Electrolux EPI12NLIWE Kullanım kılavuzu

  • Merhaba, ben bu belgeyi okudum ve Electrolux marka EPI09NLIW ve EPI12NLIW model klimalar hakkında sorularınızı yanıtlamaya hazırım. Bu kılavuz, cihazın AUTO, SOĞUTMA, NEM ALMA, FAN ve ISITMA modları gibi farklı çalışma modları, uyku modu, zamanlayıcı ayarları ve hava akışı kontrolü gibi özellikleri hakkında detaylı bilgiler içermektedir. Ayrıca, I Feel fonksiyonu, uzaktan kumanda ile kontrol ve acil durumlarda manuel kontrol düğmesi hakkında da bilgi bulabilirsiniz.
  • Uzaktan kumanda çalışmazsa ne yapmalıyım?
    Uyku modu ne işe yarar?
    X-Fan fonksiyonu nedir?
53
ȆȓȞĮțĮȢʌİȡȚİȤȠȝȑȞȦȞ
ȈȣȖȤĮȡȘIJȒȡȚĮ
ȆȡȠijȣȜȐȟİȚȢĮıijĮȜİȓĮȢ
ȆİȡȚȖȡĮijȒʌȡȠȧȩȞIJȠȢ
ȅșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
ȅįȘȖȩȢȖȡȒȖȠȡȘȢȑȞĮȡȟȘȢ
ȆİȡȚȖȡĮijȒIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǼȞįİȓȟİȚȢȠșȩȞȘȢIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȆȡȫIJȘȤȡȒıȘ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
ȁİȚIJȠȣȡȖȓĮȑțIJĮțIJȘȢĮȞȐȖțȘȢ
ǺȑȜIJȚıIJȘȜİȚIJȠȣȡȖȓĮ
ȀĮșĮȡȚıȝȩȢțĮȚıȣȞIJȒȡȘıȘ
ȈȣȝȕȠȣȜȑȢȜİȚIJȠȣȡȖȓĮȢ
ǹȞIJȚȝİIJȫʌȚıȘʌȡȠȕȜȘȝȐIJȦȞ77
ȁȓıIJĮʌȡȠȧȩȞIJȦȞ
 ǻȚĮIJȘȡİȓIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıİșȑıȘȩʌȠȣIJȠıȒȝĮIJȠȣ
ȞĮȝʌȠȡİȓȞĮijIJȐıİȚIJȠįȑțIJȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȀĮIJȐIJȘȜİȚIJȠȣȡȖȓĮIJȠȣțȜȚȝĮIJȚıIJȚțȠȪȕİȕĮȚȦșİȓIJİȩIJȚIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚıIJȡĮȝȝȑȞȠʌȡȠȢIJȠįȑțIJȘıȒȝĮIJȠȢ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ǵIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚȑȞĮıȒȝĮIJȠıȪȝȕȠȜȠ
ĮȞĮȕȠıȕȒȞİȚȖȚĮʌİȡȓʌȠȣįİȣIJİȡȩȜİʌIJȠıIJȘȞ
ȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǾİıȦIJİȡȚțȒȝȠȞȐįĮĮȞĮȖȞȦȡȓȗİȚIJȠıȒȝĮȝİȑȞĮ
ȘȤȘIJȚțȩıȒȝĮȝʌȚʌȩIJĮȞȜĮȝȕȐȞİȚIJȠıȒȝĮĮʌȩIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣțĮȚıIJİȓȜIJİ
ʌȐȜȚIJȠıȒȝĮĮȞįİȞĮțȠȪıİIJİȑȞĮȘȤȘIJȚțȩıȒȝĮĮʌȩ
IJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
ȈȘȝĮȞIJȚțȒȣʌİȞșȪȝȚıȘ
54
ȈȣȖȤĮȡȘIJȒȡȚĮ
 ȉȠțȜȚȝĮIJȚıIJȚțȩĮȣIJȩįİȞʌȡȠȠȡȓȗİIJĮȚȖȚĮȤȡȒıȘĮʌȩ
ȝȚțȡȐʌĮȚįȚȐȒȐIJȠȝĮȝİȝİȚȦȝȑȞİȢȚțĮȞȩIJȘIJİȢȤȦȡȓȢ
İʌȠʌIJİȓĮ
 ȉĮȝȚțȡȐʌĮȚįȚȐʌȡȑʌİȚȞĮİʌȠʌIJİȪȠȞIJĮȚȫıIJİȞĮ
İȟĮıijĮȜȓȗİIJĮȚȩIJȚįİȞʌĮȓȗȠȣȞȝİIJȠțȜȚȝĮIJȚıIJȚțȩ
 ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
İȖțĮIJȐıIJĮıȘȢȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘĮȣIJȠȪIJȠȣ
țȜȚȝĮIJȚıIJȚțȠȪ
 ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ıȣȞIJȒȡȘıȘȢȖȚĮIJȘȞİʌȚıțİȣȒȒıȣȞIJȒȡȘıȘĮȣIJȒȢ
IJȘȢȝȠȞȐįĮȢ
 ǼȐȞIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢʌȡȑʌİȚȞĮ
ĮȞIJȚțĮIJĮıIJĮșİȓʌȡȑʌİȚȞĮĮȞIJȚțĮIJĮıIJĮșİȓȝȩȞȠĮʌȩ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ȅȚİȡȖĮıȓİȢİȖțĮIJȐıIJĮıȘȢʌȡȑʌİȚȞĮİțIJİȜȠȪȞIJĮȚ
ıȪȝijȦȞĮȝİIJĮİșȞȚțȐʌȡȩIJȣʌĮțĮȜȦįȓȦıȘȢȝȩȞȠ
ĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ȈȣȖȤĮȡȘIJȒȡȚĮțĮȚİȣȤĮȡȚıIJȠȪȝİʌȠȣİʌȚȜȑȟĮIJİȑȞĮ
țȜȚȝĮIJȚıIJȚțȩįȚĮȚȡȠȪȝİȞȠȣIJȪʌȠȣǼȓȝĮıIJİıȓȖȠȣȡȠȚȩIJȚȘ
ȤȡȒıȘIJȠȣȞȑȠȣțȜȚȝĮIJȚıIJȚțȠȪıĮȢșĮıĮȢİȓȞĮȚĮʌȩȜȣIJĮ
İȣȤȐȡȚıIJȘ
ȆȡȚȞȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩıȣȞȚıIJȠȪȝİȞĮ
įȚĮȕȐıİIJİȠȜȩțȜȘȡȠIJȠİȖȤİȚȡȓįȚȠȤȡȒıIJȘIJȠȠʌȠȓȠ
ʌĮȡȑȤİȚȝȚĮʌİȡȚȖȡĮijȒIJȠȣțȜȚȝĮIJȚıIJȚțȠȪțĮȚIJȦȞ
ȜİȚIJȠȣȡȖȚȫȞIJȠȣ
īȚĮIJȘȞĮʌȠijȣȖȒIJȦȞțȚȞįȪȞȦȞʌȠȣȣʌȐȡȤȠȣȞʌȐȞIJĮ
țĮIJȐIJȘȤȡȒıȘȝȚĮȢȘȜİțIJȡȚțȒȢıȣıțİȣȒȢİȓȞĮȚıȘȝĮȞIJȚțȩ
IJȠțȜȚȝĮIJȚıIJȚțȩıĮȢȞĮİȖțĮIJĮıIJĮșİȓıȦıIJȐțĮȚȞĮ
įȚĮȕȐıİIJİIJȚȢȠįȘȖȓİȢĮıijȐȜİȚĮȢʌȡȠıİțIJȚțȐȫıIJİȞĮ
ĮʌȠijȪȖİIJİIJȘȜĮȞșĮıȝȑȞȘȤȡȒıȘțĮȚIJȠȣȢțȚȞįȪȞȠȣȢ
ȈȣȞȚıIJȠȪȝİȞĮįȚĮIJȘȡİȓIJİĮȣIJȩIJȠİȖȤİȚȡȓįȚȠȠįȘȖȚȫȞ
ȖȚĮȝİȜȜȠȞIJȚțȒĮȞĮijȠȡȐțĮȚȞĮIJȠʌĮȡĮįȓįİIJİıİIJȣȤȩȞ
ȝİȜȜȠȞIJȚțȩȚįȚȠțIJȒIJȘ
ȂİIJȐIJȘȞĮʌȠıȣıțİȣĮıȓĮȕİȕĮȚȦșİȓIJİȩIJȚIJȠțȜȚȝĮIJȚıIJȚțȩ
įİȞȑȤİȚȣʌȠıIJİȓȗȘȝȚȑȢǼȐȞȑȤİIJİĮȝijȚȕȠȜȓİȢȝȘ
ȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩțĮȚİʌȚțȠȚȞȦȞȒıIJİȝİIJȠ
İȟȠȣıȚȠįȠIJȘȝȑȞȠțȑȞIJȡȠıȑȡȕȚȢIJȘȢʌİȡȚȠȤȒȢıĮȢ
ȈȣȞșȒțİȢȤȡȒıȘȢ
ǹȣIJȒȘıȣıțİȣȒʌȡȠȠȡȓȗİIJĮȚȖȚĮȠȚțȚĮțȒȤȡȒıȘ
țĮȚʌĮȡȩȝȠȚİȢİijĮȡȝȠȖȑȢȩʌȦȢ
 ȈİȤȫȡȠȣȢțȠȣȗȓȞĮȢʌȡȠıȦʌȚțȠȪıİ
țĮIJĮıIJȒȝĮIJĮȖȡĮijİȓĮțĮȚȐȜȜĮİȡȖĮıȚĮțȐ
ʌİȡȚȕȐȜȜȠȞIJĮ
 ǹȖȡȠȚțȓİȢ
 ǹʌȩʌİȜȐIJİȢıİȟİȞȠįȠȤİȓĮȝȠIJȑȜțĮȚȐȜȜĮ
ʌİȡȚȕȐȜȜȠȞIJĮıIJȑȖĮıȘȢ
 ȆĮȞıȚȩȞȖȚĮȪʌȞȠțĮȚʌȡȦȚȞȩ
ȈȘȝĮȞIJȚțȑȢıȘȝİȚȫıİȚȢ
ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
İȖțĮIJȐıIJĮıȘȢȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘĮȣIJȒȢIJȘȢ
ȝȠȞȐįĮȢ
ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ıȣȞIJȒȡȘıȘȢȖȚĮIJȘȞİʌȚıțİȣȒȒıȣȞIJȒȡȘıȘĮȣIJȒȢ
IJȘȢȝȠȞȐįĮȢ
 ǾʌȡȓȗĮʌȠȣĮʌĮȚIJİȓIJĮȚȖȚĮIJȘȞIJȡȠijȠįȠıȓĮ
ʌȡȑʌİȚȞĮıȣȞįİșİȓțĮȚIJİșİȓıİȜİȚIJȠȣȡȖȓĮ
ĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ǾıȣıțİȣȒĮȣIJȒįİȞʌȡȠȠȡȓȗİIJĮȚȖȚĮ
ȤȡȒıȘĮʌȩȐIJȠȝĮıȣȝʌİȡȚȜĮȝȕĮȞȠȝȑȞȦȞ
IJȦȞʌĮȚįȚȫȞȝİȝİȚȦȝȑȞİȢıȦȝĮIJȚțȑȢ
ĮȚıșȘIJȘȡȚĮțȑȢȒʌȞİȣȝĮIJȚțȑȢȚțĮȞȩIJȘIJİȢȒ
ȑȜȜİȚȥȘİȝʌİȚȡȓĮȢțĮȚȖȞȫıȘȢİțIJȩȢțĮȚĮȞ
İʌȚȕȜȑʌȠȞIJĮȚȒȑȤȠȣȞȜȐȕİȚȠįȘȖȓİȢıȤİIJȚțȐ
ȝİIJȘȤȡȒıȘIJȘȢıȣıțİȣȒȢĮʌȩȐIJȠȝȠ
ȣʌİȪșȣȞȠȖȚĮIJȘȞĮıijȐȜİȚȐIJȠȣȢ
 ȉĮȝȚțȡȐʌĮȚįȚȐʌȡȑʌİȚȞĮİʌȠʌIJİȪȠȞIJĮȚ
ȫıIJİȞĮİȟĮıijĮȜȓȗİIJĮȚȩIJȚįİȞʌĮȓȗȠȣȞȝİIJȠ
țȜȚȝĮIJȚıIJȚțȩ
 ǼȐȞIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢʌȡȑʌİȚȞĮ
ĮȞIJȚțĮIJĮıIJĮșİȓʌȡȑʌİȚȞĮĮȞIJȚțĮIJĮıIJĮșİȓ
ȝȩȞȠĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ȅȚİȡȖĮıȓİȢİȖțĮIJȐıIJĮıȘȢʌȡȑʌİȚȞĮ
İțIJİȜȠȪȞIJĮȚıȪȝijȦȞĮȝİIJĮİșȞȚțȐ
ʌȡȩIJȣʌĮțĮȜȦįȓȦıȘȢțĮȚIJȠȣȢțĮȞȩȞİȢIJȘȢ
ȣʌȘȡİıȓĮȢʌĮȡȠȤȒȢȘȜİțIJȡȚıȝȠȪȝȩȞȠĮʌȩ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ǼȐȞʌȡȩțİȚIJĮȚȞĮȝİIJĮijȑȡİIJİıİȐȜȜȘșȑıȘ
ȒȞĮĮʌȠȡȡȓȥİIJİIJȘȝȠȞȐįĮȝȩȞȠȑȞĮȢ
İʌĮȖȖİȜȝĮIJȓĮȢIJİȤȞȚțȩȢȝʌȠȡİȓȞĮĮȞĮȜȐȕİȚ
ĮȣIJȒIJȘȞİȡȖĮıȓĮ
 ȆȡȠıȑȟIJİȞĮȝȘȞʌȚĮıIJȠȪȞIJĮįȐțIJȣȜȐ
ıĮȢıIJĮʌIJİȡȪȖȚĮIJȠȣĮȞİȝȚıIJȒȡĮțĮIJȐIJȘȞ
ʌȡȠıĮȡȝȠȖȒIJȦȞțȐșİIJȦȞʌİȡıȓįȦȞ
 ȉȠʌĮȡȩȞțȜȚȝĮIJȚıIJȚțȩȤȡȘıȚȝȠʌȠȚİȓ
ȥȣțIJȚțȩ5$İʌĮȜȘșİȪıIJİʌȡȚȞĮʌȩIJȘȞ
İȖțĮIJȐıIJĮıȘ
ȆȜȘȡȠijȠȡȓİȢĮʌȩȡȡȚȥȘȢȖȚĮIJȠȣȢȤȡȒıIJİȢ
 ȉĮʌİȡȚııȩIJİȡĮĮʌȩIJĮȣȜȚțȐıȣıțİȣĮıȓĮȢ
İȓȞĮȚĮȞĮțȣțȜȫıȚȝĮȆĮȡĮțĮȜȠȪȝİĮʌȠȡȡȓȥIJİ
IJĮȣȜȚțȐĮȣIJȐȝȑıȦIJȠȣIJȠʌȚțȠȪțȑȞIJȡȠȣ
ĮȞĮțȪțȜȦıȘȢȒIJȠʌȠșİIJȒıIJİIJĮıIJȠȣȢ
țĮIJȐȜȜȘȜȠȣȢțȐįȠȣȢıȣȜȜȠȖȒȢ
 ǼȐȞİʌȚșȣȝİȓIJİȞĮĮʌȠȡȡȓȥİIJİĮȣIJȩIJȠ
țȜȚȝĮIJȚıIJȚțȩİʌȚțȠȚȞȦȞȒıIJİȝİIJȚȢIJȠʌȚțȑȢĮȡȤȑȢ
țĮȚȡȦIJȒıIJİȖȚĮIJȘıȦıIJȒȝȑșȠįȠĮʌȩȡȡȚȥȘȢ
ʌȡȠıȠȤȒ
ʌİȡȚȕĮȜȜȠȞIJȚțȒıȣȝȕȠȣȜȒ
55
ǼȐȞʌȡȠıȑȟİIJİțȐʌȠȚĮȝȘijȣıȚȠȜȠȖȚțȒ
țĮIJȐıIJĮıȘȩʌȦȢȝȣȡȦįȚȐțĮȝȑȞȠȣ
ĮʌİȞİȡȖȠʌȠȚȒıIJİIJȘȞȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
IJȠȣțȜȚȝĮIJȚıIJȚțȠȪțĮȚİʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞ
İȟȠȣıȚȠįȠIJȘȝȑȞȠĮȞIJȚʌȡȩıȦʌȠıȑȡȕȚȢǼȐȞ
ıȣȞİȤȚıIJİȓĮȣIJȒȘȝȘijȣıȚȠȜȠȖȚțȒțĮIJȐıIJĮıȘ
IJȠțȜȚȝĮIJȚıIJȚțȩȝʌȠȡİȓȞĮȣʌȠıIJİȓȕȜȐȕȘȒ
ĮțȩȝĮțĮȚȞĮʌȡȠțȜȘșİȓȘȜİțIJȡȠʌȜȘȟȓĮȒ
ʌȣȡțĮȖȚȐ
ȂȘȤİȚȡȓȗİıIJİIJȠțȜȚȝĮIJȚıIJȚțȩȝİȕȡİȖȝȑȞĮ
ȤȑȡȚĮȂʌȠȡİȓȞĮʌȡȠțȜȘșİȓȘȜİțIJȡȠʌȜȘȟȓĮ
ȂȘȞțȩȕİIJİȒijșİȓȡİIJİIJȠțĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢȒȐȜȜĮțĮȜȫįȚĮǼȐȞıȣȝȕİȓ
ĮȣIJȩȗȘIJȒıIJİȞĮʌȡĮȖȝĮIJȠʌȠȚȘșİȓ
ȘĮȞIJȚțĮIJȐıIJĮıȘȒȘİʌȚıțİȣȒĮʌȩ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ȂȘıȣȞįȑİIJİIJȠțȜȚȝĮIJȚıIJȚțȩıİʌȠȜȪʌȡȚȗȠ
ǹʌİȞİȡȖȠʌȠȚȒıIJİIJȘȞȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
IJȠȣțȜȚȝĮIJȚıIJȚțȠȪİȐȞįİȞʌȡȩțİȚIJĮȚȞĮ
ȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮ
ǻȚĮijȠȡİIJȚțȐȝʌȠȡİȓȞĮıȣııȦȡİȣIJİȓıțȩȞȘ
țĮȚȞĮʌȡȠțȜȘșİȓʌȣȡțĮȖȚȐ
ȆȡȚȞĮʌȩIJȠȞțĮșĮȡȚıȝȩIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
ĮʌȠıȣȞįȑıIJİIJȘȞȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮȖȚĮ
ȞĮĮʌȠijİȣȤșİȓȘʌȚșĮȞȩIJȘIJĮȘȜİțIJȡȠʌȜȘȟȓĮȢ
ǾȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮʌȡȑʌİȚȞĮĮȞIJȚıIJȠȚȤİȓ
ıIJȚȢʌȡȠįȚĮȖȡĮijȑȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
ıȪȝijȦȞĮȝİIJȠİȖȤİȚȡȓįȚȠİȖțĮIJȐıIJĮıȘȢ
ȉĮțȜȚȝĮIJȚıIJȚțȐʌȠȣʌĮȡȑȤȠȞIJĮȚȝİțĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢʌȡȑʌİȚȞĮıȣȞįȑȠȞIJĮȚĮʌİȣșİȓĮȢ
ıİʌȡȓȗĮȝİțĮIJȐȜȜȘȜȠįȚĮțȩʌIJȘĮıijĮȜİȓĮȢ
ȉĮțȜȚȝĮIJȚıIJȚțȐʌȠȣıȣȞįȑȠȞIJĮȚĮʌİȣșİȓĮȢ
ȝİIJȠțȪțȜȦȝĮʌȡȑʌİȚȞĮıȣȞįȑȠȞIJĮȚȝİȑȞĮȞ
țĮIJȐȜȜȘȜȠĮıijĮȜİȚȠįȚĮțȩʌIJȘıȪȝijȦȞĮȝİIJȠ
İȖȤİȚȡȓįȚȠİȖțĮIJȐıIJĮıȘȢ
ǺİȕĮȚȦșİȓIJİȩIJȚȘȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮIJȠȣ
țȜȚȝĮIJȚıIJȚțȠȪİȓȞĮȚıIJĮșİȡȒțĮȚʌȜȘȡȠȓIJȚȢ
ĮʌĮȚIJȒıİȚȢʌȠȣʌĮȡĮIJȓșİȞIJĮȚıIJȠİȖȤİȚȡȓįȚȠ
İȖțĮIJȐıIJĮıȘȢ
ȆȐȞIJĮȞĮȕİȕĮȚȫȞİıIJİȩIJȚIJȠʌȡȠȧȩȞȑȤİȚ
İȖțĮIJĮıIJĮșİȓ
ȝİțĮIJȐȜȜȘȜȘȖİȓȦıȘ
īȚĮȜȩȖȠȣȢĮıijĮȜİȓĮȢijȡȠȞIJȓıIJİȞĮ
țȜİȓıİIJİIJȠȞĮıijĮȜİȚȠįȚĮțȩʌIJȘʌȡȚȞ
ʌȡĮȖȝĮIJȠʌȠȚȒıİIJİȠʌȠȚĮįȒʌȠIJİİȡȖĮıȓĮ
ıȣȞIJȒȡȘıȘȢȒțĮșĮȡȚıȝȠȪȒȩIJĮȞIJȠ
ʌȡȠȧȩȞįİȞʌȡȩțİȚIJĮȚȞĮȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮ
ʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮǾıȣııȦȡİȣȝȑȞȘ
ıțȩȞȘȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚʌȣȡțĮȖȚȐȒ
ȘȜİțIJȡȠʌȜȘȟȓĮ
ȆȡȠijȣȜȐȟİȚȢĮıijĮȜİȓĮȢ
ȈIJȠİȖȤİȚȡȓįȚȠĮȣIJȩșĮȕȡİȓIJİʌȠȜȜȑȢȤȡȒıȚȝİȢ
ıȣȝȕȠȣȜȑȢȖȚĮIJȠıȦıIJȩIJȡȩʌȠȤȡȒıȘȢțĮȚ
ıȣȞIJȒȡȘıȘȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪıĮȢȂİȜȓȖȘ
ʌȡȠȜȘʌIJȚțȒijȡȠȞIJȓįĮİțȝȑȡȠȣȢıĮȢȝʌȠȡİȓIJİȞĮ
İȟȠȚțȠȞȠȝȒıİIJİȤȡȩȞȠțĮȚȤȡȒȝĮțĮIJȐIJȘįȚȐȡțİȚĮ
ȗȦȒȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪıĮȢĬĮȕȡİȓIJİʌȠȜȜȑȢ
ĮʌĮȞIJȒıİȚȢıİțȠȚȞȐʌȡȠȕȜȒȝĮIJĮıIJȠȞʌȓȞĮțĮ
ıȣȝȕȠȣȜȫȞĮȞIJȚȝİIJȫʌȚıȘȢʌȡȠȕȜȘȝȐIJȦȞıIJȘ
ıİȜȓįĮǼȐȞįȚĮȕȐıİIJİʌȡȫIJĮIJȠȞʌȓȞĮțĮ
ıȣȝȕȠȣȜȫȞĮȞIJȚȝİIJȫʌȚıȘȢʌȡȠȕȜȘȝȐIJȦȞİȞįȑȤİIJĮȚ
ȞĮȝȘȤȡİȚȐȗİIJĮȚȞĮțĮȜȑıİIJİȖȚĮıȑȡȕȚȢ
ȅȚıȘȝĮıȓİȢIJȦȞıȣȝȕȩȜȦȞʌȠȣȤȡȘıȚȝȠʌȠȚȠȪȞIJĮȚ
ıİĮȣIJȩIJȠİȖȤİȚȡȓįȚȠijĮȓȞȠȞIJĮȚʌĮȡĮțȐIJȦ
ȊʌȠįİȚțȞȪİȚʌȜȘȡȠijȠȡȓİȢıȤİIJȚțȐȝİIJȘȞ
ʌȡȠıȦʌȚțȒıĮȢĮıijȐȜİȚĮțĮȚȖȚĮIJȠȞIJȡȩʌȠ
ĮʌȠijȣȖȒȢʌȡȩțȜȘıȘȢȗȘȝȚȐȢıIJȘıȣıțİȣȒ
ȉȠıȪȝȕȠȜȠĮȣIJȩȣʌȠįİȚțȞȪİȚıȣȝȕȠȣȜȑȢțĮȚ
ʌȜȘȡȠijȠȡȓİȢȖȚĮIJȘȤȡȒıȘIJȘȢıȣıțİȣȒȢ
ȉȠıȪȝȕȠȜȠĮȣIJȩȣʌȠįİȚțȞȪİȚıȣȝȕȠȣȜȑȢțĮȚ
ʌȜȘȡȠijȠȡȓİȢȖȚĮIJȘȞȠȚțȠȞȠȝȚțȒțĮȚȠȚțȠȜȠȖȚțȒ
ȤȡȒıȘIJȘȢıȣıțİȣȒȢ
ȉȠıȪȝȕȠȜȠĮȣIJȩȣʌȠįİȚțȞȪİȚȩIJȚįİȞʌȡȑʌİȚȞĮ
țȐȞİIJİʌȠIJȑIJȘȞİȞȑȡȖİȚĮĮȣIJȒ
ȃĮțȐȞİIJİʌȐȞIJĮIJȘȞİȞȑȡȖİȚĮĮȣIJȒ
ȈȘȝĮȞIJȚțȑȢıȘȝİȚȫıİȚȢ
 ȂȘșȑıİIJİIJȘȝȠȞȐįĮıİȜİȚIJȠȣȡȖȓĮȝİIJȘȞ
ȠȡȚȗȩȞIJȚĮʌİȡıȓįĮıIJȘȞțȜİȚıIJȒșȑıȘ
 ȂȘșȑıİIJİIJȘȝȠȞȐįĮıİȜİȚIJȠȣȡȖȓĮȤȦȡȓȢIJȠ
ijȓȜIJȡȠĮȑȡĮ
ʌȡȠıȠȤȒ
ʌȡȠİȚįȠʌȠȓȘıȘ
ʌİȡȚȕĮȜȜȠȞIJȚțȒıȣȝȕȠȣȜȒ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
56
ȆȡȠijȣȜȐȟİȚȢĮıijĮȜİȓĮȢ
ȋȡȒıȘ
ǾȑțșİıȘıIJȘȞȐȝİıȘȡȠȒĮȑȡĮĮʌȩIJȠ
țȜȚȝĮIJȚıIJȚțȩȖȚĮʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮȝʌȠȡİȓ
ȞĮİȓȞĮȚİʌȚțȓȞįȣȞȠȖȚĮIJȘȞȣȖİȓĮıĮȢ
ȂȘȞİțșȑIJİIJİȐIJȠȝĮțĮIJȠȚțȓįȚĮȒijȣIJȐıIJȘȞ
ȐȝİıȘȡȠȒĮȑȡĮȖȚĮʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮ
ȀĮșĮȡȚıȝȩȢțĮȚıȣȞIJȒȡȘıȘ
 ȀĮIJȐIJȠȞțĮșĮȡȚıȝȩIJȘȢȝȠȞȐįĮȢ
ȕİȕĮȚȦșİȓIJİʌȡȫIJĮȩIJȚȘȘȜİțIJȡȚțȒ
IJȡȠijȠįȠıȓĮțĮȚȠĮıijĮȜİȚȠįȚĮțȩʌIJȘȢİȓȞĮȚ
țȜİȚıIJȐ
 ȂȘȞĮȖȖȓȗİIJİIJĮȝİIJĮȜȜȚțȐȝȑȡȘIJȘȢȝȠȞȐįĮȢ
țĮIJȐIJȘȞĮijĮȓȡİıȘIJȦȞijȓȜIJȡȦȞȂʌȠȡİȓȞĮ
ʌȡȠțȜȘșȠȪȞIJȡĮȣȝĮIJȚıȝȠȓțĮIJȐIJȠȤİȚȡȚıȝȩ
ĮȚȤȝȘȡȫȞȝİIJĮȜȜȚțȫȞȐțȡȦȞ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİȞİȡȩȖȚĮIJȠȞțĮșĮȡȚıȝȩ
IJȠȣİıȦIJİȡȚțȠȪIJȠȣțȜȚȝĮIJȚıIJȚțȠȪǾȑțșİıȘ
ıİȞİȡȩȝʌȠȡİȓȞĮȠįȘȖȒıİȚıİʌȚșĮȞȒ
ȘȜİțIJȡȠʌȜȘȟȓĮ
ȈȑȡȕȚȢ
īȚĮİʌȚıțİȣȑȢțĮȚıȣȞIJȒȡȘıȘİʌȚțȠȚȞȦȞȒıIJİȝİ
IJȠȞİȟȠȣıȚȠįȠIJȘȝȑȞȠĮȞIJȚʌȡȩıȦʌȠIJȠȣıȑȡȕȚȢ
ȆȡȚȞĮʌȩIJȘȜİȚIJȠȣȡȖȓĮ
 ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟİȚįȚțİȣȝȑȞȠIJİȤȞȚțȩ
ȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘ
 ȈȣȞįȑıIJİıȦıIJȐIJȠijȚȢIJȡȠijȠįȠıȓĮȢ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİijșĮȡȝȑȞȠȒȝȘıȣȝȕĮIJȚțȩ
țĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢ
 ȂȘȞțȐȞİIJİțȠȚȞȒȤȡȒıȘIJȘȢȓįȚĮȢʌȡȓȗĮȢȝİ
ȐȜȜİȢıȣıțİȣȑȢ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİțĮȜȫįȚȠʌȡȠȑțIJĮıȘȢ
 ȂȘȞȟİțȚȞȐIJİįȚĮțȩʌIJİIJİIJȘȜİȚIJȠȣȡȖȓĮ
ıȣȞįȑȠȞIJĮȢĮʌȠıȣȞįȑȠȞIJĮȢIJȠțĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢ
ʌȡȠıȠȤȒ
ǼʌȚȜȑȟIJİIJȘȞʌȚȠțĮIJȐȜȜȘȜȘșİȡȝȠțȡĮıȓĮ
ȂʌȠȡİȓIJİȑIJıȚȞĮİȟȠȚțȠȞȠȝȒıİIJİȘȜİțIJȡȚțȩ
ȡİȪȝĮ
ȂȘȞĮijȒȞİIJİIJĮʌĮȡȐșȣȡĮțĮȚIJȚȢʌȩȡIJİȢ
ĮȞȠȚȤIJȑȢȖȚĮʌȠȜȜȒȫȡĮțĮIJȐIJȘįȚȐȡțİȚĮIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢĬĮȑȤİȚȦȢĮʌȠIJȑȜİıȝĮȝİȚȦȝȑȞȘ
ĮʌȩįȠıȘ
ȂȘijȡȐȗİIJİIJȘȞİȓıȠįȠȒȑȟȠįȠIJȠȣĮȑȡĮ
ĬĮȑȤİȚȦȢĮʌȠIJȑȜİıȝĮȝİȚȦȝȑȞȘĮʌȩįȠıȘ
țĮȚșĮʌȡȠțȜȘșȠȪȞįȣıȜİȚIJȠȣȡȖȓİȢ
ĭȣȜȐııİIJİIJĮİȪijȜİțIJĮȣȜȚțȐȝĮțȡȚȐĮʌȩ
IJȚȢȝȠȞȐįİȢıİĮʌȩıIJĮıȘIJȠȣȜȐȤȚıIJȠȞP
ȂʌȠȡİȓȞĮʌȡȠțȜȘșİȓʌȣȡțĮȖȚȐ
ȂȘȞʌĮIJȐIJİİʌȐȞȦıIJȘȞİȟȦIJİȡȚțȒȝȠȞȐįĮțĮȚ
ȝȘȞIJȠʌȠșİIJİȓIJİȕĮȡȚȐĮȞIJȚțİȓȝİȞĮİʌȐȞȦIJȘȢ
ȂʌȠȡİȓȞĮʌȡȠțȜȘșİȓȕȜȐȕȘȒIJȡĮȣȝĮIJȚıȝȩȢ
ȂȘȞİʌȚȤİȚȡȒıİIJİȞĮİʌȚıțİȣȐıİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȝȩȞȠȚıĮȢȅȚİıijĮȜȝȑȞİȢ
İʌȚıțİȣȑȢȝʌȠȡİȓȞĮʌȡȠțĮȜȑıȠȣȞ
ȘȜİțIJȡȠʌȜȘȟȓĮȒʌȣȡțĮȖȚȐǼʌȚțȠȚȞȦȞȒıİIJİ
ȝİIJȠİȟȠȣıȚȠįȠIJȘȝȑȞȠțȑȞIJȡȠıȑȡȕȚȢIJȘȢ
ʌİȡȚȠȤȒȢıĮȢ
ȂȘȞIJȠʌȠșİIJİȓIJİIJĮȤȑȡȚĮıĮȢȒĮȞIJȚțİȓȝİȞĮ
ȝȑıĮıIJȘȞİȓıȠįȠȒȑȟȠįȠIJȠȣĮȑȡĮȂʌȠȡİȓ
ȞĮʌȡȠțȜȘșİȓIJȡĮȣȝĮIJȚıȝȩȢ
ȂȘȞİțșȑIJİIJİȗȫĮȒijȣIJȐĮʌİȣșİȓĮȢıIJȘȡȠȒ
IJȠȣĮȑȡĮ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȝȠȞȐįĮȖȚĮ
ȠʌȠȚȠȞįȒʌȠIJİȐȜȜȠıțȠʌȩȩʌȦȢIJȘ
ıȣȞIJȒȡȘıȘIJȡȠijȓȝȦȞȒIJȠıIJȑȖȞȦȝĮȡȠȪȤȦȞ
ȂȘȞʌȚIJıȚȜȐIJİIJȠțȜȚȝĮIJȚıIJȚțȩȝİȞİȡȩȂʌȠȡİȓ
ȞĮʌȡȠțȜȘșİȓȘȜİțIJȡȠʌȜȘȟȓĮȒįȣıȜİȚIJȠȣȡȖȓĮ
57
ȆİȡȚȖȡĮijȒʌȡȠȧȩȞIJȠȢ
ǼȓıȠįȠȢ
ĮȑȡĮ
ǼıȦIJİȡȚțȒȝȠȞȐįĮ
DzȟȠįȠȢĮȑȡĮ
ǼȟȦIJİȡȚțȒȝȠȞȐįĮ
ǼȓıȠįȠȢĮȑȡĮʌȓıȦ
ǼȓıȠįȠȢĮȑȡĮ
ʌȜİȣȡȚțȒ
ǼȓıȠįȠȢĮȑȡĮ
ʌȜİȣȡȚțȒ
DzȟȠįȠȢĮȑȡĮ
ȅȚʌĮȡĮʌȐȞȦİȚțȩȞİȢİȓȞĮȚȝȩȞȠȖȚĮıțȠʌȠȪȢİʌİȟȒȖȘıȘȢ
ȉȠțȜȚȝĮIJȚıIJȚțȩıĮȢİȞįȑȤİIJĮȚȞĮįȚĮijȑȡİȚȜȓȖȠ
ȉȠʌȡĮȖȝĮIJȚțȩıȤȒȝĮȣʌİȡȚıȤȪİȚ
ȈȘȝİȓȦıȘ
DzȞįİȚȟȘȠșȩȞȘȢ
ǺȐıȘıIJȒȡȚȟȘȢ
ȂʌȡȠıIJȚȞȩțȐȜȣȝȝĮ
ĭȓȜIJȡȠȣȖȚİȚȞȠȪĮȑȡĮ
ʌȓıȦĮʌȩIJȠijȓȜIJȡȠıțȩȞȘȢ
ĭȓȜIJȡȠıțȩȞȘȢ
ȅȡȚȗȩȞIJȚĮʌİȡıȓįĮĮȑȡĮ
ȀȐșİIJȘʌİȡıȓįĮĮȑȡĮ
ȆȓıȦĮʌȩIJȘȞ
ȠȡȚȗȩȞIJȚĮʌİȡıȓįĮĮȑȡĮ
ȀȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣ
īİȞȞȒIJȡȚĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢ
ȈȣȜȜȑțIJȘȢıțȩȞȘȢSODVPD
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
ǺȐıȘIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȀĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢ
ȈȦȜȒȞĮȢIJȠȓȤȠȣ
ȉĮȚȞȓĮįİıȓȝĮIJȠȢ
ȈȦȜȒȞĮȢȥȣțIJȚțȠȪ
ǼȪțĮȝʌIJȠȢıȦȜȒȞĮȢĮʌȠıIJȡȐȖȖȚıȘȢ
ȀĮȜȫįȚȠıȪȞįİıȘȢ
ȈȪȞįİıȝȠȢĮʌȠıIJȡȐȖȖȚıȘȢ
58
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
 ȉȠțȜȚȝĮIJȚıIJȚțȩįİȞșĮȜİȚIJȠȣȡȖȒıİȚĮȞțȠȣȡIJȓȞİȢ
ʌȩȡIJİȢȒȐȜȜĮȣȜȚțȐijȡȐȗȠȣȞIJĮıȒȝĮIJĮĮʌȩIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
 ǹʌȠijȪȖİIJİIJȘȞʌIJȫıȘȣȖȡȫȞİʌȐȞȦıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȆȠIJȑȝȘȞİțșȑIJİIJİIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠıİȐȝİıȠȘȜȚĮțȩijȦȢȒșİȡȝȩIJȘIJĮ
 ǼȐȞȠįȑțIJȘȢȣʌȑȡȣșȡȦȞıȘȝȐIJȦȞıIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮİȓȞĮȚİțIJİșİȚȝȑȞȠȢıİȐȝİıȠȘȜȚĮțȩijȦȢIJȠ
țȜȚȝĮIJȚıIJȚțȩİȞįȑȤİIJĮȚȞĮȝȘȜİȚIJȠȣȡȖȒıİȚıȦıIJȐ
ȋȡȘıȚȝȠʌȠȚȒıIJİțȠȣȡIJȓȞİȢȖȚĮȞĮĮʌȠIJȡȑȥİIJİIJȠ
ȘȜȚĮțȩijȦȢȞĮʌȑijIJİȚİʌȐȞȦıIJȠįȑțIJȘ
 ǼȐȞȐȜȜİȢȘȜİțIJȡȚțȑȢıȣıțİȣȑȢİʌȘȡİȐȗȠȣȞ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȝİIJĮțȚȞȒıIJİIJȚȢıȣıțİȣȑȢȒ
İʌȚțȠȚȞȦȞȒıIJİȝİIJȠȞIJȠʌȚțȩĮȞIJȚʌȡȩıȦʌȠ
ȅșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ǻȑțIJȘȢ
ıȒȝĮIJȠȢ
 ǼȐȞijȣȜȐııİIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıİșȑıȘʌȠȣ
İȝʌȠįȓȗİȚIJȘıȦıIJȒȝİIJȐįȠıȘıȒȝĮIJȠȢȝʌȠȡİȓ
ȞĮȣʌȐȡȟİȚȝȚĮȤȡȠȞȚțȒțĮșȣıIJȑȡȘıȘȑȦȢțĮȚ
ȜİʌIJȫȞ
ȆĮȡȐșȣȡȠ
ĮȚıșȘIJȒȡĮ
șİȡȝȠțȡĮıȓĮȢ
ȆȓıȦȩȥȘ
ǵIJĮȞİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞȘȘȜİȚIJȠȣȡȖȓĮ,
)((/ǹȓıșȘıȘIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚ
IJȚȢʌȜȘȡȠijȠȡȓİȢșİȡȝȠțȡĮıȓĮȢIJȘȢșȑıȘȢIJȠȣ
ıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțȐșİįȑțĮȜİʌIJȐ
ǹȞȘİıȦIJİȡȚțȒȝȠȞȐįĮįİȞȜȐȕİȚĮȣIJȑȢIJȚȢ
ʌȜȘȡȠijȠȡȓİȢșİȡȝȠțȡĮıȓĮȢȖȚĮȑȞIJİțĮ
įȚĮįȠȤȚțȐȜİʌIJȐIJȠțȜȚȝĮIJȚıIJȚțȩįȚĮțȩʌIJİȚIJȘ
ȜİȚIJȠȣȡȖȓĮ,)((/ǹȓıșȘıȘțĮȚİʌȚıIJȡȑijİȚ
ıIJȘȞțĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ+($7ĬǼȇȂǹȃȈǾ
ǹȞȐȕİȚȩIJĮȞȠIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ+($7
ĬǼȇȂǹȃȈǾ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ&22/ȌȊȄǾ
ǹȞȐȕİȚȩIJĮȞȠIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ&22/
ȌȊȄǾ
DzȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢ
ǼȝijĮȞȓȗİȚIJȚȢȡȣșȝȓıİȚȢșİȡȝȠțȡĮıȓĮȢȩIJĮȞIJȠ
țȜȚȝĮIJȚıIJȚțȩȕȡȓıțİIJĮȚıİȜİȚIJȠȣȡȖȓĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ212))
ǹȞȐȕİȚȩIJĮȞȘȝȠȞȐįĮİȓȞĮȚıȣȞįİįİȝȑȞȘȝİIJȘȞ
ȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ'(+80,',)<
ǹĭȊīȇǹȃȈǾ
ǹȞȐȕİȚȩIJĮȞȠIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ
'(+80,',)<ǹĭȊīȇǹȃȈǾ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȠįȑțIJȘ
ıȒȝĮIJȠȢIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ǵIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚȑȞĮ
ıȒȝĮIJȠıȪȝȕȠȜȠ
ĮȞĮȕȠıȕȒȞİȚȖȚĮ
ʌİȡȓʌȠȣįİȣIJİȡȩȜİʌIJȠıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣǾİıȦIJİȡȚțȒȝȠȞȐįĮ
ĮȞĮȖȞȦȡȓȗİȚIJȠıȒȝĮȝİȑȞĮȘȤȘIJȚțȩıȒȝĮ
ȝʌȚʌȩIJĮȞȜĮȝȕȐȞİȚȑȞĮȑȖțȣȡȠıȒȝĮ
 ǺİȕĮȚȦșİȓIJİȩIJȚįİȞȣʌȐȡȤȠȣȞİȝʌȩįȚĮʌȠȣ
ȝʌȠȡİȓȞĮʌĮȡİȝʌȠįȓıȠȣȞIJȠıȒȝĮ
ĬȑıȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ĭȣȜȐııİIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıİıȘȝİȓȠ
ȩʌȠȣIJȠıȒȝĮIJȠȣȝʌȠȡİȓȞĮijIJȐıİȚIJȠįȑțIJȘ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢİʌȚIJȡȑʌİIJĮȚȝȚĮ
ȝȑȖȚıIJȘĮʌȩıIJĮıȘP
 ǵIJĮȞİʌȚȜȑȖİIJİIJȘȜİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȝİIJĮįȓįİȚĮȣIJȩȝĮIJĮȑȞĮıȒȝĮ
ıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮIJȘȞțĮșȠȡȚıȝȑȞȘȫȡĮ
ʌȡȠıȠȤȒ
ȊʌİȞșȪȝȚıȘ
59
ȅįȘȖȩȢȖȡȒȖȠȡȘȢȑȞĮȡȟȘȢ
ȆȜȒțIJȡĮ6ZLQJ9țĮȚ6ZLQJ+
ȂİIJĮʌȜȒțIJȡĮʌĮȜȚȞįȡȩȝȘıȘȢȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİ
IJȘȞȠȡȚȗȩȞIJȚĮ+ȒțȐșİIJȘ9ʌĮȜȚȞįȡȩȝȘıȘIJȦȞ
ʌİȡıȓįȦȞțĮșȠįȒȖȘıȘȢIJȠȣĮȑȡĮ
ȆȜȒțIJȡȠ6OHHS
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȜİȚIJȠȣȡȖȓĮ
ȪʌȞȠȣ
ȆȜȒțIJȡĮ7LPHU2Q7LPHU2II
ȆĮIJȒıIJİIJȠȖȚĮȞĮȡȣșȝȓıİIJİIJȘȞĮȣIJȩȝĮIJȘȑȞĮȡȟȘțĮȚ
įȚĮțȠʌȒIJȘȢȜİȚIJȠȣȡȖȓĮȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
ȆȜȒțIJȡȠ/LJKW
ȆĮIJȒıIJİIJȠȖȚĮȞĮİȞİȡȖȠʌȠȚȘșȠȪȞȒȞĮĮʌİȞİȡȖȠʌȠȚȘșȠȪȞ
ȠȚİȞįİȚțIJȚțȑȢȜȣȤȞȓİȢIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ȆȜȒțIJȡȠ7XUER
ȆĮIJȒıIJİIJȠȖȚĮȞĮIJİșİȓȠĮȞİȝȚıIJȒȡĮȢıİȣȥȘȜȒ
IJĮȤȪIJȘIJĮȖȚĮIJĮȤİȓĮȥȪȟȘȒșȑȡȝĮȞıȘ
ǼȚįȚțȑȢȜİȚIJȠȣȡȖȓİȢ
;)$1
ǹijȠȪĮʌİȞİȡȖȠʌȠȚȘșİȓȘȝȠȞȐįĮȠİıȦIJİȡȚțȩȢ
ĮȞİȝȚıIJȒȡĮȢșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓİʌȓȜİʌIJȐȖȚĮȞĮ
ĮʌȠȝĮțȡȪȞİȚIJȘȞȣȖȡĮıȓĮĮʌȩIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțĮȚ
ȞĮĮʌȠijİȣȤșİȓȘĮȞȐʌIJȣȟȘȕĮțIJȘȡȓȦȞțĮȚȝȣțȒIJȦȞ
ȈȤİIJȚțȐȝİIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ
ȈİĮȣIJȒȞIJȘȜİȚIJȠȣȡȖȓĮȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮįİȞ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠțĮȚȘȝȠȞȐįĮțȡȓȞİȚțĮȚ
İʌȚȜȑȖİȚĮȣIJȩȝĮIJĮIJȘȞțĮIJȐȜȜȘȜȘȝȑșȠįȠȜİȚIJȠȣȡȖȓĮȢȖȚĮ
ȞĮįȘȝȚȠȣȡȖȒıİȚȝȚĮȐȞİIJȘĮIJȝȩıijĮȚȡĮ
ȀȜİȓįȦȝĮIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȆĮIJȒıIJİIJĮʌȜȒțIJȡĮ6ZLQJ9țĮȚ,21)LOWHUIJĮȣIJȩȤȡȠȞĮȖȚĮ
ȞĮțȜİȚįȫıİIJİȒȞĮȟİțȜİȚįȫıİIJİIJȠʌȜȘțIJȡȠȜȩȖȚȠǹȞIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚțȜİȚįȦȝȑȞȠİȝijĮȞȓȗİIJĮȚIJȠİȚțȠȞȓįȚȠ
ȩʌȠȣĮȞʌĮIJȒıİIJİȠʌȠȚȠįȒʌȠIJİʌȜȒțIJȡȠȘȑȞįİȚȟȘșĮ
ĮȞĮȕȠıȕȒıİȚIJȡİȚȢijȠȡȑȢǹȞIJȠʌȜȘțIJȡȠȜȩȖȚȠȟİțȜİȚįȦșİȓ
ȘȑȞįİȚȟȘİȟĮijĮȞȓȗİIJĮȚ
ǼȞĮȜȜĮȖȒȝİIJĮȟȪȕĮșȝȫȞȀİȜıȓȠȣțĮȚĭĮȡİȞȐȚIJ
ȂİIJȠțȜȚȝĮIJȚıIJȚțȩĮʌİȞİȡȖȠʌȠȚȘȝȑȞȠʌĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮ
IJĮʌȜȒțIJȡĮ6ZLQJ+țĮȚ,21)LOWHUȖȚĮİȞĮȜȜĮȖȒȝİIJĮȟȪ
IJȦȞȕĮșȝȫȞ&țĮȚ)
ǼȟȠȚțȠȞȩȝȘıȘİȞȑȡȖİȚĮȢ
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾʌĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮIJĮ
ʌȜȒțIJȡĮ,21)LOWHUțĮȚ&ORFNȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİȒȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȘȜİȚIJȠȣȡȖȓĮİȟȠȚțȠȞȩȝȘıȘȢİȞȑȡȖİȚĮȢ
ȈIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣșĮİȝijĮȞȚıIJİȓȘȑȞįİȚȟȘ
©6(ªıIJȘȞʌİȡȚȠȤȒİȝijȐȞȚıȘȢIJȘȢșİȡȝȠțȡĮıȓĮȢȩIJĮȞİȓȞĮȚ
İȞİȡȖȒ
ȁİȚIJȠȣȡȖȓĮȤĮȝȘȜȒȢșİȡȝȩIJȘIJĮȢ
ȈIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾʌĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮ
IJĮʌȜȒțIJȡĮ,21)LOWHUțĮȚ&ORFNȖȚĮȞĮIJİșİȓIJȠțȜȚȝĮIJȚıIJȚțȩ
ıİȜİȚIJȠȣȡȖȓĮȤĮȝȘȜȒȢșİȡȝȩIJȘIJĮȢʌȠȣșĮȜİȚIJȠȣȡȖȒıİȚ
ȑȦȢIJȘșİȡȝȠțȡĮıȓĮIJȦȞ&ǼʌĮȞĮȜȐȕİIJİIJȘįȚĮįȚțĮıȓĮ
ȖȚĮȞĮIJȘȞĮʌİȞİȡȖȠʌȠȚȒıİIJİ
ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİ
ȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİʌȚȜȑȟİIJİ
IJȠȞİʌȚșȣȝȘIJȩIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ$872
ǹȊȉȅȂǹȉǾ&22/ȌȊȄǾ'(+80,',)<
ǹĭȊīȇǹȃȈǾ)$1ǹȃǼȂǿȈȉǾȇǹȈțĮȚ
+($7ĬǼȇȂǹȃȈǾ
ȆȜȒțIJȡȠȡȪșȝȚıȘȢ
țĮȚ
ȆĮIJȒıIJİĮȣIJȐIJĮįȪȠʌȜȒțIJȡĮȖȚĮȞĮȡȣșȝȓıİIJİ
IJȘȞİʌȚșȣȝȘIJȒșİȡȝȠțȡĮıȓĮ
ȆȜȒțIJȡȠ)DQ
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȡȣșȝȓıİIJİIJȘȞ
IJĮȤȪIJȘIJĮIJȠȣĮȞİȝȚıIJȒȡĮıİǹȣIJȩȝĮIJȘȋĮȝȘȜȒ
ȂİıĮȓĮȤĮȝȘȜȒȂİıĮȓĮȂİıĮȓĮȣȥȘȜȒțĮȚ
ȊȥȘȜȒ
&22/ȌȊȄǾ
'(+80,',)<
ǹĭȊīȇǹȃȈǾ+($7
ĬǼȇȂǹȃȈǾ
ȁİȚIJȠȣȡȖȓĮ
ȇȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮ
60
ȅįȘȖȩȢȖȡȒȖȠȡȘȢȑȞĮȡȟȘȢ
ǾȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾİȓȞĮȚȘ
ʌȡȠİʌȚȜİȖȝȑȞȘțĮIJȐIJȘȞİȞİȡȖȠʌȠȓȘıȘ
ȈIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾȘșİȡȝȠțȡĮıȓĮ
įİȞİȝijĮȞȓȗİIJĮȚ
ȈIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾȘĮȡȤȚțȒIJȚȝȒ
İȓȞĮȚ&
ȈIJȚȢȐȜȜİȢȜİȚIJȠȣȡȖȓİȢȘĮȡȤȚțȒIJȚȝȒİȓȞĮȚ&
ȆȜȒțIJȡȠȡȪșȝȚıȘȢ
ǼȝʌȡȩȢ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ
ȖȚĮȞĮĮȣȟȒıİIJİIJȘȡȪșȝȚıȘ
IJȘȢșİȡȝȠțȡĮıȓĮȢȀȡĮIJȒıIJİʌĮIJȘȝȑȞȠĮȣIJȩIJȠ
țȠȣȝʌȓȖȚĮįİȣIJİȡȩȜİʌIJĮȒʌİȡȚııȩIJİȡȠȖȚĮȞĮ
ĮȣȟȘșİȓʌȚȠȖȡȒȖȠȡĮȘȡȪșȝȚıȘIJȘȢșİȡȝȠțȡĮıȓĮȢ
ǾȝȑȖȚıIJȘȡȪșȝȚıȘİȓȞĮȚ&
ȈIJȚȢȜİȚIJȠȣȡȖȓİȢ7LPHU2Q2IIȋȡȠȞȠįȚĮțȩʌIJȘȢ
İȞİȡȖȠʌȠȓȘıȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢȒ&ORFNȇȠȜȩȚ
ȤȡȘıȚȝȠʌȠȚȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȡȣșȝȓıİIJİIJȠ
ȡȠȜȩȚȒIJȠȤȡȠȞȠįȚĮțȩʌIJȘ
ȆȜȒțIJȡȠȡȪșȝȚıȘȢ
ȆȓıȦ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ
ȖȚĮȞĮȝİȚȫıİIJİIJȘȡȪșȝȚıȘ
IJȘȢșİȡȝȠțȡĮıȓĮȢȀȡĮIJȒıIJİʌĮIJȘȝȑȞȠĮȣIJȩIJȠ
țȠȣȝʌȓȖȚĮįİȣIJİȡȩȜİʌIJĮȒʌİȡȚııȩIJİȡȠȖȚĮȞĮ
ȝİȚȦșİȓʌȚȠȖȡȒȖȠȡĮȘȡȪșȝȚıȘIJȘȢșİȡȝȠțȡĮıȓĮȢ
ǾȝȑȖȚıIJȘȡȪșȝȚıȘİȓȞĮȚ&
ȈIJȚȢȜİȚIJȠȣȡȖȓİȢ7LPHU2Q2IIȋȡȠȞȠįȚĮțȩʌIJȘȢ
İȞİȡȖȠʌȠȓȘıȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢȒ&ORFNȇȠȜȩȚ
ȤȡȘıȚȝȠʌȠȚȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȡȣșȝȓıİIJİIJȠ
ȡȠȜȩȚȒIJȠȤȡȠȞȠįȚĮțȩʌIJȘ
ȆȜȒțIJȡȠ)DQ
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİ
įȚĮįȠȤȚțȐIJȘȞǹȣIJȩȝĮIJȘȋĮȝȘȜȒȂİıĮȓĮȤĮȝȘȜȒ
ȂİıĮȓĮȂİıĮȓĮȣȥȘȜȒțĮȚȊȥȘȜȒIJĮȤȪIJȘIJĮ
ǵIJĮȞİȞİȡȖȠʌȠȚİȓIJĮȚȘȝȠȞȐįĮȘǹȣIJȩȝĮIJȘIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮİȓȞĮȚȘʌȡȠİʌȚȜİȖȝȑȞȘ
ȈIJȘȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾȘIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮİȓȞĮȚȡȣșȝȚıȝȑȞȘıIJȘȋĮȝȘȜȒIJĮȤȪIJȘIJĮ
ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
İȞİȡȖȠʌȠȚȒıİIJİȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ǾȜİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢĮțȣȡȫȞİIJĮȚȩIJĮȞ
ĮʌİȞİȡȖȠʌȠȚİȓIJĮȚȘȝȠȞȐįĮ
ȆȜȒțIJȡȠ0RGH
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİįȚĮįȠȤȚțȐ
IJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ&22/ȌȊȄǾ
'(+80,',)<ǹĭȊīȇǹȃȈǾ)$1ǹȃǼȂǿȈȉǾȇǹȈțĮȚ
+($7ĬǼȇȂǹȃȈǾIJȠȝȠȞIJȑȜȠȝȩȞȠ&22/ȌȊȄǾįİȞ
įȚĮșȑIJİȚIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾ
ȋĮȝȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȂİıĮȓĮȤĮȝȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȂİıĮȓĮIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȂİıĮȓĮȣȥȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȊȥȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȉĮțȐIJȦ
ʌȜȒțIJȡĮ
İȝijĮȞȓȗȠȞIJĮȚ
ıȪȡȠȞIJĮȢIJȠ
țĮʌȐțȚʌȡȠȢIJĮ
țȐIJȦ
$872 '(+80,',)< &22/ )$1 +($7
ǹȊȉȅȂǹȉǾ ǹĭȊīȇǹȃȈǾ ȌȊȄǾ ǹȃǼȂǿȈȉǾȇǹȈ ĬǼȇȂǹȃȈǾ
61
ȆȜȒțIJȡȠ7XUER
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠıIJȘȜİȚIJȠȣȡȖȓĮ&22/
ȌȊȄǾȒ+($7ĬǼȇȂǹȃȈǾȖȚĮȞĮȝİIJĮȕİȓȠ
ĮȞİȝȚıIJȒȡĮȢıIJȘȜİȚIJȠȣȡȖȓĮȣȥȘȜȒȢIJĮȤȪIJȘIJĮȢ
7XUERțĮȚȞĮȜİȚIJȠȣȡȖȒıİȚIJȠțȜȚȝĮIJȚıIJȚțȩıIJȘ
ȝȑȖȚıIJȘȚıȤȪ
ȉȠıȪȝȕȠȜȠ7XUER
İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
ǾȜİȚIJȠȣȡȖȓĮ7XUERȉȠȪȡȝʌȠșĮĮțȣȡȦșİȓĮȞ
ʌĮIJȘșİȓȟĮȞȐIJȠʌȜȒțIJȡȠ7XUERȒĮȞĮȜȜȐȟİȚȘ
ȜİȚIJȠȣȡȖȓĮȒȘIJĮȤȪIJȘIJĮIJȠȣĮȞİȝȚıIJȒȡĮ
ȆȜȒțIJȡȠ6ZLQJ9
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȘȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮʌȐȞȦțĮȚțȐIJȦ
țĮȚȘȑȞįİȚȟȘ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȆĮIJȫȞIJĮȢIJȠʌȐȜȚĮțȣȡȫȞİIJĮȚȘȜİȚIJȠȣȡȖȓĮțĮȚ
ȘʌİȡıȓįĮʌĮȡĮȝȑȞİȚıIJȘȞIJİȜİȣIJĮȓĮIJȘȢșȑıȘ
ȆȜȒțIJȡȠ6ZLQJ+
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȘțȐșİIJȘʌİȡıȓįĮ
ʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮĮȡȚıIJİȡȐțĮȚįİȟȚȐțĮȚȘ
ȑȞįİȚȟȘ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȆĮIJȫȞIJĮȢIJȠʌȐȜȚĮțȣȡȫȞİIJĮȚȘȜİȚIJȠȣȡȖȓĮțĮȚ
ȘʌİȡıȓįĮʌĮȡĮȝȑȞİȚıIJȘȞIJİȜİȣIJĮȓĮIJȘȢșȑıȘ
ȆȜȒțIJȡȠ4XLHW
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȠİıȦIJİȡȚțȩȢ
ĮȞİȝȚıIJȒȡĮȢȜİȚIJȠȣȡȖİȓıİİȟĮȚȡİIJȚțȐȤĮȝȘȜȒ
IJĮȤȪIJȘIJĮțĮȚȠİıȦIJİȡȚțȩȢșȩȡȣȕȠȢİȓȞĮȚ
ȤĮȝȘȜȩȢ
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȝȩȜȚȢİȞİȡȖȠʌȠȚȘșİȓȘ
ȜİȚIJȠȣȡȖȓĮ4XLHWǹșȩȡȣȕȠ
ǾȜİȚIJȠȣȡȖȓĮ4XLHWǹșȩȡȣȕȠțĮȚȘ
ȜİȚIJȠȣȡȖȓĮ7XUERȉȠȪȡȝʌȠįİȞȝʌȠȡȠȪȞȞĮ
İȞİȡȖȠʌȠȚȘșȠȪȞIJĮȣIJȩȤȡȠȞĮ
ǾȜİȚIJȠȣȡȖȓĮ4XLHWǹșȩȡȣȕȠșĮĮțȣȡȦșİȓĮȞ
ʌĮIJȘșİȓȟĮȞȐIJȠʌȜȒțIJȡȠ4XLHWȒĮȞĮȜȜȐȟİȚȘ
ȜİȚIJȠȣȡȖȓĮȒȘIJĮȤȪIJȘIJĮIJȠȣĮȞİȝȚıIJȒȡĮ
ȆȜȒțIJȡȠ6OHHS
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘ
ȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ
IJȘȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ 
IJȘȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ
țĮȚȖȚĮȞĮĮțȣȡȫıİIJİ
IJȘȜİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ǻǿǹȀȅȆǾ
 ȁİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ'(+80,',)<
ǹĭȊīȇǹȃȈǾȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮ
ĮȣȟȐȞİIJĮȚțĮIJȐ&ȝİIJȐĮʌȩȝȚĮȫȡĮ
ĮȣȟȐȞİIJĮȚĮțȩȝĮ&ȝİIJȐĮʌȩįȪȠȫȡİȢțĮȚ
ıȣȞİȤȓȗİȚȞĮȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
 ȁİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ȈİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮIJȠțȜȚȝĮIJȚıIJȚțȩȜİȚIJȠȣȡȖİȓ
ıȪȝijȦȞĮȝİȝȚĮʌȡȠțĮșȠȡȚıȝȑȞȘțĮȝʌȪȜȘ
șİȡȝȠțȡĮıȓĮȢȪʌȞȠȣ
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ȝİIJĮȟȪ&ȝİIJȐĮʌȩIJȘȞİȞİȡȖȠʌȠȓȘıȘIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢȘșİȡȝȠțȡĮıȓĮșĮ
ĮȣȟȐȞİIJĮȚțĮIJȐ&țȐșİȫȡĮȝİIJȐĮʌȩ&Ș
șİȡȝȠțȡĮıȓĮįȚĮIJȘȡİȓIJĮȚıIJĮșİȡȒȝİIJȐĮʌȩ
ȫȡİȢȘșİȡȝȠțȡĮıȓĮșĮȝİȚȦșİȓțĮIJȐ&țĮȚ
ȑʌİȚIJĮȘȝȠȞȐįĮșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİ
ĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ȝİIJĮȟȪ&ȝİIJȐĮʌȩIJȘȞİȞİȡȖȠʌȠȓȘıȘIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢȘșİȡȝȠțȡĮıȓĮșĮ
ĮȣȟȐȞİIJĮȚțĮIJȐ&țȐșİȫȡĮȝİIJȐĮʌȩ&Ș
șİȡȝȠțȡĮıȓĮįȚĮIJȘȡİȓIJĮȚıIJĮșİȡȒȝİIJȐĮʌȩ
ȫȡİȢȘșİȡȝȠțȡĮıȓĮșĮȝİȚȦșİȓțĮIJȐ&țĮȚ
ȑʌİȚIJĮȘȝȠȞȐįĮșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİ
ĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ȝİIJĮȟȪ&ȝİIJȐĮʌȩIJȘȞİȞİȡȖȠʌȠȓȘıȘ
IJȘȢȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢȘșİȡȝȠțȡĮıȓĮ
șĮĮȣȟȘșİȓțĮIJȐ&IJȘȞʌȡȫIJȘȫȡĮȝİIJȐĮʌȩ
ȫȡİȢȘșİȡȝȠțȡĮıȓĮșĮȝİȚȦșİȓțĮIJȐ&țĮȚ
ȑʌİȚIJĮȘȝȠȞȐįĮșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİ
ĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ıIJȠȣȢ&ȝİIJȐĮʌȩȫȡİȢȘșİȡȝȠțȡĮıȓĮ
șĮȝİȚȦșİȓțĮIJȐ&țĮȚȑʌİȚIJĮȘȝȠȞȐįĮșĮ
ıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
ȈIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾȘȡȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚțĮIJȐ&ȝİIJȐĮʌȩȝȚĮȫȡĮțĮȚ
ȝİȚȫȞİIJĮȚĮțȩȝĮ&ȝİIJȐĮʌȩȫȡİȢțĮȚıȣȞİȤȓȗİȚȞĮ
ȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
ȇȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮ
ȫȡĮ
ȫȡĮ
ȫȡĮ
ȫȡĮ
ȇȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮ
62
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ'(+80,',)<
ǹĭȊīȇǹȃȈǾ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚ&IJȠ
țȜȚȝĮIJȚıIJȚțȩșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓȝİ
ĮȣIJȒIJȘȡȪșȝȚıȘ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚȝİIJĮȟȪ&
ȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚțĮIJȐ
&ȝİIJȐĮʌȩIJȘȞʌȡȫIJȘȫȡĮțĮȚıȣȞİȤȓȗİȚȞĮ
ȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚȝİIJĮȟȪ&
ȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚțĮIJȐ&
țȐșİȫȡĮȝİIJȐĮʌȩįȪȠȫȡİȢIJȠțȜȚȝĮIJȚıIJȚțȩ
ıȣȞİȤȓȗİȚȞĮȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚȝİIJĮȟȪ
&ȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚ
țĮIJȐ&țȐșİȫȡĮȝİIJȐĮʌȩIJȡİȚȢȫȡİȢIJȠ
țȜȚȝĮIJȚıIJȚțȩıȣȞİȤȓȗİȚȞĮȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘ
ȡȪșȝȚıȘ
 ȁİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ȈİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮȘțĮȝʌȪȜȘșİȡȝȠțȡĮıȓĮȢ
ȪʌȞȠȣȡȣșȝȓȗİIJĮȚȝȘĮȣIJȩȝĮIJĮ
 ȂİIJȐIJȘȞİʌȚȜȠȖȒIJȘȢȜİȚIJȠȣȡȖȓĮȢ6OHHS
ǶʌȞȠȢ
ʌĮIJȒıIJİțĮȚțȡĮIJȒıIJİ
ʌĮIJȘȝȑȞȠIJȠʌȜȒțIJȡȠ7XUERȑȦȢȩIJȠȣIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȝİIJĮȕİȓıİțĮIJȐıIJĮıȘ
ȡȪșȝȚıȘȢȪʌȞȠȣțĮșȠȡȚıȝȑȞȘĮʌȩIJȠȤȡȒıIJȘ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȝijĮȞȓȗİȚIJȘȞȑȞįİȚȟȘ
©ªȫȡĮȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢİȝijĮȞȓȗİȚ
IJȘȞĮȞIJȓıIJȠȚȤȘșİȡȝȠțȡĮıȓĮIJȘȢIJİȜİȣIJĮȓĮȢ
ȡȪșȝȚıȘȢIJȘȢțĮȝʌȪȜȘȢȪʌȞȠȣȘȠʌȠȓĮ
ĮȞĮȕȠıȕȒȞİȚȘĮȡȤȚțȒİȡȖȠıIJĮıȚĮțȒȡȪșȝȚıȘ
İȝijĮȞȓȗİIJĮȚțĮIJȐIJȘȞʌȡȫIJȘȤȡȒıȘ
 ȆĮIJȒıIJİIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢ
țĮȚ ȖȚĮȞĮ
ĮȜȜȐȟİIJİIJȘȞİʌȚȜİȖȝȑȞȘșİȡȝȠțȡĮıȓĮȖȚĮIJȘȞ
ʌȡȫIJȘȫȡĮIJȠȣȪʌȞȠȣȂİIJȐĮʌȩIJȘȡȪșȝȚıȘ
IJȘȢșİȡȝȠțȡĮıȓĮȢʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ7XUER
ȖȚĮİʌȚȕİȕĮȓȦıȘ
 ǾȫȡĮIJȘȢȜİȚIJȠȣȡȖȓĮȢȪʌȞȠȣĮȣȟȐȞİIJĮȚ
ĮȣIJȩȝĮIJĮıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȘȘȘ
ȫȡĮȜİȚIJȠȣȡȖȓĮȢȪʌȞȠȣțȜʌȝİțȐșİʌȐIJȘȝĮ
IJȠȣʌȜȒțIJȡȠȣ7XUER
 ǼʌĮȞĮȜȐȕİIJİIJĮʌĮȡĮʌȐȞȦȕȒȝĮIJĮ
IJȘȢįȚĮįȚțĮıȓĮȢȑȦȢȩIJȠȣȠȜȠțȜȘȡȫıİIJİ
IJȘȡȪșȝȚıȘșİȡȝȠțȡĮıȓĮȢȪʌȞȠȣȖȚĮ
ȫȡİȢȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠșĮİʌĮȞȑȜșİȚıIJȘȞ
ĮȡȤȚțȒȑȞįİȚȟȘȤȡȠȞȠįȚĮțȩʌIJȘțĮȚȘȑȞįİȚȟȘ
șİȡȝȠțȡĮıȓĮȢșĮİʌĮȞȑȜșİȚıIJȘȞĮȡȤȚțȒ
ȡȪșȝȚıȘ
ȂʌȠȡİȓIJİȞĮİȜȑȖȟİIJİIJȠʌȡȩȖȡĮȝȝĮ
ȪʌȞȠȣİʌȚȜȑȖȠȞIJĮȢIJȘȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ

ʌĮIJȫȞIJĮȢʌĮȡĮIJİIJĮȝȑȞĮIJȠʌȜȒțIJȡȠ7XUERțĮȚ
İʌĮȞĮȜĮȝȕȐȞȠȞIJĮȢIJȠʌȐIJȘȝĮIJȠȣʌȜȒțIJȡȠȣ
7XUERȖȚĮIJȠȞȑȜİȖȤȠIJȦȞșİȡȝȠțȡĮıȚȫȞIJȠȣ
ʌȡȠȖȡȐȝȝĮIJȠȢȪʌȞȠȣȤȦȡȓȢȞĮʌĮIJȒıİIJİIJȠ
ʌȜȒțIJȡȠȡȪșȝȚıȘȢ
Ȓ
ȈİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮĮȞįİȞʌĮIJȘșİȓțĮȞȑȞĮ
ʌȜȒțIJȡȠȖȚĮįİȣIJİȡȩȜİʌIJĮȘȠșȩȞȘİʌĮȞȑȡȤİIJĮȚ
ıIJȘȞțĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮ
ȆȜȒțIJȡȠ,21)LOWHU
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİțĮȚȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȘȜİȚIJȠȣȡȖȓĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢțĮȚ
IJȘȜİȚIJȠȣȡȖȓĮıȣȜȜȑțIJȘıțȩȞȘȢSODVPD
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠĮȞ
İʌȚȜİȖİȓȘȜİȚIJȠȣȡȖȓĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢțĮȚȘȜİȚIJȠȣȡȖȓĮ
ıȣȜȜȑțIJȘıțȩȞȘȢSODVPD
ȆȜȒțIJȡȠ,)HHO
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİ
IJȘȜİȚIJȠȣȡȖȓĮ,)HHOǹȓıșȘıȘțĮȚIJȠıȪȝȕȠȜȠ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠĮʌȠıIJȑȜȜİȚIJȚȢʌȜȘȡȠijȠȡȓİȢ
șİȡȝȠțȡĮıȓĮȢıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțȐșİįȑțĮ
ȜİʌIJȐȉȠțȜȚȝĮIJȚıIJȚțȩȜİȚIJȠȣȡȖİȓȖȚĮȞĮ
İʌȚIJȪȤİȚIJȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮıIJȘșȑıȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȆĮIJȒıIJİIJȠʌȐȜȚȖȚĮȞĮĮțȣȡȦșİȓȘȜİȚIJȠȣȡȖȓĮĮȣIJȒ
ȆȜȒțIJȡȠ;)DQ
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠıIJȘȜİȚIJȠȣȡȖȓĮ&22/
ȌȊȄǾȒ'(+80,',)<ǹĭȊīȇǹȃȈǾȖȚĮȞĮ
İȞİȡȖȠʌȠȚȒıİIJİIJȘȜİȚIJȠȣȡȖȓĮ;)DQǹȞİȝȚıIJȒȡĮȢ
ȋȉȠıȪȝȕȠȜȠİȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ǹijȠȪĮʌİȞİȡȖȠʌȠȚȘșİȓȘȝȠȞȐįĮȠİıȦIJİȡȚțȩȢ
ĮȞİȝȚıIJȒȡĮȢșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİȤĮȝȘȜȒ
IJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİʌȓȜİʌIJȐȖȚĮȞĮıIJİȖȞȫıİȚ
IJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțĮȚȞĮĮʌȠijİȣȤșİȓȘ
ĮȞȐʌIJȣȟȘȕĮțIJȘȡȓȦȞțĮȚȝȣțȒIJȦȞ
ȆĮIJȒıIJİIJȠʌȐȜȚȖȚĮȞĮĮțȣȡȦșİȓȘȜİȚIJȠȣȡȖȓĮĮȣIJȒ
ȆȜȒțIJȡȠ&ORFN
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠIJȠıȪȝȕȠȜȠ&ORFN
ȇȠȜȩȚ
ĮȞĮȕȠıȕȒȞİȚȂʌȠȡİȓIJİȞĮʌĮIJȒıİIJİIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢ
țĮȚ ȖȚĮȞĮȡȣșȝȓıİIJİIJȘȞ
ȫȡĮʌȠȣșȑȜİIJİ
ȆȜȒțIJȡȠ/LJKW
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȘșȠȪȞ
ȒȞĮĮʌİȞİȡȖȠʌȠȚȘșȠȪȞȠȚİȞįİȚțIJȚțȑȢȜȣȤȞȓİȢIJȘȢ
İıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ǾțĮȞȠȞȚțȒțĮIJȐıIJĮıȘțĮIJȐIJȘȞȑȞĮȡȟȘİȓȞĮȚȞĮİȓȞĮȚ
İȞİȡȖȠʌȠȚȘȝȑȞİȢ
ȆȜȒțIJȡȠ7LPHU2Q
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2QȖȚĮȞĮȡȣșȝȓıİIJİIJȘ
ȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ȒIJȘȞȫȡĮȑȞĮȡȟȘȢIJȠıȪȝȕȠȜȠ
șĮĮȞĮȕȠıȕȒıİȚ
ıIJȘȞȠșȩȞȘȆĮIJȒıIJİIJȠʌȜȒțIJȡȠȡȪșȝȚıȘȢ
Ȓ ȖȚĮȞĮ
ȡȣșȝȓıİIJİIJȘȞȫȡĮȑȞĮȡȟȘȢ
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮĮțȣȡȫıİIJİIJȘ
ȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
țĮȚIJȠıȪȝȕȠȜȠ
șĮİȟĮijĮȞȚıIJİȓ
ǼʌĮȜȘșİȪıIJİIJȚȢȡȣșȝȓıİȚȢ7LPHU2Q
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢʌĮIJȫȞIJĮȢIJȠ
ʌȜȒțIJȡȠ7LPHU2QȒʌİȡȚȝȑȞİIJİȖȚĮįİȣIJİȡȩȜİʌIJĮ
ĮijȠȪİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮțĮȚIJȠıȪȝȕȠȜȠ
șĮİȝijĮȞȓȗİIJĮȚıȣȞȑȤİȚĮ
ǾʌȡȠİʌȚȜİȖȝȑȞȘȫȡĮȖȚĮIJȠȞȤȡȠȞȠįȚĮțȩʌIJȘ
İȞİȡȖȠʌȠȓȘıȘȢİȓȞĮȚ$0
63
DzȞįİȚȟȘȠșȩȞȘȢIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
$872 '(+80,',)< &22/ )$1 +($7
ǹȊȉȅȂǹȉǾ ǹĭȊīȇǹȃȈǾ ȌȊȄǾ ǹȃǼȂǿȈȉǾȇǹȈ ĬǼȇȂǹȃȈǾ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ,RQ)LOWHUĭȓȜIJȡȠȚȩȞIJȦȞ
ǼȝijĮȞȓȗİIJĮȚʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ,21)LOWHU
ȆĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ,21)LOWHUȖȚĮȞĮİȟĮijĮȞȚıIJİȓ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢ
ǼȝijĮȞȓȗİȚIJȚȢIJȡİȚȢȜİȚIJȠȣȡȖȓİȢȪʌȞȠȣȝİIJȘȞʌĮȡĮțȐIJȦ
ıİȚȡȐȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ6OHHS
ǻǿǹȀȅȆǾ
DzȞįİȚȟȘȠȡȚȗȩȞIJȚĮȢʌĮȜȚȞįȡȩȝȘıȘȢ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ+RUL]RQWDO
6ZLQJȅȡȚȗȩȞIJȚĮʌĮȜȚȞįȡȩȝȘıȘ
DzȞįİȚȟȘțĮIJȐıIJĮıȘȢİȞįİȚțIJȚțȫȞȜȣȤȞȚȫȞ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞİȢȠȚİȞįİȚțIJȚțȑȢ
ȜȣȤȞȓİȢIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ǾțĮȞȠȞȚțȒțĮIJȐıIJĮıȘțĮIJȐIJȘȞȑȞĮȡȟȘİȓȞĮȚȞĮİȓȞĮȚ
İȞİȡȖȠʌȠȚȘȝȑȞİȢ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ;)DQǹȞİȝȚıIJȒȡĮȢȋ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİȞİȡȖȠʌȠȚİȓIJĮȚȘȜİȚIJȠȣȡȖȓĮ;)DQ
ǹȞİȝȚıIJȒȡĮȢȋ
DzȞįİȚȟȘșȑȡȝĮȞıȘȢ&
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞʌĮIJȘșȠȪȞIJĮȣIJȩȤȡȠȞĮIJĮ
ʌȜȒțIJȡĮ,21)LOWHUțĮȚ&ORFNȖȚĮIJȘȝİIJȐȕĮıȘıİ
ȜİȚIJȠȣȡȖȓĮȤĮȝȘȜȒȢșİȡȝȩIJȘIJĮȢıIJȘȜİȚIJȠȣȡȖȓĮ+($7
ĬǼȇȂǹȃȈǾ
DzȞįİȚȟȘțȜİȚįȫȝĮIJȠȢIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚțȜİȚįȦȝȑȞȠ
DzȞįİȚȟȘțȐșİIJȘȢʌĮȜȚȞįȡȩȝȘıȘȢ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ9HUWLFDO6ZLQJ
ȀȐșİIJȘʌĮȜȚȞįȡȩȝȘıȘ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ,)HHOǹȓıșȘıȘ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİȞİȡȖȠʌȠȚİȓIJĮȚȘȜİȚIJȠȣȡȖȓĮ,)HHO
ǹȓıșȘıȘ
DzȞįİȚȟȘ7LPHU2Q2II
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘ
ȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚ
ȘȜİȚIJȠȣȡȖȓĮ7LPHU2IIȋȡȠȞȠįȚĮțȩʌIJȘȢ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢ
DzȞįİȚȟȘȫȡĮȢ
ǼȝijĮȞȓȗİȚIJȘȞȫȡĮIJȠȣȡȠȜȠȖȚȠȪʌȡȑʌİȚȞĮ
ȑȤİȚȡȣșȝȚıIJİȓȒțĮȚIJȘȞȫȡĮİȞİȡȖȠʌȠȓȘıȘȢ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢIJȠȣȤȡȠȞȠįȚĮțȩʌIJȘ
DzȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢ
ǼȝijĮȞȓȗİȚIJȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮıİ&Ȓ)
DzȞįİȚȟȘȝİIJȐįȠıȘȢ
ǼȝijĮȞȓȗİIJĮȚȖȚĮįİȣIJİȡȩȜİʌIJȠȩIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȝİIJĮįȓįİȚıȒȝĮIJĮıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ4XLHWǹșȩȡȣȕȠ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ4XLHW
ǹșȩȡȣȕȠ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ7XUERȉȠȪȡȝʌȠ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ7XUER
ȉȠȪȡȝʌȠ
DzȞįİȚȟȘIJĮȤȪIJȘIJĮȢĮȞİȝȚıIJȒȡĮ
ǼȝijĮȞȓȗİȚIJȘȞİʌȚȜİȖȝȑȞȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮȝİIJȘȞ
ʌĮȡĮțȐIJȦıİȚȡȐ
ȈIJȘȞǹȣIJȩȝĮIJȘIJĮȤȪIJȘIJĮȝȩȞȠIJȠıȪȝȕȠȜȠ
İȝijĮȞȓȗİIJĮȚ
DzȞįİȚȟȘ0RGHȁİȚIJȠȣȡȖȓĮ
ǼȝijĮȞȓȗİȚIJȠȞIJȡȑȤȠȞIJĮIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢȝİIJȘȞ
ʌĮȡĮțȐIJȦıİȚȡȐ
ȆȜȒțIJȡȠ7LPHU2II
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȝİIJĮȕİȓIJİ
ıIJȘȡȪșȝȚıȘIJȘȢȜİȚIJȠȣȡȖȓĮȢ7LPHU2II
ȋȡȠȞȠįȚĮțȩʌIJȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢȉȠıȪȝȕȠȜȠ
șĮĮȞĮȕȠıȕȒȞİȚǾȝȑșȠįȠȢȡȪșȝȚıȘȢ
İȓȞĮȚȓįȚĮȝİĮȣIJȒȞȖȚĮIJȘȜİȚIJȠȣȡȖȓĮ7LPHU2Q
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ǾʌȡȠİʌȚȜİȖȝȑȞȘȫȡĮȖȚĮIJȠȞȤȡȠȞȠįȚĮțȩʌIJȘ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢİȓȞĮȚ30
64
ȆȡȫIJȘȤȡȒıȘ
ȈİʌİȡȓʌIJȦıȘįȚĮțȠʌȒȢȡİȪȝĮIJȠȢȒĮʌİȞİȡȖȠʌȠȓȘıȘȢ
IJȠȣʌȡȠȧȩȞIJȠȢȜȩȖȦĮijĮȓȡİıȘȢIJȠȣțĮȜȦįȓȠȣ
IJȡȠijȠįȠıȓĮȢȒĮțȩȝĮțĮȚțĮIJȐIJȘȞĮȜȜĮȖȒIJȦȞ
ȝʌĮIJĮȡȚȫȞıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȠȝȚțȡȠİʌİȟİȡȖĮıIJȒȢ
İʌȚıIJȡȑijİȚıIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ
ǹȣIJȩȝĮIJȘȜİȚIJȠȣȡȖȓĮ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȈIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾȘ
șİȡȝȠțȡĮıȓĮįİȞȝʌȠȡİȓȞĮȡȣșȝȚıIJİȓ
ǹȞİȝȚıIJȒȡĮȢ
ǹȞİȝȚıIJȒȡĮȢ
ȌȪȟȘ
ȌȪȟȘ
ȋȡȩȞȠȢ
ȇȣșȝȚıȝȑȞȘșİȡȝ
ȁİȚIJȠȣȡȖȓĮĮijȪȖȡĮȞıȘȢ
 ǺİȕĮȚȦșİȓIJİȩIJȚȘȝȠȞȐįĮİȓȞĮȚıȣȞįİįİȝȑȞȘțĮȚ
ȣʌȐȡȤİȚįȚĮșȑıȚȝȘȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
 ǺİȕĮȚȦșİȓIJİȩIJȚȑȤİIJİIJȠʌȠșİIJȒıİȚıȦıIJȐIJȚȢ
ȝʌĮIJĮȡȓİȢıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȠȚİȞįİȚțIJȚțȑȢȜȣȤȞȓİȢ
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚĮȞĮȝȝȑȞİȢ
 ȇȣșȝȓıIJİIJȘȞȫȡĮȝİIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢțĮȚ
İʌȚȕİȕĮȚȫıIJİʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ&ORFN
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ212))ȖȚĮȞĮ
İȞİȡȖȠʌȠȚȘșİȓȘȝȠȞȐįĮ
ȅʌȡȠİʌȚȜİȖȝȑȞȠȢIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ$872
ǹȊȉȅȂǹȉǾȂȩȜȚȢİʌȚȜȑȟİIJİIJȠȞIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ
ȝİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȠȚıȣȞșȒțİȢȜİȚIJȠȣȡȖȓĮȢ
ĮʌȠșȘțİȪȠȞIJĮȚıIJȘȝȞȒȝȘIJȠȣȝȚțȡȠİʌİȟİȡȖĮıIJȒ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢȉȘȞİʌȩȝİȞȘijȠȡȐIJȠ
țȜȚȝĮIJȚıIJȚțȩșĮȟİțȚȞȒıİȚȞĮȜİȚIJȠȣȡȖİȓȣʌȩIJȚȢȓįȚİȢ
ıȣȞșȒțİȢȩIJĮȞĮʌȜȐʌĮIJȒıİIJİIJȠʌȜȒțIJȡȠ212))
IJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǼȐȞįİȞıĮȢȕȠȜİȪİȚȘȜİȚIJȠȣȡȖȓĮ$872
ǹȊȉȅȂǹȉǾȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİȝİȝȘĮȣIJȩȝĮIJȠ
IJȡȩʌȠIJȚȢİʌȚșȣȝȘIJȑȢıȣȞșȒțİȢ
ǵIJĮȞȑȤİȚİʌȚȜİȖİȓȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ
IJȠțȜȚȝĮIJȚıIJȚțȩșĮİʌȚȜȑȟİȚĮȣIJȩȝĮIJĮIJȘȜİȚIJȠȣȡȖȓĮ
&22/ȌȊȄǾ+($7ĬǼȇȂǹȃȈǾİȐȞįȚĮIJȓșİIJĮȚ
ȒȝȩȞȠ)$1ǹȃǼȂǿȈȉǾȇǹȈĮȞȐȜȠȖĮȝİIJȘ
ȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȒțĮȚIJȘșİȡȝȠțȡĮıȓĮ
įȦȝĮIJȓȠȣ
DzȞĮȡȟȘ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİ
IJȠțȜȚȝĮIJȚıIJȚțȩǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢ
ıIJȘȞȠșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİ$872ǹȊȉȅȂǹȉǾ
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘIJȘȢțĮIJȐIJȘȞ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǾȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾȕĮıȓȗİIJĮȚ
ıIJȘįȚĮijȠȡȐȝİIJĮȟȪIJȘȢȡȣșȝȚıȝȑȞȘȢșİȡȝȠțȡĮıȓĮȢ
țĮȚIJȘȢʌȡĮȖȝĮIJȚțȒȢșİȡȝȠțȡĮıȓĮȢįȦȝĮIJȓȠȣ
ǾșİȡȝȠțȡĮıȓĮȡȣșȝȓȗİIJĮȚțĮIJȐIJȘȞĮijȪȖȡĮȞıȘȝȑıȦ
IJȘȢİʌĮȞİȚȜȘȝȝȑȞȘȢİȞİȡȖȠʌȠȓȘıȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢ
IJȘȢȜİȚIJȠȣȡȖȓĮȢ&22/ȌȊȄǾȒȝȩȞȠ)$1
ǹȃǼȂǿȈȉǾȇǹȈ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ȁİȚIJȠȣȡȖȓĮĮijȪȖȡĮȞıȘȢ
65
 ȈIJȘȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾ
ȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİȓȞĮȚȡȣșȝȚıȝȑȞȘıIJȘ
ȋĮȝȘȜȒIJĮȤȪIJȘIJĮțĮȚȘȜİȚIJȠȣȡȖȓĮ7XUERįİȞ
ȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȘșİȓ
 ȈIJȘȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾ
įİȞİȓȞĮȚįȣȞĮIJȒȘİȞİȡȖȠʌȠȓȘıȘIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢțĮȚIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢ
ȁİȚIJȠȣȡȖȓĮĮȞİȝȚıIJȒȡĮ
 ȈIJȠȞIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ)$1
ǹȃǼȂǿȈȉǾȇǹȈȘșİȡȝȠțȡĮıȓĮįİȞȝʌȠȡİȓ
ȞĮȡȣșȝȚıIJİȓĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ǻİȞİȝijĮȞȓȗİIJĮȚțĮȝȓĮȑȞįİȚȟȘIJĮȤȪIJȘIJĮȢıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȐȞȑȤİȚİʌȚȜİȖİȓȘĮȣIJȩȝĮIJȘ
IJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
DzȞĮȡȟȘ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢıIJȘȞȠșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİ'(+80,',)<ǹĭȊīȇǹȃȈǾ
 ȆȜȒțIJȡĮȡȪșȝȚıȘȢ
ȇȣșȝȓıIJİIJȘșİȡȝȠțȡĮıȓĮʌȠȣİʌȚșȣȝİȓIJİ
ȈȣȞȒșȦȢȡȣșȝȓȗİIJĮȚȝİIJĮȟȪ&țĮȚ&
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİ
IJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘ
IJȘȢțĮIJȐIJȘȞĮʌİȞİȡȖȠʌȠȓȘıȘ
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘIJȘȢțĮIJȐIJȘȞ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǵIJĮȞİʌȚȜȑȖİIJİIJȠȞIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ)$1ǹȃǼȂǿȈȉǾȇǹȈ
IJȠțȜȚȝĮIJȚıIJȚțȩĮʌȜȐțȣțȜȠijȠȡİȓIJȠȞİıȦIJİȡȚțȩĮȑȡĮ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩ
ǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢıIJȘȞȠșȩȞȘIJȘȢ
İıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİ)$1ǹȃǼȂǿȈȉǾȇǹȈ
 ȆȜȒțIJȡȠ)DQ
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮǹȣIJȩȝĮIJȘȋĮȝȘȜȒȂİıĮȓĮțĮȚȊȥȘȜȒ
ǾʌȡȠİʌȚȜİȖȝȑȞȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİȓȞĮȚȘǹȣIJȩȝĮIJȘ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
66
ȁİȚIJȠȣȡȖȓĮȥȪȟȘȢțĮȚșȑȡȝĮȞıȘȢ
DzȞĮȡȟȘ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩ
ǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢıIJȘȞȠșȩȞȘIJȘȢ
İıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȜİȚIJȠȣȡȖȓĮ&22/
ȌȊȄǾȒ+($7ĬǼȇȂǹȃȈǾȝȩȞȠıIJȠȝȠȞIJȑȜȠ
ĮȞIJȜȓĮȢșİȡȝȩIJȘIJĮȢ
 ȆȜȒțIJȡĮȡȪșȝȚıȘȢ
ȇȣșȝȓıIJİIJȘșİȡȝȠțȡĮıȓĮʌȠȣİʌȚșȣȝİȓIJİ
ȈȣȞȒșȦȢȡȣșȝȓȗİIJĮȚȝİIJĮȟȪ&țĮȚ&
 ȆȜȒțIJȡȠ)DQ
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮǹȣIJȩȝĮIJȘȋĮȝȘȜȒȂİıĮȓĮȤĮȝȘȜȒ
ȂİıĮȓĮȂİıĮȓĮȣȥȘȜȒțĮȚȊȥȘȜȒ
ǾʌȡȠİʌȚȜİȖȝȑȞȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİȓȞĮȚȘ
ǹȣIJȩȝĮIJȘ
 ȆȜȒțIJȡĮ6ZLQJ9țĮȚ6ZLQJ+
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞțĮIJİȪșȣȞıȘIJȘȢ
ȡȠȒȢĮȑȡĮ
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘIJȘȢțĮIJȐIJȘȞ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǻİȞİȝijĮȞȓȗİIJĮȚțĮȝȓĮȑȞįİȚȟȘIJĮȤȪIJȘIJĮȢıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȐȞȑȤİȚİʌȚȜİȖİȓȘĮȣIJȩȝĮIJȘ
IJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȇȣșȝȓıİȚȢIJȠȣȤȡȠȞȠįȚĮțȩʌIJȘ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘ
İȞİȡȖȠʌȠȓȘıȘȢ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2QȘȑȞįİȚȟȘ
ĮȞĮȕȠıȕȒȞİȚıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȣıİʌİȡȓʌIJȦıȘʌȠȣ
İȓȞĮȚȘʌȡȫIJȘijȠȡȐʌȠȣȤȡȘıȚȝȠʌȠȚİȓIJİ
IJȘȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢ
İȞİȡȖȠʌȠȓȘıȘȢǻȚĮijȠȡİIJȚțȐĮȞĮȕȠıȕȒȞİȚȘ
IJİȜİȣIJĮȓĮȡȣșȝȚıȝȑȞȘȫȡĮ
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢ
ǼȝʌȡȩȢ ȆȓıȦ
ȀȐșİijȠȡȐʌȠȣʌĮIJȐIJİIJĮʌȜȒțIJȡĮȘȫȡĮ
ĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚțĮIJȐȜİʌIJȩ
ȀȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞȠIJȠĮȞIJȓıIJȠȚȤȠʌȜȒțIJȡȠ
ȘȫȡĮĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚʌȚȠȖȡȒȖȠȡĮ
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚİʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2Q
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǹțȪȡȦıȘIJȦȞȡȣșȝȓıİȦȞ
ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU
2QǺİȕĮȚȦșİȓIJİȩIJȚIJȠıȪȝȕȠȜȠ
ıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚıȕȒıİȚ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2IIȘȑȞįİȚȟȘ
ȖȚĮIJȘȞʌȡȫIJȘȤȡȒıȘȒȘ
IJİȜİȣIJĮȓĮȡȣșȝȚıȝȑȞȘȫȡĮĮȞĮȕȠıȕȒȞİȚıIJȘȞ
ȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȒȡȚȠȣ
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢ
ǼȝʌȡȩȢ ȆȓıȦ
ȀȐșİijȠȡȐʌȠȣʌĮIJȐIJİIJĮʌȜȒțIJȡĮȘȫȡĮ
ĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚțĮIJȐȜİʌIJȩ
ȀȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞȠIJȠĮȞIJȓıIJȠȚȤȠʌȜȒțIJȡȠ
ȘȫȡĮĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚʌȚȠȖȡȒȖȠȡĮ
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚİʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2II
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
67
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȂȂțĮȚșȑȜİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȞĮĮʌİȞİȡȖȠʌȠȚȘșİȓıIJȚȢȆȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2II
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ30ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȈȣȞįȣĮıIJȚțȩȢȤȡȠȞȠįȚĮțȩʌIJȘȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢ
ǹʌİȞİȡȖȠʌȠȓȘıȘDzȞĮȡȟȘȉİȡȝĮIJȚıȝȩȢ
ȜİȚIJȠȣȡȖȓĮȢ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİȞĮ
İȞİȡȖȠʌȠȚȘșİȓIJȠțȜȚȝĮIJȚıIJȚțȩʌȡȚȞȟȣʌȞȒıİIJİțĮȚ
ȞĮĮʌİȞİȡȖȠʌȠȚȘșİȓĮijȠȪijȪȖİIJİĮʌȩIJȠıʌȓIJȚ
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȂȂțĮȚșȑȜİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȞĮĮȡȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıIJȚȢ
ȆȂțĮȚȞĮıIJĮȝĮIJȒıİȚıIJȚȢȆȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ$0ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2II
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ$0ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ȅȤȡȩȞȠȢȜİȚIJȠȣȡȖȓĮȢIJȘȢȜİȚIJȠȣȡȖȓĮȢȤȡȠȞȠįȚĮțȩʌIJȘ
ʌȠȣȡȣșȝȓȗİIJĮȚĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȟĮȡIJȐIJĮȚ
ĮʌȩIJȘȞȫȡĮIJȠȣȡȠȜȠȖȚȠȪǼȜȑȖȟIJİȩIJȚIJȠȡȠȜȩȚ
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚȡȣșȝȚıIJİȓıȦıIJȐȖȚĮIJȘȞ
ĮʌȠijȣȖȒįȣıȜİȚIJȠȣȡȖȓĮȢ
 ȅȠȣıȚĮıIJȚțȩȢȤȡȩȞȠȢȜİȚIJȠȣȡȖȓĮȢʌȠȣȡȣșȝȓȗİIJĮȚ
ĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌİȡȚȠȡȓȗİIJĮȚıIJȚȢȫȡİȢ
ȆĮȡĮįİȓȖȝĮIJĮȡȣșȝȓıİȦȞ
ȤȡȠȞȠįȚĮțȩʌIJȘ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘİȞİȡȖȠʌȠȓȘıȘȢ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘȑȞĮȡȟȘȢ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİ
ȘȝȠȞȐįĮȞĮİȞİȡȖȠʌȠȚȘșİȓĮȣIJȩȝĮIJĮʌȡȚȞ
İʌȚıIJȡȑȥİIJİıIJȠıʌȓIJȚȉȠțȜȚȝĮIJȚıIJȚțȩșĮĮȡȤȓıİȚ
ȞĮȜİȚIJȠȣȡȖİȓĮȣIJȩȝĮIJĮIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȆȂțĮȚșȑȜİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȞĮĮȡȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıIJȚȢȂȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ30ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2Q
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠıIJȘȞ
ȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘĮʌİȞİȡȖȠʌȠȓȘıȘȢ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘIJİȡȝĮIJȚıȝȠȪ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİȘ
ȝȠȞȐįĮȞĮĮʌİȞİȡȖȠʌȠȚȘșİȓĮȣIJȩȝĮIJĮȖȚĮIJȘȞ
ȫȡĮȪʌȞȠȣȉȠțȜȚȝĮIJȚıIJȚțȩșĮıIJĮȝĮIJȒıİȚȞĮ
ȜİȚIJȠȣȡȖİȓĮȣIJȩȝĮIJĮIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǹțȪȡȦıȘIJȦȞȡȣșȝȓıİȦȞ
ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
ǺİȕĮȚȦșİȓIJİȩIJȚIJȠıȪȝȕȠȜȠ
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚıȕȒıİȚ
68
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠțĮȚȘȜİȚIJȠȣȡȖȓĮİȞİȡȖȠʌȠȚİȓIJĮȚ
ȋȡȠȞȠįȚĮțȩʌIJȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ǼȞİȡȖȠʌȠȓȘıȘȉİȡȝĮIJȚıȝȩȢDzȞĮȡȟȘȜİȚIJȠȣȡȖȓĮȢ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİȞĮ
ĮʌİȞİȡȖȠʌȠȚȘșİȓIJȠțȜȚȝĮIJȚıIJȚțȩĮijȠȪʌȐIJİȖȚĮ
ȪʌȞȠțĮȚȞĮİȞİȡȖȠʌȠȚȘșİȓʌȐȜȚʌȡȚȞȟȣʌȞȒıİIJİIJȠ
ʌȡȦȓȒİʌȚıIJȡȑȥİIJİıIJȠıʌȓIJȚ
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȆȂțĮȚșȑȜİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȞĮıIJĮȝĮIJȒıİȚȞĮȜİȚIJȠȣȡȖİȓıIJȚȢ
ȆȂțĮȚȞĮȟİțȚȞȒıİȚʌȐȜȚıIJȚȢȂȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2II
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓȘȑȞįİȚȟȘ
$0ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓȘȑȞįİȚȟȘ
30ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2Q
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠțĮȚȘȜİȚIJȠȣȡȖȓĮİȞİȡȖȠʌȠȚİȓIJĮȚ
ȇȪșȝȚıȘIJȠȣȡȠȜȠȖȚȠȪ
ȆȡȚȞĮȡȤȓıİIJİȞĮȜİȚIJȠȣȡȖİȓIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȡȣșȝȓıIJİIJȠȡȠȜȩȚIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ĮțȠȜȠȣșȫȞIJĮȢIJȘįȚĮįȚțĮıȓĮʌȠȣĮȞĮijȑȡİIJĮȚ
ıİĮȣIJȒIJȘȞİȞȩIJȘIJĮǾȠșȩȞȘȡȠȜȠȖȚȠȪıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȝijĮȞȓȗİȚIJȘȞȫȡĮĮȞİȟȐȡIJȘIJĮ
ĮʌȩIJȠĮȞȜİȚIJȠȣȡȖİȓIJȠțȜȚȝĮIJȚıIJȚțȩ
ǹijȠȪIJȠʌȠșİIJȒıİIJİIJȚȢȝʌĮIJĮȡȓİȢıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȘȑȞįİȚȟȘ
İȝijĮȞȓȗİIJĮȚ
țĮȚĮȡȤȓȗİȚȞĮĮȞĮȕȠıȕȒȞİȚ
 ȆȜȒțIJȡĮȡȪșȝȚıȘȢ
ȆĮIJȒıIJİIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢȖȚĮȞĮ
ȡȣșȝȓıİIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮ
ǼȝʌȡȩȢ
ȆȓıȦ
ȀȐșİijȠȡȐʌȠȣʌĮIJȐIJİIJĮʌȜȒțIJȡĮȘȫȡĮ
ĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚțĮIJȐȜİʌIJȩ
ȀȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞȠIJȠĮȞIJȓıIJȠȚȤȠʌȜȒțIJȡȠȘ
ȫȡĮĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚʌȚȠȖȡȒȖȠȡĮ
 ȆȜȒțIJȡȠ&ORFN
ǵIJĮȞijIJȐıİIJİıIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȒıIJİ
ʌȐȜȚIJȠʌȜȒțIJȡȠ&ORFNįȚĮijȠȡİIJȚțȐȝİIJȐĮʌȩ
įİȣIJİȡȩȜİʌIJĮȤȦȡȓȢțĮȝȓĮİȞȑȡȖİȚĮȘȫȡĮ
IJȠȣȡȠȜȠȖȚȠȪıIJĮȝĮIJȐİȚȞĮĮȞĮȕȠıȕȒȞİȚțĮȚ
ȡȣșȝȓȗİIJĮȚIJȠȡȠȜȩȚ
69
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞ
İıȦIJİȡȚțȒȝȠȞȐįĮ
ȆȡȩıșİIJİȢİʌȚȜȠȖȑȢ
DzȜİȖȤȠȢțĮIJİȪșȣȞıȘȢȡȠȒȢĮȑȡĮ
 ȁİȚIJȠȣȡȖȓĮȑȟȣʌȞȘȢİʌĮȞİțțȓȞȘıȘȢ
ȉȠțȜȚȝĮIJȚıIJȚțȩİʌĮȞȑȡȤİIJĮȚĮȣIJȩȝĮIJĮıIJȚȢ
ʌȡȠȘȖȠȪȝİȞİȢȡȣșȝȓıİȚȢȝİIJȐĮʌȩʌȚșĮȞȒįȚĮțȠʌȒ
ȡİȪȝĮIJȠȢ
 ǹijĮȚȡȠȪȝİȞȠțȐȜȣȝȝĮ
ȉȠȝʌȡȠıIJȚȞȩțȐȜȣȝȝĮIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ȝʌȠȡİȓȞĮĮijĮȚȡİșİȓİȪțȠȜĮȖȚĮțĮșĮȡȚıȝȩțĮȚ
ıȣȞIJȒȡȘıȘ
 ǹȣIJȠįȚȐȖȞȦıȘțĮȚĮȣIJȠʌȡȠıIJĮıȓĮ
ȉȠțȜȚȝĮIJȚıIJȚțȩĮȣIJȩȝʌȠȡİȓȞĮĮȞȚȤȞİȪıİȚIJȚȢ
įȣıȜİȚIJȠȣȡȖȓİȢİȝijĮȞȓȗȠȞIJĮȢIJȘįȚȐȖȞȦıȘıIJȘȞȠșȩȞȘ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢȝİȑȞĮȞțȦįȚțȩıijȐȜȝĮIJȠȢ
ȉȠțȜȚȝĮIJȚıIJȚțȩĮȜȜȐȗİȚĮȣIJȩȝĮIJĮIJȘȜİȚIJȠȣȡȖȓĮȖȚĮ
ĮȣIJȠʌȡȠıIJĮıȓĮ
ȇȣșȝȓıIJİıȦıIJȐIJȘȞțĮIJİȪșȣȞıȘȡȠȒȢĮȑȡĮ
țĮșȫȢȝʌȠȡİȓȞĮʌȡȠțȜȘșİȓȑȜȜİȚȥȘȐȞİıȘȢȒ
ĮȞȠȝȠȚȩȝȠȡijȘșİȡȝȠțȡĮıȓĮIJȠȣįȦȝĮIJȓȠȣ
ȉȩıȠȘȠȡȚȗȩȞIJȚĮȩıȠțĮȚȘțȐșİIJȘʌİȡıȓįĮȝʌȠȡİȓ
ȞĮȡȣșȝȚıIJİȓȝİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
īȚĮȞĮȡȣșȝȓıİIJİIJȘȞțȐșİIJȘİʌȐȞȦțȐIJȦ
țĮIJİȪșȣȞıȘȡȠȒȢIJȠȣĮȑȡĮĮȣIJȩȝĮIJĮ
 ǼțIJİȜȑıIJİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮİȞȫȘȝȠȞȐįĮ
ȕȡȓıțİIJĮȚıİȜİȚIJȠȣȡȖȓĮ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ6ZLQJ9ıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȘȠȡȚȗȩȞIJȚĮʌİȡıȓįĮ
ʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮʌȐȞȦțȐIJȦ
 ȅȤȡȠȞȠįȚĮțȩʌIJȘȢȤȡȘıȚȝȠʌȠȚİȓȜİȚIJȠȣȡȖȓĮ
ȡȠȜȠȖȚȠȪȦȡȫȞ
 ǾʌȡȠİʌȚȜİȖȝȑȞȘȫȡĮȖȚĮIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚ
ȂȂțĮȚİʌĮȞȑȡȤİIJĮȚıİĮȣIJȒȞȩIJĮȞĮȜȜȐȗİIJİ
IJȚȢȝʌĮIJĮȡȓİȢ
 ǾʌȡȠİʌȚȜİȖȝȑȞȘȡȪșȝȚıȘȖȚĮIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞȘȩIJĮȞ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞȠ
 ǻİȞİȓȞĮȚĮʌĮȡĮȓIJȘIJȠȞĮȤȡȘıȚȝȠʌȠȚİȓIJİ
ĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮȩIJĮȞȘʌȠȚȩIJȘIJĮIJȠȣ
ĮȑȡĮıIJȠįȦȝȐIJȚȠİȓȞĮȚțĮȜȒ
 ȀĮșĮȡȓȗİIJİIJȠıȣȜȜȑțIJȘıțȩȞȘȢSODVPDțȐșİ
IJȡİȚȢȑȦȢȑȟȚȝȒȞİȢĮȞȐȜȠȖĮȝİIJȚȢıȣȞșȒțİȢ
ȁİȚIJȠȣȡȖȓĮ,)HHOǹȓıșȘıȘ
ȁİȚIJȠȣȡȖȓĮ,21)LOWHUĭȓȜIJȡȠȚȩȞIJȦȞ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȜİȚIJȠȣȡȖİȓȦȢȑȞĮȢ
ĮʌȠȝĮțȡȣıȝȑȞȠȢșİȡȝȠıIJȐIJȘȢʌĮȡȑȤȠȞIJĮȢĮțȡȚȕȒ
ȑȜİȖȤȠIJȘȢșİȡȝȠțȡĮıȓĮȢțĮȚȝȑȖȚıIJȘȐȞİıȘ
ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ,)HHOǹʌȩIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮĮțȠȪȖİIJĮȚȑȞĮȘȤȘIJȚțȩıȒȝĮȝʌȚʌȖȚĮȞĮ
İʌȚȕİȕĮȚȫıİȚȩIJȚȘȜİȚIJȠȣȡȖȓĮȑȤİȚİȞİȡȖȠʌȠȚȘșİȓ
ȉȠıȪȝȕȠȜȠ,)HHOǹȓıșȘıȘ
ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣȑȦȢȩIJȠȣʌĮIJȘșİȓ
ʌȐȜȚIJȠʌȜȒțIJȡȠ,)HHO
ȉȠțȜȚȝĮIJȚıIJȚțȩȜİȚIJȠȣȡȖİȓȖȚĮȞĮİʌȚIJȪȤİȚIJȘȡȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮıIJȘșȑıȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚIJȚȢʌȜȘȡȠijȠȡȓİȢ
șİȡȝȠțȡĮıȓĮȢIJȘȢșȑıȘȢIJȠȣıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țȐșİįȑțĮȜİʌIJȐȉȠțȜȚȝĮIJȚıIJȚțȩĮʌİȞİȡȖȠʌȠȚİȓ
IJȘȜİȚIJȠȣȡȖȓĮ,)((/ǹȓıșȘıȘțĮȚİʌȚıIJȡȑijİȚıIJȘȞ
țĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮİȐȞįİȞȜȐȕİȚțĮȝȓĮʌȜȘȡȠijȠȡȓĮ
șİȡȝȠțȡĮıȓĮȢĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȖȚĮȑȞIJİțĮ
įȚĮįȠȤȚțȐȜİʌIJȐ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ,21)LOWHUȖȚĮȞĮ
İȞİȡȖȠʌȠȚȒıİIJİIJȚȢȜİȚIJȠȣȡȖȓİȢȥȣȤȡȠȪ
ʌȜȐıȝĮIJȠȢțĮȚıȣȜȜȑțIJȘıțȩȞȘȢSODVPDȉȠ
ıȪȝȕȠȜȠ
ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠıIJȘȞȠșȩȞȘ
IJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣȑȦȢȩIJȠȣʌĮIJȘșİȓʌȐȜȚIJȠ
ʌȜȒțIJȡȠ,21)LOWHU
ǾȖİȞȞȒIJȡȚĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢĮʌİȜİȣșİȡȫȞİȚ
ʌȜȐıȝĮʌȠȣȝʌȠȡİȓȞĮȕȠȘșȒıİȚıIJȘȞ
İȟȠȣįİIJȑȡȦıȘȕĮțIJȘȡȓȦȞȚȫȞıțȩȞȘȢțĮȚ
ȐȜȜȦȞİʌȚȕȜĮȕȫȞʌĮȡĮȖȩȞIJȦȞĮʌȩIJȘȞ
ĮIJȝȩıijĮȚȡĮ
ȅıȣȜȜȑțIJȘȢıțȩȞȘȢSODVPDȝʌȠȡİȓȞĮ
ʌĮȖȚįİȪıİȚįȚȐijȠȡĮȝȚțȡȠıțȠʌȚțȐıȦȝĮIJȓįȚĮ
ȩʌȦȢıțȩȞȘțĮʌȞȩȢțĮȚȖȪȡȘĮʌȩIJȘȡȠȒIJȠȣ
ĮȑȡĮȫıIJİȞĮįȚĮIJȘȡİȓIJĮȚțĮșĮȡȩȢȠĮȑȡĮȢIJȠȣ
įȦȝĮIJȓȠȣ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞȘʌȠȚȩIJȘIJĮ
IJȠȣİıȦIJİȡȚțȠȪĮȑȡĮįİȞİȓȞĮȚțĮȜȒ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
 ǼțȞȑȠȣȡȪșȝȚıȘIJȠȣȡȠȜȠȖȚȠȪ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ&ORFNțĮȚIJȠıȪȝȕȠȜȠ
ȡȠȜȠȖȚȠȪ
șĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚ
ǹțȠȜȠȣșȒıIJİIJĮȕȒȝĮIJĮțĮȚȖȚĮȞĮ
ȡȣșȝȓıİIJİIJȘȞȑĮȫȡĮ
70
ȇȠȒĮȑȡĮİʌȐȞȦțĮȚțȐIJȦ
ȀȐșİIJȘʌİȡıȓįĮ
ǼȪȡȠȢ
ȇȠȒĮȑȡĮĮȡȚıIJİȡȐțĮȚįİȟȚȐ
 ȆĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ6ZLQJțĮȚȘʌİȡıȓįĮșĮ
ĮȡȤȓıİȚȞĮʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮʌȐȞȦțĮȚțȐIJȦ
īȚĮȞĮȡȣșȝȓıİIJİIJȘȞțȐșİIJȘİʌȐȞȦțȐIJȦ
țĮIJİȪșȣȞıȘȡȠȒȢIJȠȣĮȑȡĮĮȣIJȩȝĮIJĮ
 ǼțIJİȜȑıIJİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮİȞȫȘȝȠȞȐįĮ
ȕȡȓıțİIJĮȚıİȜİȚIJȠȣȡȖȓĮ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ6ZLQJ+ıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȘțȐșİIJȘʌİȡıȓįĮ
ʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮĮȡȚıIJİȡȐțĮȚįİȟȚȐ
 ǵIJĮȞȘʌİȡıȓįĮȝİIJĮțȚȞȘșİȓıIJȘȞİʌȚșȣȝȘIJȒ
țĮIJİȪșȣȞıȘʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ6ZLQJ
țĮȚȘʌİȡıȓįĮșĮʌĮȡĮȝİȓȞİȚıIJȘșȑıȘʌȠȣ
İȓȞĮȚ
 ǵIJĮȞȘʌİȡıȓįĮȝİIJĮțȚȞȘșİȓıIJȘȞİʌȚșȣȝȘIJȒ
țĮIJİȪșȣȞıȘʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ
6ZLQJ9țĮȚȘʌİȡıȓįĮșĮʌĮȡĮȝİȓȞİȚıIJȘ
șȑıȘʌȠȣİȓȞĮȚ
 ȆĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ6ZLQJ9țĮȚȘ
ʌİȡıȓįĮșĮĮȡȤȓıİȚȞĮʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮ
ʌȐȞȦțĮȚțȐIJȦ
ǼȪȡȠȢ
71
ȁİȚIJȠȣȡȖȓĮȑțIJĮțIJȘȢĮȞȐȖțȘȢ
ȀȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣ
İȜȑȖȤȠȣ
ȀȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣ
ĬİȡȝȠțȡĮıȓĮȜİȚIJȠȣȡȖȓĮȢ
 ȆĮIJȒıIJİʌȐȜȚIJȠțȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȅIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢʌĮȡĮIJȓșİIJĮȚıIJȠȞʌĮȡĮțȐIJȦ
ʌȓȞĮțĮ
ȉȠİȪȡȠȢIJȘȢșİȡȝȠțȡĮıȓĮȢȜİȚIJȠȣȡȖȓĮȢİȟȦIJİȡȚțȒ
șİȡȝȠțȡĮıȓĮȖȚĮIJȠȝȠȞIJȑȜȠȝȩȞȠȥȪȟȘȢİȓȞĮȚ
&a&ȖȚĮIJȠȝȠȞIJȑȜȠĮȞIJȜȓĮȢșİȡȝȩIJȘIJĮȢİȓȞĮȚ
&a&
ǼȐȞIJȠțȜȚȝĮIJȚıIJȚțȩȤȡȘıȚȝȠʌȠȚİȓIJĮȚİțIJȩȢIJȦȞ
ʌĮȡĮʌȐȞȦȠȡȓȦȞȝʌȠȡİȓȞĮİȞİȡȖȠʌȠȚȘșȠȪȞ
ȠȡȚıȝȑȞĮȤĮȡĮțIJȘȡȚıIJȚțȐʌȡȠıIJĮıȓĮȢĮıijĮȜİȓĮȢțĮȚ
ȞĮʌȡȠțĮȜȑıȠȣȞįȣıȜİȚIJȠȣȡȖȓĮIJȘȢȝȠȞȐįĮȢ
ǵIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚȤĮșİȓȒįİȞȜİȚIJȠȣȡȖİȓ
ȤȡȘıȚȝȠʌȠȚȒıIJİIJȠȤİȚȡȠțȓȞȘIJȠįȚĮțȩʌIJȘıIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮȉȠțȜȚȝĮIJȚıIJȚțȩșĮȜİȚIJȠȣȡȖȒıİȚıIJȘȜİȚIJȠȣȡȖȓĮ
$872ǹȊȉȅȂǹȉǾțĮȚįİȞİȓȞĮȚįȣȞĮIJȒȘĮȜȜĮȖȒ
IJȘȢȡȪșȝȚıȘȢIJȘȢșİȡȝȠțȡĮıȓĮȢȒIJȘȢIJĮȤȪIJȘIJĮȢIJȠȣ
ĮȞİȝȚıIJȒȡĮ
 ǹȞȠȓȟIJİIJȠȝʌȡȠıIJȚȞȩțȐȜȣȝȝĮ
 ȆĮIJȒıIJİIJȠțȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣȖȚĮȞĮ
ȝİIJĮȕİȓIJİıIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾȉȠ
țȜȚȝĮIJȚıIJȚțȩİʌȚȜȑȖİȚIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾ
+($7ĬǼȇȂǹȃȈǾȝȩȞȠıIJȠȝȠȞIJȑȜȠĮȞIJȜȓĮȢ
șİȡȝȩIJȘIJĮȢțĮȚ)$1ǹȃǼȂǿȈȉǾȇǹȈĮȣIJȩȝĮIJĮ
ıȪȝijȦȞĮȝİIJȘșİȡȝȠțȡĮıȓĮįȦȝĮIJȓȠȣȖȚĮȞĮ
İʌȚIJİȣȤșİȓȘȕȑȜIJȚıIJȘȐȞİıȘ
ȁİȚIJȠȣȡȖȓĮ ȂȠȞIJȑȜȠ ȇȪșȝȚıȘșİȡȝȠțȡĮıȓĮȢ
ȉĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮ
$872
ǹȊȉȅȂǹȉǾ
ȌȪȟȘ
&&22/ȌȊȄǾ
)$1ǹȃǼȂǿȈȉǾȇǹȈ
$872
ǹȊȉȅȂǹȉǾ
$872
ǹȊȉȅȂǹȉǾ
ǹȞIJȜȓĮ
șİȡȝȩIJȘIJĮȢ
&&22/ȌȊȄǾ
)$1ǹȃǼȂǿȈȉǾȇǹȈ
$872
ǹȊȉȅȂǹȉǾ
$872
ǹȊȉȅȂǹȉǾ
ǹȞIJȜȓĮ
șİȡȝȩIJȘIJĮȢ
&+($7
ĬǼȇȂǹȃȈǾ
$872
ǹȊȉȅȂǹȉǾ
ȉȠİȪȡȠȢșİȡȝȠțȡĮıȓĮȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚȦȢİȟȒȢ

ǼıȦIJİȡȚțȒʌȜİȣȡȐ
ȄǾȇȅȊȊīȇȅȊ
ǺȅȁǺȅȊ&
ǼȟȦIJİȡȚțȒʌȜİȣȡȐ
ȄǾȇȅȊȊīȇȅȊ
ǺȅȁǺȅȊ&
ȂȑȖȚıIJȘȥȪȟȘ  
ǼȜȐȤȚıIJȘȥȪȟȘ  ±
ȂȑȖȚıIJȘșȑȡȝĮȞıȘ ± 
ǼȜȐȤȚıIJȘșȑȡȝĮȞıȘ ± 
 ȉĮʌȜȒțIJȡĮ6ZLQJ9țĮȚ6ZLQJ+ĮʌİȞİȡȖȠʌȠȚȠȪȞIJĮȚ
ȩIJĮȞIJȠțȜȚȝĮIJȚıIJȚțȩİȓȞĮȚĮʌİȞİȡȖȠʌȠȚȘȝȑȞȠ
ĮțȩȝĮțĮȚĮȞȑȤİȚȡȣșȝȚıIJİȓȘȜİȚIJȠȣȡȖȓĮ7LPHU2Q
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
 ȂȘȜİȚIJȠȣȡȖİȓIJİIJȠțȜȚȝĮIJȚıIJȚțȩȖȚĮȝİȖȐȜȠȤȡȠȞȚțȩ
įȚȐıIJȘȝĮȝİIJȘȞțĮIJİȪșȣȞıȘȡȠȒȢĮȑȡĮȡȣșȝȚıȝȑȞȘ
ʌȡȠȢIJĮțȐIJȦıIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ
'(+80,',)<ǹĭȊīȇǹȃȈǾǻȚĮijȠȡİIJȚțȐȝʌȠȡİȓ
ȞĮįȘȝȚȠȣȡȖȘșİȓıȣȝʌȪțȞȦıȘıIJȘȞİʌȚijȐȞİȚĮIJȘȢ
ȠȡȚȗȩȞIJȚĮȢʌİȡıȓįĮȢțĮȚȞĮıIJȐȟİȚıIJȠįȐʌİįȠȒıIJĮ
ȑʌȚʌȜĮ
 ȂȘȝİIJĮțȚȞİȓIJİȤİȚȡȠțȓȞȘIJĮIJȘȞȠȡȚȗȩȞIJȚĮțĮȚIJȘȞ
țȐșİIJȘʌİȡıȓįĮȋȡȘıȚȝȠʌȠȚİȓIJİʌȐȞIJĮIJĮʌȜȒțIJȡĮ
6ZLQJ9țĮȚ6ZLQJ+ǾȤİȚȡȠțȓȞȘIJȘȝİIJĮțȓȞȘıȘ
IJȦȞʌİȡıȓįȦȞȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚįȣıȜİȚIJȠȣȡȖȓĮ
țĮIJȐIJȘȜİȚIJȠȣȡȖȓĮǼȐȞʌĮȡȠȣıȚĮıIJİȓįȣıȜİȚIJȠȣȡȖȓĮ
IJȘȢʌİȡıȓįĮȢĮʌİȞİȡȖȠʌȠȚȒıIJİIJȠțȜȚȝĮIJȚıIJȚțȩțĮȚ
İʌĮȞİțțȚȞȒıIJİIJȠ
 ǾȖȦȞȓĮĮȞȠȓȖȝĮIJȠȢIJȘȢȠȡȚȗȩȞIJȚĮȢʌİȡıȓįĮȢįİȞ
ʌȡȑʌİȚȞĮİȓȞĮȚʌȠȜȪȝȚțȡȒțĮșȫȢȝʌȠȡİȓȞĮȝİȚȦșİȓ
ȘĮʌȩįȠıȘȥȪȟȘȢȒșȑȡȝĮȞıȘȢȜȩȖȦIJȘȢʌȠȜȪ
ʌİȡȚȠȡȚıȝȑȞȘȢʌİȡȚȠȤȒȢȡȠȒȢIJȠȣĮȑȡĮ
 ȂȘȜİȚIJȠȣȡȖİȓIJİIJȠțȜȚȝĮIJȚıIJȚțȩȝİIJȘȞȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮıIJȘȞțȜİȚıIJȒșȑıȘ
 ǵIJĮȞIJȠțȜȚȝĮIJȚıIJȚțȩıȣȞįİșİȓıIJȘȞȘȜİțIJȡȚțȒ
IJȡȠijȠįȠıȓĮĮȡȤȚțȒȜİȚIJȠȣȡȖȓĮȘȠȡȚȗȩȞIJȚĮʌİȡıȓįĮ
ȝʌȠȡİȓȞĮʌĮȡĮȖȐȖİȚȑȞĮȞȒȤȠȖȚĮįİȣIJİȡȩȜİʌIJĮ
ʌȡȩțİȚIJĮȚȖȚĮijȣıȚȠȜȠȖȚțȒȜİȚIJȠȣȡȖȓĮ
ʌȡȠıȠȤȒ
72
ȀĮșĮȡȚıȝȩȢțĮȚıȣȞIJȒȡȘıȘ
ȈȣȞIJȒȡȘıȘ
ȉȠʌȠșȑIJȘıȘĮȞIJȚțĮIJȐıIJĮıȘȝʌĮIJĮȡȚȫȞ
ȅȚʌĮȡĮțȐIJȦİȡȖĮıȓİȢıȣȞIJȒȡȘıȘȢʌȡȑʌİȚȞĮ
İțIJİȜȠȪȞIJĮȚIJĮțIJȚțȐ
*
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ǾİȡȖĮıȓĮʌȡȑʌİȚȞĮʌȡĮȖȝĮIJȠʌȠȚȘșİȓ
ȝȩȞȠĮʌȩİȟİȚįȚțİȣȝȑȞȠʌȡȠıȦʌȚțȩ
 ǻȚĮțȩȥIJİIJȘȜİȚIJȠȣȡȖȓĮIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
țĮȚĮʌȠıȣȞįȑıIJİIJȘȞȘȜİțIJȡȚțȒ
IJȡȠijȠįȠıȓĮʌȡȚȞĮʌȩIJȠȞțĮșĮȡȚıȝȩ
ǻȚĮijȠȡİIJȚțȐȝʌȠȡİȓȞĮʌȡȠțȜȘșİȓ
ȘȜİțIJȡȠʌȜȘȟȓĮȒʌȣȡțĮȖȚȐ
ʌȡȠİȚįȠʌȠȓȘıȘ
ȈIJȠȚȤİȓĮ
ǼȡȖĮıȓİȢ
ıȣȞIJȒȡȘıȘȢ
ȈȣȞȚıIJȫȝİȞȘ
ıȣȤȞȩIJȘIJĮ
ĭȓȜIJȡȠıțȩȞȘȢ ȀĮșĮȡȚıȝȩȢ ȀȐșİȝȒȞĮȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ȈȣȜȜȑțIJȘȢ
ıțȩȞȘȢ
SODVPD
ȀĮșĮȡȚıȝȩȢ ȀȐșİȝȒȞİȢȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ĭȓȜIJȡĮ
ȣȖȚİȚȞȠȪĮȑȡĮ
ǹȞIJȚțĮIJȐıIJĮıȘ
ȒțĮșĮȡȚıȝȩȢ
ȀȐșİȝȒȞİȢȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ȆİȡȓȕȜȘȝĮ
ȝȠȞȐįĮȢ
ȀĮșĮȡȚıȝȩȢ ȀȐșİȝȒȞĮȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ǻȓıțȠȢȞİȡȠȪ
țĮȚıȦȜȒȞȦıȘ
İțțȑȞȦıȘȢ
ȀĮșĮȡȚıȝȩȢ
țĮȚȑȜİȖȤȠȢȖȚĮ
İȝʌȩįȚĮ
ȀȐșİİʌȠȤȒʌȡȚȞ
ĮʌȩIJȘȞȑȞĮȡȟȘ
ȜİȚIJȠȣȡȖȓĮȢ
ǼıȦIJİȡȚțȑȢ
țĮȚİȟȦIJİȡȚțȑȢ
ıİȡʌĮȞIJȓȞİȢ
ȀĮșĮȡȚıȝȩȢ ȀȐșİİʌȠȤȒʌȡȚȞ
ĮʌȩIJȘȞȑȞĮȡȟȘ
ȜİȚIJȠȣȡȖȓĮȢ
ǺȑȜIJȚıIJȘȜİȚIJȠȣȡȖȓĮ
īȚĮȞĮİʌȚIJİȣȤșİȓȘȕȑȜIJȚıIJȘĮʌȩįȠıȘıȘȝİȚȫıIJİ
 ȇȣșȝȓıIJİıȦıIJȐIJȘȞțĮIJİȪșȣȞıȘȡȠȒȢIJȠȣĮȑȡĮ
ȫıIJİȞĮȝȘȞİȓȞĮȚıIJȡĮȝȝȑȞȘİʌȐȞȦıİȐIJȠȝĮ
 ȇȣșȝȓıIJİIJȘșİȡȝȠțȡĮıȓĮȖȚĮȞĮİʌȚIJİȣȤșİȓIJȠ
ȝȑȖȚıIJȠİʌȓʌİįȠȐȞİıȘȢȂȘȡȣșȝȓȗİIJİIJȘȝȠȞȐįĮ
ıİȣʌİȡȕȠȜȚțȐİʌȓʌİįĮșİȡȝȠțȡĮıȓĮȢ
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ȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ+($7ĬǼȇȂǹȃȈǾ
įȚĮijȠȡİIJȚțȐȘĮʌȩįȠıȘIJȠȣʌȡȠȧȩȞIJȠȢșĮȝİȚȦșİȓ
 ȋȡȘıȚȝȠʌȠȚȒıIJİIJĮʌȜȒțIJȡĮ7LPHU2QțĮȚ
7LPHU2IIıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȖȚĮȞĮİʌȚȜȑȟİIJİ
IJȘȞİʌȚșȣȝȘIJȒȫȡĮİȞİȡȖȠʌȠȓȘıȘȢțĮȚ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢ
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ȒİȟȩįȠȣȢĮȑȡĮțĮșȫȢȘĮʌȠįȠIJȚțȩIJȘIJĮIJȠȣ
ʌȡȠȧȩȞIJȠȢȝʌȠȡİȓȞĮȝİȚȦșİȓțĮȚIJȠțȜȚȝĮIJȚıIJȚțȩȞĮ
ıIJĮȝĮIJȒıİȚȞĮȜİȚIJȠȣȡȖİȓ
 ȀĮșĮȡȓȗİIJİIJĮijȓȜIJȡĮĮȑȡĮIJĮțIJȚțȐįȚĮijȠȡİIJȚțȐ
ȘĮʌȩįȠıȘIJȘȢȥȪȟȘȢȒșȑȡȝĮȞıȘȢȝʌȠȡİȓȞĮ
ȝİȚȦșİȓ
 ȈʌȡȫȟIJİIJȠʌȓıȦțĮʌȐțȚIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǹijĮȚȡȑıIJİIJȚȢʌĮȜȚȑȢȝʌĮIJĮȡȓİȢ
 ȉȠʌȠșİIJȒıIJİįȪȠȞȑİȢȟȘȡȑȢȝʌĮIJĮȡȓİȢ
$$$9țĮȚʌȡȠıȑȟIJİIJȘȞʌȠȜȚțȩIJȘIJĮ
 ȉȠʌȠșİIJȒıIJİıIJȘșȑıȘIJȠȣIJȠʌȓıȦțĮʌȐțȚIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ȀĮIJȐIJȘȞĮȜȜĮȖȒIJȦȞȝʌĮIJĮȡȚȫȞȝȘȤȡȘıȚȝȠʌȠȚİȓIJİ
ʌĮȜȚȑȢȒįȚĮijȠȡİIJȚțȠȪIJȪʌȠȣȝʌĮIJĮȡȓİȢįȚĮijȠȡİIJȚțȐ
ȝʌȠȡİȓȞĮʌȡȠțȜȘșȠȪȞʌȡȠȕȜȒȝĮIJĮıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ǼȐȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠįİȞʌȡȩțİȚIJĮȚȞĮ
ȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮȝİȖȐȜȠȤȡȠȞȚțȩįȚȐıIJȘȝĮ
ĮijĮȚȡȑıIJİIJȚȢȝʌĮIJĮȡȓİȢțĮșȫȢȠȚʌĮȜȚȑȢȝʌĮIJĮȡȓİȢ
ȝʌȠȡİȓȞĮʌĮȡȠȣıȚȐıȠȣȞįȚĮȡȡȠȒȒįȚȐȕȡȦıȘțĮȚ
ȞĮʌȡȠțĮȜȑıȠȣȞȕȜȐȕȘıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ǾįȚȐȡțİȚĮȗȦȒȢIJȦȞȝʌĮIJĮȡȚȫȞȝİțĮȞȠȞȚțȒȤȡȒıȘ
İȓȞĮȚʌİȡȓʌȠȣȑȟȚȝȒȞİȢ
 ǼȐȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠįİȞȜİȚIJȠȣȡȖİȓțĮȞȠȞȚțȐ
ĮijĮȚȡȑıIJİțĮȚIJȠʌȠșİIJȒıIJİʌȐȜȚIJȚȢȝʌĮIJĮȡȓİȢ
ǼȐȞıȣȞİȤȚıIJİȓȘȝȘijȣıȚȠȜȠȖȚțȒȜİȚIJȠȣȡȖȓĮ
ĮȞIJȚțĮIJĮıIJȒıIJİIJȚȢȝʌĮIJĮȡȓİȢȝİțĮȚȞȠȪȡȖȚİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
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