ࡱ > Z \ Y q` xl bjbjqPqP 7r : : :/ 8 D | $ h { ! ` ` ` ` ` ` ` Ҙe ` 0 ` : ` ` , ` V | | | | | | D , 4 ><0=40 " !525@=>5 A8O=85" @>5:B " 1I5=85 157 3@0=8F" &5;L 8AA;54>20=8O: 2KO2;5=85 E0@0:B5@=KE :><C=8:0B82=KE 10@L5@>2 2 <56;8G=>AB=>< >1I5=88 CG0AB=8:>2 V :><0=4=>9 >;8<?804K- C=825@A804K 8 >1>A=>20=85 2>7<>6=>AB8 ?@5>4>;5=8O 8E 2 ?@>F5AA5 3@C??>2>9 A>F80;L=>- ?A8E>;>38G5A:>9 @01>BK. ><<C=8:0F8O - B5<0, 2=5 2AO:>3> A><=5=8O, 70E20BK20NI0O, 8 4>AB>9=0O 2=8<0=8O. @>1;5<K 55 - B0:65 206=K9 B>?8:, :>B>@K9 =5>1E>48<> @072820BL, 87CG0BL, 4>1820OAL 1>;55 MDD5:B82=>3> 2708<>459AB28O <564C 8=482840<8, B0: GB> ?> 0:BC0;L=>AB8 ?@>5:B >F5=5= =0<8 4>AB0B>G=> 2KA>:>. >, 2 B> 65 2@5<O, =5 A>2A5< OA=0 =0CG=0O F5==>ABL ?@>5:B0: >G5284=>, @57C;LB0BK B0:>3> 8AA;54>20=8O =5 <>3CB 1KBL ?5@5=5A5=K =0 @07;8G=K5 A>2>:C?=>AB8 ( 2 A2O78 A 2KA>:>9 A?5F8D8:>9 2K1>@:8) , A>>B25BAB25==>, :0: =0CG=0O, B0: 8 ?@8:;04=0O F5==>ABL B0:>3> 8AA;54>20=8O =0E>4OBAO ?>4 2>?@>A><. "0:65, 2K7K205B 2>?@>AK ?@5AC??>78F8O 38?>B57K 40==>3> ?@>5:B0 - =0;8G85 :><<C=8:0B82=KE 10@L5@>2 2 >1I5=88 ?@54?>;0305BAO A =5>1E>48<>ABLN, :>B>@0O =5 <>B828@>20=0 =8:0:, :@><5 :0: AAK;:>9 =0 CG51=8:. "@5=8=3, ?@>2545==K9 2 @0<:0E ?@>5:B0, 1K; 4>AB0B>G=> 8=B5@5A=K<, => B0: 65 2K7K20; =5:>B>@K5 2>?@>AK: 35=45@=>9 >1CA;>2;5==>AB8 2K1>@0 @>;59 ( " C3>2>@ F0@52=K =0 CE>4 >B ;8A5O" ) , 8 A>>B25BAB25==>3> >3@0=8G5=8O DC=:F8>=0;0 ?> ?>;>2><C ?@87=0:C, 2KA:070==0O ?>78F8O >B=>A8B5;L=> " !;><0==>3> "5;5D>=0" " A;8 8=D>@<0F8O ?5@5405BAO =5?>;=>, B> 2>7=8:0NB 8A:065=8O" , ?@54?>;030NI0O A>1>9 2>7<>6=>ABL " ?>;=> ?5@540G8 8=D>@<0F88, ?@8 :>B>@>9 =5 2>7=8:05B 8A:065=89. " ><0=40 " 070=>G:0" @>5:B " !8AB5<0 :>@@5:F88 BO65;KE =0@CH5=89 @5G8 A 8A?>;L7>20=85< <C7K:0;L=KE ?@>872545=89 2 ;>3>?548G5A:>9 @01>B5 A 45BL<8 A A>G5B0==K<8 45D5:B0<8 2 CA;>28OE 5:>B5:8" A;8 :20;8D8:0F8O =5 ?>72>;O5B =0< AC48BL > 7=0G8<>AB8 ?@>5:B0 4;O 45D5:B>;>388 8 ;>3>- ?5403>38:8, B> > 1>;LH>9 A>F80;L=>9 7=0G8<>AB8 <K <>65< 70O28BL A>25@H5==> B>G=>: 01A>;NB=> ?@028;L=> 8 =5>1E>48<> ?@82;5:0BL 2=8<0=85 >1I5AB20 : ?@>1;5<0< B5E, :B> =5 <>65B ?>701>B8BLAO > A515 A0<>AB>OB5;L=>. >A>15==> 206=K< MB> AB0=>28BAO B>340, :>340 <K AB0;:8205<AO A B0:8<8 45BL<8. # ?@>5:B0 ACI5AB2C5B @O4 B5E=8G5A:8E =54>@01>B>: 8 ?@>1;5<=KE, 2K7K20NI8E 2>?@>AK <5AB: 2=5H=OO <>B820F8O 45B59 70 AG5B ?>40@:>2 ( :>=D5B) , =5>1>A=>20==> 8 >?@><5BG82> A2545==0O 02B>@0<8 : 2K2>4C, GB> B0:8< >1@07>< 45B8 C7=0NB, " 25@OB, GB> 8< ?><>3CB. " ; =>287=0 ?@>5:B0 - 8A?>;L7>20=85 <C7K:8 2 ?5403>38:5 2>>1I5 8 2 ;>3>- ?5403>38:5 2 G0AB=>AB8 =5 O2;O5BAO 84559 =>2>9; @>;L @>48B5;59, ?@8ACBAB2CNI8E A 45BL<8 2 B5G5=85 2A53> 4=O 2 A04C, => =8:0:8< >1@07>< =5 70459AB2>20==KE 2 ?54. ?@>F5AA5; =5OA=>ABL D8:A0F88 :><<C=8:0F88 :><0=4>9 8 B?. ><0=40 " 7 3=><>2" @>5:B " 5403>38G5A:0O 15AB80@8O " 8# ?5403>38G5A:>9 =0C:8" &5;L ?5403>38G5A:>3> 459AB28O: 0:BC0;870F8O 8 A8AB5<0B870F8O 7=0=89 > ?5403>38G5A:8E 70:>=0E 8 70:>=><5@=>ABOE. @8:;04=K5 2>?@>AK, 72CG0I85 <564C AB@>: 2 MB>< ?@>5:B5, 70A;C6820NB >A>1>3> 2=8<0=8O: :0: >1JOA=OBL ?5403>38G5A:CN =5:><?5B5=B=>ABL A?5F80;8AB>2? 'B> 45;0BL 2 =0;8G=>9 A8BC0F88 A ?54. :>;;5:B820<8 2 >1@07>20B5;L=KE CG@5645=8OE? ". :. ?@>1;5<>9, @5H5=85< :>B>@>9 8 ?@54;0305BAO A85 ?54. 459AB285, O2;ONBAO " 3@C159H85 >H81:8 2 ?>AB@>5=88 ?54. ?@>F5AA0 A?5F80;8AB0<8" , >1CA;>2;5==K5 " =57=0=85< ?54. B5>@88 8;8 701KBK< DC=40<5=B>< 7=0=89" , 2>7=8:0NB A;54CNI85 2>?@>AK: <>6=> ;8 459AB28B5;L=> 3>2>@8BL > B0:>< O2;5=88, :0: =57=0=85 ?54. B5>@88 A?5F80;8AB0<8, 157 ?>4B25@640NI53> MBC 38?>B57C 8AA;54>20=8O; > 7=0G8<>< ( 4;O ?@>2545=8O 8AA;54>20=8O) :>;8G5AB25 3@C159H8E >H81>: 2 ?>AB@>5=88 ?54. ?@>F5AA0 A?5F80;8AB0<8, 0 B0:65 > >1CA;>2;5==>AB8 MB8E >H81>: 8<5==> =57=0=85< B. =. " DC=40<5=B0 7=0=89" ; > 7=0G8<>AB8 A53> " DC=40<5=B0" 4;O A>1AB25==> ?54. ?@>F5AA0, 157, >?OBL B0:8, ?@5420@8B5;L=>3> 8AA;54>20=8O ?> MB><C 2>?@>AK. !;54CNI8<8 2>7=8:0NB 2>?@>AK >B=>A8B5;L=> B5E=>;>388 A0<>3> ?54. 459AB28O: =5A<>B@O =0 >1I89 ?@8=F8? 42865=8O " >B G0AB=>3> : >1I5<C" , ?@54AB02;O5BAO 25AL<0 A><=8B5;L=K<, GB> ?@>5:B 4>18205BAO A2>59 ?>AB02;5==>9 F5;8 - B. 5. 0:BC0;878@C5B 8 A8AB5<0B878@C5B 7=0=8O. ><0=40 2064K 420 : @>5:B " 8AB0=F8>==>5 >1CG5=85: 70 8 ?@>B82" &5;L 40==>3> ?@>5:B0: 87CG8BL MDD5:B82=>ABL CA2>5=8O 8=D>@<0F88 >1CG0NI8<8AO ?@8 48AB0=F8>==>< >1CG5=88 A 8A?>;L7>20=85< " 8 B@048F8>==>< ( 2 ?@>F5AA5 >1KG=>3> ;5:F8>==>3> 70=OB8O) . 0==K9 ?@>5:B A@02=820; MDD5:B82=>ABL CA2>5=8O 8=D>@<0F88 ?@8 @07=KE D>@<0E ?>40G8 <0B5@80;0. 4=>9 3@C??5 ;5:F8O ?@5?>4020;0AL B@048F8>==> ( <>;>4>9 G5;>25: @0AA:07K20; > /. ><5=A:>< 8 53> 4>AB865=8OE 2 ?5403>38:5) , 0 4@C3>9 3@C??5 B>B 65 A0<K9 <0B5@80; ?>:07K20;8 =0 :><?LNB5@0E 2 B5G5=85 G0A0. 0;55 @57C;LB0BK A>?>AB02;O;8AL 8 D>@<C;8@>20;8AL 2K2>4K. %>B5;>AL 1K B5?5@L >AB0=>28BLAO =0 =5:>B>@KE <><5=B0E 2 @01>B5, ?@>45;0==>9 :><0=4>9. 5@2>5, MB> B5<0 ;5:F88. 57CA;>2=>, 2A5 :><0=4K 8<5NB >B=>H5=85 : ?5403>38:5 8 ?A8E>;>388 8, A;54>20B5;L=>, D0<8;8O ><5=A:>3> @07C<55BAO 7=0:><0, 2?@>G5<, :0: 8 53> 45OB5;L=>ABL. > 2 :>=F5 ;5:F88 8 2 " 8 2 1K; ?@>2545= B5AB =0 70?><8=0=85 8=D>@<0F88 A ?><>ILN :@0B:>2@5<5==>9 ?0<OB8. >, 5A;8 MB0 B5<0 E>@>H> 7=0:><0 2A5< :><0=40<, ?@028;L=> ;8 3>2>@8BL > :@0B:>2@5<5==>9 ?0<OB8? 54L =5:>B>@K5 CG0AB=8:8 <>3;8 =0?8A0BL B5AB, 8<5O 107>2K5 7=0=8O. >MB><C, 1K;> 1K ;>38G=55 27OBL B5<C, 2 :>B>@>9 0C48B>@8O =5 >G5=L @0718@05BAO. C65 B>340 <>6=> 3>2>@8BL > :@0B:>2@5<5==>9 ?0<OB8. ><0=40 2064K 420 ?>OA=8;0 A2>9 2K1>@ B5<, GB> >=8 =5 <>3;8 2K1@0BL B5<C ;5:F88 87 >1;0AB8, 2 :>B>@>9 >=8 =5 @0718@0NBAO. 2>?@>A B5AB0 %>B5;8 1K 2K ?>;CG0BL 7=0=8O 2 B0:>9 D>@<5 2A5340? :065BAO =5 A>2A5< :>@@5:B=K<, ?>B><C GB> @07C<55BAO 2 B>9 8;8 8=>9 D>@<5 2A5340 ?>;CG0BL 7=0=8O =5 E>G5BAO. B>@>5, MB> B5<0 ?@>5:B0. #G0AB=8:8 :><0=4K @07C<55BAO >3@><=K5 <>;>4FK, GB> 70B@>=C;8 682>B@5?5ICICN =0 40==K9 <><5=B B5<C >1@07>20=8O, >4=0:> 4;O B>3>, GB>1K ?@>2>48BL 8AA;54>20=85, AB>8;> 1K 4;O =0G0;0 ?>;CGH5 @07>1@0BLAO A B0:8<8 2>?@>A0<8: 'B> B0:>5 48AB0=F8>==>5 >1CG5=85, :0: >=> @01>B05B, :0:85 CG51=K5 702545=8O C65 ?@8=O;8 MBC D>@<C >1CG5=8O. 2 F5;><, @01>B0 :><0=4K A;065==0O, G5B:0O 8 E>@>H> AB@C:BC@8@>20=0. B45;L=>5 A?0A81> CG0AB=8:0< :><0=4K 70 0CB>B@5=8=3 8 ?A8E>;>38G5A:CN @073@C7:C. ><0=40 " 8:89 :25AB" . @>5:B ?> >1CG5=8N 8A?>;L7>20=8 l T z ~ $ D' ' ' ' ' 7 7 > > L L TL VL "M c c c vl xl ɼ讣|tf hD he( 5CJ PJ aJ h-, CJ aJ hD CJ PJ aJ UhD h0; CJ PJ aJ hD hD 5CJ PJ aJ hD 5CJ PJ aJ hD h0; 5CJ PJ aJ hD he( CJ PJ aJ hD he( CJ aJ hD he( 5CJ aJ h0; CJ aJ hD h0; CJ aJ hD h0; 5CJ aJ 4 l : d > T F | ~ $ 4% B' D' p' ' 8) + 7 7 7 > ? gde( gdD xl O 251- :25AB B5E=>;>388 2 >@30=870F88 45OB5;L=>AB8 2>;>=B5@A:>3> 42865=8O 5403>38G5A:89 @57C;LB0B AD>@<8@>20==>ABL @O40 ?@54<5B=KE 8 =04 ?@54<5B=KE C<5=89, ?>72>;ONI8E =0CG8BLAO ?@>5:B8@>20BL 0:F88, <5@>?@8OB8O G5@57 8A?>;L7>20=85 251- :25AB B5E=>;>388. 01>B0 ?> A>740=8N 0:F89 1K;0 8=B5@5A=>9, >4=0:> 2A5- B0:8 =5 4> :>=F0 ?>=OB=>, :0:8<8 2A5- B0:8 ?@54<5B=K<8 8 =04 ?@54<5B=K<8 C<5=8O<8 <K 4>;6=K 1K;8 >1;040BL ?> >:>=G0=8N ?@54AB02;5=8O ?@>5:B0. >B><C GB> 0:F8N =C6=> 1K;> 70I8I0BL A ?><>ILN ?@575=B0F88, 2K?>;=5==>9 2> 2A5< =0< 8725AB=>9 ?@>3@0<<5 P o w e r P o i n t . 2A?><8=0O H:>;L=K5 3>4K >1CG5=8O, =0?@8<5@, <K =5 @07 AB0;:820;8AL A B5<, GB> =C6=> 1K;> 45;0BL ?@575=B0F88. @><5 B>3>, 2> 2@5<O 70I8BK A2>59 0:F88 >?@545;5==0O :><0=40 ?@>AB> @0AA:07K20;0 > =0720=88 0:F88, A?>A>10E 55 @50;870F88 8 B. 4. >A;5 2KABC?;5=8O >4=>9 :><0=4K, 4@C385 :><0=4K >F5=820NB 2KABC?;5=85 ?> A?5F80;L=> 2K40==K< :@8B5@8O<. >A;5 2KABC?;5=8O 2A5E :><0=4 =C6=> 1K;> :064>9 :><0=45 2K1@0BL A0<CN ;CGHCN :><0=4C. -B> 7040G0 =5 >G5=L :>@@5:B=> AD>@<C;8@>20=0. K;> 1K =0<=>3> ;CGH5, 5A;8 1K 2>?@>A 72CG0;: :0:CN 0:F8N 87 ?@54;>65==KE 2K 1K E>B5;8 ?@>25AB8 8 ?>G5<C. A>740=88 0:F89 CG0AB2>20;> 1 5 G5;>25: ( >3@0=8G5=85 :><?LNB5@>2) , >AB0;L=K5 CG0AB=8:8 ?>;B>@0 8;8 420 G0A0 ?@>AB> A845;8 8 =01;N40;8 70 ?@>8AE>4OI8<, E>BO >=8 =5 1K;8 2 ?>78F88 =01;N40B5;59, ?>MB><C =5 A>2A5< G5AB=>, GB> 4;O 40==>3> ?@>5:B0 1K;8 >B>1@0=K =5 2A5( 2 :><0=40E 2?>;=5 <>3;> 1K 1KBL 8 ?> 4 G5;>25:0) . 0 8 B5<0 0:F88 ?@> 5AB0;>FF8 =5 >G5=L 8=B5@5A=0 4;O CG0AB=8:>2. :><0=40 8:89 :25AB =5 ?@54AB028;0 =0< ?;NAK 8 <8=CAK 40==>9 B5E=>;>388 251- :25AB, A ?><>ILN :>B>@>9 <K A>74020;8 0:F88. 1K;> 1K E>@>H>, 5A;8 1K CG0AB=8:8 MB>3> ?5403>38G5A:>3> 459AB28O ?@54AB028;8 @07=K5 A8BC0F88, 2 :>B>@KE <>6=> 8A?>;L7>20BL B5E=>;>38N 251- :25AB0. ><0=40 >;O@=0O 725740 @>5:B 07@01>B:0 8 ?@8<5=5=85 18>;>38G5A:8E 7040G =0 >A=>25 2845>D@03<5=B>2 87 =0CG=>9 D0=B0AB8:8 . 8?>B570 8E 8AA;54>20=8O 70:;NG05BAO 2 B><, GB> ?>2KH5=85 C@>2=O CA2>5=8O CG51=>3> <0B5@80;0 2>7<>6=>, 5A;8 @07@01>B0BL 8 8A?>;L7>20BL 18>;>38G5A:85 7040G8 =0 >A=>25 2845>D@03<5=B>2 87 =0CG=>9 D0=B0AB8:8. !45;0BL ?@575=B0F8N 8E 8AA;54>20=8O, 2 A8;C >3@0=8G5==>3> 2@5<5=8 ( 2 G0A0) , 8< =5 C40;>AL. <5AB> MB>3>, >=8 ?@>25;8 ?5403>38G5A:>5 459AB285, :>B>@>5 O2;O5BAO G0ABLN 40==>3> 8AA;54>20=8O. ><0=40 459AB2>20;0 A;065==>, >@30=87>20==>, C25@5==>. B5G5=85 70=OB8O =5 2>7=8:0;> B5E=8G5A:8E ?@>1;5< 8;8 70<8=>:. @5?>4020B5;8 2K@060;8AL G5B:> 8 ?>=OB=>. B=>A8;8AL : CG0AB=8:0< ?@>F5AA0 C2068B5;L=>, >B25G0;8 =0 2>7=8:0NI85 2>?@>AK, ?><>30;8, 5A;8 B@51>20;0AL ?><>IL. @>F5AA 70=OB8O 70:;NG0;AO 2 3@C??>2>9 @01>B5 CG0AB=8:>2 ?@>F5AA0. @C??K >1@07>2K20;8AL ?> 6@518N ( ?@5?>4020B5;L @074020; @0=4><=> ;8AB>G:8 A 70@0=55 703>B>2;5==K<8 =0720=8O<8 3@C??) . A53> 3@C?? 1K;> ?OBL, 8 C :064>9 1K;0 A2>O DC=:F8O: 3@C??0 M:A?5@B>2, 3@C??0 4>:;04G8:>2, 3@C??0 >??>=5=B>2 8 3@C??0 =01;N40B5;59. !B>8B >B<5B8BL B>, GB> :0640O 3@C??0 2 ?@>F5AA5 70=OB8O 8<5;0 2>7<>6=>ABL 70=OBL @07=K5 DC=:F8>=0;L=K5 ?>78F88. @><5 3@C??K 3>;>2=>9 <>73 , :>B>@K5 O2;O;8AL M:A?5@B0<8 8 =8:5< 4@C38<. $C=:F8O 3@C??K 4>:;04G8:>2 70:;NG0;0AL 2 B><, GB> 8< =C6=> 1K;> ?@>A<>B@5BL >B@K2>: 87 =0CG=>9 D0=B0AB8:8, ?@>0=0;878@>20BL <0B5@80;, @0A?>;>65==K9 =0 8E AB>;0E, 8 ?>AB0@0BLAO A 18>;>38G5A:>9 B>G:8 7@5=8O ?@54AB028BL, >?8A0BL >A>15==>AB8 AB@>5=8O 8 687=545OB5;L=>AB8 D0=B0789=>3> ?5@A>=060 ( =0?@8<5@, 0=35;0) . ;8 65 0@3C<5=B8@>20==> >B25B8BL =0 2>?@>A > 2>7<>6=>AB8 ACI5AB2>20=85 B0:>3> ?5@A>=060 2 @50;L=>9 687=8. $C=:F8O >??>=5=B>2 B0:65 70:;NG0;0AL 2 ?@>A<>B@5 2845>, 0=0;875 <0B5@80;0, 0 B0: 65 2 >F5=820=88 >B25B0 4>:;04G8:>2: ?;NAK 2KABC?;5=8O, =54>G5BK, 2>?@>AK : 4>:;04G8:0<, >??>=8@>20=85. $C=:F8O @5F5=75=B>2 70:;NG0;0AL 2 >F5=820=88 2KABC?;5=8O 8 >??>=8@>20=8O 4>:;04G8:>2 8 >??>=5=B>2. $C=:F8O M:A?5@B>2 70:;NG0;0AL 2 :>;8G5AB25==>9 >F5=:5 2KABC?;5=8O ( <5B>4>< 3>;>A>20=8O) 4>:;04G8:>2, >??>=5=B>2, @5F5=75=B>2. $C=:F88 C 3@C??K =01;N40B5;59 =5 1K;>. 5 A<>B@O =0 A;065==>ABL ?5403>38G5A:>3> 459AB28O, ACI5AB2CNB =5:>B>@K5 =54>G5BK, :>B>@K5, :AB0B8, 1K;8 >1=0@C65=K 2 ?@>F5AA5 >1AC645=8O AE5< 40==>3> ?@>5:B0. 0G5< =C6=0 3@C??0 =01;N40B5;59, 8 :0:CN DC=:F8N >=0 2K?>;=O5B 2 ?@>F5AA5 70=OB8O? /2;O5BAO ;8 B2>@G5A:8< 7040=85< 18>;>38G5A:>5 >?8A0=85 C65 A>740==>3> ?5@A>=060? >AB0B>G=> ;8 4;O ?@>25@:8 7040==>9 38?>B57K ?@>2545=85 B>;L:> >4=>9 A5@88 M:A?5@8<5=B>2 A ?>:07>< 2845>? ;8 AB>8B ?0@0;;5;L=> ?@>25AB8 M:A?5@8<5=B 157 8A?>;L7>20=8O D@03<5=B0 2845>? & 45O 8AA;54>20=8O >;O@=>9 72574K 8=B5@5A=0O. ><0=40 4@C6=0O 8 A;065==0O. @C??>20O @01>B0 =0 70=OB88 1K;0 ?@>D5AA8>=0;L=> >@30=87>20==0. ?>A;5 4>@01>B:8 =54>AB0B:>2 40==>3> ?@>5:B0, <>65B ?>;CG8BLAO :0G5AB25==>5 8AA;54>20=85. !0<>9 65 :><0=45 E>G5BAO ?>65;0BL =>2KE =0G8=0=89 8 B2>@G5A:8E CA?5E>2! ><0=40 ;8K ( 02B>@5F5=78O) . 5>1E>48<> @0745;8BL 420 ?;0=0 ?@>8AE>482H53>: ?;0= =5?>A@54AB25==> 2KABC?;5=8O, 8 ?;0= 70<KA;0. ?;0=5 2KABC?;5=8O: ?@>1;5< A D>@<0;L=>9 >@30=870F859 48A:CAA88 =5 2>7=8:;>, :0: 8 A> 2708<>459AB285< A 0C48B>@859: 2A5 ?@>H;> ?>GB8 B0:, :0: 8 ?;0=8@>20;>AL. > MB> ' ?>GB8' ?>:070;>, GB> A>45@60=85, A@54AB20 A>1AB25==> ?@>872>48<>3> ?5403>38G5A:>3> 459AB28O, 0 B0: 65 A0<>3> 8AA;54>20=8O, 8 2K1>@ <5B>48: - B@51CNB 1>;55 3;C1>:>3> >A<KA;5=8O. ?;0=5 70<KA;0: AB0;> ?>=OB=>, GB> 70<KA5; =5A>25@H5=5=, 1;03>40@O A>1AB25==> ?@>254Q==>9 " >?@>10F88" : ?><8<> :@8B8:8 <5B>48:, :>B>@CN =0< 5IQ ?@54AB>8B >A<KA;8BL, =0H0 " 8;;N78O 7=0=8O" , ?>=8<0=8O 1K;0 ?@>1;5<0B878@>20=0, 2K2545=0 2> 2=5H=89 ?;0= - 8 B5?5@L <K, : 1>;LH>9 =0H59 @04>AB8, A<>65< A =59 2708<>459AB2>20BL. -B> 1K; 70<5G0B5;L=K9 >?KB, :>B>@K9 ?><>3 =0< ?@>428=CBLAO 40;LH5, ?@82Q; : =5:>B>@>9 >A>7=0==>AB8, 8, 4C<05BAO, MB> 5IQ =5 :>=5F ( :0: <8=8<C<, ?>A@54AB2>< =570:@KB>3> 35HB0;LB0 8 ?@>1;5<=>9 A8BC0F88 - =52>7<>6=>AB8 ACI=>AB=> >@30=87>20BL ?@>F5AA 48A:CAA88 ( =0?@. A ?>=8<0=85< @01>BK <5E0=87<>2 :><<C=8:0F88) 1;03>40@O =5?>=8<0=8N) . ? F tI I L L TL L "M M rN N fO P