Writing for Professional Development
2015, Writing for Professional Development
https://doi.org/10.1163/9789004264830visibility
…
description
25 pages
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Book Chapter
Computer-Supported Collaborative Writing for Professional
Development
ORTOLEVA, Giulia, BETRANCOURT, Mireille
Reference
ORTOLEVA, Giulia, BETRANCOURT, Mireille. Computer-Supported Collaborative Writing for
Professional Development. In: G. Ortoleva, M. Bétrancourt & S. Billett. Writing for
Professional Development. Leiden/Boston : Brill, 2016.
DOI : 10.1163/9789004264830
Available at:
http://archive-ouverte.unige.ch/unige:92486
Disclaimer: layout of this document may differ from the published version.
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إؘاأؔ؛ؖማማ
ƺƸƻǀƿƣƽᅟǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ Ƥƺƽ
ƽƺƤƣƾƾƫƺƹƞƶ ƣǁƣƶƺƻƸƣƹƿ
ƽǀƹƹƫƹƨ ƩƣƞƢƶƫƹƣ ƞƟƟƽƣǁƫƞƿƣƢᄕ ƻƶƣƞƾƣ ơƩƣơƴ
ƞƵơ ƩƹƢƩƳƳƢ ǾƻƹƞƵƠƶƼƹƻ
ƩƼƳƩƞ ƹƻƶƳƢƽƞ
ƻƶƣƞƾƣ ơƩƣơƴ ƧƬƽƾƿ ƹƞƸƣ
ƻƶƣƞƾƣ ơƩƣơƴ ƧƬƽƾƿ ƹƞƸƣ
ᇳ
ƺƸƻǀƿƣƽᅟǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ
ƺƸƻǀƿƣƽƾ Ʃƞǁƣ ƟƣơƺƸƣ ƻƽƣǁƞƶƣƹƿ ƫƹ Ƹƺƾƿ ƻƽƺƤƣƾƾƫƺƹƞƶ ƞơƿƫǁƫƿƫƣƾᄕ ƞƾ ƿƩƣDŽ ƞƽƣ
ǀƾƣƢ ǂƫƿƩ ƢƫƦƤƣƽƣƹƿ ƞƫƸƾᄕ ƤƽƺƸ ƿƩƣ ƞƢƸƫƹƫƾƿƽƞƿƫƺƹ ƺƤ ǂƺƽƴ ƿƺ ƿƩƣ ƻƣƽƤƺƽƸƞƹơƣ
ƺƤ ơƺƽƣ ƻƽƺƤƣƾƾƫƺƹƞƶ ƺƻƣƽƞƿƫƺƹƾᄕ ƾǀơƩ ƞƾ ƿƽƺǀƟƶƣƾƩƺƺƿƫƹƨ ƫƹ ơƞƽ ƸƣơƩƞƹƫơƾ ƺƽ
ơƺƸƻǀƿƣƽᅟƞƾƾƫƾƿƣƢ ƾǀƽƨƣƽDŽᄙ ƽƺƤƣƾƾƫƺƹƞƶ ǂƽƫƿƫƹƨᄕ ƫƹ ƻƞƽƿƫơǀƶƞƽᄕ ƺơơǀƽƾ ƸƞƫƹƶDŽ ƺƹ
ơƺƸƻǀƿƣƽƾ ƞƹƢ ƫƾ ƹƺ ƶƺƹƨƣƽ ƽƣƾƿƽƫơƿƣƢ ƿƺ ƾƣơƽƣƿƞƽƫƞƶ ǂƺƽƴᄙ ƺǂƣǁƣƽᄕ ǁƺơƞƿƫƺƹƞƶ
ƣƢǀơƞƿƫƺƹƞƶ ƻƽƺƨƽƞƸƸƣƾ ƽƞƽƣƶDŽ ƺƦƤƣƽ ƢƣƢƫơƞƿƣƢ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ǂƽƫƿƫƹƨ
ơƶƞƾƾƣƾ ƫƹ ƿƩƣ ƾơƩƺƺƶ ƺƽ ƿƽƞƫƹƫƹƨ ƻƶƞơƣᄕ ƞƾ ǂƞƾ ƫƢƣƹƿƫƧƬƣƢ ƫƹ ƞ ƶƞƽƨƣ ƾǀƽǁƣDŽ
ƣǃƞƸƫƹƫƹƨ ƿƩƣ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ ǁƺơƞƿƫƺƹƞƶ ƣƢǀơƞƿƫƺƹƞƶ ƿƽƞƫƹƫƹƨ ƫƹ ᇵᇳ ǀƽƺƻƣƞƹ
ơƺǀƹƿƽƫƣƾ ᄬƣƾƾƞƽƫƹƨ ѵ ƞƹƹƞƹᄕ ᇴᇲᇲᇶᄭᄙ ƣƿᄕ ƿƩƣ ƿƽƞƫƹƣƣƾ ƞƽƣ ƞƾƴƣƢ ƿƺ ƻƽƣƻƞƽƣ
ƻƽƫƹƿƣƢ ƻƽƺưƣơƿ ƽƣƻƺƽƿƾᄙ Ʃƣ ơƺƸƻǀƿƣƽ ƫƾᄕ ƿƩǀƾᄕ ơƺƹƾƫƢƣƽƣƢ ƞƾ ƞ Ƹƣƽƣ ƻƽƺƢǀơƿƫƺƹ
ƿƺƺƶ ƫƹ ǂƩƫơƩ ƫƿƾ ƞƦƤƺƽƢƞƹơƣƾ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ǂƽƫƿƫƹƨ ƞƽƣ ƶƞƽƨƣƶDŽ ƫƨƹƺƽƣƢᄙ ƹ
ƞƢƢƫƿƫƺƹᄕ ơƺƸƻǀƿƣƽƾ ƞƹƢ Ƣƫƨƫƿƞƶ ƿƣơƩƹƺƶƺƨDŽ Ƹƺƽƣ ƨƣƹƣƽƞƶƶDŽᄕ ƞƶƾƺ ƴƹƺǂƹ ƞƾ اؖ
ᄬƫƹƤƺƽƸƞƿƫƺƹ ƞƹƢ ơƺƸƸǀƹƫơƞƿƫƺƹ ƿƣơƩƹƺƶƺƨDŽᄭᄕ ƺƦƤƣƽ ƨƽƣƞƿ ƻƺƿƣƹƿƫƞƶ Ƥƺƽ Ƣƣƣƻ
ƶƣƞƽƹƫƹƨ ƞƹƢ ƫƹƹƺǁƞƿƫƺƹ ƫƹ ƿƣƞơƩƫƹƨ ᄬƺƶƣƹƢƞᄕ ᇴᇲᇲᇹᄭᄕ ƻƽƺǁƫƢƣƢ ƿƩƞƿ ƿƩƣDŽ ƞƽƣ
ǀƾƣƢ ƫƹ ƞƹ ƫƹƾƿƽǀơƿƫƺƹƞƶƶDŽ ƽƣƶƣǁƞƹƿ ǂƞDŽ ᄬƫᄙƣᄙᄕ ƫƹ ƞơơƺƽƢƞƹơƣ ǂƫƿƩ ơƺƨƹƫƿƫǁƣᄕ
ƫƹƾƿƽǀơƿƫƺƹƞƶᄕ ƞƹƢ ƾƺơƫƞƶ ơƺƹƾƿƽƞƫƹƿƾᄭᄙ
Ʃƫƾ ơƩƞƻƿƣƽ ƻƽƣƾƣƹƿƾ ƞƹ ƺǁƣƽǁƫƣǂ Ʃƺǂ ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ơƞƹ Ɵƣ ǀƾƣƢ
ƿƺ Ƥƞơƫƶƫƿƞƿƣ ƞƹƢ ƾǀƻƻƺƽƿ ƫƹƢƫǁƫƢǀƞƶ ƞƹƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƤƽƺƸ ƿƩƣ ƻƣƽᅟ
ƾƻƣơƿƫǁƣ ƺƤ Ƥƺƾƿƣƽƫƹƨ ƶƣƞƽƹƫƹƨ ƞƹƢ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄙ Ʃƣ ƧƬƽƾƿ ƾƣơƿƫƺƹ
ƫƢƣƹƿƫƧƬƣƾ ƿƩƣ Ƥǀƹơƿƫƺƹƾ ƞƹƢ ƞƦƤƺƽƢƞƹơƣƾ ƺƦƤƣƽƣƢ ƟDŽ ƿƣơƩƹƺƶƺƨDŽ ƿƺ ƾǀƻƻƺƽƿ ƢƫƤᅟ
Ƥƣƽƣƹƿ ƞƾƻƣơƿƾ ƺƤ ƿƩƣ ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿDŽᄙ ƻƣơƫƞƶ ƞƿƿƣƹƿƫƺƹ ƫƾ ƨƫǁƣƹ ƿƺ ƿƺƺƶƾ ƺƽƫƣƹƿƣƢ
ƿƺǂƞƽƢƾ ơƺƶƶƞƟƺƽƞƿƫƺƹ ᄬƣᄙƨᄙᄕ ǂƫƴƫƾᄕ Ɵƶƺƨƾᄕ ƣƻƺƽƿƤƺƶƫƺƾᄕ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ƞƽƨǀᅟ
Ƹƣƹƿƞƿƫƺƹᄭᄕ ǂƩƫơƩ ƞƽƣ ơƺƹƾƫƢƣƽƣƢ ƻƞƽƿƫơǀƶƞƽƶDŽ ƽƣƶƣǁƞƹƿ ƿƺ ƻƽƺƸƺƿƫƹƨ ƿƩƣ ƾƺơƫƞƶ
ƞƹƢ ơƺƨƹƫƿƫǁƣ ƻƽƺơƣƾƾƣƾ ǀƹƢƣƽƶDŽƫƹƨ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄙ ƺƶƶƞƟƺƽƞƿƫǁƣ
ƞơƿƫǁƫƿƫƣƾ ơƞƹ ơƺƹƿƽƫƟǀƿƣ ƿƺ ƿƩƣ ƟǀƫƶƢƫƹƨ ƺƤ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣ ᄬƣƹƨƣƽᄕ
ᇴᇲᇲᇲᄭᄕ ƻƞƽƿƫơǀƶƞƽƶDŽ ƫƹƥƷǀƣƹƿƫƞƶ ƫƹ ƿƩƣ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ ƶƣƞƽƹƣƽƾᄕ ƞƾ
ǂƣƶƶ ƞƾ ƿƺ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƴƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨᄕ ǂƩƣƽƣ ƶƣƞƽƹƣƽƾ ơƺᅟơƺƹƾƿƽǀơƿ ƿƩƣƫƽ
ƴƹƺǂƶƣƢƨƣ ᄬơƞƽƢƞƸƞƶƫƞ ѵ ƣƽƣƫƿƣƽᄕ ᇴᇲᇲᇸᄭᄙ Ʃƣ ƾƣơƺƹƢ ƾƣơƿƫƺƹ ƻƽƺǁƫƢƣƾ ƣǃƞƸᅟ
ƻƶƣƾ ƺƤ ƾƿǀƢƫƣƾ ƫƹǁƺƶǁƫƹƨ ƿǂƺ ƿDŽƻƣƾ ƺƤ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ
ᇙ ةء ؟؟إؕ ؘ؞؝؟؞ءءآ؞ᄕ ءؘؘؗ؟ᄕ ሜሚማሠ ᄩ آؗᄘ ማሚᄙማማሠምᄧሣሡሢሣሚሚሞሜሠሞሢምሚᇇሚማሜ
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ሜማሚ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƞơƿƫǁƫƿƫƣƾᄕ ƺƽƫƣƹƿƣƢ ƽƣƾƻƣơƿƫǁƣƶDŽ ƿƺǂƞƽƢƾᄕ ƧƬƽƾƿƶDŽᄕ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƻƽƺƢǀơƿƫƺƹ ƞƹƢᄕ
ƾƣơƺƹƢƶDŽᄕ ƞƾDŽƹơƩƽƺƹƺǀƾ Ƣƫƾơǀƾƾƫƺƹƾᄕ ƫƹ ƿǂƺ Ƣƫƾƿƫƹơƿ ƢƺƸƞƫƹƾᄘ ƫᄭ ƿƣƞơƩƣƽ ƣƢǀᅟ
ơƞƿƫƺƹ ƞƹƢ ƫƫᄭ ƩƣƞƶƿƩᄙ Ʃƣ ơƩƞƻƿƣƽ ơƺƹơƶǀƢƣƾ ǂƫƿƩ ƞ Ƣƫƾơǀƾƾƫƺƹ ƺƤ ƿƩƣ ƻƺƿƣƹƿƫƞƶ
ƟƣƹƣƧƬƿƾ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƺƹ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƫƹ ƿƣƽƸƾ ƺƤ ƾƺơƫƞƶ
ƞƹƢ ƫƹƢƫǁƫƢǀƞƶ ƴƹƺǂƶƣƢƨƣ ơƺƹƾƿƽǀơƿƫƺƹ ƞƹƢ ƻƽƺǁƫƢƣƾ ƽƣơƺƸƸƣƹƢƞƿƫƺƹƾ Ƥƺƽ ƿƩƣ
ƫƸƻƶƣƸƣƹƿƞƿƫƺƹ ƺƤ ƻƽƺƢǀơƿƫǁƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƫƹƾƿƽǀơƿƫƺƹƞƶ ƞơƿƫǁƫƿƫƣƾᄙ
ᇴ
ƺƸƻǀƿƣƽ ǀƻƻƺƽƿ Ƥƺƽ ƹƢƫǁƫƢǀƞƶ ƞƹƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ
ƺƽ Ƹƺƽƣ ƿƩƞƹ ᇵᇲ DŽƣƞƽƾᄕ ƿƩƣ ƽƺƶƣ ƞƹƢ ƫƸƻƞơƿ ƺƤ ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ƺƹ ƶƣƞƽƹᅟ
ƫƹƨ Ʃƞǁƣ Ɵƣƣƹ ƣǃƿƣƹƾƫǁƣƶDŽ ƾƿǀƢƫƣƢ ƤƽƺƸ Ƹǀƶƿƫƻƶƣ ƻƣƽƾƻƣơƿƫǁƣƾᄕ ƣƶƫơƫƿƫƹƨ ƶƫǁƣƶDŽ
ƢƣƟƞƿƣƾ ᄬƣᄙƨᄙᄕ ƿƩƣ ƸƣƢƫƞ ƢƣƟƞƿƣᄘ ƶƞƽƴᄕ ᇴᇲᇲᇳᄭᄙ Ʃƣ ơǀƽƽƣƹƿ ǁƫƣǂ ƫƾ ƿƺ ơƺƹƾƫƢƣƽ
ƿƩƞƿ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾ ƾƩƺǀƶƢ Ɵƣ ƽƣƨƞƽƢƣƢ ƞƾ ơƺƸƻƶƣǃ ƾDŽƾƿƣƸƾ ƽƞƿƩƣƽ ƿƩƞƹ
ƞ ᅸơƺƶƶƣơƿƫƺƹ ƺƤ ǁƞƽƫƞƟƶƣƾ ƿƩƞƿ ơƞƹ Ɵƣ ƾƿǀƢƫƣƢ ƺƹƣ ƟDŽ ƺƹƣᅺ ᄬƞƶƺƸƺƹᄕ ᇴᇲᇲᇸᄕ
ƻᄙ ᇴᇷᇺᄭᄙ ƽƺƸ ƿƩƫƾ ƻƣƽƾƻƣơƿƫǁƣᄕ ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ƫƾ ơƺƹƾƫƢƣƽƣƢ ƞƾ ƺƹƣ ơƺƸᅟ
ƻƺƹƣƹƿ ƺƤ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾ ƿƩƞƿ ƞƽƣ ƹƣơƣƾƾƞƽƫƶDŽ ƶƫƹƴƣƢ ǂƫƿƩ ƺƿƩƣƽ ơƺƸᅟ
ƻƺƹƣƹƿƾᄕ ƶƫƴƣ ƿƩƣ ƿDŽƻƣ ƺƤ ƫƹƾƿƽǀơƿƫƺƹƞƶ ƞơƿƫǁƫƿƫƣƾ ƺƽ ƿƩƣ ƿDŽƻƣ ƺƤ ƫƹƿƣƽƞơƿƫƺƹƾ
Ɵƣƿǂƣƣƹ ƻƣƣƽƾ ƞƹƢ ǂƫƿƩ ƿƩƣ ƿƣƞơƩƣƽᄕ ǂƩƣƿƩƣƽ ƿƩƣƾƣ ƞƽƣ ƢƣƿƣƽƸƫƹƣƢ ƟDŽ ƿƩƣ
ơƩƞƽƞơƿƣƽƫƾƿƫơƾ ƺƤ ƿƩƣ ƿƣơƩƹƺƶƺƨDŽ ƺƽ ƟDŽ ƫƹƾƿƽǀơƿƫƺƹƞƶ Ƣƣơƫƾƫƺƹƾ ᄬƺǂDŽơƴ ѵ ƶƣƹᄕ
ᇴᇲᇲᇵᄭᄙ ƾ ƺǀƣƿ ᄬᇴᇲᇲᇻᄭ ƾƿƞƿƣƢ ƫƹ ƿƩƣ ƢƺƸƞƫƹ ƺƤ ƢƺơǀƸƣƹƿᅟƟƞƾƣƢ ƶƣƞƽƹƫƹƨᄕ ƶƣƞƽƹᅟ
ƣƽƾ ƿƣƹƢ ƿƺ Ƥƺơǀƾ ƺƹ ƿƩƣ ƣƹǁƫƽƺƹƸƣƹƿƞƶ ƞƦƤƺƽƢƞƹơƣƾ ǂƩƫơƩ ƞƽƣ Ƹƺƾƿ ơƺƸƻƞƿƫƟƶƣ
ǂƫƿƩ ƿƩƣƫƽ ƶƣƞƽƹƫƹƨ ƺƟưƣơƿƫǁƣᄕ ƞƾ ƿƩƣDŽ ƻƣƽơƣƫǁƣ ƫƿᄙ ƺƹǁƣƽƾƣƶDŽᄕ ƿƣơƩƹƺƶƺƨDŽ ơƞƹ
ƻƽƺǁƫƢƣ ƞƦƤƺƽƢƞƹơƣƾ ƿƩƞƿ ƻƽƺƸƻƿᄕ Ƥƞơƫƶƫƿƞƿƣᄕ ƺƽ ƣǁƣƹ ơƺƹƾƿƽƞƫƹ ƶƣƞƽƹƣƽƾᅷ ƞơƿƫǁƫƿDŽᄕ
ƾƺ ƿƩƞƿ ƫƿ ƫƾ ƫƸƻƺƽƿƞƹƿ ƿƩƞƿ ƶƣƞƽƹƫƹƨ ƺƟưƣơƿƫǁƣƾᄕ ƿƩƣ ƫƹƾƿƽǀơƿƫƺƹƞƶ ƸƣƿƩƺƢᄕ ƞƹƢ
ƿƩƣ ơƩƺƾƣƹ ơƺƸƻǀƿƣƽ ƾǀƻƻƺƽƿ ƞƽƣ ǂƣƶƶ ƞƶƫƨƹƣƢ ᄬƣƣǁƣƾᄕ ᇴᇲᇲᇸᄭᄙ ƹ ǂƩƞƿ Ƥƺƶƶƺǂƾᄕ
ǂƣ ƢƣƾơƽƫƟƣ ƿƣơƩƹƺƶƺƨDŽ ƞƦƤƺƽƢƞƹơƣƾ Ƥƺƽ ƫƹƢƫǁƫƢǀƞƶ ƞƹƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨᄙ
ᇴᄙᇳ
ƼƵƠƻƩƶƵƺ ƶƣ ƶƴƷƼƻƢƹ ƢƠƨƵƶƳƶƧǀ ƞƵơ ƹƩƻƩƵƧ ƹƶƠƢƺƺƢƺ
Ʃƣ ƽƣƞƾƺƹƾ ǂƩDŽ ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ Ʃƞƾ ƟƣơƺƸƣ ƸƞƹƢƞƿƺƽDŽ ƫƹ ƞƶƸƺƾƿ ƞƶƶ
ƞƽƣƞƾ ƺƤ ƸƺƢƣƽƹ ƶƫƤƣ ƽƣƾƫƢƣ ƫƹ Ƥƺǀƽ ơƩƞƽƞơƿƣƽƫƾƿƫơƾ ᄬȅƿƽƞƹơƺǀƽƿᄕ ᇴᇲᇲᇹᄭ ƿƩƞƿ
ƣƼǀƞƶƶDŽ ƞƻƻƶDŽ ƿƺ ǂƽƫƿƫƹƨ ƿƣơƩƹƺƶƺƨDŽᄙ Ʃƣ ƧƬƽƾƿ ƫƾ ơǀƵƞƴƩƠ ƺƻƶƹƞƧƢᄘ ơƺƸƻǀƿƣƽ
ƿƣơƩƹƺƶƺƨDŽ ƻƽƺǁƫƢƣƾ ƞ ǂƞDŽ ƺƤ ƾƿƺƽƫƹƨ ǂƽƫƿƿƣƹ ƻƽƺƢǀơƿƫƺƹƾ ƿƺ ƞơơƣƾƾ ƞƹƢ ƽƣǀƾƣ
ƿƩƣƸ ƶƞƿƣƽᄙ ƣǃƿ ƣƢƫƿƺƽƾ ƺƤ ƞƶƶ ƴƫƹƢƾ ƣƹƞƟƶƣ ǂƽƫƿƫƹƨ ƞƹƢ ƽƣǂƽƫƿƫƹƨᄕ ƞƾ ǂƣƶƶ ƞƾ ƿƩƣ
ƽƣǀƾƣ ƺƤ ƻƽƣǁƫƺǀƾƶDŽ ǂƽƫƿƿƣƹ ƿƣǃƿᄕ ƤƽƺƸ ƺƹƣᅷƾ ơƺƸƻǀƿƣƽ ƺƽ ƿƩƽƺǀƨƩ ƿƩƣ ƹƿƣƽƹƣƿᄙ
ƣơƺƹƢᄕ ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ƺƦƤƣƽƾ ƞƼƻƶƴƞƻƩƠ ƷƹƶƠƢƺƺƩƵƧ ƺƤ ƶƞƽƨƣ ƞƸƺǀƹƿƾ ƺƤ
Ƣƞƿƞ ƼǀƫơƴƶDŽ ƞƹƢ ƽƣƶƫƞƟƶDŽᄙ Ʃƞƿ ƫƾ ƿƩƣ ǁƣƽDŽ ƻǀƽƻƺƾƣ Ƥƺƽ ǂƩƫơƩ ơƺƸƻǀƿƣƽƾ ǂƣƽƣ
ƫƹǁƣƹƿƣƢ ƫƹ ƿƩƣ ƧƬƽƾƿ ƻƶƞơƣᄙ ƽƣƾƣƹƿƶDŽᄕ ƞǀƿƺƸƞƿƫơ ƻƽƺơƣƾƾƫƹƨ ƞƶƶƺǂƾ Ƥƺƽ ƫƹƿƣƽƞơƿƫǁᅟ
ƫƿDŽ ƞƹƢ ƫƸƸƣƢƫƞƿƣ ƤƣƣƢƟƞơƴᄕ Ƥƺƽ ƣǃƞƸƻƶƣᄕ ƫƹ ƾƻƣƶƶƫƹƨ Ƥǀƹơƿƫƺƹƞƶƫƿƫƣƾ ƫƹ ƿƣǃƿ ƣƢƫᅟ
ƿƺƽƾᄙ ǀơƩ Ƥǀƹơƿƫƺƹƞƶƫƿƫƣƾ ƻƽƺǁƫƢƣ ƞƹ ƣǃƿƣƹƾƫƺƹ ƺƤ ƩǀƸƞƹ ơƞƻƞƟƫƶƫƿƫƣƾ ƿƩƽƺǀƨƩ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜማማ
ƿƩƣ ƻƺƾƾƫƟƫƶƫƿDŽ ƿƺ ƞƶƶƺơƞƿƣ ƾƺƸƣ ƿƞƾƴƾ ƿƺ ƿƩƣ ơƺƸƻǀƿƣƽ ᄬƞƶƺƸƺƹᄕ ᇳᇻᇻᇵᄭᄙ ƿƩƫƽƢ
Ƥǀƹơƿƫƺƹ ƫƾ ƿƩƣ ƻƺƾƾƫƟƫƶƫƿDŽ ƿƺ ƫƹƿƣƨƽƞƿƣ ƸǀƶƿƫƸƣƢƫƞ ƫƹƤƺƽƸƞƿƫƺƹᄕ ƶƣƞƢƫƹƨ ƿƺ ƞ
ơƩƞƹƨƣ ƫƹ ƿƩƣ ƣǃƻƣơƿƞƿƫƺƹƾ ƿƺǂƞƽƢƾ ƻƽƺƤƣƾƾƫƺƹƞƶ ƺƽ ƞơƞƢƣƸƫơ ƢƺơǀƸƣƹƿƾ ᄬƾƣƣ
ƽƣǀƣƽᄕ ƣǂƸƞƹᄕ ѵ ƣǂƸƞƹᄕ ƿƩƫƾ ǁƺƶǀƸƣᄭᄙ ǀƶƿƫƸƣƢƫƞ ƣƹƽƫơƩƸƣƹƿ ƽƞƹƨƣƾ
ƤƽƺƸ ƿƩƣ ƻƽƣƾƣƹơƣ ƺƤ ƞƢǁƞƹơƣƢ ƨƽƞƻƩƫơƾ ƫƹ ƻƽƫƹƿƣƢ ƽƣƻƺƽƿƾ ᄬƾƣƣ ƽƞƹƿᄕ ƿƩƫƾ ǁƺƶᅟ
ǀƸƣᄭ ƿƺ ƿƩƣ ƫƹƾƣƽƿƫƺƹ ƺƤ ǁƫƢƣƺ ƞƹƢ ƾƺǀƹƢᄕ ǀƻ ƿƺ ƟƣơƺƸƫƹƨ ƿƩƣ Ƹƞƫƹ ƾƺǀƽơƣ ƺƤ
ƫƹƤƺƽƸƞƿƫƺƹ ƫƹ ƺƹƶƫƹƣ ƻƽƣƾƾᄕ Ƥƺƽ ƣǃƞƸƻƶƣᄙ ƣDŽƺƹƢ ƞƣƾƿƩƣƿƫơƞƶ Ƥǀƹơƿƫƺƹƾᄕ ơƺƸᅟ
ƻǀƿƣƽƾ ƣƹƞƟƶƣ ƸǀƶƿƫƸƣƢƫƞ ƞƹƢ ƢDŽƹƞƸƫơ ƽƣƻƽƣƾƣƹƿƞƿƫƺƹ ƺƤ ƴƹƺǂƶƣƢƨƣᄕ ƻƺƾƾƫᅟ
ƟƶDŽ Ƥƞơƫƶƫƿƞƿƫƹƨ ơƺƨƹƫƿƫǁƣ ƥƷƣǃƫƟƫƶƫƿDŽ ƞƹƢ ơƺƹơƣƻƿǀƞƶ ơƩƞƹƨƣ ᄬƺƹƞƾƾƣƹᄕ ᇴᇲᇲᇸᄭᄙ
ƫƹƞƶƶDŽᄕ ƿƩƣ ƤƺǀƽƿƩ Ƥǀƹơƿƫƺƹᄕ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƿƩƣ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ ƿƩƣ ƫƹƿƣƽƹƣƿ
ƞƹƢ ǂƣƟ ƾƣƽǁƫơƣƾᄕ ƫƾ ƿƩƣ ƻƺƾƾƫƟƫƶƫƿDŽ Ƥƺƽ ǀƾƣƽƾ ƿƺ ơƺƶƶƞƟƺƽƞƿƣ ƞƹƢ ơƺƸƸǀƹƫơƞƿƣ
ƞơƽƺƾƾ ƾƻƞơƣ ƞƹƢ ƿƫƸƣᄙ ƹ ƿƩƣ ƶƞƾƿ ƿǂƺ ƢƣơƞƢƣƾᄕ ƿƩƣƽƣ Ʃƞƾ Ɵƣƣƹ ƞƹ ƣǃƿƽƞƺƽƢƫƹƞƽDŽ
ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ ƹƿƣƽƹƣƿ ƾƣƽǁƫơƣƾ ƫƹǁƺƶǁƫƹƨ ǂƽƫƿƫƹƨ Ƥƺƽ Ƥƞơƫƶƫƿƞƿƫƹƨ ơƺƸƸǀƹƫᅟ
ơƞƿƫƺƹ ᄬƣƸƞƫƶᄕ ƤƺƽǀƸᄕ ơƩƞƿᄕ ƫƹƾƿƞƹƿ Ƹƣƾƾƞƨƫƹƨᄭ ƺƽ Ƥƺƽ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƻƽƺƢǀơƿƫƺƹƾ
ƞƿ ƞ Ƣƫƾƿƞƹơƣ ᄬǂƫƴƫƾᄕ ƨƺƺƨƶƣƢƺơƾᄕ ơƺƹƿƣƹƿ ƸƞƹƞƨƣƸƣƹƿ ƾDŽƾƿƣƸƾᄭᄙ ƿ ƸƞDŽ Ɵƣ ǀƾƣᅟ
Ƥǀƶ Ʃƣƽƣ ƿƺ ƟƽƫƣƥƷDŽ ƫƹƿƽƺƢǀơƣ ƿƩƣ Ƣƫƾƿƫƹơƿƫƺƹ Ɵƣƿǂƣƣƹ ᅸƿƽƞƢƫƿƫƺƹƞƶᅺ ƣƟ ᄬƣƟ ᇳᄙᇲᄭ
ƞƹƢ ƫƿƾ Ƹƺƽƣ ƽƣơƣƹƿ ƢƣǁƣƶƺƻƸƣƹƿᄕ ǀƾǀƞƶƶDŽ ƽƣƤƣƽƽƣƢ ƿƺ ƞƾ ƣƟ ᇴᄙᇲ ƺƽ ƾƺơƫƞƶ ƸƣƢƫƞᄙ
Ʃƣ ƧƬƽƾƿ ƺƹƣ ƻƽƺǁƫƢƣƾ ǀƾƣƽƾ ǂƫƿƩ ƿƩƣ ƺƻƻƺƽƿǀƹƫƿDŽ ƺƤ ƞơơƣƾƾƫƹƨ ƞ ƶƞƽƨƣ ƞƸƺǀƹƿ
ƺƤ ƫƹƤƺƽƸƞƿƫƺƹᄙ Ƥ ơƺǀƽƾƣᄕ ƫƹƿƣƽƹƣƿ ǀƾƣƽƾ ƺƤ ƿƽƞƢƫƿƫƺƹƞƶ ǂƣƟ ƾƣƽǁƫơƣƾ ơƞƹ ƞƶƾƺ
ơƽƣƞƿƣ ǂƣƟ ƻƞƨƣƾ ƺƤ ƿƩƣƫƽ ƺǂƹᄕ Ɵǀƿ ƿƩƣDŽ ƽƣƸƞƫƹ ƾƿƞƿƫơ ƞƹƢ ƫƹƢƫǁƫƢǀƞƶᄕ ǂƩƫơƩ
Ƣƺƣƾ ƹƺƿ ƽƣƞƶƶDŽ ƻƽƺǁƫƢƣ ƺƻƻƺƽƿǀƹƫƿƫƣƾ Ƥƺƽ Ƣƫƽƣơƿ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƞƹƢ ơƺƸƸǀƹƫᅟ
ơƞƿƫƺƹ Ɵƣƿǂƣƣƹ ƿƩƣ ƽƣƞƢƣƽ ƞƹƢ ƿƩƣ ƫƹƤƺƽƸƞƿƫƺƹ ƻƽƺǁƫƢƣƽᄙ ƹ ƿƩƣ ƺƿƩƣƽ ƩƞƹƢᄕ
ƣƟ ᇴᄙᇲ ƫƾ ƟƞƾƣƢ ƺƹ ƿƩƣ ƫƢƣƞ ƺƤ ƻƽƺǁƫƢƫƹƨ ƿƩƣ ƺƻƻƺƽƿǀƹƫƿDŽ ƿƺ ƢƫƽƣơƿƶDŽ ơƺƶƶƞƟƺƽƞƿƣ
ƞƹƢ ƾƩƞƽƣ ƫƹƤƺƽƸƞƿƫƺƹ ƺƹƶƫƹƣᄕ ƿƽƞƹƾƤƺƽƸƫƹƨ ƿƩƣ ƾƿƞƿƫơ ǂƣƟ ƫƹ ƞ Ƹƺƽƣ ƢDŽƹƞƸƫơᄕ
ơƺƶƶƣơƿƫǁƣ ƣƹǁƫƽƺƹƸƣƹƿᄙ ƹ ƣƟ ᇴᄙᇲ ƣƹǁƫƽƺƹƸƣƹƿƾᄕ ƿƩƣ ơƺƹƿƣƹƿ ƫƾ ƫƹ ƻƽƫƹơƫƻƶƣ
ƹƺƿ ƨƫǁƣƹ ƞ ƻƽƫƺƽƫᄕ Ɵǀƿ ơƺᅟơƺƹƾƿƽǀơƿƣƢ ƞƹƢ ƹƣƨƺƿƫƞƿƣƢ Ɵƣƿǂƣƣƹ ƿƩƣ ƻƞƽƿƫơƫƻƞƹƿƾᄙ
ƞƽƿƫơǀƶƞƽƶDŽ ƫƹƿƣƽƣƾƿƫƹƨᄕ ƫƹ ƿƩƣ ƻƣƽƾƻƣơƿƫǁƣ ƺƤ ƿƩƣ ǀƾƣ ƺƤ ǂƽƫƿƫƹƨ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ
ƢƣǁƣƶƺƻƸƣƹƿᄕ ƞƽƣ ƿƩƣ ƞƦƤƺƽƢƞƹơƣƾ ƺƤ ƣƟ ᇴᄙᇲ Ƥƺƽ ƻƽƺƸƺƿƫƹƨ ƿƩƣ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ
ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣᄕ ƞƾ ǂƣƶƶ ƞƾ ƾǀƻƻƺƽƿƫƹƨ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƴƹƺǂƶƣƢƨƣ ƟǀƫƶƢᅟ
ƫƹƨ ƞơƿƫǁƫƿƫƣƾᄙ
ƾ ǂƽƫƿƫƹƨ ƿƺƺƶƾ ơƩƞƹƨƣƢ ơƺƹƾƫƢƣƽƞƟƶDŽ ƫƹ ƿƩƣ ƶƞƾƿ ƿǂƺ ƢƣơƞƢƣƾᄕ ƫƿ ƫƾ ƶƣƨƫƿƫᅟ
Ƹƞƿƣ ƿƺ ơƶƞƫƸ ƿƩƞƿ ƿƩƫƾ ƿƽƞƹƾƤƺƽƸƞƿƫƺƹ ƞƶƾƺ ƩƞƢ ƞƹ ƫƸƻƞơƿ ƺƹ ƿƩƣ ơƺƨƹƫƿƫǁƣ
ƻƽƺơƣƾƾƣƾ ƫƹǁƺƶǁƣƢ ƫƹ ƿƩƣ ƢƫƦƤƣƽƣƹƿ ƻƩƞƾƣƾ ƺƤ ǂƽƫƿƫƹƨᄙ ƾǀƟƾƿƞƹƿƫƞƶ ƟƺƢDŽ ƺƤ
ƽƣƾƣƞƽơƩ ơƺƹƢǀơƿƣƢ ƫƹ ƿƩƣ ƣƞƽƶDŽ ƿƫƸƣƾ ƺƤ ƿƣǃƿ ƣƢƫƿƺƽƾ ƣǃƻƣƽƫƸƣƹƿƞƶƶDŽ ƫƹǁƣƾƿƫᅟ
ƨƞƿƣƢ ƿƩƣ ƫƸƻƞơƿ ƿƩƣDŽ Ʃƞǁƣ ƺƹ ǂƽƫƿƫƹƨ ƻƽƺơƣƾƾƣƾ ᄬƣᄙƨᄙ ƣƾƻƣơƫƞƶƶDŽ ƻƶƞƹƹƫƹƨ ƞƹƢ
ƽƣǁƫƾƫƺƹᄭ ƞƹƢ ƿƣǃƿ ƼǀƞƶƫƿDŽᄕ ƞƾ ơƺƸƻƞƽƣƢ ƿƺ ƻƞƻƣƽ ƞƹƢ ƻƣƹơƫƶᄙ Ʃƣ ƽƣƾǀƶƿƾ ǂƣƽƣ
ƺƤƿƣƹ ƫƹơƺƹơƶǀƾƫǁƣ ᄬƫƺƶƞƿᄕ ᇳᇻᇻᇳᄭᄕ ƶƞƽƨƣƶDŽ ƢƣƻƣƹƢƫƹƨ ƺƹ ơƺƹƿƣǃƿǀƞƶ ƻƞƽƞƸƣƿƣƽƾ
ᄬƣᄙƨᄙ ƿDŽƻƣ ƺƤ ƿƞƾƴᄕ ƻƞƽƿƫơƫƻƞƹƿƾᅷ ǂƽƫƿƫƹƨ ƾƴƫƶƶƾᄕ Ƥǀƹơƿƫƺƹƞƶƫƿƫƣƾ ƻƽƺǁƫƢƣƢᄭᄙ ƫƸƫƶƞƽ
ƽƣƾǀƶƿƾ ƣƸƣƽƨƣƢ ƤƽƺƸ ƿƩƣ ƽƣƾƣƞƽơƩ ƣǃƻƶƺƽƫƹƨ ƿƩƣ ƫƸƻƞơƿ ƺƤ ƿƩƣ ǀƾƣ ƺƤ ǂƺƽƢ ƻƽƺᅟ
ơƣƾƾƫƹƨ ƺƹ ƾƿǀƢƣƹƿƾᅷ ƽƣǁƫƾƫƹƨ ƻƽƺơƣƾƾƣƾ ǂƫƿƩ ƶƣƞƽƹƫƹƨ ƢƣƧƬơƫƿƾ ᄬƣᄙƨᄙ ƞơƽƿƩǀƽ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜማሜ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ѵ ƽƞƩƞƸᄕ ᇳᇻᇺᇹᄭᄙ ǁƣƹ ƿƩƺǀƨƩ ƿƩƫƾ ƟƺƢDŽ ƺƤ ƽƣƾƣƞƽơƩ ƢƫƢ ƹƺƿ ƢƣƸƺƹƾƿƽƞƿƣ ƿƩƞƿ
ƿƩƣ ƞƦƤƺƽƢƞƹơƣƾ ƺƤ ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨƫƣƾ ƩƞƢ ƞƹ ƫƸƻƞơƿ ƺƹ ƿƩƣ Ɵƞƾƫơ ơƺƨƹƫᅟ
ƿƫǁƣ ƻƽƺơƣƾƾƣƾ ǀƹƢƣƽƶDŽƫƹƨ ǂƽƫƿƫƹƨᄕ ƫƿ ƫƾ ƫƸƻƺƽƿƞƹƿ ƿƺ ƻƺƫƹƿ ƺǀƿ ƿƩƞƿ ƿƩƣƾƣ ƾƿǀƢƫƣƾ
ǂƣƽƣ ơƺƹƢǀơƿƣƢ ƫƹ ƣǃƻƣƽƫƸƣƹƿƞƶ ơƺƹƢƫƿƫƺƹƾᄕ ƺǁƣƽ ǁƣƽDŽ ƾƩƺƽƿ ƿƫƸƣᄕ ƞƹƢ ơƺǀƶƢ
ƹƺƿ ơƞƻƿǀƽƣ ƿƩƣ ƽƣƞƶƫƿDŽ ƺƤ ƞǀƿƩƣƹƿƫơᄕ ƶƺƹƨᅟƶƞƾƿƫƹƨ ǂƽƫƿƫƹƨ ƻƽƺƢǀơƿƫƺƹ ᄬƣƾƾǀƾᄕ
ᇴᇲᇲᇳᄭᄙ ǀƽƿƩƣƽƸƺƽƣᄕ ƶƫƴƣƶDŽ ƿƩƣƾƣ ƿƣơƩƹƺƶƺƨƫƣƾ ƸƺƢƫƤDŽ ƿƩƣ ƺǁƣƽƞƶƶ ǂƽƫƿƫƹƨ ƞơƿƫǁᅟ
ƫƿDŽᄕ ƣƾƻƣơƫƞƶƶDŽ ƫƹ ƿƣƽƸƾ ƺƤ ƫƹƤƺƽƸƞƿƫƺƹ ƾƣƣƴƫƹƨ ƞƹƢ ƽƣǀƾƣ ƺƤ ƻƽƣǁƫƺǀƾ ǂƽƫƿƫƹƨᄙ
ƣơƣƹƿ ƾƿǀƢƫƣƾᄕ Ƥƺƽ ƣǃƞƸƻƶƣ ƣƫưƿƣƹᄕ ǁƞƹ ƞƣƾᄕ ơƩƽƫǁƣƽ ƞƹƢ ƞDŽƣƾ ᄬᇴᇲᇳᇶᄭ ƤƺǀƹƢ
ƿƩƞƿ ƻƽƺƤƣƾƾƫƺƹƞƶƾ ƾƻƣƹƢ Ƹƺƽƣ ƿƫƸƣ ƫƹ ơƺƹƾǀƶƿƫƹƨ Ƹǀƶƿƫƻƶƣ ƾƺǀƽơƣƾ ᄬƤƽƺƸ ƿƩƣƫƽ
ƺǂƹ ƞƹƢ ƺƿƩƣƽƾᅷ ƻƽƺƢǀơƿƫƺƹᄭ ƿƩƞƹ ƫƹ ǂƽƫƿƫƹƨ ƻƣƽ ƾƣᄙ ƹƺƿƩƣƽ ơƺƹƾƣƼǀƣƹơƣ ƺƤ
ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ƿƣǃƿ ƣƢƫƿƫƺƹ ƫƾ ƿƩƣ ơƺƹƾƫƢƣƽƞƟƶƣ ƫƹơƽƣƞƾƣ ƫƹ ƿƩƣ ƹǀƸƟƣƽ ƺƤ
Ɵƺƺƴƾ ƿƩƞƿ ƞƽƣ ƻǀƟƶƫƾƩƣƢ ƣǁƣƽDŽ DŽƣƞƽᄙ ƺƽ ƣǃƞƸƻƶƣᄕ ƹƨƟƣƽƨ ƞƹƢ ƩƫƻƸƞƹ ᄬᇴᇲᇳᇶᄭ
ƣƾƿƫƸƞƿƣ ƿƩƞƿ ƿƩƣ ƹǀƸƟƣƽ ƺƤ ơƩƫƶƢƽƣƹ ƞƹƢ DŽƺǀƹƨ ƞƢǀƶƿƾ Ɵƺƺƴƾ ƻǀƟƶƫƾƩƣƢ ƣƞơƩ
DŽƣƞƽ Ʃƞƾ ƫƹơƽƣƞƾƣƢ ƿƣƹƤƺƶƢ ƾƫƹơƣ ƿƩƣ ƣƞƽƶDŽ ᇳᇻᇻᇲƾᄙ
ƹ ƶƣƞƽƹƫƹƨ ơƺƹƿƣǃƿƾᄕ ƿƣơƩƹƺƶƺƨDŽ ƺƦƤƣƽƾ ƹƣǂ ǂƞDŽƾ ƺƤ ƽƣƻƽƣƾƣƹƿƫƹƨ ƫƹƤƺƽƸƞᅟ
ƿƫƺƹᄕ ƶƫƴƣ ƢDŽƹƞƸƫơ ƸƺƢƣƶƶƫƹƨᄕ ƸǀƶƿƫƸƣƢƫƞ ƞƹƢ ƩDŽƻƣƽƸƣƢƫƞ ƽƣƻƽƣƾƣƹƿƞƿƫƺƹƾᄕ
ƺƽ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƣƢƫƿƫƹƨᄕ ǂƩƫơƩ ƣƹƞƟƶƣ ƹƣǂ ƿDŽƻƣƾ ƺƤ ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿƫƣƾ ƿƩƞƿ
ƞƽƣ ƾǀƻƻƺƾƣƢ ƿƺ ƾǀƻƻƺƽƿ ơƺƨƹƫƿƫǁƣ ƥƷƣǃƫƟƫƶƫƿDŽ ƞƹƢ ƻƽƺƸƺƿƣ ơƺƹơƣƻƿǀƞƶ ơƩƞƹƨƣ
ᄬƺƹƞƾƾƣƹᄕ ᇴᇲᇲᇸᄭᄙ
ᇴᄙᇴ
ƶƳƳƞƟƶƹƞƻƩƽƢ ƹƩƻƩƵƧ ƞƵơ ƹƶƣƢƺƺƩƶƵƞƳ ƹƞƩƵƩƵƧ
ƾ ƸƣƹƿƫƺƹƣƢ ƞƟƺǁƣᄕ ƺƹƣ ƺƤ ƿƩƣ Ƹƺƾƿ ƫƸƻƺƽƿƞƹƿ ƞƦƤƺƽƢƞƹơƣƾ ƺƤ ƿƣơƩƹƺƶƺƨDŽ ƺǁƣƽ
ƿƩƣ ǂƽƫƿƫƹƨ ƻƽƺơƣƾƾ ơƺƸƣƾ ƤƽƺƸ ƿƩƣ ƻƺƾƾƫƟƫƶƫƿDŽ ƿƺ ƾƩƞƽƣᄕ ƿƺ ǂƽƫƿƣ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽᄕ
ƞƹƢ ƿƺ Ƣƫƾơǀƾƾ ƿƩƽƺǀƨƩ ƣƟ ƾƣƽǁƫơƣƾᄙ Ʃƣƾƣ Ƥǀƹơƿƫƺƹƞƶƫƿƫƣƾ ƞƽƣ ǂƫƢƣƶDŽ ǀƾƣƢ
ƫƹ ǂƺƽƴƻƶƞơƣƾ ƫƹǁƺƶǁƫƹƨ ƢƫƾƿƽƫƟǀƿƣƢ ƶƺơƞƿƫƺƹƾ ƞƹƢ ƿƞƾƴ ƾƩƞƽƫƹƨᄙ ƹ ƣƢǀơƞƿƫƺƹᄕ
ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ƾǀƻƻƺƽƿƫƹƨ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƫƾ ơƺƹƾƫƢƣƽƣƢ ƟDŽ ƿƩƣ ƿƣƹƞƹƿƾ ƺƤ
ƿƩƣ ƧƬƣƶƢ ƺƤ ƺƸƻǀƿƣƽᅟǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƣƞƽƹƫƹƨ ᄬ؟ؖئؖᄭ ƞƾ ƿƩƣ Ƹƺƾƿ
ƻƽƺƸƫƾƫƹƨ ƫƹƹƺǁƞƿƫƺƹ ƺƤ ƿƩƣ ƶƞƾƿ Ƥƣǂ ƢƣơƞƢƣƾ ƿƺ ƫƸƻƽƺǁƣ ƿƣƞơƩƫƹƨ ƞƹƢ ƶƣƞƽƹƫƹƨ
ᄬƣƩƿƫƹƣƹᄕ ᇴᇲᇲᇵᄭᄙ DŽ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƿƣơƩƹƺƶƺƨDŽᄕ ǂƣ ƽƣƤƣƽ ƿƺ ƾDŽƾƿƣƸƾ ƿƩƞƿ ƞƽƣ
ƻƽƫƸƞƽƫƶDŽ ƢƣƾƫƨƹƣƢ ƿƺ ƣƹƞƟƶƣ ƺƽ ƾǀƻƻƺƽƿ ƫƹƿƣƽƞơƿƫƺƹƾ Ɵƣƿǂƣƣƹ ƶƣƞƽƹƣƽƾᄙ
ƣǁƣƽƞƶ ƿƩƣƺƽƫƣƾ Ʃƞǁƣ ƣƸƻƩƞƾƫƾƣƢ ƿƩƣ ƟƣƹƣƧƬƿ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƾƫƿǀƞƿƫƺƹƾ Ƥƺƽ
ƶƣƞƽƹƫƹƨᄙ ƫƽƾƿᄕ ǂƩƣƹ ǂƺƽƴƫƹƨ ǂƫƿƩ ƺƿƩƣƽƾᄕ ƶƣƞƽƹƣƽƾ Ʃƞǁƣ ƿƺ ƣǃƻƽƣƾƾ ƿƩƣƫƽ ƫƢƣƞƾ
ơƶƣƞƽƶDŽᄕ ƞƹƢ ƿƩƫƾ ƻƽƺơƣƾƾ ƣƹơƺǀƽƞƨƣƾ ƿƩƣƸ ƿƺ ƾƿƽǀơƿǀƽƣ ƿƩƣƫƽ ƴƹƺǂƶƣƢƨƣ ƞƹƢ
Ƣƣƣƻ ƿƩƫƹƴƫƹƨ ᄬƾƣƶƤᅟƣǃƻƶƞƹƞƿƫƺƹ ƣƦƤƣơƿᄕ Ʃƫ ƣƿ ƞƶᄙᄕ ᇳᇻᇺᇻᄭᄙ ƣơƺƹƢᄕ ƣƹƨƞƨƫƹƨ ƶƣƞƽƹᅟ
ƣƽƾ ƫƹ ƾƩƞƽƫƹƨ ƞƹƢ ơƺƸƻƞƽƫƹƨ ƿƩƣƫƽ ǀƹƢƣƽƾƿƞƹƢƫƹƨ ƺƤ ơƺƸƻƶƣǃ ƾƫƿǀƞƿƫƺƹƾ ƣƶƫơƫƿƾ
ƾƺơƫƺᅟơƺƨƹƫƿƫǁƣ ơƺƹƥƷƫơƿƾᄕ ƞƽƫƾƫƹƨ ǂƩƣƹ ƾƿǀƢƣƹƿƾ Ƣƫǁƣƽƨƣ ƫƹ ƿƩƣƫƽ ǀƹƢƣƽƾƿƞƹƢᅟ
ƫƹƨ ᄬƺƫƾƣ ѵ ǀƨƹDŽᄕ ᇳᇻᇺᇶᄭᄙ ƫƾơǀƾƾƫƹƨ ƞƹƢ ƾƺƶǁƫƹƨ ƿƩƣƾƣ ơƺƹƥƷƫơƿƾ ƫƸƻƽƺǁƣƾ ƿƩƣ
ơƺƹơƣƻƿƫƺƹ ƺƤ ƿƩƣ ƻƽƺƟƶƣƸ ƞƿ ƩƞƹƢᄙ ƫƶƶƣƹƟƺǀƽƨ ᄬᇳᇻᇻᇻᄭ ǂƣƹƿ ƾƺ Ƥƞƽ ƞƾ ƿƺ ơƶƞƫƸ
ƿƩƞƿ ƶƣƞƽƹƫƹƨ ƫƹ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƾƫƿǀƞƿƫƺƹƾ ƺơơǀƽƾ ƞƾ ƞ ƾƫƢƣ ƣƦƤƣơƿ ƺƤ Ʃƞǁƫƹƨ ƿƺ ơƺƹᅟ
ƾƿƽǀơƿ ƞ ƾƩƞƽƣƢ ƽƣƻƽƣƾƣƹƿƞƿƫƺƹ ƺƤ ƿƩƣ ƻƽƺƟƶƣƸᄙ ƩƫƽƢᄕ ƶƣƞƽƹƣƽƾ ƸƞDŽ ǀƾƣ ƣƞơƩ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜማም
ƺƿƩƣƽ ƿƺ ƢƫƾƿƽƫƟǀƿƣ ƿƩƣ ơƺƨƹƫƿƫǁƣ ƻƽƺơƣƾƾƣƾ ƞƹƢ ƿƺ ƻƽƺǁƫƢƣ ƞƢƢƫƿƫƺƹƞƶ ƴƹƺǂƶᅟ
ƣƢƨƣ ᄬ ǀƿơƩƫƹƾᄕ ᇳᇻᇻᇷᄭ ƿƺ Ƹƞƴƣ ƿƩƣ ƻƽƺƟƶƣƸ Ƹƺƽƣ ƸƞƹƞƨƣƞƟƶƣᄙ ƫƹƞƶƶDŽᄕ ƫƹ ƿƩƣ
ƾƺơƫƺᅟơƺƹƾƿƽǀơƿƫǁƫƾƿ ǁƫƣǂ ƫƹƫƿƫƞƿƣƢ ƟDŽ DŽƨƺƿƾƴDŽ ƞƹƢ Ƥƺƶƶƺǂƣƽƾ ᄬᇳᇻᇹᇺᄭᄕ ƶƣƞƽƹƫƹƨ ƫƾ
ƣƾƾƣƹƿƫƞƶƶDŽ ƾƺơƫƞƶ ƾƫƹơƣ ǂƣ ƶƣƞƽƹ ǂƫƿƩ ƞƹƢ ƤƽƺƸ ƺƿƩƣƽƾᄙ ƣƞƽƹƫƹƨ ƫƾ ƹƺƿ ƞ ƻǀƽƣƶDŽ
ơƺƨƹƫƿƫǁƣ Ƹƞƿƿƣƽᄖ ƫƿ ƫƹǁƺƶǁƣƾ ƣƹƿƣƽƫƹƨ ƞ ơƺƸƸǀƹƫƿDŽ ƺƤ ƻƽƞơƿƫơƣ ᄬƣƹƨƣƽᄕ ᇴᇲᇲᇲᄭᄕ
ǂƫƿƩ ƫƿƾ ƾƻƣơƫƧƬơ ơǀƶƿǀƽƣ ƞƹƢ ƫƢƣƹƿƫƿDŽᄕ ƿƺ ƻƽƺƸƺƿƣ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ
ƫƹƢƫǁƫƢǀƞƶƾ ƿƩƽƺǀƨƩ ƾƺơƫƞƶ ƫƹƿƣƽƞơƿƫƺƹƾ ƞƹƢ ƺƿƩƣƽ ƾƫƿǀƞƿƣƢ ƸƣơƩƞƹƫƾƸƾ ᄬƫƶƶƣƿƿᄕ
ᇳᇻᇻᇺᄭᄙ
ƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ƻƽƺǁƫƢƣƾ Ƥǀƹơƿƫƺƹƞƶƫƿƫƣƾ ƿƩƞƿ ơƞƹ ƾǀƻƻƺƽƿᄕ ƞƹƢ ƣǁƣƹ
Ƹƞƴƣ ƻƺƾƾƫƟƶƣᄕ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƞơƿƫǁƫƿƫƣƾ ƞƹƢ ƾƺơƫƞƶ ƶƣƞƽƹƫƹƨᄙ Ʃƣ ƾƿƺƽƞƨƣ ƞƹƢ
ơƺƸƸǀƹƫơƞƿƫƺƹ Ƥǀƹơƿƫƺƹƾ ƢƣƾơƽƫƟƣƢ ƞƟƺǁƣ ƣƹƞƟƶƣ ƶƣƞƽƹƣƽƾ ƿƺ ǂƺƽƴ ƺǁƣƽ ƿƫƸƣ
ƞƹƢ ƾƻƞơƣᄕ Ɵǀƿ ƞƶƾƺ ƻƽƺǁƫƢƣ ƞ ƽƣƫƧƬơƞƿƫƺƹ ƺƤ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƻƽƺơƣƾƾƣƾ ƿƩƞƿ ƞƽƣ
ƹƺƿ ƹƣơƣƾƾƞƽƫƶDŽ ǁƫƾƫƟƶƣ ƫƹ ƤƞơƣᅟƿƺᅟƤƞơƣ ơƺƸƸǀƹƫơƞƿƫƺƹᄙ ƣƿƿƫƹƨ ǀƻ ƞ ơƺƶƶƞƟƺƽƞᅟ
ƿƫǁƣ ƻƽƺƟƶƣƸᅟƾƺƶǁƫƹƨ ƿƞƾƴ ǀƾƫƹƨ ƞ ƾƫƸǀƶƞƿƫƺƹ ƞƹƢ ơƩƞƿ ƫƹƿƣƽƞơƿƫƺƹƾᄕ ƣƽƸƞƹƹ
ƞƹƢ ƫƶƶƣƹƟƺǀƽƨ ᄬᇴᇲᇲᇺᄭ ƫƹǁƣƾƿƫƨƞƿƣƢ ƿƩƣ ƣƦƤƣơƿ ƺƤ ƢƫƾƻƶƞDŽƫƹƨ ƿƩƣ ƹǀƸƟƣƽ ƺƤ ơƩƞƿ
ƺƤ ƣƞơƩ ƶƣƞƽƹƣƽᅷƾ ǀƿƿƣƽƞƹơƣƾ ƞƹƢ ƞơƿƫƺƹƾ ǀƾƣƢ Ʃƣƶƻ ƿƩƣƸ ƽƣƨǀƶƞƿƣ ƿƩƣƫƽ ƫƹƿƣƽᅟ
ƞơƿƫƺƹƾᄙ Ʃƣ ƽƣƾǀƶƿƾ ƾƩƺǂƣƢ ƿƩƞƿ ƾǀơƩ ƨƽƞƻƩƫơ ƤƣƣƢƟƞơƴ Ʃƣƶƻƾ ƶƣƞƽƹƣƽƾ ƺƹƶDŽ ƫƤ
ƾƺƸƣ ƽƣƨǀƶƞƿƺƽDŽ ƞƢǁƫơƣƾ ƞƽƣ ƻƽƺǁƫƢƣƢ ƞƶƺƹƨƾƫƢƣᄙ ƣƽDŽ ƻƺƻǀƶƞƽ ƫƹ ƿƩƣ ᇳᇻᇻᇲƾᄕ ƞƽƨǀᅟ
Ƹƣƹƿƞƿƫƺƹ ƿƺƺƶƾ ƻƽƺǁƫƢƣƢ ƞ ƨƽƞƻƩƫơ ǁƫƾǀƞƶƫƾƞƿƫƺƹ ƺƤ ƿƩƣ ơƶƞƫƸƾ ƞƹƢ ƞƽƨǀƸƣƹƿƾ
ƢƫƾơǀƾƾƣƢ ƟDŽ ƶƣƞƽƹƣƽƾᄕ ƾǀƻƻƺƽƿƫƹƨ ƣƻƫƾƿƣƸƫơ ƣƶƞƟƺƽƞƿƫƺƹ ƺƹ ƿƩƣ ƿƺƻƫơ ƞƿ ƩƞƹƢ
ᄬƞƴƣƽᄕ Ƣƣ ƽƫƣƾᄕ ѵ ǀƹƢᄕ ᇳᇻᇻᇻᄭᄙ ƹ ƿƩƣƾƣ ơƞƾƣƾᄕ ǂƽƫƿƫƹƨ ƫƾ ǀƾƣƢ Ƥƺƽ ƿǂƺ ƻǀƽƻƺƾƣƾ
ƞƾᄘ ƫᄭ ƞ ơƺƸƸǀƹƫơƞƿƫƺƹ ƿƺƺƶᄕ ƫƹ ƿƩƣ ơƩƞƿᄕ ƞƾ ƞ ǂƽƫƿƿƣƹ ǁƣƽƾƫƺƹ ƺƤ Ƣƫƾơǀƾƾƫƺƹƾᄖ ƞƹƢ
ƫƫᄭ ƞƹ ƺƽƨƞƹƫƾƞƿƫƺƹ ƿƺƺƶᄕ Ƥƺƽ ƨƞƿƩƣƽƫƹƨ ƞƹƢ ơƺƶƶƞƿƫƹƨ ƿƩƣ Ƹƞƫƹ ƫƢƣƞƾ ƿƩƞƿ ƞƽƫƾƣ ƫƹ
ƿƩƣ Ƣƫƾơǀƾƾƫƺƹᄙ
Ʃƣ ǀƾƣ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƿƣơƩƹƺƶƺƨƫƣƾ ƿƺ ƾǀƻƻƺƽƿ ƿƩƣ ǂƽƫƿƫƹƨ ƻƽƺơƣƾƾ ƽƣǁƣƞƶƣƢ
ƫƿƾ ƻƺƿƣƹƿƫƞƶ ƫƹ ƾǀƻƻƺƽƿƫƹƨ ƻƞƽƿƫơǀƶƞƽƶDŽ ƿǂƺ ƿDŽƻƣƾ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƞơƿƫǁƫƿƫƣƾᄙ ƹ
ƿƩƣ ƺƹƣ ƩƞƹƢᄕ ƫƿ ƸƞDŽ ơƺƹƿƽƫƟǀƿƣ ƿƺ ƿƩƣ ơƺƹƾƿƽǀơƿƫƺƹ ƺƤ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣᄕ
ƞƶƶƺǂƫƹƨ ǁƺơƞƿƫƺƹƞƶ ƶƣƞƽƹƣƽƾᄕ ƞƾ ǂƣƶƶ ƞƾ ƻƽƺƤƣƾƾƫƺƹƞƶƾᄕ ƿƺ ƟǀƫƶƢ ƞ ơƺƸƸǀƹƫƿDŽ
ƿƩƽƺǀƨƩ ǂƩƫơƩ ƿƺ ƾƩƞƽƣ ƿƩƣƫƽ ƣǃƻƣƽƫƣƹơƣƾ ƞƹƢ ơƽƣƞƿƣ ƞ ƹƣƿǂƺƽƴ ƺƤ ƻƽƺƤƣƾƾƫƺƹᅟ
ƞƶƾᄙ ƹ ƿƩƣ ƺƿƩƣƽ ƩƞƹƢᄕ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿƫƣƾ ơƞƹ ƞƶƾƺ ƽƣƻƽƣƾƣƹƿ ƞ
Ƹƣƞƹ ƿƺ ƾǀƻƻƺƽƿ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƴƹƺǂƶƣƢƨƣᅟƟǀƫƶƢƫƹƨᄕ ǂƫƿƩ ƿƩƣ ơƺᅟơƺƹƾƿƽǀơƿƫƺƹ
ƺƤ ƴƹƺǂƶƣƢƨƣ ƞƹƢ ǀƹƢƣƽƾƿƞƹƢƫƹƨ ƾƩƞƽƣƢ ƟDŽ ƶƣƞƽƹƣƽƾᄙ ƹ ƶƫƹƣ ǂƫƿƩ ƿƩƫƾ ƶƞƾƿ ƻƺƫƹƿᄕ
ƞ ƾƻƣơƫƧƬơ ƿDŽƻƣ ƺƤ ơƺƸƻǀƿƣƽ ƞƻƻƶƫơƞƿƫƺƹƾ ƺƦƤƣƽƫƹƨ ǁƫƾǀƞƶƫƾƞƿƫƺƹᄕ ƽƣƫƧƬơƞƿƫƺƹᄕ ƞƹƢ
ƿƽƞơƫƹƨ ƺǁƣƽ ƿƫƸƣᄕ ƿƩǀƾ ƾǀƻƻƺƽƿƫƹƨ ơƺƸƻƞƽƫƾƺƹƾ ƺƤ ƻƣƽƾƻƣơƿƫǁƣƾ ƞƹƢ ơƺƹƾƿƽǀơᅟ
ƿƫƺƹ ƺƤ ƾƩƞƽƣƢ ǀƹƢƣƽƾƿƞƹƢƫƹƨᄕ ƫƾ ƢƣƢƫơƞƿƣƢ ƿƺ ƻƽƺǁƫƢƣ ƞƹ ƣƹǁƫƽƺƹƸƣƹƿ Ƥƺƽ ơƺƸᅟ
ƸǀƹƫƿDŽ ƴƹƺǂƶƣƢƨƣ ƿƺ Ƣƣǁƣƶƺƻᄙ Ʃƣ ؘ؟ئؖƻƽƺưƣơƿ ƫƹƫƿƫƞƿƣƢ ƟDŽ ơƞƽƢƞƸƞƶƫƞ ƞƹƢ
ƣƽƣƫƿƣƽ ᄬᇳᇻᇻᇶᄭ ƫƾ ƞƹ ƣƞƽƶDŽ ƣǃƞƸƻƶƣ ƺƤ ƾǀơƩ ƞ ƻǀƽƻƺƾƣᄙ ƾƫƹƨ ƞ ƾƻƣơƫƧƬơ ƿDŽƻƣ
ƺƤ ƤƺƽǀƸᄕ ƾƿǀƢƣƹƿƾ ơƺƹƾƿƽǀơƿ ƻƽƺƨƽƣƾƾƫǁƣƶDŽ ƿƩƣƫƽ ƺǂƹ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƴƹƺǂƶƣƢƨƣ
Ɵƞƾƣ ƟDŽ ƞƾƴƫƹƨ Ƽǀƣƾƿƫƺƹƾ ƺƹ ƞ ƨƫǁƣƹ ƿƺƻƫơ ƞƹƢ ƞƹƾǂƣƽƫƹƨ ƣƞơƩ ƺƿƩƣƽᅷƾ Ƽǀƣƾᅟ
ƿƫƺƹƾᄙ ƹ ᇴᇲᇲᇸᄕ ƿƩƣƾƣ ƾƞƸƣ ƞǀƿƩƺƽƾ ƢƣƾơƽƫƟƣƢ ƞ ƹƣǂ ƞƹƢ ƽƣǁƫƾƣƢ ǁƣƽƾƫƺƹ ƺƤ ƿƩƣ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜማሞ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ؘ؟ئؖƻƽƺưƣơƿᄕ ơƞƶƶƣƢ ƹƺǂƶƣƢƨƣ ƺƽǀƸᇜᄕ ƻƽƺǁƫƢƫƹƨ ƞƹ ƣƹǁƫƽƺƹƸƣƹƿ ƿƺ ƾǀƻᅟ
ƻƺƽƿ ƴƹƺǂƶƣƢƨƣᅟƟǀƫƶƢƫƹƨ ƻƽƞơƿƫơƣƾ Ƥƺƽ ơƺƸƸǀƹƫƿƫƣƾ ᄬƫƹƿƣƹƢƣƢ ƫƹ ƞ ǂƫƢƣ ƾƣƹƾƣᄕ
ƿƩƣƽƣƤƺƽƣ ƣƹơƺƸƻƞƾƾƫƹƨ Ƹƺƽƣ ᅸƤƺƽƸƞƶᅺ ƾơƩƺƺƶ ƾƣƿƿƫƹƨƾᄕ ƞƾ ǂƣƶƶ ƞƾ ǂƺƽƴƻƶƞơƣ
ƺƽƨƞƹƫƾƞƿƫƺƹƾᄭᄙ Ƥ ƺƿƩƣƽ ƸƺƢƣƶƾ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨᄕ ƟƞƾƣƢ ƺƹ ƿƩƽƣƞƢƣƢ
Ƣƫƾơǀƾƾƫƺƹᄕ ƾƣƣƸ ƿƺ Ɵƣ ƫƹƾƻƫƽƣƢ ƟDŽ ƞ ƺƹƣᅟƿƺƺᅟƸƞƹDŽ ƣƸƞƫƶ ƞƻƻƽƺƞơƩᄕ ƹƺǂƶᅟ
ƣƢƨƣ ƺƽǀƸ ƫƾ ƟƞƾƣƢ ƺƹ ƿƩƣ ơƺƶƶƣơƿƫǁƣ ơƺƹƾƿƽǀơƿƫƺƹ ƺƤ ƸǀƶƿƫƸƣƢƫƞ ƢƺơǀƸƣƹƿƾ
ǂƫƿƩ ƣƸƟƣƢƢƣƢ Ƣƫƾơǀƾƾƫƺƹƾᄕ ƿƩǀƾ ƾǀƻƻƺƽƿƫƹƨ ƞ ơƺƸƸǀƹƫƿDŽ ƺƤ ǀƾƣƽƾ ƫƹ ơƽƣƞƿƫƹƨ
ƿƩƣƫƽ ơƺƹƿƣƹƿ ƞƹƢ ƿƩƣƫƽ ƺƽƨƞƹƫƾƞƿƫƺƹᄙ ƹƺǂƶƣƢƨƣ ƺƽǀƸ ƫƾ ƹƺƿ ƾƫƸƻƶDŽ ƞ ƿƺƺƶᄕ Ɵǀƿ
ƞ ơƺƸƻƶƣƿƣ ƣƹǁƫƽƺƹƸƣƹƿᄕ ƫƹ ǂƩƫơƩ ƞƶƶ ƿƩƣ ǂƺƽƴ ƞƹƢ ƞơƿƫǁƫƿƫƣƾ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ
ƴƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨ ƿƞƴƣ ƻƶƞơƣ ᄬơƞƽƢƞƸƞƶƫƞᄕ ᇴᇲᇲᇵᄭᄙ ƹƺǂƶƣƢƨƣ ƺƽǀƸ Ƥƺƶƶƺǂƾᄕ
ƿƩƣƽƣƤƺƽƣᄕ ƞ ƾƺơƫƺᅟơƺƹƾƿƽǀơƿƫǁƫƾƿ ƞƻƻƽƺƞơƩᄕ ƞơơƺƽƢƫƹƨ ƿƺ ǂƩƫơƩ ƣƞơƩ ƶƣƞƽƹƣƽ ơƞƹ
ơƺƹƿƽƫƟǀƿƣ ƿƺ ƿƩƣ ƣƶƞƟƺƽƞƿƫƺƹ ƺƤ ƿƩƣ ơƺƹƿƣƹƿᄕ ƻƽƺǁƫƢƣƢ ƿƩƞƿ ƣƦƤƣơƿƫǁƣ ƾơƞƦƤƺƶƢƫƹƨ
ƫƾ ƸƞƢƣ ƞǁƞƫƶƞƟƶƣᄙ
ƿƩƣƽ ƽƣƾƣƞƽơƩƣƽƾ ƞƶƾƺ ƢƣƾơƽƫƟƣƢ ƻƺƾƾƫƟƶƣ ǀƾƣƾ ƺƤ ǂƽƫƿƫƹƨ ƞƹƢ ƻƞƽƿƫơǀƶƞƽƶDŽᄕ
ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƫƹ ƞ ƴƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨ ƻƣƽƾƻƣơƿƫǁƣᄙ DŽƹưǐƶǐᄕ ǐƴƴƫƹƣƹ
ѵ ǐƸǐƶǐƫƹƣƹ ᄬᇴᇲᇳᇶᄭ Ƥƺƽ ƣǃƞƸƻƶƣ ơƺƹƾƫƢƣƽ Ʃƺǂ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƻƽƺᅟ
ơƣƾƾ ơƞƹ Ɵƣ ǀƾƣƢ ƫƹ ƞƾƾƺơƫƞƿƫƺƹ ǂƫƿƩ ƿƩƣ ƵƻƢƧƹƞƻƩƽƢ ƢơƞƧƶƧǀ ƴƶơƢƳ ᄬ ƣƫƴƴƫƹƣƹ
ƣƿ ƞƶᄙᄕ ᇴᇲᇳᇳᄖ ᇴᇲᇳᇴᄖ DŽƹưǐƶǐᄕ ᇴᇲᇲᇺᄖ DŽƹưǐƶǐ ѵ ƫưƟƣƶƾᄕ ᇴᇲᇳᇴᄭᄙ ƩƣDŽ ƻƽƺƻƺƾƣ ƿƺ ƾƣƿ
ǀƻ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾ ƫƹ ǂƩƫơƩ ƿƩƣ Ƥƺǀƽ ƿDŽƻƣƾ ƺƤ ƴƹƺǂƶƣƢƨƣ ơƺƹƾƿƫƿǀƿƫƹƨ
ƻƽƺƤƣƾƾƫƺƹƞƶ ƣǃƻƣƽƿƫƾƣ ƞƽƣ ƫƹƿƣƨƽƞƿƣƢᄙ Ʃƣƾƣ Ƥƺǀƽ ƿDŽƻƣƾ ƺƤ ƴƹƺǂƶƣƢƨƣ ƞƽƣ ƽƣƻᅟ
ƽƣƾƣƹƿƣƢ ƟDŽᄘ ƫᄭ ƿƩƣƺƽƣƿƫơƞƶᄕ ƫƫᄭ ƻƽƞơƿƫơƞƶᄕ ƫƫƫᄭ ƾƣƶƤᅟƽƣƨǀƶƞƿƫǁƣ ƞƹƢ ƫǁᄭ ƾƺơƫƺơǀƶƿǀƽƞƶ
ƴƹƺǂƶƣƢƨƣᄙ ƹ ƿƩƫƾ ƾƣƹƾƣᄕ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ǂƺǀƶƢ ƽƣƻƽƣƾƣƹƿ ƞ Ƹƣƞƹ ƿƺ ƫƹƿƣᅟ
ƨƽƞƿƣ ƞƹƢ ơƺƹƹƣơƿ ƿƩƣƺƽƣƿƫơƞƶ ƴƹƺǂƶƣƢƨƣ ƞƹƢ ƻƽƞơƿƫơƞƶ ƣǃƻƣƽƫƣƹơƣ ƣƸƣƽƨƫƹƨ
ƤƽƺƸ ƿƩƣ ǂƺƽƴƻƶƞơƣᄕ ƿƩǀƾ ƞơƿƫƹƨ ƞƾ ƞ ƸƣƢƫƞƿƫƹƨ ƿƺƺƶᄙ DŽƹưǐƶǐ ƞƹƢ ơƺƶƶƣƞƨǀƣƾ
ᄬᇴᇲᇳᇶᄭᄕ Ƣƫƾơǀƾƾ Ʃƺǂ ƾƺơƫƞƶ ƸƣƢƫƞ ƿƺƺƶƾ ơƞƹ ƾǀƻƻƺƽƿ ƿƩƣ ƫƸƻƶƣƸƣƹƿƞƿƫƺƹ ƺƤ
ƿƩƣ ƫƹƿƣƨƽƞƿƫǁƣ ƻƣƢƞƨƺƨDŽᅟƸƺƢƣƶ ƫƹ ƞ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƞƹƢ ƴƹƺǂƶƣƢƨƣ
ƟǀƫƶƢƫƹƨ ƻƣƽƾƻƣơƿƫǁƣᄙ ơơƺƽƢƫƹƨ ƿƺ ƿƩƣƫƽ ƽƣǁƫƣǂᄕ ᅸƿƣơƩƹƺƶƺƨDŽ ƫƹ ƿƩƣ ǂƺƽƴƻƶƞơƣ
ơƞƹ Ɵƣ ƩƣƶƻƤǀƶ ƫƹ ƣƸƻƺǂƣƽƫƹƨ ǂƺƽƴƣƽƾ ƞƹƢ ƺƽƨƞƹƫƾƞƿƫƺƹƾ ƿƺ ƣƹƨƞƨƣ ƫƹ ƫƹƹƺᅟ
ǁƞƿƫǁƣ ƞƹƢ ƿƽƞƹƾƤƺƽƸƞƿƫǁƣ ƤƺƽƸƾ ƺƤ ƶƣƞƽƹƫƹƨᅺ ᄬᇻᇻᇹᄭᄙ ƺǂƣǁƣƽᄕ ƿƩƣƾƣ ƞǀƿƩƺƽƾ
ƞƶƾƺ ƻƺƫƹƿ ƺǀƿ ƿƩƞƿ ƿƩƣ ǀƾƣ ƺƤ ƾƺơƫƞƶ ƸƣƢƫƞ ƫƹ ƣƸƻƺǂƣƽƫƹƨ ǂƺƽƴƻƶƞơƣ ƶƣƞƽƹᅟ
ƫƹƨᄕ Ƣƣƾƻƫƿƣ ƫƿƾ ƻƺƿƣƹƿƫƞƶᄕ ƞƶƾƺ ƻƺƾƣƾ ƫƸƻƺƽƿƞƹƿ ơƩƞƶƶƣƹƨƣƾ ƫƹ ƽƣƞƾƺƹ ƺƤ ƿƩƣ ƶƺƺƾƣ
ƾƿƽǀơƿǀƽƣ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƿƩƣƾƣ ƸƣƢƫƞ ƣƹǁƫƽƺƹƸƣƹƿƾᄕ ǂƩƫơƩ ƻƽƣƾǀƻƻƺƾƣƾ ƿƩƞƿ
ƶƣƞƽƹƣƽƾ Ʃƞǁƣ ƾƿƽƺƹƨ ƾƣƶƤᅟƽƣƨǀƶƞƿƫǁƣ ƾƴƫƶƶƾ ƞƹƢ ƴƹƺǂƶƣƢƨƣ ƿƺ ƣƹƨƞƨƣ ƣƦƤƣơƿƫǁƣƶDŽᄙ
ƫƴƫ ƣƹǁƫƽƺƹƸƣƹƿƾᄕ ƣƟᅟƟƞƾƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƿƣǃƿ ƣƢƫƿƺƽƾᄕ Ʃƞǁƣ ƞƶƾƺ Ɵƣƣƹ ǀƾƣƢ
ƫƹ ƣƢǀơƞƿƫƺƹ ǂƫƿƩ ƞ ơƺƸƸǀƹƫƿDŽ ƟǀƫƶƢƫƹƨ ƻƣƽƾƻƣơƿƫǁƣ ᄬƺƹƹƣƶƶDŽ ѵ ƺƹƫƤƞơƣᄕ
ᇴᇲᇳᇵᄭᄙ Ʃƣ ƻƞƽƿƫơǀƶƞƽƫƿDŽ ƺƤ ƿƩƣ ƫƴƫ ƾƣƽǁƫơƣƾ ᄬƤƽƺƸ ƿƩƣ ƞǂƞƫƫƞƹᄕ ᅵǂƫƴƫᅟǂƫƴƫᅷᄕ
Ƹƣƞƹƫƹƨ Ƽǀƫơƴᄕ Ƥƞƾƿᄭ ƫƾ ƿƺ Ɵƣ ƾƫƸƻƶƣ ǂƣƟ ƻƞƨƣ ƣƢƫƿƺƽƾ ƞƶƶƺǂƫƹƨ ơƺƶƶƞƟƺƽƞƿƫǁƣ
ǂƽƫƿƫƹƨ ƞƹƢ ƥƷƣǃƫƟƶƣ ƺƽƨƞƹƫDžƞƿƫƺƹ ƿƩƽƺǀƨƩ ƩDŽƻƣƽƶƫƹƴƾ ƿƩƞƿ ƾƩƺǀƶƢ ƣƹơƺǀƽƞƨƣ
ƶƣƞƽƹƣƽƾ ƿƺ ǂƽƫƿƣ ƿƩƣƫƽ ƫƢƣƞƾ ƺƹ ƞ ƿƺƻƫơ ƞƹƢ ƿƺ Ƹƞƴƣ ƶƫƹƴƾ ƿƺ ƽƣƶƞƿƣƢ ƿƺƻƫơƾᄙ ƣơᅟ
ƿƫƺƹ ᇵᄙᇳᄕ Ɵƣƶƺǂᄕ ƻƽƣƾƣƹƿƾ ƾƺƸƣ ƾƿǀƢƫƣƾ ƫƹǁƣƾƿƫƨƞƿƫƹƨ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ ƿƺ ƾǀƻƻƺƽƿ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜማሟ
ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƫƹ ƿƣƞơƩƣƽ ƣƢǀơƞƿƫƺƹᄕ ƻƽƺǁƫƢƫƹƨ ƞƹ ƣƹǁƫƽƺƹƸƣƹƿ
ƾǀƻƻƺƽƿƫƹƨ ƟƺƿƩ ơƺᅟơƺƹƾƿƽǀơƿƫƺƹ ƺƤ ƴƹƺǂƶƣƢƨƣ ƞƹƢ ƿƩƣ ơƽƣƞƿƫƺƹ ƺƤ ơƺƸƸǀƹƫᅟ
ƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣᄙ
ƹ ƞƢƢƫƿƫƺƹ ƿƺ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƿƣǃƿ ƻƽƺƢǀơƿƫƺƹ ƿƺƺƶƾᄕ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾᅟ
ơǀƾƾƫƺƹ ƿƺƺƶƾ ƽƣƻƽƣƾƣƹƿ ƞƹƺƿƩƣƽ ơƞƿƣƨƺƽDŽ ƺƤ ǂƽƫƿƫƹƨ ƞƻƻƶƫơƞƿƫƺƹƾ ǂƫƿƩ ƨƽƣƞƿ
ƻƺƿƣƹƿƫƞƶ ƿƺ ƾǀƻƻƺƽƿ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄙ ƾDŽƹơƩƽƺƹƺǀƾ Ƣƫƾơǀƾƾƫƺƹ ƿƺƺƶƾ
ơƞƹ Ɵƣ ƻƞƽƿƫơǀƶƞƽƶDŽ ǀƾƣƤǀƶ Ƥƺƽ ơƺƸƸǀƹƫƿDŽ ƢƣǁƣƶƺƻƸƣƹƿᄕ ƣƫƿƩƣƽ ƺƽƨƞƹƫƾƣƢ ƫƹ Ƥƺƽᅟ
Ƹƞƶ ƣƢǀơƞƿƫƺƹ ƺƽ ƣƸƣƽƨƫƹƨ ƫƹ ƞ ơƺƸƸǀƹƫƿDŽ ƺƤ ƻƽƞơƿƫơƣᄙ ƺƽ ƣǃƞƸƻƶƣᄕ ƞƣƶƣ
ᄬᇴᇲᇳᇵᄭ ƾƿǀƢƫƣƢ Ʃƺǂ ƾƺơƫƺᅟơƺƨƹƫƿƫǁƣ ơƺƹƥƷƫơƿƾ ƞƟƺǀƿ ƿƣƞơƩƫƹƨ ƻƽƞơƿƫơƣƾ ƣƸƣƽƨƣƢ
ƞƹƢ ǂƣƽƣ ƾƺƶǁƣƢ ƫƹ ƞ Ƣƫƾơǀƾƾƫƺƹ ƶƫƾƿ ơƽƣƞƿƣƢ ƟDŽ ƫƹᅟƾƣƽǁƫơƣ ƿƣƞơƩƣƽƾ ƫƹ ƣƶᅟ
ƨƫǀƸᄙ ƣ ƤƺǀƹƢ ƿƩƞƿ ƺƹƣ ơƽƫƿƫơƞƶ ơƺƹƢƫƿƫƺƹ Ƥƺƽ ƻƽƺƢǀơƿƫǁƣ Ƣƫƾơǀƾƾƫƺƹƾ ᄬǀƿƩƣƽƾᄕ
ᇴᇲᇲᇸᄭ ǂƞƾ ƿƩƣ Ƥƣƣƶƫƹƨ ƿƩƞƿ ƿƩƣ ơƺƸƸǀƹƫƿDŽ ơƞƹ Ɵƣ ƾǀƻƻƺƽƿƫǁƣ ƺƤ ƻƽƺƤƣƾƾƫƺƹƞƶ
ƢƣǁƣƶƺƻƸƣƹƿᄙ ƾƫƹƨ ƾƺơƫƺᅟơƺƨƹƫƿƫǁƣ ƞƹƞƶDŽƾƫƾ ƺƤ ƺƹᅟƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƫƹ ƞƹ ƺƻƣƹ
ƾƺǀƽơƣ ƾƺƤƿǂƞƽƣ ơƺƸƸǀƹƫƿDŽᄕ ƞƽơƣƶƶƫƹƫᄕ ȅƿƫƣƹƹƣᄕ ǀƽƴƩƞƽƢƿ ƞƹƢ ƞơƴ ᄬᇴᇲᇲᇺᄭ
ƾƩƺǂƣƢ ƿƩƞƿ Ƣƫƾơǀƾƾƫƺƹƾ ǂƣƽƣ ƹƺƿ ƺƹƶDŽ ƻƽƺƢǀơƿƫǁƣ ƫƹ ƿƣƽƸƾ ƺƤ ƞƢǁƞƹơƣƸƣƹƿ
ƺƤ ƿƩƣ Ƣƣƾƫƨƹ ƻƽƺưƣơƿᄕ Ɵǀƿ ƿƩƣDŽ ǂƣƽƣ ƞƶƾƺ ơƺƹƾƿƽǀơƿƫǁƣ ƫƹ ƿƣƽƸƾ ƺƤ Ƣƣǁƣƶƺƻᅟ
Ƹƣƹƿ ƺƤ ƿƩƣ ƫƹƢƫǁƫƢǀƞƶƾᅷ ơƞƻƞơƫƿƫƣƾᄙ ƣơƿƫƺƹ ᇵᄙᇴᄕ ƞƶƾƺ Ɵƣƶƺǂᄕ ƻƽƣƾƣƹƿƾ ƞ ƾƣƿ ƺƤ
ƾƿǀƢƫƣƾ ƫƹǁƣƾƿƫƨƞƿƫƹƨ ƿƩƣ ǀƾƣ ƺƤ ƞƾDŽƹơƩƽƺƹƺǀƾ Ƣƫƾơǀƾƾƫƺƹ ƿƺƺƶƾ Ƥƺƽ ƻƽƺƸƺƿƫƹƨ
ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƿƩƺǀƨƩƿ ƿƩƣ ơƺƹƾƿƽǀơƿƫƺƹ ƺƤ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơᅟ
ƿƫơƣᄙ
ᇵ
ƻƻƶƫơƞƿƫƺƹƾ ƺƤ ƺƸƻǀƿƣƽᅟǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ Ƥƺƽ
ƽƺƤƣƾƾƫƺƹƞƶ ƣǁƣƶƺƻƸƣƹƿ
Ʃƫƾ ƾƣơƿƫƺƹ ƻƽƣƾƣƹƿƾ ƾƺƸƣ ƣǃƞƸƻƶƣƾ ƺƤ ƽƣơƣƹƿ ƾƿǀƢƫƣƾ ƫƹǁƣƾƿƫƨƞƿƫƹƨ ƺƸƻǀƿƣƽᅟ
ǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ ᄬتؖئؖᄭ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƻǀƽᅟ
ƻƺƾƣƾᄙ ƢƣƿƞƫƶƣƢ ƞƹƞƶDŽƾƫƾ ƺƤ ƿƩƣƾƣ ƾƿǀƢƫƣƾ ǂƞƾ ơƺƹƢǀơƿƣƢ ƿƺ ƫƢƣƹƿƫƤDŽ ƿƩƣ ƽƺƶƣ
ƿƩƞƿ ǂƽƫƿƫƹƨ ƾƣƽǁƣƾ ƫƹ ƞ ƾƻƣơƫƧƬơ ƶƣƞƽƹƫƹƨ ƞƻƻƽƺƞơƩᄕ Ʃƺǂ ƻƽƺƤƣƾƾƫƺƹƞƶ Ƣƣǁƣƶƺƻᅟ
Ƹƣƹƿ ǂƞƾ ƞƾƾƣƾƾƣƢ ƞƹƢᄕ ƧƬƹƞƶƶDŽᄕ ƾǀƟưƣơƿƫǁƣ ƞƹƢ ƺƟưƣơƿƫǁƣ ƫƸƻƞơƿ ƺƤ ƿƩƣ ǂƽƫƿƫƹƨ
ƞơƿƫǁƫƿDŽᄙ ƣ Ƥƺơǀƾ Ʃƣƽƣ ƺƹ ƿǂƺ ƢƫƦƤƣƽƣƹƿ ƻƽƞơƿƫơƣƾ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƞƾDŽƹơƩƽƺƹƺǀƾ
ǂƽƫƿƫƹƨ ǂƫƿƩ ơƺƽƽƣƾƻƺƹƢƫƹƨ ơƺƸƻǀƿƣƽ ƾǀƻƻƺƽƿᄕ ƫƹ ƿǂƺ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƺƸƞƫƹƾᄙ
Ʃƣƾƣ ƞƽƣ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƴƹƺǂƶƣƢƨƣ ơƺƹƾƿƽǀơƿƫƺƹ ƫƹ ƿƣƞơƩƣƽƾᅷ ƣƢǀơƞƿƫƺƹ ƞƹƢ
ƞƾDŽƹơƩƽƺƹƺǀƾ Ƣƫƾơǀƾƾƫƺƹƾ ƫƹ ƿƩƣ ƩƣƞƶƿƩ ơƞƽƣ ƢƺƸƞƫƹᄙ Ʃƣ ƾƣƶƣơƿƫƺƹ ƺƤ ƿƩƣƾƣ ƿǂƺ
ƻƽƺƤƣƾƾƫƺƹƞƶ ƧƬƣƶƢƾ ǂƞƾ ƸƺƿƫǁƞƿƣƢ ƟDŽ ƿƩƣ Ƥƞơƿ ƿƩƞƿᄕ ƫƹ ƟƺƿƩ ƢƺƸƞƫƹƾᄕ ƿƩƣ ơƺƹơƣƻƿ
ƺƤ ƻƽƺƤƣƾƾƫƺƹƞƶ ƫƢƣƹƿƫƿDŽ ƞƹƢ ƫƿƾ ƢƣǁƣƶƺƻƸƣƹƿ ƫƾ ƻƞƽƿƫơǀƶƞƽƶDŽ ǁƞƶǀƣƢᄕ ƞƹƢ ơƺƶƶƞƟᅟ
ƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƻƽƞơƿƫơƣƾ ƞƽƣ ơƺƸƸƺƹƶDŽ ƞƢƺƻƿƣƢ ƞƹƢ ǀƾƣƢᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜማሠ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƢƞƠƨƢƹƺᅍ ƹƶƣƢƺƺƩƶƵƞƳ ƢƽƢƳƶƷƴƢƵƻ ƞƵơ ƶƳƳƞƟƶƹƞƻƩƽƢ ƹƩƻƩƵƧ
ƻƨƹƶƼƧƨ ƩƲƩƺ
ƣƞơƩƣƽƾᅷ ƣƢǀơƞƿƫƺƹ ƫƾ ƞƹ ƫƹƿƣƽƣƾƿƫƹƨ ƧƬƣƶƢ Ƥƺƽ ƿƩƣ ƞƹƞƶDŽƾƫƾ ƺƤ ƻƽƺƤƣƾƾƫƺƹƞƶ Ƣƣǁƣƶᅟ
ƺƻƸƣƹƿᄕ ƞƾ ƫƿ ƫƾ ƺƤƿƣƹ ƺƽƨƞƹƫƾƣƢ ƞƽƺǀƹƢ ƿƩƣ ƞƽƿƫơǀƶƞƿƫƺƹ ƺƤ ƫƹƿƣƽƹƾƩƫƻƾ ƫƹ ǂƩƫơƩ
ƶƣƞƽƹƣƽƾ ƨƞƫƹ ƻƽƺƤƣƾƾƫƺƹƞƶ ƻƽƞơƿƫơƣᄕ ƞƾ ǂƣƶƶ ƞƾ ƽƣƨǀƶƞƽ ƾơƩƺƺƶ ƶƣƾƾƺƹƾᄕ ƻƽƺǁƫƢƫƹƨ
ƿƩƣƸ ǂƫƿƩ ƿƩƣ ƿƩƣƺƽƣƿƫơƞƶ Ɵƞƾƫƾ ƞƹƢ ƤǀƹƢƞƸƣƹƿƞƶƾ ƺƤ ƿƣƞơƩƫƹƨ ƞƹƢ ƶƣƞƽƹƫƹƨᄙ
ƺƽƣƺǁƣƽᄕ ƫƹᅟƾƣƽǁƫơƣ ƿƣƞơƩƣƽƾ ƞƽƣ ƞƶƾƺ ƾǀƟưƣơƿ ƿƺ ƞ ƨƽƺǂƫƹƨ ƢƣƸƞƹƢ Ƥƺƽ ƿƩƣƸ ƿƺ
Ɵƣ ƫƹǁƺƶǁƣƢ ƫƹ ơƺƹƿƫƹǀƫƹƨ ƣƢǀơƞƿƫƺƹ ƿƺ ƽƣǁƫƣǂ ƞƹƢ ƽƣƧƬƹƣ ƿƩƣƫƽ ƣǁƣƽDŽƢƞDŽ ƻƽƞơᅟ
ƿƫơƣᄙ ƩƣƽƣƤƺƽƣᄕ ƿƩƣ ƞƽƿƫơǀƶƞƿƫƺƹ ƺƤ ƞ ƤƺƽƸƞƶ ƣƢǀơƞƿƫƺƹƞƶ ơƺƹƿƣǃƿ ƞƹƢ ƺƤ ƞ ƽƣƞƶᅟƶƫƤƣ
ǂƺƽƴƫƹƨ ƣǃƻƣƽƫƣƹơƣ ƞơơƺƸƻƞƹƫƣƾ ƿƣƞơƩƣƽƾ ƿƩƽƺǀƨƩƺǀƿ ƿƩƣƫƽ ơƞƽƣƣƽƾ ᄬƾƣƣ ƞƹᅟ
Ʃǀƶƶƣ ѵ ƣƽƽȅƞƽƢ ƫƿȅᄖ ƶǁƞƽƣƾ ƣƽƣƫƽƞᄕ ƞƽƢƺƾƺᄕ ѵ ƣƽƣƫƽƞᄖ ƞƹƢ ƺƺƢƞƽƢᄕ ƿƩƫƾ
ǁƺƶǀƸƣᄭᄙ ƹ ƽƣơƣƹƿ DŽƣƞƽƾᄕ ƞ ƾƣƽƫƣƾ ƺƤ ƾƿǀƢƫƣƾ Ʃƞǁƣ ƞƹƞƶDŽƾƣƢ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫ ƻƶƞƿᅟ
ƤƺƽƸƾ ƿƺ ƾǀƻƻƺƽƿ ƫƹᅟƾƣƽǁƫơƣ ƞƹƢ ƻƽƺƾƻƣơƿƫǁƣ ƿƣƞơƩƣƽƾ ƫƹ Ƣƣǁƣƶƺƻƫƹƨ ƿƩƣƫƽ ƻƽƞơᅟ
ƿƫơƣᄙ
ᇵᄙᇳ
ᇵᄙᇳᄙᇳ
ƫƴƫƾ Ƥƺƽ ƽƺƤƣƾƾƫƺƹƞƶ ƣǁƣƶƺƻƸƣƹƿ
ƫƴƫ ƫƾ ƞ ƣƟᅟƟƞƾƣƢ ƣƹǁƫƽƺƹƸƣƹƿ ƞƶƶƺǂƫƹƨ ƞ ƨƽƺǀƻ ƺƤ ƻƣƺƻƶƣ ƿƺ ơƺƶƶƞƟƺᅟ
ƽƞƿƣ ƞƾDŽƹơƩƽƺƹƺǀƾƶDŽ ƺƹ ƿƩƣ ƣƟᄕ ƟǀƫƶƢƫƹƨ ƞ ơƺƽƻǀƾ ƺƤ ƴƹƺǂƶƣƢƨƣ ƺƽƨƞƹƫƾƣƢ ƫƹ
ƞ ƾƣƽƫƣƾ ƺƤ ƫƹƿƣƽƶƫƹƴƣƢ ƻƞƨƣƾᄕ ǂƫƿƩ ƞƹ ƺƻƣƹ ƞƹƢ ƥƷƣǃƫƟƶƣ ƾƿƽǀơƿǀƽƣ ᄬ ƽƞƹƴƶƫƹ ѵ
ƞƹ ƞƽƸƣƶƣƹᄕ ᇴᇲᇲᇹᄭᄙ ƫƴƫƾ ƞƽƣ ƞƻƻƽƺƻƽƫƞƿƣ Ƥƺƽ ơƺƸƸǀƹƫƿDŽ ƟǀƫƶƢƫƹƨ ƻǀƽƻƺƾƣᄕ
Ɵƣơƞǀƾƣ ƻƞƽƿƫơƫƻƞƹƿƾ ơƞƹ ơƽƣƞƿƣ ơƺƶƶƣơƿƫǁƣ ƢƺơǀƸƣƹƿƾᄕ Ƣƫƾơǀƾƾᄕ ƞƹƢ ƾƩƞƽƣ ƫƹƤƺƽᅟ
Ƹƞƿƫƺƹ ᄬƩƞƺ ѵ ƺᄕ ᇴᇲᇳᇳᄖ ƫơƩƸƞƹƹ ѵ ǀƸƸƣƶᄕ ᇴᇲᇳᇵᄭᄙ
ƫƴƫƾ ƺƦƤƣƽ ƿƩƽƣƣ Ƹƞƫƹ ơƩƞƽƞơƿƣƽƫƾƿƫơƾ ƿƩƞƿ ƾǀƻƻƺƽƿ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨᄘ ƞᄭ
ƿƩƣ Ƹǀƶƿƫᅟǀƾƣƽƾ ƣƢƫƿƫƺƹᄕ ƞƾ ǁƞƽƫƺǀƾ ǀƾƣƽƾ ơƞƹ ơƽƣƞƿƣ ƞƹƢ ƸƺƢƫƤDŽ ƿƣǃƿƾ ƞƹƢ ƢƣơƫƢƣ
ƿƩƣ ơƺƹƹƣơƿƫƺƹƾ ƞƹƢ ƻƞƿƩƾ Ɵƣƿǂƣƣƹ ƿƩƣ ƻƞƨƣƾᄖ Ɵᄭ ƿƩƣ ƩƫƾƿƺƽDŽ Ƥǀƹơƿƫƺƹᄕ ƿƩƞƹƴƾ
ƿƺ ǂƩƫơƩ ƞƶƶ ƸƺƢƫƧƬơƞƿƫƺƹƾ ƺƤ ƿƩƣ ƻƞƨƣƾ ƞƽƣ ƾƞǁƣƢᄕ ƞƶƺƹƨ ǂƫƿƩ ƿƩƣ ƫƢƣƹƿƫƧƬơƞƿƫƺƹ
ƺƤ ƿƩƣ ǀƾƣƽᄕ ƞƹƢ ơƞƹ Ɵƣ ƽƣƿƽƫƣǁƣƢᄕ ƫƤ ƹƣơƣƾƾƞƽDŽᄖ ƞƹƢ ơᄭ ƿƩƣ Ƣƫƾơǀƾƾƫƺƹ ƻƞƨƣᄕ
ǂƩƣƽƣ ƻƞƽƿƫơƫƻƞƹƿƾ ơƞƹ Ƣƫƾơǀƾƾ ƞƾDŽƹơƩƽƺƹƺǀƾƶDŽ ƞƹƢ ƻƽƺǁƫƢƣ ơƺƸƸƣƹƿƾ ƿƺ ƣƞơƩ
ƺƿƩƣƽ ᄬ ƞƢưƣƽƽƺǀƫƿᄕ ᇴᇲᇳᇶᄭᄙ ƹ ƣƢǀơƞƿƫƺƹᄕ ƾƺƸƣ ƾƿǀƢƫƣƾ ƾƩƺǂƣƢ ƿƩƞƿ ƫƴƫᅟƟƞƾƣƢ
ƞơƿƫǁƫƿƫƣƾᄕ ƽƣƼǀƫƽƫƹƨ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞƹƢ ƾƩƞƽƫƹƨᄕ ƣƹơƺǀƽƞƨƣƢ ƞ ƩƫƨƩƣƽ
ƶƣǁƣƶ ƺƤ ơƺƨƹƫƿƫǁƣ ƣƹƨƞƨƣƸƣƹƿᄕ ƞƾ ǂƣƶƶ ƞƾ ƞ Ƣƣƣƻƣƽ ƣƸƺƿƫƺƹƞƶ ơƺƸƸƫƿƸƣƹƿ
ǂƫƿƩ ƺƿƩƣƽƾ ᄬƫƞƾǀƿƿƫᄕ ᇴᇲᇳᇳᄖ ƺƶƣᄕ ᇴᇲᇲᇻᄭᄙ ƢƢƫƿƫƺƹƞƶƶDŽᄕ ƫƴƫƾ ƞƽƣ ƽƣƶƞƿƫǁƣƶDŽ ƣƞƾDŽ
ƿƺ ƺƻƣƽƞƿƣ ƞƹƢ ƿƺ ƾǀƾƿƞƫƹᄙ
ƹ ƿƩƣ ƺƿƩƣƽ ƩƞƹƢᄕ ƾƺƸƣ ơƩƞƽƞơƿƣƽƫƾƿƫơƾ ƺƤ ƿƩƣ ƫƴƫ ƿƺƺƶ ơƞƹ Ɵƣ ƻƞƽƿƫơǀƶƞƽƶDŽ
ơƩƞƶƶƣƹƨƫƹƨ Ƥƺƽ ƫƿƾ ƫƸƻƶƣƸƣƹƿƞƿƫƺƹ ƫƹ ƿƩƣ ƣƢǀơƞƿƫƺƹƞƶ ơƺƹƿƣǃƿᄙ ƺƽƣ ƻƞƽƿƫơᅟ
ǀƶƞƽƶDŽᄕ ƺƹƹƣƶƶDŽ ƞƹƢ ƺƹƫƤƞơƣ ᄬᇴᇲᇳᇵᄭ ơƺƹƾƫƢƣƽ ƿƩƞƿ ƺƹƣ ƫƾƾǀƣ ƣƸƣƽƨƫƹƨ ƤƽƺƸ
ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ ƫƾ ƻƞƽƞƢƺǃƫơƞƶƶDŽ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƫƿƾ ƥƷƣǃƫƟƶƣ ƞƹƢ ƺƻƣƹ Ƣƣƾƫƨƹ
ƿƩƞƿ ơƺǀƶƢ ƶƣƞƢ ƿƺ ƻƺƺƽ ƺƽ ƣǁƣƹ ƫƽƽƣƶƣǁƞƹƿ ƺƽƨƞƹƫDžƞƿƫƺƹ ƺƤ ƿƩƣ ƫƹƤƺƽƸƞƿƫƺƹᄙ
Ʃƫƾ ƻƽƺƟƶƣƸ ƸƞDŽ ƽƣƻƽƣƾƣƹƿ ƞ ơƩƞƶƶƣƹƨƣ Ƥƺƽ ƣƢǀơƞƿƫƺƹƞƶ ƞơƿƫǁƫƿƫƣƾ ƿƩƞƿ ǀƾǀƞƶƶDŽ
ƽƣƼǀƫƽƣƾ ƞ ǂƣƶƶᅟƢƣƧƬƹƣƢ ƞƹƢ Ƥǀƹơƿƫƺƹƞƶ ƾƿƽǀơƿǀƽƣ ƿƺ ǂƺƽƴ ƣƦƧƬơƫƣƹƿƶDŽᄙ ƹƢƫǁƫƢǀƞƶ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜማሡ
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ơƩƞƽƞơƿƣƽƫƾƿƫơƾ ƺƤ ƿƩƣ ƻƞƽƿƫơƫƻƞƹƿƾᄕ ƞƾ ơƺƸƻǀƿƣƽ ƾƣƶƤᅟƣƦƧƬơƞơDŽ ƟƣƶƫƣƤƾᄕ ơƞƹ ƞƶƾƺ
ƽƣƻƽƣƾƣƹƿ ƞƹ ƫƾƾǀƣᄕ ƞƾ ǀƾƣƽƾ ƹƣƣƢ ƿƺ Ƥƣƣƶ ơƺƹƧƬƢƣƹƿ ƣƹƺǀƨƩ ƿƺ Ɵƣ ƞƟƶƣ ƿƺ ƺǁƣƽᅟ
ơƺƸƣ ƿƣơƩƹƫơƞƶ ƢƫƦƧƬơǀƶƿƫƣƾ ƿƩƣDŽ ƸƞDŽ ƣƹơƺǀƹƿƣƽᄙ ƶƞơƴ ƺƤ ƫƹƿƣƽƣƾƿ ƺƽ ƿƫƸƣ ƿƺ
ƢƣƢƫơƞƿƣ ƿƺ ƿƩƫƾ ƣƹǁƫƽƺƹƸƣƹƿ ơƞƹ ƞƶƾƺ Ɵƣ ƢƣƿƽƫƸƣƹƿƞƶ Ƥƺƽ ƿƩƣ ƞơƿƫǁƫƿDŽᄙ ƫƹƞƶƶDŽᄕ
Ƹƞƫƹƿƣƹƞƹơƣ ƫƾ ƿƺ Ɵƣ ƞƢƢƽƣƾƾƣƢ ƟDŽ ƣƹƾǀƽƫƹƨ ƾƺƸƣƺƹƣᄕ ƣƫƿƩƣƽ ƞ ƻƣƣƽ ƺƽ ƞƹ
ƫƹƾƿƽǀơƿƺƽᄕ ǂƫƶƶ ƿƞƴƣ ƿƩƣ ƽƺƶƣ ƺƤ ƿƩƣ ƶƣƞƢƣƽ ƺƤ ƿƩƣ ƣƹǁƫƽƺƹƸƣƹƿᄕ ƞƹƢ ƣƹơƺǀƽƞƨƣ
ƻƞƽƿƫơƫƻƞƿƫƺƹᄙ
Ʃƣ Ƥƣƞƿǀƽƣƾ ƺƤ ƿƩƣ ƫƴƫᄕ ƹƞƸƣƶDŽ ƿƩƣ Ƹǀƶƿƫᅟǀƾƣƽ ƣƢƫƿƫƺƹᄕ ƿƩƣ ƩƫƾƿƺƽDŽ Ƥǀƹơᅟ
ƿƫƺƹƾᄕ ƞƹƢ ƫƿƾ ƥƷƣǃƫƟƶƣ ƞƹƢ ƞƢƞƻƿƞƟƶƣ ƾƿƽǀơƿǀƽƣᄕ Ƹƞƴƣ ƿƩƫƾ ƿƺƺƶ ƻƞƽƿƫơǀƶƞƽƶDŽ ƫƹƿƣƽᅟ
ƣƾƿƫƹƨ Ƥƺƽ ƿƩƣ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ ƻƽƺƤƣƾƾƫƺƹƞƶ ơƺƸƸǀƹƫƿƫƣƾ ᄬƺƶƣ ᇴᇲᇲᇻᄖ ƫƨƞƶƞᄕ
ᇴᇲᇲᇹᄭᄙ ƫƴƫƾ ơƞƹ Ɵƣ ƣǃƻƶƺƫƿƣƢ ƞƾ ƣƹǁƫƽƺƹƸƣƹƿƾ ƿƺ ơƽƣƞƿƣ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơᅟ
ƿƫơƣᄕ ǂƩƣƽƣ ǀƾƣƽƾ ơƞƹ Ƣƫƾơǀƾƾ ƿƩƣƫƽ ƣǁƣƽDŽƢƞDŽ ƻƽƞơƿƫơƣᄕ ƾƩƞƽƣ ƫƢƣƞƾᄕ ƾǀƨƨƣƾƿƫƺƹƾ
ƞƹƢ ƢƺơǀƸƣƹƿᄕ ƻƽƺƢǀơƣ ƹƣǂ ƴƹƺǂƶƣƢƨƣ ƞƹƢ ƻƽƞơƿƫơƣƾᄕ ƞƹƢ ƞƾƴ Ƽǀƣƾƿƫƺƹƾ ƿƺ
ƿƩƣƫƽ ơƺƶƶƣƞƨǀƣƾᄙ ƹǁƺƶǁƫƹƨ ƹƺǁƫơƣ ƻƽƞơƿƫƿƫƺƹƣƽƾ ƫƹ ƿƩƣ ơƺƶƶƣơƿƫǁƣ ƞơƿƫǁƫƿDŽ ơƞƹ
Ʃƣƶƻ ƿƩƣƸ ƿƺ Ƹƺǁƣ ƤƽƺƸ ƿƩƣ ƻƣƽƫƻƩƣƽDŽ ƿƺ ƿƩƣ ơƣƹƿƽƣ ƺƤ ƿƩƣ ƻƽƺƤƣƾƾƫƺƹƞƶ ơƺƸƸǀᅟ
ƹƫƿDŽ ᄬƣƹƨƣƽᄕ ᇴᇲᇲᇲᄭᄕ ƤƽƺƸ Ƹƣƽƣ ᅸƾƻƣơƿƞƿƺƽᅺ ƿƺ ƞơƿƫǁƣ Ƣƫƾơǀƾƾƞƹƿ ƞƹƢ ơƺƹƿƽƫƟǀƿƺƽᄙ
ƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣ Ʃƞǁƣ Ɵƣƣƹ ǀƾƣƢ ƞƾ ơƣƹƿƽƞƶ ơƺƹƾƿƽǀơƿƾ Ƥƺƽ ƿƣƞơƩƣƽƾᅷ
ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ᄬơƩƶƞƨƣƽ ѵ ǀƾơƺᄕ ᇴᇲᇲᇵᄭᄕ ƞƾ ƿƩƣDŽ ƞƽƣ ơƺƹƾƫƢƣƽƣƢ ƞƾ
ƣƦƤƣơƿƫǁƣ ǂƞDŽƾ ƿƺ Ƥƺƾƿƣƽ Ƣƣơƣƹƿƽƞƿƫƺƹ ƞƹƢ ƻƽƺƸƺƿƣ ƞ ƽƣƥƷƣơƿƫǁƣ ƞƿƿƫƿǀƢƣ ƺƹ ƺƹƣᅷƾ
ƻƽƞơƿƫơƣᄙ
ᇵᄙᇳᄙᇴ
ƹƞƶDŽƾƫƾ ƺƤ Ʃƽƣƣ ǃƞƸƻƶƣƾ ƺƤ ƫƴƫᅟƞƾƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ
ƹƾƿƽǀơƿƫƺƹƞƶ ơƿƫǁƫƿƫƣƾ
ƹ ƿƩƫƾ ƾƣơƿƫƺƹᄕ ǂƣ ƞƹƞƶDŽƾƣ ƞƹƢ Ƣƫƾơǀƾƾ ƿƩƽƣƣ ƣǃƞƸƻƶƣƾ ƺƤ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ ƿƺ
ƣƹơƺǀƽƞƨƣ ƻƽƺƾƻƣơƿƫǁƣ ƞƹƢ ƫƹᅟƾƣƽǁƫơƣ ƿƣƞơƩƣƽƾᅷ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ᄬƾƣƣ
ƞƟƶƣ ᇳᇳᄙᇳᄭᄙ
ؘ؟ؕؔاማማᄙማ
ƿƞƴƷƳƢƺ ƶƣ ƺƻƼơƩƢƺ ƞƵƞƳǀƺƩƵƧ ƩƲƩƺ ƣƶƹ ƻƢƞƠƨƢƹƺᅍ ƷƹƶƣƢƺƺƩƶƵƞƳ ơƢƽƢƳƶƷƴƢƵƻ
ǀƿƩƺƽƾ
ƫƸᄕ ᄙᄙᄕ ƫƶƶƣƽᄕ
ᄙᄙᄕ ƣƽƟƣƽƿᄕ ᄙᄕ
ƣƢƣƽƾƣƹᄕ ᄙᄕ ƺǁƫƹƨᄕ
ᄙ ᄬᇴᇲᇳᇴᄭ
ƺƹƹƣƶƶDŽᄕ ᄙ ᄙᄕ ѵ
ƺƹƫƤƞơƣᄕ ᄙ ᄬᇴᇲᇳᇵᄭ
ƞƢưƣƽƽƺǀƫƿᄕ ᄙ ᄬᇴᇲᇳᇶᄭ
ƞƽƿƫơƫƻƞƹƿƾ
ƞƽƶDŽᅟơƞƽƣƣƽ ƾơƫƣƹơƣ
ƿƣƞơƩƣƽƾ ᄬƹ ኙ ᇶᇹᄭ
ƹᅟƾƣƽǁƫơƣ ƿƣƞơƩƣƽƾᄕ
ǁƞƽƫƺǀƾ ƶƣǁƣƶƾ ᄬƹ ኙ ᇵᄭ
ƿǀƢƣƹƿƾ ƫƹ ƿƣƞơƩƣƽ
ƣƢǀơƞƿƫƺƹ ᄬƹ ኙ ᇳᇸᄭ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜማሢ
ؘ؟ؕؔاማማᄙማ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƿƞƴƷƳƢƺ ƶƣ ƺƻƼơƩƢƺ ƞƵƞƳǀƺƩƵƧ ƩƲƩƺ ƣƶƹ ƻƢƞƠƨƢƹƺᅍ ƷƹƶƣƢƺƺƩƶƵƞƳ ơƢƽƢƳƶƷƴƢƵƻ ᄬơƺƹƿᄙᄭ
ơƿƫǁƫƿDŽ
ƫƴƫᅟƟƞƾƣƢ ƾƩƞƽƣƢ
ƽƣƻƺƾƫƿƺƽDŽ Ƥƺƽ ƿƩƣ ǀƾƣ
ƺƤ ƫƹƼǀƫƽDŽ ƫƹ ƾơƫƣƹơƣƾ
ƿƣƞơƩƫƹƨ
ƫƴƫᅟƟƞƾƣƢ
ƣᅟƻƺƽƿƤƺƶƫƺƾ ƿƺ
ƾǀƻƻƺƽƿ ƿƣƞơƩƣƽƾᅷ
ƻƽƺƤƣƾƾƫƺƹƞƶ
ƢƣǁƣƶƺƻƸƣƹƿ
ƺƶƶƞƟƺƽƞƿƫǁƣ
ǂƽƫƿƫƹƨ ƺƹ ƴƣDŽ
ƣƢǀơƞƿƫƺƹƞƶ ƿƺƻƫơƾ
ƫƹ ƞ ƫƴƫᅟƟƞƾƣƢ
ƣƹǁƫƽƺƹƸƣƹƿ
ƹƾƿƽǀơƿƫƺƹƞƶ
ƻƻƽƺƞơƩ
ƣƥƷƣơƿƫǁƣ ƻƽƞơƿƫơƣ
ƣᅟƻƺƽƿƤƺƶƫƺƾ ѵ
ƴƹƺǂƶƣƢƨƣ ƾƩƞƽƫƹƨ
ƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ
ƻƽƞơƿƫơƣ ѵ ƫƴƫƾ
ƣƿƩƺƢƺƶƺƨDŽ
ǀƞƾƫᅟƣǃƻƣƽƫƸƣƹƿƞƶ
Ƣƣƾƫƨƹᄕ ǂƫƿƩ
ƻƽƣᄧƻƺƾƿᅟƿƣƾƿ
ƾǀƟưƣơƿƫǁƣ ƾơƞƶƣƾ
ƞƾƣ ƿǀƢƫƣƾ
ǂƫƿƩ ơƶƞƾƾƽƺƺƸ
ƺƟƾƣƽǁƞƿƫƺƹƾ ƞƹƢ
ƫƹƿƣƽǁƫƣǂƾᄕ ƟƣƤƺƽƣ
ƞƤƿƣƽ ƞƹƢ Ƥƺƶƶƺǂᅟǀƻ
ǀƞƹƿƫƿƞƿƫǁƣ ƞƹƢ
Ƽǀƞƶƫƿƞƿƫǁƣ ƞƹƞƶDŽƾƫƾ
ƺƤ ƻƞƽƿƫơƫƻƞƹƿƾᅷ
ƫƹƿƣƽƞơƿƫƺƹᄙ
ǀƟưƣơƿƫǁƣ ƾơƞƶƣƾ
ƞƫƹ ƣƾǀƶƿƾ
ƺƾƫƿƫǁƣ ƫƸƻƞơƿ ƺƹ
ƿƣƞơƩƣƽᅷƾ ƻƣƽơƣƻƿƫƺƹƾ
ƺƤ ƫƴƫ ƞƹƢ ƫƹƼǀƫƽDŽ
ƺƾƾƫƟƶƣ ǀƾƣ ƺƤ
ƫƴƫ ƿƺ ƟǀƫƶƢ
ơƺƸƸǀƹƫƿƫƣƾ
ƣơƩƹƺƶƺƨƫơƞƶ
ƿƽƞƫƹƫƹƨ ƞƹƢ
ƸƺƢƫƧƬơƞƿƫƺƹ ƺƤ
ƿƣƞơƩƣƽƾᅷ ƾƺơƫƞƶ
ƣǃƻƣơƿƞƿƫƺƹƾ ƩƫƨƩƶDŽ
ƫƸƻƺƽƿƞƹƿ
ƣƹƢƣƹơDŽ ƿƺ ƣƹƨƞƨƣ
Ƹƺƽƣ ƫƹ ƫƹƢƫǁƫƢǀƞƶ
ƿƩƞƹ ơƺƶƶƞƟƺƽƞƿƫǁƣ
ƞơƿƫǁƫƿƫƣƾ
ƣƽơƣƻƿƫƺƹ ƺƤ ƞƹ
ƞǀƿƩƣƹƿƫơ ƞǀƢƫƣƹơƣ
ƩƫƨƩƶDŽ ƫƸƻƺƽƿƞƹƿ
ƣơƩƹƺƶƺƨƫơƞƶ
ƿƽƞƫƹƫƹƨ ƩƫƨƩƶDŽ
ƫƸƻƺƽƿƞƹƿ
ƣƹƢƣƹơDŽ ƿƺ ƣƹƨƞƨƣ
Ƹƺƽƣ ƫƹ ƫƹƢƫǁƫƢǀƞƶ
ƿƩƞƹ ơƺƶƶƞƟƺƽƞƿƫǁƣ
ƞơƿƫǁƫƿƫƣƾ
ƨƢ ƶƳƢ ƶƣ ƹƩƻƩƵƧ
ƹƣ ƫƸƻƺƽƿƞƹƿ ơƺƸƻƺƹƣƹƿ ƺƤ ƿƩƣ ƶƣƞƽƹƫƹƨ ƾƫƿǀƞƿƫƺƹ ƫƾ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƿƩƣ ƽƺƶƣ
ƿƩƞƿ ǂƽƫƿƫƹƨ Ʃƞƾ ƫƹ ƿƩƣ ƞơƿƫǁƫƿDŽᄕ ƞƹƢ ƿƩƫƾ ơƺƸƻƽƫƾƣƾ ƿƩƣ ƾƻƣơƫƧƬơ ƿƞƾƴƾ ƨƫǁƣƹ ƿƺ ƾƿǀᅟ
Ƣƣƹƿƾᄕ ǂƩƣƿƩƣƽ ƿƩƣDŽ Ʃƞǁƣ ƿƺ Ɵƣ Ƣƺƹƣ ƫƹƢƫǁƫƢǀƞƶƶDŽ ƺƽ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽᄕ ƞƹƢ Ʃƺǂ
ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƫƾ ƺƽơƩƣƾƿƽƞƿƣƢ ᄬǂƩƣƹ ƞƹƢ Ƥƺƽ ǂƩƞƿ ƻǀƽƻƺƾƣᄭᄙ ƩƺǀƨƩ ƿƩƣ
ƿƩƽƣƣ ƣǃƞƸƻƶƣƾ ƻƽƣƾƣƹƿƣƢ ƫƹ ƞƟƶƣ ᇳᇳᄙᇳ ǂƣƽƣ ƞƶƶ Ƹƣƞƹƿ ƿƺ ƾǀƻƻƺƽƿ ƿƣƞơƩƣƽƾᅷ ƻƽƺᅟ
Ƥƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ᄬƫƹᅟƾƣƽǁƫơƣ ƺƽ ƻƽƺƾƻƣơƿƫǁƣ ƿƣƞơƩƣƽƾᄭᄕ ƿƩƣ ƽƺƶƣ ƞƿƿƽƫƟǀƿƣƢ
ƿƺ ǂƽƫƿƫƹƨ ƢƫƦƤƣƽƣƢ ƞơƽƺƾƾ ƿƩƣƸᄙ
ƫƸ ƣƿ ƞƶᄙ ᄬᇴᇲᇳᇴᄭᄕ ǂƺƽƴƫƹƨ ǂƫƿƩ ƣƞƽƶDŽᅟơƞƽƣƣƽ ƾơƫƣƹơƣ ƿƣƞơƩƣƽƾᄕ ƾƣƿ ǀƻ ƞ ƫƴƫ
ƣƹǁƫƽƺƹƸƣƹƿ ƫƹ ǂƩƫơƩ ƻƞƽƿƫơƫƻƞƹƿƾ ǂƣƽƣ ƣƹơƺǀƽƞƨƣƢ ƿƺ ƾƩƞƽƣ ƞƹƢ Ƣƫƾơǀƾƾ ƿƩƣƫƽ
ƫƢƣƞƾ ƺƹ ƿƩƣ ǀƾƣ ƺƤ ƫƹƼǀƫƽDŽ ƫƹ ƿƩƣƫƽ ƶƣƾƾƺƹƾ ƟDŽ ơƽƣƞƿƫƹƨ ƹƣǂ ƻƞƨƣƾ ƫƹ ƿƩƣ ƾƩƞƽƣƢ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
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ƣƹǁƫƽƺƹƸƣƹƿᄙ ƞƽƿƫơƫƻƞƹƿƾ ǂƣƽƣᄕ ƿƩƣƽƣƤƺƽƣᄕ ƫƹǁƺƶǁƣƢ ƫƹ ơƺƸƸǀƹƫƿDŽ ơƺƶƶƞƟƺƽƞᅟ
ƿƫƺƹ ƿƺ ƟǀƫƶƢ ƞ ƾƩƞƽƣƢ ƴƹƺǂƶƣƢƨƣ ƽƣƻƺƾƫƿƺƽDŽ ƺƹ ƿƩƣ ǀƾƣ ƺƤ ƫƹƼǀƫƽDŽ ƫƹ ƣƢǀơƞƿƫƺƹᄙ
Ʃƣ ƞǀƿƩƺƽƾ ǂƣƽƣ ƫƹƿƣƽƣƾƿƣƢ ƫƹ ƺƟƾƣƽǁƫƹƨ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ơƺƸƸǀƹƫᅟ
ƿƫƣƾ ƞƹƢ ƿƩƣ ƫƸƻƞơƿ ƿƩƣDŽ Ʃƞǁƣ ƺƹ ƻƞƽƿƫơƫƻƞƹƿƾᅷ ơƺƹơƣƻƿƫƺƹ ƺƤ ƿƣƞơƩƫƹƨ ƾơƫƣƹơƣ
ƿƩƽƺǀƨƩ ƫƹƼǀƫƽDŽᄕ ƞƾ ǂƣƶƶ ƞƾ ƿƩƣ ƣƢǀơƞƿƫƺƹƞƶ ǀƾƣ ƺƤ ƫƴƫ ƿƣơƩƹƺƶƺƨDŽᄙ
ƞƢưƣƽƽƺǀƫƿ ᄬᇴᇲᇳᇶᄭ ơƺƹơƣƫǁƣƢ ƞ ƫƴƫ ƣƹǁƫƽƺƹƸƣƹƿ ƿƞƽƨƣƿƫƹƨ ƾƿǀƢƣƹƿƾ ƫƹ ƞ Ƥƺƽᅟ
Ƹƞƶ ơǀƽƽƫơǀƶǀƸ ƺƤ ƻƽƣᅟƾƣƽǁƫơƣ ƿƣƞơƩƣƽƾᄙ ƣƞƽƹƣƽƾ ǂƣƽƣ ƞƾƴƣƢ ƿƺ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽ
ƫƹǁƣƾƿƫƨƞƿƣ ƺƹƣ ƾƻƣơƫƧƬơ ƿƺƻƫơ ƽƣƶƞƿƣƢ ƿƺ ƿƩƣƫƽ ƻƣƢƞƨƺƨƫơƞƶ ƻƽƞơƿƫơƣᄙ Ʃƣ ƿƞƾƴ ƻƽƺᅟ
ƻƺƾƣƢ Ƥƺƽ ƿƩƣ ƶƣƞƽƹƣƽƾ ơƺƹƾƫƾƿƣƢ ƺƤ ơƺƶƶƞƟƺƽƞƿƫƹƨ ƫƹ ƾƸƞƶƶ ƨƽƺǀƻƾ ᄬƿǂƺ ƿƺ Ƥƺǀƽ
ƻƞƽƿƫơƫƻƞƹƿƾᄭ ƫƹ ƿƩƣ ƻƽƺƢǀơƿƫƺƹ ƺƤ ƞ ƫƴƫ ƺƤ ƾƣǁƣƽƞƶ ƻƞƨƣƾᄙ Ʃƣ ƺƟưƣơƿƫǁƣ ƺƤ ƿƩƫƾ
ƽƣƾƣƞƽơƩ ǂƞƾ ƿƺ ƣǁƞƶǀƞƿƣ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƻƽƞơƿƫơƣ ƺƤ ƻƽƺƾƻƣơƿƫǁƣ ƿƣƞơƩᅟ
ƣƽƾ ƞƹƢ ƻƽƺƢǀơƣ ƾǀƨƨƣƾƿƫƺƹƾ ƺƹ Ʃƺǂ ƿƺ ƣƹơƺǀƽƞƨƣ ƿƩƣƸ ƫƹ ƣƹƨƞƨƫƹƨ ƫƹ ƿƩƫƾ ƾƺƽƿ
ƺƤ ƞơƿƫǁƫƿDŽᄙ
ƺƹƹƣƶƶDŽ ƞƹƢ ƺƹƫƤƞơƣ ᄬᇴᇲᇳᇵᄭ ǀƾƣƢ ƞ ƫƴƫ ƿƺ ƾǀƻƻƺƽƿ ƿƩƣ ơƺƹơƣƻƿƫƺƹ ƺƤ ơƺƶᅟ
ƶƞƟƺƽƞƿƫǁƣ ƣᅟƻƺƽƿƤƺƶƫƺƾ ƟDŽ ƫƹᅟƾƣƽǁƫơƣ ƾơƫƣƹơƣ ƿƣƞơƩƣƽƾ ǂƫƿƩ ƢƫƦƤƣƽƣƹƿ ƶƣǁƣƶƾ ƺƤ
ƣǃƻƣƽƫƣƹơƣᄙ Ʃƣ ƞƫƸ ƺƤ ƿƩƫƾ ƻƽƺưƣơƿ ǂƞƾ ƿƺ ƽƣƢǀơƣ ƿƣƞơƩƣƽƾᅷ ƫƾƺƶƞƿƫƺƹ ƟDŽ ƻƽƺᅟ
ǁƫƢƫƹƨ ƿƩƣƸ ǂƫƿƩ ƞƹ ƣƹǁƫƽƺƹƸƣƹƿ ƿƺ ƾƩƞƽƣ ƻƣƽƾƺƹƞƶ ƣǃƻƣƽƫƣƹơƣƾ ƶƫǁƣƢ ƫƹ ƿƩƣ
ơƶƞƾƾƽƺƺƸ ƞƹƢ ƿƺ ƽƣơƣƫǁƣ ƺƽ ƻƽƺǁƫƢƣ ƾǀƨƨƣƾƿƫƺƹƾ ƞƹƢ ơƺƸƸƣƹƿƾᄙ Ʃƣ ƣᅟƻƺƽƿƤƺƶƫƺ
ǂƞƾ ƺƽƨƞƹƫƾƣƢ ƞƽƺǀƹƢ ƺƹƿƣƹƿ ƣƻƽƣƾƣƹƿƞƿƫƺƹƾ ᄬƺƣƾᄭᄕ ƻƞƨƣƾ ƢƣƢƫơƞƿƣƢ ƿƺ
ƺƹƣ ƾƻƣơƫƧƬơ ƾơƫƣƹơƣ ƿƺƻƫơ ƞƹƢ ơƽƣƞƿƣƢ ƫƹ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƟDŽ ƞ ƨƽƺǀƻ ƺƤ ƿƣƞơƩƣƽƾᄙ
Ʃƣ ƺƣ ƫƾ ơƺƸƻƺƾƣƢ ƺƤ ƿƩƣ ƞƹƾǂƣƽƾ ƿƺ ƻƣƢƞƨƺƨƫơƞƶ Ƽǀƣƾƿƫƺƹƾ ᄬƤƺƽ ƣǃƞƸƻƶƣᄕ
ƶƫƸƫƿƞƿƫƺƹƾᄧƢƫƦƧƬơǀƶƿƫƣƾ ơƺƹƹƣơƿƣƢ ƿƺ ƿƣƞơƩƫƹƨ ƿƩƫƾ ƿƺƻƫơᄭᄙ ƞơƩ ƺƣ ƫƾ ƞƾƾƺơƫᅟ
ƞƿƣƢ ǂƫƿƩ ƞ ƾƣƽƫƣƾ ƺƤ ƣƢƞƨƺƨƫơƞƶ ƞƹƢ ƽƺƤƣƾƾƫƺƹƞƶᅟƣǃƻƣƽƫƣƹơƣ ƣƻƣƽƿƺƫƽƣƾ ᄬƞᅟ
ƣƾᄭᄕ ǂƽƫƿƿƣƹ ƫƹƢƫǁƫƢǀƞƶƶDŽ ƟDŽ ƿƩƣ ƨƽƺǀƻᅷƾ ƻƞƽƿƫơƫƻƞƹƿƾ ƫƹ ƿƩƣ ƤƺƽƸ ƺƤ ƹƞƽƽƞƿƫǁƣƾ
ƽƣƥƷƣơƿƫƹƨ ƺƹ ƻƞƽƿƫơǀƶƞƽ ƞƾƻƣơƿƾ ƺƤ ƿƩƣ ƺƣᄙ ƹ ƿƩƫƾ ƾƣƹƾƣᄕ ƿƩƣƾƣ ƣᅟƻƺƽƤƺƶƫƺƾ ƞƽƣ
ơƺƸƻƺƾƣƢ ƟDŽ ƟƺƿƩ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽ ᄬƺƣƾᄭ ƞƹƢ ƫƹƢƫǁƫƢǀƞƶƶDŽ ᄬƞᅟƣƾᄭ ǂƽƫƿƿƣƹ
ƿƣǃƿƾᄙ
ƢƺƼƳƻƺ
Ʃƣ ƿƩƽƣƣ ƾƿǀƢƫƣƾ ǁƞƽƫƣƢ ƫƹ ƿƩƣƫƽ ƫƹƾƿƽǀơƿƫƺƹƞƶ Ƣƣƾƫƨƹ ƽƣƨƞƽƢƫƹƨ ƿƩƣ ƽƺƶƣ ƺƤ ǂƽƫƿᅟ
ƫƹƨ ƞƹƢ ơƺƶƶƞƟƺƽƞƿƫƺƹᄕ ǂƩƫƶƣ ƻǀƽƾǀƫƹƨ ƿƩƣ ƾƞƸƣ ƨƶƺƟƞƶ ƺƟưƣơƿƫǁƣ ƺƤ ƻƽƺƤƣƾƾƫƺƹƞƶ
ƢƣǁƣƶƺƻƸƣƹƿ ƿƩƽƺǀƨƩ ƿƩƣ ơƺƸƸǀƹƫƿDŽᄙ Ʃƞƿ ƫƾ ƿƩƣ ƫƸƻƞơƿ ƺƤ ƿƩƫƾ ǁƞƽƫƣƿDŽ ƺƹ ƿƩƣ
ƾǀơơƣƾƾ ƺƤ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƞơƿƫǁƫƿDŽ ƞƹƢ ƫƿƾ ƺǀƿơƺƸƣƾᄞ
ƫƸ ƞƹƢ ơƺƶƶƣƞƨǀƣƾ ᄬᇴᇲᇳᇴᄭ ƺƟƾƣƽǁƣƢ ƞ ƻƺƾƫƿƫǁƣ ƣƦƤƣơƿ ƺƤ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ ƿƺ
ơƽƣƞƿƣ ƞ ơƺƸƸǀƹƫƿDŽ ƽƣƻƺƾƫƿƺƽDŽ Ƣƫƾơǀƾƾƫƹƨ ƿƩƣ ƿƺƻƫơ ƺƤ ƿƣƞơƩƫƹƨ ƿƩƽƺǀƨƩ ƫƹƼǀƫƽDŽᄕ
ƟƺƿƩ ƺƹ ƿƣƞơƩƣƽƾᅷ ƫƢƣƞƾ ƺƤ ƿƣƞơƩƫƹƨ ƿƩƽƺǀƨƩ ƫƹƼǀƫƽDŽ ᄬƫᄙƣᄙ ƿƩƣ ƿƺƻƫơ ƢƫƾơǀƾƾƣƢ ƫƹ
ƿƩƣ ơƺƸƸǀƹƫƿDŽ ƽƣƻƺƾƫƿƺƽDŽᄭᄕ ƞƹƢ ƺƹ ƿƩƣƫƽ ơƺƹơƣƻƿƫƺƹƾ ƺƤ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ ƫƹ ƿƩƣ
ơƶƞƾƾƽƺƺƸ ᄬƫᄙƣᄙ ƿƩƣ ƣƹǁƫƽƺƹƸƣƹƿ ǀƾƣƢ Ƥƺƽ ƿƩƣ ƞơƿƫǁƫƿDŽᄭᄙ Ʃƣ ƞǀƿƩƺƽƾ ơƺƹơƶǀƢƣ
ƿƩƞƿ ƫƴƫƾ ƽƣƻƽƣƾƣƹƿ ƞ ƨƺƺƢ ƺƻƿƫƺƹ ƿƺ ƾǀƻƻƺƽƿ ƿƣƞơƩƣƽƾᅷ ơƺƸƸǀƹƫƿƫƣƾᄕ ƞƾ ƫƹ
ƿƩƫƾ ƽƣƾƣƞƽơƩ ƿƣƞơƩƣƽƾ ƞƿƿƽƫƟǀƿƣƢ ƾƫƨƹƫƧƬơƞƹơƣ ƞƹƢ ǁƞƶǀƣ ƿƺ ƿƩƣ ơƺƸƸǀƹƫƿDŽ ƿƩƣDŽ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
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ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƻƞƽƿƫơƫƻƞƿƣƢ ƫƹᄕ ƞƹƢ ƿƩƣDŽ ƻƣƽơƣƫǁƣƢ ƿƩƞƿ ƿƩƣ ǀƾƣ ƺƤ ƞ ƫƴƫᅟƟƞƾƣƢ ƣƹǁƫƽƺƹƸƣƹƿ
ƣƹƩƞƹơƣƢ ƿƩƣƫƽ ƫƹƿƣƽƞơƿƫƺƹ ƞƹƢ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƣǃƻƣƽƫƣƹơƣᄙ
ƹ ƿƩƣ ƺƿƩƣƽ ƩƞƹƢᄕ ƞƹƢưƣƽƽƺǀƫƿ ᄬᇴᇲᇳᇶᄭ ƞƹƢ ƺƹƹƣƶƶDŽ ƞƹƢ ƺƹƫƤƞơƣ ᄬᇴᇲᇳᇵᄭ
ƺƟƾƣƽǁƣƢ ƞ ƽƣƶǀơƿƞƹơƣ ƺƤ ƾƿǀƢƣƹƿƾ ƫƹ ƿƽǀƶDŽ ơƺƶƶƞƟƺƽƞƿƫƹƨᄙ ƾ ƽƞƹƿ ᄬᇴᇲᇲᇻᄭ ƣǃᅟ
ƻƶƞƫƹƣƢᄕ ƿƩƣ ƶƞơƴ ƺƤ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƫƾ ƶƣƾƾ ƞ ƿƣơƩƹƺƶƺƨƫơƞƶ ƻƽƺƟƶƣƸᄕ ƾƫƹơƣ ƫƴƫƾ
ƺƦƤƣƽ ƿƩƣ Ƥǀƹơƿƫƺƹƞƶƫƿƫƣƾ ƿƺ ƾǀƻƻƺƽƿ ƫƿᄕ ƿƩƞƹ ƫƿ ƫƾ ƞƹ ƫƾƾǀƣ ƽƣƶƞƿƣƢ ƿƺ ơǀƶƿǀƽƣ ƞƹƢ
ƻƣƢƞƨƺƨDŽᄙ ƢƢƫƿƫƺƹƞƶƶDŽᄕ ƻƞƽƿƫơƫƻƞƹƿƾ ƸƞDŽ ơƺƹƾƫƢƣƽ ǂƽƫƿƫƹƨ ƞƾ ƞ ƹƺƹᅟƞǀƿƩƣƹƿƫơ
ƿƞƾƴᄕ ƻƣƽơƣƫǁƫƹƨ ƿƩƣ ƶƞơƴ ƺƤ ƞ ƽƣƞƶ ƞǀƢƫƣƹơƣ Ƥƺƽ ƿƩƣƫƽ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƣƦƤƺƽƿ ᄬ ƽƞƹƿᄕ
ᇴᇲᇲᇻᄭᄙ Ʃƫƾᄕ ƿƺƨƣƿƩƣƽ ǂƫƿƩ ƿƩƣ Ƥƞơƿ ƿƩƞƿ ǂƽƫƿƫƹƨ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽ ƽƣƼǀƫƽƣƾ ƞƹ ƞƢƢƫᅟ
ƿƫƺƹƞƶ ơƺƨƹƫƿƫǁƣ ƣƦƤƺƽƿᄕ ƸƞDŽ ƣǃƻƶƞƫƹ ƿƩƣ Ƥƞơƿ ƿƩƞƿ ƻƞƽƿƫơƫƻƞƹƿƾ ƺƤ ƿƩƫƾ ƿDŽƻƣ ƺƤ
ƞơƿƫǁƫƿDŽ ƾƩƺǂ ƞ ƿƣƹƢƣƹơDŽ ƿƺ ǂƺƽƴ ƫƹƢƫǁƫƢǀƞƶƶDŽᄕ ƽƞƿƩƣƽ ƿƩƞƹ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽᄙ
ǀƫƶƢƫƹƨ ƺƹ ƿƩƣ ƽƣƾǀƶƿƾ ƸƣƹƿƫƺƹƣƢ ƞƟƺǁƣᄕ ƺƹƹƣƶƶDŽ ƞƹƢ ƺƹƫƤƞơƣ ᄬᇴᇲᇳᇵᄭ ƞƹƞƶᅟ
DŽƾƣƢ ƞ ƾƣƽƫƣƾ ƺƤ ơƞƾƣƾ ƿƺ ǀƹƢƣƽƾƿƞƹƢ Ƥƞơƿƺƽƾ ƞƦƤƣơƿƫƹƨ ƫƹᅟƾƣƽǁƫơƣ ƿƣƞơƩƣƽƾᅷ ƻƣƽᅟ
ơƣƻƿƫƺƹƾ ƺƤ ƫƴƫᅟƾǀƻƻƺƽƿƣƢ ƣᅟƻƺƽƿƤƺƶƫƺƾ ƞƹƢ ƿƺ ƫƢƣƹƿƫƤDŽ ǂƞDŽƾ ƿƺ ƾǀƻƻƺƽƿ ƿƩƣƸ ƫƹ
ƣƹƨƞƨƫƹƨ ƫƹ ƴƹƺǂƶƣƢƨƣᅟƾƩƞƽƫƹƨ ƞơƿƫǁƫƿƫƣƾᄙ ƹ ƿƩƣ ƶƫƸƫƿƣƢ ƹǀƸƟƣƽ ƺƤ ơƞƾƣƾ ƞƹƞƶᅟ
DŽƾƣƢ ᄬƿƩƽƣƣᄭᄕ ƿƩƣDŽ ƺƟƾƣƽǁƣƢ ƿƩƞƿ ƿƩƣ ƫƾƾǀƣ ƺƤ ơƺƸƻƣƿƣƹơƣ ƫƹ ƿƣơƩƹƺƶƺƨDŽ ǂƞƾ
ƞ ƻƞƽƿƫơǀƶƞƽƶDŽ ƫƸƻƺƽƿƞƹƿ Ƥƞơƿƺƽᄙ ƺƸƻƣƿƣƹơƣᄕ ƫƹ ƿƩƫƾ ƾƣƹƾƣᄕ ƹƺƿ ƺƹƶDŽ ƽƣƤƣƽƾ ƿƺ
ƿƩƣ ƹƣƣƢ Ƥƺƽ ƿƽƞƫƹƫƹƨ ƫƹ ƿƩƣ ǀƾƣ ƺƤ ƿƣơƩƹƺƶƺƨDŽᄕ Ɵǀƿ ƞƶƾƺ ƿƺ ƿƩƣ ƹƣƣƢ Ƥƺƽ ƸƺƢƫᅟ
ƤDŽƫƹƨ ƿƣƞơƩƣƽƾᅷ ƸƫƹƢᅟƾƣƿƾ ƞƟƺǀƿ ƿƩƣ ǀƾƣ ƺƤ ƿƣơƩƹƺƶƺƨDŽ ƫƹ ƿƩƣƫƽ ƻƽƞơƿƫơƣ ƞƹƢ ƿƩƣ
ƣƦƤƺƽƿ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƫƿ ᄬ ƶƞƾƾƸƞƹ ѵ ƞƹƨᄕ ᇴᇲᇳᇳᄖ ƞƣƶƣᄕ ᇴᇲᇳᇵᄭᄙ ƹ ƽƣƶƞƿƫƺƹ ƿƺ ƿƩƫƾ
ƶƞƾƿ ƻƺƫƹƿᄕ ƫƿ ƫƾ ƫƹƿƣƽƣƾƿƫƹƨ ƿƺ ƹƺƿƫơƣ Ʃƺǂ ƿƩƣ ƿƣƞơƩƣƽƾ ƫƹ ƿƩƫƾ ƾƿǀƢDŽᄕ ǂƩƺ ƨƣƹƣƽᅟ
ƞƶƶDŽ ƿƩƺǀƨƩƿ ƫƴƫƾ ơƺǀƶƢ ƽƣƻƽƣƾƣƹƿ ƞ ƾǀƻƻƺƽƿ ƿƺ ƺǁƣƽơƺƸƣ ƿƩƣ ƫƾƺƶƞƿƫƺƹ ƫƹ ƿƩƣƫƽ
ƻƽƞơƿƫơƣᄕ ǂƣƽƣᄕ ƺƹ ƿƩƣ ƺƿƩƣƽ ƩƞƹƢᄕ ƽƣƶǀơƿƞƹƿ ƿƺ ƿƩƣ ƫƢƣƞ ƺƤ ơƺƶƶƞƟƺƽƞƿƫƹƨ ǂƫƿƩ
ơƺƶƶƣƞƨǀƣƾ ƺƤ ƺƿƩƣƽ ƾơƩƺƺƶƾᄙ Ʃƫƾ ƻƩƣƹƺƸƣƹƺƹ ƫƾ ƽƣƻƣƞƿƣƢƶDŽ ƺƟƾƣƽǁƣƢ ƫƹ ơƺƶᅟ
ƶƞƟƺƽƞƿƫǁƣ ơƺƹƿƣǃƿƾᄕ ƾƫƹơƣ ƣǃƻƺƾƫƹƨ ƿƩƣƫƽ ƴƹƺǂƶƣƢƨƣ ơƺǀƶƢ Ɵƣ ƤƞơƣᅟƿƩƽƣƞƿƣƹƫƹƨ
Ƥƺƽ ƫƹƢƫǁƫƢǀƞƶƾ ᄬǀơƩƾ ѵ ǀƿƣƽƞᄕ ᇴᇲᇲᇻᄭᄙ
ƢƞƳƻƨ ơƼƠƞƻƩƶƵ ƞƵơ ƶƳƳƞƟƶƹƞƻƩƽƢ ƹƩƻƩƵƧხ ƺǀƵƠƨƹƶƵƶƼƺ ƵƳƩƵƢ
ƩƺƠƼƺƺƩƶƵƺ
ƫƸƫƶƞƽƶDŽ ƿƺ ƣƢǀơƞƿƫƺƹᄕ ƿƩƣ ƩƣƞƶƿƩ ơƞƽƣ ƢƺƸƞƫƹ ƫƾ ǀƾǀƞƶƶDŽ ƺƽƨƞƹƫƾƣƢ ƞƽƺǀƹƢ ƞ
Ƣǀƞƶ ƸƺƢƣ ƫƹ ǂƩƫơƩ ƾƿǀƢƣƹƿƾ ƞƹƢ ƻƽƺƤƣƾƾƫƺƹƞƶƾ ƞƽƣ ƣǃƻƺƾƣƢ ƿƺ ƤƺƽƸƞƶ ƣƢǀᅟ
ơƞƿƫƺƹ ƫƹ ƾơƩƺƺƶƾᄕ ǀƹƫǁƣƽƾƫƿƫƣƾᄕ ƺƽ ơƺƹƿƫƹǀƫƹƨ ƣƢǀơƞƿƫƺƹ ƾƣƿƿƫƹƨƾᄕ ǂƩƫƶƣ ƾƫƸǀƶᅟ
ƿƞƹƣƺǀƾƶDŽ ƞơƼǀƫƽƫƹƨ ƻƽƺƤƣƾƾƫƺƹƞƶ ƣǃƻƣƽƫƣƹơƣ ƿƩƽƺǀƨƩ ƫƹƿƣƽƹƾƩƫƻƾᄙ ƹ ƺƽƢƣƽ ƿƺ
ƾǀƻƻƺƽƿ ƶƣƞƽƹƣƽƾ ƫƹ ƣǃƻƶƺƫƿƫƹƨ ƿƩƣ ơƺƸƻƣƿƣƹơƣƾ ƞơƼǀƫƽƣƢ ƫƹ ƿƩƣƾƣ ƢƫƦƤƣƽƣƹƿ
ƣƹǁƫƽƺƹƸƣƹƿƾᄕ ƿƩƣ ǀƾƣ ƺƤ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƾƣƣƸƾ ƿƺ ƽƣƻƽƣƾƣƹƿ
ƞƹ ƫƹƿƣƽƣƾƿƫƹƨ ƺƻƿƫƺƹ ƣǃƻƶƺƽƣƢ ƫƹ ǁƞƽƫƺǀƾ ƩƣƞƶƿƩ ƣƢǀơƞƿƫƺƹ ƻƽƺƨƽƞƸƸƣƾ ᄬƤƽƺƸ
ƩƣƞƶƿƩ ƞƹƢ ƾƺơƫƞƶ ơƞƽƣ ƾƿǀƢƣƹƿƾ ƿƺ Ƣƺơƿƺƽƾᄭᄙ
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ƾDŽƹơƩƽƺƹƺǀƾ ƹƶƫƹƣ ƫƾơǀƾƾƫƺƹƾ Ƥƺƽ ƽƺƤƣƾƾƫƺƹƞƶ ƣǁƣƶƺƻƸƣƹƿ
ƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ᄬؔؗآƾᄭ ơƞƹ Ɵƣ ƢƣƧƬƹƣƢ ƞƾ ơƺƹƤƣƽƣƹơƣƾ ƺơơǀƽᅟ
ƽƫƹƨ ƺƹ ƿƩƣ ƣƟᄕ ƞƾDŽƹơƩƽƺƹƺǀƾƶDŽ ƞƹƢ ƫƹ ǂƽƫƿƿƣƹ ƸƺƢƣᄕ ƫƹ ǂƩƫơƩ ƶƣƞƽƹƣƽƾ ƞƽƣ
ƽƣƼǀƫƽƣƢ ƿƺ ƻƞƽƿƫơƫƻƞƿƣ ƫƹ ǁƞƽƫƺǀƾ Ƣƫƾơǀƾƾƫƺƹ ƿƩƽƣƞƢƾ ƟDŽ ƽƣƞƢƫƹƨ ƞƹƢ ơƺƹƿƽƫƟǀƿᅟ
ƫƹƨ ƿƺ ƿƩƣƸ ᄬƣƹƧƬƣƶƢᄕ ᇴᇲᇲᇴᄭᄙ Ʃƣƾƣ Ƣƫƾơǀƾƾƫƺƹƾ ơƞƹ Ɵƣ ơƺƹƢǀơƿƣƢ ƿƩƽƺǀƨƩ
ƤƺƽǀƸƾᄕ Ƹƞƫƶƫƹƨ ƶƫƾƿƾᄕ ƺƽ ƺƿƩƣƽ ƾDŽƾƿƣƸƾ ᄬƶƫƴƣ ƫƴƫƾᄭᄙ Ʃƣ Ƥƞơƿ ƿƩƞƿ ƿƩƣ Ƣƫƾơǀƾᅟ
ƾƫƺƹ ƫƾ ơƺƹƢǀơƿƣƢ ƞƾDŽƹơƩƽƺƹƺǀƾƶDŽ ƞƶƶƺǂƾ ƻƞƽƿƫơƫƻƞƹƿƾ ƿƺ ǂƺƽƴ ƞƿ ƿƩƣƫƽ ƻƞơƣ
ƞƹƢ ƤƽƺƸ ƢƫƦƤƣƽƣƹƿ ƻƶƞơƣƾ ᄬ ƫƿDžƾƫƸƸƺƹƾᄕ ᇴᇲᇲᇹᄭᄕ ǂƩƫơƩ ƫƾ ƻƞƽƿƫơǀƶƞƽƶDŽ ƾǀƫƿƞƟƶƣ
Ƥƺƽ ƫƹᅟƾƣƽǁƫơƣ ƻƽƞơƿƫƿƫƺƹƣƽƾᄕ ƶƫƴƣ ƩƣƞƶƿƩ ƻƽƺƤƣƾƾƫƺƹƞƶƾᄙ ƹ ƞƢƢƫƿƫƺƹᄕ ƿƩƣ ǂƽƫƿƿƣƹ
ƸƺƢƣ ƺƤ ƿƩƣ Ƣƫƾơǀƾƾƫƺƹ ƞƶƶƺǂƾ Ƥƺƽ ƞ ơǀƸǀƶƞƿƫǁƣ ơƺƹƾƿƽǀơƿƫƺƹ ƺƤ ƿƩƣ ƞƽƨǀƸƣƹƿᄕ
ǂƩƫơƩ Ƥƞơƫƶƫƿƞƿƣƾ Ƣƣƣƻ ƿƩƫƹƴƫƹƨ ƞƹƢ ƽƣƥƷƣơƿƫǁƣ ƻƽƺơƣƾƾƣƾ ᄬƞƴƣƽᄕ Ƣƣ ƽƫƣƾᄕ ǀƹƢᄕ
ѵ ǀƫƨƹƞƽƢᄕ ᇴᇲᇲᇳᄭᄙ ƺƶƶƺǂƫƹƨ ƞ ƾƺơƫƺᅟơƺƹƾƿƽǀơƿƫǁƫƾƿ ǁƫƣǂ ƺƤ ƶƣƞƽƹƫƹƨᄕ ƺƹƶƫƹƣ Ƣƫƾᅟ
ơǀƾƾƫƺƹƾ ƾƣƣƸ ƿƺ Ɵƣ ƻƞƽƿƫơǀƶƞƽƶDŽ ƾǀƫƿƣƢ ƿƺ ƣƹơƺǀƽƞƨƫƹƨ ƶƣƞƽƹƣƽƾ ƿƺ ƞƹƞƶDŽƾƣ ƽƣƞƶ
ƫƹơƫƢƣƹƿƾ ƺƽ ƣǁƣƹƿƾ ƣƹơƺǀƹƿƣƽƣƢ ƫƹ ƻƽƞơƿƫơƣᄙ Ʃƫƾ ƞơƿƫǁƫƿDŽ ƫƾ ơƺƹƾƫƢƣƽƣƢ ƞƾ ƞ
ǂƞDŽ ƿƺ ƻƽƺƸƺƿƣ ơƽƫƿƫơƞƶ ƿƩƫƹƴƫƹƨ ƞƹƢ ơƶƫƹƫơƞƶ ƽƣƞƾƺƹƫƹƨᄕ ƞƹƢ ƫƿ Ʃƞƾ ƞ ƶƺƹƨ ƿƽƞᅟ
Ƣƫƿƫƺƹ ƫƹ ƿƩƣ ƩƣƞƶƿƩ ƢƺƸƞƫƹ ᄬ ƫƨƨ ѵ ƺƹƣƾᄕ ᇴᇲᇲᇲᄖ ƞƹƹᄕ ƺƽƢƺƹᄕ ѵ ƞơƶƣƺƢᄕ
ᇴᇲᇲᇻᄭᄙ ƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƞƽƣ ƞƶƾƺ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƿƩƣ Ƣƣǁƣƶƺƻᅟ
Ƹƣƹƿ ƺƤ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣ ᄬƣƹƨƣƽᄕ ᇴᇲᇲᇲᄖ ƫƶƶƣƹƟƺǀƽƨᄕ ƺƫƽƫƣƽᄕ ѵ ƞƽƶƣƾᄕ
ᇴᇲᇲᇵᄭᄙ ƩƽƺǀƨƩ ƿƩƣ Ƣƫƾơǀƾƾƫƺƹ ƿƺƺƶƾᄕ ƿƩƣ ƸƣƸƟƣƽƾ ƺƤ ƿƩƣƾƣ ơƺƸƸǀƹƫƿƫƣƾᄕ ǂƩƺ
ƾƩƞƽƣ ƺƹƣ ƫƹƿƣƽƣƾƿ ƞƹƢᄧƺƽ ƺƹƣ ƻƽƺƤƣƾƾƫƺƹƞƶ ƽƺƶƣᄕ ơƞƹ Ƣƫƾơǀƾƾ ƞƟƺǀƿ ƿƩƣƫƽ ƻƽƞơᅟ
ƿƫơƣ ƿƺ ƞơƼǀƫƽƣ ƹƣǂ ơƺƸƻƣƿƣƹơƫƣƾ ƞƹƢ ƿƺ ƸƺƢƫƤDŽ ƿƩƣƫƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ƟƣƩƞǁƫƺǀƽᄙ
Ʃƣƾƣ ƿDŽƻƣƾ ƺƤ ơƺƸƸǀƹƫƿƫƣƾ ƞƽƣ ƣƾƻƣơƫƞƶƶDŽ ǀƾƣƤǀƶ Ƥƺƽ ƩƣƞƶƿƩ ƻƽƺƤƣƾƾƫƺƹƞƶƾ ǂƺƽƴᅟ
ƫƹƨ ƫƹ ơƶƫƹƫơƞƶ ƾƣƿƿƫƹƨƾ ǂƩƣƽƣ ƿƩƣDŽ ƹƣƣƢ ƿƺ ƺƻƣƽƞƿƣ ƫƹ ơƽƫƿƫơƞƶ ƾƫƿǀƞƿƫƺƹƾᄕ ƞƾ ƿƩƣDŽ
ƞƶƶƺǂ ƿƩƣƸ ƿƺ Ƣƫƾơǀƾƾ ƿƩƣƫƽ ƢƣơƫƾƫƺƹᅟƸƞƴƫƹƨ ƻƽƺơƣƾƾ ǂƫƿƩƺǀƿ Ɵƣƫƹƨ ƻƽƺƤƣƾƾƫƺƹᅟ
ƞƶƶDŽ ƣǃƻƺƾƣƢᄙ ƶƿƩƺǀƨƩ ǁƞƽƫƺǀƾ ƾƿǀƢƫƣƾ ƫƹƢƫơƞƿƣ Ʃƺǂ ƿƺ Ƹƞƴƣ ƞƹ ƣƦƤƣơƿƫǁƣ ǀƾƣ
ƺƤ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ᄬƺǁƞƫᄕ ᇴᇲᇲᇹᄖ ƞƶƸƺƹᄕ ᇴᇲᇳᇳᄭᄕ ƶƫƿƿƶƣ ƫƾ ƴƹƺǂƹ ƞƟƺǀƿ ƿƩƣ ƽƣƞƶ
ƫƸƻƞơƿ ƺƤ ƿƩƫƾ ƿƺƺƶ ƺƹ ƶƣƞƽƹƫƹƨ ƫƹ ƿƣƽƸƾ ƺƤ ƞơƞƢƣƸƫơ ƺǀƿơƺƸƣƾᄕ ƻƽƺƤƣƾƾƫƺƹƞƶ
ƻƽƞơƿƫơƣᄕ ƺƽ ƻƣƽƾƺƹƞƶ ƫƸƻƽƺǁƣƸƣƹƿ ᄬƩƺƸƞƾᄕ ᇴᇲᇳᇵᄭᄙ
ᇵᄙᇴᄙᇴ
ǃƞƸƻƶƣƾ ƺƤ ƿǀƢƫƣƾ ƹǁƣƾƿƫƨƞƿƫƹƨ ƾDŽƹơƩƽƺƹƺǀƾ ƽƫƿƿƣƹ
ƫƾơǀƾƾƫƺƹ ƞƾ ƹƾƿƽǀơƿƫƺƹƞƶ ơƿƫǁƫƿƫƣƾ
ƹ ƿƩƫƾ ƾƣơƿƫƺƹᄕ ǂƣ Ƣƫƾơǀƾƾ ƿƩƽƣƣ ƣǃƞƸƻƶƣƾ ƺƤ ƾƿǀƢƫƣƾ ǀƾƫƹƨ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ
Ƣƫƾơǀƾƾƫƺƹƾ Ƥƺƽ ƿƩƣ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ ƩƣƞƶƿƩ ơƞƽƣ ƻƽƞơƿƫƿƫƺƹƣƽƾ ᄬƾƣƣ
ƞƟƶƣ ᇳᇳᄙᇴᄭᄙ
ƾ ǂƣ ƻƽƣǁƫƺǀƾƶDŽ ƢƫƾơǀƾƾƣƢᄕ ƫƸƻƺƽƿƞƹƿ ơƺƸƻƺƹƣƹƿƾ ƺƤ ƿƩƫƾ ƿDŽƻƣ ƺƤ ƞơƿƫǁƫƿDŽ
ƞƽƣ ƿƩƣ ƽƺƶƣ ƞƿƿƽƫƟǀƿƣƢ ƿƺ ǂƽƫƿƫƹƨ ƞƹƢ ƿƩƣ ǂƞDŽ ơƺƶƶƞƟƺƽƞƿƫƺƹ Ɵƣƿǂƣƣƹ ƻƞƽƿƫơƫᅟ
ƻƞƹƿƾ ƫƾ ƺƽơƩƣƾƿƽƞƿƣƢᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜሜሜ
ؘ؟ؕؔاማማᄙሜ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƿƞƴƷƳƢƺ ƶƣ ƺƻƼơƩƢƺ ƞƵƞƳǀƺƩƵƧ ƞƺǀƵƠƨƹƶƵƶƼƺ ƾƹƩƻƻƢƵ ƶƵƳƩƵƢ ơƩƺƠƼƺƺƩƶƵ ƩƵ ƨƢƞƳƻƨ ƠƞƹƢ
ƢơƼƠƞƻƩƶƵ
ǀƿƩƺƽƾ
ƺƺƻƾᄙ ᄙᄕ ǁƞƹ Ƣƣƽ
ƶƣǀƿƣƹᄕ ᄙᄕ Ƣƣ ƣƹƨᄕ
ᄙᄕ ƹƺƣơƴǃᄕ ᄙ ᄬᇴᇲᇳᇴᄭ
ƽƿƺƶƣǁƞᄕ ᄙᄕ
ƩƺƸƞƾᄕ ᄙ ᄬᇴᇲᇳᇵᄭ
ơƩƹƣƫƢƣƽᄕ ᄙᄕ
ȅƿƽƞƹơƺǀƽƿᄕ ᄙ ᄬᇴᇲᇳᇵᄭ
ƞƽƿƫơƫƻƞƹƿƾ
ƣƢƫơƞƶ ƾƿǀƢƣƹƿƾ ᄬƹ
ኙ ᇶᇹᄭ
ƿǀƢƣƹƿƾ ƫƹ ƩƣƞƶƿƩ
ƞƹƢ ƾƺơƫƞƶ ơƞƽƣ ᄬƹ ኙ
ᇵᇳᄭ
ơƿƫǁƫƿDŽ
ƣƣƽᅟƤƣƣƢƟƞơƴ ƺƹ
ƾƿǀƢƣƹƿƾᅷ ǂƽƫƿƿƣƹ
ƻƽƺƢǀơƿƫƺƹƾ ƞƟƺǀƿ
ơƶƫƹƫơƞƶ ơƞƾƣƾ
ƣƣƽᅟƤƣƣƢƟƞơƴ ƺƹ ƿƩƣ ƞƽƫƺǀƾ ƞơƿƫǁƫƿƫƣƾ
Ƣƣƾơƽƫƻƿƫƺƹ ƺƤ ơƽƫƿƫơƞƶ ƫƸƻƶƣƸƣƹƿƣƢ ƫƹ
ƫƹơƫƢƣƹƿ ᄬƫƴƫᅟƟƞƾƣƢᄭ ƢƫƦƤƣƽƣƹƿ ƾƿǀƢƫƣƾ
ƹƾƿƽǀơƿƫƺƹƞƶ
ƻƻƽƺƞơƩ
ƣƥƷƣơƿƫǁƣ ƻƽƞơƿƫơƣ
ѵ ơƶƫƹƫơƞƶ ƻƽƺƟƶƣƸ
ƾƺƶǁƫƹƨ
ƹƿƣƨƽƞƿƫǁƣ ƣƢƞƨƺƨDŽ
ƸƺƢƣƶ
ƫƿƣƽƞƿǀƽƣ ƽƣǁƫƣǂ
ƻƞƽƿƫơƫƻƞƹƿƾᅷ
ƫƹƿƣƽƞơƿƫƺƹᄙ
ǀƟưƣơƿƫǁƣ ƾơƞƶƣƾ
ƣƿƩƺƢƺƶƺƨDŽ
ǀƞƾƫᅟƣǃƻƣƽƫƸƣƹƿƞƶ
Ƣƣƾƫƨƹᄕ ƨƽƺǀƻ
ƫƢƣƹƿƫƧƬơƞƿƫƺƹ ƞ
ƻƺƾƿƣƽƫƺƽƫ
ǀƞƾƫᅟƣǃƻƣƽƫƸƣƹƿƞƶ
Ƣƣƾƫƨƹ
ƫƿƣƽƞƿǀƽƣ ƽƣǁƫƣǂ
ƻƞƽƿƫơƫƻƞƹƿƾᅷ
ƫƹƿƣƽƞơƿƫƺƹᄙ
ǀƟưƣơƿƫǁƣ ƾơƞƶƣƾ
ƞƫƹ ƣƾǀƶƿƾ
ƫƨƩƣƽ ƹǀƸƟƣƽ
ƺƤ ƻƺƾƿƫƹƨƾ ǂƞƾ
ƞƾƾƺơƫƞƿƣƢ ƿƺ ƩƫƨƩƣƽ
ƹǀƸƟƣƽ ƺƤ ƽƣǁƫƾƫƺƹƾ
ƞƾƴ ƤƺơǀƾƣƢ
Ƣƫƾơǀƾƾƫƺƹƾ ǂƣƽƣ
ƞƾƾƺơƫƞƿƣƢ ƿƺ ƩƫƨƩƣƽ
ƹǀƸƟƣƽ ƺƤ ƽƣǁƫƾƫƺƹƾ
ƺ ƫƸƻƞơƿ ƺƹ
ƾƣƶƤᅟƣƦƧƬơƞơDŽ ƟƣƶƫƣƤƾ
ƫƾơǀƾƾƫƹƨ ƾƫƨƹƫƧƬơƞƹƿ
ƣƻƫƾƺƢƣ ƶƫǁƣƢ ƟDŽ
Ƥƣƶƶƺǂ ƞƻƻƽƣƹƿƫơƣƾ
Ʃƞƾ ƻƺƾƫƿƫǁƣ ƣƦƤƣơƿƾ ƺƹ
ƶƣƞƽƹƫƹƨ
ƺƾƫƿƫǁƣ ƫƸƻƞơƿ ƺƤ
ؔ ؗآƺƹ ƶƣƞƽƹƫƹƨ
ᅟƸƺƢƣƽƞƿƫƺƹ
ƻƺƾƫƿƫǁƣ ƫƸƻƞơƿ ƺƹ
ƶƣƞƽƹƫƹƨ
ơƞƦƤƺƶƢƫƹƨ Ʃƞƾ
ƿƺ ƶƣƞǁƣ ƿƫƸƣ ƿƺ
ƤƞƸƫƶƫƞƽƫDžƣ ǂƫƿƩ
ƣƹǁƫƽƺƹƸƣƹƿ
ƹ ƫƸƻƞơƿ
ƺƹ ƽƣƥƷƣơƿƫƺƹ
ƞƹƢ ƽƣƥƷƣơƿƫƹƨ
ƺƹƶDŽ ƞƤƿƣƽ ƶƺƹƨ
ƫƸƻƶƣƸƣƹƿƞƿƫƺƹƾ
ƿǀƢƫƣƾ ǀƾƫƹƨ
ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ
Ƣƫƾơǀƾƾƫƺƹ ƫƹ ƩƣƞƶƿƩ
ƣƢǀơƞƿƫƺƹ ᄬƹ ኙ ᇳᇶᄭ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜሜም
ƶƳƢ ƶƣ ƹƩƻƩƵƧ
Ʃƣ ǀƾƣ ƺƤ ǂƽƫƿƫƹƨ ƿƺ ƣƹơƺǀƽƞƨƣ ƽƣƥƷƣơƿƫƺƹ ƞƹƢ ơƺƸƻƞƽƫƾƺƹ ǂƫƿƩ ƺƿƩƣƽƾ ƫƾ ơƣƹᅟ
ƿƽƞƶ ƫƹ ƿƩƣ ƫƸƻƶƣƸƣƹƿƞƿƫƺƹ ƺƤ ƿƩƫƾ ƿDŽƻƣ ƺƤ ƞơƿƫǁƫƿDŽᄙ ƺƺƻƾ ƣƿ ƞƶᄙ ᄬᇴᇲᇳᇴᄭ ơƺƹƢǀơƿƣƢ
ƞ ƽƣƾƣƞƽơƩ ƺƹ ƸƣƢƫơƞƶ ƾƿǀƢƣƹƿƾ Ƣǀƽƫƹƨ ƿƩƣƫƽ ơƶƣƽƴƾƩƫƻᄕ ƞƹƞƶDŽƾƫƹƨ ƿƩƣ ǀƾƣ ƺƤ
ƞƾDŽƹơƩƽƺƹƺǀƾ Ƣƫƾơǀƾƾƫƺƹƾ ƿƺ ƢƣƟƞƿƣ ƺƹ ƻƞƻƣƽƾ ƢƣƾơƽƫƟƫƹƨ ơƶƫƹƫơƞƶ ƻƽƺƟƶƣƸƾ
ƞƹƢ Ʃƺǂ ƿƺ ƾƺƶǁƣ ƿƩƣƸᄕ ǂƽƫƿƿƣƹ ƫƹƢƫǁƫƢǀƞƶƶDŽ ƟDŽ ƿƩƣ ƾƿǀƢƣƹƿƾᄙ ƹ ƿƩƫƾ ƶƫƹƫơƞƶ
ƻƻƽƞƫƾƞƶ ƺƤ ƞ ƺƻƫơ ᄬاؔؖᄭ ƿƞƾƴᄕ ƾƿǀƢƣƹƿƾ ǂƣƽƣ ƞƾƴƣƢ ƿƺ ƤƺƽƸǀƶƞƿƣ ƞ ơƶƫƹƫơƞƶ
Ƽǀƣƾƿƫƺƹ ƞƟƺǀƿ ƞ ƻƽƺƟƶƣƸ ƣƹơƺǀƹƿƣƽƣƢ ƫƹ ƿƩƣ ǂƺƽƴƻƶƞơƣᄕ ƤƺƶƶƺǂƣƢ ƟDŽ ƞ ơƽƫƿƫơƞƶ
ƫƹǁƣƾƿƫƨƞƿƫƺƹ ƺƤ ƿƩƣ ƶƫƿƣƽƞƿǀƽƣ ᄬƞƽƴƣƾᄕ DŽƢƣᄕ ƣƣƴƾᄕ ѵ ƫƶƹƣᄕ ᇴᇲᇲᇻᄭᄙ Ʃƣ ƞǀƿƩƺƽƾ
ƣƾƿƫƸƞƿƣƢ ƿƩƞƿ ƾƿǀƢƣƹƿƾ ǂƺǀƶƢ ƻƽƺƧƬƿ ƤƽƺƸ ƞ Ƣƫƾơǀƾƾƫƺƹ ǂƫƿƩ ƿƩƣƫƽ ƻƣƣƽƾ ƺƹ ƿƩƣƫƽ
ƻƞƻƣƽƾ ᄬƣƹƹƣƿ ƣƿ ƞƶᄙᄕ ᇳᇻᇺᇹᄭ ƞƹƢ ǂƞƹƿƣƢ ƿƺ ƺƟƾƣƽǁƣ ǂƩƣƿƩƣƽ ƿƩƣ ƻƞƽƿƫơƫƻƞƿƫƺƹ ƫƹ
ƿƩƫƾ Ƣƫƾơǀƾƾƫƺƹ ǂƺǀƶƢ ƫƹƥƷǀƣƹơƣ ƿƩƣƫƽ Ƣƣơƫƾƫƺƹ ƿƺ ƽƣǁƫƾƣ ƿƩƣ اؔؖƻƞƻƣƽᄙ
ƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ơƞƹ ƞƶƾƺ Ɵƣ ǀƾƣƢ ƿƺ ƾƩƞƽƣ ƻƣƽƾƻƣơƿƫǁƣƾ ƺƹ ƽƣƞƶᅟƶƫƤƣ ƣǃƻƣᅟ
ƽƫƣƹơƣƾᄙ ƽƿƺƶƣǁƞᄕ ơƩƹƣƫƢƣƽᄕ ƞƹƢ ȅƿƽƞƹơƺǀƽƿ ᄬᇴᇲᇳᇵᄭᄕ ǂƺƽƴƫƹƨ ǂƫƿƩ ƩƣƞƶƿƩ ƞƹƢ
ƾƺơƫƞƶ ơƞƽƣ ƞƻƻƽƣƹƿƫơƣƾᄕ ǀƾƣƢ ƿƩƣ ơƽƫƿƫơƞƶ ƫƹơƫƢƣƹƿ ƿƣơƩƹƫƼǀƣ ᄬ ƶƞƹƞƨƞƹᄕ ᇳᇻᇷᇶᄖ
ơƩǀƶƿƣƽ ƣƿ ƞƶᄙ ᇴᇲᇲᇺᄭ ƿƺ ơƺƶƶƣơƿ ƾƫƨƹƫƧƬơƞƹƿ ƣƻƫƾƺƢƣƾ ƣǃƻƣƽƫƣƹơƣƢ ƟDŽ ƾƿǀƢƣƹƿƾ
Ƣǀƽƫƹƨ ƿƩƣƫƽ ƫƹƿƣƽƹƾƩƫƻƾᄙ Ƥƿƣƽ ƿƩƫƾ ƫƹƢƫǁƫƢǀƞƶ ǂƽƫƿƫƹƨ ƻƩƞƾƣᄕ ƶƣƞƽƹƣƽƾ ǂƣƽƣ
ƞƾƴƣƢ ƿƺ ƻƽƺǁƫƢƣ ǂƽƫƿƿƣƹ ơƺƸƸƣƹƿƾ ƿƺ ƿƩƣƫƽ ƻƣƣƽƾ ƟDŽ ƞƾƴƫƹƨ Ƽǀƣƾƿƫƺƹƾᄕ ƾǀƨᅟ
ƨƣƾƿƫƹƨ ƺƿƩƣƽ ƻƺƾƾƫƟƶƣ ƟƣƩƞǁƫƺǀƽƾ ƫƹ ƾƫƸƫƶƞƽ ƾƫƿǀƞƿƫƺƹƾᄕ ƞƹƢ ƻƽƺǁƫƢƫƹƨ ƨƣƹƣƽƞƶ
ơƺƸƸƣƹƿƾᄙ ƣƣƽ ơƺƶƶƞƟƺƽƞƿƫƺƹ ǂƞƾ ǀƾƣƢ Ʃƣƽƣ ƞƾ ƞ ǂƞDŽ ƿƺ ƾƿƣƻ Ɵƞơƴ ƤƽƺƸ ƻƣƽᅟ
ƾƺƹƞƶ ƣǃƻƣƽƫƣƹơƣƾᄕ ƣƸƟƽƞơƫƹƨ ƿƩƣ ƻƣƽƾƻƣơƿƫǁƣƾ ƺƤ ƺƿƩƣƽƾ ƞƹƢ ƾƿƫƸǀƶƞƿƫƹƨ ơƺƶᅟ
ƶƣơƿƫǁƣ ƴƹƺǂƶƣƢƨƣ ơƺƹƾƿƽǀơƿƫƺƹ ᄬơƞƽƢƞƸƞƶƫƞ ѵ ƣƽƣƫƿƣƽᄕ ᇳᇻᇻᇶᄖ ᇴᇲᇲᇸᄖ ƞǁƫƣƾᄕ
ᇴᇲᇲᇴᄭᄙ ƺƶƶƞƟƺƽƞƿƫƺƹ ƹƺƿ ƺƹƶDŽ ƾƣƽǁƣƢ ƿƺ ƣƹơƺǀƽƞƨƣ ƶƣƞƽƹƣƽƾ ƿƺ ƣƹƨƞƨƣ ƫƹ ƾƺơƫƺᅟ
ơƺƨƹƫƿƫǁƣ ơƺƹƥƷƫơƿƾᄕ Ɵǀƿ ƫƿ ƞƶƾƺ ƻƽƺǁƫƢƣƢ ƞƹ ƺǁƣƽǁƫƣǂ ƺƤ ǁƞƽƫƺǀƾ ǂƺƽƴƻƶƞơƣ ƻƽƞơᅟ
ƿƫơƣƾ ƿƩƞƿ ƫƹƢƫǁƫƢǀƞƶ ƶƣƞƽƹƣƽƾ ơƺǀƶƢ ƹƺƿ ƺƿƩƣƽǂƫƾƣ ƣǃƻƣƽƫƣƹơƣ Ƣǀƽƫƹƨ ƿƩƣƫƽ ƿƽƞƫƹᅟ
ƫƹƨᄙ
ƩƵơƩƵƧƺ
ƺ ưǀƢƨƣ ƿƩƣ ƣƦƤƣơƿƫǁƣƹƣƾƾ ƺƤ ؔ ؗآƤƺƽ ƶƣƞƽƹƫƹƨ ƞƹƢ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄕ
ƞƾƻƣơƿƾ ƺƤ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƞƹƢ ƿƩƣ ƫƹƿƣƽƞơƿƫƺƹ ƞƸƺƹƨ ƿƩƣ ƻƞƽƿƫơƫƻƞƹƿƾ ơƞƹ Ɵƣ
ƸƣƞƾǀƽƣƢ ƞƹƢ ƺƟƾƣƽǁƣƢᄙ ƺƺƻƾ ƣƿ ƞƶᄙ ᄬᇴᇲᇳᇴᄭ ƣǃƻƶƺƽƣƢ ǂƩƣƿƩƣƽ ƿƩƣ Ƣƫƾơǀƾƾƫƺƹ
ƩƞƢ ƞƹ ƫƸƻƞơƿ ƺƹ ƻƞƽƿƫơƫƻƞƹƿƾᅷ ƽƣǁƫƾƫƺƹƾ ƺƤ ƿƩƣƫƽ ƫƹƢƫǁƫƢǀƞƶƶDŽ ǂƽƫƿƿƣƹ ƻƞƻƣƽƾ ƺƤ
ơƽƫƿƫơƞƶ ƾƫƿǀƞƿƫƺƹƾ ƣƹơƺǀƹƿƣƽƣƢ ƫƹ ƿƩƣ ǂƺƽƴƻƶƞơƣᄙ Ƥƿƣƽ ƿƩƣ Ƣƫƾơǀƾƾƫƺƹ ƻƩƞƾƣᄕ
ᇷᇳ ነ ƺƤ ƿƩƣ ᇶᇹ ƸƣƢƫơƞƶ ƾƿǀƢƣƹƿƾ ƻƞƽƿƫơƫƻƞƿƫƹƨ ƫƹ ƿƩƣ ƽƣƾƣƞƽơƩ ƽƣǁƫƾƣƢ ƿƩƣƫƽ
ƻƞƻƣƽƾᄙ Ʃƣ ƞƹƞƶDŽƾƫƾ ƺƤ ƿƩƣ ƫƹƿƣƽƞơƿƫƺƹƾ ƺƹ ƿƩƣ ƤƺƽǀƸ ƩƫƨƩƶƫƨƩƿƣƢ ƿƩƞƿ ƾƿǀƢƣƹƿƾᅷ
ƻƞƻƣƽ ƽƣǁƫƾƫƺƹƾ ƾƣƣƸƣƢ ƿƺ Ɵƣ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƞƹ ƫƹƿƣƹƾƣ ƞơƿƫǁƫƿDŽ Ƣǀƽƫƹƨ ƿƩƣ
Ƣƫƾơǀƾƾƫƺƹ ǂƫƿƩ ƻƣƣƽƾᄕ ƞƾ ǂƣƶƶ ƞƾ ǂƫƿƩ ƩƫƨƩƣƽ ƿƞƾƴᅟƤƺơǀƾƾƣƢ Ƣƫƾơǀƾƾƫƺƹƾ ᄬƢƫƾơǀƾᅟ
ƾƫƺƹƾ ƾƿƽƫơƿƶDŽ ƽƣƶƞƿƣƢ ƿƺ ƿƩƣ ƿƞƾƴ ƸƞƹƞƨƣƸƣƹƿ ƞƹƢ ƞƽƨǀƸƣƹƿƞƿƫƺƹᄕ ƞƾ ƺƻƻƺƾƫƿƣ ƿƺ
ƹƺƹ ƿƞƾƴᅟƤƺơǀƾƾƣƢ Ƣƫƾơǀƾƾƫƺƹƾᄕ ơƺƹơƣƽƹƣƢ ǂƫƿƩ ƿƩƣ ƾƺơƫƞƶ ƽƣƶƞƿƫƺƹ ƞƹƢ ƿƩƣ ƫƹƿƣƽᅟ
ƞơƿƫƺƹ ƸƞƹƞƨƣƸƣƹƿᄭᄙ Ʃƣƾƣ ƽƣƾǀƶƿƾ ƾǀƻƻƺƽƿ ƿƩƣ ơƶƞƫƸ ƿƩƞƿ ƿƩƣ ǀƾƣ ƺƤ ƞ ƤƺƽǀƸ ƿƺ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜሜሞ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ơƺƹƢǀơƿ ǂƽƫƿƿƣƹ Ƣƫƾơǀƾƾƫƺƹƾ ƫƹ ƸƣƢƫơƞƶ ƣƢǀơƞƿƫƺƹ ƾǀƻƻƺƽƿƾ ƾƿǀƢƣƹƿƾ ƫƹ ƽƣƥƷƣơƿᅟ
ƫƹƨ ƺƹ ƿƩƣƫƽ ƻƽƞơƿƫơƣ ƞƹƢ ƫƹ ƶƣƞƽƹƫƹƨ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽ Ƣǀƽƫƹƨ ƿƩƣƫƽ ơƶƣƽƴƾƩƫƻƾᄙ
ƽƺƸ ƞ ƢƫƦƤƣƽƣƹƿ ƻƣƽƾƻƣơƿƫǁƣᄕ ƽƿƺƶƣǁƞ ƣƿ ƞƶᄙ ᄬᇴᇲᇳᇵᄭ ƸƣƞƾǀƽƣƢ ƿƩƣ ƣƦƤƣơƿ ƺƤ
ǂƽƫƿƫƹƨ ƞƹƢ Ƣƫƾơǀƾƾƫƺƹƾ ƺƹ ƴƹƺǂƶƣƢƨƣ ƞơƼǀƫƾƫƿƫƺƹ ƞƹƢ ƾƣƶƤᅟƣƦƧƬơƞơDŽ ƟƣƶƫƣƤ ƞƢᅟ
ưǀƾƿƸƣƹƿ ơƺƸƻƞƽƣƢ ƿƺ ƫƹƢƫǁƫƢǀƞƶ ǂƽƫƿƫƹƨ ƺƹƶDŽᄙ Ʃƣ ƽƣƾǀƶƿƾ ƢƫƢ ƹƺƿ ƻƽƺǁƫƢƣ
ƣǁƫƢƣƹơƣ Ƥƺƽ ƞƹDŽ ƾƫƨƹƫƧƬơƞƹƿ ơƩƞƹƨƣ ƫƹ ƶƣƞƽƹƫƹƨ ƺǀƿơƺƸƣƾ ƞƹƢ ƾƣƶƤᅟƟƣƶƫƣƤƾ ƫƹ
ƣƫƿƩƣƽ ƨƽƺǀƻᄙ ƺǂƣǁƣƽᄕ ƿǂƺ ƣƦƤƣơƿƾ ǂƣƽƣ ƺƟƾƣƽǁƣƢᄙ ƫƽƾƿƶDŽᄕ ƿƩƣ Ƹƺƽƣ ƿƩƣ ƶƣƞƽƹᅟ
ƣƽƾ ƣƹƨƞƨƣƢ ƫƹ Ƣƫƾơǀƾƾƫƹƨ ƿƩƣ ƣƻƫƾƺƢƣ ƶƫǁƣƢ ƟDŽ ƞ Ƥƣƶƶƺǂ ƞƻƻƽƣƹƿƫơƣᄕ ƿƩƣ Ƹƺƽƣ
ƿƩƣDŽ ƶƣƞƽƹƣƢᄕ ƞƾ ƣǁƫƢƣƹơƣƢ ƿƩƽƺǀƨƩ ƿƩƣƫƽ ƻƣƽƤƺƽƸƞƹơƣƾ ƞƿ ƿƩƣ ƴƹƺǂƶƣƢƨƣᅟ
ƞơƼǀƫƾƫƿƫƺƹ ƿƣƾƿᄙ ƣơƺƹƢƶDŽᄕ ƿƩƣ ƞƻƻƽƣƹƿƫơƣƾ ƽƣƞơƿƣƢ ƻƺƾƫƿƫǁƣƶDŽ ƿƺ ƿƩƣ ǂƽƫƿƫƹƨ
ƞơƿƫǁƫƿDŽ ƫƹ ƨƣƹƣƽƞƶ ƞƹƢ ƿƺ ƿƩƣ ƻƣƣƽᅟơƺƸƸƣƹƿƫƹƨ ƻƩƞƾƣᄕ ƫƹ ƻƞƽƿƫơǀƶƞƽᄕ ƶƣƞƢƫƹƨ ƿƺ ƞ
ƩƫƨƩ ƶƣǁƣƶ ƺƤ ƣƹƨƞƨƣƸƣƹƿ ƫƹ ƿƩƣ ƿƞƾƴᄙ Ʃƫƾ ƧƬƹƢƫƹƨ ơƺƹƧƬƽƸƾ ƿƩƣ ƶƫƿƣƽƞƿǀƽƣ ƺƤ ƿƩƣ
ƢƺƸƞƫƹᄕ ǂƩƫơƩ ƾǀƾƿƞƫƹƾ ƿƩƞƿ ƿƩƣ ƼǀƞƶƫƿDŽ ƺƤ ƿƩƣ ƫƹƿƣƽƞơƿƫƺƹ Ɵƣƿǂƣƣƹ ƞƻƻƽƣƹƿƫơƣƾ
ƫƾ ƞ ƤǀƹƢƞƸƣƹƿƞƶ ƞƾƻƣơƿ ƫƹ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨ ơƺƹƿƣǃƿƾ ᄬƣᄙƨᄙ ǀƿƩƣƽƾᄕ ᇴᇲᇲᇸᄭᄙ
ƩƺƸƞƾ ᄬᇴᇲᇳᇵᄭ ƻƣƽƤƺƽƸƣƢ ƞ ƶƫƿƣƽƞƿǀƽƣ ƽƣǁƫƣǂ ƟƞƾƣƢ ƺƹ ᇳᇶ ƾƿǀƢƫƣƾ ƞƹƞƶDŽƾƫƹƨ
ƿƩƣ ǀƾƣ ƺƤ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƫƹ ƿƩƣ ƩƣƞƶƿƩ ƾƣơƿƺƽᄙ ƣƾƻƫƿƣ ƿƩƣ
ƩƣƿƣƽƺƨƣƹƣƫƿDŽ ƫƹ ƿƩƣ ƸƣƿƩƺƢƺƶƺƨƫƣƾ ƺƤ ƿƩƣƾƣ ƾƿǀƢƫƣƾᄕ ƾƺƸƣ ƫƹƿƣƽƣƾƿƫƹƨ ƺǁƣƽᅟ
ƞƽơƩƫƹƨ ơƺƹơƶǀƾƫƺƹƾ ơƺǀƶƢ Ɵƣ ƢƣƽƫǁƣƢᄙ ƶƶ ƿƩƣ ƾƿǀƢƫƣƾ ƞƹƞƶDŽƾƣƢ ƾƩƺǂƣƢ ƾƺƸƣ
ƣƦƤƣơƿ ƺƤ ؔؗآƾ ƺƹ ƶƣƞƽƹƫƹƨᄙ ƹ ƿƩƫƾ ƽƣƾǀƶƿᄕ ƿƩƣ ƸƺƢƣ ƺƤ ƣᅟƸƺƢƣƽƞƿƫƺƹ ƞƹƢ ƾƿƽǀơᅟ
ƿǀƽƫƹƨ ƺƤ ƿƩƣ ƞơƿƫǁƫƿDŽ ƾƣƣƸƣƢ ƿƺ ƻƶƞDŽ ƞ ƾƫƨƹƫƧƬơƞƹƿ ƽƺƶƣ ᄬƺƩƹƾƺƹᄕ ᇴᇲᇲᇸᄭᄙ ƹ
ƻƞƽƿƫơǀƶƞƽᄕ ƾƿƽǀơƿǀƽƣƢ Ƣƫƾơǀƾƾƫƺƹƾ ᄬƣᅟƸƺƢƣƽƞƿƣƢᄭ ƫƹƢǀơƣ ƩƫƨƩƣƽ ƺƽƢƣƽ ƿƩƫƹƴᅟ
ƫƹƨ ƿƩƞƹ ǀƹƾƿƽǀơƿǀƽƣƢ Ƣƫƾơǀƾƾƫƺƹƾ ᄬǂƫƿƩƺǀƿ ƸƺƢƣƽƞƿƫƺƹᄭᄙ ƺƽƣƺǁƣƽᄕ ƺƩƹƾƺƹ
ᄬᇴᇲᇲᇸᄭ ƺƟƾƣƽǁƣƢ ƿƩƞƿ ƿƩƣ ƫƸƻƞơƿ ƺƹ ƶƣƞƽƹƫƹƨ ƫƾ ƣƹƩƞƹơƣƢ ǂƩƣƹ ƫƿ ƫƾ ƸƞƹƢƞᅟ
ƿƺƽDŽ Ƥƺƽ ƶƣƞƽƹƣƽƾ ƿƺ ƻƞƽƿƫơƫƻƞƿƣ ƫƹ ƿƩƣ ƞơƿƫǁƫƿDŽᄕ ƽƞƿƩƣƽ ƿƩƞƹ ǂƩƣƹ ƫƿ ƫƾ ǁƺƶǀƹƿƞƽDŽᄙ
ƫƹƞƶƶDŽᄕ ƩƺƸƞƾ ᄬᇴᇲᇳᇵᄭ ơƺƹơƶǀƢƣƾ ƿƩƞƿ ƿƺ ƣƹơƺǀƽƞƨƣ ƶƣƞƽƹƣƽƾ ƿƺǂƞƽƢƾ ƽƣƥƷƣơᅟ
ƿƫǁƣ ƞƹƢ ơƽƫƿƫơƞƶ ƿƩƫƹƴƫƹƨᄕ ƿƩƣDŽ Ʃƞǁƣ ƿƺ Ɵƣ ƣǃƻƺƾƣƢ ƿƺ ƞƹ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ
Ƣƫƾơǀƾƾƫƺƹ ƿƺƺƶ Ƥƺƽ ƞƹ ƣǃƿƣƹƾƫǁƣ ƻƣƽƫƺƢ ƺƤ ƿƫƸƣᄕ ǂƩƫƶƣ ƶƫƸƫƿƣƢ ƞƹƢ ƻǀƹơƿǀƞƶ ǀƿƫƶᅟ
ƫƾƞƿƫƺƹ ƸƞDŽ Ɵƣ ƶƣƾƾ ƣƦƤƣơƿƫǁƣᄙ
ᇵᄙᇵ
ƩƺƠƼƺƺƩƶƵ
Ʃƣ ƽƣƾƣƞƽơƩ ƣǃƞƸƻƶƣƾ ƻƽƣƾƣƹƿƣƢ ƫƹ ƿƩƫƾ ơƩƞƻƿƣƽᄕ ǂƫƿƩ ƿƩƣ ƢƫƦƤƣƽƣƹƿ ƞƻƻƽƺƞơƩƣƾ
ƺƟƾƣƽǁƣƢ ƞƹƢ ƿƩƣƫƽ ƽƞƹƨƣ ƺƤ ƿƞƽƨƣƿ ƻƺƻǀƶƞƿƫƺƹƾᄕ ƞơơƺǀƹƿ Ƥƺƽ ƿƩƣ ƻƺƿƣƹƿƫƞƶƫƿƫƣƾ
ƞƹƢ ƶƫƸƫƿƞƿƫƺƹƾ ƺƤ ƿƩƣ ƫƹƾƿƽǀơƿƫƺƹƞƶ ǀƾƣ ƺƤ ǂƽƫƿƿƣƹ Ƣƫƾơǀƾƾƫƺƹƾ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ
ƢƣǁƣƶƺƻƸƣƹƿᄕ ƸƞƢƣ ƻƺƾƾƫƟƶƣ ƟDŽ ƿƩƣ ƢƣǁƣƶƺƻƸƣƹƿ ƺƤ اؖƞƹƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƣƟ
ƾƣƽǁƫơƣƾᄕ ƶƫƴƣ ƫƴƫƾ ƞƹƢ ƤƺƽǀƸƾᄙ ƞƽƫƺǀƾ ƽƺƶƣƾ ơƞƹ Ɵƣ ƞƿƿƽƫƟǀƿƣƢ ƿƺ ƿƩƣ ǂƽƫƿᅟ
ƫƹƨ ƿƞƾƴ ƫƹ ƿƩƫƾ ƿDŽƻƣ ƺƤ ƞơƿƫǁƫƿDŽᄕ ƞƹƢ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƞƹƢ ƫƹƢƫǁƫƢǀƞƶ ǂƽƫƿƫƹƨ ơƞƹ
Ɵƣ ƸƫǃƣƢ ƞƹƢ ơƺƸƟƫƹƣƢ ƫƹ ƢƫƦƤƣƽƣƹƿ ǂƞDŽƾᄙ ƹ ƿƩƣ ƾƿǀƢƫƣƾ ǀƹƢƣƽ ƞƹƞƶDŽƾƫƾᄕ ǂƽƫƿᅟ
ƫƹƨ ǂƞƾ ƿƞƽƨƣƿƣƢ ƿƺ ƿƩƣ ƻƽƺƢǀơƿƫƺƹ ƺƤ ƞ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƞƽƿƣƤƞơƿᄕ ǂƩƣƿƩƣƽ ƫƿ ǂƞƾ
ƫƸƻƶƣƸƣƹƿƣƢ ƞƾ ƞƹ ƫƹƢƫǁƫƢǀƞƶ ƫƹƻǀƿ ƣƹƽƫơƩƣƢ ƟDŽ ơƺƶƶƣơƿƫǁƣ Ƣƫƾơǀƾƾƫƺƹ ƺƽ ƞƾ
ƞ ƾƿƽǀơƿǀƽƣƢ Ƣƫƾơǀƾƾƫƺƹ ƞƟƺǀƿ ƞ ƨƫǁƣƹ ƿƺƻƫơᄙ ǁƣƽƞƶƶᄕ ƿƩƣ ƫƹƿƣƽƣƾƿƫƹƨ ƞƹƢ ơƺƹᅟ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
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ƿƽƞƾƿƫƹƨ ƽƣƾǀƶƿƾ ƺƤ ƿƩƣƾƣ ƾƿǀƢƫƣƾ ƩƫƨƩƶƫƨƩƿ ƿƩƣ ƻƺƿƣƹƿƫƞƶ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ
ƺƽ ƞƾDŽƹơƩƽƺƹƺǀƾ ǂƽƫƿƿƣƹ Ƣƫƾơǀƾƾƫƺƹƾ ƿƺ ƾǀƻƻƺƽƿ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣ ƞƹƢ
ƿƺ ƻƽƺǁƫƢƣ ƻƞƽƿƫơƫƻƞƹƿƾ ǂƫƿƩ ƣƹǁƫƽƺƹƸƣƹƿƾ ƿƺ ƺǁƣƽơƺƸƣ ƿƩƣ ƫƾƺƶƞƿƫƺƹ ƣǃƻƣƽƫᅟ
ƣƹơƣƢ ƫƹ ƿƩƣƫƽ ǂƺƽƴƫƹƨ ƻƽƞơƿƫơƣᄙ ƢƢƫƿƫƺƹƞƶƶDŽᄕ ƞƾ ƸƣƹƿƫƺƹƣƢ ƞƟƺǁƣᄕ ƿƩƫƾ ƿDŽƻƣ ƺƤ
ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿƫƣƾ ƞƶƾƺ Ʃƞǁƣ ƨƽƣƞƿ ƻƺƿƣƹƿƫƞƶƫƿƫƣƾ Ƥƺƽ ƴƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨ ƞƹƢ ơƺᅟ
ơƺƹƾƿƽǀơƿƫƺƹᄙ ƹ ƿƩƫƾ ƾƣƹƾƣᄕ ƿƩƣDŽ ơƞƹ ƾƣƽǁƣ ƞƾ ǂƞDŽƾ ƿƺ ƻƽƺǁƫƢƣ ƶƣƞƽƹƣƽƾ ǂƫƿƩ ƣƹǁƫᅟ
ƽƺƹƸƣƹƿƾ ƫƹ ǂƩƫơƩ ƿƺ ƾƩƞƽƣ ƽƣƾƺǀƽơƣƾ ƞƹƢ Ƣƫƾơǀƾƾ ƴƹƺǂƶƣƢƨƣᄕ ƿƺ ơƽƣƞƿƣ ƹƣǂ
ƾƩƞƽƣƢ ǀƹƢƣƽƾƿƞƹƢƫƹƨƾᄙ ƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿƫƣƾ Ʃƞǁƣᄕ ƿƩƣƽƣƤƺƽƣᄕ ƞ ƨƽƣƞƿ
ƻƺƿƣƹƿƫƞƶ ƫƹ ƾǀƻƻƺƽƿƫƹƨ ƿƩƣ ƫƹƿƣƨƽƞƿƫƺƹ ƺƤ ƿƩƣƺƽƣƿƫơƞƶᄕ ƻƽƞơƿƫơƞƶᄕ ƾƣƶƤᅟƽƣƨǀƶƞƿƫǁƣ
ƞƹƢ ƾƺơƫƺᅟơǀƶƿǀƽƞƶ ƴƹƺǂƶƣƢƨƣᄕ ƣƾƾƣƹƿƫƞƶ Ƥƺƽ ƶƫƤƣᅟƶƺƹƨ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ
ᄬDŽƹưǐƶǐᄕ ǐƴƴƫƹƣƹ ѵ ǐƸǐƶǐƫƹƣƹᄕ ᇴᇲᇳᇶᄭᄙ ƹ ƿƩƣ ƺƿƩƣƽ ƩƞƹƢᄕ ƿƩƣƾƣ ƾƿǀƢƫƣƾ
ƞƶƾƺ ƾƩƺǂ Ʃƺǂ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨᄕ ƞƹƢᄕ ƻƞƽƿƫơǀƶƞƽƶDŽᄕ ƴƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨᄕ
ƞƽƣ ƣƦƤƺƽƿƤǀƶ ƞơƿƫǁƫƿƫƣƾ ǂƩƫơƩ ƾƣƶƢƺƸ Ʃƞƻƻƣƹ ƾƻƺƹƿƞƹƣƺǀƾƶDŽᄙ Ʃƣ ƽƣơƺƸƸƣƹᅟ
Ƣƞƿƫƺƹƾ Ƣƽƫǁƣƹ ƟDŽ ƿƩƣƾƣ ƧƬƹƢƫƹƨƾ ƽƣƻƽƣƾƣƹƿ ƞ ǂƞDŽ ƿƺ ƣƹơƺǀƽƞƨƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ
ǂƽƫƿƫƹƨ ƞƹƢ ƿƺ ƾǀƻƻƺƽƿ ƿƩƣ ƾǀơơƣƾƾƤǀƶ ƫƸƻƶƣƸƣƹƿƞƿƫƺƹ ƺƤ ơƺƸƻǀƿƣƽᅟƟƞƾƣƢ ƞơƿƫǁᅟ
ƫƿƫƣƾᄙ
ƾ Ƥƞƽ ƞƾ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ Ƥƺƽ ƿƣƞơƩƣƽƾ ƢƣǁƣƶƺƻƸƣƹƿ ƫƾ ơƺƹơƣƽƹƣƢᄕ ƢƫƦƤƣƽƣƹƿ
ƞǀƿƩƺƽƾ ƞƨƽƣƣ ƫƹ ƻƺƫƹƿƫƹƨ ƺǀƿ ƿƩƣ ƹƣƣƢ ƿƺ ƻƽƺǁƫƢƣ ƿƣơƩƹƺƶƺƨƫơƞƶ ƾǀƻƻƺƽƿ Ƥƺƽ
ƻƞƽƿƫơƫƻƞƹƿƾ ᄬƫƸ ƣƿ ƞƶᄙᄕ ᇴᇲᇳᇴᄭ ƿƺ ƞƾƾƫƾƿ ƿƩƣƸ Ƣƣǁƣƶƺƻ ƿƩƣ Ɵƞƾƫơ ƾƴƫƶƶƾ ƹƣƣƢƣƢ
ƿƺ ǀƾƣ ƿƩƣ ƿƺƺƶᄕ ǂƩƫƶƣ ƞƶƾƺ ƸƺƢƫƤDŽƫƹƨ ƿƣƞơƩƣƽƾᅷ ƸƫƹƢᅟƾƣƿƾ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƿƩƣ
ǀƾƣ ƺƤ ƿƣơƩƹƺƶƺƨDŽ ƫƹ ƿƩƣƫƽ ƻƽƞơƿƫơƣ ᄬ ƞƢưƣƽƽƺǀƫƿᄕ ᇴᇲᇳᇶᄭᄙ ƢƢƫƿƫƺƹƞƶƶDŽᄕ ƣǁƣƹ Ƥƺƽ
ƻƞƽƿƫơƫƻƞƹƿƾ ǂƩƺ ƞƽƣ ơƺƸƻƣƿƣƹƿ ƫƹ ǀƾƫƹƨ ƿƣơƩƹƺƶƺƨDŽᄕ ƫƿ ƫƾ ƫƸƻƺƽƿƞƹƿ ƿƺ ơƺƹƾƫƢƣƽ
ƿƩƞƿ ƿƩƫƾ ƿDŽƻƣ ƺƤ ƞơƿƫǁƫƿDŽ ƽƣƻƽƣƾƣƹƿƾ ƞ ǂƺƽƿƩǂƩƫƶƣ ƫƹǁƣƾƿƸƣƹƿ ƺƤ ƿƫƸƣ ƞƹƢ ƣƦƤƺƽƿᄕ
ƞƹƢ ƞƢƣƼǀƞƿƣ ƽƣƾƺǀƽơƣƾ ƾƩƺǀƶƢ Ɵƣ ƞƶƶƺơƞƿƣƢ ƿƺ ƫƿ ᄬƺƹƹƣƶƶDŽ ѵ ƺƹƫƤƞơƣᄕ ᇴᇲᇳᇵᄭᄙ
ƺƽƣƺǁƣƽᄕ Ƥƺƽ ƟƺƿƩ ƫƴƫƾ ƞƹƢ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾᄕ ƞƹ ƫƸƻƺƽᅟ
ƿƞƹƿ ƞƾƻƣơƿ Ƥƺƽ ƿƩƣ ƣƦƤƣơƿƫǁƣ ƫƸƻƶƣƸƣƹƿƞƿƫƺƹ ƺƤ ƿƩƣƾƣ ƿƺƺƶƾ ƫƾ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ
ƿƩƣ Ƣƣƾƫƨƹ ƺƤ ƿƩƣ ƞơƿƫǁƫƿDŽ ǂƩƫơƩ ƶƣƞƽƹƣƽƾ ǂƫƶƶ Ʃƞǁƣ ƿƺ ƻƣƽƤƺƽƸᄙ ƞƽƫƺǀƾ ƾƿǀƢƫƣƾ
ƢƣƸƺƹƾƿƽƞƿƣƢ ƞ ƽƣƶǀơƿƞƹơƣ ƺƤ ƾƿǀƢƣƹƿƾ ƿƺ ơƺƶƶƞƟƺƽƞƿƣ ƿƩƣƽƣƟDŽ ƫƹƢƫơƞƿƫƹƨ ƿƩƞƿ
ƿƩƫƾ ƿDŽƻƣ ƺƤ ƾƩƞƽƫƹƨ ƻƽƞơƿƫơƣ Ƣƺƣƾ ƹƺƿ Ʃƞƻƻƣƹ ƾƻƺƹƿƞƹƣƺǀƾƶDŽᄕ ƣǁƣƹ ǂƩƣƹ ơƺƸᅟ
ƻǀƿƣƽ ƾǀƻƻƺƽƿ ƫƾ ƻƽƺǁƫƢƣƢ ǂƫƿƩ ƿƩƫƾ ƞƫƸ ᄬƫƶƶƣƹƟƺǀƽƨᄕ ᇳᇻᇻᇻᄖ ƽƣƫưƹƾᄕ ƫƽƾơƩƹƣƽᄕ
ѵ ƺơƩƣƸƾᄕ ᇴᇲᇲᇵᄭᄕ ƞƶƾƺ ƫƹ ƽƣƨƞƽƢ ƿƺ ƿƩƣ ơƺƨƹƫƿƫǁƣ ƶƺƞƢ ƿƩƞƿ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƫƸƻƶƫƣƾ
ᄬƫƶƶƣƹƟƺǀƽƨ ѵ ȅƿƽƞƹơƺǀƽƿᄕ ᇴᇲᇲᇸᄭᄙ ƺ ƞƢƢƽƣƾƾ ƿƩƫƾ ƫƾƾǀƣᄕ ƞƢưƣƽƽƺǀƫƿ ᄬᇴᇲᇳᇶᄭ
ƾǀƨƨƣƾƿƾ ƻƞƽƿƫơƫƻƞƹƿƾ ƾƩƺǀƶƢ Ɵƣ ƻƽƣƻƞƽƣƢ Ƥƺƽ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƞơƿƫǁƫƿDŽ ƞƹƢ ƻƺǂᅟ
ƣƽƤǀƶ Ƣƫƾơǀƾƾƫƺƹ ƿƺƺƶƾ ƾƩƺǀƶƢ Ɵƣ ƻƽƺǁƫƢƣƢ ƿƺ ƿƩƣƸᄙ ƺƽƣƺǁƣƽᄕ Ʃƣ ƻƺƫƹƿƾ ƺǀƿ
ƿƩƞƿ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƾƩƺǀƶƢ Ɵƣ ƫƹƿƣƨƽƞƿƣƢ ƫƹƿƺ ǂƣƶƶᅟơƺƹƾƿƽǀơƿƣƢ ƾơƣƹƞƽƫƺƾ
ƫƹ ǂƩƫơƩ ơƺƶƶƞƟƺƽƞƿƫƺƹ ƫƾ ƣǃƻƶƫơƫƿƶDŽ ǁƞƶǀƣƢᄕ ƺƽƨƞƹƫDžƣƢ ƞƹƢ ƣǁƞƶǀƞƿƣƢ ᄬƫƹƢƣƶ
ѵ ƣƽƸƞᄕ ᇴᇲᇲᇸᄭᄕ ƺƽ ƣǁƣƹ ƸƞƹƢƞƿƺƽDŽ Ƥƺƽ ƶƣƞƽƹƣƽƾ ᄬƺƩƹƾƺƹᄕ ᇴᇲᇲᇸᄭᄙ ƺƹƹƣƶƶDŽ
ƞƹƢ ƺƹƫƤƞơƣ ᄬᇴᇲᇳᇵᄭ ƤǀƽƿƩƣƽ ƾǀƨƨƣƾƿ ƿƩƞƿ ƽƣƨǀƶƞƽ ƤƞơƣᅟƿƺᅟƤƞơƣ ƾƣƾƾƫƺƹƾ ơƺƸᅟ
ƟƫƹƣƢ ǂƫƿƩ ƿƩƣ ǀƾƣ ƺƤ ƿƩƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƣƹǁƫƽƺƹƸƣƹƿ ǂƺǀƶƢ ƽƣƻƽƣƾƣƹƿ ƞƹ ƫƹƿƣƽᅟ
ƣƾƿƫƹƨ ƾƺƶǀƿƫƺƹᄕ ƞƶƶƺǂƫƹƨ ƿƩƣ ơƺƹǁƣƽƾƞƿƫƺƹ ƿƺ ơƺƹƿƫƹǀƣ ƟƣDŽƺƹƢ ƿƩƣ ƺƽƨƞƹƫƾƣƢ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
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ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
Ƹƣƣƿƫƹƨƾᄙ ƩƺƸƞƾ ᄬᇴᇲᇳᇵᄭ ƞƢƢƫƿƫƺƹƞƶƶDŽ ƹƺƿƣƾ ƿƩƣ ƫƸƻƺƽƿƞƹơƣ ƺƤ ƿƩƣ ƸƺƢƣ ƺƤ ƣᅟ
ƸƺƢƣƽƞƿƫƺƹ ᄬƺƩƹƾƺƹᄕ ᇴᇲᇲᇸᄭ ƞƹƢ ƺƤ ƿƩƣ ƞƸƺǀƹƿ ƺƤ ƿƫƸƣ ƾƻƣƹƿ ǂƺƽƴƫƹƨ ƺƹ ƿƩƣ
ƣƹǁƫƽƺƹƸƣƹƿᄙ Ʃƫƾ ƽƣơƺƸƸƣƹƢƞƿƫƺƹ ƫƾ ơƺƹƾƫƾƿƣƹƿ ǂƫƿƩ ƿƩƣ ƨƣƹƣƽƞƶ ƽƣƾƣƞƽơƩ ƺƹ
ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨ ƿƩƞƿ ƾƩƺǂƾ ƿƩƞƿ ơƺƹƾƿƽǀơƿƫǁƣ Ƣƫƾơǀƾƾƫƺƹƾ ƞƽƫƾƣ ǂƩƣƹ ƿƩƣ
ƞơƿƫǁƫƿDŽ ƫƾ ƾƿƽǀơƿǀƽƣƢ ƫƹ ƺƽƢƣƽ ƿƺ ƞƶƿƣƽƹƞƿƣ Ɵƣƿǂƣƣƹ Ƣƫǁƣƽƨƣƹƿ ƞơƿƫǁƫƿƫƣƾᄕ ǂƩƣƽƣ
ƫƹƢƫǁƫƢǀƞƶ ƻƺƫƹƿƾ ƺƤ ǁƫƣǂ ƞƽƣ ƣǃƻƺƾƣƢᄕ ƞƹƢ ơƺƹǁƣƽƨƣƹƿ ƞơƿƫǁƫƿƫƣƾ ƿƩƞƿ ƶƣƞƢ ƿƺ
ƞƨƽƣƣƸƣƹƿ ƞƹƢ ơƺƹƾƣƹƾǀƾ ᄬƞƴƣƽᄕ ᇴᇲᇲᇻᄭᄙ
ᇶ
ƺƸƻǀƿƣƽᅟǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƽƫƿƫƹƨ Ƥƺƽ ƽƺƤƣƾƾƫƺƹƞƶ
ƣǁƣƶƺƻƸƣƹƿ
ƹ ƿƩƫƾ ơƩƞƻƿƣƽ ǂƣ Ʃƞǁƣ ƢƫƾơǀƾƾƣƢ ƿƩƣ ƻƺƿƣƹƿƫƞƶ ƺƤ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ơƺƶƶƞƟᅟ
ƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿƫƣƾ ƿƺ ƾǀƾƿƞƫƹ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄙ Ƥƿƣƽ ƫƹƿƽƺƢǀơᅟ
ƫƹƨ ƿƩƣ ơƺƹơƣƻƿ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞƹƢ ƿƩƣ ƿƣơƩƹƺƶƺƨƫơƞƶ ƿƺƺƶƾ ƿƩƞƿ ơƞƹ
ƾǀƻƻƺƽƿ ƿƩƫƾ ƞơƿƫǁƫƿDŽᄕ ǂƣ ƞƹƞƶDŽƾƣƢ ƣƸƻƫƽƫơƞƶ ƽƣƾƣƞƽơƩ ǀƾƫƹƨ ƿǂƺ ƿDŽƻƣƾ ƺƤ ơƺƶᅟ
ƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƿƺƺƶƾᄘ ƫƴƫƾ ƞƹƢ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾᄙ ǁƣƽƞƶƶᄕ
ƿƩƫƾ ƽƣǁƫƣǂ ƞƹƞƶDŽƾƫƹƨ ƿƩƣ ǀƾƣ ƺƤ ƢƫƦƤƣƽƣƹƿ ƿƣơƩƹƺƶƺƨƫƣƾ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ Ƣƣǁƣƶᅟ
ƺƻƸƣƹƿ ƻƽƺǁƫƢƣƾ ƣǁƫƢƣƹơƣ ƿƩƞƿ ƟƺƿƩ ƤƺƽǀƸƾ ƞƹƢ ƫƴƫƾ ơƞƹ ƾǀƻƻƺƽƿ ƿƩƣ ƟǀƫƶƢᅟ
ƫƹƨ ƞƹƢ ƣƸƣƽƨƣƹơƣ ƺƤ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣᄙ ǁƣƹ ƿƩƺǀƨƩ ƿƩƣƫƽ ƻƺƿƣƹƿƫƞƶƾ
ƞƽƣ Ƣƫƾƿƫƹơƿᄕ ƿƩƣƾƣ ƿƺƺƶƾ ƞƽƣ ƾƺƸƣƿƫƸƣƾ ƫƸƻƶƣƸƣƹƿƣƢ Ƥƺƽ ƾƫƸƫƶƞƽ ƻǀƽƻƺƾƣƾᄕ ƞƾ
ƣƹơƺǀƽƞƨƫƹƨ ƾƩƞƽƫƹƨ ƞƹƢ Ƣƫƾơǀƾƾƫƺƹƾ ƞƸƺƹƨ ƻƣƣƽƾᄕ ǂƩƫơƩ ƫƾ ƤǀƹƢƞƸƣƹƿƞƶ Ƥƺƽ
ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄙ
ǁƣƹ ƫƤ ƫƴƫƾ ƞƽƣ ƻƽƫƸƞƽƫƶDŽ ƢƣƾƫƨƹƣƢ ƿƺ ƾǀƻƻƺƽƿ ƿƩƣ ơƺƶƶƣơƿƫǁƣ ơƺƹƾƿƽǀơƿƫƺƹ
ƺƤ ƞ ơƺƸƸƺƹ ơƺƹƿƣƹƿᄕ ƫƿ ƫƾ ƹƺƿ ƫƹƤƽƣƼǀƣƹƿ ƿƺ ƺƟƾƣƽǁƣ ƿƩƣ ƾƞƸƣ ƿDŽƻƣ ƺƤ ƞơƿƫǁƫᅟ
ƿƫƣƾ ᄬƢƫƾơǀƾƾƫƺƹƾᄕ ơƺƸƸƣƹƿƾᄭ ƿƩƞƹ ƫƹ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹ ƣƹǁƫƽƺƹᅟ
Ƹƣƹƿƾᄙ Ʃƣ ƽƣƞƾƺƹ Ƥƺƽ ƿƩƫƾ ƻƽƞơƿƫơƣ ƸƞDŽ Ɵƣ ƞƾƾƺơƫƞƿƣƢ ǂƫƿƩ ƿƩƣ Ƥƞơƿ ƿƩƞƿ ƿƩƣ
ǀƾƣ ƺƤ ƫƴƫƾ ƿƺ ơƽƣƞƿƣ ơƺƸƸƺƹ ơƺƹƿƣƹƿ ƽƣƼǀƫƽƣƾ ƞ ƩƫƨƩƣƽ ƶƣǁƣƶ ƺƤ ơƺƶƶƞƟƺƽƞƿƫƺƹᄕ
ǂƩƫơƩᄕ ƞƾ ƸƣƹƿƫƺƹƣƢ ƞƟƺǁƣᄕ Ʃƞƾ ƿƺ Ɵƣ ƾǀƻƻƺƽƿƣƢ ǂƫƿƩ ǂƣƶƶᅟƢƣƾƫƨƹƣƢ ƞơƿƫǁƫƿƫƣƾ
ƻƽƺǁƫƢƫƹƨ ƞ ƾƻƣơƫƧƬơ ǁƞƶǀƣ ƿƺ ƿƩƣ ƫƹƿƣƽƞơƿƫƺƹ ƞƸƺƹƨ ƻƣƣƽƾᄙ ƺƽƣƺǁƣƽᄕ ƟƣDŽƺƹƢ
ƿƩƣ ǀƾƣ ƺƤ ƞ ƫƴƫᄕ ƿƩƣ ƞơƿƫǁƫƿDŽ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣƶDŽ ơƺƹƾƿƽǀơƿƫƹƨ ƹƣǂ ƴƹƺǂƶƣƢƨƣ
ƽƣƻƽƣƾƣƹƿƾ ƫƹ ƫƿƾƣƶƤ ƞ ơƩƞƹƨƣ ƫƹ ƣƢǀơƞƿƫƺƹƞƶ ƻƽƞơƿƫơƣƾᄕ ơƺƸƻƞƽƣƢ ƿƺ Ƹƺƽƣ ƿƽƞᅟ
Ƣƫƿƫƺƹƞƶ ƶƣƞƽƹƫƹƨ ƞƹƢ ƿƣƞơƩƫƹƨ ƞơƿƫǁƫƿƫƣƾᄙ ƽƫƿƫƹƨ ƫƹ ƞ ƫƴƫ ƿƩǀƾ ƽƣƻƽƣƾƣƹƿƾ ƞ
ƻƞƽƞƢƫƨƸ ƾƩƫƤƿᄕ ǂƩƫơƩ ƫƾ ƩƞƽƢƣƽ ƿƺ ƞơơƺƸƻƶƫƾƩ ƿƩƞƹ ƿƩƣ ƞƢƞƻƿƞƿƫƺƹ ƺƤ ƞƹ ƣǃƫƾƿᅟ
ƫƹƨ ƻƞƽƞƢƫƨƸᄕ ƞƾ ƿƩƣ ǀƾƣ ƺƤ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƿƺ ƾǀƻƻƶƣƸƣƹƿ
ƤƞơƣᅟƿƺᅟƤƞơƣ Ƣƫƾơǀƾƾƫƺƹƾ ᄬƶƟƫƺƹᄕ ᇴᇲᇲᇺᄭᄙ Ʃƣ ƿDŽƻƣ ƺƤ ƶƣƞƽƹƫƹƨ ƞơƿƫǁƫƿDŽ ƞƹƢ ƫƿƾ
ƤƞƸƫƶƫƞƽƫƿDŽ ƾƩƺǀƶƢ ƞƶǂƞDŽƾ Ɵƣ ơƺƹƾƫƢƣƽƣƢ ǂƩƣƹ ƢƣơƫƢƫƹƨ ƿƺ ǀƾƣ ƞƹDŽ ƿDŽƻƣ ƺƤ ƿƣơƩᅟ
ƹƺƶƺƨƫơƞƶ ƾǀƻƻƺƽƿ Ƥƺƽ ƞ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞơƿƫǁƫƿDŽᄙ
ƾ ƞ ơƺƹƾƣƼǀƣƹơƣᄕ ǂƣ ơƺƹơƶǀƢƣ ƿƩƞƿᄕ ǂƩƫƶƣ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƞƽƣ ƣƞƾƫƣƽ ƞƹƢ
Ƹƺƽƣ ƢƫƽƣơƿƶDŽ ƫƸƻƶƣƸƣƹƿƣƢᄕ ƿƩƣ ǀƾƣ ƺƤ ƫƴƫƾ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿ ǂƫƶƶ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜሜሡ
ƽƣƼǀƫƽƣ ƶƺƹƨƣƽ ƿƽƞƫƹƫƹƨᄕ ƟƺƿƩ ƺƹ ƿƩƣ ǀƾƣ ƺƤ ƿƣơƩƹƺƶƺƨDŽ ƞƹƢ ƺƹ ƿƩƣ ƸƣƹƿƞƶƫƿDŽ
ƺƤ ƿƩƣ ǀƾƣƽƾ ᄬƫᄙƣᄙ ƿƣƞơƩƣƽƾ ƞƹƢ ƶƣƞƽƹƣƽƾᄭᄙ ƹ ƻƽƞơƿƫơƣᄕ ƣǁƣƹ ƿƩƺǀƨƩ ƿƩƣ ǀƾƣ ƺƤ
ơƺƸƻǀƿƣƽ ƿƣơƩƹƺƶƺƨDŽ ƿƺ ƾǀƻƻƺƽƿ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ Ʃƞƾ ƟƣơƺƸƣ ơƺƸƸƺƹᅟ
ƻƶƞơƣᄕ ƿƩƣ ƽƣƾƣƞƽơƩ ƺƹ ƿƩƣƫƽ ƶƣƞƽƹƫƹƨ ƞƦƤƺƽƢƞƹơƣƾ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ƿƽƞƫƹƫƹƨ ƞƹƢ
ƢƣǁƣƶƺƻƸƣƹƿ ƫƾ ƾƿƫƶƶ ƫƹ ƫƿƾ ƫƹƤƞƹơDŽᄙ ǀƽƿƩƣƽ ƽƣƾƣƞƽơƩ ƾƩƺǀƶƢ ƫƹǁƣƾƿƫƨƞƿƣ ƿƺ ǂƩƫơƩ
ƣǃƿƣƹƿᄕ ƞƹƢ ǀƹƢƣƽ ǂƩƫơƩ ơƺƹƢƫƿƫƺƹƾᄕ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƞƹƢ Ƣƫƾơǀƾƾƫƺƹƾ ƻƽƺᅟ
Ƹƺƿƣ ƟƺƿƩ ƻƽƺƢǀơƿƫǁƣ ƞƹƢ ơƺƹƾƿƽǀơƿƫǁƣ ƫƹƿƣƽƞơƿƫƺƹƾ ᄬƞƽơƣƶƶƫƹƫ ƣƿ ƞƶᄙᄕ ᇴᇲᇲᇺᄭᄕ ƿƺ
ƫƹƤƺƽƸ ƿƩƣ Ƣƣƾƫƨƹ ƺƤ ơƺƸƻǀƿƣƽ ƾDŽƾƿƣƸƾ ƞƹƢ ƞƾƾƺơƫƞƿƣƢ ƾơƣƹƞƽƫƺƾᄙ
ƣƤƣƽƣƹơƣƾ
ƶƟƫƺƹᄕ ᄙᄙ ᄬᇴᇲᇲᇺᄭᄙ ƣƟ ᇴᄙᇲ ƫƹ ƿƣƞơƩƣƽ ƣƢǀơƞƿƫƺƹᄘ ƿǂƺ ƫƸƻƣƽƞƿƫǁƣƾ Ƥƺƽ ƞơƿƫƺƹᄙ ƶƴƷƼƻᄵ
Ƣƹƺ ƩƵ ƻƨƢ ƠƨƶƶƳƺᄕ ᇴᇷᄕ ᇵᅬᇶᄕ ᇳᇺᇳᅬᇳᇻᇺᄙ
ƞƴƣƽᄕ ᄙᄙ ᄬᇴᇲᇲᇻᄭᄙ ƽƨǀƸƣƹƿƞƿƫǁƣ ƫƹƿƣƽƞơƿƫƺƹƾ ƞƹƢ ƿƩƣ ơƺƹƾƿƽǀơƿƫƺƹ ƺƤ ƴƹƺǂƶƣƢƨƣᄙ ƹ
ᄙᄙ ƫƽDžƞ ѵ ᄙᅟᄙ ƣƽƽƣƿᅟƶƣƽƸƺƹƿᄕ ᄬ Ƣƾᄙᄭ ƽƨǀƸƣƹƿƞƿƫƺƹ ƞƹƢ Ƣǀơƞƿƫƺƹᄘ Ʃƣƺƽƣƿᅟ
ƫơƞƶ ƤƺǀƹƢƞƿƫƺƹƾ ƞƹƢ ƻƽƞơƿƫơƣƾ ᄬƻƻᄙ ᇳᇴᇹᅬᇳᇶᇶᄭᄙ ƣƽƶƫƹᄘ ƻƽƫƹƨƣƽᅟƣƽƶƞƨᄙ
ƞƴƣƽᄕ ᄙᄙᄕ Ƣƣ ƽƫƣƾᄕ ᄙ ѵ ǀƹƢᄕ ᄙ ᄬᇳᇻᇻᇻᄭᄙ ƣƾƫƨƹƫƹƨ ơƺƸƻǀƿƣƽᅟƸƣƢƫƞƿƣƢ ƣƻƫƾƿƣƸƫơ
ƫƹƿƣƽƞơƿƫƺƹƾᄙ ƹ ᄙᄙ ƞưƺƫƣ ѵ ᄙ ƫǁƣƿ ᄬ Ƣƾᄙᄭᄕ ƹƻƩƦƪƠƩƞƳ ƵƻƢƳƳƩƧƢƵƠƢ ƩƵ ơƼƠƞƻƩƶƵჯ
ƷƢƵ ƢƞƹƵƩƵƧ ƵƽƩƹƶƵƴƢƵƻƺხ Ƣƾ ƻƢƠƨƵƶƳƶƧƩƢƺ ƻƶ ƺƼƷƷƶƹƻ ƳƢƞƹƵƩƵƧძ ƢƿƷƳƶƹƞƻƩƶƵ ƞƵơ
ƠƶƳƳƞƟƶƹƞƻƩƶƵ ᄬƻƻᄙ ᇳᇵᇻᅬᇳᇶᇸᄭᄙ ƸƾƿƣƽƢƞƸᄘ ئآƽƣƾƾᄙ
ƞƴƣƽᄕ ᄙᄕ Ƣƣ ƽƫƣƾᄕ ᄙᄕ ǀƹƢᄕ ᄙᄕ ѵ ǀƫƨƹƞƽƢᄕ ᄙ ᄬᇴᇲᇲᇳᄭᄙ ƺƸƻǀƿƣƽᅟƸƣƢƫƞƿƣƢ ƣƻƫƾᅟ
ƿƣƸƫơ ƫƹƿƣƽƞơƿƫƺƹƾ Ƥƺƽ ơƺᅟơƺƹƾƿƽǀơƿƫƹƨ ƾơƫƣƹƿƫƧƬơ ƹƺƿƫƺƹƾᄘ ƣƾƾƺƹƾ ƶƣƞƽƹƣƢ ƤƽƺƸ ƞ
ƧƬǁƣᅟDŽƣƞƽ ƽƣƾƣƞƽơƩ ƻƽƺƨƽƞƸƸƣᄙ ƹ ᄙ ƫƶƶƣƹƟƺǀƽƨᄕ ᄙ ǀƽƣƶƫƹƨƾᄕ ѵ ᄙ ƞƴƴƞƽƞƫƹƣƹ
ᄬ Ƣƾᄙᄭᄕ ǀƽƺƻƣƞƹ ƻƣƽƾƻƣơƿƫǁƣƾ ƺƹ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨᄘ ƻƽƺᅟ
ơƣƣƢƫƹƨƾ ƺƤ ƿƩƣ ƧƬƽƾƿ ǀƽƺƻƣƞƹ ơƺƹƤƣƽƣƹơƣ ƺƹ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ
ƶƣƞƽƹƫƹƨ ᄬƻƻᄙ ᇺᇻᅬᇻᇸᄭᄙ ƞƞƾƿƽƫơƩƿᄘ ƹƫƨƽƞƻƩƫơᄙ
ƞƽơƣƶƶƫƹƫᄕ ᄙᄕ ȅƿƫƣƹƹƣᄕ ᄙᄕ ǀƽƴƩƞƽƢƿᄕ ᄙᅟᄙᄕ ƞơƴᄕ ᄙ ᄬᇴᇲᇲᇺᄭᄙ ƾƺơƫƺᅟơƺƨƹƫƿƫǁƣ ƞƹƞƶDŽƾƫƾ
ƺƤ ƺƹᅟƶƫƹƣ Ƣƣƾƫƨƹ Ƣƫƾơǀƾƾƫƺƹ ƫƹ ƞƹ ƻƣƹ ƺǀƽơƣ ƺƤƿǂƞƽƣ ơƺƸƸǀƹƫƿDŽᄙ ƵƻƢƹƞƠƻƩƵƧ
ƾƩƻƨ ƠƶƴƷƼƻƢƹƺᄕ ᇊᇈᄕ ᇳᇶᇳᅬᇳᇸᇷᄙ
ƣƹƧƬƣƶƢᄕ ᄙ ᄬᇴᇲᇲᇴᄭᄙ ƢƺƩƧƵƩƵƧ ƞƵơ ƴƞƵƞƧƩƵƧ ƢƥƣƢƠƻƩƽƢ ƶƵƳƩƵƢ ơƩƺƠƼƺƺƩƶƵხ ƳƢƞƹƵƩƵƧ ƞƵơ
ƻƢƞƠƨƩƵƧ ƟƹƩƢƦƪƵƧ ƷƞƷƢƹ ƺƢƹƩƢƺᄙ ǃƤƺƽƢ ƣƹƿƽƣ Ƥƺƽ ƿƞƦƤ ƞƹƢ ƶƣƞƽƹƫƹƨ ƣǁƣƶƺƻƸƣƹƿᄙ
ǃƤƺƽƢᄘ ǃƤƺƽƢ ƽƺƺƴƣƾ ƹƫǁƣƽƾƫƿDŽᄙ
ƣƹƹƣƿᄕ ᄙᄕ ƞơƴƣƿƿᄕ ᄙᄕ ƞDŽƹƣƾᄕ ᄙᄕ ƣǀƤƣƶƢᄕ ᄙᄕ ǀƨǂƣƶƶᄕ ᄙᄕ ѵ ƺƟƣƽƿᄕ ᄙ ᄬᇳᇻᇺᇹᄭᄙ
ơƺƹƿƽƺƶƶƣƢ ƿƽƫƞƶ ƺƤ ƿƣƞơƩƫƹƨ ơƽƫƿƫơƞƶ ƞƻƻƽƞƫƾƞƶ ƺƤ ơƶƫƹƫơƞƶ ƶƫƿƣƽƞƿǀƽƣ ƸƣƢƫơƞƶ ƾƿǀƢƣƹƿƾᄙ
פװפᄕ ᇴᇷᇹᄕ ᇳᇺᄕ ᇴᇶᇷᇳᅬᇴᇶᇷᇶᄙ
ȅƿƽƞƹơƺǀƽƿᄕ ᄙ ᄬᇴᇲᇲᇹᄭᄙ ƺǀƽ Ƣƣƾ ǀƾƞƨƣƾ Ƣƣƾ ؖاƞǀ ƾƣƽǁƫơƣ Ƣƣ ƶᅷ ƞƻƻƽƣƹƿƫƾƾƞƨƣᄙƫƹ ȅƽƞƽƢ
ǀƫƸƞƿƿƺ ᄬƣƢᄙᄭ רצხ ᅍƼƺƞƧƢ ƢƵ ƻƹƞƽƞƼƿᄕ ǀƸȅƽƺ ƺƽƾ ƾȅƽƫƣ Ƣƣƾ ƺƾƾƫƣƽƾ Ƣƣ ƶᅷ ƫƹƨȅᅟ
ƹƫƣƽƫƣ ȅƢǀơƞƿƫǁƣ ᄬƻƻᄙ ᇳᇴᇹᅬᇳᇵᇹᄭᄙ ƞƽƫƾᄘ أؗإؖᄙ
ƫƞƾǀƿƿƫᄕ ᄙ ᄬᇴᇲᇳᇳᄭᄙ Ʃƣ ƾƿǀƢƣƹƿ ƣǃƻƣƽƫƣƹơƣ ƺƤ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƣᅟƶƣƞƽƹƫƹƨ ǀƹƫǁƣƽƾƫƿDŽ ƸƺƢᅟ
ǀƶƣᄙ ƶƴƷƼƻƢƹƺ х ơƼƠƞƻƩƶƵᄕ ᇷᇹᄕ ᇵᄕ ᇳᇺᇸᇷᅬᇳᇺᇹᇷᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜሜሢ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƫƶƶƣƿƿᄕ ᄙ ᄬᇳᇻᇻᇺᄭᄙ ƹƿƺƨƣƹDŽ ƞƹƢ ƻƞƽƿƫơƫƻƞƿƫƺƹ ƫƹ ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣᄘ ƾƺơƫƺᅟ
ơƺƨƹƫƿƫǁƣ ǁƫƣǂ ƺƤ ƞƢǀƶƿ ƢƣǁƣƶƺƻƸƣƹƿᄙ ƿǀƢƫƣƾ ƫƹ ƿƩƣ Ƣǀơƞƿƫƺƹ ƺƤ Ƣǀƶƿƾᄕ ᇵᇲ ᄬᇳᄭ ᇴᇳᅬᇵᇶᄙ
ǀơƩƾ ᄙ ѵ ǀƿƣƽƞ ᄙ ᄬᇴᇲᇲᇻᄭᄙ ƾ ƞ ƻƞƽƿƹƣƽᅷƾ ơƺƸƻƣƿƣƹơƣ ƿƩƽƣƞƿƣƹƫƹƨ Ƣǀƽƫƹƨ ƢDŽƞƢƫơ
ơƺƺƻƣƽƞƿƫǁƣ ǂƺƽƴᄞ ƿ ƢƣƻƣƹƢƾ ƺƹ ƽƣƾƺǀƽơƣ ƫƹƿƣƽƢƣƻƣƹƢƣƹơƣᄙ ƼƹƶƷƢƞƵ ƶƼƹƵƞƳ ƶƣ
ƺǀƠƨƶƳƶƧǀ ƶƣ ơƼƠƞƻƩƶƵᄕ ᇴᇶᄕ ᇳᇶᇷᅬᇳᇷᇶᄙ
ƶƞƽƴᄕ ᄙ ᄙ ᄬ Ƣƾᄙᄭ ᄬᇴᇲᇲᇳᄭᄙ ƢƞƹƵƩƵƧ ƣƹƶƴ ƴƢơƩƞჯ ƹƧƼƴƢƵƻƺძ ƞƵƞƳǀƺƩƺ ƞƵơ ƢƽƩơƢƵƠƢᄙ ƽƣƣƹᅟ
ǂƫơƩᄕ اؖᄘ ƹƤƺƽƸƞƿƫƺƹ ƨƣ ǀƟƶƫƾƩƫƹƨᄙ
Ʃƞƺᄕ ᄙᅟᄙᄙᄕ ѵ ƺᄕ ᄙᅟᄙ ᄬᇴᇲᇳᇳᄭᄙ ƿǀƢƣƹƿƾᅷ ƻƣƽơƣƻƿƫƺƹ ƺƤ ƫƴƫᅟƟƞƾƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿᅟ
ƫƹƨ Ƥƺƽ ƶƣƞƽƹƣƽƾ ƺƤ ƹƨƶƫƾƩ ƞƾ ƞ Ƥƺƽƣƫƨƹ ƶƞƹƨǀƞƨƣᄙ ƵƻƢƹƞƠƻƩƽƢ ƢƞƹƵƩƵƧ ƵƽƩƹƶƵƴƢƵƻƺძ
ᇉᇑ ᄬᇶᄭᄕ ᇵᇻᇷᅬᇶᇳᇳᄙ
Ʃƫᄕ ᄙᄙ ᄙᄕ ƞƾƾƺƴᄕ ᄙᄕ ƣǂƫƾᄕ ᄙᄙᄕ ƣƫƸƞƹƹᄕ ᄙᄕ ѵ ƶƞƾƣƽᄕ ᄙ ᄬᇳᇻᇺᇻᄭᄙ ƣƶƤᅟ ǃƻƶƞƹƞƿƫƺƹƾᄘ
ƺǂ ƿǀƢƣƹƿƾ ƿǀƢDŽ ƞƹƢ ƾƣ ǃƞƸƻƶƣƾ ƫƹ ƣƞƽƹƫƹƨ ƿƺ ƺƶǁƣ ƽƺƟƶƣƸƾᄙ ƶƧƵƩƻƩƽƢ
ƠƩƢƵƠƢძ ᇉᇋᄕ ᇳᇶᇷᅬᇳᇺᇴᄙ
ƺƶƣᄕ ᄙ ᄬᇴᇲᇲᇻᄭᄙ ƾƫƹƨ ƫƴƫ ƿƣơƩƹƺƶƺƨDŽ ƿƺ ƾǀƻƻƺƽƿ ƾƿǀƢƣƹƿ ƣƹƨƞƨƣƸƣƹƿᄘ ƶƣƾƾƺƹƾ ƤƽƺƸ
ƿƩƣ ƿƽƣƹơƩƣƾᄙ ƶƴƷƼƻƢƹƺ х ơƼƠƞƻƩƶƵᄕ ᇍᇊᄕ ᇳᇶᇳᅬᇳᇶᇸᄙ
ƞƣƶƣᄕ ᄙ ᄬᇴᇲᇳᇵᄭᄙ ƫƾơǀƿƣƽ ƣƿ ƢȅƟƞƿƿƽƣ ƻƺǀƽ ƾƣ Ƣȅǁƣƶƺƻƻƣƽ ƻƽƺƤƣƾƾƫƺƹƹƣƶƶƣƸƣƹƿ ᄴƫƾơǀƾᅟ
ƾƫƺƹ ƞƹƢ ƢƣƟƞƿƣƾ Ƥƺƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄵᄙ ƹƻǀƟƶƫƾƩƣƢ Ƣƺơƿƺƽƞƶ Ƣƫƾƾƣƽƿƞƿƫƺƹᄕ
ƹƫǁƣƽƾƫƿDŽ ƺƤ ƣƹƣǁƞᄕ ƣƹƣǁƞᄕ ǂƫƿDžƣƽƶƞƹƢᄙ
ƞǁƫƣƾᄕ ᄙ ᄬᇴᇲᇲᇴᄭᄙ ƾƫƹƨ ƾƿǀƢƣƹƿ ƽƣƥƷƣơƿƫǁƣ ƾƣƶƤᅟƞƾƾƣƾƾƸƣƹƿ Ƥƺƽ ƞǂƞƽƢƫƹƨ Ƣƣƨƽƣƣ ơƶƞƾƾƫƧƬᅟ
ơƞƿƫƺƹƾᄙ ƵƵƶƽƞƻƩƶƵƺ ƩƵ ƢơƼƠƞƻƩƶƵ ƞƵơ ƻƢƞƠƨƩƵƧ ƩƵƻƢƹƵƞƻƩƶƵƞƳᄕ ᇋᇑᄕ ᇵᇲᇹᅬᇵᇳᇻᄙ
ƣƾƾǀƾᄕ ᄙ ᄬᇴᇲᇲᇳᄭᄙ ƫƢƣ ƫƹƤƺƽƸƞƿƫƾȅƣ dž ƶƞ ƻƽƺƢǀơƿƫƺƹ Ƣᅷ ȅơƽƫƿƾᄘ ƹƣ ƽƣǁǀƣ Ƣƣ ƶƞ ƶƫƿƿȅƽƞƿǀƽƣ
ᄴƺƸƻǀƿƣƽ ƾǀƻƻƺƽƿ Ƥƺƽ ǂƽƫƿƫƹƨ ƿƣǃƿᄘ ƶƫƿƣƽƞƿǀƽƣ ƽƣǁƫƣǂᄵᄙ ƢƽƼƢ שרצძ ᇐ ᄬᇵᅬᇶᄭᄕ
ᇶᇳᇵᅬᇶᇵᇵᄙ
ƫƶƶƣƹƟƺǀƽƨᄕ ᄙ ᄬᇳᇻᇻᇻᄭ Ʃƞƿ Ƣƺ DŽƺǀ Ƹƣƞƹ ƟDŽ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨᄞ ƹ ᄙ ƫƶƶƣƹƟƺǀƽƨ
ᄬ Ƣƾᄭ ƶƳƳƞƟƶƹƞƻƩƽƢᄵƳƢƞƹƵƩƵƧხ ƶƧƵƩƻƩƽƢ ƞƵơ ƶƴƷƼƻƞƻƩƶƵƞƳ ƷƷƹƶƞƠƨƢƺ ᄬƻƻᄙ ᇳᅬᇳᇻᄭᄙ
ǃƤƺƽƢᄘ ƶƾƣǁƫƣƽᄙ
ƫƶƶƣƹƟƺǀƽƨᄕ ᄙ ѵ ȅƿƽƞƹơƺǀƽƿᄕ ᄙ ᄬᇴᇲᇲᇸᄭᄙ ƺƶƶƞƟƺƽƞƿƫƺƹ ƺƞƢᄙ ƹ ᄙ ƶƣƹ ƞƹƢ ᄙ ᄙ ƶƞƽƴ
ᄬ Ƣƾᄙᄭ ƞƹƢƶƫƹƨ ơƺƸƻƶƣǃƫƿDŽ ƫƹ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾᄘ ƽƣƾƣƞƽơƩ ƞƹƢ ƿƩƣƺƽDŽᄙ Ƣᅟ
ǁƞƹơƣƾ ƫƹ ƣƞƽƹƫƹƨ ƞƹƢ ƹƾƿƽǀơƿƫƺƹ ƣƽƫƣ ᄬƻƻᄙ ᇳᇶᇳᅬᇳᇸᇷᄭᄙ ƸƾƿƣƽƢƞƸᄘ ƶƾƣǁƫƣƽᄙ
ƫƶƶƣƹƟƺǀƽƨᄕ ᄙᄕ ƺƫƽƫƣƽᄕ ᄙᄕ ѵ ƞƽƶƣƾᄕ ᄙ ᄬᇴᇲᇲᇵᄭᄙ ƺƸƸǀƹƞǀƿȅƾ ǁƫƽƿǀƣƶƶƣƾ Ƣᅷ ƞƻƻƽƣƹƿƫƾᅟ
ƾƞƨƣᄘ ƣᅟưƞƽƨƺƹ ƺǀ ƹƺǀǁƣƞǀ ƻƞƽƞƢƫƨƸƣᄞ ƹ ᄙ ƞǀƽƫƾƾƺƹ ƣƿ ᄙ ƣƹƿƣƹƫ ᄬ Ƣƾᄙᄭᄙ ȅƢƞƨƺᅟ
ƨƫƣƾᄙƹƣƿᄙ ᅷƣƾƾƺƽ Ƣƣƾ ơƺƸƸǀƹƞǀƿȅƾ ǁƫƽƿǀƣƶƶƣƾ Ƣᅷ ƞƻƻƽƣƹƿƫƾƾƞƨƣ ᄬƻƻᄙ ᇳᇳᅬᇶᇺᄭᄙ ǀȅƟƣơᄘ
ؤبأᄙ ƺƶƶƣơƿƫƺƹ WƢǀơƞƿƫƺƹᅟƣơƩƣƽơƩƣᄙ
ƺƫƾƣᄕ ᄙᄕ ѵ ǀƨƹDŽᄕ ᄙ ᄬᇳᇻᇺᇶᄭᄙ ƨƢ ƺƶƠƩƞƳ ơƢƽƢƳƶƷƴƢƵƻ ƶƣ ƻƨƢ ƩƵƻƢƳƳƢƠƻᄙ ǃƤƺƽƢᄘ ƣƽƨƞƸƺƹ
ƽƣƾƾᄙ
ƺƹƹƣƶƶDŽᄕ ᄙ ᄙᄕ ѵ ƺƹƫƤƞơƣᄕ ᄙ ᄬᇴᇲᇳᇵᄭᄙ ƺƹƾǀƸƫƹƨ ƞƹƢ ơƽƣƞƿƫƹƨᄘ ƞƽƶDŽᅟƞƢƺƻƿƫƹƨ ƾơƫƣƹơƣ
ƿƣƞơƩƣƽƾᅷ ƻƣƽơƣƻƿƫƺƹƾ ƞƹƢ ǀƾƣ ƺƤ ƞ ƫƴƫ ƿƺ ƾǀƻƻƺƽƿ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄙ ƶƴᄵ
ƷƼƻƢƹƺ х ơƼƠƞƻƩƶƵᄕ ᇸᇺᄕ ᇻᅬᇴᇲᄙ
ƹƨƟƣƽƨᄕ ᄙᄕ ѵ ƩƫƻƸƞƹᄕ ᄙ ᄬᇴᇲᇳᇶᄭᄙ ƶƶƲƳƩƺƻᅍƺ ᇉᇈᇈᇈ ƟƢƺƻ ǀƶƼƵƧ ƞơƼƳƻ ƟƶƶƲƺ ƺƩƵƠƢ ᇊᇈᇈᇈᄙ
Ʃƫơƞƨƺᄘ Ƹƣƽƫơƞƹ ƫƟƽƞƽDŽ ƞƾƾƺơƫƞƿƫƺƹᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜሜሣ
ƶƞƹƞƨƞƹᄕ ᄙ ᄬᇳᇻᇷᇶᄭ Ʃƣ ơƽƫƿƫơƞƶ ƫƹơƫƢƣƹƿ ƿƣơƩƹƫƼǀƣᄙ ƺǀƠƨƶƳƶƧƩƠƞƳ ƼƳƳƢƻƩƵᄕ ᇷᇳᄕ ᇵᇴᇹᅬᇵᇷᇺ
ƫƿDžƾƫƸƸƺƹƾᄕ ᄙᄙ ᄬᇴᇲᇲᇹᄭᄙ ƺƩƵƧ ƠƶƴƴƼƵƩƻƩƢƺ ƶƣ ƷƹƞƠƻƩƠƢ ƣƶƹ ƻƨƢ ƷƹƶƣƢƺƺƩƶƵƞƳ ơƢƽƢƳƶƷᄵ
ƴƢƵƻ ƶƣ ƾƶƹƲƷƳƞƠƢ ƳƢƞƹƵƩƵƧ ƞƵơ ƷƢƹƣƶƹƴƞƵƠƢ ƷƹƶƣƢƺƺƩƶƵƞƳƺᄙ ᄬƹƻǀƟƶƫƾƩƣƢ Ʃ ƿƩƣƾƫƾᄭ
ǁƞƫƶƞƟƶƣᄘ ƩƿƿƻᄘᄧᄧƨƽƞƢǂƺƽƴƾᄙǀƸƫᄙơƺƸᄧᇵᇴᄧᇺᇺᄧᇵᇴᇺᇺᇺᇷᇺᄙƩƿƸƶᄙ
ƽƞƹƴƶƫƹᄕ ᄙᄕ ѵ ƞƹ ƞƽƸƣƶƣƹᄕ ᄙ ᄬᇴᇲᇲᇹᄭᄙ ƢƟ ᇊჯᇈ ƣƶƹ ƠƶƵƻƢƵƻ ƣƶƹ ƳƢƞƹƵƩƵƧ ƞƵơ ƻƢƞƠƨᄵ
ƩƵƧ ƩƵ ƨƩƧƨƢƹ ƢơƼƠƞƻƩƶƵᄙ ƽƫƾƿƺƶᄘ ؖئ؝ƣƻƺƽƿᄙ ǁƞƫƶƞƟƶƣ ƞƿᄘ Ʃƿƿƻᄘᄧᄧǂǂǂᄙưƫƾơᄙƞơᄙǀƴᄧ
ƻǀƟƶƫơƞƿƫƺƹƾᄧƽƣƻƺƽƿƾᄧᇴᇲᇲᇹᄧǂƣƟᇴƞƹƢƻƺƶƫơDŽƽƣƻƺƽƿᄙƞƾƻǃ
ƶƞƾƾƸƞƹᄕ ᄙᄕ ѵ ƞƹƨᄕ ᄙ ᄬᇴᇲᇳᇳᄭᄙ Ʃƣ ƶƺƨƫơ ƺƤ ƫƴƫƾᄘ ƿƩƣ ƻƺƾƾƫƟƫƶƫƿƫƣƾ ƺƤ ƿƩƣ ǂƣƟ ᇴᄙᇲ
ơƶƞƾƾƽƺƺƸᄙ ƵƻƢƹƵƞƻƩƶƵƞƳ ƶƼƹƵƞƳ ƶƣ ƶƴƷƼƻƢƹᄵƺƼƷƷƶƹƻƢơ ƶƳƳƞƟƶƹƞƻƩƽƢ ƢƞƹƵƩƵƧᄕ ᇸᄕ ᇳᄕ
ᇻᇵᅬᇳᇳᇴᄙ
ƽƞƹƿᄕ ᄙ ᄬᇴᇲᇲᇻᄭᄙ ᅵ Ƣƺƹᅷƿ ơƞƽƣ Ƣƺ DŽƺǀƽ ƺǂƹ ƻƞƨƣᄛᅷ ơƞƾƣ ƾƿǀƢDŽ ƺƤ ǀƾƫƹƨ ƫƴƫƾ Ƥƺƽ
ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƺƽƴ ƫƹ ƞ ؞بƾƣơƺƹƢƞƽDŽ ƾơƩƺƺƶᄙ ƢƞƹƵƩƵƧძ ƢơƩƞძ ƞƵơ ƢƠƨƵƶƳƶƧǀᄕ ᇵᇶᄕ
ᇴᄕ ᇳᇲᇷᅬᇳᇳᇹᄙ
ƞƢưƣƽƽƺǀƫƿᄕ ᄙ ᄬᇴᇲᇳᇶᄭᄙ ƫƴƫ ƞƾ ƞ ơƺƶƶƞƟƺƽƞƿƫǁƣ ǂƽƫƿƫƹƨ ƿƺƺƶ ƫƹ ƿƣƞơƩƣƽ ƣƢǀơƞƿƫƺƹᄘ ǁƞƶǀᅟ
ƞƿƫƺƹ ƞƹƢ ƾǀƨƨƣƾƿƫƺƹƾ Ƥƺƽ ƣƦƤƣơƿƫǁƣ ǀƾƣᄙ ƶƴƷƼƻƢƹƺ ƩƵ ƼƴƞƵ ƢƨƞƽƩƶƼƹᄕ ᇋᇊᄕ ᇵᇲᇳᅬᇵᇳᇴᄙ
ƣƫƴƴƫƹƣƹᄕ ᄙᄕ DŽƹưǐƶǐᄕ ᄙ ѵ ƫǁƫƹƫƣƸƫᄕ ᄙ ᄬᇴᇲᇳᇳᄭᄙ ƹƿƣƨƽƞƿƫǁƣ ƻƣƢƞƨƺƨDŽ ƫƹ ƻƽƞơƿƫơǀƸᄙ ƹ
ᄙ ƞƿƿƾƾƺƹᄕ ᄙᄙ ƫƶƣƽƿƾƣƹ ƞƹƢ ᄙ ƺƽƽƫƾƺƹ ᄬ Ƣƾᄙᄭᄕ ᇴᇲᇳᇳᄙ ƹƞƠƻƩƠƼƴ ƻƼƹƵ ƩƵ ƻƢƞƠƨƢƹ
ƢơƼƠƞƻƩƶƵ ᄬᇻᇳᅬᇳᇳᇴᄭᄙ ƺƿƿƣƽƢƞƸᄘ ƣƹƾƣ ǀƟƶƫƾƩƣƽƾᄙ
ƣƫƴƴƫƹƣƹᄕ ᄙᄕ ƺƴƫƹƣƹᄕ ᄙᄕ ѵ DŽƹưǐƶǐᄕ ᄙ ᄬ Ƣƾᄙᄭᄙ ᄬᇴᇲᇳᇴᄭᄙ ƢƢƹᄵƧƹƶƼƷ ƴƢƵƻƶƹƩƵƧ ƣƶƹ ƻƢƞƠƨƢƹ
ơƢƽƢƳƶƷƴƢƵƻᄙ ƺƹƢƺƹᄘ ƺǀƿƶƣƢƨƣᄙ
ƫƨƨƾᄕ ᄙᄕ ѵ ƺƹƣƾᄕ ᄙ ᄬᇴᇲᇲᇲᄭᄙ ƶƫƹƫơƞƶ ƽƣƞƾƺƹƫƹƨ ƫƹ ƿƩƣ ƩƣƞƶƿƩ ƻƽƺƤƣƾƾƫƺƹƾᄙ ƹ ᄙ ƫƨƨƾᄕ
ѵ ᄙ ƺƹƣƾ ᄬ Ƣƾᄙᄭᄕ ƳƩƵƩƠƞƳ ƹƢƞƺƶƵƩƵƧ ƩƵ ƻƨƢ ƨƢƞƳƻƨ ƷƹƶƣƢƺƺƩƶƵƺ ᄬᇴƹƢ ƣƢᄙᄭᄙ ǃƤƺƽƢᄘ
ǀƿƿƣƽǂƺƽƿƩᅟ ƣƫƹƣƸƞƹƹᄕ ᇵᅬᇳᇶᄙ
ǀƿơƩƫƹƾᄕ ᄙ ᄬᇳᇻᇻᇷᄭᄙ ƶƧƵƩƻƩƶƵ ƩƵ ƻƨƢ ƾƩƳơᄙ ƞƸƟƽƫƢƨƣᄕ اؠƽƣƾƾᄙ
ƣƽƸƞƹƹᄕ ᄙ ѵ ƫƶƶƣƹƟƺǀƽƨᄕ ᄙ ᄬᇴᇲᇲᇺᄭᄙ ƽƺǀƻ Ƹƫƽƽƺƽƾ ƿƺ ƾǀƻƻƺƽƿ ƫƹƿƣƽƞơƿƫƺƹ ƽƣƨǀƶƞƿƫƺƹ
ƫƹ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƻƽƺƟƶƣƸ ƾƺƶǁƫƹƨᄙ ƶƴƷƼƻƢƹƺ ƞƵơ ơƼƠƞƻƩƶƵძ ᇍᇉᄕ ᇴᇹᇻᅬᇴᇻᇸᄙ
ƺƩƹƾƺƹᄕ ᄙᄙ ᄬᇴᇲᇲᇸᄭᄙ DŽƹơƩƽƺƹƺǀƾ ƞƹƢ ƞƾDŽƹơƩƽƺƹƺǀƾ ƿƣǃƿᅟƟƞƾƣƢ ؖؠؖƫƹ ƣƢǀơƞƿƫƺƹƞƶ
ơƺƹƿƣǃƿƾᄘ ƞ ƽƣǁƫƣǂ ƺƤ ƽƣơƣƹƿ ƽƣƾƣƞƽơƩᄙ ƢƠƨƹƢƵơƺᄕ ᇷᇲᄕ ᇶᄕ ᇶᇸᅬᇷᇵᄙ
ƺƹƞƾƾƣƹᄕ ᄙ ᄙ ᄬᇴᇲᇲᇸᄭᄙ ƺƢƣƶƫƹƨ ǂƫƿƩ ƿƣơƩƹƺƶƺƨDŽᄘ ƫƹƢƿƺƺƶƾ Ƥƺƽ ơƺƹơƣƻƿǀƞƶ ơƩƞƹƨƣᄙ
ƺƶǀƸƟǀƾᄕ ؛آᄘ ƣƽƫƶƶᄧƽƣƹƿƫơƣ ƞƶƶᄙ
ƫƸᄕ ᄙᄙᄕ ƫƶƶƣƽᄕ ᄙᄙᄕ ƣƽƟƣƽƿᄕ ᄙᄕ ƣƢƣƽƾƣƹᄕ ᄙᄕ ѵ ƺǁƫƹƨᄕ ᄙ ᄬᇴᇲᇳᇴᄭᄙ ƾƫƹƨ ƞ ƫƴƫ ƫƹ ƞ
ƾơƫƣƹƿƫƾƿᅟƣƞơƩƣƽ ƽƺƤƣƾƾƫƺƹƞƶ ƣƞƽƹƫƹƨ ƺƸƸǀƹƫƿDŽᄘ Ƹƻƞơƿ ƺƹ ƞ ƣƞơƩƣƽ ƣƽơƣƻᅟ
ƿƫƺƹ Ʃƞƹƨƣƾᄙ ƶƼƹƵƞƳ ƶƣ ƠƩƢƵƠƢ ơƼƠƞƻƩƶƵ ƞƵơ ƢƠƨƵƶƳƶƧǀძ ᇊᇉᄬᇶᄭᄕ ᇶᇶᇲᅬᇶᇷᇴᄙ
ƽƣƫưƹƾᄕ ᄙᄕ ƫƽƾơƩƹƣƽᄕ ᄙᄙᄕ ѵ ƺơƩƣƸƾᄕ ᄙ ᄬᇴᇲᇲᇵᄭᄙ ƢƣƹƿƫƤDŽƫƹƨ ƿƩƣ ƻƫƿƤƞƶƶƾ Ƥƺƽ ƾƺơƫƞƶ
ƫƹƿƣƽƞơƿƫƺƹ ƫƹ ơƺƸƻǀƿƣƽᅟƾǀƻƻƺƽƿƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾᄘ ƞ ƽƣǁƫƣǂ
ƺƤ ƿƩƣ ƽƣƾƣƞƽơƩᄙ ƺƸƻǀƿƣƽƾ ƫƹ ǀƸƞƹ ƣƩƞǁƫƺƽᄕ ᇳᇻᄬᇵᄭᄕ ᇵᇵᇷᅬᇵᇷᇵᄙ
ƺƺƻƾᄕ ᄙᄙᄙᄕ ǁƞƹ Ƣƣƽ ƶƣǀƿƣƹᄕ ᄙᄙᄙᄕ Ƣƣ ƣƹƨᄕ ᄙᄙ ѵ ƹƺƣơƴǃᄕ ᄙ ᄙ ᄬᇴᇲᇳᇴᄭᄙ ƺƸƻǀƿƣƽ
ƾǀƻƻƺƽƿƣƢ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƶƣƞƽƹƫƹƨ ƫƹ ƞ ơƶƣƽƴƾƩƫƻᄘ ƞƹ ƣǃƻƶƺƽƞƿƺƽDŽ ƾƿǀƢDŽ ƺƹ ƿƩƣ ƽƣƶƞƿƫƺƹ
ƺƤ Ƣƫƾơǀƾƾƫƺƹ ƞơƿƫǁƫƿDŽ ƞƹƢ ƽƣǁƫƾƫƺƹ ƺƤ ơƽƫƿƫơƞƶ ƞƻƻƽƞƫƾƞƶ ƻƞƻƣƽƾᄙ צװץƢơƩƠƞƳ ơƼƠƞᄵ
ƻƩƶƵᄕ ᇳᇴᄕ ᇹᇻᄕ ᇳᅬᇹᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
ሜምሚ
ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƣƩƿƫƹƣƹ ᄙ ᄬᇴᇲᇲᇵᄭᄙ ƺƸƻǀƿƣƽᅟǀƻƻƺƽƿƣƢ ƺƶƶƞƟƺƽƞƿƫǁƣ ƣƞƽƹƫƹƨᄘ ƹ ƻƻƽƺƞơƩ ƺ
ƺǂƣƽƤǀƶ ƣƞƽƹƫƹƨ ƹǁƫƽƺƹƸƣƹƿ ƫƹ ᄙ ƣ ƺƽƿƣᄕ ᄙ ƣƽƾơƩƞƦƤƣƶᄕ ᄙ ƹƿǂƫƾƿƶƣ ѵ ᄙ ƞƹ
ƣƽƽƫȎƟƺƣƽ ᄬ Ƣƾᄙᄭᄙ ƺǂƣƽƤǀƶ ƣƞƽƹƫƹƨ ƹǁƫƽƺƹƸƣƹƿƾᄘ ƹƽƞǁƣƶƶƫƹƨ Ɵƞƾƫơ ơƺƸƻƺƹƣƹƿƾ
ƞƹƢ ƢƫƸƣƹƾƫƺƹƾᄙ ƸƾƿƣƽƢƞƸᄘ ƣƽƨƞƸƺƹᄕ ƶƾƣǁƫƣƽ ơƫƣƹơƣᄙ
ƣƫưƿƣƹᄕ ᄙᄕ ƞƹ ƞƣƾᄕ ᄙᄕ ơƩƽƫǁƣƽᄕ ᄙᄕ ѵ ƞDŽƣƾᄕ ᄙᄙ ᄬᇴᇲᇳᇶᄭᄙ ƽƫƿƫƹƨ ƫƹ ƿƩƣ ǂƺƽƴƻƶƞơƣᄘ
ƺƹƾƿƽǀơƿƫƹƨ ƢƺơǀƸƣƹƿƾ ǀƾƫƹƨ Ƹǀƶƿƫƻƶƣ Ƣƫƨƫƿƞƶ ƾƺǀƽơƣƾᄙ ƶƼƹƵƞƳ ƶƣ ƹƩƻƩƵƧ ƢƺƢƞƹƠƨძ
ᇍ ᄬᇵᄭᄕ ᇴᇺᇷᅬᇵᇵᇹᄙ
ƺǂDŽơƴᄕ ᄙ ѵ ƶƣƹᄕ ᄙ ᄬᇴᇲᇲᇶᄭᄙ ƫƹƴƫƹƨ اؖᄕ ƴƹƺǂƶƣƢƨƣ ƢƺƸƞƫƹƾ ƞƹƢ ƶƣƞƽƹƫƹƨ ƾǀƻƻƺƽƿ Ƥƺƽ
ƿƩƣ Ƣƣƾƫƨƹ ƺƤ ƶƣƞƽƫƹƫƹƨ ƣƹǁƫƽƺƹƣƸƣƹƿƾᄙ ƹ ᄙᄙ ƣƣƶ ѵ ᄙ ƫưƴƾƿƽƞ ᄬƣƢƾᄭᄕ ǀƽƽƫơǀƶǀƸƾᄕ
ƻƶƞƹƾ ƞƹƢ ƻƽƺơƣƾƾƣƾ ƫƹ ƫƹƾƿƽǀơƿƫƺƹƞƶᄙ ƹƿƣƽƹƞƿƫƺƹƞƶ ƻƣƽƾƻƣơƿƫǁƣƾ ᄬƻƻᄙ ᇴᇵᇻᅬᇴᇷᇸᄭᄙ ƞƩᅟ
ǂƞƩᄕ ؝ءᄘ ƽƶƟƞǀƸᄙ
ƞƹƹᄕ ᄙᄕ ƺƽƢƺƹᄕ ᄙᄕ ѵ ƞơƶƣƺƢᄕ ᄙ ᄬᇴᇲᇲᇻᄭᄙ ƣƥƷƣơƿƫƺƹ ƞƹƢ ƽƣƥƷƣơƿƫǁƣ ƻƽƞơƿƫơƣ ƫƹ ƩƣƞƶƿƩ
ƻƽƺƤƣƾƾƫƺƹƾ ƣƢǀơƞƿƫƺƹᄘ ƞ ƾDŽƾƿƣƸƞƿƫơ ƽƣǁƫƣǂᄙ ơƽƞƵƠƢƺ ƩƵ ƨƢƞƳƻƨ ƠƩƢƵƠƢ ơƼƠƞƻƩƶƵᄕ ᇳᇶᄕ
ᇷᇻᇷᅬᇸᇴᇳᄙ
ƫƹƢƣƶᄕ ᄙᄙᄕ ѵ ƣƽƸƞᄕ ᄙ ᄬᇴᇲᇲᇸᄭᄙ ƫƴƫƾ Ƥƺƽ ƿƣƞơƩƫƹƨ ƞƹƢ ƶƣƞƽƹƫƹƨᄙ ƶƴƴƼƵƩƠƞƻƩƶƵƺ ƶƣ ƻƨƢ
ƺƺƶƠƩƞƻƩƶƵ ƶƣ ƵƣƶƹƴƞƻƩƶƵ ǀƺƻƢƴƺᄕ ᇳᇺᄕ ᇳᄕ ᇴᅬᇵᇺᄙ
ƺƶƣƹƢƞᄕ ᄙ ᄬᇴᇲᇲᇹᄭᄙ ƫƾƿƺƽƫơƞƶ ƤƺǀƹƢƞƿƫƺƹƾᄙ ƹ ᄙᄙ ƻƣơƿƺƽᄕ ᄙᄙ ƣƽƽƫƶƶᄕ ᄙ ǁƞƹ ƣƽƽƫȎƹᅟ
Ɵƺƣƽᄕ ѵ ᄙᄙ ƽƫƾơƺƶƶ ᄬƣƢƾᄙᄭ ƞƵơƟƶƶƲ ƶƣ ƢƺƢƞƹƠƨ ƣƶƹ ơƼƠƞƻƩƶƵƞƳ ƶƴƴƼƵƩƠƞƻƩƶƵƺ
ƞƵơ ƢƠƨƵƶƳƶƧǀ ᄬƻƻᄙ ᇵᅬᇴᇲᄭᄙ ƺǀƿƶƣƢƨƣᄘ ƞDŽƶƺƽ ѵ ƽƞƹơƫƾᄙ
ƽƿƺƶƣǁƞᄕ ᄙᄕ ơƩƹƣƫƢƣƽᄕ ᄙᄕ ѵ ȅƿƽƞƹơƺǀƽƿᄕ ᄙ ᄬᇴᇲᇳᇵᄭ ƿƫƶƫƾƞƿƫƺƹ Ƣᅷ ǀƹ ƫƴƫ ƻƺǀƽ ƶᅷ ȅơƽƫᅟ
ƿǀƽƣ ơƺƶƶƞƟƺƽƞƿƫǁƣ ƣƿ ƶƣ ƻƞƽƿƞƨƣ Ƣᅷ ƣǃƻȅƽƫƣƹơƣ ƣƹ ƤƺƽƸƞƿƫƺƹ ƻƽƺƤƣƾƾƫƺƹƹƣƶƶƣ ƫƹƫƿƫƞƶƣᄙ
ƹ ᄙ ƩƺƼǀƣƿᄕ ᄙ ƣƾƾǀƾᄕ ᄙ ƣƤƣǁƽƣᄕ ᄙ ƽƺƫƾƫƹᄕ ᄙ ƞƿƿƣƞǀᄕ ѵ ᄙ ƫƢƞƶ ᄬ Ƣƾᄙᄭᄕ ƵƽƩƹƶƵᄵ
ƵƢƴƢƵƻƺ ƵƣƶƹƴƞƻƩƸƼƢƺ ƷƶƼƹ Ƴᅍ ƷƷƹƢƵƻƩƺƺƞƧƢ ƼƴƞƩƵჯ ƠƻƢƺ ơƢ Ƴƞ ƠƶƵƣǾƹƢƵƠƢ ᄬƻƻᄙ ᇳᇹᅬ
ᇴᇺᄭᄙ ƺǀƶƺǀƾƣᄘ اإƽƣƾƾ ᇴᇲᇳᇵᄙ
ƞƽƴƣƾᄕ ᄙᄕ DŽƢƣᄕ ᄙᄕ ƣƣƴƾᄕ ᄙᄙᄕ ѵ ƫƶƹƣᄕ ᄙ ᄬᇴᇲᇲᇻᄭᄙ ƢƞƠƨƩƵƧ ƠƹƩƻƩƠƞƳ ƞƷƷƹƞƩƺƞƳ ƺƲƩƳƳƺ ƩƵ
ƨƢƞƳƻƨ ƠƞƹƢ ƺƢƻƻƩƵƧƺᄙ ƿƢᄘ ƺơƩƽƞƹƣ ƞƿƞƟƞƾƣ ƺƤ DŽƾƿƣƸƞƿƫơ ƣǁƫƣǂƾᄙ ƺƩƹ ƫƶƣDŽ ѵ
ƺƹƾᄙ
ƫƺƶƞƿᄕ ᄙ ᄬᇳᇻᇻᇳᄭᄙ ƦƤƣơƿƾ ƺƤ ǂƺƽƢ ƻƽƺơƣƾƾƫƹƨ ƺƹ ƿƣǃƿ ƽƣǁƫƾƫƺƹᄙ ƞƵƧƼƞƧƢ ƞƵơ ơƼƠƞƻƩƶƵძ ᇍ
ᄬᇶᄭᄕ ᇴᇷᇷᅬᇴᇹᇴᄙ
ƣƣǁƣƾᄕ ᄙᄙ ᄬᇴᇲᇲᇸᄭᄙ ƣƾƫƨƹ ƽƣƾƣƞƽơƩ ƤƽƺƸ ƿƩƣ ƿƣơƩƹƺƶƺƨDŽ ƻƣƽƾƻƣơƿƫǁƣᄙ ƹ ᄙᄙ ƴƴƣƽᄕ
ᄙ ƽƞǁƣƸƣƫưƣƽᄕ ᄙ ơƣƹƹƣDŽᄕ ѵ ᄙ ƫƣǁƣƣƹ ᄬ Ƣƾᄙᄭᄕ Ƣǀơƞƿƫƺƹƞƶ Ƣƣƾƫƨƹ ƽƣƾƣƞƽơƩ
ᄬƻƻᄙ ᇺᇸᅬᇳᇲᇻᄭᄙ ƺƹƢƺƹᄘ ƺǀƿƶƣƢƨƣᄙ
ƺǀƣƿᄕ ᄙᅟ ᄙ ᄬᇴᇲᇲᇻᄭᄙ ƞƹƞƨƫƹƨ ơƺƨƹƫƿƫǁƣ ƶƺƞƢ Ƣǀƽƫƹƨ ƢƺơǀƸƣƹƿᅟƟƞƾƣƢ ƶƣƞƽƹƫƹƨᄙ ƢƞƹƵƩƵƧ
ƞƵơ ƵƺƻƹƼƠƻƩƶƵძ ᇉᇑᄬᇷᄭᄕ ᇶᇶᇷᅬᇶᇷᇲᄙ
ƺǁƞƫᄕ ᄙᄙ ᄬᇴᇲᇲᇹᄭᄙ ƞơƫƶƫƿƞƿƫƹƨ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹƾ ƣƦƤƣơƿƫǁƣƶDŽᄙ ƵƻƢƹƵƢƻ ƞƵơ ƩƧƨƢƹ ơƼᄵ
ƠƞƻƩƶƵᄕ ᇉᇈᄕ ᇹᇹᅬᇺᇺᄙ
ƞƶƺƸƺƹᄕ ᄙ ᄬᇳᇻᇻᇵᄭᄙ ƺ ƢƫƾƿƽƫƟǀƿƫƺƹ ǂƫƿƩƺǀƿ ƫƹƢƫǁƫƢǀƞƶᅷƾ ơƺƨƹƫƿƫƺƹᄘ ƞ ƢDŽƹƞƸƫơ ƫƹƿƣƽƞơᅟ
ƿƫƺƹƞƶ ǁƫƣǂᄙ ƹ ᄙ ƞƶƺƸƺƹ ᄬ Ƣᄙᄭ ƩƺƻƹƩƟƼƻƢơ ƠƶƧƵƩƻƩƶƵƺჯ ƺǀƠƨƶƳƶƧƩƠƞƳ ƞƵơ ƢơƼƠƞƻƩƶƵƞƳ
ƠƶƵƺƩơƢƹƞƻƩƶƵƺ ᄬƻƻᄙ ᇳᇳᇳᅬᇳᇵᇺᄭᄙ ƞƸƟƽƫƢƨƣᄘ ƹƫǁƣƽƾƫƿDŽ ƽƣƾƾᄙ
ƞƶƺƸƺƹᄕ ᄙ ᄬᇴᇲᇲᇸᄭᄙ Ʃƣ ƾDŽƾƿƣƸƫơ ǁƾᄙ ƞƹƞƶDŽƿƫơ ƾƿǀƢDŽ ƺƤ ơƺƸƻƶƣǃ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
إؘابأؠآؖᅟؚءاإت ؘةاؔإآؕؔ؟؟آؖ ؘؗاإآأأبئ
ሜምማ
ƹ ᄙ ƶƣƹ ѵ ᄙ ᄙ ƶƞƽƴ ᄬƣƢƾᄭᄙ ƞƹƢƶƫƹƨ ơƺƸƻƶƣǃƫƿDŽ ƫƹ ƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾᄘ ƿƩƣƺƽDŽ
ƞƹƢ ƽƣƾƣƞƽơƩᄙ ᄬƻƻᄙ ᇴᇷᇷᅬᇴᇸᇶᄭᄙ ƸƾƿƣƽƢƞƸᄘ ƶƾƣǁƫƣƽ ƿƢᄙ
ƞƶƸƺƹᄕ ᄙ ᄬᇴᇲᇳᇳᄭᄙ ᄵƴƶơƢƹƞƻƩƵƧხ ƨƢ ƧƼƩơƢ ƻƶ ƻƢƞƠƨƩƵƧ ƞƵơ ƳƢƞƹƵƩƵƧ ƶƵƳƩƵƢᄙ ǃƺƹᄕ ؞بᄘ
ƺǀƿƶƣƢƨƣᄙ
ơƞƽƢƞƸƞƶƫƞᄕ ᄙ ᄬᇴᇲᇲᇵᄭᄙ ƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾᄘ ǃƿƣƹƢƫƹƨ ƿƩƣ ƶƫƸƫƿƾ ƺƤ
ƿƩƣ ƻƺƾƾƫƟƶƣ ƫƹ ƣƢǀơƞƿƫƺƹ ƞƹƢ ƴƹƺǂƶƣƢƨƣ ǂƺƽƴᄙ ƹ ᄙ ƫƿƣƤƞƹƺᄕ ᄙ ᄙ ǀƢƣƾƿƞƸᄕ ѵ
ᄙ ƫƶǁƣƽƸƞƹ ᄬ Ƣƾᄙᄭᄕ ƵƠǀƠƳƶƷƢơƩƞ ƶƣ ơƩƺƻƹƩƟƼƻƢơ ƳƢƞƹƵƩƵƧ ᄬƻƻᄙ ᇴᇸᇻᅬᇴᇹᇴᄭᄙ ƩƺǀƾƞƹƢ
ƞƴƾᄕ ؔؖᄘ ƞƨƣ ǀƟƶƫơƞƿƫƺƹƾᄙ
ơƞƽƢƞƸƞƶƫƞᄕ ᄙᄕ ѵ ƣƽƣƫƿƣƽᄕ ᄙ ᄬᇳᇻᇻᇶᄭᄙ Ʃƣ ؘ؟ئؖƻƽƺưƣơƿᄘ ƽDŽƫƹƨ ƿƺ Ɵƽƫƹƨ ƿƩƣ ơƶƞƾƾƽƺƺƸ
ƫƹƿƺ ƿƩƣ ǂƺƽƶƢᄙ ƹ ᄙ ơ ƫƶƶDŽ ᄬ Ƣᄙᄭᄕ Ƴƞƺƺƹƶƶƴ ƳƢƺƺƶƵƺხ ƵƻƢƧƹƞƻƩƽƢ ƠƶƧƵƩƻƩƽƢ ƻƨƢƶƹǀ ƞƵơ
ƠƳƞƺƺƹƶƶƴ ƷƹƞƠƻƩƠƢ ᄬ اؠƽƣƾƾᄧᄙᄕ ƻƻᄙ ᇴᇲᇳᅬᇴᇴᇺᄭᄙ ƞƸƟƽƫƢƨƣᄕ ؔؠᄙ
ơƞƽƢƞƸƞƶƫƞᄕ ᄙᄕ ѵ ƣƽƣƫƿƣƽᄕ ᄙ ᄬᇴᇲᇲᇸᄭᄙ ƹƺǂƶƣƢƨƣ ƟǀƫƶƢƫƹƨᄘ ƩƣƺƽDŽᄕ ƻƣƢƞƨƺƨDŽᄕ ƞƹƢ ƿƣơƩᅟ
ƹƺƶƺƨDŽᄙ ƹ ᄙ ƞǂDŽƣƽ ᄬ Ƣƾᄙᄭᄕ ƞƴƟƹƩơƧƢ ƞƵơƟƶƶƲ ƶƣ ƻƨƢ ƢƞƹƵƩƵƧ ƠƩƢƵƠƢƺ ᄬƻƻᄙ ᇻᇹᅬ
ᇳᇳᇺᄭᄙ ƣǂ ƺƽƴᄘ ƞƸƟƽƫƢƨƣ ƹƫǁƣƽƾƫƿDŽ ƽƣƾƾᄙ
ơƩƶƞƨƣƽᄕ ᄙᄙ ѵ ǀƾơƺᄕ ᄙ ᄬᇴᇲᇲᇵᄭ ƣƞơƩƣƽ ƻƽƺƤƣƾƾƫƺƹƞƶ ƢƣǁƣƶƺƻƸƣƹƿᄕ ƿƣơƩƹƺƶƺƨDŽᄕ ƞƹƢ
ơƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣᄘ ƞƽƣ ǂƣ ƻǀƿƿƫƹƨ ƿƩƣ ơƞƽƿ ƟƣƤƺƽƣ ƿƩƣ Ʃƺƽƾƣᄞ ƨƢ ƩƵƣƶƹƴƞƻƩƶƵ
ƺƶƠƩƢƻǀᄕ ᇳᇻᄬᇵᄭ ᇴᇲᇵᅬᇴᇴᇲᄙ
ơƩǀƶƿƣƽᄕ ᄙᄕ ƣƞƿƺƹᄕ ᄙᄕ ѵ ƩƞƟƺDŽƣƽᄕ ᄙ ᄬᇴᇲᇲᇺᄭᄙ ƽƫƿƫơƞƶ ƫƹơƫƢƣƹƿ ƿƣơƩƹƫƼǀƣᄘ ǀƾƣƽᅷƾ ƨǀƫƢƣ
Ƥƺƽ ƹǀƽƾƣ ƽƣƾƣƞƽơƩƣƽᄙ ƶƼƹƵƞƳ ƶƣ ơƽƞƵƠƢơ ƼƹƺƩƵƧᄕ ᇸᇳᄕ ᇳᇲᇹᅬᇳᇳᇶᄙ
ƫƨƞƶƞᄕ ᄙ ᄬᇴᇲᇲᇹᄭ ƹƿƣƨƽƞƿƫƹƨ ǂƣƟ ᇴᄙᇲ ƫƹ ƣᅟƶƣƞƽƹƫƹƨ ƣƹǁƫƽƺƹƸƣƹƿƾᄘ ƞ ƾƺơƫƺᅟƿƣơƩƹƺƶƺƨƫơƞƶ
ƞƻƻƽƺƞơƩᄙ ƵƻƢƹƵƞƻƩƶƵƞƳ ƶƼƹƵƞƳ ƶƣ ƵƶƾƳƢơƧƢ ƞƵơ ƢƞƹƵƩƵƧᄕ ᇵᄬᇸᄭ ᇸᇴᇺᅬᇸᇶᇺᄙ
ǀƿƩƣƽƾᄕ ᄙᄙ ᄬᇴᇲᇲᇸᄭ ǀƞƶƫƿƞƿƫǁƣ ƹƞƶDŽƾƫƾ ƺƤ ƺƶƶƞƟƺƽƞƿƫǁƣ ƹƺǂƶƣƢƨƣ ƺƹƾƿƽǀơƿƫƺƹ
ƩƽƺǀƨƩ ƩƞƽƣƢ ƣƻƽƣƾƣƹƿƞƿƫƺƹƾᄙ ƢƺƢƞƹƠƨ ƞƵơ ƹƞƠƻƩƠƢ ƩƵ ƢƠƨƵƶƳƶƧǀ ƵƨƞƵƠƢơ
ƢƞƹƵƩƵƧ ᇳᄕ ᇴᄕ ᇳᇳᇷᅬᇳᇶᇴᄙ
ƣƾƾƞƽƫƹƨᄕ ᄙᄕ ѵ ƞƹƹƞƹᄕ ᄙ ᄬᇴᇲᇲᇶᄭᄙ ƶƠƞƻƩƶƵƞƳ ƢơƼƠƞƻƩƶƵ ƞƵơ ƻƹƞƩƵƩƵƧხ Ƣǀ ƻƶ ƻƨƢ ƣƼƻƼƹƢჯ
ƩƺƟƶƵᄵƶƷƢƵƨƞƧƢƵᄵƞƞƺƻƹƩƠƨƻხ ƴƶƟƩƳƩƺƩƵƧ ƣƶƹ ᇊᇈᇉᇈᄙ ǀǃƣƸƟƺǀƽƨᄘ ƦƧƬơƣ Ƥƺƽ ƦƧƬơƫƞƶ
ǀƟƶƫơƞƿƫƺƹƾ ƺƤ ƿƩƣ ǀƽƺƻƣƞƹ ƺƸƸǀƹƫƿƫƣƾᄙ
ƩƺƸƞƾᄕ ᄙ ᄬᇴᇲᇳᇵᄭᄙ ǃƻƶƺƽƫƹƨ ƿƩƣ ǀƾƣ ƺƤ ƞƾDŽƹơƩƽƺƹƺǀƾ ƺƹƶƫƹƣ Ƣƫƾơǀƾƾƫƺƹ ƫƹ ƩƣƞƶƿƩ ơƞƽƣ
ƣƢǀơƞƿƫƺƹᄘ ƶƫƿƣƽƞƿǀƽƣ ƽƣǁƫƣǂᄙ ƶƴƷƼƻƢƹƺ ƞƵơ ơƼƠƞƻƩƶƵᄕ ᇎᇑᄕ ᇻᇻᅬᇴᇳᇷᄙ
DŽƹưǐƶǐᄕ ᄙ ᄬᇴᇲᇲᇺᄭᄙ ƣƽƾƻƣơƿƫǁƣƾ ƫƹƿƺ ƶƣƞƽƹƫƹƨ ƞƿ ƿƩƣ ǂƺƽƴƻƶƞơƣᄙ ơƼƠƞƻƩƶƵƞƳ ƢƺƢƞƹƠƨ
ƢƽƩƢƾ ᇵᄕ ᇳᇵᇲᅬᇳᇷᇶᄙ
DŽƹưǐƶǐᄕ ᄙᄕ ѵ ƫưƟƣƶƾᄕ ᄙ ᄬᇴᇲᇳᇴᄭᄙ Ʃƞƹƨƫƹƨ ǂƺƽƶƢᅭơƩƞƹƨƫƹƨ ƻƣƢƞƨƺƨDŽᄙ ƹ ᄙ DŽƹưǐƶǐᄕ ᄙᅟ
ᄙ ƿƣƹƾƿƽʢƸᄕ ѵ ᄙ ƞƞƽƹƫǁƞƞƽƞ ᄬ Ƣƾᄙᄭᄙ ƹƞƵƺƩƻƩƶƵƺ ƞƵơ ƻƹƞƵƺƣƶƹƴƞƻƩƶƵƺ ƩƵ ƢơƼƠƞƻƩƶƵ
ᄬᇴᇲᇷᅬᇴᇴᇴᄭᄙ ƺƽƢƽƣơƩƿᄘ ƻƽƫƹƨƣƽ
DŽƹưǐƶǐᄕ ᄙ ᄬᇴᇲᇳᇵᄭᄙ ƺǂƞƽƢ ƞ ᇵᅟ أƸƺƢƣƶ ƺƤ ǂƺƽƴƻƶƞơƣ ƶƣƞƽƹƫƹƨᄘ ƶƫƿƣƽƞƿǀƽƣ ƽƣǁƫƣǂᄙ ƶƠƞᄵ
ƻƩƶƵƺ ƞƵơ ƳƢƞƹƵƩƵƧხ ƻƼơƩƢƺ ƩƵ ƶƠƞƻƩƶƵƞƳ ƞƵơ ƹƶƣƢƺƺƩƶƵƞƳ ơƼƠƞƻƩƶƵᄕ ᇸᄬᇳᄭᄕ ᇳᇳᅬᇵᇸ
DŽƹưǐƶǐᄕ ǐƴƴƫƹƣƹ ѵ ǐƸǐƶǐƫƹƣƹ ᄬᇴᇲᇳᇶᄭ ؟ؘاᇗǂƺƽƴᅭƿƺǂƞƽƢƾ ƫƹƿƣƨƽƞƿƫƺƹ ƺƤ ƿƩƣƺƽDŽ
ƞƹƢ ƻƽƞơƿƫơƣᄙ ƹƩƻƩƺƨ ƶƼƹƵƞƳ ƶƣ ơƼƠƞƻƩƶƵƞƳ ƢƠƨƵƶƳƶƧǀᄙ ᇶᇷᄬᇸᄭᄕ ᇻᇻᇲᅬᇳᇲᇲᇲ
DŽƨƺƿƾƴDŽᄕ ᄙᄙ ᄬᇳᇻᇹᇺᄭᄙ ƩƵơ ƩƵ ƺƶƠƩƢƻǀხ ƨƢ ơƢƽƢƳƶƷƴƢƵƻ ƶƣ ƨƩƧƨƢƹ ƷƺǀƠƨƶƳƶƧƩƠƞƳ ƷƹƶƠƢƺƺƢƺᄙ
ƞƸƟƽƫƢƨƣᄕ ؔؠᄘ ƞƽǁƞƽƢ ƹƫǁƣƽƾƫƿDŽ ƽƣƾƾᄙ
<0SUPMFWB> $IBQUFSQSPPG <EBUF WFSTJPO > QBHF
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ؕ ؗءؔ ؔةؘ؟آاإآ٥اإبآؖءؔإا
ƣƹƨƣƽᄕ ᄙ ᄬᇴᇲᇲᇲᄭᄙ ƺƸƸǀƹƫƿƫƣƾ ƺƤ ƻƽƞơƿƫơƣ ƞƹƢ ƾƺơƫƞƶ ƶƣƞƽƹƫƹƨ ƾDŽƾƿƣƸƾᄙ ƹƧƞƵƩƺƞƻƩƶƵᄕ
ᇹ ᄬᇴᄭᄕ ᇴᇴᇷᅬᇴᇶᇸᄙ
ƫơƩƸƞƹƹᄕ ᄙᄕ ѵ ǀƸƸƣƶᄕ ᄙ ᄬᇴᇲᇳᇵᄭᄙ Ƹƻƽƺǁƫƹƨ ƽƣǁƫƾƫƺƹ ƫƹ ƫƴƫᅟƟƞƾƣƢ ǂƽƫƿƫƹƨᄘ ƺƺƽᅟ
Ƣƫƹƞƿƫƺƹ ƻƞDŽƾ ƺƦƤᄙ ƶƴƷƼƻƢƹƺ х ơƼƠƞƻƩƶƵძ ᇎᇊᄕ ᇴᇸᇴᅬᇴᇹᇲᄙ
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