ࡱ > 5@ n bjbj22 7 X X A A A 8 A d >B ~ C C " @C @C @C @C @C @C ~ ~ ~ ~ ~ ~ ~ $ { R ́ F :~ E @C @C @C @C @C :~ @C @C ~ P P P @C @C @C ~ P @C ~ P P P R T` $} @C C !R A F ll ~ ~ 0 ~ m J
38:0 48AF8?;8=0 4;O A?5F80;L=>AB8 0 5 0 7 0 3 4>H:>;L=0O ?5403>38:0 8 ?A8E>;>38O #& 3 7 . 0 1 5 . 3 ( 0 7 5 . 8 ) 8 8 . 8 O7 3 3 8 !5@8O 8AF8?;8=K ?> 2K1>@C 5F5=75=BK: 4>:B>@ ?A8E>;>38G5A:8E =0C: . . =CD@852 :0=4840B ?A8E>;>38G5A:8E =0C: !. . 'C@10=>20. 5BA:89 ?@0:B8G5A:89 ?A8E>;>3: @>3@0<<K 8 48G5A:85 A>185 4;O ABC4. 2KAH. ?54. CG51. 702545 =89 / . . (03@0520, . . >H5;520, . . 5@53C40, . . $8 ;8??>20; >4 @54. . . (03@052>9, !. . >7;>2>9. . : 7 40B5;LA:89 F5=B@ :045A>188 ?@54;030NBAO 02B>@A:85 ?@>3@0<2, :0: A8E>;>38G5A:>5 :>=AC;LB8@>20=85 , A8E>;>38G5A:0O 4803=>A B8:0 @0728B8O @515=:0 , A8E>:>@@5:F8O 0=>3> 8 >B:;>=ONI5 3>AO @0728B8O @515=:0 8 4@. @54AB02;5=K 48:8 ?@>2545=8O ?@0:B8 G5A:8E 70=OB89, 87CG5=8O >A>15==>AB59 @0728B8O 45B59, ?A8E>;>38G5A :>3> :>=AC;LB8@>20=8O 8 B. ?. =830 65B 1KBL ?>;57=0 B0:65 ?@0:B8G5A:8;>30B0 NI8< A 45BLH:>;L=>3> 8 H:>;L=>3> 2>7@0AB0. # 3 7 . 0 1 5 . 3 ( 0 7 5 . 8 ) 8 8 . 8 O7 3 (03@0520 . . , >H5;520 . . , 5@53C40 . . , $8;8??>20 . . , 2 0 0 1 I S B N 5 - 7 6 9 5 - 0 8 2 6 - 4 740B5;LA:89 F5=B@ :0452K 45BA:>9 ?@0:B8G5A:>9 ?A8E>;>388 0=OB85 1 . A>15==>AB8 45BA:>9 ?@0:B8G5A:>9 ?A8E>;>388 :0: 2840 ?A8E>;>38G5A:>9 ?@0:B8:8 1AC640NBAO >A>15==>AB8 45BA:>9 ?@0:B8G5A:>9 ?A8E>;> 388 ( @07;8G=>5 A>45@60=85 @01>BK 2 7028A8AB8 >B 2>7@0AB0 @515=:0; >BACBAB285 C @515=:0 70?@>A0 =0 ?A8E>;>38G5A:CN ?> IL; =5>1E>48ABL @01>BK A @>48B5;O<8, 4@C38<8 G;5=0<8 A5;;5:B82>H:>;L=>3> CG@5645=8O) . 0718@0NBAO 284K ?A8E>;>38G5A:>9 ?@0:B8:8 ( ?A8E>4803=>AB8:0, ?A8E>;>38G5A:0O :>@@5:F8O, ?A8E>B5@0?8O, ?A8E>;>38G5A:>5 :>=AC;L- B8@>20=85) 8 8E A?5F8D8:0 8 A>G5B0=85 2 45BA:>9 ?@0:B8G5A :>9 ?A8E>;>388. 0AAA>15==>AB8 @01>BK 2 4>H :>;L=KE CG@5645=8OE @07=>3> B8?0 8 2 @09>==KE F5=B@0E ?A8 E>;>38G5A:>9 ?>I8. >?@>AK 4;O >1AC645=8O G51E>48ABL :>9 ?>43>B>2:8 45BA:> 3> ?@0:B8G5A:>3> ?A8E>;>30, ?>43>B>2:8 ?A8E>;>38G5A:>9 ?@0:B8:8? G5A>15==>ABL AB0BCA0 @515=:0 :0: :;85=B0 2 45BA:>9 ?@0:B8 G5A:>9 ?A8E>;>388? '5B;8G05BAO @01>B0 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 2 45BA:>;>38G5A:>9 ?>I8 =0A5;5=8N? B> 2 45BA:>9 ?@0:B8G5A:>9 ?A8E>;>388 65B 1KBL 70:07G8:>:070=85 ?A8E>;>38G5A:>9 ?>I8? " "# 1@020 . !. @0:B8G5A:0O ?A8E>;>38O. :0B5@8=1C@3, 1 9 9 8 . @0:B8G5A:0O ?A8E>;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . C:>2>4AB2> ?@0:B8G5A:>3> ?A8E>;>30: A8E8G5A:>5 74>@>2L5 45B59 8 ?>4@>AB:>2 2 :>=B5:AB5 ?A8E>;>38G5A:>9 A;C61K / >4 @54. . . C1@>28 =>9. - . , 1 9 9 7 . '8@:>20 ". . A8E>;>38G5A:0O A;C610 2 45BA:>B0N ?A8E>;>3><. . . ?KB, @0725BK / >4 @54. . . C1@>28=>9. . , 1 9 9 9 . 0=OB85 2 . @8=F8?K ?@0:B8G5A:>9 ?A8E>;>388 0718@0NBAO ?@8=F8?K ?@0:B8G5A:>9 ?A8E>;>388 8 8E A?5F8 D8:0 2 45BA:>9 ?@0:B8G5A:>9 ?A8E>;>388. A>1>5 2=8B>@KE ?@8=F8?>2, ?5@2>=0G0;L=> AD>@20==KE 4;O ?A8E>;>38G5A:>9 @01>BK A> 27@>A;K;>38G5A:>9 ?@0:B8:8, :0: ?A8E>;>38G5A:>5 :>=AC;L B8@>20=85 8 ?A8E>B5@0?8O ( =5 4020BL ?@O25B>2, =5 ?@54;0 30BL ?>IL 157 =0;8G8O 70?@>A0 8 B. ?. ) . 0718@0NBAO ?@8=F8? =5=0=5A5=8O CI5@10 :;85=BC ?@8 : A>2>:C?=>9 ?@0:B8G5A:>9 ?A8E>;>388 ( @515=>: 8 53> 1;87:85 27@>A;K5) , ?>AB@>5=85 @01>BK =0 1;03> @515=:0 A CG5B>;>38G5A:8E ?@>1;52 53> A5<L8, 4@C38E 45B59 2 A5?@>AK 4;O >1AC645=8O 0: @0AAA>15==>AB8 2 ?@0:B8G5A:>9 ?A8E>;>388? >76=> ;8 ACI5AB2>20=85 >1I8E A?>A>1>2 @5H5=8O ?A8E>;>38 G5A:8E ?@>1;5<? G5AB>OB >A>15==>AB8 AC1J5:B82=>3> ?5@56820=8O A B>G:8 7@5=8O ?A8E>;>30? " "# 1@020 . !. @0:B8G5A:0O ?A8E>;>38O. :0B5@8=1C@3, 1 9 9 8 . @0:B8G5A:0O ?A8E>;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . '8@:>20 ". . A8E>;>38G5A:0O A;C610 2 45BA:>B0N ?A8E>;>3><. . . ?KB, @0725BK / >4 @54. . . C1@>28=>9. - . , 1 9 9 9 . 0=OB85 3 . @>D5AA8>=0;L=K5 B@51>20=8O : ?@0:B8G5A:>;>3C 0718@0NBAO ?@>D5AA8>=0;L=K5 :0G5AB20 ?A8E>;>30, 2 B>1E>48BK A 45BL3> 2>7@0AB0. !>>B=>A8ABL ?@>D5AA8>=0;L=KE 8 ;8G=>AB=KE :0G5AB2. N1>2L : 5BO< 8 C<5=85 2708459AB2>20BL A =81E>48 D5AA8>=0;L=K5 :0G5AB20 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30. #E>4G82> >1JOA=OBL @>48B5;OA>15==>AB8 @0728B8O @515=:0, =0;06820BL A>B@C4=8G5AB2> A @>48B5;O;;5:B82>3> CG@5645=8O. @0B=>ABL CAB=>3> 8 ?8AL3> 87;>65=8O A2>8E D5AA8>=0;L=>3> >D>@;>38G5A:>3> 70:;NG5=8O. >?@>AK 4;O >1AC645=8O G5AB>OB >A>15==>AB8 B@51>20=89, ?@54JO2;O5;>3C? 0:8A>10AB8305BAO A?>A>1=>ABL =5 ?5@5=>A8BL =0 :;8 5=B0 A2>8 ?@>1;5 >7=0G05B 4>25@85 : :;85=BC 4;O 45BA:>3> ?@0:B8G5A:>3> ?A8 E>;>30? " "# 1@020 . !. @0:B8G5A:0O ?A8E>;>38O. :0B5@8=1C@3, 1 9 9 8 . @0:B8G5A:0O ?A8E>;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . / @01>B0N ?A8E>;>3><. . . ?KB, @0725BK / >4 @54. . . C1@>28=>9. . , 1 9 9 9 . 0=OB85 4 . -B8G5A:85 =>@3> ?A8E>;>30 0718@0NBAO MB8G5A:85 =>@3> ?A8E>;>30, ?@8 =OBK5 2 @07=KE 2840E ?A8E>;>38G5A:>9 ?@0:B8:8 ( ?A8E>4803=>A B8:0, ?A8E>B5@0?8O, ?A8E>;>38G5A:>5 :>=AC;LB8@>20=85) , 8E ?@8 <5=8ABL : @01>B5 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30. A>1>5 2=8 @>48B5;8 4>;6=K 7=0BL: ?@02> =0 8= D>@ @515=:5 8G5@54L >=8. >48B5;O1E>48 @07JOA=OBL, GB> ?@54>AB02;O5 @515=:5 8=D>@<0- F8O =5 65B 1KBL 8A?>;L7>20=0 ?@>B82 =53> =8 2 :0:8E F5;OE. 1AC6405BAO ;OB20 45BA:>3> ?A8E>;>30 , ?@54;0305;>38O >1@07>20=8O ?>4 @540:F859 . . C1@>28=>9. >?@>AK 4;O >1AC645=8O G5AB>8B >B25BAB25==>ABL ?A8E>;>30 70 ?>;CG05B :;85=B0 8=D>@2K >A>15==>AB8 MB8G5A:8E B@51>20=89 4;O 45BA:>3> ?A8E> ;>30? 0H5 >B=>H5=85 : ;OB25 45BA:>3> ?A8E>;>30 ? " "# 1@020 . !. @0:B8G5A:0O ?A8E>;>38O. :0B5@8=1C@3, 1 9 9 8 . @0:B8G5A:0O ?A8E>;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . 0745; 2 . @8:;04=0O 45BA:0O ?@0:B8G5A:0O ?A8E>;>38O 0=OB85 1 . $>@@30=870F88 @01>BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 0718@0NBAO @07;8G=K5 0A?5:BK ( =0CG=>- 8AA;54>20B5;LA:89, ?@8:;04=>9, ?@0:B8G5A:89, >@30=870F8>==K9) 8 D>@@30 =870F88 ( >@30=870F8>==K5 725=LO 8 8E DC=:F88) @01>BK 45B A:>3> ?@0:B8G5A:>3> ?A8E>;>30. 1AC6405BAO, :0: 8 2 :0:8E D>@ ACI5AB2;O5BAO @01>B0 A 45BL 20O, 2 83@>2>9 D>@48B5;O= AC;LB0F88, 3@C??>2K5 15A54K, 70=OB8O A @>48B5;O<8 8 45BL;;5:B82>3> CG@5645=8O ( 15A54K, >1AC645=8O, 48A :CAA88, 45;>2K5 83@K) . 1AC6405BAO >@30=870F8O BK, 2545=8O 4>:CBG5B=>ABL ?A8E>;>30 45BA:>3> CG@56 45=8O. >?@>AK 4;O >1AC645=8O 0:85 0A?5:BK ?A8E>;>38G5A:>9 @01>BK 2K 7=05B5? G5AB>8B 2708A2O7L =0CG=>- 8AA;54>20B5;LA:>9 8 ?@0:B8G5 A:>9 @01>BK 2 45BA:>9 ?@0:B8G5A:>9 ?A8E>;>388? 0:>2K 7040G8 A@54=53> 725=0 >@30=870F88 A8AB5;>38G5 A:>9 A;C61K? " "# @;0520 . . A8E>;>38O @072820NI59 8 :>@@5:F8>==>9 @01>BK A 4>H:>;L=8:0;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . C:>2>4AB2> ?@0:B8G5A:>3> ?A8E>;>30: A8E8G5A:>5 74>@>2L5 45B59 8 ?>4@>AB:>2 2 :>=B5:AB5 ?A8E>;>38G5A:>9 A;C61K / >4 @54. . . C1 @>28=>9. . , 1 9 9 7 . '8@:>20 ". . A8E>;>38G5A:0O A;C610 2 45BA:>B0N ?A8E>;>3><. . . ?KB, @0725BK / >4 @54. . . C1@>28=>9. . , 1 9 9 9 . 0745; 3 . !>45@60=85 @01>BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 0=OB85 1 . @5=0B0;L=K9 ?5@8>4 @0728B8O 0718@05BAO, :0:85 ?@>1;57=8:0NB 2 ?@5=0B0;L=>45 @0728B8O, 2 :0:8E A;CG0OE 45BA:89 ?@0:B8G5A:89 ?A8E>;>3 8<55B A =8 ( :>=AC;LB8@>20=85 @>48B5;59 45B59, ?>A5I0 NI8E 4>H:>;L=>5 CG@5645=85, 2 ?5@8>4 >6840=8O @>645=8O A;54CNI53> @515=:0 8;8 ?@8 @01>B5 2 F5=B@0E, 345 >ACI5AB2;O 5BAO ?A8E>;>3>- ?5403>38G5A:0O @01>B0 A A5BK ?A8E>;>30 2 MB>45 @0728B8O: >?B8ACI5AB2;O5BAO ?>A@54AB2>BK A <0B5@LN 8 A5@;>38G5A:>3> ?@>A25I5=8O 8 :>=AC;LB8@> 20=8O. A8E>;>3 4>;65= 876=>ABL ?@>:><20BL B5 ?@85<K 8 4K, :>B>@K5 A>18@05BAO ?@8<5=OBL 1C4CI0O G:8 7@5=8O >A>15==>AB59 2=CB@8CB@>1=>3> @0728B8O @515=:0. A=>2=K< O2;O5BAO =0;06820=85 2708A2O78 ?B83> 8 D878G5A:>3> A>AB>O=8O ?@>AK 4;O >1AC645=8O G5AB>OB >A>15==>AB8 @01>BK ?A8E>;>30 2 ?@5=0B0;L=>45 @0728B8O @515=:0? 0:85 =>2K5 >B@0A;8 ?@0:B8G5A:>9 ?A8E>;>388 70=8 1;5<03> @0728B8O? " "# 5@B8= . >A?8B0=85 2 CB@>15 1 C?CI5==KE 2>7 6=>ABOE. !1. , 1 9 9 2 . @CA8;>2A:89 . . 87=L 4> @>645=8O. . , 1 9 9 1 . $8;8??>20 . . A8E>;>38O =B>35=57. . , 1 9 9 8 . $>=0@52. . =CB@8CB@>1=>5 @0728B85 @515=:0. . , 1 9 6 8 . 0=OB85 2 . ;045=G5AB2> MB>7@0AB5 2AO @01>B0 >ACI5AB2;O5BAO 2 D>@<5 =0;06820 =8O 2708459AB28O @>48B5;59 A @515=:>;>3 ?@>2>48B 4803=>AB8:C 8 65B ?@>45=AB@8@>20BL @>48B5;O< ?@85<K 2708 459AB28O A @515=:>B0 A @>48B5;O<8 45B59 3> 2>7@0AB0 2 ?>A;54=55 2@528BAO 2A5 1>;55 0:BC0;L=>9, B0: :0: A>2@5<5==K5 A5 =5 876=>AB8 ?>;C G8BL =5>1E>48IL 8 >?KB >B AB0@H53> ?>:>;5=8O. @>3>, 7=0G8B5;L=> CAL :>;8G5AB2> OA5;L=KE 3@C??, 0 ?> ;CG8BL :20;8D8F8@>20==CN :>=AC;LB0F8N @>48B5;8 2 1>;LH8= AB25 A;CG052 3CB B>;L:> C ?A8E>;>30 4>H:>;L=>3> CG@5645=8O, :>B>@>5 ?>A5I0NB 8E AB0@H85 45B8. >?@>AK 4;O >1AC645=8O 0:>2K 2>76=>AB8 @072820NI59 @01>BK A @515=:>3> 3>40 687=8? G5AB>8B 206=>ABL >1I5=8O @>48B5;59 A @515=:>2K >A>15==>AB8 >@30=870F88 2708459AB28O A <;045=F53> 2>7@0AB0? " "# 245520 . . , 5I5@O:>20 !. .. , 06=8:>2 . . A8E>;>38O 20H5 3> :>2 >1I5=8O 8 B2>@G5AB20. . , 1 9 9 6 . =4@5520 . . , !>:>;>20 . . -B>B C4828B5;L=K9 1;5=B>35=570 >1I5=8O. . , 1 9 8 6 . >73 8 ?>2545=85 @=K5 A?>A>1=>AB8 7@0AB 0==89 2>7@0AB O2;O5BAO >G5=L A;>6=KBK ?@0:B8 G5A:>3> ?A8E>;>30. ! >4=>9 AB>@>=K, 45B8 5I5 A8;L=> ?@82O70=K : 9 8 2 MB>7@0AB5 ?@>8AE>48B AB0 =>2;5=85 >A=>2=KE ;8G=>AB=KE AB@C:BC@, ?A8E8G5A:8E ?@>F5A A>2, @072820NBAO B2>@G5A:85 A?>A>1=>AB8 @515=:0. >48B5;8 C65 =5 2 A>AB>O=88 >15A?5G8BL =5>1E>4825=L @0728B8O 8 >1C G5=8O, 8 2 2>A?8B0=85 @515=:0 2:;NG0NBAO A?5F80;8ABK. A8E> ;>3 4>;65= >1;040BL =02K:01I5=8O 8 @01>BK A @515=:> 2>7@0AB0. 5>1E>48 ?@028;L=> >@30=87>2K20BL D>@ 20=85 ?@82O70==>AB8 @515=:0 : =>2KA;K15A?5 G820BL 70I8I5==>ABL 8 ?A8E>;>38G5A:CN ?>445@6:C @515=:0, CG8BK20BL >A>15==>AB8 ?@>B5:0=8O 2>7@0AB=KE :@878A>2 @0728 B8O. A>1>3> 2=81;5 D>@A8@> 20=8O >1CG5=8O 8 A?5F80;L=KE A?>A>1=>AB59 @515=:0. 4=>9 87 =081>;55 >AB@KE ?@>1;57@0AB5 O2;O5BAO 040?B0F8O : 45BA:>?@>AK 4;O >1AC645=8O G5D8;0:B8G5A:0O 8 @072820NI0O @01>B0 A 45BL 2>7@0AB0? 0:>20 A2O7L >A>15==>AB59 040?B0F88 45B59 @0==53> 2>7@0AB0 : 45B A:>< 2708>B=>H5=89 A 20BL ?5@8>4 040?B0F88 @515=:0 : 45BA:><C CG@5645 =8N? " "# 070: . . 3@K 8 70=OB8O A 45BLB @>645=8O 4> B@5E ;5B. !1. , 1 9 9 8 . 8;N38=0 -. . !5=A>@=K5 A?>A>1=>AB8 A?8B0=85 42CE;5B=53> @515=:0. . , 1 9 9 8 . 0=OB85 4 . 5B8 >B 3 4> 5 ;5B 40==>7@0AB5 >A=>2=K5 ?@>1;54=>9 AB>@> =K, A ?>O2;5=85AB59 2 ?>2545=88 45B59 ( 38?>- 8 38?5@0:B82=>ABL, 03@5AA82=>ABL, 70AB5=G82>ABL, AB@0E8 8 B. ?. ) , 0 A 4@C3>9 AB>@>=K A ?@>O2;5=85A>1=>AB59 ( : 20=8N 8 B. ?. ) . !;54C5B ?> 2 MB>7@0AB5 254CI59 45OB5;L=>ABLN O2;O5BAO AN65B=>- @>;520O 83@0, 8 =5>1E>48 A> 74020BL CA;>28O 4;O 55 ?>;=>F5==>3> >ACI5AB2;5=8O 8 @0728B8O. >?@>AK 4;O >1AC645=8O G5AB>8B @01>B0 ?A8E>;>30 A 45BLB>@KE =01;N40NBAO B@C4=>AB8 2> 2708459AB288 A> 27@>A;K20 A2O7L C@>2=O MF8>=0;L=>3> 1;03>?>;CG8O A >A>15==>ABO 3> @0728B8O @515=:0? G5AB8G5A:85 8 :>@@5:F8>==K5 2>76=>A B8 AN65B=>- @>;52>9 83@K? " "# 803=>AB8:0 8 :>@@5:F8O ?A8E8G5A:>3> @0728B8O 4>H:>;L=8:0 / >4 @54. /. . >;>3> 8 . . 0=L:>. 8=A:, 1 9 9 7 . @;0520 . . A8E>;>38O @072820NI59 8 :>@@5:F8>==>9 @01>BK A 4>H:>;L=8:0;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . 0=OB85 5 . 5B8 >B 5 4> 7 ;5B A=>2=>9 7040G59 ?A8E>;>30 ?@8 @01>B5 A 45BL3> 2>7@0AB0 O2;O5BAO ?>43>B>2:0 : H:>;5 8 ?@>D8;0:B8:0 H:>;L=>9 457040?B0 F88. 5>1E>48 ?@>2>48BL ?;0=>AB8:C 3>B>2=>AB8 : H:>;5 8 8=48284C0;L=> >@85=B8@>20==CN :>@@5:F8>==CN @01>BC. 4=>9 87 B@C4=>AB59 4;O 45B59 O2;O5BAO A8BC0F8O B5AB8@>20=8O ?@8 ?>ABC?;5=88 2 H:>;C, : :>B>@>9 B0:65 =5>1E>48 3>B>28BLAO. >1O70==>ABL ?A8E>;>30 4>H:>;L=>3> CG@5645=8O 2E>4OB @07@01>B:0 @5:>48B5;59 ?> >74>@>28B5;L=>9 8 @072820NI59 @01>B5 2 ;5B=89 ?5@8>4, 0 B0:65 ?>43>B>2:0 ?A8E>;>38G5A:>3> 70 :;NG5=8O 4;O H:>;L=>3> ?A8E>;>30 ( ?@8 =5>1E>48AB8) . >?@>AK 4;O >1AC645=8O 0:>2K A?5F8D8G5A:85 ?A8E>;>38G5A:85 ?@>1;5<K C 45B59 2 AB0@H5H:>;L=>7@0AB5? G5AB8 040?B0F88 @515=:0 : H:>;5? 0: 2;8ONB >A>15==>AB8 A59 A8BC0F88 =0 ?A8E8G5A:>5 @0728B85 @515=:0? " "# 803=>AB8:0 8 :>@@5:F8O ?A8E8G5A:>3> @0728B8O 4>H:>;L=8:0 / >4 @54. /. . >;>3> 8 . . 0=L:>. 8=A:, 1 9 9 7 . 2G0@>20 . . !?@02>G=0O :=830 H:>;L=>3> ?A8E>;>30. . , 1 9 9 6 . @0:B8G5A:0O ?A8E>;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . C:>2>4AB2> ?@0:B8G5A:>3> ?A8E>;>30: >B>2=>ABL : H:>;5: 072820 NI85 ?@>3@0<4 @54. . . C1@>28=>9. . , 1 9 9 7 . 0=OB85 6 . B:;>=5=8O 2 @0728B88 @515=:0 1AC6405BAO @07;8G85 B:;>=ONI8<AO @0728B85A?8BK20NI8<AO 2 2>H:>;L=>AB8 ?>2545=8O, =57=0G8B5;L=K5 7045@6:8 @0728B8O, 48A 30@=8G=>5 @0728B85, ?@>O2;5=85 A?5F80;L=KE A?>A>1=>AB59, :>B>@>5 G0I5 2A53> A>?@>2>6405BAO =0@CH5=85< 2 @0728B88 M F8>=0;L=>9 AD5@K @515=:0 8 >1I5=8O) 8 0=><0;L=K< @0728B8 5<. 0718@0NBAO 4K 8 ?@85BK ?A8E>;>30 ?> ?@>D8 ;0:B8:5 8 :>@@5:F88 >B:;>=5=89 2 @0728B88 45B59 2 @07=>7 @0AB5, 0 B0:65 CB:;>=5=8O 2 @0728B88, :>B>@K5 =C640NBAO 2 A?5F80;L=>9 ?>I8. A8E>;>3 4>;65= 876=>ABL 04@5A>20BL @>48B5;59 : A>>B25BAB2CNI8< A?5 F80;8AB0?@>AK 4;O >1AC645=8O G5B;8G85 45B59 A >A>15==>ABOB 45B59 A 0=> <0;L=K< @0728B85;>38G5A:85 ?@>1;5?5@5 60NI8< @0728B85@;>38G5A:>9 @01>BK 8A?>;L7CNBAO 4;O 45B59 A D878G5A:8AB0B:0<8? " "# @;0520 . . , 8;0=>28G . . 5B>4K @01>BK ?A8E>;>30 A 45BLH:>;L=>3> 2>7@0AB0. . , 1 9 9 6 . 0E0@>2 . . =52=K5 8 =>G=K5 AB@0E8 C 45B59. !1. , 2 0 0 0 . 0@B>20- >G025@ !. . 8 4@. 515=>: 2 :0@CA5;8 @072>40. !1. , 1 9 9 8 . 0@5=> . 3@5AA8O =0H8E 45B59. . , 1 9 9 7 . "'! /"/ E>45 ?@0:B8G5A:8E 70=OB89 ?@54?>;0305BAO 2K?>;=5=85 ABC 45=B0<8 ?8AL9 @01>BK =0 B53@0<BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 . !BC45=BK D>@1;5?@545;5==>3> 2>7@0AB0, 8 ?@54;030NB ?;0= ?A8E>;>3>- ?5403>38G5A:>9 @01>BK A @515=:>9 45B59 4;O @5H5=8O MB>9 ?@>1;51AC640NBAO A>45@60=85 8 ?@>3@0<BK 45BA:>3> ?@0:B8G5 A:>3> ?A8E>;>30, ?@>1;57@0AB5 8 >A>15==>AB8 >@30=870F88 @01>BK ?A8E>;>30 A 45BL48B5;O;;5:B82>3> CG@5645=8O 4;O @5H5=8O MB8E ?@> 1;5@1;5 65B 1KBL ?@54?>;03051;565==K5 ?@> 1;51AC640NBAO =0 70=OB88. 0B5D>@<;ONB ?8ALBC, ?>;L7COAL < ;5: F89, A5?>;=8B5;L=>9 ;8B5@0BC@>9. >4 3>B>2;5==K5 @01>BK >1AC640NBAO =0 70=OB88. 0=OB8O ?@>2>4OBAO ?> ?>43@C??045@60=85 @01>BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 @8 @071>@5 MB>9 B51AC6405BAO, 2 G5AB>8B @01>B0 45B A:>3> ?@0:B8G5A:>3> ?A8E>;>30, 2 :0:8E D>@ACI5AB2;O5BAO MB0 @01>B0 A 45BL48B5;O=0;>20O 8 8=48284C0;L=0O, 3@C??K 45B59 8 @>48B5;59, 83@>2K5 48:8, ?A8E>;>38G5A:85 C?@06=5=8O, @>;52K5 83@K, 15A54K, >1AC645=8O, 8=48284C0;L=>5 :>=AC;LB8@>20=85 4;O @> 48B5;59 8 ?5403>3>2) . 1AC640NBAO >A>15==>AB8 @01>BK A 45BL3> 2>7@0AB0 8 A @07=K<8 20@80=B04K ?A8 E8G5A:>3> @0728B8O @515=:0 2K45;ONBAO 2 45BA:>9 ?@0:B8G5A:>9 ?A8E>;>388. !>45@60=85 @01>BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 2 B8?>2>H:>;L=>< CG@5645=88 A 45BL3@0<BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 @8 @071>@5 MB>9 B54@>1=> >1AC6405BAO ?>A;54>20B5;L=>ABL MB0?>2 @01>BK 45BA:>3> ?@0:B8G5A:>3> ?A8E>;>30 2 =0G0;5 @01>BK 2 4>H:>;L=KE CG@5645=8OE @07=>3> B8?0, A 3@C??>9 2=>2L ?>ABC?82H8E 45B59, A 45BLA;5 ;5B=8E :0=8:C;, A 45BL4 040?B0F88 8 ?>43>B>2:8 : H:>;5. #45;O5BAO 2=81;5B@C4=8G5AB20 ?A8E>;>30 A ?5403>38G5A:8;;5:B82>H:>;L=>3> CG@5645=8O. 0718@05BAO ?@>2545=85 ?5@8>48G5A:>9 ?;0=>2>9 4803=>AB8:8 ?A8E8G5A:>3> @0728B8O 2A5E 2>A?8B0==8:>2 4>H:>;L=>3> CG@5645=8O, 2KO2;5=85 45B59 3@C??K @8A:0 8 @01>B0 A =8D8;0:B8:0 2>7=8:=>25=8O ?@>1;520=85 8 >@30=870F8O @01>BK ?@0:B8G5A:>3> ?A8E>;>30 2 B8?>2>H:>;L=>45@60=85 ?5@8>40 040?B0F88 ?A8E>;>30 : =>2>2545=85 >1I53> 4803=>AB8G5A:> 3> >1A;54>20=8O @515=:0 2 4>H:>;L=>48G5A:85 @5:> @07@01>B:5 ?@>3@0<@20BL ?@>1;5;L7COAL 7=0=8O A>45@60=88 8 D>@BK ?A8E>;>30, ?@54;>68BL ?@>3@0<BK A 2K 1@0==>9 ?@>1;59. ?@>3@0<;6=K 2>9B8: 2KO2;5=85 ?@> 1;565=85 4>2 4803=>AB8:8, ?@54?>;>68B5;L=K5 @57C;LB0BK 4803=>AB8:8, ?@>5:B :>@@5:F8>==KE ?@8OB89 A @515=:>45@60=85 :>=AC;LB0F89 A @>48B5;O1E> 48AB8 :>@@5:F8>==KE ?@8OB89 4;O @515=:0 A @>48B5;O 30A=>20=88 ?@54;>65==KE 4>2 @01>BK ?@>5:B8@CNBAO @57C;LB0BK 8 ?@54;030NBAO =0?@02;5=8O 40;L=59H59 @01>BK. 0718@05BAO >D>@BK ( B8BC;L=K9 ;8AB, ?@>1;5AB8:0, :>@@5:F8O, ?@54?>;03053=>7 40;L=59H53> @0728B8O) . !BC45=BK 3CB ?@54;>68BL :>=:@5B=K9 A;CG09 87 A2>59 ?@0: B8:8. :064>< A;CG05 @0718@05BAO, 2 G5AB>8B ?@>1;5<0 @0728 B8O, :0:85 4K 4803=>AB8:8 8 :>@@5:F88 =04> 2:;NG0BL, :0 :>2K ?5@A?5:B82K @01>BK A 40==>9 ?@>1;59, :>3> =5>1E>48 2:;NG0BL 2 :>@@5:F8>==CN @01>BC ( 4@C38E 45B59, @>48B5;59, 4@C 38E G;5=>2 A53>2) . 0 MB>1;559 ?8AL9 @01>BK 8 >1AC640NB 2A5 2>7 =8:0NI85 C =8E 2>?@>AK ?> 2K1@0==>9 ?@>1;565==K9 ?@>5:B ?@0:B8G5A:>9 @01>BK ABC45=BK 70I8 I0NB 2 0C48B>@88. ?@>F5AA5 >1AC645=8O >=8 876 =>ABL >1>A=>20BL A2>N B>G:C 7@5=8O, @0AA:070BL > 2>76=KE 40E 8 ?@85BK, ?@54;>68BL A2>5 @5H5=85 ?@>1;5@ 20==KE 4@C38<8 ABC45=B0@BK @072820 5B 8=8F80B82=>ABL 8 >B25BAB25==>ABL ABC45=B>2, ?>72>;O5B 0:B8 2878@>20BL :0: 6=> 1>;LH5 7=0=89 ?> ?@5415==>AB8 ?A8E>;>38G5A:>3> :>=AC;LB8@>20=8O 45B59 >?@>AK 4;O >1AC645=8O ?>A@54>20==K9 8 ?@O9 E0@0:B5@ 2>7459AB28O =0 @515=:0. 0 ?@>A @>48B5;59 8 ?@>1;5A>1K 2708459AB28O A @515=:>48B5;O- @>48B5;LA:8E 2708459AB289. !2O7L ?@>1;51;5<0 48B5;59. A8E>;>38G5A:>5 70:;NG5=85 :0: 2>76=K9 @57C;LB0B :>=AC;L B8@>20=8O. 0=OB85 2 . @>D5AA8>=0;L=K5 B@51>20=8O 8 MB8G5A:85 =>@;>30- :>=AC;LB0=B0 >?@>AK 4;O >1AC645=8O B;8G85 ?A8E>;>38G5A:>3> :>=AC;LB8@>20=8O >B 4@C38E 284>2 ?A8 E>;>38G5A:>9 ?@0:B8:8. A>15==>AB8 :>=AC;LB8@>20=8O 45B59 @07=>3> 2>7@0AB0. A=>2=K5 ?@8=F8?K :>=AC;LB0F8>==>9 @01>BK. @>D5AA8>=0;L=K5 8 ;8G=>AB=K5 :0G5AB20 ?A8E>;>30- :>=AC;LB0=B0. 0=OB85 3 . !B@C:BC@0 :>=AC;LB0F88 >?@>AK 4;O >1AC645=8O @>F54C@0 ?A8E>;>38G5A:>3> :>=AC;LB8@>20=8O. @30=870F8O A8 BC0F88 :>=AC;LB8@>20=8O. !?5F8D8:0 A8BC0F88 :>=AC;LB8@>20=8O @515=:0 2 4>H:>;L=>2 A @>48B5;O@;>38G5 A:>3> :>=AC;LB8@>20=8O. -B0?K ?@>F54C@K :>=AC;LB8@>20=8O: CAB0=>2;5=85 :>=B0:B0, A1>@ 8=D>@B57K, D>@20=85 ?@>1;5B:0 A?>A> 1>2 @5H5=8O ?@>1;55:B8@>20=85 A?>A>1>2 :>=B@>;O 8 :>@@5:F8>==KE 2>7459AB289. 0=OB85 4 . 5B>4K :>=AC;LB8@>20=8O >?@>AK 4;O >1AC645=8O 5B>4K A1>@0 8=D>@<0F88 8 4K 2>7459AB28O. :;NG5=85 4803=>AB8G5A:8E 4>2 2 ?@>F5AA :>=AC;LB8@>20 =8O. 5A540 ( 8=B5@2LN) :0: >A=>2=>9 4 A1>@0 8=D>@7 459AB28O. >?@>AK :0: 4 A1>@0 8=D>@<0F88 8 4 2>7459AB28O. "8?K 2>?@>A>2. 5B>4 35=>3@0<4K :>=AC;LB8@>20=8O >?@>AK 4;O >1AC645=8O 8AC=>G=K5 8 4@C385 ?@>5:B82=K5 4K. 5B>4 A>29 45OB5;L=>AB8 @515=:0 A> 27@>A;K2K5 48:8. 5B>4K 4803=>AB8:8 MF8>=0;L=>- ;8G=>AB=>9 AD5@K. 0=OB85 6 . !1>@ 8=D>@?@>AK 4;O >1AC645=8O 5B>4K A1>@0 8=D>@<0F88. @8<5=5=85 4>2 A1>@0 8=D>@=AC;LB8@>20=8O 45B59 4>H:>;L=>3> 2>7@0AB0. 84K 8=D>@1E>48AB@>5=8O 38?>B57K, D>@ 20=8O ?@>1;55:B8@>20=8O 2>7459AB289 2 :>=AC;LB8@> 20=88 45B59 4>H:>;L=>3> 2>7@0AB0. >AB@>5=85 8 >B@01>B:0 38?>B57. $>@2:0 ?@>1;53 MB0?0 A1>@0 8=D>@4K 2>7459AB28O >?@>AK 4;O >1AC645=8O $>@A>1K ?@54;>65=8O ?@>1;5?@>AK :0: D>@7459AB28O. !?5F8D8:0 2>?@>A>2 4;O 27@>A ;KE 8 4;O 45B59. =0;87 0;LB5@=0B82=KE A?>A>1>2 @5H5=8O ?@>1;5?>A@54>20==>3> 2>7459AB28O =0 @515=:0. 3@>2K5 8 4@C385 ?A8E>:>@@5:F8>==K5 ?@85A>1 2>7459AB28O 2 :>=AC;L B8@>20=88 45B59 4>H:>;L=>3> 2>7@0AB0. >=AB@C:B82=K5 ?5@56820=8O :;85=B0 ?> ?>2>4C ?@>1;57459AB28O. 0=OB85 8 . A8E>;>38G5A:>5 70:;NG5=85 >?@>AK 4;O >1AC645=8O A8E>;>38G5A:>5 70:;NG5=85 :0: A?5F8D8:0 :>=AC;LB8@>20=8O 45B59 4>H:>;L=>3> 2>7@0AB0. 4@5A0B ?A8E>;>38G5A:>3> 70:;NG5=8O. &5;8 ?A8E>;>38G5A:>3> 70:;NG5=8O. !>45@60=85 ?A8E>;>38G5A:>3> 70:;NG5=8O. D>@;>38G5A:>3> 70:;NG5=8O. $>@48B5;O@;L7>20=8O ?A8E>;>38G5A:>3> 70:;NG5=8O. " "# 1@020 . !. @0:B8:C ?A8E>;>38G5A:>=AC;LB8@>20=8N. . ; :0B5@8=1C@3, 1 9 9 5 . ;5H8=0 .. . =48284C0;L=>5 8 A55 :>=AC;LB8@>20=85. . , 1 9 9 4 . >7@0AB=>- ?A8E>;>38G5A:>5 :>=AC;LB8@>20=85 / >4 @54. . . C@9, . . 0@010=>2>9, . . 845@A0. . , 1 9 9 0 . 803=>AB8:0 8 :>@@5:F8O ?A8E8G5A:>3> @0728B8O 4>H:>;L=8:0 / >4 @54. /. . >;>3> 8 . . 0=L:>. 8=A:, 1 9 9 7 . M9 . A:CAAB2> ?A8E>;>38G5A:>3> :>=AC;LB8@>20=8O. . , 1 9 9 4 . 2G0@>20 . . !?@02>G=0O :=830 H:>;L=>3> ?A8E>;>30. . , 1 9 9 6 . @0:B8G5A:0O ?A8E>;>38O >1@07>20=8O / >4 @54. . . C1@>28=>9. . , 1 9 9 7 . A8E>;>38G5A:0O 4803=>AB8:0 45B59 8 ?>4@>AB:>2 / >4 @54. . . C@528G0 8 . . >@8A>2>9. . , 1 9 9 5 . -F8>=0;L=>5 @0728B85 4>H:>;L=8:0 / >4 @54. . . >H5;52>9. . , 1 9 8 5 . / "'!% /" # !# !%'!/ !" "/ 0=OB85 1 . 5B>4>;>38G5A:85 >A=>2K ?A8E>4803=>AB8:8 >?@>AK 4;O >1AC645=8O A>15==>AB8, F5;8 8 7040G8 ?A8E>;>38G5A:>9 4803=>AB8:8. @8=F8?K ?>AB@>5=8O 8 ?>41>@0 48:. 84K 8 D>@;>38G5A:>9 4803=>AB8:8. A=>2=K5 B8?K 4803=>AB8G5A:8E 4>2. !?>A>1K >1@01>B:8 ?>;CG0515==>AB8 ?>AB@>5=8O 4>2 4803=>AB8:8 ?A8E8G5A:>3> @0728B8O @515=:0 >?@>AK 4;O >1AC645=8O 803=>AB8:0 C@>2=O @0728B8O 8 4803=>AB8:0 ?@>F5AA0 @0728B8O. A>15==>AB8 4>2 4803=>AB8:8 2>7 @0AB0 8 4>H:>;L=>3> 2>7@0AB0. @>1;5<0 040?B0F88 48: : 2>7@0AB =KA>15==>ABOAB8:0 8=48284C0;L=KE @07;8G89, >B:;>=ONI53>AO @0728B8O, >?5@560NI53> @0728B8O, >40@5==>AB8 8 A?5F80;L=KE A?>A>1=>AB59. 0=OB85 3 . A>15==>AB8 ?@>2545=8O 4803=>AB8:8 ?A8E8G5A:>3> @0728B8O @515=:0 >?@>AK 4;O >1AC645=8O B=>H5=85 @515=:0 : A8BC0F88 4803=>AB8:8. 708459AB285 ?A8 E>;>30 A @>48B5;OF5AA5 4803=>AB8:8. 3@>2K5 ?@854803=>AB8:5 45B59. =48284C0;L=0O 4803 =>AB8:0 8 4803=>AB8:0 2 45BA:>H:>;L=>@40G8 8=AB@C:F88, ?@>25@:0 ?@8=OB8O 7040G8 @515=:>@30=870F88 4803=>AB8G5A:>9 ( B5AB>2>9) A8BC0F88. 0=OB85 4 . @>D5AA8>=0;L=K5 :0G5AB20 8 MB8G5A:85 =>@;>30- 4803=>AB0 >?@>AK 4;O >1AC645=8O @>D5AA8>=0;L=K5 B@51>20=8O, ?@54JO2;O5;>3C. 8G=>AB=K5 :0G5AB20 ?A8E>;>30- 4803=>AB0. -B8G5A:85 =>@<K ( 2708459AB285 A @515=:>=D845=F80;L =>ABL, A;54>20=85 ?@8=F8?C 2> 1;03> @515=:C , =>@;L7>20=8O 40==KE ?A8E>4803=>AB8:8) . 0=OB85 5 . 803=>AB8:0 ?A8E8G5A:>3> @0728B8O ?@>AK 4;O >1AC645=8O 5B>4 =01;N45=8O, A?>A>1K >F5=:8 ?A8E8G5A:>3> @0728B8O @5 15=:0 ?5@2>3> 3>40 687=8. 803=>AB8:0 42830B5;L=>9 AD5@K, >1I5=8O, MF8>=0;L=>3> @07 28B8O, @0728B8O @5G8, 459AB289 A ?@54<5B0B5G5AB25==K5 4K 4803=>AB8:8 ?A8E8G5A:>3> @0728B8O AB8:0 MF8>=0;L=>3> 1;03>?>;CG8O @515=:0 >?@>AK 4;O >1AC645=8O >=OB85 MF8>=0;L=>3> 1;03>?>;CG8O @515=:0. A>15==>AB8 MF8>=0;L=>3> 1;03>?>;CG8O 45B59 2 45BA:8E CG@56 45=8OE 70:@KB>3> B8?0. 5B>4K 4803=>AB8:8 MF8>=0;L=>3> 1;03>?>;CG8O 2 <, @0==5H:>;L=>7@0AB5. 803=>AB8:0 ?@82O70==>AB8. 0=OB85 7 . 803=>AB8:0 ?A8E8G5A:8E ?@>F5AA>2 >?@>AK 4;O >1AC645=8O 803=>AB8:0 ?A8E>D878>;>38G5A:8E >A>15==>AB59 8 A2>9AB2 =5@2 =>9 A8AB5F5=:8 40==KE MB8E 284>2 4803=>AB8:8. 5B>4K 4803=>AB8:8 B>@=>9 AD5@K, A5=A>@=KE 8 ?5@F5?B82=KE ?@>F5AA>2, 2=8<0=8O, ?0<OB8, AB8:0 8=B5;;5:B0 8 :@50B82=>AB8 >?@>AK 4;O >1AC645=8O AB>@8O @0728B8O 4>2 4803=>AB8:8 8=B5;;5:B0. (:0;K 87@40 8=5, H:0;0 . 5:A;5@0, 8E A>2@520==K5 : @07;8G=K7@0AB0< 8 :C;LBC@01;5AB8:8 :@50B82=>AB8. 0@C156=K5 8 >B5G5AB25==K5 4K 4803=>AB8:8 :@50B82=>AB8. 0=OB85 9 . 803=>AB8:0 MF8>=0;L=>- ;8G=>AB=>9 AD5@K @515=:0 >?@>AK 4;O >1AC645=8O 5B>4K 4803=>AB8:8 MF8>=0;L=>9 AD5@K 2 @07=>7@0AB5. 5B>4K 4803=>AB8:8 B820F ~
* , . 0 n ` h 6 V , . B D V 4 Ҷݪݪݪ҂zzҪhp CJ aJ h"Lp h]iH 5CJ aJ hp h'm 5CJ aJ hp h]iH 5CJ aJ mH sH hp h]iH 5CJ aJ hp h]iH CJ ^J aJ hp h]iH CJ aJ mH sH hp h]iH CJ aJ hp h'm CJ aJ hp h'm CJ NH aJ4 hp h'm CJ aJ4 0 0 z " J "
*
,
f
~
. 0 ` X H $-D M
a$gdp 8 l \ , Z N $ $
&