...

esw[Я Г yЛ qnИ D_XXL\c ZQ 5ZN^Z\LW ESP]

by user

on
Category: Documents
2

views

Report

Comments

Transcript

esw[Я Г yЛ qnИ D_XXL\c ZQ 5ZN^Z\LW ESP]
€ ^† C^LWS\\SYX 4K]O1 )'(+& ,&(0
6Y[W ; !6*@"
esw[Ÿ ƒ y‹ qnˆ
C^WWK[b YP 4YM]Y[KV DRO\S\ KXN BOZY[] YP 5aKWSXK]SYX
• — – £ 
Wœ 863=1y‹ ™ Š ?qn4;52
DY ]RO 4OKX1
GO [OZY[] ]RO [O\^V] YP 5aKWSXK]SYX PY[ ]RO 4YM]Y[KV DRO\S\ LOVY`%
w˜ “ j C]^NOX] 9%4% ?Y%1
+'((C*'($-
w’ Ž l ?KWO1
3RKO`YYX @R
oƒ §l DS]VO SX ;KZKXO\O1
\td7¥5>ESVMRUBMLTHU@VCJDIP
V8a{” _‚ ~8¡‘ «@G@\tda{98FTHKQDJANHKU@OSVI
› ƒ §l DS]VO SX 5XQVS\R1
7OXO\S\ YP 9X\]S]^]SYXKV 6[KQWOX]K]SYX SX 7VYLKV 7Y_O[XKXMO
2[MRS]OM]^[O YX 3VSWK]O 3RKXQO c 3YX\][^M]S_S\] 2ZZ[YKMR ]Y 2\SKX 3VSWK]O 3RKXQO 9X\]S]^]SYX\ c
œ
#" i¢¨gcp
+y‹ vpZX‹
6KM^V]b >OWLO[\ 9X_YV_ON SX @[KV 5aKWSXK]SYX
3RSOP BOPO[OO YP ]RO CM[OOXSXQ 3YWWS]]OO
Ž l ?KWO1
>K]\^YUK CR^XTS
z 2PPSVSK]ON 9X\]S]^]SYX1
7[KN^K]O CMRYYV YP 2\SK$AKMSPSM C]^NSO\# GK\ONK EXS_O[\S]b
Œ
C]K]^\1
f
A[YPO\\Y[
esw[lUh}uwl1 AR%4% DS]VO 5K[XON¯?KWO YP 9X\]S]^]SYX
AR%4
8S[Y\RSWK EXS_O[\S]b
,b‹ ©y‹ vp (ª4OZ^]b 2N_S\Y[ !>OWLO[ YP CM[OOXSXQ 3YWWS]]OO ("
Ž l ?KWO1
z 2PPSVSK]ON 9X\]S]^]SYX1
Œ
C]K]^\1
f
<KXSO ?Y[SMRSUK
7[KN^K]O CMRYYV YP 4OMS\SYX CMSOXMO KXN DOMRXYVYQb# DYUbY 9X\]S]^]O YP DOMRXYVYQb
2\\YMSK]O A[YPO\\Y[
esw[lUh}uwl1 AR%4% DS]VO 5K[XON¯?KWO YP 9X\]S]^]SYX
AR%4
-y‹ vp )
<OSY EXS_O[\S]b
>OWLO[ YP CM[OOXSXQ 3YWWS]]OO )
Ž l ?KWO1
<YLKbK\RS 8SNOY
z 2PPSVSK]ON 9X\]S]^]SYX1
7[KN^K]O CMRYYV YP 2\SK$AKMSPSM C]^NSO\# GK\ONK EXS_O[\S]b
Œ
C]K]^\1
f
A[YPO\\Y[
esw[lUh}uwl1 AR%4% DS]VO 5K[XON¯?KWO YP 9X\]S]^]SYX
AR%4
.y‹ vp *
DYUbY >O][YZYVS]KX EXS_O[\S]b
>OWLO[ YP CM[OOXSXQ 3YWWS]]OO *
Ž l ?KWO1
8S[KUK`K CKMRSUY
z 2PPSVSK]ON 9X\]S]^]SYX1
CMRYYV YP 9X]O[XK]SYXKV =SLO[KV C]^NSO\# GK\ONK EXS_O[\S]b
Œ
C]K]^\1
f
2\\S\]KX] A[YPO\\Y[
esw[lUh}uwl1 AR%4% DS]VO 5K[XON¯?KWO YP 9X\]S]^]SYX
AR%4
GK\ONK EXS_O[\S]b
/y‹ vp +¬ž |š 8<­>OWLO[ YP CM[OOXSXQ 3YWWS]]OO + ISP KXbJ
Ž l ?KWO1
z 2PPSVSK]ON 9X\]S]^]SYX1
Œ C]K]^\1
esw[lUh}uwl1 AR%4% DS]VO 5K[XON¯?KWO YP 9X\]S]^]SYX
)% ¤]† ‡
f
$ &)'(%
4K]O & DSWO1
!H" )'(+ &!>" '+ &!4" )(
!DSWO"
,
‡ ¦
®
$ &)'(%
-
‡ ¦
I‡ ¦ & AO[SYNJ (\]1 01''$('1*'# )XN1 ('1+'$()1('# *[N1 (*1''$(+1*'# +]R1 (+1+,$(-1(,# ,]R1 (-1*'$(/1''# -]R1 (/1(,$(01+,# .]R1 )'1''$)(1*'
*% Zr FOX^O1
BYYW *(, K] 7C2AC
+% km`x BO\^V]1
0k&AK\\ONUm&6KSVON©ž |5>… 70 3S[MVO K\ KZZ[YZ[SK]Oª
,% Y „ 2]]KMRON NYM^WOX]!\"
+ ‰ ZKQO\@#&EBCCC$(%/<319)&D.FCC+(%0563/,&-'8;9/#&?)&>"*4=27A
!);;<9B57.>26C '#%%% 04.<.0>2<= 58 ,.;.82=2# 9< &#(%% A9<1= 58 +8365=4$ -42 *90>9<.6 -42=5= >5>62# 49A2@2<# 7?=> /2
A<5>>28 58 /9>4 ,.;.82=2 .81 +8365=4$"
"%-(&,$#*
)'(+ ' , + (0 )
E^VVJ[b XO 6XL]X[JU FQN\R\ JWM DNYX[] XO 7aJVRWJ]RXW
"! '==861/;@
5QJN`XXW BQ
#! .6@83 <4 (<1@<>/8 .53?6?
9NWN\R\ XO <W\]R]^]RXWJU 8[JPVNW]J]RXW RW 9UXKJU 9X_N[WJWLN 3[LQR]NL]^[N XW 5URVJ]N 5QJWPN1
5XW\][^L]R_R\] 3YY[XJLQ ]X 3\RJW 5URVJ]N 5QJWPN <W\]R]^]RXW\
*"&%/-.28GJAFI5A@H<I3J6>7=DJ0$'#)(0,+K3;3*"&
%$'109H<?E7>4B<?I3CGJ=
$! +0731@6B3 /;2 -@>A1@A>3 <4 (<1@<>/8 .53?6?
FQN XKSNL]R_N XO ]QR\ ]QN\R\ R\ ]X ]QNX[N]RLJUUb LUJ[ROb ]QN PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW RW J PR_NW R\\^N
J[NJ XO LURVJ]N LQJWPN XW ]QN LXW\][^L]R_R\] P[X^WM# YJ[]RL^UJ[Ub# `R]Q ]QN LJ\N\ XO 3\RJW LURVJ]N LQJWPN
RW\]R]^]RXW\% <W\]R]^]RXWJU O[JPVNW]J]RXW RW J PR_NW R\\^N J[NJ [NON[\ ]X J YQNWXVNWXW ]QJ] ]QN PR_NW R\\^N J[NJ R\
LX$PX_N[WNM Kb V^U]RYUN RW\]R]^]RXW\ `R]Q MROON[NW] LQJ[JL]N[\# LXW\]R]^NWLRN\# \YJ]RJU \LXYN\# JWM \^KSNL] VJ]]N[\%
FQR\ YQNWXVNWXW R\ WN` JWM MROON[NW] O[XV LXW_NW]RXWJU ^WMN[\]JWMRWP ]QJ] \RWPUN RW]N[WJ]RXWJU RW\]R]^]RXW
PX_N[W\ ]QN R\\^N J[NJ% FQN[N J[N OX^[ \][JWM\ XO \]^MRN\ XW ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW1 MNP[NN# VJWJPNVNW]#
LXW\NZ^NWLN# JWM PNWN\R\% FQR\ ]QN\R\# MNJURWP `R]Q ]QN PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW# _NW]^[N\ ]QN
Z^N\]RXW XO `Qb JW X_N[UJYYRWP X[ LXVYN]RWP RW\]R]^]RXW R\ L[NJ]NM KN\RMN\ J MXVRWJW]Ub NaR\]NW] RW\]R]^]RXW RW J
PR_NW R\\^N J[NJ XO LURVJ]N LQJWPN%
<W\]R]^]RXWJU O[JPVNW]J]RXW RW ]QN PR_NW R\\^N J[NJ XO LURVJ]N LQJWPN XLL^[[NM RW )'', `QNW ]QN 3\RJ$CJLRORL
CJ[]WN[\QRY XW 5UNJW 6N_NUXYVNW] JWM 5URVJ]N !3CC" `J\ L[NJ]NM% 4NOX[N )'',# PUXKJU [NPRVN XW LURVJ]N LQJWPN
`J\ MXVRWJ]NM Kb \RWP^UJ[ RW\]R]^]RXW# ]QN (00) GWR]NM AJ]RXW\ 8[JVN`X[T 5XW_NW]RXW XW 5URVJ]N 5QJWPN
!GA8555" JWM ]QN (00. >bX]X C[X]XLXU !>C" ]X ]QN GA8555% ERWLN )'',# LURVJ]N LQJWPN R\\^N J[NJ QJ\ KNNW
LX$PX_N[WNM Kb V^U]RYUN LURVJ]N LQJWPN RW\]R]^]RXW\ KN\RMN\ ]QN XWLN MXVRWJW]Ub PX_N[WRWP GA$KJ\NM RW\]R]^]RXW\%
FQN 3\RJW [NPRXW QJ\ K[XXMNM W^VN[X^\ LURVJ]N LQJWPN RW\]R]^]RXW\ J\ `NUU J\ ]QN 3CC# JWM ]QR\ ]QN\R\ ^W_NRU\ ]QN
PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW `R]Q 3\RJW [NPRXWJU LURVJ]N LQJWPN RW\]R]^]RXW\%
8X[ ]QNX[N]RLJU P[X^WM# ]QR\ ]QN\R\ \]J[]NM O[XV X_N[JUU RW\]R]^]RXWJU ]QNX[RN\ ]X \R]^J]N ]QN YQNWXVNWXW XO
RW\]R]^]RXWJU O[JPVNW]J]RXW% FQNW# ]QR\ ]QN\R\ [N_RN`NM Y[N_RX^\ \]^MRN\ XW ]QN L[NJ]RXW XO ]QN 3\RJ$YJLRORL
CJ[]WN[\QRY XW 5UNJW 6N_NUXYVNW] JWM 5URVJ]N !3CC" XW ]QN P[X^WM\ XO RW]N[WJ]RXWJU [NUJ]RXW ]QNX[RN\% FQR\
]QN\R\ OX^WM ]QJ] ]QN [J]RXWJU JYY[XJLQN\ XO WNX$[NJUR\V JWM WNX$URKN[JU RW\]R]^]RXWJUR\V QJ_N NaYUJWJ]X[b \][NWP]Q
Kb K[RWPRWP OX[`J[M \][J]NPRL JWM RW]N[N\]$X[RNW]NM JL]X[\ RW MR\\J]R\OJL]RXW `R]Q ]QN [^UN\ JWM O^WL]RXW\ XO ]QN
GA8555&>C% IN]# URVR]J]RXW\ [N\RMN RW ]QN NaYUJWJ]RXW XW ]QN L[NJ]RXW XO LXPWR]R_NUb LXWOURL]R_N RW\]R]^]RXW%
@NJW`QRUN# LXW\][^L]R_R\V NaYURLJ]N\ `NUU ]QN WX[VJ]R_NUb JWM MR\L^[\R_NUb LXWOURL]R_N J\YNL] XO ]QN 3CC RW
[NUJ]RXW `R]Q ]QN GA8555&>C# K^] ]QN[N R\ J UJLT XO LJ^\JU NaYUJWJ]RXW KN]`NNW ]QN WX[VJ]R_N LXW]N\]J]RXW JWM
]QN PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW% 3LLX[MRWPUb# ]QR\ ]QN\R\ \N]\ ]QN L[R]RLJU LXW\][^L]R_R\V J\ J ]QNX[N]RLJU
P[X^WM ]X NaYUJRW ]QN PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW%
<W ]QR\ ]QN\R\# ]QN RW]N[WJ]RXWJU RW\]R]^]RXW R\ \N] J\ J ]J[PN] XO JWJUb\R\# ]QN WX[V# `QRLQ R\ J VJSX[ LXW\]R]^NW]
XO RW\]R]^]RXW# J\ J ^WR] XO JWJUb\R\# JWM ]QN WX[VJ]R_N LXW]N\]J]RXW J\ JW NaYUJWJ]X[b UXPRL% 5XVVXW$K^]$
MROON[NW]RJ]NM$[N\YXW\RKRUR]b !546D" JWM Y[NLJ^]RXWJ[b JYY[XJLQ [N \N] J\ ]`X ]J[PN] WX[V\ ]QJ] LXW\]R]^]N K^]
O[JPVNW] ]QN GA$KJ\NM LURVJ]N LQJWPN RW\]R]^]RXW\% FQN LJ\N\# \NUNL]NM OX[ JWJUb\R\# J[N \Ra 3\RJW [NPRXWJU LURVJ]N
LQJWPN RW\]R]^]RXW\% FQ[NN XO ]QNV J[N WJ]RXW \]J]N$RWR]RJ]NM RW\]R]^]RXW\1 ]QN GE$X[RNW]NM 3CC# =JYJW$RWR]RJ]NM 7J\]
3\RJ ?X` 5J[KXW 9[X`]Q CJ[]WN[\QRY !?59C"# JWM EX^]Q >X[NJf\ 7J\] 3\RJ 5URVJ]N CJ[]WN[\QRY !735C"% FQN
X]QN[ ]Q[NN RW\]R]^]RXW\ J[N [NPRXWJU LURVJ]N LQJWPN MNLUJ[J]RXW\ VJMN Kb ]QN 3\\XLRJ]RXW XO EX^]QNJ\] 3\RJW
AJ]RXW\ !3E73A"# ]QN 3\RJ$CJLRORL 7LXWXVRL 5XXYN[J]RXW !3C75"# JWM ]QN 7J\] 3\RJ E^VVR] !73E"%
FQR\ ]QN\R\ LXVY[R\N\ \N_NW LQJY]N[\ J\ OXUUX`\2
(
5QJY]N[ ( <W][XM^L]RXW
5QJY]N[ ) ?R]N[J]^[N DN_RN`
5QJY]N[ * 3WJUb]RLJU 8[JVN
5QJY]N[ + AX[VJ]R_N 5XW]N\]J]RXW RW \YNL][^V1 ?XPRL XO RW\]R]^]RXWJU O[JPVNW]J]RXW
5QJY]N[ , AX[VJ]R_N 5XW]N\]J]RXW RW JL]RXW1 9NWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW
5QJY]N[ - AX[VJ]R_N 5XW]N\]J]RXW JWM R]\ YJ]Q$OX[`J[M1 7_XU^]RXW XO RW\]R]^]RXWJU O[JPVNW]J]RXW
5QJY]N[ . 5XWLU^\RXW
%! +B3>B63C <4 (<1@<>/8 .53?6? /;2 */7<> ,3?A8@?
%!" +B3>B63C <4 (<1@<>/8 .53?6?
g5QJY]N[ ( <W][XM^L]RXWh UJb\ X^] ]QN XKSNL]R_N XO ]QR\ ]QN\R\# `QRLQ Z^N\]RXW\ ]QN PNWN\R\ XO RW\]R]^]RXWJU
O[JPVNW]J]RXW# YJ[]RL^UJ[Ub# ]QN L[NJ]RXW XO 3\RJW LURVJ]N LQJWPN RW\]R]^]RXW\ KN\RMN\ ]QN MXVRWJW]Ub NaR\]NW] GA$
KJ\NM LURVJ]N LQJWPN RW\]R]^]RXW\ RW ]QN PR_NW R\\^N J[N XO LURVJ]N LQJWPN%
g5QJY]N[ ) ?R]N[J]^[N DN_RN`h NaYUX[N\ ]QN RW\]R]^]RXWJU ]QNX[RN\ ]X \R]^J]N ]QN WX]RXW XO eRW\]R]^]RXWJU
O[JPVNW]J]RXWf J\ J PNWN[RL LXW\NZ^NWLN XO ]QN RW\]R]^]RXWJU V^U]RYURLR]b% FQNW# ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW R\
LUJ\\RORNM Kb X[RPRW# UN_NU# JWM \LXYN% FQR\ LQJY]N[# OXL^\RWP XW ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW RW J PR_NW R\\^N
J[NJ# \^VVJ[RcN\ Y[N_RX^\ JYY[XJLQN\ ]QJ] NaYURLJ]NM ]QN ePNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXWf RW LURVJ]N
LQJWPN R\\^N J[NJ# JWM \QX`\ ]QN URVR]J]RXW XO ]QN L^[[NW] JYY[XJLQN\% BW ]QN KJ\R\ XO ]QR\# ]Q[NN \YNLRORL [N\NJ[LQ
Z^N\]RXW\ J[N VJMN%
g5QJY]N[ * 3WJUb]RLJU 8[JVNh NaYUJRW\ ]QN ]QNX[N]RLJU JWM JWJUb]RLJU O[JVN XO ]QR\ ]QN\R\% FQN LXW\][^L]R_R\]f\
]QNX[N]RLJU JYY[XJLQ ]X ]QN RW\]R]^]RXW# JL]X[$RW\]R]^]RXW LXW\]R]^]R_N [NUJ]RXW# WX[V# JWM WX[VJ]R_N LXW]N\]J]RXW R\
NaYURLJ]NM% FQN WX[V \NUNL]RXW XO ]QN 546D JWM ]QN Y[NLJ^]RXWJ[b JYY[XJLQ JWM ]QN LJ\N \NUNL]RXW XO 3\RJW
LURVJ]N LQJWPN RW\]R]^]RXW\ J[N ^WOXUMNM%
g5QJY]N[ + AX[VJ]R_N 5XW]N\]J]RXW RW \YNL][^V1 ?XPRL XO RW\]R]^]RXWJU O[JPVNW]J]RXWh JWJUbcN\ `QN]QN[ JWM ]X
`QJ] Na]NW] ]QN 3\RJW LURVJ]N LQJWPN RW\]R]^]RXW\ J[N WX[VJ]R_NUb LXW]N\]JW] ]X ]QN GA8555&>C% 5XVY[NQNW\R_N
WX[VJ]R_N LXW]N\]J]RXW VJY R\ M[J`W `R]Q ]QN GA8555&>C JWM ]QN GE$UNM 3CC# J\ ]`X Na][NVN\ ]QJ]
WX[VJ]R_NUb PX JPJRW\] NJLQ X]QN[ RW ]QN RW]N[Y[N]J]RXW XO ]QN 546D JWM ]QN Y[NLJ^]RXWJ[b JYY[XJLQ% FQNW#
WX[VJ]R_N YX\R]RXW XO ]QN 3\RJW [NPRXWJU RW\]R]^]RXW R\ ]N\]NM `R]Q =JYJW$X[RNW]NM ?59C% FQN WX[VJ]R_N YX\R]RXW XO
]QN ?59C OX^WM ]X KN R\ \TN`NM ]X`J[M ]QN 3CC# `QRLQ J\LN[]JRW\ WX[VJ]R_N LXW]N\]J]RXW JPJRW\] ]QN
GA8555&>C%
g5QJY]N[ , AX[VJ]R_N 5XW]N\]J]RXW RW JL]RXW1 9NWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXWh MNJU\ `R]Q ]QN VJRW
Z^N\]RXW XO `Qb WX[VJ]R_NUb LXVYN]RWP RW\]R]^]RXW R\ L[NJ]NM KN\RMN\ J MXVRWJW]Ub Y[N$NaR\]RWP RW\]R]^]RXW `R]Q
WJ]RXW \]J]N$UNM X_N[UJYYRWP RW\]R]^]RXW\ XO ]QN 3CC# ]QN ?59C# JWM ]QN 735C% FQN PNWN\R\ XO RW\]R]^]RXWJU
O[JPVNW]J]RXW R\ NaYUJRWNM J\ KNRWP M[R_NW Kb ]QN 3\RJW WJ]RXW \]J]Nf\ \][J]NPRL KNQJ_RX[\ XO LXW]N\]RWP ]QN NaR\]RWP
WX[VJ]R_N RW]N[Y[N]J]RXW\ XO ]QN 546D JWM ]QN Y[NLJ^]RXWJ[b JYY[XJLQ J\ J WX[V NW][NY[NWN^[% FQN RW\]R]^]RXWJU
O[JPVNW]J]RXW R\ Na]NWMNM Kb ]QN NV^UJ]R_N KNQJ_RX[\ XO ]QN WX[V UNJMN[\ XO =JYJW JWM EX^]Q >X[NJ% FQN 3\RJW
LURVJ]N LQJWPN RW\]R]^]RXW\ J[N OX^WM ]X QJ_N NVN[PNM J\ X[PJWRcJ]RXWJU YUJ]OX[V\ ]X NVKXMb JWM MROO^\N ]QN
3\RJW JPNW]f\ LXW]N\]JW] WX[VJ]R_N YX\R]RXW%
g5QJY]N[ - AX[VJ]R_N 5XW]N\]J]RXW JWM R]\ YJ]Q$OX[`J[M1 7_XU^]RXW XO RW\]R]^]RXWJU O[JPVNW]J]RXWh JWJUbcN\
]QN 3\RJW LURVJ]N LQJWPN RW\]R]^]RXW\ L[NJ]NM Kb ]Q[NN 3\RJW [NPRXWJU LXXYN[J]R_N X[PJWRcJ]RXW\ RW [N\YXW\N ]X ]QN
PUXKJU LURVJ]N LQJWPN WX[V\ XW ]QN P[X^WM XO NaR\]RWP [NPRXWJU WX[V\% FQR\ [N\NJ[LQ \QX`\ ]QJ] ]QN WX[VJ]R_N
YX\R]RXW \N]]RWP JWM YX\R]RXW$Y[XYNUURWP Y[JL]RLN\ XO ]Q[NN X[PJWRcJ]RXW\ J[N OX^WM ]X KN MR[NL]RXWJU RW X_N[JUU
]X`J[M ]QN LXW]N\]JW] YX\R]RXW JPJRW\] ]QX\N XO ]QN GA8555&>C%
g5QJY]N[ . 5XWLU^\RXWh \^VVJ[RcN\ ]QN [N\^U]\ XO NVYR[RLJU [N\NJ[LQ# Y[X_RMN\ ]QNX[N]RLJU JWM YXURLb
RVYURLJ]RXW# JWM NaYUX[N\ ]QN LXW][RK^]X[b J\YNL] XO ]QR\ ]QN\R\%
%!# */7<> ,3?A8@?
FQR\ ]QN\R\ NVYR[RLJUUb [N_NJUNM `QN]QN[ JWM ]X `QJ] Na]NW] 3\RJW LURVJ]N LQJWPN RW\]R]^]RXW\ J[N WX[VJ]R_NUb
LXVYN]RWP ]X ]QN GA8555&>C# `Qb ]QN WX[VJ]R_NUb LXVYN]RWP RW\]R]^]RXW\ J[N L[NJ]NM# JWM `QN[N ]QN
WX[VJ]R_NUb LXVYN]RWP RW\]R]^]RXW\ J[N MR[NL]RWP PUXKJU LURVJ]N [NPRVN% <W ]QN OR[\] YUJLN# ]QR\ ]QN\R\ PNWN[J]NM
LXVY[NQNW\R_N WX[VJ]R_N LXW]N\]J]RXW VJY Kb `QRLQ ]QN J\\N\\VNW] XO WX[VJ]R_N LXW]N\]J]RXW XO ]QN 3\RJW
)
LURVJ]N LQJWPN RW\]R]^]RXW\ LJW KN VJMN% ENLXWMUb# ]QR\ ]QN\R\ LUJ[RORNM ]QN LJ^\N\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW2 RO
JW NaR\]RWP WX[V MNORWN\ ]QN [JWPN XO UNPR]RVJ]N YXURLb XY]RXW\ ]XX WJ[[X`Ub# ]QNW ]QN JPNW]\ `QX NaYN[RNWLN J
UX\\ RW ]QNR[ RW]N[N\] ][JW\OX[V ]QNV\NU_N\ RW]X WX[V NW][NY[NWN^[ ]X K[XJMNW ]QN [JWPN2 RO ]QN WX[V NW][NY[NWN^[
OJRU\ ]X K[XJMNW ]QN YXURLb [JWPN `R]QRW NaR\]RWP WNPX]RJ]RXW Y[XLN\\# ]QNW ]QN WX[V NW][NY[NWN^[ J]]NVY]\ ]X OX[V
JUURN\ JWM MROO^\N R]\ WX[VJ]R_N RW]N[Y[N]J]RXW2 RO ]QR\ WX[VJ]R_N LXW]N\]J]RXW R\ WX] ^U]RVJ]NUb [N\XU_NM `R]QRW ]QN
NaR\]RWP RW\]R]^]RXWJU Y[XLN\\# ]QN WX[V NW][NY[NWN^[ N\]JKUR\QN\ JU]N[WJ]R_N RW\]R]^]RXW ]QJ] LXW]JRW\ LXVYN]RWP
WX[VJ]R_N \]JWLN JWM NVKXMbRWP YXURLb XY]RXW\% FQR[MUb# ]QR\ ]QN\R\ [N_NJUNM ]QN 3\RJW [NPRXWJU YJ]Q$VJTRWP
]Q[X^PQ ]QN WX[VJ]R_N LXW]N\]J]RXW KN]`NNW PUXKJU LURVJ]N LQJWPN WX[V\ JWM NaR\]RWP [NPRXWJU WX[V\%
3WX]QN[ WX]N`X[]Qb LXW][RK^]RXW R\ J ]QNX[N]RLJU NaYUJWJ]RXW XW ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW% 8R[\]Ub# ]QR\
]QN\R\ \R]^J]N\ ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW J\ J PNWN[RL YQNWXVNWXW XO RW\]R]^]RXWJU V^U]RYURLR]b XW ]QN KJ\R\ XO
NaR\]RWP ]QNX[RN\ XW RW\]R]^]RXW% 8^[]QN[VX[N# ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW# `QRLQ QJ\ KNNW \]^MRNM JPP[NPJ]NUb#
R\ MNVJ[LJ]NM Kb X[RPRW# MbJMRL X[ \b\]NVJ]RL UN_NU# JWM ]J[PN] \LXYN RW ]QR\ ]QN\R\% ENLXWMUb# Y[N_RX^\ \]^MRN\ QJ\
MNJU] `R]Q ]QN RW\]R]^]RXWJU O[JPVNW]J]RXW J\ J PR_NW YQNWXVNWXW JWM NaYUX[NM `QJ] ]X MX `R]Q RW\]R]^]RXWJU
O[JPVNW]J]RXW `R]Q \^KSNL]\ XO MNP[NN# LXW\NZ^NWLN# JWM VJWJPNVNW]% FQ^\# RW\]R]^]RXWJU O[JPVNW]J]RXW \]^MRN\
QJ_N UJLTNM ]QNX[N]RLJU KJ\R\% <W ]QR\ [NPJ[M# RO Y[N_RX^\ \]^MRN\ PX OX[`J[M# ]QR\ ]QN\R\ PXN\ KJLT`J[M ]X ]QN
PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW `R]Q RW]N[WJ]RXWJU [NUJ]RXW ]QNX[RN\%
&! )D/96;/@6<; /;2 ,3?A8@
FQN X[JU ]N\] `J\ QNUM `R]Q JKX^] ]NW YJ[]RLRYJW]\ XW 3Y[RU )*# )'(+ J] [XXV *(, XO 4^RUMRWP (0]Q J] ]QN
HJ\NMJ 5JVY^\ O[XV (.1*'% FQN JYYURLJW] VJMN J Y[N\NW]J]RXW XW ]QN X_N[JUU LXW]NW] XO CQ%6 ]QN\R\# JLJMNVRL
LXW][RK^]RXW RW ]QN [NUJ]NM ORNUM# JWM YXURLb RVYURLJ]RXW RW ]QN L^[[NW] RW\]R]^]RXWJU O[JPVNW]J]RXW RW ]QN R\\^N J[NJ
XO LURVJ]N LQJWPN O[XV (.1*' ]X (/1(,% FQN X[JU ]N\] Kb ]QN VNVKN[\ XO ]QN EL[NNWRWP 5XVVR]]NN `J\ VJMN ]RUU
(/1+,% 3O]N[`J[M\# ]QN EL[NNWRWP 5XVVR]]NN QJM J LUX\NM$MXX[ NaJVRWJ]RXW O[XV (/1+, ]X (01''%
6^[RWP ]QN X[JU ]N\]# ]QN[N `N[N J \N[RN\ XO Z^N\]RXW\ ]QJ] [NUJ]N ]X ]QN JLJMNVRL LXW][RK^]RXW RW ]N[V\ XO
]QNX[N]RLJU NaYUJWJ]X[b YX`N[ XO ]QR\ ]QN\R\# NVYR[RLJU LUJ[RORLJ]RXW# JWM ]QNX[N]RLJU N_XU^]RXW% FX ]QX\N Z^N\]RXW\#
]QN JYYURLJW] VJMN \RWLN[N JW\`N[\% CJ[]RL^UJ[Ub# 5XVVR]]NN VNVKN[\ VJMN \XVN LXVVNW]\ XW QN[ ]QN\R\ RW ]Q[NN
J\YNL]\1 R" VX[N QR\]X[RLJU NaYUJWJ]RXW XW ]QN GA$KJ\NM LURVJ]N LQJWPN RW\]R]^]RXW\ JWM ]QN 3\RJW [NPRXWJU LURVJ]N
LQJWPN RW\]R]^]RXW\ J[N [NLXVVNWMNM ]X KN RW\N[]NM RW ]QN UR]N[J]^[N [N_RN` YJ[]# RR" ]QN NVYR[RLJU N_RMNWLN XO
3\RJW WJ]RXW \]J]N\f KNQJ_RX[\ RW ]QN 3\RJW [NPRXWJU LURVJ]N LQJWPN RW\]R]^]RXW\ J[N RW WNNM ]X KN VX[N `[R]]NW RW
LQJY]N[ ,# JWM RRR" ]QN RWOU^NWLN XO NaR\]RWP [NPRXWJU WX[V\ XW ]QN 3\RJW JPNW]\f [N\YXW\N RW ]QN OJLN XO WX[VJ]R_N
LXW]N\]J]RXW R\ ]X KN VX[N `[R]]NW RW LQJY]N[ -% FX ]QN [N_RN`N[\f LXVVNW]\# ]QN JYYURLJW] NaYURLJ]NM ]QN L^[[NW]
\]J]^\ RW ]QN LXVVNW]NM YJ[]# ^WMN[\]XXM ]QN WNLN\\R]b XO VX[N RW\N[]RXW# JWM [N\YXWMNM QN[ `RUURWPWN\\ ]X PX
]Q[X^PQ [N_R\RXW ]RUU ]QN VRMMUN XO @Jb% <W JMMR]RXW# 5XVVR]]NN VNVKN[\ PJ_N ]QN JYYURLJW] VX[N YXRW]\ ]X YXWMN[
X_N[ \^LQ J\ ]QNX[N]RLJU Na]NW\RXW O[XV RW\]R]^]RXW ]X RW\]R]^]RXWJU V^U]RYURLR]b JWM RW\]R]^]RXWJU O[JPVNW]J]RXW# J
[NLNW] LQJWPRWP YN[LNY]RXW XO LURVJ]N LQJWPN O[XV J \RWP^UJ[ R\\^N ]X J \N] XO V^U]RYUN R\\^N\# J MNORWR]RXWJU
LQJWPN XW ]QN WX[V XO 546D \RWLN R]\ RWR]RJU MNORWR]RXW J] DRX RW (00)# JWM J ]R]UN LQJWPN RW =JYJWN\N% FQN
JYYURLJW] [NYURNM ]QJ] \QN `X^UM LXW\RMN[ ]QN\N LXVVNW]\ JWM [NOUNL] ]QX\N RW ]QN ORWJU _N[\RXW XO QN[ CQ%6 ]QN\R\%
FQR\ ]QN\R\ MNJU\ `R]Q JW RW]N[WJ]RXWJU YQNWXVNWXW XO RW\]R]^]RXWJU O[JPVNW]J]RXW RW ]QN R\\^N J[NJ XO LURVJ]N
LQJWPN `R]Q J \YNLRORL OXL^\ XW ]QN 3\RJW LURVJ]N LQJWPN RW\]R]^]RXW\% <W RW]N[WJ]RXWJU LXXYN[J]RXW XW LURVJ]N
LQJWPN# ]QN L[NJ]RXW XO LXVYN]RWP RW\]R]^]RXW X^]\RMN ]QN GA$KJ\NM LURVJ]N LQJWPN RW\]R]^]RXW\ RW ]QN PR_NW R\\^N
J[NJ XO LURVJ]N LQJWPN QJ\ NaN[]NM MJ^W]RWP Z^N\]RXW\ XW RW\]R]^]RXWJU O[JPVNW]J]RXW% B^] XO ]QX\N# ]QR\ ]QN\R\
J]]NVY]NM ]X NaYUJRW JWM LUJ[ROb ]QN PNWN\R\ XO RW\]R]^]RXWJU O[JPVNW]J]RXW XW ]QN P[X^WM XO LXW\][^L]R_R\Vf\
WX[VJ]R_N LXW]N\]J]RXW ]Q[X^PQ LXVY[NQNW\R_N ]QNX[N]RLJU NaYUX[J]RXW% 3U\X# ]QNX[N]RLJU NaYUJWJ]RXW `R]Q ]QN
LJ\N\ XO 3\RJW LURVJ]N LQJWPN RW\]R]^]RXW\ [N_NJU\ ]QN [N\YXW\N XO ]QN 3\RJW [NPRXWJU JL]X[\ ]X ]QN LURVJ]N LQJWPN
WX[V\ XW ]QN P[X^WM XO NaR\]RWP [NPRXWJU WX[V\ `R]QRW ]QN PUXKJU LURVJ]N LQJWPN RW\]R]^]RXW\ JWM ]QN RW]N[JL]RXW XO
]QN PUXKJU JWM [NPRXWJU LURVJ]N LQJWPN RW\]R]^]RXW\% <W LXVYJ[R\XW `R]Q Y[N_RX^\ [N\NJ[LQ# ]QR\ ]QN\R\ LJW KN
N_JU^J]NM J\ KNRWP LXW][RK^]X[b `R]Q LXVY[NQNW\R_N ]QNX[N]RLJU NaYUX[J]RXW XW ]QN PNWN\R\ XO RW\]R]^]RXWJU
O[JPVNW]J]RXW XW ]QN P[X^WM XO LXW\][^L]R_R\Vf\ WX[V JWJUb\R\ RW ]QN RW]N[WJ]RXWJU [NUJ]RXW ]QNX[RN\# ]QN PUXKJU JWM
3\RJW [NPRXWJU RW]N[JL]RXW XW LURVJ]N LQJWPN R\\^N J[NJ# JWM ]QN N_XU^]RXW XO RW\]R]^]RXWJU O[JPVNW]J]RXW `R]Q WX[V
MROO^\RXW MbWJVRL\%
BW ]QN KJ\R\ XO ]QN JOX[N$VNW]RXWNM NaJVRWJ]RXW [N\^U]# OX^[ VNVKN[\ XO ]QN EL[NNWRWP 5XVVR]]NN LXWLU^MNM
]QJ] ]QN JLJMNVRL LXW][RK^]RXW XO ]QR\ MXL]X[JU ]QN\R\ VNN]\ ]QN [NZ^R[NVNW]# WNLN\\J[b JWM LXVVNW\^[J]N ]X ]QN
CQ%6 ]QN\R\%
*
5QRNO
DNON[NN
5XVVR]]NN
XO
EL[NNWRWP
@J]\^XTJ EQ^WSR# C[XON\\X[# 9[JM^J]N ELQXXU XO 3\RJ$CJLRORL
E]^MRN\# HJ\NMJ GWR_N[\R]b
!CQ%6# ;R[X\QRVJ GWR_N[\R]b"
@NVKN[ XO EL[NNWRWP LXVVR]]NN
>JWRN AX[RLQRTJ# 3\\XLRJ]N C[XON\\X[# 9[JM^J]N ELQXXU XO
6NLR\RXW# ELRNWLN JWM FNLQWXUXPb# FXTbX <W\]R]^]N XO
FNLQWXUXPb
!CQ%6# >NRX GWR_N[\R]b"
@NVKN[ XO EL[NNWRWP LXVVR]]NN
>XKJbJ\QR ;RMNX# C[XON\\X[# 9[JM^J]N ELQXXU XO 3\RJ$CJLRORL
E]^MRN\# HJ\NMJ GWR_N[\R]b
!CQ%6# FXTbX @N][XYXUR]JW GWR_N[\R]b"
@NVKN[ XO EL[NNWRWP LXVVR]]NN
;R[JTJ`J EJLQRTX# 3\\XLRJ]N C[XON\\X[# ELQXXU XO <W]N[WJ]RXWJU
?RKN[JU E]^MRN\# HJ\NMJ GWR_N[\R]b
!CQ%6# HJ\NMJ GWR_N[\R]b"
+
Fly UP