Microsoft Visual Basic 2005 Express Edition - Build A Program Now

www.dbeBooks.com - An Ebook Library

7j^aYVEgd\gVb B^Xgdhd[iœ œ

J]giU`
6Ug]W
'%%* :megZhh:Y^i^dc

;$LQGG

30

38%/,6+('%< 0LFURVRIW3UHVV $'LYLVLRQRI0LFURVRIW&RUSRUDWLRQ 2QH0LFURVRIW:D\ 5HGPRQG:DVKLQJWRQ &RS\ULJKW‹E\0LFURVRIW&RUSRUDWLRQ ,QIRUPDWLRQLQWKLVGRFXPHQWLQFOXGLQJ85/DQGRWKHU,QWHUQHW:HEVLWHUHIHUHQFHVLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH8QOHVVRWKHU ZLVHQRWHGWKHH[DPSOHFRPSDQLHVRUJDQL]DWLRQVSURGXFWVGRPDLQQDPHVHPDLODGGUHVVHVORJRVSHRSOHSODFHVDQGHYHQWVGHSLFWHG KHUHLQDUHÀ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·VYLHZVDQGRSLQLRQV7KHLQIRUPDWLRQFRQWDLQHGLQWKLVERRNLVSURYLGHGZLWKRXWDQ\H[SUHVVVWDWXWRU\ RULPSOLHGZDUUDQWLHV1HLWKHUWKHDXWKRUV0LFURVRIW&RUSRUDWLRQQRULWVUHVHOOHUVRUGLVWULEXWRUVZLOOEHKHOGOLDEOHIRUDQ\GDPDJHV FDXVHGRUDOOHJHGWREHFDXVHGHLWKHUGLUHFWO\RULQGLUHFWO\E\WKLVERRN

%RG\3DUW1R;

;$LQGG

30

6bagXagf 6[TcgXe
$
$

L]Vi rel="nofollow">h#C:I4

'

L]Vi>hK^hjVa7Vh^X'%%*4 >hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\ DDEAVc\jV\Z4

)

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i] K^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4

. &% &%


$(

EgZeVg^c\id rel="nofollow">chiVaaK^hjVa7Vh^X'%%*:megZhh :Y^i^dc

&+

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&,

6[TcgXe
& %(

IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4

'+

9:8dbedcZcih

', (%

Dcidi]ZEgd_ZXih 7j^aY^c\V8dchdaZ6eea^XVi^dc

(& (&



;$LQGG

(' (( (, (. )&

)

6[TcgXe
%

6eXTg\aZ
Lbhe
9\efg
4cc_\VTg\ba


9: 8gZVi^c\VL^cYdlh6eea^XVi^dc

6[TcgXe
' 6eXTgX
Lbhe
Bja
JXU
5ebjfXe
\a
?Xff
G[Ta

9\iX
@\ahgXf


'(

L]Vi>hVEgd_ZXi4

)+

L]Vi>hi]Z9Zh^\cAVndji4

),

Ejii^c\>i6aaId\Zi]Zg

*)

6[TcgXe
( 6eXTg\aZ
Lbhe
9\efg
9h__
J\aWbjfš
4cc_\VTg\ba


(*

HcVeVcY6a^\cI]dhZ8dcigdahJh^c\HcVeA^cZh

*-

Jh^c\>ciZaa^HZchZÄNdjgCZl7Zhi;g^ZcY >ciZaa^HZchZVcY8iga HeVXZWVg >ciZaa^HZchZVcYEZg^dY$AZ[iEVgZci]Zh^h >ciZaa^HZchZ;^aiZg^c\/GZbdk^c\i]ZÅJcXdbbdcÆ >ciZaa^HZchZ8dYZHc^eeZih/I]ZI^bZHVkZg =dlid>ckd`Z8dYZHc^eeZih

*. +% +% +' +' +(

GZVa"I^bZ:ggdg9ZiZXi^dcVcY8dggZXi^dc

+)

D]Bn!Bn###Bn>h
++

^^^

30

L]ViIneZhd[IVh`h8VcBn=ZaeBZL^i]4

+-

GZcVb^c\ L]Vi8VcNdjGZcVbZ4 =dlVcYL]ZgZidJhZi]ZGZcVbZ;ZVijgZ

+++.

8dbbdcL^cYdlh8dcigdah

,'

L]Vi=VeeZchL]ZcVc:kZci>hIg^\\ZgZY4

,*

6[TcgXe
) @bW\Yl
Lbhe
JXU
5ebjfXe
Abj


+$

=dlid7g^c\JeNdjg6eea^XVi^dc

-'

>ciZgVXi^c\I]gdj\]9^Vad\7dmZh 6YY^c\Vc6Wdji7dm 6YY^c\VCVk^\ViZ9^Vad\7dm

--.&

6Egd[Zhh^dcVaAdd`VcY;ZZaViNdjg;^c\Zgi^eh 6YY^c\VIddaHig^e8dciV^cZgVcYHdbZIddah 6YY^c\VHiVijh7VgidNdjg7gdlhZg EZghdcVa^oZNdjg6eea^XVi^dcl^i]L^cYdlh>Xdch

.) .) .+ &%%

6[TcgXe
* 9\k\aZ
g[X
5eb^Xa
5_bV^f
9ZWj\\^c\Vc6eea^XVi^dc Jh^c\V9AA^cVc6eea^XVi^dc 6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc 7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh

$#, &&% &&% &&& &&'

6[TcgXe
+ @TaTZ\aZ
g[X
7TgT
L]Vi>hV9ViVWVhZ4 L]ViÈh>cV9ViVWVhZ4 9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in L]Vi>hCjaa4 L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 =dl9dNdj>ciZgVXil^i]VGZaVi^dcVa9ViVWVhZ4 ^k

;$LQGG

$%( &'+ &'+ &', &(% &(% &((

HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%* :megZhh:Y^i^dc 8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%* :megZhh:Y^i^dc 8gZVi^c\IVWaZh^cNdjg9ViVWVhZ 8gZVi^c\GZaVi^dch]^eh7ZilZZci]ZIVWaZh :ciZg^c\9ViV^cHFAHZgkZgIVWaZhJh^c\ K^hjVaHijY^d L]Vi6gZ69D#C:IVcY9ViVW^cY^c\4 I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci 8dbedcZciIgVn =dl9d>c[dgbVi^dc DcBn;dgb4

&() &(* &(, &(. &)( &)+ &)&*( &*)

6[TcgXe
, 5h\_W
Lbhe
Bja
JXTg[Xe
GeTV^Xe

4cc_\VTg\ba
Abj


$)&

;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc I]Z=^\]"AZkZaEaVc

&+) &+)

8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ 6YY^c\Cdi^[^XVi^dc6gZV8VeVW^a^i^Zh 6YY^c\i]ZHeaVh]HXgZZcVcY6Wdji9^Vad\7dm 6YY^c\i]ZDei^dch9^Vad\7dm

&+* &+, &,( &,*

Jh^c\LZWHZgk^XZh JhZgHZii^c\h Ldg`^c\^ci]Z7VX`\gdjcY 8dbeaZi^c\i]Z8dgZLZVi]ZgIgVX`Zg;jcXi^dcVa^in IZhi^c\LZVi]ZgIgVX`Zg Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm IZhi^c\LZVi]ZgIgVX`Zg

&,, &-& &-' &-, &.( &.) &.,

6cYCdl!?jhi8a^X`DcXZ

&.-

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ÈbVeeaVjY^c\VcYX]ZZg^c\[dg i]ZeZdeaZl]d]VYi]^hWg^aa^Vci^YZVWZXVjhZ>WZa^ZkZi]ZgZ ^hVgZVacZZYVcYYZbVcY[dgVldgaY"XaVhhVcYedlZg[ja egdYjXi[dgi]Z]dWWn^hiegd\gVbbZgh!hijYZcih!VcYegd" [Zhh^dcVaYZkZadeZgh#6cYK^hjVa7Vh^X'%%*:megZhh:Y^i^dc VchlZghVaad[i]ViVcYbdgZ# K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hV[jaan[jcXi^dcVa hjWhZid[K^hjVaHijY^d'%%*!hj^iVWaZ[dgXgZVi^c\VcYbV^c" iV^c^c\L^cYdlhVeea^XVi^dchVcYa^WgVg^Zh#>iÈhcdiVi^bZY" WdbWZY^i^dc!VYZbd!dgV[ZVijgZa^b^iZYkZgh^dc0cd!^iÈhV `ZnB^Xgdhd[i^c^i^Vi^kZidgZVX]bdgZeZdeaZVcY\^kZi]Zb i]ZVW^a^inid]VkZ[jcl]^aZXgZVi^c\Xddahd[ilVgZ#

L]d>hI]^h7dd`;dg4

I]^hWdd`^h[dgeZdeaZl]d]VkZ^YZVhWjiYdcÈi`cdl ]dlidWg^c\i]ZbidgZVa^in#>iÈhV\ddY^cigdYjXi^dcidi]^h VgiVcYhX^ZcXZi]Vi^hYZkZade^c\hd[ilVgZ#

=dlI]^h7dd`>hDg\Vc^oZY I]^hWdd`Xdch^hihd[c^cZX]VeiZgh!ZVX]XdkZg^c\VeVgi^Xj" aVg[ZVijgZdgiZX]cdad\nVWdjiK^hjVa7Vh^X'%%*:megZhh :Y^i^dc#BdhiX]VeiZghWj^aYdcegZk^djhX]VeiZgh!hdndj h]djaYeaVcdcgZVY^c\i]ZbViZg^VahZfjZci^Vaan#

8dckZci^dchVcY;ZVijgZh^cI]^h7dd` I]^hWdd`egZhZcih^c[dgbVi^dcjh^c\XdckZci^dchYZh^\cZY idbV`Zi]Z^c[dgbVi^dcgZVYVWaZVcYZVhnid[daadl#7Z[dgZ ndjhiVgii]ZWdd`!gZVYi]Z[daadl^c\a^hi!l]^X]ZmeaV^ch XdckZci^dchndjÈaahZZi]gdj\]djii]ZWdd`VcYed^cihdji ]Zae[ja[ZVijgZh^ci]ZWdd`i]Vindjb^\]ilVciidjhZ#

I]^hWdd`^h[dgZkZgnWdYn/hijYZcih!]dWWn^hiegd\gVbbZgh! VcYVahd[dgeZdeaZl]dValVnhi]dj\]iegd\gVbb^c\lVhV 7cbjYbh]cbg idj\]iVh`#>iÈh[dgeZdeaZl]d]VY^YZVha^`Z/>l^h]>XdjaY Q :VX]ZmZgX^hZ^hVhZg^Zhd[iVh`h#:VX]iVh`^hegZhZciZYVh Wj^aYViddaidhidgZVaabngZX^eZh!>l^h]>XdjaYeg^cii]Zb VhZg^Zhd[cjbWZgZYhiZeh&!'!VcYhddc#:VX]ZmZg" VcYhZcYi]Zbidbn[g^ZcYhDG>l^h]>XdjaYWj^aYi]^h X^hZ^hegZXZYZYWnVegdXZYjgVa]ZVY^c\i]ViaZihndj XddaXVgY\VbZi]Vi>]VkZcZkZg[djcYZahZl]ZgZDG>l^h] `cdll]Vindjl^aaVXXdbea^h]^ci]ZZmZgX^hZ# >XdjaYWj^aYi]^hXddahd[ilVgZidhidgZbn9K9VcY89Xda" Q CdiZhaVWZaZYÅI^eÆegdk^YZVYY^i^dcVa^c[dgbVi^dcdg aZXi^dcDG>l^h]>XdjaYWj^aYi]^hhd[ilVgZid]ZaebZldg` VaiZgcVi^kZbZi]dYh[dgXdbeaZi^c\VhiZehjXXZhh[jaan# l^i]bVig^XZhVcYeadi\gVe]^Xh[dgbnbVi]XaVhhVcYbVcn bdgZegd_ZXihi]VidcZXVci]^c`d[ >cigdYjXi^dc

;$LQGG

k

30

Q CdiZhaVWZaZYÅ8Vji^dcÆVaZgindjid^c[dgbVi^dcndj cZZYidX]ZX`WZ[dgZXdci^cj^c\#

Q E8l^i]VEZci^jb>>>"XaVhhegdXZhhdg!+%%B=o GZXdbbZcYZY/&<=o

Q IZmii]VindjineZdg^iZbhndjhZaZXidgXa^X`VeeZVg^c WdaY#

Q &'-B7G6B'*+B7dgbdgZgZXdbbZcYZY Q K^YZd-%%m+%%dg]^\]ZggZhdaji^dcbdc^idgl^i]Vi aZVhi'*+Xdadgh&%')m,+-=^\]8dadg&+"W^igZXdb" bZcYZY

Q BZcjXdbbVcYh!Y^Vad\Wdmi^iaZh!VcYdi]ZgjhZg^ciZg" [VXZZaZbZcihVeeZVgl^i]ZVX]ldgYXVe^iVa^oZY# Q 6eajhh^\c WZilZZcild`ZncVbZhbZVchi]Vindj bjhiegZhhi]dhZ`ZnhVii]ZhVbZi^bZ#;dgZmVbeaZ! ÅEgZhh6ai IVWÆbZVchi]Vindj]daYYdlci]Z6ai`Zn l]^aZndjegZhhi]ZIVW`Zn#

Q 89"GDBdg9K9"GDBYg^kZ Q B^Xgdhd[iBdjhZdgXdbeVi^WaZed^ci^c\YZk^XZ NdjÈaaVahdcZZYVYb^c^higVidgVXXZhhidndjgXdbejiZg idXdc[^\jgZHFAHZgkZg'%%*:megZhh#

Ch\Yf
:YUhifYg

ABG8

Q H]VYZYh^YZWVghi]gdj\]djii]ZWdd`egdk^YZbdgZ^c" YZei]^c[dgbVi^dcVWdjii]ZXdciZci#I]Zh^YZWVghb^\]i XdciV^cWVX`\gdjcY^c[dgbVi^dc!YZh^\ci^eh!dg[ZVijgZh gZaViZYidi]Z^c[dgbVi^dcWZ^c\Y^hXjhhZY#

I]Z89"GDBeVX`V\ZY^ci]Z WVX`d[i]^hWdd`XdciV^chi]Z K^hjVa7Vh^X'%%*:megZhh:Y^i^dc hd[ilVgZcZZYZYidXdbeaZiZi]Z ZmZgX^hZh^ci]^hWdd`#

Q :VX]X]VeiZgZcYhl^i]Vc>cHjbbVgn½hZXi^dci]Vi Wg^Z[angZk^Zlhl]VindjaZVgcZY^ci]ZXjggZciX]VeiZg VcYegZk^Zlhl]Vii]ZcZmiX]VeiZgl^aaegZhZci#

8dYZHVbeaZh

I]ZXdYZhVbeaZh[dgi]^hWdd`XVcWZYdlcadVYZY[gdbi]Z Wdd`ÈhXdbeVc^dcXdciZcieV\ZVii]Z[daadl^c\VYYgZhh/ ]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$ HnhiZbGZfj^gZbZcih NdjÈaajhZi]ZXdYZhVbeaZhVcYhiVgiZghdaji^dchVhndj eZg[dgbi]ZZmZgX^hZh^ci]ZWdd`#7njh^c\i]ZXdYZhVb" NdjÈaacZZYi]Z[daadl^c\]VgYlVgZVcYhd[ilVgZidXdbeaZiZ eaZh!ndjldcÈilVhiZi^bZXgZVi^c\[^aZhi]ViVgZcÈigZaZkVci i]ZZmZgX^hZh^ci]^hWdd`/ idi]ZZmZgX^hZ#I]Z[^aZhVcYi]ZhiZe"Wn"hiZe^chigjXi^dch^c i]ZaZhhdchVahdaZindjaZVgcWnYd^c\!l]^X]^hVcZVhnVcY Q B^Xgdhd[iL^cYdlhMEl^i]HZgk^XZEVX`'!B^Xgdhd[i Z[[ZXi^kZlVnidVXfj^gZVcYgZbZbWZgcZlh`^aah#NdjÈaaVahd L^cYdlhHZgkZg'%%(l^i]HZgk^XZEVX`&!dgB^Xgdhd[i [^cYi]ZXdbeaZiZhdaji^dch^[ndjlVciidkZg^[nndjgldg` L^cYdlh'%%%l^i]HZgk^XZEVX`) dg^[ndjh^beanlVciidadd`Vi^i# Q B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc

k^

;$LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>chiVaa^c\i]Z8dYZHVbeaZh ;daadli]ZhZhiZehid^chiVaai]ZXdYZhVbeaZhdcndjgXdbejiZg#

$
8ckb`cUX
h\Y
WcXY
gUad`Yg
Zfca
]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$" %
5ZhYf
mci
Xckb`cUX
h\Y
WcXY
gUad`Yg
Z]`Y
fib
h\Y
]bghU``Yf" &
:c``ck
h\Y
]bghfiWh]cbg
h\Uh
UddYUf" I]ZXdYZhVbeaZhVgZ^chiVaaZYidi]Z[daadl^c\adXVi^dcdcndjgXdbejiZg/ Bn9dXjbZcihQB^Xgdhd[iEgZhhQK7'%%*:megZhh

Jh^c\i]Z8dYZHVbeaZh :VX]X]VeiZg^ci]^hWdd`ZmeaV^chl]ZcVcY]dlidjhZVcnXdYZhVbeaZh[dgi]ViX]VeiZg# L]Zc^iÈhi^bZidjhZVXdYZhVbeaZ!i]ZWdd`l^aaa^hii]Z^chigjXi^dch[dg]dliddeZci]Z [^aZh#I]ZX]VeiZghVgZWj^aiVgdjcYhXZcVg^dhi]Vih^bjaViZgZVaegd\gVbb^c\egd_ZXih!hd ndjXVcZVh^anVeeani]Zh`^aahndjaZVgcidndjgdlcldg`# ;dgi]dhZd[ndjl]da^`Zid`cdlVaai]ZYZiV^ah!Va^hid[i]ZXdYZhVbeaZegd_ZXih VeeZVghdci]ZcZmieV\Z#6abdhiVaaegd_ZXih]VkZhdaji^dchVkV^aVWaZ[dgi]ZegVXi^XZZmZg" X^hZh#I]Zhdaji^dch[dgZVX]egd_ZXiVgZ^cXajYZY^ci]Z[daYZg[dgZVX]X]VeiZgVcYVgZ aVWZaZY8dbeaZiZ#

Jc^chiVaa^c\i]Z8dYZHVbeaZh ;daadli]ZhZhiZehidgZbdkZi]ZXdYZhVbeaZh[gdbndjgXdbejiZg#

$
=b
7cbhfc`
DUbY`
cdYb
5XX
Cf
FYacjY
Dfc[fUag" :fca
h\Y
`]gh
cZ
7iffYbh`m
=bghU``YX
Dfc[fUag
gY`YWh
A]WfcgcZh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb.


% 6i]`X
U
Dfc[fUa
Bck
UbX
W`]W_
FYacjY"

&
:c``ck
h\Y
]bghfiWh]cbg
h\Uh
UddYUf
hc
fYacjY
h\Y
WcXY
gUad`Yg" >cigdYjXi^dc

;$LQGG

k^^

30

k^^^

;$LQGG

Egd_ZXi

9ZhXg^ei^dc

8]VeiZg&'

CdhVbeaZegd_ZXih

8]VeiZg( Bn;^ghi8dchdaZ6eea^XVi^dc 

6eea^XVi^dci]ViiV`ZhildcjbWZghVcYVYYhi]Zb id\Zi]Zg!i]ZcY^heaVnhi]Zhjb^cVXdchdaZl^cYdl#

Bn;^ghiL^cYdlh6eea^XVi^dc 

HVbZVeea^XVi^dcWjiY^heaVnhi]ZgZhjai^cV bZhhV\ZWdm#

8]VeiZg) BnDlc7gdlhZg 

H^beaZLZWWgdlhZgVeea^XVi^dci]ViZcVWaZhi]Z jhZgidWgdlhZdci]Z>ciZgcZi#

8]VeiZg* IZhiEgd_ZXi 

6eea^XVi^dci]ViZcVWaZhndjidjhZi]Zbdhi^bedgiVci [ZVijgZh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

8]VeiZg+ BnDlc7gdlhZg   

I]^h^hi]ZXdci^cjVi^dcd[i]ZVeea^XVi^dc[gdb 8]VeiZg)#>i^hi]ZLZWWgdlhZgidl]^X]ndjÈaaVYY bZcjh!iddaWVgh!VhiVijhVcYegd\gZhhWVg!VcYV cVk^\Vi^dcl^cYdll^i]VjidXdbeaZiZ#

8]VeiZg, 9ZWj\\Zg  

6cVeea^XVi^dc[jaad[egdWaZbhid]ZaendjaZVgc]dl idYZWj\jh^c\[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dc#

8]VeiZg- 8VgIgVX`Zg  

6cVeea^XVi^dcZcVWa^c\i]ZjhZgidigVX`XVgVYh[gdb i]Z>ciZgcZijh^c\VHFAHZgkZg'%%*:megZhhYViVWVhZ idhidgZi]Z^c[dgbVi^dc#

8]VeiZg. LZVi]ZgIgVX`Zg    

6cVeea^XVi^dci]Vigjch^ci]ZhnhiZb"igVnVcY]Vh Vc^XZJ>idY^heaVnlZVi]ZgYViVXdaaZXiZYWnndjg Veea^XVi^dc[gdbY^kZghZLZWhZgk^XZh#6YZeadnbZci eVX`V\Z^hVahdXgZViZY[dgi]ZY^hig^Wji^dcd[ndjg Veea^XVi^dc#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

EgZgZaZVhZHd[ilVgZ

FjZhi^dchVcY8dbbZcih

I]^hWdd`lVhgZk^ZlZYVcYiZhiZYV\V^chii]Z6j\jhi'%%* gZaZVhZXVcY^YViZ#I]^hWdd`^hZmeZXiZYidWZ[jaanXdbeVi" ^WaZl^i]i]Z[^cVagZaZVhZd[K^hjVaHijY^d'%%*#>[i]ZgZVgZ VcnX]Vc\ZhdgXdggZXi^dch[dgi]^hWdd`!i]ZnÈaaWZXdaaZXiZY VcYVYYZYidVB^Xgdhd[i@cdlaZY\Z7VhZVgi^XaZ#HZZi]Z ÅHjeedgi[dgI]^h7dd`ÆhZXi^dc^ci]^h>cigdYjXi^dc[dgbdgZ ^c[dgbVi^dc#

>[ndj]VkZXdbbZcih!fjZhi^dch!dg^YZVhgZ\VgY^c\i]Z Wdd`dgi]ZXdbeVc^dcXdciZcidg]VkZfjZhi^dchi]ViVgZ cdiVchlZgZYWnk^h^i^c\i]Zh^iZhVWdkZ!eaZVhZhZcYi]Zb idB^Xgdhd[iEgZhhk^VZ"bV^aid

IZX]cdad\nJeYViZh

B^Xgdhd[iEgZhh 6iic/K^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVb Cdl:Y^idg DcZB^Xgdhd[iLVn GZYbdcY!L6.-%*'"+(..

6hiZX]cdad\^ZhgZaViZYidi]^hWdd`VgZjeYViZY!a^c`hid VYY^i^dcVa^c[dgbVi^dcl^aaWZVYYZYidi]ZB^Xgdhd[iEgZhh IZX]cdad\nJeYViZhLZWeV\Z#K^h^ii]^heV\ZeZg^dY^XVaan [dgjeYViZhdcK^hjVaHijY^d'%%*VcYdi]ZgiZX]cdad\^Zh# ]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$jeYViZh$

bhe^ceji5b^Xgdhd[i#Xdb dgk^VedhiVabV^aid

EaZVhZcdiZi]ViB^Xgdhd[id[[Zghcdhd[ilVgZegdYjXi hjeedgii]gdj\]i]ZhZVYYgZhhZh#

Hjeedgi[dgI]^h7dd` :kZgnZ[[dgi]VhWZZcbVYZidZchjgZi]ZVXXjgVXnd[i]^h Wdd`VcYi]ZXdbeVc^dcXdciZci#6hXdggZXi^dchdgX]Vc\Zh VgZXdaaZXiZY!i]ZnÈaaWZVYYZYidVB^Xgdhd[i@cdlaZY\Z 7VhZVgi^XaZ#Idk^Zli]Za^hid[`cdlcXdggZXi^dch[dgi]^h Wdd`!k^h^ii]Z[daadl^c\Vgi^XaZ/ ]iie/$$hjeedgi#b^Xgdhd[i#Xdb$`W$.%*%() B^Xgdhd[iEgZhhegdk^YZhhjeedgi[dgWdd`hVcYXdbeVc" ^dcXdciZciVii]Z[daadl^c\LZWh^iZ/ ]iie/$$lll#b^Xgdhd[i#Xdb$aZVgc^c\$hjeedgi$Wdd`h$

>cigdYjXi^dc

;$LQGG

^m

30

4Ubhg
g[X
4hg[be EVig^XZEZaaVcY EVig^XZEZaaVcY^hViZX]c^XVaaZVYViB^Xgdhd[ildg`^c\^c i]Z9ZkZadeZg9^k^h^dc#=ZadkZh#C:IVcYLZWhZgk^XZh VcY![dgi]ZeVhi[djgnZVgh!]Z]VhWZZcldg`^c\!iZVX]^c\! ZkVc\Za^o^c\!VcYiVa`^c\VWdjii]ZbidZkZgndcZ# ;dgi]ZeVhiilZakZnZVgh!]Z]VhWZZcldg`^c\^c hd[ilVgZYZkZadebZci^ckVg^djhgdaZh/YZkZadeZg!egd_ZXi aZVY!bVcV\ZgVcYbZcidg!VcYhd[ilVgZZc\^cZZg^cF6 dg\Vc^oVi^dch#=Z]VhkVhiZmeZg^ZcXZheVcc^c\bjai^eaZ iZX]cdad\^ZhVcY[^ZaYh/YZkZadeZgiddah![^WZgdei^XhiZaZ" Xdbbjc^XVi^dc!Vk^Vi^dc!Xd[[ZZVcYYV^gnXdbeVc^Zh!VcY Vahdi]gZZnZVghiZVX]^c\XdbejiZghX^ZcXZVcYhd[ilVgZ YZkZadebZciViVXdaaZ\Z^c8VcVYV# L]ZccdiYZkZade^c\\gZViiddah[dgYZkZadeZghVcY ]Zae^c\XjhidbZghi]gdj\]djii]ZldgaY!]ZZc_dnhheZcY" ^c\i^bZl^i]]^h[Vb^anVcY[g^ZcYh!eaVn^c\\VbZhdc M7DMVcYE8!gZVY^c\Wdd`h!gZVY^c\VWdjiEdghX]ZVcY YgZVb^c\VWdjiYg^k^c\dcZ!eaVn^c\]dX`Zn!lViX]^c\ C=A]dX`ZnVcYC;A[ddiWVaa!VcY]Vk^c\\gZViY^ccZgh l^i]\ddY[ddYVcY[^cZYg^c`hl^i][g^ZcYhVcY[Vb^an#=Z gZh^YZhl^i]]^h[Vb^an^cHVbbVb^h]!L6#

9ZY^XVi^dc I]^hWdd`^hYZY^XViZYidbnl^[Z!=‚aƒcZ#Bnl^[Z^hVWgZVhi XVcXZghjgk^kdg!VcY]ZgXdjgV\ZVcYhigZc\i]ejh]bZid YdWZiiZgi]^c\hVcYid[VXZbdgZXdbeaZmX]VaaZc\Zh#H]ZÈh

m

;$LQGG

WZVji^[ja0h]ZÈhbn^Yda!bn^che^gVi^dc!bnhjch]^cZ!bn WZhi[g^ZcY!bnadkZ!VcYVcVlZhdbZbdi]ZgBdcVbdjg! i]Vc`h[dgWZ^c\l]dndjVgZVcY[dgWZ^c\i]ZgZ[dgbZ> adkZndj

I]Vc`h ;^ghid[Vaa!i]Vc`hidbneVgZcih#Bdb!9VY!ndj\VkZbZ Vaai]ZX]VcXZhidWZl]Vi>Vb^ca^[ZVcYndj\VkZbZi]Z kVajZhidWZi]ZbVc>Vb#I]Vc`hVcY>adkZndj 6Wdd`^hV]j\ZVYkZcijgZ^chdbZWdYnÈha^[Z!VcY^i ldjaYcdiWZedhh^WaZl^i]djii]Z]Zaed[bVcneZdeaZ#>ÈkZ ValVnhgZVYi]Zi]Vc`ndjhZXi^dch^cdi]ZgeZdeaZÈhWdd`h VcY>lVhValVnhVbVoZYVi]dlbVcneZdeaZVgZcZZYZY idbV`ZVWdd`l]Vi^i^h#Cdl>gZVaanjcYZghiVcYl]n L]^aZlg^i^c\VWdd`^hidj\]!gZVaidj\]!^iÈhgZVaanhVi" ^h[n^c\Vii]ZhVbZi^bZ#9jg^c\i]Zlg^i^c\egdXZhh!ndj hdbZi^bZh]VkZYdjWih!VcY>]VYbnh]VgZd[""ZheZX^Vaan i]dhZc^\]ihVi(/%%V#b#l]ZcVaadi]Zghdjah^ci]Z]djhZ VgZVhaZZe!ZkZcbnYd\!VcYi]ZegdYjXi]VYVWj\egZ" kZci^c\bZ[gdbiZhi^c\hdbZi]^c\0l]Zc>lVh^c[gdcid[ bnaVeidel^i]VcZmXZei^dcVcYVl]^iZeV\Z^cLdgY0 l]ZcZkZgnWdYnlVhdckVXVi^dci]^hhjbbZgl]^aZ>lVh ldg`^c\Vii]Za^WgVgn^cHVbbVb^h]#>XVcÈigZbZbWZg ]dlbVcni^bZh>ÈkZhV^Yidbn[g^ZcYh!ÅCd!>ldcÈiWZ VWaZidWZi]ZgZ#>cZZYidldg`dcbnWdd`Æ7ji^iÈhVc VlZhdbZZmeZg^ZcXZidlg^iZVWdd`0ZkZgnWdYnl]d]Vh i]ZX]VcXZh]djaYiV`Zi]ZX]VaaZc\Z B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

L^i]i]VihV^Y!>[^ghicZZYidi]Vc`bnadkZan[Vb^an#Bn `^YhAVjgV!&&!VcY6cid^cZ!.VcYbnl^[Z!=‚aƒcZ!lZgZ hd\gZViVcYE6I>:CI#=dlbVcni^bZh>]ZVgYi]ZbhVn! Å9VYYn!^iÈhbdk^Zc^\]i½d]nZV]!^iÈhigjZ!ndjÈgZldg`" ^c\dcndjgWdd`V\V^cÆ7jiVii]ZhVbZi^bZ!i]ZnlZgZ gZheZXi^c\i]ZheVXZ>cZZYZYVcYi]Zi^bZVadcZNdj \jnhVgZ\gZViVcY>adkZndj >]VkZidi]Vc`Vaai]ZeZdeaZViBHAZVgc^c\VcYi]Z ejWa^h]^c\iZVb#>ldjaYZheZX^Vaana^`Zidi]Vc`7Zc[dg ]Zae^c\bZ\Zi^ci]Zlg^i^c\ldgaY0HVcYgV[dg]ZgXdchiVci bdi^kVi^dc!]Zae!hj\\Zhi^dch!VcYVahd[dg]Zae^c\bZid\d i]gdj\]Vaai]Z]jgYaZhd[lg^i^c\VWdd`0VcYBZ\Vc[dgVaa ndjg]Zae\Zii^c\i]Z_dWYdcZVcYVgZVa!iVc\^WaZegdYjXi# Ndj\jnh]VkZbngZheZXi[dgldg`^c\YVn^c!YVndji^ci]Z XgVonldgaYd[ejWa^h]^c\# >ldjaYVahda^`Zidi]Vc`Vaai]ZeZdeaZ^ci]ZK7!8! L^cYdlh;dgbh!BH9CVcYhZijeiZVbhl]d]ZaeZYbZ WnVchlZg^c\VaabnfjZhi^dch^cVYncVb^XVcYXdchiVcian X]Vc\^c\egdYjXia^[ZXnXaZ#>ldjaYa^`Zidi]Vc`bdgZ heZX^[^XVaan9Vc;ZgcVcYZo!?dZ7^cYZg!7g^Vc@ZaaZg!7g^Vc ?d]chdc!=dc\
8]VeiZg/8]VeiZgI^iaZ

;$LQGG

6heZX^Vai]Vc`hid?Z[[Egdh^hZ[dgWZ^c\hjX]V\ddY lg^iZg!VcVlZhdbZigV^cZg!VcY[dglg^i^c\VWad\VWdjii]Z lg^i^c\egdXZhh#NdjlZgZi]ZheVg`i]Vi^\c^iZYbn[aVbZid lg^iZViZX]c^XVaWdd`# I]Vc`hVahdidbnXdaaZV\jZh[gdbi]Z998EMiZVb[dg ValVnh\^k^c\bZ\ddYldgYhd[ZcXdjgV\ZbZci!id7dg^h ;ZaYbVc[dgh]Vg^c\]^hZmeZg^ZcXZhVhVlg^iZgVcY![^cVaan! i]Vc`hidbn\ddY[g^ZcY!?d]c8gdhh![dg]^hXdchigjXi^kZ [ZZYWVX`# I]Vc`hidbn\ddY[g^ZcYh]ZgZ^ci]ZEj\ZiHdjcYVgZV [dgi]Z`^cYldgYhd[ZcXdjgV\ZbZciVcYidbn[Vb^anVcY [g^ZcYh^c8VcVYV[dgjcYZghiVcY^c\l]n>ÈbcdiXVaa^c\dg \^k^c\VcncZlh#Hdggn!BdbVcY9VY 6cYi]Vc`hidbn\ddYcZ^\]WdghVcY[g^ZcYh!B^`ZVcY :a^oVWZi]![dgi]Z^gXdchiVciZcXdjgV\ZbZciVcY[dgaZii^c\ bZjhZi]Z^gYd\ÈhcVbZ!Bdaan!^cbnDDE^cigdYjXi^dc# I]Vc`hidZkZgnWdYn>b^\]i]VkZ[dg\diiZc EVig^XZEZaaVcY HZeiZbWZg'%%* HVbbVb^h]!L6

m^

30

;$LQGG

30

6[TcgXe
$
& 

&LQGG

HdbVnWZndjÈkZYZX^YZYndjlVciidignegd\gVbb^c\VcYndj[djcY ndjghZa[l^i]i]^hWdd`#LZaa!^[i]ViÈhi]ZXVhZ!ndjÈkZXdbZidi]Zg^\]i eaVXZ#I]^hWdd`^hVaaVWdji^cigdYjX^c\ndjidi]ZVgi!hX^ZcXZ!VcY_dnh d[XgZVi^c\hd[ilVgZ[dgB^Xgdhd[iL^cYdlhœ0nZh!i]ZhVbZB^Xgdhd[i L^cYdlhndjegdWVWanjhZZkZgnYVn#I]gdj\]djii]ZWdd`! rel="nofollow">Èaah]dlndj ]dlidWj^aYVeea^XVi^dchi]ViVgZkZgnh^b^aVgidbVcnd[i]ZVeea^XVi^dch ndjjhZdcVgZ\jaVgWVh^h!hjX]Vhndjg>ciZgcZiWgdlhZg!ndjgldgYegdXZh" hdg!ndjgZ"bV^ahd[ilVgZ!VcYndjgeZghdcVa[^cVcXZVeea^XVi^dc#NdjÈgZ egdWVWanldcYZg^c\]dlndjXdjaYedhh^WanYdi]^hl^i]cdegd\gVbb^c\ ZmeZg^ZcXZ#7ni]Zi^bZndj[^c^h]i]^hWdd`!ndjÈaaWZa^ZkZ^i#9dcÈildggn# LZÈaa]VkZVWaVhi!VcYWZXVjhZndjÈaaVXijVaanWZWj^aY^c\i]ZVeea^XVi^dchVh ndj[daadlVadc\l^i]ZVX]ZmZgX^hZ!ndjÈaahZZ[dgndjghZa[_jhi]dlZVhn^i XVcWZ#

&

30

L]Vi>h#C:I4 Hdcdl!l]Vi^hi]Vi#C:Ii]^c\i]ViZkZgnWdYn^hiVa`^c\VWdji4BVnWZndjÈkZhZZc^i hdbZl]ZgZdca^cZdg]VkZXdbZVXgdhhi]ZiZgb^ci]Z_dWhhZXi^dc^cndjgHjcYVncZlheV" eZg#;dg^chiVcXZ!i]ZiZgbb^\]i]VkZVeeZVgZYl]ZcndjlZgZad\\^c\dcid=dibV^aœdg ^cVcdca^cZVYl]ZgZVXdbeVcn^hadd`^c\[dgVYZkZadeZgl^i]#C:Ih`^aah#Add`Vi ;^\jgZ&"&[dghdbZZmVbeaZhd[l]ZgZndjb^\]i]VkZXdbZVXgdhhVgZ[ZgZcXZid#C:I# H\Y
D`UhZcfag
G8?
hYUa
]g
`cc_]b[
Zcf
U
ghfcb[
XYjY`cdYf
hc
kcf_
cb
cif
]bhYfbU`
Hcc`g
hYUa"
H\Y
Hcc`g
hYUa
dfcXiWYg
hcc`g
UbX
KYV
g]hYg
h\Uh
hfUW_
K]b:L
5D=
XYjY`cdaYbh
fYdcfh
aYhf]Wg
cb
cif
G8?g
UbX
hfUW_
h\Y
hYbg
cZ
h\cigUbXg
cZ
Z]`Yg
h\Uh
UfY
giVa]hhYX
hc
cif
G8?g
Zcf
K]b:L
h\Y
"B9H
:fUaYkcf_
UbX
h\Y
A]WfcgcZh
K]bXckg
cdYfUh]b[
gmghYag"

;^\jgZ&"& Fb`X
XkT`c_Xf
bY
j[XeX
lbh
`\Z[g
[TiX
Vb`X
TVebff
T
eXYXeXaVX
gb
!A8G

I]ZiZgb#C:IWn^ihZa[YdZhcdibZVcbjX]#NdjXdjaYVh`&%Y^[[ZgZcieZdeaZ^ci]Z ^cYjhign!VcYndjldjaY\Zi&%Y^[[ZgZciVchlZgh#I]ZiZgb^hl^YZanjhZYVcYl^i]Vadid[ Y^[[ZgZcibZVc^c\h#>c[VXi!#C:I]VhWZZcjhZYl^i]Vadid[bVg`Zi]neZViiVX]ZYid^i!Va^i" iaZW^ia^`Zi]ZiZgbBE(#Hd^cgZVa^in!l]Zcndj]ZVgdggZVY#C:I!ndjgZVaanh]djaYWZ i]^c`^c\VWdjii]Z#C:I;gVbZldg`# =ZgZ^hV[dgbVaYZ[^c^i^dcd[i]Z#C:I;gVbZldg`/ I]Z#C:I;gVbZldg`^hVeaVi[dgbi]ViVaadlhndjidYZkZadehd[ilVgZVeea^XVi^dch VcYa^WgVg^ZhXVaaZYÆbVcV\ZYVeea^XVi^dchÇ0^iegdk^YZhndjl^i]i]ZXdbe^aZgVcYiddahid WZVWaZidWj^aY!YZWj\!VcYZmZXjiZbVcV\ZYVeea^XVi^dch# ;dgdjgejgedhZh!ndjXdjaYhVn#C:I^hi]ZeaVi[dgbi]Vi\^kZhndjZkZgni]^c\ndjcZZY idYZkZadeVcYgjcbVcV\ZYVeea^XVi^dchi]VigjcdcL^cYdlh#

'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

LZhVni]ViVeea^XVi^dchVgZbVcV\ZYWZXVjhZi]Z^gZmZXji^dc^hbVcV\ZYWni]Z #C:I;gVbZldg`#>c[VXi!i]Z#C:I;gVbZldg`^hbVcV\^c\i]ZZmZXji^dcWnegdk^Y^c\ VXdcigdaaZYgjci^bZZck^gdcbZcid[[Zg^c\Vl^YZkVg^Zind[hZgk^XZha^`ZadVY^c\ndjg Veea^XVi^dch!bVcV\^c\i]ZbZbdgn!VcY[^cVaanbdc^idg^c\VcYbV^ciV^c^c\i]ZhZXjg^in VcY^ciZ\g^inl]^aZi]ZVeea^XVi^dc^hZmZXjiZY#7Z[dgZ#C:IVcY?VkV!Veea^XVi^dchlZgZ jcbVcV\ZYWZXVjhZi]ZnlZgZcdiZmZXjiZYWnVXdcigdaaZYgjci^bZZck^gdcbZci#Cd di]ZgXdbedcZcid[i]ZhnhiZbegdk^YZYi]ZhZgk^XZh#C:Id[[Zgh#I]ZVeea^XVi^dch]VYid bVcV\Zi]Z^gdlchZgk^XZh!l]^X]hdbZi^bZhaZYidZggdcZdjhXdYZ!hZXjg^in]daZh!VcYYViV Xdggjei^dc#7ZXVjhZd[i]ZhZegdWaZbh!Veea^XVi^dchlZgZidj\]idbV^ciV^cVcYYZWj\# I]Z#C:I;gVbZldg`egdk^YZhndjl^i]Vl^YZkVg^Zind[iddahhjX]VhXdbe^aZgh! YZWj\\Zgh!egd\gVbb^c\aVc\jV\Zh!VcZmZXji^dcZc\^cZcVbZY8AGÃ8dbbdc AVc\jV\ZGjci^bZ!YZkZadeZgiddah!VcYVaVg\ZcjbWZgd[egZYZ[^cZYÅWj^aY^c\WadX`hÆ a^WgVg^Zh#I]dhZa^WgVg^ZhVgZcVbZY;8A;gVbZldg`8aVhhA^WgVg^Zh#NdjXVci]^c`d[ZVX] #C:IXdbedcZciVhVWj^aY^c\WadX`^cV]djhZ!Vh^aajhigViZY^ci]^h^bV\Z# >ldcÈiejindjidhaZZel^i]Vaai]Z YZ[^c^i^dch[dgZVX]WadX`d[i]^h]djhZ!WZXVjhZ lZÈgZ\d^c\idjhZdgiVa`VWdjibdhid[i]Zb ^cdjgegd_ZXih0>Èaah^bean^cigdYjXZi]ZWadX`h VhVeegdeg^ViZ#?jhiXdch^YZgi]^h^aajhigVi^dcVcY XdbZWVX`id^iVhcZZYZY# IldcdiZhVWdjii]^hheZX^Va]djhZVgZ ldgi]bZci^dc^c\# ;^ghi!add`Vii]ZWZ^\ZXdbedcZcidci]Z g^\]ih^YZd[i]Z]djhZ#>i^hcdieVgid[i]Z#C:I ;gVbZldg`!Wji^iidjX]Zhi]Z#C:I;gVbZldg` ViVaaaZkZah#I]ZYddg`cdWdci]^hXdbedcZci ^cY^XViZhi]Vii]gdj\]i]^hVeea^XVi^dc!ndjXVc YZkZadeVeea^XVi^dchi]Vil^aaVaadlndjidjX] Vaai]ZXdbedcZcihd[i]Z#C:I;gVbZldg`#

ABG8 I]gdj\]djii]^hWdd`!>ÈaaWZjh^c\ i]ZiZgbh[gVbZldg`VcY#C:I ;gVbZldg`Vhhncdcnbh#

< @ C B E G4 A G >iÈhcdicZXZhhVgnid]VkZB^Xgdhd[iK^hjVaHijY^dœid YZkZade#C:IVeea^XVi^dch!Wjijh^c\^id[[ZghbVcn VYkVciV\Zh#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

(

30

HZXdcY!cdi^XZi]Vi8dbbdcAVc\jV\ZGjci^bZ8AG^hi]Zeg^bVgneVgid[i]Z]djhZÈh [djcYVi^dc#>iÈhVXgjX^VaeVgid[i]Z[djcYVi^dcWZXVjhZ^iÈhi]ZZc\^cZi]ViadVYhVcY bVcV\Zhi]ZZmZXji^dcd[hdjgXZXdYZ#6aadi]ZghZgk^XZhndjcZZYidYZkZadeVeea^XVi^dch VgZdcided[i]Z8AG#

L]Vi>hK^hjVa7Vh^X'%%*4 K^hjVa7Vh^X'%%*^hdcZd[i]ZVkV^aVWaZegd\gVbb^c\aVc\jV\Zhi]ViiVg\Zii]Z#C:I ;gVbZldg`#A^`ZVcnhed`Zc$lg^iiZcaVc\jV\Z!K^hjVa7Vh^X]VhhnciVmgjaZhVcYVhZg^Zhd[ kVa^YldgYhndjXVcjhZidXgZViZndjgVeea^XVi^dch#K^hjVa7Vh^X^hVedejaVgX]d^XZ[dg WZ\^ccZghWZXVjhZhdbZeZdeaZ[^cYi]ZhnciVmh^beaZgi]Vci]ZhnciVmd[bVcndi]Zgegd" \gVbb^c\aVc\jV\Zh#>[ndj]VkZVagZVYnjhZYVcdaYZgkZgh^dcd[K^hjVa7Vh^XhjX]Vh K^hjVa7Vh^X)#m!*#m!dgK^hjVa7Vh^X+#%idegd\gVb!ndjÈaa[^cYhdbZ[Vb^a^VgXdchigjXihVcY V[Vb^a^VgjhZg^ciZg[VXZJ>^cK^hjVa7Vh^X'%%*#

>hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\DDEAVc\jV\Z4

@BE8

)

&LQGG

K^hjVa7Vh^X'%%*^hV[jaan[aZY\ZYdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z#AZiÈhiVa`VWdji l]Vii]^hbZVch# DW_ZXi"dg^ZciZYegd\gVbb^c\DDE^hVegd\gVbb^c\hinaZdgegd\gVbb^c\ eVgVY^\b#I]ZgZVgZdi]Zgegd\gVbb^c\eVgVY^\bh!hjX]Vh[jcXi^dcVadgegdXZYjgVa egd\gVbb^c\#AVc\jV\Zha^`Z8!;dgigVc!EVhXVa!VcYegZk^djhkZgh^dchd[K^hjVa7Vh^XVgZVaa egd\gVbb^c\eVgVY^\bh#7jii]ZhZeVgVY^\bh[dXjhbdgZdci]ZVXi^dchl]^aZDDE[dXjhZh bdgZdci]ZYViV^ihZa[# 6eea^XVi^dchi]VijhZi]ZDDEeVgVY^\bVgZYZkZadeZYjh^c\DDEaVc\jV\ZhDDEA# I]Z[^ghiDDEAlZgZ^cigdYjXZY^ci]Z&.+%h!Wjii]ZngZVaanWZXVbZedejaVg^ci]ZaViZ &.,%h#I]ZnVgZl^YZanjhZYidYVnWZXVjhZbdhieZdeaZV\gZZi]Vii]ZnÈgZZVhnidaZVgc! jhZ!YZWj\!VcYbV^ciV^c#;dg^chiVcXZ!DDEAZVh^angZegZhZcigZVa"ldgaYdW_ZXih#K^hjVa7Vh^X '%%*^hVcDDEaVc\jV\ZVhVgZ8!8 !?VkV!HbVaaIVa`!VcYA^he#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

Egd\gVbbZghjhZDDEidlg^iZegd\gVbhi]VigZegZhZcii]ZYZXdbedh^i^dcd[gZVa" ldgaYegdWaZbh^cidbdYjaZh#I]dhZbdYjaZhgZegZhZcigZVa"ldgaYdW_ZXihVcYVgZcVbZY XaVhhZhdgineZh#NdjXVci]^c`d[VcDDEegd\gVbVhVXdaaZXi^dcd[dW_ZXih^ciZgVXi^c\l^i] ZVX]di]Zg#Jh^c\DDE!Vegd\gVbbZgYZ[^cZhcZlineZhidgZegZhZcigZVa"ldgaYdW_ZXih! hjX]VhVeaVcZ!VeZghdc!VXjhidbZg!VYd\!dgVXVg#I]dhZineZhdgXaVhhZhXgZViZdW_ZXih dg^chiVcXZh#6cdW_ZXi^hVjc^ii]VigZegZhZcihdcZ^chiVcXZd[i]ZgZValdgaY# rel="nofollow">iÈhVhZa[" XdciV^cZYjc^iWZXVjhZ^i^cXajYZhVaai]ZYViVVcY[jcXi^dcVa^inVhhdX^ViZYl^i]i]VidW_ZXi# I]^hbZVchi]ViZVX]dW_ZXiXgZViZY^cVcVeea^XVi^dcXdciV^chVaai]Z^c[dgbVi^dci]Vi X]VgVXiZg^oZh^iYViVbZbWZghVcYVaai]ZVXi^dchbZi]dYhi]ViXVcVXXZhhdgbdY^[n i]Vi^c[dgbVi^dc# =ZgZ^hVh^beaZZmVbeaZ^cK^hjVa7Vh^X'%%*i]ViYZ[^cZhVeZghdcÈhXaVhh/ 

3XEOLF&ODVV3HUVRQ



¶'DWDPHPEHUV



3XEOLF1DPH$V6WULQJ



3XEOLF$GGUHVV$V6WULQJ



3XEOLF&LW\$V6WULQJ



3XEOLF6WDWH$V6WULQJ



3XEOLF=,3$V6WULQJ



3XEOLF&RXQWU\$V6WULQJ

 

¶0HWKRGV



2YHUULGDEOH6XE'LVSOD\



&RQVROH:ULWH/LQH1DPH



&RQVROH:ULWH/LQH$GGUHVV



&RQVROH:ULWH/LQH&LW\



&RQVROH:ULWH/LQH6WDWH



&RQVROH:ULWH/LQH=,3



&RQVROH:ULWH/LQH&RXQWU\



(QG6XE



(QG&ODVV

I]^hXaVhh^cXajYZhejWa^XYViVbZbWZghVcYVY^heaVnbZi]dYideg^cii]ZdW_ZXiÈh XdciZciidi]ZXdchdaZ#I]ZhjWbZi]dY^hWnYZ[VjaiejWa^X#I]ZdkZgg^YVWaZ`ZnldgYbZVch i]ViVcZlXaVhhYZg^kZY[gdbi]^hXaVhhl^aaWZVWaZidlg^iZ^ihdlc^beaZbZciVi^dcd[i]Z Y^heaVnbZi]dY#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

*

30

AZiÈhjhZVY^[[ZgZciZmVbeaZid\ddkZgi]ZhZXdcXZeih#BnYd\!8]de^c!^hVc^chiVcXZ d[i]ZXaVhh9d\VcYi]ZXaVhh9d\^hVhjWXaVhhd[i]Z6c^bVaXaVhh#7ZXVjhZ8]de^c^hV 9d\!]Z]VhhdbZWZ]Vk^dghVcYYViVi]ViVgZegdeZg[dgVYd\#7jiWZXVjhZ9d\^hVahdVc 6c^bVa!8]de^cVahd^c]Zg^ihhdbZYViVVcYWZ]Vk^dgh[gdbi]Z6c^bVaXaVhh# I]^hbZVchi]Vii]Z^chiVcXZ8]de^cd[i]Z9d\XaVhh]VhYViVbZbWZghi]ViX]VgVXiZg^oZ ]^bVcYbZi]dYhi]Vi>XVcXVaadci]Via^iiaZ[jggnWVaa#;dgZmVbeaZ!]ZgZ^hi]Z^chiVcXZ ^c[dgbVi^dc[dgi]Z8]de^cdW_ZXi/ 9ViV N 7gZZY/=ZÈhVBVaiZhZ# N
&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

AZiÈhadd`Vii]ZEZghdcXaVhhZmVbeaZV\V^c#I]^hi^bZ!Vc:beadnZZXaVhhi]ViYZg^kZh [gdbi]ZEZghdcXaVhh^hVYYZY#I]Z:beadnZZXaVhhYZg^kZh[gdbi]ZEZghdcXaVhhjh^c\i]Z `ZnldgY>c]Zg^ih [daadlZYWni]ZEZghdcZaZbZci#I]Z`ZnldgYDkZgg^YZhX]Vc\Zhi]Z ^beaZbZciVi^dcd[i]Z9^heaVnbZi]dY# 

3XEOLF&ODVV(PSOR\HH



,QKHULWV3HUVRQ

 

3XEOLF/HYHO$V,QWHJHU



3XEOLF6DODU\$V,QWHJHU

 

2YHUULGHV6XE'LVSOD\



&RQVROH:ULWH/LQH1DPH´LVDWOHYHO´/HYHO7R6WULQJ 

´DQGKDVDVDODU\RI´6DODU\7R6WULQJ ´µ 

&RQVROH:ULWH/LQH´+LVDGGUHVVLVµ



&RQVROH:ULWH/LQH$GGUHVV



&RQVROH:ULWH/LQH&LW\´µ6WDWH´´=,3



&RQVROH:ULWH/LQH&RXQWU\



(QG6XE



(QG&ODVV

>ci]^hXVhZ!i]Z:beadnZZXaVhh^c]Zg^ih[gdbi]ZEZghdcXaVhhVcYi]ZgZ[dgZ\ZihVaa i]ZYViV[^ZaYh[gdbi]ViWVhZXaVhh#:beadnZZXaVhhYdZhcÈi]VkZidgZYZ[^cZVaa[^ZaYh^c ^ihYZ[^c^i^dcWZXVjhZ^i\Zihi]ZbVjidbVi^XVaan[gdbEZghdc#Hd![dgi]Z:beadnZZXaVhh! ndjbjhiheZX^[ndcanl]Vi^hY^[[ZgZci[gdbVc^chiVcXZd[i]ZEZghdcXaVhh#;dgZmVbeaZ! Vc^chiVcXZd[i]Z:beadnZZXaVhhldjaY]VkZaZkZaVcYhVaVgnl]ZgZVhcdiVaa^chiVcXZhd[ i]ZEZghdcXaVhhldjaY#Eajh!i]Z9^heaVnbZi]dY[dg:beadnZZXdjaYVYYaZkZaVcYhVaVgn ^c[dgbVi^dcidi]ZY^heaVnZYbZhhV\Zl]ZcXVaaZY# I]^hlVh_jhiVWg^Z[^cigdYjXi^dcidDDEVcYhdbZd[^ihXdcXZeih#K^hjVa7Vh^X'%%* hjeedgihVaad[i]ZhZXdcXZeihVcYbVcnbdgZ#I]gdj\]djii]^hWdd`ndjÈaahZZbdgZDDE XdcXZeih!VcYl]ZcndjYd!>Èaa]^\]a^\]ii]Zb^cVgZVYZgV^Y^c[dgbVi^dcWdm# =ZgZÈhi]ZXdbeaZiZa^hi^c\jhZY^ci]^hhZXi^dcl^i]i]ZVYY^i^dcd[Vcdi]ZgXaVhh/i]Z 8jhidbZgXaVhh# 

Gci]^hWdd`!ndjaacdi^XZi]Vi hdbZXdYZa^hi^c\h^cXajYZa^cZ cjbWZgh#>[Va^cZYdZhcdi^cXajYZ VcjbWZg!^i^cY^XViZhi]Vii]ZXdYZ ^hVXdci^cjVi^dc[gdbi]ZegZk^djh a^cZ#HdbZXdYZa^cZhXVc\ZigVi]Zg adc\VcYbjhiWZlgVeeZYidWZ Y^heaVnZYdci]Zeg^ciZYeV\Z#>[ ndjcZZYidineZ^ci]ZXdYZ^c K^hjVa7Vh^X!WZhjgZidejiXdci^c" jZYa^cZhdcVh^c\aZa^cZ#

F88
4?FB >c#C:I!VaaXaVhhjai^bViZanYZg^kZh [gdbi]ZDW_ZXiXaVhh!ZkZcl]Zc ^i^hcdiheZX^[^ZY#

,PSRUWV6\VWHP

 

3XEOLF&ODVV3HUVRQ



¶'DWDPHPEHUV

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

,

30



3XEOLF1DPH$V6WULQJ



3XEOLF$GGUHVV$V6WULQJ



3XEOLF&LW\$V6WULQJ



3XEOLF6WDWH$V6WULQJ



3XEOLF=,3$V6WULQJ



3XEOLF&RXQWU\$V6WULQJ

 

¶0HWKRGV



2YHUULGDEOH6XE'LVSOD\



&RQVROH:ULWH/LQH1DPH



&RQVROH:ULWH/LQH$GGUHVV



&RQVROH:ULWH/LQH&LW\



&RQVROH:ULWH/LQH6WDWH



&RQVROH:ULWH/LQH=,3



&RQVROH:ULWH/LQH&RXQWU\



(QG6XE



(QG&ODVV

 

3XEOLF&ODVV&XVWRPHU



,QKHULWV3HUVRQ

 

3XEOLF,'$V,QWHJHU



3XEOLF,V3DUWQHU$V%RROHDQ

 

2YHUULGHV6XE'LVSOD\



'LPSDUWQHU0HVVDJH$V6WULQJ

 

,I,V3DUWQHU7KHQ



SDUWQHU0HVVDJH ´LVDSDUWQHUµ



(OVH



SDUWQHU0HVVDJH ´LVQRWDSDUWQHUµ



(QG,I

 

&RQVROH:ULWH/LQH´&XVWRPHU,'´,'7R6WULQJ



&RQVROH:ULWH/LQH1DPHSDUWQHU0HVVDJH



&RQVROH:ULWH/LQH$GGUHVV



&RQVROH:ULWH/LQH&LW\´µ6WDWH´´=,3



&RQVROH:ULWH/LQH&RXQWU\



(QG6XE



(QG&ODVV

 

-

&LQGG

3XEOLF&ODVV(PSOR\HH

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30



,QKHULWV3HUVRQ

 

3XEOLF/HYHO$V,QWHJHU



3XEOLF6DODU\$V,QWHJHU

 

2YHUULGHV6XE'LVSOD\



&RQVROH:ULWH/LQH1DPH´LVDWOHYHO´/HYHO7R6WULQJ ´DQGKDVD



VDODU\RI´6DODU\7R6WULQJ ´µ



&RQVROH:ULWH/LQH´+LVDGGUHVVLVµ



&RQVROH:ULWH/LQH$GGUHVV



&RQVROH:ULWH/LQH&LW\´µ6WDWH´´=,3



&RQVROH:ULWH/LQH&RXQWU\



(QG6XE



(QG&ODVV

I]^h^hVh^beaZXVhZ!Wji^i^aajhigViZhhdbZd[i]ZWVh^XXdcXZeihd[DDE#

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hi]ZiddalZl^aajhZi]gdj\]djii]^hWdd`idaZVgc]dl idYZkZadeVeea^XVi^dchgjcc^c\dcL^cYdlh# I]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*lZgZYZh^\cZYid[dXjhdcegdYjXi^k^in# 6hl^i]i]Z^g]^\]"ZcYkZgh^dcXdjciZgeVgih!i]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*VgZ Vahdl]VilZXVaaGVe^Y6eea^XVi^dc9ZkZadebZciiddahG69iddahWZXVjhZi]Z^ge]^adhde]n ^h\ZVgZYidlVgYegdYjXi^k^in#I]ZhZcZlkZgh^dchd[K^hjVaHijY^dVgZZVhnidjhZ!ZVhnid aZVgc!VcYhigZVba^cZYWZXVjhZ!Vai]dj\]i]ZnXdciV^cbdhiani]ZhVbZXdbedcZcih!i]Zn aVX`i]Z[jaaWgZVYi]d[[ZVijgZh[djcY^ci]Z]^\]Zg"ZcYkZgh^dchd[K^hjVaHijY^d#Bdhi[ZV" ijgZhVcYXdbedcZcih^ci]Z:megZhh:Y^i^dchlZgZh^bea^[^ZYidbV`Zi]ZaZVgc^c\XjgkZaZhh hiZZeVcYid[^ii]ZcZZYhd[i]Zcdcegd[Zhh^dcVaYZkZadeZg# I]ZK^hjVaHijY^d'%%*:megZhh:Y^i^dc[Vb^an^hYZh^\cZYl^i]WZ\^cc^c\egd\gVb" bZgh^cb^cYÄeZdeaZa^`Zndjl]dVgZXjg^djhVWdjiegd\gVbb^c\VcYl]dVgZadd`^c\ [dgVcZVhnlVnidWj^aYL^cYdlhVeea^XVi^dchl]^aZaZVgc^c\]dlidegd\gVb#K^hjVa7Vh^X '%%*:megZhh:Y^i^dc^hi]Z^YZVaiddaidjhZidgVe^YanYZkZadeVeea^XVi^dch[dgide^Xhndj gZVaanadkZdg[dg]dWW^ZhndjZc_dn#>iXVcVahdWZjhZYid]ZaeZVhZndjgYVn"id"YVn_dWdg hX]ddaiVh`h#Bdhi^bedgiVcian!ndjXVc]VkZ[jcl^i]i]Ziddal]^aZndjÈgZaZVgc^c\idegd\gVb# 8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

.

30

L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i]K^hjVa7Vh^X'%%* :megZhh:Y^i^dc4 L^i]i]^hkZgh^dcd[K^hjVaHijY^d'%%*!ndjÈaaWZVWaZidXgZViZi]Z[daadl^c\ineZhd[Veea^" XVi^dch/ N L^cYdlh6eea^XVi^dch6eea^XVi^dchi]Vi]VkZV\gVe]^XVa^ciZg[VXZl^i]Wjiidch!l^c" Ydlh!bZcjh!iddaWVgh!VcYhddc!Vh^cB^Xgdhd[iLdgYdg>ciZgcZi:meadgZg# N 8dchdaZ6eea^XVi^dch6eea^XVi^dchi]Vi]VkZcd\gVe]^XVa^ciZg[VXZVcYh^beanjhZiZmi idXdbbjc^XViZl^i]i]ZjhZg#Ine^XVaan!i]ZhZVgZVXdbbVcYl^cYdldg9DHl^cYdl# ABG8 LZl^aaadd`^cidi]ZYZiV^ahd[ l]ViineZhd[Veea^XVi^dch[Vaa^cid i]ZhZXViZ\dg^Zh^c8]VeiZg'#

N GZjhVWaZ8dbedcZcihdg8aVhhA^WgVg^Zh6\gdjed[iddahXgZViZYid]ZaeWj^aYdi]Zg Veea^XVi^dch# L]VindjldcÈiWZVWaZidWj^aYVgZLZWh^iZhVcYLZWhZgk^XZh#IdXgZViZVcnineZd[ LZWVeea^XVi^dc!ndjl^aacZZYid\ZiB^Xgdhd[iK^hjVaLZW9ZkZadeZgž'%%*:megZhh:Y^i^dc#

L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4 I]Za^hiWZadl!Vai]dj\]cdiXdbeaZiZ!egdk^YZhi]ZZhhZci^Va[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dc#6ii]^hed^ci!YdcÈildggn^[ndjYdcÈijcYZghiVcYZkZgnh^c\aZ[ZVijgZa^hiZY WZadl#>egZhZcii]Z[ZVijgZh^ci]Za^hiWZXVjhZndjÈaaXdbZVXgdhhVaad[i]Zb^chdbZlVn^c i]Z[jchVbeaZhi]Vindjl^aaWZXgZVi^c\# Bdhid[i]Z[ZVijgZha^hiZY]ZgZZbe]Vh^oZi]ZG69e]^adhde]n#6ai]dj\]i]Z^YZV ^hid\^kZndjVcdkZgk^Zld[i]Z^ciZgZhi^c\[ZVijgZhi]ViXVcbV`Zndjga^[ZZVh^Zg!i]Z [ZVijgZcVbZhVadcZVgZcdihj[[^X^ZciidjcYZghiVcYl]Vii]ZnbZVc#Hd>^cXajYZVWg^Z[ YZhXg^ei^dc\^k^c\ndji]ZZhhZci^VahVcY]dli]Znh]djaY]ZaendjidYZkZadeVeea^XVi^dch# N 7j^ai"^cHiVgiZg@^ih;jaanYZkZadeZYVeea^XVi^dchl^i]WZhiegVXi^XZhVcYZmVbeaZhid [daadl#I]ZhZVeea^XVi^dchl^aa\^kZndjVcdi]ZgZmVbeaZidWVhZndjgaZVgc^c\dc#I]Zn l^aaWZV\ddYXdbeaZbZciidl]VilZVgZYd^c\l^i]i]^hWdd`# N 7Z\^ccZgÈhIVg\ZiZY9dXjbZciVi^dcVcYIjidg^Vah6[VhiVcYZVhnlVnid\Zii]Z ^c[dgbVi^dc#I]ZnVahdegdk^YZhVbeaZh#

&%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

N >ciZaa^HZchZœEgdk^YZhgZVa"a^[ZhnciVmhj\\Zhi^dchVcYZkZc[^c^h]Zhndjgine^c\[dg ndj# N 8dYZHc^eeZihEgdk^YZXdYZ[dgbdgZi]Vc'%%egd\gVbb^c\iVh`hid]ZaendjXdb" eaZiZbVcnXdbbdciVh`hVjidbVi^XVaan#8dYZhc^eeZihh]dli]ZgZXdbbZcYZYlVnd[ Yd^c\i]^c\h#I]ZnVgZY^gZXian^ciZ\gViZY^ci]ZYZkZadebZciZck^gdcbZci!VcYi]ZnVgZ ZmiZch^WaZ0i]Vi^h!dkZgi^bZB^Xgdhd[il^aaXdci^cjZidhjeeancZlXdYZhc^eeZihVcY bZbWZghd[dca^cZXdbbjc^i^Zhl^aaXdcig^WjiZi]Z^ghc^eeZihVhlZaa#8dYZhc^eeZi ZmiZch^W^a^inhZZbhidWZVgZVaanc^XZ[ZVijgZi]Vil^aa]ZaeeZdeaZh]VgZjhZ[jai]^c\h^c i]Zdca^cZXdbbjc^i^Zh# N I]ZBn8dchigjXiI]^hcZlK^hjVa7Vh^X[ZVijgZegdk^YZhh^beaZVXXZhhidedejaVg#C:I ;gVbZldg`XaVhhZhVcYXdbbdciVh`h#>iZcVWaZhndjideZg[dgbiVh`hl^i]dji`cdl^c\ Vaai]Z[gVbZldg`^ciZgcVah#I]ZhZiVh`hVgZc^XZanlgVeeZYVcYegdk^YZndjl^i]VcZVhn VcYXaZVclVnd[\Zii^c\i]^c\hYdcZ#6ai]dj\]h^b^aVgidXdYZhc^eeZih!i]ZBn 8dchigjXiZaZbZcih]VkZi]Z^ghdjgXZXdYZ]^YYZcVcYlgVeeZY^cdcZa^cZd[XdYZ# N 9ViV"ZcVWaZY6eea^XVi^dchI]ZhZVeea^XVi^dchVaadlndjidXdccZXiidB^Xgdhd[iHFA HZgkZgž'%%*:megZhh:Y^i^dcVcYVYYYViVWVhZhVcYXdYZidVXXZhhi]ZhZYViV^cndjg Veea^XVi^dch# N L^cYdlh;dgb9Zh^\cZgL^i]i]ZhZcZliddah!ndjXVcZVh^anYZh^\cndjgL^cYdlh Veea^XVi^dc!^cXajY^c\[ZVijgZhhjX]VhhcVea^cZhi]VibV`ZhjgZndjgXdcigdahVgZ Va^\cZY^cndjg[dgbVcYVjidXdggZXiid\^kZndjgZVa"i^bZXdbe^aZg[ZZYWVX`#NdjldcÈi ]VkZidXdbe^aZndjgXdYZid`cdl^[ndj]VkZZggdgh0K^hjVa7Vh^X'%%*l^aa\^kZi]Zb idndjVhndjineZVcYZkZc\^kZndjediZci^Va[^mZh# N MBALZWHZgk^XZhI]^hegdYjXiegdk^YZhZVhn"id"jhZiddahVcYl^oVgYhi]Vil^aa]Zae ndjXdccZXiidejWa^h]ZYMBA"WVhZYLZWHZgk^XZhVcYji^a^oZi]Z^g[jcXi^dcVa^i^Zh# N CZlL^cYdlh;dgb8dcigdahI]ZhZXdbeg^hZVc^begZhh^kZa^hid[XdcigdahÄV\gZViZg hZaZXi^dci]Vc^cVcnegZk^djhkZgh^dcd[K^hjVa7Vh^X#I]Znl^aa]ZaendjXgZViZjhZg ^ciZg[VXZhi]Vi]VkZVegd[Zhh^dcVaadd`VcY[ZZa#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

&&

30

N HbVgiIV\hBdhiL^cYdlh;dgbXdcigdahi]ViXdbZl^i]i]ZegdYjXi^cXajYZHbVgi IV\h#6h^cbVcnB^Xgdhd[iD[[^XZVeea^XVi^dch!VHbVgiIV\^hgZegZhZciZYWnVa^iiaZWaVX` ig^Vc\aZdgVc^XdcVcYVa^iiaZWaVX`ig^Vc\aZViiVX]ZYidVXdcigda#6HbVgiIV\\^kZhndj VXXZhhidi]ZbdhiXdbbdcVXi^dchndjXVceZg[dgbdcVXdcigda# N 8a^X`"dcXZ9ZeadnbZciI]^h[ZVijgZhVaadlhndjidZVh^anejWa^h]ndjgVeea^XVi^dchdc i]Z>ciZgcZi!dcVadXVaVgZVcZildg`A6C!VcZildg`h]VgZ!dgdcV89#>iVahdh^bea^[^Zh ejWa^h]^c\jeYViZh# N :Y^iVcY8dci^cjZL]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!:Y^iVcY8dci^cjZaZih ndjbdY^[ni]ZXdYZ!bdkZWVX`VcY[dgi]^ci]ZYZWj\\Zg!gZ"ZmZXjiZXdYZ!VYY[jcX" i^dcVa^in!dg[^mWj\hdci]Z[anl^i]djihidee^c\egd\gVbZmZXji^dc# N 9ZWj\\ZgK^hjVa^oZghL]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!i]Zk^hjVa^oZgh\^kZ ndjVcZVhnlVnid\ZigZVYVWaZgZegZhZciVi^dchd[ndjgVeea^XVi^dcYViV#I]Zn\^kZndj V]jbVc"gZVYVWaZgZegZhZciVi^dcd[i]ZhidgZYYViV!ZkZc[dgbdgZXdbeaZmineZh[djcY ^c69D#C:Idg:miZch^WaZBVg`jeAVc\jV\ZMBA# N 8dbbjc^in6XXZhhVcYHiVgiEV\ZL^i]i]ZhZ[ZVijgZh!ndjXVcVXXZhhVYY^i^dcVa ^c[dgbVi^dc[gdbdca^cZXdbbjc^i^ZhVcY[gdbY^[[ZgZcihdjgXZhd[dca^cZ]Zae!^cXajY^c\ Y^kZghZGHHG^X]H^iZHjbbVgndgGZVaanH^beaZHncY^XVi^dc;ZZYh#GHH^hV[Vb^and[ MBA[^aZ[dgbVih0^i^hl^YZanjhZYWni]ZlZWad\Xdbbjc^inVcYcZlhLZWh^iZh# N H^bea^[^ZY9ZkZadebZci:ck^gdcbZci:kZgni]^c\^ci]ZYZkZadebZciZck^gdcbZci lVhXgZViZYhdi]VindjXVcZVh^anVXXZhh`Zn[jcXi^dcVa^i^Zh!iddah!VcYdW_ZXih# 6hndjXVchZZ!K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^cXajYZhbVcnc^XZ[ZVijgZhid]Zae i]ZcZlegd\gVbbZgYZkZadeVeea^XVi^dch^cV[VhiVcY[jclVn#I]ZhZ[ZVijgZhl^aaegdk^YZ \j^YVcXZZkZcl]ZcndjÈgZcdicZXZhhVg^anhjgZl]VihnciVmdgXdbedcZcihidjhZVcYl^aa \gZVianZmeZY^iZndjgaZVgc^c\d[i]ZegdYjXi#

&'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cHjbbVgn### Ndjcdl`cdli]Vi#C:I^hV[gVbZldg`XdbedhZYd[Xdbe^aZgh!iddah!aVc\jV\Zh!YZWj\" \Zgh!VcYVcZmZXji^dcZc\^cZ#I]Z8AG!dg8dbbdcAVc\jV\ZGjci^bZ!^hi]ViZmZXji^dc Zc\^cZ!VcY^i^hgZhedch^WaZ[dgadVY^c\VcYZmZXji^c\bVcV\ZYVeea^XVi^dch#>cZhhZcXZ! #C:I^ha^`ZV]djhZl^i]i]Z8AGVhi]Z[djcYVi^dcVcYVaadi]ZghZgk^XZhWj^aidcided[^i# NdjVahdaZVgcZYi]ViK^hjVa7Vh^X'%%*^hVcdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z i]Vi]VhVh^beaZghnciVmi]Vcdi]ZgbdYZgcegd\gVbb^c\aVc\jV\Zh#NdjVahdhiVgiZYid aZVgcl]VidW_ZXi"dg^ZciZYegd\gVbb^c\^hVcYhiVgiZYidaZVgci]ZWVh^Xhd[DDE^cK^hjVa 7Vh^X'%%*# I]^hX]VeiZg]Vh\^kZcndji]Zdeedgijc^inidaZVgci]Z[ZVijgZhd[K^hjVa7Vh^X'%%* :megZhh:Y^i^dcVcY]dlndjXVcXgZViZi]gZZY^[[ZgZciineZhd[Veea^XVi^dchi]VibViX]ndjg ]dWW^Zh!_dW!dghX]ddacZZYh#>ci]ZcZmiX]VeiZg!ndjÈaaaZVgc]dlid^chiVaaK^hjVa7Vh^X '%%*:megZhh:Y^i^dc#

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc

&LQGG

&(

30

&LQGG

30

6[TcgXe
%
' 

&LQGG

rel="nofollow">ci]^hX]VeiZg!ndjÈaa^chiVaai]ZegdYjXiVcYhiVgi\Zii^c\id`cdll]Vi XdbedcZcihVgZ^cXajYZYl^i]^i#>Èaa\j^YZndji]gdj\]Vaai]ZhiZehd[i]^h ^chiVaaVi^dchdi]VindjXVcWZgZVYnidhiVgiWj^aY^c\Veea^XVi^dchjh^c\ B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dcg^\]iVlVn#>l^aaiVa`VWdji hdbZXdbbdc^chiVaaVi^dchXZcVg^dh!\^kZndjhdbZi^eh!VcY>l^aaVahd XdkZgl]ViidYd^[i]ZjcZmeZXiZY]VeeZch# I]Z^chiVaaVi^dcegdXZhh^hZVhnVcYhigV^\]i[dglVgY![daadl^c\^ci]Zhe^g^i d[i]Z:megZhhegdYjXih#

&*

30

EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh:Y^i^dc I]ZgZVgZVXdjeaZd[dei^dch[dg^chiVaa^c\K^hjVa7Vh^X'%%*!eVgi^XjaVgan^[ndjÈkZ]VYegZk^" djhkZgh^dch^chiVaaZYWZ[dgZdg^[ndj^chiVaaZYVcZVgankZgh^dcd[i]ZegdYjXi#7Z[dgZndj hiVgii]Z^chiVaaVi^dc!bV`ZhjgZndjgXdbejiZgbZZihi]Zhd[ilVgZVcY]VgYlVgZgZXdb" bZcYVi^dch#NdjXVcgZk^Zli]Z>cigdYjXi^dcd[i]^hWdd`[dgVaacZXZhhVgn^c[dgbVi^dc#Ndj l^aaVahdlVciidZchjgZi]VindjgXdbejiZg]VhWZZcjeYViZYl^i]i]ZaViZhijeYViZh[gdb L^cYdlhJeYViZh]iie/$$l^cYdlhjeYViZ#b^Xgdhd[i#XdbdgB^Xgdhd[iJeYViZh]iie/$$jeYViZ# b^Xgdhd[i#Xdb#I]^hl^aaXdc[^gbi]VindjgbVX]^cZ]VhVaai]ZaViZhihZXjg^injeYViZhVadc\ l^i]hdbZ^chiVaaVi^dcegZgZfj^h^iZhWZ[dgZhiVgi^c\i]ZVXijVaegdYjXi^chiVaaVi^dc# >[ndj]VkZVcVci^k^gjhdgVcVci^henlVgZVeea^XVi^dc^chiVaaZYVcYgjcc^c\!ndjg Vci^henlVgZegd\gVbb^\]iegdbeindjidVaadlXZgiV^chZijeiVh`hidegdXZZY#;dg ^chiVcXZ!l^i]i]ZaViZhiB^Xgdhd[iL^cYdlhœ6ci^HenlVgZ7ZiV]iie/$$lll#b^Xgdhd[i#Xdb$ Vi]dbZ$hZXjg^in$henlVgZ$hd[ilVgZ$YZ[Vjai#bhem!>lVhVh`ZYildi^bZhidVaadlXZgiV^ciVh`h idegdXZZYVcYV[Zldi]Zgi^bZhi]ZVci^henlVgZegdYjXigZXd\c^oZYi]ZhdjgXZVcYh^bean bZci^dcZY^iVcYXdci^cjZY#I]^hlVhi]ZZmeZg^ZcXZ>]VYl^i]i]ZB^Xgdhd[iegdYjXi#>[ ndjVgZjh^c\Vcdi]ZgVci^henlVgZVeea^XVi^dc!ndjgZmeZg^ZcXZb^\]ikVgnha^\]ianWjil^aa WZVghdbZh^b^aVg^i^Zhidi]^hegdXZhh#I]ZVci^k^gjhVcYVci^henlVgZegdYjXihVgZ\^k^c\ndj Vcdeedgijc^inidXdc[^gbi]Zdg^\^cd[i]ZegdYjXindjÈgZVWdjiid^chiVaa#L]ZcndjÈgZhjgZ ^iÈh[gdbB^Xgdhd[i!Vaadli]ZhZijeVeea^XVi^dcidXdci^cjZ^ih_dWWnVaadl^c\i]ZVXi^dc# 9jg^c\i]Z^chiVaaVi^dc!^[hdbZi]^c\\dZhlgdc\!ndjÈgZegdWVWancdii]ZdcaneZghdc idZcXdjciZgi]^hegdWaZb#I]Z[^ghii]^c\idYd^hidadd`Vii]ZaViZhiGZVYbZ^c[dgbVi^dc bV^ciV^cZYWni]ZHZijeiZVbdcBH9CVcY[daadli]ZhiZehegdk^YZYidhdakZ^chiVaaVi^dc egdWaZbh#=ZgZVgZilda^c`hidi]ZBH9CœgZhdjgXZh/ N :megZhhDca^cZGZVYbZ/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&('' N :megZhhDca^cZ@cdlc>hhjZh/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&('* H^YZ"Wn"H^YZ>chiVaaVi^dc>[ndj]VkZVegZk^djhkZgh^dcd[B^Xgdhd[iK^hjVaHijY^dœ! hVnK^hjVaHijY^d'%%'dgK^hjVaHijY^d'%%(!^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc!dg VcnK^hjVaHijY^d'%%*egdYjXi!l^aaWZhigV^\]i[dglVgY#I]^h^hXdch^YZgZYVh^YZ"Wn"h^YZ ZmZXji^dc!VcYndjXVc\dhigV^\]iidi]ZhZXi^dcdc^chiVaa^c\i]Zhd[ilVgZ#

&+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

EgZk^djhKZgh^dchd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dc>[ndj]VkZVegZ"gZaZVhZÄ ZheZX^VaanVegZ"7ZiV'kZgh^dcd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dcdgVcnkZgh^dcd[K^hjVa HijY^d'%%*8IEÄ8dbbjc^inIZX]cdad\nEgZk^ZldgV7ZiVkZgh^dcÅndjbjhijc^chiVaa VaaegZ"gZaZVhZXdbedcZcihWZ[dgZ^chiVaa^c\i]^hcZlkZgh^dc#I]Zhd[ilVgZXdbedcZcihbjhi WZjc^chiVaaZY^cVeVgi^XjaVgdgYZg[dgndjgcZl^chiVaaVi^dcidWZhjXXZhh[ja#I]Zbdhije" id"YViZ^c[dgbVi^dc[dgjc^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[i]ZegdYjXi^hVkV^aVWaZdc i]Z[daadl^c\BH9C=ZaeeV\Z/]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2),%+'# I]ZegZ"gZaZVhZegZ"7ZiV'kZgh^dchgZegZhZciVkZgh^dcd[i]Z[^cVaegdYjXiZVgan^ci]Z YZkZadebZciXnXaZ#I]ZnVgZcdid[[^X^VaanhjeedgiZYWnB^Xgdhd[i!hdl]Zcndj^chiVaaZVgan WZiVdg8IEkZgh^dch!ndjVahdjcYZghiVcYi]Vii]ZegdYjXi^hjcYZg\d^c\Xdci^cjVaX]Vc\Zh! l]^X]jai^bViZangZ[aZXih^ci]Z^chiVaaVi^dcegdXZhh# L]Zcndjjc^chiVaaVegZ"gZaZVhZkZgh^dcd[Vcnhd[ilVgZ!ndjb^\]iZcXdjciZg egdWaZbh#6ihdbZed^ci!ndjbVn]VkZcdX]d^XZWjiidgZ[dgbVindjg]VgYYg^kZVcY gZ^chiVaandjgdeZgVi^c\hnhiZb#I]^h^hcdiVcjcXdbbdch^ijVi^dcl]Zcndjldg`l^i]egZ" gZaZVhZhd[ilVgZ#7jii]^hh^ijVi^dc]VhVhdaji^dc#7Z[dgZWZ\^cc^c\i]Zjc^chiVaaegdXZYjgZ! VcYVhVegZXVji^dcVgnbZVhjgZ!ndjÈaalVciidWVX`jeVaandjgYViVWZ[dgZWZ\^cc^c\#>[ edhh^WaZ!V\ddYegVXi^XZ^hidVkd^Y^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[VcnegdYjXihdc ndjgbV^cXdbejiZg#Jh^c\ViZhibVX]^cZdgk^gijVahd[ilVgZl^aa]ZaendjVkd^Yadh^c\ Vcn^bedgiVciYViVVcYldcÈihadlndjgegdYjXi^k^in^ci]ZZkZcihdbZi]^c\\dZhlgdc\#Id aZVgcbdgZVWdjii]Zk^gijVahdaji^dci]ViB^Xgdhd[id[[Zgh!ndjXVcadd`ViB^Xgdhd[iK^gijVa E8'%%)Vi]iie/$$lll#b^Xgdhd[i#Xdb$l^cYdlh$k^gijVaeX$YZ[Vjai#bhem#

64HG
ABG8 :kZci]dj\]i]ZegZ"gZaZVhZkZg" h^dchd[i]Zhd[ilVgZVgZcdi d[[^X^VaanhjeedgiZYWnB^Xgdhd[i! ndjl^aa[^cYgZhdjgXZhdci]Z B^Xgdhd[ih^iZid]Zaendjl^i] ^chiVaaVi^dc#>ceVgi^XjaVg!ndjl^aa [^cY^c[dgbVi^dcdc]dlidjc^c" hiVaaVcY^cl]VidgYZgidjc^c" hiVaai]ZegdYjXih#

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc Cdli]VilZÈkZVYYgZhhZYVadid[ediZci^Va^hhjZhVcYcdli]VindjgbVX]^cZ^hgZVYn!ndj XVcegdXZZYl^i]i]Z^chiVaaVi^dc#Ndjh]djaY[^cYV89dg9K9Vii]ZZcYd[i]^hWdd`i]Vi XdciV^chV[jaaldg`^c\ZY^i^dcd[i]ZegdYjXi#H^bean^chZgi^i^cidVcnVkV^aVWaZ89dg9K9 Yg^kZ^cndjghnhiZbVcY[daadli]ZhiZehWZadl#

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

&,

30

ID>CHI6AAK>HJ6A76H>8'%%*:MEG:HH:9>I>DC =Z
5ihcfib
]g
YbUV`YX
h\Y
]bghU``Uh]cb
dfcWYgg
g\ci`X
ghUfh
UihcaUh]WU``m"
=Z
]h
XcYgbÇh
ghUfh
UihcaUh]WU``m


$ UZhYf
U
ZYk
gYWcbXg
Zc``ck
h\YgY
ghYdg.


V#
7`]W_
h\Y
HiVgi
Vihhcb
UbX
h\Yb
W`]W_
Bn8dbejiZg"
W#
F][\h!W`]W_
h\Y
78
cf
8J8
Xf]jY
h\Uh
\Ug
h\Y
dfcXiWh
aYX]U
UbX
gY`YWh
:meadgZ"
X#
=b
h\Y
`]gh
cZ
Z]`Yg
`cWUhY
UbX
XciV`Y!W`]W_
HZije#ZmZ
hc
ghUfh
h\Y
=bghU``Uh]cb
K]nUfX" K]h\]b
U
ZYk
gYWcbXg
mci
g\ci`X
gYY
h\Uh
h\Y
gYhid
dfc[fUa
]g
Wcdm]b[
U``
bYWYggUfm
]bghU``Uh]cb
Z]`Yg


% hc
U
hYadcfUfm
Zc`XYf
Ug
g\ckb
]b
:][ifY
&!%"
;^\jgZ'"& 6bcl\aZ
fXghc
Y\_Xf
_bVT__l
gb
T

gX`cbeTel
Yb_WXe

K\Yb
h\Y
GYhid
dfc[fUa
]g
XcbY
Wcdm]b[
h\Y
Z]`Yg
h\Y
gYhid
Udd`]WUh]cb
`cUXg
]bhc
aYacfm"
K\]`Y


& h\Y
Udd`]WUh]cb
]g
`cUX]b[
mciÇ``
gYY
Ub
]b]h]U`]nUh]cb
dfc[fYgg
VUf
Ug
g\ckb
]b
:][ifY
&!&" ;^\jgZ'"'
&-

&LQGG

ABG8 NdjÈaa]VkZcdi]^c\idYdWjilV^i Vii]^hed^ci#I]ZlV^ih]djaYcdi WZadc\ÄaZhhi]VcVb^cjiZ^c bdhiXVhZh!YZeZcY^c\dcndjg XdbejiZgheZZY#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

BYlh
mciÇ``
VY
[fYYhYX
Vm
h\Y
KY`WcaY
dU[Y


' :][ifY
&!'
k\]W\
dfcj]XYg
gcaY
]bZcfaUh]cb
UVcih
h\Y
dfcXiWh
UbX
h\Y
dcgg]V]`]h]Yg
mciÇ``
\UjY
kcf_]b[
k]h\
]h"
MciÇ``
U`gc
VY
bch]Z]YX
]Z
mcif
aUW\]bY
XcYg
bch
aYYh
Ubm
dfYfYei]g]hYg
Zcf
`cUX! ]b[
h\Y
gcZhkUfY"
7`]W_
BYlh
hc
Wcbh]biY
cf
7UbWY`
hc
Yl]h
h\Y
]bghU``Uh]cb
dfc[fUa"

;^\jgZ'"( JX_Vb`X
cTZX

Hc
Wcbh]biY
h\Y
]bghU``Uh]cb
dfcWYgg
mci
aigh


( fYUX
UbX
UWWYdh
h\Y
`]WYbgY
U[fYYaYbh



:][ifY
&!("
D`YUgY
fYUX
]h
WUfYZi``m
hc
gYY
k\Uh
mci
WUb
UbX
WUbÇh
Xc
k]h\
h\]g
dfcXiWh"
K\Yb
mciÇfY
XcbY
UbX
mciÇfY
fYUXm
hc
UWWYdh
h\Y
`]WYbgY
U[fYY! aYbh
W`]W_
h\Y
W\YW_
Vcl
UbX
h\Yb
W`]W_
BYlh
hc
Wcbh]biY"

;^\jgZ'") ?\VXafX
TZeXX`Xag

8]VeiZg'/ rel="nofollow">chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

&.

30

H\Y
=bghU``Uh]cb
Cdh]cbg
dU[Y
UddYUfg
Ug


) g\ckb
]b
:][ifY
&!)"
Cb
h\]g
dU[Y
VY
gifY
hc
gdYW]Zm
h\Uh
mci
kUbh
UWWYgg
hc
h\Y
[ndjYdcÈi^chiVaaBH9C:megZhhA^WgVgn! ndjÈaacZZYVXXZhhidi]Z>ciZgcZiid\Zi]Zae[gdbBH9C Dca^cZ#>[ndjYdcÈi^chiVaaHFAHZgkZg'%%*:megZhh!ndj ldcÈiWZVWaZidXgZViZVeea^XVi^dchi]VibjhiVXXZhh di]ZghdjgXZhd[YViV!hjX]VhB^Xgdhd[i6XXZhhYViVWVhZ ^c[dgbVi^dc!:miZch^WaZBVg`jeAVc\jV\ZMBA[^aZh! dgdi]ZgineZhd[G97BH^c[dgbVi^dc#>cVYY^i^dc!hdbZ hVbeaZ[^aZh[gdbi]^hWdd`ldcÈildg`VjidbVi^XVaan! VcYndjÈaa]VkZideZg[dgbhdbZbVc^ejaVi^dchdggZ" ^chiVaaVi^dchid\Zii]Zbidldg`#

;^\jgZ'"* FXg
lbhe
\afgT__T g\ba
bcg\baf
[XeX

GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb
]g
U
fY`Uh]cbU`
XUhU! VUgY
aUbU[YaYbh
gmghYa
F86AG
h\Uh
k]``
YbUV`Y
mci
hc
YUg]`m
aUb]di`UhY
XUhU
]b
mcif
Udd`]WUh]cb"
H\]g
]g
Ub
]adcfhUbh
ghYd"
:cf
YlUad`Y
]Z
mciÇfY
WfY! Uh]b[
h\Y
8J8
Wc``YWh]cb
aUbU[YaYbh
Udd`]WUh]cb
k\]W\
]g
cbY
cZ
h\Y
GhUfhYf
?]hg
U``
h\Y
XUhU
fY`UhYX
hc
mcif
8J8
Wc``YWh]cb
k]``
bYYX
hc
VY
ghcfYX
]b
U
XUhUVUgY
ig]b[
GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb" K\Yb
mciÇfY
XcbY
k]h\
mcif
gY`YWh]cbg
W`]W_


* BYlh
hc
Wcbh]biY"

H\Y
8Ygh]bUh]cb
:c`XYf
dU[Y
UddYUfg
Ug


+ g\ckb
]b
:][ifY
&!*"
H\]g
dU[Y
k]``
Ug_
mci
k\YfY
hc
]bghU``
h\Y
gcZhkUfY
cb
mcif
WcadihYf"
=
fYWcaaYbX
h\Uh
mci
igY
h\Y
XYZUi`h
`cWUh]cb" 64HG
;^\jgZ'"+ 7Xfg\aTg\ba
9b_WXe

'%

&LQGG

>[ndjX]ddhZid^chiVaai]Zhd[ilVgZ^cV[daYZgdi]Zg i]Vci]ZgZXdbbZcYZYYZ[Vjai!ndjb^\]i]VkZegdW" aZbhldg`^c\l^i]hdbZd[i]ZeVi]hVcY[^aZhbZc" i^dcZYaViZg^ci]ZWdd`#>[ndjYd^chiVaa^cVY^[[ZgZci adXVi^dc!gZhiVhhjgZY>Èaa\^kZndjhdbZXVji^dcVgn cdiZhl]ZcZkZgndjbVngjc^cidegdWaZbh#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

7`]W_ =bghU``
hc
ghUfh
h\Y
]bghU``Uh]cb"
H\Y
]bghU`!

, `Uh]cb
dfc[fYgg
VUf
UddYUfg
UbX
h\Y
]bghU``Uh]cb
]g
ibXYfkUm
gYY
:][ifY
&!+
H\]g
a][\h
VY
U
[ccX
h]aY
hc
[Yh
gcaYh\]b[
hc
Xf]b_
VYWUigY
]bghU``Uh]cb
Wci`X
hU_Y
gcaY
h]aY" ABG8 I]Z^chiVaaVi^dci^bZl^aakVgnWVhZYdcndjgX]d^XZh dci]ZegZk^djheV\Z#DcVkZgV\Z!^[ndjhZaZXiZYWdi] BH9CA^WgVgnVcYHFAHZgkZg'%%*:megZhh:Y^i^dc!i]Z ^chiVaaVi^dch]djaYWZVgdjcY&%id(%b^cjiZhYZeZcY" ^c\dcndjgXdbejiZgÈhheZZY#


;^\jgZ'",
Q
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
H\]g
]g
h\Y
hcc`
]hgY`Z
k\]W\
kUg
h\Y
VY][Y
V`cW_
fYdfYgYbh]b[
h\Y
Xccf
cZ
cif
\cigY
]b
7\UdhYf
%" Q
AG8B
9ldfYgg
@]VfUfm
H\]g
kUg
XYgWf]VYX
YUf`]Yf" Q
GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb
H\]g
kUg
XYgWf]VYX
YUf`]Yf" H\Y
GYhid
7cad`YhY
dU[Y
UddYUfg
gYY
:][ifY
&!,
UbX
mci
UfY
bck
Z]b]g\YX
k]h\
h\Y
]bghU``Uh]cb"
Bch
hcc
dU]bZi`
kUg
]h3
6YZcfY
mci
W`]W_
h\Y
9l]h
Vihhcb
d`YUgY
fYUX
h\Y
Zc``ck]b[
bchYg"


;^\jgZ'"FXghc
6b`c_XgX

8]VeiZg'/ rel="nofollow">chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

'&

30

ABG8 >ci]Z[jijgZ!bdgZegdYjXihl^aa WZVYYZYidi]^ha^hi#

L]ZcZkZgndj^chiVaaVcZlVeea^XVi^dc!^iÈhValVnhV\ddY]VW^iid\didB^Xgdhd[i JeYViZ]iie/$$jeYViZ#b^Xgdhd[i#XdbdgL^cYdlhJeYViZ]iie/$$l^cYdlhjeYViZ#b^Xgdhd[i# Xdbid\ZiVaai]Z]^\]"eg^dg^injeYViZh#DgndjXVcXa^X`dci]ZL^cYdlhJeYViZ]neZga^c` [gdbi]ZhZijeVeea^XVi^dcVhh]dlc^c;^\jgZ'"-#>egZ[ZgB^Xgdhd[iJeYViZWZXVjhZ ndj\ZiVaai]ZjeYViZhndjcZZY[dgVaai]ZB^Xgdhd[ihd[ilVgZVagZVYn^chiVaaZYdcndjg ]VgYYg^kZ#NdjÈaa\ZindjgL^cYdlh!D[[^XZ!VcY#C:I;gVbZldg`jeYViZhVadc\l^i]ndjg ]VgYlVgZYg^kZghjeYViZh!Vaa^cdcZhide >iÈhVahd^bedgiVciidkZg^[ni]VindjgVci^k^gjhVeea^XVi^dcVcY^ihh^\cVijgZhVgZje"id" YViZVcYi]Vindj]VkZjeYViZYVci^henlVgZ^chiVaaZY#DcZaVhii]^c\/^[ndj]VkZi]ZaViZhi HZgk^XZEVX`^chiVaaZYdcndjgbVX]^cZ!ndjh]djaY]VkZi]ZHZXjg^in8ZciZg^cndjg8dcigda EVcZa#>[ndjYdcÈi]VkZ^i!eaZVhZjeYViZndjgdeZgVi^c\hnhiZbidi]ZaViZhiHZgk^XZEVX` dcanVkV^aVWaZdcB^Xgdhd[iL^cYdlhHZgkZgž'%%(VcYL^cYdlhME#DeZci]ZHZXjg^in 8ZciZgVcYbV`ZhjgZVaaa^\]ih[dgi]Z;^gZlVaa!K^gjhEgdiZXi^dc!VcY6jidbVi^XJeYViZhVgZ \gZZc#>[cdi!VYYgZhhi]dhZ^hhjZhidegZkZciVcnhZXjg^in]VoVgYh# 8a^X`i]Z:m^iWjiidcl]ZcndjVgZYdcZ#DcZm^i!i]ZhZijeVeea^XVi^dcl^aahZcYhdbZ [ZZYWVX`dcndjg^chiVaaVi^dcidi]ZB^Xgdhd[ihZgkZghVhh]dlc^c;^\jgZ'".#

;^\jgZ'". G[X
FXghc
Tcc_\VTg\ba
fXaWf
\afgT__T g\ba
YXXWUTV^
gb
g[X
@\VebfbYg
fXeiXef

''

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cHjbbVgn### I]^hX]VeiZg[dXjhZYdc^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#>iVYYgZhhZYbdhi^hhjZh i]VindjbVnZcXdjciZgYjg^c\i]Z^chiVaaVi^dc!Y^[[ZgZcihZijehXZcVg^dh!VcYVahdegdk^YZY a^c`hidBH9C[dgbdgZ]Zae# 6[iZgldg`^c\i]gdj\]i]^hX]VeiZg!ndjh]djaYcdl]VkZi]Z#C:I;gVbZldg`'#%!K^hjVa 7Vh^X'%%*:megZhh:Y^i^dc!BH9C:megZhhA^WgVgn!VcYHFAHZgkZg'%%*:megZhh:Y^i^dc ^chiVaaZYVcYgZVYnid\d#NdjgXdbejiZgh]djaYVahdWZjeidYViZl^i]VaajeYViZh^chiVaaZY VcYVaahZii^c\hgZaViZYidhZXjg^indc\gZZc# L]ZcZkZgndjÈgZgZVYnidZmeadgZi]Z>9:VcYlg^iZndjg[^ghiildVeea^XVi^dch!_jhi_jbe idi]ZcZmiX]VeiZg#

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

&LQGG

'(

30

&LQGG

30

6[TcgXe
& 6eXTg\aZ
Lbhe

9\efg
4cc_\VTg\ba Gjb
GlcXf
bY

4cc_\VTg\baf-
J[TgÆf

g[X
7\YYXeXaVX2
%) :Xgg\aZ
FgTegXW
%* Ba
gb
g[X
Ceb]XVgf
&$

( 

&LQGG

NdjÈkZWZZc^cigdYjXZYidB^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc0 cdl^iÈhi^bZidXgZViZndjg[^ghiVeea^XVi^dc#NdjÈaahiVgii]^hX]VeiZgWn aZVgc^c\VWdjii]ZY^[[ZgZcXZhWZilZZcVXdchdaZVeea^XVi^dcVcYV L^cYdlhVeea^XVi^dc#NdjÈaai]Zcadd`Vii]Z>ciZ\gViZY9ZkZadebZci :ck^gdcbZci>9:#6h^ihcVbZ^bea^Zh!i]Z>9:^hi]ZVeea^XVi^dci]Viegd" k^YZhVaai]ZiddahndjcZZYidYZh^\c!eaVc!YZkZade!VcYY^hig^WjiZndjg Veea^XVi^dch#LZXdjaY]VkZjhZYVcniZmiZY^idg!a^`ZCdiZeVY![dgZmVbeaZ! Wji^ci]^hX]VeiZgVcY[dgi]ZgZb^cYZgd[i]ZWdd`!ndjÈaaWZjh^c\i]Z>9: idXgZViZndjgVeea^XVi^dch# Bdhiegd\gVbb^c\Wdd`hjhjVaanhiVgil^i]V[V^ganh^beaZVeea^XVi^dc XVaaZY=ZaadLdgaYNdjg[^ghiVeea^XVi^dcl^aaWZVh^beaZVeea^XVi^dcVhlZaa! WjindjÈaaWZXgZVi^c\VcVeea^XVi^dci]ViYdZhVa^iiaZW^ibdgZi]Vc_jhihVn Å]ZaadÆidi]ZldgaY#>ci]^hX]VeiZg!ndjÈaaaZVgcidXgZViZVcVeea^XVi^dci]Vi VYYhildcjbWZghid\Zi]ZgVcYdjiejihVgZhjai#L^i]i]^hVeea^XVi^dcndjÈaa VahdaZVgcVWdjii]ZHdaji^dc:meadgZgVhlZaaVhi]ZYdXjbZciVi^dcVcY =ZaehnhiZbWj^ai^cidK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

'*

30

IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4

ABG8 L^cYdlhMEHE'XdbZhl^i] gdj\]an[djgYdoZcL^cYdlh hZgk^XZh#;dgZmVbeaZ!VL^cYdlh hZgk^XZkVa^YViZhndjgjhZgcVbZ VcYeVhhldgYVihiVgije#

6hbZci^dcZYdci]ZegZk^djheV\Z!ndjÈgZ\d^c\idXgZViZildkZgh^dchd[i]ZhVbZVeea^" XVi^dc/VXdchdaZVeea^XVi^dcVcYVB^Xgdhd[iL^cYdlhœVeea^XVi^dc#Ndjb^\]ildcYZgl]n ndjZkZc]VkZidldggnVWdjii]^hY^hi^cXi^dcl]ZcndjÈgZXgZVi^c\Vegd\gVb#LZaa!hdbZ" i^bZhndjgVeea^XVi^dcXVcÈidgYdZhcÈicZZYid]VkZV\gVe]^XVa^ciZg[VXZ#;dg^chiVcXZ! hdbZVeea^XVi^dchcZZYidWZZmZXjiZY^cVhXg^eidgVWViX][^aZdgi]ZnXVcÈi]VkZV\gVe]^" XVa^ciZg[VXZWZXVjhZcdjhZg^ciZgVXihl^i]^i#>chdbZdi]ZgXVhZhndjYdcÈicZZY V\gVe]^XVa^ciZg[VXZ[dgVL^cYdlhVeea^XVi^dc#;dgZmVbeaZ!VL^cYdlhhZgk^XZ^hVcVeea^" XVi^dci]VigjchdcL^cYdlh^ci]ZWVX`\gdjcYÄ^iYdZhcÈi]VkZVjhZg^ciZg[VXZ!YdZhcÈi egdYjXZVcnk^hjVadjieji!hiVgihl]ZcL^cYdlhhiVgih!VcYYdZhcÈiZkZcgZfj^gZ VjhZgidWZad\\ZY^cidhiVgiZmZXji^c\# >chdbZdi]ZgXVhZh!ndjYdcÈilVcijhZghid^ciZgVXil^i]V\gVe]^XVa^ciZg[VXZndjÈkZ XgZViZY#;dg^chiVcXZ!ndjXdjaYlg^iZVcVeea^XVi^dci]Vibdc^idghi]ZVkV^aVWaZe]nh^XVa bZbdgndcVXdbejiZgi]ZcY^heaVnhi]Vi^c[dgbVi^dcdcXZ^igZVX]ZhVXZgiV^caZkZa#I]Z ^c[dgbVi^dc^hY^heaVnZY^cVjhZg^ciZg[VXZWjiYdZhcdigZfj^gZVcn^ceji[gdbi]ZjhZg# ;^\jgZ("&h]dlhi]ZgZhjaid[i]Z[Vbdjh=ZaadLdgaYVeea^XVi^dcVhVXdchdaZ Veea^XVi^dc#

;^\jgZ("& 6bafb_X
Tcc_\VTg\ba

I]^hineZd[Veea^XVi^dc^hXVaaZYVXdchdaZVeea^XVi^dcWZXVjhZZkZgni]^c\^hY^heaVnZY ^cVhnhiZbXdchdaZl^cYdl#NdjbVn]VkZ]ZVgYi]ZhZineZhd[l^cYdlhgZ[ZggZYidWn bVcnY^[[ZgZcicVbZh/V9DHl^cYdl!VXdbbVcYegdbeil^cYdl!dgh^beani]ZXdbbVcY l^cYdl#I]ZbdhiXdbbdcdjieji^cVXdchdaZVeea^XVi^dc^hh^beaZiZmi#

'+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

8dchdaZVeea^XVi^dchXVcWZVh[ZVijgZg^X]VcYVhXdbeaZmVhL^cYdlhVeea^XVi^dch# I]ZdcanY^[[ZgZcXZ^hi]Vii]ZnYdcÈi]VkZV\gVe]^XVa^ciZg[VXZ#AZiÈhadd`VidcZedhh^WaZ jhZ[dgXdchdaZVeea^XVi^dch# >cXdgedgViZYViVXZciZgh!bVcnVeea^XVi^dchZmZXjiZVaaYVnVcYc^\]i!egdYjX^c\V aVg\ZVbdjcid[YViV#>ildjaYWZi^bZ"Xdchjb^c\VcYegdWaZbVi^XidgZandceZdeaZid kZg^[ni]ZYViV#HdYViVXZciZghVgZjhjVaan]^\]anVjidbViZYid[VX^a^iViZi]^h_dW#8dchdaZ Veea^XVi^dchegdYjXZ!bVc^ejaViZ!VcYkZg^[ni]ZYViV^chXg^eihdgWViX][^aZh#8dchdaZ Veea^XVi^dchXVcWZlg^iiZc^cbVcnY^[[ZgZciegd\gVbb^c\aVc\jV\Zh8!8 !8!K^hjVa 7Vh^X!VcYhddcVcYhXg^ei^c\aVc\jV\ZhEZga!Eni]dc!dg?HXg^eiœ# >cXdcigVhiidVXdchdaZVeea^XVi^dc!VL^cYdlh Veea^XVi^dc]VhV\gVe]^XVa^ciZg[VXZ!Vhh]dlc^c ;^\jgZ("'#>i^hVahdXVaaZYVL^cYdlh;dgbh Veea^XVi^dc^c#C:I# I]ZhZVeea^XVi^dchVgZjhjVaan^chiVaaZYVcYVXXZhh^" WaZ^ci]ZL^cYdlhHiVgibZcj!VcYWnYZ[Vjaii]Zn h]VgZhdbZXdbbdcX]VgVXiZg^hi^Xh!hjX]VhV8adhZ Wjiidc!VBVm^b^oZWjiidc!VcYVB^c^b^oZWjiidc#

8adhZ7jiidc

BVm^b^oZ7jiidc

B^c^b^oZ7jiidc

;^\jgZ("' J\aWbjf
Tcc_\VTg\ba


H^beaZIZmiVcY 6H8>>8]VgVXiZgh H^beaZiZmiVahdXVaaZY 6H8>>X]VgVXiZgh^hi]ZjhjVa djiejid[VXdchdaZVeea^XVi^dc! WjihdbZXdchdaZVeea^XVi^dch jhZ6H8>>\gVe]^XX]VgVXiZgh# 6H8>>hiVcYh[dg6bZg^XVc HiVcYVgY8dYZ[dg>c[dgbVi^dc >ciZgX]Vc\Z#6c6H8>>XdYZ^h i]ZcjbZg^XVagZegZhZciVi^dc d[VX]VgVXiZghjX]VhÆ%Çdg ÆÇdgVcVXi^dcd[hdbZhdgi# EgZhh^c\:ciZg^cVldgYegd" XZhhdgidbdkZVa^cZd[iZmi^h VcVXi^dcgZegZhZciZYWnVc 6H8>>X]VgVXiZg![dg^chiVcXZ# I]Z6H8>>\gVe]^XX]VgVXiZghZi! VahdXVaaZYZmiZcYZY6H8>>X]Vg" VXiZgh!^cXajYZhkZgi^XVaa^cZh! kZgi^XVaYdjWaZa^cZh!XdgcZgh! VcYbjX]bdgZ#6H8>>X]VgVX" iZghVgZhdbZi^bZhjhZYidXgZ" ViZWdmZhVgdjcYiZmi^cXdchdaZ Veea^XVi^dch#

ABG8 EaZVhZcdiZi]ViXdchdaZVeea^" XVi^dchVgZhi^aaZmZXjiZY^c L^cYdlh!Wji^cVXdchdaZXdciZmi#

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

',

30

;^\jgZ("( 8ai\eba`Xag
VbaY\ZheTg\ba
Ybe
Y\efg
g\`X
hfX
bY
@\VebfbYg
I\fhT_
5Tf\V
%##(
8kceXff
8W\g\ba

AYbi
6Uf

I]Z[^ghii^bZndjhiVgiB^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc!^il^aaiV`ZhdbZi^bZ idadVYh^cXZi]Z>9:^hWZ^c\Xdc[^\jgZY#Ndjh]djaYhZZVhXgZZch^b^aVgid;^\jgZ("(# 7Z[dgZlZ\d[ji]Zg!aZiÈheVjhZVcY VYb^gZi]Z>9:^cVaa^ih\adgn#L^i]i]^hkZg" h^dcd[K^hjVa7Vh^X!i]Z>9:\diVc^XZcZl bV`ZdkZg#Add`Vi;^\jgZ(")VcY[ZZai]Z ZmX^iZbZci# >[ndjÈgZcdi[ZZa^c\i]ZZmX^iZbZcinZi! ndjhddcl^aa#I]ZYZkZadebZciZck^gdcbZci]VhWZZcYZh^\cZYidbV`ZVadibdgZ^c[dg" bVi^dcVkV^aVWaZje[gdciVcYid\ZindjbdgZegdYjXi^kZ[VhiZg#;gdbi]^hhXgZZc!ZkZgn" i]^c\ndjcZZYidWj^aYVcVeea^XVi^dc^hVkV^aVWaZ^cVXdjeaZd[Xa^X`h#;gdbi]Z>9:ndj

AU]b
Hcc`VUf

Hcc`Vcl Gc`ih]cb
9ld`cfYf

FYWYbh
Dfc^YWhg

AG8B
J]giU`
6Ug]W
FGG
:YYX

;Yhh]b[
GhUfhYX

J]giU`
6Ug]W

9ldfYgg

'-

&LQGG

;^\jgZ(") G[X
<78
\a
T__
\gf
Z_bel

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ineZ^cndjgXdYZ!Xdbe^aZndjgXdYZ!aVjcX]i]ZVeea^XVi^dc![^cYndjgb^hiV`ZhVcY[^m i]Zb!\Zi]Zaedci]ZhnciVm!VcYbVcndi]Zgi]^c\h#;jgi]ZgbdgZ!i]ZK^hjVa7Vh^X'%%*>9: ^hYZh^\cZYid]ZaendjWn\ZcZgVi^c\Vadid[XdYZ[dgndjhdi]Vindj]VkZaZhhidineZ^c# >[ndjY^YcÈi]VkZi]Z>9:VcYndjlVciZYidlg^iZVL^cYdlh;dgbhVeea^XVi^dc!ndjldjaY cdgbVaan]VkZidlg^iZVadibdgZXdYZVcY^ildjaYWZbdgZegdcZidZggdgh#L^i]i]ZcZl >9:!bdhid[i]ZVXi^dchndjÈaaeZg[dgbl^aaVjidbVi^XVaan\ZcZgViZVadid[XdYZWZ]^cYi]Z hXZcZh# 6hndjheZcYbdgZi^bZl^i]i]Zegd\gVb!ndjÈaa[^cYi]Vii]ZgZVgZbVcnY^[[ZgZcilVnh ideZg[dgbi]ZhVbZVXi^dch#;dg^chiVcXZ!idXdbeaZiZVheZX^[^XVXi^dcndjXVcjhZVhZg^Zh d[bZcjX]d^XZh!dgjhZV`Znhigd`Zh]dgiXji!dgXa^X`Vc^Xdc dcViddaWVg!Xa^X`dcV ]neZga^c`^cVeV\Z!dgndjXVcg^\]i"Xa^X`VcYX]ddhZVcdei^dc[gdbVXdciZmi"hZch^i^kZ bZcj#7Z[dgZY^k^c\^ciddjg[^ghiVeea^XVi^dcVcYWZ[dgZndjlg^iZhdbZXdYZ!lZÈaa\d i]gdj\]ZVX]W^\XdbedcZcid[i]Z>9:# I]Z[^ghieV\ZndjhZZ^hVgZVaanjhZ[jadcZ/i]ZHiVgiEV\Z#AZiÈh\Zi^cidl]Vi ^c[dgbVi^dcndjhZZdci]VieV\Z# N GZXZciEgd_ZXih=ZgZ!ndjÈaa\Zii]Za^hid[egd_ZXihdghdaji^dchi]VilZgZgZXZcian deZcZY#NdjXVcVahdXgZViZVcZlegd_ZXidgdeZcVcZm^hi^c\egd_ZXii]Vi^hcdi^ci]Z a^hi# N XVaai]^hjhZ[jahZXi^dc=Zae8ZcigVaWZXVjhZ^[ndjcZZYfj^X`]Zae! i]^h^hdcZd[i]ZWZhieaVXZhid\ZiVchlZgh#L]Zi]ZgndjcZZY]Zael^i]hdbZK^hjVa 7Vh^XXdchigjXih!dgndjlVciidhZZVa^hid[=dlIdVgi^XaZh!dgndjh^beanlVci]neZg" a^c`hidXdbbjc^i^Zhd[egd\gVbbZgh!ndjXVcd[iZc[^cY]Zae^ci]Z9:#

ABG8 >l^aah]dlndj]dlVcYl]ZgZ idadd`[dgi]^h\ZcZgViZYXdYZ^c 8]VeiZg*#

GÈaah]dlndj hdbZ^bedgiVcibViZg^Va!i^eh!VcY ig^X`hi]gdj\]djii]^hWdd`!Wji bnVYk^XZidndj^hid\dWZndcY i]ZhZZmVbeaZhVcY_jhiignVcY ignVcYign###

N K^hjVa7Vh^X:megZhh=ZVYa^cZhI]^h^hl]ZgZndj[^cYheZX^[^XcZlhVWdjiK^hjVa7Vh^X :megZhhXdb^c\[gdbB^Xgdhd[i#I]ZhZegdYjXi]ZVYa^cZhYZa^kZgheZX^VabZhhV\ZhheZX^[^X idK^hjVa7Vh^X'%%*:megZhh:Y^i^dcVcYVccdjcXZcZljeYViZh!cZlgZaZVhZh!cZlXdYZ hc^eeZih!dgVcni]^c\i]VicZZYhheZX^VaViiZci^dcdcndjgeVgi#

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

'.

30

ABG8 I]ZB^Xgdhd[i9ZkZadeZgCZildg` BH9C^hVhZid[dca^cZVcY d[[a^cZhZgk^XZhYZh^\cZYid]Zae YZkZadeZghlg^iZVeea^XVi^dch jh^c\B^Xgdhd[iegdYjXihVcY iZX]cdad\^Zh#

ABG8 HdbZ]neZga^c`hdci]ZHiVgieV\Z gZfj^gZVa^kZXdccZXi^dcidi]Z >ciZgcZi#Hd!^[ndjVgZjcVWaZid gZVYi]Z]neZga^c`h!eaZVhZkZg^[n ndjg>ciZgcZiXdccZXi^dchiVijh#

N BH9C;ZZYhI]^hhZXi^dcd[i]ZHiVgiEV\Z^cXajYZh]neZga^c`hidVgi^XaZh[gdbdcZd[ i]ZBH9CGHHB^Xgdhd[i9ZkZadeZgCZildg`GZVaanH^beaZHncY^XVi^dc[ZZYh#I]ZhZ Vgi^XaZhXVcWZXdc[^\jgZYidVcnkVa^YGHH[ZZY[gdbi]ZLZW#I]ZYZ[Vjai^hhZiidi]Z BH9CœK^hjVa7Vh^X'%%*:megZhhGHH[ZZY#I]ZhZVgi^XaZhVgZY^[[ZgZci[gdbi]ZK^hjVa 7Vh^X:megZhh=ZVYa^cZh0dXXVh^dcVaan!i]Znb^\]iWZi]ZhVbZ!Wjii]ZVgi^XaZh[gdbBH9C XdkZgcdidcanK^hjVa7Vh^X:megZhhWjiVaaide^Xh^cXajY^c\K^hjVaHijY^dIZVbHnhiZbh! B^Xgdhd[iHFAHZgkZgž!LZWHZgk^XZh!VcYhd[dgi]#NdjXVc A B G 8 >[ndjYdcihZZHiVgijeVcYdi]Zg bdY^[ni]Z[ZZYWnhZaZXi^c\Dei^dch[gdbi]ZIddahbZcj! hZii^c\h^ci]ZDei^dchY^Vad\Wdm! ZchjgZi]VindjhZaZXii]ZH]dl ZmeVcY^c\:ck^gdcbZci!hZaZXi^c\HiVgije!VcYjeYVi^c\ 6aaHZii^c\hX]ZX`Wdm^ci]ZadlZg i]ZHiVgiEV\ZCZlh8]VccZa[^ZaYl^i]VkVa^YGHH[ZZYd[ aZ[iXdgcZgd[i]ZDei^dchY^Vad\ Wdm# ndjgX]d^XZ#

>9:8dbedcZcih HdbZ^bedgiVciXdbedcZcihd[i]Z>9:VgZcdieVgid[i]ZHiVgieV\Z# N BZcj7VgI]^h^hl]ZgZndjXVchZaZXiVcYeZg[dgbVabdhiVaaedhh^WaZVXi^dchgZaViZYid ndjgegd_ZXih![^aZh!VcY=Zae#I]ZVkV^aVWaZdei^dchX]Vc\ZWVhZYdci]ZXjggZciXdciZmi# ;dgZmVbeaZ!l]ZcndjYdcÈi]VkZVcdeZcegd_ZXindj]VkZ[ZlZgbZcjX]d^XZh/dcan ;^aZ!:Y^i!K^Zl!Iddah!L^cYdl!8dbbjc^in!VcY=Zae#L]ZcVegd_ZXi^hdeZc!i]ZbZcj X]d^XZhl^aaVahd^cXajYZEgd_ZXi!7j^aY!9ZWj\!VcY9ViV# N BV^cIddaWVgI]^hiddaWVgXdciV^ch^Xdchi]ViVgZZhhZci^Vaanh]dgiXjihidVXi^dchi]Vi ndjXVcVahdeZg[dgbWn\d^c\i]gdj\]i]ZbZcjh# N IddaWdm>[ndjhXgdaadkZgi]ZiddaWdmdci]ZaZ[ih^YZd[i]ZHiVgiEV\ZhXgZZc!^il^aa ZmeVcY#>[i]ZgZ^hcddeZcZYegd_ZXi!i]ZiddaWdmh]djaYWZZbein#I]ZiddaWdmXdciV^ch Xdcigdahi]ViVgZjhZY^cndjgVeea^XVi^dch#6ii]^hed^cindjXVci]^c`d[XdcigdahVhk^hjVa ZaZbZcih^cL^cYdlhVeea^XVi^dchi]ViedhhZhhV\gVe]^XVa^ciZg[VXZ#;dg^chiVcXZ!dcXZV egd_ZXi^hdeZcZY!i]ZiddaWdml^aa^cXajYZWjiidch!aVWZah!iZmiWdmXdcigdah!bZcjh!idda" WVgh!VcYhddc#I]ZhZXdcigdahVgZYZ[^cZYVcYZmeaV^cZY^c\gZViZgYZiV^a^c8]VeiZg*# N Hdaji^dc:meadgZgI]^h[ZVijgZa^hihi]Z[^aZhVcYXdbedcZcih^cndjgegd_ZXi#>[cdegd_" ZXi^hdeZc!^ih]djaYWZZbein#NdjÈaahZZbdgZYZiV^ahVWdjii]ZHdaji^dc:meadgZgaViZg ^ci]^hX]VeiZg# (%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

N HiVijh7VgI]ZhiVijhWVgY^heaVnhVl^YZkVg^Zind[^c[dgbVi^dcXdggZhedcY^c\idi]Z hiViZd[XZgiV^cVXi^kZdeZgVi^dch#;dg^chiVcXZ!l]ZcndjadVYVegd_ZXindjÈaahZZV bZhhV\ZdcndjghXgZZchjX]VhÅAdVY^c\egd_ZXiX/QWaVWaVQWaVWaV#kWegd_[gdbndjg]VgY Yg^kZ#ÆL]ZcndjÈgZWj^aY^c\VcVeea^XVi^dcndjÈaahZZhdbZi]^c\a^`ZÅ7j^aYhiVgiZY0ÆVcY l]Zci]ZVeea^XVi^dc]Vh[^c^h]ZY!ndjÈaahZZÅ7j^aYhjXXZZYZYÆdgÅ7j^aY[V^aZYÆYZeZcY" ^c\dci]ZhjXXZhhd[i]ZegdXZhh#

Dcidi]ZEgd_ZXih ;gdbi]^hed^cidc!ndjÈaa[dXjhdcl]VindjgZVaanXVbZ]ZgZidYd/Wj^aYhdbZegd_ZXih#Hd aZiÈhhiVgil^i]ndjg[^ghiVeea^XVi^dc#;^ghi!ndjÈaaWj^aYi]ZXdchdaZkZgh^dcd[i]ZVeea^XVi^dc#

7j^aY^c\V8dchdaZ6eea^XVi^dc LZÈkZWZZciVa`^c\VWdjil]ViVXdchdaZVeea^XVi^dcXVcYdVcYl]Vi^il^aaadd`a^`Z!hd l]nYdcÈilZWj^aYdcZ4>ci]^hhZXi^dc!ndjÈaaXgZViZVh^beaZbVi]ZbVi^XVeea^XVi^dc#

GgZXdb" bZcYi]VindjineZ^cVaai]Z hdjgXZXdYZhdndjXVchZZVcY WZiiZgjcYZghiVcYXdcXZeih# =dlZkZg![dgadc\ZghdjgXZXdYZ a^hi^c\h!ndjXVcVahdYdlcadVYi]Z XdbeaZiZYXdYZhVbeaZh#]iie/$$ lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc" ^dc$%",(*+"''&("'$

ID7J>A968DCHDA:6EEA>86I>DC =Z
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
]g
bch
fibb]b[
ghUfh
]h
Vm
W`]W_]b[
GhUfh#5``
Dfc[fUag#A]WfcgcZh


$ J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb"


Mci
WUb
W\ccgY
hc
ghUfh
Vi]`X]b[
mcif
Udd`]WUh]cb
Y]h\Yf
Vm
W`]W_]b[
h\Y
BYk
Dfc^YWh
]Wcb
cb
h\Y
hcc`!

% VUf
Vm
gY`YWh]b[
7fYUhY.
Dfc^YWh
"
"
"
Zfca
h\Y
GhUfh
DU[Y
cf
Vm
W`]W_]b[
:]`Y#BYk
Dfc^YWh
cb
h\Y
aYbi
VUf"

=b
h\Y
BYk
Dfc^YWh
X]U`c[
Vcl
gY`YWh
7cbgc`Y
5dd`]WUh]cb
]b
h\Y
HYad`UhYg
gYWh]cb
UbX
hmdY
Am:]fgh

& 7cbgc`Y5dd`]WUh]cb
]b
h\Y
BUaY
Vcl"
H\Y
BYk
Dfc^YWh
X]U`c[
Vcl
g\ci`X
VY
g]a]`Uf
hc
h\Y
cbY
]b
:][ifY
'!)"
7`]W_
C?
k\Yb
mciÇfY
fYUXm
hc
[c
hc
h\Y
bYlh
ghYd"

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

(&

30

ABG8 7nYZ[Vjai^cK^hjVa7Vh^X'%%* :megZhh:Y^i^dc!l]ZcndjXa^X` D@!egd_ZXihVgZXgZViZY^cViZb" edgVgnadXVi^dc#L]ZcndjhVkZdg XadhZi]Zegd_ZXi![^aZhVgZhVkZY ^cBn9dXjbZcihQK^hjVaHijY^d '%%*QEgd_ZXih#NdjXVcX]Vc\Z i]ZYZ[Vjaiegd_ZXihadXVi^dcWn \d^c\idIddah$Dei^dch$Egd_ZXih VcYHdaji^dchVcY[^cY^c\i]Z [^ghiiZmiWdmcVbZYK^hjVaHijY^d Egd_ZXihadXVi^dc#NdjÈaaadd`^cid l]Vii]dhZ[^aZhVgZVcYl]Vii]Z^g XdciZci^haViZg^ci]^hX]VeiZgVcY Vahd^c8]VeiZg*#

;^\jgZ("* 6eXTg\aZ
T
Vbafb_X
Tcc_\VTg\ba
hf\aZ
g[X
AXj
Ceb]XVg
W\T_bZ
Ubk

Ndjh]djaYcdlhZZi]Z>9:^cVc^YaZhiViZlV^i^c\[dgndjidlg^iZi]ZVeea^XVi^dcÈh XdYZ#NdjghXgZZch]djaYcdladd`a^`Zi]ZdcZh]dlc]ZgZ^c;^\jgZ("+#

[i]ZHdaji^dc:meadgZgY^hVeeZVgh [dgVcngZVhdc!ndjXVc\Zi^iWVX` Wn\d^c\idi]ZK^ZlbZcjVcY hZaZXi^c\Hdaji^dc:meadgZg#

('

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

G
;^\jgZ("+ @l9\efg6bafb_X4cc_\VTg\ba
j\g[bhg
g[X
VbWX

>[ndjlVcibdgZ^c[dgbVi^dcVWdjii]ZHdaji^dc:meadgZgndjXVcValVnhYdVhZVgX]^c i]Z=ZaehnhiZbVcYegdYjXiYdXjbZciVi^dc#7Z[dgZign^c\ideZg[dgbVhZVgX]!eaZVhZgZVY i]ZcZmihZXi^dc0ndjÈaaaZVgcVadiVWdjiVaai]Z^c[dgbVi^dci]Vi^hVindjgY^hedh^i^dc#

[ndjlVciidgZVYbdgZVWdjii]ZHdaji^dc:meadgZg!ndjcZZYidWZ^cigdYjXZYidi]Z =ZaeVcYi]ZYdXjbZciVi^dchnhiZbh#NdjVXXZhhi]ZYdXjbZciVi^dcWnegZhh^c\;&[gdb

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

((

30

l^i]^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dcdgWn\d^c\i]gdj\]i]Z=ZaebZcj#I]Z[^ghii^bZ ndjegZhh;&dg\di]gdj\]i]Z=ZaebZcj!ndjÈaaWZ\gZZiZYl^i]i]ZDca^cZ=ZaeHZii^c\h hXgZZc!Vhh]dlc^c;^\jgZ(",# I]^hhXgZZcegdbeihndjidX]ddhZVeg^bVgn]ZaehdjgXZ0ndjXVcX]ddhZdca^cZ=ZaeVh Veg^bVgnhdjgXZ!adXVa=ZaeVhVeg^bVgnhdjgXZ!dgcddca^cZ=ZaeViVaa#I]^c`VWdjindjg dei^dchXVgZ[jaan#>[ndjYdcÈi]VkZV WgdVYWVcYXVWaZ!9HA!dghViZaa^iZ >ciZgcZiXdccZXi^dc!>hj\\Zhindj X]ddhZi]ZadXVa=ZaeVhVeg^bVgn hdjgXZ0di]Zgl^hZX]ddhZdca^cZ=Zae Vhndjgeg^bVgnhdjgXZh^cXZ^i^hi]Z WZhihdjgXZ[dgi]ZaViZhi^c[dgbVi^dc# DcXZndjÈkZbVYZndjghZaZXi^dc! ndjÈaahZZi]ZYdXjbZciVi^dc\gVe]^XVa ^ciZg[VXZ!Vhh]dlc^c;^\jgZ("-#

;^\jgZ(", Ba_\aX
;X_c
FXgg\aZf
V[b\VXf

()

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ("@\VebfbYg
I\fhT_
FghW\b
%##(
8kceXff
8W\g\ba
WbVh`XagTg\ba

I]ZiddaWVgVii]Zided[i]Zl^cYdl^cXajYZhhZkZgVa^ciZgZhi^c\ZaZbZcihi]Vil^aa]Zae ndjid\ZiZmVXianl]VindjcZZY#;^\jgZ(".]^\]a^\]ihi]Zbdhi^bedgiVci^c[dgbVi^dc VWdjii]ZiddaWVg# ;UhYkUm
hc
Zcif
gYUfW\
gcifWYg

HUg_!VUgYX
hcd]Wg

GmbW\fcb]nY
HC7

GUjY
U

;^\jgZ(". <`cbegTag
X_X`Xagf
ba
g[X
gbb_UTe

Mcif
eiYgh]cbg
cb
AG8B
Zcfiag

;dgZmVbeaZ!aZiÈhhVnndjlVciidaZVgcbdgZVWdjii]ZHdaji^dc:meadgZg#8a^X`i]Z HZVgX]^Xdc^ci]ZiddaWVgVcYi]ZhZVgX]eV\ZdeZch#:ciZgndjghZVgX]fjZgn^ci]^h ZmVbeaZ!ÅHdaji^dc:meadgZgÆ!VcYZ^i]ZgegZhh:ciZgdgXa^X`i]ZHZVgX]Wjiidc#I]Z]Zae gZhjaihXdbZ[gdb[djgY^[[ZgZcihdjgXZh#AZiÈh\ddkZgZVX]dcZWg^Z[an/ N AdXVa=ZaeI]^hhdjgXZ^h[ZYWni]ZBH9CA^WgVgneVgid[i]ZegdYjXi^chiVaaVi^dcVcY ^h^chiVaaZYdcndjg]VgYYg^kZ#>[ndjhZaZXiZY^iVi^chiVaa# 8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

(*

30

N BH9CDca^cZI]^hhdjgXZXdciV^chi]Zbdhije"id"YViZ^c[dgbVi^dc[gdbi]ZBH9C Dca^cZA^WgVgn# N 8dYZodcZ8dbbjc^inI]Z8dYZodcZ8dbbjc^in^hVhZid[LZWh^iZhWVhZYdc B^Xgdhd[iYZkZadeZgegdYjXih#IdhZZVa^hid[VaaLZWh^iZhi]ViVgZgZhZVgX]ZYXa^X` Iddah$Dei^dchVcYi]ZcDca^cZ#;^\jgZ("&%h]dlhl]Vindjh]djaYadd`[dg#Cdi^XZi]Z a^hid[LZWh^iZhdci]Zg^\]ii]ViVgZeVgid[i]Z8dYZodcZ8dbbjc^in#>ci]Z[jijgZ! i]^ha^hib^\]iWZZmeVcYZYidh]dlbdgZh^iZhidegdk^YZZkZcWZiiZgXdkZgV\Zd[i]Z Xdbbjc^in# Dci]ZhVbZhXgZZc!ndjXVcXjhidb^oZY^[[ZgZcihZii^c\hgZaViZYidi]Z=ZaehnhiZb# Dci]Z
;^\jgZ("&% Bcg\baf
fVeXXa
j\g[
g[X
Ba_\aX
fXgg\aZf
\aV_hW\aZ
g[X
6bWXmbaX
6b``ha\gl
JXU
f\gXf

(+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

N FjZhi^dchI]^hhZXi^dchZVgX]Zhi]ZBH9CDca^cZ[dgjbh]iie/$$[dgjbh#b^Xgdhd[i#Xdb$ bhYc$#I]ZhZ[dgjbhVgZ]dhiZYWnB^Xgdhd[iVcYVgZVcZmXZaaZcihdjgXZd[^c[dgbVi^dc WZXVjhZi]Zn]VkZfjZhi^dchVcYVchlZghdcide^XhVh`ZYWndi]Zgegd\gVbbZghd[Vaa aZkZahVcYZmeZg^ZcXZ#I]ZgZÈhV\ddYX]VcXZi]VihdbZWdYn]Vh]VYi]ZhVbZegdWaZb dgi]ZhVbZfjZhi^dcVhndj!hdndjgX]VcXZd[[^cY^c\VcVchlZgidndjgegdWaZb^h bjX]WZiiZg#NdjXVc]VkZXdc[^YZcXZ^ci]ZVchlZghndj\ZiWZXVjhZVchlZghdci]Z BH9C[dgjbhVgZd[iZckVa^YViZYWnB^Xgdhd[iZbeadnZZhdgBKEh#6X]ZX`bVg`^cV \gZZcX^gXaZiZaahndjl]^X]VchlZg]VhWZZckVa^YViZYVhXdggZXi#

ABG8 BKEhhiVcYh[dgBdhiKVajVWaZ Egd[Zhh^dcVah#BKEhVgZegd[Zh" h^dcVahi]ViVgZcdiB^Xgdhd[i ZbeadnZZhWjiVgZgZXd\c^oZY WnB^Xgdhd[iVhZmeZgih^ci]Z^g [^ZaYh#

8dY^c\Ndjg8dchdaZ6eea^XVi^dc Cdli]Vindj`cdl]dlid\Zi]Zae^[cZZYZY!>WZa^ZkZndjVgZgZVYnidXdYZndjg[^ghi XdchdaZVeea^XVi^dc#

ID8D9:68DCHDA:6EEA>86I>DC $ Hc
VY[]b
Y]h\Yf
hmdY
cf
Wcdm
h\Y
Zc``ck]b[
WcXY
]b
mcif
WcXY
k]bXck. 

0RGXOH0RGXOH



¶7KLVDSSOLFDWLRQZLOOWDNHWZRQXPEHUVDQGGLVSOD\WKHVXP



6XE0DLQ



¶'HFODULQJWZRLQWHJHUQXPEHUVYDULDEOHVWKDWZLOOKROGWKHSDUWV



¶RIWKHVXPDQGRQHLQWHJHUYDULDEOHWRKROGWKHVXP



'LPQXPEHUQXPEHUVXP$V,QWHJHU

 

¶$VVLJQLQJWZRYDOXHVWRWKHLQWHJHUYDULDEOHV



QXPEHU 



QXPEHU 



¶$GGLQJWKHWZRLQWHJHUVDQGVWRULQJWKHUHVXOWLQWKHVXPYDULDEOH



VXP QXPEHUQXPEHU

 

¶'LVSOD\LQJDVWULQJZLWKWKHQXPEHUVDQGWKHUHVXOW



&RQVROH:ULWH/LQH´7KHVXPRI´ QXPEHU7R6WULQJ  ´DQG´ QXPEHU

7R6WULQJ  ´LV´VXP7R6WULQJ 

(QG6XE



(QG0RGXOH

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

(,

30

Bck
h\Uh
h\Y
WcXY
]g
]b
h\Y
k]bXck
mci
WUb
gUjY
mcif
kcf_
Vm


% W`]W_]b[
h\Y
GUjY
Vihhcb"
H\]g
k]``
gUjY
h\Y
WiffYbh
Z]`Y"
7`]W_
h\Y
AZVgc^c\idGZVY8dYZ 6cdi]ZglVnd[aZVgc^c\ VWdjiXdYZ^hidgZVYVaai]Z XdbbZcih^cVcVeea^XVi^dc hdjgXZXdYZ#>l^aaZmeaV^cVadi d[i]ZhdjgXZXdYZ^ci]^hWdd`! WjiV[iZgjh^c\hdbZide^XhbdgZ i]VcdcXZdgil^XZ>b^\]icdi gZ"ZmeaV^cZVX]a^cZ!Wji^chiZVY ZmeaV^cdcani]ZcZlbViZg^Va#> l^aaignid^cXajYZ]Zae[jaXdb" bZcih^ci]ZXdYZid\j^YZndj VhndjÉgZaZVgc^c\#6ii]ZZcYd[ ZVX]X]VeiZg!>l^aaVahd^cXajYZ ]neZga^c`hi]Vil^aaed^ciid Vgi^XaZh!k^YZdh!VcYl]^iZeVeZgh# >l^aad[iZc^cXajYZ`ZnldgYh id]ZaendjhZVgX][dgbdgZ ^c[dgbVi^dc^cdca^cZ]Zae#I]Vi h]djaY]Zaendjidegd\gZhh^c ndjgaZVgc^c\^ci]ZaVc\jV\Z VcY^c#C:I^c\ZcZgVa#Ndj]VkZ id`ZZe^cb^cYi]Vii]^hWdd`^h gZVaanh]dl^c\ndjVaandjXVcYd l^i]i]ZegdYjXiVcYi]ZhiZehid \Zii]ZgZ#>iÉhcdiVWdd`dcDDE dgi]ZK^hjVa7Vh^XaVc\jV\Z ^ihZa[#LZVgZhi^aa\d^c\id\d i]gdj\],%"-%d[i]ZaVc\jV\Z VcYbdhiDDEXdcXZeih!Wji^i l^aaValVnhWZi]gdj\]Wj^aY^c\ Veea^XVi^dchVcYcZkZgi]gdj\] YgngZ[ZgZcXZhVcYZmeaVcVi^dch#

(-

&LQGG

GUjY
5``
Vihhcb
hc
gUjY
U``
acX]Z]YX
Z]`Yg
]b
h\Y
dfc^YWh"

G
Bck
]h
]g
h]aY
hc
Vi]`X
cf
Wcad]`Y
h\Y
Udd`]WUh]cb"
7`]W_
h\Y
6i]`X


& aYbi
UbX
h\Yb
W`]W_
cb
6i]`X
Am:]fgh7cbgc`Y5dd`]WUh]cb"

=Z
mci
_YmYX
h\Y
WcXY
YlUWh`m
Ug
]h
UddYUfg
UVcjY
YjYfmh\]b[
g\ci`X
VY
Z]bY
UbX
mci
g\ci`X
gYY
h\Y
aYggU[Y
Ä6i]`X
giWWYYXYXÅ
]b
h\Y
ghUhig
VUf
Uh
h\Y
Vchhca
cZ
h\Y
k]bXck"
GYY
:][ifY
'!%%"
=Z
YjYfmh\]b[
]g
bch
c_Um
mciÇ``
gYY
Yffcfg
]b
h\Y
9ffcf
@]gh
k]bXck
Ug
g\ckb
]b
:][ifY
'!%&"
=Z
mci
_YmYX
h\Y
WcXY
UbX
\UjY
Yffcfg
hfm
Wcdm]b[
UbX
dUgh]b[
h\Y
WcXY
]bghYUX
Zfca
h\Y
Wcad`YhYX
WcXY
gUad`Yg
\hhd.##kkk"a]WfcgcZh"Wca#agdfYgg# WcadUb]cb#$!+')*!&&%'!&#"
H\Yb
Vi]`X
h\Y
WcXY
U[U]b"

;^\jgZ("&& 8`cgl
8eebe
?\fg
j\aWbj
TaW
fgTghf
UTe
j\g[
Ã5h\_W
FhVVXXWXWÄ
`XffTZX

;^\jgZ("&' 8eebe
?\fg
j\aWbj
j\g[
Xeebef

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

=b
7\UdhYf
+
mciÇ``
`YUfb
UVcih
U``
h\Y
XYVi[[]b[
hYW\b]eiYg
mci
WUb
igY
k\Yb
mci
[Yh
Ub
Yffcf"
Hc
gYY
h\Y
YlYWih]cb
fYgi`hg
cZ
mcif
Udd`]WUh]cb
W`]W_
h\Y
GhUfh
8YVi[[]b[
Vihhcb
]b
h\Y
aU]b
hcc`VUf


' cf
\]h
:)"


LdlI]VilVh[Vhi!lVhcÈi^i4NdjegdWVWanhVlVXdbbVcYl^cYdl[dgV[ZlhZXdcYh VcYi]Zc^iY^hVeeZVgZY#>iY^YcÈiaZVkZndjVadid[i^bZidhZZ^[ndjgVeea^XVi^dcY^heaVnZY i]ZZmeZXiZYdjieji#>ci]ZcZmihZXi^dc!ndjÈaaadd`ViVcZllVnd[gjcc^c\ndjg Veea^XVi^dcidhdakZi]^hegdWaZb#IdYdi]^h!ndjÈaacZZYidXjhidb^oZi]Z>9:#

8jhidb^o^c\i]Z>9: NdjXVcZVh^anXjhidb^oZi]Z>9:id[^indjgcZZYh#=ZgZ!ndjlVciidZmZXjiZndjgVeea^XV" i^dcVcYi]Zc]VkZi]ZVeea^XVi^dceVjhZVjidbVi^XVaanVii]ZZcYd[i]ZaVhi^chigjXi^dcid VaadlndjVhbjX]i^bZVhndjcZZYidk^Zli]Zdjieji#NdjÈaaYdi]^hWnVYY^c\Vc^Xdc VcY^ihViiVX]ZYXdbbVcYidi]ZbV^ciddaWVgVcYidi]Z9ZWj\bZcj#I]ZcVbZd[i]Z XdbbVcYndjÈaaWZVYY^c\idi]Z>9:^hÅHiVgi^c\L^i]dji9ZWj\\^c\#Æ

ID8JHIDB>O:I=:>9: GY`YWh
h\Y
Hcc`g
aYbi
UbX
h\Yb
gY`YWh


$ 7ighca]nY"


=b
h\Y
7ighca]nY
X]U`c[
Vcl
gY`YWh
h\Y


% 7caaUbXg
hUV"


8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

=b
h\Y
7UhY[cf]Yg
UfYU
cb
h\Y
`YZh
g]XY
cZ
h\Y


& k]bXck
gY`YWh
8YVi["


GWfc``
Xckb
]b
h\Y
7caaUbXg
UfYU
UbX
gY`YWh


' GhUfh
K]h\cih
8YVi[[]b["


(.

30

Mcif
gWfYYb
g\ci`X
bck
`cc_
`]_Y
h\Y
cbY
]b
:][ifY
'!%'"

;^\jgZ("&( 6hfgb`\mX
j\aWbj
j\g[
FgTeg
J\g[bhg
7XUhZZ\aZ
fX_XVgXW

ABG8 7di][^\jgZh]VkZi]ZÅWZ[dgZÆ dci]ZaZ[iVcYi]ZÅV[iZgÆdci]Z g^\]i!dkZgaVee^c\i]ZWZ[dgZ#

CdlndjbjhiVYYi]ZXdbbVcYidi]Z9ZWj\bZcj#IdYdi]Vi!YgV\HiVgiL^i]dji 9ZWj\\^c\[gdbi]Z8dbbVcYhVgZVVcYYgde^idcidi]Z9ZWj\bZcj#;^\jgZ("&)h]dlh VWZ[dgZVcYV[iZgk^Zld[i]^hegdXZhh#CdlgZeZVii]ZhZhiZeh!ZmXZeii]^hi^bZ!Ygdei]Z XdbbVcYdcidi]ZiddaWVgidi]Zg^\]id[i]ZHiVgi9ZWj\\^c\WjiidcAdd`Vi ;^\jgZ("&*[dgVWZ[dgZVcYV[iZgadd`Vii]ZiddaWVg#L]Zc[^c^h]ZY!Xa^X`8adhZ^ci]Z 8jhidb^oZY^Vad\Wdm# ;^\jgZ("&* 5XYbeX
TaW
TYgXe
Vhfgb`\m\aZ
g[X
gbb_ UTe
j\g[
g[X
FgTeg
J\g[bhg
7XUhZZ\aZ
Vb``TaW

;^\jgZ("&) 5XYbeX
TaW
TYgXe
Vhfgb`\m\aZ
g[X
7XUhZ
@Xah
j\g[
g[X
FgTeg
J\g[bhg
7XUhZZ\aZ
Vb``TaW

)%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

IdbV`ZhjgZi]ZXjhidb^oVi^dcldg`ZY!Xa^X` i]ZcZl^Xdcdci]Z9ZWj\bZcjdgi]ZiddaWVg# Dg!jhZi]Z`ZnWdVgYh]dgiXji8iga ;*#Ndj h]djaYhZZVXdbbVcYegdbeil^cYdll^i]i]Z ZmeZXiZYdjieji!l]^X]^hi]Zhig^c\ÅI]Zhjbd[ &%VcY*^h&*#ÆNdjh]djaYVahdhZZi]ZbZhhV\Z ÅEgZhhVcn`ZnidXdci^cjZ###ÆVhh]dlc^c ;^\jgZ("&+# 6hndjegdWVWangZVa^oZYWncdl!i]ZZ[[ZXi d[i]ZcZlXdbbVcY^hidVYYi]ZÅEgZhhVcn`Zn idXdci^cjZ½ÆVcYeVjhZi]ZZmZXji^dcV[iZgi]Z aVhi^chigjXi^dc^hZmZXjiZY#EgZhhVcn`ZnidXadhZ i]ZXdbbVcYegdbeil^cYdlVcYgZijgcidi]Z >9:#L]ZcndjÈgZYdcZ!ndjXVcXadhZi]Zegd_ZXiWn\d^c\id;^aZ$8adhZEgd_ZXi#NdjaaWZ egdbeiZYidhVkZdgY^hXVgYndjgX]Vc\Zh#8a^X`HVkZVcYi]Zc!^[i]ZcVbZVcYadXVi^dcVgZ [^cZ!Xa^X`HVkZV\V^c^ci]ZHVkZEgd_ZXiY^Vad\Wdm#

;^\jgZ("&+ 6b``TaW
ceb`cg
j\aWbj
j\g[
g[X
XkcXVgXW
eXfh_g
TaW
T
`XffTZX
\aW\ VTg\aZ
T
cThfXW
XkXVhg\ba

8gZVi^c\VL^cYdlh6eea^XVi^dc NdjkZ_jhiWj^aiVXdchdaZVeea^XVi^dc#I]ZcZmi hiZe^hidYZkZadei]ZhVbZVeea^XVi^dcVhV L^cYdlhVeea^XVi^dc#

ID7J>A96L>C9DLH6EEA>86I>DC K\Yb
WfYUh]b[
h\Y
Wcbgc`Y
Udd`]WUh]cb
mci



$ gUk
h\Y
BYk
Dfc^YWh
X]U`c[
Vcl"
CdYb
]h



U[U]b
Vm
[c]b[
hc
h\Y
:]`Y
aYbi
UbX
gY`YWh]b[

BYk
Dfc^YWh
"
"
"
H\]g
h]aY
gY`YWh
K]bXckg
5dd`]WUh]cb
Zfca
h\Y
HYad`UhYg
gYWh]cb
UbX
hmdY
]b

Am:]fghK]bXckg5dd`]WUh]cb"
AU_Y
gifY
mcif
gWfYYb
`cc_g
`]_Y
h\Y
cbY
]b
:][ifY
'!%+
UbX
h\Yb
W`]W_
C?" ;^\jgZ("&, 6eXTg\aZ
T
J\aWbjf
Tcc_\VTg\ba
hf\aZ
g[X
AXj
Ceb]XVg
W\T_bZ
Ubk

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

)&

30

MciÇ``
]aaYX]UhY`m
gYY
h\Uh
h\Y
fYgi`h
cZ
h\]g
cdYfUh]cb
]g
ei]hY
X]ZZYfYbh
Zcf
h\Y
K]bXckg
Udd`]WUh]cb
dfcWYgg
h\Ub
]h
kUg
Zcf
h\Y
Wcbgc`Y
Udd`]WUh]cb
dfc! WYgg"
Mci
g\ci`X
gYY
h\Y
K]bXckg
:cfa
8Yg][bYf
Ug
X]gd`UmYX
]b

:][ifY
'!%,"

;^\jgZ("&<78
j\g[
g[X
J\aWbjf
9be`
7Xf\ZaXe
TaW
Ta
X`cgl
Ybe`

Cb
h\Y
`YZh
g]XY
cZ
h\Y
=89
acjY
mcif
acigY
cjYf
h\Y
Hcc`Vcl


% hUV
hc
cdYb
h\Y
Hcc`Vcl
k]bXck"
7`]W_
h\Y
d`ig

g][b
bYlh


hc
h\Y
7caacb
7cbhfc`g"
MciÇ``
gYY
U
`]gh
cZ
Zcfa
Wcbhfc`g
h\Uh
UfY
cZhYb
gYYb
]b
U
K]bXckg
Udd`]WUh]cb"
GY`YWh
h\Y
6ihhcb
Wcbhfc`
XfU[
]h
cbhc
h\Y
8Yg][bYf
gifZUWY"
Mci
g\ci`X
[Yh
U
Zcfa
h\Uh
`cc_g
`]_Y
h\Y
cbY
]b
:][ifY
'!%-"

;^\jgZ("&. J\aWbjf
9be`
7Xf\ZaXe
fheYTVX
j\g[
T
5hggba
Vbageb_

)'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30


UmVY
mci
XcbÇh
fYU`]nY
]h
Vih
Uh
h\]g
acaYbh
mci
U`fYUXm
A \UjY
U
Zi``
UbX
jU`]X
K]bXckg
Udd`]WUh]cb
k]h\cih
\Uj]b[
kf]h! hYb
U
g]b[`Y
`]bY
cZ
WcXY"
H\Y
Udd`]WUh]cb
XcYgbÇh
Xc
Ubmh\]b[
jYfm
igYZi`
Uh
h\]g
dc]bh
Vih
]h
kcf_g
Mci
WUb
YUg]`m
jYf]Zm
h\]g
Vm
fibb]b[
h\Y
Udd`]WUh]cb"
>igh
\]h
;*
UbX
gYY
Zcf
mcifgY`Z"
H\]g
]g
dUfh
cZ
h\Y
aU[]W
UbX
h\Y
VYUihm
cZ
ig]b[
h\Y
J]giU`
GhiX]c›
=89
Ybj]fcbaYbh
Zcf
dfc[fUaa]b[
]bghYUX
cZ
ig]b[
U
hYlh
YX]hcf
`]_Y
BchYdUX"
J]giU`
GhiX]c
kf]hYg
U
`ch
cZ
WcXY
Zcf
mci
UbX
]b
7\UdhYf
)
kYÇ``
hU_Y
U
`cc_
Uh
gcaY
cZ
h\Y
UWh]j]hm
h\UhÇg
hU_]b[
d`UWY
VY\]bX
h\Y
gWYbYg
hc
aU_Y
]h
UddYUf
`]_Y
aU[]W"
K\Yb
Z]b]g\YX
W`]W_
h\Y
7`cgY
Vihhcb
cb
h\Y
Zcfa
hc
fYhifb
hc
h\Y
=89" 8ciV`Y!W`]W_
h\Y
Vihhcb
cb
h\Y
XYg][bYf
gifZUWY"
MciÇ``


& [Yh
h\Y
ZUa]`]Uf
gcifWY
WcXY
k]bXck
Vih
k]h\
X]ZZYfYbh


WcbhYbh
h\]g
h]aY"
:cf
bck
hmdY
cf
Wcdm
h\Y
WcXY
VYhkYYb
h\Y
GiV
AU]b
UbX
h\Y
9bX
GiV
Zfca
h\Y
Wcbgc`Y
Udd`]WUh]cb
mci

WfYUhYX
dfYj]cig`m
UbX
UXX
]h
]b
h\Y
6ihhcb%S7`]W_
aYh\cX
Ug
g\ckb
]b
:][ifY
'!&$"
MciÇ``
`YUfb
acfY
UVcih
h\]g
aYh\cX
UbX
h\Y
k\c`Y
dfcWYgg
VY\]bX
h\Y
XciV`Y!W`]W_
]b
7\UdhYf
("


;^\jgZ("'% 5hggba V_\V^
`Xg[bW
j\g[
g[X
VbWX
Yeb`
bhe
ceXi\bhf
XkT`c_X

=b
h\Y
gcifWY
WcXY
Z]bX
h\Y
kcfXg
7cbgc`Y"Kf]hY@]bY
UbX
fYd`UWY
h\Ya
k]h\
h\Y
kcfXg



' AYggU[Y6cl"G\ck"
H\Yb
Vi]`X
UbX
YlYWihY
h\Y
Udd`]WUh]cb
Vm
\]hh]b[
:)"


K\Yb
h\Y
Zcfa
WcaYg
id
W`]W_
h\Y
Vihhcb
UbX
mciÇ``
gYY
h\Y
fYgi`h
cZ
mcif
Udd`]WUh]cb.
U
aYggU[Y
Vcl


( k]h\
h\Y
gUaY
ghf]b[
mciÇjY
gYYb
]b
h\Y
Wcbgc`Y
Udd`]WUh]cb"
=h
g\ci`X
`cc_
`]_Y


:][ifY
'!&%"
7`]W_
C?
]b
h\Y
aYggU[Y
Vcl
UbX
h\Yb
ei]h
h\Y
dfc[fUa
Vm
W`]W_]b[
h\Y
7`cgY
Vihhcb
cb
h\Y
aU]b
Zcfa"

;^\jgZ("'& Bhgchg
bY
@l9\efgJ\aWbjf4cc_\VTg\ba

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc

&LQGG

)(

30

8dc\gVijaVi^dchNdjÈkZ_jhiXgZViZYndjg[^ghiildVeea^XVi^dch/VXdchdaZVeea^XVi^dcVcY VL^cYdlhVeea^XVi^dc#

>cHjbbVgn### @ZnldgYhVcYA^c`h idBdgZ>c[dgbVi^dc @ZnldgYh/YZXaVg^c\kVg^VWaZh0 hig^c\XdcXViZcVi^dc 6cdi]Zg\ddYhdjgXZ d[^c[dgbVi^dc^hi]Zk^YZdh [gdbBH9C#I]ZhZk^YZdh lZgZheZX^[^XVaanXgZViZYid XdkZgi]ZK^hjVa7Vh^X'%%* :megZhh:Y^i^dcegdYjXi#Ndj XVc[^cYk^YZd[dgAZhhdc& Vii]Z[daadl^c\adXVi^dc/ ]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%.

))

&LQGG

>ci]^hX]VeiZg!ndjaZVgcZYhdbZ`Zn^c[dgbVi^dci]Vil^aa]ZaendjWj^aYdci]Zh`^aah ndjÈkZhiVgiZYYZkZade^c\^ci]ZegZk^djhX]VeiZgh#NdjaZVgcZYi]ZY^[[ZgZcXZhWZilZZcV XdchdaZVeea^XVi^dcVcYVL^cYdlhVeea^XVi^dc#NdjhiVgiZYi]ZegdYjXi!lZcii]gdj\]i]Z >9:!VcYaZVgcZY^ihbV_dgXdbedcZcih#NdjXgZViZYildkZgh^dchd[i]ZhVbZVeea^XVi^dc/V XdchdaZVeea^XVi^dcVcYVL^cYdlhVeea^XVi^dc#L]^aZaZVgc^c\VWdjiXdchdaZVeea^XVi^dch! ndjVahdaZVgcZYl]Vii]ZHdaji^dc:meadgZg^hVhlZaaVh]dlidhZVgX]VcYjhZi]ZegdYjXi YdXjbZciVi^dcVcYi]Z=ZaehnhiZb# >ci]ZcZmiX]VeiZg!ndjÈaaWj^aYdci]^h`cdlaZY\ZVcYlg^iZVh^beaZLZWWgdlhZg#;dg cdl!^[ndjlVciidgZVYbdgZVWdjihdbZide^XhXdkZgZY^ci]^hX]VeiZg!h^beanXgZViZV hZVgX]fjZgnWnegZhh^c\;& VcYi]ZcineZ^ci]Z`ZnldgYhegdk^YZY^ci]ZWdmidi]ZaZ[i# >ÈkZVahdVYYZYVa^c`idk^YZdhi]ViVgZV\ddYhdjgXZd[^c[dgbVi^dcidXdci^cjZndjg aZVgc^c\#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6[TcgXe
' 6eXTgX
Lbhe
Bja
JXU
5ebjfXe
\a
?Xff
G[Ta
9\iX
@\ahgXf J[Tg

) 

&LQGG

Cdli]VindjÈkZ\diiZcVa^iiaZZmeZg^ZcXZl^i]XgZVi^c\h^beaZVeea^XVi^dch ^cB^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc!ndjÈaaWj^aYVbdgZXdb" ea^XViZYVeea^XVi^dc^ci]^hX]VeiZgVcY[^c^h]^i^c8]VeiZg+#>ci]^hX]VeiZg! ndjÈaahiVgil^i]i]ZWVh^X[gVbZldg`d[i]ZVeea^XVi^dc0^ci]ZcZmiild X]VeiZgh!ndjÈaaXdci^cjZidaZVgccZl[ZVijgZhVcYVYYi]ZbidZc]VcXZ ndjgegd_ZXi# >ci]^hX]VeiZg!ndjÈgZ\d^c\idaZVgc]dlidWj^aYndjgdlcWVh^XLZW WgdlhZg!VcYndjÈaaWZVWaZidYd^i^c[^kZb^cjiZhdgaZhh

)*

30

L]Vi>hVEgd_ZXi4 >ci]ZegZk^djhX]VeiZg!ndjXgZViZYVegd_ZXiid]daYndjghdjgXZXdYZ#>ÈaacdliV`ZV bdbZciidZmeaV^cl]ViVegd_ZXi^hVcYl]Vi^c[dgbVi^dc^iXdciV^ch#I]Zegd_ZXi^hVXdc" iV^cZg[dgVaa^iZbh^cndjgVeea^XVi^dc!hjX]Vh[dgbh!hdjgXZXdYZ!VcYgZhdjgXZh#>iVahd hidgZh^bedgiVciXdc[^\jgVi^dcYViVi]ViWZadc\hidi]ZVeea^XVi^dcVhVl]daZ/i]ZadXVi^dc d[i]ZZmZXjiVWaZ^#Z#!W^cVg^Zhdcndjg]VgYYg^kZ!i]ZkZgh^dc^c[dgbVi^dc!VcYbVcnbdgZ hZii^c\hi]ViV[[ZXiVaad[i]ZX]VgVXiZg^hi^Xhd[ndjgVeea^XVi^dc#;dg^chiVcXZ!^iÈhVahdhidg^c\ egd\gVbbZg"YZ[^cZYVeea^XVi^dchZii^c\hi]ViVgZkZgn^bedgiVci[dgi]ZjhZgZmeZg^ZcXZ# JhZghadkZidXjhidb^oZi]Z^ghd[ilVgZZck^gdcbZciidi]Z^gXdb[dgiaZkZaVcYeZghdcVahinaZ# 6ine^XVaji^a^oVi^dcd[i]dhZjhZghZii^c\h^hidbV`ZhjgZi]ZVeea^XVi^dcXVcegZhZgkZjhZg Xjhidb^oVi^dc[gdbdcZZmZXji^dcidVcdi]Zg#6\ddYZmVbeaZd[XjhidbjhZghZii^c\hXVc WZhZZcl^i]ndjgdlcjhZgegZ[ZgZcXZh^c>ciZgcZi:meadgZg!hjX]Vhndjg]dbZeV\Z VYYgZhh!ndjg]dbZeV\ZhZii^c\h!l]^X]iddaWVghVgZY^heaVnZY!VcYl]Zi]ZgndjgiddaWVgh VgZadX`ZY^ch^oZVcYhd[dgi]# >ci]ZcZmiX]VeiZg!ndjÈaaaZVgcVWdjihdbZd[i]Zbdhi^bedgiVcihZii^c\hhidgZY^c i]Zegd_ZXiXdc[^\jgVi^dc[^aZVcY]dlidjhZi]Zb^cndjgVeea^XVi^dc#>ci]Z[^cVaX]VeiZg d[i]^hWdd`!ndjl^aajhZegd\gVbbVi^XiZX]c^fjZhidegZhZgkZi]ZjhZgÈhhZii^c\hVcY Xjhidb^oVi^dch# I]ZcVbZndjX]ddhZl]ZcXgZVi^c\ndjgVeea^XVi^dc^h\d^c\idWZXdbZndjg egd_ZXicVbZ#>il^aaVahdWZXdbZi]ZYZ[Vjai[daYZgcVbZdcndjg]VgYYg^kZl]ZgZndjg Veea^XVi^dcl^aaWZhidgZYl]ZcndjhVkZndjgVeea^XVi^dc#>il^aaVahdWZXdbZi]ZYZ[Vjai cVbZheVXZd[ndjgVeea^XVi^dc#6cVbZheVXZ^hjhZYiddg\Vc^oZi]ZXaVhhZh^cVh^c\aZ ]^ZgVgX]^XVahigjXijgZ#>iYdZhi]ZhVbZ[dgVcndi]ZgineZhndjb^\]iYZ[^cZ#I]ZXgZVi^dc d[VcVbZheVXZ]ZaehegZkZcicVb^c\Xdaa^h^dch#L]Vi^hVcVb^c\Xdaa^h^dc4AZiÈhadd`ViVc ZmVbeaZid^aajhigViZi]^hXdcXZei# HjeedhZVXdbeVcnXVaaZY6YkZcijgZLdg`hlgdiZVcZlL^cYdlh;dgbhXaVhh cVbZY6CZl;dgb#I]ZnldjaYXgZViZVcVbZheVXZXVaaZY6YkZcijgZLdg`hVcYejii]Z^g 6CZl;dgbXaVhh^c^iidjc^fjZancVbZi]Z^gXaVhh#I]Z[jaanfjVa^[^ZYcVbZd[VXaVhh^h ValVnhXdbedhZYd[i]ZcVbZheVXZ[daadlZYWnVYdiVcYi]Zci]ZcVbZd[i]ZXaVhhZh# 6YkZcijgZLdg`hÈhjc^fjZXaVhhldjaYWZ6YkZcijgZLdg`h#6CZl;dgb#

)+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

CdlaZiÈhhjeedhZi]VindjVgZXgZVi^c\VcZlegd_ZXijh^c\K^hjVaHijY^dVcYYZX^YZid cVbZndjgegd_ZXiBnA^WgVgn#K^hjVaHijY^dldjaYi]ZcXgZViZ[dgndjVcVbZheVXZXVaaZY BnA^WgVgn#HjeedhZi]Vindji]ZcYZ[^cZVcZlXaVhhVcYcVbZ^i6CZl;dgb#Ndjb^\]icdi WZVlVgZi]ViVXdbeVcnXVaaZY6YkZcijgZLdg`hVahdXVaaZYi]Z^gcZlXaVhhjh^c\i]ZhVbZ cVbZ#:kZci]dj\]6YkZcijgZLdg`hb^\]iWZYd^c\XdbeaZiZanY^[[ZgZcii]^c\hl^i]i]Z^g XaVhh!VegdWaZbXdjaYVg^hZWZXVjhZi]ZildXaVhhZhVgZcVbZYi]ZhVbZ# CdlhjeedhZi]VindjÈgZign^c\idjhZWdi]XaVhhZhXVaaZY6CZl;dgb^cndjgcZl Veea^XVi^dc#>[ndjh^beanjhZ6CZl;dgb!i]ZXdbe^aZgl^aacdiWZVWaZidYZiZgb^cZ l]^X]6CZl;dgbXaVhhndjlVciidjhZi]ZdcZ[gdbndjga^WgVgndgi]ZdcZ[gdbi]Z 6YkZcijgZLdg`ha^WgVgn0i]^h^hVcVb^c\Xdaa^h^dc#7negZ[^m^c\i]ZXaVhhcVbZl^i]i]Z cVbZheVXZcVbZ!ndjVgZi]ZciZaa^c\i]ZXdbe^aZgZmVXianl]^X]XaVhhndjlVciidjhZ 6YkZcijgZLdg`h#6CZl;dgb#

L]Vi>hi]Z9Zh^\cAVndji4 Ndjl^aahddcXgZViZVcZlYZh^\caVndji^ci]Z[dgbYZh^\cZg#>cYd^c\i]^h!ndjÈaaWZXgZVi" ^c\l]Vii]ZVeea^XVi^dcXdciV^chVcY]dl^ihXdciZci^hegZhZciZYl]Zci]ZjhZgZmZXjiZh i]ZVeea^XVi^dc# IdVXXdbea^h]i]^he]VhZd[Vegd_ZXi!ndjine^XVaanYdcdicZZYidineZV\gZViYZVad[ XdYZ0VhZmeaV^cZYaViZg^ci]^hX]VeiZg!K^hjVaHijY^diV`ZhXVgZd[i]Vi[dgndj#Ndjh^bean ]VkZidldggnVWdji]dlndjgVeea^XVi^dcadd`h#L]ZcndjgZYdcZYZh^\c^c\Vaai]Zk^hjVa VheZXihidndjga^`^c\!ndjgcZmiiVh`jhjVaan^ckdakZhViiVX]^c\i]ZhdjgXZXdYZidndjg k^hjVaaVndjihdi]VindjgVeea^XVi^dcgZVXihidVcYVXihjedci]ZjhZgÈh^ceji# >ci]^hX]VeiZg!ndjl^aaXdbeaZiZi]ZWVh^XaVndji#Ndjl^aaaZVgcbdgZVYkVcXZYaVndji iZX]c^fjZh^c[daadl^c\X]VeiZgh#AZiÈhhiVgii]ZcZmiegd_ZXi/Vh^beaZLZWWgdlhZg#

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

),

30

ID8G:6I:6H>BEA:L:77GDLH:G GhUfh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
Vm
W`]W_]b[GhUfh
5``
Dfc[fUag VcYA]WfcgcZh
J]giU`
6Ug]W


$ &$$)
9ldfYgg
9X]h]cb"

7fYUhY
U
bYk
A]WfcgcZh
K]bXckg›
5dd`]WUh]cb
Dfc^YWh
ig]b[
Ubm
cZ
h\Y
hYW\b]eiYg
g\ckb
]b
h\Y
dfY!

% j]cig
W\UdhYfg
h\fci[\
Y]h\Yf
h\Y
:]`Y
aYbi
cf
h\Y
BYk
Dfc^YWh
]Wcb
]b
h\Y
hcc`VUf"
BUaY
h\Y
bYk
Udd`]WUh]cb
AmCkb6fckgYf"

Cb
h\Y
XYg][b
gifZUWY
mciÇ``
gYY
h\Y
Yadhm
K]bXckg
:cfa
k]h\
U
h]h`Y
VUf
bUaYX
:cfa%"
7`]W_
cb


& h\Y
h]h`Y
VUf
cbWY"
@cc_
cjYf
hc
h\Y
dfcdYfh]Yg
k]bXck
cb
h\Y
Vchhca
f][\h
cZ
h\Y
=89
Ug
g\ckb
]b
:][ifY
(!%"

;^\jgZ)"& CebcXeg\Xf
j\aWbj
Ybe
@lBja5ebjfXe
Tcc_\VTg\ba
9be`
Vbageb_

)-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

KYÇ``
VY
ig]b[
acgh
cZ
h\Y
dfcdYfh]Yg
mci
gYY
`]ghYX
\YfY
F][\h
bck
k\Uh
]g
]adcfhUbh
Zcf
mci
hc
ibXYf! ghUbX
]g
h\Uh
acgh
cZ
h\YgY
dfcdYfh]Yg
]bZ`iYbWY
\ck
h\Y
Wcbhfc`
mci
\UjY
gY`YWhYX
VY\UjYg
cf
k\Uh
]h
`cc_g
`]_Y
k\Yb
mci
YlYWihY
mcif
Udd`]WUh]cb" :cf
U``
gUad`Yg
]b
h\]g
Vcc_
=
gi[[Ygh
h\Uh
mci
gcfh
h\Y
dfcdYfh]Yg
`]gh
]b
UgWYbX]b[
U`d\UVYh]WU`
cfXYf/
]h
k]``
VY
aiW\
YUg]Yf
hc
Z]bX
dfcdYfh]Yg
h\Uh
=
fYZYfYbWY
]b
h\Y
YlUad`Yg"
Hc
gcfh
h\Y
dfcdYfh]Yg
]b
U`d\UVYh]WU`
cfXYf
W`]W_
cb
h\Y
6ae]VWZi^XVa
Vihhcb
Zfca
h\Y
DfcdYfh]Yg
k]bXck
hcc`VUf H\Y
ch\Yf
cdh]cb
]g
hc
UffUb[Y
h\Y
Wcbhfc`g
Vm
WUhY[cf]Yg
Vih
h\]g
a][\h
g`ck
Xckb
mcif
dfc[fYgg
h\fci[\cih
h\]g
Vcc_" K\YbYjYf
mci
gY`YWh
U
dfcdYfhm
mciÇ``
gYY
U
Vf]YZ
XYgWf]dh]cb
cZ
]hg
igU[Y
Uh
h\Y
Vchhca
cZ
h\Y
DfcdYfh]Yg
k]bXck"
FYZYf
hc
:][ifY
(!%
Ug
Ub
YlUad`Y"
=b
h\]g
WUgY
h\Y
hYlh
dfcdYfhm
kUg
gY`YWhYX"
5h
h\Y
Vchhca
cZ
h\Y
DfcdYfh]Yg
k]bXck
mci
WUb
gYY
U
giWW]bWh
hYlh
aYggU[Y
XYgWf]V]b[
h\Y
ZibWh]cb
cZ
h\Y
hYlh
dfcdYfhm" 5g
aYbh]cbYX
]b
7\UdhYf
'
am
VYgh
UXj]WY
Zcf
`YUfb]b[
h\]g
gcZhkUfY
]g
hc
hfm
hfm
UbX
hfm
U[U]b"
H\YfY
UfY
U
jUf]Yhm
cZ
hcc`g
]b
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
UbX
UfY
h\YfYZcfY
aUbm
dcgg]V]`]h]Yg"
Mci
k]``
`YUfb
hc
igY
acgh
cZ
h\YgY
hcc`g
Vm
ig]b[
h\]g
Vcc_
Vih
]hÇg
]adcgg]V`Y
hc
`YUfb
U``
jUf]Uh]cbg
UbX
dcgg]V]`]h]Yg
]Z
mci
XcbÇh
Xc
gcaY
Yld`cf]b[
cb
mcif
ckb"
K]h\
h\Uh
]b
a]bX
hc
ibXYfghUbX
h\Y
YZZYWh
cZ
U
W\Ub[Y
cb
U
dUfh]Wi`Uf
dfcdYfhm
hfm
U``
X]ZZYfYbh
dcgg]V`Y
jU`iYg"
9UW\
h]aY
mci
acX]Zm
U
dfcdYfhm
Vi]`X
UbX
W\YW_
h\Y
YlYWih]cb"

' dfcdYfh]Yg
ig]b[
h\Y
jU`iYg
]b
HUV`Y
(!%"
H\Y
dfcdYfhm
bUaY
hc
acX]Zm
]g
`cWUhYX
]b
h\Y
`YZh
Wc`iab


UbX
h\Y
jU`iY
hc
k\]W\
hc
gYh
h\Y
dfcdYfhm
]g
`cWUhYX
]b
h\Y
f][\h
Wc`iab"
Mci
aUm
\UjY
U`fYUXm
Wcad`YhYX
h\]g
ghYd
Vih
hc
ZUW]`]hUhY
mcif
XUhU
Ybhfm
jYf]Zm
h\Uh
mci
\UjY
gcfhYX
h\Y
dfcdYfh]Yg
]b
UgWYbX]b[
U`d\UVYh]! WU`
cfXYf"

EgdeZgin

KVajZ

IZmi

BnDlc7gdlhZg

H^oZ/L^Yi]

+)%

H^oZ/=Z^\]i

)-%

HdbZegdeZgi^Zh]VkZV WZh^YZ i]Zb!l]^X]bZVchi]Vi^iÈhVigZZ k^ZlegdeZgin#L]ZcZkZgndjXa^X` i]Z !ndjÈaaZmeVcYi]^hegde" ZginidY^heaVni]ZegdeZginViig^" WjiZh!l]^X]ndjl^aai]ZcWZVWaZ idhZi#L]ZcZkZgndjl^aaWZVh`ZY idZciZgkVajZh[dgegdeZgi^Zhi]Vi VgZ^cVigZZk^Zl!>l^aajhZi]Z [daadl^c\cdiVi^dchigjXijgZVh [djcY^ci]^h[dgbVi/H^oZ/L^Yi]! l]^X]gZ[Zghidi]ZH^oZegdeZgin VcYi]ZL^Yi]Viig^WjiZ#

IVWaZ)"& ?\fg
bY
Ybe`
cebcXeg\Xf
gb
V[TaZX

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

).

30

KYÇfY
bck
[c]b[
hc
UXX
h\fYY
K]bXckg
:cfag
Wcbhfc`g
hc
mcif
VfckgYf
Udd`]WUh]cb.
U
hYlh
Vcl
Wcbhfc`
]b
k\]W\
hc
YbhYf
h\Y
XYgh]bUh]cb
IF@
U
Vihhcb
hc
bUj][UhY
hc
h\Y
KYV
dU[Y
UbX
U
KYV
VfckgYf
Wcbhfc`
]b
k\]W\
h\Y
KYV
dU[Y
WcbhYbh
k]``
VY
X]gd`UmYX"
8fU[
UbX
Xfcd
U
KYV
VfckgYf
Wcbhfc`
cbhc
h\Y
XYg][bYf
gifZUWY"
H\Y
KYV
VfckgYf
Wcbhfc`
]g
`cWUhYX


G
( ]b
h\Y
hcc`Vcl
cb
h\Y
`YZh
g]XY
cZ
h\Y
=89/
]hÇg
h\Y
`Ugh
Wcbhfc`
]b
h\Y
Wcaacb
Wcbhfc`g
gYWh]cb"
6m


XYZUi`h
h\]g
Wcbhfc`
k]``
Z]``
h\Y
XYg][bYf
gifZUWY
Ybh]fY`m"
5g
kY
XcbÇh
kUbh
h\]g
VY\Uj]cf
Zcf
h\]g
dUfh]Wi`Uf
Udd`]WUh]cb
mciÇ``
W`]W_
cb
h\Y
Zc``ck]b[
V`UW_
hf]Ub[`Y

k\]W\
k]``
dfcXiWY
h\Y
WcbhYbh
cZ
U
gaUfh
hU["
=Z
mciÇfY
ZUa]`]Uf
k]h\
A]WfcgcZh
CZZ]WY
&$$'
mciÇjY
dfcVUV`m
YbWcibhYfYX
gaUfh
hU[g
VYZcfY"
GaUfh
hU[g
k]``
VY
Yld`U]bYX
Zifh\Yf
]b
7\UdhYf
)"
=b
h\]g
dUfh]Wi`Uf
YlUa! d`Y
]h
k]``
\Y`d
mci
hc
ibXcW_
h\Y
Wcbhfc`
Zfca
]hg
dUfYbh
WcbhU]bYf
h\Y
Zcfa"
7`]W_
cb
h\Y
gaUfh
hU[
UbX
gY`YWh
IbXcW_
]b
dUfYbh
WcbhU]bYf" 9ldUbX
h\Y
Wcbhfc`
gc
h\Uh
]h
cWWid]Yg
U`acgh
h\Y
Ybh]fY
XYg][bYf
gdUWY"
Hc
Xc
h\]g
W`]W_
cb
Ubm
cZ
h\Y


) Wcbhfc`
\UbX`Yg
hc
W\Ub[Y
]hg
g]nY" Hc
aU_Y
gifY
mci


* \UjY
h\Y
gUaY


g]nY
Ug
g\ckb
]b

:][ifY
(!&
gY`YWh
h\Y
KYV
VfckgYf
Wcbhfc`
Vm
W`]W_]b[
Ubmk\YfY
cb
h\Y
Wcbhfc`"
H\Yb
[c
hc
h\Y
DfcdYfh]Yg
k]bXck
UbX
acX]Zm
h\Y
jU`iYg
Zcf
h\Y
U``
h\Y
dfcdYfh]Yg
`]ghYX
]b
HUV`Y
(!&"
AcX]Zm
h\Y
jU`iYg
]b
h\Y
gUaY
kUm
mci
acX]Z]YX
h\Y
Zcfa
Wcbhfc`g
]b
ghYd
("


;^\jgZ)"' @lBja5ebjfXe
Tcc_\VTg\ba

*%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

EgdeZgin

KVajZ

CVbZ

bn7gdlhZg

H^oZ/L^Yi]

+%,

H^oZ/=Z^\]i

(-*

AdXVi^dc/M

&'

AdXVi^dc/N

&'

IVWaZ)"' JXU
6bageb_
cebcXeg\Xf
gb
V[TaZX

8fU[
UbX
Xfcd
U
hYlh
Vcl
Wcbhfc`
UbX
U
Vihhcb
Wcbhfc`
Zfca
h\Y
hcc`Vcl
Wcaacb
Wcbhfc`g
gYWh]cb
gc


+ h\Uh
mcif
Zcfa
`cc_g
`]_Y
:][ifY
(!&"
7\Ub[Y
h\Y
dfcdYfh]Yg
cZ
h\Y
Wcbhfc`g
Ug
mci
X]X
k]h\
h\Y
KYV


VfckgYf
Wcbhfc`
]b
ghYd
+"
GY`YWh
cbY
Wcbhfc`
Uh
U
h]aY
UbX
acX]Zm
]hg
dfcdYfh]Yg
k]h\
h\Y
XUhU
]b
HUV`Y
(!'"

8dcigda

EgdeZgin

KVajZ

IZmiWdm

CVbZ

imiJGA

IZmiWdm

AdXVi^dc/M

&'

IZmiWdm

AdXVi^dc/N

)&&

IZmiWdm

H^oZ/L^Yi]

*'+

IZmiWdm

H^oZ/=Z^\]i

'%

7jiidc

CVbZ

Wic
7jiidc

AdXVi^dc/M

*))

7jiidc

AdXVi^dc/M

)&&

7jiidc

iZmi


IVWaZ)"( 6bageb_f
CebcXeg\Xf
TaW
IT_hXf

5h
h\]g
dc]bh
kY
bck
\UjY
U
Wcad`YhY
Udd`]WUh]cb"
Mci
WUb
Wcad]`Y
UbX
YlYWihY
mcif
Udd`]WUh]cb
Vm


, dfYgg]b[
;*"

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

*&

30

>[ndj[daadlZYi]ZegZk^djhhiZehZmVXian!ndjgVeea^XVi^dch]djaYcdlWZgjcc^c\# 7ZXVjhZlZY^YcÈiXdYZVcn[jcXi^dcVa^in!ZciZg^c\VcJGAVcY]^ii^c\i]Zl^aajhZVcVcVad\nidZmeaV^cV[jcYVbZciVaXdcXZei#6a^\]iWjaWWn^ihZa[^hcdiVjhZ" [jae^ZXZd[]VgYlVgZ#IddWiV^ca^\]i[gdb^i!ndjcZZYidXdccZXiildl^gZhXVggn^c\ZaZX" ig^X^in#H^b^aVgidl]ViVcZaZXig^X^VcldjaYYdidXgZViZi]^hZaZXig^XVaX^gXj^i!lZcZZYid ViiVX]dgl^gZi]ZXdcigdaVcYi]ZVXi^dcid\Zi]ZgWnlg^i^c\XdYZid]VcYaZi]ZZkZcid[ Xa^X`^c\i]Zc DDE!i]^h^hXVaaZYZcXVehjaVi^dc#NdjXVcXdbeVgZi]^hegdXZhhidVeZghdcYg^k^c\VXVg/ ndjYdcÈicZZYid`cdl]dli]ZZc\^cZVcYigVchb^hh^dcldg`^cdgYZgidYg^kZi]ZXVg#I]Z XVgZmVbeaZ^hV\ddYdcZ!WjiVcdi]Zg\ddYZmVbeaZ^hi]ZCVk^\ViZbZi]dY#NdjYdci cZZYid`cdl]dl^ih^beaZbZciZY!ndjh^beanlVci^iidYd^ih_dW#6hbZci^dcZYZVga^Zg! bVcni]^c\hVgZ]VeeZc^c\l]ZcndjYZh^\cV[dgbl^i]K^hjVaHijY^d#Ndj]VkZhZZci]Vi ndjY^YcÈicZZYidXgZViZVcnd[i]ZXaVhhZhdg^chiVcXZhgZegZhZci^c\ndjgXdcigdahWZXVjhZ K^hjVaHijY^d^hYd^c\Vaad[i]Vi[dgndj

*'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

IDL>G:I=:8A>8@68I>DCID67JIIDC $

7`cgY
h\Y
fibb]b[
Udd`]WUh]cb
UbX
[c
VUW_
hc
h\Y
=89"
8ciV`Y!W`]W_
h\Y
Vihhcb
Wcbhfc`"
MciÆ``
gYY
h\Y
WcXY
k]bXck
Ug
g\ckb
]b
:][ifY
(!'"

;^\jgZ)"( 6bWX
j\aWbj
Ybe
g[X
Uga:b
V_\V^
XiXag

=Z
mci
hYfa]bUhYX
h\Y
YlYWih]cb
cZ
mcif
Udd`]WUh]cb
dfcdYf`m
mci
g\ci`X
gYY
h\Y
gcifWY
WcXY
k]bXck
k]h\
h\Y
Vhb;c
W`]W_YjYbh
hYad`UhY"
K\Yb
mci
XciV`Y!W`]W_YX
h\Y
Vihhcb
Wcbhfc`
mci
g][bU`YX
J]giU`
GhiX]c
h\Uh
mci
kUbhYX
hc
k]fY
h\Y
W`]W_
UWh]cb
hc
h\Y
Vihhcb
Wcbhfc`"
Hmd]WU``m
YUW\
Wcbhfc`
WUb
hf][[Yf
ai`h]d`Y
YjYbhg
XYdYbX]b[
cb
k\]W\
VY\Uj]cf
mci
kUbh
hc
]bhYfWYdh
k]h\
mcif
WcXY"
9UW\
Wcbhfc`
\Ug
U
XYZUi`h
YjYbh
h\Uh
]g
hf][[YfYX
Vm
h\Y
dfc[fUaaYf
Vm
ig]b[
U
XciV`Y!W`]W_
UWh]cb
cb
h\Y
Wcbhfc`
cb
h\Y
XYg][bYf
gifZUWY"
=b
mcif
WUgY
J]giU`
GhiX]c
WfYUhYX
h\Y
W`]W_
YjYbh
hYad`UhY
gc
h\Uh
mci
Wci`X
YbhYf
h\Y
Zc``ck]b[
WcXY"

ABG8 >[ndjignidineZhdbZXdYZVcY ^iYdZhcÈildg`!ndjgVeea^XVi^dc^h egdWVWanhi^aagjcc^c\#>[ndjYdcÈi XadhZi]ZVeea^XVi^dcVcYndj\d WVX`idK^hjVa7Vh^X!ndjldcÈiWZ VWaZidbdY^[ni]ZhdjgXZXdYZ#6 \ddYlVnidkZg^[ni]Vindj]VkZ XadhZYVcYiZgb^cViZYi]ZVeea^XV" i^dc^hidadd`^ci]ZK^hjVa7Vh^X :megZhhi^iaZWVg#>[ndjhZZi]Z cVbZd[ndjgVeea^XVi^dc[daadlZY Wni]ZldgYgjcc^c\!i]^hbZVch ndjgVeea^XVi^dc^hhi^aaVXi^kZVcY ndjldcÈiWZVWaZidVYYXdYZ# >[ndjignidVYYXdYZ!i]ZhiVijh WVgl^aagZedgii]VindjVgZ^c gZVY"dcanbdYZl^i]i]Z[daadl^c\ bZhhV\Z/8VccdiXjggZcianbdY^[n i]^hiZmi^ci]ZZY^idg#>i^h^cgZVY" dcan#



% HmdY
]b
h\Y
Zc``ck]b[
WcXY
Uh
h\Y
Wifgcf.
P\%URZVHU1DYLJDWHW[W85/7H[W

DfYgg
;*
hc
Wcad]`Y
UbX
YlYWihY
h\Y
Udd`]WUh]cb"
=Z
mci


& bUaYX
mcif
Wcbhfc`g
WcffYWh`m
]b
ghYd
,
]b
h\Y
dfYj]cig


YlYfW]gY
UbX
YbhYfYX
h\Y
`]bY
cZ
WcXY
Ug
g\ckb
]b
ghYd
&
mci
g\ci`X
bck
\UjY
mcif
ckb
KYV
VfckgYf
Udd`]WUh]cb"
CZ
WcifgY
mci
kcbÇh
\UjY
U``
h\Y
VY``g
UbX
k\]gh`Yg
cZ
=bhYfbYh
9ld`cfYf
Vih
VY
dUh]YbhÃkYÇfY
[Yhh]b[
h\YfY"
Hfm
[c]b[
hc
mcif
ZUjcf]hY
IF@g
hc
gYY
]Z
]hg
kcf_]b[
Ug
YldYWhYX"
:cf
]bghUbWY
=
kYbh
hc
lll#b^Xgdhd[i#Xdb
UbX
]h
kcf_YX
^igh
Z]bY
Mci
WUb
gYY
h\Y
fYgi`h
]b
:][ifY
(!("



;^\jgZ)#) @lBja5ebjfXe
f[bj\aZ
g[X
@\VebfbYg!Vb`
JXU
f\gX

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

*(

30

Ejii^c\>i6aaId\Zi]Zg < @ C B E G4 A G 7Z[dgZbdk^c\dc!>Èb^ck^i^c\ ndjidadd`ViVk^YZd[gdbi]Z BH9CœLZWh^iZi]ViiVa`hVWdji DW_ZXi"Dg^ZciZYEgd\gVbb^c\!dg DDE#NdjÈkZ]VYV\ddY^cigdYjX" i^dcidDDEWdi]^ci]^hX]VeiZg VcY^c8]VeiZg&#IdjcYZghiVcY i]ZXdcXZei[gdbVcdi]ZgVc\aZ! cVk^\ViZid]iie/$$\d#b^Xgdhd[i#Xdb$ [la^c`$4a^c`^Y2))%(%XaX^Y2%m)%. VcYk^ZlAZhhdc+!EVgih&VcY'#

@BE8
ci]^hWdd`!>Èb\d^c\id jhZjeidi]gZZaZiiZghidYZhXg^WZ VcY^YZci^[ni]ZXdcigdaineZWn add`^c\Vi^ihcVbZ!hjX]VhÅWicÆ [dgVWjiidcXdcigda#I]ZkVg^" VWaZcVbZi]ZcWZXdbZhWicl^aa^cigdYjXZi]Za^hil]Zc> iVa`VWdjiXdbbdcXdcigdah^c 8]VeiZg*#

*)

&LQGG

LZÈkZ_jhihZZci]Vil]ZcndjYgV\VXdcigdadcidi]ZYZh^\chjg[VXZ!ndjÈgZVXijVaanXgZVi" ^c\VcdW_ZXid[i]ViXdcigdaXaVhh#L]ZcndjÈgZcVb^c\i]ZXdcigda^ci]ZEgdeZgi^Zhl^c" Ydl!ndjÈgZVXijVaanVhh^\c^c\VcVbZidi]ZkVg^VWaZndjÈkZ_jhiXgZViZYÄl]^X]^hZmVXian l]VilZY^Y[dgi]Zi]gZZXdcigdahjhZY^cndjgWgdlhZg#>c[VXi!i]^h^hl]nndjlVciid\^kZ ndjgXdcigdahbZVc^c\[jacVbZhhdi]VindjXVcjhZi]ZbaViZgegd\gVbbVi^XVaan# 6hndjcdl`cdl!i]ZgZlVhV\gZViYZVad[VXi^k^iniV`^c\eaVXZl]ZcndjYgdeeZY Xdcigdahdcidi]ZYZh^\cZghjg[VXZ#IdWZiiZgjcYZghiVcYl]VilVhiV`^c\eaVXZ^ci]Z WVX`\gdjcY!lZkZiVa`ZYVWdji^bedgiVciDDEXdcXZeihWZ]^cYi]Za^cZd[XdYZndjkZ VYYZYidgZhedcYidi]ZXa^X`ZkZci# Cdli]VindjkZgjci]ZVeea^XVi^dc!]ZgZ^hVa^hid[fjZhi^dchndjbVn]VkZ/ N L]Vi]VeeZch^[>ejicdi]^c\^ci]ZiZmiWdmVcY]^i:ciZg4 N L]Vi]VeeZch^[>ZciZgVc^ckVa^YJGA4 N L]Vi]VeeZch^[>ZciZgVcni]^c\>[ZZaa^`Z4 BnVchlZgidndj^hh^bean!ÅIgn^i#Ign^icdl#ÆI]ZgZVaYZVa^hi]VindjgLZWWgdlhZg l^aaVXijVaanWZ]VkZa^`ZVcndi]ZgLZWWgdlhZgVcYl^aacVk^\ViZidl]ViZkZgJGA^hineZY ^cidi]ZiZmiWdm#>[ndjYdcÈiineZVcni]^c\!Xa^X`^c\dci]Z[ndjineZVcni]^c\ndj[ZZaa^`Z!i]ZWgdlhZgXdcigdal^aaXdbZWVX`l^i]VEV\Zcdi[djcY dg8dYZ)%)eV\Z# Cdl^hndjgi^bZidZmeZg^bZci#GZbZbWZgi]^hWdd`ÈhgjaZ/IGN!IGN!IGN#Hd\dV]ZVY VcYeaVnl^i]^i#8]Vc\ZhdbZd[i]ZegdeZgi^ZhVcYhZZi]ZgZhjaihVigjci^bZ#6ai]dj\] lZ]VkZcÈijhZYbVcn[ZVijgZhnZi!ndjÈaaVYYbdgZ^c8]VeiZg+#I]^hegd_ZXi^h[Vg[gdb dkZg7nVYY^c\cZl[ZVijgZh!ndjÈaaVgg^kZViVed^cil]ZgZndjgVeea^XVi^dcl^aahiVgiidadd` bjX]bdgZ[Vb^a^Vg#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cHjbbVgn### >ci]^hX]VeiZg!ndjaZVgcZY]dlidWj^aYVLZWWgdlhZg#NdjhiVgiZYid/ N 6YYbdgZi]VcdcZXdcigdaidi]ZYZh^\cZghjg[VXZ N HZiegdeZgi^Zh^ci]ZEgdeZgi^Zhl^cYdl N L^gZVcZkZciidVXdcigdaVcYaZVgc]dlidVYYXdYZi]Vil^aaZmZXjiZl]Zci]ZZkZci ^hig^\\ZgZY >ci]^hZmVbeaZ!ndjkZa^c`ZYbVcnDDEXdcXZeihWnjh^c\dcandcZa^cZd[XdYZ# NdjkZVYYZYi]ZXdYZidgZhedcYidi]ZWjiidcXa^X`ZkZciWnXVaa^c\i]ZCVk^\ViZ bZi]dYd[ndjgLZWWgdlhZgdW_ZXi#NdjgLZWWgdlhZgcVk^\ViZYidVJGAeVhhZY^cVhVc Vg\jbZciidi]ZCVk^\ViZbZi]dY#I]ZVg\jbZci[dgi]ZCVk^\ViZbZi]dYlVheVhhZY^c jh^c\i]ZiZmiWdmXdcigdaIZmiegdeZgin#:kZgni]^c\lVhXdbeaZiZYVcY[jaanldg`^c\_jhiWn ilZV`^c\hdbZegdeZgi^ZhVcYVYY^c\DCANdcZa^cZd[XdYZI]ViÈhl]Vi>XVaaegdYjXi^k^in# >ci]ZcZmiX]VeiZg!ndjÈaaXdci^cjZi]^hegdXZhhWnaZVgc^c\Vaad[i]ZbV_dg[ZVijgZhd[ K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#NdjÈaaWZXdbZbdgZegdYjXi^kZViYZkZade^c\Veea^XVi^dch WnaZVgc^c\[ZVijgZhhjX]Vh>ciZaa^HZchZœ!hcVea^cZh!XdYZhc^eeZih!hbVgiiV\h!i]ZBn cVbZheVXZ!VcYbjX]bdgZ#

8]VeiZg)/8gZViZNdjgDlcLZW7gdlhZg^cAZhhI]Vc;^kZB^cjiZh

&LQGG

A^c`hidBdgZ >c[dgbVi^dc Di]Zg\ddYhdjgXZhd[^c[dg" bVi^dcVgZi]Zk^YZdh[gdb BH9CheZX^[^XVaanXgZViZYid XdkZgi]ZK^hjVa7Vh^X'%%* :megZhh:Y^i^dcegdYjXi#I]Z k^YZdh[dgAZhhdch'VcY, XdkZghdbZd[i]Zide^Xhndj ]VkZ_jhiaZVgcZYVcYl^aaegd" k^YZndjl^i]Vcdi]Zged^cid[ k^Zl#NdjXVc[^cYi]Zk^YZdh [dgAZhhdch'VcY,Wnine" ^c\^ci]Z[daadl^c\]neZga^c`/ ]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%.#

**

30

&LQGG

30

6[TcgXe
( 6eXTg\aZ
Lbhe

9\efg
9h__
J\aWbjfœ
4cc_\VTg\ba FaTc
TaW
4_\Za
G[bfX
6bageb_f
Hf\aZ
FaTc
?\aXf
(+ Hf\aZ

*

rel="nofollow">c8]VeiZg)!ndjhiVgiZYWj^aY^c\ndjgdlcLZWWgdlhZg!VcY^c8]VeiZg* ndjaaVYYid^ihXVeVW^a^i^Zh#7jiWZ[dgZndjYdi]Vi!>lVciid^cigdYjXZ hdbZB^Xgdhd[iœK^hjVa7Vh^Xœ'%%*[ZVijgZhi]Vil^aa]ZaendjYZkZade ndjgB^Xgdhd[iL^cYdlhœegd\gVbb^c\`cdlaZY\ZVcYh`^aah#LZÈaaadd` ^cidhdbZd[i]ZbdgZjhZ[jagVe^YVeea^XVi^dcYZkZadebZciG69[ZVijgZh d[K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

EXT_ G\`X
8eebe
7XgXVg\ba
TaW
6beeXVg\ba
)'

ABG8

B[
@l
@l
!
!
!
Am

NdjXVc[^cYVaaG69[ZVijgZhYZhXg^WZY^ci]^hX]VeiZg^cZkZgnkZgh^dcd[ K^hjVaHijY^d'%%*#Hd^[ndjVagZVYn`cdl]dlidjhZi]ZhZ[ZVijgZh^ci]Z :megZhh:Y^i^dcVcYYZX^YZidZmeadgZVcnd[i]Zdi]ZgkZgh^dchd[K^hjVa HijY^d'%%*!ndjaa[^cY^ibjX]ZVh^Zgidhl^iX]VcYWZegdYjXi^kZ#

EXaT`\aZ
)+

6b``ba
J\aWbjf
6bageb_f
*%

>[ndjVagZVYn]VkZhdbZegd\gVbb^c\ZmeZg^ZcXZ!ndjÈaaWZeaZVhVcian hjgeg^hZYid[^cYi]Vi^iÈhZkZcZVh^Zgidegd\gVbjh^c\K^hjVa7Vh^X'%%* :megZhh:Y^i^dc#

J[Tg
;TccXaf
J[Xa
Ta
8iXag



&LQGG

*,

30

HcVeVcY6a^\cI]dhZ8dcigdahJh^c\HcVeA^cZh

G < C I" L]Zcndj]VkZbVcnXdcigdahid Ygdedci]ZYZh^\cZghjg[VXZ!ndj XVchVkZhdbZi^bZWnÅe^cc^c\Æ Ydlci]ZiddaWdmhdi]Vi^ihiVnh deZc#IdY^hVWaZi]Z6jid=^YZ [ZVijgZ!Xa^X`i]ZE^cWjiidcdc ided[i]ZiddaWdm#IdgZ"ZcVWaZ i]Z6jid=^YZ[ZVijgZ!Xa^X`i]ZE^c WjiidcV\V^c#

CdiWZ^c\VkZgnh`^aaZYjhZg^ciZg[VXZYZh^\cZgbnhZa[!>ÈkZValVnh]VYegdWaZbhldg`^c\dc Vegd\gVbl^i]bVcnXdcigdahidVa^\c#:kZcbdgZY^[[^XjailVhign^c\id\Zii]ZVa^\cbZci g^\]ii]Z[^ghii^bZ>YgdeeZYi]ZXdcigdahdcidi]Z[dgb#>ÈkZValVnh]VYid\didi]Z EgdeZgi^Zhl^cYdlVcYVa^\ci]ZXdcigdahbVcjVaanWnZciZg^c\i]Z^gmVcYnXddgY^cViZh! l]^X]hadlhYdlci]ZYZkZadebZciegdXZhhfj^iZVW^i6\V^c!aZibZgZ^iZgViZdcZd[i]Z e]^adhde]^Zhi]ZK^hjVa7Vh^X'%%*iZVb]VY^cb^cYl]ZcXgZVi^c\i]^hVlZhdbZcZlegdY" jXi#I]ZnlVciZYidbV`ZhjgZndjY^YcÈi]VkZideZg[dgbbjai^eaZhiZehVihZkZgVaY^[[ZgZci eaVXZhidVXXdbea^h]Vh^beaZiVh`#6cYi]ZnhjXXZZYZYl^i]Vadid[cZl[ZVijgZh0dcZd[ i]ZhZ^hi]ZcZlhcVea^cZh[ZVijgZi]ViVaadlhndjidZVh^anVa^\cdW_ZXihdci]ZYZh^\cZg hjg[VXZ#AZiÈhYdVcZmZgX^hZhdndjXVchZZi]ZhcVea^cZh[ZVijgZ^cVXi^dc#

ID8G:6I:6C:LL>C9DLH;DGBJH>C<HC6EA>C:H GhUfh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
Vm
W`]W_]b[
GhUfh
5``
Dfc[fUag
UbX
A]WfcgcZh
J]giU`
6Ug]W


$ &$$)
9ldfYgg
9X]h]cb"
7fYUhY
U
bYk
A]WfcgcZh
K]bXckg
5dd`]WUh]cb
dfc^YWh
ig]b[
Ubm
cZ
h\Y
hYW\!

b]eiYg
g\ckb
]b
h\Y
dfYj]cig
W\UdhYfg
Vm
ig]b[
Y]h\Yf
h\Y
:]`Y
aYbi
cf
h\Y
BYk
Dfc^YWh
]Wcb
]b
h\Y
hcc`VUf"
BUaY
h\Y
bYk
Udd`]WUh]cb
HYghDfc^YWh" Mci
g\ci`X
gYY
h\Y
XYg][bYf
gifZUWY"
=Z
mci
Xcbh
f][\h!W`]W_


% cb
h\Y
Z]`YbUaY
:cfa%"jV
]b
h\Y
Gc`ih]cb
9ld`cfYf
UbX


W\ccgY
J]Yk
8Yg][bYf"
H\Yb
ig]b[
h\Y
hcc`Vcl
XfU[
h\fYY
`UVY`g
UbX
h\fYY
hYlh
Vcl
Wcbhfc`g
cbhc
h\Y
XYg][b
gifZUWY"
GhUW_
h\Y
`UVY`g
jYfh]WU``m"
5
h\]b
V`iY
`]bY
U
gbUd
`]bY
k]``


& UddYUf
cb
Y]h\Yf
h\Y
f][\h
g]XY
cf
h\Y
`YZh
g]XY
cZ
h\Y
`UVY`g
hc
\Y`d
[i]XY
h\Y
U`][baYbh"
K\Yb
h\Y
`UVY`g
UfY
U`][bYX
WcffYWh`m
fY`YUgY
h\Y
`UVY`
Wcbhfc`" 5g
g\ckb
]b
:][ifY
)!%
U
gaU``
V`iY
\cf]ncbhU`
`]bY
U`gc
UddYUfg
hc
h\Y
`YZh
cZ
h\Y
`UVY`
Wcbhfc`"
H\]g
`]bY
fYdfYgYbhg
h\Y
a]b]aia
gdUWY
;^\jgZ*"& VYhkYYb
U
Wcbhfc`
UbX
Ubch\Yf
Wcbhfc`
cf
VYhkYYb
U
Wcbhfc`
UbX
FaTc
_\aXf
\a
TVg\ba
j\g[
gjb
_TUX_
Vbageb_f ]hg
WcbhU]bYf"

*-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

5ZhYf
U`][b]b[
h\Y
`UVY`g
jYfh]WU``m
Xc
h\Y
gUaY
k]h\
h\Y
Vihhcbg
]aaYX]!

;^\jgZ*"' 4__
g[X
Vbageb_f
TeX
abj
T_\ZaXW

' UhY`m
hc
h\Y
f][\h
cZ
YUW\
`UVY`"
H\Y
XYg][bYf
gifZUWY
g\ci`X
`cc_
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
)!&" Bch]WY
h\Uh
h\Y
`UVY`g
UfY
U`][bYX
k]h\
h\Y
Vchhca
cZ
h\Y
hYlh
Vcl
Wcbhfc`g"


( :cf
U
W`YUbYf
UddYUfUbWY
h\Y
`UVY`g
g\ci`X
U`][b
k]h\
Ubm
hYlh
h\Uh
k]``
VY
YbhYfYX
]b
h\Y
hYlh
Vcl"
Hc
U`][b
h\Y
`UVY`g
WcffYWh`m
acjY
YUW\
`UVY`
ibh]`
mci
gYY
U
\cf]ncbhU`
difd`Y
`]bY
]bghYUX
cZ
U
V`iY
`]bY
Ug
g\ckb
]b
:][ifY
)!'"
=b
:][ifY
)!(
@UVY`g
%
UbX
&
\UjY
VYYb
dfcdYf`m
U`][bYX
k]h\
h\Y
VUgY`]bY
cZ
h\Y
WcffYgdcbX]b[
hYlh
Vcl
WcbhYbhg
Vih
@UVY`
'
]g
gh]``
U`][bYX
k]h\
h\Y
Vchhca
cZ
h\Y
hYlh
Vcl
]hgY`Z"

;^\jgZ*"( 8kT`c_X
bY
T_\Za`Xag
j\g[
g[X
Vb` `ba
gXkg
UTfX_\aX

;^\jgZ*") Eha g\`X
XkXVhg\ba
bY
g[\f
T_\Za`Xag
cebU_X`

< @ C B E G4 A G 9dcdiXadhZi]ZiZhiegd_ZXi0ndjÈaacZZY^i[dgi]ZhZXi^dchi]Vi[daadl#>[ ndjXadhZi]ZiZhiegd_ZXiVcYK^hjVa7Vh^X'%%*:megZhh:Y^i^dcVcYi]Zc gZ"deZci]ZbaViZg!ndjb^\]iadhZi]ZXjggZcik^ZlVcYndjg[dgbVcYXdYZ b^\]icdih]dljeVjidbVi^XVaan#>[ndjYd]VeeZcidXadhZi]ZiZhi[dgb! Xa^X`i]ZK^Zl8dYZWjiidcdci]ZHdaji^dc:meadgZgiddaWVg id\Zii]ZXdYZ d[i]ZhZaZXiZY[dgbdgdci]ZK^Zl9Zh^\cZgWjiidcid\Zii]Z9Zh^\cZgd[ i]ZhZaZXiZY[dgb#6aiZgcVi^kZan!ndjXVcg^\]i"Xa^X`dci]Z[dgb[^aZcVbZ!^c i]^hXVhZ;dgb&#kW!VcYi]ZchZaZXiK^Zl8dYZ id\Ziidi]ZhdjgXZXdYZ dg K^Zl 9Zh^\cZgid\Ziidi]ZYZh^\chjg[VXZ#









Jh^c\>ciZaa^HZchZ²NdjgCZl7Zhi;g^ZcY >ciZaa^HZchZœ^hdcZd[i]Z\gZViZhiiddahYZkZadeZY[dgWdi]WZ\^ccZgVcYZmeZg^ZcXZYegd" \gVbbZgh#I]^h[ZVijgZegdk^YZhXdciZmijVaaVc\jV\ZgZ[ZgZcXZhl^i]^ci]ZXdYZZY^idgVcY XVcZkZcXdbeaZiZi]Zine^c\[dgndj#I]^hbZVchndjXVc\Zi^bbZY^ViZXdYZhnciVm]Zae heZX^[^Xidi]ZXdYZndjÈgZlg^i^c\l^i]djiaZVk^c\i]ZXdYZZY^idg#;dgZmVbeaZ!^[ndjÈgZ ^ch^YZV[dgbVcYndjVh`>ciZaa^HZchZ[dg]Zae!ndjÈaa\ZiVXXZhhidXdYZXdchigjXihi]Vi bV`ZhZchZ[dgi]VieVgi^XjaVg[dgb#NdjÈkZVagZVYnZmeZg^ZcXZY>ciZaa^HZchZl]^aZYd^c\i]Z egZk^djhZmVbeaZhl^i]djigZVaan`cdl^c\i]ViÈhl]VindjlZgZjh^c\# 8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

*.

30

>ciZaa^HZchZVcY8iga HeVXZWVg DcZd[i]ZZVh^ZhilVnhidWg^c\jei]Z>ciZaa^HZchZl^cYdl^hidegZhh8iga HeVXZWVg# ;^\jgZ*"*h]dlhVcZmVbeaZ[gdbi]Zegd_ZXiXjggZciandeZcZY^ci]ZXdYZZY^idg#NdjXVc hZZ^ci]^h[^\jgZVa^hid[edhh^WaZX]d^XZhWVhZYdci]ZXdciZmid[V[dgbZaZbZcicVbZY ;dgb&# ;^\jgZ*"*
BDG: rel="nofollow">C;D I]ZgZÈhVcZVi[ZVijgZ^cK^hjVa HijY^di]ViigVX`hi]ZX]Vc\Zhndj bVYZidi]ZhdjgXZXdYZ!h^b^aVg idi]ZIgVX`8]Vc\Zh[ZVijgZ^c B^Xgdhd[iLdgY#>cK^hjVaHijY^d! ]dlZkZg!l]ZcZkZgndjbdY^[n ndjgXdYZ!VXdadgZYa^cZ^hVYYZY idi]ZWZ\^cc^c\d[i]Via^cZ#6 nZaadla^cZ^cY^XViZhi]ViVX]Vc\Z lVhbVYZWji]VhcdiWZZchVkZY nZi#>[i]Za^cZ^h\gZZc!^ibZVch i]ZX]Vc\ZlVhhVkZYVcY^hcdl eVgid[i]ZXdYZZkZc^[ndjZm^i K^hjVaHijY^d#>iÈhVgZVaanjhZ[ja [ZVijgZ!VcY^[ndjlVciidZcVWaZ ^i!_jhiXa^X`Iddah$Dei^dch!i]Zc hZaZXii]ZH]dl6aaHZii^c\hX]ZX` WdmVii]ZWdiidbaZ[id[i]Zl^c" Ydl#>ci]ZigZZk^Zl!ZmeVcYIZmi :Y^idg!hZaZXi
+%

&LQGG

>ciZaa^HZchZVcYEZg^dY$AZ[iEVgZci]Zh^h I]ZhZXdcYlVnndjXVc\Zi]Zaejh^c\>ciZaa^HZchZ^hWnine^c\VeZg^dYÅ#ÆV[iZgVcZaZ" bZci#I]Z>ciZaa^HZchZl^cYdll^aah]dljel]Zi]ZgndjVgZjh^c\#C:IdW_ZXihdgndjgdlc dW_ZXih#;dgZmVbeaZ!>gZfjZhiZYi]Za^hid[edhh^WaZXdchigjXih^ckdak^c\i]ZkVg^VWaZ;dgb&# >ci]^hZmVbeaZ!>lVhadd`^c\[dgi]ZkVg^VWaZIZmi7dm&!l]^X]gZegZhZciZYi]Z[^ghiiZmiWdm dcdjg;dgb#7nine^c\VeZg^dYÅ#ÆV[iZgi]Z`ZnldgYBZ!>\dii]Za^hid[VaagZaZkVci dW_ZXih^ci]^hXdciZmi#I]ZcWnine^c\i]ZaZiiZgi!>\dii]Za^hid[VaagZaZkVciXdbedcZcih i]Vi]VkZcVbZhWZ\^cc^c\l^i]i]ViaZiiZg#>_jhi]VYidhXgdaaYdlcidi]Z^iZb>lVhadd`" ^c\[dg/IZmi7dm&#;^\jgZ*"+^aajhigViZhi]ZhZhiZeh^ci]ZXdYZZY^idg#;^cVaan!>egZhhZYi]Z IVW`Znid^chZgibnhZaZXi^dc!IZmi7dm&!^ci]ZXdYZ#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ*"+ :Xgg\aZ
[X_c
Yeb`

IDJH: rel="nofollow">CI:AA>H:CH: :fca
h\Y
hcc`Vcl
XfU[
U
Vihhcb
Wcbhfc`
hc
h\Y


$ Zcfa"

HmdY
U
dYf]cX
Ä"Å
U[U]b
hmdY
hYlh
h\Yb
dfYgg


( h\Y
HUV
_Ym
cf
h\Y
GdUWYVUf"
H\Y
WcXY
`]bY
g\ci`X
`cc_
`]_Y
h\]g
cbY.

8ciV`Y!W`]W_
h\Y
Vihhcb
hc
Vf]b[
id
h\Y
Vihhcb
% W`]W_
YjYbh
\UbX`Yf
]b
h\Y
WcXY
YX]hcf"
H\Yb
k\YfY
h\Y
Wifgcf
]g
V`]b_]b[
dfYgg
7HF@GdUWYVUf"
H\Y
=bhY``]GYbgY
k]bXck
k]``
cdYb"


0H7H[W%R[7H[W

Bck
UXX
h\Y
YeiU`
g][b
1
UbX
h\Y
ghf]b[


) `]hYfU`
Ä
& HmdY
h\Y
`YhhYf
a
h\Yb
Y
UbX
h\Yb
dYf]cX
""


0H7H[W%R[7H[W ´+HOOR:RUOGµ

GhUfh
hmd]b[
hYlhVcl%"
6YZcfY
mci
Z]b]g\
h\Y


' kcfX
=bhY``]GYbgY
g\ci`X
Vf]b[
id
GXkg5bk$"
DfYgg
h\Y
HUV
_Ym
hc
]bgYfh
h\Y
WcadcbYbh"

NdjXVccdlWj^aYVcYZmZXjiZi]ZVeea^XVi^dcWnegZhh^c\;*VcYkZg^[ni]Vi^ildg`h# L]ZcndjXa^X`i]ZWjiidcndjXgZViZY!ndjh]djaY\Zii]Zhig^c\Å=ZaadLdgaYÆ^cIZmi7dm&! l]^X]cdgbVaanh]djaYWZi]Z[^ghidcZd[i]Zi]gZZiZmiWdmZh# NdjXVcVahd\ZiVYY^i^dcVa]Zae[gdb>ciZaa^HZchZ^[i]ZgZÈhbdgZi]VcdcZVkV^aVWaZ X]d^XZ[dgndjgh^ijVi^dc#Ine^c\VaZ[ieVgZci]Zh^hY^heaVnhVa^hid[Vaaedhh^WaZX]d^XZh# ;dg^chiVcXZ!l]ZclZY^Yi]ZXdchdaZVeea^XVi^dc!lZlgdiZidi]ZXdchdaZjh^c\i]Z 8dchdaZ#Lg^iZA^cZbZi]dY#LZjhZYi]^hbZi]dYl^i]Vhig^c\Vg\jbZci!WjindjXVcYd bdgZl^i]8dchdaZ#Lg^iZA^cZi]Vc_jhijhZVhig^c\ VhVcVg\jbZci#>ciZaa^HZchZl^aa^cY^XViZ ^[i]ZgZ^hbdgZi]VcdcZdei^dc#;dg8dchdaZ#Lg^iZA^cZ!>ciZaa^HZchZ^cY^XViZhi]ZgZVgZ bdgZi]Vc&-edhh^WaZkVg^Vi^dch!VhndjXVchZZ^c;^\jgZ*",#>lVhadd`^c\[dgi]ZhZXdcY kVg^Vi^dc!l]^X]^hV7ddaZVcVg\jbZci#Cdl^iÈhndjgijgcidign^i# 8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

GciZaa^HZchZ!ndjXVc egZhhi]ZIVW`ZnidbdkZfj^X`an i]gdj\]i]ZhZaZXi^dch>ciZaa^hZchZ egZhZcih^[i]Z^iZbndjÈgZadd`^c\ [dg^hVagZVYnhZaZXiZY#

;^\jgZ*",
+&

30

IDH:A:8I;GDB6A rel="nofollow">HID;DEI>DCH>C>CI:AA>H:CH: =Z
h\Y
gcifWY
WcXY
]g
bch
j]g]V`Y
^igh
W`]W_
cb


$ h\Y
hUV
cjYf
h\Y
WcXY
YX]hcf
k\YfY
mci
gYY


h\Y
Z]`YbUaY
:cfa%jV"
5XX
U
bYk
`]bY
]b
h\Y
5hggba$R6_\V^
YjYbh
UbX
hmdY
AYggU[Y6cl"G\ck
UbX
h\Yb
hmdY
U
`YZh
dUfYbh\Yg]g
ÄÅ"
H\Y
=bhY``]GYbgY
K]bXck
cdYbg
UbX
g\ckg
h\YfY
UfY
&%
dcgg]V`Y
jUf]Uh]cbg
Zcf
AYggU[Y6cl"G\ck"

7cad`YhY
h\Y
Zc``ck]b[
`]bY
cZ
WcXY
gc
h\Uh
]h


& `cc_g
`]_Y.

0HVVDJH%R[6KRZ+HOOR$JDLQ

6i]`X
UbX
YlYWihY
h\Y
Udd`]WUh]cb"
K\Yb
mci


' W`]W_
h\Y
Vihhcb
mci
g\ci`X
gYY
h\Y

Kcf`X
ghf]b[
UbX
h\Yb
U
X]U`c[
Vcl
g\ci`X
g\ck
id
k]h\
h\Y
aYggU[Y

GWfc``
h\fci[\
h\Y
`]gh
cZ
cdh]cbg
ig]b[
h\Y
id


% cf
Xckb
Uffckg
cb
mcif
_YmVcUfX"
GY`YWh
h\Y
cdh]cb
]XYbh]Z]YX
Vm
h\Y
Ä%)
cZ
&%Å
]b
h\Y
mY``ck
fYWhUb[`Y
k\]W\
]g
WU``YX
U
hcc`h]d"

>ciZaa^HZchZ;^aiZg^c\/GZbdk^c\i]ZÅJcXdbbdcÆ

ABG8 >i^h^bedgiVciidcdiZi]Vi gZ\VgYaZhhd[ndjgXjggZcihi^X`n iVWhZaZXi^dc!>ciZaa^HZchZl^aa ValVnhhl^iX]^cgZVai^bZidegd" k^YZi]ZWZhibViX][dgl]Vindj VgZine^c\#

Ndjb^\]i]VkZcdi^XZYi]Vil]Zci]Z>ciZaa^HZchZl^cYdlVeeZVgh!ndj]VkZildiVWhVi i]ZWdiidb/8dbbdcVcY6aa#I]ZhZVgZXVaaZYÅhi^X`niVWhÆWZXVjhZi]ZngZhZii]ZYZ[Vjai k^Zll]ZcndjXa^X`i]Zb#I]ZhZiVWhVgZeVgid[VcZl[ZVijgZXVaaZY>ciZaa^HZchZ;^aiZg^c\# L^i]>ciZaa^HZchZ;^aiZg^c\!ndjXVcVY_jhii]ZaZkZad[YZiV^a>ciZaa^HZchZhjeea^Zh^ci]ZXdYZ ZY^idg#L]ZcndjhZaZXii]Z8dbbdciVW!>ciZaa^HZchZ[^aiZghdjibdhijcXdbbdcVcYgVgZan jhZYdei^dch!Wg^c\^c\ndjdcani]ZbdhiXdbbdcdei^dchWVhZYdcildi]^c\h/i]Zbdhi eaVjh^WaZX]d^XZh[dgi]ZXdciZmidgi]ZdcZjhZYbdhi[gZfjZcian^ci]ZVeea^XVi^dc#

>ciZaa^HZchZ8dYZHc^eeZih/I]ZI^bZHVkZg I]Z[^cVa>ciZaa^HZchZ[ZVijgZ^h>ciZaa^HZchZXdYZhc^eeZih#8dYZhc^eeZihVgZgZjhVWaZe^ZXZh d[XdYZi]ViZcVWaZndjidXdbeaZiZVl^YZgVc\Zd[iVh`hl^i]djiine^c\Vh^c\aZa^cZd[ XdYZ#I]ZgZVgZVWdji'%%XdYZhc^eeZihVkV^aVWaZ^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#I]Zn VgZXViZ\dg^oZYWn[jcXi^dcVcYXdkZgVl^YZkVg^Zind[iVh`h/ Q 8dbbdcegd\gVbb^c\higjXijgZhhjX]VhZmXZei^dchVcYIgn"8ViX]WadX`h!VcYhd[dgi]# LZÈaahZZbdgZVWdjii]ZhZaViZg^ci]^hX]VeiZg# Q HZcY^c\Z"bV^abZhhV\Zh Q GZh^o^c\V[dgb +'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

Q K^hjVa7Vh^XaVc\jV\ZZaZbZcihhjX]Vh>[!;dg!VcYL]^aZhiViZbZcihl^i]i]ZXdggZXihnciVm ;^\jgZ*"-h]dlhV\a^behZd[i]ZXdYZhc^eeZih[^ghi"aZkZabZcjX]d^XZh#6aaXdYZ hc^eeZihVgZbVYZl^i]Xjhidb^oVWaZ[^ZaYh!l]^X]bZVchi]Vii]ZnXdciV^c[^ZaYhi]ViVgZ gZeaVXZVWaZl^i]XdYZZaZbZcih[gdbndjgdlcVeea^XVi^dch#
BDG:>C;D HZZi]ZÅ;^cY^c\6YY^i^dcVa >c[dgbVi^dcÆhZXi^dcVii]ZZcYd[ i]^hX]VeiZg[dgbdgZ^c[dgbVi^dc dcXdYZhc^eeZih#

;^\jgZ*"
=dlid rel="nofollow">ckd`Z8dYZHc^eeZih NdjXVc^ckd`Zi]ZXdYZhc^eeZih^ci]ZXdYZZY^idgildY^[[ZgZcilVnh/Wng^\]i"Xa^X`^c\VcY X]ddh^c\>chZgiHc^eeZihdgWnjh^c\i]Z`Znhigd`ZXdbW^cVi^dc4 IVW

IDJH:8D9:HC>EE:IH Ig]b[
h\Y
dfYj]cig
hYgh
dfc^YWh
[c
VUW_
hc
h\Y
WcXY
YX]hcf
]b
h\Y
5hggba$R6_\V^
YjYbh
UbX
WU``
id
h\Y


$ =bhY``]GYbgY
7cXY
Gb]ddYhg
aYbi
ig]b[
Y]h\Yf
aYh\cX
XYgWf]VYX
UVcjY"


Cb
h\Y
Z]fgh!`YjY`
aYbi
XciV`Y!W`]W_
7caacb
7cXY
DUhhYfbg
XciV`Y!W`]W_
7cbX]h]cbU`g
UbX
@ccdg


% UbX
h\Yb
gY`YWh
h\Y
9be!
!
!AXkg
ghUhYaYbh"
@cc_
Uh
:][ifY
)!-
hc
[Yh
U
ZYY`
Zcf
k\]W\
aYbi
W\c]WYg
mci
g\ci`X
\UjY
cb
mcif
gWfYYb"
8ciV`Y!W`]W_
cb
h\Y
ghUhYaYbh
hc
]bgYfh
h\Y
WcXY
]b
h\Y
WcXY
YX]hcf"


8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

+(

30

;^\jgZ*". 6bWX
fa\ccXgf
j\g[\a
g[X
I\fhT_
5Tf\V
_TaZhTZX
`Xahf

CbWY
mci
gY`YWh
h\Y
9be!
!
!AXkg
ghUhYaYbh
U
[YbYf]W
hYad`UhY
Zcf
h\Uh
`Ub[iU[Y
WcbghfiWh
UddYUfg"


& FYZYf
hc
:][ifY
)!%$"
H\Y
[fYYb
Z]Y`Xg
]b
h\Y
ÄVYZcfYÅ
gWfYYbg\ch
:][ifY
)!%$U
UfY
fYd`UWYaYbh
Z]Y`Xg
dfY!dcdi`UhYX
k]h\
gcaY
XYZUi`h
jU`iYg
h\Uh
mci
WUb
acX]Zm"
6YZcfY
mci
[c
hc
h\Y
bYlh
ghYd
YX]h
h\Y
WcXY
hc
aUhW\
h\Y
ÄUZhYfÅ
gWfYYbg\ch
:][ifY
)!%$V"

;^\jgZ*"&% T
5XYbeX
TaW
U
4YgXe
_bb^
Ybe
g[X
9be!
!
!AXkg
VbWX
fa\ccXgf

6i]`X
UbX
YlYWihY
mcif
Udd`]WUh]cb
Vm
dfYgg]b[
:)
h\Yb
W`]W_
h\Y
Vihhcb
cb
h\Y
X]gd`UmYX
Zcfa
hc
YlY!

' WihY
h\Y
WcXY
gb]ddYh
mciÇjY
^igh
]bgYfhYX"
=b
h\Y
gYWcbX
hYlh
Vcl
mci
g\ci`X
gYY
h\Y
biaVYfg
%


h\fci[\
%$
gYdUfUhYX
Vm
WcaaUg"
H\]g
cihdih
]g
h\Y
fYgi`h
cZ
h\Y
:cf"
"
"BYlh
ghUhYaYbh
`ccd]b[
%$
h]aYg
UXX]b[
h\Y
]bXYl
jU`iY
UbX
U
WcaaU
hc
h\Y
hYlh
Vcl
k]h\
YUW\
`ccd"
=b
h\]g
gUad`Y
h\Y
]bXYl
]g
Ä]Å"

GZVa"I^bZ:ggdg9ZiZXi^dcVcY8dggZXi^dc LZVaaaZVgcY^[[ZgZcianVcYViY^[[ZgZciheZZYh#LZVahdbVnbV`Zb^hiV`Zhl]ZclZVgZ aZVgc^c\hdbZi]^c\cZl!ZheZX^Vaanl]ZclZlg^iZXdYZHdK^hjVa7Vh^X'%%*^cXajYZhV[ZV" ijgZi]Vi\^kZhndjgZVa"i^bZXdbe^aZg[ZZYWVX`VcYhj\\ZhihXdggZXi^kZVXi^dchid[^mb^h" iV`Zh#>cVhZchZ!i]ZK^hjVa7Vh^XXdbe^aZg^hValVnhldg`^c\^ci]ZWVX`\gdjcYl]^aZndj VgZXdY^c\#L]ZcZkZgndjbV`ZVb^hiV`Z!ndjÈaahZZVWajZhfj^\\aZjcYZgi]Z[VjainXdYZ# Dg!^[i]ZXdYZ^hcdicZXZhhVg^anlgdc\Wjii]ZgZ^hVediZci^VaegdWaZb!ndjÈaahZZV\gZZc hfj^\\aZjcYZgi]ZXdYZ#>[ndjbdkZndjgbdjhZdkZgi]Zhfj^\\aZ!VIddaI^el^aaVeeZVg +)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

id^cY^XViZl]nndjgXdYZlVhgZ_ZXiZYWni]ZXdbe^aZg#>chdbZXVhZh!VHbVgiIV\l^aa VeeZVgjcYZgi]ZaVhiaZiiZgd[i]Z[VjainXdYZ#I]ZHbVgiIV\add`hVa^iiaZY^[[ZgZcii]Vc jhjVaVcY^hgZegZhZciZYWnVhbVaanZaadla^cZhjggdcYZYWnVgZYWdma^`Zi]^h/

>[ndjbdkZi]ZbdjhZ!VcZmXaVbVi^dced^ci^cVgZYX^gXaZl^aaVeeZVg/

I]^h^cY^XViZhi]ViK^hjVa7Vh^X]Vh[djcYVediZci^Va[^m[dgndjgegdWaZb#8a^X`i]ZYdlc VggdlcZmiidi]ZZmXaVbVi^dced^ciVcYndjÈaaWZegZhZciZYl^i]dcZdgbdgZediZci^Va[^mZh [dgndjgegdWaZb#AZiÈhign^il^i]djgiZhiegd_ZXi#

IDJH:G:6A"I>B::GGDG9:I:8I>DC


$ =b
h\Y
5hggba$R6_\V^
YjYbh
UXX
h\Y
Zc``ck]b[
`]bY
cZ
WcXY.
'LPIRRDV,QWHJU

J]giU`
6Ug]W
]bX]WUhYg
U
dfcV`Ya
k]h\
h\Y
kcfX

% GaUfh
HU["


& K\Yb
mci
gYY
h\Y
YlW`UaUh]cb
dc]bh
]b
U
fYX
W]fW`Y
W`]W_
h\Y
Xckb
Uffck" 5g
mci
WUb
gYY
]b
:][ifY
)!%%
mciÇfY
dfYgYbhYX
k]h\
U
`]gh
cZ
dchYbh]U`
Z]lYg
Zcf
h\Y
Yffcf"
CZ
WcifgY


' h\Y
`]gh
cZ
dchYbh]U`
Z]lYg
]g
VUgYX
cb
mcif
WiffYbh
WcbhYlh"
H\Y
Yffcf
WcffYWh]cb
ZYUhifY
k]``
U`kUmg
hfm
hc
Z]bX
h\Y
VYgh
gc`ih]cb"
GY`YWh
7\Ub[Y

;^\jgZ*"&& ?\fg
bY
cbgXag\T_
Y\kXf
Ybe
g[X
VheeXag
Xeebe

H\Y
V`iY
gei][[`Y
g\ci`X
X]gUddYUf"
5
[fYYb
gei][[`Y
g\ci`X
UddYUf
ibXYf
h\Y
jUf]UV`Y
bUaY
Ybb"


( 5[U]b
acjY
mcif
acigY
cjYf
h\Y
kcfX
h\Uh
\Ug
h\Y
gei][[`Y"
5
GaUfh
HU[
kUfbg
h\Uh
h\Y
`cWU`


jUf]UV`Y
ÄZccÅ
]g
bch
igYX
Ubmk\YfY
Y`gY
]b
h\Y
Udd`]WUh]cb"
KUfb]b[g
UfY
bch
Wf]h]WU`
UbX
kcbÇh
ghcd
h\Y
Udd`]WUh]cb
Zfca
YlYWih]b[
gc
mci
WUb
][bcfY
h\]g
kUfb]b[" 8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

+*

30

LZÈkZ_jhihZZcdcZXVhZl]ZgZi]ZgZVa"i^bZZggdgXdggZXi^dcXVc^ciZgkZcZ!Wji^iXVc ^ciZgkZcZdcbVcndi]ZgdXXVh^dch# rel="nofollow">YZci^[n^c\i]ZZggdghl^i]i]ZWVX`\gdjcYXdbe^aZg^hZVhn WZXVjhZ^i^hVjidbVi^X#HdbZi^bZh!i]Z]VgYZgeVgi^h`cdl^c\l]ViidYdl^i]Zggdgh#I]ZZggdg XdggZXi^dc[ZVijgZVahd]Zaehndjl^i]i]^hWnh]dl^c\ndjbdgZi]VcdcZdei^dcid[^mi]Z egdWaZb!Vhh]dlc^cVWdkZ^ci]Z^ciZ\ZgZmVbeaZ#CdlaZiÈhadd`ViVY^[[ZgZciZmVbeaZ#

ID8=DDH:;GDBH:K:G6A8DGG:8I>DCDEI>DCH $


5XX
h\Y
Zc``ck]b[
`]bY
cZ
WcXY
]b
h\Y
5hggba$R6_\V^
YjYbh
WcXY" 5HDG2QO\EDU$V'RXEOH

5
V`iY
gei][[`Y
g\ci`X
UddYUf
ibXYf
FYUXCb`m" AcjY
mcif
acigY
cjYf
h\Y
GaUfh
HU["
=h
]bX]WUhYg
h\Uh
FYUXCb`m
]g
bch
jU`]X
cb
U
`cWU`
jUf]UV`Y


% XYW`UfUh]cb"

7`]W_
h\Y
Xckb
Uffck
hc
h\Y
f][\h
cZ
h\Y
YlW`UaUh]cb
dc]bh"
J]giU`
6Ug]W
gi[[Yghg
U
Z]l
UbX
]``ighfUhYg


& h\Y
WcffYWh]cb
Vm
ghf]_]b[
cih
h\Y
]bWcffYWh
WcXY
UbX
]bgYfh]b[
h\Y
WcffYWh
WcXY"
GYY
:][ifY
)!%&"
=b
h\]g
WUgY
mci
kUbh
hc
UWWYdh
h\Y
W\Ub[Y
]Z
]h
aU_Yg
gYbgY
]b
mcif
Udd`]WUh]cb"
=Z
mci
kUbh
hc
UWWYdh
h\Y
W\Ub[Y
^igh
W`]W_
cb
h\Y
V`iY
gi[[Ygh]cb"

;^\jgZ*"&' 6bWX
Thgb VbeeXVg\ba
XkT`c_X

D]Bn!Bn###Bn>h
&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

K^hjVa7Vh^XIZVbYZX^YZYi]Vii]Zn]VYidVhhZbWaZi]ZbdhiXdbbdcXaVhhZh[gdbi]Z #C:I;gVbZldg`^cdcZXdaaZXi^dc#I]ZnYZX^YZYidXgZViZi]^hXdaaZXi^dc^cViVh`"dg^ZciZY lVnhdi]Viegd\gVbbZghXVcjhZ^iidVXXdbea^h]i]ZbdhiXdbbdcegd\gVbb^c\iVh`h# ;jgi]ZgbdgZ!i]ZnYZX^YZYi]Viidegdk^YZZVhnVXXZhhidi]dhZXaVhhZh!i]ZnldjaYXgZViZV cZlcVbZheVXZVcYlgVei]dhZXdbbdcXaVhhZhVcYbZi]dYh^cidVcZlhZid[XViZ\dg^oZY XaVhhZhXVaaZYi]ZBncVbZheVXZ#7Vh^XVaan!i]ZBncVbZheVXZ\^kZhi]Zegd\gVbbZgVXXZhh idildY^[[ZgZciVgZVh/#C:I;gVbZldg`XaVhhZhVcYeVgihd[Vegd_ZXihjX]Vhi]Z[dgbh!i]Z Veea^XVi^dchZii^c\hVcYgZhdjgXZh!VcYhd[dgi]#AZiÈhadd`Vii]Za^hid[]^\]"aZkZaXaVhhZh [djcY^ci]ZBncVbZheVXZ# N 6eea^XVi^dc

N GZhdjgXZh

N 8dbejiZg

N HZii^c\h

N ;dgbh

N JhZg

;^\jgZ*"&( I\fhT_
eXceXfXagTg\ba
bY
g[X
Y\efg _XiX_
`Xah
Ybe
g[X
@l
aT`XfcTVX

;^\jgZ*"&(^hVk^hjVagZegZhZciVi^dcd[i]ZhZ]^\]"aZkZaXaVhhZh[gdbi]ZXdYZZY^idg# ;gdbi]ZXdYZZY^idgl^cYdl!ndjh^bean]VkZidineZi]Z`ZnldgYBn[daadlZYWnV eZg^dYÅ#Æid\V^cVXXZhhidi]ZBncVbZheVXZ# ;dg^chiVcXZ!cdlndjXVceaVnV#lVk[^aZh^beanWnjh^c\i]Z[daadl^c\hnciVm/ 0\&RPSXWHU$XGLR3OD\´F?ZLQGRZV?PHGLD?:LQGRZV;36WDUWXSZDY´

IZhii]ZVWdkZa^cZd[XdYZ^ci]Z7jiidc&T8a^X`ZkZciideaVni]ZL^cYdlhMEhiVgije hdjcY#I]ZcWj^aYndjgVeea^XVi^dcVcYZmZXjiZ^i#>iÈhi]ViZVhn>iÈh^cij^i^kZVcYVadiZVh^Zg idXdYZ#7Z[dgZi]ZZm^hiZcXZd[i]ZBncVbZheVXZ!id\Zii]ZhVbZ[jcXi^dcVa^inndjldjaY ]VkZ]VYidjhZZ^i]ZgL^c('œ6E>hdg9^gZXiHdjcY[gdbi]ZB^Xgdhd[i9^gZXiMœ[Vb^an VcYZciZgbVcnbdgZa^cZhd[XdYZ# ;dgbdgZXdbea^XViZYiVh`hhjX]VhYZiZXi^c\cZildg`XdccZXi^k^in!Veea^XVi^dcZkZcih! VcYhd[dgi]!ndj\V^cVadid[egdYjXi^k^injh^c\i]ZBncVbZheVXZ#7Z[dgZ!ndjldjaY ]VkZ]VYidlg^iZcZVgan'%%a^cZhd[gVl#C:I;gVbZldg`XdYZVcYbVnWZbdgZCdl ndjh^bean]VkZid[^cYi]ZXdchigjXi^ci]ZBncVbZheVXZ!hZaZXi^i!VcYVYYi]ZXdciZmi d[ndjgVeea^XVi^dc#;dgZVh^ZgiVh`h!ndjb^\]icdihVkZVadid[a^cZhd[XdYZjh^c\i]ZBn cVbZheVXZ!WjindjXZgiV^canhVkZi^bZdi]Zgl^hZheZcigZhZVgX]^c\XdggZhedcY^c\XaVhhZh^c i]Z#C:I;gVbZldg`#

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

64HG[ndjVgZcdijh^c\L^cYdlhME! YdVhZVgX]id[^cYV#lVk[^aZdc ndjg]VgYYg^kZVcYZciZgi]ZeVi] Vhi]ZVg\jbZciidi]Za^cZd[ XdYZh]dlcVWdkZ#

+,

30

L]ViIneZhd[IVh`h8VcBn=ZaeBZL^i]4

BDG:>C;D
NdjXVcZmiZcYi]ZBncVbZheVXZ VcYXaVhhZhidVYYndjgdlc bZi]dYh#I]ZnÈaaVahdh]dlje ^c>ciZaa^HZchZ#HZZi]ZÅ;^cY^c\ 6YY^i^dcVa>c[dgbVi^dcÆhZXi^dc Vii]ZZcYd[i]^hX]VeiZg[dgV a^c`idVBH9Cl]^iZeVeZgi]Vi ZmeaV^ch^cYZiV^a]dlidYdi]^h#

=ZgZVgZ_jhiV[Zld[i]ZXdbbdciVh`hndj XVcZmeZXiid[^cY^ci]ZBncVbZheVXZ/

N HZcYhdbZi]^c\ideg^cidci]ZYZ[Vjai eg^ciZg

N 9^heaVnVcVeea^XVi^dcheaVh]hXgZZc

N
N
D[XdjghZ!i]ZBncVbZheVXZ^hcdiVc VchlZgidVaaegdWaZbh#>iÈhV\gZVihdaji^dc [dgVcjbWZgd[XdbbdchXZcVg^dh!Wjiid hdakZhdbZdi]ZgegdWaZbh!ndjb^\]i]VkZ idXVaai]ZY^[[ZgZciXaVhhZh[gdbi]Z#C:I ;gVbZldg`Y^gZXianVcYlg^iZbdgZa^cZh d[XdYZ#

N
GZcVb^c\ I]ZgZcVbZ[ZVijgZ[djcY^cK^hjVa7Vh^X'%%*^hfj^iZjhZ[ja#>iegdk^YZhndj!i]Zegd\gVb" bZg!l^i]VcZVhn!VjidbVi^X!VcYZ[[ZXi^kZlVnd[X]Vc\^c\VhnbWdaÈhcVbZZkZgnl]ZgZi]Z hnbWda^hgZ[ZgZcXZY^ci]ZXdYZ#I]ZkVg^VWaZh!Xdcigdah!VcYVcndi]Zg^iZbh^cndjgVeea^" XVi^dchXVcWZjeYViZYidbZVc^c\[jacVbZhjh^c\i]ZgZcVb^c\hnbWda[jcXi^dcVa^in# BDG:>C;D =ZgZ^hVa^hid[l]ViXVcWZgZ[Zg" ZcXZYVhVhnbWda/ N IneZYZ[^c^i^dchhjX]Vh XaVhhZh!bdYjaZh!higjXijgZh! Zcjbh!YZaZ\ViZh!^ciZg[VXZh N IneZbZbWZghhjX]VhbZi]" dYh!egdeZgi^Zh!ZkZcih N BZbWZgkVg^VWaZhd[XaVhhZh! bdYjaZh!higjXijgZh!Zcjbh N AdXVakVg^VWaZh^ch^YZ[jcX" i^dchVcYegdeZgi^Zh

+-

&LQGG

L]Vi8VcNdjGZcVbZ4 Hd[Vg^ci]ZiZhiegd_ZXilZÈkZldg`ZY^c!lZ]VkZcdieV^YViiZci^dcidi]ZXdcigdahcVbZh WZXVjhZlZY^YcÈi]VkZidlg^iZbjX]XdYZVcYWZXVjhZi]Zegd_ZXilVhVfj^X`egdidineZ idiZhicZl[ZVijgZh#6ii]^hed^ci!djgXdcigdahVgZVaacVbZYhdbZi]^c\a^`ZIZmiWdm&! IZmiWdm'!AVWZa&!VcYhddc#I]ViÈhd`Vn[dgl]VilZÈkZWZZcYd^c\!Wjil]ZcndjYZkZade [jaaVeea^XVi^dch!ndjValVnhlVciid\^kZbZVc^c\[jacVbZhidndjgXdcigdahVcYkVg^VWaZh hdi]VindjgXdYZWZXdbZhhZa["YdXjbZciZYVcYZVh^ZgidgZVYVcYbV^ciV^c#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

=dlVcYL]ZgZidJhZi]ZGZcVbZ;ZVijgZ Hd[Vg^cdjgiZhiegd_ZXi!lZ]VkZYZ[^cZYhdbZiZmiWdmZh!aVWZah!VcYdi]ZgXdcigdah!Wji i]ZnVaa]VkZi]Z^gVjid\ZcZgViZYcVbZhZ#\#!IZmiWdm&dgAVWZa&#LZXVcjhZi]ZgZcVbZ [ZVijgZid\^kZbZVc^c\[jacVbZhidi]ZhZXdcigdah#I]ZgZcVb^c\[ZVijgZXVcWZjhZY[gdb i]gZZY^[[ZgZcieaVXZhl^i]^ci]Z>9:/^ci]ZEgdeZgi^Zhl^cYdl!Y^gZXian^ci]ZXdYZ!VcY^c i]ZHdaji^dc:meadgZg# I]Z[^ghieaVXZlZXVcjhZi]ZgZcVb^c\[ZVijgZ^h^ci]ZEgdeZgi^Zhl^cYdlViYZh^\c i^bZ#Hd[Vg^cdjgiZhiegd_ZXi!lZÈkZjhZYi]Z[dgbcVbZ;dgb&#>ci]ZcZmiZmZgX^hZ!lZaa gZcVbZ;dgb&idIZhiEgd_ZXi;dgb#I]ZZmeZXiVi^dc^hi]Vii]^hX]Vc\Z\ZihegdeV\ViZY i]gdj\]djii]ZXdYZ^ci]Zegd_ZXi#7ji_jhiidhZZ]dli]Z[jcXi^dcVa^inldg`h!lZÈaaadd` ^cidVaa[^aZhl]ZgZi]Z;dgb&hnbWda^hjhZY#

IDJH:I=:G:C6B:;:6IJG:


$
=b
Gc`ih]cb
9ld`cfYf
W`]W_
h\YG\ck
5``
:]`YhVihhcb"
Mci
g\ci`X
gYY
U
`ch
cZ
bYk
Y`YaYbhg
g\ck]b[
id
]b
h\Y
dfc^YWh"
KYÇ``
YlUa]bY
h\Y
WcXY
h\Uh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
UihcaUh]WU``m
[YbYfUhYX
k\Yb
kY
aUb]di`UhYX
Wcbhfc`g
cb
h\Y
XYg][b
gifZUWY" 9ldUbX
:cfa%"jV
UbX
f][\h!W`]W_
h\Y
Z]`Y
bUaY
9be`$!7Xf\ZaXe!iU
UbX
h\Yb
gY`YWh
J]Yk
7cXY"
@cc_
Uh


% :][ifY
)!%(
Zcf
U
j]giU`
fYdfYgYbhUh]cb
cZ
k\Uh
mci
g\ci`X
gYY"

Bck
`Yh
aY
]bhfcXiWY
mci
hc
U
igYZi`
ZYUhifY.
GYUfW\"
K]h\
h\Y
:cfa%"8Yg][bYf"jV
gcifWY
WcXY
]b
h\Y


& WcXY
YX]hcf
dfYgg
7hf`:
UbX
h\Yb
hmdY
:cfa%
]b
h\Y
:]bX
K\Uh
hYlh
Vcl"
6YZcfY
mci
W`]W_
h\Y
:]bX
BYlh
Vihhcb
aU_Y
gifY
hc
gY`YWh
7iffYbh
Dfc^YWh
Zfca
h\Y
@cc_
]b
`]gh
Vcl"


DDEIZgb^cdad\n 6ai]dj\]i]^hWdd`^hcdi VcDDEWdd`!lZÉaaXZgiV^can jhZbVcnd[i]dhZXdchigjXih^c i]ZgZVaVeea^XVi^dclZÉaaWj^aY# LZkZiVa`ZYVWdjiDDE^c 8]VeiZg&VcY8]VeiZg)!Wji^[ ndjlVciidaZVgcbdgZVWdji i]^heVgVY^\b!ndjXVc\dWVX` idi]ZHiVgiEV\Z#>[^iÉhcdik^h" ^WaZ!_jhiXa^X`i]ZK^ZlbZcj! Di]ZgL^cYdlh!VcYi]ZchZaZXi HiVgiEV\Z#>ci]ZHiVgiEV\Z! Xa^X`dci]Z=dlYd>###4 ]neZga^c`^ci]ZiÉhcdiVXdbeaZiZDDE Wdd`!Wji^iÉhbdgZi]VcZcdj\] [dgl]VilZVgZYd^c\^ci]^h iZmi#

;^\jgZ*"&) :Xgg\aZ
gb
g[X
ThgbZXaXeTgXW
VbWX
Ybe
g[X
9be`
X_X`Xagf

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

+.

30

:][ifY
)!%)
g\ckg
\ck
h\Y
gYUfW\
g\ci`X
VY
WcbZ][ifYX" I]^h^hV\ddYed^ciid^cigd" YjXZVcZlWjiidc[gdbi]Z Hdaji^dc:meadgZgiddaWVg#I]Z H]dl6aa;^aZhWjiidcadd`ha^`Z i]^h^ci]ZiddaWVg/

>cK^hjVa7Vh^X'%%*! VcYZheZX^Vaan^ci]Z:megZhh :Y^i^dc!i]ZYZh^\ce]^adhde]n ]VhValVnhWZZcegdYjXi^k^in# I]ZgZ[dgZ!i]ZHdaji^dc:meadgZg ^ciZg[VXZ^hcdi[^aaZYl^i][^aZh VcYhZii^c\hi]VibdhijhZgh ldjaYcdicZZYdcVYV^an WVh^h#7jihdbZZaZbZcihVgZ ^cXajYZY^ci]Z^ciZg[VXZ[dg aZVgc^c\ejgedhZhdg[dgl]Zc ndjVgZhdak^c\XdbeaZmegdW" aZbhVcYbVnlVciidY^gZXian Y^\^cVaai]Z[^aZhVhhdX^ViZY l^i]ndjgegd_ZXi#HdbZ[^aZhVgZ \ZcZgViZYVjidbVi^XVaanl]Zc ndjeZg[dgbVXi^dch^ci]Z>9: VcY^cbdhih^ijVi^dch^iÉh_jhi [^cZa^`Zi]Vi0ndjYdcdicZZY idXVgZVWdjiVaai]ZYZiV^ahVaa i]Zi^bZ#>ch^ijVi^dchl]ZgZ ndjlVcibdgZXdcigda!ndjXVc Xa^X`i]ZH]dl6aa;^aZhWjiidc VcY\dY^gZXianidi]ZXdbed" cZcid[ndjgX]d^XZ#

,%

&LQGG

;^\jgZ*"&* G[X
fXTeV[
W\T_bZ
Ubk

GYUfW\
Zcf
U``
cWWiffYbWYg
cZ
:cfa%
]b
h\Y
WcXY
Vm
W`]W_]b[
h\Y
:]bX
BYlh
Vihhcb"
Mci
g\ci`X
gYY
h\Uh


' h\Y
gYUfW\
[cYg
h\fci[\
Zcif
X]ZZYfYbh
Z]`Yg.
9be`$!iU
9be`$!7Xf\ZaXe!iU
4cc_\VTg\ba!7Xf\ZaXe!iU
UbX
4cc_\VTg\ba!`lTcc!


CbWY
U``
]bghUbWYg
cZ
:cfa%
\UjY
VYYb
ZcibX
U
X]U`c[
Vcl
k]``
X]gd`Um
U
aYggU[Y
gUm]b[
h\Uh
h\Y
gYUfW\
]g
Wcad`YhY
UbX
h\Uh
h\YfY
UfY
bc
acfY
cWWifYbWYg
`YZh
VUgYX
cb
mcif
gYUfW\
Wf]hYf]U" Bck
h\Uh
U``
]bghUbWYg
cZ
:cfa%
\UjY
VYYb
]XYbh]Z]YX
kY
WUb
fYbUaY
]h
GXfgCeb]XVg9be`"
Hc
Xc
h\Uh


( gY`YWh
h\Y
:cfa%"jV
O8Yg][bQ
hUV
hc
fYhifb
hc
h\Y
XYg][bYf
gifZUWY"
H\Yb
W`]W_
h\Y
h]h`Y
VUf
hc
gY`YWh
h\Y
Zcfa"
=b
h\Y
DfcdYfh]Yg
k]bXck
VY
gifY
h\Y
Zcfa
Wcbhfc`
bUaYX
9be`$
]g
gY`YWhYX"
AcX]Zm
h\Y
BUaY


) dfcdYfhm
Vm
W\Ub[]b[
9be`$
hc
HYghDfc^YWh:cfa"
DfYgg
9bhYf
hc
VY[]b
fYbUa]b["
5
gaU``
\cif[`Ugg
g\ci`X
VY
X]gd`UmYX
k\]`Y
h\Y
fYbUa]b[
]g
]b
dfcWYgg" Bck
fYdYUh
h\Y
gYUfW\
Zfca
GhYdg
'
UbX
(
UbX
mciÇ``
gYY
h\Uh
h\Y
cb`m
cWWiffYbWY
`YZh
]g
U
ghf]b[
h\Uh


* WcffYgdcbXg
hc
h\Y
:cfa
Wcbhfc`
hYlh
dfcdYfhm
]"Y"
h]h`Y
VUf
bUaY"


Mci
WUb
U`gc
fYbUaY
U
gmaVc`
X]fYWh`m
]b
h\Y
WcXY"
=b
:cfa%"jV
d`UWY
h\Y
Wifgcf
Ubmk\YfY
]b
h\Y


+ kcfX
IZmi7dm&
]b
h\Y
Zc``ck]b[
`]bY
cZ
WcXY.


0H7H[W%R[7H[W ´+HOOR:RUOGµ

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

F][\h!W`]W_
UbX
gY`YWh
FYbUaY/
U
X]U`c[
Vcl
`]_Y
h\Y
cbY
]b
:][ifY
)!%*U
UddYUfg"
FYd`UWY
IZmi7dm&


, k]h\
iWBZhhV\Z/
h\Y
X]U`c[
Vcl
g\ci`X
bck
`cc_
`]_Y
h\Y
cbY
]b
:][ifY
)!%*V"

;^\jgZ*"&+ EXaT`X
W\T_bZ
UbkXf-
T
UXYbeX
TaW
U
TYgXe
T
eXaT`X

$#
7`]W_
C?
hc
fYd`UWY
U``
cWWifYbWYg
cZ
GXkg5bk$
k]h\
hVAYggU[Y"
5
gYUfW\
g\ci`X
Z]bX
cb`m
cbY
WcaaYbh
UbX
h\Y
BUaY
dfcdYfhm
cZ
h\Y
hYlh
Vcl
Wcbhfc`
k]h\
h\Y
ghf]b[
HYlh6cl%"
=hg
h\Uh
YUgm"
=aU[]bY
\ck
aiW\
h]aY
mci
kci`X
gUjY
ig]b[
h\Y
FYbUaY
ZYUhifY
]Z
mci
\UX
%$
Z]`Yg
k]h\
\ibXfYXg
cZ
`]bYg
cZ
WcXY"
Bch
cb`m
kci`X
mci
VY
gifY
hc
Z]bX
YjYfm
cWWiffYbWY
h\Y
WcXY
kci`X
VY
U
`ch
YUg]Yf
hc
fYUX"

$$ H\Y
h\]fX
kUm
hc
fYbUaY
U
gmaVc`
UbX
]b
h\]g
WUgY
cb`m
Zcf
dfc^YWh
Y`YaYbhg
]g
hc
Xc
]h
X]fYWh`m
]b


Gc`ih]cb
9ld`cfYf"
9jYb
h\ci[\
YUf`]Yf
kY
W\Ub[YX
h\Y
:cfa%
jUf]UV`Y
]bhc
gcaYh\]b[
acfY
aYUb]b[! Zi`
h\Y
Z]`Y
bUaY
:cfa%
\UgbÇh
W\Ub[YX
VYWUigY
]hÇg
bch
]b
h\Y
gcifWY
WcXY/
]hg
]b
h\Y
Gc`ih]cb
9ld`cfYf
UbX
WcbhU]bYX
]b
h\Y
dfc^YWh
gc
]hÇg
gh]``
:cfa%"jV"
:cf
Wcbg]ghYbWm
f][\h!W`]W_
h\Y
Z]`YbUaY
:cfa%"jV
]b
h\Y
Gc`ih]cb
9ld`cfYf
h\Yb
gY`YWh
FYbUaY
UbX
W\Ub[Y
h\Y
Z]`YbUaY
hc
HYghDfc^YWh:cfaCh\YfBUaY"jV"
Hkc
h\]b[g
k]``
\UddYb.
Z]fgh
mciÇ``
gYY
h\Uh
h\Y
Z]`YbUaY
UbX
U``
XYdYbXYbh
Z]`YbUaYg
UfY
UihcaUh]WU``m
W\Ub[YX
hc
h\Y
bYk
bUaY/
UbX
gYWcbX
mciÇ``
gYY
h\Uh
U``
fYZYfYbWYg
hc
HYghDfc^YWh:cfa
UfY
bck
W\Ub[YX
hc

HYghDfc^YWh:cfaCh\YfBUaY"
Mci
WUb
jYf]Zm
h\]g
fYbUa]b[
W\Ub[Y
Vm
dfYgg]b[
7hf`:
UbX
dYfZcfa]b[
U
gYUfW\
cb
h\Y
c`X
bUaY
:cfa%"jV"

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,&

30

8dbbdcL^cYdlh8dcigdah >l^aacdiheZcYVadid[i^bZ]ZgZZmeaV^c^c\Vaai]ZYZiV^ahVcYegdeZgi^Zhd[ZVX]Xdcigda^c i]ZiddaWdm#I]^hWdd`^hcdiVgZ[ZgZcXZVWdjiL^cYdlh;dgbhegd\gVbb^c\#Di]ZgWdd`h YdV\gZVi_dWl^i]i]Viide^X#=dlZkZg!IVWaZ*"&egdk^YZhVfj^X`^cigdYjXi^dcidi]Zbdhi XdbbdcXdcigdahndjl^aa[^cY^cbdhiL^cYdlh6eea^XVi^dch# K^hjVagZegZhZciVi^dc 





CVbZ

9ZhXg^ei^dc

7jiidc

>cY^XViZhi]Vii]ZjhZgbV`ZhVYZX^h^dc VcYlVcihidXdbbjc^XViZ]^hVXi^dc# >cndjgVeea^XVi^dc!VWjiidcXa^X`ZYWn i]ZjhZgig^\\ZghVcZkZcii]VindjgXdYZ cZZYhid]VcYaZ#

IZmi7dm

I  ]ZiZmiWdm^hjhZYid\ZijhZg^ceji# Dci]ZhXgZZc^iXVcWZVh^c\aZdgbjai^" a^cZXdcigda#>iXVcVahdegdk^YZeVhhldgY X]VgVXiZgbVh`^c\^[ndjcZZYi]^h WZ]Vk^dg^cndjgVeea^XVi^dc#>iÈhV\ddY X]d^XZid^ceji^c[dgbVi^dci]Vi^hcdi gZhig^Xi^kZ^cX]d^XZh![dg^chiVcXZV 7ddaZVcYZX^h^dca^`ZnZh$cd!dc$d[[!dgV a^hid[heZX^[^XX]d^XZha^`ZVa^hid[Xdjcign cVbZh#>iÈh\ddY[dgcVbZh!VYYgZhhZh! e]dcZcjbWZgh!JGAh!ZiX#

AVWZa

I  ]ZaVWZa^hjhjVaanh^beaZiZmijhZYid YZhXg^WZdi]ZgXdcigdah#>i^hcdiVc^ciZg" VXi^kZXdcigda# 6bag\ahXW
ba
aXkg
cTZX

,'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

K^hjVagZegZhZciVi^dc 





6bag\ahXW
Yeb`
cTZX
*%

CVbZ

9ZhXg^ei^dc

GVY^d7jiidc

B  jai^eaZX]d^XZhVgZd[[ZgZYWjii]ZjhZg XVcdcane^X`dcZ[gdbi]Za^hi#AZiÈhhVn ndj]VkZVcVeea^XVi^dcVcYndjlVciid egdk^YZi]Zdei^dcideg^ci^c\gVnhXVaZ dgXdadg#NdjXdjaYjhZildgVY^dWjiidch idhZaZXii]ZYZh^gZYbZi]dY#

8]ZX`7dm

6  8]ZX`7dm^h\gZVi[dg7ddaZVcX]d^XZh Z#\#!dc$d[[!nZh$cd!ZiX##>iXVcVahdWZ jhZY^cV\gdjed[X]ZX`WdmZhid^cY^" XViZX]VgVXiZg^hi^Xhd[Vh^c\aZZci^in#;dg ^chiVcXZ!^cVXVgdgYZg^c\iddai]Vi^h eVgid[VYZVaZgh]^eVeea^XVi^dcndjXdjaY ]VkZX]ZX`WdmZh[dgVaai]ZXVgX]VgVX" iZg^hi^Xh#^#Z#!6B$;BgVY^d!89X]Vc\Zg! ]ZViZYhZVih!bZiVaa^XeV^ci!ZiX##

8dbWd7dm

6  8dbWd7dm^hVXdbW^cVi^dcd[ViZmi WdmVcYVYgde"Ydlca^hil^i]kVa^Y X]d^XZh#>iÈh\gZViidY^heaVnVcZY^iVWaZ iZmiWdml^i]Va^hid[eZgb^iiZYkVajZh# NdjXVc]VkZVjidXdbeaZiZVcYi]ZkVa" jZhXVcWZhdgiZY#I]ZkVajZhXVcXdbZ [gdbhiVi^XZcigndg[gdbdi]ZghdjgXZhd[ YViVa^`ZVYViVWVhZ#;dg^chiVcXZ!V\ddY ZmVbeaZ^hhZaZXi^c\VhiViZ#NdjXVc Z^i]ZgZciZgi]ZhiViZcVbZdghZaZXi^i [gdbi]Za^hid[edhh^WaZkVajZh# 6bag\ahXW
ba
aXkg
cTZX

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,(

30

6bag\ahXW
Yeb`
cTZX
*&

K^hjVagZegZhZciVi^dc 





CVbZ

9ZhXg^ei^dc

A^hi7dm

6  A^hi7dm^hVh]dgia^hid[kVa^YX]d^XZh[dg i]ZYdbV^ci]^hXdbedcZcigZegZhZcih# I]^hXdcigda^h\gZVil]Zci]ZgZ^hVa^hid[ edhh^WaZX]d^XZhi]Vi^hcdiiddW^\ ^ccjbWZg#>iYdZhcdiVaadli]ZjhZgid ZciZgiZmiWjiaZihi]ZjhZghZaZXidcZdg bdgZi]VcdcZX]d^XZWnjh^c\8IGA dgH=>;I#

IddaI^e

I  ]ZIddaI^eXdcigda^h]Zae[ja[dgY^heaVn" ^c\^c[dgbVi^dcVWdjiVXdcigdal]ZcV jhZg]daYhi]ZbdjhZdkZgi]ZXdcigda#

CjbZg^XJe9dlc I  ]^hXdcigda^hgZVaanjhZ[jal]Zcndj lVcii]ZjhZgidhZaZXiVcjbZg^XVakVajZ [gdbVegZYZ[^cZYhZid[cjbWZgh#>i Vaadlhi]ZjhZgidhZaZXiVh^c\aZcjbZg^" XVakVajZ[gdbi]Za^hijh^c\i]ZjeVcY YdlcWjiidcid^cXgZbZciVcYYZXgZ" bZcii]ZcjbWZg#>iXdjaYWZeZg[ZXiid [dgXZi]ZjhZgide^X`jeVcjbZg^XVa kVajZ[dgVnZVgXdbedcZcid[VYViZ#

I]ZgZVgZbVcnbdgZXdcigdahi]Vci]dhZh]dlc]ZgZ#7jii]^hiVWaZh]djaYbV`Z^i XaZVgi]Vii]ZgZVgZVeaZi]dgVd[XdcigdahVkV^aVWaZideZg[dgbbVcniVh`h#IdhVkZi^bZVcY Z[[dgi!ndjXVcjhjVaan[^cYVXdcigdaidegdk^YZi]ZgZhjaihndjlVcil^i]kZgna^iiaZZ[[dgi#>i ^hZheZX^VaanYZh^gVWaZ^[i]ZXdcigdandje^X`XVcgZhig^XiX]d^XZhdg]dli]ZYViV^hhZaZXiZY l^i]dji]Vk^c\ideZg[dgbVcndi]ZgkVa^YVi^dc#>chd[ilVgZYZkZadebZci!ValVnh`ZZei]Z -%$'%gjaZ^cb^cY/-%eZgXZcid[gZhjaih[dg'%eZgXZciZ[[dgi#

,)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

L]Vi=VeeZchL]ZcVc:kZci>hIg^\\ZgZY4 6aaL^cYdlhVeea^XVi^dchVgZZkZci"Yg^kZc#I]^hbZVchi]Vil]ZckZgndjhZaZXiVbZcj^iZb! Xa^X`VWjiidcdgZkZcbdkZ[gdbdcZiZmiWdmidVcdi]Zg!ndjVgZ\ZcZgVi^c\VcZkZci# 7adX`hd[XdYZViiVX]ZYidZVX]d[ndjgVXi^dchZmZXjiZVhndjldg`#:kZcihVgZ\ZcZgViZY cdidcanWnndjgVXi^dch!WjiVahdWni]ZhjggdjcY^c\Zck^gdcbZci!cVbZanL^cYdlh^ihZa[ dgWndi]ZgZmiZgcVahdjgXZh#IdjcYZghiVcYl]ViÅdi]ZgZmiZgcVahdjgXZhÆbZVch!i]^c` VWdjiVcn>ciZgcZibZhhZc\ZgVeea^XVi^dca^`ZBHCBZhhZc\Zg#L]ZcndjX]Vil^i]hdbZ" dcZVcYZmX]Vc\ZYViVWVX`VcY[dgi]!ndjVgZVXijVaan\ZcZgVi^c\ZkZcih#>ccdciZX]c^XVa iZgbh!YViV^cXdb^c\[gdbndjg[g^ZcYdkZgi]Z>ciZgcZi^hVcZkZci# I]ZhZZkZcihZm^hi[dgVbjai^ijYZd[VXi^dchndjjhjVaanYdl^i]djigZVa^o^c\i]ZnVgZ ZkZcih#HdbZZkZcihVgZ]VcYaZY[dgndjWnVjid\ZcZgViZYXdYZa^`ZXa^X`^c\i]ZgZYM^c i]Zg^\]iXdgcZgd[VcVeea^XVi^dcVcYhdbZdi]ZghcZZYidWZ]VcYaZYWnndjgXdYZ# L^i]i]^hhZXi^dc!lZÈaahiVgiidldg`dcl^g^c\hdjgXZXdYZidZkZcih#;dgegVXi^XZ!lZl^aa l^gZilddW_ZXih[gdbdjgiZhiegd_ZXi#7Z[dgZWZ\^cc^c\!jhZl]VindjkZaZVgcZYhd[Vgid bV`Zi]ZiZhiegd_ZXiadd`a^`Z;^\jgZ*"&,# ABG8 IdVYYi]ZbZcjhVcYiddaWVg Wjiidch!\didi]ZiddaWdm^ci]Z BZcjhIddaWVghXViZ\dgnVcY VYYVBZcjHig^eXdcigdaVcYV IddaHig^eXdcigdaidi]Z[dgb# CZmi!hZaZXiZVX]Xdcigda!deZci]Z hbVgiiV\bZcj!VcYhZaZXi>chZgi HiVcYVgY>iZbh#

;^\jgZ*"&, 6hfgb`Xe

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,*

30

L]ZcVcZkZci^hig^\\ZgZY!i]ZXdYZi]Vi^hl^gZYid]VcYaZi]ZZkZci^hZmZXjiZY# rel="nofollow">[ i]ZgZ^hcdXdYZViiVX]ZYidVeVgi^XjaVgZkZci!i]Zccdi]^c\]VeeZch#DjgVeea^XVi^dc^h WVh^XVaan^ci]VihiV\Zg^\]icdl#:mXZei[dgi]ZWjiidci]VilVhYd^c\hdbZldg`[dgjhVh h]dlcegZk^djhan#LZl^aaVYYhdbZ[jcXi^dcVa^iniddjgiZhiegd_ZXiVeea^XVi^dcWnl^g^c\ i]ZHVkZbZcjX]d^XZVcYi]ZiddaWVgHVkZWjiidcidi]ZhdjgXZXdYZi]Vil^aahVkZVaai]Z XdciZcid[i]ZiZmiWdmZhidVh^beaZiZmi[^aZ^ci]ZXjggZciY^gZXidgn#7ZXVjhZi]ZhVkZVcY deZc[^aZY^Vad\hVgZhiVcYVgYVcYVahdid\ZiVXdch^hiZci[ZZaidVeea^XVi^dch!i]ZK^hjVa 7Vh^XYZkZadebZciiZVbhYZX^YZYidlg^iZhVkZVcYdeZcXdcigdahVcYbV`Zi]ZbVkV^aVWaZ idndj#LZaaiV`ZVYkVciV\Zd[i]^hh]dgiXji^cdjgZmZgX^hZ#

IDL>G:HDJG8:8D9:ID:K:CIH 8fU[
h\Y
GUjY:]`Y8]U`c[
Wcbhfc`
cbhc
h\Y
Zcfa
Zfca
h\Y
hcc`Vcl
X]U`c[g
WUhY[cfm"
H\]g
Wcbhfc`
\Ug
bc


$ XYg][b
h]aY
fYdfYgYbhUh]cb
]h
k]``
UddYUf
cb`m
]b
h\Y
WcadcbYbh
hfUm
h\Y
[fUm
gYWh]cb
VY`ck
h\Y
XYg][bYf
gifZUWY"
GYY
:][ifY
)!%,
Zcf
h\Y
`cWUh]cb
cZ
h\Y
GUjY:]`Y8]U`c["

;^\jgZ*"&7Xf\Za
g\`X
eXceXfXagTg\ba
bY
g[X
FTiX9\_X7\T_bZ

,+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

KY``
igY
h\Y
GUjY:]`Y8]U`c[
hc
k]fY
h\Y
W`]W_
YjYbh
hc
Vch\
h\Y
GUjY
Vihhcb
cb
h\Y
hcc`VUf
UbX
hc
h\Y
GUjY
W\c]WY
]b
h\Y
:]`Y
aYbi"
Hc
\UjY
h\Y
gUaY
cdYfUh]cb
dYfZcfaYX
k\Yb
Y]h\Yf
YjYbh
cWWifg
kYÇ``
kf]hY
U
V`cW_
cZ
WcXY
WU``YX
U
aYh\cX"
H\Y
V`cW_
cZ
WcXY
k]``
dYfZcfa
h\Y
gUaY
cdYfUh]cb
k\Yh\Yf
]h
]g
hf][[YfYX
Vm
h\Y
Vihhcb
cb
h\Y
hcc`VUf
cf
Vm
h\Y
aYbi
gY`YWh]cb" 7`]W_
h\Y
`]hh`Y
V`iY
X]g_
]Wcb
cb
h\Y
hcc`ghf]d
hc
gY`YWh
]h"
7\YW_
h\Y
DfcdYfh]Yg
k]bXck
hc
VY
gifY
mci


% \UjY
h\Y
WcffYWh
Wcbhfc`.


G[ndjlVciidadd`ViVaai]Z edhh^WaZZkZcihi]ViXVcWZ[^gZY [dgVeVgi^XjaVgXdcigda!ndjXVc Xa^X`dci]ZnZaadla^\]ic^c\^Xdc i]Vi^hadXViZYVii]Zided[i]Z EgdeZgi^Zhl^cYdlVhhZZc^ci]Z \gVe]^X[gdbi]ZegZk^djhi^e#Id XdbZWVX`idi]ZegdeZgi^Zh!ndj _jhi]VkZidXa^X`i]Za^iiaZh]ZZi hnbWdaidi]ZaZ[id[i]ZnZaadl a^\]ic^c\^Xdc#

JYf]Zm
h\Uh
h\Y
bUaY
UbX
hmdY
cZ
Wcbhfc`
]g
h\Y
cbY
mci
]bhYbX
hc
kcf_
k]h\"

&

8ciV`Y!W`]W_
h\Y
V`iY
X]g_
cb
h\Y
XYg][bYf
gifZUWY
UbX
mci
k]``
VY
dfYgYbhYX
k]h\
h\Y
XYZUi`h
YjYbh
hYad`UhY
Zcf
h\]g
Wcbhfc`
k\]W\
]g
h\Y
W`]W_
YjYbh" 5XX
h\Y
Zc``ck]b[
`]bY
cZ
WcXY
hc
h\Y
GUjYHcc`Ghf]d6ihhcbS7`]W_
YjYbh
dfcWYXifY"
=
k]``
Yld`U]b
k\Uh
]h


' XcYg
VY`ck"


0H6DYH)LOH'LDORJ6KRZ'LDORJ

H\]g
V`cW_
cZ
WcXY
X]gd`Umg
h\Y
GUjY:]`Y8]U`c[%
Vm
WU``]b[
h\Y
G\ck8]U`c[
aYh\cX
cb
]h"
5h
h\]g


( dc]bh
]Z
mci
kUbh
hc
gYY
h\Y
YZZYWh
cZ
h\Y
W\Ub[Y
^igh
Vi]`X
UbX
YlYWihY
h\Y
Udd`]WUh]cb
Vm
dfYgg]b[
:)
UbX
W`]W_
h\Y
gUjY
]Wcb
hc
gYY
h\Uh
h\Y
gUjY
X]U`c[
k]``
g\ck
id" =b
YjYfm
GUjY:]`Y8]U`c[
h\YfY
]g
U
gUjY
Vihhcb
UbX
U
WUbWY`
Vihhcb"
H\Y
WUbWY`
Vihhcb
]g
UihcaUh]WU``m


) hU_Yb
WUfY
cZ
Zcf
ig"
6ih
kY
bYYX
hc
k]fY
k\Uh
]g
[c]b[
hc
\UddYb
k\Yb
h\Y
igYf
W`]W_g
cb
h\Y
gUjY
Vihhcb
cZ
h\Uh
bYk
X]U`c["


Hc
k]fY
h\Y
gUjY
Vihhcb
gY`YWh
h\Y
gUjY:]`Y8]U`c[%
]Wcb
]b
h\Y
WcadcbYbh
hfUm
UbX
XciV`Y!W`]W_
]h
hc


* [Yh
hc
h\Y
acgh
Wcaacb
YjYbh
k\]W\
]g
h\Y
:]`YC_
YjYbh
]b
h\]g
WUgY"

Jh^c\8dbbZcih ^cNdjg8dYZ DcZ\ddY]VW^indjh]djaY hiVgiZbWgVX^c\l]Zclg^i^c\ XdYZ^hidXdbbZcindjgXdYZ# G^\]icdl!i]ZXdYZ[dgi]Z egdWaZbhlZVgZhdak^c\^hcÉi iddXdbea^XViZY#7ji`ZZe^c b^cYi]ViVYY^c\XdbbZcih hZgkZhi]Z[daadl^c\ejgedhZ/ [^ghi!ndjgXdYZWZXdbZhbjX] bdgZbV^ciV^cVWaZWZXVjhZndj XVcXdbZWVX`h^mbdci]haViZg VcY!^[i]ZXdbbZcihVgZ\ddY! ndjl^aaWZVWaZidjcYZghiVcY l]VindjYZkZadeZY#>iVahd bV`ZhndjgXdYZbdgZgZVY" VWaZVcY[VX^a^iViZh\Zii^c\]Zae [gdbhdbZWdYn#Lg^iZndjg XdbbZcih^ccdgbVa:c\a^h] l^i]djiiddbVcn_Vg\dcldgYh# 6cdi]Zgi]^c\idgZbZbWZg^h 6bag\ahXW
ba
aXkg
cTZX

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,,

30

KY``
igY
WcXY
gb]ddYhg
hc
]bgYfh
h\Y
WcXY
h\Uh
k]``
YlYWihY
k\Yb
h\Y
igYf
dfYggYg
h\Y
GUjY
Vihhcb"


+ FYaYaVYf
h\Uh
hc
[Yh
hc
h\Y
WcXY
gb]ddYhg
mci
bYYX
hc
f][\h!W`]W_
]b
h\Y
WcXY
YX]hcf
UbX
gY`YWh
]bgYfh
6bag\ahXW
Yeb`
cTZX
** i]Vii]ZXdbbZcihVgZcZkZg Xdbe^aZY^ci]ZVeea^XVi^dcndj ZmZXjiZhdi]Znl^aacZkZghadl Ydlci]ZeZg[dgbVcXZd[ndjg Veea^XVi^dc# 6hndjXVchZZ^ci]Za^hi" ^c\^chiZe-!ndjXVcXdb" bZcindjgXdYZWn^chZgi^c\V h^c\aZfjdiZVcYi]Zcine^c\ ndjgXdbbZci#NdjgXdbbZci h]djaYVeeZVg^c\gZZc0^[cdi! i]Zcndjga^cZ^hcdihZZcVh VXdbbZciWni]ZXdbe^aZg# 6cdi]Zg\ddYlVnidXdbbZci ndjgXdYZ^hidjhZildWji" idch[gdbdcZd[i]ZiddaWVgh# AZiÉhhVnndjYZX^YZi]ViVaa i]ZegZk^djhXdYZ^ci]Z;^aZD` ZkZci^hcdii]ZXdYZndjlVci idZmZXjiZWZXVjhZndjlVci idiZhihdbZi]^c\ZahZ#NdjYd cdilVciidYZaZiZVaai]ZiZmi WjindjXVcXdbbZcidjii]Z XdYZWnhZaZXi^c\^iVcYi]Zc Xa^X`^c\dci]Z8dbbZciDji i]ZHZaZXiZYA^cZhWjiidc#6cY ^[ndjlVciidjcXdbbZciV WadX`d[XdYZ!ndj_jhi]VkZ idhZaZXii]ZXdYZndjlVciid jcXdbbZciVcYi]ZcXa^X`i]Z JcXdbbZcii]ZHZaZXiZYA^cZh Wjiidc#

,-

&LQGG

Gb]ddYh
h\Yb
Zc``ck
h\Y
X]ZZYfYbh
dUh\
W\c]WYg"
Mci
bYYX
hc
kf]hY
hc
U
Z]`Y
gc
igY
h\Y
Zc``ck]b[
dUh\. DfcWYgg]b[
8f]jYg
:c`XYfg
UbX
:]`Yg.Kf]hY
HYlh
hc
U
:]`Y"
K\Yb
Z]b]g\YX
mcif
WcXY
g\ci`X
`cc_
`]_Y
h\Y
`]gh]b[
VY`ck"
9lUa]bY
h\Y
WcaaYbhg
hc
ibXYfghUbX
k\Uh
kY
UfY
hfm]b[
hc
UWWcad`]g\" GcaY
`]bYg
cZ
WcXY
WUb
[Yh
fUh\Yf
`cb["
J]giU`
6Ug]W
U``ckg
mci
hc
igY
U
gdUWY
UbX
Ub
ibXYfgWcfY
S
hc
]bX]WUhY
h\Uh
U
`]bY
cZ
WcXY
Wcbh]biYg
cb
h\Y
bYlh
`]bY"
5
`]bY
cZ
WcXY
WUb
hmd]WU``m
VY
Vfc_Yb
k\YfY
U
gdUWY
cWWifg/
\ckYjYf
]b
gcaY
`cWUh]cbg
giW\
Ug
k]h\]b
U
eichYX
ghf]b[
U
`]bY
WUbbch
VY
Vfc_Yb"

HVkZ;^aZ9^Vad\&T;^aZD`BZi]dY 3ULYDWH6XE6DYH)LOH'LDORJB)LOH2N%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$VB 6\VWHP&RPSRQHQW0RGHO&DQFHO(YHQW$UJV +DQGOHV6DYH)LOH'LDORJ)LOH2N 7U\ ¶7KHSURSHUW\)LOH1DPHIURPWKHILUVWDUJXPHQWLQ:ULWH$OO7H[WUHIHUVWR ¶WKH)LOH1DPHVHOHFWHGE\WKHXVHULQWKH6DYH)LOH'LDORJ ¶7KHQZHDUHSDVVLQJWKHFRQWHQWRIHDFK7H[W%R[DQGFRQFDWHQDWLQJWKH ¶&DUULDJH5HWXUQ/LQH)HHGFRQVWDQW ¶7KHODVWSDUDPHWHULQGLFDWHGLIZHVKRXOGDSSHQGWRDILOHLILW ¶H[LVWV)DOVHZLOOQRWDQGWKHUHIRUHUHFUHDWHWKHILOHHDFKWLPH ¶,QRUGHUWRDGGWKHFRQWHQWRIWKHILUVWER[ZHQHHGWRSXWWUXHIRU ¶WKHGDQGUGZULWHRWKHUZLVHRQO\WKHODVWRQHZRXOGEHWKHUH ¶LIWKH\ZHUHERWKWUXH 0\&RPSXWHU)LOH6\VWHP:ULWH$OO7H[W0H6DYH)LOH'LDORJ)LOH1DPHB 0HWE0HVVDJH7H[W YE&U/I)DOVH 0\&RPSXWHU)LOH6\VWHP:ULWH$OO7H[W0H6DYH)LOH'LDORJ)LOH1DPHB 0H7H[W%R[7H[W YE&U/I7UXH 0\&RPSXWHU)LOH6\VWHP:ULWH$OO7H[W0H6DYH)LOH'LDORJ)LOH1DPHB 0H7H[W%R[7H[W YE&U/I7UXH &DWFKILOH([FHSWLRQ$V([FHSWLRQ 7KURZILOH([FHSWLRQ (QG7U\ V(QG6XE

Bck
kY
^igh
bYYX
hc
UhhUW\
h\Y
gUaY
YjYbh
WcXY
hc
h\Y
:]`Y#GUjY
aYbi
W\c]WY"
8ciV`Y!W`]W_
h\Y
GUjY


, W\c]WY
]b
h\Y
:]`Y
aYbi
UbX
UXX
h\Y
gUaY
WcXY
Ug
]b
ghYd
("
6i]`X
h\Y
Udd`]WUh]cb
UbX
YlYWihY
]h
Vm


dfYgg]b[
:)"
HmdY
gcaY
hYlh
]b
h\Y
hYlh
VclYg
UbX
h\Yb
gUjY
h\Y
WcbhYbh
hc
U
Z]`Y
Vm
ig]b[
h\Y
GUjY
aYbi
cf
h\Y
GUjY
hcc`VUf
Vihhcb"
Mci
g\ci`X
W\YW_
h\Uh
h\Y
WcbhYbh
cZ
h\Y
Z]`Y
mcif
Udd`]WUh]cb
gUjYX
]g
fYU``m
k\Uh
kUg
cb
h\Y
Zcfa"
Hc
jYf]Zm
h\Uh
]h
kcf_YX
dfcdYf`m
cdYb
h\Y
Z]`Y
k]h\
J]giU`
GhiX]c
Vm
gY`YWh]b[
h\Y

:]`Y#CdYb
:]`Y
aYbi
Vfckg]b[
hc
h\Y
`cWUh]cb
cZ
h\Y
gUjYX
Z]`Y
UbX
h\Yb
cdYb]b[
]h
hc
j]Yk
]hg
WcbhYbhg"


B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

LZ_jhi]VcYaZYildZkZcih!Wji>lVciided^cidjii]VilZVagZVYn]VcYaZYZkZcihegZ" k^djhanWnXdY^c\i]Z7jiidc&T8a^X`VcYbdY^[n^c\egdeZgi^Zhd[di]ZgXdcigdah#;dg^chiVcXZ! lZbdY^[^ZYi]ZIZmiegdeZgind[djgIZmi7dmXdcigdahl]ZclZ]VcYaZYi]ZWjiidcXa^X`# 6cYlZlZgZVWaZidYdi]ViWnjh^c\i]ZXdcigdaÈhcVbZegdeZgin# ;^cY^c\6YY^i^dcVa >c[dgbVi^dc

>cHjbbVgn½ Ldl!i]VilVhVW^\X]VeiZgl^i]Vadid[cZl[ZVijgZh#I]ZhZ[ZVijgZhl^aaYZ[^c^iZan]Zae ndjlg^iZndjgVeea^XVi^dch#LZlZcidkZghdbZ>9:[ZVijgZhhjX]Vhi]ZhcVea^cZhid]Zae ndjidVa^\ci]ZXdcigdahdci]Z[dgb#LZlZcidcidi]Zg^X][ZVijgZhd[>ciZaa^HZchZi]Vi ]Zaendjl^i]ine^c\d[ndjgXdYZWnZ^i]Zghj\\Zhi^c\Veegdeg^ViZX]d^XZh!XdbeaZi^c\ XdYZhZciZcXZh[dgndj!dgegdk^Y^c\ndjl^i]XdYZhc^eeZih#>ci]ZZcY!>ciZaa^HZchZ^hi]ZgZ idgZYjXZi]ZVbdjcid[ine^c\ndjYdhdi]VindjgegdYjXi^k^inXVc^cXgZVhZ#Dcided[ i]Vi!^i^hV\gZViidda[dgWZ\^ccZgh# LZi]ZchVl]dli]ZXdbe^aZg^hldg`^c\^ci]ZWVX`\gdjcYWn]Zae^c\ndj^cgZVa"i^bZ idYZiZXiZggdghVcYWnegdk^Y^c\ndjl^i]hj\\Zhi^dchid[^mi]Zb#LZVahdgZk^ZlZYi]Z ^cigdYjXi^dcd[i]ZBncVbZheVXZ^cK^hjVa7Vh^X#I]^hcZlcVbZheVXZegdk^YZhVcZVhnlVn idVbjai^ijYZd[XdbbdciVh`hWnZcXVehjaVi^c\Vadid[a^cZhd[#C:IgVlXdYZ^cVh^beaZg dcZ"a^cZhnciVm#D[iZc!dcZa^cZd[XdYZ^hgZeaVX^c\jeid'%%a^cZhd[gVl#C:IXdYZ# LZi]ZchVli]ZWZcZ[^ihd[i]ZgZcVb^c\[ZVijgZidgZeaVXZhnbWdah^cVaaegd_ZXi

8dYZHc^eeZiZY^idgl^aa VaadlndjidXgZViZ!ZY^i!VcY YZWj\ndjgdlcXdYZhc^eeZih# I]ZiddaVahdVaadlhndjid [^aaVaai]ZbZiVYViV!h]dgiXji! gZeaVXZbZcikVg^VWaZh!VcY gZeaVXZbZciVhhZbWa^Zh#=ZgZ ^hi]Za^c`idi]Viidda/]iie/$$ bhYc#b^Xgdhd[i#Xdb$kWVh^X$ YdlcadVYh$'%%*$iddah$ hc^eeZiZY^idg$ 6cdi]Zg\ddYhdjgXZd[ ^c[dgbVi^dc^hi]Zk^YZdh[gdb BH9CheZX^[^XVaanYdcZidXdkZg i]ZK^hjVa7Vh^X'%%*:megZhh :Y^i^dcegdYjXi#>hj\\Zhindj lViX]i]Z[daadl^c\ildaZhhdch VhVXdbeaZbZci0i]Znl^aagZ^c" [dgXZVadid[ide^XhXdkZgZY^c i]^hX]VeiZg# AZhhdc'k^YZd/]iie/$$ \d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%. AZhhdc(k^YZd/]iie/$$ \d#b^Xgdhd[i#Xdb$[la^c`$ 4a^c`^Y2))%(%XaX^Y2%m)%. 6bag\ahXW
ba
aXkg
cTZX

8]VeiZg*/8gZVi^c\Ndjg;^ghi;jaaL^cYdlh6eea^XVi^dc

&LQGG

,.

30

6bag\ahXW
Yeb`
cTZX
*, I]dhZildaZhhdchl^aaWZ VegZiin\ddYk^hjVaa^kZhjb" bVgnidi]^hX]VeiZg# 69K6C8:9IDE>8/>[ ndjlVciidZmiZcYi]ZBn cVbZheVXZ!]ZgZ^hV\ddY BH9Cl]^iZeVeZgdci]Zide^X/ ]iie/$$lll#bhYc#b^Xgdhd[i#Xdb$ bhYcbV\$^hhjZh$%*$%,$bn$ YZ[Vjai#Vhem

-%

&LQGG

[^aZh#>i^hZheZX^VaanjhZ[jaidgZeaVXZVjid\ZcZgViZYkVg^VWaZcVbZhl^i]bdgZbZVc^c\[ja kVg^VWaZcVbZh#LZZmVb^cZYi]ZbdhiXdbbdcXdcigdahndjl^aa[^cY^cZkZgnL^cYdlh Veea^XVi^dcl^i]hdbZ\gVe]^XVaZmVbeaZhVcY_jhi^[^XVi^dcdci]Z^gjhV\Z#;^cVaan!lZZcYZY i]ZX]VeiZgl^i]]dlZkZci"WVhZYegd\gVbb^c\^heZg[dgbZY# >ci]ZcZmiX]VeiZg!ndjÈaaeji^cidegVXi^XZZkZgni]^c\ndj_jhiaZVgcZY^ci]^hX]VeiZg# NdjÈaaVahdiV`ZVadd`VihdbZcZl[ZVijgZh!Xdcigdah!VcYXdcXZeihi]VindjÈaajhZVhlZ Xdci^cjZl^i]i]ZLZWWgdlhZgegd_ZXi#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6[TcgXe
) @bW\Yl
Lbhe
JXU
5ebjfXe
Abj ;bj
gb
5e\aZ
Hc
Lbhe
4cc_\VTg\ba
+%
+ 

&LQGG

6[iZggZVY^c\i]ZVkVaVcX]Zd[cZlXdcXZeihegZhZciZY^ci]Z[^ghi[ZlX]Ve" iZgh!ndjÈgZgZVYnidVeeani]ZbVcYiV`ZndjgLZWWgdlhZgidi]ZcZmi aZkZa# rel="nofollow">ci]^hX]VeiZg!ndjÈaaVYYg^X][ZVijgZhidndjgWgdlhZghjX]VhVheaVh] hXgZZc!Vc6WdjiWdm!iddahig^eh!bZcjhig^eh!Viddahig^eXdciV^cZgi]Vil^aa \^kZndjVg^X]jhZgZmeZg^ZcXZÅ|aV>ciZgcZi:meadgZg!ÆVhiVijhhig^eXdcigda! Vegd\gZhhWVg!egd[Zhh^dcVa"add`^c\iddaWVghl^i]ÅY‚_|kjÆ^Xdch!VcYcZl B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*>ciZ\gViZY9ZkZadebZci:ck^gdcbZci>9: [ZVijgZh!a^`Zi]Z9dXjbZciDjia^cZl^cYdl#NdjÈaaVahdaZVgcidgZhedcYid ZkZcihXdb^c\[gdbi]ZLZW7gdlhZgXdcigda#

-&

30

=dlid7g^c\JeNdjg6eea^XVi^dc L]ZcndjadVYVcVeea^XVi^dc!ndjd[iZchZZhdbZi]^c\XVaaZYVheaVh]hXgZZc#HdbZ\ddY ZmVbeaZhd[heaVh]hXgZZchVgZi]ZdeZc^c\^c[dgbVi^dcWdmZhndjhZZ[dgB^Xgdhd[iD[[^XZ! K^hjVaHijY^dœ'%%*!VcYbdhidi]Zgegd\gVbh#6ai]dj\]i]ZnÈgZd[iZckZgnc^XZadd`^c\! i]dhZhXgZZchVgZcÈii]ZgZ_jhiidY^heaVni]Zhd[ilVgZkZgh^dcVcYVeeZVa^c\Vgildg`dgid bV`ZhjgZndjÈgZcdiWdgZY#I]ZhZhXgZZchhZgkZV[jcXi^dc#DcXZndjÈkZhiVgiZYVcVeea^XV" i^dc!Vadid[egdXZhh^c\^h]VeeZc^c\0[dg^chiVcXZ!i]ZVeea^XVi^dc^hXdccZXi^c\idYViVWVh" Zh!edejaVi^c\Xdcigdahl^i]YViV[gdbi]ZYViVWVhZ!\Zii^c\hVkZYXdc[^\jgVi^dch[dgi]Z jhZg^ciZg[VXZJ>egZ[ZgZcXZh!VcYhddc#9^heaVn^c\i]ZheaVh]hXgZZcl]^aZVaad[i]^hegd" XZhh^c\^h]VeeZc^c\]Zaeh^c[dgbi]ZjhZgi]Vii]ZVeea^XVi^dc^hldg`^c\# >cgZVa^in!VheaVh]hXgZZc^hVcdi]ZgL^cYdlh[dgbi]ViYdZhcdiVaadlVcn^ceji[gdb i]ZjhZg#>ijhjVaan]VhVc^XZegZhZciVi^dc[dgbl^i]hdbZVgildg`!i]ZVeea^XVi^dccVbZ!^ih kZgh^dc!VcYd[iZchdbZaZ\VaiZmi#DcZd[i]Z[^ghii]^c\hndjÈaaYd[dgndjgVeea^XVi^dc^hid VYYVheaVh]hXgZZc# >ci]^hX]VeiZg!>ÈkZXgZViZYVhiVgi^c\WgdlhZgVeea^XVi^dci]Vi^hi]ZhVbZVhi]Z Veea^XVi^dcndjXgZViZY^c8]VeiZg)#>[ndj^chiVaaZYi]ZXdbeVc^dcXdciZciidi]ZYZ[Vjai adXVi^dc!^ih]djaYWZVii]Z[daadl^c\adXVi^dcdcndjg]VgYYg^kZ/Bn9dXjbZcihQB^Xgdhd[i EgZhhQK7'%%*:megZhhQ8]VeiZg+Q#Add`[dgV[daYZgcVbZYHiVgijcYZgi]Z8]VeiZg+[daYZg# 9djWaZ"Xa^X`i]ZBnDlc7gdlhZg#hachdaji^dc#>[ndjlVci!ndjXVcVahdhiVgi[gdbndjgdlc 8]VeiZg)WgdlhZgegd_ZXi#

ID8G:6I:6HEA6H=H8G::C CdYb
h\Y
5XX
BYk
=hYa
X]U`c[
Vcl"
Mci
WUb
Y]h\Yf
[c
hc
h\Y
Dfc^YWh
aYbi
UbX
gY`YWh
5XX


$ K]bXckg
:cfa
cf
mci
WUb
[c
hc
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y
dfc^YWh
bUaY
]b
h\]g
WUgY
AmCkb6fckgYf
gY`YWh
5XX
UbX
h\Yb
gY`YWh
K]bXckg
:cfa"
H\Y
5XX
BYk
=hYa
X]U`c[
Vcl
k]``
UddYUf
UbX
h\Y
Z]fgh
fck
cZ
W\c]WYg
]bX]WUhYg
h\Uh
U
gd`Ug\
gWfYYb
hYad`UhY
U`fYUXm
Yl]ghg"


% GY`YWh
h\Y
Gd`Ug\
GWfYYb
hYad`UhY
UbX
bUaY
]h
gd`Ug\"jV
Ug
g\ckb
]b
:][ifY
*!%"
H\Yb
W`]W_
5XX"

-'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ+"& 4WW\aZ
T
aXj
J\aWbjf
Ybe`-
AXj

;c
hc
h\Y
8Yg][b
j]Yk
cZ
h\Y
gd`Ug\
gWfYYb
UbX
mciÇ``
gYY
h\Uh
h\Y
gWfYYb
]g
gd`]h
]bhc
ai`h]d`Y
geiUfYg"


& =b
ZUWh
h\Y
gd`Ug\
gWfYYb
]g
WU``YX
U
HUV`Y
@Umcih
DUbY`
Wcbhfc`"
H\]g
Wcbhfc`
\Y`dg
mci
Vm
UffUb[]b[
h\Y
`Umcih
cZ
mcif
WcadcbYbhg
]b
U
hUV`Y
ZcfaUh
k]h\
U
gYh
cZ
fckg
UbX
Wc`iabg"
Mci
WUb
Wighca]nY
h\Y
fckg
UbX
Wc`iabg
Vm
acX]Zm]b[
dfcdYfh]Yg
]b
h\Y
DfcdYfh]Yg
k]bXck
cf
Vm
ig]b[
gcifWY
WcXY"
H\Y
Wcbhfc`
U`gc
ZYUhifYg
U
gaUfh
hU[
hc
YUg]`m
UXX
cf
fYacjY
fckg
UbX
Wc`iabg"
H\Y
gd`Ug\
gWfYYb
\Ug
hkc
fckg
UbX
hkc
Wc`iabg
Vm
XYZUi`h"
=Z
mci
`cc_
WUfYZi``m
mciÇ``
gYY
h\Uh
h\Y
Gd`Ug\
GWfYYb
hYad`UhY
\Ug
Ubch\Yf
HUV`Y
@Umcih
DUbY`
`cWUhYX
]b
h\Y
Vchhca!f][\h
WY``"
G
8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

ABG8 :VX]XZaa^cVIVWaZAVndjiEVcZa XVcXdciV^cdcandcZXdcigda!Wji ndjXVcValVnh^chZgiVcdi]Zg IVWaZAVndjiEVcZaVhlVhYdcZ [dgi]ZheaVh]hXgZZciZbeaViZ#

;^\jgZ+"' 9\aW\aZ
T__
g[X
Vbageb_f
ba
T
fX_XVgXW
Ybe`

-(

30

I]ZVeea^XVi^dci^iaZ!kZgh^dc!VcYXdeng^\]i^c[dgbVi^dcVgZVaadWiV^cZYYncVb^XVaan# I]^hbZVchi]Z[dgbl^aa\Zii]ZkVajZh[gdbVkVg^VWaZdgVhZii^c\hdbZl]ZgZ^cndjgegd_" ZXi#>c[VXi!Vigjci^bZi]dhZi]gZZe^ZXZhd[^c[dgbVi^dcVgZdWiV^cZYl]Zci]ZheaVh] hXgZZc^hadVYZYWnadd`^c\jeVeea^XVi^dchZii^c\hhidgZY^ci]ZEgd_ZXi9Zh^\cZg 6eea^XVi^dceVcZ#

IDK>:LI=:6EEA>86I>DCI>IA:!K:GH>DC!6C98DENG><=IEG%E:GI>:H $ GY`YWh
AmCkb6fckgYf
Zfca
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
UbX
W\ccgY
DfcdYfh]Yg"
H\Y
Dfc^YWh
8Yg][bYf
dU[Y
cdYbg"
H\Y
Dfc^YWh
8Yg][bYf
\Ug
U
gYf]Yg
cZ
]bZcfaUh]cb
hUVg
Ug
g\ckb
]b

:][ifY
*!'"
MciÇ``
kcf_
aU]b`m
]b
h\Y
Z]fgh
hUV
Zcf
bck
k\]W\
]g
h\Y
5dd`]WUh]cb
dUbY"
Mci``
WcbZ][ifY
gYjYfU`
Y`YaYbhg
]b
h\]g
dUbY"
5``
h\Y
Y`YaYbhg
mci``
acX]Zm
k]``
UZZYWh
\ck
h\Y
Udd`]WUh]cb
`cc_g"

;^\jgZ+"( Ceb]XVg
7Xf\ZaXe
cTZX

-)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

Hc
W\Ub[Y
h\Y
Udd``]WUh]cb
]Wcb
[c
hc
h\Y
Xfcd!Xckb
`]gh
bUaYX
]Wcb
W`]W_
cb
]h
UbX
gY`YWh


% 06fckgY¼2"
:]bX
h\Y
7\UdhYf
*
X]fYWhcfm
k\YfY
mciÇjY
]bghU``YX
h\Y
Vcc_Çg
gUad`Y
Z]`Yg
UbX
`cc_
Zcf
h\Y
[`cVY"]Wc
Z]`Y
]b
h\Y
=aU[Yg
Zc`XYf"
=Z
mci
]bghU``YX
h\Y
WcadUb]cb
WcbhYbh
Uh
h\Y
XYZUi`h
`cWUh]cb
h\Yb
]h
g\ci`X
VY
Uh
h\Y
Zc``ck]b[
`cWUh]cb
cb
mcif
\UfX
Xf]jY.
Am
8cWiaYbhgPA]WfcgcZh
DfYggPJ6
&$$)
9ldfYggP" MciÇjY
W\Ub[YX
h\Y
]Wcb
cZ
mcif
Udd`]WUh]cb
UggYaV`m
cf
]b
ch\Yf
kcfXg
mciÇjY
W\Ub[YX
h\Y
]Wcb
cZ
h\Y
YlYWihUV`Y
V]bUfm
"YlY
Z]`Y
]hgY`Z"
=Z
mci
Vi]`X
h\Y
Udd`]WUh]cb
UbX
`cc_
cb
mcif
\UfX
Xf]jY
k\YfY
h\Y
Udd`]WU! h]cb
]g
Wcad]`YX
Ug
mci
`YUfbYX
]b
U
dfYj]cig
W\UdhYf
U``
mcif
dfc^YWhg
UfY
Vm
XYZUi`h
`cWUhYX
Uh

Am
8cWiaYbhgPJ]giU`
GhiX]c
&$$)PDfc^YWhgPAmCkb6fckgYfPAmCkb6fckgYfPV]bP8YVi[
cf
PV]bPfY`YUgY
mciÇ``
Z]bX
h\Uh
mcif
Udd`]WUh]cb
AmCkb6fckgYf"YlY
\Ug
h\Y
[`cVY
]Wcb
h\Uh
mciÇjY
^igh
gY`YWhYX
]bghYUX
cZ
U
XYZUi`h
]Wcb"


ABG8 NdjÈgZcdiX]Vc\^c\i]Z^Xdcd[ i]ZbV^c[dgbl]ZcYd^c\i]^h Veea^XVi^dc^XdcX]Vc\Z#>cdgYZg idYdi]^h!ndjcZZYidX]Vc\Zi]Z [dgb^XdcÈhegdeZginWnVhh^\c^c\ VW^ibVe^bV\Z#NdjÈgZ\d^c\id X]Vc\Zi]ZbV^c[dgb^Xdc^ci]Z aVhihZXi^dcd[i]^hX]VeiZg#

7`]W_
h\Y
5ggYaV`m
=bZcfaUh]cb"
"
"
Vihhcb"
Mci
g\ci`X
gYY
U
gWfYYb
h\Uh
`cc_g
`]_Y
h\Y
cbY
]b



& :][ifY
*!("


;^\jgZ+") 4ffX`U_l

ABG8 7\Ub[Y
h\Y
7cdmf][\h
]bZcfaUh]cb.
fYd`UWY
h\Y
kcfX
B^Xgdhd[i
k]h\
mcif
bUaY
UbX
_YYd
h\Y
fYgh
cZ
' h\Y
]bZcfaUh]cb
Ug
]h
]g"
=Z
]hg
bch
U`fYUXm
Z]``YX
k]h\
mcif
]bZcfaUh]cb
W\Ub[Y
]h
hc
aUhW\
mcif
bUaY
cf
WcadUbm
]bZc" =bgYfh
gdUWYg
VYhkYYb
h\Y
kcfXg
BnDlc7gdlhZg
]b
h\Y
H]h`Y
hYlh
Vcl"
H\]g
ghf]b[
]g
igYX
hc
X]gd`Um


( h\Y
Udd`]WUh]cb
h]h`Y
cb
h\Y
gd`Ug\
gWfYYb"
=bgYfh
hkc
gdUWYg
hc
[Yh
h\Y
Zc``ck]b[
h]h`Y.
Am
Ckb


I]ZVhhZbWankZgh^dc^c[dgbV" i^dci]VindjhZZ]ZgZ^hVahdl]Vi i]ZVeea^XVi^dcl^aaY^heaVn^ci]Z heaVh]hXgZZcndjÈgZXgZVi^c\# NdjÈaahZZi]ZhdjgXZXdYZi]Vil^aa Y^heaVni]Z^c[dgbVi^dcdci]Z heaVh]hXgZZcaViZg^ci]ZX]VeiZg#

6fckgYf"

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

-*

30

@BE8
ci]ZEgd_ZXi9Zh^\cZg!l]Zc i]Z:cVWaZMEK^hjVaHinaZhX]ZX` Wdm^hX]ZX`ZY!ndjgVeea^XVi^dc l^aa^c]Zg^ii]Zadd`VcY[ZZad[ B^Xgdhd[iL^cYdlhœME^ihZa[# ;dgZmVbeaZ!^i\^kZhndjXdcigdah l^i]gdjcYZYXdgcZghi]Via^\]ije dcbdjhZdkZg#I]ZgZÈhVahdVcZl Xdadg[jaegd\gZhhWVgVcYbVcn di]Zgi]^c\hi]VindjÈkZegdWVWan hZZcWZ[dgZ#CdiZi]Vil]ZcZmZ" XjiZYdcVeaVi[dgbi]ViYdZhcÈi hjeedgiL^cYdlhMEI]ZbZh! i]ZVeea^XVi^dcgZkZgihidi]ZigV" Y^i^dcVaL^cYdlhadd`VcY[ZZa L^cYdlh'%%%dgL^cYdlh.-#

;^\jgZ+"* Fc_Tf[
fVeXXa
\a
TVg\ba

-+

&LQGG

) 7`]W_
C?
hc
W`cgY
h\Y
5ggYaV`m
=bZcfaUh]cb
X]U`c[
Vcl" Hc
UhhUW\
h\Y
gd`Ug\
gWfYYb
hc
mcif
Udd`]WUh]cb
gY`YWh
gd`Ug\
Zfca
h\Y
Gd`Ug\
GWfYYb
Xfcd!Xckb
`]gh
Uh


* h\Y
Vchhca
cZ
h\Y
Dfc^YWh
8Yg][bYfg
Udd`]WUh]cb
hUV"

GUjY
h\Y
Udd`]WUh]cb
7hf`G\]ZhG
gUjYg
U``
Z]`Yg
UbX
7hf`G
gUjYg
h\Y
WiffYbh
Z]`Y
UbX
dfYgg
:)



+ hc
fib
]h"

Ndjh]djaYhZZi]ZheaVh]hXgZZc[dgVWdjiildhZXdcYhWZ[dgZi]ZWgdlhZg[dgb VeeZVgh#IldhZXdcYh^hcÈiVadc\i^bZ!hdndjb^\]icdi]VkZi^bZidgZVaanadd`Vi^i#Id hZZl]Vi^iVXijVaanadd`ha^`ZVigjci^bZ!add`Vi;^\jgZ+"*#I]Zi^iaZ!kZgh^dccjbWZg!VcY Xdeng^\]i^c[dgbVi^dcVeeZVgVjidbVi^XVaan#7ji]dlYdZhi]Z^c[dgbVi^dc\Zii]ZgZ4 I]dhZi]gZZe^ZXZhd[^c[dgbV" i^dcVgZdWiV^cZYegd\gVbbVi^XVaan jh^c\V[Vb^a^VgXdchigjXiÄi]ZBn cVbZheVXZ#7negd\gVbbVi^XVaan!> bZVclg^i^c\XdYZidhZidg\Zi hdbZi]^c\ndjldjaYcdgbVaanhZi dg\Zijh^c\VJ>idda!hjX]Vhi]Z EgdeZgi^Zhl^cYdldgi]ZEgd_ZXi 9Zh^\cZg#DcZ^bedgiVcieVgid[ i]ZHeaVh]HXgZZciZbeaViZ^hi]Z ;dgbAdVYZkZci0ZVX][dgb]VhV AdVYZkZcii]Vi]VeeZch_jhi WZ[dgZi]Z[dgb^hY^heaVnZY#I]^h^hl]ZgZndjÈaajhjVaaneZg[dgbi]Z^c^i^Va^oVi^dc[dgXdc" igdahdcndjg[dgb#GZk^Zli]ZheaVh]TAdVYbZi]dY^cheaVh]#kWWZadl[dgi]Z]^\]a^\]iZY XdYZidjcYZghiVcYl]ZgZVcY]dli]ZBnXaVhhZhVcYbZi]dYhVgZjhZYidedejaViZi]Z [^ZaYhdci]ZheaVh]hXgZZc#

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

3ULYDWH6XEVSODVKB/RDG%\9DOVHQGHU$V2EMHFW%\9DOH$V6\VWHP(YHQW$UJV +DQGOHV0H/RDG ¶6HWXSWKHGLDORJWH[WDWUXQWLPHDFFRUGLQJWRWKHDSSOLFDWLRQ·VDVVHPEO\LQIRUPDWLRQ ¶72'2&XVWRPL]HWKHDSSOLFDWLRQ·VDVVHPEO\LQIRUPDWLRQLQWKH´$SSOLFDWLRQµSDQHRIWKH ¶SURMHFWSURSHUWLHVGLDORJXQGHUWKH´3URMHFWµPHQX  ¶$SSOLFDWLRQWLWOH ,I0\$SSOLFDWLRQ,QIR7LWOH!´µ7KHQ $SSOLFDWLRQ7LWOH7H[W 0\$SSOLFDWLRQ,QIR7LWOH (OVH ¶,IWKHDSSOLFDWLRQWLWOHLVPLVVLQJXVHWKHDSSOLFDWLRQQDPHZLWKRXWWKHH[WHQVLRQ $SSOLFDWLRQ7LWOH7H[W 6\VWHP,23DWK*HW)LOH1DPH:LWKRXW([WHQVLRQB 0\$SSOLFDWLRQ,QIR$VVHPEO\1DPH (QG,I ¶)RUPDWWKHYHUVLRQLQIRUPDWLRQXVLQJWKHWH[WVHWLQWRWKH9HUVLRQFRQWURODWGHVLJQ ¶WLPHDVWKHIRUPDWWLQJVWULQJ7KLVDOORZVIRUHIIHFWLYHORFDOL]DWLRQLIGHVLUHG ¶%XLOGDQGUHYLVLRQLQIRUPDWLRQFRXOGEHLQFOXGHGE\XVLQJWKHIROORZLQJFRGHDQG ¶FKDQJLQJWKH9HUVLRQFRQWURO·VGHVLJQWLPHWH[WWR´9HUVLRQ^`^`^`^`µRU ¶VRPHWKLQJVLPLODU6HH6WULQJ)RUPDW LQ+HOSIRUPRUHLQIRUPDWLRQ 

 9HUVLRQ7H[W 6\VWHP6WULQJ)RUPDW9HUVLRQ7H[WB ¶0\$SSOLFDWLRQ,QIR9HUVLRQ0DMRU0\$SSOLFDWLRQ,QIR9HUVLRQ0LQRUB ¶0\$SSOLFDWLRQ,QIR9HUVLRQ%XLOG0\$SSOLFDWLRQ,QIR9HUVLRQ5HYLVLRQ 9HUVLRQ7H[W 6\VWHP6WULQJ)RUPDW9HUVLRQ7H[W0\$SSOLFDWLRQ,QIR9HUVLRQ0DMRUB 0\$SSOLFDWLRQ,QIR9HUVLRQ0LQRU ¶&RS\ULJKWLQIR &RS\ULJKW7H[W 0\$SSOLFDWLRQ,QIR&RS\ULJKW (QG6XE

6hndjXVchZZ!Bn#6eea^XVi^dc#>c[dlVhjhZ[ja[dgdWiV^c^c\Veea^XVi^dchZii^c\hl^i]dji gZVY^c\i]dhZhZii^c\h[gdbVheZX^Va[^aZ#I]ViÈhi]ZbV\^Xd[i]ZBncVbZheVXZ#

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

-,

30

Ndjb^\]ii]^c`i]Zi^bZi]ZheaVh]hXgZZc^hY^heaVnZYdci]ZhXgZZc^hiddh]dgi#6W^\" \ZgVeea^XVi^dcbVncZZYiddeZcXdccZXi^dchidYViVWVhZh!gZig^ZkZ^c[dgbVi^dc!VcYYdVaa `^cYhd[^c^i^Va^oVi^dcjedcaVjcX]^c\!hd^ib^\]iiV`ZbdgZi]VcildhZXdcYh#Dg!ndjbVn h^beanlVcindjgjhZghid]VkZbdgZi^bZidadd`Vii]ZhXgZZc#I]ZgZÈhVcZVhnlVnid X]Vc\Zi]ZVbdjcid[i^bZ^iY^heaVnh#I]ZgZ^hVXdYZhc^eeZidcBH9Cœi]Vil^aaZcVWaZ ndjidbdY^[ni]ZYZaVn#NdjXVc[^cYi]ZXdYZhc^eeZiVi]iie/$$bhYc#b^Xgdhd[i#Xdb$kWVh^X$ YdlcadVYh$'%%*$hc^eeZih$YZ[Vjai#Vhem# @BE8

@BE8

NdjXVcX]Vc\Zi]ZW^ibVe ^bV\Zdci]ZheaVh]hXgZZcid l]ViZkZgndjlVciWnbdY^" [n^c\i]ZBV^cAVndjiEVcZa Ã7VX`\gdjcY rel="nofollow">bV\ZegdeZgin^c i]ZEgdeZgi^Zhl^cYdl#NdjXVc VahdX]Vc\Zi]Zh^oZd[i]ZheaVh] hXgZZcid[^ii]Zh^oZd[ndjg^bV\Z dgjhZ^bV\^c\hd[ilVgZidX]Vc\Z i]Zh^oZd[i]Z^bV\Zid[^ii]Z heaVh]hXgZZc#

>ÈbhjgZndjÈkZhZZci]Z[dgbVi" i^c\^ci]ZEgdeZgi^Zhl^cYdl[dg i]ZkZgh^dccjbWZg#I]^hheZX^Va cdiVi^dc^h]dlhig^c\hVgZ[dg" bViiZY#IdgZVaanjcYZghiVcY!> gZXdbbZcYndjegZhh;&idhZVgX] i]Zhd[ilVgZYdXjbZciVi^dc[dg Hig^c\#;dgbVi#NdjÈaa[^cYVaaedh" h^WaZ[dgbVii^c\dei^dchVcY]dl idjhZi]Zb#

>ciZgVXi^c\I]gdj\]9^Vad\7dmZh I]ZY^Vad\WdmZhndjXgZViZ]Zaei]ZjhZg^ciZgVXil^i]i]Zhd[ilVgZ#I]ZnVgZVYY^i^dcVa [dgbhi]VindjVYYidndjgVeea^XVi^dc#>ci]^hhZXi^dc!ndjÈaaVYYildY^Vad\WdmZhidndjg LZWWgdlhZg/Vc6WdjiWdmVcYVCVk^\ViZY^Vad\Wdm#

6YY^c\Vc6Wdji7dm I]Z[^ghiY^Vad\WdmndjÈaaVYY^hVc6WdjiWdm!l]^X]Zm^hih^cbdhiL^cYdlhVeea^XVi^dch# I]^hY^Vad\WdmZhhZci^VaanXdciV^chi]ZhVbZ^c[dgbVi^dcVhi]ZheaVh]hXgZZc!WjihdbZ" i^bZhXdciV^chbdgZaZ\Va!hnhiZb!VcYkZgh^dc^c[dgbVi^dc# 7Z[dgZndjhiVgii]^hhZXi^dc!ndjÈaa\^kZ;dgb&VbdgZbZVc^c\[jacVbZ#@ZZe^cb^cY i]ViZkZgni]^c\^cndjgVeea^XVi^dccZZYhidWZbZVc^c\[ja[dggZVYVW^a^inVcYbV^ciZcVcXZ# NdjÈaaVahdegZeVgZi]ZVeea^XVi^dc[dgVigVch[dgbVi^dc^cidVbdgZ[ZVijgZ"g^X]>ciZgcZi WgdlhZg# --

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ID6996C67DJI7DM


$ =b
h\Y
Gc`ih]cb
9ld`cfYf
fYbUaY
:cfa%"jV
hc
6fckgYf"jV" Cb
h\Y
6fckgYf
Zcfa
XY`YhY
h\Y
hlhIF@
UbX
h\Y
Vhb;c
Wcbhfc`g"
8Y`YhY
h\Y
Vhb;cS7`]W_
YjYbh
\Ub!

% X`Yf
Vm
fYacj]b[
]hg
g][bUhifY
UbX
WcbhYbh
Zfca
h\Y
6fckgYf"jV
Z]`Y"

ABG8 L]ZcVegdXZYjgZY^gZXi^kZiZaah ndjidVYYVXdcigdaVcYi]Zc cVbZ^iMNO!^ibZVchi]Vindj cZZYidVYYi]ZXdcigdadcidi]Z YZh^\chjg[VXZ!i]Zc\didi]Z EgdeZgi^Zhl^cYdlVcYX]Vc\Zi]Z CVbZegdeZgind[i]ZXdcigda idMNO#

Cb
h\Y
6fckgYf
Zcfa
gY`YWh
h\Y
KYV
6fckgYf
Wcbhfc`
UbX
ig]b[
h\Y
gaUfh
hU[
gY`YWh
8cW_
=b


& DUfYbh
7cbhU]bYf"

5g
mci
X]X
Zcf
h\Y
gd`Ug\
gWfYYb
UXX
U
bYk
]hYa
hc
mcif
dfc^YWh
Vih
h\]g
h]aY
k\Yb
dfYgYbhYX
k]h\


' h\Y
hYad`UhYg
W\ccgY
h\Y
5Vcih
6cl
hYad`UhY
UbX
bUaY
]h
5Vcih6cl"jV"

H^b^aVgidi]ZheaVh]hXgZZc!i]Z6WdjiWdml^aaWZedejaViZYl^i]^c[dgbVi^dc[gdbi]Z egd_ZXihZii^c\h[gdbi]ZEgd_ZXi9Zh^\cZgl^cYdl#6ii]^hed^ci!^[ndjgjci]ZVeea^XVi^dc! i]ZgZ^hcda^c`WZilZZcndjg6WdjiWdmVcYi]ZgZhid[ndjgWgdlhZg!hd^ildcÈih]dlje Vcnl]ZgZ#JhjVaan!i]Z6WdjiWdmh]dlhjel]ZcndjgZfjZhi^i[gdbi]Z=ZaebZcj!hd ndjÈaaVYYi]^hb^hh^c\a^c`cdl#

IDA>C@I=:67DJI7DMIDI=:=:AEB:CJ GY`YWh
h\Y
6fckgYf"jV
O8Yg][bQ
hUV
hc
fYhifb
hc
h\Y
6fckgYf
:cfa
8Yg][b
j]Yk"
8fU[
U
AYbiGhf]d


$ Wcbhfc`
Zfca
h\Y
hcc`Vcl
cbhc
h\Y
XYg][b
gifZUWY
hc
UXX
U
AYbi
Ghf]d
Wcbhfc`
hc
h\Y
6fckgYf
Zcfa"
BUaY
]h
ag6fckgYf"

Hc
UXX
h\Y

% GhUbXUfX
=hYag"
MciÇ``
[Yh
U
ZUa]`]Uf
K]bXckg
Udd`]WUh]cb
aYbi
ghf]d
UbX
]hg
aYbi
W\c]WYg
k]h\
h\Y]f
giVaYbig
]Wcbg
UbX
_YmVcUfX
g\cfhWihg"
8Y`YhY
U``
aYbi
W\c]WYg
XkVXcg
h\Y

& Hc
dYfZcfa
h\]g
W`YUb!id
gY`YWh
Ubm
aYbi
W\c]WY
h\Yb
f][\h!W`]W_
hc
Vf]b[
id
h\Y
WcbhYlhiU`
aYbi
UbX
gY`YWh
8Y`YhY
hc
fYacjY
]h"
5`gc
fYacjY
h\Y
aYbi
gYdUfUhcfg
h\Uh
]g
h\Y
`]bYg
gYdUfUh]b[
aYbi

W\c]WYg"

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

-.

30

Hc
k]fY
h\Y
bYk
5Vcih
Vcl
Zcfa
k]h\
h\Y
5Vcih"
"
"
aYbi
W\c]WY
XciV`Y!W`]W_
h\Y
5Vcih"
"
"
aYbi


' W\c]WY
hc
[Yh
hc
h\Y
5VcihHcc`Ghf]dAYbi=hYaS7`]W_
YjYbh
\UbX`Yf" ( 5XX
h\Y
Zc``ck]b[
`]bY
cZ
WcXY
hc
h\Y
YjYbh
\UbX`Yf. ABG8 >bdY^[^ZYi]Z6hhZbWan >c[dgbVi^dc[^ZaYh^ci]ZEgd_ZXi 9Zh^\cZgidXdbZjel^i]i]Z ^c[dgbVi^dcY^heaVnZY^ci]Z 6WdjiWdm#NdjXVcYdi]ZhVbZ# Ndjh^beanVYYdgbdY^[ni]ZXdc" iZci^ci]Z9ZhXg^ei^dc!8dbeVcn! EgdYjXi!VcY8deng^\]i[^ZaYh#

$ERXW%R[6KRZ'LDORJ

GUjY
h\Y
Udd`]WUh]cb
UbX
h\Yb
fib
]h"
GY`YWh
5Vcih"
"
"
Zfca
h\Y

) V`Y
:][ifY
*!*"
H\Y
G\ck8]U`c[
aYh\cX
Vf]b[g
id
h\Y
Zcfa
]b
h\Y
a]XX`Y
cZ
h\Y
YlYWih]b[
Udd`]WU!

h]cb
UbX
bch\]b[
Y`gY
WUb
\UddYb
ibh]`
mci
W`]W_
cbY
cZ
]hg
Vihhcbg
cf
h\Y
fYX
L
hc
W`cgY
h\Y
X]U`c[
Vcl"
=b
h\]g
WUgY
]h
\Ug
cb`m
h\Y
C?
Vihhcb"

;^\jgZ+"+ 4Ubhg
Ubk
f[bj\aZ
hc
\a
lbhe
aXj_l
eXY\aXW
UebjfXe
Tcc_\VTg\ba

.%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

NdjÈgZegdWVWanldcYZg^c\l]ni]ZVeea^XVi^dcldg`ZYl]ZcndjXa^X`ZYi]ZD@Wjiidc ZkZci]dj\]ndjY^YcÈilg^iZVcnXdYZid]VcYaZi]^hZkZci#I]^h^hVcZmVbeaZd[i]Zegd" YjXi^k^in\V^chndjaa\Zil]Zcjh^c\iZbeaViZh#I]ZiZbeaViZ^cXajYZhi]ZXdYZid]VcYaZ i]ZXa^X`WjiidcZkZci#GZk^Zli]ZhdjgXZXdYZ[dgi]ZY^Vad\WdmWng^\]i"Xa^X`^c\i]Z 6Wdji7dm#kW[^aZcVbZ^ci]ZHdaji^dc:meadgZgVcYhZaZXi^c\K^Zl8dYZ#6\V^c!VhXdkZgZY^c i]ZheaVh]hXgZZchZXi^dc!jh^c\Bn#6eea^XVi^dc#>c[d\^kZhndjfj^X`VXXZhhidVeea^XVi^dc ^c[dgbVi^dc^ci]ZEgd_ZXi9Zh^\cZg#6ahdcdiZi]Vii]ZXa^X`ZkZci]VhVh^c\aZa^cZd[XdYZ i]ViiZaahi]Z[dgbidXVaai]Z8adhZbZi]dY# Cdli]VindjÈkZVYYZYi]Z6WdjiWdm!^ih]djaYWZZVhnidVYYVcdi]Zgi]Vil^aaVaadl ndjgjhZghidcVk^\ViZidLZWeV\Zh#

6YY^c\VCVk^\ViZ9^Vad\7dm NdjhVlZVga^Zgi]ViYZaZi^c\i]ZWjiidcVcYi]ZVYYgZhhXdcigdahgZbdkZYi]ZVW^a^inid cVk^\ViZidVLZWeV\Z#I]^h!d[XdjghZ!^hcdijhZ[ja[dgVLZWWgdlhZg#CdlndjÈaaVYYV Y^Vad\Wdmi]Vil^aa\^kZndjgjhZgVcdi]ZglVnidcVk^\ViZidLZWeV\Zh#

@BE8
ci]^hXVhZ!i]^h^h Vc^chiVcXZd[i]Z6Wdji7dmXaVhh# BZ^hjhZYidVXXZhhVaai]ZejWa^X [^ZaYh!egdeZgi^Zh!VcYbZi]dYh YZ[^cZY^ci]ZXaVhh#>ci]^hZmVb" eaZ!BZ^hVaadl^c\ndjidVhh^\c hdbZXdciZciid[^ZaYhi]ViWZadc\ idi]Z6Wdji7dmXaVhh!l]^X]VgZ Vahdi]Z[^ZaYh[gdbi]Z6Wdji7dm [dgb#GZbZbWZgi]ViZkZgni]^c\ ^c#C:I^hVcdW_ZXiÄ[^ZaYh^cV [dgbVgZbZbWZghd[VXaVhh!VcY V[dgb^chiVcXZ^hVcdW_ZXi#

ID6996C6K><6I:9>6AD<7DM 5g
mciÇjY
XcbY
Zcf
h\Y
5Vcih
Vcl
UbX
h\Y
gd`Ug\
gWfYYb
UXX
Ubch\Yf
bYk
]hYa
hc
mcif
dfc^YWh"
Ig]b[


$ h\Y
hYad`UhYg
gY`YWh
U
8]U`c[
hYad`UhY
UbX
bUaY
]h
BUj][UhY"jV"
% 5XX
U
`UVY`
UbX
U
hYlh
Vcl.

Q
BUaY
h\Y
`UVY`
`V`=bZcIf`"
GYh
h\Y
HYlh
dfcdYfhm
hc
HmdY
Ub
=bhYfbYh
UXXfYgg
UbX
Am
Ckb
6fckgYf
k]``
cdYb
]h
Zcf
mci" Q
BUaY
h\Y
hYlh
Vcl
hlhIf`
gYh
h\Y
5ihc7cad`YhYAcXY
dfcdYfhm
hc
Gi[[Ygh5ddYbX
UbX
gYh
h\Y
5ihc7cad`YhYGcifWY
dfcdYfhm
hc
5``If`"


& G]nY
UbX
dcg]h]cb
h\Y
Wcbhfc`g
UbX
h\Y
Zcfa
gc
h\Uh
h\Y
BUj][UhY
Zcfa
`cc_g
`]_Y
h\Y
cbY
]b
:][ifY
*!+"

@BE8
i]VhVegZYZ[^cZYWZ]Vk^dg^c l]^X]i]ZjhZgXVcÈiXa^X`Vcni]^c\ di]Zgi]VcXdcigdahdci]Vi[dgb/ i]ZD@VcY8VcXZaWjiidchdgi]Z gZYMWjiidcidXadhZi]Z[dgb# I]^hbZVchi]Vijci^ai]ZY^Vad\ Wdm^hXadhZY!i]ZjhZgldcÈiWZ VWaZidXa^X`Vcni]^c\ZahZ^ci]Z Veea^XVi^dc#IdjcYZghiVcYl]ViÈh ]VeeZc^c\]ZgZ!_jhii]^c`VWdji i]ZEg^ciY^Vad\Wdm^cB^Xgdhd[i LdgY/dcXZ^i^hY^heaVnZY!ndj XVcÈi\dWVX`idndjgYdXjbZciid bV`ZVcnX]Vc\Zhl]^aZi]ZY^Vad\ Wdm^hdeZc#I]ZEg^ciY^Vad\Wdm ^hVbdYVa[dgb#

;^\jgZ+", ATi\ZTgX
Ybe`

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

.&

30

NdjÈkZhZihdbZd[i]ZVjidXdbeaZiZegdeZgi^Zhd[i]ZiZmiWdmidWZ]VkZi]ZhVbZlVn i]ZnYd^cB^Xgdhd[i>ciZgcZi:meadgZg#I]^hbZVchi]Vii]ZiZmiWdml^aahj\\ZhiVcYVeeZcY JGAhWVhZYdci]ZaZiiZghi]ZjhZgineZh^c#NdjÈaacdll^gZi]^h[dgbidi]ZVeea^XVi^dcjh^c\ VcZlbZcjXVaaZYCVk^\ViZ#

IDL>G:I=:;DGBIDI=:6EEA>86I>DCJH>C<I=:C6K><6I:B:CJ FYhifb
hc
h\Y
6fckgYf
Zcfa
]b
8Yg][b
j]Yk
UbX
`cc_
Uh
h\Y
hcd
cZ
h\Y
6fckgYf
Zcfa"
Mci
U`fYUXm
\UjY


$ U
aYbi
ghf]d
k]h\
h\Y


% acjY
U
aYbi
W\c]WY
g]ad`m
gY`YWh
]h
UbX
XfU[
]h
k\YfY
mci
kUbh"
=b
h\]g
WUgY
Xfcd
]h
hc
h\Y
`YZh
cZ
h\Y

& h\Uh
]b
J]giU`
6Ug]W
YjYfmh\]b[
]g
Ub
cV^YWh
UbX
]Z
mci
kUbh
hc
aUb]di`UhY
Ubch\Yf
Zcfa
UbX
YlW\Ub[Y
XUhU
VYhkYYb
h\Y
hkc
Zcfag
mci
Z]fgh
bYYX
hc
WfYUhY
Ub
cV^YWh
cZ
h\Uh
hmdY
h\Uh
]g
j]g]V`Y
hc
mcif
aU]b
Zcfa
6fckgYf
ZcfaÃ]b
h\]g
WUgY
Ub
cV^YWh
cZ
hmdY
BUj][UhY"
7fYUhY
Ub
]bghUbWY
cZ
h\Y
BUj][UhY
Zcfa
cihg]XY
h\Y
gcifWY
WcXY
cZ
Ubm
YjYbh
\UbX`Yf
Vm
kf]h]b[
h\Y
Zc``ck]b[
`]bY
cZ
WcXY
]b
6fckgYf"jV.
'LP1DYLJDWH:LQGRZ$V1HZ1DYLJDWH

@cc_
Uh
:][ifY
*!,
hc
gYY
k\YfY
hc
]bgYfh
]h"

;^\jgZ+"6eXTg\aZ
T
aXj
\afgTaVX
bY
g[X
Ybe`
ATi\ZTgX

.'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

Bck
h\Uh
mci
\UjY
Ub
]bghUbWY
cZ
h\Y
BUj][UhY
Zcfa
W`Ugg
mci
WUb
kf]hY
WcXY
hc
YlW\Ub[Y
XUhU
VUW_
UbX
Zcfh\
VYhkYYb
h\Y
hkc
Zcfag"
5bX
h\UhÇg
YlUWh`m
k\Uh
k]``
\UddYb"
K\Yb
h\Y
BUj][UhY
Zcfa
X]gd`Umg
UbX
h\Y
igYf
W`]W_g
h\Y
C?
Vihhcb
k]h\
U
IF@
]b
h\Y
hYlh
Vcl
h\Y
VfckgYf
Wcbhfc`
k]``
bUj][UhY
hc
h\Y
gdYW]Z]YX
IF@"
5`gc
bchY
h\Uh
h\Y
IF@
hYlhVcl
k]``
W`YUf
UZhYf
bUj][Uh]b[
hc
h\Y
IF@
hc
aU_Y
gifY
]hg
Yadhm
h\Y
bYlh
h]aY
h\Y
igYf
UWWYggYg
]h" Cb
h\Y
6fckgYf
Zcfa
XciV`Y!W`]W_
h\Y
BUj][UhY
aYbi
hc
UXX
h\Y
BUj][UhYHcc`Ghf]dAYbi=hYaS7`]W_


' YjYbh
\UbX`Yf"

@BE8

(
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
BUj][UhYHcc`Ghf]dAYbi=hYaS7`]W_
YjYbh
\UbX`Yf" ,I1DYLJDWH:LQGRZ6KRZ'LDORJ  :LQGRZV)RUPV'LDORJ5HVXOW2. 7KHQ 0HP\%URZVHU1DYLJDWH1DYLJDWH:LQGRZW[W8UO7H[W (QG,I 1DYLJDWH:LQGRZW[W8UO7H[W ´µ

6i]`X
UbX
YlYWihY
h\Y
Udd`]WUh]cb
Vm
dfYgg]b[
:)"
H\Y
Zcfa
g\ci`X
fYgYaV`Y
:][ifY
*!-
k\Yb
h\Y
igYf


) gY`YWhg
h\Y
BUj][UhY
aYbi"


;^\jgZ+". 8kXVhg\ba
bY
@l
Bja
5ebjfXe
hf\aZ
g[X
aTi\ZTgX
Ybe`
j\g[
ThgbVb`c_XgX




* Bck
hYgh
h\Y
Udd`]WUh]cb
k]h\
U``
h\Y
acX]Z]WUh]cbg
mciÇjY
aUXY"
JYf]Zm
YjYfm
bYk
UgdYWh. Q
8cYg
dfYgg]b[
5`hB
hU_Y
mci
hc
h\Y
BUj][UhY
Zcfa3 Q
7Ub
mci
\]h
7UbWY`
k]h\#k]h\cih
WcbhYbh3

rel="nofollow">ih^bedgiVci[dgndjidhiVgi aZVgc^c\]dlidiZhindjgdlc XdYZWnYd^c\l]Vih`cdlcVh WaVX`WdmiZhi^c\#6iV]^\]aZkZa! i]^hXdch^hihd[iZhi^c\l]Vii]Z jhZgXVcYdVcYl]Vi^hegZhZciZY idi]ZjhZg#I]^hbZVchi]Vindj cZZYidiZhiZkZgna^iiaZYZiV^a^c i]ZJ>VhlZaaVhi]Zh^ijVi^dchi]Z J>d[[Zghidi]ZjhZg#L]Zcndj eZg[dgbViVh`a^`Zi]^h!>hj\\Zhi ndjXgZViZVhegZVYh]ZZii]Vi XdciV^chVbVig^md[VaaiZhiXVhZh# I]Zc[^aa^i^cVhndjiZhi#I]^hl^aa \^kZndjVk^hjVagZegZhZciVi^dcd[ VaaiZhihVcY[ZVijgZh#NdjÈgZcdl Yd^c\i]^hbVcjVaanWZXVjhZndjg Veea^XVi^dc^hhbVaa^chXdeZ!Wji ndjÈaafj^X`angZVa^oZi]Vil^i]V W^\\ZgVeea^XVi^dcdgVcVeea^XV" i^dcndjb^\]ihZaa!ndjÈaacZZY hdbZhdgid[VjidbViZYbZX]V" c^hbidbV`ZhjgZi]Vii]ZiZhih VgZVaaZmZXjiZYVcYndjÈgZcdi [dg\Zii^c\Vcn#NdjÈaai]ZcgZfj^gZ VJ>iZhi^c\idda!VcY^cbdhih^ij" Vi^dchndjÈaacZZYidWj^aYndjg dlciddah#7jii]ViÈhdjid[Xdc" iZmi[dgi]^hWdd`0>_jhilVciZYid Zbe]Vh^oZi]Z^bedgiVcXZd[iZhi" ^c\ndjgVeea^XVi^dc#

Q
7Ub
mci
bUj][UhY
hc
U
[ccX
IF@#VUX
IF@3 Q
=g
h\Y
hYlh
Vcl
Yadhm
k\Yb
mci
WcaY
VUW_
hc
h\Y
BUj][UhY
Zcfa
h\Uh
]g
UZhYf
mciÇjY
dYfZcfaYX
U``
ch\Yf
ghYdg
UVcjY
UbX
dfYggYX
5`hB
hc
WcaY
VUW_3

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

.(

30

6Egd[Zhh^dcVaAdd`VcY;ZZaViNdjg;^c\Zgi^eh >ci]^hhZXi^dc!ndjÈaaXdci^cjZidVYY[jcXi^dcVa^inidndjgWgdlhZgjh^c\XdbedcZcihi]Vi ndjb^\]i]VkZhZZc^cdi]ZgB^Xgdhd[iVeea^XVi^dch#NdjÈaaVYYVeeZVa^c\VcYegd[Zhh^dcVa idjX]ZhidndjgVeea^XVi^dc^cV[VhiVcYZVhnlVn#

6YY^c\VIddaHig^e8dciV^cZgVcYHdbZIddah 6iddahig^eXdciV^cZg^hVcZlXdcigdai]Vih]^ehl^i]i]^hgZaZVhZd[K^hjVa7Vh^X'%%*!VcY^i VaadlhndjidaZindjgjhZghXjhidb^oZi]ZVeea^XVi^dcndjlgdiZ^cVlVnh^b^aVgid]dl i]ZnXjhidb^oZi]ZiddaWVgh^cB^Xgdhd[iD[[^XZDjiadd`œdgLdgY#I]Ziddahig^eXdciV^cZg ]Vh[^kZeVcZah!dcZdcZVX]h^YZd[i]ZhXgZZc!VcYVXdciZcieVcZa^ci]Zb^YYaZ#NdjXVc ]VkZVaad[i]Zbdci]ZhXgZZcZcVWaZYVidcZi^bZdgX]ddhZi]ZbhZaZXi^kZanViYZh^\c i^bZ#NdjXVcVahdXdcigdai]Zbl^i]hdjgXZXdYZ#NdjXVcejiViddahig^eVcYVbZcjhig^e ^cViddahig^eXdciV^cZgViYZh^\ci^bZ!VcYVigjci^bZndjgjhZgh]VkZi]Zdeedgijc^inid VggVc\Zi]Z^gldg`heVXZi]ZlVni]Zna^`Z#I]Ziddahig^eXdciV^cZg\^kZhndjgVeea^XVi^dci]Z hVbZadd`VcY[ZZaVhDjiadd`hZZ;^\jgZ+"&%#;dg^chiVcXZ!>lVhVWaZidejiildidda hig^ehdci]ZaZ[id[bnhXgZZc#I]^hbZVchi]dhZiddahig^ehVgZZbWZYYZY^ci]Ziddahig^e XdciV^cZgaZ[ieVcZa#7ji>XdjaYZVh^anbdkZVcnk^h^WaZiddaWVgWVX`idi]Zide!i]Zg^\]i!dg idi]ZWdiidb#L^i]Viddahig^eXdciV^cZg!ndj\^kZndjgjhZghXdcigdad[i]ZaVndjid[i]Z^g iddahig^ehVcYbZcjhig^e!l]^X]^hV\gZVi[ZVijgZid]VkZ#

;^\jgZ+"&% Gbb_
Fge\c
6bagT\aXe
XkT`c_X
\a
Bhg_bb^

.)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ID6996IDDAHIG>E8DCI6>C:G $
8fU[
U
hcc`
ghf]d
WcbhU]bYf
cbhc
h\Y
6fckgYf
:cfa
XYg][b
gifZUWY" %
FYbUaY
hcc`ghf]dWcbhU]bYf%
hc
aU]b:cfaHcc`Ghf]d7cbhU]bYf" &
IgY
h\Y
gaUfh
hU[
Zfca
h\Y
hcc`
ghf]d
WcbhU]bYf
hc
gY`YWh
8cW_
:]``
=b
:cfa" ABG8

LV^iVb^cjiZ###l]ZgZ^hi]ZLZW7gdlhZgXdcigda49dcÈildggn!^iY^YcÈiY^hVeeZVg# I]ZXdcigdaÈho"dgYZg]VhX]Vc\ZY#I]ZLZW7gdlhZgXdcigda^hk^hjVaanjcYZgi]Ziddahig^e XdciV^cZg!VcY^iheVgZci^hcdii]Ziddahig^eXdciV^cZgWjii]ZWgdlhZg[dgb# I]Z9dXjbZciDjia^cZk^Zl^hVkVajVWaZiddai]ViXVc]ZaendjhdakZi]^hegdWaZbVcY hVkZndjVadid[i^bZ#;dgi]dhZd[ndj[Vb^a^Vgl^i]egZk^djhkZgh^dchd[K^hjVaHijY^d!i]^h k^ZlZm^hiZYWZ[dgZ[dg=IBAVcY6HEMYdXjbZcihdcan#L^i]K^hjVaHijY^d'%%*!^i]Vh WZZcZmiZcYZYidL^cYdlh;dgbh#Id]VkZi]Z9dXjbZciDjia^cZk^Zl^cndjg>9:!h^bean \didK^Zl$Di]ZgL^cYdlh$9dXjbZciDjia^cZdgegZhh8iga 6ai I#I]^hk^ZlaZihndjbVc" V\ZVaaXdcigdahdcndjg[dgb#>ih]dlh]dli]ZXdcigdahVgZVggVc\ZYdci]ZhXgZZcVcY l]^X]XdcigdahWZadc\hidVcdi]ZgXdcigda#;dg^chiVcXZ!g^\]icdlndjXVccdihZZi]ZLZW 7gdlhZgXdcigda!Wji^[ndjZcVWaZ9dXjbZciDjia^cZk^Zl!ndjaahZZi]Vii]ZLZW7gdlhZg Xdcigda^hVii]ZhVbZaZkZaVhi]ZcZlanVYYZYiddahig^eXdciV^cZghZZ;^\jgZ+"&&#Id gZVggVc\Zi]ZdgYZgVcYX]Vc\Z]dli]ZXdcigdahVgZY^heaVnZY![daadli]ZcZmihiZeh#

I]Zo"dgYZg^hi]ZXdcigdaÈhedh^" i^dcgZaVi^kZidi]Zdi]Zgl^cYdlh dgXdcigdahdci]ZhXgZZc0i]^c` d[^iVhi]Zi]^gYY^bZch^dcdg WZ^c\dcided[dgWZcZVi]di]Zg Xdcigdah#

;^\jgZ+"&& G[X
7bVh`Xag
Bhg_\aX
j\aWbj
Ybe
g[X
@l
Bja
5ebjfXe
ceb]XVg

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

.*

30

IDG:6GG6C<:I=:DG9:GD;8DCIGDAH =b
h\Y
8cWiaYbh
Cih`]bY
k]bXck
gY`YWh
h\Y
KYV
6fckgYf
Wcbhfc`
WU``YX
am6fckgYf
UbX
XfU[
]h
^igh


$ VY`ck
h\Y
hcc`
ghf]d
WcbhU]bYf
WcbhYbh
dUbY`
WU``YX
aU]b:cfaHcc`Ghf]d7cbhU]bYf"7cbhYbhDUbY`"
K\Yb
mci
XfU[
h\Y
KYV
6fckgYf
Wcbhfc`
U
V`UW_
`]bY
]bX]WUhYg
k\YfY
h\Y
Wcbhfc`
k]``
VY
XfcddYX
]Z
mci
fY`YUgY
h\Y
acigY
Vihhcb"
Bck
X]gd`Um
h\Y
Zcfa
U[U]b"
H\Y
KYV
6fckgYf
Wcbhfc`
]g
]b
h\Y
a]XX`Y
cZ
h\Y
Zcfa"
6ih
Ug
mci
WUb
gYY


@BE8
[ndjgVeea^XVi^dcYZh^\c YZbVcYh^iVcY^[ndjlVciid XdchigV^ci]ZjhZg^cVcnlVn!ndj XVcVahd]^YZeVcZahVcYegZkZci jhZgh[gdbYdX`^c\Vcniddahig^e dgbZcjhig^e^cVeVcZa#AZiÈh jhZi]ZXjggZciVeea^XVi^dcVhVc ZmVbeaZ#>[ndjlVciidYdi]^h! hZaZXii]Ziddahig^eXdciV^cZgXdc" igdacVbZYbV^c;dgbIddaHig^e" 8dciV^cZg#NdjXVcZ^i]ZghZaZXi^i [gdbi]ZEgdeZgi^Zhl^cYdldgi]Z 9dXjbZciDjia^cZ#I]ZcbdY^[n i]Zk^h^WaZegdeZgind[i]ZeVcZa ndjlVciid]^YZ#;dg^chiVcXZ!^[ ndjldjaYa^`Zid]^YZi]ZWdiidb eVcZa!hZii]Z7diidbIddaHig^eEVc" ZaK^h^WaZegdeZginid[VahZ#

% h\Y
AYbi
Ghf]d
Wcbhfc`
]g
bch
]b
h\Y
hcc`
ghf]d
WcbhU]bYf"
FYdYUh
ghYd
%
Zcf
h\Y
AYbi
Ghf]d
Wcbhfc`
Vih
]bghYUX
cZ
Xfcdd]b[
]h
]b
h\Y
WcbhYbh
dUbY`
Xfcd
]h
]b
h\Y
hcd
dUbY`
cZ
h\Y
hcc`
ghf]d
WcbhU]bYf
aU]b:cfa! Hcc`Ghf]d7cbhU]bYf"HcdHcc`Ghf]dDUbY`"

Cdli]Zdcani]^c\b^hh^c\[gdbi]ZcZlbZcjhig^e^hVYdiiZY\g^ea^`Zi]ZdcZ^ci]Z Djiadd`[^\jgZ#L^i]djii]^h\g^e!VjhZg^hjcVWaZidhZaZXii]ZbZcjhig^eViVaa0^i^h[^mZY^c i]ZideeVcZa#

ID69969DII:9EIDI=:B:CJHIG>E :fca
h\Y
8cWiaYbh
Cih`]bY
k]bXck
gY`YWh
h\Y
aYbi
ghf]d
WU``YX
ag6fckgYf
[c
hc
h\Y
DfcdYfh]Yg


$ k]bXck
UbX
gYh
h\Y
;f]dGhm`Y
dfcdYfhm
hc
J]g]V`Y"

Fib
h\Y
Udd`]WUh]cb
Vm
dfYgg]b[
:)"
AcjY
h\Y
aYbi
ghf]d
Zfca
cbY
dUbY`
hc
h\Y
ch\Yf"
Mci
bck
\UjY


% Ub
Udd`]WUh]cb
Ug
Wcc`
Ug
Cih`cc_"

6YY^c\VHiVijh7VgidNdjg7gdlhZg NdjgVeea^XVi^dc^hWZXdb^c\g^X]^c[ZVijgZh!Wjiid\Zi^iXadhZgidbdhiL^cYdlhVeea^XV" i^dch!ndjcZZYVhiVijhWVgidgZedgi^c[dgbVi^dcVWdjil]ViÈh\d^c\dcViVcnbdbZci Yjg^c\i]ZZmZXji^dc#IdVXXdbea^h]i]^h^cndjgWgdlhZg!ndjÈaaVYYVHiVijhHig^eXdcigda VcY!l^i]^ci]^hhiVijhhig^e!ndjÈaaVYYVegd\gZhhWVg#

.+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ID6996HI6IJHHIG>E8DCIGDA6C96EGD
$ W`]W_
]h"
H\Y
hcc`
ghf]d
WcbhU]bYfÇg
Vchhca
dUbY`
UddYUfg
Ug
U
V`iY
ghf]d"

8fU[
U
GhUhig
Ghf]d
Wcbhfc`
hc
h\Y
hcc`
ghf]d
WcbhU]bYfÇg
Vchhca
dUbY`"
5ZhYf
mci
Xfcd
]h
cbhc
h\Y


% Vchhca
dUbY`
]h
g\ci`X
YldUbX
hc
WcjYf
h\Y
k\c`Y
dUbY`
gifZUWY" &


FYbUaY
h\Y
GhUhig
Ghf]d
Wcbhfc`
Zfca
GhUhigGhf]d%
hc
ggW6fckgYf" 7\Ub[Y
h\Y
FYbXYfAcXY
dfcdYfhm
cZ
h\Y
GhUhig
Ghf]d
Wcbhfc`
hc
DfcZYgg]cbU`"
H\]g
k]``
U``ck
h\Y


' Udd`]WUh]cb
hc
dfYgYbh
U
ghUhig
VUf
hc
h\Y
igYf
ig]b[
h\Y
cdYfUh]b[
gmghYa
Wc`cfg"
:cf
]bghUbWY
]Z
h\Y
h\YaYg
]b
K]bXckg
LD
UfY
V`iY
h\Yb
h\Y
ghUhig
VUf
k]``
VY
V`iY
Ug
kY``" 5XX
U
@UVY`
Wcbhfc`
hc
h\Y
ghUhig
ghf]d
Vm
W`]W_]b[
cb
h\Y
Xckb
Uffck
cZ
h\Y
GhUhig
Ghf]d
5XX
Wcbhfc`


( Vihhcb
UbX
h\Yb
gY`YWh]b[
GhUhig@UVY`"


) FYbUaY
h\Y
Wcbhfc`
Zfca
Hcc`Ghf]dGhUhig@UVY`%
hc
`V`5dd`]WUh]cbGhUhig"


* 5XX
U
dfc[fYgg
VUf
hc
mcif
ghUhig
ghf]d
^igh
Ug
mci
X]X
Zcf
h\Y
@UVY`
Wcbhfc`"


+ FYbUaY
h\Y
Wcbhfc`
Zfca
Hcc`Ghf]dDfc[fYgg6Uf%
hc
dVGhUhig" L]Zci]ZhiVijhhig^eVcYi]Zegd\gZhhWVgVgZY^heaVnZYidi]ZjhZg!i]ZnjhjVaanWg^c\ ^bedgiVci^c[dgbVi^dcVWdjii]ZZkZcihi]ViVgZdXXjgg^c\Yjg^c\i]ZZmZXji^dc#I]^c`d[^i a^`ZVaZiiZgVgg^k^c\Vindjg]djhZ#Ndj]ZVgi]ZbV^aigjX`VcYgZVa^oZi]ZbV^a]VhVgg^kZY# I]^h^hi]ZZkZcii]Vi^hgV^hZY#NdjdeZcndjgbV^aWdmVcYi]ZZckZadeZidaZVgci]Vi^iÈh ndjgXgZY^iXVgYW^aa#I]ZW^aa^hdcZd[i]Ze^ZXZhd[^c[dgbVi^dci]ViXdbZhVadc\l^i]i]Z ZkZci#IdVcVaV\djhanedejaViZi]ZXdcigdah^ci]ZhiVijhhig^e!ndjÈaa]VkZidXdc[^\jgZndjg Veea^XVi^dcidZmigVXii]^h^c[dgbVi^dc[gdbVaaXdcigdah^#Z#!ZckZadeZl]ZcZkZcihVgZ]Ve" eZc^c\^#Z#!bV^aigjX`Vgg^k^c\#6cYndjaaYdi]Viegd\gVbbVi^XVaanWnlg^i^c\XdYZ^c ZkZci]VcYaZgh#

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

.,

30

IDEDEJA6I:8DCIGDAHL>I=>C;DGB6I>DC Cb
h\Y
XYg][b
gifZUWY
gY`YWh
h\Y
Am
Ckb
6fckgYf
Zcfa
Vm
W`]W_]b[
]hg
h]h`Y
VUf"
@cc_
]b
h\Y
DfcdYfh]Yg


$ k]bXck
hc
aU_Y
gifY
h\Y
6fckgYf
Zcfa
]g
gY`YWhYX
UbX
W`]W_
h\Y
9jYbh
Vihhcb
mY``ck
`][\hb]b[
]b
h\Y
DfcdYfh]Yg
k]bXck"
:]bX
h\Y
@cUX
YjYbh
UbX
XciV`Y!W`]W_
]h
hc
Vf]b[
id
h\Y
XYZUi`h
YjYbh
\UbX`Yf.
6fckgYfS @cUX"
H\Y
Zcfa
@cUX
YjYbh
]g
fU]gYX
^igh
VYZcfY
h\Y
Zcfa
X]gd`Umg
hc
h\Y
igYf"
Gc
]hÇg
U
[ccX
d`UWY
hc
W\Ub[Y
dfcdYfh]Yg
h\Uh
UZZYWh
h\Y
j]giU`
UgdYWhg
cZ
U
Zcfa" 5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
YjYbh
6fckgYfS@cUX
hc
acX]Zm
h\Y
ghUhig
aYggU[Y
`UVY`
`V`5dd`]WU!

% h]cbGhUhig
]b
h\Y
ghUhig
ghf]d"

0HOEO$SSOLFDWLRQ6WDWXV7H[W ´5HDG\µ

MciÇ``
bck
UhhUW\
gcaY
WcXY
hc
h\Y
dfc[fYgg
VUf
UbX
acX]Zm
h\Y
`UVY`
cb
h\Y
ghUhig
ghf]d
hc
]bX]WUhY
k\YfY
h\Y
igYf
]g
bUj][Uh]b[
hc"
K\Yb
h\Y
dU[Y
]g
Zi``m
Xckb`cUXYX
hc
h\Y
W`]Ybh
D7
mciÇ``
fYgYh
h\Y
`UVY`
WcbhYbh
]b
h\Y
ghUhig
ghf]d
hc
h\Y
kcfX
FYUXm"
MciÇ``
U`gc
acX]Zm
h\Y
VfckgYf
h]h`Y
hc
]bW`iXY
h\Y
IF@
k\YfY
h\Y
igYf
bUj][UhYX
hc"
K\YbYjYf
h\Y
C?
Vihhcb
]g
W`]W_YX
]b
h\Y
BUj][UhY
Zcfa
h\Y
KYV
6fckgYf
Wcbhfc`
bUaYX
am6fckgYf
fU]gYg
h\Y
BUj][Uh]b[
YjYbh"
H\UhÇg
k\YfY
mciÇ``
ghUfh
kf]h]b[
WcXY" GY`YWh
h\Y
am6fckgYf
Wcbhfc`
UbX
h\Yb
[c
hc
h\Y
9jYbhg
`]gh
]b
h\Y
DfcdYfh]Yg
k]bXck"
8ciV`Y!W`]W_


& h\Y
BUj][Uh]b[
YjYbh
UbX
YbhYf
h\Y
Zc``ck]b[
WcXY.

¶0RGLI\LQJWKHODEHOLQWKHVWDWXVVWULSZLWKWKH85/HQWHUHGE\WKHXVHU 0HOEO$SSOLFDWLRQ6WDWXV7H[W ´1DYLJDWLQJWR´H8UO+RVW7R6WULQJ

CbWY
h\Y
igYf
YbhYfg
U
IF@
UbX
h\Y
XcWiaYbh
]g
VY]b[
Xckb`cUXYX
h\Y
dfc[fYgg
VUf
k]``
bYYX
hc
idXUhY"
DYf]cX]WU``m
h\Y
KYV
6fckgYf
Wcbhfc`
fU]gYg
h\Y
Dfc[fYgg7\Ub[YX
YjYbh"
H\UhÇg
k\YfY
mciÇ``
idXUhY
h\Y
dfc[fYgg
VUf
]b
h\Y
ghUhig
ghf]d" AU_Y
gifY
mci
\UjY
h\Y
am6fckgYf
Wcbhfc`
gY`YWhYX
]b
h\Y
DfcdYfh]Yg
k]bXck
UbX
h\Yb
[c
hc
h\Y


' 9jYbh
`]gh"
8ciV`Y!W`]W_
h\Y
Dfc[fYgg7\Ub[YX
YjYbh"
9bhYf
h\Y
Zc``ck]b[
WcXY
_bb^
Tg
g[X
Vb``Xagf
gb
haWXefgTaW
g[X
fbheVX
VbWX. ¶7KH&XUUHQW3URJUHVVYDULDEOHIURPWKHUDLVHGHYHQW ¶JLYHV\RXWKHFXUUHQWQXPEHURIE\WHVDOUHDG\GRZQORDGHG ¶ZKLOHWKH0D[LPXP3URJUHVVLVWKHWRWDOQXPEHURIE\WHV ¶WREHGRZQORDGHG ,IH&XUUHQW3URJUHVVH0D[LPXP3URJUHVV7KHQ ¶&KHFNLIWKHFXUUHQWSURJUHVVLQWKHSURJUHVVEDU

.-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

¶LV! WRWKHPD[LPXPLI\HVUHVHWLWZLWKWKHPLQ ,ISE6WDWXV9DOXH! SE6WDWXV0D[LPXP7KHQ SE6WDWXV9DOXH SE6WDWXV0LQLPXP (OVH ¶-XVWLQFUHDVHWKHSURJUHVVEDU SE6WDWXV3HUIRUP6WHS (QG,I (OVH ¶:KHQWKHGRFXPHQWLVIXOO\GRZQORDGHG ¶UHVHWWKHSURJUHVVEDUWRWKHPLQ SE6WDWXV9DOXH SE6WDWXV0LQLPXP (QG,I

K\Yb
h\Y
igYfg
XcWiaYbh
]g
Zi``m
Xckb`cUXYX
h\Y
VfckgYf
k]``
fU]gY
h\Y
8cWiaYbh7cad`YhYX
YjYbh"
K\Yb
h\]g
YjYbh
]g
fU]gYX
h\Y
Udd`]WUh]cb
h]h`Y
bYYXg
hc
VY
idXUhYX
hc
h\Y
WiffYbh
IF@
UbX
h\Y
Udd`]WUh]cb
ghUhig
`UVY`
]b
h\Y
ghUhig
ghf]d
k]``
bYYX
hc
W\Ub[Y
hc
h\Y
ÄFYUXmÅ
ghUhY" =b
h\Y
am6fckgYf
YjYbh
`]gh
XciV`Y!W`]W_
h\Y
8cWiaYbh7cad`YhYX
YjYbh"
H\Yb
UXX
h\Y
Zc``ck]b[


( WcXY
hc
]h.

¶*HW$SSOLFDWLRQWLWOHXVLQJWKH0\QDPHVSDFH ,I0\$SSOLFDWLRQ,QIR7LWOH!´µ7KHQ 0H7H[W 0\$SSOLFDWLRQ,QIR7LWOH´´H8UO+RVW7R6WULQJ (OVH ¶,IWKHDSSOLFDWLRQWLWOHLVPLVVLQJ ¶XVHWKHDSSOLFDWLRQQDPHZLWKRXWWKHH[WHQVLRQ 0H7H[W 6\VWHP,23DWK*HW)LOH1DPH:LWKRXW([WHQVLRQB 0\$SSOLFDWLRQ,QIR$VVHPEO\1DPH ´´H8UO+RVW7R6WULQJ (QG,I 0HOEO$SSOLFDWLRQ6WDWXV7H[W ´5HDG\µ

5g
mci
WUb
gYY
]b
h\]g
WcXY
mciÇjY
^igh
fYigYX
g]a]`Uf
gcifWY
WcXY
igYX
]b
h\Y
5Vcih
Vcl
UbX
h\Y
gd`Ug\
gWfYYb
X]U`c[
gYWh]cbg"
=h
igYg
h\Y
Bn
bUaYgdUWY
W`UggYg
UbX
aYh\cXg" GUjY
U``
Z]`Yg
UbX
fib
h\Y
Udd`]WUh]cb
bck"
Mci
g\ci`X
\UjY
U
kcf_]b[
dfc[fYgg
VUf
UbX
U``
bYk
]bZcf!

) aUh]cb
g\ci`X
VY
X]gd`UmYX.
acX]Z]YX
h]h`Y
k]bXck
UbX
ghUhig
ghf]d
`UVY`"

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

..

30

EZghdcVa^oZNdjg6eea^XVi^dcl^i]L^cYdlh>Xdch >ci]^hhZXi^dc!ndjÈaaXdci^cjZideZghdcVa^oZndjgWgdlhZgWnVYY^c\hdbZ^Xdchi]ViXdbZ [gdb`cdlcB^Xgdhd[iVeea^XVi^dch#6[iZgi]^hhZXi^dc!ndjÈaa]VkZVldg`^c\>ciZgcZiWgdlhZg l^i]bdhicVk^\Vi^dcVa[ZVijgZh[jaan^beaZbZciZYÄbVnWZcdil^i]Vaai]Z[jcXi^dcVa^ind[ >ciZgcZi:meadgZg!Wjindjh]djaYWZegdjYd[ndjghZa[#Add`Vi;^\jgZ+"&'idhZZl]Vindj l^aa]VkZVXXdbea^h]ZYV[iZgi]^hhZXi^dc#

;^\jgZ+"&' Lbhe
UebjfXe
Tg
g[X
XaW
bY
g[\f
fXVg\ba

&%%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6hndjXVchZZ!ndjÈaa^beaZbZciVc^XZa^hid[[ZVijgZh^ci]^hhZXi^dc#=ZgZÈhl]VindjÈgZ \d^c\idVXXdbea^h]/ N A^c`VaaWjiidchidWgdlhZg[jcXi^dcVa^i^Zh N BVcV\Zi]ZiÈh_jhiVbViiZgd[Xdch^hiZcXnVcY\ddYegVXi^XZ#

@BE8
hj\\Zhii]VindjgZcVbZndjg Wjiidch^bbZY^ViZanl]Zcndj VYYi]ZbidbV`ZhjgZi]ZZkZci ]VcYa^c\XdYZ]Vhi]ZXdggZXi cVbZ#>i^hedhh^WaZidgZcVbZi]Z WjiidchaViZg!Wji^iÈhbdgZiZY^djh WZXVjhZndj]VkZideZg[dgbZmigV hiZeh!l]^X]iV`ZhbdgZi^bZ#>iÈh _jhiZVh^Zg!XaZVcZg!VcY[VhiZgid Yd^iVhhddcVhndjXgZViZi]Z Xdcigdah#

ID699IDDAHIG>EH6C97JIIDCHIDNDJG7GDLH:G GhUfh
Vm
UXX]b[
hkc
bYk
hcc`
ghf]dg
hc
h\Y
VfckgYfÇg
Zcfa
f][\h
VY`ck
h\Y
aYbi
ghf]d"
BUaY
h\Y
Z]fgh


$ cbY
hg=Wcbg
UbX
h\Y
ch\Yf
cbY
hgBUj][Uh]cb"
IgY
h\Y
8cWiaYbh
Cih`]bY
hc
aU_Y
gifY
h\Ym
UfY
ibXYf
h\Y
hcd
dUbY`
cZ
h\Y
hcc`
ghf]d
WcbhU]bYf"

GY`YWh
h\Y
hg=Wcbg
hcc`
ghf]d"
H\Yb
ig]b[
h\Y
5XX
Hcc`
Ghf]d
=hYa
Xfcd!Xckb
`]gh
UXX
g]l
Vihhcbg


% UbX
bUaY
h\Ya
hgV6UW_
hgV:cfkUfX
hgVGhcd
hgVFYZfYg\
hgV
Hc
acX]Zm
h\Y
]aU[Y
Zcf
YUW\
Vihhcb
W\Ub[Y
h\Y
=aU[Y
dfcdYfhm
cZ
h\Y
Hcc`
Ghf]d
6ihhcb
Wcbhfc`
Vm


& W`]W_]b[
h\Y
9``]dg]g
Vihhcb
"""
hc
VfckgY
cb
mcif
\UfX
X]g_
Zcf
h\Y
]Wcb"
Cf
mci
WUb
f][\h!W`]W_
h\Y
]Wcb
]b
h\Y
hcc`
ghf]d
UbX
gY`YWh
GYh
=aU[Y"
"
"
MciÇ``
h\Yb
\UjY
h\Y
gUaY
X]U`c[
Vcl
hc
]adcfh
h\Y
]aU[Y
Z]`Yg
Zfca
mcif
\UfX
X]g_"
H\Y
]aU[Yg
Zcf
h\YgY
Vihhcbg
UfY
U``
`cWUhYX
]b
h\Y
=aU[Yg
Zc`XYf
ibXYf
7\UdhYf
*
k\YfY
mcijY
]bghU``YX
mcif
WcadUb]cb
WcbhYbh"

'


:cf
h\Y
hgVGYUfW\
Vihhcb
f][\h!W`]W_
h\Y
Vihhcb
gY`YWh
8]gd`Um
Ghm`Y
UbX
gYh
]h
hc
=aU[Y5bXHYlh"

(


AcX]Zm
h\Y
HYlh
dfcdYfhm
cZ
h\Y
hgVGYUfW\
Vihhcb
hc
GYUfW\"

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

&%&

30

:cf
YUW\
Vihhcb
UXX
h\Y
fYgdYWh]jY
ZibWh]cbU`]hm"
MciÇ``
gYY
\ck
YUgm
]h
]g
hc
UXX
h\Y
XYg]fYX
ZibWh]cb!

) U`]hm
VYWUigY
h\Y
KYV
6fckgYf
Wcbhfc`
kUg
kY``
XYg][bYX"
8ciV`Y!W`]W_
cbY
Vihhcb
UZhYf
h\Y
ch\Yf


UbX
mciÇ``
[Yh
hc
h\Y
7`]W_
YjYbh
Zcf
YUW\
cbY"
=b
YUW\
7`]W_
YjYbh
UXX
h\Y
Zc``ck]b[
WcXY"
GYY
VY`ck
Zcf
h\Y
WcffYgdcbX]b[
Vihhcb
bUaY
UbX
YjYbh
gcifWY
WcXY" hgV6UW_





P\%URZVHU*R%DFN

hgV:cfkUfX




P\%URZVHU*R)RUZDUG

hgVGhcd





P\%URZVHU6WRS

hgVFYZfYg\





P\%URZVHU5HIUHVK

hgV



P\%URZVHU*R+RPH

hgVGYUfW\





P\%URZVHU*R6HDUFK

Fib
h\Y
Udd`]WUh]cb
UbX
XYhYfa]bY
]Z
h\Y
Vihhcbg
UfY
kcf_]b["
9jYfmh\]b[
g\ci`X
VY
kcf_]b[
YlWYdh


* Zcf
h\Y
bUj][Uh]cb
Vihhcbg"

NdjÈaacdlbdY^[ni]ZWZ]Vk^dgd[i]ZildcVk^\Vi^dcWjiidch^ci]ZihW>Xdchiddahig^eid bV`ZhjgZi]ZnÈgZZcVWaZYdcanl]Zci]Znh]djaYWZÄi]Vi^h!l]Zci]ZgZVgZeV\Zh^ci]Z WgdlhZgÈh]^hidgn#L]ZcndjhiVgii]ZVeea^XVi^dc!i]ZWjiidchh]djaYWZY^hVWaZY#I]ZWZhi eaVXZidejii]^hXdYZ^hi]ZAdVYZkZcid[i]Z7gdlhZg[dgb#>iÈhV\ddYeaVXZWZXVjhZi]Z ZkZcil^aa]VeeZcg^\]iWZ[dgZi]ZjhZgVXijVaanhZZhi]Z[dgb#CZmi!ndjcZZYidi]^c`VWdji l]ZgZndjh]djaYejii]ZXdYZi]Vil^aaZcVWaZVcYY^hVWaZi]ZildcVk^\Vi^dcWjiidch#I]Z ^YZVaeaVXZ[dgi]ZkVa^YVi^dcXdYZ^hl]ZgZi]ZcVk^\Vi^dcdXXjghWZXVjhZndj`cdlVii]Vi bdbZcii]ZWgdlhZgl^aacVk^\ViZidVcZlJGA#

&%'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

IDBD9>;NI=:7:=6K>DGD;C6K><6I>DC7JIIDCH $
=b
6fckgYf"jV
acX]Zm
6fckgYfS@cUX
UbX
am6fckgYfSBUj][Uh]b[
hc
`cc_
`]_Y
h\Y
Zc``ck]b["
3ULYDWH6XE%URZVHUB/RDG%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV +DQGOHV 0\%DVH/RDG ¶'LVDEOLQJERWKQDYLJDWLRQEXWWRQVLQWKH,FRQVWRROVWULS 0HWVE%DFN(QDEOHG )DOVH 0HWVE)RUZDUG(QDEOHG )DOVH 0HOEO$SSOLFDWLRQ6WDWXV7H[W ´5HDG\µ (QG6XE 3ULYDWH6XEP\%URZVHUB1DYLJDWLQJ%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP:LQGRZV )RUPV:HE%URZVHU1DYLJDWLQJ(YHQW$UJV +DQGOHVP\%URZVHU1DYLJDWLQJ ¶$GGWKHFRGHWRHQDEOHRUGLVDEOHZKHQHYHUWKHUHDUH85/V ¶LQWKHEURZVLQJVHVVLRQ·VKLVWRU\ ,IP\%URZVHU&DQ*R%DFN7KHQ WVE%DFN(QDEOHG 7UXH (OVH WVE%DFN(QDEOHG )DOVH (QG,I ,IP\%URZVHU&DQ*R)RUZDUG7KHQ WVE)RUZDUG(QDEOHG 7UXH (OVH WVE)RUZDUG(QDEOHG )DOVH (QG,I ¶0RGLI\LQJWKHODEHOLQWKHVWDWXVVWULSZLWKWKH85/HQWHUHGE\WKHXVHU 0HOEO$SSOLFDWLRQ6WDWXV7H[W ´1DYLJDWLQJWR´H8UO+RVW7R6WULQJ (QG6XE

% Fib
h\Y
Udd`]WUh]cb
hc
XYhYfa]bY
]Z
h\Y
Vihhcbg
VY\UjY
WcffYWh`m
bck"

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

&%(

30

CZmi!ndjÈaaVYYi]ZcVbZhVcYXdcigdahidi]ZihCVk^\Vi^dciddahig^eVhndjY^Y[dgi]Z egZk^djhiddahig^e#=dlZkZg!i]^hi^bZ^chiZVYd[_jhiVYY^c\hdbZiddahig^eWjiidch!ndjÈaa VYYY^[[ZgZciineZhd[Xdcigdah# ;dg^chiVcXZ!ndjÈaabdY^[ni]ZWgdlhZgidcVk^\ViZidi]ZJGAheZX^[^ZY^ci]ZiZmiWdm l]Zci]ZjhZgXa^X`h:ciZg#NdjÈaaVahdbdY^[ni]ZWZ]Vk^dgd[Xa^X`^c\i]Z
ID699C:L8DCIGDAHIDI=:IHC6K><6I>DCIDDAHIG>E IgY
h\Y
5XX
Hcc`
Ghf]d
=hYa
Xfcd!Xckb
`]gh
cb
h\Y
hgBUj][Uh]cb
hcc`ghf]d
UbX
UXX
h\Y
Zc``ck]b[
Wcb!

$ hfc`g
hc
h\Y
hcc`
ghf]d.
@UVY`
HYlh6cl
UbX
6ihhcb"
BUaY
h\Y
Wcbhfc`g
hg`V`5XXfYgg
hghVIf`
UbX
hgV;c" %
IgY
h\Y
hUV`Y
VY`ck
UbX
gYh
h\Y
dfcdYfh]Yg
cZ
h\Y
Wcbhfc`g" 8dcigdacVbZ

IneZ

EgdeZgi^Zh

KVajZ

ihaWa6YYgZhh

IddaHig^eAVWZa

IZmi

ihiWJga

IddaHig^eIZmi7dm

H^oZ/L^Yi]

(*%

ihW
IddaHig^e7jiidc

IZmi


ihW
IddaHig^e7jiidc

9^heaVnHinaZ

>bV\Z6cYIZmi

ihW
IddaHig^e7jiidc

>bV\Z


I]ZihCVk^\Vi^dciddahig^e^hcdiVY^Vad\Wdml^i]VcD@WjiidcdgV8VcXZaWjiidc!hd ndjXVccdijhZi]Z6XXZei7jiidcdg8VcXZa7jiidcegdeZgi^Zh#I]ZgZ[dgZ!ndjcZZYidXVe" ijgZVcdi]ZgZkZcii]Vil^aaWZig^\\ZgZYl]ZcZkZgi]ZjhZgegZhhZh:ciZg# I]Z@ZnJeZkZci^hig^\\ZgZYl]ZcZkZgV`Zn^hgZaZVhZYWni]ZjhZg#;dg^chiVcXZ!l]Zc" ZkZgi]ZjhZgineZh^cVaZiiZg!]ZegZhhZhYdlci]Z`Znd[i]ZYZh^gZYaZiiZg#L]Zc]ZgZaZVh" Zhi]Z`Zn!i]Z@ZnJeZkZci^hig^\\ZgZY#I]ZXdYZndjÈaaVYY^ci]ZcZmiZmZgX^hZl^aaYZiZg" b^cZ^[i]Z`Zni]ZjhZg_jhigZaZVhZYlVhi]Z:ciZg`Zn#>[^ilVh!VcZlbZi]dYXVaaZY CVk^\ViZIdJgal^aaVXXZeiVhig^c\gZegZhZci^c\i]ZJGAVhVeVgVbZiZgVcYcVk^\ViZidi]Z JGA#

&%)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

NdjÈaajhZi]ZhVbZbZi]dY[dgi]Z[i]VidcZa^cZd[XdYZ^hgZeZViZYi]gdj\]djii]ZhdjgXZXdYZ!ndjÈaa]VkZ idjeYViZ^i^cbjai^eaZeaVXZh#=dlZkZg!^[i]ZgZ^hdcandcZeaVXZl]ZgZndj]VkZidbdY^[n i]ZXdYZ!ndjghdaji^dc^haZhhegdcZidZggdghVcYVadiaZhhiZY^djh#

ID8DC;><JG:I=:7GDLH:GIDC6K><6I:IDI=:JGA $ GY`YWh
h\Y
hghVIf`
Hcc`
Ghf]d
hYlh
Vcl"
=b
h\Y
YjYbh
`]gh
]b
h\Y
DfcdYfh]Yg
k]bXck
Zcf
hghVIf`
XciV`Y!W`]W_
h\Y
?YmId
YjYbh"
6Y`ck
]g
h\Y
WcXY


% hc
XYhYfa]bY
]Z
h\Y
igYf
dfYggYX
UbX
fY`YUgYX
h\Y
9bhYf
_Ym
UbX
U`gc
h\Y
aYh\cX
BUj][UhYHcIf`
h\Uh


k]``
YbUV`Y
mci
hc
igY
h\Y
gUaY
WcXY
]b
acfY
h\Ub
cbY
d`UWY"
5XX
h\]g
WcXY
hc
hghVIf`S?YmId
UbX
UXX
h\Y
BUj][UhYHcIf`
aYh\cX" 3ULYDWH6XEWVWE8UOB.H\8S%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP:LQGRZV)RUPV .H\(YHQW$UJV +DQGOHVWVWE8UO.H\8S

ABG8 7ni]ZlVn!i]ZgZÈhbdgZi]VcdcZ ZkZcii]Vi^hWZ^c\ig^\\ZgZYWn egZhh^c\i]Z:ciZg`Zn!Wjii]Z dcZi]VindjÈaaigVe^hi]Z@ZnJe ZkZci#

¶HLVRIW\SH.H\(YHQW$UJVDQGFRQWDLQVDOOWKH ¶LQIRUPDWLRQWKDWWULJJHUHGWKHHYHQW7KH.H\&RGH ¶LVRQHWKRVHLQIRUPDWLRQ ,IH.H\&RGH .H\V(QWHU7KHQ 0H1DYLJDWH7R8UOWVWE8UO7H[W (QG,I (QG6XE 3ULYDWH6XE1DYLJDWH7R8UO%\9DO8UO$V6WULQJ 0HP\%URZVHU1DYLJDWH8UO (QG6XE

8ciV`Y!W`]W_
h\Y
;c
Vihhcb
cb
h\Y
hgBUj][Uh]cb
hcc`
ghf]d
UbX
UXX
h\Y
Zc``ck]b[
WcXY
hc
h\Y



& hgV;cS7`]W_
YjYbh
dfcWYXifY"
Bch]WY
h\Uh
h\]g
]g
h\Y
BUj][UhYHcIf`
aYh\cX"

3ULYDWH6XEWVE*RB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV +DQGOHV WVE*R&OLFN 0H1DYLJDWH7R8UOWVWE8UO7H[W (QG6XE

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

&%*

30

NdjXVccdlbdY^[nVcdi]Zge^ZXZd[XdYZ!i]ZCVk^\ViZbZcjXa^X`ZkZci#Ndjh^bean ]VkZidbdY^[ni]ZXdYZhdi]Vi^iXVaahi]ZCVk^\ViZIdJgabZi]dY!Vhh]dlcWZadl/ 3ULYDWH6XE1DYLJDWH7RRO6WULS0HQX,WHPB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP (YHQW$UJV +DQGOHV1DYLJDWH7RRO6WULS0HQX,WHP&OLFN ,I1DYLJDWH:LQGRZ6KRZ'LDORJ  :LQGRZV)RUPV'LDORJ5HVXOW2. 7KHQ 0H1DYLJDWH7R8UO1DYLJDWH:LQGRZW[W8UO7H[W (QG,I 1DYLJDWH:LQGRZW[W8UO7H[W ´µ (QG6XE

IDBD9>;NI=:7GDLH:G;DGB>8DC ;^cVaan!ndjaabdY^[ni]Z7gdlhZg;dgb^Xdchdi]Vii]ZjhZghZZhV\adWZl]Zci]Z WgdlhZg^hgjcc^c\dgb^c^b^oZY# GY`YWh
h\Y
6fckgYf
Zcfa
UbX
h\Yb
`cc_
Zcf
=Wcb


$ DfcdYfhm
]b
h\Y
DfcdYfh]Yg
k]bXck"
=Z
mci
gYY
cb`m
YjYbhg
]b
h\Y
DfcdYfh]Yg
k]bXck
W`]W_
h\Y
DfcdYfh]Yg
Vihhcb
Uh
h\Y
hcd
cZ
h\Y
DfcdYfh]Yg
k]bXck"
7`]W_
h\Y
9``]dg]g
Vihhcb
"""
hc
VfckgY
Zcf
h\Y
[`cVY"]Wc
]b
h\Y
7\UdhYf
*
X]fYWhcfm
]b
h\Y
=aU[Yg
Zc`XYf
ibXYf
h\Y
7\UdhYf
*
X]fYWhcfm"


I]ZgZhjaid[ndjg]VgYaVWdg^hi]Z[^c^h]ZY egdYjXiÄi]ZBnDlc7gdlhZgVeea^XVi^dc!Vh h]dlc^c;^\jgZ+"&(#

;^\jgZ+"&( 9\a\f[XW
cebWhVgÂg[X
@l
Bja
5ebjfXe
Tcc_\VTg\ba

&%+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cHjbbVgn### >ci]^hX]VeiZg!ndjidd`Vh^beaZVeea^XVi^dcVcYje\gVYZY^iidXgZViZVegd[Zhh^dcVa" add`^c\Veea^XVi^dcl^i]bVcnc^XZ[ZVijgZh[dgndjgjhZgh#NdjaZVgcZYidVYYVheaVh] hXgZZcidndjgVeea^XVi^dcVcYidldg`l^i]Y^Vad\WdmZh#NdjXgZViZYVc6WdjiWdmVcYV CVk^\ViZY^Vad\WdmidVaadlndjgjhZgidcVk^\ViZidVJGA0ndjVYYZYVcVjidXdbeaZiZ [ZVijgZidndjgiZmiWdmZhVcYi]ZVjidhj\\Zhi$VeeZcY[ZVijgZjh^c\i]ZWgdlhZgÈhJGAh ]^hidgn#Ndji]ZcVYYZYiddahig^eh!egd\gZhhWVgh!VcY^Xdch[gdbL^cYdlh#NdjYncVb^XVaan bVcV\ZYXdcigdah!VcYndjaZVgcZYVadiVWdjicZlZkZcihVcY]dlid]VcYaZi]Zbjh^c\ ZkZciVg\jbZcih# >ci]ZcZmiX]VeiZg!ndjÈaaaZVgciZX]c^fjZhidjhZl]Zci]^c\hYdcÈi\dlZaa0i]Vi^h! ndjaaaZVgci]ZVgid[YZWj\\^c\XdYZ#NdjÈaaVahdaZVgcVWdjii]Z:Y^iVcY8dci^cjZ[ZVijgZ! i]ZcZlYViVk^hjVa^oZgh!i^ehVcYig^X`h!VcYbjX]bdgZ#

8]VeiZg+/BdY^[nNdjgLZW7gdlhZgCdl

&LQGG

&%,

30

&LQGG

30

6[TcgXe
* 9\k\aZ
g[X

5eb^Xa
5_bV^f 7XUhZZ\aZ
Ta
4cc_\VTg\ba
$$#

, 

&LQGG

6hndjÈaaY^hXdkZgbdgZVcYbdgZ!l]ZcndjYZkZadeVcVeea^XVi^dc!ndj gVgZanhjXXZZYdcndjg[^ghiViiZbei#Bdhid[i]Zi^bZVcYZheZX^Vaanl]Zc ndjhiVgiYZkZade^c\Veea^XVi^dch!i]ZegdXZhh\dZha^`Zi]^h/WgV^chidgbdc eVeZg!add`Vii]ZjhZghcZZYhd[iZcndjgh!eZg[dgbhdbZVcVanh^h!egdid" ineZ!YZh^\c!YZkZade!iZhi![^mWj\h!iZhii]ZegdYjXiV\V^c!VcY[^cVaan gZaZVhZ^iideZdeaZ#I]^h^hV]^\]"aZkZak^Zld[i]ZegdXZhh0^iXVcWZbjX] bdgZXdbea^XViZYdgh^bea^[^ZY#>iVaaYZeZcYhdci]ZXdbeaZm^ind[i]Zegd_" ZXi!i]ZcjbWZgd[eZdeaZ^ckdakZY!VcYhddc#DcZi]^c\^hXZgiV^c/ndj ValVnhcZZYidYZWj\ndjgVeea^XVi^dch!VcYB^Xgdhd[iœK^hjVa7Vh^Xœ'%%* egdk^YZhbVcniddahid]Zaendj[^mndjgWj\h[VhiZg#

&%.

30

9ZWj\\^c\Vc6eea^XVi^dc

ABG8 I]Zegd\gVb^hZmXajh^kZan[dg ZYjXVi^dcVaejgedhZhd[i]^hX]Ve" iZg#>iYdZhciYdVcni]^c\^ciZgZhi" ^c\ZmXZeiiZVX]YZWj\\^c\#

IdaZVgci]ZiddahVcYiZX]c^fjZhidYZWj\ndjgVeea^XVi^dch!>ÈkZXgZViZYVhVbeaZVeea^XV" i^dci]VindjÈaajhZ[dgi]^hX]VeiZg#>[ndj^chiVaaZYi]ZXdbeVc^dcXdciZciVii]ZYZ[Vjai adXVi^dc!^ih]djaYWZVii]Z[daadl^c\adXVi^dcdcndjg]VgYYg^kZ/Bn9dXjbZcihQB^Xgdhd[i EgZhhQK7'%%*:megZhhQ8]VeiZg,Q#Add`[dgV[daYZgcVbZY9ZWj\\ZgHiVgijcYZgi]Z 8]VeiZg,[daYZg#9djWaZ"Xa^X`i]Z9ZWj\\Zg#hachdaji^dc# I]^hhdaji^dcXdciV^chcZl^iZbhi]Vindj]VkZcdihZZcnZi!l^i]i]Z[^ghidcZWZ^c\ Vhdaji^dcl^i]bdgZi]VcdcZegd_ZXi#I]^h^hVXdbbdcegVXi^XZl]^aZYZkZade^c\ Veea^XVi^dch#>ci]^hXVhZ!i]Zhdaji^dccVbZY9ZWj\\ZgXdciV^childegd_ZXih/VB^Xgdhd[i L^cYdlhœ;dgbhVeea^XVi^dccVbZY9ZWj\\ZgVcYVbVcV\ZYa^WgVgncVbZYBnA^WgVgn bVcV\ZY9AA#I]ZVXgdcnb9AAhiVcYh[dg9ncVb^XA^c`A^WgVgn#69AA^hVa^WgVgnd[ [jcXi^dchi]ViVgZXVaaZYYncVb^XVaanVcYVhcZZYZYWnVcVeea^XVi^dc#69AAYdZhcÈi XdciV^cVbV^cZcigned^ciVcYXVccdiWZZmZXjiZYWn^ihZa[#6ahd!V9AAXVcWZjhZYWn bjai^eaZVeea^XVi^dchVii]ZhVbZi^bZ# I]ZhZXdcYcZli]^c\^hi]Vii]Zegd_ZXi9ZWj\\Zg]VhVineZd[[^aZi]Vindj]VkZcÈi hZZcnZi/ViZmi[^aZ#NdjXVc]VkZbjai^eaZY^[[ZgZci[^aZh^cndjgegd_ZXih!VcYViZmi[^aZ^h cdijcXdbbdc#>ci]^hXVhZ!i]ZiZmi[^aZ^hjhZYWndcZd[i]ZbZi]dYhXVaaZYWni]Z YZWj\\Zg#ZmZVeea^XVi^dc#I]ZiZmi[^aZl^aaWZjhZYWni]^hVeea^XVi^dc!hdid]VkZ^i^ci]Z djieji[daYZg!ndjcZZYidhZaZXi^i^ci]ZHdaji^dc:meadgZgVcYi]ZcX]Vc\Zi]Z8denId Djieji9^gZXidgnegdeZginid8den>[CZlZg#

Jh^c\V9AA^cVc6eea^XVi^dc L]ZcndjYZh^\cVcVeea^XVi^dc!ndjjhjVaan]VkZbdgZi]VcdcZXdbedcZci#>cbVcn XVhZh!i]ZXdbedcZcihVgZcZlXaVhhZhineZh#>i^h\ddYegVXi^XZid]VkZi]dhZineZh^cV hZeVgViZhdjgXZXdYZ[^aZ^chiZVYd[`ZZe^c\i]Zbl^i]i]ZjhZg^ciZg[VXZXdYZ#D[iZc!i]Z XaVhhZhVgZ\gdjeZY^cVh^c\aZa^WgVgndg9AA# L]ZcndjlVciidjhZVineZ[gdbVa^WgVgn!ndjcZZYidbV`ZndjgVeea^XVi^dcVlVgZ d[Vaai]ZineZhVcYbZi]dYhXdciV^cZY^ci]Via^WgVgnWnVYY^c\VgZ[ZgZcXZid^i^ci]Z Veea^XVi^dc#

&&%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc IdVYYcZlgZ[ZgZcXZhidndjgVeea^XVi^dc![daadli]ZhiZeh]ZgZ#

ID6996G:;:G:C8:IDNDJG6EEA>86I>DC


$ GY`YWh
h\Y
dfc^YWh
k\YfY
mci
kUbh
hc
UXX
h\Y
fYZYfYbWY/
]b
h\]g
WUgY
gY`YWh
8YVi[[Yf"


% F][\h!W`]W_
5XX
FYZYfYbWY"
"
"

@cc_
Uh
:][ifY
+!%
hc
aU_Y
gifY
mciÇfY
Uh
h\Y
f][\h
d`UWY" 5g
mci
WUb
gYY
Zfca
h\Y
hUVg
cb
h\Y
X]U`c[
Vcl
h\Uh
UddYUfg
h\Y
fYZYfYbWYg
WUb
WcaY
Zfca
ai`h]d`Y

gcifWYg"
GY`YWh
h\Y
Dfc^YWhg
hUV
UbX
h\Yb
gY`YWh
h\Y
Am@]VfUfm
dfc^YWh
k\]W\
WcbhU]bg
h\Y
aUbU[YX
8@@"


& DfYgg
C?
hc
UXX
h\Y
fYZYfYbWY
hc
mcif
dfc^YWh"

7ZXVjhZi]Z9AA^h^ci]ZhVbZhdaji^dcVcYndj_jhiVYYZYVgZ[ZgZcXZd[i]Vi9AAid ndjgVeea^XVi^dc!B^Xgdhd[iK^hjVaHijY^dœcdl`cdlhi]ZgZ^hVYZeZcYZcXnWZilZZci]Z ildVcYl^aaValVnhWj^aYi]Z9AA[^ghihdi]VindjgVeea^XVi^dcWj^aYhi]ZW^cVgnl^i]i]Z bdhije"id"YViZ9AAedhh^WaZ# NdjXVckZg^[ni]Vii]ZgZ[ZgZcXZ]VhWZZc^chZgiZY^cildY^[[ZgZcilVnh/

;^\jgZ,"& 4WW
EXYXeXaVX!
!
!
`Xah
V[b\VX
Yeb`
g[X
7XUhZZXe
ceb]XVg

N JhZi]ZEgd_ZXi9Zh^\cZgVcYhZaZXii]ZGZ[ZgZcXZhiVWdci]ZaZ[ih^YZVhh]dlc^c ;^\jgZ,"'# N JhZi]ZH]dl6aa[^aZhWjiidc^ci]ZHdaji^dc:meadgZgVcYZmeVcYi]ZGZ[ZgZcXZh#

;^\jgZ,"' Ceb]XVg
7Xf\ZaXe-
EXYXeXaVXf
gTU
j\g[
g[X
@l?\UeTel
eXYXeXaVX

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&&

30

Jh^c\dcZd[i]ZhZbZi]dYh!ndjÈaahZZi]ZgZ[ZgZcXZidBnA^WgVgn#L]ZcndjgZYdcZ VYY^c\i]ZgZ[ZgZcXZ!ndjgVeea^XVi^dcXVcXgZViZ^chiVcXZhd[i]ZcZlineZhi]ViVgZWj^ai^c i]Z9AAVcYjhZi]ZbVeegdeg^ViZan#I]ZWj^aYegdXZhhXdbe^aZgVcYa^c`Zgl^aacdlVXXZei i]ZjhZd[i]dhZcZlineZh!Wji[dgK^hjVaHijY^did]VkZi]dhZcZlineZhVkV^aVWaZk^V >ciZaa^HZchZœVcY[dgi]ZXdbe^aZgid`cdlVWdjii]dhZcZlineZh!dcZbdgZhiZe^h gZfj^gZY#Ndjb^\]iVagZVYn]VkZhZZci]Z[^ghia^cZd[XdYZ^ci]ZIZhi6eea^XVi^dc#kW[^aZ#I]Z a^cZgZVYh>bedgihBnA^WgVgn# L]Vii]Z>bedgihhiViZbZciZhhZci^VaanYdZh^h^bedgicVbZheVXZhdgegd\gVbb^c\ZaZ" bZcih!a^`ZcZlineZh!i]ViVgZYZ[^cZY^cgZ[ZgZcXZYegd_ZXihVcYVhhZbWa^Zh#7nVYY^c\i]^h a^cZd[XdYZ!ndjÈgZiZaa^c\K^hjVaHijY^didadd`^cidi]ViVhhZbWan[dgi]ZbZiVYViVi]Vil^aa ZcVWaZ>ciZaa^HZchZidWZedejaViZYl^i]i]ZejWa^X$egdiZXiZYZaZbZcih#6[iZgVYY^c\i]^h a^cZ!ndjÈaa]VkZVXXZhhidi]dhZ^iZbhl]ZcZkZgndj]VkZVc^chiVcXZd[dcZd[i]ZineZh Wj^ai^ci]Za^WgVgn#

7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh I]ZgZ^hcdWZiiZglVnidY^kZ^cidi]^hhjW_ZXii]VcWnadd`^c\ViVcY\d^c\i]gdj\]i]Z XdYZ#>[i]ZIZhi6eea^XVi^dc#kWhdjgXZXdYZ[^aZ^hcdiVagZVYndeZc!deZc^iWng^\]i"Xa^X`^c\ dci]ZIZhi6eea^XVi^dc#kW[^aZVcYhZaZXi^c\K^Zl8dYZ#Ndjh]djaYhZZgZYYdihdci]ZaZ[i" ]VcYh^YZd[i]ZhXgZZc0i]dhZgZYYdihVgZWgZV`ed^cih#;^\jgZ,"(h]dlhi]ZhdjgXZXdYZ VcYi]ZWgZV`ed^cih# G[i]ZWgZV`ed^cihYdciVeeZVg! ndjXVcVYYi]ZbWnXa^X`^c\^c i]ZaZ[ibVg\^c#

;^\jgZ,"( FbheVX
VbWX
TaW
UeXT^cb\agf
Yeb`
g[X
GXfg4cc_\VTg\ba
J\aWbjf
Ybe`

&&'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

L]Zci]ZYZWj\\ZgZcXdjciZghVWgZV`ed^ci!^ihidehZmZXji^c\i]ZVeea^XVi^dc#>ci]^h hdjgXZXdYZ!i]ZWgZV`ed^ci^hdci]ZXVaaidi]ZBZhhV\Z7dm#H]dlbnHig^c\#I]ZgZ^h Vcdi]ZgWgZV`ed^ci^ci]ZA^WgVgn#kW^ci]Z[^ghia^cZd[XdYZd[i]Z9^k^YZbZi]dY#>ci]Z[da" adl^c\egdXZYjgZ!ndjl^aaZmZXjiZi]ZXdYZVcY\di]gdj\]VYZWj\\^c\hZhh^dc# IdYZWj\VcVeea^XVi^dc!ndjXVcYddcZd[ildi]^c\h/ N EgZhh;*dgi]ZHiVgi9ZWj\\^c\Wjiidc#

I]Zegd\gVbl^aahiVgiZmZXji^c\cdgbVaan#>[i]ZgZ^hVWgZV`ed^ci^ci]ZhdjgXZXdYZ!i]Z ZmZXji^dcl^aahidei]ZgZ#Di]Zgl^hZ!i]Zegd\gVbl^aaXdci^cjZidZmZXjiZjcaZhhi]ZgZ^h Vcjc]VcYaZYZmXZei^dc!dgZggdg#

N 6aiZgcVi^kZan!ndjXVcYZWj\i]ZVeea^XVi^dcWnhiZee^c\i]gdj\]i]ZXdYZa^cZWna^cZ# IdYdi]^h!egZhh;-dgi]ZHiZe>cidWjiidc# ;dgcdl!ndjÈaa_jbeidi]Z[^ghiWgZV`ed^ciVcYZmZXjiZi]ZXdYZ^ci]ZhVbeaZegd\gVb jh^c\i]Z[^ghiiZX]c^fjZ#

ID7:<>C9:7J<<>C<6C6EEA>86I>DC $ DfYgg
:)
cf
h\Y
GhUfh
8YVi[[]b[
Vihhcb" Mci
k]``
gYY
U
Vihhcb
h\Uh
gUmg
Hfm
AY
7`]W_
]h"
H\Y
WcXY
g\ci`X
ghcd
YlYWih]b[
Uh
h\Y
Z]fgh
VfYU_dc]bh


% ]b
h\Y
8]j]XY
aYh\cX
UbX
mci
g\ci`X
gYY
k\Uh
]g
g\ckb
]b
:][ifY
+!("
H\Y
mY``ck
\][\`][\hYX
`]bY
aYUbg
]h
]g
h\Y
bYlh
ghUhYaYbh
hc
VY
YlYWihYX"

;^\jgZ,") 8kXVhg\ba
fgbccXW
Tg
g[X
Y\efg
UeXT^cb\ag
\a
g[X
7\i\WX
`Xg[bW

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&(

30

NdjÈgZcdl^cYZWj\\^c\bdYZ!VcYndj]VkZVXXZhhidVeaZi]dgVd[iddahVcYYViVZaZ" bZcihVWdjindjgVeea^XVi^dcid]ZaendjjcYZghiVcYl]Vi^h]VeeZc^c\l]ZcndjgVeea^XV" i^dc^hZmZXjiZY#NdjXVchZZi]ZXdciZcid[adXVakVg^VWaZh!eVgVbZiZgh!ZmXZei^dcbZhhV\Zh! i]ZXdchdaZl^cYdl!VcYbVcnbdgZ^iZbhndjÈaaY^hXdkZg^ci]ZcZmi[ZlhiZeh#6aad[i]Vi ^c[dgbVi^dc^hjhZ[jal]ZcVcVeea^XVi^dc^hcdiWZ]Vk^c\i]ZlVn^ih]djaYVcYndjÈgZign" ^c\idjcYZghiVcYl]n#L^i]Vaai]Z^c[dgbVi^dci]ZYZWj\\Zgegdk^YZh!ndjXVcignid jcXdkZgl]ZgZi]ZegdWaZba^ZhVcYhZZl]nndj]VkZVWj\#NdjXVcVahdjhZi]ZYZWj\\Zg [dgaZVgc^c\ejgedhZhVhndjVgZYd^c\g^\]icdl#I]ZYZWj\\Zg^hVcZmXZaaZciiZVX]Zg l]ZcndjÈgZcZlidViZX]cdad\n!aVc\jV\ZXdchigjXi!dgl]ZcndjÈgZh^beanign^c\id jcYZghiVcYVcZlZaZbZci#>i^hVahdXdbbdcidjhZi]ZYZWj\\ZgidjcYZghiVcYhdbZdcZ ZahZÈhXdYZ#>i^hZheZX^Vaan]Zae[jal]ZcndjcZZYidbV`ZbdY^[^XVi^dchidZm^hi^c\XdYZ# NdjÈaacdladd`Vii]Z[^ghihZg^Zhd[YViVZaZbZcihd[[ZgZYWni]ZYZWj\\Zgl]^aZndjÈgZ hiZee^c\i]gdj\]ndjgXdYZ#6ii]ZWdiidbd[i]ZK^hjVaHijY^dhXgZZc!ndjXVchZZVhZg^Zh d[iVWh!l]^X]XVc^cXajYZAdXVah!LViX]!>bbZY^ViZL^cYdl!Djieji!VcY :ggdgA^hi#>[ ndjYdcihZZi]ZhZiVWh!ndjXVcdeZci]ZhZl^cYdlhWnhZaZXi^c\i]Zbdci]ZK^ZlVcY 9ZWj\bZcjh#Bdhid[i]ZhZVgZcdik^h^WaZl]Zc^cZY^i^c\bdYZ#NdjhVl^c8]VeiZg( i]Vii]Z:ggdgA^hi^hdcani]ZgZidh]dli]ZgZhjaihd[i]ZgZVa"i^bZXdbe^aVi^dc#L]^aZndjÈgZ YZWj\\^c\!i]ZAdXVahiVW^hjhjVaandcideVcYh]dlhi]ZXjggZcikVg^VWaZhVcYdW_ZXi^c[dg" bVi^dc#Add`Vi;^\jgZ,"*idhZZi]ZiVWh[gdbndjgYZWj\\^c\hZhh^dc# ;^\jgZ,"* GTUf
ceXfXag
Whe\aZ
WXUhZZ\aZ
\a
I\fhT_
FghW\b

&&)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>ci]ZAdXVahiVWhZXi^dc!ndjXVchZZ[djgZaZbZcihd[YViV[gdbndjg9^k^YZbZi]dY/ BZ!9^k^YZ!cjbWZgDcZ!VcY cjbWZgIld#I]dhZVgZ!^cdgYZg!i]Z^chiVcXZd[i]ZXjggZci dW_ZXi!i]ZgZijgckVajZ[dgi]Z[jcXi^dccVbZY9^k^YZ!VcYi]ZildeVgVbZiZgh#I]ZYZWj\" \ZgYZiZXihVaaZaZbZcihi]ViVgZ^chXdeZ^ci]VibZi]dYVcYY^heaVnhi]Zb^ci]ZAdXVah iVW#I]ZZaZbZcih^chXdeZVgZVaai]ZZaZbZcihi]ViVgZk^h^WaZ[gdbl]ZgZi]Z^chigjXi^dc ed^ciZg^hadXViZY#>ci]^hXVhZ!^iXdjaYWZZ^i]ZgadXVakVg^VWaZhdgh]VgZYkVg^VWaZh#I]^h bZVchi]Vii]gdj\]djii]ZZmZXji^dcd[i]Z9^k^YZbZi]dY!ndjÈaaWZVWaZid[daadli]ZkVa" jZhi]Vii]dhZ^iZbhl^aa]VkZ#Cdl^iÈhndjgijgcidhZZi]^h[dgndjghZa[#

ID8DCI>CJ:9:7J<<>C<I=:6EEA>86I>DC $ DfYgg
:,
cf
h\Y
GhYd
=bhc
Vihhcb"
DfYgg
:,
U[U]b
hc
[Yh
hc
h\Y
X]j]g]cb
cdYfUh]cb" K\]`Y
XYVi[[]b[
mci
WUb
U`kUmg
\cjYf
h\Y
acigY
cjYf
dfc[fUa
Y`YaYbhg
hc
[Yh
h\Y
]bZcfaUh]cb
mci
ch\! Yfk]gY
Z]bX
]b
h\Y
@cWU`g
hUV"
:cf
]bghUbWY
]Z
mci
\cjYf
mcif
acigY
cjYf
h\Y
biaVYfCbY
Y`YaYbh
mciÇ``
gYY
h\Y
gUaY
jU`iY
h\Uh
]g
g\ckb
]b
h\Y
@cWU`g
hUV
Ug
]``ighfUhYX
]b
:][ifY
+!*" ;^\jgZ,"+ :Xgg\aZ
g[X
iT_hX
bY
g[X
ah`UXeBaX
_bVT_
iTe\ TU_X
\a
gjb
W\YYXeXag
jTlf

9lYWihY
h\Y
bYlh
`]bY
cZ
WcXY
ig]b[
cbY
cZ
h\Y
aYh\cXg
aYbh]cbYX
VYZcfY
Vm
dfYgg]b[
Y]h\Yf
:,
cf


% h\Y
GhYd
=bhc
Vihhcb"

@YhÇg
Yld`U]b
k\Uh
]g
[c]b[
cb
Zfca
h\Y
Wcad]`YfÇg
dYfgdYWh]jY"
=b
h\Y
@cWU`g
hUV
h\Y
8]j]XY
Y`YaYbh
h\Y
fYhifb
jU`iY
cZ
h\Uh
ZibWh]cb
WcbhU]bg
h\Y
fYgi`h
cZ
)
X]j]XYX
Vm
'
k\]W\
g\ci`X
VY
%"


8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&*

30

6ih
k\m
XcYg
h\Y
XYVi[[Yf
g\ck
&3
Mci
^igh
ZcibX
U
Vi["
BchY.
=ÇjY
]bgYfhYX
h\]g
Yffcf
hc
XYacbghfUhY
\ck
gaU``
a]ghU_Yg
WUb
WfYUhY
V][[Yf
dfcV`Yag"
=Z
mci
\cjYf
h\Y
acigY
cjYf
h\Y
#
cdYfUhcf
mciÇ``
gYY
h\Y
kcfX
YdjWaZ"
DfYgg
:%
UbX
gYUfW\
Zcf

cdYfUhcf
]b

& mci
\cjYf
mcif
acigY
cjYf
h\Y
mY``ck
Uffck
mci
g\ci`X
gYY
U
hfUbgdUfYbh
Uffck
]bX]WUh]b[
h\Uh
mci
WUb
acjY
h\Y
Uffck"
7`]W_
UbX
\c`X
h\Y
mY``ck
Uffck
UbX
g`]XY
]h
id
UbX
VUW_
cjYf
h\Y
X]j]g]cb
]bghfiWh]cb"


' 7\Ub[Y
h\Y
#
cdYfUhcf
hc
h\Y
P
cdYfUhcf
UbX
h\Yb
fY!YlYWihY
h\Y
]bghfiWh]cb
Vm
dfYgg]b[
:,
cf
W`]W_]b[
h\Y
GhYd
=bhc
Vihhcb"

ABG8 I]ZgZVgZhdbZa^b^iVi^dchidi]Z :Y^iVcY8dci^cjZZY^ihndjXVc bV`Z#IdhZZVXdbeaZiZa^hi!h^b" eaneZg[dgbVhZVgX]^ci]Z]Zae hnhiZbl^i]i]Z[daadl^c\hZVgX] Xg^iZg^V/:Y^iVcY8dci^cjZPK^hjVa 7Vh^XR!VcYi]Zcadd`[dgi]Zild jchjeedgiZYhZXi^dchi]ViZmeaV^c l]ViXVcÈiWZYdcZ#

@cc_
]b
h\Y
@cWU`g
hUV
UbX
mciÇ``
gYY
h\Uh
h\Y
8]j]XY
Y`YaYbh
bck
\Ug
h\Y
jU`iY
%
k\]W\
]g
WcffYWh"


( MciÇjY
^igh
Z]lYX
mcif
Z]fgh
fYU`
Vi[/
mciÇfY
U
VYhhYf
XYjY`cdYf
bck"

GhYd
]bhc
h\Y
WcXY
ibh]`
mci
gYY
U
aYggU[Y
Vcl
k]h\
&
Zcf
h\Y
Z]fgh
X]j]g]cb"
=Z
mci
Xcbh
gYY
h\Y
aYg!

) gU[Y
Vcl
mci
a][\h
bYYX
hc
gk]hW\
hc
]h
cb
h\Y
K]bXckg
HUg_VUf"
7`]W_
C?
]b
h\Y
aYggU[Y
Vcl"


7cbh]biY
ghYdd]b[
]bhc
h\Y
WcXY
ibh]`
mci
fYhifb
hc
h\Y
8]j]XY
aYh\cX
k]h\
U
bYk
gYh
cZ
jU`iYg
UbX
mciÇfY
dc]bh]b[
Uh
h\Y
Z]fgh
]bghfiWh]cb
]b
h\Y
aYh\cX"

L]ZcndjÈgZWVX`idi]Z9^k^YZbZi]dY!ndjl^aacdigZ"ZmZXjiZZkZgn^chigjXi^dc WZXVjhZndj`cdli]Vii]ZbZi]dYh]djaYcdlZmZXjiZXdggZXian#>chiZVY!ndjÈaahiZedjid[ i]ZXdYZjh^c\i]ZHiZeDji[jcXi^dc#HiZee^c\djiYdZhcÈibZVci]VindjÈaah`^ei]ZZmZXj" i^dc0hiZee^c\djih^beanbZVchi]Vii]ZYZWj\\Zgl^aaZmZXjiZVaa^chigjXi^dchd[i]ZXjggZci bZi]dYVcY\dWVX`idi]ZXVaa^c\ed^ci#>[ndjYd^idcVh^c\aZ^chigjXi^dc!^il^aah^bean ZmZXjiZ^i#IdhZZi]^h^cVXi^dc![daadli]ZhZhiZeh#

&&+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

IDHI:EDJID;I=:8D9: =b
h\Y
@]VfUfm"jV
Z]`Y
W`]W_
h\Y
fYX
Xch
]b
h\Y
Z]fgh
VfYU_dc]bh
cZ
h\Y
8]j]XY
aYh\cX"
6m
W`]W_]b[
h\Y
fYX


$ Xch
mci
UWhiU``m
fYacjY
h\Y
VfYU_dc]bh"
H\Y
VfYU_dc]bh
g\ci`X
bck
VY
[cbY" %
Hc
X]gUV`Y
h\Y
gYWcbX
VfYU_dc]bh
mci
WUb
igY
h\fYY
X]ZZYfYbh
aYh\cXg"

Q
H\Y
Z]fgh
cbY
]g
g]ad`m
hc
f][\h!W`]W_
h\Y
`]bY
cZ
WcXY
h\Uh
\Ug
h\Y
VfYU_dc]bh
h\Yb
gY`YWh
h\Y

6fYU_dc]bh"
"
"
aYbi
W\c]WY
UbX
Z]bU``m
gY`YWh
h\Y
8Y`YhY
6fYU_dc]bh
W\c]WY"
@cc_
Uh
:][ifY
+!+
hc
gYY
h\]g
]b
UWh]cb" Q
H\Y
gYWcbX
aYh\cX
]g
hc
gY`YWh
h\Y
8YVi[
aYbi
UbX
h\Yb
gY`YWh
Hc[[`Y
6fYU_dc]bh
cf
dfYgg
:-" Q
H\Y
h\]fX
aYh\cX
]g
hc
f][\h!W`]W_
h\Y
fYX
Xch
]bX]WUh]b[
h\Y
VfYU_dc]bh
UbX
gY`YWh
h\Y
cb`m
UjU]`UV`Y
W\c]WY.
8Y`YhY
6fYU_dc]bh" ;^\jgZ,", 7X_XgX
T
UeXT^cb\ag
Yeb`
T
VbagXkghT_
`Xah
\a
g[X
VbWX
XW\gbe

Mci
g\ci`X
VY
Uh
h\Y
Z]fgh
`]bY
cZ
WcXY
]b
h\Y
8]j]XY
aYh\cX"
Bck
h\Uh
mciÇfY
]b
h\Y
8]j]XY
aYh\cX


& mci
WUb
dfYgg
7hf`G\]Zh:,
hc
ghYd
cih
cZ
h\Y
8]j]XY
aYh\cX
cf
mci
WUb
dfYgg
h\Y
GhYd
Cih
Vihhcb"
H\]g
k]``
YlYWihY
U``
h\Y
]bghfiWh]cbg
]b
h\Uh
aYh\cX
UbX
[c
VUW_
hc
h\Y
WU``Yf"

'
DfYgg
:)
hc
YlYWihY
U``
aYh\cXg
id
hc
h\Y
bYlh
VfYU_dc]bh" Mci
g\ci`X
gYY
Ubch\Yf
aYggU[Y
Vcl
k]h\
h\Y
fYgi`h
&"
7`]W_
C?
UbX
h\Yb
mci
g\ci`X
VY
ghcddYX
]b
h\Y
gcifWY
WcXY
cZ
h\Y
FYUX:]`Y
aYh\cX"

@BE8

H\Y
FYUXHc9bX
aYh\cX
fYUXg
h\Y
WcbhYbh
cZ
h\Y
cdYbYX
Z]`Y
UbX
dihg
]h
]b
U
ghf]b[
jUf]UV`Y"
DfYgg


( 7hf`G\]Zh:,
UbX
h\Yb
:,"
5
aYggU[Y
Vcl
g\ci`X
X]gd`Um
h\Y
ghf]b[
jUf]UV`Y
WcbhYbh"
7`]W_
C?
]b
h\Y
aYggU[Y
Vcl"
Mci
g\ci`X
bck
VY
VUW_
Uh
h\Y
WU``Yf"

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&&,

30

GhYd
]bhc
h\Y
WcXY
ibh]`
mci
[Yh
h\Y
ghf]b[

) YlYWih]cb
UbX
`cc_
]bhc
h\Y
jUf]UV`Yg
UbX
WcbhYbh
]b
YUW\
cZ
h\Y
hUV
gYWh]cbg" *
GhYd
]bhc
h\Y
WcXY
U[U]b
hc
[Yh
]bhc
h\Y
AUb]di`UhYGhf]b[g
aYh\cX"
@BE8
ci]^hXVhZ!Vcni]^c\i]Vi^hYdcZidi]ZbnHig^c\Vg\jbZcil^aabdY^[ni]Z kVajZd[i]ZkVg^VWaZ^ci]ZXVaa^c\XdYZ#I]Zdi]ZgVg\jbZci^hbnEdh^i^dc! VcY^i^heVhhZYl^i]i]Z7nKVa`ZnldgY#L]Zcndj]VkZVcVg\jbZcii]Vi^h eVhhZYWnkVajZ!i]ZbZi]dY^hgZXZ^k^c\VXdend[i]ZkVg^VWaZ[gdbi]ZXVaa" ^c\XdYZVcYi]jhXVcÈibdY^[ni]Zdg^\^cVakVajZ[gdbi]ZXVaaZg#I]ZgZ[dgZ! i]ZXdciZcil^aa\Ziadhil]Zci]ZbZi]dYZcYhVcYZmZXji^dc[adlgZijgch idi]ZXVaaZg#



I]Z[^ghi^chigjXi^dc^ci]ZBVc^ejaViZHig^c\hbZi]dY^hiV`^c\i]Zhig^c\gZXZ^kZY^c Vg\jbZciVcYXdckZgi^c\^iidVcVggVnd[X]VgVXiZgh#I]ZgZVhdci]^h^hYdcZ^hWZXVjhZ hig^c\hVgZ^bbjiVWaZ^c#C:I!VcYi]ZgZ[dgZndj]VkZidldg`l^i]i]Zb^cgZVY"dcanbdYZ dcXZi]ZnÈgZXgZViZY#BZi]dYhbdY^[n^c\Vhig^c\VgZVXijVaangZijgc^c\VcZlhig^c\dW_ZXi i]ViXdciV^chi]ZbdY^[^XVi^dcVeea^ZYid^i# I]ZgZ[dgZ!^[ndjlVciidbdY^[nVhig^c\X]VgVXiZgWnX]VgVXiZgdg^[ndjlVciidVXXZhh dcZh^c\aZX]VgVXiZg^cVhig^c\Wnjh^c\Vc^cYZm!ndj[^ghicZZYidXdckZgii]Zhig^c\^cid VcVggVnd[X]VgVXiZgh#

ID7:<>CHI:EE>C<DJID;I=:B6C>EJA6I:HIG>C
$ Vihhcb"

I]ZVeea^XVi^dchidehVWgjeian#L]Vi_jhi]VeeZcZY^hVcjc]VcYaZYZmXZei^dc#6c jc]VcYaZYZmXZei^dc]VeeZchl]ZcZkZgVcZggdgdXXjghVcYi]Vi^hcdiVci^X^eViZYdg]Vc" YaZYZmea^X^ianWnndjgVeea^XVi^dc#>ci]ViXVhZ!i]ZZmZXji^dcd[ndjgVeea^XVi^dc^h]VaiZY WZXVjhZi]ZgZ^hcdlVni]ZVeea^XVi^dcXVcXdci^cjZ^ci]VihiViZl^i]djiediZci^VaanXdg" gjei^c\i]ZbZbdgndgdeZc^c\hZXjg^in]daZh#DcZd[i]Z#C:Igjci^bZ8AGeg^cX^eaZh^hid &&-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

bV`ZhjgZi]VicZ^i]ZgZkZg]VeeZch#I]ZgZ[dgZ!i]Z8AGXgVh]ZhndjgVeea^XVi^dcidegZkZci ndjgVeea^XVi^dc[gdbXdci^cj^c\idZmZXjiZ^cVcjc`cdlchiViZ#:kZci]dj\]i]Z8AG^h iV`^c\i]dhZegZXVji^dch!^i^haZhhegdWVWaZid]VkZ^chZXjgZXdYZZmZXji^c\^c#C:I!Wji hi^aaedhh^WaZ# Id]Zaendj[^cYi]ZWj\i]VigV^hZYi]Vijc]VcYaZYZmXZei^dc!K^hjVaHijY^d^cXajYZh Vcdi]ZgjhZ[jaidda/i]Z:mXZei^dc6hh^hiVci#I]^hVhh^hiVcigZeaVXZhi]ZegZk^djh:mXZei^dc Y^Vad\Wdm!VcY^iÈh]Zae[jaWZXVjhZ!WVhZYdci]ZXdciZmid[i]ZZmXZei^dc!^iegdk^YZhbdgZ ^c[dgbVi^dci]VcWZ[dgZ!hjX]Vh/i]ZineZd[ZmXZei^dc!igdjWaZh]ddi^c\i^eh!VcYXdggZXi^kZ VXi^dchi]VibVnWZVeea^ZYi]gdj\]i]Z :mXZei^dc6hh^hiVci#Add`Vi;^\jgZ,"-idhZZ l]Vi^iadd`ha^`Z[dgi]ZXjggZciZmXZei^dc# L]Zcndjadd`Vii]ZZmXZei^dccVbZ!i]Z igdjWaZh]ddi^c\i^eh!VcYi]ZYViVk^hjVa^oZgh!^i h]djaYWZVeeVgZcil]nVcjc]VcYaZYZmXZe" i^dclVhgV^hZY#I]ZZmXZei^dccVbZVadcZ^h hZa["ZmeaVcVidgn/>cYZmDjiD[GVc\Z:mXZei^dc# I]Z[^ghiigdjWaZh]ddi^c\i^eY^heaVnZYVh`hndj idbV`ZhjgZi]ZbVm^bjb^cYZmdcVa^hi^haZhh i]Vci]Za^hih^oZ#6ggVnh^c#C:IVgZ%WVhZY0i]^h bZVchi]Vii]Z[^ghiZaZbZcihiVgihVi^cYZm%# I]ZaZc\i]d[i]Zhig^c\gZXZ^kZYVhVg\jbZci^h &%!Vhh]dlc^c;^\jgZ,"-# I]Z^ciZcid[i]^hbZi]dYlVhidbdY^[ni]ZaVhiX]VgVXiZgd[i]Zhig^c\l]Zci]Zedh^" i^dc^ci]ZVggVn^hZfjVaidVedh^i^dceVhhZYWnkVajZidi]ZbZi]dY#>ci]^heVgi^XjaVgXVhZ! i]Zedh^i^dceVhhZYWnkVajZidi]ZbZi]dY^h&# I]ZgZ[dgZ!^ci]ZÅ[dgaddeÆVii]ZhZXdcYX]VgVXiZgd[i]Vihig^c\!i]ZÅ^[ÆhiViZbZcil^aa gZijgcigjZVcYi]Zci]Z^cYZm^l^aa\Zii]ZkVajZd[i]Z hig^c\aZc\i]#I]^hbZVchi]Vi^^hcdlZfjVaid&%#L]Zc i]ZVeea^XVi^dcig^ZhidbdY^[ni]ZX]VgVXiZgVi^cYZm&%! VcZmXZei^dcl^aaWZ\ZcZgViZYWZXVjhZ^cYZm&%^hdjih^YZ d[i]ZgVc\Zd[i]ZVggVn#I]ZVggVn]Vh&%X]VgVXiZghl^i] ^cYZm[gdb%id.#;^\jgZ,".jhZhVcZlk^hjVa^oZgidadd` Vii]ZX]VgVggVnXdciZci# 8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

;^\jgZ,"8kVXcg\ba
4ff\fgTag

;^\jgZ,". 4eeTl
i\fhT_\mXe

&&.

30

L]ZcndjbdkZi]ZbdjhZdkZgegd\gVbZaZbZcih!ndjÈaahdbZi^bZhhZZVbV\c^[^Zg#>[ ndjXa^X`i]ZYgde"Ydlca^hi!ndjl^aahZZVa^hid[k^hjVa^oZghi]ViY^heaVni]Z^c[dgbVi^dc^cV lVni]Vi^hbZVc^c\[jaidi]ZYViVineZndjÈgZadd`^c\Vi#;dg^chiVcXZ!^[ndjÈgZldg`^c\ l^i]:miZch^WaZBVg`jeAVc\jV\ZMBAdg=neZgiZmiBVg`jeAVc\jV\Z=IBAXdciZci! i]ZMBAdg=IBAk^hjVa^oZgl^aaVaadlndjidhZZi]ZXdciZciVh^[ndjlZgZjh^c\B^Xgdhd[i >ciZgcZi:meadgZgdgVcndi]ZgMBA$=IBAidda#NdjÈaajhZdcZd[i]Zk^hjVa^oZghhddcl]Zc ndjYZWj\i]ZGZVY;^aZbZi]dY#

ID;>MI=:DJID;G6C<:EGD7A:B AcX]Zm
h\Y
AUb]di`UhYGhf]b[g
aYh\cX"
GiVhfUWh
%
Zfca
h\Y
ghf]b[
`Yb[h\
k\Yb
mci
Ugg][b
U
bYk
jU`iY


64HG[ViVcni^bZndjjhZi]Z:Y^iVcY 8dci^cjZ[ZVijgZVcYndjhZZi]Vi ndjgYViV^hdYY"add`^c\dghZZbh XdggjeiZY!hidei]ZYZWj\\^c\ egdXZhhVcYgZhiVgi^i#

$ hc
]"
H\Y
`]bY
cZ
WcXY
g\ci`X
`cc_
`]_Y
h\]g
UZhYf
mci
acX]Zm
]h. L P\6WULQJ/HQJWK²

5ZhYf
acX]Zm]b[
h\]g
`]bY
cZ
WcXY
acjY
mcif
bYlh
YlYWih]cb
dc]bhYf
hc
h\Y
Ä:cfÅ
ghUhYaYbh
gc
h\Uh


% ]bXYl
]
ghUfhg
Uh
$"
GhYd
h\fci[\
h\Y
WcXY
cf
ghYd
cih"
H\]g
h]aY
h\YfY
g\ci`X
VY
bc
YlWYdh]cb"


7cbh]biY
hc
ghYd
h\fci[\
h\Y
WcXY
UbX
mci
g\ci`X
bck
gYY
Ubch\Yf
aYggU[Y.

8dci^cjZidhiZei]gdj\]i]ZXdYZVcYhddcndjÈaa\ZiVhZXdcYZmXZei^dc!l]^X]^hV 9^k^h^dcWn%Zggdg#D[XdjghZ!VcZmXZei^dc^hgV^hZYWZXVjhZi]Z9^k^YZbZi]dYVhh^\ch%id i]ZYZcdb^cVidgl]Zci]ZcjbZgVidg^h\gZViZgi]Vc*#Jh^c\Vk^hjVa^oZg!ndjXVchZZi]Vi i]ZcjbZgVidg^h+!i]ZgZ[dgZ%l^aaWZVhh^\cZYidi]ZYZcdb^cVidg# 6\V^c!i]Z[^ghiY^heaVnZYigdjWaZh]ddi^c\i^e]ZaehWnhj\\Zhi^c\i]VindjbV`ZhjgZi]Z YZcdb^cVidg^hcdi%#IdhdakZi]ZegdWaZb!ndjXdjaYVYYVcÅ>[ÆhiViZbZci0WjiWZ[dgZndj Ydi]Vi!Xdch^YZgVcdi]Zg#C:Ieg^cX^eaZ# 6\ddYegVXi^XZ^c#C:I^hidjhZi]ZZmXZei^dcbZX]Vc^hbidXViX]i]dhZXdgcZgXVhZh ^chiZVYd[XdY^c\heZX^VaXdcY^i^dcVa^chigjXi^dchl]^X]WadVii]ZXdYZ#I]ZZmXZei^dchVgZ Vc^ciZ\gVaeVgid[i]Z#C:I[gVbZldg`VcYi]ZnÈgZZkZgnl]ZgZ#AZiÈhhZZi]Zad\^XWZ]^cY i]^hYZX^h^dc#

&'%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

>cVgZVaVeea^XVi^dc!ndjgVeea^XVi^dcldjaYcdiejgedhZanVhh^\c%idi]ZYZcdb^cVidg0 i]ZgZ[dgZ!bdhiY^k^h^dchldjaYgZhjai^cVXdggZXideZgVi^dc#6YY^c\VcÅ>[ÆhiViZbZcildjaY gZhjai^cVXdcY^i^dcVa^chigjXi^dcZmZXjiZY[dgZkZgnh^c\aZY^k^h^dc#6cYWZXVjhZbdhiY^k^" h^dchldjaYWZkVa^Y!ndjldjaYVjidbVi^XVaanhadlYdlcndjgVeea^XVi^dc#Jh^c\VcZmXZe" i^dc"]VcYa^c\bZX]Vc^hbidXViX]i]dhZXdgcZgXVhZh^hVbjX]WZiiZghdaji^dcWZXVjhZi]Z ZmXZei^dc"]VcYa^c\XdYZl^aa\ZiZmZXjiZYdcanl]ZccZXZhhVgn!hdndjgVeea^XVi^dch]djaY WZ[VhiZg# L]Zcndj^chZgiZmXZei^dc"]VcYa^c\XdYZ^cndjgVeea^XVi^dc!^i^hWZhiegVXi^XZid ValVnhXViX]ZmXZei^dch[gdbi]ZbdhiegZX^hZidi]ZaZVhiegZX^hZ#>ci]^hXVhZ!ndj`cdl i]Vii]Z9^k^h^dc7nOZgd:mXZei^dc^hi]ZdcZbdhia^`ZaniddXXjg0i]ZgZ[dgZ!^ihi]Z[^ghidcZ ndjlVciidXViX]# L]ZcndjXViX]VcZmXZei^dc!i]ZZmXZei^dc^hÅ]VcYaZY#ÆNdji]ZccZZYidYdhdbZ" i]^c\VWdji^i0Z^i]Zgndj]VcYaZ^iWnbZci^dc^c\^iidi]ZjhZgdgndji]gdli]ZZmXZei^dc WVX`#>ci]^hXVhZ!ndjlVcii]ZjhZgid`cdli]ViVcZmXZei^dclVhgV^hZY!WjindjYdcÈi lVcii]Zegd\gVbidXgVh]#=ZgZhVcZmVbeaZi]ViYZbdchigViZhi]^h[dgbd[]VcYa^c\i]Vi >bhjgZndjVagZVYn`cdl#>[ndjignidY^k^YZWnoZgd^cB^Xgdhd[iD[[^XZ:mXZaœ!:mXZa ldcÈiXgVh]0^il^aah^bean^cY^XViZi]VindjgZcigngZhjaih^cVY^k^h^dcWnoZgdVcYY^heaVni]Z 9>K$%bZhhV\Z^ci]ZXZaa# 6cdaYZglVnd[Yd^c\i]^c\hlVhidbV`ZndjgbZi]dYgZijgcVc^ciZ\Zgid^cY^XViZ hjXXZhhdg[V^ajgZ#6cYi]ViÈhl]ZgZeZdeaZbZil^i]igdjWaZWZXVjhZWZilZZcildVeea^XV" i^dch!VcYhdbZi^bZhWZilZZcild[jcXi^dch!i]ZhVbZ^ciZ\ZgXdYZbZVciildY^[[ZgZci i]^c\h#NdjgZXZ^kZYVc^ciZ\Zgi]VilVhhjeedhZYidiZaandjl]nndjgVeea^XVi^dc[V^aZY! Wjii]Zdg^\^cVi^c\XdYZ]VYildbZVc^c\h!VcY^ilVhVc^\]ibVgZid[^\jgZdjil]^X]dcZ lVhi]ZkVa^YZggdgXdYZ#>cVYY^i^dc!l]ZceZdeaZjhZYZggdgXdYZh!i]Z^gXdYZlVhj\an WZXVjhZi]ZnZ^i]Zg]VYVhl^iX]XVhZdgVhZg^Zhd[cZhiZY^[h# >c#C:I!ndjh]djaYcZkZgYZh^\cndjgbZi]dYhidgZijgcVc^ciZ\Zgid^cY^XViZhjXXZhh dg[V^ajgZ!cdgh]djaYndjjhZV7ddaZVc[dgi]ZhVbZejgedhZ#I]^h^hVWVYegVXi^XZi]Vi lVhjhZYl]ZcZmXZei^dchY^YcdiZm^hidgl]ZceZdeaZY^Yci`cdldglVciidjhZi]Zb Veegdeg^ViZan#Ndjh]djaYcZkZgYdi]^h#>chiZVY!jhZZmXZei^dch#

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&'&

30

ID6998D9:ID=6C9A:9>;;:G:CI:M8:EI>DCH 7`]W_
h\Y
Ghcd
8YVi[[]b[
Vihhcb
cf
dfYgg
7hf`5`h6fYU_
hc
ghcd
XYVi[[]b[
acXY"
=b



$ HYgh5dd`]WUh]cb"jV
acX]Zm
h\Y
VhbS7`]W_
aYh\cX
hc
`cc_
`]_Y
h\Y
Zc``ck]b[. 'LPP\2EMHFW/LEUDU\DV1HZ/LEUDU\ 'LPP\6WULQJ$V6WULQJ +HOORZRUOG 'LPP\)LOH$V6WULQJ  7U\ 0HVVDJH%R[6KRZP\2EMHFW/LEUDU\'LYLGH 7R6WULQJ 0HVVDJH%R[6KRZP\2EMHFW/LEUDU\'LYLGH 7R6WULQJ 0HVVDJH%R[6KRZP\2EMHFW/LEUDU\'LYLGH 7R6WULQJ &DWFKH[$V'LYLGH%\=HUR([FHSWLRQ 0HVVDJH%R[6KRZH[7R6WULQJ (QG7U\ 7U\ P\)LOH ´0\([LVWLQJ7H[W)LOHW[Wµ 0HVVDJH%R[6KRZP\2EMHFW/LEUDU\5HDG)LOHP\)LOH P\)LOH ´0\1RW([LVWLQJ7H[W)LOHW[Wµ 0HVVDJH%R[6KRZP\2EMHFW/LEUDU\5HDG)LOHP\)LOH &DWFKH[$V)LOH1RW)RXQG([FHSWLRQ 0HVVDJH%R[6KRZP\)LOH´GRHVQ·WH[LVWµ (QG7U\ P\2EMHFW/LEUDU\0DQLSXODWH6WULQJVP\6WULQJ 0HVVDJH%R[6KRZP\6WULQJ P\2EMHFW/LEUDU\0DQLSXODWH6WULQJVP\6WULQJ 0HVVDJH%R[6KRZP\6WULQJ

FYacjY
U``
h\Y
VfYU_dc]bhg
]b
HYgh5dd`]WUh]cb"jV
UbX
@]VfUfm"jV
UbX
YlYWihY
h\Y
WcXY"
@cc_
Uh
h\Y
X]Z!

% ZYfYbh
aYggU[Y
VclYg"
=Z
U
8]j]XY6mNYfc9lWYdh]cb
cf
:]`YBch:cibX9lWYdh]cb
cWWifg
U
aYggU[Y
Vcl
k]``
VY
X]gd`UmYX"

&''

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

I]ZgZVgZhdbZjhZ[jaiVWhi]VindjY^YcÈijhZ^ci]^hYZWj\\^c\hZhh^dc#;dg^chiVcXZ! i]ZLViX]iVW^h^bedgiVciWZXVjhZndjXVcZciZgkVg^VWaZhVcYZmegZhh^dchi]VindjlVci id[daadlVcYbdc^idgYjg^c\i]ZZmZXji^dcd[i]ZVeea^XVi^dc# 6cdi]ZgjhZ[jaiVW^hi]Z>bbZY^ViZl^cYdl!l]ZgZndjXVcineZVcni]^c\VcYi]Z Xdbe^aZgkZg^[^Zh!Xdbe^aZh!VcYZmZXjiZh^idci]Z[an6cnZ[[ZXidci]ZVeea^XVi^dcjcYZg YZWj\^h^bbZY^ViZ#6cne^ZXZd[XdYZi]ViXVcWZZkVajViZYWni]ZXdbe^aZgVcYYdZhcdi gZfj^gZVWadX`d[XdYZXVcWZZciZgZY^cidi]Z>bbZY^ViZl^cYdl#NdjXdjaYZciZgVadde! [dg^chiVcXZ#NdjVahd]VkZ[jaaVXXZhhid>ciZaa^HZchZ^ci]^hl^cYdl_jhiVh^[ndjlZgZ^ci]Z XdYZZY^idg#AZiÈhadd`ViVh^beaZZmVbeaZ#

IDJH:I=:>BB:9>6I:L>C9DL


$ Dih
U
VfYU_dc]bh
Uh
h\Y
Z]fgh
]bghfiWh]cb
]b
mcif
Udd`]WUh]cb
UbX
fib
h\Y
Udd`]WUh]cb
Vm
dfYgg]b[
:)" =Z
mci
XcbÇh
gYY
h\Y
=aaYX]UhY
k]bXck
^igh
gY`YWh
h\Y
8YVi[
aYbi
UbX
h\Yb
gY`YWh
K]bXckg
UbX


% =aaYX]UhY"
Mci
g\ci`X
\UjY
Ub
Yadhm
=aaYX]UhY
k]bXck
]b
h\Y
Vchhca
cZ
mcif
gWfYYb" & HmdY
h\Y
Zc``ck]b[
`]bY
UbX
dfYgg
9bhYf.
]
1
) ' Bck
hmdY
h\]g
`]bY
UbX
dfYgg
9bhYf.
]Z
]
2
&
h\Yb
AYggU[Y6cl"G\ck]

H\Y
aYggU[Y
Vcl
h\Uh
UddYUfg
g\ci`X
g\ck
U
)"
Mci
WUb
hYgh
WcXY
]b
fYU`
h]aY
Xif]b[
h\Y
YlYWih]cb
k]h\! cih
YlYWih]b[
U
g]b[`Y
`]bY
cZ
WcXY
Zfca
mcif
Udd`]WUh]cb"
6ih
VYkUfY
]Z
mci
igY
jUf]UV`Yg
h\Uh
UfY
]b
mcif
Udd`]WUh]cb/
fYaYaVYf
h\Uh
]Z
mci
acX]Zm
h\Ya
]b
h\Y
=aaYX]UhY
k]bXck
mci
acX]Zm
h\Ya
Zcf
h\Y
Udd`]WU! h]cb
Ug
kY``"

( 7`]W_
h\Y
Ghcd
8YVi[[]b[
Vihhcb
hc
ghcd
YlYWih]b[
h\Y
Udd`]WUh]cb" NdjÈgZcdlcdidcanVWaZidWj^aYcZlVeea^XVi^dch!WjindjÈgZVlVgZd[i]ZiZX]c^fjZh VcYiddahVkV^aVWaZidYZWj\i]Zb#

8]VeiZg,/;^m^c\i]Z7gd`Zc7adX`h

&LQGG

&'(

30

>cHjbbVgn### >ci]^hX]VeiZg!ndjaZVgcZY]dlidjhZWgZV`ed^cih0VWdjiY^[[ZgZciiZX]c^fjZhidhiZe^cid! hiZedkZg!VcYhiZedjid[i]ZhdjgXZXdYZ0VcYVWdjiYViVk^hjVa^oZghidhZZi]ZYViV^ci]Z bdhieZgi^cZcilVnWVhZYdc^ihXdciZcidgXdciZmi#NdjVahdaZVgcZY]dlidldg`l^i]V9AA# NdjY^hXdkZgZYi]VindjXVcjhZi]Z:Y^iVcY8dci^cjZ[ZVijgZidbdY^[nkVg^VWaZhVi gjc"i^bZVcYXdci^cjZi]ZZmZXji^dc# NdjaZVgcZY]dlndjXVcbdkZi]ZcZmi^chigjXi^dced^ciZgidgZ"ZmZXjiZhdbZ a^cZhd[XdYZ#NdjVahdhiVgiZYidYZVal^i]ZmXZei^dchVcYaZVgcZYi]ZYdhVcYYdcÈihd[ YZWj\\^c\#NdjÈkZhZZc]dlhjWiaZWj\hXVc[^cYi]Z^glVn^cÄjhjVaanYjZidY^higVXi^dch VcYhdbZi^bZhh^beanWZXVjhZndjYdcÈiedhhZhhVaad[i]Z`cdlaZY\ZVcYZmeZg^ZcXZÄWji i]ViÈhd`Vn#9dcÈildggn!ndjÈgZ^cVegdXZhhXVaaZYaZVgc^c\# >ci]ZcZmiX]VeiZg!ndjÈaaaZVgcVWdjiYViVWVhZh!69D#C:I!VcYbVc^ejaVi^c\YViVid VcY[gdbVB^Xgdhd[iHFAHZgkZgž:megZhhYViVWVhZ#NdjÈaaaZVgc]dlidjhZi]^hYViVid edejaViZXdcigdahdcVL^cYdlh[dgb#NdjÈaaVahdaZVgcidXgZViZVcVeea^XVi^dcidVYY! bdY^[n!YZaZiZ!VcYk^hjVa^oZgdlh^ci]ZXVgigVX`ZgVeea^XVi^dc#

&')

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6[TcgXe
+ @TaTZ\aZ

g[X
7TgT J[Tg



&LQGG

Hd[Vg!ndjÈkZhZZc]dlidWj^aYVL^cYdlh;dgbhVeea^XVi^dcVcYl]Vi X]VgVXiZg^hi^Xhi]dhZVeea^XVi^dchXdciV^cZY!Wjindj]VkZcdibVcV\ZYV \gZViYZVad[YViV#BVcV\^c\YViV^hValVnhVXdcXZgc!l]Zi]ZgVi]dbZ!Vi i]Zd[[^XZ!VihX]dda!dgZkZc[dggZXgZVi^dc#;dg^chiVcXZ!>]VkZbVcngZX^eZh VcY^YZVh[dg\gZViY^ccZgh!Wjil]Zc>lVciidegZeVgZVc^XZbZVa!^iiV`Zh bZhdbjX]i^bZid[^cYi]Zbi]VijhjVaan>X]Vc\Zbnb^cY#>[>]VYi]^h ^c[dgbVi^dc^cbnXdbejiZg!^ildjaYWZZVhnidfj^X`anVXXZhhbngZX^eZ[dg ÅgVX`d[aVbWl^i]]ZgWXgjhiÆVcYegZeVgZV[VWjadjhbZVa#>XdjaYVahdVYY di]ZgeZgi^cZci^c[dgbVi^dcidi]ZgZX^eZ[^aZ!hjX]Vhl]Vih^YZY^h]ZhlZgZ hZgkZYl^i]^idgl]Vil^cZhlZcilZaal^i]i]^hgZX^eZ#>XdjaYZkZcVYYV e^XijgZd[i]Z[^c^h]ZYbZVa# NdjXdjaYbVcV\ZYViVjh^c\VldgYegdXZhh^c\egd\gVb!hjX]Vh B^Xgdhd[iLdgY!Wji^iXdjaYWZXdbZjcbVcV\ZVWaZVhhddcVhndjXdaaZXi Vadid[gZX^eZhVcYcZZYidhZVgX][dg^c[dgbVi^dcl^i]^ci]Vi[^aZ#Jh^c\ VhegZVYh]ZZi!hjX]VhB^Xgdhd[i:mXZa!^hVahdegdWaZbVi^X#I]Z[VXi^hi]Vi ign^c\id[^cY^c[dgbVi^dcfj^X`anl]Zcjh^c\bdgZi]VcdcZkVg^VWaZ^h XadhZid^bedhh^WaZ#Jh^c\i]ZgZX^eZZmVbeaZ!hjeedhZndjlVciidgZig^ZkZ Vaad[i]ZgZX^eZhi]ViXVchZgkZViaZVhih^meZdeaZVcYi]Vi]VkZaVbWhiZl bZViWjicdb^ci^ci]Z^c\gZY^ZcihWZXVjhZdcZd[ndjg\jZhih^hVaaZg\^X idb^ci#>bV\^cZi]Zi^bZ^ildjaYiV`Zid[^cYi]Vi^c[dgbVi^dc^cZ^i]Zg VLdgY[^aZdgVc:mXZahegZVYh]ZZi#I]ViÈhl]ZgZYViVWVhZhXdbZidi]Z gZhXjZ#

&'*

30

>ci]^hX]VeiZg!ndjÈaaaZVgcl]ViVYViVWVhZ^h0]dlidXgZViZVYViVWVhZ0]dlidVYY! YZaZiZ!VcYjeYViZYViV0]dlidhZVgX]dgfjZgnVYViVWVhZ0VcY]dlidjhZVYViVWVhZ^c VL^cYdlh;dgbhVeea^XVi^dc#6XXdbeVcn^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hHFAHZgkZg '%%*:megZhh:Y^i^dc!l]^X]^hV[jaanldg`VWaZkZgh^dcd[^ihW^\\ZgWgdi]Zg!HFAHZgkZg'%%*! Wjil^i][ZlZg[ZVijgZh#HFAHZgkZg'%%*:megZhh:Y^i^dc^h[gZZ!ZVhnidjhZ!VcY\ZVgZY idlVgYWj^aY^c\h^beaZVcYYncVb^XVeea^XVi^dch#

L]Vi>hV9ViVWVhZ4 6YViVWVhZ^hVXdaaZXi^dcd[YViVi]Vi^hhidgZY^c[^aZhdcY^h`hjh^c\VhnhiZbVi^XhigjXijgZ# I]ZhnhiZbVi^XhigjXijgZZcVWaZhjhZghidfjZgni]ZYViVjh^c\bVcV\ZbZcihd[ilVgZ XVaaZY9ViVWVhZBVcV\ZbZciHnhiZb97BH#HFAHZgkZg'%%*^hVGZaVi^dcVa9ViVWVhZ BVcV\ZbZciHnhiZbG97BH#>i^hWVhZYdcVgZaVi^dcVabdYZaWZXVjhZ^ihYViV^hhigjX" ijgZYjh^c\hZihi]ZhZihi]Zdgn^cbVi]ZbVi^XhVcYad\^XVagZaVi^dchegZY^XViZh#Bdhi XdbbZgX^VaYViVWVhZegdYjXihVgZWVhZYdci]ZgZaVi^dcVabdYZa#>c[VXi!^iÈhWZZcdcZd[i]Z bdhiedejaVgbdYZah[dgi]ZaVhi'%nZVgh#6eVgi[gdbB^Xgdhd[iHFAHZgkZg!ndjbVn]VkZ Vahd]ZVgYd[i]Z[daadl^c\egdYjXicVbZh/DgVXaZdg>7B97'#

L]ViÈh>cV9ViVWVhZ4 ABG8 NdjÈaaaZVgcVWdjihdbZd[i]Z di]ZgZaZbZcihXdciV^cZY^cV gZaVi^dcVaYViVWVhZaViZg^ci]^h X]VeiZg#

6gZaVi^dcVaYViVWVhZ!hjX]VhHFAHZgkZg'%%*!XdciV^chbjai^eaZiVWaZhi]ViVgZgZaViZY id\Zi]Zg#6YViVWVhZXVcVahdXdciV^ck^Zlh!hidgZYegdXZYjgZh![jcXi^dch!^cYZmZh!hZXjg^in ^c[dgbVi^dc!VcYdi]ZgZaZbZcih#>ci]^hhZXi^dc!ndjÈaaaZVgcVWdjii]ZWVh^XZaZbZcid[V gZaVi^dcVaYViVWVhZ!l]^X]^hViVWaZVcY^ihXdbedcZcih# 6iVWaZXdciV^chXdajbchVcYgdlh#6XdajbcYZ[^cZhi]ZineZd[YViV!VcYVgdl XdciV^chi]ZVXijVaYViV#7ZXVjhZi]ZgZaVi^dcVabdYZa]Vhhig^XigjaZh!VG97BHi]VijhZh i]ZgZaVi^dcbdYZabjhi^beaZbZcii]Zb# @BE8
cgZVa^in!cdedejaVgG97BH^h[jaan^beaZbZci^c\i]ZejgZgZaVi^dcVabdYZa Vh^ilVh[^ghiXgZViZY^ci]Z&.,%h#

&'+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in I]ZgjaZhYZ[^c^c\i]ZgZaVi^dcVabdYZaVgZXVaaZYcdgbVa^oVi^dcgjaZh#CdgbVa^oVi^dc^hV egdXZhhi]ViYViVVgX]^iZXihbjhiVeeanl]ZcZkZgi]ZnVgZVii]ZYZh^\ce]VhZ# CdgbVa^oVi^dcgjaZhZm^hiidgZYjXZi]ZX]VcXZd[]Vk^c\i]ZhVbZYViVhidgZY^cbdgZi]Vc dcZiVWaZ0^cdi]ZgldgYh!i]ZnZm^hiidgZYjXZi]ZaZkZad[gZYjcYVcXnVcYVahdidegZhZgkZ YViV^ciZ\g^in^ci]ZYViVWVhZ#Ad\^XVaan!i]ZcdgbVa^oVi^dcegdXZhhZm^hihid]Zaehea^ii]Z YViV^cid^ihdlciVWaZhdi]Vii]ZgZ^hcdYjea^XVi^dcd[^c[dgbVi^dc^cbdgZi]VcdcZiVWaZ# ;dgZmVbeaZ!]Vk^c\VcVeea^XVi^dc^cl]^X]i]ZXjhidbZgÈhVYYgZhh!X^in!hiViZdgegdk^cXZ! o^edgedhiVaXdYZ!VcYXdjcignVgZYjea^XViZY^cildY^[[ZgZciiVWaZh^hVWVY^YZV#I]ZgZ h]djaYWZdcandcZa^c`[gdbi]ZXjhidbZgiVWaZidi]Zdi]ZgiVWaZgZ[ZgZcX^c\VYY^i^dcVa XjhidbZg^c[dgbVi^dc#=Vk^c\Yjea^XViZYViVldjaYbV`ZjeYViZhVcYYZaZi^dchbdgZegdW" aZbVi^XVcYldjaYVahdedhZi]Zg^h`d[]Vk^c\bdY^[^ZYYViV^cdcZiVWaZVcYcdii]Zdi]Zg# I]^hZmVbeaZYZbdchigViZhVYViV^ciZ\g^inegdWaZb# AZiÈhadd`ViVcdi]ZgYViV^ciZ\g^inegdWaZb#HjeedhZndj]VkZWdi]VegdYjXiiVWaZVcY ViVWaZXdciV^c^c\XjhidbZgdgYZgYZiV^ah#6ai]dj\]ndjcdgbVa^oZYndjgYViV!YViV^ciZ\g^in YdZhcdiZm^hi[dgi]^hZmVbeaZ#CdlaZiÈhhVnndjYZX^YZidYZaZiZegdYjXi&!l]^X]bZVch gZbdk^c\Vgdl[gdbi]ZegdYjXiiVWaZi]ViXdggZhedcYhidegdYjXi&#>[i]ZG97BHldjaY aZindjYdi]^h!^ildjaYbZVci]VihjYYZcanVaagdlh^ci]ZXjhidbZgdgYZgYZiV^ahiVWaZi]Vi XdciV^cZYi]^hegdYjXildjaYcdiWZVWaZidh]dll]^X]egdYjXilVhdgYZgZYWZXVjhZi]Z egdYjXildjaYcdadc\ZgZm^hi#I]dhZgdlhldjaYWZdge]VcZY!l]^X]XdjaY]VkZY^hVhigdjh gZhjaih[dgi]ZXdbeVcn# 6hndjXVchZZ!YViV^ciZ\g^in^hVkZgn^bedgiVciXdcXZeii]Vi^hgZaViZYidi]ZVXXjgVXn! kVa^Y^in!VcYXdggZXicZhhd[i]ZYViV#IdWZiiZgjcYZghiVcYhdbZd[i]ZhZXdcXZeih!aZiÈhadd` ViVcdi]ZgZmVbeaZ# HjeedhZndjVgZi]ZdlcZgd[Vcdca^cZhidgZVcYlVciidbVcV\ZndjgXdbeVcnjh^c\ Vhd[ilVgZVeea^XVi^dc#IdjhZVhd[ilVgZVeea^XVi^dc!ndjbjhihiVgii]^c`^c\VWdjijh^c\V YViVWVhZ#6cnXdbeVcn!Wdi]hbVaadgaVg\Z!ine^XVaan]VhV\gZViYZVad[YViVidhidgZ#6ahd! WZXVjhZYViV^hVaaVgdjcYjh!eZdeaZlVcibdgZVXXZhhidi]^hYViVhdVhidXgZViZgZedgih VcYXdcYjXiVcVanh^h#I]Vi^hl]nYViVWVhZhVgZhdjhZ[ja#GZijgc^c\idndjgdca^cZhidgZ!Vi Vb^c^bjbndjldjaYa^`ZidhidgZ^c[dgbVi^dcVWdjindjgXjhidbZgh!egdYjXih!^ckd^XZh! ejgX]Vh^c\!VcY^ckZcidgn#IdhjbbVg^oZVaad[i]dhZVgZVh!aZiÈhiV`ZVadd`Vii]ZEgdYjXi! DgYZg=ZVYZg!VcYDgYZg9ZiV^aiVWaZh# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

ABG8 I]Z[daadl^c\iVWaZh]VkZejg" edhZanWZZc`Zeih^beaZhdbZ XdajbchVgZb^hh^c\VcYVgZjhZY id^aajhigViZi]ZXdcXZeihndjÈkZ _jhiaZVgcZY#

&',

30

IVWaZ-"& CebWhVg
GTU_X

IVWaZ-"' BeWXe;XTWXe
GTU_X

&'-

&LQGG

8dajbcCVbZ

9ViVIneZ

6aadlCjaah4

EgdYjXi>9E@

^ciZ\Zg

CdiCjaa

EgdYjXiCjbWZg

ckVgX]Vg&%

CdiCjaa

CVbZ

ckVgX]Vg*%

CdiCjaa

9ZhXg^ei^dc

ckVgX]Vg'%%

Cjaa

E]did

^bV\Z

Cjaa

Eg^XZ

bdcZn

CdiCjaa

IVmVWaZ

W^i

CdiCjaa

8dajbcCVbZ

9ViVIneZ

6aadlCjaah4

DgYZg>9E@

^ciZ\Zg

CdiCjaa

DgYZg9ViZ

YViZi^bZ

CdiCjaa

9jZ9ViZ

YViZi^bZ

CdiCjaa

8jhidbZg>9;@

^ciZ\Zg

CdiCjaa

IVm6bdjci

bdcZn

CdiCjaa

IdiVa

bdcZn

CdiCjaa

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

8dajbcCVbZ

9ViVIneZ

6aadlCjaah4

DgYZg>9E@;@

^ciZ\Zg

CdiCjaa

A^cZ9ZiV^a>9E@

^ciZ\Zg

CdiCjaa

EgdYjXi>9;@

^ciZ\Zg

CdiCjaa

FjVci^in

^ciZ\Zg

CdiCjaa

A^cZIdiVa

cjbZg^X(-!+

CdiCjaa

IVWaZ-"( BeWXe7XgT\_
GTU_X

NdjgEgdYjXi!DgYZg=ZVYZg!VcYDgYZg9ZiV^aiVWaZhXdjaYVahdWZgZegZhZciZY\gVe]^XVaan! Vhh]dlc^c;^\jgZ-"&#I]^h^hVXdbbdclVnd[add`^c\ViYViVWVhZh#

;^\jgZ-"& CTeg\T_
WTgTUTfX
W\TZeT`
bY
T
f`T__
ba_\aX
Vb`cTal

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&'.

30

L]Vi>hCjaa4 DcZd[ndjg[^ghidWhZgkVi^dch^hi]Vii]ZgZÈhVXdajbc^ci]ZiVWaZhi^iaZY6aadlCjaah4!l]^X] ^hVahdgZ[aZXiZY^c;^\jgZ-"&#L]ZcYZh^\c^c\ViVWaZ!ndjcZZYidXdch^YZgl]ViÈhVWhd" ajiZancZXZhhVgnCdiCjaaVcYl]ViÈhcdiCjaa#;dg^chiVcXZ!l]Zcndj^chZgiVcZlgdl ^cidi]ZEgdYjXiiVWaZ!^ibVncdibViiZgl]Zi]Zgi]ZegdYjXi]VhVe]did!Wji^ib^\]iWZV egdWaZbid]VkZVegdYjXil^i]djiVegdYjXicjbWZg#CdlaZiÈhXdggZaViZ]dlVaadl^c\cjaa ^hgZaViZYidYViV^ciZ\g^in#L]ZcZkZgViVWaZ^hYZh^\cZYl^i]VXdajbci]ViYdZhcÈiVaadl cjaa!i]ZG97BHl^aagZ_ZXiVcn^chZgi^dcd[VcZlgdli]Vi]VhVXdajbchZiidcjaal]Zc^i ^hcdihjeedhZYid#L]ZcndjeVnViiZci^dcidi]dhZXdajbchi]ViXVccdiXdciV^ccjaal]Zc YZh^\c^c\ndjgiVWaZh!ndjVjidbVi^XVaanVYYVcdi]ZgYViV^ciZ\g^inaVnZgWnbV`^c\hjgZ i]ViVaacZXZhhVgnYViV^hegZhZciWZ[dgZi]ZgZXdgY^h^chZgiZY^cidi]ZYViVWVhZ#

L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 NdjÈaahZZ^c;^\jgZ-"&i]VihdbZXdajbch]VkZi]ZaZiiZghE@[dgeg^bVgn`Zn^ci]ZiVWaZh dgVnZaadl`Zn [dgeg^bVgn`Znh#HdbZXdajbchVahdXdciV^c;@[dg[dgZ^\c`Zn#AZiÈhhiVgi WniVa`^c\VWdjii]Zeg^bVgn`Zn#

Df]aUfm
?Ym 6eg^bVgn`Zn^hVkVajZi]Vi^hjhZYidjc^fjZan^YZci^[nVheZX^[^Xgdl^cViVWaZ#6 eg^bVgn`Zn/ N 8VcWZXdbedhZYd[dcZdgbdgZXdajbccVbZh#L]Zc^iÈhXdbedhZYd[bdgZi]VcdcZ Xdajbc!^iÈhXVaaZYVXdbedh^iZ`Zn# N >hd[iZcVcjbZg^X[^ZaY# N >hd[iZc\ZcZgViZYWni]ZG97BH!^cl]^X]XVhZ^iÈhXVaaZYVhjggd\ViZ`Zn#6hjggd\ViZ `Zn^h[gZfjZcianWjicdiValVnhVhZfjZci^VacjbWZg#6hjggd\ViZ`Zn^hVahdXVaaZYVc ^YZci^in^cHFAHZgkZg'%%*#6c^YZci^inhiVgihViVhZicjbWZg!XVaaZYi]Z^YZci^inhZZY! VcY^cXgZbZcihWnVcdi]ZghZicjbWZg!XVaaZYi]Z^YZci^in^cXgZbZci#;dgZmVbeaZ!^[ndj XgZViZViVWaZcVbZYEgdYjXi!ndjXVc]VkZVXdajbccVbZYEgdYjXi>9i]Vi^hhZiVhVc ^YZci^in!VcYndjXVchZii]Z^YZci^inhZZYid&l^i]Vc^YZci^in^cXgZbZciid&#L]Zci]Z [^ghigdl^hXgZViZY^ci]ZEgdYjXiiVWaZ!i]ZEgdYjXi>9l^aaWZ\ZcZgViZYWni]ZG97BH VcYhZiid&#I]Z[daadl^c\gdll^aa]VkZVEgdYjXi>9i]Vi^hhZiid'VcYhd[dgi]# &(%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

N H]djaYWZVhh]dgiVhedhh^WaZ!Wjiadc\Zcdj\]idhjeedgii]ZcjbWZgd[gdlh^il^aa gZegZhZci# N >h^bbjiVWaZ!bZVc^c\^ihkVajZh]djaYcZkZgX]Vc\Z# N >hVahdVcVijgVa`Znl]Zci]Z`Zn]VhVad\^XVagZaVi^dch]^el^i]i]ZgZhid[i]ZXdajbch ^ci]ZiVWaZ#;dgZmVbeaZ!^[ndj]VYVWdd`iVWaZ!i]Z>H7CcjbWZgXdjaYWZjhZYVhV eg^bVgn`ZnWZXVjhZ^ijc^fjZan^YZci^[^ZhdcandcZWdd`#>ildjaYWZVcVYkVciV\Z XdbeVgZYl^i]V\ZcZgViZY`ZnWZXVjhZ^ildjaYiV`ZaZhhheVXZVcY]VhidZm^hiVcn" lVn N >hVahdjhZYidgZaViZildiVWaZhid\Zi]Zg# >cdjgEgdYjXiiVWaZZmVbeaZ!i]ZEgdYjXi>9^hi]Zeg^bVgn`Zn#6iYZh^\ci^bZ!^il^aa VahdWZVc^YZci^in#NdjXVcXaV^bi]Vii]ZegdYjXicjbWZgXdjaYWZVeg^bVgn`ZnVcYndj XdjaYWZg^\]i!Wji^cXZgiV^chXZcVg^dhVegdYjXicjbWZgXdjaYWZjhZYil^XZ#;dgZmVbeaZ! hjeedhZndj]VkZegdYjXi;<"%%&l^i]VgZk^h^dc&#%#>ci^bZ!ndjX]Vc\Zi]ZegdYjXi WZXVjhZd[XjhidbZgXdbeaV^cihVcY\^kZ^iVgZk^h^dc'#%#NdjlVcindjgXjhidbZghid Xdci^cjZiddgYZgi]ZhVbZegdYjXicjbWZg[dgbVcnWjh^cZhhgZVhdch#>cndjgYViVWVhZ! ndjldjaYgZi^gZi]ZegdYjXigZk^h^dc&#%WneZg]VehX]Vc\^c\VXdajbccVbZY6Xi^kZ!i]Zc VYYVcdi]Zggdl^cndjgiVWaZl^i]i]ZcZlegdYjXiYZiV^ah!^cXajY^c\gZk^h^dc'#%!VcYhZi ^iid6Xi^kZ#L]nXVcÈindjjhZi]ZhVbZgdl4AZiÈhVhhjbZi]Vih^mbdci]hV[iZgXgZVi^c\ i]ZcZlegdYjXigZk^h^dc!ndjlVciidXgZViZV\gVe]idYZiZgb^cZl]Zi]ZgndjgX]Vc\Zhid i]ZegdYjXibZVcii]Vindj]VY[ZlZggZijgch[gdbndjgXjhidbZgh#>ildjaYWZY^[[^Xjaiid XdbZjel^i]\ddYYViV^[ndj]VYdcandcZgdl[dgi]ZegdYjXi!Wji^ildjaYWZ[V^ganZVhn idYd^[ndj]VkZildgdlhWZXVjhZi]ZnldjaYWZjc^fjZ^ci]ZYViVWVhZ!l^i]ZVX]dcZ ]Vk^c\VY^[[ZgZciEgdYjXi>9# >ci]ZDgYZg9ZiV^aiVWaZ!ndj]VkZVXdbedh^iZeg^bVgn`Zni]Vi^hVXdbW^cVi^dcd[i]Z DgYZg>9VcYDgYZg9ZiV^a>9#I]^hbZVchi]Vii]ZhZildXdajbchldjaYZchjgZi]Zjc^fjZcZhh d[Vgdl^ci]ZDgYZg9ZiV^aiVWaZ# >ci]ZDgYZg=ZVYZgiVWaZ!i]ZDgYZg>9^hi]Zeg^bVgn`Zn#

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&(&

30

:cfY][b
?Ym 6[dgZ^\c`Zn^hVXdajbc^cViVWaZi]VigZaViZhidVXdajbc^cVcdi]ZgiVWaZ#>iVahd ZcVWaZhndjidXgZViZgZaVi^dchWZilZZciVWaZh#6[dgZ^\c`Zn^cViVWaZ^hValVnhVeg^bVgn `Zn^cVcdi]ZgiVWaZ#;dgZ^\c`ZnhVgZjhZYidZc[dgXZYViV^ciZ\g^inWnWZ^c\eVgid[[dgZ^\c `ZnXdchigV^cih#;dgZ^\c`ZnXdchigV^cihVgZXgZViZYidbV`ZhjgZgZ[ZgZci^Va^ciZ\g^in^h egZhZgkZYVcYcdik^daViZY#I]ZgZVgZild[dgZ^\c`Znh^ci]ZdgYZgYZiV^ah#I]Z[^ghi^hi]Z EgdYjXi>9[dgZ^\c`Zn^ci]ZDgYZg9ZiV^aiVWaZ!VcY^iÈhgZaViZYidi]Zeg^bVgn`ZncVbZY EgdYjXi>9^ci]ZEgdYjXiiVWaZ#I]ZhZXdcY^hi]ZDgYZg>9[dgZ^\c`Zn^ci]ZDgYZg9ZiV^a iVWaZ!VcY^iÈhgZaViZYidi]Zeg^bVgn`ZncVbZYDgYZg>9^ci]ZDgYZg=ZVYZgiVWaZ# 8dcXZgc^c\i]ZcVb^c\d[[dgZ^\c`Znh!^iÈhV\ddYegVXi^XZidYZ[^cZi]Zbjh^c\i]ZhVbZ cVbZVhi]Z^geg^bVgn`ZnXdjciZgeVgi0di]Zgl^hZ!^ibVnaZVYidegdWaZbh[dgi]dhZadd`^c\ Vindjgad\^XVaYViVbdYZa# >^cigdYjXZYndjidYViV^ciZ\g^inVii]ZWZ\^cc^c\d[i]^hX]VeiZg#>cYd^c\hd!>X^iZYVc ZmVbeaZi]ViXdjaYXgZViZh^b^aVgegdWaZbhidi]ZdcZ^ci]ZEgdYjXiVcYDgYZg9ZiV^aiVWaZ ZmVbeaZ#6YY^c\V[dgZ^\c`ZnXdchigV^ciWZilZZci]ZhZildiVWaZhldjaYegZkZciVjhZg [gdbYZaZi^c\VegdYjXi^ci]ZEgdYjXiiVWaZi]ViXdjaYediZci^VaanXgZViZVaVg\ZcjbWZgd[ dge]VcZYgdlh^ci]ZDgYZg9ZiV^aiVWaZ#>[ndjadd`Vi;^\jgZ-"&!i]Z[dgZ^\c`ZnXdchigV^ci WZilZZcEgdYjXiVcYDgYZg9ZiV^a^hh]dlcVhVa^cZWZilZZci]ZildiVWaZhi]ViXVcWZ [djcYWnadd`^c\Vii]ZcVbZ;@TEgdYjXiTDgYZg9ZiV^a#CVb^c\XdchigV^cih^hVcZVhnlVn idjcYZghiVcYl]Vii]ZnVgZ[dg#LZdcan]VkZi]gZZiVWaZh^cdjgZmVbeaZ!WjindjXVc ^bV\^cZi]ViXdchigV^cihl^i]djicVbZhi]ViZm^hiWZilZZccjbZgdjhiVWaZhldjaYfj^X`an WZXdbZjcXaZVg# 6cdi]Zg[dgZ^\c`ZnXdchigV^ciZm^hih]ZgZ!l]^X]^hi]ZdcZWZilZZci]ZDgYZg=ZVYZg VcYDgYZg9ZiV^aiVWaZhi]VildjaYegZkZciVcdgYZg[gdbWZ^c\YZaZiZYWZ[dgZVaad[^ih bViX]^c\DgYZg9ZiV^ah]VkZWZZcYZaZiZY#NdjXVchZZ^c;^\jgZ-"&i]Vii]ZDgYZg=ZVYZg iVWaZ]VhVcdi]Zg[dgZ^\c`ZnXVaaZY8jhidbZg>9#I]ZgZ[dgZ!Vcdi]Zg[dgZ^\c`ZnXdchigV^ci ldjaYZm^hiWZilZZci]Z8jhidbZgVcYDgYZg=ZVYZgiVWaZh#;daadl^c\i]ZhVbZeg^cX^eaZh [djcYl^i]di]Zg[dgZ^\c`ZnXdchigV^cih!i]^hldjaYegZkZciVXjhidbZg[gdbi]Z8jhidbZg iVWaZ[gdbWZ^c\YZaZiZYWZ[dgZVaad[^ihbViX]^c\dgYZgh^ci]ZDgYZg=ZVYZgiVWaZVcYVaa YZiV^agdlh^ci]ZDgYZg9ZiV^ahiVWaZi]VibViX]i]ZdgYZgh]VkZWZZcYZaZiZY# >[i]ZgZlZgZcd[dgZ^\c`ZnXdchigV^cih^ci]^hYViVWVhZ!YViV^ciZ\g^inldjaYWZZVh^an k^daViZY#I]ZYViVWVhZldjaYWZaZ[il^i]VW^\egdWaZb/Vi^bZWdbWd[dge]VcZYgdlh

&('

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

i]ViiV`ZjeheVXZVcYhadlYdlcVaafjZg^Zh#7nVYY^c\i]^h[dgZ^\c`ZnXdchigV^ci!i]Z G97BHldjaYZchjgZi]ViVaagdlh^ci]ZDgYZg9ZiV^aiVWaZi]VigZ[ZgZcXZi]^hegdYjXi]VkZ WZZcYZaZiZYWZ[dgZi]ZegdYjXigdlXdjaYWZYZaZiZY^ci]ZEgdYjXiiVWaZ#

=dl9dNdj>ciZgVXil^i]VGZaVi^dcVa9ViVWVhZ4 Hd[Vg!>ÈkZiVa`ZYVWdjiiVWaZh^cl]^X]ndjXVcjeYViZ!VYY!dgYZaZiZgdlhdgfjZgni]Z YViVWVhZid\ZieVgi^XjaVggZhjaih#EZg]VehndjÈkZWZZcVh`^c\ndjghZa[/7ji]dlYd>iVa`dg ^ciZgVXil^i]i]ZYViVWVhZ4=dlYdZh^igZijgci]ZVchlZghidbnfjZg^Zh46cY]dlYdndj XgZViZi]dhZiVWaZh4>ÈbhjgZndjÈkZWZZcVh`^c\ndjghZa[bVcndi]ZgfjZhi^dchVhlZaa#I]Z VchlZgidVaad[i]ZhZfjZhi^dch^hHFAHZgkZg'%%*:megZhh:Y^i^dc# HFAhiVcYh[dgHigjXijgZYFjZgnAVc\jV\ZVcYlVh^ckZciZY^ci]Z&.,%h#I]ZVXgdcnb ^hegdcdjcXZYH:FJ:AVcYlVhVahd^cigdYjXZYjh^c\i]VihVbZheZaa^c\!WjiWZXVjhZd[V igVYZbVg`Y^hejiZ^ci]ZJ@^ci]Z&.,%h!i]ZcVbZlVhh]dgiZcZYidi]ZcdllZaa"`cdlc HFAVXgdcnb#7VX`i]Zc!i]ZH:FJ:AVXgdcnbbZVciHigjXijgZY:c\a^h]FjZgnAVc\jV\Z# HFA^hVc:c\a^h]"WVhZYaVc\jV\ZVcY^hkZgnh^b^aVgid]jbVcaVc\jV\ZfjZhi^dch#I]ViÈh l]n^iÈhZVhnVcY[VhiidaZVgcWVh^XHFAegd\gVbb^c\#AZiÈhadd`ViildZmVbeaZh/ &# H:A:8I;GDB8JHIDB:G '# H:A:8I8DJCI;GDBEGD9J8I I]Z[^ghiZmVbeaZXVcWZigVchaViZY^c:c\a^h]id\^kZbZVaagdlh^ci]Z8jhidbZg iVWaZdg\^kZbZi]Za^hid[XjhidbZgh^c:c\a^h]#I]ZhZXdcYZmVbeaZXVcWZigVchaViZYVh VgZfjZhiid\^kZbZi]ZidiVad[VaagdlhXdciV^cZY^ci]ZEgdYjXiiVWaZdgidXdjci]dl bVcnegdYjXihi]^hXdbeVcn]Vh# L]Zcndj^hhjZVcHFAfjZgnidVgZaVi^dcVaYViVWVhZ!i]ZYViVWVhZgZijgchVgZhjaihZi i]Vih^beanXdciV^chi]Zgdlhl^i]i]ZVchlZghidndjgfjZgn#Jh^c\HFA!ndjXVcVahd\gdje dgV\\gZ\ViZi]ZgZhjaihd[VfjZgn#NdjVahdjhZHFAidXgZViZiVWaZhdgYZaZiZYgdeiVWaZh# NdjÈkZaZVgcZYVWdjieg^bVgn`Znh![dgZ^\c`Znh!VcYXdchigV^cih!WjindjegdWVWanY^YcÈi `cdli]Vii]ZnÈgZVahdXgZViZYjh^c\HFA# >iÈhVahd\ddYid`cdli]ViHFA^hVc6CH>$>HDhiVcYVgY0i]ZgZ[dgZ!VcnG97BHegdYjXZg cZZYhiddWZnVhZid[gjaZh#7Vh^XHFA^hVWVhZegd\gVbb^c\aVc\jV\ZVcYVhhjX]^h jhjVaancdihj[[^X^ZciidhdakZVaaedhh^WaZegdWaZbhdgVcVanh^hcZZYhi]ViVcVeea^XVi^dcbVn YZbVcY#>i]VhVgVi]Zga^b^iZYhZid[`ZnldgYh#7ZXVjhZ^ih[^ghi\dVa^hidfjZgnYViV[gdbV 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&((

30

YViVWVhZ!i]ZbdhiedejaVgG97BHhdci]ZbVg`Zi]VkZVYYZYZmiZch^dchidHFAideZgb^i i]ZVYY^i^dcd[egdXZYjgVaXdYZ#I]ZhZVYY^i^dchijgcHFA^cidV[jaa"[aZY\ZYegd\gVbb^c\ aVc\jV\Zi]Vi]ZaehhdakZbdgZXdbeaZmegdWaZbh#I]Z[daadl^c\^hVa^hid[edejaVg ZmiZch^dchVcYi]Z^gbVcj[VXijgZgh/B^Xgdhd[iIgVchVXi"HFAdgI"HFA[dgh]dgi!DgVXaZEA$ HFA!VcY>7BHFAEA#GZXZcian!^cVYY^i^dcidi]ZhZZmiZch^dch!G97BHbVcj[VXijgZgh]VkZ VYYZYi]Zhjeedgid[di]Zgegd\gVbb^c\aVc\jV\Zh#B^Xgdhd[i^hVYY^c\#C:IaVc\jV\Z hjeedgi^cidi]ZYViVWVhZl^i]VaaHFAHZgkZg'%%*:Y^i^dch!l]^aZDgVXaZVcY>7B]VkZ VYYZY?VkVhjeedgi# I]ZgZVgZbdgZYViVWVhZXdcXZeihVcYi]Zdg^Zhi]Vci]dhZa^hiZYVcYZmeaV^cZY]ZgZ! WjilZ]VkZXdkZgZYi]Z^bbZY^ViZYViVWVhZcZZYhd[i]^hWdd`#NdjÈaacdlVeeani]dhZ XdcXZeihXdcXgZiZan^cVL^cYdlh;dgbhVeea^XVi^dci]Vil^aajhZVHFAHZgkZg:megZhh'%%* YViVWVhZ#

HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc >ci]^hhZXi^dc!ndjl^aaYZkZadeVL^cYdlh;dgbhVeea^XVi^dc#I]^hl^aaWZVXVgigVX`Zg Veea^XVi^dci]Vil^aaZcVWaZi]ZjhZgidigVX`i]Zeg^XZhd[XVghdkZgi^bZVcYYZiZgb^cZ l]ZgZi]Za^hi^c\lVhdWhZgkZY#Ndjl^aa[^ghijhZK^hjVaHijY^didXgZViZi]ZYViVWVhZVcY i]ZiVWaZh!i]ZcVYYhdbZYViVVcYkVa^YViZhdbZd[i]ZXdcXZeihndjÈkZaZVgcZY^ci]Z[^ghi eVgid[i]^hX]VeiZg#Ndjl^aai]ZcXgZViZVL^cYdlhVeea^XVi^dci]Vil^aajhZndjgYViVVcY Wj^aYVYViV"XZcig^XVeea^XVi^dci]Vil^aaVaadli]ZjhZgidhidgZVcnVbdjcid[YViV# GZ[Zgid;^\jgZ-"'[dgi]ZYViVWVhZY^V\gVbeZgiV^c^c\idi]^hhZXi^dcÈhZmVbeaZ#

&()

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

;^\jgZ-"' 6Te
geTV^Xe
Tcc_\VTg\ba
WTgTUTfX
W\TZeT`

8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc 7Z[dgZjh^c\YViV!lZcZZYVeaVXZidhidgZi]ZYViV#NdjÈaaaZVgc]dlidXgZViZVYViVWVhZ^c K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#NdjÈaaVahdhZZ]dlZVhn^i^h[dgndjidXgZViZVaad[i]Z iVWaZhlZcZZYidhVi^h[ni]ZcZZYhd[djgXVgigVX`ZgVeea^XVi^dcWZXVjhZi]ZHFAHZgkZg iZVbY^YVldcYZg[ja_dWd[^ciZ\gVi^c\i]Ziddah^cidK^hjVaHijY^d#

@BE8
9:#

@BE8

ID8G:6I:696I676H:JH rel="nofollow">C<K>HJ6A76H>8'%%*:MEG:HH:9>I>DC


$ GhUfh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb" %

7fYUhY
U
bYk
K]bXckg
Udd`]WUh]cb
UbX
bUaY
]h
7UfHfUW_Yf"

=b
h\Y
5XX
BYk
=hYa
X]U`c[
Vcl
gY`YWh
GE@


' 8UhUVUgY
Zfca
h\Y
J]giU`
GhiX]c
=bghU``YX


HYad`UhYg"
HmdY
]b
h\Y
Z]`YbUaY
7UfHfUW_Yf"aXZ
UbX
W`]W_
h\Y
5XX
Vihhcb"
6m
Xc]b[
gc
mciÇ``
WfYUhY
U
XUhUVUgY
UbX
UhhUW\
h\Y
XUhUVUgY
Z]`Y
7UfHfUW_Yf" aXZ
hc
mcif
7UfHfUW_Yf
dfc^YWh"

Mci
k]``
bck
WfYUhY
h\Y
XUhUVUgY
h\Uh
k]``
\c`X


& U``
h\Y
hUV`Yg
Zcf
h\Y
Udd`]WUh]cb"
=b
h\Y


Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y
7UfHfUW_Yf
dfc^YWh
gY`YWh
5XX
UbX
h\Yb
gY`YWh
BYk
=hYa"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

Mci
k]``
h\Yb
gYY
U
8UhU
GcifWY
7cbZ][ifUh]cb


( K]nUfX"
8cbÇh
dUm
UhhYbh]cb
hc
h\]g
X]U`c[
Vcl
^igh
mYh/
mciÇ``
`YUfb
UVcih
]h
gccb"
>igh
W`]W_
7UbWY`
Zcf
bck"

I]Z#bY[[^aZZmiZch^dc^hjhZY Wni]ZHFAHZgkZg[Vb^and[egdY" jXih#I]Z#bY[XdciV^chi]ZZci^gZ YViVWVhZ0i]^hbZVchVaaiVWaZhVcY di]ZgZaZbZcihi]ViXVcZm^hi^c i]ZYViVWVhZVgZadXViZY^ci]Vi dcZ[^aZ#I]Zdcani]^c\i]Vi^h cdieVgid[i]Z#bY[[^aZ^hi]Zad\ ^c[dgbVi^dc!l]^X]^h^cV#aY[[^aZ# >i^hXgZViZYl]ZcZkZgndjXgZViZ i]ZYViVWVhZ#I]Z[^aZ]VhVc#aY[ ZmiZch^dcVcY^hjhZYidhidgZi]Z YViVWVhZad\^c[dgbVi^dc#Ndj XVchZZi]^h[^aZWnXa^X`^c\i]Z H]dl6aa;^aZh^Xdc^ci]ZHdaji^dc :meadgZg#

&(*

30

H\Y
Gc`ih]cb
9ld`cfYf
g\ci`X
bck
WcbhU]b
U
bYk
]hYa
k]h\]b
mcif
dfc^YWh.
h\Y
bYk
XUhUVUgY
Z]`Y
WU``YX


) 7UfHfUW_Yf"aXZ
Ug
g\ckb
]b
:][ifY
,!'"

Mci
k]``
bck
ghUfh
hc
UXX
hUV`Yg
hc
mcif
XUhUVUgY"
Hc
Xc
h\]g
mci
WUb
Y]h\Yf
XciV`Y!W`]W_
h\Y


* 7UfHfUW_Yf"aXZ
Z]`Y
cf
f][\h!W`]W_
7UfHfUW_Yf"aXZ
UbX
h\Yb
gY`YWh
CdYb"
H\]g
k]``
WUigY
J]giU`

GhiX]c
hc
WcbbYWh
hc
h\Y
GE@
GYfjYf
&$$)
9ldfYgg
]bghUbWY
]bghU``YX
cb
mcif
aUW\]bY"


;^\jgZ-"( Fb_hg\ba
8kc_beXe
j\g[
g[X
aXj_l
VeX TgXW
7UfHfUW_Yf"aXZ
WTgTUTfX
Y\_X

H\Y
8UhUVUgY
9ld`cfYf
g\ci`X
UddYUf
cb
h\Y
`YZh
g]XY
cZ
h\Y
gWfYYb
k\YfY
h\Y
hcc`Vcl
igiU``m
cdYbg
id
Ug
g\ckb
]b
:][ifY
,!("
=Z
mci
Xc
bch
gYY
h\Y
8UhUVUgY
9ld`cfYf
[c
hc
h\Y
J]Yk
aYbi
UbX
gY`YWh
8UhUVUgY
9ld`cfYf"
IbXYf
h\Y
XUhUVUgY
bUaY
mci
g\ci`X
gYY
U
`]gh
cZ
XUhUVUgY
Y`YaYbhg
fYdfYgYbhYX
Vm
Zc`XYf
]Wcbg"
5`h\ci[\
mci
k]``
bch
fYWc[b]nY
acgh
cZ
h\Ya
mci
k]``
gYY
hkc
Y`YaYbhg
h\Uh
UfY
U`fYUXm
ZUa]`]Uf
hc
mci.
h\Y
XUhUVUgY
X]U[fUa
UbX
h\Y
hUV`Yg"
Mci
k]``
igY
Vch\
cZ
h\YgY
Y`YaYbhg
g\cfh`m" MciÇ``
_bck
h\Uh
mciÇfY
WcbbYWhYX
hc
h\Y
XUhUVUgY
k\Yb
mci
gYY
h\Y
XUhUVUgY
]Wcb
k]h\
Ub
Y`YWhf]W
WcfX
`cc_!U`]_Y"
K\Yb
mciÇfY
X]gWcbbYWhYX
mci
k]``
gYY
h\Y
XUhUVUgY
]Wcb
k]h\
U
fYX
L"

+ 7cbbYWh]cb"
Mci
g\ci`X
bck
gYY
h\Y
fYX
L
bYUf
mcif
XUhUVUgY
bUaY" ;^\jgZ-") 7TgTUTfX
8kc_beXe
j\g[
g[X
6TeGeTV^Xe
WTgTUTfX
VbaaXVgXW

MciÇfY
bck
X]gWcbbYWhYX"
Hc
fYWcbbYWh
mci
WUb
Xc
h\fYY
X]Z! ZYfYbh
h\]b[g"
Mci
WUb
XciV`Y!W`]W_
mcif
XUhUVUgY
bUaY
Y"["
7UfHfUW_Yf"aXZ
]b
h\Y
8UhUVUgY
9ld`cfYf
mci
WUb
W`]W_
h\Y
FYZfYg\
Vihhcb
cf
mci
WUb
f][\h!W`]W_
cb
h\Y
Z]`YbUaY
]b
h\Y
8UhUVUgY
9ld`cfYf
UbX
gY`YWh
AcX]Zm7cbbYWh]cb###"
=Z
mci
gY`YWh
h\Y
AcX]Zm
7cbbYWh]cb
fcihY
mci
k]``
gYY
U
X]U`c[
Vcl
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
,!)"

;^\jgZ-"* G[X
@bW\Yl
6baaXVg\ba
W\T_bZ
Ubk
j\__
_Xg
lbh
eXVbaaXVg
gb
lbhe
6TeGeTV^Xe
WTgTUTfX

&(+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

6YWUigY
]hÇg
U
[ccX
dfUWh]WY
hc
hYgh
mcif
WcbbYWh]cb
mci
WUb
W`]W_
h\Y
HYgh
7cbbYWh]cb
Vihhcb
UbX
]h


, k]``
jYf]Zm
h\Y
WcbbYWh]cb
WiffYbh`m
gdYW]Z]YX"
=hÇg
U`gc
jYf]Zm]b[
h\Uh
GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb
]g
fYUXm
UbX
UV`Y
hc
fYWY]jY
WcbbYWh]cbg
Zfca
mcif

Udd`]WUh]cbg"


$# 7`]W_
C?
hc
fYWcbbYWh
hc
mcif
XUhUVUgY"

ABG8 8jggZcian!ndj]VkZdcandcZYViVWVhZ^cndjgegd_ZXih! Wji^iÈhcdijcjhjVaidcZZYidXdccZXiidVcY\Zi ^c[dgbVi^dc[gdbilddgbdgZYViVWVhZh#I]ViÈhl]n 9ViVWVhZ8dccZXi^dch^ci]Z9ViVWVhZ:meadgZg^hi]ZgZ VhVigZZ![dg^iÈhgZegZhZci^c\ZVX]YViVWVhZVhVcdYZ ^ci]ViigZZ#Ndj]VkZdcandcZcdYZ^ci]ZigZZ!l]^X] ^hndjg8VgIgVX`ZgYViVWVhZ#

8gZVi^c\IVWaZh^cNdjg9ViVWVhZ CdlndjÈaaXgZViZVaaiVWaZhVcYgZaVi^dch]^ehcZZYZY[dgi]Z8VgIgVX`ZgVeea^XVi^dc#Jh^c\ i]Z^c[dgbVi^dc[djcY^c;^\jgZ-"'!ndjÈaaXgZViZiVWaZh!eg^bVgn`Znh!^YZci^i^Zh!VcY [dgZ^\c`ZngZaVi^dch]^eh^ci]Z8VgIgVX`ZgYViVWVhZ!VcYndjÈaaYdVaad[i]^hl^i]djiaZVk^c\ K^hjVaHijY^d#

ID8G:6I:I67A:H>C696I676H: @YhÇg
ghUfh
k]h\
h\Y
7c`cf
hUV`Y"
=b
h\Y
8UhUVUgY
9ld`cfYf
f][\h!W`]W_
cb
h\Y
hUV`YÇg
Zc`XYf
]Wcb
UbX


$ gY`YWh
5XX
BYk
HUV`Y"
Mci
g\ci`X
bck
gYY
Ub
Yadhm
[f]X
cb
h\Y
XYg][bYf
gifZUWY
k\]W\
]g
WU``YX
h\Y
HUV`Y
8Yg][bYf"
Mci
k]``
U`gc
gYY
h\Uh
U
bYk
hcc`VUf
\Ug
UddYUfYX
k\]W\
]g
WU``YX
h\Y
HUV`Y
8Yg][bYf
hcc`VUf"
H\]g
hcc`VUf
\Ug
U``
h\Y
hcc`g
bYWYggUfm
hc
\Y`d
mci
WfYUhY
U
hUV`Y
k]h\cih
kf]h]b[
U
g]b[`Y
GE@
eiYfm"

DcZi]^c\ndjh]djaYeVn ViiZci^dcid^ci]^hY^Vad\Wdm ^hi]Z9ViVWVhZ;^aZcVbZ# 7ZXVjhZndjY^YcÉihVkZVcn [^aZh!ZkZgni]^c\^hhi^aaadXViZY ^cViZbedgVgn[daYZg^YZci^[^ZY Wni]ZXdciZcid[i]ZiZmiWdm# 6hhddcVhndjhVkZVaad[i]Z [^aZh^cndjgegd_ZXi!i]ZYViV" WVhZl^aaWZhVkZYVadc\l^i] i]Zdi]Zgegd_ZXi[^aZh!l]ZgZkZg i]ZnVgZadXViZY#NdjXVcaViZg kZg^[ni]ViadXVi^dcWn\d^c\ idi]ZIddahbZcj!hZaZXi^c\ Dei^dch###!VcYi]Zcadd`^c\ Vii]ZEgd_ZXihVcYHdaji^dch cdYZ^ci]ZigZZ#Dci]Zg^\]i eVcZa^ci]^hY^Vad\Wdm!ndj XVcYZiZgb^cZl]ZgZndjgegd_" ZXihVgZhidgZYWnadd`^c\Vi i]Z[^ghiiZmiWdmXVaaZYK^hjVa HijY^dEgd_ZXiAdXVi^dch#

MciÇ``
bck
UXX
U
Wc`iab
hc
h\Y
7c`cf
hUV`Y"
HmdY
7c`cf=8
]b
h\Y
7c`iab
BUaY
Z]Y`X
cZ
h\Y
HUV`Y


% 8Yg][bYf"
GY`YWh
]bh
Ug
h\Y
8UhU
HmdY
UbX
ibW\YW_
h\Y
5``ck
Bi``g
W\YW_
Vcl
VYWUigY
h\]g
Wc`iab
k]``
VY
h\Y
df]aUfm
_Ym
]b
h\]g
hUV`Y"
5
df]aUfm
_Ym
WUbbch
VY
bi``
g]bWY
]h
]g
dUfh
cZ
h\Y
ib]eiYbYgg
cZ
U
fck
]b
h\Y
hUV`Y" 6YZcfY
mci
UXX
h\Y
gYWcbX
Wc`iab
]b
h\Y
7c`cf
hUV`Y
mciÇ``
gYh
h\]g
Wc`iab
Ug
h\Y
df]aUfm
_Ym"
Hc
Xc


& gc
mci
bYYX
hc
W`]W_
h\Y
GYh
Df]aUfm
?Ym
]Wcb
]b
h\Y
HUV`Y
8Yg][bYf
hcc`VUf"

H\Y
XUhUVUgY
X]U[fUa
g\ckb
]b
:][ifY
,!&
]``ighfUhYg
h\Uh
mci
U`gc
bYYX
h\]g
Wc`iab
hc
VY
Ub
]XYbh]hm/
h\YfYZcfY
mci
bYYX
hc
acX]Zm
h\Uh
dfcdYfhm
]b
h\Y
7c`iab
DfcdYfh]Yg
k]bXck
f][\h
VY`ck
h\Y
HUV`Y
8Yg][bYf"
GWfc``
Xckb
ibh]`
mci
gYY
h\Y
=XYbh]hm
GdYW]Z]WUh]cb
[fcid"
7`]W_
cb
h\Y

g][b
`cWUhYX
hc
h\Y
`YZh
cZ
h\Y
kcfXg
>YZci^inHeZX^[^XVi^dc
hc
YldUbX
h\]g
[fcid"
Bck
W`]W_
]b
h\Y
=g
=XYbh]hm
Z]Y`X
UbX
gYh
]h
hc
MYg"
@YUjY
Vch\
h\Y
=XYbh]hm
GYYX
UbX
=XYbh]hm
=bWfYaYbh
gYh
Uh
%
Zcf
bck" 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

ABG8 ;gdbi]^hed^cidclVgY![dgZkZgn igZZXdcigdaVcYZkZgnXdcigdai]Vi ^hV\gdje^#Z#!]VhV h^\c!i]Z ldgYZmeVcYl^aaWZjhZY^chiZVY d[gZeZVi^c\i]ZldgYhXa^X`dci]Z h^\c#

&(,

30

ABG8 6hVgZb^cYZg!l]ZcVXdajbc^h Vc^YZci^in!HFAHZgkZgVjidbVi^" XVaan\ZcZgViZhVcZlcjbWZgZVX] i^bZVgdl^hXgZViZY^cViVWaZ# >ihiVgihVii]ZkVajZ^cY^XViZYWn i]Z>YZci^inHZZYegdeZginVcY ^cXgZVhZh^c^cXgZbZcihWni]Z kVajZ^cY^XViZYWni]Z>YZci^in >cXgZbZciegdeZgin#

Hc
UXX
Ubch\Yf
Wc`iab
W`]W_
]b
h\Y
fck
ibXYf
h\Y
7c`cf=8
Wc`iab
bUaY"
5XX
h\Y
hkc
fYaU]b]b[
Wc`!

' iabg
VUgYX
cb
h\Y
X]U[fUa
g\ckb
]b
:][ifY
,!&"
Mci
WUb
gYh
h\Y
g]nY
cZ
h\Y
7c`cfBUaY
bjUfW\Uf
hc
'$
Vm
hmd]b[
]b
h\Y
8UhU
HmdY
Z]Y`X"
K\Yb
XcbY
mcif
hUV`Y
g\ci`X
`cc_
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
,!*" ;^\jgZ-"+ GTU_X
7Xf\ZaXe
j\g[
T__
bY
g[X
Vb_h`af
Ybe
g[X
6b_be
gTU_X

Bck
h\Uh
mciÇfY
XcbY
k]h\
h\Y
XYg][b
mci
bYYX
hc
UXX
h\Y
hUV`Y
hc
h\Y
XUhUVUgY"
Hc
Xc
h\]g
mci


( bYYX
hc
gUjY
h\Y
hUV`Y"
7`]W_
h\Y
GUjY
]Wcb
cf
dfYgg
7hf`G"
K\Yb
h\Y
7\ccgY
BUaY
X]U`c[
Vcl
UddYUfg
Ug
g\ckb
]b
:][ifY
,!+
bUaY
mcif
hUV`Y
7c`cf
UbX
h\Yb
W`]W_
C?" ABG8

;^\jgZ-", G[X
6[bbfX
AT`X
W\T_bZ
Ubk
f[bj\aZ
g[X
6b_be
gTU_X
aT`X

>ci]ZIVWaZ9Zh^\cZg!i]Za^iiaZ WaVX`ig^Vc\aZ^cY^XViZhi]ZXjg" gZcigdl#

9ldUbX
h\Y
HUV`Yg
Zc`XYf
]b
h\Y
8UhUVUgY
9ld`cfYf
hc
j]Yk
h\Y
`]gh
cZ
Yl]gh]b[
hUV`Yg
]b
h\Y
XUhUVUgY/


) h\Y
bYk
7c`cf
hUV`Y
g\ci`X
UddYUf"
K\Yb
mci
YldUbX
h\Y
7c`cf
hUV`Y
hc
j]Yk
h\Y
`]gh
cZ
Wc`iabg
U``
h\fYY
Wc`iabg
h\Uh
mci
^igh
WfYUhYX
g\ci`X
UddYUf
Ug
g\ckb
]b
:][ifY
,!,"

* 7`cgY
h\Y
7c`cf
hUV`Y
]b
h\Y
HUV`Y
8Yg][bYf
Vm
W`]W_]b[
h\Y
L
bYUf
h\Y
Gc`ih]cb
9ld`cfYf" ;^\jgZ-"7TgTUTfX
8kc_beXe
j\g[
g[X
GTU_Xf
Yb_WXe
TaW
6b_be
gTU_X
XkcTaWXW

7`]W_
h\Y
GUjY
5``
]Wcb
]b
h\Y
hcc`VUf
hc
gUjY
mcif
dfc^YWh
cb
X]g_"
AU_Y
gifY
h\Y
dfc^YWh
bUaY
]g


+ 7UfHfUW_Yf
UbX
W`]W_
h\Y
GUjY
Vihhcb"

6YZcfY
WfYUh]b[
ch\Yf
hUV`Yg
fYUX
h\]g
ghYd
Wcad`YhY`m"
Bck
h\Uh
mci
\UjY
h\Y



G
&(-

&LQGG

, _bck`YX[Y
hc
WfYUhY
U
hUV`Y
WfYUhY
U``
fYaU]b]b[
hUV`Yg
7c`cfHmdY
AU_Y
UbX
@]gh]b[
ig]b[
h\Y
gUaY
hYW\b]eiYg
mciÇjY
^igh
`YUfbYX"
AU_Y
gifY
h\Uh
U``
hUV`Yg
UbX
Vaad[
h\Y]f
Wc`iabg
UfY
fYWfYUhYX
YlUWh`m
h\Y
gUaY
kUm
]b
mcif
hUV`Yg
Ug
g\ckb
]b
:][ifY
,!&"
8cbÇh
kcffm
UVcih
YghUV`]g\]b[
h\Y
fY`Uh]cbg\]dg
Zcf
mciÇ``
WfYUhY
h\cgY
]b
h\Y
Zc``ck]b[
YlYfW]gYg"
6YhkYYb
YUW\
hUV`Y
WfYUh]cb
gUjY
mcif
bYk
hUV`Y
]aaYX]UhY`m
UbX
aU_Y
gifY
]h
UddYUfg
]b
h\Y
8UhUVUgY
9ld`cfYf"
H\Yb
W`cgY
h\Y
hUV`Y
]b
h\Y
XYg][bYf
gifZUWY
Ug
g\ckb
YUf`]Yf
]b
ghYd
+
cZ
h\]g
gYWh]cb"

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

8gZVi^c\GZaVi^dch]^eh7ZilZZci]ZIVWaZh Ndj]VkZXgZViZYiVWaZh!Wjii]ZnYdcÈi]VkZVcngZaVi^dch]^eh#NdjÈaacdlVYYi]dhZgZaV" i^dch]^ehVcYbV`ZhjgZndjgYViVWVhZ]VhYViV^ciZ\g^inidXdkZgi]ZWVh^hd[dge]VcZY gdlh#A^`ZbVcndi]ZgZaZbZcih^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc!i]ZgZÈhbdgZi]VcdcZ lVnidXgZViZi]dhZgZaVi^dch]^eh#DcZ^hbdgZk^hjVai]Vci]Zdi]Zg!VcYndjÈaahiVgil^i]i]^h bdgZk^hjVaVeegdVX]hdVhidhiVn[dXjhZYdci]ZbV^c^YZVd[i]ZWdd`!l]^X]^hWZ^c\ egdYjXi^kZ# 7Z[dgZndjÈgZVWaZidXgZViZi]ZgZaVi^dch]^ehk^hjVaan!i]ZgZ^hVegZgZfj^h^iZidVYYid ndjgegd_ZXi/VYViVWVhZY^V\gVb#>ib^\]icdiadd`ZmVXianVhi]ZdcZh]dlc^c;^\jgZ-"'! Wji^il^aaWZh^b^aVg#

ID8G:6I:G:A6I>DCH=>EH7:IL::CI67A:H ;c
hc
h\Y
8UhUVUgY
9ld`cfYf
UbX
f][\h!W`]W_
h\Y
8UhUVUgY
8]U[fUag
bcXY
`cWUhYX
UVcjY
h\Y
HUV`Yg


$ bcXY"
GY`YWh
5XX
BYk
8]U[fUa"
5
X]U`c[
Vcl
k]``
UddYUf
]bX]WUh]b[
h\Uh
GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb
XcYgbÇh
\UjY
U``
cZ
h\Y
XUhUVUgY
cV^YWhg
]h
bYYXg
]Z
mci
kUbh
hc
WfYUhY
XUhUVUgY
X]U[fUag"


7`]W_
MYg
hc
\UjY
GE@
GYfjYf
WfYUhY
h\Y
WcadcbYbhg
]h
bYYXg
hc
cVhU]b
U
XUhUVUgY
X]U[fUa"
K\Yb
]hÇg


% XcbY
WfYUh]b[
mci
g\ci`X
VY
Ug_YX
k\]W\
hUV`Yg
mci
kUbh
hc
UXX
hc
mcif
X]U[fUa
]b
h\Y
5XX
HUV`Y
X]U`c[
Vcl" GY`YWh
U``
cZ
h\Y
hUV`Yg
mci
WfYUhYX
UbX
h\Yb
W`]W_
5XX"
=h
g\ci`X
hU_Y
`Ygg
h\Ub
U
a]bihY
Zcf
mcif
X]U!

& [fUa
hc
UddYUf"
7`]W_
h\Y
7`cgY
Vihhcb
hc
]bX]WUhY
hc
J]giU`
GhiX]c
h\Uh
mci
\UjY
U``
h\Y
hUV`Yg
mci
bYYX" 7`]W_
h\Y
GUjY
5``
Vihhcb
cf
dfYgg
7hf`G\]ZhG"
MciÇ``
VY
Ug_YX
hc
gUjY
mcif
X]U[fUa
UbX
W\ccgY
U


' bUaY"
BUaY
mcif
X]U[fUa
7UfHfUW_Yf8]U[fUa"

=Z
mci
XcbÇh
gYY
mcif
XUhUVUgY
X]U[fUa
Z]fgh
[c
hc
mcif
8UhUVUgY
8]U[fUag
bcXY
YldUbX
]h
UbX
h\Yb


( cdYb
h\Y
X]U[fUa
Vm
XciV`Y!W`]W_]b[
cb
]h"
Mci
g\ci`X
gYY
h\Y
XYg][bYf
gifZUWY
k]h\
U``
cZ
mcif
hUV`Yg"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

G[ndjlVci idk^ZlbdgZd[i]ZY^V\gVb!ndj b^\]icZZYidjce^cdgXadhZhdbZ l^cYdlh!hjX]Vhi]ZHdaji^dc :meadgZgdgi]ZEgdeZgi^Zhl^cYdl0 ndjXVcgZijgci]ZhZ^iZbhidndjg hXgZZcWn\d^c\idi]ZK^ZlbZcj VcYhZaZXi^c\Hdaji^dc:meadgZgdg i]ZEgdeZgi^Zhl^cYdl#NdjXVc VahdX]Vc\Zi]ZoddbkVajZWn X]Vc\^c\i]ZkVajZ^ci]ZOddb Ygde"Ydlca^hi#

&(.

30

@YhÇg
ZcWig
cb
cbY
fY`Uh]cbg\]d
h\Uh
kY
bYYX
hc
WfYUhY"
K\Yb
mci
`cc_
Uh
:][ifY
,!&
mciÇ``
gYY
h\Uh
h\Y
7c`cf=8
Wc`iab
]g
dfYgYbh
]b
h\Y
@]gh]b[
hUV`Y
VYWUigY
h\YfYÇg
U
fY`Uh]cb
hc
h\Y
7c`cf
hUV`Y"
H\Y
`]bY
VYhkYYb
Vch\
hUV`Yg
]g
U
ZcfY][b
_Ym
:?
fY`Uh]cbg\]d"
Mci
bYYX
hc
\UjY
h\]g
fY`Uh]cbg\]d
YghUV`]g\YX
cf
ch\Yfk]gY
mciÇ``
\UjY
cfd\UbYX
bcXYg
]b
h\Y
@]gh]b[
hUV`Y
k\YbYjYf
U
7c`cf
fck
]g
XY`YhYX"
H\]g
aYUbg
h\Uh
mci
\UjY
hc
YghUV`]g\
U
fY`Uh]cbg\]d
VYhkYYb
h\Y
df]aUfm
_Ym
hUV`Y
UbX
h\Y
ZcfY][b
_Ym
hUV`Y"
=b
h\]g
WUgY
]h
aYUbg
mci
bYYX
hc
WfYUhY
U
fY`Uh]cbg\]d
Zfca
h\Y
7c`cf
hUV`Y
hckUfX
h\Y
@]gh]b[
hUV`Y"


) =b
h\Y
XUhUVUgY
X]U[fUa
W`]W_
cb
7c`cf=8
]b
h\Y
7c`cf
hUV`Y
k\YfY
mci
gYY
h\Y
gaU``
mY``ck
_Ym" @cc_
Uh
:][ifY
,!-
hc
gYY
k\YfY
mci
g\ci`X
VY
Uh
h\Y
YbX
cZ
h\]g
aUb]di`Uh]cb"

;^\jgZ-". 6eXTg\aZ
g[X
YbeX\Za
^Xl
eX_Tg\baf[\c
UXgjXXa
g[X
6TeGlcX
TaW
6Te
gTU_Xf

* Xckb
UbX
XfU[
7c`cf=8
hckUfX
h\Y
@]gh]b[
hUV`Y/
mci
g\ci`X
gYY
U
`]bY
UddYUf
Ug
mci
XfU["
5`][b
mcif
acigY
Wifgcf
gc
h\Uh
]hÇg
cjYf
h\Y
Wc`iab
k]h\
k\]W\
mci
kUbh
hc
WfYUhY
h\Y
fY`Uh]cbg\]dÃ]b
mcif
WUgY
cjYf
h\Y
7c`cf=8
Z]Y`X
]b
h\Y
@]gh]b[
hUV`Y"
K\Yb
mci
gYY
U
gaU``

UddYUf
h\Yb
Xfcd
]h"

=Z
mci
WcffYWh`m
gY`YWhYX
UbX
fY`YUgYX
h\Y
acigY
cbWY
mci
kYfY
cjYf
7c`cf=8


+ ]b
h\Y
7c`cf
hUV`Y
mci
g\ci`X
gYY
U
HUV`Yg
5bX
7c`iabg
X]U`c[
Vcl
h\Uh
Ug_g
mci
hc
WcbZ]fa
h\Y
WfYUh]cb
cZ
h\Y
:?
fY`Uh]cbg\]d"
=hÇg
]adcfhUbh
Zcf
YUW\
hUV`Y
h\Uh
7c`cf=8
]g
h\Y
Wc`iab
bUaY
h\Uh
UddYUfg
hc
`]b_
Vch\
hUV`Yg
]b
h\Uh
X]U`c[
Vcl"
=Z
h\Y
df]aUfm
_Ym
UbX
ZcfY][b
_Ym
hUV`Yg
UfY
WcffYWh
UbX
h\Y
gY`YWhYX
Wc`iab
bUaYg
UfY
WcffYWh
h\Yb
W`]W_
h\Y
C?
Vihhcb" Mci
g\ci`X
h\Yb
gYY
h\Y
:cfY][b
?Ym
FY`Uh]cbg\]d
X]U`c[
Vcl
g\ckb
]b



, :][ifY
,!%$"

;^\jgZ-"&% 9beX\Za
>Xl
EX_Tg\baf[\c
W\T_bZ
Ubk
Ybe
g[X
?\fg\aZ
gb
6b_be
gTU_Xf

&)%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

$# 5`h\ci[\
mci
WUb
W\Ub[Y
gcaY
dfcdYfh]Yg
k]h\]b
h\]g
X]U`c[
Vcl
^igh
W`]W_
C?
Zcf
bck"
GYY

:][ifY
,!%%
hc
j]Yk
h\Y
X]U[fUa
k]h\
h\Y
bYk
fY`Uh]cbg\]d
WfYUhYX"

;^\jgZ-"&& @bW\Y\XW
W\TZeT`
f[bj\aZ
g[X
aXj
9>
eX_Tg\baf[\c
UXgjXXa
g[X
?\fg\aZ
TaW
6b_be
gTU_Xf

H\Y
Z]fgh
h\]b[
hc
bchY
cb
h\Y
X]U[fUa
]g
h\Y
]bZ]b]hm
gmaVc`

`cWUhYX
W`cgY
hc
h\Y
@]gh]b[
hUV`Y
UbX
h\Y
mY``ck
_Ym
`cWUhYX
W`cgY
hc
h\Y
7c`cf
hUV`Y"
H\Y
]bZ]b]hm
gmaVc`
cb
h\Y
@]gh]b[
hUV`Y
]bX]WUhYg
h\Y
hUV`YÇg
WUf! X]bU`]hm"
=h
]bX]WUhYg
h\Uh
]b
h\]g
fY`Uh]cbg\]d
h\Y
7Uf
hUV`Y
WUb
WcbhU]b
aUbm
fckg
k]h\
]bZcfaUh]cb
Wca]b[
Zfca
h\Y
aUhW\]b[
df]aUfm
_Ym
hUV`Y"
H\Y
mY``ck
_Ym
]bX]WUhYg
Zfca
k\]W\
hUV`Y
h\Y
df]aUfm
_Ym
]g
VY]b[
hU_Yb"
=
fYUffUb[YX
h\Y
X]U[fUa
gc
h\Uh
h\Y
hkc
hUV`Yg
UfY
W`cgY
hc[Yh\Yf"
Mci
WUb
fYUffUb[Y
mcif
hUV`Yg
Ubm
kUm
mci
kUbh
Vm
XfU[[]b[
h\Ya
Vm
h\Y
h]h`Y
VUf
]"Y"
k\YfY
h\Y
hUV`Y
bUaY
]g
X]gd`UmYX"
H\]g
]g
gcaYh]aYg
bYW! YggUfm
hc
Xc
k\Yb
mci
WfYUhY
fY`Uh]cbg\]dg
gc
h\Uh
mci
Xc
bch
YbX
id
k]h\
Ub
ibigiU`!`cc_]b[
X]U[fUa"
=
gi[[Ygh
h\Uh
mci
dih
mcif
@]gh]b[
hUV`Y
]b
h\Y
a]XX`Y
cZ
mcif
ch\Yf
hUV`Yg
VYWUigY
]h
k]``
VY
YUg]Yf
hc
WfYUhY
fY`Uh]cbg\]dg
h\]g
kUm"
Mci
WUb
U`gc
fYUffUb[Y
h\Y
hUV`Yg
cb
mcif
X]U[fUa
Uh
Ubm
h]aY
Vm
f][\h!W`]W_]b[
Ubm! k\YfY
YlWYdh
cb
U
hUV`Y
cb
h\Y
X]U[fUaÇg
XYg][bYf
gifZUWY
UbX
gY`YWh]b[
5ffUb[Y
HUV`Yg"
Mci
WUb
U`gc
\UjY
h\Y
`UVY`g
Zcf
YjYfm
fY`Uh]cbg\]d
UddYUf
cb
h\Y
X]U[fUa
Vm
f][\h!W`]W_]b[
h\Y
X]U[fUaÇg
XYg][bYf
gif! ZUWY
UbX
gY`YWh]b[
G\ck
FY`Uh]cbg\]d
@UVY`g
Ug
g\ckb
]b
:][ifY
,!%&"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

@BE8
9Xdajbc^h ^ci]ZA^hi^c\iVWaZVhVc;@#I]Z [^ghigZVhdc^hi]Vi^i^hjhZY[dgV cdgbVa^oVi^dcVcYYZh^\ceg^cX^eaZ WZXVjhZndjYdcÈilVciid]VkZ Yjea^XViZYViV#I]ZhZXdcYgZVhdc ^hi]Vi^i^hjhZY[dgYViV^ciZ\g^in gZVhdchVcY!bdgZheZX^[^XVaan! [dgi]Zdge]VcZYgdlhegdWaZb# AZiÈhadd`Vi^il^i]hdbZhVbeaZ YViV#HjeedhZi]ZgZ^hV8dadggdl XVaaZY9Vg`7ajZVcYi]ZA^hi^c\ iVWaZXdciV^chh^mY^[[ZgZciVYYZ[" ^c^i^dchi]ViVgZ9Vg`7ajZ#>[ndj gZbdkZi]Z9Vg`7ajZXdadg[gdb i]Z8dadgiVWaZ!^ildjaYbZVc i]Vii]dhZh^mVYhldjaY]VkZ dge]VcZYYViV#I]Vi^hl]nndj XgZViZYV[dgZ^\c`ZngZaVi^dch]^e/ idbV`ZhjgZi]Vi^[VcVeea^XVi^dc dgVjhZgig^ZhidgZbdkZYViV^c i]Z8dadgiVWaZ!VegdXZhhl^i]^c HFAHZgkZg'%%*ldjaYegZkZci i]^hWnkVa^YVi^c\i]Vii]ZgZVgZ cdÅ`^YhÆaZ[iWZ]^cY^ci]ZA^hi^c\ iVWaZWZ[dgZVaadl^c\i]ZYZaZi^dc iddXXjg^ci]Z8dadgiVWaZ#

&)&

30

;^\jgZ-"&' 6b`c_XgXW
6TeGeTV^Xe
WTgTUTfX

W\TZeT`

$$
Bck
WfYUhY
h\Y
ch\Yf
:?
fY`Uh]cbg\]dg
Vm
ig]b[
Y]h\Yf
:][ifY
,!&
cf
h\Y
Zc``ck]b[
hUV`Y"

IVWaZ-") ?\fg
bY
YbeX\Za
^Xl
eX_Tg\baf[\cf
gb
VeXTgX

@BE8

&)'

&LQGG

8dajbc

Eg^bVgn@ZnIVWaZ

;dgZ^\c@ZnIVWaZ

BV`Z rel="nofollow">9

BV`Z

A^hi^c\

8VgIneZ>9

8VgIneZ

A^hi^c\

K\Yb
Z]b]g\YX
h\Y
WcbhYbh
cZ
mcif
X]U[fUa
g\ci`X
fYgYaV`Y
h\Y
WcbhYbh
g\ckb
]b
:][ifY
,!%&"
AU_Y
gifY
mcif
fY`Uh]cbg\]dg
UfY
UffUb[YX
dfcdYf`m
Vm
`cc_]b[
Uh
k\YfY
h\Y
]bZ]b]hm
gmaVc`g
UbX
mY``ck
_Ymg
UfY
`cWUh! YX
UbX
U`gc
Vm
`cc_]b[
Uh
h\Y
dfYj]cig
hUV`Y
Zcf
jYf]Z]WUh]cb"

$% 7`]W_
h\Y
GUjY
5``
Vihhcb
cf
dfYgg
7hf`G\]ZhG
hc
Wcaa]h
h\Y
W\Ub[Yg
hc
h\Y
XUhUVUgY"
7`]W_
MYg
k\Yb
Ug_YX
]Z
mci
kUbh
hc
gUjY"

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

:ciZg^c\9ViV^cHFAHZgkZgIVWaZhJh^c\K^hjVaHijY^d Cdli]Vindj]VkZXgZViZYVaad[ndjgiVWaZhVcYgZaVi^dch]^eh!ndjÈaahiVgi^chZgi^c\YViV^c ndjgiVWaZhVcYkZg^[n^c\i]VindjgXdchigV^cihZchjgZi]ZYViV^ciZ\g^ind[ndjgYViVWVhZ# AZiÈhhiVgiWnVYY^c\YViV^cVaaiVWaZh#NdjÈaa[^ghiVYYgdlh^cidi]Z8dadgiVWaZ#

ID:CI:G96I6>CHFAH:GK:GI67A:HJH>C<K>HJ6AHIJ9>D Hc
ghUfh
YbhYf]b[
fckg
]b
h\Y
7c`cf
hUV`Y
f][\h!W`]W_
h\Y
7c`cf
hUV`Y
]b
h\Y
8UhUVUgY
9ld`cfYf
UbX


$ gY`YWh
G\ck
HUV`Y
8UhU"
Mcif
XYg][bYf
gifZUWY
g\ci`X
\UjY
U
[f]X
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
,!%'"

L]^aZine^c\ndjgYViV! add`idi]ZiVWaZÉhaZ[i"bdhi VgZV^ci]ZiVWaZ YViV\g^YVcY ndjÉaahZZVhbVaaWaVX`ig^Vc\aZ



!VeZcX^a^Xdc Wdi]VhiVgVcYVhbVaaWaVX` ig^Vc\aZ

dgVhiVg

I]ZeZcX^a^cY^XViZh i]VindjÉgZbV`^c\VbdY^[^XV" i^dcidi]Zgdl# I]ZhiVg^cY^" XViZhVcZlgdl!VcYi]ZhbVaa WaVX`ig^Vc\aZ^cY^XViZhi]ZXjg" gZcigdl#

;^\jgZ-"&( 8`cgl
6b_be
gTU_X
\a
g[X
gTU_X
WTgT
Ze\W

@YhÇg
UXX
h\Y
Z]fgh
Wc`cf"
7`]W_
]b
h\Y
7c`cf
BUaY
Z]Y`X
hmdY
8Uf_
6`iY
UbX
h\Yb
dfYgg
h\Y
HUV
_Ym
hc


% [c
hc
h\Y
bYlh
Wc`iab"
HmdY
hfiY
]b
h\Y
AYhU``]W
Z]Y`X"
6YWUigY
h\Uh
Wc`iab
hmdY
]g
U
V]h
]hg
jU`iYg


WUb
cb`m
VY
Y]h\Yf
hfiY
cf
ZU`gY
VYWUigY
U
V]h
hmdY
]g
U
V]bUfm
hmdY"
K\Yb
mciÇfY
XcbY
dfYgg
h\Y
HUV
_Ym
hc
[c
hc
h\Y
bYlh
fck"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&)(

30

5XX
h\fYY
acfY
WUf
Wc`cfgÃFYX
G]`jYf
UbX
6`UW_ÃUbX
gYh
FYX
Ug
AYhU``]W
UbX
h\Y
ch\Yf


& hkc
Wc`cfg
Ug
Bcb!aYhU``]W
]"Y"
ZU`gY"
K\Yb
XcbY
h\Y
hUV`Y
g\ci`X
`cc_
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
,!%("

'
5XX
h\Y
Zc``ck]b[
XUhU
hc
h\Y
AU_Y
UbX
h\Y
7UfHmdY
hUV`Yg"

0DNH7DEOH

;^\jgZ-"&) 6b_be
gTU_X
j\g[
Ybhe
aXj
ebjf
bY
WTgT

;dgVaaXdajbchi]Vindj XgZViZYVhVc^YZci^in!YdcÉi ineZi]ZYViVWZXVjhZi]Z[^ZaY l^aaVjidbVi^XVaanWZ\ZcZgViZY WnHFAHZgkZg'%%*:megZhh :Y^i^dcl]ZcZkZgi]Zgdl^h XgZViZY^ci]ZiVWaZ#>[ndjign idineZYViV^cVc>YZci^inXda" jbc!ndjl^aacdiWZVaadlZY idYdhd#L]Zc^cVc>YZci^in Xdajbc!^ihiViZhi]Vii]ZXZaa^h gZVY"dcancZVgi]ZcVk^\Vi^dc WVgVii]ZWdiidbd[i]ZIVWaZ 9Zh^\cZg#

BV`ZCVbZ

8djcign



HbVaa8Vg

;gVcXZ

7^\HJK

JH6

GZa^VWaZ8Vg

?VeVc

&DU7\SH7DEOH 8VgIneZCVbZ

CjbWZgD[9ddgh

GdVYhiZg

'

HJK

*

=ViX]WVX`

*

HZYVc

)

8djeZ

'

Mci
a][\h
bch
\UjY
fYU`]nYX
h\Uh
Vm
[]j]b[
U
hmdY
hc
mcif
XUhU
mci
UWhiU``m
UXXYX
XUhU
]bhY[f]hm
jYf]Z]WUh]cb
hc
mcif
XUhUVUgY"
Hfm
acX]Zm]b[
cbY
cZ
h\Y
7c`cf
fckg
Vm
W\Ub[]b[
h\Y
AYhU``]W
Wc`iab
hc
fYUX
=ZaadldgaY
]bghYUX
cZ
hfiY
cf
ZU`gY"
MciÇ``
[Yh
Ub
Yffcf
aYggU[Y
hY``]b[
mci
h\Uh
h\Y
AYhU``]W
Z]Y`X
]g
cZ
hmdY
6cc`YUb" Hc
g\ck
\ck
XUhU
]bhY[f]hm
]g
dfYgYfjYX
ig]b[
h\Y
ZcfY][b
_Ym
WcbghfU]bhg
mciÇ``
UXX
hkc
@]gh]b[
fckg"
Mci
k]``
YbhYf
acfY
fckg
k\Yb
ig]b[
mcif
K]bXckg
:cfa
Udd`]WUh]cb"


( F][\h!W`]W_
cb
h\Y
@]gh]b[
hUV`Y
gY`YWh
G\ck
HUV`Y
8UhU
UbX
UXX
h\Y
Zc``ck]b[
hkc
fckg"

&))

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

                    /LVWLQJ7DEOH 8dadg>9

BV`Z>9

8VgIneZ>9

9ViZHZZc

NZVg

Eg^XZ

8na^cYZg

=E

JGA

:E<8^in

:E<=^\]lVn

CdiZh

&

&

&

%-$&&$'%%*

'%%*

)'*%%

+

')%

]iie/$$lll# a^ilVgZ^cX#Xdb$

'%

'-

I]^h^hbnYgZVbXVg! [daadlgZ\jaVgan#

)

(

'

%,$(%$'%%*

'%%(

(.,,*

-

()%

]iie/$$lll# XeVcYa#Xdb$

&%

&*

IddbjX]\Vh

Mci``
bck
jYf]Zm
h\Uh
cbY
cZ
mcif
ZcfY][b
_Ym
WcbghfU]bhg
]g
kcf_]b[
WcffYWh`m"
CdYb
h\Y
AU_Y
hUV`Y
Vm


) f][\h!W`]W_]b[
cb
h\Y
AU_Y
hUV`Y
UbX
gY`YWh]b[
G\ck
HUV`Y
8UhU"

@YhÇg
hfm
hc
XY`YhY
h\Y
Z]fgh
fck
Vm
W`]W_]b[
cb
h\Y
`YZh!acgh
Z]Y`X
k\YfY
h\Y
dYbW]`
igiU``m
UddYUfg"
H\Y


* fck
g\ci`X
VY
gY`YWhYX
UbX
U``
Z]Y`Xg
g\ci`X
VY
V`iY"
F][\h!W`]W_
UbX
gY`YWh
8Y`YhY"

+ 5
X]U`c[
Vcl
g\ci`X
UddYUf
cb
mcif
gWfYYb
]bei]f]b[
k\Yh\Yf
mci
fYU``m
kUbh
hc
XY`YhY
h\Y
fck"
7`]W_
MYg"

@BE8

Mci
g\ci`X
fYWY]jY
U
X]U`c[
Vcl
Yffcf
aYggU[Y
ghUh]b[
h\Uh
h\Y
fck
kUg
bch
XY`YhYX
VYWUigY
cZ
h\Y


, ZcfY][b
_Ym
WcbghfU]bh
h\Uh
fYUXg
Ug
Zc``ckg.
9ffcf
AYggU[Y.
H\Y
89@9H9
ghUhYaYbh
WcbZ`]WhYX
k]h\
h\Y
F9:9F9B79
WcbghfU]bh
Ä:?S@]gh]b[SAU_Y"Å
H\]g
ghUhYaYbh
UZZ]fag
k\m
h\Y
ZcfY][b
_Ym
WcbghfU]bh
kUg
WfYUhYX
k\]W\
kUg
hc
Ujc]X
cfd\UbYX
fckg"
:][ifY
,!%)
XYd]Whg
k\Uh
h\Y
Yffcf
X]U`c[
Vcl
`cc_g
`]_Y
UbX
k\Uh
_]bX
cZ
]bZcfaUh]cb
]g
dfcj]XYX
hc
\Y`d
mci
XYVi[
h\Y
dfcV`Ya
]Z
bYWYggUfm"
=b
h\]g
WUgY
]hÇg
bch
U
dfcV`Ya
Vih
U
ZYUhifY
cZ
mcif
WfYUh]cb


$# 7`]W_
C?
hc
Yl]h
h\]g
X]U`c[
Vcl"

;^\jgZ-"&* 8eebe
W\T_bZ
Ubk
f[bj\aZ
g[X
YbeX\Za
^Xl
eX_Tg\baf[\c
ceXiXag\aZ
g[X
WX_X g\ba
bY
T
ebj
Yeb`
g[X
@T^X
gTU_X


$$ HYgh
mcif
ch\Yf
WcbghfU]bhg
fY`UhYX
hc


h\Y
@]gh]b[
hUV`Y
Vm
hfm]b[
hc
XY`YhY

h\Y
Z]fgh
fck
cZ
h\Y
7UfHmdY
hUV`Y"
Mci
g\ci`X
fYWY]jY
h\Y
gUaY
Yffcf
aYggU[Y"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&)*

30

Cdli]Vindj]VkZVaad[ndjgYdbV^ciVWaZhadVYZYl^i]hdbZYViV!ndjÈaacdlaZVgcid jhZi]ZYViVWVhZ^cVL^cYdlh;dgbhVeea^XVi^dc#NdjÈaaaZVgcVWdji69D#C:IVcYVWdji YViVW^cY^c\hl^i]L^cYdlh;dgbXdcigdah#

L]Vi6gZ69D#C:IVcY9ViVW^cY^c\4

rel="nofollow">[ndjlVcibdgZ^c[dgbV" i^dcVWdjiHFAVcYIgVchVXi" HFA!ndjh]djaYYdlcadVY i]ZHFAHZgkZg'%%*:megZhh YdXjbZciVi^dc#NdjXVc[^cY i]^h^c[dgbVi^dcVii]Z[daadl" ^c\a^c`/]iie/$$\d#b^Xgdhd[i# Xdb$[la^c`$4A^c`>Y2*&-)'# HFAHZgkZg'%%*:megZhh YdXjbZciVi^dc^hYZh^\cZYid ]ZaendjVchlZgbdhifjZh" i^dchndjb^\]i]VkZ!Wji^i b^\]iVahdgZ[Zgndjidi]Z HFAHZgkZg'%%*YdXjbZciV" i^dc#NdjXVcYdlcadVY^iVi ]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$ 4A^c`>Y2*&-)(#

&)+

&LQGG

NdjgVgZanZciZgVaaYViVbVcjVaanjh^c\K^hjVaHijY^d#Ndjine^XVaanaZii]ZjhZgYd^idgndj Yd^ii]gdj\]VcVeea^XVi^dc#NdjXVcVahdZ^i]Zg^bedgiYViV[gdbVcdi]ZghdjgXZdgXgZViZ i]ZcZlYViVjh^c\HFAhXg^eih!Wjii]^h^hVbdgZVYkVcXZYXdcXZeii]Vil^aacdiWZXdkZgZY ^ci]^hWdd`# I]^hhZXi^dcl^aa[dXjhdc]dlidWj^aYL^cYdlhVeea^XVi^dchi]ViXVcXdccZXiidVcY gZXZ^kZYViV[gdbVHFAHZgkZg'%%*:megZhh:Y^i^dcjh^c\69D#C:I#I]Z[daadl^c\^hV [dgbVa!d[[^X^VaYZ[^c^i^dcd[69D#C:I[gdbi]ZBH9Cdca^cZa^WgVgn/ 69D#C:Iegdk^YZhXdch^hiZciVXXZhhidYViVhdjgXZh!hjX]VhB^Xgdhd[iHFAHZgkZg!VhlZaa VhYViVhdjgXZhZmedhZYi]gdj\]DA:97VcYMBA#9ViV"h]Vg^c\XdchjbZgVeea^XVi^dchXVc jhZ69D#C:IidXdccZXiidi]ZhZYViVhdjgXZhVcYgZig^ZkZ!bVc^ejaViZ!VcYjeYViZYViV# 69D#C:IXaZVcan[VXidghYViVVXXZhh[gdbYViVbVc^ejaVi^dc^cidY^hXgZiZXdbedcZcih i]ViXVcWZjhZYhZeVgViZandg^ciVcYZb#69D#C:I^cXajYZh#C:I;gVbZldg`YViVegdk^YZgh [dgXdccZXi^c\idVYViVWVhZ!ZmZXji^c\XdbbVcYh!VcYgZig^Zk^c\gZhjaih#I]dhZgZhjaihVgZ Z^i]ZgegdXZhhZYY^gZXiandgeaVXZY^cVc69D#C:I9ViVHZidW_ZXi^cdgYZgidWZZmedhZYid i]ZjhZg^cVcVY"]dXbVccZg!XdbW^cZYl^i]YViV[gdbbjai^eaZhdjgXZh!dggZbdiZYWZilZZc i^Zgh#I]Z69D#C:I9ViVHZidW_ZXiXVcVahdWZjhZY^cYZeZcYZciand[V#C:I;gVbZldg`YViV egdk^YZgidbVcV\ZYViVadXVaidi]ZVeea^XVi^dcdghdjgXZY[gdbMBA# I]Z69D#C:IXaVhhZhVgZ[djcY^cHnhiZb#9ViV#YaaVcYVgZ^ciZ\gViZYl^i]i]ZMBA XaVhhZh[djcY^cHnhiZb#Mba#Yaa#L]ZcXdbe^a^c\XdYZi]VijhZhi]ZHnhiZb#9ViVcVbZheVXZ! gZ[ZgZcXZWdi]HnhiZb#9ViV#YaaVcYHnhiZb#Mba#Yaa# >lVciZYidegZhZcii]Zadc\VcY[dgbVaYZ[^c^i^dcd[69D#C:IWZXVjhZ^iXdciV^ch ZaZbZcihi]VindjÈaaaZVgcVWdjil]^aZldg`^c\l^i]i]Z8VgIgVX`ZgVeea^XVi^dc#>VahdX]dhZ ^iWZXVjhZ>ldjaYa^`ZndjidgZ[ZgWVX`id^il]ZcZkZgndjÈgZldg`^c\l^i]69D#C:I#=ZgZ ^hVaZhh[dgbVaYZ[^c^i^dci]Vi>i]^c`hjbbVg^oZhl]Vi69D#C:I^hVaaVWdji# B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

NdjXVchVni]Vi69D#C:I^hi]Z#C:I;gVbZldg`lVnd[VXXZhh^c\VcYegd\gVbbVi^XVaan bVc^ejaVi^c\YViVWVhZhdgYViVjh^c\MBAhdjgXZh# CZlid69D#C:I'#%VgZcZllVnhd[VXXZhh^c\YViV[gdbY^[[ZgZcihdjgXZh#>cK^hjVa 7Vh^X'%%*:megZhh:Y^i^dc!ndjVgZa^b^iZYidi]Z[daadl^c\YViVhdjgXZh/YViVWVhZhHFA HZgkZg:megZhhVcYB^Xgdhd[i6XXZhhYViVWVhZh!LZWhZgk^XZh!VcYXjhidbdW_ZXih#>i^hbjX] ZVh^Zg^#Z#!i]ZgZ^haZhhXdYZidbVc^ejaViZYViV^c69D#C:I'#%!ZheZX^Vaanl]Zcjh^c\Vaa d[i]Ziddah^cXajYZY^cK^hjVaHijY^d'%%*#I]ZgZVgZbVcncZll^oVgYhVcYdi]Zgiddahi]Vi bV`Zi]ZZmeZg^ZcXZd[ldg`^c\l^i]YViVWVhZhVeaZVhVcidcZ#K^hjVaHijY^d'%%*XdkZgh cjbZgdjhXdbbdchXZcVg^dhl^i]^ihiddahVcYl^oVgYh!Wji^iÈhVahdkZgnedlZg[jal]Zc jhZYegd\gVbbVi^XVaanl^i]djii]ZjhZd[i]Zk^hjVaiddah#Ndjl^aaaZVgci]ZWVh^Xh^ci]^h Wdd`!Wjii]ZgZÈhcdi]^c\egZkZci^c\ndj[gdbaZVgc^c\bdgZVWdjiYViVW^cY^c\VcY69D# C:IVcY[gdbjcaZVh]^c\edlZg[jaVeea^XVi^dch# 7Z[dgZegdXZZY^c\Vcn[jgi]Zg!aZiÈhiVa`VWdjii]Z8VgIgVX`ZgVeea^XVi^dc#I]ZbV^c\dVa d[i]ZVeea^XVi^dc^hidigVX`XVgVYhdkZgi]Z>ciZgcZi#6hndj]VkZndjgYViVWVhZhgZVYnid\d! ndjcdlcZZYidXdch^YZgl]Vil^aaWZ^cXajYZY^ci]^hVeea^XVi^dc#>cgZVa^in!l]VindjcZZY ^hh^beanVlVnd[Y^heaVn^c\i]ZVYh!VYY^c\cZlVYh!bdY^[n^c\$YZaZi^c\Zm^hi^c\VYh!VcY hZVgX]^c\i]gdj\]i]ZVYhjh^c\VhZg^Zhd[Ygde"YdlcWdmZhi]ViVaadlndjidcVggdlndjg hZVgX]WVhZYdcXZgiV^cXg^iZg^V#I]ZhZhZVgX]Xg^iZg^Vl^aaXdbZY^gZXian[gdbi]ZYdbV^ciVWaZh ^#Z#!hZeVgViZYgde"YdlcXdcigdah[dgi]ZXVgineZ!Xdadg!bV`Z!VcYhd[dgi]# L]Zcjh^c\Ygde"YdlcXdcigdahdgVcndi]ZgXdcigdahl^i]YViVi]Vindj`cdlZm^hi^c ndjgYViVWVhZ!ndjYdcÈilVciidedejaViZi]ZYViVWn]VcY#NdjlVciidjhZi]ZYViVW^cY^c\ XVeVW^a^i^Zhd[VXdcigda#9ViVW^cY^c\^hVcZVhnVcYigVcheVgZcilVnidgZVY$lg^iZYViVVcYV a^c`WZilZZcVXdcigdadcVL^cYdlh;dgbVcYVYViVhdjgXZ[gdbndjgVeea^XVi^dc# 69D#C:IiV`ZhXVgZd[V\gZViYZVad[VXi^k^inWZ]^cYi]ZhXZcZh^iÈhZkZcWZiiZg^c #C:I;gVbZldg`'#%!VhlZaaVhbVcV\^c\i]ZXdccZXi^dcidi]ZYViVWVhZ#BVcV\^c\ i]ZXdccZXi^dcYdZhcÈihideVideZc^c\VcYXadh^c\i]ZXdccZXi^dc!WjiVahdXdcXZgch ^ihZa[l^i][^cY^c\i]ZYViVWVhZl^i]l]^X]ndjÈgZign^c\idXdccZXi#L]ZcVXdccZXi^dc ^hdeZcZY!^ibZVchndjgVeea^XVi^dcXVciVa`idi]ZYViVWVhZi]gdj\]69D#C:IbZi]dY XVaah#6aaZmX]Vc\ZhhZcY$gZXZ^kZd[YViVWZilZZcndjgVeea^XVi^dcVcYi]ZYViVWVhZVgZ bVcV\ZY[dgndjWn69D#C:I#I]ZYViV^ihZa[^hVahdbVcV\ZYWn69D#C:Ii]gdj\]Y^kZghZ bZX]Vc^hbh/gZVY"dcan[dglVgYcVk^\Vi^dc!cVk^\Vi^dc^cVcnY^gZXi^dcl^i]gZVY"lg^iZ![^ZaY ZkVajVi^dc!VcYhd[dgi]#6cYi]ZWZVjind[^i^hi]VindjjhjVaanYdcÈi]VkZidlg^iZVadid[ XdYZidZc_dni]dhZc^XZ[ZVijgZh# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

K^hjVa7Vh^X:megZhhVaadlh ndjidldg`B^Xgdhd[i6XXZhh YViVWVhZh!Wjildg`^c\l^i] HFAHZgkZg'%%*:megZhh:Y^i^dc \^kZhndjVaai]ZWZcZ[^ihd[i]Z :ciZgeg^hZfjVa^ind[HFAHZgkZg '%%*!l^i]i]ZdcanYdlch^YZ WZ^c\VgZYjXZYhZid[[ZVijgZh#

ABG8 CdiVaaL^cYdlh;dgbXdcigdah VgZÅYViVW^cY^c\VlVgZ#ÆL]Zc i]ZnVgZVlVgZ!i]Zn]VkZV 9ViV7^cY^c\hegdeZgin#

&),

30

I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci ABG8 I]Z9ViVHdjgXZhl^cYdlb^\]i ZcYjehdbZl]ZgZZahZ^cndjg >9:#7ZXVjhZndjg>9:^hZci^gZan Xjhidb^oVWaZidndjga^`^c\!ndj XVcXjhidb^oZndjgl^cYdlhVcY iVWhidVeeZVgl]ZgZkZgndj[ZZa i]ZnVgZbdhiegdYjXi^kZ[dgndj#

;^\jgZ-"&+ G[X
7TgT
FbheVXf
j\aWbj

NdjÈaacdlegdXZZYidi]ZYZkZadebZcid[i]Z8VgIgVX`ZgVeea^XVi^dc#;^ghi!ndjcZZYidXgZ" ViZVYViVhZii]Vil^aaegdk^YZndjl^i]Vaai]ZYViVW^cY^c\ndjcZZY[dgi]Z8VgIgVX`Zg Veea^XVi^dc#Cdli]VindjgiVWaZhVgZZhiVWa^h]ZY!ndjXVcXdc[^\jgZi]ZYViVhZil^i]Vaad[ i]ZZaZbZcihndjÈkZ_jhiVYYZYidndjgYViVWVhZ# 7Z[dgZXgZVi^c\VYViVhZi!ndjbjhiaZVgcl]ViVYViVhZi^h#6YViVhZi^hVc^c"bZbdgn gZegZhZciVi^dcd[dcZdgbdgZiVWaZhVcY^hjhZYidhidgZi]ZgdlhndjgZig^ZkZi]VibViX] i]ZfjZgnndjhZciidi]ZYViVWVhZ#NdjXVci]ZcVYY!YZaZiZ!dgjeYViZgdlh^cbZbdgn# L]Zci]ZjhZg^hYdcZ!ndjXVchjWb^i!hVkZ!dgXdbb^ii]ZX]Vc\Zhidi]ZYViVWVhZ#I]Z 8VgIgVX`Zg9ViVHZi#mhY^hXVaaZYVcMBAHX]ZbV9Z[^c^i^dc[^aZ#I]Z#mhY[^aZZchjgZhi]Vii]Z YViVl^aaWZhigjXijgZYVcYgZheZXii]ZhX]ZbV#I]^h[^aZl^aaWZjhZYaViZg^ci]Zegd_ZXi l]ZclZY^hXjhhYViVW^cY^c\# IdXgZViZVYViVhZi!ndjÈaaaZVgcidjhZi]Z9ViVHdjgXZhl^cYdl#I]^hl^cYdl\^kZh ndjVXXZhhidVaad[i]ZYViVhdjgXZhndj]VkZXdc[^\jgZY^cndjgVeea^XVi^dc#HZZ;^\jgZ -"&+idhZZl]ZgZi]Z9ViVHdjgXZhl^cYdl^hadXViZY#>[ndjYdcÈihZZi]Z9ViVHdjgXZh l^cYdl!ndjXVcVXXZhh^iWnXa^X`^c\dci]Z9ViVbZcjVcYhZaZXi^c\H]dl9ViVHdjgXZh# >[H]dl9ViVHdjgXZhYdZhcdiVeeZVgdci]Z9ViVbZcj!WZhjgZndj]VkZXadhZYVaad[i]Z 8VgIgVX`ZgiVWaZYViV\g^YhVcY;dgb&^hk^h^WaZ#

ID8G:6I:696I6H:I =b
h\Y
8UhU
GcifWYg
k]bXck
W`]W_
h\Y
5XX
BYk
8UhU
GcifWY
`]b_
cf
W`]W_
h\Y
5XX
BYk
8UhU
GcifWY


$ Vihhcb
]b
h\Y
hcc`VUf"
H\Y
8UhU
GcifWY
7cbZ][ifUh]cb
K]nUfX
UddYUfg"

H\Y
Z]fgh
gWfYYb
cZ
h\Y
8UhU
GcifWY
7cbZ][ifUh]cb
k]nUfX
U``ckg
mci
hc
W\ccgY
h\Y
XUhU
gcifWY
hmdY


% mci
kUbh
hc
WfYUhY"
Mci
WUb
W\ccgY
U
XUhUVUgY
U
KYV
gYfj]WY
cf
cbY
cZ
mcif
cV^YWhg"
MciÇjY
^igh


Vi]`h
U
XUhUVUgY
Zcf
h\Y
7Uf
HfUW_Yf
Udd`]WUh]cb
gc
mciÇfY
[c]b[
hc
W\ccgY
h\Uh
8UhU
GcifWY
HmdY"
GY`YWh
8UhUVUgY
UbX
h\Yb
W`]W_
BYlh" =b
h\Y
bYlh
gWfYYb
mci
k]``
W\ccgY
mcif
XUhU
WcbbYWh]cb"
7UfHfUW_Yf"aXZ
g\ci`X
U`fYUXm
VY
gY`YWhYX"
K\Yb
mci
WfYUhYX
h\Y
7UfHfUW_Yf
GE@
GYfjYf
9ldfYgg
XUhUVUgY
]b
mcif
dfc^YWh
U
XUhU
WcbbYWh]cb
kUg
WfYUhYX
Zcf
mci"
Mci
WUb
W`]W_
h\Y
d`ig
g][b

]b
h\Y
Vchhca
cZ
h\Y
X]U`c[
Vcl
hc
gYY
k\Uh
h\Y
WcbbYWh]cb
ghf]b[
`cc_g
`]_Y"
H\]g
WcbbYWh]cb
ghf]b[
XYZ]bYg
\ck
mcif
Udd`]WUh]cb
k]``
WcbbYWh
hc
h\Y
XUhUVUgY"

&)-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30




& 7`]W_
BYlh
cb
h\Y
7\ccgY
Mcif
8UhU
7cbbYWh]cb
gWfYYb" H\Y
bYlh
gWfYYb
]b
h\Y
k]nUfX
]bei]fYg
k\Yh\Yf
mci
kUbh
hc
gUjY
h\]g
WcbbYWh]cb
ghf]b[
]b
h\Y
Udd`]WUh]cb
WcbZ][ifUh]cb
Z]`Y"
5g
mci
gUk
]b
h\Y
dfYj]cig
gWfYYb
mci
_bck
k\YfY
mcif
XUhUVUgY
]g
ghcfYX"
MYh
mci
a][\h
W\Ub[Y
mcif
a]bX
UbX
XYd`cm
h\Y
Z]`Y
gcaYk\YfY
Y`gY"
=Z
mci
Xc
h\Uh
mci
XcbÇh
kUbh
hc
acX]Zm
h\Y
gcifWY
WcXY
UbX
fYWcad]`Y
]h"
Dihh]b[
h\Y
WcbbYWh]cb
ghf]b[
]b
mcif
Udd`]WUh]cb
WcbZ][ifUh]cb
Z]`Y
]g
UWhiU``m
U
VYgh
dfUWh]WY"
=h
[]jYg
mci
h\Y
UXjUbhU[Y
cZ
cb`m
acX]Zm]b[
h\Y
Z]`Y
UbX
fYghUfh]b[
h\Y
Udd`]WUh]cb
k]h\cih
fYWcad]`Uh]cb
gc
Ug
hc
UihcaUh]WU``m
d]W_
id
h\Y
W\Ub[Yg
]b
mcif
WcbbYWh]cb
ghf]b[
UbX
WcbbYWh
hc
h\Uh
bYk
`cWUh]cb"
H\Y
Udd`]WUh]cb
WcbZ][ifUh]cb
]g
ghcfYX
]b
Ub
LA@
Z]`Y
bUaYX
ig]b[
h\Y
Udd`]WUh]cbÇg
YlYWihUV`Y
bUaY

UbX
UXX]b[
#WcbZ][
Uh
h\Y
YbX
cZ
h\Y
YlYWihUV`Y
Z]`YbUaY"
=b
cif
Udd`]WUh]cb
h\Y
Z]`Y
]g
bUaYX

7UfHfUW_Yf"YlY"WcbZ][
U`h\ci[\
mci
cb`m
gYY
Udd"WcbZ][
k\]`Y
kcf_]b[
]b
J]giU`
GhiX]c"
=Z
mci
kUbh
hc
gUjY
h\Y
WcbbYWh]cb
ghf]b[
mci
UfY
U`gc
Ug_YX
hc
dfcj]XY
U
jUf]UV`Y
bUaY
ibXYf
k\]W\
]h
k]``
VY
gUjYX
]b
h\Y
Z]`Y"

'
AU_Y
gifY
h\Y
MYg
GUjY
H\Y
7cbbYWh]cb
5g
W\YW_
Vcl
]g
gY`YWhYX
UbX
h\Yb
W`]W_
BYlh" =b
h\Y
bYlh
gWfYYb
mciÇ``
gY`YWh
U``
h\Y
hUV`Yg
Zfca
h\Y
XUhUVUgY
h\Uh
k]``
VY
]b
mcif
XUhUgYh
UbX
bUaY


( mcif
XUhUgYh"
=b
mcif
WUgY
mci
k]``
bYYX
U``
cZ
h\Y
hUV`Yg
gc
YldUbX
h\Y
HUV`Yg
bcXY
UbX
gY`YWh
U``
hUV`Yg"
@YUjY
h\Y
8UhUGYh
BUaY
gYh
hc
7UfHfUW_Yf8UhUGYh
UbX
h\Yb
W`]W_
:]b]g\"

H\Y
fYgi`h
cZ
mcif
XUhUgYh
WcbZ][ifUh]cb
]g
Ub
"lgX
Z]`Y
cf
U
LA@
GW\YaU
8cWiaYbh
UbX
]h
k]``
XYZ]bY
h\Y
]bhYfbU`
ghfiWhifY
cZ
mcif
XUhUgYh"
FYaYaVYf
h\Uh
U
XUhUgYh
]g
Ub
]b!aYacfm
fYdfYgYbhUh]cb
cZ
cbY
cf
acfY
hUV`Yg
Zfca
mcif
XUhUVUgY"
58C"B9H
k]``
igY
h\]g
gW\YaU
Z]`Y
k\Yb

kcf_]b[
k]h\
mcif
Udd`]WUh]cb"
K\Yb
fibb]b[
h\Y
Udd`]WUh]cb
h\Y
igYf
k]``
VY
UV`Y
hc
UXX
XY`YhY
cf
acX]Zm
fckg
]b
h\Y
XUhUgYh
]b
h\Y
Wcadih! YfÇg
aYacfm"
H\Y
W\Ub[Yg
k]``
fYaU]b
]b
aYacfm
ibh]`
h\Y
igYf
Wcaa]hg
h\Y
W\Ub[Yg
VUW_
hc
h\Y
XUhU! VUgY
k\]W\
]b
cif
YlUad`Y
]g
h\Y
7UfHfUW_Yf"aXZ
Z]`Y"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&).

30

=b
h\Y
Gc`ih]cb
9ld`cfYf
XciV`Y!W`]W_
h\Y
"lgX
Z]`Y
bUaYX
7UfHfUW_Yf8UhUGYh"lgX"
5g
g\ckb
]b
:][ifY
,!%+


) h\Y
fYgi`h
cZ
h\Y
XUhUgYh
WfYUh]cb
]g
g]a]`Uf
hc
h\Y
XUhUVUgY
X]U[fUa
mci
WfYUhYX
YUf`]Yf"
Mcif
X]U[fUa
a][\h
VY
X]ZZYfYbh
XYdYbX]b[
cb
mcif
gWfYYb
fYgc`ih]cb
UbX
\ck
mci
Wighca]nYX
mcif
=89" ;^\jgZ-"&, :eTc[\VT_
eXceXfXagTg\ba
bY
g[X
6TeGeTV^Xe
WTgTfXg

H\YfY
UfY
gcaY
bchUV`Y
X]ZZYfYbWYg
\ckYjYf"
MciÇ``
gYY
h\Y
gUaY
Wc`iabg
h\Uh
mci
\UjY
WfYUhYX
]b
mcif
d\mg]WU`
XUhUVUgY
Vih
]b
h\Y
Vchhca
cZ
YUW\
hUV`Y
mci
k]``
gYY
aYh\cXg.
:]``
;Yh8UhU"
H\YgY
aYh\cXg
UfY
dUfh]Wi`Uf
hc
h\Y
XUhUgYh
UbX
h\Y
58C"B9H![YbYfUhYX
WcXY
Vm
J]giU`
GhiX]c
k]``
igY
h\Ya
hc
XUhUV]bX
XUhU
hc
mcif
K]bXckg
:cfa
Wcbhfc`gÃWcbhfc`g
h\Uh
Xc
bch
Yl]gh
mYh FYhifb
hc
h\Y
8UhU
GcifWYg
k]bXck
UbX
YldUbX
h\Y
XUhUgYh
hUV`Yg"
MciÇ``
gYY
h\Y
]b!aYacfm
fYdfY!

* gYbhUh]cb
cZ
mcif
hUV`Yg
UbX
mciÇ``
U`gc
gYY
h\Uh
YUW\
Wc`iab
\Ug
U
gaU``
]Wcb
h\Uh
[]jYg
mci
]hg
hmdY"
H\YgY
]Wcbg
aUm
`cc_
ZUa]`]Uf
hc
mci
VYWUigY
h\Ym
UfY
g]a]`Uf
hc
h\Y
Wcbhfc`g
]b
h\Y
hcc`Vcl"
FYZYf
hc
:][ifY
,!%,
Zcf
U
ei]W_
[`UbWY
Uh
h\Y
7c`cf
UbX
@]gh]b[
XUhUgYh
hUV`Yg
UbX
h\Y]f
Wc`iab
hmdYg" 7`cgY
h\Y
[fUd\]WU`
fYdfYgYbhUh]cb
cZ
mcif
XUhUgYh
Vm
W`]W_]b[
h\Y
L
]b
h\Y
WcfbYf
cZ
h\Y
XYg][bYf



;^\jgZ-"&I\Xj
bY
g[X
6b_be
TaW
?\fg\aZ
WTgTfXg
gTU_Xf
Yeb`
j\g[\a
g[X
7TgT
FbheVXf
j\aWbj

&*%

&LQGG

+ gifZUWY"

,

=b
h\Y
Gc`ih]cb
9ld`cfYf
XciV`Y!W`]W_
mcif
:cfa%"jV
Z]`Y
hc
cdYb
h\Y
XYg][bYf
gifZUWY
Zcf
:cfa%"


B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

$# =b
h\Y
8UhU
GcifWYg
k]bXck
gY`YWh
h\Y
@]gh]b[
bcXY
]b
mcif
XUhUgYh
UbX
W`]W_
cb
h\Y
Xfcd!Xckb


Uffck
dc]bh
h\UhÇg
bYlh
hc
h\Y
kcfX
?\fg\aZ"
Mci
k]``
VY
dfYgYbhYX
k]h\
hkc
W\c]WYg.
8UhU;f]XJ]Yk
cf
8YhU]`g"
8UhU;f]XJ]Yk
Vf]b[g
U``
cZ
h\Y
XUhUgYh
Z]Y`Xg
]bhc
U
hUV`Y
cf
[f]X
ZcfaUh
k]h\
ai`h]d`Y
fckg
k\]`Y
8YhU]`g
Vf]b[g
h\Y
XUhUgYh
Z]Y`Xg
]b
cbY
fck
Uh
U
h]aY
k]h\
U``
Z]Y`Xg
Ug
]bX]j]XiU`
Wcbhfc`g"
:cf
cif
YlUad`Y
gY`YWh
8YhU]`g" MciÇ``
U`gc
gYY
h\Uh
YUW\
aYaVYf
cZ
h\Y
XUhUgYh
\Ug
h\Y
gUaY
Xfcd!Xckb
Uffck
k\]W\
U``ckg
mci
hc
W\Ub[Y
k\]W\
Wcbhfc`g
k]``
VY
XfcddYX
cbhc
h\Y
Zcfa
k\Yb
]h
]g
XfU[[YX"
5``ck]b[
mci
hc
W\ccgY
Wcbhfc`g
df]cf
hc
XfU[[]b[
h\Y
XUhUgYh
hUV`Y
cbhc
h\Y
Zcfa
dfYjYbhg
mci
Zfca
\Uj]b[
hc
`Um
cih
h\Y
I=
mcifgY`Z
d]YWY
Vm
d]YWY"


$$ 7\Ub[Y
h\Y
7c`cf=8
AU_Y=8
UbX
7UfHmdY=8
hc
h\Y
7caVc6cl
hmdY
Vm
W`]W_]b[
cb
h\Y
Xfcd!Xckb
Uffck
bYlh
hc
YUW\
Wc`iab
UbX
gY`YWh]b[
7caVc6cl"

$% GY`YWh
h\Y
@]gh]b[
bcXY
Vm
W`]W_]b[
cb
]h
UbX
h\Yb
XfU[
UbX
Xfcd
]h
cbhc
h\Y
XYg][bYf
gifZUWY
cb
:cfa%"

;^\jgZ-"&. EXf\mXW
6Te
GeTV^Xe
Ybe`
TYgXe
`bi\aZ
T__
bY
g[X
Vbageb_f

$& MciÇ``
bck
acX]Zm
h\Y
Zcfa
g]nY
`]_Y
mci
X]X
]b
dfYj]cig
W\UdhYfg
Vm
acX]Zm]b[


h\Y
ZcfaÇg
G]nY
dfcdYfhm"
7\Ub[Y
h\Y
Zcfa
g]nY
gc
h\Uh
]hg
K]Xh\
]g
()$
d]lY`g
UbX
]hg

$' AcjY
U``
cZ
h\Y
Wcbhfc`g
gc
h\Uh
h\Y
Z]fgh
`UVY`
]g
U`acgh
]b
h\Y
hcd!`YZh
WcfbYf
^igh


VYbYUh\
h\Y
hcc`
ghf]d"
GYY
:][ifY
,!%-
hc
XYhYfa]bY
\ck
h\Y
Wcbhfc`g
g\ci`X
Uddfcl]aUhY`m
VY
d`UWYX" J4EA
8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&*&

30

< @ C B E G4 A G L]Zcldg`^c\l^i]adXVaYViVWVhZ[^aZh!^i^hcZXZhhVgnidjcYZghiVcYi]Vi i]ZnVgZigZViZYa^`ZVcndi]ZgXdciZci[^aZ#;dgYZh`ideegd_ZXih!^ibZVch i]Vi!WnYZ[Vjai!i]ZYViVWVhZ[^aZl^aaWZXde^ZYidi]Zdjieji[daYZg^#Z#! W^cZVX]i^bZi]Zegd_ZXi^hWj^ai#6[iZgegZhh^c\;*!]ZgZÈhl]Vi^ildjaY add`a^`ZdcY^h`/ 8VgIgVX`ZgQ8VgIgVX`Zg#bY[ 8VgIgVX`ZgQ;dgb&#kW 8VgIgVX`ZgQ7^cQ9ZWj\Q8VgIgVX`Zg#bY[ 8VgIgVX`ZgQ7^cQ9ZWj\Q8VgIgVX`Zg#ZmZ 6iYZh^\ci^bZ!8VgIgVX`ZgQ8VgIgVX`Zg#bY[^hjhZYWni]ZYViViddahVcYl^o" VgYh#6igjci^bZ!i]ZVeea^XVi^dcl^aajhZi]ZYViVWVhZjcYZgi]ZW^cQYZWj\ [daYZg#6hVgZhjaid[i]ZXden!bVcneZdeaZ]VkZi]Z^begZhh^dci]Vii]Z Veea^XVi^dcY^YcdihVkZi]ZYViVidi]ZYViVWVhZ[^aZ#I]^hVhhjbei^dcdXXjgh WZXVjhZi]ZgZVgZildXde^Zhd[i]ZYViV[^aZ^ckdakZY#I]^hVahd]VeeZch l]Zcadd`^c\VihX]ZbV$YViVi]gdj\]i]Z9ViVWVhZ:meadgZg#I]ZiddahVgZ jh^c\i]ZXden^ci]Zegd_ZXi[daYZgVcYcdii]Z[^aZ^ci]ZW^cQYZWj\[daYZg# I]Z[daadl^c\VgZV[ZllVnhidldg`VgdjcYi]^hXdenWZ]Vk^dg/ &# rel="nofollow">[ndjhZaZXindjgYViVWVhZ[^aZ^ci]ZHdaji^dc:meadgZgl^cYdl!ndjl^aa hZZVegdeZginXVaaZY8denIdDjieji9^gZXidgn^ci]ZEgdeZgi^Zhl^cYdl# 7nYZ[Vjai!^i^hhZiid8den6alVnh!l]^X]bZVchi]ViYViV[^aZh^ci]Z egd_ZXi[daYZgl^aaWZXde^ZYidi]ZW^cQYZWj\[daYZgdcZVX]Wj^aY!i]jh dkZglg^i^c\i]ZZm^hi^c\YViV[^aZh^[Vcn#NdjXVchZii]^hegdeZginid9d Cdi8denVcYi]ZcbVcjVaaneaVXZVXdend[i]ZYViV[^aZ^ci]ZW^cQYZWj\ [daYZg#>ci]^hlVn!dchjWhZfjZciWj^aYh!i]Zegd_ZXihnhiZbl^aaaZVkZi]Z YViVWVhZ[^aZ^ci]ZW^cQYZWj\[daYZgVcYcdiigniddkZglg^iZ^il^i]i]Z dcZ[gdbi]Zegd_ZXi#I]ZYdlch^YZidi]^hbZi]dY^hi]Vindjl^aahi^aa ]VkZildXde^Zh#I]ZgZ[dgZ!V[iZgndjbdY^[ni]ZYViVWVhZ[^aZjh^c\i]Z Veea^XVi^dc!^[ndjlVciidbV`Zi]dhZhVbZX]Vc\Zhl^i]^ci]Zegd_ZXi! ndjl^aacZZYidXdeni]ZX]Vc\Zhidi]Zegd_ZXibVcjVaanVcYk^XZ"kZghV# '#NdjXVcaZVkZi]ZYViV[^aZdjih^YZi]Zegd_ZXiVcYXgZViZVXdccZXi^dcid ^i^c9ViVWVhZ:meadgZg#L]Zci]Z>9:Vh`hndjidWg^c\i]Z[^aZ^cidi]Z egd_ZXi!h^beanhVncd#>ci]^hlVn!Wdi]i]ZYZh^\ci^bZVcYgjci^bZl^aa WZjh^c\i]ZhVbZYViV[^aZ#I]ZYdlch^YZidi]^hbZi]dY^hi]Vii]ZeVi] ^ci]ZXdccZXi^dchig^c\l^aaWZ]VgYXdYZY!VcY^il^aai]ZgZ[dgZWZ]VgYZg idh]VgZi]Zegd_ZXiVcYYZeadni]ZVeea^XVi^dc#7Z[dgZYZeadn^c\i]Z Veea^XVi^dc!bV`ZhjgZidgZeaVXZi]Z[jaaeVi]^ci]ZhZii^c\hl^i]VgZaV" i^kZeVi]#>[ndjlVciidgZVYbdgZVWdjii]ZgZaVi^kZeVi]kZghjhi]Z[jaa eVi]eajhVW^ibdgZVWdjii]^hXdenWZ]Vk^dg!gZVYi]Z[daadl^c\Vgi^XaZ/ ]iie/$$Wad\h#bhYc#Xdb$hbVgiXa^ZciYViV$VgX]^kZ$'%%*$%-$'+$)*+--+#Vhem# NdjÈaahZZi]Vi>idd`edgi^dchd[i]ViVgi^XaZVcYbdY^[^ZYi]Zbhdi]Vi i]Zn[^idjgVeea^XVi^dc#

&*'

&LQGG

5g
mci
WUb
gYY
aUbm
h\]b[g
\UjY
^igh
\UddYbYX"
@YhÇg
ghUfh
Vm
`cc_]b[
Uh
h\Y
XYg][bYf
gifZUWY"
5``
cZ
h\Y
Z]Y`Xg
Zfca
h\Y
XUhUgYh
\UjY
VYYb
UXXYX
Ug
Wcbhfc`g
UbX
`UVY`g
kYfY
U`gc
UXXYX
VUgYX
cb
h\Y
bUaY
cZ
h\Y
Z]Y`X
]b
h\Y
XUhUgYh"
H\]g
ZYUhifY
]g
WU``YX
gaUfh
WUdh]cb"
J]giU`
GhiX]c
igYg
DUgWU`
cf
7UaY`
WUg]b[
Ug
U
aYW\Ub]ga
hc
]bgYfh
U
gdUWY
]b
`UVY`g
k\Yb
ig]b[
gaUfh
WUdh]cbg"
K\Yb
mci
Xfcd
h\Y
XUhUgYh
Z]Y`Xg
cbhc
h\Y
Zcfa
gaUfh
WUdh]cb
`cc_g
Uh
YUW\
Z]Y`XÇg
WUg]b["
K\Yb
]h
Z]bXg
Ub
iddYfWUgY
`YhhYf
cf
Ub
ibXYfgWcfY
W\UfUWhYf
]"Y"
S
Zc``ck]b[
U
`ck! YfWUgY
`YhhYf
]h
]bgYfhg
cf
fYd`UWYg
h\Y
S
k]h\
U
gdUWY"
5b
YlWYdh]cb
hc
h\]g
fi`Y
WUb
VY
gYYb
]b
h\Y
9D;7]hm
UbX
9D;<][\kUm
Z]Y`Xg"
K\Yb
mci
igY
iddYfWUgY
`YhhYfg
Zcf
Ub
UWfcbma
Zcf
YlUad`Y
J]giU`
GhiX]c
WUb! bch
X]gh]b[i]g\
h\Uh
h\YgY
UfY
hkc
kcfXg
UbX
h\YfYZcfY
XcYgbÇh
gd`]h
h\Ya
UdUfh"
MciÇ``
\UjY
hc
gd`]h
h\YgY
hkc
Z]Y`Xg
aUbiU``m" Mci
k]``
U`gc
bch]WY
h\Uh
U
hcc`
ghf]d
\Ug
VYYb
UXXYX
h\Uh
WcbhU]bg
U`acgh
h\Y
gUaY
Vihhcbg
mci
igYX
k\]`Y
kcf_]b[
k]h\
h\Y
XUhUVUgY
hUV`Y
XYg][bYf"

$( FYUX
h\Y
V`iY
=adcfhUbh
g]XYVUf
hc
h\Y
`YZh"
K]h\
h\]g
Wcdm


VY\Uj]cf
]b
a]bX
=
gi[[Ygh
h\Uh
mci
igY
5ddfcUW\
%
YjYb
h\ci[\
mciÇ``
\UjY
hc
dYfZcfa
gcaY
aUbiU`
ghYdg"
=Z
mci
kUbh
hc
XYVi[
mcif
Udd`]WUh]cb
Zfca
k]h\]b
J]giU`
GhiX]c
]hÇg
dfYZYfUV`Y
hc
igY
h\]g
gc`ih]cb
cf
mci
k]``
bch
VY
UV`Y
hc
gYY
h\Y
W\Ub[Yg
Udd`]YX
hc
mcif
XUhUVUgY
Z]`Y"
H\Y
XUhUVUgY
Z]`Y
k]``
U`kUmg
WcaY
VUW_
hc
h\Y
]b]h]U`
cbY
Zfca
mcif
dfc^YWh
k\]W\
]g
g]a]`Uf
hc
fYgYhh]b[
h\Y
k\c`Y
XUhUVUgY
hc
k\Uh
]h
]g
]bg]XY
J]giU`
GhiX]c"

$) GY`YWh
h\Y
7UfHfUW_Yf"aXZ
XUhUVUgY
Z]`Y
]b
h\Y
Gc`ih]cb
9ld`cfYf


UbX
W\Ub[Y
h\Y
7cdm
Hc
Cihdih
8]fYWhcfm
dfcdYfhm
hc

8c
Bch
7cdm
]b
h\Y
DfcdYfh]Yg
k]bXck"

$* DfYgg
:)
hc
Vi]`X
UbX
fib
mcif
Udd`]WUh]cb"
MciÇ``
[Yh
Ub
YlWYd!

h]cb
aYggU[Y
VYWUigY
h\Y
Z]`Y
kcbÇh
VY
Wcd]YX
]b
h\Y
V]bPXYVi[
X]fYWhcfm"
5`gc
cb
h\Y
Zcfa
`cUX
YjYbh
k\Yb
mcif
WcXY
hf]Yg
hc
Z]``
h\Y
XUhUgYh
]h
kcbÇh
Z]bX
h\Y
XUhUVUgY
Uh
h\Y
d`UWY
gdYW]Z]YX
Vm
h\Y
Wcb! bYWh]cb
ghf]b["
H\YfYZcfY
mci
[Yh
Ub
GE@9lWYdh]cb
ghUh]b[
h\Uh
]hÇg
bch
UV`Y
hc
UhhUW\
hc
h\Y
XUhUVUgY"
7`]W_
h\Y
Ghcd
8YVi[[]b[
Vihhcb
cf
dfYgg
G\]Zh:)
hc
ghcd
XYVi[[]b["

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

$+ Ig]b[
K]bXckg
9ld`cfYf
[c
]bhc
mcif
dfc^YWh
X]fYWhcfm
]h
g\ci`X
VY
`cWUhYX
Uh
Am
8cWiaYbhgPJ]giU`


GhiX]c
&$$)PDfc^YWhgP7UfHfUW_YfP7UfHfUW_YfP
UbX
Wcdm
h\Y
"aXZ
UbX
"`XZ
Z]`Yg
]bhc
h\Y
V]bPXYVi[
X]fYWhcfm
ibXYf
7UfHfUW_Yf"

$,
=b
J]giU`
6Ug]W
9ldfYgg
dfYgg
:)
hc
Vi]`X
UbX
fib
mcif
Udd`]WUh]cb
U[U]b"

;^\jgZ-"'% 8kXVhg\ba
bY
g[X
6Te
GeTV^Xe

Tcc_\VTg\ba

Mci
g\ci`X
gYY
h\Y
hkc
fYWcfXg
mciÇjY
aUbiU``m
]bgYfhYX
]bhc
h\Y
@]gh]b[
hUV`Y"
Mci
g\ci`X
VY
UV`Y
hc
bUj][UhY
ig]b[
h\Y
hcc`
ghf]d
UbX
U`gc
acX]Zm
]bgYfh
UbX
XY`YhY
U
fYWcfX"
GYY
:][ifY
,!&$
Zcf
U
gbUdg\ch
cZ
mcif
7Uf
HfUW_Yf
Udd`]WUh]cb
Uh
fib
h]aY"

%# 7\Ub[Y
h\Y
IF@
cZ
h\Y
fck
Uh
dcg]h]cb
%
hc
YbX
k]h\
"bYh
]bghYUX
"Wca" %$ 5ZhYf
W\Ub[]b[
h\Y
IF@
Zcf
h\Y
fYWcfX
dfYgg
h\Y
X]g_
]Wcb
hc
Wcaa]h
h\Y
W\Ub[Yg
hc
h\Y
XUhUVUgY"

%% 7`cgY
h\Y
7Uf
HfUW_Yf
Udd`]WUh]cb
UbX
fYghUfh
]h
Vm
dfYgg]b[
:)"
Mci
g\ci`X
bck


gYY
h\Y
Z]fgh
fck
k]h\
h\Y
acX]Z]YX
IF@
YbX]b[
]b
"bYh"
7`cgY
h\Y
Udd`]WUh]cb
U[U]b"

%& Hc
jYf]Zm
h\Uh
mci
UfY
kcf_]b[
k]h\
U
XYg][b
h]aY
UbX
U
fib
h]aY
jYfg]cb
cZ
h\Y


7UfHfUW_Yf
XUhUVUgY
cdYb
h\Y
@]gh]b[
hUV`Y
UbX
gY`YWh
G\ck
HUV`Y
8UhU
Zfca
k]h\]b
h\Y
8UhUVUgY
9ld`cfYf"
H\Y
Z]fgh
fck
g\ci`X
WcbhU]b
Ub
IF@
Wc`iab
YbX]b[
]b
"Wca
UbX
abg
]b
"bYh" Dc]bh
dfcjYb
H\Y
XUhUVUgY
Z]`Y
]b
J]giU`
GhiX]c
]g
bck
XY!Wcid`YX
k]h\
h\Y
cbY
mcif
Udd`]WUh]cb
]g
ig]b[
Uh
fib
h]aY"
FYUX
h\Y
AcfY
=bZc
bchY
cb
h\Y
bYlh
dU[Y
hc
`YUfb
\ck
hc
aU_Y
h\Y
XUhU
h\Y
gUaY
]b
Vch\
h\Y
XYg][b
h]aY
UbX
fib
h]aY"

8dbedcZciIgVn L]ZcndjYgV\\ZYi]ZA^hi^c\YViVhZiiVWaZdcidi]ZYZh^\cZghjg[VXZ!ndjegdWVWanhVl i]Vi[djg^iZbhlZgZVYYZY^ci]Z\gVnVgZVWZadli]ZYZh^\cZghjg[VXZ#I]^hhZXi^dcd[i]Z YZh^\cZghjg[VXZ^hXVaaZYi]ZXdbedcZciigVn#I]^h^hi]ZhZXi^dci]ViK^hjVaHijY^djhZh[dg cdck^hjVaXdcigdah#>cndjgXVhZ!^iVYYZYVc^chiVcXZd[i]Z8VgIgVX`ZgYViVhZi!VA^hi^c\ iVWaZVYVeiZg!VA^hi^c\W^cY^c\hdjgXZ!VcY[^cVaanVA^hi^c\W^cY^c\cVk^\Vidg# AZiÈhYZhXg^WZi]Zdi]Zgh^cY^k^YjVaan# N 7^cY^c\HdjgXZNdjXVci]^c`d[VW^cY^c\hdjgXZVhVÅWgd`ZgÆdgVaVnZgd[^cY^gZXi^dc# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&*(

30

@BE8
[ndjlVcii]ZhVbZYViV^c K^hjVaHijY^dVhndj]VkZl]Zc ZmZXji^c\i]ZVeea^XVi^dc^c YZWj\bdYZ!i]ZcndjbjhiXadhZ ndjgegd_ZXiXdbeaZiZan#Jh^c\ L^cYdlh:meadgZg!Xdeni]Z#bY[ VcY#aY[[^aZh[gdbi]ZW^cQYZWj\ [daYZgidi]Zegd_ZXi[daYZg#L]Zc ndjgZdeZcndjgegd_ZXi!i]ZYViV" WVhZl^aacdlXdciV^ci]ZhVbZ XdciZci# HjeedhZndji]ZclVciid bdY^[ni]ZhigjXijgZd[ndjgYViV" WVhZ!hjX]VhVYY^c\VXdajbcidV iVWaZ#>[ndjYdcÈilVciidadhZi]Z YViVl^i]^ci]ZW^cQYZWj\YViV" WVhZ[^aZh!ndjbjhiXdeni]Zb WVX`idi]Zegd_ZXi[daYZgWZ[dgZ ndjbdY^[ni]ZiVWaZhigjXijgZ# L]ZcYdcZl^i]i]ZbdY^[^XV" i^dch!ndjh^beanXdenWdi]i]Z #bY[VcY#aY[[^aZhWVX`idi]Z W^cQYZWj\[daYZg#D[XdjghZ!^[ ndjgVeea^XVi^dccZZYhi]dhZcZl YViVWVhZX]Vc\Zh!ndjldjaYVahd ]VkZidbdY^[ni]ZYViVhZi!Wji i]ViegdXZhh^hWZndcYi]ZhXdeZ d[i]^hWdd`#

>iXVcVahdWZk^ZlZYVhVc^ciZgbZY^VgnWZilZZcVYViV"WdjcYXdcigdadcndjg[dgb VcYVYViVhdjgXZ!hjX]VVYViVhZi#6W^cY^c\hdjgXZegdk^YZhXjggZcXnbVcV\ZbZci VcYcdi^[^XVi^dchhZgk^XZhZkZcih#I]ZW^cY^c\hdjgXZ]VhbVcnbZi]dYhid[VX^a^iViZ! hjX]Vhhdgi^c\![^aiZg^c\!cVk^\Vi^c\!VcYZY^i^c\d[YViV[gdb^ihYViV"WdjcYXdcigdahid i]ZYViVhdjgXZ#>iÈhVahda^c`ZYi^\]ianidi]ZcZmiXdbedcZci/i]ZW^cY^c\cVk^\Vidg# L]ZcndjhZZVW^cY^c\cVk^\Vidg!ndjÈgZVhhjgZYd[\Zii^c\VW^cY^c\hdjgXZ# N 7^cY^c\CVk^\VidgI]ZW^cY^c\cVk^\Vidg^hVbZVchidZcVWaZcVk^\Vi^dcVcYYViV bVc^ejaVi^dc#>i]VhVJ>XdbedcZcidg!bdgZheZX^[^XVaan!Viddahig^el^i]Wjiidchid [VX^a^iViZi]Z[jcXi^dcVa^i^Zhegdk^YZYWni]ZW^cY^c\hdjgXZ# N IneZY9ViVhZi6ai]dj\]ndj`cdll]ViVYViVhZi^h!ndjbVncdi`cdli]Vi^iÈhV higdc\anineZYdW_ZXi#>iXdciV^chYViViVWaZhd[i]Z9ViVIVWaZineZi]ViXdchi^ijiZi]Z^c" bZbdgngZegZhZciVi^dcd[ndjgYViVWVhZiVWaZh#I]ZhZYViViVWaZhVahd]VkZVheZX^Va YViVVYVeiZgXVaaZYi]ZiVWaZVYVeiZg#I]ZgZ^hViVWaZVYVeiZg[dgZVX]YViViVWaZ# N IVWaZ6YVeiZg6iVWaZVYVeiZg^hVYViVVXXZhhdW_ZXi#>iXdccZXihidi]ZYViVWVhZZ#\#! HFAHZgkZg'%%*:megZhh:Y^i^dc!ZmZXjiZhi]ZfjZg^Zh!VcY[^aahVYViViVWaZl^i]YViV l]Zc^igZijgch[gdbHFAHZgkZg#I]ZgZ[dgZ!^iÈhi]ZXZcigVaed^ci[dgVaaYViVVXXZhhdcVc ^cY^k^YjVaiVWaZ#I]ZgZ^hdcZiVWaZVYVeiZgeZgiVWaZ^cndjgYViVhdjgXZ#6iVWaZVYVeiZg XVc]VkZbdgZi]VcdcZH:A:8IfjZgn#

=dl9d>c[dgbVi^dcdcBn;dgb4 AZiÈhgZijgciddjg8VgIgVX`Zgegd_ZXi#6hndjXVchZZ!i]Z8dadg>9!BV`Z>9!VcY8VgIneZ>9 XdbWdWdmZhVgZi]ZgZ!Wjii]ZnVgZY^heaVn^c\i]Z>9VcYcdii]ZcVbZVhhdX^ViZYl^i]i]Z >9#I]^h^hcdi]Zae[ja[dgi]ZjhZgWZXVjhZVc>9YdZhci]VkZVcnbZVc^c\idi]ZjhZgVcY ]Z$h]Zb^\]icdiWZVWaZidZVh^anVYYdgbdY^[ngdlhl^i]dji]Vk^c\V]jbVc"gZVYVWaZ [dgbVi[dgi]dhZXdajbch#8dchZfjZcian!ndjcZZYidbV`ZhjgZi]ZYViV^hY^heaVnZY^cV ]jbVcangZVYVWaZlVnVcYi]Vii]Z>9^hhidgZY^ci]Zgdll]ZcZkZgi]ZjhZgbdY^[^Zhi]Z ^c[dgbVi^dc# I]ZgZÈhVcZVhnlVnidVXXdbea^h]i]^h!l]^X]ndjl^aaYdcdl[dgndjgi]gZZXdbWd WdmZh#

&*)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ID96I67>C9L>I=9DB6>CI67A:H =b
h\Y
8UhU
GcifWYg
k]bXck
gY`YWh
h\Y
7c`cf
hUV`Y
Zfca
h\Y
XUhUgYh
XfU[
]h
cbhc
h\Y
ZcfaÇg
XYg][bYf


$ gifZUWY
cjYf
h\Y
7c`cf=8
WcaVc
Vcl
UbX
Xfcd
]h"

MciÇ``
gYY
h\Uh
Ubch\Yf
hUV`Y
UXUdhYf
7c`cfHUV`Y5XUdhYf
UbX
Ubch\Yf
V]bX]b[
gcifWY
7c`cf6]bX]b[GcifWY
kYfY
UXXYX
hc
h\Y
WcadcbYbh
hfUm"
=Z
mci
[c
hc
h\Y
7c`cf=8
WcaVc
Vcl
UbX
W`]W_
cb
h\Y
gaUfh
hU[
hf]Ub[`Y
mciÇ``
gYY
h\Y
8UhU
6]bX]b[
AcXY
]bZcfaUh]cb
Vcl
UddYUf
Ug
g\ckb
]b
:][ifY
,! &%"
MciÇ``
bch]WY
h\Uh
mcif
XfU[!UbX!Xfcd
UWh]cb
VcibX
h\Y
WcaVc
Vcl
Wcbhfc`
k]h\
h\Y
7c`cf6]bX]b[GcifWY"
6YWUigY
cZ
h\]g
UWh]cb
k\YbYjYf
h\Y
WcaVc
Vcl
X]gd`Umg
]h
k]``
X]gd`Um
h\Y
Wc`cf
bUaYg
]bghYUX
cZ
7c`cf=8"
K\Yb
h\Y
igYf
d]W_g
U
Wc`cf
Zfca
h\Y
WcaVc
Vcl
h\Y
UggcW]UhYX
jU`iY
aYaVYf
h\Uh
k]``
VY
igYX
]b
h\Y
fck
k]``
gh]``
VY
h\Y
7c`cf=8
gdYW]Z]WU``m
h\Y
7c`cf=8
UggcW]UhYX
k]h\
h\Y
7c`cfBUaY"
KcbXYfZi`
]gbÇh
]h3
5bX
bc
`]bYg
cZ
WcXY
kYfY
igYX"


;^\jgZ-"'& 6b_be<7
Vb`Ub
Ubk
f`Teg
gTZ
\aYbe `Tg\ba
f[bj\aZ
7TgT
5\aW\aZ
@bWX

FYdYUh
h\Y
gUaY
dfcWYgg
Zcf
h\Y
AU_Y
UbX
7UfHmdY
XUhUgYh
hUV`Yg
UbX
h\Y
WcffYgdcbX]b[
AU_Y=8


% UbX
7UfHmdY=8
WcaVc
VclYg"

6i]`X
UbX
fib
mcif
Udd`]WUh]cb
UbX
h\Yb
`cc_
Uh
YUW\
WcaVc
Vcl"
Mci
bck
\UjY
fYU`
Wc`cf
bUaYg
UbX


& bch
aYfY`m
7c`cf=8g/
h\Y
gUaY
]g
hfiY
Zcf
7UfHmdY
UbX
AU_Y"
H\Y
WcaVc
VclYg
UfY
U`gc
dcdi`UhYX


k]h\
U``
cZ
h\Y
jU`iYg
Wca]b[
Zfca
h\cgY
hUV`Yg
UbX
bch
g]ad`m
h\Y
jU`iY
Zcf
h\Uh
gdYW]Z]W
fck"
7`]W_
cb
h\Y
Xfcd!Xckb
Uffck
UbX
mciÇ``
gYY
U``
ch\Yf
dchYbh]U`
jU`iYg"
7`cgY
h\Y
Udd`]WUh]cb"


'
Cb
h\Y
Zcfa
fYacjY
h\Y
=8
dUfh
Zfca
h\Y
7c`cf=8
AU_Y=8
UbX
7UfHmdY=8
`UVY`g" Mci
k]``
bck
Yb`Uf[Y
h\Y
BchYg
Z]Y`X
Vm
aU_]b[
]h
U
ai`h]!`]bY
hYlh
Vcl"
GY`YWh
h\Y
BchYg
hYlh
Vcl
UbX


( W\Ub[Y
h\Y
Ai`h]`]bY
dfcdYfhm
hc
hfiY"
5`gc
W\Ub[Y
h\Y
AUl@Yb[h\
hc
&)$
h\Y
G]nY.
@BE8
9dgi]Zeg^" bVgn`Zn#>[hd!^iig^ZhidjhZi]^h dcZ[dgi]ZYViVW^cY^c\#

UbX
h\Y
G]nY.K]Xh\
hc
&)$"


) 8Y`YhY
h\Y
@]gh]b[=8
hYlh
Vcl
UbX
]hg
`UVY`"

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&**

30

G]nY
UbX
fYdcg]h]cb
h\Y
Wcbhfc`g
cb
h\Y
Zcfa
gc
h\Uh
]h
fYgYaV`Yg
h\Y
Zcfa
g\ckb
]b
:][ifY
,!&&/
]h


* XcYg
bch
bYYX
hc
VY
Ub
YlUWh
Xid`]WUhY"
=h
k]``
VY
[ccX
dfUWh]WY
hc
Vf]b[
VUW_
I=
XYg][b
WcbWYdhg
Zfca
7\UdhYf
)
UbX
U`gc
[ccX
dfYdUfUh]cb
Zcf
7\UdhYf
-"
7\Ub[Y
h\Y
HYlh
dfcdYfhm
cZ
h\Y
Zcfa
hc
7Uf
HfUW_Yf"

;^\jgZ-"'' AXj
i\fhT_
TfcXVgf
bY
g[X
6Te
GeTV^Xe
Tcc_\VTg\ba




+ =b
h\Y
Gc`ih]cb
9ld`cfYf
fYbUaY
Zcfa%"jV
hc
AU]b"jV" ,
GY`YWh
h\Y
Zcfa
UbX
W\Ub[Y
h\Y
6UW_7c`cf
dfcdYfhm
hc
<][\`][\h" 9jYfmh\]b[
]g
bYUf`m
Wcad`YhY
Zcf
h\]g
Udd`]WUh]cb
Vih
h\Y
fYgYUfW\
WUdUV]`]h]Yg
UfY
`UW_]b["
7iffYbh`m
h\Y
cb`m
kUm
hc
gYUfW\
]g
hc
gWUb
h\fci[\
U``
cZ
h\Y
fckg
ibh]`
mci
Z]bX
h\Y
WcffYWh
cbY"
H\]g
]g
bch
X]ZZ]Wi`h
bck
VYWUigY
mci
\UjY
cb`m
hkc
fckg
]b
mcif
7Uf
HfUW_Yf
XUhUVUgY"
MYh
]Z
mci
\UX
)$$
fckg
h\Y
GWUb
aYh\cX
kci`X
bch
VY
YZZYWh]jY
Uh
U``
H\YfYZcfY
mciÇ``
]ad`YaYbh
gYUfW\
WUdUV]`]h]Yg
Vm
UXX]b[
eiYf]Yg
hc
mcif
Udd`]WUh]cb
Vm
ig]b[
h\Y
8UhUgYh
8Yg][bYf"

$# =b
h\Y
8UhU
GcifWYg
k]bXck
gY`YWh
7UfHfUW_Yf8UhUGYh"
F][\h!W`]W_
UbX
gY`YWh
9X]h
8UhUGYh
k]h\
8Yg][bYf"

$$ GY`YWh
h\Y
@]gh]b[
XUhU
hUV`Y
UbX
h\Yb
gY`YWh
h\Y
@]gh]b[HUV`Y5XUdhYf
gYWh]cb
Uh
h\Y
Vchhca
cZ
h\Y
XUhU
hUV`Y"

&*+

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

K\Yb
mci
`cc_
]b
h\Y
DfcdYfh]Yg
k]bXck
mciÇ``
gYY
h\Uh
Zcif
hmdYg
cZ
eiYf]Yg
kYfY
UihcaUh]WU``m
[YbYfUhYX
Vm
J]giU`
GhiX]c.
G9@97H
=BG9FH
89@9H9
UbX
ID85H9"
H\Ym
UfY
h\Y
eiYf]Yg
h\Uh
\Y`dYX
mci
\UjY
U
Zi``m
kcf_UV`Y
Udd`]WUh]cb
k]h\cih
kf]h]b[
U
g]b[`Y
`]bY
cZ
WcXY"
K\Yb
mci
fYUX
UVcih
hUV`Y
UXUdhYfg
YUf`]Yf
mci
`YUfbYX
h\Uh
mci
WUb
\UjY
ai`h]d`Y
eiYf]Yg
k]h\
U
hUV`Y
UXUdhYf
VYWUigY
]h
]g
h\Y
WYbhfU`
dc]bh
cZ
XUhU
UWWYgg"
Mci
k]``
h\ig
UXX
gYUfW\
WUdUV]`]h]Yg
hc
mcif
Udd`]WUh]cb
Vm
UXX]b[
eiYf]Yg
hc
h\Y
hUV`Y
UXUdhYfg
UbX
Vm
ig]b[
dUfUaYhYfg
Zfca
h\Y
I="
:]fgh
mci
k]``
UXX
h\Y
UV]`]hm
hc
gYUfW\
Zcf
`]gh]b[g
h\Uh
\UjY
U
WYfhU]b
Wc`cf"

;^\jgZ-"'( 4WW\aZ
aXj
dhXe\Xf
gb
T
gTU_X
TWTcgXe




$% F][\h!W`]W_
h\Y
@]gh]b[HUV`Y5XUdhYf
gYWh]cb
UbX
gY`YWh
5XX
EiYfm"
"
"
Ug
g\ckb
]b
:][ifY
,!&'" H\]g
k]``
Vf]b[
mci
hc
h\Y
HUV`Y5XUdhYf
EiYfm
7cbZ][ifUh]cb
K]nUfX"
H\]g
k]nUfX
k]``
\Y`d
mci
UXX
Ubch\Yf
G9@97H
eiYfm
h\Uh
k]``
igY
dUfUaYhYfg
hc
fYZ]bY
mcif
gYUfW\"
Mci
WUb
U`gc
WfYUhY
U
G9@97H
eiYfm
UbX
hifb
]h
]bhc
U
ghcfYX
dfcWYXifY
cf
igY
Ub
Yl]gh]b[
ghcfYX
dfcWYXifY"
5g
]hg
bUaY
]ad`]Yg
U
ghcfYX
dfcWYXifY
]g
cbY
h\Uh
]g
ghcfYX
]b
GE@
GYfjYf
UbX
WcbhU]bg
GE@
ghUhYaYbhg
U`cb[
k]h\
ch\Yf
dfc[fUaa]b[
WcbghfiWhg
h\Uh
igY
U
`Ub[iU[Y
WU``YX
H!GE@
cf
HfUbgUWh!GE@"
5
bYk
ZYUhifY
hc
GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb
]g
h\Uh
ghcfYX
dfcWYXifYg
WUb
U`gc
VY
WcXYX
]b
aUbU[YX
`Ub[iU[Yg
giW\
Ug
7
UbX
J]giU`
6Ug]W"
GhcfYX
dfcWY! XifYg
UfY
YlYWihYX
cb
h\Y
gYfjYf"
G]bWY
mciÇfY
ig]b[
GE@
GYfjYf
&$$)
9ldfYgg
9X]h]cb
h\]g
k]``
VY
cZ
bc
WcbWYfb
VYWUigY
h\Y
GE@
GYfjYf
UbX
h\Y
Udd`]WUh]cb
UfY
YlYWihYX
cb
h\Y
gUaY
aUW\]bY"

$& GY`YWh
IgY
GE@
ghUhYaYbhg
UbX
W`]W_
BYlh"
K\Yb
Ug_YX
k\]W\


hmdY
cZ
GE@
eiYfm
mci
kUbh
hc
igY
W\ccgY
G9@97H
k\]W\
fYhifb
fckg
UbX
h\Yb
W`]W_
BYlh"
BchY
h\Uh
mci
Wci`X
\UjY
UXXYX
Ubm
GE@
eiYfm
hmdY
mci
kUbhYX"

$' Mci
UfY
bck
dfYgYbhYX
k]h\
Ub
YX]h
k]bXck
]b
k\]W\
hc
UXX


mcif
GE@
ghUhYaYbh
h\Uh
k]``
dYfZcfa
U
gYUfW\
Zcf
U``
cZ
h\Y
`]gh! ]b[g
h\Uh
WcbhU]b
U
dUfh]Wi`Uf
Wc`cf"
FYZYf
hc
:][ifY
,!&(
hc
gYY
h\Y
GE@
WcaaUbX
YX]h
k]bXck"
7`]W_
cb
h\Y
EiYfm
6i]`XYf"
"
"
Vihhcb
hc
[Yh
U
j]giU`
j]Yk
cZ
h\Y
eiYfm"

$( Mci
k]``
bck
UXX
h\Y
7c`cf
hUV`Y
hc
h\Y
X]U[fUa
gc
h\Uh
mciÇ``


VY
UV`Y
hc
VUgY
mcif
gYUfW\
cb
U
dUfh]Wi`Uf
Wc`cf"
Hc
UXX
h\Y
7c`cf
hUV`Y
g]ad`m
f][\h!W`]W_
]b
h\Y
X]U[fUa
UfYU
UbX
gY`YWh
5XX
HUV`Y"
"
"
H\Y
5XX
HUV`Y
X]U`c[
Vcl
UddYUfg
Ug
g\ckb
]b
:][ifY
,!&)"
GY`YWh
h\Y
7c`cf
hUV`Y
UbX
W`]W_
h\Y
5XX
Vihhcb"
K\Yb
h\Y
7c`cf
hUV`Y
\Ug
VYYb
UXXYX
hc
h\Y
X]U[fUa
W`]W_
h\Y
7`cgY
Vihhcb" ;^\jgZ-"') FD?
Vb``TaW
XW\g
j\aWbj
eXTWl
gb
Vhfgb`\mX
g[X
hfXeÆf
fXTeV[

8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&*,

30

;^\jgZ-"'* G[X
4WW
GTU_X
W\T_bZ
Ubk

@BE8

=b
h\Y
GE@
WcXY
dUbY
cZ
EiYfm
6i]`XYf
UddYbX
h\Y
Zc``ck]b[
GE@
WcXY
h\Uh
k]``
\Y`d
]b
h\Y
Z]`hYf]b[


$) dfcWYgg.


:+(5(&RORU&RORU1DPH/,.(¶·#FRORUQDPH¶·

$* 6YZcfY
mci
dfcWYYX
k]h\
mcif
bYk
eiYfm
aU_Y
gifY
]h
k]``


[]jY
mci
h\Y
fYgi`hg
mciÇfY
YldYWh]b["
7`]W_
h\Y
9lYWihY
EiYfm
Vihhcb
hc
X]gd`Um
h\Y
EiYfm
DUfUaYhYfg
X]U`c[
Vcl
Ug
g\ckb
]b
:][ifY
,!&*"

$+ Hfm
fYd`UW]b[
h\Y
kcfX
AH??
k]h\
V`iY
UbX
h\Yb
W`]W_
C?"


H\Y
FYgi`hg
dUbY
cZ
EiYfm
6i]`XYf
g\ci`X
X]gd`Um
cb`m
cbY
fck"
Ig]b[
h\Y
kcfX
V`UW_
g\ci`X
fYhifb
h\Y
V`UW_
WUf
fck"
G]ad`m
YbhYf
h\Y
`YhhYf
V
UbX
mci
g\ci`X
[Yh
Vch\
h\Y
V`iY
UbX
h\Y
V`UW_
fckg"
CbWY
mciÇfY
gUh]gZ]YX
k]h\
mcif
eiYfm
W`]W_
C?
]b
EiYfm
6i]`XYf" ;^\jgZ-"'+ DhXel
CTeT`XgXef
W\T_bZ
Ubk
j\g[
ceb`cg
gb
XagXe
T
Vb_be
aT`X
iT_hX

&*-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

$, Cb
h\Y
GdYW]Zm
U
GE@
G9@97H
GhUhYaYbh
gWfYYb
cZ
h\Y
k]nUfX
W`]W_
BYlh"
=hÇg
h]aY
hc
UXX
mcif
eiYfm
hc
h\Y
Udd`]WUh]cb"

%# 5
gWfYYb
UddYUfg
h\Uh
k]``
dfcadh
mci
hc
bUaY
h\Y
aYh\cXg


h\Uh
mcif
eiYfm
k]``
[YbYfUhY"
H\cgY
aYh\cXg
k]``
VY
UjU]`UV`Y
UZhYf
h\]g
WfYUh]cb
Zfca
h\Y
@]gh]b[
hUV`Y
UXUdhYf"
FYZYf
hc
:][ifY
,!&+
hc
j]Yk
h\]g
gWfYYb
WcbhU]b]b[
h\Y
hkc
bYk
aYh\cX
bUaYg"
:cf
Vch\
bUaYg
mci
VUg]WU``m
bYYX
hc
UXX
k\Uh
mcif
Z]`hYf
]g"
=b
mcif
WUgY
mci
WUb
UXX
7c`cfBUaY
g]bWY
mci
Z]`hYfYX
Vm
h\Uh
bUaY
]b
mcif
K<9F9
W`UigY"
K\Yb
XcbY
W`]W_
BYlh"

%$ 5ZhYf
dfcWYgg]b[
Zcf
U
ZYk
gYWcbXg
h\Y
WcadihYf
g\ci`X
WcaY


VUW_
k]h\
U
fYgi`hg
gWfYYb
]bZcfa]b[
mci
h\Uh
mcif
G9@97H
ghUhY! aYbh
UbX
mcif
bYk
:]``
UbX
;Yh
aYh\cXg
UfY
fYUXm
hc
igY"
7`]W_
h\Y
:]b]g\
Vihhcb" @cc_
Uh
h\Y
hUV`Y
UXUdhYf
gYWh]cb
cZ
h\Y
@]gh]b[
XUhU
hUV`Y"
Mcif
bYk
aYh\cXg
k]``
VY
UXXYX
h\YfY"

%% FYdYUh
ghYdg
ghUfh]b[
Uh
ghYd
%&
UbX
UXX
Ubch\Yf
eiYfm
hc
h\Y


@]gh]b[HUV`Y5XUdhYf
Zcf
h\Y
7UfHmdY
hUV`Y"
IgY
h\Y
Zc``ck]b[
K<9F9
W`UigY.

:+(5(&DU7\SH&DU7\SH1DPH/,.(¶·#FDUW\SHQDPH¶·

;^\jgZ-"', 7\T_bZ
Ubk
j\g[
ceb`cg
gb
eXaT`X
g[X
`Xg[bWf
X
hfXW
gb
\aVeXTfX
fXTeV[
VTcTU\_\g\Xf

BUaY
h\Y
Z]``
UbX
[Yh
XUhU
aYh\cXg
:]``6m7UfHmdYBUaY
UbX
;Yh8UhU6m7UfHmdYBUaY"

%& FYdYUh
ghYdg
ghUfh]b[
Uh
ghYd
%&
UbX
UXX
Ubch\Yf
eiYfm
hc
h\Y
@]gh]b[HUV`Y5XUdhYf
Zcf
h\Y
AU_Y
hUV`Y"
IgY
h\Y
Zc``ck]b[
K<9F9
W`UigY.

:+(5(0DNH0DNH1DPH/,.(¶·#PDNHQDPH¶·

BUaY
h\Y
Z]``
UbX
[Yh
XUhU
aYh\cXg
:]``6mAU_YBUaY
UbX
;Yh8UhU6mAU_YBUaY" MciÇfY
U`acgh
XcbY
bck
Vih
mci
gh]``
\UjY
hc
V]bX
h\cgY
bYk
eiYf]Yg
hc
Wcbhfc`g
cb
mcif
Zcfa"
Cb
Ubm
XUhU!VcibX
Wcbhfc`
cb
mcif
Zcfa
mci
WUb
gY`YWh
5XX
EiYfm¼
Zfca
h\Y
gaUfh
hU[
aYbi"
=b
mcif
WUgY
mci
kUbh
hc
UXX
gYUfW\
WUdUV]`]h]Yg
hc
h\Y
k\c`Y
Zcfa
UbX
bch
g]ad`m
hc
U
dUfh]Wi`Uf
Wcbhfc`"

%'
;c
hc
h\Y
WcadcbYbh
hfUm
W`]W_
h\Y
@]gh]b[HUV`Y5XUdhYf
gaUfh
hU[
UbX
gY`YWh
5XX
EiYfm"
"
"
MciÇ``


gYY
U
GYUfW\
7f]hYf]U
6i]`XYf
X]U`c[
Vcl
h\Uh
k]``
dfcadh
mci
hc
WfYUhY
U
bYk
eiYfm
cf
d]W_
Ub
Yl]gh]b[
cbY"
G]bWY
mci
^igh
Vi]`h
h\fYY
bYk
gYhg
cZ
aYh\cXg
mci
aYfY`m
bYYX
hc
gY`YWh
cbY"GY`YWh
h\Y
9l]gh]b[
EiYfm
BUaY
cdh]cb
UbX
h\Yb
gY`YWh
:]``6m7c`cfBUaY
Ug
g\ckb
]b
:][ifY
,!&,
cb
h\Y
bYlh
dU[Y" 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&*.

30

%( 7`]W_
h\Y
C?
Vihhcb"
MciÇ``
gYY
h\Uh
U
hcc`
ghf]d
\Ug
VYYb
d`UWYX
Uh
h\Y
hcd
cZ


h\Y
Zcfa
k]h\
U
gYUfW\
Vihhcb
h\Uh
k]``
WU``
mcif
aYh\cX
k\Yb
mci
W`]W_
]h
h\YfYVm
[]j]b[
mci
U
kUm
cZ
gYUfW\]b[
Vm
WYfhU]b
Wf]hYf]U"
H\]g
kUg
UWWcad`]g\YX
Vm
cb`m
hmd]b[
]b
h\Y
h\fYY
K<9F9
W`UigYg
Zcf
mcif
gdYW]Z]W
eiYf]Yg"

%) FYdYUh
ghYd
&(
UbX
UXX
h\Y
:]``6m7UfHmdYBUaY
UbX
:]``6mAU_YBUaY
eiYf]Yg
k\]W\
k]``
UXX
hkc
acfY
hcc`
ghf]dg"

%* Bck
UXX
U
hcc`
ghf]d
WcbhU]bYf
hc
h\Y
Zcfa
`]_Y
mci
X]X
]b
7\UdhYf
*"
GYh
h\Y


8cW_
dfcdYfhm
hc
Z]``
h\Y
Zcfa"
=b
h\Y
gaUfh
hU[
aYbi
gY`YWh
FY!DUfYbh
7cbhfc`g
hc
d`UWY
U``
cZ
mcif
hcc`
ghf]dg
cb
h\Y
hcd
dUbY`
UbX
U``
cZ
mcif
ch\Yf
Wcb! hfc`g
]b
mcif
WcbhYbh
dUbY`"
=Z
bYWYggUfm
igY
h\Y
8cWiaYbh
Cih`]bY
k]bXck
hc
j]Yk
UbX
UX^igh
h\Y
\]YfUfW\m
cZ
cV^YWhg
cb
h\Y
Zcfa"

%+
K\Yb
mciÇfY
h\fci[\
acj]b[
Wcbhfc`g
YlhYbX
h\Y
hcd
dUbY`
Vm
W`]W_]b[
h\Y
[f]d
UbX
di``]b[
]h
Xckb
gc
h\Uh
]h
VYWcaYg
hkc
hcc`
ghf]dg
k]XY"

%, AU_Y
gifY
mcif
Udd`]WUh]cb
`cc_g
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
,!&-"
DfYgg
:)


hc
gYY
h\Y
fYgi`hg
cZ
mcif
kcf_"
HmdY
V`iY
]b
h\Y
Wc`cfbUaY
hcc`
ghf]d
UbX
W`]W_
:]``6m7c`cfBUaY
hc
gYY
]Z
]h
fYhifbg
V`iY
Wc`cf
WUf
`]gh]b[g"
9ldYf]aYbh
k]h\
h\Y
ch\Yf
ZYUhifYg
cZ
h\Y
Udd`]WUh]cb"
;^\jgZ-"'FXTeV[
6e\gXe\T
5h\_WXe
j\g[
g[X
9\__5l6b_beAT`X
`Xg[bW
fX_XVgXW

;^\jgZ-"'. 9\aT_
6Te
GeTV^Xe
Tcc_\VTg\ba
fVeXXa

&+%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

I]^hlVhVh^beaZVeea^XVi^dci]VindjXVcegdWVWanbdY^[nid]VcYaZbdgZ^c[dgbVi^dc! hjX]VhXVge^XijgZh#7jii]ZgZ^hcdi]^c\i]VindjXVcÈiVYYWnndjghZa[cdl=ZgZÈhVa^hid[ di]Zgi]^c\hndjXVcYd^[ndjlVciidXdci^cjZidldg`dci]^hVeea^XVi^dc/ Q 6YYkVa^YVi^dch[dgjhZg^ceji!hjX]Vh bV`^c\hjgZi]ZnZVgd[i]ZXVg^hcdi \gZViZgi]Vci]ZXjggZcinZVg '

Q 6YYi]gZZ[dgbhidVYYYViV^ci]Z YdbV^ciVWaZh8VgIneZ!BV`Z!8dadg Q 6YYbdgZ^c[dgbVi^dc^ci]Za^hi^c\!hjX] VhXdciVXi^c[dgbVi^dc

Q 6YYe^XijgZh^ci]ZYViVWVhZhVcYdci]Z [dgb

Q BV`Zi]ZJGAXa^X`VWaZ

Q 6YYVhdaYX]ZX`bVg`

Q HVkZVcVYVhViZmi[^aZ

rel="nofollow">cHjbbVgn½ I]VilVhVW^\X]VeiZgl^i]Vadid[bViZg^VaAZiÈhgZk^Zll]VindjÈkZaZVgcZY#NdjlZgZ[^ghi ^cigdYjXZYidYViVWVhZhVcYYViVWVhZXdcXZeih#NdjaZVgcZYl]ViXdchi^ijiZYVYViVWVhZ VcYl]VindjjhjVaan[^cYl^i]^cVYViVWVhZ#NdjaZVgcZYVWdjiYViV^ciZ\g^inVcY]dl^i^h gZaViZYidi]Zeg^bVgn`ZnVcYi]Z[dgZ^\c`Zn# Ndji]ZcjhZYK^hjVa7Vh^X'%%*:megZhh:Y^i^dcidXgZViZVYViVWVhZVcYiVWaZhVcY i]ZcedejaViZYi]Zbl^i]hdbZ^c^i^VaYViVjh^c\kVg^djhiddah^cK^hjVa7Vh^X'%%*:megZhh :Y^i^dc#Ndj^beaZbZciZYVaad[i]Z[dgZ^\c`ZngZaVi^dch]^ehl^i]djiaZVk^c\K^hjVaHijY^d VcYkVa^YViZYi]ZbVhlZaa# 6[iZgZciZg^c\ndjgYViVbVcjVaan!ndjaZVgcZYidVaadlVjhZgidZciZgYViVbdgZZVh^an WnYZkZade^c\VhVbeaZ8VgIgVX`ZgVeea^XVi^dci]VijhZh69D#C:IVcYYViVW^cY^c\# AVhian!ndjaZVgcZYVWdjii]ZcZlXdbedcZcihd[69D#C:I'#%VcY]dl!l^i]a^iiaZdgcd XdYZ!ndjXVcYZkZadeV[jaanldg`^c\YViV"XZcig^XVeea^XVi^dc#NdjÈkZdcanWZZc^cigdYjXZY idVWg^Z[eVgid[69D#C:I![dg^iÈhVkVhihjW_ZXi#>[ndjlVciidaZVgcbdgZ!ignadd`^c\Vi hdbZXdYZdghVbeaZhdcBH9C#6\ddYeaVXZidWZ\^c^hi]Z&%&hVbeaZh[dgK^hjVaHijY^d '%%*#EVneVgi^XjaVgViiZci^dcidi]ZYViVVXXZhhVcYL^cYdlh;dgbhhVbeaZh#=ZgZÈhi]Z a^c`/]iie/$$bhYc#b^Xgdhd[i#Xdb$kWVh^X$YdlcadVYh$'%%*$XdYZ$&%&hVbeaZh$# >ci]ZcZmiX]VeiZg!ndjl^aaYZkZadei]Z[^cVaVeea^XVi^dcd[i]^hWdd`Äi]ZLZVi]Zg IgVX`ZgVeea^XVi^dc#NdjÈaaaZVgccZlXdcXZeihhjX]VhYZeadnbZci!Xdchjb^c\LZWhZgk^XZh! jhZghZii^c\h!VcYbjX]bdgZ^cVXdbeaZiZVeea^XVi^dcl^i]Vaad[i]ZcZXZhhVgnkVa^YVi^dch# 8]VeiZg-/BVcV\^c\i]Z9ViV

&LQGG

&+&

30

&LQGG

30

6[TcgXe
, 5h\_W
Lbhe
Bja
JXTg[Xe
GeTV^Xe
4cc_\VTg\ba
Abj 9XTgheXf
bY
g[X
JXTg[Xe
GeTV^Xe
4cc_\VTg\ba
$)' 6eXTg\aZ
g[X
4cc_\VTg\ba
HfXe

. 4aW
Abj
=hfg
6_\V^BaVX
$,+



&LQGG

Ndj]VkZcdlgZVX]ZYi]ZaVhiX]VeiZgd[i]ZWdd`VcY]VkZaZVgcZYfj^iZ V[ZlcZlXdcXZeihVadc\i]ZlVn# rel="nofollow">ci]^hX]VeiZg!ndjÈaaYdii]Z^ÈhVcYXgdhh i]ZiÈhWnYZkZade^c\V[jaaVeea^XVi^dc#Ndjl^aaWZldg`^c\l^i]cZlegd" XZhhZh^ci]^hX]VeiZg!Wjindjl^aaVahdcZZYidYgVldcl]VindjÈkZaZVgcZY ^cegZk^djhX]VeiZghidXgZViZi]Z[^cVaegdYjXi#NdjÈkZWZZcYZkZade^c\ di]ZgVeea^XVi^dchi]gdj\]djii]ZWdd`!WjindjbVncdi]VkZeZg[dgbZY Vaad[i]ZkVa^YVi^dchWVhZYdci]ZhiZehdgdcbngZXdbbZcYVi^dc#Ndjl^aa eji^iVaaid\Zi]Zgl^i]i]^hVeea^XVi^dc#

< @ C B E G4 A G I]^hX]VeiZgjhZhVJc^iZYHiViZhlZVi]ZgLZWhZgk^XZ#> ZmeZXii]Vii]^hLZWhZgk^XZl^aaWZVkV^aVWaZVcY[jcX" i^dcVhYZhXg^WZY^ci]^hX]VeiZg#=dlZkZg!h^cXZi]^h LZWhZgk^XZ^hdci]Z>ciZgcZi!^i^hedhh^WaZi]Vii]^h LZWhZgk^XZb^\]iX]Vc\Zdgb^\]icdiWZVkV^aVWaZ#>[ ndjYdcÈi]VkZVc>ciZgcZiXdccZXi^dcdg^[i]ZlZVi]Zg LZWhZgk^XZ^hcdiVkV^aVWaZ!i]ZVeea^XVi^dcl^aaaZindj `cdlWnY^heaVn^c\VbZhhV\Z#>[i]ZgZVgZVcnX]Vc\Zh dgXdggZXi^dch[dgi]^hX]VeiZgdg^ci]ZWdd`!i]Znl^aa WZXdaaZXiZYVcYVYYZYidVB^Xgdhd[i@cdlaZY\Z7VhZ Vgi^XaZ#Idk^Zli]Za^hid[`cdlcXdggZXi^dch[dgi]^h Wdd`!k^h^ii]Z[daadl^c\Vgi^XaZ/ ]iie/$$hjeedgi#b^Xgdhd[i#Xdb$`W$.%*%()$

&+(

$0

;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc >ci]^hhZXi^dc!ndjÈaaWZXdbZVXfjV^ciZYl^i]i]Z[ZVijgZhjhZYidXgZViZkZgh^dc&#%d[i]Z LZVi]ZgIgVX`ZgVeea^XVi^dc#I]^hVeea^XVi^dcXdciV^chi]Z[daadl^c\[ZVijgZh^ckZgh^dc&#%/ N HiVgihVcYgZh^YZhVhVc^Xdc^ci]Zcdi^[^XVi^dcVgZV N 8dc[^\jgZhdei^dcVajhZghZii^c\h[gdbi]Zcdi^[^XVi^dcVgZV^Xdc^ci]ZXdciZmibZcj N GZ[gZh]ZhVaalZVi]ZgYViVdcYZbVcY[gdbi]ZXdciZmibZcj^ci]Zcdi^[^XVi^dcVgZV N JhZhVLZWhZgk^XZ[dgi]ZYViVlZVi]Zg N HidgZhVcYeZgh^hihjhZghZii^c\hjh^c\MBA N I]ZVeea^XVi^dcl^aab^c^b^oZVcYcdiXadhZl]Zci]ZjhZgXa^X`hi]Z8adhZWjiidc^ci]Zi^iaZ WVg#I]ZVeea^XVi^dcl^aadcanXadhZl]Zci]ZjhZghZaZXih:m^idci]ZXdciZmibZcj# N 8dciV^chVheaVh]hXgZZcdchiVgije N 8dciV^chVc6WdjiWdm[gdbi]ZXdciZmibZcj N 9^heaVnhi]ZXjggZciiZbeZgVijgZ^ci]ZhnhiZbigVnjh^c\i]ZlZVi]Zg^XdcVh[daadlh/ViZb" eZgVijgZVWdkZ&%%YZ\gZZh^hY^heaVnZY^cgZY0VcncZ\Vi^kZiZbeZgVijgZ^hY^heaVnZY^cWajZ0 cdgbVaiZbeZgVijgZ^hY^heaVnZY^cWaVX` I]ZVeea^XVi^dcl^aacdiXdciV^ci]Z[daadl^c\[ZVijgZh^ckZgh^dc&#%/ N L^aacdildg`[dgbdgZi]VcdcZX^inViVi^bZ N Cd\gVe]^XVa\Vj\ZXdcigdah[dgl^cY!egZhhjgZ!iZbeZgVijgZ!VcYhd[dgi] N 8dckZgh^dchWZilZZcbZig^Xjc^ihVcY:c\a^h]jc^ih

I]Z=^\]"AZkZaEaVc ;dgi]ZLZVi]ZgIgVX`ZgVeea^XVi^dc!i]ZjhZgl^aaWg^Z[anhZZi]ZheaVh]hXgZZcVcYi]Zc^il^aa \dY^gZXianidi]Zcdi^[^XVi^dcVgZV^ci]ZL^cYdlhIVh`WVgVcYY^heaVni]ZXjggZciiZbeZgVijgZ# >[i]ZiZbeZgVijgZ^hVWdkZ&%%YZ\gZZh;!i]ZiZbeZgVijgZl^aaWZY^heaVnZY^cgZYhiVgi^c\ Vi%%#>[i]ZiZbeZgVijgZ^hWZadl%YZ\gZZh;cZ\Vi^kZYZ\gZZh!i]ZiZbeZgVijgZl^aaWZ

&+)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

Y^heaVnZY^cWajZ#Di]Zgl^hZ!i]ZiZbeZgVijgZl^aaWZY^heaVnZY^cWaVX`#>[VegdWaZbdXXjgh! VgZYC6l^aah]dlje^ceaVXZd[i]ZiZbeZgVijgZgZVY^c\# >[i]ZjhZgg^\]i"Xa^X`hi]Z^Xdc^ci]Zcdi^[^XVi^dcVgZV!^il^aadeZcVXdciZmibZcjl^i] X]d^XZhiddeZci]ZBV^c[dgbVcYgZig^ZkZi]ZXjggZcilZVi]Zg#I]ZXjggZcilZVi]Zgl^aa ]VkZVc^XdcVcYegdk^YZVaad[i]ZlZVi]ZgYViVi]Vii]ZLZWhZgk^XZXVcegdk^YZ# >[i]ZjhZghZaZXihGZ[gZh]LZVi]Zg>c[d[gdbi]ZXdciZmibZcj[gdbi]Zcdi^[^XVi^dcVgZV ^Xdc!^il^aaVjidbVi^XVaanig^\\ZgVXVaaidi]ZlZVi]ZgLZWhZgk^XZidjeYViZWdi]ineZhd[ lZVi]ZgYViV#I]^hl^aaWZYdcZVhncX]gdcdjhanVcYl^aahiVgiWnjeYVi^c\i]ZXjggZcilZVi]Zg# >[i]ZjhZghZaZXihDei^dch[gdbi]ZXdciZmibZcj!VcDei^dchY^Vad\Wdml^aaWZY^heaVnZY# I]ZjhZgl^aaWZVWaZidX]Vc\Zi]ZO>EXdYZl]ZgZlZVi]ZgYViVh]djaYWZgZig^ZkZY#>[i]Z jhZghZaZXih6Wdji[gdbi]ZXdciZmibZcj!^il^aaY^heaVnVc6WdjiY^Vad\Wdm# >ci]^hX]VeiZg!>l^aajhZVY^[[ZgZciVeegdVX]i]VcjhZY^cegZk^djhX]VeiZgh#6hadc\Vh ndjVgZjh^c\i]ZhVbZXdbedcZcihi]Vi>heZX^[n!ndjbVneZghdcVa^oZndjgVeea^XVi^dcVh [VgVhh^oZ!Xdadg!VcYdi]ZgViig^WjiZhVgZXdcXZgcZY#>ÈaaVahdegZhZcibnhdaji^dcVhlZaaVi Y^[[ZgZcihiZehVadc\i]ZYZkZadebZci0i]ZgZ[dgZ!^[ndja^`Zl]VindjÈgZhZZ^c\!ndjbVn egdXZZYl^i]ndjgVeea^XVi^dc[gdbi]ZXdbeVc^dcXdciZciegdk^YZY#>l^aaVahdedhiV\gZVi YZVad[XdYZVcYZmeaV^ci]ZhZXi^dchi]ViVgZa^c`ZYidi]Z[ZVijgZhYZhXg^WZYVWdkZ# IdegdYjXZi]ZVeea^XVi^dc^ci]^hX]VeiZg!Vc^cXgZbZciVaVeegdVX]l^aaWZjhZY^cl]^X] ndjl^aa^beaZbZcidcZ[ZVijgZ!^ciZ\gViZ^il^i]i]ZgZhid[i]ZVeea^XVi^dc!VcYi]ZciZhi^i# Ndjl^aai]ZcbdkZidi]ZcZmi[ZVijgZjci^aXdbeaZi^dc#

8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ I]ZBV^c[dgbjhZg^ciZg[VXZJ>l^aaXdciV^cVaad[i]ZlZVi]Zg^c[dgbVi^dci]VindjÈaaY^h" eaVnidi]ZjhZg#GZ[Zgid;^\jgZ."&idhZZl]Vii]ZBV^c[dgbl^aaadd`a^`Zl]Zc[^c^h]ZY# 6hndjaZVgcZY^ci]ZaVhiX]VeiZg!ndjl^aajhZYViVW^cY^c\idW^cYi]ZXdcigdahidi]Z lZVi]ZgYViV#NdjÈaagZXVaai]Vil]ZcXgZVi^c\i]ZYViVhdjgXZ!ndj]VYVX]d^XZd[9ViVWVhZ! LZWHZgk^XZ!VcYDW_ZXih#>ci]^hVeea^XVi^dc!ndjl^aajhZVLZWhZgk^XZVhVYViVhdjgXZ! VcYi]Z[^ZaYhndjl^aaY^heaVndci]Z[dgbl^aaWZYViV"WdjcYidi]ZLZWhZgk^XZYViVhZi# 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&+*

$0

;^\jgZ."& I\Xj
bY
g[X
@T\a
Ybe`
\a
g[X
JXTg[Xe
GeTV^Xe
Tcc_\VTg\ba

ID8G:6I:696I6HDJG8:;DG6B6>C;DGB8DCIGDA GhUfh
J]giU`
6Ug]W
&$$)
9ldfYgg
9X]h]cb
UbX
WfYUhY
U
bYk
K]bXckg
5dd`]WUh]cb
dfc^YWh"
BUaY
h\Y


$ Udd`]WUh]cb
KYUh\Yf
HfUW_Yf"


% =b
h\Y
Gc`ih]cb
9ld`cfYf
fYbUaY
:cfa%"jV
hc
AU]b"jV"


& Ig]b[
h\Y
DfcdYfh]Yg
k]bXck
W\Ub[Y
h\Y
dfcdYfh]Yg
Zcf
h\Y
AU]b
Zcfa
ig]b[
h\Y
Zc``ck]b[
hUV`Y. < @ C B E G4 A G 6aa^Xdchdg^bV\Z[^aZh^ci]^h X]VeiZgl^aaWZadXViZY^cV[daYZg cVbZY>bV\ZhjcYZgi]Z8]VeiZg. [daYZgl]ZgZndj^chiVaaZYi]Z XdbeVc^dcXdciZci#I]ZYZ[Vjai adXVi^dc^hQBn9dXjbZcihQ B^Xgdhd[iEgZhhQK7'%%*:megZhhQ#

EgdeZgin

KVajZ

H^oZ/L^Yi]

**%

H^oZ/=Z^\]i

(*%

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

;dgZ8dadg

LZW/L]^iZ

;dci

IV]dbV-7daY 6bag\ahXW
ba
g[X
aXkg
cTZX

&++

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

EgdeZgin

KVajZ

>Xdc

Hjc#^Xd

B^c^b^oZ7dm

;VahZ

BVm^b^oZ7dm

;VahZ

HiVgiEdh^i^dc

8ZciZgHXgZZc

;dgb7dgYZgHinaZ

;^mZY9^Vad\

H]dl>cIVh`7Vg

;VahZ

9djWaZ7j[[ZgZY

IgjZ

L^cYdlHiViZ

B^c^b^oZY

6bag\ahXW
Yeb`
cTZX
$))

@BE8
[9djWaZ7j[[ZgZY ^hcdiZcVWaZY!i]Zcegd\gZhh^kZ gZYgVl^c\d[eVgihd[i]ZY^h" eaVnZY[dgbdXXjgh!XgZVi^c\i]Z [a^X`Zg^c\#

6YY^c\Cdi^[^XVi^dc6gZV8VeVW^a^i^Zh Cdli]Vindj]VkZZhiVWa^h]ZYi]ZBV^c[dgb!ndjÈaaVYYi]Zcdi^[^XVi^dcVgZVXVeVW^a^i^Zh# AZiÈhiVa`VWdjiiZgb^cdad\n#>[VcVeea^XVi^dcjhZhVc^XdcadXViZY^ci]Zcdi^[^XVi^dcVgZV i]ZVgZVdci]ZL^cYdlhIVh`WVgl]ZgZi]ZXadX`cdgbVaanVeeZVgh!i]^h^Xdc^hXVaaZYV cdi^[n^XdcVcY^h^beaZbZciZYl^i]VCdi^[n>XdcXdcigda#I]Z^XdcXVc]VkZVXdciZmibZcj l^i]Y^[[ZgZciVXi^dch#Ndjg^Xdcl^aa]VkZVXdciZmibZcjl^i]i]Z[daadl^c\X]d^XZh/6Wdji! GZ[gZh]LZVi]Zg>c[d!Dei^dch!DeZc!VcY:m^i#

ID8G:6I:6CDI>;N>8DC8DCIGDA =b
h\Y
Hcc`Vcl
Zfca
h\Y
7caacb
7cbhfc`g
[fcid
XfU[
U
Bch]Zm=Wcb
cb
h\Y
Zcfa"
=h
UddYUfg
]b
h\Y


$ WcadcbYbh
hfUm"
BUaY
h\Y
Wcbhfc`
bch]ZmKYUh\Yf"


% 7\Ub[Y
]hg
hYlh
dfcdYfhm
hc
KYUh\Yf
HfUW_Yf"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

ABG8 I]ZCdi^[n>XdcXdcigdaYdZhcdi ]VkZVYZh^\cgZegZhZciVi^dcdc i]Z[dgbhjg[VXZ!hd^i^hVYYZYid i]ZXdbedcZcihigVnVii]ZhVbZ eaVXZl]ZgZi]Z69D#C:IXdbed" cZcihlZgZVYYZY^ci]ZegZk^djh X]VeiZg#

&+,

$0

=b
h\Y
Hcc`Vcl
Zfca
h\Y
AYbig

Hcc`VUfg
[fcid
XfU[
U


& 7cbhYlhAYbiGhf]d
cbhc
h\Y
Zcfa
UbX
bUaY
]h
WagBch]Zm" Ig]b[
h\Y
gaUfh
hU[
cb
h\Y
WagBch]Zm
Wcbhfc`
]b
h\Y
WcadcbYbh


' hfUm
gY`YWh
9X]h
]hYag
"
"
"
"
H\Y
=hYag
7c``YWh]cb
9X]hcf
UddYUfg"

EgdeZgin

KVajZ

CVbZ

ihb^GZ[gZh]

IZmi

GZ[gZh]LZVi]Zg>c[d

;dgZ8dadg

HnhiZb/BZcj=^\]a^\]i

=b
h\Y
=hYag
7c``YWh]cb
9X]hcf
W\Ub[Y
h\Y
WagBch]Zm
Wcbhfc`Çg


( dfcdYfh]Yg
ig]b[
h\Y
Zc``ck]b[
hUV`Y. EgdeZgin 7VX`8dadg

:fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh


, gY`YWh
GYdUfUhcf
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
]hg
:cfY7c`cf
dfcdYfhm
hc
GmghYa.AYbi<][\`][\h"


KVajZ HnhiZb/cVXi^kZ8Vei^dc

H]dl>bV\ZBVg\^c

$# :fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh


gY`YWh
AYbi=hYa
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
h\Y
Wcbhfc`Çg
dfcdYfh]Yg
ig]b[
h\Y
Zc``ck]b[
hUV`Y.

;VahZ

:fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh
cb


) h\Y
`YZh
gY`YWh
AYbi=hYa
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
h\Y
Wcbhfc`Çg
dfcdYfh]Yg
ig]b[
h\Y
Zc``ck]b[
hUV`Y.

EgdeZgin

KVajZ

CVbZ

ihb^6Wdji

IZmi

6Wdji###

;dgZ8dadg

HnhiZb/BZcj=^\]a^\]i

CVbZ

ihb^Dei^dch

IZmi

Dei^dch½

;dgZ8dadg

HnhiZb/BZcj=^\]a^\]i

gY`YWh
GYdUfUhcf
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
]hg
:cfY7c`cf
dfcdYfhm
hc
GmghYa.AYbi<][\`][\h"

:fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh
+ gY`YWh
AYbi=hYa
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
h\Y
Wcbhfc`Çg
dfcdYfh]Yg
ig]b[
h\Y
Zc``ck]b[
hUV`Y.

&LQGG

KVajZ

$$ :fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh


:fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh
* gY`YWh
GYdUfUhcf
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
]hg
:cfY7c`cf
dfcdYfhm
hc
GmghYa.AYbi<][\`][\h"

&+-

EgdeZgin

$% :fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh


gY`YWh
AYbi=hYa
UbX
W`]W_
h\Y
5XX
Vihhcb"
7\Ub[Y
h\Y
Wcb! hfc`Çg
dfcdYfh]Yg
ig]b[
h\Y
Zc``ck]b[
hUV`Y.

EgdeZgin

KVajZ

CVbZ

ihb^DeZc

IZmi

DeZc½

;dgZ8dadg

HnhiZb/BZcj=^\]a^\]i

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

:fca
h\Y
GY`YWh
=hYa
5bX
5XX
Hc
@]gh
6Y`ck
Xfcd!Xckb
`]gh
gY`YWh
AYbi=hYa
UbX
W`]W_
h\Y
5XX
Vih!

$& hcb"
7\Ub[Y
h\Y
Wcbhfc`Çg
dfcdYfh]Yg
ig]b[
h\Y
Zc``ck]b[
hUV`Y. EgdeZgin

KVajZ

CVbZ

ihb^:m^i

IZmi

:m^i

;dgZ8dadg

HnhiZb/BZcj=^\]a^\]i

MciÇfY
Z]b]g\YX
UXX]b[
]hYag
hc
h\Y
WcbhYlh
aYbi
ghf]d"
H\Y
=hYag
7c``YWh]cb
9X]hcf
g\ci`X
`cc_
`]_Y
:][ifY
-!&"

;^\jgZ."'
$'
7`]W_
C?
hc
W`cgY
h\Y
=hYag
7c``YWh]cb
9X]hcf" Mci
bck
bYYX
hc
UggcW]UhY
h\Y
WcbhYlh
aYbi
ghf]d
k]h\
h\Y
bch]ZmKYUh\Yf
Wcbhfc`
k\]W\
]g
ZU]f`m
YUgm
hc
Xc"

$( GY`YWh
h\Y
bch]ZmKYUh\Yf
Wcbhfc`
]b
h\Y
WcadcbYbh
hfUm
UbX
]b
h\Y
DfcdYfh]Yg
k]bXck
W\Ub[Y
h\Y
7cbhYlhAYbiGhf]d
dfcdYfhm
hc
WagBch]Zm"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&+.

$0

Mci
UfY
WiffYbh`m
UWh]b[
Ug
h\Y
igYf"
=b
cfXYf
Zcf
mci
hc
VY
UV`Y
hc
W`]W_
cb
h\Y
Udd`]WUh]cb
k\Yb
]hÇg
]b
h\Y
bch]! Z]WUh]cb
UfYU
mcif
bch]ZmKYUh\Yf
Wcbhfc`
bYYXg
Ub
]Wcb"
H\Y
]Wcb
k]``
`UhYf
VYWcaY
XmbUa]WU``m
[YbYfUhYX
Vm
mcif
Udd`]WUh]cb
UbX
h\Y
]Wcb
k]``
VYWcaY
h\Y
WiffYbh
hYadYfUhifY"
H\YfYZcfY
mci
bck
bYYX
hc
UggcW]UhY
U
hYadcfUfm
]Wcb
k]h\
h\Y
Udd`]WUh]cb
ch\Yfk]gY
mci
kci`X
bch
VY
UV`Y
hc
gY`YWh
]h
]b
h\Y
bch]Z]WUh]cb
UfYU"

$) =b
h\Y
DfcdYfh]Yg
k]bXck
Zcf
bch]ZmKYUh\Yf
gYh
h\Y
=Wcb
dfcdYfhm
hc
ch\Yfcdh]cbg"]Wc"
H\]g
Z]`Y
]g
`cWUh! YX
]b
U
Zc`XYf
bUaYX
=aU[Yg
ibXYf
h\Y
7\UdhYf-
Zc`XYf
k\YfY
mci
]bghU``YX
h\Y
WcadUb]cb
WcbhYbh"

;^\jgZ."( 6bagXkg
`Xah
bY
g[X

abg\YlJXTg[Xe
Vbageb_

$*
DfYgg
:)
hc
YlYWihY
h\Y
Udd`]WUh]cb" Mci
g\ci`X
gYY
h\]g
]Wcb
]b
mcif
bch]Z]WUh]cb
UfYU.
WcbhYlh
aYbi
g\ckb
]b
:][ifY
-!'"

"
=Z
mci
f][\h!W`]W_
cb
h\]g
]Wcb
mci
g\ci`X
gYY
h\Y


L]ZcndjVgZ[^c^h]ZY!i]ZdcanlVnidhidei]ZVeea^XVi^dc^hidXa^X`i]ZWajZHide 9ZWj\\^c\Wjiidc^ci]ZK^hjVaHijY^diddaWVg#Ndjl^aacdlVYYVcdi]ZglVnidhidei]Z Veea^XVi^dc#

IDHIDE6C6EEA>86I>DC $ GY`YWh
h\Y
hga]9l]h
Wcbhfc`
Zfca
h\Y
DfcdYfh]Yg
k]bXck
Xfcd!Xckb
`]gh" 7`]W_
cb
h\Y
YjYbh
]Wcb
mY``ck
`][\hb]b[
]b
h\Y
DfcdYfh]Yg
k]bXck
UbX
h\Yb
XciV`Y!W`]W_
h\Y
W`]W_


% YjYbh"
H\Y
7cXY
j]Yk
UddYUfg"

9X]h
h\Y
hga]9l]hS7`]W_
YjYbh
\UbX`Yf
UbX
UXX
h\Y
G\ihXckb
aYh\cX
Ug
g\ckb
]b
h\Y
Zc``ck]b[
WcXY"


& 5
G\ihXckb
aYh\cX
]g
WfYUhYX
VYWUigY
mci
U`kUmg
kUbh
hc
aU_Y
mcif
WcXY
fY!igUV`Y
UbX
U
G\ihXckb
aYh\cX
k]``
YbUV`Y
mci
hc
Xc
h\]g" 

3ULYDWH6XEWVPL([LWB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV 

+DQGOHVWVPL([LW&OLFN 

0H6KXWGRZQ



(QG6XE



&,%

&LQGG



3ULYDWH6XE6KXWGRZQ



,IQRWLI\:HDWKHU9LVLEOH7KHQ



QRWLI\:HDWKHU9LVLEOH )DOVH



(QG,I



$SSOLFDWLRQ([LW



(QG6XE

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

H\Y
Z]fgh
]bghfiWh]cb
cZ
h\Y
G\ihXckb
aYh\cX
k]``
jYf]Zm
]Z
h\Y
bch]ZmKYUh\Yf
Wcbhfc`
]g
j]g]V`Y
UbX
]Z
]h
]g
k]``
aU_Y
h\Y
bch]Zm
]Wcb
X]gUddYUf
Zfca
h\Y
bch]Z]WUh]cb
UfYU"
H\Y
`Ugh
`]bY
k]``
hYfa]bUhY
h\Y
Udd`]WUh]cb"
Mci
k]``
bck
VY
UV`Y
hc
gY`YWh
h\Y
9l]h
aYbi
W\c]WY
Zfca
h\Y
WcbhYlh
aYbi
hc
hYfa]bUhY
h\Y
Udd`]WUh]cb/
mci
kcbh
bYYX
hc
igY
h\Y
Ghcd
8YVi[[]b[
Vihhcb"
Mci
WUb
hfm
mcif
Udd`]WUh]cb
Vm
dfYgg]b[
:)
hc
jYf]Zm
k\Yh\! Yf
h\Y
9l]h
aYbi
W\c]WY
kcf_g
Ug
YldYWhYX" Bck
mci
WUb
Yl]h
Zfca
mcif
Udd`]WUh]cb
Vih
mci
XcbÇh
\UjY
U
kUm
hc
cdYb
h\Y
aU]b
Zcfa
k\]W\
k]``
\UjY
h\Y
kYUh\Yf
]bZcfaUh]cb"
Hc
Xc
h\]g
mci
k]``
kUbh
hc
`]b_
h\Y
XciV`Y!W`]W_
YjYbh
cZ
h\Y
bch]ZmKYUh\Yf
Wcbhfc`
]Wcb
]b
h\Y
bch]Z]WUh]cb
UfYU
hc
h\Y
UWh]cb
cZ
cdYb]b[
h\Y
AU]b
Zcfa
]b
h\Y
a]XX`Y
cZ
h\Y
gWfYYb" =b
8Yg][b
j]Yk
gY`YWh
h\Y
bch]ZmKYUh\Yf
Wcbhfc`
]b
h\Y
WcadcbYbh
hfUm"
=b
h\Y
YjYbhg
`]gh
cZ
h\Y
DfcdYfh]Yg


' k]bXck
XciV`Y!W`]W_
h\Y
AcigY8ciV`Y7`]W_
YjYbh"
9X]h
h\Y
bch]ZmKYUh\YfSAcigY8ciV`Y7`]W_
YjYbh
\UbX`Yf
UbX
UXX
h\Y
FYghcfY
aYh\cX
Ug
g\ckb
]b
h\Y
Zc``ck]b[
WcXY" 

3ULYDWH6XE5HVWRUH



,I0H:LQGRZ6WDWH )RUP:LQGRZ6WDWH0LQLPL]HG7KHQ



0H:LQGRZ6WDWH )RUP:LQGRZ6WDWH1RUPDO



(QG,I



0H9LVLEOH 7UXH



(QG6XE



3ULYDWH6XEQRWLI\:HDWKHUB0RXVH'RXEOH&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V

6\VWHP:LQGRZV)RUPV0RXVH(YHQW$UJV +DQGOHVQRWLI\:HDWKHU0RXVH'RXEOH&OLFN 

0H5HVWRUH



(QG6XE

5[U]b
U
df]jUhY
aYh\cX
WU``YX
FYghcfY
kUg
WfYUhYX
]b
WUgY
mci
bYYX
]h
Y`gYk\YfY
]b
mcif
Udd`]WUh]cb" H\Y
Z]fgh
`]bY
cZ
WcXY
]b
h\Y
FYghcfY
aYh\cX
]g
h\YfY
VYWUigY
]h
]g
]adcgg]V`Y
hc
_bck
]b
k\]W\
WcbhYlh
mcif
aYh\cX
k]``
VY
WU``YX"
=b
mcif
WUgY
k\Yb
mci
WfYUhYX
h\Y
Zcfa
mci
gYh
h\Y
K]bXckGhUhY
dfcdYfhm
hc
a]b]! a]nYX
UbX
G\ck=bHUg_VUf
hc
ZU`gY
gc
h\Uh
h\Y
Zcfa
ghUfhg
a]b]a]nYX
UbX
h\Y
igYf
XcYgbÇh
gYY
]h"
K\Yb
mci
ghUfh
h\Y
Udd`]WUh]cb
h\Y
Z]fgh
h]aY
h\Y
igYf
gY`YWhg
h\Y
CdYb¼
aYbi
W\c]WY
mciÇ``
WcXY
h\]g
gccb
cf
Xci! V`Y!W`]W_g
h\Y
bch]ZmKYUh\Yf
Wcbhfc`
h\Y
igYf
kcbÇh
VY
UV`Y
hc
gYY
h\Y
Zcfa
]Z
mci
\UjY
cb`m
gYh
]hg
J]g]V`Y
dfcdYfhm
hc
hfiY"
H\YfYZcfY
mci
bYYX
hc
jYf]Zm
]b
k\]W\
K]bXckGhUhY
h\Y
Zcfa
UddYUfg"
=Z
]hÇg
gh]``
a]b]a]nYX
mci
bYYX
hc
gYh
]h
hc
BcfaU`
gc
h\Uh
h\Y
ZcWig
]g
cb
h\Y
AU]b
Zcfa"
DfYgg
:)
hc
hYgh
h\Y
W\Ub[Yg"
8ciV`Y!W`]W_
h\Y
bch]ZmKYUh\Yf
]Wcb
]b
h\Y
bch]Z]WUh]cb
UfYU
UbX
h\Y


( AU]b
Zcfa
g\ci`X
UddYUf"

Bck
`YhÇg
gYY
k\Uh
\UddYbg
]Z
h\Y
igYf
W`]W_g
h\Y
7`cgY
Vihhcb
fYX
L"
=Z
mci
W`cgY
h\Y
Udd`]WUh]cb
Vm
ig]b[
h\Y
7`cgY
Vihhcb
]h
W`cgYg
dYfaUbYbh`m"
MYh
cif
XYg][b
fYei]fYaYbhg
ghUhY
h\Uh
h\Y
Udd`]WUh]cb
g\ci`X
g]a! d`m
a]b]a]nY
VUW_
hc
h\Y
bch]Z]WUh]cb
UfYU
k\Yb
h\Y
igYf
W`]W_g
h\Y
7`cgY
Vihhcb"
H\YfYZcfY
mciÇ``
bck
]bhYf! WYdh
Ub
YjYbh
h\Uh
cWWifg
^igh
VYZcfY
h\Y
Zcfa
]g
W`cgYX
UbX
^igh
VYZcfY
h\Y
Zcfa
cV^YWh
]g
XY`YhYX
k\]W\
]g
Ub
YjYbh
WU``YX
h\Y
:cfa7`cg]b[
YjYbh"
6m
ig]b[
U
:cfa7`cg]b[
YjYbh
mci
WUb
YlhfUWh
h\Y
fYUgcb
Zcf
h\Y
ZcfaÇg
W`cg]b[
UbX
]b
h\]g
kUm
]bhYfWYdh
h\Y
YjYbh
k\Yb
h\Y
igYf
W`]W_g
h\Y
7`cgY
Vihhcb" 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,&

$0

=b
8Yg][b
J]Yk
gY`YWh
h\Y
AU]b
Zcfa"
;c
hc
h\Y
YjYbhg
`]gh
]b
h\Y
DfcdYfh]Yg
k]bXck
UbX
XciV`Y!W`]W_


) h\Y
:cfa7`cg]b[
YjYbh"
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
AU]bS:cfa7`cg]b[
YjYbh
\UbX`Yf" 

3ULYDWH6XE0DLQB)RUP&ORVLQJ%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP:LQGRZV

)RUPV)RUP&ORVLQJ(YHQW$UJV +DQGOHV0\%DVH)RUP&ORVLQJ 

,IH&ORVH5HDVRQ &ORVH5HDVRQ8VHU&ORVLQJ 7KHQ



H&DQFHO 7UXH



0H+LGH



(QG,I



(QG6XE

DUfh
cZ
h\Y
YjYbh
]g
h\Y
:cfa7`cg]b[9jYbh5f[g
k\]W\
WcbhU]bg
h\Y
Uf[iaYbhg
h\Uh
UWWcadUbm
h\Y
YjYbh
bch]Z]WUh]cb
Ug
kY``
Ug
h\Y
fYUgcb
k\m
h\Y
Zcfa
]g
W`cg]b[" @BE8
[ndjlVciidaZVgcbdgZVWdji l]nV[dgbb^\]iWZXadh^c\!ndj XVchZVgX]i]Z=ZaehnhiZbWn ZciZg^c\i]Z[daadl^c\`ZnldgYh/ 8adhZGZVhdcZcjbZgVi^dc#

@BE8

=Z
h\Y
igYf
]g
W`cg]b[
h\Y
Zcfa
gYhh]b[
h\Y
7UbWY`
dfcdYfhm
hc
hfiY
k]``
ghcd
h\Y W`cg]b[ dfcWYgg
UbX
dfYjYbh
h\Y
Zcfa
Zfca
W`cg]b["
H\Y
bYlh
]bghfiWh]cb
]g
U
WU``
hc
h\Y
<]XY
aYh\cX"
H\Y
<]XY
aYh\cX
]g
g]ad`m
U
gmb! cbma
Zcf
gYhh]b[
h\Y
J]g]V`Y
dfcdYfhm
hc
ZU`gY"
H\Y
Zcfa
k]``
g]ad`m
VY
\]XXYb" K\Yb
h\Y
igYf
gY`YWhg
h\Y
9l]h
W\c]WY
Zfca
h\Y
WcbhYlh
aYbi
h\Y
:cfa7`cg]b[
YjYbh
k]``
VY
fU]gYX/
\ckYj! Yf
h\Y
fYUgcb
[]jYb
k]``
bch
VY
IgYf7`cg]b["
=bghYUX
]h
k]``
VY
5dd`]WUh]cb9l]h7U`` UbX
h\YfYZcfY
h\Y
Udd`]WU! h]cb
k]``
Wcbh]biY
h\Y
W`cg]b[
dfcWYgg" MciÇ``
bck
UXX
h\Y
WcXY
Zcf
h\Y
CdYb
"
"
"
aYbi
W\c]WY"
Hc
kf]hY
h\Y
WcXY
Zcf
h\]g
YjYbh
gY`YWh



* WagBch]Zm
]b
h\Y
WcadcbYbh
hfUm
UbX
h\Yb
XciV`Y!W`]W_
cb
h\Y
CdYb
"
"
"
aYbi
W\c]WY
cb
h\Y
WcbhYbh
aYbi
ghf]d"
H\Y
W`]W_
YjYbh
\UbX`Yf
k]``
VY
WfYUhYX
UbX
mciÇ``
WU``
h\Y
FYghcfY
aYh\cX
hc
\UbX`Y
h\Y
ZcfaÇg
j]g]! V]`]hm
k\]W\
]g
XcbY
Vm
h\Y
AY"FYghcfY
WcXY"
Mci
k]``
kf]hY
WcXY
hc
aU_Y
gifY
h\Y
Zcfa
\Ug
h\Y
ZcWig
gc
h\Uh
]h
YbXg
id
cb
hcd
cZ
Ubm
ch\Yf
X]gd`UmYX
k]bXckg"
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
hga]CdYbS7`]W_
YjYbh
\UbX`Yf" 

3ULYDWH6XEWVPL2SHQB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV 

+DQGOHVWVPL2SHQ&OLFN 

0H5HVWRUH



0H)RFXV



(QG6XE

Bck
hYgh
h\Y
Udd`]WUh]cb
k]h\
h\Y
Zc``ck]b[
hYgh
gWYbUf]c. GhUfh
h\Y
Udd`]WUh]cb
Vm
dfYgg]b[
:)#
F][\h!W`]W_
cb
h\Y
bch]Zm
]Wcb
UbX
gY`YWh
CdYb
"
"
"
H\Y
AU]b
Zcfa
g\ci`X
UddYUf
]b
h\Y
a]XX`Y
cZ
mcif
gWfYYb"
A]b]a]nY
h\Y
AU]b
Zcfa
Vm
W`]W_]b[
h\Y
7`cgY Vihhcb"
CbWY
]h
]g
a]b]a]nYX
XciV`Y!W`]W_
h\Y
bch]Zm ]Wcb"
Mci
g\ci`X
U[U]b
gYY
h\Y
AU]b
:cfa"
HYfa]bUhY
h\Y
Udd`]WUh]cb
Vm
gY`YWh]b[
h\Y
9l]h
aYbi
W\c]WY"

&,'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

6YY^c\i]ZHeaVh]HXgZZcVcY6Wdji9^Vad\7dm H^cXZndj]VkZYdcZi]ZhZegdXZYjgZh^c8]VeiZg+! rel="nofollow">ldciheZcYiddbjX]i^bZdci]^h hZXi^dc#NdjbZgZancZZYidVYYildcZl[dgbhidndjgegd_ZXiVcYcVbZi]Zb HeaVh]LZVi]Zg#kWVcY6WdjiLZVi]ZgIgVX`Zg#kW#9dcÈi[dg\ZiidjhZi]ZXdggZXiiZbeaViZ l]ZcndjVYYi]Z[dgbidi]Zegd_ZXi0^[ndjYdcÈi!ndjldcÈiWZVWaZidVXXZhhVaad[i]Z egZ"edejaViZY^c[dgbVi^dc# Jh^c\i]Z[daadl^c\iVWaZ!hZii]ZheZX^[^ZYegdeZgi^Zhdci]ZHeaVh]LZVi]Zg[dgb#I]Z adXVi^dcd[ndjgaVWZahYdZhcÈibViiZg!eaVXZi]Zbl]ZgZkZgndjlVci#6cn^bV\ZhVgZadXVi" ZY^ci]Z>bV\Zh[daYZgjcYZg8]VeiZg.d[i]ZXdbeVc^dcXdciZci# 8dbedcZci

EgdeZgin

KVajZ

HeaVh]LZVi]Zg

HiVgiEdh^i^dc

8ZciZgHXgZZc

BV^cAVndjiEVcZa

7VX`\gdjcY>bV\Z

BdjciV^c#_e\

BV^cAVndjiEVcZa

7VX`\gdjcY>bV\ZAVndji

HigZiX]

6eea^XVi^dcI^iaZ

;dci

IV]dbV'%GZ\jaVg

6eea^XVi^dcI^iaZ

;dgZ8dadg

LZW/L]^iZ

KZgh^dc

;dci

IV]dbV.7daY

KZgh^dc

;dgZ8dadg

LZW/L]^iZ

8deng^\]i

;dci

IV]dbV.7daY

8deng^\]i

;dgZ8dadg

LZW/L]^iZ

Jh^c\i]Z[daadl^c\iVWaZ!hZii]ZheZX^[^ZYegdeZgi^Zhdci]Z6WdjiLZVi]ZgIgVX`Zg[dgb#

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,(

$0

8dbedcZci

EgdeZgin

KVajZ

6WdjiLZVi]ZgIgVX`Zg

;dci

IV]dbV-

6WdjiLZVi]ZgIgVX`Zg

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

6WdjiLZVi]ZgIgVX`Zg

HiVgiEdh^i^dc

8ZciZgHXgZZc

6WdjiLZVi]ZgIgVX`Zg

;dgZ8dadg

LZW/L]^iZ

IZmi7dm9ZhXg^ei^dc

;dci

IV]dbV-

IZmi7dm9ZhXg^ei^dc

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

IZmi7dm9ZhXg^ei^dc

;dgZ8dadg

LZW/L]^iZ

D@7jiidc

;aViHinaZ

;aVi

Ad\dE^XijgZ7dm

>bV\Z

HjchZi#_e\

CdlndjcZZYidViiVX]i]ZhZild[dgbhidi]ZgZhid[i]ZVeea^XVi^dc#

ID6II68=;DGBHID6C6EEA>86I>DC Hc
UhhUW\
h\Y
gd`Ug\
gWfYYb
mciÇ``
igY
h\Y
Dfc^YWh
8Yg][bYf"
=b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y


$ KYUh\Yf
HfUW_Yf
dfc^YWh
UbX
gY`YWh
DfcdYfh]Yg"
Cb
h\Y
5dd`]WUh]cb
hUV
gYh
h\Y
Gd`Ug\
GWfYYb
Xfcd! Xckb
`]gh
hc
Gd`Ug\KYUh\Yf" K\]`Y
mci
UfY
Uh
]h
W\Ub[Y
h\Y
Udd`]WUh]cb
]Wcb
hc
Gib"]Wc"
=b
h\Y
=Wcb
Xfcd!Xckb
`]gh
gY`YWh


% 06fckgY"""2"
GY`YWh
h\Y
Gib"]Wc
Z]`Y
]b
h\Y
7\UdhYf-
=aU[Yg
Zc`XYf"

7`]W_
5ggYaV`m
=bZcfaUh]cb
UbX
gYh
h\Y
UggYaV`m
]bZcfaUh]cb
Zcf
h\Y
dfc^YWh"
H\]g
]bZcfaUh]cb
k]``
Z]``


& h\Y
gd`Ug\
gWfYYb
UbX
5Vcih
X]U`c[
Vcl
Z]Y`Xg"

Hc
UhhUW\
h\Y
5Vcih
Vcl
mci
bYYX
hc
h]Y
]h
hc
h\Y
WcbhYlh
5Vcih
"
"
"
aYbi
W\c]WY"
;c
hc
mcif
AU]b"

' jV
Zcfa
]b
XYg][b
acXY"

GY`YWh
WagBch]Zm
]b
h\Y
WcadcbYbh
hfUm
UbX
XciV`Y!W`]W_
h\Y
5Vcih
"
"
"
aYbi
W\c]WY
]b
h\Y
WcbhYlh


( aYbi
ghf]d"
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
hga]5VcihS7`]W_
YjYbh
\UbX`Yf" &,)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



3ULYDWH6XEWVPL$ERXWB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV 

+DQGOHVWVPL$ERXW&OLFN 

$ERXW:HDWKHU7UDFNHU6KRZ'LDORJ



(QG6XE

6YY^c\i]ZDei^dch9^Vad\7dm Ndjcdl]VkZi]gZZ[dgbh#Ndjl^aaVYYi]Z[^cVaDei^dchY^Vad\Wdm[dgbi]Vil^aaVeeZVg l]Zci]ZjhZghZaZXihi]ZDei^dch½bZcjX]d^XZ^ci]ZXdciZmibZcj[gdbi]Zcdi^[n^Xdc#

ID699I=:DEI>DCH9>6AD<7DM;DGB =b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
KYUh\Yf
HfUW_Yf
gY`YWh
5XX
UbX
h\Yb
gY`YWh
K]bXckg
:cfa


$ Zfca
h\Y
WcbhYlh
aYbi"


% :fca
h\Y
hYad`UhYg
gY`YWh
K]bXckg
:cfa
bUaY
h\Y
Zcfa
Cdh]cbg"jV
UbX
h\Yb
W`]W_
5XX" Ig]b[
h\Y
Zc``ck]b[
hUV`Y
gYh
dfcdYfh]Yg
UbX
UXX
Wcbhfc`g
hc
h\Y
Cdh]cbg
Zcfa
gc
h\Uh
]h
`cc_g
`]_Y
h\Y


& Zcfa
g\ckb
]b
:][ifY
-!(" 8dbedcZci

8dcigdaIneZ

EgdeZgin

KVajZ

Dei^dch

;dgb

;dci

IV]dbV-

Dei^dch

;dgb

7VX`8dadg

HnhiZb/BZcj=^\]a^\]i

Dei^dch

;dgb

HiVgiEdh^i^dc

8ZciZgHXgZZc

Dei^dch

;dgb

;dgZ8dadg

LZW/L]^iZ

Dei^dch

;dgb

8dcigda7dm

;VahZ

Dei^dch

;dgb

;dgb7dgYZgHinaZ

;^mZY9^Vad\

Dei^dch

;dgb

BVm^b^oZ7dm

;VahZ

Dei^dch

;dgb

B^c^b^oZ7dm

;VahZ

Dei^dch

;dgb

IZmi

Dei^dch

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

;^\jgZ.") G[X
Bcg\baf
W\T_bZ
Ubk

6bag\ahXW
ba
g[X
aXkg
cTZX &,*

$0

6bag\ahXW
Yeb`
g[X
ceXi\bhf
cTZX

8dbedcZci

8dcigdaIneZ

EgdeZgin

KVajZ

imi8jggZciO^e8dYZ

IZmiWdm

6XXZeiGZijgc

IgjZ

imi8jggZciO^e8dYZ

IZmiWdm

7VX`8dadg

HnhiZb/>cVXi^kZ8Vei^dc

aWa8jggZciO^e8dYZ

AVWZa

IZmi

8jggZciO^e8dYZ/

WicD`

7jiidc

7VX`8dadg

HnhiZb/>cVXi^kZ8Vei^dc

WicD`

7jiidc

;aViHinaZ

Edeje

WicD`

7jiidc

IZmi

D`

Wic8VcXZa

7jiidc

7VX`8dadg

HnhiZb/>cVXi^kZ8Vei^dc

Wic8VcXZa

7jiidc

IZmi

8VcXZa

Wic8VcXZa

7jiidc

;aViHinaZ

Edeje

Dei^dch

;dgb

6XXZei7jiidc

WicD`

Dei^dch

;dgb

8VcXZa7jiidc

Wic8VcXZa

ID=DD@JEI=:;DGBIDI=:8DCI:MIB:CJ $ 8]gd`Um
h\Y
AU]b
Zcfa
]b
XYg][b
acXY" GY`YWh
WagBch]Zm
]b
h\Y
WcadcbYbh
hfUm
UbX
XciV`Y!W`]W_
h\Y
Cdh]cbg
"
"
"
aYbi
W\c]WY
]b
h\Y
Wcb!

% hYlh
aYbi
ghf]d"

&
5XX
h\Y
Zc``ck]b[
`]bYg
cZ
WcXY
hc
h\Y
hg]Cdh]cbgS7`]W_
YjYbh
\UbX`Yf. 

3ULYDWH6XEWVPL2SWLRQVB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP

(YHQW$UJV +DQGOHVWVPL2SWLRQV&OLFN

ABG8



RSWLRQV)RUP6KRZ'LDORJ

6ii]^hed^ci^ci]ZX]VeiZg!i]Z XjggZciegd_ZXihiViZ^hhVkZY^c i]Z8]VeiZg.XdbeVc^dcXdciZci ^cV[daYZgcVbZYLZVi]ZgIgVX`Zg J>#IdVYYi]ZLZWhZgk^XZ[jcX" i^dcVa^in!ndjXVcXdci^cjZl^i] ndjgdlcdlcegd_ZXidgjhZi]Z egd_ZXi^cLZVi]ZgIgVX`ZgJ>#



(QG6XE

&,+

&LQGG

'
5h
h\Y
hcd
cZ
AU]b"jV
^igh
VY`ck
DiV`]W
7`Ugg
AU]b
UXX
h\Y
Zc``ck]b[
`]bY
cZ
WcXY. 'LPRSWLRQV)RUPDV1HZ2SWLRQV

DfYgg
:)
hc
fib
h\Y
Udd`]WUh]cb"
Mci
g\ci`X
gYY
mcif
gd`Ug\
gWfYYb"
IgY
h\Y
WcbhYlh
aYbi
cb
h\Y
bch]Zm


( ]Wcb
hc
cdYb
h\Y
5Vcih
X]U`c[
Vcl
UbX
h\Y
Cdh]cbg
X]U`c[
Vcl"
K\Yb
Z]b]g\YX
Yl]h
h\Y
Udd`]WUh]cb"

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

NdjVgZcdl[^c^h]ZYl^i]i]^heVgid[i]Zegd_ZXi#7ZhjgZidhVkZndjgegd_ZXi#>i^hi^bZ idVYYi]ZbZVid[i]Zegd_ZXi/jh^c\LZWhZgk^XZh#

Jh^c\LZWHZgk^XZh Ndj]VkZXdchigjXiZYVc^XZh]Zaa!Wjii]Zh]Zaa^hgVi]ZgZbeinVii]^hbdbZci#NdjcZZYid VXXZhhlZVi]ZgYViV^cdgYZgidedejaViZi]Zh]Zaa#IdVXXdbea^h]i]^h!ndjl^aaaZVgcidXdc" hjbZLZWhZgk^XZh#7ji[^ghi/l]Vi^hVLZWhZgk^XZ4 6LZWhZgk^XZ^hVcVeea^XVi^dci]VigjchdcVLZWhZgkZg!hjX]Vh>ciZgcZi>c[dgbVi^dc HZgk^XZh>>H#6LZWhZgk^XZ]VhVhZg^Zhd[ZmedhZYejWa^XbZi]dYhi]ViVcVeea^XVi^dc XVcXVaa#I]ZgZVgZcjbZgdjhZmVbeaZhd[LZWhZgk^XZhdci]Z>ciZgcZi#NdjXVcjhZLZW hZgk^XZhi]VieZg[dgbVkVg^Zind[deZgVi^dch!hjX]Vh[^cY^c\VO>EXdYZ!k^Zl^c\VbVe! Wjn^c\bdk^Zi^X`Zih!add`^c\[dg^c[dgbVi^dcdchZVgX]Zc\^cZhhjX]VhBHCdgci]Z#C:IldgaY! i]ZgZVgZXaVhhZhVcYl^oVgYhVkV^aVWaZid]ZaendjXdchjbZLZWhZgk^XZh# LZWhZgk^XZhjhZMBAidhZcYbZhhV\ZhVcYgZijgcgZhjaih#6aadW_ZXihVgZhZg^Va^oZY i]ZbZhhV\ZhVgZhZciVhVhZg^Zhd[W^ihVcYe^ZXZhdkZgi]Z>ciZgcZiVcYVgZi]ZcYZ" hZg^Va^oZYdci]Zdi]Zgh^YZWVX`^ciddW_ZXih#I]ZWZVjind[MBALZWhZgk^XZh^hi]Vii]Zn XVcWZ]dhiZYVcYXdchjbZYdcVcndeZgVi^c\hnhiZbVcYYZkZadeZY^cVcnaVc\jV\Z# 7ZXVjhZi]ZnjhZVhZg^Zhd[hiVcYVgY^oZYegdidXdahVcYgjaZh!MBALZWhZgk^XZhegdbdiZ ^ciZgdeZgVW^a^inVcYZ[[^X^ZcXn#I]Z[jijgZd[i]ZigVchVXiZYldgaYdkZgi]Z>ciZgcZia^Zh^cW^\ eVgil^i]i]ZhjXXZhhd[LZWhZgk^XZh# >ci]^hegd_ZXi!ndjl^aajhZVlZVi]ZgYViVLZWhZgk^XZ#Ndjl^aacZZYidiZaaK^hjVa HijY^dl]ZgZi]^hLZWhZgk^XZ^hadXViZYhdi]Vi^iXVcVYYVLZWgZ[ZgZcXZidndjgegd_ZXi i]Vied^cihidi]^hhZgk^XZ#;daadli]ZhiZehWZadlidVXXdbea^h]i]^hiVh`#

< @ C B E G4 A G I]ZlZVi]ZgLZWhZgk^XZndjl^aa jhZ^ci]^heVgid[i]ZX]VeiZg gZfj^gZhV[gZZgZ\^higVi^dc#D[ XdjghZ!l]ZcndjhVn[gZZ!ndj ]VkZidi]^c`VWdjii]ZVkV^aVW^a^in VcYgdWjhicZhhd[i]ZLZWhZgk^XZ# >ig^ZYidX]ddhZVgZa^VWaZLZW hZgk^XZ!Wji>XVcÈi\jVgVciZZi]Vi ^il^aaWZVkV^aVWaZViVaai^bZh#Ndj XVc[^cYbVcnLZWhZgk^XZhWn jh^c\ndjg[Vkdg^iZhZVgX]Zc\^cZ! Wji]ZgZVgZV[ZlLZWh^iZhi]Vi a^hiLZWhZgk^XZh/]iie/$$lll# mbZi]dYh#XdbVcY]iie/$$lll# lZWhZgk^XZm#cZi$LH$YZ[Vjai#Vhem#

< @ C B E G4 A G Ndjl^aacZZYidWZXdccZXiZYid i]Z>ciZgcZi[dgi]ZZci^gZX]VeiZg! di]Zgl^hZcdi]^c\l^aaldg`[gdb i]^hed^cidc!ZheZX^Vaan^ci]ZcZmi hZXi^dcWZXVjhZi]ViÈhl]ZgZ ndjÈgZXdbbjc^XVi^c\l^i]i]Z LZWhZgk^XZ#

ID699L:7H:GK>8:HIDNDJGEGD?:8IJH>C<K>HJ6AHIJ9>D MciÇ``
bYYX
hc
fY[]ghYf
Zcf
h\Y
ZfYY
kYUh\Yf
KYV
gYfj]WY
hc
cVhU]b
U
igYfbUaY
UbX
dUggkcfX
hc


$ Uih\Ybh]WUhY
mcifgY`Z"
=b
ZUWh
mciÇ``
igY
h\Uh
]bZcfaUh]cb
hc
fYhf]YjY
h\Y
kYUh\Yf
XUhU"
Ch\Yfk]gY
mcif
YldYf]YbWY
k]``
VY
`]a]hYX"
;c
hc
]iie/$$lll#Z_hZ#Xdb$LZVi]ZgH^\cje$H^\cje#Vhem
hc
fY[]ghYf
UbX
fYWY]jY
mcif
`c[]b
]bZcfaUh]cb"


8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,,

$0

=b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
cb
h\Y
dfc^YWh
bUaY
UbX
h\Yb
gY`YWh
5XX
KYV
FYZYfYbWY
"
"
" H\Y


% 5XX
KYV
FYZYfYbWY
X]U`c[
Vcl
UddYUfg" NdjggZ\jaVgLZWWgdlhZg XVcWZjhZYidignVLZWhZg" k^XZl^i]djilg^i^c\Va^cZd[ XdYZ#NdjXVcjhjVaaned^ci ndjgLZWWgdlhZgidi]ZLZW hZgk^XZVYYgZhhVcY^ckd`Z^ih bZi]dYh#I]ZgZbVnWZi^bZh! ]dlZkZg!l]Zci]^hbVncdi WZedhh^WaZ#I]^h^hVcZmXZa" aZcilVnidaZVgcl]ViVLZW bZi]dYcZZYhVcYl]Vi^ihdji" ejiadd`ha^`Z#EaZVhZcdiZi]Vi ^iÉhcdiedhh^WaZidiVa`idVaad[ i]Zb^ci]^hlVn#6hVcZmVb" eaZ!ignVgZ\^dcLZWhZgk^XZ i]VigZijgchVa^hid[VaahiViZh ^ci]ZJ#H#/]iie/$$lll#hncVe" i^XY^\^iVa#Xdb$lZWhZgk^XZ$ejW" a^X$gZ\^dch#Vhbm#8a^X`dci]Z a^hi7n8djcignbZi]dY!ineZ ^cJH6^ci]ZnZaadliZmiWdm! VcYXa^X`>ckd`Z#>cVhZeVgViZ WgdlhZg!ndjl^aadWiV^ci]Za^hi d[hiViZh^ci]ZJ#H#

=b
h\Y
IF@ hYlh
Vcl
YbhYf
h\Y
IF@
cZ
h\Y
kYUh\Yf
KYV
gYfj]WY
]iie/$$lll#Z_hZ#Xdb$LZVi]ZgHZgk^XZ$

& HZgk^XZ#Vhbm
UbX
W`]W_
h\Y
;c
Vihhcb"

=Z
mci
UfY
WcbbYWhYX
hc
h\Y
=bhYfbYh
UbX
h\Y
kYUh\Yf
KYV
gYfj]WY
]g
UjU]`UV`Y
mci
k]``
gYY
U
`]gh
cZ


' aYh\cXg
h\Uh
UfY
YldcgYX
hc
mci
h\Y
dfc[fUaaYf"
FYZYf
hc
:][ifY
-!)
hc
j]Yk
h\Y
fYgi`hg""

;^\jgZ."* ?\fg
bY
XkcbfXW
`Xg[bWf
Yeb`
g[X
jXTg[Xe
JXU
fXei\VX

7\Ub[Y
h\Y
KYV
FYZYfYbWY
bUaY
hc
KYUh\YfKYVGYfj]WYUbX
W`]W_
h\Y
5XX


( FYZYfYbWYVihhcb"
=h
k]``
hU_Y
gcaY
h]aY
Ug
J]giU`
GhiX]c
WfYUhYg
U``
cZ
h\Y
bYWYggUfm
Z]`Yg
Zcf
mci
hc
WcbgiaY
h\Uh
KYV
gYfj]WY" IbXYf
h\Y
KYV
FYZYfYbWYg
Zc`XYf
mci
g\ci`X
bck
\UjY
U
gaU``
[`cVY
]Wcb
k]h\
h\Y


) bUaY
mci
^igh
[UjY
hc
h\Uh
KYV
gYfj]WY"
H\]g
]g
U
KYV
fYZYfYbWY
h\Uh
dc]bhg
hc
h\Y
kYUh\Yf
KYV
gYfj]WY
X]gWcjYfYX
Uh
h\Uh
IF@"
Mci
WUb
bck
WcbbYWh
UbX
YlYWihY
h\Y
aYh\cXg
cb
h\]g
KYV
gYfj]WY" &,-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

7`]W_
cb
G\ck
5``
Z]`Yg
]b
h\Y
Gc`ih]cb
9ld`cfYf
hcc`VUf
UbX
YldUbX
h\Y
KYUh\YfKYVGYfj]WY
bcXY"


* MciÇ``
Z]bX
h\Uh
h\fYY
]hYag
kYfY
WfYUhYX
Vm
J]giU`
GhiX]c.
U
Z]`Y
WU``YX
FYZYfYbWY"aUd
U
Z]`Y
WU``YX


GYfj]WY"kgX`
UbX
Ubch\Yf
WU``YX
GYfj]WY"X]gWc"
FYZYf
hc
:][ifY
-!*
hc
gYY
k\Uh
h\Y
Gc`ih]cb
9ld`cfYf
g\ci`X
`cc_
`]_Y"
H\Y
kYUh\Yf
KYV
gYfj]WY
]g
h\Y
\YUfh
UbX
gci`
cZ
h\]g
Udd`]WUh]cb
k]h\cih
k\]W\
mci
g]ad`m
\UjY
U
b]WY
g\Y``
k]h\cih
WcbhYbh"

GZ[ZgZcXZ#bVe^hVcMBA[^aZi]ViXdciV^chi]ZJGAd[i]ViLZWhZgk^XZ#>i^hegdYjXZYWnV iddaXVaaZYlhYa#ZmZ#LH9AhiVcYh[dgLZWHZgk^XZh9ZhXg^ei^dcAVc\jV\Z#I]ZgZ[ZgZcXZ#bVe [^aZ^ha^c`ZYidVegdmn[^aZXVaaZYgZ[ZgZcXZ#kW#I]Zegdmn[^aZ^hVadXVagZegZhZciVi^dcd[i]Z LZWhZgk^XZdci]Z>ciZgcZii]ViZcVWaZhndjidXVaabZi]dYh^cndjgegd_ZXihl^i]dji]Vk^c\ Xdbe^aVi^dcZggdgdggjci^bZegdWaZbh#>iVahdZcVWaZhndjid]VkZ>ciZaa^HZchZ^cK^hjVaHijY^d l]Zcjh^c\i]ZLZWhZgk^XZ#I]Zegdmn[^aZ^hVXdend[VXaVhhdci]ZLZWhZgkZgl]ZgZi]Z LZWhZgk^XZ^h]dhiZY#I]Z#lhYa[^aZ^hVcMBA[^aZYZhXg^W^c\i]ZLZWhZgk^XZVcYl]Vi^i]Vh idd[[Zg#;^cVaan!i]Z#Y^hXd[^aZ^hVcdei^dcVa[^aZ[dgY^hXdkZg^c\i]ZLZWhZgk^XZ# >c8]VeiZg-!ÅBVcV\^c\i]Z9ViV!ÆndjaZVgcZYi]VindjXdjaYXgZViZYViVhdjgXZh[gdb VLZWhZgk^XZ!VYViVWVhZ!dgVcdW_ZXi#>ci]^hhZXi^dc!i]ViÈhZmVXianl]VindjÈaaWZcZ[^i[gdb ]ZgZ#Ndjl^aahZZ]dlgZ"jh^c\iddahVcYXdbedcZcihVaadlhndjidWZbdgZegdYjXi^kZ# Ndjl^aajhZi]ZhVbZiZX]c^fjZhjhZY^ci]ZegZk^djhYViVWVhZhZXi^dchZmXZeii]Vii]^h i^bZndjl^aaWZW^cY^c\YViVXdb^c\VXgdhhi]Zl^gZ[gdbVaaeVgihd[i]Z\adWZ# Ndjl^aacdlXVaai]ZejWa^XLZWbZi]dYhVcYdWiV^ci]Z^c[dgbVi^dcndjcZZY#I]^h^h l]ZgZi]Z[jcWZ\^ch#6hndj]VkZegZk^djhanYdcZl^i]i]ZYViVWVhZVcYl^i]YViVW^cY^c\! ndjl^aacdlZmZXjiZi]ZhVbZegdXZYjgZh[dgi]ZLZWhZgk^XZ#il^aai]ZgZ[dgZWZZVhnidYgdei]ZlZVi]Zg^c[dgbVi^dcndjl^aacZZYidhZZ dcndjg[dgb#

;^\jgZ."+ G[X
jXTg[Xe
JXU
fXei\VX
TWWXW
gb
g[X
ceb]XVg

ID699L:6I=:G>C;DGB6I>DCIDNDJG;DGB $
:]fgh
aU_Y
gifY
mci
UfY
j]Yk]b[
h\Y
AU]b
Zcfa
cb
h\Y
XYg][bYf
gifZUWY" =b
h\Y
8UhU
GcifWYg
k]bXck
YldUbX
h\Y
LZVi]ZgLZWHZgk^XZ
bcXY
UbX
mciÇ``
gYY
h\Uh
h\YfY
UfY


% Z]jY
X]ZZYfYbh
hmdYg
cZ
XUhU
h\Uh
h\Y
KYV
g]hY
WUb
fYhf]YjY"
H\Ym
UfY
U``
XUhUgYhg"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&,.

$0

9ldUbX
h\Y
KYUh\Yf=bZc
bcXY
UbX
W\Ub[Y
U``
Y`YaYbh
hmdYg
YlWYdh
=Wcb=bXYl
]b
h\Uh
XUhUgYh
Zfca


& HYlh6cl
hc
@UVY`
Vm
W`]W_]b[
h\Y
Xckb
Uffck
cb
YUW\
Y`YaYbh
UbX
gY`YWh]b[
@UVY`
Zfca
h\Y
Xfcd!Xckb
`]gh" GYh
=Wcb=bXYl
hc
D]WhifY6cl"
=Z
h\Y
d]WhifY
Vcl
hmdY
]g
bch
UjU]`UV`Y
mci
WUb
UXX
]h"
=b
h\Y
Xfcd!Xckb


' `]gh
W`]W_
h\Y
7ighca]nY
W\c]WY"
=b
h\Y
Cdh]cbg
X]U`c[
Vcl
mci``
gYY
U
Xfcd!Xckb
`]gh
k]h\
dcgg]V`Y


XUhU
hmdYg"
=bhY[Yf
g\ci`X
VY
gY`YWhYX
Vm
XYZUi`h
VYWUigY
J]giU`
GhiX]c
fYWc[b]nYg
h\Uh
h\Y
Z]Y`X
fYhifbYX
Vm
h\Y
KYV
aYh\cX
]g
Ub
]bhY[Yf/
]Z
bch
gY`YWh
=bhY[Yf"
>igh
VY`ck
mci
g\ci`X
gYY
U
gYf]Yg
cZ
W\YW_
VclYg
fYdfYgYbh]b[
U
`]gh
cZ
UggcW]UhYX
Wcbhfc`g
k\]W\
aYUbg
U
`]gh
cZ
Wcbhfc`g
k]h\
k\]W\
Ub
]bhY[Yf
WUb
VY
UggcW]! UhYX"
K\Yb
mci
gWfc``
Xckb
mci
g\ci`X
gYY
h\Y
D]WhifY6cl
Wcbhfc`"
7`]W_
]b
h\Y
W\YW_
Vcl
VYg]XY
D]WhifY6cl
UbX
h\Yb
W`]W_
C?"
Bck
Zcf
=Wcb=bXYl
gY`YWh
h\Y
D]WhifY6cl
hmdY
Zfca
Xfcd!Xckb
`]gh" =b
h\Y
8UhU
GcifWYg
k]bXck
gY`YWh
h\Y
KYUh\Yf=bZc
bcXY
UbX
W\Ub[Y
h\Y
XUhU
fYdfYgYbhUh]cb
Zfca


( 8UhU;f]XJ]Yk
hc
8YhU]`g
Vm
gY`YWh]b[
]h
]b
h\Y
Xfcd!Xckb
`]gh"
K\Yb
Z]b]g\YX
h\Y
8UhU
GcifWYg
k]b! Xck
g\ci`X
`cc_
`]_Y
:][ifY
-!+"

8fU[
UbX
Xfcd
KYUh\Yf=bZc
cbhc
h\Y
AU]b
Zcfa
XYg][bYf
gifZUWY"
5
KYUh\Yf=bZc6]bX]b[GcifWY
UbX


) U
KYUh\Yf=bZc6]bX]b[BUj][Uhcf
]g
UXXYX
hc
h\Y
WcadcbYbh
hfUm" ;^\jgZ.", G[X
JXTg[Xe
GY`YWh
KYUh\Yf=bZc6]bX]b[BUj][Uhcf
]b
h\Y
WcadcbYbh
hfUm
UbX
W\Ub[Y
]hg
J]g]V`Y
dfcdYfhm
hc


* ZU`gY"
Mci
a][\h
bYYX
hc
W`]W_
cb
h\Y
DfcdYfh]Yg
Vihhcb
Uh
h\Y
hcd
cZ
h\Y
DfcdYfh]Yg
k]bXck
hc
gYY
h\Y
`]gh
cZ
dfcdYfh]Yg" Mci
WUbÇh
gYY
h\Y
VcibXUf]Yg
cZ
U``
h\Y
Wcbhfc`g
cb
h\Y
Zcfa"
Hc
\Y`d
k]h\
`Umcih
gY`YWh
U``
cZ
h\Y
Wcb!

+ hfc`g
cb
h\Y
Zcfa
Vm
WfYUh]b[
U
`Uf[Y
gY`YWh]cb
fYWhUb[`Y
UfcibX
h\Ya
k]h\
mcif
acigY"
=b
h\Y


DfcdYfh]Yg
k]bXck
gYh
h\Y
6cfXYfGhm`Y
Zfca
BcbY
hc
:]lYXG]b[`Y"
6`UW_
VcfXYfg
g\ci`X
UddYUf
UfcibX
U``
Wcbhfc`g"
CbWY
h\Y
Zcfa
]g
XcbY
kYÇ``
gYh
h\Y
6cfXYfGhm`Y
VUW_
hc
BcbY" Cb
h\Y
D]WhifY6cl
Wcbhfc`
gYh
h\Y
BUaY
dfcdYfhm
hc
dV7iffYbhHYad
gYh
h\Y
6UW_7c`cf
dfcdYfhm
hc


, KYV.K\]hY
gYh
h\Y
G]nY"K]Xh\
hc
))
UbX
gYh
G]nY"
$$
5XX
U
@UVY`
Wcbhfc`
UbX
gYh
h\Y
HYlh
dfcdYfhm
hc
7iffYbh
HYadYfUhifY" $%
7\Ub[Y
h\Y
hYlh
cZ
h\Y
HYadfUhifY.
`UVY`
hc
HYadYfUhifY/"

&-%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

$& 7\Ub[Y
h\Y
BUaY
dfcdYfhm
cZ
h\Y
`UVY`
hc
h\Y
f][\h
cZ
HYadYfUhifY.
hc
`V`HYadYfUhifY7iffYbh"
H\Y
`UVY`
]g
]XYbh]Z]YX
k]h\
U
fYX
Vcl
]b
:][ifY
-!,"

$' Ig]b[
:][ifY
-!,
Ug
U
[i]XY
g]nY
UbX
dcg]h]cb
h\Y
Wcbhfc`g
cb
h\Y
Zcfa"
=Z
mci
kUbh
UX^igh
h\Y
Zcbh
g]nY
UbX
ghm`Y
cZ
h\Y
`UVY`g"

;^\jgZ."?Tlbhg
bY
g[X
VheeXag
jXTg[Xe
\aYbe `Tg\ba

JhZgHZii^c\h ;dgi]ZLZVi]ZgIgVX`ZgVeea^XVi^dcidldg`!ndjl^aacZZYidheZX^[nndjglZVi]ZgLZWhZg" k^XZgZ\^higVi^dc^c[dgbVi^dc#NdjgjhZgcVbZVcYeVhhldgYl^aaWZhVkZY^ci]ZVeea^XVi^dc hZii^c\h#I]ZVeea^XVi^dchZii^c\hVgZhZii^c\hhidgZY^cVcMBA[^aZVcYeZgh^hi[gdbdcZZmZ" Xji^dcidVcdi]Zg#I]ZXjggZciO rel="nofollow">EXdYZl^aaVahdWZhVkZY]ZgZ#

ID8G:6I:JH:GH:II>C<:CIG>:H =b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y
KYUh\Yf
HfUW_Yf
dfc^YWh
UbX
gY`YWh
DfcdYfh]Yg"
H\Y
Dfc^YWh


$ 8Yg][bYf
UddYUfg"

;^\jgZ.". 4cc_\VTg\ba
fXgg\aZf
\a
g[X
Ceb]XVg
7Xf\ZaXe

=b
h\Y
GYhh]b[g
hUV
UXX
Ybhf]Yg
Zcf
IgYfbUaY
DUggkcfX
UbX


% 7iffYbhN]d7cXY
Ug
g\ckb
]b
:][ifY
-!-"
Mci
k]``
bYYX
hc
gdYW]Zm
mcif
ckb
igYfbUaY
UbX
dUggkcfX"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-&

$0

5``
Ybhf]Yg
UfY
ghfcb[`m
hmdYX
]"Y"
fYU`
"B9H
hmdY
UbX
gYh
hc
Ghf]b[
hmdY"
Mci
a][\h
VY
U`UfaYX
Vm
h\Y
ZUWh
h\Uh
IgYfbUaY
UbX
DUggkcfX
UfY
]b
W`YUf
hYlh"
=b
mcif
WUgY
mci
XcbÇh
bYYX
U
[fYUh
XYU`
cZ
gYWif]hm
VYWUigY
h\Y
kYUh\Yf
KYV
gYfj]WY
]g
U
ZfYY
gYfj]WY"
=Z
mci
\UX
hc
mci
Wci`X
YbWfmdh
h\cgY
gYhh]b[g
hc
aU_Y
h\Ya
acfY
gYWifY"

&
GUjY
mcif
dfc^YWh
UbX
W`cgY
h\Y
Dfc^YWh
8Yg][bYf"

Ldg`^c\^ci]Z7VX`\gdjcY >[ndjignidgjcndjg[dgbcdl!ndjldcÈi\ZiVcni]^c\[gdbi]ZLZWhZgk^XZ#I]^hegdXZhh Y^[[Zgh[gdbndjgldg`l^i]YViVWVhZh!^cl]^X]V\gZViYZVad[XdYZlVhXdbeaZiZY[dgndj hdndjXdjaYgZig^ZkZi]ZYViVVcYedejaViZi]Z[^ZaYh#L]ZcYZVa^c\l^i]VLZWhZgk^XZ! ndjbjhiYdbdgZd[i]ZVXijVaXdY^c\id\Zii]ZYViV^cidi]Z[dgb#AZiÈhiVa`VWdji]dl ndjÈaaYdi]^h# ;^ghi!iVa`^c\idVLZWhZgk^XZXVcWZVadc\egdXZhh#6adc\egdXZhhine^XVaanbZVchdcan V[ZlhZXdcYheZg]Vehjeid(%hZXdcYh!WjindjXVcÈiaZVkZi]ZjhZgl^i]VWadX`ZYJ> l]^aZndjgVeea^XVi^dc^hgZig^Zk^c\^c[dgbVi^dc#Ndji]ZgZ[dgZcZZYVlVnd[hVn^c\idndjg Veea^XVi^dc/Åc#C:I;gVbZldg`'#%!i]^hineZd[egd\gVbb^c\^h I]Z[daadl^c\hZXi^dchXdciV^c fj^iZVW^id[XdYZ#>[ndjYdcÈi h^bea^[^ZYWnXgZVi^c\VcZlXaVhhXVaaZYi]Z lVciidineZi]^hXdYZ!ndjXVc 7VX`\gdjcYLdg`ZgXaVhh#6h^ihcVbZ^bea^Zh!^ildg`h^ci]Z deZci]ZXdbeaZiZYLZVi]Zg WVX`\gdjcYdcViVh`0l]ViÈhcdi^bea^ZY^hi]Vi^il^aaaZindj IgVX`Zgegd_ZXi^ci]ZXdbeVc^dc XdciZciVcYXdeni]ZhZXi^dchd[ `cdll]Zc^i]VhXdbeaZiZYi]ZiVh`# XdYZVhcZZYZY#

IDE:G;DGB6I6H@>CI=:768@
% cbhc
mcif
Zcfa"
=h
XcYgbÇh
\UjY
U
XYg][b
h]aY
dcfh]cb
gc
]h
k]``
VY
UXXYX
hc
h\Y
WcadcbYbh
hfUm"
FYbUaY
]h
6UW_[fcibX7iffYbhKcf_Yf"

5h
h\Y
hcd
cZ
h\Y
DfcdYfh]Yg
k]bXck
Zcf
6UW_[fcibX7iffYbhKcf_Yf
W`]W_
h\Y
YjYbhg
]Wcb
mY``ck
`][\h!

& b]b[
UbX
h\Yb
XciV`Y!W`]W_
h\Y
8cKcf_
YjYbh" &-'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

'
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
6UW_[fcibX7iffYbhKcf_YfS8cKcf_
YjYbh
\UbX`Yf" 

3ULYDWH6XE%DFNJURXQG&XUUHQW:RUNHUB'R:RUN%\9DOVHQGHU$V2EMHFW%\9DOH$V6\VWHP

&RPSRQHQW0RGHO'R:RUN(YHQW$UJV +DQGOHV%DFNJURXQG&XUUHQW:RUNHU'R:RUN 

 7KLVPHWKRGZLOOH[HFXWHLQWKHEDFNJURXQGWKUHDGFUHDWHG



 E\WKH%DFNJURXQG:RUNHUFRPSRQHQW



'LPGHVLUHG=LS&RGH$V,QWHJHU H$UJXPHQW



'LPZHDWKHU6HUYLFH$V1HZ:HDWKHU:HE6HUYLFH6HUYLFH



H5HVXOW ZHDWKHU6HUYLFH*HW:HDWKHU,QIRB



0\6HWWLQJV8VHUQDPHB



0\6HWWLQJV3DVVZRUGGHVLUHG=LS&RGH



(QG6XE

H\Y
8cKcf_
YjYbh
\UbX`Yf
]g
k\YfY
h\Y
WU``
hc
h\Y
kYUh\Yf
KYV
gYfj]WY
]g
dYfZcfaYX"
Mci
k]``
ghUfh
Vm
WU``! ]b[
h\Y
;YhKYUh\Yf=bZc&
aYh\cX
YldcgYX
Vm
h\Y
KYV
gYfj]WY"
K\Yb
mci
]bjc_Y
h\Y
;YhKYUh\Yf=bZc&
aYh\cX
]h
fibg
]b
U
gYdUfUhY
WcbhYlh
gc
h\Uh
]h
XcYgbÇh
V`cW_
h\Y
Udd`]WUh]cb
I="
Ch\Yfk]gY
h\Y
Udd`]WUh]cb
a][\h
UddYUf
hc
\Ub[" H\Y
;YhKYUh\Yf=bZc&
aYh\cX
hU_Yg
h\fYY
dUfUaYhYfg
igYfbUaY
dUggkcfX
N=D
WcXY
UbX
fYhifbg
U
KYUh\Yf=bZc
fYgi`h"

(
5XX
h\Y
Zc``ck]b[
ghUfh6UW_[fcibXHUg_7iffYbh8Um
aYh\cX" 

3ULYDWH6XEVWDUW%DFNJURXQG7DVN&XUUHQW'D\



 ([HFXWHWKH%DFNJURXQG7DVNRQO\LILW VQRWDOUHDG\ZRUNLQJ



,I1RW%DFNJURXQG&XUUHQW:RUNHU,V%XV\ 7KHQ



0H8VH:DLW&XUVRU 7UXH



%DFNJURXQG&XUUHQW:RUNHU5XQ:RUNHU$V\QF&,QWFXUUHQW=LS&RGH



(QG,I



(QG6XE

H\Y
ghUfh6UW_[fcibXHUg_7iffYbh8Um
aYh\cX
ghUfhg
h\Y
6UW_[fcibXKcf_Yf"
H\Y
Z]fgh
h\]b[
mci
bYYX
hc
Xc
]g
jYf]Zm
k\Yh\Yf
h\Y
6UW_[fcibXKcf_Yf
]g
U`fYUXm
Vigm
k]h\
U
dfYj]cig
WU``/
]Z
mci
XcbÇh
Xc
h\]g
mciÇ``
YbX
id
k]h\
Ub
=bjU`]XCdYfUh]cb9lWYdh]cb"
G]ad`m
jYf]Zm]b[
k\Yh\Yf
h\Y
6UW_[fcibXKcf_Yf
]g
Vigm
YbgifYg
h\Uh
mci
kcbÇh
[Yh
h\Uh
YlWYdh]cb
k\Yb
WU``]b[
h\Y
FibKcf_Yf5gmbW
aYh\cX"
=b
ZUWh
h\]g
]g
h\Y
cb`m
YlWYdh]cb
h\Uh
h\]g
aYh\cX
WUb
fU]gY"
5
ei]W_
`cc_
Uh
h\Y
XcWiaYbhUh]cb
WUb
WcbZ]fa
h\]g"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-(

$0

9lYWih]b[
h\Y
FibKcf_Yf5gmbW
aYh\cX
]g
giVa]hh]b[
U
fYeiYgh
hc
ghUfh
Ub
cdYfUh]cb
UgmbW\fcbcig`m
k\]W\
fU]gYg
h\Y
8cKcf_
YjYbh"
5b
YjYbh
\UbX`Yf
k]h\
h\Y
Zc``ck]b[
bUaY
ZcfaUh
]g
]bjc_YX.
0mcif
VUW_[fcibX! kcf_Yf
jUf]UV`Y2S8cKcf_"
=b
mcif
WUgY
h\Y
6UW_[fcibX7iffYbhKcf_YfS8cKcf_
aYh\cX
]g
YlYWihYX
k\Yb
h\Y
8cKcf_
YjYbh
]g
fU]gYX"

)
Gk]hW\
hc
XYg][b
j]Yk
UbX
gY`YWh
6UW_[fcibX7iffYbhKcf_Yf
]b
h\Y
bch]Z]WUh]cb
UfYU" *
=b
h\Y
YjYbhg
`]gh
]b
h\Y
DfcdYfh]Yg
k]bXck
XciV`Y!W`]W_
h\Y
FibKcf_Yf7cad`YhYXYjYbh" +
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
6UW_[fcibX7iffYbhKcf_YfSFibKcf_Yf7cad`YhYX
YjYbh
\UbX`Yf" 

3ULYDWH6XE%DFNJURXQG&XUUHQW:RUNHUB5XQ:RUNHU&RPSOHWHG%\9DOVHQGHU$V2EMHFW%\9DO

H$V6\VWHP&RPSRQHQW0RGHO5XQ:RUNHU&RPSOHWHG(YHQW$UJV +DQGOHV%DFNJURXQG&XUUHQW:RUNHU 5XQ:RUNHU&RPSOHWHG 

'LPZHDWKHU,QIR$V:HDWKHU:HE6HUYLFH:HDWKHU,QIR



&-)

&LQGG



,IH(UURU,V1RWKLQJ 7KHQ



0H8VH:DLW&XUVRU )DOVH



 7KLVHYHQWILUHVZKHQWKH'R:RUNHYHQWFRPSOHWHV



ZHDWKHU,QIR H5HVXOW



:HDWKHU,QIR%LQGLQJ6RXUFH'DWD6RXUFH ZHDWKHU,QIR



SE&XUUHQW7HPS/RDG??,PDJHV??B



ZHDWKHU,QIR,FRQ,QGH[7R6WULQJ JLI



 ,I:HEVHUYLFHUHWXUQHGZHDWKHULQIRWKHQ



 XSGDWHQRWLI\LFRQ



FXUUHQW7HPSHUDWXUH 0H([WUDFW7HPSHUDWXUH



0H&UHDWH,FRQ&,QW0DWK5RXQGFXUUHQW7HPSHUDWXUH



(OVH,IH(UURU0HVVDJH,QGH[2I ! 7KHQ



0HVVDJH%R[6KRZB



:HDWKHU:HEVHUYLFHLVXQDYDLODEOHUHWU\ODWHUB



YE/I5HWU\ODWHUXVLQJWKH5HIUHVK:HDWKHU,QIRPHQXB



:HDWKHU:HEVHUYLFHXQDYDLODEOH



(OVH,IH(UURU0HVVDJH,QGH[2IWLPHGRXW ! 7KHQ



0HVVDJH%R[6KRZB



8QDEOHWRUHWULHYHWKHLQIRUPDWLRQLQWKHWLPHB



DOORZHGYE/I5HWU\ODWHUXVLQJWKH5HIUHVKB



:HDWKHU,QIRPHQX:HDWKHU:HEVHUYLFH7LPHRXW



(OVH



0HVVDJH%R[6KRZB



3UREOHPZLWK:HDWKHU:HEVHUYLFH(UURUPHVVDJHB

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



YE/IH(UURU0HVVDJHYE/I5HWU\/DWHUB



:HDWKHU:HEVHUYLFHSUREOHP



(QG,I



(QG6XE

=Z
h\Y
KYV
gYfj]WY
kUg
UjU]`UV`Y
UbX
mcif
dUfUaYhYfg
kYfY
[ccX
h\Y
aYh\cX
mci
]bjc_YX
]g
h\Yb
kcf_]b[
]b
U
X]ZZYfYbh
WcbhYlh
UbX
cb
]hg
ckb"
K\Yb
]h
]g
Z]b]g\YX
k]h\
]hg
Vig]bYgg
mci
k]``
VY
bch]Z]YX
h\Uh
h\Y
aYh\! cX
\Ug
Wcad`YhYX
VYWUigY
U
FibKcf_Yf7cad`YhYX
YjYbh
k]``
VY
fU]gYX"

IdgZig^ZkZi]ZgZhjaih!ndjbjhi]VkZVcZkZci]VcYaZgl^i]i]Z[daadl^c\cVbZ/1ndjg WVX`\gdjcYldg`ZgkVg^VWaZ3TGjcLdg`Zg8dbeaZiZY#>ci]^hbZi]dY!ndj]VkZVeVgVbZiZg d[ineZGjcLdg`Zg8dbeaZiZY:kZci6g\hi]ViXdciV^chZkZgni]^c\ndjcZZYiddWiV^ci]Z gZhjaih#>[VcZmXZei^dclVhgV^hZY^ci]Z9dLdg`ZkZci]VcYaZg!ndjÈaaWZVWaZidgZig^ZkZ^i WnX]ZX`^c\i]Z:ggdgegdeZgin!l]^X]^hd[ineZ:mXZei^dc#>[i]ZgZ^hcdZggdg!i]Zcndjbjhi gZig^ZkZi]ZgZhjaihndjghZa[#GZbZbWZgi]Vii]ZGZhjaihegdeZginl^aa\^kZndjVcZaZbZcid[ ineZDW_ZXi!l]^X]Wn^ihZa[l^aacdi]Zaendj#NdjcZZYidVhh^\c^iVkVg^VWaZl^i]i]ZhVbZ ineZi]Vii]ZLZWhZgk^XZbZi]dYjhZYidhe^idjii]ZgZhjaih# >cndjgXVhZ!^[ndjadd`^cidi]ZbZi]dYh^\cVijgZ[dgc[d'!LZVi]Zg>c[d^h i]ZineZd[gZhjaih^i^hegdYjX^c\#I]ZgZ[dgZ!ndjcZZYidYZXaVgZVkVg^VWaZd[i]ViineZ#>[ ndjgZXVaa!l]ZcndjYgV\\ZYi]ZLZVi]Zg>c[dYViVhZidcidi]ZYZh^\cZghjg[VXZ!ndjVjid" bVi^XVaanXgZViZYYViVWdjcYXdcigdah[dgVaad[i]dhZ[^ZaYh#I]jh!ndjh^beancZZYidVhh^\c i]ViLZVi]Zg>c[dkVg^VWaZVhi]Z9ViVHdjgXZ[dgndjg7^cY^c\HdjgXZ!VcYndjl^aa]VkZVa^c` WZilZZcl]ViÈhXdb^c\[gdbi]ZLZWhZgk^XZVcYi]ZXdcigdahdcndjg[dgb# Cdl!ndjVahd]VkZVe^XijgZWdmdci]ZYZh^\cZghjg[VXZi]Vil^aahZgkZidY^heaVnVc ^XdcedgigVn^c\i]ZXjggZci[dgZXVhi#I]Z^c[d^hgZijgcZYidndjVhVc^cYZm/i]Z>Xdc>cYZm egdeZgin#NdjcZZYidadVYVc^bV\Z[^aZ[gdbndjg]VgYYg^kZ^cidi]Ze^XijgZWdmndj YgV\\ZYdcidi]ZYZh^\cZghjg[VXZjh^c\i]Z^cYZmVhi]Z[^aZcVbZ# L]Vi]VeeZchcZmi^hi]ZXgZVi^dcd[i]Z^Xdci]Vil^aaVeeZVg^ci]Zcdi^[^XVi^dcVgZV gZegZhZci^c\i]ZXjggZciiZbeZgVijgZ#

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-*

$0

ID699HJEEDGI>C<768@
,PSRUWV6\VWHP5XQWLPH,QWHURS6HUYLFHV



,PSRUWV6\VWHP1HW

%
5h
h\Y
hcd
cZ
h\Y
W`Ugg
UXX
h\Y
Zc``ck]b[
`]bYg
^igh
VY`ck
DiV`]W
7`Ugg
AU]b" 

3XEOLF6KDUHGFXUUHQW7HPSHUDWXUH$V'RXEOH



3XEOLF6KDUHGFXUUHQW=LS&RGH$V6WULQJ 0\6HWWLQJV&XUUHQW=LS&RGH

H\Y
Z]fgh
`]bY
cZ
WcXY
]g
XYW`UfYX
Ug
U
DiV`]W
G\UfYX
Z]Y`X
bUaYX
WiffYbhHYadYfUhifY"
5
g\UfYX
Z]Y`X
g]ad`m
aYUbg
h\Uh
]h
XcYgbÇh
VY`cb[
hc
Ubm
dUfh]Wi`Uf
]bghUbWY
cZ
h\Uh
W`Ugg
Vih
h\Uh
h\YfY
]g
cb`m
cbY
Zcf
h\Y
Ybh]fY
W`Ugg"
H\Y
WiffYbhN]d7cXY
WcXY
ZcibX
]b
h\Y
bYlh
`]bY
]g
U`gc
U
g\UfYX
Z]Y`X"
=hÇg
]b]h]U`]nYX
Zfca
h\Y
igYf
gYh! h]b[g
Vih
]h
k]``
W\Ub[Y
cbWY
mci
Wcad`YhY
h\Y
Cdh]cbg
Zcfa"

&
5XX
h\Y
Zc``ck]b[
9lhfUWhHYadYfUhifY
aYh\cX" 

3ULYDWH)XQFWLRQ([WUDFW7HPSHUDWXUH $V'RXEOH



,IOEO7HPSHUDWXUH&XUUHQW7H[W/HQJWK  7KHQ



5HWXUQ,QWHJHU0LQ9DOXH



(OVH



 5HWXUQLQJRQO\WKHQXPEHUSRUWLRQLJQRULQJWKH



 WKH)



5HWXUQ&'EOOEO7HPSHUDWXUH&XUUHQW7H[W6XEVWULQJB



OEO7HPSHUDWXUH&XUUHQW7H[W,QGH[2IƒF



(QG,I



(QG)XQFWLRQ

H\Y
9lhfUWhHYadYfUhifY
aYh\cX
YlhfUWhg
h\Y
hYadYfUhifY
Zfca
h\Y
`V`HYadYfUhifY7iffYbh
`UVY`
UbX
fYhifbg
]h
Ug
U
biaVYf"

'
5XX
h\Y
Zc``ck]b[
IdXUhYKYUh\Yf
aYh\cX"

&-+

&LQGG



3XEOLF6XE8SGDWH:HDWKHU



7U\



0HWVPL5HIUHVK(QDEOHG )DOVH



0HWVPL2SWLRQV(QDEOHG )DOVH



0HVWDUW%DFNJURXQG7DVN&XUUHQW'D\



0HWVPL5HIUHVK(QDEOHG 7UXH

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



0HWVPL2SWLRQV(QDEOHG 7UXH



&DWFKZHE([$V:HE([FHSWLRQ



0HVVDJH%R[6KRZB



:HEVHUYLFHFXUUHQWO\XQDYDLODEOHYE&U/IB



5HWU\ODWHUXVLQJWKH5HIUHVK:HDWKHU,QIRPHQXB



:HE([FHSWLRQ



0HWVPL5HIUHVK(QDEOHG 7UXH



&DWFKH[$V([FHSWLRQ



0HVVDJH%R[6KRZB



8QNQRZQSUREOHP(UURUPHVVDJHYE&U/IB



H[0HVVDJHYE&U/IB



3OHDVHUHWU\ODWHU8QNQRZQHUURU



0HWVPL5HIUHVK(QDEOHG 7UXH



(QG7U\



(QG6XE

H\Y
IdXUhYKYUh\Yf
aYh\cX
]b]h]UhYg
h\Y
idXUhY
cZ
h\Y
kYUh\Yf
XUhU
Vm
WU``]b[
h\Y
ghUfh6UW_[fcibXHUg_! 7iffYbh8Um
aYh\cX
mci
UXXYX
YUf`]Yf"
H\Y
kYUh\Yf
XUhU
bYYXg
hc
VY
idXUhYX
k\Yb
h\Y
N=D
WcXY
]g
W\Ub[YX
cf
k\Yb
h\Y
FYZfYg\
KYUh\Yf
=bZc
aYbi
W\c]WY
]g
gY`YWhYX
cb
h\Y
WcbhYlh
aYbi
cZ
h\Y
bch]Zm
]Wcb"
H\Y
IdXUhYKYUh\Yf
aYh\cX
U`gc
YbUV`Yg
cf
X]gUV`Yg
aYbi
W\c]WYg
cb
h\Y
WcbhYlh
aYbi
Ug
Uddfcdf]UhY"

8dbeaZi^c\i]Z8dgZLZVi]ZgIgVX`Zg;jcXi^dcVa^in >ci]ZcZmihZXi^dch!ndjl^aaVYYbdgZXdYZiddWiV^cVldg`^c\kZgh^dcd[i]ZLZVi]Zg IgVX`ZgVeea^XVi^dc#I]^h^cXajYZhXgZVi^c\i]Z^Xdc!kZg^[n^c\XdccZXi^k^in!kZg^[n^c\lZVi]Zg LZWhZgk^XZVkV^aVW^a^in!VcYdi]ZgiVh`h# >ci]Z[daadl^c\hZXi^dc!ndjl^aaVYYXdYZidXgZViZVcYYZhigdni]Z^Xdc^ci]Zcdi^[^XV" i^dcVgZV#NdjXVcgZk^Zli]ZXdYZ!Wji>ldcÈiY^hXjhh^i^cbjX]YZiV^aWZXVjhZ<9> VcY 8DBÅ^ciZgdeÆVgZhjW_ZXihi]ViVgZiddVYkVcXZY[dgi]^hWdd`#=dlZkZg!ndjbVnlVciid gZ[Zgidi]ZXdbbZcihl^i]^ci]ZXdYZ#

ID6998G:6I:6C99:HIGDNCDI>;>86I>DC>8DC8D9: $
=b
AU]b"jV
UXX
h\Y
Zc``ck]b[
7fYUhY=Wcb
aYh\cX" 

3ULYDWH6XE&UHDWH,FRQ%\9DOWHPSHUDWXUH$V,QWHJHU



'LPGLVSOD\6WULQJ$V6WULQJ



'LPGUDZQ,FRQ$V%LWPDS



'LPEUXVK7R'UDZ6WULQJ$V6ROLG%UXVK

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-,

$0



'LPLFRQ&RORU$V&RORU



'LPLFRQ*UDSKLF$V*UDSKLFV



'LPIRQW)DPLO\$V1HZ)RQW)DPLO\$ULDO



'LP,FRQ)RQW$V1HZ)RQWB



IRQW)DPLO\B



B



)RQW6W\OH5HJXODUB



*UDSKLFV8QLW3L[HO

 

,IWHPSHUDWXUH ,QWHJHU0LQ9DOXH 7KHQ



GLVSOD\6WULQJ 1$



LFRQ&RORU &RORU5HG



(OVH,IWHPSHUDWXUH! 7KHQ



LFRQ&RORU &RORU5HG



GLVSOD\6WULQJ WHPSHUDWXUH 7R6WULQJ



(OVH,IWHPSHUDWXUH 7KHQ



LFRQ&RORU &RORU%OXH



GLVSOD\6WULQJ WHPSHUDWXUH  7R6WULQJ



(OVH



LFRQ&RORU &RORU%ODFN



GLVSOD\6WULQJ WHPSHUDWXUH7R6WULQJ



(QG,I

 

 6WDUWE\FUHDWLQJDQHZELWPDSWKHVL]HRIDQLFRQ



GUDZQ,FRQ 1HZ%LWPDS

 

 7RGUDZWKHVWULQJZHQHHGDEUXVK



EUXVK7R'UDZ6WULQJ 1HZ6ROLG%UXVKLFRQ&RORU

 

 &UHDWLQJDQHZJUDSKLFREMHFWVRWKDWZH



 FDQFDOOWKHGUDZVWULQJPHWKRGZLWKRXU



 WHPSHUDWXUHRU1$LIWKHUHLVQRWHPS



LFRQ*UDSKLF *UDSKLFV)URP,PDJHGUDZQ,FRQ

 

 1RZZHDUHGUDZLQJWKHWHPSHUDWXUHVWULQJRQWR



 JUDSKLFDQGWKHUHIRUHRQWKHELWPDS



LFRQ*UDSKLF'UDZ6WULQJGLVSOD\6WULQJ,FRQ)RQWB



EUXVK7R'UDZ6WULQJ



&--

&LQGG



 :HDUHJHWWLQJUHDG\WRFRQYHUWWKHELWPDSLQWR



 DQLFRQDQGWRVHWWKHQRWLI\:HDWKHU,FRQZLWK



 WKLVQHZO\FUHDWHGLFRQ

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



'LPK,FRQ$V,QW3WU GUDZQ,FRQ*HW+LFRQ



'LPFXVWRP0DGH,FRQ$V,FRQ B



'UDZLQJ,FRQ)URP+DQGOHK,FRQ



QRWLI\:HDWKHU,FRQ FXVWRP0DGH,FRQ

 

 1RZWKDWZH UHGRQHPDQLSXODWLQJWKHQHZLFRQ



 ZHQHHGWRGHVWUR\WKHXQPDQDJHGUHVRXUFH



 RWKHUZLVHZH OOKDYHDKDQGOHOHDN



'HVWUR\,FRQK,FRQ



(QG6XE

%
5XX
h\Y
Zc``ck]b[
8Yghfcm=Wcb
aYh\cX" 

7KH*HW,FRQPHWKRGJHQHUDWHGDQXQPDQDJHGKDQGOH



WKDWZHQHHGWRWDNHFDUHRIRWKHUZLVHWKHUH



ZLOOEHDKDQGOHOHDN



'OO,PSRUWXVHUGOO(QWU\3RLQW 'HVWUR\,FRQ !B



3XEOLF6KDUHG)XQFWLRQ'HVWUR\,FRQB



%\9DOK,FRQ$V,QW3WU $V%RROHDQ



(QG)XQFWLRQ

DcXZi]ZVeea^XVi^dchiVgihidadVY!ndjÈaakZg^[ni]Vii]ZjhZg]VhVkVa^YVcYZhiVWa^h]ZY >ciZgcZiXdccZXi^dc#IdkZg^[ni]^h!ndjÈaabV`ZVh^beaZ=IIEgZfjZhiidi]ZB^Xgdhd[iLZW h^iZ#>[ndjgZXZ^kZVc=IIED@Z#\#!'%%XdYZWVX`[gdbi]ZLZWhZgkZg!^ibZVchi]Vindj hjXXZhh[jaanVXXZhhZYi]ZLZWeV\ZndjgZfjZhiZY#>[VcZmXZei^dc^hgV^hZY!^iÈhWZXVjhZndj ]VkZZcXdjciZgZYVegdWaZbdgi]ZB^Xgdhd[i#XdbLZWh^iZ^hYdlc!l]^X]^hfj^iZgVgZ#>[V kVa^Y>ciZgcZiXdccZXi^dc^hcdiYZiZXiZY!VbZhhV\Zl^aaWZY^heaVnZY# NdjaaVahdkZg^[ni]Vii]ZlZVi]ZgLZWHZgk^XZ^hjeVcYgjcc^c\ZkZcWZ[dgZbV`^c\V XVaaid^i#6\V^c!^[i]ZLZWhZgk^XZ^hcdijeVcYgjcc^c\!VbZhhV\Zl^aaWZY^heaVnZY#

ID699K:G>;>86I>DC8D9: $
=b
AU]b"jV
UXX
h\Y
Zc``ck]b[
JYf]Zm7cbbYWhYXHc=bhYfbYh
aYh\cX" 

3XEOLF)XQFWLRQ9HULI\&RQQHFWHG7R,QWHUQHW $V%RROHDQ



7U\



'LPUHTXHVW$V:HE5HTXHVW B



:HE5HTXHVW&UHDWHKWWSZZZPLFURVRIWFRP



'LPUHVSRQVH$V+WWS:HE5HVSRQVH B



&7\SHUHTXHVW*HW5HVSRQVH +WWS:HE5HVSRQVH

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&-.

$0



,IUHVSRQVH6WDWXV&RGH +WWS6WDWXV&RGH2. 7KHQ



5HWXUQ7UXH



(OVH



5HWXUQ)DOVH



(QG,I



&DWFKH[$V([FHSWLRQ



5HWXUQ)DOVH



(QG7U\



(QG)XQFWLRQ

%
5XX
h\Y
Zc``ck]b[
JYf]ZmKYVGYfj]WY
aYh\cX" 

3ULYDWH)XQFWLRQ9HULI\:HE6HUYLFH $V%RROHDQ



7U\



'LPUHTXHVW$V:HE5HTXHVW :HE5HTXHVW&UHDWHB



KWWSZZZHMVHFRP:HDWKHU6HUYLFH6HUYLFHDVP["RS *HW:HDWKHU,QIR



'LPUHVSRQVH$V+WWS:HE5HVSRQVH B



&7\SHUHTXHVW*HW5HVSRQVH+WWS:HE5HVSRQVH



,IUHVSRQVH6WDWXV&RGH +WWS6WDWXV&RGH2. 7KHQ



5HWXUQ7UXH



(OVH



5HWXUQ)DOVH



(QG,I



&DWFK([$V([FHSWLRQ



5HWXUQ)DOVH



(QG7U\



(QG)XQFWLRQ

ID;>C>H=I=:B6>C;DGB =b
8Yg][b
j]Yk
gY`YWh
h\Y
AU]b
Zcfa"
=b
h\Y
DfcdYfh]Yg
k]bXck
[c
hc
h\Y
YjYbh
`]gh
UbX
XciV`Y!W`]W_


$ h\Y
@cUX
YjYbh"

%
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
AU]bS@cUX
YjYbh
\UbX`Yf" 

3ULYDWH6XE0DLQB/RDG%\9DOVHQGHU$V2EMHFW%\9DOH$V6\VWHP(YHQW$UJV +DQGOHV

0H/RDG

&.%

&LQGG



 &KDQJLQJWKHWLWOHRIRXUPDLQIRUPZLWKWKH



 DSSOLFDWLRQQDPHDQGWKHYHUVLRQ

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



0H7H[W 0\$SSOLFDWLRQ,QIR7LWOHB



0\$SSOLFDWLRQ,QIR9HUVLRQ7R6WULQJ

 

 &UHDWLQJWHPSRUDULO\WKH1$LFRQ



0H&UHDWH,FRQ,QWHJHU0LQ9DOXH

 

,I1RW9HULI\&RQQHFWHG7R,QWHUQHW 7KHQ



0HVVDJH%R[6KRZB






WRWKH,QWHUQHWRU\RXU,QWHUQHWFRQQHFWLRQB



LVQRWZRUNLQJSURSHUO\



0HWVPL2SWLRQV(QDEOHG )DOVH



0HWVPL5HIUHVK(QDEOHG )DOVH



(OVH,I1RW9HULI\:HE6HUYLFH 7KHQ



0HVVDJH%R[6KRZB



7KHZHEVHUYLFHLVXQDYDLODEOHDWWKHPRPHQWYE/IB



5HWU\ODWHUXVLQJWKH5HIUHVK:HDWKHU,QIRPHQXB



:HE6HUYLFH1RWDYDLODEOH



,IFXUUHQW=LS&RGH 6WULQJ(PSW\ 7KHQ



0HWVPL5HIUHVK(QDEOHG )DOVH



(OVH



0HWVPL5HIUHVK(QDEOHG 7UXH



(QG,I



(OVH



 ,IZHKDYHDYDOLG]LSFRGHWKHQZHFDQSURFHHG



WVPL5HIUHVK(QDEOHG )DOVH



0H8SGDWH:HDWKHU



(QG,I



(QG6XE

H\Y
AU]bS@cUX
YjYbh
\UbX`Yf
]g
h\Y
ghUfh]b[
dc]bh
Zcf
KYUh\Yf
HfUW_Yf"
=b
h\]g
WcXY
h\Y
Am
WcbghfiWh
]g
igYX
hc
Vi]`X
h\Y
h]h`Y
cZ
h\Y
Udd`]WUh]cb
Vm
ig]b[
]hg
bUaY
UbX
h\Y
jYfg]cb
ghcfYX
]b
h\Y
UggYaV`m
dUfUaY! hYfg
]b
h\Y
gUaY
aUbbYf
h\Uh
h\Y
5Vcih
Vcl
igYg
h\]g
]bZcfaUh]cb"
BYlh
U
fYX
B5
bch
UjU]`UV`Y
]Wcb
]g
XfUkb
]b
h\Y
bch]Z]WUh]cb
UfYU
h\Uh
k]``
fYaU]b
ibh]`
h\Y
KYV
gYfj]WY
fYhifbg
k]h\
dcg]h]jY
fYgi`hg
]b
k\]W\
WUgY
h\Y
hYadYfUhifY
k]``
VY
XfUkb
Ug
Ub
]Wcb"
=Z
U
WcbbYWh]cb
hc
h\Y
=bhYfbYh
WUbbch
VY
jYf]Z]YX
cf
h\Y
kYUh\Yf
KYV
gYfj]WY
WUbbch
VY
jYf]Z]YX
U
aYggU[Y
]g
X]gd`UmYX
UbX
h\Y
Uddfcdf]UhY
aYbi
W\c]WYg
]b
h\Y
bch]Zm
]Wcb
WcbhYlh
aYbi
UfY
X]gUV`YX"
=Z
YjYfmh\]b[
]g
kcf_]b[
Ug
YldYWhYX
h\Y
dfcWYgg
Zcf
cVhU]b]b[
h\Y
kYUh\Yf
XUhU
]g
ghUfhYX" =b
8Yg][b
j]Yk
gY`YWh
WagBch]Zm
]b
h\Y
WcadcbYbh
hfUm"
=b
h\Y
WcbhYlh
aYbi
ghf]d
XciV`Y!W`]W_
h\Y


& FYZfYg\
KYUh\Yf
=bZc
aYbi
W\c]WY"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.&

$0

5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
hga]FYZfYg\S7`]W_
YjYbh
\UbX`Yf"
H\]g
WcXY
]b]h]UhYg
Ub
idXUhY
cZ
h\Y


' kYUh\Yf
XUhU
k\Yb
h\Y
FYZfYg\
KYUh\Yf
=bZc
aYbi
W\c]WY
]b
h\Y
WcbhYlh
aYbi
]g
gY`YWhYX" 

3ULYDWH6XEWVPL5HIUHVKB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP

(YHQW$UJV +DQGOHVWVPL5HIUHVK&OLFN 

0HWVPL5HIUHVK(QDEOHG )DOVH



0H8SGDWH:HDWKHU



(QG6XE

=b
8Yg][b
j]Yk
gY`YWh
U``
cZ
h\Y
Wcbhfc`g
cb
h\Y
AU]b
Zcfa"
GYh
h\Y
6cfXYfGhm`Y
dfcdYfhm
hc
BcbY"
Mci


( a][\h
bYYX
hc
W`]W_
h\Y
DfcdYfh]Yg
Vihhcb
Uh
h\Y
hcd
cZ
h\Y
DfcdYfh]Yg
k]bXck
hc
gYY
h\Y
`]gh
cZ

dfcdYfh]Yg"

NdjbVnWZldcYZg^c\/ L]Vi^hi]Za^c`WZilZZci]Z ^cYZmVcYi]Z[^aZcVbZ!VcY l]d^hXgZVi^c\i]Via^c`4I]^h ^hVXdckZci^dcjhZYWnbVcn lZVi]Zgegdk^YZghdci]Z >ciZgcZi0i]ZgZ[dgZ!i]^h^hhdbZ" i]^c\i]Vil^aaldg`l^i]bVcn hZgk^XZh^[ndjlVciidVYY hdbZaViZg#

6aad[i]ZlZVi]Zg[dgZXVhi^bV\ZhcZZYidWZXde^ZY[gdbndjgXdbeVc^dcXdciZci idi]ZhVbZ[daYZgl]ZgZi]ZLZVi]ZgIgVX`ZgVeea^XVi^dc^hadXViZY#NdjcZZYidXgZViZV [daYZgXVaaZY>bV\ZhVcYXdenVaad[i]Z#\^[lZVi]Zg^bV\Z[^aZh^cidi]^h[daYZg#

ID699L:6I=:G>8DCH =b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y
KYUh\Yf
HfUW_Yf
dfc^YWh
gY`YWh
5XX
UbX
h\Yb
gY`YWh
BYk

$ :c`XYf"
BUaY
h\Y
Zc`XYf
=aU[Yg"

Ig]b[
K]bXckg
9ld`cfYf
Wcdm
h\Y
"[]Z
]aU[Yg
%"[]Z
h\fci[\
(+"[]Z
Zfca
h\Y
WcadUb]cb
WcbhYbh
hc


% h\Y
=aU[Yg
Zc`XYf
mci
^igh
WfYUhYX"
H\Y
XYZUi`h
`cWUh]cb
]g
PAm
8cWiaYbhgPJ]giU`
GhiX]c
&$$)P Dfc^YWhgPKYUh\Yf
HfUW_YfPKYUh\Yf
HfUW_YfP=aU[Yg"

=b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y
=aU[Yg
Zc`XYf
gY`YWh
5XX
UbX
h\Yb
gY`YWh
9l]gh]b[
=hYa"
H\Y


& 5XX
9l]gh]b[
=hYa
X]U`c[
Vcl
UddYUfg"

'
=b
h\Y
:]`Yg
CZ
HmdY
Xfcd!Xckb
`]gh
gY`YWh
=aU[Y
:]`Yg" AU_Y
gifY
mci
UfY
`cc_]b[
]b
h\Y
=aU[Yg
Zc`XYf
UbX
gY`YWh
U``
cZ
h\Y
"[]Z
Z]`Yg"
Hc
gY`YWh
U``
h\Y
Z]`Yg
mci


( WUb
dfYgg
7hf`5
cf
mci
WUb
igY
G\]ZhW`]W_"

K\Yb
U``
cZ
h\Y
"[]Z
Z]`Yg
UfY
gY`YWhYX
W`]W_
h\Y
5XX
Vihhcb
hc
UXX
h\Y
]aU[Yg
hc
h\Y
KYUh\Yf
HfUW_Yf


) dfc^YWh"

&.'

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

=b
h\Y
Gc`ih]cb
9ld`cfYf
gY`YWh
U``
cZ
h\Y
"[]Z
Z]`Yg"
:]fgh
gY`YWh
%"[]Z"
UbX
h\Yb
k\]`Y
dfYgg]b[
h\Y
G\]Zh


* _Ym
gY`YWh
h\Y
`Ugh
"[]Z
Z]`Y"

K]h\
U``
h\Y
"[]Z
Z]`Yg
gY`YWhYX
]b
h\Y
DfcdYfh]Yg
k]bXck
gYh
h\Y
7cdm
Hc
Cihdih
8]fYWhcfm
dfcdYfhm
hc


+ 7cdm
5`kUmg
Ug
g\ckb
]b
:][ifY
-!%$"
AU_Y
gifY
h\Y
6i]`X
5Wh]cb
dfcdYfhm
]g
gYh
hc
7cbhYbh"

IZhi^c\LZVi]ZgIgVX`Zg 7Z[dgZgjcc^c\i]ZLZVi]ZgIgVX`ZgVeea^XVi^dc!kZg^[ni]Vindj]VkZhjXXZhh[jaanXdbeaZiZY i]Z[daadl^c\/ N Ndj]VkZVc>ciZgcZiXdccZXi^dc# N Ndj]VkZgZ\^hiZgZY[dgi]Z[gZZlZVi]ZgLZWhZgk^XZ# N Ndj]VkZheZX^[^ZYndjgjhZgcVbZVcYeVhhldgY^ci]ZVeea^XVi^dchZii^c\h# Cdlndjl^aahZZl]Zi]ZgndjgVeea^XVi^dcldg`h#EgZhh;*idgjcLZVi]ZgIgVX`Zg#>[ndj ]VkZVcnWj^aYZggdgh!gZk^Zli]ZZggdgh^ci]Z:ggdgA^hil^cYdlVcY[^mi]Zb#>[cZXZhhVgn! ndjXVcgZk^Zli]ZXdbeaZiZYVeea^XVi^dc^ci]Z8dbeaZiZ[daYZg#L]Zcndjgjci]ZVeea^" XVi^dc!ndjh]djaYhZZndjgheaVh]hXgZZcVcYi]ZchZZVgZYC6^ci]Zcdi^[^XVi^dcVgZV ^cY^XVi^c\i]Vii]ZXjggZciiZbeZgVijgZ]VhcdiWZZc gZig^ZkZY#>[i]ZlZVi]ZgLZWhZgk^XZ^hVkV^aVWaZ!ndj h]djaYhZZi]ZXjggZciiZbeZgVijgZ[dgi]ZGZYbdcY! LVh]^c\idc!VgZV^ci]Zcdi^[^XVi^dcVgZV#7ZeVi^Zci# 9ZeZcY^c\dci]ZXjggZciLZWhZgk^XZadVY!ndjb^\]i ]VkZidlV^iV[ZlbdbZcih#L]ZcndjYdjWaZ"Xa^X`i]Z iZbeZgVijgZ^ci]Zcdi^[^XVi^dcVgZV!ndjh]djaYhZZ YZiV^aZYlZVi]Zg^c[dgbVi^dcVhh]dlc^c;^\jgZ."&&# G^\]i"Xa^X`i]ZiZbeZgVijgZidhZZi]ZXdciZmibZcj#L]Zc [^c^h]ZY!Zm^ii]ZVeea^XVi^dc#

;^\jgZ."&% JXTg[Xe
\Vbaf
TWWXW
gb
g[X
ceb]XVg

;^\jgZ."&& G[X
JXTg[Xe
GeTV^Xe
Tcc_\VTg\ba
W\fc_Tl\aZ
jXTg[Xe
WTgT
Yeb`
T
JXU
fXei\VX

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.(

$0

Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm 8jggZcian!i]ZO>EXdYZ^hhZiidVeVgi^XjaVgkVajZ!VcYi]VigZVaan^hcÈidjg^ciZci#I]ZgZ[dgZ! ndjl^aajhZi]ZDei^dchY^Vad\WdmVcYaZii]ZjhZgZciZgi]ZO>EXdYZi]ZnlVciidbdc^" idg#I]ZO>EXdYZl^aaWZeZgh^hiZYidY^h`hdi]Vi!l]ZcZkZgi]ZjhZggZhiVgihi]ZVeea^XVi^dc! ^il^aaWZgZhidgZYidi]ZaVhiO>EXdYZi]ZnheZX^[^ZY#GZbZbWZg^c\i]ZjhZgÈhhZii^c\h[gdb dcZZmZXji^dcidVcdi]Zgl^aaegdk^YZi]ZjhZgl^i]VWZiiZgZmeZg^ZcXZ# Ndjl^aaVahdeZg[dgbhdbZX]ZX`^c\idkZg^[ni]ZO>EXdYZZciZgZYWni]ZjhZg#Ndjl^aa kZg^[ni]Vii]ZO>EXdYZ^hVcjbWZgVcYl^i]^cVheZX^[^XgVc\Z#Ndjl^aajhZi]ZZggdgegd" k^YZgXdcigdaidY^heaVnVeegdeg^ViZiZmi^[i]ZO>EXdYZ^hZbeindgcdil^i]^cgVc\Z# I]ZZggdgegdk^YZgXdcigda^hjhZYidY^heaVnZggdg^c[dgbVi^dcidi]ZjhZg#;dgZmVbeaZ!^[ i]ZjhZgZciZgh^ckVa^Y^c[dgbVi^dc^cViZmiWdm!VcZggdg^Xdc^hY^heaVnZYcZmiidi]ZXdc" igda^cY^XVi^c\i]ViVcZggdg]VhdXXjggZY#7nYZ[Vjai!i]ZZggdg^Xdc^hVhbVaagZYX^gXaZl^i] VcZmXaVbVi^dced^ci#L]Zci]ZjhZgXa^X`hi]ZZggdg^Xdc!VcZggdgYZhXg^ei^dc^hY^heaVnZYid ZmeaV^cl]Vi^hlgdc\idi]ZjhZg#NdjXVcX]Vc\Z]dli]ZZggdg^hegZhZciZY#;dgZmVbeaZ! ndjXVcjhZVY^[[ZgZciZggdg^Xdc!VcYndjXVcbV`Zi]ZZggdg^XdcWa^c`#DcXZVjhZg VYYgZhhZhi]ZZggdg!ndjhZii]ZZggdgYZhXg^ei^dcidVcZbeinhig^c\idbV`Zi]ZZggdg^Xdc Y^hVeeZVg#

IDK6A>96I:JH:G>CEJI $
CdYb
h\Y
Cdh]cbg
Zcfa
]b
8Yg][b
j]Yk" :fca
h\Y
Hcc`Vcl
]b
h\Y
7cadcbYbhg
[fcid
UXX
Ub
9ffcfDfcj]XYf
Wcbhfc`
hc
h\Y
Zcfa"
H\Y
Wcbhfc`


% k]``
UddYUf
]b
h\Y
WcadcbYbh
hfUm"

&
BUaY
h\Y
Wcbhfc`
9ffcfDfcj]XYf7iffYbhN]d7cXY" '
8ciV`Y!W`]W_
h\Y
C?
Vihhcb" (
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
VhbC_S7`]W_
YjYbh
\UbX`Yf" 

3ULYDWH6XEEWQ2NB&OLFN%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP(YHQW$UJV 

+DQGOHVEWQ2N&OLFN

&.)

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0



,I9DOLGDWH=LS 7KHQ



8SGDWH&XUUHQW,QIR



0H'LDORJ5HVXOW :LQGRZV)RUPV'LDORJ5HVXOW2.



0H&ORVH



(QG,I



(QG6XE

)
5XX
h\Y
Zc``ck]b[
JU`]XUhYN]d
aYh\cX" 

3ULYDWH)XQFWLRQ9DOLGDWH=LS $V%RROHDQ



'LP]LS1XPEHU$V,QWHJHU



'LP9DOLG=LS&RGH$V%RROHDQ 7UXH

 

,IW[W&XUUHQW=LS&RGH7H[W!6WULQJ(PSW\ 7KHQ



]LS1XPEHU &,QWW[W&XUUHQW=LS&RGH7H[W



,I1RW]LS1XPEHU! $QG]LS1XPEHU  7KHQ



(UURU3URYLGHU&XUUHQW=LS&RGH6HW(UURUB



0HW[W&XUUHQW=LS&RGHB



,QYDOLG=LS&RGHHQWHUDYDOLG86]LSFRGHB



%HWZHHQDQG 



9DOLG=LS&RGH )DOVH



(OVH



(UURU3URYLGHU&XUUHQW=LS&RGH6HW(UURUB



0HW[W&XUUHQW=LS&RGH



(QG,I



(OVH



(UURU3URYLGHU&XUUHQW=LS&RGH6HW(UURUB



0HW[W&XUUHQW=LS&RGHB



,QYDOLG=LS&RGHHQWHUDYDOLG86]LSFRGHB



%HWZHHQDQG 



9DOLG=LS&RGH )DOVH



(QG,I



5HWXUQ9DOLG=LS&RGH



(QG)XQFWLRQ

H\Y
JU`]XUhYN]d
aYh\cX
YbgifYg
h\Uh
h\Y
N=D
WcXY
hYlh
Vcl
]g
bch
Yadhm
UbX
W\YW_g
h\Uh
h\Y
N=D
WcXY
]g
[fYUhYf
h\Ub
---
UbX
`Ygg
h\Ub
cf
YeiU`
hc
---)$"
=Z
bch
Ub
Yffcf
]g
X]gd`UmYX
ig]b[
h\Y
GYh9ffcf
aYh\cX
cZ
Yffcf
dfcj]XYf
Wcbhfc`"
=b
h\Y
WU``
hc
GYh9ffcf
h\Y
hlh7iffYbhN]d7cXY
hYlh
Vcl
]g
gdYW]Z]YX
k\]W\
]bX]WUhYg
h\Uh
h\Y
Yffcf
]g
UggcW]UhYX
k]h\
h\Y
hlh7iffYbhN]d7cXY
Wcbhfc`"
=Z
h\Y
N=D
WcXY
UddYUfg
hc
VY
jU`]X
h\Y
JU`]XN]d
aYh\cX
fYhifbg
HfiY/
ch\Yfk]gY
]h
fYhifbg
:U`gY"

*
Gk]hW\
VUW_
hc
h\Y
Dei^dch
Zcfa
]b
8Yg][b
j]Yk" 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.*

$0

+
GY`YWh
h\Yhlh7iffYbhN]d7cXY
hYlh
Vcl" ,
=b
h\Y
DfcdYfh]Yg
k]bXck
W`]W_
h\Y
YjYbhg
]Wcb
mY``ck
`][\hb]b[
hc
X]gd`Um
h\Y
YjYbhg
`]gh" $#
8ciV`Y!W`]W_
h\Y
?Ym8ckb
YjYbh" $$
5XX
h\Y
Zc``ck]b[
WcXY
hc
h\Y
hlh7iffYbN]d7cXYS?Ym8ckb
YjYbh
\UbX`Yf" 

3ULYDWH6XEW[W&XUUHQW=LS&RGHB.H\'RZQ%\9DOVHQGHU$V6\VWHP2EMHFW%\9DOH$V6\VWHP

:LQGRZV)RUPV.H\(YHQW$UJV +DQGOHVW[W&XUUHQW=LS&RGH.H\'RZQ 

,IH.H\&RGH.H\V'2U(OVHH.H\&RGH!.H\V'7KHQ



 'HWHUPLQHZKHWKHUWKHNH\VWURNHLVDQXPEHUIURPWKHNH\SDG



,IH.H\&RGH.H\V1XP3DG2U(OVHH.H\&RGH!.H\V1XP3DG7KHQ



 'HWHUPLQHZKHWKHUWKHNH\VWURNHLVDEDFNVSDFH



,IH.H\&RGH!.H\V%DFN7KHQ



,IH.H\&RGH!.H\V(QWHU7KHQ



0HVVDJH%R[6KRZ2QO\QXPHULFFKDUDFWHUVSOHDVH



(QG,I



(QG,I



(QG,I



(QG,I



(QG6XE

H\]g
WcXY
W\YW_g
h\Y
igYfÇg
_Ymghfc_Yg
Ug
h\Ym
hmdY
]b
h\Y
N=D
WcXY"
=Z
h\Y
_Ymghfc_Y
]g
bch
U
biaVYf
U
aYg! gU[Y
Vcl
]g
X]gd`UmYX"

IDH6K:H:II>C
&.+

&LQGG



3ULYDWH6XE8SGDWH&XUUHQW,QIR



,I0HW[W&XUUHQW=LS&RGH7H[W!0\6HWWLQJV&XUUHQW=LS&RGH 7KHQ



0\6HWWLQJV&XUUHQW=LS&RGH 0HW[W&XUUHQW=LS&RGH7H[W



0DLQFXUUHQW=LS&RGH 0HW[W&XUUHQW=LS&RGH7H[W



0\6HWWLQJV6DYH



0DLQ8SGDWH:HDWKHU



(QG,I



(QG6XE

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

H\Y
IdXUhY7ifffYbh=bZc
aYh\cX
gUjYg
h\Y
igYfÇg
N=D
WcXY
VUW_
hc
h\Y
Udd`]WUh]cb
gYhh]b[g"
=h
U`gc
WU``g
h\Y
IdXUhYKYUh\Yf
aYh\cX
]b
h\Y
WcXY
Zcf
h\Y
AU]b
Zcfa
hc
idXUhY
h\Y
kYUh\Yf
XUhU
Zcf
h\Y
bYk
N=D
WcXY"
H\Y
IdXUhY7iffYbh=bZc
aYh\cX
]g
WU``YX
k\Yb
h\Y
igYf
W`]W_g
C?
]b
h\Y
Cdh]cbg
X]U`c[
Vcl"

IZhi^c\LZVi]ZgIgVX`Zg Cdlndjl^aaiZhii]ZDei^dchY^Vad\Wdm#EgZhh;*idgjcLZVi]ZgIgVX`Zg#DcXZi]ZheaVh] hXgZZcY^hVeeZVgh!g^\]i"Xa^X`i]Z^Xdc^ci]Zcdi^[^XVi^dcVgZVVcYXa^X`Dei^dch#>ci]Z Dei^dchY^Vad\Wdm!iZhii]ZO>EkVa^YVi^dcXdYZ#;dgZmVbeaZ!ignidineZVae]VWZi^XX]VgVX" iZghVcYignidineZVc^ckVa^YO>EXdYZ#;^\jgZ."&'h]dlhi]ZZggdgegdk^YZgXdcigdal]Zc Vcdji"d["gVc\ZO>EXdYZ^hZciZgZY#

;^\jgZ."&' G[X
Xeebe
cebi\WXe
Vbageb_
\aW\VTg\aZ
Ta
Xeebe

L]Zc[^c^h]ZY!ineZ^cVkVa^YO>EXdYZVcYXa^X`D@#LV^i[dgV[ZlbdbZcihVcYdeZc i]ZBV^c[dgb#Ndjh]djaYhZZlZVi]ZgYViV[dgi]ZcZlO>EXdYZ# Ndjh]djaYWZegdjYd[ndjghZa[#NdjÈkZYZkZadeZYVcVeea^XVi^dcl^i]cjbZgdjhXdb" eaZm[ZVijgZh!VcY^ildg`hI]ZLZVi]ZgIgVX`ZgVeea^XVi^dcVXXdbea^h]Zhi]ZWVh^X[ZVijgZh ZhiVWa^h]ZYVii]ZWZ\^cc^c\d[i]ZX]VeiZg#I]ZgZ^heaZcind[gddb[dgZc]VcXZbZci#>c [VXi!^[ndjadd`^ci]Z8]VeiZg.[daYZgd[i]ZXdbeVc^dcXdciZci!ndjl^aa[^cYVcZc]VcXZY kZgh^dc#>[ndjlVci!X]ZX`djii]^hZc]VcXZYkZgh^dcVcYbVnWZhiZei]gdj\]i]ZXdYZid hZZ]dl^ildg`h#I]ZZc]VcXZYkZgh^dc^cXajYZhi]Z[daadl^c\XVeVW^a^i^Zh/ N 9^heaVnhlZVi]ZgYViV[dgi]ZXjggZciYVn!VhlZaaVhV("YVn[dgZXVhi# N >cXajYZhVcDei^dchY^Vad\Wdml^i]bVcnbdgZXdcigdahVcYhZii^c\h# 8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&.,

$0

N JhZhVO>E8dYZLZWhZgk^XZ!l]^X]VaadlhVjhZgidhZaZXi[gdbVa^hid[O>EXdYZh# N JhZhVHiViZ$Egdk^cXZhLZWhZgk^XZ!l]^X]VaadlhVjhZgidhZVgX][dgVO>EXdYZWnX^in# N 6aadlhjhZgidhZaZXiiZbeZgVijgZjc^i!l]Zi]Zg8ZaX^jhdg;V]gZc]Z^i# N JhZghVI^bZgXdcigdaidVjidbVi^XVaangZ[gZh]i]ZlZVi]ZgYViVVigZ\jaVg^ciZgkVahZ#\#! ZkZgn&%b^cjiZh#I]ZjhZgXVcX]Vc\Zi]^h^ciZgkVa# Cdl^iÈhi^bZidaZVgc]dlidY^hig^WjiZLZVi]ZgIgVX`ZgdgVcdi]ZgVeea^XVi^dc#

6cYCdl!?jhi8a^X`DcXZ 6cZliZX]cdad\n[dgYZeadnbZciXVaaZY8a^X`DcXZ^hcdlVkV^aVWaZl^i]#C:I;gVbZldg`'#%# >iÈhV[VciVhi^X[ZVijgZi]ViaZiÈhndjXjhidb^oZ]dlndjgidda\Zihdciddi]ZgeZdeaZÈh bVX]^cZh#>iÈhkZgnZVhnÄVabdhiVhZVhnVhYZeadn^c\LZWVeea^XVi^dch!l]^X]d[iZcdcan ZciV^ahXden^c\[^aZhdcidVhZgkZg#8a^X`DcXZVaadlhndj!i]ZYZkZadeZg!idY^hig^WjiZndjg Veea^XVi^dck^VVgdWjhiVcYgZa^VWaZbZX]Vc^hb#NdjXVcYZeadndcLZWhZgkZgh![^aZhZgkZgh! dgdcidV89$9K9#NdjXVcVYYi]Z#C:I;gVbZldg`idndjgY^hig^Wji^dceVX`V\ZVadc\l^i] HFAHZgkZg'%%*:megZhh:Y^i^dc^[ndjgVeea^XVi^dccZZYh^i#8a^X`DcXZ]VcYaZhgdaaWVX`VcY jc^chiVaalZaa!VcY^iÈhVX]Vgbidejh]cZljeYViZh#>cndjgXVhZ!ndjÈaaYZeadnidV89$9K9#

IDE68@6<:6C9EJ7A>H=NDJG6EEA>86I>DC Hc
YbgifY
h\Uh
U``
cZ
h\Y
"[]Z
Z]`Yg
fYdfYgYbh]b[
h\Y
kYUh\Yf
]Wcbg
UfY
]bW`iXYX
k]h\
h\Y
]bghU``Uh]cb


$ aU_Y
gifY
h\Y
6i]`X
5Wh]cb
dfcdYfhm
]g
gYh
hc
7cbhYbh
Zcf
U``
cZ
h\Y
"[]Z
]aU[Yg
]b
h\Y
Gc`ih]cb
9ld`cfYf"
H\]g
dfcWYgg
kUg
XYgWf]VYX
YUf`]Yf
]b
h\Y
W\UdhYf"

%
FYVi]`X
h\Y
Udd`]WUh]cb
Wcad`YhY`m
Vm
W`]W_]b[
6i]`X
KYUh\Yf
HfUW_Yfdci]Z7j^aYbZcj" =b
h\Y
Gc`ih]cb
9ld`cfYf
f][\h!W`]W_
h\Y
KYUh\Yf
HfUW_Yf
dfc^YWh
UbX
gY`YWh
DfcdYfh]Yg
hc
cdYb
h\Y


& Dfc^YWh
8Yg][bYf" &.-

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

'
7`]W_
h\Y
DiV`]g\
hUV"
Mci
g\ci`X
gYY
U
gWfYYb
h\Uh
`cc_g
`]_Y
h\Y
cbY
g\ckb
]b
:][ifY
-!%'"

;^\jgZ."&( ChU_\f[
gTU
\a
g[X
Ceb]XVg
7Xf\ZaXe

7`]W_
h\Y
5dd`]WUh]cb
:]`Yg
Vihhcb
hc
gYY
h\Y
`]gh
cZ
Z]`Yg
h\Uh
k]``
VY
]bW`iXYX
]b
h\Y
]bghU``Uh]cb"
5``
cZ


( h\Y
"[]Z
Z]`Yg
g\ci`X
VY
`]ghYX"
7`]W_C?"

Mci
bck
kUbh
hc
gY`YWh
h\Y
dfYfYei]g]hYg
Zcf
mcif
Udd`]WUh]cb"
K\Yb
h\Y
]bghU``Yf
fibg
cb
h\Y
igYfÇg
aUW\]bY
]h
k]``
W\YW_
Zcf
h\Y
dfYgYbWY
cZ
h\YgY
]hYag"
=Z
h\Ym
UfY
bch
dfYgYbh
h\Y
]bghU``Yf
k]``
Vm
XYZUi`h
Xckb`cUX
h\Ya
Zfca
A]WfcgcZh"Wca
cf
Ubch\Yf
gcifWY
h\Uh
mci
\UjY
WcbZ][ifYX" 7`]W_
h\Y
DfYfYei]g]hYg
Vihhcb"
=b
h\Y
DfYfYei]g]hYg
X]U`c[
Vcl
gY`YWh
h\Y
"B9H
:fUaYkcf_
&"$UbX


) K]bXckg
=bghU``Yf
'"%
W\YW_
VclYg"
AU_Y
gifY
h\Y
8ckb`cUX
DfYfYei]g]hYg
:fca
H\Y
7cadcbYbh
JYbXcfÇg
KYV
G]hY
cdh]cb
]g
gY`YWhYX"
7`]W_
C?"

*
7`]W_
h\Y
DiV`]g\
K]nUfXVihhcb" H\Y
Z]fgh
dU[Y
cZ
h\Y
k]nUfX
UddYUfg
Ug
g\ckb
]b
:][ifY
-!%(
Ug_]b[
mci
hc
gdYW]Zm
U
`cWUh]cb
hc
diV`]g\
h\Y
Udd`]WUh]cb"

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

&..

$0

7`]W_
h\Y
6fckgY
Vihhcb"
=b
h\Y
CdYb
KYV
G]hY
X]U`c[
Vcl


+ gY`YWh
:]`Y
GmghYacb
h\Y
`YZh
UbX
h\Yb
gY`YWh
U
`cWUh]cb
cb
mcif
WcadihYf
k\YfY
mci
kUbh
hc
diV`]g\
mcif
Udd`]WUh]cb"
=
gi[[Ygh
mci
WfYUhY
U
bYk
Zc`XYf
bUaYX
KYUh\Yf
HfUW_Yf"
Mci
WUb
igY
h\Y
7fYUhY
BYk
:c`XYf
]Wcb
Uh
h\Y
iddYf
`YZh
hc
WfYUhY
U
bYk
Zc`XYf"
K\Yb
Z]b]g\YX
W`]W_
h\Y
CdYb
Vihhcb
UbX
h\Yb
W`]W_
BYlh" Cb
h\Y
bYlh
dU[Y
gY`YWh
\ck
h\Y
igYf
k]``
]bghU``
h\Y
Udd`]WU!

, h]cb"
=h
Wci`X
VY
U
KYV
g]hY
U
IB7
g\UfY
cb
U
bYhkcf_
cf
U


78
cf
8J8"
GY`YWh
h\Y
:fca
5
78!FCA
Cf
8J8!FCA
W\c]WY
UbX
W`]W_
BYlh"

$# H\Y
bYlh
dU[Y
Ug_g
k\Yh\Yf
mci
kUbh
mcif
Udd`]WUh]cb
hc
`cc_


Zcf
idXUhYg
YjYfm
h]aY
]h
ghUfhg"
6YWUigY
mci
UfY
XYd`cm]b[
cb
U
78
cf
8J8
mci
kcbÇh
\UjY
mcif
Udd`]WUh]cb
W\YW_
Zcf
idXUhYg"
GY`YWh
h\Y
XYZUi`h
H\Y
5dd`]WUh]cb
K]``
Bch
7\YW_
:cf
IdXUhYg
W\c]WY
UbX
7`]W_
CZmi
hc
Wcbh]biY"

$$
7`]W_
:]b]g\
hc
diV`]g\
mcif
Udd`]WUh]cb" ;^\jgZ."&) ChU_\f[\aZ
J\mTeWÆf
Y\efg
cTZX

5ZhYf
U
ZYk
acaYbhg
gYhid
Z]`Yg
k]``
VY
WfYUhYX
Uh
h\Y
Zc`XYf
`cWUh]cb
mci
gY`YWhYX
YUf`]Yf"
Hc
hYgh
h\Y
]bghU`! `Uh]cb
XciV`Y!W`]W_
h\Y
GYhid"YlY
Z]`Y"
8if]b[
h\Y
]bghU``Uh]cb
U
g\cfhWih
k]``
VY
UXXYX
hc
h\Y
Dfc[fUag
aYbi"
Hc
ib]bghU``
h\Y
Udd`]WUh]cb
igY
5XX
Cf
FYacjY
Dfc[fUag
]b
h\Y
7cbhfc`
DUbY`" CbWY
h\Y
]bghU``Uh]cb
kcf_g
Ug
YldYWhYX
mci
WUb
XYd`cm
mcif
Udd`]WUh]cb
Vm
g]ad`m
Vifb]b[
h\Y
]bghU``Uh]cb
Z]`Yg
cbhc
U
78
cf
8J8"
ABG8

ABG8

:kZgni^bZndjejWa^h]ndjgVeea^" XVi^dc!i]ZejWa^h]kZgh^dccjbWZg cdii]ZVeea^XVi^dckZgh^dccjb" WZgl^aaWZ^cXgZbZciZYÄi]Vi ^h!^il^aaWZXdbZkZgh^dc&#%#%#%! &#%#%#&!VcYhddc#

9jg^c\i]Z^chiVaaVi^dc!^[ndj\Zi VcZggdgbZhhV\Zi]Vii]ZVeea^XV" i^dckVa^YVi^dcY^YcdihjXXZZYdg ndjgZXZ^kZVcdi]ZgZggdgbZhhV\Z! igngZ"ejWa^h]^c\ndjgVeea^XVi^dc VcYiZhi^c\V\V^c

8a^X`DcXZ]VhbdgZ[ZVijgZh!Wjii]^hh]dgiYZbdchigVi^dcXVc\ZindjhiVgiZYXgZVi^c\ ndjgdlc^chiVaaVi^dch#

'%%

&LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

$0

>cHjbbVgn### 8dc\gVijaVi^dchdc\Zii^c\i]^h[Vg>]deZndjÈkZaZVgcZYVadiVcY]VYhdbZ[jcYZkZade" ^c\Veea^XVi^dchjh^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#>[ndja^`Zl]VindjÈkZaZVgcZYVcY >XZgiV^can]deZhd!i]ZcndjgZYjXVi^dc^h_jhiWZ\^cc^c\#I]ZgZÈhhdbjX]bdgZidhZZVcY ign#I]^hWdd`egdk^YZYVhbVaahVbeaZd[i]ZineZhd[Veea^XVi^dchndjXVcXgZViZ#BnVYk^XZ idndj^hidXdci^cjZi]^c`^c\d[[jcegd_ZXihndjXVcXgZViZNdjÈaaWZhjgeg^hZYVi]dl bjX]ndjXVcVXXdbea^h]#>cbnde^c^dc!YZkZade^c\VcVeea^XVi^dc^hdcZi]Z\gZViZhi[ZZa" ^c\hd[VXXdbea^h]bZci#EZdeaZVgZegdjYd[i]Z^gVeea^XVi^dchVcYndjl^aaWZ!idd >[ndj]VeeZcidXgZViZVcVeea^XVi^dci]ViÈhjhZ[jaidndj!X]VcXZhVgZi]Vi^iXdjaYWZ jhZ[ja[dgdi]ZghVhlZaa#>ci]ZZcY!ndjb^\]iWZ]Zae^c\eZdeaZWnegdk^Y^c\i]Zbl^i] i]Z[gj^ihd[ndjgaVWdg#NdjXVcVahd_d^cYZkZadebZciegd_ZXih[dg[jcVcY]Zaedi]Zgh^c i]ZegdXZhhl]^aZaZVgc^c\V\gZViYZVa#K^h^icHZeiZbWZg'%%*!>hiVgiZYlg^i^c\VXdajbcdcBH9Ci]Vi^hYZkdiZYidegd\gVbb^c\ [dg[jc#I]ZXdajbc^hXVaaZY8dY^c\);jcVcYXVcWZ[djcYVi]iie/$$bhYc#b^Xgdhd[i#Xdb$ XdY^c\)[jc$#EVgid[i]^hXdajbcdcBH9CeZgiV^chid^begdk^c\i]ZLZVi]ZgIgVX`ZgVeea^" XVi^dcndjXgZViZY]ZgZ!hdWZhjgZidadd`[dgi]^h[ZVijgZ#NdjXVcVahdk^h^ibnWad\Vi ]iie/$$Wad\h#bhYc#Xdb$eeZaaVcY$#>]VkZcÈijeYViZYbnWad\[dgVl]^aZWZXVjhZ>ÈkZWZZc Wjhnlg^i^c\i]^hWdd`VhlZaaVh]Zae^c\idh]^eK^hjVaHijY^d'%%*!WjigZhiVhhjgZYi]Vi^c i]ZcZVg[jijgZ!>l^aa]VkZhdbZjeYViZh>cdgbVaanWad\ViaZVhi)"*i^bZhVlZZ`#NdjXVc jhZbnh^iZVhVcdi]ZgadXVi^dcid`ZZe^c[dgbZYVWdjiXddahij[[^ci]Z:megZhhegdYjXih a^cZ# Jci^ai]Zc!]VeenYZkZade^c\

8]VeiZg./7j^aYNdjgDlcLZVi]ZgIgVX`Zg6eea^XVi^dcCdl

&LQGG

'%&

$0

&LQGG

$0

:_bffTeL 4 Vg\jbZci6kVg^VWaZi]Vi^heVhhZYidVhjWegd\gVb

YViVW^cY^c\6cZVhnVcYigVcheVgZcilVnidgZVY$lg^iZ Va^c`WZilZZcVXdcigdadcVL^cYdlh;dgbVcYVYViV hdjgXZ[gdbndjgVeea^XVi^dc

5

YZWj\\Zg6XdbejiZgegd\gVbjhZYid[^cYi]ZYZ[ZXih^c Vcdi]Zgegd\gVb

WaVX`WdmiZhi^c\;jcXi^dcVaiZhi^c\d[VXdbejiZgegd" \gVbidhZZi]Vi^ieZg[dgbhXdggZXian

9AA9ncVb^XA^c`A^WgVgn6W^cVgnVeea^XVi^dca^WgVgn [^aZ[dgbVi^cB^Xgdhd[iL^cYdlh

WgZV`ed^ci6eVjhZdghidee^c\eaVXZ^cVegd\gVb!^ciZc" i^dcVaan^chZgiZYid]Zael^i]YZWj\\^c\

8

6

ZcXVehjaVi^dc=^YZheg^kViZbZi]dYhd[VXaVhhdgdW_ZXi0 ZchjgZhi]ViVcdW_ZXiXVccdiWZX]Vc\ZY

XaVhhI]ZWVh^XWj^aY^c\WadX`d[DDegd\gVbb^c\0^i YZ[^cZhi]Z[^ZaYh!egdeZgi^Zh!bZi]dYh!VcYZkZcihd[Vc dW_ZXi

ZkZci6hd[ilVgZbZhhV\Zi]Vi^cY^XViZhhdbZi]^c\]Vh ]VeeZcZY^ci]Zegd\gVb

Xdbe^aZg6XdbejiZgegd\gVbi]ViigVchaViZhi]Z^chigjX" i^dchlg^iiZc^cdcZXdbejiZgaVc\jV\Z^ciddjieji^c Vcdi]ZgXdbejiZgaVc\jV\Z0Xdbe^aZghigVchaViZhdjgXZXdYZ ^cidhdbZineZd[bVX]^cZaVc\jV\Zi]ViXVcWZZmZXjiZY WnVXdbejiZg

9

XdchdaZVeea^XVi^dc6cVeea^XVi^dci]Vi^hgjc[gdbVXdb" bVcYegdbeil^i]cdL^cYdlhdgLZW^ciZg[VXZ XdciZmi"hZch^i^kZbZcj6bZcji]Viegdk^YZhY^[[ZgZci X]d^XZhidi]ZjhZgYZeZcY^c\dcl]Zc^i^hVXXZhhZY Xdcigdah8dbedcZcihd[VciZg[VXZ!hjX]Vh iZmiWdmZhdgWjiidch

7 YViVbZbWZg9ViVZcXVehjaViZYl^i]^cVXaVhhdgdW_ZXi YViVWVhZ6XdaaZXi^dcd[YViVi]Vi^hhidgZY^c[^aZhjh^c\V hnhiZbVi^XhigjXijgZ 

=LQGG

ZmZXji^dcZc\^cZ9ZkZadebZciidda[dgZmZXji^c\egd" \gVbh

;8A;gVbZldg`8aVhhA^WgVg^Zh6hZid[egZ"lg^iiZcXdYZ [dgXdbbdcegd\gVbb^c\iVh`h

; ]neZga^c`6gZ[ZgZcXZ^cV]neZgiZmiYdXjbZciidVcdi]Zg YdXjbZcidgadXVi^dc

< ^Xdc6hbVaa^bV\Zdge^XijgZjhZYidgZegZhZciVegd\gVb! [^aZ!dgdi]ZgdW_ZXi >9:>ciZ\gViZY9ZkZadebZci:ck^gdcbZci8dbejiZg hd[ilVgZiddahi]Vi]ZaeYZkZadeZghlg^iZXdbejiZgegd" \gVbh

'%(

30

heaVh]hXgZZc6c^bV\Zi]ViVeeZVghdci]ZhXgZZcl]^aZ Vegd\gVb^hadVY^c\0^iegdk^YZh^c[dgbVi^dcidi]ZjhZg VWdjii]ZadVY^c\egdXZhhVcYY^hVeeZVghdcXZi]Zegd\gVb ^hadVYZY

^c]Zg^iDW_ZXihVgZXgZViZYi]ViVgZheZX^Va^oZYineZhd[ Zm^hi^c\dW_ZXihVcYXVch]VgZVcYZmiZcYi]Z^gWZ]Vk^dg l^i]dji]Vk^c\idgZ"^beaZbZci^i ^chiVcXZ6bVc^[ZhiVi^dcd[VXaVhh

= ?hXg^ei6c6Xi^kZHXg^ei^c\:c\^cZ0i]ZB^Xgdhd[ikZgh^dcd[ ?VkVHXg^ei

@

HFAHZgkZg'%%*:megZhh:Y^i^dc6kZgh^dcd[HFAHZgkZg '%%*YZh^\cZYid]ZaeYZkZadeZghWj^aYVeea^XVi^dchWnegd" k^Y^c\VedlZg[jaYViVWVhZi]Vi^hVahd[gZZVcYZVhnidjhZ hig^c\6hZfjZcXZd[X]VgVXiZghdgldgYh

G

bZi]dYEgdXZYjgZdg[jcXi^dc0Ve^ZXZd[XdYZVhhdX^ViZY l^i]VXaVhhdgdW_ZXi

iddaWVg6gdldghZXi^dcd[Xa^X`VWaZ^Xdchi]ViVXi^kViZY^[" [ZgZci[jcXi^dchd[Vegd\gVb

B^Xgdhd[i#C:I6hd[ilVgZYZkZadebZcieaVi[dgbYZkZa" deZYWnB^Xgdhd[i

H

B

jhZg^ciZg[VXZJ>I]ZbZVchWnl]^X]jhZgh^ciZgVXil^i] VXdbejiZgegd\gVb

dkZgg^YZ6XaVhhdgdW_ZXibVngZeaVXZVWZ]Vk^dg^i]Vh ^c]Zg^iZY

I

C

kVg^VWaZ6higjXijgZi]Vi]daYh^c[dgbVi^dciZbedgVg^an[dg jhZaViZg^cVegd\gVb

EZga6egd\gVbb^c\aVc\jV\Zi]VihjeedgihWdi]egdXZ" YjgVaVcYdW_ZXi"dg^ZciZYegd\gVbb^c\ egd\gVbb^c\aVc\jV\Z6bZi]dY[dgegdk^Y^c\^chigjX" i^dchidVXdbejiZg

K^hjVa7Vh^X'%%*:megZhh:Y^i^dc6higZVba^cZYkZgh^dc d[K^hjVa7Vh^Xi]Viegdk^YZh]dWWn^hih!hijYZcih!VcYcdk^XZh VcZVhn"id"jhZL^cYdlhegd\gVbb^c\VcYYZkZadebZci idda

egdeZgin6fjVa^ind[VcdW_ZXi

J

Eni]dc6cdW_ZXi"dg^ZciZYXdbejiZgegd\gVbb^c\aVc" \jV\Z

L^cYdlhVeea^XVi^dc8dbejiZghd[ilVgZi]Viegdk^YZh kVg^djh[jcXi^dch[dgi]ZjhZg!hjX]VhldgYegdXZhh^c\!YViV" WVhZ!dghegZVYh]ZZi

E gZ[ZgZcXZI]ZVYYgZhhd[i]ZbZbdgnheVXZjhZYidhidgZ ^c[dgbVi^dcVWdjiVkVg^VWaZ

F HXgZZcI^eH]dgi!XdciZmi"hZch^i^kZ^c[dgbVi^dcegdk^YZYVi i]Zed^cil]ZgZi]ZXjghdg^h]ZaY

'%)

=LQGG

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

ciZaa^HZchZ!+%Ã+' eajhhnbWda![dgegdeZgi^Zh!).

4 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* VYY^c\L^cYdlh[dgbh!-'Ã-, 69D#C:I!&)+Ã&+% Va^\c^c\l^i]hcVea^cZh!*-Ã*. 6aaiVW>ciZaa^HZchZ!+' 6ae]VWZi^XVaWjiidc!). Vci^henlVgZegd\gVbh!&+ Veea^XVi^dch Wg^c\^c\jeheaVh]hXgZZch!-'Ã--! &,(Ã&,* XdchdaZkh#L^cYdlhVeea^XVi^dch! '+Ã', Xjhidb^o^c\^Xdchl^i]^c!&%%Ã&%+ YZWj\\^c\#HZZYZWj\\^c\ 9AAh^c!&&% gZ[ZgZcXZhid!&&&Ã&&' hZaZXi^c\^Xdch[dg!-* hidee^c\!&,% i^iaZh!X]Vc\^c\!-* Vg\jbZcih[dgbZi]dYh!*' VggVc\^c\iVWaZh!&)& 6H8>>X]VgVXiZgh!', 6hhZbWan>c[dgbVi^dc###Wjiidc!-* Vjid"XdggZXi^dcd[XdYZ!+)Ã++ 

;=LQGG

5 WVX`\gdjcYXdYZ!VYY^c\hjeedgi^c\! &-+Ã&-, WVX`\gdjcYiVh`h!eZg[dgb^c\!&-'Ã&-* W^cY^c\cVk^\Vidg!&*) W^cY^c\hdjgXZ!&*( WaVX`WdmiZhi^c\!.( WgZV`ed^cih!&&'Ã&'( WgdlhZg!XgZVi^c\ZmVbeaZ!)*Ã** Xjhidb^o^c\VcYeZghdcVa^o^c\! -&Ã&%, Wj^aY^c\Veea^XVi^dch#HZZXdbe^a^c\ 7jiidcXdcigda!,' Wjiidch!^Xdch[dg!&%%Ã&%+ 7nGZ[`ZnldgY!&&7nKVa`ZnldgY!&&-

6 XVgY^cVa^in!&)& XViX]^c\ZmXZei^dch!&'& 8]ZX`7dmXdcigda!,( XaVhha^WgVg^Zh!&% 8a^X`DcXZYZeadnbZci!&'!&.-Ã'%% XdYZ ]dlidgZVY!(hc^eeZih>ciZaa^HZchZ!&&!+'Ã+) hiZee^c\i]gdj\]!&&( kZg^[^XVi^dc!VYY^c\idlZVi]Zg igVX`Zg!&-.Ã&.% 8dYZodcZ8dbbjc^in!(+

XdY^c\Zggdgh!YZiZXi^dcd[!+)Ã++ Xdajbch!VYY^c\idYViVWVhZiVWaZh! &(, 8dbWd7dmXdcigda!,( XdbbZcih^cXdYZ!,, 8dbbdciVW>ciZaa^HZchZ!+' XdbbdcL^cYdlhXdcigdah!a^hid[! ,'Ã,) Xdbbjc^inVXXZhhVcYhiVgieV\Z!&' Xdbe^a^c\!(XdbedcZciigVn!&*(Ã&*) #Xdc[^\[^aZh!&). XdccZXi^dchig^c\h!&)XdchdaZVeea^XVi^dch!&% XdY^c\ZmVbeaZ!(,Ã)& \Zii^c\]Zaedc#HZZ]Zae L^cYdlhVeea^XVi^dchkh#!'+Ã', XdchigV^cih[dg[dgZ^\c`Znh!&('Ã&(( Xdcigdah!&&#HZZVahdheZX^[^XXdcigdaWn cVbZ VYY^c\id[dgbh!*% Va^\c^c\l^i]hcVea^cZh!*-Ã*. Xdbbdc!a^hid[!,'Ã,) YViVW^cY^c\!&), Y^Vad\WdmZh!--Ã.(!.&Ã.(!&,(Ã&,* 6WdjiY^Vad\Wdm!--Ã.& bV^c[dgbXdcigda!YViVhdjgXZ[dg! &++ egdeZgi^Zh[dg!)gZcVb^c\!+-Ã,& o"dgYZg!.* Xdeng^\]i^c[dgbVi^dc!-* '%*

30

XdgZ[jcXi^dcVa^in!lZVi]ZgigVX`Zg Veea^XVi^dc!&-,Ã&.XdggZXi^c\Zggdgh!+)Ã++ WaVX`WdmiZhi^c\!.( XdggZXi^dch[dgi]^hWdd`!lZWadXVi^dc! &+( 8IEkZgh^dchd[K^hjVaHijY^d'%%*!&, 8iga HeVXZWVg>ciZaa^HZchZ!+%

7 YViVXdccZXi^dch!&)YViV^ciZ\g^inVcYcdgbVa^oVi^dc! &',Ã&'. YViVbVcV\ZbZci!&'*Ã&+& YViVbZbWZgh!*' 9ViVHdjgXZ8dc[^\jgVi^dcL^oVgY!&(* YViVhdjgXZ[dgbV^c[dgbXdcigda!&++ 9ViVHdjgXZhiVW!&)YViVWVhZY^V\gVbh!&(. 9ViVWVhZ:meadgZg!&(+ YViVWVhZh!&'+Ã&() XgZVi^c\!&(*Ã&(XgZVi^c\gZaVi^dch]^ehWZilZZciVWaZh! &(.Ã&)' ZciZg^c\iVWaZYViV!&)(Ã&)+ ^ciZgVXi^c\l^i]!&((Ã&() cdgbVa^oVi^dcVcY^ciZ\g^in!&',Ã&'. eg^bVgnVcY[dgZ^\c`Znh!&(%Ã&(( YViVW^cY^c\!&), YViVhZih!XgZVi^c\!&)YZWj\\Zgk^hjVa^oZgh!&'!&'% YZWj\\^c\!+)Ã++!&&%Ã&'( WaVX`WdmiZhi^c\!.( YZaVn!heaVh]hXgZZc!-YZaZi^c\WgZV`ed^cih!&&, YZaZi^c\gdlh[dgiVWaZh!&)* YZh^\caVndji!),Ã*( YZh^\cZg#HZZL^cYdlh;dgb9Zh^\cZg '%+

;=LQGG

9Zhi^cVi^dc;daYZg![dg^chiVaaVi^dc!'% YZiZXi^c\Zggdgh!+)Ã++ WaVX`WdmiZhi^c\!.( Y^Vad\WdmZh!--Ã.( 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* CVk^\ViZY^Vad\Wdm!.&Ã.( Y^hVWa^c\WgZV`ed^cih!&&, 9AAhYncVb^Xa^c`a^WgVg^Zh!&&% 9dXjbZciDjia^cZk^Zl!.* YdXjbZciVi^dc]Zae VXXZhh^c\!(( =ZaebZcj!VYY^c\idVeea^XVi^dch! -. ^chiVaa^c\!'% 9djWaZ7j[[ZgZYegdeZgin!&+, YjgVi^dcd[heaVh]hXgZZc!--

8 :Y^iVcY8dci^cjZ[ZVijgZ!&'!&&+ :cVWaZMEk^hjVahinaZhX]ZX`Wdm!-+ ZcXVehjaVi^dc!*' ZciZg^c\YViV^cYViVWVhZiVWaZh! &)(Ã&)+ ZggdgYZiZXi^dcVcYXdggZXi^dc!+)Ã++ WaVX`WdmiZhi^c\!.( ZkZcih!ig^\\Zg^c\!,*Ã,egd\gZhhWVgh!.+Ã.. :mXZei^dc6hh^hiVci!&&. ZmXZei^dch#HZZVahdYZWj\\^c\ XViX]^c\!&'& jc]VcYaZY!&&:megZhh:Y^i^dchd[K^hjVa HijY^d'%%*!.Ã&' ^chiVaa^c\!&*Ã'(

9 [^aiZg^c\!>ciZaa^HZchZ!+'

;^cYCZmiWjiidc!,% [^m^c\Veea^XVi^dch#HZZYZWj\\^c\ [daYZg[dghd[ilVgZ^chiVaaVi^dc!'% [dgZ^\c`Znh!&(%!&('Ã&(( XgZVi^c\gZaVi^dch]^eh!&)%Ã&)& YZaZi^c\gdlh[dgiVWaZh!&)* [dgbXdcigdah!&&#HZZVahdheZX^[^X XdcigdaWncVbZ VYY^c\!*% Va^\c^c\l^i]hcVea^cZh!*-Ã*. Xdbbdc!a^hid[!,'Ã,) YViVW^cY^c\!&), Y^Vad\WdmZh!--Ã.( egdeZgi^Zh[dg!)gZcVb^c\!+-Ã,& o"dgYZg!.* [dgbh VYY^c\!-'Ã-, VYY^c\lZVi]Zg^c[dgbVi^dc!&,.Ã&-& bV^c![^c^h]^c\lZVi]ZgigVX`Zg! &.%Ã&.' bdYVa[dgbh!.& cdi^[^XVi^dcVgZVh!&+,Ã&,%

: ;
< ^Xdch XgZVi^c\VcYYZhigdn^c\cdi^[^XVi^dc! &-,Ã&-.

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

Xjhidb^o^c\l^i]^cVeea^XVi^dch! &%%Ã&%+ cdi^[^XVi^dcVgZVh!&+,Ã&,% hZaZXi^c\[dgVeea^XVi^dch!-* >9:!'-Ã(& XdbedcZcihd[!(%Ã(Xjhidb^o^c\!(.Ã)& ^YZci^inheZX^[^XVi^dch!&(,!&)) >bV\ZegdeZginiddahig^eWjiidch!&%& >bbZY^ViZl^cYdl!&'( ^c]Zg^iVcXZ!+Ã, ^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh :Y^i^dc!&*Ã'( ^ciZ\g^in!YViV!&',Ã&'.!&)) [dgZ^\c`Znh!&('Ã&(( >ciZaa^HZchZ!&&!*.Ã+) >ciZaa^HZchZ;^aiZg^c\!+' ^ciZgVXi^c\l^i]gZaVi^dcVaYViVWVhZh! &((Ã&() ^ciZgVXi^dc!jhZY^Vad\WdmZh!--Ã.( 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* CVk^\ViZY^Vad\Wdm!.&Ã.( ^ckd`^c\XdYZhc^eeZih!+(

> ? `Znh!YViVWVhZ!&(%Ã&(( @ZnJeZkZci!&%) AVWZaXdcigda!,' aVWZah!Va^\c^c\l^i]hcVea^cZh!*-Ã*. aZ[ieVgZci]Zh^hÅÅ!+& A^hi7dmXdcigda!,) adXVaYViVWVhZ[^aZh!&*' AdXVa=Zae!(* AdXVahiVWYZWj\\^c\!&&)Ã&''

>cYZm

;=LQGG

@ bV^c[dgb!lZVi]ZgigVX`Zg![^c^h]^c\! &.%Ã&.' bV^c[dgbXdcigda!YViVhdjgXZ [dg!&++ bV^ciddaWVg!>9:!(% bVcV\ZYVeea^XVi^dch!YZ[^cZY!(#HZZ VahdVeea^XVi^dch bVcV\^c\YViV!&'*Ã&+& #bY[[^aZZmiZch^dc!&(* bZcjWVg!>9:!(% bZcjh!XgZVi^c\!.'Ã.( BZcjHig^eXdcigda!,* BZcjHig^eXdcigdah!-. B^Xgdhd[iJeYViZ!'' b^hiV`Zh^cXdY^c\!YZiZXi^c\!+)Ã++ bdYVa[dgbh!.& BdY^[n8dccZXi^dc###Y^Vad\Wdm!&(+ BH9C:megZhhA^WgVgn!^chiVaa^c\!'%# HZZVahd]Zae BH9C;ZZYhhZXi^dc!(% BH9CDca^cZ!(+ bjai^i]gZVYZYegd\gVbb^c\!&-'Ã&-, BKEhbdhikVajVWaZ egd[Zhh^dcVah!(, BnXdchigjXi!&& BncVbZheVXZ!++Ã+-

A cVbZh[dgVeea^XVi^dch!)+ cVijgVa`Znh!&(& CVk^\ViZY^Vad\Wdm!.&Ã.( #C:I;gVbZldg`!'Ã)!++ cZlegd_ZXih!hiVgi^c\ XdchdaZVeea^XVi^dch!(& l^cYdlhVeea^XVi^dch!)& cdgbVa^oVi^dc!YViV!&',Ã&'. cdi^[^XVi^dcVgZVh!&+,Ã&,%

cdi^[^XVi^dc^Xdc!XgZVi^c\VcY YZhigdn^c\!&-,Ã&-. Cjaa!&(% CjbZg^XJe9dlcXdcigda!,)

B dW_ZXi"dg^ZciZYegd\gVbb^c\DDE! )Ã.!+. dca^cZ]Zae VXXZhh^c\!(( =ZaebZcj!VYY^c\idVeea^XVi^dch! -. ^chiVaa^c\!'% DDEdW_ZXi"dg^ZciZYegd\gVbb^c\! )Ã.!+. Dei^dchY^Vad\Wdm ZmVbeaZ!&,*Ã&,+ iZhi^c\!&.,Ã&.ldg`^c\l^i]!&.)Ã&., dkZgg^YYZcbZi]dYh!+

C eVX`V\^c\ndjgVeea^XVi^dc!&.-Ã'%% eVhh^c\WngZ[ZgZcXZ$kVajZ!&&eZgXZcil^aYXVgYHFA!&*eZg^dY#l^i]>ciZaa^HZchZ!+%Ã+' eajhhnbWda [dgegdeZgi^Zh!). egZ"gZaZVhZkZgh^dchd[K^hjVa7Vh^X '%%*:megZhh:Y^i^dc!&, eg^bVgn`Znh!&(%Ã&(& Egd[Zhh^dcVakVajZGZcYZgBdYZ egdeZgin!., egd\gZhhWVgh!.+Ã.. Egd_ZXi9Zh^\cZg!-) egd_ZXih!)* VYY^c\LZWhZgk^XZhid!&,, cZlXdchdaZVeea^XVi^dch!(& '%,

30

cZll^cYdlhVeea^XVi^dch!)& egdeZgi^Zh[dg[dgbXdcigdah!)ejWa^h]^c\ndjgVeea^XVi^dc!&.-Ã'%%

D E fjZg^Zh!&((Ã&() FjZhi^dchhZXi^dc!(, G69gVe^YVeea^XVi^dcYZkZadebZci! *, GVY^d7jiidcXdcigda!,( gZVY^c\XdYZ!(gZVa"i^bZZggdgYZiZXi^dc!+)Ã++ GZXZciEgd_ZXihhZXi^dc!'. gZ[ZgZcXZ#bVe[^aZ!&,. gZ[ZgZcXZhidVeea^XVi^dch!&&&Ã&&' gZaVi^dcVaYViVWVhZh#HZZYViVWVhZh gZaVi^dch]^ehWZilZZciVWaZh!XgZVi^c\! &(.Ã&)' gZcVb^c\!+-Ã,& Wjiidch!-, GZcYZgBdYZegdeZgin!., gdlh[dgiVWaZh!YZaZi^c\!&)* gjcc^c\Veea^XVi^dch!*(

F HVkZ;^aZ9^Vad\Xdcigda!,+ hVk^c\XdYZ!(HZVgX]8g^iZg^V7j^aYZg!&+% HZVgX][ZVijgZ!+. HZXjg^in8ZciZg!'' H]dl6aa;^aZhWjiidc!,% H]dl6aaHZii^c\hX]ZX`Wdm!(% h^YZ"Wn"h^YZZmZXji^dch!&+ h^beaZiZmi!', hbVgiYZ[Vjaih!&** hbVgiiV\h!&'!+* hcVea^cZh!*-Ã*. '%-

;=LQGG

hc^eeZih>ciZaa^HZchZ!&&!+'Ã+) Hdaji^dc:meadgZg!(%!('Ã(, gZcVb^c\hnbWdah^c!,& heaVh]hXgZZch!-'Ã--!&,(Ã&,* henlVgZegZkZci^dcegd\gVbh!&+ HFAHigjXijgZYFjZgnAVc\jV\Z! &((Ã&() HiVgiEV\Z!>9:!'. hiVgi^c\Veea^XVi^dch!-'Ã-hiVijhWVg!>9:!(& hiVijhWVgh!.+Ã.. hiZee^c\i]gdj\]XdYZ!&&( hidee^c\Veea^XVi^dch!&,% hjggd\ViZ`Znh!&(% hnbWdagZcVb^c\!+-Ã,& Wjiidch!-,

G I"HFAIgVchVXi"HFA!&*, iVWaZVYVeiZgh!&*) IVWaZ9Zh^\cZg!&(,Ã&(IVWaZAVndjiEVcZaXdcigda!-( IVWaZ6YVeiZgFjZgn8dc[^\jgVi^dc L^oVgY!&*, iVWaZh!YViVWVhZ!&'+ VggVc\^c\!&)& XgZVi^c\!&(,Ã&(XgZVi^c\gZaVi^dch]^ehWZilZZc! &(.Ã&)' ZciZg^c\YViV^cid!&)(Ã&)+ cdgbVa^oVi^dcVcY^ciZ\g^in!&',Ã&'. eg^bVgnVcY[dgZ^\c`Znh!&(%Ã&(( fjZgn^c\!&((Ã&() iZhi^c\#HZZYZWj\\^c\ IZmiWdmXdcigda!,' i^bZ[dgheaVh]hXgZZcY^heaVn!-i^iaZd[Veea^XVi^dc!-* Id\\aZ7gZV`ed^cidei^dc!&&,

iddahig^eXdciV^cZgh!.)Ã.+ Wjiidc^Xdch!&%%Ã&%+ iddaWVg!>9:!(% IddaWdm!>9:!(% IddaHig^eXdcigda!,* IddaI^eXdcigda!,) igVX`^c\X]Vc\Zh!+% IgVchVXi"HFA!&*, ig^\\Zg^c\ZkZcih!,*Ã,egd\gZhhWVgh!.+Ã.. ineZYYViVhZih!&*)

H jc]VcYaZYZmXZei^dch!&&jc^chiVaa^c\egZk^djhkZgh^dchd[ hd[ilVgZ!&, Jc^iZYHiViZhlZVi]ZgLZW hZgk^XZ!&+( jhZg^ceji!kVa^YVi^c\!&.)Ã&.+ jhZg^ciZgVXi^dcY^Vad\WdmZh!--Ã.( 6WdjiY^Vad\Wdm!--Ã.&!&,(Ã&,* CVk^\ViZY^Vad\Wdm!.&Ã.( jhZghZii^c\h!XgZVi^c\Zcig^Zh^c lZVi]ZgigVX`ZgVeea^XVi^dc!&-&Ã &-' Jh^c\hiViZbZcih!&&,

I kVa^YVi^c\!jhZg^ceji!&.)Ã&.+ kZg^[^XVi^dcXdYZ!VYY^c\!&-.Ã&.% k^h^W^a^in!eVcZah!.+ K^hjVa7Vh^X'%%*:megZhh:Y^i^dc!.Ã&' ^chiVaa^c\!&*Ã'( K^hjVa7Vh^X:megZhh=ZVYa^cZh!'. K^hjVa7Vh^X#C:I!)Ã. k^hjVa^oZgh!&'%

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

30

J LViX]iVWYZWj\\^c\!&'( lZVi]Zg^Xdch!VYY^c\!&.'Ã&.( lZVi]Zg^c[dgbVi^dc!VYY^c\idndjg [dgb!&,.Ã&-& lZVi]ZgigVX`ZgVeea^XVi^dcZmVbeaZ! &+(Ã'%& 8a^X`DcXZYZeadnbZci!&.-Ã'%% XdbeaZi^c\XdgZ[jcXi^dcVa^in! &-,Ã&.XgZVi^c\jhZghZii^c\hZcig^Zh! &-&Ã&-' eVX`V\^c\!&.-Ã'%% ejWa^h]^c\!&.-Ã'%% hVk^c\hZii^c\h!&.+ iZhi^c\!&.(!&.,Ã&.jeYVi^c\lZVi]ZgYViV!&.+ jhZg^ciZg[VXZ!XgZVi^c\!&+*Ã&,, lZWhZgk^XZhl^i]!&,,Ã&.LZWWgdlhZg!XgZVi^c\ZmVbeaZ! )*Ã** Xjhidb^o^c\VcYeZghdcVa^o^c\! -&Ã&%, LZWWgdlhZgXdcigdah!*% LZWhZgk^XZh!&,,Ã&.l^aYXVgY!HFA!&*L^cYdlhVeea^XVi^dch!&% Wj^aY^c\ZmVbeaZ!)&Ã)) XdchdaZVeea^XVi^dchkh#!'+Ã', L^cYdlhXdcigdah!a^hid[!,'Ã,) L^cYdlh;dgb9Zh^\cZg!&&!)'Ã)( L^cYdlh[dgbh!VYY^c\!-'Ã-, L^cYdlhJeYViZ!''

K M MBALZWHZgk^XZh!&& #mhY[^aZh!&). o"dgYZg!.* >cYZm

;=LQGG

'%.

30

;=LQGG

30

;=LQGG

30

;=LQGG

30