ȅǻǾīǿǼȈȋȇǾȈǾȈ


 

ȆİȡȚȖȡĮijȒ
ȈȤİįȚĮıȝȑȞȠȖȚĮȞĮıȣȞįȑİIJİĮțȩȝȘțĮȚIJȠȣȢʌȚȠʌȡȩıijĮIJȠȣȢȜİʌIJȠȪȢȣʌȠȜȠȖȚıIJȑȢțĮȚ8OWUD
ERRNVıİțȐʌȠȚĮIJȘȜİȩȡĮıȘ8+'79ȝȩȞȚIJȠȡȣʌȠȜȠȖȚıIJȒȒʌȡȠȕȠȜȑĮȝİ+'0,ȂʌȠȡİȓIJİȞĮ
IJȠıȣȞįȑıİIJİıIJȠȞȣʌȠȜȠȖȚıIJȒıĮȢȒıİ+'79ȖȚĮȕȓȞIJİȠȣȥȘȜȒȢĮȞȐȜȣıȘȢȑȦȢ.+]
;țĮȚVWUHDPLQJȒȤȠȣıİ+'ȝȩȞȚIJȠȡʌȡȠȕȠȜȑĮȀĮȚȩȜĮĮȣIJȐȤȐȡȘıIJȠ86%&WR
+'0,.+]$GDSWHUțĮȚȑȞĮțĮȜȫįȚȠ+'0, 

 ǼȟĮȚȡİIJȚțȒĮʌȩįȠıȘ.
 ǹʌȠȜĮȪıIJİȕȓȞIJİȠ.ʌȠȣȝʌȠȡİȓȞĮʌȡȠıijȑȡİȚȠȣʌȠȜȠȖȚıIJȒȢıĮȢıİ8+'79
 ȈȣȞįȑıIJİ.ȝȩȞȚIJȠȡȒ8+'79ʌȠȣįȚĮșȑIJİȚșȪȡĮ+'0, 
 ǹʌȠȜĮȪıIJİȗȦȞIJĮȞȐȤȡȫȝĮIJĮțĮȚİȣțȡȚȞȒİȚțȩȞĮıİ.
 ǹȞȐȜȣıȘȑȦȢ[#+]
 ǹȣșİȞIJȚțȩȢȒȤȠȢ
 ȊʌȠıIJȘȡȓȗİȚȒȤȠʌȜȒȡȠȣȢİȪȡȠȣȢțĮȚįȚĮijȩȡȦȞİȚįȫȞ 
 ǼʌȑțIJĮıȘȠșȩȞȘȢ
 ȂʌȠȡİȓIJİȞĮʌȡȠıșȑıİIJİȑȞĮįİȪIJİȡȠȝȩȞȚIJȠȡȖȚĮȞĮİʌİțIJİȓȞİIJİIJȘȞİʌȚijȐȞİȚĮİȡȖĮıȓĮȢȝİ
İȟĮȚȡİIJȚțȒʌȠȚȩIJȘIJĮİȚțȩȞĮȢ 
 ȂʌȠȡİȓIJİȞĮıȣȞįȑıİIJİȑȞĮȞʌȡȠȕȠȜȑĮȖȚĮʌĮȡȠȣıȓĮıȘıİĮȓșȠȣıĮıȣȞİįȡȚȐıİȦȞȒıİIJȐȟȘ  
 ǹʌȩȜȣIJȘıȣȝȕĮIJȩIJȘIJĮȝİȞİȩIJİȡĮĮȜȜȐțĮȚʌĮȜĮȚȩIJİȡĮıȣıIJȒȝĮIJĮ
  ǹȣIJȩ IJȠ )D]Q 2IILFH 7\SH & WR +'0, . += $GDSWHU ʌĮȡȑȤİȚ ıȣȝȕĮIJȩIJȘIJĮ ȝİ ȞȑĮ
VPDUWSKRQHWDEOHWVțĮȚȣʌȠȜȠȖȚıIJȑȢʌȠȣįȚĮșȑIJȠȣȞșȪȡĮ86%&
 ȈȣȝȕĮIJȩ ĮțȩȝȘ țĮȚ ȝİ ʌĮȜĮȚȩIJİȡĮ ıȣıIJȒȝĮIJĮ ȩʌȦȢ ʌĮȜĮȚȩIJİȡİȢ +'79 Ȓ ʌȡȠȕȠȜİȓȢ ʌȠȣ
įȚĮșȑIJȠȣȞ+'0,


ȁȓıIJĮıȣȝȕĮIJȩIJȘIJĮȢ7\SH&7KXQGHUEROWǼȞįİȚțIJȚțȒ
0DF%RRN0DFERRN3URL0DFL3DG3UR
$FHU$VSLUH5993UHGDWRU
$68652**=HQERRN3UR
 'HOO $OLHQZDUH    /DWLWXGH       ( ;36    
3UHFLVLRQ
*RRJOH&KURPHERRN3L[HO
/HQRYR<RJDLQFK7KLQN3DG33
/XPLD;/ȑȦȢS
06,*6
5D]HU%ODGH6WHDOWK

ȈȘȝĮȞIJȚțȑȢıȘȝİȚȫıİȚȢ 
 Ǿ șȪȡĮ 86%& ıIJȘȞ ȠʌȠȓĮ șĮ ıȣȞįȑıİIJİ IJȠ ʌȡȠȧȩȞ șĮ ʌȡȑʌİȚ ȞĮ ȣʌȠıIJȘȡȓȗİȚ IJİȤȞȠȜȠȖȓĮ
'LVSOD\3RUW$OWHUQDWH0RGHȖȚĮȞĮȝʌȠȡİȓIJİȞĮʌĮȡĮțȠȜȠȣșȒıİIJİȕȓȞIJİȠȝȑıȦ86%
 ĬĮ ʌȡȑʌİȚ ȞĮ ıȣȞįȑıİIJİ ȐȝİıĮ IJȠȞ )D]Q 2IILFH 7\SH & WR +'0, . += $GDSWHU ıIJȘȞ
İʌȚșȣȝȘIJȒıȣıțİȣȒȩȤȚȝȑıȦKXE 
ǹʌĮȚIJİȓIJĮȚțĮȜȫįȚȠ+'0,ȖȚĮIJȘıȪȞįİıȘ
ȀȐʌȠȚİȢıȣıțİȣȑȢȝİ86%&7KXQGHUEROWȣʌȠıIJȘȡȓȗȠȣȞȝȩȞȠİȟȦIJİȡȚțȒȠșȩȞȘ

 ȉİȤȞȚțȐȤĮȡĮțIJȘȡȚıIJȚțȐʌȡȠȧȩȞIJȠȢ
  ȅȜȠțȜȘȡȦȝȑȞȠțȪțȜȦȝĮ  57'8
  ȊȜȚțȩǹȜȠȣȝȓȞȚȠ
  ǼʌȚțȐȜȣȥȘ  ǹȞȦįȚȦȝȑȞȘȅȟİȓįȦıȘ
  ȂȒțȠȢțĮȜȦįȓȠȣ  İțĮIJȠıIJȐ
  ǻȚĮıIJȐıİȚȢ  [[ȤȚȜ
  ǺȐȡȠȢ  Ȗȡ
  ȋȡȫȝĮ   īțȡȚ
  ĬİȡȝȠțȡĮıȓĮȜİȚIJȠȣȡȖȓĮȢԨȑȦȢԨƒ)ȑȦȢƒ)
  ȊȖȡĮıȓĮȜİȚIJȠȣȡȖȓĮȢȈȤİIJȚțȒȣȖȡĮıȓĮȑȦȢ 


ȆİȡȚİȤȩȝİȞĮıȣıțİȣĮıȓĮȢ

[)D]Q2IILFH7\SH&WR+'0,.+=$GDSWHU
[ȅįȘȖȓİȢȤȡȒıȘȢ


























ǼȖȖȪȘıȘ ǵȡȠȚȤȡȒıȘȢ

ȂİIJȘȞʌĮȡȠȪıĮȘȆȁǹǿȈǿȅ&20387(56ǹǼǺǼįȘȜȫȞİȚȩIJȚȠİȟȠʌȜȚıȝȩȢ)D]Q2IILFH
7\SH&WR+'0,.+=$GDSWHU  ıȣȝȝȠȡijȫȞİIJĮȚȝİIJȚȢĮʌĮȚIJȒıİȚȢIJȘȢȠįȘȖȓĮȢ
ǼȀ(0&țĮȚijȑȡİȚIJȘıȒȝĮȞıȘ


ǹȞIJȓȖȡĮijȠ IJȘȢ ǻȒȜȦıȘȢ ıȣȝȝȩȡijȦıȘȢ ȝʌȠȡİȓIJİ ȞĮȗȘIJȒıİIJİĮʌȩ IJĮ ȖȡĮijİȓĮ IJȘȢ İIJĮȚȡİȓĮȢ
ıIJȘ įȚİȪșȣȞıȘ ĬǼȈǾ ȈȀȁǾȇǿ ȂǹīȅȊȁǹ ǹȉȉǿȀǾȈ ıIJȘȞ ȘȜİțIJȡȠȞȚțȒ įȚİȪșȣȞıȘ
ZZZSODLVLRJU  ȒıIJȠIJȘȜ


ȆȜȘȡȠijȠȡȓİȢȖȚĮIJȠʌİȡȚȕȐȜȜȠȞ

ȉȠ ʌĮȡȩȞ ʌȡȠȧȩȞ ıȣȝȝȠȡijȫȞİIJĮȚ ȝİ IJȚȢ ĮʌĮȚIJȒıİȚȢ IJȘȢ ȠįȘȖȓĮȢ ǼǼ ȉȅȊ
ǼȊȇŸȆǹȎȀȅȊ ȀȅǿȃȅǺȅȊȁǿȅȊ Ȁǹǿ ȉȅȊ ȈȊȂǺȅȊȁǿȅȊ ıȤİIJȚțȐ ȝİ IJȠȞ ʌİȡȚȠȡȚıȝȩ IJȘȢ
ȤȡȒıȘȢȠȡȚıȝȑȞȦȞİʌȚțȓȞįȣȞȦȞȠȣıȚȫȞıİİȓįȘȘȜİțIJȡȚțȠȪțĮȚȘȜİțIJȡȠȞȚțȠȪİȟȠʌȜȚıȝȠȪțĮȚ
ijȑȡİȚIJȘȞĮțȩȜȠȣșȘıȒȝĮȞıȘ 



ǹʌȠțȠȝȚįȒʌȡȠȧȩȞIJȦȞ

ȈȪȝijȦȞĮ ȝİ IJȚȢ ĮʌĮȚIJȒıİȚȢ IJȘȢ ȠįȘȖȓĮȢ ǼǼ ȉȅȊ ǼȊȇŸȆǹȎȀȅȊ ȀȅǿȃȅǺȅȊȁǿȅȊ
Ȁǹǿ ȉȅȊ ȈȊȂǺȅȊȁǿȅȊ ıȤİIJȚțȐ ȝİ IJĮ ĮʌȩȕȜȘIJĮ İȚįȫȞ ȘȜİțIJȡȚțȠȪ țĮȚ ȘȜİțIJȡȠȞȚțȠȪ
İȟȠʌȜȚıȝȠȪ ǹǾǾǼ IJĮ ʌİȡȚȜĮȝȕĮȞȩȝİȞĮ ıIJȚȢ ȠįȘȖȓİȢ ʌȡȠȧȩȞIJĮ țĮȚ İʌȚȝȑȡȠȣȢ İȟĮȡIJȒȝĮIJĮ
ĮȣIJȫȞȝİIJȐIJȘȤȡȒıȘȒIJȘȞĮʌĮȟȓȦıȘIJȠȣȢįİȞʌȡȑʌİȚȞĮʌİIJȚȠȪȞIJĮȚıIJĮıțȠȣʌȓįȚĮȝİIJĮȐȜȜĮ
ȠȚțȚĮțȐ ĮʌȠȡȡȓȝȝĮIJĮ ĮȜȜȐ ȞĮ İʌȚıIJȡȑijȠȞIJĮȚ ıIJȠ ıȘȝİȓȠ ʌȫȜȘıȘȢ Ȓ ıİ țĮIJȐȜȜȘȜȠ ıȘȝİȓȠ
ĮȞĮțȪțȜȦıȘȢ ȘȜİțIJȡȚțȠȪ țĮȚ ȘȜİțIJȡȠȞȚțȠȪ İȟȠʌȜȚıȝȠȪ īȚĮ ʌİȡȚııȩIJİȡİȢ ʌȜȘȡȠijȠȡȓİȢ
İʌȚțȠȚȞȦȞȒıIJİȝİIJȚȢȣʌȘȡİıȓİȢțĮșĮȡȚȩIJȘIJĮȢIJȠȣįȒȝȠȣıĮȢ
ĭȡȠȞIJȓȗȠȞIJĮȢȖȚĮIJȘıȦıIJȒĮʌȩȡȡȚȥȘIJȠȣʌȡȠȧȩȞIJȠȢȕȠȘșȐIJİıIJȘȞʌȡȩȜȘȥȘIJȦȞĮȡȞȘIJȚțȫȞ
ıȣȞİʌİȚȫȞ ȖȚĮ IJȠ ʌİȡȚȕȐȜȜȠȞ țĮȚ IJȘȞ ĮȞșȡȫʌȚȞȘ ȣȖİȓĮ ʌȠȣ șĮ ȝʌȠȡȠȪıĮȞ ȞĮ ʌȡȠțȜȘșȠȪȞ
ĮʌȩIJȘȞĮțĮIJȐȜȜȘȜȘĮʌȩȡȡȚȥȘIJȠȣʌȡȠȧȩȞIJȠȢĮȣIJȠȪīȚĮʌİȡȚııȩIJİȡİȢʌȜȘȡȠijȠȡȓİȢıȤİIJȚțȐ
ȝİ IJȘȞ ĮȞĮțȪțȜȦıȘ ĮȣIJȠȪ IJȠȣ ʌȡȠȧȩȞIJȠȢ ʌĮȡĮțĮȜİȓıIJİ ȞĮ İʌȚțȠȚȞȦȞȒıİIJİ ȝİ IJȚȢ ĮȡȝȩįȚİȢ
ȣʌȘȡİıȓİȢIJȠȣįȒȝȠȣıĮȢȒȝİIJȘȞİIJĮȚȡİȓĮȆȁǹǿȈǿȅ
&20387(56ǹǼǺǼ

ȉĮ 7XUER; 6HQWLR 4&211(&7 'RRS ๦& 8EH)LW İȓȞĮȚ ʌȡȠȧȩȞIJĮ IJȘȢ ȆȁǹǿȈǿȅ
&20387(56ǹǼǺǼ
īȡĮȝȝȒǼʌȚțȠȚȞȦȞȓĮȢ
ĬȑıȘȈțȜȒȡȚȂĮȖȠȪȜĮǹIJIJȚțȒȢ
ZZZSODLVLRJU

ȆȜȘȡȠijȠȡȓİȢĮıijĮȜİȓĮȢ

īȚĮȞĮȝȘȞIJȡĮȣȝĮIJȓıİIJİIJȠȞİĮȣIJȩıĮȢȒȐȜȜĮȐIJȠȝĮțĮȚȖȚĮȞĮȝȘȞʌȡȠțĮȜȑıİIJİȗȘȝȚȐıIJȘ
ıȣıțİȣȒ ıĮȢ įȚĮȕȐıIJİ ȩȜİȢ IJȚȢ ʌȜȘȡȠijȠȡȓİȢ ʌȠȣ ĮțȠȜȠȣșȠȪȞ ʌȡȚȞ ȤȡȘıȚȝȠʌȠȚȒıİIJİ IJȘ
ıȣıțİȣȒıĮȢ
ȆȡȠİȚįȠʌȠȓȘıȘǹʌȠIJȡȠʌȒȘȜİțIJȡȠʌȜȘȟȓĮȢʌȣȡțĮȖȚȐȢțĮȚȑțȡȘȟȘȢ
ȂȘ ȤȡȘıȚȝȠʌȠȚİȓIJİ țĮȜȫįȚĮ ȡİȪȝĮIJȠȢ Ȓ ȕȪıȝĮIJĮ ʌȠȣ ȑȤȠȣȞ ȣʌȠıIJİȓ ȗȘȝȚȐ Ȓ ȤĮȜĮȡȑȢ
ȘȜİțIJȡȚțȑȢʌȡȓȗİȢ
ȂȘȞ ĮțȠȣȝʌȐIJİ IJȠ țĮȜȫįȚȠ ȡİȪȝĮIJȠȢ ȝİ ȕȡİȖȝȑȞĮ ȤȑȡȚĮ țĮȚ ȝȘȞ ĮʌȠıȣȞįȑİIJİ IJȠ ijȠȡIJȚıIJȒ
IJȡĮȕȫȞIJĮȢIJȠțĮȜȫįȚȠ
ȂȘȞIJıĮțȓȗİIJİțĮȚȝȘȞʌȡȠțĮȜİȓIJİȗȘȝȚȐıIJȠțĮȜȫįȚȠȡİȪȝĮIJȠȢ
ȂȘȕȡĮȤȣțȣțȜȫȞİIJİIJȠijȠȡIJȚıIJȒȒIJȘȞȝʌĮIJĮȡȓĮ
ȂȘȞİțșȑIJİIJİIJȠijȠȡIJȚıIJȒȒIJȘȞȝʌĮIJĮȡȓĮıİʌIJȫıİȚȢȒʌȡȠıțȡȠȪıİȚȢ
ȂȘijȠȡIJȓȗİIJİIJȘȞȝʌĮIJĮȡȓĮȝİijȠȡIJȚıIJȑȢʌȠȣįİȞȑȤȠȣȞİȖțȡȚșİȓĮʌȩIJȠȞțĮIJĮıțİȣĮıIJȒ
ȂȘ ȤȡȘıȚȝȠʌȠȚİȓIJİ IJȘ ıȣıțİȣȒ ıĮȢ İȞȫ ijȠȡIJȓȗİIJĮȚ țĮȚ ȝȘȞ ĮțȠȣȝʌȐIJİ IJȘ ıȣıțİȣȒ ıĮȢ ȝİ
ȕȡİȖȝȑȞĮȤȑȡȚĮ
ȂȘȞȤȡȘıȚȝȠʌȠȚİȓIJİIJȘıȣıțİȣȒıĮȢțĮIJȐIJȘįȚȐȡțİȚĮțĮIJĮȚȖȓįĮȢ
ȂʌȠȡİȓ ȞĮ ʌȡȠțȜȘșİȓ įȣıȜİȚIJȠȣȡȖȓĮ IJȘȢ ıȣıțİȣȒȢ ıĮȢ țĮȚ ȣʌȐȡȤİȚ ȝİȖȐȜȠȢ țȓȞįȣȞȠȢ
ȘȜİțIJȡȠʌȜȘȟȓĮȢ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİȝȚĮȝʌĮIJĮȡȓĮȚȩȞIJȦȞȜȚșȓȠȣ/L,RQʌȠȣȑȤİȚȣʌȠıIJİȓȗȘȝȚȐȒʌĮȡȠȣıȚȐȗİȚ
įȚĮȡȡȠȒ
īȚĮ IJȘȞ ĮıijĮȜȒ ĮʌȩȡȡȚȥȘ IJȦȞ ȝʌĮIJĮȡȚȫȞ ȚȩȞIJȦȞȜȚșȓȠȣ İʌȚțȠȚȞȦȞȒıIJİ ȝİ IJȠ ʌȜȘıȚȑıIJİȡȠ
İȟȠȣıȚȠįȠIJȘȝȑȞȠİʌȚıțİȣĮıIJȚțȩțȑȞIJȡȠ
ȂİIJĮȤİȚȡȚıIJİȓIJİțĮȚʌİIJȐȟIJİIJȚȢȝʌĮIJĮȡȓİȢțĮȚIJȠȣȢijȠȡIJȚıIJȑȢȝİʌȡȠıȠȤȒ
x ȋȡȘıȚȝȠʌȠȚİȓIJİ ȝȩȞȠ ȝʌĮIJĮȡȓİȢ İȖțİțȡȚȝȑȞİȢ Įʌȩ IJRȞ țĮIJĮıțİȣĮıIJȒ țĮȚ ijȠȡIJȚıIJȑȢ
ʌȠȣ ȑȤȠȣȞ ıȤİįȚĮıIJİȓ İȚįȚțȐ ȖȚĮ IJȘ ıȣıțİȣȒ ıĮȢ ȂȘ ıȣȝȕĮIJȑȢ ȝʌĮIJĮȡȓİȢ țĮȚ
ijȠȡIJȚıIJȑȢ ȝʌȠȡİȓ ȞĮ ʌȡȠțĮȜȑıȠȣȞ ıȠȕĮȡȠȪȢ IJȡĮȣȝĮIJȚıȝȠȪȢ Ȓ ȗȘȝȚȑȢ ıIJȘ ıȣıțİȣȒ
ıĮȢ
x ȂȘȞ ʌİIJȐIJİ ȝʌĮIJĮȡȓİȢ Ȓ ıȣıțİȣȑȢ ıIJȘ ijȦIJȚȐ ǼijĮȡȝȩȗİIJİ ȩȜȠȣȢ IJȠȣȢ IJȠʌȚțȠȪȢ
țĮȞȠȞȚıȝȠȪȢțĮIJȐIJȘȞĮʌȩȡȡȚȥȘȤȡȘıȚȝȠʌȠȚȘȝȑȞȦȞȝʌĮIJĮȡȚȫȞȒıȣıțİȣȫȞ
x ȆȠIJȑȝȘȞIJȠʌȠșİIJİȓIJİȝʌĮIJĮȡȓİȢȒıȣıțİȣȑȢİʌȐȞȦȒȝȑıĮıİșİȡȝĮȞIJȚțȑȢıȣıțİȣȑȢ
ȩʌȦȢȖȚĮʌĮȡȐįİȚȖȝĮijȠȪȡȞȠȣȢȝȚțȡȠțȣȝȐIJȦȞȘȜİțIJȡȚțȑȢțȠȣȗȓȞİȢȒțĮȜȠȡȚijȑȡȅȚ
ȝʌĮIJĮȡȓİȢİȞįȑȤİIJĮȚȞĮİțȡĮȖȠȪȞĮȞȣʌİȡșİȡȝĮȞșȠȪȞ
x ȂȘȞıʌȐIJİȒIJȡȣʌȐIJİIJȘȞȝʌĮIJĮȡȓĮȂȘȞİțșȑIJİIJİIJȚȢȝʌĮIJĮȡȓİȢıİȣȥȘȜȒİȟȦIJİȡȚțȒ
ʌȓİıȘțĮșȫȢȝʌȠȡİȓȞĮʌȡȠțȪȥİȚİıȦIJİȡȚțȩȕȡĮȤȣțȪțȜȦȝĮțĮȚȣʌİȡșȑȡȝĮȞıȘ
ȆȡȠıIJĮIJİȪıIJİIJȘıȣıțİȣȒIJȚȢȝʌĮIJĮȡȓİȢțĮȚIJȠȣȢijȠȡIJȚıIJȑȢĮʌȩȗȘȝȚȐ
x ǹʌȠijİȪȖİIJİ ȞĮ İțșȑIJİIJİ IJȘ ıȣıțİȣȒ țĮȚ IJȚȢ ȝʌĮIJĮȡȓİȢ ıİ ȣʌİȡȕȠȜȚțȐ ȤĮȝȘȜȑȢ Ȓ
ȣʌİȡȕȠȜȚțȐȣȥȘȜȑȢșİȡȝȠțȡĮıȓİȢ
x ȅȚ ĮțȡĮȓİȢ șİȡȝȠțȡĮıȓİȢ ȝʌȠȡİȓ ȞĮ ȕȜȐȥȠȣȞ IJȘ ıȣıțİȣȒ țĮȚ ȞĮ ȝİȚȫıȠȣȞ IJȘ
įȣȞĮIJȩIJȘIJĮijȩȡIJȚıȘȢțĮȚIJȘįȚȐȡțİȚĮȗȦȒȢIJȘȢıȣıțİȣȒȢțĮȚIJȦȞȝʌĮIJĮȡȚȫȞ
x ǹʌȠijȪȖİIJİIJȘȞİʌĮijȒIJȦȞȝʌĮIJĮȡȚȫȞȝİȝİIJĮȜȜȚțȐĮȞIJȚțİȓȝİȞĮȖȚĮIJȓĮȣIJȩȝʌȠȡİȓȞĮ
įȘȝȚȠȣȡȖȒıİȚıȪȞįİıȘĮȞȐȝİıĮıIJȠȣȢIJİȡȝĮIJȚțȠȪȢĮțȡȠįȑțIJİȢțĮȚIJȦȞȝʌĮIJĮȡȚȫȞ
ıĮȢțĮȚȞĮȠįȘȖȒıİȚıİʌȡȠıȦȡȚȞȒȒȝȩȞȚȝȘȗȘȝȚȐıIJȘȞȝʌĮIJĮȡȓĮ
x ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİijȠȡIJȚıIJȒȒȝʌĮIJĮȡȓĮʌȠȣȑȤİȚȣʌȠıIJİȓȗȘȝȚȐ



īİȞȚțȠȓȩȡȠȚİȖȖȪȘıȘȢ
 Ǿ İȖȖȪȘıȘ ȚıȤȪİȚ Įʌȩ IJȘȞ ȘȝİȡȠȝȘȞȓĮ ĮȖȠȡȐȢ ȩʌȦȢ ĮȣIJȒ ĮȞĮȖȡȐijİIJĮȚ ıIJȘȞ ȞȩȝȚȝȘ
ĮʌȩįİȚȟȘ ĮȖȠȡȐȢ țĮȚ ȑȤİȚ ȤȡȠȞȚțȒ įȚȐȡțİȚĮ ȓıȘ ȝİ ĮȣIJȒ ĮȞĮȖȡȐijİIJĮȚ İʌȓıȘȢ ıIJȘȞ ȞȩȝȚȝȘ
ĮʌȩįİȚȟȘĮȖȠȡȐȢ 
ǾİȖȖȪȘıȘȚıȤȪİȚȝȩȞȠȝİIJȘȞİʌȓįİȚȟȘIJȠȣİȞIJȪʌȠȣİȖȖȪȘıȘȢțĮȚIJȘȢȞȩȝȚȝȘȢĮʌȩįİȚȟȘȢ
ĮȖȠȡȐȢ 
 īȚĮ ȠʌȠȚĮįȒʌȠIJİ ıȣȞĮȜȜĮȖȒ IJȠȣ ʌİȜȐIJȘ ȩıȠȞ ĮȞĮijȠȡȐ IJȠ ʌȡȠȧȩȞ ʌȠȣ ȑȤİȚ ʌȡȠȝȘșİȣIJİȓ
Įʌȩ IJȘȞ ȆȜĮȓıȚȠ &RPSXWHUV İȓIJİ ĮȣIJȩ ĮijȠȡȐ 6HUYLFH țĮIJĮıIJȒȝĮIJȠȢ İȓIJİ IJȘȜİijȦȞȚțȒ
ȣʌȠıIJȒȡȚȟȘİȓIJİİʌȓıțİȥȘıIJȠȤȫȡȠIJȠȣʌİȜȐIJȘșĮʌȡȑʌİȚȞĮȖȞȦȡȓȗİȚIJȠȞțȦįȚțȩʌİȜȐIJȘ
IJȠȣȩʌȦȢĮȣIJȩȢĮȞĮȖȡȐijİIJĮȚıIJȘȞĮʌȩįİȚȟȘĮȖȠȡȐȢIJȠȣʌȡȠȧȩȞIJȠȢ 
ȆȡȚȞIJȘȞʌĮȡȐįȠıȘİȞȩȢʌȡȠȧȩȞIJȠȢİȓIJİȖȚĮİʌȚıțİȣȒİȓIJİʌȡȚȞIJȘȞİʌȓıțİȥȘIJİȤȞȚțȠȪıIJȠȞ
ȤȫȡȠ IJȠȣ ʌİȜȐIJȘ İȓIJİ ʌȡȚȞ IJȘȞ ȤȡȘıȚȝȠʌȠȓȘıȘȠʌȠȚĮıįȒʌȠIJİ IJİȤȞȚțȒȢ ȣʌȘȡİıȓĮȢ ıİțȐșİ
ʌİȡȓʌIJȦıȘȠʌİȜȐIJȘȢȠijİȓȜİȚȞĮįȘȝȚȠȣȡȖȒıİȚĮȞIJȓȖȡĮijĮĮıijĮȜİȓĮȢȖȚĮIJĮIJȣȤȩȞįİįȠȝȑȞĮ
IJȠȣțĮȚȞĮȑȤİȚıȕȒıİȚıIJȠȚȤİȓĮİȝʌȚıIJİȣIJȚțȠȪȤĮȡĮțIJȒȡĮȒʌȡȠıȦʌȚțȒȢijȪıİȦȢ 
 Ǿ İʌȚıțİȣȒ șĮ ȖȓȞİIJĮȚ ıIJȚȢ IJİȤȞȚțȑȢ İȖțĮIJĮıIJȐıİȚȢ IJȘȢ ȆȜĮȓıȚȠ &RPSXWHUV ȝİ IJȘȞ
ʌȡȠıțȩȝȚıȘIJȘȢıȣıțİȣȒȢĮʌȩIJȠȞʌİȜȐIJȘțĮIJȐIJȚȢİȡȖȐıȚȝİȢȘȝȑȡİȢțĮȚȫȡİȢ 
ȈİʌİȡȓʌIJȦıȘĮįȣȞĮȝȓĮȢİʌȚıțİȣȒȢIJȠȣİȜĮIJIJȦȝĮIJȚțȠȪʌȡȠȧȩȞIJȠȢȘȆȜĮȓıȚȠ&RPSXWHUVIJȠ
ĮȞIJȚțĮșȚıIJȐȝİȐȜȜȠȓįȚȠĮȞIJȓıIJȠȚȤȦȞIJİȤȞȚțȫȞʌȡȠįȚĮȖȡĮijȫȞ 
 ȅ IJȡȩʌȠȢ țĮȚ IJĮ ȑȟȠįĮ ȝİIJĮijȠȡȐȢ Įʌȩ țĮȚ ʌȡȠȢ IJĮ ıȘȝİȓĮ IJİȤȞȚțȒȢ ȣʌȠıIJȒȡȚȟȘȢ IJȘȢ
ȆȜĮȓıȚȠ &RPSXWHUV țĮșȫȢ țĮȚ Ș İȞįİȤȩȝİȞȘ ĮıijȐȜȚıȘ IJȦȞ ʌȡȠȧȩȞIJȦȞ İȓȞĮȚ İʌȚȜȠȖȒ țĮȚ
ĮʌȠțȜİȚıIJȚțȒİȣșȪȞȘIJȠȣʌİȜȐIJȘ 
ȅȤȡȩȞȠȢĮʌȠʌİȡȐIJȦıȘȢIJȘȢİʌȚıțİȣȒȢIJȦȞʌȡȠȧȩȞIJȦȞ7XUER;'RRS6HQWLR#:RUN
&RQQHFWĮʌȠijĮıȓȗİIJĮȚĮʌȠțȜİȚıIJȚțȐĮʌȩIJȘȞȆȜĮȓıȚȠ&RPSXWHUVțĮȚȠȡȓȗİIJĮȚĮʌȩȑȦȢ
ȫȡİȢİijȩıȠȞȣʌȐȡȤİȚIJȠĮʌĮȡĮȓIJȘIJȠĮȞIJĮȜȜĮțIJȚțȩȂİIJȐIJȠʌȑȡĮȢIJȦȞȘȝİȡȫȞȘȆȜĮȓıȚȠ
&RPSXWHUVįİıȝİȪİIJĮȚȞĮįȫıİȚıIJȠȞʌİȜȐIJȘʌȡȠȧȩȞʌȡȠȢʌȡȠıȦȡȚȞȒĮȞIJȚțĮIJȐıIJĮıȘȝȑȤȡȚ
IJȘȞȠȜȠțȜȒȡȦıȘİʌȚıțİȣȒȢ 
 Ǿ İʌȚıțİȣȒ Ȓ ĮȞIJȚțĮIJȐıIJĮıȘ IJȠȣ ʌȡȠȧȩȞIJȠȢ İȓȞĮȚ ıIJȘȞ ĮʌȩȜȣIJȘ İʌȚȜȠȖȒ IJȘȢ ȆȜĮȓıȚȠ
&RPSXWHUV ȉĮ ĮȞIJĮȜȜĮțIJȚțȐ Ȓ ʌȡȠȧȩȞIJĮ ʌȠȣ ĮȞIJȚțĮIJĮıIJȐșȘțĮȞ ʌİȡȚȑȤȠȞIJĮȚ ıIJȘȞ
ĮʌȠțȜİȚıIJȚțȒțȣȡȚȩIJȘIJĮIJȘȢ 
ǾʌĮȡȠȪıĮİȖȖȪȘıȘįİȞțĮȜȪʌIJİȚĮȞĮȜȫıȚȝĮȝȑȡȘʌȤ&'ȝʌĮIJĮȡȓİȢțĮȜȫįȚĮțIJȜ 
 ȅȚ IJİȤȞȚțȠȓ IJȘȢ ȆȜĮȓıȚȠ &RPSXWHUV ȣʌȠȤȡİȠȪȞIJĮȚ ȞĮ ʌȡȠȕȠȪȞ ıIJȘȞ İȖțĮIJȐıIJĮıȘ țĮȚ
ʌĮȡĮȝİIJȡȠʌȠȓȘıȘȝȩȞȠȞIJȦȞȣȜȚțȫȞțĮȚʌȡȠȖȡĮȝȝȐIJȦȞʌȠȣȑȤȠȣȞʌȡȠȝȘșİȣIJİȓȠȚʌİȜȐIJİȢ
Įʌȩ IJĮ țĮIJĮıIJȒȝĮIJĮ IJȘȢ ȆȜĮȓıȚȠ &RPSXWHUV ĮʌȠțȜİȚȩȝİȞȠȣ ȠȚȠȣįȒʌȠIJİ ȐȜȜȠȣ ʌȡȠȧȩȞIJȠȢ
ȐȜȜȘȢİIJĮȚȡİȓĮȢ 
 ȅȚ IJİȤȞȚțȠȓ IJȘȢ ȆȜĮȓıȚȠ &RPSXWHUV įİȞ ȣʌȠȤȡİȠȪȞIJĮȚ ȞĮ ʌȡȠȕȠȪȞ ıİ ȠʌȠȚĮįȒʌȠIJİ
ĮȞIJȚțĮIJȐıIJĮıȘȣȜȚțȠȪıIJĮʌȜĮȓıȚĮIJȘȢİȖȖȪȘıȘȢIJȠȣʌȡȠȧȩȞIJȠȢțĮȚİijȩıȠȞȚıȤȪİȚȘİȖȖȪȘıȘ
ĮȣIJȫȞ İȐȞ įİȞ IJȠȣȢ İʌȚįİȚȤșİȓ Ș ʌȡȦIJȩIJȣʌȘ ĮʌȩįİȚȟȘ Ȓ IJȠ IJȚȝȠȜȩȖȚȠ ĮȖȠȡȐȢ IJȠȣ ʌȡȠȢ
ĮȞIJȚțĮIJȐıIJĮıȘȣȜȚțȠȪ 
ǾȆȜĮȓıȚȠ&RPSXWHUVįİȞȣʌȠıIJȘȡȓȗİȚțĮȚįİȞțĮȜȪʌIJİȚȝİİȖȖȪȘıȘʌȡȠȧȩȞIJĮıIJĮȠʌȠȓĮ
ȑȤȠȣȞȤȡȘıȚȝȠʌȠȚȘșİȓȝȘȞȩȝȚȝĮĮȞIJȓȖȡĮijĮȜİȚIJȠȣȡȖȚțȫȞıȣıIJȘȝȐIJȦȞȒʌȡȠȖȡĮȝȝȐIJȦȞ 
ǾȆȜĮȓıȚȠ&RPSXWHUVįİȞȣʌȠȤȡİȠȪIJĮȚȞĮĮʌȠțĮIJĮıIJȒıİȚȕȜȐȕİȢȠʌȠȚȠȞįȒʌȠIJİȣȜȚțȫȞ
IJĮ ȠʌȠȓĮ įİȞ ȑȤȠȣȞ ĮȖȠȡĮıșİȓ Įʌȩ IJĮ țĮIJĮıIJȒȝĮIJĮ IJȘȢ ȆȜĮȓıȚȠ &RPSXWHUV ȒțĮȚ İȓȞĮȚ İȓIJİ
İțIJȩȢ İȓIJİ İȞIJȩȢ İȖȖȪȘıȘȢ İȓIJİ Ș ȕȜȐȕȘ İȓȤİ ʌȡȠĮȞĮijİȡșİȓ İȓIJİ ʌĮȡȠȣıȚȐıIJȘțİ țĮIJȐ IJȘȞ
įȚȐȡțİȚĮIJȘȢİʌȚıțİȣȒȢȒIJȘȢʌĮȡȠȣıȓĮȢIJȠȣIJİȤȞȚțȠȪ 
ȈİʌİȡȓʌIJȦıȘʌȠȣȘĮȖȠȡȐįİȞȑȤİȚȖȓȞİȚĮʌȩIJĮțĮIJĮıIJȒȝĮIJĮIJȘȢȆȜĮȓıȚȠ&RPSXWHUVȒ
İȓȞĮȚ İțIJȩȢ İȖȖȪȘıȘȢ ȅʌȠȚĮįȒʌȠIJİ İʌȚıțİȣȒ ĮȞIJȚțĮIJȐıIJĮıȘ ȖȓȞİȚ ʌȡĮȖȝĮIJȠʌȠȚİȓIJİ ȝİ
ĮʌȠțȜİȚıIJȚțȒİȣșȪȞȘțĮȚȑȟȠįĮIJȠȣʌİȜȐIJȘ 
 Ǿ ȆȜĮȓıȚȠ &RPSXWHUV įİȞ İȣșȪȞİIJĮȚ ȖȚĮ IJȘȞ İȖțĮIJȐıIJĮıȘ ʌĮȡĮȝİIJȡȠʌȠȓȘıȘ
ĮʌȠțĮIJȐıIJĮıȘ ʌĮȡİȞȑȡȖİȚĮ ȠʌȠȚȠȣįȒʌȠIJİ ȜȠȖȚıȝȚțȠȪ ȒțĮȚ ʌȡȠȖȡȐȝȝĮIJȠȢ ʌȠȣ įİȞ
İȝʌȠȡİȪİIJĮȚ 
ȅȚİʌȚıțȑȥİȚȢIJȦȞIJİȤȞȚțȫȞIJȘȢȆȜĮȓıȚȠ&RPSXWHUVʌȡĮȖȝĮIJȠʌȠȚȠȪȞIJĮȚİȞIJȩȢIJȘȢĮțIJȓȞĮȢ
IJȦȞ  ȤȜȝ Įʌȩ IJȠ ʌȜȘıȚȑıIJİȡȠ țĮIJȐıIJȘȝĮ IJȘȢ țĮȚ ȠȚ ʌȡĮȖȝĮIJȠʌȠȚȘșİȓıİȢ İȡȖĮıȓİȢ
İʌȓıțİȥȘȢȤȡİȫȞȠȞIJĮȚȕȐıȘIJȚȝȠțĮIJĮȜȩȖȠȣ 
 ȆȡȠȧȩȞIJĮ ʌȠȣ ʌĮȡĮȝȑȞȠȣȞ İʌȚıțİȣĮıȝȑȞĮ Ȓ ȝİ ȐȡȞȘıȘ İʌȚıțİȣȒȢ Ȓ ȝİ ĮįȪȞĮIJȘ
İʌȚțȠȚȞȦȞȓĮ ȝİ IJȠȞ țȐIJȠȤȠ IJȘȢ ıȣıțİȣȒȢ ȐȞȦ IJȦȞ  ȘȝİȡȠȜȠȖȚĮțȫȞ ȘȝİȡȫȞ Įʌȩ IJȘȞ
İȞȘȝȑȡȦıȘIJȠȣʌİȜȐIJȘȤȡİȫȞȠȞIJĮȚȝİȑȟȠįĮĮʌȠșȒțİȣıȘȢ 
 + Ș ȝȑȖȚıIJȘ ȣʌȠȤȡȑȦıȘ ʌȠȣ ijȑȡİȚ Ș ȆȜĮȓıȚȠ &RPSXWHUV ʌİȡȚȠȡȓȗİIJĮȚ ȡȘIJȐ țĮȚ
ĮʌȠțȜİȚıIJȚțȐ ıIJȠ ĮȞIJȓIJȚȝȠ ʌȠȣ ȑȤİȚ țĮIJĮȕȜȘșİȓ ȖȚĮ IJȠ ʌȡȠȧȩȞ Ȓ IJȠ țȩıIJȠȢ İʌȚıțİȣȒȢ Ȓ
ĮȞIJȚțĮIJȐıIJĮıȘȢȠʌȠȚȠȣįȒʌȠIJİʌȡȠȧȩȞIJȠȢʌȠȣįİȞȜİȚIJȠȣȡȖİȓțĮȞȠȞȚțȐțĮȚȣʌȩijȣıȚȠȜȠȖȚțȑȢ
ıȣȞșȒțİȢ 
ǾȆȜĮȓıȚȠ&RPSXWHUVįİȞijȑȡİȚțĮȝȓĮİȣșȪȞȘȖȚĮȗȘȝȚȑȢʌȠȣʌȡȠțĮȜȠȪȞIJĮȚĮʌȩIJȠʌȡȠȧȩȞ
Ȓ Įʌȩ ıijȐȜȝĮIJĮ ȜİȚIJȠȣȡȖȓĮȢ IJȠȣ ʌȡȠȧȩȞIJȠȢ ıȣȝʌİȡȚȜĮȝȕĮȞȠȝȑȞȦȞ IJȦȞ įȚĮijȣȖȩȞIJȦȞ
İıȩįȦȞțĮȚțİȡįȫȞIJȦȞİȚįȚțȫȞĮʌȠșİIJȚțȫȞȒșİIJȚțȫȞȗȘȝȚȫȞțĮȚįİȞijȑȡİȚțĮȝȓĮİȣșȪȞȘȖȚĮ
țĮȝȓĮĮȟȓȦıȘȘȠʌȠȓĮİȖİȓȡİIJĮȚĮʌȩIJȡȓIJȠȣȢȒĮʌȩİıȐȢȖȚĮȜȠȖĮȡȚĮıȝȩIJȡȓIJȦȞ 
 Ȃİ IJȘȞ ʌĮȡĮȜĮȕȒ IJȘȢ ʌĮȡȠȪıĮȢ İȖȖȪȘıȘȢ Ƞ ʌİȜȐIJȘȢ ĮʌȠįȑȤİIJĮȚ ĮȞİʌȚijȪȜĮțIJĮ IJȠȣȢ
ȩȡȠȣȢIJȘȢ 

ȉȚįİȞțĮȜȪʌIJİȚȘİȖȖȪȘıȘʌȡȠȧȩȞIJȦȞ7XUER;'RRS6HQWLR#:RUN&RQQHFW 
 ǻİȞ țĮȜȪʌIJİȚ ȠʌȠȚȠįȒʌȠIJİ ʌȡȩȕȜȘȝĮ ʌȠȣ ȑȤİȚ ʌȡȠțȜȘșİȓ Įʌȩ ȜȠȖȚıȝȚțȩ Ȓ ȐȜȜȠ
ʌȡȩȖȡĮȝȝĮțĮșȫȢțĮȚʌȡȠȕȜȒȝĮIJĮʌȠȣȑȤȠȣȞʌȡȠțȜȘșİȓĮʌȩȚȠȪȢ 
ǻİȞțĮȜȪʌIJİȚȝİIJĮijȠȡȚțȐȑȟȠįĮĮʌȩțĮȚʌȡȠȢIJȚȢİȖțĮIJĮıIJȐıİȚȢIJȘȢȆȜĮȓıȚȠ&RPSXWHUV 
ǻİȞțĮȜȪʌIJİȚİʌȚıțİȣȒȑȜİȖȤȠȒțĮȚĮȞIJȚțĮIJȐıIJĮıȘıIJȠȞȤȫȡȠIJȠȣʌİȜȐIJȘ2QVLWH 
 ǺȜȐȕİȢ ʌȠȣ ȑȤȠȣȞ ʌȡȠțȜȘșİȓ Įʌȩ țĮțȒ ȤȡȒıȘ ȩʌȦȢ ijșȠȡȑȢ ʌIJȫıȘ ȡȓȥȘ ȣȖȡȫȞ
ıʌĮıȝȑȞĮȒțĮȚĮȜȜȠȚȦȝȑȞĮȝȑȡȘțIJȜ 

ǻİįȠȝȑȞĮțĮȚĮʌȫȜİȚĮ 
ȆȡȚȞIJȘȞʌĮȡȐįȠıȘİȞȩȢʌȡȠȧȩȞIJȠȢİȓIJİȖȚĮİʌȚıțİȣȒİȓIJİʌȡȚȞIJȘȞİʌȓıțİȥȘIJİȤȞȚțȠȪıIJȠȞ
ȤȫȡȠ IJȠȣ ʌİȜȐIJȘ İȓIJİ ʌȡȚȞ IJȘȞ ȤȡȘıȚȝȠʌȠȓȘıȘȠʌȠȚĮıįȒʌȠIJİ IJİȤȞȚțȒȢ ȣʌȘȡİıȓĮȢ ıİțȐșİ
ʌİȡȓʌIJȦıȘȠʌİȜȐIJȘȢȠijİȓȜİȚȞĮįȘȝȚȠȣȡȖȒıİȚĮȞIJȓȖȡĮijĮĮıijĮȜİȓĮȢȖȚĮIJĮIJȣȤȩȞįİįȠȝȑȞĮ
IJȠȣțĮȚȞĮȑȤİȚıȕȒıİȚıIJȠȚȤİȓĮİȝʌȚıIJİȣIJȚțȠȪȤĮȡĮțIJȒȡĮȒʌȡȠıȦʌȚțȒȢijȪıİȦȢ 
ȈİʌİȡȓʌIJȦıȘȕȜȐȕȘȢıțȜȘȡȠȪįȓıțȠȣȒțĮȚȖİȞȚțȩIJİȡĮȠʌȠȚȠįȒʌȠIJİĮʌȠșȘțİȣIJȚțȠȪȝȑıȠȣ
Ș ȆȜĮȓıȚȠ &RPSXWHUV ȣʌȠȤȡİȠȪIJĮȚ ȞĮ ĮȞIJȚțĮIJĮıIJȒıİȚ IJȠ İȜĮIJIJȦȝĮIJȚțȩ ȣȜȚțȩ IJȠ ȠʌȠȓȠ
ĮȣIJȠȝȐIJȦȢıȘȝĮȓȞİȚĮʌȫȜİȚĮIJȦȞĮʌȠșȘțİȣȝȑȞȦȞĮȡȤİȓȦȞțĮȚȜȠȖȚıȝȚțȫȞȤȦȡȓȢȘȆȜĮȓıȚȠ
&RPSXWHUVȞĮȑȤİȚİȣșȪȞȘȖȚĮĮȣIJȐ 
ȅʌİȜȐIJȘȢİȓȞĮȚĮʌȠțȜİȚıIJȚțȐȣʌİȪșȣȞȠȢȖȚĮIJȘȞĮıijȐȜİȚĮțĮȚIJȘȞijȪȜĮȟȘIJȦȞįİįȠȝȑȞȦȞ
IJȠȣ țĮșȫȢ țĮȚ ȖȚĮ IJȘȞ İʌĮȞĮijȠȡȐ țĮȚ İʌĮȞİȖțĮIJȐıIJĮıȘ IJȠȣȢ ȠʌȠȚĮįȒʌȠIJİ ıIJȚȖȝȒ țĮȚ ȖȚĮ
ȠʌȠȚȠįȒʌȠIJİȜȩȖȠțĮȚĮȚIJȓĮǾȆȜĮȓıȚȠ&RPSXWHUVįİȞșĮİȓȞĮȚȣʌİȪșȣȞȘȖȚĮIJȘȞĮȞȐțIJȘıȘțĮȚ
İʌĮȞİȖțĮIJȐıIJĮıȘ ʌȡȠȖȡĮȝȝȐIJȦȞ Ȓ įİįȠȝȑȞȦȞȐȜȜȦȞ ĮʌȩĮȣIJȫȞ ʌȠȣ İȖțĮIJȑıIJȘıİ ĮȡȤȚțȐ
țĮIJȐIJȘȞțĮIJĮıțİȣȒIJȠȣʌȡȠȧȩȞIJȠȢ 
ǾȆȜĮȓıȚȠ&RPSXWHUVįİȞijȑȡİȚțĮȝȓĮİȣșȪȞȘȖȚĮIJĮĮʌȠșȘțİȣȝȑȞĮįİįȠȝȑȞĮGDWDĮȡȤİȓĮ
ʌȡȠȖȡȐȝȝĮIJĮ ıIJĮ ȝĮȖȞȘIJȚțȐ ȝĮȖȞȘIJȠȠʌIJȚțȐ Ȓ ȠʌIJȚțȐ ȝȑıĮ țĮșȫȢ țĮȚ ȖȚĮ ȠʌȠȚĮįȒʌȠIJİ
ȐȝİıȘ ȑȝȝİıȘ ʌȡȠıșİIJȚțȒ Ȓ ĮʌȠșİIJȚțȒ ȗȘȝȚȐ ʌȠȣ ʌȡȠțȪʌIJİȚ Įʌȩ IJȘȞ ĮʌȫȜİȚȐ IJȠȣȢ Ǿ
ijȪȜĮȟȘțĮȚĮʌȠșȒțİȣıȘȢIJȦȞįİįȠȝȑȞȦȞĮȞȒțİȚıIJȘȞĮʌȠțȜİȚıIJȚțȒİȣșȪȞȘIJȠȣʌİȜȐIJȘ 
ǾİȖȖȪȘıȘʌĮȪİȚĮȣIJȩȝĮIJĮȞĮȚıȤȪİȚıIJȚȢʌĮȡĮțȐIJȦʌİȡȚʌIJȫıİȚȢ 
ǵIJĮȞIJȠʌȡȠȧȩȞȣʌȠıIJİȓİʌȑȝȕĮıȘĮʌȩȝȘİȟȠȣıȚȠįȠIJȘȝȑȞȠĮʌȩIJȘȞȆȜĮȓıȚȠ&RPSXWHUV
ȐIJȠȝȠ 
ǵIJĮȞȘȕȜȐȕȘʌȡȠȑȡȤİIJĮȚĮʌȩțĮțȒıȣȞįİıȝȠȜȠȖȓĮĮIJȪȤȘȝĮʌIJȫıȘțȡĮįĮıȝȠȪȢȑțșİıȘ
ıİĮțȡĮȓİȢșİȡȝȠțȡĮıȓİȢȣȖȡĮıȓĮȒȡȓȥȘȣȖȡȫȞ 
ǵIJĮȞIJȠʌȡȠȧȩȞȣʌȠȕȐȜȜİIJĮȚıİijȣıȚțȒȒȘȜİțIJȡȚțȒțĮIJĮʌȩȞȘıȘ 
ǵIJĮȞȠĮȡȚșȝȩȢțĮIJĮıțİȣȒȢIJĮįȚĮțȡȚIJȚțȐıȒȝĮIJĮȠıİȚȡȚĮțȩȢĮȡȚșȝȩȢȑȤȠȣȞĮȜȜȠȚȦșİȓ
ĮijĮȚȡİșİȓȒțĮIJĮıIJȡĮijİȓ 
 ǵIJĮȞ IJȠ ʌȡȠȧȩȞ ȤȡȘıȚȝȠʌȠȚİȓIJĮȚ ȝİ IJȡȩʌȠ ʌȠȣ įİȞ ȠȡȓȗİIJĮȚ Įʌȩ IJȚȢ țĮIJĮıțİȣĮıIJȚțȑȢ
ʌȡȠįȚĮȖȡĮijȑȢȒıİĮʌȡȩȕȜİʌIJȠȖȚĮIJȠȞțĮIJĮıțİȣĮıIJȒʌİȡȚȕȐȜȜȠȞ 
ǵIJĮȞIJȠʌȡȩȕȜȘȝĮȠijİȓȜİIJĮȚıİʌȡȠȖȡȐȝȝĮIJĮȒȜȠȖȚıȝȚțȩʌȤȚȠȪȢFXVWRPILUPZDUHțIJȜ
ʌȠȣȝİIJĮȕȐȜȜȠȣȞIJĮȜİȚIJȠȣȡȖȚțȐȤĮȡĮțIJȘȡȚıIJȚțȐIJȘȢıȣıțİȣȒȢ 
ǵIJĮȞįİȞĮțȠȜȠȣșȠȪȞIJĮȚȠȚįȚĮįȚțĮıȓİȢıȣȞIJȒȡȘıȘȢIJȠȣțĮIJĮıțİȣĮıIJȒ 
 ǻİȞ ʌĮȡȑȤİIJĮȚ İȖȖȪȘıȘ ȠȪIJİ İȖȖȣȐIJĮȚ ʌȡȠıIJĮıȓĮ ȖȚĮ ȗȘȝȚȐ ʌȠȣ ʌȡȠțȜȒșȘțİ Įʌȩ
ȜĮȞșĮıȝȑȞȘİȖțĮIJȐıIJĮıȘȒȤȡȒıȘ 
ǻİȞʌĮȡȑȤİIJĮȚİȖȖȪȘıȘȠȪIJİİȖȖȣȐIJĮȚʌȡȠıIJĮıȓĮȖȚĮʌȡȠȧȩȞIJĮIJȡȓIJȦȞȜȠȖȚıȝȚțȩțĮȚȣȜȚțȩ
ĮȞĮȕȐșȝȚıȘȢ 
ĬĮ ʌȡȑʌİȚ ȞĮ ʌĮȡȑȤİIJİ ıIJȘȞ ȆȜĮȓıȚȠ &RPSXWHUV țȐșİ İȪȜȠȖȘ įȚİȣțȩȜȣȞıȘ ʌȜȘȡȠijȠȡȓĮ
ıȣȞİȡȖĮıȓĮ İȖțĮIJĮıIJȐıİȚȢ țĮȚ ʌȡȩıȕĮıȘ ȫıIJİ ȞĮ ȑȤİȚ IJȘȞ įȣȞĮIJȩIJȘIJĮ ȞĮ İțIJİȜȑıİȚ IJĮ
țĮșȒțȠȞIJȐ IJȘȢ İȞȫ ıİ ʌİȡȓʌIJȦıȘ ȝȘ IJȒȡȘıȘȢ IJȦȞ ĮȞȦIJȑȡȦ Ș ȆȜĮȓıȚȠ &RPSXWHUV įİȞ șĮ
ȣʌȠȤȡİȠȪIJĮȚ ȞĮ İțIJİȜȑıİȚ ȠʌȠȚĮįȒʌȠIJİ ȣʌȘȡİıȓĮ Ȓ ȣʌȠıIJȒȡȚȟȘ ǼȓıIJİ ȣʌİȪșȣȞȠȚ ȖȚĮ IJȘȞ
ĮijĮȓȡİıȘ ʌȡȠȧȩȞIJȦȞ ʌȠȣ įİȞ ʌȡȠȝȒșİȣıİ Ș ȆȜĮȓıȚȠ &RPSXWHUV țĮIJȐ IJȘȞ įȚȐȡțİȚĮ IJȘȢ
IJİȤȞȚțȒȢ ȣʌȠıIJȒȡȚȟȘȢ ȖȚĮ IJȘȞ IJȒȡȘıȘ ĮȞIJȚȖȡȐijȦȞ țĮȚ IJȘȞ İȝʌȚıIJİȣIJȚțȩIJȘIJĮ ȩȜȦȞ IJȦȞ
įİįȠȝȑȞȦȞʌȠȣĮijȠȡȠȪȞIJȠʌȡȠȧȩȞ