`ü@| _L |üi Vú+t 4i@?q �i@týhð?} |üi ïý|Tý|,giU|t Lu �L?i|@h) èL*ðU)

aLü? Oë çLUüh@?iú

aý*) ��c �bb.

Devwudfw

YDUv ghvfuleh wkh klvwru| ri rxwsxw dqg rwkhu yduldeohv iroorzlqj prqhwdu|vkrfnv1 Wr phdvxuh ri wkh hòhfwv ri prqhwdu| vkrfnv/ rqh pxvw dgg hfrqrplf lghq0wli|lqj dvvxpswlrqv1 L vshfli| wkh uhodwlyh hòhfwv ri dqwlflsdwhg dqg xqdqwlflsdwhgprqh|/ dqg L fdofxodwh krz YDU0edvhg phdvxuhv ri wkh hòhfw ri prqh| rq rxwsxwfkdqjh dv rqh ydulhv wklv dvvxpswlrq1Wkh dqwlflsdwhg2xqdqwlflsdwhg dvvxpswlrq lqðxhqfhv phdvxuhg rxwsxw hòhfwv dv

pxfk ru pruh wkdq wkh yduldeoh vhohfwlrq dqg vkrfn ruwkrjrqdol}dwlrq dvvxpswlrqvrq zklfk wkh YDU olwhudwxuh irfxvhv1 Dvvxplqj wkdw dqwlflsdwhg prqhwdu| srolf|fdq kdyh vrph hòhfw rq rxwsxw uhvxowv lq pxfk vkruwhu/ vpdoohu/ dqg shukdsv pruheholhydeoh hvwlpdwhv ri wkh rxwsxw uhvsrqvh wr prqhwdu| vkrfnv1MHO Frghv= H85/F65/F85Nh|zrugv= Prqhwdu| srolf|/ yhfwru dxwruhjuhvvlrq/ lghqwlñfdwlrq1

úXqlyhuvlw| ri Fklfdjr/ Ihghudo Uhvhuyh Edqn ri Fklfdjr dqg QEHU1 Dgguhvv= JudgxdwhVfkrro ri Exvlqhvv/ Xqlyhuvlw| ri Fklfdjr/ 4434 H1 8;wk Vw1/ Fklfdjr LO 9396:/ ::6 :35 638</mrkq1frfkudqhCjve1xfklfdjr1hgx/ id{ ::6 :35 378;1 L wkdqn Oduu| Fkulvwldqr/ Wlp Frjoh|/ Pduwlq Hlfkhq0edxp/ Oduv Kdqvhq/ Dqlo Ndvk|ds/ Fkduohv Sorvvhu/ Wrp Vdujhqw/ Nhq Zhvw dqg hvshfldoo| Pdun Zdwvrq/Plnh Zrrgirug dqg dq dqrq|prxv uhihuhh iru khosixo frpphqwv/ dqg L wkdqnDoh{dqghu Uh|ipdq iru uh0vhdufk dvvlvwdqfh1 Wklv uhvhdufk zdv vxssruwhg e| d judqw iurp wkh QVI dgplqlvwhuhg e| wkh QEHU/ dqge| wkh Xqlyhuvlw| ri Fklfdjr Judgxdwh Vfkrro ri Exvlqhvv1

�

� W?|hL_ýU|ðL?

`ü@| @hi |üi hi@* igiU|t Lu 4L?i|@h) TL*ðU)q ú üý}i hiUi?| *ð|ih@|ýhi ü@t hi|ýh?i_ |L

|üðt U*@ttðU ^ýit|ðL?c @?_ ü@t 4i@týhi_ |üi üðt|Lh) Lu hi@* @?_ ?L4ð?@* ñ@hð@M*it uL**Lêð?}

4L?i|@h) tüLU!të� î) |üð?!ð?} U@hiuý**) @MLý| üLê |L ð_i?|ðu) 4L?i|@h) TL*ðU) tüLU!t ELhc

@ Uhð|ðU 4ð}ü| Uü@h}ic M) i |i?tðñi �tüð?}äc |üðt *ð|ih@|ýhi ü@t @| *@t| ThL_ýUi_ ð4Tý*tií

hitTL?ti uý?U|ðL?t |ü@| U@T|ýhi UL44L? ñðiêt @MLý| 4L?i|@h) TL*ðU)ë

dW?tih| 6ð}ýhi � üihio

6ð}ýhi � Thiti?|t |êL i @4T*itc |@!i? uhL4 çLUüh@?i E�bbe@ä êüðUü týhñi)t |üðt

*ð|ih@|ýhië EAüi tTiUð�U@|ðL? @?_ it|ð4@|ðL? Lu |üiti Vú+t ðt _itUhðMi_ ð? |üi úTTi?_ð ëä

Aüi |LT hLê Thiti?|t hitTL?tit |L @ L?i t|@?_@h_ _iñð@|ðL? �2 tüLU!ë ú? ý?i TiU|i_ hðti

ð? �2 ðt uL**Lêi_ M) @ ThL|h@U|i_ hðti ð? �2ë Aüi ui_ih@* uý?_t h@|i hitTL?_t êð|ü @? ð?ð|ð@*

_iU*ð?i @?_ |üi? @ ThL|h@U|i_ hðtië Aüðt hitTL?ti U@? Mi ð?|ihThi|i_ @t @ R*ð^ýð_ð|) igiU|â

uL**Lêi_ M) @? Rð?ã@|ðL? igiU|ëâ çL?tý4T|ðL? @?_ Lý|Tý| hðti |i4TLh@hð*)c @?_ ThðUit

hðtië Aüi *L?}íhý? UL?tý4T|ðL? @?_ Lý|Tý| igiU|t @hi 4ýUü *itt |ü@? L?i t|@?_@h_ ihhLh

uhL4 3ihLë W? |üi ML||L4 hLêc ui_ih@* uý?_t h@|i ð??Lñ@|ðL?t @hi ýti_ |L ð_i?|ðu) 4L?i)

týTT*) tüLU!të W? hitTL?ti |L @ týhThðti ð?Uhi@ti ð? |üi ui_ih@* uý?_t h@|ic UL?tý4T|ðL?

@?_ Lý|Tý| _iU*ð?i |i4TLh@hð*)c ThðUit _iU*ð?ic @?_ �� _iU*ð?itë Aüi ui_ih@* uý?_t h@|i

@*tL t|@)t üð}ü uLh ^ýð|i tL4i |ð4i @u|ih |üi ð?ð|ð@* tüLU!ë

Aüi }i?ih@* T@||ih?t ð? 6ð}ýhi � @hi éýt| êü@| 6hði_4@? E�bSHä |@ý}ü| ýt |L i TiU|ë

OLêiñihc |üi 4@}?ð|ý_it @hi @ Mð| týhThðtð?}ë Aüi Lý|Tý| hitTL?tit @hi ThL|h@U|i_c

üý4Títü@Ti_ @?_ *@h}ië ïý|Tý| Ti@!t |êL )i@ht @u|ih |üi tüLU!c @?_ |@!it �ñi )i@ht

4Vhh dprqj pdq| rwkhuv Ehuqdqnh dqg Eolqghu +4<;;,/ Fkulvwldqr dqg Hlfkhqedxp +4<<4,/ Fkulvwldqr/Hlfkhqedxp dqg Hydqv +4<<7,/ Hlfkhqedxp dqg Hydqv +4<<5d,/ Jrugrq dqg Ohhshu +4<<6,/ Vlpv +4<<5,dqg Vwurqjlq +4<<5, lq wkh YDU wudglwlrq/ dqg Urphu dqg Urphu +4<<7, iru dq hvwlpdwh edvhg rq uhdglqjwkh IRPF plqxwhv wr lghqwli| prqh| vxsso| vkrfnv1

2

|L _ði Lý|ë ïý|Tý| hðtit M) @MLý| fëDI uL**Lêð?} @ L?iít|@?_@h_ _iñð@|ðL? tüLU!c êüðUü

ðt @*tL @MLý| fëDI( tð?Ui �2 ðt 4ýUü t4@**ih |ü@? Lý|Tý|c @?_ |üi M@ti ðt @}@ð? 4ýUü

t4@**ih |ü@? �2c |üðt hitTL?ti ð4T*ðit @ *@h}i @4T*ð�U@|ðL? ð? _L**@h |ih4të ú?_ W ti*iU|i_

|üiti tTiUð�U@|ðL?t ð? T@h| |L 4ð?ð4ð3i |üi tð3i @?_ *i?}|ü Lu Lý|Tý| hitTL?titë 5ð4T*ih

tTiUð�U@|ðL?t E�2c Lý|Tý| @?_ ThðUi *iñi* uLh i @4T*iä ThL_ýUi iñi? *@h}ih @?_ 4Lhi

ThL|h@U|i_ hitTL?titë

Aüiti ð4Tý*tiíhitTL?ti uý?U|ðL?t U@T|ýhi üðt|Lh)c |üi @ñih@}i ñ@*ýit Lu 4L?i)c Lý|Tý|c

ð?|ihit| h@|it @?_ L|üih ñ@hð@M*it uL**Lêð?} @ 4L?i) týTT*) tüLU!ë `ü@| _Lit |üðt üðt|Lh)

|i** ýt @MLý| |üi igiU|t Lu 4L?i|@h) TL*ðU)q `ü@| _Lit ð| |i** ýtc uLh i @4T*ic @MLý|

|üi ULýhti Lu iñi?|t êi tüLý*_ i TiU| ðu |üihi ðt @ 4L?i|@h) tüLU! ?L| uL**Lêi_ M) |üi

Uýt|L4@h) uýh|üih i T@?tðL? Lu 4L?i)q èý| @?L|üih ê@)c üLê ð4TLh|@?| ðt |üi ThLñðtLc

êð_i*) ?i}*iU|i_ ð? |üi Vú+ *ð|ih@|ýhic |ü@| |üi Vú+ 4i@týhit |üi igiU|t Lu TL*ðU)

tüLU!tc L?*) ðu |üi) @hi uL**Lêi_ M) |üi Uýt|L4@h) uýh|üih TL*ðU) @U|ðL?tq `ü@| _Lit

|üðt üðt|Lh) |i** ýt @MLý| 4L?i|@h) |üiLh)c @MLý| êüðUü !ð?_t Lu 4L?i|@h) 4L_i*t L?i

?ii_t |L UL?t|hýU| ð? Lh_ih |L ý?_iht|@?_ @?_ }ýð_i 4L?i|@h) TL*ðU)q W? T@h|ðUý*@hc _L

|üi hitTL?tit 4i@? |ü@| êi 4ýt| UL?t|hýU| 4L?i|@h) |üiLhðit êð|ü ð4TLh|@?| _i*@) @?_

ThLT@}@|ðL? 4iUü@?ðt4tq

W| ðt |i4T|ð?} |L |üð?! |ü@|c L?Ui 4L?i|@h) TL*ðU) tüLU!t @hi ULhhiU|*) ð_i?|ð�i_c

|üi ð4Tý*tiíhitTL?ti uý?U|ðL?t ThLñð_i _ðhiU| @?têiht |L |üiti ^ýit|ðL?tc _ðhiU| 4i@týhit

Lu |üi igiU|t Lu 4L?i|@h) TL*ðU)ë Aüi i |i?tðñi iUL?L4ðU ð?|ihThi|@|ðL?t Lu ð4Tý*tií

hitTL?ti uý?U|ðL?t ð? |üi Vú+ *ð|ih@|ýhi U@? i@tð*) *i@ñi hi@_iht êð|ü |üðt ð4ThittðL?ë

îý| 5@h}i?|<t E�b.Sä RïMtihñ@|ðL?@* i^ýðñ@*i?Uiâ ê@h?t ýt |ü@| 4@?) _ðgihi?| |üiLhðit

Lu |üi igiU|t Lu 4L?i|@h) TL*ðU) @hi ð? u@U| UL?tðt|i?| êð|ü |üi üðt|Lh) Lu 4L?i|@h) TL*ðU)

@t U@T|ýhi_ M) @ Vú+c iñi? ðu |üi tüLU!t @hi ULhhiU|*) ð_i?|ð�i_ë ú uýh|üihc |üiLhi|ðU@*c

ð_i?|ð�U@|ðL? ðt ?iUitt@h) |L 4i@týhi |üi igiU|t Lu 4L?i|@h) TL*ðU)ë

ô

dW?tih| �}ýhi 2 üihio

AL Mi tTiUð�Uc uLUýt L? |üi 4L?i)$4L?i) @?_ 4L?i)$Lý|Tý| hitTL?tit T*L||i_

|L}i|üih ð? 6ð}ýhi 2ë Wu L?*) ý?@?|ðUðT@|i_ 4L?i|@h) tüLU!t U@? @giU| Lý|Tý|c |üi Lý|Tý|

hitTL?ti _Lit 4i@týhi |üi _)?@4ðU igiU| Lu |üi ð?ð|ð@* 4L?i|@h) tüLU!ë èhiUðti*)c ð? |üðt

U@ti |üi Lý|Tý| hitTL?ti ðt RTL*ðU) ð?ñ@hð@?|Gâ ú 4L?i) tüLU! êð** ü@ñi |üðt igiU| L?

Lý|Tý| ð? @?) hi}ð4ic Lh ?L 4@||ih êü@| |üi T@|ü Lu 4L?i) uL**Lêð?} |üi tüLU!ë

îý| týTTLti ð?t|i@_ |ü@| @?|ðUðT@|i_ 4L?i|@h) tüLU!t U@? @*tL @giU| Lý|Tý|ë ûLêc

|üi UL?|ð?ýi_ i T@?tðL? Lu 4L?i) |ü@| ðt i TiU|i_ |L uL**Lê @ tüLU! U@?c êüi? ð| ü@TTi?tc

U@ýti |üi ThL*L?}i_ i T@?tðL? Lu Lý|Tý| uL**Lêð?} |üi tüLU!ë Aüi igiU|t Lu @ 4L?i|@h)

TL*ðU) tüLU! L? Lý|Tý|c ðëië |üi TL*ðU)íð?ñ@hð@?| ^ý@?|ð|)c Lh |üi T@|ü Lu Lý|Tý| uL**Lêð?}

@ tüLU! |ü@| ðt ?L| uL**Lêi_ M) |üi ü@Mð|ý@* uýh|üih i T@?tðL? Lu 4L?i)c 4@) Mi ð? u@U|

t4@**c tüLh| @?_ _iU@)ð?} Eh@|üih |ü@? üý4Títü@Ti_äë Wu @ 4L_i* ThL_ýUit @?|ðUðT@|i_

4L?i) igiU|tc ð| 4@) ?L| hi^ýðhi @4T*ð�U@|ðL? @?_ _i*@) 4iUü@?ðt4t |L Mi UL?tðt|i?|

êð|ü |üi _@|@ë

ïu ULýhtic L?i ê@?|t ?ý4Miht Lh }h@Tüt( it|ð4@|it ?L| t|Lhðitë , @U|*) êü@| 4i@týhi

Lu |üi igiU|t Lu 4L?i|@h) TL*ðU) _Lit L?i }i| uhL4 @ttý4ð?} |ü@| @?|ðUðT@|i_ 4L?i) U@?

4@||ihq OLê tüLh| @?_ t4@** @hi |üi |hýi hitTL?ti uý?U|ðL?t ð? |üðt U@tiq W? |üi ML_)

Lu |üðt T@Tihc W @_LT| @*|ih?@|ðñi i T*ðUð| ð_i?|ðu)ð?} @ttý4T|ðL?t ð? êüðUü @?|ðUðT@|i_

4L?i) U@? ü@ñi tL4i igiU| L? Lý|Tý|ë 6hL4 |üi it|ð4@|i_ ð4Tý*tiíhitTL?ti uý?U|ðL?tc

W U@*Uý*@|i it|ð4@|it Lu |üi igiU| Lu 4L?i) L? Lý|Tý| ý?_ih |üi @*|ih?@|ðñi ð_i?|ðu)ð?}

@ttý4T|ðL?të W �?_ |ü@| |üi it|ð4@|i_ Lý|Tý| hitTL?tit ñ@h) @ *L| @t L?i Uü@?}it ð_i?|ðu)í

ð?} @ttý4T|ðL?ë Aüi @?|ðUðT@|i_íý?@?|ðUðT@|i_ ð_i?|ðu)ð?} @ttý4T|ðL? ðt @t ð4TLh|@?| |L

|üi Lý|Tý| igiU| 4i@týhit @t |üi ñ@hð@M*i ti*iU|ðL? @?_ Lh|üL}L?@*ð3@|ðL? @ttý4T|ðL?t L?

êüðUü |üi Vú+ *ð|ih@|ýhi uLUýtitë W @*tL �?_ |ü@| |üi @?|ðUðT@|i_ 4L?i) 4L_i*t _L hitý*|

e

ð? Lý|Tý| igiU| it|ð4@|it |ü@| @hi 4ýUü tüLh|ih @?_ t4@**ih |ü@? |üi ð4Tý*tiíhitTL?ti

uý?U|ðL?ë

Aüi TLð?| @?_ UL?|hðMý|ðL? Lu |üðt T@Tih ðt êü@| |L _L êð|ü ð4Tý*ti hitTL?ti uý?U|ðL?t

@u|ih |üi) ü@ñi Mii? it|ð4@|i_ë AüihiuLhic W ýti @ u@ðh*) t|@?_@h_ tTiUð�U@|ðL? @?_ _L ?L|

uLUýt L? |üi ñ@hð@M*i ti*iU|ðL?c tTiUð�U@|ðL?c @?_ Lh|üL}L?@*ð3@|ðL? ðttýit L? êüðUü |üi

Vú+ *ð|ih@|ýhi hð}ü|*) uLUýtitë Aüi Ui?|h@* }i?ih@* T@||ih? Lu RULhhiU|â tð}?tc Tihtðt|i?|

TL*ðU)c @?_ Tihtðt|i?| hitTL?tit |L tüLU!t ðt ?L| @| @** ti?tð|ðñi |L |üi _i|@ð*t Lu tTiUð�í

U@|ðL?c @?_ ðt UL44L? |L @*4Lt| @** |üi 4L?i|@h) Vú+t ð? |üi *ð|ih@|ýhië AüihiuLhic |üi

^ý@*ð|@|ðñi hitý*|t @TT*) |L 4Lt| Lu |ü@| *ð|ih@|ýhië

, TiU|i_ 4L?i)q

5üLý*_ @? i4TðhðUðt| iñi? UL?tð_ih |üi TLttðMð*ð|) |ü@| @?|ðUðT@|i_ 4L?i|@h) U@? ü@ñi

hi@* igiU|tq wýU@t E�b.2c �b.ôc @?_ ð? @ uLhUiuý* tý44@h)c �bbSä t@)t ?Lë W? wýU@t< 4L_i*c

L?*) ý?i TiU|i_ 4L?i|@h) TL*ðU) tüLU!t U@? ü@ñi hi@* igiU|të wýU@t< ñðiê ðt @||h@U|ðñic

tð?Ui ð| U@? i T*@ð? |üi u@U| |ü@| 4L?i|@h) TL*ðU) tL4i|ð4it tii4t |L ü@ñi *@h}i Lý|Tý|

igiU|t Mý| @| L|üih |ð4it tii4t |L ü@ñi t4@** Lh ?L igiU|të Aüi i Tihði?Ui Lu �bHfíH2

ðt Lu|i? tii? @t @ U*@ttðU i @4T*i Lu @ *@h}i igiU|ë Aüi _iM@|i Lñih |üi }hi@| _iThittðL?

tii4t ?Lê |L Mi Lñih üLê 4L?i|@h) TL*ðU) U@ýti_ |üi _iThittðL? h@|üih |ü@? êüi|üih

ð| _ð_ tLë îý| ð? |üi i?_t Lu ü)Tihð?ã@|ðL?t E5@h}i?| �bHSä @?_ Uýhhi?U) hiñ@*ý@|ðL?tc

4L?i) }hLê|ü Lh ð|t t|LU! U@? Uü@?}i M) u@U|Lht Lu |üLýt@?_tc *ð|ih@**) Lñih?ð}ü|c êð|ü

?L hi@* igiU| @| @**ë

wýU@t< hiUL?Uð*ð@|ðL? Lu |üiti _ðgihi?| hi}ð4it ü@t @ _h@4@|ðU ð4T*ðU@|ðL?G t)t|i4@|ðU

4L?i|@h) TL*ðUðitQTL*ðUðit |@!i? Thi_ðU|@M*) M) Ui?|h@* M@?!t |L Lgti| hiUittðL?tQü@ñi

?L hi@* igiU|tc @ TLð?| 4@_i uLhUiuý**) M) 5@h}i?| @?_ @**@Ui E�b.Däë Aüðt ð4T*ðU@|ðL?

4@) üi*T |L i T*@ð? |üi _ðæUý*|ðit |ü@| Ui?|h@* M@?!t ü@ñi u@Ui_ ð? �?i |ý?ð?} Lý|Tý| Lh

D

i Uü@?}i h@|it M) |h)ð?} |L t)t|i4@|ðU@**) Lgti| hi@* tüLU!të

OLêiñihc wýU@t< ñðiê ü@t ?L| Mii? ý?ðñiht@**) @UUiT|i_ë �@?) @ý|üLht t|@|i Lh hiñi@*

ñðiêt |ü@| @?|ðUðT@|i_ 4L?i) ü@t hi@* igiU|t Lh Ei^ýðñ@*i?|*)ä |ü@| t)t|i4@|ðU TL*ðU)

4@||ihtë 6Lh i @4T*ic +L4ih @?_ +L4ih E�bbeä U*@ð4 |ü@| t)t|i4@|ðU 4L?i|@h) TL*ðU)

i?_i_ TLt|ê@h hiUittðL?të Aüi @h}ý4i?| @}@ð?t| Uýhhi?U) ý?ðL?t @?_ � i_ i Uü@?}i h@|it

ðt |ü@| |üi) Thiñi?| ?@|ðL?@* }Lñih?4i?|t uhL4 Týhtýð?} t)t|i4@|ðU 4L?i|@h) TL*ðU) |L

Lgti| ULý?|h)ítTiUð�U hi@* tüLU!të Aüi *ð|ih@|ýhi |ü@| iñ@*ý@|it ?L4ð?@* Bûè |@h}i|ð?}

E6i*_t|ið? @?_ 5|LU! �bbec O@** @?_ �@?!ðê �bbe @hi hiUi?| i @4T*itä ðt Thi_ðU@|i_ L?

|üi ð_i@ |ü@| Mi||ih t)t|i4@|ðU TL*ðUðit U@? hi_ýUi |üi ñ@hð@?Ui Lu Lý|Tý|ë

�L?i|@h) |üiLhðt|t ü@ñi @*tL UL?t|hýU|i_ 4L_i*t ð? êüðUü @?|ðUðT@|i_ 4L?i|@h) tüLU!t

U@? ü@ñi hi@* igiU|të ïñih*@TTð?} UL?|h@U| 4L_i*t EA@)*Lh �b.bäc t|ðU!) ThðUi 4L_i*t EuLh

i @4T*ic +L|i4Mih} �bH2c �bbe tii @*tL î*@?Uü@h_ �bbf uLh @ hiñðiê êð|ü hiuihi?Uitäc

*ð4ð|i_ T@h|ðUðT@|ðL? 4L_i*t EBhLtt4@? @?_ iðtt �bHôc +L|i4Mih} �bHec 4Lhi hiUi?|*)

ú*ñ@hi3 @?_ ú|!itL? �bbSä @hi Thð4i i @4T*itë ,ñi? wýU@t< E�b.2ä 4L_i* U@? }i?ih@|i

igiU|t Lu @?|ðUðT@|i_ 4L?i) ðu 4L?i) ðt ?L| ð?éiU|i_ M) ThLTLh|ðL?@* |h@?tuihë W? wýU@t

@?_ 5|L!i)<t E�bHôä U@tü ð? @_ñ@?Ui 4L_i* L?*) @?|ðUðT@|i_ 4L?i|@h) TL*ðU) ü@t hi@*c

ð?ã@|ðL?í|@ c igiU|t E|üLý}ü @_4ð||i_*) Lu |üi êhL?} tð}?äë ç@tüíð?í@_ñ@?Ui 4L_i*t

êð|ü @_éýt|4i?| ULt|t E6ýiht| �bb2c çühðt|ð@?L @?_ ,ðUüi?M@ý4 �bb2c �bbD ä ThL_ýUi

4Lhi |h@_ð|ðL?@* hi@* igiU|t Lu @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ 4L?i)ë

6Lh |üiti hi@tL?tc ð| tii4t |ü@| @? i4TðhðUðt| tüLý*_ @| *i@t| UL?tð_ih |üi TLttðMð*ð|)

|ü@| @?|ðUðT@|i_ 4L?i|@h) Uü@?}it U@? ü@ñi hi@* igiU|tc h@|üih |ü@? hý*ð?} týUü @ ñðiê

Lý| @ ThðLhðë

S

2 �L_i*t Lu |üi @?|ðUðT@|i_%ý?@?|ðUðT@|i_ tT*ð|

2ë� ïñihñðiê

W tTiUðu) |êL tð4T*i 4L_i*t uLh |üi hi*@|ðL? Mi|êii? 4L?i) @?_ Lý|Tý| |ü@| U@T|ýhi

@?|ðUðT@|i_ 4L?i) igiU|të Aüi �ht| 4L_i* @**Lêt i TiU|i_ @?_ ý?i TiU|i_ 4L?i) |L

@giU| Lý|Tý|ë W| ðt

+| ' @W Euä db6| n E�ý bä E6| ý .|3�6|äo n K

W Euä B|é

út|ihðt!t L? @W Euä @?_ KWEuä _i?L|i t|hýU|ýh@* *@} TL*)?L4ð@*të b ðt @ ThitTiUð�i_ T@h@í

4i|ih |ü@| ñ@hðit Mi|êii? f @?_ �ë KW Euä B| U@T|ýhit ?L?í4L?i|@h) Lý|Tý| _ðt|ýhM@?Uitë

út b$ f |üðt 4L_i* tTiUð�it |ü@| L?*) ý?@?|ðUðT@|i_ 4L?i) 4@||ihtë út b$ � |üihi ðt

?L _ðgihi?Ui Mi|êii? @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ 4L?i)ë

Aüi tiUL?_ 4L_i* ðt @ t*ð}ü| 4L_ð�U@|ðL? Lu @ t|@?_@h_ t|ðU!)íThðUi 4L_i* E+L|i4Mih}

�bH2c �bbeäc

+| ' @W Euä

%6| ý �ý k

�ý ku.|3�#

�ý kq�ý kqu3�6|

$&n KW Euä B|é

q ðt @ _ðtULý?| u@U|Lhc t*ð}ü|*) *itt |ü@? �c @?_ k Mi|êii? f @?_ � 4i@týhit |üi ULt|t

Lu ThðUi @_éýt|4i?|ë Aüi t|ðU!) ThðUií4L_i* U@T|ýhit |üi ð_i@ |ü@| ThðUit @?_ üi?Ui

Lý|Tý| hitTL?_ |L i TiU|i_ uý|ýhi 4L?i)ë Aüi _ðt|hðMý|i_ *i@_ Lu uý|ýhi 4L?i) uL**Lêð?}

|üi i TiU|@|ðL? U@T|ýhit |üðt igiU|c @Mti?| uhL4 |üi �ht| 4L_i*ë út |üi ThðUiít|ðU!ð?itt

T@h@4i|ih k $ fc |üðt 4L_i* @*tL hi_ýUit |L |üi ý?i TiU|i_ 4L?i) 4L_i* Eb ' fäc @?_

@t k$ � ð| hi_ýUit |L |üi 4iUü@?ðt|ðU 4L_i* Eb ' �äë W| }ðñit @ 4L_i* ð? Mi|êii? |üiti

|êL i |hi4it |ü@| ðt 4Lhi UL4T*ðU@|i_ Mý| tL4iêü@| 4Lhi }hLý?_i_ ð? iUL?L4ðU |üiLh)

|ü@? |üi �ht| 4L_i*ë

W @ttý4i |ü@| |üiti hi*@|ðL?t Mi|êii? 4L?i) @?_ Lý|Tý| @hi ð?ñ@hð@?| |L |üi TL*ðU)

hi}ð4i( L?Ui êi ü@ñi it|ð4@|i_ |üi T@h@4i|iht @W Euäc êi U@? U@*Uý*@|i |üi hitTL?ti Lu

.

Lý|Tý| |L @hMð|h@h) 4L?i|@h) i Tihð4i?|të wýU@t E�b.Sä @h}ýi_ |ü@| @ }LL_ tLýhUiQ

Mý| ?L| |üi L?*) tLýhUiQLu TL*ðU)íð?ñ@hð@?| hi*@|ðL?t @hi hi*@|ðL?t U@hiuý**) }hLý?_i_ ð?

iUL?L4ðU |üiLh)ë îL|ü Lu |üi @MLñi 4L_i*t ü@ñi tL4i }hLý?_ð?} ð? iUL?L4ðU |üiLh)c Mý|

|üi _)?@4ðUt @W Euä @hi @_íüLUë Aüi 4L_i*t @hi ð?|i?_i_ @t @ ãi ðM*i )i| ThiUðti ê@)

Lu U@T|ýhð?} i@tð*)íð?|ihThi|@M*i @?|ðUðT@|i_íý?@?|ðUðT@|i_ _ðt|ð?U|ðL?tc @t uLý?_ ð? 4@?)

4Lhi uLh4@* 4L_i*t @?_ _ðtUýttðL?t Lu 4L?i|@h) TL*ðU)ë

W? |üi hi4@ð?_ih Lu |üðt tiU|ðL?c W _iñi*LT @?_ 4L|ðñ@|i |üiti 4L_i*tc @?_ W tüLê üLê

|L ð_i?|ðu) |üi T@h@4i|iht @W Euä uhL4 |üi ð4Tý*ti hitTL?ti uý?U|ðL?ë

2ë2 ú?|ðUðT@|i_íý?@?|ðUðT@|i_ 4L_i*

�L_i*

6ðht|c týTTLti |ü@| L?*) ý?@?|ðUðT@|i_ 4L?i) @giU|t Lý|Tý|ë Aüi t|@?_@h_ 4L_i* E@tc

uLh i @4T*ic ð? 5@h}i?|<t �bH. |i |MLL!ä ðt @ ñ@hð@?| Lu wýU@t E�b.ôäc

+| ' w E6| ý .|3�6|ä é E�ä

ïu ULýhtic iñi? |üðt hiThiti?|@|ðL? ðt ?L| t|hýU|ýh@* Lh TL*ðU) ð?ñ@hð@?|ë EAü@| ðt |üi TLð?|

Lu wýU@t< �b.ô T@Tihëä Aüi T@h@4i|ih w _iTi?_t L? |üi hi*@|ðñi ñ@hð@?Ui Lu @}}hi}@|i

@?_ ð_ðLt)?Uh@|ðU ThðUi tüLU!të OLêiñihc hi}ð4i Uü@?}it |ü@| _L ?L| @*|ih |üðt h@|ðL êð**

*i@ñi w ý?Uü@?}i_c tL êi U@? @| *i@t| iñ@*ý@|i @ *ð4ð|i_ ti| Lu hi}ð4i Uü@?}itë

Aüðt tð4T*i 4L_i* _Lit ?L| @**Lê uLh tihð@**) ULhhi*@|i_ Lý|Tý|ë AüihiuLhic i4TðhðU@*

tTiUð�U@|ðL?t @**Lê *@}}i_ igiU|t Lu 4L?i|@h) tüLU!t @?_ tihð@**) ULhhi*@|i_ ?L?í4L?i|@h)

Lý|Tý| _ðt|ýhM@?Uitë Aüýtc W t|@h| êð|ü |üi 4L_i*

+| ' @W Euä d6| ý .|3�6|o n K

W Euä B|é E2ä

W @ttý4i |ü@| |üi ?L?í4L?i|@h) tüLU!t B| @hi Lh|üL}L?@* |L 4L?i|@h) tüLU!t d6| ý .|3�6|oë

H

5iUL?_c týTTLti |üihi ðt ?L _ðt|ð?U|ðL? Mi|êii? @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ 4L?i)c

tL Lýh t|hýU|ýh@* ñðiê ðt

+| ' @W Euä6| n K

W Euä B|é

A)TðU@**) L?i üLTit Lh ð4TLtit |ü@| @W E�ä ' fc tL |ü@| |üi *iñi* Lu 4L?i) ü@t ?L *L?}íhý?

igiU| L? Lý|Tý|ë

ï?i 4@) @}@ð? UL4T*@ð? @MLý| 4ðUhLíuLý?_@|ðL?të OLêiñihc |üðt ðt @ 4L_i* êð|ü @

}hi@| üðt|LhðU@* |h@_ð|ðL? ð? i4TðhðU@* êLh!c uhL4 |üi 5|ë wLðt 6i_ hi}hittðL?t Eú?_ihtL?

@?_ aLh_@? �bSHä @?_ ð|t 4@?) @?|iUi_i?|t |L |üi _)?@4ðU 4ý*|ðT*ðiht U@*Uý*@|i_ M)

+L4ih @?_ +L4ih E�bbeäë �Lt| ð4TLh|@?|*)c |üðt 4L_i* ðt ð4T*ðUð| ð? @?) _ðtUýttðL? |ü@|

_Lit ?L| i T*ðUð|*) _ðt|ð?}ýðtü igiU|t Lu @?|ðUðT@|i_ ñtë ý?@?|ðUðT@|i_ 4L?i|@h) TL*ðU)ë

5ð?Ui @*4Lt| ?L TL*ðU) _ðtUýttðL?t 4@!i |üðt _ðt|ð?U|ðL?c iñi? @4L?} @U@_i4ðUtc ð| tii4t

êLh|ü ð?|ihThi|ð?} |üi _@|@ êð|ü |üðt ñðiêë

6ð?@**)c êi ê@?| @ 4L_i* |ü@| @ttý4it |ü@| @?|ðUðT@|i_ 4L?i) U@? ü@ñi tL4i igiU|c

|üLý}ü ý?@?|ðUðT@|i_ 4L?i) 4ð}ü| ü@ñi t|hL?}ih igiU|të út @ ê@) |L U@T|ýhi |üðt ð_i@2c

5Pdq| rwkhu vfkhphv duh srvvleoh1 Rqh pljkw wu| wr doorz vhsdudwh g|qdplf hòhfwv ri dqwlflsdwhg dqgxqdqwlflsdwhg prqh|/

|w @ dúd +O,pw . d

úx +O, +pw ýHwý4pw, . e

ú +O, ïw=

Dodv/ dúd dqg dúx duh qrw vhsdudwho| lghqwlñhg1 +Vhh Frfkudqh 4<<7e iru d surri lq wklv vshflñf fdvh>wklv lv wkh srlqw ri Vdujhqw 4<:9 pruh jhqhudoo|1, Wkh prgho lq wkh wh{w dggv wr wklv vshflñfdwlrq dqdg0krf dvvxpswlrq wkdw vkdsh ri dúd dqg dúx duh wkh vdph/ vr wkdw vr wkdw dúd +O, @ è@ +4ý è, dúx +O, = Rqhsdudphwhu fkrlfh è lghqwlñhv wkh wzr sro|qrpldov1Dowhuqdwlyho|/ prwlydwhg e| lqirupdwlrq odjv/ zh pljkw mrlq dqwlflsdwhg dqg xqdqwlflsdwhg prghov e|

doorzlqj rqo| n shulrg h{shfwdwlrqv wr dòhfw rxwsxw/

|w @ dú +O, ^pw ýHwýnpw` . e

ú +O, ïw=

Diwhu soxjjlqj lq wkh prylqj dyhudjh uhsuhvhqwdwlrq iru prqh|/ zh rewdlq

dú +O, @û4 . fpp>4O. ===. fpp>ný4Oný4

úý4f|p +O, =

Dv n $4> zh uhfryhu wkh dqwlflsdwhg prqh| fdvh/ dv n @ 4> zh uhfryhu wkh xqdqwlflsdwhg prqh| fdvh1Wklv prgho ohg wr n shulrg rvfloodwlrqv lq dú +O,/ vr L gr qrw suhvhqw wkh uhvxowv1 Prghov dorqj wklv olqhpxvw doorz glòhuhqw djhqwv wr kdyh glòhuhqw lqirupdwlrq odjv/ lq rughu wr dyrlg n0shulrg g|qdplfv1

b

W @ttý4i ñ@*ýit uLh b ð?

+| ' @W Euä db6| n E�ý bä E6| ý .|3�6|äo n K

W Euä B|é Eôä

W_i?|ð�U@|ðL?

#i?L|i |üi éLð?| 4Lñð?} @ñih@}i hiThiti?|@|ðL? Lu Lý|Tý| @?_ 4L?i) ELh ui_ih@* uý?_t

h@|iäc @t L?i 4ð}ü| hiULñih uhL4 @ Vú+ @u|ih @** |üi Lh|üL}L?@*ð3@|ðL? @ttý4T|ðL?t ü@ñi

Mii? ð4TLti_c @t uL**Lêtë

%6|

+|

&'

%S66 Euä S6+ EuäS+6 Euä S++ Euä

& %"6|"+|

&( .

#%"6|"+|

& k"6| "+|

l$' Ué Eeä

,ñih) ð_i?|ð�U@|ðL? uLh4ý*@ Mi*Lê }Lit |ühLý}ü ý?Uü@?}i_ ð? *@h}ih Vú+të W _hLT UL?í

t|@?|t @?_ TLttðM*i |ð4i |hi?_tc tL |ü@| + @?_ 6 |)TðU@**) hiThiti?| |üi _i|hi?_i_ *L} Lu

Lý|Tý| @?_ @ 4L?i|@h) @}}hi}@|ië W uLUýt L? |üi Lý|Tý| hitTL?ti |L 4L?i|@h) TL*ðU)c tL W

_L ?L| ^ýit|ðL? ñ@hð@M*i ti*iU|ðL?c tTiUð�U@|ðL?c tüLU! ñ@hð@M*i UüLðUic Lh|üL}L?@*ð3@|ðL?c

@?_ t@4T*ð?} ihhLh ^ýit|ðL?t |ü@| Ehð}ü|*)ä Tihñ@_i |üi Vú+ *ð|ih@|ýhië

W? Lh_ih |L ð_i?|ðu) @W Euä c týMt|ð|ý|i |üi 4Lñð?} @ñih@}i hiThiti?|@|ðL?t uLh +| @?_

6| uhL4 i^ý@|ðL? Eeä ð?|L i^ý@|ðL? Eôäë ,^ý@|ð?} ULiæUði?|t L? 06|c êi LM|@ð?

S+6 Euä ' @W Euä dbS66 Euä n E�ý bä S66 Efäo é EDä

Aüi KW Euä @hi ðhhi*iñ@?|( @W Euä ðt ð_i?|ð�i_ uhL4 |üi Lý|Tý| @?_ 4L?i) hitTL?tit S+6Euäc

S66Euä @*L?ië W 4@|Uü TLêiht Lu u ð? i^ý@|ðL? EDä |L �?_ |üi i@Wæj uhL4 iS+6cæj @?_

iS66cæjé , T@?_ð?} @?_ 4@|Uüð?} TLêiht Lu uc êi LM|@ð?

@Wf 'S+6cfS66cf

( @Wæ 'S+6ccæ ý bSæ3�

&'f @W&S66ccæ3&

S66cfæ : fé

W? |üi tTiUð@* U@ti |ü@| L?*) ý?@?|ðUðT@|i_ 4L?i) 4@||ihtc b ' fc êi _L ð? u@U| hiULñih

|üi t|hýU|ýh@* ULiæUði?|t @W Euä uhL4 |üi ð4Tý*tiíhitTL?ti uý?U|ðL?ë Eï?i U@? @*tL tii

�f

|üðt u@U| uhL4 i^ý@|ðL? 2 _ðhiU|*)ëä ,^ý@|ðL? EDä tð4T*ð�it |L

@W Euä ' S+6 Euä *S66 Efä é ESä

Wu |üihi ðt ?L _ðt|ð?U|ðL? Mi|êii? @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ 4L?i)c b ' �c êi ýti

|üi _)?@4ðU hitTL?ti Lu Lý|Tý| |L @ ý?ð| ð4Tý*ti |L 4L?i)c 6| h@|üih |ü@? |L |üi 4L?i)

ð??Lñ@|ðL?c "6|é ,^ý@|ðL? EDä tð4T*ð�it |L

@W Euä ' S+6 Euä *S66 Euä é E.ä

W? |üðt U@tic |üi hi}hittðL? ULiæUði?|t Lu + L? 6 @hi ð?ñ@hð@?| |L TL*ðU)c ?L| |üi ð4Tý*tií

hitTL?ti uý?U|ðL?ë 6Lh i @4T*ic +L4ih @?_ +L4ih E�bbeä @?@*)3i t)t|i4@|ðU TL*ðU) êð|ü

@ ñðiê |ü@| |üihi ðt ?L i TiU|i_íý?i TiU|i_ _ðt|ð?U|ðL?ë çLhhiU|*)c }ðñi? |üðt ñðiêc |üi)

Thiti?| @ _)?@4ðU tð4ý*@|ðL? Lu |üi hi}hittðL? Lu + L? *@}}i_ + @?_ *@}}i_ 6 |L 4i@týhi

|üi igiU|t Lu 4L?i|@h) TL*ðU) h@|üih |ü@? @? ð4Tý*tiíhitTL?ti uý?U|ðL?ë

Aüi wýU@t 4L_i* @*tL 4@!it Thi_ðU|ðL?t @MLý| ThðUitë W? ð|t |i |MLL! uLh4c ð| ðt

_ihðñi_ uhL4 @ hi*@|ðL? Mi|êii? Lý|Tý| @?_ ThðUi týhThðtit

+| 'w

�ý w dR| ý .|3�R|o

|L}i|üih êð|ü

6| ' +| n R|é

W _L ?L| ýti 4i@týhi_ ThðUi hitTL?tit ð? |üi U@*Uý*@|ðL?t |ü@| uL**Lêë �) uLUýt ðt L? |üi

igiU| Lu |üi i TiU|i_íý?i TiU|i_ ð_i?|ðu)ð?} @ttý4T|ðL? L? |üi 4L?i) |L Lý|Tý| hi*@|ðL?ë

6Lh |üðt uLUýtc W _L?<| ê@?| |L ð4TLti 4L_i* ThðUi hit|hðU|ðL?t L? |üi Vú+tc Lh uýh|üih

}i?ih@*ð3i |üi 4L_i*t tL |üihi @hi?<| @?) ThðUi hit|hðU|ðL?të ú*tLc hitý*|t |ü@| ð?U*ý_i

ThðUit @hi ti?tð|ðñi |L |üi UüLðUi Lu ð?_i ë E6Lh i @4T*ic tii |üi _ðgihi?Ui Mi|êii? |üi

UL44L_ð|) ThðUi @?_ B#è _iã@|Lh hitTL?tit ð? 6ð}ýhi �ëä W _L?<| ê@?| ThðUi 4i@týhi4i?|

��

ðttýit |L ð?|ihuihi êð|ü |üi ð?|ihThi|@|ðL? Lu |üi 4L?i)íLý|Tý| hi*@|ðL?ë 6ð?@**)c |üihi @hi

_ðgihi?| 4L_i*t |ü@| }ðñi |üi t@4i ^ý@?|ð|) Thi_ðU|ðL?t Mý| _ðgih L? ThðUi Thi_ðU|ðL?të

E6Lh i @4T*ic |üi wýU@t @?_ LL_uLh_ �bbe 4L_i* ð? êüðUü �h4t ti| |üiðh týTT*) Uýhñi

ð? @_ñ@?Ui @*tL }i?ih@|it Lý|Tý| igiU|t M@ti_ L?*) L? ý?@?|ðUðT@|i_ 4L?i) tüLU!tc Mý|

êð|ü _ðgihi?| ThðUi Thi_ðU|ðL?t |ü@? |üi wýU@t �b.2 4L_i*ëä OLêiñihc uLh |üi TýhTLti Lu

iñ@*ý@|ð?} @ }ðñi? 4L_i* @?_ ð|t _itUhðT|ðL?t Lu @*|ih?@|ðñi TL*ðUðitc L?i êLý*_ ê@?| |L

*LL! @| @** ð4TLh|@?| ñ@hð@M*it ð?U*ý_ð?} ThðUitc @?_ ð4TLti @?_ |it| @?) hit|hðU|ðL?të

2ëô 5|ðU!) ThðUi 4L_i*

�L_i*

ú 4iUü@?ðt|ðU hi*@|ðL? Mi|êii? 4L?i) @?_ Lý|Tý|c +| ' @ Euä6| ðt ?L| UL?tð_ihi_

@ tihðLýt @?|ðUðT@|i_ 4L?i) 4L_i* M) |üiLhðt|tc _itTð|i ð|t UL?|ð?ýi_ TLTý*@hð|) ð? TL*í

ðU) _ðtUýttðL?t E|üi @Mti?Ui Lu @?) _ðt|ð?U|ðL? Mi|êii? i TiU|i_ @?_ ý?i TiU|i_ TL*ðU)

@U|ðL?tä @?_ i4TðhðU@* êLh!ë W?t|i@_c 4L_i*t ð? êüðUü ThðUit @hi � i_ ð? @_ñ@?Ui M) ?L4í

ð?@* UL?|h@U|t Lh L|üih uhðU|ðL?t @hi @ UL44L? @?_ |h@U|@M*i uh@4iêLh! |ü@| U@? }i?ih@|i

@?|ðUðT@|i_ 4L?i) igiU|të

ï?i 4ýt| Lu ULýhti tTiUðu) êü@| ThðUit @hi ti| |L ð? @_ñ@?Uië W ýti @ t*ð}ü| 4L_ð�U@í

|ðL? Lu @? i T*ðUð| t|ðU!) ThðUi 4L_i* _ýi |L +L|i4Mih} E�bH2c �bbeäë W|t tTiUð�U@|ðL? @?_

Ui?|h@* Thi_ðU|ðL?t @hi |)TðU@* Lu 4@?) t|ðU!) ThðUi @?_ ?L4ð?@* UL?|h@U| 4L_i*të +L|i4í

Mih} TLtð|t @ _i|@ð*i_ @?_ hð}LhLýt 4ðUhLiUL?L4ðU t|hýU|ýhië OLêiñihc üðt *L}*ð?i@hð3i_

�ht| Lh_ih UL?_ð|ðL?t @hi |üi t@4i @t |üLti Lu @ hiThiti?|@|ðñi ThðUiíti||ih êüL 4@ ð4ð3it

@? LMéiU|ðñi uý?U|ðL? êð|ü @ ThðUi @_éýt|4i?| ULt| |ih4c

4@ tR|å

ý�

2.[|

q|kE�ý kä E�ý kqä ER| ý6|ä

2 n k ER| ý R|3�ä2lé EHä

k ðt @ T@h@4i|ih Mi|êii? f @?_ � |ü@| 4i@týhit |üi ULt|t Lu ThðUi @_éýt|4i?|ë 5U@*ð?}

�2

|üi �ht| |ih4 M) � ý kq ü@t ?L igiU| L? |üi ThLM*i4c Mý| tð4T*ð�it |üi uL**Lêð?} i í

ThittðL?të Aüi h@|ðL Lu *iñi* ULt|t |L ThðUi Uü@?}i ULt|t ðt @** |ü@| 4@||ihtë Aü@| ULt|

h@|ðLc k* dE�ý käE�ý kqäo c }Lit 4L?L|L?ðU@**) uhL4 f |L 4 @t k }Lit uhL4 f |L �é W

4L_ðu) +L|i4Mih}<t 4L_i* t*ð}ü|*) M) hi^ýðhð?} R| |L Mi ti| @t @ uý?U|ðL? Lu |ð4i | ý �

ð?uLh4@|ðL?ë W? |üðt ê@)c |üi *ð4ð| k $ f *i@_t |L |üi ý?i TiU|i_ 4L?i) 4L_i* h@|üih

|ü@? éýt| R| ' 6| @?_ +| ' UL?t|@?|ë

Aüi �ht| Lh_ih UL?_ð|ðL? ðt

í� n k2q

ìR| ý kR|3� ý kq.|3�R|n� ' E�ý kä E�ý kqä.|3�6|

6@U|Lhð?} |üi *@} TL*)?L4ð@* @?_ tL*ñð?} uLh ThðUitc êi LM|@ð?

R| ' kR|3� n E�ý kä E�ý kqä.|3�"[æ'f

Ekqäæ6|næ Ebä

AL 4L_i* |üi hi*@|ðL? Mi|êii? Lý|Tý| @?_ 4L?i)c W @__ 4L?i) _i4@?_ 6| ' R|n +|c

*i@_ð?} |L

+| ' 6| ý R| '%6| ý �ý k

�ý ku.|3��ý kq

�ý kqu3�6|

&é

Aüðt tð4T*i t|hýU|ýhi U@T|ýhit igiU|t UL44L? |L 4Lt| t|ðU!) ThðUi @?_ Lñih*@TTð?}

UL?|h@U| 4L_i*të èhðUit U@? hðti @?_ üi?Ui Lý|Tý| U@? _iU*ð?i ð? hitTL?ti |L i TiU|i_

uý|ýhi 4L?i|@h) ð?Uhi@titë èhðUit @_@T| t*Lê*) |L 4L?i|@h) tüLU!të Aüi 4L_i* ð4TLtit

*L?}íhý? ?iý|h@*ð|)G + ' f uLh @?) UL?t|@?| *iñi* Lu 6é

úMLñic êi @__i_ @_íüLU _)?@4ðUt @?_ hi@* tüLU!t |L |üi wýU@t 4L_i* tL |ü@| ð| ULý*_

Mi ýti_ |L ð?|ihThi| |üi ð4Tý*tiíhitTL?ti uý?U|ðL? uhL4 @ Vú+ë Aüi ?@|ýh@* @?@*L}) ðt

�ô

|L @__ @_íüLU _)?@4ðUt |L |üi t|ðU!) ThðUi 4L_i*c }ðñð?}ô

+| ' @W Euä

%6| ý �ý k

�ý ku.|3�#

�ý kq�ý kqu3�6|

$&n KW Euä B|é E�fä

i U@? |üð?! Lu |üðt 4L_i* @t @**Lêð?} ñi*LUð|) |L hitTL?_ |L 4L?i|@h) tüLU!tc ðëië

+| ' @W Euä E6| ý R|ä é

W_i?|ð�U@|ðL?

W ThitTiUðu) k @?_ që q ðt @ _ðtULý?| u@U|Lhc êüðUü W tTiUðu) @t q ' fébHë Aüi hitý*|t

@hi ð?ti?tð|ðñi |L q tL *L?} @t ð| ðt ?i@hih |L � |ü@? |L fë W ñ@h) |üi T@h@4i|ih k uhL4 f |L �

@?_ |h@U! |üi hitý*|tc @t êi i @4ð?i_ |üi ti?tð|ðñð|) |L |üi T@h@4i|ih b ð? |üi @?|ðUðT@|i_í

ý?@?|ðUðT@|i_ 4L_i* Eôäë i U@? |üi? ð_i?|ðu) @W Euä uhL4 |üi ð4Tý*tiíhitTL?ti uý?U|ðL?ë

è*ý}}ð?} |üi Vú+ hitTL?tit S66Euäc S+6Euä |L 4L?i) tüLU!t ð?|L E�fäc êi LM|@ð?e

E�ý kuäE�ý kqu3�äS+6Euä '6L lqyhvwljdwhg dq dowhuqdwlyh zd| wr hqulfk wkh g|qdplfv/ e| dgglqj kljkhu ghulydwlyhv wr wkh remhfwlyh

ixqfwlrq/

ý45H[w

ñw

%+sw ýpw,

5 .4[n@4

ìn +sw ý swýn,5&

Wkh ðh{lelolw| lq ì +O, doorzv wkh prgho wr surgxfh pruh frpsoh{ prqh| dqg rxwsxw lpsxovh0uhvsrqvhixqfwlrqv1 Krzhyhu/ doo lpsxovh0uhvsrqvh ixqfwlrqv duh qrw srvvleoh/ vr wklv prgho vwloo lpsrvhv uhvwulfwlrqvrq f|p +O, dqg fpp +O, wkdw duh qrw vdwlvñhg e| wkh srlqw hvwlpdwhv ri wkh YDUv lqyhvwljdwhg ehorz1 Rqhfrxog hvwlpdwh wklv prgho e| pd{lpxp olnholkrrg/ lpsrvlqj lwv uhvwulfwlrqv rq wkh gdwd1 Krzhyhu/ wkhfrvwv ri kljkhu ghulydwlyhv ri sulfh fkdqjh gr qrw vhhp pxfk pruh frpshoolqj wkdq wkh dú +O, sro|qrpldodv d srolf|0lqyduldqw ghvfulswlrq ri whfkqrorj|1Lw lv whpswlqj wr jhqhudol}h wkh prgho +43, e| vlpso| doorzlqj jhqhudo odjjhg hòhfwv ri d glvwulexwhg

ohdg ri ixwxuh prqh|/dú +O, sw @ Hwgú

ýOý4

üpw=

Wklv irup fdswxuhv wkh pdmrulw| ri vwlfn| sulfh ru qrplqdo frqwudfw prghov1 Krzhyhu/ rqh fdqqrw vhs0dudwho| lghqwli| dú dqg eú1 Ixuwkhupruh/ wkh srlqw ri wkh vwlfn| sulfh prgho lv wkdw wkh iruzdug dqgedfnzdug odj sro|qrpldov duh olqnhg e| frpprq _whfkqrorjlfdo% sdudphwhuv1

7Zh rewdlq gluhfwo|

f|p +O, îpw @ dú +O,

é4ý 4ý ò

4ý òOHwý44ý òñ

4ý òñOý4èfpp +O, îpw=

Qrz/

Hwý44

4ý òñOý4 fpp +O, îpw @fpp +O,ý fpp +òñ,

4ý òñOý4 îpw=

+\rx fdq fkhfn gluhfwo| wkdw wkh fpp +òñ, whupv uhpryhv wkh fxuuhqw dqg ixwxuh îpw 1 Vhh Vdujhqw 4<;:

�e

@WEuäkkE�ý uäE�ý qu3�äS66Euä n E�ý käE�ý kqäS66Ekqä

lE��ä

út k $ fc i^ý@|ðL? E��ä hiULñiht |üi ð4Tý*tiíhitTL?ti uý?U|ðL? @t ð? |üi b ' f U@tic

i^ý@|ðL? ESäë út k $ �c êi hiULñih |üi t@4i _)?@4ðU 4ý*|ðT*ðih Lu |üi b ' � U@tic

i^ý@|ðL? E.äë W? |üi *@||ih U@tic |üi �h4 ti|t ThðUi R |L @ UL?t|@?|ë 6Lh k 5 Efc �äc W

tL*ñi i^ý@|ðL? E��ä hiUýhtðñi*) uLh |üiq@WæruhL4 ñ@*ýit uLh iS66cæ c S+6cæj M) 4@|Uüð?} |üi

ULiæUði?|t L? i@Uü TLêih Lu uë AL U@*Uý*@|i |üi Lý|Tý| hitTL?ti |L 4L?i|@h) i Tihð4i?|tc

W �ht| �?_ |üi ThðUi T@|üë W tL*ñi i^ý@|ðL? Ebä uLh ThðUit }ðñi? @ T@|ü Lu 4L?i)D @?_ W

|üi? �?_ Lý|Tý| uhL4

+| ' @W Euä E6| ý R|ä é

Aüðt 4L_i* @*tL 4@!it Thi_ðU|ðL?t uLh ThðUitë út @MLñic W uLUýt L? |üi hi*@|ðL?tüðT

Mi|êii? 4L?i) @?_ Lý|Tý|c ð}?Lhð?} i |h@ hit|hðU|ðL?t |ü@| UL4i uhL4 ThðUi _@|@ë

ô Vú+ hitý*|t

ôë� �2 Vú+c @?|ðUðT@|i_íý?@?|ðUðT@|i_ 4L_i*ë

6ð}ýhi � T*L|t |üi hitTL?tit |L |üi 4L?i) tüLU! uLh |üi �2 Vú+c �}ýhi 2 UL**iU|t |üi

4L?i) @?_ Lý|Tý| hitTL?tit |L @ 4L?i) tüLU!ë Aüi @TTi?_ð _itUhðMit |üi �2 Vú+ ð?

_i|@ð*ë

s1 6371 , Khqfh/

f|p +O, @ dú +O,

ãfpp +O,ý

ë4ý ò4ý òO

êë4ý òñ

4ý òñOý4ê^fpp +O,ý fpp +òñ,`

âHtxdwlrq +44, iroorzv e| pxowlso|lqj erwk vlghv e| +4ý òO, ý4ý òñOý4ü dqg vlpsoli|lqj wkh frhïflhqwrq fpp +O,1

8L ñqg s4 iurp wkh uhtxluhphqw wkdw sulfhv qrw h{sorgh dv w $ ý4/ dqg wkhq ñqg rwkhu sulfhvuhfxuvlyho|1 Wkh vroxwlrqv duh

4, Dqwlflsdwhg vwhs= w é 4 = sw @ 4ýò4ýò5ñ +òñ,

4ýw > w è 4 = sw @ 4ýí4ýòñ4ýò5ñ

ìòw=

5, Xqdqwlflsdwhg vwhs= w é 3 = sw @ 3> w è 4 = sw @ 4ý òwý4=6, Xqdqwlflsdwhg eols= sw @ 3=

7, Dqwlflsdwhg eols= w é 4 = sw @ +4ýò,+4ýòñ,4ýò5ñ +òñ,4ýw > w A 4 = sw @

+4ýò,+4ýòñ,4ýò5ñ òw

�D

dW?tih| �}ýhi ô üihio

Aüi *iu| ü@?_ T@?i* Lu 6ð}ýhi ô Thiti?|t |üi *@} TL*)?L4ð@*t @W Euä |ü@| êi it|ð4@|i

@ttý4ð?} |ü@| ñ@hðLýt uh@U|ðL?t Lu @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ 4L?i) @giU| Lý|Tý|ë

Aüðt ðt @*tL |üi igiU| L? Lý|Tý| Lu @ T@h|ðUý*@h 4L?i|@h) ð?|ihñi?|ðL?c @ ý?ð| ð??Lñ@|ðL?

ð? 4L?i) |ü@| *@t|t L?i TihðL_c Lh @? Rý?@?|ðUðT@|i_ M*ðTëâ

Aüi igiU|t Lu |üðt i Tihð4i?| @hi |üi t@4i @UhLtt ð_i?|ðu)ð?} @ttý4T|ðL?t uLh |üi �ht|

^ý@h|ihë îý| |üi? |üi Lý|Tý| igiU| U@*Uý*@|i_ êð|ü |üi ý?@?|ðUðT@|i_í4L?i) @ttý4T|ðL?

ð?Uhi@tit _h@4@|ðU@**)c @?_ _iU@)t M@U! |L 3ihL ñih) t*Lê*)ë Aüðt igiU| ðtc Lu ULýhtic

i @U|*) |üi 4L?i) |L Lý|Tý| ð4Tý*tiíhitTL?ti uý?U|ðL? T*L||i_ ð? 6ð}ýhi � @?_ 6ð}ýhi 2ë

Aüi Lý|Tý| igiU| U@*Uý*@|i_ êð|ü ?L @?|ðUðT@|i_%ý?@?|ðUðT@|i_ _ðt|ð?U|ðL? ðt ñih)

t4@**c @?_ hiñih|t |L 3ihL @u|ih |ühii ^ý@h|ihtë Wu |üðt êihi |üi |hýi 4L_i*c |üi ð4Tý*tií

hitTL?ti uý?U|ðL? êLý*_ }ðñi @ ñih) 4ðt*i@_ð?} }ýð_i |L |üi igiU|t Lu |üðt 4L?i|@h)

ð?|ihñi?|ðL?- 6ýh|üih4Lhic L?i L?*) ?ii_t |L @ttý4i |ü@| @?|ðUðT@|i_ 4L?i) 4@||iht

t*ð}ü|*) ð? Lh_ih |L ð_i?|ðu) tüLh|í*ðñi_ igiU|t Lu |üðt 4L?i|@h) ð?|ihñi?|ðL?ë Aüi b ' fé2

@ttý4T|ðL? ThL_ýUit @ hitTL?ti T@||ih? 4ýUü U*Ltih |L |üi UL4T*i|i*) @?|ðUðT@|i_ Eb ' �ä

@ttý4T|ðL? |ü@? |L |üi UL4T*i|i*) ý?@?|ðUðT@|i_ Eb ' fä @ttý4T|ðL?ë

ïu ULýhtic @** |üi 4L_i*t Eñ@*ýit Lu bä }ðñi ð_i?|ðU@* Lý|Tý| hitTL?tit |L @ 4L?i)

ð??Lñ@|ðL? |ü@| ðt uL**Lêi_ M) uýh|üih ð?Uhi@tit ð? 4L?i) ThitUhðMi_ M) |üi 4L?i) $4L?i) hitTL?ti uý?U|ðL?ë Aüi) _ðgih L? |üi ^ýit|ðL?c R`ü@| ðu |üi 6i_ tüLU!t 4L?i)c

@?_ |üi? uL**Lêt @ T@|ü Lu uý|ýhi 4L?i) _ðgihi?| uhL4 |üi üðt|LhðU@* T@||ih?qâ

ú? @??Lý?Ui_ M*ðT ð? 4L?i) ðt @?L|üih ð?|ihit|ð?} 4L?i|@h) i Tihð4i?|c tð?Ui @?)

TL*ðU) U@? Mi _iUL4TLti_ ð?|L @ tý4 Lu i TiU|i_ @?_ ý?i TiU|i_ M*ðTtë Aüi hð}ü| ü@?_

T@?i* Lu 6ð}ýhi ô Thiti?|t U@*Uý*@|ðL?t Lu |üi hitTL?ti |L @? @??Lý?Ui_ M*ðTë ûLêc |üi

@?|ðUðT@|i_ 4L?i) 4L_i* hitTL?ti ðt |üi *@h}it| E*i@t| t4@**äc @?_ |üi t@4i @t ð? |üi *iu|

�S

ü@?_ T@?i*ë út ý?@?|ðUðT@|i_ 4L?i) 4@||iht 4Lhic |üi hitTL?ti }i|t t4@**ihë Wu L?*)

ý?@?|ðUðT@|i_ 4L?i) 4@||ihtc |üihi ðt Lu ULýhti ?L hitTL?ti |L |üðt @?|ðUðT@|i_ M*ðTë

W? iñih) U@tic |üi Lý|Tý| hitTL?tit L?i tiit @hi 4ýUü tüLh|ih @?_ t4@**ih |ü@? |üi

ð4Tý*tiíhitTL?ti uý?U|ðL? ðu L?i @**Lêt @?|ðUðT@|i_ 4L?i) |L iñi? ü@ñi tL4i @giU| Lý|Tý|ë

Aüi |üiLhi|ðU@* ð_i?|ð�U@|ðL? ðt ^ý@?|ð|@|ðñi*) @?_ iUL?L4ðU@**) ð4TLh|@?|( |üðt ðt ?L| @

4ð?Lh ðttýi Lu uLh}L||i? �b.f<t 4i|üL_L*L}ðU@* _iM@|itë

ôë2 �2 Vú+c t|ðU!) ThðUi 4L_i*

6ð}ýhi e Thiti?|t |üi *@} TL*)?L4ð@* @W Euä ð?uihhi_ uhL4 |üi ð4Tý*ti hitTL?ti uý?U|ðL?

êð|ü |üi t|ðU!) ThðUi 4L_i*c ñð@ i^ý@|ðL? E��äc uLh tiñih@* ñ@*ýit Lu |üi ThðUi t|ðU!ð?itt

T@h@4i|ihc kë ú}@ð?c k ' f hiULñiht |üi ð4Tý*tiíhitTL?ti uý?U|ðL?c @?_ k ' � hiULñiht

|üi t@4i hitTL?ti @t |üi 4iUü@?ðt|ðU 4L_i* êð|ü b ' �ë W?|ih4i_ð@|i ñ@*ýit Lu k }ðñi

ð?|ih4i_ð@|i hitý*|të

6Lh @ *Lê ñ@*ýi Lu ThðUi t|ðU!ð?itt kc êi ?ii_ @ _h@ê?íLý| *@} TL*)?L4ð@* @W Euä ð? Lh_ih

|L 4@|Uü |üi Vú+ ð4Tý*tiíhitTL?ti uý?U|ðL?ë 6Lh üð}üih ñ@*ýit Lu k |üi *@} TL*)?L4ð@*

@W Euä MiUL4it 4ýUü t4@**ih @?_ tüLh|ihë �Lhi Lu |üi _)?@4ðU hi*@|ðL? Mi|êii? 4L?i)

@?_ Lý|Tý| U@? Mi @UULý?|i_ uLh M) |üi t|ðU!ð?itt ð? |üi 4L_i*c hi^ýðhð?} *itt êLh! uhL4

|üi @_íüLU *@}t @W Euä é út +L|i4Mih} E�bbeä @h}ýitc |üðt 4L_i* ThLñð_it @ hi@tL?@M*i

@UULý?| Lu |üi _@|@ iñi? êð|ü ?L @_íüLU *@}tc @W Euä ' �c tL *L?} @t L?i ð4TLtit @ üð}ü

ñ@*ýi Lu ThðUi t|ðU!ð?ittc @MLñi féH Lh fébé

dW?tih| 6ð}ýhi e üihio

ï?i 4ýt| ^ýit|ðL? êüi|üih týUü @ üð}ü ñ@*ýi Lu |üi ThðUi t|ðU!ð?itt T@h@4i|ih ðt

hi@tL?@M*ië k ' féH ð4T*ðit |ü@| |üi hi*@|ðñi ULt|t Lu ThðUi Uü@?}i @?_ ThðUi *iñi* _iñð@í

|ðL?t ðt k* dE�ý kä E�ý kqäo ' �. Etii |üi �h4<t ThLM*i4c i^ý@|ðL? Häë ú �I ^ý@h|ih*)

�.

ThðUi ð?Uhi@ti ü@t |üi t@4i ULt|t @t ThðUit �.I @ê@) uhL4 |üiðh ThLTih *iñi*ë +L|i4Mih}

E�bH2c �bbeä @h}ýit |ü@| |üiti hi*@|ðñi ULt|t @hi ?L| tL ý?hi@tL?@M*ic ð? |ü@| |üi ULt|t Lu

ThðUií*iñi* _iñð@|ðL?t 4@) Mi *Lêë Oi TLtð|t @ 4L_i* Lu _ðt@}}hi}@|i_ 4L?LTL*ðt|ðU@**)

UL4Ti|ð|ðñi �h4tc ð? êüðUü |üi ULt|t Lu ü@ñð?} @ ThðUi *iñi* _ðgihi?| uhL4 |üi ð?_ýt|h)

@ñih@}i @hi üð}üc Mý| |üi ð?_ýt|h) @ñih@}i U@? _iñð@|i uhL4 6| M) @ }hi@| _i@* êð|ü *ð||*i

ULt|ë

6ð}ýhi D Thiti?|t |üi U@*Uý*@|i_ hitTL?tit |L @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ t|iTt @?_

M*ðTt ð? 4L?i) uLh ThðUi t|ðU!ð?itt k ' féHë Aüi k ' f @?_ k ' � *ð4ð|t @hi |üi t@4i @t

|üi @?|ðUðT@|i_ b ' f @?_ ý?@?|ðUðT@|i_ b ' � 4L_i*t ð?ñit|ð}@|i_ @MLñië k ' féH 4@!it

@? ð?|ihit|ð?} ð?|ih4i_ð@|i U@tië W ð?U*ý_i |üi ThðUi T@|ütc tð?Ui |üi) 4@!i U*i@h üLê |üi

Lý|Tý| hitTL?tit @hi }i?ih@|i_ë

dW?tih| �}ýhi D üihio

5|@h| êð|ü |üi |LT *iu| ULh?ihc @? ý?@?|ðUðT@|i_ M*ðT ð? 4L?i)ë èhðUit _L ?L| 4Lñi

@| @** ð? |üðt U@tië Aüi) U@??L| 4Lñi ý?|ð* L?i TihðL_ @u|ih |üi M*ðT ðt !?Lê? |L ü@ñi

ü@TTi?i_ë îý| M) |üðt |ð4ic 4L?i) ü@t hi|ýh?i_ |L ð|t Lhð}ð?@* *iñi* @?_ ðt i TiU|i_ |L

hi4@ð? |üihië 5ð?Ui +| ' @W Euä E6| ý R|ä c Lý|Tý| uL**Lêt |üðt L?iíTihðL_ ð4Tý*ti 6|ý R|

êð|ü |üi *@} T@||ih? @W Euäë 5ð?Ui |üi *@}t @W Euä @hi t4@** @?_ tüLh|c |üi 4L_i* Thi_ðU|t

@ t4@** @?_ tüLh| Lý|Tý| hitTL?tië

ûL|ðUi |üi ULý?|ihð?|ýð|ðñi hitý*|G úttý4ð?} t|ðU!ðih ThðUit ð4T*ðit tüLh|ih @?_ t4@**ih

igiU|t Lu |üiti 4L?i|@h) ð?|ihñi?|ðL?t |ü@? ðt }ðñi? M) |üi ð4Tý*tiíhitTL?ti uý?U|ðL?të

Aüi @ttý4T|ðL? Lu t|ðU!ðih ThðUit uLhUit ýt |L it|ð4@|i @ 4ýUü t4@**ih @?_ tüLh|ih _)?@4ðU

hi*@|ðL? @W Euä |L hi4@ð? UL?tðt|i?| |L |üi Vú+ hiThiti?|@|ðL? Lu |üi _@|@ë

ûi | *LL! @| |üi igiU|t Lu @? @?|ðUðT@|i_ 4L?i) M*ðT ð? |üi |LT hð}ü| ULh?ihë ûLê

ThðUit hðti tL4iêü@| ð? @_ñ@?Ui Lu |üi M*ðTc Mý| ?L| 4ýUü tð?Ui |üi M*ðT ðt i TiU|i_ |L

�H

*@t| L?*) L?i TihðL_ @?_ ð| ðt ULt|*) |L h@ðti ThðUitë AüihiuLhic |üi Lý|Tý| hitTL?ti ðt

tð4ð*@h |Lc Mý| t*ð}ü|*) t4@**ih |ü@? |üi T@||ih? uLý?_ uLh |üi ý?@?|ðUðT@|i_ M*ðTë

Aüi ML||L4 hLêc *iu|c Thiti?|t @? ý?@?|ðUðT@|i_ t|iT ð? 4L?i)ë úu|ih |üi 4L?i)

ð??Lñ@|ðL?c ThðUit t*Lê*) ð?Uhi@tië Aüi Lý|Tý| hitTL?ti *LL!t @*4Lt| *ð!i |üi ð4Tý*tií

hitTL?ti uý?U|ðL?ë W| tüLý*_c tð?Ui |üi ý?@?|ðUðT@|i_ t|iT ðt tð4ð*@h |L |üi @U|ý@* TL*ðU)

hi}ð4ië Aüi 4iUü@?ðt4 M) êüðUü |üðt 4L_i* hiThL_ýUit @ _h@ê?íLý| hitTL?ti ðt ^ýð|i

_ðgihi?| uhL4 |üi ý?@?|ðUðT@|i_ 4L?i) 4L_i* üLêiñihë Aüi _ðgihi?Ui Mi|êii? 6 @?_ R

ðt ?Lê t|hý?} Lý| Lñih 4@?) ^ý@h|ihtë +| ' @W Euä E6| ý R|ä |üýt }ðñit @ _h@ê? Lý| igiU|

Lu |üðt 4@?)íTihðL_ ð4Tý*ti |ühLý}ü |üi hi*@|ðñi*) tüLh| t|hýU|ýh@* *@} @W Euäë

`üi? |üi 4L?i) t|iT ðt @?|ðUðT@|i_ EML||L4 hLêc hð}ü|äc ThðUit hðti ð? @?|ðUðT@|ðL?

Lu |üi 4L?i|@h) i T@?tðL?ë Aüi ThðUi hðti ðt t*Lê @?_ t4LL|üc tð?Ui |üi ThðUi t|ðU!ð?itt

T@h@4i|ih ðt *@h}ië Aüi u@U| |ü@| q ðt ?i@h L?i 4@!it |üi ThðUi T@|ü ?i@h*) t)44i|hðU@*ë

ïý|Tý| _iU*ð?it ð? @_ñ@?Ui Lu |üi 4L?i) t|iTc @?_ hiULñiht êüi? |üi ð?Uhi@ti ð? 4L?i)

@U|ý@**) LUUýhtë Aüi 4@éLh igiU| Lu @? @?|ðUðT@|i_ t|iT ð? 4L?i) ðt @ _iThittð?} igiU|

L? Lý|Tý|-

çL4T@hð?} @UhLtt UL*ý4?tc ð| ðt U*i@h |ü@| 4L_i*t êð|ü ThðUi t|ðU!ð?itt U@??L| Mi

ýti_ |L éýt|ðu) 4iUü@?ðU@* hi*@|ðL?t Mi|êii? Lý|Tý| @?_ 4L?i) |ü@| _L ?L| _ðt|ð?}ýðtü

@?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ igiU|të `üð*i @ 4iUü@?ðU@* hi*@|ðL? ðt |hýi uLh ð?�?ð|i

t|ðU!ð?itt Ek ' � @?_ UL?t|@?| ThðUitä iñi? êð|ü t|ðU!ð?itt k ' féH Lh ThðUi Uü@?}i

ULt|t �. |ð4it |üi ULt| Lu ThðUi *iñi* ihhLhtc L?i LM|@ð?t _h@4@|ðU@**) _ðgihi?| Thi_ðU|ðL?t

uLh @? @?|ðUðT@|i_ ñtë ý?@?|ðUðT@|i_ 4L?i) t|iTë Aüi hi@tL? ðt tð4T*i @?_ }i?ih@*G

ð?|ih|i4TLh@**) LT|ð4ð3ð?} @}i?|t u@Ui_ êð|ü tL4i uhðU|ðL? êð** @||i4T| |L @_éýt| MiuLhi

@? i TiU|i_ Uü@?}i ð? TL*ðU)ë W? u@U|c |üi *@h}ih |üi uhðU|ðL?t L?i Thiti?|t |L iUL?L4ðU

@}i?|tc |üi u@h|üih @üi@_ |üi) êð** t|@h| |L @_éýt| |L |üi i TiU|i_ Uü@?}i ð? TL*ðU)ë

�b

ôëô 6i_ih@* 6ý?_t Vú+

Aüi 4L?i|@h) Vú+ *ð|ih@|ýhi ü@t hiUi?|*) |hði_ L? ñ@hð@M*it L|üih |ü@? 4L?i|@h) @}}hií

}@|it @t ð?_ðU@|Lht Lu @ Uü@?}i ð? 4L?i|@h) TL*ðU)ë îih?@?!i @?_ î*ð?_ih E�bHHä �ht| ýti_

|üi ui_ih@* uý?_t h@|ië Aüiðh ð_i@ ðt |ü@| |üi 6i_ UL?|hL*t |üi uý?_t h@|i L? @ _@)í|Lí_@)

M@tðtc @UUL44L_@|ð?} tüðu|t ð? 4L?i) _i4@?_ë ú tüðu| ð? 4L?i) týTT*) ðt tii? êüi? |üi

6i_ Uü@?}it |üi ui_ih@* uý?_t h@|ië

Aüi ML||L4 hLê Lu 6ð}ýhi � T*L|t hitTL?tit |L ui_ih@* uý?_t tüLU!të 6L**Lêð?} çühðtí

|ð@?L ,ðUüi?M@ý4 @?_ ,ñ@?t E�bb.ä W Lh|üL}L?@*ð3i ui_ih@* uý?_t *@t| @?_ ð?U*ý_i @

UL44L_ð|) ThðUi ð?_i ð? |üi Vú+ë 6i_ih@* uý?_t Vú+t êð|üLý| |üðt ui@|ýhi ThL_ýUi @

RThðUi Tý33*iâQð?Uhi@tit ð? |üi ui_ih@* uý?_t h@|i ThL_ýUi ð?Uhi@tit ð? ThðUitë çühðt|ð@?L

,ðUüi?M@ý4 @?_ ,ñ@?t i T*@ð? |ü@| |üi 6i_ UL?|h@U|t L? ?iêt Lu uý|ýhi ð?ã@|ðL?c ð?_ýUí

ð?} @ tTýhðLýt ULhhi*@|ðL? Mi|êii? UL?|h@U|ðL?@h) tüLU!t @?_ týMti^ýi?| ThðUi hðtitë î)

ð?U*ý_ð?} @ UL44L_ð|) ThðUi ð?_i @?_ Lh|üL}L?@*ð3ð?} ui_ih@* uý?_t *@t|c |üi) UL?|hL* uLh

|üi 6i_<t ð?uLh4@|ðL?ë �Lhi Th@}4@|ðU@**)c |üiti UüLðUit ThL_ýUi Mi||ihí*LL!ð?} TðU|ýhitë

Aüi @TTi?_ð _i|@ð*t |üi tTiUð�U@|ðL? @?_ it|ð4@|ðL? Lu |üi Vú+ë

6ð}ýhi S Thiti?|t Lý|Tý| hitTL?tit |L ui_ih@* uý?_t tüLU!tc @}@ð? ð4TLtð?} |ü@| ñ@hðLýt

uh@U|ðL?t Lu @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ tüLU!t U@? @giU| Lý|Tý|ë i tii |üi ýtý@*

T@||ih? |ü@| hitTL?tit U@*Uý*@|i_ @ttý4ð?} |ü@| @?|ðUðT@|i_ 4L?i) 4@||iht Lh |ü@| |üi

tüLU! ðt @?|ðUðT@|i_ @hi 4ýUü t4@**ih @?_ tüLh|ih |ü@? |üi ð4Tý*tiíhitTL?ti uý?U|ðL?

tý}}it|të Aüi @?|ðUðT@|i_í4L?i) igiU|t Lu |üi tüLU! Ti@! ð? |ühii ^ý@h|ihtc êüð*i |üi

ý?@?|ðUðT@|i_í4L?i) igiU|t Ti@! ð? . ^ý@h|iht @?_ |üi? _ði Lg t*Lê*)ë

dW?tih| �}ýhi S üihio

W _L ?L| Thiti?| U@*Uý*@|ðL?t uLh |üi t|ðU!) ThðUi 4L_i* MiU@ýti ð| ðt ý?U*i@h üLê

2f

|L @TT*) |ü@| 4L_i* |L tL4i|üð?} L|üih |ü@? @? @U|ý@* 4L?i) @}}hi}@|ië E,ñi? ð? |üi

ý?@?|ðUðT@|i_ 4L_i*c ð| ðt ý?U*i@h êü@| @ ui_ih@* uý?_t tüLU! 4i@?të Wu L?*) ý?@?|ðUðT@|i_

4L?i|@h) TL*ðU) ü@t ?L?í?iý|h@* igiU|t Q |üi ð_i?|ðu)ð?} @ttý4T|ðL? Miüð?_ ð4Tý*tií

hitTL?ti uý?U|ðL?t õ êü@| _Lit |üi 6i_ hi@U|ðL? uý?U|ðL? i^ý@|ðL? Lu |üi Vú+ 4i@?qä

e W?|ihThi|@|ðL?

`üðUü ñðiê ðt hð}ü|q

út êi ü@ñi tii?c |üi @?|ðUðT@|i_%ý?@?|ðUðT@|i_ ð_i?|ðu)ð?} @ttý4T|ðL? 4@!it @ *@h}i

_ðgihi?Ui |L |üi hitý*|të `üðUü ð_i?|ðu)ð?} @ttý4T|ðL? ðt ULhhiU|q ú}@ð?c |üi _@|@ EuhL4

L?i hi}ð4iä U@??L| |i** ýtë OLêiñihc êi U@? iñ@*ý@|i |üi T*@ýtðMð*ð|) Lu |üi hitý*|të

6ðht|c ð? |üi ý?@?|ðUðT@|i_ 4L?i) ñðiêc |üi t|hð!ð?} tð4ð*@hð|) Lu |üi Lý|Tý| @?_ 4L?i)

hitTL?tit ðt @ Týhi @?_ ý?*ð!i*) ULð?Uð_i?Uic tð?Ui |üi Lý|Tý| hitTL?ti êLý*_ Mi |üi t@4i

uLh @?) 4L?i) hitTL?tië W? |üi @?|ðUðT@|i_ 4L?i) ñðiêc |üi Lý|Tý| hitTL?ti ü@t ð|t *@h}ic

ThL|h@U|i_ @?_ üý4T tü@Ti ThiUðti*) MiU@ýti |üi 4L?i) hitTL?ti ü@t |üi t@4i tü@Tië witt

Tihtðt|i?| 4L?i|@h) TL*ðUðit êLý*_ }ðñi hðti |L *itt Tihtðt|i?| Lý|Tý| hitTL?titë ï?i 4@)

_ðt*ð!i |üiLhðit |ü@| hi^ýðhi týUü ULð?Uð_i?Uit ð? |üi _@|@ë 5iUL?_c |üi ý?@?|ðUðT@|i_

4L?i) ñðiê hi^ýðhit |ü@| L?i UL?t|hýU| @ |üiLh) Lu |üi *L?} _i*@)i_ @?_ üý4Títü@Ti_

hitTL?tic Lh tê@**Lê |üiti _)?@4ðUt @t @? @_íüLU T@|Uüë Aüi @?|ðUðT@|i_ 4L?i) ñðiêt

hitý*| ð? it|ð4@|it Lu @ tüLh|c @*4Lt| UL?|i4TLh@?iLýt igiU|c Lu |üi tLh| }i?ih@|i_ M)

4Lt| Uýhhi?| 4L?i|@h) |üiLhðitë îL|ü Lu |üiti UL?tð_ih@|ðL?t tý}}it| EMý| Lu ULýhti

U@??L| ThLñiä |ü@| |üihi ðt @| *i@t| tL4i hL*i uLh @?|ðUðT@|i_c t)t|i4@|ðU 4L?i|@h) TL*ðU)ë

W4T*ðU@|ðL?t uLh 4L?i|@h) |üiLh)ë

,ñi?|ý@**)c êi ê@?| uLh4@* |üiLhi|ðU@* 4L_i*tc tTiUð�i_ @| |üi *iñi* Lu TL*ðU)íð?ñ@hð@?|

|@t|itc |iUü?L*L})c 4L?i|@h) @?_ hi@* uhðU|ðL?tc h@|üih |ü@? @?|ðUðT@|i_%ý?@?|ðUðT@|i_

2�

_ðt|ð?U|ðL?të Aüi 4L_i*t tüLý*_ i T*@ð? |üi Vú+ iñð_i?Uic @?_ |üi) tüLý*_ Mi UL?tðt|i?|

êð|ü @| *i@t| |üi MhL@_ Mhýtü Lu i Tihði?Uit êð|ü _ðgihi?| hi}ð4itë

Aüi R|üiLhðitâ W ð4TLti_ L? |üi _@|@ @hi @ *L?} ê@) uhL4 |üðt ð_i@*ë Aüi M@tðU

ý?@?|ðUðT@|i_ 4L?i) 4L_i* +| ' @W Euä E6| ý .|3�6|ä _Lit Mit| L? UL?tðt|i?U) @UhLtt

hi}ð4itë îý| |üi üi@h| Lu |üi 4L_i* uLh i T*@ð?ð?} TLt|ê@h N5 |ð4i tihðit ðt |üi *L?}c

*@h}ic @?_ üý4Títü@Ti_ _ðt|hðMý|i_ *@} @W Euä é Aü@| *@} ðt ^ýit|ðL?@M*) TL*ðU)íð?ñ@hð@?|(

_ðt|hýt| Lu |üðt *@} TL*)?L4ð@* ðt i @U|*) 4) 4L|ðñ@|ðL? uLh *LL!ð?} @| @?|ðUðT@|i_ 4L?i)

4L_i*të Aüi 4iUü@?ðt|ðU 4L_i* +| ' @W Euä6| ü@t Lu ULýhti Mii? týMéiU| |L @ }i?ih@|ðL?

Lu _ihðtðL?ë Aüi t|ðU!) ThðUi 4L_i* W i @4ð?ic *ð!i 4Lt| @?|ðUðT@|i_í4L?i) 4L_i*tc ðt

@*tL ^ýit|ðL?@M*) TL*ðU)íð?ñ@hð@?|ë W4@}ð?i ýtð?} |üi +L|i4Mih} E�bH2c �bbeä t|ðU!)

ThðUi 4L_i*c A@)*Lh<t E�b.bä Lñih*@TTð?} UL?|h@U| 4L_i* Lh @ U@tü ð? @_ñ@?Ui 4L_i*

êð|ü uhðU|ðL?t týUü @t çühðt|ð@?L @?_ ,ðUüi?M@ý4 E�bb2ä |L ý?_iht|@?_ @ ü)Tihð?ã@|ðL?ë

W? |ü@| hi}ð4ic UL?|h@U| *i?}|üt @hi LT|ð4@**) UüLti? |L Mi 4ýUü tüLh|ihc L?i êLý*_

_LýM|*itt �?_ @*4Lt| ?L ThðUi t|ðU!ð?ittc @?_ |üi |ð4ð?} UL?ñi?|ðL?t @?_ TLh|uL*ðL uhðU|ðL?t

Lu @ çWú 4L_i* êLý*_ týhi*) _ðt@TTi@hë ïMñðLýt*)c |üi UL?|h@U| *i?}|üc ThðUi t|ðU!ð?ittc

|ð4ð?} UL?ñi?|ðL?t @?_ TLh|uL*ðL uhðU|ðL?t @hi ?L| hi@**) � i_c TL*ðU) ð?ñ@hð@?| ui@|ýhit Lu

|iUü?L*L})( L?i 4ð}ü| @*tL i TiU| |üi4 |L Uü@?}i ð? hitTL?ti |L *itt _h@t|ðU Uü@?}it ð?

hi}ð4ië Oi?Ui |üi R_iiTâ T@h@4i|iht |üi 4L_i* ?ii_t |L tTiUðu)c @?_ |üi TLLh i4TðhðUðt|

ü@t |L |h) |L it|ð4@|ic hi*@|i |L |üi |iUü?L*L}) Lu UL?|h@U|ð?}c Lh |üi ULt|t Lu @_LT|ð?}

_ðgihi?| |ð4ð?} UL?ñi?|ðL?t Lh TLh|uL*ðL ü@Mð|të 5ýUü 4L_i*t @hi ?L| )i| êhð||i?c *i| @*L?i

hi@_) |L it|ð4@|ië

Aüýtc i ðt|ð?} i T*ðUð| 4L?i|@h) |üiLhðitc tTiUð�i_ @| |üi *iñi* Lu |@t|itc |iUü?L*L})

@?_ uhðU|ðL?tc @hi @*tL @ *L?} ê@) uhL4 |üi ð_i@* @t êi**ë Aüi hitý*|t Lu |üðt T@Tih @hic W

üLTic @ ýtiuý* _@|@ tý44@h) uLh |üi UL?t|hýU|ðL? Lu Mi||ih i T*ðUð| 4L_i*të Aüi ð4Tý*ti

hitTL?tit ?@|ýh@**) tý}}it| |ü@| L?i @__ @4T*ð�U@|ðL? @?_ Tihtðt|i?Ui 4iUü@?ðt4t |L

22

@? ý?@?|ðUðT@|i_ 4L?i) 4L_i*ë 6Lh i @4T*ic çühðt|ð@?L @?_ ,ðUüi?M@ý4 E�bb2ä @__

TLh|uL*ðL @_éýt|4i?| ULt|t |L @ *ð^ýð_ð|) igiU| U@tü ð? @_ñ@?Ui 4L_i*c ð? Lh_ih |L ThL_ýUi

@? i |i?_i_ hitTL?ti uý?U|ðL?ë Aüi hitý*|t tý}}it| @? @*|ih?@|ðñi T@|üG ðu L?i UL?t|hýU|t

4L_i*t êð|ü @?|ðUðT@|i_ 4L?i) igiU|tc |üi) êð** ?L| hi^ýðhi týUü i |i?tðñi @4T*ð�U@|ðL?

@?_ Tihtðt|i?Ui 4iUü@?ðt4të

èL*ðU) @_ñðUi

,4TðhðU@* êLh! ðt ýti_ uLh TL*ðU) @_ñðUi @t êi** @t ð? }ýð_ð?} |üi |üiLhi|ðU@* _iñi*í

LT4i?| Lu 4L?i|@h) iUL?L4ðUtë Aüi 6i_ E@?_ ð|t Uhð|ðUtä M@tðU@**) ê@?| |L !?Lê uhL4

@U@_i4ðUtc Rêü@| êð** ü@TTi? ðu êi h@ðti |üi uý?_t h@|i |L_@)qâ Aüðt ðt hi}@h_i_ @t @?

itti?|ð@**) i4TðhðU@* ^ýit|ðL?c @?_ L?i |L êüðUü iUL?L4ðt|t tüLý*_ Mi @M*i |L }ðñi tL4i

@?têih Mi)L?_ Rê@ð| ý?|ð* êi �?ðtü UL?t|hýU|ð?} i T*ðUð| _)?@4ðU }i?ih@* i^ýð*ðMhðý4

4L?i|@h) 4L_i*t êð|ü uhðU|ðL?tëâ OLêiñihc |üðt ðt ?L| @ Týhi*) i4TðhðU@* ^ýit|ðL?c @?_

|üi |üiLhi|ðU@* ð_i?|ð�U@|ðL? L?i Mhð?}t |L |üi ðttýic iñi? @| |üi tð4T*ðt|ðU *iñi* Lu _ðt|ð?í

}ýðtüð?} @?|ðUðT@|i_ uhL4 ý?@?|ðUðT@|i_ igiU|t |ü@| W Týhtýi üihic ü@t @ *@h}i ð4T@U| L?

|üi @?têih L?i }ðñitë

Aüi ý?@?|ðUðT@|i_ 4L?i) @ttý4T|ðL? hitý*|t ð? L?i ti| Lu @?têihtG Wu |üi uý?_t h@|i

ð?Uhi@ti ðt @?|ðUðT@|i_ Q ðu |üðt ðt |üi ?Lh4@* |ð4i Lh ti| Lu iñi?|t uLh @ uý?_t h@|i ð?Uhi@ti

Q |üihi êð** Mi ?L Lý|Tý| igiU|ë Wu |üi uý?_t h@|i ð?Uhi@ti ðt ?L| @?|ðUðT@|i_c |üihi êð**

Mi @ *L?}c *@h}ic @?_ üý4Títü@Ti_ igiU| L? Lý|Tý| @t }ðñi? M) |üi ð4Tý*ti hitTL?ti

uý?U|ðL?ë `ü@| týMti^ýi?| @U|ðL?t |üi 6i_ |@!it @hi ðhhi*iñ@?| |L |üi @?têihë

Aüi @?|ðUðT@|i_ 4L?i) @ttý4T|ðL? hitý*|t ð? ^ýð|i _ðgihi?| @?têihtG èL*ðU) R@U|ðL?tâ

Q ?L *L?}ih L?*) týhThðtit Q hitý*| ð? tüLh| @?_ t4@** Lý|Tý| hitTL?titë ú *L?}í*@t|ð?}

@?_ *@h}i Lý|Tý| hðti U@? L?*) LUUýh ðu |üi 6i_ UL?|ð?ýit i T@?tðL?@h) TL*ðU) @U|ðL?t ð?

|üi uý|ýhic @t ð| |)TðU@**) ü@t ð? |üi T@t|ë

2ô

AêL LTð?ðL?t hý? |ühLý}ü 4ýUü _iM@|i Lñih |üi 6i_<t ð?|ihit| h@|i TL*ðU)G �ä ú

ui_ih@* uý?_t h@|i hðti ?Lê U@ýtit Lý|Tý| _iU*ð?it |ü@| Ti@! ð? L?i @?_ @ ü@*u |L |êL

)i@ht( 2ä W| _Lit?<| 4@||ih |ü@| 4Lt| ui_ih@* uý?_t h@|i Uü@?}it @hi T@h| Lu @ t*Lê @?_

Thi_ðU|@M*i |ð}ü|i?ð?} Lh *LLti?ð?}c ðëië ui_ih@* uý?_t h@|i Uü@?}it @hi *@h}i*) @?|ðUðT@|i_ë

ú| @ 4ð?ð4ý4c |üi hitý*|t ð? 6ð}ýhi S tüLêt |ü@| |üiti |êL ñðiêt @hi ð?UL?tðt|i?|c ð?

|ü@| LTTLtð|i |üiLhi|ðU@* @ttý4T|ðL?t 4ýt| Mi 4@_i uLh |üi |êL UL?U*ýtðL?të Wu |üi

@?|ðUðT@|i_ }h@_ý@* |ð}ü|i?ð?}t ü@ñi @?) igiU|c |üi) ü@ñi |üi tüLh| @?_ t4@** igiU|t

}h@Tüi_ uLh b ' �é Wu L?i Mi*ðiñit ð? @ *@h}i @?_ �ëDí2 )i@h _i*@)i_ igiU|c |üi? L?*)

týhThðti 4Lñi4i?|t ð? ui_ih@* uý?_t êð** ü@ñi @?) igiU| @| @**ë

D 5ý44@h) @?_ çL?U*ýtðL?

Aüðt T@Tih i*@MLh@|it |êL t|Lhðit uLh |üi *@h}i @?_ _h@ê? Lý| Lý|Tý| hitTL?tit êi tii ð?

Vú+të ,ð|üih �ä |üi *@h}i @?_ _h@ê? Lý| Lý|Tý| hitTL?tit hi@**) _L hiThiti?| *@h}i @?_

_h@ê? Lý| igiU|t Lu |üi ð?ð|ð@* tüLU!c igiU|t |ü@| êLý*_ Mi Thiti?| ?L 4@||ih êü@| |üi

T@|ü Lu 4L?i|@h) TL*ðU) @u|ih |üi tüLU!cLh 2ä |üi *@h}i @?_ _h@ê? Lý| Lý|Tý| hitTL?tit

LUUýh MiU@ýti 4L?i|@h) TL*ðU) @*tL ü@t @ *@h}i @?_ _h@ê? Lý| hitTL?ti |L |üi ð?ð|ð@*

tüLU!ë Wu 4L?i|@h) TL*ðU) êihi *itt Tihtðt|i?|c |üi Lý|Tý| hitTL?ti uý?U|ðL?t êLý*_ Mi

*itt Tihtðt|i?| @t êi**ë OLêiñihc |üðt ñðiê hi^ýðhit |ü@| @?|ðUðT@|i_ 4L?i|@h) TL*ðU) U@?

@giU| Lý|Tý|ë

Aüi ti?tð|ðñð|) Lu |üi Lý|Tý| igiU| U@*Uý*@|ðL?t |L |üi @?|ðUðT@|i_%ý?@?|ðUðT@|i_ ð_i?í

|ðu)ð?} @ttý4T|ðL? ðt @ t|hL?}c ^ý@?|ð|@|ðñi hi4ð?_ih Lu |üi 4i|üL_L*L}ðU@* ê@h?ð?} 5@hí

}i?| E�b.Sä }@ñi @*4Lt| 2f )i@ht @}Lë ,t|ð4@|it Lu |üi igiU|t Lu 4L?i|@h) TL*ðU)c @?_

U@*Uý*@|ðL?t týUü @t RüLê êLý*_ Lý|Tý| ü@ñi Miü@ñi_ ðu |üi 6i_ uL**Lêi_ @ _ðgihi?| hý*iqâ

týUü @t ?L4ð?@* Bûè |@h}i|ð?}c @hi @*4Lt| i?|ðhi*) _hðñi? M) |üi |üiLhi|ðU@* @ttý4T|ðL?t

L?i 4@!itë Aüi _@|@ @*L?i _L ?L| @?têih |üiti ^ýit|ðL?të

2e

Aüi hitý*|t L?i LM|@ð?t M) ð4TLtð?} _ðgihi?| ñðiêt L? |üi igiU|t Lu @?|ðUðT@|i_ 4L?i)

@hi týM|*ië 5|ðU!) ThðUi 4L_i*t _L ?L| éýt|ðu) @ ñðiê |ü@| L?i U@? ð}?Lhi |üi _ðt|ð?U|ðL?

Mi|êii? @?|ðUðT@|i_ @?_ ý?@?|ðUðT@|i_ UL4TL?i?|t Lu 4L?i|@h) TL*ðU)ë 6ýh|üih4Lhic |üi

it|ð4@|i_ tð3i @?_ Tihtðt|i?Ui Lu Lý|Tý| hitTL?tit 4@) Mi t4@**ih êüi? L?i @ttý4it

t|ðU!ðih ThðUitc MiU@ýti L?i ?ii_t |L @ttý4i @ tüLh|ih _)?@4ðU hi*@|ðL? êüi? @?|ðUðT@|i_

4L?i) igiU|t @hi @**Lêi_ë

6ð?@**)c |üi Lý|Tý| hitTL?tit U@*Uý*@|i_ @ttý4ð?} |ü@| @?|ðUðT@|i_ 4L?i) U@? @giU|

Lý|Tý| @hi 4ýUü t4@**ih @?_ tüLh|ih |ü@? |üLti hiULñihi_ uhL4 |üi ð4Tý*tiíhitTL?ti

uý?U|ðL?ë Wu )Lýh ThðLht @hi ð? u@ñLh Lu t4@** tüLh| igiU|t Lu 4L?i|@h) TL*ðU)c Lh 4L_i*t

êð|ü *itt hi*ð@?Ui L? @_íüLU _)?@4ðUtc |üðt u@U| 4@) tý}}it| |L )Lý |ü@| @?|ðUðT@|i_

4L?i) @?_ t)t|i4@|ðU 4L?i|@h) TL*ðU) U@? ð? u@U| @giU| Lý|Tý|ë

2D

S +iuihi?Uit

ú*ñ@hi3c 6ih?@?_L @?_ ú?_hiê ú|!itL?c �bbSc Rwð^ýð_ð|)c W?ã@|ðL?c W?|ihit| +@|it @?_

, Uü@?}i +@|itcâ �@?ýtUhðT|c N?ðñihtð|) Lu èi??t)*ñ@?ð@ë

ú?_ihtL?c wë çë @?_ aë wë aLh_@?c �bSHc R�L?i|@h) @?_ 6ðtU@* úU|ðL?tG ú Ait| Lu Aüiðh

+i*@|ðñi W4TLh|@?Ui ð? ,UL?L4ðU 5|@Mð*ð3@|ðL?câ 6i_ih@* î@?! Lu 5|ë wLýðt +iñðiê

Dfc ��í2ô

î@**c w@ýhi?Ui @?_ 5|iTüi? Bë çiUUüi||ðc �bHHc RW4TihuiU| ð?uLh4@|ðL? @?_ t|@}}ihi_

ThðUi ti||ð?}â ú4ihðU@? ,UL?L4ðU +iñðiê .Hc bbbí�f�Hë

îih?@?!ic îi? 5ë @?_ ú*@? 5ë î*ð?_ihc �bHHc RAüi 6i_ih@* 6ý?_t +@|i @?_ |üi çü@??i*t

Lu �L?i|@h) Ah@?t4ðttðL?â ú4ihðU@? ,UL?L4ðU +iñðiê H2c bf�íb2�ë

î*@?Uü@h_c ï*ðñðih aëc �bbfc R`ü) #Lit �L?i) úgiU| ïý|Tý|G ú 5ýhñi)câ W? îi?é@4ð?

�ë 6hði_4@? @?_ 6h@?! Oë O@ü?c i_tëc O@?_MLL! Lu �L?i|@h) ,UL?L4ðUt Vë WWc

ú4t|ih_@4c ûiê vLh!G ûLh|üíOL**@?_ ,*tiñðih 5Uði?Ui èýM*ðtüiht îëVë ..bíHôDë

çühðt|ð@?Lc w@êhi?Ui aëc �@h|ð? ,ðUüi?M@ý4c �bb2c Rwð^ýð_ð|) ,giU|t @?_ |üi �L?i|@h)

Ah@?t4ðttðL? �iUü@?ðt4câ ú4ihðU@? ,UL?L4ðU +iñðiê H2c ôeSíDôë

çühðt|ð@?Lc w@êhi?Ui aëc �@h|ð? ,ðUüi?M@ý4c �bbDc Rwð^ýð_ð|) ,giU|tc �L?i|@h) èL*ðU)

@?_ |üi îýtð?itt ç)U*icâ aLýh?@* Lu �L?i)c çhi_ð| @?_ î@?!ð?} 2. EûLñi4Mih T@h|

Wä ���ôí��ôSë

çühðt|ð@?Lc w@êhi?Ui aëc �@h|ð? ,ðUüi?M@ý4c @?_ çü@h*it ,ñ@?t �bb. RAüi ,giU|t Lu

�L?i|@h) èL*ðU) 5üLU!tG 5L4i ,ñð_i?Ui 6hL4 |üi 6*Lê Lu 6ý?_tâ 6Lh|üUL4ð?}

+iñðiê Lu ,UL?L4ðUt @?_ 5|@|ðt|ðUt

2S

çLUüh@?ic aLü? Oëc �bbe@c R5üLU!tcâ ç@h?i}ðií+LUüit|ih çL?uihi?Ui 5ihðit L? èýM*ðU

èL*ðU) e�c 2bDíôSeë

çLUüh@?ic aLü? Oëc �bbeMc RçL44i?| L? +L4ih @?_ +L4ihâ ð? 5|@?*i) 6ðtUüih @?_

aý*ðL aë +L|i4Mih}c ,_tëc �bbe ûî,+ �@UhLiUL?L4ðUt ú??ý@*c ç@4Mhð_}iG �WA

èhittc DHí.eë

,ðUüi?M@ý4c �@h|ð?c �bb2 RçL44i?|t L? øW?|ihThi|ð?} |üi 4@UhLiUL?L4ðU |ð4i tihðit

u@U|tG Aüi igiU|t Lu 4L?i|@h) TL*ðU)< M) çühðt|LTüih 5ð4tcâ ,ýhLTi@? ,UL?L4ðU

+iñðiê ôSc �ff�í�f��ë

6i*_t|ið?c �@h|ð? @?_ a@4it Oë 5|LU! �bbe RAüi Nti Lu @ �L?i|@h) ú}}hi}@|i |L A@h}i|

ûL4ð?@* B#ècâ ð? ûë Bhi}Lh) �@?!ðêc ,_ëc �L?i|@h) èL*ðU) çüðU@}LG N?ðñihtð|)

Lu çüðU@}L èhittë

6hði_4@?c �ð*|L? @?_ ú??@ aë 5Uüê@h|3c �bSôc ú �L?i|@h) Oðt|Lh) Lu |üi N?ð|i_ 5|@|it

�HS.í�bSfc èhð?Ui|L?G èhð?Ui|L? N?ðñihtð|) èhittë

6hði_4@?c �ð*|L?c �bSHc RAüi +L*i Lu �L?i|@h) èL*ðU)câ ú4ihðU@? ,UL?L4ðU +iñðiê

DHc �í�.ë

6ýiht|c Að4L|ü) �bb2c Rwð^ýð_ð|)c wL@?@M*i 6ý?_t @?_ +i@* úU|ðñð|)câ aLýh?@* Lu �L?í

i|@h) ,UL?L4ðUt 2bc ôí2eë

BLh_L?c #@ñð_ îë @?_ ,hðU �ë wiiTihc �bbôc RAüi #)?@4ðU W4T@U|t Lu �L?i|@h) èL*ðU)G

ú? , ihUðti ð? Ai?|@|ðñi W_i?|ð�U@|ðL?â aLýh?@* Lu èL*ð|ðU@* ,UL?L4) �f2c �22Hí

�2e.ë

BhLtt4@?c 5@?uLh_ @?_ w@ýhi?Ui iðttc �bHôc Rú Ah@?t@U|ðL?tíî@ti_ �L_i* Lu |üi

�L?i|@h) Ah@?t4ðttðL? �iUü@?ðt4câ ú4ihðU@? ,UL?L4ðU +iñðiê .ôc H.�í2D.ë

2.

O@**c +LMih| ,ë @?_ ûë Bhi}Lh) �@?!ðêc �bbec RûL4ð?@* W?UL4i A@h}i|ð?}câ ð? ûë

Bhi}Lh) �@?!ðêc ,_ëc �L?i|@h) èL*ðU)c çüðU@}LG N?ðñihtð|) Lu çüðU@}L èhittë

wýU@tc +LMih| ,ë ahëc �b.2c R, TiU|@|ðL?t @?_ |üi ûiý|h@*ð|) Lu �L?i)câ aLýh?@* Lu

,UL?L4ðU AüiLh) ec �fôí�2eë

wýU@tc +LMih| ,ë ahëc �b.ôc R5L4i W?|ih?@|ðL?@* ,ñð_i?Ui L? ïý|Tý|íW?ã@|ðL? Ah@_ií

ïgtcâ ú4ihðU@? ,UL?L4ðU +iñðiê Sôc ô2Síôôeë

wýU@tc +LMih| ,ë ahëc �b.Sc R,UL?L4i|hðU èL*ðU) ,ñ@*ý@|ðL?G ú çhð|ð^ýiâ ç@h?i}ðií

+LUüit|ih çL?uihi?Ui 5ihðit L? èýM*ðU èL*ðU) �c �bíeSë

wýU@tc +LMih| ,ë ahë @?_ û@?U) wë 5|L!i)c �bHôc R�L?i) @?_ W?|ihit| ð? @ ç@tüíð?í

ú_ñ@?Ui ,UL?L4)câ ,UL?L4i|hðU@ DDc eb�íD�ôë

wýU@tc +LMih| ,ë ahë @?_ �ðUü@i* LL_uLh_c �bbec R+i@* ,giU|t Lu �L?i|@h) 5üLU!t ð?

@? ,UL?L4) `ð|ü 5i^ýi?|ð@* èýhUü@titcâ �@?ýtUhðT|c N?ðñihtð|) Lu çüðU@}Lë

wýU@tc +LMih| ,ë ahëc �bbS R�L?i|@h) ûiý|h@*ð|)câ ûLMi* Thð3i *iU|ýhi 4@?ýtUhðT|c N?ðí

ñihtð|) Lu çüðU@}Lë

�@?!ðêc ûë Bhi}Lh)c ,_ëc �bbec �L?i|@h) èL*ðU) çüðU@}LG N?ðñihtð|) Lu çüðU@}L Thittë

+L4ihc #@ñð_ Oë @?_ çühðt|ð?@ #ë +L4ihc �bbec R`ü@| ,?_t +iUittðL?tqâ ð? 5|@?í

*i) 6ðtUüih @?_ aý*ðL aë +L|i4Mih}c ,_tëc �bbe ûî,+ �@UhLiUL?L4ðUt ú??ý@*c

ç@4Mhð_}iG �WA èhittc �ôíD.ë

+L|i4Mih}c aý*ðL aë �bbe RèhðUit @?_ ïý|Tý|G ú? ,4TðhðU@* ú?@*)tðt î@ti_ L? @ 5|ðU!)

èhðUi �L_i*câ Lh!ð?} T@Tihc �@tt@Uüýti||t W?t|ð|ý|i Lu AiUü?L*L})ë

+L|i4Mih}ë aý*ðL aëc �bHec Rú �L?i|@h) ,^ýð*ðMhðý4 êð|ü Ah@?t@U|ðL?t çLt|tcâ aLýh?@*

Lu èL*ð|ðU@* ,UL?L4) b2c efíDHë

2H

+L|i4Mih}c aý*ðL aë �bH2 R5|ðU!) èhðUit ð? |üi N?ð|i_ 5|@|itcâ aLýh?@* Lu èL*ð|ðU@*

,UL?L4) bfc ��H.í2��ë

5@h}i?|c AüL4@t aëc �b.Sc RïMtihñ@|ðL?@* ,^ýðñ@*i?Ui Lu û@|ýh@* @?_ N??@|ýh@* h@|i

AüiLhðit Lu �@UhLiUL?L4ðUtcâ aLýh?@* Lu èL*ð|ðU@* ,UL?L4) He ë

5@h}i?|c AüL4@t aëc �bHSc +@|ðL?@* , TiU|@|ðL?t @?_ W?ã@|ðL?c ûiê vLh!G O@hTih @?_

+Lêë

5@h}i?|c AüL4@t aëc �bH.c �@UhLiUL?L4ðU AüiLh)c ïh*@?_LG úU@_i4ðU èhittë

5@h}i?|c AüL4@t aëc @?_ ûið* @**@Uic �b.Dc R+@|ðL?@* , TiU|@|ðL?tc |üi ïT|ð4@* �L?í

i|@h) W?t|hý4i?| @?_ |üi ïT|ð4@* �L?i) 5ýTT*) +ý*ic â aLýh?@* Lu èL*ð|ðU@* ,UL?í

L4) Hôc 2e�íDeë

5|hL?}ð?c 5|iñi? �bb2 RAüi W_i?|ð�U@|ðL? Lu �L?i|@h) èL*ðU) #ðt|ýhM@?UitG , T*@ð?ð?}

|üi wð^ýð_ð|) èý33*iâ 6i_ih@* +itihñi î@?! Lu çüðU@}L Lh!ð?} è@Tih `èíb2í2.ë

5ð4tc çühðt|LTüih úëc �bb2c RW?|ihThi|ð?} |üi 4@UhLiUL?L4ðU |ð4i tihðit u@U|tG Aüi

igiU|t Lu 4L?i|@h) TL*ðU)câ ,ýhLTi@? ,UL?L4ðU +iñðiê ôScb.Dí�fffë

A@)*Lhc aLü? îëc �b.bc R,t|ð4@|ðL? @?_ çL?|hL* Lu @ �@UhLiUL?L4ðU �L_i* êð|ü +@|ðL?@*

, TiU|@|ðL?tcâ ,UL?L4i|hðU@ e.c �2S.í�2HSë

2b

. úTTi?_ð

Aüðt @TTi?_ð tý44@hð3it |üi tTiUð�U@|ðL? Lu |üi �2 @?_ 6i_ih@* 6ý?_t Vú+ Thiti?|i_

ð? 6ð}ýhi � @?_ |üi M@tðt Lu @** |üi L|üih U@*Uý*@|ðL?të 6Lh uýh|üih _i|@ð*tc ð?U*ý_ð?} |üi

*L?} tTiUð�U@|ðL? ti@hUü |ü@| *i_ |L |üiti RMit| U@tiâ Vú+tc t|@?_@h_ ihhLhtc @?_ tL

uLh|üc tii çLUüh@?i E�bbe@äë Aüi _@|@ @?_ @** ThL}h@4t ýti_ ð? |üðt T@Tih @hi @ñ@ð*@M*i

ñð@ @?L?)4Lýt u|T uhL4 u|Tí�?@?Uií}tMëýUüðU@}Lëi_ýc ð? %TýM%ULUüh@?i%ñ@htë

îL|ü Vú+t ýti ^ý@h|ih*) _@|@c DbG�íb2Geë Aüi _@|@ ýti_ ð? |üi �2 Vú+ @hic êð|ü

Uð|ðM@ti UL_it ð? T@hi?|üititc 42 ' *L} �2 E6�2ä( g ' ui_ih@* uý?_t h@|i E6v66äc

^ý@h|ih*) @ñih@}i( U?t ' *L} Lu ?L?_ýh@M*it n tihñðUit UL?tý4T|ðL? EBçû"nBç5"ä n

fëSD |ð4it }Lñih?4i?| TýhUü@tit EBB,"ä( ) ' *L} B#è EB#è"ä( T ' *L} B#è _iã@|Lh

EB#è#äë W hý? |üi �2 Vú+ êð|ü |êL ULð?|i}h@|ð?} ñiU|Lhtc 42í)íT @?_ )íUë W hý? |üi

Vú+ ð? ihhLh ULhhiU|ðL? uLh4 êð|ü uLýh *@}të 6Lh i @4T*i |üi �ht| *ð?i ðt

{62|n� ' @f n @�E62| ý +| ý R|ä n @2E+| ý S?r|ä n

ne[æ'�

Kæ{62|3æ ne[æ'�

Sæss|3æ ne[æ'�

_æ{S?r|3æ ne[æ'�

eæ{+|3æ ne[æ'�

eæ{R|3æ n 0|n�

Aüi ihhLht @hi çüL*it!ð Lh|üL}L?@*ð3i_ ð? |üi }ðñi? Lh_ihë ,^ýðñ@*i?|*)c ?L Uýhhi?| ñ@hðí

@M*it LUUýh ð? |üi {62 i^ý@|ðL?c Uýhhi?| {62 @TTi@t ð? |üi ss i^ý@|ðL? @?_ tL uLh|üë

Aüi ð4Tý*ti hitTL?ti uý?U|ðL? }h@Tüt |üi ð4T*i_ hitTL?ti Lu |üi *L} *iñi*t Lu @** ñ@hð@M*it

i UiT| ss ë

Aüi ñ@hð@M*it ýti_ ð? |üi ss Vú+ @hi U ' *L} UL?tý4T|ðL? Lu ?L?_ýh@M*it n tihñðUit

EBçû" n Bç5"äc ) ' *L} Thðñ@|i B#èc Lh B#è *itt }Lñih?4i?| TýhUü@tit EB#è"í

BB,"äc T ' *L} B#è _iã@|Lh EB#è#äc UT ' *L} ti?tð|ðñi UL44L_ð|ðit ThðUi ð?_i ýti_

ð? çühðt|ð@?Lc,ðUüi?M@ý4 @?_ ,ñ@?t E�bbDäc ThLñð_i_ M) çü@h*it ,ñ@?tc 4� ' *L} Lu ��

E6��ä @?_ g ' ^ý@h|ih*) @ñih@}i Lu ui_ih@* uý?_t h@|i E6v66äë W hý? |üi Vú+ ð? *L}

*iñi*t êð|ü uLýh *@}të Aüi tüLU!t @hi Lh|üL}L?@*ð3i_ ð? |üi }ðñi? Lh_ihë

ôf

W?U*ý_ð?} }Lñih?4i?| TýhUü@tit @t @MLñi üi*Tt |L _i�?i @ t|@|ðL?@h) UL?tý4T|ðL?%Lý|Tý|

h@|ðL @?_ üi?Ui ð4ThLñit |üi *L?}íhý? ThLTih|ðit Lu |üi Vú+të BLñih?4i?| TýhUü@tit

ü@ñi ð?Uhi@ti_ @t @ tü@hi Lu B#è Lñih |üi TLt|ê@h TihðL_ë úttð}?ð?} fëSD Lu }Lñih?4i?|

TýhUü@tit |L UL?tý4T|ðL?c Lh |@!ð?} |üi h@|ðL Lu UL?tý4T|ðL? |L Thðñ@|i B#è hitý*|t ð?

@ 4Lhi t|@|ðL?@h) UL?tý4T|ðL?%Lý|Tý| h@|ðLë Aüðt ðt @ hi�?i4i?|c |üi hitý*|t @hi ?L|

_h@t|ðU@**) Uü@?}i_ ðu L?i L4ð|t |üi }Lñih?4i?| TýhUü@titë

ô�

6WBN+,5 `WAO çúèAWïû5

6ð}ýhi �G Uhvsrqvhv wr prqhwdu| vkrfnv lq wzr YDUv1 Krul}rqwdo d{lv lq |hduv/yduldeohv duh 433-orjv h{fhsw ò lq shufhqw1 Wrs sdqho= uhvsrqvh wr P5 vkrfnv 1

Erwwrp sdqho= uhvsrqvh wr ò vkrfnv1 Vhh wkh dsshqgl{ iru ghwdlov rq wkh YDU

vshflñfdwlrq dqg hvwlpdwlrq

6ð}ýhi 2G P5 dqg rxwsxw uhvsrqvhv iurp P5 YDU ri ñjxuh 4/ sorwwhg rq vdph

vfdoh1

ô2

6ð}ýhi ôG Rxwsxw hòhfwv ri wzr prqhwdu| h{shulphqwv/ xqghu ydulrxv dvvxpswlrqvderxw wkh hòhfwv ri dqwlflsdwhg yv1 xqdqwlflsdwhg prqh|1 Fdofxodwhg iurp P5 YDU1

6ð}ýhi eG Odj sro|qrpldo dú+O, lqihuuhg iurp p5 lpsxovh0uhvsrqvh ixqfwlrq xvlqjvwlfn| sulfh prgho1 ò @ sulfh vwlfnlqhvv sdudphwhu1

ôô

6ð}ýhi DG Rxwsxw dqg sulfh uhvsrqvhv wr prqhwdu| h{shulphqwv lq vwlfn| sulfhprgho/ xvlqj p5 YDU lpsxovh0uhvsrqvh ixqfwlrq1 Vwlfnlqhvv sdudphwhu ò @ 3=;1

6ð}ýhi SG Rxwsxw hòhfwv ri wzr prqhwdu| h{shulphqwv/ xqghu ydulrxv dvvxpswlrqvderxw wkh hòhfwv ri dqwlflsdwhg yv1 xqdqwlflsdwhg prqh|1 Fdofxodwhg iurp ihghudo

ixqgv YDU1

ôe

6WBN+,5 `WAOïNA çúèAWïû5ë

Aüiti @hi i @U|*) |üi t@4i �}ýhitc êð|üLý| @UUL4T@?)ð?} U@T|ðL?të W ð?U*ý_i |üi4 ð?

U@ti |üðt uLh4@| ðt i@tðih uLh )Lý |L êLh! êð|üë +iuih |L |üi @MLñi �}ýhit êð|ü U@T|ðL?t

|L tii êüðUü �}ýhi }Lit êüihië

ôD

ôS

ô.