; 3
8» 3 .: "
;
5 .
&
XXX BMVMV QM ] GBDFCPPL DPN "MVMVQM
130.0$+"
%P SP[EBOJB ,610/: 10
[PUZDI EP XZLPS[ZTUBOJB OB
QSPEVLUZ NBSLJ "-6-6
[B [BLVQZ X PLSFTJF PE
EP 4[D[ņŐMJXDØX
X
XZCJFZCJFS[F FLJQB "MVMV
.BSLB "MVMV QPXTUBB [ NZŐMľ P SFBMJ[BDKJ QSPKFLUØX SPE[JDØX LUØSZN [BMFŗZ OB TUXPS[FOJV NJFK J QS[ZKB[OFK "MVMV UP 10ġ&3"$;& 1*ġ".,* o BVUPSTLJ QPNZT ľD[ľDZ X TPCJF QSBLUZD[OZ TQPTØC QS[FDIPXZXBOJB
QS[FTUS[FOJ HE[JF CņEľ EPSBTUBĿ JDI E[JFDJ 8JFNZ KBL XBŗOF KFTU QPD[VDJF CF[QJFD[FŌTUXB J IBSNPOJJ QJŗBNLJ LUØSB [BXT[F HVCJ TJņ J OJHEZ OJF NB OB OJľ EPCSFHP NJFKTDB [F ŐXJFUOZN TQPTPCFN OB CF[QSPCMFNPXF
X QJFSXT[ZDI DIXJMBDI QP OBSPE[JOBDI E[JFDLB J QPXJUBOJV HP X OBT[ZN EPNPXZN PUPD[FOJV 8TQØMOJF QS[FKŐDJF [ NBFHP ØŗFD[LB X QPLPKV 3PE[JDØX EP XBTOFHP QJFSXT[FHP QPLPJLV J XBTOFHP ØŗLB 1PŗFSBD[
TQSBXJNZ BCZ UB QS[FTUS[FŌ CZB OJF[XZLMF CBSXOB CBKLPXB J QS[FEF XT[ZTULJN CF[QJFD[OB PEHPOJ [F TOZ XZHPOJ XT[ZTULJF QPUXPSZ [ T[BGZ J TUBOJF TJņ QS[ZKBDJFMFN LBŗEFHP E[JFDLB
8 OBT[ZN BTPSUZNFODJF [OBKEVKľ TJņ LPDF QPŐDJFMF QPEVT[LJ LPLPOZ NBUZ EP [BCBXZ J [BCBXLJ XXX BMVMV QM ] GBDFCPPL DPN "MVMVQM
TFOTPSZD[OF
130.0$+"
%P SP[EBOJB ,610/: 10
[PUZDI EP XZLPS[ZTUBOJB OB
QSPEVLUZ NBSLJ "-6-6
[B [BLVQZ X PLSFTJF PE
EP 4[D[ņŐMJXDØX
X
XZCJFZCJFS[F FLJQB "MVMV
.BSLB "MVMV QPXTUBB [ NZŐMľ P SFBMJ[BDKJ QSPKFLUØX SPE[JDØX LUØSZN [BMFŗZ OB TUXPS[FOJV NJFK J QS[ZKB[OFK "MVMV UP 10ġ&3"$;& 1*ġ".,* o BVUPSTLJ QPNZT ľD[ľDZ X TPCJF QSBLUZD[OZ TQPTØC QS[FDIPXZXBOJB
QS[FTUS[FOJ HE[JF CņEľ EPSBTUBĿ JDI E[JFDJ 8JFNZ KBL XBŗOF KFTU QPD[VDJF CF[QJFD[FŌTUXB J IBSNPOJJ QJŗBNLJ LUØSB [BXT[F HVCJ TJņ J OJHEZ OJF NB OB OJľ EPCSFHP NJFKTDB [F ŐXJFUOZN TQPTPCFN OB CF[QSPCMFNPXF
X QJFSXT[ZDI DIXJMBDI QP OBSPE[JOBDI E[JFDLB J QPXJUBOJV HP X OBT[ZN EPNPXZN PUPD[FOJV 8TQØMOJF QS[FKŐDJF [ NBFHP ØŗFD[LB X QPLPKV 3PE[JDØX EP XBTOFHP QJFSXT[FHP QPLPJLV J XBTOFHP ØŗLB 1PŗFSBD[
TQSBXJNZ BCZ UB QS[FTUS[FŌ CZB OJF[XZLMF CBSXOB CBKLPXB J QS[FEF XT[ZTULJN CF[QJFD[OB PEHPOJ [F TOZ XZHPOJ XT[ZTULJF QPUXPSZ [ T[BGZ J TUBOJF TJņ QS[ZKBDJFMFN LBŗEFHP E[JFDLB
8 OBT[ZN BTPSUZNFODJF [OBKEVKľ TJņ LPDF QPŐDJFMF QPEVT[LJ LPLPOZ NBUZ EP [BCBXZ J [BCBXLJ XXX BMVMV QM ] GBDFCPPL DPN "MVMVQM
TFOTPSZD[OF
, = O V A Z V N K @ H K
η˥ͅ˗·ˢ ˃˥˜ˠ˔˩˘˥ˬ ˭ˡ˔˝˗˨˝˘ ˦˜ͩ ˪ ˠ˔˟ˢ˪ˡ˜˖˭˘˝ ʴ˟˘˞˦˔ˡ˗˥˜˜ ˞ˢ·ˢ ˂˭ˢ˥˞ˢ˪˔ʟ ˡ˔ ˦˞˥˔˝˨
˟˔˦˨ ˆˢ˞ˢ˟ˡ˜˖˞˜˘˚ˢʡ ʶ˛ˢ͙ ˝˨κ ˆ˧˔ˡ˜˦·˔˪ ˆ˧˔˦˭˜˖ ˣ˜˦˔· ˢ ˧ˬˠ ˥˘˚˜ˢˡ˜˘ʟ κ˘ Ϣ˭ˡ˔˝˗˨˝˘ ˦˜ͩ
˭ ˖˔·͗ ˦˪ˢ˝͗ ˥ˢ˭˟˘˚·͗ ˢ˞ˢ˟˜˖͗ ˣˢ˗ ˢ˕˦˭˘˥ˡˬˠ ˜ ˪ˬˡ˜ˢ˦·ˬˠ ˪˭˚ͅ˥˭˘ˠʟ ˭ ˞˧ͅ˥˘˚ˢ
ˡ˜˘˭˟˜˖˭ˢˡ˘ ˧˥ˬ˦˞˔˝͗ θ˥ͅ˗·˔ϡʟ ˠ˜˘˝˦˖ˢ˪˔ ˟˨˗ˡˢΝ͙ ˡ˜˘ ˭˔˪˦˭˘ ˗ˢ˖˘ˡ˜˔·˔ʟ ˦˞˥ˬ˪˔ˡ˘ ˢ˗
˪˜˘˞ͅ˪ʟ ˡ˔˧˨˥˔˟ˡ˘ ˦˞˔˥˕ˬ ˢ˞ˢ˟˜˖ˬʡ
ˍ˕˜ˢ˥ˡ˜˞ʟ ˭ ˞˧ͅ˥˘˚ˢ ˖˭˘˥ˣ˔ˡ˔ ˝˘˦˧ ˃˥˜ˠ˔˩˘˥˔ʟ ˭ˡ˔˝˗˨˝˘ ˦˜ͩ ˡ˔˧ˢˠ˜˔˦˧ ˪ ˢ˕˥ͩ˕˜˘ ˣˢ˭˜ˢˠ˨ ˕˜ˢ˥ˡ˜˞ʟ ˭ ˞˧ͅ˥˘˚ˢ ˖˭˘˥ˣ˔ˡ˔ ˝˘˦˧ ˃˥˜ˠ˔˩˘˥˔ʟ ˭ˡ˔˝˗˨˝˘ ˦˜ͩ ˡ˔˧ˢˠ˜˔˦˧ ˪ ˢ˕˥ͩ˕˜˘ ˣˢ˭˜ˢˠ˨
ˍ
˪ˢ˗ˢˡˢΝˡ˘˚ˢ ˞˥˘˗ˬ ˗ˢ˟ˡ˘˝ʟ ˖ˢ ˢ˭ˡ˔˖˭˔ʟ κ˘ ˣˢ˪˦˧˔· ˢ˞ʡ ʤʥʣ ˠ˟ˡ ˟˔˧ ˧˘ˠ˨ʡ ˀˢκˡ˔ ˪˜ͩ˖
ˣˢ˪˜˘˗˭˜˘͙ʟ κ˘ ˡ˔˦˭˘ θ˥ͅ˗·˔ ˦͗ ˦˧˔˥˦˭˘ ˢ˗ Ϣ˦˔ˠ˜˨Ν˞˜˖˛ ˇ˔˧˘˥ϡ ˢ ˣˢˡ˔˗ ʥʣ ˠ˟ˡ ˟˔˧ʔ
˃˥˜ˠ˔˩˘˥˔ ˪ˬ˗ˢ˕ˬ˪˔ˡ˔ ˝˘˦˧ ˭ ˚·ͩ˕ˢ˞ˢΝ˖˜ ʧʪʦ ˠ˘˧˥ͅ˪ ˜ ˧ˢ ˪·˔Νˡ˜˘ ˚·ͩ˕ˢ˞ˢΝ͙ θ˥ͅ˗·˔
ʹ˜˥ˠ˔ ˃˂ʿˆʾʴ ˊ˂ʷʴ ˜˦˧ˡ˜˘˝˘ ˡ˔ ˣˢ˟˦˞˜ˠ ˥ˬˡ˞˨ ˢ˗ ʥʣʣʤ ˥ˢ˞˨ ˜ ˝˘˦˧ ˗˘˖ˬ˗˨˝˘ ˢ ˝˘˝ ˪ˬ˝͗˧˞ˢ˪˘˝ ˝˔˞ˢΝ˖˜ʡ ˍ˔ˡ˜ˠ ˪ˢ˗˔ ˧˥˔˙˜ ˗ˢ ˕˨˧˘˟˞˜ʟ ˠ˨˦˜ ˣˢ˞ˢˡ˔͙ ˪˜˘˟˘
˖˭ͩΝ˖˜͗ ˪·ˢ˦˞˜˘˝ ˚˥˨ˣˬ ʴˤ˨˔ ˀ˜ˡ˘˥˔˟˘ ˆ˔ˡ ʵ˘ˡ˘˗˘˧˧ˢʡ ˍ˟ˢ˞˔˟˜˭ˢ˪˔ˡ˔ ˪˔˥˦˧˪ ˭˜˘ˠ˜ʟ ˞˧ͅ˥˘ ˣˢˠ˔˚˔˝͗ ˪ ˝˘˝ ˡ˔˧˨˥˔˟ˡ˘˝ ˙˜˟˧˥˔˖˝˜ ˜ ˭˔˕˘˭ˣ˜˘˖˭˔ ˝͗ ˣ˥˭˘˗
˪ ˠ˜˘˝˦˖ˢ˪ˢΝ˖˜ ʴ˟˘˞˦˔ˡ˗˥˜˔ ˞ˢ·ˢ ˂˭ˢ˥˞ˢ˪˔ʟ ˪ ˢ˧˨˟˜ˡ˜˘ ˟˔˦ͅ˪ ˪ˣ·ˬ˪˘ˠ ˦˭˞ˢ˗˟˜˪ˬ˖˛ ˖˭ˬˡˡ˜˞ͅ˪ ˭˘˪ˡͩ˧˥˭ˡˬ˖˛ʡ
·ͩ˖˭ˬ˖˞˜˖˛ʟ ˖˭˘˥ˣ˜˘ θ˥ͅ˗˟˔ˡ͗ ˪ˢ˗ͩ ˭˘ θ˥ͅ˗˘· ˚·ͩ˕˜ˡˢ˪ˬ˖˛
ˢ ˗ˢ˦˞ˢˡ˔·˘˝ ˜˭ˢ˟˔˖˝˜ ˜ ˞˥ˬ˦˧˔˟˜˖˭ˡ˘˝ ˖˭ˬ˦˧ˢΝ˖˜ʡ
ˁˢ˪ˢ˖˭˘˦ˡ˘ ˟˜ˡ˜˘ ˥ˢ˭˟˘˪ˡ˜˖˭˘ ˜ ˣ˥ˢ˖˘˦ˬ ˧˘˖˛ˡˢ˟ˢ˚˜˖˭ˡ˘ ˨ˠˢκ˟˜˪˜˔˝͗ ˡ˔ˠ
˕˨˧˘˟˞ˢ˪˔ˡ˜˘ ʦʣʣ ʣʣʣ ʣʣʣ ˟˜˧˥ͅ˪ ˪ˢ˗ˬ ˥ˢ˖˭ˡ˜˘ ʛ˗˔ˡ˘ ˡ˔ ˥ˢ˞ ʥʣʤʩʜʟ ˭ ˖˭˘˚ˢ ˨˧˘˟˞ˢ˪˔ˡ˜˘ ʦʣʣ ʣʣʣ ʣʣʣ ˟˜˧˥ͅ˪ ˪ˢ˗ˬ ˥ˢ˖˭ˡ˜˘ ʛ˗˔ˡ˘ ˡ˔ ˥ˢ˞ ʥʣʤʩʜʟ ˭ ˖˭˘˚ˢ
˕
ˣˢ·ˢ˪˔ ˧˥˔˙˜˔ ˗ˢ ˞ˢˡ˦˨ˠ˘ˡ˧ͅ˪ ˭ ˟ˢ˚ˢ ˡ˔˦˭˘˝ ˠ˔˥˞˜ ˃˅ʼˀʴˉʸ˅ʴʡ ˃ˢ˭ˢ˦˧˔·˔ ˖˭ͩΝ͙ ˣ˥ˢ˗˨˞˖˝˜
˧ˢ ˪ˢ˗ˬ ˙˨ˡ˞˖˝ˢˡ˨˝͗˖˘ ˣˢ˗ ˠ˔˥˞˔ˠ˜ ˪·˔˦ˡˬˠ˜ ˦˜˘˖˜ ˪˜˘˟˞ˢˣˢ˪˜˘˥˭˖˛ˡ˜ˢ˪ˬ˖˛ʟ ˧˔˞˜˖˛ ˝˔˞
ʴ˅˂ʟ ʴˤ˨˔ʟ ˇʴʾʟ ʾ˖˜˨˞ ˖˭ˬ ˀˬˊ˔ˬ ˢ˥˔˭ ˪ˢ˗ˬ ˗˟˔ ˞ˢˡ˖˘˥ˡ˨ ˃˘ˣ˦˜ʶˢ ˪ ˃ˢ˟˦˖˘ ˜ ˡ˔ ˈ˞˥˔˜ˡ˜˘ʡ
ʨ ˟˜ˡ˜˜ ˥ˢ˭˟˘˪ˡ˜˖˭ˬ˖˛ ˜ ʦ ˕˔˥˗˭ˢ ˚·ͩ˕ˢ˞˜˘ θ˥ͅ˗·˔ ˨ˠ˜˘˝˦˖ˢ˪˜ˢˡ˘ ˪ ˢ˕˥ͩ˕˜˘ ˭˔˞·˔˗˨ʟ ˗˔˝͗
ˣ˥˔˖ͩ ˢ˞ʡ ʤʥʣ ˣ˥˔˖ˢ˪ˡ˜˞ˢˠʡ ʷ˭˜ͩ˞˜ ˧˔˞ ˥ˢ˭˕˨˗ˢ˪˔ˡ˘˝ ˜ˡ˙˥˔˦˧˥˨˞˧˨˥˭˘ʟ ˪ ˢ˞˥˘˦˜˘ ˟˘˧ˡ˜ˠ
ˡ˔˦˭͗ ˙˜˥ˠͩ ˢˣ˨˦˭˖˭˔ ˖ˢ˗˭˜˘ˡˡ˜˘ ʤʣʣ ˧˜˥ͅ˪ ˪ˬˣ˘·ˡ˜ˢˡˬ˖˛ ˣˢ ˕˥˭˘˚˜ ˡ˜˘˭˪ˬ˞˟˘ ˦ˠ˔˖˭ˡ͗
˜ ˢκˬ˪˖˭͗ ˪ˢ˗͗ʡ ˢκˬ˪˖˭͗ ˪ˢ˗͗ʡ
˜
˃ˢ˟˦˞˔ ˊˢ˗˔ ˆˣʡ ˭ ˢʡˢʡ
ʬʨʠʣʦʨ ˂˭ˢ˥˞ͅ˪ʟ ʴ˟˘˞˦˔ˡ˗˥˜˔ ʤʴ
˧˘˟ʡ ʞʧʫ ʧʥ ʪʤʧ ʤʤ ʣʣ
SSS LKHOG=SK@= ?KI LH
LKHOG=SK@= LKHOG=SK@= LH
, = O V A Z V N K @ H K
η˥ͅ˗·ˢ ˃˥˜ˠ˔˩˘˥ˬ ˭ˡ˔˝˗˨˝˘ ˦˜ͩ ˪ ˠ˔˟ˢ˪ˡ˜˖˭˘˝ ʴ˟˘˞˦˔ˡ˗˥˜˜ ˞ˢ·ˢ ˂˭ˢ˥˞ˢ˪˔ʟ ˡ˔ ˦˞˥˔˝˨
˟˔˦˨ ˆˢ˞ˢ˟ˡ˜˖˞˜˘˚ˢʡ ʶ˛ˢ͙ ˝˨κ ˆ˧˔ˡ˜˦·˔˪ ˆ˧˔˦˭˜˖ ˣ˜˦˔· ˢ ˧ˬˠ ˥˘˚˜ˢˡ˜˘ʟ κ˘ Ϣ˭ˡ˔˝˗˨˝˘ ˦˜ͩ
˭ ˖˔·͗ ˦˪ˢ˝͗ ˥ˢ˭˟˘˚·͗ ˢ˞ˢ˟˜˖͗ ˣˢ˗ ˢ˕˦˭˘˥ˡˬˠ ˜ ˪ˬˡ˜ˢ˦·ˬˠ ˪˭˚ͅ˥˭˘ˠʟ ˭ ˞˧ͅ˥˘˚ˢ
ˡ˜˘˭˟˜˖˭ˢˡ˘ ˧˥ˬ˦˞˔˝͗ θ˥ͅ˗·˔ϡʟ ˠ˜˘˝˦˖ˢ˪˔ ˟˨˗ˡˢΝ͙ ˡ˜˘ ˭˔˪˦˭˘ ˗ˢ˖˘ˡ˜˔·˔ʟ ˦˞˥ˬ˪˔ˡ˘ ˢ˗
˪˜˘˞ͅ˪ʟ ˡ˔˧˨˥˔˟ˡ˘ ˦˞˔˥˕ˬ ˢ˞ˢ˟˜˖ˬʡ
ˍ˕˜ˢ˥ˡ˜˞ʟ ˭ ˞˧ͅ˥˘˚ˢ ˖˭˘˥ˣ˔ˡ˔ ˝˘˦˧ ˃˥˜ˠ˔˩˘˥˔ʟ ˭ˡ˔˝˗˨˝˘ ˦˜ͩ ˡ˔˧ˢˠ˜˔˦˧ ˪ ˢ˕˥ͩ˕˜˘ ˣˢ˭˜ˢˠ˨ ˕˜ˢ˥ˡ˜˞ʟ ˭ ˞˧ͅ˥˘˚ˢ ˖˭˘˥ˣ˔ˡ˔ ˝˘˦˧ ˃˥˜ˠ˔˩˘˥˔ʟ ˭ˡ˔˝˗˨˝˘ ˦˜ͩ ˡ˔˧ˢˠ˜˔˦˧ ˪ ˢ˕˥ͩ˕˜˘ ˣˢ˭˜ˢˠ˨
ˍ
˪ˢ˗ˢˡˢΝˡ˘˚ˢ ˞˥˘˗ˬ ˗ˢ˟ˡ˘˝ʟ ˖ˢ ˢ˭ˡ˔˖˭˔ʟ κ˘ ˣˢ˪˦˧˔· ˢ˞ʡ ʤʥʣ ˠ˟ˡ ˟˔˧ ˧˘ˠ˨ʡ ˀˢκˡ˔ ˪˜ͩ˖
ˣˢ˪˜˘˗˭˜˘͙ʟ κ˘ ˡ˔˦˭˘ θ˥ͅ˗·˔ ˦͗ ˦˧˔˥˦˭˘ ˢ˗ Ϣ˦˔ˠ˜˨Ν˞˜˖˛ ˇ˔˧˘˥ϡ ˢ ˣˢˡ˔˗ ʥʣ ˠ˟ˡ ˟˔˧ʔ
˃˥˜ˠ˔˩˘˥˔ ˪ˬ˗ˢ˕ˬ˪˔ˡ˔ ˝˘˦˧ ˭ ˚·ͩ˕ˢ˞ˢΝ˖˜ ʧʪʦ ˠ˘˧˥ͅ˪ ˜ ˧ˢ ˪·˔Νˡ˜˘ ˚·ͩ˕ˢ˞ˢΝ͙ θ˥ͅ˗·˔
ʹ˜˥ˠ˔ ˃˂ʿˆʾʴ ˊ˂ʷʴ ˜˦˧ˡ˜˘˝˘ ˡ˔ ˣˢ˟˦˞˜ˠ ˥ˬˡ˞˨ ˢ˗ ʥʣʣʤ ˥ˢ˞˨ ˜ ˝˘˦˧ ˗˘˖ˬ˗˨˝˘ ˢ ˝˘˝ ˪ˬ˝͗˧˞ˢ˪˘˝ ˝˔˞ˢΝ˖˜ʡ ˍ˔ˡ˜ˠ ˪ˢ˗˔ ˧˥˔˙˜ ˗ˢ ˕˨˧˘˟˞˜ʟ ˠ˨˦˜ ˣˢ˞ˢˡ˔͙ ˪˜˘˟˘
˖˭ͩΝ˖˜͗ ˪·ˢ˦˞˜˘˝ ˚˥˨ˣˬ ʴˤ˨˔ ˀ˜ˡ˘˥˔˟˘ ˆ˔ˡ ʵ˘ˡ˘˗˘˧˧ˢʡ ˍ˟ˢ˞˔˟˜˭ˢ˪˔ˡ˔ ˪˔˥˦˧˪ ˭˜˘ˠ˜ʟ ˞˧ͅ˥˘ ˣˢˠ˔˚˔˝͗ ˪ ˝˘˝ ˡ˔˧˨˥˔˟ˡ˘˝ ˙˜˟˧˥˔˖˝˜ ˜ ˭˔˕˘˭ˣ˜˘˖˭˔ ˝͗ ˣ˥˭˘˗
˪ ˠ˜˘˝˦˖ˢ˪ˢΝ˖˜ ʴ˟˘˞˦˔ˡ˗˥˜˔ ˞ˢ·ˢ ˂˭ˢ˥˞ˢ˪˔ʟ ˪ ˢ˧˨˟˜ˡ˜˘ ˟˔˦ͅ˪ ˪ˣ·ˬ˪˘ˠ ˦˭˞ˢ˗˟˜˪ˬ˖˛ ˖˭ˬˡˡ˜˞ͅ˪ ˭˘˪ˡͩ˧˥˭ˡˬ˖˛ʡ
·ͩ˖˭ˬ˖˞˜˖˛ʟ ˖˭˘˥ˣ˜˘ θ˥ͅ˗˟˔ˡ͗ ˪ˢ˗ͩ ˭˘ θ˥ͅ˗˘· ˚·ͩ˕˜ˡˢ˪ˬ˖˛
ˢ ˗ˢ˦˞ˢˡ˔·˘˝ ˜˭ˢ˟˔˖˝˜ ˜ ˞˥ˬ˦˧˔˟˜˖˭ˡ˘˝ ˖˭ˬ˦˧ˢΝ˖˜ʡ
ˁˢ˪ˢ˖˭˘˦ˡ˘ ˟˜ˡ˜˘ ˥ˢ˭˟˘˪ˡ˜˖˭˘ ˜ ˣ˥ˢ˖˘˦ˬ ˧˘˖˛ˡˢ˟ˢ˚˜˖˭ˡ˘ ˨ˠˢκ˟˜˪˜˔˝͗ ˡ˔ˠ
˕˨˧˘˟˞ˢ˪˔ˡ˜˘ ʦʣʣ ʣʣʣ ʣʣʣ ˟˜˧˥ͅ˪ ˪ˢ˗ˬ ˥ˢ˖˭ˡ˜˘ ʛ˗˔ˡ˘ ˡ˔ ˥ˢ˞ ʥʣʤʩʜʟ ˭ ˖˭˘˚ˢ ˨˧˘˟˞ˢ˪˔ˡ˜˘ ʦʣʣ ʣʣʣ ʣʣʣ ˟˜˧˥ͅ˪ ˪ˢ˗ˬ ˥ˢ˖˭ˡ˜˘ ʛ˗˔ˡ˘ ˡ˔ ˥ˢ˞ ʥʣʤʩʜʟ ˭ ˖˭˘˚ˢ
˕
ˣˢ·ˢ˪˔ ˧˥˔˙˜˔ ˗ˢ ˞ˢˡ˦˨ˠ˘ˡ˧ͅ˪ ˭ ˟ˢ˚ˢ ˡ˔˦˭˘˝ ˠ˔˥˞˜ ˃˅ʼˀʴˉʸ˅ʴʡ ˃ˢ˭ˢ˦˧˔·˔ ˖˭ͩΝ͙ ˣ˥ˢ˗˨˞˖˝˜
˧ˢ ˪ˢ˗ˬ ˙˨ˡ˞˖˝ˢˡ˨˝͗˖˘ ˣˢ˗ ˠ˔˥˞˔ˠ˜ ˪·˔˦ˡˬˠ˜ ˦˜˘˖˜ ˪˜˘˟˞ˢˣˢ˪˜˘˥˭˖˛ˡ˜ˢ˪ˬ˖˛ʟ ˧˔˞˜˖˛ ˝˔˞
ʴ˅˂ʟ ʴˤ˨˔ʟ ˇʴʾʟ ʾ˖˜˨˞ ˖˭ˬ ˀˬˊ˔ˬ ˢ˥˔˭ ˪ˢ˗ˬ ˗˟˔ ˞ˢˡ˖˘˥ˡ˨ ˃˘ˣ˦˜ʶˢ ˪ ˃ˢ˟˦˖˘ ˜ ˡ˔ ˈ˞˥˔˜ˡ˜˘ʡ
ʨ ˟˜ˡ˜˜ ˥ˢ˭˟˘˪ˡ˜˖˭ˬ˖˛ ˜ ʦ ˕˔˥˗˭ˢ ˚·ͩ˕ˢ˞˜˘ θ˥ͅ˗·˔ ˨ˠ˜˘˝˦˖ˢ˪˜ˢˡ˘ ˪ ˢ˕˥ͩ˕˜˘ ˭˔˞·˔˗˨ʟ ˗˔˝͗
ˣ˥˔˖ͩ ˢ˞ʡ ʤʥʣ ˣ˥˔˖ˢ˪ˡ˜˞ˢˠʡ ʷ˭˜ͩ˞˜ ˧˔˞ ˥ˢ˭˕˨˗ˢ˪˔ˡ˘˝ ˜ˡ˙˥˔˦˧˥˨˞˧˨˥˭˘ʟ ˪ ˢ˞˥˘˦˜˘ ˟˘˧ˡ˜ˠ
ˡ˔˦˭͗ ˙˜˥ˠͩ ˢˣ˨˦˭˖˭˔ ˖ˢ˗˭˜˘ˡˡ˜˘ ʤʣʣ ˧˜˥ͅ˪ ˪ˬˣ˘·ˡ˜ˢˡˬ˖˛ ˣˢ ˕˥˭˘˚˜ ˡ˜˘˭˪ˬ˞˟˘ ˦ˠ˔˖˭ˡ͗
˜ ˢκˬ˪˖˭͗ ˪ˢ˗͗ʡ ˢκˬ˪˖˭͗ ˪ˢ˗͗ʡ
˜
˃ˢ˟˦˞˔ ˊˢ˗˔ ˆˣʡ ˭ ˢʡˢʡ
ʬʨʠʣʦʨ ˂˭ˢ˥˞ͅ˪ʟ ʴ˟˘˞˦˔ˡ˗˥˜˔ ʤʴ
˧˘˟ʡ ʞʧʫ ʧʥ ʪʤʧ ʤʤ ʣʣ
SSS LKHOG=SK@= ?KI LH
LKHOG=SK@= LKHOG=SK@= LH
5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK
> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q
HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒
56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+
1,(32:7$5=$/1< '(6,*1
1$ 5<1.8 2' 52.8
%$6(1< : 5ĸ1<&+ 2'&,(1,$&+
321$'&=$62:(- 6=$52ę&,
3,ā., : .2/25$&+
52=0,$5< %$6(1:
[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP
5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK
> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q
HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒
56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+
1,(32:7$5=$/1< '(6,*1
1$ 5<1.8 2' 52.8
%$6(1< : 5ĸ1<&+ 2'&,(1,$&+
321$'&=$62:(- 6=$52ę&,
3,ā., : .2/25$&+
52=0,$5< %$6(1:
[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP
.VLčJDUQLD LQWHUQHWRZD ]QDN FRP SO WR GREUH NVLĈİNL Z\ELWQL DXWRU]\
DWUDNF\MQH SURPRFMH V]\END GRVWDZD SU]HGVSU]HGDİH 1DV]Ĉ VLãĈ VĈ
QDVL NOLHQFL NWyU]\ GRFHQLDMĈ SU]HGH ZV]\VWNLP DWUDNF\MQH FHQ\ RUD]
V]\ENĈ UHDOL]DFMč ]DPyZLHQLD
&2 2)(58-(0<"
KLW\ Z\GDZQLF]H GRVWčSQH W\G]LHę ZF]HĤQLHM QLİ Z LQQ\FK NVLčJDUQLDFK
DWUDNF\MQH NRG\ UDEDWRZH DWUDNF\MQH NRG\ UDEDWRZH
SURPRFMH FHQRZH
5DEDW RG FHQ\ RNãDGNRZHM ] NRGHP PDJD]\QSU]HGV]NROD
ZZZ ]QDN FRP SO
VNOHS#]QDN FRP SO
)DQQ\ -RO\
3UDOLQND
3UDOLQND L MHM URG]LQND 3R]QDMFLH $OLQNč 3UDOLQNč 1D FR G]LHę
MHVW VãRGND DOH NLHG\ WU]HED SRWUDIL WXSQĈþ QRJĈ 3ãDF]H QD HVW VãRGND DOH NLHG\ WU]HED SRWUDIL WXSQĈþ QRJĈ 3ãDF]H QD
M
]DZRãDQLH ĤSLHZD QD FDã\ JãRV L ]DNRFKXMH VLč QD ]DEyM«
=ãRĤOLZL VWDUVL EUDFLD" .ãRSRW\ Z V]NROH" :L]\WD %DUG]R :DİQ\FK
*RĤFL" = SRPRFĈ SU]\MDFLyãNL &HOLQ\ SOXV]RZHJR OZD *U\]DND
RUD] QDMIDMQLHMV]HJR FKãRSFD Z FDãHM V]NROH .U]\VLD 7UXIOL ²
3UDOLQND SRUDG]L VRELH ]H ZV]\VWNLP
3/1
)DQQ\ -RO\
3UDOLQND QLH GDMH ]D Z\JUDQĈ
7R ]QRZX MD $OLQND 7\ONR QLH QD]\ZDMFLH PQLH 3UD« 1LH ]QRV]č
WHJR : PRLP İ\FLX MDN ]Z\NOH GXİR VLč G]LHMH :\Sã\ZDP
] QLH]QRĤQ\PL EUDþPL Z QLHEH]SLHF]Q\ UHMV QD Z\ĤFLJL ]ELHUDP
QDNUčWNL RGNU\ZDP PLãRĤþ GR VZLQJD D QDZHW ]RVWDMč SUDZG]LZĈ
PX]Ĉ .U]\VLD 7UXIOL QDMIDMQLHMV]HJR FKãRSFD ] FDãHM V]NRã\ (FK OHFč
PXV]č WR GOD :DV V]\ENR VSLVDþ ER ]DUD] ]DSRPQč D MHV]F]H
F]HND QD PQLH WDEOLF]ND PQRİHQLD SU]H] VLHGHP« 'R ]REDF]HQLD
3/1
-LOO %DUNOHP
: -Hİ\QRZ\P *URG]LH
: -Hİ\QRZ\P *URG]LH UR]EU]PLHZDMĈ UDGRVQH SRSLVNLZDQLD
L WXSRW ãDSHN 0DãH P\V]NL XZLMDMĈ VLč E\ SU]\JRWRZDþ SU]\MčFLH
QLHVSRG]LDQNč GOD )UHG]LD SLNQLN QDG EU]HJLHP VWUXPLHQLD
1D WUDZLH S\V]QLĈ VLč MXİ NDQG\]RZDQH ILRãNL MDJRGRZD
OHJXPLQD FLDVWHF]ND SLHUZLRVQNRZH L KHUEDWD ] OLĤFL MHİ\Q
7\ONR JG]LH SRG]LDã VLč WRUW XURG]LQRZ\"«
3/1
_ ZZZ ]QDN FRP SO _ VNOHS#]QDN FRP SO
0LFKDHO %RQG
1RZH SU]\JRG\ 3DGGLQJWRQD
'OD PDãHJR QLHGĮZLDGND İ\FLH Z W\SRZ\P DQJLHOVNLP GRPX VWDQRZL
ĮUyGãR QLHXVWDQQ\FK SHU\SHWLL &]\ SRUDG]L VRELH ] NRV]HQLHP
WUDZQLND" -DN ]DFKRZD VLč QD ĤZLĈWHF]Q\FK ]DNXSDFK" &]\ XGD PX
VLč SU]HSčG]Lþ ZãDP\ZDF]D"
3/1
0LFKDHO %RQG
0LĤ ]ZDQ\ 3DGGLQJWRQ
1D VWDFML NROHMRZHM 3DGGLQJWRQ Z /RQG\QLH SRMDZLD VLč PDã\
] DJXELRQ\ PLĤ 1D V]\L PD NDUWHF]Nč Å3URV]č ]DRSLHNRZDþ VLč
W\P QLHGĮZLDGNLHP ']LčNXMčµ &]\ PLĤ ]QDMG]LH GRP" &]\ SDęVWZR
%URZQ ]HFKFĈ SU]\MĈþ JR QD ]DZV]H"
3/1
1RUPDQ %ULGZHOO
&OLIIRUG :LHOND NVLčJD SU]\JyG
3R UD] SLHUZV]\ ]DPHUGDã RJRQHP Z NVLĈİFH 1RUPDQD %ULGZHOOD
Z URNX : URNX ZV]HGã ] ãDSDPL GR WHOHZL]ML 7HQ Z\MĈWNRZR
GXİ\ SVLDN PD WDOHQW GR ZSDGDQLD Z WDUDSDW\
3/1
1RUPDQ %ULGZHOO
&OLIIRUG :LHONL F]HUZRQ\ SLHV
:V]\VWNLH G]LHFL NRFKDMĈ &OLIIRUGD ² ZLHONLHJR F]HUZRQHJR SVD
3LHUZV]D NODV\F]QD KLVWRULD R ZDV]\P RJURPQ\P F]ZRURQRİQ\P
SU]\MDFLHOX NWyU\ ]DZV]H MHVW JRWyZ GR ]DEDZ\
3/1
_ ZZZ ]QDN FRP SO _ VNOHS#]QDN FRP SO
0LFKDHO %RQG
3DGGLQJWRQ ]D JUDQLFĈ
1RZH Z\GDQLH SU]\JyG QLHGĮZLDGND ] GDOHNLHJR 3HUX
0Dã\ ]DJXELRQ\ PLĤ WUDILã GR SDęVWZD %URZQ L QD GREUH VLč
]DGRPRZLã $ WHUD] UD]HP ] QLPL Z\MHİGİD QD ZDNDFMH GR
)UDQFML &]\ VSRGRED PX VLč SRGUyİ VDPRORWHP"
&]\ EčG]LH FKFLDã VSUyERZDþ ĤOLPDNyZ" -DN ]DNRęF]\ VLč
MHJR ZL]\WD X ZUyİNL"
3/1
6HDQ &RYH\
QDZ\NyZ V]F]čĤOLZHJR G]LHFND
3R]QDMFLH SU]\MDFLyã ] NUDLQ\ 6LHGPLX 'čEyZ NWyU]\ ZDP Z W\P
SRPRJĈ :LWHN QDXF]\ RUJDQL]DFML F]DVX .XGãDWHN SU]HNRQD
İH ZDUWR RNUHĤOLþ VRELH FHO G]LDãDQLD /LOND ]ZUyFL XZDJč QD
ZVSyãSUDFč ] LQQ\PL D :DQG]LD SU]\SRPQL GODF]HJR ZDUWR
]DGEDþ R VLHELH
2ERZLĈ]NRZ\ W\WXã GOD ZV]\VWNLFK URG]LFyZ L G]LHFL ² MXİ Z 3ROVFH
3/1
-LP 6PLWK
1LH ]H PQĈ WDNLH WHUH IHUH
0RMH İ\FLH ]DZV]H E\ãR VXSHU ² PLDãHP QDMOHSV]HJR NXPSOD
%ĈF]ND L QDOHİDãHP GR IDMQ\FK G]LHFLDNyZ
$OH« RGNĈG Z V]NROH SRMDZLã VLč 'DUHN 'DUHQRZVNL ]H VZRMĈ
SDVNXGQĈ NURNRG\OĈ JčEĈ QLH GDMH PL İ\þ
3/1
_ ZZZ ]QDN FRP SO _ VNOHS#]QDN FRP SO
/7<'7/ *+5614;%<0' /+#56# -4#-19#
DQ NGMELG JKUVQTKK PKG OWU\Ȱ D[Ȳ PWFPGų
/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC VQ OKGLUEG FNC %KGDKGК 6Q 0QYQE\GUPG /W\GWO OKGLUMKG ::+
YKGMW MVȡTG Y MKNMWPCUVW QFF\KCCEJ QRQYKCFC JKUVQTKɂ -TCMQYC \ TȡʝP[EJ RGTURGMV[Y QF
ɺTGFPKQYKGE\C FQ E\CUȡY YURȡE\GUP[EJ 6W QFD[YCLȰ UKɂ PCLNGRU\G PCLEKGMCYU\G K CMV[YPG NGMELG
JKUVQTKKК 2Q\PCL PCU\Ȱ DQICVC QHGTVɂ GFWMCE[LPȰ CFTGUQYCPȰ FQ F\KGEK Y TȡʝP[O YKGMW
/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC 2CCE -T\[U\VQHQT[
4[PGM )ȡYP[ -TCMȡY
%GPVTWO 1DUWIK <YKGF\CLȰE[EJ VGN
YYY OJM RN ^ KPHQ"OJM RN
24<'&5<-1.# + 5<-1;
/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC RTQRQPWLG U\GTQMK Y[DȡT NGMELK K YCTU\VCVȡY CFTGUQYCP[EJ FQ F\KGEK
PC MCʝF[O U\E\GDNW GFWMCELK \CE\[PCLȰE QF RT\GFU\MQNK MQɧE\ȰE PC WE\PKCEJ U\Mȡ RQPCFIKOPC\LCNP[EJ
#MV[YPC Y[OKCPC O[ɺNK RTCEC Y \CD[VMQY[EJ YPɂVT\CEJ RT\[ Y[MQT\[UVCPKW OW\GCNP[EJ TGMYK\[VȡY
URT\[LC TQ\YKLCPKW MTGCV[YPQɺEK RQDWF\C EKGMCYQɺȲ C RT\GFG YU\[UVMKO WYTCʝNKYKC OQF[EJ
WE\GUVPKMȡY \CLɂȲ PC RQ\PCYCPKG RKɂMPC VTCF[ELK MWNVWT[ K YKGNQYKGMQYGL JKUVQTKK -TCMQYC
9 EGNW FQMQPCPKC TG\GTYCELK NGMELK
YCTU\VCVȡY NWD URCEGTW PCNGʝ[
UMQPVCMVQYCȲ UKɂ \ YCɺEKY[O
QFF\KCGO /W\GWO *KUVQT[E\PGIQ
/KCUVC -TCMQYC Y MVȡT[O FQEGNQYQ
QFDɂFȰ UKɂ \CLɂEKC
0WWOGT[ MQPVCMVQYG QTC\ CFTGU[ G OCKN
0
\PCLF\KGEKG 2CɧUVYQ Y \CMCFEG
1&&<+#;
%'00+-
NGMELG OW\GCNPG \ ITWRC
YCTU\VCV[ \ ITWRC
NGMELG Y VGTGPKG \ ITWRC
NGMELG Y U\MQNG \ ITWRC
QRTQYCF\CPKG RQ Y[UVCYCEJ UVC[EJ
\ ITWRC DKNGV YUVɂRW
QR QRTQYCF\CPKG RQ Y[UVCYCEJ
E\CUQY[EJ Y QFF\KCCEJ 2CCE RQF
-T\[U\VQHQT[ &\KGLG 0QYGL *WV[ K &QO
<YKGT\[PKGEMK \ ITWRC DKNGV
YUVɂRW
QRTQYCF\CPKG RQ Y[UVCYKG UVCGL
Y QFF\KCNG QFF\KCNG (CDT[MC 'OCNKC 1UMCTC
Y
5EJKPFNGTC ť WUWIC Y EGPKG DKNGVW
WUWIC RT\GYQFPKMC Y QFF\KCNG
2QF\KGOKC 4[PMW \ ITWRC DKNGV
YUVɂRW
\CLɂEKC \ -T\[U\ \CLɂEKC \ -T\[U\VQHQTMKGO NWD
&QTQVMȰ MQU\V YCTU\VCVȡY \ \C
WF\KC CMVQTC QF ITWR[
YYY OJM RN
41&<+%' < &<+'ȱ/+
<CDCYC MVȡTC WE\[ VQ JCUQ RT\GYQFPKG E[MNW URQVMCɧ FNC F\KGEK 9 KEJ VTCMEKG OCNK QFMT[YE[ RQ\PCLȰ
RQRT\G\ IT[ \CDCY[ URCEGT[ K URQVMCPKC YCTU\VCVQYG VCLGOPKEG K UGMTGV[ OCIKE\PGIQ -TCMQYC 0C
PCLOQFU\[EJ QFYKGF\CLȰE[EJ /W\GWO E\GMCLȰ Y EKȰIW TQMW TȡYPKGʝ KPPG EKGMCYG RTQRQ\[ELG VCMKG
EJQEKCʝD[ LCM HGTKG E\[ NCVQ Y OW\GWO
/7<'1/#0+# 9 MCʝF[O TQMW U\MQNP[O \CRTCU\CO[ PC E[MN \CLɂȲ FNC F\KGEK K OQF\KGʝ[ Y TCOCEJ
/W\GQOCPKK #MCFGOKC /CGIQ 1FMT[YE[ QTC\ #MCFGOKC /CGIQ 1FMT[YE[ ':64#К /C[ YKGNMK
-TCMȡY 6CLGOPKE\[ MWHGT 5Ȱ VQ MTGCV[YPG URQVMCPKC YCTU\VCVQYG QTC\ URCEGT[ OKGLUMKG %Q TQM
PQY[ RTQITCOК 9KɂEGL PC YYY OJM RN OW\GQOCPKC
#MCFGOKC /CGIQ 1FMT[YE[
2TQITCO FGF[MQYCP[ YU\[UVMKO IQFP[O YKGF\[ K YTCʝGɧ OC[O
QFMT[YEQO Y YKGMW NCV QTC\ KEJ TQF\KEQO MVȡT\[ Y CMV[YP[ K VYȡTE\[
URQUȡD RTCIPȰ RQ\PCYCȲ -TCMȡY Y[TCUVCLȰE V[O UCO[O PC RTCYF\KY[EJ
\PCYEȡY C \CTC\GO OKQɺPKMȡY LGIQ F\KGLȡY K MWNVWTQYGIQ F\KGF\KEVYC
2QFQDPKG LCM -T\[U\VQHQTGM K &QTQVMC ť DQJCVGTQYKG OW\GCNPGIQ E\CUQRKUOC
Ů-T\[U\VQHQTGMŭ ť MVȡT\[ YURȡNPKG \ F\KGȲOK WE\GUVPKE\Ȱ Y Y[DTCP[EJ \CLɂEKCEJ
/C[ YKGNMK -TCMȡY
%[MN OKGLUMKEJ URCEGTȡY FNC F\KGEK Y YKGMW ť NCV QTC\ KEJ TQF\KEȡY
6TCU[ K VGOCV[MC URCEGTȡY UȰ VCM RT\GO[ɺNCPG CD[ Y OQFU\[EJ WE\GUVPKMCEJ
Y\DWF\KȲ EKGMCYQɺȲ ɺYKCVC K \COKQYCPKG FQ QFMT[YCPKC VCLGOPKE -TCMQYC
9[EKGE\MK VTYCLȰ PKGEQ RQPCF IQF\KPɂ
6CLGOPKE\[ MWHGT
2TQITCO UMKGTQYCP[ FQ MTGCV[YP[EJ K EKGMCY[EJ ɺYKCVC OCNWEJȡY Y YKGMW
NCV QTC\ KEJ TQF\KEȡY MVȡT\[ RTCIPȰ YURKGTCȲ YU\GEJUVTQPP[ TQ\YȡL UYQKEJ
RQEKGEJ LWʝ QF PCLOQFU\[EJ NCV -CʝFG URQVMCPKG MQPEGPVTWLG UKɂ PC Y[DTCP[O
RT\GFOKQEKG ť ɺYKCFMW OKPKQP[EJ YKGMȡY K RQ\YCNC F\KGEKQO PC UVCYKCPKG
RKGTYU\[EJ MTQMȡY Y ɺYKGEKG RT\GU\QɺEK <CEJɂEC KEJ V[O UCO[O FQ
KPVGTCMV[YPGIQ RQ\PCYCPKC JKUVQTKK K MWNVWT[ -TCMQYC
#MCFGOKC /CGIQ 1FMT[YE[ ':64#К
2TQITCO FGF[MQYCP[ YU\[UVMKO IQFP[O YKGF\[
K YTCʝGɧ OC[O QFMT[YEQO QTC\ KEJ TQF\KEQO MVȡT\[
Y CMV[YP[ K VYȡTE\[ URQUȡD RTCIPȰ RQ\PCYCȲ -TCMȡY
Y[TCUVCLȰE V[O UCO[O PC RTCYF\KY[EJ \PCYEȡY
C \CTC\GO OKQɺPKMȡY LGIQ F\KGLȡY K MWNVWTQYGIQ
F\KGF\KEVYC 2QFQDPKG LCM -T\[U\VQHQTGM K &QTQVMC ť
DQJCVGTQYKG OW\GCNPGIQ E\CUQRKUOC Ů-T\[U\VQHQTGMŭ ť
M
MVVȡT\[ YURȡNPKG \ F\KGȲOK WE\GUVPKE\Ȱ Y Y[DTCP[EJ
\CLɂEKCEJ
YYY OJM RN
-4<;5<61(14'-
%\[VCLК $CY UKɂК <YKGF\CL -TCMȡYК %\CUQRKUOQ FNC /C[EJ 1FMT[YEȡY MVȡT\[ YTC\ \ LGIQ DQJCVGTCOK
ť -T\[U\VQHQTMKGO K &QTQVMȰ QFMT[YCLȰ RT\GU\QɺȲ FCYPGL UVQNKE[ RCɧUVYC -T\[U\VQHQTGM VQ
DQICEVYQ VTGɺEK IT[ K \CDCY[ QTC\ YURCPKCC U\CVC ITCƓE\PC
52'-6#-.' &.# &<+'%+ 9 9+'-7 .#6
9 EKȰIW TQMW QFD[YC UKɂ MKNMCPCɺEKG URGMVCMNK Q TȡʝPGL VGOCV[EG \ -T\[U\VQHQTMKGO K &QTQVMȰ Y TQNK
IȡYPGL 9 DCTYP[ K F[PCOKE\P[ URQUȡD RT\GFUVCYKCLȰ TȡʝPG JKUVQTKG \CD[VMQYGIQ -TCMQYC
2T\Gʝ[L \ PCOK YURCPKCȰ RT\[IQFɂК
YYY OJM RN ^ KPHQ"OJM RN
/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC 2CCE -T\[U\VQHQT[
4[PGM )ȡYP[ -TCMȡY
%GPVTWO 1DUWIK <YKGF\CLȰE[EJ VGN
HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG
9KVCO[ PC UVTQPKG ƒTO[ /'6.+0' ,GUVGɮO[ FQUVCYEȤ Y[UQMKGL
LCMQɮEK OGDNK Wʑ[VMQY[EJ MVȕTG QF\PCE\CLȤ UKȶ RQPCFRT\GEKȶVPȤ
GUVGV[MȤ QTC\ Y[LȤVMQYȤ HWPMELQPCNPQɮEKȤ 9[TQD[ RQYUVCLȤ PC
DC\KG FQDT[EJ ICVWPMQYQ OCVGTKCȕY Y[MQɛE\QP[EJ Y Y[UQMKO
UVCPFCTF\KG F\KȶMK E\GOW QF\PCE\CLȤ UKȶ QFRQTPQɮEKȤ PC F\KCCPKG
E\[PPKMȕY \GYPȶVT\P[EJ QTC\ WU\MQF\GPKC OGEJCPKE\PG
U\CHMK WDTCPKQYG $*2
U\CHMK ɮPKCFCPKQYG
U\CHMK FGRQ\[VQYG
U\CHMK PC QF\KGʑ E\[UVȤ DTWFPȤ
U\CH[ CMVQYG
U\CH[ MCTVQVGMQYG
ICDNQV[ QIQU ICDNQV[ QIQU\GPKQYG
5\CHMK FQ U\Mȕ
K RT\GFU\MQNK
$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN
YYY UMNGR OGVNKPG EQO RN
HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG
9KVCO[ PC UVTQPKG ƒTO[ /'6.+0' ,GUVGɮO[ FQUVCYEȤ Y[UQMKGL
LCMQɮEK OGDNK Wʑ[VMQY[EJ MVȕTG QF\PCE\CLȤ UKȶ RQPCFRT\GEKȶVPȤ
GUVGV[MȤ QTC\ Y[LȤVMQYȤ HWPMELQPCNPQɮEKȤ 9[TQD[ RQYUVCLȤ PC
DC\KG FQDT[EJ ICVWPMQYQ OCVGTKCȕY Y[MQɛE\QP[EJ Y Y[UQMKO
UVCPFCTF\KG F\KȶMK E\GOW QF\PCE\CLȤ UKȶ QFRQTPQɮEKȤ PC F\KCCPKG
E\[PPKMȕY \GYPȶVT\P[EJ QTC\ WU\MQF\GPKC OGEJCPKE\PG
U\CHMK WDTCPKQYG $*2
U\CHMK ɮPKCFCPKQYG
U\CHMK FGRQ\[VQYG
U\CHMK PC QF\KGʑ E\[UVȤ DTWFPȤ
U\CH[ CMVQYG
U\CH[ MCTVQVGMQYG
ICDNQV[ QIQU ICDNQV[ QIQU\GPKQYG
5\CHMK FQ U\Mȕ
K RT\GFU\MQNK
$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN
YYY UMNGR OGVNKPG EQO RN
HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG
QQȦ
0Yɮ
W U
P C F T M P C \ C H CJ
ME
$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN
YYY UMNGR OGVNKPG EQO RN
HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG
QQȦ
0Yɮ
W U
P C F T M P C \ C H CJ
ME
$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN
YYY UMNGR OGVNKPG EQO RN
2GNU\M Z VRELH %U]\GDOD
1-64;",* * ("%Lj&5: *//& /*Lj 84;:45,*&
8JUBNZ X CS[ZEBMPXJF
8 #S[ZEBMPXJF KBL X QSBXE[JXZN ȈZDJV OJF NB EVHPXPTZDI LTJǗȈOJD[FL SZDFS[Z X MǴOJnjDZDI [CSPKBDI D[Z
TLS[BUØX [BQMBUBKnjDZDI LPOJPN HS[ZXZ 5P [VQFOJF JOOB CBKLB *OOB CP QSBXE[JXB 8 NJBTUFD[LV OB
SZOFD[LV NPȈOB XQBǴǎ OB NJFT[LBǩDØX LUØS[Z Tnj EP OBT CBSE[JFK QPEPCOJ OJȈ NPHPCZ TJǗ XZEBXBǎ
#P KBL ǴQJFXB 8JFT[D[ 8DBMF OJF P UP DIPE[J KBL DP LPNV XZDIPE[J -JD[Z TJǗ XJBSB
X TJFCJF QS[FLPOBOJF P XBTOFK XZKnjULPXPǴDJ J EPCSB [BCBXB " KBL LUPǴ DIDF OBT EPPXBǎ LSZUZLPXBǎ
XZKnjULPXF QMVT[BLJSØE LUØSZDI LBȈEF [OBKE[JF TXPKF BMUFS FHP o OJFDI TQBEB OB ES[FXP T[ZT[LJ CVKBǎ J QPNQPXBǎ
XǴ
0QSØD[ UZDI LUØS[Z OJF XJFE[nj DP UP [OBD[Z
XXX CS[ZEBMF QM
1MBD 4US[FMFDLJ 8SPDBX TLMFQ!CS[ZEBMF QM
2GNU\M Z VRELH %U]\GDOD
1-64;",* * ("%Lj&5: *//& /*Lj 84;:45,*&
8JUBNZ X CS[ZEBMPXJF
8 #S[ZEBMPXJF KBL X QSBXE[JXZN ȈZDJV OJF NB EVHPXPTZDI LTJǗȈOJD[FL SZDFS[Z X MǴOJnjDZDI [CSPKBDI D[Z
TLS[BUØX [BQMBUBKnjDZDI LPOJPN HS[ZXZ 5P [VQFOJF JOOB CBKLB *OOB CP QSBXE[JXB 8 NJBTUFD[LV OB
SZOFD[LV NPȈOB XQBǴǎ OB NJFT[LBǩDØX LUØS[Z Tnj EP OBT CBSE[JFK QPEPCOJ OJȈ NPHPCZ TJǗ XZEBXBǎ
#P KBL ǴQJFXB 8JFT[D[ 8DBMF OJF P UP DIPE[J KBL DP LPNV XZDIPE[J -JD[Z TJǗ XJBSB
X TJFCJF QS[FLPOBOJF P XBTOFK XZKnjULPXPǴDJ J EPCSB [BCBXB " KBL LUPǴ DIDF OBT EPPXBǎ LSZUZLPXBǎ
XZKnjULPXF QMVT[BLJSØE LUØSZDI LBȈEF [OBKE[JF TXPKF BMUFS FHP o OJFDI TQBEB OB ES[FXP T[ZT[LJ CVKBǎ J QPNQPXBǎ
XǴ
0QSØD[ UZDI LUØS[Z OJF XJFE[nj DP UP [OBD[Z
XXX CS[ZEBMF QM
1MBD 4US[FMFDLJ 8SPDBX TLMFQ!CS[ZEBMF QM
#3;:%"-& 1-64;",* #3;:%"-08& ("%Lj&5:
1S[FETUBXJBNZ 8BN CS[ZEBMPXF QMVT[BLJ (BMFSJǗ PUXJFSB -6-6 [ CBLDZMFN QPESØȈOJD[LJ LUØSB DIDF /B OBT[FK CS[ZEBMOFK TUSPOJF NPȈOB CMJȈFK QP[OBǎ LBȈEFHP [ #S[ZEBMJ 4nj UP TUXPSZ LUØSF NJFT[LBKnj
[KFȇE[Jǎ DBZ ǴXJBU ."9 UP XSBȈMJXZ UXBSE[JFM [BLPDIBOZ X NPUPDZLMBDI .*" KFTU VSPE[POnj GBTIJPOJTULnj X UǗUOJnjDZN ȈZDJFN #S[ZEBMPXJF LjZKnj POF X LPǴMBXZDI OJFJEFBMOZDI EPNBDI HPUVKnj OJFKBEBMOF QPUSBXZ
XJF DP KFTU USFOEZ OJF NØXJnjD KVȈ P UZN ȈF KFTU TQFDKBMJTULnj PE XZQS[FEBȈZ 5BN HE[JF KFTU EPCSB NV[B KFTU J XDBMF OJF [BKNVKnj TJǗ UZMLP J XZnjD[OJF QPȈZUFD[OZNJ S[FD[BNJ 1ǗE[nj OJF[XZLMF CBSXOZ ȈZXPU X LUØSZN
UFȈ J #0/0 LUØSZ SP[LSǗDJ LBȈEnj JNQSF[Ǘ 5*50 BSUZǴDJF QPLPOZ NPHnj CJǎ 1JDBTTP 7BO (PHI J DBB SFT[UB KFTU NJFKTDF OB QPQFOJBOJF CǗEØX J CZDJF UBLJN KBLJN DIDF TJǗ CZǎ 1P[B UZN LBȈEZ #S[ZEBM NB DPǴ D[FHP
.BDJF DPǴ OB TVNJFOJV NPȈF OBT QP DJDIV OBVD[Zǎ KFǴMJ HP P UP QPQSPTJNZ B NJBOPXJDJF VȈZXBOJB XZPCSBȇOJ %MBUFHP SP[EBKnj
TPCJF OBX[BKFN PSZHJOBMOF QSF[FOUZ
1-/
5*50
50-0
/" 13&;&/5
#S[ZEBMF UP KFEZOF X TXPJN SPE[BKV PSZHJOBMOF QSF[FOUZ LUØSZDI XBȈOnj DFDInj KFTU UP ȈF QPEPCBKnj TJǗ
LBȈEFNV LUP TUB TJǗ JDI QPTJBEBD[FN ;FTQØ QS[FSØȈOZDI DFDI DIBSBLUFSV SØȈOPSPEOPǴǎ HBMFSJJ
PTPCPXPǴDJ SFQSF[FOUVKnjDZDI MJD[OF QBTKF J [BJOUFSFTPXBOJB B QS[Z UZN ǴXJFUOB KBLPǴǎ XZLPOBOJB #S[ZEBMJ
J XT[ZTULJDI HBEȈFUØX EFEZLPXBOZDI UFK NBSDF UP D[ZOOJLJ LUØSF EBKnj HXBSBODKǗ [BJOUFSFTPXBOJB
QSPEVLUFN OJF[BMFȈOJF PE XJFLV PECJPSDØX
-&7* "#0$0 0+00+
/0#""
."9
1MBD 4US[FMFDLJ 8SPDBX
TLMFQ!CS[ZEBMF QM
XXX CS[ZEBMF QM
#3;:%"-& 1-64;",* #3;:%"-08& ("%Lj&5:
1S[FETUBXJBNZ 8BN CS[ZEBMPXF QMVT[BLJ (BMFSJǗ PUXJFSB -6-6 [ CBLDZMFN QPESØȈOJD[LJ LUØSB DIDF /B OBT[FK CS[ZEBMOFK TUSPOJF NPȈOB CMJȈFK QP[OBǎ LBȈEFHP [ #S[ZEBMJ 4nj UP TUXPSZ LUØSF NJFT[LBKnj
[KFȇE[Jǎ DBZ ǴXJBU ."9 UP XSBȈMJXZ UXBSE[JFM [BLPDIBOZ X NPUPDZLMBDI .*" KFTU VSPE[POnj GBTIJPOJTULnj X UǗUOJnjDZN ȈZDJFN #S[ZEBMPXJF LjZKnj POF X LPǴMBXZDI OJFJEFBMOZDI EPNBDI HPUVKnj OJFKBEBMOF QPUSBXZ
XJF DP KFTU USFOEZ OJF NØXJnjD KVȈ P UZN ȈF KFTU TQFDKBMJTULnj PE XZQS[FEBȈZ 5BN HE[JF KFTU EPCSB NV[B KFTU J XDBMF OJF [BKNVKnj TJǗ UZMLP J XZnjD[OJF QPȈZUFD[OZNJ S[FD[BNJ 1ǗE[nj OJF[XZLMF CBSXOZ ȈZXPU X LUØSZN
UFȈ J #0/0 LUØSZ SP[LSǗDJ LBȈEnj JNQSF[Ǘ 5*50 BSUZǴDJF QPLPOZ NPHnj CJǎ 1JDBTTP 7BO (PHI J DBB SFT[UB KFTU NJFKTDF OB QPQFOJBOJF CǗEØX J CZDJF UBLJN KBLJN DIDF TJǗ CZǎ 1P[B UZN LBȈEZ #S[ZEBM NB DPǴ D[FHP
.BDJF DPǴ OB TVNJFOJV NPȈF OBT QP DJDIV OBVD[Zǎ KFǴMJ HP P UP QPQSPTJNZ B NJBOPXJDJF VȈZXBOJB XZPCSBȇOJ %MBUFHP SP[EBKnj
TPCJF OBX[BKFN PSZHJOBMOF QSF[FOUZ
1-/
5*50
50-0
/" 13&;&/5
#S[ZEBMF UP KFEZOF X TXPJN SPE[BKV PSZHJOBMOF QSF[FOUZ LUØSZDI XBȈOnj DFDInj KFTU UP ȈF QPEPCBKnj TJǗ
LBȈEFNV LUP TUB TJǗ JDI QPTJBEBD[FN ;FTQØ QS[FSØȈOZDI DFDI DIBSBLUFSV SØȈOPSPEOPǴǎ HBMFSJJ
PTPCPXPǴDJ SFQSF[FOUVKnjDZDI MJD[OF QBTKF J [BJOUFSFTPXBOJB B QS[Z UZN ǴXJFUOB KBLPǴǎ XZLPOBOJB #S[ZEBMJ
J XT[ZTULJDI HBEȈFUØX EFEZLPXBOZDI UFK NBSDF UP D[ZOOJLJ LUØSF EBKnj HXBSBODKǗ [BJOUFSFTPXBOJB
QSPEVLUFN OJF[BMFȈOJF PE XJFLV PECJPSDØX
-&7* "#0$0 0+00+
/0#""
."9
1MBD 4US[FMFDLJ 8SPDBX
TLMFQ!CS[ZEBMF QM
XXX CS[ZEBMF QM
3°ñē ÷ĖÜçÝãÄ
3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ
XēÀ°đãѼüđ° HL# . NE8 EL
4ÑÄÜüèôÄ ã°÷ĖÄ ñôçÀþÜüē ñç÷Ñ°À°Û· ¼ÄôüēķÜ°ü øôçÀÜèđ ÀēÀ°Üüē¼Ėãē¼Ð Ė°Ýļ°ãē¼Ð đ ÷đçÛÄÛ çÍÄô¼ÑÄ ñôçñçãþÛÄ ñçã°À
Àç þęēüÜþ ÷ĖÜçÝãÄÎçȩ ã°À°ãē ñôĖÄĖ 3ÑãÑ÷üô° ÀþÜ°¼ÛÑ 4°ôçÀçđÄÛ Ñ HñçôüþȮ ƽƴ üēüþáèđ â°ñ đ üēâ ÀĖÑ°á ÷ĖÜçÝãē
Ė â°ñ°âÑ ķĖē¼ĖãēâÑȤ ñçÝÑüē¼ĖãēâÑȣ
IđÑ°ü°Ȥ þôçñēȤ ÜçãüēãÄãüèđȤ
ñ°ä÷üđ çô°Ė â°ñē ÀÝ° ķôâȣ
ÀôçÎçđÄȤ ÜçÀçđÄȤ çôΰãÑĖ°¼ēÛãÄȤ
ñ°ãç°ãçô°âѼĖãÄ Ñ ÷°üÄÝÑü°ôãÄȩ
BÝ°ã÷ĖÄ ñ
XēÀ°đãѼüđ° HL# . NE8 EL
á·¼Ė·¼ üô°Àē¼ēÛãÄ Ñ ãçđç¼ĖÄ÷ãÄ Bçâç¼Ä ñôĖÄÀ÷ĖÜçÝãÄ
ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ Àç đ÷ñÑÄô°ãÑ°
Ñããçđ°¼ēÛãē¼Ð Íçôâ Ü÷Ėü°á¼ÄãÑ°
çÍÄôþÛÄ ñçã°À Ƶƴƴ üēüþáèđ ñÝ°ã÷Ė
ÄÀþÜ°¼ēÛãē¼Ð Ɏ ø¼ÑÄããē¼Ðȩ çΰüÄ đ 4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑÄ¼Ñ đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ
üôÄø¼ÑȤ ç»ô°ĖēȤ đēÜôÄ÷ēȤ ÷¼ÐÄâ°üēȤ ñôçÎô°âē ÑãüÄô°ÜüēđãÄȤ ñÝ°ã÷ĖÄ Àç ÎÑÄô Ñ Ė°»°đȤ ÜÝç¼ÜÑ BçÝēÀôçãȤ çô°Ė üô°Àē¼ēÛãÄ ñÝ°ã÷ĖÄ ø¼ÑÄããÄ
½đѼđѼĖÄãÑ° Ñ ÑãÍçôâ°¼ÛÄ ñÝ°ã÷ĖÄ ÷·
½ Üçã¼ÄãüôþÛ· ÷ÑÌ ã° đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ
¼Äããēâ ėôèÀáÄâ đÑÄÀĖē ÀÝ° þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ
þ¼ĖãÑèđ ÷ĖÜèá ñçÀ÷ü°đçđē¼ÐȤ âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ ñôçâçđ°ãÑ° ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷·
ÎÑâã°ĖÛèđ Ñ ÷ĖÜèá øôÄÀãѼÐȩ ĖÎçÀãÄ Ė ãçôâ°âÑ »ÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ
HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô
8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ
3°ñē ÷ĖÜçÝãÄ
3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ
XēÀ°đãѼüđ° HL# . NE8 EL
4ÑÄÜüèôÄ ã°÷ĖÄ ñôçÀþÜüē ñç÷Ñ°À°Û· ¼ÄôüēķÜ°ü øôçÀÜèđ ÀēÀ°Üüē¼Ėãē¼Ð Ė°Ýļ°ãē¼Ð đ ÷đçÛÄÛ çÍÄô¼ÑÄ ñôçñçãþÛÄ ñçã°À
Àç þęēüÜþ ÷ĖÜçÝãÄÎçȩ ã°À°ãē ñôĖÄĖ 3ÑãÑ÷üô° ÀþÜ°¼ÛÑ 4°ôçÀçđÄÛ Ñ HñçôüþȮ ƽƴ üēüþáèđ â°ñ đ üēâ ÀĖÑ°á ÷ĖÜçÝãē
Ė â°ñ°âÑ ķĖē¼ĖãēâÑȤ ñçÝÑüē¼ĖãēâÑȣ
IđÑ°ü°Ȥ þôçñēȤ ÜçãüēãÄãüèđȤ
ñ°ä÷üđ çô°Ė â°ñē ÀÝ° ķôâȣ
ÀôçÎçđÄȤ ÜçÀçđÄȤ çôΰãÑĖ°¼ēÛãÄȤ
ñ°ãç°ãçô°âѼĖãÄ Ñ ÷°üÄÝÑü°ôãÄȩ
BÝ°ã÷ĖÄ ñ
XēÀ°đãѼüđ° HL# . NE8 EL
á·¼Ė·¼ üô°Àē¼ēÛãÄ Ñ ãçđç¼ĖÄ÷ãÄ Bçâç¼Ä ñôĖÄÀ÷ĖÜçÝãÄ
ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ Àç đ÷ñÑÄô°ãÑ°
Ñããçđ°¼ēÛãē¼Ð Íçôâ Ü÷Ėü°á¼ÄãÑ°
çÍÄôþÛÄ ñçã°À Ƶƴƴ üēüþáèđ ñÝ°ã÷Ė
ÄÀþÜ°¼ēÛãē¼Ð Ɏ ø¼ÑÄããē¼Ðȩ çΰüÄ đ 4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑÄ¼Ñ đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ
üôÄø¼ÑȤ ç»ô°ĖēȤ đēÜôÄ÷ēȤ ÷¼ÐÄâ°üēȤ ñôçÎô°âē ÑãüÄô°ÜüēđãÄȤ ñÝ°ã÷ĖÄ Àç ÎÑÄô Ñ Ė°»°đȤ ÜÝç¼ÜÑ BçÝēÀôçãȤ çô°Ė üô°Àē¼ēÛãÄ ñÝ°ã÷ĖÄ ø¼ÑÄããÄ
½đѼđѼĖÄãÑ° Ñ ÑãÍçôâ°¼ÛÄ ñÝ°ã÷ĖÄ ÷·
½ Üçã¼ÄãüôþÛ· ÷ÑÌ ã° đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ
¼Äããēâ ėôèÀáÄâ đÑÄÀĖē ÀÝ° þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ
þ¼ĖãÑèđ ÷ĖÜèá ñçÀ÷ü°đçđē¼ÐȤ âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ ñôçâçđ°ãÑ° ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷·
ÎÑâã°ĖÛèđ Ñ ÷ĖÜèá øôÄÀãѼÐȩ ĖÎçÀãÄ Ė ãçôâ°âÑ »ÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ
HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô
8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ
#ãüÄô°ÜüēđãÄ ñôçÎô°âē ÄÀþÜ°¼ēÛãÄ
HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô
4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑļÑ
đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ ñôçÎô°âē ÑãüÄô°ÜüēđãÄ 8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
Üçã¼ÄãüôþÛ· ÷ÑÌ ã° đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ
ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ
âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ ñôçâçđ°ãÑ°
ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷· ĖÎçÀãÄ Ė ãçôâ°âÑ
»
»ÄÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ
L°»ÝÑ¼Ä ÑãüÄô°ÜüēđãÄ ȯ âþÝüÑâÄÀÑ°
BçÀ â°ôÜ· HüÑÄÍÄÝ #ãüÄô°¼üÑĐÄ çÍÄôþÛÄâē ÜçâñÝÄÜ÷çđÄ ôçĖđÑ·Ė°ãÑ° ÀÝ° ÷ĖÜèá đÄ đÀô°ę°ãÑþ ãçđç¼ĖÄ÷ãē¼Ð
ÑãüÄô°Üüēđãē¼Ð Íçôâ ã°þ¼Ė°ãÑ° ôÄãçâçđ°ãē¼Ð ñôçÀþ¼Äãüèđȩ
8ÍÄôçđ°ãÄ ü°»ÝÑ¼Ä ÑãüÄô°ÜüēđãÄ üç ñçñþÝ°ôãÄ â°ôÜÑ D838 Ñ WL -Ȥ ÜôèüÜççÎãÑ÷ÜçđÄ ñôçÛÄÜüçôē H 4Z8Ȥ "#L "#
Ñ BH84Ȥ W#W#L ȩ 3çãü°ę ü°»ÝѼ ÑãüÄô°Üüēđãē¼Ð Ñ ñôçÛÄÜüçôèđ çÍÄôþÛÄâē ã° ęē¼ĖÄãÑÄ ÜÝÑÄãü° đ ÷ē÷üÄâÑÄȣ 4
HL 2 Ȥ BE] HNX4Z .N 38 #.4Zȩ
4çđçø½ȫ
Ýç»þ÷ē
#ãüÄô°ÜüēđãÄ ñôçÎô°âē ÄÀþÜ°¼ēÛãÄ
HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô
4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑļÑ
đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ ñôçÎô°âē ÑãüÄô°ÜüēđãÄ 8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
Üçã¼ÄãüôþÛ· ÷ÑÌ ã° đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ
ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ
âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ ñôçâçđ°ãÑ°
ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷· ĖÎçÀãÄ Ė ãçôâ°âÑ
»
»ÄÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ
L°»ÝÑ¼Ä ÑãüÄô°ÜüēđãÄ ȯ âþÝüÑâÄÀÑ°
BçÀ â°ôÜ· HüÑÄÍÄÝ #ãüÄô°¼üÑĐÄ çÍÄôþÛÄâē ÜçâñÝÄÜ÷çđÄ ôçĖđÑ·Ė°ãÑ° ÀÝ° ÷ĖÜèá đÄ đÀô°ę°ãÑþ ãçđç¼ĖÄ÷ãē¼Ð
ÑãüÄô°Üüēđãē¼Ð Íçôâ ã°þ¼Ė°ãÑ° ôÄãçâçđ°ãē¼Ð ñôçÀþ¼Äãüèđȩ
8ÍÄôçđ°ãÄ ü°»ÝÑ¼Ä ÑãüÄô°ÜüēđãÄ üç ñçñþÝ°ôãÄ â°ôÜÑ D838 Ñ WL -Ȥ ÜôèüÜççÎãÑ÷ÜçđÄ ñôçÛÄÜüçôē H 4Z8Ȥ "#L "#
Ñ BH84Ȥ W#W#L ȩ 3çãü°ę ü°»ÝѼ ÑãüÄô°Üüēđãē¼Ð Ñ ñôçÛÄÜüçôèđ çÍÄôþÛÄâē ã° ęē¼ĖÄãÑÄ ÜÝÑÄãü° đ ÷ē÷üÄâÑÄȣ 4
HL 2 Ȥ BE] HNX4Z .N 38 #.4Zȩ
4çđçø½ȫ
Ýç»þ÷ē