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+:9GD N (6A8D :G6 N6 JCDH K>:?DH 8J6C9D H: K>:GDC ;G:CI: 6 ;G:CI: !J: :A 9t6 :C FJ: ADH HDA969DH 9: ):GyC 6EG:H6GDC 6 +:9GD FJ: :G6 N6 :A EG>B:G +6E6 9: A6 $<A:H>6 CIG: A6 BJAI>IJ9 9: B:C9><DH FJ: H: ?JCI6GDC :C :A EG:C9>B>:CID 9: +:9GD :HI676 (6A8D 6 FJ>:C +:9GD G:8DCD8>y N A: E>9>y E:G9yC +:GD ADH HDA969DH 9: ):GyC CD H67t6C FJ>pC :G6 6FJ:A B:C9><D 6 FJ>:C HJ EG:HD E:9t6 E:G9yC N AD FJ: =>8>:GDC ;J: E:GH:<J>GAD =6HI6 FJ: (6A8D IGDE:Oy 8DC :A G6><yC 9: JC iG7DA 86Ny 6A HJ:AD N ADH HDA969DH 9: ):GyC A: 9>:GDC BJ:GI: 4 6Ht BJG>y :A 9:HDG:?69D (6A8D :C :A B>HBD 9t6 FJ: I6B7>pC BJG>y />A8>;>869D :A EG>B:G +6E6 9: A6 $<A:H>6
:8t6 6FJ:A 8=>8D <G>:<D G>HIyIDA:H EDG CDB7G: FJ: A6 9:BD8G68>6 K>8>696 6867676 :C D8AD8G68>6 D H:6 :C AD 8DCIG6 G>D EDGFJ: H:<~C 9DC G>HIyI:A:H H> A6 9:BD8G68>6 :H :A <D7>:GCD 9:A EJ:7AD A6 D8AD8G68>6 :H :A <D7>:GCD 9: A6 BJ8=:9JB7G: N CDH 9>8: 9DC G>HID FJ: CD 8DC ;JC96BDH 8DC BJAI>IJ9 £+J:H :H K:G969 H 9:8>G FJ: A6 9:BD 8G68>6 H: 76H6 :C A6 ><J6A969 9: ADH =DB7G:H £ 6G6N EJ:H I6B 7>pC :H 8>:GID B>:CIG6H FJ: A6 D8AD8G68>6 :H A6 9:H><J6A969 A6 >C8JAIJG6 A6 O6;>:969 : >BEDH> 8>yC H A6 E:DG 9:<:C:G68>yC EDH>7A: 9: A6 9:BD8G68>6 :C A6 FJ: JC6 B6H6 9: >C8JAIDH >CBD G6A:H N 86G:CI:H 9: EG>C8>E>DH ><J6A>I6G>DH 9:HIGDO6C 6A EJ:7AD N HJH >CHI>IJ8>DC:H CD HyAD :C 7: C:;>8>D EGDE>D H>CD 8DC :A 8A6GD D7?:I>KD 9: I>G6C>O6GAD ¢': HJ: C6 H 9:8>G 6CJA6G : >C8AJHD :A> B>C6G B:9>6CI: 8iG8:A 9:HI>:GGD :I8 6 FJ>:C CD E>:CH6 8DBD :AADH #:BDH 9: 69K:GI>G FJ: :HI6 CDI6 FJ: :HI6BDH B:9>D IG6H8G> 7>:C9D 68676BDH 9: G:8>7>GA6 9: (69G>9 EDGFJ: 6AAi I6B7>pC H: 8J:8:C =676H
J:CD EJ:H EDG CD E:CH6G 8DBD :AADH H: 8G:6 JC6 9:H><J6A 969 :H86C96ADH6 ADH BtDH N ADH 9:BiH +:GD :C :HI: 86HD ADH BtDH HDC JC6 BJ8=:9JB 7G: AA:C6 9: G:C8DG FJ: AD ~C>8D FJ: FJ>:G: :H =68:G 96xD 6 ADH 9:BiH N 6GG:76I6GA:H 8J6CID ED H::C 16N6 :A HI6A>C>HBD EG>B> <:C>D )6IJG6AB:CI: 8DBD HDC JCDH >C~I>A:H : >C86E68:H 9: B: ?DG6G 6GGJ>C6C :A E6tH N H: 86G<6C ID9D AD 86G<67A: 9: B6C:G6 FJ: HJ :KDAJ8>yC :HE:G67A: :H =68>6 JC6 9>8I69JG6 ;pGG:6 FJ: ADH 8DC IGDA: N B:I6 :C K:G:96 /G6H :H6 9>8I69JG6 G:<G:H6 A6 9:BD8G68>6 JC6 K:O 9>HJ:AI6 A6 BJ8=:9JB 7G: N :9J8696 pHI6 :C A6 8DCK> K:C8>6 : B6C:G6 FJ: 9: A6 >C 8JAIJG6 BiH 67HDAJI6 H: E6H6 EDG A6 EGDI:HI6 :A :CG>FJ:8>B>:CID N A6 >CI:<G68>yC :C :A H>HI:B6 9: ;DGB6 67HDAJI6 ¢1:G969 FJ: :C (pM>8D H67:BDH BJ8=D 9: D8AD8G68>6
A ;G6C8pH 'J>H +6HI:JG >C K:CIDG D 9:H8J7G>9DG 9: A6 A:8=: E6HI:JG>O696 H:CIt6 I6A G:EJ< C6C8>6 EDG A6 HJ8>:969 FJ: H: C:<676 6 :HIG:8=6G A6H B6CDH 6 FJ>:C:H EG:I:C9>:G6C H6AJ96GAD 9: B6CD 4 E6G6 FJ: =DN CD EG: HJB6BDH 9: H:G A>BE>DH =68: 8:G86 9:
6xDH FJ: ADH ?6ED C:H:H JI>A>O6C E6xJ:ADH 9: E6E:A 9:H:8=67A: ¢,Jp I6A )D H67:BDH H> H><J: :HI6 9>HEDH>8>yC :C :A +6HD /:M6H EDGFJ: 6AAt =67t6 JC G:<A6B:CID FJ: D7A><676 :C ID9D AJ<6G E~7A> 8D 76C8D ><A:H>6 G:HI6JG6CI: 8DB:G8>D :I8 6 I:C:G :H8JE>9: G6H :C C~B:GD N 86E68>969 HJ;> 8>:CI: E6G6 G:8>7>G A6H :ME:8IDG68>DC:H 9: FJ>:C:H 68J 9t6C 6 :HDH 8:CIGDH 4 K:6 JH I:9 :C A6 -JH>6 9: +:E: .I6A>C :HI676 EGD=>7>9D K>6?6G :C JC 8D 8=: HJ8>D ¢+J:H FJp =6Gt6C H> K>6?6G6C :C JC6 9: CJ:HIG6H 86G868=6H 4 FJp 7J:CD FJ: 6=DG6 I:C:BDH ADH (3 6JID 7JH:H <G6C9:H A>BE>DH 8yBD 9DH AA:CDH 9: 86GI:A:H FJ: CDH 9>8:C AD FJ: 9:7:BDH N CD 9: 7:BDH =68:G 6A K>6?6G :C :HI6H 76I>9DG6H EJ:H H> H: K>6?6 9: E>: I:GB>C6 JCD 8DC A6 H:CH68>yC 9: =67:G G:8>7>9D JC6 E6A>O6 4 8DC I6Gp AD FJ: B: D8JGG>y EDG 9DH K:8:H :C JCD 9: :HIDH 8yBD 9DH N CD 76G6IDH IG6CHEDGI:H
#68: JCDH 9t6H :C (6G>6CD H8D7:9D N '6<D A7:GID HJ7>y JC BJ8=68=D B6A K:HI>9D 8DC 868=J8=6 N K>H:G6 E6G6 6IGiH AA: K6C9D :C JC6 B6CD JC6 7DI:AA6 9: ItC:G FJ: 6HE>G676 8696 9DH H:<JC9DH .J7>y CD E6<y :A 8=D ;:G AD E:GB>I>y 6 E:H6G 9: FJ: JC A:IG:GD 9>8: FJ: :A 8=D;:G :HIi :C 8DC9>8>DC:H 9: AA:K6G 6 A6 8DB> H6Gt6 6 FJ>:C CD 9:EDH>I: ADH H:>H E:HDH A I>ED H: H:CIy IG6CFJ>A6 B:CI: N H: 76?y 6 A6H 8J6IGD 8J6 9G6H A ?J:K:H 9: B6GOD KDA K>y 6 HJ7>G :C :A B>HBD H>I>D N 6 A6 B>HB6 =DG6 E:GD CD :C :A B>H BD 6JID7~H :CIGy H>C E6<6G 8DC HJ 7DI:AA6 9: I>C:G BiH 9: IG:>C I6 E6H6?:GDH t76BDH 9: E>: H: 76?y JC E6H6?:GD N GiE>96B:CI: :A 9GD<69>8ID H: H:CIy 6HE>G6C9D HJ EDGFJ:Gt6 9:?6C9D :C :A 6B 7>:CI: :A ;J:GI: DADG FJ: HJ 9GD<6 N pA B>HBD 9:HE:9t6C ¢ H 6Ht 8DBD =:BDH 9: K>6?6G :C :HIDH 8:9:B:xDH K:=t8JADH
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)D =68: BJ8=DH 6xDH :M>HIt6 JC K:G969:G6 8DBE:I:C8>6 :CIG: A6H ><A: H>6H :C A6H FJ: H: B6C>;:HI676 :A 6GI: 9: FJ>:C:H A6H 9>G><t6C N:C9D 9: AD 6GItHI>8D N BDCJB:CI6A 6 AD H:C8>AAD H>:C9D :HE>G>IJ6AB:CI: ><J6A:H :C :A H:CI>9D G:A><>DHD N CD :C A6 :MEDH>8>yC )J:HIG6 86E>AA6 I6B7>pC IJKD :A HJND A:K6CI69D EDG A6H .>:GK6H 9: %:H~H 9: A6 6G>969 FJ: CD EDG E:FJ: xD 9:?y 9: I:C:G HJ :HE>G>IJ6A >BEDGI6C8>6 AD FJ: CDH IG6?D 6 A6 B:BDG>6 JC FJ>CI:I6 >C<:CJ6 FJ: A:tBDH :C A6 ?JK:CIJ9 £I6C A:?6C6 E:GD =:GBDH6 :C HJ 9:H8G>E8>yC : A6H 6A6H 9: JC BDHFJ>ID =>OD A6 1>G<:C JC B6CID N A: H6A>y I6C 7DC>ID FJ: AD :HIG:Cy :A 1>:GC:H .6CID E6G6 :A CI>:GGD 9: G>HID
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4 A6 B:O8A6 9: 6<G6967A:H N 9:H6<G6967A:H CDI> 8>6H CD I:GB>C6 A 9: D8IJ7G: 9: H: G:~C: GiE> 96B:CI: A6 %JCI6 :C H:H>yC :MIG6DG9>C6G>6 A .G GFJ> I:8ID !:9:G>8D -:>M6 >G:8IDG 9: A6H D7G6H 9:A .6 C6IDG>D =67t6 E:G:8>9D IGi<>86B:CI: :C A6 8>J969 9: ':yC "ID G6 EJ:H >C9>HE:CH67A: 96G ADH E6HDH C: 8:H6G>DH E6G6 DG9:C6G :A :B76AH6B>:CID 9: 869iK:G IG6:GAD E6G6 (pM>8D K:A6GAD :C A6 86E>AA6 9:A H>AD 9:A )>xD +:G9>9D N 6GG:<A6G JC6 B>H6 9: 8J:GED EG:H:CI: 8DC 6H>HI:C8>6 9:A E:GHDC6A 9: A6 ':<68>yC 9:A DCHJA69D ":C:G6A >G:8I>K6 9: A6 .D8>:969 N ;6B>A>6H 6B><6H 9:A 9>;JCID H>:C9D 8DC9J8>9D 8DC 9J:AD :A 869iK:G :A B6G I:H 6A +6CI:yC HE6xDA
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8DC JC6 9: A6H 76CFJ:I6H G:H:GK6 96 6 ADH 8676AADH H>:BEG: BDCI6 9DH EDG 8=6GGDH 6JIpCI>8DH N 9: E: At8JA6 : ADH EG>B:GDH :G6 6H>9JD :A (6GFJpH 9: "J696AJE: FJ>:C :G6 69B>G69D EDG A6 H:C8>AA:O 9: HJ IG6?: 9: 8=6GGD #DN :A 7DHFJ: :HIi GD9:6 9D 9: G6H868>:ADH 9: :9>;>8>DH G6GDH 9: JC BJC9D 9>;:G:CI:« ¢N FJp H: A: K6 6 =68:G
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