• Author / Uploaded
• archangelmichael2

Citation preview

& ' "%( ) # + =  ! ",") ( *5-6-247 /789.1-38/7. /1302;7 ./84.4724731:/2/7

$,)/ 214 /1(14 641482%35,'6.%3,(%()4 \]

dgkhjaf[ahYd]kn]jZgkaf_d]k]k) # 1().14()'10-6+%', f ]kl]daZ jg ] f [ g f ljYjx f ]b]e hdgk\] \gk]d]e ] f lg k[dYn]\ ] dn ]jZgaf_dyk5 dYk^gje Ykq ] dmkg) >f [ m Yf lg Y dYk^g je Yk_ jYe Yla[Yd]k'k]` Y f [gf ^][[ag f Y( \ g lYZ dYk\ ] dgkla]e h g kn]jZYd]kq \ ] dY [g f kljm [[a| f \ ] dYY^aje Y[a| f 'dY f]( _Y[a| f q dY af l] jjg _ Y [a| f )>klYklY ZdYkkgf \ ] _ jYf m lada\ Y\ q[ g f n ]f \ jzY im ] ]d ] klm \ aY f l] af l] f lY jY e ]e gjarYjdYk'\ Y \ g i m ] [ g f  ]ddYkh g \ jx  _ ] f ] j Y j m f  _ jYf  f } e ] jg \ ] ^jYk]k[g f  m f e ] f g j]k^m]jrg)I g jg ljg dY\ g '_jY[aYkY ]klgk ]b]e hdgk'h g \ jx lYe Z ayf [ge hjgZYj'e ]\ aYf l]dY [ g e hYjY[a|f] f lj] nYjaYk^jY( k]khgkaZd]k'dgk\aklaf lg kmkgk\ ]dgkla]e h g kn]jZYd]kg \ ] g ljg kYkh][lgk[dY( n]\ ] dn]jZgaf_dyk) :dd] ] j ]kl]daZ jg ] f l] f \ ] jx i m ] e m [` Ykn][]k] dm kg \ ] dgkla] e h g kn]jZY( d]k\ ] h ] f \ ]  e m [ ` g  \ ]  [| e g  ]d hY jdY f l]  h ] j[ aZ ] m f Y kalm Y[a| f ) >ke mqae ( h g jlY f l] j ] [ g j\ Y ji m ] ]dm kg \ ] dgkn]jZgkaf_d]k]kk] ZYkY] f dYk]d][[a| f \ ] g h[agf]ki m ] ]d` Y Z dYf l]]k[g_]]f ]de g e ] f lg\ ] [g e m f a[Yjm f e ]fkYb])Fm( [`Ykn][]kdY]d][ [a| f \ ] m f Y mg ljY ^g je Ygla] e hg n]jZYd\ ] h ] f \ ] e xk\ ] dY  af l] f [ a| f \ ] d` Y Z dYf l] q\ ] dg i m ]ykl]i m a] j] [g e m f a[Y ji m ] \ ] m f Y gh[a| f  ] f lj] m f Y ^g je Y [g jj] [lY q g ljY af [g jj][lY)> f e m [ ` Ykg [Ykagf]kh m ] \ ] ` Y Z ]j nYjaYkg h [agf ]k[ g jj][lYkh Y jY ]p h j] kYjm f Y e ake Y[gkY) > d ] klm \ aY f l]  i m ]  \ ] [a\ Y [ g f km dlYj]kl] daZ jg \ ] Z ]  l] f ] j e m q ]f  [ m ]f lY  i m ]  dgkn]jZ g k fYfU^] f dgk l] p lg k]k[jalgkq] f dY d] f _ m Y ` Y Z dY \ Y ):kzhm]k' Z } ki m ]dg k] f dgkh]ja| \ a[g k'] f dgkl]plgki m ] d] af l] j]k] f g ] f dYkh ]dz[mdYkq dYk[ Yf[ag f ]ki m ] d] _m kl]f )Bf l] f l] e ] bg jYjkm[Yh Y [a\ Y \ \ ] [ g e h j] f ka| f \] dgkn]jZgkaf_d]k]kYljYnyk\ ] dY g Zk]jnY[a|f\ ] km mkg [g la\ aYf g )

,/ ? af Yde ]f l]' ]khj][akg dd]nYjY dY hjx[la[Y q\ Y jna\Yh jg h aY Y dg i m ] ` Y f  Y h j] f \ a\ g )> pljYa_Y\ ] ddaZ jg qe ] e g ja[]dYk^jYk]k']kljm [lm jYkg n]jZgki m ] d]k]Yf}lad]k'i m ] d] _ mkl] f g i m ] kae h d]e ]f l]d] `YqYfddYe Y\gdYYl]f [a| f ) E m ]_ g ' h jY[ lai m ]  [gf ]ddYk' af l] f lY f \ g  [ g e m f a[Y jkm h jg h ag  h ] f kYe a]flg ) L m ] jl] q\ak^jml]\ ] kmkhjg_j]kgk) : \ Qed_b

E: H K : < Bì G E : >LMKN

> klYk][[a|fljY lY \ ] g ^j] [ ] jm f Y h]jkh][lanY_ ] f ]jYdkgZj]dY ] kljm [lm jY Zxka( [Y\ ] m f Y ^jYk]] f af_dyk) E Ye YqgjzY\ ] ]ddYk] e h a]rYf  [gf m f km b]lg i m ]  [gfkakl]] f  m f f g e Z j] 'm f  h jg f g e Z j] g m f _ jm h g \ ] hYdYZjYk)>dkmb]lgnYk]_ m a\ g \ ] m f n]jZg5 B jm f ) "011/ I m ] \ ] g [ m jjaji m ] dYY[[a|fk]]p h j]k]Y ljYnyk\ ] m f kgdg n]jZgh jaf [ah Yd'g Z a] f h m ] \ ] ljYlYjk] \ ] m f _ jm h g n]jZYd^g je Y\ g h g j YmpadaYj]k'n ]jZ g ke g\Y( d]kg af^afalangk5 EeUT_ S_bbUb( KYVgYRgVda`\V_( :\\_c XQ^ XQR\QT_( JYVaka]RgZ_X( :\\Q Ucdk ZeWQ^T_( >dn ]jZ g g]d_ jm h g n ]jZYdh m ] \ ] ajk]_ m a\ g \ ] g ljg f g e Z j] g _ jm h g fg e af Y d ddYe Y\ g gZb]lg)u kl]'Y k m n]r'h m ] \ ] k] j\ aj][ lg  #H = $ g af \ aj] [lg  #H B$5 AYRgVVReV_R_Raa]V( =U S_]YT_ e ^ Q ]Q^jQ^Q( #H= $ @ V a]RjdeeZVgZ`]Z_( I_SQ U\ fY_\m^( #H= $ AXRgVeYVRaa]Ve`^gdZdeVc( wc( TY \Q ] Q^jQ^Q#H = $ Q ] Y XUb]Q^Q( #H B$

,1

E Yg jY[a|f

%

>d_ jm h g n]jZYdg ]dg Z b] lg h m ] \ ] f aj k]_ma\gk\ ] m f Y \n]jZagg \ ] m f _ jm h g  hj]hgka[agfYd5 KYVja]RjVUeV__ZdgVcgh V]]( ?eWQb_^ ]ei RYU^ Q \ dU^Yc& #Y\n]jZag$ JYVReVeYVdeVR\bfZT\]g( 8_]Yo U\ VY\UdU bk`YTQ]U^dU& #Y\n]jZag$ @ V ^ VeeYV^ RedZi `T]`T\( HU bUe^Yo S_^ U\\_c Q \Qc cUYc& #_ e h g hj]hgka[agfYd$ F m[`Yk^jYk]k] f af_dyk[g f kakl]f ] f nYjaY[agf]k\ ] ]klY]kljm [lm jY Zxka[Y5km( b] lg 'n]jZ g 'g Z b]lg qY \n]jZagg _ jm h g hj]hgka[agfYd)

? H K F : < Bì G

= > G>@ : L > BG M>KK H @ : L

EY^g je Y[ a| f \ ] dYf]_ Y[ a| f  ]  af l]jjg _ Y[a| f lY e Z ay f  g Z ]\ ][]Ym f Ykj]_dYk Zxka[Yk'kaZ a] f yklYkkgfkmk[]hlaZd]k\ ] nYjaY[agf]ki m ] [gfdd]nYfm f Y e Yqgj [g e h d]ba\ Y\ ) : m f i m ] nYe gkY]klm \ aY j[ g f e xkh jg ^m f \ a\ Y\ dY^g je Y[ a| f \ ] dY f]_ Y[ a| f q \ ] dYafl]jjg_Y[a|f'Yfl]k\ ]]e h]rYjm f Yfxdakak] f \]lYdd]nYd]dYh ] f Y n]j[|eg k][ g f kljm q ]f ] f _]f]jYd) G  DR_VXRTZr_ 9]^g je Y jdYf]_ Y[a| f Y{ Y\ ae g k_Z =UVdafodUV]RfiZ]ZRcYRgV&UV]gVcS`e`S V g \ ] m f n ]jZge g\Yd5 Qnb]QSYo^ AYRgVVReV_( = U S_]YT_( KY VjRcVa]RjZ_X( :cdk^ ZeWQ^T_(

KYVjRcV_`ea]RjZ_X( C_ Ucdk^ ZeWQ^T_(

> f ] dh j]k]f l]kae hd][gdg[Ye gkU ` _`e&U`Vd^ \ ] UZU_`eY f l]k\ ] dn]jZghjaf[ahYd5

q] f ]dhYkY\gkae hd]k]

QVYb]QSYo^ JYVa]RjdeV__Zd( : \\Q ZeUWQ Q\ dU^Yc(

^UWQSYo^ JYVU` V d_ ` eaZRjeV__Zd( :\\Q ^_ ZeUWQ Q\ dU^Yc(

KY Vjh `c\VUYRcU( IbQRQZQb_^ ]eSX_(

KYVjUZU_`eh`c\YRcU( C _ dbQRQZQb_^ ]eSX_(

G  DRZ_eVcc`XRTZr_ E Y^g je Y[ a| f \ ] dYaf l] jjg _ Y [a| f j]i m a] j] af n ]jlaj]dg j\ ] f \ ] dYkh Y dYZ jYk]f dY ^jYk])La]pakl]]dYmpadaYjYRgV&lg Z ] g m f n]jZge g\Yd'yklgkk]kal}YfYdh jaf ( [ ah ag \ ] dYgjY[a|f5

QVYb]QSYo^ JYVTR_cf_WRde( :\\Q `eUTU S_bbUb bk`YT_(

Y^dUbb_WQSYo^ ;R_dY Vcf_WRde8 vEeUTU S_bbUb bk`YT_9

> fV]h j] k] f l] kae hd][gdg[Ye gkU` g U ` VdY dh jaf [ah ag \ ] dY g jY[ a| f q] f ]d h Y kY\ g kae hd]UZU4 QVYb]QSYo^ KY VjhR]\e`h`c\( KQ^ Q dbQRQZQb Q^TQ^T_(

Y^dUbb_WQSYo^ < `eYVjhR]\e` h`c\8 v KQ^ Q dbQRQZQb Q^TQ^T_ 5

O ]jZgk

,4

> fdY ka_ma]fl]lYZdYk]hm ] \ ] f n ] jdYk[g fljY[[agf]k[gjj]khgf\a]fl]kYdYk^gj( e YkY^aje YlanYq f]_YlanY)H Zk]jn]i m ] AR^ _` ef g k][g f ljY]5

g]]]c]]]]]]]]]]Y]]( O>K;HL

y

QVYb]QSYo^

^UWQSYo^

B èe [d]Yf) Rgmèj]  laj]\) A ] èk`Yhhq) L ` ] èkZg j]\ ) B l èk`mf_jq) P ]èj ] l`]j]) M ` ]q èj ] ^Yl)

BYe  f g l[d]Yf) RgmY j] f èl laj]\) A ] akf èl`Yhhq) L ` ]akf èl Z g j]\ ) Bl)akfèl`mf_jq) P ]Y j] f èl l`]j]) M ` ]q Y j] f èl ^Yl)

D  L d`d I g \ ]e g kmladarYj]dn]jZge` S V&] f lj] e m [` YkgljYk[gkYk'h Y jY \ ] k[jaZ aj[YjY[( l]jzkla[Ykq [g f \ a[ag f ]k^zka[Ykg h Y jY ` Y [] jj]^]j]f [ aY Y dY ] \ Y \ Zagd|_a[Y5

? H K F : < Bì G = > E H L M B> F I H L O>K;:E>L : dY` g j Y \ ] ` Y Z dYj\ ] la] e h g k_ jYe Yla[Yd]k]ke mqae h g jlY f l] j] [ g j\ Y jim ] dY_ jYe xla[Yk]ZYkY] f dYk]d][[a| f \ ] gh [ ag f ]ki m ] ]d` Y Z dYf l] ]k[g_]] f ]d e g e ] f lg \ ] [ g e mf a[Yjm f e ]fkYb])F m[`Ykn][]kdY ]d][[a|f\ ] m f Y m gljY ^g je Yg la] e h g n]jZYd\ ] h ] f \ ] e xk\ ] dY af l] f [a| f \ ] d` Y Z dYf l] q \ ] dg im ] ]kl]i m a] j] [g e m f a[Yji m ] \ ] m f Y g h [ a| f ] f lj] m f Y ^g je Y [ g jj][ lY q g ljY af ( [g jj][ lY 'q'] f e m [` Ykg[Ykagf]k'h m ] \ ] ` Y Z ] jnYjaYkg h [ag f ]k[g jj][lYkhY jY  ] p h j] kYjm f Y e ake Y[gkY) N fYk] _ m f \ Y gZk]jnY[a|f ae h g jlY f l] Y l] f ] j] f [ m ] f lY ]kdY Ym k]f [aY] f  af( _dyk\ ] dY \ a^]j]f [aY] f lj] ^g je Yk\] [g jl]kzY] af ^g je Yd]k'hYjYd]dYY dY \ aklaf( [a| f ] f lj] ecdUTq dp(> f af_dykk] mladarY} f a[ Ye ] f l] q g m ] f Ye Z g k[ gfl]plgk) >d)O>K;H ID7: >dn]jZglg Z ] ]k\ ]]kh][aYdae hgjlYf[aY]f af_dyk'h g ji m ] f g kgdg^mf[agfY[geg n]jZghjaf[ahYd'kafglYe Zayf[g e g n]jZgYmpadaYj] f gljgkla]e hgk_jYeYla[Yd]k) A Yq i m ] j][ g j\ Y ji m ] lg Z ] ka_fa^a[YlY f lg  cUb[ g e g UcdQb& \ Y \ g i m ] ] daf_dyk f g \ aklaf _ m ]] f lj] ]klgk\ gkn]jZgk) ? g je Ye g kdY f ]_ Y[a| f YdY { Y \ ajf g l\]kh m yk\ ] dn]jZglg Z ] 'q [g f kljm ae g kdY af l] jjg _ Y [a| f Ydkalm Yj]dn ] jZ g lg Z ] Y dh jaf [ah ag \ ] dY gjY[a|f) QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

,Ye [d]Yf) RgmY j] laj] \ ) A ] ak`Yhhq) L ` ]akZ g j] \ ) Blak`mf_jq) P ]Y j] l` ] j] ) M ` ]q Y j] ^Yl)

BYe  fg [d]Yf) RgmYj] f g llaj]\) A ] akfg l)`Yhhq) L ` ]akf =lZ g j]\ ) BBakf g l`mf_jq") P]Y j] g ll` ] j] ) M ` ]q Yj f g l^Yl)

:eB[d]Yf9 : j]qgm laj]\9 Bk` ] `Yhhq9 Bkk` ]Zgj]\9 Bkal`mf_jq9 : j]o]l`]j]9 : j]l` ] q ^Yl9

JYV|d gVcjZ_ eV]]ZXV_e( :\\Q Uc ]ei Y^dU\YWU^dU( @ V|d a]f^a( : c bUW_bTUdU( KYVj|cVYf_Xcj( IYU^U^ XQ]RbU( @ V|d eYZcdej( IYU^U cUT( > ^ ./( IU^W_ . / Qn_c(

Ij]k]flg h m k`  ^ap 

-,

hmk` ]k WZiVd

Ç  < m Y f \ g dY jYzrl] je af Y ] f [ g f kg f Yf l] &(q 'dY(q k][g f n a]jl]] f 'ZVd4 ljq W

ljz]k

Ç  < m Y f \ g dY jYzrl] je af Y ] f ng[Yd&å q'Y { Y\ ae g k( k 5 hdYq ]fbgq

hdYqk ]fbgqk

Ç  EYk[g f ljY[[ag f ]k[g jj]kh g f \ a]f l] kY dY ^g je Y f]_YlanY5

I K>L>G M> I j ] k ] f l ] kae hd] {p! >`c^ RTZr_ B)Y_ j Y f e YqgjzY\ ] dg kn]jZgk] f h j]k] f lg kae hd]ka_ f ]f dYkeake Ykj]_dYk\]  ^gje Y[a|f5 Ç  > f dY ^g je Y Y^aje YlanYdg e xk\ ]klY[YZd]]ki m ]  dY.)Yh ] jkg f Y \]d kaf _ m dYj "YV&dY V&Ze#dd]nYdY l] je af Y[ a| f ' d ( Ç  > f dY ^g je Yf]_YlanYY{ Y\ ae g kU`Vd_ ` eY dY .)Yh ] jkg f Y \]dkaf_mdYj"YV&dYV& Ze#qkmhjae ae gkdY ( k \ ] dn ]jZghjaf[ahYd)EYk\ ]e xkh]jkgfYkdd]nYfU` _`e( Ç  > f dY ^g je Y af l]jjg _ Ylan YkalmYe gkU` g U ` V dYd h jaf [ah ag \ ] dY^jYk])> f dY .)Yh ] jkg f Y kmhjae ae gkdY ' d \ ] dn ]jZ g h jaf [ah Yd'h g ji m ] qYdY ` ] e g kY{ Y\ a( \ g Ydn ] jZ g YmpadaYj) QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

BhdYq) RgmhdYq) A ] hdYqk) L` ]hdYqk) BlhdYqk) P ]hdYq) M ` ]q hdYq)

B\ g f g lhdYq) Rgm\ g f[ lh dYq ) A ] \ g ]ka g lhdYq) L ` ]\ g ]k ,+,hdYq Bl\ g ] kfg lhdYq) P ]\ g f g hdYq) M ` ]q \g g lhdYq)

= gB hdYq9 = gqgmhdYq9 = g ]k` ] hdYq9 = g ]kk` ]hdYq9 = g ]kalhdYq9 = go]hdYq9 = gl`]qhdYq9

B\ g f èlhdYq) Rgm\ g f èlhdYq) A ] \g[kfèl hdYq) L` ]\ g [ kf èlhdYq) B l\ g [ kf èlhdYq) P [\ g f èlhdYq) M ` [q \ g f èl hdYq) G  L d`d > f_ ]f ]jYd'h g \ ] e g kmladarYj]dh j]k] f l] kae h d]h Y jY \ ] k[jaZ ajY[[ag f ]k`YZa( lmYd]k'q^j][m ]fl]e ]fl]Yh Yj][]Y [g e h Y{ Y\ g \ ] ]phj]kagf]k\ ] la]e h g [ge g dYkka_ma]fl]k5VgVcjURj&VgVcjh VV\&VgVcj^ `_eY&Z_ eYV^ `^ Z_X&Z_eYVVgV_' Z_X&Z_ eYVRWeVc_``_&Re_ZXYe&` _ E`_URjd&]l[)5 JYVcVRUdeYV_Vh daRaVcVgVcj^ `^ Z_X( AUU U\ `UbYoTYS_ SQTQ ]QnQ^Q( K YVjXVefa]ReV( HU \UfQ^dQ^ dQbTU( >dh j]k] f l] kae hd]` Y[]j]^]j]f [ aY Ym f Y n ] j\ Y \ mfan]jkYd5 K Y VYf^ R_S`UjZd^ RUVfa ` W d`^ Vg VcjT`^ a]Vi`cXR_d( : \ SeUb`_ Xe]Q^_ cU S_]`_^U TU obWQ^_c ] ei S_]`\UZ_c( EZ]\X`Vd` W W Z W j`f]VRgVZe`fe` W eYVWcZUXV( >'Q \USXU cU Ucdb_`UQ cY cU TUZQ ?eUbQ TU \Q ^UfUbQ( g ]p h j]kY_mklg'\ak_mklg'\]k]gm g hafagf]k5

G  Gce`XcRWpR Ç  > f dY.)Yh ]jkg f Y \ ] dkaf _ m dYjY { Y\ ae g k( k ) Ç  : dg kn]jZgki m ] l] je af Yf ] f ` &dd&TY&dY&i q rY { Y\ ae g k'Vd4 _g  hYkk o Yl[`

_ g]k hYkk]k o Yl[`]k

JYV]`gVda]RjZ_XW``eSR]]( 6 U\\Q \U U^SQ^dQ Ze W Q b Q\ VpdR_\( @ V eYZ_\dY V|d eYVSVde( : \ cU SbUU U\ ]UZ_b( W h m ] \ ] ]e h d]Y j] dh j] k] f l] kae hd][g f Y\n]jZagk\ ] ^j][m]f[aY'lYd]k[ge g5 R] !Rjd&cRcV]j&_VZbUb&`WeV _ &d`^ VeZ^ Vd&`TTRdZ`_R]]j4

--

I j]k]fl] A_VgVcSV]ZVgVYZ^( Ce^SQ \U SbU_( NVR]hRgdVRe`fe`_ >cZURj_ZXYe( A_c fYUb^Uc cYU]`bU SU^Q]_cVeUbQ(

I j]k]f l]

> f dY ka_ m a]f l]lYZ dYn]e gk[| e g ] f dY^g je Y f]_YlanYY { Y\ ae gkfa \ ] YR g V)Y R d&e a] f ljYki m ] ] f dY ^g je Yaf l] jjg _ Y lan Y Y RgV)Y Rdk] kad [ahag\ ] dY ^jYk])

zp7 L d` dVdaVTZR]VdU V ]acVdV_eVdZ^ a]V > dh j] k] f l] kae hd]k]mladarYh Y jY ` Y [] j[g e ]f lYjag kkg Z j]m f Y [g f l][ae a]f ( lg ']kh ][aYde ]f l]ka]km f Y [g f l][ae a]f lg \ ]hgjlang5 BV__jeR\VdeYVSR]]Wc`^ BR^ Vd&dYVcf_dfa eYVTV_ecVR_U&jVd&?G9D ?U^^i \U aeY\Q \Q `U\o\Q Q ?Q]Uc& S_bbU `_b U\ SU^db_ i& cm& wf]kgk[Ykgk']dka_fa^a[Y\g\ ] e`YRgVq YRgV X`e]kafl]j[Ye ZaYZd])Laf]e ZYj_g'] f ]daf_dykZjalxfa[g'Y \a^]j]f[aY\ ] daf_dyk W ] j a [ Y f g ' k]hj]^a]j]mladarYjYRgVX`e&]kh][aYde ]fl]]f ]dd]f_mYb]`YZdY\g)

-/

Ij]k]f l]

Ij]k]fl]

-0

IK>L>GM> f ] dhYkY\ gf g hg \ ] e g k] e h d]Y jYRgVX`e(>k\][aj']dhYkY\ g \ ] YRgVX ` e]k Y R U )U ZU_|eYRgV4

JYVYRdX`eR _Vh S`jWcZV_U( IYU^U e ^ ^eUf_ ^_fY_(

cp7 >`c^RTZr_ Ç  ?gjeYegk]dhj]k]fl][gflafmg[gf]dYmpadaYjlg Z ] qm f n]jZg]f dY^gje Y( af_) Ç  > f dY ^g je Y f]_YlanYY{ Y\ ae g kf g l\]kh m yk\ ] dYm p adaYjlg SV( Ç  > f dY ^g je Yaf l]jjg _ Ylan YkalmYe gk] dYm p adaYjlg Z ] Ydh jaf [ah ag \ ] dY ^jYk]) QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

,Ye jm f f af _ RgmY j] jm f f af _ ) A ] akjm f faf _ ) L` ]akjm f f af _ ) d l akjm f f af _ ) P]Y j] jm f f af _ ) M ` ]q Y j] jm f f af _ )

BYe fg jm f f af_ ) RgmY j] zg ljm f f af _ ) A ] akf[ l f af f af _ ) L` ]akf b l jm f f af _ ) Blakfgl jm f f af _ ) P]Yj] g ljm f f af _ ) M ` ]q Y j f g lf af f af _ )

:e B f af f af _ 9 : j]qgm jm f f af _ 9 Bk` ] jm f f af _ 9 Bkk`]jm f f af _ 9 Bkaljm f f af _ 9 : j]o]jmffaf_9 : j]l`]qjm f f af _ 9

G  Gce`XcRWpR @ V UZU_|eYRgVR_j^ `_Vj]VWe( C_ \U aeUTQRQ TY^Ub_( > e h d]Ye g k] dn ] jZ g e`YRgV&q f g ]dn ]jZgYRgVX`e&[ m Yf \ g i m ] j] e g k`YZ dYj \ ] Y[lana\Y\]kg ]ph]ja]f [aYk)>pakl]fe m [` Yk] p h j]kag f ]ki m ] k] ^g je Yf [gf V]n ]jZ g e` YRgV(: [ g f laf m Y[ a| f k]af [dm q ]f Yd_mfYk5 e`YRgVUZ__Vc e` YRgVR WZXYe e` YRgVR X ` ` U eZ^ V e` YRgVR ]``\ e` YRgV]f_TY e` YRgVR dY`hVc e` YRgVR dhZ^ e` YRgVR eR]\

SU^Qb `U\UQb `QcQb\_ RYU^ USXQb e ^ fYcdQj_ S_]Ub TeSXQbcU RQnQbcU SXQb\Qb

AR^ YRgZ_XRdY`hVc( :cd_i TeSXk^T_]U( N YReeZ^ VRcVj`fYRgZ_X]f_TY8 à:ael X_bQ fQc Q S_]Ub+ < `j`fhR_ee`YRgVR]``\8 vFeYUbUc USXQb e ^ fYcdQj_5 M Ye Z ayf mladarYe gke`YRgV[ g e g n ]jZgYmpadaYj5

Ç  A YZ alm Yde ]f l] Y{ Y\ ae g kdY l]je af Y[ a| f 'Z_ X Y dY jYzr\ ] dn]jZg5 hdYq

hdYqaf_

Ç  < m Y f \ g dY jYzrl]je af Y ] f [ g f kg f Yf l] &' V & dY ' V k] kmklalmq]h g j 'Z_X4 dgn]

dgnaf_

Ç  < m Y f \ g dY jYzrl] je af Y ] f ' ZV & dY l]je af Y[ a| f h YkYY k] j(qaf_5 \ a] 

\qaf_

Ç  < m Y f \ g dYjYzrla]f ]m f Y ng[Ydk]_ m a\ Y\ ] m f Y kgdY[g f kg f Yf l] '\mhda[Ye gk dY [gfkgfYfl]5 jg Z 

jg Z Z af _

Ç  < m Y f \ g dY jYzrla] f ] e xk\ ] m f Y kzdYZYqk]Y [ ] f l} Y dY } dlae Y'\m h da[Ye g kdY [ g f kg f Yf l] ^afYd5 j]^] j Z ]_ af 

j]^]jje _ Z ] _affaf_

Ç  : m f i m ] ] dn]jZglg ljYn ] df g la] f ] dY} dlae Y kadYZYY [] f lm Y\ Y ' ] f ] daf_dyk Z jalx f a[g dY ,k]\mhda[Y5 ljYn]d

ljYn[ddaf_

> f]daf_dykY e ]ja[ Yf g k]]k[jaZ]ljYn]daf_) s  L d`d

= U S_]YT_(

NladarYegkdY ^gje Y[g f laf m Y'lY f lg ] f h j] k] f l] [g e g ] f hYkY\ g '[m Yf \ g h ] j( [aZae gkm f Y Y[[a| f g ] klY\ g [ ge gYd_ g ljYf kalg jag i m ] la] f ] dm _ Y jY dg dYj_g ]mf h ] jag \ g \ ] la] e h g dae alY\g)

I j]k]f l]

!$

>f[gf[j]lg'hg\]e gk]e hd]Yj]dhj]k]fl][ g flafmghYjY\]k[jaZajm f YY[[a|fim] k]]klx\]kYjjgddYf\g] f ]de ge ]f lg hj][akg] f i m ] k]h jgfmf[aYdY^aYk])I g jlYf( lg'kg f ^j][m]fl]kdYkka_ma]fl]k]phj]kagf]k\ ] la]e hg5_`hqY ll` ] ^`^V_e4 Ae|dcRZ_Z_X( :cdk \\_fYU^T_(

I j]k]fl] >E I K>L>G M> < H G M BG N H R > E I K>L>G M> LBF IE > ( d h j]k] f l] [ g f laf m g  lY e Z ay f kajn]h Y jY ` Y [ ] j[g e ]f lYjag kkg Z j] [Ye Zagkg l] f \ ]f [ aYkim ]k]]klxf  h jg \ m [a] f \ g ] f ]de g e ] f lg Y[lmYd)>f]klgk[Ykgk'Y e ] f m \ g nYY[g e h Y { Y\ g \ ] dYkka_ma]fl]k]p h j]kag f ]k\ ] la]e h g 5ReacVdV_e& _`hRURjdql` ]k]URjd4 K Y VacZTV` W W` ` U ZdcZdZ_XReacVdV_e( : \ `bUSY_ TU \Q S_]YTQ Ucdk ceRYU^T_ U^ UcdU ]_]U^d_( @ V|d X`Z_XSR]U( HU Ucdk aeUTQ^T_ SQ\f_( @ V|d T]VR_Z_XYZdc``^ ^ fTY^`cVcVXf]Rc]jeYVdVURjd( J\dY]Q]U^dU \Y]`YQ ce XQRYdQSYo^ S_^ ]eSXQ ]kcVbUSeU^SYQ( KYVbfR]Zej` W j`fcT``\Z_XZdUVWZ_ZeT]jZ^ ac`gZ_X( A Q SQ\YTQT TU dec WeYc_c Ucdk ]UZ_bQ^T_ TUVY^YdYfQ]U^dU( < g f n]jZ g ki m ] \ ]k[jaZ ] f Y[[ag f ]k` Y Z alm Yde ]f l] j]h ] f laf Y k'] dmkg\ ] dhj]( k ] f l] [ g f laf m g km _ a]j]i m ] dY Y[[a| f k]j] h al] nYjaYkn][]k5 AR^[ f^ aZ_X( :cd_i cQ\dQ^T_( JYVZdYZeeZ_XYVcSc`eYVc( :cdk `UWQ^T_ Q ce XUb]Q^_( : \]e xk'hg \ ]e g kfeZ]ZkRc]dhj]k] f l] [ g f laf m g h Y jY ]p h j] kYjdY af l] f [a| f \] ` Y [ ] jYd_g] f  ] d^m lm jg ) > f  ]klgk[Ykgk ]kh j][ akg m ladarYjm f Y  ] p h j]ka| f  \ ] la] e h g [g e g e`_ZXYe&e`URj&` _ >cZURj&_Vi eh VV\&_Vi e^ `_eY&]l[)'h Y jY \]( b Y j [ dYjg i m ] k] ljY lY \ ] m f Y Y[[ a| f ^m lm jY5 A|^ a]RjZ_XX ` ]WhZeYBZ^ `_ >cZURj( VeUW_ Q\ W _ \V S_^?Y] U\ fYUb^Uc( NV|cVYRgZ_XR WR_VjUcVddaRcej_VieNVU_VdURj( >\QSU]_c e ^ Q VYUcdQ TU TYcVbQSUc U\ ]YlbS_\Uc aeU fYU^U( KYVj|cVRccZgZ_X` _ KfVdURj( A\UWQ^ U\ ]QbdUc( NV|cVT`^Z_X_Vieh VV\( KU^Y]_c \Q cU]Q^Q aeU fYU^U(

!%

>f_ ]f ]jYd'hg \ ]e g kmladarYj]dh j]k] f l] kae h d]hY jY ` Y [] j[ g e ]f lYjag kkgZj] ]klY\gk g Y [[agf]k` YZ alm Yd]k'q ]dh j] k] f l]  [ g f laf m g  h Y jY  \ ]k[jaZ ajm f Y Y[( [a|fg ]klY\ g l] e h g jYd)H Zk]jn]dYk^jYk]kka_ma]fl]k5 O`fRcVdefaZU( :bUcd_^d_& #h j] k]f l] kae hd]5\]k[jaZ]]d [ Y jx[ l]j\ ] m f Y h ]jkg f Y$ O`fRcVSVZ_XdefaZU( IUUcdkcS_]`_bdQ^T_TUe ^ Q ]Q^UbQUcdp`YTQ& #h j] k]f l] [g f laf m g 5\]k[jaZ]]d [g e h g jlYe a]f lg g[YkagfYd$ : `gjY'gZk]jn]]klYk\gk^jYk]k5 AfdfR]]jd]VVa Z_eYVSVUc``^ ( HeU\_T_b]YbU^\QXQRYdQSYo^& #h j]k]f l]kae hd]5 m f Y Y[[a| f `YZ alm Yd$ AR^ d]VVaZ_X` _eYVd` Wn ReeYV^ `^ V_e( 9eUb]_U^U\c_VkTU]_]U^d_& #h j]k]fl][ g f laf m g 5m f Y kalm Y[a| f l]e h g jYd$ 8N4 HdQdmfUfUbRc > faf_d]k]pakl] m f  f m e ] jg kg _ jm h g \ ] n]jZgki m ] f g k]km ]d]f ] e h d] Y j] f  dY ^g je Y[g f laf m Y) EYe YqgjzY\ ]]ddgk]klxf  j]dY[ag f Y\ g k[g f ]dh ] f kYe a]f ( lgq[g f \a^]j]f l]k^g je Yk\]Yfxdakak\ ] daf m f \ g j]Yd): [g f laf m Y[a| f 'Yd_mfgk dgkexk[ge mf]k5 e` RU`cV e` SV]ZVgV e`UVdZcV e` UVeVde e` U`fSe e`V_gj e` XfVdd e` YReV e`YRgV&YRgVX`e e` Z^RXZ_V e`\_ `h e`AZ\V e` ]`gV

QT_bQb SbUUb TUcUQb TUdUcdQb TeTQb U^fYTYQb QTYfY^Qb _TYQb dU^Ub&`_cUUb Y]QWY^Qb cQRUb& S_^_SU( WecdQb Q]Qb

I j]k]f l]

-3 ` a]VRdV ` acVWVc

QWbQTUSUb `bUVUbYb

I j]k]fl]

> f [ m Yf lg Y dgkn]jZgke`YRgVqYRgVX`e&[ m Yf \ g ]p h j]kYf hgk]ka|f']l[)'YhY( j][ ]f  ] f dY^g je Y kae h d])Laf] e Z Yj_ g ' ka mladarYe gke` YRgVh Y jY \ ] k[jaZ aj m f Y Y[lana\Y\'h g \ ] e gk] e h d]Y jdY ^g je Y [g f laf m Y5 AYRgVA`ed` W ^ `_ Vj ()AYRgVX`e]`ed` W ^ `_Vj( IU^W_]eSX_TY^Ub_& #h j] k]f l] kae hd]5 hgk]ka|f$

e`eRdeV e`eYZ_\ e`hZdY

cQRUb#cU^dYT_TU\W ecd_$ SbUUb TUcUQb

E gkddYe Ye gkdeReZgVgVcSd&h g ji m ] \] k[jaZ ] f m f ]klY\ g m g h af a| f 'qdgkmlada( rYe gk] f dY ^g je Ykae hd]5 @ VRU`cVdYZdh ZWV( 6T_bQQce ]eZUb( JYVhZdYVdY V h `f]UX`( 9UcUQaeUcUfQiQ(

AeYZ_\>LX`( AU`fSedYVUZUZe( 9eT_TUaeU\_XYSYUbQU\\Q( Laf)] e Z Yj_ g '[g fna]f]k] j[Yml]dgkg[ g f  ]d m kg \ ] ]klgkn]jZgk'qYi m ] Yd_m( f g kh m ] \ ] f l] f ] j\ g kka_fa^a[Y\gk)I g j]b]e h dg ']dn]jZge`eRdeVh m ] \ ] ljY\ m ( [ajk][g e g `b_RQbg cQRUb(< m Y f \ g ka_fa^a[Y`b_RQb&hg \ ] e g km ladarYjdg] f dY ^gj( e Y [ g f laf m Y' h ] jg  [ m Y f \ g ka_fa^a[YcQRUb6 dg  mladarYe gk ] f dY ^g je Y kae hd]5 KYVdeVR\eRdeVd]`gV]j( : \V Y\UdUdYU^Ue ^ cQR_bUhSU\U^dU& #h j] k]f l] kae hd]5m f Y g h af a| f $ AR^ eRdep_XeYVdRfTV( :cd_i`b_RQ^T_\Q'cQ\cQ& #h j]k]f l][ g f laf m g 5m f Y Y[[a| f ] f [mjkg$ Egeake gg [m jj][g f ]dn ]jZge`eYZ_\&im ]h m ] \ ] ljY\m[ajk][ ge gSbUUb_ `U^cQb2 AeYZ_\j`fRcVh`_UVcWf]( 8bU_aeUUbUc]QbQfY\\_c_& #h j] k]f l] kae hd]5m f Y gh af a| f $ AR^ eYZ_\Z_X( :cd_i`U^cQ^T_& #h j] k]f l] [ g f laf m g 5m f Y Y[[a| f ] f [mjkg$

-4

AR^ YRgZ_XScVR\WRde( :cd_iTUcQie^Q^T_&#h j] k]f l] [g f laf m g 5m f Y Y[[a|f]f  [mjkg$

IYkY\g A ] hdYn]\) L`]hdYn]\) B lhdYq]\) P]hdYn]\) M ` ]q hdYq]\)

A ] \ a\ f L ` ]\a\ Bl\ a\ fg P ]\ a\ f Mda]n\a\

., = a\ ` ] hdYq9 = a\ k` ] hdYn9 = a\alhdYq9 = a\ o]hdYn9 = a\ l`]qhdYq)"

Egkn]jZgkajj]_ m dYj]kk] ^g je Yf ]p Y[ lYe ] f l] a_mYd5

I : L: = H G  >`c^RTZr_

QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

B kYo) RgmkYo) A ] kYo) L`]kYo) B lkYo) P]kYo) M ` ]q kYo)

B\ a\ f g lk]]) Rgm\ a\ f g lk]]) A ] \ a\ f g lk]]) L`]\ a\ f g lk]]) Bl\a\ f g lk[[) P ]\a\f g lk]]) M ` ]q \ a\ f g lk]])

=a\,k[[9 = a\qgmk]]9 =a\ ` ]k]]9 =a\k` ] k[[9 = a\alk]]9 = a\ o [k[ [9 = a\ l`]qk]]9

?g je Ye g k]dh Y kY\ g kae hd]\ ] dgkn]jZgkj]_ m dY j]kYdY { Y \ aj(]\ YdY jYzr\]d hdYn o gjc

N ladarYegk]dh Y kY\ g kae h d]hY jY \ ] k[jaZ ajm f Y Y[[a|fi m ] [gfka\ ]jYe g k[me ( hda\Y' Y[YZ Y\ Yqj]e g lY) G g ae h g jlY [ m x f \ g g [ m jja| ' ` Y [ ] \ g kk] _ m f \ g kg  `Y[]lj]keadY{gk'dY h]j[aZ ae g k[g e g lg lY de ] f l] l]je afY\ Y5

hdYq]\ o gjc]\

G  Gce`XcRWpR Ç  < m Y f \ g dY jYzrl] je af Y ]f ' V & kgdgY{ Y\ ae g k'U 4 dgn]

NVe``\Yf_UcVUd` W aY`e`XcRaYd' HQSQ]_cSYU^d_cTUV_d_WbQVmQc(

dgn]\

Ç  < m Y f \ g dY jYzrla] f ] m f Y ng[Ydk]_ m a\ Y\ ] m f Y kgdY[g f kg f Yf l] 'yklYk]\ m ( hda[Y5 jg Z  ^al

JYVdaV_edZi jVRcdh`c\Z_X`_ R TcfZdV]Z_Vc( EQcocUYcQn_cdbQRQZQ^T_U^e ^ SbeSUb_(

jg Z Z ]\ ^all]\

H`UV^`dhj][akYj[ m xf \ g g [ m jja| Yd_g] f ]dhYkY\ge ]\ aYf l]m f Y ]phj]ka|f\] eZV^a`4jVdeVcURj&]Rdeh VV\&]Rde^ `_eY&]RdejVRc&RX`&eYV_&h YV_&Z_+33,&]l[)5 A^ VeYVceYcVVURgdRX`( A Q S_^_SmXQSUdbUcTmQc(

Laf] e Z Yj_ g'`Yq fm e ] jg kg kn]jZgk\ ] m kg e mq^j] [m ] f l] i m ] k] ^g je Y f \] e Y f ] jY ajj]_mdYj) #OyYk]AYcYQTUfU^Y_cYbbUWe\QbUc$ > f dY^g je Y f]_YlanY]afl]jjg_YlanY\ ] lg \ g kdgkn]jZgk]f hYkY\ g 'q Yk]Yfj]( _ m dY j] kg ajj]_ m dYj]k' m ladarYe gk] dYm p adaY jUZU( E Y^g je Y[ a| f  \ ] dY  Y^aje Y( [a| f 'f ] _ Y[ a| f ] af l] jjg _ Y [a| f ]ka_mYdh Y jY lg \ Y kdYkh]jkgfYk'lY f lg ] f kaf( _ m dY j[ ge g] f hdm jYd)K ][m ]j\ ]i m ]dY[g f ljY [[ a| f \ ]UZU_` e]kUZU_|e(

JYVUZU_|eeR]\e`^ V gVdeVcURg( C_]UXQR\oQiUb( =]hYkY\ g kae hd]lY e Z ay f ` Y [] j]^]j]f [aYYY[[ag f ]kh YkY\Yke m q j]h]lalanYk q `YZalmYd]k5 NVhV_eW`cR hR]\`_ eYVh VV\V_UhYV_AhRdR TYZ]U( 8eQ^T_UbQ^Yn_& \_cV Y^UcTUcU]Q^QmRQ]_cQ `QcUQb( AdRheYVadjTYZRecZdeVgVcjKYfcdURj( >RQQ\`cYaeYQdbQ\_cZ eUfUc(

I :L:=H  LBF IE> QVYb]QSYo^

^UWQSYo^

B hdYq]\) RgmhdYq]\)

B\ a\ f g ahdYq) Rgm\ a\ f g lhdYq)

Y^dUbb_WQSYo^ = a\BhdYn9 = a\ qgmhdYq9

Lai m ]j]e g k] p h j]kYjm f Y Y[[a|f` YZ alm Yd] f ] dhYkY\ g \ ] dY na\ Y\ ] m f Y h]j( LgfY8lY e Z ay f h g \ ] e g kmladarYjfdVUe`4 KYVjfdVUe` d^ `\V^R_jjVRcdRX`( =QSU]eSX_cQn_cV e] QRQ^(

IYkY\g

IYkY\g

Äp7 =]aRdRU`UV]gVcS`d_RU

> dh Y kY\ g [ g f laf m g ]p h j] kY dg i m ] ]klxZYe gk` Y [a] f \ g ]f  m f e g e ] f lg \ ] ( l]je af Y\ g 5

s  > dh Y kY\ g \ ] dn]jZge` SV]kh Rd)h VcV( Ç  E Y[g f ljY[[a| f U VhRd_ `e]khRd_|e(

AhRda]RjZ_XYZUVR_UdVV\Z_eYVcRZ_jVdeVcURjRe0(-*( 6iUbQ\Qc0 (- * UcdQRQZ eWQ^T_Q \UcS_^TYdURQZ_\Q\\efYQ(

Ç  E Y[g f ljY [[ a| f U VhVcV_` eV dhVcV_|D QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

BoYk`Yhhq) Rgmo ]j]`Yhhq) A ] oYk`Yhhq) L ` ]oYk`Yhhq) B loYk`Yhhq) P ]o ]j]`Yhhq) M ` ]q o]j]`Yhhq)

BoYkf l `Yhhq) Rgmo[ ] fgl)`Yhhq) A ] oYk f g l`Yhhq) L ` ]ajY) f g l`Yhhq) B loYkf g l`Yhhq) P ]o ]j f g l`Yhhq) M ` ]q o j] f g l`Yhhq)

PYkB`Yhhq9 P ]j]qgm`Yhhq9 PYk` ] `Yhhq9 PYkk` ] `Yhhq9 P Ykal`Yhhq9 P ]j]o]`Yhhq9 P ]j]l`]q`Yhhq9

AhRdh`c\Z_XZ_:cRkZ]]RdehVV\( A Q cU]Q^Q`QcQTQUcdQRQdbQRQZQ^T_U^7bQcY\( KYVjhVcVh`c\Z_XZ_eYVXRcRXV]Rde_ZXYe( 6^_SXUUcdQRQ^dbQRQZQ^T_U^U\WQbQZU( MYe Zayfh m ] \ ] ` Y Z ] j\g kY[[agf]kkae mdlxf ]Yk]f ]dhYkY\ g [g f laf m g 5 AhRdhReTYZ_XeYVeV]VgZdZr_hYZ]V^ jdZdeVchRda]RgZ_XeYVUcf^d( :cdQRQfYU^T_\QdU\U]YU^dbQc] YXUb]Q^Q\_SQRQ\QRQdUbmQ(

=] hYkY\ g \ ] dn ]jZge` S V\ ] k[jaZ ][YjY[l]jzkla[Ykg ]klY\gk]f ]d hYkY\g5 > E I:L:=H LEFIE> R > E I:L:=H < H G M BG N H ( `c^ RTZr_ ?g je Ye g k] dh j]k] f l] h ] j^] [ lg [ g f laf m g e ] \ aYf l] YRgV)Y RdS VV_ q]dn]jZg ] f  dY^g je Y 'Z_X ( QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

B`Yn]Z]]fhdYqaf_) Rgm`Yn]Z]]fhdYqaf_) A]`YkZ]]fhdYqaf_) L`]`YkZ]]fhdYqaf_) Bl`YkZ]]fhdYqaf_) P]`Yn]Z]]fhdYqaf_) M`]q`Yn]Z]]fhdYqaf_)

B`Yn]fglZ]]fhdYqaf_) Rgm`Yn]fglZ]]fhdYqaf_) A]`YkfglZ]]fhdYqaf_) L`]`YkfglZ]]fhdYqaf_) Bl)`YkfglZ]]fhdYqaf_) P]`Yn]fglZ]]fhdYqaf_) M`]q`Yn]fglZ]]fhdYqaf_)

AYn],Z]]fhdYqaf_9 AYn]qgmZ]]fhdYqaf_9 AYk`]Z]]fhdYqaf_9 AYkk`]Z]]fhdYqaf_9 AYkalZ]]fhdYqaf_9% AYn]o]Z]]fhdYqaf_9 AYn]l`]qZ]]fhdYqaf_9

G  L d`d > e h d]Ye g k]dhj]k] f l] h ] j^][ lg [g f laf m g [ m Y f \ g i m ]j]e g k\ ]k[jaZ ajm f Y Y[( [ a| f i m ] _ m Y j\ Y m f Y ] klj][ ` Y  j]dY[a| f  [ g f ] d h j]k] f l] q \ ] k]Ye g kj]kYdlYj i m ] dY Y[[a| f` Y ka\ g l]e h g jYd g Y } f f g ` Y l]je af Y\ g 5 JYVYRdSVV_h`c\Z_X( = Q UcdQT_dbQRQZQ^T_( K YVjYRgVSVV_UcRhZ_X( V\Q ^ UcdQT_TYReZQ^T_( NVYRgVSVV_WZXYeZ_X( =U]_cUcdQT_`U\UQ^T_( > dh j]k] f l] h]j^][lg [g f laf m g ` Y [] ` af [Yh ay] f dY \ m jY[a| f \ ] m f Y Y[[a|f'im] h g \ ] e g khj][akYjY{ Y\ a] f \ g m f Y ]p h j] ka| f \ ] la]e hg5 AYRgVSVV_VReZ_XTY`T`]ReVR]]URg( A\Uf_\_T_U\TmQS_]YU^T_SX_S_\Q\U()=UUcdQT_S_]YU^T_SX_S_\QdU\_T_U\TmQ( @ V |dSVV_]RfXYZ_XW` c YR]WR_Y`fc( HUUcdkbYU^T_TUcTUXQSU]UTYQX_bQ()>(\UfQ]UTYQX_bQbYl^T_cU(

Laf ]e Z Yj_ g ']f  g[Ykagf]k]d mkg\ ] d h j]k] f l] h ] j^][ lg [ g f laf m g g Z a] f  \]d hj]k] f l] h ] j^][ lg kae hd][Ye ZaYda_ ] jYe ] f l] ] dka_fa^a[Y\g\ ] dY ^jYk])>dhj] ( k]fl]h] j^][ lg kae hd][gfdd]nYdY a\]Y\ ] m f Y Y[[a| f [ge hd]lYqY[YZY\Y'e a]f( ljYki m ] ] dh j]k] f l] h ] j^][ lg [ g f laf m g \]k[jaZ]m f Y Y[[a|f i m ] f g k]` Y l]j( e af Y \ g Y} f ) < g e h Yj]]klYk\ g k^jYk]k5 +YRgVSVV_VReZ_XYVcdhVVed( = UUcdQT_S_]YU^T_cecSQbQ]U\_c& #lg\YnzYi m ] \ Y f Yd_mfgk$ AYRgVVReV_YVcdhVVed( B UXUS_]YT_cecSQbQ]U\_c& #qY f g i m ] \ Y f af _ m f g $ H ljg ]b]e hdg5 JYVYRdSVV_aRZ_eZ_XeYVc``^( = Q UcdQT_`Y^dQ^T_\QXQRYdQSYo^& #lg\YnzYf g ` Y l] je af Y\ g ] dljYZ Ybg $ JYVYRdaRZ_eVUeYVc``^( = Q `Y^dQT_)`Y^do\QXQRYdQSYo^& #qY` Y l] je af Y \ g ]dljYZYbg$ ?afYde ]fl]']dh j]k]f l]h ] j^][ lg kae hd]f g k\a[][mxflYkn][]k` Y g [ m jja\ g Yd_g5 A|g Vcf_XYVcWZgVeZ^ VdSfeeYVcVZd_` R_dhVc( A Q XU\\Q]QT_SY^S_fUSUc&`Ub_^_S_^dUcdQ( @ V|d ecZVUe`aRddYZdUcZgZ_XeVdeW`_ceZ^ Vd( = Q Y^dU^dQT_Q`b_RQbU\UhQ]U^TUS_^TeSYbSeQdb_fUSUc( > f [ Ye Zag' ]d h j]k] f l] h ] j^] [ lg [ g f laf m g  ` Y []  j]^]j]f [aY Y m f Y Y[[ a| f kaf hj][akYj[m xf lYkn][]kk] daYj] h ] la\ g yklY5 A|gVSVV_ cZ_XZ_XY VcSfeeYVcVZd_ ` R_dhVc( AQ XUUcdQT_\\Q]Q^T_&`Ub_^_S_^dUcdQ( @ V |dSVV_ecjZ_Xe` aRddYZdUcZgZ_XeVde( = Q UcdQT_Y^dU^dQ^T_Q`b_RQbU\UhQ]U^TUS_^TeSYb( I:L:=H I>K? >< MH  W  ?gje Y[a|f

> E  I K>L >G M> I > K? > < M H R > E I K>L>G M> I > K ? > < M H R>EI:L:=HI>K?>dmkg\ ] nYjagkn]jZgk] f ]dhYkY\gkae hd][gfdd]nYdY a\]Y\ ] Y[[agf]kkm[]kanYk5 @ V eZUZVUYZdc``^ R_UeYV_hV_ee`S V U ReehV]gVeYZcej( 6bbUW\oce SeQbd_i \eUW_cUV e U Q \QSQ]QQ \QcT_SUi]UTYQ( JYVRccZgVUReeYcVV`|T]`T\R_UhRdXZgV_R_f^SVc( A\UWoQ \QcdbUcU^` e ^d_i\UTYUb_^e ^ ^p]Ub_( > f [Ye Z ag ']dh Y kY\ g h ] j^][ lg af \ a[Yi m ] m f Y Y[[a| f ` Y g [ m jja\ g [ g f Yf l]jag ( @ V h V_ee` SVU ReehV]gVeYZcej(@ V YRUR]cVRUgeZUZVUYZdc``^( HUV e U Q \QSQ]QQ\QcT_SUi ]UTYQ( MQXQRmQQbbUW\QT_ce SeQbd_(

G  L d`d >dh Y kY\ g h ] j^][ lg f g kh ] je al] ] p h j]kYjm f Y Y[[a| f  hYkY\ Y] f  j]dY[a| f  [gf g ljY Y[[a|flY e Z ay f h Y kY\ Y q Y \ ]e xkYf l] jag jY ]ddY] f ]dla]e hg5 N YV_EZ\VRccZgVUY`^ V;YRc]VjYRUR]cVRUgU` _ VeYVhRdYZ_Xfa( 8eQ^T_BY[U\\UWoQ SQcQ& 8XQb\Uii QXQRmQV bUWQT_\_c`\Qd_c(#< `Yjd]q^j]_ | dgk h dY lg kY f l]k\ ] i m ] dd]_ YjYFac]$ K Y VYn^deVcYRUVdTRa VUhYZ]VhVhVcV`fe( : \Xk]cdUbcUX QRmQUcSQ`QT_]YU^dbQcUcdkRQ]_cVeUbQ& #]d`xe kl]jk] ]k[Yh | Yf( l]k\ ] i m ] ngdnayjYe gk$ I g \ ] e g k m ladarYj] d h Y kY\ g  h ] j^] [ lg  ] f  ]d ]kladg  af \ aj] [ lg [ g f n ]jZ g k lYd]k [ g e g e` l] dd#TUSYb$&e` Via]RZ_#Uh`\YSQb$&e` h `_UVc#`bUWe^dQbcU$2

JYVRccZgVUReeYcVV` |T]`T\(JYVYRUR]cVRUgSVV_XZgV_R_f^SVc( A\UWoQ \QcdbUcU^`e^d_( MQdU^mQU\^p]Ub_( : \]e xk'h g \ ] e gk] e h d] Y j] dh Y kY\ gh ] j^] [ lg h Y jY j]^]jajf g kY km ] { g kgadm( kagf]kf g j]YdarY\Yk5 AYRUY ` a VU e` WZ_ZdYZeSjeYRe_ZXYeSfeZehRdZ^ a`ddZS]V( :c`UbQRQdUb]Y^Qb\_QaeU\\Q^_SXU&`Ub_V e U Y]`_cYR\U( JYVYRUZ_eV_UVUe`eR\VYZ^ `fee` UZ__VcSfedYVhRde` ` Sfdj( IU^mQ\QY^dU^SYo^TUY^fYdQb\UQSU^Qb&`Ub_dU^mQTU]QcYQT_dbQRQZ_( = ]khmyk\ ] hZdYq \ ] Z W `_]j&mladarYe gk]d hYkY\ g h ] j^][ lg h Y jY j] ^]jae g kY m f Y Y[[a| f G H j]YdarY\Y] f ]d hYkY\g5 AhZdYAYRU\ZddVUYZ^ ( DZQ\k\UXeRYUbQRUcQT_(

JYVe`]UfdeYRedY VYRU`_]gd]VaeW_ceh`Y`fcd( C_cTYZ_aeUXQRmQT_b]YT_c_\Q]U^dUT_cX_bQc(

AhZdYAYRUS VV_ ^ `cVTRcVWf]( DZQ\kXeRYUcUdU^YT_]kcSeYTQT_(

@ V h `_UVcVUh Y`YRUdV_eYZ^ eYVW]`hVcd( HU`UWe^dQRQaeYl^\UXQRmQU^fYQT_\QcV\_bUc(

B ^ g fdqk`]` Y \ lg d\ e ] Z ] ^g j]) wHY]U\_XeRYUbQTYSX_Q^dUc

/-

IYkY\g

IYkY\g

/.

I Y k Y \ g h ] j ^ ] [ l g [ g f l a f m g 

,)>d la] e h g k]j]^a]j]Ydh j]k] f l] g YdhYkY\g)

G  >`c^RTZr_

-)> dYkh][lg \]dn ] jZ g na]f]\ ] l]je af Y \ g h g j dY ^g je Y] f i m ]]d` Y Z dYf l] n] dY Y[[a| f )?)dY kh ][lg h m ] \ ] k] jkae hd]'[ g f laf m g g h]j^][lg )

?g je Ye g k]dhYkY\ g h ] j^] [ lg [ g f laf m g [ g f YRUSVV_qm f n]jZ g l] je af Y\ g  ] f (af _ ) QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

B` Y \ Z ] ]f hdYqaf_) Rgm` Y\ Z]]fhdYqaf_) A ]` Y \ Z]]fhdYqaf_) L`]` Y\ Z]]fhdYqaf_) Bl` Y \ Z]]fhdYqaf_) P]` Y\ Z]]fhdYqaf_) M`[n` Y \ Z]]fhdYqaf_)

B` Y \ f g lZ ] ]f hdYqaf_) Rgm` Y\ f g lZ]]f hdYqaf_) A]` Y\ f g lZ ]]f hdYqaf_) L`]` Y \ f g lZ]]fhdYqaf_) Bl` Y\ f g lZ]]fhdYqaf_) P]`Y\ f g lZ]]fhdYqaf_) M `]q` Y\ f g lZ ]]f hdYqaf_)

BdY\BZ]]fhdYqaf_9 A Y\qgmZ ]]fhdYqaf_9 A Y\` ] Z ]]f hdYqaf_9 A Y\k`]Z ]]f hdYqaf_9 BdY\alZ ]]fhdYqaf_9 A Y\o]Z ]]f hdYqaf_9 A Y\l`]qZ ] ]f hdYqaf_9

G  L d`d > e h d]Ye g k]dh Y kY\ g h ] j^] [ lg [ g f laf m g h Y jY j]^]jajf g kY m f Y Y[[a| f i m ] ]k( lYZY\ ] kYjjg ddxf \ g k]qYY f l]k\ ] i m ] [ g e ]f rYjYm f Y k] _ m f \ YY[[a|f5 AYRUSVV_ecgZ_Xe`WZieYVeV]VgZdZr_hYV_Zedf UUV_]jVia]`UVU( :cdQRQY^dU^dQ^T_QbbUW\Qb\QdU\UfYcYo^SeQ^T_TUbU`U^dUUh`\_do( JY VYRUSVV_hRZeZ_XW` c W`cej^ Z_feVdhYV_eYVSfdWZ_R]]jTRc_V( A\UfQRQUc`UbQ^T_SeQbU^dQ]Y^ed_cSeQ^T_`_bV Y ^ \\UWoU\Qed_Rpc( F m[`Ykn][]kh g \ ] e g km ladarYjg ] dhYkY\ g h ] j^][ lg kae hd]g ] dh Y kY\ g h]j^][( lg [ g f lzf m g kafi m ] `YqY\a^]j] f [aY ]f  ]dka_fa^a[Y\g5 JYVhRdeZcVUSVTRfdVdYVYRUh`c\VUR]]_ZXYe( :cdQRQSQ^cQTQ&`_baeUXQRmQdbQRQZQT_d_TQ\Q^_SXU( JYVhRdeZcVUSVTRfdVdY VYRUSVV_h`c\Z_XR]]_ZXYe( :cdQRQSQ^cQTQ&`_baeU\\UfQRQd_TQ\Q^_SXUdbQRQZQ^T_( Y m f i m ] '] f gljYkg[Ykagf]k'g [ m jj] dg [g f ljYjag 5 JYVYRUcVaRZcVUeYVWcZUXV( = QRmQQbbUW\QT_U\VbYW_bmVYS_& #dYY[[a| f ]klx[g e h d]lYe ] f l] l] je af Y \ Y q ]d ^ja_gjz^a[g^m f [ag f Y$ JYVYRUSVV_cVaRZcZ_XeYVWcZUXV( =QRmQUcdQT_QbbUW\Q^T_U\VbYW_bmVYS_& #k]\ ] \ m [ ] i m ] k]`Yaf n ]jla\ g m f la]e ( h g ] f dY j]h Y jY [a| f \ ] d^ja_gjz^a[g'h ] jg f g l] f]e g k[g f klYf [aY\ ] i m ] ]d ljYZ Y bg k]`YqYl]je af Y\ g $ I :L:=H RI K>L>GM> (K>LNF>G < m Y f \ g k]]klm\aY]dhYkY\ g q ] dh j]k]f l]]kae h g jlY f l] l] f ]j]f [m ]f lYi m ] `Yq \ g k^Y[lgj]kim ]af^dmq]f] f dY]d][[a|f\ ] m f g m gljg5]d la]e h g q]dYkh][lg)

E Y] d][[a| f ] f lj] h Y kY\ g gh j]k] f l] na]f ]\ ] l] je af Y \ Y h g j^Y[lgj]kgZb]langk q'h g j lY f lg ' k] ljY lY \ ] m f Y  ]d][[a| f  [dYjY) > f [ Ye Zag' \ ] [a\ aji m ]  Ykh][lg n]jZYd mladarYj\ ] h ] f \ ] e xk\ ] d ` Y Z dYf l]  i m ]  \ ] ^Y[lgj]k gZb]langk): [ g f la( f m Y [a| f 'k]YfYdarYf dgklj]kYkh][lgkn ]jZYd]kY jjaZ Y e ]f[ag f Y\ g k) U7 =]RdaVTe`cY]`\U NladarYegk]dYkh][lgcY]`\U[ mYf\gn]egkdYY[[a|f] f km[gfbmflg[ ge gm f Y mfa( \Y\'[ ge gm f Y Y[[a|f[g e h d]lYg[g e g m f ` ] [` g af\ak[mlaZd]g [ge hjgZY\g5 K Y Vdf_dVedZ_ eYVhVde( : \H_\cU`_^U` _bU\_UcdU& #h j]k]f l]kae hd]5` ] [ ` g af\ak[mlaZd]$ A|g VdVV_eYReWZ]^( = UfYcd_UcQ`U\mSe\Q& #h j]k]f l]h ] j^][ lg kae hd]5Y[[a| f [ge h d]lY$ @ V YRdS]`_UYRZc( IYU^UU\`U\_beRY_& #h j] k]f l] kae hd]5m f ` ] [` g $ JYV|dVReV_^ jdeVR\( HUXQS_]YT_]YVY\UdU& #h j] k]f l] h ]j^][lg kae hd]5Y[[a| f [g e h d]lY$ Aed_`hVUVgVcjURj( CUfod_T_c\_cTmQc& #h YkY\ g kae hd]5]d[ g f bm f lg \ ] dgk\ zYkk]h ]j[aZ ][g e g  m f Y m f a\ Y \ [g e hd]lY$ JYVR]hRjdhV_ee`h `c\Z_RdfZe( HYU]`bUYRQQdbQRQZQbS_^dbQZUTUSXQaeUdQ& #h YkY\ g kae hd]5 m f ` ] [ ` g [ge ( hjg Z Y\ g $ =]RdaVTe`S_^dY^e_ > e hd]Ye gk]dY kh ][lg S_^dY^e_[ m Yf \ g n]e gkdY Y[[a|f[g e g af [ g e h d] lY'afY( [YZY\Y'] f ]pajkgg [g e g m f Y Y[lana\Y\l]e h g jYd5 @ V|d deRjZ_XYVcVW` c RSZe( HUaeUTQbkQ aeme ^ bQ\_& #h j] k]f l] [g f laf m g 5Y[[a| f l]e h g jYd$ JYV|dS VV_ ]VRc_Z_XIfddZR_( = Q UcdQT_Q`bU^TYU^T_bec_& #h j] k]f l] h ] j^] [ lg [ g f laf m g 5Y[[a| f f g l]je a( f Y\ Y'] f h jg_j]kg$ NVhVcVhRZeZ_XW` c R Sfdh YV_ZedeRceVUe`cRZ_( :cdkRQ]_cUc`UbQ^T_U\Qed_RpcSeQ^T_U]`UjoQ\\_fUb& #h YkY\ g [ g f laf m g 5 Y[( [ a|f] f h jg _ j]kg i m ] k]n]af l] jjm e h a\ Y$ ] |gVS VV_ UcZ_\Z_Xj`fchZ_V( =UUcdQT_RURYU^T_de fY^_& #h j] k]f l] h ] j^] [ lg [ g f laf m g 5Y[[ a| f af [g e h d]( lY'lg\YnzYi m ] \ Y Yd_g\ ]nafg$

//

IYkY\g KYVjYRUSTT_hRZeZZZXW` cYR]WR_Y`fc( A\UfQRQ^]UTYQX_bQUc`UbQ^T_& #hYkY\gh ] j^] [ lg [g f laf m g 5Y[[a| f ] f h jg ( _j]kg 'Y[lana\Y\l] e h g jYd$

Ä.7 =]RdaVTe``UbVUSd_ NladarYe gk]dY kh ][lg `UbVUSd_[ m Yf \ g im ] j] e g kj] ^]jae g kY Yd_gg [ m jja\ g [gf Yf l] jag ja\ Y \ Ym f h m f lg \ ] l]je af Y \ g ] f ]dla] e h g 'q Yk]Y] f ] dhj]k] f l] 'hY( kY\ g g ^m lm jg 5 ,$ Ij]k]fl]5 @ RgVj`fVgVcS VV_ e` B RaR_8 v=QcUcdQT_Q\We^QfUjU^? Q`o^5

?NMNKH ó ó ó ó ó e

-$ IYkY\g5 N YV_ARccZgVUeYVjYRUR]cVRUjT]VRcVUfa( 8eQ^T_\\UWeli Q XQRmQ^aeYdQT_\QcS_cQc& #Yf l]k\ ] i m ] qgdd]_YjY$

a

> f ]klYk][[a|fnYe gkY Yf Ydar YjdYkka_ma]fl]ke Y f ]jYk\ ] ]p h j] kYj] d^mlmjg5 oaddq k`Ydd'_g af_lg '] dh j]k] f l] [ g f laf m g q]dh j] k] f l] kae hd])

.$ ? m lmjg5 >LYRgVWZ_ZdYVUeYVa]RjSjJVaeV^SVc( =QRbldUb]Y^QT_\Q_RbQQ^dUcTUcU`dYU]RbU& #Yf l]k\ ] dhj| p ae g k]h la]e Z j]$

PdEE ?gje Ye gk]kl]lah g \ ] ^m lm jg Y{ Y\ a] f \ g oadd\ ] dY f l] \ ] m f n]jZg) H  ?g je Y[a| f QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

MoaddhdYq) RgmoaddhdYq) A ] oaddhdYq) L ` ]oaddhdYq) Blo addhdYq) P ]oaddhdYq) M ` ]q oaddhdYq)

Boaddf g l hdYq) Rgmoadd g lhdYq) A ]oadd f 8lhdYq( L ` ]oadd Blo addf g hdYq) P ]oadd f g l hdYq) M ` ]q oad f g lhdYq)

P addB hdYq9 Paddq g m hdYq9 Padd` ] hdYq9 P addk` ] hdYq9 P addalhdYq9 Paddo ]hdYq9 Paddl` ] q hzYq9

> f dY f ]_ Y[a| f 'oaddf g lk] h m ] \ ] [ g f ljY ] j] f o gfèl'q]f  dY^g je YY^ajeYlanY' dY [ g f ljY[[a|f \ ] oadd]k( éw5 B èNhdYq) R gmèddhdYq) A ] èddhdYq) L ` ]èddhdYq) B lèddhdYq) P ]èNhdYq) M ` ]q èddhdYq)

ó%8Nkgk NladarYegkoadd[m Y f \ g ]klYe g kZ YklYf l]k]_ m jg k\ ] i m ] Yd_gnYY h Y kYj] f ]d ^llm jg )Ig\]e gkmladarYj]phj]kagf]k\] la] e h g lYd]k[ge glgegjjgo'lgfa_`l'

? m lm jg

? m lm jg

_Vieh VV\&_Vie^`_eY&Z_eh`URjd&eYVURjRWeVce`^`cc`h&d` ` _ &Z_ R hVV\ Re0a^ e`_ZXYe&VeT(4

_ f dYf]_ Y[a| f 'hZ]]_ `ek]h m ] \ ] [g f ljY ] j] f h `_|e&e a]f ljYkim ] ]f  dY^g je Y Y^ajeYlanYdY [gf ljY[[a| f  \ ]hZ]]]k( {++( #OyYk] ] e (&;_b]QSYo^$

/1

AeYZ_\eYVcVhZ]]S Vc`S`eU`Te`cdZ_eYVWfefcV( DbU_aeUXQRbk]lTYS_cb_R_dcU^U\V edeb_(

T8 L d`d

AU`_|eeYZ_\A|]]YRgV^ `cVeYR_eYcVVTYZ]UcV_( C _SbU_aeUdU^WQ]kcTUdbUcXYZ_c(

N ladarYegk] d^m lm jg h ] j^] [ lg [ m Yf \ g ]klYe gk[gfn]f [a\ g k\ ] i m ] Yd_g`YZ jx  hYkY\gY f l]k\]m f e g e ] f lg \ ] l]je af Y \ g ] f ]d^m lm jg 5

AViaVTeY V|]]RccZgVRedVgV_( He`_^W_aeU\\UWQbkQ \QccYUdU(

KYVjhZ]]YRgVRccZgVUSj2a^( =QRbk^\\UWQT_Q^dUcTU\Qc_SX_(

@ V U`Vd_|eSV]ZVgVZe|]]YRaaV_( C_SbUUaeU_SebbQ(

:jeYVjVRc,**-AhZ]]YRgV^RUVR^ Z]]Z`_U`]]Rcd( 6^dUcTU\Qn_,**-XQRblW Q^QT_e ^ ]Y\\o^TUTo\QbUc(

: \]e xk'hg \ ]e g k] e h d] Y jhZ]][ m Yf \ g lg e Ye g kdY \][aka|f\ ] ` Y [ ] jYd_g]f ]d e g e ] f lg \ ] `YZdYj5

JYV|]]YRgVYRUeZ^ Ve` eYZ_\Ze`gVcSje`^`cc`h( =QRbkdU^YT_dYU]`_`QbQbUV\UhY_^QbQ^dUcTU]QnQ^Q(

A|]]YV]aj`f( IUQieTQbl( ? N M N KH I> K? > < M H  < H G M BG N H

+++XV eZeW`cj`f( IUX S_WUbl(

dd4 >`c^RTZr_

AeYZ_\A|]]X`R_UYRgVR]``\( 8bU_aeUUSXQble ^ fYcdQj_(

?gje Ye gk]d^m lm jg h ] j^] [ lg [ g f laf m g [g f hZ]]&]dYm p adaYjYRgV%S VV_ &m f  n]jZg] f 'Z_X4

ATVceRZ_]jh `_|eU ` eYReRXRZ_( 8_^cUWebYTQT^_f_\fUblQ XQSUb\_(

QVYb]QSYo^

? m l m j g h ] j ^ ] [ l g  >`c^RTZr_ ? gje Ye gk]d^m lm jg h ] j^][ lg [g f hZ]]&] dYmpadaYjYRgVqm f hYjla[ahag)EgkhYj( la[ahagk \ ]  dgkn]jZgk j]_ m dY j]kk]^g je Y f Y d Y { Y \ aj' V U Y dY jYzr \]d n]jZg) Laf] e Z Yj_ g '`Yqe m [` g kn]jZgki m ]nYjzYfkm ^g je Y[ m Yf \ g k][gfna]jl]f]f h Yjla[ahagk) #OyYk]AYcdQTUfUbR_cYbbUWe\QbUc$ > f dY f ] _ Y[ a| f Y { Y\ ae g k_ ` e\ ]kh m yk\ ] hZ]]&q] f  dYaf l]jjg _ Y [a| f kalmYegk ]dY m p adaYjhZ]]Ydh jaf [ah ag \ ] dY ^jYk]5 QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

B oadd`Yn]hdYq]\) Rgmoadd`Yn]hdYq]\) A ] oadd`Yn]hdYq]\) L ` ]oadd`Yn]hdYq]\) B loadd`Yn]hdYq]\) P ]oadd`Yn]hdYq]\) M ` ]q oadd`Yn]hdYq]\)

B oaddf g l`Yn]hdYq]\) P addB`Yn]`Yn]hdYq]\9 Rgmoaddf g l`Yn]hdYq]\) Paddqgm`Yn]hdYq]\9 A ] oaddf g l`Yn]hdYq]\) P add` ] `Yn]hdYq]\9 L ` ]oaddf g l`Yn]hdYq]\) P addk` ] `Yn]hdYq]\9 Bloaddf g l`Yn]hdYq]\) P addal`Yn]hdYq]\9 P]oadd f g l`Yn]hdYq]\) P addo]`Yn]hdYq]\9 M ` ]q oaddf g l`Yn]hdYq]\) Paddl` ] q `Yn]hdYq]\9

^UWQSYo^

Y^dUbb_WQSYo^

Boadd`Yn]Z]]fhdYqaf_) Boaddfgl`Yn]Z]]fhdYqaf_) PaddB`Yn]Z]]fhdYqaf_9 Rgmoadd`Yn]Z]]fhdYqaf_) Rgmoaddfgl`Yn]Z]]fhdYqaf_' Paddqgm`Yn]Z]]fhdYqaf_9 A]oadd`Yn]Z]]fhdYqaf_) A]oaddfgl`Yn]Z]]fhdYqaf_) Padd`]`Yn]Z]]fhdYqaf_9 L`]oadd`Yn]Z]]fhdYqaf_) L`]oaddfgl`Yn]Z]]fhdYqaf_) Paddk`]`Yn]Z]]fhdYqaf_9 Bloadd`Yn]Z]]fhdYqaf_) Bloaddfgl`Yn]Z]]fhdYqaf_) Paddal`Yn]Z]]fhdYqaf_9 P]oadd`Yn]Z]]fhdYqaf_) P]oaddfgl`Yn]Z]]fhdYqaf_) Paddo]`Yn]Z]]fhdYqaf_9 M`]qoadd`Yn]Z]]fhdYqaf_M`]qoaddfgl)`Yn]Z]]fhdYqaf_) Paddl`]q"`Yn]Z]]fhdYqaf_9 W  N kgk >dmkg\ ] d^m lm jg h ] j^] [ lg [ g f laf m g ]ke mqkae adYjYdmkg \ ] d^m lm jg h]j^][lg) >Y\ a^]j]f[aYj]ka\]] f  i m ] ]e hd]Ye gkdY ^g je Y[ g f laf m Y h Y jY ` Y [ ] j`af[Y( Id70] f dY [ g f laf m a\ Y \ \ ] dYY[[a|f5 ;ql` ] lae ] l` ] km f _ g ]k \go fl` ] q oadd` Yn ]Z ] ] f hdYqaf_ ^g g lZ Ydd^ g j g n ] jl` j]] `g m jk) 8eQ^T_cU`_^WQU\H_\& \\UfQbk^]kcTUdbUcX_bQcZ eWQ^T_Q \VpdR_\( ;qf ] p lq ] Yjk ` ] oadd`Yn]Z ] ]f danaf_` ] j] ^ g jlo ]flqq]Yjk) : \Qn_`bohY]_\\UfQbkfYfYU^T_QaemfUY^dUQn_c(

/3

/4

? m l m j g [ g f l a f m g 

@HBG@MH

G  >`c^RTZr_

v 4 ?gje Y[a| f

? gje Ye gkV]^m lm jg [g f laf m g [g f hZ]]% SV &óm f n ]jZg'Z_X4

bbd^m lm jg [g f _ g af_lg j]kh g f \ ] Y dY ka_ m a]f l]]kljm [lm jY5n ]jZ g lg Z ] &_ gaf_ lg &af^afalang5

QVYb]QSYo^

^UWQSYo^

Y^dUbb_WQSYo^

BoaddZ ] hdYqaf_) RgmoaddZ ] hdYqaf_) A ] oaddZ ] hdYqaf_) L ` ]oaddZ ] hdYqaf_) B l oaddZ ]hdYqaf_) P ]oaddZ ] hdYqaf_) M ` ]q oaddZ ] hdYqaf_)

Boaddf g lZ ]hdYqaf_) Rgmoadd f g lZ ] hdYqaf_) A ] oaddf g lZ]hdYqaf_) L ` ]oaddf g lZ ]hdYqaf_) B loaddf g lZ ]hdYqaf_) P ]oaddf g lZ ]hdYqaf_) M ` ]q oaddf g lZ ] hdYqaf_)

Padd,Z ] hdYqaf_9 PaddqgmZ ] hdYqaf_9 Padd` ] Z ] hdYqaf_9 P addk` ] Z ]hdYqaf_9 PaddalZ ] hdYqaf_9 Paddo]Z ] hdYqaf_9 P addl`]qZ ]hdYqaf_9

BYe_g af_lghdYq) RgmY j] _gaf_lghdYq) A]ak_gaf_lghdYq) L`]ak_gaf_lg hdYq) Blak_gaf_lghdYq) P]Y j] _gaf_lghdYq) M`]qY j] _gaf_lghdYq)

^UWQSYo^

Y^dUbb_WQSYo^

BYe f 8l_gaf_lghdYq) RgmYj f g l_gaf_lghdYq) A]akl g l_gaf_lghdYq) L`]ak fgl_gaf_lghdYq) Blakfg _gaf_lghdYq) P]Yj] fgl_gaf_lghdYq) M`]qY ]f g l_gaf_lghdYq)

:eB_gaf_lg hdYq9 :j]qgm_gaf_lghdYq9 Bk`]_gaf_lghdYq9 Bkk`]_gaf_lghdYq9 Bkal_gaf_lghdYq9 : j]o]_gaf_lghdYq9 : j]l`]q_gaf_lghdYq9

G  L d`d I g \ ] e g kmladarYj] d^m lm jg [g f laf m g h Y jY [g e m f a[Y jdgi m ] ] klYjx` Y [a] f \ g Yd( _ m a] f ] f m f  e g e ] f lg \ ] l] je af Y \ g \ ] d^m lm jg 5 KYVjhZ]]SVh`c\Z_XR]]_ V i ehVV\( :cdQbk^dbQRQZQ^T_d_TQ\QcU]Q^QaeUfYU^U( JYVhZ]]S V]jZ_X` _ eYVSVRTYdZaaZ_XH Z_ R;`]RURSj>cZURj( 6^dUcTU\fYUb^UcUcdQbkde]RQTQU^\Q`\QiQd_]Q^T_`YnQS_\QTQ'& JYVhZ]]S VVRc_Z_XehZTVRd^fTYZ_eh`jVRcdeZ^ V( 9U^db_TUT_cQn_cUcdQbkWQ^Q^T_U\T_R\U(

L A:EE > f dYf ] _ Y[ a| f h g \ ] e g km ladarYjdYR_|e] f n]r\ ] dYR]]_`e( G  L d`d JYR]]] p h jy kY dY ^aje ]af l] f [a| f \ ] ` Y [] jYd_g] f ]d^m lm jg )>f]klgk[Ykgk'h g ( \ ] e g kmladarYjlY e Z ay f h Z]]&h ] jg kag h lYe g kh g j dYR]]\ Ye gkY ] f l] f \ ] j mfY e Yq g jn g dm f lY\ \ ] ` Y [ ] jYd_g5 NVdYR]]S V]VRgZ_XZ_ eV_^Z_feVd( C_cYbU]_cTU^db_TUTYUj&]Y^ed_c(

D`mkYe gkhYjY5 % > p h j]kY jdY  af l] f [a| f  \ ] ` Y [ ] jYd_ g ] f  m f e g e ] f lg  \ ] l] je af Y \ g \ ]  m f  ^m lm jg  h j| p ae g ) I g \ ] e g k m ladarY j] p h j] kag f ] k\ ]  la] e h g  lY d]k[ g e g  e`' ^`cc`h&e`_ZXYe&eYZdVgV_Z_X&_ Vi eh VV\&_Vi e^ `_eY&Z_eh`URjd&eYVURj RWeVce`^`cc`h&d` ` _ &Z_ R h VV\&Re0a^ e`_ZXYe&]l[)5 A|^ X`Z_Xe` X` W` c R hR]\eYZdVgV_Z_X( B Uf_iQ `QcUQbUcdQdQbTU( A|^ X`Z_Xe`U ` eYVT]VR_Z_XhYV_AXVeY`^ V( 8eQ^T_feU\fQQSQcQf_iQ XQSUb\Q\Y]`YUjQ( % > p h g f ]jh dYf ]k^mlmjgk)> f ]kl][Ykgk]kg Z j]] f la] f \ ] i m ] ]dh jg q ][lg k]nY Y dd]nYjY [YZg[Yka[g f lg \ Y k]_ m ja\ Y\ q i m ] ]klxZYkY\g ]f m f Y \ ][aka|flg ( e Y\ Y[g f Yfl]dY[a|f5 NV|cVX`Z_Xe`da V_ U`fcY`]ZURjdZ_>cR_TV( KQ]_cQ`QcQb\QcfQSQSY_^UcU^';bQ^SYQ( JYV|dX`Z_Xe` defUjSZ`]`XjRef_ZgVcdZej( KQQUcdeTYQb7Y_\_WmQU^\Qe^YfUbcYTQT( % A Y[ ]jh j]\ a[[ag f ]kZYkY\Yk` Y Z alm Yde ]f l] ] f m f Y ]na\]f[aYi m ] k] h m ] \ ]  I]j[aZaj5

AdYR]]SVX`Z_XSjecRZ_(

KYVcV|d _ ` eR T]`fUZ_ dZXYe&Ze|dX`Z_Xe` SVY` ee`URj( C_cUfU^ Ye^Q^eRU3X_ifQ QXQSUbSQ\_b(

AdYR_|eX`( C_Ybl(

KYReTYZ]UZd X`Z_Xe`WR]]Z W d`^ V`_ VU`Vd_|eY ` ]U Ze( ó>k],^Yn_cUfQ QSQUbcYQ\WeYU^^_\_ceZUdQ(

0+

? m lm jg

P BEE R @ H BG @ M H (  < HF I: K: fe m [ ` g k[Ykgkf g `Yqe m [ ` Y \ a^]j]f [aY] f lj] V]m kg\ ] hZ]]g X `Z_ Xe`&h g j( i m ] dYk\g k^g je YkljYf ke al]f dY e ake Yaf^gje Y[a|f5 AeYZ_\_ Z XVed`^ VeYZ_Xe`VRe( 8bU_aeUS_]UblQ\W_(

?m lmjg XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 0, > ^ dV]]Z_ X^ jSZ\Ve` K`^( KU^T_]YRYSYS\UdQQI_]( #M ge \abgi m ] i m ] jzY [ge hjxje ]dY$ JYV|dVReZ_X`fehZeY ^ X`Z_Xe` XVed`^ VeYZ_Xe`VRe( 8bU_aeUf_iQ S_]UbQ\W_( Laf] e Z Yj_ g 'mladarYe gkhZ]][ m Y f \ g lg e Ye g kdY \][aka|f\ ] ` Y [ ] jYd_g] f ]d ^m lm jg ] f ] de g e ] f lg \ ] ` YZ dYj'e a]f ljYki m ] X`Z_Xe`]p h j]kYdY af l] f [a| f  \ ] ` Y [] jYd_g] f ]d^m lm jg Y h Y jlaj\ ] m f Y \][aka|flg e Y \ Y [g f Yf l]jag ja\ Y\ ) < g e h Yj] ]klYk^jYk]k5 94Ae|d LYRgVe`XVeYZ^d`^VeYZ_X( wDX & Y9 UfUbTQT9C_cQRYQaeUUbQce Se]`\UQn_c( IU^TblaeUS_]`bQb\UQ\W_( #]d` Y Z dYf l] mladarYhZ]]h g ji m ] Y[YZY\ ] ] f l]jYjk] \ ] i m ] ]k] d[me h d]Y( { g k\ ] = Yna\q[g e m f a[Y km af l] f [a| f \ ] [ g e h jY jYd_g'\][aka|fi m ] Y[Y( Z Y \ ] lg e Y j] f ]de g e ] f lg \ ] `YZdYj$ H ljg ]b]e hdg5 AYRgVS`fXYed` ^ VaRZ_eR_U>^ X`Z_Xe` U` faeY`dVhR]]d_ViehVV\( = US_]`bQT_\Q`Y^debQi f_iQ ` Y^ dQ bUcdQc`QbUTUc& #]d` Y Z dYf l] [g e m f a[Y dY af l] f [a| f ZYkY\Y] f  m f Y \ ][aka|flg e Y \ Y [g f Yl]jag ja\ Y\ $ D ``\ReeY`dVhR]]d&>LYRgVe`aRZ_eeYV^ d``_( B YbQUcdQc`QbUTUc& dU^TblaeU`Y^dQb\QcTU^db_TU`_S_& #]d` Y Z dYf l] lg e Y m f Y \ ][aka| f ] f ]de g e ] f lg \ ] `YZdYj$

> E I K> L > G M > < H G M BG N H R > E ? N M N K H >dh j]k] f l] [ g f laf m g 'b m f lg [ g f m f Y ]phj]ka|f\ ] la]e h g ']p h j]kYdY af l]f [a| f  \ ] ` Y [ ] jYd_g] f ] d^m lm jg 5 JYV|dT`^Z_X` _KYfcdURj( KYU^UU\Z eUfUc( > ^ ]VRgZ_Xe`_ZXYe( HQ\W_UcdQ^_SXU( : kae ake g'] dh j]k] f l] [ g f laf m g Y e ] f m \ g km _ a]j]dY ]pakl]f[aY\ ] h dY f ] k^m( lm jg ki m ] ` ] e g kY [g j\ Y\ g h j]n aYe ]f l][g f  l]j[ ]jY kh ]jkgfYk5

> E IK> L > G M > LBF IE > R >E ? N M N K H Ig \ ] e g kmladarYj] dh j]k] f l] kae hd]b m f lg [g f m f Y ]p h j]ka| f \ ] la] e h g hY jY  ` Y Z dYj\ ] Y [g f l] [ae a]f lg kh jg _ jY e Y \ g kqhj]naklgk) > f ]^][lg' k] ljY lY kae( h d] e ]f l] \ ] \ Y j Y [ g f g [] jm f `][` g 5 K Y Va]RqV]VRgVdRe/R^( : \QfYo^cQ\UQ \QcSY^S_TU\Q]QTbeWQTQ( K Y VV]VTeZ`_dRcVe`^`cc`h( AQcU\USSY_^Ucc_^]QnQ^Q( K Y VWZ]^ deRcedRe0a^ ( A Q `U\mSe\QU]`YUjQQ \Qc0 TU\QdQbTU( : \]e xk' ] e h d]Ye g k] dh j] k] f l] kae hd]h Y jY j] ^]jajf g kYd ^m lm jg  [g f  dYkka( _m a]f l]khYdYZjYk5h YV_&ZW&Rdd` ` _ Rd&RWeVc&f_eZ]4 AhZ]]deRjYVcVf_eZ]Y V RccZgVd( BUaeUTQblQ aemXQcdQaeU\\UWeU( JYV|LXZgVZe e` j`fhYV_dYVW[^XYVd( IU\_TQbkSeQ^T_dUb]Y^U( KYVj|LeVLf dRdd` ` _ RdeYVg\_`h( C_c\_S_^dQbk^U^SeQ^d_cUU^dUbU^(

O]jZgke g \ Yd]k

0.

EY^g je Y f]_YlanYTR__ ` eY\ e al] \gk_jY^zYk\aklaflYk5TR_|e j TR__`e( !  L d`d ;R_km]d]Y[g e h Y { YjY dg kn]jZgk\ ] h ] j[ ]h [ a| f k]fkgjaYd'lYd]k[g e g e` dVV #fUb$&e` eRdeV #cQR_bUQb$&e`YVRc#_mb$&e` d^ V]]#_\Ub$&e`e`fTY#d_SQb$2 IUfU_( ATR_d^ V]]d`^ VeYZ_XSRU( 6\W_XeU\U]Q\(

O > K ; H L F H = : E > L N G : I>KLI>G>K:E

ATR_YVRceYVd`f_U` W SRc\Z_X( DYW_\QTbYT_c( < Yfh m ] \ ] ` Y [] jj]^]j]f [ aY Ym f Y ` YZ ada\ Y\g \]klj]rY5 ATR_deR_U`_ ^jYVRU( HlXQSUbU\`Y^_(

Bp8kn]jZgke g \ Y d]kaf [dmq]fdg i m ] h g \ jzYe g kddY e Y je g \ Yd]kh m jg k']k\]( [aj'TR_&T`f]U&^Rj&^ZXYe&^fde&dY`f]U&hZ]]&h`f]U&qdgkk]e a(e g\Yd]kURco& _ VVU q `fXYee`( N ladarYe gkdgkn]jZgke g\ Yd]kh Y jY b m r _ Y jm f Y kalmY[a|fZYkxf \ g f g k] f [j]]f( [aYk'g h af ag f ]kg Y[lalm\]k)B)gk]e hd]Ye gkhY jY af \ a[ YjhgkaZada\Y\'f][]ka\Y\' `YZada\Y\'gZda_Y[a|fq []jl]rY6h Y jY ` Y [] jh]la[agf]k'g^]jlYkqkm_]j]f[aYk6hYjY \ Y jh]je akggafkljm[[agf]k)Lgf'] f \]^afalanY'n]jZgke mq}lad]kq \ ] mkgemq ^j][m ]f l])Mg\gk]ddgkla] f ]f [a]jlYk[YjY[l]jzkla[Yk[ ge mf]ki m ] [gfkakl]f]f5 Ç  EYl] j[ ]jY h ]jkg f Y \ ] dkaf _ m dYj "YV&dY V&Ze#f g dd]nYm f Y ' d ^afYd' lYd[ge g g [ m jj] [g f g ljg kn]jZgk] f h j]k] f l] kae hd]) Ç  ?g je Ye g kdY f]_ Y[ a| f Y { Y\ a] f \ g _ ` e\ ]kh m yk\]dn]jZ g e g\Yd) Ç  < gfkljmae gkdY af l] jjg _ Y [a| f kalm Yf \ g ]dn ]jZ g e g \ YdYdh jaf [ah ag \ ] dY hj]( Ç  G g Y{ Y\ ae g ke`Yf l]k\ ] m f n]jZg] f af^afalangim ] ka_m]Y m f n]jZ g e g\Yd) I g j]b]e h dg 'k]\a[ ] +TR_dhZ^ &h ] jg ]kaf [ g jj] [lg \ ] [ajATR_e` dhZ^(

@ V TR_|eT]Z^SeYReecVV( C_`eUTUdbU`QbQ QaeU\kbR_\( :kae akeg'k]h m ] \ ] ] e h d] Y jTR_h Y jY ` Y [ ] jm f Y h]la[a|f5 ;R_j ` f XVe^ jSRXU`h _&a]VRdV8 vBU`eUTUcRQZQb\QR_\cQ&`QbV Q f_ b5 g h Y jY g ^j] [] jf m ] kljY Yqm\Y5 ;R_A YV]aj`f8 vAU` eUT_QieTQb5 ;R_|e S V&Y km n]r'km _ a]j]i m ] l] f ]e g km f Y [ ]jl]rYY Z kg dm lY\ ] i m ] m f ` ] [` g  g [aj[m f klYf [aYG H h m ] \ ] f k] jn]j\Y\]jgk5 94N Y`|d^R\Z_XeYRe_`ZdV8 :6vFeYl^UcdkXQSYU^T_UcUbeYT_5 :4AeTR_|eS VJfdR_SVTRfdVdYV|d S VV_ `feR]]URj( 72C _ `eUTUcUbHecQ^&`_baeU\\UfQV eUbQd_T_U\TmQ( MYe Zayfhg \ ] e g k] e h d] Y jTR_|eYRgVqm f hYjla[ah ag [m Yf \ g km h g f ] e g kim ] Yd_gG H ` Y g [ m jja\ g ] f ] dhYkY\g5

< :G

94N Y`]V WeR]]eYVdVa]ReVdYVcV8 6 2vFeYl^TUZod_T_cUcd_c`\Qd_cQaem5 d ] Y f hdYq) Rgm Y f hdYq) A ] [ e hdYq) L`] Y f hdYq) B l[Yj hdYq) P ][ YfhdYq) M`]n [ Yf hdYq)

B[Yf f glhdYq) Rgm[Yj f g lhdYq) A ] [Yf f g lhdYq) L ` ][Y f g lhdYq) B l[Yf g l hdYq) P ][Yf f g lhdYq) M ` ]q [) f f g lhdYq)

K:MBOH

?)f dY h jae ] jY ^jYk]'o ` g k] j]^a] j] Ydkmb]lg\ ] dY ^jYk]56\WeYU^XQR\oS_^dYW_& vFeYl^XQR\oS_^dYW_5 >,,dYk] _ m f \ Y^jYk]'o `gk]j]^a]j]YdgZb]lg\]dY^jYk]5=QR\QcdUS_^Q\WeYU^(v8_^ aeYl^XQR\QcdU5 < m Y f \ g h Y`&o `Yl'o`a[`k]j]^a] j] f Y dkmb]lg\ ] dY^jYk]'f g Y{Y\ae gkU ` )U ` V d ] f ]dh j]k] f l] kae hd]' faUZU] f ] dhYkY\ g kae hd]5 NYReYRaaV_VU8 vFel`Qco5 N YZTYeVR^ h`_8 vFelUaeY`_WQ^o5 N Y`a]RjVU8 vFeYl^Z eWo5 < m Y f \ g h Y`&hYRe&hYZTYk] j] ^a] j] f Ydg Z b] lg \ ] dY^jYk]'[g f kljm ae g kdY ^gj( e Y  af l] jjg _ Y lan Y [ g f U ` & U ` V d] f  h j]k] f l] kae h d] q U ZU ] f  h Y kY\ g kae hd]5 N YReUZUeYVjVRe8 vFelS_]YUb_^5 N YZTY` _ VUZUdY VhR_e8 v8pQ\aeUbmQ5 N Y`UZUj`fdVV8 à:aeYl^fYcdU5

> dae h]jYlangkajn]h Y jY \][aj'Y[g f k]bYjg Yf ae Y jY Yd_ ma]f Y i m ] ` Y _ Y Yd_g) E Y^g je Y e xk` YZ alm Yd\ ] ae h ]jYlan g ]k]daf^afalangkafdY hYjlz[m dY e` (> f af( _dykf g k]\aklaf _ m ]] f lj] ]dkaf _ m dYjq ]dhdmjYd5 If_ w8_bbU ; `^ VYVcV wKU^YTQaem KR\V` W W j`fcdY`Vd wFemdQ\U\_cjQ`Qd_c ? Ve`fe w;eUbQTUQaem > f dY ^g je Y f]_YlanYk]Y { Y \ ] U ` _ ` eg U`_|e4 < `_|ee`fTYeYRe wC_d_aeUUc_ < `_|ea]Rjh ZeYZe wC_Z eUWeUcS_^Uc_ < `_|eSVcfUVe` j`fcSc`eYVc wC_cUQcWb_cUbQS_^de XUb]Q^_ I g \ ]e g kY{ Y \ ajR]hRjdq _VgVc&kalmxf\gdgkY dh jaf [ah ag \ ] dY ^jYk]5 9]hRjdeV]]eYVecfeY w9YcYU]`bU\QfUbTQT F VgVcYZej`fcaVed wCe^SQ`UWeUcQ decQ^Y]Q\UcTUS_]`QnmQ  ]Ve|dg ]Ve|d_ ` e[ m Y f \ g  h j] l] f \ ] e g kY f ae Y jY g ljYk h ]jkg f Yk Y ` Y [ ] j Yd_g5

Be h]jYlang

23

DVe|d eR\V`fcSZ\Vd`f ee`eYVaRc\( wA\UfU]_c\QcRYSYcQ \` QbaeU DVe|d_`eX``fee`_ZXYe( wC_cQ\WQ]_cUcdQ^_SXU  gU` \ ] dY f l] \ ] m f Y g j\ ] f Y^aje YlanYhY jY \ Y j Y } f e xkyf^YkakY dg i m ] i m ] ( j]e gk\][aj5 < `S V bfZVe w6SQ\\Qb < `de`aSVZ_XdZ]]j w9UZQTTUXQSUbU\d_^d_

( ) *$!" #

Ā

Â

ÃĀ

O> K ; H L MK: G LBMBO H L > BG MK: G LBMBO H L > faf _ dyk`Yqm f Y [ Yl]_ g jzY\ ] n]jZgk\ ]f g e af Y\ g kafljYfkalangk)>klgkn]jZgk f g n Yf Y[g e h Y { Y\ g k\ ] m f gZb]lg5 JYV]RfXYVU( : \\QcUbYo( K YVjdTcVR^VU( :\\_cSXY\\Qb_^( @ V UZdRaaVRcVU( : \TUcQ`QbUSYo( NVRcV]jZ_XU`h_( :cdQ]_cde]RQT_c( H ljg kn]jZgk'kaf] e Z Yj_ g 'nYfk]_ma\gk\ ] m f g Z b]lg )>klgkn]jZgkk]ddYe Yf  ljYfkalangk5 JYVYReVdeYReWZ]^ ( :\\Q_TYQUcQ`U\mSe\Q( K YVjRcVeYc`hZ_XeYVYR]]( :cdk^\Q^jQ^T_\Q`U\_dQ( ?afYde ]fl]'q] f ^m f [a| f \ ] d[ g f l]p lg 'Yd_ m f g kn]jZgkh m ] \ ] f k] jljYfkalangk g afljYfkalangk5 AUcc_\( #n]jZgafljYfkalang$ 7UR_( AUcZ_\SVVc( #n]jZgljYfkalang$

OgrhYkanY

OgrhYkanY

3+

I j] k]f l] h ] j^][lg5 > f dYngrY[lanY']dkmb]lg\ ] dY ^jYk]]k]dY m lg j \ ] dY Y[[a|f5

KYV[` S hZ]]S V`WWVcVU( : \` eUcd_cUbk_VbUSYT_(

> f dY ngrhYkanY'dY[gkYgh ] jkg f Y Y^][lY\Ykh g jdY Y[[a| f k] [g f n a]jl]f ] f km ( b] lg 5

< g f n]jZgkeg\Yd]k5

< ge g` Y h g \ a\ g n]j'dY ngrhYkanYljY lY \ ] [ ] f ljY jdY Yl]f [ a| f ] f dYY[[a|f]f  kz'qf g ]f kmYmlgj)O]Yegkg ljg ]b]e hdg5

G _]``\VcddRZUeYReeYVc`SSVchRdeYc`h_e` eYVW]``cSjR SR_\XfRcU( K Y V  ^R_hRdaZ__ VU e`  eYV Xc`f_USj eY VT`fcRXV`f dXfRcUf _ eZ]eYV a r ]ZTVRccZgVU( A_cdUcdYW_cQVYb]Qb_^aeUU\\QTbo^V e U Qbb_ZQT_Q \ceU\_`_be ^ fYWY\Q^dUZ ebQT_ TU\RQ^S_(: \X_]RbUaeUToY^]_fY\YjQT_U^U\ceU\_`_bU\fQ\YU^dUWeQbTYQXQcdQ aeU\\UWo\Q`_\YSmQ( > f dYk^jYk]k\]dgk]b]e h dg kdY ngrhYkanYk]` Y ] p h j] kY\ g ]f hYkY\ g )Laf]e ( Z Yj_ g 'h g \ ] e g k[g f kljm ajdY ] f  g ljg k\ ]e h g kn]jZYd]k): [ g f ~ f m Y[ a| f k] af( [dmq]m f Y daklY\ ] dYk\ a^]j] f l]k^g je Ykq la]e h g kn ]jZYd]k[g f dgki m ] k]h m ] ( \ ]  [ g f k lj m aj dY ngrh Ykan Ye ] \ aY f l] ] dn ] jZ g e ` S V k] _ m a\ g  \ ] d h Y jla[ ah ag  [ g jj]kh g f \ a]f l]5

AeT` f]US VU` _ V]Z\VeYZd( HU` _TbmQXQSUbQcm( KYVjTR_|eYRgVSVV_ VReV_( C_`eUTU^XQRUb\_cS_]YT_(

OVdeVcURjR^R_hRdRccVdeVUW` c ReeV^aeVUc`SSVcj(K Y V^ R_h RdeR\V_ e` 9c]Z_Xe`_ar]ZTVdeReZ`_W` cbfVdep`_Z_X( 6iUb& e ^ X_]RbUV e U QbbUcdQT_`_be ^ Y^dU^d_TUb_R_(: \X_]RbUV e U dbQc\QTQT_Q \QS_]YcQbYQTU6 b\Y^Wd_^`QbQU\Y^dUbb_WQd_bY_( > f  ]klYk^jYk]kk] ` Y f  m ladarY\ g  \ g khYkanYk5hRdRccVdeVUq hRdeR\V_( > d` Y( Z dY f l] mladarYdY ngrhYkanYh g ji m ] d]af l]j]kYe xk[g e m f a[Y jdgi m ] d]g [ m jja|  Yd g Z b] lg  \ ] dYk Y[[ag f ]k( Y d dY \ j | f ( i m ] Y dg ki m ]  dd]n Yjg f ]kYkY [[ag f ]k Y [YZg) L]km h g f ] i m ] k] ljYlY \ ] dY hgda[zY'h ] jg f g k] dY e ] f [ag f Y h g j f g k]j \ ]ae h g jlYf [aYhYjYdY[ ge hj]fka|f\ ] dY^jYk])Ig \ ]e g ke ]f [ag f YjYdY m lg j\ ] dYY[[ a| f Y{ Y\ a] f \ g Sj4

K Y VU`Tf^ V_eYRdS VV_ dZX_VU( : \T_Se]U^d_XQcYT_VYb]QT_(

IYkY\gh]j^][lg5

K Y VTReTRfXYeR^ `fdV( :\WQd_QdbQ`oe ^ bQdo^& #]dkm b]lg ( ] d_ Y lg ( ] k] dY m lg j \ ] dYY[[a|f$

K Y V^ `fdVhRdTRfXYeSjR TRe( : \bQdo^V eUQdbQ`QT_` _bU\WQd_&#]dkmb]lg( ] dj Y l| f ( k]n ]Y^][lY\gh g j dYY[[a|f$

3,

>daf _ dykm lzdarYdY ngrhYkanY[ g f e xk^j] [m ] f [aY i m ] ]d]khY{gd'i m ] hj]^a] j]  ]dmkg\ ] dY ^g je Yae h ] jkg f Yd[glzcU2 J^ `\Z_XZd_ ` eR]]`hVU( C_cU` Ub]YdUVe]Qb( :cVRUZdd`]U YVcV( 6 a e mcUfU^TU`Q^( Äp7 GecRdT`_decfTTZ`_VdepaZTRdUV]Rg`kaRdZgR t AeZdk]_ m a\ g \ ] dh Yjla[ahag\ ] m f n ]jZgi m ] ]p h j]kYh ]f kYe a]f lg mg h af a| f 5 AeZdeY`fXYeeYReeYV^R_hRddV_e]` [RZ]( HUSbUUaeUU\X_]RbUV e U U^SQbSU\QT_( AeZddRZUeYReY V YRUSVV_ UcZgZ_XR hYZeVTRc( HUTYSUaeU(XQRmQUcdQT_S_^TeSYU^T_e ^ S_SXUR\Q^S_( s  @ RgVe xkm f g Z b]lg q m f hYjla[ahag'e mq[ g e } f Y dY ` g jY \ ] j]^]jajk]Ydk]j( na[agi m ] ^ m ] gk] jx hj]klY\ g h g j m f l]j[]jg5

I j] k]f l] kae hd]5

K Y V^ `fdVZdTRfXYe( : \bQdo^UcQdbQ`QT_(

NVYRU`fc\ZeTYV_cVWZeeVU( GUQS_^TYSY_^Q]_c\QS_SY^Q(

I j] k]f l] [g f laf m g 5

K Y VTReZdSVZ_XTYRdVU( : \WQd_UcdkcYU^T_`UbcUWeYT_(

K Y VjhZ]]YRgVeYVZcTRccVaRZcVU( KQ^Q]Q^TQbQbU`QbQbU\SeSXU(

IYkY\gkae hd]5

K Y VY`fdVhRdSfZ]e( A Q SQcQV e U S_^cdbeYTQ(

IYkY\g[ g f laf m g 5

K Y VTRchRdSVZ_ XUcZgV_( : \S_SXUUcdQRQcYU^T_S_^TeSYT_(

t  ?Veq m f hYjla[ahag)>kl]mkg]ke xkZ a] f [gdgimaYdq'h g j lYflg'e mq[g jja] f l]  ] f ]daf_dyk`YZ dY\ g 5 @ V X ` eSZeeV_SjR daZUVc( >(U`YSoe ^ Q QbQnQ(

3M ` ] e Y f _ g llY c ]f dg `gkhalYd) AY]Qb_^Q\X_]RbUQ\X_c`YdQ\( Ç  < m Y f \ g ` Yq \ g kgZb]lgk'`Yq \ g ke Y f ]jYkhgkaZd]k\ ] ^g je YjdY ^jYk]] f ngr hYkanY5 M ` ] [ ` ad\ j]f o ]j]_an]fY h j]k] f l) A_c^Yn_cbUSYRYUb_^e ^ bUWQ\_( : h j] k] f loYk_an]flg l` ] [` ad\ j]f ) A_c^Yn_cbUSYRYUb_^e ^ bUWQ\_(

a  B G ? BG BM BO H > f af_dyk]ke mq[ge } f i m ] m f n ]jZ g ka_ YYg ljg )F m[`gkn]jZgkaf_d]k]k'lY( d]k[ ge gY_j]]'[`ggk]'\ ][a\ ]']ph][l'` g h ]'afl]f\'d] Ye 'eYfY_]'g^^]j'hdYf' h j] l] f \ 'hjg e ak] 'j]^m k]'nYfk]_ma\gk\ ] af^afalang[ g f lg5 P ]h dY f lg ka_ f l` ] [ g f ljY [l) IU^U]_c\QY^dU^SYo^TUV Yb] Q bU\S_^dbQd_( M ` ]q h jg e ak] \ lg [g e ] Ykkg g f Y khg kkaZd]) Eb_]UdYUb_^fU^Yb\_]kc`b_^d_`_cYR\U( ?gje Ye g kdY f ]_ Y[ a| f \ ] m f af^afalangY { Y\ a] f \ g f g l5 MOqf g llg Yf f g q `]j) >^dU^dU^_]_\UcdQb\Q( P]Y_ j] ]\ f g llg ^a_`l) 6S_bTQ]_c^_`U\UQb( : \]e xk'] daf^afalangh m ] \ ] Y h Yj][ ]j] f [ g f kljm [[ag f ]khYkanYk5 A ] ] p h ][ l]\ lg Z ] lg d\ ) :c`UbQRQaeU#cU\_$TYZUbQ^( A ] o Yf l]\ lg Z ] ` ]dh ]\ ) FeUbmQaeU\UQieTQbQ^( I g \ ] e g k] e h d] Y jdY [ g f kljm [ [ a| f n ]jZ g  &g Z b] lg  & af^afalang [ g f  e m [ ` g k n ]jZgk'lYd]k[g e g Y\ n ak]'Yddgo'Ykc'] p h ][ l'^g jZ a\ '` Y l] 'af n al]'dac ]'f ] ]\ ' gj\ ]j'h ] je al'h ] jkm Y \ ]'h j] ^] j'j]e af \ 'l] dd'o Yfl5 M ` ]q h ] jkm Y \ ] \ mklg klYq) C_cS_^fU^SYUb_^`QbQaeU^_caeUTkcU]_c( L ` ]j]e af \ ]\ m klg lY c ] Y o Yje b Y [c ] l) C_cbUS_bToaeU\\UfkbQ]_cQ\W_TUQRbYW_(

3/ 

XXXXXXXXXXXXXXXXXXXXXXXXXXXBf^afalang

H ljgkn]jZgklYe ZayfnYfk]_ma\gk\ ] af^afalang'h ] jg kafdY hYjlz[mdYe`(daklgkn]j( ZgknYfY[ge hY{Y\gk'Y\]e xk'\]m f gZb]lg)DVeq ^R\Vkgf\gk\ ] ]klgkn]jZgk5 KY Vj]V efdX` e`eYVaRcej( C_cTYZQb_^YbQ \QVYUcdQ( @ V ^ RUVfdeZUj`fcc``^( C_cXYj__bTU^Qb^eUcdbQXQRYdQSYo^(

AA;

@ > K N G = BH

: d_mfgkn]jZgk' lY d]k[ g e g RU`cV& Rg`ZU&TR_|eY V]a &TR_|edeR_U& T`_dZUVc& UV_j&V_[`j&WZ_ZdY&Z^ RXZ_V&\VVa&]``\W`chRcUe` &^ V_eZ`_&^ Z_U&^ Zdd&a`de' a` _ V&acRTeZdV&cVTR]]&cVXcVe&dfXXVde&nYfk]_ma\gk\ ] _ ] jm f \ ag  #d]j][ g j\ Y ( e gki m ] ] d_ ] jm f \ ag k] ^g je Y Y { Y\ a] f \ g ' Z_ X Y dY jYzr\]dn ] jZ g $5 A dfXXVdeeR\Z_`eYVTRc( HeWYUb_aeUfQiQ]_cU^S_SXU( JYV^ ZddVda]RjZ_XhZeYY VcWcZV_Ud( :SXQTU]U^_cZ e W Q bS_^cecQ]YWQc( @ V Rg`ZUVUdVVZ_XYVc( : fYdofUb\Q( KY VjWZ_ZdYVUh`c\Z_XRedVgV_`|U ` T\ ( IUb]Y^Qb_^TUdbQRQZQbQ \QccYUdUU^`e^d_( >klgkn]jZgkh m ] \ ]f Zck]_ma\gk\ ] SVZ_Xq\ ] m f hYjla[ah ag hYkY\ g [ m Yf \ g ^gj( e Y f m f Y g jY[a| f ] f dY ngrhYkanY5 @ V TR_|edeR_USVZ_ Xe`fTYVU` _ eYVWRTV( C_c_`_bdQaeU\Ud_aeU^\QSQbQ( ATR_|eZ^ RXZ_VSVZ_XZ^ acZd`_VU( C_`eUT_Y]QWY^Qb]UU^\QSkbSU\( ;`^ Vq X ` &k]_ma\gk\ ] _ ] jm f \ ag '\ ] k[jaZ ]f ] d[ g e h g jlYe a]f lg g dY e Y f ]jY  ] f i m ] Yd_ m a]f k]em]n]5 JYVTRc_Vcf__Z_X( :\\QfY^_S_bbYU^T_( K YVjhV_eRhRj]RfXYZ_X( HUQ\UZQb_^bYl^T_cU( : d_mfgkn]jZgk' lYd]k[g e g TReTY&WZ_U&YVRc&h m ] \ ] f ajk]_ma\gk\ ] m f gZb]( lg j \ ] m f n ]jZg] f dY^g je Y (af _ 5

32

@ ]jm f \ ag

@ ]jm f \ ag

31

NVTRfXYeYZ^ eYc`hZ_Xde`_VdReeYVTRcd( AU` Y\\Q]_cdYbQ^T_`YUTbQcQ \_cS_SXUc(

J Y V]`gVd]jZ_XZ_ eYVdf _ ()J Y V ]` gVde` ]ZVZ_ eYVdf_( 6 U\\Q\UU^SQ^dQde]RQbcUQ \c_\(

O`fhZ]]WZ_UYZ^dZe]Z_X`_ eYVSVRTY( AUU^S_^dbQbkccU^dQT_U^\Q`\QiQ(

KYVjacVWVch `c\Z_XZ_eYV^ `^ Z_Xd()K YVja cVWVce`h`c\Z_eYV^`^Z_Xd( EbUVYUbU^dbQRQZQb` _b\Qc] QnQ^Qc(

P]` ] Y j ` ] j k`gmlaf_) A Q _m]_cWbYdQb( : kae ake g'mladarYe gk] d_ ] jm f \ ag [m Y f \ g m f n ]jZ g ka_ m ]Y m f Y hj]h g ka[a| f 5 NVeR]\VURS`feX`Z_Xe`eYVTZ_V^R( =QR\Q]_cTUYbQ \SY^U( Ah `f]U]Z\Ve`Ra`]`XZkVW` c dY`feZ_XRej`f( B UWecdQbmQTYcSe\`Qb]U`_bXQRUbdUWbYdQT_( JYVZdZ_ eVcVdeVUZ_h`c\Z_X`_eYZdac`[VTe( 6 U\\Q\UY^dUbUcQdbQRQZQbU^UcdU`b_iUSd_(

B G ? BG BM BO H R @ >K N G = BH (  dn ]jZ g dac ][Ye ZaYda_ ] jYe ] f l] \ ] k] f la\ g \ ] h ] f \ a] f \ g \]kanYk]_ m a\ g \] af^afalangg _ ]jm f \ ag )< m Y f \ g nYk]_ma\g\ ] _ ] jm f \ ag ka_fa^a[Yi m ] ]d` Y Z dYf l] \ ak^jm lY ` Y [a] f \ g Yd_g5 A]Z\VhReTYZ_Xde`c^d( B UWecdQfUb\Qcd_b]U^dQc( >f[ Ye Zag'[m Y f \ g dac]nYk]_ m a\ g \ ] m f af^afalangka_fa^a[Yim ] ]d]_ae gk` Y( [ ] jYd_g'g Z a] f h g ji m ] [ j] ]e g ki m ] ]kdg [ g jj][ lg 'g Za] f h g ji m ] l] f ]e g kdY [g klm e Z j] \ ] ` Y [] jdg Ykz5 A]Z\Ve`XV efaVRc]j` _ JRefcURjdd` ATR_V_[`jeYVURj( BUWecdQ\UfQ^dQb]UdU]`bQ^_\_cckRQT_c`QbQTYcVbedQbTU\TmQ( @ V ]Z\ Vde` dV V eYVU`Te`cRe]VRde`_TVR ^`_eY( 6 l\\UW ecdQYbQ\]lTYS_Q \]U^_ce^QfUjQ \]Uc( > f] d[Ykg\ ] dg kn]jZgk]`gV&YReV&acVWVc&]dm kg \ ] daf^afalangg _ ] jm f \ ag fg [Ye ZaYkm klYf [aYde ]f l]km ka_fa^a[Y\g5

KYReh Z]]^ VR_h`c\Z_X^ `cV( :c_ce`_^TbkdbQRQZQb]kc( cVXcVe

AcVXcVee` eV]]j`feYRe( AQ]U^d_dU^UbaeUTUSmbcU\_(

AcVXcVeeVUeV]]Z_XYZ^eYVecfeY( BU(QbbU`U^dmTUXQRUb\UTYSX_\QfUbTQT(

cV^ V^ SVc NZ]]dY VcV^ V^ SVce`^ VVe^V8 NZ]]dYVcV^V^SVc^VVeZ_X^V8 vHUQS_bTQbkTUaeUXU]_caeUTQT_5 YH U  QS_bTQbk TUaeU]US_^_SU5 de`a

Ade`aa VUe`]` ` \ ReYVc( B U` Qbl` QbQ]YbQb\Q(

Ade`aa VU]``\Z_XReYVc( 9UZlTU]YbQb\Q(

ecj

Kcje`daVR\^ `cVd]`h]j( >^dU^dQXQR\Qb]kcTUc`QSY_(

KcjdaVR\Z_X^ `cVd]`h]j( >^dl^dQ\_XQR\Q^T_]kcTUc`QSY_(

>kladgaf \ aj][lg N fn ]jZ g  i m ] qY]klx ] f h Y kY\ g h m ] \ ]  ljYf k^g je Yjk] ] f h Y kY\ g h ] j^] [ lg g  h ] je Y f ] [ ] j] f ]dhYkY\g5 NVh V_ee`E oiZT`( Ve Y] _ cQ BlZYS_(

KY VjdRZUeYVjYRUSVV_e` E oiZT`( 9YZUb_^aeUXQRmQ^UcdQT_U^BlZYS_( KY VjdRZUeYVjhV_ee`E oiZT`( 9YZUb_^aeUV eUb_^Q BlZYS_(

LadY g jY[ a| f ] f ]kladg\ aj][ lg dd]nYoadd'h g \ ] e g k]p h j] kYjdY g jY[ a| f ] f ]kla( dg af \ aj] [lg [g f o gmd\5 JYVdRZUdY Vh `f]UcVRUZee`_ZXYe( 9YZ_aeU\_\UUbmQQaeU\\Q^_SXU(

> L M BE H BG = BK > < M H >d]kladg\ aj][ lg [alYl]p lm Yde ]f l]dYkhYdYZjYk\] m f Yh]jkgfY)B(Yk[geaddYkY[g( lY f ] dl] p lg i m ] k] j]h jg \ m []5 {A|^ cVR]]jVi TZeVURS`feZe&|dYVdRZU( xBUU]_SY_^Q]eSX_y& TYZ_( =]]kladg af \ aj] [lg '] f [Ye Z ag ']km f Y n]jka|f\ ] dg [bm]g ljY h ]jkg f Y `Y\ a[`g) E gmladarYe gkh Y jY af ^g je Yjaf \ aj] [lY e ] f l] Y Y d_ m a]f 'm ladarYf \ g h Y jY ] ddg mf  n ]jZg[g e g dRj4 JYVdRZUdYVhRdcVR]]jV iTZeVURS`feZ e  9YZ_aeU\UU]_SY_^QRQ]eSX_(

>dn ]jZ g eV]]&k]_ma\g\ ] m f h jg f g e Z j] g Z b]lg"^ V&j`f&YZ^&YVc&Ze&fd&eYV^# ]k^j] [ m ] f l] e ]f l] ]e h d]Y \ g ] f ]d]kladgaf \ aj] [lg 5 NVRcVX`Z_Xe`hZ_( KQ]_cQWQ^Qb(

JYVe`]U^ VeYVjhVcVX`Z_Xe` hZ_( B UTYZ_aeUYRQ^QWQ^Qb(

A h R_ee` SfjR_Vh ^ `e`cSZ\V( JYVe` ]U f ddY VhR_eVUe`SfjR _Vh ^`e`c' SZ\V( FeYUb_S_]`bQbe ^ Q ]_\_^eUfQ( C_cTYZ_aeUaeUbmQS_]`bQbe ^ Q ]_\_^eUfQ( A YRgVVReV_V_`fXY( = US_]YT_ceVYSYU^dU(

@ V e`]UYVceYReY V YRUVReV_V_`fXY( AUTYZ_aeUXQRmQS_]YT_ceVYSYU^dU(

JYVdRZU"eYRe#dYV_VVUVUd `^V^`cV^`_Vj( 9YZ_aeU^USUcYdQRQ]kcTY^Ub_(

UcdY\^Y^TYbUSd_

f h j]k] f l] '] f ]d]kladgaf \ aj] [lg hg \ ]e g k LadY g jY[ a| f ]f ]kladg\aj][ lg  h g f ] jdY ] f h Y kY\ g g\] bYjdY ] f h j]k]f l]5 A]` g V9cXV_eZ_ZR_W``U( B UU^SQ^dQ\QS_]YTQQbWU^dY^Q(

@ VdRZUY V ]` gV U )]` g Vd9cXV_eZ_ZR_W``U( 9YZ_ aeU\UU^SQ^dQRQ\QS_]YTQ QbWU^dY^Q(

AR^ d` YRaaj( H_idQ^VU\Yj(

B`Y_dRZUYVh R d)Zdd ` YRaaj( ?_X^TYZ_aeUUbQ] eiVU\Yj(

AR^ X `Z_ Xe`S VR]RhjVc K_iQcUbQR_WQTQ(

JYVdRZUdY Vh R d)ZdX`Z_Xe` S VR ]RhjVc( :\\QTYZ_aeUYRQQ cUbQR_WQTQ(

AU ` _ |e\_`hhYVcVe` X ` C_clQ To^TUYb(

@ V dRZUY VUZU_|e)U`Vd_|e\_`hh YVcVe`X`( 9YZ_aeU^_cQRmQQTo^TUYb(

L]\ ] bY dY ^jYk]] f h j]k] f l] kae h d] '] kh ][aYde ]f l]kadg \ a[ ` g ] f ]kladg \aj][( lg ka_ m ]ka] f \ g nxda\g5 AhR_ee` YRgVRc`^R_eZT UZ__Vc( FeYUb_e ^ Q SU^Qb_]k^dYSQ(

@ VdRZUY V h`f]U_|ea]RjZ_eYVcRZ_( 9YZ_aeU^_Z eWQbmQRQZ_\Q\\efYQ(

< g f dgkn]jZgkdRjq eV]]]dmkg \ ] dY h Y dYZ jY eYRe]kgh[agfYd5

G  L d` d UcdY\_TYbUSd_

Ah`_|e a]RjZ_ eYVcRZ_( C_Z eWQblRQZ_\QJefYQ(

A]lgd\`]jl`Yl`]oYflklg`Yn]YjgeYfla[ AUTYZ_aeUaeUbmQe ^ QSU^Qb_]k^dYSQ(

A TR_ejaV( HlUcSbYRYbQ ]kaeY^Q(

@ V e` ]Ufd"eYRe#Y V T`f]UejaV( C_cTYZ_aeUcQRmQUcSbYRYbQ ]kaeY^Q(

F m[`Ykn][]kf g ]kf ][]kYjag j] h ] lajdal]jYde ]f l] lg \ Ykq [ Y\ Ym f Y \ ] dYkhY( dYZjYk\ ] d]kladg\ aj][lg )E Yh]jkg f Y i m ][ gfkljmq]dY^jYk]] f ]kladg af \ aj] [lg  h m ] \ ] af l] jh j] lY jdg i m ] h j] l] f \ zY \ ] [ajdY h ] jkg f Y ]f ]d]kladg\aj][ lg )IYjY ]ddg h g \ ] e g k ] e h d] Y jn ]jZ g k [g e g  RU^ Ze& RXcVV& UV T ZU V &UV_j& ^ V_ eZ`_& ac`^ZdV4 F ` &AUZU_|eU` Ze( C_&^_\_XYSU(

@ V UV_ZVUU`Z_XZe( CUWoXQRUb\_XUSX_(

GC&> ]]T`^ VhZeYj`f( KQ\U& YblS_^dYW_(

@ VRXcVVUe` T`^ V( 9USYTYofU^YbS_^]YW_(

A Yqm f Y k]ja]\ ]lyje af g k'lYd]k[g e g YVcV&eYVcV&l` ak'l` Y l'e`URj&e`^`cc`h& jVdeVcURj&[mqgka_fa^a[Y\g] f ]kladg\ aj][ lg \ ] h ] f \ ] e m [ ` g \ ] d[g f l]p lg ] f  i m ] dgkmladarYe gk)< m Y f \ g [gfn]jlae gkm f Y ^jYk]Y d]kladgaf \ aj] [lg ']klgkly j( e afgkla] f ] f i m ] Ydl]jYjk]h Y jY [gfk]jnYj]dka_fa^a[Y\g\ ] dY ^jYk])I g j]b]af(

4,

> kladgaf\ aj] [lg

>kladgaf \ aj][lg

hzg'kaY d_ m a]f \a[]' e a]f ljYk] klx ] f E gf\j]k5B o Yfllg dan]` ] j] 'dYh]jkg f Y i m ] ^g je YdY g jY[a| f ] f ]kladg af \ aj] [lg 'kaf g ]klx] f Eg f \ j]k'l] f \ jx i m ] ]k( h ] [a^a[Yjdg i m ] ka_fa^a[Y` ] j] ] p Y[lYe ]f l]qY km e ajdY j]kh g f kaZ ada\ Y\ \ ] ]f ( [ g f ljY jg ljg ly je af g i m ] \] b] [ dYjg ]dka_fa^a[Y\ggja_ af Yd\ ] dY ^jYk]5

H Zk]jn]i m ] dY [dxmkmdYi m ] ka_m]Ydgkh jg f g e Z j]kafl]jjg_Ylangko `g'o `]f' o `Yl'o ` ]j]] f ] d]kladgaf \ aj] [ lg la]f]dY ]kljm [ lm jY \ ] m f Y ^jYk]Y^ajeYlanY5

4+

UcdY\_Y^TYbUSd_ l` ] j]  l` Y l l` ] f l` ] \YqZ ] ^g j ] *l` ] hj]nagmk\Yq l` ] \YqY ^ l] j *l` ] f ] p l\ Y q *l` ] ^gddgo af_\Yq l` ] o ]]cZ ]^g j] l` ] ^gddgoaf_o ] ] c *l` ] o ]]cY ^l] j *l` ] f ] p lo]]c 5gdan]`]j]) FeYUb_fYfYbQaem(

L` ]kY a\ k` ] o Yf l]\ lg dan]l` ]j]) L` ]kY a\ k` ] o Yf l]\ lg dan]af E g f\ g f ) 9YZ_aeUaeUbmQfYfYbQ\\m( 9YZ_aeUaeUbmQfYfYbU^A_^TbUc(

B oaddk] ] q g m lge gjjgo ) A ] kY a\ ` ] o g m d\ k ] ] ` ] j l` ] f ] p l\Yq) A ] kY a\ ` ] o g m d\ k] ] ` ] j g f M `mjk\Yq) IUfUbl]QnQ^Q( 9YZ_aeU\QfUbmQQ\TmQcYWeYU^dU( 9YZ_aeU\QfUbmQU\ZeUfUc( < m Y f \ g i m ] j] e g k[g f n ]jlaj] f ]kladgaf \ aj] [lg | j\ ] f ] ki m ] k]` Y f  ^g je m dY( \ g ] f ae h]jYlang'h g \ ] e g kmladarYjdY ]kljm [lm jY5n]jZg'g Z b]lg 'af^afalang5 n]jq g f ]oYkY l` g e ] 'o ]j]fèl l`]q9 I_T_U\]e^T_UcdQRQU^SQcQ&v^_5 Lg e ]Z g \ q ak dqaf_'Yj] f èl l`]q9 6\WeYU^Ucdk]Y^dYU^T_& v^_UcQcm5

K]khm]klYk[gjlYk = a\ k` ] lYc]h Y jlaf l` ] [ge h]lalagf9 vEQbdYSY`oU^U\S_^Sebc_5

R]k'k` ] \a\) G g 'k` ]\ a\ f èl) H m)C _ (

h g \] e g k] e h d]Y jf ] al` ] j[g f m j lYh  jg h g ka[ a| f f]_YlanYhY jY e Yf a^]klYjm [ g af [a\ ] f [aY \ ] gh af a| f 5 L ` ]\ g ]kf èl dac]l` ] [gm jk]) 6 U\\Q^_\UWecdQU\Sebc_(

G ]al` ]j\ g B) 6 ] mdQ]`_S_( G ] al` ] j[Yf l`]q)

K > L I N > L M : L < H K M : L < mYf\gYd_ma]ffgk` Y[]m f Y hj]_mflY'hg\]e gk[gfl]klYj[gfm f Y j]khm]klY[gj( lY)LadY h j]_ m f lY [gf la]f ]m f YmpadaYj'm f n]jZge g \ Ydg ] dn]jZglg Z ] 'hg\]e gk [g f l]klYjmladarYf\g]klgke ake gkn]jZgk] f dY ^g je YY^ajeYlanYg f]_YlanY5 `bUWe^dQ

bUc`eUcdQS_bdQ

Bkk` ]`]j]9

R]k'k` ] ak) G g 'k` ] akfèl) H m)C _ (

v:cdkQaem5 < Y f q g m kca9 vHQRUcUcaeYQb5 L ` g m d\ B \ g al9 v(9URUbmQXQSUb\_5 A Yn ] l` ] q ogf9 v= Q^WQ^QT_5 P ]j]o ]l` ] Z]kl9 v;eY]_c\_c]UZ_bUc5

R]k'd] Y f ) G g 'B [Yfèl) H m)C _ ( R]k'q g m k` g m d\ ) G g 'q g m k` g m d\ f èl) H m)C _ ( R]k'l` ] q `Yn] G g 'l` ] q ` Yn]fèl) Hm()C_( R]k'q g m o ]j]) G g 'q g m o ]j]fèl) Hp)C_(

adYkh j]_ m f lY k] f ]dh j]k] f l] kae hd]mladarYe gk\ g *\ g ] k ] f d Y 5 'q\ a\ 'kadY h j] _ m f lY ]klx]aa]dh Y kY\ g kae hd]5 = g ]k` ] o g jc `]j]9 vIbQRQZQQaem5 = gl` ] q dan]af ; gklgf9 àKYfU^U^7_cd_^5

R]k'` ] \ g]k) G g '` ] \g ] kf èl) Hp)C_( R]k'l` ] q \ g ) G g 'l`]q\ g f èl) Hm()C_(

G ]al` ]j\ a\ `]) : \dQ]`_S_( âg[m Y f \ g dY h jg h g ka[ a| f ]â BY e lg m [` ]\ ) :cd_i]eiU]_SY_^QT_(

40

I ` jY kYdn]jZk h YdYZjYki m ] Yh Yj][ ]f ] f ]ddY)Mg\Yk]klYkhaklYkq m f  h g [g \ ] ae Y_ af Y[a| f gk Y q m \ YjxfYaf lm ajkmn]j\ Y \ ]jg ka_fa^a[Y\g' lg dg g c m h 

QfUbYWeQb

B dg g c ] \ l` ] o g j\ m h af l` ] \a[lagfYjq) B Ybl\Q`Q\QRbQU^U\TYSSY_^QbY_(

ó a j Y % É

ã  IAK:L:EO>K;L !



>f]kl][Ykg'] dh ` jYkY dn ] jZ ]klg dg g c m h  #lg dg g c ]k] dn]jZgqm h ]kdY h Y jlz( [ m dY$)> f]kl]lah g \ ] h ` jY kY dn ] jZ k]dka_fa^a[Y\gdg ae h jae ]]dn]jZ g )N f fa( n]de zf ae g \ ] af_dykZYklYh Y jY kY Z ] ji m ] lg dg g c km ]d]ka_fa^a[YjfUbg  ]YbQb( E Yh Y jlz[ m dY m h f g  Y h g jlY e m [ ` g  q]klxY ddz} f a[ Ye ] f l]  h Y jY  e YlarYjdg):kz i m ]'kY Z a]f \ g i m ] lg dg g c h m ] \ ] ka_fa^a[YjfUbg ]YbQb&q^abxf\gfgk] f ]d[ g f ( l]plg\ ] dY ^jYk]q] f dY h Y dYZ jY \a[lagfYjq'h g \ ] e g k^x[ade ]f l]\ ] \ m [ aji m ] lg dg g c m h ka_fa^a[YYd_gYkz[g e g QfUbYWeQb( H ljg ]b]e hdg5

à J m y c km f E>>G6H6A K:G7 5

lg k lY j lm h  ;xka[Ye ]fl]'dgkh ` jYkY dn]jZ k] klxf [g e h m ]klg kh g j m f n]jZgq m f Y hY jlz[m ( dY): d_mfYk\ ] ]klYkhYjlz[mdYkkgf5Y jg m f \ 'Yl'ZY[c'Zq'\gof'^gj'^g jo Yj\ 'g^^' af 'g f 'g m l'gn]j'l`jgm_`'m h )>klYkhYjlz[mdYkh jg \ m [] f nYjagk]^][lgk] f ] dn]j( Z g Ydi m ] nYf Ykg[aY\Yk5 h m ] \ ] f  e YlarYjkm ka_fa^a[Y\g' ` YklY[Ye Z aYjdg kmk( lY f [aYde [f l]'g Y{ Y \ ajaf ^g je Y[ a| f Y\a[agfYd' lg lY c ] g ^ ^ 

TUc`UWQb

M ` ] Y]jg h dYf ] lg g c g^^) : \QfYo^TUc`UWo( < ge gh g \ y akn]j'] f ]kl]] b]e h dg k]\ aklaf _ m ]f \ g khYjl]k5] dn ]jZ g lg lY c ] q dY h Y jlz[m dY g ^^)B)Yk\gkh Y jl] kb m f lY k ka_fa^a[YfTUc`UWQb(

GM>G=>KEHLE=G6H6AK:G7H :dh jaf [ah ag 'Yd_ m f g kh ` jYkY dn ] jZ kgkh Y j] [] jx f [ge hda[Y\gk)G g]pakl]f Y\ Y h Y j] [a\ g Y m f h ` jYkYdn] jZ ] f ]kh Y{ g d6h g j ]kg gk\ Y jx f dY ae h j]ka| f \ ] k]j Y d_g[g e h d]lYe ] f l] ae hgkaZd]\ ] ] f l]f \ ] j)Laf]e Z Yj_ g 'n]jyaki m ] e m[` Yk n][]k` Yq m f Y [a]jlYd|_a[Y]f dY [ge ZafY[a|f\ ] dgkn]jZgkq kmkhYjlz[mdYk'hg j e mqj]Z m k[Y\ Yi m ] k]Y)Ege xkae h g jlY f l] ]ki m ] [ g f ka\ ]jyak] dh ` jYkYdn]jZ ] f  km [ g f bm f lg 5 ]dn ] jZ g q dY  h Yjlz[m dY 'h g ji m ]  Ye Z g kY h g jlY f af ^g je Y[a| f  ae h j]k[af \ aZ d]h Y jY km[ g jj][ lY [g e h j]f ka| f ) >f ]klYk][[a|faf l] f lY e g kYqm\YjgkY ] f l] f \ ] j]dka_fa^a[Y\gi m ] k] ]k[gf( \ ]  ljYkdYkhYjlz[mdYk) I ] jg Y f l]k\ ] ] f ljY j ] f  e Y l]jaY'i m ] j] e g k\ ] bYj[dYjg i m ]  h Y jY \ ] k[a^jYj]d ka_fa^a[Y\g\ ] m f h ` jYkY dn ] jZ  l]f yaki m ] [g e h g jlYjg k [ g e g \]l][lan]k5YfYdarY\dYk\ g khYjl]k\]dh ` jYkY dn ] jZ [g e g ka^m ]jYf haklYk i m ] gk[g f \ m [ajxf Yj]kgdn]jm f e akl]jag)< gfka\]jY\dg[g e g m f b m ] _ g ] f i m ] k]ljYlY \ ] Y\ an af Yjm f Y[]jlabg)?abYgk] f ]d[g f l]p lg \ ] dY ^jYk]q ] f dYk\]e xk

QbbQ^SQb&`_^UbU^]QbSXQ

L ` ]k lY j l] \ m h l` ] ]f_af]) Eec_U\]_d_bU^]QbSXQ( >kl][Ykg]kh Y j] [a\ g YdYf l]jag j)E Yh Yjlz[m dY m h f g Y h g jlY f Y \ Y ka_fa^a[Ylang Ydn]jZglg klY jl)LYZa]f\gim ]lg klY jlkm]d]ka_fa^a[YjU]`UjQb&k]h m ] \ ] \ ]\ m [aj i m ]lg klY j lm h ka_fa^a[Y`_^UbU^]QbSXQ( Laf]e Z Yj_ g 'gljYkn][]k]kdYh Yjlz[m dY'q ,,+]dn]jZg'dY i m ]\ ] l] je af Y ] dka_( fa^a[Y\g\]dh ` jYkYdn]jZ5 lg jm f g m l

aeUTQbcUcY^

P]èn ]jm f g m lg ^ h ]ljg d) C_cXU]_caeUTQT_cY^WQc_\Y^Q( >f]kl][Ykg'f g k]f [g f ljYe g k[ g f m f h ` jYkYdn]jZ^g je Y\ g h g j ]dn ]jZglg jm f  qd YhYjlz[mdYg m l =]khmyk\ ] d]]j]klYk][[a|f'`YZj]e gkY h j]f \ a\ g i m ] g m l]klx j]dY[agfY\Y[g f dY a\]Y\] UcdQbU^U\UhdUbY_b(: `gjY']e h d]Y f \ g m f h g [g \]ae Y( _afY[a|fq[j]Ylana\Y\'q ^abxf \ g f g k] f  ]d[ g f l]p lg \ ] dY ^jYk]q] f dY h YdYZ jY h ]ljg d'dd]_Yj]e gkYdY[gf[dmka|f\] im ]dY h]jkg f Yi m ] ^g je m d| ]klY^jYk]\abg i m ]]klYZYVeUbQTUWQc_\Y^Qg '\a[ ` g \] g ljY e Yf ]jY'cUaeUTocY^WQc_\Y^Q( : [g f laf m Y[a| f ' g ljg ] b]e h dg ] f ]d i m ] k]h m ] \ ] ] f l] f \ ] j ] dka_fa^a[Y\g\ ] m f h ` jYkYdn] jZ Y h Y jlaj\ ] dYhYjlz[m dY i m ]dg[ ge hgf]5 M ` ]q [Ydd]\l` ] _Ye ]g ^ ^ Z ] [Y m k] g ^ l` ] jYaf ) Hec`U^TYUb_^U\` QbdYT_QSQecQTU\Q\\efYQ( EYhYjlz[m dY g ^ ^ [gfdd]nYdY a\ ] Y \ ] aeYdQ bU^ lg \ g kkmkk]f la\ g k)>klYaf ^g je Y( [a|ff g kkm_a]j]i m ]cUaeYdQU\`QbdYT_(La'Y\]e xk'fg k^abYe gk]f dYh YdYZ jYjYaf' hg \ ]e g k\ ] \ m [aji m ]]dh Y jla\ g f g k][ ]d]Z j| Y [YmkY\ ] dY ddmnaY) = ]e Y f ] ( lY i m ] f g  ]kf] [] kYjag [ g f [] f ljY jk] lY f lg ]f ]dka_fa^a[Y\g\ ] dn]jZglg [Yda' kafg] f ] de ]fkYb]i m ] i m a] j] ljYf ke alajdY^jYk]6]kl]e ]fkYb]]ke xk^x[ad\ ] [ g e h j] f \ ] jkaf g k^abYe gk} f a[ Ye ] f l] ] f dYh Y jlz[m dY g^^)

43

I`jYkYdn]jZk

G m ] k l j g g Z b] lan g q [ | e g ` ] e g kg j _ Y f ar Y \ g d g k  E= G6H6A  K:G7H < ge gqY`]e g knaklg'dY e ] bg je Y f ]jY \ ] ] f l] f \ ] j dgkh` jYkYdn]jZ k]k[g f ( k a\ ] jYjdY ^jYk]] f kmlg lYda\ Y\ 'h j] klYf \ g Y l]f [ a| f Yd[g f l]p lg qYdYkhYdYZ jYk i m ] Y h Yj][ ]f g f  ]ddY): \]e xk'f g k]\ ] Z ] g dna\Yji m ] ]dn ]jZgqdY h Yjlz[m dY ^ m f [ag f Y f  [g e g \ g khaklYki m ] h m ] \ ] f  j]n]dYj ]d n ]j\ Y \ ]jg ka_fa^a[Y\g\]d h ` jYkYdn]jZ]f km[ g f bm f lg ) G m ]kljg  gZb]lang ]f  ]klY k][[a| f  ]kY q m \ YjY ] f l] f \ ] j ]d ka_ f a^a[Y\ g \ ]  dgk h`jYkYdn]jZ kh Y jla]f \ g \ ] dY hYjlz[mdY)< j]]e gki m ] Yf YdarYf\ge m[`gk]b]e ( hdgk]f dgki m ] k] mladarYdY e ake Yh Yjlz[m dY]e h]rYj]akY af lm ajkmkhgkaZd]kka_( fa^a[Y\gkq dg im ] h m ] \ ] Y h g jlY jYdh ` jYkY dn]jZ]f km [g f bm f lg )N f Y Y\ ][m Y( \ Y[ge hj]ka|f\ ] dYkhYjlz[mdYkq\ ] km hYh ]d\ ] f ljg \]dh`jYkYdn]jZg kYqm\Yjx e m [ ` g Y [ g e h j] f \ ] j]dka_ f a^a[Y\ g \ ] ]klgkn]jZgklYfh][mdaYj]k)B)m ]_ g hg ( \yakhYkYjYdYk][[a|fka_ma]fl]'] f dYi m ]k]`Yf af[dma\gk]ja]k\ ] h`jYkYdn]jllk' g j\ ] f Y \ g kYd^Y Z yla[Y e ] f l]'h ] jg  ]klYn]r'k] _ } f  ]d n ]jZgqf g  dYh Yjlz[m dY) #OyYk]EXbQcQ\fUbRccUWp^U\fUbR_$

@ jY e x la[ Y \ ] d g k E=G6H6A K:G7H 78 EXbQcQ\fUbRcljYfkalangk] afljYfkalangk = ] f ljg \ ] d [ g f bm f lg \ ] dgkh ` jY kY dn ]jZ k` Yq Y d_ m f g ki m ] kg f  ljYfkalangkq g ljg ki m ] kg f afljYfkalangk5 ,)

MjYfkalangk

B(gkh`jYkYdn]jZkljYfkalangkj]i ma]j]f m f gZb]lg)Ig j]b]e hdg'lgh m lg ^^hm]( \ ] ka_fa^a[Yjcec`U^TUb(> f] kl] [Ykg'lg h m lg ^ ^ ] kljYfkalangq`Yqi m ] mladarYj m f gZb]lg5 M ` ]q h m lg ^^l`]e ]]laf _ ) Hec`U^TYUb_^\QbUe^Yo^( EXbQcQ\fUbRcljYfkalangkqdYhgka[a| f \]dgZ b]lg 5 Ç afk]h YjYZ d]k > f Yd_ m f g k[Ykgk]dg Z b] lg la] f ] i m ] aj f ][]kYjaY e ]f l] \]kh m yk\ ] dY h Y j( lz[mdY6 \ ] [ae g k] f lg f [] ki m ] kg f  h ` jYkYdn ] jZ kafk]h YjYZ d]k) I g j]b]e ( hdg'lg lYc]Y ^l] j ( ] f ]d[ m Ydlg lYc]]k]dn]jZ g qY ^l] j ]kdYh Y jlz[ m dY ( ]k ljYfkalangq'[g e g lYd'f][]kalYm f g Z b]lg )> dg Z b] lg \ ] dka_ m a]f l]]b]e h dg  ]k` ] j e gl`]j) >kl]g Z b] lg la] f ] i m ] kalmYjk]f ] []kYjaYe ]f l]\ ]kh m yk\] dYh Yjlz[m dYY^l]j5

L`]lYc]kY^l]j`]jegl`]j) HU`QbUSUQ ce]QTbU( > f]klgk[Ykgkf g ]khgkaZd]k] h YjYj]dn ]jZglg lYc]qdY h Yjlz[m dYY ^l]j)L]( jzY af [g jj] [lg \][aj5k` ] lYc ]k` ] je g l` ] jY^l]j)

I `jYkYdn]jZ k : \]e xk'[g f ]kl]lah g \ ] h ` jYkY dn ]jZkh g \ ] e g k] e h d]Y jmf h jg f g e Z j]  g Z b] lg e ] 'q g m '` ae '` ] j'al'm k'l` ]e 'i m ] k] [ g dg [Yjxf][]kYjaYe ]f l]\]k( h m y k\ ] dY hYjlz[mdY5 L` ]lYc ]kY ^l] j` ] j ) HU`QbUSUQ U\\Q( G g h g \ ] e g kkalm Yj]dh jg f g e Z j] g Zb]lg ] f lj] ]dn]jZgqdY h Yjlz[m dY)L]( jzY af [ g jj] [lg \][aj5k` ] lY c ]k` ] j Y^l]j) Ç  k]h YjYZ d]k > f gljYkg[Ykagf]k']dg Z b] lg h m ] \ ] [Ye ZaYjk]\ ] kalag\ ] f ljg \ ] dY ^jYk]' \ ] ^g je Y i m ] h m ] \ ] aj ] f lj] ]dn ]jZgqdY h Yjlz[m dY 'g \]kh m yk\ ] dY hY jlz( [mdY)Ig j]b]ehdg']f ]dka_ma]fl][Ykg]k[g_]egklg h m lm h 'm f h ` jYkYdn]jZ ]f  ]di m ] lg h m l]k] dn ]jZ g 'q m h 'dY h Yjlz[m dY)>km f h ` jYkY dn ] jZ ljYf kala( ngq'[ge glYd'j]im a]j]m f gZb]lg[geg'h g j ]b]e hdg'l` ] hYaflaf_'i m ] h m ]( \ ] aj ] f lj] ]dn ] jZ g qdY hYjlz[mdY5 B h m ll` ] h Y af laf _ mh) 8_\WelU\SeQTb_( +\]kh m yk\ ] dY hYjlz[mdY5 ,h m lm h l` ] h Y af laf _ ) 8_\WelU\SeQTb_( Laf]e ZYj_g'[m Yf \ g]e hd]Ye gkm f  h jg f g e Z j] gZb]lge ]'qgm'` ae '`]j' al'm k 'l` ] e  h Y jY km klalm ajY d g Z b]lg ' ]kl] h jg f g e Z j]  k] kal} Y f ] []kYjaY( e ] f l] ] f lj] ]dn]jZgqdYhYjlz[mdY5 B h m lt l m h ) \(_S_\Wel( G gk]h m ] \ ] [ g dg [Yj]kl]h jg f g e Z j] g Z b] lg Yd^afYd \ ] dY ^jYk])L ]jzYaf( [g jj][ lg \][aj5,h m lm h al) -)BfljYfkalangk H ljg kh ` jYkYdn] jZ kk g f afljYfkalangkq f g j] i m a] j] f  m f gZb]lg5 M ` ] q Y j] _g af_lg Z j] Y c m h ) KQ^QcU`QbQbcU( .)M jYfkalangk] afljYfkalangk ? af Yde ]f l] ' Yd_ m f g kh ` jY kY dn ] jZ kh m ] \ ] f  k ] jlY f lg  ljYfkalangk[ g e g  af ( ljYfkalangk5 ljYfkalang5

M ` ]q \ a\ o al` g m lYfn^g g \ g j o Yl]j^g jl` j] ] \Yqk) EbUcSY^TYUb_^TUS_]YTQi QWeQTebQ^dU>bUcTmQc(

afljYfkalang5

M ` ] j] Y j] f g [jakhkd] ^l( o]èdd` Yn]lg \ g o al`gml) C_aeUTQ^` QdQdQc?bY\Qc3dU^TbU]_caeUQbbUW\kb^_c\QccY^ TmQc(

I ` jY kYdn]jZ k



H  EXbQcQ\fUbRc[ g f \ g kh Y jlz[m dYk ? af Yde ]f l] '` Yq Yd_ m f g kh ` jYkY dn]jZ ki m ] ] klxf [g e h m ]klg kh g j m f n ]jZ g q \ g khYjlz[mdYk) I g j]b]e h dg 'lg h m lm h o al`kg e ]l` af_ 'ka_fa^a[Yc_`_bdQbQ\W_( < g e g n]ak'` Yq m f n ]jZglg h m lq \ g kh Yjlz[mdYk5m h q o al`)>klYkh Y jlz[m dYknYf m f a\ Y kYdn]jZ g ] f m f g j\ ] f ^abgqf g k] h m ] \ ] f k] h Y jY jfa egn]j5 L`]èkdg g c af _ ^g jo Y j\ lg ` ] j `gda\Yq) :c`UbQ\QcfQSQSY_^UcS_^]eSXQY\ecYo^( A ] _ ] lkgf o ]ddo al`` akZgkk) HU\\UfQRYU^S_^ce ZUVU( < m Y f \ g ] e h d]Ye g km f h jg f g e Z j] g Z b] lg [g f ] klg kn ]jZgk'dgkkalmYe gkf ]( [ ]kYjaYe ]f l]\]kh m yk\ ] dYkhYjlz[mdYk5 L ` ]èkdg g c af _ ^g jo Y j\ lg al) w?dXQSU]eSXQY\ecYo^( A ] _ ] lkg f o]ddo al``ae ) HUJb^QRYU^S_^l\(

ó`ÉÉ% E = G 6 H6 A  K : G7 H k ] _ } f d Y h Y j l z [ m d Y  ]]]] > f ]klYk][[a|fhj]l] f \ ]e g k` Y [] jm f Yfxdakak\ ] dYkhYjlz[mdYki m ][ g e h g f ]f  dgkh ` jYkY dn ]jZ k)EYke xk^j] [m ] f l] kk] j]dY [ag f Yf Y [g f laf m Y[a| f 5

#Y$jgmf\

Z Y [c  \g o f  ^g jo Y j\  af 

af lg  g ^^ gf g m l

gn]j l` jg m _ ` lg mh

EYkhYjlz[m dYkh m ] \ ] f l] f ] jm f k] f la\ g ^zka[ggdal]jYd'q'Y\]e xk'm f k] f la\ g ^a( _ m jY\ g '] f [mqg[Ykgk] jx f] [] kYjag j][ m jjajY dY ae Y_ af Y[a| f h Y jY [g e h j] f ( \ ] j ] dka_fa^a[Y\g\ ] dn]jZg) ? af Yde ]f l]'`Yqi m ] j ] [ g j\ Y ji m ] m f e ake g h ` jYkY dn ] jZ h m ] \ ] l] f ] jnYjagk ka_fa^a[Y\gk) I g j] b]e h dg 'lg lY c ] g ^ ^ h m ] \ ] ka_fa^a[YjaeYdQb2 A ] lg g c g ^^` akljg m k]jk) HUaeYdo\_c`Q^dQ\_^Uc( h ] jg lY e Z ay f TUc`UWQb2 M ` ] Z Yddg g f lg g c g^^) : \W\_R_TUc`UWo( A ][ ` Yk]klYkY\n]jl]f[aYkh j]dae af Yj]k' â]e h][]e gk

:; H N M > klYh Yjlz[m dY[gfdd]nYdY a\ ] Y \ ] e gnae a]flgi m ] k]]b][m lYkaf jm e Z g f ag Z ( b] lan g \]l]je af Y \ g k) = ]k[jaZ]m f Y Y[[a| f kaf h jg h | kalg qkafe ] lY)>kaf l] j] ( kY f l] [ g e h YjYjdY [ g f #Y$jg m f \ 5 lg ` Y f _ Y Z g m l lg dYr]YZ g m l lg da] YZ g m l lg dg g c YZ g m l

]Ub_TUQb& b_^TQb#QQ\WeYU^$ WQ^Te\UQb&X_\WQjQ^UQb UcdQbUc`QbSYT_c&UcdQbU^TUc_bTU^ ]YbQbQ\bUTUT_b

I`jYkYdn ]jZ kk]_}f dYh Y f z[m dY lg e ]kkYZ g m l lg hdYqYZ g m l lg klY f \ YZ g m l lg l` jg o Y Z g m l

`UbTUbU\dYU]`_ ZeWeUdUQb UcdQb` _bQ X mc Y^XQSUb^QTQUc`USYQ\& UcdQbUc`UbQ^T_TU`YU dYbQb& Uc`QbSYb

E ]lèkl` jg o l` ] ZYddY Zgml) ?eWeU]_cS_^\Q`U\_dQ( Llghe ]kkaf_YZgml w9UZQTU`UbTUbU\dYU]`_S_^R_RQTQc L`Yddo ]hdYqYZ g m lo al`l` ]  f dgkka_ma]fl]k]b]e hdgk'\ go fk] j]^a] j] Y h j][ ag '[ m Yda\ Y\ '[ Yf la\ Y\ g ng( dm e ] f 'q] f lg \ g k]klgk[Ykgk]p h j]kYdYa\]Y\ ] m f fan]dZYbg'af^]jagj'g Za]f \ ] j] \ m [ [a| f g \ake afm[a|f5 g Z jaf _ \go f g [g e ] \go f g [ m l\ go fg f kl` g i m a] l]f \gof g kdgo \gof

SQUbU^VUb]_ TUSU`SY_^QbQ Q\WeYU^ \_WbQbR_bbQb#e ^ bUSeUbT_$ Xe]Y\\QbQ Q\WeYU^ `UbTUbVeUbjQ&QW_dQbcU bUSXQjQbQ Q\WeYU^ bUSXQjQbQ\W_

?HKP:K= >klYh Yjlz[m dY\]k[jaZ]dY Y[[a|f\ ] \aja_ajk]` Y[aYTU\Q^dUU ^ m f k] f la\ g dal]jYd5

RQZQb#`bUSY_c$ bUTeSYb#WQcd_c$ dbQ^aeY\YjQbcU& SQ\\QbcU bUTeSYb\QfU\_SYTQT RQZQbU\f_\e]U^

F gklk` g h koaddZ jaf _ l` ] aj h ja[] k\go fY ^l] j k\ ][aj'] f  dY Y[[a|fi m ] \ ]k[jaZ ]]dn]jZ g 'Yd_ g k]dd] jY g k] e m]n]\ ]k\ ]] d]p l] jag j` Y[aY

I ` jY kYdn]jZ kk] _ } f dY hYjlz[m dY

I `jYkYdn]jZ kk] _ } f dYhYjlz[m dY ] daf l] jag j'`Y[aYm f  ] kh Y[ag af l] jag je xkh jg ^m f \ g g ` Y[aY]d[ ] f ljg  e ake g \ ] Yd_g)

B èddlj q lg _ ] laf lg m [ ` o al`qgmg f q g m je g Z ad]) >^dU^dQbl\\Q]Qb\UQ \]ofY\(

> fdgkhjae ] jg k]b]e hdgkn]j]e g kh ` jYkY dn]jZ k^g je Y\ g k[g f dY hYjlz[m dY af i m ] ]phj]kYf5dYa\ ] Y \ ] ] f [ g f ljYjk] ] f [YakYg Y[[agf]k af l] jag j\ ] dY

A ] h g m j] \ l` ] [ j] Ye af lg l` ] Bjak` [g ^^]]) :SXo\Q^ QdQU^U\SQVlYb\Q^Tlc(

lg Z ] af

E FB

E Ym j] f o ]f laf ^ g j l` ] [ ge h]lalagf) >BebU^cU`bUcU^doQ\QS_]`UdYSYo^(

_R\YWQbQ`Ub]Q^USUbTU^db_ dbQc\QTQb

L ` ] o ]flaf l` ] Zaf_g`Ydd) :^dboU^U\fUcdmRe\_TU\RY^W_(

M ` ]q Zjg m_ ` ll` ] \ g _ af) BUdYUb_^^YwYUbb_TU^db_( P]èn ]bm k legn]\af) C_cQSQRQ]_cTU]eTQb( L`Yddo]] Ylaflgfa_`l9 v8U^Q]_cU^SQcQUcdQ^_SXU5 L lm Yjl\ jg h h ] \ af lg k] ] m k g f `akoYq`ge ]) 9USQ]Y^_Q SQcQ&HdeQbd^_cXYj_e^QfYcYdQ( > f e m[` Ykg[Ykagf]k'af k]dae alYY e YlarYj] dk] f la\ g \ ] dn]jZg)>dka_fa^a[Y\g \ ] ]klgkh`jYkYdn ]jZ kk]Y\anafYh j]klYf \ g Yl]f [ a| f Ydn]jZg'Yd[ g f l]p lg q Y dYk \ ] e xkhYdYZjYki m ] ] f [g f ljYe g k] f dY ^jYk]5 lg [ge ]aaf ^g jZdYe ] lg _g af lg ` Y f \ a lg b g af af Y _ Ye [ lg h g m j a5 lg kja[caaa #cfa^]$ lg lm[caj lg o Ydcal

F mee q'[ Yf q g mlm [ c e ] af9 vBUQbb_`Qc&]Q]Y5

`QcQb` _b\QSQcQTUQ\WeYU^

P `qo ]j]fèl qgmaf dY klfa_`l9 vE_bael^_UcdQRQcUYbSQcQQ^_SXU5

cUb_RZUd_TUSbmdYSQc U^dbQb U^dbUWQb U^dbQbU^ e^Z eUW_ USXQb#\maeYT_$ S\QfQb#SeSXY\\_$ Qbb_`Qb U^dbQb

BGMH >dka_fa^a[Y\g\ ] af lg ] ke m q hY j] [a\ g Yd\ ] dY h Y jlz[m dY af q [gfdd]nYdY a\]Y \]m f e g n ae a]flg \aja_ a\ g Ydaf l] jag j\ ] Yd_gg \ ] m f Y kalmY[a|f fm]nY5 lg Z j]Y c af lg Y ` g m k]  lg \ jan ]af lg  lg j m f af lg  lg o Ydcaf lg 

Q\\Q^Qbe ^Q fYfYU^TQ S_^TeSYbXQSYQU\Y^dUbY_bTU U^S_^dbQbS_bbYU^T_& db_`UjQbS_^ SQ]Y^QbXQSYQU\Y^dUbY_bTU

C g o Ydc ]\ af lg l` ] hYjlq) ? _ U^dboU^\QVYUcdQ( > f e m [ ` Ykg[Ykagf]k'af lg k]dae alYYe YlarYj] dk] f la\ g \]dn]jZg)?),ka_fa^a[Y( \ g \ ] ]klg kh ` jYkY dn]jZkk] Y\anafYh j] klYf \ g Y l]f [ a| f Ydn]jZ g 'Yd[g f l]p lg  qY dYk\]e xkhY dYZ jYkim ] ]f [g f ljYe g k] f dY ^jYk]5 lg dg g c af lg  lg lm j Y af lg  lg j m f af lg  lg o Ydcaf lg 

Y^fUcdYWQb S_^fUbdYb U^S_^dbQbcUS_^ SX_SQbS_^Q\W_

M ` ] h | da[ ] Yj] dgg c af_ af lg al) A Q `_\YSmQ\_UcdkY^fUcdYWQ^T_(

< ` ][c af Y ll` ] \]kc)

L ` ]lm jf ] \ ` ae af lg Y dalld] ^jg_) A US_^fYbdYoU^e ^ Q bQ^YdQ(

;QSdebUU\UaeY`QZUU^'U\]_cdbQT_b&#U^U\QUb_`eUbd_$

B j Y f af lg Yf g z\ ^ja] f \ l` ] g l` ] j \Yq) : \_db_TmQ]UU^S_^dblS_^e ^ fYUZ_Q]YW_(

= gfèl b m k lklYj]Y lal'\ a_ af C_\_]YbUcdQ^d_(w=m^SQ\UU\TYU^dU

'

?addafl` ] ^g je o al`Y ZdY[ch ]f ) GU\\U^UU\V _b]e\QbY_S_^e^R_\mWbQV_^UWb_( Bl\ g ] kf g l^alaf o al`g m j hdYfk) :cd_^_U^SQZQU^^eUcdY_c`\Q^Uc(

>dk]fla\ g\ ] ]klYh Yjlz[m dY]kemqh Yj][a\gY d\ ] YoYq);xka[Ye ]fl]'h m ] \ ] \]( klYa\ ] Y \ ] \]k[g f ] p a| f g af l] jjm h [ a| f \ ] dY ^m ] f l] \ ] ] f ]j_ zY i m ] \ Y dm _ Yj Yde g n ae a]f lg g Y dY Y[[ a| f h m ] \ ] mladarYjk]lY e Zay f  [g f j] ^]j]f [ aY Y dgkk]( j]k` m e Yf g k5 lg \ g r ] g ^ ^  lg \ j a^ lg ^ ^  lg \ jg h g ^^

aeUTQbcU T_b]YT_& T_b]YdQb aeUTQbcU ]UTY_T_b]YT_ aeUTQbcU T_b]YT_

L ` ]\ g r ] \ g ^^af ^jg f lg ^ l` ] l)n) HUaeUToT_b]YTQTU\Q^dUTU\QdU\U( I ` ado Ykf g lhYqaf_Y ll]f lag f ( ` ] ` Y \ \ j a^ l] \ g^^) E XY\^_UcdQRQ`bUcdQ^T_QdU^SYo^3cUXQRmQaeUTQT_]UTY_T_b]YT_(

>pakl]fYd_ m f g k[Ykgk] f i m ] g ^ ^ n YYkg[aY\YY dY a\ ] Y \ ] Yd]bY e a] f lg g Y dYYl [a|f\ ] kY daj\ ] m f dm_Yj5 l g Z ] g ^^ lg \jan ]g ^^ lg ^dq g ^^ lg ^ja_ ` l]f g ^^ lg _g g ^^ lg d] lg ^^ lg j m f g ^^ lg k ] ] kZ g ^^ lg k] f \ g ^^ lg k ] lg ^^ lg lY c ] g ^^

YbcU QbbQ^SQbi ]QbSXQbcU Q\UZQbcUf_\Q^T_ QXeiU^dQb& Uc`Q^dQb ]QbSXQbcU TUZQb]QbSXQbS_^e^Q Q]_^UcdQSYo^ cQ\YbS_bbYU^T_ YbQTUc`UTYbQ Q\WeYU^ Uh`e\cQbTUe ^ `QbdYT_ `_^UbcUU^]QbSXQ TUc`UWQb

,,-XXXXXXXXXXXXXXXXXXI ` jYkYdn ] jZ kk]_}f dYh Y jlz[m dY

I ` jY kYdn ] jZ kk] _ } f dY h Y jlz[m dY XXXXXXXXXXXXXXXXXX,,.

M ` ]q \ jg n ]g ^ ^ o al`l` ] Z Y _ kladdgf l` ] jg g ^) 6bbQ^SQb_^i cU]QbSXQb_^S_^\Qc]Q\UdQcd_TQfmQU^\QRQSQTU\S_SXU(

M ae Y f \ @ YZ ja]dY\ a\ f èl j]Yddq` alalg^^) I Y] i B S_^dQ]Y^QSYo^TU\bm_XQUhdUb]Y^QT_d_TQV _b] QTUfYTQ( < Yjg daf ]h Y a\ g ^ ^ l` ] dg Yf ) 8Qb_\Y^UXQcQ\TQT_\QTUeTQ( : \]e xk'Yd_ m fg kh ` jYkY dn ] jZ k[g f g ^ ^ [ g f la] f ] f dY a\ ] Y \ ] y p alg '\ ] m f Y e ]( b g j Y fg lY Z d] \ ] m fYk\ ] l]je af Y \ Yk[g f \ a[ag f ]k'g \ ] m f Y j][ g e h ]f kY h g j m f  ]k^m]jrgj]YdarY\g)EYkY[[agf]ki m ] \]ka_fYf]klgkn]jZgk` Y f dg_jY\g\]kh]_Yj6 ` Y f kYda\ghjgq][lY\Yk` Y [aY V eUbQ\ ] k\ ]m f h m f lg afa[aYdq ` Y f Y k[] f \ a\ g ng( dY f \ g `Y[aYdY [m e Z j]'\ g f \ ] ljY\ a[ag f Y de [ f l] 'q ] f k]fla\ g ^a_ m jY\ g 'k] ]f ( la] f \ ] i m ] k]]f [ m ] f ljY ]dypalg)RYg k\ abae gki m ] ] jY Z m ] f g ] e h d]Y jdY ae Y( _ af Y[a| f  h Y jY [ g e h j] f \ ] j]klgkn]jZgk5 lg Z jaf _ kl` _ g ^^ lg [ge ]g ^^ lg ` ala l g ^ ^  lg hYq g ^ ^  lg h m dzkl` _ g ^ ^  d_ lYc]g ^ ^ 

S_^cUWeYb& \_WbQbQ\W_ TQbbUce\dQT_c XQSUbReU^Qc]YWQc& \\UfQbcURYU^ T Q bReU^_cbUce\dQT_c&dU^UblhYd_ \_WbQbQ\W_& \\UfQbQ\W_Q SQR_ dU^UblhYd_

B loYkY [jYrqa\ ] Y Z m lo]h m ad] \ alg^^) :bQe^Q\_SebQ&`Ub_\_S_^cUWeY]_c(

R\_aeUQb#e ^ QSQbbUdUbQ$ QS_bT_^Qb TUcS_^USdQb&TUZQbY^S_]e^YSQT_ dQRYSQb&TYfYTYbS_^(e ^ dQRYaeU cU\\Qb S_bdQb#QWeQ$&Y^dUbbe]`Yb

M ` ] h | da[][ g j\ g f ] \ g ^ ^ l` ] jgY\) A Q `_\YSmQQS_bT_^o\Qj_^Q(

HG ;xka[Ye ]fl]'g f af \ a[ Y i m ] Yd_gk]]f [ m ] f ljY kg Z j] m f Y km h ]j^a[a]] f km k]f( la\ g e xkYe hdag)> klYh Y jlz[m dY [gfdd]nYY \ ]e xkdY a\ ] Y \ ] ^abYjm f ] d]e ] f lg  kgZj]g ljg '\ ] km Z ajYd_g'g \ ] [g f laf m Yj] b] [ m lYf \ g m f Y \ ] l] je af Y \ Y Y[[a|f) Egkh jae ] jg k]b]e hdgki m ] k]af[dm q ]f Y [ g f laf m Y[ a| f af \ a[ Yf Y[[ag f ]ki m ] m f ] f \ g k]d]e ] f lg kg ^abYfm f Y [gkYYgljY5 lg [dah gf lg ^ alg f lg _ ] lgf lg _dm]g f lg f Yadgf lg h af gf lg k]o gf lg klYq g f

Ze ^ dQ bS_^S\Y`c U^SQZQb ceRYbcU#Q\Qed_Rpc$ ?YZQbS_^`UWQ]U^d_ VYZQ bS_^S\Qf_c VYZQ b S_^SXY^SXUdQc S_cUb#e^R_do^$ aeUTQbcUV YZ_&`UWQT_ `UWQb#e^QS_cQQ _dbQ$

ã Å [gêç Rgmf ] ] \ lg kâ]ol` akZ m llg f g f Y_Yaf) IYU^UcaeUf_\fUbQ S_cUbUcdUR_do^( < g m d\ qg m la] e q[ Ye ] jY g f l` ] Z Y[c g ^ e qZY_'hd]Yk]9 vEeUTUcQdQb\QSk]QbQQ \Q`QbdUdbQcUbQTU] Y]_SXY\Q&`_bV Qf_b5

I ` jY kY dn ]jZ kk]_}fdY h Yjlz[m dY

h ` jYkY dn] jZ kk]_ } f dYhYjlz[m dY

,,/

: \]e xk'h g \ ] e g kmladarYjdY h Y jlz[m dY g f hY jY [g e m f a[Y ji m ] m f Y h j ] f \ Y \] n]klaj] klx c_RbUd O [m ]jh g 6] k[ g f n]f a]f l][ g e h YjYjdY [ g f g ^^'qYi m ] ]p h j]kYf  k] f la\ g k[gfljYjagk5 lg h m lg f  lg kdah g f  lg lj q g f 

`_^UbcU `_^UbcU#fUcdYT_& Q^Y\\_$ `b_RQb#e^Q`bU^TQ$

I m lg f Y o Yje [g Yl( alèk^j[ [r af _ g m ll` ]j]) 6RbmWQdURYU^3V eUbQXQSU]eSX_Vbm_( Bèe b m k l_gaf_lg kdahkg e ] l` af _ g f ) C_dQbTQbl^QTQ&c_\_]U`_^TblQ\W_( < g m d\ B lj q l` ]k]ljg m k] jkg f 'hd]Yk]9 vEeUT_`b_RQb]UUcd_c`Q^dQ\_^Uc&`_bV Q f_ bI : \]e xk'g f nYYkg[aY\YY dY a\ ] Y \ ] [gf ][lYj'h g f ] j Yd_g] f ^m f [ag f Y e a] f lg  ] f km k] f la\ g exkYe hdzg6[ge h YjY\ dg [g f g ^^5 lg Z ] g f  lg d] Yn ]g f  lg ko al[`g f  lg lm j f g f 

UcdQbd_TQfmQV e^SY_^Q^T_ TUZQb` eUcd_ S_^USdQb U^SU^TUb

M ` ] jY \ ag ak kladdgf) AQ bQTY_cYWeUU^SU^TYTQ( = a\qg m d]Yn]l` ] da_ ` lg f Yddfa_`l9 v9UZQcdUU^SU^TYTQ\Q\ejd_TQ\Q^_SXU5 < g m d\ q g m ko al[`l` ] ]d][lja[alqg f Y_Yaf'hd]Yk]9 vE_TbmQcf_\fUbQ S_^USdQbJdU\USdbYSYTQT&`_bV Q f _ b9 P gmd\q g m e af \ lm e af _ g f l` ] l)n)'h d]Yk]9 vIUY]`_bdQbmQU^SU^TUb\QdU\U&`_bV Q f_ b5 Egkh ` jYkY dn ] jZ ki m ] [g f la] f ] f g f lY e Z ay f h m ] \ ] f af \ a[ Yji m ] m f Y Y[[a|f' m f ljYZ Y bg g m f l] e Y ka_ m ]f ] f [mjkg5 lg [ Y jjq g f  lg _ ] lg f o al` lg c ] ] h g f  lg kd] ]h g f  lg klYqg f  lg o g jc g f 

cUWeYbXQSYU^T_Q\W_& S_^dY^eQb S_^dY^eQb&`b_cUWeYb S_^dY^eQb T_b]YbcY^Y^dUbbe`SYo^ aeUTQbcU cUWeYbdbQRQZQT_

Egkh ` jY kY dn]jZ k[g f  dYhYjlz[m dY g m lkm _ a] j]f i m ] k]ljY lY \ ] aj XQSYQU\UhdU' bY_bU ^ lg \ g kkmkk]fla\gk)> kl]e gnae a]flgh m ] \ ] j]YdarYjk]\ ]k\ ]] daf l] jag j g [m Ydi m a] jg ljg h m f lg 'g Za]f ae hda[YjYd]bY e a] f lg \ ] k\ ]m f dm _ Y jg j]kh][( lg \ ] m f gZb]lg) EYkka_ m a]f l] k]b]e h dg k[g f g m lg ^j] [ ] f dY a\ ] Y \ ] kY daj\ ] k\ ] ]daf l] j ag j \ ] m f kalag  g \ ] m f g Z b] lg g [Yn a\ Y\ h Y jY Y h Y j ] [ ] j Y[ g f laf m Y [ a| f  ] f  ] d]p l] ( lg Z j]Y c g m lg ^ h jak g f  lg b m e h g m l lg h g m j g m l lg h m dzg m lY _ m f  lg j m f g m l lg kla[cg m lg f ]èk lg f _ m ]  lg lY c ] kl` _ g m l lg o Ydcg m l

UcSQ`QbcU&UfQTYbcU cQ\YbTUe ^ cQ\d_ cUbfYb&USXQb#Q\W_\maeYT_$ cQSQb\Q` Ycd_\Q cQ\YbS_bbYU^T_ cQSQb\Q\U^WeQ \\UfQbQ\W_V eUbQ cQ\YbTU&bUdYbQbcUTU

M ` Y ldalld]_ajdklm [c ` ] j lg f _ m ] g m lY le ]) :cQ^ Yn Q ]UU^cUno\Q\U^WeQ( < g m d\ q g m lYc]l` ] \ g _ g m l^ g j Y oYdc9 vEeUTUccQSQbQ\`Ubb_TU`QcU_5 : e Yf \ Yo Ydc]\g m lg ^ l` ] e ]]laf_) 6] Q^TQcQ\YoTU\QbUe^Yo^( : \]e xk'dg kh ` jYkY dn ] jZ k[g f g m llY e Z ay f k]mladarYfh Y jY af \ a[ Y ji m ] f g ]k( lYe gk] f [YkY6]f g ljYkhYdYZ jYk'i m ] ]klYe gk] f ]d UhdUbY_b\ ] dY nana]f\Y5 lg Z ] g m l lg ] Y lg m l lg _ g g m l lg e gn]g m l lg klYq g m l

UcdQbVeUbQ#TUSQcQ$ cQ\YbQ S_]UbVeUbQ cQ\Yb#S_^\_cQ]YW_c$ ]eTQbcU#TUSQcQ$ aeUTQbcUVeUbQ& ^_f_\fUbQ SQcQ

D ajklqoYkg m lY dd\Yq q]kl]j\Yq) @YbcdiUcdef_V eUbQTUSQcQd_T_U\TmQ( P ]Y l] g m ldY klfa_`l) 8U^Q]_cV eUbQQ^_SXU( : j]q g m _ g af_g m llgfa_`l9 vKQcQ cQ\YbUcdQ^_SXU9

L lg h lYdc af _ Y f \ b m k l_ ] lg f o al`al) 9UZQTUXQR\Qbi S_^dY^pQ(

P]èj ] l` afcaf_g ^ e g n af _ gml) I>]eTQ]_c(

P]o g jc ]\ g f o ]ddaf lg l` ] fa_`l) HUWeY]_cdbQRQZQ^T_XQcdQRYU^U^dbQTQ\Q^_SXU(

P ]klYq ]\ g m ldY klfa_`l) 6^_SXU^_f_\fY]_cQSQcQ(

I `jYkYdn ] jZ kk] _ } fdY h Y f z[m dY

I ` jY kYdn ]jZ kk]_}f dYh Yjlz[m dY

: d_mfgkh ` jYkYdn]jZ k[ g f g m l` Y [] f j]^]j]f [ aY Y m f Y Y[[a| f \ ] \akljaZm[a|f' \ ] ] f lj] _ Y \ ] m f g Z b]lg i m ] k] \]khda]_Y\ ] k\ ]m f h m f lg \ ] h Y j~ \ Y afa[aYd`Y( \ a^]j] f l]k\]klaf gk[ f ]d]p l]jag j5

H ljg kh ` jYkY dn]jZk[g f g m l]p h j] kYf \]k[m Z jae a] f lg gYn]ja_mY[a|f6k]h m ] ( \ ] [ g f ka\ ]jY ji m ]]dk] [j]lg g af ^g je Y[a| f i m ] k]g [ m dlYZ Yk]] f [ m ] f ljY Y ` g ( j Y ]f79ÅUhdUbY_b2

lg \ ] Ydg m l lg \ ak` gml lg _an]g m l lg ` Y f \ g m l lg j] f lg m l lg k] f \ g m l lg k] jn ] gml lg lYc]kZ gml

bU`QbdYb#SQbdQc$ TYcdbYReYb bU`QbdYb& TYcdbYReYb bU`QbdYb Q\aeY\Qb ] Q^TQb cUbfYb#\QS_]YTQ$ \\UfQbQ Q\WeYU^Q h

< g m d\ qgm_an]l` ]k] ^g d\ ]jkg m lhd]Yk]9 >EeUTUcbU`QbdYbUcdQcSQb`UdQc&`_bV Qf_b5 A go Yj\` Y f \ ]\ l` ] h Y h ] jkgml) =_gQbTbU`QbdYo\Qc`Q`U\Uc( A Yn ]qg m k] f ll` ] d] ll] jkg m lq]l9 v= QcU^fYQT_iQ\QcSQbdQc5 Bè\ dac ]lg lYc]q g m g m llg ] Y llgfa_`l) B UWecdQbmQY^fYdQbdUQSU^QbUcdQ^_SXU( H ljg kh ` jYkY dn]jZ k[ g f g m l]p h j] kYf dYY[[a| f \ ] ]p laf _ m ajm f ^m]_ g 'm f Y ,,Y( g Y h Y_ Y jdY]d][lja[a\Y\): \]e xk']klYa\ ] Y \ ] UhdY^WeYbcUh m ] \ ] Yhda[Yjk] lY e Z ay f Y dgkk] j]k`me Yf g k5 lgZ ] g m l lg ZdY[cg m l lgZdgo gml lg _g g m l lg cfg[cgm l lg hY kkgml lg h m lgml lg laj] g m l

UcdQbQ`QWQT_&UhdY^WeYT_ TUc]QiQbcU Q`QWQbc_`\Q^T_ UhdY^WeYbcU&Q`QWQbcU TUZQb@(D( SQUbU^bUT_^T_&`UbTUbU\S c_V_SQbe ^ Y^SU^TY_ QW_dQbcU#TUSQ^cQ^SY_$

L ]]a ^ qgm[âe Zdgo Y ddg ^ l` g k] [Yf \ d]kgml) B YbQQfUbcY`eUTUcQ`QWQbTUe ^ c_`\_d_TQcUcQcfU\Qc( M ` ] ^aj]èk_g f ]g  : \? eUW_c ~ G ]adhYkk]\ g m l\ m jaf _ l` ] []j]e gfq) CUY\(` UbTYoU\S_^_SY]YU^d_TebQ^dU\QSUbU]_^YQ( @ YZ ja]dh m ll` ] Maj]gml) pakl]g ljg _ f ah g \ ] h ` jYkY dn]jZk[ g f g m li m ] [g f la]f ] f  dY a\ ] Y \ ] XQSUbTU' cQ`QbUSUbg \ ] nY[aYjm f [g f laf ] f l] ]fnaYf\g` Y[aY^m ]jYkm [ g f l]f a\ g 5 lg [d]Yf g m l lg [ d]Yjg m l lg [jg kkg m l lg ]e h lq g m l lg h g m j g m l lg j m Z g m l

\Y] `YQbU\Y^dUbY_bTUQ\W_ TUcQ\_ZQb dQSXQb fQSYQb&TUc_Se`Qb fQSYQb#e ^ _RZUd_TUe ^ S_^dU^YT_\maeYT_$ R_bbQb

B j]Y ddq f ] ] \ lg [d]Yf l` Y l[m h Z g Yj\ gml) KUbTQTUbQ]U^dUdU^W_aeU\Y] `YQbUcUQb]QbY_( M ` ] h | da[]` Y \ lg [ d]Y jl` ] \]e g f kljYlg jkg m lg ^ l` ] `Ydd) AQ `_\YSmQdef_aeUTUcQ\_ZQbQ\_c]Q^YVUcdQ^dUcTU\fUcdmRe\_TU&U^dbQTQ( < jg kkF ]_Yfèk{ Y e ] g m lZ ][Y m k] k` ]o gfèl Z ] [ge af_) IQSXQQBUWQ^&`_baeU^_fQ QfU^Yb( P]f ] ] \ lg ]e h lq g m ll` Y l[ ` ]klg ^ \jYo ]jk) IU^U]_caeUfQSYQbU cQSo]_TQ( K a[` Y j\ h g m j]\ l` ] h Y af lg m lg ^ l` ] h g l) GYSXQbTfQSYoU\R_dUTU(`Y^debQ( < g m d\ q g m j m Z l` Y lh ] f [ade Yjc g m l'hd]Yk]9 vE_TbmQcR_bbQbUcQ]QbSQTU\k`Yj&`_bV Qf_b5 Egkka_ma]fl]k]b]e hdgk\ ] h ` jYkYdn]jZ k[g f g m lljYzYf \ ] UhdUbY_bYjQbm f h jg ( Zd]e Y'qkm k] f la\ g ]ke ] f g kdal]jYdi m ] ] f dgk[YkgkYfl]jagj]k5 lg `Yn ]alg m lo al`kZ  lg ajg f g m l lg h g af lg m lkl` _  lg kg j lg m l lg lm j f g m lo ]dd lg o g jc g m lY kg dm lzg f 

QS\QbQb\QcS_cQcS_^Q\WeYU^ Q\\Q^Qb#TYVYSe\dQTUc$ TUcdQSQb_cUnQ\QbQ\W_ bUc_\fUb cQ\YbQ\W_RYU^ U^S_^dbQbe ^ Q c_\eSYo^

B èn ]_ g llg `Yn]alg m lo al``]j) IU^W_aeUQS\QbQb\QcS_cQcS_^U\\Q( F Y_fmkoadd` Yn ]lg ajg f g m ll` ] \a^^a[mdla]k) B QW^QcdU^TbkaeUQ\\Q^QbSeQ\aeYUbTYVYSe\dQT(

,,3

I`jYkYdn ]jZ kk] _ } f dY h Yjlz[m dY

I`jYkYdn]jZ kk]_} f dY hYjlz[m dY

M ` ]q ^Yad]\ lgh g af dg m ll` ] e Yaf\jYo ZY[ck) C_ce`YUb_^cUnQ\Qb\_c`bY^SY`Q\UcY^S_^fU^YU^dUc(

M ` ] \ jan ]jjYf g n ] jY [Yl) : \S_^TeSd_bQdb_`U\\oQ e ^ WQd_(

P]èn [_ g llg kg j ll` akh jg Z d]e gml) IU^U]_caeUbUc_\fUbUcdU`b_R\U]Q(

C ] f f q ak_g af_lg lY c ] gn ] jl` ] ^Ye adqZmkaf]kk) ?U^^ifQ Q XQSUbcUSQbW_TU\^UW_SY_VQ]Y\YQb(

BlYddlm jf ] \ g m lj]Yddqo]ddafl` ] ]f \ ) 6 \V Y^ Q \& d_T_cQ\YoRYU^(

E aroadd`Yn]lg l` af c l` Y lg n ] jZ ] ^g j] k` ] e Yc ]kY\][aka|f) A YjdU^TbkaeU(]UTYdQb\_RYU^Q^dUcTU\_]Qb\QTUSYcYo^(

Bèe km j] o][Yfo gjcl` akg m lkge]`go ) :cd_icUWeb_TUaeU`_TU]_cc_\eSY_^QbUcd_TUQ\We^QV_b]Q(

I ] l] j o Ydc]\gn ] jY ^a]d\) EUdUbSbejoe^ `bQT_(

,,4

H O>K EY h Yjlz[m dY g n ] j`Y [] j]^]j]f [ aY Y m f Y Y[[a|f j]h ] la\ Y g Yd ljYkhYkg\ ] m f Y Z Y jj]jY g dze al])>klgk\ g kk]f la\ g k_ ]f ]jYd]kY \ i m a] j] f ka_fa^a[Y\gkexk[ g f ( [ j]lg kYdhjg \ m [ajk] dY [g e Z af Y[a| f ] f lj] ] dn ]jZgqdYhYjlz[mdY'\ Y f \ g dm _Yj Y ]p h j]kag f]kj]dY[ag f Y\ Yk[g f dY a\]Y\]\ Y j nm]dlYkYYd_g'\ ] hYkYj\ ] m f ka( óYg ljg '\ ] km h ] jY jmf  ] klY\ g gZ Y jj]jY g \ ] ljYkh YkYjm f dze al]5 lg Z ] gn]j XQRUbdUb]Y^QT_Q\W_ lgZ g adgn]j bUR_cQb& TUcR_bTQbcU lg [dg m \ gn]j ^eR\QbcU lg ^Yddgn]j SQUbcU S_^WU\QbcU lg ^j] ]r ] gn]j lg_ ] lgn ] jYf addf]kk bUSe`UbQbcUTUe^QU^VUb]UTQT lg _g gn]j bU`QcQb&bUfYcQb lg` Y f \ kl` _ gn]j U^dbUWQbQ\W_ lg a[ ]gn]j XU\QbcU lg dg g c gn]jkl` _ bUfYcQb&UhQ]Y^QbQ\W_ lge aklgn]j U]`QnQbcU&\\U^QbcU\Qc_Z_cTU\kWbY]Qc lg h m dzgn]j `QbQbe ^ fUXmSe\_ Qdb_`U\\Qb lg j m f gn]j lg klg h gn]j `QcQb\Q^_SXU&`Ub^_SdQb& aeUTQbcUe ^ `_S_ lg lY c ] gn]jYZmkaf ]kk XQSUbcUSQbW_TU& Qce] YbU\S_^db_\TUe ^ ^UW_SY_ lgl` af c gn]j ]UTYdQb&S_^cYTUbQbS_^SeYTQT_iTUdU^Y]YU^d_ db_`UjQb lglj ah gn]j lg o Ydcgn]j `QcUQbcU`_b& SbejQb B lèk Yddg n ]jfgo'q gm[Y f _g`ge ]) I_)\_XQdUb]Y^QT_i Q3`eUTU^YbcUQ S_cQ( Oa[cq^]ddg n ] jY f \ Z jg c ] ` ] jYje ) KYS[icUSQioicUb_]`YoU\RbQj_( Cm \ q ` Y \ lg ` Y f \ ` ] j _m f gn]jlg l` ] h|da[]) ?eTidef_aeUU^dbUWQbceQb]QQ\Q`_\YSmQ( M ` ] h | da[]h m dd]\ ` ] jgn]j) \ Q `_\YSmQ\Q_R\YWoQ `QbQbcU(

Egkh ` jY kY dn ]jZ k[ g f dYh Yjlz[m dY l` jg m _ ` af \ a[ Yf dYY[[a|f\ ] QdbQfUcQbY d_g' \ ] e g j] e g kYljYnyk\ ] Yd_gg \ ] km h ] jY j[g f y p alg mf Y kalm Y[a| f [jzla[Y5 lg Z ] l` jg m _ ` lg ^Yddl` jg m _ `  lg ^Yddl` jg m _ ` #hdYf$ lg _ ] ll` jg m_ ` lg kZ  lg _g l` jg m _ `  lg h m lk Z l` jg m _`  lg j m f l` jg m _ ` 

dUb]Y^QbTUXQSUbQ\W_& dUb]Y^QbS_^Q\WeYU^ SQUbQdbQfUcQ^T_Q\W_ VbQSQcQb S_]e^YSQbcUS_^Q\WeYU^ ceVbYb&Uh`UbY]U^dQb&cUbQ`b_RQT_ `QcQb\Ue ^ Q \\Q]QTQdU\UVo^YSQQQ\WeYU^' bU`QcQb

M ` ] Z g g c ^]ddl` jg m _ ` l` ] _dYkk[g n]j]\ h Ylag) : \\YRb_cUS_\o`_bU\` QdY_QSbYc\Q\QT_( H m j h dY f k`Yn]^Ydd]f l`jgm_`) CeUcdb_c`\Q^UcXQ^VbQSQcQT_( B k h ] f lYdd\Yqq ]kl]j\Yqljqaf_lg _ ] ll` jg m _ ` lg LlmYjl) BU(S_cdo\_T_U\TmQ`_^Ub]UU^S_^dQSd_S_^HdeQbd( Bèddh m lq g m l`jgm _` lg l` ] e YfY_af_\aj][lgj) IPU` Qc_S_^U\TYbUSd_b(

>klYh Y jlz[m dY ]klxj]dY [ag f Y\ g [ g f dY a\ ] Y \ ] aj XQSYQm f h m f lg  g Uw ^][[a|f6] f m f k]f la\ g Ye h dag 'af \ a[ Y m f Y l] f \ ] f [ aY `Y[aYYd_g5 lg j m f lg  lg k] ] lg kl` _  lg k` g o lg  lg lY c ] lg  lg o Ydclg 

QSeTYbS_bbYU^T_ _Se`QbcUTUQ\W_ QS_]`QnQbQ #Y^TYSQbU\\eWQb$ S_WUbQ`UW_& \_]QbSQbYn_ YbQ^TQ^T_Q

,-+

I `jYkYdn]jZkk] _ } f dYhYjlz[m dY

I ` jYkYdn] jZ kk] _ } fdYhYjlz[m dY  XX

< dYj] k` g o ]\ `ae lg ` akk]Yl) 8\QbU\UQS_]`QnoXQcdQkmYka]flg) B U_Se`QblTUUc_U^SeQ^T_`eUTQ( > e e Yèkkl]h kg f `Y kj]YddqlY c ]f lg Cg ` f ) : \XYZ_QT_`dYf_TU:]YdmQ\UX Q d_]QT_SQbYn_Q ? _X^( P]èBB`Yn]lg oYdclg l` ] h g klg^^a[]) IU^TbU]_caeUSQ]Y^QbXQcdQ\Q_VYSY^QTUS_bbU_c(

E Yh Yjlz[m dYm h ]klxe mqn af[mdY\YY dY a\]Y\ ] ]f [g f ljYjk] QbbYRQ&]klYj]d]nY\g g ^m ]jY \ ] dY M a] jjY): \]e xk']kl]e gnae a]flgYk[] f \ ]f l] h m ] \ ] k ] j^a_mjY\g5 m f g h m ] \ ] k]flajk] QbbYRQ&]k\][aj'h m ] \ ] ] f [ g f ljYjk] RYU^(B_ m Yde ]f l] 'm f Y kalm Y[a| f h m ] \ ] k] jm h ']k\][aj'h m ] \ ] k] j]kh ]jYf r Y\ g jY g]klYjdd] f Y \ ] ]p( h][lYlanYk) B)gkka_ m a]f l] k]b]e h dg kg gf m h ` Y [] f j]^]j]f [ aY Y de gnae a]flg^zka[g`Y[aY YjjaZY5 lg Z jaf _ m h nge al lg [g e ] mh lg \ a_ m h lg \ jan ]mh lg ^dddm h lg _g m h lg b m e h mh lg dg g c mh lg ha[ c m h lg h m lmh lg h m lm h `Yf\k lg j m f mh lg klY f \ m h lg l`jgo mh lg o Ydcmh

f_]YdQb cQ\Yb&Q`QbUSUb&cebWYb TUcU^dUbbQb XQSUbceRYb \\U^Qb Yb\edbYQQbbYRQ `_^UbcUTU` YUTU(e ^ cQ\d_ \UfQ^dQb\QfYcdQ bUS_WUb S_\WQb \UfQ^dQb\Qc]Q^_c YjQb& dbU`Qb` _b `_^UbcUTU` YU f_]YdQb SQ]Y^QbXQSYQQbbYRQ

I]__qdg g c ] \ m h o ` ]f k` ] ` ] Yj\ l` ] f g ak]) EUWWi\UfQ^do\QfYcdQSeQ^T__ioU\beYT_( B èe _g af_lg h m ll` ] h Y af laf _ m h afl` ] `Ydd) K_iQS_\WQbU\SeQTb_U^\QU^dbQTQ( > klYh Y jlz[m dY h m ] \ ] a_ m Y de ] f l] [ g f ^] jajdY a\]Y\ ] na_adaY'\ ] ] klYjd]nYflY\g g\]kh a]jlg 5 lg Z ]m h  lg _ ] lm h 

UcdQb\UfQ^dQT_ \UfQ^dQbcUTU\QSQ]Q#`_b\Q]QnQ^Q$

dbQc^_SXQb&QS_cdQbcUdQbTU ^_QS_cdQbcU&cUWeYbcY^QS_cdQbcU TUc`UbdQbcU A go dg f _ `Yn]qgmZ ] ]f m h  ^gj9 v8ek^d_dYU]`_\eYcUcdQT_\UfQ^dQT_5

:\]exk'em[`gkh`jYkYdn]jZk] f dgki m ]k]mladarYm h \ Yf m f Ya\]Y\ ]af[j]e]flg' ]d]nY[a|f\ ]Yd_g'i m ] h m ] \ ] k] jmf hj][ag'm f Y [Yfla\Y\'[mYda\Y\g ngdme]f5 lg [j] ]h m h  lg _g m h  lg ^aYj] m h  lg h m lm h  lg k` g g lm h  lg kh ] ]\ m h  lg klg [c m h oal` lg lm jf m h  lg oaf\m h o Yl[`

ceRYb`_S_Q`_S_ ceRYb Rb_dQb_UcdQ\\Qb#e ^Q bUfeU\dQ$ Qe]U^dQb&ceRYb ceRYbfUbdYWY^_cQ]U^dU& Q\jQbcU&bk`YTQ]U^dU QSU\UbQb&TQb#cU$`bYcQ XQSUbQS_`Y_TU&`b_fUUbcUTU Q`QbUSUbTUbU`U^dUi`_bc_b`bUcQ T QbSeUbTQQ \bU\_Z

I f [ ] k `Yn]Z ] ] f kl]Y\adq[j]]h af _ m h ^ g j l` ] h Y kll` j] ] e gfl`k) A_c`bUSY_cXQ^UcdQT_ceRYU^T_`_S_Q `_S_i S_^cdQ^dU]U^dUU^\_cp\dY]_cdbUc]UcUc( M ` ] jg [c ]lk` g lm h af l` ] Y`() : \S_XUdUTUcQ`QbUSYoU^U\QYbU( M ` ]q èn]klg[c ]\ m h o al`laf f ] \ ^gg\) = Q^XUSX_QS_`Y_TUS_]YTQU^\QdQTQ( E ]g b m k llm jf ] \ m h g m lg ^ fgo `]j]) AU_Q`QbUSYoS_]_`_bQbdUTU]QWYQ( : \]e xk'm h h m ] \ ] [g f dd]n YjdYa\ ] Y \ ] m f Y  \ g 'g h m ] \ ] af \ a[ YjdY Y[[ a| f \ ] Y k[ ] f \ ]jY lg Z jaf _ mh [`ad\j]f lg \ g mh lg d]lm h lg dan]m h lg ]p h][ lY~ g f k lg dg g c m h lg e Yc]m h #^Y[]$ lg e Yc]m h ^ g jkl` _ ZY\ lg h m lkZ m h

SbYQb&UTeSQb SQ]RYQb\QTUS_bQSYo^ dUb]Y^Qb S_bbUc`_^TUbcUS_^\QcUh`USdQdYfQcTU_db_ ]UZ_bQb ]QaeY\\QbcU S_]`U^cQb` _bQ\W_ T QbQ\_ZQ]YU^d_QQ\WeYU^

B ldg g c kBac]l` ] Z Y \ o ]Y l` ] j`Yk^afYddqd] lmh ) EQbUSUaeU` _bV ] U\]Q\dYU]`_XQdUb]Y^QT_( M ` af_ kY j] j]Yddqdg g c af _ m h Y ll` ] e g e ]f l) 8YUbdQ]U^dU& \QcS_cQcfQ^]UZ_bQ^T_QX_bQ(

I` jYkYdn ]jZ kk]_} f dY hYjlz[m dY

,--XXXXXXXXXXXXXXXXX I ` jYkYdn ] jZ kk] _ } f dY h Yjlz[m dYXXXXXXXXXXXXXXXXXXXXX BkYZ ]d` YkZ ] ] f eYd[af_` ] jk ] d^ m h ^ g j g n ] jY f `gmj) >cQRU\XQ\QbTQT_]kcTUe ^ Q X_bQU^]QaeY\\QbcU( : dqkgfh m lm km h ^ g j l` ] fa_`l) 6\YcQ^^_cTY_Q\_ZQ]YU^d_`_be ^ Q ^_SXU( : d_mfgkh ` jY kY dn ] jZ k^g je Y\ g k[ g f m h ] klxf  j]dY [ag f Y\ g k[g f  dY ae Y_afY( [a|f)M jYf ke al]f dYk]f kY[a| f \ ] i m ] dYka\ ]YkY h Y j] [ ] f \ ] j ] h ] f l] ] f fm]k( ljYe ] f l] qY]dYZ gjY\ Ykqh]j^][lYk5 lg [g e ] m h o al`Yf a\ ] Y  lg [ jg h m h  lg \ j] Y e m h  lg e Yc]m h 

_SebbmbcU\UQ e ^ _ #e^QYTUQ&c_\eSYo^& UdS($ QV\_bQb&cebWYbY^Uc`UbQTQ]U^dU Y^fU^dQb&YTUQb Y^fU^dQb#e^QXYcd_bYQ$

P `g[Yjf]m h o al`l` aka\]Y9 v6aeYl^cU\U_SebbYoUcdQYTUQ\ : f g l` ] jh jg Z d]e ` Y k[jg h h ] \ m h ) = Q Q`QbUSYT__db_`b_R\U]Q( P `g\ j] Y e lm h l` aka\]Y9 w6 aeYl^cU\U_SebbYoUcdQYTUQ5 \ zf U e Y \ ] m h Y f g l` ] jklgjq) HU]UXQ_SebbYT__dbQXYcd_bYQ( RYk]` Y af \ a[ Y\ g Yf l] jag je ] f l] i m ] m h k] Ykg[aY[ g f dY \aj][[a| f Yk[]f \ ]f ( l]'[g f ] de g n ae a]f lg `Y[aYYjjaZ Y'`YklYdd] _ YjY dh m f lg e xk]d]nY\gg Yde x( p ae g hgkaZd])> f ]klYkg [Ykagf]k'dY h Yjlz[m dY m h [gfdd]nYlY e Z ay f dY a\ ] Y \] i m ]  dYY[[ a| f k] ]b][m lY[ g f Y ZkgdmlY[ ]jl]rYq ] f l]jYe ]f l] ) ? j][m ] f l]e ]f ( l] '] f ]klgk]b]e hdgkdY h Yjlz[m dY la] f ] dY ]p[dmkanY^m f [a| f \ ] e Y larYjY dn]j( Zg6h g j ]klYjYr | f '] f e m [ ` g k\ ] ]klgk[Ykgk]kh gkaZd]Y\ an af Yj]dk] f la\ g \]d h ` jYkY dn ] jZ ^abxf\gk]} f a[ Ye ] f l] ] f ] dka_fa^a[Y\g\ ] dn]jZg5 lg Z [ Y lm h lgZ ] ^]\ mh lg Zdgo m h lg Z j]Y c m h lg Z ja[c m h lg Z m llg f mh lg [ ` g h mh lg [a| k]m h lg [ m lmh lg \ana\]mh lg \ g m h Yk]YlZ ] dl lg \jYo m h Y h dY f lg ] Ylm h lg ]f \ m h lg _an]gf ] k] d^m h lg _an]m h

TQbe ^ Q `Q\YjQ XQbdQbcU Uh`\_dQb TUcXQSUb&TUc]U]RbQb dQ`QbS_^\QTbY\\_c QR_d_^Qb&QRb_SXQb TUc]U^ejQb&`YSQb SUbbQcUTU\d_T_ S_bdQbU^`UTQSYd_c TYfYTYb QRb_SXQbU\SY^debo^TUcUWebYTQT dbQjQbe ^ `\Q^ S_]UbcU& QSQRQbS_^#\QS_]YTQ$ dUb]Y^QbU^Q\Wp^cYdY_ U^dbUWQbcU QRQ^T_^Qb#e ^ XkRYd_$

5g_an]m h  6g` Y f _ m h h ` g f ]  _ daf ]m h  g dg [ c m h  _ kYn]m h  g k] Ydm h  g k] jn ] m h  g k` m lm h  g ke Yk` m h  g k lY j lm h  _ l] Y jm h  _ la] m h 

lg o jYh m h  lg rahm h 

TQbcU` _bfU^SYT_&`UbTUb\QUc`UbQ^jQ S_\WQbU\dU\lV_^_ Q\Y^UQb#cU$&V_b] Qbe ^ Q V Y\Q U^SUbbQb QX_bbQb cU\\Qb#SUbbQbS_^cU\\_$ cUbfYb#S_]YTQ$ SQ\\QbcUd_dQ\]U^dU TUcdb_jQb QbbQ^SQb&`_^UbU^]QbSXQe ^ ]_d_b bQcWQb&b_]`UbU^db_j_c QdQbS_^e ^ \Qj_

QRbYWQbcU ceRYb\QSbU]Q\\UbQTU\\_T_

< g m d\ q g m ` ] dh e ] \ g l` akZ m llg f m h 'hd]Yk]9 vBUQieTQcQQRb_SXQb]UUcdUR_do^&`_bV Q f _ b5 < ` g h l` ] g f agfm h af lg l` af kda[]k) 8_bdQ\QSUR_\\QU^b_TQZQcVY]_c( < g e ]gf '] Y lm h 'o ]èn ] _ g llg _g) KQ]_c&QSQRQTUS_]Ub&aeU^_cdU^U]_caeUYb( @ ]g j_ ] ` Y k_an]fm h g f `]j) M_RdU^Ub&S_^cUWeYb

_ ] lZ ] ` af \ 

RgmMd` Yn ]lg o g jc ` Y j\ a^ q g m \ g f èl o Yf llg _]l Z]` af \ ) IU^TbkcaeUdbQRQZQbTeb_cY^_aeYUbUcaeUTQbdUQdbkc(

_ ] lZ q 

P]\gfèl ` Yn]e m[`egf]qZ mlo ]eYfY_]lg _]lZq) C_dU^U]_c]eSX_TY^Ub_&`Ub_S_^cUWeY]_cQbbUSYkb' ^_c\Qc(

_ ] l\go f

< Y f q g m ` ] dh e ] _ ] l\go f^jg e l` aklj]]9 vBUQieTQcQ RQZQbTUUcdUkbR_\5 M ` ako ]Yl` ]j_ ] lke ] \go f) :cdUdYU]`_]UTUZ^Y]U(

_ ] l\go flg 

@ ] l\go flg o gjc) E_^dUQ dbQRQZQb(

_ ] laf

P`]f\g ] kl` ] ljY af _ ] laf9 v8ek^T_\\UWQU\dbU^5

L` ]_ g lY f H k[Yj^ g j Z ] klY[lj]kk) 8_^cYWeYoe ^ DcSQbQ\Q]UZ_bQSdbYj( _ ] lY[jgkk

B [Yfèl _ ] ll` akc ]q af) : cdQ\\QfU^_U^dbQ(

M ` ] l] Y[ ` ]j^Yad]\ lg _ ] ll` ] a\ ] Y Y[jgkklg l`]e ) : \`b_VUc_b^_S_^cYWeYoUh`\YSQbcU( A g o Yj] o ]_g af_lg _ ] lY[jgkkl` akjan]j9 v8o]_fQ]_cQ SbejQbU\bm_5

MH_ ] lafl` ] \jafck) M_]UU^SQbW_TU\QRURYTQ( _ ] laf lg 

B _ g laf lg o g jc dYl]) A\UWeldQbTUQ \dbQRQZ_(

_ ] lY` ]Y \ 

Blèk` Y j\ lg _ ] lY ` ]Y \ l` ] k] \Yqk) :cT YVYk \dU^UblhYd_X_iU^TmQ(

_ ] lYdg f _ 

M ` ]q èj ] _]llaf_Ydg f _ bm k l^af ]) :cdk^`b_WbUcQ^T_]eSX_(

_ ] lY l

B [Yfèl _ ] lY ll` Y lZ g g c g f l` ] lg h k`[d^) C _ Q\SQ^j_U\\YRb_TU\Qp\dY]QUcdQ^dUbmQ

@ ] lg ^ ^ Y ll` ] f ] p lklg h ) 7QZQU^\Q`QbQTQcYWeYU^dU(

L lg h _] llaf _ Y le ] ^ g jf g j]Ykg f ) 9UZQTU` Y^SXQb]UcY^]_dYf_(

L`]e YfY_]\ lg _ ] lg ^ ^ da_`ldq) HU\YRbo(

P `Ylèk k` ] _]llaf _ Yl9 vFelaeYUbU&TUSYb5

< Yf q g m ` ] dh e ] _ ] ll` akb ] jk ] q g^^9 vBUQieTQcQ aeYdQb]UU\ZUbcUi5

_ ] lYoYq

M ` j] ] h jakg f ] jk_ g lYoYqdYklfa_`l) IbUc`bYcY_^Ub_ccUUcSQ`Qb_^Q^_SXU(

_ ] lYoYqo al`

L ` ]o gfèl _ ] lYoYqo al`al) C_cUcQ\TbkS_^\QceiQ(

_ ] lZY[c

A go \ a\ q g m _ ] lZ Y [c `g e ] Y ^l] jl` ] hYjlq9 v8o]_f_\fYcdUQ SQcQTUc`elcTU\QV YUcdQ5

,..

= a\q g m_ ] lq g m j[ YjZY[c9 vGUSe`UbQcdUU\S_SXU5

BL`]ljah h ] \ Yf \ ^]ddgn]j) 9Y_e^ dbQc`Yli cUSQio( = aYfY^]ddgn ] jl` ] lj]] ljm f c ) 9 YQ^Qdb_`UjoS_^U\db_^S_TUe ^ kbR_\(

^Yddl` jg m _ `

I ` jY kYdn ] jZ kk]_ } f ] dn]jZ g 

A g o \ a\ qgm_ ] laf lg hgdala[k9 v8o]_dU]UdYcdUU^`_\mdYSQ5 _ ] laf oal`

_ ] lgf 

L ` ]_ g laf o al`Y j]YddqZ Y \ [jgo \) HUZ e ^ do S_^]ei]Q\QcS_]`QnmQc(

J ma[c  @ ] lg f l` ] Z m kZ ] ^g j] al_g]k) wGk`YT_ HpRUdUQ \Qed_RpcQ^dUcTUaeUcUfQiQ( A ] _ ] lkg f o ]ddo al`e g klh ]g h d]) HU\\UfQRYU^S_^d_T_U\]e^T_(

_ ] lg m l

G ]o k_ g lg m lg ^ l` ] aj e Y jjaY_ ]) HUV Y\dbo\Q^_dYSYQTUce R_TQ(

I ` jYkYdn ] jZ kk]_ } f ] dn ]jZg

,./

I ` jYkYdn]jZkk]_}f]dn]jZg

_ ] lg n ]j

= g f èl o gjjq'q g m èdd_ ] lgn ] jal) C_\U`bU_Se`Uc3\_ce`UbQbkc(

_ ] lhYkl

< YfB _ ] lhYkl9 vBUTUZQ`QcQb5

B_ g lg o g jcZ q Zmk) K_iQdbQRQZQbU^Qed_R

_ ] ljg m f \ 

P]èBd`Yn]lg _ ] l` ae jg m f \ lg g m j h g af lg ^ na]o) IU^TbU]_caeUS_^fU^SUb\UTUaeUdU^U]_cbQjo^(

_ g YZ g m l

_ ] lj g m f \ lg 

B ` Y n ]f èl _ g ljg m f \ lg ^ap af _ alq]l) C _XUdU^YT_dYU]`_`QbQQbbUW\Qb\_d_TQfmQ(

_ ] ll` jg m _ `

Bèddf ] n ]j_ ] ll` jg m _ ` Y ddl` ako gjc) Ce^SQdUb]Y^Qbld_T_UcdUdbQRQZ_(

_ g Y[jgkk

@ g Y [ jg kkl` ]  jan ] jg n ] j l` ] j] ' g f l` a 8bejQU\bm_Q\\m& T_^TUU\`eU^dU(

B [Yfèl _ ] ll` jg m _ ` lg `]j) C _S_^cYW_S_]e^YSQb]US_^U\\Q(

_ g Y ^l] j

A ] o ]f lY ^l] j Y b g Z af : dZYfaY) 7ecSoe ^ dbQRQZ_U^6\RQ^YQ(

_ ] llg _ ] l` ] j

M ` ] ]p(hmhadk_ g llg _ ] l` ] jg n ]jdmf[`) AQcUh'Q\e]^QccUbUe^YUb_^`QbQS_]Ub(

_ g Y_Yafkl

B l _ g ] kY_Yafkle qh jaf [aha]k) KQU^S_^dbQTU]Yc`bY^SY`Y_c(

_ ] lm h 

B P ` Yllae ]\ a\ q g m _ ] lm h lg\Yq9 v6aelX_bQdU\UfQ^dQcdUX_i5

_ g Y` ]Y \ 

Bèdd_ g Y ` ]Y \ Yf \ _ ] ll` ] la[c]lk) B UQTU\Q^dQbl` QbQS_]`bQb\QcU^dbQTQc(

_ ] lm h lg

P ]_ g lm h lg h Y _ [ 0/) A\UWQ]_cXQcdQ\Q`kWY^Q/.(

_ g Ydgf_

B A ] e Yc]kalm h Yk` ] _g ] kYdgf_) >]`b_fYcQc_RbU\Q]QbSXQ(

P ` Yl\ a\ q g m _ ] lm h lg Y lo]]c]f\9 vFelUcdefYcdUXQSYU^T_U\V Y ^ TUcU]Q^Q5

_g Ydg f _ oal`

A ] o ]f lYdg f _ o al`l` ] ^dgo g ^ l`af_k) HUTUZo\\UfQb` _b\_cQS_^dUSY]YU^d_c(

_g Y jg m f \

B k l` ] j] ]f g m _ ` o af]lg _g Yjgmf\9 v=QifY^_`QbQd_T_c5

M ` ] j] èkYdg lg ^ ^ dm _ g af _ Y Zgml) = Qi]eSXQWbY`U( A g o \ g B _gY Z g m lnglaf_9 vFeldU^W_aeUXQSUb` QbQf_\Qb5

@ an ]TQb

A ] j]YNq` Y \ Y _g Y le ]) HUU^VbU^doTebQ]U^dUS_^]YW_(

@ an]e ] Y cakk) 9Q]Ue ^ RUc_(

@ gYoYq wAkbWQdU

_an]YoYq

= a\ l` ]q _an]Yfql`af_YoYq9 vGUWQ\Qb_^Q\W_5

_an]Z Y[c

@an]alZ Y[c o ` ]f q g m èn ]^af ak` ] \ o al`al) 9Ufel\fU\_SeQ^T_XQiQcdUb]Y^QT_(

_an]af

B A ] ^afYNq_Yn]af Y f \ d] l` ] j oaf) ;Y^Q\]U^dUcUTY_`_bfU^SYT_i\QTUZoWQ^Qb

_an]g ^^

M ` akjY \ aY lg j_an]kg ^ ^ Y dg lg ^ ` ] Yl) :cdUbQTYQT_bTUc`YTU]eSX_SQ\_b(

_g Z Y [c gf 

L ` ]o ]flZ Y[c g f l` ] Y_j]]e ]fl) C_Se]`\YoS_^\_S_^fU^YT_(

_an]g m l

: ldY kl` ] j ` ] Y j l_Yn]gml) ;Y^Q\]U^dU\UV Q\\oU\S_bQjo^(

_g Z Y [c lg

E ]lèk _ g Z Y [c lg l` ] klY jl) K_\fQ]_cQ\`bY^SY`Y_(

_an]m h

A ] _Yn]m h ke gcaf_) 9UZoTUVe]Qb(

_g Z ] ^g j] 

L ` ]o ]flZ ] ^g j] l` ] bm \ _ ] lg h d] Y \ ` ] j 9UVU^TYoceSQc_Q^dUU\ZeUj(

_an]m h gf

? e _anaf_m h g f _ g d^åalèk b m k llg g \a^^a[m dl) 9UZ_U\W_\V3cY]`\U]U^dUUcTU]QcYQT_TYVmSY\(

_gZq

A ak^Ye adq_ g]kZ Y [ c lg l` ] G gje Yfk) H e V Q] Y\YQTUcSYU^TUTU\_cC_b]Q^T_c(

,.0

I ` jYkYdn ] jZ kk] _ } f ] dn ]jZg

I ` jY kYdn ] jZ kk]_}f]dn ]jZg _ g \ go f

,\ g f èll` afc l` Y lb g c ] o ]f l\ go fn] jq o]dd) C_SbU_aeUUcUSXYcdUbUce\dQcU]eiWbQSY_c_(

IUUcdk\_]Q^T_U\`U\_(

_g \go fo al`

F Yjn`Y k_ g f ]\ go fo al`^dm Y_Yaf) BQbiXQfeU\d_QS_WUb\QWbY`U(

P ` Yl\ a\ k` ] ` Yn ]gf9 vFel\\UfQRQ`eUcd_5

_ g ^ g j 

A ] èk_g f ]^ g j l` ] hYh]j) = Q YT_Q`_bU\`UbYoTYS_(

` Yn ]g ^ ^ 

A ] èk ` Y \ dYklo ]]c g ^^) :cdQRQTUfQSQSY_^Uc\QcU]Q^Q`QcQTQ(

M ` Y l_ g ] k^g j]n]jqgf]) :c_fQ\U`QbQd_T_c(

` Yn ]g m l

B` Y \ Ylg g l` g m l) B UcQSQb_^e ^ Q ]eU\Q(

_ g af^ g j 

L`]o ]f laf ^ g j l` ] [g e h ]lalag f ) HU`bUcU^doQ \QS_]`UdYSYo^&

` Yn ]m h 

L ` ]oYk` Y \ m h ^ g j k`gh(da^laf_) >r `b_SUcQbQ^`_bb_RQbU^dYU^TQc(

_ g af lg 

B èe f g l_ g af_af lg \]lYadkja_ ` lfgo) GgngqY U^dbQbU^TUdQ\\UcQX_bQ(

_g g ^ ^ 

: Z g e Z o ]f lg ^^dY klfa_`l) 6^_SXUUh`\_doe ^ QR_]RQ( c ] ] h Y l

D ]]hY lal) EUbcUfUbQ(

B lYddo ]f lg ^ ^ j]Yddqo]dd) I_T_cQ\YobUQ\]U^dURYU^(

,.2

_ g g f 

Rgm_ g g f ',%,,[ Yl[ ` q g m m h dYl]j) I p cYWeU3i_dUQ\jQ^jQblTUc`elc(

c ] ] h YoYq

_ g g m l

= a\q g m_ g g m ldYklfa_`l9 vHQ\YcdUQ^_SXU5

D ]]hl` Y l\ g _ YoYq^jg e e ]) B Q^do^QUcU`Ubb_\UZ_cTU]m(

c ] ] h Z Y[c 

_ g gn ] j

M ` ] h | da[ ] o ]f lg n ] jl` ] Y h Y jle ] f ln ] jq [Yj]( ^mddq) A Q `_\YSmQbUWYcdboU\Q`QbdQ]U^d_]Y^eSY_cQ]U^dU(

Rgm[Yfèl c ] ]h Yf q l` af _ Z Y [c ^jg e `]j) C_`eUTUc_Se\dQb\U^QTQ

c ] ] h \go f

D ]]h q g m j` ] Y \ \go fo ` ]f k` ] èk Y jg m f \ ) 8eQ^T_U\\QUcdkSUbSQ&^ YbUSXYcdUc(

_ g jg m f \ 

B k l` ] j] ]f g m _ ` lg _g jgmf\9 v=QiRQcdQ^dU`QbQ\_T_c5

c ] ] h ^jg e 

A go \ g qgme YfY_]lg c]]hYfqk][j]lk^jg e `ae9 v8o]_\U\QcQbbUW\Qc`QbQ_Se\dQb\UQ\W_5

_ g l` jg m _ ` 

L`]èk Z ] ] f _gaf_l` jg m _ ` Y Z Y \ h Y l[` ) = Q ceVbYT_e ^ Q]Q\QbQSXQ(

c ] ] h af 

A ] o Ykc ] h laf Y dd\ Yq ^g jZ ] af _ jm \ ] ) AUSQcdYWQb_^cY^cQ\YbTebQ^dUd_T_U\TmQ`_bTUSYbWb_'

_gm h 

M ` ] Z Yddggfak_ g af _ m h af l` ] Yaj) : \W\_R_UcdkceRYU^T_(

_ g o al` 

M ` Y l` Y l_ g ]ko ]ddo al`l` g k] ljg m k] jk) :cUc_]RbUb_fQ RYU^S_^Uc_cjQ`Qd_c(

c ] ] h g ^^

D ]]h g f o gjcaf_)

A:O>`_cUUb& dU^Ub A ] \ g ] kf èl `Yn]Yfqj]dYlan]k) C_dYU^UV Q] Y\YQ ` Yn ]af 

P]` Y \ lg `Yn]l` ] \ g [ lg jaf) IefY]_caeU\\Q]QbQ \]lTYS_(

c ] ]h lg 

D ]]h lg l` ] d]^l) 8YbSe\U`_b\QYjaeYUbTQ(

,.3

I ` jYkYdn]jZ kk]_ } f ]dn]jZg

I ` jY kYdn ]jZ kk]_ } f ] dn ]jZg

c ] ] h m f \ ] j 

L ` ]c]]h k`ae m f \ ] j` ] j l`me Z) w(Y$dYU^UU^e ^ `en_(

L`]`Y klg dg g c g m l^ g j` ] j` ]Ydl` ) IYU^UaeUfYWY\Qbce cQ\eT(

c ] ] h m h 

B b m k l[Yfèl c ] ]h m h o al`qgm) HY]`\U]U^dU^_`eUT_cUWeYbdebYd]_

L ` ]dg g c ] \ gn ] jl` ] j] h g jl) :hQ]Y^oU\Y^V_b]U(

Bèn ]c ] h lm h eq?j]f[`) =U]Q^dU^YT_]Y^YfU\TUVbQ^Slc(

dg g c jg m f \ 

< Yf o]dg g c jg m f \ l` ] `gmk]9 vE_TU]_cfUb\QSQcQ5

dg g c l` jg m _ ` 

Eggcl`jgm_`l`akZ g g c Y f \ l]dde ] o `Ylqgml`afc) :SXQ\Ue ^ fYcdQj_Q UcdU\YRb_i TY] U\_aeU`YU^cQc(

dg g c m h

M `af_ kY j] dg g c af _ m h ) A Q cS_cQcfQ ^ ]UZ_b(

P `YlY j] q g m dg g caf_ Y vFelUcdkc]YbQ^T_5 dg g c Y ^l] j

B f ] ] \ lg dg g c m h kg e ] af ^g je Ylag f af l` ] ]f]q( \ g h Y ]\ aY ) CUSUcYd_RecSQbe^_cTQd_cU^\QU^SYS\_`UTYQ(

L ` ]Ykc ]\ e ] lg dg g c Y ^l] j ` ] j [Yl) B U` YTYoaeUSeYTQbQTUce WQd_( M ` Y le Y f akdg g c af _ Y le ]) :cUX_]RbU]UUcdk]

dg g c m h g f 

A ] dg g c km h g f Yfae YdkYk`ak^ja]f \ k) 8_]YTUbQQ\_cQ^Y]Q\UcS_]_Q]YW_c(

dg g c YoYq

P `]fBke ad]\ Y l` ] j'k` ] dg g c ] \ YoYq) 8eQ^T_\Qc_^bUm& Q`Qbdo\Q]YbQTQ(

dg g c m h lg

L` ]akkg e ] g f ] B [Yf dg g c m h lg) :cQ\WeYU^Q aeYU^`eUT_QT]YbQb(

dg g c ZY[c

L`]g ^ l] f dg g c kZ Y[c g f l` ] lae ]o ` ]f k` ] dan]\ 6 ]U^eT_bUSeUbTQ\Ql`_SQU^aeUfYfmQU^e^ Q WbQ^ZQ(

,.4

F:D>XQSUb

dggc\go f

M ` ] [ Yldgg c ]\ \go fY le ] ^jg e l` ] lj]] ZjYf[` ) : \WQd_]U_RcUbfQRQTUcTU\QbQ]QTUe^ kbR_\(

= g q g m l` af c B [gmd\a Yc]Y h ` g f ] [Yda9 vEeUT_\\Q]Qb` _b\U\lV_2

dg g c \go fgf

A ] dg g c k\go fg f l` ] j]kl) 9Uc`bUSYQQ \_cTU]kc(

e Y c ] Y ^l] j

M ` ] h | da[]e Y \ ] Y ^l] j` ae af Y ` a_`kh ] ] \ [`Yk]) AQ `_\YSmQ\U`UbcUWeYoQ WbQ^fU\_SYTQT(

dg g c ^g j

? e dggcaf_^g jY f ]o `gmk]) :cd_iRecSQ^T_e ^ Q ^eUfQSQcQ(

e Y c ] YoYqoal`

M ` ]q e Y \ ] YoYqo al`l` ] klg d]f _ gg\k) 9UcQ`QbUSYUb_^S_^d_T_U\R_dm^(

dg g c ^g jo Yj\ l]

B dg g c ^g jo Y j\ lg `] Yjaf _ ^jg e qgm) :c`Ub_^_dYSYQcceiQc(

e Yc]^g j

A akYllalm \ ] oadde Y c ] ^ g j hjg Z d]e k) H e QSdYdeTQSQbbUQbk`b_R\U]Qc(

dg g c aflg

A ] akdg g c af _ af lg l` ] e Y ll] j^ g j e]) :cdkY^fUcdYWQ^T_U\Qce^d_`QbQ]Y(

e Y c ] g ^^

A ] `]d\m h l` ] Z Yf c Y f \ e Y\]g ^^o al`l` ] egf]q) 6dbQSoU\RQ^S_i cU\\UfoU\TY^Ub_(

dg g c gf 

A ] b m k l dg g c ] \  g f o ` ad]  l` ] q h dY q ] \  ^g g lZ Ydd) HUaeUTo]YbQ^T_cY^]kc]YU^dbQcZ eWQRQ^Q\VpdR_\(

B [gmd\eYc]g m ll ` ] ^g je g ^ Y ^a_mj]afl`]\aklYf[]) E_TmQTYcdY^WeYbU^\QTYcdQ^SYQe^ Q cY\eUdQ

dg g c gflg

M ` ] ZYd[gfqdg g ckg f lg l` ] hYjc) A Q dUbbQjQTQQ \`QbaeU(

L`]e Y \ ] g m lk` ] oYkja[`) HUXYj_\QbYSQ(

dg g c g m l

E g g c gml w8eYTQT_ m wDZ_

M ` ]q e Yc]` ae g m llg Z ] Y f a\agl) A_ dYU^U^`_bYTY_dQ(

dg g c g m l^g j

? e dg g c af _ g m l^ g jkg e ]f]o \ g g j`Yf\d]k) :cd_iRecSQ^T_e^_c^eUf_cdYbQT_bUc` QbQ\Qc`eUbdQc(

e Yc]m h

Rgmb m k le Y \ ] l` Y lklg jq m h '\ a\ f èl qgm9 IUQSQRQcTUY^fU^dQbUcQXYcd_bYQ&vQaeUcm5

I ` jY kYdn ]jZ kk] _ } f ] dn]jZg P ]f ] ] \ lo ge g j] h ] g h d] lg e Yc]m h l` ] _ jgmh) CUSUcYdQ]_cT_c`Ubc_^Qc]kc`QbQV_b] Q bU\Wbe`_ Rgm\g f èl f ] ] \ lg e Yc]q g m jk]d^m h ) I p ^_^USUcYdQc]QaeY\\Qb\U(

I ` jY kY dn ] jZ kk] _ } f ]dn ]jZg h Y kkjg m f \ 

M `]qhYkk]\ l` ] _dYkkjg m f \ kg l`]q[ gmd\Yddlj q al) =YSYUb_^SYbSe\Qb\QS_`Q& TU]_T_aeUd_T_c`eTYUb_^ `b_RQb\_(

h Y kkl` jg m _ `

B èe b m k lhYkkaf_l` jg m _ ` ) :cd_iTU`Qc_(

A Yn ]qgme Y \ ] m h o al`? j] \ q]l9 vMQXQcXUSX_\Qc`QSUcS_^;bUT"5 e Yc]m h ^g j

G g l` af _ [Yf e Yc]m h ^ g jl` ] dgkk) CQTQ`eUTUS_]`U^cQbUcQ`lbTYTQ(

I Y kk`QcQb

I:O` QWQb L`]h Y a\ Y ^g jlm f ] ?gjl` Y ljaf_) :cUQ^Y\\_\US_cdoe^U h Y q Z Y[c

I Y kke ] l` ] kYdl) EkcQ]U\QcQ \ L`]hY kk]\ Ydg f _ l` ] ka\ ] g ^ l` ] `gm k]k) EQcoQ \\QT_TU\_cUTYVYSY_c( h Y kkYoYq

A ] hY kk]\ YoYqdY klfa_`l) ;Q\\USYoQ^_SXU(

h Y q af 

L ` ]h Y a\ l` ] e g f ] q af Zq [`]im]) >^WbUcoe ^ SXUaeU` _ b\QSQ^dYTQT(

h Y q g ^^

Blèk _gaf_lg lYc]lo ]flqq ]Yjklg h Yq g ^^l` Y l\]Zl) A\UfQbkfUY^dUQn_ccQ\TQbUcQTUeTQ(

hYq g m l

M ` ] h g da[q h Y q kg m lY ^l] j Y lo ]dn]q ] Y jh ] jag \ ) A Q `o\YjQTUcUWeb_ccUXQSUUVUSdYfQdbQce ^ `UbY_T_TU

h Y q m h

M ` ]q j]^m k] \ lg h Yq m h ) HU^UWQb_^Q`QWQb(

< g m d\ q g m h Y kkl` ] Z YddZY[c'hd]Yk]9 vEeUTUcTUf_\fUbU\RQ\o^&`_bVQf_b5 L`]hY kk]\ alZ q o al` g m l]n]ffgla[af_) EQcoTU\QbW_cY^cYaeYUbQTQbcUSeU^dQ( A ] hY kk]\ l` ] Z g g c k\go f^jg e l` ] dg ^l) 7QZo\_c\YRb_cTU\Q\dY\\_(

h Y kkg ^^

,/,

I m d d dYbQb

M ` ]  [ m k lg e ` Y \ Z ] ] f h Y k k ] \ \ g o f  l` jg m _ `  _]f]jYlagfk( A Q S_cde]RbUcUXQRmQdbQ^c]YdYT_TUWU^UbQSYo^U^WU' ^UbQSYo^(

h m ddY h Yjl

MlY ddh Y kk]\ g ^ ^ o al` g m laf [a\ ]f l) I_T_dbQ^cSebbYocY^Y^SYTU^dUc(

A ] h m dd] \ l` ] \ g dzYh Yjl) G_]`Yo\Q]enUSQ(

h m ddYoYq

A ] hY kk]\ ` ae k ]d^g ^^Y kY f Y je q g^^a[]j) HUXYj_` QcQb` _be ^ _VYSYQ\TU\:ZlbSYd_(

M ` ] ljYaf kdgodqh m dd] \ YoYq) : \dbU^cQ\Yo\U^dQ]U^dU(

h m dd\go f

M ` ]q Y j] _g af_lg h m ddl` ] g z\ [ ` m j[ ` \go f) KQ^QTUbbYRQb\QfYUZQYW\UcYQ(

h m ddaf vE_TbmQcTQb\UU\bUSQT_dQ^`b_^d_S_]_\_fUQc5

M ` ]q h m dd] \ af l` j] ] kmkh]]lk) AQ `_\YSmQTUdef_Q dbUcc_c`USX_c_c(

A ] hY kk]\ g m laf l` ] `]Yl) HUTUc]Qio` _bU\SQ\_b(

P ` Yllae ] \ g ] kl` ] ljY af h m ddaf9 v6aelX_bQ\\UWQU\dbU^5

L`]h m dd] \ l` ] jgh]) IYboTU\QSeUbTQ(

< g m d\ q g m h Y kkl` ] e ]kkY_]g f Y kkg g f Ykq g m k]]

IYkke ] gn ] jlg q g m jZgkk) EkcQ]US_^de ZUVU(

h m ddg ^^

L ` ]h m dd] \ ` ] j b m e h ] j g^^) HUaeYdoU\ZUbcUi(

,/-

I ` jYkYdn]jZ kk] _ } f]dn]jZg

I ` jY kYdn ] jZ kk]_ } f ] dn]jZg

A g o \ a\ q g m e Yf Y_ ]lg hmd alg^^9 Y 8o]_\_XQc\_WbQT_5 h m dzg f

A ] h m dd] \ `akljg m k] jkgf ) HU` ec_\_c`Q^dQ\_^Uc(

h m dzg m l

M ` ]q h m dd] \ g f ]g ^ ` ako ak\ge l] ]l` gml AUcQSQb_^\Q]eU\QTUZeYSY_(

h m dzgn]j

M ` ] h | da[]h m dd] \ m k gn ] j^ g j kh]]\af_) C_c`Qbo\Q`_\YSmQ`_bUhSUc_TUfU\_SYTQT(

h m dzl` jg m _ `

= g q g m l` afc ` ] èddh m dzl`jgm_`9 v8U^UcaeUcQ\TbkQTU\Q^dU5

h m dzlg _ ] l` ]j

Im dzq g m jk]d^lg _ ]l` ]j w8k\]QdU

h m dzm h

I m dzq g m jkg[ckmh w:cVelbjQdUe ^ `_S_

M `]qèn ]h m la l g ^ ^ m f ladl` ] ^gddgo af_o ]]c) A _ XQ^Q`\QjQT_XQcdQ\QcU]Q^QcYWeYU^dU( M ` ] ke ]ddg ^ l` ] [` ]] k] h m lke ] g^^) : \_\_bTU\aeUc_]UbU`eW^Q( I m lq g mjb Y [ c ] lgf) E_^dU\QSXQaeUdQ(

h m ll`jgm_` L` ]h m ll` ] Z] 8_\_So\_c\YRb_c h m lY[jgkk h m lYka\]

f a I m l q g m m h Y ll` ] L ` ]jYlg f A gl]d) IUQ\_ZQblU^U\X_dU\HXUbQd_^(

A ] e YfY_]\lg h m l` aka\ ]YkY[jgkk) 8_^cYWeYoXQSUbcUU^dU^TUb( E ]lèkh m lYka\ ]g m j\ a^^]j]f []k) 9UZU]_cQ e ^ \QT_^eUcdbQcTYVUbU^SYQc(

h m lYoYq

A ] o Ykh m lYoYq^ g j l` j]] q]Yjk) EQcodbUcQn_cU^\QSkbSUY

h m lZ Y[c

Id]Y k] h m ll` ] Z g g c  Z Y[co ` ]f qg m èj ] ^af ak` ] \  j]Y\ af _ al) E_bVQf_b&`_^U\\YRb_U^ce cYdY_SeQ^T_XQiQcdUb]Y' ^QT_TU\UUb\_(

P g m d\  q g m  h d ] Y k ]  h m l  e ]  l` j g m _ `  a e Yf Y_ ]j9 vBU` eUTU`_^Ub'S_^U\TYbUSd_b&`_bV Qf_b5

P `gh m lqg m m h lg al9 WFeYl^dUTY_\QYTUQ5 h m lm h oal`

B [Yfèl h m lmh o al`km [ ` j m \ ] Z]`Ynagmj) C _ c_`_bd_e ^ S_]`_bdQ]YU^d_dQ^Wb_cUb_(

BjY f -c e q]kl]j\Yq) 6iUbS_bbm, [](

L`]èk h m lkg e ] e gf ]q Zq^g j` ] j `gda\Yq) 6X_bboQ\Wp^TY^Ub_`QbQ\QcfQSQSY_^Uc(

j m f Y[jgkk

Bj Y f Y[jgkkLYjY`Y ll` ] eYdz) BUU^S_^dblS_^HQbQXU^U\SU^db_S_]UbSYQ\(

h m l\go f

Rgmèj ] Ydo Yqkh m llaf _ e ] \gof) HYU]`bU]UUcdkcXQSYU^T_TU]U^_c(

Ö êêê_

Ggo'j m f Ydgf_ wKUdUi Q

h m l\go flg

L`]h m l` ] j km [[]kk\ go flg ` Y j\ o gjc) 6dbYReioce lhYd_Q \XUSX_TUXQRUbdbQRQZQT_Teb_(

j m f YoYq

= g f èl d] lq g m jae Y _ af Y lag f  jm j a YoYqo al` C_\UTUZUc\\UfQb` _b\QY] QWY^QT_

h m l^g jo Y j\

L`]h m l^g jo Y j\ Y f ] o hdYf) :h`ec_e^ ^eUf_`\Q^(

j m f \gof

M ` ]k] Z Y ll]ja] k`Yn]j m f \gof) AQcRQdUbmQccUXQ^WQcdQT_(

I m ll` ] Z g p af l` ] j] ) E_^\QSQZQQ\\m(

Bèe jm f f af _ l` ] [ Y jaf) :cd_ib_TQ^T_U\S_SXU(

,//

I ` jYkYdn]jZ kk] _ } f]dn]jZg jm f af lg  jm f g ^^

P]èn ]jm f af lg Y ^]o \a^^a[mdlz]k) C_cXU]_cd_`QT_S_^TYVYSe\dQTUc( P]j Y f g ^ ^ ,1[g h a]k) >]`bY]Y]_c +0S_`YQc(

XXXXXXXXXXXXXXXXXXXXXX I ` jY kYdn ] jZ kk] _ } f ] dn ]jZ g  L>MS_\_SQb&`_^Ub A ] k ] ll` ] nYk]g f l` ] lY Z d]) 8_\_SoU\V\_bUb_U^\Q]UcQ( P ` Ylk]lk` ae Y h Y j l^jg e l` ] j]kl9 vFel\UTYVUbU^SYQTU\bUcd_5

A ] jY f g ^^oal`e qhm jk]) HQ\YoS_bbYU^T_S_^] Y]_^UTUb_)R_\c_( jm f g m l

P]èn]j m f g m lg ^ _af) C_cXU]_caeUTQT_cY^WY^URbQ(

jm f g n ]j

P]jYf gn]j` ] j Za[q[d]o al`l` ] [Yj) 6db_`U\\Q]_cce RYSYS\UdQS_^U\S_SXU(

jm f l` jg m _ ` 

Bl`afco]k`gmd\jm f l`jgm_`l`Ylk[]f]gf[]e gf 8bU_aeUTURUbmQ]_cU^cQiQbUcQUcSU^Q e^Q fUj]k

j m f m h 

L ` ]jY f m h Y `m _]\] Z l) A\UWoQ TURUb]eSXmcY]_TY^Ub_(

j m f m h Y_Yafkl

M ` ]q jY f m h Y_YafklY ^]o\a^^a[mdla]k) Ib_`UjQb_^S_^TYVYSe\dQTUc(

k ] lY_Yafkl

Be YfY_]\lg k] l` ] j Y_Yafkle]) 6 \V Y^ Q \S_^cUWemU^U]YcdQb]US_^U\\Q( M ` ] q èn ] k ] lY k a\ ]  Y dalld]  e g f ] q ^ g j  Z aj l` \ Y q  h j]k] f lk) = Q^QX_bbQT_e ^ `_S_TUTY^Ub_`QbQS_]`bQbbUWQ\_c TUSe]`\UQn_c(

k] lZY[c

M ` ] k[` g g dakk] lZ Y[c ^jg e l` ] jg Y\ ) : \S_\UW_UcdkQ`QbdQT_TU\QSQ\\U(

k ] l\go f

? \ dac]q g mlg k ] ll` Y l\gofafojalaf_) B UW ecdQbmQaeU\_`ecYUbQc`_bUcSbYd_( M ` ] Z m kk] lmk\ go faf l` ] kimYj]) : \Qed_Rpc^_cTUZoU^\Q`\QjQ(

L>>fUb

P af l]j` Ykj]Yddqk ] laf fgo) MQUcY^fYUb^_TUfUbTQT(

P]èddk]])

k ] lg ^^

MQfUbU]_c( k] ] YZ g m l

Bèddk] ] YZ g m ll` Y ldYl]j) BUU^SQbWQblTUUc_\eUW_(

Rgmg m _ ` llg k ] lg ^ ^ ] Yjdq lg  Yn g a\ l` ]  ljY^^a[) 9URUbmQYc`_^Ub_c` b_^d_U^SQ]Y^_` QbQUfYdQbU \dbkVYS_( Le gc]k] ll` ] Y dYje g^^) : \Xe]_XYj_aeUcUTYc`QbQbQ\QQ\Qb]Q( A ] j ]p h j]kkag f k ] le ] g ^^dYm_`af_) H e Uh`bUcYo^]UXYj_bUmb(

k] ] af 

M ` ] _m Y j\ kYo l` ] hjaf [] kkaf) : \W eQbTQbUSYRYoQ \Q`bY^SUcQ(

k ] ] af lg 

M ` ] h|da[]Y j] k] ]af _ af lg al) > B ` _\YSmQ\_UcdkY^fUcdYWQ^T_(

k] lg f * m h g f 

A ] oYkk ] lg f Z q Y dYj_ ]\g_) AUQdQSoe ^ `Ubb_W Q ^ T U(

k] ] g ^ ^ 

P]kYo ` ] j g ^ ^ Y ll` ] `YjZ g m j) > B V eY] _cQ TUc`UTYbQ \`eUbd_(

k ] lg m l

M ` ] Y m l` g jk]lkg m llg k`g[c) : \Qed_baeYUbUY]`QSdQb(

k] ] g m l

E ]le ] k]]q g mgml) 9lZQ]UQS_]`QnQbdUXQcdQ\Q`eUbdQ(

k ] lm h 

L ` ]èkl`afcaf_g ^ k]llaf _ m h Y ke YddZmkaf]kk) :cdk`U^cQ^T_U^]_^dQbe ^ `UaeUn_^UW_SY_(

k] ] l` jg m _ ` 

B[Yfk] ] l` jg m _ ` qgm) 8_^_jS_de ZeUW_( !,0+Y o ]]cak]f g m _ ` lg k] ] q g m l` jg m _ ` ) 8_^+/* Q \QcU]Q^QdU\QcQbbUW\Qc(

k ] ] lg 

,/0

BèNk] ] lg alYkkg g f YkhgkkaZd]) B U_Se`QblTU(U\\_dQ^`b_^d_S_]_`eUTQ(

L` ]k] l` ae m h af Y ke Ydd ^zYl) A_ Y^cdQ\oU^e ^ `UaeUn_Q`QbdQ]U^d_( L ` g o ]_cdbQb&U^cUnQb L ` ]k`go ]\mk`go lg \ g al C_c]_cdboSo]_XQSUb\_(

,/1

I ` jY kYdn ] jZ kk] _ } f ] dn ]jZg ,%,,k` g o q g m af) IUQS_]`QnQblQT]Yb_( L lg h k`go af_g^^ w9UZQTU`Qf_^UQb\U < ` jaklaf ]k`go ]\e ] g m l) 8XbYc\Y^U]UQS_]`QnoQ\Q`eUbdQ(

klY f \ Z Y[c klY f \ Z q 

B lg g c ` ] j `Yf\) AUS_Wm\Q]Q^_( lY c ] YZY[c

P `Yllae ]\ a\ ` ] k` g o m h dYklfa_`l9 v6 aelX_bQQ`QbUSYoQ^_SXU(5

L ` ]oYk[ge h d]l[dq lY c ]f YZY[c) HUaeUTo`Ub`\UZQ(

lY c ] Y ^l] j

L ` ]j]YddqlY c ]kY ^l] j` ] j ^Yl`]j) HU`QbUSU]eSXmcY]_Q ce`QTbU(

lY c ] Y h Yjl

A ] lg g c l` ] ]f_af]Y h Yjl) 9Uc]_^doU\]_d_b(

lY c ] Yka\]

L lg h klYf \ af _ Y jg m f \ '[g e ] Yf \ ` ] dh ) C_dUaeUTUcQ X m` QbQT_3fU^iUSXQe ^ Q ]Q^_(

M `]qlggc` ae Yka\]lg`Yn]Yima]logj\oal``ae) HU\_\\UfQb_^Q`QbdU`QbQ`_TUbXQR\QbdbQ^aeY\Q]U^' dUS_^l\(

lY c ] YoYq

Rgm[Yf èlb m k lklY f \ Yka\ ] af l` ak[gf^da[l) C_`eUTUcaeUTQbdUQ \]QbWU^U^UcdUS_^V\YSd_(

M ` ]q lg g c l` ] \ ajlq h dY l[kYoYq) FeYdQb_^\_c` \Qd_cceSY_c(

lYc]ZY[c

LlYf \ ZY[c w6RbQ^`Qc_

: j] qg m _g af_lg lY c ] Z Y[c o ` Ylq g m ` Yn ]kYa\9 vKQcQ bUdYbQb\_aeUTYZYcdU(9

lY c ] \go f

I |da[]lg g c \go f` akklYl[e ]f l) AQ`_\YSmQ\Ud_]o\QTUS\QbQSYo^(

L ` ]k lg g \ Z q l` ] \ggj) :cdQRQTU`YUZ e ^ d_ Q\Q`eUbdQ(

klY f \ Yka\ ]

M:D>S_WUb& \_]Qb

M ` ] Y_ ]f lk`go ]\m k jg m f \ l` ] ` g m k]) : \fU^TUT_b^_cU^cUno\QSQcQ(

L l Y f \ UcdQb#TU`YU$

klY f \ Y Z g m l*Y jg m f \ 

L ` ]YdoYqkklYf \ km h ^ g jl` ] m f \ ]j\ g _ ) :\\QcYU]`bUTUVY]TUQ\_cTlRY\Uc

Lh][aYd^g j[]kYj] klY f \ af _ Zq)

M ` ]q lg g c af Y dg \ _ ] j lg ` ] dh h Yq  ^ g j l` ]  j]f l) 8_WYUb_^e^ Y^aeY\Y^_`QbQ`_TUb` QWQb\QbU^dQ(

AQcVeUbjQcUc`USYQ\UcUcdk^`bU`QbQTQc( klY f \ \go f

L ` ]klg g \ \ go fYkd] Y \ ] jg ^ l` ] g h h g kalag f ) GU^e^SYoQ \SQbW_TU\mTUbTU\Q_`_cYSYo^(

klY f \ ^ g j

P ` Yl\ g ] kä6y5 Bogfèl klY f \ ^ g j al) :c_^_X d_\Ub_(

A ] b m k l\ g ]kf èl lY c ] Yfql`af_af) HY]`\U]U^dU^_U^dYU^TU^QTQ( M ` ]q o ]j]lY c ]f af Zq` ak_gg\(dggckY f \ [`Yje ) AUcU^WQdecoS_^ ce U^SQ^d_i ce ReU^Q`bUcU^SYQ( lY c ] g ^^

L` ]lg g c g ^ ^ ` ] j k` ajl) HUaeYdo\QSQ]YcQ(

k lY f \ af 

A ] ` Y \ lg klY f \ af ^ g j `]j) Ief_aeUcecdYdeYb\Q(

B èe lYc af _ Y \ Yq g ^^) BUd_]Qble ^ TmQ\YRbU(

k lY f \ g m l

L ` ]j]YddqklY f \ kg m l^jg e l` ] [jgo \) GUQ\]U^dUcUcQ\UTU\_S_]p^(

M ` ] hdY{]` YkYdj] Y\ q lY c ]f g ^^) :\QfYo^XQTUc`UWQT_iQ(

klY f \ gn]j

B`Y l] h ] g h d] klYf \ af _ gn]je ] o ` ]f Bèe ogjcaf_) 9UdUcd_aeU]U]YbU^]YU^dbQcdbQRQZ_(

M ` ] a\ ] Y f ] n ]jj]Yddqlggcg^^) :^ bUQ\YTQT\QYTUQ^e^SQ\\UWoQ SeQZQb(

klY f \ m h 

A ] klg g \ m h o `]fk` ] o Ydc]\af) : \cU`ec_TU`YUSeQ^T_U\\QU^dbo(

L`]èklYc ]f g f lg g e m [ ` ogjc) = QQSU`dQT_)dYU^UTU]QcYQT_dbQRQZ_(

I ` jY kYdn ] jZ kk]_ } f ] dn ]jZg

,/3

I ` jY kYdn ] jZ kk]_} f]dn ]jZg

A ] lggckge ]e gf]qg m lg ^ l`][Yk`hgafleY[`af]) HQSoTY^Ub_TU\SQZUb_( L lgh lYcaf_Yddq g m jY__j]kkagfg m lg f e] w9UZQiQTUd_]Qb\QS_^]YW_

M ` ]q o ]j]l`jgo flg _ ] l` ] jlg e Yc]m h Y_ jg m h ) ;_b]QbQ^e ^ Wbe`_Q \QjQb( l`jg o m h 

P `gèk _ g af_lg lY c ] g n ] j^jg e l` ] g z\ Zgkk9 Y FeYl^fQ QcUbU\^eUf_ZUVU5 B O ]j]YddqlY c ]f lg e q egl`]j(af(dYo) AUdU^W_fUbTQTUb_SQbYn_Q ] YceUWbQ(

,/4

L ` ]l`j]o mh ` ] j Y je kaf \]khYaj) HUUSXo\Qc]Q^_cQ\QSQRUjQS_^TUcUc`UbQSYo^( Bl`j]o m h Y ^l] j ] Ylaf _ l` Yl) K_]YdlTUc`elcTUS_]Ub\_(

MNKGWYbQb&TQbfeU\dQc

L ` ]èklY c ]f m h Ye Y jlzYdYjl) HUQ`e^doQ QbdUc]QbSYQ\Uc( B l lYc ]km h Ydde qlae ]) B U_Se`Qd_T_U\dYU]`_(

L g e ]g ^ l` ] ` g e ] d]kk `Yn] Z ] ] f lm j f ] \ YoYq) C_d_T_c\_ccY^dUSX_V eUb_^QT]YdYT_c(

MAKHPdYbQb&Qbb_ZQb M ` jg o l` ] Z Yddlg wI mbQ]U\Q`U\_dQ  l` jg o Yka\]

A ] l`j]o l` ] Z g g c Yka\]) 6`QbdoU\\YRb_Q e ^ \QT_(

l` jg o YoYq l`jgo Z Y[c

M ` jgo l` ] Z YddZY[clg F a[`Y]d) 9UfeU\fU\Q`U\_dQQBYSXQU\(

l`jgo \go f

A ] l`j]o ` ae k ]d^\ go flg l` ] _jgmf\) L]dYboQ\ceU\_( ;mql` ] I < Y f \ o]èddl` jg o af l` ] hjafl]j) 8_]`bQU\E8i dUbUWQ\QbU]_c\QY]`bUc_bQ(

l` jg o g ^^

M ` ] e g f kl]jlm j f ] \ Y_ Yaf klalke Yc[j) :\]_^cdbe_cUf_\fYoU^S_^dbQTUce SbUQT_b(

M ` ]jgZZ]jeYfY_]\lgl`jgol`]h|da[]g ^^l `]k[]fl : \\QTbo^\_WboTUc`YcdQbQ \Q`_\YSmQ(

M ` ] q ` Y \  lg  l m j f  Z Y [ c  Z ] [ Y m k ]  g ^ Y h h Y ddaf _  o ]Yl` ]j[gf\alagfk) : \]Q\dYU]`_\Uc_R\YWoQf_\fUb( < g m d\ q g m lm j f l` ] kl] j] g \go fh d]Yk]9 vE_TbmQcRQZQb\Q]pcYSQ&`_bV Q f_ b5 A ] jj] i m ] klo Yklm j f ] \ \go f) H e `UdYSYo^V e U bUSXQjQTQ( :kljYq\ g _ o Yklm jf ] \ aflg l` ] h|da[]) :^dbUWQb_^U\`Ubb_SQ\\UZUb_Q \Q`_\YSmQ( M m jf  g ^ ^ l` ]  l)n)o ` ]f  l` ] h jg _ jY e e ]  ^dfak`]k) 6`QWQ\QdU\USeQ^T_QSQRUU\`b_WbQ]Q( A ] j]Yddqlm jf ke ] g^^) B UTQQcS_TUfUbTQT(

C m k ll` jg o Yfqg z\ l` af _ g5 M ` jg o kg e ] e g j] o g g \ g f l` ] ^aj]) :SXQ]kc\UnQQ \VeUW_( M ` ]q l`j]o ` ae g m l^ g j [`]Ylaf_) A_USXQb_^`_bdbQ]`_c_( l` jg o lg _ ] l` ]j

B èn ]b m k ll`jgo fkg e ] g ^ l` ] d]^lg n ]jklg _ ] l` ]jlg >]`b_fYclU\WeYc_USXQ^T_U^\Q_\\QQ\We^Qcc_RbQc(

< g m d\ q g m lm j f l` ] lY h g f 'hd]Yk]9 vE_TbmQQRbYbU\WbYVo&`_bV Qf_b5 L ` ]j]Yddqlm jf ke ] gf) BU` _^U]eiSQSX_^T_( B lYddlm jf ] \ g m lo ]ddaf l` ] ]f \ ) 6 \V Y^ Q \& d_T_cQ\YoRYU^(

I ` jY kYdn]jZ kk]_}f]dn]jZg

,0+ lm j Y m h 

L ` ]lm j Y ] \ m h dYl]Y lfa_`l) HU`bUcU^do]eiU^dbQTQ\Q^_SXU

A ] o gjckYkY o Yal]jaf IbQRQZQQ( Bèn ]Z ] ]f o gjcaf_Y le ql] f f akZY[c`Yf\) = UUcdQT_`UbVUSSY_^Q^T_] YbUflcU^dU^Yc( L ` ]o g jc ] \ ` ] j  ^af _ ]jkdgodqaf l` ]  ` g d]  lg  _]l l` ] h af gml) EQbQcQSQbU\Q\VY\Ub&V e U Y^db_TeSYU^T_\_cTUT_cU^U\QWe' ZUb_`_S_Q `_S_(

L ` ]o gjc]\g ^^Ydd` ] j h ] f lm h Yf _ ]j\go fY ll`] _qe) 9UcQX_Woce U^VQT_U^U\W Y]^QcY_( M ` ]q o gjc]\g f mflad e a\ f a_ ` l) HYWeYUb_^dbQRQZQ^T_XQcdQ\Q]UTYQ^_SXU(

A ] o gjckg m l]n]jq\Yq) =QSUUZUbSYSY_d_T_c\_cTmQc( G g Z g \ q [ Yf o gjcg m lo ` Yl` Y h h ]f ] \ ) CQTYUU^dYU^TU\_aeU`Qco( P `YlY j] q g m o g jcaf_m h lg9

B6@:R E Y\ a^]j]f [aY] f lj] e Yc]q \ g [YmkYe m[`gkh jgZ d]e YkY dgk]klm \ aYf l]k\ ] af( _dyk)>k\a^z[ad\aklaf _ m aj] f lj] ] dmkg\ ] ]klgk\g kn]jZgk'qYi m ] Ye Z g kk]ljY( \ m [ ]f ] f ]kh Y{ g dh g jXQSUb(

> f _ ] f ]jYd'mladarYe gk\ g [g f Y[[ag f ]kj]dY[ag f Y\ Yk[g f ]dljYZYbg5 g \ g Zmkaf]kk g \ g Y f ]p[]j[ak[ g \ g kZ Y ^Yngmj g \ g _gg\ g \ g `ge ]o gjc g \ g j] h Y ajk g \ g ogjc

XQSUb^UW_SY_c XQSUbe ^ UZUbSYT_ XQSUb\Ue ^ V Q f_ bQ Q\WeYU^ RU^UVYSYQb&cU^dQbRYU^ XQSUb\_cTURUbUc XQSUbe ^ dbQRQZ_ XQSUb_RbQc&bU`QbQSY_^Uc dbQRQZQb& XQSUbQ\W_

CY e a] `Y kf èl \ g f ] Yf q o g jc lg\Yq) VQ Y] U ^_XQXUSX_^QTQX_i( Bèn ]Z ] ] f \ g af _ Z m kaf ]kko al`l` ] e ^ g j kap q]Yjk) = UUcdQT_XQSYU^T_^UW_SY_cS_^U\\_cTebQ^dUcUYcQn_c( A Yn ]q g m\ g f ] Yddl` ] ]p ]j[ak]kq]l9 v= QcXUSX_iQ d_T_c\_cUZUbSYSY_c5 A YkLl]n]\ g f ] l` ] j] h Y ajkg f l`]_YjY_]q]l9 v=QXUSX_i Q HdUfU\Q_RbQU^U\W QbQZU5 ] f hYjla[m dYj'[ m Yf \ g f g kj]^]jae g kY dYkaf _ jYlYklYj]Yk\ ] dY Y g \ g l` ] o Yk`af_m h  g \ g l` ] oYk`af_ g \ g l` ] ajgfaf_

\QfQb\_c`\Qd_c XQSUb\QS_\QTQ `\Q^SXQb

F Yc]q\g lg \ g l` ] [d]Yfaf_ lg \ g l` ] ` g gn]jaf_ lg \ g l` ] `gmk]o g jc 

XQSUb\Q\Y]`YUjQ `QcQb\QQc`YbQT_bQ XQSUb\QcdQbUQcTU\QSQcQ

< g m d\ q g m\ g l` ] o Yk`af_m h 'hd]Yk]9 vE_TbmQc\QfQb\_c` mQ\_c&`_bV Qf_b5 F Yjlaf èk\ g f ] l` ] oYk`af_) B Qbdm^XQXUSX_\QS_\QTQ(

> f  [ Ye Zag' mladarYe gke Y c ]  h Y jY j]^]jajf g kY Yi m ]ddYk[gkYki m ]  [j]Ye g k [ g f kljm ae g k[g f dYke Yfgk5 lg e Yc]Y e g \ ] d lg e Y c ] Y lY Z d]  lg e Y c ] Y lg q  lg e Y c ] Y [Yc]

XQSUbe^Q]QaeUdQ XQSUbe ^ Q ]UcQ XQSUbe ^ ZeWeUdU XQSUbe ^ `QcdU\

Bl` af c BèNe Yc]Y [Yc]lgfa_`l) B U`QbUSUaeUf_iQ XQSUbe ^ `QcdU\UcdQ^_SXU( F a[`]N]èke Y \ ] Y lg q _mf) BYSXUJUXQXUSX_e ^ Q `Ycd_\QTUZeWeUdU( > pakl]f f m e ]jgkYk]p h j]kag f ]k[ g f e Yc ]i m ] k] Ykg[aYf [ g f Y[lana\Y\]kj7 dY[agfY\Yk[g f]de m f \ g \ ] dgkf]_g[agk5 lg e Y c ] Y f Yh h g af le ] f l lg e Yc]YjjYf _ ] e ] f lk lg e Y c ] Y [ g e h dYaf l lg e Y c ] Y \][aka|f lg e Yc]]f i m a{ ] k lg e Y c ] e g f ] q  lg e Y c ] Yfg ^ ^] j  lg e Y c ] Y h ` g f ] [Yda lg e Y c ] Y h jg ^al lg e Y c ] h jg _ j] kk lg e Y c ] Y j ] h g j lg f  lg e Y c ] Y kh ] ][ `  5ge Yc ]Y km[[]kkg ^ 

S_^SUbdQbe ^ Q SYdQ XQSUb`bU`QbQdYf_c XQSUbe ^ QbUS\Q]QSYo^&`bUcU^dQbe ^ Q aeUZQ d_]Qbe^QTUSYcYo^ XQSUbQfUbYWeQSY_^Uc WQ^QbTY^Ub_&U^bYaeUSUbcU XQSUbe ^ Q_VUbdQ XQSUbe ^ Q\\Q]QTQdU\UVo^YSQ _RdU^UbRU^UVYSY_c QfQ^jQb&`b_WbUcQb&TUcQbb_\\QbcU& ]UZ_bQb bUTQSdQb_ XQSUbe ^ Y^V_b]Uc_RbU TQbe ^ TYcSebc__ e ^ Q S_^VUbU^SYQ \_WbQblhYd_& S_^fUbdYbQY

A Yn ]q g m e Y \ ] Yfqe g f ] q g f l` Y la\ ] Y g ^ qgmjk9 v=QcWQ^QT_TY^Ub_S_^UcQYTUQdeiQ9 M ` ]q ` Yn ]e Y \ ] Y f g ^ ^] j g f g m j^zYl) C_cXQ^_VbUSYT_TY^Ub_`_bU\`Yc_( < g m d\ B e Yc ]Yh ` g f ] [YNhd]Yk]9 vE_TbmQ\\Q]Qb` _bdU\lV_^_&`_bV Qf_b5

 Laf]e Z Yj_ g '`Yqe m [` YkgljYk]phj]kagf]k[g f e Yc ]i m ] f g  _dYk_ ] f ]jYd] kqi m ] \ a^z[ade ]f l]k]h m ] \ ] f [dYka^a[Yj5 lg e Yc]l` ] Z ] klg ^  lg e Yc][]jlYaf g ^  lg e Y c ] Y[gf^]kkagf ge Y c ] Y\a^^]j]f [ ]  lge Yc]Y \ak[gn]jq lge Yc]Y f ] ^^g jl lge Yc]h [Y[]oal` lge Y c ] km j] g ^  lge Y c ] m k]g ^  lge Yc ]oYq^g j lge Yc ]kZ o ]d[ge ] lge Yc ]Y f ]k[Yh] 5ge Y c ] Y ^g g dg ^  6ge Yc ] ^ja]f\ k 5ge Yc ]^m f g ^  lge Yc ]Y_m]kkYl g e Yc ]Ybg m jf ]q  g e Yc ]YeaklYc]

cQSQb\_]UZ_bTUe ^ Q TUdUb]Y^QTQcY QcUWebQbcU XQSUbe ^ Q S_^VUcYo^ ]QbSQbe ^ Q TYVUbU^SYQ TQbcUSeU^dQTU& XQSUb XQSUbe ^ UcVeUbj_ XQSUb\Qc`QSUcS_^ QcUWebQbcUTU edY\YjQb TQb`Qc_Q XQSUbaeUQ\WeYU^cUcYU^dQb_] UcSQ`Qb bYTYSe\YjQb&XQSUbaeUTQbS_]_ XQSUbQ]YW_c bUmbcUTU dbQdQbTUQTYfY^Qb XQSUbe ^ fYQZU S_]UdUbe ^ Ubb_b& UaeYf_SQbcU

E Y lm ] f ^af \ kalj]Yddq]Ykqlg e Yc]^ja]f \ k) AQebU^XQSUQ]YW_cS_^WbQ^VQSY\YTQT( Llg h e Ycaf_^m f g ^ l`[e w9UZQTTUbUmb_cTUU\\_c B l \ g ] kf èle Y ll] ja^ qgme Yc ]YeaklYc]) C _Y]`_bdQcYdUUaeYf_SQc( > f j]km e ]f '[g e g j]_dYe mq_ ] f ] jY dh m ] \ ] Y[gfk]bYjk]i m ] [m Y f \ g Y Z g j\ Y ( e gkY[lana\Y\Ykj]dY[ag f Y\ Yk[g f ]dljYZ Ybg g lY j] Yk\ ge ykla[Yk'm lada[]e g k]d n]jZg\ g )> f dgk\ ]e xk[Ykgk'dgexkh jg Z YZ d]] ki m ] k]ljYl] \ ] m f Ykg \ ] dn]j( Zg eYc])

O]jZgkq hj]h g ka[ag f ]k

,00

dYdaklY\ ] n]jZgkqh j]h gka[ag f ]ki m ] Y h Yj][ ] Y [ g f lafm Y[ a| f )E m]_ g 'h Y jY j]( ^ g jr Yj]dYh j]f \ arYb]af a[aYd'k]h m ] \ ] Zm k[ Yj]b]e hdg kkae adYj]k] f ] dd]f _ m Y ( b ] ]k[jalg g ` YZ dY\ g q'h g j } dlae g ']e h ]r YjY mladarYjdYkngkgljgkeakegk) @ K:FëMBK;HLRIK>IHLBL ]]B]]]]]& > f af_dyk'[ge g]f]khY{gd'm f Y hj]hgka[a|f[gdg[Y\Y\]khmyk\ ] m f n]jZgYhgj( lY af ^g je Y[a| f Y\a[agf YdY dY ^jYk])> f ] dka_ m a]f l] ]b]e h dg mladarYe gkdY hj] ( hgka[a| f af lg h Y jY af ljg \ m [ ajdYkhYdYZ jYkl` j] ] ]i m Ydh Yjlk5 M ` ]q \ an a\ ]\ l` ] klg d]f e g f ] q af lg l` j] ] ]i m Ydh Y jlk) 9YfYTYUb_^U\TY^Ub_b_RQT_U^dbUc` Qb\UcYWeQ\Uc( > f ]kl]g ljg ]b]e hdg'[g e h jg Z Y e g ki m ] dY h j]h g ka[a| f hZeYaf ljg \ m [ ] dYkh Y( dYZjYkn g \ c Y Y f \ gjYf_]5 M ` ]q ^add] \ l` ] Z g lld] o al`n g \ c Y Y f \ g jYf _ ]) A\U^Qb_^\QR_dU\\QS_^f_T[Qi ^QbQ^ZQ(

A Yn ]q g m ]n]jl` g m _ ` lg ^ \ g af _ aldac ]l`ak9 v=Qc`U^cQT_Q\We^QfUjU^XQSUb\_Q cm5 M ` ]q hY a\ mk] p ljY ^ g j`Ynaf_o gjc]\k g `Y j\ ) C_c`QWQb_^]kc`_bXQRUbdbQRQZQT_dQ^d_( P `gakj]kh g f kaZ d]^ g jgj_Yfakaf_l` ak^aYk[g9 vFeYl^UcU\bUc`_^cQR\UTUcU]UZQ^dUTUcQWeYcQT_9 L ` ]èkh jg m \ g ^ `Ynaf_o gfl` ] _g d\ e ]\Yd) :cdk_bWe\\_cQTUXQRUbW Q^QT_\Q]UTQ\\QTU_b_( P]èj ] laj] \ g ^ `Yn af _ lg oYal) :cdkRQ]_cXQbd_cTUUc`UbQb( E Yka_ m a]f l] k][[a|faf[dmq]dYk[ge Zaf Y[ag f]k\ ] n]jZgkqh j]h g ka[ag f ]kexk ae h g jlYf l]k)> klxfg j\ ]f Y \ Ykk]_ } f dYhj]h gka[a|f 5

L BF BEBMN = > L q \ a^ ] j ] f [ aY k > G M K > >E >LI: v H E q > E BG @EuL 6 7D J I > fe m [ ` g k[Ykgk'dYk[ g e Z af Y[ ag f ] k\ ]hj]h gka[ag f ]kq n]jZgkkg f a_ mYd]k]f ]kh Y{ g dq ] f af_dyk5 lg \ an a\ ]af lg  lg ^Ado al` lg lY dc Y Z g m l

TYfYTYbU^ \\U^QbS_^ XQR\Qbc_RbU

P]lY dc ]\ YZ g m l`ako ]\ \ af _ hdYfk) =QR\Q]_cc_RbUcec`\Q^UcTUR_TQ( Laf]e Z Yj_ g '] dmkg\ ] dYkh j]h g ka[ag f ] kY e ] f m \ g \a^a]j]] f Ye Z g ka\age Yk' dg i m ]  [gfklalmq]m f n ] j\ Y \ ] jg h jg Z d]e Y YdY ` g j Y \ ]  Ykae adYjf m ] n g ng[Y( Z m dY jag q m f Y ^m ] f l] af Y_ g lYZ d]\ ]e Y d]f l]f \ a\ gk)I g j]b]e hdg5 lg [g m f lg f 

S_^dQbS_^

R gm[ Y f [g m f lg f e ]) EYe\UcS_^dQbS_^]YW_( EY e ] bg je Y f ]jY \ ] Y h j] f \ ] j ]klYk] p h j]kag f ]kh ] [m daYj]k'Y h Y j]f l] e ] f l]  ad|_a[Ykq Yd]Ylg jaYkh ] jg h jg h aYk\ ] lg \ gkdgka\age Yk'[gfkakl]]f e ]e gjarYj

lg Z ] YfpagmkY Z g m l UcdQbY^aeYUd_gQ^WecdYQT_`_b lg Ykc k Z Yim ]klag f Y Z g m lkl` _  XQSUb\UQ  Q\WeYU^e ^ Q `bUWe^dQc_RbUQ\W_ lg Z g Y klYZ g m l VQ^VQbb_^UQb&`bUce]YbTU lg [Yj] Y Z g m l Y]`_bdQb&`bU_Se`QbcU`_b lg Z ] []jlYaf YZ g m l UcdQbcUWeb_TU lg [ge h dYaf YZ g m l aeUZQbcUTU lg Z ] [g f ^a\ ] f lYZ g m l dU^UbS_^VYQ^jQU^& UcdQb]eicUWeb_TU lg \ j] Y e YZ g m l c_nQbS_^ lg o g jjq Y Z g m l `bU_Se`QbcU`_b A akdalld] \ Ym _ ` l]jakYdo YqkYkcaf_` ae i m ]klag f kYZ g m l]n]jql`af_) H e XYZQ`UaeUne^_`QbQTUXQSUb\U`bUWe^dQcQd_TQcX_bQc( I Y m d\ j] Y e lY Z g m lq g m dYklfa_`l) E Qe\c_noS_^dYW_Q^_SXU( M ` ] j] èk f g f ] ]\ lg o g jjq Y Z g m la l  C_XQi^USUcYTQTTU`bU_Se`QbcU` _bUc_(

O]jZgkqhj]hgka[agf]k 6CHI lg [g e h ]l] Y_ Yaf kl lg d] Yf Y_Yaf k l lg h jg l] [ lY_Yafkl

S_]`UdYbS_^ Q`_iQbcUU^)S_^dbQ `b_dUWUbS _^dbQ

C g ` f oYkd]Yf af _ Y_Yafkll` ] hg kl) ?_X^UcdQRQQ`_iQT_S_^dbQU\`_cdU(

lg Z ] Ye Yr]\ Yl

lg ke ad]Y l

UcdQbQc_]RbQT_`_b \\UWQbQ bUmbcUTU( TYc`QbQbS_^dbQ c_^bUmb ]YbQbVYZQ]U^dU

; Y jZ YjY ke ad]\ Y le] 7kbRQbQ]Uc_^bYo(

`bU`QbQb#cU$& TY`_^UbcU` QbQ SQcdYWQbQ Q\WeYU^`_b UcdQb`bU`QbQT__  \Ycd_`QbQ WeQbTQbQQ`QbdQbQ\W_`QbQQ\WeYUY cUbbUc`_^cQR\UTU bUS_]`U^cQbQ Q\WeYU^`_b&`bU]YQb RecSQbQ cUbQ`b_`YQT_`QbQ TQbQ Q\WeYU^\QcWbQSYQc`_b f_dQbQ Q\WeYU^ Uc`UbQbQ Q\WeYU^

A ] o YkYjj] kl] \ ^g j\ j m f c \janaf_) A UQbbUcdQb_^`_bS_^TeSYbRQZ_UVUSd_cTUQ\S_X_\( A Yn ] q g m h Y a\ = Yfa]dd]^ g j Y ddl` Y lo g jc k ` ] \ a\ ^g jqgm9 vEQWQcdUQ 9Q^YU\\U` _ bU \dbQRQZ_aeUXYj_`QbQdY\ : j]q g m j]Y\ q^ g j l` ] _Ye]9 v:cdkc\Ycd_`QbQZ eWQb5

= g f èl n g l] ^g j` ae  C _\Uf_dUc( A ] YdoYqke Yc ]ke ] o Yal^ g j `ae ) HYU]`bU]UXQSUUc`UbQb(

7 :IL ::C UcS_WUb#U^dbUT_c$

Rgmèdd`Yn]lg [` gg k]Z]lo ]]fl` ] g z\ gf ] kYf \ l` ] f]o gf]k) IU^TbkcaeUUcS_WUbU^dbU\_cQ^dYWe_ci\_c^eUf_c(

lg Y[[ g m f l^ g j lg Y jj] k lkZ ^ g jkl` _ lg Z ]_ ^ g jkl` _ lg [ ` Yj_ ] kZ ^ g j kl`_ lg [g e h yf kY l] ^g j lg Z ] [gfn ]f a]f l^g j lg ]p[` Yf _ ]: ^ g j ; lg Z ] ^Ye g m k^g j lg ` ] Y\ ^ g j lg ` g h ] ^g j lg dg f _ ^g j lg e aklYc]kZ ^ g jkZ ]dk] lg h Yq kZ  ^g j

lg h j ] h Y j] ^g j lg hm f ak` kZ ^g j lg Z ] j]Y \ q ^g j lg j]k] jn ] kl` _ ^ g j kZ lg Z ] j]kh g f kaZ d] ^g j lg j]o Yj\ kZ ^g j lg k] Yj[` ^g j lg Z ] kmalYZd]^g j lg l` Y f c kZ ^g j lg ng l] ^ g j kZ lg o Yal^ g j kZ

B è\ dac ]lg l` Y f c q g m ^ g j Y ddq g m j` Y j\ o gjc) FeYcYUbQTQbdU\QcWbQSYQc`_bXQRUbdbQRQZQT_dQ^d_(

L lg h klY jaf _ Y l`ae w9UZQTTU]YbQb\UdQ^VYZQ]U^dU

lg [ ` g g k]Z]lo ]]f

O ]jZgkq h j]h gka[agf ]k

bUc`_^TUb`_b&ZecdYVYSQb&Uh`\YSQb QbbUcdQbQ Q\WeYU^`_bQ\W_ b_WQb&c_\YSYdQbQ\W_ S_RbQbQ\W_Q Q\WeYU^ S_]`U^cQb` _b cUbS_^fU^YU^dUg fU^YbRYU^`QbQ SQ]RYQb6 `_b>m cUbV Q]_c_`_b TYbYWYbcUQ&U^SQ]Y^QbcU dU^Ub\QUc`UbQ^jQTU Uc`UbQbS_^Y\ecYo^&UcdQbTUcUQ^T_ S_^Ve^TYbQe ^ Q `Ubc_^QS_^_dbQ `QWQbQ Q\WeYU^`_b

;G D B lg Z ] YZ k] f l^jg e lg Z g jjg o kl`_ ^jg e kZ lg \ a^ ^ ] j ^jg e lg Z ] \aklYf l^jg e lg ]k[Y h] ^jg e lg j]ka_ f ^jge lg kYn]^jg e lg k] h xjYl] ^jg e lg kl] Ydkl`_ ^jg e kZ

QecU^dQbcUTU&VQ \dQ bQ `UTYb_ d_]Qb`bUcdQT_Q\W_QQ\WeY TYcU^dYb&cUbTUTYVUbU^dU_`Y^Yo^ UcdQbe ^ \eWQbQ\UZQT_TU UcSQ`QbTU TY]YdYbTU#e ^ SQYW_$ cQ\fQbTU cU`QbQbTU b_RQbQ\W_Q Q\WeYU^

M ` ]q ]k[Y h ]\ ^jg e l` ] `a_ ` k][m jalqhjakgf) :cSQ`Qb_^TUe ^ Q `bYcYo^TUQ\dQcUWebYTQT( E af \ kYq j]ka_ f ]\ ^jg e ` ] j h g k lY ke YfY_af_\aj][lgj) AY^TcQiTY]YdYoTUce `eUcd_S_]_TYbUSd_bQWUbU^dU( :e qklg d] l` ]k]k` ] ]lk^jg e l` ] ` g l]d) 6] ib_RoUcdQcckRQ^QcTU\X_dU\(

#%

,03

O]jZgkqhj]h g ka[ag f ]k

lg Z]da]n]af  lg Z ] af l] j]kl] \ af  lg Z ] afngdn]\af 

O ]jZgkqhj]h g ka[ag f ]k Lae gfèk^ja_ ` l]f ] \ g ^ kha\]jk) HY]o^dYU^U]YUT_Q\QcQbQnQc(

SbUUbU^ dU^UbY^dUblcU^&UcdQbY^dUbUcQT_U^ UcdQb]UdYT__ Y]`\YSQT_U^

Rgmj]Yddqj]e af \ e ] g ^ kZ B m k]\ lg _ g g m loal`) B UbUSeUbTQc]eSX_Q Q\WeYU^S_^aeYU^c_\mQcQ\Yb(

B èe j]Yddqaf l] j]kl] \ af o `Ylq g m o ]j]kYqaf_]Yjda]j) :cd_ifUbTQTUbQ]U^dUY^dUbUcQT_U^\_aeUTYZYcdUQ^dUc(

: j]qgmkm j] g ^ l` Y l0 v:cdkccUWeb_TUUc_5

lg [` Yf _ ]kl` _ af lg  lg e Yc]]f i m a{ ] kaf lg  lg ljYf k ^g je : af lg ;  lg ljYf kzYl]:af lg ;

lg Y\nak]kZ g f kl` _  lg Y_j]]g f  lg Z ] le gf ]qg f  lg [ g e e ]f lgf  lg [g f [y f ljY l] g f  lg [g f _ jYl} dYl]kZ g f  lg [ g m f lg f  lg \ ][a\ ] g f  lg \ ] h ] f \ gf  lg ] p h ]jae ] f lg f  lg af kaklgf  lg Z ] c ] ] f gf  lg g h y jY l] g f  lg j]dq g f  lg kh ] f \ e gf ]q g f  lg _an]Y lYdcg f 

dbQ^cV_b]QbQ\W_U^ XQSUbQfUbYWeQSY_^Ucc_RbU& Y^fUcdYWQb dbQ^cV_b]Qb6 U^7 dbQTeSYb6 Q 7 5gKmkkaYf)

D; Z ] Y ^jY a\ g ^ Y h h jg n ] g ^ Z ]Y k` Ye ]\ g ^ Z ][Yh YZ d]g ^ lYc][Yj] g ^ Z ] [gfk[agmkg ^ \ a] g ^ Z ] ^g f \ g ^ Z ] ^ja_ ` l]f ] \ g ^ Z ] ^m ddg ^ Z ] _dY\g ^ Z ] _madlqg ^ Z ]b] Y dg m kg ^ Z ]h jg m \ g ^ j]e af \ kZ g ^ _ ] lj a\ g ^ "jg Z g ^ 8Z ] k` g j lg ^ "ke ]ddg ^ aZ ] km j] g ^ "km kh ] [lkZ g ^ aZ ] laj] \ g ^ aZ ] mfYo Yj]g ^

dU^Ub]YUT_TU)Q T Q bk fYcd_ReU^_Q&^_dU^UbY^S_^fU^YU^dUU^&`QbUSUbRYU^ UcdQbQfUbW_^jQT_TU cUbSQ`QjTU SeYTQbTU cUbS_^cSYU^dUTU ]_bYbQ SQecQTU WecdQbi dU^UbQVUSd_`_b& dU^UbSQbYn_Q QcecdQbcUTU& dU^Ub]YUT_Q UcdQb\\U^_TU' UcdQbS_^dU^d_g Q\UWbQbcUTU cUbSe`QR\UTU dU^UbSU\_cTU&UcdQbSU\_c_ UcdQb_bWe\\_c_TU bUS_bTQb\UQ Q\WeYU^& XQSUb\UQ Q\WeYU^bUS_bTQb \YRbQbcUg TUcXQSUbcUTU aeYdQb\U_ b_RQb\UQ\W_#QQ\WeYU^$ UcdQbUcSQc_TU& dU^Ub`_S_ _\UbQ UcdQbcUWeb_TU c_c`USXQbTUQ\WeYU^ UcdQbSQ^cQT_TU ^_TQbcUSeU^dQg ^_cUbS_^cSYU^dUTU

Bèe j]Yddq^g f \ g ^ l` g k] lo g) A Q fUbTQTUcaeU\UcdU^W_SQbYn_QUcd_cT_c(

QcUc_bQbQ Q\WeYU^U^Q\W_ UcdQbTUQSeUbT_U^ Q`_cdQbTY^Ub_Q)`_b XQSUbS_]U^dQbY_cc_RbU S_^SU^dbQbcUU^ VU\YSYdQbQQ\WeYU^`_b S_^dQbS_^ TUSYTYbcU` _b TU`U^TUbTU XQSUbUh`UbY]U^d_c_ `beURQcS_^ Y^cYcdYbU^ cUbe ^ U^decYQcdQTUg ] eiQVYSY_^QT_Q _`UbQbQ VYQbcUTU&S_^VYQbU^ WQcdQbTY^Ub_U^ TQbe ^ Q S_^VUbU^SYQc_RbU

Rgmk`g m d\ f èl `Yn]Z ] lg f l` Y l`gjk]) C _TURUbmQcQ`_cdQb` _bUcUSQRQJ_( Earb m k l[Yfèl[g f[y f ljY l] g f ` ] j o g jcl` ] k] \Yqk) :cd_cTmQcAYjUccY]`\U]U^dUY^SQ`QjTUS_^Sl^dbQ]UU^U\dbQRQZ_( M ae èk c ] ]f g f `mflaf_) 6  IY] \UU^SQ^dQ\QSQjQ(

lg [` ]Y lkZ g m lg ^ kl` _  UcdQVQbQ\W_Q Q\WeYU^ A ] Yde g kl[` [Y l]\ e ]g m lg ^ ,'+++'+++h ] k]lYk) 8QcY]UUcdQVo +(***(***TU`UcUdQc(

lg Z ] Y[[m klg e ]\ lg  lg Y \ Y h llg 

UcdQbQS_cde]RbQT_Q QTQ`dQbQ

,1+

O ]jZgkq h j]h gka[ag f ]k lg Y \ \ lg lg Y \ e allg dg Y h g dg _ ak]lg kZ ^ g jkl` _ lg Y llY[ ` kl` _ lg kl` _ lg Z ] dg f _ lg lg [g f ^] kklg kl` _ lg [ g f ljaZ m l] lg lg Z ] [ jm ] dlg lg ] p h dYaf kl` _ lg kZ lg af ljg \ m [ ] kZ lg lg Z ] c af \ lg lg d]Yn]lg lg dakl]f lg lg g Z b][llg lg h g af llg lg Z ] h g dal] lg lg j ] h d q lg lg Z ] jm \ ] lg lg Z ] kae adYjlg lg Z ]km h ] jag jlg kZ lg Z ] m k] \ lg lg Z ] m k] ^m dlg

QnQTYbg QWbUWQbQ Y^WbUcQbg QT]YdYbU^ TYcSe\`QbcUS_^Q\WeYU^`_bQ\W_ QTZe^dQb& e ^ YbQ\W_S_^Q\W_ `UbdU^USUbQ S_^VUcQbQ\W_ S_^dbYReYbQ cUbSbeU\S_^ Uh`\YSQbQ\W_Q Q\WeYU^ `bUcU^dQbe ^ Q `Ubc_^QQ _dbQ cUbQ]QR\US_^ TUZQbU^]Q^_cTU UcSeSXQb&`bUcdQbQdU^SYo^ _`_^UbcUQ Q`e^dQbQ cUbS_bbUSd_g S_bdlcS_^ bUc`_^T UbQ cUbTUcS_bdlcg ]Q\UTeSQT_S_^ cUbcU]UZQ^dU_ `QbUSUbcUQ cUbTUcTUn_c_S_^Q\WeYU^ UcdQbXQRYdeQT_g QS_cde]RbQT_a cUbp dY\`QbQ

A Yn ] q g m Yhgdg_ak]\lg LlY[]q^g jYjjan af _ dYl]9 v> 6 `UTYcdUTYcSe\`QcQ HdQSUi`_b\\UWQbdQbTU9 P `g\ g ] kl` ako Ydd]lZ [ dg f _ lg9 v9UaeYl^UcUcdU]_^UTUb_5 = g B`Yn]lg ] p hdYaf l` Y llg qg mY_Yaf9 vIU^W_aeUUh`\YSkbdU\__\bQfUj5 B è\ dac ]lg af ljg \ m []q g m lg Padd) IU`bUcU^d_Q LY\\( A ]d]f akf g lm k] \ lg o g jcaf_o al`h ] g h d] dac]l`Yl) :\U^Q^_UcdkXQRYdeQTQQdbQRQZQbS_^`Ubc_^QcQcY(

g Z ] Y f_jqo al` UcdQbU^VQTQT_S_^ g Yj_ ~ ] o al`k Z YZ g m lkl` _  TYcSedYbS_^Q\WeYU^`_bQ\W_ g Z ] Z g j] \ oal` UcdQbQRebbYT_TU _ [g e h Yj] : o al`;  S_]`QbQb6 S_^7 g Z ] [ g f l]f lo al` S_^dU^dQbcUS_^ _ [ g f ljYkl : o al`;  S_^dbQcdQbg S_]`QbQb6  S_^7 g [ g g h ]jYl] o al` S__`UbQb_ S_\QR_bQbS_^ g [ g h ] o al` `_TUbS_^&XQSUbVbU^dUQ

O ]jZgkqh j]h g ka[ag f ]k lgZ ] ^Ye adaYjo al` lgZ ] ^ja]f \ dq o al`kZ  lgaf b] [ lkZ o al`kl` _  lgaf l] j^] j] o al` zgZ ] g[[m h a] \ oal` 5gh j] k] f lkZ oal` 6gi m Y jj] doal` g j]Y kg f oal` 5gj]h dY [] oal` g Z ] kYlak^z]\ oal` g kqe hYl`ak]o al`

UcdQbVQ]Y\YQbYjQT_S_^ cUbS_bTYQ\S_^g Q]YW_U\UQ\WeYU^ Y^iUSdQb\UQ\W_Q Q\WeYU^ Y^dUbVUbYbS_^&Ucd_bRQb& Y]`UTYb TUTYSQbcUQ& _Se`QbcUTU _RcUaeYQbQ Q\WeYU^S_^&XQSUb\Ue ^ bUWQ\_Q TYcSedYbS_^ bQj_^QbS_^ cecdYdeYb` _b S_^V_b]QbcUg UcdQbcQdYcVUSX_S_^ cU^dYbcUYTU^dYVYSQT_S_^

P `Ylèkk` ] Yf _ jq o al`q g m YZgml9 >E_baelUcdkU^VQTQTQS_^dYW_5 P]èdd`Yn]lg [ g g h ]jYl] o al`l` ] e a^ o ]o Yf llg _ ] ll` ak^zf ak` ]\ ) H YaeUbU]_cdUb]Y^QbUcd_& dU^TbU]_caeUS_\QR_bQbS_^U\\_c(

A YkC ] f f a^] jZ ] ] f im Yjj]ddaf _ o al`?U^^YVUbXQfeU\d_QTYcSedYbS_^8QbY5 M ` ]q e a_ ` l\][a\ ] lg j]h dY [] l` ] F Ylakk]o al`Y Ia[Ykkg) FeYjkTUSYTQ^cecdYdeYbU\BQdYccU` _be ^ EYSQcc_(

:\b]langkqkmklYflangk\]janY\gk\ ] m f n]jZg

,1.

B b m k l[Yfèl Z]da]n]al) C _ ]U\_`eUT_SbUUb( M ` Y lklg jq akf g lZ]da]nYZd]) :cQXYcd_bYQ^_UcSbUmR\U( ; ]f ]f bg q ]\ ` ae k ]d^BYklfa_`l) 7U^cUTYfYbdYo]eSX_Q^_SXU( M ` Y loYkY ]fbgqYZd]]p h ]ja]f []) ;eUe ^ Q Uh`UbYU^SYQTYfUbdYTQ(

: = C> M BO H L R L N L M : G M BO H L ]]]]]]]] =>KBO:=HL=>NGO>K;H ]Q]]]]]] EgkY\b]langkg kmklYflangk\]jan Y\ gk\ ] dY jYz96\ ] m f n]jZgj] la] f ] f km ka_fa( ^a[Y\ g h jaf [ah Yd)= ]e g \ g i m ] ] khgkaZd]_ ] f ] jY je m [`YkhYdYZjYk[ g f  kgdg af ljg \ m [ ajm f g kda_ ]jg k[Ye Z ag k] f ] dn]jZ g 'dg [m Ydk] jx e mq} ladYdY ` g j Y \] Ykae adYjfm]ngng[YZmdYjag)

E : ?H K F : :=C>MBOHL

L `Ymfj]Yddqn Yd}]k` ak^ja]f \ k` ah o al`: e Yf\Y) H XQe^fQ\_bQbUQ\]U^dUce Q]YcdQTS_^6]Q^TQ( M ` Y lkh g g f akj]YddqnYdmYZd]) 6aeU\\QSeSXQbQUc]eifQ\Y_cQ(

E : ? H K F : L NLM:GMBO HL Egk]b]e h dg kka_m a]f l]k\ ] k[jaZ ]fdY ^g je Y[a| f \ ] kmklYflangkY h Y jlaj\ ] m f  n ]jZ g ) = aklaf_maj]e gk lj]k_ jm h g k\ ] kmklYflangkk]_ } f  dY l] je af Y [ a| f i m ]  Y \ g h lYf5 ,) dgki m ] l] je af Yf ] f (ag f

M g\gkdgkY\b]langk\]janY\gk\ ] m f n ]jZgl] je af Y f ] f (YZ d] 5 g Q4

QTZUdYf_

lg Y[[]h l lg Y \ Y h l lg Z]da]n] lg [ g e h Yj] dg [ g f ka\ ]j lg [m j] lg \ ]kaj] lg ]fbgq lg ]p[al] lg ^Yngmj lg ae Y_ af ] lg e Yf Y_ ] lg egn] lg f g la[] lg hYkk lg h j] ^] j lg j[Ykgf lg j][g_fak] lg j]e Yjc lg j]kh ] [l lg nYdmy

Y[[]h lYZ d] Y \ Yh lYZ d] Z]da]nYZd] [ g e h YjYZ d] [g f ka\ ]jYZ d] [ m jYZ d] \ [kajYZ d] ]fbgqYZd] ]p[alYZd] ^YngmjYZd] ae Y_afYZd] e Y f Y_ ]YZ d] e gnYZd[ f g la[]YZ d] hYkkYZd] h j]^]jYZ d] j]Ykg f YZ d] j][g_fakYZd] j]e Yjc YZ d] j]kh ][lYZ d] nYdmYZd]

-) dg ki m ] l] je af Yf ] f (Y f ] ] g (] f [ ] .) dg ki m ] l] je af Yf ] f ( e ] f l

QSU`dQb)QSU`dQR\U QTQ`dQb)QTQ`dQR\U SbUUb)SbUmR\U S_]`QbQb)S_]`QbQR\U S_^cYTUbQb)S_^cYTUbQR\U SebQb)SebQR\U TUcUQb)TUcUQR\U TYfUbdYbcU)TYfUbdYT_ UhSYdQb)UhSYdQR\U VQf_bUSUb)VQf_bQR\U Y]QWY^Qb)Y]QWY^QR\U ]Q^UZQb)]Q^UZQR\U ]_fUb)]ofY\ _RcUbfQb)_RfY_ `QcQb)`QcQR\U `bUVUbYb)`bUVUbYR\U bQj_^Qb)bQj_^QR\U bUS_^_SUb)bUS_^_SYR\U ^_dQb)^_dQR\U bUc`UdQb)bUc`UdQR\U fQ\_bQb)fQ\Y_c_

E g kkmklYflangkl] je af Y\ g k] f 'Y_ ^ fUbR_

cecdQ^dYf_

lg Yh h j[ [aY l] lg Y ll]f \ lg YlljY[l lg [gdd][l lg [g e h ]l] lg [gf [dm\ [ lg [gfk]jn] lg [g f kljm [l lg [g(gh[jYl] lg \][a\ ] lg \]k[jaZ] lg ]p h dg \ ] lg ]phj]kk lg ]p l]f \ lg ae Y_af] lg ae zlYl]

Y h h j] [aY lag f Y ll]f lag f YlljY[ lag f [gdd][lagf [ g e h]lalag f [gf[dmka|f [gfk]jnYlagf [g fkljm [lag f [g(g h ]jYlag f \][aka|f \ ] k[jah dag f ]ph dg ka| f ]phj]kkagf ]pl]fka| f aaf Y_ af Ylag f ae alY#agf

QSdeQb)QSSYo^ Q`bUSYQb)Q`bUSYQSYo^ QdU^TUb)QdU^SYo^ QdbQUb)QdbQSSYo^ S_\USSY_^Qb)S_\USSYo^ S_]`UdYb)S_]`UdYSYo^ S_^S\eYb)S_^S\ecYo^ S_^cUbfQb)S_^cUbfQSYo^ S_^cdbeYb)S_^cdbeSSYo^ S__`UbQb)S__`UbQSYo^ TUSYTYb)TUSYcYo^ TUcSbYRYb)TUcSbY`SYo^ Uh`\_dQb)Uh`\_cYo^ Uh`bUcQb)Uh`bUcYo^ UhdU^TUb)UhdU^cYo^ Y]QWY^Qb)Y]QWY^QSYo^ Y]YdQb)Y]YdQSYo^

:\b]langkqkmklYflangk\]janY\gk\ ] m f n]jZgXXXXXXXXXXXX,10

,1/XXXXXXXXXXX :\b]langkqkmklYflangk\]janY\gk\ ] m f  n]jZg lg ae hj]kk lg af kle ]l lg afn]fl lg gZb[[l lg gh ] jY l] lg h ] je al lg hgkk]kk lghj]n ]f l lg h jg \ m [] lg h jg l][ l lg j][]an[ lg j]ad][l lg j]h j]k] f l lg j] h jg \ m [] lg k]fk]

ae hj]kkagf af kajm [lag f af n ]f lag f g Z b][lag f g h ] jY l agf h]je akkag f hgkk]kkagf h j]n ] f lag f h jg \ m [lag f h jg l][ lag f j][ ]h lag f j[^d][lag f j]h j]k] f lY lag f j] h jg \ m [lag f k]fkY[a|f

Y]`bUcY_^Qb)Y]`bUcYo^ Y^cdbeYb)Y^cdbeSSYo^ Y^fU^dQb)Y^fU^SYo^ _RZUdQb)_RZUSYo^ _`UbQb)_`UbQSYo^ `Ub]YdYb)`Ub]Yc_ `_cUUb)`_cUcYo^ `bUfU^Yb)`bUfU^SYo^ `b_Y\ekb)`b_TeSSYo^ `b_dUWUb)`b_dUSSYo^ bUSYRYb)bUSU`SYo^' bUV\UZQb)bUV\UZ_ bU`bUcU^d Qb)bU`bUcU^dQSYo^ bU`b_TeSYb)bU`b_TeSSYo^ cU^\Yb)cU^cQko^

< g m d\ qgm\ ]k[jaZ ]q g m j]ph]ja]f[]k9 vE_TbmQcTUcSbYRYbdecUh`UbYU^SYQc5 M ` Y loYkY f af l]j]klaf _ \]k[jah lag f ) ;eUe^ Q TUcSbY`SYo^Y^dUbUcQ^dU( P `gafn ]f l]\ l` ] l]d]h ` g f ]9 vFeYl^Y^fU^doU\dU\lV_^_5 M ` Y lèkYn]jqm k]^m dafn]flagf) ;? e^ Y^fU^d_]eipdY\( B j]Yddqe mklgZb][l) GUQ\]U^dUdU^W_aeU_`_^Ub]U( = g ]kYfqgf]`Yn]YfqgZb][lagfk9 vIYU^UQ\WeYU^Q\We^Q_RZUSYo^aeUXQSUb5 H  E gkkmklYflangkl] je af Y\ g k] f 'Q^UUg 'U^SU fUbR_

cecdQ^dYf_

lg Ykkakl lg Y ll] f \ lg [ g f ^a\ ] lg [g jj]kh g f \ lg \ ] h ] f \ dg \ a^^]j lg ]pakl lg ` af \ ] j lg a_ f g j] dg af km j] lg af l] j^] j] lg e Y af lYaf [gh ]j^g je

YkkaklYf[] Y ll]f \ Y f [] [ g f ^a\ ]f [] [ g jj] kh g f \ ] f l] \ ] h ]f \ ] f [] \a^^]j]f[] ]pakl]f[] ` af \ jYf [ ] a_fgjYf[] af km jYf [] af l] j^] j] f [] eY af l ]f Yf[] h ]j^g je Yf []

QieTQb)QieTQ QcYcdYbQ)QcYcdU^SYQ S_^VYQb)S_^VYQ^jQ S_bbUcVh]TUb)S_bbUc`_^TU^SYd TU`U^TUb)TU`U^TU^SYQ TYVUbYb)TYVUbU^SYQ UhYcdYb)UhYcdU^SYQ _RcdQSe\YjQb)_RcdkSe\_ YW^_bQb)YW^_bQ^SYQ QcUWebQb)cUWeb_ Y^dUbVUbYb)Y^dUbVUbU^SYQ ]Q^dU^Ub)]Q^dU^Y]YU^d_ Y^dUb`bUdQb)Y^dUb`bUdQSYo^

lg  j] ^]j lg j]kakl

j]^[j]f [ ]  j]kaklYf[]

bUVUbYbQ)bUVUbU^SYQ Y^cYcdYb)bUcYcdU^SYQ

= a\ q g m Y ll] f \ l` ] [ g f ^[ j] f [] dYklo]]c]f\9 v6cYcdYcdUQ \QS_^VUbU^SYQU\V Y^ #\UcU]Q^Q` QcQT_5 P `Ylo Ykl` ] Y ll]f\ Yf []dac]Y ll` ] e Yl[`9 vBeSXQWU^dUV e U Q fUbU\` QbdYT_5 = g q g m l` af c _ ` g klk]pakl9 v8bUUcaeU\_cV Q^dQc] QcUhYcdU^5 F Yfqh ] g h d] Z]da]n]afl` ] ]pakl]f []g ^ da^] af g m l] jkhY[]) BeSXQc`Ubc_^QcSbUU^U^\QUhYcdU^SYQTU\_cUhdbQdUbbUcdbUc( H  E g kkmklYf lan g kl] je af Y\ g k] f '] U^d fUbR_

cecdQ^dYf_

lg Y[`a]n] lg Y\ n ]jYk] lg Y_j]] lg Y h h g af l lg YjjYf _ ] lg Yklg f ak` lg ] f [g m jY_ ] lg \]n]dgh lg ]e hdgq lg ]fbgq lg [ f l]jlY af lg ]e ZYjjYkk lg ]p[al] lg _gn ]e lg ae hjgn] lg bm\_] lg e Yf Y_ ] lg e ]Ykm j] lg egn] lg hYq lg hm f ak` lg j]^j]k` lg j]laj] lg k[lld]

Y[`a]n]e ]fl Y\n]jlak]e ]fl Y _ j] ]e ] f l Yh h g af le ] f l Y jjYf _ ] e ] f l Y klg f ak` e ]f l ]f [ g m jY_ ]e ]f l \ ] n]dghe ]fl ]fah dg q e ]f l ] fbgqe ]fl ] f l]jlY af e ] f l ] e Z YjjYkke ]f l ]p [al]e ]f l _ g n ]jf e ]f l ae h jg n ]e ]f l bm \ _ ] e ] f l e Yf Y_ ]e ]f l e ]Ykm j]e ]f l e g n ]e ]f l hY qe ]fl h m f ak` e ]f l j[^j]k` e ]f l j] laj] e ] f l k]lld[e ]f l

lg lj] Y l

lj]Y m f ]f l

\_WbQb)\_Wb_ Q^e^SYQb)Q^e^SY_ QS_bTQb)QSeUbT_ SY\Qb)SYdQ _bWQ^YjQb)`bU`QbQdYf_c Qc_]RbQb)Qc_]Rb_ UcdY]e\Qb)UcdY]e\_ TUcQbb_\\Qb)TUcQbb_\\_ U]`\UQb)U]`\U_ W_jQb)W_SU TYfUbdYb)TYfUbcYo^& Uc`USdkSe\_ Qj_bQb)"Qj_dQ]YU^d_ U^decYQc]Qb)U^decYQc]_ W_RUb^Qb)W_RYUb^_ ]UZ_bQb)]UZ_bQ ZejWQb)ZeYSY_ QT]Y^YcdbQb& TYbYWYb)TYbUSSYo^ ]UTYb)]UTYTQ ]_fUb)]_fY]YU^d_ `QWQb)`QW_ SQcdYWQb)SQcdYW_ bUVbUcSQb)bUVbUcS_ bUdYbQbcU)bUdYb_#ZeRY\QSYo^$ S_^fU^Yb&QS_bTQb)S_^fU^Y_&QSeUbT_ UcdQR\USUb)QcU^dQ]YU^d_ dbQdQb)dbQd_

Rgm`Yn]j]Yddqae h jg n ]\ kaf []o]dY kle ]l) \YQ c ]UZ_bQT_]eSX_TUcTU\Qp\dY]QfUjaeU^_cfY]_c( A Yn ]qg m f g la[ ] \ Y f q ae h jg n ]e ]f laf e qh ] j^g je Yf [ ]9 v=Qc^_dQT_Q\We^Q]UZ_bQU^]YQSdeQSYo^5

,11

:\b]langkqkmklYflangk\]janY\gk\ ] m f n]jZg < g m d\ q g m h Yq e ] Z q lge gjjgo 9 vB U`_TbmQc` QWQb] QnQ^Q5 ? n ] _ g llg e Yc]l` g k] h Yq e ]f lkg j Bèe afljg m Z d]) 9UR_XQSUbUc_c`QW_c_dU^Tbl`b_R\U]Qc( P]e ]Ykm j] \ l` ] jg g e q]kl]j\Yq) BUTY]_c\QXQRYdQSYo^QiUb( P ` YlY j] ` ake ]Ykmj]e ]flk9 v8ek\Ucc_^cec]UTYTQc5

å B]]]]]]c]2 >KKHK>LMíIBklxk][[a|f]klx\ ] \ a[Y \ Y Y Yf YdarYjdgk]lMgj[klzha[gk\ ] dgk` akh Y f g h YjdY f ( l]k)F m[`gk\ ] ]klgk] jjg j] kk]\ ] Z ]f Y i m ] ]dYdm e f g g Ydm e f Y ljYf k^a]j]Yd fm]nga\ ag e YhYdYZjYk\ ] km d]f _ m Y e Y l]jf Y 'q]kYkzh g ji m ] ] f Ye Z g ka\ag( e YkY Z m f \ Y f hYdYZ jYk[g f jYz[ ]khYj][a\Yk): e ] f m \ g ]klYkhYdYZ jYk[gaf[a( \ ]f] f  ^gje Yqka_fa^a[Y\g5 UTeSQb UbbQTYSQb

lg ]\ } [Yl] lg ]jY\ a[Yl]

: d_mfYkhYdYZjYk'Y m f ka] f \ g a_mYd]k] f dY ^gje Y'n YjzYf km ka_fa^a[Y\g5 `bUdU^TUb VY^ W Yb

lg lj q *lg o Yfl lg h j] l] f \

H ljYk'\ ] h ] f \ a] f \ g \ ] d[g f l]p lg 'Y\ e al] f \ g kljY\ m [ [ag f ]k] f af_dyk5 QcUcY^Qb

lg e m j\ ] j_lg YkkYkkafYl]

R'^af Yde ]f l]'Yd_mfgkn]jZgkkg f j]^d]pangk] f ] kh Y{ gdqf g dg kg f ] f af_dyk5 QVUYdQbcU

lg k`Yn]

IYjYYqm\Yjgk[gfYd_mfgk\ ] dgk]b]ehdgkexk[ge mf]k'`]e gk]dYZ g aY\ g mf Y daklY\ ]n]jZgk]khY{gd]kqkmk[gjj]khgf\a]fl]kljY\m[[agf]k[ g f ][lYk] f af_dyk) Egkn]jZgk]klxf[gdg[Y\gkka_ma]f\g]dg j\ ]f Yd^YZyla[g\ ] dgkn]jZgk] f ]khY{gd) :?>BM:KL> > kl]n ]jZ g f g ]kj]^d]pang] f af_dyk5 B ` Y n ]f èl k`Yn]\^g jl` j] ] \Yqk) =QSUdbUcTmQcaeU^_]UQVUYd_( :L>LBG:K > kl]n ]jZ g h m ] \ ] ljY\ m [ ajk] [ge glg e m j\ ] jg lg YkkYkkafYl])NladarYe gklg  e m j\ ] jh Y jY m f [Ykg\ ] Yk]kaf Ylg [ge }f5

,13





> jjg j]k

lzha[gk XXXXXXXXX

M ` ]q o ]j]e m j\ ]j] \ q]kl]j\Yq) A_cQcUcY^Qb_^QiUb( > e hd]Ye gklg  YkkYkkafYl] [ m Y f \ g ] dYk]kaf Ylg ] kg [Ykag f Y\ g h g j  eglangk hgdzla[gk5 D ]ff]\qoYkYkkYkkafYl]\) @U^^UTiV e U QcUcY^QT_( kl]n]jZ g h m ] \ ]  ljY\ m [ajk][g e g lg cfgo g lg e ]]l) > e ha[Ye gklg e ]]l [ m Y f \ g n]e gkYY d_ m a]f h g j h jae ] jY n]r5 Be ] l< ` jaklaf[dY klfa_`l) 8_^_SmQ 8bYcdY^QQiUb( Rm ladarYe g klg  cfgo [ m Y f \ g qYl] f ] e g km f  [ g f g [ae a]f lg h j ] { g  \ ]  ]kY h ]jkgfY5 B cf g o l` j] ] ^Ye gmkh ] g h d]) 8_^_jS_Q dbUc`Ubc_^QcV Q]_cQc( < HKM:KL> >E I>EH > kl]n ] jZ g f g ]kj]^d]pang] f af_dyk5 = aYfYèk `Y\ Y` Y aj[ml' 9 YQ^QcUS_b\oU\`U\_( = :K L Laj][aZ ]km f Y [dYk]q]j]k]dYdm e f g 'h m ] \ ]k\][aj5 B `Yn]@ ]je xf [dYkk]k) 9_iS\QcUcTUQ\U]k^( La] j] k] dhjg^]kgj'\ajxk] f [Ye Zag5 B l] Y[ ` af Y h jae Yjq k[`ggd) 9_iS\QcUcU^`bY]QbYQ( = >F :G=:K  9 U]Q^TQbcUljY\ m [ ] [g e g lg km]5 ,%,,km ] qgm) IUTU]Q^TQbl( >dn ]jZ g lg \ ] e Yf \ ka_fa^a[YUhYWYb2 B \ ] e Yf \ Yf] phdYfYlagf) :hYZ_e^ Q Uh`\YSQSYo^(

  XXX  XXX XXX > jjg j]klzh a[g k

,14

>GG=>K < m Y f \ g k]ljY lY \ ] dYl]d]naka|f] e h d]Ye g k] dn]jZglg lm jf gf5 < g m d\ qgmlm j f l` ] l)n)g f 'ha[Yk]9 YE_TbmQcU^SU^TUb\QdU\U&`_bV Q f _ b5 < m Y f \ g k]ljY lY \ ] m f ^m]_ g 'mladarYe gk]dn ]jZglg da_`l5 M ` ]q dall` ] ^aj]) :^SU^TYUb_^U\VeUW_( >LM:K=>:K=H > f af_dyk']kl]n ]jZgk] [gfkljmq]kaf] dn ] jZ g lg Z]5 BY_ j] ] o al`qgm) :cd_iTUQSeUbT_S_^dYW_( ? BKF:K M jY\m[ae gkVYb] Qb[g e g lg ka_f5 = g f èlka_ f Z ] ^g j] q g m èn]j ] Y \ all` jg m _ ` ) C_VYb]UcQ^dUcTUXQRUb\_\UmT_\_T_( A Yqm f n]jZg'lg ^aje m h 'im ] ka_fa^a[YV_bdQ\USUb2 K ]_m dYj]p]j[ak]oadd` ] dh ^aje m h q g m je mk[d]k) =QSUbUZUbSYSY_S_^VbUSeU^SYQ\UQieTQbkQV_bdQ\USUb\_c]pcSe\_c( @ :G:K A Yq\g kljY\ m [[ag f]k\ ] WQ^Qb2lg o afq lg ] Y jf )N ladarYe gklg o af [ m Yf \ g  k]ljY lY \ ] m f bm ] _ g \ ] YrYj5 I Ylja[aYo gfl` ] dg ll]jq dYklo ]]c) :EQdbYSYQ\Ud_So\Q\_dUbmQ\QcU]Q^Q`QcQTQ( Rm ladarYe g klg  ] Y j f  [ m Y f \ g k]  ljY lY \ ]  dY [g e h ]f kY [a| f  ] [ g f | e a[ Y  h g j m f Y Y[lana\Y\5 A go e m [ ` \ g q g m ]Yjf9 v8ek^d_WQ^Qc5 A :K IK>@ NGM:L  >kl]n ]jZgk]ljY\ m [ ] h g j lg Ykcim]klzgfk5 < g m d\ BY kc qgmY h] jkg f Y dim]klzgf9 vEeUT_XQSUbdUe ^ Q `bUWe^dQ`Ubc_^Q\5

> jjgj]klzha[gk

> jjg j] klzha[gk

,2+ A :K NG : OBLBM: 

> f af_dyk\][ae g klg hYqkg e ] g f ] Y nakal5 K g jq h Y a\ e ]YnakaldY klfa_`l) G_bifY^_Q fUb]UQ^_SXU( F HE>LM:K >dn ]jZ g  ]_\UcdQbk]ljY\ m [ ] [g e g lg Yffgq5 L lg h Yffgqaf_e] w9UZQTUTQb]U\Q\QdQ g w9UZQTU]_\UcdQb]U > dn]jZ g af_dyklg e g d] klka_fa^a[YQS_cQbcUheQ\]U^dU2 A ] oYkY[[m k]\ g ^ k]pmYddqe g d]klaf _ `]j) AUQSecQb_^TUQS_c_cUheQ\

>dn ]jZ g lg h j] k] f lh m ] \ ] ljY\ m [ajk][g e g _RcUaeYQb2 L` ]h j] k] f l] \ l` ] e o al`Y hjar]) AUc_RcUaeYoS_^e ^ `bU]Y_( IK>M>G=>K >dn]jZg`bUdU^TUbh m ] \ ] ljY\ m[ajk][ge glg ljq5 L ` ]lja] \ lg [gfnaf[]e ]) >^dU^doS_^fU^SUb]U( > dn]jZ g lg h j]l] f \ ka_fa^a[YVY^WYb2 A ] h j] l] f \ ] \ lg Z ] ka[c) ;Y^WYoUcdQbU^VUb]_( I KH;:K

I :L:KEH ;B>G  > kl]n]jZ g k] ljY\ m [ ] [g e g lg `Yn]Y _ g g \ *_ j ] Y llae ]5 P]` Y \ Y_ j]Y llae ]dYklfa_`l) A_`QcQ]_c] eiRYU^Q^_SXU( I H G > KL > > G ^fUcdYWQb_^ce`QcQT_QV_^T_(

> f af_dykmladarYe gkdY[g fkljm [[a| f lg _ ] laf lg m [ ` o al`kge ]Zg\q5 P]èdd_ ] laf lg m [ ` dYl]j) C_c`_^TbU]_cU^S_^dQSd_]kc\QbTU( I K :L < m Y f \ g k]` Y Z dY \ ] \ ] h g jl] k] f _ ] f ]jYd'm ladarYe gk]dn]jZglg \g5 = gqg m \ g Yfqkhgjl9 v(EbQSdYSQcQ\Wp^TU`_bdU5 > e hd]Ye gk]dn ]jZglg  h jY[ lak] [ m Yf \ g k]ljYlY \ ] e ] bg jYjm f Y kh ][lg ]k( h ][z^a[g\ ] m f Y Y[lana\Y\5 Bèdd`Yn]lg h jY[lak]aldYl]j) à g dU^TblaeU` bQSdYSQb\eUW_( I K>L>G M:K M jY\ m [ae g k] dn ]jZg`bUcU^dQbUg jfglg af ljg \ m []5 E [le ] af ljg \ m [ ] q g m lg Em[q) Dcf_iQ `bUcU^dQbQ >(eSY(

K >dkY dm \ g i m ] k]\ Y Y m f g^a[aYd\ ] d? b[j[alg ]kY kYdml]5 M ` ] kg d\ a]jkkY dml]\ l` ] _ ]f]jYd) A_cc_\TQT_ccQ\eTQb_^Q \WU^UbQ\( L HI HKM:K ?)dn ]jZgc_`_bdQbh m ] \ ] ljY\ m [ ajk] [g e g lg klYf\5 B[Yfèlk lY f \ l` akYfqdgf_]j) C_`eUT_c_`_bdQb\_]kc( >dn ]jZglg k m h h g jlh m ] \ ] ljY\ m [ajk][g e g cUb` QbdYTQbY_TU_ Q`_iQb2 P]km h h g jlY ZYf g f l` g k]ae h g jlk) 6`_iQ]_cU\U]RQbW_TUUcQcY]`_bdQSY_^Uc( L NB  ?)faf_dyk']kl]n]jZgf g ] kj]^d]pang5 M ` ]q Zg l` [g e e all]\ kma[a\]) A_cT_ccUceYSYTQb_^( M >G >K

>=:= 

?)f]kl][YkgmladarYe gk]dn ]jZglg Z]5 @ addaYfak.-) 8YJYQ^ dYU^U- , Qn_c( M >G >K

K:SìG

> f ]kl][YkgmladarYe gklY e Z ay f ]dn]jZglg Z]5 A [ èkf g lYdoYqkja_`l)

M >G >K

L >G MB= H 

>f af_dyk]e h d]Ye g k]dn ]jZglg eYdl]5 M ` ake Yc]kk]fk]) :cd_dYU^UcU^dYT_(

XXXXXXXXXXXXXXXXXXXXXXXXXXXXX> jjg j]klzha[gk





MHELHE >kl]n]jZgk] ljY\ m [ ] [g e g lg kmf Z Yl` ]5 d èn]Z] ]f kmf Z Yl` af_ Ydde gjfaf_) A\Uf_d_TQ\Q] QnQ^Q\_]Q^T_U\c_\(

!

EaklY\ ] n]jZgkajj]_ mdYj]k ^a_ ` l ^af \ ^dq ^g j_ ] l _]l _an]

g]]B]] EBLM:=>O>K;HLBKK>@NE:K>L 'Y]]]]]Y F m[`Ykn][]kf g ]pakl]m f Y } f a[ Y ljY\ m [[a| f \ ] dn]jZ g 'q] f dYh j]k] f l] daklY f g k`] e g kdae alY\ g Yg ^j] [ ] jdYe xk[ g e } f g }lad5 Y^VY^YdYfU

` Q cddU^cU

` Q cd`QbdYSY`\U

Uc`Qn_\

Z] Z]Yl Z ][g e ] Z ]_af Z]l Zal] Z d] [\ Zdgo Z j]Yc Z jaf _ Z m ad\ Z m jf Zmq [Yl[)` [`ggk] [ge ]

oYk'o ]j] Z ] Yl Z][Ye ] Z ]_ Yf Z]l'Z ] ll]\ Zal Zd]\ Zd]o Z jg c ] Z jg m _ ` l Zmadl Z m jf l'Z m e ] \ Zgm_`l [Ym_`l [`gk] [Yjf]

Z ] ]f Z]Yl]f Z ][ge ] Z ]_mf Z]l'Z ] ll]\ Z all]f Zd]\ Zdgof Z jg c ]f Z jg m _ ` l Z m jf l'Z m e ] \ Zgm_`l [ Ym _ ` l [`gk]f [g e ]

cUb)UcdQb fU^SUb \\UWQbQ cUb U]`UjQb Q`_cdQb ]_bTUb cQ^WbQb c_`\Qb b_]`Ub dbQUb S_^cdbeYb aeU]Qb S_]`bQb S_WUb U\UWYb fU^Yb S_cdQb

[mz \a_ \g \jYo \ j]Y e \ jaf c \jan] ]Yl ^Ydd ^]]\ ^]]d

[mz \m_ \ a\ \j]o \ j]Yaf l'\ j]Y e ]\ \ jYf c \jgn] Yl] ^]dd ^]\ ^]dl

[mz \m_ \gf] \ jYo f \ j]Ye l'\ j]Ye ]\ \ jm f c \jan]f ] Yl] f ^Ydd]f ^]\ ^]dl

IQfQb XQSUb TYReZQb c_nQb RURUb S_^TeSYb S_]Ub SQUb Q\Y]U^dQb cU^dYb

%#

_Ä _jgo ` Yf _ `Yn] `]Yj ` a\ ] `al ` g d\ ` m jl c ] ]h cfgo d] Ye d]Yn] d] f \ d] l da] da_ ` l dgk] e Yc] e ] Yf e ]]l

^g m _ ` l ^g m f \ ^d]o ^gj_gl _gl _Yn] o ]fl _j]o ` m f _ '` Y f _ ]\ `Y\ ` ] Yj\ `a\ ` al ` ] d\ ` m jl c]hl cf]o d] Y e l'd] Yjf ]\ d]^l d] f l d]l dYq dal'da_ ` l]\ dgkl e Y\] e ] Yf l e ]l

^g m _ ` l ^g mf \ ^dgof ^g j_ g ll]f _gl'_ g ll] f _an]f _g f ] _jgo f ` m f _ '` Y f _ ]\ `Y\ `] Yj\ ` a\ \ ] f ` al ` ] d\ ` m jl c]hl cfgo f d] Yjf l'd] Yjf ]\ d]^l d] f l d] l dYaf dal'da_ ` l]\ dgkl e Y\ ] e ] Yf l e ]l

hYq hml j] Y \  Tja5\V ja\ ] jaf _

h Y a\ hml j] Y \  Tj]\ V jg \y jYf _

hYa\ hml) j]Y \  Tj]\V ja\ \ ]f jm f _

\eSXQb U^S_^dbQb f_\Qb _\fYTQb S_^cUWeYb TQb Yb SbUSUb S_\WQb dU^Ub _mb UcS_^TUb `UWQb#QQ\WeYU^$ c_cdU^Ub XQSUbTQn_ WeQbTQb S_^_SUb)cQRUb Q`bU^TUb TUZQb)QRQ^T_^Qb `bUcdQb `Ub]YdYb de]RQbcU Y\e] Y^Qb `UbTUb XQ S Ub cYW^YVYSQb US_^dbQbcUS_^)  S_^_SUbQ Q \WeYU^ `QWQb `_^Ub \UUb ] _^dQb \\Q]Qb

kYq

kYa\

kYa\

TUSYb

k]dd k] f \ k`Yc] k` g g l k`go k`ml) kaf _ kafc kal kd]]h ke ]dd

kgd\ k]f l k`ggc k` g l k`go ]\ k` m l kYf_ kYfc kYl kd]hl ke ]dl'ke ]dd]\

kgd\ k]fl k`Yc ]f k` g l k`go f'k`go ]\ k` m l kmf_ kmfc kYl kd] h l ke ]dl'ke ]dd]\

fU^TUb ]Q^TQb cQSeTYb TYc`QbQb ]_cdbQb SUbbQb SQ^dQb Xe^TYbcU cU^dQbcU T_b]Yb _\Ub

$21 kh]Yc kh]dd kh ]f \ khgad kh j]Y \ kl]Yd kla[c lYc] l]Y[` l]dd l` af c l`jgo daf \ y akl Y f \ oYc[ o]Yj af M al ]

EaklY\ ] n]jZgk ajj]_mdYj]k khgc[ kh]dd'kh]dd]\ kh ]f l khgadl)khgad]\ kh j]Y\ klgg\ klgd] klm[c lggc lYm _ ` d lgd\ ddag m _ ` a a`j]o m f \ ] jklg g \ ogc] o gj] ogf o jgl]

khgc]f kh]dd'kh]dd]\ kh ]f l khgadl'khgad]\ kh j]Y \ klgg\ klg d]f klm[c lYc [f lY m _ dm lg d\ l` g m _ ` l l`jganf m f \ ]jklg g \ (gc]f o gjf ogf o jall]f

XQR\Qb TU\UdbUQb WQcdQb Ucdb_`UQb TYVe^TYb UcdQbTU`YU b_RQb `UWQb S_WUb)\\UfQb U^cUnQb TUSYb `U^cQb dYbQb)Qbb_ZQb U^dU^TUb TUc`UbdQbcU \\UfQb`eUcd_ WQ^Qb UcSbYRYb

? B< A : L

M u < G B< : L

?a[`Ykly[fa[Yk