SHARES

SIM

MDJPVLX 01 ” ]DJXL]

8<

MDJPVLX 1

]DJXL] NLJEOEC JEF EJV\XL •

Vdl mjpovji ba j mbnpjey o} foqoflf oevb j e|nhlx e|nhlx ba oefoqo}ohil |eov} ba j aotlf jnb|ev% jnb|ev% Vdl}l |eov} jxl gebse j} `}djxl}% J }djxl o} ebv j elcbvojhil oe}vx|nlev% J }djxl o} je ltpxl}}obe ba pxbpxolvjxy xlijvobe}dop hlvslle j }djxldbiflx jef vdl mbnpjey%

•

 J }djxl o} }djxl oe vdl }djxl mjpovji ba j mbnpjey mbnpjey jef oemi|fl} }vbmg ltmlpv sdlxl j fo}voemvobe fo}voemvobe hlvslle }vbmg jef }djxl o} ltpxl}}lf ba onpiolf% W]lmvobe W]lmvobe 8 $61/^ $61/^

•

Hy }djxl oe j mbnpjey o} nljev ebv jey }|n ba nbely h|v je oevlxl}v nlj}|xlf hy j }|n ba nbely jef njfl |p ba foqlx}l xocdv} mbealxxlf be ov} dbiflx} hy vdl Jxvomil} ba vdl Mbnpjey) sdomd mbe}vov|vl j mbevxjmv hlvslle don jef vdl mbnpjey% WMOV WMOV q% ]vjefjxf Qjm||n Boi Mb% W:?11^ Mbnp IK :43 $]M/^

•

 J xocdv vb pjxvomopjvl pjxvomopjvl oe vdl pxbaov} njfl hy j mbnpjey) mbnpjey) sdoil ov o} j cboec mbemlxe jef flmijxl} j foqoflef jef oe vdl j}}lv} ba vdl mbnpjey sdle ov o} sb|ef |p WH|mdj WH|mdj A C|{fjx q% MOV) Hbnhjy IX 1:3 $]M/^

]vbmg ” ]vbmg ” vdl jccxlcjvl jccxlcjvl ba a|iiy pjof |p }djxl }djxl ba j nlnhlx nlnhlx nlxclf oevb oevb bel a|ef a|ef ba lz|ji qji|l% Ov o} j }lv ba  }djxl} p|v vbclvdlx oe j h|efil% GOEF] BA ]DJXL] W]LMVOBE 41^ Vdl }djxl} ba mbnpjey }djii hl ba vsb goef} ejnliy; . :% Lz|ovy ]djxl mjpovji ” ]djxl} sdomd jxl ebv pxlalxleml }djxl} $o/ $o/ sovd ovd qbvo qbvoec ec xocd xocdv} v} $oo/ $oo/ sovd ovd foaa foaalx lxle levo voji ji xocd xocdv} v} . o}}| o}}|lf lf oe jmmb jmmbxf xfje jeml ml sovd ovd vdl vdl Mbn Mbnpj pjeo eol} l} $O}} $O}}|l |l ba }djx }djxl l mjp mjpov ovji ji sovd sovd foaalxlevoji qbvoec xocdv}/ X|il} 800:% 8% Pxlalxleml ]djxl} ” vdjv pjxv ba vdl }djxl mjpovji sdomd a|iaoi} hbvd vdl abiibsoec mbefovobe} pxlalxlevoji foqoflef7 jef $j/ $h/ pxlalxlevoji xocdv jv vdl vonl ba soefoec |p% Vdl Pxlalxleml ]djxl} njy hl ba vsb vypl}; . M|n|ijvoql Pxlalxleml ]djxl} ” Ov mbealx} j xocdv vb mijon j aotlf foqoflef ba vdl pj}v jef vdl $o/ m|xxlev m|xxlev yljx} b|v ba a|v|xl pxbaov}% pxbaov}% Vdl aotlf foqoflef foqoflef gllp} be jmm|n|ijvoec jmm|n|ijvoec voii o} a|iiy pjof |p% Sdlxl vdl foqoflef o} f|l abx nbxl vdje vsb yljx} axbn vdl fjvl ba }djxldbiflx} nllvoec) vdl nlnhlx }djii djql j xocdv vb qbvl% Ebe.m|n|ijvoql Pxlalxleml ]djxl} ” oe vdl}l }djxl} vdl |epjof foqoflef abx vdl pj}v yljx} fb ebv $oo/ jmm|n|ijvl% Vdl qbvoec xocdv} be }|md }djxl} jmmx|l oa vdl foqoflef o} oe jxxljx abx abx 8 aoejemoji yljx} onnlfojvliy pxlmlfoec vdl nllvoec bx jey = yljx} f|xoec j plxobf ba 1 aoejemoji yljx} pxlmlfoec vdl nllvoec% Vdl mbnpjeol} mbnpjeol} jxl ebs pxbdohovlf pxbdohovlf axbn o}}|oe o}}|oec c jey pxlalx pxlalxlem leml l }djxl) }djxl) sdomd sdomd o} oxxlfl oxxlfllnj lnjhil hil bx o} xlfllnjhil javlx vdl ltpoxy ba j plxobf ba 80 yljx}% •

•

•

MIJ]]L] BA MJPOVJI \}|jiiy vdl abiibsoec mij}}oaomjvobe ba mjpovji o} njfl% Ebnoeji bx J|vdbxo}lf Mjpovji . Vdo} o} vdl }|n nlevobelf oe vdl Nlnbxjef|n ba J}}bmojvobe j} vdl mjpovji ba vdl mbnpjey% Ov o} gebse j} vdl ebnoeji bx j|vdbxo}lf mjpovji) }oeml vdo} o} vdl njton|n jnb|ev ba mjpovji) sdomd vdl mbnpjey o} j|vdbxo}lf vb) xjo}lf hy vdl o}}|l ba }djxl}% Vdl mbnpjey |}|jiiy aotl} vdo} jnb|ev gllpoec gllpoec oe qols vdl l}vonjvlf mjpovji mjpovji sdomd ov njy xlz|oxl abx ov} pxl}lev j} slii j} ov} a|v|xl ellf}% Vdo} o} foqoflf oevb }djxl} ba aotlf flebnoejvobe% O}}|lf O}}|lf Mjpovji Mjpovji . Ov o} vdjv pjxv ba vdl j|vdbxo} j|vdbxo}lf lf mjpovji mjpovji sdomd sdomd o} o}}|lf o}}|lf abx vdl vonl hloec abx p|hiom }|h}mxopvobe% ]|h}mxohlf Mjpovji . Vdjv pjxv ba vdl o}}|lf mjpovji) sdomd o} jmv|jiiy }|h}mxohlf bx vjgle |p hy vdl p|hiom) o} gebse j} vdl }|h}mxohlf mjpovji% Mjiilf.|p Mjpovji . Ov o} vdjv pbxvobe ba vdl mjpovji vdjv o} mjiilf.|p bx flnjeflf hy vdl mbnpjey% \}|jiiy vdl vbvji jnb|ev f|l be vdl }|h}mxohlf }djxl} o} ebv flnjeflf hy vdl mbnpjey jv j vonl) h|v o} mjiilf |p oe vdxll ab|x oe}vjiinlev} pjyjhil be jppiomjvobe) jiibvnlev) aox}v mjii) aoeji mjii lvm% Xl}lxql Mjpovji . Ov o} vdjv pjxv ba vdl |emjiilf mjpovji sdomd vdl mbnpjey dj} flmoflf ebv vb mjii |p ltmlpv jv vdl vonl ba vdl soefoec |p ba vdl mbnpjey% O]]\L BA ]DJXL] W]LMVOBE 4:^ •











 J mbnpjey mbnpjey ionovlf ionovlf hy }djxl} njy o}}|l} o}}|l} }djxl }djxl oe vdl vdl abiibsoec abiibsoec vdxll vdxll sjy}; sjy}; . Vb vdl lto}voec nlnhlx} $Xocdv} $Xocdv} O}}|l"Pxl.lnpvoql O}}|l"Pxl.lnpvoql xocdv/ $o/ •

ILMV\XL] H_ PXBA% ] E CDB]D

SIM

81

MDJPVLX 01 ” ]DJXL]

Vdl lto}voec nlnhlx} ba vdl mbnpjey }djii djql vdl aox}v xocdv vb a|xvdlx o}}|l ba }djxl} $Pxl. lnpvoql xocdv/ . Sdlxl jv jey vonl javlx vdl ltpoxy ba 8 yljx} axbn vdl abxnjvobe ba j mbnpjey bx  jv jey vonl javlx vdl ltpoxy ba bel yljx axbn vdl aox}v jiibvnlev ba }djxl}) sdomdlqlx o} ljxiolx% ]|md nlnhlx} nlnhlx} }djii djql j xocdv vb xleb|eml oe ajqb|x jey bvdlx plx}be% plx}be% Oe mj}l) vdl lto}voec lto}voec nlnhlx}"xleb|emll fb ebv }|h}mxohl) vdl Hbjxf ba Foxlmvbx} njy fo}pb}l ba vdln oe }|md njeelx j} vdly vdoeg nb}v hlelaomoji vb vdl mbnpjey% mbnpjey% ]LHO dj} o}}|lf c|oflioel} abx io}vlf"vb hl io}vlf mbnpjeol}% Vdl baalx ilvvlx o} mjiilf `Ilvvlx ba Baalx`% Vb vdl vdl P|h P|hiom iom ” ebv ebv sdbii sdbiiy y vb vb vdl vdl lto} lto}voe voec c nln nlnhl hlx} x} $]lm $]lmvob vobe e 4:$ 4:$:J :J// $P|hiom $P|hiom O}}|l/ O}}|l/ Sdle vdl mbnpjey mbnpjey o}}|l} vb P|hiom $plx}be} $plx}be} bvdlx vdje lto}voec lto}voec nlnhlx}/% nlnhlx}/% Vdl baalx ilvvlx o}  mjiilf `Pxb}plmv|}`% Vdl lto}voec }djxldbiflx} }djii pj}} j ]plmoji Xl}bi|vobe abx njgoec p|hiom o}}|l ba vdl mbnpjey% Lqlxy mbnpjey dj} vb mbnpiy sovd ]LHO $FOP C|oflioel}) 8000% O}}|l ba a|xvdlx }djxl} hy mbeq mbeqlx} lx}ob obe e ba ibje ibje} } ba bx flhl flhlev ev|x |xl} l} o}}| o}}|lf lf vb aoej aoejem emoji oji oe}vov|vobe}"hjeg}) j} plx Ibje Jcxllnlev jppxbqlf hy vdl Mlevxji Cbqlxenlev% O}}|l ba ba a| a|xvdlx }d }djxl} hy hy mbeqlx}obe ba Mbeqlxvohil flhlev|xl} oe vb Lz|ovy }djxl}) j} plx vdl vlxn} ba o}}|l% 

$oo/ $oo/

$ooo/ $oq/

]LHO $FOP/ C\OFLIOEL] 8000 Lqlxy io}vlf"vb hl io}vlf mbnpjey abx njgoec a|xvdlx o}}|l }djii djql vb mbnpiy sovd ]LHO $Fo}mib}|xl jef Oeql}vbx} Pxbvlmvobe/ C|oflioel} 8000 hl}ofl} vdl pxbqo}obe} ba vdl Mbnpjeol} Jmv :?<1% ov n|}v hl ebvlf vdjv ]LHO dj} o}}|lf }lpjxjvl }plmoaom X|il} jef Xlc|ijvobe} abx ljmd ba vdl njxglv oevlxnlfojxy% ]bnl ba vdl }jiolev aljv|xl} ba vdl FOP C|oflioel} jxl coqle hlibs ;.

•

•

PJXVOM\IJX]

XOCDV] O]]\L

 JPPIOMJHO  JPPIOMJHOIOV_ IOV_  JPPBOEVNL  JPPBOEVNLEV EV  BA ]LHO XLCF% MJV% O NLXMDJEV HJEGLX  JPPBOEVNL  JPPBOEVNLEV EV  BA OEVLXNLFOJXOL] ”]LHO XLCO]VLXLF EJV\XL BA  BAALX FBM\NLEV AOXN   JXXJECLNL  JXXJECLNLEV EV BA AOEJEML AOEJEML EJV\XL BA  ]DJXLDBIFLX] XL]BI\VOBE% AOIOEC BA  FXJAV BAALX ILVVLX H_ NLXMDJEV HJEGLX JV 8: FJ_]  JIBEC SOVD VDLOX VDLOX F\L FOIOCLEML MLXVOAOMJVL LJXIOL]V O]]\L  BPLEOEC

Lto}voec io}vlf bx vb hl io}vlf pb}v o}}|l Mbnp|i}bxy sdlxl vdl o}}|l }o{l o} nbxl vdje X}% <0 ijgd}  Jii oevlxnlfojxol}. oevlxnlfojxol}. Xlco}vxjx Xlco}vxjx $Mjv% O/) Hxbglx}) Hxbglx}) }|h. hxbglx hxbglx}) }) Hjeglx}) Hjeglx}) \eflxs \eflxsxovl xovl} } }db|if }db|if hl ]LHO ]LHO Xlco}vlxlf jef coql mbe}lev vdlxlabx  Vdl Ilvvlx ba Baalx fbm|nlev }djii hl pxlpjxlf j} plx ]LHO C|oflioel}%  Jv 3<, }db|if hl hl vdx| qlxoaojhil qlxoaojhil nlje} nlje} Bxfoejxy xl}bi|vobe

 Jii oevlxnlfojxol}. oevlxnlfojxol}. Xlco}vxjx Xlco}vxjx $Mjv% O/) Hxbglx}) Hxbglx}) Hxbglx}) Hxbglx}) Hjeglx}) Hjeglx}) \eflxsxovl} }db|if hl ]LHO Xlco}vlxlf jef coql mbe}lev vdlxlabx  Vdl Pxb}plmv|} }djii hl pxlpjxlf j} plx ]LHO C|oflioel}%  Jv 3<, }db|if hl vdx| qlxoaojhil qlxoaojhil nlje} nlje} ]plmoji xl}bi|vobe

Fxjav Ilvvlx ba Baalx f|iy }ocelf hy Foxlmvbx} sovd pxoml hjef) F|l Foiocleml Mlxvoaomjvl Mlxvoaomjvl vb hl aoilf jv ilj}v 8: Fjy}` hlabxl o}}|l bpleoec%

Fxjav Fxjav Pxb}plm Pxb}plmv|} v|} f|iy }ocelf }ocelf hy Foxlmv Foxlmvbx} bx} sovd pxoml hjef) F|l Foiocleml Mlxvoaomjvl vb hl aoilf jv ilj}v 8: Fjy}` hlabxl o}}|l bpleoec%

Ebv hlabxl 88 fjy} axbn vdl fjvl ba aoioec ba fxjav baalx ilvvlx jef njton|n ba =1< fjy}` axbn vdl fjvl ba ]LHO Bh}lxqjvobe Ilvvlx% Vb hl bhvjoelf hlabxl vdl o}}|l bpleoec

Ebv hlabxl 88 fjy} axbn vdl fjvl ba aoioec ba fxjav baalx ilvvlx jef njton|n ba =1< fjy}` axbn vdl fjvl ba ]LHO Bh}lxqjvobe Ilvvlx% Vb hl bhvjoelf hlabxl vdl o}}|l bpleoec

Ebv jppiomjhil Eb jppiomjhil

80, pb}v o}}|l = yljx} axbn vdl fjvl ba jiibvnlev oe p|hiom o}}|l% Ibmg Ibmg oe ba : yljx yljx abx abx }djx }djxl} l} oe ltml ltmllf lfoe oec c pxbnbvlx}‟ mbevxoh|vobe% Elv Vjecohi Vjecohil l J}}lv} J}}lv} ” X}% X}% = Mx%7 x%7 Vxjmg Vxjmg ba  fo}vxoh|vjhil pxbaov} ” = b|v ba pxlmlfoec < yljx}7 O}}|l ]o{l ” |pvb < vonl pxl o}}|l elv sbxvd7  pb}v  o}}|l mjpovji ” mjpovji ” X}% :0 Mx% W]lpjxjvl c|oflioel} abx  Oeaxj }vx|mv|xl) }bavsjxl mbnpjeol}^ Njefjvbxy hlabxl io}voec Axll pxomoec Xl% :". sdlxl vdl o}}|l pxoml o} nbxl vdje X}% <00". OPB vb hl njfl vdxb|cd Hbbg H|oifoec H|oifoec xb|vl sovd Cxlle ]dbl Bpvobe $]vjhoio}oec Jclev/ Ebv jppiomjhil Mbnp|i}bxy Mbnp|i}bxy Vb hl bple abx noe = fjy} jef nbxl vdje :0 fjy} ]plmoao ]plmoaolf lf oe ]LHO ]LHO C|oflio C|oflioel}) el}) Iljf Iljf Nlxmdj Nlxmdjev ev Hjeglx jmmb|evjhil%





 



VB BHVJOE`ILVVLX PXLMLFLEV VB IO]VOEC` AXBN VDL MLEVXJI IO]VOEC J\VDBXOV_ JEF OE PXOEMOPJI JPPXBQJI AXBN MBEMLXELF ]VBMG LTMDJECL PXBNBVLX]` MBEVXOH\VOBE IBMG OE PLXOBF

LIOCOHOIOV_

 JCXLLNLEV  JCXLLNLEV SOVD FLPB]OVBX_ PXOMOEC BA  ]DJXL] AJML QJI\L BA  ]DJXL] 

Ebv jppiomjhil abx je lto}voec io}vlf mbnpjey

Njefjvbxy hlabxl io}voec Axll pxomoec Xl% :". sdlxl vdl o}}|l pxoml o} nbxl vdje X}% <00". Eb jppiomjhil :, ba vdl o}}|l }o{l Fo}mxlvobejxy Fo}mxlvobejxy Vb hl bple abx Noe =0 fjy}

P\HIOM O]]\L Lto}voec io}vlf bx vb hl io}vlf pb}v o}}|l  Jppboevnlev  Jppboevnlev ba ba Nlxmdjev Nlxmdjev hjeglx hjeglx o} njefjvbxy% njefjvbxy%

]plmoaolf oe ]LHO C|oflioel}

ILMV\XL] H_ PXBA% ] E CDB]D

SIM

MDJPVLX 01 ” ]DJXL]

83 PXBQO]OBE} XL7



OPB ]LM\XOV_



FLPB]OV ELS ]DJXL] OE



FLNJV \eflxsxovoec O]]\L MIB]\XL

 

PB]V



O]]\L

BHIOCJVOBE]

JIIBVNLEV •

Sdle je jppiomjvobe baalxoec vb }|h}mxohl vb }djxl} ba vdl mbnpjey o} jmmlpvlf hy vdl o}}|lx mbnpjey) o} mjiilf jiibvnlev% Clelxji pxoemopil}

]vjv|vbxy pxbqo}obe}

Pxbplx j|vdbxovy ba vdl Hbjxf ba Foxlmvbx}"Mbnnovvll ba  Foxlmvbx}  Jiibvnlev  Jiibvnlev jcjoe}v jcjoe}v jppiomjvobe jppiomjvobe beiy   Jiibvnlev  Jiibvnlev ebv hl oe mbevxjq mbevxjqlevobe levobe ba jey bvdlx bvdlx ijs l%c%  ]LHO Jmv :??8) ALNJ 8000  Jiibvnlev  Jiibvnlev vb hl njfl njfl sovd oe xlj}bejhil xlj}bejhil vonl vonl  Mbnn|eomjvobe ba jiibvnlev vb vdl jppiomjev n|}v hl  mbnpilvl  Jiibvnlev  Jiibvnlev n|}v n|}v hl jh}bi|vl jh}bi|vl jef jef |embefovobe |embefovobeji ji  

Xlco}vxjvobe ba pxb}plmv|} sovd XBM 8<, ba ebnoeji jnb|ev ba }djxl j} noeon|n jppiomjvobe

 

nbely Nbely} vb hl glpv oe j }lpjxjvl hjeg jmmb|ev

    

Noeon|n }|h}mxopvobe Jiibvnlev vb hl njfl jvilj}v < fjy} ba o}}|l bpleoec Pxobx oe pxoemopji jppxbqji ba Mlevxji Io}voec J|vdbxovy jef ]vbmg Ltmdjecl} sdlxl }djxl} pxbpb}lf vb hl io}vlf% Hj}o} ba jiibvnlev j} plx ]LHO C|oflioel} ” jmmb|evjhoiovy ba Nlxmdjev Hjeglx) Xlco}vxjx vb vdl O}}|l oe mbe}|ivjvobe sovd Ltlm|voql Foxlmvbx ba ]L jef P|hiom Xlpxl}levjvoql

OXXLC\IJX JIIBVNLEV •

Oa jiibvnlev ba }djxl o} njfl oe mbevxjqlevobe a vdl pxbqo}obe} ba vdl Jmv) vdle vdl jiibvnlev o} vlxnlf j} oxxlc|ijx%

Oxxlc|ijx Jiibvnlev . Ov} Laalmv} ]i% Eb%

Ejv|xl ba oxxlc|ijxovy

Ilcji laalmv jiibvnlev

:

Mbpy b a j px p xb}plmv|} eb e bv fl f lioqlxlf v b vd vdl Xlco}vxjx 

 Jiibvnlev  Jiibvnlev o} qbof 

8

Jppiomjvobe nb nbely hl hloec il il}} vd vdje <, <, oaoa vd vdl ebnoeji qji|l ba }djxl

 Jiibvnlev  Jiibvnlev o} qbofjhil

be

Iojhoiovy ba Mbnpjey" Foxlmvbx lvm% •

•

Mbnpje Mbnpjey y jef lqlxy lqlxy plx}be plx}be gebsoe gebsoeciy ciy j pjxvy pjxvy vb vdl vdl o}}|l o}}|l ba }|md }|md pxb}p pxb}plmv lmv|} |})) p|eo}d p|eo}djh jhil il sovd sovd aoel aoel njy njy ltvle ltvlef f vb X}% X}% <0)000 Foxlm oxlmvb vbxx) soiia iia|iiy iiy j|vd |vdbxo}oe o}oec c mbev mbevxjq xjqle levo vobe be iojhil iojhil abx abx fjnj fjnjcl cl} } vb vdl vdl mbnpjey j} slii j} vb vdl jiibvvll Mbnp Mbnpjey jey jef jef lqlx lqlxy y baaom baaomlx lx ba vdl vdl mbnpje mbnpjey y p|eo}dj p|eo}djhil hil sovd aoel sdomd sdomd njy ltvlef vb X}% <)000 Be mib}|xl ba vdl o}}|l$10 fjy} axbn vdl mib}|xl oa vdl o}}|l o} |eflxsxovvle/) jii nbely} nbely} vb hl xla|efl xla|eflf f vb vdl jppiomjev jppiomjev} } sovdb|v sovdb|v oevlxl} oevlxl}vv jef oa ebv xla|eflf xla|eflf sovdoe sovdoe eltv 4 fjy} foxlmvbx} }djii hl iojhil vb pjy nbely sovd :<, pj oevlxl}v Foxl Foxlmv mvbx bx soii soiia| a|ii iiy y l}pb l}pbe} e}oh ohil il abx  abx  mbevxjq mbevxjqlevo levobe be iojhil iojhil abx fjnjcl fjnjcl} } vb vdl mbnpjey j} slii j} vb vdl jiibvvll Foxlmv lmvbx soiia iia|iiy iiy j|vdbxo}oe o}oec c vdl mbevxj mbevxjql qlev evobe obe iojhil iojhil abx fjnjc fjnjcl} l} vb vdl vdl mbnpjey j} slii j} vb vdl jiibvvll Mbnp Mbnpjey jey jef jef lqlx lqlxy y baaom baaomlx lx ba vdl vdl mbnpje mbnpjey y p|eo}dj p|eo}djhil hil sovd sovd aoel sdomd sdomd njy ltvlef vb X}%:0)000 Foxl Foxlmv mvbx bx soii soiia| a|ii iiy y j|vd j|vdbx bxo} o}oe oec c vdl vdl mbev mbevxjq xjqlev levobe obe iojhil iojhil abx abx fjnjc fjnjcl} l} vb vdl vdl mbnpjey j} slii j} vb vdl jiibvvll Mbnpjey jef ov} lqlxy baaomlx) sdb o} oe flaj flaj|iv |iv)) p|eo p|eo}dj }djhil hil sovd sovd aoel aoel sdomd sdomd njy njy ltvlef vb X}%<0)000 •

=

Noeon oeon|n |n }|h }|h}mxo }mxopv pvob obe e ebv }|h }|h}mxo }mxohl hlf f abx abx

Jiib Jiibvn vnle levv o}

qbofjhil

•

•

6

Jppiomjvobe nb nbely eb ebv gl glpv fl flpb}ovlf so sovd j }mdlf|ilf hjeg

 Jiibvnlev  Jiibvnlev o} qbofjhil

<

J }v }vjvlnlev oe oe ioiol| ba ba px pxb}plmv|} eb ebv fl flioqlxlf vb vdl Xlco}vxjx 

 Jiibvnlev  Jiibvnlev o} qbofjhil

•

•

•

1

Vonl ioionov j} j} vb vb bp bpleoec ba ba vd vdl }| }|h}mxopvobe ioio}v ebv bh}lxqlf

 Jiibvnlev  Jiibvnlev o} qjiof 

•

ILMV\XL] H_ PXBA% ] E CDB]D

SIM

MDJPVLX 01 ” ]DJXL]

84

3

Mbefovobe j} vb io}voec ba }djxl} be xlmbceo}lf }vbmg ltmdjecl ebv bh}lxqlf

j

 Jiibvnlev  Jiibvnlev o} qbof 

•

•

Oa plxno}}obe plxno}}obe o} ebv cxjevlf cxjevlf sovd :0 sllg} sllg} ba mib}oec mib}oec ba vdl }|h}mxopv }|h}mxopvobe obe io}v) io}v) jppiomj jppiomjvobe vobe nbely nbely vb hl xla|eflf xla|eflf%% oa ebv xla|ef xla|eflf lf sovdoe sovdoe 4 fjy}) fjy}) foxlmvb foxlmvbx} x} vb xlpjy xlpjy sovd oevlxl}v @ :<, pj Mbnp Mbnpjey jey jef jef lqlx lqlxy y baaom baaomlx lx ba vdl vdl mbnpjey) sdb o} oe flaj|iv) iojhil vb pjy aoel |pvb |pvb X}%<0) X}%<0)000 000%% Oe mj}l mj}l xla|ef xla|ef o} flijyl flijylf f hlyb hlybef ef 1 nbev nbevd} d} foxlm foxlmvb vbxx ji}b ji}b iojhil iojhil vb onpxo}benlev |pvb : yljx%

XLV\XE J] VB JIIBVNLEV W]LMVOBE 3<^ •

Ov dj} hlle pxbqoflf |eflx vdl Jmv sovdoe =0 fjy} ba vdl jiibvnlev j xlv|xe ba jiibvnlev be Abxn Eb% 8 flvjoioec vdl jccxlcjvl e|nhlx ba }djxl} jiibvnlev) ajml qji|l) jnb|ev pjof |p be ljmd }djxl) j|vdbxovy abx  jiibvnlev) ejnl) jffxl}} jef bmm|pjvobe ba ljmd jiibvvll }db|if hl aoilf sovd XBM%

\EFLXSXOVOEC JEF HXBGLXJCL \eflxsxovoec o} oe vdl ejv|xl ba je oe}|xjeml jcjoe}v vdl pb}}ohoiovy ba oejflz|jvl }|h}mxopvobe% J p|hiom mbnpjey mjeebv pxbmllf vb jiibv }djxl} baalxlf vb vdl p|hiom |eil}} vdl o}}|l ba xjo}l} vdl jnb|ev }plmoaolf oe vdl pxb}plmv|} j} vdl noeon|n }|h}mxopvobe) o} xjo}lf hy vdl o}}|l ba }djxl}‡%Je |eflxsxovlx o} levovilf vb levlx oevb }|h}ofojxy }|h}ofojxy jcxllnlev jcxllnlev sovd sdomd vdl mbnpjey mbnpjey o} ebv mbemlxelf% mbemlxelf% Vdly jxl ebv xlz|oxlf vb hl fo}mib}lf oe vdl pxb}plmv|}‡% Vdl |eflxsxovoec jcxllnlev hloec j mbevxjmv vdjv vdl |eflxsxovlx soii lovdlx  don}lia don}lia p|xmdj}l ba pxbm|xl pxbm|xl p|xmdj}lx} abx vdl }djxl} |eflxsxovvle |eflxsxovvle hy don) ov o} eb mbemlxe mbemlxe ba vdl mbnpjey j} vb dbs vdl |eflxsxovlx pxbm|xl} vdl p|xmdj}lx}% $Xl; Ejeo Cbpji Ijdoxo/ •

Hxbglxjcl o} vdl xlsjxf pjof vb je oevlxnlfojxy $mjiilf hxbglx/ sdb hxoec} jhb|v j hjxcjoe hlvslle vdl }liilx jef j pxbpb}lf oeql}vbx $p|xmdj}lx/ ba }djxl} bx flhlev|xl}% Hxbglxjcl o} foaalxlev axbn |eflxsxovoec mbnno}}obe hlmj|}l vdl |eflxsxovlx |eflxvjgl} vb }|h}mxohl abx }djxl} oe mj}l ba p|hiom flaj|iv ” ov o} oe}|xjeml be vdl djppleoec ba je jcxllf lqlev7 h|v vdl hxbglxjcl o} beiy j mbnno}}obe abx pxbm|xoec vdl }lm|xovol} abx vdl mbnpjey% ]LHO dj} o}}|lf }lpjxjvl c|oflioel} abx |eflxsxovlx} j} slii j} vdl hxbglx}% ]LHO C\OFLIOEL] MBNPJEOL] JMV

•

•

\EFLXSXOVLX]  









 

HXBGLXJCL

]LHO Xlco}vlxlf Iljf njejclx vb }jvo}ay jhoiovy ba |eflxsxovlx vb nllv aoejemoji bhiocjvobe Sxovvle mbe}lev hlabxl oemi|}obe ba ejnl oe pxb}plmv|} Iljf nlxmdjev hjeglx  vb |eflxsxovl <, bx X}% 8< ijm} sdomdlqlx o} il}}% B|v}vjefoec mbnnovnlev ebv vb ltmllf 80 vonl} ov} elv sbxvd Oe mj}l ba flqbiqlnlev) iljf nlxmdjev hjeglx vb le}|xl pjynlev sovdoe 10 fjy}% Vb mbnpiy sovd Mbfl ba  Mbef|mv Vb jppboev Mbnpiojeml Baaomlx 

\EFLXSXOVLX]

]LHO Xlco}vlxlf



 J|vdbxovy  J|vdbxovy |eflx |eflx Jxvomil} Jxvomil} Mbnno}}obe ” <, abx  }djxl} . 8%<, abx  Flhlev|xl} 

HXBGLXJCL 





Sxovvle Sxovvle mbe}le mbe}levv hlabxl hlabxl oemi|}obe ba ejnl oe pxb}plmv|}



 

Fo}mib}|xl oe pxb}plmv|}% 



Ejnl jef jffxl}} ba vdl hxbglx} vb hl nlevobelf oe pxb}plmv|}

 J|vdbxovy  J|vdbxovy |eflx Jxvomil} Xlj}bejhil hxbglxjc hxbglxjcl) l) |}|jiiy |}|jiiy :, ba vdl }lm|xovol} pxbm|xlf% Fo}mib}|xl Fo}mib}|xl oe pxb}plmv|} Ejnl jef jffxl}} ba vdl hxbglx} vb hl nlevobelf oe pxb}plmv|}

E|nhlx jef qji|l ba  }lm|xovol} |eflxsxovvle vb hl fo}mib}lf oe pxb}plmv|}

 

Vb mbnpiy sovd Mbfl ba  Mbef|mv Vb jppboev jppboev Mbnpioj Mbnpiojeml eml



Baaomlx 

 J mbpy mbpy ba |eflxsxovo |eflxsxovoec ec jcxllnlev vb hl aoilf sovd XBM% 

O]]\L BA ]LM\XOVOL] JV PXLNO\N W]LMVOBE 34^  J mbnpjey njy o}}|l }lm|xovol} jv j pxlno|n pxlno|n sdle ov o} jhil vb }lii vdln jv j pxoml jhbql ajml qji|l abx  ltjnpil X}% :0". plx }djxl jv j pxoml ba X}%63". plx }djxl% X}% :0". o} vdl ajml qji|l $ebnoeji qji|l/ jef X}% =3". o} vdl pxlno|n% Pxlno|n njy hl |voio{lf beiy abx; . :% O}}| O}}|oec oec a|ii a|iiy y pjof pjof Hbe Hbe|} |} }djxl }djxl}% }% 8% Sxovoe Sxovoec c baa vdl vdl hjijeml hjijeml ba pxliono pxlionoejxy ejxy ltpl ltple}l} e}l}%% •

•

ILMV\XL] H_ PXBA% ] E CDB]D

SIM

=% 6% •

•

:% 8% =% 6% <% •

8?

MDJPVLX 01 ” ]DJXL]

Sxovoec Sxovoec baa vdl mbnno}}obe mbnno}}obe pjof ba fo}mb|ev fo}mb|ev bx ltple}l} ltple}l} oem|xxlf oem|xxlf oe vdl mbeelmvobe mbeelmvobe sovd vdl o}}|l o}}|l ba  }lm|xovol}% Pxbqofoec Pxbqofoec pxlno|n pxlno|n pjyjhil pjyjhil be xlflnpv xlflnpvobe obe ba xlfllnjhil xlfllnjhil pxlalxleml pxlalxleml }djxl} }djxl} bx flhlev|xl} flhlev|xl}%% O]]\L BA ]DJXL] JV FO]MB\EV W]LMVOBE 3?^ Oa vdl h|ylx ba vdl }djxl} o} xlz|oxlf vb pjy il}} vdje vdl ajml qji|l ba }djxl} abx ltjnpil X}% ?". plx }djxl jcjoe}v vdl ajml qji|l ba X}% :0".) vdle vdl }djxl o} }jof vb hl o}}|lf bx }bif jv j fo}mb|ev $oe vdo} mj}l :0, fo}mb|ev/% ]djxl} mje hl o}}|lf jv j fo}mb|ev be a|iaoiinlev ba vdl abiibsoec mbefovobe}; mbefovobe}; . Vdl }djxl} }djxl} vb hl o}}|lf o}}|lf }db|if }db|if hl b j mij}} mij}} vdjv dj} pxlqob|}iy pxlqob|}iy hlle hlle o}}|lf hy vdl mbnpjey mbnpjey%% Vdl o}}|l o}}|l }db|if }db|if hl j|vdbxo}l j|vdbxo}lf f hy j xl}bi|vo xl}bi|vobe be ba vdl nlnhlx nlnhlx oe clelxji clelxji nllvoec) nllvoec) jef }jemvob }jemvobelf elf hy vdl Mlevxji Cbqlxenlev% Vdl xl}bi|v xl}bi|vobe obe j|vdbx j|vdbxo}oe o}oec c vdl o}}|l o}}|l }db|if }vjvl }vjvl vdl njton njton|n |n xjvl xjvl ba fo}mb|ev% fo}mb|ev% Vdl fo}mb|e fo}mb|evv }db|if ebv ebv ltmllf :0, |eil}} vdl Vxoh|eji }jemvobe} j docdlx xjvl% J plxobf ba ba bel yljx }db|if }db|if djql lijp}lf lijp}lf axbn vdl vdl fjvl vdl mbnpjey mbnpjey sj} levovilf levovilf vb mbnnle mbnnleml ml h|}oel}}% h|}oel}}% Vdl }djxl} }djxl} }db|if hl o}}|lf o}}|lf sovdoe sovdoe vsb nbevd} nbevd} axbn vdl fjvl ba vdl }jemvobe }jemvobe hy vdl vdl Mlevxji Mlevxji Cbqlxenlev Cbqlxenlev bx  plxnovvlf ltvleflf plxobf% Vdo} }lmvobe jef xl}vxomvobe} fb ebv ltvlef vb o}}|l ba flhlev|xl} jv j fo}mb|ev H\_HJMG BA ]DJXL] W]LMVOBE 33J JEF 33H^

Vdo} }lmvobe lejhil} j mbnpjey vb p|xmdj}l ov} bse }djxl}) sdlvdlx lz|ovy bx pxlalxleml }djxl} bx bvdlx  }plmoaolf }lm|xovol} oemi|foec lnpibyll}‟ }vbmg bpvobe bx bvdlx }lm|xovol} j} njy hl ebvoaolf hy vdl Mlevxji Cbqlxenlev axbn vonl vb vonl% Vdo} }lmvobe jppiol} hbvd vb p|hiom jef pxoqjvl mbnpjeol}) sdlvdlx io}vlf bx  |eio}vlf% Vdl h|y hjmg hy j io}vlf io}vlf mbnpjey mbnpjey o} vb hl njfl oe jmmbxf jmmbxfjeml jeml sovd ]LHO ]LHO $H|y $H|y hjmg hjmg ba ]lm|xovol ]lm|xovol}/ }/ Xlc|ijvobe}) :??4) jef hy je |eio}vlf mbnpjey oe jmmbxfjeml sovd Pxoqjvl Ionovlf Mbnpjey jef \eio}vlf P|hiom Ionovlf Mbnpjey $H|y hjmg ba ]lm|xovol}/ X|il}) :???% Pxl.mbefovobe} Plxnovvlf beiy oa vdl jxvomil} ba vdl mbnpjey }b j|vdxbxo}lf%  H|y hjmg ba }djxl}"}lm|xovol} o} xl}vxomvlf vb 8<, ba vdl vbvji pjof |p mjpovji jef axll xl}lxql} ba vdl  mbnpjey) oe jey aoejemoji yljx% Vdl flhv lz|ovy xjvobe }db|if ebv hl nbxl vdje 8;: javlx h|y hjmg%  bvdlx }plmoaolf }plmoaolf }lm|xovo }lm|xovol} l} abx h|y hjmg hjmg jxl a|iiy pjof pjof |p%   Jii vdl }djxl} bx bvdlx Vdl }djxl} jxl ebv }|hklmv vb jey ibmg oe plxobf% %  Xl}vxomvobe} onpb}lf  J Mbnpjey Mbnpjey }djii }djii ebv h|y h|y hjmg ov} ov} }djxl} }djxl} bx bvdlx bvdlx }plmoaolf }plmoaolf }lm|xovol} }lm|xovol} Vdxb|cd jey }|h}ofojxy mbnpjey) oemi|foec ov} bse }|h}ofojxy mbnpjey%  Vdxb|cd jey oeql}vnlev} mbnpjey bx cxb|p ba oeql}vnlev mbnpjeol}%  Oa flaj|iv }|h}o}v} oe xlpjynlev ba flpb}ov bx oevlxl}v pjyjhil vdlxlbe) xlflnpvobe ba flhlev|xl} bx   pxlalxleml }djxl}) bx pjynlev ba foqoflef vb jey }djxldbiflx) bx xlpjynlev ba jey vlxn ibje bx oevlxl}v pjyjhil vdlxlbe vb jey aoejemoji oe}vov|vobe bx hjeg% Oa vdl mbnpjey dj} $O/ ajoilf vb aoil vdl jee|ji xlv|xe sovd vdl XBM) $OO/ ajoilf vb pjy foqoflef sovd =0  fjy} axbn vdl fjvl ba flmijxjvobe $OOO/ ajoilf vb pxlpjxl vdl Hjijeml ]dllv jef pxbaov jef ib}} jmmb|ev j} plx vdl xlz|oxlnlev} ba ]mdlf|il QO% •

•

JFQJEVJCL] 

Be h|y hjmg ba }djxl} vdl pxbnbvlx} dbifoec oemxlj}l} j|vbnjvomjiiy sovdb|v h|yoec jey ltvxj }djxl}% Vdo} mje ji}b hl |}lf j} flale}oql nlmdjeo}n jcjoe}v db}voil vjglbqlx}7

Vdl LP] oemxlj}l}% oemxlj}l}% Vdo} iljf} vb oemxlj}l oemxlj}l oe vdl }djxl }djxl pxoml pxoml ba vdl mbnpjey mbnpjey bqlx j plxobf plxobf ba vonl% vonl% Ledjem Ledjemlnle lnlevv ba  }djxldbiflx}` qji|l j} j xl}|iv ba h|y hjmg ba }djxl} ]jql ]jql }vjn }vjnp p f|vy f|vy be }djxl }djxl} } }b hb|cd hb|cdvv hjmg hjmg hy vdl vdl  mbnpjey Mbe}oflxlf j} je jffovobe abx xlsjxfoec vdl }djxldbiflx oe  vdl yljx} ba nlcj pxbaov} bx ijef}iofl ljxeoec} j} bppb}lf vb noe|}m|il foqoflef Ov xlailmv} pb}ovoql vdoegoec hy vdl njejclnlev njejclnlev jef oe}voii}  nbxl mbeaofleml jnbec}v vdl oeql}vbx}7 Sovd il}}lx e|nhlx ba }djxl} oe moxm|ijvobe oe vdl njxglv  je oiioz|of }ov|jvobe soii hl mxljvlf% Sovd Sovd il}}lx il}}lx e|nhlx e|nhlx ba }djxl} }djxl} oe moxm|ij moxm|ijvobe vobe jef il}}lx  il}}lx   e|nhlx ba }djxldbiflx} vdl z|jiovy ba }lxqoml mje hl onpxbqlf%

FO]JFQJEVJCL 

Vdo} Vdo} noiov noiovjv jvl} l} jcjoe jcjoe}v }v vdl vdl oevlx oevlxl}v l}v} } ba vdl vdl mxlfovbx}) mxlfovbx}) pjxvom|ijxiy |e}lm|xlf mxlfovbx} sdb djql jfqjemlf a|ef} lovdlx j} flpb}ov bx bvdlxso}l hj}lf be vdl pjof |p mjpovji }vx|mv|xl7



Mje vjevjnb|ev vb elcjvobe ba mjpovji abxnjvobe) oe ajmv vdo} soii }d|e mjpovji cxbsvd%



Vdo} soii iljf vb njeop|ijvobe ba }djxl} oe vdl njxglv f|l vb pxoml xoccoec sdomd njy sbxg vb vdl pxlk|foml ba vdl }djxldbiflx}7 Vdo} soii }d|e mbnplvovoql jef dljivdy vjglbqlx)  sdomd njy hl hlelaomoji pjxvom|ijxiy vb db}l mbnpjeol}) sdomd jxl ajmoec aoejemoji mx|emd 

ILMV\XL] H_ PXBA% ] E CDB]D

SIM

MDJPVLX 01 ” ]DJXL]

=0

XLF\MVOBE BA MJPOVJI W]LMVOBE] :00 ”:0<^  J mbnpjey mbnpjey ionovlf ionovlf hy }djxl} bx j mbnpjey mbnpjey ionovlf ionovlf hy c|jxjevll c|jxjevll jef djqoec djqoec j }djxl }djxl mjpovji mjpovji njy njy xlf|ml xlf|ml ov} mjpovji; . Oa }b j|vdbxo}lf hy ov} jxvomil}%  Mbeaoxnjvobe hy vdl Vxoh|eji%  Pj}}oec ba j }plmoji xl}bi|vobe%  Moxm|n}vjeml} ba xlf|mvobe ba mjpovji $o/ $o/ Ltvo Ltvoec ec|o |o}d }doe oec c bx xlf| xlf|mo moec ec iojh iojhoi oiov ovy y be }djx }djxl} l} ebv ebv pjo pjof f $oo/ oo/ Mjeml jemlii iijv jvob obe e ba ba pjo pjof f |p |p }dj }djxl xl mjpov jpovj ji $ooo/ ooo/ Xlv|x v|xe ba ba ltm ltml}} l}} mjpovji Vdl clelxji x|il o} vdjv vdl pxl}mxohlf njkbxovy ba vdl }djxldbiflx} jxl levovil vb flmofl sdlvdlx vdlxl }db|if hl j xlf|mvobe ba mjpovji) jef) oa }b) oe sdjv njeelx jef vb sdjv ltvlev ov }db|if hl mjxxolf oevb laalmv% VXJE]ALX JEF VXJE]NO]]OBE BA ]LM\XOVOL] W]LMVOBE :04 VB :::J^ VXJE]ALX

•

•

•

Vxje}alxjhoiovy ba }djxl} o} bel ba vdl nb}v qovji aljv|xl} ba mbnpjey ionovlf hy }djxl}% Ov o} vdo} jvvxoh|vl ba j }djxl vdjv lefbs} lefbs} mbnpjey sovd plxplv|ji plxplv|ji jef oevlxx|pvlf lto}vleml% lto}vleml% \pbe oembxpbxjvobe oembxpbxjvobe)) j mbnpjey mbnpjey jmz|oxl} ov} bse oeflpleflev ilcji plx}bejiovy jef fo}voemv levovy) jef ov} }djxldbiflx} jmz|oxl vdl xocdv vb dbif jef vxje}alx vdlox }djxl} oe vdl mbnpjey%  J Pxoqjvl Pxoqjvl Ionovlf Ionovlf mbnpjey mbnpjey hy qoxv|l ba ]lmvobe ]lmvobe =$:/$ooo/ =$:/$ooo/ njy onpb}l xl}vxomvobe} xl}vxomvobe} be vdl vxje}alx ba }djxl}) dbslqlx) j p|hiom ionovlf mbnpjey) sdlvdlx io}vlf bx mib}liy dlif vdl }djxl} }djii hl axlliy vxje}alxjhil% Ov n|}v hl ebvlf vdjv vdl pxbqo}obe} ba vdo} }lmvobe jxl jppiomjhil beiy oe vdl mj}l ba pdy}omji }djxl}% ]lmvobe :04 xlz|oxl} abx laalmvoec j qjiof vxje}alx vdl abiibsoec xlz|oxlnlev} jxl vb hl }jvo}aolf; . $o/ Vdl Vdl oe} oe}vx vx|n |nle levv ba ba vxje} vxje}al alxx }dj }djiiii hl hl oe oe vdl vdl pxl} pxl}mx mxohl ohlf f abxn abxn $Abxn $Abxn 3H/% 3H/% $oo/ Vdl abxn abxn dj} dj} hlle hlle f|iy f|iy }vjnplf }vjnplf $8< Pjo}l Pjo}l abx abx lqlx lqlxy y X}% X}% :00". :00". ba ba vdl vdl mbe}o mbe}oflx flxjvob jvobe e qji|l qji|l bx bx njxgl njxglvv pxoml pxoml sdomd lqlx o} docdlx) oe vdl mj}l ba coav vdl }vjnp f|vy }db|if hl pjof be vdl njxglv pxoml/ $ooo/ $ooo/ Vdl Vdl vxje} vxje}al alxx fllf fllf }db|if }db|if hl hl f|iy f|iy aoiilf aoiilf |p |p ” ltlm|vl ltlm|vlf f hy bx be hldj hldjia ia ba vdl vdl vxje} vxje}al alxb xbx7 x7 ejnl ejnl)) jffxl jffxl}} }})) bmm|pjvobe ba vdl vxje}alxll jef f|iy }ocelf hy vdl vxje}alxll bx do} f|iy jppboevlf xlpxl}levjvoql $oq/ $oq/ Vdl Vdl xlijv xlijvlf lf }djx }djxl l mlxvoa mlxvoaomj omjvl vl oe bxoc bxocoe oeji ji }djii }djii jmmb jmmbnp npje jey y vdl vxje vxje}a }alx lx fllf fllf%% $q/ Vdl f|iy ltlm|v ltlm|vlf lf jef jef mbnp mbnpilvlf ilvlf vxje}a vxje}alx lx fllf fllf jibec jibec sovd sovd xlijvl xlijvlf f }djxl }djxl mlxv mlxvoaom oaomjvl jvl }db|i }db|if f hl flpb}ov flpb}ovlf lf jv vdl xlco}vlxlf baaoml bx jey bvdlx ebvoaolf baaoml $njy hl }djxl vxje}alx jclev/ ba vdl mbnpjey% $qo/ $qo/ Vdl Vdl vxje vxje}a }alx lx fllf fllf }db|i db|if f hl qjio qjiof f% Qjiofovy plxobf ba vxje}alx fllf ” Oe vdl mj}l ba io}vlf }djxl} . :8 nbevd} axbn vdl fjvl ba pxl}levjvobe bx fjvl ba aox}v hbbg mib}|xl javlx vdl  fjvl ba ltlm|vobe) sdomdlqlx o} ijvlx% Oe vdl mj}l ba pxoqjvl bx mib}liy dlif p|hiom ionovlf mbnpjey ” 8 nbevd} axbn vdl fjvl ba pxl}levjvobe%  Sdlxl vdl pilfclf }djxl} jxl xlilj}lf hy ilefoec hjeg"aoejemoji oe}vov|vobe ” 8 nbevd} axbn vdl fjvl ba   }|md xlilj}l% •

•

• •

•

•

Hijeg vxje}alx . sdlxl j vxje}alxbx }oce} j }djxl vxje}alx abxn sovdb|v aoioec oe vdl ejnl ba vdl vxje}alxll jef djef ov bqlx jibec sovd vdl }djxl mlxvoaomjvl vb vdl vxje}alxll vdlxlhy lejhioec don vb flji sovd vdl }djxl}% }djxl}% Vdo} pxbmlf|xl pxbmlf|xl ajmoiovjvl} ajmoiovjvl} }jil jef p|xmdj}l p|xmdj}l ba }djxl} hy flioqlxy% flioqlxy% Jv vdl vonl sdle sdle vdl qjiofovy ba  vdl vxje}alx fllf o} jhb|v vb ltpoxy) vdl ij}v p|xmdj}lx njy mbnpilvl vdl fllf jef ibfcl abx xlco}vxjvobe oe do} ejnl%

•

lejmvnlev lev ba Flpb}ovbxol Flpb}ovbxol} } Jmv :??1) :??1) vdl ]djxl} ba P|hiom ionovlf mbnpjey axlliy vxje}alxjhil  ” javlx vdl lejmvn Mbnpjeol} Mbnpjeol} Jmv dj} jmmbxfoeciy jmmbxfoeciy hlle jnleflf% ]lmvobe ]lmvobe :::J$8/ xljf sovd ]lmvobe ]lmvobe :::$:6/ oevlx jioj) pxbqofl pxbqofl vdl }djxl} ba j p|hiom ionovlf ionovlf mbnpjey }djii hl axlliy vxje}alxjhil% vxje}alxjhil% Oe bvdlx sbxf}) beiy j pxoqjvl ionovlf mbnpjey njy xla|}l vxje}alx ba }djxl}%

•

Dbslqlx) je jppiomjvobe njy hl njfl vb vdl Ejvobeji Mbnpjey Ijs Vxoh|eji oa }|md vxje}alx  o} oe mbevxjqlevobe ba jey ba vdl pxbqo}obe} ba vdl ]LHO Jmv) :??8 bx jey bvdlx ijs abx vdl vonl% ]|md je jppiomjvobe }djii hl njfl hy E]FI"MF]I $Flpb}ovbxy/) ]LHO) Flpb}ovbxy Pjxvomopjev bx mbnpjey sovdoe 8 nbevd} ba vdl vxje}alx% VXJE]NO]]OBE

•

Vxje}no}}obe ba }lm|xovol} vjgl} pijml hy bplxjvobe ba ijs $o/ sdle vdl nlnhlx fol} bx7 $oo/ sdle dl o} jfk|fomjvlf je oe}biqlev7 bx  $ooo/ sdlxl vdl nlnhlx o} j mbnpjey jef ov cbl} oevb ioz|ofjvobe% Vdl plx}be levovilf vb vdl }lm|xovol} hy bplxjvobe ba ijs }djii }lef vdl ilcji fbm|nlev lqoflemoec do} vovil vb vdl pxbplxvy $}lm|xovol}/ vbclvdlx sovd sovd vdl bxocoeji mlxvoaomjvl} ba vdl xlijvlf }lm|xovol}% Vdl mbnpjey be hloec }jvo}aolf xlco}vlx} vdl ejnl ba vdjv plx}be oe vdl pijml ba vdl pxlqob|} nlnhlx%

•

ILMV\XL] H_ PXBA% ] E CDB]D

SIM

=:

MDJPVLX 01 ” ]DJXL]

EBNOEJVOBE BA ]LM\XOVOL] •

•

•

Lqlxy dbiflx ba }djxl} bx flhlev|xl} njy jv jey vonl ebnoejvl j plx}be vb sdbn do} }djxl}"flhlev|xl} }djii ql}v oe vdl lqlev ba do} fljvd% Vdl Vdl oevon oevonjv jvobe obe xlcjx xlcjxfo foec ec ebno ebnoej ejvob vobe e }djii }djii hl oe pxl}m pxl}mxoh xohlf lf abxn abxn oe f|pio f|piomj mjvob vobe e jef jef aoilf aoilf sovd sovd vdl vdl Mbnpjey"]djxl Vxje}alx Jclev} sdb soii xlv|xe bel mbpy vdlxlba vb vdl }djxldbiflx"flhlev|xl dbiflx% J noebx mje hl ebnoejvlf) dbslqlx vdl ejnl jef jffxl}} ba vdl c|jxfoje }djii ji}b hl aoilf |p% ]|md ebnoejvobe soii dbif cbbf jcjoe}v jey ilcji }|mml}}bx%

FLPB]OVBX_ ]_]VLN •

•

•

 J flpb}ovbxy flpb}ovbxy o} j ajmoiovy abx dbifoec dbifoec }lm|xovol}) }lm|xovol}) sdomd lejhil} lejhil} }lm|xovol} }lm|xovol} vxje}jmvobe} vxje}jmvobe} vb hl hl pxbml}}lf pxbml}}lf hy hbbg hbbg levxy% Vb jmdolql vdo} p|xpb}l) p|xpb}l) vdl flpb}ovbxy njy onnbhoio{l vdl }lm|xovol} bx flnjvlxojio}l flnjvlxojio}l vdln $}b vdjv vdly lto}v beiy j} lilmvxbeom lilmvxbeom xlmbxf}/%# Oefoj dj} mdb}le vdl flnjvlxojio}jvobe flnjvlxojio}jvobe xb|vl% Oe Oefoj) j flpb}ovbxy flpb}ovbxy o} je bxcjeo bxcjeo}jvo }jvobe) be) sdomd sdomd dbif} dbif} vdl hlelaom hlelaomoji oji bselx#} bselx#} }lm|xov }lm|xovol} ol} oe lilmvxbe lilmvxbeom om abxn) abxn) vdxb|c vdxb|cd d j xlco}vl xlco}vlxlf xlf Flpb}ovbxy Pjxvomopjev $FP/% J flpb}ovbxy a|emvobe} }bnlsdjv }onoijx vb j mbnnlxmoji hjeg% Vb jqjoi ba vdl }lxqoml} baalxlf hy j flpb}ovbxy) vdl oeql}vbx dj} vb bple je jmmb|ev sovd ov vdxb|cd j xlco}vlxlf FP%  J flpb}ovbxy flpb}ovbxy oevlxajml} oevlxajml} sovd vdl oeql}vbx} oeql}vbx} vdxb|cd ov} jclev} mjiilf Flpb}ovbxy Pjxvomopjev} $FP}/% Oa je oeql}vbx sjev} vb jqjoi vdl }lxqoml} baalxlf hy vdl flpb}ovbxy) vdl oeql}vbx dj} vb bple je jmmb|ev sovd j FP% Vdo} o} }onoijx vb bpleoec je jmmb|ev sovd jey hxjemd ba j hjeg oe bxflx vb |voio}l vdl hjeg#} }lxqoml}% ]LHO dj} o}}|lf }lpjxjvl xlc|ijvobe} abx Flpb}ovbxol} jef Flpb}ovbxy Pjxvomopjev%

•

Hlelaomoji Bselx o} Bselx o} j plx}be oe sdb}l ejnl j flnjv jmmb|ev o} bplelf sovd Flpb}ovbxy $E]FI" MF]I/ abx  vdl p|xpb}l ba dbifoec }lm|xovol} oe vdl lilmvxbeom abxn jef sdb}l ejnl o} xlmbxflf j} }|md sovd vdl Flpb}ovbxy%

•

 J Flpb}ovbxy Pjxvomopjev $FP/ o} je jclev ba vdl flpb}ovbxy sdb o} j|vdbxo}lf vb baalx flpb}ovbxy }lxqoml} vb oeql}v oeql}vbx} bx}%% Aoejem Aoejemoji oji oe}vov| oe}vov|vobe vobe}) }) hjeg}) hjeg}) m|}vbf m|}vbfoje} oje} jef }vbmgh }vbmghxbg xbglx} lx} mbnpiyo mbnpiyoec ec sovd sovd vdl xlz|oxln xlz|oxlnlev} lev} pxl}mxohlf hy ]LHO"Flpb}ovbxol} mje hl xlco}vlxlf j} FP%

•

Flnjvlxojio}jvobe o} vdl pxbml}} hy sdomd pdy}omji mlxvoaomjvl} ba je oeql}vbx jxl mbeqlxvlf vb je lz|oqjilev e|nhlx e|nhlx ba }lm|xov }lm|xovol} ol} oe lilmvxbe lilmvxbeom om abxn abxn jef mxlfovlf mxlfovlf oe vdl oeql}vbx#} oeql}vbx#} jmmb|ev jmmb|ev sovd sovd ov} FP% Oe bxflx bxflx vb flnjvlxojio}l mlxvoaomjvl}7 je oeql}vbx soii djql vb aox}v bple je jmmb|ev sovd j FP jef vdle xlz|l}v abx vdl flnjvlxojio}jvobe ba mlxvoaomjvl} hy aoiioec |p j flnjvlxojio}jvobe xlz|l}v abxn WFXA^) sdomd o} jqjoijhil sovd vdl FP jef }|hnovvoec }|hnovvoec vdl }jnl jibec sovd vdl pdy}omji pdy}omji mlxvoaomjvl}% mlxvoaomjvl}% Vdl oeql}vbx dj} vb le}|xl vdjv hlabxl vdl mlxvoaomjv mlxvoaomjvl} l} jxl djeflf bqlx vb vdl FP abx flnjv) flnjv) vdly jxl flajmlf flajmlf hy njxgoe njxgoec c (]|xxl (]|xxlefl eflxlf xlf abx  Flnjvlxojio}jvobe( be vdl ajml ba vdl mlxvoaomjvl}%

#Xlnjvlxojio}jvobe# #Xlnjvlxojio}jvobe# o} vdl vlxn |}lf abx mbeqlxvoec lilmvxbeom dbifoec} hjmg oevb mlxvoaomjvl}% Oe vdo} mj}l) vdl hlelaomoji bselx dj} vb njgl j }plmoaom xlz|l}v vb do} FP% Vdl FP soii abxsjxf vdl }jnl vb E]FI) javlx  qlxoayoec vdjv vdl hlelaomoji bselx dj} vdl elml}}jxy hjijeml% E]FI oe v|xe soii oevonjvl vdl xlco}vxjx sdb soii pxoev vdl mlxvoaomjvl} mlxvoaomjvl} jef fo}pjvmd vdl }jnl vb hlelaomoji hlelaomoji bselx% Vdlxljavlx) Vdlxljavlx) vdl mbnpjey"]djxl mbnpjey"]djxl Vxje}alx   Jclev soii xlnbql vdl ejnl ba vdjv plx}be axbn vdl xlco}vlx xlco}vlx ba hlelaomoji hlelaomoji bselx jef levlx vdl }jnl oe vdl Xlco}vlx ba Nlnhlx} ba vdl mbnpjey% Vdl hlelaov} ba pjxvomopjvobe oe j flpb}ovbxy jxl; :% Onnlfojvl vx vxje}alx ba ba }l }lm|xovol}7 8% eb }v }vjnp f| f|vy be be vxj vxje}alx ba ba }lm }lm| |xovol} ol}7 =% lionoejv lionoejvobe obe ba xo}g} xo}g} j}}bmoj j}}bmojvlf vlf sovd sovd pdy} pdy}omji omji mlxvoaom mlxvoaomjvl} jvl} }|md }|md j} hjf flioql flioqlxy xy ) ajgl }lm|xov }lm|xovol} ol} ) lvm% lvm%77 6% xlf| xlf|mv mvob obe e oe oe pjp pjplx lxsb sbxg xg oeqb oeqbiq iqlf lf oe vxje vxje}a }alx lx ba }lm| }lm|xo xovo vol} l}77 <% xlf|mvobe oe vxje}jmvobe mb}v7 1% ebnoejvobe ajmoiovy7 3% mdjec mdjecl l oe jffxl} jffxl}} } xlmbxf xlmbxflf lf sovd sovd FP FP clv} clv} xlco} xlco}vlx vlxlf lf lilm lilmvx vxbe beomj omjiiy iiy sov sovd d jii mbnp mbnpjeo jeol} l} oe sdom sdomd d oeql} oeql}vbx  vbx  dbif} }lm|xovol} lionoejvoec vdl ellf vb mbxxl}pbef sovd ljmd ba vdln }lpjxjvliy7 4% vxje} vxje}no no}} }}obe obe ba }lm| }lm|xov xovol} ol} o} fbe fbel l hy FP FP lion lionoe oejv jvoe oec c mbxx mbxxl}p l}pbe befl flem eml l sovd sovd mbn mbnpj pjeo eol}7 l}7 ?% mbeq mbeqle leol olev ev nlvd nlvdbf bf ba mbe} mbe}bi biof ofjv jvob obe e ba abio abiob} b}"j "jmm mmb| b|ev ev} }7 :0% dbifoec dbifoec oeql oeql}vn }vnlev} lev} oe lz|ov lz|ovy) y) flhv flhv oe}vx oe}vx|n |nlev} lev} jef Cbql Cbqlxen xenlev lev }lm| }lm|xovo xovol} l} oe oe j }oeci }oecil l jmmb|e jmmb|ev7 v7 ::% j|vbnjvom mxlfov oevb flnjv jmmb|ev) ba }djxl}) jxo}oec b|v ba }piov"mbe}biofjvobe"nlxclx lvm% •

•

LNPIB_LL ]VBMG BPVOBE ]MDLNL JEF LNPIB_LL ]VBMG P\XMDJ]L ]MDLNL •

]LHO dj} o}}|lf L]B] L]B] jef L]BP C|oflioel} io}vlf mbnpjeol}% Vdl Flpjxvnlev ba Mbnpjey Jaajox} dj} be vdl }jnl ioel o}}|lf X|il} abx |eio}vlf mbnpjeol}%

ILMV\XL] H_ PXBA% ] E CDB]D

SIM •

•

=8

MDJPVLX 01 ” ]DJXL]

’Lnpibyll }vbmg bpvobe„ bpvobe„ nlje} vdl bpvobe coqle vb vdl sdbil.vonl Foxlmvbx}) Baaomlx} bx lnpibyll} ba j mbnpjey sdomd coql} vdln vdl hlelaov bx xocdv vb p|xmdj}l bx }|h}mxohl jv j a|v|xl fjvl) vdl }lm|xovol} baalxlf hy vdl mbnpjey jv j pxlflvlxnoelf pxoml% ’Lnpibyll }vbmg bpvobe }mdlnl $L]B]/„ nlje} j }mdlnl |eflx sdomd j mbnpjey cxjev} lnpibyll }vbmg bpvobe%

Lnpibyll }vbmg p|xmdj}l }mdlnl $L]P]/( $L]P]/( nlje} j }mdlnl |eflx sdomd vdl mbnpjey baalx} }djxl} vb lnpibyll} j} pjxv ba j p|hiom o}}|l bx bvdlxso}l% Liocohoiov Liocohoiovy y vb pjxvomopjvl; pjxvomopjvl; .  Je lnpibyll lnpibyll oemi|foec oemi|foec bqlx}lj} bqlx}lj} lnpibyll lnpibyll jef lnpibyll lnpibyll ba j }|h}ofojxy }|h}ofojxy mbnpjey% Ebv Liocohoiovy vb pjxvomopjvl . Pxbnbvlx bx hlibec} vb vdl pxbnbvlx cxb|p%  J foxlmvbx foxlmvbx sdb sdb lovdlx lovdlx hy don}lia don}lia bx vdxb|cd vdxb|cd do} xlijvoql bx vdxb|cd vdxb|cd jey hbfy mbxpbxjvl) mbxpbxjvl) foxlmviy foxlmviy bx oefoxlmviy oefoxlmviy dbif} nbxl vdje :0, ba vdl b|v}vjefoec lz|ovy }djxl} ba vdl mbnpjey% Vdl mbnpjey }djii abx vdl p|xpb}l mbe}vov|vl j Mbnple}jvobe Mbnnovvll sdomd soii mbe}o}v ba njkbxovy ba  oeflpleflev foxlmvbx}% Vdl mbnnovvll }djii abxn|ijvl vdl vlxn} jef mbefovobe} ba vdl L]B]% •

•

•

•

Vdl }mdlnl }mdlnl }djii hl jppxbq jppxbqji ji hy vdl }djxldbifl }djxldbiflx} x} hy sjy ba j ]plmoj ]plmojii Xl}bi|v Xl}bi|vobe obe%% Vdl ltpijejv ltpijejvbxy bxy }vjvlnlev }djii mbevjoe pxl}mxohlf flvjoi} xlcjxfoec vdl }mdlnl oemi|foec vdl pjxvom|ijx} ba vdl mbemlxelf lnpibyll}% Bpvobe cxjevlf vb je lnpibyll }djii ebv hl vxje}alxjhil vb jey plx}be%

•

Oe vdl lqlev ba vdl fljvd ba lnpibyll sdoil oe lnpibynlev) jii vdl bpvobe cxjevlf vb don voii }|md fjvl }djii ql}v oe vdl ilcji dlox} bx ebnoell} ba vdl flmlj}lf lnpibyll% \evoi jii vdl bpvobe} jxl ltlxmo}lf"ijp}lf) pxl}mxohlf pjxvom|ijx ba vdl }mdlnl }djii hl fo}mib}lf oe vdl Foxlmvbx} Foxlmvbx} Xlpbxv Xlpbxv ba vdl mbnpjey% Vdl mbnpjey mbnpjey dj} vb pijml hlabxl vdl }djxldbiflx} }djxldbiflx} jv lqlxy nllvoec j mlxvoaomjvl axbn vdl ]vjv|vbxy J|fovbx} mlxvoayoec vdjv jii vdl xlijvlf pxbqo}obe} sovd xlcjxf vb L]B] djql hlle f|iy mbnpiolf sovd hy vdl mbnpjey% Vdl mbnpjey dj} vb abiibs pxl}mxohlf jmmb|evoec pbiomy%

•

ILMV\XL] H_ PXBA% ] E CDB]D