ChisMeth Mathcad

£¡ÀÂÊ¿·´·½·¿¼À´² ! "#"$"" % &'( & iz rrz Ò°ãËÓÓ©Ë äËº© ÓÈ ÈÏË 0DWKFDG Û v rt{ËË¯¯ Û ° Òã ,6%1 { ¹º°ºÒÒ ÒÏãºÎËÓ© ÓËº²ºÒä©Ë ÓÈÈãÓ©Ë °mËËÓÒ« º Ë¯äÒÓºãºÒÒ Ò äËºÈ² m©Ò°ãÒËãÓº® äÈËäÈÒ}Ò cÈ°°äº¯ËÓ© ¯ÈmÓËÓÒ« Ò °Ò°Ëä© ¯Èm ÓËÓÒ® ÏÈÈÒ ÒÓË¯¹ºã«ÒÒ Ò È¹¹¯º}°ÒäÈÒÒ Ò°ãËÓÓºË ÒÓË¯Ò¯ºmÈÓÒË Ò ÒÁÁË¯ËÓÒ¯ºmÈÓÒË º©}ÓºmËÓÓ©Ë ÒÁÁË¯ËÓÒÈãÓ©Ë ¯ÈmÓËÓÒ« ÒÁÁË¯ËÓÒ ÈãÓ©Ë ¯ÈmÓËÓÒ« m È°Ó©² ¹¯ºÒÏmºÓ©² ÒÓË¯ÈãÓ©Ë ¯ÈmÓËÓÒ« iã« }ÈÎºº ÒÏ ¯È°°äº¯ËÓÓ©² m }ÓÒË ¹¯ÒäË¯ºm ¹¯ÒmºÒ°« Ò² ¹¯º¯ÈääÓÈ« ¯ËÈãÒÏÈÒ« °ºÏÈÓÓÈ« m ¹È}ËË 0DWKFDG ÓÈã«Ó©Ë ¯ÈÁÒË°}ÒË ¹¯Ë°ÈmãËÓÒ« ¯ËÏãÈºm m©Ò°ãËÓÒ® È È}ÎË º¹Ò°ÈÓÒ« °ººmË°m Ò² ÁÓ}Ò® ¹È}ËÈ Ò ¹¯ÒäË¯© Ò² Ò°¹ºãÏºmÈÓÒ« zºä ¹È}Ò°} °ºË¯ÎÒ ¹¯º¯ÈääÓ©Ë ¯ËÈãÒÏÈÒÒ }ÈÎºº Ò² ¯È°°äº¯ËÓÓ©² äËººm È È}ÎË °ººmË°m ÒË ¹¯ÒäË¯© m©¹ºãÓËÓÒ« ãÈº¯Èº¯Ó©² ¯Èº iã« °ËÓºm Ò ¹¯Ë¹ºÈmÈËãË® mÏºm iz rrz ãÈmÓ©® ¯ËÈ}º¯ ~Èä ãÈmÓºº ¯ËÈ}º¯È ~Èm ¯ËÈ}ÒË® cËÈ}º¯ zºä¹ Ë¯ÓÈ« mË¯°}È zº¯¯Ë}º¯ iÒÏÈ®Ó ºãºÎ}Ò ~Èm ¹¯ºÒÏmº°mºä p}ÈË¯ÒÓÈ zºÓ}ºmÈ äÒãÈ p¯ËäËËm°}È« ¯Òº¯Ò® iºÒÓ kãË}°Ë® vËäËÓºm È«Ó© |ãºÓºmº® sÈÈãÒ« Ë¯È}ºmÈ jº¯« ¡©¯ãÓÒ}ºmÈ sÒ}ºãÈ® mË¯°}Ò² cËËÓÏËÓ© ºÒÓËÓºm j p } Áä Ó Ò¯Ë}º¯ jÓÁº¯äÈÒºÓÓºº ËÓ¯È ¯Èã°}ºº º°È¯°mËÓÓºº ¹ËÈºÒË°}ºº ÓÒmË¯°ÒËÈ p}ÈË¯ÒÓ¯ ÒmÒÓËÓ}º s k } Áä Ó ºËÓ ÏÈmË Ò® }ÈÁË¯º® ÒÓÁº¯äÈÒºÓÓ©² Ë²ÓºãºÒ® sÒÎ ÓËÈÒã°}ºº Ë²ÓºãºÒË°}ºº ÒÓ°ÒÈ ¯Èã°}ºº º°È¯°mËÓÓºº Ë²ÓÒË°}ºº ÓÒmË¯°Ò ËÈ Û j sÒÎÓÒ® ÈÒã ºÈ·¿¹ºÑ ÀÄ ¡À¶ÁºÃ²¿À ´ Á·É²ÄÎ ¦ÀÂ¾²Ä K ¡·É²ÄÎ ÀÆÃ·Ä¿²Ñ ¥Ã½ Á·É ½ ¤ºÂ²¸ Ï¼¹ ²¼²¹ §¡·Ä·Â³ÅÂµ £²¿¼Ä¡·Ä·Â³ÅÂµ Å½ Ã·¿º¿² £²¿ºÄ²Â¿ÀÏÁº¶·¾ºÀ½ÀµºÉ·Ã¼À· ¹²¼½ÐÉ·¿º· ¿² ÁÂÀ¶Å¼ÈºÐ ÀÄ µ ´Í¶²¿À ¦·¶·Â²½Î¿À» Ã½Å¸³À» ÁÀ ¿²¶¹ÀÂÅ ´ ÃÆ·Â· ¹²ËºÄÍ ÁÂ²´ ÁÀÄÂ·³ºÄ·½·» º ³½²µÀÁÀ½ÅÉºÑ É·½À´·¼² ÄÁ·É²Ä²¿À Ã µÀÄÀ´ÍÇ ¶º²ÁÀ¹ºÄº´À´ ´ ¤·Ç¿ºÉ·Ã¼²Ñ ¼¿ºµ² £²¿¼Ä¡·Ä·Â³ÅÂµ ¹¾²»½À´Ã¼º» ÁÂ ,6%1 º¯ÓËm v { rËãËÓ}ºmÈ j { |Áº¯äãËÓÒË ÒÏÈËã°mº rt{ËË¯¯ Оглавление Введение ................................................................................................................. 1 ЧАСТЬ I. ЛЕКЦИИ ................................................................................................... 3 Лекция № 1. Теория погрешностей .................................................................... 5 1.1.1. Источники и классификация погрешностей ......................................................... 5 1.1.2. Абсолютная и относительная погрешности. Формы записи данных ................. 7 1.1.3. Вычислительная погрешность ............................................................................... 9 1.1.4. Понятие погрешности машинных вычислений .................................................. 10 Лекция № 2. Решение уравнений с одной переменной ................................ 15 1.2.1. Постановка задачи ................................................................................................ 15 1.2.2. Отделение корней ................................................................................................. 16 1.2.3. Метод половинного деления................................................................................ 17 1.2.4. Метод простой итерации...................................................................................... 20 1.2.5. Оценка погрешности метода простой итерации ................................................ 23 1.2.6. Преобразование уравнения к итерационному виду ........................................... 24 1.2.7. Решение уравнений методом простой итерации в пакете Mathcad .................. 24 Лекция № 3. Методы решения систем линейных алгебраических уравнений ............................................................. 27 1.3.1. Общие сведения и основные определения ......................................................... 27 1.3.2. Метод Гаусса и его реализация в пакете Mathcad.............................................. 28 1.3.3. Вычисление определителей ................................................................................. 32 1.3.4. Решение систем линейных уравнений методом простой итерации ................. 34 1.3.5. Метод Зейделя....................................................................................................... 40 IV Оглавление Лекция № 4. Методы решения систем нелинейных уравнений.................. 44 1.4.1. Векторная запись нелинейных систем. Метод простых итераций ................... 44 1.4.2. Метод Ньютона решения систем нелинейных уравнений ................................ 48 1.4.3. Решение нелинейных систем методами спуска ................................................. 52 1.4.4. Модифицированный метод Ньютона .................................................................. 67 Лекция № 5. Интерполирование функций....................................................... 73 1.5.1. Постановка задачи ................................................................................................ 73 1.5.2. Интерполяционный полином Лагранжа ............................................................. 76 1.5.3. Интерполяционный полином Ньютона для равноотстоящих узлов ................. 78 1.5.4. Погрешность интерполяции ................................................................................ 82 1.5.5. Сплайн-интерполяция .......................................................................................... 83 Лекция № 6. Численное дифференцирование и интегрирование ............. 90 1.6.1. Дифференцирование функций, заданных аналитически ................................... 90 1.6.2. Особенности задачи численного дифференцирования функций, заданных таблично ......................................................................................................... 93 1.6.3. Интегрирование функций, заданных аналитически (формула прямоугольников, формула трапеций, формула Симпсона) ...................... 94 1.6.4. Погрешность численного интегрирования ......................................................... 98 1.6.5. Вычисление интегралов методом Монте-Карло .............................................. 101 Лекция № 7. Методы обработки экспериментальных данных ................. 104 1.7.1. Метод наименьших квадратов ........................................................................... 104 1.7.2. Нахождение приближающей функции в виде линейной функции и квадратичного трехчлена .......................................................................................... 108 1.7.3. Нахождение приближающей функции в виде элементарных функций ......... 112 1.7.4. Аппроксимация линейной комбинацией функций .......................................... 115 1.7.5. Аппроксимация функцией произвольного вида............................................... 117 Лекция № 8. Преобразование Фурье ............................................................. 120 1.8.1. Разложение периодических функций в ряд Фурье .......................................... 120 1.8.2. Эффект Гиббса .................................................................................................... 123 1.8.3. Спектральный анализ дискретных функций конечной длительности............ 128 1.8.4. Быстрое преобразование Фурье ........................................................................ 129 Лекция № 9. Численные методы решения обыкновенных дифференциальных уравнений ......................................... 134 1.9.1. Постановка задачи .............................................................................................. 134 1.9.2. Метод Пикара...................................................................................................... 137 Оглавление 1.9.3. 1.9.4. V Метод Эйлера...................................................................................................... 139 Метод Рунге—Кутты.......................................................................................... 144 Лекция № 10. Численные методы решения дифференциальных уравнений в частных производных ........................ 150 1.10.1. 1.10.2. 1.10.3. 1.10.4. 1.10.5. 1.10.6. Примеры уравнений ......................................................................................... 150 Типы уравнений ................................................................................................ 151 Численные методы решения эллиптических уравнений ............................... 153 Явные разностные схемы ................................................................................. 158 Неявная разностная схема для уравнения параболического типа ................ 163 Решение уравнений методом Монте-Карло ................................................... 168 Лекция № 11. Численные методы решения интегральных уравнений ... 174 1.11.1. 1.11.2. 1.11.3. Общие сведения об интегральных уравнениях .............................................. 174 Квадратурный метод решения интегральных уравнений Фредгольма ........ 180 Квадратурный метод решения интегральных уравнений Вольтерры .......... 184 ЧАСТЬ II. ЛАБОРАТОРНЫЕ РАБОТЫ ............................................................. 193 Лабораторная работа № 1. Теория приближенных вычислений ............. 195 2.1.1. 2.1.2. 2.1.3. 2.1.4. 2.1.5. 2.1.6. 2.1.7. 2.1.8. Абсолютная и относительная погрешности ..................................................... 195 Погрешность округленного числа..................................................................... 198 Погрешности арифметических действий.......................................................... 200 Погрешности элементарных функций .............................................................. 202 Способ границ ..................................................................................................... 205 Обратная задача теории погрешностей ............................................................ 210 Вопросы по теме ................................................................................................. 212 Задания к лабораторной работе № 1 ................................................................. 213 Лабораторная работа № 2. Численные методы решения скалярных уравнений ....................................................................................... 220 2.2.1. 2.2.2. 2.2.3. 2.2.4. 2.2.5. Метод хорд .......................................................................................................... 220 Метод касательных ............................................................................................. 223 Метод простой итерации.................................................................................... 226 Вопросы по теме ................................................................................................. 230 Задания к лабораторной работе № 2 ................................................................. 231 Лабораторная работа № 3. Численные методы решения систем линейных уравнений ........................................................................... 234 2.3.1. 2.3.2. Метод Гаусса—Жордана.................................................................................... 235 Метод простой итерации.................................................................................... 236 Оглавление VI 2.3.3. 2.3.4. 2.3.5. Метод Зейделя..................................................................................................... 241 Вопросы по теме ................................................................................................. 243 Задание к лабораторной работе № 3 ................................................................. 244 Лабораторная работа № 4. Численные методы решения систем нелинейных уравнений....................................................................... 248 2.4.1. 2.4.2. Метод Ньютона................................................................................................... 248 Задание к лабораторной работе № 4 ................................................................. 252 Лабораторная работа № 5. Приближение значения таблично заданной функции в точке с помощью интерполяционных многочленов ............................................. 255 2.5.1. 2.5.2. 2.5.3. 2.5.4. 2.5.5. Интерполяционный полином Лагранжа ........................................................... 256 Интерполяционные полиномы Ньютона .......................................................... 259 Интерполирование сплайнами........................................................................... 262 Вопросы по теме ................................................................................................. 266 Задание к лабораторной работе № 5 ................................................................. 266 Лабораторная работа № 6. Обратное интерполирование ......................... 273 2.6.1. 2.6.2. 2.6.3. 2.6.4. Обратное интерполирование с использованием формул Ньютона ................ 273 Обратное интерполирование с использованием формулы Лагранжа ............ 277 Вопросы по теме ................................................................................................. 278 Задание к лабораторной работе № 6 ................................................................. 278 Лабораторная работа № 7. Дискретный вариант среднеквадратичных приближений. Метод наименьших квадратов ...... 282 2.7.1. 2.7.2. 2.7.3. 2.7.4. 2.7.5. 2.7.6. 2.7.7. 2.7.8. Линейная функция .............................................................................................. 282 Квадратичная функция ....................................................................................... 285 Степенная функция............................................................................................. 287 Показательная функция...................................................................................... 288 Логарифмическая функция ................................................................................ 290 Гиперболическая функция ................................................................................. 291 Вопросы по теме ................................................................................................. 293 Задание для лабораторной работы № 7 ............................................................ 293 Лабораторная работа № 8. Численное дифференцирование................... 298 2.8.1. Дифференцирование с помощью интерполяционной формулы Лагранжа ....................................................................................................... 298 2.8.2. Вопросы по теме ................................................................................................. 302 2.8.3. Задание к лабораторной работе № 8 ................................................................. 303 Оглавление VII Лабораторная работа № 9. Численное интегрирование ............................ 304 2.9.1. 2.9.2. 2.9.3. 2.9.4. 2.9.5. 2.9.6. Метод прямоугольников .................................................................................... 305 Метод Симпсона ................................................................................................. 306 Метод трапеций .................................................................................................. 307 Метод Монте-Карло ........................................................................................... 308 Вопросы по теме ................................................................................................. 309 Задание к лабораторной работе № 9 ................................................................. 310 Лабораторная работа № 10. Решение обыкновенных дифференциальных уравнений ..................................................................... 314 2.10.1. 2.10.2. 2.10.3. 2.10.4. 2.10.5. 2.10.6. Метод Пикара.................................................................................................... 314 Метод Эйлера и его модификации .................................................................. 317 Метод Рунге—Кутты........................................................................................ 320 Метод Адамса ................................................................................................... 322 Вопросы по теме ............................................................................................... 324 Задание к лабораторной работе № 10 ............................................................. 325 Лабораторная работа № 11. Численное решение дифференциальных уравнений в частных производных ........................ 329 2.11.1. 2.11.2. 2.11.3. 2.11.4. 2.11.5. Решение задачи Дирихле для уравнения Лапласа методом сеток ................ 329 Решение уравнения теплопроводности методом сеток ................................. 335 Решение уравнения колебания струны методом сеток.................................. 338 Вопросы по теме ............................................................................................... 341 Задание к лабораторной работе № 11 ............................................................. 342 Лабораторная работа № 12. Численное решение интегральных уравнений ................................................................................. 352 2.12.1. Задание к лабораторной работе № 12 ............................................................. 352 ПРИЛОЖЕНИЯ .................................................................................................... 355 Приложение 1. Основные приемы работы с пакетом Mathcad ................ 357 П1.1. Основы работы с Mathcad .................................................................................. 357 П1.2. Справочная информация в Mathcad .................................................................. 367 П1.3. Основы программирования................................................................................ 375 П1.4. Графические возможности Mathcad .................................................................. 380 Приложение 2. Аналитические методы решения дифференциальных уравнений в частных производных ........................ 394 П2.1. Точные методы решения дифференциальных уравнений в частных производных ............................................................................. 394 VIII Оглавление П2.2. Приближенные методы решения дифференциальных уравнений в частных производных ................................................................................................ 428 П2.3. Метод обратной задачи рассеяния .................................................................... 439 Приложение 3. Описание компакт-диска....................................................... 445 Литература .......................................................................................................... 447 Предметный указатель ..................................................................................... 449 ´·¶·¿º· <lhjZy iheh\bgZ ;; \ [ueZ hlf_q_gZ [mjguf jZa\blb_f \uqbkebl_evghc l_ogbdb b qbke_gguo f_lh^h\ \ oh^_ dhlhjh]h ijhbkoh^beh b ijhbkoh^bl k_cqZk [ukljh_ baf_g_gb_ \a]ey^h\ gZ \_kv dhfie_dk \hijhkh\ k\yaZgguo k ijbf_g_gb_f dhfivxl_jh\ \ qZklghklb gZ lj_[h\Zgby d qbke_gguf f_lh^Zf AZ fgh]b_ ]hû gZdhie_gu h[rbjgu_ [b[ebhl_db gZmqguo ihîjh]jZff \ i_j\mx hq_j_^v gZ yaud_ )2575$1 ij_^gZagZq_gguo êy j_r_gby lbih\uo aZ^Zq aZ^Zqb ebg_cghc Ze]_[ju bgl_]jbjh\Zgb_ j_r_gb_ ^bnn_j_gpbZevguo mjZ\g_gbc b l ^ Djhf_ lh]h \ ihke_^gb_ ]hû ihy\beky p_euc jy^ jZaebq guo fZl_fZlbq_kdbo iZd_lh\ j_Zebamxsbo jZaghh[jZagu_ qbke_ggu_ f_lhû Z lZd`_ kihkh[guo ijhba\h^blv ZgZeblbq_kdb_ fZl_fZlbq_kdb_ ij_h[jZah\Z gby gZb[he__ ba\_klgufb ba dhlhjuo gZ k_]h^gy y\eyxlky iZd_lu 0DWKH PDWLFD nbjfZ :ROIUDP 5HVHDUFK 0DSOH nbjfZ :DWHUORR 0DSOH ,QF 0$7/$% nbjfZ 7KH 0DWK:RUNV ,QF 0DWKFDG nbjfZ 0DWK6RIW ,QF Hlf_q_ggu_ h[klhyl_evkl\Z g_ fh]ml g_ ih\ebylv gZ baf_g_gb_ ihôh^h\ d ij_ih^Z\Zgbx dmjkZ Qbke_ggu_ f_lhû kh^_j`Zgb_ dhlhjh]h y\ey_lky h^ghc ba gZb[he__ \Z`guo khklZ\eyxsbo ih^]hlh\db ki_pbZebklZ \ h[eZklb kh\j_f_gguo bgnhjfZpbhgguo l_ogheh]bc K gZr_c lhqdb aj_gby kh\j_ f_gguc dmjk ^he`_g khq_lZlv \ k_[_ h[yaZl_evgh_ bamq_gb_ l_hjbb qbke_g guo f_lh^h\ b bo ijZdlbq_kdhc j_ZebaZpbb gZ ID dZd iml_f gZibkZgby kh[ kl\_gguo ijh]jZff bo j_Zebamxsbo lZd b bkihevah\Zgby kj_^kl\ kh\j_f_gguo fZl_fZlbq_kdbo iZd_lh\ LZdhc ihôh^ iha\hebl knhjfbjh\Zlv k h^ghc klhjhgu ihgbfZgb_ fZl_fZlbq_kdh]h kh^_j`Zgby dhgdj_lgh]h f_ lh^Z ]jZgbp _]h ijbf_gbfhklb ih]j_rghklb f_lh^Z b l ^ b mf_gb_ bk ihevah\Zlv kh\j_f_ggu_ ijh]jZffgu_ kj_^kl\Z gZebqb_ dhlhjuo hlgx^v g_ hk\h[h`^Z_l ihevah\Zl_ey hl g_h[oh^bfhklb bamq_gby fZl_fZlbdb ² k ^jm ]hc < ^Zgghf ihôh^_ d ij_ih^Z\Zgbx dmjkZ Qbke_ggu_ f_lhû \_kvfZ \Z`guf hdZau\Z_lky \u[hj [Zah\h]h ijh]jZffgh]h kj_^kl\Z IZd_l 0DWKHPDWLFD ih\b^bfhfm y\ey_lky k_]h^gy gZb[he__ ihimeyjguf kj_^b mq_guo hkh[_ggh kj_^b l_hj_lbdh\ IZd_l ij_^hklZ\ey_l rbjhdb_ \hafh`ghklb \ ijh\_^_gbb kbf\hebq_kdbo ZgZeblbq_kdbo ij_h[jZah\Zgbc h^gZdh lj_[m_l agZqbl_evguo j_kmjkh\ dhfivxl_jZ Kbkl_fZ dhfZg^ iZd_lZ [hevr_ gZihfbgZ_l yaud ijh]jZffbjh\Zgby IZd_l 0DSOH lZd`_ \_kvfZ ihimeyj_g Djhf_ ZgZeblbq_kdbo ij_h[jZah\Zgbc iZd_l \ khklhygbb j_rZlv aZ^Zqb qbke_ggh OZjZdl_jghc hkh[_gghklvx iZd_lZ ´·¶·¿º· y\ey_lky lh qlh hg iha\hey_l dhg\_jlbjh\Zlv ^hdmf_glu \ nhjfZl /D7H; ² klZg^Zjlguc nhjfZl ih^Z\eyxs_]h [hevrbgkl\Z gZmqguo ba^Zl_evkl\ fbjh \h]h deZkkZ Djhf_ lh]h jy^ ^jm]bo ijh]jZffguo ijh^mdlh\ bkihevamxl bg l_]jbjh\Zgguc kbf\hevguc ijhp_kkhj 0DSOH GZijbf_j iZd_l ih^]hlh\db gZmqguo im[ebdZpbc 6FLHQWLILF :RUN3ODFH nbjfZ 7&, 6RIWZDUH 5HVHDUFK ih a\hey_l h[jZsZlvky d kbf\hevghfm ijhp_kkhjm 0DSOH ijhba\h^blv ZgZeblbq_ kdb_ ij_h[jZah\Zgby b \kljZb\Zlv ihemq_ggu_ j_amevlZlu \ kha^Z\Z_fuc ^h dmf_gl Ih^h[gh mihfygmluf \ur_ iZd_lZf iZd_l 0$7/$% nZdlbq_kdb ij_^klZ\ ey_l kh[hc k\h_h[jZaguc yaud ijh]jZffbjh\Zgby \ukhdh]h mjh\gy hjb_glb jh\Zgguc gZ j_r_gb_ gZmqguo aZ^Zq OZjZdl_jghc hkh[_gghklvx iZd_lZ y\ ey_lky lh qlh hg iha\hey_l khojZgylv ^hdmf_glu \ nhjfZl_ yaudZ ijh]jZffbjh\Zgby K IZd_l 0DWKFDG [he__ ihimeyj_g \ bg`_g_jghc q_f \ gZmqghc kj_^_ OZjZd l_jghc hkh[_gghklvx iZd_lZ y\ey_lky bkihevah\Zgb_ ijb\uqguo klZg^Zjlguo fZl_fZlbq_kdbo h[hagZq_gbc l _ \b^ ^hdmf_glZ gZ wdjZg_ fZdkbfZevgh ijb [eb`_g d h[s_ijbgylhc fZl_fZlbq_kdhc ghlZpbb >ey bkihevah\Zgby iZd_lZ g_ lj_[m_lky bamqZlv dZdmxeb[h kbkl_fm dhfZg^ dZd gZijbf_j \ kemqZ_ iZ d_lh\ 0DWKHPDWLFD beb 0DSOH IZd_l hjb_glbjh\Zg \ i_j\mx hq_j_^v gZ ijh \_^_gb_ qbke_gguo jZkq_lh\ gh bf__l \kljh_gguc kbf\hevguc ijhp_kkhj 0DSOH qlh iha\hey_l \uihegylv ZgZeblbq_kdb_ ij_h[jZah\Zgby < ihke_^gbo \_jkbyo ij_^mkfhlj_gZ \hafh`ghklv kha^Z\Zlv k\yadb ^hdmf_glh\ 0DWKFDG k ^hdmf_glZfb 0$7/$% < hlebqb_ hl mihfygmluo \ur_ iZd_lh\ 0DWKFDG y\ey_lky kj_^hc \bamZevgh ]h ijh]jZffbjh\Zgby l _ g_ lj_[m_l agZgby ki_pbnbq_kdh]h gZ[hjZ dhfZg^ IjhklhlZ hk\h_gby iZd_lZ ^jm`_kl\_gguc bgl_jn_ck hlghkbl_evgZy g_ijb lyaZl_evghklv d \hafh`ghklyf dhfivxl_jZ y\bebkv ]eZ\gufb ijbqbgZfb lh]h qlh bf_ggh wlhl iZd_l [ue \u[jZg gZfb êy h[mq_gby klm^_glh\ qbk e_gguf f_lh^Zf Ijb baeh`_gbb hkgh\gh]h fZl_jbZeZ fu hjb_glbjm_fky gZ qblZl_e_c m`_ bf_xsbo gZ\ud jZ[hlu k ^Zgguf iZd_lhf Hl[hj qbke_gguo f_lh^h\ jZkkfZljb\Z_fuo \ e_dpbhgghf dmjk_ khhl\_lkl \m_l kh^_j`Zgbx =hkm^Zjkl\_ggh]h h[jZah\Zl_evgh]h klZg^ZjlZ \ukr_]h ijhn_kkbhgZevgh]h h[jZah\Zgby Hlf_lbf qlh \ ba\_klguo f_lh^bdZo ij_ ih^Z\Zgby dmjkZ Qbke_ggu_ f_lhû k gZr_c lhqdb aj_gby kms_kl\m_l hi j_^_e_gguc jZaju\ f_`^m l_hjb_c f_lh^h\ b nhjfbjh\Zgb_f mf_gby bo ijZdlbq_kdhc j_ZebaZpbb IhiuldZ _]h ij_h^he_gby ij_îjbgylZ \ gZr_f dmjk_ dhlhjuc khklhbl ba ^\mo qZkl_c dmjkZ e_dpbc b khhl\_lkl\mxs_]h _fm dmjkZ eZ[hjZlhjguo jZ[hl :\lhju \ujZ`Zxl bkdj_ggxx [eZ]h^Zjghklv nbjf_ 6RIW/LQH ij_^hklZ\b\ r_c K < Ihjrg_\m ebp_gabhggmx \_jkbx iZd_lZ 0DWKFDG k bkihevah\Z gb_f dhlhjhc [ueb kha^Zgu ij_^klZ\e_ggu_ \ dgb]_ l_dklu 0DWKFDG ^hdmf_glh\ ©²ÃÄÎ, ·¼Èºº ·¼ÈºÑ ¤·ÀÂºÑÁÀµÂ·Ê¿ÀÃÄ·» ¡½²¿ X Bklhqgbdb b deZkkbnbdZpby ih]j_rghkl_c X :[khexlgZy b hlghkbl_evgZy ih]j_rghklb Nhjfu aZibkb ^Zgguo X <uqbkebl_evgZy ih]j_rghklv Ih]j_rghklv nmgdpbb X Ihgylb_ ih]j_rghklb fZrbgghc Zjbnf_lbdb ÃÄÀÉ¿º¼º º¼½²ÃÃºÆº¼²ÈºÑÁÀµÂ·Ê¿ÀÃÄ·» BklhqgbdZfb \hagbdgh\_gby ih]j_rghklb qbke_ggh]h j_r_gby aZ^Zqb y\ey xlky ke_^mxsb_ nZdlhju X G_lhqghklv fZl_fZlbq_kdh]h hibkZgby \ qZklghklb g_lhqghklv aZ^Zgby gZqZevguo ^Zgguo X G_lhqghklv qbke_ggh]h f_lh^Z j_r_gby aZ^Zqb >ZggZy ijbqbgZ \hagbdZ_l gZijbf_j dh]^Z j_r_gb_ fZl_fZlbq_kdhc aZ ^Zqb lj_[m_l g_h]jZgbq_ggh]h beb g_ijb_fe_fh [hevrh]h qbkeZ Zjbnf_ lbq_kdbo hi_jZpbc qlh ijb\h^bl d g_h[oh^bfhklb h]jZgbq_gby bo qbkeZ l _ bkihevah\Zgby ijb[eb`_ggh]h j_r_gby X Dhg_qgZy lhqghklv fZrbgghc Zjbnf_lbdb º¶ÍÁÀµÂ·Ê¿ÀÃÄ·» <k_ ih]j_rghklb fh`gh jZa^_eblv gZ ljb \b^Z X g_mkljZgbfZy ih]j_rghklv X ih]j_rghklv f_lh^Z X \uqbkebl_evgZy ih]j_rghklv J_amevlbjmxsZy ih]j_rghklv hij_^_ey_lky dZd kmffZ \_ebqbg \k_o i_j_ qbke_gguo \ur_ ih]j_rghkl_c ©²ÃÄÎ , ·¼Èºº G_mkljZgbfZy ih]j_rghklv khklhbl ba ^\mo qZkl_c X ih]j_rghklv h[mkeh\e_ggZy g_lhqghklvx aZ^Zgby qbkeh\uo ^Zgguo \oh^ysbo \ fZl_fZlbq_kdh_ hibkZgb_ aZ^Zqb X ih]j_rghklv y\eyxsZyky ke_^kl\b_f g_khhl\_lkl\by fZl_fZlbq_kdh]h hibkZgby aZ^Zqb j_Zevghc ^_ckl\bl_evghklb ih]j_rghklv fZl_fZlbq_ kdhc fh^_eb >ey \uqbkebl_ey ih]j_rghklv aZ^Zqb ke_^m_l kqblZlv g_mkljZgbfhc oh ly ihklZgh\sbd aZ^Zqb bgh]^Z fh`_l __ baf_gblv Ih]j_rghklv f_lh^Z k\yaZgZ kh kihkh[hf j_r_gby ihklZ\e_gghc fZl_fZlb q_kdhc aZ^Zqb HgZ ihy\ey_lky \ j_amevlZl_ aZf_gu bkoh^ghc fZl_fZlbq_ kdhc fh^_eb ^jm]hc b beb dhg_qghc ihke_^h\Zl_evghklvx ^jm]bo [he__ ijh kluo gZijbf_j ebg_cguo fh^_e_c Ijb kha^Zgbb qbke_gguo f_lh^h\ aZdeZû\Z_lky \hafh`ghklv hlke_`b\Zgby lZdbo ih]j_rghkl_c b ^h\_^_gby bo ^h kdhev m]h^gh fZeh]h mjh\gy Hlkx^Z _kl_kl\_ggh hlghr_gb_ d ih]j_r ghklb f_lh^Z dZd mkljZgbfhc beb mkeh\ghc <uqbkebl_evgZy ih]j_rghklv ih]j_rghklv hdjm]e_gbc h[mkeh\e_gZ g_h[oh ^bfhklvx \uihegylv Zjbnf_lbq_kdb_ hi_jZpbb gZ^ qbkeZfb mk_q_ggufb ^h dhebq_kl\Z jZajy^h\ aZ\bkys_]h hl ijbf_gy_fhc \uqbkebl_evghc l_ogbdb JZkkfhljbf ijhklhc ijbf_j beexkljbjmxsbc hibkZggu_ \bû ih]j_rgh kl_c gZ ijbf_j_ aZ^Zqb hibkZgby ^\b`_gby fZylgbdZ jbk \ dhlhjhc lj_[m_lky ij_^kdZaZlv m]he hldehg_gby fZylgbdZ hl \_jlbdZeb T gZqbgZx s_]h ^\b`_gb_ \ fhf_gl \j_f_gb W W 6 7 ) PJ Jbk Fh^_ev fZl_fZlbq_kdh]h fZylgbdZ >\b`_gb_ fZylgbdZ fh`_l [ulv hibkZgh ^bnn_j_gpbZevguf mjZ\g_gb_f \lhjh]h ihjy^dZ O G GW T J VLQ T P T G GW ·¼ÈºÑ ¤·ÀÂºÑ ÁÀµÂ·Ê¿ÀÃÄ·» ]^_ êbgZ fZylgbdZ J mkdhj_gb_ k\h[h^gh]h iZ^_gby P dhwnnb pb_gl lj_gby Ijbqbgu \hagbdgh\_gby ih]j_rghkl_c \ ^Zgghc aZ^Zq_ X J_ZevgZy kbeZ lj_gby aZ\bkbl hl kdhjhklb ^\b`_gby fZylgbdZ ih g_eb g_cghfm aZdhgm X AgZq_gby \_ebqbg J P T T W ba\_klgu k g_dhlhjufb ih ]j_rghklyfb g_ bf_xs_]h ZgZeblbq_kdh]h j_r_gby X >ey j_r_gby mjZ\g_gby ijboh^blky bkihevah\Zlv qbke_gguc f_lh^ \ke_^kl\b_ q_]h \hagbdZ_l ih]j_rghklv f_lh^Z X <uqbkebl_evgZy ih]j_rghklv \hagbdZxsZy \ke_^kl\b_ dhg_qghc lhqgh klb ij_^klZ\e_gby qbk_e \ dhfivxl_j_ O ² ² ² O W W ³ÃÀ½ÐÄ¿²ÑºÀÄ¿ÀÃºÄ·½Î¿²Ñ ÁÀµÂ·Ê¿ÀÃÄº¦ÀÂ¾Í¹²ÁºÃº¶²¿¿ÍÇ Hij_^_e_gb_ ?keb lhqgh_ agZq_gb_ g_dhlhjhc \_ebqbgu b D ba\_klgh_ ijb[eb`_gb_ d g_fm lh Z[khexlghc ih]j_rghklvx ijb[eb`_ggh]h agZq_gby D gZau\Zxl g_dhlhjmx \_ebqbgm ' ijh dhlhjmx ba\_klgh qlh D ² ² D D D d' D Hij_^_e_gb_ Hlghkbl_evghc ih]j_rghklvx ijb[eb`_ggh]h agZq_gby gZau\Zxl g_dhlhjmx \_ebqbgm G D ijh dhlhjmx ba\_klgh qlh D D dGD D Hlghkbl_evgmx ih]j_rghklv qZklh \ujZ`Zxl \ ijhp_glZo Hij_^_e_gb_ AgZqZsbfb pbnjZfb qbkeZ gZau\Zxl \k_ pbnju \ _]h aZibkb gZqbgZy k i_j\hc g_gme_\hc ke_\Z D D A^_kv pbnju ih^q_jdgmlu_ ebgb_c agZqZsb_ ©²ÃÄÎ , ·¼Èºº Hij_^_e_gb_ AgZqZsmx pbnjm gZau\Zxl \_jghc _keb fh^mev ih ]j_rghklb qbkeZ g_ ij_\hkoh^bl _^bgbpu jZajy^Z khhl\_lkl\mxs_]h wlhc pbnj_ D ' D D ' D A^_kv pbnju ih^q_jdgmlu_ ebgb_c \_jgu_ Hij_^_e_gb_ Qbkeh aZibkZgh kh \k_fb \_jgufb pbnjZfb _keb \ _]h aZibkb ij_^klZ\e_gu lhevdh \_jgu_ agZqZsb_ pbnju Bgh]^Z mihlj_[ey_lky l_jfbg qbkeh \_jguo pbnj ihke_ aZiylhc ih^kqblu \Z_lky qbkeh \_jguo pbnj ihke_ aZiylhc hl i_j\hc pbnju ^h ihke_^g_c \_j ghc pbnju >h\hevgh qZklh bgnhjfZpby h g_dhlhjhc \_ebqbg_ aZ^Z_lky ij_^_eZfb baf_ j_gbc D d D d D Ijbgylh aZibku\Zlv wlb ij_^_eu k h^bgZdh\uf qbkehf agZdh\ ihke_ aZiylhc lZd dZd h[uqgh ^hklZlhqgh ]jm[h]h ij_^klZ\e_gby h ih]j_rghklb < aZibkb qbk_e h[uqgh [_jml klhevdh agZqZsbo pbnj kdhevdh gm`gh êy lh]h qlh[u jZaghklv kh^_j`ZeZ h^gm ^\_ agZqZsb_ pbnju BgnhjfZpbx h lhf qlh D y\ey_lky ijb[eb`_gguf agZq_gb_f qbkeZ k Z[khexlghc ih]j_rghklvx ' ijbgylh lZd`_ aZibku\Zlv \ \b^_ D D D D D D D D r' D QbkeZ D ' ijbgylh aZibku\Zlv k h^bgZdh\uf dhebq_kl\hf agZdh\ ihke_ aZiylhc D D r ° ®D r ° d D d ¯ ·¼ÈºÑ ¤·ÀÂºÑ ÁÀµÂ·Ê¿ÀÃÄ·» BgnhjfZpbx h lhf qlh D y\ey_lky ijb[eb`_gguf agZq_gb_f qbkeZ hlghkbl_evghc ih]j_rghklvx G aZibku\Zxl \ \b^_ D D D D k r G D d D d >ZggZy aZibkv qbkeZ wd\b\Ze_glgZ aZibkb qbk_e ba ijbf_jZ ÍÉºÃ½ºÄ·½Î¿²ÑÁÀµÂ·Ê¿ÀÃÄÎ >Ze__ êy djZldhklb [m^_f h[hagZqZlv Z[khexlgmx ih]j_rghklv qbkeZ dZd G[ [ hlghkbl_evgmx ih]j_rghklv [ H ² [ r H[ \ r H\ :[khexlgZy ih]j_rghklv ] [ r H[ \ r H \ Hlghkbl_evgZy ih]j_rghklv G] H[ H \ [ \ [ H[ [ \ r H[ H \ [ \ [ H\ \ [ \ \ [ [ \ G[ \ [ \ G\ [ r H[ \ r H\ :[khexlgZy ih]j_rghklv ] [ r H[ \ r H \ Hlghkbl_evgZy ih]j_rghklv G] H[ H \ [ \ [ H[ [ \ r H[ H \ [ \ [ H\ \ [ \ \ [ [ \ G[ \ [ \ G\ [ r H[ \ r H\ :[khexlgZy ih]j_rghklv ] [ r H[ \ r H \ [ \ r \ H[ r [ H \ r H[ H \ | [ \ r \ H[ r [ H \ ©²ÃÄÎ , ·¼Èºº Hlghkbl_evgZy ih]j_rghklv \ H[ [ H \ G] H[ [ \ [ H \ G[ G \ \ [ r H[ \ r H\ :[khexlgZy ih]j_rghklv ] [ r H[ \ r H \ [ r H[ \ r H\ \ r H\ \ r H\ Hlghkbl_evgZy ih]j_rghklv G] | [ \ r \ H[ [ H \ \ \ H[ [ H \ \ H[ [ H \ [ \ \ H[ [ [ H \ \ G[ G \ \ :[khexlgZy ih]j_rghklv I [ r H[ 'I |I [ rI I [ r H[ I [ Hlghkbl_evgZy ih]j_rghklv [ H[ I [ H[ 'I I [ I I [ H[ :gZeh]bqgh ihemqZxl nhjfmeu êy hp_gdb Z[khexlghc b hlghkbl_evghc ih ]j_rghkl_c êy nmgdpbc aZ\bkysbo hl Q i_j_f_gguo ¡À¿ÑÄº·ÁÀµÂ·Ê¿ÀÃÄº ¾²Êº¿¿ÍÇ´ÍÉºÃ½·¿º» >ey ij_^klZ\e_gby qbk_e \ iZfylb dhfivxl_jZ ijbf_gyxl ^\Z kihkh[Z X k nbdkbjh\Zgghc aZiylhc X k ieZ\Zxs_c aZiylhc Imklv \ hkgh\m aZihfbgZxs_]h mkljhckl\Z iheh`_gu h^ghlbigu_ nbabq_ kdb_ mkljhckl\Z bf_xsb_ U mklhcqb\uo khklhygbc ijb wlhf dZ`^h_ ba A^_kv \ h[hagZq_gbb mkljhckl\ ojZg_gby bgnhjfZpbb fu bkihevam_f mklhy\rmxky \ hl_q_kl\_gghc ebl_jZlmj_ l_jfbgheh]bx \ dhlhjhc \ dZq_kl\_ jZa^_ebl_evgh]h agZdZ f_`^m p_ehc b ^jh[ghc qZklyfb qbkeZ bkihevam_lky aZiylZy ·¼ÈºÑ ¤·ÀÂºÑ ÁÀµÂ·Ê¿ÀÃÄ·» mkljhckl\ khklhbl ba h^bgZdh\h]h dhebq_kl\Z we_f_glh\ N \ h^ghf ba dhlh juo nbdkbjm_lky agZd qbkeZ Mihjy^hq_ggu_ we_f_glu h[jZamxl jZajy^gmx k_ldm fZrbggh]h keh\Z \ dZ`^hf jZajy^_ fh`_l [ulv aZibkZgh h^gh ba [Z abkguo qbk_e U h^gZ ba U pbnj U hc kbkl_fu kqbke_gby b \ ki_pbZevghf jZajy^_ hlh[jZ`_g agZd beb Ijb aZibkb qbk_e k nbdkb jh\Zgghc aZiylhc djhf_ mihfygmluo U iZjZf_ljh\ hkgh\Zgby kbkl_fu kqbke_gby b N dhebq_kl\h jZajy^h\ hl\h^bfuo ih^ aZibkv qbkeZ mdZau\Z _lky _s_ h[s__ dhebq_kl\h O jZajy^h\ \u^_ey_fuo ih^ ^jh[gmx qZklv qbk eZ LZdbf h[jZahf iheh`bl_evgh_ \_s_kl\_ggh_ qbkeh D ij_^klZ\eyxs__ kh[hc \ U hc kbkl_f_ [_kdhg_qgmx g_i_jbh^bq_kdmx ^jh[v hlh[jZ`Zxsmx ky dhg_qghc ihke_^h\Zl_evghklvx ]^_ DL ^ l_ U ` DD D D D D N N N O N O D | DU N O D U N O D U D U D U D U N O N O O N N O >bZiZahg ij_^klZ\ey_fuo lZdbf kihkh[hf qbk_e hij_^_ey_lky qbkeZfb k gZb[hevrbfb pbnjZfb \h \k_o jZajy^Zo l _ gZbf_gvrbf qbkehf U U U b gZb[hevrbf U U U Z Z[khexlgZy lhq ghklv ij_^klZ\e_gby _klv hp_gdZ \_ebqbgu D D aZ\bkysZy hl kihkh[Z hdjm]e_gby :[khexlgZy lhqghklv ij_^klZ\e_gby \_s_kl\_gguo qbk_e k nbdkbjh\Zgghc aZiylhc h^bgZdh\Z \ ex[hc qZklb ^bZiZahgZ < lh `_ \j_ fy hlghkbl_evgZy lhqghklv fh`_l agZqbl_evgh jZaebqZlvky \ aZ\bkbfhklb hl lh]h [_j_lky D [ebadbf d gmex beb d ]jZgbp_ ^bZiZahgZ JZkkfhljbf aZihfbgZxs__ mkljhckl\h k nbdkbjh\Zgghc aZiylhc khklhy s__ ba N we_f_glh\ b bf_xs__ U U ;m^_f kqblZlv qlh h[s__ dhebq_kl\h jZajy^h\ \u^_ey_fuo ih^ ^jh[gmx qZklv ih^ agZd h^bg jZajy^ ih^ p_emx qZklv ljb jZajy^Z jbk O ² ² Jbk Ko_fZ fZrbggh]h keh\Z aZihfbgZxs_]h mkljhckl\Z k nbdkbjh\Zgghc aZiylhc ©²ÃÄÎ , ·¼Èºº Lh]^Z gZb[hevr__ qbkeh dhlhjh_ fh`gh khojZgblv \ ^Zgghf aZihfbgZx s_f mkljhckl\_ jZ\gh Z gZbf_gvr__ jZ\gh M ex[h]h qbkeZ ba mdZaZggh]h ^bZiZahgZ y\eyxs_]hky [_kdhg_qghc i_jbh^bq_kdhc ^jh[vx \g_ aZ\bkbfhklb hl _]h \_ebqbgu ihke_ aZiylhc khojZgy_lky lhevdh pbnju Ihwlhfm Z[khexlgZy lhqghklv ij_^klZ\e_gby qbk_e D b D hdZau\Z_lky h^bgZdh\hc ' ' Hlghkbl_evgu_ ih]j_rghklb ij_^klZ\e_gby wlbo qbk_e \ aZihfbgZxs_f mkljhckl\_ [m^ml jZaebqgu G G ' | ' | D D < hkgh\_ agZqbl_evgh qZs_ mihlj_[ey_fh]h ij_^klZ\e_gby k ieZ\Zxs_c aZ iylhc e_`bl wdkihg_gpbZevgZy nhjfZ aZibkb qbkeZ D S 0 U ]^_ U ² hkgh\Zgb_ S ² ihjy^hd 0 ² fZglbkkZ U d 0 d ?keb ih^ fZglbkkm \u^_ey_lky O U bqguo we_f_glh\ Z ih^ ihjy^hd ² P lh \ kbkl_ f_ aZibkb k ieZ\Zxs_c aZiylhc \_s_kl\_ggh_ qbkeh D ij_^klZ\ey_lky dh g_qguf qbkehf D | r EU E U E OU O UJ ]^_ J ² p_eh_ qbkeh ba ijhf_`mldZ ª¬ U P U P º¼ E ^ } U ` EL ^ U ` L O KljmdlmjZ fZrbggh]h keh\Z aZihfbgZxs_]h mkljhckl\Z k ieZ\Zxs_c aZiy lhc ij_^klZ\e_gZ gZ jbk O Jbk Ko_fZ fZrbggh]h keh\Z aZihfbgZxs_]h mkljhckl\Z k ieZ\Zxs_c aZiylhc ·¼ÈºÑ ¤·ÀÂºÑ ÁÀµÂ·Ê¿ÀÃÄ·» 2 QbkeZ r U J hij_^_eyxl ]jZgbpu ^himklbfh]h qbkeh\h]h ^bZiZahgZ Hlghkbl_evgZy lhqghklv ij_^klZ\e_gby \_s_kl\_gguo qbk_e jZ\gZ § D D · EO U O EO U O ¸ ¨ ¨ D ¸ EU EU ¹ © d U O EU d UO l _ hlghkbl_evgZy lhqghklv h^bgZdh\Z \ ex[hc qZklb qbkeh\h]h ^bZiZahgZ b aZ\bkbl ebrv hl qbkeZ jZajy^h\ hl\h^bfuo ih^ fZglbkkm qbkeZ GZijbf_j êy aZibkb qbkeZ \ jZajy^ghf fZrbgghf keh\_ ;WKF ^\hbqguo jZajy^h\ \u^_eyebkv ih^ fZglbkkm ² ih^ ihjy^hd qbkeZ b ² ih^ agZdb fZglbkku l _ U O P Ke_^h\Zl_evgh lhqghklv ij_^ klZ\e_gby qbkeZ k ieZ\Zxs_c aZiylhc g_ om`_ | ]jZgbpZ fZ rbggh]h gmey ² | fZrbgghc [_kdhg_qghklb ² JZkkfhljbf aZihfbgZxs__ mkljhckl\h khklhys__ ba N we_f_glh\ b bf_xs__ U U ;m^_f kqblZlv qlh h[s__ dhebq_kl\h jZajy^h\ \u^_ey_fuo ih^ ^jh[gmx qZklv ² O ih^ agZd ihjy^dZ qbkeZ ² yq_cdZ ih^ agZd fZglbkku qbkeZ ² yq_cdZ ih^ ihjy^hd ² yq_cdb Hp_gbf lhqghklv ij_^klZ\e_gby qbk_e , b , AZibr_f qbkeZ \ nhjf_ ij_^klZ\e_gby k ieZ\Zxs_c aZiylhc , , < aZihfbgZxs_f mkljhckl\_ qbkeZ , , [m^ml aZibkZgu \ \b^_ ihdZaZg ghf gZ jbk Jbk Ij_^klZ\e_gb_ qbk_e Z Z \ aZihfbgZxs_f mkljhckl\_ k ieZ\Zxs_c aZiylhc ©²ÃÄÎ , ·¼Èºº :[khexlgu_ ih]j_rghklb qbk_e jZ\gu ' | ' | Hlghkbl_evgu_ ih]j_rghklb qbk_e jZ\gu G G ' , ' , | | ·¼ÈºÑ ¢·Ê·¿º·ÅÂ²´¿·¿º» ÃÀ¶¿À»Á·Â·¾·¿¿À» ¡½²¿ X IhklZgh\dZ aZ^Zqb X Hl^_e_gb_ dhjg_c X F_lh^ iheh\bggh]h ^_e_gby X F_lh^ ijhklhc bl_jZpbb X Hp_gdZ ih]j_rghklb f_lh^Z ijhklhc bl_jZpbb X Ij_h[jZah\Zgb_ mjZ\g_gby d bl_jZpbhgghfm \b^m X J_r_gb_ mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb \ iZd_l_ ¡ÀÃÄ²¿À´¼²¹²¶²Éº GZb[he__ h[sbc \b^ g_ebg_cgh]h mjZ\g_gby ) [ 0DWKFDG ]^_ nmgdpby ) [ hij_^_e_gZ b g_ij_ju\gZ gZ dhg_qghf beb [_kdhg_qghf bgl_j\Ze_ >D E@ Hij_^_e_gb_ <kydh_ qbkeh [ >D E@ h[jZsZxs__ nmgdpbx ) [ \ gmev gZau\Z_lky dhjg_f mjZ\g_gby Hij_^_e_gb_ Qbkeh [ gZau\Z_lky dhjg_f N hc djZlghklb _keb ijb [ [ \f_kl_ k nmgdpb_c ) [ jZ\gu gmex __ ijhba\h^gu_ ^h N ]h ih jy^dZ \dexqbl_evgh ) [ ) [ ) N [ ©²ÃÄÎ , ·¼Èºº Hij_^_e_gb_ H^ghdjZlguc dhj_gv gZau\Z_lky ijhkluf Hij_^_e_gb_ MjZ\g_gby ) [ b * [ gZau\Zxlky jZ\ghkbev gufb wd\b\Ze_glgufb _keb fgh`_kl\Z j_r_gbc ^Zgguo mjZ\g_gbc kh\iZ ^Zxl G_ebg_cgu_ mjZ\g_gby k h^ghc i_j_f_gghc ih^jZa^_eyxlky gZ Ze]_[jZbq_ kdb_ b ljZgkp_g^_glgu_ gZau\Z_lky Ze]_[jZbq_kdbf _keb Hij_^_e_gb_ MjZ\g_gb_ nmgdpby ) [ y\ey_lky Ze]_[jZbq_kdhc Iml_f Ze]_[jZbq_kdbo ij_h[jZah\Zgbc ba \kydh]h Ze]_[jZbq_kdh]h mjZ\g_gby fh`gh ihemqblv mjZ\g_gb_ \ dZghgbq_kdhc nhjf_ 3[ D [ 3 D [ 3 D 3 ]^_ D D DQ ^_ckl\bl_evgu_ dhwnnbpb_glu mjZ\g_gby [ g_ba\_klgh_ Ba Ze]_[ju ba\_klgh qlh \kydh_ Ze]_[jZbq_kdh_ mjZ\g_gb_ bf__l ih djZcg_c f_j_ h^bg \_s_kl\_gguc beb ^\Z dhfie_dkgh khijy`_gguo dhjgy gZau\Z_lky ljZgkp_g^_glguf _keb Hij_^_e_gb_ MjZ\g_gb_ nmgdpby ) [ g_ y\ey_lky Ze]_[jZbq_kdhc hagZqZ_l ke_^mxs__ Hij_^_e_gb_ J_rblv mjZ\g_gb_ MklZgh\blv bf__l eb mjZ\g_gb_ dhjgb Hij_^_eblv qbkeh dhjg_c mjZ\g_gby GZclb agZq_gby dhjg_c mjZ\g_gby k aZ^Zgghc lhqghklvx ² ² Ä¶·½·¿º·¼ÀÂ¿·» Hij_^_e_gb_ Hl^_e_gb_ dhjg_c ijhp_^mjZ gZoh`^_gby hlj_adh\ gZ dhlhjuo mjZ\g_gb_ bf__l lhevdh h^gh j_r_gb_ < [hevrbgkl\_ kemqZ_\ hl^_e_gb_ dhjg_c fh`gh ijh\_klb ]jZnbq_kdb >ey wlh]h ^hklZlhqgh ihkljhblv ]jZnbd nmgdpbb ) [ b hij_^_eblv hlj_adb gZ dhlhjuo nmgdpby ) [ bf__l lhevdh h^gm lhqdm i_j_k_q_gby k hkvx Z[kpbkk < khfgbl_evguo kemqZyo ]jZnbq_kdh_ hl^_e_gb_ dhjg_c g_h[oh^bfh ih^dj_ ieylv \uqbke_gbyfb Ijb wlhf fh`gh bkihevah\Zlv ke_^mxsb_ hq_\b^gu_ iheh`_gby X _keb g_ij_ju\gZy nmgdpby ijbgbfZ_l gZ dhgpZo hlj_adZ >D E@ agZq_gby jZaguo agZdh\ l _ ) D ) E lh mjZ\g_gb_ bf__l gZ wlhf hl j_ad_ ih f_gvr_c f_j_ h^bg dhj_gv ² ·¼ÈºÑ ¢·Ê·¿º· ÅÂ²´¿·¿º» Ã À¶¿À» Á·Â·¾·¿¿À» X _keb nmgdpby ) [ d lhfm `_ b kljh]h fhghlhggZ lh dhj_gv gZ hlj_ad_ _^bgkl\_gguc ·ÄÀ¶ÁÀ½À´º¿¿ÀµÀ¶·½·¿ºÑ Imklv mjZ\g_gb_ bf__l gZ hlj_ad_ >D E@ _^bgkl\_gguc dhj_gv ijbq_f nmgdpby ) [ gZ ^Zgghf hlj_ad_ g_ij_ju\gZ jbk JZa^_ebf hlj_ahd >D E@ ihiheZf lhqdhc k D E ?keb ) F z lh \hafh` gu ^\Z kemqZy X nmgdpby ) [ f_gy_l agZd gZ hlj_ad_ >D F@ X nmgdpby ) [ f_gy_l agZd gZ hlj_ad_ >F E@ <u[bjZy \ dZ`^hf kemqZ_ lhl hlj_ahd gZ dhlhjhf nmgdpby f_gy_l agZd b ijh^he`Zy ijhp_kk iheh\bggh]h ^_e_gby ^Zevr_ fh`gh ^hclb ^h kdhev m]h^gh fZeh]h hlj_adZ kh^_j`Zs_]h dhj_gv mjZ\g_gby \ D F E [ Jbk D h[tykg_gbx f_lh^Z iheh\bggh]h ^_e_gby ©²ÃÄÎ , ·¼Èºº 0DWKFDG f_lh^hf iheh\bggh]h ^_e_gby mjZ\g_gby J_r_gb_ \ iZd_l_ [ [ [ AZ^Zgb_ nmgdpbb I [ [ [ [ [ Ihkljh_gb_ ]jZnbdZ nmgdpbb jbk [ Jbk =jZnbd nmgdpbb I [ [ [ [ [ AZ^Zgb_ nmgdpbb j_Zebamxs_c f_lh^ iheh\bggh]h ^_e_gby jbk A^_kv Zj]mf_glu nmgdpbb I ² bfy nmgdpbb [ [ ² e_\Zy b ijZ\Zy dhhj^bgZlu dhgph\ hlj_adZ H ² lhqghklv \uqbke_gby dhjgy <uqbke_gb_ agZq_gby dhjgy mjZ\g_gby T 'LY I T Ijh\_jdZ gZc^_ggh]h agZq_gby dhjgy I T u >ey jZkkfhlj_gby ijhp_kkZ gZoh`^_gby dhjgy mjZ\g_gby \ ^bgZfbd_ g_ h[oh^bfh khojZgblv agZq_gb_ dhjgy gZ dZ`^hf rZ]_ \uqbkebl_evghc ·¼ÈºÑ ¢·Ê·¿º· ÅÂ²´¿·¿º» Ã À¶¿À» Á·Â·¾·¿¿À» ² ² ijhp_^mju b ihkljhblv aZ\bkbfhklv agZq_gby dhjgy hl ghf_jZ rZ]Z Nmgdpby \ha\jZsZxsZy agZq_gb_ dhjgy gZ dZ`^hf rZ]_ f_lh^Z iheh \bggh]h ^_e_gby ij_^klZ\e_gZ gZ jbk :j]mf_glu nmgdpbb I bfy nmgdpbb [ [ e_\Zy b ijZ\Zy dhhj^bgZlu dhgph\ hlj_adZ H lhqghklv \uqbke_gby dhjgy ² Jbk Nmgdpby j_ZebamxsZy f_lh^ iheh\bggh]h ^_e_gby nZce 'LYPFG Jbk Nmgdpby j_ZebamxsZy f_lh^ iheh\bggh]h ^_e_gby b \ha\jZsZxsZy agZq_gb_ dhjgy mjZ\g_gby gZ dZ`^hf rZ]_ ijhp_kkZ \uqbke_gbc nZce 'LY,PFG Ihke_ kha^Zgby nmgdpbb g_h[oh^bfh ^hihegblv hibkZgguc \ur_ ^hdmf_gl ke_^mxs_c ihke_^h\Zl_evghklvx dhfZg^ ©²ÃÄÎ , ·¼Èºº <uqbke_gb_ fZljbpu i_j\uc klhe[_p dhlhjhc kh^_j`bl ghf_j bl_jZpbb \lhjhc ² agZq_gb_ dhjgy 4 'LY , I <bamZebaZpby aZ\bkbfhklb agZq_gby dhjgy hl ghf_jZ rZ]Z \uqbkebl_ev ghc ijhp_^mju jbk Jbk AZ\bkbfhklv agZq_gby dhjgy hl ghf_jZ rZ]Z \uqbkebl_evghc ijhp_^mju ·ÄÀ¶ÁÂÀÃÄÀ»ºÄ·Â²Èºº jZ\ghkbevguf mjZ\g_gb_f [ I [ Imklv [ ² dhj_gv mjZ\g_gby Z [ ihemq_ggh_ dZdbfeb[h kihkh[hf gme_\h_ ijb[eb`_gb_ d dhjgx [ Ih^klZ\eyy [ \ ijZ\mx qZklv mjZ\g_gby ihemqbf g_dhlhjh_ qbkeh [ I [ Ih\lhjbf ^Zggmx ijhp_^mjm k [ b ihemqbf [ I [ Ih\lhjyy hibkZggmx ijhp_^mjm ihemqbf ihke_ AZf_gbf mjZ\g_gb_ ^h\Zl_evghklv [ [ [ 3 gZau\Z_fmx bl_jZpbhgghc ihke_^h\Zl_evghklvx ·¼ÈºÑ ¢·Ê·¿º· ÅÂ²´¿·¿º» Ã À¶¿À» Á·Â·¾·¿¿À» =_hf_ljbq_kdZy bgl_jij_lZpby ^Zggh]h Ze]hjblfZ ij_^klZ\e_gZ gZ jbk \ I [ I [ I [ I[ [ [ [ [ [ [ Jbk D h[tykg_gbx f_lh^Z ijhklhc bl_jZpbb Bl_jZpbhggZy ihke_^h\Zl_evghklv \hh[s_ ]h\hjy fh`_l [ulv dZd koh^y s_cky lZd b jZkoh^ys_cky qlh hij_^_ey_lky \b^hf nmgdpbb I [ L_hj_fZ ?keb nmgdpby I [ g_ij_ju\gZ Z ihke_^h\Zl_evghklv koh^blky lh ij_^_e ihke_^h\Zl_evghklb y\ey_lky dhjg_f mjZ\g_gby >_ckl\bl_evgh imklv [3 I [3 OLP [ 3 of 3 [ OLP [ 3of OLP I 3 of [ 3 3 I_j_c^_f d ij_^_em \ jZ\_gkl\_ I OLP [ 3 of 3 [ I Mkeh\b_ koh^bfhklb bl_jZpbhggh]h ijhp_kkZ hij_^_ey_lky l_hj_fhc h ^hk lZlhqghf mkeh\bb koh^bfhklb bl_jZpbhggh]h ijhp_kkZ L_hj_fZ Imklv mjZ\g_gb_ [ I [ bf__l _^bgkl\_gguc dhj_gv gZ hl j_ad_ > @ b \uiheg_gu mkeh\by D E I [ hij_^_e_gZ b ^bnn_j_gpbjm_fZ gZ > D E@ ©²ÃÄÎ , ·¼Èºº I [ & >D E@ êy \k_o [ > D E @ ms_kl\m_l lZdh_ \_s_kl\_ggh_ T qlh I c [ d T êy \k_o [ > D E@ Lh]^Z bl_jZpbhggZy ihke_^h\Zl_evghklv [3 I [3 ijb ex[hf gZqZevghf ijb[eb`_gbb [ > D E@ Q koh^blky >hdZaZl_evkl\h Ihkljhbf bl_jZpbhggmx ihke_^h\Zl_evghklv \b^Z ex[uf gZqZevguf agZq_gb_f > @ < kbem mkeh\by l_hj_fu qe_gu ihke_^h\Zl_evghklb gZoh^ylky \ hlj_ad_ > @ [ D E D E k \k_ JZkkfhljbf ^\Z ihke_^h\Zl_evguo ijb[eb`_gby [3 I [3 b [3 I [3 Ih l_hj_f_ EZ]jZg`Z h dhg_qguo ijbjZs_gbyo bf__f c > 3 3 @ 3 3 3 3 3 3 I_j_oh^y d fh^meyf b ijbgbfZy \h \gbfZgb_ mkeh\b_ l_hj_fu ihem qbf [ [ I [ I [ I F [ [ F [ 3 [3 I [ Ijb Q bf__f [ [ [ c F [3 [3 d T [3 [3 3 [3 d T [3 [3 [ d T [ [ [ d T [ [ d T [ [ [ « [ JZkkfhljbf jy^ [ 3 [3 d T 3 [ [ [ [ KhklZ\bf qZklbqgu_ kmffu wlh]h jy^Z 6 [ 6 [ [ [ « 6 3 AZf_lbf qlh y qZklbqgZy kmffZ jy^Z bl_jZpbhgghc ihke_^h\Zl_evghklb l_ Q KjZ\gbf jy^ k jy^hf [ [ 3 [3 [ 6 3 [3 kh\iZ^Z_l k Q uf qe_ghf [3 T [ [ T [ [ ·¼ÈºÑ ¢·Ê·¿º· ÅÂ²´¿·¿º» Ã À¶¿À» Á·Â·¾·¿¿À» T ! Óº Ò ¯« °²ºÒ°« Ë Ëº È°ÒÓÈ« °ääÈ ÒäËË ¹¯ËËã ° [ OLP [3 { °Òã ÓË¹¯Ë¯©mÓº°Ò ÁÓ}ÒÒ I ¹ºãÈËä 3of ¹º Áº¯äãË l _ [ ² dhj_gv mjZ\g_gby [ [ I I [ [ Hlf_lbf qlh mkeh\by l_hj_fu g_ y\eyxlky g_h[oh^bfufb Wlh hagZqZ_l qlh bl_jZpbhggZy ihke_^h\Zl_evghklv fh`_l hdZaZlvky koh^ys_cky b ijb g_ \uiheg_gbb wlbo mkeh\bc È·¿¼²ÁÀµÂ·Ê¿ÀÃÄº ¾·ÄÀ¶²ÁÂÀÃÄÀ»ºÄ·Â²Èºº Imklv [3 ² ijb[eb`_gb_ d bklbgghfm agZq_gbx dhjgy mjZ\g_gby [ I [ :[khexlgZy hrb[dZ ijb[eb`_gby [3 hp_gb\Z_lky fh^me_f '[3 [ [3 IjbgbfZy \h \gbfZgb_ b bf__f [ [3 [ 63 [3 [3 [3 [3 KjZ\gbf k hklZldhf jy^Z T 3 [ [ T 3 [ [ Mqblu\Zy hp_gdm ihemqZ_f [ [3 d T 3 [ [ T 3 [ [ LZdbf h[jZahf êy hp_gdb ih]j_rghklb nhjfmeZ '[ 3 d T3 T T T [ [ 3 Q ]h ijb[eb`_gby ihemqZ_lky [ [ GZ ijZdlbd_ m^h[g__ bkihevah\Zlv fh^bnbdZpbx nhjfmeu Ijbf_f aZ gme_\h_ ijb[eb`_gb_ [3 \f_klh [ _f [m^_l [3 \f_klh [ Ke_^mxsbf ijb[eb`_gb ©²ÃÄÎ , ·¼Èºº LZd dZd [3 [3 d T 3 [ [ lh ' [3 d T T [3 [3 Ijb aZ^Zgghc lhqghklb hl\_lZ H bl_jZpbhgguc ijhp_kk ij_djZsZ_lky _keb '[3 d H ¡Â·À³Â²¹À´²¿º·ÅÂ²´¿·¿ºÑ ¼ºÄ·Â²ÈºÀ¿¿À¾Å´º¶Å ¯ÈmÓËÓÒË ) [ ¹¯Ëº¯ÈÏË°« } mÒ ¹¯ÒºÓºä ã« ÒË¯ÈÒºÓÓºº ¹¯ºË°°È °ãË Òä ¹¯Ëº¯ÈÏºmÈÓÒËä [ [ P) [ ]^_ P ² hlebqgZy hl gmey dhgklZglZ < wlhf kemqZ_ I Nmgdpby I [ [ [ P) [ ^he`gZ m^h\e_l\hjylv mkeh\byf l_hj_fu >bnn_j_gpb jmy ihemqbf Ic [ P) c [ >ey \uiheg_gby mkeh\by l_hj_fu ^hklZlhqgh ih^h[jZlv P lZd qlh[u êy \k_o [ > D E @ P) c [ d ¢·Ê·¿º·ÅÂ²´¿·¿º» ¾·ÄÀ¶À¾ÁÂÀÃÄÀ»ºÄ·Â²Èºº´Á²¼·Ä·0DWKFDG Ijh^_fhgkljbjm_f bkihevah\Zgb_ f_lh^Z ijhklhc bl_jZpbb gZ ijbf_j_ gZ oh`^_gby dhjgy mjZ\g_gby [ [ [ [ AZ^Zgb_ nmgdpbb klhys_c \ ijZ\hc qZklb I [ [ [ [ [ AZ^Zgb_ nmgdpbb \ khhl\_lkl\bb k I [ P I [ P I [ ·¼ÈºÑ ¢·Ê·¿º· ÅÂ²´¿·¿º» Ã À¶¿À» Á·Â·¾·¿¿À» AZ^Zgb_ nmgdpbb \ khhl\_lkl\bb k ) I [ P I G G[ I [ P I Ihkljh_gb_ ]jZnbdh\ nmgdpbc I ) jbk Jbk =jZnbdb nmgdpbc I [ [ P) [ b I ? [ P) ? [ Ba jbk \b^gh qlh mkeh\by h ^hklZlhqghf mkeh\bb koh^bfhklb bl_ jZpbhggh]h ijhp_kkZ \uihegyxlky gZ bgl_j\Ze_ > @ AZ^Zgb_ nmgdpbb j_Zebamxs_c \uqbkebl_evgmx ko_fm f_lh^Z ijhklhc bl_jZpbb gZ dZ`^hf rZ]_ bl_jZpbhggh]h ijhp_kkZ jbk Jbk Nmgdpby j_ZebamxsZy \uqbkebl_evgmx ko_fm f_lh^Z ijhklhc bl_jZpbb nZce ,WHUPFG ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ nmgdpbb klhys_c \ ijZ\hc qZklb I [ I [ P I AZ^Zgb_ gZqZevgh]h ijb[eb`_gby [ <uqbke_gb_ agZq_gbc dhjgy mjZ\g_gby gZ dZ`^hf rZ]_ bl_jZpbhggh]h ijhp_kkZ TL ,WHU I <bamZebaZpby bl_jZpbhggh]h ijhp_kkZ jbk 1L ODVW TL M 1L Jbk AZ\bkbfhklv agZq_gby dhjgy mjZ\g_gby hl ghf_jZ rZ]Z bl_jZpbhggh]h ijhp_kkZ <u\h^ lhqgh]h agZq_gby dhjgy TL1L <u\h^ agZq_gby nmgdpbb I TL 1L b ·¼ÈºÑ ·ÄÀ¶ÍÂ·Ê·¿ºÑÃºÃÄ·¾ ½º¿·»¿ÍÇ²½µ·³Â²ºÉ·Ã¼ºÇ ÅÂ²´¿·¿º» ¡½²¿ X H[sb_ k\_^_gby b hkgh\gu_ hij_^_e_gby X F_lh^ =ZmkkZ b _]h j_ZebaZpby \ iZd_l_ X <uqbke_gb_ hij_^_ebl_e_c X F_lh^ ijhklhc bl_jZpbb >hklZlhqgu_ mkeh\by koh^bfhklb bl_jZpbhg gh]h ijhp_kkZ X J_r_gb_ kbkl_f ebg_cguo mjZ\g_gbc f_lh^hf A_c^_ey 0DWKFDG ³Ëº·Ã´·¶·¿ºÑ ºÀÃ¿À´¿Í·ÀÁÂ·¶·½·¿ºÑ JZkkfhljbf kbkl_fm khklhysmx ba P ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc k Q g_ba\_klgufb D [ E D [ E D [ D [ D [ E D [ D [ D [ D [ P P Q Q Q Q PQ Q P dhlhjZy fh`_l [ulv aZibkZgZ \ fZljbqghf \b^_ $b [ E ]^_ $ ijyfhm]hevgZy fZljbpZ jZaf_jghklb P u Q ² [ ©²ÃÄÎ , ·¼Èºº § D D ¨ D ¨D $ ¨ ¨ ¨D © P DP ² \_dlhj ihjy^dZ Q D ·¸ D ¸ ¸ D ¸¸¹ Q Q PQ § [ · ¨ ¸ ¨[ ¸ [ ¨ ¸ ¨ ¸ ¨[ ¸ © Q¹ E ² \_dlhj ihjy^dZ P § E · ¨ ¸ Ë ¸ E ¨ ¸ ¨ ¸ Ë ¸ © P¹ Hij_^_e_gb_ J_r_gb_f kbkl_fu gZau\Z_lky lZdZy mihjy^hq_g [Q FQ dhlhjZy h[jZsZ_l \k_ gZy kh\hdmighklv qbk_e [ F [ F mjZ\g_gby kbkl_fu \ \_jgu_ jZ\_gkl\Z Hij_^_e_gb_ Ijyfufb f_lh^Zfb j_r_gby kbkl_f ebg_cguo mjZ\g_ gbc gZau\Zxlky f_lhû ^Zxsb_ j_r_gb_ kbkl_fu aZ dhg_qgh_ qbkeh Zjbn f_lbq_kdbo hi_jZpbc ?keb hlkmlkl\mxl hrb[db hdjm]e_gby lh ihemqZ_fu_ j_r_gby \k_]^Z y\eyxlky lhqgufb Hij_^_e_gb_ Bl_jZpbhggufb f_lh^Zfb j_r_gby kbkl_f ebg_cguo mjZ\g_gbc gZau\Zxlky f_lhû ^Zxsb_ j_r_gb_ kbkl_fu mjZ\g_gbc dZd ij_ ^_e ihke_^h\Zl_evghklb ijb[eb`_gbc \uqbkey_fuo ih _^bghh[jZaghc ko_f_ « ·ÄÀ¶²ÅÃÃ² º·µÀÂ·²½º¹²ÈºÑ´Á²¼·Ä·0DWKFDG JZkkfhljbf kbkl_fm ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc D [ E D [ E D [ D [ D [ E D [ D [ D [ D [ Q Q ijb mkeh\bb qlh fZljbpZ $ DLM Q Q Q Q QQ Q Q g_\ujh`^_gZ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇ ²½µ·³Â²ºÉ·Ã¼ºÇ ÅÂ²´¿·¿º» F_lh^ =ZmkkZ khklhbl \ ij_h[jZah\Zgbb kbkl_fu ihke_^h\Zl_ev guf bkdexq_gb_f i_j_f_gguo d jZ\ghkbevghc kbkl_f_ k lj_m]hevghc fZljbp_c D [ E [ D [ E [ D [ AZl_f ba kbkl_fu [3 [3 [ Q Q Q Q [Q EQ ihke_^h\Zl_evgh gZoh^yl agZq_gby \k_o g_ba\_klguo LZdbf h[jZahf ijhp_kk j_r_gby kbkl_fu jZkiZ^Z_lky gZ ^\Z wlZiZ Ijyfhc oh^ ijb\_^_gb_ kbkl_fu d j_m]hevghfm \b^m H[jZlguc oh^ gZoh`^_gb_ agZq_gbc g_ba\_klguo i_j_f_gguo \ khhl\_lkl\bb k >hdmf_gl iZd_lZ \ dhlhjhf j_Zebah\Zg f_lh^ =ZmkkZ khklhbl ba ke_^mxsbo [ehdh\ ² ² 0DWKFDG Jbk Nmgdpby i_j_klZ\eyxsZy kljhdb fZljbpu ijb h[gZjm`_gbb \ l_dms_c kljhd_ gme_\h]h we_f_glZ gZ ]eZ\ghc ^bZ]hgZeb nZce ([FKDQJHPFG ©²ÃÄÎ , ·¼Èºº Jbk Nmgdpby \ha\jZsZxsZy ij_h[jZah\Zggmx d lj_m]hevghfm \b^m jZkrbj_ggmx fZljbpm kbkl_fu nZce 6LPSOH[PFG AZ^Zgb_ nmgdpbb ZgZebabjmxs_c fZljbpm kbkl_fu b i_j_klZ\eyxs_c kljhdb ijb h[gZjm`_gbb \ l_dms_c kljhd_ gme_\h]h we_f_glZ klhys_]h gZ ]eZ\ghc ^bZ]hgZeb jbk :j]mf_glu nmgdpbb & ² fZljbpZ L ² ghf_j ZgZebabjm_fhc kljhdb AZ^Zgb_ nmgdpbb ijb\h^ys_c fZljbpm kbkl_fu d lj_m]hevghfm \b^m b \ha\jZsZxs_c khhl\_lkl\mxsmx jZkrbj_ggmx fZljbpm kbkl_fu jbk :j]mf_glu nmgdpbb $ ² fZljbpZ kbkl_fu E ² \_dlhj klhe[_p k\h[h^guo qe_gh\ AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gby g_ba\_klguo \uqbke_gguo h[jZlguf oh^hf \ khhl\_lkl\b_ k jbk Jbk Nmgdpby \ha\jZsZxsZy agZq_gby g_ba\_klguo \uqbke_gguo h[jZlguf oh^hf nZce *DXVVPFG AZ^Zgb_ fZljbpu kbkl_fu b \_dlhjklhe[pZ k\h[h^guo qe_gh\ $ § ¨ ¨ ¨ ¨ ¨ ¨ © · ¸ ¸ ¸ ¸ ¸ ¸¹ E § · ¨ ¸ ¸ ¨ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ © ¹ Ijh\_jdZ ijZ\bevghklb jZ[hlu nmgdpbb 6LPSOH[ 6LPSOH[ $ E § ¨ ¨ ¨ ¨ ¨ ¨ © · ¸ ¸ ¸ ¸ ¸ ¸¹ J_r_gb_ kbkl_fu ebg_cguo mjZ\g_gbc f_lh^hf =ZmkkZ b ijh\_jdZ ihem q_ggh]h j_r_gby kj_^kl\Zfb fZljbqguo nmgdpbc iZd_lZ 0DWKFDG *DXVV $ E § · ¨ ¸ ¸ ¨ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ © ¹ $ E § · ¨ ¸ ¸ ¨ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ © ¹ ! " ÍÉºÃ½·¿º·ÀÁÂ·¶·½ºÄ·½·» J_r_gb_ kbkl_fu kms_kl\m_l lhevdh \ lhf kemqZ_ _keb hij_^_ebl_ev fZljbpu : hlebq_g hl gmey ihwlhfm j_r_gb_ ex[hc kbkl_fu ebg_cguo mjZ\g_gbc ke_^m_l ij_^\Zjylv \uqbke_gb_f __ hij_^_ebl_ey >ey \uqbke_gby hij_^_ebl_ey bkihevamxl ba\_klgh_ k\hckl\h lj_m]hevguo fZljbp hij_^_ebl_ev lj_m]hevghc fZljbpu jZ\_g ijhba\_^_gbx __ ^bZ]h gZevguo we_f_glh\ Imklv aZ^ZgZ d\Z^jZlgZy fZljbpZ ; ihjy^dZ Q § D ¨ D ¨ ¨ ¨ © DQ ; DQ · D ¸ ¸ ¸ ¸ DQQ ¹ D D Q DQ Ij_^klZ\bf fZljbpm ; \ \b^_ < = ; ]^_ < § \ ¨ \ ¨ ¨ ¨ © \Q · ¸ ¸ ¸ ¸ \QQ ¹ \ \Q § ¨ ¨ ¨ ¨ © = ] ]Q · ] Q ¸ ¸ ¸ ¸ ¹ Ba\_klgh qlh hij_^_ebl_ev fZljbpu jZ\_g ijhba\_^_gbx hij_^_ebl_e_c ; gh = < = ihwlhfm \ \ ; \QQ Nhjfmeu êy \uqbke_gby we_f_glh\ fZljbp < b = ihemqZxlky i_j_fgh `_gb_f fZljbp fZljbpu ; < = b ijbjZ\gb\Zgb_f d khhl\_lkl\mxsbf we_f_glZf \L [L \LM ]RM [RM \ \LM [LM L ¦ \LN ]NM ijb L t M t N M § · \LN ]NM ¸ ¨ [LM N © ¹ ¦ \LL ijb L d M < iZd_l_ 0DWKFDG \uqbkebl_evguc Ze]hjblf aZ^Z\Z_fuc nhjfmeZfb hdZau\Z_lky \hafh`guf j_Zebah\Zlv \ \b^_ h^ghc nmgd pbb ij_^klZ\e_gghc gZ jbk :j]mf_gl nmgdpbb $ ² bfy d\Z^jZl ghc fZljbpu Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ hij_^_ebl_ey fZljbpu >ey ijh\_jdb ijZ\bevghklb jZ[hlu ^Zgghc nmgdpbb ihe_agh kjZ\gblv j_ amevlZl \ha\jZs_gguc ^Zgghc nmgdpb_c b j_amevlZl \ha\jZsZ_fuc nmgd pb_c 'HWHUPLQDQW \kljh_gghc \ iZd_l 0DWKFDG 'HWHUPLQDQW K K ©²ÃÄÎ , ·¼Èºº ¢·Ê·¿º·ÃºÃÄ·¾½º¿·»¿ÍÇÅÂ²´¿·¿º» ¾·ÄÀ¶À¾ÁÂÀÃÄÀ»ºÄ·Â²Èºº \ ke_^mxs_f \b^_ D D DQ Q E D Q Q E AZibr_f bkoh^gmx kbkl_fm beb khdjZs_ggh Q D Q D Q L D E QQ Q Q ¦ DLM M EL Q M IjZ\Zy qZklv hij_^_ey_l hlh[jZ`_gb_ Q L ¦ D LM M EL ]^_ L Q M ij_h[jZamxs__ lhqdm [ \Z \ lhqdm \ [ [ [3 \ \ \3 Q f_jgh]h \_dlhjgh]h ijhkljZgkl lh]h `_ ijhkljZgkl\Z Bkihevamy kbkl_fm Q fh`gh ihkljh blv bl_jZpbhggmx ihke_^h\Zl_evghklv lhq_d Q f_jgh]h ijhkljZgkl\Z ZgZ eh]bqgh f_lh^m ijhklhc bl_jZpbb êy kdZeyjgh]h mjZ\g_gby [ I [ [ [ [ HdZau\Z_lky qlh ijb hij_^_e_gguo mkeh\byo ihke_^h\Zl_evghklv koh^blky b __ ij_^_e y\ey_lky j_r_gb_f kbkl_fu Ij_^\Zjyy h[km` ^_gb_ ^Zgguo mkeh\bc gZihfgbf g_h[oh^bfu_ k\_^_gby ba fZl_fZlbq_kdh]h ZgZebaZ Hij_^_e_gb_ Nmgdpbx U [ \ hij_^_eyxsmx jZkklhygb_ f_`^m lhq dZfb [ b fgh`_kl\Z gZau\Zxl f_ljbdhc _keb \uiheg_gu ke_^mxsb_ mkeh\by U [ \ t U [ \ lh]^Z b lhevdh lh]^Z dh]^Z U [ \ U \ [ U [ ] d U [ \ U \ ] b \u[jZ\ gZqZevgmx lhqdm 3 ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇ ²½µ·³Â²ºÉ·Ã¼ºÇ ÅÂ²´¿·¿º» Hij_^_e_gb_ Fgh`_kl\h k \\_^_gghc \ g_f f_ljbdhc U klZgh\blky f_ljbq_kdbf ijhkljZgkl\hf Hij_^_e_gb_ Ihke_^h\Zl_evghklv lhq_d f_ljbq_kdh]h ijhkljZgkl\Z gZau\Z_lky nmg^Zf_glZevghc _keb êy ex[h]h H ! kms_kl\m_l lZdh_ qbkeh 1 H qlh êy \k_o ! \uihegy_lky g_jZ\_gkl\h U [P [Q H Hij_^_e_gb_ k f_l IjhkljZgkl\h gZau\Z_lky iheguf _keb \ g_f ex[Zy nmg ^Zf_glZevgZy ihke_^h\Zl_evghklv koh^blky ² Imklv hlh[jZ`_gb_ ^_ckl\mxs__ \ f_ljbq_kdhf ijhkljZgkl\_ jbdhc U [ b lhqdb ijhkljZgkl\Z Z h[jZau wlbo lhq_d ² ² Hij_^_e_gb_ Hlh[jZ`_gb_ ijhkljZgkl\Z \ k_[y gZau\Z_lky k`bfZxsbf hlh[jZ`_gb_f _keb kms_kl\m_l lZdh_ qbkeh D D qlh êy ex[uo ^\mo lhq_d \uihegy_lky g_jZ\_gkl\h U )[ )\ d D U [ \ Hij_^_e_gb_ LhqdZ [ gZau\Z_lky g_ih^\b`ghc lhqdhc hlh[jZ`_gby _keb )[ [ :gZeh]bqgh h^ghf_jghfm kemqZx fh`gh ^hdZaZlv l_hj_fm h ^hklZlhqghf mkeh\bb koh^bfhklb bl_jZpbhggh]h ijhp_kkZ \ Q f_jghf ijhkljZgkl\_ >h dZaZl_evkl\h l_hj_fu ijb\h^blky ijZdlbq_kdb \h \k_o mq_[gbdZo ihk\ys_g guo qbke_gguf f_lh^Zf gZijbf_j L_hj_fZ ?keb ) ² k`bfZxs__ hlh[jZ`_gb_ hij_^_e_ggh_ \ iheghf f_ljbq_kdhf ijhkljZgkl\_ lh kms_kl\m_l _^bgkl\_ggZy g_ih^\b`gZy lhqdZ [ lZdZy qlh [ )[ Ijb wlhf bl_jZpbhggZy ihke_^h\Zl_evghklv ihkljh_g gZy êy hlh[jZ`_gby ) k ex[uf gZqZevguf qe_ghf [ koh^blky d [ < oh^_ ^hdZaZl_evkl\Z ^Zgghc l_hj_fu ihdZau\Z_lky qlh U [ [ N d DN U [ D [ Ba ijbgy\ N h_ ijb[eb`_gb_ aZ gme_\h_ ihemqZ_f ihe_agh_ êy ijbeh`_gbc g_jZ\_gkl\h U [ [ N d D U [N [N D JZkkfhljbf mkeh\by ijb dhlhjuo hlh[jZ`_gb_ [m^_l k`bfZxsbf DZd ke_^m_l ba hij_^_e_gby j_r_gb_ ^Zggh]h \hijhkZ aZ\bkbl hl kihkh[Z f_ljbaZpbb ^Zggh]h ijhkljZgkl\Z H[uqgh ijb j_r_gbb kbkl_f eb g_cguo mjZ\g_gbc bkihevamxl h^gm ba ke_^mxsbo f_ljbd U [ \ @ L @ Q [L \L ©²ÃÄÎ , ·¼Èºº U [ \ Q ¦ [L \L L Q U [ \ ¦ [L \L L >ey lh]h qlh[u hlh[jZ`_gb_ ) aZ^Zggh_ \ f_ljbq_kdhf ijhkljZgkl\_ mjZ\ g_gbyfb [ueh k`bfZxsbf ^hklZlhqgh \uiheg_gby h^gh]h ba ke_ ^mxsbo mkeh\bc X \ ijhkljZgkl\_ k f_ljbdhc 7 Q @L @Q M D ¦ DLM X \ ijhkljZgkl\_ k f_ljbdhc 7 D X \ ijhkljZgkl\_ k f_ljbdhc 7 D Q @ M @ Q L ¦ D LM Q Q L M ¦ ¦ D LM >ey mklZgh\e_gby fhf_glZ ij_djZs_gby bl_jZpbc ijb ^hklb`_gbb aZ^Zgghc lhqghklb fh`_l [ulv bkihevah\ZgZ gZijbf_j nhjfmeZ ke_^mxsZy ba U [ N [ N d H D D :e]hjblf j_r_gby kbkl_fu f_lh^hf bl_jZpbc j_Zebam_lky ke_^mxs_c ih ke_^h\Zl_evghklvx ^_ckl\bc Ijb\_klb kbkl_fm d \b^m k ij_h[eZ^Zxsbfb ^bZ]hgZevgufb dhwnnbpb_glZfb JZa^_eblv dZ`^h_ mjZ\g_gb_ gZ khhl\_lkl\mxsbc ^bZ]hgZevguc dhwnnbpb_gl Ijh\_jblv \uiheg_gb_ mkeh\bc <u[jZlv f_ljbdm êy dhlhjhc \uihegy_lky mkeh\b_ koh^bfhklb bl_jZpbhg gh]h ijhp_kkZ J_Zebah\Zlv bl_jZpbhgguc ijhp_kk h[uqgh aZ gZqZevgh_ ijb[eb`_gb_ [_j_lky klhe[_p k\h[h^guo qe_gh\ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇ ²½µ·³Â²ºÉ·Ã¼ºÇ ÅÂ²´¿·¿º» Ij_h[jZah\Zgb_ kbkl_fu d \b^m ijb]h^ghfm êy bl_jZpbhggh]h ijhp_kkZ [ [ [ [ [ [ [ [ [ <havf_f i_j\uf mjZ\g_gb_f \lhjh_ lj_lvbf i_j\h_ Z \lhjuf kmffm i_j\h]h b lj_lv_]h mjZ\g_gbc [ [ [ [ [ [ [ [ [ JZa^_ebf dZ`^h_ mjZ\g_gb_ gZ ^bZ]hgZevguc dhwnnbpb_gl b \ujZabf ba dZ `^h]h mjZ\g_gby ^bZ]hgZevgh_ g_ba\_klgh_ [ [ [ [ [ [ [ [ [ GZ wlhf ijb\_^_gb_ mjZ\g_gby d \b^m ijb]h^ghfm êy bkihevah\Zgby bl_jZ pbhggh]h ijhp_kkZ aZ\_jrZ_lky Ihke_ ijb\_^_gby kbkl_fu d \b^m ijb]h^ghfm êy bkihevah\Zgby bl_jZpb hggh]h ijhp_kkZ êy ^Zevg_crbo \uqbke_gbc p_e_khh[jZagh bkihevah\Zlv iZd_l Kha^Zgguc gZfb ^hdmf_gl êy j_r_gby kbkl_fu ebg_cguo mjZ\g_gbc f_lh^hf =ZmkkZ khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ nmgdpbc \ha\jZsZxsbo agZq_gb_ jZkklhygby f_`^m lhqdZfb \ khhl\_lkl\mxs_f f_ljbq_kdhf ijhkljZgkl\_ jbk Jbk Nmgdpby \ha\jZsZxsZy jZkklhygb_ f_`^m lhqdZfb \ f_ljbq_kdhf ijhkljZgkl\_ 7 ©²ÃÄÎ , ·¼Èºº Jbk Nmgdpby \ha\jZsZxsZy jZkklhygb_ f_`^m lhqdZfb \ f_ljbq_kdhf ijhkljZgkl\_ 7 Jbk Nmgdpby \ha\jZsZxsZy jZkklhygb_ f_`^m lhqdZfb \ f_ljbq_kdhf ijhkljZgkl\_ 7 AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gb_ dhwnnbpb_glh\ D jbk :j]mf_glu nmgdpbb $ ² bfy fZljbpu kbkl_fu UL L ² bfy khhl\_lkl\mxs_c f_ljbdb AZ^Zgb_ fZljbpu kbkl_fu ijb\_^_gghc d \b^m ijb]h^ghfm êy f_lh^Z ijhklhc bl_jZpbb · § § · ¨ ¸ $ ¨ ¸ E ¨¨ ¸¸ ¨ ¸ ¨ ¸ © ¹ © ¹ <uqbke_gb_ agZq_gbc dhwnnbpb_glh\ D êy dZ`^h]h f_ljbq_kdh]h ijh kljZgkl\Z D &KHFN $ U U U § · D ¨¨ ¸¸ ¨ ¸ © ¹ AZ^Zgb_ nmgdpbb j_Zebamxs_c \uqbke_gby \ khhl\_lkl\bb k bl_jZpbhg guf Ze]hjblfhf jbk :j]mf_glu nmgdpbb $ ² bfy fZljbpu kbk l_fu E ² bfy \_dlhjklhe[pZ k\h[h^guo qe_gh\ U ² bfy f_ljbdb D ² khhl\_lkl\mxs__ agZq_gb_ dhwnnbpb_glZ H ² lhqghklv j_r_gby Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ dhwnnbpb_glh\ , êy dZ`^h]h ba lj_o f_ljbq_kdbo ijhkljZgkl\ nZce &KHFNPFG Jbk Nmgdpby j_ZebamxsZy \uqbke_gby \ khhl\_lkl\bb k bl_jZpbhgguf Ze]hjblfhf nZce ,WHUPFG ! " # GZoh`^_gb_ j_r_gby kbkl_fu ebg_cguo mjZ\g_gbc = ,WHU $ E U D § · = ¨¨ ¸¸ ¨ ¸ © ¹ ·ÄÀ¶·»¶·½Ñ GZihfgbf qlh ijb j_r_gbb kbkl_fu ebg_cguo mjZ\g_gbc \uqbkebl_evgu_ nhjfmeu bf_xl \b^ Q ¦D [ E \ L ]^_ L M Q LM M L Ba \b^gh qlh \ f_lh^_ ijhklhc bl_jZpbb êy ihemq_gby gh\h]h agZ q_gby \_dlhjZ j_r_gbc gZ L hf rZ]_ bkihevamxlky agZq_gby i_j_f_gguo ihemq_ggu_ g_ ij_û^ms_f rZ]_ Hkgh\gZy b^_y f_lh^Z A_c^_ey khklhbl \ lhf qlh gZ dZ`^hf rZ]_ bl_jZpb hggh]h ijhp_kkZ ijb \uqbke_gbb agZq_gby i_j_f_gghc \L mqblu\Zxlky m`_ gZc^_ggu_ agZq_gby \ \ \L Q \ ¦ D M [ M E \ D \ ¦ D M [ M E M Q M \L L Q M M L ¦ D LM \ M ¦ D LM [ M EL \Q Q ¦ D QM \ M D QQ [Q E Q M >hklZlhqgu_ mkeh\by koh^bfhklb bl_jZpbhggh]h ijhp_kkZ ² lZd`_ y\eyxlky ^hklZlhqgufb mkeh\byfb koh^bfhklb f_lh^Z A_c^_ey Kms_kl\m_l \hafh`ghklv Z\lhfZlbq_kdh]h ij_h[jZah\Zgby bkoh^ghc kbkl_ fu d \b^m h[_ki_qb\Zxs_fm koh^bfhklv bl_jZpbhggh]h ijhp_kkZ f_lh^Z A_c^_ey >ey wlh]h mfgh`bf e_\mx b ijZ\mx qZklb kbkl_fu gZ ljZgk ihgbjh\Zggmx fZljbpm kbkl_fu $L ihemqbf jZ\ghkbevgmx kbkl_fm &b; ' ]^_ Kbkl_fZ gZau\Z_lky ghjfZevghc kbkl_fhc mjZ\g_gbc GhjfZevgu_ kbkl_fu mjZ\g_gbc h[eZ^Zxl jy^hf k\hckl\ kj_^b dhlhjuo fh`gh \u^_eblv ke_^mxsb_ X fZljbpZ & dhwnnbpb_glh\ ijb g_ba\_klguo ghjfZevghc kbkl_fu y\ey _lky kbff_ljbq_kdhc l _ LM ML X \k_ we_f_glu klhysb_ gZ ]eZ\ghc ^bZ]hgZeb fZljbpu & iheh`bl_evgu l _ DLL Ihke_^g__ k\hckl\h ^Z_l \hafh`ghklv Z\lhfZlbq_kdb ijb\h^blv ghj fZevgmx kbkl_fm d \b^m ijb]h^ghfm êy bl_jZpbhggh]h ijhp_kkZ A_c^_ey L ¦ DLM M E M 7 7 Lz M ]^_ DLM LM z LL b L - GL FLL P_e_khh[jZaghklv ijb\_^_gby kbkl_fu d ghjfZevghfm \b^m b bkihevah\Zgby f_lh^Z A_c^_ey \ul_dZ_l ba ke_^mxs_c l_hj_fu L_hj_fZ Bl_jZpbhgguc ijhp_kk f_lh^Z A_c^_ey êy ijb\_^_gghc kbk l_fu wd\b\Ze_glghc ghjfZevghc kbkl_f_ \k_]^Z koh^blky d _^bgkl\_gghfm j_r_gbx wlhc kbkl_fu ijb ex[hf \u[hj_ gZqZevgh]h ijb [eb`_gby >@ LZdbf h[jZahf j_r_gb_ ijhba\hevghc kbkl_fu ebg_cguo mjZ\g_gbc \b^Z f_lh^hf A_c^_ey j_Zebam_lky \ khhl\_lkl\b_ kh ke_^mxsbf Ze]hjblfhf <\h^ fZljbpu $ dhwnnbpb_glh\ bkoh^ghc kbkl_fu b \_dlhjklhe[pZ k\h[h^guo qe_gh\ Ijb\_^_gb_ ghjfZevghc kbkl_fu d \b^m ijb]h^ghfm êy bl_jZpbhggh]h ijhp_kkZ A_c^_ey ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ lj_[m_fhc lhqghklb j_r_gby Pbdebq_kdh_ \uiheg_gb_ bl_jZpbhggh]h ijhp_kkZ ^h ^hklb`_gby lj_ [m_fhc lhqghklb >hdmf_gl iZd_lZ 0DWKFDG \ dhlhjhf j_Zebah\Zg hibkZgguc \ur_ Ze]hjblf khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ nmgdpbb \uihegyxs_c ihke_^h\Zl_evgh N ijb\_^_gb_ kbkl_fu d ghjfZevghfm \b^m N ijb\_^_gb_ ghjfZevghc kbkl_fu d \b^m ijb]h^ghfm êy bl_jZpbhggh ]h ijhp_kkZ A_c^_ey N j_ZebaZpby bl_jZpbhggh]h ijhp_kkZ A_c^_ey jbk :j]mf_glu nmgdpbb $ ² fZljbpZ bkoh^ghc kbkl_fu E ² \_dlhjklhe[_p k\h [h^guo qe_gh\ H ² lhqghklv j_r_gby Nmgdpby \ha\jZsZ_l j_r_gb_ kbkl_fu b _]h ih]j_rghklv AZ^Zgb_ fZljbpu dhwnnbpb_glh\ ijb g_ba\_klguo bkoh^ghc kbkl_fu ebg_cguo mjZ\g_gbc $ § ¨ ¨ ¨ ¨ ¨ ¨ © · ¸ ¸ ¸ ¸ ¸ ¸ ¹ E § · ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ © ¹ J_r_gb_ kbkl_fu ebg_cguo mjZ\g_gbc f_lh^hf A_c^_ey =HLGHO = § · ^` ¨ ¸ ¨ u ¸ © ¹ = $ E = § · ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ © ¹ = K ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇ ²½µ·³Â²ºÉ·Ã¼ºÇ ÅÂ²´¿·¿º» Jbk Nmgdpby j_ZebamxsZy f_lh^ A_c^_ey nZce =HLGHOPFG ·¼ÈºÑ ·ÄÀ¶ÍÂ·Ê·¿ºÑ ÃºÃÄ·¾¿·½º¿·»¿ÍÇÅÂ²´¿·¿º» ¡½²¿ X <_dlhjgZy aZibkv g_ebg_cguo kbkl_f F_lh^ ijhkluo bl_jZpbc X F_lh^ GvxlhgZ j_r_gby kbkl_f g_ebg_cguo mjZ\g_gbc X J_r_gb_ g_ebg_cguo kbkl_f f_lh^Zfb kimkdZ X F_lh^ GvxlhgZ ·¼ÄÀÂ¿²Ñ¹²ÁºÃÎ¿·½º¿·»¿ÍÇÃºÃÄ·¾ ·ÄÀ¶ÁÂÀÃÄÍÇºÄ·Â²Èº» Imklv lj_[m_lky j_rblv kbkl_fm mjZ\g_gbc I [ [ [3 ° ° I [ [ [3 ® ° ° I [ [ [ 3 ¯ 3 ]^_ I I I Q aZ^Zggu_ \hh[s_ ]h\hjy g_ebg_cgu_ \_s_kl\_gghagZq gu_ nmgdpbb Q \_s_kl\_gguo i_j_f_gguo [ [ [Q <\_^y h[hagZq_gby ² § · ¨ ¸ ¨ ¸ {¨ ¸ ¨ ¸ ¨ ¸ © Q¹ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» § ¨ {¨ ¨ ¨ ¨ © Q · ¸ ¸ ¸ ¸ ¸ ¹ § Q ¨ ¨ Q ¨ ¨ ¨ Q © Q · ¸ ¸ ¸ ¸ ¸ ¹ § · ¨ ¸ ¨ ¸ { ¨ ¸ ¨ ¸ ¨ ¸ © ¹ kbkl_fm fh`gh aZf_gblv h^gbf mjZ\g_gb_f { hlghkbl_evgh \_dlhjghc nmgdpbb \_dlhjgh]h Zj]mf_glZ [ LZdbf h[jZahf bkoh^gmx aZ^Zqm fh`gh jZkkfZljb\Zlv dZd aZ^Zqm h gmeyo g_ebg_cgh]h hlh[jZ`_gby ) 5Q o 5Q < lZdhc ihklZgh\d_ ^ZggZy aZ^ZqZ y\ey_lky ijyfuf h[h[s_gb_f aZ^Zqb h gZoh`^_gbb j_r_gby g_ebg_cgh]h mjZ\g_gby êy kemqZy ijhkljZgkl\ [hevr_c jZaf_jghklb Wlh hagZqZ_l qlh fh`gh kljhblv f_lhû __ j_r_gby dZd gZ hkgh\_ h[km`^_gguo \ ij_û^ms_c e_dpbb ihôh^h\ lZd b hkms_kl\eylv nhjfZevguc i_j_ghk \u\_^_gguo êy kdZeyjgh]h kemqZy jZkq_lguo nhjfme H^gZdh g_ \k_ j_amevlZlu b g_ \k_ f_ lhû hdZau\Z_lky \hafh`guf i_j_g_klb nhjfZevgh gZijbf_j f_lh^ iheh \bggh]h ^_e_gby < ex[hf kemqZ_ ke_^m_l ihaZ[hlblvky h ijZ\hf_jghklb l_o beb bguo hi_jZpbc gZ^ \_dlhjgufb i_j_f_ggufb b \_dlhjgufb nmgdpbyfb Z lZd`_ h koh^bfhklb ihemqZ_fuo lZdbf kihkh[hf bl_jZpbhgguo ijhp_kkh\ Hlf_lbf qlh i_j_oh^ hl Q d Q t \ghkbl \ aZ^Zqm gZoh`^_gby gme_c g_ ebg_cgh]h hlh[jZ`_gby k\hx ki_pbnbdm mq_l dhlhjhc ijb\_e d ihy\e_gbx gh\uo f_lh^h\ b jZaebqguo fh^bnbdZpbc m`_ bf_xsboky f_lh^h\ < qZkl ghklb [hevrZy \ZjbZlb\ghklv f_lh^h\ j_r_gby g_ebg_cguo kbkl_f k\yaZgZ k jZaghh[jZab_f kihkh[h\ dhlhjufb fh`gh j_rZlv ebg_cgu_ Ze]_[jZbq_ kdb_ aZ^Zqb \hagbdZxsb_ ijb ihrZ]h\hc ebg_ZjbaZpbb ^Zgghc g_ebg_cghc \_dlhj nmgdpbb ) [ GZqg_f bamq_gb_ f_lh^h\ j_r_gby g_ebg_cguo kbkl_f k f_lh^Z ijhkluo bl_jZpbc ©²ÃÄÎ , ·¼Èºº Imklv kbkl_fZ kbkl_f_ ij_h[jZah\ZgZ d ke_^mxs_c wd\b\Ze_glghc g_ebg_cghc beb \ dhfiZdlghc aZibkb ° ° ® ° ° ¯ Q M Q M Q MQ Q § M ¨ ¨ M ¨ ¨ ¨M © Q ) · ¸ ¸ ¸ ¸ ¸ ¹ § M Q ¨ ¨ M Q ¨ ¨ ¨ M Q © Q · ¸ ¸ ¸ ¸ ¸ ¹ >ey wlhc aZ^Zqb h g_ih^\b`ghc lhqd_ g_ebg_cgh]h hlh[jZ`_gby ) 5Q o 5Q aZibr_f nhjfZevgh_ j_dmjj_glgh_ jZ\_gkl\h [ ]^_ N )[N dhlhjh_ hij_^_ey_l f_lh^ ijhkluo bl_jZpbc êy aZ^Zqb ?keb gZqZlv ijhp_kk ihkljh_gby ihke_^h\Zl_evghklb N k g_dhlhjh]h \_dlhjZ Q 7 b ijh^he`blv \uqbkebl_evguc ijhp_kk ih nhjfme_ lh ijb hij_^_e_gguo mkeh\byo ^ZggZy ihke_^h\Zl_evghklv kh kdhjhklvx ]_hf_ljbq_kdhc ijh]j_kkbb [m^_l ijb[eb`Zlvky d \_dlhjm g_ih^\b`ghc lhqd_ hlh[jZ`_gby ) [ KijZ\_êb\Z ke_^mxsZy l_hj_fZ dhlhjmx fu ijb\h^bf [_a ^hdZaZl_evkl\Z L_hj_fZ Imklv nmgdpby ) [ b aZfdgmlh_ fgh`_kl\h 0 ' ) 5Q ² lZdh\u qlh [ 0 ) [ 0 ) ) d a Lh]^Z ) bf__l \ F _^bgkl\_ggmx g_ih^\b`gmx lhqdm ihke_^h\Z l_evghklv N hij_^_ey_fZy koh^blky ijb ex[hf d b kijZ\_êb\u hp_gdb [ [ N d N N d N N 1 ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» Hlf_lbf gbadmx ijZdlbq_kdmx p_gghklv ^Zgghc l_hj_fu ba aZ g_dhgkljmd lb\ghklb __ mkeh\bc < kemqZyo dh]^Z \u[jZgh ohjhr__ gZqZevgh_ ijb[eb `_gb_ j_r_gbx [hevrbc ijZdlbq_kdbc bgl_j_k ij_^klZ\ey_l ke_ ^mxsZy l_hj_fZ L_hj_fZ Imklv ) [ ^bnn_j_gpbjm_fZ \ aZfdgmlhf rZj_ ) ijbq_f jZ^bmk rZjZ lZdh\u qlh aZdexq_gb_ l_hj_fu k [6 6 0 VXS )c ) d lh kijZ\_êb\h 6 AZibr_f f_lh^ ihke_^h\Zl_evguo ijb[eb`_gbc N ° ° N ° ® ° ° ° N Q ¯ Lh]^Z _keb p_glj b d M N M N N N \ jZa\_jgmlhf \b^_ N Q Q N MQ N N N Q KjZ\g_gb_ k \uqbkebl_evghc nhjfmehc f_lh^Z ijhklhc bl_jZpbb j_ r_gby kbkl_f ebg_cguo mjZ\g_gbc kf e_dpbx \ujZ`_gb_ h[ gZjm`b\Z_l bo koh^kl\h Mqblu\Zy qlh \ ebg_cghf kemqZ_ dZd ijZ\beh [h e__ wnn_dlb\guf y\ey_lky f_lh^ A_c^_ey \ ^Zgghf kemqZ_ lZd`_ fh`_l hdZaZlvky [he__ wnn_dlb\ghc _]h fgh]hf_jguc ZgZeh] gZau\Z_fuc f_lh^hf ihdhhj^bgZlguo bl_jZpbc N N N N N M Q Q ° ° N N N N N M ° Q Q ® ° ° N N N N ° N MQ Q Q Q ¯ AZf_lbf qlh dZd b êy ebg_cguo kbkl_f hl^_evgu_ mjZ\g_gby \ g_ jZ\ghijZ\gu l _ i_j_f_gZ f_klZfb mjZ\g_gbc kbkl_fu fh`_l baf_ gblv \ g_dhlhjuo ij_^_eZo qbkeh bl_jZpbc b \hh[s_ kblmZpbx kh koh^bfh klvx ihke_^h\Zl_evghklb bl_jZpbc >ey lh]h qlh[u ijbf_gblv f_lh^ ijhkluo bl_jZpbc beb _]h a_c^_e_\m fh^bnbdZpbx d bkoh^ghc ©²ÃÄÎ , ·¼Èºº kbkl_f_ g_h[oh^bfh kgZqZeZ l_f beb bguf kihkh[hf ijb\_klb wlm kbkl_fm d \b^m Wlh fh`gh k^_eZlv gZijbf_j mfgh`b\ gZ g_ hkh[_ggmx u fZljbpm b ijb[Z\b\ d h[_bf qZklyf mjZ\g_gby $ ) [ \_dlhj g_ba\_klguo Ihemq_ggZy kbkl_fZ [ [ $ ) [ wd\b\Ze_glgZ bkoh^ghc b bf__l \b^ ZgZeh]bqguc mjZ\g_gbx \ f_lh^_ bl_jZ pbc \ h^ghf_jghf kemqZ_ Ijh[e_fZ khklhbl ebrv \ ijZ\bevghf ih^[hj_ fZljbqgh]h iZjZf_ljZ ·ÄÀ¶ÎÐÄÀ¿²Â·Ê·¿ºÑ ÃºÃÄ·¾¿·½º¿·»¿ÍÇÅÂ²´¿·¿º» >ey j_r_gby kbkl_fu ijb[eb`_gbc [m^_f ihevah\Zlvky f_lh^hf ihke_^h\Zl_evguo Ij_îheh`bf ba\_klgh N _ ijb[eb`_gb_ [ N [ N N [ h^gh]h ba bahebjh\Zgguo dhjg_c [ [ N Q [ [ Lh]^Z lhqguc dhj_gv mjZ\g_gby '[ N '[N '[ Ih^klZ\eyy \ujZ`_gb_ ]^_ '[ N [ N Q [ N [ Q \_dlhjgh]h mjZ\g_gby fh`gh ij_^klZ\blv \ \b^_ '[ N ² ihijZ\dZ ih]j_rghklv dhjgy \ bf__f ) [ N '[ N ) [ [ [ N '[ N ) [ N beb \ jZa\_jgmlhf \b^_ '[ N ) [ N ) c [ N '[ N [ '[ ww[I '[ ww[I [ '[ I [ [ '[ wwI[ '[ ww[I N N ° I [ '[ ° ° ° ° ° ® ° ° I Q [ N '[ N ° ° ° ° ¯ Ba nhjfme [ '[ N Q N Q I [ N N Q N Q N Q Q N N Q b Q )c [ Q N Q [ l_ N N Q N Q Q Q \b^gh qlh ih^ ijhba\h^ghc ) [ ke_^m_l ih gbfZlv fZljbpm Ydh[b kbkl_fu nmgdpbc I I f_gguo [ [ I hlghkbl_evgh i_j_ Q ww[I º» » wI » w[ » » »» wI wI » w[ w[ » : [ ª wI « w[ « « wI « w[ « « « « w IQ «¬ w[ wI w[ wI w[ L M Q Q Q Q Q ¼ beb \ djZldhc aZibkb )c [ : [ ihwlhfm nhjfmeZ ª wIL º « » «¬ w[ M »¼ fh`_l [ulv aZibkZgZ \ ke_^mxs_f \b^_ ) [ ?keb GHW: [ Q N : [ N '[ N ª wI º » z lh ¬ w[ ¼ GHW « '[ N : [ N ) [ N ©²ÃÄÎ , ·¼Èºº Hlkx^Z \b^gh qlh f_lh^ GvxlhgZ j_r_gby kbkl_fu kljh_gbb bl_jZpbhgghc ihke_^h\Zl_evghklb khklhbl \ ih N N N N ]^_ ?keb \k_ ihijZ\db klZgh\ylky ^hklZlhqgh fZeufb kq_l ij_djZsZ_lky BgZq_ gh\u_ agZq_gby [L bkihevamxlky dZd ijb[eb`_ggu_ agZq_gby dhjg_c b ijh p_kk ih\lhjy_lky ^h l_o ihj ihdZ g_ [m^_l gZc^_gh j_r_gb_ beb g_ klZg_l ykgh qlh ihemqblv _]h g_ m^Zklky GZclb f_lh^hf GvxlhgZ ijb[eb`_ggh_ iheh`bl_evgh_ j_r_gb_ kbk l_fu mjZ\g_gbc °° ® ° °̄ bkoh^y ba gZqZevgh]h ijb[eb`_gby [ \ ] IheZ]Zy bf__f ªº «» « » «¬»¼ ª º » « « » « » ¼ ¬ ª º « » « » «¬ »¼ Hlkx^Z ª º « » « » «¬ »¼ ª º « » « » «¬ »¼ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» KhklZ\bf fZljbpm Ydh[b Bf__f ª w « w « « w « w « w « ¬« w w º w »» w » w » w » » w ¼» w w w w w w ª º « » » « «¬ »¼ ª º « » « » «¬ »¼ ijbq_f ª º « » « » «¬ »¼ ' Ke_^h\Zl_evgh fZljbpZ fZljbpm ² g_hkh[_ggZy <uqbkey_f h[jZlgmx _c Ih nhjfme_ ª º «« »» «¬ »¼ º ª « » « » » « « » « » « » «¬ » ¼ ihemqZ_f i_j\h_ ijb[eb`_gb_ º ª « » ª º « » ª º » « « » « » « » « » « » » ¬« ¼» ¬« ¼» « « » «¬ » ¼ ª º ª º « » « » « » « » ¬« ¼» ¬« ¼» ª º « » « » ¬« ¼» ©²ÃÄÎ , ·¼Èºº :gZeh]bqgh gZoh^ylky ^Zevg_crb_ ijb[eb`_gby J_amevlZlu \uqbke_gbc ijb\_^_gu \ lZ[e LZ[ebpZ Ihke_^h\Zl_evgu_ ijb[eb`_gby dhjg_c [ HklZgZ\eb\Zykv gZ ijb[eb`_gbb [m^_f bf_lv [ \ ] ¢·Ê·¿º·¿·½º¿·»¿ÍÇÃºÃÄ·¾ ¾·ÄÀ¶²¾ºÃÁÅÃ¼² H[sbc g_^hklZlhd \k_o jZkkfhlj_gguo \ur_ f_lh^h\ j_r_gby kbkl_f g_eb g_cguo mjZ\g_gbc khklhbl \ ehdZevghf oZjZdl_j_ koh^bfhklb aZljm^gyx s_f bo ijbf_g_gb_ \ kemqZyo ^hklZlhqgh lbibqguo dh]^Z kms_kl\mxl ijh[e_fu k \u[hjhf gZqZevgh]h ijb[eb`_gby h[_ki_qb\Zxs_]h koh^b fhklv bl_jZpbhgghc \uqbkebl_evghc ijhp_^mju < wlbo kemqZyo fh`gh bk ihevah\Zlv qbke_ggu_ f_lhû hilbfbaZpbb jZa^_eZ \uqbkebl_evghc fZ l_fZlbdb \u^_ey_fh]h \ kZfhklhyl_evgmx ^bkpbiebgm >ey bkihevah\Zgby gZ]ey^ghc ]_hf_ljbq_kdhc bgl_jij_lZpbb ijb\h^bfuo gb`_ jZkkm`^_gbc b bo j_amevlZlh\ h]jZgbqbfky dZd b \ ij_û^ms_f imgdl_ jZkkfhlj_gb_f kbkl_fu khklhys_c ba ^\mo mjZ\g_gbc k ^\mfy g_ba\_klgufb I [ \ ® ¯ J [ \ Ba nmgdpbc I [ \ J [ \ kbkl_fu h[jZam_f gh\mx nmgdpbx ) [ \ I [ \ J [ \ LZd dZd wlZ nmgdpby g_hljbpZl_evgZy lh gZc^_lky lhqdZ \hh[s_ ]h\hjy g_ _^bgkl\_ggZy [ \ lZdZy qlh ) [ \ t ) [ \ t [ \ 5 ] ] v [ \ \ [\ [N \N JUDG v [ \ [N \N [ Jbk IjhkljZgkl\_ggZy bgl_jij_lZpby f_lh^Z gZbkdhj_cr_]h kimkdZ êy nmgdpbb Ke_^h\Zl_evgh _keb l_f beb bguf kihkh[hf m^Z_lky ihemqblv lhqdm [ \ fbgbfbabjmxsmx nmgdpbx ) [ \ b _keb ijb wlhf hdZ`_lky qlh ) [ \ ) [ \ lh lhqdZ [ \ bklbggh_ j_r_gb_ kbkl_fu [ \ 5 ihkdhevdm ) [ \ I [ \ ° ® °̄ J [ \ Ihke_^h\Zl_evghklv lhq_d [N \N ijb[eb`_gbc d lhqd_ [ \ fbgbfm fZ nmgdpbb ) [ \ h[uqgh ihemqZxl ih j_dmjj_glghc nhjfme_ § [N · ¨¨ ¸¸ © \N ¹ § [N · §S · ¨¨ ¸¸ D N ¨¨ N ¸¸ © \N ¹ © TN ¹ ]^_ N SN TN 7 \_dlhj hij_^_eyxsbc gZijZ\e_gb_ fbgbfb aZpbb Z D N kdZeyjgZy \_ebqbgZ oZjZdl_jbamxsZy \_ebqbgm rZ]Z fbgb fbaZpbb rZ]h\uc fgh`bl_ev Mqblu\Zy ]_hf_ljbq_kdbc kfuke aZ^Zqb fb gbfbaZpbb nmgdpbc ^\mo i_j_f_gguo ) [ \ kimkd gZ ^gh ih\_joghklb ] ) [ \ jbk bl_jZpbhgguc f_lh^ fh`gh gZa\Zlv f_lh^hf kimkdZ _keb \_dlhj SN TN 7 ijb dZ`^hf N y\ey_lky gZijZ\e_gb_f kimkdZ l _ kms_kl\m_l lZdh_ D ! qlh ) [N DSN \N DTN ) [N \N b _keb fgh`bl_ev D N ih^[bjZ_lky lZd qlh[u \uihegyehkv mkeh\b_ j_eZdkZpbb ) [N \ N ) [N \N hagZqZxs__ i_j_oh^ gZ dZ`^hc bl_jZpbb \ lhqdm k f_gvrbf agZq_gb_f fbgbfbabjm_fhc nmgdpbb LZdbf h[jZahf ijb ihkljh_gbb qbke_ggh]h f_lh^Z \b^Z fbgbfbaZ pbb nmgdpbb ) [ \ ke_^m_l hl\_lblv gZ ^\Z ]eZ\guo \hijhkZ dZd \u[bjZlv gZijZ\e_gb_ kimkdZ SN TN 7 b dZd j_]mebjh\Zlv êbgm rZ]Z \ \u[jZgghf gZijZ\e_gbb k ihfhsvx kdZeyjgh]h iZjZf_ljZ rZ]h\h]h fgh`bl_ey D N " Ijb\_^_f ijhklu_ khh[jZ`_gby ih wlhfm ih\h^m Ijb \u[hj_ gZijZ\e_gby kimkdZ _kl_kl\_gguf y\ey_lky \u[hj lZdh]h gZ ijZ\e_gby \ dhlhjhf fbgbfbabjm_fZy nmgdpby m[u\Z_l gZb[he__ [ukljh Jbk LjZ_dlhjby gZbkdhj_cr_]h kimkdZ êy nmgdpbb DZd ba\_klgh ba fZl_fZlbq_kdh]h ZgZebaZ nmgdpbc g_kdhevdbo i_j_f_gguo gZijZ\e_gb_ gZb[hevr_]h \hajZklZgby nmgdpbb \ ^Zgghc lhqd_ ihdZau\Z_l __ ]jZ^b_gl \ wlhc lhqd_ Ihwlhfm ijbf_f aZ gZijZ\e_gb_ kimkdZ \_dlhj § SN · ¨ ¸ © TN ¹ / ) [N \N § )c [ ¨ ¨ )c \ © [N \N [N \N · ¸ ¸ ¹ ² Zglb]jZ^b_gl nmgdpbb ) [ \ LZdbf h[jZahf ba k_f_ckl\Z f_lh^h\ \u^_ey_f ]jZ^b_glguc f_lh^ [ \ \ \ HilbfZevguc rZ] \ gZijZ\e_gbb Zglb]jZ^b_glZ ² wlh lZdhc rZ] ijb dhlh [ \ ² gZbf_gvr__ kj_^b \k_o ^jm]bo agZq_gbc jhf agZq_gb_ [ \ \ wlhf nbdkbjh\Zgghf gZijZ\e_gbb l _ dh]^Z lhqdZ [ \ y\ ey_lky lhqdhc mkeh\gh]h fbgbfmfZ Ke_^h\Zl_evgh fh`gh jZkkqblu\Zlv gZ gZb[he__ [ukljmx koh^bfhklv f_lh^Z _keb iheZ]Zlv \ g_f DUJ PLQ [ [ \ \ [ \ D! LZdhc \u[hj rZ]h\h]h fgh`bl_ey gZau\Z_fuc \f_kl_ k nhjfmehc hij_^_ey_l =_hf_ljbq_kdZy bgl_jij_lZpby wlh]h f_lh^Z ohjhrh \b^gZ ba jbk OZjZdl_jgu ^_\yghklh]jZ^mkgu_ baehfu ljZ_dlhjbb gZbkdh j_cr_]h kimkdZ qlh h[tykgy_lky bkq_jiu\Z_fhklvx kimkdZ b k\hckl\hf ]jZ ^b_glZ Z agZqbl b Zglb]jZ^b_glZ [ulv i_ji_g^bdmeyjguf d ebgbb mjh\gy \ khhl\_lkl\mxs_c lhqd_ GZb[he__ lbibqghc y\ey_lky kblmZpby dh]^Z gZclb lhqgh ZgZeblbq_kdbfb f_lh^Zfb hilbfZevgh_ agZq_gb_ D g_ m^Z_lky Ke_^h\Zl_evgh ijboh^blky ^_eZlv klZ\dm gZ ijbf_g_gb_ dZdboeb[h qbke_gguo f_lh^h\ h^ghf_jghc fbgbfbaZpbb b gZoh^blv D \ ebrv ijb[eb`_ggh G_kfhljy gZ lh qlh aZ^ZqZ gZoh`^_gby fbgbfmfZ nmgdpbb h^ghc i_j_f_g gZfgh]h ijhs_ q_f j_ ghc [ [ \ \ [ \ rZ_fZy aZ^ZqZ ijbf_g_gb_ l_o beb bguo qbke_gguo f_lh^h\ gZoh`^_gby agZq_gbc D M D k lhc beb bghc lhqghklvx lj_[m_l \uqbke_gby g_kdhevdbo agZq_gbc fbgbfbabjm_fhc nmgdpbb LZd dZd wlh gm`gh ^_eZlv gZ dZ`^hf bl_jZpbhgghf rZ]_ lh ijb [hevrhf qbke_ rZ]h\ j_ZebaZpby f_lh^Z gZbkdhj_cr_]h kimkdZ \ qbklhf \b^_ y\ey_lky ^hklZlhqgh \ukhdhaZljZlghc Kms_kl\mxl wnn_dlb\gu_ ko_fu ijb[eb`_ggh]h \uqbke_gby d\Zabhilb fZevguo D \ dhlhjuo mqblu\Z_lky ki_pbnbdZ fbgbfbabjm_fuo nmgdpbc lbiZ kmff d\Z^jZlh\ nmgdpbc >@ AZqZklmx mki_rghc y\ey_lky lZdZy kljZl_]by ]jZ^b_glgh]h f_lh^Z ijb dhlh jhc rZ]h\uc fgh`bl_ev D \ [_j_lky eb[h kjZam ^hklZlhqgh fZeuf ihklhygguf eb[h ij_^mkfZljb\Z_lky _]h mf_gvr_gb_ gZijbf_j ^_e_gb_f ihiheZf êy m^h\e_l\hj_gby mkeh\bx j_eZdkZpbb gZ hq_j_^ghf rZ]_ Ohly dZ`ûc hl^_evguc rZ] ]jZ^b_glgh]h f_lh^Z ijb wlhf \hh[s_ ]h\hjy ^Ze_d hl hilbfZevgh]h lZdhc ijhp_kk ih qbkem \uqbke_gbc nmgdpbb fh`_l hdZ aZlvky [he__ wnn_dlb\guf q_f f_lh^ gZbkdhj_cr_]h kimkdZ § ¨ © ) [N · § N ¹ © ¸ N ¨ [N · [N \N § )c [ ¸ DN ¨ ¨ )c \ N ¹ © N N · ¸ ¸ ¹ N N D N D )c[ ) N N N N D )c\ N N N bkq_jiu\Zxsbf kimkdhf f_lh^ gZbkdhj_cr_]h kimkdZ N N M N D ) N N D)c[ DUJ PLQ N N N N N N D)c\ N N ² =eZ\gh_ ^hklhbgkl\h ]jZ^b_glguo f_lh^h\ j_r_gby g_ebg_cguo kbkl_f ]eh[ZevgZy koh^bfhklv G_ljm^gh ^hdZaZlv qlh ijhp_kk ]jZ^b_glgh]h kimkdZ ijb\_^_l d dZdhc eb[h lhqd_ fbgbfmfZ nmgdpbb ba ex[hc gZqZevghc lhqdb Ijb hij_^_e_gguo mkeh\byo gZc^_ggZy lhqdZ fbgbfmfZ [m^_l bkdhfuf j_ r_gb_f bkoh^ghc g_ebg_cghc kbkl_fu ² =eZ\guc g_^hklZlhd f_ê_ggZy koh^bfhklv >hdZaZgh qlh koh^bfhklv wlbo f_lh^h\ ebrv ebg_cgZy ijbq_f _keb êy fgh]bo f_lh^h\ lZdbo dZd f_lh^ GvxlhgZ oZjZdl_jgh mkdhj_gb_ koh^bfhklb ijb ijb[eb`_gbb d j_r_ gbx lh a^_kv bf__l f_klh kdhj__ h[jZlgh_ Ihwlhfm _klv j_ahg \ ihkljh_gbb ]b[jb^guo Ze]hjblfh\ dhlhju_ gZqbgZeb [u ihbkd bkdhfhc lhqdb j_r_ gby ^Zgghc g_ebg_cghc kbkl_fu ]eh[Zevgh koh^ysbfky ]jZ^b_glguf f_ lh^hf Z aZl_f ijhba\h^beb mlhqg_gb_ dZdbf lh [ukljhkoh^ysbfky f_lh^hf gZijbf_j f_lh^hf GvxlhgZ jZamf__lky _keb ^Zggu_ nmgdpbb h[eZ^Zxl gm`gufb k\hckl\Zfb ² ² ² Ihjy^dhf koh^bfhklb ihke_^h\Zl_evghklb [N d [ gZau\Zxl lZdh_ qbkeh S qlh [ ]^_ & ! ijb \k_o N [N d & [ S [N !N JZajZ[hlZg jy^ f_lh^h\ j_r_gby wdklj_fZevguo aZ^Zq dhlhju_ kh_^bgyxl \ k_[_ gbadmx lj_[h\Zl_evghklv d \u[hjm gZqZevghc lhqdb b \ukhdmx kdhjhklv koh^bfhklb D lZdbf f_lh^Zf gZau\Z_fuf d\Zabgvxlhgh\kdbfb fh`gh hlg_ klb gZijbf_j f_lh^ i_j_f_gghc f_ljbdb >w\b^hgZ²Ne_lq_jZ²IZmweeZ kbff_ljbqguc b iheh`bl_evgh hij_^_e_gguc f_lhû k_dmsbo gZ hkgh\_ nhjfmeu i_j_kq_lZ ;jhc^_gZ Ijb gZebqbb g_]eZ^dbo nmgdpbc \ j_rZ_fhc aZ^Zq_ ke_^m_l hldZaZlvky hl bkihevah\Zgby ijhba\h^guo beb bo ZiijhdkbfZpbc b ijb[_]gmlv d lZd gZau \Z_fuf f_lh^Zf ijyfh]h ihbkdZ pbdebq_kdh]h ihdhhj^bgZlgh]h kimkdZ OmdZ b >`b\kZ Jha_g[jhdZ b l i HibkZgb_ mihfygmluo b fgh]bo ^jm]bo f_lh^h\ lZdh]h lbiZ fh`gh gZclb \ mq_[ghc b \ ki_pbZevghc ebl_jZlmj_ ih k\ys_gghc j_r_gbx wdklj_fZevguo aZ^Zq kf gZijbf_j >²@ AZf_qZgb_ >ey jZaguo k_f_ckl\ qbke_gguo f_lh^h\ fbgbfbaZpbb fh]ml [ulv j_dhf_g^h\Zgu k\hb djbl_jbb hklZgh\Z bl_jZpbhggh]h ijhp_kkZ GZ ijbf_j mqblu\Zy qlh \ lhqd_ fbgbfmfZ ^bnn_j_gpbjm_fhc nmgdpbb ^he` gh \uihegylvky g_h[oh^bfh_ mkeh\b_ wdklj_fmfZ gZ dhg_p kq_lZ ]jZ^b_gl guf f_lh^hf fh`gh \uoh^blv dh]^Z ^hklZlhqgh fZehc klZgh\blky ghjfZ ]jZ^b_glZ ?keb ijbgylv \h \gbfZgb_ qlh fbgbfbaZpby ijbf_gy_lky d j_r_ gbx g_ebg_cghc kbkl_fu lh p_e_khh[jZag__ hlke_`b\Zlv [ebahklv d gmex AZf_qZgb_ >ey j_r_gby Q f_jghc kbkl_fu ke_^m_l k\_klb aZ^Zqm d j_r_gbx wdklj_fZevghc aZ^Zqb [ ¦ I [ PLQ JZkkfhljbf ^Ze__ ijbf_ju j_ZebaZpbb g_dhlhjuo Ze]hjblfh\ ihbkdZ wdk lj_fmfh\ nmgdpbc aZ\bkysbo hl g_kdhevdbo i_j_f_gguo \ iZd_l_ 0DWKFDG fbgbfbabjm_fhc g_hljbpZl_evghc nmgdpbb l _ km^blv h lhqghklb ihem qZ_fh]h ijb[eb`_gby ih d\Z^jZlm _]h _\deb^h\hc f_ljbdb Q ) L L o Íéquné :e]hjblf ihbkdZ wdklj_fmfZ k rZ]hf g_ aZ\bkysbf hl k\hckl\ fbgb fbabjm_fhc nmgdpbb Ijhkl_crbc \ZjbZgl f_lh^Z gZbkdhj_cr_]h kimkdZ jZkkfhljbf gZ ijbf_j_ P \ ^\mo i_j_ f_gguo k h\jZ]hf iheh]hklv dhlhjh]h hij_^_ey_lky iZjZf_ljhf P X ijb nmgdpby ij_^klZ\ey_l kh[hc iZjZ[hehb^ \jZs_gby X ijb iZjZ[hehb^ klZgh\blky weebilbq_kdbf \uly]b\Zykv \^hev ihbkdZ fbgbfmfZ d\Z^jZlbq_kdhc nmgdpbb I [ \ P [ P P ! hkb 2[ ijb P ² \^hev hkb 2\ Ijh\_^_f ihkljh_gb_ ]jZnbdZ bkke_^m_fhc nmgdpbb AZ^Z^bf qbkeh maeh\ dhhj^bgZlghc k_ldb 1 AZ^Z^bf ^bkdj_lgu_ i_j_f_ggu_ bkihevam_fu_ êy gmf_jZpbb maeh\ \^hev khhl\_lkl\mxsbo dhhj^bgZlguo hk_c L 1 M 1 AZ^Z^bf dhhj^bgZlu gb`g_]h e_\h]h b \_jog_]h ijZ\h]h maeh\ dhhj^b gZlghc k_ldb ; PLQ < PLQ ; PD[ < PD[ <uqbkebf dhhj^bgZlu maeh\ k_ldb [ ; PLQ ; PD[ ; PLQ L 1 \ < PLQ < PD[ < PLQ M 1 L M ©²ÃÄÎ , ·¼Èºº <uqbkebf agZq_gby bkke_^m_fhc nmgdpbb ijb jZaebqguo agZq_gbyo iZ jZf_ljZ P \ maeZo dhhj^bgZlghc k_ldb 0 L M I [ \ 0 L M L M I [ \ L M 0 L M I [ \ L M <bamZebabjm_f nmgdpbb jbk ² AZ^Z^bf bkoh^gu_ ^Zggu_ Y PD[ ² fZdkbfZevgh_ qbkeh rZ]h\ bl_jZpbhggh]h ijhp_kkZ N Y Y PD[ ² ^bZiZahg baf_g_gby ghf_jZ bl_jZpbc N [ \ ² dhhj^bgZlu gZqZevguo lhq_d N I I [ \ ² agZq_gb_ nmgdpbb \ gZqZevghc lhqd_ N N O ² gZqZevgh_ agZq_gb_ rZ]Z d wdklj_fmfm Jbk Ih\_joghklv b dZjlZ ebgbc mjh\gy nmgdpbb I [ \ P [ \ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» Jbk Ih\_joghklv b dZjlZ ebgbc mjh\gy nmgdpbb I [ \ P Jbk Ih\_joghklv b dZjlZ ebgbc mjh\gy nmgdpbb I [ \ P [ [ \ \ ©²ÃÄÎ , ·¼Èºº AZ^Z^bf nmgdpbb \ha\jZsZxsb_ agZq_gby qZklguo ijhba\h^guo J B [ [ \ P G I [ \ P G[ J B \ [ \ P G I [ \ P G\ AZ^Z^bf kdZeyjgmx nmgdpbx \ha\jZsZxsmx êbgm ]jZ^b_glZ / [ \ P J B [ [ \ P J B \ [ \ P AZ^Z^bf nmgdpbb \ha\jZsZxsb_ dhhj^bgZlu ghjfbjh\Zggh]h _^bgbq gh]h \_dlhjZ khgZijZ\e_ggh]h k \_dlhjhf ijhlb\hiheh`guf gZijZ\e_ gbx \_dlhjZ ]jZ^b_glZ V B [ [ \ P J B [ [ \ P / [ \ P V B \ [ \ P J B \ [ \ P / [ \ P AZ^Z^bf iZjZf_lju bkihevam_fu_ êy hij_^_e_gby rZ]Z D E J AZ^Z^bf nhjfmeu êy hij_^_e_gby \_ebqbgu rZ]Z 6WHS Q D O E J Q O [ \ Q 6WHS Q AZ^Z^bf \_dlhj kh^_j`Zsbc gZqZevgu_ agZq_gby dhhj^bgZl b khhl\_lkl \mxs_]h agZq_gby nmgdpbb [ º ª; º ª «< » « \ »» « » « ¬« II ¼» ¬« I [ \ P ¼» J_Zebam_f bl_jZpbhgguc ijhp_kk \ khhl\_lkl\bb k § ; Q · ¨ < ¸ ¨ Q ¸ ¨ II ¸ © Q ¹ § ; Q O ; Q <Q Q V B [ ; Q <Q P ¨ <Q O ; Q <Q Q V B \ ; Q <Q P ¨ ¨ I ; Q O ; Q <Q Q V B [ ; Q <Q P <Q O ; Q <Q Q V B \ ; Q <Q P © <bamZebabjm_f bl_jZpbhgguc ijhp_kk jbk ² · ¸ ¸ ¸ ¹ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» Jbk AZ\bkbfhklv dhhj^bgZl lhqdb j_r_gby hl ghf_jZ bl_jZpbb Jbk AZ\bkbfhklv agZq_gby fbgbfmfZ nmgdpbb hl ghf_jZ bl_jZpbb ©²ÃÄÎ , ·¼Èºº Jbk LjZ_dlhjby bl_jZpbhggh]h ijhp_kkZ \ iehkdhklb [2\ Jbk <bamZebaZpby bl_jZpbhggh]h ijhp_kkZ \ lj_of_jghf ijhkljZgkl\_ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» :e]hjblf ihbkdZ wdklj_fmfZ k rZ]hf aZ\bkysbf hl k\hckl\ fbgbfb abjm_fhc nmgdpbb bkihevah\Zgb_ ijhba\h^ghc ih gZijZ\e_gbx Bkke_^m_f Ze]hjblf ijbf_gbl_evgh d fbgbfbaZpbb nmgdpbb ^\mo i_j_f_g guo aZ^Zgghc ihebghfhf ]h ihjy^dZ I [ \ N[ [ N N \ \ O[ [ O \ \ R [ [ R \ \ S[ [ S \ \ T [\ [ \ O [\ [ \ R [\ [ \ S [\ [\ nhjfZ dhlhjhc hij_^_ey_lky dhwnnbpb_glZfb N [ N \ O[ O \ b l ^ AZ^Z^bf dhwnnbpb_glu nmgdpbb O\ R[ N\ R\ O[ N[ S[ S\ O[\ N[\ AZ^Z^bf qbkeh maeh\ dhhj^bgZlghc k_ldb R[\ S[\ T 1 AZ^Z^bf ^bkdj_lgu_ i_j_f_ggu_ bkihevam_fu_ êy gmf_jZpbb maeh\ \^hev khhl\_lkl\mxsbo dhhj^bgZlguo hk_c L 1 M 1 AZ^Z^bf dhhj^bgZlu gb`g_]h e_\h]h b \_jog_]h ijZ\h]h maeh\ dhhj^b gZlghc k_ldb ; PLQ < PLQ ; PD[ < PD[ <uqbkebf dhhj^bgZlu maeh\ k_ldb ; PD[ < PD[ [L ; PLQ \M < PLQ ; PLQ 1 < PLQ 1 [ \ N[ L M AZ^Z^bf bkke_^m_fmx nmgdpbx I [ N\ \ O[ [ O\ \ R[ [ R\ \ S[ [ S\ \ T N[\ [ \ O[\ [ \ R[\ [ \ S[\ [ \ <uqbkebf agZq_gby bkke_^m_fhc nmgdpbb ijb jZaebqguo agZq_gbyo iZ jZf_ljZ P \ maeZo dhhj^bgZlghc k_ldb 0 L M I [L \ M ©²ÃÄÎ , ·¼Èºº <bamZebabjm_f ih\_joghklb hibku\Z_fu_ nmgdpb_c b dZjlu ebgbc mjh\gy jbk Jbk Ih\_joghklv b dZjlZ ebgbc mjh\gy nmgdpbb I [ \ AZ^Z^bf nmgdpbb \ha\jZsZxsb_ agZq_gby qZklguo ijhba\h^guo G J B [ [ \ I J B \ [ \ [ \ [ \ AZ^Z^bf kdZeyjgmx nmgdpbx \ha\jZsZxsmx êbgm ]jZ^b_glZ / [ \ I G\ G[ G J B [ [ \ J B \ [ \ AZ^Z^bf nmgdpbb \ha\jZsZxsb_ dhhj^bgZlu ghjfbjh\Zggh]h _^bgbq gh]h \_dlhjZ khgZijZ\e_ggh]h k \_dlhjhf ijhlb\hiheh`guf gZijZ\e_ gbx \_dlhjZ ]jZ^b_glZ V B [ [ \ J B [ [ \ / [ \ V B \ [ \ J B \ [ \ / [ \ AZ^Z^bf nmgdpbb \ha\jZsZxsb_ agZq_gby kf_rZgguo ijhba\h^guo J B [[ [ \ G G[ I [ \ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» J B [\ [ \ G G I [ \ G[ G\ J B \\ [ \ G G\ I [ \ AZ^Z^bf nmgdpbx \ha\jZsZxsmx agZq_gby dhwnnbpb_glZ O O [ \ J B[ [ \ J B [[ [ \ o V B [ [ \ V B [ [ \ J B \ [ \ V B \ [ \ J B [\ [ \ V B [ [ \ V B \ [ \ J B \\ [ \ V B \ [ \ AZ^Z^bf bkoh^gu_ ^Zggu_ fZdkbfZevgh_ qbkeh rZ]h\ bl_jZpbhggh]h ijhp_kkZ Q PD[ N ^bZiZahg baf_g_gby ghf_jZ bl_jZpbc Y Y PD[ N [ \ dhhj^bgZlu gZqZevguo lhq_d N ² ² N I I ² [ \ ² agZq_gb_ nmgdpbb \ gZqZevghc lhqd_ AZ^Z^bf \_dlhj kh^_j`Zsbc gZqZevgu_ agZq_gby dhhj^bgZl b khhl\_lkl\mxs_]h agZq_gby nmgdpbb ª [ º ª [ º « \ » « \ » « » « » «¬ ] »¼ «¬ I [ \ »¼ J_Zebam_f bl_jZpbhgguc ijhp_kk \ khhl\_lkl\bb k § [Q · ¨ \ ¸ ¨ Q ¸ ¨ ] ¸ © Q ¹ § [Q O [Q \Q Q V B [ [Q \Q ¨ \Q O [Q \Q Q V B \ [Q \Q ¨ ¨ I [Q O [Q \Q Q V B [ [Q \Q \Q O [Q \Q Q V B \ [Q \Q © <bamZebabjm_f bl_jZpbhgguc ijhp_kk jbk ² · ¸ ¸ ¸ ¹ ©²ÃÄÎ , ·¼Èºº Jbk AZ\bkbfhklv dhhj^bgZl lhqdb j_r_gby hl ghf_jZ bl_jZpbb Jbk AZ\bkbfhklv agZq_gby bkke_^m_fhc nmgdpbb hl ghf_jZ bl_jZpbb Jbk LjZ_dlhjby bl_jZpbhggh]h ijhp_kkZ \ iehkdhklb [2\ ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» Jbk LjZ_dlhjby bl_jZpbhggh]h ijhp_kkZ \ ijhkljZgkl\_ H[jZlbl_ \gbfZgb_ gZ qj_a\uqZcgh [ukljmx koh^bfhklv b gZ hlkmlkl\b_ dh e_[Zgbc j_r_gby Wlh ^hklb]Z_lky aZ kq_l lh]h qlh nhjfmeZ êy rZ]Z kljh blky k mq_lhf nhjfu fbgbfbabjm_fhc nmgdpbb Ba ]jZnbdZ ij_^klZ\e_ggh]h gZ jbk \b^gh qlh nmgdpby bf__l hq_gv iheh]h_ ^gh ihwlhfm êy Ze]hjblfh\ k rZ]hf g_ aZ\bkysbf hl nhjfu nmgdpbb wlh [ueh [u ijbqbghc hq_gv iehohc koh^bfhklb À¶ºÆºÈºÂÀ´²¿¿Í»¾·ÄÀ¶ÎÐÄÀ¿² Fh^bnbpbjh\Zgguc f_lh^ GvxlhgZ hkgh\Zg gZ d\Z^jZlbq_kdhc ZiijhdkbfZ pbb fbgbfbabjm_fhc nmgdpbb \ hdj_klghklb lhqdb [ Fbgbfmf d\Z^jZ lbq_kdhc nmgdpbb e_]dh gZclb ijbjZ\gb\Zy __ ]jZ^b_gl gmex Fh`gh kjZam `_ \uqbkeblv iheh`_gb_ wdklj_fmfZ b \u[jZlv _]h \ dZq_kl\_ ke_^mxs_]h ijb[eb`_gby d lhqd_ fbgbfmfZ <uqbkeyy lhqdm gh\h]h ijb[eb`_gby ih nhjfme_ [ [ '[ b jZaeZ ]Zy ) [ \ jy^ L_cehjZ ihemqbf nhjfmem d\Z^jZlbq_kdhc ZiijhdkbfZpbb N N )VT [ N N N ) [ N ) [ N '[ N # )VT [ N N ©²ÃÄÎ , ·¼Èºº Ë / 7 ª«) [ N º» '[ N ¬ ¼ 7 / N º ª '[ ) [ N '[ N ¬ ¼ )VT [ / ) [ N ² N ) [ N fZljbpZ \lhjuo ijhba\h^guo w) w) w[ w[w[ w) w) w[w[ w[ / ) [N w ) w ) w[Q w[ w[Q w[ w) w[w[Q w) w[w[Q w) w[Q Mkeh\b_ fbgbfmfZ ) [ ih '[ / ) [ _gl / ) [ ba b gZc^_f agZq_gb_ '[ VT VT N / )VT [ N N N N VT / <uqbkebf ]jZ^b N / )VT [ N )VT [ N '[ N >ey mq_lZ nZdlbq_kdbo hkh[_gghkl_c fbgbfbabjm_fhc nmgdpbb [m^_f bkihevah\Zlv \ agZq_gby ]jZ^b_glZ b fZljbpu \lhjuo ijhba\h^guo \uqbke_gguo g_ ih Ziijhdkbfbjmxs_c ) Z g_ihkj_^kl\_ggh ih fbgb fbabjm_fhc nmgdpbb ) [ AZf_gyy ) \ gZc^_f êbgm rZ]Z VT VT '[ N '[ N / / ª« ) [ N º» ) [ N ¬ ¼ F_lh^ GvxlhgZ j_Zebam_lky ke_^mxs_c ihke_^h\Zl_evghklvx ^_ckl\bc AZ^Zlv ijhba\hevgh lhqdm gZqZevgh]h ijb[eb`_gby [ <uqbkeylv \ pbde_ ih ghf_jm bl_jZpbb N / \ lhqd_ [ [ N agZq_gb_ \_dlhjZ ]jZ^b_glZ \) [ N N ·¼ÈºÑ ·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇ ÅÂ²´¿·¿º» agZq_gb_ fZljbpu \lhjuo ijhba\h^guo / ) [ fZljbpu h[jZlghc fZljbp_ \lhjuo ijhba\h^guo N agZq_gb_ N N / ) [N agZq_gb_ rZ]Z '[ ih nhjfme_ ih nhjfme_ N gh\h_ agZq_gb_ ijb[eb`_gby [ AZdhgqblv bl_jZpbhgguc ijhp_kk bkihevamy h^gh ba mkeh\bc hibkZgguo \ jZa^ N N N >hklhbgkl\Z fh^bnbpbjh\Zggh]h f_lh^Z GvxlhgZ X >ey d\Z^jZlbq_kdhc nmgdpbb f_lh^ iha\hey_l gZclb fbgbfmf aZ h^bg rZ] X >ey nmgdpbc hlghkysboky d deZkkm ih\_joghkl_c \jZs_gby l _ h[eZ^Zxsbo kbff_ljb_c f_lh^ lZd`_ h[_ki_qb\Z_l koh^bfhklv aZ h^bg rZ] ihkdhevdm \ lhqd_ fbgbfmfZ Zj]mf_glu fbgbfbabjm_fhc nmgdpbb b __ d\Z^jZlbq_kdhc ZiijhdkbfZpbb kh\iZ^Zxl X >ey g_kbff_ljbqguo nmgdpbc f_lh^ h[_ki_qb\Z_l [he__ \ukhdmx kdh jhklv koh^bfhklb q_f ijb bkihevah\Zgbb ^jm]bo fh^bnbdZpbc f_lh^Z gZbkdhj_cr_]h kimkdZ D g_^hklZldZf f_lh^Z GvxlhgZ ke_^m_l hlg_klb g_h[oh^bfhklv \uqbke_gbc b ]eZ\gh_ h[jZs_gby fZljbp \lhjuo ijhba\h^guo Ijb wlhf g_ lhevdh jZkoh^m_lky fZrbggh_ \j_fy gh qlh [he__ \Z`gh fh]ml/ ihy\blvky agZqb l_evgu_ \uqbkebl_evgu_ ih]j_rghklb _keb fZljbpZ \ ) [ hdZ`_lky iehoh h[mkeh\e_gghc N < dZq_kl\_ dhebq_kl\_gghc oZjZdl_jbklbdb h[mkeh\e_gghklb fZljbpu $ h[hagZqZ_fhc $ ijbgbfZxl ijhba\_^_gb_ $ $ ]^_ ghjfZ fZljbpu hij_^_ey_fZy ih ZgZeh]bb k ghjfhc \_dlhjZ FRQG ² $ Q $ Q ¦ ¦ DLM L M § Q ¨¨ ¦ © PD[ DLN d L d P N · ¸¸ ¹ ©²ÃÄÎ , ·¼Èºº Íéquné Ihbkd fbgbfmfZ nmgdpbb Jha_g[jhdZ I [ \ \ [ [ f_lh^hf \ dhlhjhf rZ] aZ\bkbl hl k\hckl\ fbgbfbabjm_fhc nmgdpbb f_lh^ GvxlhgZ AZ^Zgb_ nmgdpbb I [ \ \ [ [ AZ^Zgb_ dhhj^bgZlghc k_ldb 1 L 1 M ; PLQ 1 < PLQ ; PD[ < PD[ [L ;PLQ 1 L \ M < PLQ < PD[ < PLQ 1 M <uqbke_gb_ agZq_gbc nmgdpbb \ maeZo dhhj^bgZlghc k_ldb 0 L M ;PD[ ;PLQ I [L \ M <bamZebaZpby nmgdpbb Jha_g[jhdZ b dZjlu ebgbc mjh\gy jbk Jbk Ih\_joghklv aZ^Z\Z_fZy nmgdpb_c Jha_g[jhdZ b dZjlZ ebgbc mjh\gy AZ^Zgb_ nmgdpbc \ha\jZsZxsbo agZq_gby i_j\uo ijhba\h^guo G G J B [ [ \ I [ \ J B \ [ \ I [ \ G[ G\ J B [[ [ \ J B [\ [ \ G G[ I [ \ J B \\ [ \ G G\ I [ \ G G I [ \ G[ G\ AZ^Zgb_ nmgdpbb \ha\jZsZxs_c ijhba\_^_gb_ h[jZlghc fZljbpu \lhjuo ijhba\h^guo gZ ]jZ^b_gl nmgdpbb § J B [[ [ \ J B [\ [ \ · § J B [ [ \ · ¸ b¨ ¸ © J B [\ [ \ J B \\ [ \ ¹ © J B \ [ \ ¹ J_ZebaZpby bl_jZpbhggh]h ijhp_kkZ \ khhl\_lkl\bb k 3 PD[ 3 3 PD[ * [ \ ¨ [ \ ] I [ \ [ · § [ · § ¸ ¨ \ ¸ ¨ \ ¸ ¨ ¸ ¨ ¨ ] ¸ ¨ I [ \ ¸ © ¹ © ¹ · § [ · § [ 3 * [ 3 \ 3 ¸ ¨ Q ¸ ¨ ¨ ¸ ¨ \ Q ¸ \ 3 * [ 3 \ 3 ¸ ¨ ¸ ¨ ¨ ] ¸ ¨ I [ * [ \ \ * [ \ ¸ 3 3 3 3 3 3 ¹ © Q ¹ © <bamZebaZpby bl_jZpbhggh]h ijhp_kkZ jbk ² Jbk AZ\bkbfhklv agZq_gbc dhhj^bgZl j_r_gby mjZ\g_gby hl ghf_jZ bl_jZpbb Jbk AZ\bkbfhklv agZq_gby bkke_^m_fhc nmgdpbb hl ghf_jZ bl_jZpbb Jbk LjZ_dlhjby bl_jZpbhggh]h ijhp_kkZ \ ijhkljZgkl\_ ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º·ÆÅ¿¼Èº» ¡½²¿ IhklZgh\dZ aZ^Zqb Bgl_jiheypbhgguc ihebghf EZ]jZg`Z Bgl_jiheypbhgguc ihebghf GvxlhgZ êy jZ\ghhlklhysbo maeh\ Ih]j_rghklv f_lh^Z fgh]hqe_gghc bgl_jiheypbb KieZcg bgl_jiheypby ¡ÀÃÄ²¿À´¼²¹²¶²Éº Imklv ba\_klgu_ agZq_gby g_dhlhjhc nmgdpbb I [ h[jZamxl ke_^mxsmx lZ[ebpm lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ \ aZ^Zq_ bgl_jiheypbb [ [ [ I [ \ \ « « [Q \Q Lj_[m_lky ihemqblv agZq_gb_ nmgdpbb I [ êy agZq_gby Zj]mf_glZ [ > [ [Q @ g_ kh\iZ^Zxs_]h gb k h^gbf ba agZq_gbc [L L Q J_r_gb_ aZ^Zqb gZoh^blky hlukdZgb_f g_dhlhjhc ijb[eb`Zxs_c nmgdpbb ) [ [ebadhc \ g_dhlhjhf kfuke_ d nmgdpbb I [ êy dhlhjhc ba\_klgh ZgZeblbq_kdh_ \ujZ`_gb_ DeZkkbq_kdbc ihôh^ d j_r_gbx aZ^Zqb ihkljh_gby ijb[eb`Zxs_c nmgd pbb hkgh\Zg gZ lj_[h\Zgbb kljh]h]h kh\iZ^_gby agZq_gbc nmgdpbc I [ b Q ) [ \ lhqdZo [L L ) [ \ ) [ \ )[ Q \Q ©²ÃÄÎ , ·¼Èºº < ^Zgghf kemqZ_ gZoh`^_gb_ ijb[eb`_gghc nmgdpbb gZau\Z_lky bgl_jih [Q gZau\Zxlky maeZfb bgl_jiheypbb ;m^_f bkdZlv bgl_jihebjmxsmx nmgdpbx ) [ \ \b^_ fgh]hqe_gZ kl_i_gb Q ebjh\Zgb_f Z lhqdb [ [ D [ Q D [ Q 3Q [ D [ D Q Q ¦ DN [Q N Q N Mkeh\by gZeh`_ggu_ gZ fgh]hqe_g iha\heyxl h^ghagZqgh hij_^_ eblv _]h dhwnnbpb_glu >_ckl\bl_evgh lj_[my êy 3Q [ \uiheg_gby mkeh \bc ihemqZ_f ebg_cgmx kbkl_fm khklhysmx ba Q mjZ\g_gby Q ¦ DN [LQ N \L L N Q J_rb\ kbkl_fm hlghkbl_evgh g_ba\_klguo D D DQ gZoh^bf agZ q_gby wlbo g_ba\_klguo b ih^klZ\b\ \ gZoh^bf ZgZeblbq_kdh_ \ujZ `_gb_ Ziijhdkbfbjmxs_c nmgdpbb Kbkl_fZ \k_]^Z bf__l _^bgkl\_ggh_ j_r_gb_ l d __ hij_^_ebl_ev [ [ Q Q [ [Q [Q Q Q Q Q [ ba\_klguc \ Ze]_[j_ dZd hij_^_ebl_ev <Zg^_jfhg^Z hlebq_g hl gmey Ke_^h\Zl_evgh bgl_jiheypbhgguc fgh]hqe_g 3Q [ kms_kl\m_l b _^bgkl\_g_g >hdmf_gl iZd_lZ kh^_j`Zsbc j_r_gb_ aZ^Zqb bgl_jiheypbb ihebghfhf Q hc kl_i_gb khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ lZ[ebqguo agZq_gbc bgl_jihebjm_fhc nmgdpbb 0DWKFDG I [ 1 [L VLQ [ L S L 1 \L I [L <bamZebaZpby lZ[ebqghc aZ\bkbfhklb b bklbgguo agZq_gbc nmgdpbb jbk ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» Jbk Nmgdpby b lZ[ebqgu_ agZq_gby bkihevam_fu_ êy j_r_gby aZ^Zqb bgl_jiheypbb I [ VLQ [ Z^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gby ihebghfZ 1 3 [ 1 D ¦ DL [ 1 L L AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gby we_f_glh\ fZljbpu <Zg^_j fhg^Z jbk Jbk AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gby we_f_glh\ fZljbpu <Zg^_jfhg^Z <uqbke_gb_ agZq_gbc we_f_glh\ fZljbpu <Zg^_jfhg^Z 0 $ [ 1 ©²ÃÄÎ , ·¼Èºº <uqbke_gb_ dhwnnbpb_glh\ ihebghfZ D 0 \ Ihkljh_gb_ jZaghklb f_`^m lhqguf b bgl_jihebjh\Zggufb agZq_gbyfb nmgdpbb jbk Jbk Ih]j_rghklv ZiijhdkbfZpbb nmgdpbb VLQ [ ihebghfhf c kl_i_gb nZce /DJUDQJPFG ¿Ä·ÂÁÀ½ÑÈºÀ¿¿Í» ÁÀ½º¿À¾²µÂ²¿¸² >ey nmgdpbb aZ^Zgghc lZ[e ihkljhbf bgl_jiheypbhgguc fgh]hqe_g /Q [ kl_i_gv dhlhjh]h g_ \ur_ Q b \uiheg_gu mkeh\by ;m^_f bkdZlv /Q [ \ \b^_ /Q [ O [ O [ OQ [ ]^_ OL [ ² fgh]hqe_g kl_i_gb 3 ijbq_f OL [N \L _keb L N ® ¯ _keb L z N Hq_\b^gh qlh lj_[h\Zgb_ k mq_lhf h[_ki_qb\Z_l \uiheg_gb_ mkeh\bc ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» Fgh]hqe_gu OL [ khklZ\bf ke_^mxsbf kihkh[hf OL [ FL [ [ [ [ [ [L [ [L [ [Q ]^_ FL ² ihklhygguc dhwnnbpb_gl agZq_gb_ dhlhjh]h gZoh^blky ba i_j\hc qZklb mkeh\by FL \L [L [ [L [L [L [L [L [Q Ih^klZ\b\ FL \ b ^Ze__ \ hdhgqZl_evgh ihemqbf /Q [ Q [ [ [ [ [ [ [ [ ¦ \L [ [ [ [L [ [L [ Q[ L L L L L L L Q NhjfmeZ hdhgqZl_evgh j_rZ_l ihklZ\e_ggmx aZ^Zqm >hdmf_gl iZd_lZ kh^_j`Zsbc j_r_gb_ aZ^Zqb bgl_jiheypbb ihebghfhf EZ]jZg`Z khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ lZ[ebqguo agZq_gbc bgl_jihebjm_fhc nmgdpbb I [ [ 1 L S [L 1 L \L I [L A^_kv Zj]mf_glu nmgdpbb [ dhhj^bgZlZ lhqdb ghf_j fgh]hqe_ gZ \_dlhj kh^_j`Zsbc dhhj^bgZlu maeh\uo lhq_d \_dlhj AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gb_ fgh]hqe_gZ OL [ jbk L ; < kh^_j`Zsbc agZq_gby bgl_jihebjm_fhc nmgdpbb \ maeh\uo lhqdZo Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ fgh]hqe_gZ O [ L ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gby ihebghfZ EZ]jZg`Z ¦ Ihkljh_gb_ jZaghklb f_`^m lhqgufb b bgl_jihebjh\Zggufb agZq_gbyfb nmgdpbb jbk 1 / [ 1 ; < /DJUDQJ [ L ; < L Jbk Ih]j_rghklv ZiijhdkbfZpbb nmgdpbb VLQ [ ihebghfhf EZ]jZg`Z ¿Ä·ÂÁÀ½ÑÈºÀ¿¿Í»ÁÀ½º¿À¾ÎÐÄÀ¿² ¶½ÑÂ²´¿ÀÀÄÃÄÀÑËºÇÅ¹½À´ Bgl_jiheypbhggu_ nhjfmeu GvxlhgZ kljhylky êy nmgdpbc aZ^Zgguo lZ[ ebpZfb k jZ\ghhlklhysbfb agZq_gbyfb Zj]mf_glZ K K [L [L L Q >ey nmgdpbb aZ^Zgghc lZ[e k ihklhygguf rZ]hf hij_^_ebf jZaghklb f_`^m agZq_gbyfb nmgdpbb \ khk_^gbo maeZo bgl_jiheypbb '\ L \L \L gZau\Z_fu_ dhg_qgufb jZaghklyfb i_j\h]h ihjy^dZ ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» Ba dhg_qguo jZaghkl_c i_j\h]h ihjy^dZ fh`gh h[jZah\Zlv dhg_qgu_ jZagh klb \lhjh]h ihjy^dZ ' \ '\ '\ L L \L \L \L \L L \L \L \L :gZeh]bqgh ihemqZxl \ujZ`_gb_ êy dhg_qguo jZaghkl_c lj_lv_]h ihjy^dZ ' \ ' \ ' \ L L \L \L \L \L \L \L L \L \L \L \L F_lh^hf fZl_fZlbq_kdhc bg^mdpbb fh`gh ^hdZaZlv qlh ' N \L N \L N N\L N N \L N N [ [ ;m^_f bkdZlv bgl_jiheypbhgguc ihebghf \ \b^_ 3Q [ D D [ [ D D [ [ Q [ [ [ [Q D ba gZc \ >Ze__ ihke_^h\Zl_evgh ijb^Z\Zy [ agZ Q gbc bkoh^ghc nmgdpbb b fgh]hqe_gZ \ maeZo IheZ]Zy [ 3 [ D gZc^_f ba mkeh\by kh\iZ^_gby agZq_ AgZq_gby dhwnnbpb_glh\ D D ^_f \ \L hldm^Z D [ q_gby [ b [ ihemqZ_f hldm^Z D \ 3Q [ D [ D D [ [ D DK '\ K \ 3Q D D [ [ D D K D K [ [ l _ D K \ D K D [ [ beb KD \ '\ \ \ \ \ hldm^Z D ' \ K \ \ \ \ ' \ ©²ÃÄÎ , ·¼Èºº AZl_f ijh\_^y ZgZeh]bqgu_ \udeZ^db fh`gh ihemqblv ' \ D K < h[s_f kemqZ_ \ujZ`_gb_ êy DQ [m^_l bf_lv \b^ Q ' \ DQ Q K \ \ujZ`_gb_ êy fgh]hqe_gZ ihemqZ_f Ih^klZ\eyy 3Q [ \ '\ ' [ [ K \ [ [ [ [ K ' Q \ [[ Q K [ [Q Nmgdpby iZd_lZ \ha\jZsZxsZy agZq_gby i_j\h]h bgl_jiheypbhg gh]h ihebghfZ GvxlhgZ ij_^klZ\e_gZ gZ jbk :j]mf_glu nmgdpbb \_dlhj kh^_j`Zsbc dhhj^bgZlu maeh\uo lhq_d W dhhj^bgZlZ lhqdb [ \ \_dlhj kh^_j`Zsbc agZq_gby bgl_jihebjm_fhc nmgdpbb \ maeh\uo lhqdZo ijbf_gy_lky g_kdhevdh \ bghf l _ [ [ KW lh]^Z Ijb jmqguo \uqbke_gbyo nhjfmeZ \b^_ Iheh`bf [[ W K [ [ [[ K [[ K 3Q K W [[ Q K W Q K hdhgqZl_evgh ihemqZ_f Ih^klZ\eyy ^Zggu_ \ujZ`_gby \ [ K K 3Q W K [ [ [ [Q K [ WK W W \ W '\ W W W Q Q ' Q \ ' \ ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» NhjfmeZ gZau\Z_lky i_j\hc bgl_jiheypbhgghc nhjfmehc GvxlhgZ >ZggZy nhjfmeZ ijbf_gy_lky êy bgl_]jbjh\Zgby \ gZqZe_ hlj_adZ dh]^Z W fZeh ih Z[khexlghc \_ebqbg_ Dh]^Z agZq_gb_ Zj]mf_glZ gZoh^blky [eb`_ d dhgpm hlj_adZ bgl_jiheypbb bkihevam_lky \lhjZy bgl_jiheypbhggZy nhjfmeZ GvxlhgZ dhlhjZy ihemqZ_l ky _keb hlukdb\Zlv bgl_jiheypbhgguc ihebghf \ \b^_ 3Q [ D D [ [Q D [ [Q D [ [Q [ [ Q [ [Q Dhwnnbpb_glu ihebghfZ gZoh^ylky ba mkeh\by kh\iZ^_gby agZq_gbc nmgdpbb b bgl_jiheypbhggh]h fgh]hqe_gZ \ maeZo ' \ N DN Q N K N N Nmgdpby iZd_lZ \ha\jZsZxsZy agZq_gby \lhjh]h bgl_jiheypbhggh]h ihebghfZ GvxlhgZ ij_^klZ\e_gZ gZ jbk :j]mf_glu nmgdpbb W dh \_dlhj kh^_j`Zsbc dhhj^bgZlu maeh\uo lhq_d \ hj^bgZlZ lhqdb [ \_dlhj kh^_j`Zsbc agZq_gby bgl_jihebjm_fhc nmgdpbb \ maeh\uo lhqdZo Jbk Nmgdpby \ha\jZsZxsZy agZq_gby i_j\h]h bgl_jiheypbhggh]h fgh]hqe_gZ GvxlhgZ nZce ©²ÃÄÎ , ·¼Èºº Jbk Nmgdpby \ha\jZsZxsZy agZq_gby \lhjh]h bgl_jiheypbhggh]h fgh]hqe_gZ GvxlhgZ nZce Ih^klZ\b\ \ b i_j_c^y d i_j_f_gghc W [ [Q ihemqbf K hdhgqZl_evguc \b^ bgl_jiheypbhgghc nhjfmeu GvxlhgZ bkihevam_fhc ijb jmqguo \uqbke_gbyo 3Q [ 3Q [Q WK \Q W '\Q W W W W ' \Q W Q ' \ Q Q ¡ÀµÂ·Ê¿ÀÃÄÎº¿Ä·ÂÁÀ½ÑÈºº Ih]j_rghklv bgl_jiheypbb ihebghfhf EZ]jZg`Z hp_gb\Z_lky ih nhjfme_ 5Q [ d 0 Q 3 Q [ Q ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» ]^_ 0 Q 3 Q [ PD[ [ d [d [3 [[ I Q [ [ [ [ [ Q Ih]j_rghklv bgl_jiheypbb ihebghfhf GvxlhgZ hp_gb\Z_lky ih nhjfm eZf 5Q [ d K Q W W W Q 5Q [ d K Q W W W Q W Q W Q £Á½²»¿º¿Ä·ÂÁÀ½ÑÈºÑ Ijb [hevrhf dhebq_kl\_ maeh\ bgl_jiheypbb ijboh^blky bkihevah\Zlv bg l_jiheypbhggu_ ihebghfu \ukhdhc kl_i_gb qlh kha^Z_l hij_^_e_ggu_ g_ m^h[kl\Z ijb \uqbke_gbyo Fh`gh ba[_`Zlv \ukhdhc kl_i_gb bgl_jiheypb hggh]h fgh]hqe_gZ jZa[b\ hlj_ahd bgl_jiheypbb gZ g_kdhevdh qZkl_c k ihkljh_gb_f gZ dZ`^hc qZklb kZfhklhyl_evgh]h bgl_jiheypbhggh]h fgh]h qe_gZ H^gZdh lZdh_ bgl_jihebjh\Zgb_ h[eZ^Z_l kms_kl\_gguf g_^hklZldhf \ lhqdZo krb\db jZaguo bgl_jiheypbhgguo ihebghfh\ [m^_l jZaju\ghc bo i_j\Zy ijhba\h^gZy ihwlhfm êy j_r_gby aZ^Zqb dmkhqghebg_cghc bgl_j iheypbb bkihevamxl hkh[uc \b^ dmkhqghihebghfbZevghc bgl_jiheypbb ² kieZcgbgl_jiheypbx KieZcg ² wlh nmgdpby dhlhjZy gZ dZ`^hf qZklbqghf hlj_ad_ bgl_jiheypbb y\ey_lky Ze]_[jZbq_kdbf fgh]hqe_ghf Z gZ \k_f aZ^Zgghf hlj_ad_ g_ij_ ju\gZ \f_kl_ k g_kdhevdbfb k\hbfb ijhba\h^gufb Imklv bgl_jihebjm_fZy nmgdpby I [ aZ^ZgZ k\hbfb agZq_gbyfb \L \ ma eZo [L L Q H[hagZqbf êbgm qZklbqgh]h hlj_adZ > [L [L @ KL [L [L L Q ;m^_f bkdZlv dm[bq_kdbc kieZcg gZ dZ`^hf ba qZklbqguo hlj_adh\ > [L [L @ \ \b^_ 6 [ DL EL [ [L FL [ [L G L [ [L ©²ÃÄÎ , ·¼Èºº ]^_ DL EL FL GL ² q_l\_jdZ g_ba\_klguo dhwnnbpb_glh\ Fh`gh ^hdZaZlv qlh aZ^ZqZ gZoh`^_gby dm[bq_kdh]h kieZcgZ bf__l _^bgkl\_ggh_ j_r_gb_ Ihlj_[m_f kh\iZ^_gby agZq_gbc 6 [ \ maeZo k lZ[ebqgufb agZq_gbyfb nmgdpbb I [ 6 [L 6 [L \L DL DL EL KL FL KL G L KL \L Qbkeh wlbo mjZ\g_gbc Q \ ^\Z jZaZ f_gvr_ qbkeZ g_ba\_klguo dhwnnbpb_glh\ >ey lh]h qlh[u ihemqblv ^hihegbl_evgu_ mkeh\by ihlj_[m_f lZd`_ g_ij_ju\ghklb i_j\hc b \lhjhc ijhba\h^guo kieZcgZ \h \k_o lhqdZo \dexqZy maeu >ey wlh]h ke_^m_l ijbjZ\gylv e_\u_ b ijZ\u_ ijhba\h^gu_ 6 c [ 6 c [ 6 cc [ 6 cc [ \h \gmlj_gg_f mae_ [L <uqbkeb\ \ujZ`_gby êy ijhba\h^guo 6 c [ 6 cc [ ihke_^h\Zl_evguf ^bn n_j_gpbjh\Zgb_f 6c [ EL FL [ [L G L [ [L 6 cc [ FL G L [ [L gZc^_f ijZ\u_ b e_\u_ ijhba\h^gu_ \ mae_ 6 c [L EL FL KL GL KL 6 c [L EL ]^_ L Q :gZeh]bqgh ihklmiZ_f êy \lhjhc ijhba\h^ghc 6 cc [ 6 cc [ FL G LKL FL IjbjZ\gy\ e_\u_ b ijZ\u_ ijhba\h^gu_ ihemqZ_f EL ]^_ L Q EL FL KL GL KL FL GL KL FL ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» MjZ\g_gby ^Zxl _s_ Q mkeh\bc >ey ihemq_gby g_ ^hklZxsbo mjZ\g_gbc gZdeZû\Zxl lj_[h\Zgby d ih\_^_gbx kieZcgZ gZ dhgpZo hlj_adZ bgl_jiheypbb ?keb ihlj_[h\Zlv gme_\hc djb\bagu kieZcgZ gZ dhgpZo hlj_adZ bgl_jiheypbb l _ jZ\_gkl\h gmex \lhjhc ijhba\h^ghc lh ihemqbf F FQ G Q KQ Bkdexqb\ ba mjZ\g_gbc Q g_ba\_klguo DL ihemqZ_f kbkl_ fm mjZ\g_gbc EL KL FL KL G L KL \L \L ° °EL EL FL KL G L KL ° ®FL FL GL KL °F ° °FQ G Q KQ ¯ ]^_ L Q Kbkl_fZ khklhbl ba Q mjZ\g_gbc J_rb\ kbkl_fm ihemqZ_f agZq_gby g_ba\_klguo EL FL GL hij_^_eyxsbo kh\hdmighklv \k_o nhjfme êy bkdhfh]h bgl_jiheypbhggh]h kieZcgZ \L EL [ [L FL [ [L 6L [ G L [ [L ]^_ L Q Ijh]jZffZ j_ZebamxsZy f_lh^ kieZcgbgl_jiheypbb hdZau\Z_lky ^hklZ lhqgh ]jhfha^dhc ihwlhfm fu h]jZgbqbfky h[km`^_gb_f j_r_gby aZ^Zqb h[ bgl_jiheypbb kbgmkZ k ihfhsvx kieZcgh\ bkihevamy nmgdpbb iZd_lZ 0DWK FDG >hdmf_gl iZd_lZ kh^_j`Zsbc j_r_gb_ aZ^Zqb kieZcg bgl_jiheypbb khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ lZ[ebqguo agZq_gbc bgl_jihebjm_fhc nmgdpbb 0DWKFDG I [ VLQ [ 1 [L L b5 1 bL \ L I [L ©²ÃÄÎ , ·¼Èºº <uqbke_gb_ dhwnnbpb_glh\ kieZcgh\ ijb[eb`Zxsboky d ]jZgbqguf lhq dZf dZd ijyfZy ebgby iZjZ[heZ ihebghf lj_lv_c kl_i_gb khhl\_lkl\_ggh YV OVSOLQH [ \ YV SVSOLQH [ \ YV FVSOLQH [ \ AZ^Zgb_ ^bkdj_lghc k_ldb êy \uqbke_gby agZq_gbc kieZcgh\ 1S L 1S ; L 1S ; L b5 1S <uqbke_gb_ agZq_gbc kieZcgh\ \ maeZo k_ldb bL < L LQWHUS YV [ \ ; L < L LQWHUS YV [ \ ; L < L LQWHUS YV [ \ ; L <bamZebaZpby kieZcgh\ jbk Jbk <bamZebaZpby j_amevlZlh\ kieZcg bgl_jiheypbb Ihkljh_gb_ jZaghklb f_`^m kieZcgZfb jZaebqgh]h lbiZ \ maeZo dhhj^bgZlghc k_ldb jbk ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» Jbk <bamZebaZpby jZaghkl_c agZq_gbc kieZcgh\ jZagh]h lbiZ <uqbke_gb_ agZq_gbc i_j\uo ijhba\h^guo kieZcgh\ N 1S 'N [ <N <N [ 5 1S ' N < N < N [ 'N < N < N [ Ihkljh_gb_ ]jZnbdh\ i_j\uo ijhba\h^guo kieZcgh\ jbk <uqbke_gb_ agZq_gbc \lhjuo ijhba\h^guo kieZcgh\ P 1S 'G 2 ' 2 ' 2 'G 2 ' 2 ' 2 'G 2 '2 '2 [ [ [ Ihkljh_gb_ ]jZnbdh\ \lhjuo ijhba\h^guo kieZcgh\ jbk <uqbke_gb_ agZq_gbc lj_lvbo ijhba\h^guo kieZcgh\ P 1S 'GG2 '2 '2 'GG 2 ' 2 ' 2 'GG 2 '2 '2 [ [ [ Ihkljh_gb_ ]jZnbdh\ lj_lvbo ijhba\h^guo kieZcgh\ jbk ©²ÃÄÎ , ·¼Èºº Jbk I_j\Zy ijhba\h^gZy \uqbke_ggZy ih qbke_gguf agZq_gbyf ihemq_gguf kieZcg bgl_jiheypb_c Jbk <lhjZy ijhba\h^gZy \uqbke_ggZy ih qbke_gguf agZq_gbyf ihemq_gguf kieZcg bgl_jiheypb_c ·¼ÈºÑ ¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÆÅ¿¼Èº» Jbk Lj_lvy ijhba\h^gZy \uqbke_ggZy ih qbke_gguf agZq_gbyf ihemq_gguf kieZcg bgl_jiheypb_c DZd \b^gh ba jbk i_j\Zy b \lhjZy ijhba\h^gu_ kieZcgh\ y\ eyxlky g_ij_ju\gufb nmgdpbyfb lj_lvy b ijhba\h^gu_ [he__ \ukhdh]h ihjy^dZ jZaju\gufb nmgdpbyfb ·¼ÈºÑ ©ºÃ½·¿¿À·¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· ºº¿Ä·µÂºÂÀ´²¿º· ¡½²¿ X >bnn_j_gpbjh\Zgb_ nmgdpbc aZ^Zgguo ZgZeblbq_kdb X Hkh[_gghklb aZ^Zqb qbke_ggh]h ^bnn_j_gpbjh\Zgby nmgdpbc aZ^Zgguo lZ[ebqgh X Bgl_]jbjh\Zgb_ nmgdpbc aZ^Zgguo ZgZeblbq_kdb nhjfmeZ ijyfhm]hev gbdh\ nhjfmeZ ljZi_pbc nhjfmeZ KbfikhgZ X Ih]j_rghklv qbke_ggh]h bgl_]jbjh\Zgby X <uqbke_gb_ bgl_]jZeh\ f_lh^hf Fhgl_ DZjeh ºÆÆ·Â·¿ÈºÂÀ´²¿º·ÆÅ¿¼Èº» ¹²¶²¿¿ÍÇ²¿²½ºÄºÉ·Ã¼º Ih hij_^_e_gbx ijhba\h^gZy nmgdpbb I [ Ic [ I [ '[ I [ '[ o '[ I_j_oh^y \ hl [_kdhg_qgh fZeuo d dhg_qguf jZaghklyf ihemqZ_f ijb[eb`_ggmx nhjfmem qbke_ggh]h ^bnn_j_gpbjh\Zgby OLP Ic [ | I [ '[ I [ '[ NhjfmeZ iha\hey_l ihkljhblv ijhklhc \uqbkebl_evguc Ze]hjblf AZ^Zlv agZq_gb_ lhqdb \ dhlhjhc \uqbkey_lky ijhba\h^gZy AZ^Zlv agZq_gb_ ijbjZs_gby '[ <uqbkeblv ijhba\h^gmx \ khhl\_lkl\bb k nhjfmehc ·¼ÈºÑ ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· º º¿Ä·µÂºÂÀ´²¿º· AZf_gZ [_kdhg_qgh fZeuo ijbjZs_gbc dhg_qgufb y\ey_lky ijbqbghc \ha gbdgh\_gby hrb[db >ey hp_gdb __ \_ebqbgu jZaeh`bf nmgdpbx I [ \ lhqd_ [ '[ \ jy^ LwcehjZ I [ '[ Ih^klZ\b\ \ I [ Ic [ '[ Ic [ I Q '[ Q '[ Q b ijb\_^y ih^h[gu_ qe_gu ihemqbf Ic [ | Ic [ I cc [ '[ Ba \b^gh qlh \k_ qe_gu gZqbgZy kh \lhjh]h hij_^_eyxl hlebqb_ qbke_ggh]h agZq_gby ijhba\h^ghc hl __ lhqgh]h agZq_gby Hkgh\ghc qe_g ih]j_rghklb jZ\_g I c [ '[ l d ^Zgguc qe_g a '[ ]h\hjyl qlh nhjfmeZ bf__l i_j\uc ihjy^hd lhqghklb ih '[ Fh`gh \uqbkeylv ijhba\h^gmx bkihevamy kbff_ljbqgmx jZaghklgmx ko_fm Ic [ | I [ '[ I [ '[ '[ >ey hp_gdb lhqghklb ^Zgghc nhjfmeu g_h[oh^bfh m^_j`Zlv \ jZaeh`_gbb \ jy^ LwcehjZ i_j\u_ q_luj_ qe_gZ § '[ '[ '[ c ¨ c c c c I [ | I [ I [ I [ I [ '[ ¨ © § '[ '[ ¨ I [ I c [ '[ I c [ I cc [ '[ ¨ © ·¸¸ JZkdju\ \ kdh[db b ijb\_^y ih^h[gu_ ihemqZ_f I c [ | I c [ I cc [ '[ ¹ · ¸ ¸ ¹ Ba \b^gh qlh hkgh\ghc qe_g ih]j_rghklb jZ\_g I cc [ '[ l d bf__l \lhjhc ihjy^hd lhq ^Zgguc qe_g '[ ]h\hjyl qlh nhjfmeZ ghklb ih '[ a JZkkfhljbf j_r_gb_ aZ^Zqb h \uqbke_gbb qbke_ggh]h agZq_gby ijhba \h^guo \ iZd_l_ Khhl\_lkl\mxsbc ^hdmf_gl khklhbl ba ke_ ^mxsbo [ehdh\ 0DWKFDG ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ ^bnn_j_gpbjm_fhc nmgdpbb b __ ijhba\h^ghc I [ VLQ 1 ; PD[ L G G[ I [ S 1 ; PD[ ; PLQ '[ 1 ; L ; PLQ '[ L <uqbke_gb_ ijhba\h^ghc nmgdpbb \ khhl\_lkl\bb k M 1 G\ M AZ^Zgb_ ijhkljZgkl\_gghc k_ldb ; PLQ GI [ [ I [ M I [ M '[ Ihkljh_gb_ ]jZnbdZ ijhba\h^ghc nmgdpbb I [ VLQ [ Jbk =jZnbd ijhba\h^ghc nmgdpbb I [ VLQ [ <uqbke_gb_ ijhba\h^ghc nmgdpbb \ khhl\_lkl\bb k P 1 jbk P P b P Ihkljh_gb_ ]jZnbdZ fh^mey jZaghklb f_`^m lhqguf b qbke_gguf agZq_ gbyfb ijhba\h^ghc jbk Jbk JZaghklv f_`^m lhqgufb b qbke_ggufb agZq_gbyfb ijhba\h^guo nmgdpbb I [ VLQ [ :gZeh]bqguf h[jZahf ihklmiZxl ijb \uqbke_gbb ijhba\h^guo \ukrbo ih jy^dh\ ÃÀ³·¿¿ÀÃÄº¹²¶²Éº ÉºÃ½·¿¿ÀµÀ¶ºÆÆ·Â·¿ÈºÂÀ´²¿ºÑÆÅ¿¼Èº» ¹²¶²¿¿ÍÇÄ²³½ºÉ¿À Imklv ba\_klgu lZ[ebqgu_ agZq_gby nmgdpbb I [ \ dhg_qghf qbke_ lhq_d hlj_adZ > @ Lj_[m_lky hij_^_eblv agZq_gb_ ijhba\h^ghc \ g_dhlhjhc lhq d_ hlj_adZ > @ >ey \uqbke_gby agZq_gbc nmgdpbb aZ^Zgghc lZ[ebqgh \ e_dpbb fu kljhbeb bgl_jiheypbhgguc ihebghf )Q [ ijh^bnn_j_gpbjh\Z\ dhlhjuc fh`gh ihemqblv agZq_gb_ ijhba\h^ghc I [ | )Q [ IheZ]Zy qlh ih]j_rghklv bgl_jihebjh\Zgby hij_^_ey_lky nhjfmehc 5Q [ I [ )Q [ UQ [ I c [ )Qc [ gZoh^bf hp_gdm ih]j_rghklb \uqbke_gby ihebghfZ Hlf_lbf qlh aZ^ZqZ qbke_ggh]h ^bnn_j_gpbjh\Zgby \ ^Zgghf kemqZ_ y\ey _lky g_dhjj_dlghc l d ih]j_rghklv ijhba\h^ghc ihebghfZ fh`_l kms_kl \_ggh ij_\urZlv ih]j_rghklv bgl_jiheypbb ¿Ä·µÂºÂÀ´²¿º·ÆÅ¿¼Èº» ¹²¶²¿¿ÍÇ²¿²½ºÄºÉ·Ã¼º ÆÀÂ¾Å½² ÁÂÑ¾ÀÅµÀ½Î¿º¼À´ÆÀÂ¾Å½²ÄÂ²Á·Èº» ÆÀÂ¾Å½²£º¾ÁÃÀ¿² K ]_hf_ljbq_kdhc lhqdb aj_gby hij_^_e_gguc bgl_]jZe E ³ D _klv iehsZ^v nb]mju h]jZgbq_ggZy ]jZnbdhf nmgdpbb I [ b ijyfufb [ D [ E jbk \ I[ D E [ Jbk D h[tykg_gbx ]_hf_ljbq_kdh]h kfukeZ hij_^_e_ggh]h bgl_]jZeZ JZa^_ebf hlj_ahd > @ gZ 1 jZ\guo hlj_adh\ êbghc '[ ]^_ Lh]^Z dhhj^bgZlZ ijZ\h]h dhgpZ ]h hlj_adZ hij_^_ey_lky ih nhjfme_ [L [ L'[ ]^_ [ D Ijhkl_crZy hp_gdZ iehsZ^b ih^ djb\hc I [ fh`_l [ulv ihemq_gZ dZd kmffZ iehsZ^_c ijyfhm]hevgbdh\ h^gZ ba klhjhg dhlhjh]h kh\iZ^Z_l k hl j_adhf >[ [ @ Z \ukhlZ jZ\gZ agZq_gbx nmgdpbb \ lhqd_ [ f_lh^ e_\uo L L L ijyfhm]hevgbdh\ dh\ jbk beb \ lhqd_ [L f_lh^ ijZ\uo ijyfhm]hevgb jbk \ I [ E [ Jbk F_lh^ e_\uo ijyfhm]hevgbdh\ \ I [ D Jbk F_lh^ ijZ\uo ijyfhm]hevgbdh\ [ ©²ÃÄÎ , ·¼Èºº AgZq_gb_ hij_^_e_ggh]h bgl_]jZeZ \uqbkey_lky ih nhjfmeZf 1 ¦ ' / L L 1 ¦ ' 5 L L êy f_lh^h\ e_\uo b ijZ\uo ijyfhm]hevgbdh\ khhl\_lkl\_ggh Fh`gh ih\ukblv lhqghklv \uqbke_gby hij_^_e_ggh]h bgl_]jZeZ _keb aZ f_gylv j_Zevgmx nmgdpbx gZ dZ`^hf bgl_j\Ze_ > L L @ hlj_adhf ijyfhc [L I [L [L I [L ijhoh^ys_c q_j_a lhqdb ebg_cgZy bgl_jiheypby k dhhj^bgZlZfb < wlhf kemqZ_ nb]mjZ h]jZgbq_ggZy ]jZnbdhf nmgdpbb b ijyfufb [ [ [L [L y\ey_lky ljZi_pb_c Bkdhfuc hij_^_e_gguc bgl_]jZe hij_^_ey_lky dZd kmffZ iehsZ^_c \k_o ljZi_pbc 1 1 ¦ L L L º ª ' « ¦ » ' ¼ ¬ 1 1 L L ;he__ \ukhdZy lhqghklv \uqbke_gby bgl_]jZeh\ h[_ki_qb\Z_lky ijb bkihev ah\Zgbb iZjZ[hebq_kdhc bgl_jiheypbb ihebghfhf \lhjhc kl_i_gb ih lj_f khk_^gbf lhqdZf \ D[ E[ F >ey gZoh`^_gby dhwnnbpb_glh\ ihebghfZ ijhoh^ys_]h q_j_a lhqdb [ \ [ \ [ \ gm`gh gZclb j_r_gb_ ke_^mxs_c kbkl_fu ebg_c guo mjZ\g_gbc °° ® ° °̄ J_rb\ kbkl_fm hlghkbl_evgh g_ba\_klguo ex[uf ba\_klguf f_lh^hf gZijbf_j DjZf_jZ ih^klZ\b\ gZc^_ggu_ \ujZ`_gby \ b \uihegb\ we_f_glZjgu_ ij_h[jZah\Zgby ihemqZ_f ·¼ÈºÑ ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· º º¿Ä·µÂºÂÀ´²¿º· IehsZ^v ih^ iZjZ[hehc \ \ [ gZ bgl_j\Ze_ > @ gZoh^blky ihkj_^kl \hf we_f_glZjgh]h bgl_]jbjh\Zgby ' '[ [ [ [ [ )1 ª I [ I [ I [ I [ ¬ I [1 I [1 I [1 º¼ '[ H[jZlbl_ \gbfZgb_ gZ lh h[klhyl_evkl\h qlh \ nhjfme_ KbfikhgZ 1 ^he` gh [ulv q_lguf qbkehf S JZkkfhljbf j_r_gb_ aZ^Zqb h \uqbke_gbb bgl_]jZeZ ³ [ G[ \ iZd_l_ Khhl\_lkl\mxsbc ^hdmf_gl khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ ihûgl_]jZevghc nmgdpbb I [ [ AZ^Zgb_ ijhkljZgkl\_gghc k_ldb ; PLQ ; 5 1 L 1 '[ ; ; 1 ; L ; PLQ '[ L <uqbke_gb_ agZq_gbc nmgdpbb \ maeZo ijhkljZgkl\_gghc k_ldb <L I [L <uqbke_gb_ agZq_gby bgl_]jZeZ ih nhjfme_ e_\uo b ijZ\uo ijyfh m]hevgbdh\ § 1 · ©L ¹ )5 ¨ ¦ <L ¸ '[ § 1 · ©L ¹ )/ ¨ ¦ <L ¸ '[ ©²ÃÄÎ , ·¼Èºº )5 )/ )5 u )/ u <uqbke_gb_ agZq_gby bgl_]jZeZ ih nhjfme_ ljZi_pbc § )1 ¨ © I 1 [ ¦ <L L )1 I · [ 1 ¸ '[ ¹ )1 u <uqbke_gb_ agZq_gby bgl_]jZeZ f_lh^hf KbfikhgZ 1 § § § )6 ¨¨ < ¦ ¨ ¨ L §¨ L © © L· ¸ ©¹ © · · ¹ ¹ · '[ ¸ <L ¸ <1 ¸ ¸ ¹ )6 )6 u ¡ÀµÂ·Ê¿ÀÃÄÎ ÉºÃ½·¿¿ÀµÀº¿Ä·µÂºÂÀ´²¿ºÑ >ey gZoh`^_gby aZ\bkbfhkl_c ih]j_rghklb \uqbke_gby hij_^_e_ggh]h bg l_]jZeZ gZ hlj_ad_ > D E@ hl qbkeZ hlj_adh\ jZa[b_gby bgl_j\ZeZ bgl_]jbjh \Zgby jZaeh`bf ihûgl_]jZevgmx nmgdpbx \ jy^ L_cehjZ I [L I c [L [ [L I cc [L [ [L I [ Lh]^Z bgl_]jZe hl ^Zgghc nmgdpbb gZ hlj_ad_ > [L [L @ [m^_l jZ\_g [ ³ I [ G[ I [L '[ I c [L L [ '[ L I cc [L '[ Hp_gbf ih]j_rghklv f_lh^Z e_\uo ijyfhm]hevgbdh\ Ih]j_rghklv bgl_]jb jh\Zgby ' L gZ hlj_ad_ >[L [L @ jZ\gy_lky jZaghklb f_`^m lhqguf agZq_gb_f bgl_]jZeZ b _]h hp_gdhc I [L '[ 'L ª [L « I «¬ [L ³ º [ G[ » I [L '[ | I c [L »¼ '[ Ba \b^gh qlh hkgh\ghc qe_g ih]j_rghklb gZ dZ`^hf hlj_ad_ bf__l ihjy^hd '[ beb \ kbf\hebq_kdhc aZibkb 2 '[ Ihkdhevdm ihegh_ ·¼ÈºÑ ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· º º¿Ä·µÂºÂÀ´²¿º· qbkeh hlj_adh\ jZ\gh 1 Z '[ E D 1 lh ihegZy ih]j_rghklv f_lh^Z e_\uo ijyfhm]hevgbdh\ ih ihjy^dm \_ebqbgu jZ\gZ 1'L | 1 '[ | 2 1 :gZeh]bqgh fh`gh ihdZaZlv qlh ih]j_rghklv f_lh^Z ijZ\uo ijyfhm]hevgb dh\ lZd`_ ijhihjpbhgZevgZ 1 Ih]j_rghklv nhjfmeu ljZi_pbc hp_gb\Z_lky ZgZeh]bqguf h[jZahf LZd dZd agZq_gb_ bgl_]jZeZ gZ hlj_ad_ > [L [L @ \uqbkey_lky ih nhjfme_ > I [L I [L @'[ lh ih]j_rghklv jZ\gZ 'L ª [L « I « [L ¬ º ³ [ G[» > I [L I [L @'[ » ¼ AZf_gb\ \ i_j\uc qe_g \ujZ`_gb_f agZq_gb_ nmgdpbb \ lhqd_ [L jZaeh`_gb_f \ jy^ LwcehjZ I [L I [L I c [L '[ I cc [L '[ I [ '[ |2 '[ |2 2 1 1 > D E@ LZd dZd nhjfmeZ KbfikhgZ hkgh\u\Z_lky gZ ijb[eb`_gbb nmgdpbb I [ iZjZ [hehc fh`gh h`b^Zlv qlh \ ^Zgghf kemqZ_ ih]j_rghklv ih ihjy^dm \_ebqbgu [m^_l hij_^_eylvky qe_gZfb ijhihjpbhgZevgufb lj_lv_c ijhba\h^ghc nmgd pbb H^gZdh ihke_^h\Zl_evgh_ ih\lhj_gb_ ^_ckl\bc \uiheg_gguo ijb hp_gd_ ih]j_rghklb f_lh^Z ljZi_pbc ihdZau\Z_l qlh wlb qe_gu khdjZsZxlky \ kbem bo kbff_ljbqghklb ihwlhfm \ jZaeh`_gbb \ jy^ L_cehjZ ke_^m_l m^_j`Zlv qe_g ijhihjpbhgZevguc I cccc [ '[ Ke_^h\Zl_evgh ih]j_rghklv nhjfmeu KbfikhgZ gZ hlj_ad_ > [L [L @ ijhihjpbhgZevgZ I cccc [L '[ Z ihegZy ih ]j_rghklv gZ hlj_ad_ > D E@ ih ihjy^dm \_ebqbgu khklZ\ey_l 2 1 Ihe_agh ihemqblv hp_gdm ih]j_rghklb \uqbke_gby bgl_]jZeZ hl nmgdpbb aZ\bkys_c hl ^\mo i_j_f_gguo dhlhjuc k ]_hf_ljbq_kdhc lhqdb aj_gby ©²ÃÄÎ , ·¼Èºº ij_^klZ\ey_l kh[hc h[t_f nb]mju ih^ ih\_joghklvx aZ^Zgghc nmgdpb_c I [ \ < ijyfhm]hevghf ijb[eb`_gbb ^Zgguc bgl_]jZe jZ\_g kmff_ h[t _fh\ iZjZee_e_ibi_^h\ k iehsZ^vx hkgh\Zgby '['\ b \ukhlhc jZ\ghc agZq_gbx nmgdpbb I [ \ \ h^ghf ba m]eh\ >ey hij_^_e_gby ih]j_rghklb jZaeh`bf nmgdpbx I [ \ \ jy^ L_cehjZ I [ \ I [L \L I [c [L \L [ [L I \c [L \L \ \L ]^_ I [c I \c qZklgu_ ijhba\h^gu_ ih khhl\_lkl\mxsbf i_j_f_gguf Ih]j_rghklv \uqbke_gby bgl_]jZeZ ' L jZ\gZ 'L ³³ I [ \ G[G\ I [L \L '['\ Ih^klZ\b\ \ \uihegb\ bgl_]jbjh\Zgb_ b ijb\_^y ih^h[gu_ ihemqZ_f qlh qe_g ijhihjpbhgZevguc I [L \L khdjZsZ_lky Z bgl_]jZe hl [ [L G[ ^Z_l '[ Bgl_]jZe hl ^Zggh]h \ujZ`_gby ih G\ ^Z_l _s_ h^bg fgh`bl_ev '\ :gZeh]bqguc \deZ^ ^Z_l bgl_]jZe hl qe_gZ ijhihjpbh gZevgh]h \ \L LZd dZd ihjy^hd ih]j_rghklb '\ lZd`_ khklZ\ey_l 2 '[ lh ih]j_rghklv bgl_]jbjh\Zgby ih ijyfhm]hevgbdm [L d [ d [L \L d \ d \L jZ\gZ 'L | ª I [c [L \L I \c [L \L º '[ ¬ ¼ Ba \b^gh qlh ih]j_rghklv bgl_]jbjh\Zgby ih h^ghfm iZjZee_e_ibi_^m khklZ\ey_l 2 '[ LZd dZd bf__lky 1 iZjZee_e_ibi_^h\ ihegZy ih]j_r ghklv ih ihjy^dm \_ebqbgu jZ\gZ 1 '[ H^gZdh \ ^\mf_jghf kemqZ_ 1! ihwlhfm ihegZy ih]j_rghklv ' L a '[ a 2 1 GZihfgbf qlh \ '[ h^ghf_jghf kemqZ_ ihegZy ih]j_rghklv f_lh^Z ijyfhm]hevgbdh\ ' L a 2 1 :gZeh]bqgu_ hp_gdb êy ^\mf_jguo h[h[s_gbc nhjfme ljZi_pbc b Kbfi khgZ ihdZau\Zxl qlh hgb khhl\_lkl\_ggh jZ\gu 2 1 b 2 1 <hh[s_ fh`gh ihdZaZlv qlh _keb êy h^ghf_jgh]h kemqZy ih]j_rghklv khklZ\ey_l 2 1 D lh \ G f_jghf kemqZ_ hgZ jZ\gZ 2 1 D G ·¼ÈºÑ ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· º º¿Ä·µÂºÂÀ´²¿º· ÍÉºÃ½·¿º·º¿Ä·µÂ²½À´ ¾·ÄÀ¶À¾À¿Ä·²Â½À Ijhbeexkljbjm_f b^_b f_lh^Z Fhgl_ DZjeh gZ ijbf_j_ \uqbke_gby hij_^_ e_ggh]h bgl_]jZeZ hl nmgdpbb aZ\bkys_c hl h^ghc i_j_f_gghc Imklv gZf g_h[oh^bfh \uqbkeblv bgl_]jZe hl g_dhlhjhc aZ^Zgghc nmgdpbb I [ gZ bgl_j\Ze_ > @ < ij_û^ms_f jZa^_e_ fu jZkkfhlj_eb g_kdhevdh jZa ebqguo nhjfme bgl_]jbjh\Zgby \ dhlhjuo bkihevah\Zebkv agZq_gby nmgdpbb I [ \uqbkey_fu_ \ jZ\ghhlklhysbo lhqdZo H^gZdh fh`gh bkihevah\Zlv b ^jm]hc ihôh^ kmlv dhlhjh]h e_]dh ihgylv ba ke_^mxs_]h ijbf_jZ Ij_^klZ\bf k_[_ ijyfhm]hevgbd \ukhlhc b êbghc E D lZdhc qlh nmgdpby I [ p_ebdhf e_`bl \gmljb ^Zggh]h ijyfhm]hevgbdZ jbk K]_g_jbjm_f 1 iZj kemqZcguo qbk_e jZ\ghf_jgh jZkij_^_e_gguo \ ^Zgghf ijyfhm]hevgbd_ D @ [L @ E @ \L @ + Lh]^Z ^hey lhq_d m^h\e_l\hjyxsbo mkeh\bx \ @ I [ y\ey_lky hp_gdhc hlghr_gby bgl_]jZeZ hl nmgdpbb I [ d iehsZ^b jZkkfZljb\Z_fh]h ijyfhm]hevgbdZ Ke_^h\Zl_evgh hp_gdZ bgl_]jZeZ \ ^Zgghf f_lh^_ fh`_l [ulv ihemq_gZ ih nhjfme_ L L L 1 L V ]^_ Q ² qbkeh lhq_d m^h\e_l\hjyxsbo mkeh\bx \ @ I [ 1 ² ihegh_ dhebq_kl\h lhq_d ² iehsZ^v ijyfhm]hevgbdZ V L L \ G I [ F D E Jbk D h[tykg_gbx f_lh^Z Fhgl_DZjeh [ ©²ÃÄÎ , ·¼Èºº Fh`gh ij_êh`blv b ^jm]hc imlv \uqbke_gby hij_^_e_ggh]h bgl_]jZeZ jZk kfZljb\Zy _]h dZd kj_^g__ agZq_gb_ nmgdpbb I [ gZ hlj_ad_ > @ 1 1 ¦ L L ]^_ [ ² ihke_^h\Zl_evghklv kemqZcguo qbk_e k jZ\ghf_jguf aZdhghf jZk ij_^_e_gby gZ hlj_ad_ > @ Hlf_lbf qlh \ hlebqb_ hl ^Zgguo f_lh^h\ ih]j_rghklv f_lh^Z Fhgl_ DZjeh g_ aZ\bkbl hl jZaf_jghklb b f_gy_lky dZd 2 Q Ke_^h\Zl_evgh êy ^hklZlhqgh [hevrbo G bgl_]jbjh\Zgb_ ih f_lh^m Fhgl_DZjeh [m^_l ijb \h^blv d f_gvrbf ih]j_rghklyf ijb l_o `_ agZq_gbyo 1 L 5 JZkkfhljbf j_r_gb_ aZ^Zqb h \uqbke_gbb bgl_]jZeZ ³ VLQ \ iZd_l_ Khhl\_lkl\mxsbc ^hdmf_gl khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ ihûgl_]jZevghc nmgdpbb 0DWKFDG VLQ AZ^Zgb_ dhhj^bgZl \_jrbg ijyfhm]hevgbdZ S ; PLQ PD[ < PLQ < PD[ AZ^Zgb_ qbkeZ lhq_d kemqZcghc ihke_^h\Zl_evghklb 1 ËÓË¯ÈÒ« ¹º°ãËºmÈËãÓº°Ë® °ãÈ®Ó©² Ò°Ëã ° ¯ÈmÓºäË¯Ó©ä ÏÈ}º Óºä ¯È°¹¯ËËãËÓÒ« ÓÈ ÒÓË¯mÈãÈ² > PLQ PD[ @ > PLQ PD[ @ UXQLW UXQLW PLQ PD[ PLQ PD[ AZ^Zgb_ dhhj^bgZlghc k_ldb êy ihkljh_gby ]jZnbdZ ihûgl_]jZevghc nmgdpbb L 1 L PLQ PD[ PLQ ·¼ÈºÑ ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· º º¿Ä·µÂºÂÀ´²¿º· <bamZebaZpby kemqZcguo qbk_e k jZ\ghf_jguf aZdhghf jZkij_^_e_gby ih dZ`^hc dhhj^bgZl_ jbk \ G I [ F D E Jbk <bamZebaZpby j_ZebaZpbb kemqZcguo qbk_e bkihevah\Zgghc êy \uqbke_gby bgl_]jZeZ Ih^kq_l qbkeZ lhq_d ihiZ\rbo ih^ ]jZnbd nmgdpbb 1 Q6 ¦ LI I [L J \L L <uqbke_gb_ iehsZ^b ijyfhm]hevgbdZ $ ; PD[ ; PLQ b < PD[ < PLQ <uqbke_gb_ agZq_gby bgl_]jZeZ Q $b V 1 Q $ b V 1 <uqbke_gb_ bgl_]jZeZ \ khhl\_lkl\bb k ; PD[ ; PLQ b 1 b ¦ I [L 1 L ; PD[ ; PLQ b 1 b ¦ I [L 1 L K [ ·¼ÈºÑ ·ÄÀ¶ÍÀ³Â²³ÀÄ¼º Ï¼ÃÁ·Âº¾·¿Ä²½Î¿ÍÇ¶²¿¿ÍÇ IeZg X F_lh^ gZbf_gvrbo d\Z^jZlh\ X GZoh`^_gb_ ijb[eb`Zxs_c nmgdpbb \ \b^_ ebg_cghc nmgdpbb b d\Z^ jZlbqgh]h lj_oqe_gZ X GZoh`^_gb_ ijb[eb`Zxs_c nmgdpbb \ \b^_ ^jm]bo we_f_glZjguo nmgd pbc X :iijhdkbfZpby ebg_cghc dhf[bgZpb_c nmgdpbc X :iijhdkbfZpby nmgdpb_c ijhba\hevgh]h \b^Z ·ÄÀ¶¿²º¾·¿ÎÊºÇ¼´²¶Â²ÄÀ´ Imklv \ j_amevlZl_ baf_j_gbc \ ijhp_kk_ hiulZ ihemq_gZ lZ[ebpZ g_dhlhjhc aZ\bkbfhklb I [ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy gZoh`^_gby Ziijhdkbfbjmxs_c nmgdpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ [ I [ [ [ \ \ « « [3 \3 Lj_[m_lky gZclb nhjfmem \ujZ`Zxsmx ^Zggmx aZ\bkbfhklv ZgZeblbq_kdb H^bg ba ihôh^h\ d j_r_gbx ^Zgghc aZ^Zqb khklhbl \ ihkljh_gbb bgl_jihey pbhggh]h fgh]hqe_gZ agZq_gby dhlhjh]h [m^ml \ lhqdZo [ [ [3 kh\iZ^Zlv ·¼ÈºÑ ·ÄÀ¶Í À³Â²³ÀÄ¼º Ï¼ÃÁ·Âº¾·¿Ä²½Î¿ÍÇ ¶²¿¿ÍÇ k khhl\_lkl\mxsbfb agZq_gbyfb I [ ba lZ[e H^gZdh kh\iZ^_gb_ agZ q_gbc \ maeZo fh`_l \h\k_ g_ hagZqZlv kh\iZ^_gby oZjZdl_jh\ bkoh^ghc b bgl_jihebjmxs_c nmgdpbc Lj_[h\Zgb_ g_mdhkgbl_evgh]h kh\iZ^_gby agZ ba\_klgu k q_gbc l_f [he__ g_ hijZ\^Zggh dh]^Z agZq_gby nmgdpbc g_dhlhjhc ih]j_rghklvx jbk I [ Jbk D beexkljZpbb ihklZgh\db f_lh^Z gZbf_gvrbo d\Z^jZlh\ IhklZ\bf aZ^Zqm lZd qlh[u k kZfh]h gZqZeZ h[yaZl_evgh mqblu\Zeky oZjZd l_j bkoh^ghc nmgdpbb gZclb nmgdpbx aZ^Zggh]h \b^Z \ ) [ }ºº¯È« m º}È² [ [ [3 ¹¯ÒÓÒäÈË ÏÓÈËÓÒ« }È} äºÎÓº ºãËË ãÒÏ }ÒË } ÈãÒÓ©ä ÏÓÈËÓÒ«ä \ \ \3 Ke_^m_l hlf_lblv qlh kljh]Zy nmgdpbhgZevgZy aZ\bkbfhklv êy lZ[e gZ[ex^Z_lky j_^dh l d dZ`^Zy ba \oh^ysbo \ g__ \_ebqbg fh`_l aZ\bk_lv hl fgh]bo kemqZcguo nZdlhjh\ ihwlhfm h[uqgh bkihevamxl ijhklu_ ih \b^m ZgZeblbq_kdb_ nmgdpbb JZkkfhljbf h^bg ba gZb[he__ jZkijhkljZg_gguo kihkh[h\ gZoh`^_gby nmgdpbb ) [ Ij_îheh`bf qlh ijb[eb`ZxsZy nmgdpby ) [ \ lhqdZo [ [ [3 bf__l agZq_gby \ \ \ 3 Lj_[h\Zgb_ [ebahklb lZ[ebqguo agZq_gbc \ \ \3 b agZq_gbc fh`gh bklhedh\Zlv ke_^mxsbf h[jZahf ;m^_f jZkkfZljb\Zlv kh\hdmighklv b kh\hdmighklv agZq_gbc dZd dh agZq_gbc nmgdpbb I [ ba lZ[e hj^bgZlu ^\mo lhq_d Q f_jgh]h ijhkljZgkl\Z K mq_lhf wlh]h aZ^ZqZ ijb[eb `_gby nmgdpbb fh`_l [ulv i_j_nhjfmebjh\ZgZ ke_^mxsbf h[jZahf gZclb lZdmx nmgdpbx ) [ aZ^Zggh]h \b^Z qlh[u jZkklhygb_ f_`^m lhqdZfb b 3 [ueh gZbf_gvrbf <hkihevah\Z\rbkv 3 f_ljbdhc ?\deb^h\Z ijhkljZgkl\Z ijboh^bf d lj_[h\Zgbx qlh[u \_ebqbgZ 0 \ \ \ 0 \ \ \ ©²ÃÄÎ , ·¼Èºº \ \ \ \ \ \ \ \ 3 3 \ \ \ \ 3 3 [ueZ gZbf_gvr_c LZ[ebpZ We_f_glZjgu_ nmgdpbb bkihevam_fu_ \ f_lh^_ gZbf_gvrbo d\Z^jZlh\ <b^ Ziijhdkbfbjmxs_c nmgdpbb <b^ Ziijhdkbfbjmxs_c nmgdpbb \ D[ E \ \ D[ \ D OQ [ E \ D[ P \ D \ DH P[ \ E[ F D[ E [ E [ D[ E HdhgqZl_evgh aZ^ZqZ ijb[eb`_gby nmgdpbb I [ l_i_jv nhjfmebjm_lky ke_^mxsbf h[jZahf êy nmgdpbb I [ aZ^Zgghc lZ[e gZclb nmgd pbx ) [ hij_^_e_ggh]h \b^Z lZd qlh[u kmffZ d\Z^jZlh\ [ueZ gZb f_gvr_c WlZ aZ^ZqZ gZau\Z_lky ijb[eb`_gb_f nmgdpbb f_lh^hf gZbf_gv rbo d\Z^jZlh\ < dZq_kl\_ ijb[eb`Zxsbo nmgdpbc \ aZ\bkbfhklb hl oZjZdl_jZ lhq_qgh]h ]jZnbdZ nmgdpbb I [ qZklh bkihevamxl nmgdpbb ij_^klZ\e_ggu_ \ lZ[e a^_kv D P E ² g_ba\_klgu_ iZjZf_lju Dh]^Z \b^ ijb[eb`Zxs_c nmgdpbb mklZgh\e_g aZ^ZqZ k\h^blky d hlukdZgbx agZq_gbc iZjZf_ljh\ JZkkfhljbf f_lh^ gZoh`^_gby iZjZf_ljh\ ijb[eb`Zxs_c nmgdpbb \ h[s_f \b^_ gZ ijbf_j_ ijb[eb`Zxs_c nmgdpbb aZ\bkys_c hl lj_o iZjZf_ljh\ \ ) [ D E F Bf__f ) [L D E F \L ·¼ÈºÑ ·ÄÀ¶Í À³Â²³ÀÄ¼º Ï¼ÃÁ·Âº¾·¿Ä²½Î¿ÍÇ ¶²¿¿ÍÇ KmffZ d\Z^jZlh\ jZaghkl_c khhl\_lkl\mxsbo agZq_gbc nmgdpbc ) [ bf__l \b^ Q ¦ \L ) [L D E F L ) D E F I [ b KmffZ y\ey_lky nmgdpb_c ) D E F lj_o i_j_f_gguo Bkihevamy g_h[oh^b fh_ mkeh\b_ wdklj_fmfZ w) wD ihemqZ_f kbkl_fm mjZ\g_gbc w) wE w) wF Q °¦ ª¬ \L ) [L D E F º¼ )Dc [L D E F °L °° Q ® ¦ ª¬ \L ) [L D E F º¼ )Ec [L D E F °L °Q ° ¦ ª¬ \L ) [L D E F º¼ )Fc [L D E F °̄ L J_rb\ kbkl_fm hlghkbl_evgh iZjZf_ljh\ D E F ihemqZ_f dhgdj_l guc \b^ nmgdpbb ) [ D E F Baf_g_gb_ dhebq_kl\Z iZjZf_ljh\ g_ ijb\_ ^_l d baf_g_gbx kmlb kZfh]h ihôh^Z Z \ujZablky \ baf_g_gbb dhebq_kl\Z mjZ\g_gbc \ kbkl_f_ AgZq_gby jZaghkl_c \L ) [L D E F HL gZau\Zxl hldehg_gbyfb baf_j_gguo agZq_gbc hl \uqbke_gguo ih nhjfm e_ KmffZ d\Z^jZlh\ hldehg_gbc Q V ¦ HL L \ khhl\_lkl\bb k ijbgpbihf gZbf_gvrbo d\Z^jZlh\ êy aZ^Zggh]h \b^Z ijb [eb`Zxs_c nmgdpbb ^he`gZ [ulv gZbf_gvr_c Ba ^\mo jZaguo ijb[eb`_gbc h^ghc b lhc `_ lZ[ebqghc nmgdpbb emqrbf kqblZ_lky lh êy dhlhjh]h bf__l gZbf_gvr__ agZq_gb_ ©²ÃÄÎ , ·¼Èºº ²ÇÀ¸¶·¿º· ÁÂº³½º¸²ÐË·»ÆÅ¿¼Èºº ´´º¶·½º¿·»¿À»ÆÅ¿¼Èºº º¼´²¶Â²ÄºÉ¿ÀµÀÄÂ·ÇÉ½·¿² Bs_f ijb[eb`Zxsmx nmgdpbx \ \b^_ ) [ D E D[ E GZoh^bf qZklgu_ ijhba\h^gu_ w) wD KhklZ\ey_f kbkl_fm \b^Z [ w) wE °¦ \L D[L E [L ® °̄¦ \L D[L E a^_kv b ^Ze__ kmffZ \_^_lky ih i_j_f_gghc L >Ze__ bf__f °¦ [L \L D ¦ [L E ¦ [L ® °̄¦ \L D ¦ [L EQ Q JZa^_eb\ dZ`^h_ mjZ\g_gb_ gZ Q ihemqZ_f § § · · °¨ Q ¦ [L ¸ D ¨ Q ¦ [L ¸ E Q ¦ [L \L °© ¹ © ¹ ® °§ ¦ [ · D E ¦ \ L ¸ L °¯¨© Q Q ¹ <\_^_f h[hagZq_gby °° Q ¦ [L 0 [ Q ¦ \L 0 \ ® ° ¦ [L \L 0 [\ ¦ [L 0 [ °̄ Q Q Lh]^Z ihke_^gyy kbkl_fZ [m^_l bf_lv \b^ ° 0 [ D 0 [ E 0 [\ ® °̄ 0 [ D E 0 \ ·¼ÈºÑ ·ÄÀ¶Í À³Â²³ÀÄ¼º Ï¼ÃÁ·Âº¾·¿Ä²½Î¿ÍÇ ¶²¿¿ÍÇ beb \ fZljbqghc nhjf_ Hldm^Z §0 · ¸¸¨¨ ¸¸ ¨¨ [\ ¸¸ ¹© E ¹ © 0 \ ¹ § 0 [ ¨¨ © 0[ §D· ¨¨ ¸¸ ©E¹ 0 [ ·§ D · § 0 [ ¨¨ © 0[ §0 · ¸¸ ¨¨ [\ ¸¸ ¹ © 0\ ¹ 0[ · <uqbkeb\ agZq_gby iZjZf_ljh\ D E \ khhl\_lkl\bb k ihemqZ_f dhg dj_lgu_ agZq_gby b ke_^h\Zl_evgh dhgdj_lguc \b^ ebg_cghc nmgdpbb < kemqZ_ gZoh`^_gby ijb[eb`Zxs_c nmgdpbb \ nhjf_ d\Z^jZlgh]h lj_oqe_ gZ bf__f ) [ D E F D[ E[ F GZoh^bf qZklgu_ ijhba\h^gu_ w) wD [ w) wE E w) wF KhklZ\ey_f kbkl_fm \b^Z ¦ \L D[L E[L F [L ° >Ze__ bf__f ° ®¦ \L D[L E[L F [L ° °¦ \L D[L E[L F ¯ ¦ \L [L D ¦ [L E¦ [L F ¦ [L °° ®¦ \L [L D ¦ [L E¦ [L F ¦ [L ° °̄¦ \L D ¦ [L E¦ [L FQ JZa^_eb\ dZ`^h_ mjZ\g_gb_ gZ Q b i_j_g_ky qe_gu g_ kh^_j`Zsb_ g_ba\_kl gu_ iZjZf_lju \ ijZ\mx qZklv ihemqZ_f § § § · · · °¨ Q ¦ [L ¸ D ¨ Q ¦ [L ¸ E ¨ Q ¦ [L ¸ F Q ¦ \L [L © ¹ © ¹ © ¹ ° °§ § § · · · ¦ \L [L ®¨ ¦ [L ¸ D ¨ ¦ [L ¸ E ¨ ¦ [L ¸ F ¹ ©Q ¹ ©Q ¹ Q °© Q °§ · § · °¨ ¦ [L ¸ D ¨ ¦ [L ¸ E F ¦ \L Q °¯© Q ¹ ©Q ¹ ©²ÃÄÎ , ·¼Èºº J_rb\ kbkl_fm hlghkbl_evgh g_ba\_klguo D E F gZoh^bf agZq_gby iZjZf_ljh\ ijb[eb`Zxs_c nmgdpbb >hdmf_gl iZd_lZ 0DWKFDG kh^_j`Zsbc j_r_gb_ aZ^Zqb h gZoh`^_gbb ebg_cgh]h b d\Z^jZlbqgh]h lj_oqe_gh\ khklhbl ba ke_^mxsbo [ehdh\ AZ^Zgb_ bkoh^guo ^Zgguo 1 L 1 ; PLQ ; PD[ ; PD[ ; PLQ [ ; PLQ L 1 L \ b [ L L \ \ UQG L L <bamZebaZpby bkoh^guo ^Zgguo jbk Jbk =jZnbd aZ\bkbfhklb \ [ b bkoh^gu_ agZq_gby bkihevam_fu êy j_r_gby aZ^Zqb ZiijhdkbfZpbb AZ^Zgb_ fZljbpu b klhe[pZ k\h[h^guo qe_gh\ kbkl_fu ebg_cguo mjZ\g_ gbc ¦ [ ¦ [ ¦ [ \ 1 1 1 $ G ¦ [ ¦ \ 1 ª « L L 1 « ¬ L « « 1 1 L L º L» ¨ » ¨ » ¨ » ¨ ¨ © ¼ 1 § · L L ¸ L ¸ ¸ 1 1 L L ¸ ¸ ¹ J_r_gb_ kbkl_fu ebg_cguo mjZ\g_gbc D D $ G E E <uqbke_gb_ kmffu d\Z^jZlh\ hldehg_gbc baf_j_gguo agZq_gbc hl \u qbke_gguo § · ¨ ¸ © ¹ ¦ \ 1 L ª ¬ L § · § · ¨ ¸ ¨ ¸ © ¹ D [ E º¼ © ¹ L GZoh`^_gb_ dhwnnbpb_glh\ ebg_cghc nmgdpbb \kljh_ggufb nmgdpbyfb iZd_lZ 0DWKFDG VORSH [ \ LQWHUFHSW [ \ AZ^Zgb_ fZljbpu b klhe[pZ k\h[h^guo qe_gh\ kbkl_fu ebg_cguo mjZ\g_ gbc ¦ [ ¦ [ ¦ [ ¦ [ \ 1 ª « 1 1 L 1 L 1 L L ¦ [ ¦ [ $ 1 1 ¦ [ ¦ [ « 1 « « L « 1 « ¬ 1 1 L ¦[ » ¨ L L 1 L ¨ 1 L § » 1 L L 1 1 L « « º L L L » » » G ¨ ¨ ¨ » ¨ » ¨ ¨ © » ¼ 1 1 · L L ¦ [ \ 1 1 L L ¨ ¸ ¨ ¨ © ¸ ¸ ¹ ¦ \ 1 L ª « ¬ · § ¨ ¸ ¨ ¸ ¨ ¨ © ¸ ¸ ¹ ¨ ¸ § · L u ¨ D [ E [ F º» º» « ª ¬ L L ¸ © ¼¼ · ¹ L ¦ \ 1 1 L J_r_gb_ kbkl_fu ebg_cguo mjZ\g_gbc D D E E $ G F F <uqbke_gb_ hldehg_gbc baf_j_gguo agZq_gbc hl \uqbke_gguo § L ¸ L ¸ ¸ ¸ ¸ ¸ ¸ ¸ ¹ GZoh`^_gb_ dhwnnbpb_glh\ d\Z^jZlbqghc nmgdpbb \kljh_ggufb nmgd pbyfb iZd_lZ 0DWKFDG YV YV UHJUHVV [ \ § · ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¨ ¸ ¸ ¨ ¨ ¨ © ¸ u ¸ ¸ ¹ ºäËÒä º ¹ºäÒäº ÏÓÈËÓÒ® ¹ºãÒÓºäÈ ÁÓ}Ò« mºÏm¯È ÈË ÏÓÈËÓÒ« ¹Ë¯ËäËÓÓ©² ÓËº²ºÒä©² ÁÓ}ÒÒ ã« m© Ò°ãËÓÒ« ÏÓÈËÓÒ« È¹¹¯º}°ÒäÒ¯ Ë® ÁÓ}ÒÒ Ihkljh_gb_ ]jZnbdZ Ziijhdkbfbjmxs_c nmgdpbb jbk Jbk =jZnbd Ziijhdkbfbjmxs_c nmgdpbb \b^Z \ [ D[ E[ F dhwnnbpb_glu dhlhjhc gZc^_gu nmgdpb_c ²ÇÀ¸¶·¿º· ÁÂº³½º¸²ÐË·»ÆÅ¿¼Èºº ´´º¶·Ï½·¾·¿Ä²Â¿ÍÇÆÅ¿¼Èº» IhdZ`_f qlh aZ^ZqZ gZoh`^_gby ijb[eb`Zxs_c nmgdpbb aZ\bkys_c hl ^\mo iZjZf_ljh\ fh`_l [ulv k\_^_gZ d gZoh`^_gbx iZjZf_ljh\ ebg_cghc nmgdpbb £Ä·Á·¿¿²ÑÆÅ¿¼ÈºÑ µ·À¾·ÄÂºÉ·Ã¼²ÑÂ·µÂ·ÃÃºÑ JZkkfhljbf kl_i_ggmx nmgdpbx dhlhjZy \ gZb[he__ h[s_f \b^_ aZ^Z_lky ke_^mxsbf \ujZ`_gb_f ) [ D P D[P Ij_îheZ]Zy qlh \ lZ[e \k_ agZq_gby Zj]mf_glZ b agZq_gby nmgdpbb iheh`bl_evgu ijheh]Zjbnfbjm_f ijb mkeh\bb qlh D ! OQ D P OQ [ OQ ) LZd dZd nmgdpby ) y\ey_lky ijb[eb`Zxs_c êy nmgdpbb I nmgdpby ) [m^_l ijb[eb`Zxs_c êy nmgdpbb I <\_^_f gh\mx i_j_f_ggmx X OQ [ lh]^Z dZd ke_^m_l ba ) [m^_l nmgdpb_c hl X ) X H[hagZqbf OQ lh]^Z OQ ijbgbfZ_l \b^ OQ P $ OQ D % )[$% $X % l _ aZ^ZqZ k\_eZkv d hlukdZgbx ijb[eb`Zxs_c nmgdpbb \ \b^_ ebg_cghc GZ ijZdlbd_ êy gZoh`^_gby ijb[eb`Zxs_c nmgdpbb \ \b^_ kl_i_gghc bk ihevamxl ke_^mxsbc Ze]hjblf KhklZ\eyxl ih aZ^Zgghc lZ[e gh\mx lZ[ebpm ijheh]Zjbnfbjh\Z\ agZq_gby [ \ \ bkoh^ghc lZ[ebp_ GZoh^yl ih gh\hc lZ[ebp_ iZjZf_lju $ b % ijb[eb`Zxs_c nmgdpbb \b^Z GZoh^yl \ khhl\_lkl\bb k agZq_gby iZjZf_ljh\ D P ¡À¼²¹²Ä·½Î¿²ÑÆÅ¿¼ÈºÑ JZkkfhljbf ihdZaZl_evgmx nmgdpbx dhlhjZy \ gZb[he__ h[s_f \b^_ aZ^Z_l ky ke_^mxsbf \ujZ`_gb_f DHP[ D ! ) [ D P Ijheh]Zjbnfbjh\Z\ jZ\_gkl\h )[$% ihemqbf $[ % LZdbf h[jZahf aZ^ZqZ k\_^_gZ d ij_û^ms_c ÂÀ³¿À½º¿·»¿²ÑÆÅ¿¼ÈºÑ JZkkfhljbf ^jh[gh ebg_cgmx nmgdpbx dhlhjZy \ gZb[he__ h[s_f \b^_ aZ ^Z_lky ke_^mxsbf \ujZ`_gb_f ) [ D E I_j_ibr_f ke_^mxsbf h[jZahf D[ E D[ E ) [ D E Ba ihke_^g_]h jZ\_gkl\Z ke_^m_l qlh gZ^h khklZ\blv gh\mx lZ[ebpm aZf_gb\ \ g_c agZq_gby nmgdpbb h[jZlgufb qbkeZfb Bkihevamy gh\mx lZ[ebpm gZc lb D E b ih^klZ\blv gZc^_ggu_ agZq_gby iZjZf_ljh\ \ Àµ²ÂºÆ¾ºÉ·Ã¼²ÑÆÅ¿¼ÈºÑ JZkkfhljbf eh]Zjbnfbq_kdmx nmgdpbx dhlhjZy \ gZb[he__ h[s_f \b^_ aZ ^Z_lky ke_^mxsbf \ujZ`_gb_f D OQ [ E ) [ D E Ba \b^gh qlh êy i_j_oh^Z d ebg_cghc nmgdpbb ^hklZlhqgh k^_eZlv ih^klZgh\dm OQ [ X Ke_^h\Zl_evgh êy gZoh`^_gby agZq_gbc D E gm`gh ijheh]Zjbnfbjh\Zlv agZq_gby Zj]mf_glZ \ bkoh^ghc lZ[ebp_ lZ[e b jZkkfZljb\Zy ihemq_ggu_ agZq_gby \ kh\hdmighklb k bkoh^gufb agZq_gbyfb nmgdpbb gZclb êy gh\hc lZ[ebpu ijb[eb`Zxsmx nmgdpbx \ \b^_ ebg_c ghc Dhwnnbpb_glu D E gZc^_gghc nmgdpbb ih^klZ\blv \ ºÁ·Â³À½² JZkkfhljbf ]bi_j[hebq_kdmx nmgdpbx dhlhjZy \ gZb[he__ h[s_f \b^_ aZ ^Z_lky ke_^mxsbf \ujZ`_gb_f ) [ D E D E [ >ey i_j_oh^Z d ebg_cghc nmgdpbb ^hklZlhqgh k^_eZlv ih^klZgh\dm X [ ) X D E DX E >Ze__ aZf_gblv agZq_gby Zj]mf_glZ h[jZlgufb qbkeZfb b gZclb êy gh\hc lZ[ebpu ijb[eb`Zxsmx nmgdpbx ebg_cgh]h \b^Z Ihemq_ggu_ agZ q_gby iZjZf_ljh\ ih^klZ\blv \ ÂÀ³¿ÀÂ²ÈºÀ¿²½Î¿²ÑÆÅ¿¼ÈºÑ JZkkfhljbf ^jh[gh jZpbhgZevgmx nmgdpbx dhlhjZy \ gZb[he__ h[s_f \b^_ aZ^Z_lky ke_^mxsbf \ujZ`_gb_f ) [ D E I_j_ibr_f ke_^mxsbf h[jZahf ) [ D E [ D[ E E [ D Ba \b^gh qlh aZ^ZqZ k\h^blky d aZ^Zq_ jZkkfhlj_gghc \ ij_û^ms_f jZa^_e_ >_ckl\bl_evgh _keb \ bkoh^ghc lZ[ebp_ aZf_gblv agZq_gby [ \ bo h[jZlgufb \_ebqbgZfb ih nhjfmeZf ] [ X \ b bkdZlv êy gh\hc lZ[ebpu ijb[eb`Zxsmx nmgdpbx \b^Z X E] D lh gZc^_ggu_ agZq_gby [m^ml bkdhfufb êy nmgdpbb ÁÁÂÀ¼Ãº¾²ÈºÑ ½º¿·»¿À»¼À¾³º¿²Èº·»ÆÅ¿¼Èº» ;m^_f bkdZlv Ziijhdkbfbjmxsmx nmgdpbx ) [ \ \b^_ ebg_cghc dhf[bgZ pbb ba\_klguo nmgdpbc I [ I [ I [ D I [ E I [ F I [ ) [ Ih^klZ\b\ \ b \uihegb\ hq_\b^gu_ Ze]_[jZbq_kdb_ ij_h[jZ ah\Zgby ihemqZ_f kbkl_fm ebg_cguo mjZ\g_gbc hlghkbl_evgh g_ba\_klguo dhwnnbpb_glh\ D E F § ¦ I [L I [L ¦ I [L I [L ¸· § D · °¨ ¦ I [L ¨ ¸ °¨ ¦ I [L ¦ I [L I [L ¸¸ ¨ E ¸ °¨ ¦ I [L I [L ¨ ¸ °¨ ¦ I [L I [L ¦ I [L I [L I [L ¸ © F ¹ ¦ © ¹ ® ° § ¦ \L I [L · ° ¨ ° ¨ ¦ \L I [L ¸¸ ° ¨¦ \ I [ ¸ ¯° © L L ¹ ! J_rb\ kbkl_fm ebg_cguo mjZ\g_gbc ex[uf ba\_klguf kihkh[hf gZoh^bf agZq_gb_ dhwnnbpb_glh\ D E F b l_f kZfuf ZgZeblbq_kdh_ \ujZ `_gb_ êy Ziijhdkbfbjmxs_c nmgdpbb >ey j_r_gby kbkl_fu ebg_cguo mjZ\g_gbc f_lh^Z gZbf_gvrbo d\Z^jZlh\ ijb bkihevah\Zgbb ZiijhdkbfZpbb ebg_cghc dhf[bgZpb_c ba\_klguo nmgd pbc \ iZd_l_ bkihevam_lky nmgdpby \ha\jZsZxsZy agZ q_gby bkdhfuo dhwnnbpb_glh\ Bkihevah\Zgb_ nmgdpbb êy gZoh`^_gby dhwnnbpb_glh\ Zi ijhdkbfbjmxs_c nmgdpbb \b^Z ) [ D E F D [ E [ F [ 0DWKFDG AZ^Zgb_ bkoh^guo ^Zgguo Y[ § ¨ ¨ ¨ ¨ ¨ ¨ ¨¨ © · ¸ ¸ ¸ ¸ ¸ ¸ ¸¸ ¹ § · ¨ [ ¸ ¨ [ ¸ ¨ ¸ ¨ ¸ ¨ ¸ © [ ¹ J_r_gb_ kbkl_fu ebg_cguo mjZ\g_gbc 6 OLQILW Y[ Y\ ) § 6 ¨¨ ¨© · ¸ ¸¸ ¹ AZ^Zgb_ Ziijhdkbfbjmxs_c nmgdpbb J W ) W V · ¸ ¸ ¸ ¸ ¸ ¸ ¸¸ ¹ AZ^Zgb_ \_dlhj nmgdpbb \ha\jZsZxs_c agZq_gby nmgdpbc IL [ ) [ § ¨ ¨ ¨ ¨ ¨ ¨ ¨¨ © Y\ AZ^Zgb_ dhhj^bgZlghc k_ldb êy ihkljh_gby ]jZnbdZ Ziijhdkbfbjmxs_c nmgdpbb 1S [L Y[ L 1S Y[ Y[ L 1S Ihkljh_gb_ ]jZnbdZ Ziijhdkbfbjmxs_c nmgdpbb jbk Jbk =jZnbd Ziijhdkbfbjmxs_c nmgdpbb \b^Z ) [ D E F D [ E [ F [ dhwnnbpb_glu dhlhjhc gZc^_gu k ihfhsvx nmgdpbb OLQILW ÁÁÂÀ¼Ãº¾²ÈºÑÆÅ¿¼Èº·» ÁÂÀº¹´À½Î¿ÀµÀ´º¶² < h[s_f kemqZ_ \ f_lh^_ gZbf_gvrbo d\Z^jZlh\ ijboh^blky j_rZlv kbkl_fm g_ebg_cguo mjZ\g_gbc lbiZ >ey wlh]h \ iZd_l_ 0DWKFDG bkihevam_lky nmgdpby JHQILW \ha\jZsZxsZy agZq_gby bkdhfuo dhwnnbpb_glh\ Ijh^_fhgkljbjm_f bkihevah\Zgb_ nmgdpbb JHQILW nmgdpbb ) [ D E F H[S D E [ F [ gZ ijbf_j_ ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ bkoh^guo ^Zgguo § · ¨ ¸ ¨ ¸ ¨ ¸ Y\ ¨ ¸ ¨ ¸ ¨ ¸ ¨¨ ¸¸ © ¹ § · ¨ ¸ ¨ ¸ ¨ ¸ Y[ ¨ ¸ ¨ ¸ ¨ ¸ ¨¨ ¸¸ © ¹ AZ^Zgb_ \_dlhjnmgdpbb \ha\jZsZxs_c agZq_gby Ziijhdkbfbjmxs_c nmgdpbb b __ qZklguo ijhba\h^guo ih khhl\_lkl\mxsbf iZjZf_ljZf § HX X [X [ · ¨ ¸ ¨ HX X [X [ ¸ ¸ ) [ X ¨ ¨ [ HX X[X [ ¸ ¨ ¸ ¨ [ HX X[X [ ¸ © ¹ AZ^Zgb_ gZqZevgh]h ijb[eb`_gby §· YJ ¨¨ ¸¸ ¨ ¸ © ¹ J_r_gb_ kbkl_fu g_ebg_cguo mjZ\g_gbc 3 JHQILW Y[ Y\ YJ ) § · 3 ¨¨ ¸¸ ¨ ¸ © ¹ AZ^Zgb_ Ziijhdkbfbjmxs_c nmgdpbb J W ) W 3 AZ^Zgb_ dhhj^bgZlghc k_ldb êy ihkljh_gby ]jZnbdZ Ziijhdkbfbjmxs_c nmgdpbb 1S [L Y[ L 1S Y[ Y[ L 1S ·¼ÈºÑ ·ÄÀ¶Í À³Â²³ÀÄ¼º Ï¼ÃÁ·Âº¾·¿Ä²½Î¿ÍÇ ¶²¿¿ÍÇ Ihkljh_gb_ ]jZnbdZ Ziijhdkbfbjmxs_c nmgdpbb jbk Jbk =jZnbd Ziijhdkbfbjmxs_c nmgdpbb \b^Z ) [ D E F H[S D E [ F [ dhwnnbpb_glu dhlhjhc gZc^_gu k ihfhsvx nmgdpbb JHQILW ·¼ÈºÑ ¡Â·À³Â²¹À´²¿º·¦ÅÂÎ· ¡½²¿ X JZaeh`_gb_ i_jbh^bq_kdbo nmgdpbc \ jy^ Nmjv_ X Wnn_dl =b[[kZ X Ki_dljZevguc ZgZeba ^bkdj_lguo nmgdpbc dhg_qghc êbl_evghklb X ;ukljh_ ij_h[jZah\Zgb_ Nmjv_ ¢²¹½À¸·¿º· Á·ÂºÀ¶ºÉ·Ã¼ºÇÆÅ¿¼Èº» ´ÂÑ¶¦ÅÂÎ· Ih hij_^_e_gbx i_jbh^bq_kdhc nmgdpb_c gZau\Zxl nmgdpbx hl\_qZxsmx mkeh\bx ]^_ ² i_jbh^ nmgdpbb >ey gZoh`^_gby ki_dljZevgh]h jZaeh`_gby nmgdpbb \\_^_f \ jZkkfhl j_gb_ ke_^mxsb_ gZ[hju nmgdpbc § S · § S · § S · VLQ VLQ ¨ ¸ ¨ ¸ ¨ ¸ © ¹ © ¹ © ¹ § S · § S · § S · FRV ¨ ¸ FRV ¨ ¸ FRV ¨ ¸ © ¹ © ¹ © ¹ Ex[Zy ba nmgdpbc dhlhjmx êy djZldhklb h[hagZqbf P m^h\e_ l\hjy_l mkeh\bx i_jbh^bqghklb VLQ ·¼ÈºÑ ¡Â·À³Â²¹À´²¿º· ¦ÅÂÎ· JZkkfhljbf ljb ke_^mxsb_ bgl_]jZeZ FRV S FRV S z ° ® z ° ¯ FRV S VLQ S 7 ³ 7 ³ z ° ³ VLQ S VLQ S ® z ° ¯ Nmgdpbb m^h\e_l\hjyxsb_ mkeh\bx gZau\Zxlky hjlh]hgZevgufb Z kbkl_fm nmgdpbc gZau\Zxl hjlhghjfbjh\Zgguf [Zabkhf h[jZah\Zg guf ]Zjfhgbq_kdbfb nmgdpbyfb k djZlgufb qZklhlZfb Mkeh\b_ hjlh]hgZev ghklb fh`gh aZibkZlv \ dhfiZdlghc nhjf_ bkihevamy kbf\he Djhg_d_jZ 7 7 ³ L N GLN ]^_ GLN z ® ¯ JZaeh`bf ijhba\hevgmx i_jbh^bq_kdmx nmgdpbx \ jy^ f ¦ L L L Ij_^klZ\e_gb_ gZau\Z_lky h[h[s_gguf jy^hf Nmjv_ nmgdpbb 8 9 \ \u[jZgghf [Zabk_ Dhwnnbpb_glu ^Zggh]h jy^Z gZoh^ylky mfgh`_gb_f gZ [Zabkgmx nmgdpbx :N 9 b bgl_]jbjh\Zgb_f ih i_jbh^m nmgdpbb 8 9 7 ³ N f 7 ¦ L ³ L N L Hldm^Z bkihevamy k\hckl\h hjlhghjhfbjh\Zgghklb gZc^_f N 7 ³ N ©²ÃÄÎ , ·¼Èºº Ih^klZ\eyy \ gZ[hj nmgdpbc gZc^_f agZq_gby dhwnnbpb_glh\ jy^Z , % ³ 8 9 /9 ,3 % % ³ 8 9 S 3 % /9 -3 % % % ³ 8 9 S 3 % /9 <\_^y hkgh\gmx qZklhlm Z S % ihke_^h\Zl_evghklb h[jZamxs_c i_jbh ^bq_kdmx nmgdpbx 8 9 aZibr_f jy^ Nmjv_ êy i_jbh^bq_kdh]h kb]gZeZ f ¦ Q FRV Z Q VLQ Z Q :gZeba ihdZau\Z_l qlh nmgdpby kh^_j`bl g_ aZ\bkysmx hl \j_ f_gb ihklhyggmx khklZ\eyxsmx b [_kdhg_qguc gZ[hj ]Zjfhgbq_kdbo dhe_ [Zgbc lZd gZau\Z_fuo ]Zjfhgbd k qZklhlZfb ZQ 3Z djZlgu fb hkgh\ghc qZklhl_ ihke_^h\Zl_evghklb Fh`gh ihdZaZlv qlh bf__l f_klh jZ\_gkl\h 7 ³ f > @ ¦ N N N ?keb aZibkZlv dhwnnbpb_glu jy^Z Nmjv_ \ \b^_ ,Q Q M Q -Q Q M Q ]^_ Q -Q Q , MQ lh ihemqbf wd\b\Ze_glgmx nhjfm jy^Z Nmjv_ Q Q , f ¦ Q FRV Z MQ Q Ki_dljZevgh_ jZaeh`_gb_ i_jbh^bq_kdhc nmgdpbb 8 9 fh`gh \uihegblv bk ihevamy kbkl_fm [Zabkguo nmgdpbc \ \b^_ wdkihg_gl k fgbfufb ihdZaZl_eyfb H[S Z ½ r r ¾ ¯ ¿ dhlhju_ dZd e_]dh m[_^blvky \uqbkeb\ bgl_]jZe ^N ` ® 7 ³ P N 7 ³ LPW LNW G PN y\eyxlky hjlh]hgZevgufb a^_kv agZd hagZqZ_l dhfie_dkgh_ khijy`_gb_ ·¼ÈºÑ ¡Â·À³Â²¹À´²¿º· ¦ÅÂÎ· Jy^ Nmjv_ \ ^Zgghf kemqZ_ ijbgbfZ_l \b^ f ¦ QLQZ W k dhwnnbpb_glZfb 7 ³ Q Q f LQZ W GZ ijZdlbd_ ijbgylh bkihevah\Zlv b ^jm]mx nhjfm aZibkb jy^Z Nmjv_ f ¦ Q LQZ W Q f ]^_ Q 7 ³ LQZ W <ujZ`_gby ² ij_^klZ\eyxl kh[hc jy^ Nmjv_ \ dhfie_dkghc nhjf_ Ki_dlj nmgdpbb \ khhl\_lkl\bb k nhjfmeZfb kh^_j`bl dhfihg_glu gZ hljbpZl_evghc ihemhkb qZklhl ijbq_f Q Q ihwlhfm keZ]Z_fu_ k iheh`bl_evgufb b hljbpZl_evgufb qZklhlZfb h[t_^b gyxlky \ iZju gZijbf_j Q LQZ W Q LQZ W Q L QZ W M 3 L QZ W M 3 Q Q FRV Z M Q LZdbf h[jZahf hljbpZl_evgZy qZklhlZ y\ey_lky g_ nbabq_kdbf Z fZl_fZlbq_ kdbf ihgylb_f \ul_dZxsbf ba kihkh[Z ij_^klZ\e_gby dhfie_dkguo qbk_e Hlf_lbf qlh \ l_ogbq_kdhc ebl_jZlmj_ ihk\ys_gghc ZgZebam kb]gZeh\ aZ ^Zqm \uqbke_gby dhwnnbpb_glh\ jZaeh`_gby nmgdpbb \ jy^ Nmjv_ gZau\Zxl aZ^Zq_c ZgZebaZ Z aZ^Zqm \hkklZgh\e_gby nmgdpbb ih ba\_klguf dhwnnbpb _glZf jy^Z Nmjv_ ² aZ^Zq_c kbgl_aZ ¯ÆÆ·¼Äº³³Ã² Wnn_dl =b[[kZ \hagbdZ_l ijb jZaeh`_gbb \ jy^ Nmjv_ jZaju\guo nmgdpbc Bamqbf hkgh\gu_ _]h ijhy\e_gby gZ ijbf_j_ jZaeh`_gby ijyfhm]hevghc bfimevkghc nmgdpbb d d ® ¯ d d dhlhjZy bf__l kdZqhd jZ\guc \ lhqd_ jZaju\Z % NhjfZevgh_ jZaeh`_ gb_ \ jy^ Nmjv_ gZoh^blky ih^klZgh\dhc nmgdpbb \ nhjfmeu \uqbke_gb_f bgl_]jZeh\ dhlhju_ hdZau\Zxlky jZ\gufb ©²ÃÄÎ , ·¼Èºº , N N ª N º ¬ ¼ S ° ² q_lgh_ ®S °̄ N ² g_q_lgh_ b ih^klZgh\dhc \ujZ`_gbc êy dhwnnbpb_glh\ \ ª § S · § S · § S · W ¸ ¨ W ¸ W ¸ ¨ « ¨ S¬ © 7 ¹ © 7 ¹ © 7 ¹ V W B § S ¦ N ¨ 7 S N © º » ¼ · N W ¸ ¹ Bkihevah\Zgb_ dhg_qgh]h qbkeZ qe_gh\ jy^Z ijb\h^bl d lhfm qlh qZklbqgu_ kmffu jy^Z y\eyxlky nmgdpbyfb \ dhlhjuo ijbkmlkl\mxl i_jbh^bq_kdb_ khklZ\eyxsb_ Bo i_jbh^ jZ\_g i_jbh^m ihke_^g_]h m^_j`Zggh]h qe_gZ beb i_j\h]h hklZ\e_ggh]h D EZgphr ij_êh`be kihkh[ mf_gvr_gby wnn_dlZ imevkZpbc aZ kq_l k]eZ `b\Zgby mk_q_ggh]h jy^Z V 1 W D 1§ ¦ ¨¨ DN N © § S N · · § S N · W ¸ EN VLQ ¨ W ¸¸ ¸ © 7 ¹¹ © 7 ¹ FRV¨ bgl_]jbjh\Zgb_f mkj_^g_gb_f ih i_jbh^m ihke_^g_]h hklZ\e_ggh]h qe_gZ Ijb \u[hj_ \ dZq_kl\_ bgl_j\ZeZ k]eZ`b\Zgby i_jbh^Z ihke_^g_]h qe_gZ mk_q_ggh]h jy^Z Nmjv_ k]eZ`_ggh_ agZq_gb_ 1 ihemqbf dZd kj_^g__ hl 1 K V W W K 1 W 7 1 ³ V 1 [ G[ 7 1 W 7 1 W hlf_lbf qlh gZ ijZdlbd_ [_j_lky dZd ghf_j i_j\h]h hl[jZku\Z_fh]h qe_gZ jy^Z Ih^klZ\eyy \ ihemqbf 1 1 K W 1 7 W 7 1 ³ W 7 1 D G[ W 7 1 W 7 1 º § SN · § SN · « DN [ [ [ ¸ G [» G E FRV VLQ N ¨ ¸ ¨ 7 N « » © 7 ¹ © 7 ¹ W 7 1 ¬ W 7 1 ¼ 1 1 ª ¦ ³ ³ D 1 ª ° VLQ ª¬ SN 7 N «¬ ° ¯ 1 ¦ « DN ® 7 W 7 1 º¼ VLQ ª¬ SN 7 W 7 1 SN 7 ° FRV ¬ª SN 7 EN ® ° ¯ W 7 1 º¼ FRV ª¬ SN 7 ½ º¼ ° ¾ ° ¿ ½º º¼ ° ¾» ° ¿»¼ W 7 1 SN 7 Ijbf_gyy ba\_klgu_ ljb]hghf_ljbq_kdb_ nhjfmeu hdhgqZl_evgh ihemqZ_f 1 K ]^_ V D W 1N ² 1 ª ¦ V 1 N « DN N FRV ¬ § S N · § S N · º W ¸ EN VLQ ¨ W¸ ¨ » © 7 ¹ © 7 ¹¼ lZd gZau\Z_fu_ kb]fZ nZdlhju 8 1 N VLQ 5 N 1 5N 1 LZdbf h[jZahf k]eZ`_gguc jy^ Nmjv_ _klv bkoh^guc jy^ Nmjv_ k dhwnnb pb_glZfb mfgh`_ggufb gZ khhl\_lkl\mxsb_ kb]fZ nZdlhju Hlf_lbf qlh wnn_dl k]eZ`b\Zgby ^hklb]Z_lky aZ kq_l lh]h qlh ijb kb]fZ nZdlhj ]h qe_gZ hdZau\Z_lky jZ\guf gmex K nbabq_kdhc lhqdb aj_gby nhjfmem fh`gh ljZdlh\Zlv dZd gZ [ex^_gb_ bkoh^ghc nmgdpbb 1 q_j_a madh_ ijhk\_qb\Zxs__ ijy fhm]hevgh_ hdgh rbjbghc GZ[ex^Z_fZy nmgdpby 1 _klv kj_^ gyy bgl_gkb\ghklv k\_lZ hl bkoh^ghc nmgdpbb 1 HgZ hdZau\Z_lky [he__ yjdhc dh]^Z nmgdpby 1 [hevr_ b f_g__ yjdhc dh]^Z nmgdpby f_gvr_ Bkke_^h\Zgb_ wnn_dlZ =b[[kZ \ iZd_l_ AZ^Zgb_ nmgdpbc \ha\jZsZxsbo agZq_gby dhwnnbpb_glh\ jZaeh`_gby nmgdpbb \ jy^ Nmjv_ N 1 1 V 7 W 1 K V V W 0DWKFDG $ N I 7 % N I 7 7 ³I W7 7 FRV 7 ³I W7 7 VLQ § SN · W ¸ GW ¨ 7 © ¹ § SN · W ¸ GW ¨ 7 © ¹ W W AZ^Zgb_ ZgZebabjm_fhc nmgdpbb jbk Jbk AZ^Zgb_ ZgZebabjm_fhc nmgdpbb I [ nZce IPFG Ihkljh_gb_ ]jZnbdZ bkoh^ghc nmgdpbb jbk Jbk =jZnbd nmgdpbb 8 9 d 9 d % ® ¯ % d 9 d % <uqbke_gb_ dhwnnbpb_glh\ jZaeh`_gby nmgdpbb \ jy^ Nmjv_ 1I 7 N 1I DN $ N I 7 L 1I EL % L I 7 <bamZebaZpby fh^mey dhwnnbpb_glh\ jZaeh`_gby ijyfhm]hevgh]h bf imevkZ \ jy^ Nmjv_ jbk Jbk AZ\bkbfhklv dhwnnbpb_glh\ jZaeh`_gby ijyfhm]hevgh]h bfimevkZ \ jy^ Nmjv_ hl ghf_jZ qe_gZ jy^Z AZ^Zgb_ nmgdpbb hibku\Zxs_c jy^ Nmjv_ V W D ¦ §¨ DL FRV §¨ S L W ·¸ EL VLQ §¨ S L W ·¸ ·¸ © 7 ¹ © 7 ¹¹ L © <uqbke_gb_ agZq_gbc mk_q_ggh]h jy^Z Nmjv_ 1S WN N 1S 7 bN 1S 6N V WN <bamZebaZpby mk_q_ggh]h jy^Z Nmjv_ jbk Jbk QZklbqgZy kmffZ jy^Z Nmjv_ £Á·¼ÄÂ²½Î¿Í»²¿²½º¹¶ºÃ¼Â·Ä¿ÍÇ ÆÅ¿¼Èº»¼À¿·É¿À»¶½ºÄ·½Î¿ÀÃÄº JZkkfhljbf hkh[_gghklb ki_dljZevgh]h ij_^klZ\e_gby ^bkdj_lghc nmgd pbb aZ^Zgghc gZ \j_f_gghf bgl_j\Ze_ dhg_qghc êbl_evghklb > 7 @ 1 hlkq_lZfb V V V V 1 \aylufb khhl\_lkl\_ggh \ fhf_glu \j_ f_gb ' ' 1 ' Ihegh_ qbkeh hlkq_lh\ 1 7 Fh`gh ihdZaZlv qlh êy ^bkdj_lghc ihke_^h\Zl_evghklb dhwnnbpb_glu jy ^Z Nmjv_ hij_^_eyxlky nhjfmehc &Q 1 V H L S QN 1 1 N¦ N NhjfmeZ hij_^_ey_l ihke_^h\Zl_evghklv dhwnnbpb_glh\ h[jZamx sbo ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ >IN dhlhjh_ bf__l ke_^mxsb_ k\hckl\Z >IN _klv ebg_cgh_ ij_h[jZah\Zgb_ Qbkeh dhwnnbpb_glh\ & & & & 1 \uqbkey_fuo \ khhl\_lkl\bb k jZ\gh qbkem hlkq_lh\ ^bkdj_lghc ihke_^h\Zl_evghklb Dhwnnbpb_gl & ihklhyggZy khklZ\eyxsZy _klv kj_^g__ agZq_gb_ ^bk dj_lghc ihke_^h\Zl_evghklb ?keb 1 ² q_lgh_ qbkeh lh 1 &1 N VN ¦ 1 N >ey \_s_kl\_gghc ^bkdj_lghc ihke_^h\Zl_evghklb dhwnnbpb_glu >IN gh f_jZ dhlhjuo jZkiheh`_gu kbff_ljbqgh hlghkbl_evgh 1 h[jZamxl kh ijy`_ggu_ iZju &1 Q 1 VN H L S 1 Q N 1 ¦ 1 N 1 VN HL S QN 1 &Q ¦ 1 N ihwlhfm fh`gh kqblZlv qlh dhwnnbpb_glu & 1 & 1 hl\_qZxl hljb pZl_evguf qZklhlZf ?keb êy ^bkdj_lghc ihke_^h\Zl_evghklb V V V V1 gZc^_gu dhwnnb pb_glu >IN & & & &1 lh \hkklZgh\e_gb_ bkoh^ghc ^bkdj_lghc ihke_^h\Zl_evghklb fh`_l [ulv hkms_kl\e_gh ih nhjfme_ [N 1 ¦ &QHL S QN 1 Q ÍÃÄÂÀ· ÁÂ·À³Â²¹À´²¿º·¦ÅÂÎ· Ba nhjfme b \b^gh qlh êy \uqbke_gby >IN beb h[jZlgh]h >IN ihke_^h\Zl_evghklb ba 1 we_f_glh\ lj_[m_lky \uihegblv 1 hi_jZ pbc k dhfie_dkgufb qbkeZfb ?keb qbkeh we_f_glh\ h[jZ[Zlu\Z_fuo fZkkb \h\ ihjy^dZ lukyqb b [he__ lh \j_fy g_h[oh^bfh_ gZ \uiheg_gb_ wlbo ij_ h[jZah\Zgbc j_adh \hajZklZ_l b l_jy_lky \hafh`ghklv h[jZ[hldb kb]gZeh\ \ j_Zevghf fZkrlZ[_ \j_f_gb < _ ]hû Dmeb b Lvxdb [ue ij_êh`_g f_lh^ \uqbke_gby dhwnnbpb _glh\ Nmjv_ iha\heb\rbc kgbablv h[t_f \uqbke_gbc ^h 1 1 hi_jZ pbc Hg ihemqbe gZa\Zgb_ Ze]hjblfZ [ukljh]h ij_h[jZah\Zgby Nmjv_ ;IN < gZklhys__ \j_fy ijhp_^mju j_Zebamxsb_ Ze]hjblf ;IN \oh ^yl \h \k_ fZl_fZlbq_kdb_ [b[ebhl_db bkihevam_fu_ ijb gZibkZgbb ijh ]jZff gZ yaudZo ijh]jZffbjh\Zgby \ukhdh]h mjh\gy b ki_pbZebabjh\Zg gu_ iZd_lu êy fZl_fZlbq_kdbo \uqbke_gbc < k\yab k l_f qlh ih^jh[gh_ jZkkfhlj_gb_ Ze]hjblfZ \uoh^bl aZ jZfdb gZr_c dgb]b fu jZkkfhljbf lhevdh hkgh\gmx b^_x ;IN êy kemqZy dh]^Z qbkeh hlkq_lh\ ² p_eh_ qbkeh JZah[v_f \oh^gmx ihke_^h\Zl_evghklv g_q_lgufb ghf_jZfb ]^_ N 1 S ]^_ ^VN ` gZ ^\_ qZklb k q_lgufb b ^N `( ^N ` ^N `2 ^N ` Wlh iha\hey_l ij_^klZ\blv Q c dhwnnbpb_gl >IN \ \b^_ Q 1 § ¨ N¦ ¨© N L S Q N 1 N L S Q N · 1 ¸ ¸ ¹ S Q S Q · S Q 1 § 1 L L N N L 1 ¸ ¨ ¦ 1 1 ¦ N 2 ¸ ¨ N N( N © ¹ Ba \b^gh qlh i_j\Zy iheh\bgZ dhwnnbpb_glh\ >IN bkoh^gh]h kb] gZeZ k ghf_jZfb hl ^h 1 \ujZ`Z_lky q_j_a dhwnnbpb_glu >IN ^\mo qZklguo ihke_^h\Zl_evghkl_c ]^_ N 1 Q Q( L S Q 1 Q2 ©²ÃÄÎ , ·¼Èºº LZd dZd ihke_^h\Zl_evghklb dhwnnbpb_glh\ fZkkb\h\ ^N `( b ^N `2 y\eyxlky i_jbh^bq_kdbfb k i_jbh^hf 1 lh Q( Q 1 ( Q2 Q 1 2 Ih^klZ\eyy \ b mqblu\Zy qlh L S Q 1 1 LS L S Q 1 L S Q 1 ihemqZ_f \ujZ`_gb_ êy \lhjhc iheh\bgu fgh`_kl\Z dhwnnbpb_glh\ >IN ]^_ Q Q 1 Q( L S Q 1 Q2 1 Nhjfmeu e_`Zl \ hkgh\_ Ze]hjblfZ ;IN ihke_^h\Zl_evgh klb hlkq_lh\ k q_lgufb b g_q_lgufb ghf_jZfb \gh\v jZa[b\Zxlky gZ ^\_ qZklb Ijhp_kk ijh^he`Z_lky ^h l_o ihj ihdZ g_ ihemqblky ihke_^h\Zl_ev ghklv khklhysZy bo h^gh]h we_f_glZ >IN ^Zgghc ihke_^h\Zl_evghklb kh\ iZ^_l k kZfb we_f_glhf AZl_f ihke_^h\Zl_evgh gZoh^ylky dhwnnbpb_glu >IN ij_û^msbo ihke_^h\Zl_evghkl_c < iZd_l 0DWKFDG \oh^yl q_luj_ lbiZ nmgdpbc \uihegyxsbo ijyfh_ b h[ jZlgh_ ;IN Nmgdpbb bkihevamxl êy ^_ckl\bl_evguo ihke_^h\Zl_evghkl_c qbkeh we_ f_glh\ dhlhjuo jZ\gh P P ² gZlmjZevgh_ qbkeh I_j\h_ mkeh\b_ y\ey_l ky ke_^kl\b_f lh]h qlh \lhjZy iheh\bgZ dhwnnbpb_glh\ >IN \_s_kl\_gguo ihke_^h\Zl_evghkl_c y\ey_lky dhfie_dkgh khijy`_gghc k i_j\hc Wlh iha\h ey_l ijb \uiheg_gbb \uqbke_gbc khojZgylv lhevdh \lhjmx iheh\bgm \_dlh jZ ojZgys_]h dhwnnbpb_glu >IN wdhghfy ijb wlhf iZfylv dhfivxl_jZ b khdjZsZy \j_fy \uqbke_gbc <lhjh_ lj_[h\Zgb_ ij_^ty\ey_lky \ k\yab k l_f qlh êy \uqbke_gby ki_dljZ bkihevam_lky Ze]hjblf ;IN ijb]h^guc lhevdh êy ihke_^h\Zl_evghkl_c qbkeh qe_gh\ dhlhjuo djZlgh kl_i_gb H[jZs_gb_ d nmgdpbyf X ² \ha\jZsZ_l ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ P f_jgh]h \_ s_kl\_gghagZqgh]h \_dlhjZ Zj]mf_gl dhlhjh]h _klv j_amevlZl ^bkdj_lbaZ pbb q_j_a jZ\gu_ ijhf_`mldb \j_f_gb g_dhlhjhc nmgdpbb J_amevlZl jZ [hlu ijh]jZffu ² dhfie_dkguc \_dlhj jZaf_jghklb P We_f_glu \_dlhjZ \ha\jZsZ_fh]h nmgdpb_c 119 \uqbkeyxlky ih nhjfme_ Q 1 ¦ N L SQN 1 N ]^_ 1 ² qbkeh we_f_glh\ \_dlhjZ ·¼ÈºÑ ¡Â·À³Â²¹À´²¿º· ¦ÅÂÎ· X h[jZlgh_ ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ dhfie_dkgh]h \_dlhjZ kh^_j`Zs_]h agZq_gby >IN <_dlhj ^he`_g bf_lv P we_ f_glh\ J_amevlZl jZ[hlu ijh]jZffu ² ^_ckl\bl_evguc \_dlhj jZaf_j ² ghklb P We_f_glu \_dlhjZ \ha\jZsZ_fh]h nmgdpb_c \uqbkey xlky ih nhjfme_ 1 ¦ L SQN 1 N N Q ]^_ 1 ² qbkeh we_f_glh\ \_dlhjZ Hlf_lbf qlh êy \k_o \_s_kl\_ggh agZqguo \_dlhjh\ kijZ\_êb\h khhlghr_gb_ X ² \ha\jZsZ_l ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ P f_jgh]h \_ s_kl\_gghagZqgh]h \_dlhjZ Zj]mf_gl dhlhjh]h _klv j_amevlZl ^bkdj_lb aZpbb q_j_a jZ\gu_ ijhf_`mldb \j_f_gb g_dhlhjhc nmgdpbb J_amevlZl jZ[hlu ijh]jZffu ² dhfie_dkguc \_dlhj jZaf_jghklb P We_ f_glu \_dlhjZ \ha\jZsZ_fh]h nmgdpb_c \uqbkeyxlky ih nhjfme_ Q 1 L S QN 1 ¦ N N ]^_ 1 ² qbkeh we_f_glh\ \_dlhjZ X ² \ha\jZsZ_l h[jZlgh_ ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ dhf ie_dkgh]h \_dlhjZ kh^_j`Zs_]h agZq_gby >IN <_dlhj ^he`_g bf_lv P we_f_glh\ J_amevlZl jZ[hlu ijh]jZffu ² ^_ckl\bl_evguc \_d lhj jZaf_jghklb P We_f_glu \_dlhjZ \ha\jZsZ_fh]h nmgdpb_c \uqbkeyxlky ih nhjfme_ 1 Q ¦ N L S QN 1 N ]^_ 1 ² qbkeh we_f_glh\ \_dlhjZ Hlf_lbf qlh êy \k_o \_s_kl\_ggh agZqguo \_dlhjh\ kijZ\_êb\h khhlghr_gb_ Nmgdpbb bkihevamxlky \ lhf kemqZ_ _keb N ^Zggu_ kh^_j`Zsb_ky \ \_dlhj_ Y dhfie_dkgu_ N \_dlhj bf__l jZaf_jghklv hlebqgmx hl P X ² \ha\jZsZ_l ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ dhf ie_kgh]h beb \_s_kl\_gghagZqgh]h \_dlhjZ qbkeh we_f_glh\ dhlhjh]h hlebqgh hl P <ha\jZsZ_fuc fZkkb\ bf__l lhl `_ kZfuc jZaf_j qlh bkoh^guc \_dlhj ©²ÃÄÎ , ·¼Èºº X ² \ha\jZsZ_l h[jZlgh_ ^bkdj_lgh_ ij_h[jZah\Zgb_ Nmjv_ <ha\jZsZ_fuc fZkkb\ bf__l lhl `_ kZfuc jZaf_j qlh bkoh^guc \_dlhj Nmgdpbb ]m l _ b \aZbfgh h[jZlgu_ ^jm] ^jm fZljbp Ijb bkihevah\Zgbb \ dZq_kl\_ Zj]mf_glh\ nmgdpbb ^Zggu_ nmgdpbb \ha\jZsZxl j_amevlZl ^\mf_jgh]h ij_h[jZah\Zgby Nmjv_ bkoh^ghc fZljbpu <uqbke_gb_ ki_dljZ i_jbh^bq_kdhc nmgdpbb V W $ ]^_ $ S I VW % % gbyfb \ IV S )V W =p )V =p aZ^Zgghc ^bkdj_lgufb agZq_ lhqdZo gZ bgl_j\Ze_ > @ k AZ^Zgb_ \j_f_gghc k_ldb L 1 7 7 ' WL ' L AZ^Zgb_ nmgdpbb V W $ % IV V W $ )6 S I6 W % S )6 W <uqbke_gb_ f]gh\_gguo agZq_gbc nmgdpbb YL V WL <uqbke_gb_ ij_h[jZah\Zgby Nmjv_ ^bkdj_lghc ihke_^h\Zl_evghklb ))7 ·¼ÈºÑ ¡Â·À³Â²¹À´²¿º· ¦ÅÂÎ· <uqbke_gb_ qZklhl ki_dljZevguo ]Zjfhgbd \ =p N ' <bamZebaZpby fh^mey ki_dljZ nmgdpbb V W jbk Jbk Ki_dlj fhsghklb ^bkdj_lghc ihke_^h\Zl_evghklb ·¼ÈºÑ ©ºÃ½·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» ¡½²¿ X IhklZgh\dZ aZ^Zqb X F_lh^ IbdZjZ X F_lh^ Wce_jZ X F_lh^ Jmg]_ Dmllu ² ¡ÀÃÄ²¿À´¼²¹²¶²Éº Hij_^_e_gb_ >bnn_j_gpbZevguf mjZ\g_gb_f >M i_j\h]h ihjy^dZ gZau\Zxl khhlghr_gb_ \b^Z § © ) ¨ [ \ G\ · ¸ G[ ¹ Hij_^_e_gb_ >bnn_j_gpbZevgh_ mjZ\g_gb_ \b^Z ]^_ I [ \ aZ^ZggZy nmgdpby ^\mo i_j_f_gguo gZau\Z_lky >M i_j\h]h ihjy^dZ jZaj_r_gguf hlghkbl_evgh ijhba\h^ghc Hij_^_e_gb_ J_r_gb_f >M gZ bgl_j\Ze_ gZau\Z_lky g_ij_ju\gh ^bnn_j_gpbjm_fZy nmgdpby \ M [ ij_\jZsZxsZy mjZ\g_gb_ \ lh`^_kl\h gZ bgl_j\Ze_ ² ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe >ey >M i_j\h]h ihjy^dZ § © ) ¨ [ M [ GM [ · ¸ G[ ¹ M M Hij_^_e_gb_ Khhlghr_gb_ ih hij_^_e_gbx ihemqZ_f gZau\Z_lky j_r_gb_f >M \ g_y\ghc nhjf_ beb bgl_]jZehf mjZ\g_gby _keb hgh hij_^_ey_l dZd nmgdpbx hl [ \ M [ dhlhjZy _klv j_r_gb_ >M gZau\Z_lky bgl_]jZev Hij_^_e_gb_ =jZnbd j_r_gby \ M [ >M ghc djb\hc ^Zggh]h mjZ\g_gby Hij_^_e_gb_ Ijh_dpby ]jZnbdZ j_r_gby gZ hkv hj^bgZl gZau\Z_lky nZah\hc djb\hc beb ljZ_dlhjb_c >M m^h\ Hij_^_e_gb_ AZ^ZqZ h gZoh`^_gbb j_r_gby \ M [ >M e_l\hjyxs_]h gZqZevghfm mkeh\bx M [ \ gZau\Z_lky aZ^Zq_c Dhrb Hij_^_e_gb_ Q_j_a dZ`^mx lhqdm [ \ ba h[eZklb hij_^_e_gby mjZ\ g_gby ijh\_^_f ijyfmx lZg]_gk m]eZ dhlhjhc d hkb Z[kpbkk jZ\_g I [ \ >Zggh_ k_f_ckl\h ijyfuo gZau\Z_lky ihe_f gZijZ\e_gbc khhl\_l kl\mxsbf >M beb ihe_f gZijZ\e_gbc nmgdpbb I [ \ Bgl_]jZevgZy djb\Zy \ dZ`^hc k\h_c lhqd_ dZkZ_lky ihey gZijZ\e_gbc nmgd pbb I [ \ Kms_kl\h\Zgb_ b _^bgkl\_gghklv aZ^Zqb Dhrb >M h[_ki_qb\Z _lky l_hj_fhc IbdZjZ L_hj_fZ IbdZjZ ?keb nmgdpby hij_^_e_gZ b g_ij_ju\gZ \ g_dhlhjhc h[eZklb * hij_^_ey_fhc g_jZ\_gkl\Zfb d d b m^h\e_l\hjy_l \ wlhc h[eZklb mkeh\bx EbirbpZ ih d lh gZ g_dhlhjhf hlj_ad_ d ]^_ K iheh`bl_evgh_ qbkeh kms_ kl\m_l b ijblhf lhevdh h^gh j_r_gb_ \ s__ gZqZevghfm mkeh\bx \ \ [ \ [ >M m^h\e_l\hjyx ©²ÃÄÎ , ·¼Èºº A^_kv dhgklZglZ EbirbpZ aZ\bkysZy \ h[s_f kemqZ_ hl D b E ?keb bf__l \ * h]jZgbq_ggmx ijhba\h^gmx \c lh ijb [ \ * fh`gh ijbgylv ² I [ \ PD[ \c Hij_^_e_gb_ >M Q ]h ihjy^dZ gZau\Zxl khhlghr_gb_ \b^Z c cc [ ² g_aZ\bkbfZy i_j_f_ggZy \ c cc N Q ² N Q g_ba\_klgZy nmgdpby Zj]mf_glZ aZ^ZggZy nmgdpby i_j_f_gguo [ \ \ \ \ [ \ N \ Q Hij_^_e_gb_ AZ^ZqZ h gZoh`^_gbb j_r_gby >M jyxs_]h gZqZevguf mkeh\byf ? ?? m^h\e_l\h \ [ \ \ c [ \c « Q Q ]^_ c Q aZ^Zggu_ qbkeZ gZau\Z_lky aZ^Zq_c Dhrb êy kbk l_fu >M >M Q ]h ihjy^dZ aZf_ghc ² \c ] \ cc ] « \ Q ]Q k\h^blky d kbkl_f_ >M i_j\h]h ihjy^dZ \c ] \ cc ] « \Q ]Q GZijbf_j >M \lhjh]h ihjy^dZ Q \ cc Z \ ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe fh`gh aZibkZlv \ \b^_ ^\mo mjZ\g_gbc \c ] ] c Z \ F_lhû j_r_gbc >M ih^jZa^_eyxlky gZ ljb hkgh\gu_ ]jmiiu :gZeblbq_kdb_ f_lhû =jZnbq_kdb_ f_lhû Qbke_ggu_ f_lhû ·ÄÀ¶¡º¼²Â² F_lh^ IbdZjZ iha\hey_l ihemqblv ijb[eb`_ggh_ j_r_gb_ >M \ \b^_ nmgdpbb aZ^Zgghc ZgZeblbq_kdb Imklv \ mkeh\byo l_hj_fu kms_kl\h\Zgby lj_[m_lky gZclb j_r_gby k \ ke_^mxs_f wd\b\Z gZqZevguf mkeh\b_f \ \ [ AZibr_f >M e_glghf \b^_ Ijhbgl_]jbjm_f h[_ qZklb \ hl [ ^h [ [ ³ ³ \ [ <uqbkeb\ bgl_]jZe \ ijZ\hc qZklb ihemqbf [ ³ [ Hq_\b^gh qlh j_r_gb_ bgl_]jZevgh]h mjZ\g_gby [m^_l m^h\e_l\h jylv >M b gZqZevghfm mkeh\bx \ \ [ >_ckl\bl_evgh ijb [ [ ihemqbf [ ³ [ Bgl_]jZevgh_ mjZ\g_gb_ iha\hey_l bkihevah\Zlv f_lh^ ihke_^h\Z l_evguo ijb[eb`_gbc Iheh`bf \ \ b ihemqbf ba i_j\h_ ijb [eb`_gb_ [ ³ [ ©²ÃÄÎ , ·¼Èºº Bgl_]jZe klhysbc \ ijZ\hc qZklb kh^_j`bl lhevdh i_j_f_ggmx [ ihke_ gZoh`^_gby wlh]h bgl_]jZeZ [m^_l ihemq_gh ZgZeblbq_kdh_ \ujZ`_gb_ ijb[eb`_gby \ dZd nmgdpbb i_j_f_gghc [ AZf_gbf l_i_jv \ mjZ\g_ gbb gZc^_gguf agZq_gb_f \ [ b ihemqbf \lhjh_ ijb[eb`_gb_ [ ³ [ bl ^ < h[s_f kemqZ_ bl_jZpbhggZy nhjfmeZ bf__l \b^ Q [ ³ Q Q [ Ihke_^h\Zl_evgh_ ijbf_g_gb_ nhjfmeu ^Z_l ihke_^h\Zl_evghklv nmgdpbc \ [ \ [ \ [ Q I [ \ d 1 LZd dZd nmgdpby I g_ij_ju\gZ \ h[eZklb * lh hgZ h]jZgbq_gZ \ g_dhlhjhc h[eZklb *c * kh^_j`Zs_c lhqdm [ \ l _ Ijbf_gyy d mjZ\g_gbx ijbgpbi k`bfZxsbo hlh[jZ`_gbc fh` gh ihdZaZlv qlh ihke_^h\Zl_evghklv koh^blky ih f_ljbd_ U M M PD[ M [ M [ \ ijhkljZgkl\_ g_ij_ju\guo nmgdpbc M hi j_^_e_gguo gZ k_]f_gl_ [ [ d G lZdbo qlh M [ \ d 1G Ij_^_e ih ke_^h\Zl_evghklb y\ey_lky j_r_gb_f bgl_]jZevgh]h mjZ\g_gby Z ke_^h\Zl_evgh b >M k gZqZevgufb mkeh\byfb \ \ [ Wlh hagZqZ _l qlh N c qe_g ihke_^h\Zl_evghklb y\ey_lky ijb[eb`_gb_f d lhq ghfm j_r_gbx >M k hij_^_e_gghc kl_i_gvx lhqghklb Hp_gdZ ih]j_rghklb N ]h ijb[eb`_gby ^Z_lky nhjfmehc \ [ \N [ d 0 N 1 G N N ]^_ 0 ² dhgklZglZ EbirbpZ 1 ² \_jogyy ]jZgv fh^mey nmgdpbb I ba g_jZ\_gkl\Z Z \_ebqbgZ G êy hij_^_e_gby hdj_klghklb [ [ d G \uqbkey_lky ih nhjfme_ §D E · G ¨© 1 ¸¹ PLQ ·ÄÀ¶¯»½·Â² < hkgh\_ f_lh^Z Wce_jZ e_`bl b^_y ]jZnbq_kdh]h ihkljh_gby j_r_gby >M jbk \ \ / / \ / \ \ [ [ [ [ [ Jbk D h[tykg_gbx f_lh^Z Wce_jZ Imklv ^Zgh mjZ\g_gb_ k gZqZevguf mkeh\b_f \ \ [ <u[jZ\ ^hk lZlhqgh fZeuc rZ] K ihkljhbf gZqbgZy k lhqdb [ kbkl_fm jZ\ghhlklhy sbo lhq_d [L [ LK L <f_klh bkdhfhc bgl_]jZevghc djb\hc gZ hlj_ad_ >[ [ @ jZkkfhljbf hlj_ahd dZkZl_evghc d g_c \ lhqd_ 0 [ \ mjZ\g_gb_ dhlhjhc \ \ I [ \ [ [ Ijb [ [ ba mjZ\g_gby dZkZl_evghc ihemqZ_f \ \ KI [ \ Ke_^h\Z l_evgh ijbjZs_gb_ nmgdpbb gZ i_j\hf rZ]_ jZ\gh '\ KI [ \ Ijh\_^y ZgZeh]bqgh dZkZl_evgmx d bgl_]jZevghc djb\hc \ lhqd_ [ \ ihemqbf \ \ I [ \ [ [ qlh ijb [ [ ^Z_l \ \ KI [ \ l _ \ ihemqZ_lky ba \ ^h[Z\e_gb _f ijbjZs_gby '\ KI [ \ ! LZdbf h[jZahf \uqbke_gb_ lZ[ebpu agZq_gbc nmgdpbb y\eyxs_cky j_r_ gb_f >M khklhbl \ ihke_^h\Zl_evghf ijbf_g_gbb iZju nhjfme '\N KI [N \N \N \N '\ N F_lh^ Wce_jZ dZd \b^gh ba jbkmgdZ bf__l ih]j_rghklv Hij_^_ebf ehdZev gmx ih]j_rghklv ijbkmlkl\mxsmx gZ dZ`^hf rZ]_ dhlhjZy hij_^_ey_lky jZaghklvx f_`^m lhqguf agZq_gb_f nmgdpbb b khhl\_lkl\mxsbf agZq_gb_f dZkZl_evghc >ey i_j\h]h rZ]Z ' \ [ \ KI [ \ K \ \c [ K \cc [ \ [ K \ KI [ \ \ KI [ \ | \cc [ K Ba \b^gh qlh ehdZevgZy ih]j_rghklv ijhihjpbhgZevgZ K KmffZj gZy ih]j_rghklv ' 6 ihke_ 1 rZ]h\ ijhihjpbhgZevgZ 1 2 K ihkdhevdm 1 K lh ' 6 2 K l _ f_lh^ Wce_jZ ² f_lh^ i_j\h]h ihjy^dZ lhqghklb ih K Ba\_klgu jZaebqgu_ mlhqg_gby f_lh^Z Wce_jZ Fh^bnbdZpbb ^Zgguo f_lh ^h\ gZijZ\e_gu gZ mlhqg_gb_ gZijZ\e_gby i_j_oh^Z ba lhqdb [L \L \ lhqdm [L \L GZijbf_j \ f_lh^_ Wce_jZ²Dhrb bkihevamxl ke_^mxsbc ih jy^hd \uqbke_gbc \L \L KI [L \L \ \ K I [L \L I [L \L L L =_hf_ljbq_kdb wlh hagZqZ_l qlh hij_^_ey_lky gZijZ\e_gb_ bgl_]jZevghc djb\hc \ bkoh^ghc lhqd_ [L \L b \h \kihfh]Zl_evghc lhqd_ [L \L Z \ dZq_kl\_ hdhgqZl_evgh]h [_j_lky kj_^g__ agZq_gb_ wlbo gZijZ\e_gbc J_r_gb_ aZ^Zqb Dhrb ^bnn_j_gpbZevgh]h mjZ\g_gby G\ G[ [ \ AZ^Zgb_ nmgdpbb klhys_c \ ijZ\hc qZklb mjZ\g_gby I [ \ [ AZ^Zgb_ gZqZevguo mkeh\bc [ AZ^Zgb_ nmgdpbb j_Zebamxs_c \uqbkebl_evguc Ze]hjblf f_lh^Z Wce_ jZ jbk :j]mf_glu nmgdpbb ² agZq_gb_ j_r_gb_ \ lhqd_ [ ² e_\uc b ijZ\uc dhgpu bgl_j\ZeZ \uqbke_gby qbke_ggh]h j_ r_gby 1 ² qbkeh k_ldb gZ dhlhjhc bs_lky j_r_gb_ >M ² bfy nmgdpbb klhys_c \ ijZ\hc qZklb >M Nmgdpby \ha\jZsZ_l lZ[ebpm kh klhysmx ba ^\mo klhe[ph\ i_j\uc klhe[_p ² agZq_gby Zj]mf_glZ \lh jhc klhe[_p ² agZq_gby j_r_gby >M Jbk Nmgdpby j_ZebamxsZy f_lh^ Wce_jZ êy >M i_j\h]h ihjy^dZ nZce (XOHUPFG GZoh`^_gb_ qbke_ggh]h j_r_gby >M gZ bgl_j\Ze_ > @ [ 1 L 1 <bamZebaZpby qbke_ggh]h j_r_gby jbk Ihkljh_gb_ jZaghklb f_`^m qbke_gguf b lhqguf j_r_gbyfb jbk AZ^Zgb_ nmgdpbb j_Zebamxs_c f_lh^ Wce_jZ²Dhrb jbk :j]m f_glu nmgdpbb ² agZq_gb_ j_r_gby \ lhqd_ [ ² e_\uc b ijZ\uc dhgpu bgl_j\ZeZ \uqbke_gby qbke_ggh]h j_r_gby 1 ² qbkeh k_ldb gZ dhlhjhc bs_lky j_r_gb_ >M ² bfy nmgdpbb klhys_c \ ijZ\hc qZklb >M Nmgdpby \ha\jZsZ_l lZ[ebpm khklhysmx ba ^\mo ©²ÃÄÎ , ·¼Èºº klhe[ph\ i_j\uc klhe[_p ² agZq_gby Zj]mf_glZ \lhjhc klhe[_p ² agZ q_gby j_r_gby >M Jbk Qbke_ggh_ j_r_gb_ >M \ ? [ ihemq_ggh_ f_lh^hf Wce_jZ Jbk JZaghklv f_`^m qbke_gguf b lhqguf j_r_gbyfb >M \ ? [ ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe Jbk Nmgdpby j_ZebamxsZy f_lh^ Wce_jZ²Dhrb êy >M i_j\h]h ihjy^dZ nZce (XOHUPFG GZoh`^_gb_ qbke_ggh]h j_r_gby >M gZ bgl_j\Ze_ > @ <bamZebaZpby qbke_ggh]h j_r_gby jbk Jbk Qbke_ggh_ j_r_gb_ >M \ ? ihemq_ggh_ f_lh^hf Wce_jZ Dhrb ² [ ©²ÃÄÎ , ·¼Èºº Ihkljh_gb_ jZaghklb f_`^m qbke_gguf b lhqguf j_r_gbyfb jbk Jbk JZaghklv f_`^m lhqguf b qbke_gguf j_r_gbyfb aZ^Zqb Dhrb >M \ ihemq_gguf f_lh^hf Wce_jZ Dhrb ? [ ² ·ÄÀ¶¢Å¿µ·pÅÄÄÍ F_lh^ Wce_jZ b f_lh^ Wce_jZ²Dhrb hlghkylky d k_f_ckl\m f_lh^h\ Jmg]_² Dmllu >ey ihkljh_gby ^Zgguo f_lh^h\ fh`gh bkihevah\Zlv ke_^mxsbc h[ sbc ihôh^ Nbdkbjm_f g_dhlhju_ qbkeZ D D E d T Ihke_^h\Zl_evgh \uqbkey_f N K N K T LM K I [ \ K I [ D K \ E N K « T D T ET E TT T b iheZ]Z_f T | ¦ L L L JZkkfhljbf \hijhk h \u[hj_ iZjZf_ljh\ D L MK L ELM H[hagZqbf \ [K ] K ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe ;m^_f ij_îheZ]Zlv qlh M Mc M V Z M V z êy g_dhlhjhc nmgdpbb I [ \ Ih nhjfme_ LwcehjZ kijZ\_êb\h jZ\_gkl\h V M ¦ ML L L M V T V ]^_ T Ijb [m^_f bf_lv MK \ [ K \ [ S K I [ \ M Mc c Mcc K Ykgh qlh jZ\_gkl\h Mc ijb mkeh\bb qlh S qZxlky nhjfmeu \ cc [ K Ijb ^Zgghf agZq_gbb S ba nhjfmeu ihem f_lh^Z Wce_jZ Ih]j_rghklv ^Zggh]h f_ lh^Z gZ rZ]_ kh]eZkgh jZ\gZ MK JZkkfhljbf kemqZc D K \uihegy_lky êy ex[uo nmgdpbc I [ \ ebrv M ]^_ Mcc T lh]^Z \ [ K \ [ SKI [ \ S KI [ \ E Kh]eZkgh bkoh^ghfm ^bnn_j_gpbZevghfm mjZ\g_gbx \c cc [ w w w w I [ \ w \ w \ w w [[ [\ [\ \\ \ [ \ ccc [[ [\ [[ [\ \\ \ cc ©²ÃÄÎ , ·¼Èºº MK <uqbkeyy ijhba\h^gu_ nmgdpbb M Mc Mcc agZq_gb_ K Mcc Lj_[h\Zgb_ b ih^klZ\eyy \ \ujZ`_gby êy ihemqZ_f M Mc S S I D [ E \ Mc M Mcc [m^_l \uihegylvky êy \k_o I [ \ lhevdh \ lhf kemqZ_ _keb h^gh\j_f_ggh kijZ\_êb\u ke_^mxsb_ ljb jZ\_gkl\Z hlghkbl_evgh q_luj_o iZjZf_ljh\ S S S D SE AZ^Z\Zy ijhba\hevgh agZq_gby h^gh]h ba iZjZf_ljh\ b hij_^_eyy agZq_gby hklZevguo ba kbkl_fu fh`gh ihemqZlv jZaebqgu_ f_lhû Jmg]_ ² Dmllu k ihjy^dhf ih]j_rghklb V ihemqZ_f GZijbf_j ijb ba D E >ey \u[jZgguo agZq_gbc iZjZf_ljh\ \ujZ`_gb_ ^mxsbc \b^ \ L \L K I [L \L ijbh[j_lZ_l ke_ I [L \L a^_kv \L aZibkZgh \f_klh \ [ K \L ² \f_klh \ [ Z q_j_a \L h[hagZ q_gh \ujZ`_gb_ \L K I [L \L LZdbf h[jZahf êy jZkkfZljb\Z_fh]h kemqZy ijboh^bf d jZkq_lguf nhjfm eZf f_lh^Z Wce_jZDhrb Ba ke_^m_l qlh ]eZ\gZy qZklv ih ]j_rghklb gZ rZ]_ _klv Mccc K l _ ih]j_rghklv ijhihjpbhgZevgZ lj_lv_c kl_i_gb rZ]Z GZ ijZdlbd_ gZb[he__ qZklh bkihevamxl f_lh^ Jmg]_²Dmllu k >Zgguc f_lh^ j_Zebam_lky \ khhl\_lkl\bb kh ke_^mxsbfb jZkq_lgufb nhjfm eZfb N N K I [ \ § © K I ¨[ K \ N · ¸ ¹ ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe § © K I ¨[ N ' K \ N · ¸¹ Ih]j_rghklv jZkkfZljb\Z_fh]h f_lh^Z Jmg]_²Dmllu gZ rZ]_ ijhihjpbh gZevgZ iylhc kl_i_gb rZ]Z =_hf_ljbq_kdbc kfuke bkihevah\Zgby f_lh^Z Jmg]_²Dmllu k jZkq_lgufb nhjfmeZfb khklhbl \ ke_^mxs_f Ba lhqdb L L gbb hij_^_ey_fhf m]ehf D êy dhlhjh]h WJD k^\b]Zxlky \ gZijZ\e_ L L GZ wlhf gZijZ\ N · K § ¨ [L \L ¸ AZl_f ba lhqdb © ¹ [L \L k^\b]Zxlky \ gZijZ\e_gbb hij_^_ey_fuf m]ehf D êy dhlhjh]h N · K § WJD I ¨ [L \L ¸ b gZ wlhf gZijZ\e_gbb \u[bjZ_lky lhqdZ k dhhj^b ¹ © N K § · gZlZfb ¨ [L \L ¸ GZdhg_p ba lhqdb L L k^\b]Zxlky \ gZijZ\e_ © ¹ N · K § gbb hij_^_ey_fhf m]ehf D êy dhlhjh]h WJD I ¨ [L \L ¸ b gZ ¹ © wlhf gZijZ\e_gbb \u[bjZ_lky lhqdZ k dhhj^bgZlZfb oL K \L N Wlbf aZ^Z_lky _s_ h^gh gZijZ\e_gb_ hij_^_ey_fh_ m]ehf D êy dhlhjh]h WJD L L Q_luj_ ihemq_ggu_ gZijZ\e_gby mkj_^gyxlky \ kh e_gbb \u[bjZ_lky lhqdZ k dhhj^bgZlZfb hl\_lkl\bb k \ujZ`_gb_f GZ wlhf hdhgqZl_evghf gZijZ\e_gbb b \u [bjZ_lky hq_j_^gZy lhqdZ L L L L ' J_r_gb_ Dhrb ^bnn_j_gpbZevgh]h mjZ\g_gby f_lh^hf Jmg]_²Dmllu q_l\_jlh]h ihjy^dZ AZ^Zgb_ nmgdpbb klhys_c \ ijZ\hc qZklb mjZ\g_gby I aZ^Zqb [ [ \ AZ^Zgb_ gZqZevguo mkeh\bc [ ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ nmgdpbb j_Zebamxs_c \uqbkebl_evguc Ze]hjblf f_lh^Z Jmg]_² Dmllu q_l\_jlh]h ihjy^dZ jbk :j]mf_glu nmgdpbb ² agZq_ gb_ j_r_gby \ lhqd_ [ ² e_\uc b ijZ\uc dhgpu bgl_j\ZeZ \u qbke_gby qbke_ggh]h j_r_gby 1 ² qbkeh k_ldb gZ dhlhjhc bs_lky j_ r_gb_ >M ² bfy nmgdpbb klhys_c \ ijZ\hc qZklb >M Nmgdpby \ha\jZsZ_l lZ[ebpm khklhysmx ba ^\mo klhe[ph\ i_j\uc klhe[_p ² agZq_gby Zj]mf_glZ \lhjhc klhe[_p ² agZq_gby j_r_gby >M Jbk Nmgdpby j_ZebamxsZy f_lh^ Jmg]_²Dmllu q_l\_jlh]h ihjy^dZ êy >M i_j\h]h ihjy^dZ nZce 5XQJH.XWWDPFG GZoh`^_gb_ qbke_ggh]h j_r_gby >M gZ bgl_j\Ze_ >@ [ 1 L 1 $ 5XQJH.XWWD \ [ [ 1 I <bamZebaZpby qbke_ggh]h j_r_gby jbk Jbk Qbke_ggh_ j_r_gb_ >M G\ [ ihemq_ggh_ f_lh^hf Jmg]_²Dmllu G[ Ihkljh_gb_ jZaghklb f_`^m qbke_gguf b lhqguf j_r_gbyfb jbk Jbk JZaghklv f_`^m qbke_gguf b lhqguf j_r_gby >M G\ [ G[ ·¼ÈºÑ ©ºÃ½·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» ´É²ÃÄ¿ÍÇÁÂÀº¹´À¶¿ÍÇ ¡½²¿ X Ijbf_ju mjZ\g_gbc \ qZklguo ijhba\h^guo X Lbiu mjZ\g_gbc k qZklgufb ijhba\h^gufb X Qbke_ggu_ f_lhû j_r_gby weebilbq_kdbo mjZ\g_gbc X Y\gu_ jZaghklgu_ ko_fu X G_y\gu_ jZaghklgu_ ko_fu X J_r_gb_ mjZ\g_gbc k qZklgufb ijhba\h^gufb f_lh^hf Fhgl_ DZjeh ¡Âº¾·ÂÍÅÂ²´¿·¿º» Hij_^_e_gb_ >bnn_j_gpbZevgu_ mjZ\g_gby kh^_j`Zsb_ qZklgu_ ijhba\h^gu_ gZau\Zxlky ^bnn_j_gpbZevgufb mjZ\g_gbyfb \ qZklguo ijh ba\h^guo MQI < hlebqb_ hl h[udgh\_gguo ^bnn_j_gpbZevguo mjZ\g_gbc H>M \ dhlhjuo g_ba\_klgZy nmgdpby aZ\bkbl lhevdh hl h^ghc i_j_f_gghc \ MQI g_ba\_kl gZy nmgdpby aZ\bkbl hl g_kdhevdbo i_j_f_gguo gZijbf_j l_fi_jZlmjZ X [ W aZ\bkbl hl dhhj^bgZlu [ b \j_f_gb W >ey mijhs_gby aZibkb [m^_f bkihevah\Zlv ke_^mxsb_ h[hagZq_gby XW { wX wX w X X X { { « [ [[ wW w[ w[ ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e Ijbf_ju MQI X X X h^ghf_jgh_ mjZ\g_gb_ l_iehijh\h^ghklb X X X X ^\mf_jgh_ mjZ\g_gb_ l_iehijh\h^ghklb W [[ W [[ X X U X XTT UU X X X X U mjZ\g_gb_ EZieZkZ \ iheyjguo dhhj^bgZlZo U lj_of_jgh_ \hegh\h_ mjZ\g_gb_ X DX EX l_e_]jZngh_ mjZ\g_gb_ F_lhû j_r_gby MQI X f_lh^ jZa^_e_gby i_j_f_gguo X f_lh^ bgl_]jZevguo ij_h[jZah\Zgbc X f_lh^ ij_h[jZah\Zgby dhhj^bgZl X ij_h[jZah\Zgb_ aZ\bkbfhc i_j_f_gghc X qbke_ggu_ f_lhû X f_lh^ l_hjbb \hafms_gbc X f_lh^ nmgdpbc =jbgZ X f_lh^ bgl_]jZevguo mjZ\g_gbc X \ZjbZpbhggu_ f_lhû X f_lh^ jZaeh`_gby ih kh[kl\_gguf nmgdpbyf X f_lh^ h[jZlghc aZ^Zqb jZkk_b\Zgby WW X [[ X \\ X ]] WW \\ [[ W ¤ºÁÍÅÂ²´¿·¿º» <Z`ghklv deZkkbnbdZpbb MQI h[mkeh\e_gZ l_f qlh êy dZ`^h]h deZkkZ km s_kl\m_l k\hy h[sZy l_hjby b f_lhû j_r_gby mjZ\g_gbc MQI fh`gh deZk kbnbpbjh\Zlv ih fgh]bf ijbagZdZf F_lhû deZkkbnbdZpbb MQI Ih ihjy^dm mjZ\g_gby ihjy^dhf MQI gZau\Zxl gZb\ukrbc ihjy^hd qZ klguo ijhba\h^guo \oh^ysbo \ mjZ\g_gb_ N X X mjZ\g_gb_ i_j\h]h ihjy^dZ mjZ\g_gb_ \lhjh]h ihjy^dZ X X N N X XX VLQ [ mjZ\g_gb_ lj_lv_]h ihjy^dZ W [ W [[ W [[[ ©²ÃÄÎ , ·¼Èºº Ih qbkem i_j_f_gguo qbkehf i_j_f_gguo gZau\Zxl qbkeh g_aZ\bkbfuo i_j_f_gguo mjZ\g_gb_ k ^\mfy i_j_f_ggufb N X X W N [[ XW mjZ\g_gb_ k lj_fy i_j_f_ggufb U T W X UU X U XTT U U Ih djbl_jbx ebg_cgh_ g_ebg_cgh_ Ebg_cguf MQI \lhjh]h ihjy^dZ k ^\mfy g_aZ\bkbfufb i_j_f_ggufb gZ au\Z_lky mjZ\g_gb_ \b^Z $X [[ %X [\ &X \\ 'X [ (X \ )X * ]^_ $ % & ' ( ) b * dhgklZglu beb aZ^Zggu_ nmgdpbb i_j_f_g guo [ b \ X H X VLQ W ebg_cgh_ mjZ\g_gb_ N N XX X g_ebg_cgh_ mjZ\g_gb_ X \X ebg_cgh_ mjZ\g_gb_ N W WW [[ [[ W \\ g_ebg_cgh_ mjZ\g_gb_ Ih djbl_jbx h^ghjh^gh_ g_h^ghjh^gh_ MjZ\g_gb_ gZau\Z_lky h^ghjh^guf _keb ijZ\Zy qZklv * [ \ lh`^_kl\_ggh jZ\gZ gmex êy \k_o [ b \ ?keb * [ \ g_ jZ\gZ gmex lh`^_kl\_ggh lh mjZ\g_gb_ gZau\Z_lky g_h^ghjh^guf Ih \b^m dhwnnbpb_glh\ ?keb dhwnnbpb_glu $ % & ' ( ) b * mjZ\g_gby dhgklZglu lh mjZ\g_gb_ gZau\Z_lky mjZ\g_gb_f k ihklhyggufb dhwnnbpb_g lZfb \ ijhlb\ghf kemqZ_ mjZ\g_gb_f k i_j_f_ggufb dhwnnbpb_glZfb N [[ [X [ \X \ X Ã¿À´¿Í·ÄºÁÍ½º¿·»¿ÍÇÅÂ²´¿·¿º» IZjZ[hebq_kdbc lbi MjZ\g_gby iZjZ[hebq_kdh]h lbiZ hibku\Zxl ijhp_kku l_iehijh\h^ghklb b ^bnnmabb b hij_^_eyxlky mkeh\b_f % $& =bi_j[hebq_kdbc lbi MjZ\g_gby ]bi_j[hebq_kdh]h lbiZ hibku\Zxl dhe_[Z l_evgu_ kbkl_fu b \hegh\u_ ^\b`_gby b hij_^_eyxlky mkeh\b_f % $& ! ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e Weebilbq_kdbc lbi MjZ\g_gby weebilbq_kdh]h lbiZ hibku\Zxl mklZgh\b\ rb_ky ijhp_kku b hij_^_eyxlky mkeh\b_f Ijbf_ju % $& X X X % $& iZjZ[hebq_kdh_ X X X % $& ]bi_j[hebq_kdh_ % $& ]bi_j[hebq_kdh_ X X[K % $& weebilbq_kdh_ X X X W [[ WW [[ [[ \\ X \X X [[ \\ % $& weebilbq_kdh_ ijb \ ! ° \ ®iZjZ[Zebq_kdh_ ijb \ °]bi_j[hebq_kdh_ \ ¯ ©ºÃ½·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ Ï½½ºÁÄºÉ·Ã¼ºÇÅÂ²´¿·¿º» Ijb j_r_gbb weebilbq_kdbo MQI klZ\blky aZ^ZqZ hlukdZgby j_r_gby \ g_ dhlhjhc h[eZklb ijhkljZgkl\Z ijb aZ^Zgguo agZq_gbyo nmgdpbb gZ ]jZgbp_ h[eZklb aZ^ZqZ >bjboe_ Lj_[m_lky gZclb j_r_gb_ mjZ\g_gby EZieZkZ X X XTT U U X T U k aZ^Zggufb ]jZgbqgufb mkeh\byfb =M T UU U VLQ d T d S JZkkfhlj_gb_ qbke_gguo f_lh^h\ j_r_gby aZ^Zqb >bjboe_ mjZ\g_gby EZi eZkZ \ ijyfhm]hevghc h[eZklb d [ d d \ d MQI X [[ X \\ =M X [ J \ X \ J \ X [ J \ X \ J \ gZqg_f kh agZdhfkl\Z k ihgylb_f dhg_qghjZaghklgZy qZklgZy ijhba\h^gZy ©²ÃÄÎ , ·¼Èºº GZihfgbf qlh ijb qbke_gghf bgl_]jbjh\Zgbb ijhba\h^gmx nmgdpbb hij_ ^_ey_fmx \ khhl\_lkl\bb k \ujZ`_gb_f Ic [ OLP K fu aZf_gyeb \ujZ`_gb_f o Ic [ # I [K I [ K I [K I [ K k lhqghklvx ^h qe_gh\ ihjy^dZ K Ziijhdkbfbjmxs_c ijhba\h^gmx \ lhqd_ [ <ujZ`_gb_ klhys__ \ ijZ\hc qZklb gZau\Z_lky ijZ\hc jZaghklghc ijhba\h^ghc < jZaeh`_gbb L cehjZ nmgdpbb I [ fh`gh aZf_gblv K gZ K b ihemqblv e_\mx jZaghklgmx ijhba\h^gmx H Ic [ # KdeZû\Zy gmx b I [ I [K K ihemqZ_f p_gljZevgmx jZaghklgmx ijhba\h^ Ic [ # I [K I [K K IhklmiZy ZgZeh]bqgh fh`gh ihemqblv ZiijhdkbfZpbx \lhjhc ijhba\h^ghc I cc [ # K ª¬ I [ K I [ I [ K º¼ L_i_jv fh`gh jZkijhkljZgblv ihgylb_ dhg_qgh jZaghklghc ZiijhdkbfZpbb gZ qZklgu_ ijhba\h^gu_ Bkihevamy jZaeh`_gb_ nmgdpbb ^\mo i_j_f_gguo \ jy^ LwcehjZ X [ K \ X [ \ X [ [ \ K X [[ [ \ X [ K \ X [ \ X [ [ \ K X [[ [ \ K K gZoh^bf \ujZ`_gby êy dhg_qgh jZaghklghc ZiijhdkbfZpbb qZklguo ijhba \h^guo X [ [ \ # X [ K \ X [ \ K ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e X [[ [ \ # K >X [ K \ X [ \ X [ K \ @ X \ [ \ # X \\ [ \ # K X [ \ N X [ \ N >X [ \ N X [ \ X [ \ N @ < ^Zgguo nhjfmeZo qZklgu_ ijhba\h^gu_ Ziijhdkbfbjmxlky ijZ\ufb p_g ljZevgufb b e_\ufb jZaghklyfb gh fu ^Ze__ [m^_f bkihevah\Zlv p_gljZev gu_ jZaghklgu_ ZiijhdkbfZpbb Ihkljhbf \ iehkdhklb [ \ jZ\ghf_jgmx k_ldm jbk Jbk Dhhj^bgZlgZy k_ldZ bkihevam_fZy êy j_r_gby MQI weebilbq_kdh]h lbiZ ;m^_f bkihevah\Zlv ke_^mxsb_ h[hagZq_gby X [ M \L XL M X [ M \L N XL M X [ M \L N X [ M K \L XL XL M M ©²ÃÄÎ , ·¼Èºº X [ M K \L X [ [ M \L X \ [ M \L X [[ [ M \L X \\ [ M \L XL M K K K N XL M XL M XL M XL M XL M XL M XL M XL M XL M XL M AZf_gbf qZklgu_ ijhba\h^gu_ \ mjZ\g_gbb EZieZkZ bo dhg_qghjZaghklghc ZiijhdkbfZpb_c K XL M XL M XL M N XL M XL M XL M ?keb N K lh mjZ\g_gb_ EZieZkZ ijb\h^blky d \b^m X X X X X L M L M L M L M L M JZaj_rb\ hlghkbl_evgh X ihemqbf LM XLM XL M XL M XL M XL M Hlf_lbf qlh \ \k_ khhlghr_gby [_jmlky êy \gmlj_ggbo maeh\ k_ldb l d agZq_gby nmgdpbb gZ ]jZgbpZo aZ^Zgu Khhlghr_gb_ fh`gh ljZd lh\Zlv dZd ZiijhdkbfZpbx agZq_gby nmgdpbb \ lhqd_ [ \ kj_^gbf agZq_ gb_f j_r_gby ih q_luj_f khk_^gbf lhqdZf GZ i_j\uc \a]ey^ ihevaZ hl \ujZ `_gby g_ hq_\b^gZ l d fu gZreb k\yav f_`^m agZq_gb_f nmgdpbb \ L M hf mae_ b agZq_gbyfb nmgdpbb \ khk_^gbo maeZo L M hf L M hf L M hf L M hf dhlhju_ lZd`_ g_ba\_klgu H^gZdh hdZau\Z_lky qlh _keb aZ^Zlv g_dhlhju_ gZqZevgu_ agZq_gby j_r_gby mjZ\g_gby EZieZkZ \ maeZo k_ldb b aZl_f bo ihke_^h\Zl_evgh mlhqgylv \ khhl\_lkl\bb k lh bl_jZ pbhgguc ijhp_kk [m^_l koh^blvky j_eZdkbjh\Zlv d lhqghfm j_r_gbx LZdbf h[jZahf êy qbke_ggh]h j_r_gby aZ^Zqb >bjboe_ f_lh^hf j_eZdkZ pbb fh`gh bkihevah\Zlv ke_^mxsbc Ze]hjblf Ijbk\hblv \_ebqbgZf X \h \gmlj_ggbo maeZo k_ldb g_dhlhju_ qbke_g gu_ agZq_gby gZijbf_j jZ\gu_ kj_^g_fm agZq_gbx \k_o ]jZgbqguo mk eh\bc L L M M ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e I_j_kqblu\Zlv agZq_gby \h \k_o \gmlj_ggbo lhqdZo k_ldb \ khhl\_lkl\bb k aZf_gyy klZjh_ agZq_gb_ kj_^gbf agZq_gb_f \uqbke_gguf ih q_luj_f khk_^gbf lhqdZf Hlf_lbf qlh ijb wlhf g_ \Z`gh ² ih kljhdZf beb ih klhe[pZf hj]Zgbah\Zg ijhp_kk kq_lZ G_^hklZldhf ^Zgghc ko_fu y\ey_lky gbadZy kdhjhklv koh^b fhklb bl_jZpbhggh]h ijhp_kkZ dhlhjmx h^gZdh fh`gh memqrblv bkihev amy ki_pbZevgu_ f_lhû gZijbf_j f_lh^ \_jog_c b gb`g_c j_eZdkZpbb >@ hkgh\Zggu_ gZ h[km`^Z\r_fky gZfb jZg__ f_lh^_ A_c^_ey J_r_gb_ aZ^Zqb >bjboe_ mjZ\g_gby EZieZkZ \ iZd_l_ 0DWKFDG MQI X X [[ \\ =M X [ X \ J \ X [ X \ J \ AZ^Zgb_ nmgdpbb j_Zebamxs_c f_lh^ j_eZdkZpbb jbk b \ha\jZ sZxs_c agZq_gby nmgdpbb X [ \ \uqbkey_fu_ \ maeZo dhhj^bgZlghc k_ldb :j]mf_glu nmgdpbb 1 ² qbkeh maeh\ k_ldb 1 B ,WHU ² qbkeh rZ]h\ f_lh^Z j_eZdkZpbb M ² bfy fZljbpu agZq_gby ihl_gpbZeZ \ ]jZ gbqguo maeZo kl_db b gZqZevgh_ agZq_gb_ ihl_gpbZeZ \h \gmlj_ggbo ma eZo k_ldb Jbk Nmgdpby j_ZebamxsZy f_lh^ j_eZdkZpbc nZce ,WHUPFG AZ^Zgb_ ihl_gpbZeZ \ ]jZgbqguo maeZo k_ldb b gZqZevgh]h ijb[eb`_gby \h \gmlj_ggbo maeZo k_ldb 1 L 1 M 1 P P L L 1 ©²ÃÄÎ , ·¼Èºº P M P N[ 1 P N[ N\ 1 M N\ 1 1L <uqbke_gb_ qbke_ggh]h j_r_gby mjZ\g_gby EZieZkZ f_lh^hf j_eZdkZ pbb % LWHU 1 1L P <bamZebaZpby qbke_ggh]h j_r_gby mjZ\g_gby EZieZkZ jbk Jbk DZjlZ ebgbc jZ\gh]h ihl_gpbZeZ qbke_ggh]h j_r_gby mjZ\g_gby EZieZkZ ±´¿Í·Â²¹¿ÀÃÄ¿Í·ÃÇ·¾Í Y\gu_ jZaghklgu_ ko_fu bkihevamxlky êy j_r_gby mjZ\g_gbc \ dhlhju_ \oh^yl ijhba\h^gu_ ih \j_f_gb >ey j_r_gby ^Zgguo aZ^Zq bkihevamxlky y\gu_ jZaghklgu_ ko_fu k dhlhjufb fu ihagZdhfbfky gZ ijbf_j_ y\ghc ko_fu [_]ms_]h kq_lZ êy mjZ\g_gby l_iehijh\h^ghklb JZkkfhljbf j_r_gb_ kf_rZgghc djZ_\hc aZ^Zqb êy ke_^mxs_]h MQI XW X [[ [ W f ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e =M °X W ®X W ¯° [ ª¬X W J W º¼ W f GM X [ d [ d JZkkfZljb\Z_fh_ MQI hibku\Z_l jZkij_^_e_gb_ l_fi_jZlmju \ kl_j`g_ gZ qZevgZy l_fi_jZlmjZ dhlhjh]h jZ\gZ gmex E_\uc dhg_p kl_j`gy gZoh^blky ijb ihklhygghc l_fi_jZlmj_ gZ ijZ\hf dhgp_ kl_j`gy ijhbkoh^bl l_iehh[ f_g k hdjm`Zxs_c kj_^hc l_fi_jZlmjZ dhlhjhc hij_^_ey_lky nmgdpb_c J W >ey j_r_gby aZ^Zqb f_lh^hf dhg_qguo jZaghkl_c ihkljhbf ijyfhm]hevgmx k_ldm jbk maeu dhlhjhc hij_^_eyxlky nhjfmeZfb [M MK M WL LN L Q P Jbk IjhkljZgkl\_ggh\j_f_ggZy k_ldZ bkihevam_fZy êy j_r_gby h^ghf_jgh]h mjZ\g_gby l_iehijh\h^ghklb Hlf_lbf qlh agZq_gby X gZ e_\hc b gb`g_c klhjhgZo k_ldb ba\_klgu ba gZqZevguo b ]jZgbqguo mkeh\bc gZ ijZ\hc ]jZgbp_ ba\_klgh agZq_gb_ qZkl ghc ijhba\h^ghc j_r_gby mjZ\g_gby ih i_j_f_gghc [ L M ©²ÃÄÎ , ·¼Èºº AZf_gbf qZklgu_ ijhba\h^gu_ \ mjZ\g_gbb l_iehijh\h^ghklb bo dhg_qgh jZaghklgufb ZiijhdkbfZpbyfb XW X [[ K ª¬X N ª¬X [ W N X [ W º¼ ªXL M XL M º ¼ N¬ [ K W X [ W X [ K W º¼ K ªXL M XL M XL M º ¬ ¼ Ih^klZ\bf ^Zggu_ \ujZ`_gby \ bkoh^gh_ mjZ\g_gb_ X X b jZaj_rbf ih emqb\r__ky mjZ\g_gb_ hlghkbl_evgh agZq_gbc nmgdpbb gZ \_jog_f \j_f_g ghf keh_ < j_amevlZl_ ihemqZ_f W [[ XL M XL M N K ªXL M XL M XL M º ¬ ¼ NhjfmeZ j_rZ_l ihklZ\e_ggmx aZ^Zqm ihkdhevdm hgZ \ujZ`Z_l j_r_ gb_ \ ^Zgguc fhf_gl \j_f_gb q_j_a j_r_gb_ \ ij_û^msbc fhf_gl \j_f_gb >ey j_r_gby kf_r_gghc djZ_\hc aZ^Zqb g_h[oh^bfh Ziijhdkbfbjh\Zlv ijh ba\h^gmx \ ]jZgbqghf mkeh\bb gZ ijZ\hf dhgp_ X [ W ¬ªX W J W º¼ Bkihevamy dhg_qgh jZaghklgmx ZiijhdkbfZpbx ihemqZ_f Ba gZoh^bf ªXL Q XL Q º ¼ ªXL Q J L º ¬ ¼ K¬ XL Q XL Q KJL K Nhjfmeu iha\heyxl gZqZlv \uqbke_gby ih y\ghc ko_f_ :e]hjblf \uqbke_gbc ih y\ghc ko_f_ j_Zebam_lky ke_^mxs_c ihke_^h\Z l_evghklvx ^_ckl\bc GZoh^bf j_r_gb_ gZ k_lhqghf keh_ W 'W bkihevamy y\gmx nhjfmem X X M M N K ªX M X M X M º ¬ ¼ GZoh^bf \_ebqbgm X ih nhjfme_ Q X Q Q X Q KJ M K AZ\_jrb\ rZ]b b ihemqZ_f j_r_gb_ êy W 'W >ey ihemq_gby j_r_gby ijb W 'W ih\lhjyxl rZ]b ih^gy\rbkv gZ h^gm kljhdm \\_jo l _ m\_ ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e ebqb\ L gZ _^bgbpm b bkihevamy X k ij_û^ms_c kljhdb :gZeh]bqgh \u qbkey_lky j_r_gb_ \ ihke_^mxsb_ fhf_glu \j_f_gb W 'W 'W M y\ghc ko_fu bf__lky h^bg kms_kl\_gguc g_^hklZlhd _keb rZ] ih \j_f_gb hdZau\Z_lky ^hklZlhqgh [hevrbf ih kjZ\g_gbx k rZ]hf ih [ lh ih]j_rgh klb hdjm]e_gby fh]ml klZlv gZklhevdh [hevrbfb qlh ihemq_ggh_ j_r_gb_ l_jy_l kfuke l _ j_r_gb_ klZgh\blky g_mklhcqb\uf Fh`gh ihdZaZlv qlh êy ijbf_gbfhklb y\ghc ko_fu ^he`gh \uihegylvky mkeh\b_ N K d L M J_r_gb_ djZ_\hc aZ^Zqb mjZ\g_gby l_iehijh\h^ghklb \ iZd_l_ AZ^Zgb_ gZqZevguo b ]jZgbqguo mkeh\bc 0DWKFDG W [ I [ I I I <uqbke_gb_ j_r_gby \ ihke_^h\Zl_evgu_ fhf_glu \j_f_gb \ khhl\_lkl \bb k N IW [ IW [ N IW [ IW [ IW [ <bamZebaZpby qbke_ggh]h j_r_gby mjZ\g_gby l_iehijh\h^ghklb jbk Jbk Qbke_ggh_ j_r_gb_ mjZ\g_gby l_iehijh\h^ghklb ©²ÃÄÎ , ·¼Èºº Ihemqbf y\gmx \uqbkebl_evgmx ko_fm êy gZoh`^_gby qbke_ggh]h j_r_gby MQI ]bi_j[hebq_kdh]h lbiZ gZ ijbf_j_ \hegh\h]h mjZ\g_gby w8 w [ AZibr_f mjZ\g_gb_ Y wW \ dhg_qguo jZaghklyo XL M XL M XL M K w 8 XL M XL M XL M Y W Ihemq_ggh_ mjZ\g_gb_ iha\hey_l \ujZablv agZq_gb_ nmgdpbb X \ fhf_gl \j_f_gb W q_j_a agZq_gby nmgdpbb \ ij_û^msb_ fhf_glu \j_f_gb L XL M §W· ¸ ©K¹ Y ¨ XL M XL M XL M XL M XL M LZdZy jZaghklgZy ko_fZ mklhcqb\Z _keb W d K Y Hlf_lbf qlh êy gZqZeZ \uqbke_gbc \ khhl\_lkl\bb k g_h[oh^bfh agZlv agZq_gby nmgdpbb \ fhf_glu \j_f_gb W b W >Zggh_ h[klhyl_evkl\h h[mkeh\e_gh l_f qlh fu j_rZ_f mjZ\g_gb_ \lhjh]h ihjy^dZ ih \j_f_gb >ey gZoh`^_gby j_r_gbc \ fhf_glu \j_f_gb W b W g_h[oh^bfh bkihevah\Zlv gZqZevgh_ mkeh\b_ êy i_j\uo ijhba\h^guo nmgdpbb X J_r_gb_ \hegh\h]h mjZ\g_gby \ iZd_l_ AZ^Zgb_ qbkeZ maeh\ ih \j_f_gb 1W L 1W AZ^Zgb_ qbkeZ rZ]h\ ih dhhj^bgZl_ 1[ 0DWKFDG M 1[ AZ^Zgb_ gZqZevguo mkeh\bc X 8 M VLQ 8 8 M [ VLQ S [ X c [ d [ d M · § ¨S ¸ ¹ © M <uqbke_gb_ qbke_ggh]h j_r_gby \hegh\h]h mjZ\g_gby \ khhl\_lkl\bb k D N M 8 L M 1[ L 1W D N 8 8 8 8 8 L M L M L M L M L M <bamZebaZpby qbke_ggh]h j_r_gby \hegh\h]h mjZ\g_gby jbk Jbk J_r_gb_ \hegh\h]h mjZ\g_gby \ \u[jZggu_ fhf_glu \j_f_gb ·Ñ´¿²ÑÂ²¹¿ÀÃÄ¿²ÑÃÇ·¾² ¶½ÑÅÂ²´¿·¿ºÑÁ²Â²³À½ºÉ·Ã¼ÀµÀÄºÁ² Ihkljhbf g_y\gmx jZaghklgmx ko_fm êy mjZ\g_gby l_iehijh\h^ghklb JZk kfhljbf aZ^Zqm MQI XW =M GM X [[ X W ® ¯X W X [ [ [ f W f d [ d ! " <hkihevam_fky ke_^mxsbfb dhg_qghjZaghklgufb ZiijhdkbfZpbyfb qZkl guo ijhba\h^guo X b X W [[ X [W O X [W ªX [ W N X [ W ¼º N¬ ªX [ K W N X [ W N X [ K W N º¼ K ¬ [[ W ªX [ K W X [ W X [ K W ¼º K ¬ ]^_ O \u[bjZ_lky ba hlj_adZ > @ Hlf_lbf qlh X Ziijhdkbfbjm_lky \a\_r_gguf kj_^gbf p_gljZevguo jZaghklguo ijhba\h^guo \ fhf_gl \j_f_gb W b W N Ijb O ihemqZ_lky h[uqgh_ kj_^g__ ^\mo p_gljZevguo ijhba\h^guo ijb O ihemqZ_f h[uqgmx y\gmx ko_fm h dhlhjhc j_qv reZ \ur_ Ihke_ aZf_gu qZklguo ijhba\h^guo X X \ aZ^Zq_ ihemqZ_f jZaghklgmx aZ^Zqm [[ W N O X X X O X X X K K X L P ®X ¯ X M Q X X L M [[ L M L M L L Q M L M L M L M L M L M I_j_g_k_f \k_ g_ba\_klgu_ agZq_gby X k \_jog_]h \j_f_ggh]h kehy k bg^_d khf L \ e_\mx qZklv mjZ\g_gby OUX UO X L U M L M O X ª¬ U O º¼ X U O X L M L M L M ]^_ U N K ?keb L nbdkbjh\Zg Z M baf_gy_lky hl ^h Q khhlghr_gby hi j_^_eyxl kbkl_fm Q mjZ\g_gbc k Q g_ba\_klgufb X X X X dhlhju_ y\eyxlky j_r_gb_f aZ^Zqb \h \gmlj_ggbo maeZo k_ldb gZ \j_f_gghf keh_ W L 'W GZ]ey^gh_ ij_^klZ\e_gb_ h kljmdlmj_ dZ`^h]h mjZ\g_gby ^Z_l jbk L L L Q L # Jbk KljmdlmjZ mjZ\g_gby H[km^bf [he__ ih^jh[gh Ze]hjblf j_r_gby kf_rZgghc djZ_\hc aZ^Zqb h^gh f_jgh]h mjZ\g_gby l_iehijh\h^ghklb êy kemqZ_\ O ko_fZ DjZgdZ² GbdhevkhgZ K '[ N 'W ijb wlhf U N K < ^Zgghf kemqZ_ k_ldZ kh^_j`bl maeh\ \^hev hkb [ < khhl\_lkl\bb k \uqbkebl_evghc ko_fhc bah[jZ`_gghc gZ jbk ^\b]Zykv ke_\Z gZijZ\h M ih i_j\uf ^\mf kehyf L ihemqZ_f ke_^mxsb_ q_luj_ mjZ\g_gby X X X X X X X X X X X X X X X X X X X X X X X X I_j_ibr_f mjZ\g_gby \ fZljbqghc nhjf_ ª º ªX º « » «X » « » « » « » «X » « » « » ¬ ¼ ¬«X ¼» ªº «» « » «» «» ¬¼ FZljbpZ ^Zgghc kbkl_fu gZau\Z_lky lj_o^bZ]hgZevghc < gZb[he__ h[s_f \b^_ lj_o^bZ]hgZevgZy kbkl_fZ bf__l \b^ ªE «D « « « « « « « « ¬ F E F D E F º ª [ º » «[ » » « » » « [ » » « » » « » » « » » « » F » « » E »¼ «¬ [ »¼ D Q Q Q Q ªG º «G » « » «G » « » « » « » « » « » «G » ¬ ¼ Q " >ey gZoh`^_gby __ j_r_gby ij_h[jZam_f kbkl_fm d wd\b\Ze_glghfm \b^m F ª « « « « « « « « « «¬ ]^_ F F E M F F F E D F F M M M G D G E D F G M M M M M M M M º ª [ º » « » » « [ » » «[ » » « » » « » » « » » « » F »» « » « » »¼ ¬ [ ¼ Q Q Q G M ªG º « » «G » « » «G » « » « » « » « » « » «G » «¬ »¼ Q G E J_r_gb_ kbkl_fu gZoh^blky ihke_^h\Zl_evgh kgbam \\_jo >ey gZ oh`^_gby j_r_gby gZ ke_^mxs_f rZ]_ \h \j_f_gb ke_^m_l \gh\v j_rblv ZgZeh]bqgmx kbkl_fm Hlf_lbf qlh h[t_f \uqbke_gbc gZ dZ`^hf rZ]_ [hevr_ q_f \ y\ghc ko_f_ gh ohjhrmx lhqghklv m^Z_lky ihemqblv ^Z`_ ijb ]hjZa^h [hevr_f rZ]_ Ij_^\Zjyy j_r_gb_ kf_rZgghc djZ_\hc aZ^Zqb aZibr_f \ y\ghf \b^_ kbkl_ fm ebg_cguo mjZ\g_gbc êy ko_fu k O § U U ·§ X · ¨ ¸¨ ¸ U U ¨ U ¸¨ X ¸ ¨ ¸¨ ¸ ¨ ¸¨ ¸ U U U ¸¨ X ¸ ¨ ¨ ¸¨ ¸ U U © X ¹ © ¹ L L L Q L Q § X U X · ¨ ¸ X ¨ ¸ ¨ ¸ ¨ ¸ X ¨ ¸ ¨ X U X ¸ © ¹ L L L L Q L Q L Q ]^_ X X W X X W Kbkl_fu lZdh]h \b^Z fu [m^_f bkihevah\Zlv gb`_ ijb j_r_gbb kf_rZgghc djZ_\hc aZ^Zqb êy mjZ\g_gby iZjZ[hebq_kdh]h \b^Z L L Q J_r_gb_ kf_rZgghc djZ_\hc aZ^Zqb MQI X [ VLQ S [ [ d [ d =M X W X W gb_f g_y\ghc jZaghklghc ko_fu O GM k bkihevah\Z XW X [[ AZ^Zgb_ qbkeZ maeh\ k_ldb ih dhhj^bgZl_ M 1[ á AZ^Zgb_ qbkeZ rZ]h\ ih \j_f_gb 1W L 1W AZ^Zgb_ gZqZevguo mkeh\bc Í ÄÃÃ M · M § ¸ © 1[ ¹ 1[ AZ^Zgb_ ]jZgbqguo mkeh\bc D E X M VLQ ¨ S N 1[ XL D XL 1[ E <uqbke_gb_ fZljbpu kbkl_fu P 1[ U $N N U $P P U $PP U AZ^Zgb_ nmgdpbb \ha\jZsZxs_c j_r_gby MQI iZjZ[hebq_kdh]h lbiZ \ aZ^Zggu_ fhf_glu \j_f_gb jbk Jbk Nmgdpby \ha\jZsZxsZy qbke_ggu_ agZq_gby j_r_gby MQI iZjZ[hebq_kdh]h lbiZ \ aZ^Zggu_ fhf_glu \j_f_gb nZce XPFG ! " <uqbke_gb_ j_r_gbc MQI 8 8 X <bamZebaZpby j_r_gbc MQI jbk Jbk J_r_gb_ kf_rZgghc djZ_\hc aZ^Zqb MQI iZjZ[hebq_kdh]h lbiZ ¢·Ê·¿º·ÅÂ²´¿·¿º» ¾·ÄÀ¶À¾À¿Ä·²Â½À JZkkfhljbf j_r_gb_ aZ^Zqb >bjboe_ mjZ\g_gby EZieZkZ f_lh^hf kemqZcguo [em`^Zgbc X [[ X \\ [ \ >ey beexkljZpbb f_lh^Z Fhgl_DZjeh jZkkfhljbf b]jm dhlhjZy gZau\Z_lky ;em`^Zxsbc ivygbpZ IjZ\beZ b]ju ;em`^Zgby ivygbpu gZqbgZxlky ba ijhba\hevghc lhqdb k_ldb \ gZr_f kemqZ_ wlh lhqdZ $ jbk Jbk D h[tykg_gbx gZoh`^_gby j_r_gby MQI f_lh^hf Fhgl_DZjeh GZ dZ`^hf rZ]_ ivygbpZ kemqZcguf h[jZahf i_j_f_sZ_lky \ h^gm ba q_ luj_o khk_^gbo lhq_d k_ldb \ gZr_f kemqZ_ wlh h^gZ ba lhq_d & % ' ( <_jhylghklv ihiZ^Zgby \ dZ`^mx ba lhq_d jZ\gZ Ihke_ i_j_oh^Z \ khk_^gxx lhqdm ijhp_kk [em`^Zgby \hah[gh\ey_lky I_j_f_s_gby ivygbpu ijh^he`Zxlky ^h l_o ihj ihdZ hg g_ ^hklb]g_l h^ghc ba ]jZgbqguo lhq_d 3L Ghf_j ]jZgbqghc lhqdb nbdkbjm_lky b gZ wlhf kemqZcgZy ijh]medZ aZdZgqb\Z_lky Ijhba\h^bf ih\lhj_gb_ rZ]h\ ² ^hklZlhqgh_ dhebq_kl\h jZa b hij_^_ ebf dhebq_kl\h ihk_s_gbc ivygbp_c dZ`^hc ]jZgbqghc lhqdb Hlghr_gb_ qbkeZ ihk_s_gbc ivygbp_c dZ`^hc lhqdb ]jZgbpu d iheghfm qbkem bkiu lZgbc hij_^_ey_l \_jhylghklv ihiZ^Zgby ivygh]h \ ^Zggmx lhqdm ]jZgbpu Ij_îheh`bf qlh ivygbpZ ihemqZ_l \hagZ]jZ`^_gb_ J L _keb hg ^hklb ]Z_l lhqdb 3L b ij_îheh`bf qlh p_ev b]ju ² \uqbkeblv kj_^g__ \ha gZ]jZ`^_gb_ 5 $ êy \k_o kemqZcguo ijh]mehd gZqbgZxsboky ba lhqdb $ Lh]^Z bkdhfuc kj_^gbc \ub]jur hij_^_ey_lky nhjfmehc 5 $ J3$ S J 3$ S J 3$ S >ey q_]h gZ^h b]jZlv \ ;em`^Zxs_]h ivygbpm" HdZau\Z_lky qlh kj_^g__ \hagZ]jZ`^_gb_ y\ey_lky j_r_gb_f aZ^Z qb >bjboe_ \ lhqd_ $ >Zgguc \u\h^ hkgh\Zg gZ ^\mo nZdlZo X Ij_îheh`bf qlh ivygbpZ gZqZe k\h_ ^\b`_gb_ ba lhqdb e_`Zs_c gZ ]jZgbp_ DZ`^Zy lZdZy ijh]medZ aZdZgqb\Z_lky \ lhc `_ lhqd_ b ivygbpZ ! " g_f_ê_ggh ihemqZ_l \hagZ]jZ`^_gb_ J L LZdbf h[jZahf kj_^g__ \hagZ ]jZ`^_gb_ êy dZ`^hc lhqdb jZ\gh J L X L_i_jv ij_îheh`bf qlh ijh]medZ gZqbgZ_lky ba \gmlj_gg_c lhqdb Lh ]^Z ykgh qlh kj_^g__ \hagZ]jZ`^_gb_ êy lhqdb 5 $ [m^_l kj_^gbf Zjbnf_lbq_kdbf hl kj_^gbo \hagZ]jZ`^_gbc êy q_luj_o khk_^gbo lhq_d 5 $ >5 % 5 & 5 ' 5 ( @ BlZd fu \b^bf qlh 5 $ m^h\e_l\hjy_l mjZ\g_gbx \ dZ`^hc \gml j_gg_c lhqd_ b jZ\gh J L \ ]jZgbqghc lhqd_ ?keb J L wlh agZq_gby nmgdpbb J [ \ ba ]jZgbqgh]h mkeh\by \ ]jZgbqguo lhqdZo 3L lh ^\Z gZrbo mjZ\g_gby lhqgh kh\iZ^Zxl k ^\mfy mjZ\g_gbyfb dhlhju_ ihemq_gu ijb j_r_gbb aZ^Zqb >bjboe_ f_lh^hf dhg_qguo jZaghkl_c Lh _klv \_ebqbgZ 5 $ khhl\_lkl\m_l \_ebqbg_ XLM \ jZaghklguo mjZ\g_gbyo XL M ª¬XL M XL M XL M XL M º¼ XL M ]^_ L M ² JL M \gmlj_ggyy lhqdZ JL M ² agZq_gb_ j_r_gby \ ]jZgbqghc lhqd_ L M LZdbf h[jZahf \_ebqbgZ 5 $ ^_ckl\bl_evgh Ziijhdkbfbjm_l j_r_gb_ mjZ\g_gby k qZklgufb ijhba\h^gufb \ lhqd_ $ J_r_gb_ f_lh^hf kemqZcguo [em`^Zgbc \ iZd_l_ 0DWKFDG mjZ\g_gby EZi eZkZ X [[ X \\ [ \ X \ X \ X [ X [ AZ^Zgb_ iZjZf_ljh\ dhhj^bgZlghc k_ldb L 1[ 1[ 1\ M 1\ AZ^Zgb_ ]jZgbqguo mkeh\bc ;/L <X M ;5L <G M AZ^Zgb_ nmgdpbb \ha\jZsZxs_c qbke_ggu_ agZq_gby j_r_gby mjZ\g_ gby EZieZkZ f_lh^hf Fhgl_DZjeh jbk :j]mf_glu nmgdpbb 1[ 1\ ² qbkeh maeh\ k_ldb 17ULDO ² qbkeh bkiulZgbc ;/ ² \_dlhj kh^_j`Zsbc ]jZgbqgu_ agZq_gby gZ e_\hc ]jZgbp_ ;5 ² \_dlhj kh ^_j`Zsbc ]jZgbqgu_ mkeh\by gZ ijZ\hc ]jZgbp_ <G ² \_dlhj kh^_j `Zsbc j_r_gby gZ gb`g_c ]jZgbp_ <X ² \_dlhj kh^_j`Zsbc j_r_gby gZ \_jog_c ]jZgbp_ Jbk Nmgdpby \ha\jZsZxsZy qbke_ggh_ j_r_gb_ mjZ\g_gby EZieZkZ f_lh^hf Fhgl_DZjeh nZce 5PFG ! Ihbkd qbke_ggh]h j_r_gby mjZ\g_gby EZieZkZ 8 5 1[ 1\ ;/ ;5<X<G ©²ÃÄÎ , ·¼Èºº <bamZebaZpby qbke_ggh]h j_r_gby mjZ\g_gby EZieZkZ jbk Jbk J_r_gb_ mjZ\g_gby EZieZkZ f_lh^hf Fhgl_DZjeh >ey kjZ\g_gby gZ jbk ij_^klZ\e_gh j_r_gb_ mjZ\g_gby EZieZkZ ih emq_ggh_ f_lh^hf j_eZdkZpbc Jbk J_r_gb_ mjZ\g_gby EZieZkZ f_lh^hf j_eZdkZpbb ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e JZkkfhljbf weebilbq_kdmx djZ_\mx aZ^Zqm X [[ VLQ [ X [[ gZ ]jZgbp_ d\Z^jZlZ [ S \ S X [ \ J [ \ >ey lh]h qlh[u j_rblv wlm aZ^Zqm aZf_gbf X [[ X \\ b VLQ [ ke_^mxsbf h[ jZahf X [[ XL M XL M XL M X \\ XL M XL M XL M VLQ [ VLQ [ M b ih^klZ\bf bo \ MQI JZaj_rb\ ihemqb\r__ky mjZ\g_gb_ hlghkbl_evgh XL M ihemqZ_f X X VLQ [ M XL M XL M XL M L M L M VLQ [ M Dhwnnbpb_glu ijb XL M XL M XL M XL M iheh`bl_evgu b bo kmffZ jZ\gZ _^bgbp_ >jm]bfb keh\Zfb j_r_gb_ XL M y\ey_lky \a\_r_gguf kj_^gbf j_ r_gb_f \ q_luj_o khk_^gbo lhqdZo Ke_^h\Zl_evgh fh`gh fh^bnbpbjh\Zlv f_lh^ ;em`^Zxs_]h ivygbpu lZd qlh[u \_jhylghklb i_j_oh^Z \ khk_^gb_ lhqdb jZ\gyebkv [u dhwnnbpb_glm \ khhl\_lkl\mxs_f qe_g_ >jm]bfb keh\Zfb _keb ivygbpZ gZoh^blky \ lhqd_ L M lh hg i_j_oh^bl \ lhqdm L M k \_jhylghklvx L M k \_jhylghklvx L M k \_jhylghklvx L M k \_jhylghklvx VLQ [ M VLQ [ M VLQ [ M VLQ [ M VLQ [ M VLQ [ M < hklZevghf ijZ\beZ b]ju g_ f_gyxlky Fh^bnbdZpby êy ^jm]bo aZ^Zq fh `_l hdZaZlvky [he__ obljhmfghc h^gZdh hkgh\gZy b^_y f_lh^Z g_ f_gy_lky ·¼ÈºÑ ©ºÃ½·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇÅÂ²´¿·¿º» ¡½²¿ X H[sb_ k\_^_gby h[ bgl_]jZevguo mjZ\g_gbyo X D\Z^jZlmjguc f_lh^ j_r_gby bgl_]jZevguo mjZ\g_gbc Nj_^]hevfZ X D\Z^jZlmjguc f_lh^ j_r_gby bgl_]jZevguo mjZ\g_gbc <hevl_jju ³Ëº·Ã´·¶·¿ºÑ À³º¿Ä·µÂ²½Î¿ÍÇÅÂ²´¿·¿ºÑÇ Hij_^_e_gb_ Bgl_]jZevguf mjZ\g_gb_f gZau\Z_lky mjZ\g_gb_ hlgh kbl_evgh g_ba\_klghc nmgdpbb kh^_j`Zs_cky ih^ agZdhf bgl_]jZeZ D bgl_]jZevguf mjZ\g_gbyf ijb\h^yl fgh]b_ aZ^Zqb \hagbdZxsb_ \ fZl_ fZlbd_ b fZl_fZlbq_kdhc nbabd_ Bklhjbq_kdb i_j\hc aZ^Zq_c k\_^_gghc d bgl_]jZevghfm mjZ\g_gbx ] ³ M [ G[ ] [ I ] kqblZ_lky aZ^ZqZ :[_ey bf_xsZy ke_^mxsmx nhjfmebjh\dm Hij_^_eblv \b^ djb\hc [ M ] ih dhlhjhc \ \_jlbdZevghc iehkdhklb 2[] ih^ ^_ckl\b_f kbeu ly`_klb ^he`gZ kdZlu\Zlvky fZl_jbZevgZy lhqdZ lZd qlh[u gZqZ\ k\h_ ^\b`_gb_ k gme_\hc gZqZevghc kdhjhklvx ba lhqdb ] ] hgZ ^hklb]ZeZ hkb 2[ aZ aZ^Zggh_ \j_fy 7 I ] Bgl_]jZevgu_ mjZ\g_gby rbjhdh bkihevamxlky \ fh^_eyo jZkkfZljb\Z_fuo \ l_hjbb mijm]hklb ]Zah\hc ^bgZfbd_ we_dljh^bgZfbd_ wdheh]bb b ^jm]bo h[eZklyo nbabdb \ dhlhjuo hgb y\eyxlky ke_^kl\b_f aZdhgh\ khojZg_gby fZkku bfimevkZ b wg_j]bb >hklhbgkl\h ^Zgguo fh^_e_c khklhbl \ lhf qlh ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» bgl_]jZevgu_ mjZ\g_gby \ hlebqb_ hl ^bnn_j_gpbZevguo g_ kh^_j`Zl ijh ba\h^guo bkdhfhc nmgdpbb b ke_^h\Zl_evgh `_kldb_ h]jZgbq_gby gZ ]eZ^ dhklv j_r_gby hlkmlkl\mxl AZ\bkbfhklb f_`^m gZijy`_gbyfb V b ^_nhjfZpbyfb H \ mijm]h \yadbo fZl_jbZeZo hibku\Zxlky mjZ\g_gbyfb H W V W V W W ³ . W W V W GW ( ( W (H W ( ³ 7 W W H W G W ]^_ ( fh^mev mijm]hklb . W W nmgdpby \ebygby gZijy`_gby V W \ fhf_gl \j_f_gb W gZ ^_nhjfZpbx H W \ fhf_gl \j_f_gb W ZgZeh]bqgZy nmgdpby \ebygby ^_nhjfZpbb 7 WW J_r_gb_ aZ^Zqb h[ hij_^_e_gbb \b^Z ihl_gpbZevghc wg_j]bb ih i_jbh^m dhe_[Zgbc k\h^blky d j_r_gbx bgl_]jZevgh]h mjZ\g_gby ² ² ² > @ 7 ( P [ ( ³ [ ( G[ ( 8 [ ]^_ ( wg_j]by qZklbpu P fZkkZ qZklbpu [ ( [ ( hj^bgZlu lhqdb hklZgh\db y\eyxsb_ky j_r_gb_f mjZ\g_gby ² ² ² dh 8 [ ( Bgl_]jZevgh_ mjZ\g_gb_ \ ^hklZlhqgh h[s_f \b^_ fh`gh aZibkZlv \ ke_^mx s_c nhjf_ [ W ³. W V [ V GV I W ' ]^_ ' g_dhlhjZy h[eZklv Q f_jgh]h ijhkljZgkl\Z [ g_ba\_klgZy nmgdpby I ba\_klgZy nmgdpby aZ\bkysZy hl \j_f_gb . nmgdpby hlghkbl_evgh [ ebg_cgZy beb g_ebg_cgZy >Ze__ fu h]jZgbqbf jZkkfhlj_gb_ h^ghf_jgufb ebg_cgufb bgl_]jZevgufb mjZ\g_gbyfb \ dhlhjuo nmgdpby [ W y\ey_lky nmgdpb_c aZ\bkys_c hl h^ghc i_j_f_gghc Z h[eZklv ' hlj_adhf dhg_qghc êbgu \ dZ`^hc lhqd_ ² ² ² ² ² { ºËä °ãÈË ÁÓ}ÒÒ [ W I W Û mË}º¯ÁÓ}ÒÒ ©²ÃÄÎ , ·¼Èºº dhlhjh]h ihûgl_]jZevgZy nmgdpby ij_^klZ\bfZ \ \b^_ . W V [ V 4 W V [ V DeZkkbnbdZpby lbih\ ebg_cguo bgl_]jZevguo mjZ\g_gbc ijh\h^blky ih \b^m \_jog_c ]jZgbpu bgl_]jZeZ \ _keb \_jogyy ]jZgbpZ bgl_]jbjh\Zgby y\ey_lky ihklhygghc lh mjZ\g_gb_ gZau\Z_lky mjZ\g_gb_f Nj_^]hevfZ _keb i_j_f_gghc mjZ\g_gb_f <hevl_jju dhlhju_ \ k\hx hq_j_^v ih^jZa^_ey xlky gZ mjZ\g_gby i_j\h]h b \lhjh]h jh^Z GZ ijZdlbd_ gZb[he__ rbjhdh ijb f_gyxlky ebg_cgu_ bgl_]jZevgu_ mjZ\g_gby \lhjh]h jh^Z Nj_^]hevfZ ² E O ³ 4 W V [ V GV I W [ W b <hevl_jju D W O ³ 4 W V [ V GV I W [ W D ]^_ I W g_ba\_klgZy nmgdpby [ W j_r_gb_ mjZ\g_gby 4 W V y^jh bgl_]jZevgh]h mjZ\g_gby Y^jh bgl_]jZevgh]h mjZ\g_gby Nj_^]hevfZ hij_^_ey_lky gZ fgh`_kl\_ lhq_d d\Z^jZlZ > D E@ u > D E@ jbk Z mjZ\g_gby <hevl_jjZ \ lj_m]hevgbd_ [ D d V d W d E jbk Hlf_lbf qlh ^hhij_^_eb\ y^jh 4 W V mjZ\g_gby <hevl_jju gme_f \ lj_ m]hevgbd_ D d V d W d E mjZ\g_gb_ <hevl_jju fh`gh kqblZlv mjZ\g_gb_f Nj_^ ]hevfZ b ijbf_gylv êy _]h j_r_gby f_lhû mjZ\g_gby Nj_^]hevfZ H^gZdh ijb wlhf fh]ml [ulv mims_gu g_dhlhju_ ki_pbnbq_kdb_ hkh[_gghklb mjZ\g_ gby <hevl_jju qlh hij_^_ey_l g_h[oh^bfhklv bo jZa^_evgh]h jZkkfhlj_gby >hihegbl_evguc fgh`bl_ev O dhlhjuc fh`_l [ulv hlg_k_g d bgl_]jZevgh fm y^jm \ \\_^_g êy ijb^Zgby mjZ\g_gbyf [he__ h[s_]h \b^Z Kms_kl\mxl l_hj_fu mklZgZ\eb\Zxsb_ kms_kl\h\Zgb_ j_r_gbc bgl_ ]jZevguo mjZ\g_gbc ijb jZaebqguo agZq_gbyo O dhlhju_ ^hdZau\Zxlky ih ^h[gh lhfm dZd wlh ^_eZ_lky \ l_hjbb ebg_cguo >M q_j_a jZkkfhlj_gb_ kh hl\_lkl\mxsbo h^ghjh^guo mjZ\g_gbc I W AgZqbl_evgh [he__ keh`ghc aZ^Zq_c hdZau\Z_lky aZ^ZqZ ^hdZaZl_evkl\Z kms_ kl\h\Zgby _^bgkl\_gghklb b g_ij_ju\ghc aZ\bkbfhklb j_r_gbc hl nmgdpbb I W êy bgl_]jZevguo mjZ\g_gbc i_j\h]h jh^Z X Nj_^]hevfZ ² ² ² ² E ³ 4 W V [ V GV D I W ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» X <hevl_jju W ³ 4 W V [ V GV I W D hlghkysb_ky d deZkkm g_dhjj_dlguo aZ^Zq Z [ Jbk H[eZklv aZ^Zgby y^_j " 9 8 bgl_]jZevguo mjZ\g_gbc Z ² Nj_^]hevfZ [ ² <hevl_jju MjZ\g_gby i_j\h]h b \lhjh]h jh^Z fh`gh aZibkZlv \ h[s_f \b^_ bkihevamy lh`_kl\_ggh jZ\gmx gmex êy mjZ\g_gbc i_j\h]h jh^Z b _^b nmgdpbx gbp_ êy mjZ\g_gbc \lhjh]h jh^Z K W ² O ³ ' ©²ÃÄÎ , ·¼Èºº Dh]^Z nmgdpby h[jZsZ_lky \ ghev \ g_dhlhjuo lhqdZo ijyfhm]hevgbdZ bg l_]jbjh\Zgby mjZ\g_gb_ hlghkblky d bgl_]jZevguf mjZ\g_gbyf lj_lv_ ]h jh^Z MjZ\g_gby ^Zggh]h lbiZ \klj_qZxlky \ ijbeh`_gbyo agZqbl_evgh j_`_ q_f mjZ\g_gby i_j\uo ^\mo lbih\ b agZqbl_evgh f_g__ bamq_gu Fgh]b_ bkihevam_fu_ gZ ijZdlbd_ bgl_]jZevgu_ mjZ\g_gby bf_xl y^jh aZ \bkys__ lhevdh hl jZaghklb Bgl_]jZevgu_ mjZ\g_gby k ^Zgguf lbihf y^jZ gZau\Zxlky mjZ\g_gbyfb k jZaghklguf y^jhf Ijbf_jhf ^Zggh]h lbiZ mjZ\g_gbc y\ey_lky mjZ\g_gb_ ihemqZ_fh_ \ aZ^Zq_ :[_ey g_ij_ju\gu_ nmgdpbb lh ijb ex[uo agZq_gbyo iZ ?keb b jZf_ljZ O g_ij_ju\gh_ j_r_gb_ mjZ\g_gby <hevl_jju \lhjh]h jh^Z kms_kl\m_l b hgh _^bgkl\_ggh_ >ey mjZ\g_gby Nj_^]hevfZ \lhjh]h jh ^Z ijb l_o `_ lj_[h\Zgbyo _^bgkl\_ggh_ g_ij_ju\gh_ j_r_gb_ kms_ kl\m_l gZijbf_j ijb mkeh\bb qlh K W I W O ]^_ W V> D E@ PD[ Ijb kgb`_gbb lj_[h\Zgbc d ]eZ^dhklb \hafh`guo j_r_gbc mkeh\b_ hkeZ[ey_lky GZijbf_j êy nmgdpbc bgl_]jbjm_fuo k d\Z^jZlhf \ jheb ^hklZlhqgh]h mkeh\by nb]mjbjm_l g_jZ\_gkl\h O EE ³ ³ DD Ba\_klgu nhjfmeu beb kh\hdmighklb nhjfme iha\heyxsb_ gZclb lhqgh_ GZijbf_j j_r_gb_ mjZ\g_gby <hevl_jju k O k fmevlbiebdZ j_r_gb_ lb\guf y^jhf [ W 4 W V \uqbkey_lky ih nhjfme_ S W V W ]^_ W ³ D 9 ³ 5 [ 6 [ /[ 8 ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» J_r_gb_ mjZ\g_gby Nj_^]hevfZ k \ujh`^_gguf y^jhf P ¦ L L bf__l \b^ L P O ¦ L L ]^_ qbkeZ L ] ² L j_r_gby kbkl_fu ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc O O O P P ° O O O ° P P ® ° °¯ OP OP OP P P P E E ]^_ .LM ³ 6L 8 5 M 8 /8 /L ³ 6L 8 1 8 /8 D D Mkeh\b_ kms_kl\h\Zgby b _^bgkl\_gghklb j_r_gby mjZ\g_gby Nj_^]hevfZ k \ujh`^_gguf y^jhf hq_\b^gh aZ\bkbl hl agZq_gby hij_^_ebl_ey O kbk l_fu ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc gZau\Z_fh]h hij_^_eb l_e_f Nj_^]hevfZ ?keb O z lh j_r_gb_ kms_kl\m_l b _^bgkl\_ggh GZebqb_ f_lh^h\ gZoh`^_gby lhqgh]h j_r_gby bgl_]jZevgh]h mjZ\g_gby k \ujh`^_gguf y^jhf iha\hey_l ihkljhblv ijb[eb`_gguc f_lh^ \ hkgh\_ dhlhjh]h e_`bl aZf_gZ h^gh]h mjZ\g_gby ^jm]bf y^jh dhlhjh]h \ujh`^_gh b \ g_dhlhjhf kfuke_ [ebadh d y^jm bkoh^gh]h mjZ\g_gby >ZggZy aZf_gZ y^jZ hibjZ_lky gZ jZaebqgu_ kihkh[u ehdZevghc ZiijhdkbfZpbb nmgdpbc aZ\b kysbo hl ^\mo i_j_f_gguo Ihfbfh mihfygmlh]h \ur_ f_lh^Z aZf_gu y^jZ gZ \ujh`^_ggh_ ba\_kl_g jy^ ^jm]bo ijb[eb`_ggh ZgZeblbq_kdbo f_lh^h\ j_r_gby bgl_]jZevguo mjZ\g_gbc gZijbf_j f_lh^ ihke_^h\Zl_evguo ijb [eb`_gbc f_lh^ fhf_glh\ b ^j Ih^jh[gh_ hibkZgb_ wlbo b ^jm]bo f_lh^h\ fh`gh gZclb \ >Ze__ fu jZkkfhljbf qbke_ggu_ f_lhû j_r_gby bgl_]jZevguo mjZ\g_gbc \ hkgh\_ dhlhjuo e_`bl aZf_gZ bgl_]jZeZ \ bgl_]jZevghf mjZ\g_gbb dhg_q ghc kmffhc bkihevamy dZdmx eb[h d\Z^jZlmjgmx nhjfmem Wlh iha\hey_l k\_klb j_r_gb_ bkoh^ghc aZ^Zqb d j_r_gbx kbkl_fu ebg_cguo Ze]_[jZbq_ kdbo mjZ\g_gbc qbkeh dhlhjuo hij_^_ey_lky qbkehf maeh\ \j_f_gghc k_ldb F_lhû j_r_gby bgl_]jZevguo mjZ\g_gbc hkgh\Zggu_ gZ ^Zgghf ihôh^_ gZau\Zxlky d\Z^jZlmjgufb f_lh^Zfb beb f_lh^Zfb dhg_qguo kmff ' ' > ²@ ©²ÃÄÎ , ·¼Èºº Ij_bfms_kl\h ^Zgguo f_lh^h\ khklhbl \ ijhklhl_ bo j_ZebaZpbb Hlf_lbf qlh [_a dZdbo eb[h baf_g_gbc ^Zggu_ f_lhû fh`gh ijbf_gylv êy j_r_gby g_ebg_cguo bgl_]jZevguo mjZ\g_gbc bf_y \ \b^m qlh \ wlhf kemqZ_ ijboh ^blky j_rZlv kbkl_fm g_ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc ´²¶Â²ÄÅÂ¿Í»¾·ÄÀ¶Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇÅÂ²´¿·¿º»¦Â·¶µÀ½Î¾² AZf_gbf hij_^_e_gguc bgl_]jZe _]h ijb[eb`_gguf agZq_gb_f \u qbkey_fuf k ihfhsvx d\Z^jZlmjghc nhjfmeu E Q D M ³ M | ¦ M M M ]^_ ghf_jZ maeh\ \j_f_gghc k_ldb M _glu d\Z^jZlmjghc nhjfmeu Ih^klZ\b\ ijZ\mx qZklv ijb[eb`_ggh]h jZ\_gkl\Z \f_klh bgl_]jZeZ \ mjZ\g_gb_ Nj_^]hevfZ \lhjh]h jh^Z ² ² \_kh\u_ dhwnnbpb kM ihemqbf V 4 W V [ V Q | O ¦ M M M M <ujZ`_gb_ aZ^Z_l nmgdpbx hibku\Zxsmx ijb[eb`_ggh_ j_r_gb_ bgl_]jZevgh]h mjZ\g_gby <\_^_f gZ hlj_ad_ ^bkdj_lgmx \j_ f_ggmx k_ldm Q maeu dhlhjhc kh\iZ^Zxl k maeZfb k_ldb Q >ey dZ`^h]h fhf_glZ \j_f_gb M \uihegy_lky jZ\_gkl\h W W V V V W > @ Q L | O ¦ M L M M L M ]^_ <\_^_f h[hagZq_gby L M M M L L L L b aZibr_f \ \b^_ kbkl_fu ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc k g_ba\_klgufb I I W Q [ [ W Q OQ Q Q OQ Q Q O O ° °° O O ® ° ° °̄ OQQ O Q OQQ Q Q Q êy j_r_gby dhlhjhc fh`gh bkihevah\Zlv ex[hc ba f_lh^h\ ih^jh[gh h[ km`^Z\rboky \ e_dpbb LZdbf h[jZahf gZoh`^_gb_ j_r_gby mjZ\g_gby Nj_^]hevfZ \lhjh]h jh^Z hkms_kl\ey_lky \ khhl\_lkl\bb kh ke_^mxsbf Ze]hjblfhf AZ^Zlv \j_f_ggmx k_ldm WL <uqbkeblv agZq_gby nmgdpbb I W \ maeZo \j_f_gghc k_ldb <uqbkeblv we_f_glu fZljbpu khklZ\e_gghc ba dhwnnbpb_glh\ kbkl_fu ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc J_rblv kbkl_fm ebg_cguo mjZ\g_gbc J_r_gb_ \ iZd_l_ 0DWKFDG bgl_]jZevgh]h mjZ\g_gby [ W W V AZ^Zgb_ nmgdpbb I W W W W AZ^Zgb_ \j_f_gghc k_ldb 1 L K [ [ 1 WL [ K L 1 V W AZ^Zgb_ dhwnnbpb_glh\ d\Z^jZlmjghc nhjfmeu f_lh^Z ljZi_pbc $L $ W O W V [ [ W W W lhqgh_ j_r_gb_ [ W AZ^Zgb_ nmgdpbb 4 W V I W V GV ³ 4 W V [ $1 <uqbke_gb_ agZq_gbc nmgdpbb 4 W V \ maeZo k_ldb M 1 TLM 4 WL V M <uqbke_gb_ agZq_gbc nmgdpbb I W \ maeZo \j_f_gghc k_ldb )L I WL <uqbke_gb_ jbk we_f_glh\ fZljbpu kbkl_fu ebg_cguo mjZ\g_gbc Jbk <uqbke_gb_ we_f_glh\ fZljbpu kbkl_fu ebg_cguo mjZ\g_gbc nZce 0PFG J_r_gb_ kbkl_fu ebg_cguo mjZ\g_gbc [ 0 ) Ihkljh_gb_ ]jZnbdZ j_r_gby jbk Jbk J_r_gb_ ^bnn_j_gpbZevgh]h mjZ\g_gby [ W [ V GV ³ W V W W W Lhqghklv qbke_ggh]h j_r_gby bgl_]jZevgh]h mjZ\g_gby aZ\bkbl hl g_kdhev dbo nZdlhjh\ ijbf_gy_fhc d\Z^jZlmjghc nhjfmeu qbkeZ maeh\ \j_f_gghc k_ldb k\hckl\ nmgdpbb 4 W V < jy^_ dgb] ijb\h^ylky ZgZeblbq_kdb_ \ujZ `_gby iha\heyxsb_ hp_gblv fZdkbfZevgmx ih]j_rghklv qbke_ggh]h j_r_ gby ijb bkihevah\Zgbb jZaebqguo \uqbkebl_evguo ko_f > @ H^ gZdh wlb hp_gdb hdZau\Zxlky fZehijb]h^gufb baaZ bo ]jhfha^dhklb ih wlhfm gZ ijZdlbd_ bkihevamxl f_g__ kljh]bc f_lh^ dhgljhey lhqghklb qbk e_ggh]h j_r_gby ² ijbgpbi Jmg]_ >Zgguc ijbgpbi khklhbl \ kjZ\g_gbb qbke_gguo j_r_gbc ihemq_gguo gZ \j_f_gguo k_ldZo k rZ]hf K b K \ h^gbo b l_o `_ maeZo \j_f_gghc k_ldb :[khexlgh_ agZq_gb_ jZaghklb ^Zg guo j_r_gbc oZjZdl_jbam_l \_ebqbgm ih]j_rghklb qbke_ggh]h j_r_gby G_ ^hklZlhd ^Zggh]h ihôh^Z khklhbl \ lhf qlh ijb ^Zgghf kihkh[_ dhgljhey ijboh^blky h]jZgbqb\Zlvky d\Z^jZlmjgufb nhjfmeZfb ijb]h^gufb lhevdh êy k_lhd k jZ\ghf_jguf rZ]hf <Z`gh ihgbfZlv qlh g_h[oh^bfh kh]eZkh\u\Zlv \u[hj dhgdj_lghc d\Z^jZ lmjghc nhjfmeu lhqg__ ihjy^hd __ lhqghklb kh kl_i_gvx ]eZ^dhklb y^jZ bgl_]jZevgh]h mjZ\g_gby ?keb y^jh b k\h[h^guc qe_g hdZau\Zxlky g_^hklZ lhqgh ]eZ^dbfb lh êy \uqbke_gby bgl_]jZeZ g_ ke_^m_l ijbf_gylv \ukhdh lhqgu_ d\Z^jZlmju Z emqr_ h]jZgbqblvky lZdbfb nhjfmeZfb dZd nhjfmeu ljZi_pbc b ijyfhm]hevgbdh\ >Zggh_ aZf_qZgb_ beexkljbjm_l jbk gZ dhlhjhf ij_^klZ\e_gh j_r_ gb_ mjZ\g_gby ba ijbf_jZ ihemq_ggh_ ijb bkihevah\Zgbb d\Z^jZlmj ghc nhjfmeu KbfikhgZ Jbk Qbke_ggh_ j_r_gb_ bgl_]jZevgh]h mjZ\g_gby [ W [ V GV ³ W V W W W ihemq_ggh_ ijb bkihevah\Zgbb nhjfmeu KbfikhgZ Ebklbg] ijh]jZffu \ha\jZsZxs_c agZq_gb_ dhwnnbpb_glh\ \ nhjfme_ KbfikhgZ ij_^klZ\e_g gZ jbk ©²ÃÄÎ , ·¼Èºº Jbk Ebklbg] ijh]jZffu \ha\jZsZxs_c agZq_gby dhwnnbpb_glh\ \ nhjfme_ KbfikhgZ nZce $PFG ´²¶Â²ÄÅÂ¿Í»¾·ÄÀ¶Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇÅÂ²´¿·¿º»À½ÎÄ·ÂÂÍ LZd dZd iZjZf_lj O \ ebg_cguo bgl_]jZevguo mjZ\g_gbyo <hevl_jju \ hl ebqb_ hl mjZ\g_gby Nj_^]hevfZ g_ g_k_l lZdhc gZ]jmadb iheh`bf _]h jZ\ guf _^bgbp_ b [m^_f qbke_ggh j_rZlv mjZ\g_gb_ W [ W ³ 4 W V [ V GV I W D ]^_ W > D E @ Mqblu\Zy qlh mjZ\g_gb_ <hevl_jju nhjfZevgh fh`gh kqblZlv mjZ\g_gb_f Nj_^]hevfZ \b^Z W [W ³ 4 W V [ V GV I W D k y^jhf . W V 4 W V ijb D d V d W d E ® ¯ ijb D d W d V d E ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» êy gZoh`^_gby j_r_gby jZkkfZljb\Z_fh]h mjZ\g_gby \hkihevam_fky j_ amevlZlZfb ij_û^ms_]h jZa^_eZ <\_^_f \ jZkkfhlj_gb_ \j_f_ggmx k_ldm V > D E @ khklhysmx ba Q maeh\ b \u[_j_f dhgdj_lgmx d\Z^jZlmjgmx k \_kZfb $ lh]^Z ijb[eb`_ggh_ j_r_gb_ bgl_]jZevgh]h mjZ\g_gby ijbgbfZ_l \b^ KhklZ\bf kbkl_fm ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc ZgZeh]bqgmx kbkl_f_ dhlhjZy \ kbem k\hckl\ y^jZ bgl_]jZevgh]h mjZ\g_gby \ujh`^Z_lky \ lj_m]hevgmx L M $4 [ I ° °° $4[ $4 [ I ® ° ° °̄ $4 [ $4 [ $ 4 [ Q Q Q Q Q Q IQ Ba \b^gh qlh bkdhfu_ agZq_gby [ [ [ gZoh^ylky ihke_^h\Z l_evgufb \uqbke_gbyfb ih ke_^mxsbf nhjfmeZf [ I $4 L M Q IL ¦ $ M 4L M [ M [L ]^_ L W [ ³ W L L L bgl_]jZevgh]h mjZ\g_gby W WV [ V GV W W lhqgh_ j_r_gb_ mjZ\g_gby J_r_gb_ \ iZd_l_ $4 Q [ W AZ^Zgb_ nmgdpbb I W I W W W AZ^Zgb_ nmgdpbb 4 W V 4 W V W W V ©²ÃÄÎ , ·¼Èºº AZ^Zgb_ \j_f_gghc k_ldb W W 1 L 1 M L W W K 1 AZ^Zgb_ dhwnnbpb_glh\ d\Z^jZlmjghc nhjfmeu f_lh^Z ljZi_pbc WL $L $ W K L $1 V W <uqbke_gb_ agZq_gbc y^jZ bgl_]jZevgh]h mjZ\g_gby \ maeZo \j_f_gghc k_ldb T 4 W V <uqbke_gb_ agZq_gbc nmgdpbb \ maeZo \j_f_gghc k_ldb L M L M I W )L I WL GZoh`^_gb_ qbke_ggh]h j_r_gby \ khhl\_lkl\bb k ) [ $4 P 1 P [P )P ¦ $ M 4P M [ M $ 4 M P P P <bamZebaZpby j_r_gby bgl_]jZevgh]h mjZ\g_gby jbk Jbk J_r_gb_ bgl_]jZevgh]h mjZ\g_gby [ W 9 ³ W FRV WV [ V GV W WJ W ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» Hp_gdZ iZjZf_ljh\ j_r_gby f_lh^hf gZbf_gvrbo d\Z^jZlh\ D W [ D u D u D j_r_gb_ mjZ\g_gby bf__l \b^ [ W D D W D W Ihemqbf jZkq_lgu_ nhjfmeu êy j_r_gby mjZ\g_gby <hevl_jju i_j\h]h jh^Z ijb bkihevah\Zgbb f_lh^Z kj_^gbo ijyfhm]hevgbdh\ J_r_gby mjZ\g_gby [m^_f gZoh^blv \ maeZo \j_f_gghc k_ldb W D K W W K W W K L L \ ihemqZ_f jZ\_gkl\Z ³ 4 W V [ V GV I W Ba \b^gh qlh \ ^Zgghf kemqZ_ mkeh\b_ kh\iZ^_gby maeh\ d\Z^jZlmj k maeZfb \j_f_gghc k_ldb g_ y\ey_lky h[yaZl_evguf ihwlhfm bo fh` Ih^klZ\eyy 9L L L , VL WL gh \u[jZlv ihk_j_^bg_ we_f_glZjguo ijhf_`mldh\ bgl_]jbjh\Zgby jbk <u[hj ^Zgghc k_ldb hagZqZ_l qlh [ | [ V [ | [ V [ | [ V Q Q WL WL Jbk D beexkljZpbb f_lh^Z kj_^gbo ijyfhm]hevgbdh\ Mqblu\Zy \u[hj d\Z^jZlmjghc nhjfmeu b mkeh\by \ ke_^mxs_f \b^_ K4 W V [ I W K4 W V [ K4 W V [ I W aZibr_f ©²ÃÄÎ , ·¼Èºº K4 W V [ K4 W V [ K4 W V [ WL VL Ba jZ\_gkl\ I W 0DWKFDG ³ W V [ V GV W AZ^Zgb_ nmgdpbb I W W I W W M W bgl_]jZevgh]h mjZ\g_gby lhqgh_ j_r_gb_ mjZ\g_gby [ W W W 4 W V V W 1 L 1 K AZ^Zgb_ \j_f_gghc k_ldb W L AZ^Zgb_ nmgdpbb 4 W V K4 W V K4 WL VL J_r_gb_ \ iZd_l_ W I W L K ¦ 4 WL V M [ M [L ]^_ L K ihke_^h\Zl_evgh gZoh^bf [ « ]^_ I W W W 1 M L WL W K L VL WL K <uqbke_gb_ agZq_gbc y^jZ bgl_]jZevgh]h mjZ\g_gby \ maeZo \j_f_gghc k_ldb P 1 Q P 4 4 W V TP Q 4 W P VQ ·¼ÈºÑ ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» <uqbke_gb_ agZq_gbc nmgdpbb ) I W )L \ maeZo \j_f_gghc k_ldb I WL <uqbke_gb_ agZq_gbc j_r_gby bgl_]jZevgh]h mjZ\g_gby \ khhl\_lkl\bb k ) K T [ P M )P K ¦ TP M [ M [P I W K TP P <bamZebaZpby qbke_ggh]h j_r_gby bgl_]jZevgh]h mjZ\g_gby jbk Jbk J_r_gb_ bgl_]jZevgh]h mjZ\g_gby ³ W V [ V GV 9 W W >ey bkihevah\Zgbb d\Z^jZlmjguo nhjfme aZfdgmlh]h lbiZ b kh\iZ^Zxs_c kbk l_fu maeh\ \hagbdZ_l ijh[e_fZ \uqbke_gby agZq_gby | dhlhjZy g_ \hagbdZeZ ijb j_r_gbb mjZ\g_gbc <hevl_jju \lhjh]h jh^Z >_ckl jZ\_gkl\h l_jy_l \kydbc kfuke \bl_evgh ijb >ey gZoh`^_gby gZqZevgh]h agZq_gby ijh^bnn_j_gpbjm_f mjZ\g_gb_ ih W [ [ W [ V [ D L [ W 4 W W [ W ³ 4Wc W V [ V GV D IcW ©²ÃÄÎ , ·¼Èºº Iheh`b\ \ W D ihemqbf 4 D D [ D I cD Hldm^Z ke_^m_l qlh Ic D 4 D D [D ke_^h\Zl_evgh I [ cD 4 Ijb bkihevah\Zgbb d\Z^jZlmjghc nhjfmeu ljZi_pbc ^Ze__ ihemqZ_f K K 4 [ 4 [ K I 4 [ I [ K K K 4 [ K4 [ 4 [ l _ \ h[s_f kemqZ_ ijb ex[hf M 4 K I 4 [ K4 [ I [ K 4 M K I M 4 M [ K ¦ 4 M N [N [ VM | [M K N 4 M M J_r_gb_ \ iZd_l_ bgl_]jZevgh]h mjZ\g_gby W ³ W V [ V GV W W gZ kh\iZ^Zxs_c kbkl_f_ maeh\ lhqgh_ j_r_gb_ mjZ\g_gby [ W AZ^Zgb_ nmgdpbb I W I W W W W AZ^Zgb_ nmgdpbb 4 W V 4 W V W V AZ^Zgb_ \j_f_gghc k_ldb W 1 K W L 1 W 1 W M L WL W K L V W AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gb_ ijhba\h^ghc nmgdpbb I W G Z W I W GW <uqbke_gb_ agZq_gbc nmgdpbb I W \ maeZo \j_f_gghc k_ldb P 1 Q P ) Z W )P I WP <uqbke_gb_ agZq_gbc y^jZ bgl_]jZevgh]h mjZ\g_gby \ maeZo \j_f_gghc k_ldb TP Q 4 W P VQ <uqbke_gb_ agZq_gbc j_r_gby bgl_]jZevgh]h mjZ\g_gby \ khhl\_lkl \bb [ [ ) T ) K T [ K P T 1 )P \P P K T \ K ¦ T \ P N K T P P P N N <bamZebaZpby qbke_ggh]h j_r_gby jbk Jbk J_r_gb_ mjZ\g_gby 9 ³ W V [ V GV W W k bkihevah\Zgb_f d\Z^jZlmjguo nhjfme ©²ÃÄÎ,, ²³ÀÂ²ÄÀÂ¿Í·Â²³ÀÄÍ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ´ÍÉºÃ½·¿º» P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ agZgby mf_gby b gZ\udb jZ[hlu k ijb[eb`_ggufb qbkeZfb \ ijbf_g_gbb nhjfme ih]j_rghkl_c we_f_glZjguo ^_ckl\bc b nmgdpbc j_r_gby h[jZlghc aZ^Zqb l_hjbb ih]j_rghkl_c b gZoh `^_gby agZq_gbc \ujZ`_gbc ih kihkh[m ]jZgbp b f_lh^hf kljh]h]h mq_lZ Z[khexlguo ih]j_rghkl_c ihke_ dZ`^hc hi_jZpbb Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F GZmdZ ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I L_ogbdZ \uqbke_gbc b Ze]hjblfbaZpby ² F Ijhk\_s_gb_ ² K ² EZiqbd F I <uqbke_gby :e]hjblfbaZpby Ijh]jZffbjh\Zgb_ ² F Ijhk\_s_gb_ ² K ² Imevdbg K I L_hjby b ijZdlbdZ \uqbke_gbc ² F GZmdZ ² K ² ³ÃÀ½ÐÄ¿²Ñ ºÀÄ¿ÀÃºÄ·½Î¿²ÑÁÀµÂ·Ê¿ÀÃÄº ?keb [ D [ lh H[ ?keb [ D [ lh H [ D G [ D G [ beb beb ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Bkihevamy 0DWKFDG gZclb ij_^_evgu_ Z[khexlgu_ b hlghkbl_evgu_ ih]j_rghklb qbk_e [ b [ _keb hgb bf_xl lhevdh \_j gu_ pbnju Z \ kljh]hf kfuke_ [ \ rbjhdhf kfuke_ J_r_gb_ ijbf_jZ ijb\_^_gh gZ jbk Jbk NjZ]f_gl jZ[hq_]h ^hdmf_glZ 0DWKFDG êy \uiheg_gby ijbf_jZ AZ^Zgh qbkeh [ b hlghkbl_evgZy ih]j_rghklv G [ Hi j_^_eblv dhebq_kl\h \_jguo pbnj qbkeZ ih hlghkbl_evghc ih]j_rghklb J_r_gb_ G [ agZqbl qbkeh [ bf__l ih djZcg_c f_j_ ^\_ pbnju \_j guo \ kljh]hf kfuke_ <uqbkebf '[ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ ´ÍÉºÃ½·¿º» Lh _klv \ kljh]hf kfuke_ ^_ckl\bl_evgh \_jgu pbnju b G [ Hij_^_eblv dhebq_kl\h \_jguo pbnj \ Imklv [ qbke_ [ J_r_gb_ Wlh hagZqZ_l qlh qbkeh [ bf__l ih djZc g_c f_j_ h^gm \_jgmx \ kljh]hf kfuke_ pbnjm pbnjZ Ihemq_gguc j_ amevlZl e_]dh ih^l\_j^blv bkihevamy hij_^_e_gb_ pbnju \_jghc \ kljh]hf kfuke_ <uqbkebf H[ Ihemq_ggZy Z[khexlgZy ih]j_rghklv g_ ij_\urZ_l iheh\bgm _^bgbpu jZajy^Z khl_g Hldm^Z ke_^m_l qlh pbnjZ ^_ckl\bl_evgh \_jgZ \ kljh]hf kfuke_ dZd ih hlghkbl_evghc ih]j_rghklb lZd b ih Z[khexlghc Hq_\b^gh qlh Imklv [ Hij_^_eblv \k_ \_jgu_ pbnju qbkeZ G [ J_r_gb_ agZqbl \ [ ih djZcg_c f_j_ q_luj_ pbnju \_jgu \ kljh]hf kfuke_ <uqbkebf 'o G[ Lh _klv \_jgufb pbnjZfb [m^ml y\eylvky pbnju >Zgh qbkeh [ Pbnju \_jgu \ kljh]hf kfuke_ MdZaZlv ]jZ gbpu _]h Z[khexlghc b hlghkbl_evghc ih]j_rghklb J_r_gb_ Ba hij_^_e_gby pbnju \_jghc \ kljh]hf kfuke_ fh`gh aZdexqblv qlh Z[ khexlgZy ih]j_rghklv qbkeZ [ g_ ij_\hkoh^bl iheh\bgu _^bgbpu jZajy^Z lukyqguo AgZqbl H[ Hlghkbl_evgmx ih]j_rghklv gZc^_f ih nhjfme_ H[ G[ [ Ijb \a\_rb\Zgbb ^\mo ]jmah\ ihemqbeb ke_^mxsb_ agZq_gby bo fZkk d] KqblZy Z[khexlgmx ih]j_rghklv \a\_rb\Zgby [ d] \ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ jZ\ghc ] hij_^_eblv hlghkbl_evgmx ih]j_rghklv baf_j_gby fZkk l_e [ \ DZdh_ ba l_e \a\_r_gh [he__ lhqgh " J_r_gb_ Hlghkbl_evgmx ih]j_rghklv gZc^_f ih nhjfmeZf H[ G[ [ G\ H\ \ ;he__ lhqgh baf_j_g ]jma \_khf d] ¡ÀµÂ·Ê¿ÀÃÄÎÀ¼ÂÅµ½·¿¿ÀµÀÉºÃ½² Hdjm]eyy qbkeh [ ^h q_luj_o agZqZsbo pbnj hij_^_eblv Z[ khexlgmx b hlghkbl_evgmx ih]j_rghklb ihemq_gguo ijb[eb`_gbc Pbnju \_jgu \ rbjhdhf kfuke_ J_r_gb_ Hdjm]ebf qbkeh [ ^h q_luj_o agZqZsbo pbnj [ Ih hij_^_e_gbx \_jghc pbnju \ rbjhdhf kfuke_ Z[khexlgZy ih]j_rghklv H[ Ih]j_rghklv hdjm]e_ggh]h qbkeZ jZ\gZ kmff_ ih]j_rghklb bkoh^gh]h qbkeZ b ih]j_rghklb hdjm]e_gby hdj H[ G[ H[ [ Qbkeh [ \k_ pbnju dhlhjh]h \_jgu \ kljh]hf kfuke_ hdjm]eblv ^h lj_o agZqZsbo pbnj >ey ihemq_ggh]h j_amevlZlZ [ \uqbkeblv ]jZgb pu Z[khexlghc b hlghkbl_evghc ih]j_rghkl_c < aZibkb qbkeZ [ mdZ aZlv dhebq_kl\h \_jguo pbnj ih Z[khexlghc b hlghkbl_evghc ih]j_r ghklb [ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ ´ÍÉºÃ½·¿º» J_r_gb_ ijbf_jZ ij_^klZ\e_gh gZ jbk Jbk NjZ]f_gl jZ[hq_]h ^hdmf_glZ d \uiheg_gbx ijbf_jZ Kh kdhevdbfb \_jgufb \ kljh]hf kfuke_ ^_kylbqgufb agZdZfb ihke_ aZiylhc gm`gh \aylv Z [ VLQ \ ] OQ qlh[u hlghkbl_evgZy ih]j_rghklv g_ ij_\urZeZ J_r_gb_ Z ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Hlghkbl_evgZy ih]j_rghklv / [ @ AgZqbl qbkeh ih djZcg_c f_j_ bf__l ^\_ \_jgu_ \ kljh]hf kfuke_ pbnju '[ Ke_^h\Zl_evgh pbnju b ^_ckl\b l_evgh \_jgu \ kljh]hf kfuke_ ihwlhfm ijZ\bevguc hl\_l | [ VLQ Hlghkbl_evgZy ih]j_rghklv / [ @ AgZqbl qbkeh VLQ ih djZcg_c f_j_ bf__l ^\_ \_jgu_ \ kljh]hf kfuke_ pbnju '[ ! Ke_^h\Zl_evgh pbnju b ^_c kl\bl_evgh \_jgu \ kljh]hf kfuke_ ihwlhfm ijZ\bevguc hl\_l VLQ \ Hlghkbl_evgZy ih]j_rghklv / [ @ AgZqbl qbkeh ih djZc g_c f_j_ bf__l ^\_ \_jgu_ \ kljh]hf kfuke_ pbnju '[ ! Ke_^h\Zl_evgh pbnju b ^_c kl\bl_evgh \_jgu \ kljh]hf kfuke_ ihwlhfm ijZ\bevguc hl\_l ] OQ Hlghkbl_evgZy ih]j_rghklv / [ @ AgZqbl qbkeh OQ ih djZcg_c f_j_ bf__l ^\_ \_jgu_ \ kljh]hf kfuke_ pbnju '[ Ke_^h\Zl_evgh pbnju ^_c kl\bl_evgh \_jgu \ kljh]hf kfuke_ ihwlhfm ijZ\bevguc hl\_l OQ ¡ÀµÂ·Ê¿ÀÃÄº ²ÂºÆ¾·ÄºÉ·Ã¼ºÇ¶·»ÃÄ´º» GZclb kmffm ijb[eb`_gguo qbk_e Z[khexlgu_ ih]j_rghklb dhlhjuo ^Zgu < hl\_l_ khojZgblv \_jgu_ pbnju b h^gm khfgbl_evgmx [ H \ r ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ ´ÍÉºÃ½·¿º» J_r_gb_ GZc^_f kmffm ^Zgguo qbk_e [ \ >ey hij_^_e_gby dhebq_kl\Z \_jguo pbnj gZc^_f Z[khexlgmx ih]j_r ghklv kmffu H[ \ >Zggh_ qbkeh ihdZau\Z_l qlh \ qbk e_ \_jgufb [m^ml pbnju ^h jZajy^Z ^_kyluo l _ pbnju b B l d fu hl[jZku\Z_f qbkeh [hevr__ iylb lh j_amevlZl keh`_gby [m ^_l Ih hlghkbl_evghc ih]j_rghklb fh`gh ihemqblv [he__ kljh]mx hp_gdm dheb q_kl\Z \_jguo pbnj Go b G o Lh]^Z G [ \ Lh _klv \ qbke_ pbnju \_jgu \ kljh]hf kfuke_ Hl\_l GZclb jZaghklv qbk_e pbnju dhlhjuo \_jgu \ kljh]hf kfuke_ < hl\_ l_ khojZgblv \_jgu_ pbnju b h^gm khfgbl_evgmx [ \ J_r_gb_ LZd dZd pbnju ^Zgguo qbk_e \_jgu \ kljh]hf kfuke_ lh bo Z[khexlgu_ ih ]j_rghklb g_ ij_\hkoh^yl _^bgbpu jZajy^Z \ dhlhjhf aZibkZgZ ihke_^gyy \_jgZy pbnjZ qbkeZ Ihwlhfm H[ H \ Hlghkbl_evgZy ih]j_rghklv qbk_e [ b \ khhl\_lkl\_ggh jZ\gZ /\ /[ GZc^_f jZaghklv qbk_e [ \ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ GZc^_f Z[khexlgmx ih]j_rghklv ihemq_gghc jZaghklb HgZ [m^_l jZ\gZ H[ \ Lh _klv \ qbke_ pbnju b \_jgu \ kljh]hf kfuke_ GZc^_f hlghkbl_evgmx ih]j_rghklv jZaghklb HgZ [m^_l jZ\gZ G [ \ d >_ckl\bl_evgh ^\_ i_j\u_ pbnju \_jgu \ qbke_ Hl\_l ¡ÀµÂ·Ê¿ÀÃÄº Ï½·¾·¿Ä²Â¿ÍÇÆÅ¿¼Èº» Bkoh^gu_ qbkeh\u_ agZq_gby Zj]mf_glZ aZ^Zgu pbnjZfb \_jgufb \ kljh]hf kfuke_ GZclb Z[khexlgmx b hlghkbl_evgmx ih]j_rghklb nmgdpbb Hij_^_eblv dhebq_kl\h \_jguo pbnj \ kljh]hf kfuke_ ih hlghkbl_evghc ih]j_rghklb \ ke_^mxsbo we_f_glZjguo nmgdpbyo Z FRV [ \H \ \ ] \ OQ J_r_gb_ Z GZoh^bf agZq_gb_ \_ebqbgu [ Hgh [m^_l jZ\gh :[khexlgZy ih]j_rghklv Zj]mf_glZ H Lh]^Z Z[khexlgZy b hlgh kbl_evgZy ih]j_rghklb \_ebqbgu [ jZ\gu HFRV VLQ G WDQ d FRV Wlh hagZqZ_l qlh \ qbke_ ^\_ pbnju ihke_ aZiylhc \_jgu \ kljh]hf kfuke_ Hl\_l ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ ´ÍÉºÃ½·¿º» [ GZoh^bf agZq_gb_ \_ebqbgu \ Hgh [m^_l jZ\gh :[khexlgZy ih]j_rghklv Zj]mf_glZ H\ Lh]^Z Z[khexlgu_ b hlghkb l_evgu_ ih]j_rghklb \_ebqbgu \ jZ\gu H\ H G \ Wlh hagZqZ_l qlh \ qbke_ h^gZ pbnjZ ihke_ aZiylhc \_jgZ \ kljh ]hf kfuke_ Hl\_l \ GZoh^bf agZq_gb_ \_ebqbgu \ Hgh [m^_l jZ\gh :[khexlgZy ih]j_rghklv Zj]mf_glZ H\ Lh]^Z Z[khexlgu_ b hlghkb l_evgu_ ih]j_rghklb \_ebqbgu \ jZ\gu H\ G \ Wlh hagZqZ_l qlh \ qbke_ ljb pbnju ihke_ aZiylhc \_jgu \ kljh ]hf kfuke_ Hl\_l ] GZoh^bf agZq_gb_ \_ebqbgu \ Hgh [m^_l jZ\gh :[khexlgZy ih]j_rghklv Zj]mf_glZ H\ Lh]^Z Z[khexlgu_ b hlgh kbl_evgu_ ih]j_rghklb \_ebqbgu \ jZ\gu H\ G \ OQ Wlh hagZqZ_l qlh \ qbke_ iylv pbnj ihke_ aZiylhc \_jgu \ kljh]hf kfuke_ Hl\_l <uqbkeblv agZq_gb_ \_ebqbgu k ihfhsvx f_lh^Z kljh]h]h mq_lZ ]jZ gbp Z[khexlguo ih]j_rghkl_c ihke_ dZ`^hc hi_jZpbb ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ , _keb D E - OQ , J_r_gb_ Ijb ihhi_jZpbhgghf kljh]hf mq_l_ hrb[hd ijhf_`mlhqgu_ j_amevlZlu ih ke_ hdjm]e_gby ^h h^ghc aZiZkghc k mq_lhf \uqbke_gghc iZjZee_evgh \_eb qbgu ih]j_rghklb b bo ih]j_rghklb aZghkyl \ lZ[e LZ[ebpZ JZkq_lgZy lZ[ebpZ êy \uqbke_gby , - OQ , ih]j_rghklb \ujZ`_gby , - , - H, H- H , , - , H- H , - H , H- H , - OQ OQ , AgZq_gby ih]j_rghkl_c êy m^h[kl\Z hdjm]ebf ^h ^\mo agZqZsbo pbnj ih ba[uldm b lh`_ aZg_k_f \ lZ[ebpm Pbnju ^Zgu \_jgufb \ kljh]hf kfuke_ agZqbl 0, 0- GZc^_f :[khexlgZy ih]j_rghklv jZ\gZ \hkihevam_fky lZ[e 0, | Ba ihemq_ggh]h agZq_gby ih]j_rghklb \b^gh qlh \ j_amevlZl_ \_jgu ^\_ agZqZsb_ pbnju ihke_ aZiylhc l _ | Wlh qbkeh \g_k_f \ lZ[ebpm GZc^_f Z[khexlgmx ih]j_rghklv HgZ [m^_l jZ\gZ 0- | AgZqbl \ qbke_ - [m^_l h^gZ \_jgZy pbnjZ ihke_ aZiylhc ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ ´ÍÉºÃ½·¿º» :gZeh]bqgh gZoh^bf agZq_gby \k_o hklZevguo ^_ckl\bc b nmgdpbc 0 , - 0OQ , 0- OQ , | d 0 d Hdjm]eyy j_amevlZl ^h \_jghc pbnju ihemqZ_f hdhgqZl_evguc hl\_l Hl\_l $ r £ÁÀÃÀ³µÂ²¿ºÈ Kihkh[ ]jZgbp bkihevam_lky êy lhqgh]h hij_^_e_gby ]jZgbp bkdhfh]h agZ q_gby nmgdpbb _keb ba\_klgu ]jZgbpu baf_j_gby __ Zj]mf_glh\ :exfbgb_\uc pbebg^j k ^bZf_ljhf hkgh\Zgby / H kf b \ukhlhc K H kf \_kbl S r ] Hij_^_eblv m^_evguc \_k J Zexfbgby b hp_gblv ij_^_evgmx Z[khexlgmx ih]j_r ghklv gZc^_ggh]h m^_evgh]h \_kZ J_r_gb_ kihkh[ H[t_f pbebg^jZ jZ\_g 9 hlkx^Z S 9 J 5G K S SG K Ba ihemq_gghc nhjfmeu \ul_dZ_l qlh \ h[eZklb 5 ! G ! K ! nmgdpby \hajZklZxsZy ih Zj]mf_glm 5 b m[u\ZxsZy ih Zj]mf_glZf G b K J Bf__f ² / K S S ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Lh]^Z êy agZq_gby J ihemqbf J J ]kf gb`gyy ]jZgbpZ ]kf \_jogyy ]jZgbpZ <ay\ kj_^g__ Zjbnf_lbq_kdh_ ihemqbf agZq_gb_ J jZ\gh_ r ]kf J Hl\_l J kihkh[ r ]kf Bkihevamy kj_^gb_ agZq_gby Zj]mf_glh\ ihemqbf J ]kf Eh]Zjbnfbjmy nhjfmem êy \uqbke_gby h[t_fZ pbebg^jZ bf__f OQ J OQ OQ S OQ S OQ G OQ K <ay\ iheguc ^bnn_j_gpbZe ihemqbf 'J 'S J S GJ 'S S 'G 'K G K G S G S G G G K >Ze__ gZoh^bf ' J G J J LZdbf h[jZahf bf__f r ]kf J qlh hq_gv [ebadh kh\iZ^Z_l k lhqghc hp_gdhc gZc^_gghc ih kihkh[m ]jZgbp Hl\_l J r ]kf GZclb ij_^_evgu_ Z[khexlgmx b hlghkbl_evgmx ih]j_rghklb \uqbke_ gby h[t_fZ rZjZ ih \ujZ`_gbx ' 5/ _keb / H kf Z 5 J_r_gb_ JZkkfZljb\Zy / b 5 dZd i_j_f_ggu_ \_ebqbgu \uqbkey_f qZklgu_ ijhba \h^gu_ w9 wS w9 wG G SG Bkihevamy nhjfmem êy \uqbke_gby ih]j_rghklb nmgdpbb aZ\bkys_c hl ^\mo i_j_f_gguo 'I wI wI '[ '\ w[ w\ gZoh^bf ij_^_evgmx Z[khexlgmx ih]j_rghklv h[t_fZ w' w' 'S '/ wS w/ '' kf | kf Ihwlhfm 9 S G | r kf Hlkx^Z ij_^_evgZy hlghkbl_evgZy ih]j_rghklv hij_^_e_gby h[t_fZ G' kf kf Hl\_l '' | kf /' >ey hij_^_e_gby fh^mey Xg]Z ( ih ijh]b[m kl_j`gy ijyfhm]hevgh]h k_q_gby ijbf_gy_lky nhjfmeZ ( D O S ]^_ b D EV O ² êbgZ kl_j`gy b E ² baf_j_gby ihi_j_qgh]h k_q_gby kl_j`gy V ² klj_eZ ijh]b[Z S ² gZ]jmadZ <uqbkeblv ij_^_evgmx hlghkbl_evgmx ih]j_rghklv ijb hij_^_e_gbb fh^mey Xg]Z ( _keb S d] G S D ff GD J_r_gb_ OQ ( E ff GE O OQ O OQ S OQ D OQ E OQ V OQ kf GO V kf G V ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Hlkx^Z aZf_gyy ijbjZs_gby ^bnn_j_gpbZeZfb [m^_f bf_lv '( 'O ' S ' D ' E ' V ( O S D E V Ke_^h\Zl_evgh G( GO G S G D GE G V | LZdbf h[jZahf hlghkbl_evgZy ih]j_rghklv khklZ\bl g_ [he__ l _ ijbf_jgh hl baf_jy_fhc \_ebqbgu Hl\_l G ( | <uqbkeblv agZq_gb_ \_ebqbgu ] k ihfhsvx 0DWKFDG ijb aZ^Zgguo agZq_gbyo D E b F k kbkl_fZlbq_kdbf mq_lhf Z[khexlguo ih]j_rgh kl_c ihke_ dZ`^hc hi_jZpbb _keb pbnju \_jgu \ kljh]hf kfuke_ ] J_r_gb_ D E D E E OQ D :e]hjblf j_r_gby ij_^klZ\e_g gZ jbk ² Jbk I_j\uc wlZi j_r_gby aZ^Zqb ijbf_jZ Jbk <lhjhc wlZi j_r_gby aZ^Zqb ijbf_jZ Jbk Lj_lbc wlZi j_r_gby aZ^Zqb ijbf_jZ ³Â²Ä¿²Ñ¹²¶²É² Ä·ÀÂººÁÀµÂ·Ê¿ÀÃÄ·» GZ ijZdlbd_ hq_gv qZklh g_h[oh^bfh mf_lv j_rZlv h[jZlgmx aZ^Zqm dZdh\u ^he`gu [ulv Z[khexlgu_ ih]j_rghklb Zj]mf_glh\ nmgdpbb qlh[u Z[khexlgZy ih]j_rghklv nmgdpbb g_ ij_\urZeZ aZ^Zgghc \_eb qbgu Imklv \_ebqbgZ ij_^_evghc Z[khexlghc ih]j_rghklb ' X aZ^ZgZ Lh]^Z Q wX L '[ ¦ L w[ 'X L Ij_îheZ]Zy qlh \k_ keZ]Z_fu_ jZ\gu f_`^m kh[hc [m^_f bf_lv MX MX [ M[ M[ [ MM[X Q Q [ X Q Hlkx^Z 'X wX Q w[L '[ L < kemqZ_ dh]^Z ij_^_evgZy Z[khexlgZy ih]j_rghklv \k_o Zj]mf_glh\ [L h^ gZ b lZ `_ lh [ Q X MX ¦ M[ L L L [ L [L X MX Q [M ¦ M[ M M JZ^bmk hkgh\Zgby pbebg^jZ 5 | f \ukhlZ pbebg^jZ + | f K dZ dbfb Z[khexlgufb ih]j_rghklyfb gm`gh hij_^_eblv 5 b + qlh[u h[t_f pbebg^jZ 9 fh`gh [ueh \uqbkeblv k lhqghklvx ^h f " J_r_gb_ H[t_f \uqbkey_lky ih nhjfme_ 9 S5 + b '9 oh^gu_ ^Zggu_ ijb[eb`_ggh ihemqbf f Ih^klZ\eyy \k_ bk M9 5 + M5 M9 55+ M5 M9 55 M+ Hlkx^Z l d Q lh \hkihevah\Z\rbkv nhjfmehc êy \uqbke_gby ih]j_r ghklb nmgdpbb aZ\bkys_c hl lj_o i_j_f_gguo 'I [m^_f bf_lv wI wI wI '[ '\ '] w[ w\ w] '5 '5 '+ LZ[ebpZ Ih]j_rghklb agZq_gbc we_f_glZjguo nmgdpbc Nmgdpby :[khexlgZy ih]j_rghklv Hlghkbl_evgZy ih]j_rghklv H[ [ [ H[ [ H[ [ [ G[ VLQ [ FRV [ H[ FWJ FRV [ VLQ [ H[ WJ WJ [ H[ FRV [ [ H[ [ H[ H[ VLQ [ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ hdhgqZgb_ Nmgdpby [ OQ [ [ OQ H [ H[ [ G[ [ OQ H [ H[ \ [ G \ \ G[ H[ [ H[ [ [ OQ H[ [ [ § H · [ \ ¨ \ [ OQ [ H \ ¸ [ © ¹ [ [ G[ OJ [ OQ [\ OQ H[ H[ G[ H[ [ [ OJ :[khexlgZy ih]j_rghklv Hlghkbl_evgZy ih]j_rghklv H[ H[ [ [ [ H[ [ [ ÀÁÂÀÃÍÁÀÄ·¾· Qlh lZdh_ Z[khexlgZy b hlghkbl_evgZy ih]j_rghklb DZd deZkkbnbpbjmxlky \bû hrb[hd Qlh agZqbl pbnjZ \_jgZy \ kljh]hf rbjhdhf kfukeZo DZd gZoh^blky ih]j_rghklv hdjm]e_ggh]h qbkeZ DZd hij_^_eblv dhebq_kl\h \_jguo pbnj ih hlghkbl_evghc ih]j_rghklb ijb[eb`_ggh]h qbkeZ DZd jZkijhkljZgyxlky Z[khexlgZy b hlghkbl_evgZy ih]j_rghklb \ Zjbnf_lbq_kdbo ^_ckl\byo DZd hkms_kl\blv hp_gdm ih]j_rghklb agZq_gbc we_f_glZjguo nmgdpbc DZd nhjfmebjm_lky h[jZlgZy aZ^ZqZ l_hjbb ih]j_rghklb DZdh\u ^he`gu [ulv Z[khexlgu_ ih]j_rghklb Zj]mf_glh\ nmgdpbb qlh[u Z[khexlgZy ih]j_rghklv nmgdpbb g_ ij_\urZeZ aZ^Zgghc \_ebqbgu < dZdbo kemqZyo bkihevam_lky f_lh^ ]jZgbp ²¶²¿ºÑ¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· GZclb ij_^_evgu_ Z[khexlgu_ b hlghkbl_evgu_ ih]j_rghklb qbk_e _keb hgb bf_xl lhevdh \_jgu_ pbnju lZ[e Z \ kljh]hf kfuke_ [ \ rbjhdhf kfuke_ LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ LZ[ebpZ hdhgqZgb_ Z Z [ [ Z Z [ [ Qbkeh [ lZ[e \k_ pbnju dhlhjh]h \_jgu \ kljh]hf kfuke_ hd jm]eblv ^h lj_o agZqZsbo pbnj >ey ihemq_ggh]h j_amevlZlZ [ | [ \uqbkeblv ]jZgbpu Z[khexlghc b hlghkbl_evghc ih]j_rghkl_c < aZ ibkb qbkeZ [ mdZaZlv dhebq_kl\h \_jguo pbnj ih Z[khexlghc b hlgh kbl_evghc ih]j_rghklb LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu \ZjbZglZ [ \ZjbZglZ [ LZ[ebpZ hdhgqZgb_ \ZjbZglZ [ \ZjbZglZ [ <uqbkeblv agZq_gb_ \_ebqbgu ] lZ[e ijb aZ^Zgguo agZq_gbyo qbk_e D E b F bkihevamy kbkl_fZlbq_kdbc mq_l Z[khexlguo ih]j_r ghkl_c ihke_ dZ`^hc hi_jZpbb Z lZd`_ k ihfhsvx f_lh^Z ]jZgbp GZclb Z[khexlgmx b hlghkbl_evgmx ih]j_rghklb ] b hij_^_eblv ih gbf dhebq_kl\h \_jguo pbnj \ ] _keb pbnju D E b F \_jgu \ kljh ]hf kfuke_ LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu AZ^Zgb_ ] ] ] Bkoh^gu_ ^Zggu_ DE D DE F E F D E k D E k E F E DF DE D F AZ^Zgb_ ] ] ] Bkoh^gu_ ^Zggu_ DE F D E D E F E DF E EF D E k D E k D E k ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ AZ^Zgb_ ] D E OQ EF Bkoh^gu_ ^Zggu_ AZ^Zgb_ D E ] LZ[ebpZ ijh^he`_gb_ DF Bkoh^gu_ ^Zggu_ D D E E k ] D E D DE F k E ] D EF OQ D E E k ] E FRV F E D D k E ] D DF E OQ D E k ] EF DE D k E ] D F E D D E k ] OQ E D D F D ] ] OQ D EF E k § D E · ¨ ¸ ¨ ¸ © OQ F D ¹ D E k § D FRV E · ] ¨ ¸ © F E ¹ D E k ] F D F E D E E k k D E k ] D VLQ E OQ F D E k ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¤·ÀÂºÑ ÁÂº³½º¸·¿¿ÍÇ ´ÍÉºÃ½·¿º» AZ^Zgb_ ] E OQ F FD Bkoh^gu_ ^Zggu_ D E k ] D E OQ DE F ] WJ D E D F E ] ] VLQ F OQ E D OQ E ] D F VLQ ] OQ E D EF ] D EF OQ F D VLQ F E F ] E VLQ D D F ] D F E DE k D , ] DE D F ] E ] E k D E ] D E D D EF E DE FRV F D D E DF F D E k DE D E k D k E k E k D k E k ] D E k E D E D DE E F D DF DE F k E k ] Bkoh^gu_ ^Zggu_ D AZ^Zgb_ k E k LZ[ebpZ ijh^he`_gb_ D D E k ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ AZ^Zgb_ ] DEF D WJ E LZ[ebpZ hdhgqZgb_ Bkoh^gu_ ^Zggu_ AZ^Zgb_ Bkoh^gu_ ^Zggu_ D D F D E E k D E D D F E k E ] WJ k ] D F - D E k ] djljtqn J_rblv ke_^mxsb_ aZ^Zqb bkihevamy f_lh^ ]jZgbp >ebgZ \ha^mrghc ljZkku f_`^m ^\mfy imgdlZfb jZ\gZ 6 df KZfhe_l ij_h^he_\Z_l wlh jZkklhygb_ aZ \j_fy W q Hij_^_eblv ]jZgbpu kj_^g_c kdhjhklb kZfhe_lZ _keb @ $ @ @ 9 @ We_dljhiebldZ jZkkqblZgZ gZ gZijy`_gb_ r < GZclb khijhlb\e_gb_ kibjZeb we_dljhiebldb _keb ba\_klgh qlh q_j_a g__ ^he`_g ijhclb lhd r : F_^guc [jmkhd bf__l h[t_f 9 f @ ' @ GZclb _]h fZkkm _keb iehlghklv f_^b J d]f khklZ\ey_l d J d J_rblv ke_^mxsb_ aZ^Zqb bkihevamy h[smx nhjfmem ih]j_rghklb M^_evgh_ we_dljbq_kdh_ khijhlb\e_gb_ U f_lZeeZ djm]eh]h ijh\h^Z êb ghc O f k ihi_j_qguf k_q_gb_f G ff b khijhlb\e_gb_f 5 Hf hij_^_ey _lky ih nhjfme_ G r ff U 5 SG 5 O GZclb U _keb O r f r Hf S r Hij_^_eblv hlghkbl_evgmx ih]j_rghklv U <_jlbdZevguc pbebg^jbq_kdbc j_a_j\mZj gZiheg_g `b^dhklvx Hij_^_ eblv \j_fy g_h[oh^bfh_ êy hihjh`g_gby j_a_j\mZjZ q_j_a djm]eh_ hl \_jklb_ \ ^g_ >bZf_lj j_a_j\mZjZ ' r f \ukhlZ mjh\gy `b^dhklb + r f ^bZf_lj hl\_jklby ^gZ G r f dhwnnbpb_gl jZkoh^Z P r JZkq_l \ k_dmg^Zo \_^_lky ih nhjfme_ W ' + PG J J_rblv ke_^mxsb_ aZ^Zqb bkihevamy h[jZlgmx aZ^Zqm l_hjbb ih]j_r ghkl_c K dZdhc lhqghklvx gZ^h baf_jblv jZ^bmk djm]Z 5 kf b dZdbf dheb q_kl\hf agZqZsbo pbnj ke_^m_l h]jZgbqblvky êy qbkeZ S qlh[u ieh sZ^v djm]Z [ueZ ba\_klgZ k lhqghklvx ^h >ebggu klhjhg ijyfhm]hevgbdZ jZ\gu D | f E | f DZdh\Z ^himk lbfZy ij_^_evgZy Z[khexlgZy ih]j_rghklv ijb baf_j_gbb wlbo \_ebqbg h^bgZdh\Zy êy h[_bo klhjhg qlh[u iehsZ^v 6 ijyfhm]hevgbdZ fh`gh [ueh hij_^_eblv k ij_^_evghc Z[khexlghc ih]j_rghklvx ' $ f ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ Ã¼²½ÑÂ¿ÍÇÅÂ²´¿·¿º» P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ ij_^klZ\e_gb_ h ijbf_g_gbb mjZ\g_gbc \ jZaebqguo h[eZklyo ^_yl_evghklb ijb\blv agZgby h[ hk gh\guo wlZiZo j_r_gby mjZ\g_gby \ujZ[hlZlv gZ\udb bkihevah\Zgby jZaebqguo f_lh^h\ êy mlhqg_gby dhjgy mjZ\g_gby b \u[hjZ lh]h beb bgh]h ijh]jZffgh]h kj_^kl\Z êy ijh\_jdb ijZ\bevghklb gZc^_ggh]h j_ amevlZlZ Ebl_jZlmjZ <_j`[bpdbc < F Qbke_ggu_ f_lhû ebg_cgZy Ze]_[jZ b g_ebg_cgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F NbafZl]ba ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lh û ² F Ijhk\_s_gb_ ² K ² Gha^jbg B G Kl_iZg_gdh B F Dhklxd I D IjbdeZ^gu_ aZ^Zqb ih \ukr_c fZl_fZlbd_ ² Db_\ <bsZ rdheZ ² K Imevdbg K I L_hjby b ijZdlbdZ \uqbke_gbc ² F Ijhk\_s_gb_ ² K ² ·ÄÀ¶ÇÀÂ¶ J_rblv mjZ\g_gb_ H [ b [ f_lh^hf ohj^ k lhqghklvx 0 ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ Ã¼²½ÑÂ¿ÍÇ ÅÂ²´¿·¿º» J_r_gb_ Hl^_ey_f dhjgb Wlhl wlZi j_r_gby hkms_kl\ey_lky k ihfhsvx ZgZeb lbq_kdh]h beb ]jZnbq_kdh]h f_lh^Z Ihke_ lh]h dZd dhj_gv ihê_`Zsbc mlhqg_gbx hl^_e_g aZ gZqZevgh_ ijb[eb`_gb_ fh`_l [ulv \u[jZgZ ex [Zy lhqdZ > D E@ gZqZeh hlj_adZ _]h k_j_^bgZ b l ^ <hkihevam_fky ]jZnbq_kdbf f_lh^hf Ihkljhbf ]jZnbd nmgdpbb b gZc ^_f lhqdb i_j_k_q_gby _]h k hkvx 2[ jbk Jbk Hl^_e_gb_ dhjg_c ]jZnbq_kdb Ihemqbeb ^\Z bgl_j\ZeZ > @ > @ Bgl_j\Ze \ dhlhjhf fu [m ^_f mlhqgylv dhj_gv ² > @ Mlhqgy_f dhjgb I [ H [ b [ GZoh^bf ijhba\h^gmx nmgdpbb ] [ i_j\mx G I [ G[ Hij_^_ey_f agZdb I [ gZ hlj_ad_ > @ I ! I AgZqbl gZ ^Zgghf hlj_ad_ ^_ckl\bl_evgh kms_kl\m_l dhj_gv gZr_]h mjZ\g_gby ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Kljhbf ihke_^h\Zl_evghklv agZq_gbc k bkihevah\Zgb_f j_dmjj_glghc nhjfmeu f_lh^Z ohj^ b ijhZgZebabjm_f j_amevlZlu \uqbke_gguo agZq_ gbc ihke_^h\Zl_evghklb [Q jbk >ey wlh]h jZkkfhljbf agZq_gby nmgdpbb G] [Q ghc lhqghklb djbl_jbx ² wlZ \_ebqbgZ y\ey_lky djbl_jb_f ^hklb`_gby aZ^Zg 0 GZqbgZy k Q agZq_gby [Q m^h\e_l\hjyxl ^hklb`_gby aZ^Zgghc lhqghklb H ! agZqbl [ y\ey_lky j_r_gb_f gZr_]h mjZ\g_gby Jbk Ijh\_jdZ djbl_jby ^hklb`_gby aZ^Zgghc lhqghklb Kha^Z_f nmgdpbx j_Zebamxsmx \uqbke_gby dhjgy mjZ\g_gby H [ [ gZ hlj_ad_ > @ k lhqghklvx 0 f_lh^hf ohj^ jbk J_r_gb_f [m^_l y\eylvky qbkeh ihemqb\r__ky gZ lj_lv_f rZ]_ j_r_gby b Jbk Nmgdpby \ha\jZsZxsZy agZq_gby dhjgy mjZ\g_gby f_lh^hf ohj^ :j]mf_glu nmgdpbb , - dhgpu hlj_adZ 0 ih]j_rghklv \uqbke_gbc nmgdpby i_j\hc ijhba\h^ghc I * SU [ ² ² ² Ijh\_jy_f j_r_gb_ jbk Jbk Ijh\_jdZ j_r_gby mjZ\g_gby \kljh_ggufb nmgdpbyfb 0DWKFDG Hl\_l dhj_gv mjZ\g_gby ih f_lh^m ohj^ jZ\_g k lhqghklvx gZc ^_gguc gZ lj_lv_f rZ]_ ·ÄÀ¶¼²Ã²Ä·½Î¿ÍÇ <uqbkeblv f_lh^hf dZkZl_evguo dhj_gv mjZ\g_gby H [ b hlj_ad_ > @ k lhqghklvx 0 J_r_gb_ Hl^_ey_f dhjgb mjZ\g_gby kf jZa^ [ gZ Hij_^_ey_f g_ih^\b`gmx lhqdm >ey wlh]h hij_^_ebf agZdb nmgdpbb b \lhjhc ijhba\h^ghc gZ hl^_e_gghf bgl_j\Ze_ > @ >ey wlh]h khklZ\bf nmgdpbx ijh\_jyxsmx mkeh\b_ g_ih^\b`ghklb lhqdb jbk Jbk Hij_^_e_gb_ g_ih^\b`ghc lhqdb Lh]^Z ih^\b`ghc lhqdhc [m^_l lhqdZ D <uqbkey_f agZq_gb_ bl_jZpbhgghc ihke_^h\Zl_evghklb k bkihevah\Zgb_f j_dmjj_glghc nhjfmeu f_lh^Z dZkZl_evguo jbk Jbk Ihkljh_gb_ bl_jZpbhgghc ihke_^h\Zl_evghklb ih f_lh^m dZkZl_evguo :gZebabjmy ihemq_ggu_ agZq_gby êy ^hklb`_gby djbl_jby aZ^Zgghc lhqghklb fh`gh kdZaZlv qlh j_r_gb_f mjZ\g_gby [m^_l agZq_gb_ [ ijb Q l d Kha^Z_f nmgdpbx j_Zebamxsmx f_lh^ dZkZl_evguo ZgZeh]bqgh f_lh^m ohj^ Ijh\_jy_f ihemq_ggu_ j_amevlZlu Hlf_lbf qlh \ iZd_l_ 0DWKFDG bf__lky _s_ g_kdhevdh nmgdpbc iha\h eyxsbo j_rZlv mjZ\g_gby gZijbf_j nmgdpby VROYH m©Ï©mÈËäÈ« ° ¹È ÓËãÒ 6\PEROLF jbk Jbk IZg_ev 6\PEROLF Ijbf_j bkihevah\Zgby dhfZgû VROYH ij_^klZ\e_g gZ jbk Jbk J_r_gb_ mjZ\g_gby k ihfhsvx dhfZgû VROYH ·ÄÀ¶ÁÂÀÃÄÀ»ºÄ·Â²Èºº J_rblv mjZ\g_gb_ H [ [ klvx 0 f_lh^hf ijhklhc bl_jZpbb k lhqgh J_r_gb_ Ko_fZ j_r_gby mjZ\g_gby f_lh^hf ijhklhc bl_jZpbb ke_^mxsZy Hl^_ey_f dhjgb Ijb\h^bf bkoh^gh_ mjZ\g_gb_ d \b^m [ I [ AZf_gbf mjZ\g_gb_ H [ b [ mjZ\g_gb_f \b^Z [ [ P b ) [ A^_kv \_ebqbgZ P ^he`gZ [ulv ih^h[jZgZ lZd qlh[u êy nmgdpbb I [ \uihegbebkv mkeh\by b l_hj_fu h ^hklZlhqghf mkeh\bb koh^b fhklb bl_jZpbhggh]h ijhp_kkZ Ijhba\h^gZy ) [ gZ hlj_ad_ > @ hljbpZl_evgZ ke_^h\Zl_evgh nmgdpby ) [ gZ wlhf hlj_ad_ fhghlhggh m[u\Z_l ?_ agZq_gby ij_^ klZ\e_gu gZ jbk Jbk AgZq_gby nmgdpbb ) [ H [ b [ gZ hlj_ad_ > @ Lh]^Z agZq_gby nmgdpbb I [ [m^ml jZ\gu 1 2 1 2 b b Mqblu\Zy fhghlhgghklv nmgdpbb I [ ba ihke_^gbo jZ\_gkl\ e_]dh aZ f_lblv qlh mkeh\b_ l_hj_fu [m^_l aZ\_^hfh \uiheg_gh _keb P ijZ\bevgZy hljbpZl_evgZy ^jh[v jbk ² Jbk Hij_^_e_gb_ agZq_gby 2 Ihkdhevdm ijhba\h^gZy ) [ gZ dhgpZo bgl_j\ZeZ > @ iheh`b ) l_evgZ ) b fhghlhggh \hajZklZ_l __ fh ^mev bf__l fZdkbfmf gZ ijZ\hf dhgp_ hlj_adZ Lh]^Z _keb aZ P ijbgylv qbkeh 2 H lh êy ex[h]h [ ba hlj_adZ > PD[ @ agZq_gb_ \ujZ`_gby [m^_l ijZ\bevghc hljbpZl_evghc ^jh[vx Wlh h[_k i_qb\Z_l \uiheg_gb_ mkeh\by l_hj_fu jbk >ey \uiheg_gby mkeh\by l_hj_fu gZc^_f ijhba\h^gmx ij_h[jZ ah\Zgghc nmgdpbb I [ P H [ b __ agZq_gby gZ dhgpZo hlj_adZ > @ [ H[ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Mkeh\b_ l_hj_fu \uiheg_gh agZq_gby ijhba\h^guo f_gvr_ _^b gbpu AZ \_ebqbgm T \havf_f qbkeh jbk Jbk Hij_^_e_gb_ agZq_gby 6 <uqbkey_f agZq_gby bl_jZpbhgghc ihke_^h\Zl_evghklb [3 I [3 < dZq_kl\_ gZqZevgh]h agZq_gby \havf_f gZijbf_j gZqZeh hlj_adZ lhq dm [ Djbl_jb_f ^hklb`_gby aZ^Zgghc lhqghklb 0 ijb j_r_gbb gZr_]h mjZ\g_gby f_lh^hf ijhklhc bl_jZpbb y\ey_lky \_ebqbgZ jZ\gZy jbk Jbk Hij_^_e_gb_ djbl_jby ^hklb`_gby aZ^Zgghc lhqghklb 6 ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ Ã¼²½ÑÂ¿ÍÇ ÅÂ²´¿·¿º» Kljhbf bl_jZpbhggmx ihke_^h\Zl_evghklv jbk Jbk Ihkljh_gb_ bl_jZpbhgghc ihke_^h\Zl_evghklb ih f_lh^m ijhklhc bl_jZpbb >ey ]h ijb[eb`_gby ihemqbeb qlh [ [ $ Hlkx ^Z ke_^m_l qlh [ y\ey_lky ijb[eb`_gguf j_r_gb_f gZr_]h mjZ\g_gby Kha^Z_f nmgdpbx j_Zebamxsmx f_lh^ ijhklhc bl_jZpbb êy j_r_gby mjZ\g_gby [ I [ ih f_lh^m ijhklhc bl_jZpbb khklZ\ey_lky ZgZeh]bq gh jZkkfhlj_gguf \ur_ f_lh^Zf <bamZebabjm_f jbk j_r_gb_ mjZ\g_gby f_lh^hf ijhklhc bl_jZpbb ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk <bamZebaZpby j_r_gby mjZ\g_gby ) [ H [ b [ Hl\_l j_r_gb_f mjZ\g_gby [m^_l qbkeh [ ihemq_ggh_ gZ f rZ]_ ÀÁÂÀÃÍÁÀÄ·¾· Qlh agZqbl j_rblv mjZ\g_gb_" DZdh\u wlZiu j_r_gby mjZ\g_gby k h^ghc g_ba\_klghc qbke_ggufb f_ lh^Zfb" DZdb_ kms_kl\mxl f_lhû j_r_gby mjZ\g_gby k h^ghc g_ba\_klghc" < q_f aZdexqZ_lky wlZi hl^_e_gby dhjg_c ijb bkihevah\Zgbb qbke_gguo f_lh^h\ j_r_gby mjZ\g_gby" Kmlv f_lh^Z ohj^ =jZnbq_kdZy bgl_jij_lZpby f_lh^Z Kmlv f_lh^Z dZkZl_evguo =jZnbq_kdZy bgl_jij_lZpby f_lh^Z Kmlv f_lh^Z ijhklhc bl_jZpbb DZdh_ mjZ\g_gb_ fh`gh j_rZlv f_lh^hf ijhklhc bl_jZpbb" DZdh\u ^hklZlhqgu_ mkeh\by koh^bfhklb bl_jZpbhggh]h ijhp_kkZ ijb j_r_gbb mjZ\g_gby [ I [ gZ hlj_ad_ > D E@ kh^_j`Zs_]h dhj_gv f_ lh^hf ijhklhc bl_jZpbb" DZdh_ mkeh\b_ y\ey_lky djbl_jb_f ^hklb`_gby aZ^Zgghc lhqghklb ijb j_r_gbb mjZ\g_gby [ I [ f_lh^hf ohj^ dZkZl_evguo bl_jZpbc" AZibkZlv nhjfmem gZoh`^_gby agZq_gbc ihke_^h\Zl_evghklb ijb j_r_ gbb mjZ\g_gby f_lh^hf ohj^ dZkZl_evguo DZd kljhblky bl_jZpbhggZy ihke_^h\Zl_evghklv lhq_d ijb j_r_gbb mjZ\ g_gby f_lh^hf ijhklhc bl_jZpbb" ²¶²¿ºÑ¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· Ijb jZkq_l_ \ha^mrgh]h klZevgh]h ijh\h^Z ihemqbeb mjZ\g_gb_ êy hi j_^_e_gby mkbeby gZly`_gby ijb ]hehe_^_ GZc lb iheh`bl_evguc dhj_gv mkbeb_ gZly`_gby Ijb j_r_gbb \hijhkZ h[ baemq_gbb Z[khexlgh q_jgh]h l_eZ \klj_qZ_lky mjZ\g_gb_ H X X J_rblv _]h J_rblv mjZ\g_gb_ [ H dhlhjh_ \klj_qZ_lky \ aZ^Zq_ h gZb\u ]h^g_cr_c dhgkljmdpbb baheypbb êy ljm[ J_rblv mjZ\g_gb_ OQ X D EX P P ! \klj_qZxs__ky \ we_dljhl_o gbd_ GZb[hevrZy kdhjhklv \hû \ ljm[_ djm]eh]h k_q_gby ^hklb]Z_lky lh]^Z dh]^Z p_gljZevguc m]he m^h\e_l\hjy_l mjZ\g_gbx WJ [ [ Hij_^_eblv wlhl m]he < aZ^Zq_ h jZkij_^_e_gbb l_ieZ \ kl_j`g_ \klj_qZ_lky mjZ\g_gb_ WJ [ J[ J_rblv _]h Ijb bkke_^h\Zgbb [_kijh\hehqgh]h baemqZl_ey ihemq_gh mjZ\g_ gb_ [ WJ [ F F FRQVW >ey dZdh]h gZbf_gvr_]h iheh`bl_evgh]h beb hljbpZl_evgh]h agZq_gby [ ihklhyggZy jZ\gZ [ J_rblv mjZ\g_gb_ WJ [ [ S S [ dhlhjh_ \klj_qZ_lky ijb j_r_gbb aZ ^Zqb h jZkijhkljZg_gbb l_ieZ \ kl_j`g_ ijb gZebqbb emq_bkimkdZgby \ hdjm`Zxs__ ijhkljZgkl\h Ijb hij_^_e_gbb djblbq_kdhc gZ]jmadb êy [Zedb k\h[h^gh hibjZxs_c ky h^gbf dhgphf aZdj_ie_gghc ^jm]bf b k`bfZ_fhc ijh^hevghc kbehc \klj_qZ_lky mjZ\g_gb_ WJ P P S [ SP SP J_rblv _]h ijb S iheZ]Zy qlh IehsZ^v djm]h\h]h k_]f_glZ ^m]Z dhlhjh]h D hij_^_ey_lky nhjfmehc 4 5 , VLQ , D _klv jZ^bZggZy f_jZ ^m]b GZclb k_]f_gl iehsZ^v dhlhjh]h jZ\gZ iehsZ^b djm]Z gZclb k_]f_gl ² agZqbl gZclb m]eh \mx f_jm _]h ^m]b Ijyfhm]hevgZy klZevgZy ieZklbgdZ jZaf_jZfb u kf b lhesbghc kf aZs_fe_gZ ih djZyf b ih^\_j]Z_lky ^_ckl\bx jZ\ghf_jgh jZkij_ ^_e_gghc gZ]jmadb jZ\ghc d]kf Klj_eZ ijh]b[Z ] hij_^_ey_lky ba mjZ\g_gby ] ] GZclb ] j_rb\ ^Zggh_ mjZ\g_gb_ gZc lb dhj_gv k q_lujvfy agZqZsbfb pbnjZfb RZj jZ^bmkZ 5 jZa^_eblv gZ P qZkl_c jZ\guo ih h[t_fm iml_f ijh\_^_ gby iehkdhkl_c iZjZee_evguo f_`^m kh[hc P P Hlghr_gb_ K 5 gZclb k iylvx \_jgufb ^_kylbqgufb agZdZfb K ² \ukhlZ rZjh\h]h kehy k lhqghklvx ^h lj_o ^_kylbqguo agZdh\ mjZ\g_gby lZdh]h lbiZ \klj_qZxlky ijb bamq_gbb dhe_[Zgbc kl_j`gy ih^ ^_ckl\b_f ijh^hevgh]h m^ZjZ GZclb gZbf_gvrbc iheh`bl_evguc dhj_gv mjZ\g_gby WJ [ [ k GZclb dhj_gv mjZ\g_gby H [ [ lj_fy \_jgufb ^_kylbqgufb agZdZfb mjZ\g_gb_ \klj_qZ_lky ijb bamq_ gbb l_ieh\h]h j_`bfZ \ kl_gd_ GZclb gZbf_gvrbc iheh`bl_evguc dhj_gv mjZ\g_gby WJ [ lj_fy \_jgufb ^_kylbqgufb agZdZfb [ k J_rblv mjZ\g_gby ijb\_^_ggu_ \ lZ[e MjZ\g_gb_ [ LZ[ebpZ <ZjbZglu aZ^Zgbc êy kZfhklhyl_evgh]h j_r_gby MjZ\g_gb_ [ [ [ [ [ [ FRV [ ORJ [ LZ[ebpZ hdhgqZgb_ MjZ\g_gb_ MjZ\g_gb_ [ [ [ FRV [ [ [ [ S d [ d S [ OJ VLQ OQ [ [ VLQ [ [ H [ [ [ OQ [ [ [ [ [ OJ [ § © [ FRV VLQ WJ [ [ [ S d[d [ [ DUFWJ § © FRV ¨ [ [ VLQ [ OJ [ [ [ [ [ [ [ [ [ S VLQ [ [ OJ [ [ [ [ FRV [ VLQ [ FWJ FWJ [ [ [ OJ S· ¸ [ ¹ [ [ [ [ S· ¸ [ ¹ [ [ [ [ H VLQ ¨ [ [ [ VLQ [ [ OJ [ [ [ H[ OJ [ [ [ [ VLQ [ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í·¾·ÄÀ¶Í Â·Ê·¿ºÑÃºÃÄ·¾ ½º¿·»¿ÍÇÅÂ²´¿·¿º» P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ ij_^klZ\e_gby h ijyfuo b bl_jZ pbhgguo f_lh^Zo j_r_gby kbkl_f ebg_cguo mjZ\g_gbc \ujZ[hlZlv mf_gby khklZ\eylv b ijbf_gylv Ze]hjblfu b ijh]jZffu êy j_r_gby kbkl_f mjZ\g_ gbc ^Zlv gZ\udb \ bkihevah\Zgbb ijh]jZffguo kj_^kl\ êy j_r_gby kbkl_f mjZ\g_gbc Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² <_j`[bpdbc < F Qbke_ggu_ f_lhû ebg_cgZy Ze]_[jZ b g_ebg_cgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lhû ² F Ijhk\_s_gb_ ² K ² Gha^jbg B G Kl_iZg_gdh B F Dhklxd I D IjbdeZ^gu_ aZ^Zqb ih \ukr_c fZl_fZlbd_ ² Db_\ <bsZ rdheZ ² K Iebk : B Keb\bgZ G : 0DWKFDG FZl_fZlbq_kdbc ijZdlbdmf êy wdhghfbklh\ b bg`_g_jh\ Mq_[ ihkh[b_ ² F NbgZgku b klZlbklbdZ ² K ² Imevdbg K I <uqbkebl_evgZy fZl_fZlbdZ ² F Ijhk\_s_gb_ ² K ² ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇe ·ÄÀ¶²ÅÃÃ²pÀÂ¶²¿² J_rblv kbkl_fm [ [ [ ° ® [ [ [ ° [ [ [ ¯ f_lh^hf =ZmkkZ²@hj^ZgZ k lhqghklvx 0 J_r_gb_ <\h^bf fZljbpm dhwnnbpb_glh\ ijb g_ba\_klguo $ b fZljbpm k\h[h^ guo qe_gh\ % jbk Jbk <\h^ fZljbp $ % AZ^Z_f nmgdpbx j_Zebamxsmx f_lh^ =ZmkkZ²@hj^ZgZ :j]mf_glu nmgdpbb $ ² fZljbpZ dhwnnbpb_glh\ ijb g_ba\_klguo % ² fZljbpZ k\h[h^guo qe_gh\ jbk Jbk Nmgdpby j_ZebamxsZy f_lh^ =ZmkkZ²@hj^ZgZ k bkihevah\Zgb_f \kljh_gguo nmgdpbc 0DWKFDG Nmgdpbx dhlhjZy [m^_l j_Zebah\Zlv f_lh^ =ZmkkZ²@hj^ZgZ [_a bkihev ah\Zgby \kljh_gguo nmgdpbc 0DWKFDG khklZ\blv kZfhklhyl_evgh ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Ijh\_jy_f j_r_gb_ k ihfhsvx \kljh_gguo nmgdpbc 0DWKFDG Jbk Ijh\_jdZ j_r_gby \kljh_ggufb nmgdpbyfb 0DWKFDG k ihfhsvx nmgdpbb fZljbqguc kihkh[ k ihfhsvx [ehdZ § · Hl\_l [ ¨¨ ¸¸ ¨ ¸ © ¹ ·ÄÀ¶ÁÂÀÃÄÀ»ºÄ·Â²Èºº J_rblv kbkl_fm [ [ [ ° ® [ [ [ ° [ [ [ ¯ f_lh^hf ijhklhc bl_jZpbb k lhqghklvx 0 ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇe J_r_gb_ Ijb\h^bf bkoh^gmx kbkl_fm d \b^m k ij_h[eZ^Zxsbfb ^bZ]hgZevgufb dhwnnbpb_glZfb >ey wlh]h gZijbf_j i_j\h_ mjZ\g_gb_ aZibr_f lj_lvbf lj_lv_ mjZ\g_ gb_ mfgh`bf gZ \uql_f \lhjh_ b aZibr_f gZ i_j\hf f_kl_ Z \lhjh_ mjZ\g_gb_ mfgh`bf gZ \uql_f i_j\h_ b aZibr_f gZ \lhjhf f_kl_ [ [ [ ° ® [ [ [ ° [ [ [ ¯ Dhwnnbpb_glu jZkiheh`_ggu_ ih ^bZ]hgZeb b ih^q_jdgmlu_ y\eyxlky ij_h[eZ^Zxsbfb ih kljhd_ KhklZ\ey_f fZljbpu dhwnnbpb_glh\ ijb g_ba\_klguo \ e_\hc qZklb b k\h[h^guo qe_gh\ jbk Jbk <\h^ fZljbp $ % IhemqZ_f ij_h[jZah\Zggmx kbkl_fm JZa^_ebf êy wlh]h dZ`^h_ mjZ\g_gb_ gZ k\hc ^bZ]hgZevguc dhwnnbpb _gl b \ujZabf ba dZ`^h]h mjZ\g_gby ^bZ]hgZevgh_ g_ba\_klgh_ jbk Jbk Ihemq_gb_ ijb\_^_gghc kbkl_fu ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Ihemqbf kbkl_fm [ ° ® [ °[ ¯ [ [ [ [ [ [ >ey h[_ki_q_gby mkeh\bc koh^bfhklb gm`gh ihemqblv kbkl_fm lZd qlh[u dhwnnbpb_glu \ ijZ\hc qZklb kbkl_fu [ueb kms_kl\_ggh f_gvr_ _^b gbpu Ijh\_jy_f h^gh ba mkeh\bc koh^bfhklb bl_jZpbhggh]h ijhp_kkZ ;m^_f mklZgZ\eb\Zlv koh^bfhklv l _ ih]jmabf kbkl_fm \ ijhkljZgkl\h k h^ghc ba lj_o f_ljbd 7 7 7 < iZd_l_ 0DWKFDG dhwnnbpb_glu k`Zlby fh`gh hij_^_eblv k ihfhsvx nmgdpbc khhl\_lkl\_ggh êy 7 7 7 jbk beb \hkihevah\Zlvky nhjfmeZfb jbk Jbk Hij_^_e_gb_ dhwnnbpb_glZ k`Zlby \kljh_ggufb nmgdpbyfb 0DWKFDG Jbk Hij_^_e_gb_ dhwnnbpb_glZ k`Zlby k ihfhsvx nhjfme ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇe AZf_lbf qlh \k_ dhwnnbpb_glu f_gvr_ _^bgbpu agZqbl kbkl_fm fh`gh ih]jmablv \ ijhkljZgkl\h k ex[hc ba f_ljbd HklZgh\bfky gZ ijhkljZg kl\_ k f_ljbdhc 7 BlZd bl_jZpbhgguc ijhp_kk koh^blky ijbq_f , GZoh^bf djbl_jbc ^hklb`_gby aZ^Zgghc lhqghklb ijb j_r_gbb kbkl_fu mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb >ey ^hklb`_gby lhqghklb 0 ijb[eb`_gby gm`gh gZoh^blv ^h l_o ihj ihdZ [m^_l \uihegylvky g_jZ \_gkl\h [ N [ N ( jbk l _ jZkklhygb_ f_`^m ^\mfy khk_^ gbfb ijb[eb`_gbyfb g_ ^he`gh ij_\urZlv qbkeZ ( Jbk Hij_^_e_gb_ djbl_jby ^hklb`_gby aZ^Zgghc lhqghklb 0 <uqbkey_f agZq_gby bl_jZpbhgghc ihke_^h\Zl_evghklb jbk Jbk <uqbke_gb_ ihke_^h\Zl_evghklb agZq_gbc >ey hij_^_e_gby dZdh_ ijb[eb`_gb_ [m^_l y\eylvky j_r_gb_f g_h[oh ^bfh gZclb jZkklhygby f_`^m ^\mfy khk_^gbfb ijb[eb`_gbyfb ih f_l jbd_ 7 l d \u[jZgh wlh ijhkljZgkl\h jbk ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk Ijh\_jdZ djbl_jby ^hklb`_gby aZ^Zgghc lhqghklb ih f_ljbd_ 7 Ihemq_ggh_ ^_kylh_ agZq_gb_ kmffu fh^me_c jZaghkl_c dhwnnbpb_glh\ ijb g_ba\_klguo jZ\gh_ ( m^h\e_l\hjy_l mkeh\bx djbl_ jby Wlh agZqbl qlh \ lZ[ebp_ agZq_gbc [ ^_\yluc klhe[_p y\ey_lky j_ r_gb_f kbkl_fu mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb <bamZebabjm_f ihemq_ggu_ agZq_gby jbk Jbk <bamZebaZpby j_r_gby kbkl_fu mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇe =jZnbdb ihdZau\Zxl qlh gZqbgZy k N \k_ ljb ebgbb i_j_klZxl ij_ehfeylvky Z agZqbl ^_kylh_ ijb[eb`_gb_ [m^_l y\eylvky j_r_gb_f gZr_c kbkl_fu mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb Hl\_l j_r_gb_f kbkl_fu y\ey_lky \_dlhj klhe[_p [ guc gZ ^_kylhf rZ]_ bl_jZpbb § · ¨ ¸ ¨ ¸ ¨ ¸ © ¹ ihemq_g ·ÄÀ¶·»¶·½Ñ J_rblv kbkl_fm [ [ [ ° ° ® [ [ [ ° °̄ [ [ [ f_lh^hf A_c^_ey k lhqghklvx 0 J_r_gb_ <\h^bf fZljbpm dhwnnbpb_glh\ ijb g_ba\_klguo b fZljbpm k\h[h^guo qe_gh\ $ § ¨ ¨ ¨ © · ¸ ¸ ¸¹ % § · ¨ ¸ ¨ ¸ ¨ ¸ © ¹ LjZgkihgbjm_f fZljbpm $ ihemqbf fZljbpm $L ljZgkihgbjh\ZggZy fZljbpZ ² wlh fZljbpZ klhe[pu dhlhjhc y\eyxlky kljhdZfb bkoh^ghc fZljbpu L $ § ¨ ¨ ¨ © · ¸ ¸ ¸¹ Mfgh`Z_f e_\mx b ijZ\mx qZklb bkoh^ghc kbkl_fu gZ fZljbpm $L jbk IhemqZ_f kbkl_fm \b^Z [ E ¦ D [ >ey wlh]h jZa^_ebf dhwnnbpb L M M zL LM M _glu dZ`^hc kljhdb fZljbpu 0 gZ khhl\_lkl\mxsbc jZaj_rZxsbc we_f_gl kljhdb Ihemqbf ijb\_^_ggmx kbkl_fm d dhlhjhc ijbf_gbf f_ lh^ A_c^_ey jbk ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk <uqbke_gb_ dhwnnbpb_glh\ ij_h[jZah\Zgghc fZljbpu Jbk Ihemq_gb_ ijb\_^_gghc kbkl_fu <oh^gu_ iZjZf_lju ijh]jZffu Q ² qbkeh rZ]h\ 0 ² aZ^ZggZy lhqghklv D E ² fZljbpu ij_h[jZah\Zggu_ RWYHW ² i_j_f_ggZy ih dhlhjhc nmgdpby =HLGHO \u^Z_l dhjgb mjZ\g_gby ex[h_ ^jm]h_ __ agZq_gb_ ² hij_^_ey_l fgh`_kl\h rZ]h\ j_r_gby ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ½º¿·»¿ÍÇe >ey j_r_gby kbkl_fu mjZ\g_gbc khklZ\bf nmgdpbx j_Zebamxsmx f_ lh^ A_c^_ey jbk Jbk Nmgdpby j_ZebamxsZy f_lh^ A_c^_ey Hl\_l j_r_gb_f kbkl_fu lj_o ebg_cguo mjZ\g_gbc y\ey_lky \_dlhj [ § · ¨ ¸ ¨ ¸ ¨ ¸ © ¹ gZc^_gguc gZ hf rZ]_ bl_jZpbb ÀÁÂÀÃÍÁÀÄ·¾· DZdb_ \u agZ_l_ ]jmiiu f_lh^h\ j_r_gby kbkl_f ebg_cguo mjZ\g_gbc k Q g_ba\_klgufb" DZdb_ f_lhû hlghkylky d ijyfuf f_lh^Zf j_r_gby kbkl_f ebg_cguo mjZ\g_gbc k Q g_ba\_klgufb" DZdb_ f_lhû hlghkylky d ijb[eb`_gguf f_lh^Zf j_r_gby kbkl_f eb g_cguo mjZ\g_gbc k Q g_ba\_klgufb" Qlh agZqbl j_rblv kbkl_fm mjZ\g_gbc k Q g_ba\_klgufb" < q_f aZdexqZ_lky kmlv f_lh^Z =ZmkkZ²@hj^ZgZ êy j_r_gby kbkl_f mjZ\g_gbc" DZd nhjfmebjm_lky ijZ\beh ijyfhm]hevgbdZ êy j_r_gby kbkl_f f_lh ^hf =ZmkkZ²@hj^ZgZ" Qlh lZdh_ f_ljbdZ" ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Qlh lZdh_ k`bfZxs__ hlh[jZ`_gb_" < q_f aZdexqZ_lky kmlv f_lh^Z ijhklhc bl_jZpbb êy j_r_gby kbkl_f mjZ\g_gbc" DZdmx kbkl_fm fh`gh j_rZlv f_lh^hf ijhklhc bl_jZpbb" DZd ijb\_klb kbkl_fm d \b^m k ij_h[eZ^Zxsbfb ^bZ]hgZevgufb dhwn nbpb_glZfb" DZd gZoh^blky jZkklhygb_ f_`^m ^\mfy ijb[eb`_gbyfb \ ijhkljZgkl\_ k f_ljbdhc U U U " DZdh\u ^hklZlhqgu_ mkeh\by koh^bfhklb bl_jZpbhggh]h ijhp_kkZ ijb j_r_gbb kbkl_f" DZd gZclb dhwnnbpb_gl k`Zlby" DZdh_ mkeh\b_ y\ey_lky djbl_jb_f ^hklb`_gby aZ^Zgghc lhqghklb ijb j_r_gbb kbkl_f ebg_cguo mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb f_lh ^hf A_c^_ey" DZd kljhblky bl_jZpbhggZy ihke_^h\Zl_evghklv agZq_gbc ijb j_r_gbb kbkl_f mjZ\g_gbc f_lh^hf ijhklhc bl_jZpbb f_lh^hf A_c^_ey" ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· J_rblv kbkl_fm mjZ\g_gbc k lj_fy g_ba\_klgufb lZ[e f_lh^hf =ZmkkZ²@hj^ZgZ f_lh^hf ijhklhc bl_jZpbb f_lh^hf A_c^_ey k lhqghklvx H KhklZ\blv nmgdpbb j_Zebamxsb_ f_lhû ijh\_jblv j_r_gb_ k ihfhsvx \kljh_gguo nmgdpbc iZd_lZ 0DWKFDG AZ^Zgb_ LZ[ebpZ <ZjbZglu aZ^gbc êy kZfhklhyl_evghc jZ[hlu AZ^Zgb_ [ [ [ ° ® [ [ [ ° [ [ [ ¯ [ [ [ ° ®[ [ [ ° [ [ [ ¯ [ [ [ ° ® [ [ [ ° [ [ [ ¯ [ [ [ ° ® [ [ [ °[ [ [ ¯ AZ^Zgb_ AZ^Zgb_ LZ[ebpZ ijh^he`_gb_ [ [ [ ° ® [ [ [ ° ¯ [ [ [ [ [ [ [ [ [ ° ® [ [ [ ° [ [ [ ¯ [ [ [ [ [ [ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ °[ [ [ ¯ [ [ [ ° ® [ [ [ ° [ [ [ ¯ [ [ [ [ [ [ ° ° [ [ [ ® ® [ [ [ ° [ [ [ ° [ [ [ ¯ ¯ [ [ [ ° ® [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ o [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ °[ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ AZ^Zgb_ [ [ [ ° ® [ [ [ AZ^Zgb_ ° [ [ [ ¯ LZ[ebpZ ijh^he`_gb_ [ [ [ ° ® [ [ [ ° [ [ [ ¯ [ [ [ ° ® [ [ [ [ [ [ [ [ [ ° ® [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ ° ®[ [ [ [ [ [ [ [ [ ° ® [ [ [ [ [ [ [ [ [ ° ® [ [ [ [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° [ [ [ ¯ [ [ [ ° ® [ [ [ °[ [ [ ¯ [ [ [ ° ® [ [ [ °[ [ [ ¯ ° [ [ [ ¯ °[ [ [ ¯ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ®[ [ [ ° [ [ [ ¯ ° ®[ [ [ °[ [ [ ¯ ° ®[ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ ° ® [ [ [ ° [ [ [ ¯ LZ[ebpZ hdhgqZgb_ AZ^Zgb_ AZ^Zgb_ o [ [ ° ® [ [ [ [ [ [ ° ® [ [ [ o [ [ ° ® [ [ [ [ [ [ ° ®[ [ [ ° [ [ [ ¯ ° [ [ [ ¯ °[ [ [ ¯ ° [ [ [ ¯ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ ÃºÃÄ·¾¿·½º¿·»¿ÍÇÅÂ²´¿·¿º» P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ ij_^klZ\e_gby h f_lh^Zo j_r_gby kbkl_f g_ebg_cguo mjZ\g_gbc ijb\blv mf_gby khklZ\eylv b ijbf_gylv Ze ]hjblfu êy j_r_gby lZdbo kbkl_f mjZ\g_gbc \ujZ[hlZlv gZ\udb \ bkihev ah\Zgbb ijh]jZffguo kj_^kl\ êy j_r_gby kbkl_f mjZ\g_gbc Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² <_j`[bpdbc < F Qbke_ggu_ f_lhû ebg_cgZy Ze]_[jZ b g_ebg_cgu_ mjZ\ g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F NbafZl]ba ² K ² ·ÄÀ¶ÎÐÄÀ¿² J_rblv kbkl_fm ^\mo g_ebg_cguo mjZ\g_gbc ° [ OJ [ \ ® °̄ [ [\ [ f_lh^hf GvxlhgZ J_r_gb_ AZ^Z^bf dhhj^bgZlgmx k_ldm b \uqbkebf agZq_gby dhhj^bgZl [ b \ \ maeZo k_ldb jbk Ihkljhbf ]jZnbd nmgdpbb b dZjlu ebgbc mjh\gy jbk gZ dhlhjuo gZ]ey^gh \b^gh qlh ^ZggZy kbkl_fZ bf__l j_r_gb_ b ijbq_f _^bgkl\_g gh_ k bkihevah\Zgb_f iZg_eb *UDSK jbk ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇe Jbk AZ^Zgb_ dhhj^bgZlghc k_ldb Jbk =jZnbd nmgdpbb b dZjlZ ebgbc mjh\gy Jbk IZg_ev *UDSK Lhqdb i_j_k_q_gby ebgbc h^bgZdh\h]h mjh\gy ^Zxl j_r_gb_ ^Zgghc kbk l_fu mjZ\g_gbc ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ AZ^Z^bf gZqZevgh_ ijb[eb`_gb_ i_j_f_gguo [ \ AZ^Z^bf nmgdpbx kh^_j`Zsmx j_r_gb_ kbkl_fu mjZ\g_gbc jbk Jbk <_dlhjnmgdpby aZ^ZxsZy kbkl_fm mjZ\g_gbc ° [ OJ [ \ ® °̄ [ [\ [ AZ^Z^bf nmgdpbx jbk j_Zebamxsmx f_lh^ GvxlhgZ nmgdpby ) \ha\jZsZ_l lZ[ebpm kh^_j`Zsmx agZq_gby dhhj^bgZl [ \ gZ dZ`^hf rZ]_ bl_jZpbb b khhl\_lkl\mxsb_ agZq_gby dhhj^bgZl \_dlhjnmgdpbb Jbk Nmgdpby \ha\jZsZxsZy j_r_gb_ kbkl_fu f_lh^hf GvxlhgZ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿Í· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ÃºÃÄ·¾ ¿·½º¿·»¿ÍÇe AZimklb\ ijh]jZffm ihemqbf bl_jZpbhggmx ihke_^h\Zl_evghklv jbk dhlhjZy ihdZau\Z_l dZd gZoh^ylky ijb[eb`_gby A^_kv ^\_ i_j\u_ kljhdb ² wlh agZq_gby [ b \ khhl\_lkl\_ggh Z ihke_^gb_ ^\_ kljhdb ² agZq_gby ^Zgguo nmgdpbc ijb gZc^_gguo agZq_gbyo [ b \ < ghev nmgdpbb h[jZsZxlky gZ k_^vfhf rZ]_ AgZqbl j_r_gb_f [m^_l y\eylvky iZjZ qbk_e [ b \ Jbk Bl_jZpbhggZy ihke_^h\Zl_evghklv ihemq_ggZy êy j_r_gby kbkl_fu g_ebg_cguo mjZ\g_gbc ih f_lh^m GvxlhgZ <bamZebabjm_f bl_jZpbhgguc ijhp_kk jbk ljZgkihgbjmy êy wlh ]h ihemq_ggmx fZljbpm ) ) L Jbk <bamZebaZpby bl_jZpbhggh]h ijhp_kkZ êy i_j\h]h b \lhjh]h mjZ\g_gby khhl\_lkl\_ggh Ijh\_jy_f j_r_gb_ kbkl_fu g_ebg_cguo mjZ\g_gbc k ihfhsvx [ehdZ jbk *LYHQ0LQHUU ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk Ijh\_jdZ qbke_ggh]h j_r_gby k ihfhsvx \kljh_gguo nmgdpbc iZd_lZ 0DWKFDG Hl\_l [ \ ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· J_rblv kbkl_fm ^\mo g_ebg_cguo mjZ\g_gbc lZ[e f_lh^hf GvxlhgZ LZ[ebpZ <ZjbZglu aZ^Zgbc êy kZfhklhyl_evghc jZ[hlu AZ^Zgb_ AZ^Zgb_ °VLQ [ \ ® °̄ [ FRV \ °VLQ \ [ ® °̄ \ VLQ [ °FRV [ \ ® °̄ [ FRV \ ° [ FRV \ ® °̄ \ VLQ [ °FRV \ [ ® °̄VLQ [ \ °FRV \ [ ® °̄VLQ [ \ LZ[ebpZ ijh^he`_gb_ AZ^Zgb_ AZ^Zgb_ VLQ [ \ ° ® °̄ [ FRV \ °FRV [ \ ® °̄ [ VLQ \ °VLQ \ [ ® °̄ \ FRV [ °VLQ [ \ ® °̄ [ FRV \ FRV [ \ ° ® °̄VLQ \ [ FRV [ \ ° ® °̄ [ FRV \ VLQ [ \ ° ® °̄ [ FRV \ FRV [ \ ° ® °̄ [ VLQ \ FRV \ °VLQ [ \ ® °̄ [ VLQ \ FRV [ \ ° ® °̄ [\ FRV \ °FRV [ \ ® °̄ [ FRV \ °VLQ [ \ ® °̄FRV \ [ \ FRV [ ° ® °̄ [ VLQ \ °VLQ [ \ ® °̄ [ FRV \ VLQ [ \ ° ® °̄ [ FRV \ °FRV [ \ ® °̄VLQ \ [ °VLQ \ [ ® °̄ \ FRV [ °FRV [ \ ® °̄ [ VLQ \ LZ[ebpZ hdhgqZgb_ AZ^Zgb_ AZ^Zgb_ FRV [ \ ° ® °̄VLQ \ [ °VLQ [ \ ® °̄FRV [ \ °FRV \ [ ® °̄ \ FRV [ °FRV [ \ ® °̄ [ VLQ \ °VLQ [ \ ® °̄ [ VLQ \ FRV [ OQ \ ° ® °̄ [ FRV \ °VLQ \ [ ® °̄ \ FRV [ °FRV [ \ ® °̄OQ [ FRV \ VLQ \ [ ° ® °̄ \ FRV [ WJ [ \ ° ® °̄ [ FRV \ °FRV \ [ ® °̄ \ VLQ [ FRV [ ORJ \ ® ¯ [\ FRV \ °FRV \ [ ® °̄ \ FRV [ °FRV [ \ ® °̄ [ FRV \ FRV \ [ ° ® °̄ \ FRV [ °FRV [ [\ ® °̄OQ [ \ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ¡Âº³½º¸·¿º·¹¿²É·¿ºÑ Ä²³½ºÉ¿À¹²¶²¿¿À»ÆÅ¿¼Èºº ´ÄÀÉ¼· ÃÁÀ¾ÀËÎÐº¿Ä·ÂÁÀ½ÑÈºÀ¿¿ÍÇ ¾¿ÀµÀÉ½·¿À´ P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ ij_^klZ\e_gby h ijbf_g_gbb bgl_jihebjh\Zgby nmgdpbc êy j_r_gby `bag_gguo aZ^Zq ijb\blv mf_ gby khklZ\eylv b ijbf_gylv bgl_jiheypbhggu_ nhjfmeu EZ]jZg`Z aZ^Zg ghc kl_i_gb fgh]hqe_gu GvxlhgZ kieZcgu b hp_gb\Zlv bo ih]j_rghklb ^Zlv gZ\udb \ bkihevah\Zgbb ijh]jZffguo kj_^kl\ êy ijh\_jdb ihem q_gguo j_amevlZlh\ Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² <_j`[bpdbc < F Qbke_ggu_ f_lhû FZl_fZlbq_kdbc ZgZeba b h[ud gh\_ggu_ ^bnn_j_gpbZevgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F NbafZl]ba ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lh û ² F Ijhk\_s_gb_ ² K ² Imevdbg K I <uqbkebl_evgZy fZl_fZlbdZ ² F Ijhk\_s_gb_ ² K ² ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ ¿Ä·ÂÁÀ½ÑÈºÀ¿¿Í»ÁÀ½º¿À¾²µÂ²¿¸² Imklv nmgdpby aZ^ZgZ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb bgl_jiheypbb ; < Ihkljhblv bgl_jiheypbhgguc fgh]hqe_g EZ]jZg`Z êy nmgdpbb aZ^Zg ghc lZ[ebqgh gZclb agZq_gb_ wlhc nmgdpbb \ lhqd_ [ ihkljhblv ]jZnbdb ihemq_ggh]h fgh]hqe_gZ EZ]jZg`Z nmgdpbb aZ^Zgghc lZ[ebq gh b fgh]hqe_gZ Q hc kl_i_gb b hp_gblv lhqghklv ijb[eb`_gby J_r_gb_ <\h^bf bkoh^gu_ ^Zggu_ aZ^Zqb jbk Jbk AZ^Zgb_ ^Zgguo ba lZ[e ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¡Âº³½º¸·¿º· ¹¿²É·¿ºÑ Ä²³½ºÉ¿À ¹²¶²¿¿À» ÆÅ¿¼Èºº e GZoh^bf dhwnnbpb_glu bgl_jiheypbhggh]h fgh]hqe_gZ jbk Jbk GZoh`^_gb_ dhjg_c bgl_jiheypbhggh]h fgh]hqe_gZ Ihemqbeb fgh]hqe_g lj_lv_c kl_i_gb 3[ [ [ [ IjZ\bevghklv gZc^_gguo dhwnnbpb_glh\ ijh\_jbf ih^klZ\b\ agZq_gb_ [ ba qbkeZ aZ^Zgguo b gZc^_f agZq_gb_ nmgdpbb ijb [ jbk Jbk Ijh\_jdZ ijZ\bevghklb gZc^_gguo dhwnnbpb_glh\ AgZq_gb_ nmgdpbb iheghklvx kh\iZ^Z_l kh agZq_gb_f gZc^_gguf \ur_ b Kljhbf ]jZnbdb agZq_gbc Y\ b ihemq_gguo fgh]hqe_gh\ jbk L I [ 3 [ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk <bamZebaZpby bkoh^guo ^Zgguo b bgl_jiheypbhgguo ihebghfh\ Ba jbk \b^gh qlh \hi_j\uo ]jZnbdb ihkljh_ggh]h fgh]hqe_gZ EZ]jZg`Z b nmgdpbb ijhoh^yl q_j_a maeu bgl_jiheypbb \h \lhjuo \ay\ ex[h_ agZq_gb_ Zj]mf_glZ ba bgl_j\ZeZ > @ fh`gh gZclb khhl\_lkl\mxs__ agZq_gb_ nmgdpbb hl ihebghfZ Ijh^_fhgkljbjm_f hlebqb_ fgh]hqe_gZ EZ]jZg`Z ihkljhb\ jZaghklv f_`^m agZq_gbyfb ^Zgguo fgh lj_lv_c kl_i_gb ]hqe_gh\ jbk I [ 3 [ I 3 [ [ Jbk <bamZebaZpby jZaghklb f_`^m ihebghfhf EZ]jZg`Z b ihebghfhf lj_lv_c kl_i_gb ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¡Âº³½º¸·¿º· ¹¿²É·¿ºÑ Ä²³½ºÉ¿À ¹²¶²¿¿À» ÆÅ¿¼Èºº e Ijh\_jy_f ihemq_ggh_ agZq_gb_ k ihfhsvx \kljh_gghc nmgdpbb OLQWHUS Y[ Y\ KhklZ\ey_f nmgdpbx j_Zebamxsmx bgl_jihebjh\Zgb_ nmgdpbc fgh]h qe_ghf EZ]jZg`Z jbk Jbk <uqbke_gb_ bgl_jihebjh\Zggh]h agZq_gby k ihfhsvx ihebghfZ EZ]jZg`Z ¿Ä·ÂÁÀ½ÑÈºÀ¿¿Í·ÁÀ½º¿À¾ÍÎÐÄÀ¿² Bf__lky lZ[ebpZ nmgdpbb lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb bgl_jiheypbb ; < ; < GZclb agZq_gb_ wlhc nmgdpbb \ lhqd_ [ b [ b hp_ gblv lhqghklv ijb[eb`_gby k ihfhsvx fgh]hqe_gh\ GvxlhgZ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ J_r_gb_ GZoh^bf rZ] bgl_jihebjh\Zgby K jbk K Jbk <\h^ ^Zgguo KhklZ\ey_f lZ[ebpm dhg_qguo jZaghkl_c k^_eZlv kZfhklhyl_evgh Ih emq_ggu_ agZq_gby lZ[ebpu jbk bkihevam_f êy gZoh`^_gby agZ q_gby nmgdpbb \ aZ^Zgghc lhqd_ Jbk LZ[ebpZ dhg_qguo jZaghkl_c ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¡Âº³½º¸·¿º· ¹¿²É·¿ºÑ Ä²³½ºÉ¿À ¹²¶²¿¿À» ÆÅ¿¼Èºº e AZibku\Z_f i_j\mx bgl_jiheypbhggmx nhjfmem GvxlhgZ aZ^Z\ i_j\hgZqZevgh nmgdpbx \uqbkeyxsmx dhg_qgu_ jZaghklb jbk Jbk <uqbke_gb_ agZq_gby nmgdpbb \ lhqd_ [ k ihfhsvx i_j\hc bgl_jiheypbhgghc nhjfmeu GvxlhgZ AgZq_gby nmgdpbb ihemqbebkv ke_^mxsb_ X m ¹Ë¯mº® º}Ë 3 [ X mº mº¯º® Û 3 [ Hp_gbf ih]j_rghklv ihemq_gguo agZq_gbc êy wlh]h ihkljhbf ]jZnbdb ih emq_gguo agZq_gbc bgl_jiheypbhggh]h fgh]hqe_gZ 1HZWRQ 0\ 0[ 0[ G b ^Zgguo agZq_gbc nmgdpbb 0\ jbk IjhZgZebabjm_f _]h 9 9 Jbk =jZnbd jZaghkl_c ^Zgguo agZq_gbc nmgdpbb b agZq_gbc ihemq_gguo ih i_j\hc nhjfme_ GvxlhgZ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ < gZqZe_ hlj_adZ bgl_jihebjh\Zgby agZq_gby ihemq_ggh]h i_j\h]h fgh]h qe_gZ GvxlhgZ fZeh hlebqZxlky hl aZ^Zgguo agZq_gbc 0\ gh [eb`_ d dhg pm jZaghklv klZgh\blky kms_kl\_gghc Ihwlhfm êy lhq_d e_`Zsbo [eb`_ d dhgpm hlj_adZ bgl_jihebjh\Zgby ihevamxlky \lhjhc bgl_jiheypbhgghc nhjfmehc GvxlhgZ <uqbke_gby ih \lhjhc nhjfme_ GvxlhgZ j_Zebamxlky ZgZeh]bqgh 9 ¿Ä·ÂÁÀ½ºÂÀ´²¿º·ÃÁ½²»¿²¾º Bgl_jihebjm_fZy nmgdpby aZ^ZgZ lZ[e eh\ Q khklhys_c ba q_luj_o ma LZ[ebpZ Bkoh^gu_ ^Zggu_ d aZ^Zq_ bgl_jiheypbb [ ) [ GZclb agZq_gby dhwnnbpb_glh\ E F G hij_^_eyxsbo dm[bq_kdbc kieZcg gZ lj_o qZklbqguo hlj_adZo IjhZgZebabjh\Zlv qlh [m^_l \ kemqZ_ m\_ebq_gby dhebq_kl\Z aZ^Zgguo agZq_gbc [ L L L L J_r_gb_ KhklZ\ey_f kbkl_fm khklhysmx ba ^_\ylb mjZ\g_gbc jbk dhlhjmx fh`gh j_rblv h^gbf ba f_lh^h\ hibkZgguo \ e_dpbb Jbk AZ^Zgb_ kbkl_fu ebg_cguo mjZ\g_gbc êy gZoh`^_gby dhwnnbpb_glh\ kieZcgZ gZqZeh Jbk AZ^Zgb_ kbkl_fu ebg_cguo mjZ\g_gbc êy gZoh`^_gby dhwnnbpb_glh\ kieZcgZ hdhgqZgb_ Ihemqbf agZq_gby dhwnnbpb_glh\ E F G dhlhju_ hij_^_eyxl bkdh fuc kieZcg M[_^bfky qlh gZc^_gguc kieZcg jbk m^h\e_l\hjy_l aZ^Zgguf k\hckl\Zf AgZq_gby kieZcgZ b _]h i_j\uo ijhba\h^guo \ khhl\_lkl\mx sbo maeh\uo lhqdZo ijb\_^_gu gZ jbk AgZq_gby gZc^_ggu_ k ihfhsvx ihkljh_ggh]h kieZcgZ b k ihfhsvx \kljh_gghc nmgdpbb bgl_jihebjh\Zgby kh\iZ^Zxl ^h lj_lv_]h agZdZ ih ke_ aZiylhc Kh\iZ^_gb_ agZq_gbc gZc^_gguo k ihfhsvx ihkljh_ggh]h kieZcgZ b \kljh_gghc nmgdpbb bgl_jihebjh\Zgby fh`gh ijh\_jblv b k ihfhsvx nmgdpbb kieZcg bgl_jiheypbb jbk L L L ! "" # # Jbk Ijh\_jdZ khhl\_lkl\by kieZcgZ aZ^Zgguf mkeh\byf Jbk Nmgdpby FVSOLQH \ha\jZsZ_l agZq_gby dhwnnbpb_glh\ dm[bq_kdh]h kieZcgZ YV dhlhjuc bkihevam_lky nmgdpb_c LQWHUS êy ihkljh_gby dm[bq_kdh]h kieZcgZ bgl_jihebjmxs_]h ^Zggu_ ij_^klZ\e_ggu_ \ \_dlhjZo Y[ b Y\ Hlf_lbf ijZdlbq_kdh_ kh\iZ^_gb_ agZq_gbc khk_^gbo \ujZ`_gbc kieZcgZ \ maeh\uo lhqdZo Z lZd`_ kh\iZ^_gb_ wlbo agZq_gbc k lZ[ebqgufb agZq_gbyfb Wlh h[_ki_qb\Z_l ]eZ^dhklv kh\hdmigh]h dm[bq_ nmgdpbb I [ jbk kdh]h kieZcgZ Jbk =jZnbq_kdZy beexkljZpby kieZcgnmgdpbb nmgdpbb U [ b aZ^Zgguo agZq_gbc \ JZkkfhlj_gguc ijbf_j ihdZau\Z_l qlh bgl_jiheypby kieZcgZfb khijy`_gZ k g_fZeuf h[t_fhf \uqbkebl_evghc jZ[hlu <_kvfZ g_h[uqgZ b nhjfZ hdhgqZl_evgh]h j_amevlZlZ l d dm[bq_kdbc kieZcg bf__l jZaebqgu_ ij_^ klZ\e_gby gZ jZaebqguo qZklbqguo hlj_adZo bgl_jiheypbb Wlh hkeh`gy_l ^hklmi d agZq_gbyf kieZcgZ \ dZ`^hc dhgdj_lghc lhqd_ l d ij_îheZ]Z_l ij_`^_ ihbkd iZjZf_ljh\ hij_^_eyxsbo khhl\_lkl\mxsmx nhjfm kieZcgZ < kemqZ_ m\_ebq_gby qbkeZ lhq_d ihemqbf gh\uc kieZcg jbk Jbk =jZnbq_kdZy beexkljZpby kieZcgnmgdpbb ijb [hevr_f dhebq_kl\_ bkoh^guo ^Zgguo ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ ÀÁÂÀÃÍÁÀÄ·¾· Qlh lZdh_ bgl_jiheypby" Qlh lZdh_ iZjZ[hebq_kdZy bgl_jiheypby" Qlh lZdh_ maeu bgl_jiheypbb" < q_f aZdexqZ_lky aZ^ZqZ hlukdZgby bgl_jihebjmxs_]h fgh]hqe_gZ " DZd ihkljhblv bgl_jiheypbhgguc fgh]hqe_g EZ]jZg`Z " DZd hij_^_ey_lky ih]j_rghklv f_lh^Z bgl_jiheypbb k ihfhsvx nhjfm eu EZ]jZg`Z" DZdh\Z ko_fZ Wcld_gZ" DZd h[jZamxlky jZa^_e_ggu_ jZaghklb" DZd k\yaZgu jZa^_e_ggu_ jZaghklb b ijhba\h^gZy " Qlh lZdh_ h[jZlgh_ bgl_jihebjh\Zgb_" DZd kljhylky fgh]hqe_gu Q_[ur_\Z" Qlh lZdh_ kieZcg " DZd ijhbkoh^bl ijhp_kk bgl_jihebjh\Zgby kieZc gZfb" Qlh lZdh_ dhg_qgZy jZaghklv i_j\h]h ihjy^dZ " DZd hgZ gZoh^blky" Qlh lZdh_ dhg_qgZy jZaghklv \lhjh]h ihjy^dZ " DZd hgZ gZoh^blky" Qlh lZdh_ dhg_qgZy jZaghklv 1 ]h ihjy^dZ" DZd hgZ gZoh^blky" I_j\Zy bgl_jiheypbhggZy nhjfmeZ GvxlhgZ êy jZ\ghhlklhysbo ma eh\ <lhjZy bgl_jiheypbhggZy nhjfmeZ GvxlhgZ êy jZ\ghhlklhysbo ma eh\ DZd gZoh^blky ih]j_rghklv f_lh^Z bgl_jihebjh\Zgby k ihfhsvx nhj fme GvxlhgZ" Qlh agZqbl bgl_jihebjh\Zgb_ \i_j_^ bgl_jihebjh\Zgb_ gZaZ^" ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· Ihkljhblv ih bf_xsbfky ^Zgguf lZ[e bgl_jiheypbhgguc fgh]hqe_g EZ]jZg`Z GZclb agZq_gb_ nmgdpbb \ lhqd_ [ bkihevamy bgl_jiheypbhgguc fgh]hqe_g EZ]jZg`Z b kieZcgu ihkljhblv ]jZnb q_kdmx beexkljZpbx bgl_jihebjh\Zgby ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¡Âº³½º¸·¿º· ¹¿²É·¿ºÑ Ä²³½ºÉ¿À ¹²¶²¿¿À» ÆÅ¿¼Èºº e LZ[ebpZ <ZjbZglu aZ^Zgbc êy kZfhklhyl_evghc jZ[hlu [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ [ \ [ \ [ \ \ lhqd_ \ lhqd_ \ lhqd_ [ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ ijh^he`_gb_ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¡Âº³½º¸·¿º· ¹¿²É·¿ºÑ Ä²³½ºÉ¿À ¹²¶²¿¿À» ÆÅ¿¼Èºº e LZ[ebpZ ijh^he`_gb_ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ hdhgqZgb_ [ \ [ \ [ \ \ lhqd_ [ \ lhqd_ [ \ lhqd_ [ Nmgdpby aZ^ZgZ lZ[ebqgh lZ[e Bkihevamy i_j\mx beb \lhjmx bgl_jiheypbhggmx nhjfmem GvxlhgZ \uqbkeblv agZq_gby nmgdpbb \ lhqdZo [ b [ hp_gblv ih]j_rghklv LZ[ebpZ <ZjbZglu aZ^Zgbc êy kZfhklhyl_evghc jZ[hlu [ \ [ \ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¡Âº³½º¸·¿º· ¹¿²É·¿ºÑ Ä²³½ºÉ¿À ¹²¶²¿¿À» ÆÅ¿¼Èºº e LZ[ebpZ ijh^he`_gb_ [ \ [ \ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ [ \ [ \ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ hdhgqZgb_ [ \ [ \ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ [ \ [ \ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ \ lhqdZo [ [ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ³Â²Ä¿À·º¿Ä·ÂÁÀ½ºÂÀ´²¿º· P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ agZgby h[ h[jZlghf bgl_jihebjh\Z gbb lZ[ebqgh aZ^Zgghc nmgdpbb jZa\blv mf_gby ijbf_gylv f_lh^ bl_jZpbb nhjfmeu GvxlhgZ b bgl_jiheypbhggmx nhjfmem EZ]jZg`Z êy h[jZlgh]h bg l_jihebjh\Zgby ihemqblv gZ\udb bkihevah\Zgby ijh]jZffguo kj_^kl\ êy j_ZebaZpbb mdZaZgguo f_lh^h\ b ijh\_jdb ihemq_gguo j_amevlZlh\ Ebl_jZlmjZ >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F NbafZl]ba ² K ² <_j`[bpdbc < F Qbke_ggu_ f_lhû FZl_fZlbq_kdbc ZgZeba b h[ud gh\_ggu_ ^bnn_j_gpbZevgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² ³Â²Ä¿À·º¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÃºÃÁÀ½Î¹À´²¿º·¾ÆÀÂ¾Å½ÎÐÄÀ¿² Bkihevamy agZq_gby nmgdpbb \ VLQ [ aZ^Zggu_ \ lZ[e gZclb agZ q_gby [ lZdb_ qlh \ b \ k ihfhsvx f_lh^Z bl_jZpbb LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb h[jZlgh]h bgl_jihebjh\Zgby [ \ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ J_r_gb_ <\h^bf bkoh^gu_ ^Zggu_ aZ^Zqb jbk Jbk <\h^ ^Zgguo aZ^Zqb Kljhbf ]jZnbd aZ\bkbfhklb agZq_gbc \ [ jbk Jbk <bamZebaZpby bkoh^guo ^Zgguo ij_^klZ\e_gguo \ lZ[e ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ³Â²Ä¿À· º¿Ä·ÂÁÀ½ºÂÀ´²¿º· KhklZ\ey_f lZ[ebpm dhg_qguo jZaghkl_c bkihevamy i_j\mx nhjfmem GvxlhgZ jbk Jbk LZ[ebpZ dhg_qguo jZaghkl_c GZoh^bf agZq_gb_ 7 jbk Jbk <uqbke_gb_ ihklhyggh]h qe_gZ bgl_jihebjmxs_]h ihebghfZ Ijbf_gy_f f_lh^ bl_jZpbb jbk Jbk <uqbke_gb_ bl_jZpbhgghc ihke_^h\Zl_evghklb Ijhp_kk ijh^he`Z_f ^h l_o ihj ihdZ g_ mklZgh\ylky agZq_gby W kh hl\_lkl\mxsb_ lj_[m_fhc lhqghklb ijbq_f iheZ]Zxl W W V ]^_ W V ² ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ ihke_^g__ ijb[eb`_gb_ GZ \hkvfhf rZ]_ bl_jZpbb jbk agZq_gby gZqbgZxl ih\lhjylvky agZqbl W Jbk Hlh[jZ`_gb_ qe_gh\ bl_jZpbhgghc ihke_^h\Zl_evghklb Hij_^_ey_f [ ba nhjfmeu hlkx^Z [ [ WK [ [ W K GZ iylhf rZ]_ bl_jZpbb ihemqbeb qlh agZq_gb_ Zj]mf_glZ [ êy ^Zggh]h agZq_gby nmgdpbb \ k ih]j_rghklvx 0 jbk Jbk Hlh[jZ`_gb_ agZq_gbc i_j_f_gghc [ khhl\_lkl\mxsbo qe_gZf bl_jZpbhgghc ihke_^h\Zl_evghklb 7L ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ³Â²Ä¿À· º¿Ä·ÂÁÀ½ºÂÀ´²¿º· ?keb agZq_gb_ nmgdpbb e_`bl [eb`_ d dhgpm hlj_adZ bgl_jihebjh\Z gby lh êy gZoh`^_gby agZq_gby Zj]mf_glZ bkihevam_lky \lhjZy nhj fmeZ GvxlhgZ Hl\_l agZq_gb_ Zj]mf_glZ [ êy agZq_gby nmgdpbb \ ³Â²Ä¿À·º¿Ä·ÂÁÀ½ºÂÀ´²¿º· ÃºÃÁÀ½Î¹À´²¿º·¾ÆÀÂ¾Å½Í²µÂ²¿¸² Íéquné Bkihevamy agZq_gby nmgdpbb \ VLQ [ aZ^Zggu_ \ lZ[e gZclb agZq_gb_ [ lZdh_ qlh \ VLQ [ bkihevamy nhjfmem EZ]jZg `Z LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb h[jZlgh]h bgl_jihebjh\Zgby [ \ J_r_gb_ AZ^Z_f nmgdpbx agZq_gby [ b hij_^_ey_f kl_i_gv fgh]hqe_gZ EZ]jZg`Z jbk Jbk NjZ]f_gl ^hdmf_glZ êy j_r_gby aZ^Zqb h[jZlgh]h bgl_jihebjh\Zgby f_lh^hf ihebghfh\ EZ]jZg`Z ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ AZ^Z_f fgh]hqe_g EZ]jZg`Z jbk Jbk AZ^Zgb_ nmgdpbb \ha\jZsZxs_c agZq_gb_ ihebghfZ EZ]jZg`Z Hij_^_ey_f agZq_gb_ Zj]mf_glZ ijb \ jbk Jbk Hlh[jZ`_gb_ agZq_gby Zj]mf_glZ ijb dhlhjhf \ Ijh]jZffZ j_ZebamxsZy h[jZlgh_ bgl_jihebjh\Zgb_ k bkihevah\Zgb_f nhjfmeu EZ]jZg`Z ibr_lky ZgZeh]bqgh ijyfhfm bgl_jihebjh\Zgbx k ihfhsvx nhjfmeu EZ]jZg`Z kf jZa^ Hl\_l agZq_gb_ Zj]mf_glZ [ êy agZq_gby nmgdpbb \ ÀÁÂÀÃÍÁÀÄ·¾· < q_f aZdexqZ_lky aZ^ZqZ h[jZlgh]h bgl_jihebjh\Zgby" DZd fh`gh bkihevah\Zlv f_lh^ bl_jZpbb êy h[jZlgh]h bgl_jihebjh\Zgby lZ[ebqgh aZ^Zgghc nmgdpbb" DZd kljhblky bl_jZpbhggZy ihke_^h\Zl_evghklv gZoh`^_gby agZq_gbc Zj ]mf_glZ" Qlh lZdh_ dhg_qgu_ jZaghklb Q ]h ihjy^dZ" DZd fh`_l [ulv j_r_gZ aZ^ZqZ h[jZlgh]h bgl_jihebjh\Zgby k bkihevah \Zgb_f nhjfmeu EZ]jZg`Z" ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· Bkihevamy agZq_gby nmgdpbb \ I [ gZclb agZq_gb_ [ ijb aZ^Zgghf agZq_gbb \ Ijbf_gblv f_lh^ bl_jZpbb bgl_jiheypbhggu_ nhjfm eu GvxlhgZ b EZ]jZg`Z ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ³Â²Ä¿À· º¿Ä·ÂÁÀ½ºÂÀ´²¿º· LZ[ebpZ <ZjbZglu aZ^Zgbc êy kZfhklhyl_evghc jZ[hlu ) [ >, -@ \ VLQ [ >@ OQ [ > @ FRV [ >@ WJ [ > @ ± [ [ > @ VLQ [ > @ ± OQ [ >@ FRV [ >@ WJ [ >@ VLQ [ > @ OQ [ > @ FRV [ > @ WJ [ > @ [ > @ FRV [ >@ WJ [ > @ ± [ > @ ± [ [ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ ijh^he`_gb_ ) [ >, -@ \ > @ ± >@ [ [ VLQ [ VLQ [ FRV [ >@ OJ [ >@ ± [ >@ ± OQ [ VLQ [ >@ OJ [ [ >@ >@ [ OJ [ >@ VLQ [ FRV [ >@ ± [ >@ ± OQ [ >@ OQ [ >@ OQ [ >@ ± [ [ >@ ± ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ³Â²Ä¿À· º¿Ä·ÂÁÀ½ºÂÀ´²¿º· LZ[ebpZ hdhgqZgb_ ) [ >, -@ \ OQ [ >@ FRV [ >@ VLQ [ >@ FRV [ >@ WJ [ >@ VLQ [ > @ [ [ > @ VLQ [ > @ ± ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ºÃ¼Â·Ä¿Í»´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇ ÁÂº³½º¸·¿º» ·ÄÀ¶¿²º¾·¿ÎÊºÇ¼´²¶Â²ÄÀ´ P_ev jZ[hlu gZmqblvky gZoh^blv ZgZeblbq_kdh_ \ujZ`_gb_ lZ[ebqgh aZ ^Zgghc nmgdpbb k ihfhsvx f_lh^Z gZbf_gvrbo d\Z^jZlh\ Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lh û ² F Ijhk\_s_gb_ ² K ² Iebk : B Keb\bgZ G : 0DWKFDG FZl_fZlbq_kdbc ijZdlbdmf êy wdhghfbklh\ b bg`_g_jh\ Mq_[ ihkh[b_ ² F NbgZgku b klZlbklbdZ ² K ² Imevdbg K I <uqbkebl_evgZy fZl_fZlbdZ ² F Ijhk\_s_gb_ ² K ² º¿·»¿²ÑÆÅ¿¼ÈºÑ Ba\_klgu agZq_gby nmgdpbb I [ \ g_dhlhjuo lhqdZo ij_^klZ\e_gguo \ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ; < ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe GZclb ijb[eb`_ggh_ \ujZ`_gb_ nmgdpbb \ \b^_ ebg_cghc nmgdpbb \ D[ E J_r_gb_ <\h^bf bkoh^gu_ ^Zggu_ aZ^Zqb \ \b^_ fZkkb\h\ 0[ b 0\ jbk Jbk <\h^ ^Zgguo aZ^Zqb Khjlbjm_f ^Zggu_ _keb hgb ^Zgu g_ \ ihjy^d_ \hajZklZgby AgZq_gby \ aZibr_f khhl\_lkl\_ggh hlkhjlbjh\Zgguf agZq_gbyf [ bk ihevamy nmgdpbx FVRUW 0 \ fZkkb\ 0 \g_klb agZq_gby b [ b \ L L L <\h^bf i_j_f_ggu_ jbk g_h[oh^bfu_ êy ^Zevg_crbo L \uqbke_gbc Jbk AZ^Zgb_ \kihfh]Zl_evguo i_j_f_gguo GZoh^bf dhwnnbpb_glu ebg_cghc nmgdpbb bkihevamy \kljh_ggu_ \ha fh`ghklb 0DWKFDG jbk Nmgdpby iha\hey_l gZclb m]eh\hc dhwnnbpb_gl ebgbb j_] kf_s_gb_ ih hkb j_kkbb gZdehg ebgbb j_]j_kkbb Z hj^bgZl ebgbb j_]j_kkbb k\h[h^guc iZjZf_lj jbk ² < j_amevlZl_ ihemqbf agZq_gby [ b \ gZc^_ggu_ ih ijb[eb`Zxs_c ebg_cghc nmgdpbb b ihemq_ggu_ j_r_gb_f kbkl_fu ^\mo mjZ\g_gbc k ^\mfy g_ba\_klgufb jbk Bo fh`gh gZclb lZd`_ j_Zebah\Z\ f_lh^ gZbf_gvrbo d\Z^jZlh\ j_rZy êy wlh]h kbkl_fm ^\mo ebg_cguo mjZ\g_gbc k ^\mfy g_ba\_klgufb jbk L L ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk Bkihevah\Zgb_ nmgdpbc êy gZoh`^_gby dhwnnbpb_glh\ ebg_cghc nmgdpbb Jbk Nmgdpby \ha\jZsZxsZy agZq_gby ebg_cghc nmgdpbb b ]jZnbdb aZ^Zgguo agZq_gbc nmgdpbb ihemq_gghc ih ijb[eb`Zxs_c nmgdpbb b khklZ\e_gghc kZfhklhyl_evgh Jbk AgZq_gby nmgdpbb aZ^Zgghc lZ[ebqgh b ihemq_ggu_ ih ijb[eb`Zxs_c nmgdpbb ^\mfy kihkh[Zfb LZdbf h[jZahf nmgdpby bf__l \b^ ) [ [ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe L_i_jv ijh\_jbf dZd lhqgh fu gZreb oZjZdl_j bkoh^ghc nmgdpbb >ey wlh]h gZc^_f hldehg_gby lZ[ebqgh aZ^Zgguo agZq_gbc \ hl lhq_d gZ ih emq_gghc ebg_cghc nmgdpbb jbk L Jbk GZoh`^_gb_ hldehg_gby lZ[ebqgh aZ^Zgghc nmgdpbb b gZc^_gghc ih ijb[eb`Zxs_c nmgdpbb IjZ\bevghklv \u[hjZ ijb[eb`Zxs_c nmgdpbb fh`gh hij_^_eblv b ih dhwnnbpb_glm dhjj_eypbb bkihevamy nmgdpbx FRUU 0[ 0\ beb aZibkZ\ nhjfmem \uqbke_gby dhwnnbpb_glZ dhjj_eypbb jbk Ihemq_ggh_ agZq_gb_ dhwnnbpb_glZ ihdZau\Z_l qlh aZ\bkbfhklv m gZk [m^_l h[jZlgZy agZd fbgmk b k\yav ^hklZlhqgh l_kgZy qbkeh ^hklZlhqgh [ebadh d Jbk <uqbke_gb_ dhwnnbpb_glZ dhjj_eypbb ih nhjfme_ ´²¶Â²ÄºÉ¿²ÑÆÅ¿¼ÈºÑ Ba\_klgu agZq_gby nmgdpbb I [ \ g_dhlhjuo lhqdZo ij_^klZ\e_gguo \ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ; < ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ GZclb ijb[eb`_ggh_ \ujZ`_gb_ nmgdpbb \ \b^_ fgh]hqe_gZ \lhjhc kl_i_gb \ D[ E[ F J_r_gb_ <\h^ ^Zgguo b gZoh`^_gb_ iZjZf_ljh\ d\Z^jZlbqghc nmgdpbb ij_^klZ\e_gu gZ jbk Jbk NjZ]f_gl jZ[hq_]h ^hdmf_glZ 0DWKFDG k \uqbke_gbyfb b ]jZnbdhf ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe £Ä·Á·¿¿²ÑÆÅ¿¼ÈºÑ Ba\_klgu agZq_gby nmgdpbb I [ \ g_dhlhjuo lhqdZo ij_^klZ\e_gguo \ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ; < GZclb ijb[eb`_ggh_ \ujZ`_gb_ nmgdpbb \ \b^_ kl_i_gghc nmgdpbb \ D[ P J_r_gb_ <\h^bf bkoh^gu_ ^Zggu_ aZ^Zqb jbk Jbk <\h^ ^Zgguo GZoh^bf iZjZf_lju kl_i_gghc nmgdpbb jbk ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk NjZ]f_gl jZ[hq_]h ebklZ 0DWKFDG k \uqbke_gbyfb b ]jZnbdhf êy d\Z^jZlbqghc nmgdpbb ¡À¼²¹²Ä·½Î¿²ÑÆÅ¿¼ÈºÑ Ba\_klgu agZq_gby nmgdpbb I [ \ g_dhlhjuo lhqdZo ij_^klZ\e_ggu_ \ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ; < GZclb ijb[eb`_ggh_ \ujZ`_gb_ nmgdpbb \ \b^_ ihdZaZl_evghc nmgd pbb \ N HP[ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe J_r_gb_ <\h^ ^Zgguo b gZoh`^_gb_ iZjZf_ljh\ ihdZaZl_evghc nmgdpbb ij_^klZ\e_ gu gZ jbk Jbk NjZ]f_gl jZ[hq_]h ebklZ 0DWKFDG k \uqbke_gbyfb b ]jZnbdhf êy ihdZaZl_evghc nmgdpbb ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Àµ²ÂºÆ¾ºÉ·Ã¼²ÑÆÅ¿¼ÈºÑ Ba\_klgu agZq_gby nmgdpbb I [ \ g_dhlhjuo lhqdZo ij_^klZ\e_gguo \ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ; < GZclb ijb[eb`_ggh_ \ujZ`_gb_ nmgdpbb \ \b^_ eh]Zjbnfbq_kdhc nmgdpbb \ D [ E OQ J_r_gb_ <\h^bf ^Zggu_ aZ^Zqb jbk Jbk <\h^ ^Zgguo GZoh^bf dhwnnbpb_glu eh]Zjbnfbq_kdhc nmgdpbb jbk ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe Jbk NjZ]f_gl jZ[hq_]h ebklZ 0DWKFDG k \uqbke_gbyfb b ]jZnbdhf êy eh]Zjbnfbq_kdhc nmgdpbb ºÁ·Â³À½ºÉ·Ã¼²ÑÆÅ¿¼ÈºÑ Ba\_klgu agZq_gby nmgdpbb I [ \ g_dhlhjuo lhqdZo ij_^klZ\e_gguo \ lZ[e LZ[ebpZ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ; < GZclb ijb[eb`_ggh_ \ujZ`_gb_ nmgdpbb \ \b^_ ]bi_j[heu \ J_r_gb_ <\h^bf ^Zggu_ jbk D [ E ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk <\h^ ^Zgguo GZoh^bf iZjZf_lju ]bi_j[hebq_kdhc nmgdpbb jbk Jbk NjZ]f_gl jZ[hq_]h ebklZ 0DWKFDG k \uqbke_gbyfb b ]jZnbdhf êy ]bi_j[hebq_kdhc nmgdpbb ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe ÀÁÂÀÃÍÁÀÄ·¾· H[sZy ihklZgh\dZ aZ^Zqb gZoh`^_gby ijb[eb`Zxs_c nmgdpbb < q_f kmlv ijb[eb`_gby lZ[ebqgh aZ^Zgghc nmgdpbb ih f_lh^m gZb f_gvrbo d\Z^jZlh\ DZdb_ nmgdpbb fh]ml [ulv bkihevah\Zgu \ dZq_kl\_ ijb[eb`Zxsbo DZd gZoh^ylky hldehg_gby baf_j_gguo agZq_gbc < hl \uqbke_gguo ih nhjfme_ ijb[eb`Zxs_c nmgdpbb DZd gZclb ijb[eb`Zxsmx nmgdpbx \ \b^_ ebg_cghc nmgdpbb " " " ) [ D E D[ E " DZd gZclb ijb[eb`Zxsmx nmgdpbx \ \b^_ d\Z^jZlbqghc nmgdpbb ) [ D E F D[ E[ F " DZd ijb\_klb ihdZaZl_evgmx kl_i_ggmx eh]Zjbnfbq_kdmx nmgdpbb d ebg_cghc Dh]^Z nmgdpby lj_o i_j_f_gguo fh`_l ijbgbfZlv gZbf_gvr__ agZq_ gb_ Qlh lZdh_ dhwnnbpb_gl dhjj_eypbb b dZd hg gZoh^blky" " " DZdh\u ]jZgbpu agZq_gby dhwnnbpb_glZ dhjj_eypbb b qlh hgb ihdZau \Zxl" Qlh lZdh_ hldehg_gb_" DZd fh`gh hij_^_eblv ijZ\bevghklv \b^Z \u[jZgghc nmgdpbb" ²¶²¿º·¶½Ñ½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄÍ GZ[hj wdki_jbf_glZevguo ^Zgguo agZq_gbc [ b \ ij_^klZ\e_g \ lZ[e GZclb f_lh^hf gZbf_gvrbo d\Z^jZlh\ ke_^mxs__ <b^ ijb[eb`Zxsbo nmgdpbc jZkkfhlj_gguo \ur_ KjZ\gblv dZq_kl\h ihemq_gguo ijb[eb`_gbc iml_f kjZ\g_gby bo hldehg_gbc Ihkljhblv ]jZnbdb ihemqb\rboky aZ\bkbfhkl_c b lZ[ebqguo agZ q_gbc Zj]mf_glh\ b nmgdpbb GZclb \b^ ijb[eb`Zxs_c nmgdpbb ih ]jZnbdm ihkljh_gghfm ih lZ[ebqguf agZq_gbyf kjZ\gblv _]h k ih emq_ggufb ijb[eb`_gbyfb b hij_^_eblv dZdhc \b^ bf__l nmgdpby aZ^ZggZy lZ[ebqgh ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ GZclb dhwnnbpb_glu dhjj_eypbb \k_o ijb[eb`Zxsbo nmgdpbc K^_eZlv \u\hû GZclb fgh]hqe_g 32 [ D D [ D2 [2 gZbemqr_]h kj_^g_ d\Z^jZlbqgh]h ijb[eb`_gby hilbfZevghc kl_i_gb P P AZ hilb fZevgh_ agZq_gb_ P ijbgylv lm kl_i_gv fgh]hqe_gZ gZqbgZy k dh lhjhc \_ebqbgZ hldehg_gby klZ[bebabjm_lky beb gZqbgZ_l \hajZklZlv LZ[ebpZ <ZjbZglu aZ^Zgbc êy kZfhklhyl_evghc jZ[hlu Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe LZ[ebpZ ijh^he`_gb_ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ ijh^he`_gb_ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ºÃ¼Â·Ä¿Í» ´²Âº²¿Ä ÃÂ·¶¿·¼´²¶Â²ÄºÉ¿ÍÇe LZ[ebpZ hdhgqZgb_ Bkoh^gu_ ^Zggu_ êy aZ^Zqb ZiijhdkbfZpbb f_lh^hf gZbf_gvrbo d\Z^jZlh\ [ \ [ \ [ \ [ \ [ \ [ \ [ \ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿À·¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· P_ev jZ[hlu GZmqblvky bkihevah\Zlv nhjfmeu bgl_jihebjh\Zgby fgh]h qe_gZ EZ]jZg`Z b GvxlhgZ êy gZoh`^_gby i_j\hc b \lhjhc ijhba\h^guo nmgdpbb aZ^Zgghc lZ[ebqgh Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F GZmdZ ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lh û ² F Ijhk\_s_gb_ ² K ² ºÆÆ·Â·¿ÈºÂÀ´²¿º·ÃÁÀ¾ÀËÎÐ º¿Ä·ÂÁÀ½ÑÈºÀ¿¿À»ÆÀÂ¾Å½Í²µÂ²¿¸² GZclb i_j\mx b \lhjmx ijhba\h^gu_ nmgdpbb \ [ aZ^Zgghc lZ[ ebqgh gZ hlj_ad_ > @ bkihevamy nhjfmeu EZ]jZg`Z b i_j\mx beb \lhjmx nhjfmeu GvxlhgZ beb khhl\_lkl\_ggh OQ J_r_gb_ Kljhbf lZ[ebpm agZq_gbc gZ aZ^Zgghf hlj_ad_ jbk AZibku\Z_f bgl_jiheypbhggmx nhjfmem EZ]jZg`Z ijb ^bnn_j_g pbjh\Zgbb nmgdpbb k jZ\ghhlklhysbfb maeZfb jbk GZoh^bf agZq_gby i_j\hc ijhba\h^ghc êy aZ^Zgguo agZq_gbc [ jbk L ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· Jbk <\h^ ^Zgguo aZ^Zqb Jbk Bgl_jiheypbhggZy nhjfmeZ EZ]jZg`Z Jbk <uqbke_gb_ agZq_gbc ijhba\h^ghc ihebghfZ EZ]jZg`Z ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Ihemq_ggu_ agZq_gby ijh\_jbf bkihevamy nmgdpbx gZoh`^_gby i_j\hc ijhba\h^ghc jbk Jbk <uqbke_gb_ lhqguo agZq_gbc ijhba\h^ghc =jZnbq_kdb bah[jZabf ihemq_ggu_ agZq_gby i_j\hc ijhba\h^ghc 3URY [ b agZq_gby ihemq_ggu_ ih bgl_jiheypbhgghc nhjfme_ EZ ]jZg`Z jbk L Jbk <bamZebaZpby agZq_gbc ijhba\h^ghc \uqbke_gguo ih lhqghc nhjfme_ b k ihfhsvx bgl_jiheypbhggh]h ihebghfZ EZ]jZg`Z ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· >ey hp_gdb ih]j_rghklb g_h[oh^bfh \hkihevah\Zlvky ZgZeblbq_kdbf \ujZ`_gb_f lZ[ebqgh aZ^Zgghc nmgdpbb jbk Jbk Ih]j_rghklv ih nhjfme_ EZ]jZg`Z Ih]j_rghklv êy bgl_jiheypbhgghc nhjfmeu EZ]jZg`Z \uqbkey_lky ih nhjfme_ ij_^klZ\e_gghc gZ jbk Jbk <uqbke_gb_ ih]j_rghklb bgl_jiheypbhgghc nhjfmeu EZ]jZg`Z A^_kv 0D[ B SUR ² fZdkbfZevgh_ agZq_gb_ Q hc ijhba\h^ghc aZ ^Zgghc nmgdpbb gZ hlj_ad_ > @ J_amevlZl \uqbke_gby ih]j_rghklb ij_^klZ\e_g gZ jbk Jbk Ih]j_rghklv \uqbke_gbc ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Kljhbf ]jZnbd ihemq_gguo agZq_gbc ih]j_rghkl_c êy oZjZdl_jbklbdb \uqbkebl_evgh]h ijhp_kkZ jbk Jbk AZ\bkbfhklv ih]j_rghklb hl ghf_jZ rZ]Z bl_jZpbhggh]h ijhp_kkZ AZ\bkbfhklv rZ]Z hl ihemq_ggh]h agZq_gby ih]j_rghklb ihdZau\Z_l qlh gZ dhgpZo hlj_adZ agZq_gby ijhba\h^ghc hlebqZxlky [hevr_ q_f \ k_j_^bg_ AgZqbl \ k_j_^bg_ hlj_adZ agZq_gby ihemqbeb [he__ lhqgh Ih^h[guf `_ kihkh[hf fh`gh bkihevah\Zlv b bgl_jiheypbhggu_ nhjfmeu GvxlhgZ êy gZoh`^_gby ijhba\h^guo ex[h]h ihjy^dZ ÀÁÂÀÃÍÁÀÄ·¾· < dZdbo kemqZyo bkihevamxl qbke_ggh_ ^bnn_j_gpbjh\Zgb_ " < q_f hkh[_gghklv aZ^Zqb qbke_ggh]h ^bnn_j_gpbjh\Zgby " =jZnbq_kdZy bgl_jij_lZpby qbke_ggh]h ^bnn_j_gpbjh\Zgby Bgl_jiheypbhggZy nhjfmeZ EZ]jZg`Z êy jZ\ghhlklhysbo maeh\ NhjfmeZ qbke_ggh]h ^bnn_j_gpbjh\Zgby gZ hkgh\_ bgl_jiheypbhgghc nhjfmeu EZ]jZg`Z NhjfmeZ êy hp_gdb ih]j_rghklb qbke_ggh]h ^bnn_j_gpbjh\Zgby ih nhjfme_ EZ]jZg`Z NhjfmeZ qbke_ggh]h ^bnn_j_gpbjh\Zgby gZ hkgh\_ bgl_jiheypbhgguo nhjfme GvxlhgZ NhjfmeZ êy hp_gdb ih]j_rghklb qbke_ggh]h ^bnn_j_gpbjh\Zgby ih nhjfmeZf GvxlhgZ DZd \eby_l gZ lhqghklv qbke_ggh]h ^bnn_j_gpbjh\Zgby \_ebqbgZ rZ]Z K " ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· ¶ºÆÆ·Â·¿ÈºÂÀ´²¿º· ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· <uqbkeblv agZq_gb_ i_j\hc ijhba\h^ghc nmgdpbb aZ^Zgghc lZ[ebqgh bkihevamy bgl_jiheypbhggu_ fgh]hqe_gu EZ]jZg`Z b GvxlhgZ b hp_ gblv ih]j_rghklb f_lh^h\ KhklZ\blv nmgdpbx iha\heyxsmx gZoh ^blv agZq_gb_ i_j\hc ijhba\h^ghc \ ^Zgguo lhqdZo [ b \ ex[hc ijh f_`mlhqghc lhqd_ L >ey \uiheg_gby aZ^Zgby bkihevah\Zlv ^Zggu_ ba lZ[e eZ[hjZlhj ghc jZ[hlu ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿À·º¿Ä·µÂºÂÀ´²¿º· P_ev jZ[hlu hagZdhfblvky k qbke_ggufb f_lh^Zfb \uqbke_gby hij_^_e_g guo bgl_]jZeh\ gZmqblvky j_rZlv aZ^Zqb k bkihevah\Zgb_f nhjfmeu Kbfi khgZ ljZi_pbc ijZ\uo b e_\uo ijyfhm]hevgbdh\ f_lh^Z Fhgl_DZjeh b hp_gb\Zlv ih]j_rghklv \k_o i_j_qbke_gguo nhjfme Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² ;Zo\Zeh\ G K EZibg : < Qb`hgdh\ ? < Qbke_ggu_ f_lhû \ aZ^ZqZo b mijZ`g_gbyo ² F <ukrZy rdheZ ² K ² <_j`[bpdbc < F Qbke_ggu_ f_lhû fZl_fZlbq_kdbc ZgZeba b h[udgh \_ggu_ ^bnn_j_gpbZevgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² <hjh[v_\Z = G >Zgbeh\Z : G IjZdlbdmf ih \uqbkebl_evghc fZl_fZlb d_ ² F <ukrZy rdheZ ² K ² >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F NbafZlebl ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lhû ² F Ijhk\_s_gb_ ² K ² Gha^jbg B G Kl_iZg_gdh B F Dhklxd I D IjbdeZ^gu_ aZ^Zqb ih \ukr_c fZl_fZlbd_ ² Db_\ <bsZ rdheZ ² K ² Imevdbg K I <uqbkebl_evgZy fZl_fZlbdZ ² F Ijhk\_s_gb_ ² K ² ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· º¿Ä·µÂºÂÀ´²¿º· ·ÄÀ¶ÁÂÑ¾ÀÅµÀ½Î¿º¼À´ <uqbkeblv ijb[eb`_ggh_ agZq_gb_ bgl_]jZeZ ³ [ G[ bkihevamy nhjfmeu e_\uo b ijZ\uo ijyfhm]hevgbdh\ ijb Q J_r_gb_ AZ^Z_f nmgdpbx I [ hlj_ahd > D E@ b nmgdpbx gZoh`^_gby ^bnn_j_g pbZeh\ Q ]h ihjy^dZ GZoh^bf agZq_gb_ bgl_]jZeZ aZ^Zgghc nmgdpbb êy bkihevah\Zgby _]h \ ^Zevg_cr_f j_r_gbb êy kjZ\g_gby jbk Jbk <uqbke_gb_ lhqgh]h agZq_gby bgl_]jZeZ KhklZ\bf nmgdpbx \oh^gufb iZjZf_ljZfb dhlhjhc y\eyxlky D E ² e_\Zy b ijZ\Zy ]jZgbpu bgl_j\ZeZ Q ² dhebq_kl\h jZa[b_gbc FKDU ² _keb bf__l agZq_gb_ OHIW lh b^_l ih^kq_l ih nhjfme_ e_\uo ijyfhm]hevgbdh\ ex[h_ ^jm]h_ ² ih nhjfme_ ijZ\uo ijyfhm]hev gbdh\ jbk Ih]j_rghklv ihdZau\Z_l qlh ihemq_ggh_ agZq_gb_ bgl_]jZeZ \_jgh ^h lj_lv_]h agZdZ ihke_ aZiylhc ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ bgl_]jZeZ gZc^_ggh]h ih nhjfmeZf ijyfhm]hevgbdh\ Hl\_l ijb[eb`_ggh_ agZq_gb_ bgl_]jZeZ ³ nhjfme_ e_\uo ijyfhm]hevgbdh\ b ³ fme_ ijZ\uo ijyfhm]hevgbdh\ [ [ G[ G[ r ih r ² ih nhj ·ÄÀ¶£º¾ÁÃÀ¿² <uqbkeblv ijb[eb`_ggh_ agZq_gb_ bgl_]jZeZ ³ h[smx nhjfmem KbfikhgZ ijb Q J_r_gb_ [ G[ bkihevamy KhklZ\bf nmgdpbx \oh^gufb iZjZf_ljZfb dhlhjhc y\eyxlky D E ² e_\Zy b ijZ\Zy ]jZgbpu bgl_j\ZeZ Q ² dhebq_kl\h jZa[b_gbc Bg^_dku L(YHQ b L8QHYHQ h[hagZqZxl q_lghklv b g_q_lghklv khhl\_lkl\_ggh jbk ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· º¿Ä·µÂºÂÀ´²¿º· Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ bgl_]jZeZ nmgdpbb k ihfhsvx f_lh^Z KbfikhgZ Ke_^h\Zl_evgh j_r_gb_f [m^_l qbkeh jZ\gh_ Ih]j_r ghklv ihdZau\Z_l qlh ihemq_ggh_ agZq_gb_ bgl_]jZeZ \_jgh ^h ^_\ylh]h agZdZ Hl\_l agZq_gb_ bgl_]jZeZ ³ [ G[ r ·ÄÀ¶ÄÂ²Á·Èº» <uqbkeblv ijb[eb`_ggh_ agZq_gb_ bgl_]jZeZ ³ nhjfmem ljZi_pbc ijb Q [ G[ bkihevamy J_r_gb_ Nmgdpby j_ZebamxsZy \uqbke_gb_ bgl_]jZeZ f_lh^hf ljZi_pbc ij_^klZ\ e_gZ gZ jbk ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ bgl_]jZeZ k bkihevah\Zgb_f nhjfmeu ljZi_pbc Hl\_l agZq_gb_ bgl_]jZeZ ³ [ G[ r ·ÄÀ¶À¿Ä·²Â½À <uqbkeblv ijb[eb`_ggh_ agZq_gb_ bgl_]jZeZ ³ f_lh^ Fhgl_DZjeh ijb Q [ G[ bkihevamy J_r_gb_ J_ZebaZpby f_lh^Z Fhgl_DZjeh êy \uqbke_gby bgl_]jZeZ ij_^klZ\e_gZ gZ jbk KjZ\gb\Zy lhqgh_ b qbke_ggh_ agZq_gb_ bgl_]jZeh\ gZoh^bf qlh Z[khexlgZy ih]j_rghklv jZ\gZ ± ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· º¿Ä·µÂºÂÀ´²¿º· Jbk Oh^ j_r_gby aZ^Zqb gZ gZoh`^_gb_ agZq_gby bgl_]jZeZ k ihfhsvx f_lh^Z Fhgl_ DZjeh Hl\_l agZq_gb_ bgl_]jZeZ ³ [ G[ r ÀÁÂÀÃÍÁÀÄ·¾· < dZdhf kemqZ_ bkihevam_lky qbke_ggh_ bgl_]jbjh\Zgb_" IhklZgh\dZ aZ^Zqb qbke_ggh]h bgl_]jbjh\Zgby DZdb_ kms_kl\mxl f_lhû bgl_]jbjh\Zgby nmgdpbb" =jZnbq_kdZy bgl_jij_lZpby f_lh^Z ljZi_pbc DZd hp_gblv ih]j_rghklv f_lh^Z ljZi_pbc" =jZnbq_kdZy bgl_jij_lZpby f_lh^Z KbfikhgZ DZd hp_gblv ih]j_rghklv f_lh^Z KbfikhgZ" =jZnbq_kdZy bgl_jij_lZpby f_lh^Z ijyfhm]hevgbdh\ DZd hp_gblv ih]j_rghklv f_lh^Z ijyfhm]hevgbdh\" Q_f hlebqZxlky nhjfmeu f_lh^Z ljZi_pbc b f_lh^Z KbfikhgZ" DZd \eby_l gZ lhqghklv qbke_ggh]h bgl_]jbjh\Zgby \_ebqbgZ rZ]Z K " Q_f hlebqZ_lky \uqbke_gb_ ih]j_rghklb f_lh^Z ljZi_pbc b KbfikhgZ" ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Hkgh\gZy b^_y f_lh^Z Fhgl_DZjeh =jZnbq_kdZy bgl_jij_lZpby f_lh^Z Fhgl_DZjeh ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· GZclb ijb[eb`_ggh_ agZq_gb_ bgl_]jZeZ aZ^Zgghc nmgdpbb I [ gZ hlj_ad_ > D E@ ih nhjfmeZf ljZi_pbc KbfikhgZ ijyfhm]hevgbdh\ Fhgl_ DZjeh ijb ^_e_gbb hlj_adZ gZ jZ\guo qZkl_c ijhba\_klb hp_gdm ih]j_rghklb f_lh^h\ bgl_]jbjh\Zgby b kjZ\gblv lhqghklv ih emq_gguo j_amevlZlh\ khklZ\blv nmgdpbx \ha\jZsZxsmx agZq_gb_ bgl_]jZeZ gZ hkgh\_ nhjfmeu f_lh^Z Fhgl_ DZjeh KjZ\gblv j_amev lZlu ihemq_ggu_ jZagufb f_lh^Zfb LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu [ >D E@ FRV [ > I VLQ [ §[· ¸ ©¹ @ > @ [ VLQ ¨ [ > @ OQ [ > WJ [ > [ @ @ [ OQ [ > VLQ [ > > §[· ¸ ©¹ [ FRV ¨ [ OQ [ @ > @ @ @ LZ[ebpZ ijh^he`_gb_ I >D E@ [ [ WJ [ > [ bH [ > [ > @ [ > @ > @ [ @ [ > @ [ > @ H [ >@ H VLQ [ [ [ [ [ > @ > @ > @ > @ @ LZ[ebpZ ijh^he`_gb_ I >D E@ [ [ > @ [ VLQ [ > [ §[· ¸ ©¹ [ VLQ ¨ §[· ¸ © ¹ [ WJ ¨ H[ [ FRV [ [ >@ [ OJ [ [ > @ [ >@ >@ >@ ª Sº S « » ¼ ¬ [ @ >@ >@ >@ WJ [ ªS Sº « » ¬ ¼ [ >@ LZ[ebpZ hdhgqZgb_ I >D E@ [ > @ [ [ [ > S@ [ >@ FRV [ [ [ [ >@ [ VLQ [ [ >@ > S @ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ¢·Ê·¿º·À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» P_ev jZ[hlu knhjfbjh\Zlv m klm^_glh\ ij_^klZ\e_gby h ijbf_g_gbb >M \ jZaebqguo h[eZklyo ijb\blv mf_gby j_rZlv aZ^Zqm Dhrb êy >M \ I [ \ gZ hlj_ad_ > D E@ ijb aZ^Zgghf gZqZevghf mkeh\bb \ I [ f_lh^Zfb IbdZjZ Wce_jZ Jmg]_²Dmllu :^ZfkZ jZa\blv gZ\udb ijh\_jdb ihemq_gguo j_amevlZlh\ k ihfhsvx ijbdeZ^guo ijh]jZff Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² <_j`[bpdbc < F Qbke_ggu_ f_lhû FZl_fZlbq_kdbc ZgZeba b h[ud gh\_ggu_ ^bnn_j_gpbZevgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ ² F <ukrZy rdheZ ² K ² >_fb^h\bq ; I FZjhg B : Rm\Zeh\Z W A Qbke_ggu_ f_lh^Z ZgZeb aZ ² F NbafZlebl ² K ² AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lh û ² F Ijhk\_s_gb_ ² K ² DhkZj_\ < B e_dpbc ih \uqbkebl_evghc fZl_fZlbd_ \\h^guc dmjk Mq_[ ihkh[b_ êy \mah\ ² F Ba^\h FNLB ² K ² ·ÄÀ¶¡º¼²Â² J_rblv aZ^Zqm Dhrb êy >M > @ ijb aZ^Zgghf GM \ f_lh^hf IbdZjZ k rZ]hf K G G[ \ [ § \· ¸ gZ hlj_ad_ ©S¹ [ FRV ¨ b rZ]_ bgl_]jbjh\Zgby K ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¢·Ê·¿º· À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe < hlq_l_ ij_^klZ\blv oh^ jZ[hlu ijh]jZffmnmgdpbx ih]j_rghklv ]jZnbq_kdmx beexkljZpbx j_r_gby J_r_gb_ <\h^bf ^Zggu_ jbk Jbk AZ^Zgb_ bkoh^guo ^Zgguo AZ^Z_f nmgdpbx \ha\jZsZxsmx agZq_gby i_j\hc ijhba\h^ghc ih i_j_ f_gghc \ jbk Jbk Nmgdpby \ha\jZsZxsZy agZq_gb_ i_j\hc ijhba\h^ghc nmgdpbb I [ \ § \· ¸ ©S¹ [ FRV ¨ KhklZ\bf nmgdpbx \ha\jZsZxsmx j_r_gb_ >M f_lh^hf IbdZjZ jbk A^_kv I ² bkoh^gZy nmgdpby I B GHULY ² ijhba\h^gZy nmgdpbb ih \ D E ² dhgpu hlj_adZ K ² rZ] \ ² gZqZevgh_ agZq_ gb_ i_j_f_gghc \ GZc^_f j_r_gb_ >M f_lh^hf IbdZjZ jbk Hl\_l gme_\h_ ijb[eb`_gb_ kf jbk ² ih]j_rghklv f_lh^Z ² ih dZau\Z_l qlh h^bggZ^pZlv agZdh\ ihke_ aZiylhc \_jgu \ hklZevguo \uqbk e_gguo agZq_gbyo lZ[ebpu ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk AZ^Zgb_ nmgdpbb \ha\jZsZxs_c j_r_gb_ >M f_lh^hf IbdZjZ nZce IQ3LNDUPFG Jbk GZoh`^_gb_ qbke_ggh]h j_r_gby >M f_lh^hf IbdZjZ ·ÄÀ¶¯»½·Â²º·µÀ¾À¶ºÆº¼²Èºº J_rblv aZ^Zqm Dhrb êy >M G \ [ G[ § \· ¸ gZ hlj_ad_ ©S¹ [ FRV ¨ > @ ijb aZ^Zgghf GM \ b rZ]_ bgl_]jbjh\Zgby K f_lh^hf Wce_jZ b mkh\_jr_gkl\h\Zgguf f_lh^hf Wce_jZ k rZ]Zfb K b K < hlq_l_ ij_^klZ\blv oh^ jZ[hlu ijh]jZffmnmgdpbx ih]j_rghklv ]jZnbq_kdmx beexkljZpbx j_r_gby b hp_gdm ih]j_rghklb ijb[eb`_gby J_r_gb_ Oh^ j_r_gby aZ^Zqb ih f_lh^m Wce_jZ ijb\_^_g gZ jbk ² Jbk NjZ]f_gl jZ[hq_]h ebklZ 0DWKFDG k j_r_gb_f mjZ\g_gby f_lh^hf Wce_jZ k rZ]hf K b K b ]jZnbq_kdhc \bamZebaZpb_c f_lh^Z Wce_jZ !! KhklZ\bf ijh]jZffm j_Zebamxsmx f_lh^ Wce_jZ jbk Jbk Ebklbg] ijh]jZffu j_Zebamxs_c f_lh^ Wce_jZ nZce (XOHUPFG Ihemqbf j_r_gby >M f_lh^hf Wce_jZ jbk Jbk GZoh`^_gb_ qbke_ggh]h j_r_gby >M f_lh^hf Wce_jZ Hl\_l j_r_gb_f >M G \ [ G[ § \· ¸ ©S¹ [ FRV ¨ k GM \ " gZ hlj_ad_ >@ f_lh^hf Wce_jZ [m^_l lZ[ebpZ agZq_gbc (6 B K jbk k ^\mfy agZdZfb ihke_ aZiylhc < mkh\_jr_gkl\h\Zgghf f_lh^_ Wce_jZ bkihevam_lky ke_^mxsbc ihjy^hd \uqbke_gbc \ L \L K I [L \L [ L [L K \L § ¨ © \L KI ¨ [ · ¸ \ ¸ L L ¹ Nmgdpbx \ha\jZsZxsmx j_r_gb_ >M mkh\_jr_gkl\h\Zgguf f_lh^hf Wce_jZ khklZ\blv kZfhklhyl_evgh Jbk J_r_gb_ >M mkh\_jr_gkl\h\Zgguf f_lh^hf Wce_jZ k rZ]Zfb K b K ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Hl\_l j_r_gb_f >M G \ [ [ FRV §¨ \ ·¸ k GM \ gZ hlj_ad_ G[ ©S¹ > @ mkh\_jr_gkl\h\Zgguf f_lh^hf Wce_jZ [m^_l lZ[ebpZ agZq_gbc ($ K jbk k iylvx agZdZfb ihke_ aZiylhc B ·ÄÀ¶¢Å¿µ·pÅÄÄÍ GZ ijZdlbd_ gZb[he__ qZklh bkihevamxl f_lh^ Jmg]_ Dmllu q_l\_jlh]h ihjy^dZ ² J_rblv aZ^Zqm Dhrb êy >M G[G \ [ [ FRV §¨ S\ ·¸ gZ hlj_ad_ >@ © ¹ ijb aZ^Zgghf GM \ b rZ]_ bgl_]jbjh\Zgby K f_lh^hf Jmg]_ Dmllu q_l\_jlh]h ihjy^dZ k rZ]hf K b K < hlq_l_ ij_^klZ\blv oh^ jZ[hlu ijh]jZffm nmgdpbx ih]j_rghklv ]jZnbq_kdmx beexkljZpbx j_r_gby b hp_gdm ih]j_rghklb ijb[eb`_gby J_r_gb_ <\h^bf ^Zggu_ aZ^Zqb jbk ² Jbk AZ^Zgb_ bkoh^guo ^Zgguo KhklZ\bf nmgdpbx \ha\jZsZxsmx j_r_gb_ >M i_j\h]h ihjy^dZ f_lh^hf Jmg]_ Dmllu jbk A^_kv IQ aZ^ZggZy nmgd pby D E dhgpu hlj_adZ K rZ] \ gZqZevgh_ agZq_gb_ nmgdpbb GZc^_f j_r_gby >M i_j\h]h ihjy^dZ bkihevamy \kljh_ggu_ nmgdpbb jbk Hl\_l j_r_gb_f >M G \ [ [ FRV §¨ \ ·¸ k GM \ gZ hlj_ad_ G[ ©S¹ > @ f_lh^hf Jmg]_ Dmllu [m^_l lZ[ebpZ agZq_gbc 5. K jbk k \hkvfvx agZdZfb ihke_ aZiylhc ² ² ² ² ² 0DWKFDG ² B ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¢·Ê·¿º· À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe Jbk Ebklbg] nmgdpbb \ha\jZsZxs_c qbke_ggh_ j_r_gb_ >M f_lh^hf Jmg]_²Dmllu nZce IQ5XQJH.XWWDPFG ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ Jbk GZoh`^_gb_ qbke_ggh]h j_r_gby >M k ihfhsvx \kljh_gguo nmgdpbc iZd_lZ 0DWKFDG ·ÄÀ¶¶²¾Ã² J_rblv aZ^Zqm Dhrb êy >M G[G \ [ [ FRV §¨ S\ ·¸ gZ hlj_ad_ >@ © ¹ ijb aZ^Zgghf GM \ b rZ]_ bgl_]jbjh\Zgby K f_lh^hf :^ZfkZ k rZ]hf K < hlq_l_ ij_^klZ\blv jmqghc kq_l ijh]jZffm nmgdpbx ih]j_rghklv ]jZnbq_kdmx beexkljZpbx j_r_gby b hp_gdm ih]j_rghklb ijb[eb`_gby J_r_gb_ GZc^_f i_j\u_ q_luj_ qbkeZ ih nhjfme_ Jmg]_ Dmllu kf e_dpbx jZa^ jbk ² Jbk <uqbke_gb_ i_j\uo q_luj_o agZq_gbc qbke_ggh]h j_r_gby ih nhjfme_ Jmg]_²Dmllu KhklZ\bf nmgdpbx j_Zebamxsmx f_lh^ :^ZfkZ jbk A^_kv D E ² dhgpu hlj_adZ \ ² gZqZevgh_ agZq_gb_ nmgdpbb K ² rZ] Jbk Nmgdpby \ha\jZsZxsZy qbke_ggh_ j_r_gb_ >M f_lh^hf :^ZfkZ nZce $GDPVPFG !! =jZnbq_kdZy beexkljZpby j_r_gby >M jZagufb f_lh^Zfb ij_^klZ\e_gZ gZ jbk Jbk <bamZebaZpby j_r_gby >M jZagufb f_lh^Zfb Hl\_l j_r_gb_f >M G \ [ § \· ¸ ©S¹ [ FRV ¨ k GM \ gZ hlj_ad_ G[ > @ f_lh^hf :^ZfkZ [m^_l lZ[ebpZ agZq_gbc $GDPV ÀÁÂÀÃÍÁÀÄ·¾· Qlh agZqbl ² j_rblv aZ^Zqm Dhrb êy >M i_j\h]h ihjy^dZ" =jZnbq_kdZy bgl_jij_lZpby qbke_ggh]h j_r_gby >M DZdb_ kms_kl\mxl f_lhû j_r_gby >M \ aZ\bkbfhklb hl nhjfu ij_^ klZ\e_gby j_r_gby" < q_f aZdexqZ_lky kmlv ijbgpbiZ k`bfZxsbo hlh[jZ`_gbc" J_dmjj_glgZy nhjfmeZ f_lh^Z IbdZjZ < q_f aZdexqZ_lky kmlv f_lh^Z ehfZguo Wce_jZ" Ijbf_g_gb_ dZdbo nhjfme iha\hey_l ihemqblv agZq_gby bkdhfhc nmgd pbb ih f_lh^m Wce_jZ" " =jZnbq_kdZy bgl_jij_lZpby f_lh^Z Wce_jZ b mkh\_jr_gkl\h\Zggh]h f_ lh^Z Wce_jZ < q_f bo hlebqb_" < q_f aZdexqZ_lky kmlv f_lh^Z Jmg]_²Dmllu" DZd hij_^_eblv dhebq_kl\h \_jguo pbnj \ qbke_ y\eyxs_fky j_r_gb _f >M f_lh^hf Wce_jZ mkh\_jr_gkl\h\Zggh]h f_lh^Z Wce_jZ IbdZjZ Jmg]_²Dmllu" ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· J_rblv aZ^Zqm Dhrb êy >M \ I [ \ gZ hlj_ad_ >D E@ ijb aZ^Zgghf GM \ D F b rZ]_ bgl_]jbjh\Zgby K bkoh^gu_ iZjZf_lju aZ^Zgu \ lZ[e f_lh^hf Wce_jZ b mkh\_jr_gkl\h\Zgguf f_lh^hf Wce_jZ k rZ]hf K b K f_lh^hf Jmg]_²Dmllu k rZ]hf K b K f_lh^hf :^ZfkZ f_lh^hf IbdZjZ J_r_gb_ ^he`gh kh^_j`Zlv oh^ jZ[hlu ijh]jZffm f_lh^Z ]jZnbq_ kdh_ j_r_gb_ mjZ\g_gby b hp_gdZ ih]j_rghklb ijb[eb`_gby < qbkeZo hklZ\eylv pbnj ihke_ aZiylhc LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu > [ [\ >@ \ [ FRV [ \ > @ \ § \· ¸ ©¹ >@ \ § \ · ¸ © ¹ > @ \ [ FRV ¨ [ VLQ ¨ @ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ ijh^he`_gb_ >D E @ \ § \· ¸ ©H¹ > @ \ § \· FRV ¨ ¸ ©S¹ > @ \ \ [ > @ \ VLQ [ \ > @ \ [ \ >@ \ § \ · ¸ © ¹ >@ \ § \ · ¸ © ¹ > @ \ \ >@ \ § \ · ¸ © ¹ > @ \ [ \ I [ FRV ¨ [ [ FRV ¨ [ FRV ¨ H [ [ FRV ¨ [ VLQ [ \ > @ \ VLQ [ \ >@ \ § \ · ¸ © ¹ > @ \ >@ \ >@ \ [ FRV ¨ [ FRV \ FRV \ [ ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ¢·Ê·¿º· À³Í¼¿À´·¿¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇe LZ[ebpZ I [ \ [ \ \ >D E @ \ > @ \ ijh^he`_gb_ FRV \ [ > @ \ FRV [ \ > @ \ § \· ¸ ©¹ > @ \ [ > @ \ [ VLQ ¨ H \ \ VLQ [ \ > @ \ FRV \ \ [ >@ \ [ VLQ [ \ > @ \ § \[· ¸ © S ¹ > @ \ § \· ¸ ©H¹ > @ \ § \ · ¸ © ¹ >@ \ §[· ¸ ©S¹ > @ \ \ VLQ [ \ >@ \ >@ \ [ FRV ¨ [ FRV ¨ [ VLQ ¨ \ FRV ¨ § \ · ¸ © ¹ [ VLQ ¨ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ [ \ § \ · ¨ ¸¸ © ¹ [ FRV ¨ hdhgqZgb_ >D E @ \ > @ \ VLQ [ \ >@ \ FRV \ \ [ >@ \ FRV \ \ [ >@ \ >@ \ >@ \ >@ \ >@ \ I FRV [ \ [ \ [ \ [\ \ \ [ ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿À·Â·Ê·¿º· ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» ´É²ÃÄ¿ÍÇÁÂÀº¹´À¶¿ÍÇ P_ev jZ[hlu ^Zlv klm^_glZf agZgby h l_hjbb ^bnn_j_gpbZevguo mjZ\g_gbc \ qZklguo ijhba\h^guo b bo ijbf_g_gbb \ jZaebqguo h[eZklyo nbabdb b l_ogbdb ^Zlv ij_^klZ\e_gb_ h kms_kl\h\Zgbb djZ_\uo b kf_rZgguo aZ^Zq b bo j_r_gbyo \ujZ[hlZlv gZ\udb j_r_gby kf_rZgghc aZ^Zqb êy mjZ\g_gby EZieZkZ l_iehijh\h^ghklb b dhe_[Zgby kljmgu f_lh^hf k_lhd Ebl_jZlmjZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² <hjh[v_\Z = G >Zgbeh\Z : G IjZdlbdmf ih \uqbkebl_evghc fZl_fZ lbd_ Mq_[ ihkh[b_ êy l_ogbdmfh\ _ ba^ i_j_jZ[ b ^hi ² F <uk rZy rdheZ ² K ² >_fb^h\bq ; I FZjjhg B : Rm\Zeh\Z W A Qbke_ggu_ f_lhû ZgZeb aZ Ijb[eb`_gb_ nmgdpbc ^bnn_j_gpbZevgu_ mjZ\g_gby Ih^ j_^ ; I >_fb^h\bqZ ² F NbafZlebl ² K ² ¢·Ê·¿º·¹²¶²ÉººÂºÇ½·¶½Ñ ÅÂ²´¿·¿ºÑ²Á½²Ã²¾·ÄÀ¶À¾Ã·ÄÀ¼ Bkihevamy f_lh^ k_lhd khklZ\blv nmgdpbx j_Zebamxsmx j_r_gb_ aZ ^Zqb >bjboe_ êy mjZ\g_gby EZieZkZ beb mjZ\g_gby weebilbq_kdh]h lbiZ m^h\e_l\hjyxs__ gZ weebik_ * aZ^Zgghf mjZ\g_gb_f ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ [ \ mkeh\bx X [ \ * [ \ k rZ]hf K Mlhqg_gb_ j_r_gby ijhba\h^blv ^h khluo ^he_c k ihfhsvx ijhp_kkZ Eb[fZgZ J_r_gb_ Bkihevamy kbff_ljbx aZ^Zgguo GM [m^_f bkdZlv agZq_gb_ nmgdpbb X X [ \ lhevdh \ , q_l\_jlb >ey lh]h qlh[u ihkljhblv h[eZklv * h]jZgbq_ggmx dhglmjhf * khklZ \bf lZ[ebpm agZq_gbc \ hl [ lZ[e LZ[ebpZ Dhhj^bgZlu \u[jZgguo lhq_d ijbgZê_`Zsbo weebikm [ \ [ \ Ihkljhbf qZklv wlh]h weebikZ \ , q_l\_jlb jbk \ [ [ Jbk <bamZebaZpby ]jZgbqgh]h mkeh\by Kljhbf k_ldm k rZ]hf K jbk Lhqdb gZ hkb \ b gZ hkb [ [m^ml \gmlj_ggbfb hlf_q_gu [_eufb djm`dZfb gZ jbk l d \k_ hgb e_`Zl \gmljb dhglmjZ * g_ aZ[u\Zy qlh fu ihkljhbeb lhevdh q_l\_jlv weebikZ =jZgbqgu_ lhqdb , jh^Z gZ jbkmgd_ h[hagZq_gu q_jgufb djm`hqdZfb b [md\Zfb $K %K &K 'K (K )K ² \k_ wlb lhqdb ]jZgbqgu_ b \gmlj_ggb_ jZkq_lgu_ =jZgbqguo maeh\ ,, jh^Z \ ^Zgghf kemqZ_ g_l Jbk <bamZebaZpby maeh\ dhhj^bgZlghc k_ldb Bs_f agZq_gby nmgdpbb gZ ]jZgbp_ l _ \ lhqdZo $K %K &K 'K (K )K ]^_ ]jZgbqgZy nmgdpby aZ^ZgZ gZf \ gZqZevguo mkeh\byo jbk Jbk <uqbke_gb_ agZq_gbc nmgdpbb gZ ]jZgbp_ h[eZklb L_i_jv hij_^_ebf gZqZevgu_ agZq_gby nmgdpbb X [ \ \h \gmlj_ggbo lhqdZo >ey wlh]h aZf_gbf mjZ\g_gb_ EZieZkZ \ dZ`^hc lZdhc lhqd_ kf jbk dhg_qghjZaghklgufb mjZ\g_gbyfb aZf_gm ijh\_^_f kh ]eZkgh nhjfme_ X [ \ X [ K \ X [ K \ X [ \ K X [ \ K DZ`^h_ lZdh_ mjZ\g_gb_ ihemqZ_lky ijbjZ\gb\Zgb_f agZq_gby nmgdpbb \h \gmlj_gg_c lhqd_ kj_^g_fm Zjbnf_lbq_kdhfm q_luj_o agZq_gbc nmgd pbb \ khk_^gbo lhqdZo X X $ X X X ² \ kbem kbff_ljbqghklb mkeh\bc BlZd X X X X X X l _ mjZ\g_gb_ \ dhg_q guo jZaghklyo \h \gmlj_gg_c lhqd_ X \u]ey^bl lZd X X X jbk Jbk <uqbke_gb_ gZqZevguo agZq_gbc nmgdpbb \h \gmlj_ggbo lhqdZo aZ^Zgghc h[eZklb Ba h^bggZ^pZlb mjZ\g_gbc ij_^klZ\e_gguo gZ jbk khklZ\bf kbk l_fm b gZc^_f i_j\h_ ijb[eb`_gb_ d j_r_gbx Ijb[eb`_gby [m^_f bk dZlv ^h l_o ihj ihdZ g_ [m^_l ^hklb]gmlZ aZ^ZggZy lhqghklv ihdZ jZa ghklv f_`^m dhhj^bgZlZfb ihke_^mxs_c lhqdb b ij_û^ms_c g_ klZg_l f_gvr_ jbk Jbk <uqbke_gb_ ijb[eb`_ggh]h j_r_gby aZ^Zqb >bjboe_ êy mjZ\g_gby EZieZkZ GZc^_ggu_ agZq_gby nmgdpbb X [ \ _klv ]jm[h_ ijb[eb`_gb_ j_r_gby mjZ\g_gby EZieZkZ rZ[ehg Mlhqgy_f agZq_gby j_r_gby \ ]jZgbqguo lhqdZo bkihevamy êy wlh]h nhjfmem ebg_cghc bgl_jiheypbb jbk LZdbf h[jZahf êy \k_o ]jZgbqguo lhq_d ihemqbf GK G% lh]^Z X %K X KK G ' X 'K G( X (K Jbk Mlhqg_gb_ agZq_gby k ihfhsvx ebg_cghc bgl_jiheypbb ihemq_gb_ rZ[ehgZ LZd dZd lhqdb ) b )K kh\iZ^Zxl lh G ) agZqbl X )K X ) lZd `_ dZd b \ kemqZ_ k $K b $ AZf_lbf qlh \k_ ]jZgbqgu_ lhqdb g_ ijbgZê_`Zl h[eZklb * ihwlhfm kh]eZkgh l_hjbb \h \k_o kemqZyo G djhf_ qZklguo kemqZ_\ k lhqdZfb $ b ) :gZeh]bqgh kljhbf rZ[ehgu b l ^ ihdZ ihke_^h\Zl_evgu_ ^\Z rZ[ehgZ g_ kh\iZ^ml k aZ^Zgghc lhqghklvx ^h khluo ^he_c Nmgdpbx j_Z ebamxsmx ihkljh_gb_ rZ[ehgh\ khklZ\blv kZfhklhyl_evgh ! J_rZy aZ^Zqm aZf_qZ_f qlh rZ[ehgu b kh\iZ^Zxl ^h khluo ^h e_c ihwlhfm bl_jZpbhgguc ijhp_kk aZdZgqb\Z_lky AgZq_gby \ rZ[ehg_ y\eyxlky qbke_ggufb j_r_gbyfb aZ^Zqb >bjboe_ êy mjZ\g_gby EZieZkZ ¢·Ê·¿º· ÅÂ²´¿·¿ºÑÄ·Á½ÀÁÂÀ´À¶¿ÀÃÄº¾·ÄÀ¶À¾Ã·ÄÀ¼ Bkihevamy f_lh^ k_lhd j_rblv mjZ\g_gb_ l_iehijh\h^ghklb mjZ\g_ gb_ iZjZ[hebq_kdh]h lbiZ GX G X ijb aZ^Zgguo GM X [ I [ GW G[ W \ [ ]^_ [ > X W M W X @ J_r_gb_ gZclb ijb K êy W > @ k q_lujvfy ^_kylbqgufb [ [ X W W agZdZfb kqblZy G X W J_r_gb_ X [ Wlh mjZ\g_gb_ j_rZ_lky f_lh^hf k_lhd ihkl_i_gguf i_j_oh^hf hl agZq_gbc ijbq_f W W ]^_ nmgdpbb X [ W d agZq_gbyf X [ W L N K K M L M O M O M N Kljhbf k_ldm ih hkb 2[ k rZ]hf K ih hkb 2W jbk ² Jbk <bamZebaZpby ijhkljZgkl\_ggh\j_f_gghc k_ldb k rZ]hf N ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ J_r_gb_ mjZ\g_gby m^h[gh hnhjfeylv \ \b^_ fZljbpu KgZqZeZ aZihegbf __ bkoh^y ba gZqZevguo mkeh\bc aZ^Zggufb agZq_gbyfb l_fi_jZlmju kl_j`gy \ gZqZevguc fhf_gl \j_f_gb ih \k_c _]h êbg_ jbk ² Jbk AZ^Zgb_ gZqZevguo mkeh\bc L_i_jv aZihegbf __ bkihevamy djZ_\u_ mkeh\by jbk Jbk BgbpbZebaZpby fZljbpu bkihevam_fhc ijb gZoh`^_gbb qbke_ggh]h j_r_gby b \g_k_gb_ \ g__ djZ_\uo mkeh\bc IhemqZ_f gZqZevgmx fZljbpm jbk Jbk <g_k_gb_ \ fZljbpm djZ_\uo mkeh\bc KljhdZ lZ[ebpu M X [L X aZihegy_lky gZ hkgh\_ aZ^Zgguo GM [ [ ijb L L L X X b l ^ ^h X ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· Â·Ê·¿º· ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e < i_j\uc L b ihke_^gbc L klhe[pu \ibku\Zxlky ^Zggu_ ]jZ gbqguo mkeh\bc X W W ]^_ M L X L X b l ^ ^h M < klhe[_p L aZibku\Z_f ba mkeh\by \lhjhc ]jZgbpu X êy \k_o M AZihegy_f hklZ\rmxky qZklv lZ[ebpu jbk W Jbk AZiheg_gb_ hklZ\r_cky qZklb fZljbpu Qbke_gguf j_r_gb_f mjZ\g_gby l_iehijh\h^ghklb k aZ^Zggufb gZqZevgufb b djZ_\ufb mkeh\byfb y\eyxlky agZq_gby aZibkZggu_ \ fZljbp_ WDE <bamZebaZpby j_r_gby mjZ\g_gby l_iehijh\h^ghklb f_lh^hf k_lhd jbk Jbk =jZnbq_kdh_ j_r_gb_ mjZ\g_gby l_iehijh\h^ghklb ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ ¢·Ê·¿º·ÅÂ²´¿·¿ºÑ ¼À½·³²¿ºÑÃÄÂÅ¿Í¾·ÄÀ¶À¾Ã·ÄÀ¼ Bkihevamy f_lh^ k_lhd khklZ\blv j_r_gb_ kf_rZgghc aZ^Zqb êy mjZ\g_gby dhe_[Zgby kljmgu mjZ\g_gby ]bi_j[hebq_kdh]h lbiZ wX wW wX w[ k GM M W X W X W ) [ I [ XW [ X [ d [ d b =M \ W J_r_gb_ \uihegblv k rZ]hf K hij_^_eyy agZq_gby nmgdpbb X [ W k q_lujvfy ^_kylbqgufb agZdZfb ijbq_f d W d I [ [ [ ) [ [ FRV [ M W W \ W J_r_gb_ <hkihevam_fky khhlghr_gb_f XL M XL M XL M XL M ]^_ L M ijb wlhf X I Z êy hij_^_e_gby X fh`gh bkihevah\Zlv h^bg ba \hafh`guo ijb_fh\ gZijbf_j L L L XL ijbq_f IL IL K)L [L LK L WM MK M Q Q K Djhf_ lh]h X M W X \ W J_r_gb_ ih mdZaZgguf nhjfmeZf m^h[gh \uihegylv \ fZljbp_ dhlhjZy b y\ey_lky j_r_gb_f ^Zgghc aZ^Zqb Ihjy^hd aZiheg_gby <uqbkey_f agZq_gby [ L b aZihegy_f bfb i_j\mx kljhqdm êy agZ q_gby W bkoh^y ba GM jbk M M Q M M L ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· Â·Ê·¿º· ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e Jbk AZ^Zgb_ gZqZevguo mkeh\bc <uqbkey_f agZq_gby X M W W ijb W b aZihegy_f bfb i_j\uc klhe[_p lZ[ebpu hg khhl\_lkl\m_l agZq_gbx [ Ihke_^gbc klhe[_p aZihegy_f agZq_gbyfb X \ W jbk M M M M M M Jbk AZ^Zgb_ ]jZgbqguo mkeh\bc IL IL K L ]^_ I L b I L [_jmlky ba lZ[ebpu Z )L [L FRV [L [L b L <uqbkey_f agZq_gby X L i_j\hc kljhdb L N K J_amevlZlu aZibku\Z_f \h \lhjmx kljhdm lZ[ebpu ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ <uqbkey_f agZq_gby \ ihke_^mxsbo kljhdZo ih nhjfme_ X X X X ]^_ agZq_gby X X X [_jmlky ba ^\mo ij_û^msbo kljhd lZ[ebpu jbk L M L M L M XL M L M L M L M L M Jbk GZoh`^_gb_ j_r_gby \h \gmlj_ggbo lhqdZo h[eZklb Kljhbf k_lhqgmx h[eZklv j_r_gby aZ^Zqb bgl_]jZevgmx iehkdhklv jbk Jbk =jZnbq_kdh_ j_r_gb_ aZ^Zqb dhe_[Zgby kljmgu f_lh^hf k_lhd ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· Â·Ê·¿º· ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e ÀÁÂÀÃÍÁÀÄ·¾· MjZ\g_gby dZdh]h \b^Z gZau\Zxlky ^bnn_j_gpbZevgufb mjZ\g_gbyfb \ qZklguo ijhba\h^guo MQI b qlh y\ey_lky j_r_gb_f MQI" DZdh_ MQI gZau\Z_lky ebg_cguf" GZah\bl_ hkgh\gu_ lbiu ebg_cguo >M k ihklhyggufb dhwnnbpb_glZfb b mkeh\b_ \ aZ\bkbfhklb hl dhlhjh]h ijhbkoh^bl wlZ deZkkbnbdZpby GZah\bl_ b aZibrbl_ ijbf_ju ijhkl_crbo MQI weebilbq_kdh]h b iZjZ [hebq_kdh]h lbih\ Qlh agZqbl j_rblv aZ^Zqm Dhrb êy MQI" Qlh y\ey_lky gZqZevgufb b djZ_\ufb mkeh\byfb êy MQI" Qlh agZqbl j_rblv djZ_\mx b kf_rZggmx aZ^Zqb êy MQI" DZdZy aZ^ZqZ ghkbl gZa\Zgb_ AZ^Zqb >bjboe_ êy mjZ\g_gby EZieZkZ b qlh agZqbl j_rblv wlm aZ^Zqm" DZdb_ nmgdpbb gZau\Zxlky ]Zjfhgbq_kdbfb \ l_hjbb MQI" DZdb_ f_lhû qbke_ggh]h j_r_gby MQI" < q_f khklhbl kmlv f_lh^Z dhg_qguo jZaghkl_c k_lhd " DZdb_ lhqdb gZau\Zxlky \gmlj_ggbfb ]jZgbqgufb , b ,, jh^Z ijb j_r_ gbb >M f_lh^hf k_lhd" < q_f aZdexqZ_lky kmlv j_r_gby aZ^Zqb >bjboe_ f_lh^hf k_lhd" Ih dZdhc nhjfme_ gZoh^ylky agZq_gby nmgdpbb \h \gmlj_ggbo maeZo b \g_rgbo ]jZgbqguo ijb j_r_gbb aZ^Zqb >bjboe_ f_lh^hf k_lhd" AZ kq_l q_]h ijhbkoh^bl ]jm[h_ ijb[eb`_gb_ bkdhfuo agZq_gbc ijb j_ r_gbb aZ^Zqb >bjboe_ f_lh^hf k_lhd" < q_f aZdexqZ_lky kmlv ijhp_kkZ mkj_^g_gby Eb[fZgZ b êy q_]h hg ijbf_gy_lky" DZd kljhblky j_r_gb_ aZ^Zqb >bjboe_ f_lh^hf k_lhd" Qlh agZqbl j_rblv mjZ\g_gb_ l_iehijh\h^ghklb f_lh^hf k_lhd" Ih dZdhc nhjfme_ jZkkqblu\Z_lky agZq_gb_ bkdhfhc nmgdpbb \h \gml j_ggbo maeZo k_ldb ijb j_r_gbb mjZ\g_gby l_iehijh\h^ghklb" :e]hjblf j_r_gby mjZ\g_gby l_iehijh\h^ghklb f_lh^hf k_lhd ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· Bkihevamy f_lh^ k_lhd khklZ\blv nmgdpbx j_Zebamxsmx j_r_gb_ aZ^Z qb >bjboe_ êy mjZ\g_gby EZieZkZ lZ[e weebilbq_kdh]h \b^Z w X w X k aZ^Zggufb GM b k rZ]hf K bkoh^gu_ iZjZf_lju aZ w[ w\ ^Zgu \ lZ[e Mlhqg_gb_ j_r_gby ijhba\h^blv ^h khluo ^he_c k ihfhsvx ijhp_kkZ Eb[fZgZ < hlq_l_ ij_^klZ\blv oh^ jZ[hlu ijh]jZffmnmgdpbx ]jZnbq_kdmx beexkljZpbx LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu * X [ \ * [ [ [ [ [ [ \ [ \ \ [ \ \ [ \ \ \ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ LZ[ebpZ ijh^he`_gb_ * [ X [ \ [ [ \ [ \ [ \ \ \ * [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ [ \ \ [ \ [ [ \ \ [ \ [ \ \ [ \ [ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ [ \ LZ[ebpZ hdhgqZgb_ * [ \ [ X [ \ [ \ \ [ [ \ \ [ [ [ [ \ \ [ \ [ \ [ \ [ \ \ [ \ \ [ \ [ \ [ [ \ [ [ \ \ [ \ [ \ [ \ [ \ * \ [ \ [ \ Bkihevamy f_lh^ k_lhd khklZ\blv nmgdpbx j_Zebamxsmx j_r_gb_ kf_rZgghc aZ^Zqb êy >M iZjZ[hebq_kdh]h lbiZ M X M X ijb aZ MW M[ ^Zgguo GM X [ I [ X W M W X W \ W ]^_ [ >@ bkoh^gu_ iZjZf_lju aZ^Zgu \ lZ[e J_r_gb_ \uihegblv ijb K êy W >@ k lj_fy ^_kylbqgufb agZdZfb kqblZy G LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu I [ M W \ W FRV [ W [ [ W OQ [ W VLQ [ W [ [ W VLQ [ W [ [ W VLQ [ W FRV [ [ [ W OQ [ W VLQ [ W [ [ W [ W [ [ W VLQ [ W [ ! M LZ[ebpZ ijh^he`_gb_ I [ FRV [ W OQ [ W [ [ W FRV [ W [ [ W FRV [ W [ [ W OQ [ W [ [ W OJ [ W FRV [ W VLQ [ W VLQ [ W VLQ [ W [ [ W FRV [ W [ [ W [ [ W W \ W I [ " M LZ[ebpZ hdhgqZgb_ W \ W OQ [ W VLQ [ W [ [ W FRV [ W [ [ W [ W [ Bkihevamy f_lh^ k_lhd khklZ\blv nmgdpbx j_Zebamxsmx j_r_gb_ kf_rZgghc aZ^Zqb êy mjZ\g_gby dhe_[Zgby kljmgu w X w X wW w[ lZ[e k GM X [ I [ X [ ) [ d [ d b =M X W M W X W \ [ bkoh^gu_ iZjZf_lju aZ^Zgu \ lZ[e J_r_gb_ \uihegblv k rZ]hf K hij_^_eyy agZq_gby nmgdpbb X [ W k q_lujvfy ^_kylbqgufb agZdZfb ijbq_f d W d 9 LZ[ebpZ <ZjbZglu aZ^Zgbc êy \uiheg_gby kZfhklhyl_evghc jZ[hlu GM b =M [ VLQ I [ ) [ [ M W \ W W I [ GM b =M I [ [ ) [ [ FRV S[ M W \ W W I [ [ VLQ [ ) [ [ [ ) [ S[ [ VLQ S[ [ M W W M W \ W W \ W W ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ ijh^he`_gb_ GM b =M I [ VLQ [ S[ GM b =M I [ [ [ S· ¸ ¹ § © ) [ FRV ¨ [ ) [ [ M W W M W \ W \ W W I [ [ VLQ I [ [ FRV S[ ) [ [ M W W \ W I [ FRV [ [ M W \ W W [ [ ) [ [ FRV S[ M W \ W W I [ [ ) [ [ FRV S[ [ M W \ W W I [ [ W \ W W [ [ [ § © S· ¸ ¹ ) [ VLQ ¨ [ M W \ W W I [ ) [ [ [ VLQ [ M W I S[ ) [ ) [ ) [ I S[ [ VLQ [ M W M W W \ W W \ W ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· Â·Ê·¿º· ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e LZ[ebpZ ijh^he`_gb_ GM b =M I [ M W W \ W I [ [ ) [ FRV [ [ GM b =M [ ) [ [ VLQ [ M W W \ W I [ [ VLQ S[ ) [ [ M W W M W W \ W \ W I [ [ [ [ I FRV [ I [ VLQ S[ [ ) [ FRV [ [ M W ) [ W \ W M W W \ W I [ [ I [ [ ) [ [ [ [ ) [ [ VLQ [ [ ) [ [ M W W \ W W \ W I [ [ [ FRV ) [ [ M W W \ W S[ [ VLQ [ M [ I [ ) [ VLQ [ M W \ W W ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ LZ[ebpZ ijh^he`_gb_ GM b =M I [ [ M W W \ W I [ [ S[ GM b =M I [ [ [ [ ) [ VLQ [ M W \ W W I [ [ FRV S[ [ ) [ FRV [ ) [ [ M W M W W \ [ W \ W I [ [ [ I [ [ [ VLQ [ M W VLQ ) [ N [ W I [ VLQ S[ [ \ W [ ) [ FRV [ M W \ W W I [ [ ) [ [ FRV S[ ) [ [ M W W M W W \ W \ W W FRV I [ I [ S[ ) [ [ M W W \ W [ [ ) [ VLQ S[ [ M W W \ W ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· Â·Ê·¿º· ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e LZ[ebpZ hdhgqZgb_ GM b =M [ [ FRV S[ ) [ [ [ M W I GM b =M I [ [ [ ) [ FRV [ W M W \ W \ W W I [ [ I FRV [ ) [ VLQ [ M W \ W W I [ [ FRV ) [ [ M W \ W W S[ [ S[ ) [ [ M W W \ W [ [ ) [ [ VLQ [ I M W W \ W ²³ÀÂ²ÄÀÂ¿²ÑÂ²³ÀÄ² ©ºÃ½·¿¿À·Â·Ê·¿º· º¿Ä·µÂ²½Î¿ÍÇÅÂ²´¿·¿º» P_ev jZ[hlu kZfhklhyl_evgh bamqblv l_hj_lbq_kdbc fZl_jbZe ih l_f_ b gZmqblvky ijbf_gylv f_lh^ d\Z^jZlmj f_oZgbq_kdbo d\Z^jZlmj êy j_r_ gby bgl_]jZevguo mjZ\g_gbc Nj_^]hevfZ b <hevl_jju Z lZd`_ \bamZebab jh\Zlv ihemq_ggu_ j_amevlZlu b ijhba\h^blv bo ZgZeba Ebl_jZlmjZ <_j`[bpdbc < F Qbke_ggu_ f_lhû FZl_fZlbq_kdbc ZgZeba b h[udgh \_ggu_ ^bnn_j_gpbZevgu_ mjZ\g_gby ² F <ukrZy rdheZ ² K ² ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû ² F EZ[hjZlhjby ;Zah\uo AgZgbc ² K ² KZfZjkdbc : : <Z[bs_\bq I G KZfZjkdZy ? : AZ^Zqb b mijZ`g_gby ih qbke_gguf f_lh^Zf Mq_[ ihkh[b_ ² F W^blhjbZe MJKK ² K ² :fhkh\ : : >m[bgkdbc X : Dhiq_gh\Z G < <uqbkebl_evgu_ f_lh û êy bg`_g_jh\ ² F <ukrZy rdheZ ²¶²¿º·¼½²³ÀÂ²ÄÀÂ¿À»Â²³ÀÄ· >ey mjZ\g_gbc Nj_^]hevfZ [W ³ . W V [ V GV I W ²³ÀÂ²ÄÀÂ¿²Ñ Â²³ÀÄ² ©ºÃ½·¿¿À· Â·Ê·¿º· º¿Ä·µÂ²½Î¿ÍÇ ÅÂ²´¿·¿º» b <hevl_jju W [ W ³ 4 W V [ V GV ) W aZ^Zgu khhl\_lkl\_ggh y^jZ 4 W V b . W V b k\h[h^gu_ qe_gu I W b ) W lZ[e LZ[ebpZ Bkoh^gu_ iZjZf_lju êy mjZ\g_gbc Nj_^]hevfZ b <hevl_jju 4WV . W V I W ) W W W W W W W W W W W W W W OQ V W W V W OQ V V OQ V W W V W W W V W W V V GZ k_ld_ lhq_d WL W W W hlj_adZ > D E @ k rZ]hf k_ldb K ihkljhblv dZjdZk ijb[eb`_ggh]h j_r_gby mjZ\g_gby k lhqghklvx 0 ihevamykv dZdhceb[h d\Z^jZlmjghc nhjfmehc aZfdgmlh]h lbiZ b ijb f_gyy k]msZxsb_ky jZkq_lgu_ k_ldb êy h[_ki_q_gby aZ^Zgghc lhqgh klb GZ hkgh\_ ihemq_ggh]h dZjdZkZ aZibkZlv ijb[eb`_ggh_ j_r_gb_ \ \b^_ g_ij_ju\ghc nmgdpbb b k __ ihfhsvx \uqbkeblv ijb[eb`_ggu_ agZq_gby [ F b [ G GZibkZlv nmgdpbx j_Zebamxsmx f_lh^ Ijbf_gyy d\Z^jZlmjgmx nhjfmem ijyfhm]hevgbdh\ gZ hlj_ad_ > D E @ k rZ]hf K gZclb dZjdZk ijb[eb`_ggh]h j_r_gby mjZ\g_gby k lhqghklvx 0 Ij_^klZ\blv ihemq_ggh_ ^bkdj_lgh_ j_r_gb_ bg l_jiheypbhgguf fgh]hqe_ghf lj_lv_c kl_i_gb ihkljh_gguf ih i_j \uf q_luj_f maeZf aZ^Zgghc k_ldb b \uqbkeblv ijb[eb`_ggh [ F b [ G GZibkZlv nmgdpbx j_Zebamxsmx f_lh^ ©²ÃÄÎ ,, ²³ÀÂ²ÄÀÂ¿Í· Â²³ÀÄÍ =jZnbq_kdb ijhbeexkljbjh\Zlv j_r_gb_ mjZ\g_gbc AgZq_gby iZjZf_ljh\ ijb\_^_gu \ lZ[e LZ[ebpZ Bkoh^gu_ iZjZf_lju êy aZ^Zgby >D E @ K F G >D E @ K F G > @ S H H > @ S S H H S S H H S S H S >@ >@ >@ H >@ > @ >@ ¡Âº½À¸·¿ºÑ ¡Âº½À¸·¿º· Ã¿À´¿Í·ÁÂº·¾ÍÂ²³ÀÄÍ ÃÁ²¼·ÄÀ¾0DWKFDG FZl_fZlbq_kdbc iZd_l 0DWKFDG ² ba\_klgZy kbkl_fZ dhfivxl_jghc fZl_fZ lbdb ij_^gZagZq_ggZy êy j_r_gby fZl_fZlbq_kdbo aZ^Zq \ jZaebqguo h[ eZklyo gZmdb l_ogbdb b h[jZah\Zgby GZa\Zgb_ kbkl_fu h[jZah\Zgh hl ^\mo keh\ 0$7+HPDWLFV fZl_fZlbdZ b &$' &RPSXWHU $LGHG 'HVLJQ ² kbkl_fu Z\lhfZlbq_kdh]h ijh_dlbjh\Zgby ² K:IJ >Zggh_ gZa\Zgb_ hljZ`Z_l kmlv iZd_lZ dhlhjuc bkihevam_lky \ jZaebqguo h[eZklyo gZmdb l_ogbdb b h[jZah \Zgby Z lZd`_ iha\hey_l kha^Z\Zlv klZlvb dgb]b gZmqgu_ hlq_lu ^biehf gu_ b dmjkh\u_ ijh_dlu b l ^ 0DWKFDG kh^_j`bl kj_^kl\Z qbke_gguo b ZgZ eblbq_kdbo \uqbke_gbc Z lZd`_ kj_^kl\Z ]jZnbq_kdhc \bamZebaZpbb j_amevlZlh\ jZkq_lh\ JZkkfZljb\Z_fZy kbkl_fZ \u^_ey_lky kj_^b ^jm]bo fZ l_fZlbq_kdbo iZd_lh\ ^jm`_kdbf bgl_jn_ckhf Z lZd`_ \oh^guf yaudhf dhlhjuc fZdkbfZevgh ijb[eb`_g d h[uqghc fZl_fZlbq_kdhc ghlZpbb IZd_l 0DWKFDG kha^Zg nbjfhc 0DWK6RIW ,QF < gZklhys_f ijbeh`_gbb [m^ml hibkZgu ijb_fu jZ[hlu k 0DWKFDG b ijZ\beZ jZ[hlu kh kijZ\hqghc bg nhjfZpb_c kbkl_fu ¡ Ã¿À´ÍÂ²³ÀÄÍÃ0DWKFDG 0DWKFDG ij_^klZ\ey_l kh[hc kh\hdmighklv ke_^mxsbo hkgh\guo dhfihg_glh\ X j_^Zdlhj l_dklh\ k \hafh`ghklvx \klZ\db fZl_fZlbq_kdbo \ujZ`_gbc rZ[ehgh\ ]jZnbdh\ b l_dklh\uo dhff_glZjb_\ X ]jZnbq_kdbc j_^Zdlhj \klZ\dZ ]jZnbq_kdbo h[eZkl_c ^\mf_jguo b lj_o f_jguo ]jZnbdh\ k bkihevah\Zgb_f rZ[ehgh\ X j_^Zdlhj nhjfme \klZ\dZ fZl_fZlbq_kdbo \ujZ`_gbc ¡Âº½À¸·¿ºÑ X p_glj j_kmjkh\ bgl_]jZlhj j_kmjkh\ kbkl_fu X we_dljhggu_ dgb]b dgb]b k hibkZgb_f lbih\uo jZkq_lh\ \ jZaebqguo h[eZklyo gZmdb b l_ogbdb X kijZ\hqgZy kbkl_fZ kbkl_fZ êy ihemq_gby kijZ\hqguo ^Zgguo ih l_fZ lbq_kdhfm b bg^_dkghfm dZlZeh]m Z lZd`_ êy ihbkdZ gm`guo ^Zgguo ih dexq_\hc njZa_ beb keh\m X [uklju_ riZj]Zedb dhjhldb_ ijbf_ju k dhff_glZjbyfb hibku\Zx sb_ ijbf_g_gb_ \kljh_gguo \ kbkl_fm hi_jZlhjh\ b nmgdpbc kbkl_fu X [jZma_j Bgl_jg_lZ kh[kl\_ggh_ kj_^kl\h \uoh^Z \ Bgl_jg_l Ex[h_ baf_g_gb_ kh^_j`bfh]h jZ[hq_]h ^hdmf_glZ 0DWKFDG \uau\Z_l h[gh\ e_gb_ \k_o aZ\bkbfuo j_amevlZlh\ b h[eZkl_c k ]jZnbdZfb 0DWKFDG ih^^_j`b \Z_l j_`bf :<6,:<* :KDW <RX 6HH ,V :KDW <RX *HW ² ^hkeh\gh lh qlh \u \b^bl_ lh \u b ihemqZ_l_ < k\yab k wlbf 0DWKFDG e_]dh bkihevah\Zlv êy ih^]hlh\db l_ogbq_kdhc ^hdmf_glZpbb b hlq_lh\ lbih]jZnkdh]h dZq_kl\Z Kbkl_fZ j_Zebam_l lbih\u_ \hafh`ghklb :LQGRZV ihke_^gbo \_jkbc \dex qZy bkihevah\Zgb_ rjbnlh\ jZ[hlm kh \k_fb lbiZfb ijbgl_jh\ h^gh\j_ f_ggh_ \uiheg_gb_ jZaghoZjZdl_jguo aZ^Zq b j_ZebaZpbx l_ogheh]bb h[f_ gZ h[t_dlZfb 2/( < j_`bf_ j_^Zdlbjh\Zgby \hafh`gZ h^gh\j_f_ggZy jZ[hlZ k jy^hf ^hdmf_glh\ b i_j_ghk h[t_dlh\ ba h^gh]h hdgZ \ ^jm]h_ Ij_^mkfhlj_g bfihjl ]jZnbq_kdbo bah[jZ`_gbc jZaebqghc keh`ghklb ?klv \hafh`ghklv \jZs_gby lj_of_jguo ]jZnbdh\ Z lZd`_ \hafh`ghklv ZgbfZ pbb h[t_dlh\ ¡¤·¼ÃÄÀ´Í»Â·¶²¼ÄÀÂ >ey \\h^Z l_dklZ g_h[oh^bfh kha^Zlv l_dklh\mx h[eZklv ba imgdlZ f_gx beb bkihevah\Zlv deZ\brm k ^\hcghc dZ\uqdhc ! \uihegb\ ke_^mxs__ S_edgmlv \ k\h[h^ghf f_kl_ jZ[hq_c h[eZklb GZ`Zlv ! ijb Zg]ebckdhc jZkdeZ^d_ deZ\bZlmju ² ihy\blky l_dklh\Zy h[eZklv ijyfhm]hevgbd k dmjkhjhf \\h^Z <u[jZlv lbi rjbnlZ ih^^_j`b\Zxsbc dbjbeebpm gZijbf_j 7LPHV 1HZ 5RPDQ &\U FZjd_j \\h^Z [m^_l hdjm`_g l_dklh\hc jZfdhc dhlhjZy [m^_l jZkrb jylvky ih f_j_ \\h^Z l_dklZ < l_dklh\hc h[eZklb fh`gh bkihevah\Zlv lbih\u_ kj_^kl\Z l_dklh\h]h j_ ^ZdlhjZ deZ\brb Ijh[_e! 'HO! %DFNVSDFH! (QWHU! b ^j ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG L_dklh\uc [ehd bf__l fZjd_ju baf_g_gby jZaf_jZ \ \b^_ fZe_gvdbo q_jguo ijyfhm]hevgbdh\ mp_ib\rbkv aZ dhlhju_ [ehd fh`gh jZkly]b\Zlv \ lhf beb bghf gZijZ\e_gbb <u^_e_ggu_ jZfdhc l_dklh\u_ [ehdb fh`gh i_j_ghkblv gZ ^jm]h_ f_klh ijb wlhf klj_edZ furb ij_\jZsZ_lky \ eZ^hrdm ?keb i_j_^ i_j_ghkhf gZ`Zlv deZ\brm &WUO! lh [ehd [m^_l kdhibjh\Zg gZ gh\h_ f_klh >ey aZ\_jr_gby kha^Zgby l_dklh\h]h [ehdZ ^hklZlhqgh s_edgmlv furvx \ ex[hc qZklb wdjZgZ ¡¢·¶²¼ÄÀÂÆÀÂ¾Å½ >ey aZimkdZ j_^ZdlhjZ ^hklZlhqgh mklZgh\blv mdZaZl_ev furb \ ex[hf k\h [h^ghf f_kl_ hdgZ j_^Zdlbjh\Zgby b s_edgmlv e_\hc dghidhc Dmjkhj mdZ au\Z_l f_klh k dhlhjh]h fh`gh gZqZlv gZ[hj nhjfmeu ² \uqbkebl_evgh]h [ehdZ < h[eZklb \\h^Z nhjfme dmjkhj ij_\jZsZ_lky \ kbgbc m]hehd mdZau \Zxsbc gZijZ\e_gb_ b f_klh \\h^Z >ey jZkrbj_gby ho\Zq_gghc m]hedhf h[eZklb fh`gh bkihevah\Zlv deZ\brb mijZ\e_gby dmjkhjhf b deZ\brm Ijh[_e! Hkh[_gghklb jZ[hlu 0DWKFDG ijb \uiheg_gbb ijhkluo \uqbke_gbc X 0DWKFDG hlh[jZ`Z_l nhjfmeu lZd dZd bo i_qZlZxl \ dgb]Zo beb ibrml gZ ^hkd_ 0DWKFDG kZfhklhyl_evgh ih^[bjZ_l jZaf_ju ^jh[guo q_jl kdh[hd b ^jm]bo fZl_fZlbq_kdbo kbf\heh\ ijhihjpbhgZevgh gZibkZgghc njZa_ qZklb nhjfmeu b ij X 0DWKFDG ihgbfZ_l ihjy^hd ^_ckl\bc X G_dhlhju_ dhf[bgbjh\Zggu_ hi_jZlhju gZijbf_j \\h^ylky h^gbf kbf\hehf gZ`Zlb_f gZ deZ\brm ! ^\h_lhqb_ X 0DWKFDG \klZ\ey_l ijh[_eu ^h b ihke_ Zjbnf_lbq_kdbo hi_jZlhjh\ X Hi_jZlhj mfgh`_gby \\h^blky dZd a\_a^hqdZ gh ij_^klZ\ey_lky lhqdhc \ k_j_^bg_ kljhdb X Hi_jZlhj ^_e_gby \\h^blky dZd dhkZy q_jlZ gh aZf_gy_lky ]hjbahglZev ghc ebgb_c X P_eZy qZklv qbkeZ hl ^jh[ghc \ qbkeZo ^_kylbqghc aZibkb hl^_ey_lky lhqdhc X Ih mfheqZgbx ^_kylbqgu_ qbkeZ bf_xl ij_^klZ\e_gb_ k lj_fy pbnjZfb ihke_ jZa^_ebl_evghc lhqdb >ey aZ^Zgby [hevr_]h dhebq_kl\Z pbnj ih ke_ aZiylhc g_h[oh^bfh baf_gblv nhjfZl \u\h^Z qbkeZ \ imgdl_ f_gx jbk I X QbkeZ fh]ml [ulv ij_^klZ\e_gu \ \b^_ h[udgh\_gghc ^jh[b ² iZjZf_lj )UDFWLRQ jbk I X 0DWKFDG ihgbfZ_l gZb[he__ jZkijhkljZg_ggu_ dhgklZglu gZijbf_j qbkeh 5 mkdhj_gb_ k\h[h^gh]h iZ^_gby J fk b l ^ ¡Âº½À¸·¿ºÑ Jbk I Ijbf_j jZ[hlu k hdghf 5HVXOW )RUPDW X FZl_fZlbq_kdb_ \ujZ`_gby fh`gh j_^Zdlbjh\Zlv \gmljb nhjfmevgh ]h [ehdZ bkihevamy êy wlh]h dmjkhj \\h^Z b lbih\u_ ijb_fu j_^Zd lbjh\Zgby X <ujZ`_gb_ gZ wdjZg_ fh`gh j_^Zdlbjh\Zlv mklZgZ\eb\Zy dmjkhj \ gm` ghf f_kl_ b \\h^y gh\u_ kbf\heu nhjfmeu gZqZevgu_ agZq_gby i_j_ f_gguo X Ihke_ gZ`Zlby gZ deZ\brm ! 0DWKFDG ihdZau\Z_l j_amevlZl DZd ]h \hjbehkv \ur_ ih mfheqZgbx 0DWKFDG hlh[jZ`Z_l j_amevlZl k lj_fy pbnjZfb ihke_ aZiylhc JZ[hqZy h[eZklv hdgZ ij_^klZ\ey_l kh[hc dZevdmeylhj l _ nhjfmeu fh`gh ibkZlv \ ex[hc jZ[hq_c h[eZklb <uqbke_gby \ 0DWKFDG fh`gh hkms_kl\eylv k ex[hc lhqdb wdjZgZ gZ^h êy wlh]h ebrv s_edgmlv furvx \ ex[hf f_kl_ jZ[hq_c h[eZklb ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG Jbk I Ijbf_j ij_^klZ\e_gby qbkeZ \ \b^_ h[udgh\_gghc ^jh[b < 0DWKFDG [hevrbgkl\h dhfZg^ kh[jZgu gZ iZg_eb bgkljmf_glh\ jbk I IZg_ev bgkljmf_glh\ iha\heyxl [ukljh \uau\Zlv dhfZgû ]eZ\gh]h f_gx DZ`^Zy dghidZ iZg_eb bgkljmf_glh\ jbk I Zdlb\babjm_lky s_eqdhf furb ih g_c IZeblju bgkljmf_glh\ fh`gh i_j_f_sZlv ih jZ[hq_c h[eZklb \ ex[hf gZijZ\e_gbb JZaf_ju iZg_e_c fh`gh baf_gylv Ih^]hlh\dZ \uqbkebl_evguo [ehdh\ fh`_l [ulv h[e_]q_gZ bkihevah\Zgb_f rZ[ehgh\ ijb aZ^Zgbb lh]h beb bgh]h hi_jZlhjZ >ey wlh]h \ 0DWKFDG kem`Zl iZeblju fZl_fZlbq_kdbo kbf\heh\ b rZ[ehgh\ hi_jZlhjh\ b nmgdpbc GZ ijbf_j êy \uqbke_gby hij_^_e_ggh]h bgl_]jZeZ nmgdpbb I [ gZ hlj_ad_ >D E@ \hkihevam_fky rZ[ehghf bgl_]jZeZ jbk I < khklZ\_ rZ[ehgZ q_ luj_ ihey \\h^Z h[hagZq_ggu_ q_jgufb ijyfhm]hevgbdZfb êy nmgdpbb \_jog_]h b gb`g_]h ij_^_eh\ bgl_]jbjh\Zgby b i_j_f_gghc ih dhlhjhc hkms_kl\ey_lky bgl_]jbjh\Zgb_ Ihke_ gZ`Zlby gZ deZ\brm ! ihemqZ_f j_amevlZl \uqbke_gby bgl_]jZeZ ¡Âº½À¸·¿ºÑ Jbk I <uah\ iZg_eb bgkljmf_glh\ Jbk I FZl_fZlbq_kdb_ iZeblju ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG Jbk I RZ[ehg \\h^Z hij_^_e_ggh]h bgl_]jZeZ Keh`gu_ fZl_fZlbq_kdb_ \ujZ`_gby fh]ml kh^_j`Zlv fZl_fZlbq_kdb_ nmgdpbb 0DWKFDG bf__l h]jhfgh_ dhebq_kl\h \kljh_gguo nmgdpbc dhlhju_ fh]ml [ulv \ua\Zgu k bkihevah\Zgb_f dghidb dhlhjZy \u\h^bl iheguc kibkhd ^hklmiguo nmgdpbc jZa[bluo gZ l_fZlbq_kdbc jZa^_e GZ jbk I ihdZaZgh dZd \hkihevah\Zlvky fZkl_jhf nmgdpbc êy j_r_gby mjZ\g_gbc I [ Jbk I Ijbf_j j_r_gby mjZ\g_gby k bkihevah\Zgb_f nmgdpbb )LQG ba i_j_qgy nmgdpbc ¡Âº½À¸·¿ºÑ < 0DWKFDG _klv ki_pbZevgu_ lbiu i_j_f_gguo gZau\Z_fu_ jZg`bjh\Zggu fb Hgb bf_xl fgh`_kl\_ggu_ agZq_gby GZijbf_j jbk I i_j_f_ggZy L ij_^klZ\ey_l kh[hc p_eu_ qbkeZ hl ^h k rZ]hf i_j_f_ggZy 3 ijb gbfZ_l agZq_gby hl ^h k rZ]hf Jbk I Ijbf_j aZ^Zgby jZg`bjh\Zgghc i_j_f_gghc <lhjhc qe_g \ aZ^Zgbb jZg`bjh\Zgghc i_j_f_gghc ² wlh kmffZ __ gZ qZevgh]h agZq_gby b rZ]Z GZ jbk I rZ] i_j_f_gghc L jZ\_g JZg`bjh\ZggZy i_j_f_ggZy fh`_l [ulv bkihevah\ZgZ êy lhc beb bghc nmgdpbb beb ij_^klZ\e_gby agZq_gbc \_dlhjZ HgZ aZ^Z_l ij_^_eu baf_g_gby g_aZ\bkb fhc i_j_f_gghc b __ rZ] agZq_gbc ijb ihkljh_gbb ]jZnbdh\ ¡Â²ÆºÉ·Ã¼º»Â·¶²¼ÄÀÂ 0DWKFDG fh`_l kljhblv jZaebqgu_ ]jZnbq_kdb_ h[eZklb ^\mof_jgu_ ]jZnb db \ ^_dZjlh\uo b iheyjguo dhhj^bgZlZo dZjlu ebgbc mjh\gy lj_of_jgu_ ]jZnbdb b ^j >ey kha^Zgby ]jZnbdZ g_h[oh^bfh <u[jZlv f_klh êy jZaf_s_gby ]jZnbdZ S_edgmlv ih bgkljmf_glm ;< 3ORW iZeblju *UDSK ² ihy\blky ]jZnbq_ kdZy h[eZklv ihey \\h^Z dhlhjhc g_h[oh^bfh aZihegblv Ihke_ s_eqdZ \g_ ]jZnbdZ 0DWKFDG \uqbkey_l ijhf_`mlhqgu_ agZq_gby b kljhbl lhqdb ]jZnbdZ jbk I Jbk I G_aZiheg_gguc rZ[ehg ^\mof_jgh]h ]jZnbdZ b \ZjbZglu j_amevlZlh\ ihkljh_gby ]jZnbdh\ h^ghc b ^\mo nmgdpbc \ ]jZnbq_kdhc h[eZklb ;< 3ORW >ey ihkljh_gby ]jZnbdh\ g_kdhevdbo nmgdpbc g_h[oh^bfh \\_klb bo gZa\Zgby q_j_a aZiylmx Ih mfheqZgbx 0DWKFDG [_j_l bgl_j\Ze ih [ > @ ?keb g_ h[oh^bf ^jm]hc bgl_j\Ze lh _]h ke_^m_l \\_klb i_j_^ h[eZklvx ]jZnbdZ >ey ihkljh_gby ]jZnbdh\ ih\_joghkl_c bkihevam_lky iZebljZ *UDSK rZ[ ehg 6XUIDFH 3ORW jbk I =jZnbd ih\_joghklb fh`gh \jZsZlv \ ijhkljZgkl\_ <jZs_gb_ ih\_joghklb wd\b\Ze_glgh __ ijhkfhljm k jZaguo klhjhg >ey wlh]h b bguo ^_ckl\bc gZ^h ihf_klblv mdZaZl_ev furb \ h[eZklv ]jZnbdZ gZ`Zlv e_\mx dghidm furb b m^_j`b\Zy __ gZqZlv i_j_f_sZlv furv \ g_dhlhjhf gZijZ\e_gbb KjZam [m ^_l \b^gh qlh nb]mjZ \f_kl_ k hkyfb dhhj^bgZl b ijbafhc \ dhlhjhc hgZ gZoh^blky gZqg_l \jZsZlvky \ lm eb bgmx klhjhgm ?keb ^\b]Zlv kdjheebg] furb \i_j_^ beb gZaZ^ lh fh`gh m^Zeylv beb ijb[eb`Zlv h[t_dl jbk I Jbk I Ih^]hlh\dZ d ihkljh_gbx ]jZnbdZ ih\_joghklb b jZaebqgu_ \bû wlh]h ]jZnbdZ Jbk I M^Ze_gb_ ]jZnbdZ ih\_joghklb ] [ \ ¡£ÁÂ²´ÀÉ¿²Ñº¿ÆÀÂ¾²ÈºÑ´0DWKFDG < 0DWKFDG bf__lky g_kdhevdh bklhqgbdh\ kijZ\hqghc bgnhjfZpbb X f_gx +HOS KijZ\dZ X 5HVRXUFH &HQWHU p_glj j_kmjkh\ X Bgl_jg_l JZkkfhljbf wlb bklhqgbdb ¡·¿Ð+HOS < imgdl_ +HOS KijZ\dZ ]eZ\gh]h f_gx 0DWKFDG _klv dhfZgû h[_ki_qb \Zxsb_ ^hklmi d kijZ\hqghc bgnhjfZpbb jbk I Jbk I <uah\ kijZ\db \ 0DWKFDG X 0DWKFDG +HOS KijZ\dZ ih 0DWKFDG ² kbkl_fZ kijZ\hd ih \k_f \hijh kZf jZ[hlu \ 0DWKFDG X 'HYHORSHU V 5HIHUHQFH KijZ\dZ êy jZajZ[hlqbdh\ ² ^hihegbl_evgu_ kijZ\db êy jZajZ[hlqbdh\ ijbeh`_gbc 0DWKFDG X $XWKRU V 5HIHUHQFH KijZ\dZ êy Z\lhjh\ ² ^hihegbl_evgu_ ]eZ\u kijZ\ db êy Z\lhjh\ we_dljhgguo dgb] Ihfhsv \ 0DWKFDG y\ey_lky dhgl_dklghc ?_ fh`gh \ua\Zlv lZd`_ gZ`Z\ \ ex [hc fhf_gl jZ[hlu k ijh]jZffhc deZ\brm )! Hldjh_lky hdgh kijZ\hqghc ! kbkl_fu 0DWKFDG Kh^_j`Zgb_ hdgZ [m^_l aZ\bk_lv hl lh]h ]^_ \u gZoh^b ebkv \ fhf_gl \uah\Z ihfhsb GZijbf_j ijb \uah\_ kijZ\db ih nmgdpbb VROYH ihy\blky hdgh 0DWKFDG +HOS hldjulh_ gZ nmgdpbb 6ROYH jbk I Jbk I Hdgh kijZ\hqghc kbkl_fu 0DWKFDG Hdgh kijZ\hqghc kbkl_fu khklhbl ba ^\mo qZkl_c ke_\Z hlh[jZ`Z_lky kibkhd klZl_c kijZ\Z ² bo kh^_j`Zgb_ KijZ\hqgZy kbkl_fZ gZkus_gZ ]bi_jkkuedZfb gZoh^ysbfbky \ l_dkl_ klZ l_c b h[_ki_qb\Zxsbo i_j_oh^ hl h^ghc klZlvb d ^jm]hc >ey i_j_oh^Z f_` ^m klZlvyfb bf_xlky dghidb gZ\b]Zpbb %DFN GZaZ^ )RUZDUG <i_j_^ b +RPH >hfhc < l_dkl_ \klj_qZxlky dghidb 4XLFN6KHHW ([DPSOH Ijbf_j ba riZj]Zedb hldju\Zxsb_ ^hklmi d ijbf_jZf ba p_gljZ j_kmjkh\ k\yaZg guf k kh^_j`Zgb_f kijZ\hqghc kbkl_fu " >ey \u\h^Z [hevrbgkl\Z klZl_c bgh]^Z g_h[oh^bfh g_kdhevdh i_j_oh^h\ ih ]bi_jkkuedZf < dhgp_ ihqlb dZ`^hc klZlvb _klv dghidZ 5HODWHG 7RSLFV S_eqhd ih wlhc dghid_ hldju\Z_l i_j_q_gv klZl_c [ebadbo ih l_fZlbd_ k\yaZgguo ]bi_j kkuedZfb k l_dms_c klZlv_c D kh`Ze_gbx \ky ihfhsv \ 0DWKFDG Zg]ehyauqgZy ihwlhfm _keb Zg]ebckdbc l_dkl g_ihgyl_g lh _]h fh`gh i_j_\_klb bkihevamy ex[mx kbkl_fm fZrbg gh]h i_j_\h^Z gZijbf_j 3URPSW 6W\OXV b ^j l d \ 0DWKFDG \k_ klZlvb ih^ ]hlh\e_gu \ l_dklh\hf j_^Zdlhj_ ¡·¿Ð5HVRXUFH&HQWHU F_gx 5HVRXUFH &HQWHU ij_^klZ\ey_l kh[hc k[hjgbd ijbf_jh\ ihykgyxsbo jZ[hlm hi_jZlhjh\ b \kljh_gguo nmgdpbc 0DWKFDG Hg lZd`_ kh^_j`bl ijb f_ju j_r_gby jZaebqguo fZl_fZlbq_kdbo nbabq_kdbo bg`_g_jguo aZ^Zq k ihfhsvx 0DWKFDG <uah\ hdgZ 5HVRXUFH &HQWHU hkms_kl\ey_lky ba ]eZ\gh]h f_gx dghidhc GZ wdjZg_ ihy\blky lblmevguc ebkl wlhc we_dljhgghc dgb]b jbk I GZ lblmevghf ebkl_ \k_ aZ]heh\db y\eyxlky ]bi_jkkuedZfb S_eqhd fu rb ih ex[hfm ba gbo hldju\Z_l \u[jZgguc jZa^_e dgb]b dhlhjuo \k_]h ljb X 2YHUYLHZ DQG 7XWRULDOV H[ahj b mq_[gbdb ² bgnhjfZpby h \hafh`gh klyo kbkl_fu b hkgh\gu_ ijb_fu jZ[hlu k 0DWKFDG X 4XLFN6KHHWV DQG 5HIHUHQFH 7DEOHV RiZj]Zedb b kijZ\hqgu_ lZ[ebpu ² k[hjgbd ijbf_jh\ j_r_gby jZaebqguo aZ^Zq \ 0DWKFDG X ([WHQGLQJ 0DWKFDG JZkrbj_gb_ \hafh`ghkl_c 0DWKFDG ² dhee_dpby ijbf_jh\ ijbf_g_gby 0DWKFDGdhfihg_glh\ êy ^jm]bo ijbeh`_gbc I_j_^\b]Zlvky ih 5HVRXUFH &HQWHU ^hklZlhqgh e_]dh < gZqZe_ dZ`^h]h jZa^_eZ b ih^jZa^_eZ ijb\h^blky h]eZ\e_gb_ hnhjfe_ggh_ \ \b^_ ]bi_jkkuehd =eZ\ghc hkh[_gghklvx jZ[hlu \ p_glj_ j_kmjkh\ y\ey_lky lh qlh fh`gh \u ihegylv jZkq_lu ijyfh gZ kljZgbpZo wlhc dgb]b b ijhkfZljb\Zlv j_amevlZlu ihemq_gguo agZq_gbc D kh`Ze_gbx khojZgblv j_amevlZlu \ wlhc we_dljhg ghc dgb]_ g_evay l d bf__lky aZsblZ hl aZibkb Gh aZlh gm`gu_ dmkdb dgb ]b fh`gh kdhibjh\Zlv \ k\hc ^hdmf_gl # Jbk I AZ]eZ\gZy kljZgbpZ we_dljhgghc dgb]b Jbk I I_j\Zy kljZgbpZ jZa^_eZ ³¹ÀÂ´À¹¾À¸¿ÀÃÄ·»Â²¹¶·½²2YHUYLHZDQG7XWRULDOV < wlhf jZa^_e_ ihevah\Zl_ev fh`_l gZclb hkgh\gu_ k\_^_gby ih l_dms_c \_jkbb 0DWKFDG H]eZ\e_gb_ wlh]h jZa^_eZ p_gljZ j_kmjkh\ ihdZaZgh gZ jbk I < djZldhf h[ahj_ jZkkdZau\Z_lky h gh\bgdZo l_dms_c \_jkbb b i_j_qbkeyxl ky hkgh\gu_ \hafh`ghklb 0DWKFDG ijb\h^blky [hevrh_ dhebq_kl\h ijbf_ jh\ ¢²¹¶·½4XLFN6KHHWVDQG5HIHUHQFH7DEOHV < jZa^_e_ RiZj]Zedb b kijZ\hqgu_ lZ[ ebpu p_gljZ j_kmjkh\ khkj_^hlhq_gh [hevrh_ dhebq_kl\h ijbf_jh\ ba fZ l_fZlbdb b nbabdb k bkihevah\Zgb_f \kljh_gguo nmgdpbc ]jZnbq_kdbo \ha fh`ghkl_c b ^jm]bo kj_^kl\ 0DWKFDG H]eZ\e_gb_ wlhc qZklb dgb]b ihdZaZgh gZ jbk I I_j\Zy kljZgbpZ jZa^_eZ Jbk I ¢²¹¶·½([WHQGLQJ0DWKFDG < jZa^_e_ JZkrbj_gb_ \hafh`ghkl_c 0DWKFDG p_gljZ j_kmjkh\ kh[jZgu ijbf_ju kh\f_klghc jZ[hlu 0DWKFDG b dhfihg_glh\ ^jm ]bo ijbeh`_gbc Z lZd`_ bgnhjfZpby h[ hkh[_gghklyo jZ[hlu k l_f beb bguf ijbeh`_gb_f G_dhlhju_ ba dhfihg_glh\ ihklZ\eyxlky \f_kl_ k 0DWK FDG Z ^jm]b_ g_h[oh^bfh ijbh[j_lZlv hl^_evgh jbk I Kh[jZggu_ \ wlhf jZa^_e_ ijbf_ju b]jZxl jhev j_deZfu ?keb ihevah\Zl_ev aZbgl_j_km _lky bfb lh fh`_l mklZgh\blv \u[jZggh_ ijbeh`_gb_ gZ k\hc dhfivxl_j b m`_ \ ijbeh`_gbb bamqZlv ijZ\beZ jZ[hlu k gbf Jbk I H]eZ\e_gb_ jZa^_eZ ! " ¡0DWKFDGº¿Ä·Â¿·Ä < 0DWKFDG _klv \hafh`ghklv ihevah\Zlvky mkem]Zfb Bgl_jg_lZ g_ \uoh^y ba 0DWKFDG Dghidb ^hklmiZ gZoh^ylky \ e_\hc qZklb hdgZ p_gljZ j_kmjkh\ kf jbk I X ² hj]ZgbaZpby kh\f_klghc jZ[hlu gZ^ ijh_dlZfb X ² ^hklmi \ <_[[b[ebhl_dm nbjfu 0DWKVRIW X ² hldjulb_ gZqZevghc kljZgbpu nbjfu 0DWKVRIW X ² l_ogbq_kdZy ih^^_j`dZ X ² bgl_jg_lfZ]Zabg nbjfu 0DWKVRIW £ÃÍ½¼²&ROODERUDWRU\ KkuedZ \uau\Z_l h^ghbf_gguc kZcl nbjfu 0DWKVRIW A^_kv ojZgylky l_fZlbq_kdb_ ih^[hjdb ^hdmf_glh\ ² ijh_dlh\ êy kh\f_klghc jZ[hlu gZ^ gbfb mq_guo ba jZaguo kljZg fbjZ DZ`ûc ijh_dl bf__l k\h_]h jmdh\h^bl_ey ebph ij_êh`b\r__ ijh_dl hklZevgu_ fh]ml ijbgylv mqZ klb_ \ ^hjZ[hld_ ijh_dlZ GZ wlhf kZcl_ ojZgblky [h]ZlZy i_j_ibkdZ f_`^m mqZklgbdZfb ijh_dlZ NZce ijh_dlZ fh`gh hlijZ\blv ih we_dljhgghc ihql_ ex[hfm Z^j_kZlm £ÃÍ½¼²:HE/LEUDU\ KkuedZ hkms_kl\ey_l ^hklmi \ \_[[b[ebhl_db nbjfu 0DWKVRIW dhlhju_ kh^_j`Zl [hevrh_ dhebq_kl\h ijbf_jh\ ijbf_g_gby kbkl_fu 0DWK FDG \ jZaebqguo h[eZklyo gZmdb l_ogbdb h[jZah\Zgby Ijb \u[hj_ ^hklmiZ \ <_[[b[ebhl_dm ihy\ey_lky kljZgbpZ [b[ebhl_db k mdZaZgb_f jZaebqguo jZa ^_eh\ \_[kZclZ jbk I ^hklmiguo \ gZklhys__ \j_fy ba [b[ebhl_db <k_ mkem]b \ wlhc [b[ebhl_d_ ieZlgu_ £ÃÍ½¼²0DWKFDGFRP KkuedZ iha\hey_l hldjulb_ gZqZevghc kljZgbpu nbjfu 0DWK VRIW A^_kv ^Z_lky djZldh_ hibkZgb_ ijh]jZffguo ijh^mdlh\ \uimkdZ_fuo nbjfhc 0DWKVRIW jbk I LZd`_ a^_kv fh`gh gZclb ihe_agu_ mlbeblu êy bo fh^_jgbaZpbb nZceu k ijbf_jZfb bo ijbf_g_gby ihke_^gb_ gh\hklb h jZ[hl_ nbjfu b ^jm]mx ihe_agmx bgnhjfZpbx D kh`Ze_gbx fgh]b_ bg kljmf_glu ij_êZ]Z_fu_ a^_kv fh`gh ihemqblv lhevdh ieZlgh Jbk I Jbk I # I_j\Zy kljZgbpZ \_[[b[ebhl_db $ I_j\Zy kljZgbpZ kZclZ nbjfu 0DWKVRIW ! £ÃÍ½¼²6XSSRUW Kh kljZgbpu l_ogbq_kdZy ih^^_j`dZ fh`gh ihemqblv ^hklmi d jZaebqghc ^hdmf_glZpbb ih kbkl_f_ 0DWKFDG b ^hklZlhqgh_ dhebq_kl\h ^jm ]hc ihe_aghc bgnhjfZpbb ;hevrbgkl\h mkem] ij_^klZ\ey_fuo a^_kv ^h klmigu lhevdh êy aZj_]bkljbjh\Zgguo ihevah\Zl_e_c kbkl_fu 0DWKFDG £ÃÍ½¼²:HE6WRUH GZ kljZgbp_ Bgl_jg_lfZ]Zabg nbjfu 0DWK6RIW aZ hij_^_e_g gmx ieZlm fh`gh ihemqblv iZd_lu jZkrbj_gbc kbkl_fu 0DWKFDG dhlhju_ ij_^klZ\eyxl kh[hc we_dljhggu_ dgb]b ih jZaebqguf gZijZ\e_gbyf gZmdb b l_ogbdb ¡ Ã¿À´ÍÁÂÀµÂ²¾¾ºÂÀ´²¿ºÑ 0DWKFDG iha\hey_l \\h^blv ijh]jZffu ex[hc keh`ghklb Ijh]jZffbjh\Zgb_ \ 0DWKFDG ijhklh b gZ]ey^gh l d ijh]jZffZ y\ey_lky ih kmlb ihke_^h\Z l_evghklvx nhjfme b fh`_l \hh[s_ g_ kh^_j`Zlv hi_jZlhjh\ ijh]jZffbjh\Z gby Hkgh\gu_ hi_jZlhju ijh]jZffbjh\Zgby jZkiheh`_gu gZ iZg_eb !" Ijh]jZffbjh\Zgb_ \uau\Z_fhc s_eqdhf ih dghid_ ! " IZg_ev ijh]jZffbjh\Zgby iZg_eb jbk I Jbk I % IZg_ev ijh]jZffbjh\Zgby ¡£À¹¶²¿º·ÁÂÀµÂ²¾¾ Ijh]jZffZ \ 0DWKFDG _klv qZklguc kemqZc \ujZ`_gby 0DWKFDG HgZ \ha\jZ sZ_l agZq_gb_ _keb aZ g_c ihke_^m_l agZd jZ\_gkl\Z H[uqgh_ \ujZ`_gb_ 0DWKFDG khklhbl ba h^ghc kljhdb <ujZ`_gb_ijh]jZffZ kh^_j`bl g_kdhevdh kljhd <ujZ`_gb_ijh]jZffZ khklZ\gh_ \ujZ`_gb_ khklhbl ba gZa\Zgby " \ujZ`_gby ke_^mxs_]h aZ gbf agZdZ ijbk\Zb\Zgby agZq_gby b g_h[oh^bfuo \ujZ`_gbc \ ijZ\hc qZklb aZibkZgguo \ klhe[bd b h[t_^bg_gguo ke_\Z \_j lbdZevghc q_jlhc ´À¶ÃÄÂÀ¼´ÁÂÀµÂ²¾¾Å >ey kha^Zgby ijh]jZffu \ 0DWKFDG g_h[oh^bfh <\_klb bfy ijh]jZffu <\_klb hi_jZlhj ijbk\Zb\Zgby S_edgmlv gZ dghid_ # >h[Z\blv kljhdm ijh]jZffu iZg_eb ijh ]jZffbjh\Zgby klhevdh jZa kdhevdh kljhd kh^_j`bl kha^Z\Z_fZy ijh ]jZffZ < ihy\b\rb_ky imklu_ kljhdb \\_klb gm`gu_ hi_jZlhju ebrgb_ f_k lZ ² m^Zeblv ?keb g_h[oh^bfh \\_klb gh\u_ kljhdb lh gZ^h mklZgh\blv kbgbc m]hehd dmjkhjZ \ dhg_p kljhdb b \\_klb gh\mx kljhdm À¼²½Î¿À·ÁÂºÃ´²º´²¿º·¹¿²É·¿º» Ijh]jZffZ \ 0DWKFDG bf__l k\hb i_j_f_ggu_ dhlhju_ g_ jZ[hlZxl \ ^jm]bo f_klZo jZ[hq_]h ebklZ Ijbk\Zb\Zgb_ agZq_gbc i_j_f_gguf b dhgklZglZf \ ijh]jZffZo ijhba\h^blky k ihfhsvx ijh]jZffgh]h hi_jZlhjZ m dhlhjuc \\h^blky k iZg_eb ! < ij_^_eZo ijh]jZff g_ ijbf_gy_lky hi_jZlhj ijbk\Zb\Zgby b hi_jZlhj \u\h^Z Ba hkgh\gh]h ^hdmf_glZ \ ijh]jZffm \ \b^_ dhgklZgl i_j_^Zxlky \k_ agZq_ gby \_ebqbg bf_xsbo h^bgZdh\u_ bf_gZ Wlb agZq_gby khojZgyxlky g_ba f_ggufb ijb ex[uo ^_ckl\byo k gbfb \gmljb ijh]jZffu Ex[Zy ijh]jZffZ \ 0DWKFDG ij_^klZ\ey_l kh[hc kh\hdmighklv fZl_fZlbq_ kdbo \ujZ`_gbc k hi_jZlhjZfb mkeh\by b pbdeZ ¡¥Ã½À´¿Í»ÀÁ·Â²ÄÀÂLI Mkeh\guc hi_jZlhj ij_^gZagZq_g êy \uiheg_gby \uqbke_gbc \ aZ\bkbfhklb hl mkeh\by < 0DWKFDG _klv ljb nhjfu aZibkb mkeh\by X k ihfhsvx mkeh\gh]h hi_jZlhjZ LI iZg_ev ! X k ihfhsvx [me_\uo hi_jZlhjh\ X k ihfhsvx nmgdpbb LI Ijb \uah\_ mkeh\gh]h hi_jZlhjZ ihy\ey_lky rZ[ehg Ke_\Z \\h^blky nhjfmeZ beb hi_jZpby ijbk\Zb\Zgby êy \gmlj_gg_c i_j_f_gghc kijZ\Z ² eh]bq_kdh_ \ujZ`_gb_ >_ckl\b_ hi_jZlhjZ ke_^mxs__ kgZqZeZ ijh\_jy_lky mkeh\b_ aZibkZggh_ kijZ\Z hl hi_jZlhjZ b _keb hgh bklbggh lh \uihegy_lky \ujZ`_gb_ ke_\Z _keb eh`gh ² lh ijhbkoh^bl i_j_oh^ d ke_^mxs_c kljhd_ ijh]jZffu < kemqZ_ dh]^Z g_h[oh^bfh \uihegblv k_jbx hi_jZlhjh\ g_h[ oh^bfh bf_lv g_kdhevdh f_kl \\h^Z >ey wlh]h g_h[oh^bfh ^h[Z\blv kljhdm ijh]jZffu iZg_eb ijh]jZffbjh\Zgby klhevdh jZa kdhevdh kljhd g_h[oh^b fh \\_klb Ijb wlhf f_gy_lky \b^ mkeh\gh]h hi_jZlhjZ <_jlbdZevgZy ebgby ihy\ey_lky gb`_ b ijZ\__ hi_jZlhjZ LI jbk I Jbk I &' Ijbf_j aZibkb mkeh\by k ihfhsvx hi_jZlhjZ LI < kemqZ_ _keb mkeh\b_ eh`gh lh ijhbkoh^bl i_j_oh^ d ke_^mxs_c kljhd_ ijh ]jZffu dhlhjZy fh`_l kh^_j`Zlv dZd h[uqgh_ \ujZ`_gb_ lZd b gh\h_ mkeh\b_ AZibkv mkeh\by k ^\mfy \ZjbZglZfb ^_ckl\by _keb « lh « bgZq_ « ij_^ iheZ]Z_l bkihevah\Zgb_ hi_jZlhjZ RWKHUZLVH dhlhjuc \\h^blky k iZg_eb ijh]jZffbjh\Zgby s_eqdhf furb jbk I Jbk I Ijbf_j aZibkb mkeh\by k ^\mfy \ZjbZglZfb ^_ckl\by _keb « lh « bgZq_ « < kemqZ_ ^\mo \ZjbZglh\ ^_ckl\bc mkeh\b_ \\h^blky \ ke_^mxs_f ihjy^d_ <u[jZlv k\h[h^gh_ f_klh \ ijh]jZff_ \\_klb \ujZ`_gb_ \uihegy_fh_ _keb mkeh\b_ bklbggh <u^_eblv \ujZ`_gb_ dmjkhjhf lZd qlh[u m]he dmjkhjZ [ue \ dhgp_ \u jZ`_gby b s_edgmlv gZ dghid_ iZg_eb ¡Âº½À¸·¿ºÑ KijZ\Z hl hi_jZlhjZ \\_klb mkeh\b_ GZ ke_^mxs_c kljhd_ \\_klb \ujZ`_gb_ êy kemqZy _keb mkeh\b_ g_ \u ihegy_lky eh`gh <u^_eblv \ujZ`_gb_ dmjkhjhf lZd qlh[u m]he dmjkhjZ [ue \ dhgp_ \u jZ`_gby b s_edgmlv gZ dghid_ iZg_eb ijh]jZffbjh\Zgby Ijb aZibkb mkeh\by k ihfhsvx nmgdpbb LI g_h[oh^bfh \\_klb k deZ\bZlmju LI Z \ djm]euo kdh[dZo q_j_a aZiylmx mdZaZlv ijh\_jy_fh_ mkeh\b_ ^_ckl \b_ \ kemqZ_ _keb mkeh\b_ bklbggh ^_ckl\b_ _keb mkeh\b_ eh`gh Ijbf_j jbk I kh^_j`bl aZibkv nhjfmeu bgl_jiheypbhggh]h fgh]hqe_gZ EZ]jZg`Z Jbk I Ijbf_j bkihevah\Zgby nmgdpbb LI Ijbf_j bkihevah\Zgby hi_jZlhjh\ hlghr_gby êy kjZ\g_gby \_ebqbg gZ jbk I Jbk I Bkihevah\Zgb_ hi_jZlhjh\ hlghr_gby ¡ Á·Â²ÄÀÂÍÈº¼½² < 0DWKFDG _klv ^\Z hi_jZlhjZ pbdeZ IRU b ZKLOH I_j\uc bkihevamxl _keb aZjZg__ ba\_klgh qbkeh ih\lhj_gbc pbdeZ \lhjhc ² _keb pbde ^he`_g aZ \_jrblvky ijb \uiheg_gbb g_dhlhjh]h mkeh\by b dhebq_kl\h ih\lhj_gbc pbdeZ g_ba\_klgh Á·Â²ÄÀÂIRU A^_kv qbkeh ih\lhj_gbc pbdeZ hij_^_ey_lky i_j_f_gghc aZ^Z\Z_fhc \ gZqZ e_ pbdeZ Ihjy^hd \uiheg_gby MklZgh\blv dmjkhj \ k\h[h^gh_ f_klh \ ijh]jZff_ S_edgmlv ih dghid_ iZg_eb Ihy\blky rZ[ehg k lj_fy f_klZfb êy aZiheg_gby KijZ\Z hl hi_jZlhjZ 147 \\_klb bfy i_j_f_gghc pbdeZ ^Ze__ ² ^bZiZahg baf_g_gby i_j_f_gghc pbdeZ ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG < hklZ\r__ky f_klh \\h^Z \\_klb \ujZ`_gb_ beb g_kdhevdh \ujZ`_gbc dhlhju_ ^he`gu \uihegylvky \ pbde_ Ij_`^_ q_f \\h^blv g_kdhevdh \ujZ`_gbc g_h[oh^bfh ^h[Z\blv gm`gh_ dhebq_kl\h kljhd gZ`Zlb_f dghidb J_amevlZlu ^_ckl\by ijh]jZffu fh`gh \u\_klb ijZ\__ aZibkZgghc nmgdpbb b gb`_ f_klZ ijbk\Zb\Zgby agZq_gby Á·Â²ÄÀÂZKLOH Pbde ZKLOH \uihegy_lky ^h l_o ihj ihdZ bklbggh aZ^Zggh_ mkeh\b_ <Z`gh qlh[u \gmljb pbdeZ ijbkmlkl\h\Ze hi_jZlhj ^_eZxsbc mkeh\b_ pbdeZ eh` guf < ijhlb\ghf kemqZ_ ijhbahc^_l aZpbdeb\Zgb_ ijh]jZffu b hgZ [m^_l \uihegylvky ^h l_o ihj ihdZ __ \uiheg_gb_ g_ [m^_l ij_j\Zgh H[gZjm`b\ hi_jZlhj pbdeZ ZKLOH 0DWKFDG ijh\_jy_l mkeh\b_ ijh^he`_gby pbdeZ ?keb hgh bklbggh lh 0DWKFDG \uihegy_l l_eh pbdeZ b kgh\Z ijh\_jy_l mkeh\b_ ?keb hgh eh`gh 0DWKFDG aZdZgqb\Z_l \uiheg_gb_ pbdeZ Ijbf_j bkihevah \Zgby pbdeZ ZKLOH ijb\_^_g gZ jbk I Jbk I Ijbf_g_gb_ pbdeZ ZKLOH Á·Â²ÄÀÂÍEUHDNFRQWLQXHUHWXUQ Hi_jZlhju EUHDN FRQWLQXH UHWXUQ bkihevamxlky êy mijZ\e_gby pbdeZfb b ijh]jZffhc \ p_ehf X EUHDN ² \ha\jZl ijh]jZffu d gZqZem pbdeZ X FRQWLQXH ² \uoh^ ba pbdeZ b ijh^he`_gb_ jZ[hlu ijh]jZffu X UHWXUQ ² \uoh^ ba ijh]jZffu Ijbf_j bkihevah\Zgby ^Zgguo hi_jZlhjh\ jZkkfhlj_g gZ jbk I ¡Âº½À¸·¿ºÑ Jbk I Ijbf_g_gb_ hi_jZlhjh\ EUHDN FRQWLQXH UHWXUQ A^_kv hi_jZlhj FRQWLQXH kha^Z_l kibkhd g_q_lguo qbk_e \_dlhj 9 Hi_jZlhj EUHDN hkms_kl\ey_l \uoh^ ba pbdeZ b ijh^he`_gb_ jZ[hlu ijh]jZffu _keb 3 Hi_jZlhj UHWXUQ hkms_kl\ey_l \uoh^ ba ijh]jZffu _keb 3 < kemqZ_ \uiheg_gby gZ wdjZg_ ihy\ey_lky dhff_glZjbc HQG dhg_p ¡Â²ÆºÉ·Ã¼º·´À¹¾À¸¿ÀÃÄº0DWKFDG >ey kha^Zgby ]jZnbdh\ \ kbkl_f_ 0DWKFDG bf__lky ijh]jZffguc ]jZnbq_ kdbc ijhp_kkhj dhlhjuc iha\hey_l kljhblv ]jZnbdb \ ^_dZjlh\hc b iheyj ghc kbkl_f_ dhhj^bgZl ]jZnbdb ih\_joghkl_c lj_of_jgu_ nb]mju ]jZnbdb mjh\g_c b l ^ >ey ihkljh_gby ]jZnbdh\ bkihevamxl rZ[ehgu Bo i_j_q_gv ij_^klZ\e_g \ ih^f_gx =jZnbd f_gx <klZ\dZ beb gZ iZebl j_ jbk I Jbk I IZebljZ *UDSK ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG ¡ ÃÀ³·¿¿ÀÃÄºÁÀÃÄÂÀ·¿ºÑµÂ²Æº¼À´ ÆÅ¿¼ÈººÀ¶¿À»Á·Â·¾·¿¿À» ij_^mkfZljb\Z_l ^\Z kihkh[Z ihkljh_gby ]jZnbdh\ nmgdpbc h^ghc i_j_f_gghc 0DWKFDG I [ X mijhs_gguc kihkh[ [_a aZ^Zgby i_j_f_gghc [ kbkl_fZ Z\lhfZlbq_kdb [_j_l bgl_j\Ze > @ X k aZ^Zgb_f jZg`bjh\Zgghc i_j_f_gghc [ I_j\uc kihkh[ ij_îheZ]Z_l \\h^ \ujZ`_gby ijZ\hc qZklb nmgdpbb AZl_f ke_^m_l hlf_lblv _]h dmjkhjhf \\h^Z kbgbc m]hehd s_edgmlv ih iZeblj_ e_\hc dghidhc furb b \\_klb bfy i_j_f_gghc < j_amevlZl_ ihy \blky ]hlh\uc ]jZnbd LZdbf `_ kihkh[hf fh`gh kljhblv g_kdhevdh ]jZnb dh\ gZ h^ghc dhhj^bgZlghc iehkdhklb gZibkZ\ q_j_a aZiylmx bf_gZ nmgd pbc dhlhju_ g_h[oh^bfh ihkljhblv gZ iehkdhklb =jZnbdb [m^ml ihkljh_gu jZaebqgufb ebgbyfb jZagh]h p\_lZ Ijb \lhjhf kihkh[_ ihkljh_gby ]jZnbdZ g_h[oh^bfh \\_klb kZfm nmgdpbx aZ^Zlv jZg`bjh\Zggmx i_j_f_ggmx Z aZ l_f \klZ\blv ]jZnbq_kdmx h[eZklv êy ihkljh_gby ^\mf_jgh]h ]jZnbdZ ¡¢·¶²¼ÄºÂÀ´²¿º·¶´Å¾·Â¿ÀµÀµÂ²Æº¼² ?keb qlheb[h \ ihkljh_gghf ]jZnbd_ g_ \iheg_ m^h\e_l\hjy_l ihevah\Zl_ey lh fh`gh hlj_^Zdlbjh\Zlv _]h >ey wlh]h g_h[oh^bfh >\Z`û s_edgmlv ih ]jZnbdm ihy\blky ^bZeh]h\h_ hdgh jbk I Jbk I >bZeh]h\h_ hdgh ¡Âº½À¸·¿ºÑ :dlb\babjh\Zlv \deZ^dm ;< $[HV Hkb O< Z aZl_f baf_gblv mklZgh\db êy dZ`^hc ba hk_c /RJ 6FDOH Eh]Zjbnfbq_kdbc fZkrlZ[ ² hkv [m^_l bf_lv eh]Zjbn fbq_kdbc fZkrlZ[ ]jZgbpu ^he`gu [ulv iheh`bl_evgufb qbkeZfb *ULG /LQHV Ebgbb k_ldb ² ^_e_gby gZ hkb aZf_gyxlky ebgbyfb k_l N db 1XPEHUHG Ijhgmf_jh\Zlv ² m ^_e_gbc gZ hkb klZ\ylky qbkeh\u_ N agZq_gby $XWRVFDOH :\lhfZlbq_kdbc fZkrlZ[ ² hij_^_ey_l kihkh[ dhlhjuf N Z\lhfZlbq_kdb mklZgZ\eb\Zxlky ]jZgbpu gZ hkyo dhhj^bgZl _keb hgb g_ [ueb hij_^_e_gu Z\lhfZlbq_kdb 6KRZ 0DUNHUV GZg_klb f_ldb ² ^h[Z\e_gb_ d ]jZnbdm nhgh\uo N ebgbc $XWR *ULG :\lhfZlbq_kdZy k_ldZ ² Z\lhfZlbq_kdbc \u[hj qbkeZ N bgl_j\Zeh\ k_ldb kha^Zgguo ^_e_gbyfb beb ebgbyfb k_ldb gZ hkyo hl ^h 1XPEHU RI *ULGV Qbkeh bgl_j\Zeh\ ² mdZaZlv qbkeh bgl_j\Zeh\ N k_ldb gZ khhl\_lkl\mxs_c hkb dhhj^bgZl $[HV 6W\OH <b^ hk_c ² hij_^_e_gb_ klbey dhlhjuf [m^ml hlh[jZ N `Zlvky dhhj^bgZlgu_ hkb %R[HG ² JZfdZ &URVVHG ² P_glj dhhj ^bgZlghc iehkdhklb 1RQH ² Gbq_]h :dlb\babjh\Zlv \deZ^dm 7UDFHV Ebgbb Hij_^_eblv êy dZ`^h]h ]jZnb dZ bo fh`_l [ulv ^h 6\PERO ² hlf_qZlv beb g_l dZ`^mx lhqdm ]jZ nbdZ /LQH ² \b^ ebgbb &RORU ² p\_l ebgbb 7\SH ² lbi ebgbb :HLJKW ² lhesbgZ ebgbb :dlb\babjh\Zlv \deZ^dm /DEHOV GZîbkb < l_dklh\hf ihe_ 7LWOH GZa\Z gb_ \\_klb aZ]heh\hd ]jZnbdZ Z aZl_f mdZaZlv $ERYH GZ^ beb %HORZ Ih^ ]jZnbdhf :dlb\babjh\Zlv \deZ^dm 'HIDXOWV Ih mfheqZgbx ² bkihevah\Zlv l_dm sb_ mklZgh\db dZd mklZgh\db ih mfheqZgbx êy wlh]h ^hdmf_glZ Ihke_ \u[hjZ \k_o mklZgh\hd g_h[oh^bfh gZ`Zlv 2. b \k_ mklZgh\db [m^ml ijbgylu kbkl_fhc N ¹¾·¿·¿º·¾²ÃÊÄ²³²¿²µÂ²Æº¼· >ey baf_g_gby fZkrlZ[Z bah[jZ`_gby g_h[oh^bfh :dlb\babjh\Zlv h[eZklv ]jZnbdZ <u[jZlv bgkljmf_gl =RRP EmiZ \ dhgl_dklghf f_gx ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG MdZaZlv gZ ]jZnbd_ ijb gZ`Zlhc dghid_ furb h[eZklv dhlhjmx g_h[oh ^bfh fZkrlZ[bjh\Zlv b s_edgmlv =RRP =jZgbpu gZ hkyo \j_f_ggh mk lZgh\ylky ih dhhj^bgZlZf hij_^_e_gguf imgdlbjgufb ebgbyfb Ij_`^_ q_f k^_eZlv wlb ]jZgbpu ihklhyggufb gZ`Z\ HD fh`gh \u^_eblv ^jm ]mx h[eZklv êy baf_g_gby fZkrlZ[Z bah[jZ`_gby 8Q]RRP jbk I Jbk I Baf_g_gb_ fZkrlZ[Z bah[jZ`_gby £ÉºÄÍ´²¿º·¼ÀÀÂ¶º¿²ÄÄÀÉ·¼µÂ²Æº¼² >ey ijhkfhljZ dhhj^bgZl g_dhlhjhc lhqdb ]jZnbdZ g_h[oh^bfh jbk I :dlb\babjh\Zlv ]jZnbq_kdmx h[eZklv < dhgl_dklghf f_gx \u[jZlv imgdl 7UDFH =jZnbd Ihy\blky ^bZeh]h\h_ hdgh ;< 3ORW <gmljb q_jl_`Z ijb gZ`Zlhc dghid_ furb i_j_f_klblv furv ih djb\hc ^h lhqdb dhhj^bgZlu dhlhjhc g_h[oh^bfh m\b^_lv 0DWKFDG [m^_l hlh [jZ`Zlv agZq_gby dhhj^bgZl b dhgdj_lghc lhqdb \ iheyo O9DOXH ¡Âº½À¸·¿ºÑ <9DOXH Imgdlbjgu_ ebgbb hklZxlky gZ ]jZnbd_ ^h l_o ihj ihdZ g_ s_edgmlv \g_ h[eZklb k ]jZnbdhf Dhhj^bgZlu lhqdb fh`gh kdhibjh\Zlv \ [mn_j h[f_gZ s_edgm\ ih dghi dZf &RS\ ; beb &RS\ < Jbk I Kqblu\Zgb_ dhhj^bgZl lhqdb ¡Â²Æº¼ºÁÀ´·ÂÇ¿ÀÃÄ·» Lj_of_jgZy ]jZnbdZ ^Z_l ij_^klZ\e_gb_ h keh`guo ih\_joghklyo b h[t_f guo nb]mjZo \ ijhkljZgkl\_ Lj_of_jgu_ ]jZnbdb lj_[mxl êy ihkljh_gby fZljbpu agZq_gbc 0DWKFDG ^Z_l ijhkljZgkl\_ggh_ bah[jZ`_gb_ fZljbpu \ \b^_ ^\mf_jghc k_ldb gZoh^ys_cky \ lj_of_jghf ijhkljZgkl\_ DZ`ûc ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG we_f_gl fZljbpu ij_^klZ\ey_lky dZd lhqdZ gZ hij_^_e_gghc \ukhl_ ijhihj pbhgZevghc agZq_gbx we_f_glZ fZljbpu jbk I Jbk I Ih\_joghklv nmgdpbb ^\mo i_j_f_gguo ¦ÀÂ¾²ÄºÂÀ´²¿º·µÂ²Æº¼²ÁÀ´·ÂÇ¿ÀÃÄº 0DWKFDG ij_^hklZ\ey_l jZaebqgu_ \hafh`ghklb baf_g_gby \g_rg_]h \b^Z ih\_joghklgh]h ]jZnbdZ >\hcghc s_eqhd furb ih ]jZnbq_kdhc h[eZklb \u\h^bl gZ wdjZg ^bZeh]h\h_ hdgh nhjfZlbjh\Zgby ' 3ORW )RUPDW jbk I gZ dhlhjhf jZkiheh`_gu ke_^mxsb_ \deZ^db X *HQHUDO H[sb_ ² h[sb_ iZjZf_lju bah[jZ`_gby X $[HV Hkb ² iZjZf_lju dhhj^bgZlguo hk_c lbi lhesbgZ b p\_l ebgbc hk_c qbkeh hlf_lhd gmf_jZpby fZkrlZ[ b ^j X $SSHDUDQFH <b^ ² iZjZf_lju hlh[jZ`_gby ]jZnbdZ p\_l ebgbc b lbi lhq_d bkihevam_fuo ijb ihkljh_gbb nb]mj b ih\_joghkl_c X %DFNSODQHV =jZgb ² iZjZf_lju ]jZg_c ¡Âº½À¸·¿ºÑ X /LJKWLQJ Hk\_s_gb_ ² iZjZf_lju mkeh\bc b ko_fu hk\_s_gby X 6SHFLDO Ki_pbZevgu_ ² ki_pbZevgu_ iZjZf_lju dhglmjgu_ ebgbb klhe[pu bgl_jiheypby ih p\_lm b ^j X $GYDQFHG >hihegbl_evgh ² ^hihegbl_evgu_ iZjZf_lju i_jki_dlb\Z k\_lh\u_ wnn_dlu dZq_kl\h i_qZlb b ^j X 4XLFN3ORW 'DWD ;ukljh_ ihkljh_gb_ ]jZnbdZ ih ^Zgguf ² iZjZf_lju [ukljh]h ihkljh_gby ]jZnbdh\ <deZ^dZ *HQHUDO ij_^gZagZq_gZ êy kZfuo \Z`guo iZjZf_ljh\ m]eh\ h[ahjZ nb]mju klbe_c hk_c b \g_rg_]h hnhjfe_gby ]jZnbdZ X 6XUIDFH 3ORW ² ]jZnbd ih\_joghklb X &RQWRXU 3ORW ² dhglmjguc ]jZnbd X 'DWD 3RLQWV ² lhqdb ^Zgguo X 9HFWRU )LHOG 3ORW ² \_dlhjgh_ ihe_ X %DU 3ORW ² ]bklh]jZffZ X 3DWFK 3ORW ² ehkdmlguc ]jZnbd X =jmiiZ 9LHZ <b^ kh^_j`bl ke_^mxsb_ ihey 5RWDWLRQ ² m]he ih\hjhlZ hl ^h G N 7LOW ² m]he gZdehgZ hl ^h G N 7ZLVW ² m]he \jZs_gby hl ^h G N =RRP ² hlghkbl_evguc jZaf_j ih mfheqZgbx N X < ]jmii_ $[HV 6W\OH aZ^Zxlky klbeb hlh[jZ`_gby hk_c 3HULPHWHU ² ih i_jbf_ljm N &RUQHU ² ba h^ghc lhqdb N 1RQH ² [_a \u\h^Z hk_c N (TXDO 6FDOHV ² jZ\gu_ fZkrlZ[u ih \k_f hkyf N X < ]jmii_ )UDPHV aZ^Zxlky iZjZf_lju h[jZfe_gby 6KRZ %RUGHU ² jZfdZ \hdjm] ]jZnbdZ N 6KRZ %R[ ² iZjZee_e_ibi_^ h[jZfeyxsbc ]jZnbd N ¡Âº½À¸·¿º· Ã¿À´¿Í· ÁÂº·¾Í Â²³ÀÄÍ Ã Á²¼·ÄÀ¾ 0DWKFDG Jbk I Ijbf_j nhjfZlbjh\Zgby k ihfhsvx \deZ^db <deZ^dZ $[HV jbk I ij_^gZagZq_gZ êy aZ^Zgby iZjZf_ljh\ dhhj^bgZl guo hk_c lj_of_jgh]h ]jZnbdZ <gmljb \deZ^db bf__lky _s_ ljb gZ dZ`^hc ba dhlhjuo aZ^Zxlky iZjZf_lju êy hk_c [ \ ] X =jmiiZ iZjZf_ljh\ *ULGV iha\hey_l mklZgh\blv nhjfZl dhhj^bgZlghc k_ldb 'UDZ /LQHV ² \u\h^ ebgbc k_ldb N 'UDZ 7LFV ² \u\h^ ^_e_gbc gZ hkyo N $XWR *ULG ² Z\lhfZlbq_kdbc \u[hj qbkeZ ebgbc N /LQH &RORU ² aZ^Zgb_ p\_lZ ebgbc N ¡Âº½À¸·¿ºÑ 1XPEHU ² aZ^Zgb_ dhebq_kl\Z ^_e_gbc gZ hkb /LQH :HLJKW ² lhesbgZ ebgbc k_ldb N X =jmiiZ iZjZf_ljh\ $[LV )RUPDW iha\hey_l mklZgh\blv nhjfZl dhhj^b gZlguo hk_c 6KRZ 1XPEHUV ² hpbnjh\dZ hk_c N $[LV &RORU ² aZ^Zgb_ p\_lZ hk_c N $[LV :HLJKW ² lhesbgZ ebgbc hk_c N X =jmiiZ iZjZf_ljh\ $[LV /LPLWV iha\hey_l aZ^Zlv ij_^_eu baf_g_gby dh hj^bgZl $XWR 6FDOH ² Z\lhfZlbq_kdZy mklZgh\dZ fZkrlZ[Z N 0LQLPXP 9DOXH ² fbgbfZevgh_ agZq_gb_ dhhj^bgZlu N 0D[LPXP 9DOXH ² fZdkbfZevgh_ agZq_gb_ dhhj^bgZlu N Ijbf_j aZ^Zgby nhjfZlZ dhhj^bgZlghc k_ldb b dhhj^bgZlguo hk_c ij_^ klZ\e_g gZ jbk I N Jbk I Hdgh nhjfZlbjh\Zgby lj_of_jguo ]jZnbdh\ k hldjulhc \deZ^dhc sÈ m}ãÈ}Ë 550,7,3.0 ÒäË °« ¯Ò ¯¹¹© ¹È¯ÈäË¯ºm X )XOO 2SWLRQV ² mklZgh\dZ iZjZf_ljh\ hdjZkdb ih\_joghkl_c b dhglmjguo ebgbc X /LQH 2SWLRQV ² mklZgh\dZ iZjZf_ljh\ hlh[jZ`_gby ebgbc b bo hdjZkdb X 3RLQW 2SWLRQV ² mklZgh\dZ iZjZf_ljh\ ij_^klZ\e_gby lhq_d jZagufb kbf\heZfb b bo hdjZkdb < dZ`^hc ]jmii_ bf_xlky i_j_dexqZl_eb êy \u[hjZ ko_fu hdjZkdb &RORU PDS P\_lh\Zy dZjlZ b 6ROLG &RORU Hkgh\ghc p\_l <g_rgbc \b^ wlhc \deZ^db ijb\_^_g gZ jbk I Jbk I Hdgh nhjfZlbjh\Zgby lj_of_jguo ]jZnbdh\ k hldjulhc \deZ^dhc <deZ^dZ 7LWOH jbk I iha\hey_l jZkiheh`blv gZ ]jZnbd_ \\_^_ggmx \ ihe_ *UDSK 7LWOH lblmevgmx gZîbkv I_j_dexqZl_eb $ERYH K\_jom b %HORZ Kgbam mklZgZ\eb\Zxl f_klhiheh`_gb_ gZîbkb hlghkbl_evgh jbkmgdZ +LGH Kdjulv iha\hey_l hldZaZlvky hl \u\h^Z lblmevghc gZîbkb ² Jbk I <deZ^dZ aZ^Zgby b \u\h^Z lblmevguo gZîbk_c êy lj_of_jguo ]jZnbdh\ G_dhlhju_ ^hihegbl_evgu_ iZjZf_lju kh[jZgu \ ]jmii_ $GYDQFHG 9LHZ 2S WLRQV >hihegbl_evgu_ iZjZf_lju hlh[jZ`_gby jbk I (QDEOH )RJ <dexq_gb_ ûfdb \dexq_gb_ wnn_dlZ lmfZgZ 3HUVSHFWLYH I_jki_dlb\Z hlh[jZ`_gb_ nb]mju \ i_jki_dlb\_ X X ² ² Jbk I <deZ^dZ X 9HUWLFDO 6FDOH <_jlbdZevguc jZaf_j ² mklZgh\dZ fZkrlZ[Z ih \_jlbdZeb X 9LHZLQJ 'LVWDQFH JZkklhygb_ ^h ]eZaZ ² mklZgh\dZ jZkklhygby k dhlh jh]h jZkkfZljb\Z_lky nb]mjZ <deZ^dZ /LJKWLQJ Hk\_s_gb_ jbk I iha\hey_l aZ^Zlv wnn_dl hk\_s_ gby lj_of_jghc ih\_joghklb beb nb]mju =jmiiZ iZjZf_ljh\ /LJKWLQJ \deZ^db iha\hey_l \dexqblv hk\_s_gb_ b \u[jZlv ko_fm hk\_s_gby Bf__lky \hafh`ghklv mklZgh\blv iZjZf_lju hk\_lbl_ey mq_klv ^bnnmabx k\_lZ Z lZd`_ \u[jZlv g_dhlhju_ ^jm]b_ iZjZf_lju Jbk I <deZ^dZ <deZ^dZ %DFNSODQHV khklhbl ba lj_o \deZ^hd k iZjZf_ljZfb nhjfZlbjh\Zgby ]jZg_c lj_of_jgh]h jbkmgdZ ;<%DFNSODQH <=%DFNSODQH ;=%DFNSODQH jbk I A^_kv bf__lky ^\Z hkgh\guo neZ`dZ X )XOO %DFNSODQH AZdjZrb\Zgb_ ]jZgb X %DFNSODQH %RUGHU H[jZfe_gb_ ]jZgb Bf_xlky lZd`_ ]jmiiu iZjZf_ljh\ êy aZ^Zgby k_ldb gZ ]jZgyo *ULG K_l dZ 6XEJULG Ih^k_ldZ ! Jbk I <deZ^dZ nhjfZlbjh\Zgby ]jZg_c X X X ² ² <deZ^dZ 4XLFN3ORW 'DWD jbk I kh^_j`bl ljb ]jmiiu iZjZf_ljh\ aZ^Zgb_ ij_^_eh\ ih h^ghfm iZjZf_ljm 5DQJH Ij_^_eu aZ^Zgb_ ij_^_eh\ ih ^jm]hfm iZjZf_ljm 5DQJH Ij_^_eu \u[hj h^ghc ba lj_o kbkl_f &RRUGLQDWH 6\VWHP Kbkl_fZ dhhj^bgZl dhhj^bgZl ² GZ \deZ^d_ 6SHFLDO jbk I bf__lky q_luj_ ]jmiiu iZjZf_ljh\ aZ^Zgb_ g_h[ &RQWRXU 2SWLRQV IZjZf_lju dhglmjguo bah[jZ`_gbc oh^bfhklb \u\h^Z Z lZd`_ hdjZkdb b dhebq_kl\Z dhglmjguo ebgbc mijZ\e_gb_ \b^hf ]jZnbdZ \ %DU 3ORW /D\RXW JZaf_ldZ ]bklh]jZffu \b^_ klhe[bdh\uo ^bZ]jZff ]bklh]jZff aZ^Zgb_ bgl_jiheypbb ,QWHUSRODWHG 0HVK Bgl_jiheypby ih\_joghklb ih\_joghklb ih aZ^Zgghfm qbkem ebgbc ih kljhdZf b klhe[pZf ih mfhe qZgbx bo qbkeh jZ\gh X X X ² ² ² X &RQQHFWLYLW\ K\yau\Zgb_ ² k\yav nmgdpbhgZevghc hdjZkdb k baf_gyx sbfbky iZjZf_ljZfb gZijbf_j dhhj^bgZlZfb Jbk I Hdgh nhjfZlbjh\Zgby lj_of_jguo ]jZnbdh\ k hldjulhc \deZ^dhc ! " Jbk I# <deZ^dZ $ mklZgh\db ki_pbZevguo wnn_dlh\ ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» ´É²ÃÄ¿ÍÇÁÂÀº¹´À¶¿ÍÇ < ^Zgghf ijbeh`_gbb ijb\_^_gh djZldh_ hibkZgb_ ZgZeblbq_kdbo f_lh^h\ j_r_gby ^bnn_j_gpbZevguo mjZ\g_gbc \ qZklguo ijhba\h^guo \ lhf qbke_ lhqguo f_lh^h\ j_r_gby f_lh^ jZa^_e_gby i_j_f_gguo f_lh^ bgl_]jZev guo ij_h[jZah\Zgbc f_lh^ ij_h[jZah\Zgby aZ\bkbfuo i_j_f_gguo f_lh^ ij_h[jZah\Zgby dhhj^bgZl f_lh^ jZaeh`_gby ih kh[kl\_gguf nmgdpbyf f_lh^ nmgdpbc =jbgZ f_lh^ bgl_]jZevguo mjZ\g_gbc ijb[eb`_gguo f_lh ^h\ \ZjbZpbhgguc f_lh^ f_lhû l_hjbb \hafms_gbc Z lZd`_ f_lh^Z h[ jZlghc aZ^Zqb jZkk_b\Zgby iha\heyxsbc gZoh^blv j_r_gby g_dhlhjuo g_ ebg_cguo >MQI ¡¤ÀÉ¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º»´É²ÃÄ¿ÍÇ ÁÂÀº¹´À¶¿ÍÇ < gZklhys_f jZa^_e_ jZkkfZljb\Zxlky lhqgu_ f_lhû j_r_gby >MQI \dexqZy f_lh^ jZa^_e_gby i_j_f_gguo f_lh^ bgl_]jZevguo ij_h[jZah\Zgbc f_lh^ ij_h[jZah\Zgby aZ\bkbfuo i_j_f_gguo f_lh^ ij_h[jZah\Zgby dhhj ^bgZl f_lh^ jZaeh`_gby ih kh[kl\_gguf nmgdpbyf f_lh^ nmgdpbc =jbgZ f_lh^ bgl_]jZevguo mjZ\g_gbc ¡·ÄÀ¶Â²¹¶·½·¿ºÑÁ·Â·¾·¿¿ÍÇ Ijhbeexkljbjm_f hkgh\gmx b^_x f_lh^Z jZa^_e_gby i_j_f_gguo gZ ijbf_ j_ ihbkdZ j_r_gby djZ_\hc aZ^Zqb êy mjZ\g_gby l_iehijh\h^ghklb I X D X d[d dWdf W [[ ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e ° ° ® °̄ Ò s I dW df I >ZggZy aZ^ZqZ bf__l ke_^mxsmx nbabq_kdmx bgl_jij_lZpbx bf__lky g_dh lhjuc kl_j`_gv êbgZ dhlhjh]h jZ\gZ _^bgbp_ dhgpu klj_`gy ih^^_j`b \Zxlky ijb ihklhygghc l_fi_jZlmj_ jZ\ghc gmex AZ^Zgh jZkij_^_e_gb_ hibku\Z_fh_ nmgd l_fi_jZlmju ih êbg_ kl_j`gy \ fhf_gl \j_f_gb W pb_c M [ Lj_[m_lky gZclb jZkij_^_e_gb_ l_fi_jZlmju X [ W \ ihke_^mx sb_ fhf_glu \j_f_gb >ey jZkkfZljb\Z_fh]h MQI f_lh^ jZa^_e_gby i_j_f_gguo khklhbl \ ihbkd_ j_r_gby \ \b^_ M d d ]^_ ; [ nmgdpby aZ\bkysZy lhevdh hl i_j_f_gghc [ Z 7 W nmgdpby aZ\bkysZy lhevdh hl i_j_f_gghc H[sZy b^_y aZdexqZ_lky \ gZoh`^_gbb [_kdhg_qgh]h qbkeZ j_r_gbc MQI dhlhju_ m^h\e_l\hjyxl aZ^Zgguf =M Nmgdpbb X [ W gZau\Zxlky nmg^Zf_glZevgufb j_r_gbyfb aZ^Zqb H[s__ j_r_gb_ aZ^Zqb gZoh^blky \ \b^_ ebg_cghc dhf[bgZpbb nmg^Zf_glZevguo j_ r_gbc ² ² Q Q Q Q Q Q Q Q ¦ L Q Q Q lZdhc qlh m^h\e_l\hjy_l gZqZevguf b ]jZgbqguf mkeh\byf aZ^Zqb LZdbf h[jZahf gZoh`^_gb_ j_r_gby MQI f_lh^hf jZa^_e_gb_ i_j_f_gguo hkms_kl\ey_lky \uiheg_gb_f ke_^mxs_c ihke_^h\Zl_evghklb ^_ckl\bc GZoh`^_gb_ we_f_glZjguo j_r_gbc MQI Ih^klZ\eyy \ujZ`_gb_ I \ MQI I ihemqZ_f c D cc I >Ze__ jZa^_ebf h[_ qZklb \ujZ`_gby I gZ D RZ] c cc D I ¡Âº½À¸·¿ºÑ < \ujZ`_gbb I e_\Zy qZklv aZ\bkbl lhevdh hl i_j_f_gghc Z ijZ\Zy lhevdh hl i_j_f_gghc [ ihwlhfm ]h\hjyl qlh \uiheg_gh jZa^_e_gb_ i_j_ f_gguo LZd dZd [ b y\eyxlky g_aZ\bkbfufb i_j_f_gguf lh h[_ qZklb mjZ\g_gby I ^he`gu jZ\gylvky g_dhlhjhc ihklhygghc \_ebqbg_ N gZ au\Z_fhc dhgklZglhc jZa^_e_gby i_j_f_gguo ² c cc D beb I I ; cc N; LZdbf h[jZahf j_r_gb_ MQI k\h^blky d gZoh`^_gbx j_r_gbc ^\mo H>M I I Hlf_lbf qlh dhgklZglZ jZa^_e_gby i_j_f_gguo ^he`gZ [ulv hljbpZl_evghc l d \ ijhlb\ghf kemqZ_ j_r_gb_ mjZ\g_gby I [m^_l [_kdhg_qgh \hajZk lZxs_c nmgdpb_c Mqblu\Zy hlf_q_ggh_ h[klhyl_evkl\h hdZ au\Z_lky m^h[guf \\_klb ke_^mxs__ h[hagZq_gb_ I N O O z Bkihevamy \ujZ`_gb_ I aZibr_f mjZ\g_gby I I \ \b^_ c O D I cc O I H[sb_ j_r_gby mjZ\g_gbc I b I ohjhrh ba\_klgu c D NW O D W E VLQ O[ F FRV O[ ]^_ ijhba\hevgu_ ihklhyggu_ Ih^klZ\eyy \ujZ`_gby I I \ mjZ\g_gb_ I \ujZ`_gb_ êy nmgdpbc y\eyxsboky j_r_gb_f MQI I ² OD W ]^_ ; [ ihemqZ_f h[s__ VLQ O FRV O RZ] GZoh`^_gb_ j_r_gbc m^h\e_l\hjyxsbo =M Ihke_ gZoh`^_gby h[s_]h \b^Z nmgdpbc y\eyxsboky j_r_gb_f MQI I g_h[oh^bfh \u^_eblv ih^fgh`_kl\h j_r_gbc m^h\e_l\hjyxs__ GM b ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e =M I I lZl_ ihemqZ_f >ey wlh]h ih^klZ\bf \ujZ`_gb_ I \ I < j_amev O D W O D W VLQ O { VLQ O { LZdbf h[jZahf \lhjh_ =M gZdeZû\Z_l h]jZgbq_gby gZ \hafh`gu_ agZq_gby dhgklZglu jZa^_e_gby O y\eyxs_cky j_r_gb_f mjZ\g_gby O Lh _klv êy lh]h qlh[u m^h\e_l\hjblv mkeh\bx X W g_h[oh^bfh ihlj_[h\Zlv \uiheg_gby khhlghr_gbc VLQ O rS r S beb I Ih^klZ\eyy agZq_gby I \ \ujZ`_gb_ I gZoh^bf \ujZ`_gb_ êy [_kdhg_qgh]h gZ[hjZ nmgdpbc m^h\e_l\hjyxsbo MQI b ]jZgbqguf mkeh\byf O r QS Q Q Q O D W VLQ S Q LZdbf h[jZahf h[s__ j_r_gb_ MQI I f ¦ O D bf__l \b^ W VLQ Q I I S RZ] GZoh`^_gb_ j_r_gby m^h\e_l\hjyxs_]h =M b GM Q Ihke_^gbc rZ] ihbkdZ j_r_gby MQI khklhbl \ gZoh`^_gbb dhwnnbpb_glh\ $ h[_ki_qb\Zxsbo khhl\_lkl\b_ nmgdpbb X [ W GM M I b ih^klZ\b\ j_amevlZl \ I ihemqZ_f Iheh`b\ \ \ujZ`_gbb I W Q f ¦ M Q Q VLQ S I gZ >ey gZoh`^_gby dhwnnbpb_glh\ $ mfgh`bf h[_ qZklb jZ\_gkl\Z I ijhba\hevgh_ p_eh_ qbkeh b ijhbgl_]jbjm_f ihemq_ggu_ P PS[ \ujZ`_gby gZ bgl_j\Ze_ > @ Q VLQ ² ³ M VLQ S P ³ VLQ S VLQ S I ¡Âº½À¸·¿ºÑ Bkihevamy k\hckl\h hjlh]hgZevghklb nmgdpbc ³ ihemqZ_f S VLQ S VLQ VLQ PS[ b VLQ QS[ bf__f z ° ® °̄ ³M J_rb\ mjZ\g_gb_ I VLQ Q S hlghkbl_evgh $ gZc^_f Q Q ³M VLQ I I S l_ $ dhwnnbpb_glu jZaeh`_gby nmgdpbb M [ \ jy^ Nmjv_ ih kbgmkZf LZdbf h[jZahf bkdhfh_ j_r_gb_ MQI I ^Z_lky \ujZ`_gb_f I \ dhlhjhf dhwnnbpb_glu $ \uqbkeyxlky \ khhl\_lkl\bb k I Q ² Q ¡·ÄÀ¶º¿Ä·µÂ²½Î¿ÍÇÁÂ·À³Â²¹À´²¿º» ³Ëº·Ã´·¶·¿ºÑÀ³º¿Ä·µÂ²½Î¿ÍÇÁÂ·À³Â²¹À´²¿ºÑÇ Bgl_]jZevguf ij_h[jZah\Zgb_f gZau\Zxl ij_h[jZah\Zgb_ klZ\ys__ \ khhl\_lkl\b_ dZ`^hc nmgdpbb I W gh\mx nmgdpbx ) V ih nhjfme_ % ³ I $ ]^_ y^jh ij_h[jZah\Zgby Z ij_^_eu bgl_]jbjh\Zgby aZ\bkyl hl dhgdj_lgh]h \b^Z nmgdpbb Ijbf_g_gb_ bgl_]jZevguo ij_h[jZah\Zgbc êy j_r_gby MQI hkgh\Zgh gZ \hafh`ghklb bkdexqblv ba mjZ\g_gby qZklgmx ijhba\h^gmx ih h^ghc ba g_ aZ\bkbfuo i_j_f_gguo H[smx ko_fm j_r_gby MQI k bkihevah\Zgb_f bgl_ ]jZevguo ij_h[jZah\Zgbc fh`gh bah[jZablv \ \b^_ ko_fu ij_^klZ\e_gghc gZ jbk I Ijyfh_ b h[jZlgh_ ij_h[jZah\Zgby ijbgylh gZau\Zlv iZjhc ij_h[jZah\Zgbc GZb[he__ qZklh bkihevam_fu_ gZ ijZdlbd_ ijb j_r_gbb MQI iZju bgl_ ]jZevguo ij_h[jZah\Zgbc ij_^klZ\e_gu \ lZ[e I ² ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e Jbk I H[sZy ko_fZ ijbf_g_gby bgl_]jZevguo ij_h[jZah\Zgbc êy j_r_gby MQI LZ[ebpZ I G_dhlhju_ iZju bgl_]jZevguo ij_h[jZah\Zgbc GZa\Zgb_ ij_h[jZah\Zgby NhjfmeZ ij_h[jZah\Zgby H[jZlgh_ kbgmkij_h[jZah\Zgb_ Nmjv_ ° )V > I @ ° ® ° ° )V > ) @ ¯ Kbgmkij_h[jZah\Zgb_ Nmjv_ Dhkbgmkij_h[jZah\Zgb_ Nmjv_ H[jZlgh_ dhkbgmk ij_h[jZah\Zgb_ Nmjv_ Ij_h[jZah\Zgb_ Nmjv_ H[jZlgh_ ij_h[jZah\Zgb_ Nmjv_ Dhg_qgh_ kbgmkij_h[jZah\Zgb_ Nmjv_ H[jZlgh_ dhg_qgh_ kbgmk ij_h[jZah\Zgb_ Nmjv_ ° )F > I @ ° ® ° ° )F > ) @ ¯ I W ³ I W VLQ ZW GW S S f ³ ) Z VLQ ZW G Z f ) Z I W f ) Z ³ I W FRV ZW GW S S ° )>I@ ) Z ° ® ° ° ) >)@ I [ ¯ ° )V > I @ 6Q Z ° ® ° ° )V > I @ I [ ¯ f ³ ) Z FRV ZW G Z S f Z ³ I [ H G[ L f [ Z ³ ) Z H GZ S f / /³ f L [ QS[ · ¸ G[ © / ¹ I [ VLQ §¨ § QS[ · © ¹ ¦ 6Q Z VLQ ¨ / ¸ Q ¡Âº½À¸·¿ºÑ LZ[ebpZ I hdhgqZgb_ GZa\Zgb_ ij_h[jZah\Zgby NhjfmeZ ij_h[jZah\Zgby Dhg_qgh_ dhkbgmk ij_h[jZah\Zgb_ Nmjv_ H[jZlgh_ dhg_qgh_ dhkbgmk ij_h[jZah\Zgb_ Nmjv_ Ij_h[jZah\Zgb_ EZieZkZ H[jZlgh_ ij_h[jZah\Zgb_ EZieZkZ ° )V > I @ ° ® ° ° )V > I @ ¯ Q S[ · I [ FRV §¨ ¸ G[ ³ / © / ¹ &Q Z I [ / f § QS[ · ¦ &Q Z FRV ¨ ¸ © / ¹ Q & f VW / I ) V > @ ° ³ I W H GW ° ® F Lf ° VW / ) I W > @ ³ ) V H GV ° SL F Lf ¯ ¢·Ê·¿º·¼Â²·´À»¹²¶²Éº¶½ÑÅÂ²´¿·¿º» ´É²ÃÄ¿ÍÇÁÂÀº¹´À¶¿ÍÇ ÃºÃÁÀ½Î¹À´²¿º·¾Ãº¿ÅÃÁÂ·À³Â²¹À´²¿ºÑ¦ÅÂÎ· JZkkfhljbf j_r_gb_ ke_^mxs_c djZ_\hc aZ^Zqb MQI k GM b =M XW , X [[ @ [ @ B @ W @ B I X [ @ [ @ B I X W $ @ W @ B I f_lh^hf kbgmkij_h[jZah\Zgby Nmjv_ <uiheg_gb_ kbgmkij_h[jZah\Zgby mjZ\g_gby I gZqZevguo I b =M I Ijbf_gbf kbgmkij_h[jZah\Zgb_ d h[_bf qZklyf mjZ\g_gby I V >W @ D V > [[ @ I JZkkfhljbf e_\mx qZklv mjZ\g_gby I LZd dZd kbgmkij_h[jZah\Zgb_ RZ] f \uihegy_lky ih i_j_f_gghc [ Z bgl_]jZe ³ W VLQ Z ² jZ\ghf_jgh ! koh^ysbcky qZklgmx ijhba\h^gmx ih i_j_f_gghc fh`gh \ug_klb aZ agZd bgl_]jZeZ V >W @ S f ³ W VLQ Z º w ª f « ³ VLQ Z » w ¬« S ¼» V > @ Hlf_lbf qlh bkoh^gZy nmgdpby X aZ\bkbl hl i_j_f_gguo [ b Z __ h[jZa )V >X @ 8 Z W aZ\bkbl hl i_j_f_gguo Z b LZd dZd \ gh\hc aZ^Zq_ i_j_f_ggZy Z b]jZ_l jhev iZjZf_ljZ fh`gh kqblZlv qlh h[jZau nmgdpbc aZ\bkyl lhevdh hl h^ghc i_j_f_gghc )V >X @ 8 W JZkkfhljbf ijZ\mx qZklv mjZ\g_gby I >\Z`û ijhbgl_]jbjh\Z\ ih qZklyf ihemqbf V > [[ @ f S ³ [[ VLQ Z f § · f ¨¨ [ VLQ Z Z ³ [ FRV Z ¸¸ S© ¹ f f § · f Z ³ [ FRV Z Z ¨¨ FRV Z Z ³ VLQ Z ¸¸ S S © ¹ S Z Z V > @ S Z Z LZdbf h[jZahf \ j_amevlZl_ kbgmkij_h[jZah\Zgby mjZ\g_gb_ I ijb gbfZ_l ke_^mxsbc \b^ D ª« Z8 W ZX W º» GW S ¬ ¼ Ih^klZ\eyy \ mjZ\g_gb_ I =M I ihemqbf H>M G8 G8 GW D ª« Z8 W Z$º» S ¼ ¬ I I >ey gZoh`^_gby gZqZevguo mkeh\bc >M I ijbf_gbf kbgmkij_h[jZah \Zgb_ d gZqZevghfm mkeh\bx I I )V >X [ @ 8 LZdbf h[jZahf \f_klh bkoh^ghc kf_rZgghc aZ^Zqb fu ihemqbeb aZ^Zqm Dh rb êy H>M GZ wlhf i_j\uc rZ] j_r_gby MQI f_lh^hf kbgmk ij_h[jZah\Zgby aZ\_jrZ_lky J_r_gb_ aZ^Zqb Dhrb êy H>M AZibr_f mjZ\g_gb_ I \ ke_^mxs_f \b^_ ZD RZ] Z D S I MjZ\g_gb_ I y\ey_lky g_h^ghjh^guf >M i_j\h]h ihjy^dZ ?]h j_r_gb_ _klv kmffZ j_r_gby h^ghjh^gh]h >M Z D I b ex[h]h qZklgh]h j_r_gby g_h^ghjh^gh]h mjZ\g_gby gZijbf_j SZ I MjZ\g_gb_ I y\ey_lky mjZ\g_gb_f k jZa^_eyxsbfbky i_j_f_ggufb ZD I ZD I Z D W I Ijhbgl_]jbjh\Z\ ihemq_ggh_ mjZ\g_gb_ I ihemqbf OQ ]^_ & ² dhgklZglZ bgl_]jbjh\Zgby <uihegyy ihl_gpbjh\Zgb_ gZoh^bf j_r_gb_ >M I ]^_ & H& LZdbf h[jZahf h[s__ j_r_gb_ g_h^ghjh^gh]h >M I bf__l \b^ Z D W SZ I DhgklZglm bgl_]jbjh\Zgby & gZc^_f ba GM I SZ I " Ba \ujZ`_gby I gZc^_f ZD S I Ih^klZ\eyy ihemq_ggh_ \ujZ`_gb_ I \ I gZoh^bf j_r_gb_ aZ^Z qb Dhrb g_h^ghjh^gh]h >M I SZ Z D W I <ujZ`_gb_ I _klv j_amevlZl ijbf_g_gby kbgmkij_h[jZah\Zgby d bk dhfhc nmgdpbb <uiheg_gb_ h[jZlgh]h kbgmkij_h[jZah\Zgby >ey \uiheg_gby h[jZlgh]h kbgmkij_h[jZah\Zgby g_h[oh^bfh \uqbkeblv bgl_]jZe RZ] f ZD W VLQ Z Z V > @ ³ SZ LZd dZd f VLQ Z ³ hq_\b^gh Z f VLQ Z ³ S f ³ S S Z I Z I ZD W VLQ Z Z I Z Z Bgl_]jZe , y\ey_lky jZ\ghf_jgh koh^ysbfky ihwlhfm _]h fh`gh ijh^bn n_j_gpbjh\Zlv ih iZjZf_ljm [ w w f ³ S ZD W FRV Z Z I <hkihevah\Z\rbkv lZ[ebqguf agZq_gb_f bgl_]jZeZ f ³ ZD W FRV Z Z §¨ [ ·¸ S © D W ¹ D êy I ihemqbf §¨ [ ·¸ © D W ¹ w w S D I Ijhbgl_]jbjh\Z\ jZ\_gkl\h I ih i_j_f_gghc [ gZc^_f \ujZ`_gb_ êy bgl_]jZeZ I §¨ [ ·¸ [ © D W ¹ ³ S D [ § ] · D W ¨© ¸¹ ] [ ³ S HUI § · ¨ ¸ ©D ¹ I Ih^klZ\eyy j_amevlZlu I I \ I ihemqbf hdhgqZl_evgh_ \ujZ`_gb_ êy j_r_gby djZ_\hc aZ^Zqb MQI I § ·· ¸¸ © D ¹ ¹ § ¨ HUI ¨ © ¢·Ê·¿º·¼Â²·´À»¹²¶²ÉºÅÂ²´¿·¿ºÑ ´É²ÃÄ¿ÍÇÁÂÀº¹´À¶¿ÍÇ ÃºÃÁÀ½Î¹À´²¿º·¾ÁÂ·À³Â²¹À´²¿ºÑ¦ÅÂÎ· JZkkfhljbf j_r_gb_ ke_^mxs_c djZ_\hc aZ^Zqb MQI I XW D X [[ d [ d f d W d f k GM I X [ d [df Ij_h[jZah\Zgb_ aZ^Zqb LZd dZd ijhkljZgkl\_ggZy i_j_f_ggZy [ baf_gy_lky \ ij_^_eZo hl f ^h f \uihegbf ij_h[jZah\Zgb_ Nmjv_ ih i_j_f_gghc [ mjZ\g_gby I ) >XW @ D ) >X [[ @ b GM I ) >X [ @ ) >M [ @ iã« ÓÈ²ºÎËÓÒ« n¯Ëº¯ÈÏºm ¹¯ºÒÏmºÓ©² mº°¹ºãÏËä°« ÒÏmË°Ó©ä °mº®°mºä ¹¯Ëº¯ÈÏºmÈÓÒ« n¯Ë RZ] > [ @ f ³ [ S f L[[ [ > @ # f ³ [[ S L[[ [ > @ ³ W S L[[ > [[ @ f f >W @ f ihemqZ_f w > @ w D [ ]^_ I { ª¬ º¼ ) [ ) [ ªM ¬ º¼ ]^_ Hlf_lbf qlh nmgdpby 8 W aZ\bkbl g_ lhevdh hl i_j_f_gghc gh b hl i_ j_f_gghc [ dhlhjZy \ mjZ\g_gbb I b]jZ_l jhev dhgklZglu J_r_gb_ mjZ\g_gby I LZd dZd i_j_f_ggZy [ \ mjZ\g_gbb I b]jZ_l jhev dhgklZglu j_r_gb_ aZ^Zqb Dhrb bf__l \b^ RZ] ) [ D [ W RZ] GZoh`^_gb_ h[jZlgh]h ij_h[jZah\Zgby I Bkdhfh_ j_r_gb_ gZoh^blky ih nhjfme_ ¬ª [ º¼ ª«) [ D [ W º» ¬ ¼ I >ey gZoh`^_gby y\gh]h \b^Z nmgdpbb X [ W bkihevam_f ba\_klgmx l_hj_fm h k\_jld_ ^\mo nmgdpbc \ khhl\_lkl\bb k dhlhjhc Nmjv_h[jZa k\_jldb ^\mo nmgdpbc I [ b J [ f ³ S f [ [ [ f ³ S f jZ\_g ijhba\_^_gbx bo Nmjv_h[jZah\ > @ > @ > @ [ [ [ I $ Ijbf_gyy d jZ\_gkl\m I h[jZlgh_ ij_h[jZah\Zgb_ Nmjv_ ihemqbf ª¬ > @ > @º¼ I KjZ\gb\Zy \ujZ`_gby I b I \b^bf qlh ª«) D [ W º» ¬ª) [ º¼ ª« D [ W º» M [ ª« D [ W º» I ¬ ¼ ¬ ¼ ¬ ¼ ]^_ Nmjv_h[jZa nmgdpbb ª« D [ W º» jZ\_g ¬ f ³ S f ¼ D[W L[[ [ §¨ [ ·¸ © D W ¹ D I Ih^klZ\eyy j_amevlZl I \ I b bkihevamy hij_^_e_gb_ k\_jldb ^\mo nmgdpbc hdhgqZl_evgh ihemqZ_f j_r_gb_ djZ_\hc aZ^Zqb MQI §¨ [ [ ·¸ D W ¹ [ ³M[ © D S f f ¢·Ê·¿º·¼Â²·´À»¹²¶²Éº¥©¡ ¾·ÄÀ¶À¾ÁÂ·À³Â²¹À´²¿ºÑ²Á½²Ã² JZkkfhljbf j_r_gb_ ke_^mxs_c djZ_\hc aZ^Zqb MQI XW D X [[ d [ d f d W d f I k GM X [ X d [df I b =M [ RZ] Ij_h[jZah\Zgb_ aZ^Zqb dW df I >ey gZoh`^_gby j_r_gby ^Zgghc djZ_\hc aZ^Zqb [m^_f bkihevah\Zlv ij_ h[jZah\Zgb_ EZieZkZ ih i_j_f_gghc hlf_lbf qlh a^_kv fh`gh \uihe gylv ij_h[jZah\Zgb_ ih i_j_f_gghc [ l d __ ^bZiZahg baf_g_gby > f> % GZc^_f h[jZau qZklguo ijhba\h^guo \oh^ysbo \ mjZ\g_gb_ I f f f >W @ ³ W VW VW ³ VW f w f w w > [ @ ³ [ VW w > [[ @ ³ [[ VW Ih^klZ\eyy ihemq_ggu_ \ujZ`_gby \ MQI I ihemqZ_f H>M G 8 V8 [ X G[ d [f I GM êy mjZ\g_gby I ihemqZ_f ij_h[jZah\Zgb_f I RZ] J_r_gb_ >M I >M I y\ey_lky h[udgh\_gguf ^bnn_j_gpbZevguf mjZ\g_gb_f \lhjh]h ihjy^dZ >ey gZoh`^_gby j_r_gby djZ_\hc aZ^Zqb êy ^Zggh]h >M g_h[oh ^bfh aZ^Zlv _s_ h^gh mkeh\b_ dhlhjh_ ^hklZlhqgh hq_\b^gh ba nbabq_kdbo khh[jZ`_gbc 8 [ o ijb o f H[s__ j_r_gb_ H>M I _klv kmffZ h[s_]h j_r_gby h^ghjh^gh]h mjZ\g_ gby G 8 G[ V8 [ b qZklgh]h j_r_gby g_h^ghjh^gh]h mjZ\g_gby X V[ V [ V I Ba nbabq_kdbo khh[jZ`_gbc ykgh qlh dhgklZglZ F { Ba =M êy mjZ\g_gby I ke_^m_l qlh dhgklZglZ F y\ey_lky j_r_gb_f mjZ\g_gby ihemq_ggh]h ih^klZgh\dhc I \ I k I & Ih^klZ\eyy ihemq_ggh_ agZq_gb_ I \ I ihemqZ_f hdhgqZl_evgh_ \ujZ`_gb_ êy 8 [ § ¨ ¨ © · ¸ ¸¹ I RZ] Hij_^_e_gb_ l_fi_jZlmjgh]h ihey >ey hij_^_e_gby l_fi_jZlmjgh]h ihey g_h[oh^bfh \uqbkeblv ke_ ^mxsbc bgl_]jZe ª¬ ¼º f F L ³ VW f f§ F L ³ ¨¨ F Lf © F L · ¸ VW ¸¹ I bkihevamy êy wlh]h gZijbf_j f_lhû nmgdpbc dhfie_dkgh]h i_j_f_ggh]h J_amevlZl _]h \uqbke_gby ba\_kl_g b ijb\h^blky \ kijZ\hqgbdZo ih ki_pb Zevguf nmgdpbyf · [W º § · § » ¸ HUIF ¨ ¸ ¹ © ¹ © ¼ ª «HUIF ¨ ¬ ]^_ HUIF f ³ S I [ [ [ nmgdpby ^hihegbl_evgZy d bgl_]jZem \_jhylghkl_c <ujZ`_gb_ I y\ey_lky j_r_gb_f djZ_\hc aZ^Zqb MQI I ² ¡·ÄÀ¶ÁÂ·À³Â²¹À´²¿ºÑ¹²´ºÃº¾ÍÇ Á·Â·¾·¿¿ÍÇ Ijh^_fhgkljbjm_f f_lh^ ij_h[jZah\Zgby dhhj^bgZl gZ ijbf_j_ j_r_gby ke_^mxs_c djZ_\hc aZ^Zqb I XW D X [[ EX d [ d d W d f GM M d [ d I =M ° I ® °̄ ' Hkgh\gZy b^_y f_lh^Z khklhbl \ gZoh`^_gbb ij_h[jZah\Zgby nmgdpbb \ nmgdpbx lZdmx qlh MQI êy nmgdpbb [m^_l ijhs_ bkoh^gh]h mjZ\g_gby D kh`Ze_gbx g_ kms_kl\m_l mgb\_jkZevguo ijZ\be êy \u[hjZ khhl\_lkl\mxs_]h ij_h[jZah\Zgby < wlbo mkeh\byo ijboh^blky bkihevah\Zlv bglmblb\gu_ ij_^klZ\e_gby h ih\_^_gbb j_r_gbc MQI GZ ijbf_j mjZ\g_gb_ I hibku\Z_l g_dhlhjuc ijhp_kk jZkijhkljZg_gby l_ieZ \^hev kl_j`gy Ijb wlhf l_fi_jZlmjZ \ dZ`^hc lhqd_ kl_j`gy f_gy_lky aZ kq_l ^\mo nZdlhjh\ X ÒÁÁÏÒÒ Ë¹ãÈ mºã °¯ËÎÓ« °ãÈÈËäºË D X [[ X ¹Ë¯ËÓº° Ë¹ãÈ Ë¯ËÏ º}ºm ¹ºmË¯²Óº° °Ë¯ÎÓ« °ãÈÈËäºË E AZf_lbf qlh ijb hlkmlkl\bb ^bnnmabhggh]h i_j_ghkZ l_ieZ \^hev kl_j`gy l_fi_jZlmjZ \ dZ`^hc lhqd_ kl_j`gy [m^_l mf_gvrZlvky ^h gmey ih D wdkihg_gpbZevghfm aZdhgm EW >Zggh_ h[klhyl_evkl\h iha\hey_l ij_îheh`blv qlh j_r_gb_ aZ^Zqb fh`gh bkdZlv \ \b^_ ijhba\_^_gby ^\mo khfgh`bl_e_c EW I ]^_ ² jZkij_^_e_gb_ l_fi_jZlmju h[mkeh\e_ggh_ ^bnnmab_c Ih^klZ\b\ ihemq_ggh_ agZq_gb_ I \ I ijh^bnn_j_gpbjh\Z\ b ijb\_^y ih^h[gu_ ihemqbf I ZW D Z[[ <uihegb\ ih^klZgh\dm \ujZ`_gby I \ GM b =M ihemqbf GM M I b =M ° ® °̄ I J_r_gb_ MQI I k GM I b =M I f_lh^hf jZa^_e_gby i_j_ f_gguo [ueh ihemq_gh \ jZa^ I f ¦ Q Q QSD W VLQ S I ! ]^_ Q ³ M [ VLQ S[ [ LZd dZd nmgdpbb b k\yaZgu ij_h[jZah\Zgb_f I j_r_ gb_ djZ_\hc aZ^Zqb I ² I bf__l \b^ EW f QSD W VLQ S ¦ Q Q ¡·ÄÀ¶ÁÂ·À³Â²¹À´²¿ºÑ¼ÀÀÂ¶º¿²Ä Ijhbeexkljbjm_f hkgh\gmx b^_x f_lh^Z ij_h[jZah\Zgby dhhj^bgZl gZ ijbf_j_ ij_h[jZah\Zgby MQI \lhjh]h ihjy^dZ aZ\bkys_]h hl lj_o i_j_f_g guo [ b w \ w \ w \ \ w w w I ]^_ ² g_dhlhjZy dhgklZglZ I >Zggh_ mjZ\g_gb_ ihy\ey_lky \ d\Zglh\hc f_oZgbd_ ijb hibkZgbb ^\b`_gby we_dljbq_kdh]h aZjy^Z \ p_gljZevghkbff_ljbqghf we_dljbq_kdhf ihe_ I_j_c^_f \ mjZ\g_gbyo I I hl ^_dZjlh\hc [ \ ] d iZjZ[hebq_ kdhc kbkl_f_ dhhj^bgZl [ K M \ khhl\_lkl\bb kh ke_^mxsbfb nhjfmeZfb > > > @ ]^_ [ K f M S [ [K FRV M \ [K VLQ M [K [K Ih\_joghklb [ FRQVW M FRQVW y\eyxlky iZjZ[hehb^Zfb \jZs_gby Hkv \jZs_gby iZjZ[hehb^h\ kh\iZ^Z_l k hkvx 2] Z _]h nhdmku gZoh^ylky \ gZ qZe_ dhhj^bgZl KijZ\_êb\u h[jZlgu_ khhlghr_gby [ K U ] § · M DUFWJ ¨ ¸ © ¹ IZjZ[hebq_kdZy kbkl_fZ dhhj^bgZl y\ey_lky hjlh]hgZevghc D\Z^jZl we_f_g lZ êbgu \ ^Zgghc kbkl_f_ hij_^_ey_lky \ujZ`_gb_f [K [K [ K [K M [ K I Z we_f_gl h[t_fZ [ K [ K M Ba mjZ\g_gby I \b^gh qlh dhwnnbpb_glu EZf_ K K K \ iZjZ[hebq_ kdhc kbkl_f_ dhhj^bgZl jZ\gu [K [ I [K K I [K I K Ih^klZ\eyy \ujZ`_gby I ² I \ h[s__ \ujZ`_gb_ êy hi_jZlhjZ EZieZkZ \ djb\hebg_cghc kbkl_f_ dhhj^bgZl 'M ª w § wM · w § wM · w § wM · º « ¨ ¨ ¸» ¸ ¨ ¸ ¬« w © w ¹ w © w ¹ w © w ¹ ¼» I ]^_ T { [ T { K T { M ihemqbf ' w · w § w ·º w [ K « » [ K ¬ w[ ¨© w[ ¸¹ wK ¨© wK ¸¹ ¼ [K wM ªw § I <ujZ`_gb_ êy nmgdpbb I \ iZjZ[hebq_kdhc kbkl_f_ dhhj ^bgZl ijbgbfZ_l \b^ [K I Ih^klZ\eyy ihemq_ggu_ j_amevlZlu I I \ MQI I ihemqZ_f mjZ\g_gb_ \ iZjZ[hebq_kdhc kbkl_f_ dhhj^bgZl · w § w\ · º w \ § ¨ \ « ¨ [ ¸ ¨ K ¸» [ K ¬ w[ © w[ ¹ wK © wK ¹ ¼ [K w M © [ K ¸¹ ª w § w\ · I Bs_f j_r_gb_ ^Zggh]h mjZ\g_gby \ \b^_ \ [ K M [ K M LP I Ih^klZ\b\ I \ \ujZ`_gb_ I b khdjZlb\ fgh`bl_ev M LP ihemqZ_f · § § · º · « ¨ [ ¸ ¨ K ¸ » ¨ K © K ¹ ¼ [K [ K ¬ [ © [ ¹ [ K ¸¹ © ª § >Ze__ mfgh`bf mjZ\g_gb_ I gZ [K I ª § · § · º § · § · [ K ¸ ¨ [ K ¸ « ¨ ¸ ¨ ¸ ¨ » K © K ¹ ¼ © [ K¹ © ¹ ¬ [ © [ ¹ b i_j_]jmiibjm_f _]h qe_gu ª § · º [ » « ¨[ ¸ ¼» ¬« [ © [ ¹ [ ª § · º « ¨ K ¸ K » «¬ K © K ¹ K »¼ I <\_^_f ^\_ ihklhyggu_ E E k\yaZggu_ mkeh\b_f E E I Ih^klZ\eyy mkeh\b_ I \ mjZ\g_gb_ I ihemqbf ª § · º [ E » « ¨[ ¸ ¬« [ © [ ¹ [ ¼» ª § · º « ¨ K ¸ K E » «¬ K © K ¹ K »¼ I ! MjZ\g_gb_ I [m^_l kijZ\_êb\uf êy \k_o I I z _keb º · ª [ ¸ « [ E » ¨ [ © [ ¹ «¬ [ »¼ I º · ª K K E » « ¨ ¸ K © K ¹ «¬ K »¼ I § § LZdbf h[jZahf \ iZjZ[hebq_kdhc kbkl_f_ dhhj^bgZl bkoh^gh_ MQI k\h^blky d kbkl_f_ ba ^\mo H>M l _ hdZau\Z_lky \hafh`guf jZa^_eblv i_j_f_ggu_ LZd dZd jZkkfhlj_gb_ f_lh^h\ j_r_gby mjZ\g_gbc lbiZ I I \uoh^bl aZ jZfdb gZr_c dgb]b fu hlkueZ_f aZbgl_j_kh\Zggh]h qblZl_ey d > l @ ¡·ÄÀ¶Â²¹½À¸·¿ºÑ ÁÀÃÀ³ÃÄ´·¿¿Í¾ÆÅ¿¼ÈºÑ¾ Ijh^_fhgkljbjm_f hkgh\gmx b^_x f_lh^Z jZaeh`_gby ih kh[kl\_gguf nmgdpbyf gZ ijbf_j_ g_h^ghjh^ghc aZ^Zqb MQI W D [[ d [ d d W d f k GM M ° ® °̄ I I b =M I Hkgh\gZy b^_y f_lh^Z khklhbl \ jZaeh`_gbb iehlghklb bklhqgbdZ Q Q \ jy^ I ih kh[kl\_gguf nmgdpbyf ; Q [ khhl\_lkl\mxs_c h^ghjh^ghc aZ^Zqb XW D X d [ d d W d f [[ I k GM I b =M I J_r_gb_ ^Zgghc djZ_\hc aZ^Zqb dZd [ueh ihdZaZ gh \ jZa^ I ijbeh`_gby k\h^blky d gZoh`^_gbx j_r_gby H>M O I m^h\e_l\hjyxs_]h aZ^Zgguf =M I I AZ^ZqZ gZoh`^_gby j_r_gby H>M m^h\e_l\hjyxs_]h aZ^Zgguf =M gZau\Z _lky aZ^Zq_c RlmjfZEbm\beey Z nmgdpbb y\eyxsb_ky j_r_gb_f ^Zgghc aZ^Zqb ² kh[kl\_ggufb nmgdpbyfb RZ] GZoh`^_gb_ kh[kl\_gguo nmgdpbc aZ^Zqb RlmjfZ²Ebm\bey Kh[kl\_ggufb nmgdpbyfb aZ^Zqb RlmjfZ²Ebm\beey mjZ\g_gby I k =M I I y\eyxlky nmgdpbb VLQ SQ[ ;Q I Ih^klZ\eyy jZ\g_gb_ nmgdpbb I \ jZaeh`_gb_ I ihemqZ_f I [ W I W VLQ S[ I W VLQ S[ I W VLQ QS[ I Q mfgh`bf h[_ qZklb jZ\_gkl\Z I gZ >ey gZoh`^_gby nmgdpbb I Q W VLQ PS[ b ijhbgl_]jbjm_f ih dhhj^bgZl_ [ gZ hlj_ad_ > @ Mqblu\Zy qlh z ° ® °̄ ³ VLQ S VLQ S \ j_amevlZl_ ihemqbf ³ VLQ S f ¦ P Q Ke_^h\Zl_evgh f ¦ RZ] ³ VLQ S VLQ S Q Q GZoh`^_gb_ hldebdZ ; Q [ 7Q W Q I VLQ S I gZ \oh^gh_ \ha^_ckl\b_ Q Q Ih^klZ\eyy jZaeh`_gb_ I \ MQI I ihemqbf f D ¦ W [[ Q {Ò ¯ÈmÓËÓÒ« Q VLQ S I ! ! " ! ! # Ih^klZ\eyy \ujZ`_gb_ I f ¦ Qc Q S f f ¦ Q Q \ I S ihemqbf I f D ¦ S Q S ¦ Q S I Q Q ! Ih^klZ\eyy mjZ\g_gb_ I \ =M I f ¦ Q ihemqZ_f { S { Q f ¦ Q Q Ke_^h\Zl_evgh nmgdpby hij_^_ey_fZy \ khhl\_lkl\bb k mjZ\g_gb _f I m^h\e_l\hjy_l aZ^Zgguf ]jZgbqguf mkeh\byf Ih^klZ\eyy \ujZ`_gb_ I \ GM I ihemqZ_f f ¦ Q S Q M I >ey gZoh`^_gby 7Q ke_^m_l ZgZeh]bqgh lhfm dZd wlh [ueh k^_eZgh \ur_ mfgh`blv h[_ qZklb jZ\_gkl\Z I gZ nmgdpbx VLQ QS[ b ijhbgl_]jb jh\Zlv ih i_j_f_gghc [ gZ bgl_j\Ze_ > @ < j_amevlZl_ ihemqZ_f Q AZibr_f mjZ\g_gb_ I S[ [ Q f ³M [ \ ke_^mxs_f \b^_ ¦ ª¬Qc SD Q I Q Q º S ¼ I LZd dZd mjZ\g_gb_ I kijZ\_êb\h ijb ex[hf agZq_gbb dZ`^Zy nmgd pby 7Q W y\ey_lky j_r_gb_f >M Qc SD Q Q I LZdbf h[jZahf êy gZoh`^_gby nmgdpbc 7Q W g_h[oh^bfh j_rblv aZ^Zqm Dhrb êy dZ`^h]h ba mjZ\g_gbc I k GM I >ey gZoh`^_gby h[s_]h j_r_gby mjZ\g_gby I fh`gh bkihevah\Zlv f_lh^ \ZjbZpbb ihklhygguo H[s__ j_r_gb_ h^ghjh^gh]h mjZ\g_gby hibku\Z_lky nmgdpb_c Qc SD Q Q QSD W I " Ih^klZ\ey_f ihemq_ggh_ \ujZ`_gb_ I \ mjZ\g_gb_ I & nmgdpb_c aZ\bkys_c hl i_j_f_gghc < j_amevlZl_ ihemqZ_f c QSD W Hldm^Z kqblZy W QSD ³ [ [[ I ]^_ F ihklhyggZy bgl_]jbjh\Zgby hij_^_ey_fZy ba GM Ih^klZ\eyy \ujZ`_gb_ I \ I gZoh^bf h[s__ j_r_gb_ >M I W QSD W [ QSD W [ [ ³ Q DhgklZglm bgl_]jbjh\Zgby F gZoh^bf ih^klZgh\dhc I F DQ LZdbf h[jZahf j_r_gb_ aZ^Zqb Dhrb mjZ\g_gby I \b^ \ I k GM I I bf__l Q W QSD W [ QSD W [ [ ³ Q I :gZeba j_r_gby ihdZau\Z_l qlh l_fi_jZlmjguc hldebd khklhbl ba ^\mo qZk l_c i_j\Zy qZklv h[mkeh\e_ggZy gZqZevgufb mkeh\byfb hij_^_ey_l k\h[h^ gh_ hklu\Zgb_ kl_j`gy \lhjZy qZklv h[mkeh\e_gZ gZebqb_f \g_rg_]h bklhq gbdZ l_fi_jZlmju ¡·ÄÀ¶ÆÅ¿¼Èº»Âº¿² DjZldh_ h[km`^_gb_ hkgh\guo b^_c f_lh^Z nmgdpbc =jbgZ êy j_r_gby djZ_\hc aZ^Zqb MQI kh^_j`Zs_]h nmgdpbb aZ\bkysb_ hl ^\mo i_j_f_gguo ijh\_^_f gZ ijbf_j_ j_r_gby g_h^ghjh^ghc aZ^Zqb >bjboe_ mjZ\g_gby Im ZkkhgZ \ djm]_ _^bgbqgh]h jZ^bmkZ UU U k =M TT T d U d T S I T d T d S I # Hlf_lbf qlh \ k\yab k l_f qlh ]jZgbpZ h[eZklb bf__l nhjfm hdjm`ghklb m^h[gh j_rZlv ^Zggmx aZ^Zqm \ pbebg^jbq_kdhc kbkl_f_ dhhj^bgZl < ^Zgghc ihklZgh\d_ mjZ\g_gb_ I bf__l kh\_jr_ggh ijhajZqguc nb abq_kdbc kfuke < g_dhlhjhc h[eZklb aZ^Zgh jZkij_^_e_gb_ aZjy^h\ hibku \Zxs__ky nmgdpb_c I [ \ Z lZd`_ agZq_gb_ ihl_gpbZeZ gZ g_dhlhjhc djb \hc & h]jZgbqb\Zxs_c ^Zggmx h[eZklv Lj_[m_lky gZclb jZkij_^_e_gb_ ihl_gpbZeZ \gmljb ^Zgghc h[eZklb DZd ba\_klgh lhq_qguc we_dljbq_kdbc aZjy^ kha^Z_l \ hdjm`Zxs_f _]h ijhkljZgkl\_ we_dljbq_kdh_ ihe_ gZijy`_gghklv dhlhjh]h hij_^_ey_lky ke_ ^mxsbf \ujZ`_gb_f / / / / / I / ]^_ jZ^bmk \_dlhj aZjy^Z / jZ^bmk \_dlhj lhqdb gZ[ex^_gby < dZq_kl\_ dhebq_kl\_gghc oZjZdl_jbklbdb we_dljbq_kdh]h ihey lZd`_ bk ihevam_lky nmgdpby M [ \ gZau\Z_fZy ihl_gpbZehf ihey dhlhjZy k\yaZgZ k gZijy`_gghklvx ihey ke_^mxsbf khhlghr_gb_f / ª wM / wM / º « [ w \ »¼ ¬ w / M I ]^_ /[ /\ dhhj^bgZlgu_ hjlu >ey we_dljbq_kdh]h ihey kha^Z\Z_fh]h kbkl_fhc ijhkljZgkl\_ggh jZkij_^_ e_gguo aZjy^h\ kijZ\_êb\ ijbgpbi kmi_jihabpbb / 1 L L ¦ / L/ / / L I M ]^_ / 1 / / / ¦ M L L I / jZ^bmk \_dlhj lhqdb gZ[ex^_gby L jZ^bmk \_dlhj ]h aZjy^Z qbkeh aZjy^h\ kbkl_fu 1 Ba nhjfme I I yk_g ihôh^ d gZoh`^_gbx j_r_gby aZ^Zqb G_h[oh^bfh j_rblv mjZ\g_gb_ I êy kemqZy dh]^Z \ ijZ\hc qZklb gZ oh^blky nmgdpby hibku\ZxsZy lhq_qguc aZjy^ AZl_f \uqbkeblv ihl_gpb Ze kha^Z\Z_fuc kbkl_fhc aZjy^h\ \ khhl\_lkl\bb k mjZ\g_gb_f I $ >ey \uqbke_gby ihl_gpbZeZ we_dljbq_kdh]h ihey kha^Z\Z_fh]h g_ij_ju\ guf jZkij_^_e_gb_f aZjy^h\ \ djm]_ _^bgbqgh]h jZ^bmkZ \ lhqd_ T g_ h[oh^bfh \uqbkeblv ihl_gpbZe we_dljbq_kdh]h ihey kha^Z\Z_fh]h aZjy^hf T U M dhlhjuc h[jZsZ_lky \ ghev gZ jZaf_s_gguf \ lhqd_ U M ]jZgbp_ AZl_f ke_^m_l ijhkmffbjh\Zlv ihl_gpbZeu ihe_c dZ`^h]h ba aZjy ^h\ ih \k_c iehsZ^b djm]Z S T ³ ³ T U M U M U U M I Ij_^\Zjyy gZoh`^_gb_ nmgdpbb =jbgZ lhq_qgh]h aZjy^Z gZc^_f ihl_gpbZe ^\mf_jgh]h we_dljbq_kdh]h ihey kha^Z\Z_fh]h lhq_qguf aZjy^hf jZkih eh`_gguf \ gZqZe_ dhhj^bgZl bkihevamy êy wlh]h iheyjgmx kbkl_fm dhhj ^bgZl T dhhj^bgZlu dhlhjhc k\yaZgu k ^_dZjlh\hc kbkl_fhc ke_^mx sbfb khhlghr_gbyfb I T T d T d S b h[jZlgufb khhlghr_gbyfb Ih^klZ\eyy \ujZ`_gby I T I \ I qZ_f / §· ¨ ¸ © ¹ § 6 FRV T 6 VLQ T · ¨ 7 7 ¸ © ¹ I / b iheZ]Zy 5 { ihem I Ba ihemq_ggh]h \ujZ`_gby I \b^gh qlh Z[khexlgh_ agZq_gb_ gZ ijy`_gghklb we_dljbq_kdh]h ihey \ ^_dZjlh\hc kbkl_f_ dhhj^bgZl aZ\bkbl lhevdh hl / ( T U b g_ aZ\bkbl hl ZabfmlZevgh]h m]eZ T Ke_^h\Zl_evgh \ iheyjghc kbkl_f_ dhhj^bgZl ebgbyfb jZ\ghc gZijy`_gghklb y\eyxlky hdjm`ghklb Z khklZ\ / eyxsZy gZijy`_gghklb we_dljbq_kdh]h ihey (6 >ey gZoh`^_gby \ ih eyjghc kbkl_f_ dhhj^bgZl \ujZ`_gby êy jZ^bZevghc khklZ\eyxs_c we_d / ljbq_kdh]h ihey (7 \uqbkebf ihlhd aZjy^Z q_j_a hdjm`ghklv jZ^bmkZ U ! dhlhjuc ih aZdhgm khojZg_gby aZjy^Z ^he`_g jZ\gylvky iheghfm aZjy^m gZ oh^ys_fmky \ djm]_ 5 / ³ (7 UG T I T / LZd dZd (7 g_ aZ\bkbl hl ZabfmlZevgh]h m]eZ ihlhd aZjy^Z q_j_a hdjm`ghklv jZ^bmkZ U jZ\_g / S (7 U T hldm^Z / T (7 SU ke_^h\Zl_evgh / / / § 6 · I ¨ S7 ¸ © ¹ AZibr_f kbkl_fm mjZ\g_gbc I \ iheyjghc kbkl_f_ dhhj^bgZl 7 6 wM / H I wU 7 / wM / (6 H6 I U wT Ih^klZ\eyy \ujZ`_gb_ I \ I I ihemqZ_f T wM I SU wU Ijhbgl_]jbjh\Z\ jZ\_gkl\h I hdhgqZl_evgh gZoh^bf mjZ\g_gb_ êy ihl_gpbZeZ lhq_qgh]h aZjy^Z \ iheyjghc kbkl_f_ dhhj^bgZl / (7 M 7 6 OQ 7 S 6 §· OQ ¨ ¸ S © 7 ¹ >ey _^bgbqgh]h aZjy^Z ihl_gpbZe ijbgbfZ_l \b^ M S OQ 7 S §· OQ ¨ ¸ ©7¹ I < kemqZ_ lhq_qgh]h aZjy^Z gZoh^ys_]hky \ lhqd_ U M ih^ U \ mjZ\g_ gbb I ke_^m_l ihgbfZlv jZkklhygb_ f_`^m lhqdhc jZkiheh`_gby aZjy ^Z b lhqdhc gZ[ex^_gby " ?^bgkl\_gguc g_^hklZlhd nmgdpbb I khklhbl \ lhf qlh hgZ g_ m^h\ e_l\hjy_l aZ^Zgguf =M I >ey _]h mkljZg_gby jZaf_klbf \g_ djm]Z _^bgbqguc lhq_qguc aZjy^ ijhlb\hiheh`gh agZdZ lZd qlh[u h[_ki_qblv ih klhygkl\h ihl_gpbZeZ gZ ]jZgbp_ h[eZklb ² hdjm`ghklb _^bgbqgh]h jZ^bm kZ H[hagZqbf dhhj^bgZlu lhqdb jZkiheh`_gby iheh`bl_evgh]h b hljbpZ l_evgh]h aZjy^h\ [ \ [ \ khhl\_lkl\_ggh GZc^_f jZkklhygby 5 # hl ^Zgguo aZjy^h\ ^h l_dms_c lhqdb hdjm`ghklb _^bgbqgh]h jZ^bmkZ FRV - VLQ - 5 [ FRV - \ VLQ - 5 [ FRV - \ VLQ - U U FRV - '- I U U FRV - '- I ]^_ '- DUFWJ §[ · ¨ ¸ ©\ ¹ '- DUFWJ § [ · ¨ ¸ © \ ¹ U [ \ U [ \ DZd hq_\b^gh ba mjZ\g_gbc I I mkeh\b_ jZ\_gkl\Z ihl_g pbZeZ gZ hdjm`ghklb _^bgbqgh]h jZ^bmkZ \uihegy_lky _keb 5 5 FRQVW I '- I Mkeh\b_ I \uihegy_lky _keb '- l _ lhqdb e_`Zl gZ h^ghf emq_ ijh\_^_gghf ba gZqZeZ dhhj^bgZl b 7 7 I Hq_\b^gh \ iheyjghc kbkl_f_ dhhj^bgZl dhhj^bgZlu lhqdb jZkiheh`_gby hljbpZl_evgh]h aZjy^Z jZ\gu U M Iheguc ihl_gpbZe kha^Z\Z_fuc kbkl_fhc ^\mo aZjy^h\ \ lhqd_ k dhhj^bgZ T jZ\_g lZfb T jbk I §· §· OQ ¨ ¸ OQ ¨ ¸ S © 5 ¹ S © 5 ¹ X U T I Jbk I Ko_fZ jZkiheh`_gby aZjy^h\ jZaguo agZdh\ h[_ki_qb\ZxsZy ihklhygguc ihl_gpbZe gZ hdjm`ghklb _^bgbqgh]h jZ^bmkZ Ih^klZ\eyy \ \ujZ`_gb_ dhhj^bgZlu ijhba\hevghc lhqdb hdjm`ghklb _^bgbqgh]h jZ^bmkZ gZc^_f qlh ihl_gpbZe gZ hdjm`ghklb M5 jZ\_g M 5 S OQ U K mq_lhf ihemq_ggh]h j_amevlZlZ nmgdpby =jbgZ hdhgqZl_evgh aZibku\Z_lky \ ke_^mxs_f \b^_ ª §· º §· OQ OQ ¨ ¸ OQ U » ¨ ¸ « S ¬ ©¹ ©¹ ¼ I T U M ]^_ i_j\uc qe_g ihl_gpbZe kha^Z\Z_fuc iheh`bl_evguf aZjy^hf \lhjhc qe_g ihl_gpbZe kha^Z\Z_fuc hljbpZl_evguf aZjy^hf lj_lbc qe_g ih l_gpbZe ^h[Z\e_gguc êy bkdexq_gby ihklhyggh]h ihl_gpbZeZ U T M U I jZkklhygb_ hl iheh`bl_evgh]h aZjy^Z ^h lhqdb gZ[ex^_gby jbk I ² ² ² FRV ² ² U FRV TM I U jZkklhygb_ hl hljbpZl_evgh]h aZjy^Z ^h lhqdb gZ[ex^_gby jbk I >Ze__ ih^klZ\eyy \ujZ`_gb_ I hdhgqZl_evgh ihemqZ_f § U · OQ ¨ ¸ U M U U M S ³³ © ¹ T \ I 5 I I khhl\_lkl\_ggh ]^_ hij_^_eyxlky ih nhjfmeZf I NhjfmeZ I ^Z_l j_r_gb_ aZ^Zqb >bjboe_ êy mjZ\g_gby ImZkkhgZ \ djm]_ _^bgbqgh]h jZ^bmkZ k ihfhsvx nmgdpbb =jbgZ ^Zgghc aZ^Zqb Ijb ba\_klghc iehlghklb jZkij_^_e_gby aZjy^h\ bgl_]jZe \ \ujZ`_gbb I fh`gh \uqbkeblv gZijbf_j qbke_ggh < h[s_f kemqZ_ nmgdpby =jbgZ gZoh^blky j_r_gb_f >M \ dhlhjhf \ ijZ\hc qZklb nmgdpby T aZf_g_gZ nmgdpb_c iehlghklb _^bgbqgh]h aZjy^Z ihf_s_ggh]h \ g_dhlhjmx ijhba\hevgh \u[jZggmx lhqdm U M T U M G U T M \Zfb ² G U T M ^_evlZ nmgdpby >bjZdZ h[eZ^ZxsZy ke_^mxsbfb k\hckl _keb z U T z M ® ¯ f _keb U T M G U G TM G U T M B ³ G U T M U U M B Ijb\_^_f êy kijZ\db MQI ^jm]bo lbih\ dhlhju_ lZd`_ fh`gh j_rZlv f_ lh^hf nmgdpbc =jbgZ MjZ\g_gb_ l_iehijh\h^ghklb XW D 'X ' hi_jZlhj EZieZkZ ² / / / 4 c / c c ]^_ 4 W W ª cº ¬ SD ¼ ² nmgdpby O_\bkZc^Z _keb ® ¯ _keb t 4 Q U U? , W W ? MjZ\g_gb_ =_evf]hevpZ ' c LN [ [? Q ]^_ Q ! ² jZaf_jghklv ijhkljZgkl\Z / / / c / c Q Q + ² nmgdpby OZgd_ey / / / c <hegh\h_ mjZ\g_gb_ w X / / c c / D S c c c / / 4 D c / / c c Q 4 D c / / c Q / / 4 c G D c c Q c c / S c D 'X wW LN U U ? S Hlf_lbf qlh nmgdpby =jbgZ \hegh\h]h mjZ\g_gby lh`^_kl\_ggh jZ\gZ gmex ijb W W ihwlhfm __ gZau\Zxl aZiZaû\Zxs_c ¡·ÄÀ¶º¿Ä·µÂ²½Î¿ÍÇÅÂ²´¿·¿º» Ijhbeexkljbjm_f hkgh\gmx b^_x f_lh^Z bgl_]jZevguo mjZ\g_gbc gZ ijb f_j_ ke_^mxs_]h MQI / ]^_ ' ² hi_jZlhj EZieZkZ / I_j_ibkZ\ ^Zggh_ mjZ\g_gb_ \ nhjf_ I \ \ / \ I \b^bf qlh ke_^my f_lh^m hibkZgghfm \ ij_û^ms_f jZa^_e_ fh`_f kjZam gZibkZlv h[s__ j_r_gb_ mjZ\g_gby I \ / ³ / / / \ / S I ¡Âº½À¸·¿ºÑ / / ]^_ m^h\e_l\hjyxsZy ]jZgbqguf mkeh\byf nmgdpby y\ey_lky j_r_ gb_f mjZ\g_gby / / / SG / / Ijh\_jbf qlh \ujZ`_gb_ I y\ey_lky j_r_gb_f MQI I klZ\eyy I \ e_\mx qZklv jZ\_gkl\Z I bf__f Ih^ ³ / / / \ / S / ³ / / / \ / S ³ SG / / / \ / / \ / S / m[_` / :gZeba mjZ\g_gby I ihdZau\Z_l qlh bkdhfZy nmgdpby \ gZoh^bl ky b \ e_\hc qZklb b \ ijZ\hc ih^ bgl_]jZehf MjZ\g_gby ^Zggh]h lbiZ \ dhlhjuo bkdhfZy nmgdpby gZoh^blky ih^ agZdhf bgl_]jZeZ gZau\Zxlky bg l_]jZevgufb mjZ\g_gbyfb DeZkkbnbdZpby bgl_]jZevguo mjZ\g_gbc b qbk e_ggu_ f_lhû bo j_r_gby hibkZgu \ e_dpbb ;he__ gZ]ey^gh f_lh^ bgl_]jZevguo mjZ\g_gbc fh`gh ijh^_fhgkljbjh\Zlv gZ ijbf_j_ aZ^Zqb RlmjfZ²Ebm\beey êy mjZ\g_gby G ª G\ º I S ª T ] OU ] º\ ¼ G] «¬ G] »¼ ¬ k =M >bjboe_ I \ \ >ey lh]h qlh[u k\_klb mjZ\g_gb_ I d bgl_]jZevghfm mjZ\g_gbx \\_ ^_f nm gdpbx =jbgZ m^h\e_l\hjyxsmx mjZ\g_gbx º ª I G « » ¬ ¼ < khhl\_lkl\bb k =M I djZ_\u_ mkeh\by êy nmgdpbb =jbgZ bf_xl \b^ I KjZ\gb\Zy ihemq_gguc j_amevlZl k ijZ\hc qZklvx mjZ\g_gby I ^Z_fky \ bo lh`^_kl\_gghklb ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e \ ijZ\mx qZklv qe_g O\ ihemqZ_f G ª G\ º I S T ] \ OU ] \ G] «¬ G] »¼ Ba mjZ\g_gby I \b^gh qlh kh]eZkgh h[s_fm ihôh^m ke_^m_l bkdZlv j_r_gb_ f_lh^hf nmgdpbc =jbgZ \ \b^_ I \ O³ \ Ih^klZ\b\ I \ I gZoh^bf hdhgqZl_evgh_ \ujZ`_gb_ êy y\eyxs_cky j_r_gb_f djZ_\hc aZ^Zqb >M I k ]jZ nmgdpbb \ gbqgufb mkeh\byfb I ª º \ O ³ \ «\ » ¬« ¼» I ª º «\ » I_j_ghky \ I O O «¬ »¼ ] O ] MjZ\g_gb_ I y\ey_lky bgl_]jZevguf mjZ\g_gb_f l d nmgdpby \ [ m^h\e_l\hjy_l mkeh\byf >bjboe_ Ijb wlhf bgl_]jZevgh_ mjZ\g_gb_ \dexqZ _l \ k_[y \k_ ^Zggu_ hlghkysb_ky d aZ^Zq_ b gb dZdb_ ^hihegbl_evgu_ mkeh \by gZdeZû\Zlv gZ nmgdpbx \ [ g_ gm`gh Ijb\_^_f êy kijZ\db bgl_]jZevgu_ mjZ\g_gby dhlhjuf m^h\e_l\hjyxl deZkkbq_kdb_ hjlh]hgZevgu_ nmgdpbb bo j_r_gby b khhl\_lkl\mxsb_ nmgd pbb =jbgZ GG[\ O\ \ \ O³ \ O \ °® °̄ J_r_gby \ ! VLQ §¨© S ·¸¹ O §¨© S ·¸¹ Q ² p_eh_ ¡Âº½À¸·¿ºÑ G]G ª«¬ ] GG]\ º»¼ O\ \ ² dhg_qgZ ijb r \ O³ ³ \ \ § · °°®OQ ¨© ¸¹ °OQ § · ! °¯ ¨© ¸¹ J_r_gby ihebghfu E_`Zg^jZ Q §¨© \ ·¸¹ §¨¨ O © O Q ² p_eh_ · ¸¸ \ \ ² dhg_qgZ ijb ¹ \ O³ \ § · °°®¨© ¸¹ ° § · ! °¯ ¨© ¸¹ f O Q J_r_gby nmgdpbb ;_kk_ey Q O GG \] E D ] \ beb G \ G ] \ O D D ] \ O D E \ ² dhg_qgZ ijb O³ \ O rf ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e D f D ° ³ D[ [ ³ D[ [ D °° f D f S ®° D ° ³ D[ [ ³ D[ [ °̄ f ] ] ] ] ] ] ] ! ] J_r_gby nmgdpbb WjfblZ D] D Q O D Q ² p_eh_ ] G]G §¨© ] GG]\ ·¸¹ §¨© E ]D ·¸¹ \ \ ² dhg_qgZ ijb rf a^_kv iZjZ f_lj O fh`gh hlh`^_kl\blv eb[h k D eb[h k D E < i_j\hf kemqZ_ O ³ \ O D O \ E ] ] E E E DE Q ² p_eh_ <h \lhjhf kemqZ_ wd\b\Ze_glgh_ mjZ\g_gb_ bf__l \b^ J_r_gby ihebghfu EZ]_jjZ E] Q G § G\ · § ] ¨ O D D ¸· \ ¸ G] ¨ G] ] ¹ ] © ¹ © O³ O \ D ] ] O D E \ f D[ ° ³ [ ° [ ® f D[ ° [ ! ° ³ [ ¯ ] ] Q ¡Âº½À¸·¿ºÑ ¡¡Âº³½º¸·¿¿Í·¾·ÄÀ¶ÍÂ·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» ´É²ÃÄ¿ÍÇÁÂÀº¹´À¶¿ÍÇ ¡²Âº²ÈºÀ¿¿Í»¾·ÄÀ¶ Ijhbeexkljbjm_f hkgh\gmx b^_x \ZjbZpbhgguo f_lh^h\ gZ ijbf_j_ j_r_ gby aZ^Zqb >bjboe_ weebilbq_kdh]h MQI =M ' d [ d d d I gZ ]jZgbp_ d\Z^jZlZ I < hkgh\_ \ZjbZpbhggh]h f_lh^Z j_r_gby ^Zgghc aZ^Zqb e_`bl ba\_klgZy l_h j_fZ l_hj_fZ h fbgbfmf_ wg_j]bb dhlhjZy ml\_j`^Z_l qlh nmgdpby y\eyxsZyky j_r_gb_f aZ^Zqb >bjboe_ \ h[eZklb ' gZ ]jZgbp_ fbgbfbabjm_l nmgdpbhgZe > @ ³ ª¬ º¼ [ \ ' bf_xsbc kfuke ihl_gpbZevghc wg_j]bb I k\h^blky d gZoh`^_ >ey gZoh`^_gby bkdhfhc nmgdpbb X [ \ [m^_f bkihevah\Zlv f_lh^ JblpZ \ khhl\_lkl\bb k dhlhjuf nmgdpby X [ \ bs_lky \ \b^_ ebg_cguo dhf[bgZpbc nmgdpbc ijh[guo nmgdpbc m^h\e_l\hjyxsbo =M I I ¦ M Q ² qbkeh bkihevam_fuo nmgdpbc LZdbf h[jZahf ihbkd j_r_gby aZ^Zqb >bjboe_ I gbx nmgdpbb fbgbfbabjmxs_c nmgdpbhgZe I Q L L L ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e Gb`_ ijb\_^_g lbibqguc gZ[hj ijh[guo nmgdpbc dhlhju_ dZd hq_\b^gh m^h\e_l\hjyxl =M M M M M M M M M M M M M M « LZdbf h[jZahf i_j\u_ q_luj_ ijb[eb`_gby nmgdpbb X [ \ aZ^Zxlky ke_ ^mxsbfb \ujZ`_gbyfb > @ > @ ª º ¬ ¼ « Ih^klZ\eyy I \ I ihemqbf ° ª ½ wM º ª wM º > @ ³ ³ ® « ¦ «¦ ¦ M ¾° I » » w » « w » « Q Q M Q M ¼ ¿° Ba I \b^gh qlh nmgdpbhgZe > @ aZ\bkbl hl dhwnnbpb_glh\ Q °¯ ¬ ¼ M M ¬ M - M - M ! >ey gZoh`^_gby fbgbfmfZ wlh]h nmgdpbhgZeZ g_h[oh^bfh gZclb w dhwnnbpb_glu ba mkeh\by jZ\_gkl\Z gmex qZklguo ijhba\h^guo w M Q M M ³ ³ °® ¦ «ª wMw wMw wMw wMw »º M °½¾ °¿ ¼ ¯° ¬ « I ° ª wM wM wM wM º w > @ °½ M ¾ ¦ ® « » ³ ³ w w w w w w > @ w Q Q Q Q M M °¯ ¬ M Q M Q ¼ M Q M M M Q °¿ ¡Âº½À¸·¿ºÑ fh`_l [ulv aZibkZgZ \ fZljbqghc ]^_ ² fZljbpZ jZaf_jghklb u we_f_glu dhlhjhc \uqbkeyxlky ih nhjfmeZf ª wM wM wM wM º I ³ ³ « w w w w » Kbkl_fZ ebg_cguo mjZ\g_gbc I nhjf_ LM ² L ¬ M L M ¼ ² \_dlhj dhfihg_glu dhlhjh]h \u \_dlhj klhe[_p g_ba\_klguo D qbkeyxlky ih nhjfmeZf L ³ ³ M I L J_rb\ ^Zggmx kbkl_fm mjZ\g_gbc hlghkbl_evgh dhwnnbpb_glh\ M ihemqZ _f ijb[eb`_ggmx fbgbfbabjmxsmx nmgdpbx Z agZqbl b ijb[eb`_ggh_ j_r_gb_ aZ^Zqb >bjboe_ I I ¡·ÄÀ¶ÍÄ·ÀÂºº´À¹¾ÅË·¿º» ¡Âº¾·¿·¿º·¾·ÄÀ¶² ÁÀÃ½·¶À´²Ä·½Î¿ÍÇÁÂº³½º¸·¿º» ¼Â·Ê·¿ºÐÀ³Í¼¿À´·¿¿ÍÇ¿·½º¿·»¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» H[km`^_gb_ hkgh\guo b^_c f_lh^h\ l_hjbb \hafms_gbc gZqg_f k jZkkfhl j_gby ijbf_jZ bkihevah\Zgby ^Zggh]h f_lh^Z êy gZoh`^_gby j_r_gby H>M \lhjh]h ihjy^dZ hibku\Zxs__ ^\b`_gb_ g_ebg_cgh]h fZl_fZlbq_kdh]h fZ ylgbdZ [c Z [ E[ I E ² g_dhlhju_ ihklhyggu_ KqblZy qe_g klhysbc \ ijZ\hc qZklb mjZ\g_gby I fZeuf mkeh\b_ dh]^Z ^Zggh_ ijb[eb`_gb_ kijZ\_êb\h fu h[km^bf gb`_ gZc^_f _]h j_ r_gb_ f_lh^hf ihke_^h\Zl_evguo ijb[eb`_gbc G I ]^_ Z ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e ]^_ ZW L j_r_gb_ mjZ\g_gby I Ih^klZ\eyy \ujZ`_gby I I \ mjZ\g_gb_ I ihemqZ_f [c Z [ I c Gc Z G E G E G G G | E G I ihemqZ_f Gc Z G E G I < ijZ\hc qZklb jZ\_gkl\Z I bf__lky qe_g ijhihjpbhgZevguc G[ dh lhjuc m^h[gh ijbkh_^bgblv dh \lhjhfm qe_gm klhys_fm \ ijZ\hc qZklb Ih emqZ_f Gc Z E G E I mjZ\g_gb_ I aZibku\Z_f \ \b^_ LZd dZd I Gc Z E G E Ba mjZ\g_gby I \b^gh qlh mq_l g_ebg_cgh]h qe_gZ ijb\_e d k^\b]m qZklhlu Z o Z Z E$ ihwlhfm ijb gZoh`^_gbb j_r_gby mjZ\g_gby I ke_^m_l kqblZlv qlh aZ\bkbfhklv bf__l \b^ Z I Ih^klZ\eyy \ujZ`_gb_ I \ I ihemqZ_f I G[c Z G[ E$ H Z MjZ\g_gb_ I y\ey_lky mjZ\g_gb_f ]Zjfhgbq_kdh]h hkpbeeylhjZ kh \_jrZxs_]h \ugm`^_ggu_ dhe_[Zgby ih^ ^_ckl\b_f \g_rg_c \ugm`^Zxs_c kbeu E$ H Z Mqblu\Zy qlh [ m^h\e_l\hjy_l mjZ\g_gbx I L L W W L W QZklguc bgl_]jZe g_h^ghjh^gh]h mjZ\g_gby bs_f \ \b^_ ¡Âº½À¸·¿ºÑ I Ih^klZgh\dZ \ujZ`_gby I \ I ^Z_l E$ D Z ke_^h\Zl_evgh qZklguc bgl_]jZe g_h^ghjh^gh]h mjZ\g_gby jZ\_g G[ E$ H Z Z Z h[s__ j_r_gb_ g_h^ghjh^gh]h mjZ\g_gby I bf__l \b^ I G[ $ H Z E$ H Z Z Ih^klZ\eyy \ujZ`_gb_ I \ I b kqblZy qlh ihijZ\dZ d aZ\bkb fhklb p_ebdhf h[mkeh\e_gZ ^_ckl\b_f \g_rg_c \ugm`^Zxs_c kbeu $ hdhgqZl_evgh gZc^_f E$ I [ W $H Z H Z Z Ba \ujZ`_gby I hq_\b^_g djbl_jbc ijbf_gbfhklb f_lh^Z ihke_^h\Z l_evguo ijb[eb`_gbc E E Z Z E G LZW L W L W L W L W L W ³ÍÉ¿²ÑÆÀÂ¾Å½²Ä·ÀÂºº´À¹¾ÅË·¿º» ¶½ÑÂ·Ê·¿ºÑ¿·½º¿·»¿ÍÇ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇÅÂ²´¿·¿º» < wlhf jZa^_e_ ijb\_^_gh jZkkfhlj_gb_ h[uqghc nhjfmeu l_hjbb \hafms_ gbc gZ ijbf_j_ mjZ\g_gby Rj_^bg]_jZ hibku\Zxs_]h h^ghf_jgh_ ^\b`_ gb_ d\Zglh\h f_oZgbq_kdhc qZklbpu \ ihl_gpbZe_ O G \ G[ ª¬ N O8 [ º¼ \ I P ² fZkkZ qZklbpu ² wg_j]by qZklbpu = ² = = ihklhyggZy IeZgdZ \ ² \hegh\Zy nmgdpby d\Zglh\hf_oZgbq_kdhc qZklbpu ]^_ ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e ;m^_f kqblZlv qlh ^\b`_gb_ qZklbpu h]jZgbq_gh \ h[eZklb d [ d / [_kdh g_qgh \ukhdbf ihl_gpbZevguf [Zjv_jhf ijb [ b ijb [ / Z ihl_gpbZe O fh`gh jZkkfZljb\Zlv dZd \hafms_gb_ Ke_^h\Zl_evgh nmgdpby \ ^he`gZ m^h\e_l\hjylv =M \ \ G_\hafms_ggZy jZaj_rbfZy aZ^ZqZ kh^_j`bl l_ `_ kZfu_ =M b khklhbl \ j_ r_gbb mjZ\g_gby M M J_r_gby mjZ\g_gby I lZdh\u M Q Q Q I QS[ Q ² p_eh_ VLQ / / Q NQ mkeh\b_ hjlh]hgZevghklb I § QS · ¨ /¸ © ¹ / ³ MQ [ MP [ G[ GQP Bgl_]jZevgZy nhjfmebjh\dZ mjZ\g_gby I fh`_l [ulv ihemq_gZ k ih fhsvx nmgdpbb =jbgZ y\eyxs_cky j_r_gb_f mjZ\g_gby G \ G[ *N [ [ N *N [ [ G [ [ I b m^h\e_l\hjyxs_c l_f `_ =M qlh b nmgdpby \ [ \ [ / O ³ *N [ [ 8 [ \ [ G[ I LZd dZd nmgdpbb MQ h[jZamxl ihegmx kbkl_fm [Zabkguo nmgdpbc nmgdpbx *N [ [ fh`gh jZaeh`blv \ jy^ ih MQ *N [ [ ¦ $Q MQ [ I Q Ih^klZ\eyy I \ I ihemqZ_f ¦ $Q N NQ MQ [ Q G [ [ I ¡Âº½À¸·¿ºÑ Mfgh`b\ h[_ qZklb jZ\_gkl\Z I gZ MQ [ ijhbgl_]jbjh\Z\ ih h[t_fm b bkihevamy k\hckl\h hjlhghjfbjh\Zgghklb [Zabkguo nmgdpbc ihemqZ_f $Q MQ [ NQ N ke_^h\Zl_evgh M [ MQ [ ¦ Q *N [ [ ² Q I NQ N lj_[m_fh_ jZaeh`_gb_ < h^ghf_jghf kemqZ_ hdZau\Z_lky \hafh`guf aZibkZlv nmgdpbx *N [ [ y\ghf \b^_ \ °VLQ N[ VLQ ª¬ N / [ º¼ [ d [ I ® N VLQ N/ °VLQ N[ VLQ ª¬ N / [ º¼ [ t [ ¯ Ih^klZ\eyy \ bgl_]jZevgh_ mjZ\g_gb_ I jy^ I ihemqZ_f *N [ [ / \ [ O¦ ³ MS [ 8 [ \ [ N N S S MS [ I HdZau\Z_lky m^h[guf \u^_eblv ba jy^Z I qe_g d dhlhjhfm klj_fblky \ dh]^Z O o Imklv wlh [m^_l MQ H[hagZqbf khhl\_lkl\mxs__ \ q_j_a \ Q lZd qlh \ Q oMQ Oo I_j_ibr_f jZaeh`_gb_ nmgdpbb \ [ ke_^mxsbf h[jZahf / \Q [ MQ [ O ¦ S zQ ³ MS [ 8 [ \ [ N N S MS [ I A^_kv nmgdpby \ Q [ ijhghjfbjh\ZgZ lZd qlh[u dhwnnbpb_gl ijb MQ [ [ue jZ\_g _^bgbp_ >ZggZy ijhp_^mjZ \k_]^Z \hafh`gZ l d nmgdpby \ Q [ mfgh`_ggZy gZ ijhba\hevgmx ihklhyggmx ihij_`g_fm hklZ_lky j_r_gb_f ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e mjZ\g_gby I Lj_[h\Zgb_ jZ\_gkl\Z dhwnnbpb_glZ ijb MQ [ ijb\h ^bl d mkeh\bx / N NQ O ³ MQ [ 8 [ \ [ G[ I >ey ijh\_jdb lh]h qlh mkeh\b_ I kh]eZkm_lky k mjZ\g_gbyfb I b I mfgh`bf h[_ qZklb mjZ\g_gby I gZ MQ [ b ijhbgl_]jb jm_f hl ^h / < j_amevlZl_ ihemqbf / ³ MQ G \ G[ / / G[ N ³ \MQ G[ O ³ MQ8 \G[ I I_j\uc qe_g ihemq_ggh]h \ujZ`_gby \uqbkey_lky ^\mdjZlguf bgl_]jbjh\Z gb_f ih qZklyf / ³ MQ G \ G[ G[ MQ G\ G[ / / ³ G MQ G \ G[ G[ G[ § G M / / G M · / G M ¨ \ Q ³ Q \G[ ¸ ³ Q \G[ ¨ G[ ¸ G[ G[ © ¹ <ujZab\ G MQ ihemqZ_f G[ ba mjZ\g_gby I b ih^klZ\b\ \ ij_û^ms__ \ujZ`_gb_ / ³ MQ G \ G[ G[ / NQ ³ \MQ G[ I gh êy \ [ kijZ\_êb\h jZaeh`_gb_ I ih^klZ\eyy dhlhjh_ \ mjZ\g_ gb_ I b bkihevamy mkeh\by hjlh]hgZevghklb hdhgqZl_evgh gZoh^bf / ³ MQ G \ G[ G[ NQ I Ih^klZ\eyy \ujZ`_gb_ I \ I ihemqZ_f mjZ\g_gb_ I L_i_jv fh`gh ijbf_gblv f_lh^ ihke_^h\Zl_evguo ijb[eb`_gbc d mjZ\g_ gbx I b ih^klZ\eyy ihemq_ggu_ j_amevlZlu \ I gZoh^blv ijb [eb`_gby êy \_ebqbgu N AZ gme_\h_ ijb[eb`_gb_ êy \ Q ² \ Q ijbf_f ¡Âº½À¸·¿ºÑ ijbf_f MQ [ ^Ze__ ih^klZ\b\ _]h \ ijZ\mx qZklv mjZ\g_gby I \f_ klh \ [ ihemqbf i_j\h_ ijb[eb`_gb_ \ Q 8 SQ MQ O ¦ Sz Q N N S MS I G[ I ]^_ / ³ M S [ 8 [ MQ [ 8 SQ <lhjh_ ijb[eb`_gb_ \ Q ihemqZ_lky ih^klZgh\dhc \ Q \ mjZ\g_gb_ I \ Q 8 SQ MQ O ¦ Qz S N N S 8 ST8 TQ M S O ¦ ST z Q N N S MS N NT I Ijh^he`Zy hibkZggmx ijhp_^mjm fh`gh ihdZaZlv qlh \ QD 8 SQ MQ O ¦ Qz S N N S ST z Q 8 M N N N N 8 ST8 TU OD ¦ MS N N S ]Q T ] I S <ujZ`_gby I I kh^_j`Zl g_ba\_klgh_ N dhlhjh_ fh`gh hi j_^_eblv ih^klZgh\dhc I \ I N O D ¦ ST z Q NQ O8 QQ O ¦ 8 QS8 SQ S zQ N N S N NT 8 N N N N 8 QS8 ST8 TU8 UV N N S I ]Q U ] MjZ\g_gby I fh`gh j_rZlv f_lh^hf ihke_^h\Zl_evguo ijb[eb`_gbc ?keb h[hagZqblv q_j_a N D D _ ijb[eb`_gb_ lh N NQ O8 QQ ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e N N 8 QS8 SQ NQ O8 QQ O ¦ 8 QS8 SQ NQ O8 QQ O ¦ S zQ 8 QS8 ST8 TS O ¦ S z Q N Q O8 QQ N S N S z Q NQ N S NQ O8 QQ O ¦ NQ N S NQ NT ST z Q 8 QS8 SQ 8 QT8 TQ NQ O8 QQ O N S T z Q NQ NT 8 QS8 ST8 TS ST z Q NQ O8 QQ N S NQ O8 QQ NT 8 QS8 ST8 TU8 UQ STU z Q NQ N S ¦ O ¦ O ¦ NQ NT NQ NU < h[s_f kemqZ_ D N S zQ O ¦ N D N S 8 QS8 ST8 TQ ST z Q ª 8 QS8 SQ NQ O8 QQ O ¦ «N ¬ D D ºª N S » « N ¼¬ º NT » ST z Q NQ N S NQ NT I ¼ 8 N N N N 8 QS8 ST8 TU8 UV OD ¦ Q ]Q U Q ] Khhl\_lkl\mxsb_ bf \hegh\u_ nmgdpbb lZdh\u \ Q \ Q MQ [ O ¦ Qz S N MQ [ O ¦ S zQ N 8 SQ O8 QQ N S 8 SQ N S MS [ M S [ O ¦ ST z Q « 8 ST8 TQ N N S N NT MS [ ¡Âº½À¸·¿ºÑ \ QD 8 SQ NQ O ¦ S zP O ¦ N D N S MS [ 8 QS8 SQ Sz Q § ¨ N © D ·§ N S ¸¨ ¹© N D ST z Q NQ N S NQ NT I MS [ ¹ 8 M [ N N N N 8 QS8 ST8 TU8 UV OD ¦ · NT ¸ ]Q Q U Q ] S <_kvfZ \Z`guf êy ijZdlbq_kdh]h bkihevah\Zgby nhjfme I I y\ey_lky \hijhk h koh^bfhklb \oh^ysbo \ gbo jy^h\ Ijbf_gbl_evgh d jy^Zf \ D gZk bgl_j_km_l koh^bfhklv \ kj_^g_f ª\ [ \ D º Q Q ¼ Dof ¬ OLP êy dhlhjhc lj_[m_lky koh^bfhklv jy^Z ¦ $S khklZ\e_ggh]h ba kmff d\Z^jZlh\ dhwnnbpb_glh\ ijb M S \ jZaeh`_gbb \D ¦ $S M S Fh`gh ihdZaZlv qlh \ l_jfbgZo we_f_glh\ 8 SQ koh^bfhklv \ kj_^g_f êy jy^h\ I [m^_l bf_lv f_klh _keb 8 SQ S of N SH H ! Koh^bfhklv jy^h\ I êy \ D \ kj_^g_f g_ hagZqZ_l koh^bfhklb jy^h\ I êy N D Fh`gh ihdZaZlv qlh êy h[_ki_q_gby koh^bfhklb jy ^h\ I nmgdpby 8 [ ^he`gZ \_klb k_[y ZgZeh]bqgh i_j\hc ijhba\h^ ghc hl ^_evlZnmgdpbb >ey bkihevah\Zgby hibkZggh]h f_lh^Z ijb g_\uihe g_gbb ^Zggh]h mkeh\by ijboh^blky ij_îjbgbfZlv ki_pbZevgu_ f_ju êy memqr_gby koh^bfhklb jy^h\ I k ihfhsvx f_lh^h\ hibkZgguo \ > l @ Nhjfmeu I I I ² I ijbf_gbfu b d mjZ\g_gbyf hlghkbl_evgh nmgdpbc aZ\bkysbo hl g_kdhevdbo i_j_f_gguo GZijbf_j ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e _keb jZkkfZljb\Z_lky ^\b`_gb_ d\Zglh\hc qZklbpu \ lj_of_jghf ihl_gpbZe_ 8 O8 lh \ m^h\e_l\hjy_l mjZ\g_gbx '\ N 8 O8 \ ]^_ g_\hafms_ggZy aZ^ZqZ k lhqguf j_r_gb_f MQ b kh[kl\_gguf agZq_gb_f N Q khklhbl \ j_r_gbb mjZ\g_gby 'MQ NQ 8 MQ >\b`_gby ^\mo qZklbp hibku\Zxlky mjZ\g_gb_f '\ ' \ N 8 O8 \ A^_kv nmgdpby \ aZ\bkbl hl r_klb i_j_f_gguo [ \ ] b [ \ ] H^gZdh dZd \ lj_of_jghf lZd b \ r_klbf_jghf kemqZyo \hafms_gb_ kha^Z_lky qe_ ghf O8 ihwlhfm _^bgkl\_ggh_ baf_g_gb_ dhlhjh_ g_h[oh^bfh \g_klb \ ihemq_ggu_ \ur_ nhjfmeu ² baf_gblv ijZ\beh \uqbke_gby 8 SQ l_i_jv 8 SQ ³ ³ M [ 8 [ [ [ M [ [ [ G[ G[ G[ [ [ 1 1 1 1 ]^_ M ² nmgdpby dhfie_dkgh khijy`_ggZy nmgdpbb M 1 ² qbkeh baf_ j_gbc < l_jfbgZo we_f_glh\ 8 SQ koh^bfhklv jy^Z I \ kj_^g_f bf__l f_klh _keb 8 SQ S of N S 1 H H ! ¡·ÄÀ¶À³Â²Ä¿À»¹²¶²ÉºÂ²ÃÃ·Ñ¿ºÑ F_lh^ h[jZlghc aZ^Zqb jZkk_ygby iha\hey_l gZoh^blv j_r_gby g_dhlhjuo g_ebg_cguo MQI I_j\h_ mjZ\g_gb_ êy dhlhjh]h [ueh gZc^_gh j_r_gb_ ^Zgguf f_lh^hf ² mjZ\g_gb_ Dhj^_\_]Z ^_ NjbkZ D^N XW XX [ X [[[ hibku\Zxs__ jZkijhkljZg_gb_ ih\_joghklguo \heg \ h^ghf gZijZ\e_gbb \ f_edhf dZgZe_ a^_kv ih^ f_edbf dZgZehf ihgbfZ_lky dZgZe ]em[bgZ dhlh jh]h agZqbl_evgh f_gvr_ êbgu \hegu Hkgh\ghc hkh[_gghklvx ^Zggh]h mjZ\g_gby y\ey_lky gZebqb_ j_r_gbc ij_^klZ\eyxsbo kh[hc ehdZebah\Zggh_ ¡Âº½À¸·¿ºÑ \ ijhkljZgkl\_ \hafms_gb_ i_j_f_sZxs__ky k ihklhygghc kdhjhklvx b g_ f_gyxs__ k\hx nhjfm LZdh_ j_r_gb_ ihemqbeh gZa\Zgb_ kheblhg m_^b g_ggZy \hegZ < hkgh\_ ^Zggh]h f_lh^Z e_`bl ij_^klZ\e_gb_ bkke_^m_fh]h g_ebg_cgh]h MQI \ \b^_ mkeh\by kh\f_klbfhklb kbkl_fu ebg_cguo MQI ihemqZ_fuo k ihfhsvx ij_h[jZah\Zgby ;_demg^Z ij_^klZ\eyxs_]h kh[hc kihkh[ aZf_gu i_j_f_gguo GZihfgbf qlh aZf_ghc g_aZ\bkbfuo b aZ\bkbfuo i_j_f_gguo gZau\Z_lky ijhba\hevgh_ ij_h[jZah\Zgb_ \b^Z [c I [ W W c b J [ W \ ) \ [ W AZf_gZ aZ\bkbfuo i_j_f_gguo fh`_l bf_lv [he__ keh`guc \b^ gZijbf_j \ [ ) \ \ [ [ W Hlf_lbf qlh ih^h[gZy aZf_gZ g_ y\ey_lky aZf_ghc i_j_ f_gguo \ iheghf kfuke_ keh\Z l d nmgdpby \ fh`_l [ulv hij_^_e_gZ lhevdh k lhqghklvx ^h ijhba\hevghc nmgdpbb \j_f_gb < ih^h[ghf kemqZ_ \ dZq_kl\_ ij_h[jZah\Zgbc bkihevamxl g_dhlhju_ khhlghr_gby k\yau\Zxsb_ dZd ijhkljZgkl\_ggu_ lZd b \j_f_ggu_ ijhba\h^gu_ Ij_h[jZah\Zgbyfb ;_demg^Z gZau\Zxl aZf_gm i_j_f_gguo \b^Z [W \ * \ \ \ \ [ W \[ ) \ \ \ [ \ [[ W W WW I I Ij_h[jZah\Zgby I I g_ y\eyxlky g_aZ\bkbfufb l d \ [W \ W[ JZkkfhljbf ij_h[jZah\Zgby ;_demg^Z H X[ XW E D \ N EX DH § ¨¨ \ N D \ N EX \ [[ E © · HX\ [ ¸¸ ¹ E I ]^_ H r êy mjZ\g_gbc \ W D\\ [ \ [[[ XW DN X [ EX X [ X [[[ I ¡Âº½À¸·¿º· ¿²½ºÄºÉ·Ã¼º· ¾·ÄÀ¶Í Â·Ê·¿ºÑ ¶ºÆÆ·Â·¿Èº²½Î¿ÍÇ ÅÂ²´¿·¿º»e Mkeh\b_ iheghc bgl_]jbjm_fhklb mjZ\g_gbc I lj_[m_l qlh[u X [W G_keh`gu_ \uqbke_gby k bkihevah\Zgb_f I ihdZau\Zxl qlh XW[ H § ¨¨ DXW E © X [W E § HXD ¨ \ N D \ N EX © ·· X\ [ ¸¸ ¸ \ [[ H ¸ ¹¹ E I YW[ E DH § D ¨ \ [ D \ N EX \ N \ [ \ [[[ E © HX\ [[ H E D \N § E EX ¨ X \ N H © ·· \ [ ¸¸ ¸ ¸ ¹¹ E I KjZ\gb\Zy mjZ\g_gby I b I \b^bf qlh ^Zggu_ mjZ\g_gby h^b gZdh\u _keb nmgdpby \ m^h\e_l\hjy_l mjZ\g_gbx D^N Ij_h[jZah\Zgb_ mjZ\g_gby D^N \ lZdh_ mjZ\g_gb_ êy dhlhjh]h nmgdpby X y\ey_lky j_r_gb _f fh`gh ihemqblv bkdexqb\ ba i_j\h]h mjZ\g_gby I \ b ih^klZ\b\ _]h \h \lhjh_ mjZ\g_gb_ I XW DN X [ EX X [ X [[[ LZdbf h[jZahf ij_h[jZah\Zgby ;_demg^Z ^_ckl\bl_evgh mkljh_gu lZd qlh mjZ\g_gb_ D^N y\ey_lky bo ke_^kl\b_f <_jgh lZd`_ b h[jZlgh_ ² ex[h_ ba mjZ\g_gbc I fh`_l [ulv ihemq_gh ba ^jm]h]h mjZ\g_gby b mjZ\ g_gby D^N I_j\h_ mjZ\g_gb_ I y\ey_lky mjZ\g_gb_f D^N \lhjh_ ² fh^bnbpbjh\Zgguf mjZ\g_gb_f D^N <lhjh_ mjZ\g_gb_ lZd`_ bf__l kheblhggu_ j_r_gby dhlhju_ k\yaZgu k kheblhggufb j_r_gbyfb i_j\h]h mjZ\g_gby ij_h[jZah\Zgbyfb ;_demg^Z I MjZ\g_gby I bf_xl \b^ mjZ\g_gbc JbdZllb hlghkbl_evgh nmgdpbb X DZd ba\_klgh mjZ\g_gby JbdZllb fh]ml [ulv ebg_Zjbah\Zgu k ihfhsvx ih^klZgh\db OhinZ²DhmeZ M[ I X H E M \u[hj fgh`bl_ey H E h[_ki_qb\Z_l bkq_agh\_gb_ d\Z^jZlbqgh]h qe_gZ \ i_j\hf mjZ\g_gbb I ¡Âº½À¸·¿ºÑ Ih^klZ\b\ I \ i_j\h_ mjZ\g_gb_ I b kqblZy H ihemqZ_f · §M w § M[ · [[ § M [ · ¸ ¨ ¨ ¸ w[ ¨© E M ¸¹ E ¨ M ¨© M ¸¹ ¸ © ¹ § § · · ¨ D \ N E¨ M[ ¸ ¸ ¨ E M¸ ¸ E ¨ © ¹ ¹ © hldm^Z jZaj_rb\ ihemq_ggh_ mjZ\g_gb_ hlghkbl_evgh M [[ gZoh^bf M [[ D \M DN I M Ih^klZ\eyy \ujZ`_gb_ I \h \lhjh_ mjZ\g_gb_ I b ihklmiZy ih ZgZeh]bb k ij_û^msbf kemqZ_f ihemqZ_f M*[ M [* I ]^_ * { MW D \ [M D \ N M [ Bgl_]jbjmy I gZc^_f MW D D \ N M [ §¨ I N W \ [ ·¸ M © ¹ I :gZeba mjZ\g_gby I ihdZau\Z_l qlh ^Zggh_ mjZ\g_gb_ y\ey_lky mjZ\ g_gb_f Rj_^bg]_jZ hibku\Zxs_]h jZkk_ygb_ d\Zglh\hc qZklbpu gZ ihl_g pbZe_ \ o Ij_îheZ]Zy qlh OLP \ [ [m^_f bkdZlv j_r_gb_ ^Zggh]h [orf mjZ\g_gby Mr [ N \ \b^_ iZ^Zxsbo b hljZ`_gguo \heg bf_xsbo \ ij_^_ e_ [ o rf ke_^mxsb_ Zkbfilhlbdb OLP HLN[ M [ N OLP HLN[ M [ N [of [of < f_lh^_ h[jZlghc aZ^Zqb jZkk_ygby gZ[hj j_r_gbc M N [ M N [ M N [ M N [ ]^_ hagZqZ_l dhfie_dkgh_ khijy`_gb_ b gZau\Z_lky j_r_gbyfb ChklZ Ih^klZgh\dhc \ mjZ\g_gb_ I e_]dh m[_^blvky \ lhf qlh wlh mjZ\g_gb_ wd\b\Ze_glgh ke_^mxsbf bgl_]jZevguf mjZ\g_gbyf [ M [ N H LN[ N ³ \ \ VLQ ª¬ N \ [ ¼ºM [ N G\ M [ N H LN[ N ³ \ \ VLQ ¬ª N \ [ ¼ºM [ N G\ f [ f I I MjZ\g_gb_ lbiZ I I gZau\Z_lky bgl_]jZevguf mjZ\g_gb_f FZjq_gdh Hq_\b^gh fgh`_kl\h j_r_gbc M [ N M [ N beb M [ N M [ N y\ey_lky [Zabkhf jZkkfZljb\Z_fh]h nmgdpbhgZevgh]h ijhkljZgkl\Z ihwlhfm nmgdpbx M [ N fh`gh aZibkZlv \ \b^_ jZaeh`_gby ih [Zabkguf nmgdpb ^ ` yf M M M [ N D N M [ N E N M [ N I ]^_ D N LN\ ³ \ \ H M N \ G\ LN f E N f f ³ \ \ H M N \ G\ LN\ LN f I <ujZ`_gby I I iha\heyxl hij_^_eblv fZljbpm jZkk_ygby 6 N § 7 N ¨ © 5 N 5 N · 7 N ¸ ¹ I ]^_ 7 N ² D N I E N D N I dhwnnbpb_glu ijhoh`^_gby 5 N ² 7 N 5 N dhwnnbpb_glu hljZ`_gby Hlf_lbf i_j\h_ hkgh\hiheZ]Zxs__ h[klhyl_evkl\h f_lh^Z h[jZlghc aZ^Zqb jZkk_ygby kms_kl\m_l h^ghagZqgh_ khhl\_lkl\b_ f_`^m ^Zggufb jZkk_ygby k nhjfhc ihl_gpbZeZ jZkk_ygby \ [ W Ih^ ^Zggufb jZkk_ygby ihgbfZ_lky fZljbpZ 6 N êy \_s_kl\_gguo agZq_gbc N b gZ[hj ghjfbjh\hqguo ihklh ygguo b hljbpZl_evguo kh[kl\_gguo agZq_gbc wg_j]bb ^bkdj_lgh]h ki_dljZ khhl\_lkl\mxsbo fgbfuf agZq_gbyf N Ke_^h\Zl_evgh ih gZqZevghfm agZ q_gbx nmgdpbb \ [ W fh`gh hij_^_eblv ^Zggu_ jZkk_ygby ?keb m^Zklky k\yaZlv aZdhg w\hexpbb ^Zgguo jZkk_ygby k w\hexpb_c ihl_gpbZeZ \ [ W m^h\e_l\hjyxsbo mjZ\g_gbx D^N lh k ihfhsvx bgl_]jZevguo mjZ\g_ gbc I I ih ^Zgguf jZkk_ygby fh`gh \hkklZgh\blv \ ex[hc fhf_gl \j_f_gb ihl_gpbZe \ [ W j_rb\ l_f kZfuf aZ^Zqm Dhrb êy mjZ\ g_gby D^N <lhjh_ hkgh\hiheZ]Zxs__ h[klhyl_evkl\h f_lh^Z h[jZlghc aZ^Zqb jZkk_ygby khklhbl \ lhf êy k_f_ckl\Z mjZ\g_gbc k\yaZgguo k mjZ\g_gb_f D^N jZa ebqgufb ij_h[jZah\Zgbyfb ;wdemg^Z ^Zggu_ jZkk_ygby m^h\e_l\hjyxl eb g_cguf >M H^gZdh ihemq_gb_ ^Zgguo mjZ\g_gbc kf gZijbf_j :[jZfh \bp F Kb]mj O Khblhgu b f_lh^ h[jZlghc aZ^Zqb ² F Fbj hdZau\Z_lky \_kvfZ keh`guf b \uoh^bl aZ jZfdb gZr_c dgb]b < aZdexq_gb_ ijb\_^_f ko_fm beexkljbjmxsmx h[smx b^_x f_lh^Z h[jZlghc aZ^Zqb jZkk_ygby jbk I Jbk I Ko_fZ f_lh^Z h[jZlghc aZ^Zqb jZkk_ygby KjZ\g_gb_ jbk I b jbk I h[gZjm`b\Z_l bo ijbgpbibZevgh_ koh^kl\h >Zggh_ h[klhyl_evkl\h g_ kemqZcgh l d hkgh\ghc ihôh^ f_lh^Z h[jZlghc aZ^Zqb jZkk_ygby \h fgh]hf koh` k f_lh^hf bgl_]jZevguo ij_h[jZah\Zgbc ¡Âº½À¸·¿º· ÁºÃ²¿º·¼À¾Á²¼Ä¶ºÃ¼² DhfiZdl^bkd ijbeZ]Z_fuc d dgb]_ kh^_j`bl X ãÒ°ÒÓÒ m Áº¯äÈË 0DWKFDG ÁÓ}Ò® m°Ë² Ò°ãËÓÓ©² äËººm º¹Ò X °ÈÓÓ©² m }ÓÒË ªãË}¯ºÓÓ©Ë äËºÒË°}ÒË äÈË¯ÒÈã© } m©¹ºãÓËÓÒ ãÈº¯Èº¯Ó©² ¯È º m}ã È« mÈ¯ÒÈÓ© ÏÈÈÓÒ® } ãÈº¯Èº¯Ó©ä ¯ÈºÈä ¹¯ÈmÒãÈ ºÁº¯äãËÓÒ« ãÈº¯Èº¯Ó©² ¯Èº Ò ¹¯ÒäË¯© ¯ËËÓÒ« ÏÈÈ m°¯ºËÓÓ© äÒ ÁÓ}Ò«äÒ 0DWKFDG <_kv dhfiZdl^bkd hnhjfe_g dZd we_dljhggZy :HEkljZgbpZ ihwlhfm êy hldjulby gm`gh]h nZceZ \Zf g_ ijb^_lky ljZlblv \j_fy gZ _]h ihbkd \ lhc beb bghc iZid_ ^hklZlhqgh ijhklh ke_^h\Zlv ]bi_jkkuedZf dZd ijb gZ\b]Z pbb \ Bgl_jg_l_ >ey jZ[hlu k ^bkdhf g_h[oh^bfh ijhklh aZimklblv nZce LQGH[KWP gZoh^ysbcky \ iZid_ Qbke_ggu_ f_lhû k 0DWKFDG Dhjj_dlgZy jZ[hlZ k dhfiZdl^bkdhf ]ZjZglbjm_lky ijb mkeh\bb qlh gZ \Z r_f dhfivxl_j_ mklZgh\e_g ,QWHUQHW ([SORUHU \_jkbb b \ur_ Z lZd`_ fZ l_fZlbq_kdbc iZd_l 0DWKFDG < kemqZ_ _keb ih dZdbflh ijbqbgZf gZijbf_j \ kbem hlkmlkl\by lj_[m_fhc \_jkbb [jZma_jZ Bgl_jg_lZ nZce LQGH[KWP g_ aZimkdZ_lky gZ \Zr_f dhfivx l_j_ \u fh`_l_ gZclb g_h[oh^bfmx bgnhjfZpbx \ khhl\_lkl\mxsbo iZidZo KljmdlmjZ dhfiZdl^bkdZ X N <ZjbZglu aZ^Zgbc Ebklbg]b ijh]jZff d eZ[hjZlhjguf jZ[hlZf ¡Âº½À¸·¿ºÑ Ebklbg]b ijh]jZff d e_dpbyf Ijbf_ju hnhjfe_gby eZ[hjZlhjguo jZ[hl J_r_gb_ aZ^Zq \kljh_ggufb nmgdpbyfb WlZ b gb`_i_j_qbke_ggu_ iZidb kh^_j`Zl kem`_[gmx bg nhjfZpbx b nZceu \kihfh]Zl_evgh]h oZjZdl_jZ N N N N N N ºÄ·Â²ÄÅÂ² 0$7+&$' 3/86 NbgZgkh\u_ bg`_g_jgu_ b gZmqgu_ jZkq_lu \ kj_^_ :LQGRZV F BgnhjfZpbhgghba^Zl_evkdbc ^hf Nbebgt :fhkh\ : : >m[bgkdbc X : Dhiq_gh\Z G < <uqbkebl_evgu_ f_lh û êy bg`_g_jh\ F <ukrZy rdheZ ;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lhû F EZ[hjZlhjby ;Zah\uo AgZgbc ;Zo\Zeh\ G K EZibg : < Qb`hgdh\ ? < Qbke_ggu_ f_lhû \ aZ^Z qZo b mijZ`g_gbyo F <ukrZy rdheZ <Zkbev_\ N I Qbke_ggu_ f_lhû j_r_gby wdklj_fZevguo aZ^Zq F GZmdZ <_j`[bpdbc < F Qbke_ggu_ f_lhû Ebg_cgZy Ze]_[jZ b g_ebg_cgu_ mjZ\g_gby Mq_[ ihkh[b_ êy \mah\ F <ukrZy rdheZ <_j`[bpdbc < F Qbke_ggu_ f_lhû FZl_fZlbq_kdbc ZgZeba b h[ud gh\_ggu_ ^bnn_j_gpbZevgu_ mjZ\g_gby F <ukrZy rdheZ <hjh[v_\Z = G >Zgbeh\Z : G IjZdlbdmf ih \uqbkebl_evghc fZl_fZ lbd_ Mq_[ ihkh[b_ êy l_ogbdmfh\ _ ba^ i_j_jZ[ b ^hi ² F <ukrZy rdheZ >_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb F NbafZlebl >_fb^h\bq ; I FZjhg B : Rm\Zeh\Z W A Qbke_ggu_ f_lhû ZgZeb aZ Ijb[eb`_gb_ nmgdpbc ^bnn_j_gpbZevgu_ mjZ\g_gby F GZmdZ >vydhgh\ < I :[jZf_gdh\Z B < 0DWK&$' \ fZl_fZlbd_ \ nbabd_ b \ ,QWHUQHW F Gheb^` >vydhgh\ < I KijZ\hqgbd ih 0DWK&$' 3/86 352 F &. Ij_kk >vydhgh\ < I KijZ\hqgbd ih 0DWK&$' 3/86 352 F &. Ij_kk >wggbk >` RgZ[_ev J Qbke_ggu_ f_lhû [_amkeh\ghc hilbfbaZpbb b j_r_gby g_ebg_cguo mjZ\g_gbc F Fbj ºÄ·Â²ÄÅÂ´ AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I L_ogbdZ \uqbke_gbc b Ze]hjblfbaZpby F Ijhk\_s_gb_ AZ\Zjudbg < F @blhfbjkdbc < = EZiqbd F I Qbke_ggu_ f_lh û F Ijhk\_s_gb_ DhkZj_\ < B e_dpbc ih \uqbkebl_evghc fZl_fZlbd_ \\h^guc dmjk Mq_[ ihkh[b_ êy \mah\ F Ba^\h FNLB EZ[hjZlhjguc ijZdlbdmf ih dmjkm Hkgh\u \uqbkebl_evghc fZl_fZlb db F FA Ij_kk EZiqbd F I <uqbke_gby :e]hjblfbaZpby Ijh]jZffbjh\Zgb_ F Ijhk\_s_gb_ E_kgbg < < Ebkh\_p X I Hkgh\u f_lh^h\ hilbfbaZpbb F Ba^ \h F:B Gha^jbg B G Kl_iZg_gdh B F Dhklxd I D IjbdeZ^gu_ aZ^Zqb ih \ukr_c fZl_fZlbd_ Db_\ <bsZ rdheZ Hjl_]Z >` Ime M <\_^_gb_ \ qbke_ggu_ f_lhû j_r_gby ^bnn_j_gpb Zevguo mjZ\g_gbc F GZmdZ Hqdh\ < N 0DWK&DG 3UR êy klm^_glh\ b bg`_g_jh\ F Dhfivx l_jIj_kk Hqdh\ < N 0DWKFDG 3UR êy klm^_glh\ b bg`_g_jh\ F Dhfivx l_jIj_kk Iebk : B Keb\bgZ G : 0DWK&$' FZl_fZlbq_kdbc ijZdlbdmf êy wdhghfbklh\ b bg`_g_jh\ Mq_[ ihkh[b_ F NbgZgku b klZlb klbdZ Ihjrg_\ K < F_lh^bdZ bkihevah\Zgby iZd_lZ 0DWKFDG êy bamq_gby bl_jZpbhgguo f_lh^h\ j_r_gby djZ_\uo aZ^Zq ^\mf_jguo weebilbq_ kdbo mjZ\g_gbc <uqbkebl_evgu_ f_lhû b ijh]jZffbjh\Zgb_ L JZa^_e K ² Bgl_jg_l `mjgZe KWWSQXPPHWKVUFFPVXVX Imevdbg K I <uqbkebl_evgZy fZl_fZlbdZ F Ijhk\_s_gb_ Imevdbg K I L_hjby b ijZdlbdZ \uqbke_gbc F Ijhk\_s_gb_ KZfZjkdbc : : <\_^_gb_ \ qbke_ggu_ f_lhû F GZmdZ KZfZjkdbc : : <Z[bs_\bq I G KZfZjkdZy ? : AZ^Zqb b mijZ`g_gby ih qbke_gguf f_lh^Zf Mq_[ ihkh[b_ F W^blhjbZe MJKK L_cehj >` <\_^_gb_ \ l_hjbx hrb[hd F Fbj Obff_ev[Zm > IjbdeZ^gh_ g_ebg_cgh_ ijh]jZffbjh\Zgb_ F Fbj R_e_kl : ? FbdjhdZevdmeylhju \ nbabd_ F GZmdZ Rbdbg ? < Iebk : B Djb\u_ b ih\_joghklb gZ wdjZg_ dhfivxl_jZ Jm dh\h^kl\h ih kieZcgZf êy ihevah\Zl_e_c F >B:EH=FBNB ¡Â·¶¾·Ä¿Í»Å¼²¹²Ä·½Î {ÈÓË¯äºÓÈ º¹¯ËËãÒËã ~ÈÈÈ kËã« iÒ¯Ò²ãË zºÒ b¯äÈÛÒmÒãã« jÓË¯¹ºãÒ¯ºmÈÓÒË jÓË¯¹ºã«Ò« ãÒÓË®ÓÈ« jË¯ÈÒºÓÓÈ« ¹º°ãËºmÈËãÓº° zºÓËÓº¯ÈÏÓº°ÓÈ« È°ÓÈ« ¹¯ºÒÏmºÓÈ« zºÓ°ÈÓÈ ¯ÈÏËãËÓÒ« ¹Ë¯ËäËÓÓ©² zº¯ËÓ ¯ÈmÓËÓÒ« }¯ÈÓ©® ¹¯º°º® z¯ÒmÈ« ÒÓË¯ÈãÓÈ« ÁÈÏºmÈ« Ò¹ÒÈ }ºÓ°ÈÓÈ °ãºmÒË lÈ¯ÒÈ ¯Ë²ÒÈºÓÈãÓÈ« lËº mÈ¯ÒÈÒÒ ¹º°º«ÓÓ©² ¯ÈÒËÓÓ©® ¯ÈÓÒ iªmÒºÓÈnãËË¯ÈÈªããÈ }mÈ¯È¯Ó©® }ºÓËÓ©² °ää ÓÈÒ°}º¯Ë®Ëº °¹°}È º¹ÒäÒÏÈÒÒ ¹Ë¯ËäËÓÓº® äË¯Ò}Ò Ò}È¯È ¹º}ºº¯ÒÓÈÓ©² ÒË¯ÈÒ® ¹¯«äºº ¹ºÒ°}È cÒÈ °Ë}Ò² °ãÈ®Ó©² ãÎÈÓÒ® w®ãË¯È w®ãË¯ÈÛzºÒ lË¯Ò}È sË¹ºmÒÎÓÈ« º}È |¹¯ËËãÒËã n¯ËºãäÈ |¯ººÓÈãÓ©Ë ÁÓ}ÒÒ |¯ºÓº¯äÒ¯ºmÈÓÓ©® ÈÏÒ° |º¯ÈÎËÓÒË °ÎÒäÈ ËË ¡ º¯ËÓº° È°ºã ÓÈ« m©Ò°ãÒËãÓÈ« äËºÈ ÓË°¯ÈÓÒäÈ« ºÓº°ÒËãÓÈ« º°ÈÓºm}È tº¹ÁÈÛzºãÈ ºãË ÓÈ¹¯ÈmãËÓÒ® º°ãËºmÈËãÓº° ÁÓÈäËÓÈãÓÈ« ¯Ëº¯ÈÏºmÈÓÒË rË}ãÓÈ ÒÓË¯ÈãÓºË ¯ÒÓÒ¹ cÓË ¯ºÒÏmºÓÈ« ÁÓ}ÒÒ ¯º°¯ÈÓ°mº äË¯ÒË°}ºË ¹ºãÓºË ¢ cËËÓÒË qº°È c« ª®ãº¯È £ vÒä¹°ºÓÈ Áº¯äãÈ vÒ°ËäÈ ãÒÓË®Ó©² ¯ÈmÓËÓÒ® ÒË¯ÈÒºÓÓ©Ë äËº© ¯ËËÓÒ« ¹¯«ä©Ë äËº© ¯ËËÓÒ« vÒ°ËäÈ ¯ÈmÓËÓÒ® Óº¯äÈãÓÈ« vºãÒºÓ v¹ãÈ®Ó v²ËäÈ z¯ÈÓ}ÈÛsÒ}ºã°ºÓÈ ¤ Ëº¯ËäÈ Ò}È¯È ¥ ÏËã ÒÓË¯¹ºã«ÒÒ ¯ÈmÓËÓÒË ÈãË¯ÈÒË°}ºË {ºãË¯¯© ÒÓË¯ÈãÓºË zº¯ËmËÈ Ë n¯Ò°È lÈ¯ËÓ}º cÒ}ÈÒ ¯ÈÓ°ËÓËÓÓºË n¯ËºãäÈ ¦ nÓ}Ò« ¯ÒÓÈ iÒ¯È}È ¹Ë¯ÒºÒË°}È« °º°mËÓÓÈ« tÈÓ}Ëã« tËmÒ°È®È n¯Ë ©°¯ºË ¹¯Ëº¯ÈÏºmÈÓÒË Ò°}¯ËÓºË ¹¯Ëº¯ÈÏºmÈÓÒË

ChisMeth Mathcad

Разделы

Поддержка

ChisMeth Mathcad

Добавить этот документ в коллекции

Добавить этот документ в сохраненные

Предложите, как улучшить StudyLib