Vol VII No 2 2006.pdf


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2345'2&& %35'6'7 #89 : !;<=><= 6??@

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J3J<48B'D9' EC4CA;CA'CACEICACE'K<DC5 +8A;HCKLC>'<>CKC'CDC4CH'E8KCM<CA

>8HA343;9'K8D9C'FCA;'L8B<JC'BCD93N'>ON'O9D83N'OPD'DCA'=8LC;C9AFC5'18LC;9CA

L8=CB'CACE'K<DC'&AD3A8=9C'LC9E'D9'D8=C'DCA'>8B<>CKC'D9'J8BE3>CCA'P8AD8B<A;

K8AD8A;CBECA7K8A3A>3A' JB3;BCK' FCA;' L8BLC<' E8LCBC>ILCBC>CA' C>C<' K<=9E

9BCKC'DCA;D<>'FCA;'48L9H'D9ACK9='DCA'OCB9C>9Q5'%CK<A'EC<K'K<DC'D9'DC8BCH

J8BL<E9>CA'#8A3B8H'D9'RH<K9'1CKLHCBC'R<DHCBC' ' >9DCE' >8B;3FCHECA'348H

E8KCM<CA'SCKCA'KC<J<A'E8KCM<CA'>8HA343;9'K8D9C5'#8B8EC'>8>CJ'K8AP9A>C9

08=8A9CA' .BCD9=93AC4' "CEFC>' TCB9=CA' R<DCFC' %8A8E' #3FCA;AFC5' #8B8EC

>8B<=' L8B<=CHC' K848=>CB9ECAAFCN' LCHECA' >8B<=' L8BEB8C=9' DCA

K8KJ8B>CHCAECAAFC' >CAJC' K8KJ8D<49ECA' EB9=9=' 8E3A3K9' FCA;

L8BE8JCAMCA;CA'DCA'K84CADC'J8D8=CCA'=CC>''9A95

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R3B3L<D<B' FCA;' K8KJ<AFC9' CB>9

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R3B3L<D<B'CDC4CH'=C4CH'=C><'DCB9'UV'D8=C

FCA;' >8BKC=<E' DC4CK' 08PCKC>CA

R3B3L<D<B'D9'0CL<JC>8A'#C;84CA;'(CWC

.8A;CH''FCA;'=8K<CAFC'K8B<JCECA'D8=C

FCA;' =<L<B5' XCAD9' K8;CH' R3B3L<D<B

FCA;' >8B48>CE' D9' RH<K9' 1CKLHCBC

R<DHCBC' D8=C' R3B3L<D<B' K8B<JCECA

PCAD9' C>C<' E<94' E8BCKC>' LC;9' J8A;9E<>

C;CKC'R<DHC5'XCAD9' 9A9'D9D9B9ECA'JCDC

CLCD' E8' 2&&&' 348H' "CEC9' +9EC>CA' DCB9

/9AC=>9' 1FC948ADBC' FCA;' ' K8B<JCECA

/9AC=>9' FCA;' L8BC;CKC' R<DHC5' XCAD9

DCA'=8E9>CBAFC''JCDC'=CC>'9><'D9H<A9'348H

"CMC'DCA'"CEFC>'FCA;'L8BC;CKC'R<DHCN

348H' ECB8AC' 9><' DC8BCH' >8B=8L<>' D9L8B9

ACKC' RH<K9' 1CKLHCBC' R<DHCBC' C>C<

L<K9AFC' EC<K' R<DHC5' ' +CDC' =CC>' 9A9

XCAD9'R3B3L<D<B'>8BKC=<E'=8LC;C9'=C4CH

=C><' E8CMC9LCA' DCB9' .<M<H' 08CMC9LCA

/<A9C'DCA'>84CH'D9>8>CJECA'J<4C'=8LC;C9

WCB9=CA'L<DCFC'D<A9C 9:;*<0$=&*2!"(&>

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L8BCDC'D9'LCWCH'J8A;CWC=CA')%,1X$5

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B8ADCHAFC' KC<J<A' D9' J8;<A<A;CAAFC

H9D<J' DCB9' L8BP3P3E' >CACK5' /9' DC>CBCA



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2345'2&& %35'6'7 #89 : !;<=><= 6??@

B8ADCH' K8B8EC' K8ACACK' JCD9N' MC;<A;

DCA'E8D84C95'/9'DC>CBCA'>9A;;9'D9'W94CFCH

J8;<A<A;CAN' K8B8EC' K8ACACK' L<CHI

L<CHCAN'B8KJCHIB8KJCH'CA>CBC'4C9A'E3J9N

OCA949N' P8A;E8HN' ECF<' KCA9=N' E8K9B9N

K8B9PC'DCA'JC4C5'(84C='K8B8EC'H9D<J'DCB9

J8B>CA9CA' DCA' J8BE8L<ACA5' #8B8EC

K8B<JCECA' KC=FCBCEC>' C;BCB9=5' +CDC

<K<KAFC' KC=FCBCEC>' C;BCB9=' >9DCE

J8BACH'H9D<J'>8B48JC='DCB9'<JCPCBC'CDC>

DCA' B9><C4' C>C<' H9D<J' >CAJC' Q8=>9OC4

E8C;CKCCA5' +CDC' =CC>' K8B8EC' K<4C9

L8BP3P3E' >CACK' K8B8EC' K8BC=C' HCB<=

K8A;CDCECA' <JCPCBC' K8K3H3A

E8=<L<BCA' DCA' JCA8A' FCA;' K849KJCHN

JCDC' =CC>' P<BCH' H<MCA' E<BCA;' DCA

D94CADC'E8E8B9A;CAN'K8B8EC'K8A;CDCECA

<JCPCBC'K8K3H3A'H<MCA'DCA'JCDC' =CC>

JCA8A' K8B8EC K8A;CDCECA' <JCPCBC

=F<E<BCA' <A><E' JCA8A' FCA;' K849KJCH5

(CD9'BCEFC>'FCA;'H9D<J'L8BCLCDICLCD'D9

DC8BCH' >8B=8L<>' =CA;C>' CEBCL' D8A;CA

<JCPCBCI<JCPCBC' CDC>' DCA' B9><C4' FCA;

D98E=JB8=9ECA' DC4CK' =8A9' BCEFC>

>BCD9=93AC4'FCA;'L8B<JC'K<=9EN' >CB9'DCA

>8C>8B'>BCD9=93AC45

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K8B8EC'FCA;'>84CH'L8BCLCDICLCD'>8B=8L<>

D9J8A;CB<H9' J<4C' 348H

!A9K9=K87/9ACK9=K8N' C;CKC'  9AD<N

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=C49A;'L8BCE<4><BC=95

08=8A9CA'BCEFC>'=84C4<'CDC'DCA'8E=9=

=8MCE' BCEFC>' FCA;' K8K949E9AFC' 8E=9=5

(CD9' E8=8A9CA' BCEFC>' >9DCE' L9=C

D9J9=CHECA'DCB9'BCEFC>'FCA;'K8K949E9AFC

DCA' DCJC>' D9EC>CECA' =<DCH' K8ADCBCH

DC;9A;' =8B>C' K8AM9WC9' BCEFC>' FCA;

K8AD<E<A;AFC5'/8K9E9CA'J<4C'E8=8A9CA

BCEFC>' FCA;' CDC' D9' DC8BCH' 9A9N' =8J8B>9

FCA;' D9<>CBCECA' !KC>' 1<ECADCB' DC4CK

#CMC4CH'1<CBC'-8K94CA;5'&C'K8A;C>CECA

LCHWC' E8=8A9CA' BCEFC>' CDC4CH' Q3ADC=9

E8L<DCFCCA' =8MC>9' &AD3A8=9C5' G8=>9OC4

08=8A9CA'"CEFC>'CDC4CH'8E=JB8=9'CB>9=>9E

DCA' B8I9A>8BJB8>C=9' BCEFC>' >8BHCDCJ

=9KL34I=9KL34N' 9D8N' >BCD9=9' DCA

;43LC49=C=95' &C' M<;C' 9A=>B<K8A FCA;

8Q8E>9Q' <A><E' K8KLCA;<A' C==8>' =3=9C4N

L<DCFC' DCA' 8E3A3K9' BCEFC>' Y6??Z[66\5

R8;9><' J8A>9A;AFC' E8=8A9CA' >BCD9=93AC4

BCEFC>' D9' J8BL<E9>CA' #8A3B8H' DCA

=8E9>CBAFC'FCA;'K8AMCD9' 9A>9'E8H9D<JCA

=8HCB9IHCB9' >84CH' K8KL<CHECA

KC=FCBCEC>' =8>8KJC>' FCA;' >8B<=

L8B<=CHC' K848=>CB9ECAAFC' =8PCBC' ><B<A

>8K<B<A5' !JCECH' C4C=CA7J8AF8LCL' 4C9A

D948=>CB9ECAAFC'E8=8A9CA'BCEFC>'=8>8KJC>

DCA' CJC' E9C>IE9C>' K8B8EC' DC4CK' <=CHC

K848=>CB9ECAAFC'K8KCA;''J8B4<'D9>849>9N

348H'ECB8AC'JCDC'<K<KAFC'EC<K'K<DC

=8ECBCA;' 48L9H' P8AD8B<A;' E8JCDC

E8=8A9CA'FCA;'L8BLC<'RCBC>'YK<=9E'BCJN

<AD8B;B3<ADN'H9J'H3J'D=LAFC\'DCA'K<=9E

DCA;D<>' FCA;' =CA;C>' J3J<48B' D9' CA>CBC

K8B8EC5

<A(C*"%.(1!"(D5"#.%()*.*"%!"(3!$'!&

(8A9=' E8=8A9CA' BCEFC>' FCA;' CDC' D9

0CL<JC>8A' #C;84CA;' EH<=<=AFC' D9

08PCKC>CA' R3B3L<D<B' FCA;' =8B9A;

D9J8A>C=ECA' CDC4CH' 08>3JBCE' Y>8C>8B

BCEFC>' FCA;' L8B>8KCECA' E8JCH4CWCACAN

K9>H3=N' 48;8ADC\N' .CF<LCA7' *8A;;8B

YJ8ACB9' WCA9>C\N' +BCM<B9>CAN' 0<DC

*<KJ9A;'C>C<' (CBCA',L48E'C>C<' (C>94CAN

=8B>C'0<A>H<4CA'DCA'$;3HI3;3H'Y/9JCB>C

0CL<JC>8A' #C;84CA;' 6??Z[Z\5

18K<CAFC' 9A9' K8ADCJC>ECA' >8KJC>' D9

HC>9' BCEFC>' J8AD<E<A;AFC' DCA' >8>CJ

8E=9=' =CKJC9' =CC>' 9A95'18A9'J8B><AM<ECA

BCEFC>' 9A9' JCDC' <K<KAFC' D9J8A>C=ECA

JCDC' HCMC>CA' =<AC>CAN' J8BA9ECHCAN

B<WC>CAN' 8O8A> :8O8A>'J8B>CA9CA' =8J8B>9



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2345'2&& %35'6'7 #89 : !;<=><= 6??@

ACAD<B' DCA' JCA8ACAN' 43KLC' E8=8A9CAN

Q8=>9OC4' =8B>C' <A><E' E8J8A>9A;CA' HCB9

BCFC'AC=93AC47<JCPCBC'J8K8B9A>CH'DC8BCH

=8B>C'J8AFCKL<>CA'>CK<I>CK<'C=9A;5

G<A;=9' =8A9' J8B><AM<ECA' BCEFC>' 9A9

CDC4CH'=8LC;C9'J8A;H9L<BN'C4C>'J8K8B=C><

KC=FCBCEC>' D8=CN' C4C>

9AQ3BKC=97E3K<A9EC=9N' J8A;9=9

E8L<><HCA'CJB8=9C=9N'J848=>CB9CA'WCB9=CA

A8A8E' K3FCA;' DCA' 8=>8>9EC' Y=CA>CJCA

8=>8>9=' FCA;' ;BC>9=\' LC;9' KC=FCBCEC>

J8AD<E<A;AFC' ECB8AC' E8=8A9CA' 9A9

L8BC=C4'DCB9' BCEFC>'DCA'<A><E'D9A9EKC>9

348H' BCEFC>' LC9E' J8A3A>3A7J8A9EKC>

KC<J<A' JCBC' J8KC9AAFC' YT9ACB>9

6??6[]@I]^\5' 08PCKC>CA' R3B3L<D<B

>8BKC=<E'D8=CID8=C'FCA;'CDC'K8B<JCECA

>8KJC>' W9=C>C' 43EC4' DCA' ;43LC4N' 348H

ECB8AC'9><'=8A9'J8B><AM<ECA'BCEFC>'9A9J<A

>8B<=' L8BE8KLCA;' K8AMCD9' =8A9

J8B><AM<ECA' W9=C>C' =8=<C9' D8A;CA

E8L<><HCA'J8A9EKC>AFC'FCA;'L8BOCB9C=9

FCA;' L<ECA K8B<JCECA' KC=FCBCEC>

=8>8KJC>' >8>CJ9' J8A9EKC>' FCA;' L8BC=C4

DCB9' DC8BCH' 4C9A' DCA' LCHECA' DCB9

KCAPCA8;CBC5' (5#C_<8>' =83BCA;

CA>B3J343;' K8A;CM<ECA' E3A=8J' >8A>CA;

=8A9'J8B><AM<ECA'W9=C>C'DCA'K8A;C>CECA

DC4CK' 138DCB=3A3' LCHWC' =8A9

J8B><AM<ECA'W9=C>C'DCJC>'L8B<JC "*!$ 8?

0&-!2'"!2;' DCA "*!$ 8?$ 7&!"7;*@/;-2-5

1*!$8?$0&-!2'"!2;' K8B<JCECA'=8A9'FCA;

D9P9J>CECA' <A><E' E8J8A>9A;CA

KC=FCBCEC>' =8>8KJC>' 9><' =8AD9B9' FC9><

<A><E'K8K8A<H9'E8L<><HCA'=3=9C4N'CDC>N

8=>8>9ECN' H9L<BCAN' D=L5AFC5 1*!$ 8?

7&!"7;*@/;-2- K8B<JCECA' =8A9 FCA;

>84CH' K8A;C4CK9' K8>CK3BQ3=8' C>C<

J8B<LCHCA5'  C4' 9A9' DCJC>' >8BMCD9' 348H

ECB8AC' J8A9EKC>AFC' FCA;' L<ECA

KC=FCBCEC>' =8>8KJC>' >8>CJ9' JCBC

W9=C>CWCA' 4<CB' DC8BCH' KC<J<A

KCAPCA8;CBC' K8K949E9' L<DCFCAFC

KC=9A;IKC=9A;' DCA' K8KJ<AFC9' =848BC

8=>8>9='FCA;'JC=>9'L8BL8DC'D8A;CA'=848BC

8=>8>9=' JCBC' =8A9KCA' D9' DC8BCH' ><M<CA

W9=C>C'=8>8KJC>5'#C_<8>'K8AF8L<>'J<4C

"*!$ 8? 7&!"7;*@/;-2- =8LC;C9 "*!$ 8?

"AA,<!,*"!2;' 348H' ECB8AC' =8A9

J8B><AM<ECA' BCEFC>' FCA;' >84CH' L8B<LCH

K8AMCD9'=8A9'J8B><AM<ECA'W9=C>C'>8B=8L<>

J8A;;CBCJCAAFC' K8A;C4CK9' JB3=8=

CE<4><BC=9' 5' !E<4><BC=9' >8B=8L<>' >8BMCD9

CA>CBC' =848BC' 8=>8>9=' =8A9KCA' =8>8KJC>

DCA' =848BC' 8=>8>9=' JCBC'W9=C>CWCA5'18A9

CE<4><BC=9' =8KCPCK' 9A9' D9=8L<>' M<;C

=8LC;C9' =8A9 @&,0;B!*"02!2;'"<$ "*! C>C<

=8A9' J=8<D3I>BCD9=93AC4N' 348H' ECB8AC

L8A><EAFC' KC=9H' >8>CJ' K8A;CP<' JCDC

L8A><E' =8B>C' EC9DCH' >BCD9=93AC4N' CECA

>8>CJ9' A94C9IA94C9' >BCD9=93AC4AFC' FCA;

L9C=CAFC' =CEBC4N' KC;9=' DCA' =9KL349=

D9H94CA;ECA' C>C<' D9L<C>' =8K<' =CMC

Y138DCB=3A3'U^^^[UU^\5

/CB9'E88ACK'M8A9='=8A9'J8B><AM<ECA

BCEFC>' FCA;' J3J<48B' >8B=8L<>' D9' C>C=N

0<DC' *<KJ9A;4CH' FCA;' >8BJ3J<48B' DCA

K8B<JCECA' 9D34C' LC;9

J8AD<D<E7KC=FCBCEC>'=8>8KJC>''LC9E'><C

KC<J<A' K<DC5' 0<DC' *<KJ9A;' 9A9

K8B<JCECA'>CB9CA'FCA;'K8K949E9';8BCECA

D9ACK9=' FCA;' D99B9A;9' 348H' K<=9E

;CK84CAN' ;3A;' DCA' E8ADCA;' FCA;

L8BACDC' K3A3>3A' FCA;' D9<4CA;I<4CA;

>8B<=' K8A8B<=' FCA;' L9C=CAFC' DCJC>

K8AF8LCLECA' JCBC' J8KC9AAFC !*"'A&

YE8=<B<JCA\N' LCHECA' ECDCA;IECDCA;

J8A3A>3AJ<A'DCJC>'9E<>'E8=<B<JCA'J<4C5

0<DC' *<KJ9A;' L8BC=C4' DCB9' EC>C

$51! YE<DC'CDC4CH'M8A9='L9AC>CA;7H8WCA

FCA;'DCH<4<'K8B<JCECA'><A;;CA;CA'JCBC

JBCM<B9>' D9' SCKCA' E8BCMCCA\' DCA' EC>C

-5+E%"# FCA;'CB>9AFC'E<49>N'348H'ECB8AC

DCH<4<' EC4C' E<DC' 4<KJ9A;' >8BL<C>' DCB9

E<49>'=CJ95'18ECBCA;'L8BH<L<A;'E<49>'=CJ9

K8B<JCECA' LCHCA' 4CA;EC' DCA' KCHC4N

KCEC'E<DC'4<KJ9A;'D9L<C>'DCB9'CAFCKCA

LCKL<'FCA;'D94<E9='DCA'D9WCBAC9'D8A;CA

B<JC' =88E3B' E<DC' DCA' L8BCKL<>' H9>CK

DCB9'9M<E5'!DC'E<DC'4<KJ9A;'FCA;'J<>9HN

H9>CKN'K8BCHN'P3E4C>'DCA'LCHECA'E<A9A;5

 CB;CAFC' B84C>9Q' K<BCH' DCA' DCJC>



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

>8BMCA;EC<' 348H' BCEFC>' E8LCAFCECA5' /9

E8PCKC>CA'R3B3L<D<B'9A9'LC9E'J8AD<D<E

D9' J8BL<E9>CA' KC<J<A' D9' DC>CBCA

B8ADCHAFC' DC4CK' E84<CB;CAFC' HCKJ9B

=8K<CAFC' K8K949E9' E<DC' 4<KJ9A;N

ECB8AC' E8=8A9CA' 9A9' K8B<JCECA' =C><I

=C><AFC' E8=8A9CA' FCA;' JC49A;' D9K9AC>9

348H' EC<K' K<DC' DCA' ><C' LCHECA' 348H

CACEICACE'<=9C'LC49>C'FCA;'M<;C'K8K949E9

E<DC'4<KJ9A;'K9A95

(8A9=' >CB9CA' E<DC' 4<KJ9A;' FCA;' C=49

>BCD9=93AC4' DCA' L9C=CAFC' K8B<JCECA

E3A=<K=9'J8AD<D<E'K8B<JCECA'>3A>3ACA

FCA;' L8B4CA;=<A;' P<E<J' 4CKC' =CKJC9

E9BCIE9BC' 6' MCK' DCA' <A=<B' KC;9=AFC

KC=9H' E8A>C4N' =8DCA;ECA' >CB9' E<DC

4<KJ9A;' FCA;' =<DCH' 48L9H' P3AD3A;

=8LC;C9' =8A9' J8B><AM<ECA' W9=C>C

L8B4CA;=<A;'=9A;EC>'E9BCIE9BC'CA>CBC'U` :

V?'K8A9>'DCA'<A=<B'KC;9='DCA'=CEBC4AFC

>84CH' D9>9CDCECA5'  CKJ9B' =8K<C

J8KC9AAFC' E8=<B<JCA' DCA' K8KJ<AFC9

E8E<C>CA'KC;9='FCA;'L8B<JC'E8E<C>CA'D9

4<CB'KCA<=9C'K9=C4AFC DCJC>'K8A;9AMCE

LCBC' CJ9N' DCJC>' KCECA' J8PCHCA

L849A;7ECPC'DCA'D9PCKL<E9'D8A;CA'J8P<>

>CAJC' K8BC=C' =CE9>' =CKC' =8EC495' !DC

+CWCA;' FCA;' K8K8;CA;' J8BCACA

J8A>9A;'DC4CK'K8A;8KJ3=9'JCBC'J8KC9A

D8A;CA'K8KL9=9EECA'KCA>BCIKCA>BC5

(8A9=IM8A9=' >CB9' E<DC' 4<KJ9A;' FCA;

>84CH' >8BK8>CK3BQ3=9=' DCA' >8BCE<4><BC=9

CDC4CH' =8LC;C9' L8B9E<>' 0<LB3' 19=W3

L8B<A=<B'&=4CK9'K8A;;CKLCBECA'K<B9DI

K<B9D'+CA;8BCA'/9J3A8;3B3'FCA;'=C48HN

A/34C4CE' K8A;;CKLCBECA' JCBC

J8A;9E<>7JBCM<B9>' =8>9C' +CA;8BCA

/9J3A8;3B3'FCA;';C;CH'L8BCA9N'/CFCECA

FCA;' K8KCEC9' E3=><K' /CFCE' D8A;CA

WCBAC'WCBA9'FCA;'K8AF343E'L8B9E<>'>3J9

/CFCEAFCN'+BCM<B9>CA'L8BE3=><K'JBCM<B9>

FCA;' ' L8BE<DC' DCA' K8KLCWC' J8DCA;N

DCA'KC=9H'LCAFCE'M8A9='DCA'OCB9C=9'FCA;

4C9A5

FA()2"1%.%(G$2"2+%

1<DCH' =8MCE' ' =8E9>CB' D<C' D8ECD8

FCA;' 4C4<' JCDC' =CC>' ><B9=K8' C>C<

E8JCB9W9=C>CCA' D9MCD9ECA' <A;;<4CA

E8D<C' =8LC;C9' J8A8B9KCCA' /8O9=C

%8;CBC' =8>84CH' K9;C=N' KCEC' J8B4<C=CA

W94CFCH' PCAD9' R3B3L<D<B' <A><E

E8J8A>9A;CA' JCB9W9=C>C' D9L8B4CE<ECA

D8A;CA'K8KLCA;<A'.CKCA'T9=C>C'DCA

K8KLCA;<A' 03KJ48E= 093=' J8AM<C4

=3<O8A9B5' *CHCA' D9' =8E9>CB' PCAD9' K949E

JCBC' J8>CA9' FCA;' >CD9AFC' L8B<JC

J8B=CWCHCA' >84CH' D9=<4CJ' K8AMCD9

.CKCA'T9=C>C'FCA;'4<C='DCA'E3KJ48E=

E8DC9' =3<O8A9B5' *CHCA' J8B=CWCHCA

L8BE<BCA;' DCA' K8B8EC' FCA;' H9D<J' D9

DC>CBCA' B8ADCH' L8BC49H' J8E8BMCCA' DCB9

J8>CA9' =CWCH' E8' J8>CA9' 4CDCA;' FCA;

K8ACACK' MC;<A;N' E8D84C9' DCA' L<CHI

L<CHCA' C>C<' E8' 9AD<=>B9' JCB9W9=C>C

Y CADCFCA9' U^^^[U\5' %CK<A' J8E8BMCCA

9A9' >9DCE' L9=C' K8K8A<H9' E8L<><HCA

B<KCH' >CA;;C' K8B8EC5' 0C<K' WCA9>C

FCA;'>CD9AFC'K8KLCA><'=<CK9'K8B8EC'D9

=CWCH' >8BJCE=C' K8A;;84<>9' <=CHC' 4C9A

DC4CK'K8APCB9'ACQECH'E84<CB;C5'#8B8EC

K8AMCD9'J8DC;CA;'=3<O8A9B'C=3A;CA'C>C<

J8DC;CA;'K<=9KCA'FCA;'L8BE849CBCA'D9

=8E9>CB' PCAD9N' LCHECA' =CKJC9' AC9E' E8

PCAD9'K8ACWCBECA'LCBCA;'DC;CA;CAAFC5

 C4'9A9'>8A><AFC'K8A;;CA;;<'JCBC'><B9=

FCA;' 9A;9A' K8A9EKC>9' E89ADCHCA' PCAD9

ECB8AC'K8B8EC'>8B<='D9L<A><>9'348H'JCBC

J8DC;CA;'C=3A;CA'>8B=8L<>'FCA;'=8CECAI

CECA' K8KCE=CECA' K8AM<C4' CB>9E84AFC5

!EH9BAFC' +8KDC' =8>8KJC>' K8A8B>9LECA

K8B8EC'D8A;CA'K8IB843EC=9IECA'K8B8EC

D9' 4<CB' >CKCA' W9=C>C' PCAD9' R3B3L<D<B

DCA' K84CBCA;' K8B8EC' L8BM<C4CA' D9' C>C=

PCAD95 #8B8EC' K8A8KJC>9' E93=IE93=

=3<O8A9B' FCA;' >8B49HC>' BCJ9' DCA' >8BC><B5

/8K9E9CA' J<4C' JCBC' J8AMCMC' KCECACA

E8P94' DCA' K9A<KCAN' K8B8EC' M<;C

D9>8KJC>ECA' D9' E8DC9IE8DC9' KCECACAI

K9A<KCA5' CKJ9B'U??a'J8A;8434C'E93=I

E93=' >8B=8L<>' CDC4CH' JCBC' WCA9>C' FCA;

=<DCH' L8BE84<CB;C5' &AP3K8' K8B8EC



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

K84CKL<A;N' =8K8A>CBC' =<CK9I=<CK9

K8B8EC'>9DCE'K8KJ<AFC9'J8E8BMCCA'>8>CJ

DCA' LCHECA' K8A;CA;;<B5' +8KC=<ECA

8E3A3K9'E84<CB;C' >8B;CA><A;'JCDC'JCBC

9=>8B95'/CJC>'D9EC>CECA'LCHWC'JCBC'9=>8B9

>84CH'K8A;CKL94'C49H'><;C='LCJCE7=<CK9

=8LC;C9' J8APCB9' ACQECH' Y8*&"0$ C2''&*\

FCA;' D9=8LCLECA' 348H' =9><C=9' DCA

E3AD9=95' +CBC' 9=>8B9' FCA;' L8BJB3Q8=9

=8LC;C9'J8K949E'E93='CDC'48L9H'DCB9'6??

3BCA;'L8BCB>9'K849J<>9'6??'E84<CB;C'FCA;

>8B=8LCB' D9' D8=CID8=C' D9' 08PCKC>CA

R3B3L<D<B' 0CL<JC>8A' #C;84CA;

>8B=8L<>5'+CBC'J8DC;CA;'C=3A;CA'E84949A;

FCA;' >9DCE' KCKJ<' K8AF8WC' E93=N

KCF3B9>C=' M<;C' >8B<>CKC' >8BD9B9' DCB9

WCA9>C' DCA' CACEICACE' LC9E' CACE

J8B8KJ<CA' KC<J<A' 4CE9I4CE9' FCA;

=8K<4C' L8BM<K4CH' BC><=CA' K8AMCD9

B9L<CA'JCDC'=CC>'K<=9K'><B9=5'+CDC'=CC>

9><' D9EC>CECA' LCHWC' 9=>B9' >84CH

L8BE3A>B9L<=9' BC>CIBC>C' ]UNb`' a' DC4CK

8E3A3K9' E84<CB;CAFC' Y CADCFCA9

6???[6U\5' 0C<K' JB9C' FCA;' K8KJ<AFC9

J8E8BMCCA' >9DCE' >8>CJ' L8B;8BCE' =8LC;C9

><ECA;'LC><N'B8JCBC=9'K3>3BN'><ECA;'3M8EN

=<J9B'E8ADCBCCA'<K<KN'L8PCEN' CAD3A;N

KCE84CB' D=L5AFC5' 19=C' WCE><' K8B8EC

DCJC>' D9;<ACECA' <A><E' K8A;C><B' CACEI

CACE' K8B8EC' DCA' B<KCH' >CA;;CAFC

KC=9A;IKC=9A;' =84C;9' JCBC' 9=>8B9

L8BM<C4CA' D9' E93=AFC' DCB9' JC;9' L<>C

=CKJC9' 4CB<>' KC4CK5' .8BMCD9' C49H' ><;C=

DCA' E8BMC=CKC' FCA;' LC9E' CA>CBC' =<CK9

DCA' 9=>8B9' FCA;' >9DCE' L9C=C' DC4CK' CDC>

E8H9D<JCA'J8BECW9ACA'E84<CB;C'D9''(CWC

.8A;CH5

+CDC' >CH<A' b?cCA' DCA' ^?cCA

J8KC=<ECA' E8<CA;CA' E84<CB;C' K8B8EC

YJCBC' 9=>8B9' J8A;8434C' E93=\' DCB9' =8E>3B

JCB9W9=C>C' =CA;C>' K843AMCE' CE9LC>

LCAFCEAFC' J8A;<AM<A;' PCAD9N' LC9E

W9=A<=' KC<J<A' W9=KCA5' %CK<A' JCDC

CEH9B' >CH<A' ^?cCAN' =8E9>CB' >CH<A

U^^b7U^^^'FC9><'=8=<DCH'KC=C'MC><HAFC

1<HCB>3'JCDC'=CC>'%8;CBC'K8AMCD9'PHC3=N

8E3A3K9'%8;CBC'M<;C'MC><H'348H'ECB8AC

D94CADC' EB9=9=' 8E3A3K9' FCA;

L8BE8JCAMCA;CA5' 0<AM<A;CA' W9=C>CWCA

D3K8=>9E' YW9=A<=\' =CA;C>' K8A<B<A

>CMCKN' CJC4C;9' W9=C>CWCA' KCAPCA8;CBC

YW9=KCA\' K8A<B<A' DBC=>9=' Y.B9F3A3

6??U\5  C4'9A9'D9=8LCLECA'348H''E8CDCCA

%8;CBC'FCA;'=8PCBC'J349>9='DCA'8E3A3K9

>9DCE' =>CL94' DCA' E8CKCACA' FCA;' >9DCE

L9=C' D9JB8D9E=9' 348H' ECB8AC' <4CH' EC<K

>8B3B9=5' &AD3A8=9C' >84CH' D9 D8<"AE$ <2-!F

DCA' K8AMCD9' =C4CH' =C><' A8;CBC' FCA;

K8ADCJC>ECA'JB8D9EC> D!*"5&<$C"*'2'(F

348H' A8;CBCIA8;CBC' D9' ,B3JCN' !K8B9PCN

!<=>BC49C' DCA' L8L8BCJC' A8;CBC' !=9C5

RCAFCE' EC<K' K<DC' FCA;' D9' JHE' DCA

K8A;CA;;<B5' '  C=94' L<K9' DCB9

J8;<A<A;CA' M<;C' =<49>' K8ADCJC>ECA

JC=CB' DCA' HCB;CIHCB;CAFCJ<A' MC><H

D9=8LCLECA'ECB8AC'DCFC'L849' E3A=<K8A

B8ADCH5' +8ADCJC>CA' DC8BCHJ<A' K8AMCD9

L8BE<BCA;5' 03AD9=9' 9A9' K8AF8LCLECA

LCAFCE' EC<K' K<DC' YFCA;' L8B<K<B

CA>CBC' 6? : `?' >CH<A\' H9MBCH' J8B;9

K8A9A;;C4ECA' D8=C' DCA' L8B<=CHC

K8APCB9' J8E8BMCCA7J8A;HC=94CA' D9' E3>C5

0C<K' K<DC' FCA;' L9C=CAFC' K8AMCD9

J84CE=CAC' =8A9' >BCD9=93AC4' BCEFC>

L8B8E=3D<='DCA'D8=CID8=C'K8AMCD9' =8J9

>8B<>CKC'JCDC'KC4CK'HCB9'ECB8AC' >9DCE

CDC' E8;9C>CAIE8;9C>CA' B<>9A' D9

JC;<F<LCAIJC;<F<LCA' >CB9' FCA;

L9C=CAFC'K8AMCD9'>8KJC>'L8BE<KJ<4'JCBC

CA;;3>CAFC' =8<=C9' =H34C>' &=FC' D9' =<BC<

C>C<'D9'K8=M9D'D8=C5

GA()2+E2.%.%(B*"1515$

#CF3B9>C='J8AD<D<E'D9'E8'UV'D8=C

D9' 08PCKC>CA' R3B3L<D<B' >8B<>CKC' D9

J8BL<E9>CA' #8A3B8H' CDC4CH' J8AD<D<E

<=9C JB3D<E>9Q'FCA;'L8BE9=CB'CA>CBC'<K<B

UZ' =CKJC9' Z`' >CH<A' FCA;' BC>CIBC>C

L8BM<K4CH'CA>CBC' ' @?a' =CKJC9']?a'D9

=8>9CJ'D8=C5' (<K4CH'J8AD<D<E'JB9C' DCA

WCA9>C' HCKJ9B' =CKC5' %CK<A' CA>CBC

>CH<A'U^^]'=CKJC9'6??U'M<K4CH'J8E8BMC



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

WCA9>C7J8B8KJ<CA' M<K4CHAFC' 48L9H

LCAFCE' D9LCAD9A;ECA' M<K4CH' J8E8BMC

JB9C'FCA;'D9=8LCLECA'348H'JCBC'J8E8BMC

JB9C' FCA;' J8B;9' E84<CB' DCB9' KC=9A;I

KC=9A;' D8=CAFC'  CADCFCA9' 6??6[U^`\5

0C<K'WCA9>CAFC'LC9E'><C'KC<J<A'K<DC

>8B<>CKC' JCBC' 9=>B9' >9A;;C4' D9' D8=C

K8A<A;;<9'DCA'K8BCWC>'B<KCH'K8B8EC

=CKL94' K8KL8=CBECA' DCA' K8AD9D9E

CACEICACEAFC5' %CK<A' <A><E' DCJC>

K8K8A<H9' E8L<><HCA' B<KCH' >CA;;CAFC

=8LC;9CA'L8=CB'DCB9'K8B8EC'K8A;8BMCECA

J8E8BMCCA' =CKL94CA' <A><E' K8ACKLCH

9AP3K8' DCA' >8A><AFC' M<;C' K8ACKLCH

E8=8MCH>8BCCA' E84<CB;C' KC=9A;IKC=9A;5

!DC' L8BKCPCKIKCPCK' J8E8BMCCA

=CKL94CA' ' DCA' =CA;C>' L8BOCB9C=9' CA>CBC

4C9A'K8A;8BMCECA'4CDCA;'L8BP3P3E'>CACK

L<CHIL<CHCA' DCA' JC4CW9MC' =8J8B>9

MC;<A;N' P8A;E8HN' OCA949' D=LAFCN

L8BDC;CA;'=3<O8A9B'C=3A;CA'D9'J84C>CBCA

R3B3L<D<BN' J8AMCMC' KCECACA' E8P94' DCA

K9A<KCA5'+CBC';CD9='DCA'B8KCMC J<>8B9

=8LC;9CA'L8=CB'L8E8BMC'=8LC;C9'J8A;BCM9A

=3<O8A9BN' LC>9EN' ;CBK8A>N' LCHECA

K8KJB3D<E=9' KCECACA' PCK94CA

>BCD9=93AC4' YB8;9ACA' DCA' EB<J<E\' DCA

BCK<CA' MCK<IMCK<CA' >BCD9=93AC4' LC9E

FCA;'=8;CB'KC<J<A'FCA;'E8B9A;'L8B<JC

=8BL<E5

DA()2+E2.%.%(B*"1%1%$!"

#8A;8AC9'J8AD9D9ECA'D9'=8>9CJ'D8=C

<A><E'BC>CIBC>C'J8AD<D<E'>9DCE4CH'>9A;;95

#8B8EC''K8A;8AFCK'M8AMCA;'J8AD9D9ECA

Q3BKC4' HCAFC' =CKJC9' =848=C9' 18E34CH

/C=CB'Y1/\'=CMC5'*8L9H'E<BCA;'`?a'DCB9

K8B8EC'>84CH'K8AF848=C9ECA'M8AMCA;'1/

AFCN' U`a' >84CH' K8AF848=C9ECA' M8AMCA;

1#+' AFC' DCA' E9BCIE9BC' U?a

K8AF848=C9ECA' 1#!' AFC5' $48H' ECB8AC

9><'=8D9E9>'=8EC49'D9'CA>CBC'K8B8EC'FCA;

K8AMCD9' +8;CWC9' %8;8B9N' -<B<N

+8A;<=CHC' ' KC<J<A' !R"&5' 19=CAFC

CDC4CH'CACEICACE'FCA;'KC=9H'D<D<E'D9

1/'DCA'CACEICACE'D9'LCWCH'<K<B'FCA;

L84<K'L8B=8E34CH'=8B>C'3BCA;I3BCA;' ><C

FCA;' =<DCH' A3AIJB3D<E>9Q' YR!++,/!

6??U[`\5'$48H'ECB8AC'49A;E<A;CA'K8B8EC

CDC4CH' 49A;E<A;CA' C;BCB9=N' K8B8EC

K8BC=C' >9DCE' K8K8B4<ECA' M8AMCA;

J8AD9D9ECA' FCA;' >9A;;9N' 348H' ECB8AC

FCA;' D9J8B4<ECA' CDC4CH' L8E8BMC

K8A;34CH' 4CHCAAFC' =8LC;C9' KC>C

J8APCHCB9CAAFC' <A><E' K8A;H9D<J9

E84<CB;CAFC5'dCA;'J8A>9A;'K8B8EC'>9DCE

L<>C'H<B<QN'DCJC>'K8KLCPCN'K8A<49='DCA

L8BH9><A;5

HA()2"1%.%(92.%!-

18J8B>9' >84CH' D9=8L<>ECA' D9' *C>CB

R84CECA;' LCHWC' CE9LC>' EB9=9=' 8E3A3K9

FCA;' K84CADC' &AD3A8=9C' P<E<J' 4CKCN

EC<K' =8A93B' K<DC' LCAFCE' FCA;

L8B8E=3D<='E84<CB'DCB9'D8=C'K8B8EC'DCA

K8APCB9' ACQECH' D9' E3>CIE3>C' =8E9>CB

08PCKC>CA'R3B3L<D<B'KC<J<A'E8'E3>CI

E3>C'L8=CB'=8J8B>9'(3;MCN'1343N'#C;84CA;N

#<A>94CA' D=L5AFC5' #CEC' =8LC;9CA' DCB9

K8B8EC'FCA;'KC=9H'>9A;;C4'D9'D8=CN'LC9E

FCA;' >9A;;C4'D9'DC>CBCA' B8ADCH'KC<J<A

FCA;' D9' J8;<A<A;CA' #8A3B8H' >8>CJ

H9D<J' DCB9' L8BDC;CA;N' ' DCB9' L8BP3P3E

>CACK'DCA'L8BE8L<A5'%CK<A'ECB8AC'JCBC

=8A93B' FCA;'L9C=CAFC'DC4CK'JC;<F<LCA

=8A9' >8B<>CKC' D9' L9DCA;' >CB9' K8ACB9

L8BE<BCA;N'CE9LC>AFC'K8B8EC'FCA;'KC=9H

=CA;C>' K<DC' >9DCE' CDC' FCA;

K8KL9KL9A;' 4C;95 +C;<F<LCA' K8AMCD9

JC=9Q'DCA'>9DCE'CDC'J84C>9HCA'FCA;'B<>9A

=8J8B>9' D<4<5 /8A;CA' =8AD9B9AFC' CKL9=9

K8B8EC'<A><E'L8B4C>9H'KCE9A'4CKC'KCE9A

=<B<>5'RCAFCE'JC;<F<LCA'>CB9'FCA;'><><J

348H'ECB8AC'>9DCE'CDC'FCA;'K8A;8434C5

18J8B>9' D9E8>CH<9' LCHWC' CE9LC>

49A;E<A;CA' C4CK' DCA' E3AD9=9' =8>8KJC>

KCEC' K8B8EC' FCA;' >9A;;C4' D9

J8;<A<A;CA' K8KJ<AFC9' CDC>N' L<DCFC

DCA'E8C;CKCCA'K8B8EC'FCA;'48L9H'=>CL94

DCA' 48L9H' KCJCA' D9LCAD9A;ECA' D8A;CA

K8B8EC' FCA;' H9D<J' D9' DC8BCH' LCWCH

#9AC>'>8BHCDCJ'E8;9C>CA'L<DCFC'K8AMCD9



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

K8A<B<A' J<4C5'  C4' 9A9' >8B<>CKC

D9J8A;CB<H9' 348H' L8BE8KLCA;AFC

9AD<=>B9'JCB9W9=C>C'FCA;'DCJC>'K8KL<EC

J84<CA;' DCA' K8AF<;<HECA' L8BLC;C9

J8E8BMCCA'LCB<'=8J8B>9'K8AMCD9'J8DC;CA;

C=3A;CAN' ><ECA;' Q3>3N' J8KCAD<' W9=C>CN

K8KL<C>' KCECACA' E8P94' DCA' K9A<KCA

>BCD9=93AC4N'E8BCM9ACA'DCB9'LCKL<N'ECF<N

LC><N'ECJ<BN'J8B<A;;<'D=L5AFCN'CDC'J<4C

FCA;' K8AMCD9' ><ECA;' 3M8EN' KCE84CBN

><ECA;'LC><N'><ECA;'B8JCBC=9'=8J8DC'DCA

K3>3B' Y CADCFCA9' 6??6[U^U\5' #8B8EC

FCA;' >9A;;C4' D9' LCWCH =CA;C>' CA><=9C=

D8A;CA' L9DCA;' J8E8BMCCA' FCA;' LCB<

>8B=8L<>' DCA' FCA;'K8AF9>C'WCE><' 48L9H

LCAFCE'D9LCAD9A;ECA'D8A;CA'WCE><'LC;9

K8B8EC' FCA;' L8B>CA9' DCA' L8BE8L<A' D9

C>C='J8;<A<A;CA'#8A3B8H5

=A()2"1%.%()5-&50!-

+8B<LCHCA' 8E3A3K9' >9DCE' HCAFC

K8KJ8A;CB<H9' E8H9D<JCA' =3P9C4' =CMC

ACK<A'M<;C'>84CH'K8KJ8A;CB<H9'E3AD9=9

P<4><BC45' 03AD9=9' 8E3A3K9' >84CH

K8KJ8A;CB<H9' J8B<LCHCA' DC4CK' =>C><=

CA;;3>C'E84<CB;CN'=8J8B>9'K9=C4AFC'JCBC

WCA9>C' DCA' CACEICACE' ;CD9=' B8KCMC

L8E8BMC'D9' 4<CB' B<KCH5' C4'FCA;'L84<K

D9CA;;CJ' L9C=C' DC4CK' L<DCFC' (CWC' D9

J8D8=CCA' D9' (CWC' .8A;CH5' RCHECA' D9

D8=C'R3B3L<D<B'WCA9>C'K8AMCD9'J8APCB9

ACQECH'E84<CB;C'348H'ECB8AC'JCBC'=<CK9

FCA;' >CD9AFC' L8B>CA9' =8ECBCA;' >9DCE

K8KJ<AFC9' J8E8BMCCA' >8>CJ5' *CHCA

J8B>CA9CA' K8B8EC' D9;<ACECA' <A><E

E8J8A>9A;CA' J8A;8KLCA;CA' JCB9W9=C>C

348H' J8K8B9A>CH' DC8BCH' =8>8KJC>5

!E9LC>AFC'>8BMCD94CH'C49H'Q<A;=9'C>C<'C49H

><;C='DCB9'=<CK9'FCA;'L9C=CAFC'L8E8BMC

D9' 4<CB' B<KCH' E8' 9=>B9' FCA;' =8ECBCA;

HCB<=' L8E8BMC' D9' 4<CB' B<KCH' <A><E

K8K8A<H9' E8L<><HCA' B<KCH' >CA;;C

KC=9A;IKC=9A;N' K9=C4AFC' D8A;CA

K8AMCD9' J8AMCMC' C=3A;CAN' J8AMCMC

KCECACA' E8P94' DCA' K9A<KCAN' J8AMCMC

=3<O8A9B7P9AD8BCKC>C' DCA' JCEC9CA

Y CADCFCA9' 6???[6U\5' +CBC' =<CK9' FCA;

>8BKC=<E' ;343A;CA' =8A93B' K<DC' DCA

D8A;CA'=9><C=9'eM3L48==f'YJ8A;CA;;<BCA\

>8BJCE=C' E84<CB' DCB9' DC8BCHAFC' J8B;9

K8APCB9'ACQECH'D9'DC8BCH7E3>C'4C9A5

18E9>CB' >CH<A' ^?' CA' >8JC>AFC

=8L84<K'U^^@'D9'08PCKC>CA'R3B3L<D<B

>8BDCJC>' P<E<J' LCAFCE' JC;<F<LCA' =8A9

>BCD9=93AC4' BCEFC>' FCA;' K8APCE<J9' =8A9

K<=9E' >BCD9=93AC4N' =8A9' >CB9' >BCD9=93AC4

DCA' =8A9' >8C>8B' >BCD9=93AC4' BCEFC>

YE8>3JBCE\'FCA;'D9E8434C'348H'JCBC'=8A93B

K<DC5 /9'=8>9CJ'D8=C' >8BDCJC>'L8L8BCJC

JC;<F<LCA' =8A9' FCA;' CA;;3>CAFC

=8LC;9CA'L8=CB' >8BD9B9'DCB9'EC<K'K<DCN

CACEICACE' DCA' JCBC' J84C>9H' =8A93B5

R8;9><''L8BCB>9'DCA'J8A>9A;AFC'E8=8A9CA

BCEFC>' LC;9' E8H9D<JCA' BCEFC>' D9

J8D8=CCA4CH' FCA;' K8B<JCECA' <A=<B

J8AD<E<A;' L8BD9B9AFC' JC;<F<LCAI

JC;<F<LCA'=8A9'D9'=8>9CJ'D8=C5

#CB94CH'E9>C' >8A;3E'CB>9'J8A>9A;AFC

E8=8A9CA' DCA' Q<A;=9' >CB9N' K<=9E' DCA

>8C>8B' LC;9' KC=FCBCEC>' JCDC' <K<KAFC

DCA' LC;9' KC=FCBCEC>' J8D8=CCA' JCDC

EH<=<=AFC5'.CB9'K8KJ<AFC9'CB>9'J8A>9A;

DC4CK'E8H9D<JCA'KCA<=9C'ECB8AC'DCJC>

K8KL8B9ECA' L8BLC;C9' KCAQCC>N' =8LC;C9

H9L<BCA' DCA' =CBCAC' E3K<A9EC=95' .CB9

DCJC>' H9D<JN' ><KL<H' DCA' L8BE8KLCA;

=8JCAMCA;' SCKCA' =8=<C9' D8A;CA

J8BE8KLCA;CA'E8L<DCFCCA'KCA<=9CAFC5

+8B<LCHCA' JCDC' >CB9' D9>8A><ECA' 348H

KC=FCBCEC>' J8AD<E<A;AFC5' +8B<LCHCA

J34C'J9E9B'KC=FCBCEC>'CECA'L8BJ8A;CB<H

>8BHCDCJ' Q<A;=9' DCA' =>B<E><B' >CB95' (CD9

>CB9'K8AF8=<C9ECA'D8A;CA'E3A>8E='FCA;

CDC' D9' KC=FCBCEC>5' 184C9A' 9><' >CB9' M<;C

K8B<JCECA'C4C>'8E=JB8=9'C>C<J<A'=CBCAC

E3K<A9EC=9' =8=83BCA;' =8A9KCA' E8JCDC

J8A3A>3A' C>C<' J8A9EKC>AFC5' /8A;CA

8E=JB8=9' ;8BCE' ;8B9EAFC' =83BCA;' J8ACB9

DCJC>' K8KL<C>' J8A9EKC>AFC' J8EC

>8BHCDCJ' =8=<C><' FCA;' >8BMCD9' D9

=8E9>CBAFCN' =8LCL' >CB9' CDC4CH' =8L<CH

<A;ECJCAN' J8BAFC>CCA' DCA 8E=JB8=9



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

DC4CK' ;8BCE' FCA;' K8K<C>' E3K8A>CBI

E3K8A>CB' K8A;8AC9' B8C49>C=' E8H9D<JCAN

DCJC>' K8KJ8BECFC' J8A;C4CKCA

J8A3A>3AN'DCJC>'K8KLCWCECA'K9=9'C>C<

J8=CAIJ8=CA' >8B>8A><' <A><E' L9=C

D9JCHCK9' J8A9EKC>AFC5' #8ACB9

K8B<JCECA'E8>BCKJ94CA'EH<=<=5'RCHECA

LCEC>'DCJC>'K8A8A><ECA'E<C49>C=' >CB9CAN

ACK<A' L<ECA' L8BCB>9' LCHWC' =8=83BCA;

FCA;' >9DCE'L8BLCEC>' >9DCE'L9=C'K8AMCD9

J8ACB9' FCA;' L8BE<C49>C=N' ECB8AC' >CB9

K8B<JCECA'=<C><'E8>BCKJ94CA'FCA;'L9=C

D9J84CMCB9N' D94C>9H' DCA' D9BC=CECA' DCA

LCHECA' DCJC>' D9WCB9=ECA' E8' CACE' P<P<

=8PCBC'><B<A'>8K<B<A'DCB9'KC=C'E8'KC=C5

(<;C' =8LC;C9' 94K<' DCJC>' D9CMCBECA' DCA

D9CJ49EC=9ECA'D9' =8E34CH'C>C<'D9' >8KJC>

E<B=<='>CB9'Y(CS<49'U^^Z[UI6\5

184C9A' >CB9I>CB9CAN' >8C>8B' BCEFC>'C>C<

E8>3JBCE' M<;C' K8K8;CA;' J8BCACA

J8A>9A;' DC4CK' E8H9D<JCA' BCEFC>

J8D8=CCA' D9' DC8BCH' E8PCKC>CA

R3B3L<D<B' >8B<>CKC' D9' J8D8=CCAI

J8D8=CCA'D9'R<E9>'#8A3B8H'DCA'D9'D8=C

R3B3L<D<B5' #8A<B<>'  CAD<A;' 0<=

YU^b^[]NUUN6`\N' E8>3JBCE' =8LC;C9' =C4CH

=C><' E8=8A9CA' BCEFC>' L8B<JC' =8A9

J8B><AM<ECA' K8ADCJC>' >8KJC>' D9' HC>9

BCEFC>'DCA'P8JC>7K<DCH'K8AF8A><H'HC>9

BCEFC>5' 08>3JBCE' L8BC=C4' DCB9' DCA

D9=CM9ECA'<A><E'K8A;H9L<B' BCEFC>' >8>CJ

D9=8ACA;9' 348H' =8LC;9CA' L8=CB' BCEFC>

>8B<>CKC'J8AD<D<E'FCA;'L8B><><B'LCHC=C

(CWC5'RCHECA';343A;CA'E8><B<ACA'X9AC

FCA;'L8B><><B'LCHC=C' (CWC'D9'1343'DCA

d3;FC'=8B9A;'K8AMCD9'D3AC><B'>8>CJ'DCA

=J3A=3B' ;B<JI;B<J' E8>3JBCE' <A><E

J8KL9ACCA'DCA'J8A;8KLCA;CA'08>3JBCE

C;CB' =<JCFC' E8=8A9CA' >8C>8B' BCEFC>' 9A9

DCJC>' >8>CJ' 8E=9=5 (CD9' L8BCB>9' E8=8A9CA

>8C>8B' >BCD9=93AC4' 9A9' =CA;C>' J3J<4CBN

D9=<EC9'DCA'K8B<JCECA'K949E'BCEFC>'DCB9

=8K<C' ;343A;CA' DCA' 8>A9=' D9' (CWC

YU^b^[VV\5'/949HC>'DCB9' Q<A;=9AFC'=84C9A

=8LC;C9' J8A;H9L<B' BCEFC>N' E8>3JBCE

K8B<JCECA' =8A9' J8B><AM<ECA' >BCD9=93AC4

FCA;' JCDC' <K<KAFC' K8B<JCECA' =<C><

L8A><E' 8E=JB8=9' E3K<AC4' FCA;' J8A>9A;

DCA' L8BQ<A;=9' =8LC;C9' M8KLC>CA' D9C43;

CA>CBC' .<HCA' DCA' P9J>CCAAFC' Y#1+&

U^^^[]\5'$48H'ECB8AC'9><'08>3JBCE'DCJC>

>8B<=' K848EC>' D9' HC>9' BCEFC>' D8=C

R3B3L<D<B' DCA' =8E9>CBAFC' FCA;' C;CK9=

DCA' =<JBCAC><BC4' >8B<>CKC' LC;9' K8B8EC

FCA;' >9A;;C4' D9' J8BL<E9>CA' #8A3B8H

FCA;' H9D<J' E8C;CKCCAAFC' 48L9H' =>CL94N

48L9H' E8A>C4' ' ' DCA' E3A=>CA5' R8;9><

J8A>9A;AFC' E8=8A9CA' BCEFC>' D949HC>' DCB9

Q<A;=9' L<DCFC' DCA' B849;9' >CE' DCJC>

>8BJ9=CHECA' DCB9' E8L<><HCA' K3BC4' DCA

B3HCA9' BCEFC>' J8AD<E<A;AFC5

/8K9E9CA4CH' QCE>3BIQCE>3B' FCA;' DCJC>

K8KL<C>' E8=8A9CA' BCEFC>' >8>CJ' 8E=9=N

>8BKC=<E E8>3JBCE'DCJC>'>8B<='L8B>CHCA5

03AD9=9' =8J8B>9' 9A94CH' FCA;' K8AMCD9

QCE>3B'J8AD<E<A;'<>CKC'E8;9C>CA'=8A9'D9

08PCKC>CA' R3B3L<D<BN' ' >8JC>AFC' D9

R<E9>'#8A3B8H'/8=C'R3B3L<D<B5'1CKJC9

=CC>' 9A9' =8>9CJ'HCB9'KC=9H' >8B49HC>'EC<K

K<DC'LC9E'4CE9I4CE9'KC<J<A'J8B8KJ<CA

L8B4C>9H' K8ACB9' ' C>C<' L8B4C>9H' E8>3JBCE

=8J<4CA;AFC' DCB9' L8B>CA9' C>C<

=8J<4CA;AFC'DCB9'=8E34CH5

IA(B*"#!058(G$.215.(B*"1515$

9*"%20(((751!

18J8B>9' >84CH' D9M84C=ECA' D9' C>C=

LCHWC'=8LC;9CA'L8=CB'JCBC'=8A93B'K<DC

>8BKC=<E' EC<K' K<DCN' L<MCA;CA' DCA

=<CK9I=<CK9' K<DC' <=9C' J8B;9' ' <A><E

K8BCA>C<' E8' 4<CB' D8=CAFC' K8APCB9

ACQECH' E84<CB;C5' 18LC;9CA' DCB9' K8B8EC

FCA;'>9A;;C4J<A'HCB<='L8E8BMC'48L9H'348H

ECB8AC'=9><C=9'8E3A3K9'FCA;'=<49>5'RC;9

K8B8EC'FCA;'>9A;;C4'D9'D8=C'R3B3L<D<B

LC;9CA' LCWCH' FC9><' D8=CID8=C' FCA;

K8A;84949A;9'XCAD9'R3B3L<D<B'E8CE>9QCA

L8BL<DCFC'K8B8EC'K<4C9' =<B<>5'#8B8EC

>9DCE' K8KJ<AFC9' ' P<E<J' WCE><

L8BE<KJ<4'D8A;CA'=8=CKC'>8>CA;;C'D8=C

<A><E' JCDC' =CC>I=CC>' >8B>8A><' L8B4C>9H

K<=9EN'>CB9'C>C<'>8C>8B'>BCD9=93AC4'BCEFC>



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

=8J8B>9'KC=CIKC=C' =8L84<KAFC5'#8B8EC

FCA;' L8E8BMC' D9' 4<CB' D8=CAFC' J<4CA;

P<E<J' KC4CK' DCA' =CA;C>' 484CH5

18LC49EAFC' K8B8EC' FCA;' >9A;;C4' D9

J8;<A<A;CA'DCA'L8B>CA97L8BE8L<A'KC=9H

L8BE8=8KJC>CA' DCJC>' L8B4C>9H' E8=8A9CA

=8J8B>9' =8D9CEC4C' =CKL94' K848JC=' 484CH

<=C9'L8E8BMC'D9'4CHCAAFC5'+8AD<D<E LC9E

><C'KC<J<A'K<DC' >8>CJ' CA><=9C='DC4CK

L8B4C>9H' E8=8A9CA' =8>8KJC>5' !ACEICACE

FCA;' KC=9H' =8E34CH' =8J<4CA;AFC' DCB9

=8E34CH'CA>CBC'MCK'6'=9CA;'=CKJC9'MCK'Z

=3B8'L8B4C>9H'K8ACB9'6'C'V'g'=8K9A;;<5

0C<K' K<DC' FCA;' =<DCH' L8E8BMC' DCA

;343A;CA' ><C' L8B4C>9H' =8=<DCH' MCK

KCECA'KC4CK'C>C<' =8=<DCH' =H34C>' &=FC

DCB9' MCK' b' KC4CK' =CKJC9' MCK' U?7UU

KC4CK5' RCHECA' ECDCA;IECDCA;' K8B8EC

L8BE<KJ<4' 4C>9HCA' =9CA;' HCB9' =8=<DCH

43H3B7KCECA' =9CA;' CJCL94C' =CA;C>

D9J8B4<ECA' <A><E' J8B=9CJCA' >CKJ94' D9

J8B><AM<ECA' C>C<' JC;84CBCA5' ' #8=E9J<A

=8LC;9CA' L8=CB' J84CE<' =8A9' FC9><

;343A;CA' =8A93B' K<DC' >9DCE' DCJC>' 9E<>

L8B4C>9H' =8PCBC' B<>9A' =8J8B>9' KC=C

=8L84<KAFCN' JCBC' >8><C' C>C<' =8=8J<H

FC9><' ;343A;CA' ><C' KC=9H' K8BC=C

L8B>CA;;<A;'MCWCL'K8A8B<=ECA'WCB9=CA

L<DCFC'484<H<BAFC'E8'CACE'P<P<AFC'DCA

K8B8EC >8>CJ' >8B<=' K8KL9KL9A;5

!JCL94C' D9CDCECA' J8B>CAD9A;CA743KLCN

JC;84CBCA'DCA' Q8=>9OC4N' ;343A;CA' =8A93B

K<DC'FCA;'L8E8BMC'D9' 4<CB'DC8BCH' >8>CJ

K84<CA;ECA' WCE><' <A><E' J<4CA;' DCA

=84C4<' K8AD<E<A;' JC;<F<LCA' D8=CAFC

KC=9A;IKC=9A;' DC4CK' J8B>CAD9A;CA5

18<=C9AFC' J8B>CAD9A;CA' C>C<' Q8=>9OC4

K8B8EC'E8KLC49'E8'J8E8BMCCA'K8B8EC'D9

4<CB' DC8BCH5' R8;9><' L8=CBAFC' BC=C

E8>8B9EC>CA' K8B8EC' D8A;CA' DC8BCH

C=C4AFC' DC4CK' K8KJ8BM<CA;ECA

E843KJ3EAFC' <A><E' K8K8ACA;ECA

J8B>CAD9A;CA'=8A9'>BCD9=93AC4''K8B<JCECA

P9B9'>8B=8AD9B9'KC=FBCEC> R<E9>'#8A3B8H

CA(B*"#!058(=*02%.+*(B*"1515$

#8A<B<>' =8MCBCH' =8MCE' J8BK<4CCA

CLCD' E8' g&g' J8AD<D<E' J8BL<E9>CA

#8A3B8H' /8=C' R3B3L<D<B' K8KJ<AFC9

H<L<A;CA' LC9E' D8A;CA' 08=<4>CACA

d3;FCECB>C5 18LC;9CA' L8=CB' J8AD<D<E

K8B<JCECA' JBCM<B9>IJBCM<B9>' 08BC>3A5

+CDC' SCKCA' E343A9C4' R84CADC' JCBC

LCA;=CWCA' E8BC>3A' FCA;' K84CWCA

R84CADC'>9A;;C4'L8B=CKC'J8AD<D<E'D8=C

R<E9>' #8A3B8H' <A><E' L8B;8B94FC5' 1C4CH

=C><' J8K9KJ9A' >8BE8AC4' FC9><' +CA;8BCA

/9J3A8;3B3'FCA;'K8B<JCECA'=C4CH'=C><

E8><B<ACA'1<4>CA5'!A>CBC' >CH<A'Ub6? :

UbV? +CA;8BCA' /9J3A8;3B3' K8B<JCECA

K<=<H' >8BL8=CB' R84CADC5' /9C' L8B=CKC

JCBC'J8A;9E<>AFC'L8BJ8BCA;'=84CKC'49KC

>CH<A'DCB9'>CH<A'Ub6` : UbV?5'+8AD<D<E

K849AD<A;9' K8B8EC' CJCL94C' R84CADC

=8DCA;' K8KL<B<' K8B8EC5' %CK<A' 348H

ECB8AC'J8B=8AMC>CCA'FCA;'>9DCE' 9KLCA;N

CEH9BAFC' +CA;8BCA' /9J3A8;3B3

>8B>CA;ECJ' DCA' D9E<P94ECA' D9' R8A>8A;

"3>>8BDCK' D9' #CEC==CB' =CKJC9

WCQC>AFC5' )A><E' K8A;H3BKC>9' DCA

K8KJ8B9A;C>9' MC=CIMC=C' JCH4CWCAAFCN

J8AD<D<E' K8ACKCECA' L8L8BCJC' D8=C

D8A;CA' ACKCIACKC' JCH4CWCA' J8A;9E<>

/9J3A8;3B3' =8J8B>9' CA>CBC' 4C9A[' /8=C

#CMCE=9A;9' L8BC=C4' DCB9' ACKC' 0FC9

#CMCN'J8AC=9HC>'DCA'3BCA;'E8J8BPCFCCA

/9J3A8;3B35' /8=C' R9;CBCA' DCB9' ACKC

0FC9' -CBCAN' /8=C' 18;CACA' DCB9' ACKC

0FC9'18;CAN'/8=C'TCA<B8M3'DCB9'ACKC

#LCH'TCA<N''/<=<A'%;CBCA'DCB9'ACKC

0FC9' 18A;CBCAN' /<=<A' .<E=3A;3' FCA;

K8KJ<AFC9' =<KL8B' C9B' K8A;;<ACECA

ACKC'0FC9'.<EN'/8=C'-9B9J<BA3'>8KJC>

>9A;;C4' 0FC9' #C4CA;' /<BF3' DCA

%9>9D9BM3N'/<=<A'R8M8A'DCB9'ACKC'0FC9

R8M9' K8B<JCECA' D8=C' P9EC4' LCEC4

J8A;9E<>' /9J3A8;3B3N' /<=<A

RB3A;=3A;CA' C=C4AFC' 0FC9' "8WC=N

/<=<A' T3A3M3F3' C=C4' 0FC9' T3A39N

/8=C'18B<>'C=C4'0FC9'"3A;;3'1C>3>35'/9



 !"#$%&!'()"%!*'+,%-,.! )!%'/!%'+,#&0&"!%'1,%&

2345'2&& %35'6'7 #89 : !;<=><= 6??@

D8=C'T3A34843'>8BDCJC>'-<C'-3AD3J<B3

Yh' L8BLC<' WCA;9\' >8KJC>' /9J3A8;3B3

L8B=8K8D9' DCA' D8=C' (C;C4CA' FCA;

K8A<B<>'ACKCAFC'DC8BCH' 9A9'D9;<ACECA

=8LC;C9' >8KJC>' J8MC;C4CA' YAMC;C4' h

K8KL<A<H' D8A;CA' K8K3>3A;' E8JC4C\N

FC9><' >8KJC>' K8AMC;C4' 3BCA; :3BCA;

FCA;' D9CA;;CJ' =8LC;C9' K<=<H

/9J3A8;3B35' (CD9' D8BCH' D9' =8JCAMCA;

R<E9>' #8A3B8H' DCB9' RCBC>' =CKJC9' E8

.9K<B' D9MCD9ECA' #CBEC=' *C=ECB

+CA;8BCA' /9J3A8;3B3' DC4CK' L8B;8B94FC

K84CWCA'R84CADC'DCA'D9'LC;9CA'LCWCH

J8BL<E9>CA' FC9><' D9' DC8BCH' /C>CBCA

=8E9>CB' XCAD9' R3B3L<D<B' K8B<JCECA

#CBEC=' R84CADC5' !E9LC>AFC' >8BMCD94CH

9A>8BAC49=C=9' E8JCH4CWCACA7H8B39=K8

KC=FCBCEC>' >8BHCDCJ' JCH4CWCA' K8B8EC

/9J3A8;3B35' "C=C' H8B39=K8' >8B=8L<>

>84CH'>8BHCFC>9'=8PCBC'><B<A'>8K<B<A'DCA

>8B9A>8BAC49=C=9' J<4C' DC4CK' E8=8A9CA

BCEFC>' >8BKC=<E' >CB9CA' >BCD9=93AC4' DCA

>8C>8B' BCEFC>AFC' YE8>3JBCE\5' 18H9A;;C

=CKJC9' =8ECBCA;' <A><E' K8A;H3BKC>9

/9J3A8;3B3' DCA' =84C4<' K8A;8ACA;

E8JCH4CWCACA' /9J3A8;3B3' DCA

K8KJ8B9A;C>9' MC=CIMC=AFCN' ' >CB9I>CB9CA

BCEFC>'R<E9>'#8A3B8H'=84C4<'L8B>8KCECA

08JCH4CWCACA' /9J3A8;3B3N

08L8BCA9CAAFCN' 08=348HCAAFCN

08E8=C>B9CCAAFC5' +8AD<D<E' LC9E' ><CN

K<DC'KC<J<A'CACEICACE'=CA;C>'CA><=9C=

K8ACB9ECA' >CB9I>CB9' E8JBCM<B9>CA' FCA;

D9ACK9=' FCA;' K8A;8E=JB8=9ECA

E8L8BCA9CA' DCA' E8E8=C>B9CCA' 4C=ECB

/9J3A8;3B3N' >CB9' E<DC' 4<KJ9A;7MC>94CA

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