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+6-.:;29.B + 4+,.3298 8 5841+ 271+45.618 +714+ . 5:87. 6+-871+ + . ./6+4389.4
/6D ,/.48 6+ 89,21279. ?=+ =,8 5841+ 9+ 5+<8 1+7;8 629. 4+124898B 786 9+,826 326186 8 5+<8
@ 4+54+6+71898 271+248
5.62<>. 9. 5:87. 6+-871+ @ 2792-898 5.4 =,8 :27;8 148<. 5.71. E4.668B -;8,898 :27;8 9+ -.41+
.6 +F14+,.6 98 :27;8 6>. -.:.-8986 6+186 ?=+ 2792-84>. . 6+7129. 9+ ./6+438<>. 9. -.41+ + +,
?=+ 5:87. 6+4G 54.0+189. . ,+6,.
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6 -.41+6 38428, +, 4+:8<>. 8.6 :2,21+6 + +F1+76>. 9. 5:87. 9+ -.41+6 J1.18:B ,+2. -.41+B
584-28:K .= +, 4+:8<>. 8. 7L 9+ 5:87.6 ?=+ 586684GB 5.41871. 9+ =,8 6M 3+N 8 5+<8 J+, 9+632.B
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, 4+:8<>. 8. 7I,+4. 9+ 5:87.6

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27-:278986 8 L +, 4+:8<>. P /86+ + 2E=8:,+71+ +658<8986 5848 6+ ./1+4 =, 9+6+7;. =72A.4,+

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6 ;8-;=486 5.9+, 1.,84 .=148 924+<>. J≠ LK ?=879. ;.=3+4 7+-+662989+ 9+ +32184 6+=
5848:+:26,. -., . -.71.47. 9. -.41+

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+79. 8 G4+8 8 ;8-;=48 ,=21. E4879+B 5.9+ 6+ :2,2184 . ;8-;=489. P 32N27;87<8 9. -.71.47.B
9+2F879. 8 5841+ -+7148: +, /487-.

5
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86 G4+86 ;8-;=48986 7>. 6+ 9+3+, 4+54+6+7184 84+6186 7>. 326O3+26B +F+-=1879. 6+ .6 -86.6
+65+-2826 +, ?=+ 6+ 4+?=+4 ,82.4 -:84+N8

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.9+ 6+4D .7E21=9278: J?=879. 54.0+189. 7. 5:87. A4.718:KQ
48763+468: J?=879. 54.0+189. 7. 5:87. :81+48:KQ
$.42N.718: J?=879. 54.0+189. 7. 5:87. ;.42N.718:K

6
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5+<8 @ 4+54+6+71898 -.41898 + 8 .=148 ,+189+ +, 32618B .,21279. .6 9+18:;+6 7>. 326O3+26

7
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=,8 :27;8 9+ 4=51=48 J627=.68K + 5+:. -.71.47. 98 5+<8 6 9+18:;+6 7>. 326O3+26B +, G4+86 7>.
8127E2986 5+:. -.41+ 584-28:B 6>. 4+54+6+7189.6

"2E=48

!2!2, ( 3
12:2N89.6 +, 5+<86 .79+ .6 9+18:;+6 8 6+4+, ,.61489.6 7>. +61>. +, =, ,+6,. 5:87. 866+ 6+
,826 9+ =, 5:87.B 9+632879. 6+ J5+45+792-=:84,+71+K 5848 586684 +, 1.9.6 .6 9+18:;+6
6 84+6186 A.4,8986 5+:.6 9+632.6 9.6 5:87.6 9+ -.41+ 7>. 6>. 4+54+6+718986 78 32618
;8-;=84898B -.7A.4,+ +F+,5:.

8
 "2E=48

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5.4?=+ . -.41+ 8127E2= 1.18:,+71+ 86 5841+6 ,8-2<86 98 5+<8

E.48B ./6+43+ .6 9.26 ,.9+:.6 8/82F.B 4+54+6+7189.6 +, -.41+

=8: 9+6186 9=86 5+<86 -.44+65.79+ P 32618 +, -.41+ 871+42.4R

.,. 86 G4+86 8127E2986 5+:. -.41+ 6>. 6+,+:;871+6B A2-8 92AO-2:B P 542,+248 32618B 92N+4 ?=8: 986
5+<86 8127E2986 5+:. -.41+ +61G 4+54+6+71898 78 32618 ;8-;=4898 848 4+65.79+4 8 +668 ?=+61>.B
3.-S 54+-268B 871+6B +61=984 4 662,B 8. A278: 9+618 8=:8 3.-S 6+4G -858N 9+D
29+712A2-84 +:+,+71.6 ?=+ 9+3+, 6+4 4+54+6+7189.6 -., .,266>. 9+ -.41+Q 29+712A2-84 326186
.41.E4GA2-86 .79+ ;G 4+54+6+718<>. -., .,266>. 9+ -.41+Q + 271+454+184 +:+,+71.6
4+54+6+7189.6 -., .,266>. 9+ -.41+
4 ?=+4 92N+4 A8:18B 8=6S7-28 86 4+54+6+718<C+6 -., .,266>. 9+ -.41+B 86 ;8-;=486 6>.
5

9
 +6-.48 98 +6?=+498 @ 271+248,+71+ 6M:298B ,8-2<8 TG 8 +6-.48 98 924+218B -., 7+43=48B 1+,
=,8 +614=1=48 ,826 :+3+B -., ,+7.6 ?=8712989+ 9+ 5841+6 ,8-2<86 ,8E27+ 86 9=86 5+<86
6+-2.78986 7. 6+7129. :.7E21=9278:

6 G4+86 8127E2986 5+:. -.41+ 6>. 6+,+:;871+6 848 92A+4+7-284 86 326186 .41.E4GA2-86 986 9=86
5+<86B 9+ ,.9. 8 ,.61484 ?=8: 986 9=86 1+, +614=1=48 ,826 :+3+B 8 5+<8 -., 7+43=48 9+3+ 6+4
4+54+6+71898 -., .,266>. 9+ -.41+

.1+ ?=+B +,/.48 8 7+43=48 6+08 =,8 5841+ ,8-2<8B +:8 A.2 4+54+6+71898 7. 9+6+7;. 1@-72-.
6 6 8 32618 +, -.41+B 86 ;8-;=486 98 7+43=48 A.48, .,212986
+54+6+71879. 8 7+43=48 -., .,266>. 9+ -.41+ 7>. 6+ A2-8 -., 8 2,54+66>. 9+ ?=+ 8 5+<8 -.,
7+43=48 @ 1>. ,8-2<8 ?=871. 8 .=148

5 4
5+786 8:E=76 +:+,+71.6 9+3+, 6+4 4+54+6+7189.6 -., .,266>. 9+ -.41+B ?=879. 6+-2.789.6
:.7E21=9278:,+71+ 66+6 +:+,+71.6 6>. 2792-89.6 5+:8 (1 7 1 !828.9:!; < 9=
+714+ .6 +:+,+71.6 ?=+ 9+3+, 6+4 4+54+6+7189.6 -., .,266>. 9+ -.41+ 3.-S +61=984GB 7+618
8=:8D 3 > 6 >? @ 5 > ? @ A A 2

10
 6 4

-.41+ A.2 2,8E2789. 3+79. 6+ 8 5+<8 9+ A4+71+ 32618 .79+ . -.41+ 8584+-+ 4+54+6+7189. @ 8
32618 A4.718: 7+43=48 A.2 8127E298 5+:. -.41+ A 8 32618 A4.718:B 8
7+43=48 +61G 4+54+6+71898 -., .,266>. 9+ -.41+ /82F. 98 32618 A4.718: 3+, . 7.,+ 9. -.41+D
(( :.-8: 5.4 .79+ 58668 . 5:87. 9+ -.41+ 3+, 2792-89. 78 32618 6=5+42.4B 5+:8 :27;8
148<. + 5.71. +614+218B -., 148<.6 :84E.6 786 +F14+,2989+6 6 6+186 85.718, 8 924+<>. +, ?=+
A.2 2,8E2789. . -.41+ 6 :+1486B 8. :89. 986 6+186B 29+712A2-8, . -.41+ 32618 :81+48: 8584+-+
4+54+6+71898 7.4,8:,+71+B 98 ,87+248 -.,. @ 32618 5+:. ./6+4389.4
.18D 8 7+43=48 6M @ 4+54+6+71898 -., .,266>. 9+ -.41+ ?=879. @ 8127E298 5+:. -.41+
A
=14. +F+,5:. /6+43+ 8 5+<8 +, 5+465+-1238 8/82F. + 8 5+<8 A.2 8127E298 5.4 =, 5:87. 9+
-.41+ :.7E21=9278: 3+412-8:B 5848 5.9+4 878:2684 86 7+43=486

=,8 4+54+6+718<>. 7.4,8: 9+ -.41+B 1.98 8 G4+8 ,8-2<8 8127E298 5+:. -.41+ 9+3+428 6+4
;8-;=4898B -.,. ,.6148 . 9+6+7;. 8 6+E=24

86 +618 4+54+6+718<>. 98428 =,8 29@28 A8:68 98 +614=1=48 98 5+<8 71>.B @ 7+-+66G42. 2,8E2784
8 .,266>. 9+ -.41+ 78 7+43=48 :.7E21=9278:

11
 86 326186 .41.E4GA2-86 9+618 5+<8B 8 32618 4+54+6+71898 +, -.41+ @ 8 32618 A4.718: 8 32618
A4.718:B 8 7+43=48 8127E298 :.7E21=9278:,+71+ 5+:. -.41+ @ 4+54+6+71898 -., .,266>. 9+ -.41+
7+43=48 148763+468: @ 4+54+6+71898 ;8-;=4898

E.48B 2,8E27+ 8 ,+6,8 5+<8 -.41898 8. ,+2. 5.4 =, 5:87. 9+ -.41+ 148763+468:

+61+ -86.B 8 32618 8127E298 5+:. -.41+ @ 8 :81+48: 7+43=48 :.7E21=9278: 9+3+ 6+4 4+54+6+71898
;8-;=4898B 5.4 ?=+ A.2 8127E298 5+:. -.41+ 148763+468: 7+43=48 148763+468: 9+3+ 6+4
4+54+6+71898 -., .,266>. 9+ -.41+ /6+43+B -., 81+7<>.B 86 326186 .41.E4GA2-86 98 5+<8B
-.41898 5+:. 5:87. 148763+468:

78:26+ =,8 .=148 5.662/2:2989+ ,8E27+ 8 ,+6,8 5+<8 -.41898 5.4 =, 5:87. 9+ -.41+
:.7E21=9278: ;.42N.718:

12
 871. 8 7+43=48 :.7E21=9278: -.,. 8 7+43=48 148763+468: A.48, 8127E2986 5+:. -.41+ 7. 6+7129.
148763+468: 71>.B 7>. ;G 7+-+662989+ 9+ 4+54+6+7184 86 7+43=486 -., .,266>. 9+ -.41+ .
9+6+7;. [email protected] 86 9=86 7+43=486 9+3+, 6+4 ;8-;=48986

66. 5.4?=+ 86 9=86 7+43=486 98 5+<8 A.48, 8127E2986 148763+468:,+71+ 5+:. -.41+

1 @ 5 18,/@, 9+3+, 6+4 4+54+6+7189.6 -., .,266>. 9+ -.41+ U+08 =, +F+,5:.B

-.,584879. 86 9=86 5.:286B 4+54+6+718986 8 6+E=24

+ 86 5.:286 6+-2.78986B -.,. ,.6148, 86 2:=6148<C+6

=,8 4+54+6+718<>. 7.4,8:B 86 326186 986 9=86 5.:286 A2-8428, 2E=826

848 92A+4+7-284 86 4+54+6+718<C+6 986 9=86 5.:286 + 5848 984 =,8 29@28 ,826 4+8: 98 +614=1=48
98 5+<8B .6 /48<.6 98 5.:28 6>. 4+54+6+7189.6 -., .,266>. 9+ -.41+ 7. 9+6+7;. 1@-72-.

13
 ? @ A A 18,/@, 9+3+, 6+4 4+54+6+7189.6 -., .,266>. 9+ -.41+
7E4+78E+, @ =, 866=71. ?=+ 3.-S 382 +61=984 9+18:;898,+71+ +, .=148 8=:8 E.48B . 2,5.41871+
@ 878:2684 .6 9+71+6 + .6 /48<.6 98 +7E4+78E+,B ?=+ 3+, 8 6+E=24
U+08 8 5+465+-1238 9+ =,8 +7E4+78E+, +B 8. :89.B 6=8 32618 :81+48: +, -.41+ 148763+468:

E.48 ./6+43+ 86 326186 .41.E4GA2-86 98 +7E4+78E+,

.1+ ?=+ .6 /48<.6 + .6 9+71+6 98 +7E4+78E+,B 85+684 9+ 6+4+, 5841+6 ,8-2<86 8127E2986 5+:.
-.41+B 7>. +61>. ;8-;=489.6 66+6 +:+,+71.6 +61>. 4+54+6+7189.6 -., .,266>. 9+ -.41+

U+08 8 5+465+-1238 9+ =,8 5+<8 -., 3 6 B + 6+= 9+6+7;. 1@-72-. ,.614879. +66+6
+:+,+71.6 4+54+6+7189.6 -., .,266>. 9+ -.41+

14
# " $ % &' (& '

+4186 5+<86 ?=+ 1+7;8 6=5+4AO-2+6 ? BC +, 4+:8<>. 8.6 5:87.6 9+ 54.0+<>.B 5 3 @4 B

6>. 4+54+6+718986 5.4 ,+2. 9+ .=14. 125. +65+-28: 9+ 54.0+<>. .41.E4GA2-8D 8 5 D @4
@4
4.18<>. 9+ 5841+6 ./:O?=86 5.662/2:218 +32184 8 9261.4<>. + . +7-=418,+71. ?=+ 4+6=:18428, 9+
=,8 54.0+<>. .41.E4GA2-8 7.4,8: +, 1.986 86 5+<86 ?=+ 1S, 5841+6 ./:O?=86 5.9+, 6+4
4+54+6+718986 +, 54.0+<>. -., 4.18<>. 5+786 86 5+<86 -., 5841+6 ./:O?=86 866.-28986 8 =,
+2F. 9+ 4.18<>.B 5.9+, 6+4 4+54+6+718986 -., 4.18<>. 9+ 5841+ 98 5+<8 U+08 8:E=76 +F+,5:.6
9+ 5+<86 ?=+ 54+-268, 9+66+ 125. 9+ 4+54+6+718<>.

+<86 -.,. +6686 9+3+, 6+4 4+54+6+718986 @4 .4 266.B 7+618 8=:8B 3.-S 382 854+79+4
-.,. 6+ 2,8E278 + -.,. 6+ 4+54+6+718 8 54.0+<>. -., 4.18<>. 9+ 5 5 @ B
+, 326186 .41.E4GA2-86 + -.41+

.18<>. @ =, ,.32,+71. E2481M42.B =, E24. +, 1.47. 9+ =, +2F.

5+<8 +, 5+465+-1238 8/82F.B =, 125. 9+ /48<. 9+ -.,879.B 854+6+718 =,8 5841+ ./:O?=8

15
 /6+43+B 78 54MF2,8 2:=6148<>.B 8 54.0+<>. .41.E4GA2-8 9+668 5+<8 +, 9.26 5:87.6 9+ 54.0+<>.

78:26+ 8 54.0+<>. .41.E4GA2-8 7.6 5:87.6 4+/8129.6

/6+43+ ?=+ . 6+E,+71. (1> ?=+ 9+1+4,278 8 9261V7-28 +714+ 9.26 A=4.6 98 5+<8B @ 78
32618 A4.718: 9. ?=+ 78 32618 6=5+42.4 66. .-.44+ 5.4?=+B 78 32618 A4.718:B 8 5841+ ./:O?=8
8584+-+ 4+54+6+71898 +, 3+4989+248 E4879+N8
8 32618 6=5+42.4 8 5841+ ./:O?=8 8584+-+ +7-=41898 ,+6,. .-.44+ -., . 6+E,+71.
J92V,+14. 98 5841+ -2:O7942-8KB ?=+ 78 32618 A4.718: @ 4+54+6+7189. +, 3+4989+248 E4879+N8 + 78
32618 6=5+42.4 8584+-+ ,+7.4 ?=+ 78 32618 A4.718:
848 ?=+ .6 6+E,+71.6 (1 + 6+08, 4+54+6+7189.6 +, 3+4989+248 E4879+N8B 18,/@, 78 32618
6=5+42.4B @ 7+-+66G42. 2,8E2784 8 4.18<>. 98 5841+ ./:O?=8 /6+43+ 8 2:=6148<>. 8 6+E=24B ?=+
,.6148 8 4.18<>. 98 5841+ ./:O?=8

16
 4.18<>. @ 2,8E27898 9+ ,.9. ?=+ 8 5841+ ./:O?=8 A2?=+ 6./4+ . +2F. 5427-258: 98 5+<8 + 5848:+:8
8. 5:87. 9+ 54.0+<>.B ?=+ 7+61+ +F+,5:. @ . ;.42N.718:

U+08 . ?=+ 8-.71+-+ ?=879. 8 5841+ ./:O?=8 +, 4.18<>. @ 4+54+6+71898 78 32618 6=5+42.4

.,584+ . 18,87;. 9.6 6+E,+71.6D (1 + 98 5841+ ./:O?=8 78 32618 A4.718: + 78 32618 6=5+42.4
5M6 8 4.18<>.B 8 5841+ ./:O?=8 5866.= 8 6+4 4+54+6+71898 +, 3+4989+248 E4879+N8B 78 32618
6=5+42.4
.1+ 8 :27;8 9+ -+714. ?=+ 81483+668 8 5841+ ./:O?=8B 78 32618 A4.718: % 8 +F261S7-28 9+668 :27;8
9+ -+714. ?=+ A8-2:218 8 4.18<>. 98 5841+ ./:O?=8
. 9+6+7;. [email protected] 8 32618 .79+ 8 4.18<>. @ 2,8E27898B @ 4+54+6+71898 7.4,8:,+71+ 8 .=148
32618B 4+54+6+71898 -., 4.18<>.B 8 5841+ ./:O?=8 8584+-+ +, 3+4989+248 E4879+N8
/6+43+ 7.38,+71+ 8 5+465+-1238 98 5+<8 +B 8. :89.B 86 326186 .41.E4GA2-86 -.44+65.79+71+6

17
 :+,+71.6 9+ 5+<86B 1826 -.,.D 7+43=486B .4+:;86B /48<.6 + 9+71+6 9+ +7E4+78E+76 9+3+, 6+4
4+54+6+7189.6 ;8-;=486B ?=879. +66+6 +:+,+71.6 6>. 8127E29.6 5.4 -.41+6 :.7E21=927826
=879. +66+6 +:+,+71.6 8584+-+, 7=,8 5+<8 +, ?=8712989+ B 5 B .= +, 5 @4
> -.73+7-2.7.= 6+ 4+54+6+71G :.6 -., 4.18<>. U+08B 8 6+E=24B =,8 5+<8 -.,
7+43=486

U.-S 9+3+ 1+4 7.189. ?=+ 86 7+43=486 ( + +61>. ./:O?=86 +, 4+:8<>. 8. +2F. 98 5+<8B ?=+ 6+E=+
8 924+<>. 98 7+43=48 1 U+08 542,+24. -.,. A2-8428 8 54.0+<>. .41.E4GA2-8 7.4,8: 9+618 5+<8

.1+ ?=+ 8 271+454+18<>. 98 7+43=48 A2-8 54+0=92-898 78 32618 A4.718: +618 32618B 8 54.0+<>.
98 7+43=48 ( -.27-29+ -., 8 54.0+<>. 98 7+43=48 7+43=48 8584+-+ 4+54+6+71898 -.,
9+A.4,8<>.
848 A8-2:2184 8 271+454+18<>. 9. 9+6+7;.B 8 7+43=48 9+3+ 6+4 4+54+6+71898 +, 6=8 3+4989+248
E4879+N8 66. @ 5.66O3+: 2,8E27879. 6+ ?=+ +618 7+43=48 6.A4+ =,8 4.18<>.
6+E=24B . ?=+ 8-.71+-+ 7+61+ -86. ?=879. 6+ 2,8E278 ?=+ +618 7+43=48 6.A4+ =,8 4.18<>.

18
 ., 8 4.18<>. 98 7+43=48 > 6=8 4+54+6+718<>. A2-8 +, 3+4989+248 E4879+N8 78 32618 A4.718:
U+08 -.,. A2-8, +6186 9=86 326186 .41.E4GA2-86

/6+43+ 8 5.:28 -.,

/48<.6B 4+54+6+71898 P
+6?=+498 W 924+218 3.-S
1+, 8 5+465+-1238 98
,+6,8 5.:28B +, -.41+

+76+ -.,. A2-8 +618 5+<8B +, -.41+B

4+54+6+71898 +, 54.0+<>. .41.E4GA2-8 7.4,8:
,8 3+N ?=+ . ./6+4389.4 +61G 3+79. 8 5+<8 9+
A4+71+B 8 32618 A4.718: 6+4G 4+54+6+71898 +,
3+4989+248 E4879+N8 TGB 78 32618 :81+48:
+6?=+498B 8127E298 5+:. -.41+B . /48<. 7>. 6+4G
4+54+6+7189. +, 3+4989+248 E4879+N8 U+08B 7.
9+6+7;.B -.,. A2-8 8 54.0+<>. 7.4,8: +, -.41+

19
 ,8E27+ 8E.48 ?=+ . /48<. 98 5.:28 6.A4+= =,8
4.18<>.B +, 1.47. 9. +2F. 98 5+<8B 81@ A2-84
5848:+:. 8. 5:87. 9+ 54.0+<>. :81+48: +61+ -86.B
. /48<. 18,/@, 6+4G 4+54+6+7189. +,
3+4989+248 E4879+N8 78 32618 :81+48: .,54.3+X

. 9+6+7;. 1@-72-. 7>. ;G 7+-+662989+ 9+ 2792-84

.79+ 8 4.18<>. 9. +:+,+71. A.2 2,8E27898 662,B
7. -86. 9+618 5+<8B 8 32618 A4.718: + 8 32618
:81+48: +6?=+498 9+3+, 6+4 4+54+6+718986 -.,.
6+E=+

E.48 3+08 .=14. +F+,5:. 9+ 4.18<>. 9+ +:+,+71.

78 4+54+6+718<>. +, -.41+ 9+ =,8 5+<8 -.,
A=4.6

W +6?=+498 3.-S 1+, 8 5+465+-1238 9+ =, 926-. -., A=4.6 + P 924+218 8 ,+6,8 5+<8 +, -.41+

/6+43+ ?=+ 78 5+465+-1238 +, -.41+ =, 9.6 A=4.6 7>. 8584+-+

.,584+ 8 54.0+<>. .41.E4GA2-8 7.4,8: 9+618 5+<8 -., 8 54.0+<>. .79+ A.2 2,8E27898 8 4.18<>.
9+ =, 9.6 A=4.6 54.0+<>. .41.E4GA2-8 7.4,8: 3+, 4+54+6+71898 P +6?=+498 + 8 54.0+<>. -.,
4.18<>. 9+ +:+,+71.6 P 6=8 924+218

20
$G -86.6 +, ?=+ 8 54.0+<>. .41.E4GA2-8 7.4,8: 7>. 5+4,21+ 8 271+454+18<>. 68126A81M428 9+
1.9.6 .6 +:+,+71.6 98 5+<8 .4 266.B 3.-S 854+79+= 8 271+454+184 3 E 5 D @4
@4 B ?=+ 6>. 125.6 +65+-2826 9+ 54.0+<>. .41.E4GA2-8 86B P6 3+N+6B 9+5+79+79. 986
-848-1+4O612-86 98 5+<8B 7+, 86 326186 8=F2:284+6B 7+, 8 54.0+<>. -., 4.18<>. 5+4,21+, ,.61484
-., -:84+N8 1.9.6 .6 +:+,+71.6 ?=+ 6+ ?=+4 878:2684

86 326186 .41.E4GA2-86 8:E=76 +:+,+71.6B 8:@, 9+ +6184+, 4+54+6+7189.6 5+:8 :27;8

5848 84+6186 + -.71.47.6 4 326O3+26B 8584+-+, 9+A.4,89.6B 92A2-=:1879. 8 271+454+18<>. 98
5+<8
A8-+ ./:O?=8 +61G :2E898 P /86+ 5.4 =,8 7+43=48B + 261. 92A2-=:18 8 4+54+6+718<>. 98 32618
8=F2:284 +61+ -86.B 8 A.4,8 ,826 62,5:+6 9+ 4+54.9=N24 1.9.6 .6 +:+,+71.6 2,5.41871+6 98
5+<8 @ 4+-.44+79. 8 =, .=14. 125. +65+-28: 9+ 54.0+<>. .41.E4GA2-8D 86 3 5
+618 8=:8B 3.-S 854+79+4G 8 271+454+184B 8:@, 986 326186 +65+-2826B 86 3 F + 86
3 5

#2*2! " G 5
/6+43+ 8 5+<8 4+54+6+71898 +, 5+465+-1238B 8 6+E=24

6 A8-+6 9+618 5+<8 6>. 5848:+:86 8.6 5:87.6 9+ 54.0+<>. 5+684 9266.B 8 271+454+18<>. 9+ 6+=6
+:+,+71.6 +, 54.0+<>. .41.E4GA2-8 7.4,8: A2-8 /861871+ 54+0=92-898

21
 848 A8-2:2184 8 4+54+6+718<>. + 271+454+18<>. 9+ 5+<86 -.,. +618B 4+-.44+,.6 8 =, .=14. 125.
+65+-28: 9+ 54.0+<>. .41.E4GA2-8D 2,8E278,.6 . ./6+4389.4 7=,8 5.62<>. ?=+ :;+ 5+4,218 3+4
924+18,+71+ .6 +:+,+71.6 8 6+4+, 4+54+6+7189.6
U8,.6 -;8,84 9+ ( 8 5.62<>. 98 ?=8: . ./6+4389.4 3S 8 5841+ :81+48: 924+218 -.,587;+B 78
2:=6148<>.B 8 54.0+<>. 9+618 5841+ 7. 5:87. :81+48: 924+21.

+61+ -86.B .6 +:+,+71.6 98 5841+ :81+48: 924+218B 326O3+26 8. ./6+4389.4B 6>. 4+54+6+7189.6 7.
5:87. :81+48: 924+21. 5+:8 :27;8 5848 84+6186 + -.71.47.6 326O3+26
E.48B 2,8E27+ . ./6+4389.4 3+79. 8 5841+ :81+48: +6?=+498 98 5.62<>. 1B 78 924+<>. 2792-898
5+:8 6+18

22
 . 5:87. 9+ 54.0+<>. :81+48: +6?=+49. .6 +:+,+71.6 98 5841+ :81+48: +6?=+498B 8E.48 326O3+26 8.
./6+4389.4B 6>. 4+54+6+7189.6 5+:8 :27;8 5848 84+6186 + -.71.47.6 326O3+26
,8E27+ ?=+ .6 9.26 5:87.6 :81+4826 A.48, 4+/8129.6 U+08 ?=+ 8 A8-+ 54.0+1898 7. 6+7129. 9+
./6+438<>. 98 6+18 ( 9+= .42E+, P 3 ( A8-+ 54.0+1898 7. 6+7129. 9+ ./6+438<>. 98
6+18 1 9+= .42E+, P 3 1 32618 9+ ( + 8 32618 9+ 1 6>. 9=86 3 5

8 32618 9+ ( + 78 32618 9+ 1 .6 +:+,+71.6 8584+-+, 4+54+6+7189.6 5+:8 :27;8 5848 84+6186 +

-.71.47.6 326O3+26 66. A.2 5.66O3+: 5+:8 ,=987<8 98 5.62<>. 9. ./6+4389.4B +, 4+:8<>. P6 A8-+6
54.0+18986
.1+ ?=+B 7+61+ -86.B @ /+, ,826 AG-2: 878:2684 .6 +:+,+71.6 98 5+<8 78 4+54+6+718<>. -., 326186
+65+-2826 9. ?=+ 78 4+54+6+718<>. -., 32618 :81+48: 7.4,8: +618 4+54+6+718<>. -., 326186
+65+-2826B 8 32618 6=5+42.4 @ 9265+76G3+: 5.4?=+ 86 9+,826 326186 0G 854+6+718, 86 27A.4,8<C+6
7+-+66G4286 5848 8 +F+-=<>. 98 5+<8
848 62,5:2A2-84 82798 ,826 . 9+6+7;. [email protected] +321879. 86 :27;86 5848 84+6186 + -.71.47.6 7>.
326O3+26B 5.9+,.6 4+54+6+7184 8 32618 A4.718: +, -.41+

/6+43+ ?=+ 86 +F14+,2989+6 27A+42.4+6 986 326186 9+ ( + 9+ 1 A.48, 6=542,2986 6 :27;86 9+

4=51=48 2792-8, . :=E84 .79+ A.2 A+218 8 6=54+66>. 6 6+186 + :+1486 ?=+ 2792-8, 8 5.62<>. +
924+<>. 9+ .79+ A.48, 54.0+18986 86 326186 6>. ,8712986 7. 9+6+7;. 1@-72-. 9+A272123.
6 326186 +65+-2826 6>. 29+712A2-8986 5+:8 +F54+66>.D G 222B 6+E=298 98 :+148
-.44+65.79+71+
8 4+54+6+718<>. +, 54.0+<>. .41.E4GA2-8 +65+-28:B 86 326186 8584+-+, 9265.6186 7. :.-8: ,826
-.73+72+71+ 5848 8 6=8 271+454+18<>.

#2*2# " G F
6 326186 :.-8:2N8986 6>. =12:2N8986 ?=879. ?=+4+,.6 4+8:<84 6.,+71+ =, +:+,+71. 98 5+<8B
26.:898,+71+ U+08 =, +F+,5:. /6+43+ 8 5+<8 -2:O7942-8 -., 486E. 9+ -;83+18B 8 6+E=24

668 5+<8 @ 1>. 62,5:+6 ?=+ 7+, @ 7+-+66G42. 4+54+6+7184 326186 5848 2,8E2784 6=86 A.4,86

23
 78:26879. 85+786 +6686 9=86 326186B 7>. 9G 5848 A.4,84 =,8 29@28 +F818 9. 486E. 9+ -;83+18
71>.B 2,8E278,.6 . ./6+4389.4 +, =,8 5.62<>. ?=+ :;+ 5+4,218 3+4 8 A.4,8 9. 486E. 9+
-;83+18 , 6+E=298B 2,8E278,.6 . 4+/812,+71. 9+66+ +:+,+71. 54MF2,. P 32618 5427-258:

6 326186 :.-8:2N8986B +, E+48:B 8584+-+, 54MF2,86 8.6 +:+,+71.6 ?=+ +:86 4+54+6+718, :86
5.9+, 6+4 4+54+6+718986 :2E8986 P 32618 5427-258: 5+:. 54.:.7E8,+71. 98 :27;8 9+ -+714.

#2*2) " G 5
$ @
,8 5+<8 62,@142-8B -.41898 8. ,+2. 5.4 =, 5:87. 9+ -.41+ :.7E21=9278: .= 148763+468:B A2-8
92329298 +, 9=86 ,+189+6 2E=826
, 9+6+7;. [email protected] ?=879. 8 5+<8 @ 62,@142-8B 5.9+,.6 9+6+7;84 85+786 =,8 5841+ 98 5+<8
5848 4+54+6+7184 . 1.9.

"3

8 4+54+6+718<>. 9+ 5+<86 62,@142-86 +, ,+28

32618 85+786 ,+189+ 98 32618 @ 9+6+7;898 U8,.6
878:2684 8 4+54+6+718<>. 9+ =, 6=5.41+ U+08 6=86
326186D A4.718: + 6=5+42.4

E.48 3+08 14S6 ,87+2486 92A+4+71+6 9+ 4+54+6+7184 +618 5+<8 -., ,+28 32618

/ A2 ( / A2 1 / A2

.6 14S6 -86.6B 8 32618 6=5+42.4 A.2 4+54+6+71898 +, ,+28 32618

8 A2E=48 ( 8 32618 A4.718: 8584+-+ 4+54+6+71898 6+, -.41+ 5+786 8 ,+189+ 98 32618
6=5+42.4 8584+-+ 4+54+6+71898B 8/82F. 98 32618 A4.718: .1+ ?=+ 8 :27;8 9+ 62,+1428 ;.42N.718:
8584+-+ 9+:2,21898 5.4 9.26 148<.6 -=41.6 + 5848:+:.6B 5+45+792-=:84+6 P6 6=86 +F14+,2989+6

:27;8 9+ 62,+1428 5.9+ 18,/@, 6+4 4+54+6+71898 6+, .6 9.26

148<.6 -=41.6 + 5848:+:.6 786 +F14+,2989+6 -.,. 7. 9+6+7;.
8/82F. 86B ./6+43+ ?=+B 7+61+ -86.B 86 84+6186 .= :27;86 9+
-.71.47. 58668, 8:@, 98 :27;8 9+ 62,+1428

24
 8 A2E=48 1B 8 32618 A4.718: 8584+-+ 4+54+6+71898 -., -.41+ 1.18: +61+ -86.B 85+786 8 ,+189+
5.61+42.4 98 32618 6=5+42.4B 8584+-+ 4+54+6+71898 :27;8 9+ 62,+1428 18,/@, A.2 9+:2,21898
5+:.6 9.26 148<.6 -=41.6 + 5848:+:.6 +, -898 +F14+,2989+
U.:1+ 8 878:2684 8 A2E=48 2 I72-8 92A+4+7<8 @ ?=+ 8 32618 A4.718: 8584+-+ 4+54+6+71898 +,
,+2. -.41+ 32618 6=5+42.4B 4+54+6+71898 +, ,+28 32618B @ 29S712-8 P 98 A2E=48 1 .6 14S6
+F+,5:.6 +61=989.6 7>. A.2 7+-+66G428 8 2792-8<>. 9. 5:87. 9+ -.41+B 5.4?=+ 8 4+54+6+718<>. @
+329+71+ 5.4 62 . 3+4 =,8 ,+28 32618B 3.-S 9+3+ 6+4 -858N 9+ 2,8E2784 8 32618 -.,5:+18
-.44+65.79+71+ 66. 7>. @ 92AO-2:B =,8 3+N ?=+ 3.-S 68/+ ?=+ 8 5841+ .,21298 @ P
5841+ 9+6+7;898
$G -86.6 +, ?=+ =,8 I72-8 32618 @ 6=A2-2+71+ 5848 984 =,8 29@28 -.,5:+18 98 5+<8 + 8 5+<8 A.4
62,@142-8B 7898 2,5+9+ 9+ 4+54+6+7184 +618 32618 I72-8 +, ,+28 32618 -.,587;+ =, +F+,5:.

#2*2* " H "5 3

$G -86.6 +, ?=+ 8 4+54+6+718<>. .41.E4GA2-8 98 5+<8 5.9+ 6+4 82798 ,826 62,5:2A2-898 6+ 8 5+<8
5.4 62,@142-8 :.7E21=9278: + 148763+468:,+71+ 5+786 98 32618 @ 9+6+7;898 5848 4+54+6+7184 .
1.9. . 878:2684 =,8 ?=8418 5841+ 98 32618 3.-S 9+3+ 2,8E2784 ?=+ 8 5+<8 A.2 92329298 +, ?=814.
5841+6 2E=826B ,86 85+786 =,8 9+:86 A.2 4+54+6+71898 U+08 =, +F+,5:.
5+<8 6+E=271+ @ -.,5.618 5.4 A.4,86 -2:O7942-86 -., =, A=4. 5866871+ ?=89487E=:84 4818 6+
9+ =,8 5+<8 62,@142-8 /6+43+ 8 5+<8 +, 5+465+-1238 +B 8. :89.B 9=86 326186 7.4,826D 32618
A4.718: + 32618 :81+48: +6?=+498

,8E27+ 8 32618 :81+48: 92329298 +, ?=814. 5841+6 2E=826B -.,. ,.6148 8 2:=6148<>.

898 =,8 9+6686 ?=814. 5841+6 4+54+6+718 =,8 ?=8418 5841+ 9+ 32618 U+08B 8 6+E=24B 8
4+54+6+718<>. .41.E4GA2-8 98 5+<8 -., ?=8418 5841+ 9+ 32618

6 326186 4+54+6+718986 6>. 8 32618 A4.718: + 32618 :81+48: +6?=+498 32618 A4.718: 8584+-+
4+54+6+71898 +, -.41+B -., 85:2-8<>. 9+ ,+28 32618 32618 :81+48: +6?=+498 8584+-+
4+54+6+71898 -., 85:2-8<>. 9+ ?=8418 5841+ 9+ 32618 .1+ .6 9.26 148<.6 -=41.6 + 5848:+:.6 786
+F14+,2989+6 986 :27;86 9+ 62,+1428 4+54+6+718<>. 9+ ,+28 32618 + ?=8418 5841+ 9+ 32618 148N
+-.7.,28 9+ 1+,5. + 9+ +658<. 7. 9+6+7;. 6 326186 584-2826 9+3+, 6+4 4+54+6+718986 6+,54+
?=+ 5.66O3+: + -.73+72+71+

25
) " &' (

, 9+6+7;. 1@-72-. /=6-8 6+B 6+,54+B 8 A.4,8 ,826 62,5:+6B -:848 + 54G12-8 9+ 4+54+6+7184 .
,82.4 7I,+4. 5.66O3+: 9+ 27A.4,8<C+6
4+54+6+718<>. +, -.41+ A8-2:218 8 271+454+18<>. 9+ +:+,+71.6 271+47.6 .= 9+ +:+,+71.6 7>.
326O3+26 8. ./6+4389.4 86B P6 3+N+6B . -.41+ 7>. @ . 4+-=46. 89+?=89. 5848 ,.61484 8 A.4,8 9+
5841+6 271+4786 98 5+<8 +61+6 -86.6B 9+3+,.6 =12:2N84 8 4+54+6+718<>. +, @4 B ?=+ @ =, 9.6
866=71.6 ?=+ 3.-S 382 854+79+4 7+618 8=:8 6 4+54+6+718<C+6 +, 6+<>. 18,/@, 6>.
7.4,8:2N8986 5+:8 J )Y )K

61+ 9+6+7;. ,.6148 =,8 5+<8 :.7E8B -., A.4,8 -.761871+

, 9+6+7;. 1@-72-. +F261+ =, 4+-=46. ?=+ 5+4,21+ 62,5:2A2-84 8 4+54+6+718<>. 9+ 5+<86 9+61+
125.D @ 5.4 ,+2. 9. +7-=418,+71.B .=14. 866=71. ?=+ 3.-S 382 +61=984 7+618 8=:8
=, ,+6,. 9+6+7;.B 3.-S 5.9+ +7-.71484 4+54+6+718<C+6 9+ 6+<C+6 + 18,/@, 9+
+7-=418,+71.

+-2.784 ?=+4 92N+4 -.4184 662,B 8 4+54+6+718<>. +, 6+<>. 18,/@, @ A+218 2,8E27879. 6+ ?=+
8 5+<8 6.A4+= -.41+
F261+ =,8 92A+4+7<8 A=798,+718: +714+ 8 4+54+6+718<>. +, -.41+ + 8 4+54+6+718<>. +, 6+<>.
U.-S 382 -.,54++79+4 /+, +668 92A+4+7<8B 878:26879. 8:E=76 +F+,5:.6
+ . ,.9+:. 4+54+6+7189. 8 6+E=24 6+-2.789. 5.4 =, 5:87. 9+ -.41+ 148763+468: 78:26+ 8
5+465+-1238 9. ,.9+:.B 8127E298 5+:. 5:87. 9+ -.41+ +B +,/82F.B 86 6=86 326186 .41.E4GA2-86 -., 8
4+54+6+718<>. 9. -.41+ 78 32618 :81+48:

32618 :81+48: ,.6148 8 6=5+4AO-2+ 8127E298 5+:. -.41+ + 18,/@, 8 54.0+<>. 98 5841+ 98 5+<8 ?=+
A2-.= 8:@, 9. 5:87. 9+ -.41+ 32618 :81+48: 5+4,21+ 878:2684 8 5841+ 8127E298 5+:. -.41+ +
18,/@, .=14.6 +:+,+71.6 98 5+<8

26
 .1+ ?=+B 8. :89. 98 32618 A4.718: +61G 4+54+6+71898 8 6+<>. 618 6+<>. ,.6148 8 5841+
,8-2<8 8127E298 5+:. 5:87. 9+ -.41+ 6+<>. 4+54+6+718 . 5+4A2: 271+47. 4+/8129. 98 5+<8 .= 9+
=,8 5841+ 98 5+<8
2792-8<>. 98 6+<>. 4+54+6+71898 5+:8 :27;8 148<. + 5.71. -., 148<.6 :84E.6 786 +F14+,2989+6
8584+-+ 78 32618 A4.718:B 7. :.-8: .79+ 6+ 2,8E27.= 586684 . 5:87. 9+ -.41+
:27;8 9+ -.41+ .79+ 6+ 2,8E278 . 4+/812,+71. 98 6+<>. 9+3+ 6+4 6+,54+ 7. -+714. 9. +:+,+71.
6+-2.789.
7?=871. 8 4+54+6+718<>. +, -.41+ ,.6148 86 5841+6 ,8-2<86 8127E2986 5+:. -.41+ + .=14.6
+:+,+71.6B 8 4+54+6+718<>. +, 6+<>. ,.6148 85+786 8 5841+ 8127E298 5+:. -.41+
.6 9+6+7;.6 [email protected] 9+ 5+<86 8 6+<>. 5.9+ 6+4 4+54+6+71898D I 3 > 3
5 3 2

)2!2! " @4 I 3
6 9+6+7;.6 [email protected] -., 6+<>. A.48 98 32618 6>. 6+,+:;871+6B +, 8:E=76 5.71.6B 8.6 9+6+7;.6
[email protected] +, -.41+

.,584+ 86 326186 .41.E4GA2-86 9+618 5+<8 +, -.41+ + +, 6+<>.

/6+43+ 86 6+,+:;87<86 + 86 92A+4+7<86 +714+ .6 9.26 9+6+7;.6

6 @ J , 8,/.6 .6 -86.6 2,8E27848, 6+ -.41+6 78 5+<8Q +:+6 854+6+718, 2792-8<>. 9.

5:87. 9+ -.41+ + 86 5841+6 ,8-2<86 8127E2986 5+:. -.41+ 6>. ;8-;=48986

I @ J . 9+6+7;. +, -.41+B 8 32618 .79+ . -.41+ @ 4+54+6+7189. ,.6148 .=14.6 +:+,+71.6

98 5+<8B 8:@, 98 5841+ ,8-2<8 8127E298 5+:. -.41+B +7?=871. ?=+ . 9+6+7;. +, 6+<>. ,.6148
85+786 8 5841+ -.41898Q 8 2792-8<>. 9. -.41+ @ A+218 5+:8 58:8348 -.41+B 6+E=298 9+ 9=86 :+1486
,82I6-=:86 4+5+12986B +7?=871. ?=+ 8 29+712A2-8<>. 98 6+<>. @ A+218 5+:8 58:8348 6+<>.B 18,/@,
6+E=298 9+ 9=86 :+1486 ,82I6-=:86 4+5+12986
32618 A4.718: 854+6+718 9=86 :27;86 ?=+ 6+ -4=N8, +, 928E.78:B +6686 9=86 :27;86 -.71O7=86 +6
14+2186B ?=+ 8584+-+, -4=N8986 78 32618 A4.718:B 2792-8, ?=+ 8 6=5+4AO-2+ 866278:898 @ 5:878B
9+423898 9+ =,8 6=5+4AO-2+ -2:O7942-8

, 9+6+7;. [email protected] ?=879. ?=+4+,.6 2792-84 ?=+ =,8 6=5+4AO-2+ @ 5:878B ./1298 8 584124 9+
6=5+4AO-2+ -2:O7942-8B =12:2N8,.6 +6686 9=86 :27;86 -4=N8986

27
 +61+ -86.B 8 6+<>. 8584+-+ :2E898 P 32618 5.4 =,8 :27;8 148<. + 5.71. +614+218B ?=+ 2792-8 . :.-8:
5.4 .79+ 6+ 2,8E27.= 586684 . 5:87. 9+ -.41+
,8 3+N ?=+ 8 4+:8<>. +714+ 8 6+<>. + 8 5841+ 98 5+<8 ?=+ +:8 4+54+6+718 @ +329+71+ 5.4 62B 7>. @
7+-+66G42. 984 7.,+ P 6+<>.

)2!2# " @K 3 I 3
=879. 6+ 148184 9+ =,8 5+<8 -., 3G42.6 +:+,+71.6 92A+4+71+6B @ 8-.76+:;G3+: 2,8E2784 3G4286
6+<C+6 6=-+662386 5848 878:2684 . 5+4A2: 9+ -898 +:+,+71.

. 9+6+7;. [email protected] 86 6+<C+6 6=-+662386 18,/@, 5.9+, 6+4 4+54+6+718986D 54MF2,86 98 32618 +
:2E8986 5.4 :27;8 148<. + 5.71.Q +, 5.62<C+6 92A+4+71+6 ,86B 7+61+ -86.B 29+712A2-8986 5+:. 7.,+
.,584+ 86 9=86 A.4,86 9+ 4+54+6+718<>.B 8 6+E=24D

8 A2E=48 ( 86 6+<C+6 6=-+662386 +61>. 4+54+6+718986 8. :89. 98 32618 A4.718: .,5:+1+ .

9+6+7;. 98 A2E=48 1B 4+54+6+71879. 86 ,+6,86 6+<C+6 6=-+662386 54MF2,86 98 32618

"2E "2E

6+<>. (( 4+54+6+718 . 5+4A2: 98 +652E8 4+9.798 -., 4+/82F. 8/+,.6 ?=+ ;G =, 4+/82F. 5.4
-8=68 986 :27;86 -4=N8986B ?=+ 6>. 2792-89.486 9+ 6=5+4AO-2+ 5:878 6+<>. 11 4+54+6+718 .
5+4A2: 98 5841+ -2:O7942-8B 81483+66898 5.4 =, 486E. 9+ A.4,8 4+187E=:84

28
 8 A2E=48 1B 86 6+<C+6 9+3+, 6+4 4+54+6+718986 4+/812986B 54MF2,86 98 32618 A4.718: >. ;GB
5.41871.B 7+-+662989+ 9+ 2792-84 . 5:87. 9+ -.41+ 7+, .6 7.,+6 986 6+<C+6 U+08 -.,. 9+3+ 1+4
A2-89. 6+= 9+6+7;.D

)2!2) " @4 3
6+<>. 5.9+ 6+4 4+54+6+71898 4+/81298 9+714. 98 32618B 9+69+ ?=+ 7>. 54+0=92?=+ 8
271+454+18<>. 9. 9+6+7;. /6+43+ 8 54MF2,8 5+465+-1238 +, -.41+ +B 8. :89.B 6=8
4+54+6+718<>. +, 32618 .41.E4GA2-8B -., 8 6+<>. 4+54+6+71898 9+714. 98 32618

848 4+54+6+7184 . -.71.47. 98 6+<>. 9+714. 98 32618B =68 6+ 8 :27;8 -.71O7=8 +614+218 5841+
,8-2<8 @ 4+54+6+71898 ;8-;=4898 =879. 8 6+<>. 8584+-+ 4+/81298 9+714. 986 326186 9. 9+
6+7;. [email protected] +:8 7>. 3+, 29+712A2-898 5+:8 58:8348 6+<>.B 6+E=298 9+ :+1486 9. 8:A8/+1.
8 6+<>. 9+714. 986 326186 18,/@, 7>. 8584+-+ 8 2792-8<>. 9. 5:87. 9+ -.41+

)2!2* " @4 5 3
/6+43+ 8 5+465+-1238 +, -.41+ 9+ =,8 5+<8 6+F183898 +B 8. :89.B 6=8 4+54+6+718<>. +, 32618
.41.E4GA2-8 -., =,8 6+<>.

=879. 8 6+<>. @ 4+54+6+71898 271+44.,5+79. 86 326186 9. 9+6+7;. [email protected] +:8 7>. 3+,
29+712A2-898 5+:8 58:8348 6+<>.B 6+E=298 5+:86 :+1486 9. 8:A8/+1.
8 6+<>. 271+44.,5+79. 86 326186 7>. 8584+-+ 8 :27;8 2792-81238 9+ -.41+ 271+44=5<>. 98 32618
@ A+218 5.4 =,8 :27;8 ?=+ 3.-S 0G -.7;+-+D 8 :27;8 9+ 4=51=48
/6+43+ 7.38,+71+ 8 32618 .41.E4GA2-8 + 3+08 ?=+ .6 9.26 :89.6 271+44.,529.6 98 32618 A4.718:
+61>. 4+54+6+7189.6 -., :27;8 9+ 4=51=48

)2!2, " @K A
=879. 8 G4+8 98 6+<>. @ 8 9+ =, 5+4A2: 9+ 5.=-8 +65+66=48B 8. 273@6 9+ 6+ 4+54+6+7184+, 86
;8-;=486B . :.-8: @ A
6 6+<C+6 +7+E4+-2986 1871. 5.9+, 6+4 4+54+6+718986 A.48 986 326186 -.,. 9+714. 986 326186B
.=B 82798B 271+44.,5+79. 86 326186 U+08 =, +F+,5:. 9+ -898 -86.

29
 +41.6 125.6 9+ 5+<86B ?=+ 854+6+718, A.4,86 :.7E86 + -.761871+6B 5.9+, 6+4 4+54+6+718986 9+
,87+248 ,826 54G12-8
4+-=46. =12:2N89. +, 9+6+7;. 1@-72-. 5848 4+54+6+7184 +61+6 125.6 9+ 5+<86 @ . +7-=418,+71.
4+54+6+718<>. -., +7-=418,+71.B 8:@, 9+ 6+4 ,826 54G12-8B 7>. 854+6+718 ?=8:?=+4 54+0=ON.
5848 8 271+454+18<>. 9. 9+6+7;.

)2#2! " @K 5 5 @4
+7-=418,+71. 6M 5.9+ 6+4 2,8E2789. 7. -86. 9+ 5+<86 :.7E86 .= 9+ 5+<86 ?=+ -.71S, 5841+6
:.7E86 + 9+ A.4,8 -.761871+ U+08 . +F+,5:. 9+ =, +2F. -., 9=86 +652E86 786 +F14+,2989+6 +
=,8 5841+ -+7148: :.7E8B 9+ A.4,8 -.761871+ ,8E27+ . +2F. 6+-2.789. 5.4 9.26 5:87.6 9+ -.41+

.,. 8 5841+ -.,54++79298 +714+ .6 -.41+6 7>. 854+6+718 38428<C+6 + 7>. -.71@, +:+,+71.6B
3.-S 5.9+ 2,8E2784 8 5+<8 6+, +618 5841+B . ?=+ 7>. 54+0=92-8 6=8 271+454+18<>.

5 @
+41.6 125.6 9+ 5+<86 5.9+, 6+4 2,8E278986 -., ,826 9+ =, +7-=418,+71. /6+43+ 8 -;858 -.,
?=814. A=4.6B 5.4 +F+,5:. U.-S 5.9+ 2,8E2784 =, +7-=418,+71. 9. -.,542,+71. + .=14. 7.
6+7129. 98 :84E=48B 6+, ?=8:?=+4 54+0=ON. 98 271+454+18<>. 98 5+<8 .= 9+ 6+=6 +:+,+71.6

30
 +7-=418,+71. 5.9+ 6+4 2,8E2789. 7.6 6+7129.6 9. -.,542,+71.B 98 8:1=48 + 98 :84E=48 98
5+<8 .9+ 6+B 18,/@,B 2,8E2784 ,826 9+ =, +7-=418,+71. 7. ,+6,. 6+7129.B -.,. ,.6148 .
9+6+7;. 8 6+E=24

)2#2# " 5 @4 6
86 4+54+6+718<C+6 -., +7-=418,+71.B 86 5841+6 2,8E278986 -.418986 6>. :2,218986 5.4 6
5 B ?=+ 6>. :27;86 -.71O7=86 +614+2186B 9+6+7;8986 P ,>. :234+

.6 9+6+7;.6 [email protected] -.7A+--2.789.6 P ,G?=278B 5.9+ 6+ .5184 5+:8 :27;8 -.71O7=8 +614+218 +,
N2E=+N8E=+ 5848 4+54+6+7184 .6 +7-=418,+71.6

5 @4 @4
% ,=21. -.,=,B +, 9+6+7;. [email protected] 8 6+<>. 8584+-+4 78 4+54+6+718<>. -., +7-=418,+71.
5:2-879. +7-=418,+71. + 6+<>. 7=, ,+6,. 9+6+7;.B +-.7.,2N8,.6 1+,5. + +658<. U+08 =,
+F+,5:.

31
 6=5.41+B 4+54+6+7189. +, 5+465+-1238B @ =,8 5+<8 ?=+ 1+, 3G4286 5841+6 :.7E86B .79+ 3.-S
5.9+ 2,8E2784 +7-=418,+71.6 8 32618 .41.E4GA2-8 9+618 5+<8 @ 5.66O3+: 4+54+6+7184B 8. ,+6,.
1+,5.B .6 +7-=418,+71.6 + 86 6+<C+6

.1+ ?=+ 8 5+<8 +61G 4+54+6+71898 81483@6 98 32618 A4.718: +61+ 9+6+7;. +61>. 4+54+6+7189.6
+7-=418,+71.6 + 6+<C+6 =86 6+<C+6 +61>. 2792-8986 78 32618 A4.718: + 4+54+6+718986 A.48
98 32618D +<>. + +<>. ,8 6+<>. 8584+-+ 4+/81298 9+714. 98 32618 =879. 8 6+<>.
3+, 4+/81298 78 32618B 7>. @ 7+-+66G42. 984 :;+ =, 7.,+ .4 A2,B ./6+43+ ?=+ 7. +7-=418,+71.
98 5841+ 27-:27898 8584+-+ 4+54+6+71898 8 ?=8418 6+<>.

* " (+ $ (

$G 8:E=76 -86.6 +65+-2826 9+ -.18E+, ?=+ 3.-S 82798 7>. -.7;+-+ U+08 86 5+<86 4+54+6+718986
8/82F.

6686 5+<86 854+6+718, 5841+6 844+9.798986B 5841+6 +6A@42-86B +:+,+71.6 4+5+12123.6B

+:+,+71.6 ./:O?=.6B .= +71>. ,=21. 5+?=+7.6 -.18E+, 9+66+6 125.6 9+ +:+,+71.6 @ A+218 9+
A.4,8 +65+-28:
32
 ! " #

-.18E+, 9+ +:+,+71.6 +, 84-.6 9+ -24-=7A+4S7-28 @ A+218B E+48:,+71+B 5.4 ,+2. 98 ,+9298 9+

6+=6 2
,87+248 9+ -.184 .6 +:+,+71.6 +, 84-.6 9+ -24-=7A+4S7-28 38428 -.7A.4,+ 86 -848-1+4O612-86
98 5+<8 -.,587;+ 8 271+454+18<>. 9+ 8:E=76 +F+,5:.6 + 3.-S -;+E84G P6 4+E486 E+4826
/6+43+ 8 5+<8 4+54+6+71898 +, 32618 I72-8B 8 6+E=24

618 5+<8 1+, =, +:+,+71. 844+9.7989. +, A.4,8 9+ 84-. 9+ -24-=7A+4S7-28 -.18E+, 9+61+
+:+,+71. @ A+218 5+:8 ,+9298 9. 482.B ?=+ @ ) ,, +584+ ?=+ 8. :89. 98 -.18 8584+-+ 8 :+148
?=+ 62,/.:2N8 482.
/6+43+B 8 6+E=24B 621=8<C+6 +, ?=+ .6 482.6 9+ 84-.6 9+ -24-=7A+4S7-28 6>. ,=21. 5+?=+7.6 .=
+71>. ,=21. E4879+6

8 5+<8 98 +6?=+498B .6 482.6 9.6 84-.6 9+ -24-=7A+4S7-28 6>. ,=21. 5+?=+7.6 + 5.4 266. 6=8
2792-8<>. 7>. A.2 A+218 9+714. 98 32618 ".2 =12:2N898 =,8 6 6 B 6./4+ 8 ?=8: A.2
+6-4218 8 :+148 6 482.6 9.6 84-.6 9+ -24-=7A+4S7-28 9+618 5+<8 6>.D # + !>,
TG 78 5+<8 98 924+218B .6 -+714.6 9.6 84-.6 9+ -24-=7A+4S7-28 7>. A.48, 2792-89.6 7. 9+6+7;.
1@-72-. 5.4?=+ 6+=6 482.6 6>. ,=21. E4879+6 :+148 +6-4218 8. :89. 986 -.186 !88 + !!8 6+43+
5848 2792-84 ?=+ 6+ 14818 986 ,+92986 9+ 482.6
. 9+6+7;. 98 924+218B ?=+ 86 :27;86 9+ -.18 9.6 482.6 8584+-+, 27-.,5:+186 61. .-.44+ 5.4?=+
.6 482.6 9.6 84-.6 9+ -24-=7A+4S7-28 6>. E4879+6 + 6+=6 -+714.6 7>. +61>. 4+54+6+7189.6 7.
9+6+7;.
U+08 .=148 5.662/2:2989+ 9+ -.18E+, 9+ 84-.6 9+ -24-=7A+4S7-28 ,=21. E4879+6

33
 +61+ 9+6+7;.B . -+714. 9. 84-. 9+ -24-=7A+4S7-28 +7-.7148 6+ 7=, 5.71. 9261871+B :.-8:2N89.
7. +2F. 9+ 62,+1428 98 5+<8
848 62,5:2A2-84 8 4+54+6+718<>. + +-.7.,2N84 +658<.B . -+714. 9. 84-. 98 -24-=7A+4S7-28 A.2
2792-89. 78 :27;8 9+ 62,+1428B 9+6:.-89. 98 6=8 5.62<>. 4+8: 482. A.2 4+54+6+7189. 5.4 =,8
:27;8 ?=+/4898 -.18 ; 8 4+A+4+ 6+ P ,+9298 9. 482.

W6 3+N+6B . -+714. 9. 84-. 9+

-24-=7A+4S7-28B 8:@, 9+ 8584+-+4 9+6:.-89.
78 :27;8 9+ 62,+1428B 18,/@, 8584+-+
8A86189. 9+618 :27;8 78:26+ +618 621=8<>.
7. 54MF2,. +F+,5:.D =,8 5+<8 4+54+6+71898
+, ,+28 32618

ESC 1:1

/6+43+B 78 32618 A4.718:B ?=+ . -+714. 9. 84-. 9+ -24-=7A+4S7-28B 8:@, 9+ 9+6:.-89.B A.2
8A86189. ,, 98 :27;8 9+ 62,+1428 :+148 8584+-+ 8. :89. 98 -.18 !!8 5848 2792-84 ?=+ 6+
14818 98 ,+9298 9+ =, 482.

$ % &

, E+48:B .6 9+6+7;.6 [email protected] 9+3+, -.71+4 86 14S6 -.186 /G62-86 98 5+<8D -.,542,+71.B
:84E=48 + 8:1=48 86B +F261+, -86.6 +, ?=+ 86 ,+92986 9.6 +:+,+71.6 0G 9+1+4,278, 86 -.186
/G62-86
!+48:,+71+ 261. 8-.71+-+ 78 4+54+6+718<>. 9+ 5+<86 -., 5841+6 844+9.798986 +, 6=86
+F14+,2989+6 6686 5+<86 9+3+, 6+4 -.18986 9+ 8-.49. -., 6+= ,.9. 9+ A8/42-8<>. +61+6
-86.6B . 2,5.41871+ @ 68/+4 86 -.186 9+ -+714. 9.6 482.6 + 98 :.-8:2N8<>. 986 5841+6
844+9.798986
$G -86.6 +, ?=+ @ 5.66O3+: 9265+7684 8 2792-8<>. 9+ =,8 .= 9=86 -.186 /G62-86 W 6 3+N+6B 86 14S6
-.186 /G62-86 5.9+, 6+4 .,212986 78:26+ =, 9+6+7;. 86 14S6 -.186 /G62-86 98 5+<8

+61+ 9+6+7;. 1@-72-. 7>. +61>. 2792-8986 86 -.186 9+D -.,542,+71.B :84E=48 + 8:1=48 6686
-.186 A2-8, 9+1+4,278986 27924+18,+71+ 5+:86 -.186 9+ 18,87;. + 9+ :.-8:2N8<>. 9.6 +:+,+71.6

34
 6 ,+92986 2792-8986 7+61+ 9+6+7;. 1@-72-. 6>.D 482. 98 5841+ 844+9.79898 4+54+6+7189. 78
32618 A4.718:D ,,Q :.-8:2N8<>. 9. -+714. 98 5841+ 844+9.79898 +, 4+:8<>. P /86+D ,,Q
92V,+14. 9. A=4. ,82.4D ,,Q 8:1=48 98 /86+D ,, 9261V7-28 +714+ .6 -+714.6 9.6 A=4.6
,+7.4+6D ,,Q 92V,+14. 9.6 A=4.6 ,+7.4+6D ,,Q 482.6 986 5841+6 844+9.7986
4+54+6+718986 78 32618 6=5+42.4D ,,
6 -.186 /G62-86 7>. 8584+-+, 2792-8986 5.4?=+ 854+6+718, ,+7.4 271+4+66+ 5848 271+454+18<>.
9. 9+6+7;. 86B @ 7+-+66G42. 68/+4 +7-.714G :86 5848 92,+762.784 -.44+18,+71+ 8 ,81@428
542,8 ?=+ 6+4G +,54+E898 78 +F+-=<>. 98 5+<8

! "%

-.18E+, 9.6 +:+,+71.6 [email protected] @ A+218

5.4 ,+2. 98 ,+9298 9+ 6+=6 92V,+14.6 .=
9+ 6+=6 482.6 U+08 =, +F+,5:. 9+ +:+,+71. ESC 1:1
[email protected] +, 32618 I72-8

.1+ ?=+B 7. 9+6+7;. [email protected] 8584+-+, . 6O,/.:. 2792-8123. 9+ 92V,+14. + 8 58:8348 I

8/4+32898 J "K 6O,/.:. L + 8 58:8348 / 8584+-+, 276-421.6 871+6 98 -.18B 6./4+ 8 :27;8 9+
-;8,898 +61+ +F+,5:.B . 92V,+14. +6A@42-. @ 9+ ,,
:+,+71.6 [email protected] 18,/@, 5.9+, 6+4 -.189.6 5+:8 ,+9298 9+ 6+=6 482.6 U+08 =, +F+,5:.B 8
6+E=24

618 5+<8B 4+54+6+71898 +, -.41+B 1+, 9.26 +:+,+71.6 [email protected] 6 -.186 !< + !!, 2792-8, .6
482.6 9.6 +:+,+71.6 [email protected] :27;8 9+ -.18 9. 482. ,82.4 98 5+<8 +61G 27-.,5:+18 66.
5.4?=+ . -+714. 9. +:+,+71. +6A@42-. 7>. +61G 9+1+4,2789. 7. 9+6+7;. 2792-8<>. 9+ ?=+ 6+
14818, 9+ +:+,+71.6 [email protected] @ 9898 5+:8 :+148 + 5+:8 58:8348 8/4+32898 / 8. :89. 98 -.18
8/4+3281=48 / 6+,54+ 8584+-+ 78 -.18E+, 9+ +:+,+71.6 [email protected]

! '

W 6 3+N+6B .6 +:+,+71.6 4+54+6+7189.6 7. 9+6+7;. 1@-72-. 6>. ,=21. 5+?=+7.6 + . +658<. 5848
2792-8<>. 98 -.18E+, @ ,=21. 4+9=N29. +61+6 -86.6B @ 2,5.66O3+: 4+54+6+7184 86 -.186 98
,87+248 7.4,8: 662,B 86 :27;86 9+ -.18 9+3+, 8584+-+4 A.48 9.6 +658<.6

35
 .1+ ?=+ 86 :27;86 9+ -.18 6>. 271+4:2E8986 5.4 :27;86 -.71O7=86 +614+2186 6 6+186 786
+F14+,2989+6 986 :27;86 9+ -.18 1.-8, 86 :27;86 8=F2:284+6 9+ -.18 TGB 86 -.186 5.9+, 6+4
2792-8986 9+714. 9.6 +658<.6B ?=879. -.=/+4+,B .= A.48B 5848 A8-2:2184 8 326=8:2N8<>.
U+08 =, .=14. -86. +65+-28: 9+ -.18E+, +, +658<. 4+9=N29. =879. . +658<. 7>. 5+4,21+
4+54+6+7184 86 9=86 6+186 ?=+ 2792-8, .6 :2,21+6 98 -.18B 86 6+186 5.9+, 6+4 6=/6121=O986 5+:.
148<. ./:O?=.B -.,. 7.6 9+6+7;.6 8/82F.

. 9+6+7;. 98 +6?=+498B 8 -.18 ) 4+A+4+ 6+ P :.-8:2N8<>. 9. -878: + 8 -.18 # 4+A+4+ 6+ 8.

-.,542,+71. 9. -878: . 9+6+7;. 98 924+218 8 -.18 # 4+A+4+ 6+ 8 54.A=792989+ 98 5841+ ,826
+614+218 9. 486E.B 8 -.18 ) 4+A+4+ 6+ P 54.A=792989+ 98 5841+ ,826 :84E8 9. 486E.Q 8 -.18 !>,
4+A+4+ 6+ 8. -.,542,+71. 98 5841+ +614+218 9. 486E. + 8 -.18 ! 4+A+4+ 6+ P 54.A=792989+ 9.
486E. 27A+42.4

! (

=879. . 92V,+14. A.4 ,=21. 5+?=+7.B 5848 ,82.4 -:84+N8 9. 9+6+7;.B 86 -.186 6>. 2792-8986
A.48 98 5841+ -24-=:84

. A=4. 9+ . 9+ 92V,+14. 86 6+186 A.48, 2792-8986 :2,21879. 86 :27;86 8=F2:284+6 5.4 A.48 +
8 -.18 A.2 +6-4218 7. 54.:.7E8,+71. 98 :27;8 9+ -.18 . A=4. 9+ 92V,+14. *B 8 -.18 3+,
8-.,587;898 9. 6O,/.:. 2792-8123. 9+ 92V,+14. 66. 8-.71+-+ 5.4?=+ 8 -.18 +61G 6./4+ =,8
:27;8 9+ -;8,898 =879. 86 -.186 9+ 92V,+14.6 3S, 2792-8986 6./4+ :27;86 9+ -;8,898B .
6O,/.:. 2792-8123. 9+ 92V,+14. @ 6+,54+ 7+-+66G42.

! !

:+,+71.6 +658<89.6 2E=8:,+71+ 6>. 8?=+:+6 ?=+ A2-8, 8 =,8 ,+6,8 9261V7-28 =76 9.6 .=14.6B
926142/=O9.6 78 5+<8 9+ ,87+248 =72A.4,+
4@E=8 -., A=4.6 + . 926-. -., A=4.6B 4+54+6+7189.6 8 6+E=24B 6>. +F+,5:.6 9+ 5+<86 -.,
+:+,+71.6 +658<89.6 2E=8:,+71+

36
 /6+43+ ?=+ 8 9261V7-28 -+714. 8 -+714.B +714+ 9.26 A=4.6 -.76+-=123.6B @ 6+,54+ 2E=8:
. -86. 98 4@E=8B .79+ 8 -.18E+, @ A+218 5.4 -.186 :27+84+6B +618 9261V7-28 @ 9+ ,, . -86.
9. 926-.B 8 -.18E+, @ 87E=:84 + 8 9261V7-28 +714+ .6 -+714.6 9.6 A=4.6 @ 9+ L
-.18E+, 9+ +:+,+71.6 +658<89.6 2E=8:,+71+ 5.9+ 6+4 A+218 9+ ,87+248 62,5:2A2-898
/6+43+ 8 4@E=8 -., A=4.6 -., -.18E+, 7.4,8:

-+714. 9. 542,+24. A=4. +61G :.-8:2N89. 8 ,, 98 A8-+ +6?=+498 98 5+<8 6 9+,826 A=4.6
+61>. 926142/=O9.6 =72A.4,+,+71+B 8 =,8 9261V7-28 9+ ,, =, 9. .=14. U+08 8 ,+6,8 5+<8
-., -.18E+, 62,5:2A2-898D

. 273@6 9+ -.184 A=4. 8 A=4.B -.:.-879. , -.186B -.18,.6 85+786 8 9261V7-28 9. -+714. 9.
542,+24. A=4. 8. -+714. 9. I:12,. A=4.B ?=+ -.44+65.79+ 8 ,, 61+ 38:.4 3+, 2792-89. +714+
584S71+6+6D J.8K 71+6 9.6 584S71+6+6 A.2 2792-89. Z ?=+ 62E72A2-8 -27-. 3+N+6 8 9261V7-28
9+ ,, 618 @ 8 9261V7-28 -.761871+ 9.6 , +658<.6 +F261+71+6 +714+ .6 . A=4.6
4+54+6+718<>. 9.6 A=4.6B ?=+ 6>. 5 3 B 18,/@, 5.9+ 6+4 62,5:2A2-898D
5.9+,.6 .,2124 .6 A=4.6 271+4,+92G42.6 ./4+ =, 9.6 A=4.6 4+54+6+7189.6B 2792-8,.6 8
7.18<>.D . E L ,B 6./4+ =,8 :27;8 9+ -;8,898 618 7.18<>. 2792-8 ?=+ 8 5+<8 -.71@, . A=4.6
9+ , 9+ 92V,+14. -.18 !# +714+ . 542,+24. + . 6+E=79. A=4.6 A.2 +6-4218 5848 9+2F84 -:84.
?=+ 8 9261V7-28 9+ -+714. 8 -+714. 9+ A=4. @ 2E=8: 8 ,,

37
 +<86 -24-=:84+6 -., +:+,+71.6 926142/=O9.6 9+ ,.9. =72A.4,+ 18,/@, 5.9+, 1+4 8 -.18E+,
87E=:84 62,5:2A2-898 848 +71+79+4 /+, +61+ 866=71.B +F8,27+ 542,+24. 8 -.18E+, -.,5:+18 9.
926-. -., A=4.6 +, 32618 I72-8

-.18 .8M 8584+-+ 4+5+1298 6+26 3+N+6B 2792-879. ?=+ 8

9261V7-28 +714+ .6 -+714.6 9+ 9.26 A=4.6 -.76+-=123.6 @
6+,54+ 8 ,+6,8

E.48 3+08 8 ,+6,8 5+<8 -., -.18E+, 62,5:2A2-898

5+786 9.26 A=4.6 A.48, 4+54+6+7189.6 86B 86 7.18<C+6 6./4+ 8 :27;8 9+ -;8,898 2792-8, ?=+
8 5+<8 1+, A=4.6 9+ ,, 9+ 92V,+14.B 926187-289.6 +714+ 62 9+ L -.18 +714+ 584S71+6+6D
7).8M = -.44+65.79+ P 6.,8 9.6 V7E=:.6 +714+ .6 A=4.6

) !

6 5+<86 4+54+6+718986 -., +7-=418,+71. 9+3+, 6+4 -.18986 -.,. 7. +F+,5:. 8 6+E=24D

,/.48 =,8 5841+ 98 5+<8 1+7;8 629. 6=542,298 9. 9+6+7;.B 8 -.18E+, @ 2792-898 -.,. 6+ 8
5+<8 +6123+66+ 271+248 6 -.186 4+:812386 8. -.,542,+71. 98 5+<8 + 9+ 6=86 5841+6 8584+-+,
2792-8986 7.4,8:,+71+B 6+, ?=8:?=+4 271+44=5<>.
78:26879. . 9+6+7;. -., +7-=418,+71. -.189.B A2-8,.6 68/+79. ?=+D 8 5+<8 1+, ),8 ,, 9+
-.,542,+71.Q 8 5841+ 5426,G12-8 1+, )88 ,, 9+ -.,542,+71.Q 86 5841+6 -2:O7942-86 1S, #, ,,
9+ -.,542,+71.Q . 92V,+14. 98 5841+ -2:O7942-8 @ )8 ,,Q + 8 5841+ 5426,G12-8 1+, 8 A.4,8
?=89487E=:84B -., )* ,, 9+ :89.
W 6 3+N+6B 8 5841+ +7-=41898 854+6+718 +:+,+71.6 4+5+12123.6 +66+6 -86.6B 8 -.18E+, 1+, 9+
6+4 A+218 -.,. 6+E=+

38
 618 5+<8 854+6+718 +:+,+71.6 4+5+12123.6 78 5841+ +7-=41898 UG42.6 A=4.6B :.-8:2N89.6 78
5841+ +7-=41898B 4 A.48, 4+54+6+7189.6 86B 8 ?=8712989+ 9+ A=4.6 98 5+<8 3+, 2792-898
6./4+ 8 :27;8 9+ -;8,898 ?=+ 1.-8 . -.71.47. 9. A=4.
7.18<>. #8 E L . 2792-8 ?=+ 8 5+<8 1+, A=4.6 -., ,, 9+ 92V,+14. .76+?[+71+,+71+B 8
5+<8 1+, +658<8,+71.6 +714+ .6 A=4.6 % . ?=+ 7.6 27A.4,8 8 -.18 !; E !< 7)*#=B .79+ !;
4+54+6+718 . 7I,+4. 9+ +658<8,+71.6 +714+ .6 A=4.6Q !< 4+54+6+718 8 9261V7-28 9. -+714. 9+
=, A=4. 8. -+714. 9+ .=14. A=4. -.76+-=123. + )*# 4+54+6+718 8 9261V7-28 1.18: 9. -+714. 9.
542,+24. A=4. 8. -+714. 9. I:12,. A=4. -.18 !< 8584+-+ 4+5+1298 +714+ . 542,+24. + . 6+E=79.
A=4.6 5848 9+2F84 -:84. . 38:.4 98 9261V7-28 +714+ .6 A=4.6 -.18 !, 2792-8 8 :.-8:2N8<>. 9.
542,+24. A=4.B +, 4+:8<>. P A8-+ +6?=+498 98 5+<8 5+684 9. +7-=418,+71.B 1.986 86 -.186
4+A+4+, 6+ 8.6 38:.4+6 4+826 986 ,+92986 98 5+<8
$G 5+<86 ?=+ 6>. 4+54+6+718986 -., +7-=418,+71. + @4 /6+43+ 8 5+<8 4+54+6+71898 +,
32618 I72-8B 8 6+E=24 :8 854+6+718 =, +7-=418,+71. + =,8 6+<>. 6+<>. +61G 4+54+6+71898
9+714. 98 32618 + ,.6148 . 5+4A2: 98 5841+ +7-=41898

-.18 . 2792-8 8 +65+66=48 98 6+<>.B ?=+ @ 8 ,+6,8 98 5+<8 6 .=1486 ,+92986 98 5+<8 6>.D
-.,542,+71. \ ,,Q 8:1=48 \ ,,Q -.,542,+71. 98 5841+ ?=+ 6.A4+= +7-=418,+71. \
,,Q 92V,+14. 9.6 A=4.6 \ ,,Q :.-8:2N8<>. 9.6 A=4.6 \ ,,Q 18,87;. 9. -;87A4. \ F
L
=879. 8 6+<>. @ 4+54+6+71898 271+44.,5+79. . +7-=418,+71.B 6=8 -.18E+, @ A+218 98 ,+6,8
,87+248

+61+ +F+,5:.B 8 -.18 4+A+4+ 6+ P :84E=48 98 6+<>.

=879. 8 5+<8 1+, A8-+6 .= +:+,+71.6 ./:O?=.6B . 80=61+ 9. 9265.62123. =689. 5848 +F+-=184 =,8
6=5+4AO-2+ ./:O?=8 9+5+79+ 9. A @4 9+618 6=5+4AO-2+ ( 7E=:. 9+ 27-:278<>. @ .
V7E=:. A.4,89. 5+:. +7-.714. 98 6=5+4AO-2+ ./:O?=8 -., =, 5:87. 5848:+:. 8. 5:87. 98 /86+ 98
5+<8

39
 -898 V7E=:. 9+ 27-:278<>. -.44+65.79+ =,8 @4 @4 B ?=+ 3+, 2792-898 7.6
9+6+7;.6 [email protected] 9+ 5+<86 ./:O?=86 5+:8 58:8348 @4 6+E=298 9+ 7=,+4826
87+248 9+ 4+54+6+7184 8 4+:8<>. 9+ 27-:278<>.

+61+ +F+,5:.B 8 4+:8<>. 9+ 27-:278<>. @ 9+ !J,B ?=+

6+ :SD =, 5.4 -27-. 618 4+:8<>. 2792-8 ?=+ 8 -898
,, 9. -.,542,+71. 98 5+<8B 8 8:1=48 A.2 92,27=O98
+, ,,

,+9298 98 8:1=48 ,82.4 98 5+<8 @ ,, + 8 98 8:1=48 ,+7.4 @ ,,

*2< 2! " B ? 3 @4
4+:8<>. 9+ 27-:278<>. 5.9+ 6+4 4+54+6+71898 9+ ,87+248 62,/M:2-8B 5+:. 6+E=271+ 6O,/.:.D

. 9+6+7;. 1@-72-. . 6O,/.:. @ .42+7189. 9+ 8-.49. -., 8 5.62<>. 98

27-:278<>. 98 5+<8

40
 .1+ ?=+ . 6O,/.:. 6=/6121=2 8 58:8348 27-:278<>. 4+54+6+718<>. 62,/M:2-8

!J!8 62E72A2-8 @4 !J!8

4+:8<>. 9+ 27-:278<>. 5.9+ 6+4 +F54+668B 18,/@,B +, 5.4-+718E+, 662,B =,8 27-:278<>. 9+
D @ . ,+6,. ?=+ =,8 27-:278<>. 9+ ] U+08B 7. 9+6+7;. 8/82F.B 8 4+54+6+718<>.
-.44+65.79+71+

! * *

, 9+6+7;.6 [email protected] 9+ 5+<86 -^72-86 .= -., +:+,+71.6 -^72-.6B 8 @4 9+3+

+6184 2792-898B -.,. 7. 9+6+7;. 8 6+E=24

4+:8<>. 9+ -.72-2989+ 3+, 2792-898 5+:8 58:8348 B 6+E=298 9+ 7=,+4826B 6./4+ =,8
:27;8 9+ -;8,898
7=,+48: ?=+ 3+, 871+6 9.6 9.26 5.71.6 @ 6+,54+ ! . +F+,5:.B 8 4+:8<>. 9+ -.72-2989+ @
!J#8B ?=+ 6+ :SD 5 3 , 9+6+7;. 1@-72-. -., 2792-8<>. 9+ -.72-2989+B 85+786 .
92V,+14. ,82.4 8584+-+ -.189.

*2; 2! " B ? 3

6O,/.:. 2792-8123. 9+ -.72-2989+ 1+, 8 6+E=271+ A.4,8D

5.62<>. 9. 6O,/.:.B 7. 9+6+7;. [email protected] 9+5+79+ 98 27-:278<>. 98 5841+ -^72-8

41
 4+54+6+718<>. 62,/M:2-8 D 62E72A2-8 -.72-2989+ =, 5.4 -27-. 6O,/.:. 6=/6121=2 8 58:8348
-.72-2989+

A @4 5 @ N
-898 4+:8<>. 9+ -.72-2989+ -.44+65.79+ =, 9+1+4,2789. A @4
V7E=:. 9+ 27-:278<>. +?[238:+ P ,+189+ 9. V7E=:. 9. -.7+
. +F+,5:. 8. :89.B . V7E=:. 9. -.7+ @ L + . V7E=:. 9+ 27-:278<>. @ L

8 54G12-8B 8 2792-8<>. 98 -.18 9. V7E=:. 9. -.7+ @ 9265+76G3+: TG 8 29+712A2-8<>. 9. V7E=:. 9+

27-:278<>. @ 7+-+66G428 5848 80=6184 8 5.62<>. 986 A+448,+7186 ?=+ +F+-=18, 8 27-:278<>. 98
5+<8 =879.B 7. 9+6+7;. [email protected] 3+, 2792-898 8 4+:8<>. 9+ -.72-2989+B @ 7+-+66G42. 54.-=484B
7=,8 18/+:8 854.542898B . V7E=:. 9+ 27-:278<>. -.44+65.79+71+

, " - ( (-

% ,=21. 92AO-2: +F+-=184 5+<86 -., 86 ,+92986 42E.4.68,+71+ +F8186 5.4?=+ 1.9. 54.-+66. 9+
A8/42-8<>. +61G 6=0+21. 8 2,54+-26C+6 +,54+ 8-.71+-+, 3 @K .= 3 986 -.186
2792-8986 7. 9+6+7;. 714+1871.B @ 7+-+66G42. ?=+ 5+<86 6+,+:;871+6B 1.,8986 8. 8-86.B 6+08,
? O3 B 261. @B 5.668, 6+4 6=/6121=O986 +714+ 62B 6+, ?=+ ;808 7+-+662989+ 9+ 4+584.6 +
80=61+6 54G12-8 1+, 9+,.761489. ?=+ 86 ,+92986 986 5+<86 5.9+, 384284B
B 5848 ,826 .= 5848 ,+7.6B 6+, ?=+ 261. 54+0=92?=+ 8 C 66+6 3 O3
786 ,+92986 986 5+<86 -848-1+42N8, . ?=+ -;8,8,.6 9+ B ?=+ @ . 866=71.
?=+ 3.-S 382 854+79+4 7+618 8=:8
6 1.:+4V7-286 3S, 2792-8986B 7.6 9+6+7;.6 [email protected] 5.4 38:.4+6 + 6O,/.:.6 854.54289.6 .4
266.B 3.-S 9+3+ 29+712A2-84 +668 62,/.:.E28 + 18,/@, 6+4 -858N 9+ 271+454+184 .6 E4GA2-.6 + 86
18/+:86 -.44+65.79+71+6
6 5+<86B +, E+48:B 7>. A=7-2.78, 26.:898,+71+ :86 148/8:;8, 866.-28986 8 .=1486 5+<86B
A.4,879. D ?=+ 9+6+,5+7;8, A=7<C+6 9+1+4,278986

42
 =, -.70=71.B 86 5+<86 6+ 80=618,B 261. @B 6+ +7-82F8, =,86 786 .=1486 9+ 92A+4+71+6 ,87+2486
+ 3.-S 18,/@, 382 854+79+4 8 4+-.7;+-+4 .6 125.6 9+ 80=61+6 5.66O3+26 +714+ 5+<86 9+ -.70=71.6
,+-V72-.6
. 4862:B . 6261+,8 9+ 1.:+4V7-286 4+-.,+7989. 5+:8 6+E=+ 86 7.4,86 271+478-2.7826
J 71+47812.78: 4E872N812.7 ".4 18798492N812.7 K ./6+43V7-28 9+6686 7.4,86B 1871. 7.
5:87+08,+71. 9. 54.0+1. -.,. 78 +F+-=<>. 98 5+<8B @ +66+7-28: 5848 8=,+7184 8 54.9=1232989+
98 279I61428 78-2.78: + 5848 1.4784 . 54.9=1. /4862:+24. -.,5+12123. +, -.,5848<>. -., 6+=6
62,2:84+6 +61487E+24.6

% (

6 -.186 2792-8986 7. 9+6+7;. 1@-72-. 6>. -;8,8986 9+ K % 2,5.66O3+:

+F+-=184 86 5+<86 -., .6 38:.4+6 +F81.6 9+6686 92,+76C+6 5.4?=+ 3G42.6 A81.4+6 271+4A+4+, 7.
54.-+66. 9+ 54.9=<>.B 1826 -.,. 2,5+4A+2<C+6 9.6 27614=,+71.6 9+ ,+92<>. + 986 ,G?=2786B
9+A.4,8<C+6 9. ,81+428: + A8:;86 9. .5+489.4 71>.B 54.-=48 6+ 9+1+4,2784 3 B 9+714.
9.6 ?=826 8 5+<8 5.668 A=7-2.784 -.44+18,+71+ 66+6 9+632.6 6>. -;8,89.6 9+ I 2

,2!2! " (I
6 8A8618,+71.6 6>. 9+632.6 8-+21G3+26 986 92,+76C+6 7.,27826B 5848 ,826 .= ,+7.6B ?=+
5+4,21+, 8 +F+-=<>. 98 5+<8 6+, 54+0=ON. 5848 6+= A=7-2.78,+71. + 271+4-8,/28/2:2989+ :+6
5.9+, 6+4 2792-89.6 7. 9+6+7;. 1@-72-. -.,. ,.6148 8 2:=6148<>. 8 6+E=24D

+61+ +F+,5:.B 8 92,+76>. 7.,278: 9. 92V,+14. 9. 527. @ #8 6 8A8618,+71.6 6>.D P

8>#< J3271+ + .21. -+71@62,.6 9+ ,2:O,+14.K + P 8>!< J9+N.21. -+71@62,.6 9+ ,2:O,+14.K
6278: P J,826K 2792-8 ?=+ .6 8A8618,+71.6 6>. 5.62123.6B 261. @B ?=+ 86 38428<C+6 98 92,+76>.
7.,278: 6>. 5848 38:.4+6 ,82.4+6
8A8618,+71. 9+ ,82.4 38:.4 J B ,,B 7. +F+,5:.K @ -;8,89. 9+ I 5 Q . 9+
,+7.4 38:.4 J B ,,K @ -;8,89. 9+ I I 871. =, ?=871. .=14. 2792-8, .6
:2,21+6 OE + B 98 92,+76>. 4+8: 98 5+<8
.,879. . 8A8618,+71. 6=5+42.4 P 92,+76>. 7.,278: ./1+,.6 8 4 OE B 261. @B 8
,82.4 ,+9298 8-+21G3+: 98 -.18 9+5.26 9+ +F+-=1898 8 5+<8 71>.B 7. +F+,5:. 989.B 8 92,+76>.
,GF2,8 9. 92V,+14. -.44+65.79+ 8D ,, _ B ,, \ #8>#< 2
.,879. . 8A8618,+71. 27A+42.4 P 92,+76>. 7.,278: ./1+,.6 8 4 B > 261. @B 8
,+9298 ?=+ 8 -.18 5.9+ 1+4 9+5.26 9+ A8/42-898 . ,+6,. +F+,5:.B 8 92,+76>. ,O72,8 @ 2E=8: 8
,, _ B ,,B .= 6+08B #8>!<
662,B .6 38:.4+6D B ,, + B ,, -.44+65.79+, 8.6 :2,21+6 ,GF2,. + ,O72,. 98 92,+76>.
9. 92V,+14. 98 5+<8

43
 +5.26 9+ +F+-=189.B . 92V,+14. 98 5+<8 5.9+ 1+4 ?=8:?=+4 38:.4 9+714. 9+66+6 9.26 :2,21+6
92,+76>. +7-.714898B 9+5.26 9+ +F+-=1898 8 5+<8B @ 8 4 I 3 .= Q +:8 9+3+
+6184 9+714. 9.6 :2,21+6 98 4 OE + 98 4 B
=879. .6 9.26 8A8618,+71.6 6>. 5.62123.6B 8 92,+76>. +A+1238 98 5+<8 @ 6+,54+ ?=+ 8
92,+76>. 7.,278: 714+1871.B ;G -86.6 +, ?=+ 8 -.18 854+6+718 9.26 8A8618,+71.6 7+E8123.6B .=
6+08B 86 9=86 38428<C+6 +, 4+:8<>. P 92,+76>. 7.,278: 6>. 5848 ,+7.4B -.,. 7. 54MF2,. +F+,5:.

-.18 L !. 854+6+718 9.26 8A8618,+71.6 -., 6278: " J,+7.6KB . ?=+ 2792-8 ?=+ .6 8A8618,+71.6
6>. 7+E8123.6D " 8>#8 + " 8>*! =879. 266. 8-.71+-+B . 8A8618,+71. 6=5+42.4 -.44+65.79+ 8.
9+ 38:.4 7=,@42-. 8/6.:=1. . +F+,5:.B . 38:.4 8>#8 @ ,+7.4 ?=+ 8>*!Q :.E.B .
8A8618,+71. " 8>#8 -.44+65.79+ 8. 8A8618,+71. 6=5+42.4 + " 8>*! -.44+65.79+ 8.
8A8618,+71. 27A+42.4
848 68/+4 ?=8: 8 4 OE ?=+ 8 -.18 5.9+ 1+4 /8618 ? . 8A8618,+71. 6=5+42.4
98 92,+76>. 7.,278: . +F+,5:.D !.>88 " 8>#8 Q !,>< 8 848 ./1+4 8 4 B 3.-S
9+3+ 6=/14824 . 8A8618,+71. 27A+42.4 98 92,+76>. 7.,278: 71>.D !.>88 " 8>*! Q !,>,;
92,+76>. +A+1238 9+61+ 92V,+14. 5.9+B 5.41871.B 384284 9+714. 9+66+6 9.26 :2,21+6B .= 6+08B
+714+ B ,, + B ,, +61+ -86.B 9+ 9.26 8A8618,+71.6 7+E8123.6B 8 92,+76>. +A+1238 98
-.18 6+4G 6+,54+ ,+7.4 ?=+ 8 92,+76>. 7.,278:

$G -86.6 +, ?=+ .6 9.26 8A8618,+71.6

1S, 6+7129.6 92A+4+71+6B 261. @B =, @
5.62123. + . .=14. @ 7+E8123. U+08D

=879. 266. 8-.71+-+B . 8A8618,+71. 5 3 6+,54+ -.44+65.79+ 8. 8A8618,+71. 5 +.

8A8618,+71. A 3 -.44+65.79+ 8. 8A8618,+71. I

=,8 ,+6,8 5+<8B 86 -.186 5.9+, 324 8-.,587;8986 9+ 92A+4+71+6 8A8618,+71.6B 9+ 8-.49.
-., 86 7+-+662989+6 A=7-2.7826 9+ -898 5841+ 78:26+ . 9+6+7;. 1@-72-. 9. 527. -., 4+/82F.B 8.
:89. +5.26B 271+454+1+ 86 -.186 5+92986

44
,2!2# "
.:+4V7-28 @ 8 3 @4 +714+ 8 92,+76>. ,GF2,8 + 8 92,+76>. ,O72,8 848 ./1S :8B -8:-=:8,.6 8
92A+4+7<8 +714+ =,8 + .=148 92,+76>. -.,587;+ . -G:-=:. 98 1.:+4V7-28B 7. 54MF2,. +F+,5:.D

2,+76>. ,GF2,8 2,+76>. ,O72,8

B B
_ B _ B
B B
G:-=:. 98 1.:+4V7-28 2,+76>. ,GF2,8D B
D 2,+76>. ,O72,8D B
.:+4V7-28D B

8 -.18 20 ++0,15
0,28 B 8 1.:+4V7-28 @ 8>!) J14+N+ -+71@62,.6 9+ ,2:O,+14.K
1.:+4V7-28 5.9+ 6+4 4+54+6+71898 E48A2-8,+71+

+668 4+54+6+718<>.B .6 38:.4+6 9.6 8A8618,+71.6 +61>. +F8E+489.6 +F8E+4. 1+, 5.4
A278:2989+ A8-2:2184 8 326=8:2N8<>. 9. 5 > ?=+ @ . -.70=71. 9.6 38:.4+6
-.,54++7929.6 +714+ . 8A8618,+71. 6=5+42.4 + . 8A8618,+71. 27A+42.4Q -.44+65.79+ 8. 271+438:.
?=+ 382 98 92,+76>. ,O72,8 P 92,+76>. ,GF2,8
=8:?=+4 92,+76>. +A+1238 +714+ .6 8A8618,+71.6 6=5+42.4 + 27A+42.4B 27-:=623+ 8 92,+76>.
,GF2,8 + 8 92,+76>. ,O72,8B +61G 9+714. 9. -8,5. 9+ 1.:+4V7-28
6 1.:+4V7-286 9+ 5+<86 ?=+ A=7-2.78, +, -.70=71. 9+5+79+, 98 A=7<>. ?=+ +6186 5+<86 3>.
+F+4-+4 .7A.4,+ 8 A=7<>.B =, 125. 9+ 80=61+ @ 7+-+66G42.

,2!2) " (D
848 +71+79+4 . ?=+ 6>. 80=61+6 54+-268,.6 871+6 68/+4 . ?=+ 6>. +2F.6 + A=4.6 9+ 5+<86
=879. A8:8,.6 +, 80=61+6B E @ . 7.,+ E+7@42-. 989. 8 ?=8:?=+4 5+<8B .= 5841+ 9+ 5+<8B ?=+
A=7-2.78 8:.0898 +, .=148 , E+48:B 8 6=5+4AO-2+ +F1+478 9+ =, +2F. 148/8:;8 8-.5:898B 261. @B
=7298 P 6=5+4AO-2+ 271+478 9+ =, A=4. U+08B 8 6+E=24B =, +2F. + =,8 /=-;8 /6+43+ ?=+ 8 /=-;8
+61G +, -.41+ 5848 ,.61484 6+= 271+42.4 ?=+ @ =, A=4.

2F.6 + A=4.6 9+ A.4,86 38428986 5.9+, A=7-2.784 80=6189.6 +714+ 62 +5+79+79. 98 A=7<>. 9.
+2F.B +F261+, 3G4286 -:866+6 9+ 80=61+6 + . +2F. 6+ +7-82F8 7. A=4. 9+ ,.9. 8 9+6:2N84 .= E2484
:234+,+71+B 1+,.6 =, D I A 2

45
 =879. . +2F. 6+ +7-82F8 7. A=4. -., -+41. +6A.4<.B 9+ ,.9. 8 A2-84 A2F.B 1+,.6 =, D
I R

F261+, 621=8<C+6 271+4,+92G4286 +, ?=+ . +2F. 5.9+ 6+ +7-82F84 7. A=4. -., A.:E8 .= -.,
271+4A+4S7-28B 9+5+79+79. 986 6=86 92,+76C+6 +A+12386 % . ?=+ -;8,8,.6 9+ D

, E+48:B +2F.6 + A=4.6 ?=+ 6+ +7-82F8, 1S, 8 92,+76>. 7.,278: ?=+ 38428 @ . -8,5.
9+ 1.:+4V7-28 9+6686 5+<86
125. 9+ 80=61+ +714+ =, A=4. + =, +2F. 9+5+79+ 9.6 8A8618,+71.6 9+1+4,2789.6 6+E=24B
3.-S 382 +61=984 -898 -:866+ 9+ 80=61+ ,826 9+18:;898,+71+

(D I A
=879. . 8A8618,+71. 6=5+42.4 9. +2F. @ ,+7.4 .= 2E=8: 8. 8A8618,+71. 27A+42.4 9. A=4.B 1+,.6
=, D I A

6 92V,+14.6 9. A=4. + 9. +2F. 1S, 8 ,+6,8 92,+76>. 7.,278:D ,, 8A8618,+71. 6=5+42.4

9. +2F. @ " 8>#8Q 8 92,+76>. ,GF2,8 9. E @D ,, B ,, \ #*>< 8 S 92,+76>.
,O72,8 9. A=4. @D B ,, B ,, \ #,>88
.41871.B 8 92,+76>. ,GF2,8 9. +2F. J B ,,K @ ?=+ 8 92,+76>. ,O72,8 9. A=4. J B
,,K . ?=+ -848-1+42N8 =, D I A 2 848 ./1+4 8 A.:E8B /8618 6=/14824 8 92,+76>. 9.
+2F. 98 92,+76>. 9. A=4. +61+ +F+,5:.B 8 A.:E8 @ B ,, B ,, \ 8>#8

(D I R
+61+ 125. 9+ 80=61+ . 8A8618,+71. 6=5+42.4 9. A=4. @ ,+7.4 .= 2E=8: 8. 8A8618,+71. 27A+42.4
9. +2F.
8 -.18 9. A=4. 25 0+0,21 B . 8A8618,+71. 6=5+42.4 @ P 8>#!Q 78 -.18 9. +2F.D 25 +0,28
+0,41
B.
8A8618,+71. 27A+42.4 @ P 8>#< .41871.B . 542,+24. ?=+ . 6+E=79.B -.7A24,879. ?=+ 6+
14818 9+ =, 80=61+ -., 271+4A+4S7-28

46
 848 ./1+4 . 38:.4 98 271+4A+4S7-28B /8618 -8:-=:84 8 92A+4+7<8 +714+ 8 92,+76>. +A+1238 9. +2F.
+ 8 92,+76>. +A+1238 9. A=4. ,8E27+ ?=+ 8 5+<8 54.718 A2-.= -., 86 6+E=271+6 ,+92986
+A+12386D 92V,+14. 9. +2F. 2E=8: 8 B ,, + 92V,+14. 9. A=4. 2E=8: 8 B ,, 271+4A+4S7-28
-.44+65.79+ 8D B ,, B ,, \ 8>89 .,. . 92V,+14. 9. +2F. @ ,82.4 ?=+ . 92V,+14.
9. A=4.B +6186 9=86 5+<86 6+4>. 8-.5:8986 6./ 54+66>.

(D
% . 80=61+ 271+4,+92G42. +714+ . 80=61+ -., A.:E8 + . 80=61+ -., 271+4A+4S7-28 +61+ -86.B .
8A8618,+71. 6=5+42.4 9. +2F. @ ,82.4 ?=+ . 8A8618,+71. 27A+42.4 9. A=4.B + . 8A8618,+71.
6=5+42.4 9. A=4. @ ,82.4 ?=+ . 8A8618,+71. 27A+42.4 9. +2F. -.,587;+ . 54MF2,. +F+,5:. -.,
/861871+ 81+7<>.

.,584+D . 8A8618,+71. 6=5+42.4 9. +2F. J_ B K @ ?=+ . 8A8618,+71. 27A+42.4 9. A=4.

J B K + . 8A8618,+71. 6=5+42.4 9. A=4. J_ B K @ ?=+ . 8A8618,+71. 27A+42.4 9. +2F. J_
B K .E.B +618,.6 A8:879. 9+ =, D
61+ 7.,+ +61G :2E89. 8. A81. 9+ ?=+ 7>. 68/+,.6B 9+ 871+,>.B 6+ 86 5+<86 8-.5:8986 3>. 6+4
80=618986 -., A.:E8 .= -., 271+4A+4S7-28 66. 382 9+5+79+4 986 92,+76C+6 +A+12386 9. +2F. +
9. A=4.

,2!2* " D (1 :
6 1.:+4V7-286 7>. 6>. +6-.:;2986 8. 8-86. , B +712989+6 271+478-2.7826 .4E872N848, =,
6261+,8 7.4,8:2N89. ?=+ 8-8/.= 6+79. 89.189. 7. 4862: 5+:8 D.
D (1 : J K
6261+,8 -.76261+ 7=, -.70=71. 9+ 5427-O52.6B 4+E486 + 18/+:86 ?=+ 5.662/2:218 8 +6-.:;8
48-2.78: 9+ 1.:+4V7-286 + 80=61+6 9+ ,.9. 8 1.4784 ,826 +-.7^,2-8 8 54.9=<>. 9+ 5+<86
,+-V72-86 271+4-8,/2G3+26 61+ 6261+,8 A.2 +61=989.B 272-28:,+71+B 5848 8 54.9=<>. 9+ 5+<86
,+-V72-86 -., 81@ ,, 9+ 92V,+14.Q 9+5.26B A.2 8,5:289. 5848 5+<86 -., 81@ ,, 9+
92V,+14. :+ +618/+:+-+ =,8 6@42+ 9+ 1.:+4V7-286 A=798,+71826 ?=+ 9+1+4,278, 8 5 4 98
5+<8B .= 6+08B C ? 6 > =,8 +F2ES7-28 ?=+ 38428 9+ 5+<8 5848 5+<8B 9+ =,8
,G?=278 5848 .=148
7.4,8 /4862:+248 54+3S !< ?=8:2989+6 9+ 148/8:;. 6686 ?=8:2989+6 6>. 29+712A2-8986 5+:86
:+1486D 6+E=2986 9+ 7=,+4826 -898 =,8 9+:86 -.44+65.79+ =, 38:.4 9+ 1.:+4V7-28 /6+43+B
7. ?=894. 8/82F.B 86 ?=8:2989+6 9+ 148/8:;. 5848 +2F.6 + A=4.6D

47
 H ? 6

)
2F
.6
,+-V72-8 ,+-V72-8 ,+-V72-8
"=4 +F148 54+-268 -.44+71+ E4.66+248
.6

:+148 3+, 9+ + 8 :+148 3+, 9+ S .6 7=,+4826D B B B B B 4+A+4+, 6+ P6

!< ?=8:2989+6 9+ 148/8:;.Q 8 ?=8:2989+ 8! -.44+65.79+ 8. ,+7.4 38:.4 9+ 1.:+4V7-28 6
?=8:2989+6 8! 8 )B 7. -86. 9.6 +2F.6B + 8! 8 *B 7. -86. 9.6 A=4.6B +61>. 866.-28986 P ,+-V72-8
E 5 2 % . -86. 9.6 ? B ?=+ 6>. 27614=,+71.6 9+ 8:18 54+-26>. :+6 6+43+,
5848 3+42A2-84 6+ 86 ,+92986 986 5+<86 54.9=N2986 +61>. 9+714. 9. -8,5. 9+ 1.:+4V7-28
+65+-2A2-89.

8:2/489.4 5848 A=4.6

8:2/489.4 5848 +2F.6

. +F14+,. .5.61.B 86 ?=8:2989+6 !! 8 !. -.44+65.79+, P6 ,82.4+6 1.:+4V7-286 9+

A8/42-8<>. 6686 ?=8:2989+6 6>. 8-+21G3+26 5848 5+<86 26.:8986B ?=+ 7>. 4+?=+4+, E4879+
54+-26>.Q 98O . A81. 9+ +6184+, -:8662A2-8986 -.,. A
+<86 ?=+ A=7-2.78, 8-.5:8986 8 .=1486 1S,B +, E+48:B 6=8 ?=8:2989+ +618/+:+-298
+714+ * + !!B 6+ A.4+, +2F.6Q 0G .6 A=4.6 1S, 6=8 ?=8:2989+ +714+ , + !!
668 A82F8 -.44+65.79+ P > .= 5 4

5
.,584+ .6 9+6+7;.6 986 9=86 5+<86B 8 6+E=24D

/6+43+ ?=+ E + . I 1S, 8 ,+6,8 92,+76>. 7.,278:D #< U+08B 18,/@, ?=+ .6 38:.4+6
986 1.:+4V7-286B 7.6 9.26 -86.6B 6>. A J

48
 E /
2,+76>. ,GF2,8D B B
2,+76>. ,O72,8D )B ) B
.:+4V7-28D B B

.,. .6 38:.4+6 9+ 1.:+4V7-286 6>. 2E=826 J B ,,KB -.7-:=O,.6 ?=+ 86 9=86 5+<86 854+6+718, 8
,+6,8 ?=8:2989+ 9+ 148/8:;. 86B 81+7<>.D .6 5 986 9=86 5+<86 6>.
I T E -.,54++79+ .6 38:.4+6 ?=+ 3>. 9+ )B ) ,, 8 B ,,Q . -8,5. 9+
1.:+4V7-28 9. I +61G +714+ B ,, + B ,, .,. 3.-S 3SB .6 -8,5.6 9+ 1.:+4V7-28
4 -.27-29+,
. 6261+,8 B +6686 1.:+4V7-286 9+3+, 6+4 2792-8986 -.,. 6+E=+D

1.:+4V7-28 9. +2F. 3+, 2792-898 5.4 69 7=,+48: 9 @ 2792-8123. 98 ?=8:2989+ 9+ 148/8:;. +B 7.

-86.B -.44+65.79+ P ,+-V72-8 -.44+71+ :+148 6 29+712A2-8 . 5 B .= 6+08B .
-.70=71. 9+ 38:.4+6 8-+21G3+26 85M6 8 +F+-=<>. 98 5+<8B ?=+ 382 98 92,+76>. ,O72,8 81@ 8
92,+76>. ,GF2,8
6261+,8 +618/+:+-+ #< -8,5.6 9+ 1.:+4V7-286B 29+712A2-89.6 5.4 :+1486 9. 8:A8/+1. :8127.
898 :+148 +61G 866.-2898 8 =, 9+1+4,2789. -8,5. 9+ 1.:+4V7-28 6 -8,5.6 9+ 1.:+4V7-28 5848
E 6>. 4+54+6+7189.6 5.4 U > @4 8 6+E=24D

8 / - - 9 + + A A E ; 0 06 `
9 A E
, 7 5 4 6 1 = 3 F a F N N N
8 / -

U.:1+ 8 +F8,2784 . 9+6+7;. 1@-72-. 9. A=4. /6+43+ ?=+ 8 1.:+4V7-28 9. A=4. 3+, 2792-898 5.4
9 7=,+48: 9 ,.6148 ?=+ 8 ?=8:2989+ 9+ 148/8:;. @ 8 ,+6,8 9. +2F. 878:2689. 871+42.4,+71+
:+148 29+712A2-8 . -8,5. 9+ 1.:+4V7-28
6 -8,5.6 9+ 1.:+4V7-28 5848 I 6>. 4+54+6+7189.6 5.4 :+1486 U D

" " "! ! $ T T b

U c d c ' ' '

7?=871. 86 1.:+4V7-286 9.6 E 4+A+4+, 6+ 8 ,+92986 E > 86 1.:+4V7-286 9+ I

4+A+4+, 6+ 8 ,+92986 2F.6 + A=4.6 E+48:,+71+ A=7-2.78, 8-.5:89.6B 5.4 ,+2. 9+
80=61+6 . 9+6+7;. 1@-72-. 9+ +2F. + A=4.B . 8-.5:8,+71. @ 2792-89. 5+:8 92,+76>. 7.,278:
-.,=, P6 9=86 5+<86 80=618986B 6+E=298 9.6 6O,/.:.6 -.44+65.79+71+6

49
 92,+76>. 7.,278: -.,=, 8. +2F. + 8. A=4. @ #, 2 1.:+4V7-28 9. A=4. 3+, 6+,54+
2792-898 8. 8:1.D < Q 8 9. +2F. 3+, 2792-898 8/82F.D A92
>. 27I,+486 86 5.662/2:2989+6 9+ -.,/278<>. 9+ 1.:+4V7-286 9+ +2F.6 + A=4.6B -., 8 ,+6,8
92,+76>. 7.,278:B 5848 -898 -:866+ 9+ 80=61+ 86B 5848 +-.7.,28 9+ -=61.6 9+ 54.9=<>.B 85+786
8:E=,86 -.,/278<C+6 6+:+-2.78986 9+ 80=61+6 6>. 4+-.,+798986B 5.4 ,+2. 9+ 18/+:86 923=:E8986
5+:8 71+6 9+ 854+79+4 8 -.76=:184 +6686 18/+:86B 5.4@,B @ 2,5.41871+ ?=+ 3.-S -.7;+<8
,+:;.4 .6 80=61+6 +618/+:+-29.6 7. 6261+,8 Y D 6261+,8 A=4. /86+ + 6261+,8 +2F. /86+

I "?
/6+43+ . 9+6+7;. 8 6+E=24D

,8E27+ ?=+ +61+ 9+6+7;. 4+54+6+718 5841+ 9+ =,8 ,G?=278 -., 3G42.6 A=4.6B .79+ 6>.
8-.5:89.6 3G42.6 +2F.6 .1+ ?=+ 1.9.6 .6 A=4.6 1S, 8 ,+6,8 92,+76>. 7.,278: + 8 ,+6,8
1.:+4V7-28 $)Q 0G 86 1.:+4V7-286 9.6 +2F.6 38428,D A)B ` B 5 6 F B ?=+ 3.-S 3S
4+54+6+71898 7. 9+6+7;.B 6+43+ 5848 2792-84 8 92,+76>. 7.,278: + A2F84 8 .42E+, 9.6
8A8618,+71.6 . A=4. (B . +2F. (V 9+3+ E2484 -., A.:E8B 7=, 80=61+ :234+Q 7. A=4. 1B . +2F. 1V
9+3+ 9+6:2N84 -., :+3+ 89+4S7-28B 7=, 80=61+ 27-+41.Q 7. A=4. B . +2F. V 5.9+ +71484 6./
54+66>.B A2-879. A2F.
848 ./1+4 +6686 14S6 -:866+6 9+ 80=61+6B =,8 3+N ?=+ 86 1.:+4V7-286 9.6 A=4.6 6>. -.761871+6B
9+3+,.6 384284 86 1.:+4V7-286 9.6 +2F.6B 9+ 8-.49. -., 8 A=7<>. 9+ -898 =, 61+ 6261+,8 9+
80=61+B +, ?=+ .6 38:.4+6 9+ 1.:+4V7-28 9.6 I 6>. I E B + .6 9.6 E 3 > @ -;8,89. 9+
I "? 61+ 6261+,8 18,/@, @ -.7;+-29. 5.4 I 5 4 .= I U U+08 ?=826
6>. .6 6261+,86 I "? 4+-.,+7989.6 5+:8 8 6+E=24D

:+148 4+54+6+718 8 1.:+4V7-28 9. A=4. /86+ + . 7=,+48: 2792-89. 8. :89. 2792-8 8 ?=8:2989+ 98
,+-V72-8 E.48B -.7;+<8 .=148 5.662/2:2989+

E "?
,8E27+ ?=+ . 54MF2,. 9+6+7;. 4+54+6+718 5841+ 98 ,+6,8 ,G?=278 -., 3G42.6 A=4.6B .79+ 6>.
8-.5:89.6 3G42.6 +2F.6B -., A=7<C+6 92A+4+71+6 6 92A+4+71+6 80=61+6 5.9+, 6+4 ./129.6 6+ 86
1.:+4V7-286 9.6 E ,87123+4+, 6+ + .6 I A.4+, A8/42-89.6 -., 1.:+4V7-286
3 O3 2 U+08D

50
 +2F. (V +7-82F8 6+ 7. A=4. ( -., A.:E8Q . +2F. 1V +7-82F8 6+ 7. A=4. 1 -., :+3+ 89+4S7-28Q .
+2F. V +7-82F8 6+ 7. A=4. -., 271+4A+4S7-28 U+08 8 6+E=24 8:E=76 +F+,5:.6 9+ +2F.6 /86+
4+-.,+7989.6 5+:8 D

:+148 6 @ 2792-81238 9+ 80=61+ 7. 6261+,8 +2F. /86+

714+ .6 9.26 6261+,86B . I "? @ . ?=+ 1+, ,82.4 8-+218<>. ,8 3+N A2F898 8 1.:+4V7-28 9.
A=4.B A2-8 ,826 AG-2: ./1+4 . 80=61+ 4+-.,+7989. 3842879. 85+786 86 1.:+4V7-286 9.6 +2F.6

" (1 :
=72989+ 9+ ,+9298 89.1898 7. 6261+,8 Y @ . B 18,/@, -;8,89. 9+
B :+ +?=238:+ P ,2:2.7@62,8 5841+ 9. ,+14.B 261. @B 6+ 9232924,.6 . ,+14. +, ,2:;>. 9+
5841+6 2E=826B -898 =,8 38:+ ,O-4.7 =8 4+54+6+718<>. @ 9898 5+:8 :+148 E4+E8 µ J ,2 K 6+E=298
98 :+148 , ,O-4.7 38:+ =, ,2:@62,. 9+ ,2:O,+14.D !µµ \ 8>88!
86 18/+:86 9+ 1.:+4V7-286 A=798,+71826B .6 38:.4+6 9+ ?=8:2989+6 9+ 148/8:;. 6>. +F54+66.6 +,
,O-4.76 86 18/+:86 9+ 80=61+6 4+-.,+7989.6 1.9.6 .6 8A8618,+71.6 6>. +F54+66.6 +,
,O-4.76

5 @4 (1 :
=879. 8 1.:+4V7-28 3+, 2792-898 7. 6261+,8 Y B .6 38:.4+6 9.6 8A8618,+71.6 7>. 6>.
+F54+66.6 924+18,+71+ .4 266.B @ 7+-+66G42. -.76=:184 18/+:86 854.5428986 5848 29+712A2-G :.6
848 8-.,587;84 86 +F5:2-8<C+6B 3.-S 9+3+ -.76=:184 86 18/+:86 854+6+718986 7. A278: 9+618 8=:8
841+6 9+6686 18/+:86 +61>. 4+54.9=N2986 7. 9+-.44+4 98 27614=<>.B 5848 ?=+ 3.-S 5.668
-.,54++79+4 ,+:;.4 . ?=+ +618,.6 854+6+71879.
/6+43+ . 54MF2,. 9+6+7;. [email protected] -., 2792-8<>. 986 1.:+4V7-286D

92V,+14. 271+47. 9. A=4. 4+54+6+7189. 7+61+ 9+6+7;. @ *8 92 92,+76>. 7.,278: 9.

92V,+14. 9. A=4. @ ,, 1.:+4V7-28 3+, 4+54+6+71898 5.4 9S 8 :+148 ,82I6-=:8
4+54+6+718 1.:+4V7-28 9+ A=4. 5894>.Q . 7I,+4. 9 2792-8 8 ?=8:2989+ 9+ 148/8:;.B ?=+ 7. -86.
-.44+65.79+ 8 =,8 ,+-V72-8 9+ 54+-26>.
18/+:8 ?=+ -.44+65.79+ 8 +61+ 80=61+ 1+, . 1O1=:. 9+D (D "
I "? 9 U+08B 8 6+E=24B 8 4+54.9=<>. 9. -8/+<8:;. 98 18/+:8

542,+248 -.:=78 4 " 854+6+718 .6 E4=5.6 9+ 92,+76C+6 9+ 81@

,, . +F+,5:.B . 92V,+14. 9. A=4. @ ,, 618 ,+9298 621=8 6+ 7. E4=5. 9+ 92,+76>.

51
7.,278: +714+ )8 + *8 .E.B .6 38:.4+6 9+ 8A8618,+71.6 ?=+ 7.6 271+4+668, +7-.7148, 6+ 78 e
:27;8 98 18/+:8B 4+54.9=N298 8/82F.D

8 6+E=798 -.:=78 / 3+, 2792-898 8 1.:+4V7-28B 3842G3+: 5848 -898 E4=5. 9+ 92,+76C+6B 9.
A=4. /86+D $) U.:1+ 8 +F8,2784 8 e :27;8 98 18/+:8B .79+ 6+ +7-.7148 8 92,+76>. 9+ ,,Q 78
924+<>. 98 -.:=78 9. A=4. 8584+-+, .6 8A8618,+71.6 9. A=4.D 8 J8A8618,+71. 27A+42.4K + _
J8A8618,+71. 6=5+42.4K .1+ ?=+ 786 18/+:86 ?=+ 148N+, I I . 8A8618,+71.
I B +, E+48:B 3+, 2792-89. 9. 8A8618,+71. 5 66. 6+ +F5:2-8 5.4?=+B 78
=6278E+, 9+ =, A=4.B 5841+ 6+ 6+,54+ 98 92,+76>. ,O72,8 5848 -;+E84 8 =,8 92,+76>. +A+1238B
9+714. 9.6 :2,21+6 9+ 1.:+4V7-28 +65+-2A2-89.6
+,/4+ 6+ 9+ ?=+B 7+618 18/+:8B 86 ,+92986 +61>. +F54+6686 +, B ,8 3+N ?=+ µ, \
B ,,B +71>. µ, \ B ,, .41871.B 8 92,+76>. ,GF2,8 9. A=4. @D ,, _ B ,, \
B ,,B + 8 92,+76>. ,O72,8 @ ,,B 5.4?=+ . 8A8618,+71. 27A+42.4 @ 6+,54+ 8 7. 6261+,8
A=4. /86+
E.48B 6M A8:18 29+712A2-84 .6 38:.4+6 9.6 8A8618,+71.6 5848 . +2F. A. /6+43+ 7.38,+71+ 8 e
:27;8 98 18/+:8 871+42.4B 78 924+<>. 9. +2F. A. +66+ 5.71. 6>. 2792-89.6 .6 8A8618,+71.6 9.
−9
+2F.D − 25 6=5+42.4 ; µ B ?=+ @ . ,+6,. ?=+ 8>88; 8A8618,+71. 27A+42.4 @ " #, µ >
?=+ @ 2E=8: 8 8>8#, -.,587;+ . -G:-=:. 98 92,+76>. ,GF2,8 9. +2F.D

2,+76>. 7.,278:D B
A8618,+71. 6=5+42.4D B
2,+76>. ,GF2,8D B

8E.48 3+08 . -G:-=:. 98 92,+76>. ,O72,8 9. +2F.D

2,+76>. 7.,278:D B
A8618,+71. 27A+42.4D B
2,+76>. ,GF2,8D B)

"278:,+71+B -.,584879. .6 8A8618,+71.6 9. A=4. + 9. +2F. -.7-:=O,.6 ?=+ +6186 5+<86 6+

80=6184>. -., A.:E8B 5.4?=+ . 8A8618,+71. 6=5+42.4 9. +2F. @ ,+7.4 ?=+ . 8A8618,+71. 27A+42.4
9. A=4.
. +F+,5:. 9+,.761489.B . +2F. + . A=4. A.48, 80=6189.6 7. I "? B ?=+ @ . ,826
-.,=, 86 ?=879. . 80=61+ @ 4+54+6+7189. 7. 6261+,8 +2F. /86+B 8 271+454+18<>. 98 18/+:8 @
6+,+:;871+

92,+76>. 7.,278: 9. +2F. @ 2E=8: P 92,+76>. 7.,278: 9. A=4.D 98 1.:+4V7-28 9. A=4. @ % 9

+ 8 1.:+4V7-28 9. +2F. @ 6. 6 2792-8 ?=+ 6+ 14818 9+ =, 80=61+ 7. E "? 2 71>.B
5848 29+712A2-84 .6 8A8618,+71.6 9. +2F. + 9. A=4.B 3.-S 9+3+4G -.76=:184 8 18/+:8 9+ (D
" E "? 6.2 18/+:8 9+ 80=61+6 4+-.,+7989.6 7. 6261+,8 +2F.
/86+ @ 6+,+:;871+ P 18/+:8 9. 6261+,8 A=4. /86+ ?=+ 8 92A+4+7-28 6>. 86 38428<C+6 986
1.:+4V7-286 9.6 A=4.6
52
 42,+24.B 54+-268,.6 29+712A2-84 +, ?=+ E4=5. 9+ 92,+76C+6 6+ 621=8 8 92,+76>. 7.,278: 9. +2F.
. +F+,5:.B 8 92,+76>. 98 +7-.7148 6+ 7. E4=5. +714+ ., + < 8 J e :27;8K 6+E=24B /8618
:.-8:2N84 .6 38:.4+6 9.6 8A8618,+71.6 -.44+65.79+71+6 8. +2F. 6. + 8. A=4. % 9B 7+668 :27;8 U+08D

:+21=48 98 18/+:8 2792-8 ?=+B ?=879. 8 92,+76>. 9. +2F. /86+ +7-.7148 6+ 7. E4=5. 9+ ., 8 < 8B
. 8A8618,+71. 6=5+42.4 9. +2F. @ 8µ µ + . 27A+42.4 @ " !; µ 848 . A=4. 9+ 1.:+4V7-28 % 9B .
8A8618,+71. 6=5+42.4 @ P !< µ + . 8A8618,+71. 27A+42.4 @ "!#µ µ

,2!2, " A
+F+-=<>. 98 5+<8 9+714. 98 1.:+4V7-28 92,+762.78: 7>. E84871+B 5.4 62 6MB =, A=7-2.78,+71.
89+?=89.
A2E=48 98 +6?=+498 ,.6148 . 9+6+7;. 1@-72-. 9+ =, 527.B -., 2792-8<>. 986 1.:+4V7-286
92,+762.7826 A2E=48 98 924+218 ,.6148 -.,. A2-.= 8 5+<8 9+5.26 9+ +F+-=1898B -., 8 2792-8<>.
986 92,+76C+6 +A+12386

.1+ ?=+B +,/.48 86 92,+76C+6 +A+12386 9. 527. +61+08, 9+ 8-.49. -., 8 1.:+4V7-28 92,+762.78:
+65+-2A2-898 7. 9+6+7;. [email protected] 8 5+<8 4+8: 7>. @ +F818,+71+ 2E=8: P 5+<8 54.0+1898 +:8
2:=6148<>. 3.-S 5+4-+/+ ?=+ . 527. +61G 9+A.4,89.
>. @ 6=A2-2+71+ ?=+ 86 92,+76C+6 98 5+<8 +61+08, 9+714. 986 1.:+4V7-286 92,+762.7826
54+326186 % 7+-+66G42. ?=+ 86 5+<86 +61+08, 9+714. 986 A.4,86 54+326186 5848 5.9+4+, 6+4
,.718986 89+?=898,+71+ + 5848 ?=+ A=7-2.7+, 6+, 54./:+,86 . ,+6,. ,.9. ?=+ @
54812-8,+71+ 2,5.66O3+: ./1+4 =,8 5+<8 4+8: -., 86 92,+76C+6 7.,27826 +F8186B 18,/@, @ ,=21.
92AO-2: ./1+4 =,8 5+<8 4+8: -., A.4,86 42E.4.68,+71+ 29S712-86 P6 98 5+<8 54.0+1898 662,B
9+632.6 9+ A.4,86 9+714. 9+ -+41.6 :2,21+6 7>. -;+E8, 8 54+0=92-84 . /., A=7-2.78,+71. 986
5+<86
=879. 9.26 .= ,826 +:+,+71.6 9+ =,8 5+<8 +61>. 866.-289.6B .=14. A81.4 9+3+ 6+4 -.7629+489.D
8 5 @4 3 9+66+6 +:+,+71.6 +714+ 62
6 38428<C+6 8-+21G3+26 986 I + 986 5 @K 9.6 +:+,+71.6 78 +F+-=<>. 98 5+<8
-.76121=+, 86 A
71+454+184 9+6+7;.6 [email protected] -., 2792-8<C+6 9+ 1.:+4V7-286 E+.,@142-86 @ . ?=+ 3.-S 382
854+79+4 7+618 8=:8 .,. 6+ 14818 9+ =, 866=71. ,=21. -.,5:+F.B 6+4G 9898 85+786 =,8 326>.
E+48:B 6+, 8 54+1+76>. 9+ +6E.184 . 1+,8 854.A=798,+71. 324G -., ,=21. +61=9. + -., 8
54G12-8 54.A2662.78:

I
6 1.:+4V7-286 9+ A.4,8 6>. .6 9+632.6 ?=+ =, +:+,+71. 5.9+ 854+6+7184 +, 4+:8<>. P 6=8 A.4,8
E+.,@142-8 29+8: 6 1.:+4V7-286 9+ A.4,8 3S, 2792-8986 7. 9+6+7;. 1@-72-. 5848

53
 B -.,. 5.4 +F+,5:.B =,8 6=5+4AO-2+ .= =,8 :27;8 -.,587;+ =, +F+,5:.B 5848 +71+79+4
,+:;.4
78:26+ 86 326186D A4.718: + :81+48: +6?=+498 9. ,.9+:. 5426,G12-. 8/82F. .1+ ?=+ 8 6=5+4AO-2+
B 54.0+1898 7. 9+6+7;.B @ =,8 6=5+4AO-2+ E+.,@142-8 29+8: 5

5M6 8 +F+-=<>.B 8 6=5+4AO-2+ 4+8: 98 5+<8 V 5.9+ 7>. A2-84 1>. 5:878 -.,. 8 6=5+4AO-2+ 29+8:
714+ .6 9+632.6 9+ 5 F B .6 125.6 ,826 -.,=76 6>. 8 3 +8 3 E

".4,8 4+8: -^7-838

".4,8 4+8: -.73+F8

5 F -.44+65.79+ P 9261V7-28 +714+ 9.26 5:87.6 29+826 2,8E27G42.6B +714+ .6
?=826 9+3+ +7-.71484 6+ 8 6=5+4AO-2+ 4+8: 98 5+<8

. 9+6+7;. 871+42.4B . +658<. 621=89. +714+ .6 9.26 5:87.6 5848:+:.6 @ . -8,5. 9+ 1.:+4V7-28
.6 9+6+7;.6 [email protected] 8 2792-8<>. 98 1.:+4V7-28 9+ 5:87+N8 3+, 6+,54+ 54+-+9298 9. 6+E=271+
6O,/.:.D

54
 , .=14. 125. 9+ 1.:+4V7-28 9+ A.4,8 9+ 6=5+4AO-2+ @ 8 1.:+4V7-28 9+
=879. =,8 5+<8 @ -2:O7942-8B 8 A.4,8 4+8: 98 5+<8 A8/42-898 9+3+ +6184 621=898 +714+ 86
6=5+4AO-2+6 9+ 9.26 -2:2794.6 ?=+ 1S, . ,+6,. +2F. + 482.6 92A+4+71+6

. 9+6+7;. 8-2,8B . +658<. +714+ 86 6=5+4AO-2+6 9.6 -2:2794.6 2,8E27G42.6 4+54+6+718 . -8,5. 9+
1.:+4V7-28 2792-8<>. 98 1.:+4V7-28 9+ -2:27942-2989+B 7.6 9+6+7;.6 [email protected] 3+, 54+-+9298 9.
6+E=271+ 6O,/.:.D

"278:,+71+B 8 6=5+4AO-2+ 9+ =,8 5+<8 5.9+ 854+6+7184 =,8 A.4,8 ?=8:?=+4 1.:+4V7-28 9+
I 5 IB C C @ 9+A27298 5.4 =,8 +6A+48 9+ 92V,+14. B -=0. -+714.
,.32,+718 6+ 5.4 =,8 6=5+4AO-2+ ?=+ 1+, 8 A.4,8 E+.,@142-8 29+8: -8,5. 9+ 1.:+4V7-28 @
:2,2189. 5.4 9=86 6=5+4AO-2+6 187E+71+6 P +6A+48 B -.,. ,.6148 . 9+6+7;. 8 6+E=24

1.:+4V7-28 9+ A.4,8 9+ =,8 6=5+4AO-2+ ?=8:?=+4 3+,

54+-+9298B 7.6 9+6+7;.6 [email protected] 5+:. 6O,/.:.D

+6.:38 =, +F+4-O-2.B 871+6 9+ 54.66+E=24

G I

2E=+ -898 6O,/.:. P 1.:+4V7-28 9+ A.4,8 9+ 6=5+4AO-2+ ?=+ +:+

4+54+6+718D

= 5:87+N8
?= -24-=:842989+
= -2:27942-2989+
6=5+4AO-2+ ?=8:?=+4

55
U+42A2?=+ 6+ 3.-S A+N 86 866.-28<C+6 8-+418986D = 6=5+4AO-2+ ?=8:?=+4Q ?= -2:27942-2989+ + =
5:87+N8
1@ 8?=2 3.-S A2-.= -.7;+-+79. .6 6O,/.:.6 2792-8123.6 9+ 1.:+4V7-286 9+ A.4,8 9+ 5 IB
86B +, -+41.6 -86.6B @ 7+-+66G42. 2792-84 86 1.:+4V7-286 9+ A.4,8 9+ 6
>. 14S6 .6 125.6 9+ 1.:+4V7-286 9+ A.4,8 9+ :27;86D > + 6
C C 2
9+ =,8 :27;8 .= +2F. 9+5+79+ 98 A.4,8 98 5+<8 P ?=8: 8 :27;8
5+41+7-+
=879. 8 5+<8 1+, A.4,8 -2:O7942-8B @ 2,5.41871+ 9+1+4,2784 8 1.:+4V7-28 9+ 4+12:27+2989+ +,
4+:8<>. 8. +2F. 98 5841+ -2:O7942-8 +66+6 -86.6B 8 1.:+4V7-28 9+ 4+12:27+2989+ @ 9+1+4,27898 5.4
=, -2:2794. 2,8E27G42. 9+ 92V,+14. B -=0. -+714. -.27-29+ -., . +2F. 98 5+<8

.6 9+6+7;.6 [email protected] 8 1.:+4V7-28 9+ 4+12:27+2989+ 9+ :27;8 @ 2792-898 5+:. 6O,/.:.D B -.,.

,.6148 . 9+6+7;. 8/82F.

=879. 8 5+<8 1+, 8 A.4,8 -2:O7942-8B . -8,5. 9+ 1.:+4V7-28 9+ 4+12:27+2989+ 18,/@, 1+, 8
A.4,8 -2:O7942-8 =879. 8 5+<8 1+, A.4,8 5426,G12-8 -., @4 A B . -8,5. 9+
1.:+4V7-28 9+ 4+12:27+2989+ A2-8 9+A2729. 5.4 =, 5848:+:+5O5+9. 2,8E27G42.B -=08 /86+ @ A.4,898
5+:.6 :89.6 ! + #

. -86. 986 5+<86 5426,G12-86 8 2792-8<>. 9+ 1.:+4V7-28 9+ 4+12:27+2989+ 18,/@, @ A+218 5+:.
6O,/.:.D ?=+ 871+-+9+ . 38:.4 7=,@42-. 98 1.:+4V7-28

56
 , 5+<86 -., A.4,8 9+ 926-.B -2:2794. .= -.7+ 5.9+ 6+4 7+-+66G42. 9+1+4,2784 8

1.:+4V7-28 9+ -24-=:842989+ @ 9+1+4,27898 5.4 9=86 -24-=7A+4S7-286 ?=+ 1S, . ,+6,. -+714. +
482.6 92A+4+71+6 -+714. 9+6686 -24-=7A+4S7-286 @ =, 5.71. 621=89. 7. +2F. 98 5+<8
-8,5. 9+ 1.:+4V7-28 9+ -24-=:842989+ -.44+65.79+ 8. +658<. +714+ 86 9=86 -24-=7A+4S7-286B
9+714. 9. ?=8: 9+3+ +6184 -.,54++7929. . -.71.47. 9+ -898 6+<>. 98 5+<8

.6 9+6+7;.6 [email protected] 8 2792-8<>. 98 1.:+4V7-28 9+ -24-=:842989+ 3+, 54+-+9298 9. 6O,/.:.D

"278:,+71+B ;G -86.6 +, ?=+ @ 7+-+66G42. 9+1+4,2784 8 1.:+4V7-28 9+ A.4,8 9+ =,8 :27;8

?=8:?=+4 1.:+4V7-28 9+ =, 5+4A2: .= -.71.47. ?=8:?=+4 @ 9+1+4,27898 5.4 9=86 :27;86
+73.:3+79. =,8 -24-=7A+4S7-28 9+ 92V,+14. -=0. -+714. 6+ 9+6:.-8 5.4 =,8 :27;8 ?=+ 1+, .
5+4A2: E+.,@142-. 9+6+089.

.1+ ?=+ . -.71.47. 9+ -898 6+<>. 9. 5+4A2: 9+3+ +6184 -.,54++7929. +714+ 9=86 :27;8 5848:+:86B
187E+71+6 P -24-=7A+4S7-28
2792-8<>. 98 1.:+4V7-28 9+ A.4,8 9+ =,8 :27;8 ?=8:?=+4 3+, 54+-+9298 9. 6O,/.:.D

@4
=879. 9.26 .= ,826 +:+,+71.6 6>. 866.-289.6 5.9+ 6+4 7+-+66G42. 9+1+4,2784 8 @4
54+-268 9+ =, +, 4+:8<>. 8. .=14. 5848 866+E=484 . /., A=7-2.78,+71. 9. -.70=71. U+08 =,
+F+,5:.

57
 9+6+7;. 1@-72-. 98 +6?=+498 ,.6148 ?=+ . +2F. 9+3+ 6+4 5+45+792-=:84 8. A=4. /6+43+B 7.
9+6+7;. 98 924+218B -.,. =, +44. 9+ 5+45+792-=:842989+ 78 +F+-=<>. 9. A=4. 8A+18 9+ ,.9.
278-+21G3+: 8 A=7-2.78:2989+ 9. -.70=71. 8O 8 7+-+662989+ 9+ 6+ 9+1+4,2784+,B +, 8:E=76
-86.6B 86 @4 8 9+1+4,278<>. 986 1.:+4V7-286 9+ .42+718<>. E+48:,+71+
=, +:+,+71. @ +6-.:;29. -.,. I R 5848 2792-8<>. 986 1.:+4V7-286 9.6 9+,826 +:+,+71.6
+:+,+71. 1.,89. -.,. 4+A+4S7-28 5.9+ 6+4 =,8 6 B -.,. 5.4 +F+,5:.B . +2F. 9+ =,8 5+<8
.9+ 6+4B 82798B =, 5 B -.,. 5.4 +F+,5:.B =,8 9+1+4,27898 A8-+ 98 5+<8 5.9+ 6+4 81@
,+6,. =, 5 9+ 4+A+4S7-28B -.,. 5.4 +F+,5:.B . -+714. 9+ =, A=4. +:+,+71. 1.:+489.
18,/@, 5.9+ 6+4 =,8 6 B =,8 5 IB .= =, 5
6 1.:+4V7-286 9+ .42+718<>. 5.9+, 6+4 9+D 5 B5 5 + @4
6+E=24B 3.-S 382 854+79+4 8 29+712A2-84 -898 =, 9+66+6 125.6 9+ 1.:+4V7-286

5
/6+43+ . 9+6+7;. 1@-72-. 8/82F.

+618 5+<8B . +2F. 9. A=4. 6=5+42.4 9+3+ A2-84 5848:+:. 8. +2F. 9. A=4. 27A+42.4B 1.,89. -.,.
4+A+4S7-28 +2F. 9. A=4. 6=5+42.4 9+3+ +6184 -.,54++7929. 9+714. 9+ =,8 N.78 -2:O7942-8 9+
92V,+14. B 5848:+:8 8. +2F. 9. A=4. 27A+42.4B ?=+ -.76121=2 8 4+18 9+ 4+A+4S7-28

8 5+<8 9. +F+,5:. 871+42.4B . +:+,+71. 1.:+489. A.2 =,8 :27;8 4+18D . +2F. 9. A=4. 6=5+42.4
+:+,+71. 1.,89. -.,. 4+A+4S7-28 18,/@, A.2 =,8 :27;8D . +2F. 9. A=4. 27A+42.4 86B ;G -86.6
+, ?=+ 8 1.:+4V7-28 9+ 5848:+:26,. 9+ =, +2F. @ 9+1+4,27898 1.,879. 6+ -.,. 4+A+4S7-28 =,8
6=5+4AO-2+ 5:878

58
 =8:?=+4 ?=+ 6+08 . +:+,+71. 1.:+489. + . +:+,+71. 9+ 4+A+4S7-28B 8 2792-8<>. 9+ 1.:+4V7-28 9+
5848:+:26,.B 7.6 9+6+7;.6 [email protected] 3+, 6+,54+ 54+-+9298 9. 6O,/.:.D

5 5
/6+43+ . 9+6+7;. 8/82F.

+618 5+<8B . +2F. 9. A=4. 3+412-8: 1 9+3+ A2-84 5+45+792-=:84 8. +2F. 9. A=4. ;.42N.718:
.41871.B @ 7+-+66G42. 9+1+4,2784 8 1.:+4V7-28 9+ 5+45+792-=:842989+ 9+ =, +2F. +, 4+:8<>. 8.
.=14.
.,879. -.,. 4+18 9+ 4+A+4S7-28 . +2F. 9. A=4. B . -8,5. 9+ 1.:+4V7-28 9. +2F. 9. A=4. 1 A2-8
:2,2189. 5.4 9.26 5:87.6 5848:+:.6B 9261871+6 +714+ 62 =,8 9261V7-28 + 5+45+792-=:84+6 P 4+18 9+
4+A+4S7-28

+5+79+79. 98 A.4,8 98 5+<8B 5.9+ 6+4 ,826 -.73+72+71+ 2792-84 8 1.:+4V7-28 9+

5+45+792-=:842989+ 9+ =,8 :27;8 +, 4+:8<>. 8 =, 5:87. 9+ 4+A+4S7-28
.6 9+6+7;.6 [email protected] 8 2792-8<>. 986 1.:+4V7-286 9+ 5+45+792-=:842989+ 3+, 54+-+9298 9.
6+E=271+ 6O,/.:.D

@4
A=4. 98 5+<8 4+54+6+71898 8 6+E=24 9+3+ A2-84 27-:2789. +, 4+:8<>. P /86+

848 ?=+ . A=4. 854+6+71+ 8 27-:278<>. -.44+18 @ 7+-+66G42. 9+1+4,2784 8 1.:+4V7-28 9+ 27-:278<>.
9. +2F. 9. A=4. +:+,+71. 9+ 4+A+4S7-28 5848 9+1+4,278<>. 98 1.:+4V7-28B 7+61+ -86.B @ . 5:87.
98 /86+ 98 5+<8 -8,5. 9+ 1.:+4V7-28 @ :2,2189. 5.4 9=86 4+186 5848:+:86B 9261871+6 +714+ 62
=,8 9261V7-28 B ?=+ A.4,8, -., 8 /86+ . V7E=:. 9+ 27-:278<>. +65+-2A2-89. α

59
 , 3+N 9+ =,8 :27;8B -.,. 7. +F+,5:. 871+42.4B . +:+,+71. 1.:+489. 5.9+ 6+4 =,8 6=5+4AO-2+
.6 9+6+7;.6 [email protected] 8 2792-8<>. 9+ 1.:+4V7-28 9+ 27-:278<>. 3+, 54+-+9298 9. 6O,/.:.D

5 @4
=879. 1.,8,.6 -.,. 4+A+4S7-28 8 5.62<>.B 14S6 125.6 9+ 1.:+4V7-28 9+3+, 6+4 -.7629+489.6D
F @4 S 9+ + 9+
82/8 -.,. 29+712A2-84 -898 =, 9+66+6 125.6 9+ 1.:+4V7-28 8-.,587;879. -., 81+7<>. 86
54MF2,86 +F5:2-8<C+6

F @4
=879. 8 :.-8:2N8<>. +F818 9+ =, +:+,+71.B -.,. 5.4 +F+,5:.D =,8 :27;8B =, +2F. .= =,8
6=5+4AO-2+ @ +66+7-28: 5848 . A=7-2.78,+71. 98 5+<8B 6=8 F @4 9+3+ 6+4
9+1+4,27898

.,. 8 :.-8:2N8<>. 9. A=4. @ 2,5.41871+B . +2F. 9. A=4. 9+3+ 6+4 1.:+489. -8,5. 9+
1.:+4V7-28 9. +2F. 9. A=4. @ :2,2189. 5.4 =, -2:2794. 9+ 92V,+14. -+714. 9+61+ -2:2794.
-.27-29+ -., 8 :.-8:2N8<>. 29+8: 9. +2F. 9. +:+,+71. 1.:+489.

2792-8<>. 98 1.:+4V7-28 9+ :.-8:2N8<>.B 7.6 9+6+7;.6 [email protected] @ 871+-+9298 5+:. 6O,/.:.D

E
=879. 9=86 .= ,826 A2E=486 E+.,@142-86 5:8786 4+E=:84+6 1S, . ,+6,. -+714.B 92N+,.6 ?=+
+:86 6>. R =879. 9.26 .= ,826 6M:29.6 9+ 4+3.:=<>. 1S, . +2F. -.,=,B 92N+,.6 ?=+
+:+6 6>. E , 923+4686 5+<86B 8 -.7-+7142-2989+ .= 8 -.8F28:2989+ 9+ 5841+6 .= 9+
+:+,+71.6B @ -.792<>. 7+-+66G428 5848 6+= A=7-2.78,+71. 89+?=89. 86B 9+1+4,2789.6 9+632.6B

60
9+714. 9+ :2,21+6 +618/+:+-29.6B 7>. -;+E8, 8 54+0=92-84 8 A=7-2.78:2989+ 98 5+<8 8O 8
7+-+662989+ 9+ 6+4+, 2792-8986 86 1.:+4V7-286 9+ -.7-+7142-2989+ .= 9+ -.8F28:2989+

668 5+<8 @ -.,5.618 5.4 9=86 5841+6 9+ 92V,+14.6 92A+4+71+6 86B .6 9.26 -2:2794.6 ?=+
A.4,8, 8 5+<8 6>. -.8F2826B 5.26 1S, . ,+6,. +2F. -8,5. 9+ 1.:+4V7-28 9+ -.8F28:2989+ 9.6
+2F.6 98 5+<8 A2-8 9+1+4,2789. 5.4 =, -2:2794. 9+ 92V,+14. -=0. +2F. -.27-29+ -., . +2F. 29+8:
98 5+<8 54.0+1898

1.:+4V7-28 9+ -.7-+7142-2989+ @ 29+712A2-898B 7.6 9+6+7;.6 [email protected] 5+:. 6O,/.:.D

, 5+<86 62,@142-86 @ 7+-+66G42. +65+-2A2-84 8 1.:+4V7-28 9+ 62,+1428 /6+43+ 8 5+<8 8 6+E=24B

4+54+6+71898 +, 5+465+-1238 + +, 32618 I72-8D

4+61+ 81+7<>. 8. 5:87. ?=+ 92329+ 8 5+<8 +, 9=86 5841+6 62,@142-86 8 32618 A4.718:B 8 62,+1428
3+, 2792-898 5+:8 :27;8 9+ 62,+1428 ?=+ -.27-29+ -., . +2F. 98 5+<8 848 9+1+4,2784 8 1.:+4V7-28
9+ 62,+1428B 1.,8,.6 -.,. +:+,+71. 9+ 4+A+4S7-28 . 5:87. ,@92. .= +2F. 98 5+<8 -8,5. 9+
1.:+4V7-28 @ :2,2189. 5.4 9.26 5:87.6 5848:+:.6B +?=29261871+6 9. 5:87. ,@92. 9+ 4+A+4S7-28B + ?=+
E=8498, +714+ 62 =,8 9261V7-28

.6 9+6+7;.6 [email protected] 8 2792-8<>. 9+ 1.:+4V7-28 9+ 62,+1428 3+, 54+-+9298 5+:. 6O,/.:.D

$G 82798 =, .=14. 125. 9+ 1.:+4V7-28 ?=+ 3.-S 54+-268 -.7;+-+4 5848 89?=2424 =,8 326>. E+48:
9+61+ 866=71.D 1.:+4V7-28 9+ ?

61
 ?
=879. =, +:+,+71. 9G =,8 3.:18 -.,5:+18 +, 1.47. 9+ 6+= +2F. 9+ 4.18<>.B +:+ 5.9+ 6.A4+4
@4 B 261. @B 9+6:.-8,+71.6 +, 4+:8<>. 8. +2F. +5+79+79. 98 A=7<>. 9. +:+,+71.B +618
.6-2:8<>. 1+, 9+ 6+4 -.714.:898 5848 7>. -.,54.,+1+4 8 A=7-2.78:2989+ 98 5+<8 .4 266.B @
7+-+66G42. ?=+ 6+08, 9+1+4,278986 86 1.:+4V7-286 9+ /812,+71.B ?=+ 9+:2,218, 8 .6-2:8<>.
8-+21G3+: 9. +:+,+71. 6 1.:+4V7-286 9+ /812,+71. 5.9+, 6+4 9+ 9.26 125.6D E +
812,+71. 8F28: ?=+4 92N+4 /8:87<. 7. 6+7129. 9. +2F. -8,5. 9+ 1.:+4V7-28B 7. /812,+71.
8F28:B A2-8 9+:2,2189. 5.4 9.26 5:87.6 5848:+:.6 +714+ 62B 8 =,8 9261V7-28 + ?=+ 6>.
5+45+792-=:84+6 8. +2F. 9+ 4.18<>.

/812,+71. 48928:B 5.4 .=14. :89.B @ 3+42A2-89. +, 4+:8<>. 8. 482. 9. +:+,+71.B ?=879. . +2F.
9+4 =,8 3.:18 -.,5:+18 -8,5. 9+ 1.:+4V7-28B 7. /812,+71. 48928: @ 9+:2,2189. 5.4 =, 5:87.
5+45+792-=:84 8. +2F. 9+ E24. ?=+ 9+A27+ 9.26 -O4-=:.6 -.7-S7142-.6B 9+ 482.6 92A+4+71+6
92A+4+7<8 9.6 482.6 -.44+65.79+ P 1.:+4V7-28 48928:

6 1.:+4V7-286 9+ /8:87<. 6>. 2792-8986B 7.6 9+6+7;.6 [email protected] 54+-+92986 9. 6O,/.:.D

+F+-=<>. 9+ 5+<86 -., 2792-8<>. 9+ 1.:+4V7-286 E+.,@142-86 @ 184+A8 ?=+ 4+?=+4 E4879+
+F5+42S7-28 + ;8/2:2989+

@K A 6
.6 9+6+7;.6 [email protected] 86 1.:+4V7-286 9+ A.4,8B 9+ .42+718<>.B 9+ 5.62<>. + 9+ /812,+71. 6>.
276-42186 +, ?=894.6 4+187E=:84+6 9232929.6 +, .= R 5841+6B -.,. ,.6148 . 9+6+7;.
8/82F.D

/6+43+ ?=+ . ?=894. 9+ 1.:+4V7-28 8584+-+ :2E89. 8. +:+,+71. ?=+ 6+ 9+6+08 3+42A2-84 5.4 =,8
:27;8 9+ ,84-8<>. 1+4,27898 +, 6+18
U+08B 7. 9+18:;+ 9. 9+6+7;.B 4+54.9=N29. 8 6+E=24B ?=+ 8 6+18 1+4,278 7. -.71.47. .= 7=,8 6
5 A 6+ 8 1.:+4V7-28 @ 85:2-898 7=,8 6=5+4AO-2+B -.,. 7+61+ +F+,5:.

62
 86B ?=879. 8 1.:+4V7-28 @ 85:2-898 8 =, +2F.B .= 8. 5:87. ,@92. 98
5+<8B 8 2792-8<>. @ A+218 78 :27;8 8=F2:284B 7. 54.:.7E8,+71. 98
:27;8 9+ -.18B .= 924+18,+71+ 6./4+ . +2F. 1.:+489. U+08B 7.
9+6+7;. 8. :89.B +6686 9=86 A.4,86 9+ 2792-8<>.

6 +:+,+71.6 9+ 4+A+4S7-28 6>. 2792-89.6 5.4 =,8 :27;8 ?=+ 1+4,278 5.4 =, 142V7E=:. -;+2.
/86+ 9+61+ 142V7E=:. @ 85.2898 6./4+ . -.71.47. 9. +:+,+71. .= 6./4+ . 54.:.7E8,+71. 9.
-.71.47. 9. +:+,+71.

. +F+,5:. 8-2,8B . +:+,+71. 9+ 4+A+4S7-28 @ =,8 6=5+4AO-2+ 86B . +:+,+71. 9+ 4+A+4S7-28

5.9+ 6+4B 18,/@,B =, +2F. .= =, 5:87. ,@92. 98 5+<8 =879. . +:+,+71. 9+ 4+A+4S7-28 @ =,
+2F. .= =, 5:87. ,@92.B 8 /86+ 9. 142V7E=:. 6+ 85M28 6./4+ 8 :27;8 8=F2:284B 7. 54.:.7E8,+71. 98
:27;8 9+ -.18 .= 924+18,+71+ 6./4+ . +2F. .= 5:87. ,@92. 9+ 4+A+4S7-28

E.48B 38,.6 878:2684 . -.71+I9. 9. ?=894. 9232929. +, 9=86 5841+6 . 542,+24. ?=89427;.B 98
+6?=+498 5848 8 924+218B 3+, 6+,54+ 2792-89. . 125. 9+ 1.:+4V7-28 . ?=89427;. 6+E=271+B 3+,
2792-89. . 38:.4 98 1.:+4V7-28B +, ,2:O,+14.6D

. +F+,5:. 8-2,8B . 6O,/.:.D 2792-8 ?=+ 6+ 14818 9+ 1.:+4V7-28 9+ 4+12:27+2989+ 9+ :27;8

38:.4 8>! 2792-8 ?=+ 8 1.:+4V7-28 9+ 4+12:27+2989+B 7+61+ -86.B @ 9+ =, 9@-2,. 9+ ,2:O,+14.
W 6 3+N+6B . 38:.4 98 1.:+4V7-28 3+, 54+-+929. 9. 6O,/.:. 2792-8123. 9+ 92V,+14.D ∅ -.,. 7.
54MF2,. +F+,5:.

63
 ?=2 1+,.6 =, -86. 9+ 1.:+4V7-28 9+ A.4,8D . 6O,/.:. 2792-8 1.:+4V7-28 9+ 4+12:27+2989+ 9+
:27;8 /6+43+ . 6O,/.:. ∅ 871+6 9. 38:.4 98 1.:+4V7-28 B =879. . 38:.4 98 1.:+4V7-28 3+,
85M6 . 6O,/.:. ∅ 261. ?=+4 92N+4 ?=+ . -8,5. 9+ 1.:+4V7-28 -.44+65.79+71+ 5.9+ 1+4 8 A.4,8
-24-=:84 .= -2:O7942-8
=879. 8 1.:+4V7-28 9+3+ 6+4 3+42A2-898 +, 4+:8<>. 8 9+1+4,27898 +F1+76>. 98 5+<8B +618
27A.4,8<>. 3+, 2792-898 7. 6+E=79. ?=89427;.B 6+584898 9. 38:.4 98 1.:+4V7-28 5.4 =,8 /8448
27-:27898 JYK

1.:+4V7-28 85:2-898 7+618 5+<8 @ 9+ 4+12:27+2989+ 9+ :27;8 38:.4 98 1.:+4V7-28 @ 9+ 8>!B .=

6+08B =, 9@-2,. 9+ ,2:O,+14. 7I,+4. !88B 85M6 . 38:.4 98 1.:+4V7-28B 2792-8 ?=+ 6./4+ =,8
+F1+76>. 9+ ,,B 1.,898 +, ?=8:?=+4 5841+ 9. -.,542,+71. 98 5+<8B . +2F. 4+8: 9+3+ A2-84
+714+ 9=86 4+186 5848:+:86B 9261871+6 +714+ 62 B ,,
6 -86.6 +61=989.6 81@ 8E.48 854+6+71838, . ?=894. 9+ 1.:+4V7-28 9232929. +, 9=86 5841+6
71+454+18<>. 98 1+4-+248 5841+ 9. ?=894.D

:+148 29+712A2-8 . +:+,+71. 9+ 4+A+4S7-28B ?=+B 7+61+ +F+,5:.B @ . +2F. 9. A=4. ;.42N.718:
618 ,+6,8 :+148 8584+-+ 7. 1+4-+24. ?=89427;.B 5848 9+2F84 -:848 8 866.-28<>. +714+ .
+:+,+71. 1.:+489. + . +:+,+71. 9+ 4+A+4S7-28 6O,/.:. 7. ?=89427;. 98 +6?=+498B 4+A+4+ 6+ P
1.:+4V7-28 9+ 5+45+792-=:842989+ 66. 62E72A2-8 ?=+B 7+618 5+<8B . A=4. 3+412-8:B ?=+ @ .
+:+,+71. 1.:+489.B 9+3+ 6+4 5+45+792-=:84 8. A=4. ;.42N.718: ?=89427;. @ :2E89. 8.
+:+,+71. 8 ?=+ 6+ 4+A+4+ 5+:8 :27;8 ?=+ 1+4,278 +, =, 142V7E=:. -;+2. 38:.4 98 1.:+4V7-28 @ 9+
B ,,
+, 6+,54+B 5.4@,B . +:+,+71. 9+ 4+A+4S7-28 3+, 29+712A2-89. 5+:8 :+148 ,82I6-=:8 W 6 3+N+6B @
,826 -.73+72+71+ :2E84 924+18,+71+ . +:+,+71. 1.:+489. 8. +:+,+71. 9+ 4+A+4S7-28

6O,/.:. 2792-8 ?=+ 6+ 14818 9+ 1.:+4V7-28 9+ 5848:+:26,. 38:.4 98 1.:+4V7-28 @ 9+ B

,, 142V7E=:. -;+2.B 85.289. 7. -.71.47. 9. /:.-.B 2792-8 ?=+ 8 /86+ 98 5+<8 +61G 6+79.

64
1.,898 -.,. +:+,+71. 9+ 4+A+4S7-28 +:+,+71. 1.:+489. @ . +2F. 9. A=4. ;.42N.718:B 5848:+:.
8. 5:87. 98 /86+ 98 5+<8
-.,587;+ 8 271+454+18<>. 9+ ,826 =, +F+,5:. 9+ 9+6+7;. 1@-72-. -., 85:2-8<>. 9+ 1.:+4V7-28
E+.,@142-8

?=2B . +:+,+71. 1.:+489. @ . A=4. 6O,/.:. 2792-8 ?=+ 6+ 14818 9+ 1.:+4V7-28 9+ :.-8:2N8<>.
38:.4 98 1.:+4V7-28 @ 9+ B ,, 6O,/.:. ∅ 871+6 9. 38:.4 98 1.:+4V7-28 2792-8 ?=+ . -8,5.
9+ 1.:+4V7-28 1+, 8 A.4,8 -2:O7942-8 6 -.186 + 6>. -.186 9+ 4+A+4S7-28 5848 :.-8:2N8<>.
9. A=4. 6 -.186 9+ 4+A+4S7-28 6+,54+ 3S, 276-42186 +, 4+1V7E=:.6

. " ( $ /0

54.9=<>. 9+ =,8 5+<8B .= 9+ =, ./0+1. ?=8:?=+4B 5841+ 6+,54+ 9+ =, -.45. /4=1. 5848B 5866.
8 5866.B -;+E84 8. +6189. 8-8/89. =4871+ . 54.-+66. 9+ A8/42-8<>.B . ,81+428: /4=1. 6.A4+
14876A.4,8<C+6 9+ A.4,8B 9+ 18,87;. + 9+ 54.542+989+6
5+<8 54.718 9+3+ A2-84 9+ 8-.49. -., . 6+= 9+6+7;. 1@-72-. U.-S 0G 68/+ ?=+ . 9+6+7;.
1@-72-. 148N 27A.4,8<C+6 6./4+ 86 -848-1+4O612-86 E+.,@142-86 + 92,+762.7826 98 5+<8 U.-S 0G
854+79+=B 18,/@,B ?=+ -+41.6 9+632.6 9+ 18,87;. + 9+ A.4,8B 9+714. 9+ :2,21+6 9+ 1.:+4V7-28
+618/+:+-29.6 7. 9+6+7;. [email protected] 6>. 8-+21G3+26 5.4?=+ 7>. -.,54.,+1+, . A=7-2.78,+71. 98
5+<8
86B +, 8:E=76 -86.6B 5848 E8487124 8 5+4A+218 A=7-2.78:2989+ 98 5+<8B @ 7+-+66G42. +65+-2A2-84B
18,/@,B . ? 5 IB B 261. @B 8 8584S7-28 A278: 98 5+<8 + 86 54.542+989+6 ?=+
+:8 9+3+ 1+4 6 27A.4,8<C+6 6./4+ .6 5 IB 6>. 2792-8986B 7. 9+6+7;. [email protected]
81483@6 9+ 62,/.:.E28 7.4,8:2N898

"

,@1.9. 9+ 54.9=<>. 271+4A+4+ 78 8584S7-28B 78 A=7-2.78:2989+ + 786 -848-1+4O612-86 E+4826 9.

54.9=1. 8-8/89. F261+, 3G42.6 54.-+66.6 9+ A8/42-8<>. 9+ 5+<86
, ,+6,. E48= 9+ 8-8/8,+71. 5.9+ 6+4 ./129. 5.4 923+46.6 54.-+66.6 9+ 148/8:;. 8 ,+6,8
A.4,8B . ,+6,. 54.-+66. 9+ 148/8:;. 5+4,21+ 8127E24 923+46.6 E48=6 9+ 8-8/8,+71.
=871. ,+:;.4 . 8-8/8,+71. 8 6+4 ./129.B ,82.4 . -=61. 9+ +F+-=<>. 98 5+<8 .41871.B 5848
7>. .7+484 . -=61. 9+ A8/42-8<>.B 86 5+<86 9+3+, 854+6+7184 . E48= 9+ 8-8/8,+71. 89+?=89. P
6=8 A=7<>.
+6-.:;8 9. 54.-+66. 9+ A8/42-8<>. 9+3+ :+384 +, -.718 8 A.4,8B 8 A=7<>.B 8 781=4+N8 98
6=5+4AO-2+B . 125. 9+ ,81+428: + .6 ,+2.6 9+ 54.9=<>. 9265.7O3+26 826 892871+ 3.-S A2-84G
68/+79. -.,. @ A+218 8 2792-8<>. 9.6 54.-+66.6 9+ A8/42-8<>. 7.6 9+6+7;.6 [email protected] 71+6B
5.4@,B 3.-S 54+-268 -.7;+-+4 ,826 8:E=76 9+18:;+6 6./4+ . 8-8/8,+71. 9+ 6=5+4AO-2+6 986 5+<86
8 54G12-8B 8 6=5+4AO-2+ 4+8: 98 5+<8 7=7-8 @ 2E=8: P 6=5+4AO-2+ E+.,@142-8 4+54+6+71898 7.
9+6+7;. 78:26+B 78 A2E=48 8/82F.B . 5+4A2: E+.,@142-. 9+ =, +2F. +B 8 6=8 924+218B . 9+18:;+
8,5:289. 98 6=5+4AO-2+ 9+61+ ,+6,. +2F. . 9+18:;+ 8,5:289. 3.-S 5.9+ ./6+4384 ?=+ 8
6=5+4AO-2+ 4+8: 854+6+718 244+E=:842989+6 78 A.4,8D

65
 8 A8/42-8<>. 9+ 5+<86B 86 6=5+4AO-2+6 +61>. 6=0+2186 8 +44.6 9+ A.4,8 + 9+ 5.62<>.B ?=+
9+1+4,278, 86 1.:+4V7-286 E+.,@142-86 66+6 +44.6 6>. -.7629+489.6 A
6 1.:+4V7-286 E+.,@142-86 6>. +618/+:+-2986 5848 ?=+ 1826 +44.6 7>. 54+0=92?=+, .
A=7-2.78,+71. 98 5+<8 714+1871.B ,+6,. 6=5+4AO-2+6 +F+-=18986 9+714. 9.6 5894C+6 9+
1.:+4V7-28 E+.,@142-8 9+1+4,2789.6B 854+6+718, =, -.70=71. 9+ 244+E=:842989+6
A ?=+ -.76121=+, 8 A 98 5+<8 .= E 5 O
4=E.62989+ -.76261+ 786 ,84-86 .= 6=:-.6 9+2F89.6 5+:8 A+448,+718 =12:2N898 5848 54.9=N24 8
5+<8 6 244+E=:842989+6 986 6=5+4AO-2+6B ?=+ -.76121=+, 8 4=E.62989+B 6>. 86 68:2S7-286 +
4++714V7-286 +F261+71+6 78 6=5+4AO-2+ 4+8:

5427-O52.B 8 838:28<>. 98 4=E.62989+ +48 A+218 5+:8 326>. + 5+:. 181. -.,5848<>. 326=8: + 1G12:
9G =,8 29@28B ,86 7>. 14876,21+ 8 54+-26>. 7+-+66G428B :+3879. 8 -.7-:=6C+6 ,=2186 3+N+6
+7E87.686B + ?=+ 7>. 5.9+, 6+4 +F54+6686 +, 7I,+4.6 +5.26B 5866.= 6+ 8 =12:2N84
,2-4.6-M52.6B ?=+ 5+4,2128, =,8 326>. 8,5:2898 98 6=5+4AO-2+ 8 6+4 0=:E898

Ampliação 1000X
.4@,B .6 ,2-4.6-M52.6 854+6+71838, :2,218<C+6D 85+684 9+ 5.662/2:2184+, 8 ,+9298 98 :84E=48 +
+658<8,+71. +714+ 86 68:2S7-286 + 4++714V7-286 7>. A.47+-28, 27A.4,8<C+6 6./4+ 6=86 8:1=486 +
54.A=792989+6 1=8:,+71+B E48<86 8. 54.E4+66. 98 +:+14^72-8B 0G +F261+, 8584+:;.6 ?=+
A.47+-+, 27A.4,8<C+6 -.,5:+186 + 54+-2686 6./4+ . 5+4A2: 9+ 6=5+4AO-2+6 878:268986 .4 ,+2. 9+
=,8 5+?=+78 8E=:;8B ?=+ 5+4-.44+ 8,.61486 9+ -.,542,+71. 98 6=5+4AO-2+ 3+42A2-898B @ 5.66O3+:
./1+4 27A.4,8<C+6 7=,@42-86 + E4GA2-86 6./4+ 6+= 5+4A2: 662,B =12:2N879. 8584+:;.6 -.,.D
4=E.6O,+14.B 5+4A2:ME48A.B 5+4A2:.6-M52. +1- @ 5.66O3+: 838:284 -., +F8129>. 6+ 8 5+<8 854+6+718
. +6189. 9+ 6=5+4AO-2+ 89+?=89. 8. 6+= A=7-2.78,+71.

66
 Rugosímetro

Perfilógrafo

"

. 4862:B 81@ B8 2792-838 . 8-8/8,+71. 6=5+4A2-28: 5.4 ,+2. 9+ =,8 62,/.:.E28

?=+ 14876,2128 85+786 27A.4,8<C+6 C 3 618 62,/.:.E28B ?=+ ;.0+ 6+ +7-.7148
=:1485866898B 4 9+3+ 6+4 =12:2N898 +, 9+6+7;.6 [email protected] ,+-V72-.6 714+1871.B @ 2,5.41871+
?=+ 3.-S 8 -.7;+<8B 5.26 5.9+ 324 8 +7-.714G :8 +, 9+6+7;.6 ,826 8712E.6
U+08 8 6+E=24B .6 6O,/.:.6 9+ 8-8/8,+71. 6=5+4A2-28: + 6+= 62E72A2-89.

B ? A I
792-8 ?=+ 8 6=5+4AO-2+ 9+3+ 5+4,87+-+4 /4=18B 6+, 8-8/8,+71.B + 86
4+/84/86 9+3+, 6+4 +:2,278986
792-8 ?=+ 8 6=5+4AO-2+ 9+3+ 6+4 9+6/861898 6 +614286 54.9=N2986 5+:8
A+448,+718 5.9+, 6+4 5+4-+/2986 5+:. 181. .= 326>.
792-8 ?=+ 8 6=5+4AO-2+ 9+3+ 6+4 8:26898B 854+6+71879. 9+668 A.4,8 ,84-86
5.=-. 5+4-+51O3+26 P 326>.
792-8 ?=+ 8 6=5+4AO-2+ 9+3+ 6+4 5.:298B + 8662, A2-84 :268B /42:;871+B 6+,
,84-86 326O3+26

67
 1=8:,+71+B 8 838:28<>. 98 4=E.62989+B 7. 4862:B /86+28 6+ 786 7.4,86 Y +
Y B ?=+ 14818, 8 4=E.62989+ 9+ A.4,8 C 3 B 5+4,21279. ?=+ +:8 6+08 ,+9298
61+ @ . 54MF2,. 866=71. ?=+ 3.-S 382 +61=984

.2#2! " (3 @4 A

7.4,8 /4862:+248 89.18 . 6261+,8 9+ 6 5848

838:28<>. 98 4=E.62989+ U+08B 7. 9+6+7;. 9. 5+4A2: 9+
=,8 6=5+4AO-2+B 8 4+54+6+718<>. 98 :27;8 ,@928

(! + (# 4+54+6+718, 86 68:2S7-286 98 6=5+4AO-2+ 4+8: () + (* 4+54+6+718, .6 6=:-.6 .=

4++714V7-286 98 6=5+4AO-2+ 4+8:
>. @ 5.66O3+: 8 9+1+4,278<>. 9.6 +44.6 9+ 1.9.6 .6 5.71.6 9+ =,8 6=5+4AO-2+ 71>.B 8
4=E.62989+ @ 838:2898 +, 4+:8<>. 8 =,8 :27;8 75=B 9+ -.,542,+71. B ?=+ 4+54+6+718 =,8 8,.6148
9. 5+4A2: 98 6=5+4AO-2+ +F8,27898
:27;8 ,@928 8-.,587;8 8 924+<>. E+48: 9. 5+4A2:B 9+1+4,27879. G4+86 6=5+42.4+6 + G4+86
27A+42.4+6B 9+ 18: A.4,8 ?=+ 8 6.,8 986 G4+86 6=5+42.4+6 J(! + (#> 7. +F+,5:.K 6+08 2E=8: P
6.,8 986 G4+86 27A+42.4+6 J() + (*> 7. ,+6,. +F+,5:.KB 7. -.,542,+71. 98 8,.6148 ,+9298
98 4=E.62989+ @ . 9+632. ,@92. 8421,@12-. J K -8:-=:89. +, 4+:8<>. P :27;8 ,@928

+54+6+718<>. E4GA2-8 98 4=E.62989+ ,@928

7.4,8 Y 9+A27+ !# -:866+6 9+ 4=E.62989+B ?=+ -.44+65.79+, 8 9+1+4,2789.6

9+632.6 ,@92.6 8421,@12-.6 J K +F54+66.6 +, ,O-4.76 Jµ µ K U+08B 78 18/+:8 4+54.9=N298 8
6+E=24B 86 -:866+6 9+ 4=E.62989+ + .6 9+632.6 -.44+65.79+71+6

8/+:8D 848-1+4O612-86 98 4=E.62989+ 7 =

:866+6 9+ 4=E.62989+ +632. ,@92. 8421,@12-. 8 Jµ,K

B
B
B
) B
B
B
B
B
B
B

.,. +F+,5:.6D =, 9+632. 9+ B µ, -.44+65.79+ 8 =,8 -:866+ 9+ 4=E.62989+ < Q 8 =,8 -:866+
9+ 4=E.62989+ . -.44+65.79+ =, 38:.4 9+ 4=E.62989+ 8 \ B µ,

68
.2#2# " @4 A 6

B ? 3 A

B ? /G62-. 5848 8 2792-8<>. 98 4=E.62989+ 9+ 6=5+4AO-2+6 @

-.76121=O9. 5.4 9=86 :27;86 9+ -.,542,+71. 9+62E=8:B ?=+ A.4,8,
V7E=:.6 9+ L +714+ 62 + +, 4+:8<>. P :27;8 ?=+ 4+54+6+718 8
6=5+4AO-2+ -.7629+4898

61+ 6O,/.:.B 26.:898,+71+B 7>. 1+, ?=8:?=+4 38:.4 =879.B 7.

54.-+66. 9+ A8/42-8<>.B @ +F2E298 4+,.<>. 9+ ,81+428:B 5848 ./1+4
. +6189. 9+ 6=5+4AO-2+ 54+3261.B . 6O,/.:. /G62-. @ 4+54+6+7189.
-., =, 148<. 892-2.78:

4+,.<>. 9+ ,81+428: 6+,54+ .-.44+ +, 54.-+66.6 9+ A8/42-8<>.

?=+ +73.:3+, B -.,. 5.4 +F+,5:.D . 1.47+8,+71.B 8 A4+68E+,B
8 5+4A=48<>. +714+ .=14.6 =879. 8 4+,.<>. 9+ ,81+428: 7>. @
5+4,21298B . 6O,/.:. /G62-. @ 4+54+6+7189. -., =, -O4-=:.B -.,.
6+E=+

6O,/.:. /G62-. -., =, -O4-=:. 5.9+ 6+4 =12:2N89.B 18,/@,B 5848

2792-84 ?=+ . +6189. 9+ 6=5+4AO-2+ 9+3+ 5+4,87+-+4 278:1+489.
,+6,. ?=+ 8 6=5+4AO-2+ 3+7;8 8 6.A4+4 7.386 .5+48<C+6

=879. A.4 7+-+66G42. A.47+-+4 2792-8<C+6 -.,5:+,+7184+6B 54.:.7E8 6+ . 148<. ,82.4 9.

6O,/.:. /G62-. -., =, 148<. ;.42N.718: + 6./4+ +61+ 148<. +6-4+3+ 6+ 8 27A.4,8<>. 9+6+0898
. +F+,5:. 871+42.4 +61G 2792-89. . 54.-+66. 9+ 4+,.<>. 9+ ,81+428: 5.4 A4+68E+,

@4 3 A
38:.4 98 4=E.62989+ 1871. 5.9+ 6+4 +F54+66. 7=,+42-8,+71+B +, ,O-4.76B -.,. 18,/@, 5.4
-:866+ 9+ 4=E.62989+
38:.4 98 4=E.62989+ 3+, 2792-89. 6./4+ . 6O,/.:. /G62-.B -., .= 6+, 627826 892-2.7826

"2E "2E

6 9=86 A.4,86 9+ 2792-84 8 4=E.62989+ JA2E=486 + K 6>. -.44+186

=879. A.4 7+-+66G42. +618/+:+-+4 .6 :2,21+6 OE + B 986 -:866+6 9+ 4=E.62989+B +61+6
38:.4+6 9+3+, 6+4 2792-89.6 =, 6./4+ . .=14. :2,21+ ,GF2,. 9+3+ 324 +6-421. +, -2,8

+66+ +F+,5:.B 8 6=5+4AO-2+ -.7629+4898 9+3+ 1+4 =,8 4=E.62989+ -.,54++79298 +714+ =,
38:.4 ,GF2,. ; + =, 38:.4 ,O72,. 9 ?=+ @ . ,+6,. ?=+ +714+ B µ, + B µ, 848 68/+4 8
+?=238:S7-28 986 -:866+6 9+ 4=E.62989+ +, ,O-4.76 Jµ,KB /8618 -.76=:184 8 18/+:8 9+
B A 7 =B 32618 871+42.4,+71+

69
 B ? 5 @4
$G =,8 .=148 -848-1+4O612-8 A ?=+ 9+3+ 6+4 :+3898 +, -.718 7. 54.-+66. 9+
A8/42-8<>. + 78 838:28<>. 98 4=E.62989+D 14818 6+ 98 924+<>. 986 B ?=+ 6>. 86 5+?=+786
:27;86 .= .6 6=:-.6 9+2F89.6 78 6=5+4AO-2+ =627898 5+:8 A+448,+718 =6898 7. 54.-+66. 9+
A8/42-8<>. 98 5+<8
=879. A.4 7+-+66G42. 9+A2724 8 924+<>. 986 +614286 266. 9+3+ 6+4 A+21. 5.4 =, 6O,/.:. 892-2.78:
8. 6O,/.:. 9. +6189. 9+ 4=E.62989+
6 6O,/.:.6 5848 924+<>. 986 +614286 6>. 7.4,8:2N89.6 5+:8 Y U+08B 8 6+E=24B ?=826
6>. .6 6O,/.:.6 7.4,8:2N89.6
6O,/.:. 2792-8 ?=+ 86 +614286 6>. 5848:+:86 8. 5:87. 9+ 54.0+<>. 98 32618 6./4+ 8 ?=8: .
6O,/.:. @ 85:2-89. -.,587;+ . +F+,5:. ,8E27+ ?=+ 85M6 8 =6278E+,B 86 +614286 98 6=5+4AO-2+
9+3+, A2-84 78 924+<>. 2792-898 78 5+465+-1238 U+08B 8. :89.B 8 2792-8<>. 98 924+<>. 986 +614286
7. 9+6+7;. 1@-72-.

.1+ ?=+B 7. 9+6+7;. [email protected] . 6O,/.:. 9+ 4=E.62989+ A.2 4+54+6+7189. 78 32618 A4.718: . 6+=
:89.B A.2 4+54+6+7189. . 6O,/.:. B ?=+ 2792-8 8 5.62<>. 986 +614286 +, 4+:8<>. 8. 5:87. 9+
54.0+<>. 98 32618 A4.718:
6 +614286 7>. 6>. 326O3+26 8 .:;. 7= 5.4 6+4+, -848-1+4O612-86 ,2-4.E+.,@142-86 2792-8<>. 98
924+<>. 986 +614286B 7. 9+6+7;. [email protected] 27A.4,8 8. .5+489.4 98 ,G?=278 ?=8: 9+3+ 6+4 8 5.62<>.
98 6=5+4AO-2+ 8 6+4 =627898 +, 4+:8<>. P A+448,+718 ?=+ 382 =627G :8
6O,/.:. ⊥ 2792-8 ?=+ 86 +614286 6>. 5+45+792-=:84+6 8. 5:87. 9+ 54.0+<>. 98 32618 6./4+ 8 ?=8:
+:+ @ 85:2-89. U+08 7. 9+6+7;.

6O,/.:. ⊥B 8. :89. 9. 6O,/.:. 9+ 4=E.62989+B 78 32618 A4.718: 2792-8 ?=+ 8 5.62<>. 986 +614286
98 6=5+4AO-2+ 8 6+4 =627898 9+3+ 6+4 5+45+792-=:84 8. 5:87. 9+ 54.0+<>. 98 32618 A4.718:
=879. 86 +614286 9+3+, A2-84 -4=N8986B +, 9=86 924+<C+6 ./:O?=86B -.,. ,.6148, .6 9+6+7;.6
8/82F.B . 6O,/.:. 9+ 924+<>. 986 +614286 @ W

+584+ ?=+ .6 6O,/.:.6D WB 4+54+6+7189.6 78 32618 A4.718:B 2792-8, ?=8: 8 6=5+4AO-2+ 8 6+4
=627898 + ?=826 86 924+<C+6 986 +614286 4+6=:1871+6
=148 5.662/2:2989+ @ ?=+ 86 +614286 6+ 926142/=8, +, ,=2186 924+<C+6B -.,. 7.6 9+6+7;.6
8/82F.D

70
 6O,/.:. 2792-8123. 9+ 924+<C+6 986 +614286 @ B ?=+ 8584+-+ 4+54+6+7189. 8. :89. 9. 6O,/.:.
9+ 4=E.62989+B 78 32618 A4.718:
=879. 86 +614286 9+3+, A.4,84 -O4-=:.6 854.F2,898,+71+ -.7-S7142-.6B -.,. ,.6148, .6
54MF2,.6 9+6+7;.6B . 6O,/.:. 9+ 924+<>. 986 +614286 @

+584+ ?=+ . 6O,/.:. 8584+-+ 4+54+6+7189. 8. :89. 9. 6O,/.:. 9+ 4=E.62989+B 7. 9+6+7;.

1@-72-.
"278:,+71+B 86 +614286 5.9+, 6+ 24489284 8 584124 9. 5.71. ,@92. 98 6=5+4AO-2+ P ?=8: . 6O,/.:.
6+ 4+A+4+

6O,/.:. B 8. :89. 9. 6O,/.:. 9+ 4=E.62989+B 2792-8 ?=+ 8 924+<>. 986 +614286 @ 48928: +,
4+:8<>. 8. 5.71. ,@92. 98 6=5+4AO-2+ 8 6+4 =627898

@4 ? 5 A
=879. =,8 5+<8 A=79298 9+3+ 6+4 6=/,+1298 8 =6278E+, 5.61+42.4B @ 7+-+66G42. 54+3+4 +
2792-84 8 ?=8712989+ 9+ ? B 261. @B 9+ ,+18: 8 ,826B +F2E29. 5848 8 =6278E+,
=879. A.4 7+-+66G42. 2792-84 +66+ 38:.4B +:+ 9+3+ 6+4 4+54+6+7189. P +6?=+498 9. 6O,/.:.B 9+
8-.49. -., . 6261+,8 9+ ,+92986 =12:2N89. 5848 -.18E+,

7=,+48: ,B P +6?=+498 9. 6O,/.:. 9+ 4=E.62989+B 2792-8 ?=+ 8 6=5+4AO-2+ A=79298 9+3+ 1+4
,, 9+ +65+66=48 8 ,826 9. ?=+ 8 92,+76>. 7.,278: 98 -.18 -.44+65.79+71+

5 @4 @K 5 IB
898 =,8 986 2792-8<C+6 9+ +6189. 9+ 6=5+4AO-2+ @ 4+54+6+71898 +, 4+:8<>. 8. 6O,/.:.B
-.7A.4,+ 86 5.62<C+6 8 6+E=24D

71
 +:+,/4+ . ?=+ -898 =,8 986 :+1486 2792-8D
38:.4 98 4=E.62989+ 8B +, µ,B .= -:866+ 9+ 4=E.62989+ 8 Q
? ,@1.9. 9+ A8/42-8<>.B 14818,+71. .= 4+3+612,+71. 98 6=5+4AO-2+Q
-.,542,+71. 98 8,.6148 5848 838:28<>. 98 4=E.62989+B +, ,,Q
924+<>. 54+9.,27871+ 986 +614286Q
6./4+,+18: 5848 =6278E+, Jµ,K

78:26+ . 54MF2,. +F+,5:.B -., 2792-8<>. 9+ +6189. 9+ 6=5+4AO-2+

+ 9+5.26 4+6.:38 . +F+4-O-2.

@K 5 IB 6
6 6O,/.:.6 + 86 276-42<C+6 9+3+, +6184 4+54+6+7189.6 9+ 18: ,.9. ?=+ 5.668, 6+4 :29.6 6+,
92A2-=:989+

. +F+,5:. 8-2,8B 8 4=E.62989+ 986 A8-+6D 27A+42.4 + :81+48: 924+218 @ 2E=8: 8 B µ,

6O,/.:. 5.9+ 6+4 :2E89. P 6=5+4AO-2+ 8 ?=+ 6+ 4+A+4+ 5.4 ,+2. 9+ =,8 :27;8 9+ 2792-8<>.B -.,.
7. 54MF2,. 9+6+7;.

.1+ ?=+ 8 :27;8 9+ 2792-8<>. 854+6+718 =,8 6+18 78 +F14+,2989+ ?=+ 1.-8 8 6=5+4AO-2+ /6+43+
7.38,+71+ . 9+6+7;. 871+42.4 + 4+584+ ?=+ . 6O,/.:. @ 2792-89. =,8 3+N 5848 -898 6=5+4AO-2+
86 5+<86 9+ 4+3.:=<>. . 6O,/.:. 9+ 4=E.62989+ @ 2792-89. =,8 I72-8 3+NB 6./4+ 8 E+48142N 98
6=5+4AO-2+ -.7629+4898

6O,/.:. 2792-8 ?=+ 8 6=5+4AO-2+ 9+ 4+3.:=<>. 271+248 9+3+ 854+6+7184 . ,+6,. +6189. 9+
6=5+4AO-2+ =879. 86 6=5+4AO-2+6 98 5+<8 1S, . E48= 9+ 4=E.62989+B 8 2792-8<>. @
A+218 9+ ,87+248 62,5:2A2-898

72
 86. 6+ 1481+ 9+ =,8 5+<8 26.:898B 8 2792-8<>. 9. +6189. 9+
4=E.62989+ @ 4+54+6+71898 54MF2,8 P 32618 98 5+<8B -.,. 7.
9+6+7;. 8 6+E=24

+ 8 5+<8 A8N 5841+ 9+ =, -.70=71. ,+-V72-.B +:8 4+-+/+ =,

7I,+4. 9+ 4+A+4S7-28 ?=+ 8 29+712A2-8 + 27A.4,8 6./4+ 8 5.62<>. 98
5+<8 7. -.70=71. +66+ -86.B 8 2792-8<>. 9. +6189. 9+ 6=5+4AO-2+
3+, 8. :89. 9. 7I,+4. 9+ 4+A+4S7-28 98 5+<8B -.,. 7. 54MF2,.
9+6+7;.

=879. =, 9+1+4,2789. +6189. 9+ 6=5+4AO-2+ @ +F2E29. 5848 8 ,82.428 986 6=5+4AO-2+6 9+ =,8
5+<8B . 6O,/.:. 9+ 4=E.62989+ -.44+65.79+71+ 3+, 4+54+6+7189. 3 FB 8. :89. 6=5+42.4
924+21. 98 5+<8 6 9+,826 6O,/.:.6 9+ 4=E.62989+B ?=+ 6+ 4+A+4+, 8 6=5+4AO-2+6 2792-8986
924+18,+71+ 7. 9+6+7;.B 3S, 85M6 . 6O,/.:. 5427-258:B +714+ 584S71+6+6 U+08 =, +F+,5:.

+61+ +F+,5:.B ; @ 8 -:866+ 9+ 4=E.62989+ 54+9.,27871+ ,8 986 6=5+4AO-2+6 9+ 4+3.:=<>.

9+3+ 854+6+7184 8 -:866+ < + 8 6=5+4AO-2+ 9. A=4. :.7E21=9278: 9+3+ 854+6+7184 8 -:866+ .
6O,/.:. 5.9+ 6+4 4+54+6+7189. 9+714. 9.6 584S71+6+6 5848 6=/6121=24 86 2792-8<C+6
+65+-OA2-86 9+ -:866+6 9+ 4=E.62989+ . +F+,5:. 871+42.4B .79+ 8584+-+ J KB +618
2792-8<>. 5.9+ 6+4 6=/6121=O98 5.4 J K2
=879. 8 5+<8 :+38 7I,+4. 9+ 4+A+4S7-28B 8 2792-8<>. 98 4=E.62989+ E+48: + 986 4=E.62989+6
+65+-OA2-86 3+, 8. :89. 9. 7I,+4. 9+ 4+A+4S7-28B -.,. 7. 9+6+7;. 8/82F.

5 R B ? ? A
6 6O,/.:.6 2792-8123.6 9+ 8-8/8,+71. 6=5+4A2-28:B 854+6+7189.6 7. 27O-2. 9+618 8=:8B 3S, 6+79.
E48981238,+71+ 6=/6121=O9.6 5+:86 2792-8<C+6 9+ 4=E.62989+ % 5.66O3+: ?=+ 3.-S 82798 +7-.714+
9+6+7;.6 ?=+ 854+6+71+, 8?=+:8 62,/.:.E28 0G 6=5+4898 8 54G12-8B A.2 +618/+:+-298 =,8
-.44+65.79S7-28 854.F2,898 +714+ .6 8712E.6 6O,/.:.6 9+ 8-8/8,+71. 9+ 6=5+4AO-2+6 + .6 81=826
6O,/.:.6 9+ 4=E.62989+

73
 B ? ? 5 I B ? 3 A

9+ 8
9+ ) 8
9+ 8

6 -:866+6 9+ ! 8 ) -.44+65.79+, 8 E48=6 9+ 4=E.62989+ ,826 fA27.6g ?=+ . 5.:29. J

K

:@, 9. 8-8/8,+71. 6=5+4A2-28:B ,=2186 5+<86 9+3+, 4+-+/+4 4818,+71. @ .

54.-+66. ?=+ 5+4,21+ ,.92A2-84 -+4186 54.542+989+6 98 5+<8B 1826 -.,.D 9=4+N8B ,8:+8/2:2989+B
4+6261S7-28 P .F298<>. +1- % ,=21. 92AO-2: +7-.71484 =, ,81+428: ?=+ 6+ 89851+ 5+4A+218,+71+ 8
1.986 86 -.792<C+6 +F2E2986 9+ A=7-2.78,+71. ,8 986 ,87+2486 9+ -.71.4784 +61+ 54./:+,8
-.76261+ +, +6-.:;+4 . ,81+428: ?=+ 1+7;8 -+4186 54.542+989+6 -.,581O3+26 -., 86 +F2ES7-286 98
5+<8 +B 9+5.26B 1481G :. -.73+72+71+,+71+B 5848 ?=+ 89?=248 .=1486 54.542+989+6 +F2E2986
F261+, 92A+4+71+6 54.-+66.6 9+ 14818,+71. :E=76 ,.92A2-8, 85+786 86 6=5+4AO-2+6 986 5+<86B
-.,. 5.4 +F+,5:.D -4.,8<>.B 5271=48 + 72?=+:8E+, =14.6 ,.92A2-8, -+4186 54.542+989+6 98
5+<8B -.,. 5.4 +F+,5:.D 8 -+,+718<>.B . 4+-.N2,+71.B 8 1S,5+48 + . 4+3+72,+71.

@K 6 2
54.-+66. 9+ 14818,+71. 5.9+ 324 2792-89. 7.6 9+6+7;.6 [email protected] 9+ 9=86 ,87+2486 ,8 9+:86
3.-S 0G -.7;+-+D 8 2792-8<>. @ A+218 6./4+ 8 :27;8 ;.42N.718: 9. 6O,/.:. 9+ 4=E.62989+D
=148 A.4,8 -.76261+ +, 2792-84 . 14818 ,+71. 6./4+ =,8 :27;8 9+ -;8,898 :2E898 P 6=5+4AO-2+ P
?=8: 9+3+ 6+4 85:2-89. . 14818,+71.

.6 9+6+7;.6 [email protected] 5.9+,.6 2792-84 ,826 9+ =, 125. 9+ 14818,+71. 5848 8 ,+6,8 5+<8B -.,.
7. +F+,5:. 8 6+E=24

5+<8 8-2,8B =,8 18:;89+248B 382 4+-+/+4 9.26 125.6 9+ 14818,+71.D 8 R 5 +. 3

:27;8 @ 5 A ?=+ 3.-S 3S 78 32618 6=5+42.4B ,.6148 8 5841+ 98 5+<8 ?=+ 9+3+4G

74
4+-+/+4 .6 14818,+71.6 2792-89.6 . +F+,5:. 989.B 8 -.18 #8 9+:2,218 8 +F1+76>. 98 5+<8 8 6+4
6=/,+1298 8.6 9.26 14818,+71.6 J1+,5+489. 4+3+729.K

1 1- + (/ (

$ h B 84127 +6+7;. +-V72-. U.: >. 8=:.D )

$ h B 84127 +6+7;. +-V72-. U.: >. 8=:.D )
$ h B 84127 +6+7;. +-V72-. U.: >. 8=:.D )
$ h B 84127 +6+7;. +-V72-. U.: >. 8=:.D )
B 92:6.7 +94.68Q U B +/8612>. 9+ 5.612:8 " +6+7;. @-72-. +
"
+-V72-8D +21=48 + 271+454+18<>. 9+ 9+6+7;. 1@-72-. ,+-V72-. U.: >.
8=:.D 921.48 !:./.
+-V72-8D +21=48 + 271+454+18<>. 9+ 9+6+7;. 1@-72-. ,+-V72-. U.: >.
8=:.D 921.48 !:./.
H B +-V72-8D +6+7;. U21M428D Y

75