;]hYf YaU _Ub XUf] VU UgU @b[[f]g _Y VU UgU @bXcbYg]U ' kkk(cb ]bYXcWhfUbg Uhcf(Wca

8SITSJ NF 9 :NRNF )-( ). )-(

:TRYSNPF N BNSLPF
DON 2A :MY Y 1FGN 7Y FS IFS 0SFQN N D Y FS 1J IF F PFS 6JS BN TP TR 1
N TPTSI NF YS YP B YIN JS NPF N 7FQFQ

6FSJF T 0NSF 0GIYQ ATMRFS ( IFS EYS 4 FS T( )

+ 8bU ]g ;YdUfhYaYb BYgY UhUb Gc hY_b]_ BYgY UhUb BYaYbhYf]Ub BYgY UhUb BU ]aUbhUb K]aif A (
Bifb]U DU_aif Ec( 0. JUaUf]bXU BU ]aUbhUb K]aif @bXcbYg]U

,AifigUb B]a]U =UfaUg] =U_i hUg =UfaUg] Lb]jYfg]hUg UX U DUXU JY_]d LhUfU
Pc[mU_UfhU //,2+ @bXcbYg]U
- @bgh]hih @bXighf] XUb J]ghYa U U Lb]jYfg]hUg UX U DUXU A ( BU ]ifUb[ Ba . JY_]d Pc[mU_UfhU //,2+ @bXcbYg]U

.;]j]g] KY_bc c[] Ug] KYfbU_ =U_i hUg GYhYfbU_Ub Lb]jYfg]hUg UX U DUXU A ( =UibU
Ec(- 9i U_giaif Pc[mU_UfhU //,2+ @bXcbYg]U

JSYQN FSL J YFN 0G FP ;U[]b[ VUV] ihUb N9D# aYfidU_Ub XU[]b[ bcb' U U mUb[ VUbmU_ X]gU U [ibU_Ub X]
@bXcbYg]U( BUgig mUb[ dU ]b[ gYf]b[ hYf UX] UXU U aYbWUadif_Ub XU[]b[ gUd] XYb[Ub N9D VU]_
YaU] 4 UVXi T_]aZUf7i[a(UW(]X
dUXU aU_UbUb aYbhU aUidib aU_UbUb c U Ub( F Y _UfYbU ]hi dYf i X]_YaVUb[_Ub aYhcXY
;]hYf]aU4 ++ AUbiUf] ,*+3 XYhY_g] _cbhUa]bUg] N9D( Ki iUb XUf] dYbY ]h]Ub ]b] UXU U aYb[[ibU_Ub fYU_g] VYfUbhU]
;]hYf]aU4 ,2 DY] ,*+3 dc ]aYfUgY G:I# XUb UbU ]g]g gY_iYbg aYb[[ibU_Ub gdYg]Yg gdYg]Z]_ df]aYf JJG# mUb[
aYbUf[Yh_Ub [Yb a]hc_cbXf]U g]hc_fca'V :PK9N9,'kV# VUV] ihUb ibhi_ ]XYbh]Z]_Ug] N9D dUXU
3 8 +*(,,+.0)] W(.,//,
VU_gc( JdYg]Z]g]hUg df]aYf X]i ] XUb i_ifUb Uad ]_cb X]_cbZ]faUg] XYb[Ub G:I _cbjYbg]cbU XUb
Y Y_hfcZcfYg]g U[UfcgU( LfihUb XUgUf X]UbU ]g]g aYb[[ibU_Ub dYfUb[_Uh ibU_ YbYJhiX]c XUb
X] U_i_Ub 9C8JK aYb[[ibU_Ub E:9@( Gf]aYf :PK9N9,'kV i[U X][ibU_Ub ibhi_ aYb[i ]
fYZYfYbg] VU_gc VYfVU Ub XUgUf XU[]b[ gUd] XUb N9D aYb[[ibU_Ub fYU 'h]aY G:I( Ug]
dYbY ]h]Ub aYbib i__Ub VU kU :PK9N9,'kV aYb[Uad ]Z]_Ug] [Yb :mh'9 ah';E8 VUV] ihUb
gYWUfU gdYg]Z]_( L_ifUb Uad ]_cb gYVYgUf +3. dUgUb[Ub VUgU Vd# XYb[Ub _Ya]f]dUb 3-x32
hYf UXUd [Yb :mh'9 ah';E8 VYVYfUdU Yb]g VUV] ihUb( Gf]aYf aUadi aYbXYhY_g] N9D dUXU
VU_gc UWiUb ]b[[U * + kh)kh XYb[Ub b] U] YZ]g]Ybg] gYVYgUf +*2 * XUb _cYZ]g]Yb XYhYfa]bUg] I
,# gYVYgUf * 31*( Gf]aYf :PK9N9,'kV hYfVi_h] gdYg]Z]_ XUb XUdUh X][ibU_Ub gYVU[U] aYhcXY
ghUbXUf ibhi_ aYb[]XYbh]Z]_Ug] UXUbmU _cbhUa]bUg] N9D dUXU dfcXi_ VU_gc ibhi_ ghiX]
chYbh]_Ug] U U (

:F F PYSHN df]aYf :PK9N9,'kV5 VU_gc5 chYbh]_Ug] U U 5 dYb[ifihUb5 VUV] ihUb

4A:4 0 0 gYdYfh] XU[]b[ VUV] XUb VUV] ihUb N9D# ibhi_ aYbXUdUh_Ub _Yibhib[Ub

Y_cbca](
;U[]b[ aYfidU_Ub giaVYf dfchY]b mUb[ VU]_ XUb aYb[UbXib[
DUgmUfU_Uh aig ]a X] UfUb[ aYb[_cbgiag] dfcXi_
VYVYfUdU j]hUa]b bihf]g] XUb UgUa Ua]bc YgYbg]U dYbh]b[ mUb[ X]dYf i_Ub
aU_UbUb mUb[ aYb[UbXib[ N9D _UfYbU N9D X]Ub[[Ud
ibhi_ dYfhiaVi Ub aUbig]U R+S( ;U[]b[ gUd] VUbmU_ X]_cbgiag] XYb[Ub
gYVU[U] XU[]b[ mUb[ h]XU_ U U R-S( U U aYfidU_Ub
h]b[_Uh _cbgiag] gYVUbmU_ 0 . _[)_Ud]hU dUXU hU ib ,*+1 R,S( DU_UbUb
gmUfUh ihUaU giUhi dfcXi_ dUb[Ub ibhi_ X]_cbgiag] c Y
VYfVU Ub XUgUf XU[]b[ gUd] gYdYfh] VU_gc XUb gcg]g aYb UX] dfcXi_
iaUh @g Ua VYfXUgUf_Ub _YhYbhiUb @g Ua( 8XUbmU
aU_UbUb ZUjcf]h _UfYbU fUgUbmU mUb[ YbU_ XUb aiXU X]c U aYb UX]
dYfWUadifUb UhUi dYbWYaUfUb _cadcbYb h]XU_ U U
VYfVU[U] dfcXi_( BUfYbU UXUbmU dYfVYXUUb Uf[U VYVYfUdU dYb iU mUb[
XU Ua ia U VYfUdUdib U_Ub aYbmYVUV_Ub ghUhigbmU
h]XU_ Yh]g aYbWcVU aYaUXi_Ub XU[]b[ gUd] mUb[ aYa] ]_] Uf[U h]b[[]
aYb UX] UfUa XUb X] UfUb[ ibhi_ X]_cbgiag]( @gi
XYb[Ub XU[]b[ mUb[ Uf[UbmU YV] aifU

UbYU Hcffm 8]bU X__(

)-) 8SITSJ NF 9 :NRNF
dYaU giUb dfcXi_ dUb[Ub XU[]b[ mUb[ aYb[UbXib[ _cadcbYb
h]XU_ U U gYdYfh] VUV] ihUb aYb]aVi _Ub _Y_ UkUh]fUb X]
_U Ub[Ub iaUh @g Ua( BcbgiaYb Dig ]a aYaYf i_Ub chYbh]_Ug]
U U ibhi_ dfcXi_ aU_UbUb mUb[ X]VY ]bmU R+S(
:UadifUb _cadcbYb bcb U U dUXU giUhi dfcXi_
dUb[Ub c U Ub gi ]h X]]XYbh]Z]_Ug] gYWUfU j]giU XUb
aYaYf i_Ub dYbYfUdUb hY_bc c[] ibhi_ dYbXYhY_g]UbbmU R.S(
F Y _UfYbU ]hi gUb[Uh dYbh]b[ ibhi_ aYb[YaVUb[_Ub
aYhcXY UbU ]g]g ibhi_ chYbh]_Ug] XU[]b[ gUd] XUb dfcXi_
VYfVU Ub XUgUf XU[]b[ gUd]( 9YfVU[U] aYhcXY ibhi_
aYbXYhY_g] _cadcbYb bcb' U U hY U X]_YaVUb[_Ub gYdYfh]
gdY_hfcg_cd] ]bZfUaYfU hfUbgZcfaUg] =cif]Yf =K@I# R/S
]aaibcY YWhfcd cfYg]g R0'1S dc ]acfZ]gaY dUb Ub[ ZfU[aYb
fYghf]_g] fYU_g] VYfUbhU] dc ]aYfUgY G:I'I=CG# R2'3S fYU_g]
VYfUbhU] dc ]aYfUgY kU_hi bmUhU aYb[[ibU_Ub gdYg]Yg
gdYg]Z]_ R+*'++S XUb G:I kU_hi bmUhU KUeaUb R+',S( ;] UbhUfU
aYhcXY'aYhcXY hYfgYVih aYhcXY VYfVUg]g ;E8 aYb[[ibU_Ub
G:I Wi_id aYb Ub ]_Ub ibhi_ UbU ]g]g fih]b _cadcbYb bcb'
U U ( BYibhib[Ub aYhcXY VYfVUg]g ;E8 UXU U 4 +# ;E8 h]XU_
figU_ ,# ifihUb VUgU ;E8 hYhUd gUaU aYg_]dib hYf_YbU gi i
h]b[[] XUb -# hYfXUdUh dUXU Uad]f gYaiU cf[Ub]gaY +,#(
LfihUb ;E8 _ igig ibhi_ cf[Ub]gaY hYfhYbhi XUb VUbmU_
X][ibU_Ub XU Ua UbU ]g]g( 9YfXUgUf_Ub U hYfgYVih aYhcXY
G:I VYfVUg]g ;E8 XUdUh X][ibU_Ub ibhi_ aYbXYhY_g]
VYfVU[U] Yb]g _cadcbYb bcb' U U gYWUfU gdYg]Z]_ XUb XUdUh
X]hYfUd_Ub dUXU dfcXi_ dUb[Ub mUb[ gYVU[]Ub VYgUf hY U
aYb[U Ua] dfcgYg dYb[c U Ub gi i h]b[[](
JdYg]Z]g]hUg df]aYf aYb UX] gmUfUh ihUaU ]XYbh]Z]_Ug]
;E8 aYb[[ibU_Ub hY_b]_ G:I gY ]b[[U XUdUh
aYb[Uad ]Z]_Ug] gU U gUhi Yb]g hUf[Yh ;E8( JdYg]Z]g]hUg
df]aYf :PK9N9,'kV X]i ] aYb[[ibU_Ub fYU 'h]aY G:I XUb
aYb[ Ug] _Ub Uad ]Z]_Ug] hib[[U R+-S( EUaib aYbifih
ghUbXUf fcdU ibhi_ a]_fcV]c c[] ac Y_i Yf XUb XYhY_g]
ac Y_i Yf dUXU cf[Ub]gaY Ug] fY_UmUgU [YbYh]_U dfcXi_
Uad ]Z]_Ug] X] UfYU hUf[Yh dYf i X]jYf]Z]_Ug] ifihUbbmU ibhi_
aYaVi_h]_Ub gdYg]Z]g]hUg df]aYf R+.S( 8bU ]g]g gY_iYbg
X]aU_giX_Ub ibhi_ aYaUgh]_Ub VU kU dfcXi_ G:I mUb[
X]Uad ]Z]_Ug] XYb[Ub gdYg]Yg gdYg]Z]_ df]aYf JJG#
aYfidU_Ub Ug] Uad ]Z]_Ug] dUXU k] UmU ah';E8 :mh'9
+/#( 9YVYfUdU aYhcXY G:I ibhi_ aYbXYhY_g]
UbYU Hcffm 8]bU X__(
)-( ).
VUV] ihUb XYb[Ub df]aYf gdYg]Z]_ hY U X] Udcf_Ub
gYVY iabmU XYb[Ub g]hc_fca'V mUb[ X]hUf[Yh_Ub R-S
IE8 a]hc_cbXf]U R+0S XUb X' ccd a]hc_cbXf]U R+1'+2S(
EUaib aYhcXY mUb[ X]_YaVUb[_Ub VY ia aYbUaVU _Ub
i ] dfcXi_ Uad ]Z]_Ug] XYb[Ub gY_iYbg]b[ ;E8( JY U]b ]hi
aYhcXY XYhY_g] N9D mUb[ X]_YaVUb[_Ub c Y GUf_Ubm] R+2S
XUb DihU ]V Yh U ( R+0S aYb[[ibU_Ub G:I VYfh]b[_Uh XUb G:I
I=CG aYadibmU] _Y YaU Ub X]aUbU hYfXUdUh _Yaib[_]bUb
hYf UX]bmU aihUg] dUXU g]hig fYghf]_g] mUb[ XUdUh
aYbmYVUV_Ub gU U hUZg]f Ug] hYg R+3S( G:I'I=CG _ifUb[
WcWc_ ibhi_ ]XYbh]Z]_Ug] _cadcg]g] WUadifUb XU[]b[ dUXU
dfcXi_ c U Ub _UfYbU dUbUg XUdUh aYbXY[fUXUg] ;E8 XUb
aYbmYVUV_Ub dYfiVU Ub dUXU g]hig fYghf]_g] R,*S( JYXUb[_Ub
df]aYf mUb[ X]_YaVUb[_Ub c Y 8f]b] X__(
R+1S VY ia V]gU aYaVYXU_Ub UbhUfU VUV] ihUb XUb VUV](
Gf]aYf :mhV8 -8 mUb[ X]_YaVUb[_Ub c Y ibhUfh] Yh U ( R-S
hY U XUdUh aYaVYXU_Ub VUV] ihUb XUb VUV] bUaib CF;
mUb[ X]dYfc Y aUg] Wi_id h]b[[] mU]hi .2 d[ XUb VYVYfUdU
dUfUaYhYf jU ]XUg] VY ia aYaYbi ] _f]hYf]U(
BcaV]bUg] Uad ]Z]_Ug] G:I XUb dYb[ifihUb
;E8 hYfVi_h] aYb UX] U Uh mUb[ YV] hYdUh XUb
chYbh]_ ibhi_ aYbXYhY_g] UgU gdYg]Yg XU[]b[( Yb
[Ybca XUb a]hc_cbXf]U X]hUf[Yh_Ub ibhi_
aYb[]XYbh]Z]_Ug] UgU gdYg]Yg XU[]b[ XYb[Ub
Uad ]Z]_Ug] G:I X]]_ih] XYb[Ub dYb[ifihUb ,+#(
GYbY ]h]Ub ]b] VYfhi iUb ibhi_ aYb[[ibU_Ub G:I
XUb UbU ]g]g gY_iYbg aYb[[ibU_Ub JJG mUb[
aYbUf[Yh_Ub [Yb g]hc_fca'V a]hc_cbXf]U gdYg]Yg
VUV] ihUb :PK9N9,'kV# ibhi_ ]XYbh]Z]_Ug] XU[]b[
VUV] ihUb N9D# mUb[ h]XU_ U U (
10680 4:B 4A8 4 C0
1FMFS
;U[]b[ VUV] ihUb X]dYfc Y XUf] dYaVifi X]
BYWUaUhUb 9UUaUb[ BUVidUhYb BchUkUf]b[]b K]aif
Gfcj]bg] BU ]aUbhUb KYb[U @bXcbYg]U( ;U[]b[ U]bbmU
X]dYfc Y XUf] Pc[mU_UfhU @bXcbYg]U mU]hi XU[]b[ gUd]
_UaV]b[ XUb UmUa X]dYfc Y XUf] BYWUaUhUb D Uh]
J YaUb Pc[mU_UfhU XU[]b[ VUV] XUf] cXYUb J YaUb
Pc[mU_UfhU XU[]b[ _Y ]bW] XUf] BU ]ifUb[ J YaUb
Pc[mU_UfhU XUb XU[]b[ Ub ]b[ X]dYfc Y XUf] 9Ubhi (
 8SITSJ NF 9 :NRNF )-( ). )-*

T JIY BUa] aYb[[ibU_Ub / qC ibhi_ gYh]Ud Yb]g ;E8 XYb[Ub

_cbgYbhfUg] /* b[)qC( Ug] bmU X]fY_Ua aYb[[ibU_Ub
3J FNS U NRJ
Gf]aYf =cfkUfX =# XUb IYjYfgYX I# XUf] :PK9N9,'kV hfUbg] ia]bUhcf Jmb[YbY Jmbcdh]Wg ChX( @b[[f]g#( G]hU mUb[

X]fUbWUb[ aYb[[ibU_Ub dYfUb[_Uh ibU_ Gf]aYfHiYgh XUf] hYfVYbhi_ X]VUbX]b[_Ub XYb[Ub dYbUbXU ;E8 ibhi_

@bhY[fUhYX ;E8 KYW bc c[]Yg( LfihUb ;E8 [Ybca Yb[_Ud aYb[YhU i] i_ifUb Uad ]_cb( GYbUbXU ;E8 mUb[ X][ibU_Ub

a]hc_cbXf]U VUV] ihUb E:T*,033,# mUb[ X][ibU_Ub ibhi_ UXU U ;E8 UXXYf +** Vd YbY8]X KU]kUb# R,-S(

XYgU]b df]aYf X]UaV] XUf] E:9@ Yb9Ub_( JdYg]Z]g]hUg
df]aYf X]dYf]_gUXU Ua g] ]_cb aYb[[ibU_Ub df]aYf 9C8JK
X]VUbX]b[_Ub XYb[Ub XU[]b[ gUd] VUV] _UaV]b[ UmUa
_Y ]bW] XUb Ub ]b[( Gf]aYf mUb[ X]fUbWUb[ mUb[ X][ibU_Ub
UXU U 4 DU i4: KK: ::K :KK 8 BL:@E KK 9U ]_4
K 8 8:8 :8 8K 88 8
Gf]aYf hYfgYVih aYa] ]_] _UfU_hYf]gh]_ gi i Y Y
0* o: = XUb I# _UbXib[Ub : /* =# XUb .1 0 I#
XYb[Ub dfcXi_ Uad ]_cb +3+ dUgUb[Ub VUgU Vd#
R+-S(
4P FP N IFS J FQYF N 3 0
;E8 mUb[ X][ibU_Ub ibhi_ dYb[i ]Ub G:I X]Y_ghfU_g]
AJKJ JS N UJSLYONFS GFP T
JUadY UWiUb mUb[ X][ibU_Ub XU Ua dYbY ]h]Ub ]b] UXU U
VU_gc VYfVU Ub XUgUf XU[]b[ gUd] XUb VUV] ihUb XYb[Ub
_cbgYbhfUg] mUb[ hY U X]_YhU i] gYdYfh] hYf ] Uh dUXU KUVY +(
8 ;U[]b[ gUd] gY[Uf XUb XU[]b[ VUV] ihUb X]WiW] XUb X]h]f]g_Ub(
;U[]b[ c U Ub gUd] XU[]b[ gUd]'N9D N9D# gYVUbmU_ 3*
X] U ig_Ub XUb X]WUadif XYb[Ub [UbXia +* # [UfUa * *+
kh)kh# XUb ViaVi U]b mUb[ V]UgU X][ibU_Ub XU Ua dYaViUhUb
VU_gc( :UadifUb hYfgYVih _YaiX]Ub X]VYbhi_ aYb UX] Vc U'Vc U
U i X]fYVig XU Ua U]f aYbX]X] ]b[[U aUhUb[( ;E8 VU_gc
fYZYfYbg] X]Y_ghfU_g] XUb _YaiX]Ub X]i ] aYb[[ibU_Ub e'G:I(
BcbX]g] aYhcXY e'G:I mUb[ X][ibU_Ub gYgiU] XYb[Ub dfcgYXif

gYWUfU aUbiU aYb[[ibU_Ub aYhcXY =Ybc '_ cfcZcfa mUb[ X]VYf]_Ub dUVf]_Ub 9]ch]ia @bW( 9]c'IUX CUVcfUhcf]Yg :8

]gcUa] U _c c :@88#( BYaifb]Ub ;E8 X]UbU ]g]g gYWUfU LJ8#( ;U Ua hUVib[ fYU_g] +* qC jU fYYb 1 qC U]f VYVUg

_iUbh]hUh]Z XYb[Ub EUbcHiUbh JdUf_ KYWUb Jk]gg# XUb bi_ YUgY + qC ZcfkUfX df]aYf +*(* qD + qC fYjYfgY df]aYf +*

X]j]giU ]gUg]_Ub XYb[Ub dfcgYXif Y Y_hfcZcfYg]g ]'Did]X A qD XUb + qC ;E8 Ug] Y_ghfU_g] /* b[ X]WUadif XUb X]UbU ]g]g

:cgac 9]c :c( Kc_mc AYdUb[#( BYaifb]Ub ;E8 X] ]hib[ aYb[[ibU_Ub ]bghfiaYb e'G:I :=O30 KciW J]ghYa ;YhY_g] G:I

VYfXUgUf_Ub fUg]c I# b] U] gYfUdUb dUXU dUb Ub[ NU_hi EmUhU 9]cfUX LJ8#( GfcgYXif e'G:I UXU U gYVU[U]

[Y caVUb[ v# aUg]b['aUg]b[ ,0* XUb ,2* ba( ;E8 VYf]_ih4 dfU'XYbUhifUg] dUXU gi i 3/ o: gY UaU - aYb]h + g]_ ig#

XYb[Ub b] U] I + 2', * X]Ub[[Ud aifb] R,,S( XYbUhifUg] dUXU gi i 3/ o: gY UaU +* XYh]_ -* g]_ ig# Ub] dUXU
gi i /3 o: gY UaU ,* XYh]_ XUb Y_ghYbg] UhUi Uad ]Z]_Ug] dUXU
0SFQN N FRUQNKNPF N 3 0 RJSLLYSFPFS 2A
gi i 1, o:
;E8 mUb[ X]Y_ghfU_g] X]UbU ]g]g aYb[[ibU_Ub G:I(
Bcadcg]g] fYU[Yb ,* qC# hYfX]f] XUf] +* qC aUghYf a]l jU fYYb CFGJQ Bcadcg]g] gUadY UWiUb VU_gc mUb[ aYb[UbXib[
G:I + qC df]aYf ZcfkUfX XUb df]aYf fYjYfgY + qC ;E8 hYad UhY XU[]b[ gUd] 9# XUb XU[]b[ VUV] ihUb N9D#
/* b[)qC# XUb 1 qC ZfYY biW YUgY kUhYf( BcbX]g] mUb[ X][ibU_Ub K@;8B JUadY N9D # ;U[]b[ gUd] #

UXU U 4 dfU'XYbUhifUg] dUXU gi i 3/ o: gY UaU - aYb]h + g]_ ig# + 9U_gc gUd] hUbdU N9D * +**
XYbUhifUg] dUXU gi i 3/ o: gY UaU +* XYh]_ Ub] dUXU gi i , 9U_gc gUd] % N9D * + *+ 33(3
cdh]aU /3 o: gY UaU ,* XYh]_ Y_ghYbg] UhUi Uad ]Z]_Ug] dUXU gi i - 9U_gc gUd] % N9D * 1 *1 33(-
1, o: gY UaU ./ XYh]_( XYh]_ aUg]b['aUg]b[ -* g]_ ig# XUb . 9U_gc gUd] % N9D + + 33
dYfdUb Ub[Ub dUXU 1, o: gY UaU / aYb]h ibhi_ aYbghUV] _Ub / 9U_gc gUd] % N9D , , 32
dfcXi_ Uad ]Z]_Ug](
0 9U_gc gUd] % N9D - - 31
1 9U_gc gUd] % N9D / / 3/
4 FQYF N U TIYP 2A 2 9U_gc gUd] % N9D +* +* 3*
GfcXi_ G:I X]j]giU ]gUg]_Ub XYb[Ub Y Y_hfcZcfYg]g ]'Did]X A 3 9U_gc gUd] % N9D ,/ ,/ 1/
:cgac 9]c :c( Kc_mc AYdUb[# aYb[[ibU_Ub U[UfcgU , XU Ua +* 9U_gc JUd] % N9D /* /* /*
K9 +r gY UaU ./ aYb]h dUXU +** M ibhi_ aY ] Uh UdU_U ;E8 ++ 9U_gc JUd] % N9D 1/ 1/ ,/
VYf Ug] X]Uad ]Z]_Ug] aYb[[ibU_Ub JJG mUb[ X]fUbWUb[( +, 9U_gc 9UV] ihUb +** +** *

UbYU Hcffm 8]bU X__(

)- 8SITSJ NF 9 :NRNF )-( ).

gY UaU ./ XYh]_( J]bmU Z icfYgYbg] fY Uh]Z X] U_i_Ub gYWUfU JJG#'G:I X]_caV]bUg]_Ub XYb[Ub UbU ]g]g gY_iYbg ibhi_
chcaUh]g dUXU gYh]Ud g]_ ig VYfU_ ]f( Lbhi_ UbU ]g]g _ifjU aYbXYhY_g] UXUbmU _cbhUa]bUg] N9D dUXU VU_gc gUd]( DYhcXY
YY gi i X]hYhUd_Ub 0/x3/ o: XYb[Ub _YbU]_Ub gi i * / JJG'G:I gUb[Uh gYXYf UbU gYbg]h]Z XUb WYdUh X]VUbX]b[_Ub
o:)/ XYh]_( jU iUg] hYfgYVih aYbWU_id ]bYUf]hUg YZ]g]Ybg] XYb[Ub hYg G:I U]bbmU XUb hYfVi_h] Uadi ibhi_
XUb gYbg]h]j]hUg( ;UhU X]c U XUb X]UbU ]g]g aYb[[ibU_Ub aYb[]XYbh]Z]_Ug] gdYg]Yg XU Ua WUadifUb VU Ub aU_UbUb VU]_
:=O DUYghfcKDdYfUb[_Uh ibU_ mUb[ X]gYfhU_Ub XU Ua XU Ua aU_UbUb aYbhU aUidib aU_UbUb c U Ub R,/S(
]bghfiaYb e'G:I( JYXUb[_Ub UbU ]g]g gYeiYbWY X][ibU_Ub ibhi_ aYaUgh]_Ub
_YVYbUfUb dfcXi_ G:I Ug] Uad ]Z]_Ug] ;E8 XYb[Ub JJG(
D Y FS 3 0
BcaV]bUg] _YXiU aYhcXY hYfgYVih U_Ub aYb[ Ug] _Ub XUhU mUb[
KU UdUb ]b] X]UkU ] XYb[Ub dYaifb]Ub ;E8
jU ]X ibhi_ aYb[]XYbh]Z]_Ug] gdYg]Yg dUXU giUhi dfcXi_( GUXU
aYb[[ibU_Ub _]h dYaifb]Ub ;E8 @ ighfUy =Oy G:I XUb [Y
dYbY ]h]Ub ]b] ;E8 XUf] N9D XUb VU_gc fYZYfYbg] X]Y_ghfU_g]
VUbX( DYhcXY mUb[ X][ibU_Ub aYb[]_ih] dfcgYXif _]h mUb[
aYb[[ibU_Ub aYhcXY ZYbc '_ cfcZcfa( BYaifb]Ub ;E8
X]gYX]U_Ub c Y dUVf]_Ub( GfcXi_ G:I 8'+* wC XUb /** wC
X]j]giU ]gUg]_Ub XYb[Ub Y Y_hfcZcfYg]g U[UfcgU XUb X]i_if gYWUfU
ViZZYf h]dY - X]hUaVU _Ub _Y Z] hYf XUb X]gYbhf]Zi[Ug] dUXU
_iUbh]hUh]Z aYb[[ibU_Ub EUbceiUbh KYWUb JdUf_( Ug]
+0*** r [ gY UaU -* XYh]_( JUadY X]WiW] XYb[Ub ViZZYf
Y Y_hfcZcfYg]g U[UfcgU aYbib i__Ub ;E8 hYfY_ghfU_g] XYb[Ub
dYbWiW] h]dY + XUb _YaiX]Ub X]gYbhf]Zi[Ug] dUXU +0*** r [
VU]_ hUbdU hYfXY[fUXUg]( GYb[i_ifUb _iUbh]hUh]Z aYbib i__Ub
gY UaU -* XYh]_( JY Ub ihbmU X]hUaVU _Ub ViZZYf Y ig] 8',* qC
_Yaifb]Ub ;E8 mUb[ h]b[[] XYb[Ub b] U] fUg]c gYfUdUb I# dUXU
h]dY 0 X]X]Ua_Ub gY UaU 0* XYh]_ XUb gUadY X]gYbhf]Zi[Ug]
,2* XUb ,0* ba XYb[Ub fUg]c + 2x, * ibhi_ gY ifi ;E8 mUb[
dUXU +0*** r [ gY UaU 0* XYh]_( :UadifUb mUb[ hYfX]f] XUf] .
X][ibU_Ub(
qC ViZZYf , qC V][ XmY + qC ZcfkUfX UhUi fYjYfgY df]aYf + qC
Gf]aYf gdYg]Z]_ gdYg]Yg JJG# mUb[ X][ibU_Ub UXU U
dif]Z]YX ;E8 +, qC E=N X] U Ub_Ub XU Ua h YfacWmW Yf G:I
:PK9N9,'kV mUb[ gYVY iabmU X]fUbWUb[ aYb[[ibU_Ub
XYb[Ub _cbX]g] XYbUhifUg] UkU 30o: gY UaU + aYb]h
dYfUb[_Uh ibU_ Gf]aYfHiYgh aYbUf[Yh_Ub Wmh'9 ah';E8
XYbUhifUg] dUXU gi i 30o: gY UaU +* XYh]_ Ub] dUXU gi i /*
VUV] ihUb( Gf]aYf gdYg]Z]g]hUg ]b] X]i ] hYf UXUd ;E8 mUb[
o: gY UaU / XYh]_ Y_ghYbg] dUXU gi i 0* o: gY UaU . aYb]h
X]Y_ghfU_g] XUf] XU[]b[ VUV] ihUb VUV] gUd] Ub ]b[ UmUa
XU Ua ,/ g]_ ig( :UadifUb _YaiX]Ub X]hUaVU _Ub 3* qC J8D
_Y ]bW] XUb _UaV]b[( 9YfXUgUf_Ub UdcfUb _Ua] gYVY iabmU
,* qC hYfa]bUhcf XUb +* qC ;E8 X]jcfhY_g gY UaU -* XYh]_
df]aYf :PK9N9,'kV gdYg]Z]_ ibhi_ ;E8 VUV] ihUb R+-S(
XUb X]gYbhf]Zi[Ug] gY UaU - aYb]h( 8',* wC gUadY X]aUgi__Ub
BifjU Uad ]Z]_Ug] XUf] dYb[i ]Ub e'G:I aYbib i__Ub VU kU
_Y XU Ua d]f]b[ XUb X]gYbhf]Zi[Ug] dUXU +0*** r [ gY UaU 0*
UbmU ;E8 VUV] ihUb mUb[ X]Uad ]Z]_Ug] gYXUb[_Ub ;E8
XYh]_( JUadY X]ifih_Ub aYb[[ibU_Ub 8dd ]YX 9]cgmghYa -/**
U]bbmU XUb _cbhfc bY[Uh]Z UhUi bc hYad UhY Wcbhfc EK:#
YbYh]W 8bU mnYf XUb Ug] bmU X]UbU ]g]g aYb[[ibU_Ub
h]XU_ X]Uad ]Z]_Ug]( BifjU Y Y dfcXi_ G:I aYbib i__Ub
gcZhkUfY YbYJhiX]c(
gi i Y Y dUXU 2* o:( L ] gYbg]h]j]hUg aYb[ Ug] _Ub df]aYf
70B8 30 38B:DB8 mUb[ X][ibU_Ub aYa] ]_] b] U] VUhUg XYhY_g] Cc;# mUb[ gUb[Uh
0SFQN N 2A fYbXU mU]hi / d[)qC ;E8 VUV] ihUb(
JdYg]Z]g]hUg df]aYf :PK9N9,'kV i[U X]Vi_h]_Ub
9UV] ihUb aYfidU_Ub gU U gUhi XU[]b[ bcb' U U mUb[ VUbmU_
XYb[Ub Y Y_hfcZYfc[fUa dfcXi_ G:I( ;E8 VUV] ihUb
X]gU U [ibU_Ub gYVU[U] VU Ub VU_i XU[]b[ gUd]( ;U[]b[ VUV] ihUb
XUb ;E8 dYaVUbX]b[ X]Uad ]Z]_Ug] XYb[Ub df]aYf
N9D# aYadibmU] hY_ghif XUb kUfbU mUb[ a]f]d XYb[Ub XU[]b[ gUd](
:PK9N9,'kV aYb[[ibU_Ub G:I _cbjYbg]cbU (
GUXU dfcXi_ VU_gc N9D YV] X]gi_U] X]VUbX]b[_Ub XU[]b[ VUV]
GYb[i ]Ub ]b] i[U aYb UX] hU Ud UkU UbU ]g]g gY_iYbg
_UfYbU hY_ghif N9D a]f]d XYb[Ub VU_gc gUd]( F Y _UfYbU ]hi N9D
X]aUbU dfcXi_ Uad ]Z]_Ug] X]VUbX]b[_Ub XYb[Ub
gUb[Uh dchYbg]U aYb UX] VU Ub dYaU giUb XU[]b[ dUXU VU_gc gUd](
hUb[[U ;E8 aUf_Yf +** Vd ibhi_ aYaUgh]_Ub i_ifUb
G:I UXU U hY_b]_ UbU ]g]g VYfXUgUf_Ub Uad ]Z]_Ug] Y_gdcbYbg]U ;E8
Uad ]_cb mUb[ hYfVYbhi_( L_ifUb Uad ]_cb aYfidU_Ub
aY U i]gYWUfU ]b j]hfcfYU_g] Ybn]aUh]_ dUXU h YfacWmW Yfg a]f]d XYb[Ub
gU U gUhi XUhU dYbh]b[ ibhi_ aYaUgh]_Ub _YVYbUfUb
gYWUfU U Ua] fYd ]_Ug] R,.S( GYbY ]h]Ub ]b] aYb[[ibU_Ub gdYg]Yg df]aYf
dfcXi_ Uad ]Z]_Ug](
mUb[ gdYg]Z]_

UbYU Hcffm 8]bU X__(

 8SITSJ NF 9 :NRNF )-( ). )-,

G]hU mUb[ hib[[U XUb Y Ug aYbUbXU_Ub _cbX]g] G:I

giXU gYgiU] gY ]b[[U XUdUh X]dfcgYg _Y dfcgYg
gYeiYbW]b[(
jU iUg] _]bYf U df]aYf gY UaU Uad ]Z]_Ug] ;E8 VUV]
ihUb mUb[ X]Y_ghfU_g] XUf] VU_gc fYZYfYbg] mUb[ hYfX]f] XUf]
XU[]b[ gUd] XUb N9D X] U_i_Ub aYb[[ibU_Ub fYU 'h]aY G:I(
L ] ]b]Yf]hUg XUb YZ]g]Ybg] X] U_i_Ub hYf UXUd VU_gc fYZYfYbg]
VU_gc VUV] ihUb +** gYXUb[_Ub i ] gYbg]h]j]hUg
aYb[[ibU_Ub _cbgYbhfUg] N9D VYfh]b[_Uh( jU iUg] _]bYf U

6FRGF ( Y_hfcZYfc[fUa [Y U[UfcgU dfcXi_ Uad ]Z]_Ug] df]aYf dUXU VU_gc UWiUb aYbib i__Ub Ug] mUb[ VU]_ XUb

G:I XUf] 8 XU[]b[ VUV] G# XU[]b[ gUd] 9# Ub ]b[ :8# aYaYbi ] dUfUaYhYf mUb[ X]hYbhi_Ub( E] U] YZ]g]Ybg] # XUb

UmUa : # _UaV]b[ # XUb _Y ]bW] I# 9 VUV] ihUb N9# ]bYUf]hUg mUb[ X]dYfc Y VYfUXU dUXU fYbhUb[ mUb[

XUb _cbhfc bc hYad UhY EK:# aYb[[ibU_Ub df]aYf X]dYfgmUfUh_Ub XYb[Ub gYVYgUf +*2 * XUb I,gYVYgUf * 31*

:PK9N9,'kV( D UXU U dYbUbXU ;E8 hUb[[U ;E8 +** Vd#( Vf( ,#( JYXUb[_Ub i ] gYbg]h]j]hUg aYbib i__Ub VU kU

UbmU ;E8 VUV] ihUb mUb[ hYfUad ]Z]_Ug] gY_]hUf ,** Vd df]aYf :PK9N9,'kV aUg] aUadi aYbXYhY_g] N9D dUXU
VU_gc ]b[[U * + kh)kh UaVUf -#( 9YfXUgUf_Ub UbU ]g]g
L ] G:I aYb[[ibU_Ub df]aYf :PK9N9,'kV X] U_i_Ub b] U] :h hYf UX] dYf[YgYfUb
dUXU gi i Ub] /3 o: gYdYfh] mUb[ X]cdh]aU _Ub c Y 8]bU Yh U (
R+-S( L ] G:I aYb[[ibU_Ub df]aYf :PK9N9,'kV aYaVYf]_Ub
Ug] dcg]h]Z( JJG aYb[Uad ]Z]_Ug] ;E8 VUV] ihUb gYWUfU
gdYg]Z]_ X]VUbX]b[_Ub XYb[Ub 0 ;E8 U]b mUb[ X]Y_ghfU_g] XUf]
VUV] gUd] Ub ]b[ _UaV]b[ _Y ]bW] XUb UmUa( Y_hfcZcfYg]g
U[UfcgU aYbib i__Ub VU kU UbmU ;E8 VUV] ihUb mUb[
XUdUh X]Uad ]Z]_Ug] XYb[Ub i_ifUb Uad ]_cb gY_]hUf ,** Vd
Vf( +#( ;E8 U]bbmU h]XU_ hYfUad ]Z]_Ug] mUb[ X]hib i__Ub
XYb[Ub h]XU_ UXUbmU d]hU Uad ]Z]_Ug]( Ug] G:I _cbjYbg]cbU
]b] gYgiU] XYb[Ub Ug] e'G:I( L_ifUb Uad ]_cb mUb[ X]VYbhi_
i[U gYgiU] XYb[Ub XYgU]b UkU XU Ua'g] ]WcX] aUbU i_ifUb
6FRGF BifjU ghUbXUf ibhi_ iVib[Ub ]b]Yf UbhUfU b] U]
Uad ]_cb X]dYf_]fU_Ub +3+ Vd( U ]b] aYbib i__Ub VU kU
:h giaVi m# jg( c[+* ia U gU ]bUb ;E8# mUb[ X]Y_ghfU_g]
df]aYf :PK9N9,'kV aUadi aYb[Uad ]Z]_Ug] ;E8 VUV] ihUb
XUf] VU_gc mUb[ aYb[UbXib[ +** XU[]b[ VUV] ihUb i[U
gYWUfU gdYg]Z]_(
X][ibU_Ub ibhi_ aYb[ ]hib[ YZ]g]Ybg] Uad ]Z]_Ug] #

6FRGF ( L ] gYbg]h]j]hUg ibhi_ aYbYbhi_Ub VUhUg XYhY_g] Cc;# ;E8 Ug] Y_ghfU_g] VU_gc fYZYfYbg]( U# 6
_ifjU Uad ]Z]_Ug]5 V# 6 iVib[Ub UbhUfU c[ _cbgYbhfUg] UkU giaVi l# XYb[Ub b] U] :h giaVi m#

UbYU Hcffm 8]bU X__(

)-- 8SITSJ NF 9 :NRNF
b] U] :h dUXU _cbgYbhfUg] N9D fYbXU aUg] XUdUh X]UaUh](
E] U] :h aYb]b[_Uh gY]f]b[ XYb[Ub aYbifibbmU _cbgYbhfUg]
N9D dUXU VU_gc UWiUb gYdYfh] hYf ] Uh dUXU UaVUf - U#(
NU Uidib dYfiVU Ub b] U] :h dUXU _UXUf N9D + *1
XUb * + gUb[Uh _YW] bUaib aUg] XUdUh X]XYhY_g]
XYb[Ub hYdUh aYb[[ibU_Ub aYhcXY ]b]( U ]b] XUdUh
X]_cbZ]faUg]_Ub XYb[Ub _cfY Ug] ]b]Yf UbhUfU b] U] UaVUb[
J]_ ig :h# UhUi BiUbh]gUg] J]_ ig :e# XUb c[ _cbgYbhfUg]
UkU ;E8 Vf( - V##( Ug] ]b] aYbib i__Ub VU kU df]aYf
:PK9N9,'kV XUdUh X][ibU_Ub ibhi_ aYbXYhY_g] UXUbmU
WYaUfUb N9D dUXU dfcXi_ VU_gc(
0SFQN N D Y FS
DYbifih DUYXY R,+S UXU h][U aYhcXY mUb[ XUdUh
X][ibU_Ub ibhi_ aYajYf]Z]_Ug] _YVYbUfUb dfcXi_ G:I
mU]hi UbU ]g]g fYghf]_g] aYb[[ibU_Ub Ybn]a fYghf]_g]
YbXcbi_ YUgY ]Vf]X]gUg] dfcVY XUb gY_iYbg]b[ ;E8( ;]
UbhUfU aYhcXY'aYhcXY ]b] dYb[ifihUb ;E8 dU ]b[ VUbmU_
X]d] ] _UfYbU aYaVYf]_Ub Ug] ifihUb VUgU mUb[ XUdUh
X]UbXU _Ub( KU Ud UkU dfcgYg gYeiYbW]b[ UXU U
dYbYbhiUb dUb Ub[ Uad ]_cb gYdYfh] mUb[ X] Y Ug_Ub dUXU
VU[]Ub UbU ]g]g G:I( KU Ud gY Ub ihbmU UXU U ifihUb ;E8(
6FRGF ) Ug] gY_iYbg]b[ ;E8 aYb[[ibU_Ub U# df]aYf aU i :PK9N9,'kV V# df]aYf hYfVU ]_ :PK9N9,'kV
gYVY ia X] U_i_Ub dY Yb[_Ud gY_iYbg
UbYU Hcffm 8]bU X__(
)-( ).
DUg]b['aUg]b[ ZfU[aYb X]gY_iYbg]b[ XiU _U ] aYb[[ibU_Ub
df]aYf aU i XUb aibXif aUg]b['aUg]b[ gY ]b[[U gY_iYbg ;E8
mUb[ X]dYfc Y YV] U_ifUh _UfYbU X] U_i_Ub dYaVUWUUb XiU _U ]
XUf] VU[]Ub XYdUb XUb VY U_Ub[ ZfU[aYb( LfihUb dfcXi_
Uad ]Z]_Ug] mUb[ X]aifb]_Ub aYb[[ibU_Ub df]aYf aU i
aYb[ Ug] _Ub Uad ]_cb gYVYgUf +/3 Vd gYXUb[_Ub df]aYf
hYfVU ]_ aYb[ Ug] _Ub Uad ]_cb gYVYgUf +0, Vd XYb[Ub ifihUb
gYVU[U] VYf]_ih Vf( .#( ;UhU X]c U XYb[Ub UbU ]g]g _YgY UfUgUb
aYb[[ibU_Ub gcZhkUfY YbYJhiX]c ibhi_ aYadYfc Y XUhU
gY_iYbg Uad ]_cb mUb[ Yb[_Ud( JYVY ia X] U_i_Ub UbU ]g]g
_YgY U UfUb gU U gUhi fUb[_U]Ub VUgU X] UhUg Ufig X]VU ]_ XUb
X]_cad YaYb XYb[Ub dUgUb[Ub bi_ Ych]XU mUb[ VYfgYgiU]Ub
U[Uf _YXiU fUb[_U]Ub VUgU hYfgYVih VYfUXU dUXU dcg]g] mUb[
gUaU( GUXU XUgUfbmU VUf]gUb df]aYf aU i VYfUXU dUXU dcg]g] /
- gYXUb[_Ub VUf]gUb df]aYf aibXif aYfidU_Ub _YVU ]_Ub
XUf] dcg]g] -
/( Ug] mUb[ X]dYfc Y X]hib i__Ub dUXU UaVUf /( LfihUb
]b] aYfidU_Ub ifihUb Yb[_Ud ZfU[aYb ;E8 VYfi_ifUb +3.
Vd( 9Ug]g mUb[ gUaU X]hUbXU] XYb[Ub h]h]_ (# gYXUb[_Ub VUg]g
mUb[ h]XU_ hYf]XYbh]Z]_Ug] X]hUbXU] XYb[Ub [Uf]g '#( LfihUb
XUgUfbmU gYfidU mUb[ aYbib i__Ub VU kU df]aYf aU i XUb
aibXif XUdUh aYb[iUh
 8SITSJ NF 9 :NRNF
6FRGF * LfihUb VUgU ZfU[aYb :mh'9 ah';E8 +3. Vd# gYhY U X]gY UfUg_Ub aYb[[ibU_Ub gcZhkUfY YbYJhiX]c( ;ch # aYbib i__Ub
Ug] mUb[ gUaU XUb [Uf]g '# aYbib i__Ub VUgU mUb[ h]XU_ hYf]XYbh]Z]_Ug]
XUYfU mUb[ gUaU( GUb Ub[ Uad ]_cb mUb[ hYfVYbhi_ UXU U
+3. Vd( EUaib UbmU +20 VUg]g mUb[ XUdUh hYfVUWU gYXUb[_Ub
2 VUg]g U]bbmU h]XU_ hYfVUWU gY UaU dfcgYg dYb[ifihUb( U ]b]
XUdUh X]gYVUV_Ub c Y UXUbmU a]gaUhW dYf Y_UhUb XEKG
mUb[ h]XU_ _cadUh]VY XYb[Ub ;E8 dc ]aYfUgY# mUb[ XUdUh
hYf UX] gYWUfU U Ua]( =YbcaYbU ]b] XUdUh X][UaVUf_Ub _UfYbU
Ybn]a ;E8 dc ]aYfUgY h]XU_ aYadibmU] U_h]j]hUg dfccZfYUX]b[
Y_gcbi_ YUgY - ]b[[U / gY ]b[[U XUdUh aYbmYVUV_Ub
_YgU U Ub dYaUgUb[Ub VUgU gY_]hUf + XU Ua 3*** bi_ Ych]XU(
Aia U ]b] gYX]_]h VYfVYXU XYb[Ub Ug] XYgU]b ]b g] ]Wc X]aUbU
i_ifUb Uad ]_cbbmU gYVYgUf +3+ Vd( Ug] gY_iYbg]b[
aYbib i__Ub VU kU df]aYf aU i XUb aibXif XUdUh
aYbYadY gYadifbU dUXU ;E8 hUf[Yh( JY ifi VUgU df]aYf
hYf]XYbh]Z]_Ug] gYWUfU Yb[_Ud mUb[ VYfUfh] dfcgYg UbbYU ]b[
VYf U Ub dUXU _cbX]g] cdh]aia( JY ]b[[U dfcgYg Uad ]Z]_Ug]
XUdUh VYf U Ub XYb[Ub VU]_(
GfcXi_ Uad ]Z]_Ug] X]_YbU] 9C8JK ibhi_ aYbXUdUh_Ub
ifihUb VUgU mUb[ X]dYfc Y XYb[Ub aYb[[ibU_Ub
dYfUb[_Uh ibU_ mUb[ X]gYX]U_Ub c Y E:9@( LfihUb mUb[
X]dYfc Y X]VUbX]b[_Ub XYb[Ub ifihUb VUV] ihUb( J_cf
_YgY UfUgUb aYbXUdUh b] U] h]b[[] ,**#( 9YfXUgUf_Ub Ug]
9C8JK XUdUh X]bmUhU_Ub VU kU gYeiYbWY gYVYgUf +3. Vd
UbYU Hcffm 8]bU X__(
)-( ). )-.
dYWU Ub Ug] Uad ]Z]_Ug] hY U aYaYbi ] UfYU mUb[ gYgiU]
XYb[Ub Ygh]aUg] UfYU Uad ]Z]_Ug]( J_cf aU_g]aiabmU UXU U
-,3 hchU g_cfbmU UXU U -,3 XYb[Ub WU_idUb _iYf] +** (
U ]b] aYbib i__Ub VU kU UbmU UXU gUhi _YgY UfUgUb(
JYVU[]Ub VYgUf df]aYf aY Y_Uh gYadifbU dUXU gY_iYbg ;E8
mUb[ X]WYhU_ XYb[Ub b] U] _YgYgiU]Ub mUb[ h]b[[] ,**# mUb[
VYfUfh] XUf] i ib[ / ]b[[U i ib[ - df]aYf aYbYadY dUXU
gY_iYbg ;E8 mUb[ X]WYhU_(
GfcXi_ Uad ]Z]_Ug] df]aYf :PK9N9,'kV aYadibmU]
_Ya]f]dUb mUb[ gUb[Uh h]b[[] XYb[Ub VYVYfUdU gdYg]Yg
VUV] ihUb mUb[ ]Xid X] @bXcbYg]U mU]hi 32 XYb[Ub
[Yb :mh'9 ah';E8 XUf]Ji VUfVUhigmUb[ ]Xid X]
JYaYbUb ib[ DU UmU JiaUhYfU BU ]aUbhUb XUb
BYdi UiUb Ji i5 32 XYb[Ub :mh'9 ah';E8 XUf]Jig
jYfiWcgig[Yb mUb[ YbXYa]_ X] Gi Ui AUkU 9UkYUb XUb
DUXifU5 3. XYb[Ub [Yb :mh'9 ah';E8@b] gWfcZUmUb[
VUbmU_ hYfXUdUh X] BU ]aUbhUb LhUfU5 XUb 3. XYb[Ub
[Yb :mh'9 ah';E8Jig WY YVYbg]gYbXYa]_ Ji UkYg]( JY U]b
]hi dfcXi_ Uad ]Z]_Ug]bmU i[U aYa] ]_] _Ya]f]dUb mUb[
Wi_id h]b[[] XYb[Ub [Yb :mh'9 XUf] VYVYfUdU gdYg]Yg VUV]
ihUb iUf bY[Yf] gYdYfh]Jig gWfcZU f]i_]iUbig XUf] AYdUb[
Jig gWfcZU Wf]ghUhigXUf] DmUbaUf XUb K U] UbX XUb@b]
UXU U WYV]ZfcbXUf] =] ]d]bU gYVYgUf 3-
). 8SITSJ NF 9 :NRNF )-( ).

6FRGF GYb U UfUb ZfU[aYb :mh'9 ah';E8 +3. Vd# XUb [Yb VUV] ihUb XUf] E:9@ Yb9Ub_

JOF GYfgYb ]XYbh]hUg XUb [Ud Ug] UbU ]g]g 9C8JK bi_ Ych]XU UbhUfU ZfU[aYb :mh'9 ah';E8 +3. Vd#
XYb[Ub [Yb VUV] ihUb XUf] E:9@ Yb9Ub_
Ff[Ub]gaY @; LfihUb @XYbh]hUg # BYgYb Ub[Ub #

Jig jYfiWcgig H--230-(+ 32 +

Ji VUfVUhig 8D.3,00+(+ 32 +
Jig WY YVYbg]g 8P/-.,32(+ 3. +
@b] gWfcZU L/-+2-.(+ 3. +
Jig gWfcZU f]i_]iUbig C:+--,03(+ 3- +
@b] UXU U WYV]Zfcb B=3/,0**(+ 3- +
Jig gWfcZU Wf]ghUhig D 1,/0-+(+ 3- +

KUVY , XUb UaVUf 0#( BYa]f]dUb XYb[Ub [Yb :mh'9 dUXU ;E8
a]hc_cbXf]U VUV] ihUb 3-'32 # aYbib i__Ub VU kU df]aYf
:PK9N9,'kV aY Y_Uh gYWUfU gdYg]Z]_ dUXU [Yb hUf[Yh :mh'9 ah'
;E8( U ]b] aYadibmU] VUbmU_ _Yibhib[Ub XU Ua dYb[[ibUUb
df]aYf :PK9N9,'kV ibhi_ UbU ]g]g _cbhUa]bUg] VUV] ihUb(
BYa]f]dUb mUb[ h]b[[] XYb[Ub VYfVU[U] Yb]g VUV] ihUb
aYbmYVUV_Ub df]aYf ]b] XUdUh X][ibU_Ub ibhi_ UbU ]g]g VUV]
X]aUbU gYh]Ud XUYfU aYadibmU] gdYg]Yg VUV] ihUb
mUb[ VYfVYXU'VYXU( Ug] ]b] VYfaUbZUUh aYb[]b[Uh
_caib]hUg Dig ]a X] VUbmU_ bY[UfU Wi_id VUbmU_ mUb[
i[U aYkU ]V_Ub chYbh]_Ug] U U dUXU dfcXi_ aU_UbUb(
:4B8 D 0
Ug] dYbY ]h]Ub aYbib i__Ub VU kU df]aYf :PK9N9,'

ihUb X] VUbmU_ XUYfU VU]_ X] @bXcbYg]U aUidib X] iUf bY[Yf]( kV gYWUfU gdYg]Z]_ XUdUh aYb[Uad ]Z]_Ug] VUV] ihUb

UbYU Hcffm 8]bU X__(

 8SITSJ NF 9 :NRNF
_cbhUa]bUg] X] UbhUfU 0 gdYg]Yg mUb[ gYVUbX]b[( 9UgU ;E8
Ug] Uad ]Z]_Ug] G:I XYb[Ub df]aYf aYadibmU] _Ya]f]dUb
gYVYgUf 3-x32 hYf UXUd [Yb :mh'9 ah';E8 XUf] VYVYfUdU
Yb]g VUV] ihUb mUb[ aYbib i__Ub VU kU df]aYf :PK9N9,'
kV gYWUfU gdYg]Z]_ XUdUh aYb[Uad ]Z]_Ug] gY_iYbg hUf[Yh(
Gf]aYf hYfgYVih aUadi aYbXYhY_g] WUadifUb XU[]b[ VUV]
ihUb dUXU VU_gc UWiUb ]b[[U * + V)V XYb[Ub b] U] YZ]g]Ybg]
+*2 * XUb I,b] U] * 31*( ;UdUh X]g]adi _Ub VU kU df]aYf
:PK9N9,'kV hYfVi_h] gdYg]Z]_ XUb WcWc_ ibhi_
aYb[]XYbh]Z]_Ug] UXUbmU _cbhUa]bUg] VUV] ihUb dUXU dfcXi_
VU_gc ibhi_ ghiX] chYbh]_Ug] U U (
D20 0 C4A8 0 :0B87
GYbi ]g aYb[iWUd_Ub hYf]aU _Ug] _YdUXU
BYaYbhYf]Ub I]gYh XUb GYbX]X]_Ub K]b[[] BYaYbf]ghY_
;]_h]# UhUg Xi_ib[Ub Z]bUbg]U aY U i] g_YaU dYbY ]h]Ub
GYbY ]h]Ub KYfUdUb Lb[[i Ub GYf[ifiUb K]b[[] ,*+3
XYb[Ub bcacf _cbhfU_ ,1+1)LE+(;@KC@K);@K'C@K)CK),*+3(
A454A4 B8
R+S Ic aUb 8( ,*+3 GYb[[ibUUb gdY_hfcg_cd]
]bZfUaYfU hfUbgZcfaUg] =cif]Yf X]hUaVU XYb[Ub
hY_b]_ _YacaYhf] ibhi_ _YhYfhY igifUb XUb
chYbh]_Ug] XU[]b[ XUb dfcXi_ XU[]b[ A(8Xj( ;c_hYf
YkUb( Ub]aUg]( IYg( 0 +# 3'+1(
R,S 8 ] D Ug ]a L( DighcZU J( : Y DUb P9 ; U ]
KJ BUg ]Z D( LXX]b DB XUb 8VX Ua]X J9 ,*+,
8bU ]g]g dYaU giUb XU[]b[ VUV] XU Ua VU_gc
_caYfg]U aYbUf[Yh_Ub [Yb g]hc_fca 9
a]hc_cbXf]U gdYg]Z]_ VUV] XYb[Ub aYbmY ]X]_] fYU_g]
VYfUbhU] dc ]aYfUgY fYU 'h]aY KUeDUb @ ai ;U[]b[(
3+ .# ./.x./3(
R-S ibhUfh] 8( DUfhcbc J( PigkUbhc 8( XUb Ic aUb
8( ,*+1 8bU ]g]g dYaU giUb VU_gc gUd] XYb[Ub XU[]b[
VUV] ihUb aYb[[ibU_Ub fYU_g] VYfUbhU] dc ]aYfUgY fYU '
h]aY @bh( IYg DU_UbUb( A( ,. 0# ,./+x,.// (
R.S Difgm]X] 8( ,*+- GYfUb UbU ]g]g _]a]U XU Ua
chYbh]_Ug] U U dfcXi_ aU_UbUb XUb ZUfaUg] A(
=UfaUg] DU_UbUb( JU]bg + +x.(
R/S ibhUfh] 8( DUfhcbc J( PigkUbhc 8( XUb Ic aUb
8( ,*+/ JdY_hfcg_cd] =K@I X]_caV]bUg]_Ub XYb[Ub
_YacaYhf] ibhi_ UbU ]g]g XU[]b[ VUV] ihUb XU Ua
Zcfai Ug] VU_gc 8g]U A( 9]c_]a]U( +* +0/x+1,(
UbYU Hcffm 8]bU X__(
)-( ). ).
R0S Dib]f J( XUb if IU aUb J( ,*+2 Fdh]aU ]gUg]
i ] ]aibcY Y_hfcZcfYg]g WcibhYfWiffYbh XUb
]aibcX]Zig] [Y U[Uf ibhi_ XYhY_g] _cadUfUh]Z
XU[]b[ _iXU XUb _Y YXU] CJC , +# +.x+1(
R1S EYW]Xcjs C( IYbtcjs ( XUb JjcVcXU @( ,**, :cibhYf
]aaibcY YWhfcd cfYg]g4 DYhcXY gYXYf UbU ibhi_
aYbXYhY_g] dfchY]b chch gdYg]Z]_ gdYg]Yg XU Ua dfcXi_
mUb[ X]dfcgYg XYb[Ub dUbUg ;c_hYf YkUb( DYX(x:Y_c
.1 /# +.-x+.1(
R2S fkUbhc P( 8V]X]b D( Ic aUb 8( XUb J]ga]bXUf]
J( ,*++ G:I'I=CG aYb[[ibU_Ub Ybn]a 9gY;@
ibhi_ chYbh]_Ug] XU[]b[ VUV] dUXU dfcXi_ gcg]g
XUb bi[[Yh DYX]U GYhYfbU_Ub -. +.x+2(
R3S Difi[U]U :( Eccf QD DUghU_]a D( 9] ib[
CD JY UaUh A( XUb IUXi J( ,**3 @XYbh]Z]_Ug] gdYg]Yg
XU[]b[ XUb UbU ]g]g chYbh]_Ug] U U aYb[[ibU_Ub ;E8
a]hc_cbXf]U @ ai ;U[]b[( 2- +# /1x0+(
R+*S IU Uf c KA GfUhUaU 8 EifmUbh] @( XUb GfUh]k] I(
,*+3 ;YhY_g] GYaU giUb ;U[]b[ JUd] XYb[Ub ;U[]b[
K]_ig Dig aigWi ig# XU Ua VU_gc aYb[[ibU_Ub
df]aYf fYU_g] VYfUbhU] dc ]aYfUgY kU_hi bmUhU IYU
K]aY G:I# _ igig ibhi_ hUf[Yh ;E8 a]hc_cbXf]U [Yb
E;'+ @bXcbYg]U( A(_]a]U( +3 +# 20x30(
R++S Ic aUb 8( ]aUkUh] 8( Kf]mUbU B( J]ga]bXUf] XUb
=Uh]aU J( ,*+1 @XYbh]Z]_Ug] XU[]b[ VUV] dUXU VU_gc
gUd] aYb[[ibU_Ub gdY_hfcZchcaYhf] ]bZfUaYfU
hfUbgZcfaUg] =cif]Yf XUb fYU_g] VYfUbhU] dc ]aYfUgY
fYU 'h]aY @bh( A( 8 Uh GYfU[U GUb[Ub( ,* -# 0/.x00+(
R+,S CcW_ Ym 8B XUb 9UfXg Ym I ,*** aYhcXY VYfVUg]g
;E8 ibhi_ chYbh]_Ug] aU_UbUb KfYb @ ai DU_UbUb(
KY_bc c[]( ++ ,# 01x11(
R+-S 8]bU H Ic aUb 8( XUb fkUbhc P( ,*+3
GYb[[ibUUb e'G:I aYb[[ibU_Ub dYbUf[YhUb
df]aYf gdYg]Z]_ dUXU [Yb g]hc_fca'V a]hc_cbXf]U
ibhi_ ]XYbh]Z]_Ug] XU[]b[ VUV] ihUb dUXU gUadY
VU_gc A(8Xj( ;c_hYf YkUb( Ub]aUg]( IYg( ;]hYf]aU(
R+.S 8bcb]a ,**/ @JF ,+/034,**/ 9U Ub aU_UbUbx
DYhcXY UbU ]g]g ibhi_ aYbXYhY_g] cf[Ub]gaY Ug]
fY_UmUgU [YbYh]_U XUb dfcXi_ hifibUbbmUx
DYhcXY VYfVUg]g UgUa bi_ YUh _iU ]hUh]Z( hhdg4))
kkk(]gc(cf[)cVd)i]) ]gc4ghX4]gc4,+/034YX'+4j+4Yb
X]U_gYg dUXU - ;YgYaVYf ,*+2(
). 8SITSJ NF 9 :NRNF
R+/S DUbY 9 DYbX]fUhhU JB K]kUf] 8B XUb EUfUmUb I(
,*+- 8bU ]g]g ifihUb [Yb +0J fIE8 a]hc_cbXf]U ibhi_
aYb[]XYbh]Z]_Ug] gdYg]Yg XU[]b[ A( 8d ]_Ug]( Ub]aUg](
IYg( .+ +# 11x2+(
R+0S DihU ]V J8 EUnf] NJN J U ]a] J( PUU_cV
E( JUb] E8 8VXi U 8( 9UX ] 8J XUb Ub]
D8 ,*+, GYfVUbX]b[Ub XU[]b[ VUV] XUb VUV]
ihUb @b] gWfcZU# XYb[Ub fYU_g] VYfUbhU] dc ]aYfUgY
dc ]acfZ]gaY dUb Ub[ ZfU[aYb fYghf]_g] G:I'I=CG#
JU]bg DY Umi( .+ ,# +33x,*.(
R+1S 8f]b] IC IUaUX Ub] ;( GYVf]mUbh] EN J]ga]bXUf]
XUb Ic aUb 8( ,*+2 GYb[[ibUUb dYbUf[YhUb
df]aYf gdYg]Z]_ gdYg]Yg dUXU a]hc_cbXf]U ;' ccd
ibhi_ ]XYbh]Z]_Ug] XU[]b[ VUV] ihUb XU Ua
Zcfai Ug] VU_gc A(8Xj( ;c_hYf YkUb( Ub]aUg]( IYg(
/ -# -0+x-02(
R+2S GUf_Ubm] M( FbXfig_U C( MUg]WY_ ;( XUb J UaYW_U
A( ,*+. @XYbh]Z]_Ug] G:I Di h] YjY ;' ccd dUXU dYfaU]bUb
VYfVifi 8d ]_Ug]( KYf YaU Ub( Ybca]_ - +# +x1(
R+3S GYfY]fU =( :UfbY]fc A( XUb 8acf]a 8( ,**2
@XYbh]Z]_Ug] gdYg]Yg XYb[Ub hY_bc c[] VYfVUg]g ;E84
BYaU iUb XUb hUbhUb[Ub gUUh ]b] GUh hYfVUfi(
LfihUb Yb ;E8 , -# +21x+33(
R,*S =UfU[ DI 8 U[UkUbm D( ' UW_ D 8 K]kUf]
I( XUb ; UaU B( ,*+/ @XYbh]Z]_Ug] gdYg]Yg YkUb
mUb[ VYfVYXU XU Ua XU[]b[ XUb dfcXi_ XU[]b[ x KfYb
UbYU Hcffm 8]bU X__(
)-( ).
XUb _YaU iUb 8Xj( Ub]aUg]( ;c_hYf YkUb( JU]bg( - 0# --.x-.0(
R,+S DUYXY ;( ,**0 JhfUhY[] XYhY_g] gdYg]Yg ac Y_i Yf
XU Ua XU[]b[ XUb dfcXi_ XU[]b[ XYb[Ub G:I'I=CG
XUb gY_iYbg]b[ ;E8 aYb[[ibU_Ub gY_iYbg [YbYh]_
a]hc_cbXf]U XUb _fcacgca Yifc( IYg DU_UbUb(
KY_bc c[]( ,,. ,# ,*3x,+1(
R,,S F gcb E; XUb Dcffck A9 ,*+, dfcgYg
_UfU_hYf]gUg] Y_ghfU_ ;E8 ibhi_ dYb[YaVUb[Ub
XUb jU ]XUg] aYhcXY XYhY_g] a]_fcVU IYg 9D:(
:UhUhUb / 002(
R,-S : iXcf] PE: ,*+1 ;YgU]b XUb ghiX] _]bYf U
aYhcXY dfcVY KUeDUbfYU_g] VYfUbhU] dc ]aYfUgY
kU_hi bmUhUgdYg]Z]_ hYf UXUd [Yb 8KGUgY 0 VUV]
@b] gWfcZU# KYg]g JUf UbU Lb]jYfg]hUg UX U DUXU
Pc[mU_UfhU(
R,.S JU]_] IB JW UfZ J( =U ccbU =( Di ]g B9 cfb
K f ]W 8 XUb 8fb Y]a E( +32/
8ad ]Z]_Ug] Ybn]aUh]_ XUf] ifihUb [Ybca VYhU'
[ cV]b XUb UbU ]g]g g]hig fYghf]_g] ibhi_
X]U[bcg]g UbYa]U gY gUV]h JU]bg ,-* .1-,#
+-/*x+-/.(
R,/S BiaUf 8( BiaUf II J UfaU 9;
c_i U_f]g bUb G( DYbX]fUhhU JB XUb J UfaU
;( ,*+/ @XYbh]Z]_Ug] UgU gdYg]Yg XU[]b[ XUb dfcXi_
XU[]b[ VYfXUgUf_Ub ;E84 K]b UiUb Bf]h]_( GYbXYhU
@ ai DU_UbUb( Eihf]g]( // +*# +-.*x+-/+(