Cuaderno de Pedagogía Universitaria

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Material Information

Title:
Cuaderno de Pedagogía Universitaria
Physical Description:
Serial
Language:
Spanish
Creator:
Universidad Católica Madre y Maestra. Programa de Superación del Profesorado.
Publisher:
Pontificia Universidad Católica Madre y Maestra, 2004-
Place of Publication:
Santiago, República Dominicana
Publication Date:

Subjects

Subjects / Keywords:
Caribbean Area   ( lcsh )
Teachers -- Training of -- Dominican Republic -- Periodicals.
Education, Higher -- Dominican Republic -- Periodicals.
Universidad Católica Madre y Maestra -- Periodicals.
Genre:
serial   ( sobekcm )
Spatial Coverage:
Dominican Republic

Notes

General Note:
In Spanish; some abstracts in English and Spanish.
General Note:
Issues also have theme titles.

Record Information

Source Institution:
Pontificia Universidad Católica Madre y Maestra
Holding Location:
Pontificia Universidad Católica Madre y Maestra
Rights Management:
All rights reserved by the source institution.
Resource Identifier:
oclc - 868024666
System ID:
AA00021937:00007


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Full Text

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K:GH>969 H>C >C K:HI> <68> VC CD I>:C: 8G:9:C8>6A:H 6CI: :A BJC9D 8>:CIT;>8D CD E6H6GT6 9: H:G JC 8:CI GD 9: >BEDGI6C8>6 H:8JC b 96G> 6t %6 >CK:HI><68>VC :H JC6 ;J:CI: E:G:C C: 9: :HITBJAD G:CD b K68>VC N :CG>FJ:8>B>:CID 9: ADH EGD;:HDG: H N JC6 JC> K: GH>9 69 :H AD FJ: H:6C HJH EGD ;:HDG:H t 96B:H f Et rrt %6 )DCI>;>8>6 .C>K:GH >969 6I VA >86 &69G: N &6:HIG6 9 : 6 8J:G 9D 6 HJ H :HI6 IJID H :H JC6 >CHI>IJ8>VC EG> b K696 H>C ;>C :H 9: AJ 8GD 9:9> 8696 6 A6 :CH:U 6CO6 6 A6 >CK: HI><68>VC N 6A H:GK>8>D 6 A6 8DBJC>969t C HJH EGDD N IG676 b ?D H 9 : >CK:HI><68>VC E:GH> 6 68 69SB>86 N A6 HTCI:H>H 6 G BDC>DH6 9: A6 G6 OVC 9: A6 8>:C b 8 >6 9: A6 8JAIJG6 N A6 K>96 8DC A6 ;: 8 G>HI>6C6t ).&& r 6t

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<3 @= b "C<7= r N= &P;3@= /:CI6C6H 7>:GI6H 6 A6 ):96K:GH>I6G>66HI> AAD + 6BVC )SG:O &>C 6N6 +69 b =6BSH &:?T6 :AE6 > D ,6C I6:A A6 :CIG: DIGD Ht %DH 8 >C 8D XAI>BDH ;J:GDC 8D6J b IDG:H ?JCID 6 D IG DH >CK:HI><69DG:H 9: JC6 9: A6H EG >B :G6H >CK:HI><68>DC:H BJAI>9>H8>E A>C 6G >6 H G: 6A>O696H :C A6 ). && I>IJA696 `HIJ9>D HD7G: A6 >J b 9 69 9 : DC6Dt .C IG676?D 9: >CK:HI> b <68>VC HD 7G: AD H 6HE:8IDH HD8>6A:H :8DCVB>8DH E DATI>8DH :9J 868>DC 6A:H N H6C>I 6G>DH 9: A6 8>J969 9: DC6D at 9 6 B:H f EEt rrbrt C :A H>:C I: E: GTD9D f bf :B E:OV 6 < :H I6 GH: :C :A :E6GI6 b B:C ID 9: >:C8>6H ,D8>6 A:H :A :CIGD 9: HIJ9>DH DB>C>8 6C DH F J: EJ: 9: 8DCH>9:G6G H: 8D BD : A 6CI:8:H DG 9:A :CIGD 9 : "CK :H I><6 8> DC: H 9: A6 .C >K:G b H>969t C A6H &:BDG >6H 9: :H: 6UD H: 9>8 : FJ: `^: HI: :E6GI6B:CID 6JC FJ: 8J:CI6 I D96KT 6 8DC JC6 JC >969 : HE: 8>6A E6G 6 A6 >CK :H I> <68 >V C =6 :H b I69D EG:E6G6 C9 D ADH EA6C:H E6G6 AD FJ: ED9GT6 AA6B6GH: JC :C IGD 9: HIJ9>DH DB>C >86 CDH .&& f Et t A G:8DC D8> 9D =>HIDG>69DG G6C@ &DN6 )D CH ; J: JC6 ;>K>969 6 AG:9:9DG 9 : A6 8 J6 A :A B >H BD )GD;:HDG & DN6 )DC H N ADH E GD;:HD G:H +6;6:A 8:K:9D 6GADH D76A &6G>D DC:II> BB 6C J:A 6HI>AAD N DU6 /6C :H6 /:<6 9: DCC:AAN G:6A> O6 76C >C K:HI> <68>DC :H :C !>HIDG>6 ,D8>DAD:C8>6 H ,D8>6A:Ht .&& f EEt bfft DBD G:HJAI69D 9: A6H 68I>K>969:H 6CI: H H:U6A6 96H 6 ;>C6A:H 9: ff ;J:< 3: / N = /1/2L;71 = f fb f r 3B /2= 3< :=A 1 M@1C:= A 7 /MA G 23: 3FB3@7 =@t +3 1 =< BO > /@/ 3AB3 47 < 1=< :/ 1=: /0 =@/ 17O< 23 : (@=43A=@ %=G/ (=@ 317/2= G @31 =@ 2/ 2= @t L1B=@ !<16K CAB35 C7 /0@/: ?C73< 4C3@/ 7@31B= @ 23 :/ @ 3D7AB/t % % f r >>t F ft J69 :GCD 9: ):9 6K:GH>I6G>6 8G:6 9D EDG & DCH:UDG E>CD 'XU:O t +:8 IDG 9: A6 .&& :A :CIGD 9: HIJ9>D H DB > C >86CDH 8JND D7?:I>KD <: C:G6A : G6 :A 9 : `^:HI >BJA6 G :A >CI :GSH E D G A 6 >CK: HI><68>VC 9: 6HJCIDH 9DB>C> b 86CDH N EG DBD K:G N ; 68>A >I6G A6 G:6b A>O68>V C 9: A6 H >C K:HI><68>D C:H 8>:CIT;> b 86H :C I D96H A6H QG:6H FJ: A6H C:8:H> b 969:H G:8A6B :C at .&& f E f t B:9>69DH 9:A E :GTD9D 6869SB>8D f r bf =67T6 :C A6 .C>K:GH>969 JC ID I6 A 9: 9D8: EGD;:HDG:H 9:H6GGD A A6C9D > CK:H I><68>DC:H : C % >C 86 CIGDEDAD6A !>HIDG>6 9:A :G: b 8=D :G:8 =D ): C6A !>HIDG>6 DB>C> b 86C 6 DIQC >86 *JTB>86 9J868>VC &6I:BQ I>86 : !>HIDG>6 9:A GI:t && f Et ft C f A6 +:8IDGT 6 9 : A 6 & & C DB b 7G V JC 8D B>IS E6G6 FJ: 6C6A>O6G6 A6 EDH>7>A> 969 9: 8G :6G JC DG<6C>HBD 9: 8DC IGDA N EGDBD8>VC 9: A6 > CK:HI><68>VC : C A6 .C> K:GH>96 9t %6 #JCI6 9: >G:8 b ID G:H :A rr 9: ;:7G:GD 9 : f 6EGD7V A6 8G:68>VC 9 :A :CIGD 9: "CK:HI><6 b 8>DC:H 9: A6 .C>K:GH>969 6IVA> 86 &69G: N &6:H IG 6 8DBD 9:E:C9:C8>6 9>G:8I 6 9: A6 />8:GG :8ID G T6 869S B> 86 6 A6 8J6A :HIJKD 69H8G>ID =6HI6 :A BD b B:CID : C : A FJ: 8:HV :C HJH ; JC8>DC:Ht && f E Etfrb f N C :MD t A : CIGD 9: HIJ 9>DH DB>C>86CDH N ADH G:8JGH DH 8DC AD H 8J6A:H 8DCI676 ;J:GDC >C8DG ED G69 DH 6A :CIGD 9: "CK:HI>< 6 b 8>DC:H 7 6?D :A C DB 7G : 9: )GD DH DB>C>86CDHt .&& f E t C:MD t <3@= b "C<7= r N= &P;3@= /:CI6C6H 7>:GI6H 6 A6 ):96K:GH>I6G>6C 3 ;CG > @ =:M471/ :/ /1B7D7 b 2/2 7C0:71/17O< 23 : 3: 71/2/A 23A/ b @@ =::/2 =A 2 C@/K:GH>I6G> 6 A EG>B:G >G:8IDG 9:A :CIGD 9 : "C K:H b I><68>D C:H ;J: :A )GD ;:HDG +69=6BSH &:? T6 fb f 6 FJ >:C A : 8Db GG:HEDC9> V HJ DG<6C>O68>VC N EJ:HI6 :C B6G8=6t A 6HJB>G :A A>8:C8> 69D &:? T6 A6 />8:GG:8 IDGT 6 869SB>86 9: A6 .C>K: G b H>969 ;J: G::BEA6O69D EDG :A A>8:C8>6 b 9D +6BVC )>8=6G9D f t A A>8:C8>69D )>8= 6G9D A: H J8: 9>V : A A>8:C 8>6 9D +6;6 :A B>A>D 2JC SC fbfr FJ>:C 8DC b HDA>9V 9:;>C>I>K6B: CI: A6 :HIGJ8IJG6 N :A ;J C8 >DC 6B>: CID 9: A6 .C >9 69t 6 ?D HJ A>9:G 6O :GDC A6H G :A6 b 8> DC:H 8DC :CI>969:H C6 8>DC 6A :H : >C b I:GC6 8>DC6A:H N H: 9:H6GGDAA6GDC EGD B E68ID E6G6 :A E6TH :C A6H QG:6H 9: A6 H6AJ9 A6 :9J868>VC EG>B6G>6 A6 K>K>:C96 A6 >CI: b VC G:< >DC6A A6 G :;DGB 6 6 6 N A6 :MEADI68> VC 9: ADH G:8JGHDH B>C :G6A:H :CIG: DIG6H t &:BDG>6H 6UDH fb frt %6H H>:CI:H HDC 6A969: H 8DC A6H 8J6A:H IJKD G:A68>DC:H : >CI:G86B7>DH : A :CIGD 9: "CK:HI><68>DC: H :C :H: :CIDC8:H (' )%' ,,), ., b ()1 6C8D :C IG6A 9: A6 + :EX7 A> 86 D B>C>8 6C6 JC 968>VC DG9 $:AA D< D JC96I>DC .',( )'. ( () + +. .C> b K:GH>969 9: ,=: G7GDD@ .C>K:GH>969 9: /6C8DJK:G .C>K:GH>969 9: 6GDA>C6 9:A ,JG N .C>K:GH>969 9: G>I>H= DAJ B7>6 :CIG: BJ8=6H D IG6Ht % DH EGDCK:HI><68>VC 8DC?JCIDH H: BJA I>EA>86GDC N H: ;JC96GDC 8:CIG DH 9: :HE:8>6A G:A:K6C8>6 6A< JC DH 9: ADH 8J 6A:H 6X C E: G9JG6C 'X U:O D AA6 9D f EEt bt % J:8:C 8>6 9D 2JCSC ;J:GDC 9> b G :8IDG:H 9:A :CIGD :A >C<:C >:GD ':AHD C > A f rbf :A )69G: #DHS %J>H A:BQC Ht?t f bf FJ>:C I6CID = 6 8DCIG>7 J>9D 8DC HJH >CCJB:G67A :H : H8G>I DH : >CK:HI><68>DC:H 6 A6 ;DGB 6 b 8 > VC 9: G:8 JGHDH =J B6C DH N 6 A 6 D G>:CI6 8> VC 9 :A E6TH :C :A QG:6 : 8DCVB >86 N ;>C6AB:CI: A6 D8IDG6 + DH6G> D DC8:E8>VC fbf F J> :C 8 J:CI6 :C HJ =67 :G 8DC >C K:HI> b < 68>DC:H :C :A 86BED 9: A6 FJTB>86 N A 6 9>H EDH>8 >VC 9: 9:H=:8=DH EJ7 A> b 8 69 6H :C G:8DCD8>9 6H G:K>HI6H >CI:GC6 b 8 >DC6A: Ht ).&& f Et ft J: BJN EGD AT;> 86 A 6 6 8I>K>9 69 >CK: HI><6 b I >K6 :C 6FJ:AADH 6UDHt C f :C J C6 E J7A>868> VC 9:A :CIGD 9: "CK:HI><6 b 8 >DC:H H: 86 I 6AD<6GDC r IG676?DH 9: > C K: HI> <68> VC :C 8>:C 8> 6H 7QH>86H N 6EA> b 8 69 6H 9:H6GGDAA69DH 9JG6CI: :A 8J6GID 9 : H>9D 9:H 9: A6 ;J C968 >VC 9 : A6 .C> K: GH >969 :C fr =6HI6 f H >C >C8AJ>G ADH EGD N:8IDH G:6A>O69DH EDG : A .+ =6H I6 :H: :CIDC8:Ht C JC E G>C8> E>D BJ8 =6H 9: A6H >CK:HI>< 6 b 8 >DC :H H: EJ7A>86GDC :C A6 G:K>HI6 9:;+059 53040*(459 DIG6H H: 6 8: EI 6GDC :C G:K>H I6H 9: < >D > CI:GC68> DC6A AD FJ: :H G:K:A69DG 9: A6 8 6A>969 9: HJ 8DCI:C>9Dt .&& f t CIG : f N f H: 69H8G>7>:GDC 6A :CIGD 9: "CK:HI><68>DC:H K6G> DH E GDN:8IDH N HJ78:C IGDH 9: :HE:8>6A G :b A :K6 C8>6t 67: B:C8>DC6G :CIG: DIGDH

PAGE 5

<3 @= b C<7= r N= &P;3@= /:CI6C6H 7>:GI6H 6 A6 ):96K:GH>I6G>6/ : (@=G31 B= 23 %/ B3;KB71/ %6 C b H: U6CO6 N : A EG:C9>O6?: 9: A 6 &6 I:BQI >8 6 : C A6 +:EX7A>86 DB>C> b 86 C6 8G: 69 D :C ff FJ: I6CID 6ED GIV 6A :CI:C9>B >:CID 9: ADH EGD7A: b B6H 9: A6 :CH :U 6CO6 E G>B 6G> 6 9: CJ:HIGD E 6TH I> :BE D 9:H EJ SH H: 8DC b K>GI >V :C J C HJ78:C IGD 9:A :CIGD 9: "C b K: HI><68>DC :H =6HI6 FJ: I:GB>C6GDC HJH ;JC 8>D C:Ht A E GDN:8ID : HI67 6 76?D A6 9 >G: 88>VC 9:A Gt 9J6G9D %JC6 8DBD "CK: HI> <69DG )G >C8>E6A :A A> 8:C8>69D +6 ;6:A B>A>D 2JCS C 8DBD "CK :HI><69D G HD8>69D N A6 A>8: C8>696 ,6G6 = DC OQ A:O 8DBD "CK:HI ><69DG 6 DA67D b G69DG6 6 B :9>D I>:BEDt J:G6 9: ADH 6H:HDG:H >C I:GC68>DC6A:H IG676?6GDC I6 B 7 >SC :C :A EGDN:8ID : CIG: DIGDH A6 A>8:C8>696 JA8: +D9GTVC :HID H 96IDH E DG FJ: ;J: :C :HI: 8DC b I:M ID 9: CIGD 9:A 8J6A ;J :GDC CDB7G69DH :A Gt %JC6 N :A A>8:C8>69D 2JCSC 8DBD ADH EG> B:G DH "CK :HI><6 9DG:H 6 I>:BED 8D BEA:ID 9 :A :CIGDt )DHI: G>DGB: CI : :A )GD;:HD G >CQ EDA:H ,DID :AAD ;J: 9:H>< C69D 8DBD "CK:HI><69DG 6 I>:BED E6G 8> 6A N I>:B ED 9:HEJ SH ;JC <>V 8DBD 6H:HDG 9 :A ) 69G: #DHS %JTH A:BQC > b G:8 ID G :C :H: :CIDC8 :H 9 :A : CIG D 9: "CK: HI> <68>DC :H t >A ':AHDC 9: #Ht r t 0 : 3 8>DH 9:A :C IGD 9: "CK:HI> b <68 >V C N :H6GGDAAD 9 : A6 9J 868 >V C :G6 B>:B7 GD 9 :A +. +:9 %6I> b CD 6B:G>86C6 9: D8 JB: CI68 >VC" J69:GCD 9: ): 96< D< T6 .C>K:GH>I6G>6 9J 86 I>K6t %DH 6G8= >KDH 9: A6 .C>969 FJ : :C A 6 68IJ6A>969 H: :C8J:CIG6C :C A6 >7A>DI: 86 9 : A 6 .C>K:GH>969 HDC 6 XC =DN ;J:C I: D7A><696 9: ADH :HIJ b 9 >DH FJ : H: =68:C :C IDGCD 6A H:8 IDG : 9J86I>KD 9: A E 6THt A EG>B:G 9>G:8IDG 9: A ;J : :A A>8:C8>69D %: DK>< >A 9D + D 9GT:C A : HJ8:9>V A6 A>8:C b 8>6 96 B6G>A>H )SG:O 9: 36E6I6 =6HI6 F J: 9:?V 9 : ;JC8>DC 6G :A :CIGDt >A : AHDC 9: #Ht r t 1 : 3@0/@7= W*/4/3: %t %= A1 =A=X H: 8G:V :C f ; J: 9 >G>< >9D 9:H 9: HJH >C >8>DH E DG : A Gt +>8=6G9 %DL9:Ct A !:G76G >D 8D CI 676 8DC JC6 VC 9 : :HE:8TB :C:H N JC6 7>7A>DI:86 :HE :8> 6A>O696 K6G>6H 9 : A6H >CK: HI><6 b 8>D C:H 9:A !:G7 6G>D HD7G : A6 I6MDCDBT6 9: A 6H E A6 CI6H 9: A6 !>HE6C>DA6 ;J:GDC EJ 7A>8696H :C EG:HI><>DH6H G:K>HI6H 9: D A6C 96t 'X U:O DAA69D f Et rt 2 : 3 3 @7;3< B/: N6 >C:M>H I:CI: ;J: 8G:6 9D :C ft A :CIGD I :CT6 :C HJ = 67 :G JC6 86C I>969 9: >C;DGB:H : > C b K:HI><68>DC:H :C :A QG:6 9: A6H >:C b 8>6H 9: A6 6AJ9 t ,J 9>G:8IDG ;J: :A 9>HI>C9D >CK :H I>< 69D G Gt ,: G<> D :C b 8D HB: 'XU:O DAA69D f Et rt 3 : 3HI: ; J: J C EGD N:8ID G:6A >O69D : C 8 DA67DG68>VC 8DC A6 .C> b K: GH>969 9: 6GDA>C6 9:A ,JG 8DC :A ;>C 9: : ?:8JI6G N EGDBD K: G >CK:HI><6 8 >DC: H :E>9:B>DAV< >86H N :9J8 6G 6 A 6 E D7A 68>VC :C A6 EG:K:C8>VC 9: :C;: G b B: 9 69:H 86 JH6 96H EDG K:8IDG:Ht < 3@ = b "C<7= r N= &P;3@= /:CI6C6H 7>:GI6H 6 A6 ):96K:GH>I6G>6J69:GCD 9: ):96K:GH>I6G>6 4 : *& 3B:G 9 >G:8IDG ; J: :A >C< :C> :GD +6 ;6:A :HEG69:A N : HI676 DG>:CI69D 7QH>86 b B: CI: 6 A6H >CK :HI><68>DC:H :C :C:G@=G31B= .7D7@ "C8> DH 9: A6 ". : 9:G68>VC "CI:GC6 b 8>DC 6A 9: .C>K: GH>969:H 6IVA>86H 8DCK:GI> 9D = DN :C :A :CIGD 9: "CK:HI> b <68>VC N DGB68>VC E6G6 A6 )G:K:C8> VC "CI:9D 9>G ><>9D 9:H9: HJH 8DB >:CODH EDG A 6 )GD; :HDG6 %>AA>6C 6G b 8 T6 9: G:CH 6 E6 H>DC696 > CK:HI><69DG6 :C :A 86BED 9 : A6 >A DHD ;T6 9: A6 9J b 868>VCt 'X U:O DAA69D f EEt b t 6 : -* 3A6G 9: A6 >CK :HI> <68>VC 68IJ6A :C CJ:HIG6 "CHI> b IJ8> VCt A :C IGD FJ: 8J:CI 6 8DC >CHI6 b A68> DC:H :C ,6CI>6G 9:A EGSH b I6BD FJ: :A DI DG<6G6 6 A6 .C>K:GH> b 969 6 ;>C6A:H 9: A6 9S8696 9: ADH H:I:CI6 9:HI>C69 D 6 A6H 68JAI69 :H 9: "C<:C>:GT 6 N >:C8>6H 9: A6 ,6AJ9 N 6 A6 8DCHDA>968>VC 9: A6 68I>K>969 >CK:HI><6 b I>K6 :C A 6 .C>K: GH>969t "C> 8> 6AB :CI: H: E:CH676 FJ: :C IDGCD 6A .+ 9:7:GT6 <>G6G A6 >CK:HI><68>VC :C A6 6 8JAI69 9: > :C8> 6H ,D 8>6 A:H N 9B >C> HIG6I> K6H t ,>C :B76 G9D 6 A6 C :8:H>969 9: > CI:969 6 EGD;:H> DC6A:H 9 : QG:6H BJN 9>K:GH6H 6 IG 6KSH 9: JC :A: B: CID JC>;>869DG 8DBD ;J:G6 A6 : Db < G 6; T6 GTI>86 ; J: 8G:69D :A .+ :C f 8DBD JC 8:CI GD B JAI> 9> H8>EA >C6 G>D FJ : 6< AJI>C 6G6 A 6 >CK:HI><68> VC 9: A6 8DC A6 9: A6H DIG6H ;68JAI69: H 9 : A6 .C> K:GH>969t 6?D :A A>9:G6O 8:C8>6 9D +6 ;6:A B>A>D 2JCSC FJ>:C ; J:G6 HJ EG>B:G 9>G:8IDG N 9: FJ>:C:H A: H J8:9>:GDC A>8:C8>69D ):9GD #J6C 9:A + DH6G>D A>8:C8>69D #DHS &>I:8I6 CC:II: -:?696 68IJ6 A 9> G:8 I DG6 `^:A .+ H : =6 8DC b K :GI>9D :C JC : CI GD 8DC 9> B:C H>VC C6 8>DC6 A : >CI:GC68>DC6Aa ).&& .+ r EEt bt A CX B:GD 9: EGDN:8IDH G:6A>O69DH EDG :H I6 JC> 969 =6H I6 :A 6UD r :G6 8DCH >9:G67A: N 676G869 DG 9: A6 G:6A>969 H D8>Db:8DCVB>86 9:A E6THt C JC :HIJ b 9>D G:8> :CI: H: G:H:U6C r EJ7A>86 b 8>DC:H 8DB D A6H BQH G:EG:H:CI6I>K6H 9 : A6H >CK:HI><68>D C:H N EGDN :8IDH 9:A :CIGD ).& & .+ rt :7: G:8DCD 8:GH: FJ: A6 .C>K:GH>969 9: HJ EGDE>D EG:HJ EJ:HI D N :C A6 B: b 9 >96 9 : AD EDH> 7A: ;>C6 C8>6 76 A6H >CK:H b I> <68>D C:H EG :H :CI696H EDG ADH EG D;:HDG:H 8J6C9 D 86G:8T6C 9: G:HE6A9D :M I:GCD N 8JB EAT6 C 8D C AD H G: b FJ :G>B> :CIDH 9:A :CIGDt ,: >CIGD9J b ? :GDC :C :A EGD8:HD >C8:CI>KDH :8 DCVB >8DH 9:H86G<6H 6869SB>86H 7 : 86H N 6H>HI:C 8>6 6 8JGHDH N H:B>C6b G> DH :C IG: DIGDHt %6 H : HIGJ8IJG6H 69 b B>C>HIG 6I>K6H N 9: HDEDGI: 9: ADH 8:CIGDH =6C H >9D ;>C6C8>6 96H 9:H9: : H: : CIDC8:H EDG A6 "CHI>IJ8>VCt : 13:3 0@/@ :=A r /N =A 2 3 :/ 4 C< 2/17O< 23: -* %=< b A 3N=@ &PN3H =::/2= 231M/ b t !" % r t r ) !& % !!" % "% ( " # ) % ( % # ") ! ! % !! !!" 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D 9: A6 EGDE>:969 >CI:A:8IJ6At ).& & r 7 Et f : HI6 />8:GG :8IDGT 6 H: 69H8G>7>:GDC ADH :CIGD H N EGDN :8IDH 9: >CK:HI><68>VC :M>HI:CI:H : C A6 ).&& :M8:EIJ6C 9D :A )+ N :A "!.&'(t ,: >C b H:G I6GDC :C A6 C J:K6 :HIG J8IJG 6 A6 H H>b :CI :H JC>969:H A .+ :A .), :A EGDN:8ID `&Db C>IDG:D N K6AJ68>VC 9 : A6 6A >969 9: A6 9J868>VCa 8DC ADH 6J HE > 8> DH 9: N ., :A E GDN:8ID `&:?DG6B >:CID 9: A6 ;:8I >K> 969 9: ADH )GD; :HDG:H N 9 : A6 D7:GC67>A>969 %D86Aa :A :CIG D 9: M8:A:C8>6 E6G6 A6 6E68>I6 8>VC 9: &6:HIGDH :C %:8ID: H8 G> IJG6 -N :A :CIGD 9: HIJ9>DH JGDE:DHt : CIGD 9: ID9DH :HIDH 68 DCI:8>B>:CIDH :H ?JHID G:8DCD8 :G : A >C8: CI>K D FJ: :A :CIGD 9: :H6GGD AAD )GD;:HDG6A ) 9>G ><> 9 D EDG A6 )GD;:HDG6 C6 &6G<6G>I6 68=S 9: 2JCSC DID G<6 6 AD H EGDN:8IDH 9: B:?DG6 9: A6 :CH:U6CO6 EG:H:CI69DH EDG ADH EGD;:HDG:H 9: A6 ).&& N 68:EI69DH EDG :A :CIGDt )6G6 8DC 8A J>G N :C =DB:C6?: 6 FJ>:C:H 9: 6A7J>9D 6 > C b 8G:B:CI6G :A 68:G7D 9: 8DCD 8>B>:CI DH 9: CJ :HIG6 .C>K:GH>969 B: 8DBEA 68: 8>I6G JC 6E6GI: 9: A6H E6A67G6H 8DC A6H 8J6A: H :A :CIGD 9: "C K: HI><68>DC:H >C b IG D9 J?D A6 86I6AD<6 8>VC 9 : ADH EGDN:8IDH N IG67 6?DH FJ: A6 ).&& =67T6 EGD b 9J8>9D :C ADH r 6UDH IG6CH8JGG>9DH 9:H9: HJ ;JC968>VC =6HI6 f 6A 6;>G b B6G FJ: A6 EGD9 J88>VC 8>:CIT;>86 `^ CD :H JC6 ;JC8>VC B:G6B:CI: 688:HDG>6 :C :A DG<6C>HBD JC>K:GH>I6G>D 8DBD :FJ>KD8696B:CI: H: 8DC H>9:G 6 6 B:CJ9Dt D CHI>IJN: ED G :A 8DCIG6G >D HJ 68I>K>969 7QH>86 EDGFJ: 9: :AA6 9: b E:C9: HJ HDA>9:O >CHI>IJ8>DC6Aat 2 8> b I6C9D 6 (GI:<6 N 6HH:I >CH>AVHD;D :HE6U DA fbf H: 6 :C8>6 :H A6 9>969 9: A6 .C>K:GH>969 BQH 6JC E DGFJ: 6 A ;>C N : 3@= b ;=D 3@ G 274C<27@ :/ 7P0: 71/ =; 7<71//MAtGGDAAD =JB 6CD HDHI:C>7A: FJ: 7:C b : ;>8>: EDG >C> 86C DHt =IIEnnL LLt8>:9=JB6CDtD G
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<3 @= b "C<7= r N= &P;3@= /:CI6C6H 7>:GI6H 6 A6 ):96K:GH>I6G>66 A 8 67D =6 N FJ >: C K>K: H>C 9>969 :H :A 6 AB 6 9: A 6 .C >K:G H>96 9 :A EG> C8>E> D B >HBD F J: C JIG: 9: K>96 : >BE>9: FJ : H:6 H VA D JC K> A B:86C>HBDat .&& :CI GD 9 : C b K : HI><68> D C:H f Et >C>8>6Atf" J 69:GCD 9: ):9 6K:GH>I 6G >6 343@3<17/ A9 6 B:H +t f t ,3580( +,2 *;895 9,6 n1;4 05 n t ,6CI>6< D C > b K: GH>96 9 6IVA>86 &69G: N &6:HIG6 .&& :C IGD 9: "CK:HI><68>VC :C 9J868> VC N :H6GGDAAD !JB6C D !.& '( 4H>I>D L:7 5 /:: 6bb= ==*0,+/;3(4558.b >A 't 9: #:HXHt r t 5 4< ,8 9(* 0E4 *54 259 685-,958 ,9 04A652,9 #5:5 ,2 25 ? 59B ;09 2,3A4 9 1 G8=>KD E:GHDC 6At 'XU :O DAA69D t f t 4-5 83, ( 2( !54:0 -0*0( 5 4.8,. (*0E4 6(8( 2 ( + ; *( *0E4 (:E 20*( ,6CI>6< 68>DC:Ht C ,3580( 4;( 2 D5 *(+ B30*5 n r n Etf t ,6CI>68>C6 9: )A6C:6B> :C I Dt C ,35 80( D5 *(+ B 30*5 ttt tt n ", 9;3,4 EEt fbfft ,6CI>68>C6 9: :H6GGDAA D N DBJC >868>DC: Ht C !,80 2 ,6CI> 6< D ).&& ). && :C IG D 9: HIJ9>DH .G76C DH N +:<>DC6 A:H .+t rt ,2 )8(*0 E4 +, 259 t (D59 +, -;4+(*0E4 + ,2 % EEtb ,6CI>6 AD HD;T6 N (7 ?:I>KD Ht MI G6T9 D :A f 9: 67 G>A 9 : r 9: == =6;*3 3,+; +5b025)1,:0<5b ).& &t r 7 t ( ;>8>C 6 9 : )A6 C:6B>:CI D N K6AJ68>VC 9 : A6 6A>969t C ,3580 (9 ", 9;3,4 tt tt 6 n #( 4:0(.5 !% .&& t f t :E6GI6B:CID 9: >: C8>6H ,D8>6 A: H C ,3580( D5 (+ B30*5 n nt ,6CI>66 6 DH DB>C>86CDH C ,3 580( D5 (+ B30*5 nf nr Et f ,6CI>68:GG :8ID GT6 869 SB>86 C 3580( D5 (+ B30*5 nr n EEt frbf N C: MD 6CI>6 <68>DC:Ht C ,3580( 4; (2 D5 *(+B30 *5 n f nr Et t ,6CI>6< 68>DC: H "CK: HI> <68> DC:Ht C (D59 + 4 <, 9: 0.( *05 4,9 ,4 2( % ,6CI>6@=2C117O< 173=@ 3: 1==@?C3 23 3::/ 23>3<23 A C A= : 723H 7 8> E68>VC 68I >K6 :C >CK:HI><68>VC 9: ADH EGD;:HDG:H 9: A6 )DCI>;>8> 6 C> b K:G H>969 6IVA>86 &69 G: N &6:HIG6 : H JC6 C: 8:H>969 JG<:CI: H> FJ:G:BDH A D 6 6869SB>86 FJ: : H JC D 9 : A DH EDHIJA6 9DH 9: CJ: HIG6 K>H>VC JC>K:G H>I 6G >6 8DBD HJHI:CI69DG:H 9:A A >9:G6OC>I>K6B:CI: A6 6 JH:C8>6 9: :HI6 68I>K>969 CDH 8DAD86 :C JC6 H>IJ68>VC 9: EDHIJ A69DG:H 9:A IG676?D G:6A>O69D :C DIGDH 8DCI:MIDH 6 ?:CDH 6A CJ:HIGDt CIG: ADH I:B6 H 9: 6<:C96 9: A6 :9J b 8 68>V C HJE:G>DG 9 DB>C>86C6 :HIQ A6 K> C b 8JA68> VC :HIG:8=6 FJ: 9:7: :M>HI>G : CIG: A 6 9D8:C8>6 N A6 >CK:HI><68>VCt H C:8 :H 6G>D 8G:6G B:?DG:H 8 DC9>8>DC:H FJ: ;DG I6A:O 86C :HI: KTC8JADt HID H: ED9G T6 AD8 68 >V C 9: B:9> b 96H 6869SB>86H N 6 9 B>C>HIG 6I >K6 H CD HVAD 8DC E6 A67 G6H 8DBD =6 H>9D =6H I6 : A BDB:CID &:?T6 D9DN rt C A6H JC>K: GH>96 9:H 9 DB>C >8 6C6 H A6 > C b K:HI><68> VC =6 :HI6 9D 9:HK>C8JA696 9: A 6 EJ7A> 868>VC JC 6AID EDG8:CI6?: 9 : A6H ED 86H >CK:HI><68>DC: H G :6 A> O69 6H CD H: E J7A> 86 EDG :C9: CD IG 6H8>:C9: C BQH 6AAQ 9: HJH 6JIDG:H N G:A68>DC69DHt H I6 H >I J68>VC G:E:G8 JI: : C A6 86A>969 9: A6 9D8:C8>6 EJ:H H> :A 8J:GED 9D b 8:CI: CD EGD9J 8: >CK:HI><68>DC:H N E J7A >86 8>DC:H CD =6 N EDH >7>A>9 69:H 9: G :CDK6G N G: IGD6A> B:CI6G A6 :CH:U6 CO6 8DC 96I DH FJ : H:6C ;GJID 9: CJ:HIGD 8DCI :MID ,>A>S J:AAD &:?T6 r t %D H 9:E6GI6B: CIDH 6869SB >8DH CD : HIQC 8JBE A>:C9D 8D C HJ GDA 9: >C K:HI> b <6 8>VC N EDG I6CID 9: 8G:68 >VC 9: 8DCD 8>B>:CIDH E:GI>C:CI:H 6A 8DCI:MID 9 DB>C>86CDt PHI6 :H JC6 9: A6H 8DCH: b 8 J:C8>6H 9: A6H 9:;>8>:C8>6H 9: A6 :9J b 8 68 >V C H JE :G>DG N ;GJI D 9: A 6 H> ;>8 6I>K6 9>; :G:C 8>6 :C :A JHD 9: G:8JGHD H 8DC G:A68> VC 6 ADH E6TH:H 9:H6GGDAA69DHt )DG DI GD A69D :M>HI: JC b A >7G>D : CIG: ADH IG:H E>A6G:H 9: A6 :9J b 8 68>VC HJE:G>DG FJ: HD C A6 9D8: C8 >6 A6 > CK:HI> <68>V C N A6 :MI:CH>VC AD 8J6A < :C:G6 JCD 9: ADH EG>C8>E6A:H 9:H 6;TDH 9 : A6 : 9J868>VC HJE:G>DG 9DB>C>86C6t 'D :M >HI : > CK:HI>< 68>VC G:A68>DC69 6 8DC A6 9D 8:C 8>6 N K>8:K: GH6 A 6 6 H>< C68 >VC 9 : EGD N:8IDH 9: 6C I:H :H :H8 6H6 :A CXB:GD 9: E G D; :HDG:H >CK:HI><69DG:H FJ: G:IGD6A> b B: CI6C H J 9D8:C8>6 8DC >CK:HI><6 b 8>DC:H EGDE>6 H D 9:H9: JC 6A>969 :H G:9 J8>9D K6C 9:G %>C9 : rt$/ 7@=43A= @/ : 3A C/@/ 3: :=5@= 23 :/ 3F13:3<17/> =@ C 7::3@;= D/< 2 3@ $7<23*3AC;3<< 3AB 3 /@B M1C: = A3 >:/< B3/< /:5C<=A 23A /4M=A ?C3 3< b 4@33 b @7 =@ 2=;7<71/ =:MB71 /A ? C3 >=2@M/< ;38=@/@ : / A7BC/17O7>V HJ 6A :C 0:HI:GC &>8=><6C .C>K:GH>IN N HJ &6;>8>6 .C> b K:GH>969 6IVA>86 &69G: N &6:HIG6 ).&&t ,: =6 9:H:BE:U69D 8DBD >G:8IDG 9: )G:b G69D N &6:HIGT6 :C &:G869:D N 9B>C>HIG68>VC 9: BEG:H6H 9: A6 ).&& N 68IJ6AB:CI: :H :A :86CD 9: A6 68JAI69 9: >:C8>6H ,D8>6A:H N 9B>C>HIG6I>K6Ht ?:G8: I6B7>SC 8DBD 8DCHJAIDG :HE:8>6A>O69D :C )A6b C>;>868>VC HIG6IS<>86 HIG6I:<>6 9: DHIDH N :H6GGDAAD 9: 'J:KDH ':DHt < 3@= b C< 7 = r N= &P;3@= /:CI6C6H 7>:GI6H 6 A6 ):96K:GH>I6G>6J 69 :GCD 9: ):96K:GH>I6G>6 "ff

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A B:?DG 6B>:CID 9: A6 86A >969 9: A 6 :C b H:U 6CO6 G :F J>:G : A6 8G:68>VC N A6 HD HI :C>7 >A>969 9: JC6 8JAIJG6 9: >CK: H b I><68>VC :C A6H >CHI>IJ8>DC:H 9: :9J b 86 8>VC HJE:G>DG 9 :A E6THt )DG AD I6CID H: EG:8> H6 9: A6 ;DGBJA6 8>VC 9: JC 6 :H b IG 6I :<>6 9: >C K: HI><68>VC EDG E6GI: 9 : ADH 9D8: CI:H FJ: >C8AJN6 A6H 8DC 9> b 8 >D C:H N ADH B:9>DH C: 8:H6G>DHt )6G6 AD< G6G : HI6 H B:I6H H: C:8:H>I6 JC6 G : b 9: ;>C> 8>VC 9:A ;>C6C 8>6B>:CID N 9: A6 >C b K: GH>VC 9: A6 : 9J868>VC HJE:G>DG N J C6 E6GI>8> E68>VC 9 : ADH 68IDG :H :C :A EGD b 8: HD ,>A>S J:AAD &:?T6 r t %DH EGD; :HD G:H 9: A6H JC>K:GH>969:H HD7G: ID9D : C :A C>K:A 9 : EG :DC6 9DH 8D C A6 > CK:HI>< 68>V Ct )DG :?:BEAD ED8D 6E DN D > CHI>IJ8>DC6 A ;6AI6 9: ;68>A>969:H E6G6 A6 : ? : 8J 8>VC 9: >CK:HI><68>DC:H ;6 AI 6 9: 6EDND E6G6 A6 G:6A >O68> VC 9: ADH K>6?:H C:8:H6G>DH E6G6 A6 EG:H:CI68> VC 9: HJH G:HJAI69DH : C 8 DC CI:G b C68>DC6A: H N : H86HD 6 EDND ;>C6 C8>:GD :M I: GCD ,=DGD7:6B !DL 6 G9 rrt G::BDH FJ: H: 9:7: 6HJB>G A6 >CK: H b I><68>VC 8>:C IT;>86 8DBD JC6 ;JC8>VC B6 C8D BJC 696 9: A6 9D8:C8>6 N A6 : M b I: CH>VCt H C:8:H 6G>D :C;6I>O6G HJ >B b E68ID :E>HI:BDAV<> 8D 6C IGDED AV< >8D N HD8>DbEDATI>8D 6HT 8DBD G:K6ADG>O6G : A >BE68ID HD8>6A 9: HJH G:HJAI69DH N A6H EDH>7>A> 969:H 9: 8DCIG>7J8>VC 6A :H b I67 A:8>B>:CID 9: JC6 8 JAI JG6 8 >:CI T;>86 N 8 GTI>86 :C A6 8D BJC>969 JC >K: GH>I6 G> 6 N :C :A E 6TH :C <:C:G6A +D9GT8>DC:H 8DCH>9:b G6BDH FJ: E6G6 ADVC HJE:G>D G BQH : C;D 86 96 :C A6 E GD9J88>VC 9 : 8DCD8>B>: CID H: =68: C : 8:H6G>D JC 86B7>D :C ADH 9:E6GI6 b B:CIDH 686 9S B>8DH 9: A6H JC>K:GH> b 9 6 9:H :C <: C: G6 At DCH>9:G6BDH I6A 8D BD :H8G>7>BDH :C JC IG676?D 6CI:G>DG K6C 9:G %>C9: r FJ : :HI : 86B 7>D 9: 7: >G 9>G><>9D 6 f )A6CI: 6G H: N :?:8JI6G >CK:HI><6 b 8>DC:H FJ: 6H>VC 9:A 8DCD8>B>:CIDt r :H6GGDAA6G JC6 G:A68>VC 9: 8D A 67D b G6 8>VC :;>8> :C I: 8DC A6 8DB JC>96 9 AD8 6A 6A 7G>C96G 9>K:GHDH H:G K> 8>DH 6 869SB> b 8D Ht &: ?DG6G A6 IG6CHB>H>VC 9: 8DCD 8>B>:CID 6 ADH :HIJ9>6CI:H B:b 9 >6 CI: :A JHD 9: BD9 :AD H 9 : :CH :U 6CO6 FJ : 8DC H>9:G:C CJ:HIGD 8DCI:MIDt H EG>BDG9>6A FJ: A6H >CHI>IJ 8> DC:H 9: :9J868>VC HJE:G> DG 9: A E6T H H: EA6CI::C A6 >CK:HI> <68>VC 9 : HJ 8J :G ED E GD;: HDG6A 8D BD JCD 9: ADH D7?:I>KDH EG>BDG9>6A:H :C 8J 6AF J>:G EA6C E6G6 A6 B:?DG6 9: A6 86A>969 :9J86I>K6t ,>C >C K: HI>< 68>DC: H G: 6A>O6 96H : C :A 8DCI: MID A D86A H: GT6BDH : CH: U6 C9 D 8DCD 8>B>:CIDH 9 : H6GGDAA69 DH :C QB7>IDH 6?:CDH 6A C J :H IGD H>C A6 9:7>96 K6A>968>VC 9 : :HD H 8DCI: C>9DH :C CJ:HIG6 G:6 A>969t =DG6 7>:C \EDG FJ S ADH 6 869SB >8DH 9D B>C>86CDH CD H: >CKDAJ8G6C :C A6 >C b K: HI><68>VC C I:C9:BDH FJ: A6 G6OVC 7QH >86 :H ;GJID 9: A6H 8>G8J CHI6C 8>6H 9:A 8DCI:MID J C>K:GH>I6G>D AD86At 'J:HIGDH 686 9SB> 8DH E >:CH6C FJ: =68:G > C K:HI> b < 6 8>DC:H CD I>: C: C>C 9D ED GFJ: CD H: :HE:G6 FJ: A6H =6<6C N ED G I6CID CD :M>HI: JC6 8DBE:CH68>VC < :/ A C<7D3@A72/ 23A 2= b ;7< 71 /
C0 :71/17O< C< / :B= >= @ b 13=1 /A 7C0:71/ >=@ 3<23 <= B@/A173<23< ;KA /::K 23 ACA /CB =@3A G @3 :/17=3 @1 CB 3 3 < :/ 1/:7 2/2 23 :/ 2= 13<17/ >C3A A 7 3: 1 C3@ >= 2=1 3 @=2 C1 3 7C0:71/17=<3 A <= 6 /G >=A 707:72/23A 23 @3<=D/@ G @3B@ =/: 7;3< B/@ :/ 3:GI6H 6 A6 ):96K:GH>I6G>6f r" J 69:GCD 9: ):9 6< DK:GH>I 6G >6 EDG =68:GADt CIDC8:H \8VBD AD 6G :HI: H:CI>G 9: CJ:HIGDH 9D 8:CI:H )GD b EDC: BD H A6 8G :68 >VC 9: EDATI>86H 9: >C b K :HI>< 68>VC 9:E6 GI6B: CI6A FJ: 8 DCI:C <6C 9>;:G:CI: H KT 6H E6 G6 AD Dt A86H ED9GT6C H:G ft G:68>VC 9 : D 7?:I> KD H 9:E6GI6B: C b I6A:H G:A68>DC69DH 8DC A6 >CK:HI><68>VCt rt :H86G<6 6869SB>86 E6G6 6FJ:AADH 86I: 9GQI >8DH F J: H: >CKDAJ8G:C :C >C b K:HI><68>DC:Ht t )6GI >8>E68>VC N E G:H:CI 68>VC 9: I G6 b 76?DH :C 8D CC6G>DH :C :A :MI:G>DG 9: 6FJ:AADH EGD;:HDG:H FJ: AD b VC 9 : A DH G :HJ AI69 DH 9: HJH >CK:HI><68>DC :Ht t (I DG<6B>:C ID 9: 7DCDH :MIG6DG9> b C6G>DH E6G 6 6FJSA ADH 8 JN6 H >CK :HI ><6 b 8>DC :H H:6C EJ7A>8696H EDG G:K>HI6H 8>:CIT; >86H G:8DCD8>96Ht ):CH6BDH FJ: H> : HI6H :HIG6I :<>6H BD b I> K6 8>DC6A:H H DC >BEA:B:CI696H 69: b 8J696B:CI: ADH G:HJAI69DH H6A9GT6C 6 A6 AJO :C J C ;JIJGD CD BJN A:?6C Dt 343@3<17/A 070:7= 5@K471/A&:?T6 D9DN t rt (9 ",-58 3(9 ,4 2( +;* (* 0E4 #; 6,8058 5 30 40*( 4( .',( n ",%t M IG6T9 D :A f 9 : 67G>A 9: r 9: /::6bb ===0,9(2*;4,9*558.<,b68 5 .8(3(9b8 ,-583(9b8,6'+ 53040*( 4(b8, -583 (9t+53040*(4(6++D9G TCIDG6 :CI:C6G>D ,=DGD7:6B &t D L 6 G 9 $t r r B6 NDt -:68 =>C< 9:B6C9H K:GHJH G: b H:6G8= EGD9J8I>K>I N t 5;84(2 552 2,., #*0,4*, $,(* / 0 4. fn t ,>A>S + J:AAD t &:?T6 &t r t 9:;+05 9 5)8 2( *( 20 +(+ +, 2 ( ,+;*(*0E4 9 ;6,8058 ,4 2( ",6F)20*( 5 3040*(4( ,6CID DB>CA 9: r 9: =IIE nnL LL t>:H6A8t JC:H8DtDG868>DC:HnA>7GDHt6HE6CD-((, K6 C 9:G %>C9 : t rt 0+, 8(@.5 :8(49-583(*05 4(2 ,4 +,6(8:(3,4:59 (*(+B30*59 +, 2( ,+;*(*0E4 9;6, 8058 +:K>H>VC 7>7 A>D86 E6G6 I:H>H 9D8IDG 6A CD EJ7A>8696 .C>K:GH>969 9: & JG8>6t+7 < 7:GI6H 6 A6 ):96K:GH>I6G>6J6 9: GCD 9: ):96K:GH>I6G>6 "f

PAGE 9

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:H EGD b ;: H> DC6A: H 9 : A6 H N ADH 9D8:CI:H 6 IG6KSH 9:A 6 CQA>H>H G:;A:M>KD 9 : HJ :ME: b G>:C8>6t ,: 6 76G 86 ID9D : A EGD 8:HD :9J8 6I>KD CD HVAD HJH 8DCI:C>9DHt %6H 6 8I> K>969:H 9: :CH:U6CO6 A6 >CK:HI> b <68>VC :9J86I>K6 :A 9:H6GGDAAD 8JGG>8 J b A6 G N A6 :K6 AJ68 >VC ;DGB6C E6GI: 9:A EGD8: HD 9: >CK:HI><68>VC b 688>VC E6G6 B: ?DG6G A6 EGQ8I>86 : >BEA6CI6G K6ADG :H 8D =: G:CI:H :C A6 >CHI>IJ8>VCt )6G6 : A QB7>ID JC>K:GH>I6G>D N 9:H9: A6 E :GHE:8I>K6 I:VG>86 9 : A 6 8D BE A: ?>969 &D G >C f EGDED C: G:;DGB6 G :A E:C b H6 B>:CID A6 :CH:U 6CO6 N EDG I 6 CID A6 .C >K:GH> 96 9 EJ:H A6 :M>HI:C8>6 9: JC6 < G6C EGDE DG8>VC 9 : : HE:8>6 A>HI 6H :C 9>H b 8> EA >C6H EG: 9: I:GB>C 696H 6GI>;>8>6A b B:CI: A>B>I6 96H H: =6C KJ:AID >CHJ;>8>:CI:Ht %6 E6 G8:A68> VC 9: A6H 9>H b 8>E A> C 6H = 68: >BEDH> 7A: 6 EG:=:C9:G `AD FJ: :HIQ I:?>9D ?JC IDa AD 8DBEA:?D > C b I: G6 8I>KD : >CI:GG :IGD68I>KD :CIG: A 6H E6GI:H N : A ID9Dt :H9: HJ EDH>8>VC :H C:8: H6G>D E:C H6G A6 :CH:U6CO6 6 E6GI>G 9: ADH : ;:8IDH 9: A6 8DBE6GI>B:CI68>VC 9: ADH H6 7:G:H N :/ 7<1/>/172/2 >/@/*3AC;3< < 3AB 3 /@B M1 C:= A3 1=; b > /@B3< 1=<13> 17=< 3A @3 b 4 :3F7=< 3A G D7D3<17/A 3< B =@<= /: 23A/@@= ::= 23 :/ 7< b D 3AB75/17O< 4 =@;/B7D/ 1=< 2 =13 :38= A3 0CA1/ />=@B/ @ / :/ @ 3< =D/17O< 23 :/ B@/2717O< 7 :/B/4=@;/ /1/ 2L ;71 / 2 3 :/ A >317 /: 72/ 2 3 < (3 2/ b 5 =5 M/ -<7D3@ A7B/@7 / ?C3 6/ 3 AB/2 = =4@31 7L <2= A3 3< :/ <7 D3@ A72/2 23A23 3: /N= r t $/ 7@=; =D72/ 23A23 :/ A>317 /:7 2/2 3< (32/5=5M/ -< 7D3@A7B/ @7 / 23 :/ (%%>=@ *=A/ %/@M/ 74C 3K:GH>I6G>6 <3 @= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H /@B71C:/@:=A 33 73@2 3< 3< :/ A=1732/2 23 :/ 7<4=@ ;/17O< G ?C3 A3 6/13 < 4@/5;3 /@/ CA=A BL1<71 =At -DB6C9D :HI6H 8DC8:EIJ6A>O68>DC:H 8DBD EJCI D 9: E6G I>96 8DCH >9:G6 BDH FJ: A 6 E GD;:H>DC6A>O68>VC 9: A6H N ADH 9D8:CI:H JC> K: GH> I6G>DH E:GB>I: 96G H>H b I:B6I>8> 96 9 :HI67>A>96 9 N 9:9>868>VC 6 HJ IG676?Dt %6 H E:GH DC6 H 9:9 >86 96H 6 :AAD H: EJ: 9:C :HE:8>6A>O6G >G <:C:G6C9D HJ EGDE>D B6I:G>6A N 68JBJ b A6C9D :ME:G>:C8>6 t :H9: :H I: =DG> b ODC I: :C A6 ).&& :C :A r H: IDBV A6 9:8>H>VC >CHI>IJ8>DC6A 9: >C>8>6G A6 H E:8>6 A>9 69 : C ):9 6K :G b H>I6G>6 ). :C 8JN6 EG>B:G6 8D=DGI: E6GI>8>E6 GDC r 9D8:CI:H N ;>C6A>OV :C :A r t C A6 H:8> b E6GDC r 9D8:C I:Ht C :C:GD 9: r >C>8 >V A6 I:G8:G6 8D=DGI: 8DC BQH 9: 9D8:CI:Ht C :HI: EGD8:HD = 6C E6GI>8> b E69D f cG:6H 9:A 8DCD8>B>:CID "C<: b C>:GT6 "C9JHIG>6A "C<:C>:GT6 >K>A &:9 >8>C6 H IDB6IDADC>H b IG68>VC GF J>I:8I JG6 >:C8> 6H Q H>86H %>C86 EA>8696 &:G869DI:8C>6 >:C 8>6H #JGT9>86 H )H>8DAD:GT6 9 : ,>H I:B6H N VBEJIDH N : b G6E>6 T H>86t %DH D7?:I>KDH 9: A6 HE:8 >6A>969 : C ):96K :GH>I6G>6 ).&& r HDC FJ : A6H N ADH 9D8:CI:H )GD;JC9> 8:C HJH 8DCD 8>B> :CI DH HD7 G: :A 6E G:C9> O6?: N A6 :CH:U6CO6 JC>K:G H> b I6G > 6H 76H 696H :C A6 ):96DC:C HD7 G: HJH E GQ8I>86H 8DC :A ;>C 9: IG 6C H;D GB6GA6H 6 IG 6KSH 9: A6 >CK :HI> <68 >V C : >CCDK68>VCt :H6GGDAA:C ADH BD9DH >CI:G9>H8>EA> b C6G> DH N 8DA 67DG6 I>KDH 9: IG676?D E6G6 A6 ;DGB68>VC 9: 8DBJC>969:H 9: 6EG:C b 9>O6?:t DCI> CX: C 6JIVC DB6B:CI: HJ ;DG B6 b 8>VC E:GB6 C: CI: t .C6 :H IG6I:<>6 9>9Q8I>86 ; JC96B:CI6A 9: A6 HE:8>6A>969 :H :A )GDN:8ID ):968D ).&& rt %DH EGD b ;:HDG :Hn 6H 6EG: C9:C 6 IG6KSH 9:A 6CQA> b H>H :HI GJ8IJG69D 9: HJ EGDE>6 EGQ8I>86 EG:8>H6C DG9:C6G ADH 6EG:C9>O6?:H 9: HJ : ME:G>:C8>6 : C IDGCD 6 E6IGDC :H FJ: A:H EDH>7>A>I:C G :;A:M>DC:H XI >A:Ht 6A 8DB D H: =6 E A6CI:69D :C :HI: 6G IT8JAD CJ:K6H BD96A>969:H 9: ;DGB68>VC 9D b 8:CI: H: 76 H6C :C A6 G:;A:M>VC HD7G: A6 EGQ8I>86 D G :K>H>VC H>HI:BQI>86 9:A EGD b E>D :?: G8>8>D EGD;:H>DC6A 6 IG6KSH 9: EGD b 8:HDH 9 : D7 H :GK68>VC :K6AJ68>VC N K>C8J A68>VC :CIG: I:DGT6 N EGQ8I>86 EGD b ;:H>DC 6At ,: =6 DG>:CI6 9D EDG :AAD A6 :A67DG68>VC 9: EGDN:8IDH E:9 6 b 8DH E6G6 B:?DG6G A6 9D8:C8>6 JC>K:GH> b I6G>6 317/b :72/2 3A 3: (@=G31 B= ( 32/5O571=t $= A >@= 43 b A=@3An/A />@3<23< / B@ /DLA 23: /@= >7/ >@K1B71/ >@31 7A/< =@23 @3<27H /8 3A 2 3 AC 3F>3@ 73<17/ 3< B=@<= / >/B@=<3A ?C3 :3A >=A707:7B3< @3 4:3F7=<3A PB7:3A t J69:GCD 9: ):96 K:GH>I6G>6 "f <3@= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H

PAGE 10

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PAGE 11

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3@;7B3 1=<475C@ /@ 1/;7< =A `86 B>C6CI: CD =6N 86B>CD H: = 68: 86B> CD 6A 6C96Ga :H8G>7: CID b C>D &68= 69 D 86CI6 #J6C &6CJ:A ,:G G6I N A6 =6C 9:H6 GG DAA69D A7AB3;KB71/ G >@=5@ 3A7D/; 3C9> K>9 b J6A N G 9: A6 G:;A:M >VC f 9D 8:CI:H 9: A6 ).&&t A B73;> = :H JC ;68 IDG >BEDGI6CI: :C ADH EG D8 :HDH 9 : 6 EG :C9>O6?:t ,: G:FJ>:G: 8DCI>CJ> 969 E6G6 6;>6C O6 G AD H 6EG :C9 > O6 b ?:H 9 : A 6 B: BDG >6 6 8DGID EA6OD 6 A6 B: BDG>6 6 A6G O6?: H>< C>;>86 I>KDt %DH )GDN: 8IDH ):9 68 DH = 6C EDH>7>A>I69D :HIDH IGQCH>IDH E 6G 6 G:IDB6G : >CI:< G6G 6K6C8 :H 8DCHIGJ>9D H : C A6H 6 H> 6A>969 6 A6 K:O H: =6C K>K>9D 8DBD 9 >H 8DCI>CJ>969:H :C FJ: A6H N ADH E 6G I>8>E6CI:H H: =6C H:CI>9D `:C; G: CI69DHa 6 :CIG :<6 G `I 6G :6H a > C=: b G: C I:H 6A E GD8:HDt HID CDH =6 G:I69 D 6 >@=;=D3@ 1= VC 8DC :A ;>C 9: ; 6 8>A> I6G 8DCHIGJ88>VC 9: B>G696H 9 : 8DC ?JCID 8 DBE A:?6H < AD76A:H IDI 6A b >O6 CI:Ht DC A 6 EA6 C:68>VC 9:H6GGDA AD N 8DBJC> b 868>VC 9: ) GD N:8IDH ):968DH A 3 6/ 1= : 71 /2= 3F753<17/A @3B=A 23A/4M=A B/ /@/ :/A G :=A 2=13/@B71 7 b >/ /@ / ?C73<3A >/@B717>/;=A 3 < 1/ :72/2 23 4/17:7B/2=@3A t A >C>8>D 8696 EGDN :8ID 6/ A72= /L@3= 8DC I G676 ?D 9>H8J H>VC 6EDND >CHI>IJ b 8>DC6A =6 H >9 D K>67A: HJ 8DC8G:8>VCt !: BDH G:8DB:C9 69D 6 A6H N ADH E6GI>b 8>E 6C I: H ED C:G :C A6 76A6CO6 73 @A= K6H >C8A>C6 b 8>DC: H 6 A6 K:O FJ: 8DDG9>C6G HJ IG6 b 76?D 6 C>K:A 9 :E6G I6B:CI 6A I:C>: C9D :C 8J:CI6 FJ: H: IG6I6 9: JC6 EGDEJ:HI6 >C HI >IJ8> DC6A 6 GBDC>O6G :H;J:GODH ;D b 86A>O6G 688> DC:Ht !:BDH G :>K>C9>869D A6 EJAH >VC : >CI:GSH E:GHDC6A 8DBD B:9>6 b 8>D C :H F J: >C 8>9:C :C A6 IDB6 9: 9:8> b H>DC:H 9: BD9D FJ: ADH EGDN: 8IDH H:6C I G6H8:C 9:CI:H E6 G6 :A 3>/@B/ b ;3/@/ :/A G := A 2= 13< B3A t A EGDN:8ID > BEA >86 G:8D<:G H>CI:I>O6G >C I:< G6G A D FJ: H: 6EG:C9: :C A6 HE: b 8>6 A> 9 69 IG676?6G 8DC E:G H>HI:C8>6 9>H b 8>E A> C 6 8D BD E 6GI: 9: A6 ;DGB68>VC 9: B6 C: G6 :HIGJ8IJG6A N :HIGJ8IJG6CI: CD 9 : ;DGB6 :E >H V9>86 C> 8DNJCIJG6At A )GD N:8ID CD H: EJ:9: 9:?6G 8DBD JC 6ESC 9>8: E6G6 :A ;>C6A 9: 8696 8JGHDt )6G6 A6H N ADH 9D 8:CI:H E6GI>8>E6CI:H :C A 6 HE :8>6A> 969 :C 8 6A>9 69 9: :HIJb 9 >6C I:H 8DCHIGJ>G ADH )GDN: 8IDH ):9 6 8DH A :H =6 E:GB>I>9D KDAK:G 6A 6 JA 6 :ME:G>B: CI6GH: :C H>IJ68>VC 9: 6E G: C9> 8:H = @ :=A ;/@3A 23 : / 7<1 3@B72C;0@3 :GG6G N =6 8 :G :ME ATb 8>ID :A 6EG:C9:G 6 E6GI> G 9:A :GGDG EGDE>D 9: A6 E:96 K>HI6 :K>9:C b 8>6G A6 C: 8:H >9 69 9: 86B7>6G 9: 6 8I> b IJ 9: H 6 E6G I>G 9: A6 G:;A:M>VCt .CD 9: AD H >CCJB :G67A: H :?:BEADH G:8>7>9DH EDG 8DGG:D :A:8IGVC>8D 9>8: 6HT (/@ / :/A G := A 2 =13/ @ b B717>/ 317/:7 b 2/2 3 < 1/:7 2/2 23 3AB C27/3@;7B72= D =:D3@ /: /C:/ 3F>3 @7;3@3< 2713A =@ :=A ;/@ 3A 23 :/ 7< 13@B 72C ;0 @3 3@@ /@ G 6 /13@ 3F> :M17 B= 3: />@3<23@ / >/@B7@ 23: 3@ @= @ > @= >7= 23 :/ >32/ b 5= 5M/ 1=/ @ b B7 @ 23 :/ @34: 3F7O6,80,4*0( /0*, ,4*;,9: (9 ,4 :8, 259 ,9:; + 0(4:,9 G9 ,9 :5 6(8: +, 2 ( 909 : 3(:0@(*0E4 G( 909:,3(:0@(*0E4 9 95 )8, ,2 685?,*:5 6,+(.E.0*5 5 9 5)8, 2( ,>6,80,4*0( 04:,84( 7;, /, : 40+ 5 ,4 ,9 :, 659:.8(+5 ? ,4 30 6 8A*:0*( f" J 69:GCD 9: ):9 6K:GH>I 6G >6 <3@= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H%6 9J96 N A6 EG:7>A>I6C 9:H6b GG DAA6G J C6 SI >86 9: A 6 EGJ 9: C8 >6 F J: CD H: 76H6 :C A6H 8: GI:O6H FJ: 7JH86 N 8DC HI G JN: G:HE J:HI6 H E:GI>C:CI:H :C : A 8DCI :MID :C 8696 H>IJ6 8> VC t HT A6 9D b 8:C8>6 JC> K:G H>I6G>6 H: =68: H> ;> 86 b I>K 6 N G:H ED C9: 6A BDB:CID =>HIVG>8D :C :A FJ: H: :?: G8:t C :H: B>HBD H:CI>9D A6 CJ:K6 : G6 G:>K>C9 >86 :A 9:H9>7J?6 B>:CID 9: A6H ; GDC I:G6H 9>H8>EA>C6G :H A 6 8 DCK: G<: C8>6 9: H67:G:H ADH B: I6G :A6I DH A6 8G>H>H 9 : E6G69> B>:CID t &DG >C f G:>K>C9>86 :CI:C9:G 8DC A6 B:CI: N :A H:CI >B>:CID 6HJB>G :HI: 9>QADKD :C AD EGD;:H>DC6A 9>H8>EA>C6G :C A6 ;DG b B6 8>VC t ,: I G6I 6 9 : JC G:ID EDH>7> A>I69 DG N 9:H6;> 6CI:t 3676AO6 rr :C :HI: H :CI >9D EA6CI:6 :A 9>A:B6 9:A H67:G :H b E:8> 6A>O69D N 9 :A <:C:G6A FJ: H: K >K:C b 8>6 :C IDGCD 6 A6 ;DGB68>VC 7QH>86 :C A6 .C>K :GH >969 t %6H 8>:C8>6H :HIQ C BJ b I6C9D ]%6 ;DGB68>V C :HI Q 86 B7>6C 9D )GDN:8 IDH 9:H6GGDAA69DH :C GFJ>I:8 b IJG6 HIDB6 ID AD< T6 &:9>8>C6 N >:C b 8>6H QH>86H =6C 8DC ;> VC 9 : >CI:G9>H8>EA>C6b G>:969t %D H )G DN:8IDH ):968DH A:H =6 C EDH> 7>A >I69D 6 A6H N ADH 9D8:CI:H :HIJb 9>6CI:H 9: A6 H E:8>6A>969 :C ):96 b K:GH>I6G>6 9:H6GGDAA6G > @=13 A=A 23 /CB=@34:3F7O< E6G6 G: b K>H6 G HJH EGQ8I>86H N EDI:C8>6GA6Ht (IGD :?:BEAD G:8>7>9D EDG 8DGG:D :A:8 b IGVC>8D 9>8: 6HT -6B 7> SC A6 HE: 8>6A>96 9 :C ):96K:GH>I6G>6 CDH =6 9 :B6C969 D 6 A6H N ADH ;68> A>I 69DG:H 9:H 6GG DAA6 G :H IG6 I: b <>6 H 9: 8DBJC>8 68>VC N 8DDG 9>C68> VC 8DB D EDG :?:BEAD :A BDCI6?: 9: B6I: b G>6H :C ATC:6 6 IG6KSH 9:A 0:7N 6EG:C9:G G:A68>D C:H B:9>696Ht (G>:CI 6G A6 8DCH IG J88>V C 9: )GDN :8IDH ):968DH 69:B QH = 6 >BEA>869D 9:H6GGDAA6G JC6 E: 96HI6 8G TI>86 N 8DCHIGJ8I>K>H I 6 9: H9: :A 8DC b 8:EID N EGQ8I>86 9: /1=;>/N/;73K:GH6H ;D GB6H 9: :MEG:H>VC 9: A6 6;:8I> K>969 :C A6H G:A68>DC:H :9J86I> b K6H =6 8:G >CI:GAD8J8 >V C 6A: CI6G :K6b AJ6G 9:H6GGDAA6G 6EDGI:H 9: I> ED E:968 D N B: ID9D AV< >8Dt C : HI6H G:A68 >DC:H H: K>HAJ B7 G6 :A 9>A:B6 : CIG: A6 >C9 :E:C9:C8>6 N A6 9:E:C9:C8>6 9:H9: A6 >CI:C8>DC6A>969 9: 8DCHIG J>G 6J IDCDB T6 N A 6 EGQ8I>86 9: 6E DND 6A 9D b 8:CI: FJ: AD G:FJ>:G:t !:BDH 6EG:C9>9D I6 B7>S C 6 9:H 6GG DAA6 G :K6AJ 68>VC ;DG B6I> K6 E6 G6 EGDE>8>6G :A 6EG:C 9:G 6 E6GI>G 9: 8696 6K6C8:t %6 :K6AJ68>VC H: 7 6 H6 :C 8G>I:G>DH 8DCHb IG J>9 DH E6G6 8696 BDB:CID 9:A EGD b 8:HD 7JH86C9D IG6CH>I6G 9: JC SC;6H>H :C A6 =: I:GD b :K6A J6 8>VC 6 JC SC ;6H>H :C A6 8D N 6JID b :K6AJ68>VC 8DBD :H b IG 6I:< >6H E6G6 6;>6CO6G A6 6JIDCDBT6 9D8:CI:t %DH )GD N:8I DH ):968DH =6C EDH > b 7>A>I69 D <:HI6G N 9:H6GGDAA6G 8DC A6H N AD H 9 D8:CI:H 9: A6 .C>K: GH>9 69 EGD8: b$ /A 173<1 7/A 3ABK< ;C b B/<2= T$/ 4= @;/17O< 3ABK 1/;07/<2= (@=G31B=A 23 b A/@@=::/2=A 3< @? C7B31BC@/ AB=;/B =:=5M/ %3271 7:70E 4J6 9: GCD 9: ):96K:GH>I6G>6 "f <3@= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H

PAGE 12

$=A G :/ A 2=13< B3A 6/< />@3<272= / ;7@/@A3 / AM ;7A ;= A / 7=B3 < b 17/ ACA >@K1B 71 /A G >C 323 7< 7 17/ @ 27K:= 5=A 7:7 / @B 7@ 23 3AB=A >@=1 3A=A > =A70:3 b ;3@=2C 1B7 D= B@ / DI #t ff t 2 *(3)05 ,+ ;*(:0<5 + 9+, 2( 04<,9:0.(*0E4 ( **0E4 & D G6I6 &69G>9 G:> G: ) t ft !,+(.5.C( +,2 5 6 8030 +5 D G: ) t fft +;*(*0E4 *535 6 8A *:0*( +, 2( 0),8:(+ D< AD 11 G:> G: ) t ft !,+(.5.C( +, 2( 96,8 (4@( DB:C D #t ft 2 *; 88C*; 25 ;4( 8 -2 ,> 0E4 95)8, 2( 6 8A*:0*( &DG6I6 & 6 9 G>9 & D G>C t f t ( *(),@( )0,4 6 ; ,9:( ",6,49(8 2( 8,-583( 8,-5 8 3 ( 8 ,2 6,49(30,4:5 (9,9 6(8( ; 4 ( 8, -58 3( +;*(:0<( J:CDH >G:H 'J: K6 />H>VC ," ) .&& :CIGD 9: :H6GGDAAD )GD b ; : HDG6At rt !856;,9:( *;880*;2(8 + 2 ( 96,*0(20+(+ ,4 !,+(.5.C( % 4 0<,8 90:(80( ,6CI>69 '6G8:6 H D H 9: >CK :H I><6 8>VC ;DGB6I>K6 8 DC : A ; >C 9: ;DGI6 A: 8:G :A E:CH6B>:CID 6 JIV C DBD N G:;A:M>KD :C 8DCHDC6C8 >6 8 D C EA6CI:6 B>:C IDH 9: A6 E:9686t %DH N A6H 9D 8:C I: H =6 C 6 EG:C b 9 >9D 6 B>G6 GH: 6 HT B>HBDH 6 >CI:GGDb < 6GH: N H67 :G FJ : ID9D :HID EDI:C8>6 H J H EGQ8I>8 6H N EJ:9: >C>8>6G 9>QAD CI:G 9>H8>EA>C6 G>DH t %6 :CH:U6CO6 JC> b K :GH>I6 G>6 H: =6 8 J6 A>;>8 69D N G:CDK69D 6 E 6GI>G 9: : HIDH E GD8:HDH EDH>7A:B:CI: C D K DAK: GQ 6 I:C:G JC 8 6G Q8I:G G:EG D9J 8 b I >KD IG6C HB>H>KD 8DC SC;6H>H :C A6 9D b 8 : C8>6 t H I6 8DC HIGJ88>VC CD H: =6 969D :C JC 8 6B >CD 9: GDH6 H A6H N ADH 9D8:CI:H E6G b I >8>E6CI:H :C 86A>969 9: :HI J9>6CI :H =6C : ME:G>B:CI69 D 9 >K:GH6H 9>;>8JAI69:H F J: =6C HDG I: 69 D N IG6CH;DGB69D :C 8 D C9>8>DC: H FJ : 6C6A>O6C N B:?DG6C 9 :H 9: HJ A67DGt HI6 :ME :G>: C8>6 CDH G: b 8 J :G96 :A 8D C8 :EID 9: G:H>A>:C8>6 I DB6 9D 9: A6 TH >86 ADH B:?DG:H B:b I 6A:H H: ;J C9:C 6 B6NDG 86ADG N A6H B : ?D G:H D HIG6 H :C A6 B6NDG EG:H>VCt % DH EGD8:HDH HJ ;G>9DH N K>K>9DH :C :A E GD N:8ID EDG A6H N ADH 9D8:CI:H = 6 C 7 JH869D ?J H ID :HD EJA>G A6H BQH ;>C6H = :G BDH6H N EDI:CI :H 6G >HI 6H 9: A6 E GD; : b H >DC 6A>9 69 9D8:CI: 9: FJ>:C:H =6C 8JG b H 6 9D A6 HE :8>6A >969 :C ):96K: GH>I6 G>6t r" J6 9:GCD 9: ): 96 K:GH>I6G>6 <3 @= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H A :E6GI6B: CID 9: (G>:CI68>VC 9: A6 ).&& :C :A 86BEJH 9: ,6CI>66 9:A :86 C6ID 9: H b IJ9>6CI :Ht ,: D;G:8:C ADH H:GK>8>DH 9: 8DCH:?:GT6n6 H:H DG T6 > C;DG B68>V C J 7> b 868>VC :K 6AJ68>VC N H:B>:CID 6 ADH VC 8DC 8DC8:CIG68>VC :C (G>:CI68>VC H8DA6Gt )DHI6 9: +:8JGHDH !JB6CDH C86G<696 9:A :E6GI6B:CID 9: (G>:CI68>VC ).&& 86BEJH 9: ,6CI>66 CI:H N H: >CK:HI><6 :A >BE68ID FJ: I>:C :C : HIDH H:GK> 8>DH E6G6 ED9:G B: ?DG6G ADHt ) 6G6 ADH ;>C:H 9: :HI: 6GIT8J AD CDH :C;D86G:BDH :C A6 :K6b A J 68>VC FJ: 8DCH>HI: : C A6 6 E A>868>V C 9: EGJ:76H EH>8DBSIG>86H FJ: H: IDB6C 6 KDAJCI69 9 :A 6AJBCD D ED G G: b FJ :G>B> :CID 9 : DIG6H JC>969:H 9: A6 C>K:GH>9 69t % DH CDB7G:H N QG:6H 9: :K6AJ68>VC 9: : HI6H EGJ:76H HDC `ba K6ADG6 A6 "C b I:A ><:C8 >6 : C:G6A `)&a :K6AX6 A6H 67>A>969:H :C:G6A: H `f)a K6ADG6 ADH 9>:8>H S>H 68IDG:H 9 : A6 ):GH DC6A> b 96 9 `&-a :K6AX6 :A BSID9D 9: IG6 b 7 6? D N IS8 C>86H 9: A :HIJ9>6CI: `&&)"a D "CK:CI 6G>D &JAI>;QH>8D 9: ):GHDC6A> b 96 9 9: &>CC:HDI6 `)a D J:H b I>DC6G> D 9: 9 6EI68>VC E6G6 9JAIDH N ` $.+ a F J: B>9: ADH >CI:G:H:H KD 86 b 8 >DC6A:Ht H :HI6 XAI>B6 EGJ:76 A6 F J: H : :HI Q H JHI>IJN:C9Dt CD 9: ADH D7?:I>KDH <:C:G 6A: H IG 6O6 b 9 DH :C :A 9D8JB :CID 9 :A )A 6C 9: : b H6 GGD AA D HIG6IS<>8D rbr 9:A :E6GI6B: CID 9: (G> :CI68>VC I>:C: FJ : K: G 8DC ;D GI6A:8:G A6 86A>969 9:A E G D8:HD 9: :K6 AJ68>VC 9: A :HIJ9>6CI:t ) 6G 6 ADKD ADH B>:B7GDH*3AC;3<< 3 AB3 /@ BM1C:= A3 6/13 C< @3 1C3 @=13A= 23 <= @;/:7H/17O< 23 :/ >@C30/ >A71= ;LB@71/ W! /@B/;3CA 23 +/@C30/ ;38=@ /@K :=A A3 @D7 b 17=A 2 3: 3> /@ B/;3= 23 />:71/1 7O< G : / A7;>:7471/17O< 23 AC 1= @@3117O@C30/ >A71=;LB@71 / 3< 3: 3> /@B/ b ;3=@ 3@B/ ,/D/@3A 3@ :GI6B:CI: : A 6H:HDG 6 B >:CID KD86 b 8>DC6A 9:H 9: A6 H8J :A6 I>:C: JC6 6B b E A>6 IG69 >8 >VC :C :A C>K:A 9: :CH: U6CO 6 H:8JC96G>6 N :C ADH EG>B:GDH 6UDH 9: A6 :CH:U6CO6 HJE: G>DG HD7G: ID9 D :C :A BJC9D 6C9D 68IJ 6C9D C D HVAD 8DBD EH>8 VAD86 b 9 DH 6 A6 8DCHJAI6 >C9 >K>9J 6A H>CD >CI:G b K>C>:C9D 68I>K6B:CI: :C A 6 E GD< G6 B68>VC 9: 68I>K>9 69:H KD868> DC6A:H 8DBEA:B:CI6 G>6H 6A 8JG b GT8JAJB :H8DA6G N :C A6 BDK>A>O68>VC 9: A DH G:8JGHDH 9: A 6 8DBJC>969t A 6 EDHIG: H: :CI>:C9: :A =:8=D K D86 b 8>DC6A 8DB D JC6 9>B:CH>VC :9J86I>K6 9: EG>B:G DG9: C :C : A 9:H6GGDAAD >C 9> b K>9J6A t b +>K6H !90*525.C( &5*(*054 (2 4-5 7;,9 +,2 9,958(30,4:5 f Et t J 69 :GCD 9: ):96K:GH>I6G>6 "rf <3@= b "C< 7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H

PAGE 13

=<= 23"CCDK68>VCH JC6 DEDGIJC>969 E6G6 FJ: :A EGD; : b HDG >C IGD9JO86 86B7>DH :C A6 6H>BE6GI:t % 6 EGDEJ:H I6 FJ: 7JH86 B:?DG6G : A 6 EG:C9>O6?: 9: ADH :HIJ9>6CI:H H: 6 8DBE6U6 9: JC >C8:C I>KD :8D CVB>8 D E6G6 HJ :?:8J8>VCt( -%% 3t:9Jt9 D bbf r MIt f N f 9J 86 I>K6 =<= 23" CK:HI ><68>VC I G6KSH 9: :HI6 >C>8>6 I>K 6 H: 7JH 86 :HI >B JA 6G :A >CI:GSH 9:A E GD;:HDG69D EDG A6 >CK:H I><68 >V C 6HT 8DBD EGDE> b 8>6G :A 6CQA> H>H N A6 H> HI:B 6I>O68> VC 9: EG DEJ:HI6H FJ: 8DCIG>7J N6C 6 ;DG I6A : b 8:G A6 86A>969 :9J8 6 I >K6 9: A6 C>K:G b H>96 9t %DH EGDN:8IDH 68:EI 69D H H: HD8>6A> b O6C :C A6 8DBJC>969 6869SB>86 N H: 6EDN6C 8DC JC >C8 :CI>KD :8DCVB>8 D E6G6 H J :?:8J8>VCt(-%% 3< B@= 23 3A/@@=::= (@= 43A=@/:LLLt E J8BBHI>t: 9J t9D b bfr MIt f N f 9 J86I>K6 316/ 23 3B73 ;0@3 23 r R$/ rn trbrrrntt 3 < :/ 2C1/17O< +C>3@7=@R n 3 7/@ / 3: > @OF7;= t:9J t9D bbfr MIt f N f t n tn ntff rnrr

PAGE 14

9:A :E6G I6 B: CID DEI6BDH EDG G:;A: b M>DC 6G HD7G : A6 H C:8:H>969:H N EG>DG> b 969:H 9:A E GD 8:HD 9: 6EA> 868>VC 9 : EGJ:7 6H EH>8DAV< >8 6H :C :A 8DCI:MID 9: A6 H :M> <:C 8>6 H 9: A6 68IJ6A>969t C :H I: H:CI>9D H: AA:K6GD C 6 867D A6H H >b : CI:H 6 88>DC: H Z (7H:GK 6BDH A6 C :8:H>96 9 9: 68b IJ 6 A>O6 G A 6H EGJ:76H E H>8DBS IG>86H EG>Db G>O6C9D :A QG:6 9: AD H >CI: G: H:H KD 8 6 b 8>DC 6A :H D H :6 A6 HJHI>IJ8>VC 9: A6 EGJ:7 6 $.+t Z >8>BDH 8DCI68ID 8D C >CHI>IJ8 >D C: H 9: 9>HIG>7J8 >VC N K: CI6 9: EGJ :76H EH> b 8D AV <>86H :C 9>HI>CIDH E6 TH:Ht Z C6A>O 6BDH AD H 86I QAD HI: C8>6 :C :A :E 6G I6B :CI D 9: (G>:C I6 8>VCt Z %A :<6B DH 6 J C 68J:G9D E6G6 A6 69F J> H>8> V C 9: J C6 EGJ:76 68IJ 6A>O696 FJ: G :HEDC9> :G6 6 A6H C:8 :H> 969 :H 9: A6 ED7A68>VC :HIJ9>6CI>A 9: :HI6 "CHI>IJ b 8>VC t Z ,:A:88>DC6 BD H A6 EGJ:76 `"CK:CI6G>D 9: CI: G:H:H N )G:;:G:C 8>6H )GD;:H>D b C6A:H +:K >H69D "))b+a E6G6 H:G 696E b I696 6 A 6 E D7 A68>VC :HIJ9>6CI>A FJ: H: 6I>: C9:t Z 9FJ> G>BDH A6 EGJ:7 6 6 A6 8DBE6U T6 :H6GG DAAD ,tt 6HD8>696 8DC 9 > b 8>DC :H ,tt 86H6 B6IG>O N 9 >HIG>7J>9DG6 9: A 6 E GJ:76 "))b + J7 >8 696 :C &69G>9 H E6U6t =IIEnnLLLtI:6:9>8>DC:Ht8DB .C6 K:O : A:<>96 A6 EGJ:76 H: IDBV :C 8J:CI6 FJ: A6 B>HB6 H: 6?JHI6G6 6 A6H 86 G68I:GTHI>86H 9: CJ:HIG6 ED7A68>VCt )6G6 :H ID H: 9:7: E 6H6G EDG J C E GD 8:HD G>G 8DC EG: b 8>H>VC N K6 A> 9:O A6 8DC9J8I6 9:A :HI Jb 9>6CI: :C JC BD B:CID 969D HD7G: :A Q G:6 H:A :88>D C696 N FJ : E:GB>I6 G: b 8 DE >A6G 6C6A>O6G : >CI:GEG:I6G ADH 96IDH F J : H: : HIJ9>6Ct H 6FJT 8J 6C9D :CIG6 :C :H8:C6 A6 C : 8:H>969 9: C DGB6A>O6G K6A>96G N 9: b I : GB>C6G A6 8DC;>67>A>969 9:A "))b+t 26 F J : :HID 8DCA A:K6 I>:BED N 9:9>868>VC 9 : 8>9 >BDH >C>8> 6 G :A EGD8:HD 9: CDGB6b A >O68>VC 9 : A6 EGJ:76t =DG6 7>:C \FJS : H A 6 CD GB 6A >O68 >VC 9 : JC6 EGJ:76 EH>8DBSIG>86 !:GG6CH r A D : MEA>86 BJN 7>:C 6 8DC I>b C J 68>VC 6 7: B:C8>DC 6G A6 >BEDGI6C8>6 9: JI> b A > O 6G A6H CDG B6 H FJ: H: 696EI:C 6 C J:HIG6 8 JAIJG6 E J:H 9: AD 8D CIG6G>D A DH G:H JA I69D H 9: A6 EGJ :76 CD H:GT6C 6 9:8J6 9DH E6G6 :A : HIJ9 >6C I:t 9:B QH H : 9:7: ID B6G : C 8J:CI6 FJ: :C A6 6 9 6EI68>VC =6 N FJ : B6CI:C:G A6 G:CD b K 68>VC 9 69DH AD H 86B7>DH : C :A QB7>I D 9 : >CI:G:H:H K D8 68>DC6A:H DG>:CI69DH = 68>6 :A 9: H: BE:UD A67DG6A 9:A B:G b 8 69 Dt D BD 9>8: !:GG6CH r ` %6 E G Q8I>86 9 : 6EA>86G A6H CD GB6H 9 : JC6/ 03 ;3<17== @ b B/<17 / 23 CB7:7H/@ :/A <=@;/A ?C 3 A3 /2/ >B3 < / C3A 23 := 1 =< b B@/@ 7= := A @ 3AC:B/2=A 23 :/ >@C 30/ <= A3@M/< /231 C/ b 2= A >/@/ 3: 3ABC2 7/ B/1 7O< 6/G ?C 3 ; /< b B3<3@ :/ 1=3 N= :/0=@/: 23: ;3@1/2= f %DH B>:B7GDH 9:A :E6GI6B:CID 9: (G>:CI68>VC :C :A 86BEJH 9: ,6CI>6G>6CD 9: 6I>HI6 "9:A>H: ,6O67:I= GVB:I6 &:G8:9:H 6GB:C HISK:O >D b K6CCN !:G:9>6 N :GI6 -6K6G:Ht %6H CD GB6H 9: JC :M6B:C EH> b 8DA V< >8D H: G:;>: G:C 6 A6 :?:8J8>VC ITE>86 G:6A> O6 96 :C :H: :M6B: C EDG A6 BJ:HIG6 9: :HI6 C96G>O68>VCt H b E:8T;>86B:CI: A6 CDGB6A>O68>VC 8DC H> HI : :C :A EGDB :9>D 6G>IBSI>8D D A6 B:9>6 N A6 9:HK>6 8>V C : HI QC9 6G 9:G>K69DH 9: A6 BJ:HIG6 9: :H b I6 C96G>O68>VC FJ: E:GB>I:C :;:8 b IJ 6G A6 8DC K: GH>VC 9: A6H EJ CIJ68>DC: H 7GJI6H D 9>G:8I6H 9: A6 E GJ:76 6 JC6 :H86 A6 9: EJCIJ6 b 8> DC:H 9: G>K696H 3 ):G8: CI>A:H :I8 t Et rtfrr" J69:GCD 9: ): 96< D< T6 C>K:GH>I6G>6 <3 @= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:HED7A68>VC 6 DIG6 E D7A68>VC 9>HI>CI6 :H ;G: 8J:CI: : C E6T H:H A6I>CD6B:G>86 CDH N 9:A 6G>7:a Et rt %6 CDGB 6A >O68>V C 9: 8J6AFJ>: G EGJ:76 EH>8DBSIG>86 9:7: H:G JC EGD8:HD FJ: > C8AJN : K6 G>6H ;6H:Ht 8DCI>b CJ68>VC !:GG 6CH r A6 H 9>H IG>7 JN: 9: :HI6 B6 C:G6 Z %6 :HI6C9 6G>O68> VC 9 :A :M6B: C 8DC b H>HI: :C A6 8DCH IGJ88>VC 9: A6 ;DGB6 ;>C6A 9:A B>HBD :M6B: C N :A 9:H6GGDAAD 9 : J C B 6C J6A 9: E GD8 :9 >B >:CIDH JC> b ;DGB: E6G6 69B>C>HIG6G N K6ADG6G ADH G: b HJAI69DH 9: :H: :M6B:Ct Z %6 H:A :88>V C 9: JC6 EGJ :76 G:EG: b H:CI6I>K6 9: A6 ED7A68>VC E6G6 A6 8J 6A H: 8DCHI GJN: :A :M6B: Ct Z % 6 6 9B>C>H IG68>VC 9:A :M6B:C 6 A6 BJ:HIG6 9: :HI6C9 6G>O68>VC A6 BJ : H b IG 6 G :E G: H:CI6I>K6 H>:C9D ADH EG D b 8:9> B> :CID H JC>;DG B:H :HI>EJA69DH :C :A B6CJ6A 9: >CHIGJ88>VC 9:A :M6B:Ct Z A :HI67A:8>B>:CID 9: A6H CD GB6H %6 9:G>K68>VC 9 :A EGDB:9>D 6G>IBSI>8D N A6 9:HK> 68>VC :H IQC 96G 9: AD H EJCI6?:H D7I:C>9 DH EDG A6 BJ: HIG6 9: :H b I6C96G>O68 >VC FJ: E:GB>I6 AJ:< D A6 8DCK:GH> VC 9: AD H EJ CI6?:H 7GJIDH 6 EJCI6? :H : HIQC 96Gt Z A EGD8:HD 9: 8DCK:GH>VC 9: ADH E JC b I6?:H 7 GJIDH IDI6A 9: A6H G:HEJ:HI6H 8DGG:8I 6H D 7I: C>9 6H EDG 8696 HJ?:ID :C : A : M6B :C 6 E JCI6?:H :H86A6t .C EJC b I6 ?: 7G JI D :C JC :M6B:C CD I> :C: H>< b C>;>869D 6 B :CDH FJ: H: A: 8DBE6G: 8DC 6 AI:G>D : HE:8T;>8Dt EEt rbr HI: EGD8:HD ;J: >C>8>69D ;DGB6AB:CI: 8DC :A "))b + :C :A E:GTD9D rbrb r E6G 6 G:;A :M>DC6G HD7 G: A6 H C: 8:H> b 9 6 9:H N EG> DG>969:H 9:A :E6GI6B:CID t ,: EG:I:C 9: ;>C6 A>O6G A6 CDGB6 A> O6 8>VC :C : A IG6CH8JGHD 9:A E:GTD9D 68 69SB>8D :C:GDbB6ND r t ) 6G6 8DBEG:C9:G A6H 86G68I:GTHI>8 6H F J : ;6K DG:8> :GDC A6 H: A: 88>VC 9:7:BDH = 68:G JC6 8DBE6G68>VC :CIG: 6B76H E GJ:76H EH>8DBSIG>86H $.+ : "))b + t %6 EGJ:76 $.+ ;J: 8G:696 E DG G:9:G>8 $J9:G FJ>:C >CIGD9J?D HJ E G>B:G G S8DG9 9: EG:;:G:C8>6H :C :A 6 UD f > BEA:B :CIQC9DH: :C :A E6 TH 6 E 6GI> G 9:A 6UD ft HI6 EGJ: 76 H: 6 EA>86 9: B6C :G6 >C9>K>9J 6A D 8DA:8I> K6 6 69DA:H8:C I:H N 6 9JAIDH A6 8J6A I>:C: J C6 9JG68>VC 6EGDM>B696 9: 6 B > CJIDH t %6 8DGG:88>V C 9: A6 EGJ:76 : HIQ 8DBEJI6G>O 696 E :GD HJ HD ;IL6G: : HIQ 9:H68I J6A>O69D N CD : H 8D BE6I>7A: 8 DC A6 B6 NDG T6 9: A6H EA6I6;DGB6H I:8 b C DAV<>86H 68IJ6A:Ht 9 :BQH : H 6 A< D I: b 9 >DHD E6G6 FJ>: C AD G:6A>O6t AA6 :K6A X6 f QG:6H A6H 8J6A:H HDC B:8QC>86 8 >:C IT; >8 6 E:GH J6H >K6 6GI THI >86 A>I :G6G>6 B JH>86A 69B>C>HIG6I>K6 H:GK>8>D HD8>6A 6 >G: A>7G: N 8QA8JADt C :A 6UD f >D96 +:N:H 9: (A> KD G : 6A>OV :C : HI6 .C>K :GH >969 A6 > CK:HI > b < 68>VC `'DGB6A>O68>VC 9:A -:HI 9: "C b I :G:H:H /D868>DC 6A:H $.+a A6 8J6A H : JI> A>O6 = DN :C 9 T6 :C BJ8=6H >CHI>IJ b 8 >DC:H :9J86I>K6H 9: CJ:HIGD E6THt %6H B 6IGT8JA6H H: JH 6GDC 6 E6GI>G 9: A DH 6 AJBCD H 9 :A 6UD f =6HI6 :A f > C8AJH>K: t A :HIJ 9>D H: :C8J:CIG6 :C A DH 6G8=>KDH 9:A :E6 GI6 B:C ID 9: ( G>:CI6 8>VC 9: A6 ).&& 9DC9: A6 B J:HIG6 H:A:88 >DC 69 6 G:E G:H:CI 6 ID 96H A 6H 86GG:G6H 9: A6 "CHI>IJ8>VC :C :H: :C b I DC8:Ht A B6CJ 6A E:GI:C:8: 6 A6 8DB b E 6UT6 9: K6AJ68>DC:H )H>8DAV <>86H >HISB>86H ),"t % 6 EGJ:76 EH >8D BSIG >86 H :A: 88>D C696 ))b + 8JN6 H H >;>86 C "CK: C b I 6G> D 9: "CI:G :H :H N )G:;:G:C8>6H )GD;: b H >DbC6A:H :H A6 /:GH>VC +:K>H696 :C :A 6 UD r ED G A6 B>HB6 6 JIDG6 9: A6 E GJ:7 6 &6GT 6 : A6 GJO %VE:O :C H b : 1=<13>B = 2 3 3A b B/<2/@7H/1 7O< 3A 2347<72= >=@
t J6 9:GC D 9: ) :96K:GH>I6G> 6 "r < 3@ = b C<7 = r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H

PAGE 15

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PAGE 16

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C3 3< 3:: /A A3 >@ 3A 3K: GH>I6G> 6 "r CDADB:C ?J GT9 >8D 9: "CI:GC:I ADH EG:HI6 b 9 D G: H 9: H:GK>8> DH N HJ GS <>B:C ?JGT9> 8D 6EA>867A: ADH EG>C8>E6A:H 8DCIG6IDH 9: 7 > :C:H >C;DGBQI> 8DH :A GS<>B:C 9: AD H CDB7G:H 9: 9DB>C>D 9: A6 EGDE>:969 >CI:A:8IJ6A :I8t t *L57 ;3 < 8C@M271 = 23 :/ >@=B311 7O< 23 2/ B=A G :/ A35C@72 /2 23 :/ 7< 4= @;/ 1 7O K68>969 D >CI>B>969 A6 EGDI:88>VC 9: 96IDH 8DBD JC 9:G:8=D ;JC96B:CI6A 6JIVCDBD >B EDGI6C8>6 9: A6 H:96 9 9: A6 >C;DGB 68 >VC EDATI>86H 9: 8G>E b ID7:G9:A>C8J:C 8>6 N HJH > B b EA>868>DC:H EGD8:H6A:H :I8t t *L57;3< 8C@M271= 23 :/ 47@;/ 2757 b B/ : G :/ 1 =< B@/B/17O < 3:31B@O<71/t )G>C b 8>E>DH <:C:G6A: H 9: A6 8DCIG6I68>VC :A:8IGVC>86 ;> GB 6 9><>I6A 8:GI>;>869DH N :CI>969:H 9: 8:GI>;> 868>VC E A6CI:6B >:CID 9: A6 EGD7A:BQI>86 ?JGT9>86 9:;:CH6 9:A 8DCHJB>9DG 6JIDGG:VC 8DCIG6b I68>VC :A:8IGVC>86 N 9:G: 8=D A67DG6A :I8t t 2;7 <7AB@ /17O< (P0:71/ G :/A ,!t %6 8DCI G6I 68 >VC E DG E 6GI: 9: A6 6 9B>C>H b IG68>VC 69B >C> HI G68>VC :A:8IGVC>86 EGD b 8:9 >B> :C ID 69B>C>HIG6I>KD :I8t DC :HI D :HI6GT 6 H>:C9D A6 ). && E>DC:G6 :C A6 +:EX7A>86 D B>C>86C6 :C A6 > CK:HI><68>VC :C :HI6 QG:6 9:A :G : b 8=D N 6 A6 K: O :H I6GT6 EG:E6G6C9D 6 ADH ;J IJG DH EGD;: H>D C6A:H 8DC B6NDG 86E68> b 96 9 E6G6 96G G:HEJ:HI6 6 ADH EG>C8>E6A :H N 68J8>6CI:H E GD7A:B6H FJ: 9:B 6C96C ADH CJ:KD H I>:BEDHt 'J:KDH I>:BEDH CJ:K DH EGD7A:B6H CJ:K6H G:H EJ:HI6H ]H I>:BED 9: >C b K:HI><6G < 3@= b "C<7= r N= &P;3@= 8DH 9:H9: A6H 68JAI69:H 34 3@3<17/A 0 70 :7= 5@K471/ADB>IS 9: &> C> HI GDH 9:A DCH:?D 9: J GD E6 f t ", *53,4+(*0E4 t f ( 259 9:(+59 30,3)859 8,2(:0<( ( 2( ,49,D(4@( 2( 04<,9:0 .( 0E 4 ? 2( -583( 0E4 ,4 3(:,80 ( +, 4-583 A:0*( ? ,8,*/5 >:8(C+5 ,2 n + ,4,85 +, tt +, /::6bb=== *5, 04: b$ bb ,.( 2' *5 56,8(:0 54 b(:('685:,*:054 DB>IS 9: &> C> HI GDH 9:A DCH:?D 9: J GD E6 fr t ", *53,4+(*0E4 n ( 259 9:(+59 0,3)859 8,2(:0<( ( 2( ,49,D(4@( 2( 04<,9:0 .( 0E 4 ? 2( -583( 0E4 ,4 3(:,80 ( +, ,8,*/5 ? 2(9 $,*4525 .C( 9 +, 2( 4 -583(*0E4 >:8(C+5 ,2 n +, ,4,8 5 +, tt +, /::6bb=== *5, 04: b$ bb ,.( 2' *5 56,8(:0 54 b(:('685:,*:054 6K6G6 +D9G THBD I: 8CD AV<>8Dt ",<09 :( +( :596, 8954(2, 958 +, 2( .,4*0( +, 85:,**0E4 +, (:59 +, 2( 53;40+ (+ + (+80+ ft M b IG6T9D :A 9T6 rf 9: :C :GD 9: r 9: =IIEn n96IDHE:GHDC 6A: HtDG < 6G7DC:AA& tr t D8>:969 9: A6 "C;DGB 68 >VC N 9:G:8=DH =JB6CD H 9: A6 8J6 GI 6 <:C:G68>VC JC 9:H 6;TD E6G 6 :A :G:8 =D DCHI>I J 8>D C6 At C &QGFJ:O +DB: GD +t 9 tt ,35 80( + ,2 54.8,95 4:,84(*054(2 +, ;2:;8 (9 ? # 09:,3(9 ;8C+0*5 9 536(8(+59 Et b b f 9: ;:7G:GD 9: r & SM> 8D .C>K:GH> b 969 '68>DC6A JI VCDB6 9: &SM> 8Dt =< 3AB = 3AB/@M/ A73<2= :/ (-%% >7 =<3@/ 3< :/ *3> P0:71/ =;7<7 1/< / 3 < :/ 7@3>/@/< 2= / :=A 4 C b BC@=A >@=43A 7=/ 172/ 2 >/@/ 2/@ @3 A>C3AB/ / :=A > @7<17>/:3A G /1C17/< B3A >@=0:3;/A ?C3 23;/ <2/< :=A =At 5 5

PAGE 17

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DGI6A:8 :G A6H D;:GI6H 9: A6 ).&& :C A6H QG:6H 9: 9 D8:C 8>6 >CK:H I><68>VC N H:GK>8>Dt M>HI:C 9>K:GHD H I>EDH 9: G: A68>DC:H 8D BD ADH 8DCK:C>DH 8DC D IG6H JC>K:GH> b 9 69:H E6G6 D;G: 8:G :HIJ9>DH 9: EDHI b < G69D D EDG :?:BEAD :A DCK:C>D &6<6AA6C: H FJ: EGDE>8 >6 A6 BDK>A >969 9: : HIJ 9>6CI:H :C IG: JGDE6 N BSG>86 %6I>C6 t %DH 6 8J:G9DH 8DBD SHIDH JC6 K: O 6 EGD7 69DH EDG A6 +:8IDGT6 H: :A6b 7DG6 C :C :HI6 / >8: GG:8IDGT6 N AJ:969 8DGG:HEDC9>:CI: E6G6 HJ :?:8J8>V Ct .C6 9: A6 H G :A68>DC:H >CI :G>CHI>IJ b 8> DC6A:H FJ: :HI6BDH EG>DG>O6C9D :H 8DC :A :CIGD "C I:GC 68>DC 6A E6G 6 A6 "C CDK 68> VC :C -:8CDADC>H b IG68>VC "-& t HI : DG<6C>HB D EA6C : 6 D;G:8:G EGDVC E:GB6C:CI: E6G6 ADH E6TH:H 9: A6 G:<>VC 8:G86C6 9: BSG>86 % 6I >C6 8DC A6 I>IJ A68>VC 9: +D8= :HI:G "CHI >IJI: -:8=C DAD@=>O A7B=A 3A 5 3AB7 =@=>= <3@ / :/ *31 B=@ M/ 3 < 1=:/ 0=@/17O< 1=< :/A .713@@31 B=@M/ A 1/2L;71/ G 23 (=AB5@/ 2= : /A @3:/17=<3A 7/ @/ 4=@B/:313@ : /A =43@ B/ A 23 :/ (-% % 3< : /A K@ 3/ A 23 2=13< 17/ 7< b D3 AB75/17O< G A3@D71 7=t J 69 :GCD 9: ):96K:GH>I6G>6 "r C>9D H N 9: A6 ).&&t !:BDH 8DC b H: 9D FJ : :A "-& H: K>C8JA: 8DC :A :GCD E6G6 96 G G:H EJ:HI6 6 C:8:H > b 9 69:H I:8 CDAV<>86H N 9: <:G:C8>6 :C :A B6G8D 9: A6 O68>VCt A :CIGD 9: MEDG I68>V C : "CK:G H>VC 9: A6 + :EX7 A> 86 DB>C>86C6 "b+ ;>C6C8>V IG6:G :M b E:GIDH 9:A +" E6G6 G:6A>O 6G JC 9>68D N EG:H:CI6G :H IG 6I: <>6 H E6G6 =68:G BQH 8DBE:I>I>K6H A6 H ODC6H ;G6C86 H 9:A E 6 THt D C :HI: ;>C H: 8DCH >:GDC H:H:CI6 B:9>6H 7: 86H 9: A6 ,:8G :I 6 GT6 9: HI 69D 9: 9J868>VC ,JE:G >DG >:C8>6 N -:8CDA DC>HIG68>VC 9: B6CJ;68 b IJG6H :C G:9:H :C I: A :8DBJC >868>DC :H N :C 69B >C> HIG68>V C 9: H:G K>8>DH t A 8DC b K: C>D E6G6 :HI6H 7:86H ;J: ;>GB69D EDG CJ:HI G6 .C>K:GH>969 N A6 ,N:A K>:GC:H ff 9: B6ND 9:A EG:H:CI: 6UDt (IGD EGDEVH >ID 9: A6 />8:GG:8IDGT6 :H H:GK>G 6 A6 H C:8:H >969:H 9: >CK:H I> b <68 >VC :M>HI:CI:H N ;JIJG6 H 9: A6 ).&&t HID H: AA:K6GQ 6 867D D;G: b 8>:C9D 6EDND 6 A6H E:GHDC6H D CI:G:H6 9DH 8 DCHIGJN:C9D A6H >C b ;G 6:HIGJ8IJG6H C:8:H6 G>6H 9:CIGD 9:A 8DC I:MI D 9: A6 >CK: HI ><68>V C N A6 >CCD b K68 >VC E6G 6 :A 9 :H6GG DAAD ;J C96 B:C IQC b 9DH : :C 6AIDH :HIQC96G:H SI>8DH N H>GK>:C9D 9: 86C6A E6 G6 A6 IG6CH;:G:C8>6 9:A 8D CD8>B>:CID 6HT 8 DBD E6G6 :A B6C:?D 9: A6 EGDE>:969 >CI:A:8IJ6At :E :C9 > :C 9D 9:A E GD N:8 ID A6H 9>B:C b H>D C:H 9: G:A68>DC:H >CI:G>CHI> IJ b 8>D C6A:H >CK:HI><68>VC : >CCDK68> V C EJ:9:C 6E6 G: 8:G >CI: DC:H 8DC A 6H >CH I>IJ 8>D C:H F J: H: 6 8 :G86C 6 A6 ).& & D K>8:K:GH6 H:6 9 : :9J868>VC HJE :G>DG D CD H: <:HI>D b C6C 6 I G6KSH 9: : HI6 >CHI6C8>6 t )DG :?:BEAD A6 BEG:H6 >HIG>7J>9DG6 9: A:8IG> 8> 969 9:A 'DGI: 9:CDGI: HDA>b 8>I V 6A :C IGD 9: HIJ 9>DH .G76CDH N + :<>DC6A:H .+ FJ: : H JCD 9: A DH :CIG DH FJ: 9:E :C 9:C 9: :HI6 />8:b GG: 8IDG T6 A6 G: 6A>O68>VC 9: JC :HIJ9>D HD7G: A6H B: ?DG :H KT6H E6 G6 68:G86GH: 6 A6H 8D BJC>969:H :C K>HI6H 9: B: ?D b G6G A 6 8 DBJC>868 >VC 8DC ADH JHJ6G>DH 9:A H:GK>8>D : AS8IG>8D :C K 6G>6 H 9>B :C b H>DC:H t C :A E6 TH :HI: I :B6 =6 :HI69D B6 G869 D E DG J C6 IG6N :8ID G>6 9: 9 :H 8D C;>6CO6 =68>6 A6 :BEG :H6 9: :A:8 b IG>8>969 t A .+ :HIQ >CK:HI><6C9D HD7G: A6H :HIG6I:<>6 H 9: 67DG 96?: HD8> 6A BQH 8DCK:C>:CI:Ht A IG676?D :HIQ I: b C>:C 9D SM>ID EJ:H :A 8DBEDC:CI: 9: A6 .C>K: GH> 969 6EDG I6 8G: 9>7> A> 969 :C A6H 8DBJC>969:Ht A8>DH 8DC b HJB>9DH 6=DG 6 :HIQC G:6A>O6C9D HJH E 6C K :HI><68>VC N 9:H6GGDAAD : HIQC >CI: =@ 3AB / .713@@31B= @M/ 1C/<2= 4C3 1 @ 3/2/ 3@/ 3:/ 0=@/@ C< >:/< / 1C/ B@= /N=A >/@/ :/ >@=;=17O< G :/ 3831C b 17O< 2 3 7/ At SCK:3A /117=<3A 23 3A B3 > :/< A3 6/< 1C;>:72= G ?CL A 3 3A BK 6/173<2= /1BC/ :;3/@/ ::3D/@ / 1 /0= : =A =083B7D=A >:/K:GH>969 =6 G : b IDB69D :A 86B>CD N6 G:8 DGG>9D :C G:A68>VC 6 A6 >C K:HI> < 68>VC 8DC A6 8J6A = 6 IG6I 69D 9: B6CI:C:GH: H>:BEG: K>C b 8JA696t E:H6G 9: A6H 9>;>8JAI69 :H FJ: < 3@= b "C<7= r N= &P;3@= )6HDH N =J:AA6H'B@= >@=>O A7B= 23 : / .713b @@ 31B=@M/ 3A A3@D7@ / :/A <313A72/23 A 23 7< D3AB75/ b 17=<3A 3F7AB3
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A6H >CHI>I J8 >DC:H 9: A DH E 6TH: H :C 9: b H6 GGDAA D :C ;G :CI6 C E6 G6 HJHI:CI6G :H b IGJ8IJG6H 9: >CK:HI><6 8> VC A6 ) && =6 IG6I 69D 9: B6CI:C:G K>K6 A6 9>B:C b H>VC 9: A6 >C K: HI><68>VCt C f H: 8G :V :A : CIGD 9: "CK:HI><68>DC:H : A 8J 6A IG676 ?V E DG BQH 9: JC6 9S8696 8D C A>C:6B>: CIDH E6G:8 >9DH 6 ADH 9: :HI6 /> 8:G G:8IDGT6 :C :A QG:6 9: >CK:H b I> <68>VCt %J :H>H B6 8GD:8D CV B>86 9: ADH 6UDH 9:b H>96a :C BSG>86 %6 I>C 6 FJ:96 GDC 6AK:GH>969 EJ9D H: G 6EDN 6C 9Dt A .+ N ADH 68 b IJ6A:H EGDN: 8IDH 9: :CH:U6CO6 9: A6 A:C86 -N HDC 6A6H 9: :H6 SED86t :C IGD 9: A6H 688>DC: H : ?: 8J I6 96H : HI Q A6 8D C;DGB68>VC 9 : JC DCH:?D 9: "C b K: HI><68>VC >C I: G: 8 b IDG:H 9: ADH 9 >;:G:CI:H 8:CIGDH N EG DN:8I DH 6H> 8DBD 9:86CDH NnD G:EG: b H:CI6 CI:H 9: A6H ;68JAI69:H 9: CJ:HI G6 .C>K:GH> 969t %6 H ;6H:H 9: :?:8J8>VC 9:A E A6C H: = 6C 8DC8:7>9D 9: A6 H>b : CI: B6C:G6 C A6 >@7 ;3@/ 4 /A3 H: 8G:V A6 :HIGJ8 b IJG 6 9: < :H I>VC FJ: :H : HI6 />8: GG:8 b IDGT6t HI6B DH IG676?6C9D :C A 6 CDGB6I> K6 FJ: G: C K:HI>< 68>VC :C A6 ).&& N :C :A :HI67A:8>B>:CID 9: E G> DG> 969:H I:BQI>86H 6 8DG ID EA6OD A6H 8J6A:H 6 76G86C :8 DCDBT6 : 9J b 868 >VC H6AJ9 6B7>:CI: :C:GK6H K6ADG:H :BEG:C9>B>:CID J69:GCD 9: ): 96< D< T6 C>K:GH>I6G>6 f C :HE6UDA A6 IG69J88>VC 9: :HI6H H>6 E6G6 A6 6E68>I68>VC 9: &6:HIGDH EG:C9>O6?: ;:8I>KD 9: A6 &6I:BQI>86 N DCHDG8>D 9: K6AJ68>VC : "CK:HI><68>VC 9J86I>K6 G:HE:8I> b K6B:CI:tE DAT I>86 N I: 8C DADDC:H FJ: H: :HIQC 9 :;>C>:C9D HD C A 6 K>C 8J b A6 8>VC 9 : A6 8DBJC>969 J C>K: GH>I6G>6 6 A D H 8:CIGDH 9 : > CK:HI>< 68>V C :M>HI:CI: H N A DH :HFJ:B 6H 9: ;>C6C8>6 B>:CID 9: A 6 >CK: HI ><68 > V C : >CCDK68> VCt 6B7>SC :HI6 BD H 9 6C9D >BEDGI6C8>6 6 A6 86E6b 8>I6 8>VC E6G6 :A6 7DG6G EGDEJ:HI6H 6 DG b < 6C>HBDH >CI:G C68>DC6A:H N 6 A6H : H IG6I :< >6H 9: D 7I:C8>VC 9: >C;DGB6 b 8>VC N G: 8JGHD Ht C :A 86HD 9: A6 />8:b G G: 8I DG T6 9: )DH ISC JC 6 .C>969 9: G: 8>:CI: 8G:68>VC 8DC b I:BEA6BDH IG676?6G :C 8DDG9 >C68>VC 8DC :AA6 6 E6GI>G 9: A6H EDATI>86H 9: >C b K:HI><68>VC :C A6H FJ: N6 =6C :HI69D IG6 76?6C 9Dt C A6 A35C<2/ 4/A3 H: EG>DG>O V A6 8G:68>V C 9: JC6 JC>969 9 : :HI>VC 9: A6 "CK:HI> <6 8>VC t JH86BDH ;DGI6A:8: G A6 >CK :HI ><68>VC K> C8 JA696 6A 8JGGT8JAD EDG A D 8J6A 9JG 6CI: :A B:H 9: ?JC>D CDH G:JC >G:B DH 8 DC A6H 68JAI69:H N ADH :E 6GI6B:CIDH E6 G6 =68:G JC 6CQA>H>H 9: A6H DGI6A :O6H (EDGIJC>969:H 9 : b 7>A>9 6 9:H N B:C6O6H ( 8D C A6H JC >9 69:H K>C8JA696 H 6 A6 >CK:HI>< 68>VCt : B6C:G6 E6GI>8JA6G H: =6C 68:G869 D 6 :HI6 />8:GG :8IDGT6 9>G:8IDG:H 9: 86b GG:G6 6 ADH 8J 6A: H =:B DH 8 DB:C O69D 6 6E DN6 G :C A6H C:8:H>969:H :HE:8T;>86H 9: HJ :E6GI6B:CID G:A68>DC696 H 8DC A6 >C K: HI><68>V Ct (IG6 9: A 6H B:I6H :H :A ;DGI6A:8>B>:CID 9 : ADH 8:C IG DH 9: >CK:HI><6 8>VC :M>H b I:CI :Ht *J:G :BD H 9 :I:GB>C6G 8JQA:H HDC A 6H B:?D G: H :HIG6I:<>6H E6G6 H J <3 @= b "C<7= r N= &P;3@= )6HDH N =J:AA6H >3 A/@ 23 :/A 27471 C:B /23 A ? C3 :/A 7 /MA3 A 3< 23A /@@=::= 3< b 4 @3/@/ A CAB3 =@ ;KA 23 C/@3172= A / : =A 23 3AB/ .713@@3 1B =@M / 3< 3 : K@3/ 2 3 7K:GH>I6G>6 "f HDHI:C>7 >A>969 9: B6C:G6 FJ: I:C< 6 C JC6 E:GB6C:C8>6 <6G6CI>O696 6HT 8DBD A6 HD8>6A>O 68>VC E:GB6C:C I: 9 : HJ H A67DG:Ht JH86B DH 69:BQH 8G:6G ;D C 9 DH 8DC8JGH67 A:H E6G6 >CK:HI><68>VC : C A6H QG: 6H E G>DG>I6G>6H 6ED GI6C 9D `; DC b 9 DH H:B >AA6a E6G 6 A6 8G:68 >VC 9: CX8A:DH 9: >CK:HI><68 >V C 9: :HE:8 >6A>HI6 H EG D b BDK>:C9D A6H E J7A>868>DC:H N D;G: b 8>:C9D H:GK>8>DH 9: ;DGB68>VC N 6EDN D B:ID9DAV<>8D t C A6 B3@13@/ 4/A3 CDH EG DE D C:BDH :A 9 :H 6GGDAAD 9: AD H E GD6H 9: >CK:HI><68> VCt .C6 K:O G :8 D<> b 9 DH ADH 9>68DH 9: A6H ;6H:H f N r H: :A67 DG6GQ J C EGDCK:HI> b < 68> V C FJ: H: AA:K6 GT6 6 86 7D :C ADH I G:H 6UD H H >:CI: Ht A B>HBD >C8AJ>GQ JC E A6C 9: IG676?D :A EG:HJEJ:HID :A EA6C 9 : BDC>IDG :D N A6 :K6AJ68>VC 8DCI>CJ6 9: ADH EGDCK:HI> b < 68>VC 9: >CI:G SH E6 G6 A 6 C>K: GH>9 69 :H K>I6A E6G6 :HI6 ;6H:t t S)CL >=:MB 71/A 23 274CA7O< 3 ABK ::3D/<2= / 1 /0= 3AB/ .7 13@@31B=@M/ > /@/ 2/@ / 1=<=13@ := ?C3 6/13 ,: :HIQC 9> H:U6C9D 7G D8= JG: H N E Q<> b C6H :A:8IGVC>86H 9: A6 />8:GG:8IDGT6 N 9: A DH 8:C IGDH 9: >CK:HI><68>VC E6G6 EDb C : GA 6H :C :A EDG I6A :A:8IGVC>8D 9: A6 .C> b K: GH>969 EJ:H =6N BJ8=6 >C;DGB68> VC F J : CD AA:<6 6 ID9DH A DH H :8 ID G:H >C I:G: b H6 9DHt -:C :BDH E 6JI6 96H G:JC>DC:H :C A6H ;68 JAI69 :H N ADH 8:CIG DH :C ?JC>D 9 : r N A 6 G:6A>O68>VC 9: J C ;DGD :C : H: B>HBD B: H E6 G6 9>;JC9>G :A IG676?D 68 b IJ6A 9: A DH 8 :CIGDH N 9:E6G I6B: CIDHt HI DH ;DGDH H:GQC DG<6C>O69DH 8DC E: b G>D9> 8>969 E J:H H67:BDH FJ: BJ8= DH 9: A DH >C I:< G6CI:H 9: A6 8DBJC>969 JC> b K:GH>I6G>6 9:H 8DCD8:C :A I G676?D FJ: H: 9 :H 6G GD AA6 :C 8696 JCD 9: :AADHt !:BD H :HI69D JI>A>O 6C 9D : A 8D GG:D :A :8I GV C>8D 9: A6 C>K:G H>969 E6G6 6CJC8>6G A 6H 8DCK D86 IDG>6H 6 ;DC9DH 9: >CK :HI> b <68>VC I6 A:H 8DB D A 6H 9:A DC9D GJ<6A E6G6 A6 9J8 6 8>VC N A6 "CK: HI> b < 68>VC 9:A DC9D E6G6 :A DB:CID 9: A 6 CK:HI><68 >VC 8DCVB>86 N ,D8>6A A DH DC9DH E6G6 :A :H6G GDAAD "CHI >IJ8>DC6A 9: A6 ,D8>:969 >K>A D b B>C> 86C6 (',"' N :A DC9D '6 b 8>D C6A 9: "CCDK 68>VC N :H6GGDAAD >:C I T;>8D N :8CDAV<>8D 9: A6 ,N -t *J:G:BDH AA:<6G 9>G:8I 6 b B:CI: 6A EGD;:HDG69D N 6 ADH :HI Jb 9>6CI: H :C ADH 8 6HDH FJ: 6EA>FJ:t %6 EJ7A >868 >VC 9: JC6 G:K>HI6 8DBD V G<6CD 9: 9>;J H>VC H: =6GQ >Bb E G:H8>C9>7 A: E6G6 :A ADKDt t SO;= C< >@ =43A=@ 23 :/ (-%% > C323 >@ 3A3@=G31 B= 23 7CK :HI><6 8>VCt HI6 b BDH :A67DG6 C9D JC EGDID8DAD E6G6 :AADt QH>86 B:CI: :A EGD;:HDG 9:7: :H8G>7>G J C6 EGDEJ:HI6 H:C8>AA6 N EG:H:CI6GA6 6 A 6 > G:88>VC 9: HJ :E6 GI6B:C IDt ,> H: 8DCH>9:G6 69:8J6 96 H: :A:K6 6 A6 6b 8JAI 69 N H: EG:H:C I6 6 A DCH:?D 9: "C b K:HI><68 >VC E 6G6 HJ 6 EGD768>VC ;>C6At H I6BDH BDI>K6C9D :HE:8>6AB:CI: A6 E 6GI> 8>E68>VC :C ADH 8DC8JGHDH 9: < 3@= b "C<7= r N= &P;3@= )6HDH N =J:AA6H< :/ B3@13@/ 4/A3 <=A >@= b >=<3;=A 3: 23A/@ @=::= 23 := A > @=5@/;/A G 3AB@/B357/A 23 7@=5@/;/ 23 7
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> CK:HI>< 68>VC E6G6 EG DB DK: G E GD N:8 IDH 6 J ID b;> C6C8>67A:Ht C A6 68JAI69 9: "C<:C>:GT6 :HI QC >C b I :G:H6 9DH :C A6 8G:68>VC 9: JC "CHI >IJ ID 9 : "CK:HI>< 68>V C 9: &6I:G>6A:H "' b & :A 8J6A IG676?6GT6 :C A6 8:G b I >; >86 8> VC 9: A6 86A>969 9: EGD9J8IDHt 6B7>SC :HI6 68JAI69 :HIQ >CKDA J b 8 G 696 8DC :A Q G:6 EG>D G>I6G>6 9: : C :GK6H N :C A6 68JAI69 9 : >:C8>6H ,D8> 6A:H N 9B>C>HIG6 I>K6H : A G:6 9: ':DH I>:C: >C I:GSH :C 6 7G>G JC 8: CIGD 9: >CK:HI><68>VC FJ: 6 7 6GFJ: 9>;:G:CI:H DE8>DC:H 9: >CK:H b I >< 68 >VCt 26 =6C >C>8>69 D :A ) GD N: 8 I D A D76A CIG:EG:C:JGH= >E &DC>IDG & : A 8J6 A :H A>9:G69D ED G % DC9DC J H>C:HH ,8=DD A 9: "C KD :H >CK:HI>< 6G A6H EGQ8I>86H :B b E G:C 9:9DG 6H : C :A E6TH N 6 C>K:A B JC 9>6A t t S)CL B7>=A 23 ;31/<7A;=A 23 ; =B7D/17O< G 23 4=@;/17O< 3ABK< > : /<7471/2=A >/@/ ?C3 :=A 2=13@=G31B=A 23 7<<= b D / 17O< 3 7K 6 9: > CK :HI> b < 6 8>V C : HI6 BDH 8DCHJ AI6C9D AD FJ: H: = 6 8: :C DIG6H JC>K :G H>96 9:Ht DCH>9:b G 6 BDH FJ : A6 >CK:HI><68>VC 9:7: I:C:G J C 6 G:8DBE:CH6 : 8DC VB>86 9: 9:G: b 8 =D 9: 6JIDG 6 9:BQH 9: A6 H 6I> H;688 >VC E GD ;:H>D C6 A N E :GHDC6 A FJ: H: G:8>7: 6A E 6GI>8>E6G :C >CK :HI><68>DC:Ht *J:G: b B DH B DI>K6 G A6 E 6GI>8>E68>VC 6 IG6KSH 9 : 8DC8J GHD H 9 :HI>C6G E6GI: 9: A6 8 6G<6 6869SB>86 6 A6 >CK:HI><6 8>V C Nr" J69:GCD 9: ): 96< D< T6 C>K:GH>I6G>6 D;G:8:G ;D GB68 >VC N 6EDND B:ID9 DAV<>8Dt -D9D :HID H: G:6A>O6GQ :C 8DD G9> C68>VC 8DC A6H >C HI6C8>6H JC>K:G b H>I6 G>6H E:G I>C:CI:Ht t S)CL A3 3 =@ 7<<=D/17O< 23 A23 3 AB/ -<72/2 H JC I SGB >C D F J: H: :HIQ JH6C9D BJ8= D 9 :CIGD 9:A 8DC I:MID 9: A6 O68>VC t ,: 6HJB: 8DBD A6 G: HEJ:HI6 6 ADH 8 6B7>D H 8 D C I>CJDH FJ: CDH EG : b H:C I6 CJ:HIG D BJC9D 9: =DN 8696 9T6 :C;G:CI 6B DH CJ :KDH G:ID H 6 ADH FJ: HVAD ED9: BDH 96G G: HEJ:HI6H B:9>6CI : >CCDK68 >DC:H :C ADH E GD8:HDH :C ADH EGD9J 8IDH N :C ADH H: GK>8>DHt C HI6 b 9DH .C>9D H EJ: 9:C 8DCH>9:G6G JC6 B6:HIGT6 : HE: 8T; >86 8DBD >CCDK68 >VCt )D G :?:BEAD =68: ED8DH 9T6H 6H>HI>BDH 6 A6 E G:H:CI68 >VC 9:A IG676?D ;>C6A 9: JCDH :HIJ9>6CI:H 9: A6 6GG:G 6 9: "C b <:C >:GT 6 A:8 I G DB:8QC>86 HD7G: EGD b 9J88>VC 9: 7>D9 >:H:A 8DC 68:>I: 9: 8D8 >C6 FJ:B 69D :A FJ: HD7G6 9:HEJSH 9: 8D8>C6 Gt % DH :HIJ9>6CI:H =>8>: G DC ;J C 8>D C6G JC BDIDG 9:BDHIG6C9D ID9D :A EGD8:HDt JC FJ: ID96KT6 :HI6B DH :C JC6 ;6H: 9: DG<6C>O68>VC E:G8>7>BDH FJ: :C A6 .C>K :GH>9 69 =6 =67>9D BJN 7J:C6 68D <>96 6 A6 >9 :6 9:A ;DGI6A:8>B>:CID 9: A6 >CK:HI ><68> VC EJ:H I:C:BDH BJ8=DH EGD; : HD G:H 8DC >9:6H >CI:G: H6CI:H EG: b H:C I6 C9D EGDEJ: HI6Ht %6 :;:G K:H8:C8>6 8D C A6 >CK:H I><68>V C G:;A:?6 A6 7XHFJ:96 9: G:HEJ :HI6H 6 I6CIDH G:IDH FJ: I:b C:BDH 8DBD E6THt HD :H AD FJ: FJ:b G:BD H 6EDN6G AD 8J6A I6B7 >SC >BEA>86 JC @ =4 3 b A=@ 7< B3@3A /2= 3< :/ >@= 2C117O< 2 3 07= 273A3: / >/ @B7@ 23 : / 7 5C3@3 B/ t A B= G/ A3 6 / 63 16= 3< 3: >/MA >3@= 6/G C:/@=2 C172/ 3< @/A7: ?C3 2/ ;38=@3A @3 b AC:B /2= At : >@ =43A=@ 3ABK >@3A3@=G31B= /: =< 2= @C5 /: >/@/ :/ 2 C b 1/1 7O< G :/ !< D3AB7 5/ 17OK :GH>I6G>6 )GDK:C>:CI: 9:A QG :6 9: A 6 >CK:H I><68>VC HD8> 6A +69=6BS H &: ?T6 >C>8>V HJ IG6N:8IDG>6 :C A6 )DC I>;>8 >6 .C>K :GH> 969 6IVA>86 &69G: N &6 :HIG6 ). && :C ft HJB>V A6 6E:GIJG6 9:A +:8>CID ,6CID -DBQH 9: F J>CD :C f f 9:HEJSH 9 : 9:H: BE:U6 G : C :A 6BEJH 9: ,6CI >68>DC:H 9: >G:8IDG 9: A :E6 GI6 B:CID 9: >:C 8>6H D8>6A :H EG>B:G >G:8IDG 9:A :CIGD 9: "CK:HI><6 b 8>DC :H N />8:GG:8IDG 869SB>8D 9:H9: :A f =6HI6 HJ >96 6 ,6CID DB>C
V 8DBD />8: GG :8IDG ?:8 JI>KD =6HI6 :A 6UD r t H B>:B7GD 9: CJ b B:GDH 6H DG< 6C>O68>DC:H >CI:GC6 b 8>DC6A:H G:A68>DC696H 6 9J868>VC ,J E:G>DG H>: C9D 8DC9 :8DG 69D E DG :A :GCD ;G6C 8S H 8DC A6H )6AB6H 8 69S B>86H N EDG : A )6E6 #J6C )67AD " 8DC A6 (G9:C 9: ,6C ,>AK:HIG:t +:8>:C b I:B :CI: A6 .C> K:GH> 969 9: A6 H CI >AA 6H N JN6 C6 A: DIDGH 6JH6t H :A ;JC969DG N >G:8IDG 9:A !.&'( EDG 8JN6 A67DG >C b K:H I><6 I>K6 :A ;( +,845 +, !,+(.5.C( %40<,8 90:(80( AD :CIG:K>HI6 E6G6 :HI: CXB:GDt ft S (=@ ?CL :/ (-%% 231723 4=@;/@ 3A B3 1 3 G:I DB6 BDH A6 => HIDG>6 9: A6 ).&& SHI6 C68: 8DC ED86H 86G G: G6 H JC 6 9: :AA6H :H A6 9J868> V C t ,>:C9D A6 K6b ADG68 >VC FJ: A6 "6 =68: 9: A6 :9J b 8 68>VC 8DBD :A:B:CID ;JC96B:CI 6A 9:A 9:H6GGDAAD C 68>DC6A A6 H JC>K: GH>969:H 86IVA>86H H>:B EG: I>:C:C 8DB D JCD 9: HJ H D7 ?:I>KDH 8DC IG>7J> G 6A B:?DG6 B>:CID 9: A DH H>HI:B6 H :9J86I>KDH :C ADH FJ: H: :C 8J:CIG6C t A HJG< >B>:CID 9:A "!.&'( :H 8D=:G :CI: 8DC :HI6 IG6N:8IDG>6t HIQ BDI>K69D EDG :A 8DCK:C8>B>:CID 9: F J: :A 9>H8 JGHD :9 J8 6I>KD :H BJ8=D BQH 8DBEA :?D 9: AD FJ: H: E>:CH6t )6G6 ED9:G 96G G:HEJ:HI6 6 ADH 9:H6;TDH FJ: SHI: EA6CI:6 H: G:FJ>:G: JC 8DCD8 >B >:C ID 6 ;DC9D 9: ADH ;68IDG:H >C b KD AJ8G69DH 9 :H9 : AD FJ: D8JGG: :C :A 6JA6 =6 HI6 A6 <:HI>VC 9: ID9D :A H>H b I:B6 N HJ EGDN:88>VC 6A ;JIJGDt .C6 >C b K:HI ><68> VC E: GB6C:CI: 9: :H6H 9>B: CH>DC :H H: = 68: >BEG:H8>C 9>7A : N H>C :B 76G b H>DC :H H: IDB6C 8DC : H86HD JHD 9: ADH G: HJ AI69DH 9: :HIJ9>DH =:8=DH 8DC G> 6 HD A:B DH :C 8DCIG6G 6JH:C8> 6 9: 96 IDH 7>:C ;JC96B:C I69DH D A6 :?:8J8>VC 9: EDATI>86H H >C :K6 AJ6G :A 8DCI:MID EG:K>Dt C :A "!.&'( EDG I6CID 7JH b 86BDH :CG>FJ:8:G :A 9:76I : C68>DC6A HD7G: ADH EG D7A:B6 H : 9J86I >KDH 6EDG b I6 C 9 D G:HJAI69 DH 9: >CK :HI>< 68>DC: H =: b 8=6H 8DC 86 A>969 8>:CIT;>86 E6G6 8DCIG >7J> G 6 HT 6A EA6CI: 6B>:CID 9: HDAJ b 8>DC: H E:G I>C:CI:H 6 CJ:HIG6 G:6A>969t <3@= b "C<7= r N= &P;3@= )6HDH N =J:AA6HW: 1=< =17;7332 /5 O5 71= <= 3A /:5= ?C3 A 3 /> @3<2 3 1C@A/<2= 3A BC27=A 2= b 13 @3<23 / A3@ ;/3AB@= 3A :/ 3A1 C3:/ 3: /C :/X t */26/;LA %38M/ < B@3D7AB/ / */26/;LA %38M/. 713b @ @31B= @ / 1/@5= 23: 3
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C 8J6CID 6A IS GB>CD `9:H6G GDAAD =J b B6CDa F J: 6E 6G :8: :C CDB7G: 9:A :CI GD H: 6HJB: A6 68: E8>VC JI>A>O69 6 EDG A6H '68>DC: H .C>96H N 9: A6 K>H>V C 9: A B> HB D FJ: =6 9:H6GGDAA69D B6 GI N6 ,: C : 8DCDB>HI6 N ;>AVHD;D => C9X )G:B >D 'D7:A 9: 8D CDBT6 :C ft ,:H>VC :A 9:H6GGDAA D =JB6CD H: EGD9J8: :C A6 B:9>96 FJ: :A =DB7G: 6BEA>6 HJH A>7:GI 69:H N DEDG b IJC>9 69:H H>:C 9D A6 :9J868>VC JC6 9: A6 H K T6 H EG>C8>E6 A: H E6G6 :HIDt :H9: :A "!.& '( H: 6HJB: :HI: 9D7A: 8D BEGDB>HD IG6 I6G 9: 8DCIG>7J>G 6A 9: b H6G GDAAD =J B6CD 6 IG6KSH 9: A6 :9J b 868> VCt 9J868>VC N 9 :H6 GG DAAD =J B6 CD HDC CJ:HIGDH :?:H 9: IG676?D A6 KT6 E6G6 A A: <6 G 6 :AADH :H A6 >CK:HI><68>VCt rt S ABK < 3AB/0: 3172/A :/ A >3@A>31 b B7D/ A 23A23 2=<23 B@/B/@ :/ 32C b 1/17 O< .CD 9 : ADH 9 S;>8 >IH FJ: I>:C: :A FJ : b =68:G :9J86I> KD :C CJ : H IGD E6 TH :H F J: CD = :BDH AA: <69D 6 9:H6GGDAA6G C K:HI><68>VC FJ: 9: B6C:G 6 E:G b B6C:CI: IG6I:C 9: 8DCHIGJ>G 8DCD8> B>: CID :C G:A68> VC 6 J C I :B6 :H b E:8T; >8Dt A 6CQA>H>H 9: A 9:H6 GG DAAD 9: A6 >CK:HI ><6 8>VC HD7G: :9J868>VC :C DIGD H E6T H:H BJ:HIG6 FJ: :A B>HBD H: =6 ADCK:HI><68>VC FJ: I>:C:C 8D C I> CJ>969 :C AD H I:B6H N E:GB6 C:C b 8>6 :C :A I>:BED t 6N CK:H b I><68>VC FJ: H: E6H6C ID96 JC6 K>96 :HIJ9 >6C9D JC 6 9 :I:G B>C696 QG:6 9: A 6 G: 6A>969 : 9J86I>K6 AD 8J6A =68: FJ: :A 8DCD8> B> :CI D FJ: H: 8DCHIGJN6 HD7G : :HI: I:B 6 H:6 68 JBJA6I>KDt C CJ:HIGD E6 TH I:C:B DH A6 I:C9:C8>6 9: =68:G J 69:GCD 9: ):96 K:GH>I6G >6 BJ 8=6H E:FJ :U6H >CK:HI><68>DC:H HD7 G: I :B6 H BJN 9>K:GHDH H>C 68JBJ b A 68>V C 9: 8DCD 8>B>:CIDHt ,: E>:CH6 FJ : : H ID :H 7 J: CD E:GD ND 8G: D FJ: CDt )6G 6 :A67D G6G JC 8J:GED 9: 8DC D8>B>: CIDH HD7G: JC I: B6 H: C:8: b H>I6 JC6 A67D G E:GB6C:CI: N SHI6 :H A6 6 HE >G 68>VC 9:A :CIGDt *J:G:BD H 8 DCHIG J> G JC CX8A:D 9: >C K: HI> <6 8>VC :H b E: 8>6A>O69D :C :A I:B6 :9J86I>KD t HI 6BDH IG 67 6?6C9D :C B@3A :M<3/A 2347<72/A t .C6 9: :AA6H :H :A 6HE:8I D 9 : 8CD3 D 9:A I GQCH>ID 9:H9 : A6 :I 6E 6 ? J b K:C >A =6HI6 A6 >CI:VC 6A BJC9 D 9:A IG676?D B:9>69D EDG :A E GD8 :H D : 9J86 b I>KD 8DCHI>IJN: JC :?: ;JC96B:CI6At %6 >C 8D GE DG68>VC 6 JC :BEA:D :HIQ :C ;JC b 8 >VC 9:A 9: H6GGD AA D =JB6CD FJ: :A ?DK:C 69 FJ >:G: 6 IG6KSH 9: A6H DEDGIJC>969:H 9 : :9J868>VC F J: =6 I:C>9Dt )GD;JC b 9 >O6 G :C : H: E GD 8:HD I6C 8G TI>8D I>:C: >BEA>868>DC: H E6G6 A6H EDATI>86H EX7A> b 86H : C :9J868>VCt 8676BDH 9: I:GB> b C6 G A6 EG>B:G6 C8J:HI6 '68>DC6A 9: A6 #JK:CIJ9 N FJ: G:BDH = 68:G JC :HIJ9>D H>B>A6G HD7 G: :A B>HBD EGD8: HD :C 6>IT EJ:H 8696 K :O =6N BQH : HIJb 9 >6CI:H =6>I>6C DH :HI J9>6C9D :C A6 +:E X7A> 86 DB>C>86C6t C6 H :D 676 G86 A D H 3A B7:= A 23 />@3< 27H/8 3 2 3: 3ABCb 2 7/ C68>VC 8D C A6 .C>K:GH> b 9 69 9 : % 6 DGJU6t DCH>9:G6BDH C :8:H6G>D >CK :HI><6G HD7G: AD FJ: D8J GG : : C :A 6JA6 9:H9: A6 EDH>8>VC 9:A :HIJ9>6CI : t -:B6H I6A: H 8D BD AD H ;68 b I DG: H FJ: >C;AJN :C :C :A 6EG:C9>O6?: N :C :A G :C9>B>:CID D EDG :?:BEAD 8VBD JC :HIJ 9>6CI: H: DG<6C>O6 E6G6 6 EG:C b <3@= b "C<7= r N= &P;3@= )6HDH N =J:AA6H3A23 3: -%& A3 /AC ;3 3AB3 2=0 :3 1=;>@= b ;7A = B@/B/@ 23 1=/@/ : :35/@ / 3 ::=A 3A :/ 7K:GH>I6G>6 9 :Gt %6 I:G8:G6 ATC: 6 9 : >CK:HI><68>VC :HIQ ;DGB696 EDG A6 53AB7O< 732/5O571/t C A6 EG>B:G6 :HI6 BDH : H IJ9>6C9D ID9D AD G:A6I>KD 6 A6 <:HI> VC 9: JC 8:CIG D :9J86I>KD 9:H9: A 6 E:GHE :8I >K6 9:A 9>G:8 IDG N ADH 9:BQH 68 b IDG:Ht C A6 H:KD 6 A EGD;: HDG69Dt DCD b 8:BDH ED8 D HD 7G: 8JQA:H HDC ADH B :8 6C>HBDH 9: G:8AJI6B>:CID N 9: G: b I :C8 >V C 9:A 9D8:CI: AD F J: S HI: E>: CH6 A D F J: =68: :C :A 6 JA6t )6G6 :HIDH :HIJ b 9 >DH 8DCI6BDH 8DC 6EDND 9: :ME:GIDH : M IG6C?:GDH 8DC 6BEA>6 :ME:G >:C8>6 :C : H I6H QG:6 Ht :BDH AA:<69D 6 JC 68J:G9D 8DC A6 H D8>68 >VC DB>C>86C6 9: )GD;:HDG:H ) E6G 6 8DA67DG6G 8D C CDHD IGDH :C BJ8=DH 9: :H IDH :HIJ9> DH N :C DIGDH F J: HDC 9: >CI:GSH 9:A Dt +: 8>:C b I :B:CI: I JK> BD H JC :C8J:CIGD 8DC BQH 9 : r B6:HIGDH 6C6A>O6C9D A6H 8DC9> b 8>D C:H E6G6 JC6 7J:C6 :CH:U6CO6t G:D FJ: 8DC :HID :A :CIGD I>: C: HJ;> b 8>:CI: E6G6 IG676?6G EDG BJ8=D I>:BEDt t < ACA =083B7D=A 3: 3@= >C3AB/ A 2 3 >=:M B71/A >P0:71/At SO;= A3 3 ABK< 53<3@ /<2= = A3 D/< / 53<3@ /@ 3 AB/A >@ =>C3AB/A / B@/DLA 23 >C0:7 b 1/1 7=<3A G A3;7=:MB71/A G:D FJ: =6N F J: JI>A>O6G ID9DH ADH B: 9>DH FJ : : HI SC 6 9>HED H>8>VC E6G6 AD b CK:HI><6 b 8 >DC:H I:C< 6C >BE68I D :C A6H EDA TI> 86H E X7A>86H :C :9J868>VCt ,: =6C DG<6C> b O69D I6A A:G:H HD7G : A6H CJ:K6H I:C9 :C b 8>6 H :C > CK:HI><68>VC :9J86I>K6 E6G6 FJ: C DH 8DC:8 I:BDH JC ED8D 8DC AD FJ: :HIQ D8J GG >:C9D :C :A G:HID 9:A BJC9Dt !68: 9DH 6UDH H: =>OD JC 8D C b < G:HD HD7G: : 9J868>VC O68>VC N 9:H6 GGD AAD =JB6CD :A 8J6A EGD 9J?D A6 E J7A>868>VC 9: JC A>7GDt (;G:8:BDH 6 A6 8DB JC>969 JC 8>8AD E:GB6C:CI: 9: 9 : b 76I: H 8 DA67 DG6BDH 8DC :A DGD ,D b 8>D :9J86I>KD N 8DC :BEG:H6G>D H IG6I6C9D 9: F J: S HIDH 6HJB 6C J C E6E:A > BEDGI6C I: :C A6 9:;:CH6 9: A6 :9J b 868>VCt D7G: :A 6HE:8ID 9: A6H EGDEJ:HI6H 9: EDAT I>86H EX7A>86H =:BDH =:8=D 8 DA6b 7 DG68>DC:H 9 >G: 8 I6Ht 8676BDH 9: =6b 8:GA: JC :HIJ 9>D 6 A6 ,:8G:I6GT6 9: H I69D 9: 9J868>VC HD7G: A6 9 :B6C96 9: :9J86 8>VC >C>8>6A N D I GD 6 A 6 (G<6C>O68>VC "CI:GC68>DC6A 9:A -G6 b 76?D ("HD7G: A6 E:G8:E8>VC F J: I>: C: A6 HD8>:969 9DB>C>86C6 HD7G: :A IG6 76?Dt :HID H >C;DGB :H 6C:M6B DH H>: BEG: G:8DB:C968>DC:H 8DC8G :I6Ht % : :HI6BDH =68>:C9D A6 :K6AJ68>VC 9 :A EGD< G6B6 9: #JK:CIJ9 N BEA:D 6 A6 ,:8G:I6 GT6 9: HI 69 D 9: -G 676?D 8DC ;>C6 C8>6B >:CID 9:A 6C8D "CI:G b 6B:G>8 6CD 9: :H6GGDAAD 9DC9: > C8AJ>G:B DH I 6B7 >SC A6H EGDEJ: HI6Ht C :HID H 86HDH =68:BDH H:U6A6B>:CIDH EJCIJ6A :H DIG6H K :8:H H: =68 : 6 IG6 KSH 9:A 9:76I:t C :A :CIGD I: C:BDH EGDN:8I 69D 69:BQH 9>;JC9>G CJ:HIGD IG676?D 8DC JC6 EJ 7A>86 8>VC E:G>V9>86t t S O;= 1=<1703 CAB32 :=A DM<1C b : =A 3/ @/ ?C3 <=A 1 =<31B3;= A C< >=1= 1=< := ?C 3 3ABK =1C@@7 3<2= 3< 3: @3AB= 23: ;C<2=t 4@ 313;= A / :/ 1=;C<72/2 C< 1 71:= >3@;/<3@3A/@7 =A B@/B/ <2= 23 ?C3 LAB=A /AC;/< C< >/>3: 7;>= @B/
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-D9 6H A6H >CH I6 C8> 6H 9: >CK:HI><68>V C :C A 6 .C >K: GH >9 69 9:7:C 8DA67DG6 G :CIG : HT t C A6 B:9>96 9: AD EDH>7A: :H b I6BDH 8DB E6 GI>: C9D 76 H:H 9: 96ID H 8DC :A EGD EV H>ID 9: FJ: A6H >C;DGB6 b 8>DC : H FJ: JC 6 JC>969 69FJ>: G6 A:H EJ: 9 6C H:GK>G 6 DI G6Ht : B6C:G6 E6G b I>8JA6G I:C:BD H BJN 7J:C6 8DBJC> b 868>VC 8DC : A :CIGD 9: HIJ9>DH .G 76CDH N +:< >DC 6A:H + N 8DC :A : CIGD C>K:GH>I6G>D 9: HIJ9>DH )DATI> b 8DH N ,D8>6A:H .),t t S /G >@31323K:GH>96 9: H I >:C :C 8: CI GDH :HE :8>6A >O69 DH 9: >CK:HI><68>VCt %6 .C> K:GH> 96 9 9: 6G G6CF J>AA 6 I> :C: J CD 8DBD SHI: : C;D 869D :C 9:H6GGDAAD =J b B6 CD N 8D C : A 8J 6A CDHDIGDH 8DA67D b G6BDHt -:C: BDH G:A68>VC 8 DC JC 8:CI G D :C A6 C>K:GH >969 9: %6 DGJU6 :C :A I:B6 9: ADH :H I>ADH 9: 6 EG:C9>O6?: N 8DC A 6 .C>K: GH >9 69 9: )6GTH 1"" :C :A I:B6 9: :9J 86 8>VC N :BE A:Dt !6N >CHI>IJ8>DC :H 9 : :9J 868>VC HJE:G> DG BJ N 8DBEG DB :I>96H 8DC A6 >CK:HI > b <68>VC :C A6H 8J6A: H CD H : 67G : JC6 B6:HIGT6 EG:K>6B:CI: H> CD H: 8J: CI6 8DC JC CK:HI><68>VC FJ: H> GK6 9: 6EDND 6 A6 H I: H> H FJ: H: G:6A>O6GQCt ,> CD =6N EGD;:HDG:H FJ: :HISC > CK:HI><6C9D : H B JN 9>;T8>A DG >:C b I6G 8DGG:8I6B :CI: 6 ADH :HIJ9>6CI: Ht ,D C SHI DH ADH FJ: 9:7:C >C8DGEDG6GH: 6 A6H 68I>K>96 9: H 9: >CK:HI><68>VC 9: HJH EGD;:HDG: H H> :HD CD HJ8:9: :A 6AJBCD I :GB>C6 H J EG D DH :H I6C9D BQH 68I J6 A>O69 D F J: HJ IJI DGt J 69:GCD 9: ):96 K:GH>I6G>6 t SCK: 3A AC =>7< 7O< A= 0@3 3 : 23 b A /@@=:: = 23: >@ =43A=@/2= 23 :/ ( -%% 1 =< @3 A>31B= / :/ 7@=43A7=@=>=<3< 723/A C A6 C>K: GH>969 H>:BEG: =6 :M>HI> 9D J C C X8A:D 9: EGD ;:HDG:H 8DC KD868>VC > CK:HI><6I>K6 E:GD HJ :KDAJ 8>VC =6 H>9D > GG:< JA6G :C :A I>:BEDt 'J:HIGD 9:H6;TD 8 DBD >CHI>IJ 8>VC 6CI: A6 O68> VC : H 9 6G J C K:GH>9 69 8DC SC;6H>H :C A6 9D8: C8>6 H DA 6B:CI:t !68 : 9T6H A:T JC 6GIT8JAD F J: IG6I6 76 9 : A6 >BEDGI6C8>6 9: E6H6G 9 : A6 E :96 VC 9: 8 DCD8>B>: CID H :H 9:8>G 69 :BQH 9: I G6 CHB>I> G 8D CD8>B>:CIDH I6B7> SC 8 G: 6 GAD Ht H I: =: 8=D >BEA>86GT6 JC6 IG 6CH;DGB6 b 8 >V C EG D;JC96 9:A I>ED 9: EGD;:HDG F J: 6 =DG6 I:C: BD H 9:9>86 9D ;J C96B :C b I 6AB:CI: 6 A6 :CH:U6CO6 E6G6 FJ: 9 :9 >FJ: BRH I> :BED 6 A6 G:;A:M>V C N 6 A 6 EG D9J 88 >VC 9: 8DCD8>B>:CIDt C EGD b ; :H DG FJ: K >: C: 8DGG>:C9D 6 96G JC6 = DG6 9: 8A6H: 6 IG6CH B >I> GA : 6 HJ H :HIJ b 9 >6C I:H AD FJ: A:NV A6 CD8=: 6CI:G>DG 9 :7: E6H6G 6 H:G JC EGD;:HDG >C;DGB69D H D7 G: AD FJ: : HIQ D8 JGG>:C 9D : C HJ QG:6 9 : 8DCD 8>B>:CID HD7G: 8JQA:H HDC A 6H C J: K6H ATC :6H 9: >CK:HI><68>VC : >C b ; JC9>GA: 6A :HIJ9>6C I: A6 68I>IJ 9 9 : 8J:H b I >D C6 B>: CID N 7 XHFJ:96t ) 6 G6 =68:G : HID EDH>7A: =6N FJ: :A:K6G A DH C>K:A:H 9: :M ><:C8>6 9: A6 EGDE >6 C >K:GH>9 69 8DBEGDB:I:GH: 8DC A6 8 6A >96 9 CD 8D C A6 86CI>969t ,: EJ:9: = 68:G 6 A< D BJN 7J:CD 6JCFJ: CD H:6 <3 @= b "C<7= r N= &P;3@= )6HDH N =J:AA6H< :/ -<7D3 @A72/2 A73;> @3 6/ 3F7AB72= C< @=43A=@3A 1=< D=1/17O< 7< b D3AB75/B7D/ >3@ = AC 3D= :C b 17O< 6/ A72= 7@@35C:/@ 3 < 3: B73;>=t &C3AB@ = 23A/ 4M= 1=;= 7
K:GH>I6G>6 B6H>KD EDG : ?:B EAD A6 .C>K:GH>969 9: !6GK 6G9 I>:C: JC6 B6IGT8JA6 9: EG: b 6C I:H N H >C : B76G6 A EDG AD H 8DCD8>B>:CIDH FJ: EG D9J8:t t S+3@M / <313 A/@7= C< @3 b27A3 N= 23 :/ >/ @B3 47/ @/ :727/@ 1=< 3A/ < C3D/ >3@A>31B7D/ -D9D A D FJ: H: =68: I>:C: JC6 >BEA> b 868>VC ; >C6C8>:G6 E:GD :H BQH 7>:C JC EG D 7A : B6 9: 9:;>C> 8> VC 9: EDATI >86H t ,> A6 .C>K:GH>96 9 H: DG<6 C>O6 G6 E6G6 :H D A6 E6GI: ;>C6C8>:G6 H:GT6 8DBEA:B:C b I6G> 6 :H I6GT6 :C ;JC8>VC 9: A6H 9:8> b H>DC:H 6 869SB> 86Ht C :HI: H:CI>9D H: :HIQC K>:C9 D 7J :CDH >C9> 8>DH EDG :?:B b EAD A 6 9: I:GB>C68>VC 9: 8G:6G JC6 CJ:K6 /> 8:G G:8IDGT 6 E6G6 >CK:HI><68>VC t !6N FJ: G:8DCD8:G FJ: A6 .C>K: GH>969 I>:C: JC6 8>V C :C :HI6 QG:6 : H J C 6 9: A6 H FJ: BQH >CK:HI><6 :C :A E6THt ): GD CD 9:7 :BDH 8D CHDA 6 GCD H 8D C :HD CJ:H IGD EJCID 9: G:;:G:C8>6 9:7: H:G DI GD t %6H 8>G8JCHI6C8>6H 68IJ6A:H 9: b B6C96 C FJ: AD FJ: 6=DG 6 :H JC6 E: b FJ:U6 A A6B6 H: 8DCK>:GI6 :C JC @ =43A=@ 23 :/ (-%% > @= >=<3@ >@ =G3 1B=A 23 7@=>7=A = 1/2/ > @=G31B= :=A 2 303 53 <3 @/ @ 23 ;/<3@/ ? C3 3: -%&' A7@D/ 1=;= > /@/5C/A >/@/ /D/:/@ ,T 9:CIGD 9 : A6H ATC:6H 9 : > CK:HI> <6 8>VC FJ: :A :CIG D EG>DG>O6 JC EGD;:HDG EJ:9: =68:G EGDEJ: HI6Ht 'D HDBDH H>C :B76G 969 9: ;>C6 C b 8>6B>:CID E :GD ED9:BDH <:HI>D C6G ADH ;DC9DHt &J8= 6H 9: A6H >CK:HI><68>DC:H FJ: =:BDH =:8=D =6C H>9D 8DC 6EDND :8DCVB>8 D :MI:GCD 8DBD :C ADH 86HDH 6CI:H 8>I6 9DH 9: A6 H ,:8G:I6GT6H 9: -G6 b 76?D 9 : 9J8 6 8>VC N 9: A6 #JK:CIJ9t C f 8J6C9 D H: 8G:V :A :CIGD 9: "CK:HI><68>DC:H :C A6 .C>K:GH >96 9 :A EGDEV H>I D :G6 :HI>BJA6G 6 A6H 68JA b I69:H = 68>6 A6 >CK:HI><68>VC 8DC :A ;> b C6C8> 6B>:CID 9 : 9>8=D :CIGDt A "!.&'( E DG :A 8DCIG6G>D :H JC 8:CIGD E6G6 G:6A>O6G >CK:HI><68>DC:H :C J C Q G:6 :HE:8T ;>86 CD JC 8: CIGD E6G6 :A ; DB:CID 9: A6H >CK:HI><68>DC:H :C <:C:G6At < 3@= b "C< 7= r N= &P;3@= )6HDH N =J:AA6H / G ?C3 @31= <=1 3@ ?C3 :/ <7D3@A72 /2 B73<3 C/M At (3@= < = 2 303; =A 1=C3?C3N/ : :/;/ A3 1 =
PAGE 22

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PAGE 23

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PAGE 24

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PAGE 25

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