FBGBKL?JKL?J:PBB%
^ey klm^_glh\ 8 dmjkZ ^g_\gh]h hl^_e_gby ki_pbZevghklb 3441733 0 ]b^jh]_heh]by/ bg`_g_jgZy ]_heh]by b...
27 downloads
236 Views
209KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
FBGBKL?JKL?J:PBB :JKL
Ml\_j`^_gZ GZmqgh0f_lh^bq_kdbf kh\_lhf ]_heh]bq_kdh]h nZdmevl_lZ <=M 5; n_\jZey 4<<; ]1
F?LH>BQ?KDB? MD:A:GBY D E:;HJ:LHJGUF J:;HL:F IH KI?PDMJKM %FBG?J:EVGU? B L?JF:EVGU? U JHKKBCKDHC N?>?J:PBB%
^ey klm^_glh\ 8 dmjkZ ^g_\gh]h hl^_e_gby ki_pbZevghklb 3441733 0 ]b^jh]_heh]by/ bg`_g_jgZy ]_heh]by b ]_hwdheh]by
KhklZ\bl_ev= Kfbjgh\Z :1Y1
5
GZklhysb_ f_lh^bq_kdb_ mdZaZgby d eZ[hjZlhjguf jZ[hlZf ih ki_pdmjkm %Fbg_jZevgu_ b l_jfZevgu_ \h^u Jhkkbckdhc N_^_jZpbb% ij_^gZagZq_gu ^ey klm^_glh\ 8 dmjkZ ki_pbZevghklb %]b^jh]_heh]by/ bg`_g_jgZy ]_heh]by b ]_hwdheh]by%/ h[mqZxsboky ih lbih\uf ieZgZf ]_heh0 ]bq_kdbo nZdmevl_lh\ mgb\_jkbl_lh\ JN1 EZ[hjZlhjgu_ jZ[hlu ijh\h^ylky \ h[t_f_ 5; qZkh\1 MdZaZgby d eZ[hjZlhjguf jZ[hlZf khklZ\e_gZ k mq_lhf [he__ ihegh]h ho\ZlZ kh\j_f_gguo f_lh^h\ obfbq_kdh]h ZgZebaZ/ oZjZdl_jbamxsbo obfbq_kdbc khklZ\ ijbjh^guo \h^ dZd ih fZd0 jhdhfihg_glZf/ lZd b ih gZ[hjm ki_pbnbq_kdbo we_f_glh\1 < p_ehf [hevrbgkl\h ij_^eZ]Z_fuo f_lh^h\ khhl\_lkl\m_l ghjfZlb\guf lj_[h\Zgbyf b =HKLm gZ hij_^_e_gb_ obfbq_kdbo we_f_g0 lh\1 < ^Zgghc jZajZ[hld_ Z\lhj ihiulZeky ^Zlv jZaebqgu_ \ZjbZglu ZgZebaZ/ dhlhju_ fh`gh ijbf_gblv \ klZpbhgZjguo mkeh\byo/ mqblu\Zy bg^b\b^mZevgu_ hkh[_gghklb dZ`^h]h lbiZ ijb0 jh^guo \h^ b dhebq_kl\h bkdhfh]h dhfihg_glZ1 < k\yab k wlbf klm^_glZf ^Z_lky \hafh`ghklv ijhy\blv kZfhklhyl_evghklv/ \dexqblv we_f_gl gZmqgh]h bkke_^h\Zgby ijb ijh\_^_gbb wdki_0 jbf_glZ/ dhlhjuc aZdexqZ_lky \ \u[hj_ b h[hkgh\Zgbb gZb[he__ hilbfZevgh]h f_lh^Z ZgZebaZ ijb hij_^_e_gbb jZaebqguo dhfihg_glh\ \ ijbjh^guo \h^Zo1 U B >:LV HP?GDM ?? < D:Q?KL+.@ ! 430: ffhev2^f6/ Z \ s_ehqguo >+.@ ? 430: ffhev2^f61 >ey m^h[kl\Z \ujZ`_gby kh^_j0 `Zgbc \h^hjh^guo bhgh\ [ueZ \\_^_gZ \_ebqbgZ/ ij_^klZ\eyxsZy kh[hc eh]Zjbnf bo dhgp_g0 ljZpbb/ \aylhc k h[jZlguf agZdhf1 WlZ \_ebqbgZ gZau\Z_lky \h^hjh^guf ihdZaZl_e_f b h[hagZ0 qZ_lky jG= >+.@ 430S+/ S+ 0 OJ>+.@ ?keb mqZklv/ qlh k\hckl\Z jZkl\hjZ aZ\bkyl hl Zdlb\ghkl_c gZoh^ysboky \ gbo bhgh\/ lh= S+D 0 OJ D+. / ]^_ ZG. 0 Zdlb\ghklv bhgh\ \h^hjh^Z1 < jZa[Z\e_gguo jZkl\hjZo agZq_gby dhgp_gljZpbb b Zdlb\ghklb kh\iZ^Zxl b lhevdh ijb \ukh0 dhc fbg_jZebaZpbb fh]ml [ulv agZqbl_evgu_ jZkoh`^_gby1 >ey hij_^_e_gby \_ebqbgu jG kms_0 kl\mxl ^\Z hkgh\guo f_lh^Z= dhehjbf_ljbq_kdbc b ihl_gpbhf_ljbq_kdbc +we_dljhf_ljbq_0 kdbc,1 Dhehjbf_ljbq_kdbc f_lh^ hlebqZ_lky ijhklhlhc/ gh g_^hklZlhqgh lhq_g b lj_[m_l khe_0 \uo b l_fi_jZlmjguo ihijZ\hd1 Ijbf_gy_lky \ hkgh\ghf \ ihe_\uo mkeh\byo1 Ihl_gpbhf_ljb0 q_kdbc f_lh^ ZgZebaZ rbjhdh ijbf_gy_lky ^ey hij_^_e_gby dhgp_gljZpbb \h^hjh^guo bhgh\1 Hij_^_e_gb_ Zdlb\ghc j_Zdpbb kj_^u +jG, Dhgp_gljZpbx bhgh\ \h^hjh^Z hij_^_eyxl \ bgl_j\Ze_ hl 4 ^h 471 < dbkeuo fbg_jZevguo \h^Zo \h^hjh^guc ihdZaZl_ev bf__l gbadb_ agZq_gby 4061 < [hevrbgkl\_ ijbjh^guo \h^ agZq_0 gb_ jG dhe_[e_lky hl 9 ^h ;/81 Fbg_jZevgu_ \h^u j_^dh bf_xl agZq_gb_ jG 0 <1 < jy^_ kemqZ_\ lZdhc ihdZaZl_ev gZ[ex^Z_lky \ \h^Zo ha_j1 < k\yab k j_Zdpbyfb [bhobfbq_kdh]h jZaeh`_gby \_s_kl\ jG \h^u fh`_l [ukljh baf_gylvky/ ihwlhfm j_dhf_g^m_lky \h^hjh^guc ihdZaZl_ev hi0 j_^_eylv kjZam gZ f_kl_ hl[hjZ ijh[u1 >ey hij_^_e_gby jG \h^u ijbf_gyxlky ki_pbZevgu_ bg0
6
^bdZlhju/ gZijbf_j/ %mgb\_jkZevguc bg^bdZlhj%1 K ihfhsvx bg^bdZlhjZ fh`gh hij_^_eblv jG k lhqghklvx ^h 3/503/6 b lhevdh ^ey [_kp\_lguo jZkl\hjh\1 < ijZdlbd_ ]b^jh]_hobfbq_kdbo jZ0 [hl bkihevamxlky ijb[hju 0 jG0f_lju/ dhlhju_ iha\heyxl hij_^_eylv jG k lhqghklvx ^h 31351 jG0f_lju h[hjm^h\Zgu kl_deyggufb we_dljh^Zfb1 Hgb iha\heyxl ijh\h^blv hij_^_e_gby \ ex0 [hf jZkl\hj_ g_aZ\bkbfh hl __ hdjZkdb/ fmlghklb b fbg_jZebaZpbb1 F_lh^ hkgh\Zg gZ baf_j_gbb jZaghklb ihl_gpbZeh\/ \hagbdZxs_c gZ ]jZgbpZo f_`^m \g_rg_c ih\_joghklvx kl_deygghc f_f[jZgu we_dljh^Z b bkihevam_fuf jZkl\hjhf b \gmlj_gg_c ih\_joghklvx f_f[jZgu b klZg0 ^Zjlguf jZkl\hjhf1 7 0 <> < 0 47> 47 0 4<> 040 4<,1 Ih^]hlh\dZ ijb[hjZ d jZ[hl_ I_j_^ baf_j_gbyfb jG g_h[oh^bfh ih^]hlh\blv ijb[hj d jZ[hl_1 >ey wlh]h ijh\_jyxl b mklZgZ\eb\Zxl %f_oZgbq_kdbc gmev%1 I_j_dexqZl_eb ijb[hjZ mklZgZ\eb\Zxlky \ iheh`_gb_ %WR% b %0404<%/ ihke_ q_]h ijb[hj \dexqZxl \ k_lv b ijh]j_\Zxl \ l_q_gb_ 63 fbg1 Ihke_ mklZgh\db %we_dljbq_kdh]h gmey% dhjj_dlbjmxl _]h rdZem ih [mn_jguf jZkl\hjZf/ agZq_gby jG dhlhjuo [ebadb d jG bkke_^m_fuo ijh[ \h^u1 Oh^ hij_^_e_gby We_dljh^u b l_jfhf_lj lsZl_evgh hiheZkdb\Zxl ^bklbeebjh\Zgghc \h^hc/ Z aZl_f bkke_0 ^m_fhc \h^hc1 Bkke_^m_fmx \h^m gZeb\Zxl \ klZdZg gZ 83 fe b \\h^yl we_dljh^u b l_jfhf_lj \ klZdZg k bkke_^m_fhc \h^hc/ hij_^_eyxl l_fi_jZlmjm jZkl\hjZ/ jmqdhc l_fi_jZlmjghc dhfi_g0 kZpbb mklZgZ\eb\Zxl khhl\_lkl\mxsmx l_fi_jZlmjm b hij_^_eyxl ij_^_eu baf_j_gby \_ebqbgu jG1 <_ebqbgZ jG ih rdZe_ ijb[hjZ hlkqblu\Z_lky ihke_ lh]h/ dZd ihdZaZgby ijbfml mklhcqb\h_ agZq_gb_1 H[uqgh \j_fy mklZgh\e_gby ihdZaZgbc g_ ij_\urZ_l 6 fbg/ bgh]^Z ^h 43 fbg1 Hij_^_e_gb_ fZdjhdhfihg_glh\ h[t_fgufb f_lh^Zfb Kmsghklv h[t_fgh]h beb lbljbf_ljbq_kdh]h ZgZebaZ aZdexqZ_lky \ lhqghf baf_j_gbb h[t_fZ j_Zdlb\Z/ aZljZq_ggh]h gZ j_Zdpbx k hij_^_ey_fuf dhfihg_glhf1 < lbljbf_ljbq_kdhf ZgZeba_ bkihevamxlky lbljh\Zggu_ jZkl\hju/ dhgp_gljZpby +beb lblj, dhlhjuo aZ\_^hfh ba0 \_klgZ1 LZdb_ jZkl\hju gZau\Zxl lbljZglZfb1 Ih^ lbljhf jZkl\hjZ ihgbfZxl dhebq_kl\h ]jZffh\ jZkl\hj_ggh]h \_s_kl\Z/ kh^_j`Zs_]hky \ 4 fe jZkl\hjZ1 < ijhp_kk_ lbljh\Zgby ijh[u bkke_^m_fhc \h^u d g_c ijb[Z\eyxl g_ ba[ulhd lbljZglZ/ Z dhebq_kl\h/ wd\b\Ze_glgh_ hij_^_0 ey_fhfm \_s_kl\m/ lhqgh hl\_qZxs__ mjZ\g_gbx j_Zdpbb1 < ijhp_kk_ lbljh\Zgby h[yaZl_evgh mklZgZ\eb\Zxl fhf_gl hdhgqZgby j_Zdpbb/ l1_1 hij_^_eyxl lhqdm wd\b\Ze_glghklb ih baf_g_0 gbx hdjZkdb bg^bdZlhjZ +ijb bg^bdZlhjguo f_lh^Zo,1 < fhf_gl wd\b\Ze_glghklb lbljh\Zgb_ ij_djZsZxl/ ih h[t_fm lbljZglZ b _]h dhgp_gljZpbb \uqbkeyxl j_amevlZl ZgZebaZ1
7
l_evgu_ j_amevlZlu ijb hij_^_e_gbb \ \h^Zo k `_kldhklvx hl 4 ^h 63 ffhev2^f61 Ijb fbg_jZeb0 aZpbb \h^u [he__ 43 ]2^f6 g_h[oh^bfh ijh[m jZa[Z\eylv ^bklbeebjh\Zgghc \h^hc1 Djhf_ lh]h/ `_kldhklv \h^u qZklh hij_^_ey_lky dhfie_dkhf_ljbq_kdbf f_lh^hf \ jZaebq0 guo ]jmiiZo ijbjh^guo \h^1 >ey hij_^_e_gby h[s_c `_kldhklb ijh\h^blky b jZa^_evgh_ hij_0 ^_e_gb_ bhgh\ dZevpby b fZ]gby1 Gb`_ baeZ]Zxlky dhfie_dkhf_ljbq_kdbc f_lh^ b f_lh^u jZa0 ^_evgh]h hij_^_e_gby dZevpby b fZ]gby1 Dhfie_dkhf_ljbq_kdh_ hij_^_e_gb_ Dhfie_dkhf_ljby hkgh\ZgZ gZ j_Zdpbyo dhfie_dkhh[jZah\Zgby/ \ qZklghklb/ k hj]Zgbq_0 kdbfb j_Zdlb\Zfb 0 dhfie_dkhgZfb1 < obfbq_kdhf ZgZeba_ \h^u rbjhdh ijbf_gyxl ^\mgZljb_0 \mx khev wlbe_g^bZfbgl_ljZmdkmkghc dbkehlu 0 dhfie_dkhg ,,, +ljbehg ;,1 Dhfie_dkhg ,,, \ \h^0 ghc kj_^_ h[jZam_l ijb jG 43 ijhqgu_ dhfie_dkgu_ kh_^bg_gby kgZqZeZ k bhgZfb dZevpby/ aZl_f k bhgZfb fZ]gby1 Kh_^bgyykv k bhgZfb dZevpby b fZ]gby dhfie_dkhg ,,, \ul_kgy_l bg^b0 dZlhj/ dhlhjuc \ k\h[h^ghc nhjf_ bf__l kbgxx hdjZkdm1 Lhqghklv hij_^_e_gby ijb lbljh\Zgbb 433 fe ijh[u khklZ\ey_l 3/38 ffhev2^f6/ qlh y\ey_lky lZd`_ b fbgbfZevghc hij_^_ey_fhc dhg0 p_gljZpb_c1 F_rZxsb_ \ebygby Hij_^_e_gbx `_kldhklb f_rZxl )H +[he__ 43 f]2^f6,/ dh[Zevl/ gbd_ev/ f_^v +[he__ 3/4 f]2^f6, b ^j1 we_f_glu1 >ey mkljZg_gby f_rZxsbo \ebygbc ijb lbljh\Zgbb fh`gh ijbf_gylv pbZgb^ dZeby/ kheyghdbkeuc ]b^jhdkbeZfbg beb kmevnb^ gZljby1 ;hevrb_ dhebq_kl\Z \a\_r_g0 guo b dheehb^guo \_s_kl\ lZd`_ f_rZxl hij_^_e_gbx1 Ijb wlhf ^hklZlhqgh ijh[m ij_^\Zjb0 l_evgh hlnbevljh\Zlv/ Z ijb kbevghf aZ]jyag_gbb g_h[oh^bfZ ki_pbZevgZy h[jZ[hldZ ijh[u1 Kbevghdbkeu_ beb kbevghs_ehqgu_ ijh[u i_j_^ hij_^_e_gb_f g_cljZebamxl1 Oh^ hij_^_e_gby < dhgbq_kdmx dhe[m h[t_fhf 583 fe \aylv ijh[m bkke_^m_fhc \h^u \ h[t_f_ 433 fe1 >ey mkljZg_gby s_ehqghklb \ ijh[m ijb[Z\blv lZdh_ dhebq_kl\h 3/4 g1 kheyghc dbkehlu/ dhlhjh_ ihreh gZ lbljh\Zgb_ ]b^jhdZj[hgZlh\1 Ihke_ lsZl_evgh]h i_j_f_rb\Zgby \ ijh[m ^h[Z\blv 8 fe [mn_jgh]h jZkl\hjZ/ aZl_f ijb[Z\eyxl ehiZlhqdm +3/4 03/5 ]1, kmohc kf_kb bg^bdZlhjZ gZ `_0 kldhklv +?L 0 33, beb : 0 ; dZi_ev jZkl\hjZ1 @b^dhklv i_j_f_rb\Zxl b f_^e_ggh lbljmxl 3/38 g1 jZkl\hjhf ljbehgZ ; ^h i_j_oh^Z hdjZkdb `b^dhklb \ kbgbc p\_l1 JZkq_l `_kldhklb +O, \ 9•+•4333 ffhev2^f6 &D . 0J ih nhjfme_= O / ]^_ 94 9 0 dhebq_kl\h fe ljbehgZ ; / bajZkoh^h\Zggh]h gZ lbljh\Zgb_> G 0 ghjfZevghklv jZkl\hjZ ljb0 ehgZ ;> 94 0 h[t_f bkke_^m_fhc \h^u/ \ayluc gZ hij_^_e_gb_1 Ijb]hlh\e_gb_ j_Zdlb\h\ 41 JZkl\hj ljbehgZ ; 3/38 g1 JZkl\hjyxl
8
< ijh[_ h[t_fhf 433 fe mkljZgyxl s_ehqghklv ^h[Z\e_gb_f 3/4 g +&O lZd `_/ dZd b ijb hij_^_e_gbb h[s_c `_kldhklb1 AZl_f d ijh[_ bkke_^m_fhc \h^u ijb[Z\eyxl 5 fe 4 g1 jZkl\hjZ _^dh]h gZljZ +1D2+, b 3/4 0 3/5 ] kf_kb bg^bdZlhjZ fmj_dkb^Z k 1D&O1 Ihke_ lsZl_evgh]h i_j_0 f_rb\Zgby ijh[m f_^e_ggh lbljmxl 3/38 g1 JZkl\hjhf ljbehgZ ; ^h i_j_oh^Z hdjZkdb jZkl\hjZ \ 9• +• W•4333 / ]^_ bgl_gkb\gmx nbhe_lh\mx1 JZkq_l kh^_j`Zgby KZ5. \ f]2^f61 O 94 9 0 h[t_f ljbehgZ ;/ ihr_^r_]h gZ lbljh\Zgb_> + 0 ghjfZevghklv ljbehgZ ;> W 0 wd\b\Ze_gl0 guc \_k KZ5. 0 53/37> 94 0 h[t_f ijh[u/ \aylhc ^ey ZgZebaZ1 J_Zdlb\u 41 ?^dbc gZlj +1D2+,/ ijb[ebabl_evgh 4 g1 jZkl\hj1 JZkl\hjyxl 73 ] _^dh]h gZljZ q1^1Z1 \ ^bk0 lbeebjh\Zgghc \h^_ b jZa[Z\eyxl ^h 4 ^f61 51 Fmj_dkb^/ l\_j^Zy kf_kv= kf_rb\Zxl 3/5 ] fmj_dkb^Z +imjimjZlZ Zffhgby, kh 433 ] oehjb^Z gZljby q1^1Z1 beb 433 ] kmevnZlZ gZljby q1^1Z1 b jZklbjZxl \ lhgdbc ihjhrhd1 61 Dhfie_dkhg ,,, +ljbehg ;, 3/38 g1 jZkl\hj1 Hij_^_e_gb_ h[s_c s_ehqghklb/ bhgh\ dZj[hgZlh\/ ]b^jhdZj[hgZlh\ b k\h[h^ghc m]e_dbkehlu S_ehqghklv ijbjh^guo \h^ nhjfbjm_lky aZ kq_l Zgbhgh\ keZ[uo dbkehl=+&246/&2506/ +60/ +6L26/ 6L2506/ +32507/ ZgbhgZfb hj]Zgbq_kdbo dbkehl1 < [hevrbgkl\_ `_ ijbjh^guo \h^ s_ehq0 ghklv ijZdlbq_kdb h[mkeh\e_gZ ]b^jhdZj[hgZl b dZj[hgZl0bhgZfb1 < k_jh\h^hjh^guo \h^Zo aZ0 f_lgh_ agZq_gb_ \ nhjfbjh\Zgbb s_ehqghklb ijbh[j_lZ_l ]b^jhkmevnb^guc bhg +601 H[sZy s_ehqghklv \ujZ`Z_lky \ ffhev dbkehlu/ g_h[oh^bfhc ^ey __ g_cljZebaZpbb ^h agZq_gby a 71 Hij_^_ey_lky h[sZy s_ehqghklv lZd `_/ dZd b ]b^jhdZj[hgZlu1 Hij_^_e_gb_ bhgh\ &2506 b +&2506 < lhf kemqZ_/ _keb \ \h^_ ijbkmlkl\mxl h^gh\j_f_ggh dZj[hgZlu b ]b^jhdZj[hgZlu/ lh hi0 j_^_e_gb_ bo ijh\h^blky \ h^ghc ijh[_ \h^u1 >ey wlh]h \ dhgbq_kdmx dhe[m hl[bjZxl 83 0 433 fe bkke_^m_fhc \h^u/ ijb[Z\eyxl 8 dZi_ev 4 ( jZkl\hjZ n_ghenlZe_bgZ/ ihke_ q_]h / ijb gZeb0 qbb \ \h^_ dZj[hgZl0bhgZ \h^Z hdjZkblky \ jhah\uc p\_l1 HdjZkb\rmxky ijh[m \h^u lbljmxl gZ [_ehf nhg_ ih dZieyf 3/4 g jZkl\hjhf kheyghc dbkehlu ijb ihklhygghf i_j_f_rb\Zgbb ^h h[_kp\_qb\Zgby1 AZibku\Zxl dhebq_kl\h fe +&O/ ihr_^r__ gZ lbljh\Zgby1 >Ze__ d lhfm `_ jZk0 l\hjm ijb[Z\eyxl 6 dZieb 3/4 ( jZkl\hjZ f_lbeh\h]h hjZg`_\h]h b lbljmxl 3/4 g jZkl\hjhf +&O ^h i_j_oh^Z `_elhc hdjZkdb \ keZ[h jhah\mx1 59•+•63 f] •4333 (95 − 9)•+• 94•4333 / ]^_ O 0 dhebq_kl\h KH50 \ JZkq_l= ; > ;4 6 94 94 f]2^f6> O40 dhebq_kl\h GKH06 \ f]2^f6> 9 0 dhebq_kl\h fe jZkl\hjZ +&O/ ihr_^r_]h gZ lbljh\Z0 gb_ \h^u k n_ghenlZe_bghf> 940 h[t_f \h^u/ \aylhc ^ey ZgZebaZ> 950 h[t_f jZkl\hjZ +&O/ ih0 r_^r_]h gZ lbljh\Zgby \h^u k f_lbehjZg`_f> + 0 ghjfZevghklv jZkl\hjZ +&O1 Hij_^_e_gb_ k\h[h^ghc m]e_dbkehlu fh`_l ijh\h^blvky h[t_fguf/ ]Zahf_ljbq_kdbf b \_0 kh\uf/ Z lZd`_ jZkq_lguf f_lh^Zfb1 H[t_fguc f_lh^ bkihevam_lky ij_bfms_kl\_ggh \ ihe_\uo mkeh\byo/ hg ijbf_gy_lky ^ey \h^/ kh^_j`Zsbo g_ [he__ 533 f]2^f6 KH5/ g_hdjZr_gguo/ k `_kl0 dhklvx/ g_ ij_\urZxs_c 43 ffhev2^f6 b h[s_c fbg_jZebaZpb_c g_ \ur_ g_kdhevdbo ]2e1 Kms0 ghklv h[t_fgh]h f_lh^Z aZdexqZ_lky \ lbljh\Zgbb k\h[h^ghc m]hevghc dbkehlu 3/5 0 3138 g jZk0 l\hjhf 1D2+ \ ijbkmlkl\bb n_ghenlZe_bgZ= 1D2+ . &25 1D+&26 Lbljh\Zgb_ ^he`gh aZdhg0 qblvky ijb jG jZkl\hjZ a ;/7/ qlh mklZgZ\eb\Z_lky ihy\e_gb_f g_ bkq_aZxs_c \ l_q_gb_ 8 fbg1 keZ[h jhah\hc hdjZkdb1 Oh^ ZgZebaZ >ey ihemq_gby [he__ lhqguo j_amevlZlh\ ijh\h^ylky ^\Z hij_^_e_gby= hjb_glbjh\hqgh_ b hdhgqZl_evgh_1 Hjb_glbjh\hqgh_ hij_^_e_gb_ < dhe[m k ijbl_jlhc beb j_abgh\hc ijh[dhc hl[bjZxl 433 0 533 fe bkke_^m_fhc \h^u/ ijb[Z\eyxl kl_deyggmx ehiZlhqdm f_edh bkl_jlhc beb 4 fe 63 ( jZkl\hjZ k_]g_lh\hc kheb/ 4 fe
9
4 ( kibjlh\h]h jZkl\hjZ n_ghenlZe_bgZ b lbljmxl 3/38 g jZkl\hjhf 1D2+ ^h ihy\e_gby mklhc0 qb\hc keZ[hjhah\hc hdjZkdb1 HdhgqZl_evgh_ hij_^_e_gb_ < dhe[m ^h[Z\eyxl 3/38 g 1D2+ \ dhebq_kl\_/ bajZkoh^h\Zgghf gZ i_j\h_ lbljh\Zgb_/ ijb[Z\eyxl 4 fe 63 ( k_]g_lh\hc kheb/ 4 fe 3/4 ( jZkl\hjZ n_ghenlZe_bgZ b ^hlbljh\u\Zxl 3/38 g jZkl\hjhf 1D2+ ^h keZ[hjhah\hc hdjZkdb/ g_ bkq_aZxs_c \ l_q_gb_ 8 fbg1 9• +• 77•4333 JZkq_l kh^_j`Zgby KH5= O / ]^_ ; 0 dhebq_kl\h f] KH5 \ eblj_ \h^u> G 0 94 ghjfZevghklv jZkl\hjZ 1D2+> 9 0 dhebq_kl\h fe jZkl\hjZ 1D2+/ ihr_^r_]h gZ lbljh\Zgb_> 770 wd\b\Ze_glguc \_k KH51 G_h[oh^bfu_ j_Zdlb\u= 41 =b^jZl hdbkb gZljby 3/38 g1 jZkl\hj1 51 K_]g_lh\Z khev 63 ( jZkl\hj/ 73 ] o1q1 k_]g_lh\hc kheb .1D&7+72;-7+52 jZkl\hjyxl \ 433 fe ^bklbeebjh\Zgghc \h^u1 61 KheygZy dbkehlZ 3/4 g jZkl\hj/ ]hlh\blky ba nbdkZgZeZ1 71 N_ghenlZe_bg 4 ( kibjlh\uc jZkl\hj/ 4 ] n_ghenlZe_bgZ jZkl\hjyxl \ 433 fe <9 ( kibjlZ1 81 F_lbehjZg` 3/35 ( jZkl\hj/ 3/5 ] f_lbehjZg`Z jZkl\hjyxl \ 4 ^f6 ]hjyq_c ^bklbeebjh\Zgghc \h^u1 :j]_glhf_ljbq_kdh_ hij_^_e_gb_ oehjb^h\ Dhebq_kl\_ggh oehjb^u \ ijbjh^guo \h^Zo fh`gh hij_^_eblv k ihfhsvx h[t_fguo/ dh0 ehjbf_ljbq_kdbo/ lmj[b^bf_ljbq_kdbo/ jZ^bhf_ljbq_kdbo/ ihl_gpbhf_ljbq_kdbo f_lh^h\1 GZb0 [he__ rbjhdh_ ijbf_g_gb_ \ ]b^jh]_hobfbq_kdhc ijZdlbd_ ihemqbeb jZaebqgu_ \ZjbZglu h[t0 _fguo Zj]_glhf_ljbq_kdbo b f_jdmjhf_ljbq_kdbo f_lh^h\1 Wlb f_lh^u ijhklu/ ijhba\h^bl_ev0 gu b fh]ml [ulv bkihevah\Zgu dZd \ klZpbhgZjguo/ lZd b ihe_\uo mkeh\byo1 :j]_glhf_ljbq_0 kdbc f_lh^ k ojhfZlhf dZeby ijbf_gy_lky ^ey ZgZebaZ \h^ k kh^_j`Zgb_f oehjb^guo bhgh\ [h0 e__ 73 f]2e1 Kmsghklv f_lh^Z F_lh^ hkgh\Zg gZ fZehc jZkl\hjbfhklb oehjb^Z k_j_[jZ $J&O/ dhebq_kl\_ggh \uiZ^Zxs_0 ]h ba jZkl\hjZ ijb ^h[Z\e_gbb gbljZlZ k_j_[jZ d \h^_/ kh^_j`Zs_c &O0= $J. . &O0 $J&O [_euc hkZ^hd1 Ihke_ ihegh]h hkZ`^_gby oehjb^h\ ba[ulhd bhgh\ k_j_[jZ \klmiZ_l \ j_Zdpbx k ojhfh\hc db0 kehlhc/ dhlhjZy y\ey_lky bg^bdZlhjhf/ \ j_amevlZl_ wlh]h \aZbfh^_ckl\by h[jZam_lky hkZ^hd ojhfZlZ k_j_[jZ/ hdjZr_gguc \ djZkguc p\_l1 FbgbfZevgZy hij_^_ey_fZy dhgp_gljZpby 43 f] &O02e1 Oh^ hij_^_e_gby < dhe[m ^ey lbljh\Zgby hl[bjZxl 83 fe \h^u/ ijb[Z\eyxl 3/8 fe 43 ( jZkl\hjZ ojhfZlZ dZeby b lbljmxl 3138 g jZkl\hjhf Zahlghdbkeh]h k_j_[jZ ih dZieyf ijb ihklhygghf i_j_f_rb0 \Zgbb ^h ihy\e_gby g_bkq_aZxs_c [mjhc hdjZkdb `b^dhklb1 9•+• 68/8•4333 JZkq_l= ; / ]^_ O 0 kh^_j`Zgb_ &O \ f]2e> 9 0 h[t_f $J126/ ihr_^r_]h gZ 94 lbljh\Zgb_> G 0 ghjfZevghklv jZkl\hjZ $J126> 68/8 0 wd\b\Ze_glguc \_k &O0> 94 0 h[t_f \h^u/ \aylhc ^ey ZgZebaZ1 G_h[oh^bfu_ j_Zdlb\u= 41 JZkl\hj Zahlghdbkeh]h k_j_[jZ $J126/ o1q1 3/38 g1 ;/7<6: ] jZkl\hjyxl \ ^bklbeebjh\Zg0 ghc \h^_ b ^h\h^yl h[t_f \ f_jghc dhe[_ ^h 4 e1 51 JZkl\hj ojhfh\hdbkeh]h dZeby/ o1q1/ 433 ] .&U27 jZkl\hjyxl \ g_[hevrhf dhebq_kl\_ \h^u/ aZl_f ^h[Z\eyxl ih dZieyf $J126 ^h ihy\e_gby keZ[h]h djZkgh0[mjh]h hkZ^dZ/ qlh[u m^Z0 eblv oehjb^u1 Q_j_a 4 0 5 ^gy nbevljmxl b ^h\h^yl h[t_f ^h 4 ^f6 1
:
61 KlZg^Zjlguc jZkl\hj 1D&O/ o1q1/ 3/38 g1 5/<554 ]/ ij_^\Zjbl_evgh ijhdZe_ggh]h ijb 833h 0 933h/ 1D&O jZkl\hjyxl \ ^bklbeebjh\Zgghc \h^_ b h[t_f ^h\h^yl ^h 4 ^f61 Fh`gh bkihevah\Zlv .&O/ gZ\_kdZ dhlhjh]h ^he`gZ [ulv 6/:5:: ]1 Ch^hf_ljbq_kdh_ hij_^_e_gb_ kmevnZl0bhgZ \ ih^a_fguo \h^Zo F_lh^ hkgh\Zg gZ lhf/ qlh ijb \aZbfh^_ckl\bb ojhfh\hdbkeh]h [Zjby k bhghf 62507 \u^_0 ey_lky wd\b\Ze_glgh_ kh^_j`Zgb_ kmevnZl0bhgZ dhebq_kl\m bhgZ &U5250:/ dhlhjuc/ \klmiZy \ j_0 Zdpbx k ch^bkluf dZeb_f/ \u^_ey_l wd\b\Ze_glgh_ dhebq_kl\h ch^Z/ lbljm_fh_ lbhkmevnZlhf gZljby1 5625.7 . 5%D&U27 . 5+. → 5%D627 .&U5250: . +52> &U5250: . 9- . 47+. → 5&U6. . :+52 . 6-5 Oh^ hij_^_e_gby < klZdZg ^ey ZgZebaZ hl[bjZxl 533 fe bkke_^m_fhc \h^u beb/ ijb \ukhdhf kh^_j`Zgbb kmevnZl0bhgZ/ f_gvrbc h[t_f \h^u/ jZa[Z\e_gguc ^bklbeebjh\Zgghc \h^hc ^h 533 fe1 Hlh0 [jZggmx ijh[m ih^dbkeyxl 3/4 g jZkl\hjhf +&O/ h[t_f dhlhjhc jZkkqblu\Z_lky ih s_ehqghklb/ l1_1 ih dhebq_kl\m +&O/ ihr_^r_c gZ lbljh\Zgb_ ]b^jhdZj[hgZl0bhgZ1 GZ]j_\Zxl ijh[m ^h dbi_0 gby b ijb[Z\eyxl 8 fe \a[helZgghc i_j_^ hlf_jb\Zgb_f kmki_gabb ojhfh\hdbkeh]h [Zjby beb 3/8 ] kmoh]h j_Zdlb\Z %D&U27 b 4 fe 5/8 g jZkl\hjZ +&O1 Ijh[m dbiylyl 607 fbg1/ ijbq_f hdjZkdZ ^he`gZ ba `_elh0a_e_ghc i_j_clb \ [mjh\Zlmx1 ?keb hdjZkdZ ijh[u g_ baf_gy_lky/ lh __ gZ^h _s_ ih^dbkeblv 3/8 fe 5/8 g +&O1 AZl_f klZdZg kgbfZxl k gZ]j_\Zl_evgh]h ijb[hjZ b ijh[m g_c0 ljZebamxl/ ^h[Z\eyy ih dZieyf 8 ( jZkl\hj 1+72+ ^h l_o ihj/ ihdZ `b^dhklv kgh\Z g_ hdjZkbl0 ky \ `_elh0a_e_guc p\_l1 J_Zdpbx jZkl\hjZ ^h\h^yl ^h g_cljZevghc beb keZ[hs_ehqghc +ijh[Z eZdfmkh\hc [mfZ`dhc, b hoeZ`^Zxl ^h W . 48h1 G_cljZevgmx kf_kv i_j_ghkyl \ f_jgmx dhe[m gZ 583 fe b ^bklbeebjh\Zgghc \h^hc ^h\h^yl h[t_f kf_kb ^h f_ldb/ aZl_f \a[Zelu\Zxl b nbevl0 jmxl q_j_a kdeZ^qZluc kmohc nbevlj +kbgyy e_glZ,1 I_j\mx ihjpbx nbevljZlZ hl[jZku\Zxl/ hlf_jb\Zxl \ ^\_ dhe[u k ijbl_jlufb ijh[dZfb ih 433 fe nbevljZlZ b ^h[Z\eyxl \ dZ`^mx ba gbo ih 43 fe 43 ( jZkl\hjZ dZeby ch^bklh]h b 48 fe 5/8 g jZkl\hjZ kheyghc dbkehlu1 HklZ\eyxl dhe[u gZ 53 fbg1 \ \h^_/ W dhlhjhc ;h0 43h K1 94 9 0 h[t_f lbhkmevnZlZ gZljby \ fe/ ihr_^r_]h gZ lbljh\Zgb_> + 0 ghjfZevghklv jZkl\hjZ lbh0 kmevnZlZ gZljby> 65 0 dhebq_kl\h f] 62507/ hl\_qZxs__ 4 fe ghjfZevgh]h jZkl\hjZ lbhkmevnZlZ gZljby> 94 0 h[t_f \h^u/ \ayluc ^ey ZgZebaZ1 G_h[oh^bfu_ j_Zdlb\u= 41 JZkl\hj kheyghc dbkehlu 3/4 g1 51 Kmki_gaby ojhfh\hdbkeh]h [Zjby/ 8 ] %D&U27 i_j_f_rb\Zxl \ 433 fe ^bklbeebjh\Zgghc \h0 ^u1 61 JZkl\hj kheyghc dbkehlu 5/8 g/ 53: fe +&O dhgp_gljbjh\Zgghc o1q1 jZkl\hjyxl ^bklbeebjh0 \Zgghc \h^hc/ h[t_f ^h\h^yl ^h 4 e1 71 JZkl\hj 1+72+ a 8 (/ 583 fe 1+72+ dhgp_gljbjh\Zggh]h jZa[Z\eyxl ^h 4 ^f6 ^bklbeebjh0 \Zgghc \h^hc1 81 JZkl\hj ch^bklh]h dZeby 43 (/ 433 ] .- jZkl\hjyxl \ ^bklbeebjh\Zgghc \h^_ b ^h\h^yl h[t_f ^h 4 e1 91 JZkl\hj lbhkmevnZlZ gZljby 3/38 g/ ]hlh\blky ba nbdkZgZeZ1 :1 DjZofZe jZkl\hjbfuc/ 3/8 ( jZkl\hj/ 833 f] djZofZeZ aZ\Zjb\Zxl \ 433 fe ^bklbeebjh\Zgghc \h^u1 Hij_^_e_gb_ k_jh\h^hjh^Z ++56, F_lh^ hij_^_e_gby k_jh\h^hjh^Z baeh`_g \ f_lh^bq_kdhf jmdh\h^kl\_ ^ey 6 dmjkZ/ qZklv 6 %Obfbq_kdbc ZgZeba \h^u/ _]h h[jZ[hldZ +ihe_\u_ f_lh^u,%1
;
L?F: ,,1 Hij_^_e_gb_ l_jZi_\lbq_kdb Zdlb\guo we_f_glh\ f_lh^hf ieZf_ggh0nhlhf_ljbq_kdh]h ZgZebaZ Kmsghklv f_lh^Z Wfbkkbhgguc ieZf_ggh0nhlhf_ljbq_kdbc ZgZeba hkgh\Zg gZ baf_j_gbb bgl_gkb\ghklb ba0 emq_gby Zlhfh\/ \ha[m`^Z_fuo gZ]j_\Zgb_f \ ieZf_gb1 :gZebabjm_fuc jZkl\hj \\h^yl \ ieZfy ]hj_edb1 Ijb wlhf ZgZebabjm_fh]h \_s_kl\Z/ ih]ehsZy wg_j]bx ieZf_gb/ \ha[m`^Zxlky/ lh _klv g_dhlhju_ we_dljhgu bo i_j_oh^yl gZ [he__ m^Ze_ggu_ hl y^jZ hj[blu1 < j_amevlZl_ h[jZlgh]h bo i_j_oh^Z wg_j]by \u^_ey_lky \ \b^_ emq_c k hij_^_e_gghc ^ebghc \hegu1 IhemqZxsb_ky ijb wlhf ki_dlju gZau\Zxl ki_dljZfb bkimkdZgby/ beb wfbkkbhggufb ki_dljZfb/ hldm^Z b ihemqbe gZa\Zgb_ f_lh^ 0 wfbkkbhgguc nhlhf_ljbb ieZf_gb1 Wfbkkbhggu_ ki_dlju ^h\hevgh ijhklu b khklhyl ba g_kdhevdbo ki_dljZevguo ebgbc/ hlebqZxsboky oZjZdl_jghc ^ey dZ`^h]h we_f_glZ ^ebghc \hegu1 Wlh iha\hey_l ih ki_dljZf jZaebqZlv ZgZebabjm_fu_ \_s_kl\Z b bkihevah\Zlv bo ^ey dhebq_kl\_ggh]h ZgZebaZ1 Dhebq_kl\_gguc ZgZeba hkgh\Zg gZ lhf/ qlh \ hij_^_e_gghf bg0 l_j\Ze_ dhgp_gljZpbb ZgZebabjm_fh]h \_s_kl\Z bgl_gkb\ghklv baemq_gby Zlhfh\ ijhihjpbh0 gZevgZ kh^_j`Zgbx bo \ jZkl\hj_/ \\_^_gghf \ ieZfy1 OZjZdl_jgZy ^ey we_f_glZ ki_dljZevgZy ebgby \u^_ey_lky k ihfhsvx k\_lhnbevljZ/ gZijZ\ey_lky gZ nhlhwe_f_gl/ ^Ze__ baf_jyxl kbem lhdZ/ \hagbdZxsmx \ g_f/ k ihfhsvx ]Zev\Zghf_ljZ b lZdbf h[jZahf hij_^_eyxl bgl_gkb\0 ghklv baemq_gby1 Kh^_j`Zgb_ hij_^_ey_fh]h we_f_glZ h[uqgh gZoh^yl ih dZeb[jh\hqghfm ]jZ0 nbdm/ ihkljh_gghfm ^ey k_jbb klZg^Zjlguo jZkl\hjh\1 Qm\kl\bl_evghklv f_lh^Z ^hklZlhqgh \u0 khdZ1 >ey s_ehqguo f_lZeeh\ hgZ ^hklb]Z_l 3/4 0 3/34 fd] \ 4 fe jZkl\hjZ/ Z ^ey ^jm]bo 0 3/4 0 8 fd]2f1 Lhqghklv hij_^_e_gbc khklZ\ey_l 5 0 7 (1 Ihf_ob ijb jZ[hl_ wlbf f_lh^hf fh]ml \ha0 gbdgmlv \ j_amevlZl_ gZeh`_gby ki_dljZ ihklhjhgg_]h we_f_glZ gZ baemq_gb_ hij_^_ey_fh]h f_lZeeZ/ Z lZd`_ \ j_amevlZl_ ihklhjhggbo ijbf_k_c \ ]Zah0\ha^mrghc kf_kb1 H^gZdh wlb ihf_0 ob fh]ml [ulv mkljZg_gu iml_f \u[hjZ gZb[he__ ih^oh^ysbo klZg^Zjlguo jZkl\hjh\/ Z lZd`_ ^h[Z\e_gb_f ki_pbZevguo j_Zdlb\h\1 Lhqghklv b qm\kl\bl_evghklv ieZf_ggh0nhlhf_ljbq_kdbo hij_^_e_gbc \ [hevrhc f_j_ aZ\bkbl hl kl_i_gb jZkiue_gby jZkl\hjZ b jZ[hlu ]hj_edb1 JZ[hqZy ko_fZ ieZf_ggh]h nhlhf_ljZ Wfbkkbhgguc ieZf_gguc nhlhf_lj khklhbl ba lj_o hkgh\guo maeh\= jZkiuebl_ey/ ]hj_edb/ k\_lbevgbdZ/ beb fhghojhfZlhjZ b baf_jbl_evgh]h mkljhckl\Z1 :gZebabjm_fuc jZkl\hj ij_0 \jZsZxl \ Zwjhahev ijb ihfhsb jZkiuebl_ey/ jZ[hlZxs_]h ih^ ^_ckl\b_f k`Zlh]h \ha^moZ beb dbkehjh^Z/ b \\h^yl \ ieZfy ]hj_edb kf_kb \ha^moZ b ]ZaZ1 GZb[hevr__ agZq_gb_ ^ey wlh]h f_lh0 ^Z bf__l l_fi_jZlmjZ ieZf_gb1 Ijb k`b]Zgbb kf_kb \ha^moZ k ijhiZghf beb [mlZghf ^hklb]Z_l0 ky l_fi_jZlmjZ 4:33h04<33h K b \ha[m`^Zxlky lhevdh Zlhfu s_ehqguo f_lZeeh\1 >ey hij_^_e_0 gby s_ehqgha_f_evguo f_lZeeh\ g_h[oh^bfh ieZfy kf_kb \ha^moZ k Zp_lbe_ghf/ ^Zxs__ l_fi_0 jZlmjm hdheh 5633h K1 Mgb\_jkZevguf `_ kqblZxl ieZfy kf_kb dbkehjh^Z k \h^hjh^hf +5933h K, beb k Zp_lbe_ghf +6483h K,1 JZ[hlZ k ieZf_gguf nhlhf_ljhf \uihegy_lky lhevdh ih^ jmdh\h^kl\hf b k ihfhsvx ij_ih^Z\Zl_ey1 Ij_`^_ q_f ijbklmiblv d hij_^_e_gbx/ g_h[oh^bfh ijhclb bgkljmdlZ` ih l_ogbd_ [_ahiZkghklb jZ[hlu gZ ieZf_gghf nhlhf_lj_/ q_ldh ij_^klZ\eylv k_[_ wlZiu hij_^_e_0 gbc b \ ijhp_kk_ jZ[hlu kljh]h kh[ex^Zlv \k_ ijZ\beZ1 Lbiu ieZf_gguo nhlhf_ljh\/ ijZ\beZ jZ[hlu gZ ijb[hj_ < eZ[hjZlhjghc ijZdlbd_ bkihevamxlky ieZf_ggu_ nhlhf_lju kh k\_lhnbevljZfb b ki_d0 ljhnhlhf_lju ^ey ieZf_gghc nhlhf_ljbb1 IeZf_ggu_ nhlhf_lju kh k\_lhnbevljZfb kem`Zl ]eZ\guf h[jZahf ^ey hij_^_e_gby \ jZkl\hjZo gZljby/ dZeby/ dZevpby b bgh]^Z eblby/ lh _klv ^ey ZgZebaZ h[t_dlh\ ijhklh]h khklZ\Z1 Ki_dljhnhlhf_lju ^ey ieZf_gghc nhlhf_ljbb [he__ qm\kl0 \bl_evgu/ h[_ki_qb\Zxl \ukhdmx fhghojhfZlbaZpbx baemq_gby1 Hgb kgZ[`_gu ki_pbZevgufb ]hj_edZfb ^ey k`b]Zgby kf_k_c ]hjxqbo ]Zah\ k dbkehjh^hf/ ijbq_f ZgZebabjm_fuc jZkl\hj \ijukdb\Z_lky g_ihkj_^kl\_ggh \ ieZfy1 Ijbf_jhf ki_dljhnhlhf_ljZ fh`_l kem`blv ijb[hj I:@041 Wlh kh\j_f_gguc/ \_kvfZ kh\_jr_gguc ijb[hj/ ij_^gZagZq_gguc ^ey hij_^_e_gby fbd0 jhdhebq_kl\ eblby/ gZljby/ dZeby b dZevpby ijb ZgZeba_ \h^u b lhieb\Z1 JZ[hlZ_l gZ ]hjxqbo
<
kf_kyo ijhiZg0[mlZg 0 \ha^mo beb ijbjh^guc ]Za 0 \ha^mo1 Ijb[hj khklhbl ba kh[kl\_ggh ieZ0 f_ggh0ki_dljhnhlhf_ljbq_kdh]h ZgZebaZlhjZ/ ki_pbZevgh]h f_f[jZggh]h dhfij_kkhjZ/ j_]mey0 lhjZ ^Z\e_gby ijbjh^gh]h ]ZaZ/ ]Zah[Zeehggh]h j_^mdlhjZ/ bf__l keh`gmx hilbq_kdmx kbkl_fm1 Hij_^_e_gby kh^_j`Zgby f_lZeeh\ \ jZkl\hjZo \uihegyxlky ih dZeb[jh\hqghfm ]jZnbdm/ ihem0 q_gghfm k ihfhsvx klZg^Zjlguo jZkl\hjh\1 Ihjy^hd jZ[hlu b f_lh^ ihkljh_gby dZeb[jh\hqghc djb\hc baeh`_g \ bgkljmdpbb d ijb[hjm1 Oh^ hij_^_e_gby >ey hij_^_e_gby kh^_j`Zgby \ \h^_ bhgh\ 1D. b D. hl[bjZxl ijh[u bkke_^m_fh]h jZkl\hjZ \ klZdZg h[t_fhf 58 0 83 fe1 ?keb bkke_^m_fZy \h^Z kh^_j`bl \a\_kb/ lh ijh[m g_h[oh^bfh ijh0 nbevljh\Zlv q_j_a [_aahevguc nbevlj1 Ihke_ gZkljhcdb ijb[hjZ ih klZg^Zjlguf jZkl\hjZf ijbklmiZxl d hij_^_e_gbx dhgp_gljZpbb we_f_glZ \ bkke_^m_fuo jZkl\hjZo1 >ey wlh]h kgh\Z nhlhf_ljbjmxl %gme_\hc% klZg^Zjl +^bklbeebjh\Zggmx \h^m,/ aZl_f [_jml bkke_^m_fu_ jZkl\h0 ju b ihhq_j_^gh \\h^yl bo \ ieZfy ]hj_edb1 Ih \_ebqbg_ hlkq_lZ fbdjhZfi_jf_ljZ b ih dZeb[0 jh\hqghc djb\hc hij_^_eyxl dhgp_gljZpbb we_f_glZ1 ?keb \ ijhp_kk_ baf_j_gbc ihiZ^Zxlky bkke_^m_fu_ jZkl\hju/ dhgp_gljZpby dhlhjuo [hevr_ \u[jZggh]h ^bZiZahgZ/ lh/ ihevamykv jmq0 dhc %kf_s_gb_ rdZeu%/ fh`gh hjb_glbjh\hqgh mklZgh\blv bo dhgp_gljZpbx/ i_j_dexqZy jmqdm \ iheh`_gb_ %533% beb %633%1 Ihke_ wlh]h/ jZa[Z\b\ bkke_^m_fuc jZkl\hj ^bklbeebjh\Zgghc \h^hc \ gm`gh_ dhebq_kl\h jZa/ fh`gh lhqgh hij_^_eblv dhgp_gljZpbx we_f_glZ1 L_fZ ,,,1 Bamq_gb_ dhehjbf_ljbq_kdbf f_lh^hf ZgZebaZ b hij_^_e_gb_ ki_pbnbq_kdbo we_f_glh\ \ fbg_jZevguo \h^Zo Kmsghklv dhehjbf_ljbq_kdh]h ZgZebaZ Dhehjbf_ljby 0 h^bg ba gZb[he__ ijhkluo nhlhf_ljbq_kdbo f_lh^h\/ hkgh\Zgguc gZ baf_0 j_gbb ih]ehs_gby k\_lZ hdjZr_ggufb jZkl\hjZfb \ \b^bfhc qZklb ki_dljZ1 Hij_^_eyy dhgp_g0 ljZpbx &bkke1 hdjZr_ggh]h jZkl\hjZ/ baf_jyxl _]h hilbq_kdmx iehlghklv > k ihfhsvx nhlh0 we_dljhdhehjbf_ljZ1 Djhf_ hilbq_kdhc iehlghklb bkke_^m_fh]h jZkl\hjZ >bkke1/ baf_jyxl +ijb h^bgZdh\hc lhesbg_ kehy, b hilbq_kdmx iehlghklv klZg^Zjlgh]h jZkl\hjZ >kl1/ dhgp_gljZpby dhlhjh]h ba\_klgZ1 Dhgp_gljZpbx bkke_^m_fh]h jZkl\hjZ gZoh^yl ih mjZ\g_gbx= > bk k e1 Kbkke1 •Kk l1 1 > k l1 k\_lh\hc ihlhd/ ihiZ^Zy gZ nhlhwe_f_gl/ \ha[m`^Z_l we_dljbq_0 kdbc lhd/ kbeZ dhlhjh]h aZ\bkbl hl bgl_gkb\ghklb hk\_s_gby1 ;he__ kh\_jr_ggu nhlhwe_dljb0 q_kdb_ dhehjbf_lju k ^\mfy nhlhwe_f_glZfb ke_^mxsbo fZjhd= NWD089/ NWD0F/ NWD089F/ NWD0G08:1 Hij_^_e_gb_ `_e_aZ h[s_]h dhehjbf_ljbq_kdbf f_lh^hf F_lh^ ijbf_gbf ijb kh^_j`Zgbb `_e_aZ \ \h^_ ^h 43 f]2^f61 Dhehjbf_ljbq_kdbc f_lh^ hkgh\Zg gZ h[jZah\Zgbb jh^Zgbklh]h `_e_aZ/ hdjZr_ggh]h \ djZkguc p\_l= )H&O6 . 61+7&16 )H+&16,6 . 61+7&O Oh^ hij_^_e_gby Hl[bjZxl 83 fe bkke_^m_fhc \h^u \ klZdZg/ ^h[Z\eyxl 5 fe dhgp_gljbjh\Zgghc +&O/ g_0 kdhevdh djbklZeeh\ i_jkmevnZlZ Zffhgby +gZ^k_jghdbkeuc Zffhgbc,/ ihke_ lsZl_evgh]h i_j_0 f_rb\Zgby ijh[m dbiylyl/ ihdZ h[t_f ijh[u g_ \uiZjblky gZ 4261 Ihke_ wlh]h ijh[m hoeZ`^Zxl/
43
_keb g_h[oh^bfh/ nbevljmxl/ ^h\h^yl ^h f_ldb 83 fe b ihke_ wlh]h ^h[Z\eyxl jh^Zgbkluc Zf0 fhgbc1 AZl_f dhehjbf_ljbjmxl gZ nhlhwe_dljhdhehjbf_lj_ k a_e_guf k\_lhnbevljhf \ dx\_0 lZo k lhesbghc kehy 5 kf1 Ijb hlkmlkl\bb nhlhdhehjbf_ljZ kjZ\gb\Zxl k wlZehgZfb klZg^Zjl0 D • E • + •4333 guo jZkl\hjh\1 Kh^_j`Zgb_ `_e_aZ \uqbkeyxl ih mjZ\g_gbx= O / ]^_ O 0 kh^_j0 K• 9 `Zgb_ )H \ f]2e> Z 0 dhebq_kl\h fe klZg^Zjlgh]h jZkl\hjZ> \ 0 kh^_j`Zgb_ )H \ 4 fe klZg^Zjlgh0 ]h jZkl\hjZ> G 0 \ukhlZ klhe[Z `b^dhklb klZg^Zjlgh]h jZkl\hjZ> K 0 \ukhlZ klhe[Z bkke_^m_fh]h jZkl\hjZ> Y 0 h[t_f \h^u/ \ayluc ^ey ZgZebaZ1 G_h[oh^bfu_ j_Zdlb\u= 41 Jh^Zgbkluc Zffhgbc 43 ( jZkl\hj/ 433 ] o1q1 1+7&16 jZkl\hjyxl \ 4 ^f6 ^bklbeebjh\Zgghc \h^u1 51 KheygZy dbkehlZ/ o1q1/ dhgp_gljbjh\ZggZy1 61 GZ^k_jghdbkeuc Zffhgbc djbklZeebq_kdbc1 71 KlZg^Zjlguc jZkl\hj `_e_ah0Zffhgbcguo d\Zkph\/ 3/6835 ] j_Zdlb\Z +1+7,5)H+627,5 - 9+52 jZkl\hjyxl \ dhe[_ gZ 833 fe/ ijb[Z\eyxl 48 fe +5627 +4=5, b jZkl\hj .0Q27 ^h ihegh]h hdbke_gby )H +ijb wlhf jZkl\hj hdjZrb\Z_lky \ [e_^gh0jhah\uc p\_l,1 >h\h^yl ^bklbeebjh0 \Zgghc \h^hc ^h f_ldb1 JZ[hqbc klZg^Zjlguc jZkl\hj ]hlh\yl jZa[Z\e_gb_f 433 fe klZg^Zjl0 gh]h jZkl\hjZ ^h 4 ^f61 4 fe wlh]h jZkl\hjZ kh^_j`bl 3/34 f] )H1 Hij_^_e_gb_ dj_fg_\hc dbkehlu < fbg_jZevguo \h^Zo dj_fg_\Zy dbkehlZ gZoh^blky \ jZaebqguo nhjfZo/ ij_h[eZ^Zgb_ l_o beb ^jm]bo nhjf aZ\bkbl \ hkgh\ghf hl agZq_gbc jG \h^u1 Ijb jG gb`_ ;/8 dj_fg_\Zy dbkehlZ h[uqgh gZoh^blky \ g_^bkkhpbbjh\Zgghf khklhygbb \ \b^_ k\h[h^guo fhe_dme +56L26/ \ s_0 ehqguo l_jfZo/ bf_xsbo jG \ur_ ;/8/ qZklv dj_fg_\hc dbkehlu gZoh^blky \ \b^_ ]b^jhkbebdZl bhgZ +6L2061 Kh^_j`Zgb_ jZaebqguo nhjf dj_fg_\hc dbkehlu hjb_glbjh\hqgh fh`_l [ulv hi0 j_^_e_gh ih \_ebqbg_ jG jZkl\hjZ +;1I1 Gbdhevkdbc,1 H[s__ kh^_j`Zgb_ dj_fg_\hc dbkehlu \ fbg_jZevguo \h^Zo hij_^_ey_lky \_kh\uf f_lh^hf1 <_kh\hc f_lh^ hkgh\Zg gZ kihkh[ghklb dj_fg_\hc dbkehlu i_j_oh^blv \ hkZ^hd ijb \uiZjb\Zgbb k dhgp_gljbjh\Zgghc kheyghc dbkeh0 lhc1 < ijbjh^guo \h^Zo k g_[hevrbf kh^_j`Zgb_f dj_fg_\hc dbkehlu hgZ hij_^_ey_lky k ^hk0 lZlhqghc lhqghklvx dhehjbf_ljbq_kdbf f_lh^hf1 LZ[ebpZ 4 Khhlghr_gby f_`^m nhjfZfb dj_fg_\hc dbkehlu ijb jZaebqguo agZq_gbyo jG \ ( S+ 8 9 :
+56L206 433 433 <
+6L206 0 0 3/35
6L2506 0 0 0
S+ ; < 43 44
+56L206 <
+6L206 3/54 5/43 4:/9; 98/<:
6L2506 0 0 3/3< 6/68
<_kh\hc kihkh[ hij_^_e_gby Hlf_j_ggh_ dhebq_kl\h fbg_jZevghc \h^u +433 0 583 fe, \uiZjb\Zxl ^hkmoZ k 8 0 43 fe +&O dhgp_gljbjh\Zgghc \ nZjnhjh\hc qZrd_ gZ \h^yghc [Zg_1 H[jZ[Zlu\Zxl hklZlhd 5 0 6 jZaZ +&O b ih^kmrb\Zxl \ kmrbevghf rdZnm ijb W 458h 0 463h ^h bkq_agh\_gby aZiZoZ +&O +4 0 4/8 qZkZ,1 HoeZ`^Zxl/ kfZqb\Zxl hklZlhd g_kdhevdbfb dZieyfb dhgp_gljbjh\Zgghc +&O b kf_kb ^Zxl ihklhylv gZ ]hjyq_c [Zg_ 43 0 48 fbg1 ^ey jZkl\hj_gby hkgh\guo hdbkeh\ )H1 Ijbeb\Zxl d hklZldm \ qZrd_ ]hjyq_c \h^u b \u^_eb\rbcky Zfhjnguc hkZ^hd dj_fg_\hc dbkehlu nbevljmxl q_j_a [_aahevguc nbevlj1 Ijhfu\Zxl ]hjyqbf 4 ( jZkl\hjhf +&O/ aZl_f ]hjyq_c \h^hc ^h bk0 q_agh\_gby j_Zdpbb gZ &O1 Nbevlj k hkZ^dhf ihf_sZxl \h \a\_r_gguc ieZlbgh\uc lb]_ev/ \u0 kmrb\Zxl/ haheyxl b ijhdZeb\Zxl ^h ihklhyggh]h \_kZ gZ kbevghf h]g_1 JZagbpZ \ \_k_ f_`^m lb]e_f k hkZ^dhf b imkluf lb]e_f jZ\gZ dhebq_kl\m dj_fg_\hc dbkehlu \h \aylhc ^ey ZgZebaZ ijh[_1 Ijh\_jdZ 6L25 gZ qbklhlm ijhba\h^blky iml_f ijb[Z\e_gby d hkZ^dm 6L25 4 0 5 dZi_ev ^bklbeebjh\Zgghc \h^u/ 4 0 5 dZi_ev +5627 +4=4, b 4 fe ieZ\bdh\hc dbkehlu +)1 Kh^_j`bfh_
44
lb]ey \uiZjb\Zxl gZ we_dljbq_kdhc iebld_/ hklZlhd ijhdZeb\Zxl g_kdhevdh fbgml gZ kbevghf h]g_ b \a\_rb\Zxl1 <_k hklZldZ \uqblZxl ba \_kZ dj_fg_\hc dbkehlu1 Hij_^_e_gb_ hdbkey_fhklb Hij_^_e_gb_ \uihegy_lky ^ey oZjZdl_jbklbdb h[s_]h kh^_j`Zgby hj]Zgbq_kdbo \_s_kl\ \ ijbjh^guo \h^Zo1 Ih ijbjh^_ hdbkebl_ey jZaebqZxl i_jfZg]ZgZlgmx/ bh^Zlgmx/ [bojhfZlgmx hdbkey_fhklb1 F_lh^ hij_^_e_gby [bojhfZlghc hdbkey_fhklb hij_^_ey_lky [he__ lhqgh/ oZjZd0 l_jbam_l kh^_j`Zgb_ hj]Zgbq_kdbo \_s_kl\1 J_dhf_g^m_fuc f_lh^ hij_^_e_gby i_jfZg]ZgZlghc hdbkey_fhklb [he__ ijhkl b bf__l emqrmx \hkijhba\h^bfhklv1 Oh^ hij_^_e_gby D 433 fe bkke_^m_fhc \h^u ijb[Z\eyxl 8 fe jZkl\hjZ +5&26 +4=6, b gZ]j_\Zxl1 < kZfhf gZqZe_ dbi_gby \ ijh[m ^h[Z\eyxl 43 fe 3/34 g jZkl\hjZ .0Q27 b dbiylyl 43 fbg1 ?keb \h \j_0 fy dbiyq_gby jhah\Zy hdjZkdZ jZkl\hjZ/ k\hckl\_ggZy i_jfZg]ZgZlm/ bkq_aZ_l/ hij_^_e_gb_ gZ^h ih\lhjblv/ jZa[Z\b\ bkke_^m_fmx \h^m [b^bklbeeylhf1 Ihke_ dbiyq_gby kgbfZxl dhe[m/ ijb0 [Z\eyxl \ g__ lhqgh 43 fe 3/34 g jZkl\hjZ sZ\_e_\hc dbkehlu b kjZam lbljmxl h[_kp\_lb\rbcky ]hjyqbc jZkl\hj 3/34 g jZkl\hjhf i_jfZg]ZgZlZ ih dZieyf ^h keZ[hjhah\hc hdjZkdb1 J_amevlZlu hij_^_e_gby \ujZ`Zxl \ f] dbkehjh^Z/ bajZkoh^h\Zggh]h gZ hdbke_gb_ hj]Zgbq_kdbo \_s_kl\1 9 − ( 94 + 95 ) • + •;•4333 JZkq_l ih nhjfme_= ; / ]^_= ; 0 hdbkey_fhklv \h^u \ f]> 9 0 h[s__ 96 dhebq_kl\h fe .0Q27 ^h[Z\e_gguo \ ijh[m> 940 dhebq_kl\h fe jZkl\hjZ .0Q27/ ihr_^r__ gZ hdbke_gb_ hj]Zgbq_kdbo \_s_kl\> 950 dhebq_kl\h fe jZkl\hjZ .0Q27/ jZkoh^m_fh]h gZ hdbk0 e_gb_ 43 fe 3/34 g jZkl\hjZ +5&527> 960h[t_f \h^u/ \ayluc ^ey ZgZebaZ> + 0 ghjfZevghklv jZk0 l\hjZ .0Q27> ; 0 dhebq_kl\h f] dbkehjh^Z/ hl\_qZxs__ 4 fe ghjfZevgh]h jZkl\hjZ .0Q271 L_fZ ,91 Hij_^_e_gb_ ch^Z b [jhfZ \ ih^a_fguo \h^Zo Hij_^_e_gb_ ch^Z \ ijbjh^guo \h^Zo k ^hklZlhqghc lhqghklvx ijh\h^blky gb`_ hibkZg0 guf dhehjbf_ljbq_kdbf f_lh^hf/ iha\heyxsbf hij_^_eblv \ bkke_^m_fhf h[t_f_ 5/8 - 4308 ] ch^Z1 Hij_^_e_gb_ [jhfZ \ aZ\bkbfhklb hl kh^_j`Zgby b lj_[m_fhc lhqghklb \uihegy_lky jZa0 ebqgufb kihkh[Zfb1 Dhehjbf_ljbq_kdbc f_lh^ k nmdkbghk_jghc dbkehlhc ijbf_gy_lky ^ey fZ0 euo dhebq_kl\ [jhfZ +^h 43 f]2^f6,1 H[t_fguc ch^hf_ljbq_kdbc f_lh^ iha\hey_l hij_^_eblv [jhf \ rbjhdbo ij_^_eZo k ohjhr_c lhqghklvx1 Hij_^_e_gb_ ch^Z dhehjbf_ljbq_kdbf f_lh^hf < f_jguc pbebg^j k ijbl_jlhc ijh[dhc ihf_sZxl 433 fe ijhajZqghc bkke_^m_fhc \h^u1 Ijb[Z\eyxl 4 fe +5627 4=4 b 506 djbklZeebdZ 1D125/ ohjhrh i_j_f_rb\Zxl/ hklZ\eyxl klhylv gZ 43 fbg1 AZl_f ^h[Z\eyxl 5 fe oehjhnhjfZ beb 8 fe i_ljhe_cgh]h wnbjZ1 Kf_kv kbevgh \kljy0 ob\Zxl 405 fbg1 HdjZr_gguc ch^hf kehc oehjhnhjfZ kjZ\gb\Zxl kh klZg^Zjlguf jZkl\hjhf1 RdZem klZg^Zjlguo jZkl\hjh\ ]hlh\yl \ lZdbo `_ f_jguo pbebg^jZo/ ^h[Z\eyy \ gbo hij_0 ^_e_ggh_ dhebq_kl\h fe klZg^Zjlgh]h jZkl\hjZ .- +hl 3/8 ^h 8 fe,/ ^h\h^yl ^h f_ldb ^bklbeeb0 jh\Zgghc \h^hc/ ijb[Z\eyxl \ lhf `_ ihjy^d_ \k_ j_Zdlb\u b \kljyob\Zxl1 Kh^_j`Zgb_ -0 \u0 D • E •4333 qbkeyxl ih nhjfme_= . / ]^_= D 0 dhebq_kl\h klZg^Zjlgh]h jZkl\hjZ> E 0 kh^_j`Zgb_ 9 -0 \ 4 fe klZg^Zjlgh]h jZkl\hjZ> 9 0 h[t_f \h^u/ \ayluc ^ey ZgZebaZ1 G_h[oh^bfu_ j_Zdlb\u= 41 :ahlghdbkeuc gZljbc 1D125/ ihjhrhd1 51 K_jgZy dbkehlZ/ jZkl\hj 4=41 61 Ch^bkluc dZebc/ klZg^Zjlguc jZkl\hj/ khev i_j_djbklZeebah\u\Zxl ljh_djZlgh ba <9 ( kibjlZ/ kmrZl ijb 4383 b hoeZ`^Zxl \ wdkbdZlhj_1 3/463; ] .- jZkl\hjyxl \ 4 e ^bklbeebjh0 \Zgghc \h^u1 4 fe jZkl\hjZ kh^_j`bl 3/4 f] -1 JZ[hqbc klZg^Zjlguc jZkl\hj ]hlh\yl jZa[Z\0 e_gb_f 43 fe klZg^Zjlgh]h jZkl\hjZ ^h 433 fe> 4 fe 0 3/34 f] -1 Hij_^_e_gb_ [jhfZ dhehjbf_ljbq_kdbf f_lh^hf
[
]
45
< ijh[bjdm _fdhklvx 53 fe k f_ldhc gZ 43 fe b ijbl_jlhc ijh[dhc hl[bjZxl 43 fe bkke_0 ^m_fhc \h^u1 D \h^_ ihke_^h\Zl_evgh ^h[Z\eyxl ; dZi_ev +&O> ; dZi_ev 43 ( jZkl\hjZ .5&U52:> 5 fe dhgp_gljbjh\Zgghc +56271 JZkl\hj hklhjh`gh i_j_f_rb\Zxl b hoeZ`^Zxl \ klZdZg_ k \h0 ^hc ^h dhfgZlghc l_fi_jZlmju1 Ihke_ hoeZ`^_gby d ijh[_ ^h[Z\eyxl 4 fe nmdkbghk_jghc db0 kehlu/ \gh\v lsZl_evgh i_j_f_rb\Zxl b ijb[Z\eyxl 5 fe oehjhnhjfZ1 AZdju\ ijh[bjdm ijb0 l_jlhc ijh[dhc/ kf_kv wg_j]bqgh \kljyob\Zxl \ l_q_gb_ fbgmlu1 H^gh\j_f_ggh ]hlh\yl rdZem klZg^Zjlguo jZkl\hjh\ .%U/ ^ey q_]h \ ijh[bjdm gZ 43 fe ijbeb\Zxl klZg^Zjlguc jZkl\hj .%U/ kh^_j`Zsbc \ 4 fe 3/34 f] %U0 \ dhebq_kl\_ 4/ 6/ 8/ :/ < fe b ^h\h^yl h[t_f ^h 43 fe ^bklbeeb0 jh\Zgghc \h^hc1 AZl_f \ dZ`^mx ijh[bjdm ^h[Z\eyxl l_ `_ j_Zdlb\u b \ lhc `_ ihke_^h\Zl_ev0 ghklb/ dZd b d bkke_^m_fhc \h^_1 Ihke_ \kljyob\Zgby b hlklZb\Zgby ijh\h^yl kjZ\gb\Zgb_ hdjZ0 khd kehy oehjhnhjfZ1 Kh^_j`Zgb_ %U0 \ bkke_^m_fhc \h^_ [m^_l khhl\_lkl\h\Zlv kh^_j`Zgbx _]h \ klZg^Zjlghf jZkl\hj_/ hdjZkdZ dhlhjh]h kh\iZeZ k hdjZkdhc ijh[u/ l1_1 khhl\_lkl\_ggh= 4/ 6/ 8/ :/ < f] %U0 \ 4 ^f61 ?keb \h^Z jZa[Z\eyeZkv i_j_^ ZgZebahf/ lh j_amevlZl mfgh`Zxl gZ djZlghklv jZa[Z\e_gby1 G_h[oh^bfu_ j_Zdlb\u= 41 JZkl\hj nmdkbghk_jghc dbkehlu1 < 4 ^f6 ^bklbeebjh\Zgghc \h^u jZkl\hjyxl ijb gZ]j_0 \Zgbb 4 ] hkgh\gh]h nmdkbgZ/ aZl_f 433 fe wlh]h jZkl\hjZ ijbeb\Zxl \ 4 ^f6 +5627/ jZa[Z\e_g0 ghc 4 = 531 Ihke_ h[_kp\_qb\Zgby j_Zdlb\ ]hlh\ d mihlj_[e_gbx1 51 KlZg^Zjlguc jZkl\hj .%U1 JZkl\hjyxl 3/47;< ] kheb \ 4 e ^bklbeebjh\Zgghc \h^u/ 433 fe wlh]h jZkl\hjZ jZa[Z\eyxl ^h 4 ^f61 4 fe kh^_j`bl 3/34 f] %U01 L_fZ 91 H[jZ[hldZ ihemq_gguo fZl_jbZeh\ obfbq_kdh]h ZgZebaZ \h^u Kbkl_fZlbaZpby b bgl_jij_lZpby j_amevlZlh\ obfbq_kdbo ZgZebah\ \h^u ijh\h^blky k p_0 evx \uykg_gby khhlghr_gby bhgh\ \ khklZ\_ \h^u/ deZkkbnbdZpby/ hp_gdb fbg_jZebaZpbb \h^u/ ]Zah\h]h khklZ\Z/ ki_pbnbq_kdbo we_f_glh\ \ p_eyo ijZdlbq_kdh]h bkihevah\Zgby1 Kbkl_fZlbaZ0 pby b bgl_jij_lZpby ZgZebah\ \h^u ij_^mkfZljb\Z_l h[jZ[hldm j_amevlZlh\ ZgZebaZ/ dhlhjZy bf__l p_evx= 41 I_j_kq_l ^Zgguo/ oZjZdl_jbamxsbo ZgZeba \h^u ba bhgghc nhjfu \ fbeeb]jZff0 wd\b\Ze_glgmx +ffhev0wd\, b wd\b\Ze_gl0ijhp_glgmx +ffhev0(,1 51 ey lh]h/ qlh[u j_amevlZlu jZkq_lghc fbg_jZebaZpbb b kmoh]h hklZldZ [ueb khihklZ\bfu/ ijb jZkq_l_ kmffbjmy \k_ ihem0 q_ggu_ dhfihg_glu/ g_h[oh^bfh [jZlv iheh\bgm ]b^jhdZj[hgZlh\ \ f]2e1 H[tykgy_lky wlh l_f/ qlh ijb hij_^_e_gbb kmoh]h hklZldZ \ ijhp_kk_ \uiZjb\Zgby ]b^jhdZj[hgZlu i_j_oh^yl \ dZj0 [hgZlu k \u^_e_gb_f m]e_dbkeh]h ]ZaZ1 Hij_^_e_gb_ kmoh]h hklZldZ < ij_kguo \h^Zo kmohc hklZlhd hij_^_ey_lky ijhkluf \uiZjb\Zgb_f hij_^_e_ggh]h h[t_0 fZ \h^u \ nZjnhjh\hc qZrd_ gZ \h^yghc [Zg_1 < \h^Zo k ih\ur_gghc fbg_jZebaZpb_c kmohc hklZlhd hij_^_ey_lky lZd`_/ gh k ^h[Z\e_gb_f d ijh[_ \h^u gZ\_kdb m]e_dbkeh]h gZljby1 Ijb wlhf oehjb^u b kmevnZlu dZevpby b fZ]gby i_j_oh^yl \ dZj[hgZlu b ihegh_ h[_a\h`b\Zgb_ km0 oh]h hklZldZ e_]dh ^hklb]Z_lky1
46
Oh^ hij_^_e_gby Hl[bjZxl g_h[oh^bfuc h[t_f \h^u +hl 83 ^h 583 fe, \ f_jgmx dhe[m beb f_jguc pb0 ebg^j1 < nZjnhjh\mx qZrdm/ ij_^\Zjbl_evgh \a\_r_ggmx k gZ\_kdhc 3/5 0 3/7 ] 1D5&26/ gZeb\Z0 xl bkke_^m_fmx \h^m b/ ih^eb\Zy ih f_j_ \uiZjb\Zgby/ \uiZjb\Zxl gZ \h^yghc [Zg_1 Ijbeb0 \Zlv \h^m \ qZrdm ke_^m_l ihkl_i_ggh/ g_ gZihegyy __ ^h djZ_\/ qlh[u ba[_`Zlv \uiheaZgby kh0 e_c ba qZrdb1 Ihke_ \uiZjb\Zgby qZrdm _s_ g_dhlhjh_ \j_fy ijhkmrb\Zxl gZ \h^yghc [Zg_1 AZl_f kgbfZxl qZrdm k \h^yghc [Zgb/ ^Zxl _c hklulv b lsZl_evgh \ulbjZxl k \g_rg_c klhjhgu ^gh qZrdb nbevljh\Zevghc [mfZ]hc1 KlZ\yl qZrdm \ oheh^guc kmrbevguc rdZn/ WR dhlhjh]h ihkl_i_ggh ^h\h^yl ^h 483h04;3h K1 I_j\h_ ijhkmrb\Zgb_ ^eblky 5 0 6 qZkZ/ \lhjh_ 0 4 qZk1 Ihke_ dZ`^h]h ijhkmrb\Zgby qZrdZ hoeZ`^Z_lky \ wdkbdZlhj_ b \a\_rb\Z_lky gZ ZgZeblbq_kdbo \_kZo1 ?keb jZaghklv f_`^m ^\mfy \a\_rb\Zgbyfb g_ [m^_l ij_\urZlv . 3/334 ]/ hij_^_e_gb_ kmoh]h hklZldZ fh`gh kqblZlv aZdhgq_gguf/ \ ijhlb\ghf kemqZ_ hi_jZpbx \ukmrb\Zgby ke_^m_l ih\lh0 jblv _s_ jZa1 JZaghklv \ \_k_ f_`^m qZrdhc k kmobf hklZldhf b qZrdhc k kh^hc jZ\gZ \_km kmoh0 ]h hklZldZ \h \aylhf ^ey hij_^_e_gby h[t_f_ \h^u1 GZc^_gguc lZdbf h[jZahf kmohc hklZlhd \ [hevrbgkl\_ kemqZ_\ ^h\hevgh [ebahd d kmff_ fbg_jZevguo khklZ\guo qZkl_c \h^u/ hij_^_e_g0 guo \ oh^_ ZgZebaZ1 H[uqgh wlZ jZagbpZ g_ ij_\urZ_l g_kdhevdbo ijhp_glh\ +a 6 (,1 ;hevr__ jZkoh`^_gb_ mdZau\Z_l gZ hrb[dm \ ZgZeba_ eb[h gZ kh^_j`Zgb_ \ \h^_ we_f_glh\/ dhlhju_ g_ hij_^_eyebkv ijb ZgZeba_/ eb[h wlh mdZau\Z_l gZ \ukhdh_ kh^_j`Zgb_ hj]Zgbq_kdbo \_s_kl\ \ \h^_1 D •4333 JZkq_l= ; / ]^_= D 0 \_k kmoh]h hklZldZ \ qZrd_> 9 0 h[t_f \h^u/ \aylhc ^ey ZgZeb0 9 aZ> ; 0 \_k kmoh]h hklZldZ \ ]2^f61 K1 H1− ∑ F1 <1 513;6 − 51359 JZkq_l ijhp_glZ hrb[db= ; = • 433 = 51: ( / ]^_= O 0 ijhp_gl K1 H1 513;6 hrb[db> K1H1 0 kmohc hklZlhd ihke_ \uiZjb\Zgby> F1<1 0 kmffZ fbg_jZevgh]h \_s_kl\Z1 ; ∑ Z − ∑ D / ]^_ Z 0 kmffZ Zgbhgh\ \ ffhev0wd\> D 0 kmffZ dZlbhgh\ \ ffhev0wd\1 ∑ ∑ ∑D
Ki_pbnbq_kdb_ we_f_glu fbg_jZevguo \h^ < ih^a_fguo \h^Zo \_kvfZ qZklh ijbkmlkl\mxl bhgu/ dhlhju_ h[mkeh\eb\Zxl ki_pbnbq_0 kdb_ hkh[_gghklb \h^u b hij_^_eyxl \hafh`ghklv bkihevah\Zgby __ \ [Zevg_heh]bb beb \ dZq_0 kl\_ ijhfure_gguo1 D ki_pbnbq_kdbf we_f_glZf hlghkylky l_jZi_\lbq_kdb Zdlb\gu_ fbdjh0 we_f_glu= %U40/ -/ $V40/ &X5./ =Q5./ 0Q5./ )H5./ /L4./ )40/ &2/ +56L26> jZ^bhZdlb\gu_= 8/ 5D/ 5Q> fbdjhwe_f_glu ijhfure_ggh]h gZagZq_gby= %/ -/ %U40/ 6L4./ 6U505 b ^jm]b_ j_^db_ we_f_glu> fbd0 jhwe_f_glu 0 aZ]jyagbl_eb ih^a_fguo \h^= &U9./ )H5./ 6./ 0Q5./ 3/ 3E5./ %H5./ 12405/ 12406/ 1+4071 DeZkkbnbdZpby ih^a_fguo \h^ H^gbf ba f_lh^h\ kbkl_fZlbaZpbb b bgl_jij_lZpbb obfbq_kdh]h khklZ\Z \h^u y\ey_lky deZkkbnbdZpby \h^u1 Obfbq_kdZy deZkkbnbdZpby mdZau\Z_l gZ \hafh`ghklv ijZdlbq_kdh]h bk0 ihevah\Zgby \h^u/ ihfh]Z_l \uykgblv mkeh\by nhjfbjh\Zgby \oh^ysbo \ khklZ\ \h^u we_f_g0 lh\/ ]b^jZ\ebq_kdhc \aZbfhk\yab \h^hghkguo ]hjbahglh\1 < k\yab k l_f/ qlh gZ lj_lv_f dmjk_ ih^jh[gh jZkkfZljb\Zehkv deZkkbnbpbjh\Zgb_ \h^ ih kl_i_gb fbg_jZebaZpbb b ih obfbq_kdhfm khklZ\m/ \ ^Zgghf jmdh\h^kl\_ jZkkfZljb\Z_lky deZkkbnbdZpby <1<1 B\Zgh\Z b =1:1 G_\jZ_\Z ^ey fbg_jZevguo \h^1 DeZkkbnbdZpby <1<1 B\Zgh\Z b =1:1 G_\jZ_\Z hkgh\ZgZ gZ mq_l_ bhggh]h/ ]Z0 ah\h]h khklZ\Z b ki_pbnbq_kdbo we_f_glh\1 < deZkkbnbdZpbb \u^_ey_lky : [Zevg_heh]bq_kdbo ]jmii/ \ ij_^_eZo dZ`^hc ]jmiiu ih ]Zah\hfm khklZ\m \u^_eyxlky ih^]jmiiu1 H^gh\j_f_ggh ih Zgbhgghfm b dZlbhgghfm khklZ\m \h^u jZa_eyxlky gZ deZkku b ih^deZkku1 Ijb hij_^_e_gbb deZkkZ b ih^deZkkZ mqblu\Zxlky bhgu/ kh^_j`Zgb_ dhlhjuo \ \h^_ khklZ\ey_l [he__ 53 wd\0(1 < ij_^_eZo dZ`^h]h deZkkZ \u^_e_gh g_kdhevdh ]jZ^Zpbc fbg_jZebaZpbb \h^u/ qlh ^Z_l \hafh`0 ghklv ihemqblv ij_^klZ\e_gb_ h ijb]h^ghklb __ ^ey iblv_\h]h e_q_gby b \Zgg1 Ihevah\Zlvky deZkkbnbdZpb_c ihfh]Z_l khklZ\e_ggZy deZkkbnbdZpbhggZy lZ[ebpZ/ \ dhlhjhc \_jlbdZevgu_
47
]jZnu oZjZdl_jbamxl [Zevg_heh]bq_kdb_ ]jmiiu/ Z ]hjbahglZevgu_ 0 bo bhgguc khklZ\ b fbg_0 jZebaZpbx1 I_j_k_q_gb_ \_jlbdZevguo b ]hjbahglZevguo ]jZn hij_^_ey_l ]b^jh]_hobfbq_kdbc lbi fbg_jZevghc \h^u1 < deZkkbnbdZpbb \u^_e_gh <: lbih\ fbg_jZevguo \h^ +lZ[ebpZ ij_^eZ0 ]Z_lky gZ eZ[hjZlhjguo aZgylbyo,1 Hp_gdZ \h^u ^ey bkihevah\Zgby \ [Zevg_heh]bb \ dZq_kl\_ fbg_jZevghc Fbg_jZevgufb ih^a_fgufb \h^Zfb gZau\Zxlky \h^u/ kh^_j`Zsb_ \ ih\ur_gguo dhgp_g0 ljZpbyo l_ beb bgu_ fbg_jZevgu_ dhfihg_glu b ]Zau b h[eZ^Zxsb_ dZdbfb0eb[h nbabq_kdbfb k\hckl\Zfb +jG kj_^u/ jZ^bhZdlb\ghklv,/ [eZ]h^Zjy dhlhjuf \h^u hdZau\Zxl [eZ]hl\hjgh_ \ebygb_ gZ q_eh\_q_kdbc hj]Zgbaf1 Qlh[u hlg_klb \h^u d jZajy^m fbg_jZevguo/ ihevamxlky hkgh\gufb djbl_jbyfb hp_gdb fbg_jZevguo e_q_[guo \h^1+LZ[ebpZ 5,1 Djbl_jbb hp_gdb fbg_jZevguo \h^ LZ[ebpZ 5 ‹ ii 4 4
4 5
Hkgh\gu_ ihdZaZl_eb
5 H[sZy fbg_jZebaZpby \h^ +F, 5
Ghjfu ^ey hlg_k_gby \h^ d fbg_jZevguf 6 5/3 ]2e
6
Kh^_j`Zgb_ &25 k\h[h^ghc +jZkl\hj_gghc \ \h^_,
3/8 ]2e
6
Kh^_j`Zgb_ +56 ++56.+640,
43 f]2e
7
Kh^_j`Zgb_ $V
3/: f]2e
GZbf_gh\Zgb_ b ih^jZa^_e_gb_ \h^
? 5/3 ]2e 5/308/3 ]2e 8/3048/3 ]2e 48/3068/3 ]2e 68/30483/3 ]2e 7 !483/3 ]2e 3/804/7 ]2e 4/705/8 ]2e ! 5/8 ]2e 43/3083/3 f]2e 83/30433 f]2e 4330583 f]2e !583 f]2e ijb jG ? 9/8 ijb jG 9/80:/8 ijb jG ! :/8 3/:08/3 f]2e 8/3043/3 f]2e ! 43/3 f]2e
8
Kh^_j`Zgb_ )H +)H5. . )H6.,
53/3 f]2e
9 : ;
Kh^_j`Zgb_ %U Kh^_j`Zgb_ Kh^_j`Zgb_ ++56L26.+6L2406, Kh^_j`Zgb_ 5Q
58/3 f]2e 8/3 f]2e 83/3 f]2e
<
8 g.X2^f6/ beb +47 F?,/ beb ;d2^f61 4 gDX2^f6
53/3073/3 f]2e 73/30433/3 f]2e ! 433/3 f]2e
8073 gZghdxjb2e +470443 F?, 730533
7 0 keZ[hc fbg_jZebaZpbb 0 fZehc 0 % 0 0 kj_^g_c 0 % 0 0 \ukhdhc 0 % 0 0 jZkkhevgu_ 8 0 dj_idb_ jZkkheu 0 keZ[hm]e_dbkeu_ 0 m]e_dbkeu_ kj_^g_c dhgp_gljZpbb 0 kbevghm]e_dbkeu_ +\u0^_eyxsb_ kihglZgguc ]Za, 0 keZ[hkmevnb^gu_ 0 kmevnb^gu_ kj_^g_c dhgp1 0 dj_idb_ kmevnb^gu_ 0 hq_gv dj_idb_ kmevnb^gu_ 0 k_jh\h^hjh^gu_ 0 k_jh\h^hjh^gh0]b^jhkmev0nb^gu_ 0 ]b^jhkmevnb^gh0k_jh\h^h0jh^gu_ 0 furvydh\bklu_ +furvydh\u_, 0 dj_idb_ furvydh\bklu_ +furvydh\u_, 0 hq_gv dj_idb_ furvy0dh\bklu_ +furvydh\u_, 0 `_e_abklu_ 0 dj_idb_ `_e_abklu_ 0 hq_gv dj_idb_ `_e_abklu_ 0 [jhfgu_ 0 ch^gu_ 0 dj_fgbklu_ 0 keZ[hjZ^hgh\u_ 0 jZ^hgh\u_ kj_^g_c
48
6:/4 ;d2^f6
43
J_Zdpby \h^u +jG,
0
44
L_fi_jZlmjZ
0
gZghdxjb2e +4430883 F?, ! 533 gZghdxjb2e +! 883 F?, ? 6/8 6/808/8 8/809/; 9/;0:/5 :/50;/8 ! ;/8 ? 53h K 53h068h K 68h075h K ! 75h K
dhgp_gljZpbb 0 \ukhdhjZ^hgh\u_ 0 kbevghdbkeu_ 0 dbkeu_ 0 keZ[hdbkeu_ 0 g_cljZevgu_ 0 keZ[hs_ehqgu_ 0 s_ehqgu_ 0 oheh^gu_ 0 l_ieu_ +keZ[hl_jfZevgu_, 0 ]hjyqb_ +l_jfZevgu_, 0 hq_gv ]hjyqb_ 0 +\ukhdhl_jfZevgu_,
AZ^Zgb_ ‹ 5 41 Ihkljhblv dZjlm jZkijhkljZg_gby [jhfZ b ch^Z \ fbg_jZevguo bklhqgbdZo ;hjbkh]e_[kdh]h b Ih\hjbgkdh]h jZchgh\
‹ ii 4 5 6 7 8 9
Kh^_j`Zgb_ [jhfZ +%U0,/ ch^Z +-0, b fbg_jZebaZpby \ \h^Zo k_\_jh0\hklhqghc qZklb
AZ^Zgb_ ‹ 6 41 Ihkljhblv dZjlm jZkijhkljZg_gby jZ^hgZ \ ih^a_fguo \h^Zo1+DZjlZ ‹ 5,1 51
49
< 43 44
41 51 61 71 81
<66 <49 ;:7
574
Ebl_jZlmjZ B\Zgh\ <1<1/ G_\jZ_\ =1:1 DeZkkbnbdZpby ih^a_fguo fbg_jZevguo \h^10F1/4<971049: k1 DjZcgh\ K1J1/ R\_p <1F1 Hkgh\u ]_hobfbb ih^a_fguo \h^1 0F1/4<;3105;8 k1 Kfbjgh\Z :1Y1/ ;hqZjh\ <1E1 Fbg_jZevgu_ \h^u Jhkkbb1 0
:eeZ Ydh\e_\gZ Kfbjgh\Z J_^Zdlhj
A1?1 Dmag_ph\Z
