ࡱ > {` 0 bjbjFF 0 , , M 8 6 l ~ ( : : P P P P P P $ h " b ! P P P P P P P 8 j j j P ^ P P j P j j r T = P . ^bv ^ ! = N 0 ~ / p" ^ p" = p" = j P P P j P P P ~ P P P P !. . 0H8@8=0
A>15==>AB8 >1CG5=8O E8F80;L=>- M:>=>3> 8 A>F80;L=>- 3C3> ?@>D8;59.
@541;0ABL %8AB05BAO >4=>9 87 107>2KE >1;0AB59 >A=>2=>3> >1I53> 8 A@54=53> ( ?>;=>3>) >1I53> >1@07>20=8O. 5 @>;L 2 A8AB5;L=>3> >1@07>20=8O >1CA;>2;5=0 7=0G5=85>B25BAB2CNI59 =0C:8 2 ?>7=0=88 ?@8@>4K 8 @0728B88 ?@>872>48B5;L=KE A8; >1I5AB20. A=>2=>9 F5;LN >1I53> A@54=53> >1@07>20=8O O2;O 5BAO CA2>5=85 =5:>B>@>3> <8=83> >1J5<0 E8@20=85 2 A>7=0 =88 H:>;L=8:>2 E89 :0@B8=K >15A?5G8205B 2K@01>B:C @50;8AB8G5A:>3> 273;O 40 =0 25I5AB25==K9 5 2>77@5=85, :C;LBC@C 2545=8O. (:>;0 >1O70=0 40BL 2K?CA:=8:C B25@4>5 2;045=85 <8=8<C< E81E>48 2A54=52=>9 687=8 8 45OB5;L=>AB8 2> 2A5E >1;0ABOE =0@>4=>3> E>7O9AB20, :C;LBC@K, =0C:8, 2 B>< G8A;5 =5 A2O70==KE A E8A@54AB25==>. %84=>9 87 >1;0AB59 5AB5AB2>7=0=8O. =0 87CG05B ?@>F5AAK ?@52@0I5=8O, A>AB02, AB@>5=85, A2>9AB20 8 ?@0:B8G5A:>5 8A?>;L7>20=85 25I5AB2. 57 E876=> ?@54AB028BL =0CG=CN :0@B8=C :@C60NI89 ?@5645 2A53> B>@KE A>AB02;ONB >A=>2C 38E ?@8@>4=KE O2;5=89.
07=>>1@07=K5 E8F5AAK ;560B 2 >A=>25 3>G8A;5==KE ?@>872>4AB2. @>4C:BK E8;L7CNBAO 2> 2A5E >B@0A;OE ?@>3> 8 A5;LA:>E>7O9AB25==>3> ?@>872>4AB20, B5E=8:8, =0E>4OB H8@>:>5 ?@83> A;54C5B, GB> E8;L:> 87CG05B ?@8@>4C, => 8 2>>@C605B G5;>25:0 7=0=8O9 45OB5;L=>AB8. >MB><C E8;6=K 87CG0BL 2A5 157 8A:;NG5=8O CG0I85AO.
>=F5?F8O H:>;L=>3> E83> >1@07>20=8O >A=>2K205BAO =0 254CI8E ?@8=F8?0E 3>AC40@AB25==>9 ?>;8B8:8 2 >1;0AB8 >1@07>20=8O: 48DD5@5=F80F88, 45:@0B870F88, 3C1@07>20=8O, A2>1>4=>3> @0728B8O ;8G=>AB8.
50;870F8O ?@8=F8?>2 48DD5@5=F80F88 8 45:@0B870F88 2 H:>;L=>< E81@07>20=88 ?@54?>;0305B 2>76=>ABL 2K1>@0 CG0I8D8;O >1CG5=8O, 0 2<5AB5 A =82=O B5>@5B8G5A:>9 8 ?@0:B8G5A:>9 ?>43>B>2:8 ?> E845@60=8O, >@30=870F8>==KE D>@<, 4>2 >1CG5=8O 2 7028A8AB8 >B ?>7=020B5;L=KE ?>B@51=>AB59, 8=B5@5A>2 8 A?>A>1=>AB59 CG0I8EAO 206=0 =0 2A5E MB0?0E H:>;K, => >A>15==> 0:BC0;L=0 >=0 =0 AB0@H59 ABC?5=8 H:>;L=>3> >1@07>20=8O. ?>MB>D8;L=>3> >1CG5=8O, >@85=B8@>20==>3> =0 C4>2;5B2>@5=85 ?>7=020B5;L=KE 70?@>A>2, 8=B5@5A>2, @0728B85 A?>A>1=>AB59 8 A:;>==>AB59 :064>3> H:>;L=8:0.
@>D8;L=>5 >1CG5=85 A@54AB2> 48DD5@5=F80F88 >1CG5=8O, :>340 70 AG5B F5;5=0?@02;5==KE 8745@60=88 8 >@30=870F88 >1@07>20B5;L=>3> ?@>F5AA0 A>740NBAO CA;>28O 4;O MDD5:B82=>9 @50;870F88 8=48284C0;870F88 >1CG5=8O, 1>;55 ?>;=> CG8BK20NBAO 8=B5@5AK, A:;>==>AB8 8 A?>A>1=>AB8 CG0I8EAO, >B:@K20NBAO ?@8=F8?80;L=> =>2K5 2>76=>AB8 4;O >1@07>20=8O AB0@H5:;0AA=8:>2 2 A>>B25BAB288 A 8E ?@>D5AA8>=0;L=K<8 8=B5@5A0<8 8 =0<5@5=8OB=>H5=88 ?@>4>;65=8O >1@07>20=8O 8 2K1>@0 687=5==>3> ?CB8.
4=8A=>2=KE =>@:C2 O2;O5BAO 078A=K9 CG51=K9 ?;0= ( #) >1I5>1@07>20B5;L=KE CG@5645=89 >AA89A:>9 $545@0F88. # :0: =>@:C25=L A>45@60=8O H:>;L=>3> >1@07>20=8O, >1O70B5;L=K9 4;O 2A5E 284>2 >1I5>1@07>20B5;L=KE CG@5645=89 >4=>9 8 B>9 65 ABC?5=8, 8 >4=>2@5 70:@5?;O5B 2>76=>AB8 H:>;K 2 @50;870F88 A>1AB25==>9 >1@07>20B5;L=>9 ?@>3@0<;K 4>;65= ?@54>AB02;OBL 2>76=>ABL ?>AB@>5=8O :>2, :>B>@K5 2 F5;>15A?5G0B 381:CN A8AB5D8;L=>3> >1CG5=8O. -B0 A8AB52: 107>2K5 >1I5>1@07>20B5;L=K5, ?@>D8;L=K5 >1I5>1@07>20B5;L=K5, M;5:B82=K5 :C@AK.
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
040G8 ?@>D8;L=KE :C@A>2 2> 3>?@545;ONBAO >A=>2=K< B82>ABC?0NI8E 2 ?@>D8;L=CN H:>;C, - ?>43>B>2:0 : ?>ABC?;5=8N 2 2C7, ?>;CG5=85 2KAH53> ?@>D5AA8>=0;L=>3> >1@07>20=8O. > 40==KF8>;>38G5A:8E >?@>A>2 9 5 - 9 6 % H:>;L=8:>2 8 2 MB>< 284OB A1CG5=8O 2 1 0 - 1 1 :;0AA0E. 0 MB> =5;L7O 70:@K20BL 3;070 254L, 5A;8 ?@>D8;L=>5 >1CG5=85 2 H:>;5 22>48BAO @048 C4>2;5B2>@5=8O 8=B5@5A>2 8 ?>B@51=>AB59 CG0I8EAO, B> 8 A>45@60=85 >1CG5=8O 2 =59 =04> AB@>8BL, 8AE>4O 87 MB8E 8=B5@5A>2.
07>2K5 >1I5>1@07>20B5;L=K5 :C@AK :C@AK >1O70B5;L=K5 4;O 87CG5=8O H:>;L=8:0 2A5E ?@>D8;OE >1CG5=8O. E >A=>2=>5 =07=0G5=85 2 B>1K ?@>4>;68BL >1I5>1@07>20B5;L=CN, >1I5:C;LBC@=CN A>AB02;ONI85 H:>;L=>3> >1@07>20=8O. !>AB02 107>2KE >1I5>1@07>20B5;L=KE :C@A>2, >15A?5G820NI8E <8=825=L >1I53> >1@07>20=8O 4;O :064>3> AB0@H5:;0AA=8:0, 4>;65= >B@060BL >1I5?@87=0==K5 273;O4K =0 F5;8, 7040G8, DC=:F88 >1I53> >1@07>20=8O.
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
"0:, E85 >1@07>20=85 2 H:>;0E ( 8;8 :;0AA0E) 3C3> ?@>D8;O 65B 1KBL @50;87>20=> A;54CNI81@07>1@07>20B5;L=K9 :C@A E8<88 4;O 3C; ( 5 1 1 :;0AAK) 4>;65= >15A?5G8BL >A2>5=85 2A5<8 CG0I81E>483> <8=8<C<0 E81J51K 2K?CA:=8: 1 1 - 3> :;0AA0 1K; 2 A>AB>O=88 >@85=B8@>20BLAO 2 >1I5AB25==> 7=0G81;5<0E, A2O70==KE A E8=8<0BL E8ABL @O40 206=59H8E B5E=>;>38G5A:8E ?@>F5AA>2.
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
C@A E8; 3C3> ?@>D8;O 4>;65= 1KBL 2 7=0G8B5;L=>9 ;>38G5A:8<, @0A:@K20NI8;L E8<88 :0: M;5D8;L=KE :;0AA>2 ( H:>;) 3C9 A?5F80;870F88: A>F80;L=>- M:>=>3> 8 A>F80;L=>- 3C3> ?@>D8;O ?@54;0305BAO 225AB8 8=B53@8@>20==K9 :C@A AB5AB2>7=0=85 , 2 :>B>@> D878:5, E8;>388, 0AB@>=>;>388. MB>1E>48A=>20=0, ?@5645 2A53>, =0 C=825@A0;L=>AB8 40 =0CG=>3> ?>7=0=8O, ?@8ACI53> 2A5< 5AB5AB25==K< =0C:0 >B E8;0E 3C3> ?@>D8;O ( 1 0 1 1 :;0AAK) 65B @0AA 2K1>@C) CG51=K9 ?@54288, GB> 2 =8E ?@5?>40NB 8=B53@8@>20==K9 :C@A AB5AB2>7=0=85 , 2:;NG0NI89 =5>1E>48<K5 M;5<5=BK E8;K ?@8>@8B5B=>9 7040G59 AB0=>28BAO A>F80;L=>5, 3@0640=A:>5 8 ?@>D5AA8>=0;L=>5 A0>?@545;5=85 ;>4568 8 ?>43>B>2:0 2K?CA:=8:>2 H:>;K : ?@>4>;65=8N >1@07>20=8O 2 CG@5645=8OE ?@>D5AA8>=0;L=>3> >1@07>20=8O. >;>4K5 ;N48 3>@074> ;CGH5 >A20820NB A>45@60=85 >1@07>20=85, 5A;8 >=> ?@5?>4=5A5=> & 2 D>@<5, 8<5NI59 ?@O5 >B=>H5=85 : 8E ;8G=>?KBC, & 8E A>1AB25==K< =C6407=020B5;L=KD5AA8>=0;L=K< 8=B5@5A028:>2 >AA89A:>5 >1@07>20=85 2 =>2>9 M?>E5) . >MB>4E>4K : ?>AB@>5=8N A>45@60=8O >1@07>20=8O =0 AB0@H59 ABC?5=8 H:>;K 4>;6=K 1KBL 48DD5@5=F8@>20=K. ;O ?@>D8;L=KE :C@A>2 4>;6=0 1KBL A>E@0=5=0 ?@542KE 65B @0AA>1@07=>ABL ?>AB@>5=8O 8=B53@8@>20==KE :C@A>2.
0: ?>:07K205B 8AA;54>20=85, ?@>2545==>5 =0D8;L=KE :;0AA0E ( A>F80;L=>- M:>=>3> 8 A>F80;L=>- 3C3> ?@>D8;O) CG0I85AO =5 708=B5@5A>20=K 2 87CG5=88 E81;0AB8 8E 8=B5@5A>2. > 87 2KH587;>65==>3> 284=>, GB> CG51=0O 48AF8?;8=0 %848B 2 A>AB02 1078A=>3> CG51=>3> :>=5=B0 8 O2;O5BAO >1O70B5;L=>9 4;O 87CG5=8O 2> 2A5E >1@07>20B5;L=KE CG@5645=8OE @07;8G=KE ?@>D8;59 8 =5>1E>48ABL >15A?5G5=8O CG0I8<AO <8=8<C<0 E8>B25BAB288 B@51>20=8OAC40@AB25==>3> >1@07>20B5;L=>3> AB0=40@B0. "0:81@07>4=>9 AB>@>=K <K 8<55D5AA8>=0;L=> >@85=B8@>20==K5 8=B5@5AK 8;8 A:;>==>AB8 CG0I8EAO : 87CG5=8N M:>=>9 =5>1E>48ABL >15A?5G8BL CG0I8<AO <8=8 6 B D b d 8
:
H J 0 j l b d vvnndndndn h1 NH nHtH h1 nHtH hq`f NH nHtH hq`f nHtH hS hS NH nHtH hS hS nHtH hS NH nHtH hS nHtH hS 5CJ \aJ nHtH hHV 5CJ \aJ nHtH "hAI hAI 5CJ \aJ nHtH h. 5CJ \aJ nHtH h,J 5CJ \aJ nHtH' 4 4 4 \# % , 0 T4 h9 = vC D I $]`a$gdG $ ^ `a$gdG
$ `a$gdG d `gdG $`a$gdG
$G$ `a$gdG
$G$ `a$gd,J \ 2 4 8 : ^ ^ ` x z 4 ! ! B" D" \# # % &&