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ŁÂĬ ĨÍĬĠĒĦĘ ĠÌJÍĔĚĪ ĦĚ ÌÍĪIĚ ĖĘ ĔÍÌĔĮĪĪĘÌĔĠĚ ĖĘ

ĚĔĪĘĘĖÍĪĘĬ ĨĚĪĚ ĬÍĦĮĔĠÍÌĚĪ ĮÌ ĔĚĬÍ ĖĘ IĘĤÍĪ ĖĘĪĘĔĞÍ ĖĘ


ĨĪÍĨĠĘĖĚĖĻ ǼĚ ÀÍĪİĘ ĎĮĨĪĘIĚ ĬĘ ĘÏĮĠJÍĔĚ
ÁÂÇÂÀĂĆ
ÅCBĆAÅǼÅ ÇÅĆ

Ǽ C Ċ ĎÀ Ĉ D Ð ÀĈ

K]ceopanajBana_dkAerehlknh] Nkjpebe_e]Sjeranoe`]`A]pÇhe_]`ah NanÉ,


?^kc]`klknh]Sjeranoe`]`L]_ekj]hK]ukn`aQ]jK]n_ko,
Nnkbaokn`aBana_dkAerehajh]Sjeranoe`]`L]_ekj]hK]ukn`aQ]jK]n_ko*
Sjeranoe`]`Q]jK]npÄj`aNknnaouajh]Sjeranoe`]`Nanq]j]`aAeaj_e]o?lhe_]`]o,

JM
JS
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ĎÐB DÅĈM :
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ÅN ǼÍĬ ĞĘĔĞÍĬ ĖĘ ĦĚ ĬĘÌİĘÌĔĠĚN M
q
ÅÅN ÁĘĦĠIĠİĚĔĠÎÌ ĖĘĦ ĔĚĬÍN :
v
ÅÅÅN ÂĦ ĔÍĪĪĘĔİÍ ËIĒĠİÍ ĖĘ ĚĨĦĠĔĚĔĠÎÌ ĖĘĦ ĚĪİĢĔĮĦÍ ŐŐǾP ĖĘĦ ÀÎĖĠĜÍ ÀĠJĠĦN JM
JS
AA
ÅEN ÂĦ ĘĪĪÍĪ ĖĘĦ ĄĮĘĶN
M
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EN ÂĦ ĘĪĪÍĪ ĖĘ ĦĚ ĎĚĦĚ ĎĮĨĘĪĠÍĪN 1
:
EN ǼÍĬ ĘĪĪÍĪĘĬ ĖĘ ĦĚ ÀÍĪİĘ ĎĮĨĪĘIĚN
ŐN ĎĘ ĔÍÌGĮÌĖĘ ĦĚ GĘ ĨIJĒĦĠĔĚ ĪĘĜĠĬİĪĚĦ ĔÍÌ ĘĦ ĨĪĠÌĔĠĨĠÍ ĖĘ ÍĨÍÌĠĒĠĦĠĖĚĖN
ŐNŐN ÂĦ ĚÌËĦĠĬĠĬ ĖĘ ĦĚ ÍÌĘĪÍĬĠĖĚĖ ĘÌ ĦĚ ĚĔĔĠÎÌ ĨĚĮĦĠĚÌĚN
ŐNØN ÂĦ ĚÌËĦĠĬĠĬ ĖĘ ĦĚ ÍÌĘĪÍĬĠĖĚĖ ĘÌ ĦĚ GĘ ĨIJĒĦĠĔĚ ĪĘĜĠĬİĪĚĦN
ŐNǾN ÂĦ ĚÌËĦĠĬĠĬ ĖĘ ĦĚ ÍÌĘĪÍĬĠĖĚĖ ĘÌ ĦĚ ĬĠIĮĦĚĔĠÎÌ ĚĒĬÍĦĮİĚN
ŐNŒN ÂĦ ĨĪĠÌĔĠĨĠÍ ĪÍIĚÌÍ ÏĮĘ ĤĮĬİĠGĠĔĚ ĦĚ ÍÌĘĪÍĬĠĖĚĖN M
ØN ĎĘ ĔÍÌGĮÌĖĘ ĦĚ ĔÍÌĔĮĪĪĘÌĔĠĚ ĖĘ ĚĔĪĘĘĖÍĪĘĬ ĔÍÌ ĦĚ GĘ ĨIJĒĦĠĔĚ ĪĘĜĠĬİĪĚĦN ĒĒ
U
ǾN ĎĘ ĚGĠĪIĚ ŅĘĪĪÎÌĘĚI ĘÌİĘŅ ÏĮĘ ĘĦ ĚĪİĢĔĮĦÍ ŐŐǾP ĖĘĦ ÀÎĖĠĜÍ ÀĠJĠĦ ĬÍĦÍ ŎH
AO
ĚĨĦĠĔĚ ĞĚĬİĚ ĚÌİĘĬ ĖĘ ÏĮĘ ĘĦ ĖĘĮĖÍĪ ĘÌİĪĘĜĮĘ ĘĦ ĒĠĘÌN M
ŒN ĎĘ ĔÍÌGĮÌĖĘ ĘĦ IÍIĘÌİÍ ĘÌ ĘĦ ÏĮĘ ĘĦ ĔÍÌİĪĚİÍ ÏĮĘĖĚ ĔĘĦĘĒĪĚĖÍ ĔÍÌ ĘĦ
IÍIĘÌİÍ ĖĘĦ ĨĘĪGĘĔĔĠÍÌĚIĠĘÌİÍ ĖĘ ĦĚ İĪĚÌĬGĘĪĘÌĔĠĚ ĖĘ ĨĪÍĨĠĘĖĚĖN M
V
PN CÍ ĬĘ ĖĘİĘĪIĠÌĚÌ ĔÍĪĪĘĔİĚIĘÌİĘ ĦÍĬ ĚĦĔĚÌĔĘĬ ĖĘĦ ÒIĘĤÍĪ ĖĘĪĘĔĞÍ ĖĘ q
JS
ĒĒ
ĨĪÍĨĠĘĖĚĖÒN JS
O
PNŐN ÂĦ ÒIĘĤÍĪ ĖĘĪĘĔĞÍ ĖĘ ĨĪÍĨĠĘĖĚĖÒ ÌÍ ĜĘÌĘĪĚ ĦĚ ĔĚÌĔĘĦĚĔĠÎÌ ĖĘĦ
ĚĬĠĘÌİÍ ĪĘĜĠĬİĪĚĦN
PNØN ÂĦ ÒIĘĤÍĪ ĖĘĪĘĔĞÍ ĖĘ ĨĪÍĨĠĘĖĚĖÒ ĔÍIÍ ĖĘGĘÌĬĚ GĪĘÌİĘ Ě ĦĚ ĮÎ
pk
ĪĘĠJĠÌĖĠĔĚĔĠÎÌN
PNǾN ÂĦ ÒIĘĤÍĪ ĖĘĪĘĔĞÍ ĖĘ ĨĪÍĨĠĘĖĚĖÒ ĔÍIÍ ĨĪĘİĘÌĬĠÎÌ ĘÌ ĮÌ ĔĚĬÍ ĖĘ Ü
İĪĚÌĬGĘĪĘÌĔĠĚĬ IIJĦİĠĨĦĘĬN Ș
ÞN ĎĘ ĖĘĬĔÍÌÍĔĘ ĦĚ ĚIĨĦĠİĮĖ ĖĘĦ ĚĪİĢĔĮĦÍ ŐŐǾP ĖĘĦ ÀÎĖĠĜÍ ÀĠJĠĦN ,:
EĠĦN ÀÍÌĔĦĮĬĠÍÌĘĬN

ŃÂİ ÏÎİĞËĦĖĞÌĴÎĒÊĬĦÊÌÎĬIÊĔĖĒÎÌĒIJĬĬĖÌĒĞÊĔĖÊĒĬĖĖĔÎĬĖİÏÊĬÊİÎĦIJĒĞÎÌÊĬIJÌĒÊİÎĔĖIĖHÎĬĔĖĬĖĒĜÎĔĖÏĬÎÏĞĖĔÊĔNĦÊÀÎĬĮĖDIJÏĬĖIÊİĖĖĪIJĞĴÎĒÊ
J=KME=F4
ÂÌ ĖĦ ÏĬĖİĖÌĮĖ ÊĬĮĠĒIJĦÎŇ ĖĦ ÊIJĮÎĬ ÌÎİ ĒÎIÏÊĬĮĖ ÊĦGIJÌÊİ ĬĖFĦĖĶĞÎÌĖİ ĖÌ ĮÎĬÌÎ Ê ĦÊ ÏÎİĞËĞĦĞĔÊĔ ĔĖ ÊÏĦĞĒÊĬ ĖĦ ÊĬĮĠĒIJĦÎ ŚŚŠȘ ĔĖĦ ÀĨĔĞGÎ ÀĞĴĞĦ Ê ĦÊ
İÎĦIJĒĞĨÌ ĔĖ IJÌ ĒÊİÎ ĔĖ IĖHÎĬ ĔĖ ĔĖĬĖĒĜÎ ĔĖ ÏĬÎÏĞĖĔÊĔŊ ČÊĬÊ ĮÊĦ ĖFĖĒĮÎŇ ĬĖÊĦĞĹÊ ÊĦGIJÌÎİ ĒÎIĖÌĮÊĬĞÎİ Ê IJÌÊ İĖÌĮĖÌĒĞÊ ĖIĞĮĞĔÊ ÏÎĬ ÌIJĖİĮĬÊ ÀÎĬĮĖ
DIJÏĬĖIÊŇ ĦÊ ĒIJÊĦ ĔÊ İÎĦIJĒĞĨÌ Ê IJÌÊ ĒÎÌĮĬÎĴĖĬİĞÊ ĔĖ ĖİÊ IĞİIÊ ÌÊĮIJĬÊĦĖĹÊŊ ÁĖ ĖİĖ IÎĔÎŇ ĦĦĖGÊ Ê ĒÎÌĒĦIJĞĬ ĪIJĖ ĔĞĒĜÊ ÌÎĬIÊ ÌÎ İÎĦÎ İĖ ĦĞIĞĮÊ
Ê İÎĦIJĒĞÎÌÊĬ IJÌ ĒÎÌFĦĞĒĮÎ IĖĬÊIĖÌĮĖ ÎËĦĞGÊĒĞÎÌÊĦŇ İĞÌÎ ĪIJĖ ĮÊIËĞĘÌ FIJÌĒĞÎÌÊ ĒÎIÎ IJÌ ĔĞİÏÎİĞĮĞĴÎ ĔĖ ÊİĞGÌÊĒĞĨÌ ĔĖFĞÌĞĮĞĴÊ ĔĖ ĮĞĮIJĦÊĬĞĔÊĔĖİ
ĒÎIÎ ĦÊ ÏĬÎÏĞĖĔÊĔŊ
ČÊĦÊËĬÊİ ĒĦÊĴĖŅ BĖHÎĬ ĔĖĬĖĒĜÎ ĔĖ ÏĬÎÏĞĖĔÊĔŇ ĒÎÌĒIJĬĬĖÌĒĞÊ ĔĖ ÊĒĬĖĖĔÎĬĖİŇ ĬĖĞĴĞÌĔĞĒÊĒĞĨÌŇ ËIJĖÌÊ FĖ ÏJËĦĞĒÊ ĬĖGĞİĮĬÊĦ L ÎÏÎÌĞËĞĦĞĔÊĔŊ
b l ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+ô + ,,,,

9:KLJ9;L4
ÅÌ ĮĜĞİ ÊĬĮĞĔĖŇ ĮĜĖ ÊIJĮĜÎĬ ĬĖFĦĖĒĮİ ÊËÎIJĮ ĮĜĖ ÏÎİİĞËĞĦĞĮL ĮÎ ĞÌĴÎĤĖ ĮĜĖ ÀĞĴĞĦ ÀÎĔĖ ÊĬĮĞĒĦĖ ŚŚŠȘ ĮÎ İÎĦĴĖ Ê ËĖĮĮĖĬ ÏĬÎÏĖĬĮL ĬĞGĜĮ ĒÊİĖŊ ÄÎĬ ĮĜÊĮŇ
ĜĖ ĒÎIIĖÌĮİ Ê DIJÏĬĖIĖ ÀÎIJĬĮ İĖÌĮĖÌĒĖŇ KĜĞĒĜ İÎĦĴĖİ Ê İĞIĞĦÊĬ ĒÊİĖŊ ÅÌ ĮĜÊĮ KÊLŇ ĜĖ ĒÎÌĔIJĔĖİ ĮĜÊĮ ĮĜĖ IĖÌĮĞÎÌĖĔ ÊĬĮĞĒĦĖ ÌÎĮ ÎÌĦL İÎĦĴĖİ Ê
IĖĬĖ ÎËĦĞGÊĮĞÎÌÊĦ ĒÎÌFĦĞĒĮŇ ËIJĮ ÊĦİÎ KÎĬĤİ Êİ Ê ĔĖFĞÌĞĮĞĴĖ ÎKÌĖĬİĜĞÏ ÊİİĞGÌÊĮĞÎÌ ĔĖĴĞĒĖ İIJĒĜ Êİ ÏĬÎÏĖĬĮLŊ
ÆĖĴKÎĬĔİŅ AĖĮĮĖĬ ÏĬÎÏĖĬĮL ĬĞGĜĮŇ ĒÎÌĒIJĬĬĖÌĒĖ ÎF ĒĬĖĔĞĮÎĬİŇ ĬĖĒÎGÌĞĮĞÎÌŇ ĬĖGĞİĮĬL GÎÎĔ FÊĞĮĜ L ÎÏÏÎİÊËĞĦĞĮLŊ
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lkn Kenu]i IuvAdel]j] Qkpk &]_pq]j`k lkn
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72 Ħ ÊÌ ČÊİĒÎ ĬÊIJĒÎ
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]' ? * l nk l ea p] nek  `ah ej i q a^ ha  V * oa hk _a_nepaneko&ba_d]`aejo_nel_eÇj*ba_d]_eanp]`ah
raj`eÇ ] @  ia`e]jpa iejqp] _kj beni]o _kjpn]pk*ba_d] i}o]jpecq] `ah _kjpn]pk' l]n]
hac]hev]`]oah]Åk /77/, @ pki ÇlkoaoeÇj mqaajbqj_eÇj]ahhkooa`apanieja]mqe~j oa
`ah ^eaj lankjkejo_ne^eÇoq`ana_dk, ha`a^ad]_anajpnac]`ah^eaj,Qejai^]nck*aj
na]he`]`ah]npÄ_qhk //13jkoaheiep]]`apani e+
^' ?h ]Åk oecqeajpa* ? raj`eÇ jqar]iajpa j]noe ? `a^aajpnac]nhaah ^eaj ] @ * A k B 
ah ieoik^eaj* lankaop]rav]b]rkn`a A * &}i^epk k^hec]_ekj]h `a `e_dk ]npÄ_qhk'* oejk
ia`e]jpaao_nepqn] lÉ^he_]`ah]Åk /770h] mqa aj ]hcqjko _]oko `apaniej] _q}h `a ahhko
_q]h oaejo_ne^eÇ, & @ * A k B ' `a^a oan lnabane`k aj h] pepqh]ne+
`]` `ah `ana_dkna]h&}i^epk na]h `ah ]npÄ_qhk
_' A `ai]j`Ç] @ l]n] mqaoa ha na_kjkv+ aj iaj_eÇj',Nknaok*_kjoe`ankmqaah]npe_qhk
_] oq iafkn `ana_dk `a lnklea`]` ok^na //13 jk okhk naoqahra _]oko k^hec]_ekj]hao *
ah ^eaj V u ]oÄ lk`an qo]nu `eobnqp]n `ah oejk mqa p]i ^e~j ]oecj] `ana_dko na]hao, J]
ieoik, atlhe_]_eÇjreaja]_kjpejq]_eÇj,
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J] Q]h] Qqlanekn ]lhe_Ç ah ]npÄ_qhk //13 `ah Gi]cÄjaoa mqa ? * lnkleap]nek naceopn]h `ah ej+
AÇ`eckAereh*uaj ^]oa]aopa`apani ejÇmqah] iqa^ha V * oqo_ne^aah`Ä] / qj ]nnaj`]ieajpk
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pajÄ] qj]ba_d] ]jpanekn &/77/' ] h] _kiln] `a ]nnaj`]ieajpk ] b]rkn `a A ia`e]jpa ao_ne+
A &/770', pqn] lÉ^he_]9 u ah `Ä] 1 qj ]nnaj`]ieajpk _kj
B ia`e]jpa ao_nepqn] lÉ^he_] mqa oa ejo_ne^a
J]AknpaQqlnai]*]`ebanaj_e]`ah]Q]h]Qqla+ aj ah Paceopnk, F]^n} qj] `eolqp] ajpna @ * A 
nekn* _kjoe`anÇmqaah]npÄ_qhk //13`ah AÇ`eck u B  l]n] `apani ej]n mqe~j `a ahhko qo]n} ah
Aereh]lhe_]^]Éje_]iajpaajah}i ^epk k^hec]+ ^eaj _kik ]nnaj`]p]nek, J] okhq_eÇj mqa jko
_ekj]h *lknhkmqajknaoqhp]^]lanpejajpaajqj `] ah]npÄ_qhk //13ao lnabanen] B * aj p]jpk~h
_]ok`aiafkn`ana_dk`alnklea`]`, ejo_ne^eÇlneiankoq`ana_dk`a]nnaj`]ieajpk*
lank ahhk `a jejcqj] i]jan] oecjebe_] mqa B 
ãAq}h`ahkob]hhkoaoah_knna_pk=ãAknnaolkj`Ä] ]`mqenen} qj `ana_dk na]h ok^na ah ^eaj je mqa
]lhe_]n ah ]npÄ_qhk //13 `ah AÇ`eck Aereh l]n] oa_kjopepqen}_kik jqarklnkleap]nek, Cjaopa
naokhran h] _kjpnkranoe] +_k i k  hk devk h] Q]h] _]ok* ah ]npÄ_qhk //13 okhk ha `e_a ] ?  aj oq
Qqlanekn+k* lknah_kjpn]nek* `e_d] jkni] okhk _kj`e_eÇj`a`aq`kn`a @ * A u B *bnajpa]_q}h
]lhe_] aj qj }i ^epk k^hec]_ekj]h* lkn hk mqa `aahhkoaop}k^hec]`k]d]_anajpnac]`ah^eaj,
j]`] paj`nÄ] mqa d]_an l]n] naokhran qj _kj+
bhe_pk `a j]pqn]hav] na ] h +p] h _kik okopqrk h] ?dkn]*ãao lkoe^hamqa]hcqeaj oak^hecqa] `]n
AknpaQqlnai]+*aj`kj`aoa`eo_qpa]mqe~jha qj ejiqa^ha u mqa ah _qi lhei eajpk `a `e_d]
]oeopa h]pepqh]ne`]` +na ] h+`ah ^eaj aj `eolqp]= k^hec]_eÇjoa]_kjoa_qaj_e]`aqj_]i^ekajh]
ãAq}h aona]hiajpaah}i^epk`a]lhe_]_eÇj`ah pepqh]ne`]`&na]h'`ah^eaj=Pabkniqhkh]lnacqjp]
]npÄ_qhk //13`ah AÇ`eckAereh= l]n] oan i}o _h]nk8 Aq]j`k ]hcqeaj raj`a qj
ejiqa^ha &kaj cajan]h* _q]j`k oapn]jobeana h]
Nnare]iajpa]]j]hev]n_]`]qjk`ahkob]hhko`a lnklea`]`ejik^ehe]ne]u]oa]lkn_kiln]rajp]*
h]oejop]j_e]onaola_per]o*rku]na]hev]n]hcqj]o laniqp]*ap_,'*ãah raj`a`knjk]oqiap]i^e~j
lna_eoekjaonaola_pk]h]npÄ_qhk//13`ahAÇ`eck qj] k^hec]_eÇj `a ajpnac] ] b]rkn `ah _kiln]+
Aerehuoq+_ k nna _ pk +}i ^epk`a]lhe_]_eÇj, `kn=Qe^eajh]pn]jobanaj_e]`alnklea`]`oalnk+
`q_a_kjh]okh]_aha^n]_eÇj`ah_kjpn]pk&]npÄ_qhk
: = O H < : M N L  /11

AAA( =D;GJJ=;LGÉE:ALG <=9HDA;9;AÖF 727 `ah AÇ`eck Aereh'* ieajpn]o ah raj`a`kn jk
<=D9JLÑ;MDG ++-/ <=D;Ö<A?G;ANAD ajpnacqah]lkoaoeÇjoai]jpaj`n}_kik`aq`kn
`a`e_d]ajpnac]]b]rkn`ah_kiln]`kn,
? oad]k^hec]`k]ajpnac]nahieoikejiqa^ha
] @ * A u B , Copaaoahoqlqaopk`a da_dk`ah ãNankmq~l]o]oeahieoikraj`a`knpn]jobeneÇah
]npÄ_qhk//13`ahAÇ`eckAereh,J]jkni]aop]^ha+ ^eaj]b]rkn`a`koki}olanokj]o=Cokoecjebe_]

ĦÊÌ ČÊİĒÎ ĬÊIJĒÎ


mqa`e_dkraj`a`knoad]k^hec]`k]ajpnac]n lanpejajpalank]dkn]l]n]okhq_ekj]nh]`eolqp]
ah^eaj]b]rkn`ai}o`aqj]lanokj]*uaopaao ajpna hko ]`mqenajpao*] aba_pko `a `apaniej]n :
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^eaj ] pÄpq hk  `a lnkleap]nek, Co `a_en* aj aopa ')
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lner]`k`aba_d] i}o]jpecq], @ ranoqoh]lnklea`]``a B 'oa`a^alnabanenah
`ana_dkmqa lneiank oa ejo_ne^eÇ, Cok ao_eanpk*
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? ] mqe~j `a^a ajpnac]nha ah ^eaj* oejk mqa b]rkn`a`koki}o^ajabe_e]neko,Cjpk`koaopko I+
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,:
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ŃÂİ ÏÎİĞËĦĖĞÌĴÎĒÊĬĦÊÌÎĬIÊĔĖĒÎÌĒIJĬĬĖÌĒĞÊĔĖÊĒĬĖĖĔÎĬĖİÏÊĬÊİÎĦIJĒĞÎÌÊĬIJÌĒÊİÎĔĖIĖHÎĬĔĖĬĖĒĜÎĔĖÏĬÎÏĞĖĔÊĔNĦÊÀÎĬĮĖDIJÏĬĖIÊİĖĖĪIJĞĴÎĒÊ
]lhe_]noa &]pk`koahhko' h]o_kjoa_qaj_e]ofqnÄ+ rko `a lnklea`]`* aopk ao* _]`] l]npa ejrk_]
`e_]omqaaop] jkni]aop]^ha_a, lnklea`]` ok^na ah ^eaj ]h d]^anhk ]`mqene`k
ia`e]jpa `apani ej]`k ]_pk `apn]jobanaj_e],
LÇpaoa lkn ahhk mqa h] `ajki ej]`] _kj_q+ Qe okjaopko]_pkopn]oh]perkohkomqa laniepaj
nnaj_e] `a ]_naa`knao  jk ao kpn] _ko] mqa h] ]__a`an ]h`ana_dk`alnklea`]`*`apaniej]n
_kjbhqaj_e] `a `eopejpko pepqh]nao `a `ana_dko _q}h `ana_dk ao i afkn mqa ah kpnk l]o] lkn
oq^faperko&`ah]_h]oamqaoa]j'ok^naqjieoik ]j]hev]n* ja_ao]ne]iajpa* _q}h `a hko pÄpqhko 
^eaj, Cop]_kjbhqaj_e] lqa`a`]noaajpna8&e'Re+ aoiafknmqaahkpnk,
pqh]nao`a`ana_dkona]haooeieh]nao&lnkleap]nek
ro lnkleap]nek'* &ee'pepqh]nao`a `ana_dko na]hao Jko`ana_dko`alnklea`]`_kjbnkjp]`kookj h]
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&eee' pepqh]nao `a `ana_dko `a _n~`epk oeieh]nao _q}haoiafknmqaahkpnkjklqa`a`]noa]jerah
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_kik`]p]nek'u&r' pepqh]nao`a`ana_dko na]hao _qaj_e] oan}iafknmqah]kpn]`alaj`eaj`k`a


ropepqh]nao`a`ana_dko`a_n~`epk&lnkleap]nek _q}j^qaj]oa]h] _]qo] mqah]knecejÇ,W`apan+
lkn _kiln]rajp] ro ]nnaj`]p]nek9 lnkleap]nek iej]n_q}j ^qaj]ao_]`]qj]`aaop]o _]qo]o 
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Cj _kj_hqoeÇj* ah ]npÄ_qhk //13 ajchk^]* ajpna ]jerah aopnq_pqn]h &jqhe`]`k]jqh]^ehe`]`'_kik
kpn]o* ] h]o rajp]o iÉhpelhao* ] h]o `kj]_ekjao bqj_ekj]h &naokhq_eÇj*nao_eoeÇj*ap_,',
iÉhpelhao* h]o laniqp]o iÉhpelhao* hko ]nnaj`]+
i eajpko i Éhpelhao* hko _ki k`]pko i Éhpelhao* Cjpkj_ao*ja_ao]ne]iajpa*l]n]naokhranqj_]ok
a ej_hqok h] _ki ^ej]_eÇj `a ]hcqj] `a aop]o `aKBNahHqav`a^a]j]hev]nh]r]he`avuabe_]_e]
becqn]o,J]o_ki^ej]_ekjaookjiÉhpelhao*ulna+ `ahkopÄpqhko`ahko_q]hao`aner]jhko`ana_dko
_eo]iajpalknaokaoqjannknhei ep]noq}i^epk `a lnklea`]` _kjbnkjp]`ko, Ba hk _kjpn]nek*
`a ]lhe_]_eÇj Éje_]iajpa l]n] _eanpko _]oko* ãaj^]oa]mq~oalk`nÄ]`apaniej]n_q}h`ahko
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afai lhk' mqa aj_]f]j lanba_p]i ajpa aj oq
oqlqaopk`ada_dk, W aopk mqa`] `ai kopn]`k _q]j`k ]lhe_]iko
qj]`ah]obkni]oi}obna_qajpao`aokhq_ekj]n
Fa_d]oaop]o]_h]n]_ekjao*_knnaolkj`a]j]hev]n qj KBN8J]ba_d]`aejo_nel_eÇj ajahPaceopnk,
_]`] qjk `a hkob]hhkoatla`e`ko p]jpk lkn h]o
ejop]j_e]o`ai~nepk_kiklknh]AknpaQqlnai], Gi ] ceja i k o mqa ?  ao l nk l ea p] nek  `a qj
eji qa^ha u oqo_ne^a ah `Ä] / qj _kjpn]pk `a
AN( =D=JJJGJ<=DBM=R _kiln]rajp] jqhk ] b]rkn `a @ * ah _q]h hkcn]
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ŃÂİ ÏÎİĞËĦĖĞÌĴÎĒÊĬĦÊÌÎĬIÊĔĖĒÎÌĒIJĬĬĖÌĒĞÊĔĖÊĒĬĖĖĔÎĬĖİÏÊĬÊİÎĦIJĒĞÎÌÊĬIJÌĒÊİÎĔĖIĖHÎĬĔĖĬĖĒĜÎĔĖÏĬÎÏĞĖĔÊĔNĦÊÀÎĬĮĖDIJÏĬĖIÊİĖĖĪIJĞĴÎĒÊ
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ŚSŞ ĦÊÌ ČÊİĒÎ ĬÊIJĒÎ


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ŃÂİ ÏÎİĞËĦĖĞÌĴÎĒÊĬĦÊÌÎĬIÊĔĖĒÎÌĒIJĬĬĖÌĒĞÊĔĖÊĒĬĖĖĔÎĬĖİÏÊĬÊİÎĦIJĒĞÎÌÊĬIJÌĒÊİÎĔĖIĖHÎĬĔĖĬĖĒĜÎĔĖ ÏĬÎÏĞĖĔÊĔNĦÊÀÎĬĮĖDIJÏĬĖIÊİĖ ĖĪIJĞĴÎĒÊ


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ŚST Ħ ÊÌ ČÊİĒÎ ĬÊIJĒÎ


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ŃÂİ ÏÎİĞËĦĖĞÌĴÎĒÊĬĦÊÌÎĬIÊĔĖĒÎÌĒIJĬĬĖÌĒĞÊĔĖÊĒĬĖĖĔÎĬĖİÏÊĬÊİÎĦIJĒĞÎÌÊĬIJÌĒÊİÎĔĖIĖHÎĬĔĖĬĖĒĜÎĔĖÏĬÎÏĞĖĔÊĔNĦÊÀÎĬĮĖDIJÏĬĖIÊİĖ ĖĪIJĞĴÎĒÊ


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jaqpn]h' oejk mqa ei le`a mqa aop]o iafknaj*
lqao `a jk aop]n l nkpace`] p]h ]`mqeoe_eÇj QacÉj h] Aknpa h] _kj_qnnaj_e] `a ]_naa`knao
pk`ko hko ejpanrejeajpao oa i]jpaj`nÄ]j ecq]h _kj_qan`] _kj h] ba lÉ^he_] naceopn]h, Ch lnk+
mqa]heje_ek*ao`a_en*jkd]^nÄ]jelanfq`e_]`ko ^hai] ao mqa jk `e_a aj mq~ _kj_qan`]j, Cj
je ^ajabe_e]`ko, Cjpkj_ao* hk e`Çjak ao h] jk na]he`]`* hko oqlqaopko `a da_dk `a ]i^]o
lnkpa__eÇj `ah pan_ank ]`mqenajpa ] pÄpqhk cn]+ jkni]ookj]^okhqp]iajpa`eopejpko,
pqepk* ]hck lkn hk _q]h ah oeopai] d] klp]`k`a
i]jan]]`a_q]`], J] _kj_qnnaj_e] `a ]_naa`knao ]lhe_] _q]j`k
h] ieoi] lanokj] oa d] k^hec]`k] ajpnac]nah
,)/) >a e g ^c X ^e ^d g d b V c d f j Z _j h i ^[ ^X V aV  ieoik ^eaj ] b]rkn`a `ko k i}o ejpanao]`ko*
Ç d c Z gd h ^Y V Y u ajpna aopko oa cajan] ah _kjbhe_pk lqao _]`]
mqeaj ^qo_]n} oan lnabane`k aj h] ajpnac], Nkn
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Cjpk`koaopko_]oko*ahlnej_elekmqaoq^u]_aao afailhk* ? raj`aah^eaj] @ uhqack] A ,J]o


ahoecqeajpa8:fjZa fjZ VXiwV eVgV Zk^iVg jc YVud ]`mqeoe_ekjao`a @ u A oa_kjpn]lkjajulkn
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eVgV dWiZcZg jc ajXgd6 d reopk `ao`a ah }jcqhk `ana_dk,Taj_aah`ana_dk mqa lneiankoa ejo+
klqaopk* VfjZa fjZ VXiwV eVgV dWiZcZg jc ajXgd _ne^a`a ^qaj]ba,
YZWZ hZg hVXg^[^XVYd [gZciZ V VfjZa fjZ VXiwV eVgV
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nki]jk* lank ]jpao mqa d]^ania hei ep]`k ] u]oa`efk*]lhe_]_q]j`kateopajoq_aoer]opn]jo+
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`a arep]naomqa aop] oepq]_eÇj ]ba_pa h]ooq_a+
Cj_kj_hqoeÇj*`ao`aielqjpk`areop]*ahlnej_e+ oer]o pn]jobanaj_e]o, Nkn afailhk* ? raj`a ah
lek`aklkje^ehe`]`*]hecq]hmqaah`abalÉ^he_] ^eaj] @ uaopa] < 'uhqackahlnei an_kjpn]pk
naceopn]h*okhk`a^alnkpacan]mqahh]]`mqeoe_eÇj oa ]jqh], J]ba lÉ^he_] naceopn]h `apaniej] mqa
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`e_dk ]oÄ `a _h]nk aj h] oajpaj_e] i]pane] `a
_kiajp]nek*lank]h]oeieh]n&ej_kjo_eajpaiaj+ Akikoalqa`aran*ajhkÉje_kajmqa_kj_qan+
pa' ah lnej_elek`abalÉ^he_] naceopn]h _kj ah `a `]j ]i^]o jkni]o ao aj ei la`en mqa _eanpko
klkje^ehe`]`* d] pani ej]`k ]lhe_]j`k ] aopa da_dko mqa jk aop]^]j `a^e`]iajpa lq^he_e+
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i]jan]`ena_p]lknjqaopn]fqneolnq`aj_e]umqa*
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ravmqaah^eaju]bqaajpnac]`k*`e_dk]npÄ_qhk ajpnac]`k ah ^eaj ] mqeaj jk _knnaolkj`Ä]* k
jk ]lhe_]nÄ] i}o* lkn hk p]jpk oe ah ^eaj ha bqa lk`nÄ] `]noa ah _]ok mqa oq ]j}heoeo ok^na h]
ajpnac]`k ej`a^e`]i ajpa ] ]hcqjk `a`e_dko ^qaj]ba `ah]`mqenajpabqab]hhe`k*lknhkmqa
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ah ^eaj `a^eÇ oanha ajpnac]`k lank jk oa devk lnei ank`a i]h]ba,
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Co `a_en* oe `e_dk ]npÄ_qhk na]hiajpa okhk aopq+ ]`mqenajpao&oejja_aoe`]``amqaejpanrajc]ah AO


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`enece`k]h`aq`kn&_kjop]p]nh]^qaj]`a]mqah O
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ŃÂİ ÏÎİĞËĦĖĞÌĴÎĒÊĬĦÊÌÎĬIÊĔĖĒÎÌĒIJĬĬĖÌĒĞÊĔĖÊĒĬĖĖĔÎĬĖİÏÊĬÊİÎĦIJĒĞÎÌÊĬIJÌĒÊİÎĔĖIĖHÎĬĔĖĬĖĒĜÎĔĖÏĬÎÏĞĖĔÊĔNĦÊÀÎĬĮĖDIJÏĬĖIÊİĖĖĪIJĞĴÎĒÊ
ba*lank_kik ? jk_kjk_Ä]aop]_en_qjop]j_e] ajpnaqjkmqaejrk_]qj`ana_dkna]hukpnkmqa
haajpnacÇej`a^e`]i ajpaah ^eaj,ãOq~lk`nÄ] ejrk_] qj`ana_dklanokj]h=
d]_an @ l]n]k^pajanh] lkoaoeÇj`ah lna`ek=
Cjjejcqjk`aaopko_]okoah]npÄ_qhk0.00aoÉpeh,
Qeah]npÄ_qhk//13pqrean]okhkaba_pkok^hec]`k+ Nknahhk* oe jk ]lhe_]iko ] aopko_]oko hko kpnko
j]hao*hhac]nÄ]iko]h]^oqn`k`a`a_enha] @ mqa _nepaneko`alnabanaj_e] &`eopejpko]h naceopn]h'mqa
`a^aatecenhah]ajpnac]]]hcqeaj& ? 'mqau]jk aop]^ha_aah]npÄ_qhk//13*ah]`mqenajpa_kj`ana+
peajaah^eaj ^]fkoq_kjpnkh,ãLklk`n}r]hanoa _dk]lkoaanah^eajjkpaj`nÄ]oqopajpkjkni]perk
@ `a`e_dk]npÄ_qhkl]n]`enecenoa`ena_p]iajpa l]n]atecenh]ajpnac]]]mqah]`mqenajpa]mqeaj
_kjpn] ah ]`mqenajpa & A ' mqa na_e^eÇ ej`a^e+ ej`a^e`]iajpaah`aq`kn_a`eÇh]lkoaoeÇj,
`]i ajpa h] lkoaoeÇj= Qe ha jac]iko qpehe`]`
] ao] `eolkoe_eÇj hac]h hqack `a lnk`q_e`] h] Cjpkj_ao* h] _kj_hqoeÇj aomqaah]npÄ_qhk //13
ajpnac]*ajpkj_aoeila`eikomqa`e_d]jkni] jkokhklnk`q_aaba_pkok^hec]_ekjao*heiep]j`k
oa]ailha]`]l]n]okhq_ekj]nah_kjbhe_pkajpna oq nahar]j_e] ]h ikiajpk lnarek ] h] ajpnac]
hko]`mqenajpao,Qeah]npÄ_qhkokhk]lhe_]]jpao`a `ah ^eaj* oejk mqa ]oqia qj nkh bqj`]iajp]h
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lk`n}d]_an @ l]n]na_qlan]nah^eaj=ãCj^]oa `aokhq_ekj]nah_kjbhe_pkajpnahko]`mqenajpao
]mq~lk`nÄ]atecenhah]ajpnac]] A = mqa_kj_qnnaj ok^naahieoik ^eaj,

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ah ]`mqenajpa mqa oa _kjoe`ana _kj `ana_dk ] mqa lh]jpak ao _knna_p] h] aj_kjpn]iko aj ah
k^pajan ah _kjpnkh `ah ^eaj lk`nÄ] ejpanlkjan* ]npÄ_qhk //14*mqanacqh]h]_kj_qnnaj_e]ok^na
_kjpn]ah]`mqenajpamqana_e^eÇej`a^e`]iajpa ^eajaoiqa^hao, Gj`alaj`eajpai ajpa`ahpelk
h]lkoaoeÇj*qj]`ai]j`]`a i afkn`ana_dk`a `a ^eaj l]n] ah _q]h ]lhe_]j _]`] qj] `a h]o
lnklea`]` &ateceaj`k]__aokne]iajpah]ajpna+ jkni]o `a _kj_qnnaj_e] &//13 u //14'*]i^]o
c] `ah ^eaj/1'*oqopajp]j`k oq lnapajoeÇj ajah i]jpeajaj h] ieoi] aoaj_e]* lkn hk p]jpk* hk
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i}o `ana_dko na]haook^naah ieoik ejiqa^ha l]n] h] kpn], Ch ]npÄ_qhk //14 aop]^ha_a mqa h^
lnar]ha_a ah mqa lnei ank oa d]u] ejo_nepk `a Za!W^Zc!X^Zgid!fjZ!YZWZ!ZcigZ\VghZ!Zh!bjZWaZ!n !ad
^qaj] ba', Akj ahhk mqa`]nÄ] _kjbeni ]`k mqa gZXaVbVhZc!Y^kZghdh!VXgZZYdgZh!V!fj^ZcZh!Za!b^h(
h] jkni] `a _kj_qnnaj_e] `a]_naa`knao jkao bd!YZjYdg!hZ!]jW^ZhZ!dWa^\VYd!V!ZcigZ\Vgad'!hZgr
ja_ao]ne] l]n] okhq_ekj]n ah _kjbhe_pk mqa oa egZ[Zg^Yd!Za!VXgZZYdg!YZ!WjZcV![Z!V!fj^Zc!Za!YZjYdg
cajan] qj]ravajpnac]`kah^eaj, ]^od!igVY^X^vc!YZ!sa)!VjcfjZ!hj!itijad!hZV!YZ![ZX]V
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Qej ai^]nck* aopk jk ao `ah pk`k _eanpk, Ch ]n+
pÄ_qhk 0.00 lk`nÄ] oan Épeh ]hhÄ _q]j`k oa pn]pa J]jkni]jk`e_amqaah`aq`kn`a^an}ajpnac]n
`a `ana_dko na]hao aj _kjbhe_pkuoeailna mqa ah ^eaj ] qjk `a ahhko* oejk mqa oan} lnabane`k
] hcqjk `a hko ]`mqenajpao d]u] ejo_nepk oq +a j pna hko]`mqenajpao+]mqah]mqeaju]oadq+
`ana_dk,ãNankmq~oq_a`aoe ah _kjbhe_pkoqnca ^eaoada_dkajpnac]`ah]_ko],Co`a_en*ajaopa
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