R26

©¹Y ªˆŸ

¶¯v¤¯ ºÎ

¾sz] vƒ¹z]¹yÎ,&7[Ȥ³Y¹ ±vƒ¾³Z¸k{Y¾ƒZ³½yZdsZ¹ ½uZÀ´]zÀÀœc¹uZ]¾³Z¸kuZˆd£YÎÖÖÍ ¶·uzsY¹Yyu

¶]v³Yºd]uZˆd£YZ¿b˜´‡ µZ.´]¦¿¶$³Z´# v³uZ¸³­Z³β¿º³uZˆd£Y Yyµv¿v¹u²¿Yv¯ZÀ¹ v´¿Mz]½uZˆd£Y±Yzº-ªÀº¬pc

,&7 b˜´‡zd€-¹ ½zÀ-ª¨ƒ uz§v·Yºsyv]±YvÀ¯{YYyuºs½Z^£yj¿yvc¶]v´§µuZ dY¾³Z¸kv³¹y²¿Y{YYyZ§ayº‡

¹ ½y¹µz¸]vƒyaYzgY±vƒyYv¿v¹ bŸZ¿½zÀ.°„#¢³¹yGRWFRP ¹ ,&7 ½Z·b§zƒuz¨¬°—Z]¶§ ­Z¸yY{Z]¢º³¹y

uº]v¿vkµy¹u²¿Y½Z·v¯ZÀ{Yº,&7 yu¹z„Àyº„§ºµvpd¯aÇZ¿Yyu½uZˆd£Y

½uZˆd£Y½Z·µZ.´]±M{Yzd°¸¯¹ uy¹M¾¯uºk¹¶]½v¿vkaZ¯vs¹ –¿Z´‡²À„ÀaǺpcz¿Zv´³Z°·,&7 [Ȥ³Y

ZcµZ-¶§ºzd„À]½y¹µz¸]¹ ¾-v³{uyYv³ZdYuº^¸]¶]aYzÀÀœc²¿Y v´´§¾¯bÀ«Z˜ŸzcYyZ§¶d^«Y¹ zca¹Z d¯,&7 ½zÀ-yZ¨]Z] b¿YzuZˆd£Y¶À¤]¶]v³Yµuº]¾´ŸzÀÀœczÀgZcbpcYvd]Y¶§¾¿Z·‚t]{Y½y¹µz¸]²¿Y v¯Zl³Y¾¯ºv]Z¿¾¯¶º¯YuY¶º·uv´º#

v]Z¿¾¯zd€-ZÀ³uZ¤³z¿Z¶]j¿yvc¶]µuYuqyZl³Myu½y¹Mº³¶§¾¿Z·yº„§{Y\Àczc²À°·¶]¹ v´§¾¯

uºsyZ§yºduyuYy¾—Z°dkY¹ ½uZˆd£Y½Z·v´¿MzŸyu,&7 ½zÀ-yZ¨]½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·±Z¯{Z¹ Z·bº«¹u

ª¿Çu bŸZ¿v·Yºs¶¯YuY½zd„À]ayv£Z]±Z§Z°§µv´¿Myu¾‡ºˆs‚t]¹ Z·b«¹u½º{Y,&7 {YµuZ dY vº³YµuYuyYzº£  {Yv´cyZ^—z¯Y²¿Y

,&7 aZ¯vs¹ yY|ŸY­z³aY|À¸lcb°À£‚·Z§º

ž¬dt¯½Z·yº„§yu,&7 zd€-¹ j¿¹zcº

,&7 ½Z¿Y|¯¥yuº

z.¿u½Z·yº„§Žºc¹z„À½Z·yº„§{Y,&7 ‚³Yu[xkº

aZ^ººgY½Yzºº] Z¸ºº³M bººY,&7 ½zÀ-yZ¨]v´¿MzŸ¶À«¹YªoYz¯{Y¾³º´§µy¹u¶§v³YµvÀ¤—²¿Yz]±ZZ´ƒyZ§¾ºsz]

ºz ³v‡z·½Y{Y¶]¾ˆtƒ¶³Z¿YyuYv˜c\€oz]ó ¶dŸz„À½Z·yº„§yu,&7 wº ³\¿z‹¶§v´´§¾¯±Yº´—uºs½Zº—uY

¹ ZÀM½Z·yº„§¹ ¾]z›½Z¹yYZ]¾¸kºcª]Z£¶¬º‡ZŸ¾º¨À³¹zd¨«YayZºlc¹ ,&7 ½zÀº-yZ¨]yuZ¨¿zº¯MÐbºYÒÍ zº]Yz] yu¹ ¶dŸZ¿¶˜ºc½Z·yº„§²À]Ñ©ZdÀl¿uZ¨ƒ v³yYuz.¿u½Z·yº„§Z]¾¸kºcª]Z£¶¬‡ZŸ|À³µ¹z-²¿Y uyYu¶Àºº³ZÀ£Y

¹ ,&7 ½Z¿Y|¯¾¯Z°c{Yv³Y¶d€³Yºd³{º´·¶dŸz„À½Z·yº„§Z]¶€¿Z¤¯yu¶˜ºc©Zoyu½Z·yº„§ bYuZ¿{|À³¶˜ºc©Zo ¹ b³zd´¿Y¶] ¾zdu±Z¨¯Y{º´·¶§v³yYuuºk¹±Z¸kyuz ³Z·uyZÀ¬À¯z‹Zo©Zoyu v³ºƒv´º¯µzº¸]¾º¨À³¹zd¨«YayZºlc

¹ ½z¸ƒ²À]©ZdÀl¿uZ¨ƒ¶˜ºc©Zoyu½Z·yº„§ªsYuyu²À´$°· v³yYv³Yy±M{YµuZ dºYbº¸k­{ǽZº·ayZº¸¯ bYµuz§zcµvÀ$ÀYybÀ˜‹¹±Yuz¯¹ ±Z³{¾¿Zd¹y

,QIRUPDWLRQDQG&RPPXQLFDWLRQ7HFKQRORJ\ 1HZ(FRQRP\ 81&7$'   'LJLWDO'LYLGH   

Z¹yY¶¿uZpcYv´³Z°·½Y¶¤´¯ ½Z·±Z¯{Z¹ ±M¶]¶d€]Y¹½Z·±Z¯{Z¹ ª¬¯±Z¯{Zµ&¿¹¶]¾¬¬°«Y²À]½Z·±Z¯{Zº

©Zoyu½Z·yº„§yuµ&¿¹¶]¾¨À³¹zd¨«YayZlc¹ ,&7 uz]yZ§zd€-½Yz]½zÀ.°„#½Z·Èºc $6($1 ¹ $3(&

¶]¶˜ºc©Zoyu½Z·yº„§v³ºÀªÀ¸€c¹ Z·yº„§½yZlc¾¿YyZ§uº^¸]¶]¾º¨À³¹zd¨«YayZºlc¹ ,&7 Yzº¿{vº³yYu¶˜ººc

uyY¹½zd„À]b¿vkZ]±Z´¿zŸMyZ§¹ ½uZˆd£Y±ÇZ˜ŸZcuºƒ¾¯f—Z]¾¨À³¹zd¨«YayZlc¹ ,&7v´§¾¯¦°§¾º³Z¸kuZºˆd£Y

v³y¹Muºkº]Yy½v¿vk¾¬œƒ½Z·b‡zŸ¹ v³ºƒb]Z£y¶‡z—

¾sz]¾do¹ v³Yµuz§¾¤¬c½uZˆd£Y¶˜ºc¹ vƒy½Yz]½v¿vkb‡zŸYy¾¨À³¹zd¨«YayZlc¹ ,&7 Z·b«¹u¾sz]

,&7 ¹ v]Z¿¾¯vƒy±¹|ŸY{¹yyº¶],&7 ayZlc¹ b˜´‡ v³Yµuz§½|¿y¶¯Z³z],&7 ½Z´^¯z]Yy{Z]½yZlcbZÀZ·yº„§

½z.ƒuz-¾¨À³¹zd¨«Y¶À«Z¯¾¨À³¹zd¨«Yb«¹u¾¨À³¹zd¨«Y{º¯M bYµuy¹Muºkº]½yZlcbºZÀyuYy½vº¿vkaZÀº]uY

|À³½uZˆd£Y±ÇZ˜Ÿ v³Yµuz§©¹x^¯½Yµ&¿¹¶kºcZ¸³M¶]Z·b«¹u¾sz]¶§bY¾º¿Z·yY|]Y¶º¬°k{Y±Mzº¿Z”³¹ ¾º¨À³¹zd¨«Y

¾³Z¸k½Z·yY{Z]Z]uºsv³ºÀ’ o½Yz]Z¸³M v³Yµuz§ ¥yuYy¾¨À³¹zd¨«YayZlc¹ ,&7 ½zÀ-yZ¨]ay¹z‹¹ yZ°ƒ¾]½Z¿Y|¯ v´d€·¾¨À³¹zd¨«YayZlc¹ ,&7 ½zÀ-yZ¨]¹ ½yYx-¶¿Z¯z{Yz¿|-Z³

¹ ayZlc¹ ½uZˆd£Y±È§¹ uzsuz¨¿¹y¶Z]ù²¿º³uZˆd£Yø ½uZˆd£YªÀ¬pcYvd]Y¶¯v¤¯{Y~º yY|º- ²º¿Yyu

aZ¯Yv£Y¹ Z·¶¯Z³z]Z·bZÀZ·uz^·YyªÀ¬pc²¿º³uZˆd£Y½Z·yZÀ˜¯½v˜]½Z·‚t]yu bYµvƒ¶º¿YyY½yZºlcbºZÀ zd€-½Yz]±Yz¿YuZˆd£Yyu[º¬¯½Z·¶´¿|-¹ Z·{Yv³Y®„#Z·v¿vpc¹ Z·b‡zŸ©¹º€¯¾¿YzkY½Z¸·Z.dºu¹ ¾º¿YzkY bYµvƒªÀ¬pc,&7

½uZˆd£YªÀ¬pcºÎºÎ

®€À«ZÀº¾ƒZ¹zŸ{Y~ bY¾³Z¸kuZˆd£Yz],&7 [Ȥ³YzÀgZc¹ uZºˆd£Y±vºƒ ¾º³Z¸kµvÀº¿Y{²º¿º³uZºˆd£Y

bZÀyu½zd°¸¯‚¤³¾¬¬°«Y²À]½yYx-¶¿Z¯z¹ ayZlc¦´¿Y®·¹ vƒyYuyºsz]½zd„À]wºº ³{Y±Zº¸kyu½yYu¶¿Z¯zº ¹ aY|À¸lcb°À£–¿z‚·Z§¹ bÀ À§±Z]Zdƒuº^¸]\kº¯,&7 [Ȥ³Yz.¿u½º{Y v´´§¾¯Z ¿Yyºº„§zº· ½uZºˆd£Y

bY¾´d - bYµvƒzcºÀ¯Z§½Z·¶¨^ƒ¹ b³zd´¿Yvƒy¹ ¾cZ^Zp¯¹ ¾cZZ^cyY½Z·½y¹Z´Ÿ¾¿Yz.°·,&7 ½Z·yY|ºŸY­zº³ vƒ•¹zƒÎÖÑÍ ¶·uzsY¹Yyuyºd€¿|³Yzc•YzdsYZ],&7 [Ȥ³Y

uz-¹aZ—ȏY®lo‚¿Y|ŸY¹ ¾¨À³¹zd¨«YayZlcvƒy¶§uyYu¶dŸz„ÀuZˆd£Yz]¾³Y¹YzŸµv·Z„¯ª]Z£aYzgY,&7

¹ ½y¹µz¸]‚¿Y|ŸYZ],&7 ¶§bY²¿Y¾¯º°—µZ-v¿u uyYu ¾yu|Àº³ Yy  ¹ bº³zd´¿Y±Yz]yZ§yZ°ºƒ ‚¿Y|ºŸY¹ ±Mzd˜¿zº

½y¹µz¸]vƒyZ¯YbŸz-[ZdƒÎÖÔÍ ¶·uŽY¹Y{Y,&7 yu½yYx-¶¿Z¯z  v·u¾¯zÀÀœcYy±Z¸k½uZˆd£Yvºƒy¶º] ¦º°§ v³v¤d˜¯½uZˆd£Y±Yz-ªÀ¬pc¾sz] uº^³uZ¿{º,&7 ½zÀ-yZ¨]¹ vÀ«ºcyu¹z„Àyº„§ºZ¨¿z¯MyuÎÖÖÍ ¶·uŽY¹YZºc ªº§ uz¨¿¹y²¿Y¹ bY,&7 yuyº„§²¿Y±Y¹YzŸ½yYx-¶¿Z¯z{Y¾ƒZ³ÎÖÖÍ ¶·uzsY¹YyuZ¨¿z¯M½uZˆd£Yvƒy {Y¾„t] ¶º§ ½Z¿Y|¯{YµuZ dYZ]v³zÀ-¾¯uZ¿–¿Z´‡¹ Z·µZ.´]uZˆd£Y±Myu¹ bY²¿º³uZˆd£Y½YyYuZ¨¿z¯M¶§uyYuuºk¹|Àº³ ¾º¯º°—

¶dŸz„À½Z·yº„§z¿Z¹ ¾]z›½Z¹yYyuZ·µZ.´]¹ v´„t]LZ¤cyYYyuºs½y¹µz¸]½uZˆd£Y½Z·bÀ«Z˜Ÿ±vƒ¾³Z¸k ¹,&7

v´´§¾¯µuZ dY¾¿Z¨¿z¯M½Z·µZ.´]½º.«Y{Y¾³Z¯{zÀsZcZ] ½uZˆd£YuzsªÀ¬pcºÎºÎºÎ

Yx« bY±Mµv´´§µuZ dY–¿Z´‡µuZ¸³¹ ±Mµv´´§vÀ«ºc–¿Z´‡µuZd,&7 {YbYayZ^—,&7 ½uZˆd£YuzsªÀº¬pc

½Z·µZ.´]¶§Zl³M{Y¹ ¶dsYuz‚¤³½Z ¿Y¶]½uZˆd£Y½Z¸·Z.´]vÀ«ºc–]ZcyuvÀ«ºcª¯Yº—{Y¾º¨¿±Yº´º— ¶º] ,&7 µ{¹zº¯Y

²¿|.¿ZkYyZ¸³MZ·µZ.´],&7 b°À£‚·Z§Z]²¿Yz]Z´]v´·u¾¯±Z„³‚´§Y¹ª¯Yº—¾^€³b°À£zÀÀœc¶]uºµv´º´§zh§Yvo

ÏÕ ¹ ÎÖÓÍÖÒ µy¹u¾©Zyuv‡yuÎÕ zcºÀ¯Z§½yYx-¶¿Z¯zb°À£Z¨¿z¯Myu©Zh¯½Yz] v´´§¾¯vÀ«ºcªº¯Yº—z¿Zº Z¸³MbÀ À§}ZYz]b°À£±Z]Zdƒ‚·Z§¹ yY|ŸY­z³¹ aY|À¸lcbÀ À§–¿zuº^¸]ÎbŸZ¿‚·Z§ÎÖÖÒÖÕ µy¹u¾v‡yu ¶] bY¾¿ÇZ]>Zd^€³¾¿Z¸³vÀ«ºc½YyYu¶§bY¾¿YyYu¹ aY|À¸lcyu,&7 ½yYx-¶¿Z¯z{Y½uZ¿{‚ºt]²ºÀ´$°·

bY

¾´ŸbŸz„À²¿Yz]±¹|ŸY v´]Z¿¾¯‚¿Y|ŸY|À³vÀ«ºcª¯Yº—z¿Z¹ yZ§½¹zÀº³ ½y¹µzº¸]Z¸·Z.´º] yu,&7 {YµuZ dºY–^ºc

µuZ dYZ]¹ v³y¹M¾¯v¿vYy(%XVLQHVV uºsvÀ«ºc¹ b¿z¿v¯½Z·v´¿YzŸ yu¹ ,&7 µv´´§vÀ«ºc–¿Z´‡yu½y¹µz¸]zd˜¿z v´·u¾¯‚¿Y|ŸYYyZ·v´¿YzŸ²¿Y¾„t]z°guvl¯¾v´¸¯v´¿YzŸ{Y

±Z-v´´§zˆ¯µZŸy‚¿Y|ŸYb˜´‡¹ µZ.´]½y¹µz¸]yY{Z]zd€-z],&7 zÀgZcµyZ]yu¾º ¬dt¯¾º]zlcaZº˜«Z¯ Ï

bYµvƒ­Zl³Y±M z¿Z”³¹ u|°du

¾¨À³¹zd¨«YayZlc bY½uZˆd£Yuzsž¬dt¯aYzgY½YyYu,&7 bŸz„ÀaYzgY{Y¾¨¿±Yº´—¶]¾¨À³¹zd¨«YayZlc

ª¤³¹ ª°oaZ¯vs¹ ½yZlc¹ ¾«Z¯aZ¯vs¾ƒ¹zŸµuzs¹ ¾ƒ¹zŸµv°—µ&º¿º]aZº¯vs‚ºt]yu¶´º¿|·¾º¿ºk¶Ÿzº‡ ¶º] ½Z·v´¿YzŸ¹ ‚¿Y|ŸYYy¾¿YyZ§¹ ‚·Z§Yy¾cÇuZ^¯½Z·¶´¿|·¾¨À³¹zd¨«YayZºlc½zÀº-yZ¨]†tº„¯yºº] v¯Zºl³Y¾º¯

²¿zcÇZ][Ztd³YaZ—ȏY¶]zd„À]¾zduºld€k¶´¿|·‚·Z§ v·u¾¯zÀÀœcYy½uZˆd£Y½Zº·µZ.´º] vÀº«ºc¹ bº¿z¿v¯ ±Z-v´´§¶‹z—zd„À]yZ°ƒyY{Z]¶]u¹y¹½Z·b¿u¹vp¯‚·Z§yYv¿zs½º{Yb°À£²¿zc²À¿Z¹ µv´ƒ¹zŸ½ºº {Ybº°À£ ½uZˆd£YuzsaYzÀgZcµyZ]yu bY¾¨À³¹zd¨«YayZlc½uZˆd£Yuzs½Z·v¯ZÀz.¿u{Y½yZˆp³Yuº‚·Z§¹ b]Z£y‚¿Y|ºŸY

bYµvƒ­Zl³Y¾ ¬dt¯¾]zlcaZ˜«Z¯¾¨À³¹zd¨«YayZlc

Î

 -RUJHQVRQDQG6LURQ

%HGL ¶]vÀ´§µZ.³zd„À]¾yz]½Yz]©Zh¯½Yz] ºÏ

ž¬dt¯–¿Z´‡yu%Ï% ¾¨À³¹zd¨«YayZlc{Y¾ƒZ³¶´¿|·‚·Z§uy¹Mz]*ROGPDQ6DFKV,QYHVWPHQW5HVHDUFKÎÖÖÖ ©Zh¯½Yz]º

Î

uy¹Mz]Yyž¬dt¯½Z·yº„§¾·ZŸy–ŸZ´¯¹ ¾³Z¸kuZˆd£Yz]¾¨À³¹zd¨«YayZlczÀgZc&*( ©v¯{YµuZ dYZ]1&7$'ÏÍÍÎ ¹ bYµuz§¶¿YyYYyZ¨¿z¯M bYµuz§

½uZˆd£Y±È§ªÀ¬pcºÏºÎºÎ

ª]Z£½uZˆd£Y±È§½Z·zÀœd¯z]²¿º³uZˆd£YzÀgZc¹ ²¿º³uZˆd£Y½Z·yZÀ˜¯z”´¯¹u{Y ,&7 ½uZˆd£Y±È§ªÀº¬pc

©Zyu v³yZ.³Y¾¯²¿º³uZˆd£Y¾¬‡Y½Z·yZÀ˜¯YyaYyuZ‡¹ ©ZœdƒYvÀ«ºcyu,&7 ½Z·®¸±Yz-ªÀ¬pc¾sz] bY¾yz] iyZt¯v‡yuÑÍ ¾«YÏÒ ¹ aYyuZ‡v‡yuÏÒ ¾«YÎÍ µu¹|ŸY {yYv‡yuÖ ¾«YÓ ©ZœdƒYv‡yuÑ ¾«YÐ ,&7 –¿Z´‡ÎÖÖÔ

vºº³uYu…ZººˆdºººsYuººººs¶ºº] YyZºº¹yY¶ºº¿uZpcY¹ ²ººY%Zº¨¿zºº¯Myu¾ºººº‡ºˆs‚ººt]yu¶º˜ºººc¹ ¢Àºº¤pc

Ï

\Àl— v¿Zƒz¯Y²¿Y bY,&7 †«Zsµv´´§uyY¹¦¿²¿º³uZˆd£Y{Zd„Àyº„§Z¨¿z¯M¶º§ uYu±Zº„³.RVNLHWDOÏÍÍÏ

{YiyZsyuYyuºsaǺˆp¯{Y¾„t]¾¿Z¨¿z¯M½Z·b§zƒ¶§bY²¿Y,&7 yuZ¨¿z¯M¾ ´¯½yZlc{YzcnÀ‹ºc¾«¹vºƒZ] ¾³Z¸kvÀ«ºcyu¾¿ÇZ]®¸¾¿ZÀM½Z·yº„§¶§uYu±Z„³½¹ uz§b¿Z°onÀ‹ºc²¿Y{Y:RQJ ÏÍÍÏ v´´§¾¯vÀ«ºcZ¨¿z¯M ,&7 z¿xzc²À¿Z½Z·qz³{Y µ¹z-¦¿±Yº´—¶] ¾¿ZÀM½Z·yº„§¾´˜¿ v´d€À³²¿º³uZˆd£Y½YyYuZ¸³M¾«¹vº³yYu,&7

v³yYuyºsz]¾³Z¸k½z¿xb]Z£y†sZƒ\«Z£yu ¶³Yz*'3 ¶˜ºc½yZkmº½Z´^¯z]uºsµº¤«Z]±Yººc Zº] ¶º€¿Z¤¯yu

¾^Z´¯½Z·yZÀ˜¯Ñb³zd´¿Y{YµuZ dY¹ Ð ,&7 ½zÀ-yZ¨] v¿Z°³¾¯½y¹z‹²¿º³uZˆd£Y½Yz]½z.¿uyZÀº˜¯ž¿zº˜c²º¿Yz]Z´]

bYyº”´¯²¿Y½Yz]

vƒyz]Z¸³MzÀgZcµyZ]yu½uZˆd£Yuzsnyu¾¨À³¹zd¨«YayZlc¹ ,&7 bºÀ°·Y µyZº]yu±Y¹YzºŸ v·Yººƒ uººk¹Zº]

vƒyµYz°·¶]Yy¾¿ÇZ]½uZˆd£Yvƒy ÎÖÖÒ ©Z{Yº¶´À¯{²¿Yyu¹z„Àyº„§ºZ¨¿z¯M uyYv³uººk¹zº”³¡Zº cY½uZºˆd£Y

¶]YyZ¨¿z¯M½y¹µz¸]vƒy*RUGRQÏÍÍÍ uz§¶]zlc¶kuº]½z€§‚·Z§¹ ­yºc¹ ½yZ¨À]²À¿ZyZÀ€]½Z·qzº³ ½y¹µzº¸] ²¿º³uZˆd£Y{Y¾ƒZ³Ž¤ŸZ¨¿z¯M½y¹µz¸]vƒy¶§uYu±Z„³±¹uyº-¶lÀd³uy²°‹1RUGKDXVÏÍÍÎ uYub^€³,&7 b˜´‡

½yZdsZzˆ´—Î µvpd¯aÇZ¿Y½uZˆd£Y±Yy¹Z„¯½Yyºƒ v´dŸZ¿bu¾¸]Z„¯j¿Zd³¶]%DLUO\DQG/DZUHQFHÏÍÍÎ bº€À³

uz§­È—Y,&7 zÀ›‚t]¹ ,&7 ‚t]yu¾´ŸbŸz„ÀyZ§bÀ À§¹ uº^¸]¶¿Z¯z¢°—ª¯Z—yZ¸#{Y¾ƒZ³Yy½y¹µz¸]

Ï

zÀgZcÎÖÖÍ ¶·uyuZ¨¿z¯M½uZˆd£Yuz¨¬°—z],&7 ½zÀ-yZ¨]¹ vÀ«ºc¶§v³uYu±Z„³-DODYDDQG 3RKMROD ÏÍÍÏ

aÇZ¿YuZˆd£YŽ¤ŸYz#¶§v¿M¾¯‚À©Yº²¿Y bYžÀ˜‹Z¨¿z¯M{YiyZsyuzÀgZc²¿Yuºk¹²¿YZ] bºY¶dºƒYubº^h¯ žÀ˜ºº‹ Zººººº·yº„§z¿Zz]²¿ººº³ uZˆººd£YzÀºººgZcYzº# ŸbºººYµvººººƒ v´º¯µzººº¸],&7 zdº€-–ŸZ´º¯ {Yµvpdº¯ ¾³Z¸k¾d]Z£y¾cZ¯vs–¿Z´‡½YyYuZ¨¿z¯M¶§v³uYu±Z„³%DLO\DQG/DZUHQFHÏÍÍÎ aÇYº²¿Y¶º] rºZyu ŸbºY 

 .RVNLHWDO 

bYµuYu±Z„³YyÎÖÖÏÖÖ µy¹uyuyº„§ÒÎ *'3 yu,&7 iyZt¯Žºd¯®¸:RQJÏÍÍÏ  vÀ´§¶˜kYz¯­º‚t]¶]b³zd´¿Y¶]º]z¯½yZ¯M½Z·µuYu¶”oȯ½Yz]

vÀ´§µZ.³8QLWHG 6WDWHV ÏÍÍÎ ¶]ÎÖÖÍ ¶·uyuZ¨¿z¯M½y¹µz¸]vƒyz]µvƒuZ¿ª¯Yº—{Y¦¿z·zÀgZc¾yz]½Yz]º

Î

uº^º¸],&7 ‚ººt]¾ºº´ŸbŸzºº„À¹ b³zd´º¿Y¶]¾zdu,&7 ‚³Yu‚¿Y|ŸY¾¨À³¹zd¨«YayZlc,&7 zd€-½Z·v¯ZÀ¶§v³v¤d˜¯¾sz]Ï bYµvƒZ¨¿z¯Myu,&7 zÀ›‚t]½y¹µz¸] vººƒyf—Z]½yZlc¹ ¾ººd¿z¿vºº¯ ½vÀ«ºººc ½Z·v´¿MzººŸ 

Ð Ñ

½Z·½y¹Z´Ÿ½Yz]Z‹Z¤c{Y¾ƒZ³,&7 ½Z·½y¹Mº³ v³zÀ-¾¯yZ¨]uºs½y¹µz¸]uº^¸]½Yz]Yyvº¿vk½Zº·½y¹Z´ºŸ ¶º§ bºY ¹ Z·uz^·Yyyuª°¨¯½Z·½y¹Mº³yu,&7 ½yYx-¶¿Z¯z‚¿Y|ŸYz]µ¹È—½y¹µz¸]–ŸZ´¯Z¯Y bYz]yZ§–¿Z´º‡ yu¶dŸzº„À

uºƒ¾¯~¨˜´¯|À³½yZlc±Z¯{Z

yº]Yy,&7 ¶—ZƒY¹ zd€-{Y¾ƒZ³–ŸZ´¯±Yºc¾¯,&7 ½uZˆd£YªÀ¬pc\«Z£yu¡ºŸaZpÀ‹ºc¶]¶kºcZ]©Zºo

uº°³bz¸Ÿz¿{ª¨ƒ¶]¶‡Ès

®d€Àyuuºkº¯aZ—ȏYuz-vƒy¹ aZ—ȏY‚¿Y|ŸY\kº¯ayZlc¹ uZºˆd£Yyu,&7 {YµuZ dºYnº ½Zº¤cyYº

{Y¾ƒZ³–ŸZ´¯±M–^c¶]¹ µvƒ½uZˆd£Y½Z¸dÀ«Z˜Ÿz]®§Zo¾d]Z£y½ZŒŸ‚¿Y|ŸY\kº¯¢¿zº ²º¿Y{Y¹ µv¿uzº- ½uZºˆd£Y ¶´¿|·‚·Z§aZ^kº¯¾¨À³¹zd¨«YayZlc±Yº´—bpcuZˆd£Yyu,&7 {YµuZ dYz.¿uayZ^—¶] uºƒ¾¯ª‡Zo±vƒ¾d]Z£y

ayv£²dŸyÇZ]Z·ÇZ§±Z-v´´§¶‹z—uYv˜c‚¿Y|ŸYyY{Z]½Z·b¿u¹vp¯xo¹ ‚·Z§aZ—ȏY¶]zd„À]¾zduºld€k u{Z¾¯®·YzŸYy±Z-v´´§zˆ¯[Ztd³Y

zd€-±Z¨¯Y¶¬Àº´¿v] ¹ µvƒvÀ«ºc}ZÀ¤¯½Z¸À¿ºk¶Ÿz‡{Y¾ƒZ³vÀ«ºc½Z·¶´¿|·‚·Zº§ \ºkº¯,&7 zdº€-º

u{Z¾¯®·YzŸYy©ZœdƒY‚¿Y|ŸY¹ vÀ«ºc‚¿Y|ŸYyY{Z]

²¿Y{Y¹ µvƒ½uZˆd£YzÀ›¹ ½uZˆd£Y½Z¸„t]yu¾¨¿|ÀŸaZ³Z¨¯Yz¿Z¶]{ZÀ³‚·Z§\kº¯,&7 {YµuZ dY¹ ¶—ZºƒYº

v´§¾¯uZl¿YYy¾³Y¹YzŸ½º´˜¯¹ ½uZ¯½Z·¶Ÿz‡¢¿z

yuµv´¿Y|Ÿayº‡¶]±MaYzgY Yx«¹ bZ¸„t]z¿Zz]6SLOORYHU HIIHFW ¶—ZƒYzgY½YyYu‚t]z·yu,&7 {YµuZ dºYº

uºƒ¾¯±Z¿Z°³¾³Z¸kuZˆd£Yyu>Zd¿Z¸³¹ yº„§¦¿uZˆd£Y

z¿Z½y¹µz¸]‚¿Y|ŸY\kº¯vÀ«ºcyu±M½zÀ-yZ¨]¹ uZˆd£YvÀ«ºc –]YºcyuvÀ«ºcª¯Zº— ±Yº´º— ¶º] ,&7 ²ºdŸz-yYzº£ º

v¯Zl³Y¾¯uZˆd£Yyu–]Z´¯¶´À¸]†Àˆtc¶]¢¿z²¿Y{Y¹ µvƒvÀ«ºcª¯Yº—

yº¯Y½{Z±Y¹y¹ b¿z¿v¯®d€ÀmȇY¹ uº^¸]\kº¯ ¾‡ºˆsZ¿¾d«¹u ¾³Z¯{Zž¬dt¯mºyu,&7 {YµuZ dYº

v·u¾¯‚¿Y|ŸYYy½uZˆd£Y¾¿YyZ§¾³Z€³Y¹ ¾¨¿|ÀŸ–]Z´¯ ¹ Z·¹zÀ³½{ZuY{M¹ Z·¶´¿|·‚·Z§²°‹\Àczc²¿v]¹ µv¿uz½yZlcbZÀ¹ ayZlc ,7 b˜´‡ºÐºÎºÎ

¹ ®À¾]¾Z^cyYaY|À¸lcµYz°·¹ b]Zg² ¬c½Y¶¨^ƒ¹ ¾Z^cyYaY|À¸lcyY|ŸY­z³yY|ŸYbtª¯Zƒ ,7 b˜´‡

,7 b˜´‡½Yz]uºkº¯½yZ¯M½Z·µuYu uºƒ¾¯,7 ½yZlcbZÀ¹ ¾³Z¸kyY{Z]z]½y¹z¯‚t]²¿Yyu uºƒ¾º¯ ±Mzº¿Z”³

±Y|À¯,'& ÏÍÍÎ bY±Z¸k+y|]–¿Z´‡{Y¾¨¿b˜´‡²¿Y¶§vy¾¯z”³¶]uºk¹²¿YZ]vº³yYu½zÀ.°º„#ÈdºsY

ÖÑ ¶³ÇZvƒyqz³Z]±M®lo¶§v´§¾¯¾´À]‚À¹ µuz§uy¹Mz]yÇuuyZÀ¬À¯ÖÕÕ z]Yz]ÏÍÍÎ ©ZyuYy,7 ¾³Z¸kiyZt¯ vÀyv·YºsyÇuuyZÀ¬À¯ÎÒÑÕ ¶]ÏÍÍÓ ZcÏÍÍÎ ¾³Z¯{µy¹u¾v‡yu

yYz£ÏÍÍÎ z^¯ZdÎÎ ¶guZo½uZˆd£Y½Z·v¯ZÀ¹ ¾³Z¸kuZˆd£Yuº§yzÀgZcbpc–¿Z´‡z¿Zv´³Z°·|Àº³ ,7 b˜´º‡

Ó ¹ ÑÔ \Àczc¶]ÏÍÍÐ ¹ ÏÍÍÏ ©Zyu¶§uz§¾´À]‚À¹ uy¹Mz]b]ZgYyÏÍÍÎ ©Zyu,&7 iyZt¯,'&ÏÍÍÏ bŸz-

bŸZ¿v·Yºsvƒyv‡yuÖ

yu bY¶dŸz-ayº‡,7 ‚t]yu½Yµv¿v—aYz§Yx¯¹ µuz„Ÿ½Z·º.d -±º´§Zc‚t]²¿YbºÀ°·Y¶º] ¶ºkºcZº]

yY|-z]yºZ.´yu:72 ºŒ—yº„§ÒÑ yºŒoZ]¶§:72 ayZlc¾³Z¸k±Z¯{Z±Yz¿{¹}ÈkY²À«¹YyuÎÖÖÓ z^¯Zu

vÀyZŒ¯Y¶] õõaZ—ȏY½y¹Z´Ÿ¶¯Z´d¤ŸYº¯öö vƒ

z¿Z¶³Z¿YyΪ¯Zƒ‚t]²¿YaǺˆp¯½Yz]‰yYº—z¿Z¹ ¶Ÿzº˜c¶º§ v³vºƒ v¸˜dº¯ Zº·bº«¹u¶¯Z´º¤ŸYºc²º¿Yyu

ºœ«j¿yvd]ÏÍÍÍ ¶¿º³Y%©¹YZcYy¶³Z¿YyyY|ŸY­z³¹ y¹uµYyaZZ^cyYaY|À¸lcZ·½uZ·¶°À³½{YuzµuYu¾º¨À³¹zd¨«YaY|Àº¸lc

z·yu vƒzd„À]¶¯Z³¢ŸYºc²¿Yyuµv´´§b§zƒ¶˜ºc©Zoyu½Z·yº„§yuaǺˆp¯¾sz]½Yz]¾³Z¯{b¬¸¯²º¿Y v´º´§ ²¿Yz.¿uyº„§ÒÔ ÏÍÍÏ ¶¿yºŸÑ yubYµv¿uz-²ÀÀ˜c¶¯Z´¤ŸYºc²¿Y½YzkY¾º³Z¯{ž¤º ±Yº´º— ¶º] ÏÍÍÒ ©Zº bº«Zo ¾³Z¸kayZlcv‡yuÖÐ ¶]¦¿u|³v³Y¶dŸz¿xYy¶¯Z´¤ŸYºc²¿Y¶§¾¿Z·yº„§•º°l¯yu\Àczc²¿v]¹ µuz§LZŒ¯YYy¶¯Z´¤ŸYºc

yu½Y¶Ÿz˜czÀ›½Z·b¿u¹vp¯±v³Zl´-…ºˆsyu:72 ºŒ—½Z·yº„§¶d^«Y v³YµuYu…ZˆdsYuºs¶]Yy,7 aǺºˆp¯ v´d€·º- ¹b -©Zoyu¶¯Z´¤ŸYºc²¿Yµzd€-

¹ v‡yuÏÐÒ ¶˜ºc©Zo½Z·yº„§yu,7 aYyuZ‡ uº]yÇuyZÀ¬À¯ÖÍÍ z]š«Z]ÏÍÍÍ ©Zyu,7 aǺˆp¯ayZlc

µy¹u²À°·¾¾³Z¸kaYyuZ‡¶§bY¾«Zoyu²¿Y ÎbŸZ¿‚¿Y|ŸY¶dƒx-¶·u¾v‡yuÎÍÕ ¶dŸZ¿¶˜ºc½Z·yº„§yu

v‡yuÎÒÓ {Y,7 aYyuZ‡{YyYx-©Zoyu½Z·uZˆd£Y¹ ¶˜ºc©Zoyu½Z·yº„§®¸¶lÀd³yuÏbŸZ¿‚¿Y|ŸYv‡yuÓ Ž¤Ÿ vÀyÏÍÍÍ ©Zyuv‡yuÐÒÒ ¶]ÎÖÖÍ ©Zyu

¶] bY¶dŸZ¿¶˜ºc½Z·yº„§yu®¸²¿Y{Yzd„À]¶˜ºc©Zoyu½Z·yº„§yuaYyuZ‡ª§{Y,7 aYyuZº‡ ®¸º

©Zyuv‡yuÏÏ ¶]ÎÖÖÍ ©Zyuv‡yuÎÏ {Y¶˜ºc©Zoyu½Z·yº„§yuaYyuZ‡ª§{Y,7 aYyuZ‡®¸º zº.¿u±ZÀº] vÀyÏÍÍÍ ©Zyuv‡yuÎÑ ¶]ÎÖÖÍ ©Zyuv‡yuÎÍ {Yb^€³²¿Y¶dŸZ¿¶˜ºc½Z·yº„§yu¶§¾º«Zoyu vÀºyÏÍÍÍ Èc|À³¹ yº¸“º³½Z·uZˆd£YyuyY|ŸY­z³¹ yY|ŸYbtvÀ«ºc ½Yz]¾dÀ¬¯v´#½Zº·b§zºƒ ½Z·uz^º·Yyªº‡Zoµvº¿v²º¿Y

®¸¶§bY²¿YÎÖÖÍ ¶·uyu–¿zvƒyv¯ZÀ uº],7 vÀ«ºc¾¬sYu½Z·bÀŸz“zd€-½Yz]¶˜ºc©Zºo yu½Z·yºº„§ ÐbYµvƒzd„À]¾³Z¸kayZlcyuµuZ¯M¥Zƒº¹ aZkº€´¯½{y¹Z„§®¸{Y,7

 81&7$' 



 :72 



 :72 



:72ÎÖÖÓ ¶]vÀ´§µZ.³aǺˆp¯²¿Yª¯Z§bz¸Ÿ¾yz]½Yz]Î

%Ï% ¾¨À³¹zd¨«YayZlc½uZˆd£Y±È§zÀgZc08/7,02' ©v¯{YµuZ dYZ]%URRNHVDQG:DKKDMÏÍÍÍ

*'3 ¾¨À³¹zd¨«YayZlc¶§v³uYu±Z„³¹ ¾yz] ¶€³YzŸ¹ ~À¬.³Y±Z°«M²Y%Z¨¿z¯M ¶dŸZ¿¶˜ºc½Z·yº„§¾sz]yuYy

vƒv·YºsyYv¿v½v˜]©ZÎÍ yu‚¿Y|ŸY²¿Y{Y¾°À³{Y‚À]¶§uYuv·Yºs‚¿Y|ŸYv‡yuµuYy

ayZlc¶§bYµvƒµuYu±Z„³yº„§²¿YuZˆd£Yzº] ¾º¨À³¹zd¨«YayZºlczÀºgZcµyZº]yuÑZÀ«YzdºYbº«¹u¶º˜«Z¯yu

²À´$°·¾¨À³¹zd¨«YayZlc uYuv·Yºs‚¿Y|ŸYÏÍÍÔ ©ZZc ®À¤d€¯zÀ›¹ ®À¤d€¯yº] vº‡yuÏÔ Yy*'3 ¾º¨À³¹zd¨«Y

uYuv·Yºs‚¿Y|ŸYYy¾¤À¤o½Z·u|°du¹ uº^¸]Yy¶«uZ^¯¶]Yy‚¿Y|ŸYYyaYyuZ‡¹ aYuyY¹

¶˜ºc©Zoyu½Z·yº„§yuvƒy¹ ½y¹µz¸]z]¾¨À³¹zd¨«YayZlcb^h¯zÀgZcz.³Z„³¡ºŸvƒy¶]¹y½Z·v³¹y²¿Yz]Z´]

bY¶dŸZ¿



 &RPPRQ:HDOWKRI$XVWUDOLD 

­¹uªˆŸ

±Yz¿Y¹ ±Z¸kyu(& ¹ ,7&½Z·{Yv³Y®„#¹ uºkº¯bÀ˜‹¹ÎÏ

ayZlc¹ ,&7 yuZ·yº„§z¿Z¶]zlc¹ ½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·uZ¸³¹Z·±Z¯{Z½Z·bZÀ¹ Z·uz^·Yy‚t]²¿Yy u

¹ ½zÀ-YzŸ uºƒ¾¯y¹z¯±Yz¿Y¾¯ÈY½yº¸°kaZ¯Yv£Y¹ ½Y¶¤´¯¹ ¾¬¬°«Y²À]ŽÀºp¯Ž¿Yzºƒ bsZ´ºƒ ½Yzº] ¾º¨À³¹zd¨«Y Z·±Z¯{Z²¿Y½Z¸¿zÀ-®À°ˆc{Y±Yz¿Y¾¨À³¹zd¨«YayZlc¹,&7 ‚t]½z¿xzÀgZc¾¬¬°«Y²À]½Z·±Z¯{ZaZº¯Yv£YbºÀ°·Y

y¹z¯z.¿u½Z·yº„§½Z·b€¨ƒ¹ Z·bÀ¤Ÿº¯{Y½v´¯µz¸]¹ ½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·±Z¯{Zº ¾ºsz]yu±Yzº¿Yb¿ººŒ— v´§¾¯z¿xZ³[Z´dkYYyz.¿u½Z·yº„§¶]zlc¹ ¾¬¬°«Y²À]½Z·±Z¯{Zuz¨¬°— (&

¹ ,&7 ¶´À¯{yu©Z˜Ÿ¾¬¬°«Y²À]½Z·±Z¯{ZºÎºÎºÏ

½Z·¶¯Z³z]Z·uz^·Yy²¿¹vc½Z·¶´À¯{yuuºsbÀ«Z˜Ÿµzd€-¹ ž¿Z“¹¶]¶dº€]½Y¶¤´º¯ ¹¾º¬¬°«Y²ºÀ]½Zº·±Z¯{Zº

¾¬§yº] v³yYu¾¨¿u|³ª¯Z˜cz.¿v°·Z]Z·±Z¯{Z²¿Y v³yYubÀ«Z˜Ÿ¾´Ÿ½Z·uyYv³ZdY¹ ¾º£º¤o½Z·uyYv³ZdºY½Y¶˜ººc

v´¿Z°³¾¯bÀ«Z˜Ÿz¿{mzƒ¶] yºp¯yZ¸#yu½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·±Z¯{Z

¹ Ð :72 ayZºlc¾º³Z¸k±Z¯{Zº (8 ÏZº¹yY¶º¿uZpcY*Õ Î Õ µ¹zº- ,&7 ±Èº§ ½Z¸dºZÀºžº«Y

¶´Àºº¯{yu½yY|.ººdZººÀ¶´Àº¯{yu¶ºº§ v´d€·¾¬¬°«Y²À] ½Z·uZ¸³¹Z·±Z¯{Z¶¬°k{Y:6,6 ѾcZ—ȏY¾º³Z¸k–º°l¯ ¾³º³Z£½Z·[º#yZ#¾¨À³¹zd¨«Y½Z·yY{Z] ½uZˆd£Y±È§½Z¸dZÀ ½¹yYzºŸ ½Zºº·‚«Zººº# Z·yZdsZºzº¿{uZºlºº¿Y,&7

v³yYubÀ«Z˜Ÿ  ¹ Z·[º#yZ#¶˜ºc¾cZ—ȏY¶˜¯Zk¶]¾³Z¸k¾zdu½º´˜¯bÀ¨«Z¯¾¨À³¹zd¨«YayZlc

½y¹Z´Ÿ½yZ§µ¹z-(&262& Òvpd¯ª¬¯±Z¯{Z¾—Z°dkY¹ ½uZˆd£Y½Yyººƒ ,&7 ¾¿YzkY½Z·¶À‡ºcº[

¶˜ºc¹ ayZlc~³Yz ´§$37 Ó­YyM}º³ZÀ£Y¹ ZÀM¾cYz]Zt¯¶˜¯Zk,&7 7DVN )RUFH ª¬¯ ±Z¯{ZaZZ^cyY¹ aZ—ȏY

v³yYubÀ«Z˜Ÿª¿w½Z·¶´À¯{yu,/2 yZ§¾¬¬°«Y²À]±Z¯{ZÖ¾³Z¸k¦³Z]*ÎÒ Õµu|³Zµ¹z-81&7$' Ôvpd¯ ª¬¯ ¾¬¯Yv·Y}ZYz]Z·b¿º«¹YuZl¿Y¹ ,&7 ¾¬¯¶˜ºc½Z·uz^·Yy¶¿YyY º

,&7½Z·yY{Z]zd€-¹ aZ^g¶]¦°§½Yz]¾d¿z¿v¯º¾ZÀ½Z·¶´À¯{±uz§®·YzŸ º ¾cZZ^cyY½Z·¶¨^ƒuZl¿Y ¹,&7 ¶´À¯{yu½yYx-¶¿Z¯z º

vpd¯ª¬¯±Z¯{Z¶]¶d€]Y¹½Z·±Z¯{Z¾—Z€¯¦¿z„c‚¿Y|ŸY º ½¹Z€¯yº¶],&7 ¶]¾]ZÀdu¶˜ºc º



 *URXS



 (XURSHDQ8QLRQ  :RUOG 7UDGH2UJDQL]DWLRQ

 

 :RUOG6XPPLWRQWKH,QIRUPDWLRQ6RFLHW\  (FRQRPLFDQG6RFLDO&RXQLFO

 

 $VLD3DFLILF7HOHFRPPXQLFDWLRQ



 

± 8QLWHG1DWLRQVFRQIHUHQFHRQ7UDGHDG'HYHORSPHQW ±*URXS

 :RUOG%DQN

,&7 ½Z·¶¯Z³z]¹ Z·mz½YzkY½Yz]¾«Z¯–]Z´¯±uº°³®·YzŸ º ,&7 {YµuZ dY½Yz]±Z€³Y½Z·bÀ¬]Z£±uz]ÇZ] º ¾¨À³¹zd¨«YayZlcyub§zƒ¢¿º„c º yY{Z]¶]¾zdu¹ ½yZlcªÀ¸€c º ½º´˜¯bÀ¨«Z¯ º

 ¹ 60( Žºd¯¹ ¦#º§½Z·voY¹z]¾¨À³¹zd¨«YayZlczÀgZc º vpd¯ª¬¯¾.´·zŸ¹ ¾°¬—¾ƒ{º¯M±Z¯{Z:,32 νº´˜¯bÀ¨«Z¯¾³Z¸k±Z¯{Z¾£º¤o½Z·uyYv³ZdY ºi

v³yYubÀ«Z˜Ÿz¿{½Z·¶´À¯{yu,78 ÐaYz]Zt¯¾¬¬°«Y²À]¶¿uZpcY¹ 81(6&2 Ï

¶´ºº¯YuaZºº„£Z´¯ªººo ®dºº€ÀuZººl¿Ybºº³zd´¿YyuZºº·¶´ºº¯Yu½yYx.¯Zºº³ …ºººˆsyuZºº·¶ºº¯Z³¶Àºº‡ºc¶ºº¿YyYº

 ¹ Z¸¯Z³

½º´˜¯bÀ¨«Z¯¡º¤oº ½yZlc²À³Yº£º

¾³Z¸kb§yZ„¯²À¯Zcº ,&7 ¾³Z.°·{º¯Mº

Z·uyYv³ZdYº

¾ˆtƒ®¿zo º

}Z´kY©Z¤d³Y¹ ¾¨À³¹zd¨«YbsYuz¾«Z¯aZ—º‹º¯º

Z·ayZ¸¯¶˜ºcº

¹ ¾³Z¸kb§yZ„¯²À¯Zcº ¾³Z¸k¶¿uZpcY81&,75$/ Îvpd¯ª¬¯±Z¯{Z¾¨À³¹zd¨«YayZlc²À³Yº£±ºÀº€À°§¾º´Ÿ½Z·uyYv³ZdºY ºu

aZ§z°-¾³Z¸k±Z¯{Z(76, ѾcYz]Zt¯½Z·uyYv³ZdY¾¿Z¹yY½ºdÀd€³Y ,62& Ð bº³zd´¿Y¶º˜¯Zk838 Ïbº€

Ò

v³yYu ½Yµuzd€-bÀ«Z˜Ÿz¿{½Z·¶´À¯{yu:&2 ½yZlc²À³Yº£¹ ¾·Yº-¹ ¢¿vˆcº

  

 :RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ 8QLWHG1DWLRQV(GXFDWLRQDO6FLHQWLILFDQG&XOWXUDO2UJDQL]DWLRQ

 ,QWHUQDWLRQDO7HOHFRPPXQLFDWLRQ8QLRQ  81&RPPLVVLRQRQ,QWHUQDWLRQDO7UDGH/DZ  8QLYHUVDO3RVWDO8QLRQ  ± ,QWHUQHW6RFLHW\  (XURSHDQ7HOHFRPPXQLFDWLRQ6WDQGDUGV,QVWLWXWH  :RUOG&XVWRPV2UJDQL]DWLRQ

yY{Z]¶]¾zdu¹ ½yZlcªÀ¸€c}Z´kY©Z¤d³Y¹ ¾¨À³¹zd¨«YbsYuz¾«Z¯aZ—º‹º¯º ¾ˆtƒ½Z·µuYu{Yb“Z oº

¾cZ—ȏYyZdsZz¿{ {YµuZ dYº Z·uyYv³ZdYº

¾¨À³¹zd¨«Y¶«uZ^¯z¿xuyº¯yu:&2 ¶¯Z³¶À‡ºc¶˜ºcµv´´§zˆ¯{Yb“Z oº

½º´˜¯bÀ¨«Z¯º

¾«ZdÀl¿u½ZŒ¯Y¶´À¯{yuZ·uyYv³ZdY¶¿YyYº

 ¹ ¾¨À³¹zd¨«YayZlc¶´À¯{yu¢À¤pc¹ ¾yz]º

±Yº´—¶]¾¨À³¹zd¨«YayZlc¹ ,&7 ‚¤³,&7 ½Z·uz^·Yy²¿¹vcz]½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·±Z¯{Zº ¾º¬§yºº]

½Yz]b‡zŸuZl¿Y¹ Z·¶´¿|·‚·Z§½yZlc¾¿YyZ§uº^¸]¾º-v³{uyYv³ZdºYuº^º¸]©ZœdºƒYuZºl¿Y½uZºˆd£Yvºƒyª¯Zº—

z¿Z”³¹ ¾£º¤o¹ ¾³º³Z£aZoȇY¾´Ÿ ½Z·bsZz¿{uZl¿Yj¿¹zc¹ {º¯M¾¯º°—½{ZµZ-MŽºd¯¹ ¦#º§½Z·µZ.´] v´´§¾¯vÀ§Zc±M

Z·uz^·Yy²¿¹vc½Yz]¹y²¿Y {Y bY½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·uZ¸³¹ Z·±Z¯{Z{Y¾sz]ºŒ—±Yz¿Y¾¯ÈY½yº¸°k

¾¬¬°«Y²À]½Z·±Z¯{Z½Z·uyYv³ZdY¹ Z·yZÀ˜¯¾¬sYuŽ¿Yzƒ½Z´^¯z]v¿Z]¾¨À³¹zd¨«YayZlc¹ ,&7 ½Z·¶¯Z³z]¹ Z·bZÀ ±Z¨¯YZ¸³MbsZ´ƒº¦¿{Y bY®¸¯¹ ½y¹z‹¾¬¬°«Y²À]aZ^ÀczcaZº¯Yv£Y¹ Zº·½zÀº-bº¸k¢Àº£ubsZ´ºƒ uz¿xº] Yy ²À]½Z·±Z¯{Z}ÈkYyu©Z˜ŸyºŒoZ]±Yz¿Yz.¿u½º{Y¹ u{Z¾¯®·YzŸªsYuyuYyZ·uyYv³ZdY¹ Z·¶À‡ºc½{ZµuZÀº

vƒZ]¶dƒYub§yZ„¯¾¬¬°«Y²À]½Z·±Z¯{Z½Z·¾„¯Žs¹ Z·uz^·Yy²¿¹vcyuv³Yºc¾¯¾¬¬°«Y

Z·yº„§z¿Z¶]zlc{Y¾¿Z·}yu ºÏºÎºÏ

½yº¸°kZ]¶€¿Z¤¯bÀ¬]Z£¾—º³¶]¶§¾¿Z·yº„§¹ ¾¨À³¹zd¨«YayZlc¹ ,&7 yu¹z„À½Z·yºº„§¶]zºlc¾ºyz]

vƒZ]vÀ ¯¶´À¯{²¿Yyuyº„§±È§½Z¸¿|¿y¶¯Z³z]¹ Z¸¿yY|.dZÀ¹ Z·¾„¯Žs²¿¹vcyuv³Yºc ¾¯v³yYuYy±Yzº¿Y¾¯ÈºY

±M¶]½Yµ&¿¹¶kºc¾¨À³¹zd¨«YayZlc¹ ,&7 ½Z¿Y|¯¥yuZ]½uÈÀ¯ÎÖÖÍ ¶·uŽY¹YyuZ¨¿z¯Mv´³Z°·¹zº„À½Z·yºº„§ ,&7 zd€-–¯Zkmz[º#yZ#yu\Z´¯½Z·bZÀ¹ Z·uz^·Yy²ÀÀ˜cZ]Z·bº«¹uZ·yºº„§²º¿Yyu vº³Y¶dºƒYu©¹x^º¯

¾´Ÿ½Z·bsZz¿{uZl¿Y v³Yµuº°³®·YzŸ¾¨À³¹zd¨«YayZlc¹ ,&7 zd€-½Yzº] Yy\ºZ´¯zdº€]¾º¨À³¹zd¨«YayZºlc¹ {Yz.¿u½yZÀ€]v´³Z°· bYaZ¯Yv£Y²¿Y¶¬°k{Yj¿¹zc¹ {º¯M¾º¯º°—½{Zº µZº-Mº]zº¯ aYyzº¤¯¹ ²ºÀ³Yº£²º¿¹vc

±Mzd€-¹ ½yYv¸.³¹ yY{Z]®¸ ±uy¹Mbv]½Yz]Z¿º¹ v¯MyZ§¾‡ºˆs‚t]Z·yº„§²¿Y½uZˆd£Y½Z·‚t] bYµuz§uyY¹uºs¾.´·zŸ¹ ¾—Z°dkY¹ ½uZˆd£Y½Z·bÀ«Z˜ŸyuYy,&7 ¾´Ÿ½Z·bŸz„À

µv´¿Y|Ÿ½zÀ-yZ¨]¾‡ºˆs‚t]½v¯MyZ§¹ ¾¿Z¿º¹ b«¹u±È§b¿Yv·¹ b¿Z°o¹ ½yY|.dZÀv¯ZÀ¹ v´º¿Mz]

®·¹ bYµuYuqyZ¨¿z¯Myuµ&¿¹¶]µv¿v²¿Y bYµvƒZ¸³MyZ°ƒ¾]½Z¿Y|¯{Y½v´¯µz¸]\kº¯¦À³¹zd¨«YayZlc¹ ,&7

Z] vƒZ]µuz¨³wº ³±Myu,&7 ¶§uyYuuºk¹Z¨¿z¯Myu¾¯Z”³¹ ¾ZÀ¾.´·zŸ¾º—Z°dkY½uZºˆd£Y‚ºt]zdº°§¦´º¿Y ¶],&7 ‚t]yu¾´ŸbŸz„À v]Z¿¾¯‚¿Y|ŸY±Mµv´´§µuZ dY¹ µv´º´§vÀ«ºc–¿Z´º‡ ½y¹µzº¸],&7 ¾º´Ÿ½Zº·bŸzº„À

uzÀ-¾¯ayº‡z.¿u½Z·‚t]¶],&7 ‚t]{Y¾¬sYu‚³Yu©Z¤d³Y ¹ uºƒ¾¯|¿yz z.¿u½Z·‚t]

¹ ¾¨À³¹zd¨«YayZlc¹ ,&7 ½Z¿Y|¯bsZ´ƒZ]¶Àº³ZÀ£Y¹ ZÀM¶¤´¯yuµ&¿¹¶]¶˜ºc©Zºo yu½Z·yºº„§¾ºsz]

{Y½yYuz]º.«YZ]Z·yº„§²¿Y v³Yµuz§©¹x^¯,&7 ½zÀ-yZ¨] ¹ zd€-½Yz]Yy½Yµuzd€-aZ¯Yv£Y¾«ZdÀl¿uZ¨ºƒ ¥yu

¹ ,&7 ¶˜ºc¹ b¿Yv·¹ b¿Z°o¶]b^€³¾¨À³¹zd¨«YayZlc¹ ,&7 ±È§½yY|.dZÀZº] ¹¶dŸzº„À½Z·yºº„§uzº¨¬°—

¹ ½{Z,´·zŸ¹ ¾³Z€³Y–]Z´¯¶˜ºc¹ ¾´Ÿ½Z·bsZz¿{²À¯Zcyu±Y¹YzŸ½Z¸¿yYx-¶¿Z¯z v³Yµuz§­Yv£Y¾¨À³¹zd¨«YayZlc

ª¯Z—¹ –^´¯±Yº´—¶],&7 ¶]¶˜ºc©Zoyu½Z·yº„§¾sz]¾do bZ¸³MaZ¯Yv£Y¶º¬°k{Y¾º£º¤o¹ ¾º³º³Z£½{Zºzd€] v³z.³¾¯½uZˆd£Y¶˜ºc¹ vƒy

¹ ¾£º¤o½{Zzd€]¾´Ÿ½Z·bsZz¿{½uZˆd£Y±È§½yY|.dZÀ¾º„t]z°g¾º‡ºˆs‚ºt]¾º¿Z¿º¹ ½v¯MyZº§

²¿YZ]bYyYuyºsz]¾³Y¹YzŸ½Z·¾dZ§{Y¹z„À½Z·yº„§Z]¶€¿Z¤¯yuZ·yº„§²¿Yyu±Mz¿Z”³¹ ¾³Z€³Y–]Z´º¯ ¹¾º³º³Z£ yZ-{Z½uZˆd£Y½yZdsZaZoȇY­Zl³Y¹ \Z´¯½{Zzd€]Z]¾£zƒ[º´k½ZÀMyuµ&¿¹¶]Z·yº„§²¿Y{Y¾sz]uººk¹

v´]Z¿bu¾cZ¤ÀŸºc¶]v³Y¶d€³Yºc¾³Z¸kuZˆd£YZ]v³ºÀ¹ uºs¾—Z°dkY¹ ½uZˆd£YŽ¿YzƒZ]

¹ Z·bZÀ[º#yZ#yu¾¨À³¹zd¨«YayZlc¹ ,&7 yuYyuºs±È§½Zº·bºZÀv¿Zº] ¶˜ººc©Zºo yu½Z·yºº„§

{Yv´cyZ^—¾ZYaÇYºZdYy²¿Yyu v´´§²¿¹vc½uZˆd£Y±È§½Z·uz^·Yy

Ÿv´]Z¿bu¾^€³b¿|¯¶],&7 yuv´³Yºc¾¯¶˜ºc©Zoyu½Z·yº„§Z¿M

Î

Ÿv·u¾¯zd€-Yy¾—Z°dkY¹ ½uZˆd£Y½Z¸¿z]Yz]Z³,&7 zd€-Z¿M

Ð

Ÿb€À#yº„§vÀ«ºc¹ ½yZlc{Yzc½yZ¨À]z],&7 ½zÀ-yZ¨]zÀgZc

Ï

ŸbY­Yv§¶˜¯Zk‚³Yun¹ ,&7 ¶]Yy

Ñ

ŸbY­Yv§¾¨À³¹zd¨«YayZlc¹ ,&7 ±È§bZÀ½Z·¾-&¿¹

Ó

Ÿv´ƒZ]½uZˆd£Yvƒy–^´¯v´³Yºc¾¯¾¨À³¹zd¨«YayZlc¹ ,&7 Z¿M

Ÿb€À# ù‚³Yu¾¬¬°«Y²À]©Z¤d³Yø¹ ù¾´Ÿ|¿yzø z],&7 zÀgZc

½Z·yº„§¶]zlc{Yv´³Yºc¾¯ ¾¨À³¹zd¨«YayZlc¹ ,&7 ±È§bZÀ²¿¹vc½Yz]±Yz¿Y¾¯ÈY½yº¸°k±Yuz°dº«¹u

Ò Ô

bƒYu®À·YºsZ·yº„§¾sz]¶]zlcz]µZcº§½y¹z¯¶¯YuYyu v´´§µuZ dY¶˜ºc©Zoyu¹ ¶dŸz„À

¹ ½yYx-¶¿Z¯z ÎbY¶dŸz¿xYy,&7 z]¾´d^¯¶˜ºcuz^·YyZÀMv¿vk¾d˜´º‡ ½Z·yºº„§z¿Zº v´º³Z°·±Yº¿Zºc

n¹ b¿z¿v¯yZdsZ,&7 ½zÀ-yZ¨]¶¨¿yº] bY¶dƒYub^h¯zÀgZcyº„§²¿Y½uZˆd£Yvƒyzº] ,&7 yu¾º¬¯¾º¿Z³Yºc µuy¹M½¹y,&7 ½zÀ-yZ¨]bZÀ¶],&7 vÀ«ºcbZÀ{Y±Yº¿Zc bYµvÀ„t]LZ¤cyY¾³Z¸kuZˆd£YZ]Yyyº„§²º¿Ybº]Z£y

½Yz]yº„§²¿Y–¿Z´‡¹ Z·b§zƒ²À´$°· bYµuz§¾³Y¹YzŸ¶kºc,&7 ½Z·bsZz¿{¶]ÎÖÖÍ ¶·uyu±Yº¿Zcb«¹u bY

zd€-Z]±Z¯|°·±Yº¿Zcb«¹u v³YµuYu­Zl³Y¶´À¯{²¿Yyu½uZº¿{½yYxº-¶¿Z¯zº ¾º¬¬°«Y²ºÀ]½Zº·bº‡zŸ{Y½v´º¯µzº¸] bYµuz§¶kºc¶˜ºc¹ ¢À¤pc½Yz]\Z´¯ŽÀp¯uZl¿Y¹ ¾¿Yu{|§z°c¾³Z€³Y¶¿Z¯z¶]¾´Ÿ½Z·bsZz¿{

Z¸³M¶¬°k{Y¶§bYµuz§²¿¹vcYy½v¿vkaYyz¤¯¹ ²À³Yº£½uÈÀ¯ÎÖÖÍ ¶·uyu,&7 Yv·Y¢¤pc½Yz]±Yº¿Zc

±º³Z£½z À§±º³Z£yu¾d³zd´¿Y®¿Yzk¶]¶kºc¾d«¹uaZ—ȏY{YµuZ dY¢o½uY{M±º³Z£¾«ZdÀl¿uLZŒ¯Y±º³Z£¶]±Yºc¾¯ ¾¨³Z]±º³Z£yu¾¨À³¹zd¨«YbsYuz¶]¶kºc½yZlc®Wȗ±º³Z£yub³zd´¿Y¶]¶kºc¾¬]Z§±º¿|¿º¬c±º³Z£y¹uµYyaZZ^cyY ±º³Z£yub³zd´¿Yyuv¯Myuz]aZÀ«Z¯¶]¶kºc¾ˆtƒ®¿zo{Yb¿Z°o±º³Z£b¿Yy¾§±º³Z£yub³zd´¿Yyub¿Yy¾§¶]¶kºc

uº°³µyZƒYayZlc±º³Z£¹ v¯Myu z]aZÀ«Z¯

Z·yº„§²¿Yyu,&7 b˜´‡¶˜ºc½Yz]¾ƒ¹y±Yº¿Zc¹ yºZ.´¾]º´kµz§yuaYyuZ‡¶˜ººcbºZÀyubºÀ¤Ÿº¯

uyº¯½uZˆd£YyZdsZyuzÀÀœc½Yz],&7 b˜´‡¾¬sYuyY{Z]zd€-ªÀ«u¶]²À#v´³Z°·¾-y|]yº„§yu¾º«¹bºYµuºº] ¾´Ÿ½Z·bsZz¿{¶˜ºc uYuyYz£¶kºcuyº¯ÎÖÖÍ ¶·uzsY¹Y{YYy,&7aY|À¸lcvÀ«ºcbZÀ²À#ÎbY¶dŸz-yYz£¶kºc µuº]yº„§²¿YaZ¯Yv£Yz.¿u{Y,&7 b˜´‡½{ZuY{M¹ ½y¹Z´Ÿ¥z¸ƒuZl¿Y bYµuº]yYuyºsz]¾]ºsvƒy{Yyº„§²¿Yyu

bYµuy¹Muºk¹¶],&7 ¶¬°k{Y²À#–¿Z´‡½Yz]Yy½v¿vk{Yv³Y®„#ayZlc¾³Z¸k±Z¯{Zyu²À#b¿ºŒ— bY

uZl¿Y uYu­Zl³Yz¿{mzƒ¶º] ,&7 ÏÍÍÍ –¯Zºk mzº ¶˜ººc½Yzº] Yy¾ºcZ¯Yv£Yv´º¬¿Zcbº«¹uÎÖÖÔ ±Yzºp]{Y~º

yu­uz¯¶],7 zd¸] aZ¯vs¶¿YyY¶˜ºc¹ yY|ŸY­z³b˜´‡¶˜ºc¾³Z€³Y¶¿Z¯z¹ –]Z´¯¶˜ºc¹ uº^¸]¾º´Ÿ½Zº·bsZºz¿{

½zcºÀ¯Z§®¿Yzk¾¬¯aZ—ȏY¾¿Z´]z¿{yZdsZ¶]zÀ-YzŸ¾zdu¾¨À³¹zd¨«YbsYuz©ZdºÀl¿uLZºŒ¯Y²ºÀ³Yº£¹ v´º¬¿Zc

}ZYz] ,7 ÏÍÎÍ v´¬¿Zc,7 ¾¬¯bZÀ bYµvÀy\¿ºˆc¶]Z·µuYu¹ aZ—ȏY{Ybº¿Z°o¹ ¾º¨À³¹zd¨«Y½Z·uYuyYzº£ ¹ ,&7 ½Z·uz^·Yyv³ºÀ {Yv´cyZ^—v´¬¿Zc¾¨À³¹zd¨«YayZlc½Z·uz^·Yy¾sz]²À´$°· bYµvƒ¾oYzyºp¯‚³YuuZˆd£Y

vÀ´§µZ.³ :DQJ ¶]zd„À]¾yz]½Yz] ºÎ 0DUWLQVRQV  ¹ +DOH\ 0HQJDQG/L ¶]vÀ´§µZ.³zd„À]¾yz] ½Yz] 

¾zdu¾³º³Z£½{Zzd€]mº­Z°cyu¾„t]¾·Z-M¾—Z°dkY¹ ½uZˆd£Y¶˜ºc¾º¬¯¶¯Z³zº] Zº] ¾º¨À³¹zd¨«YayZºlc

½Z¸·Z.´]½Yz]¾¨À³¹zd¨«YayZlc¶˜ºc¾¨À³¹zd¨«YayZlc±v³Z¿Z°³¹ ½zÀ-µ{Yvº³Y¾º¨À³¹zd¨«YbºsYuzbºÀ´¯YzÀº-YzŸ

¶˜ºc¹ ¢À¤pc¹ Žºd¯¹ ¦#º§

½Z·b¸k¶§YyÏÍÍÑ bsYuz µ%¹z¾¨À³¹zd¨«YayZlcyu¾¨À³¹zd¨«YbsYuz®¸¯µZ.¿Zk¶]¶ºkºcZº] v´º¬¿Zc

bsYuz¾¬¯½Z·µuYubsYuz­Z”³[º#yZ# bY¶dƒYx-YzkYuyº¯¶]v´§¾¯®ÀzcYyyº„§²¿YbsYuz­Z”³½uz^º·Yy

ÏÍÍÑ bsYuz¶¯Z³z]z]µ¹È—v´¬¿Zc¶d^«Y bYµ%¹z²¿Y¶¯Z³z]j´½{z¯±¹z]©ZˆcYuyYv³ZdYbsZz¿{bsYuz²À³Yº£ bŸZ¿v·Yºs¶˜ºc½Y¶³º-¶]bsYuz­Z”³¶¯Z³z]²¿Yyu uyYu­Yv£YbuyuÏÍÍÔ ZcÏÍÍÐ ½Z·©Z½Yz]Yy½z.¿u¶¯Z³z]

v·uyYz£‚ƒºbpcYy¾¨À³¹zd¨«YayZlc¶]º]z¯½Z·bÀ«Z˜Ÿ¶À¬§¶§

{YvÀ«ºcyu,&7 ®¸‚¿Y|ŸY¹ ©ZœdƒYuZl¿Y bYµuz§vÀ§ZcyY|ŸY­z³µ&¿¹¶],7 aZ¯vsaYyuZº‡ ¶˜ººczº] v´º·

bY,&7 ¶˜ºcyuv´·b«¹u½Z·bZÀz.¿u

¾¨À³¹zd¨«YayZlczd€-b¸kyub¿vkZ]¾¨Àd€l«b¿Z°o¹ Z·bsZz¿{Ž¿Yzºƒ ½{Zºzd€]Zº] ½|º«Z¯bº«¹u

{Yv´cyZ^—µv¯Mª°˜]aZ¯Yv£Y{Y¾sz] v¿Z°³¾¯Èc

06& n ½Y¶³Zyv´#¹z·Yyz]Y ~ yu½yÇuuyZÀ¬À¯ÎÓ ½yYx-¶¿Z¯z

Î

 0(36 ½|«Z¯¾¨À³¹zd¨«YbsYuz®d€À¢¿z{Y¾¨À³¹zd¨«Y bsYuz¾¬¯®d€À½{Yv³YµYy

Ð

¾³º³Z£½{Zzd€]

 ¾¨À³¹zd¨«YayZlcaÇuZ^¯½Yz]¾«ZdÀl¿u½ZŒ¯Y¹ ¾·Yº-y¹v‡½Yz]¾³Z¯{Z½{Yv³YµYy

ayZlc{Yb¿Z°o½ZdYyyu­uz¯¹ ½uZˆd£Y±ÇZ˜Ÿ¶]aZ¯vs½YyZ§¶‹z—½Yz]¾¨À³¹zd¨«Ybº«¹u½{Yvº³YµYy

Ï

Ñ Ò

v¿Z°³¾¯bÀ«Z˜Ÿ¾¨À³¹zd¨«YayZlczd€-½Yz]¾‡ºˆs‚t] bY¶dŸz-ayº‡¾¨À³¹zd¨«Y

µuZ¯Mz¿{mzƒ¶]­{ǽZ·¶´À¯{v¿Z]yº„§z·nyu,&7 ¶˜ºc½Yz]¶dŸz-ayº‡¾]zlcaZ˜«Z¯}ZºYzº] ­z³¹ ½yY|ŸYbtaYvÀ«ºcµYz°·² ¬c¾¿YµyYº·Z¯² ¬cb]Zg² ¬cºsª¯Zƒ­{Ǿ¨¿|ÀŸ½Z·Z´]z¿{uZl¿Y

v³uzÎ

yº„§zYzyub³zd´¿Y¶˜ºc¶³Z¿Yy½yY|ŸY

­º¬—½Z·¶dƒyyu±Z¿ºl„³YuuYv˜c‚¿Y|ŸYzÀº”³,&7 Zº] Ž^ºcz¯¶˜ººc¹ ¢Àº¤pc¹ ¾³Zº€³Y–]Z´º¯ ¶˜ººc

Ï

{YµuZ dY|À³¹ ¾‡ºˆs‚t]½Yz],&7 ¶]Ž^cz¯½Z·bÀ«Z˜Ÿ¶]{ºl¯½Z—Y¢¿z{Y¾«Z¯¾³Z^Àd„ ­Zl³Y

Ð

±Yz]yZ§ayZ¸¯‚¿Y|ŸY½Yz]b¯vs²°‹{º¯M½Z·µy¹u‚¿Y|ŸY¹ ¶³Z¿Yy½%º«º´¨c

,&7 yu½yYx-¶¿Z¯z­Zl³Y¹ ¶º]z¯½Z¸¿%º«º´¨c©Z¤d³Yb¸k¾kyZs½Z¸¿yYx-¶¿Z¯z

®Wȗ±º³Z£¾¨À³¹zd¨«Y½ZŒ¯Y±º³Z£zÀ”³,&7 ½Z·bÀ«Z˜Ÿ½{Z²°¿Y¶º] º]zº¯ ²ºÀ³Yº£\¿ººˆc¹ ²º¿¹vc

Ñ

yu¾ˆtƒ½Z·µuYu¹ aZ—ȏY{Yb¿Z°o±º³Z£ ¾d³zd´¿Y®WYzkuyº¯yu½z À§²À³Yº£y¹uµYy{YaZZ^cyY±º³Z£½yZlc

 ¹ b³zd´¿Y

±Yz¿Y¾¯ÈY½yº¸°kºÐºÏºÏ

µuy¹Mv¿v–¯Yºk¾d¯º¨o¹ ¾.´·zŸ¹ ¾—Z°dkY½uZˆd£Y½Z·¶´À¯{yuYy¾˜À¹aYzÀÀœcaZ—ȏY¹ aZZ^ºcyY½y¹Z´ºŸ

µºp³©ZœdƒY{º¯M¾-v³{µºÀƒyuzÀÀœcuZl¿Y½Yz]v¿vk±z£yu–¯Yºk½v´°³Yºc½Yz]yY|]Y²¿zd°¸¯½y¹Z´Ÿ²¿Y bºY

uºƒ¾¯[º€p¯  ¹ b¯º¨o

¹ aZ—ȏY½y¹Z´Ÿzd€-¶¯Z³z]uºkº¯½Z·{ZÀ³¶]rZ¹ ¾³º´§½ZÀº³uyu©ººpc¹ zÀºÀœcbº]Zgªº‡Y¶º] ¶ºkºcZº]

aZ—ȏY¹ aZZ^cyY½y¹Z´Ÿ½z]yZ§¹ ¶˜ºc¶¯Z³z]±È§½Z·bZÀ bŸz-yYz£yº„§²À«¹ºº€¯yZº§ yºdºuyuaZZ^ºcyY

¹ ¾.´·zŸ[Ȥ³Y¾«Z˜¿Yyºƒ½Z·uz^·Yy½yº¸°kbZ¿y­¹u­Z-½Z·b¿º«¹Y½z^º·y®º”˜¯­Zº¤¯½Z·uº°´º·yYy Zº ¨c ¹ ¾—Z°dkY½uZˆd£Y¶˜ºc­º¶¯Z³z]±º³Z£yu•º‹º¯²¿Y²À´$°· v·u¾¯ª¨ºƒ ¾³Zºy•ÈºY¾«Z˜¿Yyººƒ ½Z·uz^º·Yy

bY¶dŸz-yYz£vÀ§Zcuyº¯|À³¶kuº]±º³Z£¹ ±Yz¿Y¾¯ÈY½yº¸°k¾¨À³¹zd¨«YayZlcbZÀyº„§¾.´·zŸ

yº]¾¨À³¹zd¨«YayZlc¹ ­Z—yº]aZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ¶¯Z³z]¾¿YzkYaZ¯Yv£Y¹ Z·¶¯Z³z]Zº·bºZÀZ·uz^º·Yy

bYz¿{mzƒ¶]†sY

½z^·y®”˜¯­Z¤¯½Z·uº°´·yºž«Y

bYz¿{mz„]½Y¶³Z¿Yy¾³Zy•ÈY½Z·¶¨^ƒ¾¬§½Z·bZÀ…ºˆsyu½z^·y®”˜¯­Z¤¯½Z·uº°´·y

 ¶´À¯{²¿Yyu­{ǽZ¸cyZ”³¹ zÀ]Yvc©Z°—Y¹ ½Y¶³Z¿Yy¾³Zy•ÈY¾¬¯­Z”³b¿º¤c¹ uZl¿Y ¾¬¯n«Zˆ¯¹ Z·b¿º«¹Yb¿Z—yZ]¾¬¯¾³Zy•ÈY¶¨^ƒ¾ À§¹ ¾°§¶˜ºc

{Zl¯aZ€R¯¹ Z·uZ¸³¢¿z{Y¾³Z¸k¾³Zy•ÈY½Z·¶¨^ƒ¶]¾zduuZl¿Y

 ¾d«¹uzÀ›¹ ¾d«¹u½Z¸„t]{Yb¿Z°o¹ ¾³Z¸k½Z·¶¨^ƒyu©Z˜ŸyºŒo

 ¾³Zy•ÈY½Z·¶¨^ƒ¶˜ºcZ]\Z´d¯¾¿ZŒ£¹ ¾£º¤o­Z”³b¿º¤c¹ uZl¿Y  aZ—ȏY½y¹Z´Ÿ¶˜ºc

 ¾³Zy•ÈY½Z·¶¿uZpcYuZl¿Y¹ ¾¬¬°«Y²À]aYyz¤¯¹ Z·¡ZhÀ¯¶]¾]ZÀdu½Yz]\Z´¯­Yv£Y ­¹u­Z-¶¯Z³z] b«¹u½Z¸¿zÀ-b¸k [

aZ¯vsµ{ºozd€-¹ ¶˜ºcaZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ¶˜ºc½yYuYyZdsZmȇY©ZœdºƒY¹ ½uZºˆd£Y¾·v³Z¯Zº

½uZ¯bÀ¨«Z¯{Yb¿Z°ov—Yº£½zÀ-yZ¨]¾¯º°—¹ ¾°y½Z·{º¯M¾‡ºˆs‚t]yºŒozd€-aZZ^cyY¹ aZ—ȏY

­¹u­Z-yub«¹u¾ZY½Z¸¿zÀ-b¸k{YaZ—ȏY½Z¸¿y¹Z´Ÿb¿yºp¯Z]¾Z^cyY¹ ¾cZ—ȏY½Z¸¿y¹Z´Ÿµ{ºoyu½º´º˜¯¹

v³ºƒ¾¯[º€p¯

¾.´·zŸ[Ȥ³Y¾«Z˜¿Yyºƒ½Z·uz^·Yy ºi

¹ ²¿¹vc¾³Zy•ÈYz¯Yz]ayZ”³¹ aZ—ȏY¶«uZ^¯¹ ‚¿ÇZvÀ«ºcyub¿Z°o¹ bº¿Yv·½|º¿y¶¯Z³zº] ½yY|.dºZÀ

¹ zd€-–¿{ºc¾·v³Z¯Z½{ZµzÀswvÀ«ºc–¿z€c¹ ªÀ¸€c½Yz]½{Zzd€]¾³Zy•ÈY–¯Zk­Zº”³©ºº‡Y\¿ººˆc

¾ZY½Z·uz^·Yy{Y  ¹ ¾d«¹uzÀ›¹ ¾d«¹u‚t]½Z·bÀ«Z˜Ÿ±uz§,´º·Z°·Zº·‚ºt]¾º¯Z°cyuaZº—ȏY½zÀº-yZ¨]

v³ºƒ¾¯[º€p¯¾.´·zŸ[Ȥ³Y¾«Z˜¿Yyºƒ

¾³Zy•ÈY¾«Z˜¿Yyºƒ½Z·uz^·Yyºu

½Z·¶¨^ƒzd€-¹ aZ—ȏY¶]¾¯º°—¾zdu¶˜ºcbº³zd´¿Y¹ ¾³Zºy•ÈºYaZº¯vs¶º] ¶º˜¯ZkuZºoM¾ºzdu

b¿Z°o¾yZŸ±Z]{¶]¾cZ—ȏY½Z¸¨³Z]¹ aZ—ȏY¶¿YyY¹ vÀ«ºc{Yb¿Z°o¾¿YzkY½Z¸·Z.du Žºc¾¬p¯¾³Zy•ÈºY

¹ ¾¨À³¹zd¨«YayZlc½Yz]zd€]uZl¿Yb³zd´¿Y¹ ¾³Zy•ÈY½Z·¶¨^ƒyu¾³Zy•ÈYaZ¯vs¶˜ºc¾ƒ{º¯M½Z·¶¯Z³z]{Y v·u¾¯ª¨ƒaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿ¶´À¯{yuYy¾³Zy•ÈY¾«Z˜¿Yyºƒ½Z·uz^·Yy  ¾.´·zŸ¹ ¾—Z°dkY½uZˆd£Y¶˜ºc­º¶¯Z³z]±º³Z£º·

aZ¯vs‚ƒº¹ ¾¬¯nyuyYuZ¸]¡Yy¹Y¾¨À³¹zd¨«Yvd¹ uYu­Zl³Yb¸k±Yz¿Y `¿Z¯zyY{Z]½Y¶³Z¿Yy¶¨^ƒÖÑ µuZ¯

uºƒ¾¯uZl¿YÎÐÔÐÖÏÍ [ºˆ¯¶˜ºc­¹u¶¯Z³z]±º³Z£ÏÓ µzˆ^c\«Z£yu¾¬¬°«Y²À]¹ ¾¬¯¾³Zy•ÈY

¹ ¾ººº¬sYuaZººº—ȏY¶ººº] ±ZºººM¾]ZÀdºººu½Yzººº] ­{ÇaZººº³Z¨¯YbºººYžººº“º¯bººº«¹u ÎÍÐ µuZººº¯

v¿Z°³®·YzŸYyv¿vk½y¹M²Ÿ{YµuZ dYj¿¹zc¹ aZ¯vsuº^¸]¾³Z¸k½Z·¶¨^ƒ¶]yº„§©ZˆcY½Yz]½{Z¶´À¯{ ¾kyZs

½Z¸³Z¯{Z¹ Z·¶³ZtcyY{¹¶À¬§¾¬¬°«Y²À]½Z·yY{Z]yuyº„§¾cYyuZ‡aǺˆp¯b]Z£y±Yºcbº¿º¤c½Yzº] ÎÎÓ µuZº¯

mz}ZYz]uºs¶]º]z¯¾³Zy•ÈY|§z¯½{Yv³YµYy¶]b^€³v´ ¬¨¯aYyuZ‡z¯YZ]Ž^ºcz¯¾ºd«¹u¾ºcZ¯vs¹ ½vÀº«ºc

v´´§­Yv£Yyº„§¾³Z-y{Z]¾³Zy•ÈY–¯Zk¶¨^ƒ Z ¨c¶¯Z³²À¿Mº¹

[ºˆ¯yº„§aZZ^cyY¹ aZ—ȏY½y¹Z´Ÿuz]yZ§zd€-yº”´°]†t„¯½Z·bÀ«Z˜Ÿ½YzkYµºp³¶¯Z³²À¿M}ZYz]

½y¹Z´Ÿ¾cZÀ¬°—¶¯Z³z]½Z·b¿º«¹Y±Yº´—¶]º]z¯½Z·µ%¹zµYz°·¶]¶³Z.d ·½Z·¶¯Z³z]±Yz¿{¹aPÀº· ÎÐÕÎÑÖ qyºº¯ v³Yµv¿uz-­È—YÎÐÕÎ ©Zyuyº„§aZ—ȏY¹ aZZ^cyY

bÀ´¯Y¹ ±º³Z£½{Zl¯¶¨^ƒ®d€À ¾¨À³¹zd¨«Yb«¹umzž«Y

ayZ¸¯¶˜ºc¹ y¹z¹ {º¯MyuaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿuz]yZ§zd€-mz[

¾¨ƒ|{º¯M ¹ ±Z¯yubƒYv¸]¹ ¾«Z—{º¯MyuaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿuz]yZ§zd€-mzi ¾—Z°dkYaZ¯vs¶˜ºcyuaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿuz]yZ§mzu

ayZlc¹ ¾³Z-y{Z]uZˆd£YyuaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿuz]yZ§zd€-mz± º·

ŽÀp¯yu¾yZŸ ±Z]{¹ Žsb¿º¤c¹ z´·¹ ,´·zŸ¹z°¬£yuaZº—ȏY¹ aZZ^ºcyY½y¹Z´ºŸ uzº]yZ§zdº€-mzº ¹

½Y¶³Z¿Yy

¹ vƒy|§Yz¯uZl¿Y¢¿z{YaZ—ȏY ¹ aZZ^cyY½y¹Z´Ÿyu©Z˜Ÿ 60( Žºd¯ ¹ ¦#º§½Zº·voY¹`˜ººcmzº {

½y¹Z´Ÿ½Z·¥z¸ƒ

¶¯Z³z]½uz^·Yy½Z·mz{Y¾¨¿ayZlc¹ ¾³Z-y{Z]uZˆd£YyuaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿuz]yZ§zd€- mz²º¿Yz]Z´]

¶§bY¾—zŸ¹ ¾¬‡Y½Z·bÀ«Z˜Ÿ½YyYu½uz^·Yymz²¿Y bY Z ¨c ±Yz¿YaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿ½z]yZ§¹ ¶˜ººc uºƒ¾¯µuYunÀ‹ºcÈ¿w

ª¯Zƒ¾¬‡Y½Z·bÀ«Z˜Ÿ

¹ b˜´‡ayZlc¹ ¾³Z-y{Z]½uZºˆd£Y¾³Zy•ÈY½Z¸·Z.¿Z¹ b³Yzd´¿Y½{Zl¯½Z·¶¨^ºƒ ¶˜ººcÎ

{Yv´cyZ^—¾—zŸ½Z·bÀ«Z˜Ÿ ¾³v]bÀ]zc¹ ¾—Z°dkYyº¯Y¹ yZ§±¹Z˜cb€¿{ŽÀp¯Z¸¿yYuz¸ƒ¹zÀ³½{y¹Z„§±v˜¯ aYz]Zt¯½yZ¨°·Z]½{Zl¯¶¨^ƒ¶˜ºc

Î

¶¨^ƒbÀ´¯Y

Ð

¶¨^ƒb¿z¿v¯

aYyz¤¯¹ ²À³Yº£

©ZdÀl¿uŽÀp¯yu½ºdp¯¶¿YyY¹ ¶À¸c

Ï

Ñ Ò

{Yb€cyZ^—mz²¿Y¾—zŸ½Z·bÀ«Z˜Ÿ¾¨À³¹zd¨«YayZlcºÏ yº„§¾³Z-y{Z]¾³Zy•ÈY½Z·®d€À

Î

¾¨À³¹zd¨«YayZlc¾l´±Z¨¯Yµ%¹z

Ð

­Z.„Àµ%¹z

¾¨À³¹zd¨«YayZlcZ]Ž^cz¯½Z¸·Z.duz¿ZaZ—ȏYµZ.¿Z½{Yv³YµYy¶]¦°§ ª¯Z§yº]±Yz¿Y½yZlc¶¤³±uz§©Z˜Ÿ¹ ½{Yv³YµYy

Ï

Ñ Ò

 bYz¿{mzƒ¶]mz²¿Y¾—zŸ½Z·bÀ«Z˜Ÿ¾¨À³¹zd¨«Y½yYv¨³Z]¶˜ºcºÐ

¾¨À³¹zd¨«Y½yYv¨³Z]½{ZµuZÀ¹ ²¿¹vc¾oYz

Î

yº„§½Z¸¨³Z]931 uZl¿Y

Ð

­Z.´¸]¾¨³Z]²À]½ZZ¿Z|§z¯¡ZcYuZl¿Y %DQN&DUG ¾¨À³¹zd¨«Y©º¶˜ºc

}yº]½Y¶³Z¿Yy­Z”³

Yuº¨ÀM ¾§z°-aZ¯vs­Z”³

yº„§¾cZÀ«Z¯­Z”³

Ï

Ñ Ò Ó Ô

±Yz¿Y¾¯ÈY½yº¸°k¾¨À³¹zd¨«YayZlcbZÀº{

bYz¿{mzƒ¶]±Yz¿Y¾¯ÈY½yº¸°k¾¨À³¹zd¨«YayZlcbZÀ©º‡Y

¾¨À³¹zd¨«YayZlc{YµuZ dY½Yz]{ZÀ³uyº¯¾¿YzkY¹ ¾£º¤o½Z·¶´À¯{¹ ¾¬‡Y½Z·bsZz¿{±uº°³®·YzŸ

Î

b]Z£y½Z·¶´À¯{ uZl¿Y¹ yZˆp³Y{Y½zÀ-º¬k¹ ¾d«¹uzÀ›‚t]½Z·bÀ«Z˜Ÿ¶˜ºc{Yb¿Z°o

Ð

¾¨À³¹zd¨«YayZlc{YµuZ dY,´·zŸj¿¹zc¹ {º¯M¶˜ºc ¾¨À³¹zd¨«YayZlcyu|À¯MŠÀ˜^cb¿u¹vp¯¶³º-z·–Ÿy

bƒYv¸]½Yz]­{ÇzÀ]YvcwZtcY¹yº„§yu¾¨À³¹zd¨«YayZlc­Zºl³Y½Yzº] bº³zd´¿Y¶¨^ºƒ {YµuZ dºYzdº€-

Ï

Ñ Ò

 µvƒuZ¿¶¨^ƒ¾¿Yºdp¯

,&7

¶´À¯{yuµvƒ­Zl³YaZ¯Yv£Ym

{Y ¾sz]vƒZ]¶dƒYu±Mzd€-¶]½Yµ&¿¹¾³º³Z£b¿Z°o¹ ¶kºcb«¹u¶§µvƒ\^aZZ^cyY¹ aZ—ȏY½y¹Z´ŸbÀ°·Y

bYz¿{mzƒ¶]aZ¯Yv£Y

¾¬¬°«Y²À]½Z·yY{Z]yuyº„§¾cYyuZ‡aǺˆp¯b]Z£y±Yºcb¿º¤c½Yz]¶˜ºc­º¶¯Z³zº] ±º³Zº£ ÎÎÓ µuZº¯

Î

¾³Zy•ÈY|§z¯½{Yv³YµYy¶]ž¬¨¯YyaYyuZ‡z¯YZ]Ž^cz¯¾d«¹u¾cZ¯vs¹ ½vÀ«ºc½Z¸³Z¯{Zº ¹Zº·¶º³ZtcyY{¹¶Àº¬§ bYµuº°³

uz]yZ§zd€-½ZdYyyu¶§µvƒµuYuµ{ZkYb«¹u¶]ÎÐÕÎ ©Z¶kuº]±º³Zº£ ÎÐ µzºˆ^cžº«Yv´º] }ZºYz]

Ï

½Yz]>ZŸz‡ÎÐ µzˆ^cž«Yv´]yZ^d—Y{Y©Z¿yuyZÀ¬À¯ÎÏÒ š¬^¯ÎÐÕÎ ©Z¶kuº]±º³Z£ÎÐ µzˆ^ci v´]}ZYz]

Ð

v¿Z°³†ÀˆtcYyÒÍÐÓÏÐ ž¿uyyZ^d—Yyº„§½|¿y¶¯Z³z]¹ aZ—ȏY½y¹Z´Ÿ

ayY{¹yZÀdsYyu¾¨À³¹zd¨«YayZlc¶˜ºc¹ ½{ZµuZÀ¹ ¶˜ºc­º¶¯Z³z]±º³Z£ÎÎÓ µuZº¯ [¹ žº«Y½Z·v´º] ½YzºkY

bŸz-v·YºsyYz£¾³Z-y{Z]

¹ ½|¿y¶¯Z³z]¹ b¿z¿v¯±Z¯{ZŽºcyº„§aZº—ȏY¹ aZZ^ºcyY½y¹Z´ºŸ ½uzº]yZ§¹ ¶˜ººc`¯Z³zº] ²º¿¹vc

Ñ

±Yz¿Y¾¯ÈY½yº¸°k¾¨À³¹zd¨«YayZlcbZÀ\¿ºˆc

Ò

¾³Zy•ÈY¾«Z˜¿Yyºƒ

vÀ«ºc¹ ¾³Zy•ÈY¾¨À³¹zd¨«YayZlc¹ ¾³Z-y{Z]½uZˆd£Y¾³Zy•ÈY½uz^·Yy±ºÀº€À°§ªÀ¨º„c½Yzº] bºÀ«Z˜Ÿ 

½yYuY­Z”³½{ZyZ§uºs¾³Z€³Y–]Z´¯aZ¤À¤pc¹ aZ—ȏY½y¹Z´ŸaZ—ȏY¹ aZZ^ºcyY½y¹Z´ºŸ ¾º£º¤oyºº¯YaZº—ȏY

yº„§

¾¨À³¹zd¨«YayZlc¶´À¯{yu¾³Z-y{Z]ayY{¹aZ¯Yv£Yº

bYz¿{mz„]¾¨À³¹zd¨«YayZlc½{Yv³YµYy¹ ¾oYz…ºˆsyu¾³Z-y{Z]ayY{¹aZ¯Yv£Y¾sz]

&$ ©ZdÀl¿u¾·Yº-y¹v‡|§z¯½{Yv³YµYy¹ ¾¨À³¹zd¨«YayZlc–¯Zkmz¹ ­Z.„Àmz¾cZ¯v¤¯aZ˜«Z¯

Î

v³Yyx-¾¯~¬l¯yuYyuºs\¿ºˆcªoYz¯¶§ ø¾¨À³¹zd¨«YayZlc¾³º³Z£mz ù ²¿¹vc

Ð

±Yz¿YaZ¯vs¹ ÇZ§½yYx-µyZ°ƒ¾¬¯|§z¯~ÀPc

±Yz¸cyuº^°¬§mz¾¨À³¹zd¨«YayZlc½Y¶¤´¯|§z¯½{Yv³YµYy½Yz]­Yv£Y

aZÀ·yub¿ºŒ—¹ Ž^cz¯½Z·µZ.du±Z-v´¿Z°³b¿ºŒ—Z]±Yz¿Yb§Z ¿uY¾¬¯¶dÀ°§aZ€¬kz°d€¯½yY|º-z]

Ï

Ñ Ò

¶Àº³ZÀ£YZÀMb§Z ¿uY

Ž]y½w¾¿YzkY½Z·µZ.du½yZ¨°·Z]±Yz¿Yyu¾¨À³¹zd¨«YayZlc–¯Zkmz5)3 ¶À¸c

Ó

Ž]y½w½Y¶¤´¯¹ ¾¬¬°«Y²À]¾ƒ{º¯M½Z·µZ-yZ§yu©Z˜Ÿb§zƒ

Õ

¾¬¬°«Y²À]½Z·‚¿Z°·yu©Z˜Ÿb§zƒ

¾«Z—½Yyºƒ¾¨À³¹zd¨«YayZlc¹ ½uZˆd£Y¾³Z-y{Z]¾³Zy•ÈY¾ºˆˆtc¶dºÀ°§aZº€¬kz°dº€¯ ½yY|º-z]

Ô Ö

¾¨À³¹zd¨«Y¾³Z-y{Z]¹ ½uZˆd£Y½Z·mz¾yz]½Yz]¾³Zy•ÈY

¾³Z-y{Z]¾³Zy•ÈY–¯Zk¶¨^ƒ¹ ¾¨À³¹zd¨«YayZlcµyZ]yu¾„·¹&¹ ¾ƒ{º¯M½Z·¶¯Z³z]½YzkY ÎÍ

¾¨À³¹zd¨«Y½uZˆd£Y½Z·mz½YzkY¹ ¾oYz½Yz]Žº]y½w¾º¿YzkY½Zº·µZ.dºu Zº] ¾º.´·Z°·¹ ½yZº¨°· ÎÎ

±Yz¿{¹­zdp¯aPÀ·ÎÐÕÎÑÎÏ qyº¯º· ÏÓÓÖÓ aÎÓÑÏÓ µyZ°ƒ¶¯Z³\¿ºˆc}ZYz] ¾¨À³¹zd¨«YayZlc¶´À¯{yuyZ¨°·¹ ©ºX€¯½Z¸·Z.duZ]¾.´·Z°· ÎÏ

¾³Z-y{Z]¾³Zy•ÈY–¯Zk¶¨^ƒµ%¹zªÀ°¨cÎÐÕÎÖÒ qyº¯ÐÐÎÓÍÕÎÑ µyZ°ƒ¶kuº]¶¯Z³b¤ŸYº¯½ZdYyyu ÎÐ

¾¨À³¹zd¨«YayZlc¾³Z]|À¯aZ¯vsj¿¹zc¹ {º¯M–¯ZkmzZ·bÀ«Z˜Ÿ¹ aZ¯vsÇZ§,´¿v§½{ZuyYv³ZdYyºº„§ yZ§yºduyu Z·µZ.duz¿Z¾³Zy•ÈYµZ.¿Z½{Yv³YµYy¶]¦°§¹±Yz¿Y½yZlc¶¤³ªÀ°¨c¹ zd€-º^º°¬§mzº bY¶dŸz-yYz£¶³ZtcyY{¹²¿Y

©¹¹R€¯¾¿YzkY½Z¸·Z.duºÑºÎºÏ

bYµvƒ¶¿YyY©¹º€¯¾¿YzkY½Z¸·Z.duž¿Z“¹yY|-{Y‚t]²¿Yyu Z ¨c¶¯Z³z] ºž«Y

¹ aZZ^cyY ½y¹Z´Ÿ½z]yZ§¹ ¶˜ºc¶¯Z³z]¶À¸c¶]­Yv£YbÀ˜‹¹byubsZ´ƒ¹ ¥yuZ]±Yz¿Y¾¯ÈºY½yºº¸°k

®·½ZŒŸ¹ ŽÀp¯b¿º¤c,&7 b¿yºp¯Z]¾³Z€³Y–]Z´¯¶˜ºcyYv¿Z¶˜ºcyu,&7 v´¯­Zº”³zdº€- uºº°³aZº—ȏY

yu ¾‡ºˆs‚t]b¿yºp¯¹ aÈÀ¸€c¹ –]Z´¯aYyz¤¯¹ ²À³Yº£¾zdu¶¨^ƒª¯Zƒ¾dsZz¿{aYvÀ¸°c¾º¬¯¾º¿Y|ŸY {Yv´cyZ^—,&7 Yv·YZ·uz^·Yy²¿Y½ZdYyyu v³ºƒ¾¯ [º€p¯,&7 ½vÀ¬§½Z·uz^·Yy{Y,&7

uZˆd£Y¢¿z{Y½uZˆd£Y ¾¿ZŸº¨ƒaZ—ȏYz„³b¿º¤c­uz¯b§yZ„¯zd€-¹ ¢¿º„caZ¯vs¾¿YyZ§½Z¤cyY

aZ¯vsaYyuZ‡ ²¿º³½Z·bsZz¿{uZl¿YY|ŸY{yY¾¬œƒ½Z¸dº‡zŸuZºl¿Y¶º] ¦º°§¾º¨À³¹zd¨«YayZºlc¹ ¾º«ZdÀl¿u

¾¿YzkY½Z¸·Z.du²À]½yZ¨°·b¿º¤caZZ^cyY¹ aZ—ȏY¶]¾zduªÀ¸€c¾«ZdÀl¿uuyYºº¯ zdº€-aǺºˆp¯¹ ¹ ¾¬¯,´·zŸb¿º¤c¹ zd€-¹ 60( Žºd¯¹ ¦#º§½Z¸d§zƒzd€-¾‡ºˆs‚ºt]{Ybº¿Z°o¾º·Z-MZº¤cyY ©ZdÀl¿uŽÀp¯yu¾¯ÈY

² ¬c¹ Yz.¬c¹ b€½Z·¶³ZtcyY{¹¶¬°k{Y¾¿YzkY½Z¸·Z.duzd„À]µvƒ\^Z ¨c¶¯Z³z]¾-uzdº€-²º¿Yz]Z´]

¹zÀ³½z]Yzc¹ µYy¾¨ƒ|{º¯M¹ ±Z¯yubƒYv¸]½y¹Z´Ÿ¹ aZ¤À¤pc­º¬—y¹z¹ {º¯M¾º¿YyYu¹ ½uZºˆd£Yyºº¯Y

¾³Zy•ÈY¾«Z˜¿Yyºƒ½|§z¯¦³Z]¾¯ÈYuZƒyY¹ ,´·zŸ¾—Z°dkYyº¯Y¹ yZ§b ³½{y¹Z„§uZ¸k±uZº˜¯¹ –¿Z´º‡

½Z·bÀ«¹ºX€¯½YyYuº]z¯¾¿YzkY½Z¸·Z.du¾¯Z°c½yZ¨°·Z]½|¿y¶¯Z³zº] ¹bº¿z¿v¯±Z¯{Zº ¦ÀºcZ¯yº ³Y¾«Z˜¿Yyººƒ

bYµvƒ†t„¯¹ ²À˜¯Z ¨c¶¯Z³\¿ºˆcyu¾¿YzkY½Z¸·Z.duž¿Z“¹ v´ƒZ]½Yµ&¿¹ Z ¨c`¯Z³z]½z^·Yy±ºÀ€À°§¹ Z·¶dÀ°§Z·Yyºƒº[

¾ˆt„¯ž¿Z“¹Z]½z^·Yy½Z·YyºƒaZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ½z]yZ§¹ ¶˜ºc¶¯Z³z]½Z·bÀ«Z˜Ÿ¾.´·Z°·yº”´º°]

uºƒ¾¯µyZƒYª¿wyu¹ bYµvƒ¾´À]‚À

®·v·Z]Yyºƒ²¿Y Z¸³ZdY¹ ª¤d€¯½Z¸·Z.duZ·¶³ZtcyY{¹aZ—ȏY¹ aZZ^cyY½y¹Z´Ÿ±YzÀº]u½z^º·Yy½Yyººƒ º

uuz-¾¯ªÀ¨„c½{Yº¯½Z·bÀ«Z˜ŸZ¿¹ ¾„t]ž¿Z“¹ªsYvc¶³º-z·{Y½zÀ-º¬k½ZdYyyu¹ ¾¬¯¾¿Y|ŸY

Z·¶³ZtcyY{¹,&7 ½z^·Yy½Yyºƒ ª¤d€¯½Z¸·Z.du¹ Z·¶³ZtcyY{¹aZ—ȏY¹ aZZ^ºcyY½y¹Z´ºŸ ½uz^º·Yy½Yyººƒ 

aYyz¤¯¹ Z·¶¿¹y²ÀÀ˜c¹ ½yY|.dZÀ,&7 {Y}º°¬¯¹ ¢À£už¿z˜c¶¿YyYZ¸¿&cYzdºY¹ Yvº·Y\¿ººˆc¹ ²º¿¹vcYvº·Y Z·¶³ZtcyY{¹yu  ¹ ¾„·¹&½Z·¶¯Z³z]b¿Yv·©ZœdƒY¶˜ºcb¸k­{ǽZ·¶´À¯{¹ aYvÀº¸°cuZºl¿Y,&7 ­Zº”³yYz¤dºY uºƒ¾¯ªÀ¨„c

Z·±ZdYnyu,&7 ½Z·µ%¹z½YzkY{Y±Z´À°Y©ºˆoyº”´°] Z¸³ZdYaZ—ȏY ¹aZZ^cyY½y¹Z´Ÿ½z^·Yy½Yyºƒ

½y¹Z´Ÿ½z^·Yy½Yyºƒ¶¤´¯z·…Zs½Z¸À-&¿¹z]¾´d^¯ ²À´$°· ¹,&7 z¯Yyuyº„§±È§½Z¸¿zÀ-b¸kZº] ¢^º´¯ uuz-¾¯ªÀ¨„cZ¸³ZdYaZ—ȏY ¹aZZ^cyY

¹ Z·bÀ«Z˜Ÿ½z^·Yyv·Z]Z·±ºÀ€À°§¾³Z^Àd„½Yyºƒ¹ ¾´Ÿ½z^·Yy¶dÀ°§¾‡ºˆs‚t]b§yZ„¯½z^·Yy¶dÀ°§

v´¿Z°³¾¯bÀ«Z˜Ÿ¾³Zy•ÈY¾«Z—½Yyºƒ¶³ZszÀ]u¾¿YzkYyZdsZ±Z§yYyuY|ŸY{yY¹ Z¿ºbÀ«Z˜Ÿ½ZŒŸuZl¿Y½ZdYyyu

¹ ¾—Z°dkY aZ—ȏYvÀ«ºc¹ ¾³Zy•ÈY ¾º¨À³¹zd¨«YayZºlc¹ ¾º³Z-y{Z]½uZºˆd£Y¾³Zºy•ÈºY½Zº·±ºÀº€À°§

¾³Z€³Y–]Z´¯¶˜ºc ¾³Z€³Y–]Z´¯¹ aZ¤Àº¤pc¹ aZº—ȏY½y¹Z´ºŸ aZº—ȏY¹ aZZ^ºcyY½y¹Z´ºŸ ¾º£º¤oyºº¯Y¾º.´·zŸ v´·u¾¯ª¨ƒYyZ ¨c¶¯Z³z]¾¿YzkYv˜]yu ½uz^·Yy½Z·±ºÀ€À°§ ¾¨À³¹zd¨«Y b«¹u yº„§½yYuY­Z”³½{ZyZ§uºs ¾¨À³¹zd¨«YayZlcbZÀºi

yuaZ—ȏY¹ aZZ^cyY½y¹Z´Ÿuz]yZ§zd€-½uz^·Yymz¾¬‡Y½Z·bÀ«Z˜Ÿ{Y¾¨¿¾¨À³¹zd¨«YayZlcmz

¹ ¾£º¤o½Z·¶´À¯{¹ ¾¬‡Y½Z·bsZz¿{±uº°³®·YzŸyº”´°]±Yz¿{¹aZÀ·ZdYy²¿Yyu bYayZlc¹ ¾³Z-y{Z]uZºˆd£Y

b¿u¹vp¯¶³º-z·–ŸyyZˆp³Y{Y½zÀ-º¬k¹ ¾d«¹uzÀ›‚t]½Zº·bºÀ«Z˜Ÿ{Ybº¿Z°oj¿¹zºc ¹{ºº¯M¶˜ººc¾º¿YzkY

²¿YyuZ¸·Z.duž¿Z“¹ uYuyYz£\¿ºˆcuyº¯Yy¾¨À³¹zd¨«YayZlcbZÀb³zd´¿Y¶¨^ƒ{YµuZ dYzd€-¹ |À¯MŠÀ˜^c bYµvƒ¶¿YyY±Yz¿Y¾¯ÈY½yº¸°k ¾¨À³¹zd¨«YayZlcbZÀ¶¯Z³\¿ºˆcyu¶]Yy ±Yz¿Y¹ ±Z¸kyu(& ¹ ,&7 ½Z·{Yv³Y®„#ºÏºÏ

²¿Y bYµvƒ¶¿YyY±Z¸k¹ µv¿|-z]½Z·yº„§±Yz¿Yyu¾¨À³¹zd¨«YayZlc¹ ,&7 ½Z·yZÀº˜¯¾ºsz]‚ºt]²º¿Yyu

{Yv´cyZ^—Z·yZÀ˜¯

yu,&7 iyZt¯Žºd¯®¸ Î ©¹vkyu bY²¿º³uZˆd£Y®¸¯½Z·yZÀ˜¯{Y¾¨¿*'3 yu,&7 iyZºt¯®¸º º

bYµvƒ¶¿YyYÎÖÖÏÎÖÖÖ µy¹u¾*'3

‚t]yua¹Z c v³Yµvƒ®À€¤c*'3 ¶],&7 iyZt¯b^€³v‡yuÒ Žºd¯{Yzc²À¿Z¹ zcÇZ]µ¹z-¹u¶]yºº„§ÒÎ

¾¿ZÀM¾¿Z·yº„§²À]¾do½yYu¾´˜¯©ZdÀl¿uZ¨ƒ v´§¾¯µyZƒY:RQJ ÏÍÍÏ ¶§¶³º.³Z°· bºYzÀ.°º„#,&7

uyYuuºk¹

a¹Z cuºk¹²¿YZ]¾«¹uyYuuºk¹Z·yº„§v¯Myun¹ ,&7 iyZt¯²À]¾¿ÇZ]¾.d€^°·vy¾¯z”³¶]v´#zº·

²¿Yz]¾·Yº-¾]º´k½Z¤¿zŸMbÀ˜‹¹ uyYuuºk¹,&7 iyZt¯uyº¯yu½v¯Myu±Z€¨¿mºZ]¾¿Z·yº„§²ºÀ]½yYu¾º´˜¯ bZ—uY

ÎÖÖÏÎÖÖÖ *'3 yu,&7 iyZt¯Žºd¯®¸ Î ©¹vk v‡yu

Žºd¯z¿{½Z·yº„§

v‡yu

²À.³ZÀ¯½ÇZ]½Z·yº„§

ÑÓ

¥Yº¬Y½yº¸°k

ÖÐ

º³v³Ç{

ÑÓ

©Zœcz

ÕÑ

vWº

ÑÏ

ZÀ«Zd¿Y

ÕÎ

ZÀ«YzdY

ÑÏ

ZÀ³ZY

ÕÎ

µvpd¯aÇZ¿Y

ÑÎ

±Yº¿Zc

ÔÕ

~À¬.³Y

ÐÖ

­Z´d¿¹

ÔÕ

~ÀWº

ÐÖ

ª¿{z]

ÔÓ

YuZ³Z§

ÐÕ

ÈW¹|³¹

ÔÓ

yºZ.´

ÐÔ

±Z³º¿

ÔÎ

v´¬·

ÐÒ

¦¿|¨¯

ÓÓ

¥yZ°³Yu

ÐÐ

¾³º¬Y

ÓÒ

²Y%

ÐÐ

²Àd³Y%yM

ÓÒ

,´§,´·

ÐÎ

½uº˜±Zd€]z—

ÓÑ

}v£z.«ZœƒY®¿%y

ÐÎ

²À#

ÓÐ

¾]º´k½Z¤¿zŸM

ÏÖ

±Zd€¸«

ÓÐ

¶€³YzŸ

ÏÕ

v´¬¿Zc

ÓÏ

¦#½yº¸°k

ÏÕ

±ZdyZœ¬]

Ó

¦¿&¬]

ÏÔ

¶À§zc

ÒÖ

%¹z³

ÏÔ

²ÀÀ¬ÀŸ

ÒÖ

v³È´Ÿ

ÏÔ

v´·

ÒÕ

v´«z¿Y

Ï

¶À¹y

ÒÔ

±Z°«M

Ï

½|³¹v³Y

ÒÒ

½|«Z¯

Ï

zˆ¯

ÒÐ

¾]º´kµz§

ÎÐ

¾³Z¯¹y

ÒÎ

‚¿zcY

ÒÎ

¾¬Àƒ

ÒÎ

±ZdyZl¯

ÒÎ

ZÀ^°¬§

6RXUFH:RQJÏÍÍÏ

b³zd´¿Y bY²¿º³uZˆd£Yz.¿u½Z·yZÀ˜¯{Yb³zd´¿Yξ³Z]|À¯aZ¯vsµYz°·¹ b]Zg² ¬cbº³zd´¿Y±Yzº]yZ§yZ°ºƒ º

 bYÏ{Z]½yZ°˜¯¶¨^ƒ ¾´˜¿±Myu¶d ¸³¾´ŸµyZ.³Y{Y¾ƒZ³b³zd´¿Y¢ÀŸºczd„À] v³{¾¯v³ºÀYy,&7 ¹ ±vƒ¾³Z¸k

Yy­{ǽZ·ayZ¸¯¹ Z·bsZz¿{v´°c¹zg½Z·yº„§yuuYzŸY bYa¹Z d¯ ±Z¸kzYzyub³zd´¿Y¶]¾zduuºk¹²¿YZº] Z¨ƒ|À³²¿Y¶§v³yYuzÀ¤Ÿ½Z·yº„§­uz¯Z]¶€¿Z¤¯yuYyaYzÀÀœc²¿Y{Y²d€kuº½Yz]½zd¸]bÀ˜‹¹²¿Yz]Z´]¹ vº³yYu ±Z¸kyu*'3 ¹ bÀ˜°kµYz°·¶]y¹uµYyaZZ^cyY½Z·yZÀ˜¯¾ºsz]Ñ ¹ Ð Ï ©¹Yvºk yu vº·u¾º¯ ‚¿Y|ºŸYYy©ZdºÀl¿u

²¿Yyu¹z„Àyº„§ºZ¨¿z¯M {Yv´cyZ^—µv¿|-z]½Z·yº„§ bYµvƒµuYu±Z„³ÏÍÍÎ ©Zyu±Yzº¿Y¹ µv¿|º-z]½Z·yºº„§ µvpd¯aYyZ¯Y¹ ½|«Z¯¹ ºZ¨¿z¯M¹ Z¤¿zŸMZÀMµyZ£¶{Yb ³µv´´§yuZ‡yº„§¶º¦¿|¨¯¹ zº¿Y|l«Y½|º³¹v³Yº¶´ºÀ¯{

½Y¶€¿Z¤¯ªÀ¬pc¹ ½v˜]½Z·‚t]½Z·fp]yuZ·yZ¯M²¿Y ,&7 yu\Z´¯>Zd^€³bÀ˜‹¹½YyYu¾¿ZÀMyº„§¹uº¾º]z—

bYvÀ ¯

¹ µv¿|-z]½Z·yº„§ZÀM±Z¸kyuz ³v‡z·½Y{Y¶]¾ˆtƒ½Z·¶³Z¿Yy¹ µYz°·¹ b]Zg²º ¬cyZ°ºƒ Î yYuºº°³yu

½Z·yº„§ZÀM±Z¸kyuz ³yY|·µuz·½Y{Y¶]b³zd´¿Y±Yz]yZ§¹ ¾³Z]|À¯aZ¯vsyZ°ƒ Ï yYuº°³ yu¹ ÏÍÍÎ ©Zyu±Yz¿Y

¾ˆtƒ½Z·¶³Z¿Yy¹ ² ¬cºsb³zd´¿Y±Yz]yZ§µYz°·² ¬c²À§zd„¯yZ°ƒ Ð yYuº°³yu¹ ÏÍÍÎ ©Zyu±Yz¿Y¹ µv¿|-z] bYµvƒ¶¿YyYÎÖÖÎÏÍÍÐ µy¹u¾±Z¸kyu

uy¹Mz]yÇuuyZÀ¬À¯yY|·ÏÐ Zc¦¿{Yzd°§²À]ÏÍÍÏ ©Zyu±Z¸k¾¨À³¹zd¨«YayZºlc±Y|Àº¯ uZdº¨³M­Èº—Yz]Z´º]

±M¶kºcª]Z£¶d¨³ uº]yÇuuyZÀ¬À¯yY|·ÔÑ ¶]¦¿u|³ÏÍÍÎ ©Zyu¾¬¬°«Y²À]ayZlc®lo¶§bY¾«Zoyu²¿Y uºƒ¾¯ ½Z·yº„§¶]±Mzd„À]¶§µuº°³uy¹Mz]yÇuuyZÀ¬À¯ÎÍÍ Yy¶˜ºc©Zoyu½Z·yº„§¾¨À³¹zd¨«YayZlc®louZd¨³M¶§bY yY|·ÐÕ ZcÎÑ ²À]ÏÍÍÐ ©ZyuZÀ³u¾¨À³¹zd¨«YayZlc®lo¶§uºƒ¾¯¾´À]‚Àº uyYu…ZºˆdsY¶Àºº³ZÀ£Y¹ ZÀºM

½Z·µuYu vƒZ]yÇuuyZÀ¬À¯yY|·ÖÏ ZcÑÓ ²À] ÏÍÍÒ ©Zyu¹ yÇuuyZÀ¬À¯yY|·ÓÏ ZcÏÐ ²À]ÏÍÍÑ ©ZyuyÇuuyZÀ¬À¯ ¹ ZÀM¶dŸZ¿¶˜ºc½Z·yº„§¹ ¾]z›½Z¹yY bY¾¨À³¹zd¨«YayZlcyu{Zd„Àyº„§Z¨¿z¯M¶§v·u¾¯±Z„³uºkº¯½yZ¯M

Ò ©¹vk v³yYu­¹uµ¹z-Z]½yZÀ€]¶¬‡ZŸ|À³¶˜ºc©Zoyu½Z·yº„§ v³Y¶dŸz-yYz£­¹uµuyyuyZÀ€]¶¬‡ZŸZº] ¶Àºº³ZÀ£Y

ayZlcª§v‡yuÖÒ %Ï% ¹z´¿Y{Y uzÀ-¾¯ayº‡½uZˆd£Y±ÇZ˜Ÿ²ºÀ]>Zºcv°—¾º¨À³¹zd¨«YayZºlc¶º§ vº·u¾º¯ ±Zº„³ v·u¾¯…ZˆdsYuºs¶]Z·uy¹Mz]zd„À]yuYy¾¨À³¹zd¨«Y

 +RVWV  2SHQ$UFKLWHFWXUH1HWZRUN

{Yv´cyZ^—±Yz¿Y¹ ±Z¸kyu¾¨À³¹zd¨«YayZlc¹ ,&7 ½Z·{Yv³Y®„# aZ—ȏY¹ aZZ^cyY²¿º³½Z·½y¹Z´Ÿ yub]Z£y

Î

bYyÇu±ºÀ¬À¯ÏÏÖÎÔÕÎ ÏÍÍÎ ©Zº yu±Zº¸k,&7 aǺºˆp¯®ºlo ,&7 aǺºˆp¯yY{Zº] zdº€-

Ð

b³zd´¿Y¶¬°k{Yž¬dt¯¾Z^cyYª¿Z¹²dŸZ¿zd€-

Ï

v·YºsyYuyºsz]½v‡yu ÖÕ vƒyqz³{Y¶§vz]yÇuuyZÀ¬À¯ÏÓÕÍÎÍÐ ¶]ÏÍÍÐ ©ZyuyYv¤¯²¿Yuºƒ¾¯¾´À]‚Àº

ÔÖ Z¹yYyuyYv¤¯²¿Y bƒYuv·YºsvƒyÖÑ ÏÍÍÏ ©Z¶]b^€³ÏÍÍÐ ©ZyuZ¨¿z¯M,&7 aǺºˆp¯®ºlo uºº] bYµv¿uz-uy¹Mz]v‡yuÎÐÕ ±Z¸k¶À¤]¹ v‡yuÔÐ ²Y%v‡yu

Î

¾¬¯†«ZsZ³vÀ«ºc¶],&7 ½yYx-¶¿Z¯zb^€³

Ñ

Z¹yY¶¿uZpcY~À¬.³YZ¨¿z¯M v´³Z¯zÀ”³¾¿Z·yº„§yu¾³Z€³Y–]Z´¯¶˜ºc¹,7 b¿yºp¯Z]¶˜ºc½Zº·¶¯Z³zº]

Ó

,&7 ¾¬œƒ½Z·b‡zŸ

Ò

 ±Yº¿Zc¹ yºZ.´v´·½|«Z¯ZÀ«YzdY

|§z¯±¹v]¾]Z¿yY{Z]¾³Z¸kvÀ«ºc¶¨^ƒµyº”´¯¶°·¾¿ZZ´ƒayZ§v´°ƒº·}yYv¯ ¾¨À³¹zd¨«Y–¯YºkuZl¿Y

Ô

¾ƒ{º¯Mº¾p¿z c½Z·¶¯Z³z]¾¨À³¹zd¨«Yb€ y¹uµYy{Yv¿zs¾¨À³¹zd¨«Y\«Z¯¹ aZ¿z„³¾«ZdÀl¿u½Z·¶³Zt]Zdº§ ¾¨À³¹zd¨«Y–¯YºkuZl¿Y¶´À¯{yu¹z„À½Z·yº„§µv´¿M½Z·¢ŸY{Y ±Z¸k¾.#yZ¨¿v´¿MzŸ©ºpc¹ ²¿º¨c

(& ¹ ,7 zd€-½Yz]¶˜ºc¹ ¢À¤pc{º¯M

Õ Ö

60( Žºd¯¹ ¦#º§½Z¸·Z.´]¶¬°k{Y¾‡ºˆs‚t] ¶˜ºc¹ zd€- ÎÍ ±Z-v´´§zˆ¯¹ ½uZˆd£Y±ÇZ˜Ÿ{Y¾³º³Z£¹ ¾£º¤o½Z·b¿Z°o ÎÎ

(& ¹ ,7 ¾¬¯½Z·uz^·Yyyu½uZˆd£Y¹ ¾—Z°dkY½Z·¶ˆsZƒ¶]¶kºc ÎÏ

(& ¹ ,&7 yu¢Ÿº¯½Z·yº„§½Z·µ{º¯M¹ Z·¶]zlc{Y½uz]yZ§µuZ dY ÎÐ

Z ¨c aZ—ȏY¹ aZZ^cyY½y¹Z´Ÿ½z]yZ§¹ ¶˜ºcºÎ

½Z·yº„§ ZÀM±Z¸kyu¾ˆtƒ½Z·¶³Z¿Yy¹ b³zd´¿Y±Yz]yZ§¾³Z]|À¯aZ¯vs Ñ ©¹vk ÏÍÍÎ ©Zyu±Yz¿Y¹ µv¿|-z] b³zd´¿Y yº„§  ¶¤´¯

¾ˆtƒ½Z·¶³Z¿Yy z ³ÎÍÍ z·½Y{Y¶]

z ³yY|· ª§

ÎÍÍÍÍ z·½Y{Y¶]±Yz]yZ§ z ³yY|· ±Yz]yZ§ z ³ ÕÏÓÎ ÒÍÏÐÒÕ

z·½Y{Y¶]¾³Z]|À¯aZ¯vs z ³ÎÍÍÍÍ ÏÐÏÒÖ

ª§ ¾³Z]|À¯aZ¯vs



ÒÍÍÖÖÔ



ÎÔÕÍÍÍ

ÒÍÎÑÖÎ

ÎÑÏÕÏÐ

ÐÔÏÕÔÑ

ÎÍÓÎÖÐÐÖ

Z¨¿z¯M



ÎÎÔÖÐÎ

ÑÐÑÎÏ

ÎÒÓÕÖÕ

ÏÖÏÐ

ÎÍÒÒÑÓÐÏ

ZÀM



ÏÏÍ

ÎÖÑÓ

ÓÍ

ÍÏÏ

ÓÓÒ

z¿Y|l«Y



ÎÐÍÍ

ÒÎÐÑÏ

ÎÏÓÑÔ

ÖÎÕ

ÏÏÓÎÑ

Èg¹|³¹



ÏÒÍÍÍ

ÏÒÓÔÏ

ÐÐÔÍÍ

ÍÓÕ

ÕÖÐÒÔ

²À#



ÐÍÍÍ

ÏÔÐÎÍÖ

ÓÒÍÍ

ÐÎÎ

ÔÑÍÍÔ

½|«Z¯



ÑÏÍ

ÐÎÑÕÐÖ

ÖÔÓ

ÏÑÓÖÏ

ÔÓÒÑÓ

¾]z—µvpd¯aYyZ¯Y



ÏÐÍÍ

ÎÖÎÏÐ

ÑÍÍÍ

ÏÎÕ

ÑÒÓÓÍ

½|³¹v³Y



ÑÒÍÍ

ÎÒÒÒÔ

ÎÍÍÒ

ÍÐÕ

ÏÑÓÓ

±Yz¿Y

ÎÑÎÐÕÏÎÖÕ

±Z¸k

ÏÍÍÐ xsZ¯ ,78

%Ï& ¹ %Ï% ª§¾¨À³¹zd¨«YayZlc¾´À]‚ÀÒ ©¹vk

v‡yu ¶³ÇZ\§z¯ vƒyqz³ ÓÒÔ ÖÍÒ ÔÔ ÖÎÎ ÓÖÎ

v‡yu ÒÎ ÍÕ ÍÔ ÍÎ ÓÔ

ÏÍÍÓ ÓÓÍÐ ÎÍÍÎ ÖÍÏ ÓÖ ÕÒÔÒ

v‡yu ÐÕ ÍÐ ÍÑ Í ÑÓ

ÑÒÐ

ÒÕÏ

ÔÑÓÖ

ÔÐÎ

ÔÔÔ

ÎÖÏ

ÎÍÔ

ÓÓÕ

ÎÓ

ÎÎÒ

ÏÓÑÕ

ÒÐ

ÖÐÐ

Ó ÏÑÒÕ Î ÏÍÒÏ Ñ ÎÖÔÖ Ð ÏÕÐÔ

ÏÍÍÏ ¶ººººººº¤º´¯ ÕÔÓ ¶Àº³ZÀ£Y¹ ZÀM½Z·yº„§ ÔÓ ²ÀcǽZ¨¿z¯M ÖÏ yYx-©Zoyu½Z·uZˆd£Y ÍÒ Z¤¿zŸM ÎÍÑÖ ©Zººo yu½Z·yººº„§ªºº§ ¶˜ºc Ð ¾«Z°ƒ½Z¨¿z¯M ÎÓÔÔ ÏÑÓÐ ¶dŸZ¿¶˜ºc½Z¹yY

ÒÐÕ

ÖÒÑ

¶˜ºººc¶Àººº³ZÀ£Y¹ ZÀººM ¶dŸZ¿ ¶dŸZ¿¶˜ºc½Z·yº„§ª§

Ñ ÏÎÕÕ Ò ±Z¸kª§ ÏÏÖÐ )RUUHVWHU ÏÍÍÎ  ½Z·µuYu}ZYz]81&7$' aZ^Zp¯  –^´¯

ÏÍÍÎ ©Zyu±Yz¿Y¹ µv¿|-z]½Z·yº„§yuz ³v‡z·½Y{Y¶]¾ˆtƒ¶³Z¿Yy¹ µYz°· b]Zg² ¬cyZ°ƒ ÎyYuº°³    

7(/

(67,0$7(' 3&6 02%,/ (

   

81,7(' 67$7(6

$/*(5, $

9(1(=8( /$

&+,1 $

0$/$<6, $

81,7(' $5$% (0,5$7( 6

,1'21(6, $

,5$1

­º ªˆŸ

¾¬¯(& ¹ ,&7 ¶˜ºc¶´À¯{yu¾ZÀ½Z·uz^·Yy¹ Z·Z´.´c Z·b‡zŸ

Z·b‡zŸºÎºÐ

{Yv´cyZ^—±Yz¿Y¾¨À³¹zd¨«YayZlc¹ ,&7 ‚t]yu Z·½zcz]¹ Z·b‡zŸ¾sz]

­uz¯¾-v³{ uyYv³ZdY uº^¸]aYyuZ‡¹ vÀ«ºcz]±MzÀgZc¹ ¾¨À³¹zd¨«YayZlc¹ ,&7 ay¹zº‹ ¹bºÀ°·Y Z¿Y|º¯ ¥yu º

±Mv·Zƒ¶§yº„§¶¿Zv´¬]²À«¹º€¯Žºc©ZœdƒYz]±Mµº¤«Z]zÀgZc¹ ¾³Z¸kuZˆd£YZ]v³ºÀ¹ ¾—Z°dkY½Z¸¿zº]Yz]Z³‚·Zº§ bY,&7 ½uz^·Yyv´²¿¹vc¹ b«¹uyu(& ¹ ,&7 ¶˜ºc½Z¸¿&cYzdY¶]º]z¯fp]

¹ –¿Z´‡Z·µZ.´]½y¹µz¸]¹ ¾³Z-y{Z]¹ ¾d¿z¿v¯½Z·v´¿YzŸz]¾¨À³¹zd¨«YayZºlc¹ ,&7 ay¹zº‹ ¹bºÀ°·YZ¿Y|º¯ ¥yu º ¾¿YzkY½Z¸·Z.du

²À§zd„¯‚¿Y|ŸYb³zd´¿Y±Yz]yZ§uYv˜c‚¿Y|ŸY ¾¨À³¹zd¨«YayZlc½{ZµuZÀ¹ ,&7 ½zÀ-yZ¨]½Yz]¾¯º°—¡ZÀdƒY º ÎÐÕÎ ©Zyu¥zd„¯ÔÑÎ ¶]ÎÐÔÓ ©Zyu¥zd„¯Ò {Y

vƒZ]¶dƒYu¾yuYyyY|ŸY­z³aYyuZ‡¹ vÀ«ºcyu±Yz¿Y¾^€³b¿|¯v³Yºc¾¯¶§v¯MyZ§¹ ±Yºk¶dtÀ·zŸ¾³Z€³Y½¹zÀº³ º

,3

z ³ÎÍÍÍÍ ©uZ˜¯±Z.dsº¯M‚³YuuYv˜c¶³ÇZ‚¿Y|ŸY,&7 ¶]º]z¯¾·Z.„³Yu½Z·¶dƒyyu¶dsº¯M‚³YuÔÍÍÍÍ uºk¹

,&7 ž¬dt¯mºyu}Z´ƒyZ§yY|·ÑÍ ZcÐÍ ¶]¦¿u|³¹ ¾¬¯µvƒ½v´]¶^cyb§zƒÒÍÍ uºk¹

‚À{Y‚À]‚¿Y|ŸY yº”´¯¶]º]z¯½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z¸³Z¯{Z}ȺkYyu©Zº˜Ÿb§yZº„¯½Yzº] bº«¹u­|º— º

¾¬¬°«Y²À]aZ³Z¨¯Y

¹ bÀ°·YbsZ´ƒ©Z^³u¶]¾¨À³¹zd¨«YayZlc½{ZµuZÀ¹ ,&7 ‚t]{Yb¿Z°o½Yz]–]Z´¯†Àˆtcyub«¹u½vk­|—º

Z·zd€]¶˜ºcyº”´¯¶]±M½Z¿Y|¯

{Yb¿Z°o½yZlc½{ZuY{MZº·aZÀº«Z¯‚·Zº§ v´º³Z°·µvº¯Mªº°˜]½uZºˆd£YaZoȺ‡Y½Yzº] \ºZ´¯½{Zºzd€]º ¾¨À³¹zd¨«YayZlc¹

,&7

¶´À¯{yu±Yz¿Yyu¾kyZs½yYx-¶¿Z¯z½Yz]¾kyZs½Z¸¿yYx-¶¿Z¯z ±Z¸kuZˆd£YZ]zcv¯MyZ§¹ zc¶´¿|·®§zd³ZMv³ºÀ±Z¨¯Y

‚t]²¿YŽºc ±M½¹y½yYx-¶¿Z¯z±Z¨¯Y¹ ¾‡ºˆs‚t]½Yz],&7 yubÀ«Z˜Ÿ±uº][Yxkº u{Z¾¯®·YzŸYy¶¤´¯,&7 |§z¯¶]yº„§ª¿v^c¶´À¯{¶§¶¤´¯yuyº„§¦Àd¬ºW%bÀ˜£º¯º

(%XVLQHVV ¹ ,&7 {YµuZ dYZ]º±Yz¿YaYyuZ‡¹ vÀ«ºc¾ZYaȨ„¯{Y¾¨¿ºvÀ«ºc½Z·¶´¿|·‚·Z§±Z¨¯Y

yu½zd§u¹ vƒyY ¾Z´ƒyZ§¾Z´ƒyZ§–Z¤¯yu¾¨À³¹zd¨«YayZlc¹ ,&7 ½Z·‚¿Yz-¹ Z·¶dƒyzd€-¹ ½{Yv³YµYyº

¶º]z¯aZ¤À¤pc­Zl³Y¹ †ˆtd¯½¹zÀ³{º¯M±M–^c¶]¹ ,&7 ¾„·¹&aZ€º¯½{Yv³YµYy¹ ªsYu½Z·µZ.„³Yu

±uº]|À#Z³¹ ¾d˜´‡¶dŸZ¿¶˜ºc½Z·yº„§Z]¶€¿Z¤¯yuyº„§,&7 ‚t]yu©Z˜Ÿ¾³Z€³Y½¹zÀ³zc²À¿Z¾^€³u|°dºuº

¾¬˜ŸŽ¿Yzƒyu½º´˜¯bÀ¨«Z¯ ¡º¤obsYuz­v—b¬—¶]yY|ŸY­z³{YµuZ dY¹ ¶À¸c¶´¿|·

Z·Z´.´cºÏºÐ

‚t]yuZ·¾³Yz.³¹ Z·v¿vpc¾sz]±Mz]µ¹È— uºƒ©v]v¿vpc¶]v³Yºc¾¯Z·b‡zŸ¹ Z·½zcz]{Y±uz¨³µuZ dºY

{Yv´cyZ^—±Yz¿Y¾¨À³¹zd¨«YayZlc¹ ,&7

aYz]Zt¯½uz]yZ§aZ¯vs±uº]²À¿Zº

 ¹ ¶³Z¿YyµYz°·² ¬c² ¬cbÀ˜‹¹yº”´¯²¿v] uºƒ¾¯[º€p¯,&7 zd€-½Yzº] ®º¸¯½Zº·bº¿u¹vp¯{Y¾º¨¿

bYµvƒ¾yz]

aYyZ¯Y bYÐÏÖÓ ±Z¸k ½Yz]\¿z‹²¿Y¶§¾«Zoyu bYÏÍÎ ÎÐÕÍ ©Zyu±Yz¿Yyub]Zg²º ¬cwºº ³\¿zº‹ º

Ï b]Zg² ¬cbŸZ¿yu½Yz]­{DZZ¯{ª£Yvo ÎbYyYuyºsz]ÏÑÔÔ ²À#¹ ÒÍÖÖ ½|«Z¯ÖÒÒÓ wº ³\¿z‹{Y¾]z—µvpd¯ uyYuuºk¹b]Zg² ¬cbŸZ¿yu½Yz]Z‹Z¤cuY{Z¯{º´· bYÏ©ZÎ

ÒÓÔ ¾]z—µvpd¯aYyZ¯YÖÑÏ ZÀMÎÒÓÖ ±Z¸k½Yz]\¿z‹²¿Y bYÐÏÐ ±Yz¿YyuµYzº°·²º ¬cwºº ³\¿zº‹ º

bYv‡yuÕÑÖ ²À#¹ ÐÖÔ ½|«Z¯

Ó ½|«Z¯ÓÑÒ ¾]z—µvpd¯aYyZ¯YÑÓÏ ZÀMÑÔÓ ±Z¸k½Yz]ÎÓÎ ±Yz¿Y½Yz] µYz°·¹ b]Zg ² ¬cwº ³\¿zº‹ º

bYÑÑÒ ²À#ÓÎ

uyYu\td´¯½Z·yº„§¹ ZÀM±Z¸kZ]½yYu¾´˜¯¶¬‡ZŸ±Yz¿Y ¶§v·u¾¯±Z„³µYz°·¹ b]Zg² ¬cwº ³ \¿z‹¶€¿Z¤¯

v^¬¾¯Yy½vk¶kºc²¿Yz]Z´]

ZÀMÕÏÓÎ ±Z¸k½Yz]uYv˜c²¿Y¶§¾cyº‡yuv³yYu¾zdub³zd´¿Y¶]z ³ÎÒÒÓ Ž¤Ÿz ³ÎÍÍÍÍ z·{Y±Yz¿Yyu 

bYz ³ ÏÒÓÔÎ ²À#¹ ÐÎÑÕÑ ¾]z—µvpd¯aYyZ¯YÏÔÐÎÎ ½|«Z¯ÑÐÑÎÏ

ÏÖÏ ZÀMÏÐÏÓ ±Z¸k½Yz]uYv˜c²¿Y uyYuuºk¹b³zd´¿Y¾³Z]|À¯aZ¯vsÍÐÕ Ž¤Ÿz ³ÎÍÍÍÍ z·½Yzº] ±Yzº¿Yyuº

bYÖÎÕ ²À#¹ ÐÎÎ ½|«Z¯ÏÑÏÖ ¾]z—µvpd¯aYyZ¯Y

½|«Z¯ÎÐÓ ¾]z—µvpd¯aYyZ¯YÐÐÍ ZÀM½Yz]yYv¤¯²¿Y v´ƒZ]¾¯¾ˆtƒ¶³Z¿Yy½YyYu±Z¸kyu­uz¯vº‡yuÕÒ º

v³yYu¾ˆtƒ¶³Z¿Yyz ³Ô u¹voz ³ÎÍÍ z·{Y±Yz¿Yyu bYv‡yuÎÖ ²À#¹ ÎÏÓ

zdŸu¦¿Z¸´cz ³yY|·ÎÏ z·½Yz]¹ b€À³[º¬¯±Yv´#¾d€aZ³Z¨¯Y¶]¾zdubÀ À§‘Zºp«¶º] bº€bÀ˜º‹¹º

uyYuuºk¹¾d€

Î

½Z·² ¬c²À¿Zb^€³µYz°·¹ b]Zg¾´ ¬cºs²À¿Zwº ³\¿z‹² ¬cbŸZ¿yu½Yz]yZ”d³Y±uº]¾³Çº²¿Yz]Z´]

v³ºƒ¾¯[º€p¯ž˜‹Z¤³b]Zg½Z·² ¬c¶]µYz°·

 ,78

¾¬¯ ,&7 aZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ¶˜ºc½uz^·Yyv´Ï

,&7 aZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ¶˜ºc½uz^·Yyv´ ºÎ

 \Z´¯¾£º¤o½Z·bsZz¿{uº^³º

ª¯Zƒ¾¨À³¹zd¨«YayZlc bY¾£º¤o½Z·bsZºz¿{±uºº°³®ººº·YzºŸ (& ¹ ,&7 zºººdº€-aZººº¯¹|º¬¯{Y¾º¨¿

bÀ«¹º€¯µv´´§zˆ¯{Yb¿Z°oµuYu{Yb¿Z°o¾‡ºˆs®¿zoª¬°«Y²À]¡º¤oZ·uYuyYz£¹ ¾£º¤o¶]Yy±º#¾ºhoZ^¯

¶«uY¹ ½yZlc¹ ¾³v¯¾yuYu²À¿M¶]º]z¯ª¿Z€¯¾¬¯YzŸ¹ ¾¬¯uZ˜]Yyu¾¨À³¹zd¨«Y¾·Yº-–kYz¯‚¤³½uYuyYz£¹ ¾³v¯ Z·b§zƒ•¹z„¯b]Z£y¹ aZœÀ¬^c¹ ¾]Z¿yY{Z]½yZ^d—Y½Z·ayZ§¹ ¾¨À³¹zd¨«Y©ºª¯Zƒ ¾º¨À³¹zd¨«Y½Zº·bºsYuzaZ^ºgY

¾£º¤oª¿Z€¯±yZ¤d¯Z³½yZ.³|¯y¹yyu¾‡ºˆsvÀ¬§b£zª˜k¶¬°k{Y½z À§¡º¤o•º‹º¯½v°—aZ ¬tc[Z¨cyY

¾¨À³¹zd¨«YayZlc¶]º]z¯½yY|ŸY­z³½Z·zd€] ¶´À¯{yu½yY|ŸY­z³¹ ½yY|ŸYbt½Z·uyYv³ZdY¶«º¤¯½z¨Ÿ½Z·bÀ¨«Z¯ ayZlc¶]º]z¯foZ^¯ uzÀ-¾¯z]yuYy¾¬¬°«Y²À]ª¤³¹ ªº°o¹ aZ§zº°-¹ aZÀº«Z¯®dº€À¶º] º]zº¯ ª¿Zº€¯¹ (', ¹ ½Y¶³º-¶]²À³Yº£²¿YbÀ·Z¯¹ bÀ‡Zs bY¶dƒYv³uºk¹yº„§¾¬^£ayZlc±º³Z£yu¶§bY½uyYº¯¶¬°k{Y¾º¨À³¹zd¨«Y ­Z.´¸]¹ ±¹v¯¶—º°l¯±Yv¤Ÿ²¿Yz]Z´] uº°³iYztdY¾¬^£ayZlc²À³Yº£±ºd¯{YYyZ¸³M±Yºc¾°³¹ µuº]ª¤dº€¯¶º§ bºY

yuYy¾ —ZŒ¯aȨ„¯v³Yºc¾¯½¹Z—u¶]¾-vÀy½Yz]†ˆtd¯uYzŸYuº^³¾¨À³¹zd¨«YayZlc¹ ,&7 Z]Ž^ºcz¯²ºÀ³Yº£ vƒZ]¶dƒYu©Z^³u¶]ayZlc¹ uZˆd£YyuaZZ^cyY ¹ aZ—ȏY½y¹Z´Ÿzd€-¹ ¶˜ºc ±Z^Àd„½Z·uZ¸³uº^³º

‚t]¾¯º°—¹ ¾d«¹u½Z¸·Z.duž¬dt¯½Z·voY¹µZ.¿Zkv¿Z]¾¯²¿Yz]Z´] uyYu{ZÀ³\Z´¯½Zº·uZ¸³¶º] ,&7 ¶˜ººc

¹ ¶¿Z¯zyY{Z]b§yZ„¯±Z¨¯Y²¿zd„À]uZl¿Y½º¶]¾³Z¸kuz¨¿¹y uºƒ²ÀÀ^c1*26 ¾d«¹uzÀ›½Z·±Z¯{Z¹ ¾º‡ºˆs

½Z·‚t]z¿{¾d«¹u‚t]yu bY¾‡ºˆs¹ ¾d«¹u±È§‚t]¹u½YyYu,&7 ¶´À¯{yuuººkº¯½Zº·uZ¸³ bºY½y¹Z´ºŸ

¹ ½z^·Yy¶´À¯{yu¦ÀcZ¯yº ³Y¾«Z—½Yyºƒ¹ ±M¶—º°l¯z¿{½Z·±ºÀ€À°§¹ ¾³Zy•ÈY¾«Z—½Yyºƒbº€¹ aYzº]Zt¯

²ÀÀ˜cZdYy²¿Yyu bYb³zd´¿YaZ¯vs¶‹z—¶´À¯{yu¾‡ºˆs‚t]yºŒo¶‡z—²¿zd„À] v³yYubÀ«Z˜Ÿ,&7 z]ayZ”³ aZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ½Z·¶´À¯{yu\Z´¯½Yµy¹Z„¯|§Yz¯¾‡ºˆs‚t]Z]±Mª¯Z˜cµºp³¹ ¾d«¹u‚t]µZº.¿Zk

v¿Z°³¾¯½y¹z‹

aZZ^cyY±uº]\Z´¯Z³ º

½Z·±Z]|À¯uYv˜c±uº]²À¿Z¹ ¾¬¬°«Y²À]aZ°«Z¨¯¶´¿|·±uº]ÇZ]Zd¿u‚t]yu¾¿Zd¹y¹ ½z¸ƒ²À]aZZ^cyY ž˜‹

b³zd´¿Y

b€aZ³Z¨¯Y±uº]¾ŸZ§Z³º

±Yy¹Z„¯¾´Ÿº¾°¬—±Yºc{Y½zÀ-µz¸]­v—¾¬¬°«Y²À]nZ]¶€¿Z¤¯yub€b§zƒ½y¹Z´ºŸ bÀ˜º‹¹uZº¿{¶¬º‡ZŸ

¹ ½{º¯M{Z]{º¯M½Z·¶¯Z³z]yu¾¿YzkYaȨ„¯uºk¹µvƒuZl¿Y½Z·bÀŸz“¹ aZ³Z¨¯Y{Y[º¬¯½yYuzº] µzº¸]ž˜º‹ ±Yv¤Ÿ\Z´¯¾³Z¯{Z½yZdsZ¹ ¾«Z¯½Z·®d€À±Yv¤Ÿ¾¿YyZ§v£ZŸ¾³Z€³Y½¹zÀ³uZ¿{uYvº˜cuººk¹²À¬›Zºƒ ½{ºº¯M¶º] ,&7 Z]\Z´d¯{º¯M

¾¯º°—¾·Z-M±uº]²À¿Zº

½y¹Z´Ÿuz]yZ§±uº]|À#Z³,&7 uyº¯yu¾¯º°—½Z·¾·Z-Mn±uºº] ²ºÀ¿Z¹ ½Y¶Ÿzºo ¹¾º´Ÿ½Zº·ayZº¸¯ ž˜º‹

¹ }yYv¯±uº]²À¿Z¹ {º¯M½Z·yY|ŸY­z³±uº]®§±Y{º¯M‚³Yu¶]¶³Z¿YyuYv˜c±uº]¥v³Y}yYv¯{ºº¯MyuaZº—ȏY

b³zd´¿Y¶]ªˆd¯{º¯M|§Yz¯

:72 yub¿ºŒ—­v—º

uz]¾¯²À]{Yyº„§²¿º³uZˆd£Y¶˜ºc½Yz]YyZ·b‡zŸ{Y½yZÀ€]:72 yubÀ˜‹¹­v—

¾¬¯,&7 ¶˜ºc¶´À¯{yu¾dZÀ½Z·uz^·YyºÐºÐ

¹ Z·uz^·Yy²ÀÀ˜cZ]b«¹u¶§v·u¾¯±Z„³(& ¹ ,&7 ¶´À¯{yuv´¬¿Zc¹²À#v´·½|«Z¯½Z·yºº„§¶]zºlc¾ºyz] (&

¹ ,&7 zd€-½Yz]Yy\Z´¯zd€]¾¨À³¹zd¨«YayZlc¹ ,&7 zd€-–¯Zkmz[º#yZº# yu\ºZ´¯½Zº· bºZÀ

µvÀ„t]LZ¤cyY¾³Z¸kuZˆd£Y¶]YyZ·yº„§²¿Yb]Z£yn¹ b¿z¿v¯yZdsZ,&7 ½zÀ-yZ¨]¾¬§yº¶] bYµuº°³®·YzºŸ µuZ dY¹ ½zÀ-yZ¨] v³Yµuy¹M½¹y,&7 ½zÀ-yZ¨]bZÀ¶],&7 vÀ«ºcbZÀ{YZ·yº„§²¿Y{Y¾sz]¶§½Y¶³º-¶] bºY Yy½uZ¿{½Z·bÀ¤Ÿº¯¾¨À³¹zd¨«YayZlc¹ ,&7 zd€- bYµuy¹M®·YzŸZ·yº„§²¿Y–¿Z´‡¶]Yy½v¿vk{Yv³Y®º„#,&7

¶dƒYu©Z^³u¶]  ¹ ©ZœdƒY‚¿Y|ŸY½uZˆd£Y¶˜ºc¹ vƒyuZl¿Y¶˜¯Zk‚³Yun¹ ¾¯º°—½Z·¾·Z-M‚¿Y|ŸY¶´ºÀ¯{yu

ayZlc¹ ,&7 µv´¿Y|Ÿ½zÀ-yZ¨]¾‡ºˆs‚t]½v¯MyZ§¹ ¾¿Z¿º¹ b«¹u±Èº§ bº¿Yv·¹bº¿Z°o¹ ½yY|.dºZÀ bºY

v³ºƒ¾¯[º€p¯Z·yº„§²¿YbÀ¤Ÿº¯ª¿Çu²¿zd°¸¯¾³º³Z£½Z·b¿Z°o¾¨À³¹zd¨«Y

v¿Z°³¾¯½y¹z‹z¿{½Z·uz^·YywZtcY¾¨À³¹zd¨«YayZlczd€-¹ ¾¬¯,&7 ¶˜ºc½Yz]

¾³Z¯{ZaYzÀÀœcuZl¿Y¹ ¾—Z°dkY¹ ½uZˆd£Y¶˜ºcyu¾º¨À³¹zd¨«YayZºlc¹ ,&7 µº¤«Zº] –ŸZ´º¯ ¥yu½Zº¤cyY

Î

¾.´·zŸ¹ ¾—Z°dkY½uZˆd£Y¶˜ºc½Z·¶¯Z³z]\«Z£yu¾¬¯ayZlc½&cYzdY±Yº´—¶](& [Ztd³Y

Ï

 yº„§±YyY|.dZÀŽºc

(& ¹ ,&7 ‚t]¶]yZ^d—Y…ZˆdsY

¶º]z¯½Z¸·Z.du¾.´·Z°·¹ (& ¹

,&7b¿z¿v¯®d€ÀuZl¿Y

Ð Ñ

¾d«¹uaZ¯vs¾¿YyZ§‚¿Y|ŸY½Yz]¾¨À³¹zd¨«Yb«¹uuZl¿Yb¸kyu­Yv£Y

Ò

(& ¹ ,&7 ¶´À¯{yu¾¿YzkY½Z¸·Z.du½Z·bÀ«¹º€¯¹ ‚¤³½{ZZ ƒ

Ô

(& ¹ ,&7 ¶]º]z¯½Z¸·Z.duyu½yZdsZaZoȇYuZl¿Y

60(6 Žºd¯¹ ¦#º§½Z·voY¹bÀ«Z˜Ÿ¹¾d]Z£yŽÀp¯{Yb¿Z°o¹ Z·yZˆp³Y–Ÿy

¹ ,&7 ¶´À¯{yu¾kyZs½Z¸¿yYx-¶¿Z¯z{Yb¿Z°oayZlc½{ZuY{MªÀ^£{Y½uZˆd£YaZoȇY½Yz]½{Zzd€]

Ó Õ Ö

(&

½Y¶¤´¯¹ ¾¬¬°«Y²À]½Z·±Z¯{Z}ÈkYyu©Z˜Ÿb§yZ„¯ ÎÍ

‚¿Y|ººŸY¢¿zºº {Y²ºº¿º³uZººˆd£Y¶˜ºººc½Yzºº] bºº‡zŸuZººl¿Yyº”´ºº¯ ¶º ] :72 yub¿ºººŒ—½Yzºº] Èººc ÎÎ

¹ v¿vk½Z·½%º«º´¨cu¹y¹¾¬sYu ½Z¸d§zƒ ½Yz]¾d]Z£yŽÀp¯uZl¿Y¾kyZs½Z·b§zƒ®À¤dº€¯½Zº¸¿yYx-¶¿Z¯zº

¾d¿z¿v¯½Z·ayZ¸¯

(& ¹ ,&7 ½Z·bsZz¿{¹ ½uZ¸³½Z·[º#yZ#¶˜ºcº ÎÏ

½zcºÀ¯Z§½Z·yY|ŸYbt¹ aY|À¸lcvÀ«ºcyu¾kyZs¹ ¾‡ºˆs¾d«¹u½yYx-¶¿Z¯z ÎÐ ¾³Z¸kŽºd¯voyub³zd´¿YZ]Z^cyYª¿Z¹µYz°·² ¬cb]Zg² ¬cºs‚¿Y|ŸY ÎÑ ¶º]z¯aY|À¸lc¹ ¾d³zd´¿YaZZ^cyY¶´¿|·‚·Z§ ÎÒ yº„§zYzyub³zd´¿Y¶˜ºc ÎÓ

¾¿Zd¹y¹ ½z¸ƒ²À]aZZ^cyYuº^¸] ÎÔ

¾³Z¸k[º¬¯nyub€b§zƒ½y¹Z´ŸbÀ˜‹¹½Z¤cyY ÎÕ (& ¹ ,&7 Z]Ž^cz¯¶˜ºc¹ ¢À¤pc¹ ¾³Z€³Y–]Z´¯¶˜ºc ÎÖ

yº„§¾ƒ{º¯M­Z”³yu(& ¹ ,&7 uz]yZ§½Yz]bZÀ²¿¹vc ÏÍ

 ¹ ¶³Z¿Yy½%º«º´¨c­º¬—½Z·¶dƒyyu±Z¿ºl„³YuuYv˜c‚¿Y|ŸY ÏÎ ±Yz]yZ§‚¿Y|ŸY½Yz]b¯vs²°‹¾ƒ{º¯M½Z·µy¹u‚¿Y|ŸY ÏÏ (& ¹ ,&7 Z]Ž^cz¯¶˜ºc¹ ¢À¤pc¶]±uYubÀ°·Y ÏÐ

yº„§yuyY|ŸY­z³µv´´§vÀ«ºc¹ ¦ÀcZ¯yº ³YaZ¯vsb§zƒ¶˜ºc½Yz]aÈÀ¸€cuZl¿Y ÏÑ

aYyuZ‡¹ vÀ«ºcyu¾^€³b¿|¯uZl¿Y½Yz]v¯MyZ§¹ ±Yºk¾³Z€³Y½¹zÀ³yuuºkº¯½Z·b‡zŸ{Y½vkbº¿Z°o ÏÒ

yY|ŸY­z³

½Z¤cyY½Yz]¾‡ºˆs‚t]¹ ¾¯º°—‚t]b§yZ„¯\¬kº ÏÓ

(& ¹ ,&7 ¶´À¯{yu½Yµy¹Z„¯|§Yz¯¾d«¹uzÀ›½Z·±Z¯{Z¾‡ºˆs‚t]{Yb¿Z°o ÏÔ

yu¾°¸¯ yZÀ€]‚¤³v´³Yºc¾¯Žºd¯¹ ¦#º§½Z·voY¹60(V Žºd¯¹ ¦#º§½Z·voY¹zd€-¹ j¿¹zc ÏÕ

½Z·mz­Zl³Y½yYx-¶¿Z¯zb¸kyu60(V {Y¾³º³Z£¹ ¾¬°—b¿Z°oz”³²¿Y{Y v´ƒZ]¶dƒYu¾d]Z£yŽÀºp¯uZºl¿Y

bÀ«Z˜Ÿ²¿Yz]µ¹È— uº]v·Yºszgº¯¾¨À³¹zd¨«YayZlc±uzº§¶´º¿uZ¸³yu  ¹ j¿¹zºc ¹{ºº¯M¾º°¬—¹ ¾ºcZ¤À¤pc bƒYuv·Yºs©Z^³u¶]|À³½z.¿u±Y¹YzŸ¾—Z°dkY¹ ½uZˆd£Y½Z¿Y|¯ 60(V µuzd€-

²¿Yyu  ±Z-v´´§zˆ¯¹ ½uZˆd£Y±ÇZ˜Ÿ±Z´À°Y¹ uZ°d—Y\¬k¹ (& ¹ ,&7 ¶˜ºc½Yz]¾£º¤o¹ ¾³º³Z£½{Zzd€]

bY½y¹z‹z¿{²À³Yº£\¿ºˆc¹¾yz]ZdYy ¾«ZdÀl¿u½ZŒ¯Y±º³Z£

Î

½º´˜¯bÀ¨«Z¯{Yb¿Z°o±º³Z£

Ð

¾d«¹uaZ—ȏY{YµuZ dY¢o½uY{M±º³Z£ ¾d³zd´¿Y¹ ½zcºÀ¯Z§®¿Yzk¶] ¾-vÀy±º³Z£ ¾¬]Z§±º¿|¿º¬c¹ y¹uµYyaZZ^cyY±º³Z£

½yZlc®¿È—±º³Z£

(& ¹ ,&7 ¶˜ºc½Yz]{ZÀ³uyº¯¾cZÀ«Z¯¹ ½yZlc¾§z°-¾¨³Z]²À³Yº£

¾ˆtƒ½Z·µuYu¹ aZ—ȏY{Yb¿Z°o±º³Z£

½uYuyYz£¹ ¾³v¯bÀ«¹º€¯¹Z·uYuyYz£¹ ¾£º¤o¶]Yyª¬°«Y²À]¡º¤o

Ï Ñ Ò Ó Ô Õ Ö

¾¬¯YzŸ¹ ¾¬¯uZ˜]Yyu¾¨À³¹zd¨«Y¾·Yº-y¹v‡–kYz¯½zÀ-ª¨ƒ±º³Z£ ÎÍ aZ^gY¶«uY¹ ½yZlc¹ ¾³v¯¾yuYu²À¿M ÎÎ

Z·b§zƒ•¹z„¯b]Z£y\«Z£yuaZœÀ¬^c¹ ¾]Z¿yY{Z] ÎÏ ½yY|ŸY­z³¹ ½yY|ŸYbt½Z·uyYv³ZdY ÎÐ

xsZ¯¹ –]Z´¯Ñ

¾€À¬.³YÎÑ Î

81&7$' ³(&RPPHUFHDQG'HYHORSPHQW5HSRUW´

Ï

-RUJHQVRQ ': DQG 6 .-   ³5DLVLQJ WKH 6SHHG /LPLW  86 HFRQRPLF JURZWK LQ WKH

LQIRUPDWLRQDJH´%URRNLQJV3DSHUVRQ(FRQRPLF$FWLYLW\ Ð

%HGL $6   ³7KH 5ROH RI ,QIRUPDWLRQ DQG &RPPXQLFDWLRQ 7HFKQRORJLHV LQ (FRQRPLF

'HYHORSPHQWD3DUWLDO6XUYH\´'LVFXVVLRQ3DSHU&HQWHUIRU'HYHORSPHQW5HVHDUFK=() %RQQ Ñ

*ROGPDQ6DFKV,QYHVWPHQW5HVHDUFK ³%%%RU1RW%"´YHUVLRQ1RYHPEHU

Ò

.RVNL +  5RXYLQHQ S DQG \OD $QWWLOD   ³,&7 &OXVWHUV LQ (XURSH WKH *UHDW &HQWUDO %DQDQD

DQGWKH6PDOO1RUGLFSRWDWR´,QIRUPDWLRQ(FRQRPLFVDQGSROLF\  Ó

:RQJ 3.   ³,&7 3URGXFWLRQ DQG 'LIIXVLRQ LQ $VLD 'LJLWDO 'LYLGHQGV RU 'LJLWDO 'LYLGH"´

,QIRUPDWLRQ(FRQRPLFVDQGSROLF\  Ô

*RUGRQ 5-   ³'RHV WKH 1HZ (FRQRP\ 0HDVXUH XS WR WKH *UHDW ,QYHQWLRQV RI WKH 3DVW´

-RXUQDORI(FRQRPLF3HUVSHFWLYHV Õ

1RUGKDXV :   ³ 3URGXFWLYLW\ *URZWK DQG WKH 1HZ (FRQRP\´ 1%(5 &DPEULGJH 0$

:3 Ö

%DLO\ 01 /DZUHQFH 5   ³'R :H +DYH D 1HZ (FRQRP\´ 1%(5 &DPEULGJH 0$

:3 ÎÍ

-DODYD-DQG3RKMROD0 ³(FRQRPLF*URZWKLQWKH1HZ(FRQRP\(YLGHQFHIRUP$GYDQFHG

(FRQRPLHV´LQIRUPDWLRQ(FRQRPLFVDQG3ROLF\ ÎÎ

8QLWHG 6WDWHV   ³$QQXDO 5HSRUW RI WKH &RXQFLO RI (FRQRPLF $GYLVHUV´ 8QLWHG 6WDWHV

*RYHUQPHQW3ULQWLQJRIILFH:DVKLQJWRQ ÎÏ

81&7$' ³(&RPPHUFHDQG'HYHORSPHQW5HSRUW´

ÎÐ

,QWHUQDWLRQDO 'DWD &RUSRUDWLRQ,'&   ´ 7KH 0DUNHW DIWHU 6HSWHPEHU ´ 6SHFLDO ,'&

7HOHEULHILQ\2FWREHU ÎÑ

,QWHUQDWLRQDO 'DWD &RUSRUDWLRQ ,'&   ³(FRQRPLF 5HFRYHU\ WR 'ULYH ,7 0DUNHW 5HERXQG LQ

´,'&3UHVV5HOHDVH ÎÒ

:72 ³0LQLVWHULDO'HFODUDWLRQRQ7UDGHLQ,QIRUPDWLRQ7HFKQRORJ\3URGXFWV´

ÎÓ

:72 ³,QWHUQDWLRQDO7UDGH6WDWLVWLFV´

ÎÔ

%URRNHV0 DQG ZDKKDM  ³WKH 6KRFNLQJ (FRQRPLF HIIHFW RI %%´ *ROGPDQ6DFKV *OREDO

(FRQRPLHV3DSHU1R ÎÕ

&RPPRQZHDOWK RI $XVWUDOLD  ³(FRPPHUFH %H\RQG ´  'HSDUWPHQW RI &RPPXQLFDWLRQ

LQIRUPDWLRQ7HFKQRORJ\DQGWKH$UWV&DQEHUUD ÎÖ

,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQ 8QLRQ   ³,QWHUQHW LQGLFDWRUV DQG NH\ *OREDO 7HOHFRP

,QGLFDWRUV´$YDLODEOHDWZZZLWXLQW,WX'LFW 6WDWLVWLFV ÏÍ

)RUUHVWHU 5HVHDUFK ,QF  ³*OREDO RQOLQH 7UDGH :LOO &OLPE  RI 6DOHV´ %ULHI 'DWHG 

'HFHPEHU ÏÎ

:DQJ (++  ³,&7 DQG (FRQRPLF 'HYHORSPHQW LQ 7DLZDQ DQDO\VLV RI WKH (YLGHQFH´

7HOHFRPPXQLFDWLRQV 3ROLF\ ÏÏ

0DUWLQVRQV0* ³(OHFWURQLF&RPPHUFHLQ&KLQD(PHUJLQJ6XFFHVV6WRULHV´,QIRUPDWLRQDQG

0DQDJHPHQW ÏÐ

+DOH\*7  ³(&RPPHUFH LQ &KLQD &KDQJLQJ %XVLQHVV DV ZH NQRZ LW´  ,QGXVWULDO 0DUNHWLQJ

0DQDJHPHQW

ÏÑ

0HQJ4DQG/L0 ³1HZ(FRQRP\DQG,&7GHYHORSPHQWLQ&KLQD´,QIRUPDWLRQ(FRQRPLFVDQG3ROLF\



¾yZŸºÏºÑ

¥zdººº„¯‚¿Zººº°·yY|ººº-ööÎÐÕÎ ¾ººº³Z-y{Z]ayY{¹½uZºººˆd£Y½Zººº·¾ºººyz]¹ ½|ººº¿y¶¯Z³zººº] bººº³¹Z˜¯ºÎ

µZ¯ywMv´¬¿Zc¥º¨³Z]ÏÍÍÏ z^¯Yº³ÏÏÏÍ ¶˜ºc½Yz]¾¨À³¹zd¨«YayZlcõõ81&7$' ¹ 81(6&$3

¶]z ¹ b§ZŸY¾¯º°—b€„³²À°d€À]yY|-ööÎÐÕÎ ¾³Z-y{Z]ayY{¹½uZˆd£Y½Z·¾yz]¹ ½|¿y¶¯Z³z]b³¹Z˜¯ºÏ

µZ¯ywM õõ½|«Z¯

µZ¯½u©¹Y¶‡Ès¾¬¯,&7 aZZ^cyY¹ aZ—ȏY½y¹Z´Ÿ¶˜ºc½uz^·Yyv´² ¬c¹ Yzº.¬c¹ bº€ayY{¹ºÐ

ÎÐÕÎ

±Yz¿Y¾¯ÈY½yº¸°k¾.´·zŸ¹ ¾—Z°dkY½uZˆd£Y¶˜ºc­º¶¯Z³z]±º³Z£ºÑ ±Yz¿Y¾¯ÈY½yº¸°kÎÐÕÎ ©Z¶kuº] ±º³Z£ºÒ

±Yz¿Y¾¯ÈY½yº¸°kÎÐÕÎ ©Z¶kuº]±º³Z£¶p¿ÇºÓ (& ¹ ,7& Z]Ž^cz¯¾d³zd´¿Y½Z·b¿Z ZZZJXWRURQWRFD

ZZZJRQOLQRUJ ZZZHXURSDHXLQW ZZZLFWHWVLRUJ ZZZ:72 RUJ ZZZLWXLQW :6,6 ZZZ81RUJHVDFRRUGLQDWLRQ HFRVRF ZZZ81RUJ HVDFRRUGLQDWLRQHFRVRFLW)RUXPLFWKWP ZZZDSWVHFRUJ ZZZ&7$'RUJ ZZZZRUOGEDQNRUJ ZZZLORRUJ ZZZ:LSRLQWZRUOG ZZZ81(6&2 RUJ ZZZ2(&'2UJ ZZZLWXLQW ZZZGRWIRUFHRUJ ZZZJRUJ ZZZ8QLFLWUDORUJ ZZZ8SXLQW ZZZ,VRFRUJ ZZZ,DQDRUJ ZZZ,&7)RUJ ZZZHWVLRUJ ZZZZFRRPGRUJ ZZZHOVHYLHUFRPORFDWHGVZ ZZZHOVHYLHUORFDWHHFRQEDVH