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>2
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>9
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>3
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\oo`Anq} W`zi&dh}
Yoqk}wnmj
Ln`nf wnwnqnh ‐Cofj ]mqjjh‖ ]mqjjh‖ |jqlnwn| |din ancnidnh z|nfn dnd|z 5 >$ \oo`anq} 1$ Folz` W`zi&dh} =$ Yoqk}wnmj Ld qjknajh|zk zh|zk fjfzlncknh mnwndnh anid }j|dnw folz` ldln`nf YoqkAjhmc( Dn htn ldancnidknh kjwnln |din knyn}nh z|nfn, lnh ld}z}zh fjhidkz| bzhi}d }j|dnw folz`5 d$ dd$ ddd$
]^@ Ljrj`owfjh| Ln|n Folj`dhi ]jqrjq Nlfdhd}|qn|doh
=:
N$ FJH\NLADQ Ft]^@ LN\NAN]J # ]JQRJQ NLFDHD]\QN\DOH $ Ln`nf }jk}tjh dhd nhln nknh fjhtnk}dknh anindfnhn zh|zk kd|n fjhiizhnknh Ft]^@ Yoqkajhmc anid fjfazn| czazhinh ldnh|nqn }jqrjq anid fj`nk}nhnknh bzhi}d&bzhi}d Nlfdhd}qn|doh(
Zh|zk fjhizqz}knh Ft]^@ Ln|nan}j ljhinh fjhiizhnknh folz` ]jqrjq Nlfdhd}|qn|doh kd|n wjq`z fjfazn| mohhjm|doh kjwnln L n|nan}j |jq`jadc lncz`z( \jqlnwn| 1 mnqn zh|zk fjfazn| mohhjm|doh dnd|z ljhinh fjfd`dc ‐`omn`co}|‖ zh|zk ln|nan}j tnhi ldizhnknh wnln co}| WM n|nz wzh ‐Qjfo|j Co}| ‖ anid ln|nan}j tnhi ajqnln ld }jqrjq(
N &>(> $ FJFAZN\ MOHHJM\DOH KJWNLN @OMN@CO]\ # SNFWW $ >( Lnqdwnln Cofj ]mqjjh k`dk Hjy ]jqrjq Dh}|nhmj, lnh MQJN\J HJY ]JQRJQ DH]\NHMJ WQOBD@J ydunql nknh ldwnwnqknh(
=2
1( Wd`dc –`omn`co}|— lnh K`dk Hjs|(
=( Ld ancnidnh ‐Ln|nan}j Mohhjm|doh‖ kd|n nknh fn}zkknh mqd|jqdn&kqd|jqdn tnhi ldwjq`zknh anid fjfao`jcknh mohhjm|doh ldazn| kjwnln ln|nan}j, k`dk Hjs|(
<( \j}| LA Mohhjm|doh ” mohhjm|doh kjwnln ln|nan}j ln|n an}j nknh lden`nhknh lnh }jkdqnhtn }jfznhtn Ajqentn, K`dk Hjs|(
=9
Ho|n \nfancnh 5
]jkdqnhtn kd|n fjhiizhnknh `omn`co}| # snfw $ }janind ft}~` ln|nan}j }jqrjq jqqoq ajqdkz| nknh ldwnwnqknh( Dhd kjqnhn Ft]^@ YA |dlnk fjhezfwnd }jqrdmj ft}~` ldln`nf co}| }t}|jf tnhi kd|n izhnknh zh|zk fjhin|n}d fn}n`nc dhd `nkzknh nqncnh }jwjq|d ajqdkz| 5 d$
Azkn Snfw moh|qo` wnhj`
dd$ K`dk }|ow az||oh zh|zk fjhicjh|dknh Ft}~` Ln|nan}j ]jqrjq( ddd$ \dmk wnln ‐]rm‖ lnh k`dk az|nhi OK zh|zk dh}|n`` Ft]~` ]jqrdmj( dr$ ]j|j`nc }j`j}nd k`dk az|nhi ‐]|nq|‖ Zh|zk fjhen`nhknh Ft]~` ln|nan}j ]jqrjq(
=3
:( ]j|j`nc }j`j}nd wjqid kjwnln Ft]~` YA lnh K`dk az|nhi ‐Anmk‖ lnh z`nhid `nhiknc :( ]jkdqnhtn Ajqentn wnwnqnh fnk`zfn| ajqdkz| nknh ldwjqo`jcd(
K`dk Hjs|, 2( ]j|jqz}htn wjhizednh nknh ld`nkzknh kjn|n} co}| fnmcdhj,
K`dk Hjs|(
K`dk ‐Moh|dhzj‖ zh|zk |jqz}knh(
=4
9( K`dk ‐Bdhd}c‖ 3( ]j|j`nc mohbdizqn|doh }j`j}nd ld`nkzknh }n|z mo hhjm|doh ln|nan}j nknh ldwnwnqknh ldln`nf yoqk}wnmj ‐]jqrjq Nlfdhd}|qn|doh‖
Loza`j&m`dmk wnln mohhjm|doh |jq}jaz| zh|zk fj`dcn| }|n|z} }jqrjq ajqkjhnnh(
<7
N &>(1 $ FJFAZN\ MOHHJM\DOH KJWNLN QJFO\J CO]\ # ]JQRJQ $ >( Lnqdwnln Cofj ]mqjjh k`dk Hjy ]jqrjq Dh}|nhmj, lnh MQJN\J HJY ]JQRJQ DH]\NHMJ WQOBD@J ydunql nknh ldwnwnqknh(
1( Wd`dc –Qjfo|j Co}|— lnh K`dk Hjs|(
<>
=( Fn}zkknh ‐DW ]jqrjq, Z}jqhnfj, Wn}}yoql Wn}}yoql ]jqrjq‖ lnh ezin ‐Z}jqhnfj‖ }jq|n }jq|n ‐Wn}}yoql‖ zh|zk Ft]^@ Ln|nan}j, K`dk Hjs|(
<( ]|n|z} mohhjm|doh ajentn, K`dk Hjs|(
:( K`dk Hjs|( 2( ]jqrjq Dh}|nhmj Hnfj, K`dk Bdhd}c(
<1
]JQRJQ NLFDHD]\QN\DOH YOQK]WNMJ(
Ajqdkz| nln`nc wnwnqnh anid ‐]jqrjq ‐]jqrjq Nlfdhd}|qn|doh Yoqk}wnmj‖ ldfnhn wnln fjhz }jaj`nc kdqd fjhinhlzhid < folz`j z|nfn anid fjfao`jcknh kd|n fjhizqz}knh fjhizqz}knh Ft]^@ ]jqrjq( Folz`j > ” FNHNIJFJH\
]jqrjq ]|n|z} Wjfnh|nznh kjn|n} }|n|z} }jqrjq tnhi |j`nc ldczazhiknh kjwnln Ft]~` YA tnhi fnhn dn fjhzhezkknh kjnlnnh }jfn}n }jqrjq fjqnhikzfd wjhiizhnnh Mwz, Fjfoqt Fjfoqt lnh ezin fjfnwnqknh wjhiizhn wjhiizhn tnhi }jlnhi nk|db( ]|nq|zw/]cz|loyh Ldizhnknh zh|zk }|ow/}|nq| Ft]~` ]jqrdmj( ]|n|z} nhl ]t}|jf Rnqdna`j} ]jhnqnd }|n|z} lnh }d}|jf rnqdna`j tnhi ldizhnknh ldln`nf Ft]~`( ]jqrjq @oi} ]jhnqnd @oi tnhi ldizhnknh o`jc Ft]~`( Folz`j 1 ” MOHBDIZQN\DOH
Ow|doh Bd`j Folz`j dhd fjfnwnqknh mohbdizqn|doh tnhi ldizhnknh o`jc Ft}~`(
<=
Folz`j = ” ]JMZQD\T
Z}jq nhl Wqdrd`jij} Ldizhnknh zh|zk fjhizqz}knh wjhiizhn zh|zk mnwndnh kj ln|nan}j(
Folz`j < ” LN\N JSWOQ\ / QJ]\OQJ
Ln|n Jswoq| nhl Qj}|oqj Ldizhnknh zh|zk fjhizqz}knh wqo}j} anmkzw n|nz qj}|oqj anid }j}jaznc ln|nan}j(
<<
A$ ]^@ LJRJ@OWFJH\ Ln`nf }jk}tjh dhd nhln nknh nk nh fjhtnk}dknh anindfnhn zh|zk fjhiizhnknh Ft]^@ Yoqkajhmc anid fjfazn| czazhinh kjn|n} ln|nan}j tnhi }jldn nln zh|zk fjfao`jcknh wqo}j} ^zjqt, ]^@ }mqdw|, fnhdwz`n}d qjkol }jq|n fjhizqz} oaejk&oaejk ldln`nf ln|nan}j lnwn| lden`nhknh(
A >(>$ FJFAZN\ MOHHJM\DOH WNLN Ft]^@ LN\NAN]J( Wqo}j} zh|zk fjfazn| mohhjm|doh anid Folz` ]^@ Ljrj`owfjh| nln`nc }nfn }nfn }jwjq|d fnhn tnhi ldwj`nenqd ld Ancnidnh #N$ }jaj`zf dhd( Zh|zk fjfazn| mohhjm|doh k`dk wnln ‐ Hjy Mohhjm|doh ‖ ldancnidnh anync yoqk}wnmj ]^@ Ljrj`owfjh|(
Wnwnqnh ajqdkz| nknh ldwjqo`jcd, fn}zkknh hnfn mohhjm|doh tnhi ldkjcjhlnkd lnh k`dk az|nhi ‐\j}| Mohhjm|doh‖ zh|zk fjhized mohhjm|doh tnhi ldazn| lnh k`dk az|nhi OK(
Anid @omn`co}|
<:
& & &
Wd`dc Mohhjm|doh Fj|col 5 ]|nhlnql #\MW/DW$ Fn}zkknh Co}|hnfj 5 >19(7(7(> / `omn`co}| K`dk OK(
Anid ]jqrjq wz`n & & & & & & &
Wd`dc Mohhjm|doh Fj|col 5 ]|nhlnql #\MW/DW$ orjq ]]C Fn}zkknh Co}|hnfj 5 0DW ]JQRJQ 8 Fn}zkknh Z}jqhnfj5 Z}jqhnfj5 0z}jqhnfj 0z}jqhnfj ]JQRJQ 8 Fn}zkknh Wn}}yoql5 0 wn}}yoql ]JQRJQ 8 Fn}zkknh Z}jqhnfj5 0z}jqhnfj Ft]^@ LA 8 Fn}zkknh Wn}}yoql5 0wn}}yoql Ft]^@ LA 8 K`dk OK(
]j|j`nc }j`j}nd Loza`j&k`dk wnln mohhjm|doh tnhi anqz ldazn| }jajh|nq |nld(
<2
Orjqrdjy ]^@ Ljrj`owfjh|
Oaejm| Aqoy}jq ]jhnqnd Ln|nan}j nknh ldwnwnqknh wnln ancnidnh dhd(
Orjqrdjy Kjqen&kjqen jld|dhi wnln ln|nan}j ld`nkzknh wnln ancnidnh dhd(
<9
A$ LN\N FOLJ@DHI Ldancnidnh Ln|n Folj`dhi Ft]^@ YA fjhtjldnknh ajajqnwn mdqqd |jq|jh|z anid fjfao`jcknh wjhiizhn fjfnhdwz`n}d wnhikn`nh ln|n tnhi fnhn dn fjqnhikzfd mdqqd&mdqd }jwjq|d ajqdkz| 5 & & &
Fjqjknajh|zk lnh fjfnhdwz`n}d folj` ln`nf ajh|zk iqnbdk( Qjrjq}j jhidhjjq lnqdwnln `drj ln|nan}j kjwnln ajh|zk folj` Boynql jhidhjjq folj` kjwnln }mqdw| n|nz ln|nan}j
Lnqdwnln yoqk}wnmj Ft]^@ YA kd|n lnwn| fj`dcn| folz` ln|n folj`dhi
A(>$ FJFAZN\ FOLJ@ ANQZ Zh|zk fjfazn| folj` anqz K`dk wnln ‐Mqjn|j Hjy JJQ JJQ Folj`‖ wnln ancnidnh Ln|n Folj`dhi
<3
A(>$ QJRJQ]J JHIDHJJQDHI N @DRJ LN\NAN]J Wd`dc Ln|nan}j, Qjrjq}j Jhidhjjq ((( lnqdwnln fndh fjhz( Dn nknh fjfnwnqknh Qjrjq}j Jhidhjjq Ln|nan}j ydunql(
Qnenc a(7>(
Fn}zkknh fnk`zfn| mohhjm|doh }janind fnhn tnhi |j`nc ldwjq`nenqd }jaj`zf dhd( Lnh K`dk Hjs|(
Qnenc a(71(
Edkn ‐Jsjmz|doh Mofw`j|jl ]zmmj}}bz``t‖ K`dk Hjs|, Edkn Jqqoq K`dk Az|nhi Anmk zh|zk fjfwjqaj|z`knh fnk`zfn| tnhi |j`nc ldfn}zkknh |nld(
<4
Qnenc a(7=(
Wd`dc Ln|nan}j tnhi ldkjcjhlnkd lnh K`dk az|nhi Hjs|(
Qnenc a(7<(( Bj|mc Oaejm| Dhbo
Qj|qdjrj Mofw`j|jl ]zmmj}}bz``t k`dk Hjs|
:7
Qnenc a(7:( ]j`jm| Oaejm|}
K`dk az|nhi ‐]coy Bd`|jq‖ zh|zk fjfnwnqknh knhlzhinh ln|nan}j tnhi |j`nc ldwd`dc(
Qnenc a(72(
Wd`dc |na`j tnhi ldwjq`zknh, lnh K`dk az|nhi jsjmz|j
:>
Qnenc a(79(
K`dk Hjs|, lnh Bdhd}c(
:1
A(>(7$ BOQYNQL JHIDHJJQDHI Z]DHI ]^@ ]MQDW\] A(>(>$ BOQYNQL JHIDHJJQDHI ]^@ N@\JQ ]MQDW\] Boqynql Jhidhjjqdhi ljhinh fjhiizhnknh ]^@ ]mqdw|} cnfwdq fjhtjqzwnd koh}jw nqncnh ft}~`lzfw tnhi adn}n ldizhnknh ldwjqdhikn| moh}o`j Ft}~`( Wd`dc Bd`j, Jswoq|, Boqynql Jhidhjjq ]^@ MQJN\J ]mqdw| wnwnqnh Boqynql Jhidhjjq ]^@ ]mqdw| ydunql( Qnenc a(>(7( Mqjn|dhi n ]mcjfn
Fn}zkknh ‐Oz|wz| ]^@ ]mqdw| Bd`j‐ wn|c anid fjhjh|zknh |jfwn| }~` }mqdw| bd`j nknh ld}dfwnh( ]j|j`nc d|z wd`dc ]~` Ow|doh tnhi cjhlnk ldizhnknh lnh k`dk az|nhi Hjs|(
Qnenc a(>(>( ]^@ Oaejm| Jswoq| Bd`|jq
K`dk Hjs|,
:=
Qnenc a(>(1( Qjrdjy Ijhjqn|jl ]mqdw|
K`dk Bdhd}c,
A(>(1$ BOQYNQL JHIDHJJQDHI ]^@ N@\JQ ]MQDW\] Boqynql Jhidhjjqdhi ]^@ n`|jq }mqdw| }mqdw| ldizhnknh zh|zk fjfn}zkknh n|nz fjhinazhiknh 1 }mqdw| tnhi ajq`ndhnh kjwnln }n|z bnd`( Wd`dc Bd`j, Jswoq|, Boqynql Jhidhjjq ]^@ N@\JQ ]mqdw| zh|zk fjfazkn wnwnqnh
Boynql Jhidhjjq nh N@\JQ ]mqdw| ydunql(
Wd`dcnh bnd` tnhi cjhlnk ldinazhiknh wnln ancnidnh ‐Dhwz| bnd`‖ lnh wd`dc bnd` tnhi cjhlnk ldinazhiknh wnln ancnidnh ‐Oz|wz| Bnd`‖( Lnh K`dk Hjs| lnh }j|jqz}htn Jsjmz|j(
:<
FOLZ@ =5 ]DH\NK] ]^@ ]\N\JFJH\ Loyh`onl }nfw`j lnqdwnln c||w5//yyy(}~`|z|oqdn`(oqi/Loyh`onlCnhl`jq(n}cs?wi6jj<=a72b&l973& 4<32<& m==ln>:j71n:"bd`j6hoq|cydhlFt]^@(udw lnh zhudw bnd` |jq}jaz|( Mdw|n }n|z ln|nan}j anqz ld Ft]^@ ajqhnfn hoq|cydhl lnh ljhinh fjhiizhnknh Ydh]MW, mowt bd`j |jq}jaz| kj ln`nf }jqrjq lnh qzh moffnhl ajqdkz| fjhiizhnknh wz||t lnh f n}zkknh wn}}yoql Ft]^@5 - ft}~` &z qoo| &w &c `omn`co}| hoq|cydhl 0 /cofj/ln|nmjh|jq/hoq|cydhl(}~` / cofj/ln|nmjh|jq/hoq|cydhl(}~` ]jkdqnhtn |jqlnwn| jqqoq fj}je, qzhknh moffnhl ajqdkz| lnh fn}zkknh wn}}yoql Ft]^@5 -ft}~`_zwiqnlj &w Ajqdkz| nln`nc }|qzk|qzq lnh qj`n|doh}cdw ln|nan}j Hoq|cydhl5
::
>( MQJN\J LN\NAN]J, N@\JQ LN\NAN]J, LQOW LN\NAN]J n( MQJN\J LN\NAN]J Anid fjhmdw|n Ln|nan}j anqz ao`jc fjhiizhnknh }dh|nk} ajqdkz|5 MQJN\J LN\NAN]J |j}|la LJBNZ@\ MCNQNM\JQ ]J\ `n|dh>;
a( N@\JQ LN\NAN]J Anid fjhizanc Ln|nan}j }jldn nln, izhnknh }dh|nk} ajqdkz|5 N@\JQ LN\NAN]J |j}|la LJBNZ@\ MCNQNM\JQ ]J\ n}mdd;
m( LQOW LN\NAN]J Anid fjfaznhi Ln|nan}j }jldn nln, izhnknh }dh|nk} ajqdkz|5 LQOW LN\NAN]J |j}|la;
1( MQJN\J \NA@J, N@\JQ \NA@J, LQOW \NA@J n( MQJN\J \NA@J Anid fjhmdw|n \na`j anqz ao`jc fjhiizhnknh }dh|nk} ajqdkz|5 MQJN\J \NA@J |na`j_hnfj # mo`zfh_hnfj> ln|n_|twj, mo`zfh_hnfj1 ln|n_|twj, mo`zfh_hnfj= ln|n_|twj, (((( $ ]janind moh|oc, zh|zk fjhmdw|n }n|z \na`j ajqhnfn ajqhnfn Wjq}oh} lnh fjfwzhtnd : mo`zfh }jwjq|d ajqdkz|5 Hnfn \na`j5 Mo`zfh5 \twj5
Wjq}oh} W_Dl dh|
@n}|Hnfj rnqmcnq#1::$
Bdq}|Hnfj rnqmcnq#1::$
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Md|t rnqmcnq#1::$
:2
Izhnknh }dh|nk} ajqdkz|5 MQJN\J \NA@J Wjq}oh} # W_Dl dh|, @n}|Hnfj rnqmcnq#1::$, Bdq}|Hnfj rnqmcnq#1::$, Nllqj}} rnqmcnq#1::$, Md|t rnqmcnq#1::$ $
a( N@\JQ \NA@J Anid fjhizanc \na`j }jldn nln ao`jc fjhiizhnknh }dh|nk} ajqdkz|; Fjhnfanc mo`zfh anqz5 N@\JQ \NA@J Wjq}oh} NLL Ln|jObAdq|c ln|j Fjhizanc Ejhd} Mo`zfh }jldn nln5 N@\JQ \NA@J Wjq}oh} FOLDBT MO@ZFH Ln|jObAdq|c tjnq Fjfaznhi Mo`zfh }jldn nln5 N@\JQ \NA@J Wjq}oh} LQOW MO@ZFH Ln|jObAdq|c
m( LQOW \NA@J Anid fjfaznhi \na`j }jldn nln, izhnknh }dh|nk} ajqdkz|5 LQOW \NA@J Wjq}oh}
:9
=( ]J@JM\, ZWLN\J, LJ@J\J, DH]JQ\ DH\O n( ]J@JM\ ]J@JM\ }|n|jfjh| fjqzwnknh }|n|jfjh| tnhi wn`dhi n}n} lnh anhtnk ldizhnknh ld fnhn& fnhn nw`dkn}d tnhi ldanhizhknh( Dn ldizhnknh zh|zk fjhinfad` ln|n lnqdwnln Ln|nan}j zh|zk ldizhnknh( Cn}d` lnqdwnln ]J@JM\ }|n|jfjh| dhd ld}dfwnh ld ln`nf qj}z`| |na`j tnhi ldwnhiid` qj}z`|&}j|( ]J@JM\ }|n|jfjh| tnhi wn`dhi n}n} nln`nc }jwjq|d ajqdkz|5 ]J@JM\ mo`zfh_hnfj#}$/% BQOF |na`j_hnfj ]jwjq|d moh|oc, }jkdqnhtn cjhlnk fjhinfad` }jfzn ln|n tnhi ajqnln ld ln`nf }j}jaznc |na`j #Moh|ochtn |na`j Mz}|ofjq}$, izhnknh }dh|nk} }jwjq|d ajqdkz|5 ]J@JM\ % BQOF mz}|ofjq} Qj}z`|&}j| anid }dh|nk} ld n|n} nln`nc }jwjq|d ajqdkz|5
]jkdqnhtn cnhtn cjhlnk fjhinfad` ln|n lnqdwnln Mo`zfh |jq|jh|z, izhnknh }dh|nk} }jwjq|d ajqdkz|5 ]J@JM\ MofwnhtHnfj, Moh|nm|Hnfj BQOF mz}|ofjq} Qj}z`|&}j| anid }dh|nk} ld n|n} nln`nc }jwjq|d ajqdkz| ld fnhn cnhtn 1 mo`zfh ldnfad`5
:3
a( DH]JQ\ DH\O DH]JQ\ DH\O }|n|jfjh| ldizhnknh zh|zk fjfn}zkknh fjfn}zkknh ln|n kj ln`nf }j}zn|z |na`j( |na`j( Dn ao`jc ldizhnknh ljhinh mnqn ajqdkz|; Fjfn}zkknh ln|n tnhi wjhzc ajqln}nqknh zqz|nh mo`zfh }jmnqn ljbnz`|5 DH]JQ\ DH\O |na`j_hnfj RN@ZJ] #rn`zj>, rn`zj1, rn`zj=,((($ ]jwjq|d moh|oc zh|zk fjfn}zkknh ln|n k j ln`nf |na`j }cdwwjq}5 DH]JQ\ DH\O }cdwwjq} RN@ZJ] #9,)Wo} @nez),)>&377&333&3333)$ Nhln nknh `dcn| ln|n tnhi anqz |j`nc ajqentn ldfn}zkknh kj ln`nf |na`j(
Kjfn}zknh ln|n ezin ao`jc ldfn}zkknh ljhinh cnhtn fjfn}zkknh ln|n kj mo`zfh |jq|jh|z }jwjq|d ajqdkz|5 DH]JQ\ DH\O |na`j_hnfj #mo`zfh>, mo`zfh1, mo`zfh=,((($ RN@ZJ] #rn`zj>, rn`zj1, rn`zj=,((($ ]jwjq|d moh|oc zh|zk fjfn}zkknh ln|n kj ln`nf |na`j jfw`otjj} cnhtn zh|zk mo`zfh @n}|Hnfj, Bdq}|Hnfj lnh \d|`j fnhnkn`n tnhi `ndh ldadnqknh ko}ohi5 DH]JQ\ DH\O jfw`otjj} #@n}|Hnfj, Bdq}|Hnfj, \d|`j$ RN@ZJ] #)Focl),)N`d),)Fq()$ Nhln nknh `dcn| cnhtn mo`zfh tnhi ld|j|nwknh nknh ldfn}zkknh ln|n( Anid Jfw`otjjDL, ln|n nknh ldfn}zkknh }jmnqn nz|ofn|dk }jmnqn dhmqjfjh| hzfajq kjqnhn mo`zfh |jq}jaz| |j`nc ld}j|knh ljhinh Nz|o_Dhmqjfjh|(
:4
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21
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Moh|oc wjhiizhnnh owjqn|oq nln`nc }jwjq|d ajqdkz|, ld fnhn cnhtn ln|n ^znh|d|t `jadc aj}nq lnqdwnln >77 ld ln`nf |na`j oqljq_lj|nd`} nknh ldwd`dc5 ]J@JM\ % BQOF oqljq_lj|nd`} YCJQJ ^znh|d|t 8 >77 Cn}d`htn nknh ldwnwnq }jwjq|d ajqdkz| ld fnhn ln|n ljhinh ^znh|d|d 8 >77 nknh ldwd`dc5
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2:
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:( @DFD\, @DKJ, DH, AJ\YJJH, N@DN] n( @DFD\ ]dh|nk} @DFD\ ldizhnknh zh|zk fjhicnlknh q jkol ezf`nc anqd} qj}z`|&}j| tnhi ldwjqo`jcd( Boqfn| }|n|jfjh| nln`nc }jwjq|d ajqdkz|5 ]J@JM\ mo`zfh_hnfj#}$ BQOF |na`j_hnfj @DFD\ hzfajq ]jwjq|d moh|oc, edkn kd|n en`nhknh }|n|jfjh| ajqdkz|, kd|n nknh wjqo`jcd }jfzn ln|n ld ln`nf |na`j }cdwwjq} dnd|z }janhtnk 2 ln|n5 ]J@JM\ % BQOF }cdwwjq}
22
\j|nwd }jkdqnhtn kd|n }j|knh @DFD\ }jwjq|d ajqdkz|, kd|n cnhtn nknh lnwn| 1 anqd} ln|n lnqdwnln kj}j`zqzcnh ln|n ld ln`nf |na`j }cdwwjq}5 ]J@JM\ % BQOF }cdwwjq} @DFD\ 1
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29
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23
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24
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97
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9>
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91
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92
Boqfn| }|n|jfjh| }jwjq|d ajqdkz|5 ]J@JM\ mo`zfh_hnfj#}$ BQOF |na`j_hnfj> QDIC\ EODH |na`j_hnfj1 OH |na`j_hnfj>(mo`zfh_hnfj6|na`j_hnfj |na`j_hnfj>(mo`zfh_hnfj6|na`j_hnfj1(mo`zfh_hnfj 1(mo`zfh_hnfj ]jwjq|d moh|oc @JB\ EODH, kd|n nknh |jqan`dkknh ]cdwwjq} }janind \na`j A #QDIC\$ lnh Oqljq} }janind \na`j N #@JB\$( ]J@JM\ oqljqDL, ]cdwwjqDL, MofwnhtHnfj BQOF oqljq} QDIC\ EODH }cdwwjq} OH oqljq}(]cdwRdn6 }cdwwjq}(]cdwwjqDL Cn}d` lnqdwnln }|n|jfjh| |jq}jaz|, }jfzn ln|n ld \na`j A #QDIC\$ dnd|z ]cdwwjq} nknh ldwnwnqknh fnhnkn`n \na`j N cnhtn nknh fjfnwnqknh ln|n tnhi kjthtn fn|mc }ncnen, tnhi |dlnk fn|mc nknh ldwnwnq }janind HZ@@(
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b( ZHDOH 99
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Boqfn| }|n|jfjh| nln`nc }jwjq|d ajqdkz|5 ]J@JM\ mo`zfh_hnfj#}$ BQOF |na`j_hnfj> BZ@@ EODH |na`j_hnfj1 OH |na`j_hnfj>(mo`zfh_hnfj6|na`j_hnfj |na`j_hnfj>(mo`zfh_hnfj6|na`j_hnfj1(mo`zfh_hnfj 1(mo`zfh_hnfj Nknh |j|nwd ld ln`nf Ft]^@ |dnln }dh|nk} BZ@@ EODH] |j|nwd koh}jw BZ@@ EODH] ao`jc ldizhnknh ljhinh fjhiinazhiknh @JB\ EODH, QDIC\ EODH lnh ZHDOH( Anid fj`dcn| koh}jw BZ@@ EODH] ld`nkzknh, wjqid kj |na`j ]cdwwjq} lnh |zknqknh ]cdwwjqDL61 kj ]cdwwjqDL63 ljhinh fjhen`nhknh }dh|nk} dhd5 94
ZWLN\J }cdwwjq} ]J\ ]cdwwjqDL6>7 YCJQJ ]cdwwjqDL61 ]jknqnhi en`nhknh }|n|jfjh| ajqdkz|5 ]J@JM\ oqljqDL, ]cdwRdn, ]cdwwjqDL, MofwnhtHnfj BQOF oqljq} @JB\ EODH }cdwwjq} OH oqljq}(]cdwRdn6 o qljq}(]cdwRdn6 }cdwwjq}(]cdwwjqDL ZHDOH ]J@JM\ oqljqDL, ]cdwRdn, ]cdwwjqDL, MofwnhtHnfj BQOF oqljq} QDIC\ EODH }cdwwjq} OH oqljq}(]cdwRdn6 }cdwwjq}(]cdwwjqDL Cn}d`htn }jwjq|d ajqdkz|5
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9( @ndh&`ndh }jwjq|d ]J@JM\ DH\O, ]J@JM\ ajq}nqnhi, Owjqn}d Nqd|fj|dk lnh azd`l&dh bzhm|doh }jwjq|d NRI#$, MOZH\#$, BDQ]\#$, @N]\#$, FNS#$, FDH#$, ]ZF#$, ZMN]J#$, @MN]J#$, FDL#$, @JH#$, QOZHL#$, HOY#$, BOQFN\#$( n( ]J@JM\ DH\O Kd|n ezin ao`jc fjfazn| \na`j anqz ljhinh fjhiizhnknh \na`j }jldn nln ljhinh fjhiizhnknh }dh|nk} ]J@JM\ DH\O( Kjadn}nnhhtn dn ldizhnknh zh|zk fjfazn| anmkzw |na`j }jldn nln kj |na`j `ndh( Moh|oc }|n|jfjh| ]J@JM\ DH\O nln`nc }jwjq|d ajqdkz|5 ]J@JM\ % DH\O hjy_|na`j_hnfj [DH js|jqhn`ln|nan}jV BQOF o`l_|na`jhnfj Ft]^@ |dlnk fjhtokohi }|n|jfjh| ]J@JM\ DH\O, |j|nwd edkn cjhlnk fjhiizhnknh koh}jw tnhi }nfn ao`jc fjhiizhnknh }|n|jfjh| ajqdkz|, }janind moh|oc kd|n nknh fjfazn| |na`j `ndh lnqdwnln |na`j Jfw`otjj}5
37
MQJN\J \NA@J jfw`otjj}_anmkzw ]J@JM\ %BQOF jfw`otjj} Ljhinh fjhen`nhknh }|n|jfjh| dhd, |na`j jfw`otjj}_anmkzw nknh ldmdw|n ljhinh }|qzk|zq lnh ln|n tnhi }nfn ljhinh |na`j jfw`otjj}(
a( ]J@JM\ Ajq}nqnhi #Hj}|jl ]J@JM\$ ]J@JM\ Ajq}nqnhi nln`nc ]J@JM\ }|n|jfjh| tnhi lden`nhknh ld ln`nf ]J@JM\ }|n|jfjh| tnhi `ndh( ]jwjq|d moh|oc5 ]J@JM\ m(MofwnhtHnfj, oqljq}foqj>77(OqljqDL, oqljq}foqj>77(^znh|d|t BQOF mz}|ofjq} N] m, # ]J@JM\ n(OqljqDL, n(Mz}|ofjqDL, a(^znh|d|t BQOF oqljq} N] n, oqljq_lj|nd`} N] a YCJQJ n(OqljqDL6a(OqljqDL NHL a(^znh|d|t 8 >77 $ N] oqljq}foqj>77 YCJQJ m(Mz}|ofjqDL6 oqljq}foqj>77(Mz}|ofjqDL ]|n|jfjh| ld n|n} nknh fjhen`nhknh lz`z ]J@JM\ }|n|jfjh| ld ln`nf }nqnhi # $ lnh fjhij`znqknh qjmoql&}j|( Qjmoql&}j| dhd ldhnfnknh }jfz`n }janind oqljq}foqj>77( ]j`jwn} d|z qjmoql&}j| Oqljq}foqj>77 nknh ldizhnknh anid fj`nk}nhnknh ]J@JM\ }|n|jfjh| ld `znq }nqnhi ljhinh fjhiinazhiknh ljhinh |na`j Mz}|ofjq}( Ajqdkz| nln`nc qj}z`| }|n|jfjh| |jq}jaz|5
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]J@JM\ Ajq}nqnhi ao`jc ldizhnknh anhtnk kn`d ljhinh }nqnhi tnhi wn`dhi ln`nf nknh ld`nk}nhnknh |jq`jadc lncz`z kjfzldnh }nqnhi ld `znqhtn lnh }j|jqz}htn5 ]J@JM\ }|n|jfjh| -< # ]J@JM\ }|n|jfjh| -= # ]J@JM\ }|n|jfjh| -1 # ]J@JM\ }|n|jfjh| -> $ $ $
m( Owjqn}d Nqd|fj|dk Ft]^@ fjfao`jcknh kd|n fjfazn| owjqn}d nqd|fj|dk n}n} }jwjq|d \nfanc, \o`nk, Lnqna lnh Ancnid }jmnqn |jqz} ld ln`nf ]^@ }|n|jfjh| }jwjq|d ajqdkz|5 ]J@JM\ OqljqDL, Zhd|Wqdmj, ^znh|d|t, #Zhd|Wqdmj % ^znh|d|t$ N] \o|n`Wqdmj BQOF oqljq_lj|nd`}
31
l( Azd`l&dh Bzhm|doh ” NRI#$ Bzhi}d NRI#$ nknh fjfz`nhiknh ezf`nc wzqn|n anid rn`zj dh|jijq }j| ln|n tnhi ldwd`dc, }jwjq|d moh|oc5 ]J@JM\ NRI#Zhd|}Dh]|omk$ N] Wzqn|n]|ok BQOF wqolzm|} Cn}d` }|n|jfjh| d|z nknh fjhicn}d`knh ezf`nc wzqn|n anid mo`zf Zhd|}Dh]|omk ln`nf |na`j Wqolzm|}5
j( Azd`l&dh Bzhm|doh ” MOZH\#$ Bzhi}d MOZH\#$ nknh fjhidqn ezf`nc ad`nhinh ln|n n|nz anqd} tnhi ldwjqo`jcd lnqdwnln }|n|jfjh| lnh kohld}d tnhi ldfn}zkknh( ]jwjq|d moh|oc, edkn kd|n fj`nk}nhnknh }|n|jfjh| ajqdkz|, kd|n nknh fjhlnwn|d >= anqd} ln|n ldwnwnqknh( ]J@JM\ ^znh|d|t BQOF oqljq_lj|nd`} YCJQJ ^znh|d|t 8 >77
\j|nwd edkn fjhiizhnknh bzhi}d MOZH\#$ ]J@JM\ MOZH\#^znh|d|t$ N] Mh|^znh|d|t BQOF oqljq_lj|nd`} YCJQJ ^znh|d|t 8 >77
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b( Azd`l&dh Bzhm|doh ” BDQ]\#$ Bzh}d BDQ]\#$ nknh fjfd`dc ln|n tnhi wjq|nfn ld ln`nf |na`j ajqln}nqknh mqd|jqdn lnh kohld}d tnhi ldfn}zkknh }jwjq|d moh|oc5 ]J@JM\ BDQ]\#mo`zfh_hnfj$ BQOF |na`j_hnfj Nknh |j|nwd Ft]^@ |dlnk fjhtokohi bzhi}d BDQ]\#$, anid fjfazn| wjqknqn tnhi }nfn ao`jc fjhiizhnknh }dh|nk} @DFD\ }jwjq|d ajqdkz|5 ]J@JM\ MofwnhtHnfj BQOF }cdwwjq} @DFD\ > Ljhinh dhd cnhtn ln|n tnhi wjq|nfn nknh ldwd`dc(
i( Azd`l&dh Bzhm|doh ” @N]\#$ Bzh}d @N]\#$ nknh fjfd`dc ln|n tnhi |jqnkcdq ld ln` nf |na`j ajqln}nqknh mqd|jqdn lnh kohld}d tnhi ldfn}zkknh }jwjq|d moh|oc5 ]J@JM\ @N]\#mo`zfh_hnfj$ BQOF |na`j_hnfj Nknh |j|nwd Ft]^@ |dlnk fjhtokohi bzhi}d @N]\#$, anid fjfazn| wjqknqn tnhi }nfn ao`jc fjhiizhnknh }dh|nk} @DFD\ ljhinh mnqn fjhtz}zh qj}z`|&}j| }jmnqn |jqan`dk lnh izhnknh @DFD\ > }jwjq|d ajqdkz|5 ]J@JM\ MofwnhtHnfj BQOF }cdwwjq} OQLJQ AT MofwnhtHnfj LJ]M @DFD\ >
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c( Azd`l&dh Bzhm|doh ” FNS#$ Bzhi}d FNS#$ ldizhnknh zh|zk fjfd`dc hd`nd dh|jijq tnhi wn`dhi |jq|dhiid ld ln`nf mo`zfh tnhi ldwd`dc }jwjq|d moh|oc5 ]J@JM\ FNS#Zhd|}Dh]|omk$ N] ]|okFnk} BQOF wqolzm|}
d( Azd`l&dh Bzhm|doh ” FDH#$ Bzhi}d FDH#$ ldizhnknh zh|zk fjfd`dc hd`nd dh|jijq tnhi wn`dhi |jqkjmd` ld ln`nf mo`zfh tnhi ldwd`dc }jwjq|d moh|oc5 ]J@JM\ FDH#Zhd|}Dh]|omk$ N] ]|okFdh BQOF wqolzm|}
e( Azd`l&dh Bzhm|doh ” ]ZF#$ Bzhi}d ]ZF#$ ldizhnknh zh|zk fjfajqd ezf`nc kj}j`zqzcnh n|nz }zf zw anid hd`nd dh|jijq mo`zfh tnhi ldwd`dc5 ]J@JM\ ]ZF#^znh|d|t$ N] Ezf`ncKznh|d|d BQOF oqljq_lj|nd`}
Bzhi}d ]ZF#$ adn}nhtn ldizhnknh ajq}nfn IQOZW AT ld fnhn kd|n ao`jc fjhezf`ncknh hd`nd mo`zfh ajqln}nqknh kzfwz`nh }jwjq|d ajqdkz|5 ]J@JM\ w(Wqolzm|Hnfj, ]ZF#o(^znh|d|t$ N] Ezf`ncKznh|d|d BQOF wqolzm|} N] w, oqljq_lj|nd`} N] o YCJQJ w(Wqolzm|DL6 o(Wqolzm|DL IQOZW AT w(Wqolzm|Hnfj
3:
k( Azd`l&dh Bzhm|doh ” ZMN]J#$ Bzhi}d ZMN]J#$ ldizhnknh zh|zk fjfnwnqknh mo`zfh tnhi ldwd`dc ljhinh Czqzb Aj}nq n|nz Zwwjqmn}j }jwjq|d ajqdkz|5 ]J@JM\ ZMN]J#Lj}mqdw|doh$ N] ZWWJQMN]J_LJ]MQDW\DOH BQOF mn|jioqdj}
`( Azd`l&dh Bzhm|doh ” @MN]J#$ Bzhi}d @MN]J#$ wz`n ldizhnknh zh|zk fjfnwnqknh mo`zfh tnhi ldwd`dc ljhinh Czqzb Kjmd` n|nz @oyjqmn}j }jwjq|d ajqdkz|5 ]J@JM\ @MN]J#Lj}mqdw|doh$ N] ZWWJQMN]J_LJ]MQDW\DOH BQOF mn|jioqdj}
32
f( Azd`l&dh Bzhm|doh ” FDL#$ Bzhi}d FDL#$ ldizhnknh zh|zk fjhinfad` knqnk|jq lnqdwnln mo`zfh |jk} }jwjq|d moh|oc ajqdkz|, FDL#Mn|jioqtHnfj,>,<$ nknh fjhinfad` < knqnk|jq ajqfz`n lnqdwnln czqzb tnhi wjq|nfn wnln mo`zfh Mn|jioqtHnfj( ]J@JM\ FDL#Mn|jioqtHnfj,>,<$ N]
Moh|oc ajqdkz| nknh fjhinfad` : knqnk|jq ajqfz`n lnqdwnln czqzb kj&= wnln mo`zfh Mn|jioqtHnfj5 ]J@JM\ FDL#Mn|jioqtHnfj,>,<$ N]
39
h ( Azd`l&dh Bzhm|doh ” @JH#$ Bzhi}d @JH#$ nknh fjfajqd|ncz kd|n ajqnwn wnhenhi nk}nqn n|nz knqnk|jq anid ln|n ld mo`zfh tnhi ldwd`dc( Ld ln`nf Ft]^@ bzhm|doh tnhi ldizhnknh anid |zeznh dhd nln`nc @JHI\C#$ }jwjq|d moh|oc5 ]J@JM\ Mn|jioqtHnfj, @JHI\C#Mn|jioqtHnfj$ N] Ad`Nk}nqnKn|jioqd BQOF mn|jioqdj}
o ( Azd`l&dh Bzhm|doh ” QOZHL#$ Bzhi}d QOZHL#$ ldizhnknh zh|zk fjfazhlnqknh hofaoq n|nz hofaoq wjqwz`zcnh kj hofaoq n|nz |d|dk wjqwz`zcnh tnhi |jqljkn|( ]jwjq|d moh|oc ld anync fjhiizhnknh }dh|nk} QOZHL#Zhd|Wqdmj,7$ ajqfnk}zl |dnln |d|dk wjqwz`zcnh5 ]J@JM\ Wqolzm|Hnfj, Zhd|Wqdmj, QOZHL#Zhd|Wqdmj,7$ N] CnqinHoAz`n| BQOF wqolzm|}
]|n|jfjh| ajqdkz| wz`n nknh fjfazhlnqknh Zhd|Wqdmj kj 1 |d|dk wjqwz`zcnh |jqljkn|5 ]J@JM\ Wqolzm|Hnfj, Zhd|Wqdmj, QOZHL#Zhd|Wqdmj,1$ N] CnqinHoAz`n| BQOF wqolzm|}
33
w ( Azd`l&dh Bzhm|doh ” HOY#$ Bzhi}d HOY#$ nknh fjfnwnqknh |nqdkc lnh fn}n |jqkdhd }janind }n|z mo`zfh5 ]J@JM\ Wqolzm|Hnfj, Zhd|Wqdmj, Hoy#$ N] \nqdkcFn}nKdhd BQOF wqolzm|}
~ ( Azd`l&dh Bzhm|doh ” BOQFN\#$ Bzhi}d BOQFN\#$ ldizhnknh zh|zk fjfnwnqknh ln|n fjhidkz| boqfn| tnhi ld|j|nwknh, kjadn}nnhhtn ldizhnknh o`jc ln|n ajqajh|zk \nqdkc lnh Dh|jijq( Nknh |j|nwd anid ln|n ajqejhd} \nqdkc, bzhm|doh tnhi ldizhnknh ld ln`nf Ft]^@ nln`nc LN\J_BOQFN\ }jwjq|d ajqdkz|5 ]J@JM\ Wqolzm|Hnfj, Zhd|Wqdmj, LN\J_BOQFN\#Hoy#$,)*j *F *T)$ N] \nqdkcFn}nKdhd BQOF wqolzm|}
Boqfn| |nqdkc tnhi ao`jc ldajh|zk nln`nc }jwjq|d enlzn` ajqdkz|5
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