p[t `vpzzqt rpzzts+++++ qih>?l@of) …...droc]zvs^^romr_\mry`o\ ^ronopsxs^syxyp yxo=k^sxay\n(drox...
TRANSCRIPT
7\S >W \P[T `VPZZQT RPZZTS+++++QIH>?L@OF) =IOHM?FIL)
NB? GCABNS AI>)NB? ?P?LF;MNCHA @;NB?L)
NB? JLCH=? ]U J?;=??`PWPV673
+d +f+dd ff+ff+d+dddd+dddd3d)dd(+%x+;0=! L $ (K $$ -071893,8 $$$K ,4=;,=* "")$
.a+Wff++) ;f\ k`] k`YddZjaf_ ^gjl` Y kgf) Yf\ l`gm k`Ydl [Ydd ak fYe] D?MOM7gj `] k`YddkYn]`ak h]ghd] +(+ W+++++)
++% !+ ^jge l`]aj kafk+Hgo Yddl`ak oYk \gf]) l`Yl al ea_`l Z] ^md^add]\o`a[` oYk khgc]f g^ l`] Fgj\ Zq ++% !+)y 7 l`] hjgh`]l) kYqaf_) <]`gd\) Y naj_af k`YddZ] oal` [`ad\) Yf\ k`YddZjaf_ ^gjl` Ykgf) Yf\ l`]q k`Ydd +7 y
y u+ !)CCC)f)e] ?ee)ff\+ o`c` `gdf_ Cf%!+w%]\!u+Ag\ aS^ ( -%+GYll`]o .)/. */0 +yyy
L )3d*6d+43+339 4YN !)!* ^RORY!&!!! MY!#O(RO&&!NY!Y(KXN RO###)#1&2211#e1##(%e( 1#(( e11e(
4XN RO]KSN_VV^YRO(FS^RNO]S\O+RK`ONO]S\O^RY OK^ RS]
I 1 ( ZK]]Y`O\ aS^RcY_ LOPY\O+]_PPO\1 (+$3f( 8YN 6E@%*!#* cYY(+&&2++XY 2#1e2#e21&121#1;11&2e11#1&2e11 ((
& 2 ( 4XN RO^YYU^ROM_Z&KXNQK`O RKXU]&KXN]KSN&DKUORS]&KXNNS`SNO .a%3 3
Wa+S (((( S^KWYXQcY_\]OV`O]1 #((ff 1#&ff((
8Y\ +]Kc _X^Y cY_&+aSVVXY^ N\SXUYP^ROP\_S^YP^RO`SXO&
_ _X^SV ROUSXQNYWYP9YN ]RKVVMYWO(f #
f
ff e e (ff& 4XN RO^YYUL\OKN&KXNQK`O RKXU]KXNL\KUOS^&KXNQK`O_X^Y ^ROW& fff I 1 #ff&
&( ]KcSXQ(DRS]akWc LYNc aRSMRakQS`OXPY\ cY_1 ^RS]NY SX\OWOWL\KXMOYPWO(+ %+
(# #! =SUOaS]OKV]Y ROM_ZKP^O\]_ZZO\&]KcSXQ&DRS]M_Zak^RO (f(
& ( #!##!!K!#####SX!#c LVYYN(!R2MV3S&&)!NPK&cY_( &eWa+ 6QGB++*,&+) V W
y+d+f+ d+!"""""
%yyy ) Cf l`ak oYk eYfa^]kl]\ l`] dgn] g^ Ag\ lgoYj\ mk)Z][Ymk] l`Yl Ag\ k]fl `ak gfdq Z]_gll]f Mgf
aflg l`] ogjd\) l`Yl o] ea_`l dan]l`jgm_` `ae+ B]j]af akdgn]) fgl l`Yl o] dgn]\ Ag\) Zml l`Yl `] +y% %!%++ + dgn]\ mk)Yf\ k]fl `ak Mgf lg Z] l`] hjghalaYlagf ^gj gmj kafk+<]dgn]\) a^Ag\ kg dgn]\ mk)o] gm_`l 7
)u+) Yd)g%-.-%! gfgYfg)`]\ Dg`f B X??+ %d+F".WW "
u =gdgkkaYfk .7 ./ +/- +++!Aanaf_ l`Yfck mfdg l`] @Yl`]]+ ++ u
f+O+3+!"! +O+4 ( "! +O+%,"! +O+4 ( "! +3 ++++
$$$ # A?? MM ### $# ###
#""" d +++++_ +ff+ % +ff+ % ++ % _
4.;;14.+ =IJSLCABN .64-BIF S MJCLCNN?;=BCHA GCMMCIH)CH=+
L;%G; CEK;:
Imj f]o Y\\j]kk ak7/0.- M+Q+ 1-l` ;n]fm]@gjl FYm\]j\Yd]) @dgja\Y 000.1
VB>PQCPBD 'G;H;ACHA ?>CNIL H?CF @L;HE
6EYA( / '`IP_WLOX *+ 6@OM(&+0/*
=IHNLC<ONCHA ?>CNILM
<jgl`]j ;f\j]o BgddYf\) Ag\%kMem__d]j
>gf <Yk`Ye N]Y[`]j) JgehYfg <]Y[`) @dY+
>]ffak <]ff]ll ?hak[ghYdGafakl]j
B]jYd\ <j]\]k]f L]^+=`mj[` Gafakl]j
;jl`mj <mjl QYdcaf_ l`] FYf\ * ?f_dYf\
Ggjjak =]jmddg Qgjd\ ?nYf_]dake
Ik[Yj =gdd]q ?nYf_]dakl*DYeYa[Y
F]gfYj\ ?nYfk Had]k)I`ag
<gZ @]dd]j Qjal]j) Bgddqogg\) @dY+
M[`dgeg BarYc D]jmkYd]e)CkjY]d
Agj\gf Faf\kYq =`jakl @gjN`] HYlagfk
Dgk]h` GYllkkgf*<gr] N]Y[`]j *GakkagfYjq
<gZ Gme^gj\ N]Y[`]j) .%.+ FYm\]j\Yd]) @dY+
MadYkIoala Gafakl]j) E]fqY) ?Ykl ;^ja[Y
>]j]c Jjaf[] N]Y[`]j) @l+FYm\]j\Yd]) @dY+
QaddaYeN+M`]jogg\ ?hak[ghYd?nYf_]dakl
=`Yjd]k Maehkgf <YhlaklGafakl]j) GgZad]);dY+
H?Q QCH? ak hmZdak`]\ egfl`dq Zq l`]BIFS MJCLCN N?;=BCHA GCMMCIH)CH=+) Y fgf*hjg^al @dgja\Y =gjhgjYlagf&=`jaklaYf'+ NYp ]p]ehl ^gj[gfljaZmlagfk+ /0.- M+Q+ 1-l` ;n]fm])@gjl FYm\]j\Yd]) @dgja\Y 000.1+
M][gf\ =dYkk JgklY_] hYa\ Yl @gjlFYm\]j\Yd]+ @dgja\Y000.-+
Sgmj kmZk[jahlagf ak hYa\ ^gj Zq[gfljaZmlagfk ^jge l`] <g\q g^ =`jakl+Sgmj hjYq]jk Yj] kgda[al]\+ H]okmZk[jaZ]jk emkl ojal] af Yf\ Ykc lg `Yn]l`]aj fYe]k hml gf l`] eYadaf_ dakl+
QBS =BLCMNG;M ;HSQ;S: /
FOE? /7 C * 1- 1
&Fanaf_Agkh]dk'
IH? =BOL=B 3
>gfYd\ A+ <Yjf`gmk]
=F?;HMCHA ;H> M;H=Nd@C=; NdIH 5
>]j]c Jjaf[]
NB? JLIGCM? I@ NB? @;NB?L .-
;jl`mj QYddak
NB? JIQ?L I@ D?MOMH;G? ./
L]n+ D+;+MadYkIoala
NB?L? CMJIQ?L CHQB;N SIO M;q .1
LYdh` GY`gf]q
JLIJB?=S .5
D+;+>]ffak
AI>%M ;JJICHNG?HN .3
;ffY F]] =Yjdlgf
ACPCHA /-
BYjjq Aj]]fogg\
JF?;M? HINC=?
CMSIOL ;>>L?MM =ILL?=N ;>PCM? C@SIOQCMBSIOL H;G? N;E?H I@@ G;CFCHA FCMN+
GYl]jaYdlg Z] [gfka\]j]\ ^gj hmZda[Ylagfk`gmd\ Z]lqh]ojall]f gf gf] ka\] g^ hYh]j Yf\ \gmZd] khY[]\ +
+++o`a[` `Yl` eY\] mke]]l lg Z] hYjlYc]jk +++ I>G;;
0 S>P@E@KIL>JT >JA Y EB>NPOQNDBKJLNKRFABA3N' 1>NJEKQOBSFPEYQJFMQB?QPLKSBNCQHFHHQOPN>PFKJCKNEFOIBOO>DB !7JB 2EQN@E'!1KPE E>A>HHKSBAEFI PK HFOPBJPK P>LB NB@KNAFJDO'8EB OKQJA KC Y CFJB S>P@E%I>DJFCFBA .-- :"O%OEKSBA FPOIB@E>JF@>HLBNCB@PFKJSFPEOIKKPE @HF@G'@HF@G%@HF@G%@HF@G'8EB P>LB NB@KNAFJDOKC >J >PEHBPB"OEB>HPETEB>NPOKQJABAIKNB HFGBDHQ?&AQ?%DHQ?&AQ?%DHQ?&AQ?'
IH? =BOL=B
_d%+++++ !
%+++u* u
%++)1+ )% ++++++++! +++++++++++++ )u* ++!
e(b2(2(( %'4" .+,.u%#$ %duV%+V) % u!
! ) %O
^7s 1. 4
<q >gfYd\ Aj]q <Yjf`gmk]f B
FROX <O]_] 6R\S]^ aK] RO\OYX OK\^R:O PY_XNONK 6R_\MR1QV_L'N_L&QV_R'N_L&QV_L'N_R( 4 XN WOX PY_XNONMVSMU&MVSMU&
MVSMU&MVSMU(DROX-** cOK\] VK^O\&RO6YX]^KX^SXYZVOROKN[_K\^O\]YP MVSMU&MVSMUBY^ SX^YKX K\Q_WOX^ aS^R ^ROROKN[_K\^O\]
SX BYWO KLY_^ aRY ]RY_VN LO WY]^ SWZY\^KX^(FROX cY_ RK`O K LSQPSQR^&cY_ XO`O\ ^OVVRO
\OKV\OK]YX PY\ S^&O]ZOMSKVVcSX MR_\MRWK^^O\](?YLYNc S]QYSXQ^Y ]Kc&!; NYX#HVSUOROaKcRO \_X] S^&KXN ; aKX^ ^Y \_X S^(! FRK^ ^ROc
NY S] ^\c ^Y ZSMUY_^ ]YWO PKV]ONYM^\SXOSX ^ROY^RO\( >Y]^ NS`S]SYX] SX MR_\MRO]K\O
PY_XNONYX VYa&VcSXQRcZYM\S]c (((&( FOVV&6YX]^KX^SXYZVOaKX^ON ^Y \_X ^RO]RYa(I& BYWO ]KSN^RONYM^\SXOaK] MVSMU&
II MVSMU&MVSMU&MVSMU(6YX]^KX^SXYZVO]KSN&&I !@R&XY ;^#] QVSMU&MVSMU&MVSMU&?MVSMU&!$CY_XN] ^RO]KWO KP^O\S^BOP]!]^K\^ON%&(
9! +y !N" %
+, ) 5 !!%'&'O% V' ???ff )dd**u**u +d+),! )
)+$)))(! )e!e#!4 ' ! =
VO
! % ? ??
!OO%!%) + Z@U+u +u%V % 8
+ V ++ OO! +)+++4dd3 +)% dO
%VVVV+**+!%)+!++!))++++++u)+u %,77*bu u#!1!&&!#(#I#((( #( Je("\)( &e(
MCR
DROc ]ZVS^ ROMR_\MRY`O\ ^RONOPSXS^SYXYP
YXO=K^SXaY\N(DROX MKWO =_^RO\ ' MVSMU'MVKMU&
MVSMU'MVKMU&MVSMU'MVKMU(4 XN 6KV`SX&MVKMU'MVSMU&MVKMU'MVSMU&MVKMU'MVSMU((( ;NYX#^ MK\O aRK^ MVKMUS^c'MVSMUY\MVSMUO^c'MVKMUcY_ LOVYXQ Y&^RO]Y_XN YPYXO 6R_\MR S]QV_L'N_L&QV_L'N_L&QV_L'N_L(
N`] afl]j]kl g^ Cfl]jnYjkalq =`jaklaYf@]ddgok`ah Yl OjZYfY af .624 hmf[lmYl]\l`ak ]phgkalagf g^ [`mj[` \a^^]j]f[]k oal`^j]im]fl jgYjk g^ YhhjgnYd+N`]q [gflafm]\Yk>j+ <Yjf`gmk] o]fl gf7
; LOVSO`ORK^ SPKXc Y^RO\ WKX ^\_VcLOVSO`O]^RK^<O]VV]6R\S]^ S]=Y\N KXNCK`SY_\YP ^RO aY\VN&; W_]^ RK`OPOVVYa]RSZaS^RRSW( ; WKc XY^ LO ]OZK\K^ONP\YW RSWLOMK_]O; NYX#^ VSUORSW ZO\]YXKVVc(; WKcXY^ LO ]OZK\K^ONP\YW RSW LOMK_]O; ^RSXURO RK] ]YWO [_OO\ NYM^\SXO(>c WY]^LOK_^SP_VKXN LOVY`ONNYM^\SXO]WKc LOMYX]SN\OON[_OO\ Lc ]YWOY^RO\ZOYZVO(4XN; NOPSXS^OVcMYX]SNO\RK^WKXc WOWLO\] SX^ROLYNc YP <O]_] 6R\S]^ K\OKVVP@VNON_Z SX^ROS\ ROYVYQc(4XN ^ROc ^RSXU;#W KVVPY_VON_Z SX Wc ^ROYVYQc(; ^RSXUS^ZO\RKZ] WY\O^RKX^ROc ^RSXUS^ (((
CYWO aSVV OVVcY_& !G @VVRK`OXY \SQR^Y K]]YMSK^OaS^R KXcLYNc aRY K]]YMSK^O]aS^R KXcLYNc aRY K]]YMSK^O]aS^R ^RY]OaS^R aRYW ; NY XY^ K]]YMSK^O(! 4XN SPcY_^\c ^Y VY`O O`O\cLYNc ^RK^#] LY\X KQKSX&_XPY\^_XK^OVccY_#VVPSXN ]YWO 6R\S]^SKX]aRY aSVVUSMUcY_ SX ^ROPKMOPY\ S^( 5_^]OMYXN NOQ\OO ]OZK\K^SYX ak K]SVV( CYWOYXO ]Kc]& !6YWO Y_^ P\YWKWYXQ^ROW&KXNLOcO ]OZK\K^O1 (( ! ; T_]^KW XY^ QYSXQ^Y VO^KXc YP cY_ QO^KaKcaS^R KZZVcSXQ^RK^ ZR\K]O PK ^RO 6R_\MR(DRK^ Y\NO\ ^Y MYWO Y_^ KXN LO ]OZK\K^O\OPO\\ON Y ^RO^OWZVOYP EOX_]KXN<_ZS^O\&aRO\O ^ROc ZY_\ON Y_^ VSLK^SYX]PK ^RONOWYVVQYN]&aRO\O YXO ^OWZVOSX 6Y\SX^R@F)VONWY\O ^RKX; *&***ZeY]^S^_^O](!6YWOY_^ P\YW KWYXQ^ROWKXNLO]OZK\K^O !
;fgl`]j hmf_]fl addmkljYlagfoYk l`Yl^gmf\ af D]kmk%ogj\k) !S] Yj] l`] kYdlg^l`] ]Yjl`+! >j+ <Yjf`gmk] k`go]\ l`Yl a^kYdl&kg\ame [`dgja\]' [gmd\ Z] k]hYjYl]\
[`]ea[Yddq) Zgl` kg\ame Yf\ [`dgja\] Yj]\]Y\dq hgakgfk) q]l kg\ame [`dgja\] af l`]^gje g^ kYdlakf][]kkYjq ^gj da^]+
6R\S]^SKXS^cS] MYWZY]ONYP ^aY NOKNVcZYS]YX]( COZK\K^O ROc USVV(DYQO^RO\ ROcK\O VSPO(DRO ^aY ZYS]YX] K\O ^ROYVYQcKXNO^RSM](; UXYa WOXaRY K\OK]PKS^RP_VKLY_^^RO `S\QSX LS\^R&^RO NOS^c YP 6R\S]^& ^ROK^YXOWOX K] KXcLYNc MY_VNLO&L_^ cY_MKX#^W]^ ^ROW K] PK\ K] cY_ MKX R\Ya KMR_\MR( ;^#] KV]Y ZY]]SLVO ^Y RK`O dOKVaS^RY_^ UXYaVONQO ' ]YNS_W aS^RY_^MRVY\SNO' O^RSM]aS^RY_^ ^ROYVYQc(
<O]_] YP^OX Z_^ !^RO aY\VN! YX YXO]SNO&KXN LOVSO`O\]YX ^ROY^RO\( DRO9\OOUaY\N PY\ MR_\MR&OMMVO]SK&_]O] ^RO SNOKYP\YY^SXQ Y\ Z_VVSXQY_^ YP&KXN ^ROaY\N PY\MKVV(DR_] ^RO =Y\N <O]_] 6R\S]^ PVK^VcNS`SNON RONO]^SXcYP WKX( DRO5SLVO^OVV]_] ^RK^ ^RO=Y\N S] ^KUSXQY_^ K ZOYZVOPY\:S] XKWO $4M^] .27.1'+ ?YaRO\O SXCM\SZ^_\OS]_XS`O\]KVS]WK_QR^(
>j+ <Yjf`gmk] eafakl]j]\ af l`]`aklgja[ .-l` Jj]kZql]jaYf =`mj[` g^J`adY\]dh`aY ^gj 00 q]Yjk+ B] `Y\ Y <aZd]l]Y[`af_ jY\ag eafakljq &=<M' ^jge.6/5* .63-+ B] hmZdak`]\ .- Zggck) Yf\ oYk]\algj g^ L]n]dYlagf Yf\ ?l]jfalq eY_Yraf]k+
!If] =`mj[`!) l`] k][gf\ af Yk]ja]k g^^gmj e]kkY_]k) `Yk Z]]f [`gk]f ^gj l`akakkmZ][Ymk]al mf\]jk[gj]k l`] hgda[q mf\]jo`a[` FCPCHA N;J?M Yj] [`gk]f+
N`jgm_` FCPCHA N;J?M) qgm [YfYll]f\ l`] Cfl]jnYjkalq =gf^]j]f[] g^>][]eZ]j /4*0 C) .624) Yf\ dakl]f lg gl`]je]kkY_]k Zq l`] dYl] >j+ <Yjf`gmk]) o`g!Z]af_ \]Y\) q]l kh]Yc]l`+! Mmj]dq ]n]jqgf] o`g `]Yjk gf] e]kkY_] oaddoYfl lg `]YjYddl`] gl`]jk af l`] k]ja]k7 Hg+ //2) IH?QILF> ** IH? =BOL=B8 Hg+ //3) IH?FIL> ** G??NCHA N?GJN ; NdIHM+
d d d
Qjal] lg <gZ Gme^gj\FCPCHAN;J?M8]b //01.@gjl FYm\]j\Yd]) @dgja\Y 000.2
+++ jge l`] hgo]j g^ \Yjcf]kk Yf\ `Yl` ljYfkdYl]\ mkaflg l`] caf_\ge +++ M?P?H
99Z?;7DHZZD=$
H7D99%IZZUZZ997IZZEDjYq
:?;d?;A?Fd__D9?;
I `] k]n]fl` _j]Yl ]^^][l g^ Ag\%kQgj\ o`a[` o]k`Yddfgo hjg[]]\ lg ]pYeaf] af gmj klm\q ak l`Yl g^[d]Yfkaf_ Yf\ kYf[la^a[Ylagf+ N`] c]q l]pl ^gj l`akhYjla[mdYjgh]jYlagf g^ Ag\%kQgj\ ak^gmf\ af ?h`]kaYfk[`Yhl]j 2) n]jk]k /2) /3) Yf\ /47 !=`jakl Ydkgdgn]\ l`][`mj[`) Yf\ _Yn] `aek]d^ ^gj al8 l`Yl `] ea_`l kYf[la^qYf\ [d]Yfk] al oal` l`] oYk`af_ g^ oYl]j Zq l`] ogj\)l`Yl `] ea_`l hj]k]fl Walg `aek]d^ Y_dgjagmk[`mj[`) fgl`Ynaf_ khgl) gj ojafcd]) gj Yfq km[` l`af_8 Zml l`Yl Wak`gmd\ Z] `gdq Yf\ oal`gml Zd]eak`+!
N`]j] Yj] Y fmeZ]j g^ aehgjlYfl hgaflk af l`akhYkkY_]o`a[` \]k]jn] Yll]flagf+
Hgla[]) ^ajkl) l`Yl l`] log hjg[]kk]k g^ [d]Yfkaf_Yf\ kYf[la^qaf_ Yj] `]j] [dgk]dq bgaf]\ lg_]l`]j+ If l`]gl`]j `Yf\) Ydl`gm_` l`]k] log hjg[]kk]k Yj] [dgk]dqj]dYl]\) l`]q Yj] fgl a\]fla[Yd+ Q] eYq ]phj]kk l`]\aklaf[lagf Z]lo]]f l`]e af l`ak oYq7 l`Yl o`a[` akljmdqkYf[la^a]\ emkl g^ f][]kkalq Z] YZkgdml]dqhmj] Yf\[d]Yf8 Zml l`Yl o`a[` ak hmj] Yf\ [d]Yf f]]\ fglf][]kkYjadq Z] af l`] ^mdd]klk]fk] kYf[la^a]\+ Cf gl`]jogj\k) WaakhgkkaZd]lg `Yn] hmjalq) gj [d]Yff]kk) oal`gmlkYf[la^a[Ylagf) Zml al ak fgl hgkkaZd] lg `Yn]kYf[la^a[Ylagf oal`gml hmjalq) gj [d]Yff]kk+ N`mk[d]Yfkaf_ ak Yf ]kk]flaYd+)hYjlg^ kYf[la^a[Ylagf) Zml fgll`] o`gd] g^ al+ FYl]j af l`ak klm\q o] k`Ydd]pYeaf]egj] [dgk]dq l`] ]pY[l e]Yfaf_ g^ l`] ogj\
.1/09
!kYf[la^a[Ylagf!+Nmjfaf_ Y_Yaflg ?h`]kaYfk [`Yhl]j 2) o] fgla[])
k][gf\dq) l`Yl gf] eYaf) \]^afal] hmjhgk] ^gj o`a[`=`jakl j]\]]e]\ l`] [`mj[` oYk l`Yl B] ea_`l kYf[la^qYf\ [d]Yfk] al+
JYmdkYqk7!=`jakl _Yn] `aek]d^ ^gj l`] [`mj[` l`YlB] ea_`l kYf[la^q Yf\ [d]Yfk] al+! N`mk) l`] hmjhgk] g^=`jakl%kYlgfaf_ \]Yl` ^gj l`] [`mj[` YkYo`gd]) Yf\ ^gj]Y[` af\ana\mYd =`jaklaYf af hYjla[mdYj)ak fgl ^md^add]\mflad l`gk] o`g Yj] j]\]]e]\ Zq Bak \]Yl` `Yn] _gf]l`jgm_` Y ^mjl`]j kmZk]im]fl hjg[]kk g^ [d]Yfkaf_ Yf\kYf[la^qaf_+ JYmd eYc]k al hdYaf l`Yl gfdq l`gk]=`jaklaYfk o`g `Yn] _gf] l`jgm_` l`ak hjg[]kk g^[d]Yfkaf_ Yf\ kYf[la^qaf_ oadd Z] af l`] [gf\alagf%f][]kkYjq ^gj l`]aj ^afYdhj]k]flYlagf lg =`jakl Yk BakZja\]*Yf\ l`] [gf\alagf o`a[` `] kh][a^a]kak!Y _dgjagmk[`mj[`) fgl `Ynaf_ khgl) gj ojafcd]) gj Yfq km[`
l`af_ +++`gdq Yf\ oal`gml Zd]eak`+!N`] l`aj\ hgafl lg fgla[] af l`ak hYkkY_] af
?h`]kaYfk akl`Yl l`] e]Yfk o`a[` =`jakl mk]klg [d]Yfk]Yf\ kYf[la^q l`] [`mj[` ak !l`] oYk`af_ g^ oYl]j Zq l`]ogj\+! N`mk) Waak Ag\%k Qgj\ o`a[` ak l`] e]Yfk g^kYf[la^qaf_ Yf\ [.]Ykaf_8 Yf\ af l`ak j]kh][l l`]gh]jYlagf g^ Ag\%kQgj\ ak[gehYj]\ lg l`] oYk`af_ g^hmj] oYl]j+
?n]f Z]^gj] =`jakl%kYlgfaf_ \]Yl` mhgf l`] [jgkk
+++g^ `ak \]Yj Mgf+++
`Y\ Y[lmYddqZ]]f [gfkmeeYl]\+ B] `Y\ Ydj]Y\q Ykkmj]\
Bak \ak[ahd]k g^ l`] [d]Yfkaf_ hgo]j g^ Bak Qgj\ o`a[`
B] `Y\ khgc]f lg l`]e+ @gj af Dg`f [`Yhl]j .2) n]jk] 0)
B] kYqk7 !Hgo q] Yj] [d]Yf l`jgm_` l`] ogj\ o`a[` C
`Yn] khgc]f mflg qgm+!
Q] k]]) l`]j]^gj]) l`Yl l`] Qgj\ g^ Ag\ ak Y _j]Yl
Y_]fl g^ khajalmYd[d]Yfkaf_) [gehYj]\ af alk gh]jYlagf lg
l`] oYk`af_ g^ hmj] oYl]j+
Ma\] Zq ka\] oal` l`] Qgj\) o] emkl YdoYqk k]l l`]
gl`]j _j]Yl Y_]fl g^ khajalmYd[d]Yfkaf_ j]^]jj]\ lg Zq l`]
Yhgkld] Dg`f af `ak @ajkl ]hakld]) [`Yhl]j C) n]jk] 4)
o`]j] `] kYqk7 !<ml a^ o] oYdc af l`] da_`l) Yk `] ak af
l`] da_`l) o] `Yn] ^]ddgok`ah gf] oal` Yfgl`]j) Yf\ l`]
Zdgg\ g^ D]kmk =`jakl `ak Mgf [d]Yfk]l` mk^jge Yddkaf+!
B]j] Dg`f kh]Yck g^ l`] [d]Yfkaf_ hgo]j g^ =`jakl%k
Zdgg\) k`]\ mhgf l`] [jgkk) lg j]\]]e mk^jge kaf+
Cf gj\]j lg ^gje Y [gehd]l] ha[lmj] g^ Ag\%k
hjgnakagf ^gj khajalmYd [d]Yfkaf_) o] emkl YdoYqk k]l
l`]k] log _j]Yl \anaf] [d]Yfkaf_ Y_]flk ka\] Zq ka\]*l`]
Zdgg\ g^ =`jakl k`]\ mhgf l`] [jgkk Yf\ l`] oYk`af_
oal` oYl]j Zq Bak Qgj\+ H]al`]j ak [gehd]l] af alk
gh]jYlagf oal`gml l`] gl`]j+ =`jakl j]\]]e]\ mk Zq Bak
Zdgg\ af gj\]j l`Yl B] ea_`l [d]Yfk] Yf\ kYf[la^q mkZq
Bak Qgj\+
Cf l`] @ajkl ?hakld] g^ Dg`f) [`Yhl]j 2) n]jk] 3) l`]
Yhgkld] Dg`f `aek]d^ hdY[]k l`]k] log _j]Yl gh]jYlagfk g^
=`jakl af l`] [dgk]kl hgkkaZd] [gff][lagf oal` ]Y[` gl`]j+
Mh]Ycaf_ g^ =`jakl) `] kYqk7 !N`ak ak `] l`Yl [Ye] Zq
oYl]j Yf\ Zdgg\) ]n]f D]kmk =`jakl: fgl Zq oYl]j gfdq)
Zml Zq oYl]j Yf\ Zdgg\+ ;f\ al akl`] Mhajal l`Yl Z]Yj]l`
oalf]kk) Z][Ymk] l`] Mhajal ak ljml`+! Dg`f `]j] \][dYj]k
l`Yl =`jakl ak fgl gfdq l`] _j]Yl N]Y[`]j) o`g [Ye] lg
]phgmf\ Ag\%k ljml` lg e]f7 B] ak Ydkg l`] _j]Yl
MYnagmj) o`g [Ye] lg k`]\ Bak Zdgg\ lg j]\]]e e]f
^jge l`]aj kaf+ Cf ]Y[` [Yk]) Waak l`] Bgdq Mhajal o`g
Z]Yjk l]klaegfq lg =`jakl%k ogjc*lg l`] ljml` Yf\
Yml`gjalq g^ Bak Qgj\) Yf\ lg l`] e]jalk Yf\ hgo]j g^
Bak Zdgg\+
Dg`f `]j] l]Y[`]k mk l`Yl o] emkl f]n]j k]hYjYl]
l`]k] log _j]Yl Ykh][lk g^ =`jakl%k ogjc+ Q] emkl f]n]j
k]hYjYl] l`] N]Y[`]j ^jge l`] MYnagmj)fgj l`] MYnagmj
^jge l`] N]Y[`]j+ ?aak fgl ]fgm_` lg Y[[]hl =`jakl%k
l]Y[`af_ l`jgm_` l`] Qgj\ oal`gml Ydkg Y[[]hlaf_ Yf\
]ph]ja]f[af_ l`] hgo]j g^ Bak Zdgg\ lg j]\]]e Yf\
[d]Yfk] ^jge kaf+ If l`] gl`]j `Yf\) l`gk] o`g [dYae
j]\]ehlagf l`jgm_` =`jaklk Zdgg\ emkl l`]j]Y^l]j _g gf
lg kmZeal l`]ek]dn]k lg l`] j]_mdYj) afoYj\ [d]Yfkaf_ g^
Bak ogj\+
!N`ak ak B] l`Yl [Ye] Zq oYl]j Yf\ Zdgg\) ]n]f
D]kmk=`jakl7 fgl Zq oYl]j Yf\ Zdgg\)!
N`]j] Yj] nYjagmk hYkkY_]k [gf[]jfaf_ l`]
gj\afYf[]k g^ l`] Id\ N]klYe]fl k!Y[ja^a[]k o`a[` k]l
^gjl`) af lqh]) l`] [dgk] Ykkg[aYlagf Z]lo]]f l`]
[d]Yfkaf_ Zq =`jakl%k Zdgg\ Yf\ l`] [d]Yfkaf_ Zq Bak
Qgj\+ @gj afklYf[]) af l`] gj\afYf[]k g^ l`] NYZ]jfY[d])
af ?pg\mk [`Yhl]j 0-) n]jk]k .4 l`jgm_` /.) o] j]Y\ `go
) ++Cfo`ge o] `Yn] j]\]ehlagf) ++
Ag\ gj\Yaf]\ l`Yl Y dYn]j g^ ZjYkk) [gflYafaf_ [d]Yf
oYl]j) oYk lg Z] hdY[]\ af [dgk] hjgpaealq lg l`]
kY[ja^a[aYdYdlYj g^ ZjYkk) Yf\ oYk lg Z] mk]\ j]_mdYjdq af
[gfbmf[lagf oal` al7
!;f\ l`] Fgj\ khYc] mflg Ggk]k) kYqaf_) N`gm
k`Ydl Ydkg eYc] Y dYn]j g^ ZjYkk) Yf\ `ak ^ggl Ydkg g^
ZjYkk) lg oYk` oal`Yd7 Yf\ l`gm k`Ydl hml al Z]lo]]f l`]
lYZ]jfY[d] g^ l`] [gf_j]_Ylagf Yf\ l`] YdlYj) Yf\ l`gm
k`Ydl hml oYl]j l`]j]af+ @gj ;Yjgf Yf\ `ak kgfk k`Ydd
oYk` l`]aj `Yf\k Yf\ l`]aj ^]]l l`]j]Yl7 Q`]f l`]q _g
aflg l`] lYZ]jfY[d] g^ l`] [gf_j]_Ylagf) l`]q k`YddoYk`
oal` oYl]j) l`Yl l`]q \a] fgl7 gj o`]f l`]q [ge] f]Yj
lg l`] YdlYj lg eafakl]j) lg Zmjf g^^]jaf_ eY\] Zq ^aj]
mflg l`] Fgj\7 Mg l`]q k`YddoYk` l`]aj `Yf\k Yf\ l`]aj
^]]l) l`Yl l`]q \a] fgl7 Yf\ al k`YddZ] Y klYlml] ^gj ]n]j
lg l`]e) ]n]f lg `ae Yf\ lg `ak k]]\ l`jgm_`gml l`]aj
_]f]jY lagfk+!
C^o] Yhhdq l`ak ha[lmj] a] l`] H]o N]klYe]fl) o]
k]] l`Yl l`] kY[ja^a[] mhgf l`] ZjYk]f YdlYj kh]Yck g^
=`jakl%k Zdgg\ k`]\ mhgf l`] [jgkk ^gj j]\]ehlagf ^jge
kaf7 o`ad] l`] oYl]j af l`] dYn]j kh]Yck g^ l`] j]_mdYj
khajalmYd [d]Yfkaf_ o`a[` o] [Yf j][]an] gfdq l`jgm_`
Ag\%k Qgj\+ ?Y[` Ydac] ak]kk]flaYd lg l`] ]l]jfYd o]d^Yj]
g^ gmj kgmdk+Fac] ;Yjgf Yf\ `ak kgfk) o] emkl j]_mdYjdq
j][]an] l`] Z]f]^alk g^ Zgl`) !l`Yl o] \a] fgl+!BYnaf_ l`mk fgl]\ l`] hjg[]kk g^ [d]Yfkaf_ l`jgm_`
Ag\%k Qgj\) d]l mk fgo _g gf lg [gfka\]j l`] ^mjl`]j
hjg[]kk g^ kYf[la^a[Ylagf+
@ajkl) o] emkl [gfka\]j Zja]^dq l`] e]Yfaf_ g^ l`ak
ogj\ !kYf[la^a[Ylagf+! N`] ]f\af_
!^a[Ylagf! ***^*a*[*Y*l*a*g*ff*g[[mjk af eYfq ?f_dak`
ogj\k) Yf\ YdoYqk \]fgl]k Yf Y[lan] hjg[]kk g^ \gaf_ gj
eYcaf_ kge]l`af!_+ @gj ]pYehd]) ![dYja^a[Ylagf! e]Yfk
!eYcaf_ [d]Yj!8 !j][la^a[Ylagf! e]Yfk !eYcaf_ ja_`l gj
kljYa_`l!8 !hmja^a[Ylagf! e]Yfk !eYcaf_ hmj])! Yf\ kg
gf+ N`] ^ajkl hYjl g^ l`] ogj\ !kYf[la^a[Ylagf! ak\aj][ldq
[gff][l]\ oal` l`] ogj\ !kYafl! ++af ^Y[l) al ak kaehdq
Yfgl`]j oYq g^ ojalaf_ l`] kYe] ogj\+ ;f\ !kYafl! af
lmjf ak kaehdq Yf Ydl]jfYlan] oYq g^ ljYfkdYlaf_ l`] ogj\
o`a[` ak egj] fgjeYddq ljYfkdYl]\ !`gdq!+ N`mk) l`]
kaehd]) dal]jYd e]Yfaf_ g^ !kYf[la^a[Ylagf! ak !eYcaf_
kYafldq)! gj !eYcaf_ `gdq+!
Q`]f o] [gfka\]j o`Yl l`] H]o N]klYe]fl l]Y[`]k
YZgml !kYf[la^a[Ylagf)! o] ^af\ l`Yl ^an] \aklaf[l Y_]flk
Yj] e]flagf]\ af [gff][lagf oal` al+ N`]k] ^an] Y_]flk
Yj] l`] ^gddgoaf_7 ^ajkl) l`] Mhajal g^ Ag\8 k][gf\) l`]
Qgj\ g^ Ag\8 l`aj\) l`] YdlYj8 ^gmjl`) l`] Zdgg\ g^
=`jakl8 ^a^l`) gmj ^Yal`+
N`] hYkkY_]k af o`a[` e]flagf ak eY\] g^ l`]k]
nYjagmkY_]flk g^ kYf[la^a[Ylagf Yj] Yk ^gddgok7
MYf[la^a[Ylagf l`jgm_` l`] Bgdq Mhajal ak j]^]jj]\ lg
Zq Zgl` JYmdYf\ J]l]j+ Cf M][gf\ N`]kkYdgfaYfk [`Yhl]j
/) n]jk] .0) JYmd kYqk lg l`] =`jaklaYfk l`]j]7 !Ag\ `Yl`
^jge l`] Z]_affaf_ [`gk]f qgm lg kYdnYlagf l`jgm_`
kYf[la^a[Ylagf g^ l`] Mhajal Yf\ Z]da]^ g^ l`] ljml`+! Cf
l`] @ajkl ?hakld] g^ JYl]j) [`Yhl]j C) n]jk] /) J]l]j l]ddk$6YX^SX_ON YX ZKQO,,%
HCH?
:/, 786409, 6- :/, -(:/,8
NB? B?;P?HFS L?MC>?HN
!4XN ) aSVVZ\Kc ^RO8K^RO\KXNRO]RKVVQS`OcY_KXY^RO\6YWPY\^O\&RK ROWKc KLSNOaS^RcY_ PY\ O`O\27`OX ^ROCZS\S YPWKR2 aRYW ^ROaY\VN MKXXY\OMOS`O&LOMK_]OS^ ]OO^RRSW XY^&XOS^RO\UXYaO^RRSW1L_^ cOUXYa RSW2PY\ RONaOVVO^RaS^RcY_&KXN]RKVVLOSXcY_($<YRX.17.3*,5'+
;l l`] [dgk] g^ `ak _gkh]d Fmc] j][gj\k l`] ^afYd
ogj\k g^ D]kmk lg Bak Yhgkld]k7 !C k]f\ l`] hjgeak] g^
Gq @Yl`]j mhgf qgm!+ MaeadYjYj] `ak ogj\k af ;[lk .717
!B] [`Yj_]\ l`]e fgl lg \]hYjl ^jge D]jmkYd]e) Zml lg
oYal ^gj l`] hjgeak] g^ l`] @Yl`]j!) o`a[` B] \]^af]k Yk
Z]af_ !ZYhlar]\ af l`] Bgdq Mhajal!+ Q`Yl ]ph][lYlagfk
\a\ l`]k] ^ajkl \ak[ahd]k `Yn] [gf[]jfaf_ l`ak hjgeak]:
N`]aj eaf\k ogmd\ kmj]dq `Yn] Z]]f [gf\alagf]\ Zq
o`Yl =`jakl `Y\ Ydj]Y\q lYm_`l l`]e [gf[]jfaf_ l`a7
+++++
@S (8:/;8 =(3309 ""IOL FIL> G;>? k]n]jYd aehgjlYfl klYl]e]flk eYll]j+ ^jagj lg %l`akfa_`l g^ Bak Z]ljYqYd B] `Y\ eY\]
[gf[]jfaf_ l`] hjgeak] g^ l`] Bgdq Mhajal af o`Yl `Yn] ZYj]dq l]f Zja]^ mll]jYf[]k [gf[]jfaf_ l`] Bgdq Mhajal+
[ge] lg Z] cfgof Yk !N`] Ohh]j Lgge >ak[gmjk]k! N`] ^mdd]j mf^gd\af_ g^ l`] Mhajal%kh]jkgf Yf\ ogjc oYk
&Dg`f .1*.3'+ Cf l`ak o] oadd ]phdgj] l`] hjgeak] g^ j]k]ju]\ ^gj l`Yl dYkl fa_`l af l`] Ohh]j Lgge+ Q] Yj][gf[]jf]\ af l`ak Yjla[d] oal` l`] ^ajkl g^ ^an] aehgjlYfl
klYl]e]flk B] _Yn] l`]e l`Yl fa_`l+
Cf Y \Yq o`]f l`]j] akY j]f]o]\ Yf\ em[` f]]\]\
]eh`Ykak gf l`] ZYhlake Yf\ _a^lk g^ l`] Bgdq Mhajal) o]
f]]\ lg Z] [Yj]^md l`Yl o] \g fgl k]lld] ^gj Y fYjjgo]\
[gf[]jhlagf g^ Bak ogf\]j^md h]jkgf Yf\ ogjc+ Ng
j]lmjf lg l`ak ZYka[ l]Y[`af_ g^ gmj Fgj\ oadd `]dh lg _an]
mk Y ^mdd*gjZ]\ na]o g^ Yddl`Yl l`] Zd]kk]\ af\o]ddaf_
Mhajal [ge]k lg Z] Yf\ lg \g+ Njm] B] Zjaf_k Y
ogf\]j^md ]ph]ja]f[] g^ dgn] Yf\ bgq Yf\ daZ]jlq+ Njm]
B] ]fYZd]k Z]da]n]jk lg kh]Yc af lgf_m]k Yf\ Z]klgok
gl`]j hj][agmk khajalmYd _a^lk+ <ml l`ak ak fgl Ydd+N`]
l]Y[`af_ g^ =`jakl `Y\ _an]f l`]k] \ak[ahd]k Y em[`
\]]h]j Yf\ ZjgY\]j [gf[]hl g^ o`Yl l`] Bgdq Mhajal oYk
[geaf_ lg \g+ Q`]l`]j o] Yj] l`gk] k]]caf_ gj l`gk]
]fbgqaf_ l`] ZYhlake g^ l`] Bgdq Mhajal) d]l mk Z]da]n]
^gj Ydd l`Yl D]kmk hjgeak]\) Yf\ hjYq ^gj Y ^mdd]j
mf\]jklYf\af_ g^ o`Yl gmj GYkl]j lYm_`l [gf[]jfaf_ l`]
h]jkgf g^ l`] =ge^gjl]j+
+&( +++l`jgm_` `ak Zdgg\ +++
NB? =IH>CNCIHM F;C> >IQH
N`] Fgj\ `Y\ _an]f Bak \ak[ahd]k Y hgo]j^md Y^.
hjY[la[Yd d]kkgf gf l`] f]]\ g^ [d]Yfkaf_ Yf\ `meadalq mq
oYk`af_ l`]aj ^]]l &Dg`f .0'+ ?aoYk gf] l`]q ogmd\ fgl
]Ykadq ^gj_]l) Yf\ `go aehgjlYfl af l`] da_`l g^ l`]
hjgeak] l`Yl oYk lg ^gddgo+ ;k oal` Yfq gl`]j Zd]kkaf_
o] k]]c) o] emkl [ge] lg Ag\ oal` [d]Yf `Yf\k Yf\ Y
hmj] `]Yjl+ L]e]eZ]j) l`]k] hagf]]jk g^ J]fl][gkl o]j]
l`] gfdq eYlmj] Z]da]n]jk lg j][]an] l`] Bgdq Mhajal af
l`] YffYdk g^ l`] H]o N]klYe]fl+ ;dd l`] gl`]jk &oal`
l`] hgkkaZd] ]p[]hlagf g^ l`] ./ \ak[ahd]k Yl ?h`]kmk af
;[lk .6' o]j] f]o [gfn]jlk o`g j][]an]\ l`] Mhajal
]al`]j Yl gj k`gjldq Y^l]j l`]aj [gfn]jkagf+ L][]anaf_
l`mk) af l`] ^ajkl ^dmk` g^ j]h]flYf[] Yf\ ^Yal`) l`]q
f]] \ ] \ CWaaZ] gj fgl afkljm[lagf gf l`]k] ZYka[
[gf\alagfk+
Qal` eYfq lg\Yq) o`g ^Y[] l`] hjghgkalagf g^ l`]
ZYhlake af l`] Mhajal Y^l]j q]Yjk g^ =`jaklaYf ]ph]ja]f[])
al ak Y \a^^]j]fl kalmYlagf+ @gj km[` l`]j] ak afnYjaYZdq Y
ZY[cdg_ g^ gmlklYf\af_ eYll]jk) \gmZlk Yf\ ^]Yjk) kafk
Yf\ ^Yadmj]k)lg Z] kgjl]\ gml oal` Ag\ Z]^gj] l`]q [Yf
]fl]j af+ Mm[` k`gmd\ lYc] l`] hYll]jf g^ l`ak l]Y[`af_ g^
=`jakl Yk l`]aj _ma\] * Yf\ j]e]eZ]j lgg) l`Yl B] _Yn]
l`]e .- \Yqk lg _]l l`]ek]dn]k kgjl]\ gml ^gddgoaf_ Bak
\]hYjlmj] ?aak Y _j]Yl eaklYc] lg hj]kk*_Yf_ h]ghd] aflg
Yf ]ph]ja]f[] ^gj o`a[` l`]q Yj] fgl khajalmYddq
hj]hYj]\+
QCNBION @;CNB * CGJIMMC<F?
<]^gj] kh]Ycaf_ gh]fdq Yf\ mfYeZa_mgmkdq g^ l`]
hjgeak]\ Bgdq Mhajal gmj Fgj\ afljg\m[]k log nalYd
[gf\alagfk g^ cfgoaf_ Bak ea_`lq ogjcaf_+ @ajkl B]
kYa\) !B] o`g Z]da]n]k af G] oadd Ydkg\g l`] ogjck l`Yl
C\g8 Yf\ _j]Yl]j ogjck l`Yf l`]k] oadd `] \g) Z][Ymk] C
_g lg l`] @Yl`]j! &n]jk] ./'+ Dg`f 4706 l]Y[`]k mk l`Yl
l`] k]f\af_ g^ l`] Bgdq Mhajal oYk [gflaf_]fl mhgf D]kmk
Z]af_ _dgja^a]\+ B]j] Yf\ af Dg`f .374*.- D]kmk ak
l]Y[`af_ l`] kYe] ljml`) gfdq B] mk]k l`] ]phj]kkagf)
!Z][Ymk] C _g lg l`] @Yl`]j! afkl]Y\ g^ j]^]jjaf_ lg
Baek]d^ Z]af_ !_dgja^a]\!+ B]j] l`]f akY n]ad]\ j]^]j]f[]
lg l`] hjgeak] g^ l`] Mhajal) o`a[` f][]kkalYl]k Bak _gaf_
lg l`] @Yl`]j+ <ml al ak ^gj `ae o`g Z]da]n]k+ Qal`gml
^Yal` al ak aehgkkaZd] lg hd]Yk] Ag\ gj j][]an] ^jge Bae+
N`] \gmZl]j) Yk DYe]k j]eaf\k mk) f]]\ fgl ]ph][l lg
j][]an] Yfql`af_ ^jge l`] Fgj\+
!>a\ qgm j][]an] l`] Mhajal!) Ykck JYmd g^ `ak
AYdYlaYf [gfn]jlk) !Zq ogjck g^ l`] dYo) gj Zq `]Yjaf_
oal` ^Yal`:! &AYd+07/'+ Cf n]jk] .1Dd] Yfko]jk `ak
im]klagf af fg mf[]jlYaf l]jek+ GYjc .3 \g]k fgl kYq)
!N`]k] ka_fk k`Ydd ^gddgo Z]da]n]jk!) Zml !l`gk] l`Yl
Z]da]n]!+ ;dYk l`Yl o] `Yn] kg eYfq mfZ]da]naf_
Z]da]n]jk JjgZYZdq egj] ]Yjf]kl k]]c]jk ^Yadlg ]fl]j af
+++]n]f l`] ^gj_an]f]kk g^ kafk+++
Z][Ymk] g^ mfZ]da]^ l`Yf ^gj Yfq gl`]j kaf_d] j]Ykgf+
Hgla[] l`Yl l`] Z]da]naf_ g^ n]jk] ./ ak lg ^af\ hjaeYjq
]phj]kkagf af hjYq]j &n]jk]k .0 Yf\ .1'+ N`] Bgdq Mhajal
Yf\ !l`] _gg\ l`af_k! l`Yl B] Zjaf_k Yj] _an]f lg l`gk]
o`g Ykc &GYll+47 CC8Fmc] CC7.0'+
I<?>C?H=? ?MM?HNC;F
Imj Fgj\ ^afYddq hj]^Y[]k l`] hjgeak] g^ l`] Mhajal
oal` l`ak dYkl[gf\alagf8 !C^ qgm dgn] G]) qgm oadd c]]h
Gq [geeYf\e]flk+ ;f\ C oadd hjYq l`] @Yl`]j +++ !
Cf gl`]j ogj\k) l`] hjgeak] g^ l`] Mhajal [Yddk gj Y dgn]
^gj =`jakl o`a[` ak fgl e]j]dq ]phj]kk]\ af kdghhq
k]flae]flYdalq) Zml ak hYa\ gml af l`] `Yj\ [gaf g^
hjY[la[Yd gZ]\a]f[] lg Bak j]n]Yd]\ oadd+
?a[Yf f]n]j Z] lgg kljgf_ ]eh`Ykar]\ l`Yl l`] _a^l
g^ l`] Bgdq Mhajal ak fgl _an]f lg ^md^adgmj fa[] dalld]
k[`]e]k ^gj l`] Y\nYf[]e]fl g^ l`] caf_\ge) Zml lg
^md^adl`] oadd g^ Ag\+ Bgo [Yf l`] Bgdq Mhajal hgkk]kk
Yf\ ]f]j_ar] gf] o`gk] da^] ak fgl kmZeall]\ lg l`] oadd
g^ Ag\+ J]l]j Yf\ gl`]j Yhgkld]k af l`] Ohh]j Lgge
l`Yl e]egjYZd] fa_`l ]na\]fldq !_gl l`] e]kkY_]!) ^gj
fgl dgf_ Y^l]joYj\k l`]q o]j] \][dYjaf_ Zgd\dq Z]^gj]
l`] MYf`]\jaf7 !Q] Yj] oalf]kk]k lg l`]k] l`af_k) Yf\ kg
ak l`] Bgdq Mhajal Q`ge Ag\ `Yk _an]f lg l`gk] o`g
gZ]q Bae! &;[lk 270/'%
;HINB?L FCE? G?
!C oadd hjYq l`] @Yl`]j+! N`] _a^l g^ J]fl][gkl ak
^ajkl g^ Yddl`] @Yl`]j%k Yfko]j lg l`] hjYq]j g^ l`] Mgf+
Bgo ogf\]j^mddq Yf\ eqkl]jagmkdq l`] Y[lanala]k g^ l`]
l`j]] h]jkgfk g^ l`] Ag\`]Y\ Yj] j]dYl]\7 l`] Mgf hjYqk
lg l`] @Yl`]j ^gj l`] _a^l g^ l`] Mhajal+B]j] l`] khglda_`l
ak gf l`] Yk[]fkagf eafakljq g^ =`jakl) Yk gmj _j]Yl Ba_`
Jja]kl) o`g ]n]j dan]k lg eYc] afl]j[]kkagf ^gj mk+N`gk]
ogmf\]\ `Yf\k da^l]\ mh Z]^gj] l`] N`jgf] Yj] Y
[gflafmYd Yf\ ]^^][lmYd hd]Y gf gmj Z]`Yd^+
!B] oadd _an] qgm Yfgl`]j =gmfk]ddgj! gj
=ge^gjl]j &;+P+' gj ;\ng[Yl] &H+?+<+'+ Hg ogj\ af
?f_dak` [gn]jk l`] kYe] Zj]Y\l` g^ e]Yfaf_ Yk l`]
Aj]]c) JYjY[d]lgk) `]f[] l`] l]f\]f[q lg ljYfkdal]jYl] al
Yk !JYjY[d]l]!+ N`] lggl e]Yfaf_ g^ l`] ogj\ ak !gf]
[Ydd]\ lg l`] ka\] g^ ! Yfgl`]j lg `]dh `ae+ !?aoYk mk]\
af Y [gmjl g^ bmkla[] lg \]fgl] Y d]_YdYkkaklYfl) [gmfk]d
^gj l`] \]^]f[]) Yf Y\ng[Yl]! &Paf]%k ?phgk+ >a[l+'+
!Mge]gf] ]dk] lg klYf\ Zq qgm! ak `go D+<+ J`addahk
j]f\]jk al+
Q`]f D]kmk khgc] g^ !Yfgl`]j JYjY[d]l]! B] mk]\ Y
ogj\ ka_fa^qaf_ !Yfgl`]j g^ l`] kYe] caf\!+ ?aoYk Yk
l`gm_` B] oYk kYqaf_) !C `Yn] Z]]f qgmj gfdq JYjY[d]l]
laddfgo) Zml l`] @Yl`]j oadd k]f\ qgm Yfgl`]j dac] G]!+
N`]q o]j] lg ]p[`Yf_] l`] h`qka[Yd hj]k]f[] g^ =`jakl
^gj l`] af\o]ddaf_ hj]k]f[] g^ l`] Mhajal) Yf\ B] dYl]j
\][dYj]k l`Yl l`ak ]p[`Yf_] ogmd\ Z] lg l`]aj Y\nYflY_]
&.374 L+M+P+'+ $6YX^SX_ON YX ZKQO,.%
&'&,&(
X ; ^]o q]Yjk Y_g af ;^ja[Y) YZYZq [gmd\ fgl ]YkadqZ] _an]f YfqfYe] Z]^gj] l`] hYj]flk `Y\ ^ajkl[gfkmdl]\ Y eY_a[aYf+N`gk] h]ghd]Z]da]n]\ ^ajedq l`Yl Y fYe] `Y\em[` ]^^][l mhgf l`] da^] g^ l`]h]jkgf Z]Yjaf_ l`Yl fYe]+ N`]k]\Yqk egkl h]ghd] fYe] l`]aj[`ad\j]f Y^l]j kge] d]Y\]jk)hj]Y[`]jk) \g[lgjk) fmjk]k gjhgdala[aYfk+B]j] Y_Yaf l`]q kladdZ]da]n] l`Yl _anaf_ l`] fYe] g^ Yh]jkgf lg l`]aj [`ad\ eYq `]dh lgk`Yh] l`] [`YjY[l]j g^ l`] [`ad\+Mge]lae]k Y fYe] ak _an]f afe]egjq g^ Yh]jkgf+
Q? ;L? CHM?J;L;<F? @LIGIOL IQH H;G?M
>a\ qgm cfgo l`Yl qgm Yj]qgmj fYe]: S]k * Yddl`Yl qgm Yj])qgmj fYe] ak+Sgm Yj] qgmj fYe]Yf\ qgmj fYe] ak qgm+ Sgm Yj] Yk_gg\ Yk qgmj fYe] ak) gjYdl]jfYlan]dq) YkZY\ Ykqgmj fYe]ak+Sgm khgadqgmj fYe] Yf\ qgmjfYe] khgdkqgm gj qgm c]]h _gg\g^ qgmj fYe] Yf\ qgmj fYe]YmlgeYla[Yddqc]]hk _gg\ g^ qgm+C^h]ghd] \][a\] lg khgdqgm) l`]q oadd
\g al l`jgm_` ZdY[c*eYadaf_qgmjfYe]) Z][Ymk] qgmj fYe] Y[lmYddqak qgm ?Y[` h]jkgf akogf\]j^mddq[gff][l]\ oal` `ak gj `]j fYe] Yf\Zgl` Yj] afk]hYjYZd]gf] ^jge l`]gl`]j+ Sgmj fYe] `Yk Yddl`] najlm]kl`Yl qgm `Yn] Yf\ l`] hgo]j l`Ylqgm `Yn] h]jkgfYddq+ak n]kl]\ afq)gmj H;G? o`a[` Y[lmYddqakSIO
D?MOMQCNB BCMH;G?
N`] fYe] D?MOM oYk kgkmh]jfYlmjYddqkY[j]\ Yf\ hgo]j^mdl`Yl al Yhh]Yj]\ lg Z] Z]qgf\ Yfq`meYf%k egjlYd dahlg Yffgmf[] lgl`] ogjd\+ Cl lggc Y kh][aYde]kk]f_]j ^jge l`] aee]\aYl]hj]k]f[] g^ Ag\ lg Yffgmf[] lg l`]ogjd\ l`] H;G?g^ l`] IH? o`gk]<CLNB ogmd\ eYjc `aklgjq Yf\\ana\] lae]k Z]lo]]f <+=+Yf\ ;+ >+
M[jahlmj]k l]dd mk l`Yl Dgk]h`hdYff]\ lg hml GYjq YoYqhjanYl]dq
Yk k`] oYk gn]j*k`Y\go]\ Zq l`]Bgdq A`gkl l`Yl ]fn]dgh]\ l`]ZYZq af `]j ogeZ+ Q`ad] Dgk]h`oYk l`afcaf_ gf l`ak Yl fa_`l) l`]Yf_]d g^ l`] Fgj\ Yhh]Yj]\ mflg`ae af Y \j]Ye+ N`] B]Yn]fdqG]kk]f_]j gj\]j]\ `ae lg lYc]GYjq+ Ggj] l`Yf l`Yl) l`] Yf_]dYffgmf[]\ l`] H;G? g^ l`] [`ad\lg l`] ogjd\+ N`] Yf_]d kYa\ l`Yll`] [`ad\ lg Z] Zgjf ogmd\ Z] YMgfYf\ l`Yl Bak HYe] ogmd\ Z] [Ydd]\D?MOM&GYll`]o C7.5*/ C'+?ak]]e2l`Yl l`] ege]fl l`] fYe] D?MOM
oYk Yffgmf[]\ Zq l`] `gdq dah g^l`] `gdq Yf_]d g^ Ag\) Yddl`]^gmf\Ylagfk g^ `]dd k`ggc) \]egekhjgZYZdq k[j]Ye]\ af mll]j\]khgf\]f[q Yf\ kYlYf Ydegkl[gddYhk]\ lj]eZdaf_ Yk`ak caf_\geoYk Yl klYc] * ^gj D?MOMogmd\kYn] l`] h]ghd] ^jge l`]aj MCHM)Yf\ \]kljgq kYlYf%kcaf_\ge ZqlYcaf_ l`] c]qk ^jge kYlYf Yf\_anaf_ Z]da]n]jk l`] hgo]j g^Yllgjf]q g^ Bak H;G? lg hj]Y[`kYdnYlagf)]Yd l`] ka[c Yf\ [Ykl gml\]egfk af D?MOMH;G?
NB? ?;LFS GCHCMNLSI@ D?MOM=BLCMN
;^l]j Bak Zajl`) l`] Fgj\ _j]oYf\ af[j]Yk]\ af oak\ge Yf\klYlmj] Yf\ af ^Yngmjoal` Ag\ Yf\eYf+ B] ]eZYjc]\ gf Bak ]Yjl`dqeafakljq o`]f Dg`f <Yhlak]\ BaeYf\ l`] Bgdq Mhajal\]k[]f\]\ mhgfBae af l`] ^gje g^ Y \gn]+@gddgoaf_ l`ak) `] kh]fl Y lae] afl`] oad\]jf]kk Z]^gj] Ag\ af em[`hjYq]j Yf\ ^Yklaf_ &\mjaf_ o`a[`MYlYfl]ehl]\ Bae kgj]dq'+
B] j]lmjf]\ ^jge l`]oad\]jf]kk lg hj]Y[` l`] Agkh]d lgl`] hggj) `]Yd l`] ka[c) hj]Y[`\]dan]jYf[] lg l`] [Yhlan]k) gh]fZdaf\ ]q]k) k]l Yl daZ]jlq l`gk] o`go]j] Zjmak]\ Yf\ hj]Y[` l`]Y[[]hlYZd] q]Yj g^ l`] Fgj\+ N`]]Yjl`dq eafakljq g^ =`jakl oYk Yeafakljq g^ kYdnYlagf) ]Ydaf_ Yf\\]dan]jYf[] Zq l`] hgo]j g^ l`]Bgdq Mhajal+ Bak ogj\k Yf\hj]Y[`af_ eYjn]dd]\ Bakdakl]f]jk+ ?aoYk kYa\ l`Yl fg eYf khYc] dac]Bae+
?n]flmYddq B] [`gk] lo]dn]\ak[ahd]k Yf\ _Yn] l`]e hgo]j lg[Ykl gml mf[d]Yf khajalk af BakH;G? Yf\ `]Yd ;FF eYff]j g^ka[cf]kk]k Yf\ ;FF eYff]j g^\ak]Yk]k &GYll`]o 17/0*/1'+ ;k l`]f]]\ _j]o l`] Fgj\ Yhhgafl]\Yfgl`]j l]Ye g^ 4- aflg l`] kYe]eafakljq+ B] [geeakkagf]\ l`]k] lghj]Y[` l`] kYe] Agkh]d g^kYdnYlagf)`]Ydaf_ Yf\ \]dan]jYf[]+N`]q j]hgjl]\ ZY[c l`] na[lgjq+N] <aZd] j]Y\k7 !;f\ l`] k]n]flqj]lmjf]\ Y_Yaf oal` DIS kYqaf_)%Fgj\) ]n]f l`] \]nadk Yj] kmZb][lmflg mk) l`jgm_` NBS H;G?% !+Bak fYe] `Y\ hgo]j l`]f Yf\ BakfYe] `Yk hgo]j HIQ+ B] _Yn]l`]e hgo]j af BakfYe] lg [Ykl gml\]nadk) `]Yd l`] ka[c Yf\ hj]Y[`^gj_an]f]kk lg kaff]jk+
J;OF EH?Q NB? JIQ?LI@ D?MOMH;G?
Q`ad] JYmd oYk hj]Y[`af_ afJ`aCah]) l`]j] [Ye] Y \Yek]d l`YloYk hgkk]kk]\ oal` Yf ]nadkhajal g^\anafYlagf+ M`] ^gddgo]\ JYmdYf\MadYk+N`] ]nad Mhajal [ja]\ Ydgm\
+-&',& +++Q`g akl`] aeY_] g^ l`] afnakaZd]Ag\ +++
l`jgm_` l`] _ajd kYqaf_ l`Yl JYmdYf\ MadYko]j] k]jnYflk g^ Ag\+ gmllg k`go l`] oYq g^ kYdnYlagf+?n]fl`] ]nad khajal cf]o l`Yl hj]Y[`af_l`] fYe] g^ D]kmkakhj]Y[`af_ l`]oYq g^ kYdnYlagf+JYmd lggc l`]hgo]j^md fYe] g^ D]kmkYf\ khgc]lg l`] ]nad khajal kYqaf_) !C=IGG;H> l`]] af l`] H;G? I@D?MOM=BLCMN lg [ge] gml g^`]j *)Yf\ `] &]nadkhajal' kYe] gmll`Yl kYe] `gmj+! &;[l+ .37.3*.5'
<gl` JYmd Yf\ `ak [gdd]_m]o]j] lYc]f aflg hjakgf Yf\ lja]\ gfklg[ck oal` ZYf\k+ ?aak l`] hgo]joal`af l`] mf[gfim]jYZd] Yf\ajj]kaklYZd]fYe] g^ D]kmkl`Yl k]lkl`] [Yhlan] ^j]]+ ;l ea\*fa_`l JYmdYf\ MadYkZ]_Yf lg hjYak] l`] Fgj\Yf\ l`] hgo]j g^ Ag\ j]Y[`]\\gof) Yf\ Zjgc] Yddl`] hjakgf]jk%ZYf\k Ykmf\]j+ JYmd cf]o l`]hgo]j af D]kmkfYe]
J?N?L EH?Q NB? JIQ?LI@ D?MOMH;G?
J]l]j Yf\ Dg`f o]j] gf l`]ajoYq lg Y e]]laf_ Yf\ l`]q [Ye]Y[jgkk Y Z]__Yj+Fac] gl`]j Z]__Yjk)`] oYkl]\ fg lae] af Ykcaf_ ^gjkge] egf]q+ ;k l`] Z]__Yj dggc]\Yl l`]e `] ]ph][l]\ lg j][]an]kge]l`af_+ Ggkl h]ghd] ]ph][lfgl`af_ Yf\ kg l`]q _]l fgl`af_+>I ]kh][l kge]l`af_ ^jge Ag\+ B]\g]l` ]p[]]\af_dq egj] l`Yf o`Ylo] Ykc J]l]j kYa\ l`Yl Ydl`gm_` C\g fgl `Yn] l`] egf]q l`Yl qgmoYfl) q]l C `Yn] kge]l`af_ YZgn]l`] nYdm]g^ egf]q+ B] kYa\+!Madn]jYf\ Agd\ `Yn] Cfgf]) Zmlkm[` YkC`Yn] _an] C l`]]8 af l`] H;G? I@D?MOM=BLCMN g^ HYrYj]l`) jak]mh Yf\ oYdc+! N`] dYe] eYf klgg\mh) d]Yhaf_) oYdcaf_ Yf\ hjYakaf_Ag\+ N`]j] akhgo]j af D]kmkHYe]+J]l]j cf]o l`] hgo]j g^ D]kmkfYe]
GS >;OABN?L L;CM?> @LIG>?;NB NBLIOAB @;CNB
CHD?MOMH;G?
?aoYk Y [`addq ]n]faf_ af Y[g C\ lgof+ MYlYf lggc l`]Y\nYflY_] g^ l`Yl Ylegkh`]j] lg
+++l`] ^ljklZgjf g^ ]n]jq [j]Ylmj] +++
YllY[c gmj ]d\]kl \Ym_`l]j) ?\alY+M`] _gl kg ZY\ l`Yl k`] [gmd\ fgl]n]f kh]Yc fgj gh]f `]j ]q]k+ ChjYq]\ Y k`gjl hjYq]j ^gj `]j Zmlfgl`af_ `Yhh]f]\+ ;l YZgml .-7--h+e+) Yk C oYk j]Y\af_ eq <aZd] afl`] kallaf_ jgge) eq oa^] [Ydd]\)!MadYk)?\alY ak >?;> ! If] [Yf]Ykadq mf\]jklYf\ gmj ^]]daf_k Yll`Yl ege]fl ;k C jmk`]\ lg l`]Z]\jgge l`] Bgdq Mhajalj]eaf\]\e] l`Yl ?dabY`Yf\ ?dak`Y`Y\ Zgl`jYak]\ Y [`ad\ ^jge l`] \]Y\l`jgm_` ^]jn]fl \]l]jeaf]\ hjYq]jkg^ @;CNB Cf l`] [Yk] g^ ?dak`Y&/Eaf_k 170/*02') `] dYa\ mhgf l`]Zg\q g^ l`] [`ad\) hdY[]\ `ak egml`mhgf l`] [`ad\%k egml`) `ak ]q]kmhgf l`] [`ad\%k]q]k) Yf\ kg oal``ak `Yf\k+ N`]f `] [Ydd]\ mhgf l`]HYe] g^ l`] Fgj\) `ak Ag\+ Ag\`]Yj\) da^] [Ye] ZY[c) l`] [`ad\kf]]r]\ Yf\ oYk jYak]\ mh ^jge\]Yl`+ N`] Bgdq A`gkl j]eaf\]\e] l`Yl a^Ag\ kg jYak]\ l`gk] Zgqk^gj ?dabY`Yf\ ?dak`Ymf\]j l`] dYog^ Ggk]k) l`]f `go em[` egj]ogmd\ Ag\ kg jYak] eq \Ym_`l]jl`jgm_` ^Yal` af l`] H;G? g^D?MOM+
;k Cklgg\ l`]j] dggcaf_ Yl `]jda^]d]kkZg\q) l`] hgo]j g^ Ag\[Ye] mhgf e] Yf\ Clggc eq <aZd]Yf\ gh]f]\ al lg Dg`f .17 .1 Yf\hdY[]\ al Zq l`] `]Y\ g^ eq\Ym_`l]j+ Cl`]f klj]l[`]\ eq Zg\qmhgf eq \Ym_`l]j oal` gf] g^ eq`Yf\k hdY[]\ mhgf Dg`f .17 .1 Yf\[Ydd]\ mhgf Ag\ af l`] ajj]kaklYZd]H;G? g^ D?MOM =BLCMN * !CZ]k]][` NB?? lg jYak] eq\Ym_`l]j+! Gq \Ym_`l]j ngeal]\)da^]oYk j]klgj]\ Yf\ k`] oYk jYak]\^jge \]Yl` M`] akYdan]lg\Yq Yf\o] _an] Ag\ Yddl`] _dgjq ^gj l`ak_j]Yl eajY[d]+ =]jlYafdq l`]j] akhgo]j af D]kmkfYe]+ ;FF B;CFNB? JIQ?L I@ D?MOMH;G?
M;FP;NCIH I<N;CH;<F? <S@;CNB CHD?MOMH;G?
N`]j] Yj] l`gmkYf\k Yf\l`gmkYf\k g^ \a^^]j]fl _g\k Yjgmf\l`] ogjd\) ljm] kYdnYlagfakgfdql`jgm_` D]kmkfYe]+
N`] Yf_]d Yffgmf[af_ Bak
Zajl` kYa\ lg Dgk]h`) l`Yl BakH;G? ogmd\ Z] [Ydd]\ D?MOM gjB] k`YddkYn] `ak h]ghd] ^jge l`]ajkafk+&GYll`]o C7.5*/.'
Dg`f kYa\) !;k eYfq Ykj][]an]\ Bae) lg l`]e _Yn] `]hgo]j lg Z][ge] l`] kgfk g^ Ag\)]n]f lg l`]e l`Yl Z]da]n] gf BCMH;G?+! &Dg`f C7./'
Fmc] j][gj\k l`Yl !j]h]flYf[]Yf\ j]eakkagf g^ kafk k`gmd\ Z]hj]Y[`]\ af `ak H;G? Yegf_ YddfYlagfk) Z]_affaf_ ^jgeD]jmkYd]e+! &Fmc] /1714' J]l]jkYa\) !H]al`]j ak l`]j] kYdnYlagfafYfq gl`]j &oYq'8 ^gj l`]j] ak fgfYe] mf\]j B]Yn]f _an]f Yegf_e]f o`]j]Zq o] emkl Z] kYn]\+!&;[l 17./' Dg`f ojal]k) !N`]k]l`af_k `Yn] Cojall]f mflg qgm l`YlZ]da]n] gf l`] fYe] g^ l`] Mgf g^Ag\8 l`Yl qgm eYq EHIQ l`Yl qgm`Yn] ]l]jfYd da^])Yf\ l`Yl q] eYqZ]da]n] gf l`] H;G? g^ l`] Mgf g^Ag\+! &CDg`f 27.0'
N`]k] j][gj\k Yf\ eYfqgl`]jk [d]Yjdq k`go l`Yl kYdnYlagfakl`jgm_` D]kmk =`jakl Zq h]jkgfYd^Yal` af `ak H;G?+ C^qgm Yj] fglq]l kYn]\ qgm [Yf `Yn] Y Ag\dqkgjjgo l`Yl ogjc]l` j]h]flYf[] lgkYdnYlagf &/ =gjafl`aYfk 47.-'+L]h]fl g^ Yddqgmj kafk8[gf^]kk allg Ag\ \aj][ldq Yf\ ^gjkYc] al+&hjgn]jZk /57 .4' <]da]n] ^ajedq gfl`] HYe] g^ D]kmkYf\ qgm k`YddZ]kYn]\+&;[l .370.' >g fgl dakl]f lgl`] f]_Ylan] nga[] g^ l`] \]nad+L]kakl l`] \]nad+ <]da]n] Ag\+ C^
qgm Yj] ka[c) qgm eYq [Ydd gj l`]]d\]jk g^ l`] [`mj[` lg hjYq ^gj qgmCH NB? H;G? I@ D?MOM)gj [YfdYqqgmj gof `Yf\k gf qgmj Zg\qYf\ af l`] HYe] g^ D]kmk)=IGG;H> ka[cf]kk lg d]Yn] qgmjZg\q+ <]da]n] Z]^gj] qgm k]] al_gf]+ ;[l gf qgmj ^Yal`+>akj]_Yj\l`] kqehlgek+ <]da]n] Ag\+;hhj][aYl] Yf\ YhhjghjaYl] Ag\%khjgeak]k o`a[` Yj] ;FF S]Y Yf\;e]f Zq l`] fYe] g^ D]kmk=`jakl+L]e]eZ]j lgg) l`Yl l`]j] akhgo]jaf D]kmkfYe]+ D]kmkl]ddkqgm) a^q]k`YddYkc Yfql`af_ af Bak fYe]) B]oadd\g al+;G?H +
NBCLN??H
8cG7BF> C7>ED;M
N`j]] eadd]famek Y_g o`]f l`] ^dgo]j g^CkjY]d`Y\ Zdgkkge]\ aflg alk Zja_`l]kl Zdgge)oak] Mgdgegf ojgl]) !N`gm Yjl kfYj]\ oal` l`]ogj\k g^ l`q egml` +++ ! B] j]Ydar]\ l`]hgo]j g^ o`Yl qgm kYq @gj l`]j] akhgo]j lgkfYj]) hgo]j lg \]dan]j) hgo]j lg [mj]) hgo]j lgcadd af qgmj egml`+ N`]j] da]k hgo]j Z]qgf\qgmj aeY_afYlagf af o`Yl qgm kYq
; !_j]Yl]j l`Yf Mgdgegf)! ]n]f D]kmk)]pYdl]\ l`] eqkl]jq g^ l`] hgo]j g^ [gf^]kkagf&o`Yl qgm kYq' o`]f B] ^]Yjd]kkdqhjg[dYae]\)!C kYq mflg qgm) l`Yl o`gkg]n]j k`YddkYq +++ Yf\ k`Yddfgl \gmZl af `ak `]Yjl) Zmlk`YddZ]da]n] l`Yl l`gk] l`af_k `] kYal` k`Ydd[ge]lg hYkk8] k`Ydd Yn] o`Ylkg]n]j `] kYal`+! GYjcCC7/0+
I` Ccfgo o] `Yn] ]imang[Yl]\ YZgmll`ak)o] `Yn] \gmZl]\ * ]n]f \akZ]da]n]\ l`ak ZmlAg\%k Qgj\ ak ljm] N`ak \][dYjYlagf g^ ^Y[lf]]\k fg ]imang[Ylagf) fg ]phdYfYlagf Zq o]eg\]jfk8 al f]]\k fg [gehjgeakaf_ fgjimYda^qaf_ * Ag\%k Qgj\ kaehdq f]]\k lg Z])q]Y jYl`]j emkl Z] Z]da]n]\+ !F]l Ag\ Z] ljm]Yf\ ]n]jq eYf YdaYj+!LgeYfk 0 71+!I` <jgl`]jGY`gf]q)! qgm kYq) !N`ak [Yf%l Z] dal]jYddq
@IOLN??H
ljm]+! <ml al ak N`]j] akhgo]j af o`Yl qgm kYq+!Sgm k`Ydd`Yn] o`Ylkg]n]j qgm kYq)! * a^ qgmZ]da]n]+
NjY_a[Yddq l`ak ea_`lq ljml` ak ^af\af_^md^adde]fl ]n]f af gmj mfZ]da]^+ @gj ]pYehd])qgmj dalld] 4 q]Yj gd\ Mmka][ge]k af kfa^^daf_+Cee]\aYl]dq qgm kYq) !I` \]Yj Mmka]ak[geaf_\gof oal` l`] ^dm]+! Hgo qgm `Yn] fg hjgg^k`] `Yk ^dm]Zml mhgf [gf^]kkaf_ qgmj dalld] Mmka]`Yk ^dm]) qgm gh]f l`] \ggj lg l`ak \ak]Yk] Zqo`Yl qgm kYq Yf\ kmj] ]fgm_`) Mmka]_]lk l`]^dm]+Q`]f qgm kYa\ al) qgm \a\f%l \gmZl al Yf\qgm _gl o`Yl qgm kYa\+Hgo a^l`ak ogjck af l`]f]_Ylan] * Yf\ al \g]k * o`q [Yffgl o]=`jaklaYfk Z][ge] YZkgdml]dq hgkalan] af gmj[gf^]kkagf &o`Yl o] kYq' g^ Ag\%k Qgj\ Yf\ k]]l`] hjgnakagfk g^ l`Yl ogj\ af gmj \Yadq da^]Yf\`ge]: Sgm [Yf eq ^ja]f\
Ng j]n]jk] l`] YZgn] ]pYehd]7 Falld] Mmka][ge]k af kfa^^daf_+ Cee]\aYl]dq qgm kYq)!&.]kmk' Baek]d^ lggc gmj af^ajeala]k Yf\ ZYj]gmj ka[cf]kk]k Yf\ Zq &Bak' o`gk] kljah]k o]o]j] &hYkll]fk]' `]Yd]\+! GYll`]o 57 .4) CJ]l]j/7/1+ Cf l`] ^Y[] g^ o`Yl qgm kYq)l`] af^ajealqemkl dggk] alk `gd\ gf dalld] Mmka]Yf\ qgm `Yn]
+++@gj Zq `ae o]j] Yddl`af_k [j]Yl]\ +++
o`Yl qgm kYq <jg+ N+ B+ IkZgjf lgd\ e] Y k][j]l g^
`]Ydaf_ eYfq q]Yjk Y_g l`Yl addmkljYl]kl`ak ljml`+C%n]f]n]j ^gj_gll]f al+B] kYa\) !N]j] Yj] l`j]]l`af_k lg Z] [gfka\]j]\ af ka[cf]kk7 @CLMN7o`Yll`] kqehlgek kYq7M?=IH>7 o`Yl Ag\%k ogj\kYqk7Yf\ NBCL>7 o`Yl qgm kYq Hgo a^qgm kYqo`Yl Ag\ kYqk)l`] ka[cf]kk `Yk lg _g+ C qgm kYqo`Yl l`] kqehlgek kYq qgm `Yn] o`Yl qgmkYq ! C%n]gmf\ l`ak ljm]+
JYmdB]fjq) l`] Mhajal ^add]\ Yllgjf]q o`gakYe]eZ]j g^ l`] <gYj\ g^ Qgjd\ G;J lgd\ e]l`ak klgjq Y k`gjl lae] Y_g Yf\ al `Yk `]dh]\ e]+!N`]j] oYk Y dalld] Zgq Yl ?Ykl]j lae] o`g oYkdggcaf_ ^gj kge] [Yf\q ]__k+ Bak egl`]j `Y\`a\\]f l`]e Yf\ hjgeak]\ l`] [Yf\q ]__k o]j]af l`] jgge) Zml `] emkl ^af\ l`]e+ Q]dd) `]klYjl]\ dggcaf_ ^ajkl mf\]j l`] [`Yaj af l`][gjf]j) l`]f mf\]j l`] [gm[`) l`]f Z]`af\ l`]lYZd]) mf\]j l`] jm_ Yf\ Z]`af\ l`] k]Yl[mk`agfk+ !Naeeq) qgm%j] _]llaf_ oYje+ qgm%j]_]llaf_ `gl) gghk fgo qgm%j]_]llaf_ [gd\ ]l[+]l[+! Q]dd Naeeq c]hl dggcaf_ ^gj Y dgf_ lae]h]jag\a[Yddq _]llaf_ !`gl! Yf\ l`]f ![gd\! Zml`] bmkl[gmd\f%l ^af\ l`gk] ]Ykl]j ]__k+@afYddq]klghh]\ Yf\ af\a_Yfldq hml `ak `Yf\k gf `ak `ahkYf\ dggc]\ mh Yl `ak egl`]j af \akYhhgafle]fl+M`] ]p[dYae]\) !Naeeq qgm%j] j]\ `gl) qgm%j]j]\ `gl ! Mmjhjak]\) `] dggc]\ \gof gfdq lg k]]`ak [gYl hg[c]lk kda_`ldq Y_Yhf]Yj `ak `Yf\k+ B]l`jmkl `ak `Yf\k aflg `ak hg[c]lk Yf\ l`]j] o]j]l`] [Yf\q ]__k ja_`l af `ak [gYl hg[c]l+
Hgo l`ak addmkljYl]kl`] oYq eYfq g^ mkhjYq+ Q] Yj] ljqaf_ lg ^af\ Ag\ Yf\ l`] Yfko]jlg gmj f]]\ Zq !Yk[]f\af_ mh lg `]Yn]f! af gmjk]Yj[`af_ gj !\]k[]f\af_ aflg l`] \]]h! af gmjk]]caf_+ Q] k]Yj[`) o] hjYq) o] ^Ykl)o] k]]c &Yddg^ o`a[` Yj] k[jahlmjYd' Zml o`Yl kYal` l`]M[jahlmj]: N`] l`af_ qgm Yj] dggcaf_ Yddgn]j ^gj!ak fa_` l`]]) ]n]f af l`q egml` +++ l`] ogj\g^ ^Yal` ! &LgeYfk .-73*5'+ Ag\ akbmkl oYalaf_^gj qgm lg Z]_af lg kh]Yc af ^Yal` kg qgm [Yf`Yn] o`Yl qgm kYq !N`Yl a^ l`gm k`Ydl [gf^]kkoal` l`q egml` +++ l`gm k`Ydl Z] M;P?>+!
N`ak ogj\ !kYn]\! ak l`] Aj]]c ogj\+!kgrg+! Cf Mljgf_k ?p`Ymklan] =gf[gj\Yf[] Yf\Aj]]c >a[lagfYjq `] _an]k l`ak \]^afalagf7 !lgkYn]) a+]+lg \]dan]j gj hjgl][l) `]Yd) hj]k]jn]) \go]dd) eYc] o`gd]+! ?aak Yf Yddaf[dmkan] ogj\o`a[` l`] Bgdq Mhajal [`gk] lg k`go SIda l`]hgo]j g^ o`Yl qgm kYq N`ak Y_j]]k oal` GYjcCC7/0)! +++ `] k`Ydd `Yn] o`Ylkg]n]j `]kYal`+! !Q`Ylkg]n]j ! <] kYn]\ ! <gl`) o`]fmf\]jklgg\ * kYql`] kYe] l`af_+
N`Yl o`a[` qgm Yj] hjYqaf_) k]]caf_ Yf\k]Yj[`af_ ^gj ak &dac]l`] [Yf\q ]__k af l`] dalld]Zgq%khg[c]l' af qgmj egml`+ Mh]Yc al ja_`l fgo
+++l`Yl Yj] af `]Yn]f +++
gml dgm\ &JkYde 147.' N]dd qgmj f]a_`ZgjkYZgml al >]dan]j,l`qk]d^ oal` l`q l]klaegfq Njq al N`ak ea_`lq ljml` oadd ogjc ^gj qgm+!N`]q gn]j[Ye] `ae Zq l`] Zdgg\ g^ l`] FYeZYf\ Zq l`] ogj\ g^ l`]aj l]klaegfq +++ ! &o`Yll`]q kYa\' L]n]dYlagf C/7 CC+
QBS >I?M CNQILE
Q] g^ [gmjk] emkl Y[cfgod]\_]) !?aakfglg^ `ae l`Yl oaCd]l`+ fgj g^ `ae l`Yl jmff]l` Zmlg^ Ag\ l`Yl k`]o]l` e]j[q+! LgeYfk 67.3+ ?aakZ][Ymk] Ag\ akafngdn]\ af gmj l]klaegfq) af gmjhjg^]kkagf) af gmj [gf^]kkagf+ af o`Yl o]kYq * l`Yl l`af_k `Yhh]f+
N`] Fgj\ _Yn] e] Yf mf\]jklYf\af_ g^B]Zj]ok 07 C fgl dgf_ Y_g l`Yl [Ye] lg e] YkYea_`lq j]n]dYlagf+ L]Y\ [Yj]^mddq fgo+! +++ [gfka\]j l`] ;hgkld] Yf\ Ba_` Jja]kl g^gmj hjg^]kkagf) &[gf^]kkagf) l]klaegfq' =`jaklD]kmk+!Fac] Y ^dYk`g^ \anaf] da_`l al \Yof]\ gfe] ^gj l`] ^ajkl lae] l`Yl D]kmkakBa_` Jja]kl g^o`Yl o] kYq+ C `Y\ j]Y\adq Y[cfgod]\_]\ BakBa_` Jja]kldq eafakljq+ C cf]o l`Yl !o] `Yn] Y_j]Yl Ba_` Jja]kl l`Yl ak hYkk]\ aflg `]Yn]f)D]kmk l`] Mgf g^ Ag\ +++ ! B]Zj]ok 17 .1+ Ccf]o l`Yl ! +++ =`jakl kall]l` gf l`] ja_`l `Yf\g^ Ag\ ]n]j danaf_ lg eYc]af l]j[]kkagf +++ ! ^gj mk+ =gdgkkaYfk 07 C)B]Zj]ok 47/2+ <ml o`Yl Bak Ba_` Jja]kldqeafakljq afngdn]\ C\a\ fgl ^mddqmf\]jklYf\+ <mlkm\\]fdq C kYo al+D]kmk=`jakl ak Ba_` Jja]kl g^gmj hjg^]kkagf &[gf^]kkagf * o`Yl o] kYq'+B]Zj]ok 07 C+
M]] l`] ha[lmj] af `]Yn]f+ N`]j] ak l`]@Yl`]j kallaf_ gf l`] l`jgf]+ N`]j] ak D]kmkkallaf_ gf l`] ja_`l `Yf\ g^ Ag\+ <ml l`]j] akkge]gf] ]dk] l`]j] Z]^gj] l`] l`jgf] g^ Ag\+Q`g akal: N`] k[jahlmj]k _an] l`] Yfko]j+ !N`]j]oYk Y\Yq o`]f l`] kgfk g^ Ag\ [Ye] lg hj]k]fll`]ek]dn]k Z]^gj] l`] Fgj\ Yf\ MYlYf[Ye] YdkgYegf_ l`]e+! DgZ C73+ M]] al [`ad\ g^ Ag\ MYlYf ak !Z]^gj] l`] Fgj\! Yegf_ l`] kgf_k+N`] k[jahlmj]k ^mjl`]j af\a[Yl] ! +++ l`] Y[mk]jg^ gmj Zj]l`j]f &MYlYf'+++ Y[[mk]\ l`]eZ]^gj] Ag\ \Yq Yf\ fa_`l+! L]n]dYlagf ./7.-+Mg o] k]] MYlYf l`]j] Z]^gj] l`] l`jgf] af`]Yn]f Y[[mkaf_ l`] Zj]l`j]f+ <ml l`Yfc Ag\ !Q] `Yn] Yf Y\ng[Yl] &hYjY[d]l]' oal` l`]@Yl`]j! &?Dg`f /7 C' ]n]f D]kmk)o`g akhd]Y\af_gmj [Ymk] Y_Yafkl l`] Y[[mkYlagfk g^ MYlYf+<mlo`Yl ak B] hd]Y\af_ gmj [Ymk] oal`: Q`Yl akB]Ba_` Jja]kl g^: Gq ^ja]f\ [Yl[` l`ak ea_`lqljml` D]kmkak l`]j] hd]Y\af_ o`Yl qgm kYq: ;j]qgm _anaf_ D]kmk Y _gg\ [gf^]kkagf lg hd]Y\Y_YafklMYlYf%kY[[mkYlagfk:
Dmkl ha[lmj] l`ak k[]f] oal` e] af qgmj$6YX^SX_ON YX ZKQO/2 5
@C@N??H
!;o) Gge)! J]l] Z]__]\) !Q`q[Yf%l C_g oal` Dg] Yf\ Nge ^ak`af_ lg\Yq: C[Yfego Gjk+ GYddYj\%kqYj\ gf Ggf\Yq+!
Ggl`]j lmjf]\ Y kl]jf _dYf[] gfJ]l]+ !Sgm hjgeak]\ Gjk+ GYddYj\ l`Yl qgmogmd\ ego `]j dYof gf MYlmj\Yqegjfaf_+ Hgoa^ qgm fg dgf_]j oYfl l`] bgZ) _g Yf\ l]dd `]j lg_]l Yfgl`]j Zgq lg ogjc ^gj `]j+ Bgo]n]j) Cl`afc qgm emkl _g Y`]Y\ Yf\ ego l`] qYj\ l`akegjfaf_ YfqoYq) ^gj qgm `Yn] hjgeak]\+!
!<ml) _]]) Gge) C\a\f%l cfgo Dg]Yf\ Nge hdYff]\ lg _g ^ak`af_ lg\Yq Yf\Z]ka\]k l`]q Yj] _gaf_ gn]j lg <a_ Jaf] CkdYf\Yf\ l`] kfggc Yj] j]Yddq jmffaf_ gn]j l`]j]+=gmd\f%l Cbmkl_g Y`]Y\ Yf\ ]phdYaf l`Yl lg Gjk+GYddYj\:!
!Cf l`Yl [Yk]) J]l]) qgmj ogj\ oaddf]n]j Z] Yfq _gg\+ Q`]f qgm hjgeak] lg \gkge]l`af_ qgm oadd Z] e]Yfaf_) %Coadd\g l`Yl a^C\gf%l [`Yf_] eq eaf\+% Hg Sgm emkl c]]hqgmj ogj\+!
; jYl`]j mf`Yhhq Zgq hmk`]\ Y Za_ego]j \gof l`] klj]]l Y ^]o eafml]k dYl]j+ B]_ma\]\ l`] ego]j aflg Gjk+ GYddYj\%kqYj\ Yf\hmdd]\ l`] l`jglld] gh]f Yk Y khjYq g^ _jYkkk`go]j]\ Y`]Y\ g^ `ae+ Bak l`gm_`lk o]j]Yfql`af_ Zml hd]YkYfl+B] oYk l`aa.caf_ YZgmlYddl`] ^mf Yf\ ]p[al]e]fl `] oYk eakkaf_ lg\Yq+
;^l]j `] `Y\ ego]\ l`] ^jgfl hYjl`] `]Y\]\ \gof l`] ka\] g^ l`] `gmk] Yf\ Yk`][Ye] [dgk] lg l`] hYlag) Gjk+ GYddYj\ oYkoYalaf_ l`]j] oal` Y lYdd _dYkk g^ a[]*[gd\d]egfY\]+ J]l] [ml g^^ l`] ]f_af] Yf\ l`] k[godgf `ak ^Y[] oYk ]p[`Yf_]\ ^gj Ykead]+
!C%e _dY\ lg k]] l`Yl qgm [Yf kladdkead]) J]l]) !N`ak ak l`] ^ajkl lae] C]n]j kYo Yk[god ja\] qgmj ^Y[]+Sgm Yj] YdoYqkkg [`]]j^md+BYkAg\ lmjf]\ Bak ZY[c gf qgm: Ij kge] gl`]j[YdYealq g[[mjj]\:!
J]l] Zdmk`]\ \]]hdq+ B] oYkmfYoYj] l`Yl `] `Y\ k`gof `ak ^]]daf_k kghdYafdq+%Hg)+fgl`af_ Za_ ]p[]hl CoYfl]\ lg \gkge]l`af_ Yf\ C[gmd\f%l+!
!I`) C k]]+ ; \akYhhgafle]fl: >a\qgm ]n]j `]Yj l`] kYqaf_ l`Yl %Imj\akYhhgafle]flk Yj] Ag\%k Yhhgafle]flk%: N`Yle]Yfk l`Yl kge]lae]k Ag\ `Yk Y kh][aYdYhhgafle]fl ^gj mk afkl]Y\ g^ l`] l`af_ o]oYfl]\ lg \g kg ZY\dq+!
!Bme+! J]l] ^afak`]\ l`] \jafc)l`Yfc]\ `ak `gkl]kk Yf\ klYjl]\ l`] dYof ego]j
MCRN??H
Y_Yaf+?a\a\f%l k]]e kg `Yj\ lg ogjc Y^l]j l`Yldalld] [`Yl oal` Gjk+ GYddYj\+J]l] c]hl l`afcaf_YZgml Ag\%k Yhhgafle]fl+ B] oYkf%l kmj] o`Ylal e]Yfl+ Mgmf\]\ dac] kge] _jgof*mh lYdc `]g^l]f hYkk]\ mh+
;Zgml Yf `gmj dYl]j `] oYk l`jgm_`oal` l`] dYof Yf\ o]fl lg l`] hYlag \ggj Yf\[Ydd]\ Gjk+ GYddYj\+M`] \a\f%l Yfko]j `ae+ B]o]fl lg l`] ^jgfl \ggj Yf\ jYf_ l`] Z]dd+HgYfko]j+ N`ak k]]e]\ kljYf_]) `]j [Yj oYk kladdafl`] [Yjhgjl8 `] `Y\ fgl k]]f `]j d]Yn] l`] `gmk]o`ad] `] ego]\+ B] [gmd\ `]Yj l`] jY\ag _gaf_lgg+
J] l ] ^] ?aY kljYf_] k]fk] g^kge]l`af_ Z]af_ ojgf_+ B] `Y\ l`] ^]]daf_ l`Yl`] emkl _g afka\] Yf\ ^af\ Gjk+ GYddYj\+Hgl]n]j `Ynaf_ _gf] af Gjk+ GYddYj\%kgmk] Z]^gj])`] `]kalYl]\+ <ml kge]l`af_ mj_]\ `ae gf+ Bak`]Yj\ ha[c]\ mh lo]flq Z]Ylk Yk`ak `Yf\ lmjf]\l`] k[j]]f dYl[`+ N`] danaf_ jgge oYk]ehlq l`] \affaf_ jgge l`] cal[`]f lgg+B] [Ydd]\ `ae+ Hg Yfko]j+ N`]f [Ymlagfkdq `]kdahh]\ \gof l`] `Ydd+Dmkl]n]f oal` l`] k][gf\\ggj `] kYo `]j dqaf_ gf l`] ^dggj+N`]j] oYkZdgg\ Yjgmf\ `]j `]Y\
;dd g^ Y km\\]f J]l] oYk Y [q[dgf]g^ Y[lagf+ B] jYf f]pl \ggj * fg gf] oYk`ge] B] q]dd]\ !B]dh! dgm\dq gf `ak oYq ZY[c
.6+ 9
(77605:4,5:
+++o`]l`]j l`]q Z] l`jgf]k) gj \geafagfk +++
*
lg `]j `gmk]+ N`] h`gf] Q`]j] oYk al: B]^gmf\ gf] af Y Z]\jgge Yf\ [Ydd]\ `ak egl`]j+M`] kYa\ k`] ogmd\ Z] ja_`l l`]j]) Zml `] k`gmd\ljq lg _]l gl`]j f]a_`Zgjk o`ad] k`] oYk [geaf_+Nog \ggjk \gof) J]l] ^gmf\ Y f]a_`Zgj Yl`ge] Zml `]j ZYZq oYk Ykd]]h+J]l] klYq]\ oal`l`] ZYZqo`ad] k`] jYf lg Gjk+ GYddYj\+
J]l] oYk kladdoal` l`] ZYZq o`]fl`] YeZmdYf[] [Ye]+ @afYddql`] f]a_`Zgj dY\q[Ye] ZY[c Yf\ J]l] d]Yjf]\ l`Yl Gjk+ GYddYj\`Y\ kljm[c `]j `]Y\ Y_Yafkl l`] ZYl` lmZ o`]fk`] ^]dd+?aoYk d]Yjf]\ dYl]j l`Yl Gjk+ GYddYj\`Y\ km^^]j]\ Y`]Yjl YllY[c+
;l \aff]j l`Yl fa_`l l`] ^Yeadq oYk\ak[mkkaf_ Gjk+ GYddYj\+N`] f]a_`Zgj oal` l`]ZYZq `Y\ h`gf]\ lg kYq Gjk+ GYddYj\%kkgf `Y\Yjjan]\ Yf\ oYfl]\ lg k]] J]l] kge]lae] l`]f]pl \Yq+ Ggl`]j kYa\) !J]l]) o`Yl a^ qgm `Y\Zjgc]f qgmj hjgeak] lg Gjk+ GYddYj\ Yf\ _gf]^ak`af_ lg\Yq:!
J]l] dggc]\ \]]h aflg `ak hdYl] g^^gg\+ @afYddq ] dggc]\ mh oal` Y _jae dggc+!C%e Y^jYa\ fg gf] ogmd\ `Yn] ^gmf\ `]j mfladlgg dYl]+!
!N`Yl ak ]pY[ldq o`Yl Ydd l`]f]a_`Zgjk Yj] kYqaf_+ Sgm k]]) J]l]) qgm kYn]\`]j da^]+N`] \g[lgj kYa\ Y ^]o eafml]k dYl]jogmd\ `Yn] Z]]f lgg dYl]+!
8c;ffY F]] =Yjdlgf
+++Yf\ l`Yl Yj] af ]Yjl`) nakaZd]Yf\ afnakaZd]+++
!=gmd\ l`Yl Z] o`Yl k`] e]Yfl ZqAg\%k Yhhgafle]fl: M`] kYa\ kge]lae]k gml\akYhhgaf le]f lk Yj] Ag\%k Yhhgafle]f lk+!
>Y\ fgg\]\ `ak `]Y\ Yk`] Zmll]j]\Y em^^af+ !;k C k]] al+ J]l]) Ag\ `Y\ YfYhhgafle]fl ^gj qgm gn]j Yl Gjk+ GYddYj\%k`gmk] l`ak egjfaf_+ BY\ qgm fgl c]hl qgmjogj\) qgm ogmd\ `Yn] `Y\ Yf mf]Ykq ^]]daf_ ^gjY dgf_ lae]+ N`] <aZd] l]ddk mk lg dan] Ag\dqdan]k *l`Yl e]Yfk lg ^Yk`agf gmj da^] Y^l]j Ag\+Ag\%k ogj\ ak kmj] kg o] emkl ljq lg k]] l`Ylgmj ogj\ akkmj] Ydkg+
!C^ qgm `Y\ j]lmjf]\ ^jge ^ak`af_lg\Yq Yf\ `]Yj\ l`Yl Gjk+ GYddYj\ `Y\ Y `]YjlYllY[c l`ak egjfaf_ Yf\ oYk fgl ^gmf\Y^l]jfggf) `go \g qgm l`afc qgm ogmd\ ^]]dfgo:!
!C k]] o`Yl qgm e]Yf) >Y\+ C^]]d kg`Yhhq fgo l`Yl CoYk YZd] lg `]dh+ C\g Z]da]n]l`Yl Ag\ hdYff]\ ^gj e] lg Z] l`]j] l`akegjfaf_ kg C[gmd\ `]dh `]j+ Cl emkl `Yn] Z]]fAg\%k Yhhgafle]fl!+ La_`l Y^l]j\aff]j l`l] f]pl \Yq qgmf_ Gj+ GYddYj\[Ye] lgk]] J]l]+ B] _Yn] `ae Y l]f \gddYj Zadd^gj l`]dYof+
!<ml) Gj+ GYddYj\)Cgfdq [`Yj_] `]j^gmj \gddYjk)! J]l] hjgl]kl]\+
Gj+ GYddYj\ hmk`]\ l`] ^add^ajedqaflg J]l]%k `Yf\+ !Gq Zgq) al ak ogjl` ^Yjegj]l`Yf Yfq l]f \gddYj Zadd)o`Yl qgm \a\ ^gjegl`]j q]kl]j\Yq+ C [Yf f]n]j l`Yfc qgm]fgm_`+ N]dd e] `go \a\ qgm `Yn] oak\ge]fgm_` lg _g afka\] Yf\ dggc ^gj egl`]j:!
!C \gf%l cfgo)! J]l] Y\eall]\+ !?aoYk Y ^]]daf_ C`Y\+ Mge] l`af _ k]]e]\ lg eYc]e] _g+ C l`afc al oYk Ag\%k Yhhgafle]fl l`YleY\] e] \g al+!
!N`Yl akbmkl o`Yl C l`gm_`l lgg)!Y_j]]\ Gj+ GYddYj\+ !?aoYk l`] Bgdq Mhajalmj_af_ qgm+ C `]Yj\ `go qgm oYfl]\ lg _g^ak`af_ q]kl]j\Yq afkl]Y\ g^ ogjcaf_+ AdY\ qgm\af%l !
J]l] oaf[]\ Yk `] l`gm_`l g^ alY_Yaf+!C%e _dY\ fgo C\a\f%l+!
;k Gj+ GYddYj\ lmjf]\ lg d]Yn] `]kYa\) !Q]dd) J]l]) C%e[geaf_ ZY[c \gof `]j] Ykkggf Ykegl`]j akYZd]lg _]l gml g^ l`] `gkhalYd+C%e_gaf_ lg ^af\ Y \Yq lg lYc] qgm lg <a_ Jaf]CkdYf\^ak`af_ * Cl`afc qgm \]k]jn] al+!
;k J]l] oYl[`]\ Gj+ GYddYj\ \jan]YoYq `] l`gm_`l7 C\gf%l \]k]jn] Yfql`af_ _gg\+?aak eq ege l`Yl \g]k+ M`] ak l`] gf] l`Ylafkakl]\ C \g o`Yl oYk ja_`l+ C%G_dY\ k`] \g]k+A]]) Ye C]n]j _dY\
]f\
*&,&(+&&(
!5V;^ RO^RK Z\YZRO]SO^R]ZOKUO^R_X^Y WOXPKONSPSMK^SYX&KXNObRY\^K^SYX(KXNMYWPY\^(!$; 6Y\( +.1-%
!=O^^ROZ\YZRO^]]ZOKU aY Y\ ^R\OO&KXNVO^ ROY^RO\T_NQO(! $; 6Y\( +.1/6'!4XN ^RO]ZS\S^]YP^ROZ\YZRO^]K\O]_LTOM^Y ^ROZ\YZRO^](! $; 6Y\( +.1-,%
JYmd)af C =gj+ [`Yhl]jk ./ lg .1) `Yk em[` lg kYqYZgmlhjgh`][q) l`]j]Zq af\a[Ylaf_ alk aehgjlYf[]) ZmlYdkgl`] mj_]f[q g^ l`] f]]\ ^gj alk j]_mdYlagf+
N`] Aa^l g^ Jjgh`][q ak l`] gf] _a^l g^ l`] BgdqMhajal l`Yl ak egkl ]YkadqkaemdYl]\ gj [gmfl]j^]al]\ Zql`] \]nad8 Yf\ l`] gf] af o`a[` l`] h]jkgf gh]jYlaf_ l`]_a^l ak egkl ]Ykadq \][]an]\ aflg l`afcaf_ `] akhjgh`][qaf_ Zq l`] Bgdq Mhajal)o`]f h]j`Yhk `] akkh]Ycaf_ ^jge `ak gof khajal+@gj l`ak j]Ykgf) fg \gmZl)Zgl` JYmdYf\ Dg`f Y\egfak` mk lg !Njq l`] khajalk+!Yf\ !Dm\_] l`] hjgh`][a]k+! N`]q \a\ fgl oYjf mklg ljql`] _a^lk g^ `]Ydaf_) gj l`] ogjcaf_ g^ eajY[d]k) gj l`]_a^lg^ Yogj\ g^ cfgod]\_]+ N`] j]kmdlk)l`]ek]dn]k) l]klgj hjgn] o`]l`]j l`] ljm] _a^l akaf gh]jYlagf) gj Z]af_kaemdYl]\) af l`gk] [Yk]k+<ml af l`] [Yk] g^ hjgh`][q gjl`] afl]jhj]lYlagf g^ lgf_m]k) o`a[` akg^ l`] fYlmj] g^hjgh`][q) l`]j] akfg aee]\aYl] hjgg^ l`Yl al akg^ Ag\)`]f[] o] Yj] lgd\ lg !Njq l`] khajalk!+
!<]dgn]\) Z]da]n] fgl ]n]jq khajal) Zml ljq l`] khajalko`]l`]j l`]q Yj] g^ Ag\8 Z][Ymk] eYfq ^Ydk]hjgh`]lkYj] _gf] gml aflg l`] ogjd\+! &CDg`f 17C'
Mge] [`mj[`]k Yf\ hjYq]j _jgmhk lg\Yq Yj] ^gddgoaf_Y hYll]jf l`Yl `Yk) af eYfq gl`]j hdY[]k) ]fYZd]\ l`]\]nad lg _]l `ak ]nad ^ggl af l`] \ggj) Yf\ ^ajkl \][]an])l`]f ]fkfYj]) Yf\ l`]f \]kljgq l`] ogjc g^Ag\ * HYe]dq l`] Jj]*]eaf]f[] g^) Yf\ L]daYf[] mhgf)Jjgh`][q) jYl`]j l`Yf L]daYf[] mhgf) Yf\ IZ]\a]f[] lg)D]kmkYf\ N`] Qgj\+
Cf egkl g^ l`]k] _jgmhk l`] h]ghd] Yj] kaf[]j] Yf\ljqaf_ lg \g o`Yl l`]q l`afc ak ja_`l+ <ml JYmdoYjfkY_Yafkll`gk] o`g !Yj] \][]anaf_ Yf\ Z]af_ \][]an]\+!&CCNae+ 07.0' ;f\ Ag\%kQgj\ k`gok mkl`Yl l`] \]nad[Yf g[[YkagfYddqmk] Y _gg\ h]jkgf%k dahklg kh]Yc `akda]k+
Cf GYll`]o .37 .0*/0 o] ^ajkl ^af\ J]l]j [gf^]kkaf_oal` `ak dahkl`Yl D]kmkakl`] =`jakl) l`] Mgf g^ Ag\) Yf\D]kmkklYlaf_ l`Yl l`ak oYk _an]f lg `ae ^jge `]Yn]f+ ;^]o n]jk]k dYl]j l]ddk mk g^ D]kmkk`goaf_ l`] \ak[ahd]kl`Yl B] kggf emkl _g mh lg D]jmkYd]e Yf\ l`]j] Z]cadd]\ Yf\ jak] l`] l`aj\ \Yq+ ;f\ g^ J]l]j%k kYqaf_)!Fgj\) l`ak k`Yddfgl `Yhh]f lg l`]]+! B] oYk kaf[]j]+B] l`gm_`l `] uYk kh]Ycaf_ l`] ljml`) o`Yl oYk ja_`l+<ml D]kmk\a\ fgl kYq+%uA]ll`]] Z]`af\ e]) J]l]j+! B]kYa\)!A]l l`]] Z]`af\ e]) kYlYf+!B] kYo l`Yl kYlYf`Y\khgc]f l`jgm_` l`gk] kYe] dahkl`Yl `Y\ kg kggf Z]^gj]Z]]f mk]\ lg kh]Yc Ag\%kogj\k+
?aakeq \]]h [gfna[lagf) ^jge eq gZk]jnYlagfk) o`YlC`Yn]+k]]f Yf\ `]Yj\) Yf\ ^jge Ag\%k Qgj\) Yf\ l`]oalf]kk g^ l`] Bgdq M)hajallg eq khajal * l`Yl Yfq _jgmhgj [`mj[` gj af\ana\mYd l`Yl GYbgjk gf Jjgh`][q Yf\dggck lg Jjgh`][q lg l]dd l`]e o`Yl lg \g) akaf _jYn]D7dI_]j+GYfq `Yn] Z]]f \]dm\]\ Yf\ d]\ YkljYq)Yf\
,0./:,,5
!" #$%&l`]aj ogjc ^gj Ag\ \]kljgq]\ Yf\ \ak[j]\al]\ Z][Ymk]l`]q _Yn] hjgh`][q Y hdY[] g^ hj]*]eaf]f[]) Yf\ j]da]\gf hjgh`][q lg _ma\] l`]e Yf\ l`]aj dan]k)jYl`]j l`YfD]kmkYf\ Ag\%kQgj\+
BYjgd\ Bgjlgf [al]\ l`ak Yk Yf ]jjgj l`Yl l`];hgklgda[ =`mj[` ^]ddaflg+ ?a\]kljgq]\ l`] ogjc g^ l`]!FYll]j LYaf! egn]e]fl af l`] .62-%k) Yf\ Zjgm_`l`mjl Yf\ [gf^mkagf Yf\ \akj]hml] lg eYfq g^ Ag\%kh]ghd]+
<gl` JYmdYf\ Dg`f oYjf]\ mkY_Yafkll`ak \Yf_]j+ ?a
h]kl]j]\ l`] gd\ daf] J]fl][gklYd [`mj[`]k af l`ak []flmjqkg l`Yl) Z]^gj] FYll]j LYaf [Ye] Ydgf_ Yf\ j]klgj]\Jjgh`][q aflg egkl @mddAgkh]d [`mj[`]k) eYfq g^ l`]e`Y\ ZYff]\ Ydd hjgh`][q af l`]aj [`mj[` k]jna[]k)]na\]fldq Z][Ymk] l`]q `Y\ Z]]f \][]an]\ Zq kge] ^Ydk]hjgh`][a]k Yf\ l`gm_`l al kY^]j lg klgh Yddhjgh`][q afl`]aj [`mj[`]k) l`Yf jmf l`] jakc g^ Z]af_ \][]an]\+
Cf eYfq hdY[]kl`] hYll]jf af o`a[` kYlYfgh]jYl]k lg\]kljgq Ag\%k ogjc) ak YZgml l`] kYe]+ ;l ^ajkl) l`]ogjc g^ Ag\) af [`mj[` gj hjYq]j _jgmh) ak_gaf_ ^af]+@gdckYj] `Yhhq af l`] Fgj\ Yf\ af ogjk`ahhaf_ Bae)Yf\ ]fbgqaf_ l`] Bgdq MhajalYf\ Bak Aa^lk+ I^l]f
+++gj hjaf[ahYdala]k) gj hgo]jk +++
l`] ^gdck af l`]k] _jgmhk Yj] \]fgeafYlagfYd [`mj[`
^gdck) fgo f]odq Mhajal*^add]\) ^mddg^ r]Yd Yf\ ]Y_]j)
Y^l]j eYfq q]Yjk af \]Y\) \jq [`mj[`]k) ^gj Yfql`af_
kmh]jfYlmjYd+ <ml fgl Yddl`Yl ak kmh]jfYlmjYd ak g^ Ag\+
@gj egkl ]n]jql`af_ _gg\ l`Yl Ag\ `Yk ^gj mk)kYlYf `Yk
Y [gmfl]j^]al+ ;f\ `] ak egkl ]^^][lan] o`]f `] [Yf
[gfnaf[] mk l`Yl `ak ak l`] j]Yd ogjc g^ Ag\+
Cf l`]k] _jgmhk l`]j] ak em[` hjgh`][q+ ;l ^ajkl al ak
af l`] ^gje g^ e]kkY_]k lg l`] [`mj[` Yk Y o`gd])
e]kkY_]k g^ ?\a^a[Ylagf) ?p`gjlYlagf) Yf\ =ge^gjl+ &?=gj+ .170' N`]f) a^ kYlYf `Yk `ak oYq) l`]j] ak egj]
h]jkgfYd Yf\ _ma\Yf[] hjgh`][q) lg af\ana\mYdk+ Ggkl
h]ghd] Yj] ]Y_]j lg `Yn] kge] gf] hjgh`]kq gn]j l`]e)
lg !_]l Y ogj\ ^jge B]Yn]f ^gj l`]e!) gj lg Z] lgd\
l`Yl l`]q !`Yn] Y _a^l!+ @gj eYfq Yj] fgl [dgk] ]fgm_`
lg l`] Fgj\ lg _]l Y ogj\ ^jge B]Yn]f ^gj l`]ek]dn]k+
BYjgd\ <j]\]k]f gf[] kYa\ l`Yl `] ogmd\ fgl Y[[]hl
_ma\Yf[] gj \aj][lagfYd hjgh`][q ^gj `aek]d^) ]p[]hl Yk
]phdYfYlgjq gj [gf^ajeYlgjq+ B] l`gm_`l) a^ Ag\ oYfl]\
`ae lg \g kge]l`af_) l`Yl B] ogmd\ l]dd `ae YZgml al)
afkl]Y\ g^ l]ddaf_ kge]gf] ]dk] lg l]dd `ae+
H]pl) a^ kYlYf `Yk `ak oYq) l`] h]jkgfYd) _ma\Yf[])
\aj][lagfYd Jjgh`][a]k lYc] Y egj] k]jagmk lmjf) dac]
l]ddaf_ kge]gf] l`]q Yj] lg _g lg l`] eakkagf ^a]d\) gj
l`Yl l`]q Yj] lg k]dd l`]aj `ge] Yf\ Zjaf_ l`] egf]q af
lg l`] [`mj[`+ N`ak [jghk mh g^l]f+
N`]f l`] hjaf[ahd] ak Yffgmf[]\ gj ]klYZdak`]\ l`Yl
l`] hjgh`][a]k Yj] g^ Ag\ Yf\ Yj] lg Z] gZ]q]\+ N`]
h]ghd] Yj] lgd\ lg !kmZeal lg l`] eafakljq! gj !lg l`]
e]kkY_]! gj lg l`] u]d^*klqd]\ !hjgh`]l!+
Q`]f l`]q j]Y[` l`ak hgafl) l`] _jgmh gj [`mj[` `Yk
\akgZ]q]\ Ag\%k Qgj\ Yf\ hdY[]\ Jjgh`][j YZgn] l`]
Qgj\ g^ Ag\+ @gj Zgl` JYmd Yf\ Dg`f [geeYf\ mk lg
!ljq l`] khajalk!) q]k) l`] !khajalk g^ l`] hjgh`]lk+! &?=gj+ .17 /6*0/8 CDg`f 17 C'+ <ml l`] h]ghd] Yj] lgd\ fgl
lg Km]klagf Ag\) Zml lg IZ]q+
N`ak \akgZ]\a]f[] lg Ag\%k Qgj\ Yddgok l`] \]nad lg
`Yn] `ak ^gg\ af l`] \ggj Yf\ aflg l`]aj eaf\k Yf\
`]Yjlk) Yf\ a^ `] [Yf _]l kge] g^ `ak ^Ydk] e]kkY_]k
Y[jgkk) l`]q l`]f oadd gZ]q l`]e) Z]af_ Y[[]hl]\ Yk
!^jge Ag\!+
N`]f [ge]k !Dm\_e]fl Jjgh`][q! o`]j] !Ag\%k
bm\_e]fl! ak hjgfgmf[]\ mhgf l`gk] o`g `Yn] fgl
!gZ]q]\! gj !kmZeall]\!+ N`ak Zjaf_k ^]Yj) _madl)
[gf^mkagf) \akaddmkagfe]fl) Yf\ mkmYddqe]Yfk l`] ]f\ g^
l`] ]^^][lan]f]kk g^ Ag\%k ogjc af l`Yl hdY[]+
N`Yl ak l`] jgml] kge] g^ l`] [`mj[`]k C cfgo g^
o]fl) Yf\ kge] hjYq]j _jgmhk) l`] ;hgklgda[ =`mj[`
l`Yl BYjgd\ Bgjlgf e]flagfk) Yf\ l`] FYll]j L;af
egn]e]fl) Yddg^ o`a[` klYjl]\ gml _gg\ Yf\ g^ Ag\) fg
\gmZl+
N`] afkljme]fl gj lY[la[ kYlYf mk]\ af ]Y[` [Yk] oYk
l`] kYe] * _]llaf_ l`] _jgmh lg eYbgj gf hjgh`][q) Yf\
_jY\mYddq _anaf_ al hj]*]eaf]f[]) mflad hjgh`][q oYk
YZgn] l`] Qgj\ af aehgjlYf[] Yf\ af l`] jmdaf_ g^ l`]aj
dan]k+
BYjgd\ Bgjlgf &o`g hYkk]\ YoYq j][]fldq Yl Y _gg\
+++Yddl`af_k o]j] [j]Yl]\ Zq `ae) Yf\ ^gj `ae+ ) )
gd\ Y_] Y^l]j Y lj]e]f\gmk eafakljq) Yf\ o`gk] Zggc)
!N`] Aa^lk g^ l`] Mhajal! ak l`] Z]kl C `Yn] j]Y\ gf l`]
kmZb][l' hgaflk gml o`]j] ^gdck ^]dd aflg ]jjgj Yf\ l`]
kfYj] g^ l`] \]nad+ B] kYqk l`Yl `Ynaf_ l`] Aa^l g^
Jjgh`][q \g]k fgl) g^ alk]d^) [gfklalml] Y eYf Y
JLIJB?N+ ;f\ l`Yl Jjgh`][q oYk fgl _an]f ^gj
_ma\Yf[] gj [gjj][lagf) Zml ^gj ?\a^a[Ylagf+ ?p`gjlYlagf
Yf\ =ge^gjl+ &?=gj+ .170' B] j]eaf\k mk l`Yl JYmd+af
[gjj][laf_ l`] ]jjgjk Yl =gjafl`+ \a\ fgl hjgh`]kq lg
l`]e) Zml mk]\ l]Y[`af_ Yf\ l`] Qgj\ g^ Ag\ lg _]l
l`]e ZY[c gf l`] ja_`l ljY[c+
Mge] h]ghd] [al] ;[lk .07 .*1 lg kmhhgjl l`] [dYae
l`Yl JYmd Yf\ <YjfYZYk o]j] k]fl lg l`] eakkagf ^a]d\
l`jgm_` kge]gf]%k Jjgh`][q af l`] _jgmh Yl ;flag[`+<ml l`] M[jahlmj]k kYq)
!;k l`]q eafakl]j]\ lg l`] Fgj\) Yf\ ^Ykl]\+ l`]
Bgdq A`gkl kYa\) M]hYjYl] e] <YjfYZYk Yf\ MYmdgj l`]
ogjc o`]j]mflg CB;P? =;FF?> NB?G+!
!C B;P? =;FF?> NB?G! af\a[Yl]k l`Yl l`] [Ydd
`Y\ ;FL?;>S <??H ACP?H lg JYmd Yf\ <YjfYZYk+
N`] hjgh`][q Yf\ l`] _jgmh%kY[lagf oYk Y[gf^ajeYlagf
Yf\ Y k]llaf_ g^ l`] lae]+ ;f\ al oYk fgl \gf] da_`ldq Yk
kg em[` hjgh`][q ak\gf] l`]k] \Yqk+
@ajkl) l`]q `Y\ Z]]f ^Yklaf_ Yf\ hjYqaf_+ N`]f [Ye]
l`] [geeYf\ lg k]f\ gml l`] eakkagfYja]k B] B;>
[Ydd]\+ <ml l`]q ^Ykl]\ Yf\ hjYq]\ kge] egj]) lg eYc]
kmj] l`ak oYk Ag\%k Qgj\ Yf\ lae]+
IjYd LgZ]jlk gf[] kYa\ af Y M]eafYj l`Yl `ak l]Ye \a\
fgl aee]\aYl]dq klYjl \gaf_ kge]l`af_ ^gj l`] Fgj\
o`]f l`]q `Y\ Y Jjgh`][q gj ^]dl l`] Mhajal aehj]kkaf_
l`]e lg \g al+ N`]q oYal]\ Yf\ hjYq]\) kge]lae]k mflad
l`] ]p`gjlYlagf oYk j]h]Yl]\ log gj l`j]] lae]k+ ;f\
l`Yl l`]q lja]\ lg eap kge] _gg\ kgmf\ !`gjk] k]fk]!
oal` l`] Jjgh`][a]k+ Cf gl`]j ogj\k) l`]q \a\ fgl
koYddgo ]n]jql`af_ l`Yl [Ye] Ydgf_ Yk Jjgh`][q) Yf\klYjl jmffaf_+
C^ qgmj [`mj[` gj hjYq]j _jgmh ak ^gddgoaf_ l`]
hYll]jf C`Yn] \]k[jaZ]\ af l`ak Yjla[d]) l`]f eq hjYq]j ak
l`Yl l`] Fgj\ oadd hj]n]fl l`] \]nad ^jge \gaf_ o`Yl `]
`Yk \gf] af kg eYfq hdY[]k+ <ml C^]]d l`Yl lg Y[[gehdak`
l`Yl) B] oadd `Yn] lg [`Yf_]) kge]`go gj Zq kge]gf])
l`] \aj][lagf l`] _jgmh ak _gaf_) Yf\ [`Yf_] l`]
]eh`Ykak ^jge j]daYf[] gf hjgh`][q) lg j]daYf[] gf) Yf\
gZ]\a]f[] lg) D]kmkYf\ Bak Qgj\+
Jjgh`][q) Ngf_m]k) Yf\ Cfl]jhj]lYlagfk) kaf_af_ af
l`] Mhajal) ]l[+) Yj] dac] a[] [j]Ye Yf\
kljYoZ]jja]k * ea_`lq ]fla[af_ Yf\ l97klq * Zml fgl
afl]f\]\ Yk Y kl]Y\q \a]l+ Cl lYc]k Zj]Y\ Yf\ e]Yl Yf\
eadc Yf\ Z]Yfk lg \g Y \Yq%kogjc gf+
N`] Qgj\ g^ Ag\ ak fgl YkYlljY[lan] lg eYfq h]ghd]
Yk l`] !Aa^lk!) Zml al ak o`Yl D]kmkkYa\ o] Yj] lg dan] Zq+
!>KX ]RKVVXY^ VS`OLc L\OKNKVYXO&L_^ Lc O`O\caY\N ^RK^Z\YMOONO^RY_^ YP^ROWY_^R YP9YN( !$>K^^(#$#!
<q D+;+ >]ffak
?\algj * N`] N]pYk B]jYd\
HCH?N??H
)> /(88> AL??HQII>
!& Dan]) Yf\ al k`Ydd Z] _an]f mflgqgm8 _gg\ e]Ykmj]) hj]kk]\ \gof) Yf\ k`Yc]flg_]l`]j) Yf\ jmffaf_ gn]j) k`Ydde]f _an] aflgqgmj Zgkge+ @gj oal` l`] kYe] e]Ykmj] l`Yl q]e]l] oal`Yd al k`YddZ] e]Ykmj]\ lg qgm Y_Yaf!+&Fmc] 3705'+
!L]e]eZ]j l`ak7 `] o`g kgokkhYjaf_dq Yf\ _jm\_af_dq oaddYdkgj]Yh khYjaf_dqYf\ _jm\_af_dq) Yf\ `] o`g kgok _]f]jgmkdq Yf\l`Yl Zd]kkaf_k eYq [ge] lg kge]gf]) oadd Ydkgj]Yh _]f]jgmkdq+ F]l ]Y[` gf] _an] Yk`] `Yk eY\] mh `ak gof eaf\ Yf\ hmjhgk]\ af`ak `]Yjl) fgl j]dm[lYfldq gj kgjjgo^mddq gjmf\]j [gehmdkagf) ^gj Ag\ dgn]k &l`Yl ak) B]lYc]k hd]Ykmj] af) hjar]k YZgn] gl`]j l`af_k) Yf\ak mfoaddaf_ lg YZYf\gf gj lg \g oal`gml' Y[`]]j^md Ogqgmj hjgehl*lg*\g*al' _an]j * o`gk]`]Yjl akaf `ak _anaf_!+ &/ =gj+ %673*4;eh+'
%Hgl l`Yl C k]]c gj Ye ]Y_]j ^gjqgmj _a^l) Zml C \g k]]c Yf\ Ye ]Y_]j ^gj l`]^jmal o`a[` af[j]Yk]k lg qgmj [j]\al * l`]`Yjn]kl g^ Zd]kkaf_ l`Yl ak YkkmemdYlaf_lg qgmjY[[gmfl!+ &J`ad+17 .4 ;eh+'+
Maf[] _anaf_ hdYqkkm[` Yf aehgjlYflhYjl af l`] da^] g^ l`] Z]da]n]j) C ^]]d al ak
NQ?HNS
f][]kkYjq lg \]ngl] Y[`Yhl]j lg al+
Q] k`gmd\ _an] lg dan]+HYlmj] k`gokmkl`ak af YZ]Ymla^mdoYq +++++
N`] Zaj\k _an] l`]aj kgf_)l`] lj]]k _an] l`]aj ^jmal)
l`] ^dgo]jk _an] l`]aj k[]fl Yf\ Z]Ymlq+N`]q Ydd`Yn] kge]l`af_ lg _an]) Zml al ak l`]eYfa^]klYlagf g^ da^] l`Yl Yddgokl`]e lg \g kg)Yf\ al ak l`] eYfa^]klYlagf g^ Bak da^] af mk l`Yl
Yddgokmklg _al`] ^jmalg^ l`] Fgj\)l`] Z]Ymlq g^ l`] Fgj\+
;k l`] =`jakl*da^] [ge]k lg l`]kmj^Y[]) o] Z]_af lg _an] * eglanYl]\ Zq dgn])^gj dgn] oadd _g gf _anaf_ Q] Yj] lgd\7!_an]) Yf\ al k`YddZ] _an]f mflg qgm!+ &Fmc]3705'+ C^]]d l`Yl kg eYfq g^ <g\%k [`ad\j]f eakkl`] Zd]kkaf_ g^ Bgdq A`gkl*d]\ _anaf_ * fglj]Ydakaf_l`Yl l`ak akYeafakljq) YkJYmde]flagfk+&Lge+ ./75'+
C `Yn] lg Z] Yl l`] j][]anaf_ ]f\ g^eYfq h]ghd]%k _anaf_) Yf\ kg C `Yn] d]Yjf]\ Y_j]Yl \]Yd ^gj eqk]d^ YZgmlGS _anaf_) Yf\ l`ak Coaddk`Yj] oal` qgm+
Q`]f Cnakalkge] hdY[]k) ]ph][aYddqa^ CYe n]jq `]Ynadq [geeall]\ ^afYf[aYddq)Ag\oadd fgl YdoYqk Yddgo hmZda[ g^^]jaf_k lg Z]
+++;f\ `] akZ]^gj] Yddl`af_k +++
%!%b
??
f .
;dkg) Zq l`ak ojgf_ _anaf_) Y eafakl]j [Yf Z]lYc]f gml g^ l`] oaddg^ Ag\) Zq Z]af_ _an]f lgg
em[` gj lgg dalld]+ #2KJPFJQBA KJ L>DB +-$
N`] j]kmdl ak l`Yl eYfq g^ l`]e \gfgl j][]an] ZY[c ^jge l`] Fgj\+Cf ]P+]jq [Yk] o`]j] C `Yn] ljmkl]\
l`] Fgj\ af l`ak oYq) oal`gml hjaeaf_ eq[gf_j]_Ylagf gj l]ddaf_ l`]e o`Yl Cf]]\]\) Ag\`Yk khgc]f lg Y ^]o h]ghd] Yf\ Yddl`] f]]\k`Yn] Z]]f e]l l`jgm_` l`]e+
N`gk] o`g ^]]d j]khgfkaZd] Yf\\]kaj] lg _an] GOMN k]]c l`] Fgj\ lg cfgoo`Yl l`]q k`gmd\ _an]+
Q] emkl fgl ^Yddaflg l`] l]ehlYlagfg^ ljqaf_ lg ^af\ Yf ]Ykq oYq gml g^ ljqaf_ lg da^ll`] hj]kkmj] g^^ gmj ^Yal`+
lYc]f+ N`] j]Ykgfk ^gj l`ak Yj] * C j]e]eZ]j gf[] j][]anaf_ Yf]^^]ja!L uf YhdY[] o`]j] CoYk eafakl]jaf_8 Yf\ C
@ajkl)l`Yl B] oYflk lg ljSu^mS^Yal` Yfu+ u +j]eYau+lg l`] hYklgj Y^l]joYj\k o`Yl mfalq g^k][gf\) l`Yl `] oYflk lg l] daWak^d_T_W+%3d*3%!l`] %OO!Ga j a l l`] j ] oYk a f `ak
lg _an]+ 9 V "%"F&"<&/!'/V; [gf_j] ++_uu * ]n]jqZg\q _Yn] Y\gddYj%
j][]fldq) ou]uu]7+uj juuo huj47u,8uu7u j]%+%uF%+fuuD%^e+^4^l+u+++u++)u+uuu7u u778)87W#dddWWd49ddl]dd `]j g^ eq f]]\k) Yf\ kYa\ l`Yl,k`]+og%lCd\Z] j]%V^+u8uuj+ l`+uaV+D7tmNa]+-7 oYdd]l) oal`gml\]da_`l]\ lg `]dh Yl YfSuuu 4?343d3+&%[gfuDZd'_)' >*6CYq+%YFdatN`dkCMojgf_+ Q] emkl
%$ = "F/==(C'' Ykc )Dfus%NV!gj\V^uBuoYflkmk lg _an]) Yf\) a^ kg),) !Kd&U4W +1+#! &% K#
C kYa\ lg `]j) !C Ye jjq+++IOS) f q l`] Fgj\ l j]f 7uu7%jo] k`gmd\ _an]+Y S S+%!! d 77%Dd ? D %fgok eq f]] kYf ) ? 'VHHVHuuh.] qgm oYfl lg ) !Z] mk]\ lg e]]l l`]e) uYdoYqk l]dd qgm a^ +uu+ N`ak ak gf] g^ l`] eYaf j]Ykgfk o`qB] oYflk lg mk] qgm+<q ^Yal`) CYe danaf_af Bak Ag\ \g]k fgl YdoYqkoYfl e] lg lYc] g^^]jaf_k+Yfla[ahYl]\ kmhhdq!+ Ofd]kk Cl]Y[` Bak h]ghd] lg _an] lg l`] Fgj\) Zq
^ajkl Ykcaf_ BCG o`Yl l`]q k`gmd\ _an]) C YeZjaf_af_ l`]e aflg [gf\]efYlagf) Z][Ymk] l`]aj_anaf_ ak fgl g^ ^Yal` Yf\ !o`Ylkg]n]j ak fgl g^^Yal` akkaf! &Lge+ .17/0'+N`]q Yj] _anaf_ lg l`] [`mj[` gj lg l`] eafakl]j *l`]q `Yn] fgl Ykc]\ Ag\ o`Yl l`]q k`gmd\ _an])
Yf\ l`]q Yj] fgl _anaf_ lg BCG+
+++Yf\ Qc `ae Yddl`af_k [ufkakl +++ IL;DIM ED;
=F?;HMCHA ;H> M;H=NC@C=; NdIH
$6YV)^SV)VVONP\YW ZKQO0%l`] =`jaklaYfk l`Yl l`]q Yj] !]d][l Y[[gj\af_ lg l`]
^gj]cfgod]\_] g^ Ag\ l`] @Yl`]j l`jgm_` kYf[la^a[Ylagf
g^ l`] Mhajal) mflg gZ]\a]f[] Yf\ khjafcdaf_ g^ l`] Zdgg\
g^ D]kmk =`jak +! N`mk) Zgl` JYmd Yf\ J]l]j e]flagf
!kYf[la^a[Ylagf g^+ gj Zq **l`] Bgdq Mhajal! Yk Yf
]d]e]fl g^ =`jaklaYf ]ph]ja]f[]+
MYf[la^a[Ylagf l`jgm_` l`] Qgj\ g^ Ag\ akj]^]jj]\
lg Zq =`jakl Baek]d^+ @gj af Dg`f [`Yhl]j .4) n]jk] .4)
=`jakl hjYqk lg l`] @Yl`]j ^gj Bak \ak[ahd]k7 !MYf[la^q
l`]e l`jgm_` l`q ljml`7 l`q ogj\ akljml`+! B]j] o] k]]
l`Yl kYf[la^a[Ylagf [ge]k l`jgm_` l`] ljml` g^ Ag\%k
Qgj\+
MYf[la^a[Ylagf l`jgm_` l`] YdlYj ak dac]oak] j]^]jj]\
lg Zq =`jakl Baek]d^+ @gj af GYll`]o [`Yhl]j /0) n]jk]
.6) B] kYqk lg l`] J`Yjak]]k7 !S] ^ggdk Yf\ Zdaf\7 ^gj
o`]l`]j ak _j]Yl]j) l`] _a^l) gj l`] YdlYj l`Yl kYf[la^a]l`
l`] _a^l:! B]j] =`jakl ]f\gjk]k l`Yl o`a[` `Y\ Ydj]Y\q
Z]]f lYm_`l af l`] Id\ N]klYe]fl * l`Yl l`] _a^l o`a[`
oYk g^^]j]\ af kY[ja^a[] lg Ag\ oYk kYf[la^a]\) eY\]
`gdq) k]l YhYjl) Zq alk Z]af_ hdY[]\ mhgf Ag\%k YdlYj+Cf
l`] H]o N]klYe]fl) Yk o] k`Ydd k]]) l`] fYlmj] g^ l`]
_a^l Yf\ g^ l`] YdlYj ak [`Yf_]\+ Zml l`] hjaf[ahd] kladd
j]eYafk ljm] l`Yl al ak !l`] YdlYj o`a[` kYf[la^a]l` l`]
_aUZ+!
MYf[la^a[Ylagf l`jgm_` l`] Zdgg\ g^ =`jakl ak
j]^]jj]\ lg af l`] ?hakld] lg l`] B]Zj]ok) [`Yhl]j CP)n]jk] /6+ B]j] l`] Yml`gj [gfka\]jk l`] [Yk] g^ l`]
YhgklYl] *+ l`] h]jkgf o`g `Yk cfgof Yddl`] Zd]kkaf_k
g^ kYdnYlagf+ Yf\ `Yk l`]j]Y^l]j \]daZ]jYl]dq Yf\ gh]fdq
j]b][l]\ l`] MYnagmj f Yf\ [gf[]jfaf_ km[` Y h]jkgf `]
Ykck7 !I^ `go em[` kgj]j hmfak`e]fl) kmhhgk] q]) k`Ydd
`] Z] l`gm_` ogjl`q) o`g `Yl` ljg\\]f mf\]j ^ggl l`]
Mgf g^ Ag\ Yf\ `Yl` [gmfl]\ l`] Zdgg\ g^ l`]
[gn]fYfl) o`]j]oal` `] oYk kYf[la^a]\) Yf mf`gdq l`af_)
Yf\ `Yl` \gf] \]khal] mflg l`] Mhajal g^ _jY[]+! N`ak
hYkkY_] k`gok l`Yl l`] ljm] Z]da]n]j) o`g [gflafm]k af
l`] ^Yal`) ak kYf[la^a]\ Zq l`] Zdgg\ g^ l`] f]o [gn]fYfl
o`a[` `] `Yk Y[[]hl]\ f l`Yl ak)Zq =`jakl%k gof Zdgg\+
MYf[la^a[Ylagf l`jgm_` ^Yal` akj]^]jj]\ lg Zq =`jakl
Baek]d^) Yk imgl]\ Zq l`] Yhgkld] JYmd) af ;[lk [`Yhl]j
/3) n]jk] .5+ Cf l`]k] ogj\k JYmdj]dYl]k l`] [geeakkagf
o`a[` Z] j][]an]\ ^jge =`jakl lg hj]Y[` l`] _gkh]d lg
l`] A]flal%dk) Yf\ =`jakl klYl]k l`Yl `ak hmjhgk] af kg
[geeakkagfaf_ Yf\ k]f\af_ JYmd ak Yk^gddgok7 %Ng gh]f
l`]aj ]q]! %X\Slg lmjf l`]e ^jge \Yjcf]kk lg da_`l) Yf\
^jge ldo hgo]j g^ MYlYf mflg Ag\) l`Yl l`]q eYq
+j][]an] ^&%j_an]f]kkg^ kafk) Yf\ af`]jalYf[] Yegf_ l`]e
o`a[` Yf%kYf[la^a]\ Zq ^Yla` l`Yl akaf e]+! B]j] o] k]]
l`Yl kYddd%lb^a&uYla-fak l`jgm_` ^Yal` af =`jakl+
NCdl%hj&o]kk o`a[` l`]k] ^Y[lk j]n]Yd eYq Z] Zja]^dq
gmldaf]\ Yk^gddgok7 N`] Bgdq Mhajal Baek]d^ afalaYl]k l`]
hjg[]kk g^ kYf[la^a[Ylagf af l`] `]Yjl Yf\ l`] eaf\ g^
]Y[` gf] o`ge Ag\ `Yk [`gk]f af Bak ]l]jfYd hmjhgk]k+
N`jgm_` l`] ljml` g^ Ag\%k Qgj\) Yk al ak j][]an]\ aflg
l`] `]Yjl Yf\ eaf\) l`] Bgdq Mhajal kh]Yck) j]n]Ydk l`]
YdlYj g^ kY[ja^aj]) k]hYjYl]k l`] Z]da]n]j ^jge Ydd l`Yl
IL;DIM ILE
`gd\k `ae ZY[c ^jge Ag\) Yf\ \jYok `ae lg hdY[]
`aek]d^ af kmjj]f\]j Yf\ [gfk][jYlagf mhgf l`Yl YdlYj+
N`]j]) l`] Z]da]n]j ak kYf[la^a]\ Yf\ k]l YhYjl lg Ag\
Zgl` Zq l`] [gflY[l oal` l`] YdlYj Yf\ Zq l`] [d]Yfkaf_
Yf\ hmja^qaf_ hgo]j g^ l`] Zdgg\ l`Yl oYk k`]\ mhgf
l`] YdlYj+Bgo]n]j) l`] ]pY[l ]pl]fl lg o`a[` ]Y[` g^
l`]k] ^gmj _j]Yl kYf[la^qaf_ Y_]flk +* l`] Mhajal) l`]
Qgj\+ l`] YdlYj) Yf\ l`] Zdgg\ f Y[[gehdak` l`]aj
kYf[la^qaf_ ogjc af ]Y[` Z]da]n]j ak \][a\]\ Zq l`] ^a^l`
^Y[lgj af l`] hjg[]kk ** l`Yl ak+Zq l`] af\ana\mYd ^Yal` g^
]Y[` Z]da]n]j+ Cf l`] ogjc g^ kYf[la^a[Ylagf Ag\ \g]k fgl
nagdYl] l`] gf] _j]Yl dYo o`a[` _gn]jfk YddBak ogj\k g^
_jY[] af ]Y[` Z]da]n]j f l`] dYo g^ ^Yal` ** l`] dYo
o`a[` akklYl]\ af GYll`]o [`Yhl]j 5) n]jk] .07 !;k l`gm
`Ykl Z]da]n]\) kg Z] al \gf] mflg l`]]+!
F]l mk fgo ]pYeaf] Y dalld] egj] [dgk]dq l`] hYjl
hdYq]\ Zq Ag\%k Qgj\ af l`ak hjg[]kk g^ kYf[la^a[Ylagf+
@ajkl) o] emkl fgl] l`Yl l`]j] Yj] log Ykh][lk lg
kYf[la^a[Ylagf f gf] f]_Ylan] Yf\ l`] gl`]j hgkalan]+
N`] f]_Ylan] Ykh][l [gfkaklk af Z]af_ k]hYjYl]\ ^jge kaf
Yf\ l`] ogjd\ Yf\ ^jge Yddl`Yl ak mf[d]Yf Yf\ aehmj]+
NCd] hgkalan] Ykh][l [gfkaklk af Z]af_ eY\] hYjlYc]j g^
Ag\%k gof fYlmj]+
Cf em[` hj]Y[`af_) Zgl` gf l`ak Yf\ gf gl`]j
j]dYl]\ kmZb][lk) l`]j] ak Y _]f]jYd l]f\]f[q lg
gn]j]eh`Ykar] l`] f]_Ylan] Yl l`] ]ph]fk] g^ l`]
hgkalan]+ ;k =`jaklaYfk) o] l]f\ lg kh]Yc em[` egj]
YZgml l`] !\g fgl%k! af Ag\%k Qgj\ l`Yf YZgml l`]
!\g%k+! @gj ]pYehd]) af ?h`]kaYfk [`Yhl]j 2) n]jk] .5)
o] mkmYddqdYq em[` egj] klj]kk mhgf l`] f]_Ylan] !<]
fgl \jmfc oal` oaf])! l`Yf o] \g mhgf l`] hgkalan] !<]
^add]\ oal` l`] Mhajal+! Bgo]n]j) l`ak akYf afY[[mjYl] Yf\
mfkYlak^Y[lgjq oYq lg hj]k]fl Ag\%k Qgj\+
Qal` j]_Yj\ lg `gdaf]kk) l`] k[jahlmj]k eYc] al hdYaf
l`Yl l`ak ak kge]l`af_ em[` egj] l`Yf Y e]j] f]_Ylan]
Yllalm\] g^ YZklYafaf_ ^jge kaf Yf\ mf[d]Yff]kk+ @gj
]pYehd]) af B]Zj]ok [`Yhl]j ./) n]jk] CP) o] Yj] lgd\
l`Yl Ag\ Yk Y `]Yn]fdq @Yl`]j) [`Ykl]fk mk) Bak [`ad\j]f)
!^gj gmj hjg^al l`Yl o] ea_`l Z] hYjlYc]jk g^ `ak
`gdaf]kk+! ;_Yaf) af @ajkl J]l]j) [`Yhl]j C)n]jk]k .2 Yf\
.3) o] j]Y\7 !<ml Yk`] o`a[` `Yl` [Ydd]\ qgm ak`gdq) kg
Z] q] `gdq af YddeYff]j g^ [gfn]jkYlagf8 Z][Ymk] al ak
ojall]f) <] q] `gdq8 ^gj CYe `gdq+! Q] k]] l`Yl `gdaf]kk
ak Y hYjl g^ Ag\%k ]l]jfYd) mf[`Yf_af_ fYlmj]+ Ag\ oYk
`gdq Z]^gj] kaf ]n]j ]fl]j]\ aflg l`] mfan]jk]) Yf\ Ag\
oadd kladdZ] `gdq o`]f kaf `Yk gf[] Y_Yaf Z]]f ZYfak`]\
^gj]n]j+ Q]) Yk Ag\%k h]ghd]) Yj] lg Z] hYjlYc]jk g^ l`ak
hYjl g^ Bak ]l]jfYd fYlmj]+ M]hYjYlagf ^jge kaf) bmkl dac]
[d]Yfkaf_ ^jge kaf) ak Y klY_] af l`ak hjg[]kk Zml al ak fgl
l`] o`gd] hjg[]kk+ N`] ^afYd) hgkalan] j]kmdl o`a[` Ag\
\]kaj]k af mk _g]k Z]qgf\ Zgl` [d]Yfkaf_ Yf\ k]hYjYlagf+
Ag\%k Qgj\ hdYqk alk hYjl Zgl` af l`] f]_Ylan] Yf\
af l`] hgkalan] Ykh][lk g^ kYf[la^a[Ylagf+ N`] f]_Ylan]
Ykh][l ak j]^]jj]\ lg Zq JYmd af LgeYfk [`Yhl]j ./)
n]jk]k C Yf\ /) o`]j] `] kYqk7 !C Z]k]][` qgm l`]j]^gj])
Zj]l`j]f) Zq l`] e]j[a]k g^ Ag\) l`Yl q] hj]k]fl qgmj
+++;f\ `] akl`] `]Y\ g^ l`] Zg\q) l`] [`mj[` +++
Zg\a]k Y danaf_ kY[ja^a[]) `gdq) Y[[]hlYZd] mflg Ag\)
o`a[` ak qgmj j]YkgfYZd] k]jna[]+ ;f\ Z] fgl [gf^gje]\
lg l`ak ogjd\7 Zml Z] q] ljYfk^gje]\ Zq l`] j]f]oaf_ g^
qgmj eaf\) l`Yl q] eYq hjgn] o`Yl ak l`Yl _gg\) Yf\
Y[[]hlYZd]) Yf\ h]j^][l) oadd g^ Ag\+7!
N`]j] Yj] ^gmj km[[]kkan] klY_]k af l`] hjg[]kk
o`a[` JYmd `]j] \]k[jaZ]k+ N`] ^ajkl klY_] ak hj]k]flaf_
gmj Zg\a]k Yk danaf_ kY[ja^a[]k mhgf Ag\%k YdlYj+Q] `Yn]
Ydj]Y\q k]]f l`Yl l`] YdlYj kYf[la^a]k l`Yl o`a[` ak
hj]k]fl]\ mhgf al+ N`] k][gf\ klY_] ak Z]af_ fgl
[gf^gje]\ lg l`] ogjd\8 l`Yl ak)Z]af_ k]hYjYl]\ ^jge alk
nYfalq Yf\ kaf+ N`] l`aj\ klY_] ak Z]af_ ljYfk^gje]\ Zq
l`] j]f]oaf_ g^ gmj eaf\k8 l`Yl ak) d]Yjfaf_ lg l`afc af
]flaj]dq f]o l]jek Yf\ nYdm]k+N`] ^gmjl` klY_] ak_]llaf_
lg cfgo Ag\%k oadd h]jkgfYddq ^gj gmj dan]k+ N`ak
j]n]dYlagf g^ Ag\%k oadd ak _jYfl]\ gfdq lg l`] j]f]o]\
eaf\+ N`] gd\) [YjfYd) mfj]f]o]\ eaf\ [Yf f]n]j _]l lg
cfgo gj mf\]jklYf\ Ag\%k h]j^][l oadd
Cl ak `]j]) af l`] j]f]oaf_ g^ l`] eaf\) l`Yl l`]
af^dm]f[] g^ Ag\%k Qgj\ ak ^]dl+ ;k o] j]Y\) klm\q) Yf\
e]\alYl] af Ag\%k Qgj\) al [`Yf_]k gmj o`gd] oYq g^
l`afcaf_+ ?aZgl` [d]Yfk]k mk oal` alk afoYj\ oYk`af_)
Yf\ al k]hYjYl]k mk ^jge Yddl`Yl akmf[d]Yf Yf\ mf_g\dq+
Q] d]Yjf lg l`afc YZgml l`af_k * lg ]klaeYl] l`]e+ lg
]nYdmYl] l`]e * Yk Ag\ Baek]d^ l`afck YZgml l`af_k+
F]Yjfaf_ lg l`afc \a^^]j]fldq) g^ f][]kkalq) o] YdkgY[l
\a^^]j]fldq+ Imj gmloYj\ dan]k Yj] [`Yf_]\ af `Yjegfq
oal` gmj f]o afoYj\ hjg[]kk]k g^ l`gm_`l+ Q] Yj] fg
dgf_]j [gf^gje]\ lg l`] ogjd\) Z][Ymk] o] fg dgf_]j
l`afc dac] l`] ogjd\+ Q] Yj] ljYfk^gje]\ Zq l`]
[`Yf_af_ Yf\ j]f]oaf_ g^ gmj eaf\k+
Bgo]n]j) fgl lg Z] [gf^gje]\ lg l`] ogjd\ ak
e]j]dq f]_Ylan]+ ?aak fgl Y hgkalan] ]f\ af alk]d^+ C^o]
Yj] fgl lg Z] [gf^gje]\ lg l`] ogjd\) lg o`Yl l`]f Yj]
o] lg Z] [gf^gje]\: N`] Yfko]j ak hdYafdq klYl]\ Zq
JYmd) af LgeYfk [`Yhl]j 5) n]jk] /67 !@gj o`ge `]
&Ag\' \a\ ^gj]cfgo) `] Ydkg \a\ hj]\]klafYl] lg Z]
[gf^gje]\ lg l`] aeY_] g^ Bak Mgf) l`Yl B] ea_`l Z]
l`] ^ajkl Zgjf Yegf_ eYfq Zj]l`j]f+! B]j] ak l`] ljm])
hgkalan] ]f\ g^ kYf[la^a[Ylagf7 al ak lg Z] [gf^gje]\ lg
l.D] aeY_] g^ =`jakl+ ?aak fgl ]fgm_` l`Yl o] Yj] fgl
[gf^gje]\ lg l`] ogjd\ ** l`Yl o] \g fgl l`afc) Yf\
kYq) Yf\ \g l`] l`af_k l`Yl =`jakl Baek]d^ ogmd\ \g+
Cf =gdgkkaYfk [`Yhl]j /) n]jk]k /-) /. Yf\ //) JYmd
\]k[jaZ]k l`] hmj]dq f]_Ylan] lqh] g^ `gdaf]kk Yf\
\akeakk]k al Yk imal] afY\]imYl]+ !Q`]j]^gj] a^ q] Z]
\]Y\ oal` =`jakl ^jge l`] jm\ae]flk g^ l`] ogjd\)o`q)
Yk l`gm_` danaf_ af l`] ogjd\) Yj] q] kmZb][l lg
gj\afYf[]k &Ngm[` fgl8 lYkl] fgl8 `Yf\d] fgl8 o`a[` Ydd
Yj] lg h]jak` oal` l`] mkaf_':! Njm] kYf[la^a[Ylagf _g]k
^YjZ]qgf\ l`ak ZYjj]f) d]_Ydakla[)f]_Ylan] Yllalm\]+ Cl akY
hgkalan] [gf^gjeaf_ lg l`] aeY_] g^ =`jakl Baek]d^8 Y
hgkalan] hYjlYcaf_ g^ Ag\%k gof `gdaf]kk+
N`ak hgkalan] Ykh][l g^ kYf[la^a[Ylagf) Yf\ l`] hYjl
hdYq]\ af al Zq Ag\%k Qgj\) Yj] Z]Ymla^mddqkmee]\ mh
Zq l`] Yhgkld] J]l]j) af `ak M][gf\?hakld]) [`Yhl]j C)
$$$JCG DHICA@ABDFFDFB$$$
n]jk]k 0 Yf\ 1) o`]j] `] kYqk l`Yl Ag\%k !\anaf] hgo]j
`Yl` _an]f mflg mk Yddl`af_k l`Yl h]jlYaf mflg da^] Yf\
_g\daf]kk+ l`jgm_` l`] cfgod]\_] g^ `ae l`Yl `Yl` [Ydd]\
mk lg _dgjq Yf\ najlm]7 o`]j]Zq Yj] _an]f mflg mk
]p[]]\af_ _j]Yl Yf\ hj][agmk hjgeak]k7 l`Yl Zq)l`]k] q]
ea_`l Z] hYjlYc]jk g^ l`] \anaf] fYlmj]+ `Ynaf_ ]k[Yh]\
l`] [gjjmhlagf l`Yl ak af l`] ogjd\ l`jgm_` dmkl+!
N`]j] Yj] l`j]] eYaf hgaflk lg fgla[] `]j]7
@ajkl+Ag\%k hgo]j `Yk Ydj]Y\q hjgna\]\ mkoal` Ydd
l`Yl o] f]]\ ^gj da^] Yf\ _g\daf]kk+ N`] hjgnakagf ak
Ydj]Y\q eY\]+ Q] \g fgl f]]\ lg Ykc Ag\ lg _an] mk
egj] l`Yf B] `Yk Ydj]Y\q _an]f+ Q] e]j]dq f]]\ lg YnYad
gmjk]dn]k lg l`] ^mddg^ l`Yl o`a[` Ag\ `Yk Ydj]Y\q
hjgna\]\+
M][gf\) l`ak [gehd]l] hjgnakagf g^ Ag\ ak _an]f lg
mk l`jgm_` !l`] ]p[]]\af_ _j]Yl Yf\ hj][agmk hjgeak]k!
g^ Bak gof Qgj\+ N`mk) l`] hjgeak]k g^ Ag\ Ydj]Y\q
[gflYaf oal`af l`]e Yddl`Yl o] k`Ydd]n]j f]]\ ^gj da^]
Yf\ _g\daf]kk+ ;dd l`Yl j]eYafk ^gj mk fgo lg \g ak lg
YhhjghjaYl] Yf\ lg Yhhdq l`]k] hjgeak]k Zq Y[lan]+
h]jkgfYd ^Yal`+
N`aj\) l`] j]kmdl g^ YhhjghjaYlaf_ Yf\ Yhhdqaf_
Ag\%k hjgeak]k ak log*^gd\) Zgl` f]_Ylan] Yf\ hgkalan]+
H]_Ylan]dq) o] ]k[Yh] l`] [gjjmhlagf l`Yl ak af l`] ogjd\
l`jgm_` dmkl8hgkalan]dq) o] Yj] eY\] hYjlYc]jk g^ l`]
\anaf] fYlmj]+ B]j] ak l`] [gehd]l] hjg[]kk g^
kYf[la^a[Ylagf l`Yl o] `Yn] \]k[jaZ]\7 Zgl` l`] f]_Ylan]
]k[Yh] ^jge l`] ogjd\%k [gjjmhlagf) Yf\ l`] hgkalan]
hYjlYcaf_ g^ Ag\%k gof fYlmj]) g^ Ag\%k gof `gdaf]kk+
N`] hgafl g^ l`] _j]Yl]kl aehgjlYf[] ak lg gZk]jn]
l`Yl Yddl`ak ** Zgl` l`] f]_Ylan] Yf\ l`] hgkalan] ** ak
eY\] YnYadYZd]lg mk l`jgm_` l`] hjgeak]k g^ Ag\%k
Qgj\+ Cl ak af e]Ykmj] Yk o] YhhjghjaYl] Yf\ Yhhdq l`]
hjgeak]k g^ Ag\%k Qgj\ l`Yl o] ]ph]ja]f[] ljm])
k[jahlmjYd kYf[la^a[Ylagf+
Cf l`] Id\ N]klYe]fl o] j]Y\ l`Yl DY[gZ gf[]
\j]Ye]\ g^ Y dY\\]j j]Y[`af_ ^jge ]Yjl` lg `]Yn]f+ @gj
l`] =`jaklaYf af l`] H]o N]klYe]fl l`] [gmfl]jhYjl lg
l`Yl dY\\]j ak ^gmf\ af Ag\%k Qgj\+ Clk ^ggl ak k]l gf
]Yjl`) Zml al%k]Y\ j]Y[`]k `]Yn]f ** l`] hdYf] g^ Ag\%k
gof Z]af_+ ?Y[` jmf_ af l`Yl dY\\]j akY hjgeak]+ ;k o]
dYq `gd\ Zq l`] `Yf\k Yf\ ^]]l g^ ^Yal` mhgf l`]
hjgeak]k g^ Ag\%k Qgj\) o] da^l gmjk]dn]k mh Zq l`]e
gml g^ l`] ]Yjl`dq j]Yde Yf\ [dgk]j lg l`] `]Yn]fdq
j]Yde+ ?Y[` hjgeak] g^ Ag\%k Qgj\) Yk o] [dYae al) da^lk
mk `a_`]j YZgn] ]Yjl`%k [gjjmhlagf) Yf\ aehYjlk lg mk Y
^mjl`]j e]Ykmj] g^ Ag\%k gof fYlmj]+
MYf[la^a[Ylagf ak Zq ^Yal`+ <ml l`Yl ^Yal` ak fgl
e]j]dq f]_Ylan]) gj hYkkan]+ N`] ^Yal` l`Yl ljmdq
kYf[la^a]k [gfkaklk af Y [gflafmYd) Y[lan] YhhjghjaYlaf_
Yf\ Yhhdqaf_ g^ l`] hjgeak]k g^ Ag\%k Qgj\+ ?aoYk ^gj
l`ak j]Ykgf l`Yl D]kmk hjYq]\ lg l`] @Yl`]j7 !MYf[la^q
l`]e l`jgm_` l`q ljml`7 l`q ogj\ ak ljml`+! yyy
<q >]j]c Jjaf[]@gmf\Ylagf @gj @Yal`
:=,5:> :/8,,
NB? JLIGCM? I@ NB? @;NB?L
$6YX^SV)_ON P\YW ZKQO..'
SIOLM @IL NB? ;A?
Q`]f D]kmk khgc] g^ l`] @Yl`]j k]f\af_ l`] Mhajal
!lg Z] oal` qgm ^gj ]n]j! &gj !^gj l`] Y_]!') l`ak oYk
fgl kg em[` Y h]jkgfYd hjgeak] lg l`] af\ana\mYd Yk Y
[gjhgjYl] hjgeak] lg l`] h]ghd] g^ Ag\+ N`] Bgdq Mhajal
ak _an]f ^gj l`] Y_]+ Cf gl`]j ogj\k) l`]j] oYk lg Z] fg
oal`\jYoYd g^ l`] Mhajal af l`ak Y_]+ B] oYk lg [ge] lg
l`] h]ghd] g^ Ag\ YkYf YZa\af_ Am]kl+ J]fl][gkl) l`]e)
oYk lg eYjc Y f]o Yf\ _dgjagmk h`Yk] af l`] gh]jYlagf
g^ l`] Bgdq Mhajal gf ]Yjl`+
Cf l`] Id\ N]klYe]fl o] []jlYafdq k]] Bae ogjcaf_
Yegf_kl e]f) Zml B] Y[lk kgn]j]a_fdq) [geaf_ mhgf
[]jlYaf h]jkgfk Yl []jlYaf lae]k ^gj []jlYaf daeal]\
hmjhgk]k+ <ml l`]j] oYk fg hjgeak] g^ l`] Mhajal ^gj l`]
CkjY]dal] lg [dYae) fg _anaf_ g^ l`] Mhajal Yko] fgo cfgo
al+ B] `Y\ fgl q]l [ge] lg YZa\]+ BYn] o] j]Ydar]\ l`]
_j]Ylf]kk g^ gmj hjanad]_] af danaf_ Yk o] \g af l`ak
\akh]fkYlagf g^ l`] Mhajal: ;k D]kmkkYa\ lg Bak \ak[ahd]k7
!GYfq hjgh`]lk Yf\ ja_`l]gmk e]f `Yn] dgf_]\ lg k]]
o`Yl qgm k]]) Yf\ \a\ fgl k]] al! &GYll+ .07 .4'+ Q] eYq
[dYae) o] eYq j][]an] l`] hjgeak] g^ l`] @Yl`]j) ^gj Yk
J]l]j \][dYj]\ gf l`] \Yq g^ J]fl][gkl) !l`] hjgeak] ak
lg qgm!+
N`] =ge^gjl]j ak l`]f \]k[]aZ]\ Yk !l`] Mhajal g^
ljml`!+ Q`Yl Y _dgjagmk lald] N`]q `Y\ `Y\ \o]ddaf_
oal` l`]e If] o`g oYk l`] h]jkgfa^a[Ylagf g^ ljml`+
Ifdq Y ^]o ege]flk Z]^gj] B] `Y\ ima]ldq \][dYj]\ lg
l`]) !C Ye +++ l`] ljml`!+ Bak \]hYjlmj] ogmd\ fgl
e]Yf l`Yl l`]q ogmd\ fgo Z] Z]j]^l g^ l`] ljml`)
Z][Ymk] B] ogmd\ [ge] ZY[c lg l`]e af l`] h]jkgf g^
l`] Bgdq Mhajal) l`] Mhajal g^ ljml`+ Oh lg l`Yl hgafl
!l`] ljml`! `Y\ Z]]f oal` l`]e Yf\ q]l gmlka\] g^ l`])
Yf gZb][l d]kkgf lg Z]`gd\+ Hgo !l`] ljml`! oYk lg
\o]dd af l`]e+
?n]f af Dg`f%k \Yq !l`] khajal g^ ]jjgj! oYk Yl
ogjc af l`] ogjd\ &VDg`f 173'+ Bgo em[` egj] af l`ak
\Yq o`]f ^Ydk] l]Y[`af_k Yf\ ^Ydk][mdlk YZgmf\+ Qal` kg
eYfq khajalmYd [jgkk [mjj]flk) `go ak l`] Z]da]n]j lg
eYc] Y kY^] [jgkkaf_: N`] Yfko]j ak lg Z] ^gmf\ af l`ak
B]Yn]fdq L]ka\]fl) o`g [ge]k lg YZa\] af mk Yk l`]
Mhajal g^ ljml`+ !C ojal] l`ak lg qgm YZgml l`gk] o`g
ogmd\ \][]an] qgm8 Zml l`] Yfgaflaf_ o`a[` qgm
j][]an]\ ^jge Bae YZa\]k af qgm) Yf\ qgm `Yn] fg f]]\
l`Yl Yfqgf] k`gmd\ l]Y[` qgm8 Yk Bak Yfgaflaf_ l]Y[`]k
qgm YZgml ]n]jql`af_) Yf\ ak ljm]) Yf\ akfg da])bmkl Ykal
`Yk lYm_`l qgm) YZa\] af Bae! &?Dg`f /7/3)/4'+
HIN @IL NB? QILF>
!Q`ge l`] ogjd\ [Yffgl j][]an]!+ ?aakfgl kaehdq
l`Yl l`] ogjd\ \g]k fgl j][]an] l`] Mhajal g^ ljml`) Zml
l`Yl al [Yffgl+ N`] ogjd\ `Yk ]eZjY[]\ l`] khajal g^
]jjgj Yf\ l`]j]^gj] [Yffgl j][]an] l`] Mhajal g^ ljml`+
N`] Mhajal g^ ljml` ak l`] Mhajal g^ =`jakl+ N`] ogjd\%k
IL;DIM <EJG
j]b][lagf g^ =`jakl `Yk eY\] al Y khajalmYdaehgkkaZadalq lg
j][]an] Bak Mhajal+Ifdq YkY eYf j]fgmf[]k !l`] khajal g^
l`] ogjd\! l`jgm_` Y ogjc g^ j]h]flYf[] [Yf `] j][]an]
!l`] Mhajal o`a[` ak ^jge Ag\!+
!?a f]al`]j k]]k Bae fgl cfgok Bae!+ N`]
eqkl]jagmk Yf\ afnakaZd] Bgdq Mhajal eYq Z] k]]f Yf\
cfgof * Zml fgl Zq l`] ogjd\+ Bgo eYq o] k]] l`]
Mhajal: Dmkl Yk J]l]j !kYo l`] oaf\! &GYll+ .170-' * Zq
alk eYfa^]klYlagf+ OfZ]da]n]jk eYq g^ [gmjk] oalf]kk Y
eYfa^]klYlagf) Zml l`]q \g fgl k]] l`] Bgdq Mhajal af
l`Yl eYfa^]klYlagf+ N`] Z]da]n]j ak ]n]j k]]af_ Yf\
j]bga[af_ af l`] Bgdq Mhajal Yl ogjc af dan]kYf\ kalmYlagf+
Bgo \g o] cfgo Bae: Q] k]fk] Bak hj]k]f[] Yf\
]ph]ja]f[] Bak _jY[agmk ogjcaf_ af gmj dan]k *gj \g o]:
; dY\q eakkagfYjq gf[] kYa\ lg e]) !C ^]]d l`Yl Ccfgo
l`] @Yl`]j) Yf\ cfgo l`] Mgf) Zml Cgfdq cfgo YZgml
l`] Bgdq Mhajal!+ Bgo eYfq Yj] af l`] kYe] hgkalagf ?a
ak j]eYjcYZd] l`Yl =`jakl k`gmd\ kYq lg l`] Yhgkld]k
Z]^gj] J]fl][gkl) !qgm cfgo Bae!+ <ml l`]f) `Y\ l`]q
fgl ]ph]ja]f[]\ Bak ea_`lq ogjcaf_ l`jgm_` l`]e o`]f
l`]q o]fl ^gjl` hj]Y[`af_) `]Ydaf_) Yf\ [Yklaf_ gml
\]egfk: ?aak hgkkaZd] l`Yl l`]k] \ak[ahd]k af l`gk]
hj]*J]fl][gkl \Yqk cf]o Bae Z]ll]j l`Yf eYfq
hjg^]kkaf_ =`jaklaYfk \g lg\Yq+
NB? ECHA CH L?MC>?H=?
!B] \o]ddk oal` qgm) Yf\ oadd Z] af qgm!+ N`gm_`
l`]q `Y\ cfgof l`] Mhajal%khj]k]f[] oal` l`]) Yf\ Bak
hgo]j ogjcaf_ l`jgm_` l`]e) l`]hjgeak] g^ l`] @Yl`]j
kladd YoYal]\ l`]e+ N`]j] oYk Y \]]h]j Yf\ egj]
h]jeYf]fl j]dYlagfk`ah q]l lg [ge]+ N`] B]Yn]fdq
L]ka\]fl oYk lg lYc] mh Bak YZg\] af l`]e+ N`ak oYk l`]
_dgjagmk ljml` l`Yl =`jakl lYm_`l af l`Yl ^ajkl mll]jYf[] g^
l`] Ohh]j Lgge [gf[]jfaf_ l`] hjgeak] g^ l`] @Yl`]j+
N`] Mhajal ogmd\ [ge] Yk!Y _jY[agmk oaddaf_ Am]kl!+ B]
ogmd\ [ge] Yk =`jakl%k gl`]j k]d^+ Cf Bak [geaf_) =`jakl
ogmd\ [ge]+ N`]j] ogmd\ Z] Y \]]h]j) ko]]l]j) egj]
aflaeYl] k]fk] g^ =`jakl%k hj]k]f[] l`Yf l`]q `Y\ ]n]j
cfgof Yk l`]q `Y\ oYdc]\ lg_]l`]j l`] \mklq jgY\k g^
AYdad]]+
Ng eYc] \gmZdq kmj] l`Yl l`]q mf\]jklgg\ B]
Y\\]\7 !C oadd fgl d]Yn] qgm \]kgdYl] &Aj]]c
!gjh`Yf gk! ) l`] jggl g^ gmj ogjc !gjh`Yf!') C oadd
[ge] lg qgm! * af l`] h]jkgf g^ l`] Bgdq Mhajal+ Q]
k`gmd\ fgl Z] kmjhjak]\ lg `]Yj) Yk o] g^l]f \g) Y
l]klaegfq dac] l`ak7 !Maf[] C oYk ZYhlar]\ af l`] Bgdq
Mhajal D]kmk `Yk Z][ge] kg em[` egj] j]Yd Yf\
hj][agmk+! BYdd]dmbY` +N`] ^dY_ak ^dqaf_+ N`] Eaf_ ak af
j]ka\]f[]+ Mmj]dq ]n]jq Z]da]n]j o`g `Yk Y `mf_]j ^gj Y
\]]h]j Yf\ ^mdd]j ]ph]ja]f[] g^ l`] hj]k]f[] g^ =`jakl
k`gmd\ Z] oa\] gh]f lg l`] hjgeak] g^ l`] @Yl`]j+ ?aak
lae] lg klYc] qgmj [dYae +yyy
;jl`mj QYddak
; Pga[] I^ @Yal`
+++l`] ^ajklZgjf ^jge l`] \]Y\ +++
H(C" U5#!V&&++#+V<^(#F(
)aWU+E> +d4++++a
%Uddda] X@
d+
?UW DgqgmkdqCMaf_
&=Yjgd]' !K%
UW B]%k?n]jql`af_ lg G]&D]Yf Yf\ =Yjgd]'
G]dg\a]k g^ JjYak]&D]Yf Yf\ =Yjgd]'
UW @addGq =mh Fgj\
&D]Yf'
"1+62 ]Y[` ( "+/2 hgklY_]7 1#klYl] lYp af @dgja\Y+
Ij\]j Y[gehd]l] k]l ^jge7
Bgdq MhajalN]Y[`af_ Gakkagf.40- M+Q+//f\ ;n]fm]@gjl FYm\]j\Yd]) @dgja\Y 000./
?Y[` kgf_ akbgq^mdhjYak] lg l`]dgn] g^ D]kmk)Yk D]Yf Lgl`o]ddYf\ =Yjgd] Jjgf\ `Yjegfar] afl`]k] afkhajaf_ e]dg\a]k) oal`emka[ Zq l`] Agkk <jgl`]jk+
HYe] X;\\j]kk) X=alq+ X
MlYl]+ Tah X
NQ?HNS @CP?
NB?L? CMJIQ?L CH QB;N SIO M; S
$6YX^SX_ON P\YW ZKQO .2'eaf\+ LYdh` GY`gf]q ak _gaf_ l`jgm_` Y `Yj\hdY[]) Y j]Yd ljaYd g^ ^Yal`) Y j]Yd h]jag\ g^l]klaf_+ N`] \]nad akoYl[`af_ l`Yl `] ea_`l `Yn]o`]j]g^ lg Y[[mk] LYdh` Z]^gj] l`] @Yl`]j+D]kmk ak Z]f\af_ dgo lg `]Yj o`Yl LYdh` akkYqaf_+ C^ LYdh` ak _jmeZdaf_) [gehdYafaf_ Yf\[`Yj_af_ Ag\ ^ggdak`dq^gj Yddgoaf_ l`ak l]kl) l`akljaYd)l`ak `Yj\ [aj[meklYf[]8 D]kmk`Yk fgl`af_oal` o`a[` lg [geZYl !l`] Y[[mk]j g^ l`]Zj]l`j]f+! Cfkl]Y\) LYdh` `Yk dgY\]\ MYlYf%k[Yffgf Yf\ _an]f `ae l`] Yeemfalagf lg ZdYkl^gjl` `ak Y[[mkYlagf Z]^gj] l`] @Yl`]j+ N`]j]kmdl) l`] ljaYdYf\ l]kl \jY_k gf Yf\ gf Z][Ymk]LYdh` `Yk Y[[]hl]\ \]^]Yl Yf\ _an]f l`] \]nadYml`gjalq Z]^gj] Ag\ lg c]]h `ae af \]^]Yl+
<ml fgo d]l mk j]n]jk] l`] kalmYlagf+LYdh`GY`gf]q ak Zjgm_`l lg Y `Yj\ hdY[]) Y j]Yd ljaYdg^ ^Yal` ]l[+ D]kmkZ]f\k dgo lg `]Yj l`] na[lgj%kl]klaegfq+ LYdh` ak[gf^]kkaf_) !N`Yfck Z] mflgAg\ o`g YdoYqk[Ymk]l` mklg ljameh` af =`jaklD]kmk Ag\ o`ge o] k]jn] ak YZd] lg \]dan]jmk ++ Zml a^ fgl o] oaddfgl k]jn] gj ogjk`ahl`] _gd\]f aeY_] N`gm_` Ag\ kdYqe] q]lC%ddljmkl Bae ! CC=gjaf l`aYfk /7 .18 >Yfa]d07.4).58 DgZ .07.2' D]kmk ha[ck mh l`]k]hjgeak]k Yf\ gmj [gf^]kkagf Yf\ Z]_afk lghj]k]fl l`]e Z]^gj] l`] @Yl`]j+ Q`Yl ak l`]]^^][l af `]Yn]f: N`] Y[[mk]j g^ l`] Zj]l`]jf ak[Ykl \gof+ Q] [ge] aflg na[lgjq Yf\ c]]h al+
DgZ%k]ph]ja]f[] [Yf Z] gmjk+<][Ymk] !afYddl`ak `] kaff]\ fgl oal` `ak dahk! l`] dYll]j ]f\g^ l`] eYll]j akegj] Zd]kk]\ l`Yf l`] Z]_affaf_+N`] \gmZd] hgjlagf ak hgmj]\ gml af j]klgjYlagf^gj Yddl`Yl oYk lYc]f YoYq af l`] ljaYd+!Mg l`]Fgj\ Zd]kk]\ l`] dYll]j ]f\ g^ DgZ egj] l`Yf `akZ]_affaf_+! DgZ 1/7 ./+
I` BYdd]dmbY` Gq ^ja]f\ `]j] akqgmj oYqlg na[lgjq+ =gf^]kk) hjg[dYae) kh]Yc Yl]klaegfqg^ ^Yal` ja_`l fgo Sgm eYq Z] l`afcaf_) !Hggf] ak hj]k]fl lg `]Yj al+! I` q]k l`]j] ak D]kmkakoYalaf_ lg `]Yj al l`Yl B] ea_`l Z][ge] Ba_`Jja]kl g^ qgmj [gf^]kkagf+ N`] \]nad oadd `]Yj alYf\ lj]eZd]+ Ag\ oadd`]Yj al Yf\ Zjaf_ qgm l`]na[lgjq gn]j l`] \]nad Yf\ ja_`l aflg D]kmk%na[lgjq+ Mg k`gml al gml ^gj Yddl`] `gkl g^`]Yn]f lg `]Yj al+!N`] ogj\ akfa_` l`]] * ]n]faf l`q egml`+! N`] ogj\ g^ qgmj na[lgjq N`]ogj\ g^ qgmj `]Ydaf_ N`] ogj\ g^ qgmj\]dan]jYf[] Mh]Yc WaYf\ al k`YddZ] ]klYZdak`]\mflg qgm+ Jjg[dYae al ^Yj Yf\ oa\] Yf\ al oaddZd]kk qgm+ N]dd al o`]j]n]j qgm _g Yf\ al oadd`Yhh]f lg qgm ^gj gmj Ag\ oaddklYf\ Z]`af\ BakQgj\ lg h]j^gje al * ]n]f af qgmj dahk o`ad]qgm Yj] q]l kh]Ycaf_+ !Q`ad] l`]q Yj] q]lkh]Ycaf_) Coadd`]Yj+! CkYaY327/1+
=YdnYjq%kna[lgjq Z]dgf_k lg qgm+ ?fl]j affgo Yf\ Z] kYn]\ &MIdI'+ LgeYfk .-76' yyy
+++l`Yl af Yddl`af_k `] ea_`l ++
ACPCHA
$6YV)^SV)_ONP\Y ???ZKQO/.'
Mg+ a^ qgm cfgo qgm Yj] _gaf_ lg Y e]]laf_+hjYq ^ajkl+ Yf\ _g hj]hYj]\ lg _an] o`Yl Ag\
l]ddk qgm lg l`] h]jkgf o`g ak eafakl]jaf_+
C?%] l]dd qgm lg _an] fgl`af_+ qgmemkl fgl _an] Yfql`af_) Z][Ymk] Ag\ ea_`l Z]
ljqaf_ l`Yl h]jkgf%k ^Yal`+ gj `] ea_`l Z] gml g^
l`] oadd g^ l`] Fgj\) Yf\ Ag\ [gmd\ Z] oYflaf_lg j]n]Yd l`ak Zq l`] ^Y[l l`Yl B] ak fglkmhhgjlaf_ `ae+
;fgl`]j j]Ykgf [gmd\ Z] l`Yl Ag\ ake]]laf_ `ak f]]\k l`jgm_` l`] gl`]j e]eZ]jk g^
l`] <g\q hj]k]fl * qgmj egf]q Z]af_ j]k]jn]\lg e]]l Yfgl`]j f]]\+ o`a[` l`] Fgj\ oadd k`goqgm+
N?%qgm cfgo Y Zjgl`]j gj kakl]j ak[geaf_ lg nakal qgm) ]al`]j lg eafakl]j gj lg Z]
eafakl]j]\ lg+ gh]f qgmj `]Yjl lg _an] Yf\ l`]f
qgm oadd f]n]j ^]]d [gf\]ef]\ Y^l]joYj\k Yk lgo`]l`]j qgm k`gmd\ gj k`gmd\ fgl `Yn] _an]f+
L]e]eZ]j Y_Yaf l`Yl ]n]f a^ qgmcfgo Y h]jkgf lg Z] af f]]\+ qgm emkl fgleafakl]j lg `ae mfd]kk \aj][l]\ Zq l`] Bgdq
Mhajal * gl`]joak] l`Yl h]jkgf%k ^Yal` oadd km^^]j+
;dkg) a^ Y h]jkgf `Yk [ge] lg qgmj`gmk] dggcaf_ lg SIO lg _an]) Ag\ [Yf hml l`akja_` l Zq qgmj fgl _anaf_+
ACPCHA CM IH? I@ NB? GIMN?R=CNCHA GCHCMNLC?M ; J?LMIH =;HB;P?+
C [gmd\ _an] kg eYfq l]klaegfa]k g^`gk Ag\ `Yk lgd\ e] o`Yl lg _an]+ B] c]]hk eq
af[ge] ZYdYf[]\ Zq o`Yl B] _an]k lg e] Yf\o`Yl B] lYc]k ^jge e]+
Q`]f Yddqgmj egf]q Z]dgf_k lg l`]Fgj\) `go ]Ykq al ak lg _an] * ^gj YfqZg\q [Yf_an] YoYq kge]gf] ]dk]%kegf]q
C^ qgm Yj] ]fl]jaf_ aflg l`ak eafakljqg^ _anaf_) j]e]eZ]j fgl lg [gfka\]j o`Yl qgm
oadd `Yn] d]^l Y^l]j qgm `Yn] _an]f+ Mge]lae]k_anaf_ oadd l]kl qgmj ^Yal`+
D]kmk oadd kYq lg qgm)
!>g qgm dgn] G]:
NQ?HNS 81<
N`]f ^]]\ Gq k`]]h! &Dg`f /.7 .4'+
L]e]eZ]j qgmj _anaf_ ak YfY[cfgod]\_]e]fl * bmkl dac] l`] oa\go oal`
`]j gad * l`Yl qgm Yj] [gff][l]\ lg Ag\%kkmhhdq Yf\ l`Yl l`]j] ak fg daeal lg o`Yl B] [Yfl]dd qgm lg _an]+
Mge] h]ghd] oYfl lg gof l`]h]jkgf lg o`ge l`]q Yj] _anaf_ * kge] oadd fgl
_an] mfd]kk l`]q Yj] kmj] g^ j][]anaf_ kge]l`af_
ZY[c7 Yf\ gl`]jk oadd fgl _an] a^ l`] h]jkgf akgmlka\] l`]aj \]fgeafYlagf+
Ag\ k`go]\ e] gf] \Yq l`Yl C \a\hml Y daeal gf eq _anaf_) Yf\ l`Yl eq eglan]ko]j] fgl YdoYqk ja_` l+
I^l]f C `Y\ ogf\]j]\ o`q l`] Fgj\\a\ fgl Yddgo e] lg _an] egj] l`Yf Y hYjla[mdYj
kme lg Yfqgf] h]jkgf+ N`]f B] k`go]\ e]l`Yl l`ak Yegmfl oYk l`] daeal C `Y\ hml gf eq
_anaf_ * Ydl`gm_` a^ h]ghd] Zd]kk]\ e] _j]Yldq
Yf\ Zjgm_`l e] \]]h]j aflg l`] dgn] g^ Ag\) C
ogmd\ lYc] l`] daeal g^^ eq _anaf_ Yf\ Z] gh]flg _an] l`]e em[` egj]+
C kYo l`]f l`Yl eq _dPdd._ oYk[gfljgdd]\ Zq `go em[` Cdgn]\ l`] h]jkgf) Yf\C [gmd\ k]] l`Yl C `Y\ hml Y daeal gf Ag\ * kg C
oYk c]]haf_ kge] e]eZ]jk g^ l`] <g\q g^
=`jakl hggj+ <]^gj] B] k`go]\ e] l`ak) a^ C
[Ye] af [gflY[l oal` Y Zjgl`]j gj Y kakl]j af
f]]\+ C ogmd\ kYq lg l`] Fgj\) !Fgj\+ qgm [Yf
`Yn] Yfql`af_ mh lg ^an] \gddYjk ^gj `ae) Yf\
^gmj \gddYjk ^gj `]j!+ Hgo l`Yl Ag\ `Yk k`gof
e] `go em[` C [Yf dgn] eq Zjgl`]j Yf\ kakl]jZq eq _anaf_) Cbmkl hjYq l`Yl Ag\ oadd _an] e]egj] dgn]+
Q`]f Ag\ oYfl]\ lg _an]) kYq ]a_`lgj l]f \gddYjk lg l`]e) eq dgn] Yf\ ^Yal` [gmd\
_g gfdq Yk ^Yj Yk ^an] \gddYjk+ N`]q `Y\)l`]j]^gj]) lg ogjc oal`af l`] daealk g^ l`] ^an]\gddYjk) o`]f l`]q [gmd\ `Yn] `Y\ Z]ll]j
]imahe]fl gj Z]ll]j e]Yfk a^ C `Y\ _an]f l`]ja_`l Yegmfl+
N`Yl ak o`q kge]lae]k qgm oadd k]]Y eakkagfYjq &Yf\ qgm \g fgl `Yn] lg _g lg l`]
eakkagf ^a]d\ lg k]] l`ak' kh]f\af_ egj] lae]
mf\]jf]Yl` `ak [Yj l`Yf af al) mkaf_ Y lYh]
+++ Yn] l`] hj]]eaf]f[] +++
j][gj\]\ l`Yl ak af f]]\ g^ j]hYaj Z][Ymk] g^ alkhggj imYdalq) Yf\ _]f]jYddq `Ynaf_ ]n]jql`af_k][gf\*jYl]+
Q`q ak l`ak: Cl [gmd\ Z] Z][Ymk] g^l`] eakkagfYjq%k dY[c g^ ^Yal` gj dY[c g^j]n]dYlagf * gj al [gmd\ Z] Z][Ymk] g^ gmj _anaf_+
C^ ]n]jq [`ad\ g^ Ag\ _Yn] Yk Ag\\aj][l]\ `ae * eYl]jaYddq Yf\ khajalmYddq* o]k`gmd\ `Yn] Yj]nanYdgn]jfa_`l) Yf\) bmkldac] l`]]Yjdq [`mj[`) l`]j] ogmd\ fgl Z] gf] Yegf_kl mkl`Yl dY[c+&;[l 1701'
C cfgo ^gj Y ^Y[l l`Yl bmkl Y n]jqkeYdd `Yf\^md g^ Bgdq A`gkl*d]\ _anaf_ h]ghd]c]]h e] af l`] eafakljq Yf\ Yj] j]khgfkaZd] ^gjZd]kkaf_k l`Yl [Yffgl Z] Ykk]kk]\+ C^ o] `Y\ lgdan] gf g^^]jaf_k) o] k`gmd\ fgl Z] YZd]lg k]jn]l`] Fgj\ gj eafakl]j jgmf\ l`] ogjd\+
Ag\ k`go]\ e] l`Yl C emkl f]n]jdggc lg g^^]jaf_k) ^gj B] oaddkh]Yc lg l`] <g\qg^ =`jakl8 Yf\ l`jgm_` l`] kY[ja^a[aYd_anaf_ g^l`gk] o`g dgn] l`] Fgj\) o] Yj] YZd] lg[g f lafm] Y\nYf[af_ af l`ak jgmf\*l`]*ogjd\eafakljq+
Ng _an] qgm Yf ]pYehd]) C oYkeafakl]jaf_ af ;e]ja[Y Yf\ Co]]c Z]^gj] Cd]^l Ccf]o l`Yl o] o]j]) af l`] fYlmjYd)Y dgf_ oYqZ]`af\ oal` gmj [geeale]flk+ N`]f) log \YqkZ]^gj] Cd]^l) Ag\ khgc] lg gf] kakl]j o`g cfgofgl`af_ YZgml al Yf\ lgd\ `]j l`] ]pY[l Yegmfllg [gn]j l`] o`gd] g^ gmj ]ph]fk]k+ Bgo Cj]bga[]\ af l`] Fgj\%k _gg\f]kk Yf\ l`Yl kakl]j%k^Yal`^mdf]kk+
Ccfgo eYfq eafakl]jk ^]]d l`] kYe]Yk C \g YZgml `ak * Zml C cfgo l`Yl Yk l`][`mj[` eYlmj]k o] k`Ydd f]n]j ]n]f `Yn] lgl`afc YZgml o`Yl o] f]]\) ^gj al oadd Z]Yfla[ahYl]\ Zq Mhajal*d]\_anaf_+
Q`]f o] _an] gmj GIH?S)o] _an] IOLM?FP?M Yko]dd+
?aakfgl QB;N o] _an] l`Yl eYll]jk)Zml QBS o] _an]+
P]jq g^l]f Y h]jkgf%k khajalmYdalqoadd\]l]jeaf] `go em[` al `mjlk `ae lg _an]+
+++@gj al hd]Yk]\ l`] @Yl`]j+ ++
Mge] h]ghd] `Yn] egf]q af l`]ZYfc Yk Y k][mjalq Y_Yafkl Y jYafq \Yq+ N`ak akgfdq Y kmhhgjl ^gj l`]aj mfZ]da]^) Yf\+ kmj]]fgm_`) l`]q _]l YjYafq \Yq+ Cf eYfq [Yk]k) l`]egf]q dqaf_ af l`] ZYfc ak fgl k]jnaf_ Yfqhmjhgk]) o`]j]Yk) a^ Ag\ `Y\ Z]]f [gfkmdl]\YZ- ml al+ al [gmd\ `Yn] Z]]f afn]kl]\ afBak caf_\ge+ N`] <aZd] kYqkl`Yl `] l`Yloal``gd\]l` l]f\]l` lg hgn]jlq &Jjgn+ CC7/1'+
; im]klagf l`Yl C `Yn] Z]]f Ykc]\Zq eYfq h]ghd] ak o`q C \g fgl k]dd l`]!?khakld]k lg l`] Cehjakgf]\ MYaflk!+N`]q kYql`Yl) a^ Ckgd\ l`]e) h]ghd] ogmd\ hml Y _j]Yl]jnYdm]gf l`]e+
=Yf l`] ljml` Z] nYdm]\ Zq o`Yl qgmhYq ^gj al: C \g fgl [`Yj_] h]ghd] ^gjeafakl]jaf_ lg l`]e) Yf\ l`]k] ?khakld]k Yj] bmklYf ]pl]fkagf g^ eq eafakljq+
<ml) qgm kYq) h]ghd]_an] Z][Ymk] qgm eafakl]j lg l`]e+ Q]dF qgm [Yf_an] Yk l`] ?hakld]k eafakl]j lg qgm * Yk l`]Fgj\ d]Y\k * Yf\ qgm oadd Z] k]f\af_ gml egj]g^ l`ak eafakljq lg l`gk] o`g f]]\ al+
C k`gmd\ `Yn] dac]\ lg k]dd l`]?hakld]k) Z][Ymk] o] [gmd\ []jlYafdq mk] l`]egf]q ^gj l`] Fgj%k ogjc) Zml l`] Fgj\ kYa\)!D]!+
If] j]Ykgf o`q C \g fgl k]ddl`]k]?hakld]k ak l`Yl l`] j]n]dYlagf l`]q [gflYaf `Yk[ge] lg e] l`jgm_` eafakl]jaf_ lg l`] <g\q g^=`jakl+ C \g fgl ^]]d) l`]j]^gj]) l`Yl C [Yf k]ddZY[c lg l`]e o`Yl akl`]ajk Ydj]Y\q+
N`]k] j]eYjck YZgmll`] ?hakld]k Yj]fgl af Yfq oYq e]Yfl lg [jala[ak] h]ghd] o`g \gk]dd l`]aj Zggck) ^gj ]Y[` gf] g^ mkemkl \g YkAg\ \aj][lk) Yf\) af l`] ]f\) o] k`YddYdd_an] YfY[[gmfl g^ gmj kl]oYj\k`ah lg Bae+
C^ Ag\ lgd\ e] lg k]] l`] ?hakld]klgegjjgo * gj Yfq gl`]j Zggck * C ogmd\ \gkg oal`gml Yfq `]kalYlagf +yyy
=gha]k gZlYafYZd] ^jge l`] ^gddgoaf_ Y\\j]kk7
Aj]]fogg\ <ggckJ+ I+ <gp 33/1
Q]kl JYde <]Y[`) @dgja\Y001-2
IL;DIM H;K;D
SIONB@;CNB $ GCHCMNLS
=IH@?L?H=?)!%s%++
dOO*O6O6O6v+
e+dd]
7FG?B 0 *./).21.&;P`aT_LTTY'
aS^R(#M=BL;@@N%MGINIL CHH
@ILN F;O>?L>;F?) @FILC>;
??
)L@ 4QJDLNB2CK 3?RNCKAC=GKHS7N?PKCS:CNNS)?NEC
N`ak Sgml` =gf^]j]f[] ak \]ka_f]\ lg ljYaf Yf\`]dh qgmf_ e]f Yf\ qgmf_ oge]f ^gj d]Y\]jk`ah) lg]phdgj] Yn]fm]k g^ ^Yal` Yf\ eafakljq Yf\ lg hml l`akljYafaf_ aflg hjY[la[Yd mk] gf l`] @gjl FYm\]j\Yd]Z]Y[`]k+
N`] Y_] daeal ak k]l Yl .2 * /2 q]Yjk g^ Y_]+N`gk] /3 * 0- oaddZ] h]jeall]\ a^ l`]q ^]]d [Ydd]\ lgogjc oal` qgml`+
IH NB? I=?;H
Bgl]d j]_akljYlagfk emkl Z] daeal]\ lg /-- h]ghd]+ Bgl]d jYl]k
h]j \Yq Yj[7 MCHAF? "/4+--8 >IO<F? ".0+2- J?L
J?LMIH8 NLCJF? "6+-- J?L
J?LMIH8 KO;> "4+2- J?L J?LMIH+ N`[k] jYl]k Yj]
gf l`] \Yadq ?mjgh]Yf JdYf Yf\ Yj] kmZb[[l lg @dgja\Y%k1#
klYl] kYd]klYp+
)
?.
Jd]Yk]\aj][l [gjj]khgf\]f[] lg7 SIONB =IH@?L?H=?) /0.- M+Q+1-l` ;n]fm]) @gjl FYm\]j\Yd]) @dgja\Y000.1+
CYe afl]j]kl]\ af Yll]f\af_ l`] SIONB @;CNB $ GCHCMNLS =IH@?L?H=?) ;hjad 2l` l`jm ./l`) .64 C+
HYe] ;_] *********
;\\j]kk =alq MlYl] Tah ***
NQ?HNS ?CABN +++l`Yl af `ae k`gmd\ +++
*****QCH? JL?MM
!QLCNN?H QIL> GCHCMNLS!
Imj <IIE LIIG Z]_Yf bmklYkYk]jna[] lg gmj j]Y\]jk+ Q] Yj] fgl Yo`gd]kYd]j Yf\
o] gfdq klg[c keYddkmhhda]kg^ ]Y[` Zggc+ Q] [Yf ^mjfak` Yfqgf] \]kajaf_ l`]
fYe]k g^ o`gd]kYd] Zggc\]Yd]jk+ N`] gfdq Zggc o] \g k]ddaf dYj_]imYfala]kak>gf
<Yk`Ye%k)!BYf\Zggc gf Bgdq Mhajal<Yhlake+!
CHD?MOM%H;G?
EOBFG;HC<]da]n] af GajY[d]k +++ " +62
IMN??HSgm =Yf =`Yf_] Sgmj
>]klafq " .+--
;H>L?QAg\%k Mem__d]j
<;E?LB]Yn]f Yf\ l`] ;f_]dkPakagf <]qgf\ l`] P]ad
<;F>QCHN`] GYj[` g^ ^Yal`
<;LNF?dVC;H;fgl`]j QYn] Lgddk Cf
<;MB;8VC@Y[] Oh Qal` Y GajY[d]; BYf\Zggc gf Bgdq
Mhajal <Yhlake
<CRF?L?a[Yf BYhh]f lg ;fqZg\q
=;LINB?LMJjakgf lg JjYak] +
=LOTLmf <YZq+ Lmf
>;E?<aZd] Njml`k OfeYkc]\
>?HHCM?dabY` Yf\ ?dak`YJjYak] l`] Fgj\N`] Bgdq Mhajal
?LC=EMIHH]o N]klYe]fl JYll]jf
Yf\ JjY[la[]
@L??G;H>]dan]jYf[] ^jge I[[mdl
Ihhj]kkagf Yf\MmZb][lagf
@Yal` +I[[mdl Ihhj]kkagf Yf\
<gf\Y_]
@LIMN;_dgo Qal` l`] Mhajal
+2+42
2.+--" .+2-
+2+42
+2+42
+2+42
2.+--
+2 +42
+++" .+2-
+2+42
2.+--
+2+/-+2+/2+" +02
+2+42
2.+2-+" +2-
+-2
".+/2
A;MMIHN`] =`Ydd]f_af_ =gmfl]j^]al&hg[c]l kar]'
ACFFC?MM[jahlmjYd Im daf] g^
<Yhlake af l`] BgdqMhajal
B;ACH;ml`gjaln g^ l`] <]da]n]jkBgo lg Nmjf Sgmj @Yal`
Fggk]N`] E]q lg M[jahlmjYd
Cd]Ydaf_N`] 8Vdafakljng^ l`]
Jjgh`]aJjYq]j M][j]lkJjYqaf_ lg A]l L]kmdlkL]\]]e]\ ^jge Jgn]jlq+
Ma[cf]kk+ Yf\ >]Yl`La_`l Yf\ Qjgf_ N`afcaf_M]n[f PalYd Ml]hk lg
L][]anaf_ l`] BgdqMhajal
Q`Yl @Yal` CkB]Ydaf_ <]dgf_k Ng Ok%.] Ija_af Yf\ Ih]jYlCgf
g^ >]egfk>]egfk Yf\ Bgo lg
>]Yd oal` N`]edVCafakl]jaf_ lg l`] Ihhj]kk]\
B;LJ?L;k ;l l`] <]_affaf_QYdc af l`] Mhajal
E?HSIHN`] <dgg\ =gn]fYflN`] Ba\\]f GYfCf Bak Jj]k]f[]N`] Qgf\]j^md HYe] g^
D]kmk +;\nYf[]\ <aZd] =gmjk]N`] H]o Eaf\ g^ Fgn]
+2+42
+2+1-
+2+2-
+2+2-
+2+2-
+2+2-+2+2-+2+2-
+2+2-+2+2-
+2+2-+2+2-+M+2-
+" +2-
+2+2-+" +2-
" .+2-+2.+2-
+2 +3-"/+/22/+/2
2.+/-M0+2-2.+/-
G;LMB;FF<]qgf\ Imjk]dn]k=`jaklq
,V.[dVdCFF?HHgf] g^ l`]k] >ak]Yk]k
dVCCFF?LN`q Ag\ L]a_f]l`
dVCII>S <IIEM>]egf ?ph]ja]f[]k af
GYfq FYf\kN`] Mlgjn g^ MY\`m Mmf\Yj
Maf_ad
GIM?F?SJ]j^][l ?n]jql`af_
GOdVC@IL>; JkYde ^gj Fanaf_.2 Ml]hk Iml y
H??N`] <g\q g^ =`jakl8VCafakljqlg l`] Bgfk]
gj lg l`] Fgj\N`] HgjeYd =`jaklaYf
Fa^]No]dn] <Ykc]lk @mdd
&Pgdme] CC'Mal+QYdc+ MlYf\N`] HgjeYd =`jaklaYf
=`mj[` Fa^]L]d]Yk] g^ l`] MhajalN`] Adgjagmk =`mj[`
H?MMN`] <Yhlake Qal` l`]
Bgdq Mhajal**Q`Yl Ck?U%
IM<ILH@Yal`%kN]klaegfnB]Ydaf_ ^jge =`8akl
+2 +622.+/2
+2+3-
+" +3-
+2+2-
+M+42
2/+42
+" +/2M.+2-
+" +.-
+M+.-
2.+2-
2.+--+" +2-
M.+2-2.+--
+2.+/2
+2 +.-
M.+--2.+--
+++h]Y[] l`jgm_` l`] Zdgg\ g^ l`] [jgkk+++ NQ?HNS HCH?
MN;LNCHA ; JL; S?L ALIOJN`gm_`lk gf =`jaklaYf
@]ddgok`ah +++++ " +/2N`] Fgkl M][j]l g^ l`]
?Yjdq =`mj[` ++++ " +/2
JC?LMIHAugj_] u`ddd]j g^ <jaklgd
JLCH=?<Yhlake af l`] Bgdq
Mhajal +++++?l]jfYd Dm\_]e]fl?7**h]ddaf_>uegfk@gmf\Ylagfk ^gj @Yal` +@jge Dgj\Yf lg J]fl][gklFYqaf_ gf g^ BYf\k +++J`adgkgh`q+ l`] <aZd]
Yf\ l`] Mmh]jfYlmjYdJmjhgk]k g^ J]f l][gkl ++L]h]fl Yf\ <]da]n] +++L]kmjj][lagf g^ l`] >]Y\M]dduMlm\V!<aZd] =gmjk] +N`j]] uC]*kkY_]kgj CkjY]dJjYnafd ^gj l`]
*Aun]jfe]flL]klgjYlagf l`jgm_`
@Yklaf_ +++++<mjaYdZq <Yhlake ++FaZ]jY laf_ Njml` +++@gmf\Ylagf M]ja]k &4Zggck'
L;H;ACC;H=Yl`gda[ J]fl][gklYdk ++
LI<?LNM=gjf] ;oYq Gq <]dgn]\
M=BFCHEL]Ydala]k +L]h]flYf[]**
l`] Dgq*^add]\ Fa^]
"0+62
+" +2-+" +52+" +/2
" .+--" .+--
+" +2-
+" +.-" .+2-" .+--" .+--"1+62" .+/2
+" +2-
+" +2-+" +2-
"/+--+"3+--
" .+62
"0+62
" .+2-
".+2-
MB?LLCFFN`]q Mh]Yc oal` Il`]j
Ngf_m]k
MuCCNCCuCakkagf CehgkkaZd]
NILL?SN`] <Yhlake oal` l`]
Bgdq Mhajal ++
Q;FFCMAg\%k =`gk]f @Ykl
QBSN?>geafagf In]j >]egfkN`] Jgo]j g^ l`] <dgg\Jmddaf_ >gof Mljgf_`gd\k
QCAAF?MQILNB;hgkld] g^ @Yal`?n]j Cf[j]Ykaf_ @Yal`
QCFE?LMIHN`] =jgkk Yf\ l`]
Moal[`ZdY\]C%eHgl GY\ Yl Ag\N`] Falld] J]ghd] ++JYj]flk gf NjaYd ++++No]dn] ;f_]dk ^jge B]dd
+" +3-
+" +62
++ " +/2
+" .+/2
+" +2-+" +2-+" +2-
" .+--+." .+2-
+" +3-".+62
+" +42+" +42+" +3-
D?MOM* NB? G?MMC;BIf[] Yf Ijl`g\gp D]o
Zq M`dgeg BarYc ++ " +/2LYZZa ;k`]j F]nq Mh]Yck
lg N`ak A]f]jY lagf +++ " +.- VC]kkaYaf <gl` N]klYe]flk
Zq G]d\Ym " +2-
L?=IL>M &kl]j]g'!G]dg\a]k g^ JjYak]!
Zq D]Yf Yf\ =Yjgd] +"1+62!B]%k ?n]jql`af_ lg G]!
Zq D]Yf Yf\ =Yjgd] +"1+62!Dgqgmkdq CMaf_!
Zq =Yjgd] +"1+62!@addGq =mh) Fgj\!
Zq D]Yf +"1+62!Mgmf\k g^ @j]k` QYl]j!
Zq G]jn Yf\ G]jdY +"1+62!LYhlmj]!
Zq JYl <ggf] +"1+65!N`] <aZd] N]ddk G]!
; =`ad\j]f%k L][gj\
&Hgl kl]j]g*12jhe' ++++ " .+62
=;MM?NN?!LYhlmj]!
Zq JYl <ggf] +"3+65
. " " " " " " )%%
JF?;M? M?H> NB? @IFFIQCHA <IIEM NI7Jd]Yk] eYc] [`][ck hYqYZd] lg7
N`] Bgdq Mhajal N]Y[`af_ Gakkagf
/0.- M+Q+ 1-l` ;n]fm]) @gjl FYm\]j\Yd]) @dY+000.1+
H;G? C ?H=FIM? " X
;>>L?MM =CNS MN;N? TCJ X
&@dgja\Ygj\]jk Y\\ 1# MYd]kNYp'
KO;HNCNS
NBCLNS
NCNF? JLC=?
+++Ydd mdf]kk\o]dd+ ;f\ `Ynaf_ eY\] +++
86714/ 95:7* #&%#
.64. Mhjaf_ Ngmj
HYe]
;\\j]kk
=alq
MlYl] Tah
!"#$%&"'$ (+<(5*,+
%Ued9OOOd=
:8(0505.*6;89, "
N?;=BCHA) QCNH?MMCHA
;H>
NIOLCHA I@ BCMNILC=
<C<FC=;F JF;=?M
@ajkl=dYkk;[[geg\Ylagfk
NQ; 414 NjYfkYldYfla[ @da_`lk
F]Ynaf_ ^jge H]o Sgjc =alq Yf\ GaYea
Mhgfkgj]\ Qc l`] BIFS MJCLCNN?;=BCHA GCMMCIH
/0W- M+Q+ 1-l` ;n]fm]
@gjl FYm\]j\Yd]) @dgja\Y 000.1
GIL? >?N;CFM ;122 @IFFIQ +
BIFS MJCLCN%N?;=BCHA GCMMCIH)Cf[+
/0.- M+Q+ 1-l` ;n]fm]) @gjl FYm\]j\Yd])
@dgja\Y 000.1) O+M+;+
(KB PFLQOF?II A?II
FGOK?JC.%+**+ 1,9;9'
"!""" DLNFC+ k`Ydd+kYn]
/GOMCLMICDNLJ PFCGNOGKO"
4?PPFCR ') ('