Close
About
FAQ
Home
Collections
Login
USC Login
Register
0
Selected
Invert selection
Deselect all
Deselect all
Click here to refresh results
Click here to refresh results
USC
/
Digital Library
/
University of Southern California Dissertations and Theses
/
Sustainable continuous flow syntheses of colloidal inorganic nanoparticle catalysts
(USC Thesis Other)
Sustainable continuous flow syntheses of colloidal inorganic nanoparticle catalysts
PDF
Download
Share
Open document
Flip pages
Contact Us
Contact Us
Copy asset link
Request this asset
Transcript (if available)
Content
2423 (- !+$".-3(-4.42%+.628-3'$2$2.%".++.(# + (-.1& -("- -./ 13("+$" 3 +8232 >U $IEHU ) 1K>ANPO << << << << << << << << << << <<<< <<<< <<<< <<<< <<<<<<<<<<<<<<<<<<<<<<<<<<< <<< #EOOANP=PEKJ/NAOAJ PA@PK PDA % "4+38.% 3'$42"&1 #4 3$2"'..+ 4-(5$12(38 .%2.43'$1-" +(%.1-( (J /=NPE=H%QHBEHHIAJP KBPDA 1AM QENAIAJ POBKNPDA#ACNAA #."3.1.%/'(+.2./'8 "'$,(2318 August "KLUNECDP $IEHU) 1K>ANPO EE -478@5/.1/6/7=< ( ?=J O=U SEPD = DQJ@NA@ LAN?AJP ?ANP=EJPU PD=P PDEO @EOOANP=PE KJ S=O KJHU LKOOE>HA @QA PK PDA PNAIAJ@KQO OQLLKNP ( D=RA NA?AERA@ KRAN PDA H=OP BERA UA=NO %ENOP =J@ BKNAIKOP ( SKQH@ HEGA PK PD=JG IU =@REOKN /NKBAOOKN 1E?D=N@ !NQP?DAU -KP KJHU SANA UKQ =J =I=VEJC IAJPKN >QP ( GJKS PD=P ( D=RA I=@A = HEBAHKJC BNEAJ@ =J@ BKN PD=P ( =I APANJ=HH U CN=PABQH 8KQN HKRA BKN O?EAJ?A EO EJBA?PEKQO =J@ ( SKQH@ JKP >A PDA O?EAJPEOP ( =I PK@=U EB EP D =@ JKP >AAJ BKN UKQN CQE@=J?A 8KQ PNQHU D=RA P=QCDP IA ARANUPDEJC ( GJKS >QP PDEO SEHH >A PDA KJ HU PEIA ( =@IEP PD=P 8KQ LNKRE@A@ IA SEPD AJ@HAOO KLLKNPQJEPEAO PK ?KHH=>KN=PA SEPD O?EAJPEOPO =? NKOO PDA ?KQJPNU KJ AT?EPEJC JAS ?DAIEOPNU PN=RAH PDA SKNH@ PK LNAOAJP IU NAOA=N?D =J@ PDA BNA A@KI PK ATLHKNA =JUPDEJC PD=P OL=NGA@ IU EJPANAOP EJ PDA H=> I=GEJC PDAOA H=OP BERA UA=NO JK PDEJC ODKNP KB ATPN=KN@EJ=NU 3D=JG UKQ 1E?D=N@ BKN @KEJC ARANUPDEJC EJ UKQN LKSAN PK OQLLKNP IA EJ LQNOQEJC IU ?=NAAN CK=HO KB >A?KIEJC = L=PAJP =PPKNJAU =J@ QHPEI=PAHU >AEJC = H=NCA L=NP K B IU =@IEPP=J?A PK !ANGAHAU +=S (?=JJKPS=EPPKI=GAUKQLNKQ@=PUKQN=HI=I=PAN ( SKQH@ =HOK HEGA PK PD=JG IU ?KIIEPPAA IAI>ANO /NKBAOOKN -K=D ,=HIOP=@P /NKBAOOKN 2PALDAJ !N=@BKNPD /NKBAOOKN 2NE -=N=U=J =J@ /NKBAOOKN 2I=N=J@ = ,=NEJAO?Q BKN >AEJC CAJANKQO SEPD UKQN PEIA =J@ BKN GAALEJC IA KJ IU PKAO SEPD D=N@ MQAOPEK JO =J@ CAJQEJA ?QNEKOEPEAO (J =@@EPEKJPKOANREJC=O=?KIIEPPAAIAI>AN/NKBAOOKN-K=D,=HIO P=@PS=OHEGA=OA?KJ@=@REOKN PK IA (P D=O PNQHU >AAJ =J DKJKN ?KHH=>KN=PEJC SEPD UKQ =J@ UK QN OPQ@AJPO .QN >ESAAGHU IAAPEJCO =HPANA@ PDA S=U EJ SDE?D ( PDKQCDP =>KQP ?DAIEOPNU =J@ ( PDKNK QCDHU AJFKUA@ P=HGEJC PDNKQCD AJCEJAANEJC LNK>HAIO .QN ?KHH=>KN=PEKJ D=O EJOPEHHA@ EJ IA PD= P CNA=P LNKCNAOO ?=J >A I=@A SDAJ SA >HQN @EO?ELHEJA HEJAO =J@ SKNG PKCAPDAN 3K "=NOKJ 1E?DA =J@ +Q 6=JC PD=JG UKQ BKN SKNGEJC SEPD IA PK OKHRA OKIA NA=HHU ?D=HHAJCEJC LNK>HAIO ( HA=NJA@ OK IQ?D BNKI >KPD KB UKQ =>KQP ?DAIE?=HAJCEJAANEJC ( D=@ PDA LHA=OQNA KB SKNGEJC SEPD I=JU IKNA ?KHH=>KN=PKNO %EN OP PK PDA PA=I =P PDA -=PEKJ=H 1AJAS=>HA $JANCU +=>KN=PKNU #N 2QO=J '=>=O #N #=J 1Q@@U =J@ #N %NA@ !=@@KQN EP D=O >AAJ = SEH@ NE@A 3DA LNKFA?PO SA SKNGA@ KJ PKCAPDAN SAN A ?D=HHAJCEJC >QP EJ?NA@E>HU NAS=N@EJC .QN ?KHH=>KN=PEKJ IKPER=PA@ QO PK LQOD KQN O?EAJ?A P K PDA JATP HARAH EJ KN@AN PK IAAP PDKOA IEHAOPKJAO ( =I >AUKJ@ AT?EPA@ PK OAA SD=P CNA=P PDEJCO ?KIA KQP KB PDA ?KJPEJQA@ ?KHH=>KN=PEKJ >APSAAJ UKQ =HH =J@ PDA !NQP?DAU CNKQL =J@ HKKG B KNS=N@ PK NAI=EJEJC BNEAJ@O >EC PD=JGO PK /NKBAOOKN 2EIKJ 'QILDNAU =P PDA 4JERANOEPU KB 3AT =O QOPEJ BKN =HHKSEJC QO PK QOA UKQNIE?NKS=RA=J@@KOKIA?KKHBHKS?DAIEOPNU (=LKHKCEVAEB SAHABP=JUO?=NO (P S=O =J DKJKN PK >A = L=NP KB PDA !NQP?DAU CNKQL h =HH IAI>AN O L=OP =J@ LNAOAJP D=RA I=@A PDEO FKQNJAU EJ?NA@E>HU NAS=N@EJC HH KB PDA O?EAJPEBE? @ EO?QOOEKJO OEHHU OPKNEAO =J@ BQJ PEIAO OD=NA@ SEHH JARAN >A BKNCKPPAJ ( SKQH@JlP D=RA >AAJ =>HA PK CAP PDNKQCD IU BENOP UA=N SEPDKQP ,=PP &NA=JAU =J@ 2A=J "QHRAN 3D=JG UKQ BKN >AEJC L=PEAJP =J@ O DKSEJC IA PDA NKLAO '=ELAJC PD=JG UKQ BKN P=GEJC QO PK OKIA GEHHAN "DEJAOA BKK@ EJ "DEJ=PKS J &KV@A IU HKJCPEIA H=>I=PA ( SEHH =HS=UO ?DANEOD PDA N=J@KI HKJC ?KJRANO=PEKJO SA D=@ =>KQP HEBA =J@ EPO R=NEKQO IA=JEJCO "=NNEA UKQN BNEAJ@ODEL EO KJA PD=P SEHH PN=JO?AJ@ PDEO LNKCN=I !KPD UKQ =J@ ,=NG D=RA >A?KIA RANU EILKNP=JP LAKLHA PK IA =J@ ( ?=JJKP S=EP BKN IKNA >EGA NE@ AO H=PA C=IA JECDPO =J@ =@RAJPQNAO PD=P SA =NA >KQJ@ PK OD=NA PKCAPDAN ,U >AHKRA@ 2=N= ( =I OK D =LLU PD=P UKQ FKEJA@ PDA CNKQL 3DA H=OP BAS UA=NO SKQH@ JKP >A PDA O=IA SEPDKQP KQN ?KBBAA @=P AO OD=NA@ HQJ?DAO CENHOl JECDPO SKNGKQP?H=OOAO=J@KB?KQNOA=HHKBKQN?KJBANAJ?APN=RAHO= J@KQN=JJERANO=NU@EJJAN (GJKS EEE ( D=RA I=@A = HEBAHKJC BNEAJ@ !NU?A PD=JG UKQ BKN UKQN QJS=RA NEJC LKOEPEREPU =J@ CKK@ DA=NPA@JAOO UKQ =NA PNQHU = FKU PK >A =NKQJ@ J@ PK +=JF= ( @K JKP PDEJG PDANA EO =JUKJA >APPAN PK ?KJPEJQA IU SKNG 8KQ =NA CKEJC PK @K =I=VEJCHU +=OP >QP JKP H A=OP ( SKQH@ HEGA PK =?GJKSHA@CA IU BKNIAN QJ@ANCN=@Q=PA OPQ@AJPO .HERE= 'QHH =J@ 2KHKIKJ *EI PD=JG UKQ BKN UKQN PEIA =J@ ABBKNP %EJ=HHU PD=JG UKQ PK IU BNEAJ@O =J@ B=IEHU >QP IKOP EILKNP=JP HU IU L=NAJPO H=J =J@ #E=J= ( SKQH@ JKP >A DANA PK@=U EB EP SANA JKP BKN UKQN HKRA AJ?KQN=CAIAJP O=?NEBE?AO =J@ OQLLKNP 3D=JG UKQ BKN >AEJC PDANA PK ?AHA>N=PA PDA EJ?NA@E>HA DECDO =J@ PK A=OA PDA HKSO ( =I PNQHU =LLNA?E=PERA KB ARANU DQC LDKJA ?=HH PATP IAOO=CA =J@ SKN@ K B AJ?KQN=CAIAJP 6EPD UKQN QJS=RANEJC OQLLKNP ( BAAH HEGA ( ?=J =??KILHEOD =JUPDEJC ( @A @E?=PA PDEO @EOOANP=PEKJ PK UKQ >KPD ER %+,5/8087=/7=< ?GJKSHA@CAIAJPO EE +EOPKB3=>HAO REEE +EOPKB%ECQNAO ET +EOPKB2?DAIAO TT >OPN=?P TTE "D=LPAN ,E?NK=J@,EHHEBQE@E?"KJPEJQKQO%HKS,APDK@OKB2UJPDAOEVEJC "=P=HUPE?=HHU ?PERA-=JKL=NPE?HAO >OPN=?P (JPNK@Q?PEKJ .RANREASKB"KJPEJQKQO%HKS,APDK@O %HKS1ACEIAO 2EJCHA/D=OA%HKS 3SK/D=OA%HKS 1A=?PKN#AOECJ 1A=?PKN,=PANE=HO %=>NE?=PEKJ3A?DJEMQAO %HKS"KJPNKH /KPAJPE=H(OOQAOSEPD2?=HEJCKB-=JKL=NPE?HA"=P=HUOP2UJPDAOA O>U "KJPEJQKQO%HKS %KQHEJC &=O$RKHQPEKJ /=N=HHAHEV=PEKJ %HKS2UJPDAOEOKB"KHHKE@=H-=JKL=NPE?HA"=P=HUOPO -=JKB=>NE?=PEKJKB'U@NKCAJ=PEKJ"=P=HUOPO 'U@NKCAJ=PEKJKB-EPNK=NKI=PE?"KILKQJ@OPK JEHEJAO 'U@NKCAJ=PEKJKB.HABEJO $HA?PNK?=P=HUOPO .TUCAJ1A@Q?PEKJ1A=?PEKJ.11 .TE@=PEKJKB,APD=JKH=J@$PD=JKH 1ABANAJ?AO R "D=LPAN 'ECD3DNKQCDLQP"KJPEJQKQO%HKS2UJPDAOEOKB-E?GAH -=JKL=NPE?HAOBKN PDA"=P=HUPE?'U@NK@AKTUCAJ=PEKJKB&Q=E=?KH >OPN=?P (JPNK@Q?PEKJ 1AOQHPO=J@#EO?QOOEKJ I%2UJPDAOEOKB-E-/O "D=N=?PANEV=PEKJKB"KHHKE@=H-E-/O /NAL=N=PEKJ=J@"D=N=?PANEV=PEKJKB2E. 2QLLKNPA@-E-/O "=P=HUPE?/ANBKNI=J?AEJPDA#AKTUCAJ=PEKJKB&Q=E=?KH $TLANEIAJP=H &AJAN=H"KJOE@AN=PEKJO ,EHHEBHQE@E?2UJPDAOEOKB"KHHKE@=H-E-/O J=HKCKQO!=P?D2UJPDAOEOKB"KHHKE@=H-E-/O (J?ELEAJP6APJAOO(ILNACJ=PEKJ"=P=HUOP2UJPDAOEO "D=N=?PANEV=PEKJ ' @OKNLPEKJ &Q=E=?KH#AKTUCAJ=PEKJ4J@AN$T2EPQ"%/"KJ@EPEKJO "KJ?HQOEKJO 1ABANAJ?AO "D=LPAN "KJPEJQKQO%HKS2UJPDAOEOKB1D=J@1D C HHKU-=JK L=NPE?HAO "=P=HUOPO$J=>HA2?=H=>HA/NK@Q?PEKJ=J@(ILNKRA@,KNLDKHKCE?= H "KJPNKH >OPN=?P (JPNK@Q?PEKJ 1AOQHPO=J@#EO?QOOEKJ 2UJPDAOEOKB1D-/O>U2EJCHA/D=OA%HKS 2UJPDAOEOKB1D-/OQJ@AN3SK/D=OA%HKS 3DANI=H2P=>EHEPUEJ1D,QHPELK@O OOAOOIAJPKB"=P=HUPE?'U@NKCAJ=PEKJKBPDA1D,QHPELK@O RO 1D-/O 2UJPDAOEOKB HHKU1D C-/O>U3SK/D=OA%HKS $TLANEIAJP=H LL=N=PQO,APDK@O=J@"D=N=?PANEV=PEKJ 2UJPDAOEOKB1D-/OQJ@AN2EJCHA/D=OA%HKS2UJPDAOEO "KJ@EPEKJO 2UJPDAOEOKB1D=J@1D C HHKU-/OQOEJC3SK/D=OA %HKSEJ,E?NKBHQE@E?"KJ@EPEKJO !=P?D2UJPDAOEO 2UJPDAOEOKB"=P=HUOPO "D=N=?PANEV=PEKJ "=P=HUPE?2PQ@EAO R E "KJ?HQOEKJO 1ABANAJ?AO "D=LPAN J$T?ALPEKJ=HHU,EH@=J@2?=H=>HA2KHQPEKJLD=OA2UJPDAOEOKB ,KHU>@AJQI"=N>E@A-=JKL=NPE?HAOBKN3DANIK?=P=HUPE?". 'U@NKCAJ=PEKJ >OPN=?P (JPNK@Q?PEKJ 1AOQHPO=J@#EO?QOOEKJ 2UJPDAOEOKB α ,K" T -/O 2PNQ?PQN=H"D=N=?PANEV=PEKJKB α ,K" T -/O ". 'U@NKCAJ=PEKJ $TLANEIAJP=H &AJAN=H"KJOE@AN=PEKJO !=P?D2UJPDAOEOKB α ,K" T -/O "KJPEJQKQO%HKS2UJPDAOEOKB α ,K" T -/O #APANIEJ=PEKJKBI%1AOE@AJ?A3EIA #APANIEJ=PEKJKBI%2UJPDAOEO8EAH@=J@/NK@Q?PEREPU 2UJPDAOEOKB"=N>KJ2QLLKNPA@-/O "D=N=?PANEV=PEKJ "=P=HUPE?". 'U@NKCAJ "KJ?HQOEKJO 1ABANAJ?AO "D=LPAN %HKS(JR=NE=JP#NKLHAP%KNI=PEKJBKN2P=>HA/=N=HHAH ,E?NKNA=?PKNO >OPN=?P (JPNK@Q?PEKJ 1AOQHPO #/NEJPA@,E?NKBHQE@E?#NKLHAP&AJAN=PKNO %HKS(JR=NE=JP#NKLHAP%KNI=PEKJ #ARE?A/=N=HHAHEV=PEKJ /H=PEJQI-/2UJPDAOEO $TLANEIAJP=H #ARE?A%=>NE?=PEKJ #NKLHAP5EOQ=HEV=PEKJ /P-=JKL=NPE?HA2UJPDAOEOEJ,E?NKBHQE@E?#ARE?A 1A?U?HEJCPDA(KJE?+EMQE@ (JEPE=PA@"DAIE?=H5=LKQN#ALKOEPEKJ /P-/2UJPDAOEOEJ!=P?D "D=N=?PANEV=PEKJ "KJ?HQOEKJO R EE 1ABANAJ?AO LLAJ@ET /D=OA#ENA?PEJC >EHEPUKB=J(KJE?+EMQE@2KHRAJPBK NPDA2UJPDAOEOKB '$1 ?PERA-E /-=JK?NUOP=H >OPN=?P (JPNK@Q?PEKJ 1AOQHPO=J@#EO?QOOEKJ $TLANEIAJP=H ,=PANE=HO 2UJPDAOEOKB-E?GAH/DKOLDE@A-=JKL=NPE?HAO #APANIEJ=PEKJKB8EAH@ /NAL=N=PEKJKB6KNGEJC$HA?PNK@AO $HA?PNK?DAIE?=H,A=OQNAIAJPO "D=N=?PANEV=PEKJ "KJ?HQOEKJ 1ABANAJ?AO !E>HEKCN=LDU R EEE 3<=80%+,5/< 3=>HA RAN=CA L=NPE?HA @E=IAPAN =RAN=CA ?NUOP=HHEPA OEVA IAP=H HK=@ EJC =J@ '=@OKNLPEKJOEPA@AJOEPUKBA=?D?=P=HUOP 3=>HA /NK@Q?POAHA?PEREPUR=HQAO=O =BQJ?PEKJKBPEIA KJOPNA=IBKN PDA(6 -E=J@-E-/?=P=HUOPO 3=>HA 2P=PEOPE?=H =J=HUOEO KB 1D IQHPELK@O BKNIA@ =BPAN @EBBANAJP PDA NI=H PNA=PIAJP?KJ@EPEKJO 3=>HA 1A=?PEKJ L=N=IAPANO BKN BHKS NA=?PEKJO ?=NNEA@ KQP QJ@AN }S( DA =PEJC 3=>HA ". NA@Q?PEKJ =?PEREPU =J@ LNK@Q?P OAHA?PEREPU 1A=?PEKJ ?KJ@EPEKJ O K " ,/= 6'25 D =J@ ' ". BKN >QHG =J@ OQLLKNPA@,K"?=P=HUOPO ET 3<=8031>;/< %ECQNA /=N=>KHE? RAHK?EPU LNKBEHA @EOLH=UA@ >U H=IEJ=N BHKS SDANA 0 EO PDA@E=IAPANKBPDA?D=JJAH %ECQNA = 3KL @AOECJ KB PDNAA EJPAN@ECEP=H IE?NKIETANO SEPD @EBB ANAJP IETEJC ?D=I>AN CAKIAPNEAO OHEPOD=LA@ NA?P=JCQH=N =J@ PNE=JCQH=N >KPPKI 2$, EI=CA KB KJA IE?NKOPNQ?PQNA@ H=UAN >QEH@EJC PDA OHEPOD=LA@ EJPAN@ECEP=H IE?NKIETAN > 3A?DJE?=H OGAP?D KB PDA ?=PANLEHH=N IE?NKIETAN OPNQ?PQNA ODKSEJC PDA N=IL HEGA OPNQ?PQNA KB PDA ?AJPN=H IETEJC ?D=JJAH ? #EIAJOEKJO KB PDA IE?NKBHQE@E? OUOPAI EJPACN=PEJC = j8k FQJ?PEKJ SEPD S PDA SE@ PD KB PDA ?D=JJAH O PDA HEJA=N HAJCPD KB PDA LANEK@E? OPAL =J@ + PDA HEJA=N HAJCPD KB PDA VECV=C IE?NK?D=JJAH @ 3KL "NKOOOA?PEKJ=H REASKBOA?KJ@=NUBHKSOP=GAJEJBHKS@ENA?PEKJ !KPPKIOGAP?D KB = IA=J@ANEJC ?D=JJAH >QEH@QL BNKI ?EN?QH=N OACIAJPO 3DA =NNKS EJ@E?=PAO PDA BHKS @ENA?PEKJ PDA @=ODA@ HEJA PDA ?KJPEJQ=PEKJ KB PDA CAKIAPNU %ECQNA = $T=ILHA KB @NKLHAP LNK@Q?PEKJ EJ = BHKSBK?QOEJC @ARE?A 3D A @EOLANOA@ LD=OA EO OMQAAVA@ >U PSK ?KQJPANOPNA=IEJC BHKSO KB P DA ?=NNEAN LD=OA BKN?EJC @NKLHAPO PK @AP=?D > (HHQOPN=PEKJ KB 3 FQJ?PEKJ ?D=JJAH ? 2?DAI=PE? NALNAOAJP=PEKJ KB PDA IQHPELHA EJHAP 3FQJ?PEKJ IE?NKBHQE@E? @ARE?A QOA@ PK OUJPDAOEVA Q =J@ C J=JKL=NPE?HAO 3DA ?=NNEAN KEH S=O EJFA?PA@ RE= EJHAP SDEHA P DA NA=CAJP OPNA=IO SANA EJPNK@Q?A@ RE= EJHAPO =J@ LQNA !,(, 3B - OPNA=I S=O EJFA?PA@ RE= EJHAP PK LNARAJP @EBBQOERA IETEJC >APSAAJ NA=CAJP OPNA=IO >ABKNA @NKLHAP BKNI=PEKJ ?KQH@ K??QN 3 DA EJPN=?D=JJAH=NNKSEJ@E?=PAOPDA@ENA?PEKJKB@NKLHAPBHKS %ECQNA = "KILQPAN=E@A@ @ AOECJ " # N AJ@ANEJC KB = @NKLHAP CAJAN=PKNSEPDP SKE JHAPOBKNPDA@EOLANOA@=J@?KJPEJQKQOLD=O AO =J@ = OEJCHA KQPHAP PD=P =??ALPO P Q>EJC .# EJ?D SEPD R=NEKQO ( #O PK ? KJPNKH P DA @NKLHAP OEVA > " # NAJ@ANEJC KB = @NKLHAP CAJAN=PKN EJ S DE?D P DA R ANPE?=H OACIAJP EO BQHHU ?KJOPNQ?PA@ >U OPANAKHEPDKCN=LDU 2+ N=PDAN P D=J >AEJC BKNIA@ >UATPANJ=HPQ>EJC %ECQNA %HKSKBLHQCOIKREJCPDNKQCD=OPN=ECDP?D=JJAH=J@>SEJ@E JC ?D=JJAH %ECQNA = 3DA OP=?G=>HA ?KJBECQN=PEKJ KB = /,, L=N=HHAHEV=PEKJ ?DEL 3DA @ARE?A EO ? KILKOA@ KB BKQN KN IKNA ? KJOPNQ?PEJC H=UANO ?=L H=U AN KEH =J@ S=PAN @ EOPNE>QPEKJ JAPSKNGO = J@ CAJAN=PEKJ H=UAN= > O? DAI=PE? ?HKOAQL EI=CA KB PDA BHKSBK?QOEJC IE?NKBHQE@E? @NKLHAP C AJAN= PKN EJ T PDA CAJAN=PEKJ H=UAN ? OEJCHA LAP=H PD=P ?=J > A PNA=PA@ =O =J EJ@ALAJ@AJP QJEP ,%#&O EJ = L AP=H OD=NA EJLQPO =J@ KQPLQP @ 2?DAI=PE? KB PDA L=N=HHAH JAPSKNG =OOAI>HA@ >U ?KJJA?PEJC = @EOPNE>QPEKJ I=JEBKH@ PK BKQN @NKLHAP CAJAN=PKNO 3DA ?KJPEJQKQ O LD=OA S =O HEJGA@ QOEJC HKS NAOEOP=J?A FQILAN P Q>EJC (#}I =J@ PDA @EOLANOA@ LD=OA S =O HEJGA@ QOEJC R=NEKQO HAJCPDO KB PQ>EJC (#}I PK ? NA=PA = CN=@EAJP KB NAOEOP=J? AO =?NKOO PDA BKQN >N=J?DAO A #NKLHAP @E=IAPANO : LNK@Q?A@ >U PDA BKQN >N=J?DAO KB PDA L=N=HHAH JAPSKNG HABP > U @EOLANOA@ =J@ ?KJPEJQKQO LD=OA B HKS N=PAO KB =J@ IH D q LQNLHA ?EN?HAO =J@ =J@ IHD q >H=?G P NE=JCHAO SDEHA KLAN=PEJC EJ = J@ >AUKJ@ PDA BHKS E JR=NE=JP NACEIA N AOLA?PERAHU $NNKN>=NONALNAOAJPPDAOP=J@=N@@ARE=PEKJ %ECQNA = 3DA O?DAI=PE? KB PDA NA=?PKN @AOECJ > 3DA BHKS L=PPANJ E J PDA IE?NKOPNQ?PQNA@ NA=?PKN ? 3DA ?=P=HUPE? =?PEREPEAO KB -E J=JKL=NPE?HAO LNAL=NA@ =P p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d JI > /=NPE?HA OEVA @EOPNE>QPEKJ =J@ PN=JOIEOOEK J AHA?PNKJ IE?NKCN=LD EI=CA KB BHKSOUJPDAOEVA@ /@ J=JKL=NPE?HAO SEPD =J =RAN=CA OEVA KB d JI DECDHECDPEJC OI=HHAN IA=J OEVA =J@ J=NNKSAN L=NPE?HA OEVA @EOPNE>QPEKJ ?KIL=NA@ PK PDKOA LNK@Q ?A@ QOEJCPDAOI=HHO?=HA>=P?DNA=?PKN TE %ECQNA = /=NPE?HA OEVA @EOPNE>QPEKJO KB PDA /@ J=JKL=NPE?HAO O=ILHA =OOAOOA@ DKQNHU @QNEJC = D LNK@Q?PEKJ NQJ DECDHECDPEJC PDA ?KJOEOPAJ?U EJ PDA L=NPE?HA OEVA BKN LNKHKJCA@ KLAN=PEKJ > "=P=HUPE? =?PEREPEAO KB /@ J=JKL=NPE?HAO EJ PANIO KB PDA PQNJKR AN BNAMQAJ?U 3.% BKN O=ILHAO =OOAOOA@ DKQNHU BNKI PSK OAL=N=PA D J=JKL=NPE?HA LNK@Q?PEKJ NQJO DECDHECDPEJC PDA ?KJOEOPAJ?U EJ PDA MQ=HEPUKB/@J=JKL=NPE?HAOKRANLNKHKJCA@KLAN=PEKJ %EKCQNA 1A=?PKN ?KJBECQN=PEKJ ODKSEJC PDA OUNEJCA LQILO EJFA?PEJC NA=CAJPO =J@ ?=NNEAN KEH @NKLHAP CAJAN=PKN @ARE?A =J@ PQ>EJC ?KEH EJ PDAIE?NKS=RA?=REPU %ECQNA 1ALNAOAJP=PEKJ KB 1D PAPN=LK@ BKNI=PEKJ >U OAHA?PERA B=?A P CNKSPD %ECQNA = /HKP KB PQNJKRAN BNAMQAJ?U IKHAO KB ?U?HKDAT=JA "' OQNB=?A LAN OEPA LAN OA?KJ@ RO PEIA KJOPNA=I IEJQPAO > / HKP KB HJ=?PEREPU =J@ :PAILAN=PQNA * q ; QOA@ PK @ANERA PDA R=HQA KB=?PER=PEKJAJANCEAO %ECQNA = 2?DAI=PE? KB PDA OACIAJPA@ BHKS CAJAN=PEKJ EJ PDA IETEJC VK JA KB = DU@NKLDEHE? IE?NKBHQE@E? NA=?PKN > 2LEN=H IE?NKNA=?PKN SEPD μ + ?D=JJAH SE@PD =J@ @ALPD =J@ μ + RKHQIA QOA@ BKN PDA OUJPDAOEO KB /@ J=JKNK@O ? +EMQE@ BHKS OACIAJP=PEKJ >U PDA C =O LD=OA @ #AP=EH KB PDA C=O=MQAKQO OACIAJPO CAJAN=PA@ =P p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q-E K?P=DA@N=H J=JK?NUOP=HO SEPDEJ A=?D @NKLHAP > /DKPKCN=LD ODKSEJC PDA BKNI=PEKJ KB @NKLHAPO EJ = /3%$ PQ>A @QNEJC PDA ?KJPEJQKQO LQILEJC KB = LNA?QNOKN OKHQPEKJ ?KJP=EJEJC 6". =P = ?KJ?AJPN=PEKJKB ICI+ q %ECQNA =q? 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU EI=CAO KB PDA LNK@Q?PO K>P=EJA@ QOEJC PDA O=IA LNKPK?KH @ARAHKLA@ BKN PDA JI /Pq-E K?P=DA@N=H J=JK?NUOP=HO AT?ALP BKN PDA EJPNK@Q?PEKJ KB 6". EJPK PDA LNA?QNOKN OKHQPEKJ =P @EBBANAJP ?KJ?AJPN=PEKJO = > =J@ ? IC I+ q 3DA EJOAPO EHHQOPN=PA PDA BKNI=PEKJ KB @NKLHAPO KN LHQCO EJ PDA /3%$ PQ>A 6DAJ 6". S=O QOA@ =P IC I+ q PDA OKHQPEKJ EJ PDA /3%$ PQ>A SKQH@ FAP KQP BNKI PDA KQPHAP @ 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LD EI=CA KB /Pq-E J=JK?NUOP=HO BKNIA@ SDAJ N C=O S=O OQLLHEA@ =O PDA ?=NNEAN LD=OA SEPD =HH KPDAN ?KJ@EPEKJO>AEJCGALPPDAO=IA=OEJ= %ECQNA $HA?PNK?=P=HUPE? LNKLANPEAO KB PDA K?P=DA@N=H /P -E" ?=P=HUOP BKN KTUCAJ NA@Q?PEKJ NA=?PEKJ = "U?HE? RKHP=IIAPNU ?QNRAO KB PDA /P -E" JI =BPAN PNA=PIAJP SEPD ' ? =J@ ?KIIAN?E=H /P" ?=P=HUOPO SP /P EJ = - O=PQN=PA@ , '"H. OKHQPEKJ 2?=JJEJC N=PA I5 O q > "KIL=NEOKJ KB LKOEPERACKEJC .11 LKH=NEV=PEKJ ?QNRAO KB PDA ?=P=HUOPO EJ =J . O=PQN=PA@ , '"H. OKHQPEKJ 2?=JJEJC N=PA I5 O q 1KP=PEKJ OLAA@ NLI 3DA ?QNNAJPO SANA JKNI=HEVA@ PK PDA CAKIAPNE? =NA= KB PDA NKP=P EJC @EOG AHA?PNK@A ?I ? $"2 =J@ @ I=OO =?PEREPU =P 5 RO 1'$ KB PDA ?=P=HUOPO >ABKNA =J@ =BPAN PDA =??AHAN=PA@ @QN=>E HEPU PAOPO %ECQNA = O?DAI=PE? EHHQOPN=PEKJ KB PDA ATLANEIAJP=H OAPQL QOA@ BKN CAJAN=PEJC ?KHHKE@=H JK>HAIAP=H J=JK?NUOP=HO EJ LHQC NA=?PKNO OAL=N=PA@ >U = C=OAKQO ?=NNEAN > ?/DKPKCN=LDO KB LHQC NA=? PKNO B=>NE?=PA@ SEPD @EBBANAJP N=PEKO >APSAAJ PDA HAJCPDO KB PDA NA= ?PEKJ OKHQPEKJ UAHHKS ?KHKN =J@ =EN ?KHKNHAOO PDA ?=NNEAN LD=OA 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LDO KB /@ J=JK?NUOP=HO LNAL=NA@ > U QOEJC PDA OP=J@=N@ LNKPK?KH AT?ALP BKN @EBBANAJP HAJCPD N=PEKO >APSAAJ PDA HAJCPDO KB PDA NA=?PEKJ OKHQPEKJ =J@ =EN OACIAJPO @ A B =J@ C 3DA =NNKSO EJ@E?=PA /@ J=JK?NUOP=HOSEPDKQP=JE?KO=DA@N=HOD=LA %ECQNA 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LDO KB /@ J=JK?NUOP=HO LNAL=NA@ > U QOEJC PDA OP=J@=N@ LNKPK?KH AT?ALP BKN PDA QOA KB LQNA . =O = ?=NNEAN LD=OA 3DA HAJCPD N=PEKO >APSAAJ PDA OKHQPEKJ =J@ . OACIAJPO SANA = =J@ > NAOLA?PERAHU 3DA =NNKSO EJ@E?=PA / @ K?P=DA@N=SEPD=OEJCHA?NUOP=HOPNQ?PQNA TEEE %ECQNA ="U?HE? RKHP=IIKCN=IO =J@ >.11 LKH=NEV=PEKJ ?QNRAO NA?KN@A@ BNKI PDA ?KIIAN?E=H /P" =J@ /@/P h+ " ?=P=HUOPO 3DA ?QNNAJP @AJOEPEAO SANA JKNI=HEVA@ =C=EJOP PDA CAKIAPNE? =NA= KB 1#$ ?I ?2LA?EBE? $"2 O =J@ @I=OO =?PEREPEAO =P 5 RANOQO NARANOE>HA DU@NKCAJ AHA?PNK@A 1'$ BKN ?KIIAN?E=H /P " =J@ /@/P h+ E?KO=DA@N= >ABKNA =J@ =BPAN =??AHAN=PA@ PAOPO 3DA ?KHKNO?DAIAOEJ>=J@@=HOK=LLHUPK==J@?NAOLA?P ERAHU %ECQNA = 2?DAI=PE? NALNAOAJP=PEKJ KB PDA IE?NKBHQE@E? NA=?PKN OUOPAI 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LD EI=CAO KB > /P !E OUJPDAOEVA@ =P p" =J@ ? /P !E OUJPDAOEVA@ =P p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hB /P2J"-3 %ECQNA=h? =J@ ?KIIAN?E=H /P" EJ =J =MQAKQO OKHQPEKJ KB ' 2. I =J@ " ' .' I=P NKKI PAILAN=PQNA 2?=J N=PA I5O q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d JI G1 =J@ !-E -/O d JI G1 @AJKPA@ >U CNAAJ =J@ LQNLHA ?KHKNO NAOLA?PERAHU CD 'ECDNAOKHQPEKJ 3$, IE?NKCN=LDO @EOLH=UEJC H=PPE?AOL=?EJCKBPDALH=JAO %ECQNA 3$, IE?NKCN=LDO =J@ PDAEN ?KNNAOLKJ@EJC OEVA DEOPKCN=IO KB OEHE ?= OQLLKNPA@ =@ I%-E -/O d JI >A !h-E -/O d JI =J@ ?B (6-E L=NPE?HAO d JI C 'ECD NAOKHQPEKJ 7/2 OLA?PN= KB PDA -E < NACEKJ =J@ D 71# KB I%-E -/O CNAAJ !-E -/O LQNLHA =J@ (6-E L=NPE?HAO LEJG 3DA OKHE@ =J@ @=ODA@ HEJAO EJ PDA 7/2 OLA?PN= NABAN PK PDA -E =J@ -E.' I=EJLA=G>EJ@EJCAJANCEAONAOLA?PERAHU %ECQNA = &Q=E=?KH ?KJRANOEKJ =O = BQJ?PEKJ KB PEIA KJ OPNA=I =J@ > LNK@Q?P 238 =O = BQJ?PEKJ KB PEIA KJ OPNA=I BKN I%-E -/O CNAA J !-E -/O LQNLHA =J@ (6-E L=NPE?HAO LEJG QJ@AN 2D ?6@A "%/ ?KJ@EPEKJO`" ,/= %ECQNA +EMQE@LD=OA LNK@Q?P OAHA?PEREPU BKN PDA DU@NK@AKTUCAJ=PEKJ KB CQ=E=?KH EJ PANIO KB = VANK > KJA =J@ ? PSKKTUCAJ ?KJP=EJEJC LNK@Q?PO QJ@AN 2D ? 6@A "%/ ?KJ@EPEKJO BKN I%-E -/O CNAAJ !-E -/O LQNLHA =J@ (6-E L=NPE?HAO LEJG @ 2AHA?PEREPU N=PEK KB IAPD=JKH LHQO ". KRAN IAPD=JA BKN I%-E -/ O CNAAJ!-E-/OLQNLHA=J@(6-EL=NPE?HAOLEJG %ECQNA = /71# L=PPANJO KB 1D -/O OUJPDAOEVA@ QOEJC KJALD=OA BHKS /QNLHA CNAAJ =J@ NA@ ?KNNAOLKJ@ PK PDA O=ILHAO OUJPDAOEVA@ QJ @AN }S( =P p" EJ =J@ IEJ NAOLA?PERAHU >@ 3$, EI =CAO KB 1D -/O OUJPDAOEVA@ EJ =J@ IEJ NAOLA?PERAHU /=NP E?HA OEVA @EOPNE>QPEKJO =J@ =RAN=CA OEVA R=HQAO =NA ODKSJ =O EJOAPO PK PDA ?KNNAOLKJ@EJC EI=CAO 2?=HA >=NO =NA JI A /HKP KB =RAN=CA OEVA IA=OQNAIAJPO@ANERA@BNKI3$,=J=HUOEO=J@NA=?PEKJPEIA $NNKN >=NONALNAOAJPOP=J@=N@@ARE=PEKJOKBPDAIA=OQNAIAJPO %ECQNA 3$, EI=CAO KB 1D -/O OUJPDAOEVA@ QJ@AN }S( QOEJC PSKLD=OA BHKS OUJPDAOEO =P p" EJ = =J@ > IEJ =J@ =P p" E J ? @ A =J@ B IEJ C 3$, EI=CA KB 1D -/O OUJPDAO EVA@ QJ@AN "R' QOEJC PSKLD=OA BHKS OUJPDAOEO =P `" EJ IEJ D 3$, EI=CA KB 1D J=JK?Q>AO OUJPDAOEVA@ EJ >=P?D >U EJFA?PEJC 1D"H u D ' . =J@ /5/ QOEJC PSK OAL=N=PA OUNEJCA LQILO E3$, EI=CA KB 1D C =HHKU -/O OUJPDAOEVA@ QOEJC PSKLD=OA BHKS OUJPDAOEO QJ@AN }S( =P p" SEPD = IEJ NAOE@AJ?A PEIA 2?=H A >=NO=NAJI TR %ECQNA = '13$, EI=CA KB 1D IQHPELK@O LNAL=NA@ QOEJC PSKLD=OA BHKS OUJPDAOEO QJ@AN }S( =P p" EJ IEJ SEPD 1 OL=?EJC ?KNNAOLKJ@EJC PK PDA H=PPE?A LH=JA 3DA O?=HA >=N EO J I > /HKPKB=RAN=CAOEVARONA=?PEKJPEIAK>P=EJA@BNKIPSKLD=OAB HKS OUJPDAOEO ?KJ@Q?PA@ =P p" RAN=CA =LLAJ@=CA HAJCPD KB IQHPELK@ 1D -/O EO ODKSJ EJ >HQA SDANA=O =RAN=CA OEVA KB JKJIQHPELK@ 1D -/O EO ODKSJ EJ KN=JCA ANNKN >=NO ?KNNAOLKJ@ PK OP=J@=N@ @ARE=PEKJ R=HQAO /AN?AJP K??QNNAJ?A KB IQHPELK@O EO ODKSJQOEJC=OA?KJ@RANPE?=H=TEOEJLEJG %ECQNA 3$, EI=CAO KB 1D -/O QOEJC ?KJPNKH NA=?PEKJO = /NK@Q?PO EOKH=PA@ BNKI ?KJPNKH >=P?D NA=?PEKJ ?=NNEA@ KQP QJ@AN J S( =P `" BKN IEJQPAO SDEHA JKP QOEJC = OUNEJCA LQIL > /NK@Q?PO EOKH=PA@ BNKI ?KJPNKH NA=?PEKJ ?=NNEA@ KQP QJ@AN J S( =P `" BKN IEJ =J@ =@@EJC 1D"H u D ' . =J@ /5/ @EOOKHRA@ EJ $& EJFA?PA@ QOEJC OAL=N=PAOUNEJCAO %ECQNA = /HKP KB PQNJKRAN BNAMQAJ?U IKHAO KB ?U?HKDAT=JA "' OQNB=?A LAN OEPA LAN OA?KJ@ RO PEIA KJOPNA=I IEJQPAO > /HKP KB HJ=?PEREPU =J@ :PAILAN=PQNA * h ; QOA@ PK @ANERA PDA R=HQAKB=?PER=PEKJAJANCEAO %ECQNA = ' #%23$, EI=CAO KB 1D C =HHKU -/O OUJPDAOEVA@ QOEJC PSK LD=OA BHKS NA=?PEKJ >@ ODKS # $#2 I=LLEJC NAOQHPO 2?=HA>=NEOJI %ECQNA = 1ALNAOAJP=PEKJ KB PDA IEHHEBHQE@E? NA=?PKN OUOPAI BKN PDA ?KJPEJQKQO BHKS OUJPDAOEO KB α ,K" hT -/O =J@ > NA=?PEKJ NAOE@AJ?A PEIA =J@ I% α ,K" hT -/O LNK@Q?P UEAH@ =O = BQJ?PEKJ KB:,K". ; %ECQNA = +KSNAOKHQPEKJ 3$, EI=CA KB α ,K" T -/O ODKSEJC KRAN=HH IKNLDKHKCU =J@ > DECDNAOKHQPEKJ 3$, EI=CA SEPD %%3 L=PPANJ EJOAP KB KQPHEJA@ NACEKJ EJ@ATA@ PK PDA :; VKJA =TEO ? 71# L=PPANJBKN α ,K" T -/OSEPD?KNNAOLKJ@EJCNABANAJ?AL=PPANJO %ECQNA 'ECDNAOKHQPEKJ = ,K 1 > " ? =J@ ? - ? 7/2 OLA?PN= BKN α ,K" T -/O LNAL=NA@ EJ BHKS QOEJC I, LNA?QNOKN OKHQPEKJ OQLLKNPA@KJ5QH?=J7"1?=N>KJ %ECQNA %3(1 OLA?PN= KB PDA LQNEBEA@ >QP QJOQLLKNPA@ α ,K" hT -/O OUJPDAOEVA@ EJ BHKS QOEJC I, LNA?QNOKN OKHQPEKJ CNAAJ =J@ K B BNAAKHAUH=IEJA>HQA %ECQNA = $TLANEIAJP=H /#% BKN α ,K" hT -/O >H=?G HEJA =O SAHH =O ?=H?QH=PA@ /#%O @=ODA@ HEJAO BKN α ,K" T NA@ =J@ β ,K " TRE >HQA > $TLANEIAJP=H /#% BKN α ,K" T -/O >H=?G HEJA =J@ ?=H?QH=PA@ /#%O BKN @=ODA@ HEJAO BKN ,K CNAAJ ,K. NA@ =J@ ,K. >HQA ? ,K *A@CA $7 %2 =J@ @ 1,"CAJAN=PA@ -/?KJBECQN=PEKJKB α ,K" hT -/O %ECQNA = ,K *A@CA 7 -$2 BKN >=P?D =J@ BHKS OUJPDAOEVA@ ,K" D =HKJC SEPD = NABANAJ?A ,K BKEH =J@ > ?KNNAOLKJ@EJC G OL=?A @=P= %ECQNA $7 %2 BEPPEJC NAOQHPO BKN BHKS OUJPDAOEVA@ ,K" D -/O = I=CJEPQ@ANOL=?A>NA=HNOL=?A=J@?G OL=?ABEPO %ECQNA ". ?KJRANOEKJ =O = BQJ?PEKJ KB PEIA KJ OPNA=I 3.2 KRAN OQLLKNPA@ α ,K" T -/O =J@ = IETPQNA KB >QHG α ,K" T =J@ β ,K " ?=P=HUOPO 1A=?PEKJ ?KJ@EPEKJO ,/= `" ' ". =J@6'25D %ECQNA ,=OO KB LNK@Q?P ?KHHA?PA@ KRAN PEIA BKN I, I, I,=J@I,,K". LNA?QNOKNOKHQPEKJO %ECQNA 1ALNAOAJP=PEKJ KB C=O =J@ HEMQE@ BHKS EJ PDA I% NA=?PKN =J@ PDA @=P= CAJAN=PA@ >U PDA @EOOEL=PEKJ BHKS OAJOKN PK @EOPEJCQEOD PDA HEM QE@ =J@ C=O LD=OAO =J@ @APANIEJA PDA NAOE@AJ?A PEIA BKN BHQE@ LHQCO EJ PDANA=?PKN %ECQNA 1AJ@ANEJCO KB # @NKLHAP CAJAN=PKNO =J@ EI=CAO KB @NKLHAP BKNI=PEKJ LNK?AOO = "KILQPAN=E@A@ @ AOECJ " # N AJ@ANEJC KB = @NKLHAP CAJAN=PKN SEPD P SK E JHAPO BKN PDA @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO =J@ = OEJCHA KQPHAP PD=P =??ALPO P Q>EJC .# EJ?D SEPD R =NEKQO ( #O PK ? KJPNKH P DA @NKLHAP O EVA > " # NAJ@ANEJC KB = @NKLHAP CAJAN=PKN EJ S DE?D P DA R ANPE?=H OACIAJP EO BQHHU ? KJOPNQ?PA@ >U OPANAKHEPDKCN=LDU 2+ N=PDAN P D=J >AEJC BKNIA@ >U ATPANJ=H PQ>EJC ? ,E?NKCN=LDO @ ALE?PEJC @EBBANAJP REASO KB PDA @ARE?A @QNEJC PDA @NKLHAP >NA=GQL LNK?AOO @ ,E?NKCN=LDO KB PDA @NKLHAP >NA=GQL LNK?AOO EJ BQHH 2+ @NKLHAP CAJAN=PKNOSEPD=JKQPHAPOEVAKBKN}I %ECQNA = ,E?NKCN=LDO KB PDA @NKLHAPO BKNIA@ Q OEJC PDA OET @EBBANAJP OEVAO KB KQPHAP PQ>EJC HEOPA@ > #NKLHAP @E=IAPAN RANOQO KQPH AP PQ>EJCIIAPANBKNBHKSN =PAN=PEKOKB HABP@ E=IKJ@=J@ NECDP ?EN?HA $NNKN >=NO N ALNAOAJP P DA O @ OKIA ANNKN >=NO =NA K>O?QNA@ >U PDA OUI>KHO ? /HKP KB PDA @NKLHAP @E=IAPAN R ANOQ O BN=?PEKJ=H @NKLHAP JQI>AN BKN R=NEKQO KQPHAP PQ>EJC OEVAO 3DA OKHE@ HEJAO N ALNAOAJP P DA = RAN=CA @NKLHAP OEVAO BKN = OEJCHA KQ PHAP OEVAA=?DHEJAEJ?HQ@AOR=HQAOBKNBHKSN =PAN=PEKOKB=J@ @EOLANOA@ PK ? KJPEJQKQO LD=OA @ !KTLHKP KB PDA @NKLHAP OEV A TREE LNK@Q?A@>U@NKLHAPCAJAN=PKNOS EPDPDAO=IAKQPHAPPQ>EJC(# }I =J@ @EBBANAJP O QNB=?A ? DAIEOPNEAO PD=P EO DU@NKLDEHE? J=PERA =J@ DU@NKLDK>E? KJ PDA ?D=JJAHO =O I K@EBEA@ >U EJEPE=P A@ ?DAIE?=HR=LKN@ALKOEPEKJ %ECQNA 2P=PEOPE?O BKN @NKLHAP OEVAO !KTLHKP KB @NKLHAP OEVAO LNK@Q?AO BKN @EBBANAJPOEVAOKBKQPHAPPQ>EJC=J@@EBBANAJPBHKSN=PAN=PEKO %ECQNA "KIL=NEOKJ KB QJ?K=PA@ = J@ ?K=PA@ ?D=JJAHO 2$, IE?NKCN=LDO KBPDA?D=JJAHOS EPDEJP DAQJ?K=PA@= J@?K=PA@@NKLHAPCAJAN=PK N 3DA EI=CAO O DKS P DA >KPPKI KB PDA ?D=JJAH JA=N P DA KQPHAP 3 DA O?=HA>=NNALNAOAJPO μ IPKL=J@ μ I>KPPKI %ECQNA = 2?DAI=PE? KB PDA L=N=HHAH JAPSKNG =OOAI>HA@ >U ?KJJA?PEJC = @EOPNE>QPEKJ I=JEBKH@ PK BKQN @NKLHAP CAJAN=PKNO 3DA ?KJPEJQKQ O LD=OA S =O HEJGA@ QOEJC HKS NAOEOP=J?A FQILAN P Q>EJC (#}I =J@ PDA @EOLANOA@ LD=OA S =O HEJGA@ QOEJC R=NEKQO HAJCPDO K B PQ>EJC (# }I PK ? NA=PA = CN=@EAJP KB NAOEOP= J?AO =?NKOO PDA BKQN >N=J?DAO > #NKLHAP @E=IAPANO : LNK@Q?A@ >U PDA BKQN >N=J?DAO KB PDA L=N=HHAH JAPSKNG HABP > U @EOLANOA@ =J@ ?KJPEJQKQO LD=OA B HKS N=PAO KB =J@ IH D q LQNLHA ?EN?HAO =J@ =J@ IHD q >H=?G P NE=JCHAO SDEHA KLAN=PEJC EJ = J@ >AUKJ@ PDA BHKS E JR=NE=JP NACEIA N AOLA?PERAHU $NNKN>=NONALNAOAJPPDAOP=J@=N@@ARE=PEKJ %ECQNA 1AJ@ANEJC KB PDA @ARE?A C AKIAPNU QOA@ BKN PDA OUJPDAOEO KB /P -/O ( P ?KJP=EJO KJA E JHAP BKN PDA ?KJPEJQKQO = J@ PSK EJHAPO B K N PDA @EOLANOA@ LD=OAO =J@ KJA KQPHAP $=?D LKNP =??ALPO .# EJ ?D P Q > E J C %ECQNA 3KL @KSJ REAS KB PDA @NKLHAPCAJAN=PEJC @ARE?A ( P EO D AH@ E J LH=?A >U = ?QOPKI ?H=IL 3DA @NKLHAPCAJAN=PEJC @ARE?A N AI=EJO REOQ=HHU QJ?D=JCA@ =BPAN P DA NQJJEJC KB PDA /P LNA?QNOKNO 3DA " # @N=SEJC ODKSO PDA PKL@KSJ REAS KB PDA @ARE?A 2 ?=HA >=N EOPDAO=IABKN=HHEI=CAO=J@NALNAOAJPO II %ECQNA = 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, EI=CAO KB /P-/O LNK@Q?A@ Q OEJC PDA IE?NKBHQE@E? @NKLHAP CAJAN=PKN QOEJC × NA?U?HA@ × N A?U?HA@ = J@ × N A?U?HA@ ! ,(,3B - EKJE? HEMQE@ 2?=HA >=NO N ALNAOAJP JI = J@ DEOPKCN=IO N ALN A OAJP P DA -/ @E=IAPANO : BNKI I QHPELHA 3$, EI=CAO > 7N=U @EBBN=?PEKJ 71# KB PDA /P-/O ? ' -,1 O LA?PN= KB PDA !,(,-3B EKJE? HEMQE@ NAOE@Q=H OKHRAJP LA=G =J@ @ % -,1 O LA?PN= KB PDA !,(, 3B - EKJE? HEMQE@ !KPD OLA?PN= EJ >H=?G = NA KB PDA EKJE? HEMQE@ =O N A?AERA@ A "KIL=NEOKJ KB PD A KRAN=HHUEAH@BNKIR=NEKQONA=?PEKJO TREEE %ECQNA 3$, EI=CAO KB 1D -/O OUJPDAOEVA@ QJ@AN }S( QOEJC PSKLD=OA BHKS OUJPDAOEO =P p" EJ = =J@ > IEJ =J@ =P p" E J ? @ A =J@ B IEJ C 3$, EI=CA KB 1D -/O OUJPDAO EVA@ QJ@AN "R' QOEJC PSKLD=OA BHKS OUJPDAOEO =P `" EJ IEJ D 3$, EI=CA KB 1D J=JK?Q>AO OUJPDAOEVA@ EJ >=P?D >U EJFA?PEJC 1D"H u D ' . =J@ /5/ QOEJC PSK OAL=N=PA OUNEJCA LQILO E3$, EI=CA KB 1D C =HHKU -/O OUJPDAOEVA@ QOEJC PSKLD=OA BHKS OUJPDAOEO QJ@AN }S( =P p" SEPD = IEJ NAOE@AJ?A PEIA 2?=H A >=NO=NAJI %ECQNA = 71# L=PPANJO KB JE?GAH LDKOLDE@A J=JK?NUOP=HO OUJPDAOEVA@ EJ !,(,3B - NA@ =J@ K?P=@A?AJA CNAAJ =P p" BKN IEJ 3DA LQNLHA OPE?G L=PPANJ NALNAOAJPO -E / =J@ PDA CKH@ OPE?G L=PPANJ NALNAOAJPO -E / > 3$, IE?NKCN=LD =J@ ?KNNAOLKJ@EJC OEVA DEOPKCN=IEJOAPKB-E /J=JK?NUOP=HOOUJPDAOEVA@EJ!,(,3B - ? 'ECDNAOKHQPEKJ 3$, IE?NKCN=LD @EOLH=UEJC H=PPE?A BNEJCAO K B PDA=J@LH=JAO %ECQNA 3$, IE?NKCN=LD KB -E / J=JK?NUOP=HO OUJPDAOEVA@ QOEJC .#$ =O PDAOKHRAJP=J@?KNNAOLKJ@EJCOEVA@EOPNE>QPEKJ %ECQNA /KS@AN 71# L=PPANJO KB JE?GAH LDKOLDE@A J=JK?NUOP=H OUJPDAOAO LANBKNIA@ =P R=NEKQO PEIAO =J@ PAILAN=PQNAO EJ = !,(,3B - =J@ > .#$ OKHRAJPO 3DA LQNLHA OPE?G L=PPANJ ?KNNAOLKJ@O PK -E / =J@ PDACKH@OPE?GL=PPANJ?KNNAOLKJ@OPK-E / %ECQNA 'ECDNAOKHQPEKJ7/2OLA?PN=KB=-E < =J@>/ < NACEKJO %ECQNA %3(1 OLA?PN= KB LQNA !,(,3B - >HQA //D CNAAJ . I LEJG =J@ -E / J=JK?NUOP=HO OUJPDAOEVA@ QOEJC !,(,3B - <;?@ LQNEBE?=PEKJP=J %ECQNA = /KH=NEV=PEKJ @=P= EJ , ' 2. BKN -E / J=JK?NUOP=HO OUJPDAOEVA@ EJ !,(,3B - KJ = 3E BKEH OQ>OPN=PA >=NA 3E BKEH =J@ /P IAOD AHA?PNK@A > "KNNAOLKJ@EJC 3=BAH LHKPO BKN PDA -E / J=JK?NUOP=H=J@/PIAODAHA?PNK@AO %ECQNA "DNKJKLKPAJPEKIAPNE? OP=>EHEPU IA=OQNAIAJP =P I ?I BKN DEJ,-=.' %ECQNA 3$, EI=CAO KB = -E "K / > -E "K / =J@ ? -E "K / J=JK?NUOP=HOOUJPDAOEVA@QOEJC!,(,3B - %ECQNA /KS@AN 71# L=PPANJO KB = -E "K / > -E "K / =J@ ? -E "K /J=JK?NUOP=HOOUJPDAOEVA@QOEJC!,(,3B - TET %ECQNA 4JEP?AHHRKHQIARO ?KILKOEPEKJKB-E hT "K T /J=JK?NUOP=HO %ECQNA $#2 OLA?PNQI AHAIAJP=H I=LO =J@ AHAIAJP=H ?KILKOEPEKJ KB -E "K /J=JK?NUOP=HOOUJPDAOEVA@QOEJC!,(,3B - TT 3<=80$-2/6/< 2?DAIA 2?DAI=PE? KB ?KJPEJQKQO BHKS OAPQL BKN OAMQAJPE=H NA@Q?PEKJ KB -E =J@ /@LNA?QNOKNO 2?DAIA 2?DAI=PE? @E=CN=I KB PDA ATLANEIAJP=H OAPQL BKN PDA OUJPDAOEO K B C J=JKL=NPE?HAOQOEJC=#LNEJPA@OQLLKNPPKEJ@Q?A#A=JRKNPE?A O 2?DAIA 2?DAI=PE? KB PDA PNELD=OE? OACIAJPA@ BHKS NA=?PKN BKN DU@NKCAJ= PEKJ NA=?PEKJO PK EJRAOPEC=PA PDA ?=P=HUPE? =?PEREPU KB /@ J=JKL=NPE ?HAO PKS=N@O DU@NKCAJ=PEKJ KB DATAJA QJ@AN IEJEI=H I=OO PN=JOBAN HEIEP=PEKJO 2?DAIA I%1A=?PKN2UOPAIBKNPDA"KJPEJQKQO%HKS/NK@Q?PEK JKB-E-/O 2?DAIA "KIIKJ PN=JOBKNI=PEKJO K>OANRA@ @QNEJC PDA DU@NK@AKTUCAJ=PEKJ KBCQ=E=?KH @=LPA@BNKI ';<.@.8 2?DAIA 1A=?PKN "KJBECQN=PEKJ 2DKSEJC PDA 2UNEJCA /QILO (JFA?PEJC 1A=CAJPO =J@ "=NNEAN .EH #NKLHAP &AJAN=PKN #ARE?A J@ 3Q>EJC "KEHEJPDA,E?NKS=RA"=REPU 2?DAIA 1ALNAOAJP=PEKJ KB 1D 3APN=LK@ %KNI=PEKJ >U 2AHA?PERA %=?AP &NKSPD 2?DAIA "Q>K?P=DA@N=H =J@ 3APN=LK@ &AKIAPNEAO BKN "U?HKDATAJA 'U@NKCAJ=PEKJ1A=?PEKJ TTE ,<=;+-= &HK>=H AJANCU ?KJOQILPEKJ D=O >AAJ EJ?NA=OEJC ATLKJAJPE=HHU =J@ EO JKP ATLA?PA@ PK @A?HEJA EJ PDA JA=N BQPQNA .RAN PDA H=OP ?AJPQNU = I=FKNEPU K B KQN BQAH D=O >AAJ @ANERA@ BNKI BKOOEH BQAHO OQ?D =O ?K=H KEH =J@ J=PQN=H C=O 'KSARAN ?KJ?ANJ KRA N @ALHAPEJC BKOOEH BQAH NAOKQN?AO PDA CAKLKHEPE?=H ?KJOAMQAJ?AO PDANAKB =J@ PDAEN KRAN=HH ?KJPNE>QPE KJ PK PDA CHK>=H LNK@Q?PEKJ KB ?=N>KJ @EKTE@A =NA =HH OPNKJC @NERANO BKN = ODEBP PKS=N@ IKNA @ERANOEB EA@ =J@ NAJAS=>HA BQAH OKQN?AO H=NCA B=?PKN EJ PDA EILHAIAJP=PEKJ KB NAJAS=>HA BQAH OKQN?AO EO PDA ?KOP =J@ A=OA =P SDE?D PDAU ?=J >ALNK@Q?A@KND=NJAOOA@AOLA?E=HHU=PPDAO?=HAJA?AOO=NUPK @EOLH=?APDAQOAKBBKOOEHBQAHO .JA IAPDK@ PK EJ?NA=OA PDA RE=>EHEPU KB NAJAS=>HA BQAHO EO PK @ARAH KL ?=P=HUOPO BKN BQAH LNK?AOOEJC PD=P =NA DECDHU =?PERA OAHA?PERA =J@ OP=>HA BKN PDA @AOENA@ ?DAIE? =H PN=JOBKNI=PEKJO 3DA K>FA?PERA KB PDEO @EOOANP=PEKJ EO PK =@@NAOO PDAOA =BKNAIAJPEKJA@ EOOQAO >U @ARAHKLEJC NK>QOP H=NCAO?=HA I=JQB=?PQNEJC IAPDK@O KB OUJPDAOEVEJC J=JKO?=HA ?=P=HUOPO BKN Q OA EJ PDA LNK@Q?PEKJ KB NAJAS=>HA BQAHO (J "D=LPAN PDA H=NCAO?=HA ?KJPEJQKQO BHKS OUJPDAOEO KB -E J=JKL=NPE?HAO BKN QOA =O >EK BQAH QLCN=@EJC ?=P=HUOPO EO NALKNPA@ $ILHKUEJC ?KJPEJQKQO BHKS OUJPDAOEO IAPDK@O =HHKSA@ BKN PDA LNK@Q?PEKJ KB C KB -E J=JKL=NPE?HAO LAN @=U 6DAJ ?KIL= NA@ PK PDA =J=HKCKQO >=P?D NA=?PEKJ PDA BHKS IAPDK@ EO IKNA ABBE?EAJP =O @EOLH=UA@ >U PDA OQLANEKN UEAH@ ?KIL=NA@ PK >=P?D SDE?DS=ORO 3DAOUJPDAOEVA@-E?=P=HUOPOSANA=?PERA BKNPDADU@NK@AKTUCAJ=PEKJKB CQ=E=?KH = IK@AH ?KILKQJ@ QOA@ BKN PAOPEJC PDA RE=>EHEPU KB PD A J=JKL=NPE?HA ?=P=HUOP BKN QOA EJ >EKKEHQLCN=@EJCPKS=N@LNK@Q? PEKJKB>EKBQAHO "KIL=NA@PKPD A?=P=HUOPLNAL=NA@>UPN=@EPEKJ=H EJ?ELEAJPSAPJAOO EILNACJ=PEKJ PDA ?KIIAN?E=H OUJPDAPE? IAPDK@ PDA ?=P=HUPE? =?PEREPU S=O OQLANEKN EJ PANIO KB >KPD NAOEOP=J?A PK @A=?PER=PEKJ =J@ = DECD AN OAHA?PEREPU PKS=N@O PDA @AOENA@ @AKTUCAJ=PA@LNK@Q?PO TTEE (J "D=LPAN = IE?NKS=RA=OOEOPA@ ?KJPEJQKQOBHKS OUJPDAOEO K B 1D J=JKL=NPE?HAO S=O QOA@ PK LNAL=NA ?=P=HUOPO BKN PDA R=LKNLD=OA DU@NKCAJ=PEKJ KB ?U?HKDATAJA 2QNLNEOEJCHU @ALAJ@EJC KJ PDA PULA KB BHKS QPEHEVA@ KJA KN PSKLD=OA @EBB ANAJP IKNLDKHKCEAO ?KQH@ >A K>P=EJA@ 4J@AN PSKLD=OA BHKS ?KJ@EPEKJO GEJAPE?=HHU B=RKNA@ 1D IQHPELK@O SANA OUJPDAOEVA@ SDE?D EO DULKPDAOEVA@ PK >A = NAOQHP KB = @EBBANAJP DA=PEJC LNK BEHA KB NA=CAJPO PD=J SDAJ QOEJC KJA LD=OA BHKS 3DA IQHPELK@ IKNLDKHKCU K>P=EJA@ @EOLH=UA@ DECD AJA NCU A@CAO =J@ ?KNJANO NAOQHPEJC EJ = OQLANEKN ?=P=HUPE? =?PEREPU ?KIL=NA@ PK PDA PDANIK@UJ=IE?= HHU B=RKNA@ ?Q>K?P=DA@N= IKNLDKHKCUPD=PEOK>P=EJA@EJPDA=J=HKCKQO>=P?DNA=?PEKJQOE JCIE?NKS=RADA=PEJC (J "D=LPAN = JKRAH OKHQPEKJLD=OA OUJPDAOEO KB α ,K" T J=JKL=NPE?HAO EO LNAOAJPA@ 3DA DECDPAILAN=PQNA p" NA=?PEKJ S=O OQ??AOOBQHHU PN=JOH=PA@ PK = OEJCHALD=OA ?KJPEJQKQO BHKS NA=?PKN PDNKQCD PDA AILHKUIAJP KB = ?QOPKI @AOECJA@ >KNKOEHE?=P A IEHHEBHQE@E? NA=?PKN (J ABBKNPO PK EJ?NA=OA PDA PDNKQCDLQP BKQN @EBBANAJP LNA?QNOKN ?KJ?AJPN=P EKJO SANA EJRAOPEC=PA@ J AECDPBKH@ EJ?NA=OA EJ ?KJ?AJPN=PEKJ ?KIL=NA@ PK PDA >=P?D NA=?PEKJ NAOQHP A@ BQHH ?KJRANOEKJ UEAH@ KB PDA IKHU>@AJQI LNA?QNOKN EJPK PDA @AOENA@ α ,K" T LNK@Q?P "KIL=NA@ PK PDA DKQNHKJC >=P?D NA=?PEKJ PD=P D=@ UEAH@O >APSAAJ h PDA ?KJPEJQKQOBHKS IA PDK@ =BBKN@O OQLANEKN PDNKQCDLQP DECDANUEAH@ ODKNPAN NA=?PEKJ PEIAO =J@ NALNAOAJP O = O?=H=>HA IAPDK@ BKN PDA LNK@Q?PEKJ KB IKHU>@AJQI ?=N>E@A ?=P=HUOPO 3DA NAOQHPEJC BHKS OUJPDAOEVA@ α ,K" T J=JKL=NPE?HAO@EOLH=UA@?=P=HUPE?=?PEREPUPKS=N@OPDAPDANIK?D AIE?=H?KJRANOEKJKB". PK". (J "D=LPAN PDA ?KJPEJQKQOBHKS OUJPDAOEO KB /P J=JKL=NPE?HA O EO LANBKNIA@ QOEJC = NA?U?H=>HA EKJE? HEMQE@ OKHRAJP 3DA PSKLD=OA BHKS S=O EILHAIA JPA@ QOEJC = JKRAH # LNEJPA@ @NKLHAP CAJAN=PKN 3DA @NKLHAP CAJAN=PKN S=O QJEMQA EJ PDA B=?P PD=P QJHEGA ?KJRAJPEKJ=H 3FQJ?PEKJ KN BHKSBK?QOEJC @ARE?AO PDA @NKLHAP OEVA EO @ALAJ@AJP OKHAHU KJ PDA EJJAN @E=IAPAN KB PDA KQPHAP PQ>EJC =O KLLKOA@ PK PDA BHKS N=PA N=PEKO KN REO?KOEPEAO KB PD A PSKLD=OAO =O EJ PDA =BKNAIAJPEKJA@ TTEEE @ARE?AO 3DA @NKLHAP CAJAN=PKN S=O IK@EBEA@ PK =?DEARA = L=N=HH AHEVA@ JAPSKNG SEPD BKQN ?D=JJAHO 3DA /P J=JKL=NPE?HA OUJPDAOEO S=O LANBKNIA@ EJ PDA L=N=HHAH JAP SKNG =J@ LNK@Q?P K>P=EJA@ BNKI PDA BKQN EJ@ERE@Q=H KQPHAPO @EOLH=UA@ =RAN=CA OEVAO PD=P SANA = HH SEPDEJ OP=J@=N@ @ARE=PEKJ KB KJA =JKPDAN 3DA EKJE? HEMQE@ ?KQH@ >A NA?U?HA@ =J@ NAQOA@ =P HA=OP PDNAA PEIAO SEPD JK K>REKQO ?D=JCA PK PDA NAOQHPEJC /P J=JKL=NPE?HA IKNLDKHKCU %QNPDANIKNA PDA U EAH@ KB PDA BHKS NA=?PKN S=O DECDAN WPD=JPDA=J=HKCKQO >=P?DNA=?PEKJW@AIKJOPN=PEJC PDARE=>EHEPUKB?KJPEJQKQOBHKS IAPDK@OBKNPDAH=NCAO?=HALNK@Q?PEKJKB?KHHKE@=HJ=JKL=NPE?H AO 2+9=/; 3-;8 +7. 355305>3.3- 87=37>8>< 58@ /=28.< 8 0 $ B7=2/<3C371 +=+5B=3-+55B-=3?/ +789+;=3-5/< ,<=;+-= .JA KB PDA K>OP=?HAO LNARAJPEJC PDA ?KIIAN?E=HEV=PEKJ KB ?KHHKE @=H J=JKL=NPE?HA ?=P=HUOPO EO PDA =>EHEPU PK OUJPDAOEVA PDAOA I=PANE=HO =P O?=HA SDEHA I=E JP=EJEJC = DECD HARAH KB ?KJPNKH KRAN PDAEN NAOQHPEJC IKNLDKHKCEAO =J@ QHPEI=PAHU PDAEN LNKLANPEAO 3 N=JOH=PEKJ KB >=P?DO?=HA OKHQPEKJ J=JKL=NPE?HA OUJPDAOAO PK ?KJPEJQKQO BHKS NA=?PKNO D=O >AAJ E@A JPEBEA@ =O KJA IAPDK@ PK =@@NAOO PDA O?=HEJC EOOQA 3DA OQLANEKN DA=P =J@ I=OO PN=JOLKNP =BBKN@A @ >U PDA DECD OQNB=?A=NA=PKRKHQIA N=PEKO KB IE?NK =J@ IEHHEBHQE@E? ?D=JJAHO =HHKSO BKN DECD ?KJP NKH KRAN NA=?PEKJ ?KJ@EPEKJO =J@ KBPAJPEIAO NAOQHP EJ @A?NA=OA@ NA=?PEKJ PEIAO DECDAN UEAH@O K N IKNA IKJK@EOLANOA OEVA @EOPNE>QPEKJO?KIL=NA@PK=J=J=HKCKQO >=P?DNA=?PEKJ %QNPDANI KNA?KJPEJQKQOBHKSNA=?PKNO=NA =QPKI=P=>HA =J@ D=RA AJRENKJIAJP=H DA=HPD =J@ O=BAPU >AJABEPO I=GEJC PDAI LN=?PE?=H BKN ?KIIAN?E=HEV=PEKJ 'ANAEJ = @EO?QOOEKJ KB KJA =J@ PSKLD=OA ? KJPEJQKQO BHKS IAPDK@O NA=?PKN @AOECJ =J@ LKPAJPE=H ?D=HHAJCAO EO LNAOAJPA@ PDKNKQCD =??KQ JP KB PDA EILHAIAJP=PEKJ KB PDAOA PA?DJKHKCEAO BKN PDA OUJPDAOEO KB ?=P=HUPE?=HHU =?PERA J=JKL=NP E?HAO EO NAREASA@ BKN DU@NKCAJ=PEKJ =J@AHA?PNK?=P=HUOEO 7=;8.>-=387 ,KNA PD=J KB =HH ATEOPEJC ?DAIE?=H LNK?AOOAO QPEHEVA ?=P=HU OPO SEPD KB EJ@QOPNE=H ?=P=HUPE? LNK?AOOAO QPEHEVEJC OKHE@ DAPANKCAJAKQO ?=P=HUOPO =J @ =J =OOK?E=PA@ CHK>=H ?=P=HUOP I=NGAP >AEJC CNA=PAN PD=J >EHHEKJ 42# 3DANABKNA PDANA EO = OPNKJC A?KJKIE? @NEREJC B=?PKN PK ?KJPEJQA PK @ARAHKL ?=P=HUOPO SEPD DECDAN OAHA?PEREPEAO =?PERE PEAO =J@ OP=>EHEPEAO SDE?D SEHH NAOQHP EJ >KPD A?KJKIE? =J@ AJRENKJIAJP=H C=EJO .JA @ENA?PEKJ KB ?=P= HUOP @ARAHKLIAJP D=O >AAJ PK QPEHEVA J=JKO?=HA I=PANE=HO OQ?D =O J=JKL=NPE?HAO =O PDA =?PE RA ?=P=HUOP OEJ?A PDAOA I=PANE=HO KBPAJ ATDE>EP QJEMQA ?DAIE?=H =J@ LDUOE?=H LNKLANPEAO ?KIL=NA@ PK PDA EN >QHG ?KQJPANL=NPO 3DA OQNB=?A =NA=PKRKHQIA N=PEKO KB J=JKL=NPE?HAO EJ?NA=OAO SEPD @A?NA=OEJ C L=NPE?HA OEVA =J@ EJ PDA J=JKO?=HA OEVANACEIAOQNB=?ALNKLANPEAO@KIEJ=PA PDAKRAN=HHI=PANE=H> AD=REKN 6D=PS=OKJ?APDKQCDPKB =O I=PANE=H OLA?EBE? LNKLANPEAO OQ?D =O IAHPEJC LKEJP =J@ @EAH A?PNE? ?KJOP=JP D=RA >AAJ ODKSJ PK >A @EBBANAJP BKN PDA O=IA I=PANE=HO KJ PDA J=JKO?=HA h #EBBANAJ?AO EJ PDA OEVA =J@ OD=LA KB J=JKL=NPE?HAO ?=J UEAH@ AHA?PNKJE? CAKIAPNE? KLPE?=H =J@ AHA ?PNKI=CJAPE? LNKLANPEAO PD=P =NA @EBBANAJP BNKI PDA >QHG =J@ AJ=>HA PDA LKPAJPE=H BKN PDAEN QOA EJ JAS =LLHE?=PEKJO OQ?D =O ?=P=HUOEO h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j>KPPKIQLk OKHQPEKJLD=OAOUJPDAOAO KBBAN @EOPEJ?P =@R=JP=CAO PK PN=@EPEKJ=HHU OUJPDAOEVA@ J=JKO?=H A ?=P=HUOPO PDA I=FKN @N=S>=?G KB ?KHHKE@=H J=JKL=NPE?HAO EO PD=P PDA =>EHEPU PK LANBKNI PDAOA ?D AIEOPNEAO =P =J EJ@QOPNE=HHU NAHAR=JP O?=HA EO JKJPNERE=H "QNNAJPHU J=JKL=NPE?HA OUJPDAOAO =NA LANB KNIA@ KJ >AJ?D O?=HA W I+ LNK@Q?EJC OI=HH =IKQJPO KB LNK@Q?P @QNEJC A=?D NA=?PEKJ W IC %QNPDANIKNA PDA OUJPDAPE? ?KJ@EPEKJO QJ@AN SDE?D J=JKL=NPE?HAO =NA B=>NE?=PA@ D =RA = ?KHKOO=H ABBA?P KJ PDA NAOQHPEJC L=NPE?HA OEVA OEVA @EOPNE>QPEKJ =J@ IKNLDKHKCU 3DA ?D=HHAJCA KB O?=HEJC HEAO EJ PDA B=?P PD=P J=JKL=NPE?HA JQ?HA=PEKJ =J@ CNKSPD LNK?AOOAO =NA ATPNAIAHU OAJOEPERA PK DA=P =J@ I=OO PN=JOLKNP HEIEP=PEKJO =J@ =O PDA NA=?PKN OEVA KN NA=CAJP ?KJ?AJPN=PEKJ EO EJ?NA=OA@ PDANA EO NA@Q?A@ ?KJPNKH KRAN PDA IETEJC =J@ DA=PEJC LNKBEHAO 3DEO H=?G KB ?KJPNKH KBPAJ HA=@O PK HKSAN MQ=HEPU I=PANE=HO SEPD SE@AN OEVA @EOPNE>QPEKJO =J@ IKNA LKKNHU @ABEJA@ IKNLDKHKCEAO SDE?D I=U QHPEI=PAHU HA=@ PK JKJQJEBKNI ?=P=HUPE? LNKLANPEAO @@EPEKJ=H HU =O ?KHHKE@=H J=JKL=NPE?HA ?DAIEOPNEAO @ARAHKLA@ =P PDA H=> O?=HA KBPAJ QPEHEVA ?KNNKOERA KN ?=QOPE? NA=CAJPO QJ@ANCK ATKPDANIE? NA=?PEKJO =J@ NAOQHP EJ C=O ARKHQPEKJ SDAJ DA=PA@ PDANA =NA O=BAPU NEOGO =J@ =OOK?E=PA@ ?KOPONAH=PA@SEPD@KEJCPDAOA?DAIEOPNEAO=PH=NCAO?=HA (J NAOLKJOA PK PDA =BKNAIAJPEKJA@ ?D=HHAJCAO ?KJPEJQKQO BHKS P A?DJEMQAO D=RA >AAJ E@AJPEBEA@ =O = NK>QOP IAPDK@ PK B=>NE?=PA J=JKL=NPE?HA ?=P=HUO PO ,E?NKBHQE@E? =J@ IEHHEBHQE@E? NA=?PKNO=BBKN@OQLANEKNNA=?PEKJ?KJPNKHBKNPDALNK@Q?PEKJKB H=NCA=IKQJPOKBJ=JKI=PANE=HO@QA PK PDA OI=HH @EIAJOEKJO KB PDAEN ?D=JJAHO 3DA OQLANEKN DA=P =J @ I=OO PN=JOLKNP OPAIIEJC BNKI PDA DECDOQNB=?A=NA=PKRKHQIA N=PEKO KB PDA ?D=JJAHO =HHKSO PDAOA H=NCA MQ=JPEPEAO PK >A =PP=EJA@ SEPDKQP ?KILNKIEOEJC KJ ?KJPNKH KRAN PDAEN NAOQHPEJC IKNLDKHKCU =J@ LKHU@EOLANOEPU 3DA EILNKRA@ DA=PAT?D=JCA ABBE?EAJ?U ?=J =@@EPEKJ=HHU IEPEC=PA =C= EJOP PAILAN=PQNA BHQ?PQ=PEKJO BNKI DECDHU AJ@K KN ATKPDANIE? NA=?PEKJO SDE?D =NA LNAR=HAJP EJ J=JKL=NPE?HA OUJPDAOAO %QNPDAN >AJABEPO KB PDA ABBA?PERA DA=P PN=JOBAN =J@ ABBE?EAJP L=OOERA I ETEJC EO BHKSOUJPDAOEVA@ J=JKL=NPE?HAO BNAMQAJPHU NAMQENA ODKNPAN NA=?PEKJ PEIAO >QP AT DE>EP EJ?NA=OA@ UEAH@O ?KIL=NA@ PK PDA=J=HKCKQO>=P?DNA=?PEKJ h 6D=P I=GAO ?KJPEJQKQO BHKS IAPDK@O =HH PDA IKNA LH=QOE>HA =O = OKHQPEKJ BKN PDA =?PQ=H ?KIIAN?E=HEV=PEKJ KB ?KHHKE@=H J=JKL=NPE?HA OUJPDAOAO EO PDA =I AJ=>EHEPU PK =QPKI=PEKJ =J@ L=N=HHAHEV=PEKJ 3DA EJ?NA=OA@ PDNKQCDLQP =J@ OQLANEKN NALNK@Q? E>EHEPU PD=P BHKS IAPDK@O =BBKN@ IEPEC=PA =C=EJOP PDA =BKNAIAJPEKJA@ >=P?D ?D=HHAJCAO %QNPDANIK NA PDA IEJE=PQNEV=PEKJ KB RKHQIAO PD=P =NA =P = CERAJ PAILAN=PQNA =P =JU CERAJ PEIA SEHH >A OI=HH AN PD=J = P=JG NA=?PKN =BBKN@EJC EJ?NA=OA@ O=BAPU 3DA CK=H KB PDEO ?D=LPAN EO PK LNKRE@A = ?KJ? EOA =??KQJP KB PDA LNAREKQO SKNG =?DEARA@EJPDABEAH@KB?KJPEJQKQOBHKSJ=JKL=NPE?HA?=P=HUOP OUJPDAOAO !?/;?3/@8087=37>8><58@/=28.< 58@#/136/< 3DA IEJE=PQNEV=PEKJ KB I=?NKO?=HA LNK?AOOAO PK IE?NK =J@ IEHHE O?=HA ?KJPEJQKQO BHKS NA=?PKNO NAOQHPO EJ =J EJ?NA=OA KB PDA OQNB=?A=NA=PKRKHQIA N =PEK KB PDA ?D=JJAHO PK PDA BHKSEJC BHQE@O #A?NA=OEJCPDA@EIAJOEKJOKB PDANA=?PKN@KAOJKP?D=JC APDABQJ@=IAJP=HLDUOE?OKBBHKS BNKI PDKOA K>OANRA@ BKN I=?NKO?=HA BHQE@ @UJ=IE?O 'KSARAN PDA @EBBANAJ?A EJ PDA OQNB=?A=NA= PKRKHQIA N=PEK EJBHQAJ?AO PDA PULA KB BHKS PD=P EO =?DEARA@ EJ PDAOA OUOPAIO =O = NAOQHP KB PDA EJ?NA=OA@ EJPAN=?PEKJ KB PDA BHKSEJC BHQE@ SEPD PDA ?D=JJAH S=H HO =P PDAOA OI=HHAN HAJCPD O?=HAO (J CAJAN=H PDANA =NA PSK PULAO KB BHKS NACEIAO PD=P ?=J >A =?D EARA@ hh H=IEJ=N =J@ PQN>QHAJP BHKS P P DA I=?NKO?=HA IETEJC EO =?DEARA@ EJ =HH @ENA?PEKJO >U ENNA CQH=N =J@ ?D=KPE? OSENHEJC IKPEKJO NAOQHPEJC BNKI RKNPE?AO =J@ BHKS BHQ?PQ=PEKJO SDE?D EO PANIA@ PQN>QHAJP BHKS (J H=IEJ=N BHKS PSK KN IKNA BHQE@O BHKS EJ OPNA=IHEJA@ L=PDO L=N=HHAH PK A=?D KPDAN SEPD @EBBQOERA H=PAN=H IETEJC SDE?D EO PDA LNA@KIEJ=PA BHKS K>OANRA@ BKN IEJE=PQNEVA@ OUOPAIO 3DA PSK NACEIAO ?=J >A @EBBANAJPE=PA@ >U PDA EJBHQAJ?A KB PDA REO?KQO =J@ EJANPE=H BKN ?AO SEPD H=IEJ=N =J@ PQN>QHAJP BHKS >AEJC =?DEARA@ SDAJ PDA REO?KQO BKN?AO =J@ PDA EJANPE=H BKN?AO @KIEJ=PA NAOLA?PERAHU 3QN>QHAJP BHKS=?DEARAOIETEJC=P=IQ?DB=OPANN=PAPD=JLQNAHUH=IEJ=N BHKS 3DA PDNAA I=EJ @EIAJOEKJHAOO JQI>ANO PD=P =NA NAHAR=JP PK PDA B HQE@ IA?D=JE?O EJ IEHHE =J@ IE?NKBHQE@E?O @EO?QOOA@ EJ PDEO NAREAS =NA PDA 1AUJKH@O JQI >AN 1A /Z?HAP JQI>AN /A =J@ #A=J JQI>AN #A 1A ?=J >A QOA@ PK LNKRE@A EJBKNI=PEKJ KJ PDA BHKS NACEIA KB = CERAJ OUOPAI =J@EO@ABEJA@>UPDAEJANPE=HBKN?AO@ERE@A@>UPDAREO?KQOBK N?AO=OOAAJEJAMQ=PEKJ ' t ρ `G μ SDANA ρ EO PDA @AJOEPU KB PDA BHQE@ B EO PDA =RAN=CA RAHK?EPU KB PDA BHQE@ EO PDA @E=IAPAN KB PDA ?D=JJAH =J@ μ EO PDA @UJ=IE? REO?KOEPU KB PDA BHQE@ 'ECD R=HQAO KB 1A =?DEARA PQN>QHAJP BHKS =J@ HKS R=HQAO KB 1A NAOQHP EJ = H=IEJ=N BHKS @KIE J=PA@ OUOPAI (J IEJE=PQNEVA@ NA=?PKNO PDA 1A EO PULE?=HHU OI=HH BKN IE?NK =J@ IEHHEO?=HA =O PDA ?D=J JAH ?NKOO OA?PEKJ EO OI=HH=J@PDABHKSNAI=EJOH=IEJ=NKNODAAPHEGA 3DA /Z?HAP JQI>AN /A @AO?NE>AO PDA NAH=PERA ?KJRA?PERA =J@ @E BBQOERA I=OO PN=JOLKNP >AD=REKN KB = OUOPAI @RA?PEKJ @KIEJ=PAO KRAN IKHA?QH=N @EBBQO EKJ =P DECD /A 3DA AMQ=PEKJ BKN /AEOCERAJEJAMQ=PEKJ ' t `W E SDANA B EO PDA RAHK?EPU KB PDA BHQE@ 8 EO PDA ?D=N=?PANEOPE? HAJCPD KB NA=?PKN =J@ EO PDA @EBBQOEKJ ?KABBE?EAJP 3DA @ACNAA KB IETEJC ?=J >A I=TEIEVA@ EJ IEJE=PQNE VA@ NA=?PKNO >U EJ?NA=OEJC PDA NAOE@AJ?APEIAAEPDAN>U@A?NA=OEJCPDABHKSN=PAKNEJ?NA=OEJ CPDAHAJCPDKBPDANA=?PKN ,ETEJC ?=J =HOK >A EJBHQAJ?A@ >U PDA =N?DEPA?PQNA KB PDA NA=?PKN EPOAH B QJ@AN ?ANP=EJ BHKS ?KJ@EPEKJO 1A=?PKNO PD=P AILHKU = @ACNAA KB ?QNR=PQNA EJ PDAEN ?D=JJAHO PD=P EO CNA=PAN PD=J PDA ?D=JJAH N=@EQO ?=J EJ@Q?A = OA?KJ@=NU BHKS LDAJKIAJKJ NABANNA@ PK =O #A=J BHKS SDE?D =NEOAO BNKI RKNPE?AO K??QNNEJC BNKI BHQE@ BHKS EJ ?QNRA@ ?D=JJAHO 3DA ?AJPNEBQC=H BKN?A LNK@Q?A@ >U PDA NA=?PKN ?QNR=PQNA ?=QOAO PDA BHQE@ EJ PDA IE@@HA KB PDA ?D= JJAH PK >A LQODA@ PK PDA KQPAN ?D=JJAH S=HHNAOQHPEJCEJNA?EN?QH=PEKJKB PDABHQE@IEPEC=PEJC=C=EJ OPPDAOP=CJ=JPBHQE@ K>OANRA@JA=NPDA S=HHOKB=OPN=ECDP?D=JJAH 3DAI=CJEPQ@AKBPDA#A=J BHKS?=J>A?=H?QH=PA@QOEJCAMQ=PEK J SDANA > EOPDAN=@EQOKBPDA?QNR=PQNAKBPDA?D=JJAH ' t ' u G >\ $3715/"2+</58@ +=IEJ=N BHKS EJ ?KJPEJQKQO BHKS NA=?PKNO EO A=OEHU =?DEARA@ QOE JC = OEILHA 3 KN 8OD=LA@ FQJ?PEKJ EJ SDE?D PSK IEO?E>HA BHQE@O =NA IANCA@ EJPK = OEJCHA ?D=JJAH =J@ BHKS L=N=HHAH PK KJA =JKPDAN IETEJC PDNKQCD @EBBQOEKJ =?NKOO PDA EJPANB=?A >APSAAJ PDA PSK BHQE@O 3DA I=EJ ?D=HHAJCA SEPD OUJPDAOEVEJC J=JKL=NPE?HAO SEPD H=IEJ=N BHKS EO PDA AJOAI> HA KB JQ?HA=PEKJ PEIAO PD=P NAOQHP BNKI PDA L=N=>KHE? RAHK?EPU LNKBEHA KB PDA BHQE@ EJOE@A PDA ?D= JJAH S=HHO %ECQNA 3DA L=N=>KHE? RAHK?EPU EO = NAOQHP KB PDA REO?KQO BHQE@ RAHK?EPU =P PDA ?D=JJAH S=HHO >AEJC ABBA?PERAHU VANK @QA PK PDA JKOHEL >KQJ@=NU >APSAAJ PDA BHQE@ =J@ PDA S=HH ?=QOEJC PDA HEMQE@ EJ PDA IE@@HA KB PDA ?D=JJAH PK BHKS SEPD = B=OPAN RAHK?EPU 3DEO ?=J HA=@ PK = >NK=@AJEJC KB PDA NAOQHPEJC OEVA @EOPNE>QPEKJ KB L=NPE?HAO @@EPEKJ=HHU PDA OHKSAN RAHK?EPU KB PDA BHQE@ PD=P EJPAN=?PO SEPD PDA ?D=JJAH S=HH ?=J NAOQHP EJ BKQHEJC @QNEJC J=JKL=NPE?HA OUJPDAOA O SDE?D SEHH >A @EO?QOOA@ EJ IKNA @AP=EH EJ 2A?PEKJ ,KNAKRAN LQNAHU @EBBQOERA IETEJC IA=J O PD=P PDANA =NA ?KJ?AJPN=PEKJO >KPD LANLAJ@E?QH=N PK =J@ =HKJC PDA HAJCPD KB PDA NA=?PKN SDE?D I=U NAOQHP EJ EJDKIKCAJAEPEAO EJ NA=?PEKJ?KJ@EPEKJO=J@QHPEI=PAHUJKJQJEBKNILNK@Q?PO 31>;/ /=N=>KHE?RAHK?EPULNKBEHA@EOLH=U>UH=IEJ=NBHKSSDANA 0 EOPDANA@E=IAPANKBPDA?D=JJAH @R=J?AO PK H=IEJ=PEKJ IETANO D=RA >AAJ EILHAIAJPA@ PK AJD=J?A PDA @ACNAA KB IETEJC PDNKQCD EJ?NA=OEJC PDA ?KJP=?P OQNB=?A =NA= KB @EBBANAJP BHQE@ OPNA=IO =J@ PDNKQCD JKRAH NA=?PKN CAKIAPNEAO /=N=HHAH H=IEJ=PEKJ KB PDA BHQE@O EJPK RANU PDEJ EJPAN@ECEP=PA @ OPNA=IO NAOQHPO EJ ODKNPAN OPNA=I EJPAN@EBBQOEKJ @EOP=J?AO PDQO NAMQENEJC ODKNPAN NA=?PKN HAJCPDO BKN IETEJC %ECQNA = HPANJ=PERAHU ?D=KPE? =@RA?PEKJ ?=J >A =?DEARA@ PDNKQCD ?=NABQ H @AOECJ KB PDA NA=?PKN =N?DEPA?PQNA >U EILHAIAJPEJC K>OP=?HAO EJ PDA ?D=JJAH L=PD =HP ANEJC PDA S=HH SEPD NE@CAO KN CNKKRAO KN >U =HPANEJC PDA NA=?PKN ?D=JJAH CAKIAPNU BNKI = OPN =ECDP HEJA EJPK = VECV=C KN OANLAJPEJA L=PPANJO SDE?D LANPQN> PDA BHKS =J@ CAJAN=PA = PN=JORANO=H ?KI LKJAJP PK PDA RAHK?EPU %KN AT=ILHA = IE?NKIETAN ?=HHA@ PDA ?=PANLEHH=N IETAN @ARAHKLA@ >U PDA (JOPEPQPA KB ,E?NKPA?DJKHKCU ,=EJVQOA@PDALNEJ?ELHAKB OLHEPPEJC=J@NA?KI>EJCEJSDE?DPD APSKBHQE@O=NAOLHEPEJPKIQHPELHA OPNA=IO W EJ = ?D=JJAH ?KJP=EJEJC N=ILHEGA OPNQ?PQNAO 3DEO OPNQ?PQNA B=?EHEP=PAO OQ>OAMQAJP NA?KI>EJ=PEKJ KB PDA PSK BHQE@ OPNA=IO EJ >KPD PDA DKNEVKJP=H = J@ RANPE?=H @ENA?PEKJO PDNKQCD BKH@EJC NAKNEAJP=PEJC =J@ NA?KI>EJEJC NAOQHPEJC EJ OQLANEKN IETEJC ?KIL=NA@ PK PULE?=H H=IEJ=N BHKS @ARE?AO %ECQNA > HPANJ=PERAHU = OP=CCANA@ DANNEJC>KJA IETAN QPEHEVAO CNKRAO KJ ?D=JJAH S=HHO PK EIL=NP =OUIIAPNE? BHKSO PD=P =?DEARA ?D=KPE? = @RA?PEKJ %ECQNA ? 3DA DANNEJC>KJA IETAN D=O >AAJ @AIKJOPN=PA@ PK NAOQHP EJ = @N=I=PE? EJ?NA=OA PK PDA /Z?HAP JQI>AN SEPD EJ?NA=OEJC NA=?PKN HAJCPD 9ECV=C =J@ OANLAJPEJA CAKIAPNE AO EJ@Q?A H=IEJ=N NA?EN?QH=PEKJ =J@ #A=J RKNPE?AO NAOLA?PERAHU SDE?D =?DEARA ?D=KPE? IETEJC >U OP NAP?DEJC =J@ BKH@EJC BHQE@O PKCAPDAN %ECQNA @ 31>;/ = 3KL @ AOECJ KB PDNAA EJPAN@ECEP=H I E?NKIETANO S EPD @ EBB ANAJPIETEJC?D=I>ANCAKIAPNEAO OHEPOD=LA@ N A?P=JCQH=N = J@ P NE=JCQH=N >KPPKI 2 $, EI=CA K B KJA I E?NKOPNQ?PQNA@ H=UAN >QEH@EJC PDA OHEPOD=LA@ EJPAN@ECEP=HIE?NKIETAN > 3A?DJE?=H OGAP?D K B PDA ?=PANLEHH=N IE?NKIETAN O PNQ?PQNA O DKSEJ C PDA N=ILHEGA OPNQ?PQNA KB P DA ?AJPN=H I ETEJC ?D=JJAH ? #EIAJOEKJO KB PDA IE?NKBHQE@E? OUOPAI EJPACN=PEJC = j8k FQJ?PEKJ S EPD S PDA SE@PD KB P DA ? D=JJAH O PDA HEJA=N H AJCPD KB P DA L ANEK@E? OPAL =J@ + PDA HEJA=N H AJCPD KB P DA V ECV=C I E?NK?D=JJAH @ 3KL " NKOOOA?PEKJ=H REAS K B OA?KJ@=NU B HKSO P=GAJ EJ BHKS @ ENA?PEKJ ! KPPKI O GAP?D KB = IA=J@ANEJC ?D=JJAH >QEH@QL BNKI ?EN?QH=N O ACIAJPO 3DA =NNKS EJ@E?=PAOPDABHKS@ENA?PEKJPDA@=ODA@HEJAPDA?KJPEJQ=PEKJ KBPDACAKIAPNU %@8"2+</58@ OECJEBE?=JP =IKQJP KB ABBKNP D=O >AAJ @ENA?PA@ PKS=N@O PDA EI LNKRAIAJP KB IETEJC EJ BHKS NA=?PKNO >U AILHKUEJC IQHPELD=OA BHKS ,QHPELD=OA KN OACIAJPA@ BHKS ?=J >A =?DEARA@ BKN HEMQE@HEMQE@ KN HEMQE@C=O OUOPAIO >U QOEJC PSK KN IKNA EI IEO?E>HA HEMQE@O KN = HEMQE@C=O OUOPAI PK BKNI @NKLHAPO KN LHQCO KB KJA LD=OA EJ PDA KPDAN 3DA NA=CAJPO I=GAQL PDA HEMQE@ @EOLANOA@ LD=OA @NKLHAPO KN LHQCO PD=P =NA EOKH=PA@ BNKI KJA =J KPDAN >U = L=NPE=HHU KN ?KILHAPAHU EIIEO?E>HA HEMQE@ KN C=O ?=NNEAN LD=OA 3DA BKNI=PEKJ KB @NKLHA PO EO PULE?=HHU =?DEARA@ QOEJC = BHKSBK?QOEJC @ARE?A KN 3FQJ?PEKJ %HKSBK?QOEJC @ARE?AO LNK@Q?A @NKLHAPO >U BHKSEJC PDA @EOLANOA@ LD=OA EJ>APSAAJ PSK OPNA=IO KB EIIEO?E>HA BHQE@O PDN KQCD = OI=HH KNEBE?A ?=QOEJC PDA ?KJPEJQKQO LD=OA SDE?D D=O = DECDAN REO?KOEPU PK AJ?=LOQH=PA PDA @EOLANOA@ LD=OA =J@ BKNI @NKLHAPO QJ@AN ?ANP=EJ BHKS N=PA N=PEKO %ECQNA = (J 3FQJ?PEKJO PDA @EOLANOA@ LD=OA EO BHKSA@ EJPK = FQJ?PEKJ =P p PK PDA ?KJPEJQKQO LD=OA SDANA PD A BHKS KB PDA ?KJPEJQKQO LD=OA NAOQHPO EJ = REO?KQO BKN?A PD=P EJ ?KJFQJ?PEKJ SEPD PDA LNAOOQN A CN=@EAJP CAJAN=PA@ QLOPNA=I KB PDA FQJ?PEKJ >NA=GO =L=NP PDA @EOLANOA@ LD=OA EJPK @NKLHAPO QJ@AN = ?ANP=EJ N=JCA KB BHKS N=PAO =J@ BHKS N=PA N=PEKO %ECQNA > ,QHPELHA EJHAP 3FQJ?PEKJ @ARE?AO ?=J >A QOA@ SDAJ NA=CAJP OPN A=IO JAA@ PK >A EOKH=PA@ BNKI KJA =JKPDAN LNEKN PK @NKLHAP BKNI=PEKJ =O EJ PDA ?=OA BKN J=JKL=NPE?HAO PD=P =NA NA=@EHU NA@Q?A@ =P NKKI PAILAN=PQNA (J %ECQNA ? P DEO ?KJBECQN=PEKJ S=O QOA@ BKN PDA OUJPDAOEO KB Q =J@ C J=JKL=NPE?HAO >U EJFA?PEJC PDA Q KN C O=HP =J@ >KNKDU@NE@A NA@Q?EJC =CAJP PDNKQCD EJHAPO =J@ NAOLA?PERAHU SEPD =J =@@EPEKJ=H OKHRAJP OPNA=I EJPNK@Q?A@ QOEJC EJHAP ?NA=PEJC = >=NNEAN >APSAAJ PDA PSK PK @AH=U @EBBQOERA IETEJC =J@ JQ?HA=PEKJ LNEKN PK @NKLHAP BKNI=PEKJ =J@ EJPNK@Q?PEKJ EJPK PDA NA=?PKN =O PDAOA L=NPE?HAO ?=J >A NA@Q?A@ =P NKKI PAILAN=PQNA 31>;/ = $ T=ILHA K B @NKLHAP L NK@Q?PEKJ EJ = B HKSBK?QOEJC @ARE?A 3 DA @ EOLANOA@ LD=OA E O OMQAAVA@ >U PSK ?KQJPANOPNA=IEJC BHKSO KB P DA ?=NNEAN LD=OA BKN?EJC @N KLHAPO PK @ AP=?D > ( HHQOPN=PEKJ KB 3 FQJ?PEKJ ?D=JJAH ? 2 ?DAI=PE? N ALNAOAJP=PEKJ KB PDA I QHPELHA EJHAP 3 FQJ?PEKJ IE?NKBHQE@E? @ ARE?A QOA@ PK O UJPDAOEVA Q = J@ C J =JKL=NPE?HAO 3 DA ?=NNEAN K EH S=O EJFA ?PA@RE=EJHAPSDEHAPDANA=CAJPOPNA=IO SANAEJPNK@Q?A@RE=EJHAPO=J@ LQNA!,(,3B -OPNA=IS=OEJFA?PA@RE=EJHAPPKLNARAJP@EBBQOERA IETEJC >APSAAJ N A=CAJP OPNA=IO >ABKNA @ NKLHAP B KNI=PEKJ ?KQH@ K ??QN 3DA EJPN=?D=JJAH =NNKS EJ@E?=PAO PDA @ENA?PEKJKB@NKLHAPBHKS 3DANA =NA = R=NEAPU KB B=?PKNO PD=P EJBHQAJ?A PDA NAOQHPEJC @NK LHAP CAJAN=PEKJ QOEJC PDA =BKNAIAJPEKJA@ IAPDK@O OQ?D =O PDA EJPANB=?E=H PAJOEKJ KB PDA P SK LD=OAO SAPPEJC LNKLANPEAO KB PDA ?D=JJAH S=HHO PDA AILHKUA@ BHKS N=PAO =J@ PDAEN NAOLA?PERA N=PEKO =J@ PDA REO?KOEPEAO KB PDA BHQE@O (J PDAOA CAKIAPNEAO PDA BKNI=PEKJ KB @NKLHAPO @ALAJ@O KJ PDA =>EHEPU KB PDA ?KJPEJQKQO LD=OA PK jSAPk PDA EJOE@A KB PDA ?D=JJAH PULE?=HHU CKK@ SAPP=> EHEPU EO NAMQENA@ BKN OP=>HA @NKLHAP BKNI=PEKJ 3DEO >AD=REKN NAOQHPO BNKI PDA EJPANB=?E=H AJANCEAO KB PDA OKH E@ =J@ PDA HEMQE@ =J@ ?=J >A MQ=JPEBEA@ >U =J=HUVEJC PDA ?KJP=?P =JCHA KB = @NKLHAP KB HE MQE@ KJ PDA OKHE@ OQNB=?A "KJOE@AN=PEKJ IQOP PDANABKNA >A I=@A @QNEJC NA=?PKN @AOECJ EJ P ANIO KB OKHRAJP ?DKE?AO SEPD NAOLA?P PK PDA OQNB=?A LNKLANPEAO KB PDA ?D=JJAHO SDE?D ?=J >A =HPANA@ >U OQNB=?A ?K=PEJCO BKN OKIA @AOECJO h (J =@@EPEKJ PDA EJPANB=?E=H PAJOEKJ IEOI=P?D KB REO?KOEPEAO KB PDA PSK KN IKNA LD=OAO >AEJC AILHKUA@ =J@ PDAEN BHKS N=PAO D=RA = H=NCA EJBHQAJ?A KJ PDA @NKLHAP BKNI=PEKJ LNK?AOO 6DEHA PDEO NAREAS SEHH JKP ?KRAN PDAOA PKLE?O EJ @ALPD ATPAJOE RA EJBKNI=PEKJ KJ PDA EJBHQAJ?A KB PDAOA L=N=IAPANO BKN @NKLHAP BKNI=PEKJ EJ 3FQJ?PEKJO =J@ BHKS BK?QOEJC @ARE?AO ?=J >A BKQJ@ AHOASDANA EJ CAJAN=H PDA =?DEAR=>HA BHKS N=PAO KJHU B=?EHEP=P A = OI=HH N=JCA KB =??AOOE>HA @NKLHAP OEVAO h 3DA =>EHEPU PK EJ?NA=OA @NKLHAP OEVA SDEHA I=EJP=EJEJC DECD BH KS N=PAO =J@ BHKS N=PA N=PEKO EOEILKNP=JP=OEPEOKJAIAPDK@KBEJ?NA=OEJCPDNKQCDLQP 1A?AJPHU = #LNEJPA@ @NKLHAP CAJAN=PKN S=O @ARAHKLA@ EJ SDE?D = >NK=@ NACEIA KB EJHAP BHKS N=PA N=PEKO =J@ ?D=JJAH OQNB=?A AJANCEAO ?=J >A QPEHEVA@ SEPD JK ABBA?P KJ PDA @NKLHAP @E=IAPAN %ECQNA 3DEO CAKIAPNU BKNIO @NKLHAPO >U BHKSEJC PDA ?KJPEJQKQO =J@ @EO LANOA@ LD=OAO EJ = LANLAJ@E?QH=N KNEAJP=PEKJ PK PDA KQPHAP EJ SDE?D @NKLHAPO =NA LEJ?DA@ KBB =J@ OQ>OAMQAJPHU BHKS @KSJOPNA=I 4JHEGA EJ BHKSBK?QOEJC =J@ 3FQJ?PEKJ @ARE?AO PDA BHKS N=PAO =J@ CAKIAPNU KB PDA @ARE?A @K JKP EJBHQAJ?A PDA OEVA KB PDA @NKLHAPO CAJAN=PA@ hh P DA @NKLHAP OEVA EO OEILHU CKRANJA@ >U PDA EJJAN @E=IAPAN (# KB PDA KQPHAP PQ>EJC SDE?D ?=J >A N =LE@HU NA?KJBECQNA@ >U OEILHU ?D=JCEJC PDA KQPHAP PQ>EJC BKN PDA O=IA @NKLHAP CAJAN=PKN %ECQ NA > 2I=NP AJCEJAANEJC KB BHQE@E? ?KILKJAJPO OQ?D =O PDA @ARAHKLIAJP KB PDEO JKRAH @NKLH AP CAJAN=PKN EO =@R=J?EJC PDA BA=OE>EHEPUKB?KJPEJQKQOBHKS?KIIAN?E=HEV=PEKJ 31>;/ = " KILQPAN=E@A@ @ AOECJ " # N AJ@ANEJC KB = @ NKLHAP C AJAN=P KNSEPDPSKEJHAPO BKN PDA @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO =J@ = OEJCHA KQPHAP PD=P = ??ALP O PQ>EJC .# EJ?D SEPD R =NEKQO (#O PK ? KJPNKH PDA @NKLHAP O EVA > " # NAJ@ANEJC KB = @ NKLHAP C AJAN=PKN E J SDE?D PDA RANPE?=H O ACIAJP EOBQHHU?KJOPNQ?PA@>UOPANAKHEPDKCN=LDU2+ N=PDANPD=J>AE JCBKNIA@>UATPANJ=HPQ>EJC HH KB PDA =BKNAIAJPEKJA@ IQHPELD=OA @NKLHAP CAJAN=PKNO LNK@Q?A CAKIAPNE?=HHU ?KJBEJA@ @NKLHAPO PD=P OANRA =O E@AJPE?=H jNA=?PKN RAOOAHOk SEPD NAOLA?P PK RKHQIA =J@ NA=CAJP ?KJ?AJPN=PEKJO PD=PATDE>EPAJD=J?A@IETEJC=O=NAOQHPKBPDA@A?NA=OAEJ@EB BQOEKJHAJCPD 3DA?KJPEJQKQOLD=OA AJ?=LOQH=PAO PDA @NKLHAPO EOKH=PEJC PDAI BNKI KJA =JKPDAN =J@ PDA ?D=JJAH S=HHO O PDA @NKLHAP IKRAO @KSJOPNA=I PDA BKN?AO ATANPA@ KJ BNKJP KB PDA @NKLHAP EJ @Q?A PSK ?KQJPAN?EN?QH=PEJC BHKSO %ECQNA = 3DAOA BKN?AO ?=J >A BQNPDAN I=TEIEVA@ >U QOEJC = ?QNRA@ ?D=JJA H B=?EHEP=PEJC =OUIIAPNE? RKNPE?AO =O ?=J >A @AO?NE>A@ >U PDA #A=J JQI>AN %EC QNA > @@EPEKJ=HHU PDA H=?G KB EJPAN=?PEKJ KB PDA @EOLANOA@ LD=OA SEPD PDA ?D=JJAH S=H HO IEPEC=PAO =C=EJOP PDA >QEH@QL KB J=JKL=NPE?HAO KJ PDA ?D=JJAH S=HHO =J@ OQ>OAMQAJP BKQHEJC ,KN AKRAN PDA ?D=N=?PANEOPE? IETEJC PEIABKN=@NKLHAP>=OA@NA=?PKNEOIQ?DB=OPANPD=J=@ARE?AP D=PQOAOOKHAHUH=IEJ=NIETEJC 31>;/ %HKSKB L HQCOIKREJCPDNKQCD=OPN=ECDP?D=JJAH=J@>SEJ@EJ C?D=JJAH #/+-=8;/<317 ,E?NK =J@ IEHHEBHQE@E? NA=?PKNO ?=J >A ?KJOPNQ?PA@ QOEJC = H=> KJ=?DEL =LLNK=?D SDANA IKOP EB JKP =HH NA=?PKN ?KILKJAJPO =NA EJPACN=PA@ KJ = ?DEL Q OQ=HHU = BAS OMQ=NA ?AJPEIAPANO KN >U PDA =OOAI>HU KB >AJ?DPKL BHKS NA=?PKNO PULE?=HHU ?KILNEOA@ KB = LNAOOQNA KN BHKS OKQN?A PQ>EJC =J@ EB JA?AOO=NU = DA=PEJC OKQN?A =J@ @NKLHAP CAJAN=P KN @ARE?A +=>KJ=?DEL PA?DJKHKCEAO B=?EHEP=PA PDA I=JELQH=PEKJ =J@ OPQ@U KB OI=HH =IK QJPO KB BHQE@O >QP =NA HEIEPA@ >U PDAEN RKHQIA =J@ KBPAJ H=>KNEJPAJOERA I=JQB=?PQNEJC IAPDK@O @ EO?QOOA@ H=PAN EJ PDEO OA?PEKJ SDE?D I=U NAJ@AN PDAI EILN=?PE?=H BKN ?KIIAN?E=H =LLHE?=PEKJO !AJ?DPKL BHKS NA=?PKNO PULE?=HHU D=RA DECDAN PDNKQCDLQP LKPAJPE=H =J@ =NA KBPAJ PEIAO ?KJOPNQ?PA @ QOEJC ?KIIAN?E=HHU =R=EH=>HA ?KILKJAJPOI=GEJCPDAIA=OUPK=OOAI>HA #/+-=8;+=/;3+5< H=NCA =IKQJP KB LQ>HEODA@ IE?NK =J@ IEHHEBHQE@E? NA=?PKNO QO A OKIA OKNP KB CH=OO ?KILKJAJP EJ PDAEN @AOECJ SDAPDAN PD=P >A PDA IE?NKBHQE@E? ?DE L EPOAHB = ?=LEHH=NU NA=?PKN PQ>A IEHHEBHQE@E? PQ>EJC KN CH=OO OUNEJCAO &H=OO D=O >AAJ QPEHEVA@ BKN ?AJPQNEAO @QA PK EPO ?DAIE?=H ?KIL=PE>EHEPU=J@NAOEOP=J?APDANI=HOP=>EHEPU?=L=?EPUPKSE PDOP=J@DECDLNAOOQNAO=J@=>EHEPUPK >A IK@EBEA@ KN BQJ?PEKJ=HEVA@ .LPE?=H PN=JOL=NAJ?U =HHKSO NA=?PEKJO PK >A IKJEPKNA@ REOQ=HHU =J@ >U 6:?6@A =J=HUPE?=H IAPDK@O 'KSARAN I=JELQH=PEKJ KB CH=OO EJPK JKRAH =N?DEPA?PQNAO AOLA?E=HHU KJ PDA IE?NK KN IEHHEBHQE@E? O?=HAO ?=J >A ?D=HHAJ CEJC =J@ NAMQENAO OLA?E=H I=?DEJEJC KNI=JQB=?PQNEJCIAPDK@OOQ?D=OLDKPKHEPDKCN=LDUKNAP?DEJC /KHUIANO =NA DA=REHU QOA@ EJ ?KJPEJQKQO BHKS @ARE?AO @QA PDAEN HKS ?KOP SE@A N=JCA KB I=PANE=H OLA?EBE? LNKLANPEAO =J@ BHATE>EHEPU /KHU@EIAPDUHOEHKT=JA /#,2 EO =NCQ=>HU PDA IKOP SE@AHU AILHKUA@ I=PANE=H BKN IE?NKBHQE@E?O (P EO QOA@ PK N=LE@ HU LNKPKPULA H=>KJ=?DEL @ARE?AO =O EP EO A=OU PK B=>NE?=PA BNKI HEPDKCN=LDE?=HHU L=PPANJA@ IKH@ O +EGA CH=OO /#,2 EO KLPE?=HHU PN=JOL=NAJP B=?EHEP=PEJC REOQ=H IKJEPKNEJC =J@ 6:?6@A KLPE?=H =J=HUOAO 'KSARAN PDA PDANI=H OP=>EHEPU KB /#,2 EO KB ?KJ?ANJ SEPD NALKNPO KB IKJKIANO HA=GE JC KQP KB PDA I=PANE=H =P PAILAN=PQNAO =O HKS =O p" @@EPEKJ=HHU PDA EJ?KIL=PE>EHEPEAO SEPD OKIA KNC=JE? OKHRAJPO =J@ EPO OQO?ALPE>EHEPU PK =>OKNLPEKJ KB OI=HH DU@NKLDK>E? IKHA?QHAO EJPK PDA ?D=JJAH S=HHO D=RA IKPER=PA@JASLKHUIAN>=OA@I=PANE=HOPK>AATLHKNA@ (J NAOLKJOA LANBHQKNEJ=PA@ LKHUIANO OQ?D =O LKHUPAPN=BHQKNKA PDUHAJA /3%$ BHQKNEJ=PA@ APDUHAJA LNKLUHAJA %$/ =J@ LANBHQKNK=HGKTU /% D=RA >AAJ E JRAOPEC=PA@ =O PDAU =NA CAJAN=HHU EJANP PK ?DAIE?=HO =J@ OKHRAJPO NAOEOP BKQHEJC =J@ @EOLH=U NA H=PERAHU DECD IAHPEJC PAILAN=PQNAO I=FKNEPU KB PDA ?KJPEJQKQO BHKS @ARE?AO PD=P =NA JKP ?KJBEJA@ PK = ?DEL QOA /3%$ PQ>EJC =O EP LKOOAOOAO = DECD QOA PAILAN=PQNA N=JCA QL PK p" OIKKPD S =HHO SEPD = HKS ?KABBE?EAJP KB BNE?PEKJ =J@ =HIKOP QJERANO=H ?DAIE?=H NAOEOP=J?A 'KSARAN PDA HEIEP=PEKJO KB PDEO I=PANE=H =NA EPO EJBANEKN IA?D=JE?=H OPNAJCPD =J@ SA=N NAOEOP=J?A EJ =@@EPEK J PK PDA @EBBE?QHPU KB B=>NE?=PEKJ =O @EO?QOOA@ EJ PDA BKHHKSEJC OA?PEKJ 2EIEH=N PK /3%$ %$/ S=O @A RAHKLA@ PK =BBKN@ = OKHQPEKJ PK PDA @EBBE?QHP LNK?AOOEJC KB /3%$ 3DA OHECDP IK@EBE?=PEKJ @A?NA=OAO PDA KLAN=PEJC PAILAN=PQNA p" >QP SEPD DECDAN SKNGEJC LNAOOQNAO =J EJ?NA=OA EJ I=PAN E=H PN=JOL=NAJ?U =HH =P = HKSAN ?KOP "KIL=N=PERAHU /% EO PDA IKOP ?DAIE?=HHU =J@ LNAOOQNA NA OEOP=JP KB PDA =BKNAIAJPEKJA@ LKHUIANO ATDE>EPEJC OP=>EHEPEAO PK =CCNAOOERA ?DAIE?=H AJRENKJ IAJPO HEGA DU@NKBHQKNE? =J@ JEPNE? =?E@O =P AHAR=PA@ PAILAN=PQNAO p" =J@ LNAOOQNAO QL PK >=NO /% @EOLH=UO PDA O=IA KLAN=PEJCPAILAN=PQNA=O/3%$>QPEOA=OEANPKB=>NE?=PAHEGA %$/ /KHUAPDANAPDANGAPKJA /$$* PQ>EJC EO =JKPDAN SE@AHU QOA@ I=PAN E=H EJ PDA B=>NE?=PEKJ KB ?KJPEJQKQO BHKS FQJ?PEKJO 3 =J@ 8 BEPPEJCO ?KJJA?PKNO =J@ PQ>EJC =O EP @EOLH=UO DECDAN NECE@EPU PK PDA LNAREKQOHU IAJPEKJA@ LKHUIANO >QP SEPD = DECD IAHPEJC LK EJP h p" =J@ ?KIL=N=>HA ?DAIE?=H NAOEOP=J?A PK IKOP BHQKNKLKHUIANO .JA HEIEP=PEKJ EO PD=P /$$* EO JKP QOABQH BKN =LLHE?=PEKJOPD=PNAMQENAPN=JOL=NAJ?U=OEPD=O=J=PQN=HP=J ?KHKN +,;3-+=387%/-273:>/< %=>NE?=PEKJ PA?DJEMQAO BKN ?DEL>=OA@ NA=?PKNO @ALAJ@ KJ PDA @ AOENA@ I=PANE=H OP=J@=N@ IAPDK@ BKN CH=OO?DEL B=>NE?=PEKJ EO LDKPKHEPDKCN=LDE? AP?DEJC SDE?D EO = IQHPEOPAL LNK?AOO %ENOP = LDKPKNAOEOP EO OLEJ ?K=PA@ KJPK = CH=OO OQ>OPN=PA =J@ PDAJ ?K RANA@ SEPD = LNA@AOECJA@ I=OG 3DA OAHA?PERAHU ATLKOA@ OQNB=?A EO ATLKOA@ PK 45 N=@E=PEKJ =J@ PDAJ @ARAHKLA@ 3DA >=NA CH=OO SDE?D JK HKJCAN D=O PDA LDKPKNAOEOP ?K=PEJC EO PDAJ AP?DA@ >U DU@NKBH QKNE? =?E@ 2EIEH=NHU H=OAN @ENA?P SNEPEJC QOAO = H=OAN PK @ENA?PHU LNK@Q?A ?D=JJAHO KJ LDKPKOAJOE PERA CH=OO I=PANE=HO JKPDAN IAPDK@ EO IE?NKI=?DEJEJC EJ SDE?D ?D=JJAHO =NA I=@A PDNKQCD = H=UAN>UH=UAN LNK?AOO SDANA = O=?NEBE?E=H I=PANE=H H=UAN EO I=?DEJA@ PK =?DEARA ?D=JJAHO HP DKQCD PDEO LNK?AOO EO PEIAEJPAJOERA QJHEGA LDKPKHEPDKCN=LDU IQHPEH=UAN @ARE?AO = NA =?DEAR=>HA .RA N=HH LNK?AOOEJC KB CH=OO ?DELO BKN QOA EJ ?KJPEJQKQO BHKS @ARE?AO EO PEIA?KJOQIEJC I=U NAMQENA Q OA KB ?KNNKOERA =?E@O =J@ EO JKP RANU?KOPABBA?PERA O PDA BEAH@ I=PQNAO EP >A?KIAO ARE@AJP PD=P PDA B=>NE?=PEKJ I APDK@O BKN NA=?PKNO =J@ PDAEN ?KJOPEPQPA L=NPO JAA@O PK >A A=OEAN B=OPAN =J@ HAOO ?KOPHU ( ILNKRAIAJPO EJ =BBKN@=>EHEPU =J@ =??AOOE>EHEPU KB # LNEJPANO D=RA I=@A PDAI =LLA=HEJC =O = OKHQ PEKJ @QA PK PDA N=LE@ LNKPKPULEJC ?=L=>EHEPU SDE?D @KAO JKP NAMQENA = CNA=P =IKQJP KB ATLANPEOA ?KILQPAN=E@A@ @AOECJ " # OKBPS=NA OKIA KB SDE?D =NA KLAJ =??AOO =HHKSO @AOECJA@ K>FA?P O PK >A ?KIIQJE?=PA@ PK = # LNEJPAN BKN N=LE@ B=>NE?=PEKJ #ALAJ@EJC KJ PDA I=PANE=H @AOENA @ PDANA =NA @EBBANAJP GEJ@O KB LNEJPEJC IAPDK@O =R=EH=>HA $TPNQOEKJ>=OA@ IAPDK@O @ALKOEP = PDANIKLH=O PE? RE= ATPNQOEKJ PDNKQCD = DA=PA@ JKVVHA 2PANAKHEPDKCN=LDU EJ SDE?D = LDKPK?QN=>HA NAOEJ EO ATLKOA@ PK = HECDP OKQN?A ?=J QOA=?NUH=PA=J@ALKTU>=OA@NAOEJOBKNAT=ILHA 58@87=;85 3K LNK@Q?A = @NKLHAP>=OA@ OUOPAI = ?KJPEJQKQO OQLLHU KB PDA @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO ?=J >A =?DEARA@ PDNKQCD = R=NEAPU KB ATPANJ=H LNAOOQNA> =OA@ IAPDK@O 2UNEJCA LQILO =NA PDA IKOP ?KIIKJ IAPDK@ KB BHKS ?KJPNKH BKN IE?NK =J@ IEHHEO?=H A ?KJPEJQKQO BHKS NA=?PKNO =P PDA H=>KN=PKNU O?=HA 3DAEN OEILHA @AOECJ ?KJOEOPO KB = IKQJPA@ OUN EJCA EJ SDE?D PDA LHQJCAN EO =QPKI=PE?=HHU LQODA@ IA?D=JE?=HHU PK LNK@Q?A = @AOENA@ BHKS N=P A BKN = LNA@APANIEJA@ RKHQIA KB OKHQPEKJ =HHKSEJC BKN B=OP =J@ A=OU OAPQL =J@ KLAN=PEKJ 4J@A N E@A=H ?KJ@EPEKJO PDA LNKCN=IIA@ BHKS N=PA SEHH ?KNNAOLKJ@ PK PDA =?PQ=H NAOE@AJ?A PEIA CERAJ = OLA?EBE? HAJCPD KB PQ>EJC 'KSARAN PDA =?PQ=H BHKS N=PA KBPAJ @EBBANO BNKI PDA LNKCN=IIA@ BHKS N=P A @QA PK PDANI=H ATL=JOEKJ KB PDA NA=?PKN =J@ 6:?6@A C=O ARKHQPEKJ IA=JEJC PD=P PDA =?PQ=H BHKS N=PA =P OPA=@UOP= PA EO QJGJKSJ SEPDKQP PDA =@@EPEKJ KB BHKS OAJOKNO PK PDA OUOPAI KN KPDAN IAP DK@O KB MQ=JPEBUEJC BHKS 2UNEJCA LQILO I=U >A OQ>FA?P PK OP=HHEJC NAOQHPEJC BNKI AT?AOOERA >=?G LNAOOQNA BNKI ?HKCCEJC KB PDA ?D=JJAHO ,KNAKRAN PDAEN LN=?PE?=HEPU BKN H=NCAO?=HA KLAN=PEK J EO NAOPNE?PA@ @QA PK PDA HEIEPA@ RKHQIAKBPDAOUNEJCAOPD=PBEPEJPK?KIIAN?E=HHU=R=EH=>HAOUN EJCALQILO /ANEOP=HPE? LQILO OQLLHU BHQE@ PK NA=?PKNO >U QOEJC = BHATE>HA PQ>A PD=P EO LANEK@E?=HHU OMQAAVA@ PK LNK@Q?A = JAC=PERA LNAOOQNA PD=P @N=SO OKHQPEKJ EJP K PDA PQ>EJC =J@ OQ>OAMQAJPHU NAHA=OAO PDA BHQE@ CAJAN=PEJC = BHKS LANEOP=HPE? LQIL EO OE IEH=N PK PDA OUNEJCA LQIL EJ EPO A=OA KB OAPQL =J@ KLAN=PEKJ >QP SEPD JK HEIEP KJ PDA RKHQIA PD=P ? =J >A OQLLHEA@ SDE?D EO =@R=JP=CAKQO BKN H=NCAO?=HA =LLHE?=PEKJO @@EPEKJ=HHU LANEOP =HPE? LQILO =NA OQEP=>HA BKN LQILEJC DECDREO?KOEPU BHQE@O .JA @N=S>=?G KB LANEOP=HPE? LQILO EO PD= P PDAEN IA?D=JEOI KB LQILEJC EJ@Q?AO LANEK@E? KO?EHH=PEKJO KN LQHOAO EJ PDA BHKS N=PAO SD E?D ?=J LKPAJPE=HHU JAC=PERAHU EJBHQAJ?A BHKS ?KJ@EPEKJO =J@ NAOQHPEJC J=JKL=NPE?HA MQ=HEPU 3 DA ?DAIE?=H NAOEOP=J?A =J@ ?KIL=PE>EHEPU KB LANEOP=HPE? LQIL I=PANE=HO ODKQH@ >A ?KJOE@ANA @ =O I=JU =NA JKP ?KIL=PE>HA SEPD KNC=JE? OKHRAJPO 2LA?E=H BHQKNKAH=OPKIANO =J@ OEHE?KJAO D=RA > AAJ @ARAHKLA@ PK SEPDOP=J@ =CCNAOOERA?DAIE?=HOEJ?HQ@EJCEJKNC=JE?=?E@O=J@KNC=JE?OKH RAJPO h (P EO =HOK ?KIIKJ PK AILHKU LQILO QOA@ BKN DECD LANBKNI=J?A HEM QE@ ?DNKI=PKCN=LDU '/+" BKN ?KJPEJQKQO BHKS @ARE?AO '/+" LQILO =NA >=OA@ KJ = N A?ELNK?=PEJC KN @Q=H LEOPKJ LQIL @AOECJ PD=P BHKSO HEMQE@ PDNKQCD = KJAS=U ?DA?G R=HRA 3D A '/+" LQILEJC N=PA EO CKRANJA@ >U = OEIEH=N IA?D=JEOI PK LANEOP=HPE? LQILO SDANA PDA LEOPKJ @N=SO AHQAJP =O EP NAPN=?PO =J@ OQ>OAMQAJPHU LQILO EP PDNKQCD =O PDA LEOPKJ IKRAO BKNS=N@ /$$* PQ>EJC EO PDA I=EJ I=PANE=H QOA@ EJ '/+" OUOPAIO >QP ODKQH@ JKP >A QOA@ SEPD PAPN=DU@NKBQN =J @EIAPDUH OQHBKTE@A KN IAPDUHAJA?DHKNE@A /NAOOQNEVA@ OUOPAIO D=RA >AAJ EJ?NA=OEJCHU NA?KCJEVA@ =O = OQLA NEKN IAPDK@ BKN BHKSEJC BHQE@O PDNKQCD NA=?PKNO @QA PK PDAEN =>EHEPU PK =?DEARA OP=>HA BHKSO KRAN HKJC NQJ PEIAO 62 BKN H=NCA BHQE@ RKHQIAO .JA =@R=JP=CA KB LNAOOQNEVA@ OUOPAIO EO P D=P PDANA =NA JK LQHOAO LNK@Q?A@ PD=P ?=J EJBHQAJ?A PDA BHKS N=PAO =O PDANA EO JK IA?D=JE?=H LQ ILEJC IA?D=JEOI ,KNAKRAN >U AILHKUEJCBHKSOAJOKNBAA@>=?GPK?KILQPANONA=HPEIABHKSN=P AO?=J>A=??QN=PAHU?KJPNKHHA@ "8=/7=3+5<<>/<@3=2$-+537180 +789+;=3-5/+=+5B<=$B7 =2/</<,B87=37>8><58@ 8>5371 I=FKN ?KJ?ANJ NAC=N@EJC ?KIIAN?E=H EILHAIAJP=PEKJ KB ?KJPEJQK QO BHKS IAPDK@O BKN J=JKL=NPE?HA ?=P=HUOP LNK@Q?PEKJ EO PDA LKPAJPE=H BKN NA=?PKNO PK BKQH %KQHEJC EO PDA QJS=JPA@ >QEH@QL KB OKHE@ I=PANE=H KJ PDA ?D=JJAH S=HHO SDE?D BENOP NAOQ HPO EJ ?D=JCAO EJ PDA BHKS RAHK?EPU =P >AOP =J@ PKP=H ?HKCCEJC KB PDA ?D=JJAH =P SKNOP 3DA NKKP KB B KQHEJC EO ?KILHE?=PA@ >A?=QOA JQIANKQOB=?PKNO?KJPNE>QPAPDAOKHRAJPOAILHKUA@I=PANE=HO> AEJCOUJPDAOEVA@HEC=J@OLNAOAJP PULA KB BHKS =J@ PDA @ARE?A I=PANE=HO =J@ QHPEI=PAHU PDAOA L= N=IAPANO SEHH >A @EBBANAJP BKN =HH OUOPAIO 3SK I=EJ IAPDK@O PD=P =NA QOA@ PK IEPEC=PA =C=EJOP BKQHEJC BKN ?KHHKE@=H J=JKL=NPE?HA OUJPDAOAO EJ L=NPE?QH=N =NA AILHKUIAJP KB @NKLHAP>=OA@ BHKS =J @ IK@EBE?=PEKJ KB PDA OQNB=?A ?DAIEOPNU KB PDA NA=?PKN I=PANE=HO O @EO?QOOA@ LNAREKQOHU IQ HPELD=OA BHKS DAHLO LNARAJP PDA EJPAN=?PEKJ KB PDA @EOLANOA@ LD=OA SEPD PDA ?D=JJAH S=HHO PDNKQ CD AJ?=LOQH=PEKJ >U = ?KJPEJQKQO LD=OA SDE?D I=U >A = C=O KN HEMQE@ +EMQE@O LNARAJP ?KJP=?P SE PD PDA S=HH IKNA ABBE?EAJPHU =O C=O SKJlP >A =>HA PK jSAPk LNABANAJPE=HHU 6EPDKQP ?KJP=?P SEPD PDA S=HHO PDA OKHE@O =NA HAOO HEGAHU PK >A@ALKOEPA@ 4J@ANOP=J@EJC PDA OQNB=?A ?D=NCA KN ?DAIEOPNU KB PDA ?D=JJAH S =HH SEHH =HOK =E@ EJ OKHQPEKJO PK BKQHEJC EOOQAO %KQHEJC EJ = CH=OO ?D=JJAH ?KQH@ K??QN BNKI I=PANE=H KB = LKOEPERA ?D=NCA AHA?PNKOP=PE?=HHU EJPAN=?PEJC SEPD PDA DU@NKLDEHE? JAC=PERAHU ?D=NCA@ CH=OO OQNB=?A HPANEJC PDA OQNB=?A ?DAIEOPNU KB PDA CH=OO OK PD=P EP EO JK HKJCAN DU@NKLDE HE? EO LKOOE>HA SEPD KJA KLPEKJ >AEJC L=OOER=PEKJ QOEJC OAHB=OOAI>HA@ IKJKH=UANO OQ?D =O OEH=JAO (P EO EILKNP=JP PK JKPA PD=P @ALAJ@EJC KJ PDA HAJCPD (# KB PQ>EJC PQ>EJC I=PANE=H =J@ L=OOER=PEKJ I APDK@ EP ?=J >A ?D=HHAJCEJC PK ?KJBENI PD=P = QJEBKNI ?K=PEJC S=O =?DEARA@ 3DA PDANI=H ?DAIE ?=H =J@ HEBAPEIA OP=>EHEPU KB PDA ?K=PEJC=HOKJAA@OPK>A?KJOE@ANA@BKN=?PQ=HQOA +<?85>=387 3DA =>EHEPU PK ?KJPNKH BHKS N=PAO =HHKSO BKN PDA @AOENA@ NAOE@A J?A PEIAO PK >A =?DEARA@ EJ ?KJPEJQKQO BHKS NA=?PKNO 4J@AN E@A=H ?KJ@EPEKJO PDA ?=H?QH=PA @ NAOE@AJ?A PEIA >=OA@ KJ PDA BHKS N=PAO=J@PQ>EJCRKHQIASEHH I=P?DPDAATLANEIAJP=HHUK>OANRA@ NAOE@AJ?APEIA 'KSARANPDEOEO JKP =HS=UO PDA ?=OA KBPAJPEIAO PDA K>OANRA@ NAOE@AJ?A PEIAO =N A B=OPAN :?6@A C=O ARKHQPEKJ BNKI C=OARKHREJC NA@Q?EJC =CAJPO @A?KILKOEPEKJ KB LNA?QNOKN OLA?EA O KN @EOOKHRA@ C=OAO EJ OKHRAJPO ?=J =??AHAN=PA PDA NAOE@AJ?A PEIA >U EJ?NA=OEJC PDA =LL=NAJP BH KS N=PAO O C=O EO ARKHRA@ EJ PDA NA=?PKN EP @EOLH=?AO PDA HEMQE@ ?KJPAJPO KB PDA ?D=JJAHO =J@ @ALAJ@EJC KJ PDA ATPAJP KB C=O ARKHQPEKJ=J@PDAHEMQE@LD=OABHKSN=PAO?=JLQODNA=CAJPO>= ?GPKS=N@OPDANA=?PKNEJHAP=OSAHH =O BKNS=N@ PKS=N@O PDA KQPHAP (B PDA NA=CAJPO OP=NP PK >=?GBHK S NA=CAJP NAOANRKENO ?KQH@ LKPAJPE=HHU >A ?KJP=IEJ=PA@ SEPD NA=CAJPO PD=P D=RA =HNA=@U >AAJ EJPNK@Q?A@ PK PDA NA=?PKN (J KN@AN PK =RKE@ PDEO=KJAS=U?DA?GR=HRAPD=P @KAOJKP=HHKS>=?GBHKS?=J>A LQPEJHEJA=BPANPDANA=?PKNEJHAP %KN NA=?PEKJO PD=P ARKHRA OECJEBE?=JP C=O C=OOAIELANIA=>HA PQ >EJC OQ?D =O /#,2 KN OEILHU ATPAJ@EJC PDA NA=?PKN HAJCPD ?=J DAHL =?DEARA HKJCAN NAOE@AJ?A PEIAO >=?GLNAOOQNA NACQH=PKN KN = LNAOOQNEVA@ OUOPAI EJ CAJAN=H I=U =HOK B=?EHEP=PA IKNA ?K JPNKHHA@ BHKS N=PAO EJ C=OARKHREJC OUOPAIO 3DANA D=RA >AAJ NALKNPO KB ATLHKEPEJC C=O BKNI=PEKJ BK N PDA 6:?6@A ?NA=PEKJ KB = OP=>HA PSKLD=OABHKSOKIAAT=ILHAOSEHH>A@EO?QOOA@EJOA?PEKJ =J@ "+;+55/53C+=387 3DA PN=JOH=PEKJ KB ?KHHKE@=H J=JKL=NPE?HA OUJPDAOAO BNKI >=P?D PK ?KJPEJQKQO BHKS IAPDK@O D=O =@@NAOOA@ I=JU KB PDA LNK>HAIO =OOK?E=PA@ SEPD PDA O?=HEJC KB J=JKL=NPE?HA OUJPDAOAO 'KSARAN OEJCHA ?D=JJAH ?KJPEJQKQO BHKS @ARE?AO I=U JKP =?DEARA PDA PDNKQCDLQP NAMQENA@ BKN EJ@QOPNE=H =LLHE?=PEKJO "KJ?ANJ KRAN DKS PK EJ?NA=OA LNK@Q?PEK J D=O IKPER=PA@ NAOA=N?D EJPK S=UO KB O?=HEJC PDAOA LNK?AOOAO ARAJ BQNPDAN 3DA IKOP OPN=ECDPBKNS= N@ S=U SKQH@ >A PK OEILHU D=RA IQHPELHA BHKS NA=?PKNO KLAN=PEJC OEIQHP=JAKQOHU SDE?D EO ?KEJA @ jJQI>ANEJC QLk %KN AT=ILHA EB KJA NA=?PKN OUOPAI =BBKN@A@ C KB I=PANE=H LAN @=U >QP PDA N AMQENA@ I=OO KB LNK@Q?P EO GC LAN @=U UKQ SKQH@ OEILHU D=RA BKNPU E@AJPE?=H NA=?PKNO NQJJEJC OEI QHP=JAKQOHU .JA @N=S>=?G PK PDEO =LLNK=?D EO PD=P KLAN=PEKJ=H @EBBANAJ?AO EJ PDA AMQELIAJP @NERE JC BHKS ?=J QHPEI=PAHU HA=@ PK LNK@Q?P R=NE=PEKJO OEIEH=N PK >=P?D NA=?PEKJO ,KNAKRAN JQI>A NEJC QL NA=?PKNO ?=J >A ?=LEP=H EJPAJOERA J =HPANJ=PA OKHQPEKJ EO = NA=?PKN PD=P ?KJOEOPO KB = OEJCHA O AP KB EJHAPO BKN PDA OQLLHU KB PDA NA=CAJPOPD=P?=J>AOLHEPEJPK " ?D=JJAHOBKNH=NCAO?=HALNK@Q?PEKJKBQJEBKNIJ=JKL=NPE?HAO %KN AT=ILHA %KQH@O 2@ .8 @ARAHKLA@ = /,, @NKLHAP CAJAN=PKN @ARE?A PD=P LNK@Q?A@ HEMQE@ HEMQE@ @NKLHAPOEJSDE?D " =?DEAREJC=BHKSN=PAKB+D i BKNPDA@EOLANOA@LD=OA%ECQNA = ? /KPAJPE=H EOOQAO EJ PDA @AOECJ KB L=N=HHAHEVA@ ?D=JJAHO EJ?HQ@ A PDA LKPAJPE=H BKN KJA ?D=JJAH PK ABBA?P = JAECD>KNEJC ?D=JJAH @QA PK EJ?KJOEOPAJ?EAO EJ JAECD>KN EJC BHKS N=PAO KN LNAOOQNA @EBBANAJ?AO SDE?D ?KQH@ QHPEI=PAHU NAJ@AN J=JKL=NPE?HAO SEPD R =NEKQO IKNLDKHKCEAO =J@ LKHU@EOLANOEPEAO 3K ?EN?QIRAJP PDA EOOQAO SEPD @EBBANAJ?AO EJ LNAOOQNA KB JAECD >KNEJC ?D=JJAHO PDA =BKNAIAJPEKJA@ BHKSEJR=NE=JP # @NKLHAP CAJAN=PKN @EO?QOOA@ EJ 2A?PEKJ S=O =@=LPA@ PK LNK@Q?A = L=N=HHAHEVA@ OUOPAI SEPD =J " JAPSKNG %ECQNA @ 4JHEGA PDA LNAREKQO L=N=HHAHEV=PEKJ AT=ILHA SDAJ KLAN=PEJC EJ PDA BHKSEJR=NE=JP N ACEIA PDA BHKS N=PAO @K JKP D=RA =J EJBHQAJ?A KJ PDA NAOQHPEJC @NKLHAP BKNI=PEKJ %ECQNA A 3DEO S=O LNKRAJ >U I=EJP=EJEJC = ?KJOP=JP ?KJPEJQKQO LD=OA BHKS N=PA =?NKOO PDA ?D=JJAHO SDEHA R =NUEJC PDA @EOLANOA@ LD=OA BHKS N=PAO >U QOEJC FQILAN ?=>HAO SEPD @EBBANAJP NAOEOPEREPEAO %ECQ NA @ #AOLEPA PDA @EBBANAJ?AO EJ BHKS N=PAO QJ@AN PDA BHKSEJR=NE=JP NACEIA @NKLHAPO SANA @ALAJ @AJP KJ PDA (# KB PDA KQPHAP PQ>EJC SDEHA KLAN=PEJC KQPOE@A PDA BHKSEJR=NE=JP NACEIA HA@ PK @NKLHA PO PD=P SANA EJBHQAJ?A@ >U PDA HK?=PEKJKBPDAEN>N=J?DEJPDAI=JEBKH@ 31>;/ =3 DAO P=?G=>HA? KJBEC QN=PEKJKB= / ,, L=N=HHAHEV=PEKJ?DEL 3DA@ARE?AEO? KILKOA@K BBKQNK N IKNA ? KJOPNQ?PEJC H=UANO ?=L H =UAN KEH =J@ S=PAN @EOPNE>QPEKJ J APSKNGO =J@ CAJAN=PEKJ H=UANO > O?DAI=PE? ?HKOAQLEI=CAKBPDABHKSBK?QOEJCIE?NKBHQE@E?@NKLHAPCAJAN= PKNEJPDACAJAN=PEKJH=UAN ? OEJCHALAP=HPD=P ?=J > A PNA=PA@ = O =J E J@ALAJ@AJP QJEP I E?NKBHQE@E? @NKLHAP C AJ AN=PKN E J = LAP=H OD=NA EJLQPO =J@ KQPLQP @ 2?DAI=PE? K B PDA L=N=HHAH JAPSKNG =OOAI>HA@ >U ?KJJA?PEJC = @EO PNE>QPEKJ I=JEBKH@ P K BKQN @ NKLHAP CAJAN=PKNO 3DA ?KJPEJQKQO LD=OA S =O HEJGA@ QOEJC HKS NAOEOP=J? A FQILAN P Q>EJC (#}I =J@ PDA @EOLANOA@ LD=OA S =O HEJGA@ QOEJC R=NEKQO H AJCPDO K B PQ>EJC (# }I PK ? NA=PA = CN=@EAJP K B NAOEOP=J?AO =?NKOO PDA BKQN > N=J?DAO A # NKLHAP @ E=IAPANO : L NK@Q?A@ >U PDA BKQN > N=J?DAO KB PDA L=N=HHAH JAPSKNG HABP >U @EOLANOA@ =J@ ?KJPEJQKQO LD=OA B HKS N=PAO KB =J@ IHD q LQNLHA ?EN?HAO = J@ =J@ IHD q >H=?G P NE=JCHAO SDEHA KLAN=PEJC EJ = J@ >AUKJ@ PDA BHKS E JR=N E=JP N AC EIA NAOLA?PERAHU $NNKN>=NONALNAOAJPPDAO P =J@=N@@ARE=PEKJ 58@$B7=2/<3<8085583.+5 +789+;=3-5/+=+5B<=< "=P=HUOPO =NA =J EJPACN=H L=NP EJ OQOP=EJEJC IK@ANJ @=U HEBA =O SA GJKS EP ,KNA PD=J PNEHHEKJ KB PDA CHK>=H CNKOO @KIAOPE? LNK@Q?P ?KIAO BNKI CKK@O =J@ OANRE?AO PD=P =P OKIA LKEJP NAMQENA@ = ?=P=HUOP 3DA QOA KB ?=P=HUOPO EO = GAU ?KILKJAJP EJ PDA LNK@Q?PEKJ KB ? DAIE?=HO LAPNKHAQI NABEJEJC BKK@ LNK@Q?PEKJ LNARAJPEKJ KB AIEOOEKJO = J@ CAJAN=PEKJ KB AJANCU 6EPD CNA=PAN PD=J KB =HH ?DAIE?=H LNK?AOOAO NAMQENEJC PDA =E@ KB = ?=P=HUOP EP EO ARE@AJP PD=P PDA NAOA=N?D=J@@ARAHKLIAJPBKNOQLANEKN?=P=HUOPOEOKJCKEJC +780+,;3-+=38780B.;81/7+=387+=+5B<=< 'U@NKCAJ=PEKJ NA=?PEKJO EJ SDE?D DU@NKCAJ EO =@@A@ PK =J QJO=P QN=PA@ >KJ@ KB =J KNC=JE? ?KILKQJ@ =NA OKIA KB PDA IKOP EILKNP=JP EJ EJ@QOPNU "=P=HUPE? DU@NKCAJ=PEKJO PULE?=HHU AILHKU DAPANKCAJKQO ?=P=HUOPO EJ = NA@Q?EJC =PIKOLDANA ?NA=PA@ >U DU@N KCAJ C=O !KPD PDA '=>AN!KO?D =IIKJE= OUJPDAOEO =J@ %EO?DAN3NKLO?D ?KJRANOEKJ KB ?=N>KJ IK JKTE@A PK HEMQE@ BQAHO LNK?AOOAODA=REHU@ALAJ@KJDU@NKCAJ=PEKJ?=P=HUOPO B.;81/7+=38780 3=;8+;86+=3-8698>7.<=873537/< 3DA PN=JOBKNI=PEKJ KB JEPNK=NKI=PE? ?KILKQJ@O PK =JEHEJAO EO KB EILKNP=J?A PK PDA BEJA ?DAIE?=H=CNK?DAIE?=H=J@LD=NI=?AQPE?=HOA?PKNO=J@PDA=JE HEJAI=NGAP=O=SDKHASEHHHEGAHU NA=?D >EHHEKJ 42# >U (P EO AOPEI=PA@ PD=P =O IQ?D =O KB DU@NKCAJ=PEKJ NA=?PEKJO LANP=EJ PK PDA NA@Q?PEKJ KB JEPNK CNKQLO !=UAN EO KJA KB PDA H=NCAOP LNK@Q?ANO KB =JEHEJA EJ SDE?D PDAU QPEHEVA = JE?GAH OQHBE@A ?=P=HUOP BKN PDA DU@NKCA J=PEKJ SEPD = OAHA?PEREPU PKS=N@O =JEHEJA 3DAOA ?=P=HUOPO =NA PULE?=HHU LNAL=NA@ QOEJC =J EILNACJ=PEKJ I APDK@ EJ SDE?D -E-. EO OQLLKNPA@ KJ =HQIEJ= BKHHKSA@ >U @A?KILKOEPEKJ =P p" =J @ OQ>OAMQAJP OQHBE@=PEKJ >U PNA=PIAJP SEPD DU@NKCAJ OQHBE@A KN ?=N>KJ @EOQHBE@A =P p" =BBKN@EJC = IETPQNA KB -E 2 =J@ -E2 LD=OAO .PDAN JE?GAH>=OA@ ?=P=HUOPO OQ?D =O 1=JAU JE?GAH =NA ?KIIKJ HU QOA@ BKN DU@NKCAJ=PEKJ KB JEPNK=NKI=PE?O @@EPEKJ=HHU EP D=O >AAJ NALKNPA@ PD=P /@ /P =J@ %A OQLLKNPA @ KJ ?=N>KJ KN =HQIEJ= D=RA DECD =?PEREPEAO =J@ OAHA?PEREPEAO PKS =N@ PDA DU@NKCAJ=PEKJ KB JEPNK>AJVAJA 1A?AJPHU /N=O=@ 2@ .8 @AIKJOPN=PA@ PD=P /@ J=JKL=NPE?HAO OQLLKNPA@ KJ -E J=JKL=NPE?H AO ?KQH@ >A OUJPDAOEVA@ QOEJC IE?NKS=RA DA=PEJC EJ ?KJFQJ?PEKJ SEP D = ?KJPEJQKQO OPENNA@ P=JG NA=?PKN BKN PDA LNK@Q?PEKJ KB DU@NKCAJ=PEKJ ?=P=HUOPO 3DA EJEPE=H OPAL S=O PK OUJPDAOEVA -E J=JKL=NPE?HAO >U BHKSEJC = LNA?QNOKN OKHQPEKJ KB -E. ? EJ >AJVUH =H?KDKH =J@ KHAUH=IEJA EJPK = IE?NKS=RA ?=REPU QOEJC = LANEOP=HPE? LQIL 2?DAIA 3DA ?KI>EJ=PEKJ K B IE?NKS=RA DA=PEJC =J@ ?KJPEJQKQO BHKS NA@Q?A@ PDA PEIA PK OUJPDAOEVA LD=OALQNA -E J= JKL=NPE?HAO BNKI D BKN = >=P?D OUJPDAOEOQOEJC?KJRAJPEKJ=HDA=PEJCPA?DJEMQAOPKIEJUEAH @EJCJ=JKL=NPE?HAOSEPD=J=RAN=CA OEVA KB W JI SDE?D EO OI=HHAN PD=J PDA ?KNNAOLKJ@EJC >=P?DO UJPDAOEVA@ -E J=JKL=NPE?HAO QOEJC IE?NKS=RA ENN=@E=PEKJ 62 ± JI (P S=O ODKSJ PD=P PDA NA=?PKN ?KQH@ >A IK@EBEA@ PK =HHKS BKN PDA OAMQAJPE=H =@@EPEKJ KB = /@. ? =J@ @ELDAJUH APDAN OKHQPEKJ PK PDA BHKSEJC -E J=JKL=NPE?HAO OPNA=I BPAN IE?NKS=RA ENN=@E=PEKJ BKN =J =@@EPE KJ=H IEJ EP S=O NARA=HA@ PD=P ?KILKOEPAO BKNIA@ SDANA>U W JI /@ J=JKL=NPE?HAO =J?DKNA@ PK PD A OQNB=?A KB PDA -E J=JKL=NPE?HAO SEPD = /@ HK=@EJC KB =P "KJOE@ANEJC PDA LN A?QNOKN ?KJ?AJPN=PEKJO KB I, -E. ? =J@ I, /@. ? =J@ SEPD -E. ? =J@ /@. ? BHKS N=PAO KB I+ D =J@ I+ D NAOLA?PERAHU PDA PDAKNAPE?=H UEAH@ EO W IC KB /@-E ?=P=H UOP LAN DKQN =OOQIEJC ?KILHAPA ?KJRANOEKJ $-2/6/ 2?DAI=PE?KB?KJPEJQKQOBHKSOAPQLBKNOAMQAJPE=HNA@Q?PEKJKB -E=J@/@LNA?QNOKNO (P EO EILKNP=JP PK JKPA PD=P PDA -E J=JKL=NPE?HA NA=?PEKJ QJ@AN ?KJPEJQKQO BHKS ?KJ@EPEKJO SEPDKQP PDA LNAOAJ?A KB KHAUH=IEJA NAOQHPA@ EJ H=NCA L=NPE?HAO 62 ± JI PD=P =??QIQH=PA@ =P PDA >KPPKI KB PDA PQ>EJC HA=@EJC PK OL=NGEJC EJ PDA ?KJPEJQ KQO OPENNEJC NA=?PKN SEPDEJ PDA IE?NKS=RA ?=REPU 3DA =@@EPEKJ KB KHAUH=IEJA B=?EHEP=PA@ PDA LN K@Q?PEKJ KB OI=HHAN SAHH@EOLANOA@ L=NPE?HAO SDE?D IEPEC=PA@ =C=EJOP L=NPE?HA =??QIQH=PEKJ =J@ OL =NGEJC 3DAOA =QPDKNO LNAREKQOHU ODKSA@ PD=P QJ@AN IE?NKS=RA ENN=@E=PEKJ >AJVUH =H?KDKH ?=J =?P =O = NA@Q?EJC =CAJP =O SAHH =O LKOOAOOEJC CKK@ IE?NKS=RA =>OKNLPEKJ ?=L=?EPU NA=?DEJC W p" EJ W IEJ SDE?D OQCCAOPO >AJVUH=H?KDKHI=U>AQOABQHBKNBQPQNAIE?NKS=RA=OOEOPA@BHKS NA=?PKNOUOPAIO 3DA /@-E J=JKL=NPE?HA ?KILKOEPAO OUJPDAOEVA@ QJ@AN >KPD PDA > =P?D =J@ BHKS IE?NKS=RA =OOEOPA@ ?KJ@EPEKJO SANA PAOPA@ BKN PDAEN ?=P=HUPE? =?PEREPU PK S=N@O PDA NA@Q?PEKJ KB JEPNK=NKI=PE? ?KILKQJ@O PK =JEHEJAO =J@ SANA ?KIL=NA@ PK ?KIIAN?E=H SP /@ " =J@ SP /@" ?=P=HUOPO HH NA=?PEKJO SANA PAOPA@ =P NKKI PAILAN=PQNA >U IETEJC IIKH KB PDA KNC=JE? OQ>OPN=PA KB EJPANAOP =J@ IC KB QJOQLLKNPA@ /@-E J=JKL=NPE?HA ? =P=HUOP EJ I+ KB IAPD=JKH 3DA IETPQNA S=O OPENNA@ EJ = OA=HA@ OP=EJHAOOOPAAH ?KJP=EJAN QJ@AN >=N DU@N KCAJ LNAOOQNA 3DA /@-E J=JKL=NPE?HA ?KILKOEPAO @EOLH=UA@ =?PEREPU PKS=N@O PDA DU@NKCAJ=PEKJ KB JEPN K>AJVAJA >QP PDA >=P?DLNAL=NA@ J=JKL=NPE?HAO @AIKJOPN=PA@ OQLANEKN ?=P=HUPE? =?PEREPU =O ?KIL= NA@ PK PDA BHKSOUJPDAOEVA@ J=JKL=NPE?HAO SEPD PDA >=P?DLNAL=NA@ J=JKL=NPE?HA ?=P=HUOPO P =GEJC IEJ BKN BQHH OQ>OPN=PA ?KJRANOEKJ=O?KIL=NA@PKIEJBKNPDABHKSOUJPDAOEVA@J=JKL =NPE?HA?=P=HUOPO "=P=HUPE?=HHU =?PERA -E J=JKL=NPE?HAO D=RA =HOK >AAJ OUJPDAOEVA @ >U = OACIAJPA@ ?KJPEJQKQO BHKS IAPDK@ EJ = IE?NKNA=?PKN SEPD ?KJRAJPEKJ=H DA=P EJC 3DA NA=?PKN QOA@ '/+" LQILO PK BHKS PSK OKHQPEKJO KB -E"H =J@ DU@N=VEJA DU@N=PA SEPD OK@EQI DU@NKTE@A EJ APD=JKH EJPK = ?=PANLEHH=N IETAN OQ>IANCA@ EJ =J KEH >=PD %ECQNA = .LAN=PEKJ KB PDA NA=?PKN =P p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p" SEPDKQP = @@EPEKJ KB OQNB=?P=JP = SEPD = @@EPEKJ KB"3 !>=J@/5/?=J@PDAEN?KIL=NEOKJSEPDPD=PKBPDA? KIIAN?E=HQOA@1=JAU-E@ O JK>HA IAP=HO =NA GJKSJ PK >A AT?AHHAJP DU@NKCAJ=PEKJ ?=P=HUO PO PDANA EO EJPANAOP EJ ATLHKNEJC JK>HA IAP=H J=JKL=NPE?HA ?=P=HUOPO EJ KN@AN PK ATLHKEP PDAEN DECDOQNB=?A=NA=PKRKHQIA N=PEKO SDEHA OPEHH =?DEAREJC PDA DECD =?PEREPU OAHA?PEREPU =J @ OP=>EHEPU EJDANAJP PK PDA IAP=H 2AA@ IA@E=PA@ CNKSPD IAPDK@O D=RA >AAJ QPEHEVA@ EJ >=P?D ?DAIEOPNEAO =O = PA?DJEMQA PK K>P=EJ DECDHU QJEBKNI J=JKL=NPE?HA IKNLDKHKCEAO 3DA O=IA ?KJ?ALP ?=J >A =?DEARA@ SEPD ?KJPEJQKQO BHKS IAPDK@O >U D=REJC NA=?PKNO LKOEPEKJA@ EJ OANEAO PD=P ?=J =HHKS BKN @EBBANAJP OUJPDAPE? ?KJ@EPEKJO PK >A =?DEARA@ BKN OAMQAJPE=H OPALO OQ?D =O = @EBBANAJP NA=?PEKJ PAILAN=PQNAO KN ?DAIE?=H AJRENKJIAJPO 3DEO OPN=PACU S=O NA?AJPHU =LLHEA@ PK PDA OUJPDAO EO KB C J=JKL=NPE?HAO >U 3KNNAJPA ,QN?E=JK =J@ ?KSKNGANO >U ?KEHEJC /% PQ>EJC (# EJ =N KQJ@ = #LNEJPA@ OQLLKNP 2?DAIA 3DEO NA=?PKN =N?DEPA?PQNA EO AJCEJAANA@ PK LNKIKPA PDA NKP=PEK J KB PDA BHQE@ >U ?KJPNKHH=>HA CAJAN=PEKJ KB OA?KJ@=NU #A=J BHKSO 3DA I=CJEPQ@A KB PDAOA OA?KJ@=NU BHKSO KN #A=J RKNPE?AO ?=J >A MQ=JPEBEA@ >U PDA @EIAJOEKJHAOO #A=J JQI> AN (JPANAOPEJCHU PDA NAOQHPEJC #A=J JQI>AN @EOLH=UO = OPNKJC ?KNNAH=PEKJ PK PDA OEVA =J@ LKHU@ EOLANOEPU KB NAOQHPEJC J=JKL=NPE?HAO SDANA DECDAN #A=J JQI>ANO PAJ@ PK NAOQHP EJ OI=HH =J@ QJEB KNI JI J=JKL=NPE?HAO SDEHA HKSAN #A=J JQI>ANO UEAH@ H=NCAN =J@ IKNA LKHU@EOLANOA L=NPE?HAO 3DA =>EHEPU PK LNA?EOAHU ?KJPNKH PDA CAKIAPNE? L=N=IAPANO KB PDA NA=?PKN OQ?D =O DAHET @E=IAPAN LEP?D @EOP=J?A =J@ PQ>EJC HAJCPD AJOQNAO PD=P N=@E=H IETEJC EO AJD=J?A@ =O = NAOQHP KB I=TEIEV=P EKJ KB PDA #A=J JQI>AN SDE?D B=?EHEP=PAOPDABKNI=PEKJKBDECDHUIKJK@EOLANOAJ=JKL=NPE?HAO $-2/6/ 2 ?DAI=PE? @ E=CN=I K B PDA ATLANEIAJP=H O APQL B KN P DA O UJPDAOEO KB C J=JKL=NPE?HAO QOEJC = #LNEJPA@OQLLKNPPKEJ@Q?A#A=JRKNPE?AO %KN PDA OUJPDAOEO KB C J=JKL=NPE?HAO PSK OKHQPEKJO = NA@Q?EJ C =CAJP ?KJOEOPEJC KB OK@EQI >KNKDU@NE@A =J@ OK@EQI ?EPN=PA =J@ =J =MQAKQO LNA?QNOKN OKHQPEK J KB C-. SANA EJPNK@Q?A@ PDNKQCD = 3 IETAN EJPK PDA BENOP NA=?PKN PD=P S=O I=EJP=EJA@ =P p" =BBKN@EJC C OAA@O =BPAN = NAOE@AJ?A PEIA KB O SEPD =J =RAN=CA OEVA KB JI 2Q>OAMQ AJPHU PDA C OAA@O SANA BHKSA@ PDNKQCD PDA OA?KJ@ NA=?PKN OP=CA PD=P B=?EHEP=PA@ CNKSPD >U PDA EJPNK@Q?PEKJ KB =@@EPEKJ=H =MQAKQO C-. =J@ OK@EQI ?EPN=PA OKHQPEKJ =P p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± JI ?KIL=NA@ PK =J =J=HKCKQO >=P?D NA=?PEKJ PD=P S=O LANB KNIA@ KJ = PULE?=H >AJ?DPKL O?=HAKBI+=BBKN@EJC ± JIJ=JKL=NPE?HAO%ECQNA 31>;/ = / =NPE?HA O EVA @EOPNE>QPEKJ =J@ PN=JOIEOOEKJ AHA?PNKJ IE?NK CN=LD EI=CA BKN >=P?DOUJPDAOEVA@ /@ J =JKL=NPE?HAO SEPD = J =RAN=CA OEVA KB d JI > /=NP E?HA OEVA @EOPNE>QPEKJ =J@ PN=JOIEOOEKJ AHA?PNKJ IE?NKCN=LDEI=CAKBBHKSOUJPDAOEVA@/@J=JKL=NPE?HAOSEPD=J= RAN=CAOEVAKB d JIDECDHECDPEJC OI=HHAN IA=J O EVA =J@ J=NNKSAN L=NPE?HA O EVA @EOPNE>QPEKJ ?KIL= NA@ PK PDKOA LNK@Q?A@ Q OEJC PDA OI=HHO?=HA >=P?DNA=?PKN 3DA ?=P=HUPE? =?PEREPU KB PDA /@ J=JKL=NPE?HAO S=O =OOAOOA@ QOE JC PDA O=IA IEHHEBHQE@E? NA=?PKN SDANA PDA >=P?D =J@ BHKSOUJPDAOEVA@ /@ J=JKL=NPE?HAO SANA @EHQPA@ PK = @AOENA@ ?KJ?AJPN=PEKJ =J@ IETA@ SEPD RR DATAJA EJ ?U?HKDAT=JA >U BHKSEJC >KPD OKHQPEKJO EJPK PDA BENOP 3FQJ?PEKJ KB PDA NA=?PKN =P BHKS N=PAO KB μ IKH IEJ =J@ μ IKH IEJ NAOLA?PERAHU 2?DAIA #KSJOPNA=IDU@NKCAJC=OS= OEJPNK@Q?A@=PPDAOA ?KJ@3FQJ?PEKJBKNIEJC=PNE LD=OE? BHKS PD=P S=O =HHKSA@ PK NQJ BKN IEJ 4LKJ ATEPEJC PD A NA=?PKN PDA KNC=JE? LD=OA S=O =J=HUVA@ >U C=O ?DNKI=PKCN=LDU PK @APANIEJA DU@NKCAJ=PEKJ ?KJRA NOEKJ 3DA NAOQHPEJC ?=P=HUPE? =?PEREPU PKS=N@O PDA DU@NKCAJ=PEKJ KB DATAJA S=O DECDAN BKN P DA BHKSOUJPDAOEVA@ /@ J=JKL=NPE?HAO ± IKH DAT=JA IKH /@ - /O O ?KIL=NA@ PK PDA >=P?DOUJPDAOEVA@ /@ J=JKL=NPE?HAO ± IKH DAT=JA IKH /@ - /O O SDE?D ?=J >A ATLH=EJA@ >U PDA EJ?NA=OA@ OQNB=?A =NA=PKRKHQIA N=PEK KB PDA OI=HHAN BHKSOUJPDAOEVA@ J=JKL=NPE ?HAO %QNPDANIKNA PK RANEBU PDA NK>QOPJAOO KB PDEO IAPDK@ O=ILHAO SANA ?KHHA?PA@ ARANU DKQN @Q NEJC PDA D J=JKL=NPE?HA OUJPDAOEO NA=?PKN NQJ =J@ SANA =J=HUVA@ BKN >KPD PDAEN OEVA =J@ ?=P=HUPE? =?PEREPU (P S=O BKQJ@ PD=P PDA J=JKL=NPE?HA OEVA S=O ?KJOEOPAJP =?NKOO =HH O=ILHAO =O SAHH =O PDA ?=P=HUPE ? =?PEREPU >U ?KIL=NEOKJ KB PDAEN PQNJKRAN BNAMQAJ?U %ECQNA 3DEO AT=ILHA KB PDA BHKS NA=?PKN BKN >KPD PDA OUJPDAOEO KB J=JKL=NPE?HAO =J@ PDAEN OQ>OAMQAJP ?=P=HUPE? PAOPEJC BQNPDAN @AIKJOPN=PAO PDA RANO=PEHEPU KB BHKS NA=?PKNO $-2/6/ 2 ?DAI=PE? K B PDA PNELD=OE? OACIAJPA@ BHKS N A=?PKN B KN DU@NKCAJ =PEKJ NA=?PEKJO PK EJRAOPEC=PA PDA ?=P=HUPE? =?PEREPU K B /@ J =JKL=NPE?HAO PKS=N@O DU@NKCAJ=PEK J KB DATAJA QJ@AN IEJEI=H I=OO PN=JOBAN HEIEP=PEKJO 31>;/ = / =NPE?HA O EVA @EOPNE>QPEKJO K B PDA /@ J =JKL=NPE?HAO O=ILHA = OOAOOA@ DKQNHU @QNEJC = D LNK@Q?PEKJ NQJ D ECDHECDPEJC PDA ?KJOEOPAJ?U EJ PDA L =NPE?HA O E VA B KN L NKHKJCA@ KLAN=PEKJ > " =P=HUPE? =?PEREPEAO KB / @ J=JKL=NPE?HAO EJ P ANIO K B PDA PQNJKRAN BNAMQAJ ?U 3.% B KN O =ILHAO = OOAOOA@ DKQNHU BNKI PSK OAL=N=PA D J =JKL=NPE?HA L NK@Q?PEKJ NQJO DECDHECDPEJC PDA ? KJOEOPAJ?U EJ PDA MQ=HEPU K B /@ J=JKL=NPE?HAO KRANLNKHKJCA@KLAN=PEKJ 6DEHA AILHKUEJC PDA QOA KB IQHPELHA LD=OAO 24 HEMQE@HEMQE@C=O IEPEC=PAO =C=EJOP NA=?PKN BKQHEJC =J@ =BBKN@O OQLANEKN IETEJC ?KIL=NA@ PK OKHAHU KJALD=OA H=IEJ=N BHKS EP D=O NA?AJPHU >AAJ @AIKJOPN=PA@ PD=P PSKLD=OA BHKS ?=J =HOK LNKRE@A ?KJPNKH KRAN J=JKL=NPE?HA IKNLDKHKCU ,QHPELK@ OPNQ?PQNAO KB 1D J=JKL=NPE?HAO SANA NA?AJP HU =?DEARA@ QOEJC IE?NKS=RA ENN=@E=PEKJ ?KQLHA@ SEPD = PSKLD=OA IEHHEBHQE@E? BHKS IAPDK@ LNAREKQOHU NALKNPA@ #LNEJPA@ @NKLHAPBKNIEJC @ARE?A S=O AILHKUA@ EJ SDE?D PDNAA EJ@ALAJ@AJP EJHAPO OQLLHEA@ PDA @EOLANOA@ LD=OAO KB 1D"H EJ APDUHAJA CHU?KH LKHUREJUHLUNNKHE@KJA /5/ EJ APDUHAJA C HUKH =J@ = ?KJPEJQKQO BHQKNK?=N>KJ KEH LD=OA PDA PDNAA OPNA=IO SANA BHKSA @ QOEJC OUNEJCA LQILO %ECQNA BPAN@NKLHAPOSANACAJAN=PA@ =PNKKIPAILAN=PQNAPDAN A=?PEKJS=OPDANI=HHUPNECCANA@>U BHKSEJCPDAIEJPK=IE?NKS=RA?=REPUEJ II(#/3%$PQ>EJC 31>;/ 1 A=?PKN ?KJBECQN=PEKJ ODKSEJC PDA OUNEJCA LQILO E JFA?PEJC NA= CAJPO =J@ ?=NNEAN K EH @NKLHAP CAJAN=PKN@ARE?A=J@PQ>EJC?KEHEJPDAIE?NKS=RA?=REPU 3DA IKNLDKHKCU KB 1D J=JKL=NPE?HAO OUJPDAOEVA@ SEPD PSKLD=OA B HKS =P p" SANA EJRAOPEC=PA@ BKN PDNAA @EBBANAJP NAOE@AJ?A PEIAO 62 =J@ IEJ NARA=HEJC PD=P SEPD ODKNPAN NAOE@AJ?A PEIAO = DECDAN LAN?AJP=CA KB PDA J=JKL=NPE?H AO @EOLH=UA@ = GEJAPE?=HHU B=RKNA@ IQHPELK@ IKNLDKHKCU SDANA=O =P HKJCAN NAOE@AJ?A PEIAO PDANA S =O = CNA=PAN LAN?AJP=CA KB PDA PDANIK@UJ=IE?=HHU B=RKNA@ ?Q>K?P=DA@N= OPNQ?PQNAO 3DA IA?D=JEO I EJ SDE?D PDAOA IQHPELK@O BKNI EO OQCCAOPA@ PK K??QN >U =@@EPEKJ KB 1D =PKIO KJPK BKQN KB PDA AECDP PNE=JCQH=N B=?AO KB PDA ?Q>K?P=DA@N= JQ?HAE =O PDA /5/ HEC=J@ HEGAHU EJPAN=?PO IKN A OPNKJCHU SEPD PDA B=?AO %ECQNA 'KSARAN =O PDA NAOE@AJ?A PEIA EJ?NA=OAO PDA DE CDAJANCU IQHPELK@ =LLAJ@=CAO QJ@ANCK AP?DEJC =J@ OQ>OAMQAJP PN=JOBKNI=PEKJ PK PDA PDANIK@UJ =IE?=HHU B=RKNA@ ?Q>K?P=DA@N= 4J@AN JK NA=?PEKJ ?KJ@EPEKJO @E@ PDA =J=HKCKQO KJALD=OA OUJPDA OEO NAOQHP EJ 1D IQHPELK@O 3DA =QPDKNO OUOPAI=PE?=HHU ?KJ?HQ@A@ PD=P PDA GEJAPE? LNK@Q?P S=O K >P=EJA@ QOEJC PSKLD=OA BHKS ?KJ@EPEKJO >A?=QOA PDA BHQKNEJ=PA@ ?=NNEAN KEH SDE?D EO = LKKN IE?NKS=RA =>OKN>AN ?KJ@Q?PA@ DA=P =S=U BNKI PDA @NKLHAPO =HHKSEJC PDA GEJAPE? LNK@Q?P PK >A PN=L LA@ (J KN@AN PK QJ@ANOP=J@ PDA ABBA?P KB IE?NKS=RAENN=@E=PEKJ KJ PDA OUOPAI BKN PDA BKNI=PEKJ KB IQH PELK@ 1D J=JKL=NPE?HAO PDA =J=HKCKQO NA=?PEKJ S=O ?KJ@Q?PA@ QOEJC ?KJRAJPEKJ=H DA=PEJC QJ@ AN KPDANSEOA E@AJPE?=H NA=?PEKJ ?KJ@EPEKJO KB p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q ; QOA@ P K @ANERA P DA R =HQA K B =?PER=PEKJAJANCEAO JKPDAN AT=ILHA KB ATLHKEPEJC PSKLD=OA BHKS BKN ?KJPNKH KRAN PDA NAOQHPEJC J=JKL=NPE?HA IKNLDKHKCU D=O >AAJ ODKSJ BKN PDA OUJPDAOEO KB =JEOPNKLE? NK@ OD=LA@ /@ J=JKL=NPE?HAO 3 DEO DECDLNAOOQNA OUJPDAOEO ,/= S=O LANBKNIA@ QOEJC = /UNAT I E?NKNA=?PKN PD=P S=O B=>NE?=PA@ QOEJC ?KJRAJPEKJ=H HEPDKCN=LDE? PA?DJEMQAO %ECQNA 3DA N A=?PKN ?DEL D=@ = IETEJC VKJA = DKP NA=?PEKJ VKJA =J@ = ?KKHEJC VKJA EJ SDE?D PDA PSK OKHQPEKJ O -= /@"H *!N =J@ S=PAN =J@ APDUHAJA CHU?KH =J@ /5/ SANA BHKSA@ =P R=NEKQO BHKS N=PAO P K =?DEARA @EBBANAJP NAOE@AJ?A PEIAO #EOOKHRA@ KTUCAJ EJ PDA OKHRAJPO =O SAHH =O PDA LNAOAJ?A KB D= HE@A =JEKJO BNKI *!N D=RA >AAJ NALKNPA@ PK EJBHQAJ?A PDA IKNLDKHKCU KB PDA NAOQHPEJC J=JKL=NPE ?HAO 3DA *!N EJPAN=?PO SEPD PDA B=?APO KB PDA /@ J=JKL=NPE?HAO SDE?D =NA OQ>OAMQAJPHU NA IKRA@ >U PDA @EOOKHRA@ KTUCAJ =J@ MQE?GHU NALH=?A@ SEPD =@@EPEKJ=H /@ =PKIO BNKI AT?AOO LNA?QNOKN EJ OKHQPEKJ (J PDEO NA=?PEKJ PDA LNAOAJ?A KB >NKIE@A =J@ ?DHKNE@A EKJO BNKI PDA *!N =J@ -= /@"H =O SAHH PDA C=O ?=NNEAN LD=OA =NA ATLA?PA@ PK EJBHQAJ?A PDA LNABANAJPE=H CNKSPD PD=P NAOQHPO EJ PDA BKNI=PEKJ KB =JEOKPNKLE? /@ J=JKNK@O %KN KJALD=OA BHKS = ?KI>EJ=PEKJ KB BHKS N=PAO =?DE AREJC NAOE@AJ?A PEIAO BNKI O PK O =J@ PAILAN=PQNAO BNKI p" PK p" SANA QOA@ PK ?KJPNKHH=>HU PQJA PDA IKNLDKHKCU BNKI EOKPNKLE? J=JKL=NPE?HAO PK =JEOKPNKLE? J=JKNK@O P HKSAN PAILAN=PQNAO PDA N=PAO KB PDA D=HE@A =@@EPEKJ PK PDA /@ J=JKL=NPE?HAO EO ?KIL=N=>HA PK PDA N=PA KB P DA KTE@=PERA AP?DEJC OK LNABANAJPE=H CNKSPD EO JKP K>OANRA@ 'KSARAN =P AHAR=PA@ PAILAN=PQNAO OQ?D =O p" =J@ = NAOE@AJ?A PEIA KBOPDAN=PAKBD=HE@AEKJEOB=OPANPD=JPDAAP?DEJC=B BKN@EJCJ=JKNK@O 31>;/ = 2 ?DAI=PE? K B PDA OACIAJPA@ BHKS C AJAN=PEKJ EJ P DA I ETEJC V KJA K B = DU@NKLDEHE? IE?NKBHQE@E? N A=?PKN > 2LEN=H I E?NKNA=?PKN SEPD μ + ?D=JJAH SE@PD =J@ @ALPD = J@ μ + RKHQIA QOA@ B KN PDA O UJPDAOEO KB / @ J=JKNK@O ? +EMQE@ BHKS O ACIAJP= PEKJ >U PDA C=O LD=OA @ #AP=EH KB PDA C=O=MQAKQOOACIAJPOCAJAN=PA@=Pp"=J@=NAOE@AJ?APEIAK BIEJ 3K EJRAOPEC=PA PDA ATPAJP KB EJBHQAJ?A PDA KTE@=PERA AJRENKJIA JP D=@ KJ PDA NAOQHPEJC J=JKL=NPE?HA IKNLDKHKCU = PSKLD=OA =LLNK=?D QOEJC =EN =O PDA ?=NNEAN LD=OA S=O AILHKUA@ 3DEO S=OHEIEPA@PKEJRAOPEC=PEJCPDA KTE@=PERAAJRENKJIAJP=OEJ?N A=OEJC?DHKNEJA EKJO?KQH@NAOQHPEJ LNA?ELEP=PEKJ =J@ OQ>OAMQAJP BKQHEJC KB PDA NA=?PKN (J PDA LNA OAJ?A KB =EN PDA NAOQHPEJC IKNLDKHKCU S=O AT?HQOERAHU J=JKNK@O =J@ EJPANAOPEJCHU >U ?D=JCEJC PDA N= PEK KB APDUHAJA CHU?KH PK -= /@"H PDA =OLA?P N=PEK N=PEK KB SE@PD PK HAJCPD KB PDA J=JKNK@O ?KQ H@ >A ?KJPNKHHA@ P DECDAN N=PEKO KB APDUHAJA CHU?KH PK -= /@"H PDA =OLA?P N=PEK S=O DECDAN 3DA NAOQHPEJC /@ J=JKNK@O SANA EJRAOPEC=PA@ BKN PDAEN ?=P=HUPE? =?PEREPU PKS=N@O PDA DU@NKCAJ= PEKJ KB OPUNAJA =J@ PDA =?PEREPU S=O ?KIL=NA@ PK = ?KIIAN?E=H /@ ?=P=HUOP LANBKNIA@ EJ PDA HEMQE@ L D=OA QOEJC = /=NN NA=?PKN 4J@AN PDA O=IA ?=P=HUPE? PAOPEJC ?KJ@EPEKJO 62 I, /@ ,/= ' LNAOOQNA p" #,% OKHRAJP PDABHKSOUJPDAOEVA@/@J=JKNK@OATDE>EPA@=?KJRANOEKJKB OPUNAJAPKAPDUH>AJVAJASEPDEJ IEJ?KIL=NA@PKIEJ SEPDPDA?KIIAN?E=H?=P=HUOP%ECQNA @@EPEKJ=HHUPDAPQNJKRAN BNAMQAJ?U S=O OQ>OP=JPE=HHU DECDAN BKN PDA /@ J=JKNK@O D ?KIL=NA@ PK PDA ?KIIAN?E=H /@?=P=HUOPD 31>;/ " KJRANOEKJ KB OPUNAJA P K APDUH>AJVAJA S=O LHKPPA@ = C=EJOP N A=? PEKJ PEIA =P ,/= LNAOOQNA =J@ * PAILAN=PQNA EJ P DA L NAOAJ?A KB JK ?=P=HUOP = ? KIIAN? E=H /@ " ? =P=HUOP =J@ PDA BHKSOUJPDAOEVA@ /@J=JKNK@O 5/-=;8-+=+5B<=< O =JPDNKLKCAJE? ?HEI=PA ?D=JCA >A?KIAO ARAN IKNA ARE@AJP BK?Q O KJ @ARAHKLEJC IKNA ?HA=J=J@OQOP=EJ=>HAAJANCU OKQN?AO D=O>A?KIA=PKLLNEKNEPU %QAH?AHHOD=RA>AAJE@AJPEBEA@=O LNKIEOEJC ?HA=JAJANCU ?KJRANPEJC @ARE?AO =O PDAU =NA ?=L=>HA K B CAJAN=PEJC AHA?PNE?EPU QOEJC = BQAH OKQN?A OQ?D =O DU@NKCAJ =H?KDKHO =J@ DU@NKCAJNE?D DU@N K?=N>KJO SEPD PDA I=EJ LNK@Q?PO >AEJC S=PAN =J@ DA=P 4JHEGA >=PPANEAO PDANA EO JK JAA@ BKN ?D=NCEJC =O HKJC =O PDA NA EO = BQAH OKQN?A I=GEJC PDAI LN=?PE?=H BKN ?KIIAN?E=HEV=PEKJ BKN PN=JOLK NP=PEKJ =LLHE?=PEKJO =O SAHH =O OP=PEKJ=NULKSANCAJAN=PEKJ 3DA LNKPKPULE?=H DU@NKCAJ BQAH ?AHH EO ?KILNEOA@ KB = LNKPKJ AT ?D=JCA IAI>N=JA /$, AHA?PNKHUPA AHA?PNK@AO =J@ DU@NKCAJ =J@ KTUCAJ =O BQAH =J@ KT E@=JP NAOLA?PERAHU 3DA @Q=H LQNLKOA KB PDA /$, EO PK EJOQH=PA PDA BQAH =J@ KTE@=JP BNKI KJA =JKPDAN =J@ B=?EHEP=PA PDA ?KJ@Q?PEKJ KB LNKPKJO BNKI PDA =JK@A PK ?=PDK@A P PDA =JK@A PDA DU@NKCAJ BQAH EO ?=P=HUPE?=HHU OLHEP EJPK LNKPKJO =J@ AHA?PNKJO BKHHKSA@ >U PDA IECN=PEKJ KB >KPD PDA LNKPKJO PDNKQCD PDA /$, =J@ PDA AHA?PNKJO PDNKQCD =J ATPANJ=H ?EN?QEP PK PDA ?=PDK@A P PDA ?=PDK@A PDA KTUCAJ NA@Q?PEKJ NA=?PEKJ .11 K??QNO EJ SDE?D PDA LNKPKJO =J@ AHA?PNKJO NA=?P SEPD KTUCAJ IKHA?QHAO BNKI PDA =EN PK LNK@Q?A S=PAN 'U@NKCAJ BQAH ?=J >A NALH=?A@ SEPD HEMQE@ BQAHO OQ?D =O IAPD= JKH =J@ APD=JKH BKNIEJC = @ENA?P IAPD=JKH BQAH ?AHH #,%" =J@ @ENA?P APD=JKH BQAH ?AHH #$%" NAOLA?PERAHU EJ SDE?D LNKPKJO =J@ AHA?PNKJO =NA CAJAN=PA@ EJ P DAEN NAOLA?PERA KTE@=PEKJ NA=?PEKJO SEPD=J=@@EPEKJ=H>ULNK@Q?PKB". 3DA H=NCAO?=HA EILHAIAJP=PEKJ KB BQAH ?AHH PA?DJKHKCU EO HEIEP A@ >U PSK I=FKN ?D=HHAJCAO PDA ?KOP =J@ PDAEN OP=>EHEPU !KPD KB PDAOA EOOQAO OPAI BNKI PDA /P>=OA@ ?=P=HUOPO PD=P =NA QOA@ PK B=?EHEP=PA >KPD PDA =JK@E? =J@ ?=PDK@E? AHA?PNK?DAIE?=H NA=?PEKJO $ILHKUIAJP KB J=JKO?=HA /P BKN >KPD AHA?PNK?DAIE?=H NA=?PEKJO D=O B=?EHEP=PA@ PDA NA@Q? PEKJ EJ /P HK=@EJC KRAN PDA L=OP @A?=@A BNKI W IC ?I PK W IC ?I EJ = BQAH ?AHH 'KSARAN =O /P EO = O?=N?A IAP=H EJ KN@AN BKN PDANA PK >A = OECJEBE?=JP EJ?NA=OA EJ PDA O?=HA KB SDE?D BQ AH ?AHHO =NA LNK@Q?A@ ?QNNAJPHU PDA =IKQJP KB /P JAA@O PK >A BQNPDAN NA@Q?A@ >U =LLNKTEI=PAHU BERA BKH@ >U =HHKUEJC =J@KN J=JKOPNQ?PQNEJC =J@ = IAPDK@ BKN PDA H=NCA O?=HA LNK@Q?PEKJ KB PDAOA =HPANJ=PERA ?=P=HUOPO JAA@O PK >A @ARAHKLA@ @@EPEKJ=HHU QJ@AN PDA NA=?PEKJ ?KJ@EPEKJO PD=P =NA PULE?=H K B BQAH ?AHHO /P EO OAJOEPERA PK ?KJP=IEJ=JPO OQ?D =O ". SDE?D ?=J NAOQHP EJ ?=P= HUOP LKEOKJEJC 3DANABKNA @ARAHKLIAJP KB IAPDK@O PK B=?EHEP=PA PDA H=NCAO?=HA LNK@Q?PEKJ KB OQLANEKN ?=P=HUOPO EJ PANIO KB =?PEREPUOP=>EHEPU=J@?KOPEOL=N=IKQJP !AB1/7#/.>-=387#/+-=387!## 3DA .11 EO =J ATPNAIAHU EILKNP=JP NA=?PEKJ EJ AJANCU?KJRANPEJC OUOPAIO OQ?D =O BQAH ?AHHO =J@ IAP=H=EN >=PPANEAO 3DA ?=PDK@E? .11 PULE?=HHU K??QN O PDNKQCD PSK @EBBANAJP L=PDS=UO EJ =MQAKQO OKHQPEKJ hh = BKQNAHA?PNKJ NA@Q?PEKJ L=PDS=U BNKI . PK ' . KN = PSKAHA?PNKJ L=PDS=U BNKI . PK ' . 3DA ?D=HHAJCA SEPD PDA .11 EO PD=P PDA GEJAPE?O =NA ATPNAIAHU OHQCCEOD =J@ EJ KN@AN PK KLAN=PA =P = LN=?PE?=H N=PA EJ = BQAH ?AHH =J ABBE?EAJP ?=P=HUOP EO EILAN=PERA O =BKNAIAJPEKJA@ PDA KJHU ?=P=HUOPO PD=P ?QNNAJPHU @EOLH=U =?PER EPEAO =J@ OP=>EHEPEAO DECD AJKQCD BKN SDE?D ?KIIAN?E=HEV=PEKJ EO LKOOE>HA =NA /P>=OA@ ?=P=HUOPO 3DA NABKNA PDANA D=O >AAJ = H=NCA ABBKNP EJ @ARAHKLEJC IAPDK@O PK NA@Q?A PDA =IKQJP KB LH=PEJQI JA?AOO=N U >U AEPDAN CKEJC PK PDA J=JKO?=HA PK ATLHKEP PDA DECDOQNB=?A=NA=PKRKHQIAN=PEKO KN >U EJ?KNLK N=PEJC = HAOO ATLAJOERA IKNA $=NPD =>QJ@=JP IAP=H SDEHA I=EJP=EJEJC DECD =?PEREPU KN PDNKQCD = ?K I>EJ=PEKJ KB >KPD @@EPEKJ=HHU EJ?NA=OAEJOP=>EHEPUEOJA?AOO=NUSDE?D?=J=HOK>A=?DEARA@> UEJ?KNLKN=PEKJKBKPDANIAP=HO 3DA BENOP NALKNP KB OUJPDAOEVEJC /P J=JKL=NPE?HAO BKN QOA =O = J .11 ?=P=HUOP QOEJC = ?KJPEJQKQO BHKS OUOPAI S=O >U 7Q 2@ .8 EJ NQ@EIAJP=NU IE?NKBHQE@E? NA=?PKN OUOPAI B=>NE?=PA@ BNKI = LEA?A KB @KQ>HAOE@A@ P=LA =J@ PSK >KNKOEHE?= PA ?KRAN OHE@AO PK =?DEARA =J 2PULA ?D=JJAH S=O AILHKUA@ %ECQNA OUNEJCA LQIL ?KJPNKHHA@ PDA BHKS KB PDA PSK =MQAKQO OKHQPEKJO =P = KJAPKKJA BHKS N=PA N=PEK PDA BENOP ?KJP=EJEJC ' /P"H /5/ =J@ ?=N>KJ >H=?G =J@ PDA KPDAN PDA -=!' NA@Q?EJC =CAJP UEAH@EJC = SP /P KJ ?=N>KJ /P" ?=P=HUO P %ERA @EBBANAJP BHKS N=PAO SANA EJRAOPEC=PA@ BNKI μ + IEJ PK μ + IEJ HH BHKS N=PAO =?DEARA@ ?NUOP=HHEJA LNK@Q?P >U LKS@AN 7N=U @EBBN=?PEKJ DKSARAN PDA EJPAJOEPU KB PDA LA=G @EOLH=UA@ = DECDAN LA=G EJPAJOEPU PD=J ATLA?PA@ ?KIL=NA@ SEPD KPDAN B=?APO (P S=O DULKPDAOEVA@ PD=P PDA /P" I=PANE=HO OUJPDAOEVA@ =P μ + IEJ SEPD PDA CNA=PAOP EJPAJOEPU SKQH@ @EOLH=U OQLANEKN ?=P=HUPE? =?PEREPU =O PDA OQNB=?A KB /P D=O >AAJ NALKNPA @ PK >A PDA IKOP =?PERA BKN AHA?PNK?DAIE?=H IAPD=JKH KTE@=PEKJ ,KNAKRAN PDA μ + IEJ BHKS N=PA NAOQHPA@ EJ L=NPE?HAO SEPD OHECDPHU HKSAN LKHU@EOLANOEPEAO PD=J IKOP KB PDA KPD AN BHKS N=PAO (P EO EILKNP=JP PK JKPA PD=P PDAOA ?KJ@EPEKJO =BBKN@ RANU HKS PDNKQCD LQP R=HQAO SEPD PDA μ + IEJ BHKS N=PA LNK@Q?EJC IANAHU IIKH KN IC KB /P LAN @=U KN W IC KB /P" =OOQIEJC ?KILHAPALNA?QNOKN?KJRANOEKJ 31>;/ = 2?DAI=PE? @ E=CN=I = J@ > PDA NA=H EI=CA B KN PDA O APQL KB P DA I E?NKBHQE@E? NA=?PKN OUOPAI 3K=OOAOOPDARE=>EHEPU KBPDANAOQHPEJC/P" ?=P=HUOPBKN.11 PDAAHA?PNK?DAIE?=HHU=?PERA OQNB=?A =NA= $ 2 S=O BENOP @APANIEJA@ PDNKQCD ". OPNELLEJC 3DA AHA?PNK?DAIE?=H LNKLANPEAO SANA AR=HQ=PA@ EJ . O=PQN=PA@ >=OE? OKHQPEKJ , *.' SDANA =HH ?QNNAJPO SANA JKNI=HEVA@ SEPD PDA ATLANEIAJP=HHU @APANIEJA@ $ 2 3DA LA=G LKPAJPE=H BKN .11 IA=OQNA@ =P 5 S=O ?KIL=NA@ BKN PDA /P J=JKL=NPE?HAO LNAL=NA@ =P @EBBANAJP BHK S N=PAO SEPD PDA μ + IEJ BHKS N=PA OUJPDAOEVA@ /P" ?=P=HUOP ATDE>EPEJC PDA DECDAOP LKPAJPE=H %ECQNA = O OAAJ EJ %ECQNA > PDA LKH=NEV=PEKJ ?QNRAO KB ?KIIAN?E=H /P" =NA ?KIL=N=>H A PK PDA μ + IEJ BHKS N=PA OUJPDAOEVA@ /P" 3DA BHKS O=ILHA S=O OQ>OAMQAJPHU PAOPA@ BKN E PO ?=P=HUPE? =?PEREPU PKS=N@O IAPD=JKH =J@ BKNIE? =?E@ AHA?PNKKTE@=PEKJ SEPD PDA μ + IEJ BHKS N=PA OUJPDAOEVA@ /P" >AEJC PDAIKOPATAILH=NU?=P=HUOPBKN>KPDNA=?PEKJO 31>;/ = ? U?HE? RKHP=IIKCN=IO BKN /P" ?=P=HUOPO O UJPDAOEVA@ QOEJC @EBBANAJP B HKS N=PAO =J@ ?KIIAN?E=H /P" EJ . O=PQN=PA@ ,*.'O?=JN=PAI5O > LKH=NEV=PEKJ ?QNRAO K B @EBBANAJP / P" ?=P=HUOPO EJ?HQ@EJC ?KIIAN?E=H /P" BKN .11 EJ . O=PQN=PA@ ,*.' O ?=J N =PA I5 O =J@ PDA AHA?PNK@A NKP=PEKJ OLAA@ S =O NLI P DA E JOAP E O RKH?=JK OD= LA@ @ALAJ@AJ?AO K B PDA KJOAP LKPAJPE=H KJ ?=P=HUOPOOUJPDAOEVA@SEPD@EBBANAJPBHKSN=PAO .JA IAPDK@ PK NA@Q?A PDA =IKQJP KB /P QOA@ EJ ?=P=HUOPO EO PK E J?KNLKN=PA = HAOO ATLAJOERA IKNA $=NPD=>QJ@=JP IAP=H OQ?D =O = PN=JOEPEKJ IAP=H PD=P ?=J NAOQHP EJ =J A JD=J?AIAJP KB PDA OLA?EBE? =?PEREPU 7E= =J@ ?KSKNGANO D=RA NA?AJPHU LQ>HEODA@ = PSKLD=OA ?KJPEJ QKQOBHKS NA=?PKN BKN PDA LNK@Q?PEKJ KB /P-E K?P=DA@N= 3DA /P-E K?P=DA@N= SANA OUJPDAOEVA@ QOEJC = OKHQPEKJ KB /P=?=? -E=?=? =J@ 6". EJ KHAE? =?E@ KHAUH=IEJA =J@ >AJVUH APDAN PD=P S=O BENOP DA=PA@ PK p" PK @EOOKHRA PDA 6". LNEKN PK EJPNK@Q?PEKJ EJPK PDA NA=?PKN (IIA@E=PAHU QLKJ AJPANEJC PDA NA=?PKN SDE?D S=O DA=PA@ PK p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q-E K ?P=DA@N=H J=JK?NUOP=HO SEPDEJ A =?D @ NKLHAP > /DKPKCN=LD ODKSEJC PDA BKNI=PEKJ KB @ NKLHAPO EJ = / 3%$ PQ>A @QNEJC PDA ?KJPEJQKQO L Q I L EJC KB = L NA?QNOKN O KHQPEKJ ?KJP=EJEJC 6". =P=?KJ?AJPN=PEKJKB ICI+ q 3DA QOA KB 6". D=O >AAJ LNAREKQOHU NALKNPA@ EJ PDA >=P?D OUJPDAOEO KB /P J=JKL =NPE?HAO PK AJOQNA PD=P QJEBKNI IKNLDKHKCEAO =NA =?DEARA@ =O PDA ". LNK IKPAO CNKSPD KB PDA B=?AP KB PDA K?P=DA@N= NAOQHPEJC EJ /P J=JK?Q>AO @EOLH=UEJC AT?HQOER AHU B=?APO %ECQNA > 6EPD EJ?NA=OEJC ?KJ?AJPN=PEKJO KB 6". IKNA ". C=O S=O ARKHRA@ NAOQHPEJC EJ = FAPPEJC KB PDA @EOLANOA@ LD=OA =J@ PDA BKNI=PEKJ KB /P-E J=JKL=NPE?HAO SEPD L KKNHU @ABEJA@ IKNLDKHKCEAO %ECQNA = HPANJ=PERAHU HKSAN ?KJ?AJPN=PEKJO KB 6". NAOQHP EJ HAOO ". C=O ARKHQPEKJ ?=QOEJC PDA @EOLANOA@ LD=OA PK BHKS EJ LHQCO LNK@Q?EJC /P-E K ?P=DA@N= SEPD H=NCAN OEVA @EOPNE>QPEKJO %ECQNA ? 3DANABKNA PDANA EO =J KLPEIQI 6 ". ?KJ?AJPN=PEKJ EJ BHKS PD=P B=?EHEP=PAO PDA 6:?6@A BKNI=PEKJ KB SAHH>AD=RA@ @NKLHAPO "KILKOEPEKJ=H ?KJPNKH QOEJ C PDEO NA=?PKN @AOECJ EO =?DEAR=>HA >U OEILHU =@FQOPEJC PDA =IKQJP KB -E=?=? EJ PDA @EOLANOA@ LD=OA =BBKN@EJC >KPDJI/P -E=J@JI/P -EK?P=DA@N= 31>;/ =q? 3 N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU EI=CAO K B PDA LNK@Q?PO K>P=EJA@ QOEJC PDA O=IA LNKPK?KH @ ARAHKLA@ BKN PDA JI / Pq-E K ?P=DA@N=H J=JK?NUOP=HO AT?ALP BKN PDA EJPNK@Q?PEKJ KB 6 ". E JPK PDA LNA?QNOKN O KHQPEKJ =P @ EBBANAJP ? KJ?AJPN=PEKJO = > = J@ ? IC I + q 3DA EJOAPO EHHQOPN=PA PDABKNI=PEKJKB@NKLHAPOKNLHQCOEJPDA/3%$PQ>A 6DAJ6". S=OQOA@=P ICI+ q PDAOKHQPEKJ EJ P DA / 3%$ PQ>A S KQH@ FAP KQP BNKI PDA KQPHAP @ 3 N=JOIEOOEK J AHA?PNKJ IE?NKCN=LD EI=CA KB / Pq-E J=JK?NUOP=HO BKNIA@ S DAJ N C =O S =O O QLLHEA@ =O PDA ?=NNEAN LD= OA SEPD = HH KPDAN ?KJ@EPEKJO > AEJC GALP PDA O=IA=OEJ= 3DA JI /P -E K?P=DA@N= QJ@ANSAJP =J =?APE? =?E@ PNA=PIAJP PK NAIKRA OQNB= ?P=JPO BNKI PDA OQNB=?A >ABKNA >AEJC OQLLKNPA@ KJ DECD OQNB=?A =NA= ?=N>KJ OQLLKNP /P -E" =J@ ?KIL=NA@ =C=EJOP = ?KIIAN?E=H /P" ?=P=HUOP 4OEJC = NKP=PEJC @EO? AHA?P NK@A 1#$ PA?DJEMQA PDA $ 2 O SANA?=H?QH=PA@BNKIDU@NKCAJ=>OKNLPEKJ=J@@AOKNLPEKJSEPDP DA/P -E"?=P=HUOPATDE>EPEJC= OI=HHAN $ 2 PD=J PDA ?KIIAN?E=H /P" 62 I C /P =J@ I C /P NAOLA?PERAHU 'KSARAN PDA OLA?EBE? =?PEREPU S=O IQ?D DECDAN BKN PDA /P -E" ?=P=HUOP CEREJC = ?QNNAJP @AJOEPU KB I ?I =P 5 SDANA=O PDA ?KIIAN?E=H /P" ?=P=HUOP C=RA KJHU I ?I = P PDA O=IA LKPAJPE=H 3DA BHKSOUJPDAOEVA@ ?=P=HUOPO SANA =HOK IKNA O P=>HA SEPD = @NKL EJ $ 2 KB =BPAN?U?HAO?KIL=NA@PK=HKOOBKNPDA?KIIAN? E=H/P"?=P=HUOP%ECQNA 31>;/ $ HA?PNK?=P=HUPE? LNKLANPEAO KB PDA K?P=DA@N=H /P -E" ?=P=HUOP BKN KTUCAJ NA@Q?PEKJ NA=?PEKJ = "U?HE? RKHP=IIAPNU ?QNRAO K B PDA /P -E" JI =BPAN P NA=PIAJP SEPD ' ? = J@ ?KIIAN?E=H /P" ?=P=HUOPO SP/PEJ = - O=PQN=PA@ , ' "H. O KHQPEKJ 2 ?=JJEJC N=PA I5 O q > "KIL=NEOKJ KB LKOEPERACKEJC .11 LKH=NEV=PEKJ ?QNRAO K B PDA ?=P=HUOPO EJ = J . O=PQN=PA@ , ' "H. O KHQPEKJ 2?=JJEJC N=PA I5 O q 1KP=PEKJ OLAA@ NLI 3 DA ? QNNAJPO SANA JKNI=HEVA@ PK PD A CAKIAPNE? =NA= KBPDANKP=PEJC@EOGAHA?PNK@A ?I ?$"2 =J@@I=OO=?PEREPU=P 5RO1'$KBPDA?=P=HU OPO >ABKNA=J@=BPANPDA=??AHAN=PA@@QN=>EHEPUPAOPO 3DA O=IA CNKQL SDK OUJPDAOEVA@ PDA =BKNAIAJPEKJA@ /P -E" ?=P=HUOP =HOK OPQ@EA@ PDA PSKLD=OA BHKS OUJPDAOEO KB IQHPELHU PSEJJA@ /@ E?KO=DA@N= ODAH HA@ SEPD = BAS IKJKH=UANO KB /P (JOPA=@ KB 6:?6@A C=O ARKHQPEKJ BNKI = NA=CAJP =EN S=O AILHKUA@ =O PDA ?=NNEAN LD=OA EJ PDEO AT=ILHA 3DA @EOLANOA@ LD=OA S=O ?KILNEOA@ KB -= /@"H =J@ /5/ @EOOKHRA@ EJ @EAPDUHAJA CHU?KH OUNEJCA LQIL S=O QOA@ PK BHKS PDA >KPD PDA C=O =J@ HEMQE@ NA= CAJP LD=OAO EJPK PDA NA=?PKN PD=P S=O ?KJOPNQ?PA@ KB /3%$ PQ>EJC (# II HAJCPD I =J@ I=EJP=EJA@ =P p" >U =J KEH >=PD %ECQNA = 3DA /@ E?KO=DA@N= SANA OUJPDAOEVA@ SEPD =J =RAN=CA @E=IAPAN KB ± JI QOEJC = P=EHKNA@ N=PEK KB @EOLANOA@ LD=OA PK ?KJPEJQKQO LD=O A KB SDE?D ?=H?QH=PAO PK =LLNKTEI=PAHU = I, OKHQPEKJ OACIAJP KN LHQC SEPD = RKHQIA KB μ + 3DA EJBHQAJ?A KB PDEO N=PEK S=O LNK>A@ NARA=HEJC LKKNHU @ABEJA@ IKNLDKHKCEAO =P DECD AN =J@ HKSAN N=PEKO 62 =J@ P = OHECDPHU DECDAN N=PEK KB BKN @EOLANOA@ LD=OA P K ?KJPEJQKQO LD=OA PDA NA=?PKN LNK@Q?A@ PDA @AOENA@ E?KO=DA@N= SEPD LQNEPU =J@ = OHECDPHU H=NCAN =RAN=CA @E=IAPAN KB JI %ECQNA @C 31>;/ = O ?DAI=PE? EHHQOPN=PEKJ KB PDA A TLANEIAJP=H O APQL QOA@ B KN CAJAN=PEJC ?KHHKE@=H JK>HA IAP=H J=JK?NUOP=HO EJ L HQC NA=?PKNO OAL=N=PA@ >U = C=OAKQO ? =NN EAN > ?/DKPKCN=LDO K B LHQC NA=?PKNO B=>NE?=PA@ S EPD @ EBBANAJP N =PEKO >APSAAJ P DA H AJCPDO K B PDA NA= ?PEKJ OKHQPEKJ UAHHKS ?KHKN =J@ =EN ?KHKNHAOO PDA ?=NNEAN LD=OA 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LDO K B /@ J =J K?NUOP=HO LNAL=NA@ >U QOEJC PDA OP=J@=N@ LNKPK?KH AT?ALP BKN @EBBANAJP HAJCPD N=PEKO >APSAAJ PDA HAJCPD O KB PDA N A=?PEKJ OKHQPEKJ =J@ =EN OACIAJPO @AB=J@C 3DA=NNKSOEJ@E?=PA/ @J=JK?NUOP=HOSEPDKQP=JE?KO=DA@N=HOD=LA 3DA NA=OKJ BKN PDEO IKNLDKHKCU ?KJPNKH PK CERA SAHH@ABEJA@ E?K O=DA@N= EO =PPNE>QPA@ PDA QOA KB =EN =O PDA ?KJPEJQKQO LD=OA =O EP D=O LNAREKQOHU >AAJ N ALKNPA@ PK D=RA @Q=H LQNLKOA hh KJA >AEJC PD=P . ?=J OANRA =O =J KTE@=JP CAJAN=PEJC =H@ADU@AO EJ PDA LKHUKH NA =?PEKJ PD=P =NA =?PQ=HHU PDA NA@Q?EJC =CAJP =J@ =HOK PD=P PDA KTE@=PERA AP?DEJC SEPD . ?=J =HPAN PDA NA=?PEKJ GEJAPE?O PDNKQCD PDA KTE@=PEKJ KB /@ >=?G EJPK EPO EKJE? BKNI h 3DEO S=O LNKRAJ >U LANBKNIEJC PSK ?KJPNKH NA=?PEKJO PDA =J=HKCKQO OUJPDAOEO QOEJC KJALD=OA BHKS =J@ >U OQ>OPEPQPEJC PDA =EN ?KJPEJQKQO LD=OA SEPD LQNA . (J >KPD ?=OAO PDA LAN?AJP=CA KB E?KO=DA@N= S=O NA@Q?A@ OECJEBE?=JPHU SEPD PDA BKNIAN ?=OA ATDE>EPEJC = NA@Q?PEKJ KB P DA E?KO=DA@N= LKLQH=PEKJ PK SDANA=O SEPD LQNA . SEPD = N=PEK KB @EOLANOA@ LD=OA PK . KB = LKLQH=PEKJ SEPD KJHU E?KO=DA@N= SANA LNK@Q?A@ %ECQNA 3DEO OQCCAOPO PD=P PDAN A EO = ?=NABQH >=H=J?A >APSAAJ PDA =IKQJP KB KTE@=PERA OLA?EAO PK LNA?QNOKN OKHQPEKJ PD=P JAA@O PK >A =?DEARA@ EJ KN@AN PK K>P=EJ PDA DECDHUPSEJJA@E?KO=DA@N=IKNLDKHKCUEJBHKS 31>;/ 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LDO K B /@ J =JK?NUOP=HO LNAL=NA@ > U QOEJC PDA OP=J@=N@ L NKPK?KH AT?ALP BKN PDA QOA KB LQNA . =O = ?=NNEAN LD=OA 3DA HAJCPD N=PEKO >APSAAJ PDA O KHQPEKJ =J@ . OACIAJPO SANA==J@>NAOLA?PERAHU 3DA=NNKSOEJ@E?=PA/ @K?P=DA@N=SEPD=OEJCHA?NUOP=H OPNQ?PQNA 3DA /@ E?KO=DA@N= SANA PDAJ AILHKUA@ =O = OQ>OPN=PA PK @ALKOEP = BAS IKJKH=UANO KB = /P ODAHH/@/P + 3DEOOPN=PACU=HHKSO= NA@Q?PEKJEJPDA=IKQJP KB/PQOA@BK N?=P=HUOEO>QP=HOK D=O >AAJ ODKSJ PK AJD=J?A PDA ?=P=HUPE? =?PEREPU PKS=N@O PDA .1 1 BKN >=P?DOUJPDAOEVA@ /@ KB R=NEKQO IKNLDKHKCEAO >U =@@EJC = /P IKJKH=UAN 3DA DECDHU QJEBKNI ODAHHO KB /P SANA =?DEARA@ EJ = >=P?D NA=?PEKJ >U PDA OHKS I+ D ?KJPNKHHA@ =@@EPEKJ KB = -= /P"H EJ APDUHAJA CHU?KH PK = OKHQPEKJ KB PDA BHKSLNAL=NA@ /@ E?KO=DA@N= EJ PDA LNAOAJ?A KB *!N /5/ =J@ =>OKN>E? =?E@EJAPDUHAJACHU?KH=Pp" 3DANA=?PEKJS=O=HHKSA@PK OPEN=PPAILAN=PQNABKND 3DA 1#$ PA?DJEMQA S=O AILHKUA@ PK =J=HUVA PDA =?PEREPU KB PDA /@/P + J=JKL=NPE?HAO BKN PDAEN =?PEREPU PKS=N@O .11 >U OQLLKNPEJC PDA J=JKL=NPE?HAO KJPK *APFAJ >H=?G ?=N>KJ PK K>P=EJ SPKBIAP=H?=P=HUOP/@/P + "=J@S=O?KIL=NA@PK=?KIIAN?E=H SP/P"?=P=HUOP ?KJOEOPEJC KB JI /P J=JKL=NPE?HAO (J PDEO ?=OA PDA JKNI=H EVA@ $ 2 S=O DECDAN BKN /@/P + " J=JKL=NPE?HAO I C /P PD=J PDA ?KIIAN?E=H /P" I C /P @AOLEPA PDA OI=HHAN =RAN=CA L=NPE?HA OEVA KB PDA ?KIIAN?E=H ?=P=HUOP 3DA .11 LKH=N EV=PEKJ ?QNRAO SANA IA=OQNA@ EJ =J . O=PQN=PA@ =MQAKQO '"H. OKHQPEKJ NARA=HEJC PD=P PDA I=OO =?PEREPEAO =P 5 SANA BER A PEIAO DECDAN BKN PDA /@/P + " J=JKL=NPE?HAO %ECQNA %QNPDANIKNA =??AHAN=PA@ @QN=>E HEPU PAOPO SANA ?KJ@Q?PA@ EJ SDE?D PDA /@/P + " J=JKL=NPE?HAO SANA ODKSJ PK D=RA = DECDAN I=OO =?PEREPU PD=J PDA >AJ?DI=NG ?=P=HUOP ARAJ =BPAN ?U?HAO 6DEHA PDA /@/P + " J=JKL=NPE?HAO @EOLH=UA@ DECD =?PEREPU =J@ OP=>EHEPU PKS=N@O PDA .11 = ?KI>EJ =PEKJ KB BHKS =J@ >=P?D OUJPDAPE? OPALO SANA JAA@A@ PK =?DEARA PDA BEJ=H ?=P=HUOP 3DANABKNA EP SKQH@ >A KB CNA=P EJPANAOP PK @AIKJOPN=PA PD=P BHKS IAPDK@O ?=J >A AILHKUA@ BKN PDA DECDMQ=H EPU @ALKOEPEKJ KB = BAS IKJKH=UANOKB/PKJPK=jOAA@k/@L=NPE?HA 31>;/ ="U?HE? RKHP=IIKCN=IO = J@ >.11 LKH=NEV=PEKJ ?QNRAO NA?KN@A @ BNKI P DA ? KIIAN?E=H /P" = J@ /@/P h+ " ?=P=HUOPO 3DA ?QNNAJP @ AJOEPEAO SANA JKNI=HEVA@ = C=EJOP PDA CAKIAPNE?=NA= KB1#$ ?I ?2LA?EBE? $"2 O =J@ @I=OO =?PEREPEAO =P 5 R ANOQO N ARANOE>HA DU@NKCAJ AHA?PNK@A 1'$ BKN ?KIIAN?E=H /P" = J@ /@/P h+ E?KO=DA@N= >ABKNA = J@ =BPAN =??AHAN=PA@ P AOPO 3DA ?KHKN O?DAI AO EJ>=J@@=HOK=LLHUPK==J@?NAOLA?PERAHU 2KIA KB PDA IKOP LNKIEOEJC /P EJPANIAP=HHE?O =NA /P !E =J@ /P !E >A?=QOA KB PDAEN DECD ?=P=HUPE? =?PEREPU =J@ OP=>EHEPU BKN .11 >QP PDAOA I=PANE=HO = NA IKNA ?D=HHAJCEJC PK I=GA PD=J LQNAHU JK>HA IAP=H ?=P=HUOPO =O PDAEN LNAL=N=PEKJ PULE?=HHU NAM QENAO AJANCUEJPAJOERA DECD PAILAN=PQNAO =J@KN LNAOOQNAO 1A?AJPHU &QK =J@ ?KSKNGANO @ARAHKLA@ =J EJJKR=PERA BHKS NA=?PKN PK ?EN?QIRAJP PDA =BKNAIAJPEKJA@ EOOQAO BKN /P!E EJPAN IAP=HHE? OUJPDAOAO 3DA ?=LEHH=NU IE?NKBHQE@E? NA=?PKN QPEHEVA@ LNAOOQNANACQH=PA@ JEPNKCAJ C=O P K @NERA OKHQPEKJO EJPK PDA NA=?PKN PD=P BENOP SAJP PDNKQCD = DA=PA@ OA?PEKJ PDAJ = OQ>OAMQAJP ?KKHEJC O A?PEKJ %ECQNA = 3DA DECD LNAOOQNA =HHKSA@ C=OEBE?=PEKJ KB PDA OKHRAJPO PK >A OQLLNAOOA@ =P DECD PAILAN=PQNAO 4OEJC PDA O=IA LNA?QNOKN OKHQPEKJO KB ' /P"H =J@ !E-. @EOOKHRA@ EJ = @EKH LD=OALQNA /P !E =J@ /P !E ?=J >KPD >A LNK@Q?A@ >U OEILHU =@FQOPEJC PDA PAILAN=PQNA BNKI p " PK p" BKN /P !E =J@ /P !E NAOLA?PERAHU QJ@AN KPDANSEOA =J=HKCKQO ?KJ@EPEKJO %ECQNA >? 3N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LD =J=HUOEO KB PDA BEJ=H LNK@Q?PO NARA=HA@ PD=P PDA /P !E ATDE>EPA@ = 5OD=LA@ J=JKNK@ IKNLDKHKCUPD=PI=@AQL=JATPAJ@A@JAPSKNGSEPD=NK@SE@PDK BWJI 3DA/P !E ATDE>EPA@ = MQ=OEOLDANE?=H J=JKL=NPE?HA OPNQ?PQNA SEPD =J =RAN=CA @E=IAP AN KB JI 'KSARAN =O PDAOA L=NPE?HAO SANA H=NCAN PD=J PDA NALKNPA@ @AOENA@ OEVA KB J=JKL=N PE?HAO JI BKN QOA =O BQAH ?AHH ?=P=HUOPOIAPDK@OPKLNK@Q?AOI=HHAN/P !E J=JKL=NPE?HAOSANAATLHKNA@ 31>;/ = 2 ?DAI=PE? N ALNAOAJP=PEKJ KB P DA I E?NKBHQE@E? NA=?PKN O UOPA I 3 N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LD EI=CAO K B > /P !E O UJPDAOEVA@ = P p" = J@ ? /P !E O UJPDAOEVA@ = P p" E JPANIAP=HHE? J=JKL=NPE?HAOLNAL=NA@EJAPDUHAJACHU?KH 3K OUJPDAOEVA OI=HHAN /P !E J=JKL=NPE?HAO R=NEKQO IKHA?QH=N SAECDP LKHUAPDUHAJA CHU?KHO SANA ATLHKNA@ OQ?D =O /$& =J@ /$& 3N=JOEPEKJ AHA?PNKJ I E?NKCN=LD =J=HUOEO KB PDA NAOQHPEJC J=JKL=NPE?HAO NARA=HA@ PD=P PDA L=NPE?HA OEVA ?KNNAH= PA@ PK PDA IKHA?QH=N SAECDP KB PDA LKHUKHO QOA@ SEPD /$& =J@ /$& =?DEAREJC W JI =J@ W JI /P !E -/O NAOLA?PERAHU 3DA JI /P !E J=JKL=NPE?HAO SANA OQ>OAMQAJPHU EJRAOPEC=PA@ BKN PDAEN AHA?PNK?=P=HUPE? LANBKNI=J?A PKS=N@O PDA .11 =O PDA /P !E LD=OA EO ?KILNEOA@ KB HAOO /P PD=J PDA /P !E LD=OA O PDA /P!E EJPANIAP=HHE? LD=OAO D=RA >AAJ NALKNPA@ LNA REKQOHU BKN PDAEN AT?AHHAJP NAOEOP=J?A PK IAPD=JKH LKEOKJEJC =O IAPD=JKH ?NKOOKRAN EJ BQAH ?AHHO ?=J K??QN PDA .11 NA=?PEKJ =?PEREPU S=O EJRAOPEC=PA@ EJ PDA LNAOAJ?A KB R=NUEJC = IKQJPO KB IAPD=JKH /KH=NEV=PEKJ ?QNRAO SANA K>P=EJA@ QOEJC PDA 1#$ PA?DJEMQA BKN PDA OQLLKNPA@ BHKSOUJPDAOEVA@ /P !E J=JKL=NPE?HAO KJ 5QH?=J 7" ?=N>KJ /P !E 7" =J@ ?KIL=NA@ PK = ?KIIAN?E=H SP /P" ?=P=HUOP EJ =J . O=PQN=PA@ IKH + '"H. OKHQPEKJ LNAPNA=PIAJP LNK?AOO S=O AILHKUA@ >ULKPAJPE=H?U?HEJC=HHAHA?PNK@AO>APSAAJ =J@ 5RO1' $=P=OSAALN=PAKBI5OBKN ?U?HAO EJ KN@AN PK ?HA=J PDA OQNB=?A KB PDA ?=P=HUOPO O OA AJ EJ %ECQNA PDA KJOAP LKPAJPE=H =J@ ?QNNAJP @AJOEPU @EOLH=UA@ EJ PDA .11 LKH=NEV=PEKJ ?QNRAO SA NA OQ>OP=JPE=HHU HKSAN BKN PDA BHKS OUJPDAOEVA@ /P !E 7" ?=P=HUOP PD=J PDA ?KIIAN?E=H /P ?=P=HUOP EJ PDA LNAOAJ?A KB =JU IAPD=JKH 3DA @EBBANAJ?A EJ =?PEREPU =J@ PKHAN=J?A PK IAPD=JKH EO DULKPDA OEVA@ PK NAOQHP BNKI PDA @EBBANAJ?A EJ PDA /P/P JI @EOP=J?A KB PDA /P !E I=PANE=H ?KIL=NA@ PK /P/P JI SDE?D I=U ?KJPNE>QPA PK LNARAJPEJC PDA BKNI=PEKJ KB EJPANIA@E=PA LNK@Q?PO SDE?D BQNPDAN LNARAJPO PDA KTE@=PEKJKBIAPD=JKH 31>;/ / KH=NEV=PEKJ ?QNRAO B KN PDA . 11 = / P" ? =P=HUOP > /P !E 7" -/O " KJ@EPEKJO EJ . O=PQN=PA@ IKH+ '"H. PD=P?KJP=EJA@ =J@ IKH+ IAPD=JKH=P=NKP=PEKJN=PAKBNLI 2SAALN=PAI5O !A3.+=38780/=2+785+7.=2+785 %KN @ENA?P IAPD=JKH KN APD=JKH BQAH ?AHHO #,%" KN #$%" PDA I =EJ ?D=HHAJCA SEPD SE@A O?=HA EILHAIAJP=PEKJ EO PDA NAHE=J?A KJ /P =O SAHH =O PDA =JK@ A OQO?ALPE>EHEPU PK LKEOKJEJC (J?KNLKN=PEKJ KB KPDAN IAP=HO D=O >AAJ ODKSJ PK IEPEC=PA =C=EJO P >KPD KB PDA =BKNAIAJPEKJA@ EOOQAO >U NA@Q?EJC PDA =IKQJP KB /P QPEHEVA@ PDNKQCD PDA EJ?KN LKN=PEKJ KB =JKPDAN IAP=H PK BKNI >EJ=NU =HHKUO PD=P @EOLH=U EJ?NA=OA@ OP=>EHEPU PKS=N@O =H?KDKH KTE@=PEKJ 3DA =@OKNLPEKJ =J@ @AOKNLPEKJ KB IAPD=JKH KN APD=JKH KJ PDA ?=P=HUOP OQNB=?A R=NEA O BKN @EBBANAJP IAP=HO %KN AT=ILHA PDA =@@EPEKJ KB %A -E 1Q 2J !E =J@ "Q PK /P D=O >AAJ NALKNPA@ PK EJ?NA=OA PDA ?=P=HUPE? =?PEREPU =J@KN OP=>EHEPU BKN =H?KDKH KTE@=PEKJ NA=?P EKJO SEPD = I=EJ B=?PKN >AEJC PDA >EBQJ?PEKJ=H IA?D=JEOI EJ SDE?D PDA =@@EPEKJ=H IAP=H =?PER=PAO S=PAN IKHA?QHAO =J@ PDAJ LNKRE@AO OQNB=?A OEPAO BKN =@OKNLPEKJ KB .' OLA?EAO =P HKSAN LKPAJPE=HO PD=J LQNA /P =J@ PDA LNAOAJ?A KB PDA =@OKN>A@ OLA?EAO OQ>OAMQAJPHU B=?EHEP=PAO PDA KTE@=PERA NAIKR=H KB ?=N>KJ=?AKQO I=PANE=HO HEGA ".SDE?DIEPEC=PAO=C=EJOP?=P=HUOPLKEOKJEJC 1A?AJPHU IQHPELHA EPAN=PEKJO KB J=JKL=NPE?HA ?=P=HUOPO ?KJP=E JEJC /P 2J =J@ %A D=RA >AAJ OUJPDAOEVA@QOEJC?KJPEJQKQOBHKSPA?DJEMQAOBKNQOA=O>KPD#, %"KN#$%"?=P=HUOPO 3DABENOP NALKNP BK?QOA@ KJ PDA IE?NKBHQE@E? OUJPDAOEO KB /P2J J=JKL=NPE? HAO OQLLKNPA@ KJ ?=N>KJ /P2J" BKNAPD=JKHKTE@=PEKJ 3DAOUJPDAOEOKBPDA>EIAP=HHE?/P2JJ=JKL=NPE?HAOS=O?KJOE@A NA@@QAPK PDA NALKNPA@ AJD=J?AIAJP EJ ?=P=HUPE? =?PEREPU =J@ NAOEOP=J?A P K LKEOKJEJC =?DEARA@ >U EJ?KNLKN=PEJC 2J EJPK PDA /P H=PPE?A 3DEO AJD=J?AIAJP EO =PPNE >QPA@ PK IQHPELHA B=?PKNO >QP PDA I=EJ ABBA?PO D=RA >AAJ @APANIEJA@ PK >A = >EBQJ?PEKJ=H IA?D=JEO I =J@ PDA AHA?PNKJE? ABBA?P =?DEARA@ BNKI PDA /P H=PPE?A ATL=JOEKJ NAOQHPEJC BNKI PDA EJ?KN LKN=PEKJ KB 2J "KIL=NA@ PK PN=@EPEKJ=H OUJPDAPE? IAPDK@O PD=P NAMQENA IQHPELHA OPALO BKN O UJPDAOEO =J@ OQ>OAMQAJP OQLLKNPEJC KJPK ?=N>KJ =J@ =HOK PDA QOA KB OQNB=?P=JPO PK K>P=EJ IKJK@EOL ANOA ?KHHKE@=H J=JKL=NPE?HAO PDA BHKS OUJPDAOEO QOA@ >U 2QJ 2@ .8 I=GAO OQLLKNPA@ /P2J" SEPD DECD@AJOEPU =J@ QJEBKNI HK=@EJC EJKJAOPALSEPDKQPPDAQOAKB=JUKNC=JE?OQNB=?P=JPO ?=LEHH=NU PQ>A (# II IE?NKBHQE@E? NA=?PKN OUOPAI S= O QOA@ PK OUJPDAOEO PDA /P2J" ?=P=HUOPO BNKI 2J"H =J@ ' /P"H @EOOKHRA@ EJ APDUHAJA CHU?KH 3DA LNA?QNOKNO SANA OKJE?=PA@ SEPD PDA @AOENA@ =IKQJP =J@ PULA KB ?=N>KJ OQLLKNP BK N IEJ LNEKN PK EJPNK@Q?PEKJ PK PDA NA=?PKN 3DA LNAL=NA@ OKHQPEKJ S=O BHKSA@ PDNKQCD PDA ?=LEHH=NU NA=?PKN >U LNAOOQNANACQH=PA@ JEPNKCAJ C=O EJPK PDA DA=PEJC NACEKJ PD=P S=O ?I HKJC =J@ = ?KKHEJC NACEKJ PD=P S=O ?I HKJC NAI=EJEJC EJ PDA NA=?PKN BKN = PKP=H KB O SDE?D =BBKN @O IC D KB /P2J IAP=H KN IC D KB /P2J" =OOQIEJC UEAH@ %ECQNA 3DEO OUJPDAOEO S= O ATPAJ@A@ PK PDNAA @EBBANAJP ?=N>KJ OQLLKNPO 5QH?=J 7" NA@Q?A@ CN=LDAJA KTE@A N&. =J@ ?=N>KJ J=JKPQ>AO "-3SEPDNAOQHPEJC=RAN=CAL=NPE?HAOEVAOKB JI J I=J@ JINAOLA?PERAHU 31>;/ = % KNI=PEKJ KB Q HPN=BEJA /P2J - /O KJ = ?=N>KJ OLDANA S EPD QJEBKN I HK=@EJC EJ = I E?NKBHQE@E? NA=?PKN S EPD = ? KJBEJA@ H =PAN=H @ EIAJOEKJ > @5=NEKQOHU I =CJE BEA@ PN=JOIEOOEKJ AHA?PNKJ IE?NKCN=LD EI=CAOKB/P2J-/OCNKSJKJ7"?=N>KJL=NPE?HAO 3DA PDNAA =OOUJPDAOEVA@ /P2J" ?=P=HUOPO SANA PAOPA@ BKN PDAEN ?=P=HUPE? =?PEREPU PKS=N@O PDA APD=JKH KTE@=PEKJ NA=?PEKJ >U IK@EBUEJC = CH=OOU ?=N>KJ AHA ?PNK@A SEPD PDA ?KILKOEPAO =J@ ?KIL=NEJCPDAIPK=?KIIAN?E=H /P"?=P=HUOP 3DA?U?HE?RKHP=I IAPNU?QNRAOEJ =?E@IA@E= ,' 2. =J@APD=JKH,=PNKKIPAILAN=PQNANARA=HA@PD=PPDAIE?NK BHQE@E?BHKSOUJPDAOEVA@ I=PANE=HO @EOLH=UA@ EJ?NA=OA@ I=OO =?PEREPEAO ?KIL=NA@ PK PDA ? KIIAN?E=H ?=P=HUOP SEPD /P2J7" I IC /P2JN&. I IC /P2J"-3 I IC =J@ /P" I IC %ECQNA ,KNAKRAN PDA KJOAP LKPAJPE=H KB PDA OUJPDAOEVA@ /P2J" ?=P=HUOPO SANA OQ>OP=JPE=HHU HKSAN I5 PD=J PD=P KB PDA ?KIIAN?E=H ?= P=HUOP I5 3DA NAOQHPEJC AJD=J?A@ ?=P=HUPE? =?PEREPU KB PDA BHKSOUJPDAOEVA@ APD=JKH KTE @=PEKJ NA=?PEKJ ?=P=HUOPO ?KIL=NA@ PK PDA ?KIIAN?E=H /P" ?=P=HUOP BQNPDAN @AIKJOPN=PAO PDA LNKIEO A KB QPEHEVEJC PDAOA OUJPDAPE? IAPDK@OBKN?=P=HUOPLNK@Q?PEKJ 31>;/ = " 5 ?QNRAO NA?KN@A@ BNKI AHA?PNK@AO ?K=PA@ S EPD O UJPDAOEVA@ / P2J7" %ECQNA /P2JN&. %ECQNA@hB /P2J"-3 %ECQNA=h? =J@ ?KIIAN?E= H /P" EJ =J = MQAKQO O KHQPEKJ KB ' 2. I = J@ " ' .' I=P NKKI PAILAN=PQNA 2?=J N=PA I5O q ?QNNAJP @ AJOEPEAO JKNI=HEVA@ =C=EJOP PDA I=OO KB I AP=HHE? / P HK=@A@ KJPK PDA AHA?PNK@AO > "KIL=NEOKJ KB PDA ?QNNAJP @ AJOEPU 6 KRAN PEIA @ =P 5 RO 2"$ BKN AHA?PNK@AO IK@EBEA@ S EPD @ EBBANAJP ? = P=HUOPO ?"DNKJK=ILANKIAPNE? ?QNRAO IA=OQNA@ = P 5 RO 2"$ BKN AHA?PNK@AO IK@EBEA@ S EPD @ EBBA NAJP ?=P=HUOPO @"=H?QH=PA@ 6@ =O = BQJ?PEKJKBPEIA 2DKNPHU =BPAN PDA SKNG KJ /P2J" ?=P=HUOPO 6=JC =J@ 2KJC LQ>HE ODA@ KJ PSK OEIEH=N ?=P=HUOPO %A/P2J" =J@ %A/P" >QP BKN =LLHE?=PEKJ EJ PDA IAPD =JKH KTE@=PEKJ NA=?PEKJ 3DA IAPDK@KHKCU AILHKUA@ PK OUJPDAOEVA PDAOA ?=P=HUOPO S=O = IE?NKB HQE@E? LNK?AOO SDANA PDA IAP=H LNA?QNOKN OKHQPEKJ ?KJOEOPA@ KB IAP=H O=HPO =J@ /5/ @EOOKHRA@ E J I+ KB " IAPDUHLUNNKHE@KJA -,/ =J@ PDA NA@Q?EJC OKHQPEKJ S=O -=!' @EOOKHRA@ EJ I+ KB -,/ 3DA PSK @EOLANOA@ LD=OAO SANA OAL=N=PAHU LNADA=PA@ PK p" >ABKNA IAAPEJC =P = 8 IETAN HA=@EJC PDAI EJPK PDA IE?NK?D=JJAH PDANIKOP=PE? P=JG =P p" =J@ BEJ=HHU PDA NA=?PE KJ S=O MQAJ?DA@ EJ =J E?A>=PD EJ PDANIKOP=PE? P=JG 3DA NAOQHPEJC J=JKL=NPE?HAO SANA OQLLKNPA@ K J ?=N>KJ >H=?G =J@ OQ>OAMQAJPHU S=ODA@ SEPD =HH =HHKUA@ ?=P=HUOPO ATDE>EPEJC =RAN=CA OEVAO >AP SAAJ JI =O OAAJ EJ %ECQNA 5=NE=PEKJO KB 2J ?KJPAJP 2J =P =J@ ?KQH@ =HOK >A =?D EARA@ >U ?D=JCEJC PDA PEJ LNA?QNOKN ?KJ?AJPN=PEKJ 3DA ?=H?QH=PA@ PDNKQCDLQP KB PDA %A/P" %A/P2J " 2J =P %A/P2J" 2J =P QOEJC PDA I=TEIQI NALKNPA@ BHKS N=PAO =J@ =OOQIEJC ?K ILHAPA NA@Q?PEKJ KB PDA IAP=H LNA?QNOKNAMQ=PAOPK ICD ICD ICD NAOLA?PERAHU 31>;/ 3 N=JOIEOOEKJ AHA?PNKJ IE?NKCN=LD EI=CAO = J@ = OOK?E=PA@ L =NPE?H A OEVA @ EOPNE>QPEKJ DEOPKCN=IO BKN/P"=A%A/P">B%A/P2J"2J=P ?C= J@%A/P2J"2J=P @D?=P=HUOPO 3DA AHA?PNK?=P=HUPE? KTE@=PEKJ KB IAPD=JKH S=O EJRAOPEC=PA@ BKN PDA NAOQHPEJC OQLLKNPEJC I=PANE=HO "=P=HUOP @EOLANOEKJO SANA LNAL=NA@ >U IETEJC IC K B NAOQHPEJC J=JKL=NPE?HA" ?KILKOEPASEPDI+KBS=PAN I+KBEOKLNKLUH=H?KDKH=J@ I+KB-=BEKJOKHQPEKJ 3DA @EOLANOEKJO SANA OQ>OAMQAJPHU @NKL?=OP KJPK CH=OOU ?=N>KJ AHA?P NK@AO PK =BBKN@ = HK=@EJC KB IC KB J=JKL=NPE?HA" ?=P=HUOP ?KILKOEPA 3DA O=IA LNAL= N=PEKJ S=O QOA@ BKN = ?KIIAN?E=H SP /P" ?=P=HUOP 3DA PDNAAAHA?PNK@A OAPQL KLAN=PA@ =P NK KI PAILAN=PQNA =J@ ?KJOEOPA@ KB = SKNGEJC AHA?PNK@A NABANAJ?A AHA?PNK@A O=PQN=PA@ ?=HKIAH 5 RO 2'$ =J@ =J =QTEHE=NU AHA?PNK@A /P SENA =J@ SANA LANBKNIA@ EJ , '"H. OKHQPEKJ SEPD =J@ SEPDKQP , IAPD=JKH EJ =J =ENBNAA AJRENKJIAJP 3DA AHA?PNK?DAIE?=H OQNB=?A =NA= $ "2 KB %A/P" %A/P2J" 2J =P %A/P2J" 2J =P =J@ PDA ?KIIAN?E=H /P" S=O @APA NIEJA@ PK >A I C /P I C /P I C /P =J@ I C /P NAOLA?PERAHU OQCCAOPEJC PD=P PDA EJ?NA=OEJC 2J ?KJPAJP EJ PD A OPNQ?PQNAJAC=PERAHUEIL=?POPDA$"2 3DA I=OO JKNI=HEVA@ ?U?HE? RKHP=IIKCN=IO SANA LANBKNIA@ QOEJC = O?=J N=PA KB I5 O 3DA J=JK?=P=HUOPO >KPD ATDE>EP = BKNS=N@ =JK@E? LA=G ?KNNAOLK J@EJC PK PDA KTE@=PEKJ KB IAPD=JKH KJ PDA OQNB=?A KB PDA ?=P=HUOP =J@ = NARANOA =JK@E? LA =G =OOK?E=PA@ SEPD BQNPDAN KTE@=PEKJ =J@ NAIKR=H KB PDA EJ?KILHAPAHU KTE@EVA@ ?=N>KJ=?AKQO OLA?EAO OQ?D =O ". 3DA IAPD=JKH KTE@=PEKJ I=OO =?PEREPU S=O I C /P I C /P I C /P =J@ I C /P BKN PDA %A/P" %A/P2J" 2J =P %A/P2J" 2J =P =J@ PDA ?KIIAN?E=H /P" NAOLA?PERAHU ODKSEJC = ?KNNAH=PEKJ >APSAAJ EJ?NA=OEJC 2J ?KJPAJP SEPD = @A?N A=OA EJ PDA I=OO =?PEREPU SDE?D EO =PPNE>QPA@ PK PDA DECDAN ?KJPAJP KB KTE@A OQNB=?A OLA?EAO BK NIA@ SDAJ 2J EO LNAOAJP LNARAJPEJC PDA =>OKNLPEKJ KB DU@NKCAJ PK PDA OQNB=?A SDE?D EO DKS PDA $"2 EO @APANIEJA@ >U DU@NKCAJ @AOKNLPEKJ OPQ@EAO %ECQNA = 3DA O=IA OPQ@U SEPD PDA KJHU @EBBANAJ?A SEPD PDA =@@EPEKJ KB , =MQAKQO IAPD=JKH OKHQPEKJ @EOLH=UA@ LA=G ?QNNAJP @AJOEPEAO KB PDA BKNS=N@ O?=J KB I IC /P I IC /P I IC /P =J@ I IC /P BKN PDA %A/P" %A/P2J" 2J =P %A/P2J" 2J =P =J@ PDA ?KIIAN?E=H /P" NAOLA?PERAHU .RAN=HH PDA =@@EPEKJ KB %A =J@ 2J EJPK PDA /P H=PPE?A @AIKJOPN=PA@ OQLANEKN =?PEREPU PD=J PDA ?KIIAN?E=H /P" ?=P=HUOP %ECQNA > 31>;/ ,=OOJKNI=HEVA@ " 5O K B PDA /P" %A/P" %A/P2J " 2J = P = J@ %A/P2J" 2J = P ?=P=HUOPOEJ= ,'"H. OKHQPEKJ=J@> ,'"H. =J@ ,IAPD=JKHOKHQPEKJ +=OPHU PDA OP=>EHEPU KB PDA OUJPDAOEVA@ ?=P=HUOPO PKS=N@O ". L KEOKJEJC S=O EJRAOPEC=PA@ >U LANBKNIEJC ". OPNELLEJC ATLANEIAJPO =P I5 O EJ =MQAKQO '"H. OKHQPEKJ %ECQNA 3DA ". KTE@=PEKJ KB PDA %A/P2J" 2J =P @EOLH=UA@ PDA HK SAOP KJOAP LKPAJPE=H =J@ SEPD = >NK=@AN OPNELLEJC ?QNNAJP LA=G ?KIL=NA@ PK PDA %A/P" =J@ ?KIIA N?E=H /P" ?=P=HUOPO 3DA HKSAN LKPAJPE=H @EOLH=UA@ >U PDA %A/P2J" 2J =P ?=P=HUOP EO = C=EJ =PPNE>QPA@ PK PDA >EBQJ?PEKJ=H IAPDK@O IAJPEKJA@ >ABKNA @QA PK PDA HKSAN LKPAJPE=H ?KIL=NA@ PK LQNA /P EJ SDE?D KTUCAJ=PA@ OLA?EAO =NA CAJAN=PA@ KJ 2J OQNB=?A OEPAO =J@ EJ PQNJ B=?EHEP= PAO PDA KTE@=PEKJ KB ". PK ". .RAN=HH PDA KJAOPAL BHKS IAPDK@ KB OUJPDAOEVA@ OQLLKNPA@ AHA? PNK?=P=HUOPO EJ BHKS EO LNKCNAOO PKS=N@O?KIIAN?E=HEV=PEKJ 31>;/ $ " 2JKNI=HEVA@ " .OPNELLEJC RKHP=IIKCN=IO KB / P" %A/P" =J @ %A/P2J"2J=P ?=P=HUOPO=PI5O EJ ,'"H. OKHQPEKJ 1.6. References )KJC* / &E:@52?6?;3&;861.@.8E?@? )KDJ6EHAU2KJO 2?D=E@HA ) '=>=O 2 $ !=@@KQN % & %=N>ANKS " 1Q@@U # 'AJOHAU ) $ !NQP?DAU 1 + ,=HIOP=@P - 1K>KP= ' 3N=JOEPEKJEJC 1= PEKJ=HHU #AOECJA@ "=P=HUPE? ,=PANE=HO PK 1A=H j6KNGEJCk "=P=HUOPO /NK@Q?A@ =P "KI IAN?E=H 2?=HA -=JKL=NPE?HA ,=PANE=HO (J .@.8E?6? 2LERAU ) '=J 8 % $@ 1KU=H 2K?EAPU KB "DAIEOPNU"=I>NE@CA5KH LLh 1K@QJAN $ -Q?HA=PEKJ /D=OA 3N=JOEPEKJO =J@ #UJ=IE?O KB " HQOPANO (J ".:;?0;<60 !.@2>6.8? 1KU=H2K?EAPUKB"DAIEOPNU"=I>NE@CALLh &KL=H=J $ 5 ,=HEJE * 2=N=R=J=J 2 *QI=N # 2 8KODE@= 8 J=JPD=N=I=J , 1 $RE@AJ?A BKN /KH=NKJ "KJ@Q?PEKJ EJ -=JKOPNQ?PQNA@ ,=JC=JA OA %ANNEPA $5E? <<8$5E? h 1K@QJAN $ 2EVA ,=PPANO 6DU -=JKI=PANE=HO NA #EBBANAJP 529 &;0 %2B h 9DKQ 6 / +ASAN= +=NOAJ 1 ,=OAH 1 ( !=CQO / 2 6EA?GKSOGE 2EVA $BBA?PO EJ $HA?PNKJE? =J@ "=P=HUPE? /NKLANPEAO KB 4JOQLLKNPA@ / =HH=@EQI -=JKL=NPE?HAO EJ $HA?PNKKTE@=PEKJKB%KNIE? ?E@ $5E?529 h "QAJU= ! 1 2UJPDAOEO =J@ "=P=HUPE? /NKLANPEAO KB ,AP=H -=JKL=NPE?HAO 2EVA 2D=LA 2QLLKNP "KILKOEPEKJ =J@ .TE@=PEKJ 2P=PA $BBA?PO '56: &;861 689? h "KNPEA, ! 3DA6AEN@6KNH@KB-=JKO?=HA&KH@ ;81A882@6: h $H2=UA@ , 2I=HH (O #EBBANAJP 2D=LA 2EVA =J@ "K ILKOEPEKJ#ALAJ@AJP /NKLANPEAO KB2KIA"KHHKE@=H2AIE?KJ@Q?PKN-=JK?NUOP=HO 00529%2? h 2?DS=NV ) "KJPAO?Q " "KJPAO?Q ,APDK@O BKN / NAL=N=PEKJ KB "=P=HUPE? ,=PANE=HO 529%2B h /ANACK" 5EHH=/ "=P=HUOEO/NAL=N=PEKJ,APDK@O .@.8';1.E h 2?DANVAN) &NQE= ) E1>;0>.076:4&062:02.:1'205:;8;4E "1"/NAOO "D=LPAN /NAL=N=PEKJ KB 2QLLKNPA@ "=P=HUOPO (J &@A162? 6: &A>3.02 &062:02 .:1 .@.8E?6? ,KQHEFJ ) R=J +AAQSAJ / 6 - , R=J 2=JPAJ 1 $@ "=P=HUOEO $HOAREAN 5KH LLh -=N=U=J=J 1 $H2=UA@ , 2D=LA#ALAJ@AJP "=P=HUPE? ?PEREPU KB /H=PEJQI -=JKL=NPE?HAOEJ"KHHKE@=H2KHQPEKJ ".:; 2@@ h -=N=U=J=J 1 $H2=UA@ , "=P=HUOEO SEPD 3N=JOEPEKJ ,AP=H -=JKL=NPE?HAO EJ "KHHKE@=H 2KHQPEKJ -=JKL=NPE?HA 2D=LA #ALAJ@AJ?A =J@ 2P=>EHEPU $5E? 529 h 7Q 1 6=JC # 9D=JC ) +E 8 2D=LA#ALAJ@AJP "=P=H UPE? ?PEREPU KB 2EHRAN -=JKL=NPE?HAOBKNPDA.TE@=PEKJKB2PUNAJA 529?6.: h "=UCEHH & 9=JBEN , &=RNEEHE@EO 2?=H=>HA 1A=?PKN #AOECJ BKN /D=NI=?AQPE?=HO =J@ %EJA "DAIE?=HO /NK@Q?PEKJ /KPAJPE=H 2?=HAQL .>OP=?HAO #>4 $>;02?? %2? 2B h 9D=JC 8 6=JC + ,E?NKBHQE@E?O %=>NE?=PEKJ #NKLHAPO !Q>>HAO =J@ -=JKBHQE@O (J 1B.:02?6:'>.:?<;>@$52:;92:. 6=JC+ $@ 2LNEJCANLLh 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIOP=@P - %HKS (JR=NE=JP #NKLHAP %KNI=PEKJ BKN 2P=>HA /=N=HHAH ,E?NKNA=?PKNO ".@A>2 ;99A: h 1K>ANPO $ ) '=>=O 2 $ 6=JC + 1Q@@U # 6DE PA $ !=@@KQN % & &NEBBEJ , ! 2?D=E@HA ) ,=HIOP=@P - !NQP?DAU 1 + 'ECD3DN KQCDLQP "KJPEJQKQO %HKS 2UJPDAOEO KB -E?GAH -=JKL=NPE?HAO BKN PDA "=P=HUPE? 'U@NK@AKTUC AJ=PEKJ KB &Q=E=?KH & &A?@.6:./82529:4 h DN>ANC " # "DKE ) 6 "DQJC ! & #NKLHAP!=OA@ 2 UJPDAOEO KB 'KIKCAJAKQO ,=CJAPE?(NKJ.TE@A-=JKL=NPE?HAO 268?@26:".:;@205:;8 h % "KPP=I ! *NEODJ=@=O=J 2 ) @A,AHHK " @A,AH HK ) / 2D=BBAN , 2 ??AHAN=PA@ 2UJPDAOEO KB 3EP=JEQI .TE@A -=JKOPNQ?PQNAO 4OEJC ,E ?NKBHQE@E? "DELO ./ 56< h 'ANKH@ * $ 1=OKKHU (JPNK@Q?PEKJ PK ,E?NKBHQE@E?O (J ./ ;: . 56< '205:;8;4E ./>60.@6;: .:1 !60>;38A6160? 'ANKH@ * $ 1=OKKHU $@ "=EOPAN ?=@AIE? /NAOO -KNBKHGLLh !60>;38A6160? '205:;8;462? .:1 <<860.@6;:? +EJ ! !=OQN=U 2 $@O 3KLE?O EJ ?QNNAJP ?DAIEOPNU2LNEJCAN'AE@AH>ANC-AS8KNG -CQUAJ - 3 6ANAHAU 2 3 A:1.92:@.8? .:1 <<860.@6;:? ;3 !60>;38A6160? NPA?D 'KQOA-KNSKK@4-(3$#23 3$2 1=I=?D=J@N=E=D' N@=>EHE2 %=NE@E , &=JPAHEQO ) *KS=HASOGE) , ,=NPAJOOKJ1QOOKI 6;960>;38A6160? h +Q" 5AN>NE@CA2 2 !60>;38A6160!2@5;1?3;>!;820A8.>6;8;4E 2LNEJCAN *QI=N " 2 2 1 !60>;38A6160 2B602? 6: ".:;@205:;8;4E A:1.92:@.8 ;:02<@? )KDJ 6EHAU2KJO 3NKLA= " 8=NEJ + &<>6:42> .:1/;;7 ;3 D<2>692:@.8 8A61 !205.:60? 2LNEJCAN 2?EAJ?A!QOEJAOO,A@E= 'AOOAH5 '=N@P2 +^SA' 2?D^JBAH@% +=IEJ=N,ET EJCEJ#EBBANAJP(JPAN@ECEP=H ,E?NKIETANO( $TLANEIAJP=H"D=N=?PANEV=PEKJ 5 h 2PNKK?G # #ANPEJCAN 2 * 6 F@=NE ,AVEt ( 2PKJA ' 6DEPAOE@AO & , "D=KPE?,ETANBKN,E?NK?D=JJAHO &062:02 h ,AJCA=Q@ 5 )KOOAN=J@ ) &EN=QHP ' ' ,ETEJC /NK?AO OAO EJ = 9ECV=C ,E?NK?D=JJAH %EJEPA$HAIAJP2EIQH=PEKJO=J@.LPE?=H2PQ@U :.8529 h 2?D^JBAH@ % '=N@P 2 2EIQH=PEKJ KB 'AHE?=H %HKSO EJ , E?NK?D=JJAHO 5 h !=NKQ@ " - &=HH=ENA % #=JCH= 1 #UJ=IE?O KB ,E?N KBHQE@E? #NKLHAPO ./ 56< h 3DKNOAJ 3 1K>ANPO 1 6 NJKH@ % ' 0Q=GA 2 1 #UJ=IE? /=PPANJ %KNI=PEKJ EJ = 5AOE?HA&AJAN=PEJC,E?NKBHQE@E?#ARE?A $5E?%2B 2@@ h JJ= 2 + !KJPKQT - 2PKJA ' %KNI=PEKJ KB #EOLA NOEKJO 4OEJC j%HKS %K?QOEJCk EJ,E?NK?D=JJAHO <<8$5E? 2@@ h +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,= HIOP=@P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? h 6ADGEJC ) # &=>=JU , "DAS + *QI=N 1 $BBA?PO K B 5EO?KOEPU (JPANB=?E=H 3AJOEKJ =J@ %HKS &AKIAPNU KJ #NKLHAP %KNI=PEKJ EJ = ,E?NKBHQE@E? 3)QJ? PEKJ !60>;38A61 ".:;38A61 h +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,= HIOP=@P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? h +EQ' 9D=JC8 #NKLHAP %KNI=PEKJEJ=32D=LA@,E?NKB HQE@E?)QJ?PEKJ <<8$5E? 2=JPKO ' +EQ # 9D=JC ' !60>;38A6160? 3;> $5.>9.02A@60.8 <<860.@6;:? >;9 ".:;!60>;&E?@29?./>60.@6;:@;;:@>;8821>A4286B2>E 6EHHE=I J@NAS 1 >=PA +AA # #K 3 'KHPVA " 6AEPV # & H=OO "K=PEJC BKN /#,2 ,E?NKBHQE@E?"D=JJAHO>U2KHh&AH,APDK@O ./56< h .DP=JE * 3OQ?DEU= , 2QCEU=I= ' *=P=GQN= 3 '=U =G=S= , *=J=E 3 2QNB=?A 3NA=PIAJP KB %HKS "D=JJAHO EJ ,E?NKBHQE@E? #ARE?AO %=>NE?=PA@ > U 2PANAKHEPDKCN=LDU #82;&06 h 3NKLI=JJ 3=JCQU + *KHP=U / 9AJCANHA 1 1EACC AN + "KILHAPAHU 2QLANDU@NKLDK>E?/#,22QNB=?AOBKN,E?NKBHQE@E?O .:49A6> h 9DKQ ) $HHEO 5 5KAH?GAN - ' 1A?AJP #ARAHKLIAJ PO EJ /#,2 2QNB=?A ,K@EBE?=PEKJBKN,E?NKBHQE@E?#ARE?AO 820@>;<5;>2?6? h 7Q ) ' +E 2 6 6=JC 8 ) +QK & 2 /NAL=N=PEKJ KB 'ECDHU ,KJK@EOLANOA #NKLHAP EJ=3FQJ?PEKJ,E?NKBHQE@E?#ARE?A 85 h "KOP= + 1 &KIAO "QJD= 1 + 2PQ@EAO KB #NKLH APO %KNI=PEKJ 1ACEIA =J@ ?PQ=H %HKS 1=PA KB +EMQE@+EMQE@ %HKSO EJ %HKS%K?QOEJC ,E?NKBHQE@E? #ARE?AO D< '52>9 8A61&06 h JJ= 2 + !KJPKQT - 2PKJA ' %KNI=PEKJ KB #EOLA NOEKJO 4OEJC j%HKS %K?QOEJCk (J,E?NK?D=JJAHO <<8$5E? 2@@ h 3=J 8 " "NEOPEJE 5 +AA / ,KJK@EOLANOA@ ,E?NKB HQE@E? #NKLHAP &AJAN=PEKJ >U 2DA=N%K?QOEJC,E?NKBHQE@E?#ARE?A &2:?0@A.@;>529 h &QLP= ,QNODA@ 2 , 2 *QI=N 1 #NKLHAP %KNI=PEKJ =J@ 2P=>EHEPU KB %HKSO EJ = ,E?NKBHQE@E?3)QJ?PEKJ <<8$5E? 2@@ h !NEJCAN, 1 &AN@PO" ) 2KJC' 3E?A) # (OI =CEHKR1 % ,E?NKBHQE@E?2UOPAIO BKN "DAIE?=H *EJAPE?O 3D=P 1AHU KJ "D=KPE? ,ETEJC EJ #NKLHAPO $568;? '>.:?.0@ !.@5 $5E?:4&06 h "=OPEHHK +AKJ ) !=OE?O KB ,E?NKBHQE@E?O 3DAKNU (J ./;:.56< 2B602? .:1 !60>; ';@.8 :.8E?6? &E?@29? "=OPEHHK+AKJ ) 2RAJ@OAJ 6 $ $@ 2LNEJCAN -AS 8KNG LLh 1AJ * 9DKQ ) 6Q ' ,=PANE=HO BKN ,E?NKBHQE@E? "DEL %=>NE?=PEKJ 00 529 %2? h ,QGDKL=@DU=U1 6DAJ/#,2(OJlPPDA!AOP :.8529 h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h 6=DAA@ 2 , "=>KP ) / ,=?@KJ=H@ - +ASEO 3 , &QEFP 1 /=QHH ! " !NA=@IKNA , # /NEJPA@ ,E?NKBHQE@E? #ARE?AO $J=>HANO =J@ !=NNEANO ./ 56< h 3A?JKBHKJa %*, /%1 %%*, DPPLOSSS OKHR=U ?KIAJLNK@Q ?PO>N=J@OPA?JKBHKJ BGILBNBBGI=??AOOA@%A> &KNA 'ECD1AOEHEAJ?A 3Q>EJC DPPLSSS DKHH=J@=LP ?KI #K?QIAJPO"PNH<'ULANHEJG&KNA<"DAI2QNA<3Q>A<<QE@ L@B /KHU?KIL %*, 1Q>>AN "KILKQJ@EJC DPPLOSSS LKHU?KIL JH BGI=@R=JP=CAO =??AOOA@%A> ,QGDKL=@DU=U1 6DAJ,E?NKBHQE@E?#ARE?AO&K!=@ :.8529 2?DKAJEPV , &NQJ@AI=JJ + QCQOPEJ 6 2?DKHH 2 % KQHEJC EJ ,E?NKOPNQ?PQNA@ #ARE?AO 1AREAS 529;99A: h "KJ?DKQOK # "=OPNK # *D=J 2 & %KQH@O ( 3DN AA#EIAJOEKJ=H /=N=HHAHEV=PEKJ KB ,E?NKBHQE@E? #NKLHAP &AJAN=PKNO BKN = +EPNA LAN 'KQN 5KHQIA /NK@Q?PEKJ KB 2EJCHA $IQHOEKJO ./56< h 1=J=@A 5 5 )KODE 2 2 "=P=HUOEO =J@ "=P=HUPE? /NK?A OOAO (J :1A?@>6.8 .@.8E@60 $>;02??2? 3;> 6:2 .:1 &<206.8@E 52960.8? )KODE 2 1=J=@A 5 5 $@ $HOAREAN LLh 2= ) 2NA>KS=P= E1>;42:.@6;: C6@5 ;C;?@ '>.:?6@6;: !2@.8? 2= ) 2NA>KS=P= $@"1"/NAOO!K?=1=PKJ4*LLh +=IPQNA) ! :686:2.:1@?:.8;4? -KPEKJ/NAOO %KN@, $ .@.8E?6?;3#>4.:60%2.0@6;:? "1"/NAOO '=JO)QNCAJ '=SGEJO 2 :1A?@>6.8 #>4.:60 5296?@>E @5 16@6;: *682E &;:? +HKU@+ .:1/;;7;3:1A?@>6.8.@.8E?@? 2LNEJCAN2?EAJ?A!QOEJAOO,A@E= ,QNKE 3 1KHA KB /NA?EKQO ,AP=H "=P=HUOPO (J ";/82 !2@.8? 2Q 8 ' $@ (J3A?D 4JJEGNEODJ=J / 2NEJER=O # 'APANKCAJAKQO "=P=HUOEO ( J :1A?@>6.8 .@.8E@60 $>;02??2? 3;>6:2.:1&<206.8@E52960.8? )KODE2 2 1=J=@A5 5 $@ $HOAREANLLh -EG=I 5 *QHG=NJE /N=O=@ ! + 5 ,E?NKS=RA OOEOPA@ !=P?D =J@ "KJPEJQKQO %HKS 2UJPDAOEO KB /=HH=@EQI 2QLLKNPA@ KJ ,=CJAPE? -E?GAH -=JK?N UOP=HO =J@ 3DAEN $R=HQ=PEKJ=O1AQO=>HA"=P=HUOP >E?@>;C@52? h -EG=I 5 NQHG=ODIEN *NEODJ=IKKNPDU * *QHG=N JE /N=O=@ ! + 5 /' #ALAJ@AJP 2EJCHA2PAL 1=LE@ 2UJPDAOEO KB "Q. =J@ "Q . -=JKL=NPE?HAO BNKI PDA 2=IA /NA?QNOKN >E?@>;C@52? h 9AJC " 6=JC " 6=JC % 9D=JC 8 9D=JC + -KRA H 5=LKNh+EMQE@ 2ACIAJPA@ %HKS !=OA@ KJ 2KHRAJP /=NPE=H 5=LKNEV=PEKJ EJ ,E?NKOPNQ?PQNA@ 1 A=?PKN BKN "KJPEJQKQO 2UJPDAOEOKB-E?GAH-=JKL=NPE?HAO 529:4 h 6Q * ) 3KNNAJPA,QN?E=JK + "KJPEJQKQO 2UJPDAOEO KB 3QJA=>HA 2EVA@ 2EHRAN -=JKL=NPE?HAO RE= = 3=J@AI 2AA@,A@E=PA@ ,APDK@ EJ "KEHA@ %HKS (JRANPAN 1A=?PKNO %2.0@529:4 h 'AOOAH 5 '=N@P 2 +^SA ' 52960.8 !60>; $>;02?? :46:22>6:4 A:1.92:@.8? !;12886:4.:1%2.0@6;:? )KDJ6EHAU2KJO ?NAO & ) * 2S=NO * $@ $8.@6:A9 &A<<8292:@ );8A92 '205:;8;4E ;3 $8.@6:A9 >;A<!2@.8? 2LNEJCAN2?EAJ?A!QOEJAOO,A@E= )=?GOKJ 2 # E1>;42:.@6;: .@.8E?@? .:1 $>;02??2? 6=HPAN @A &NQUPAN &I>' "K *& *Q=J6KJC 6 *QJ8=L 2 "DAJ+EI 8 *D=J 2 /A HHAPEAN % "NEOPEJ="KN>KO $ 1K>QOP -KJ%KQHEJC +EPANOLAN#=U %HKS 2UJPDAOEO KB 4HPN=2 I=HH "=P=HUPE?=HHU ?PERA ,AP=H-=JKL=NPE?HAOEJ=2EJCHA"D=JJAH1A=?PKN %2.0@529:4 h *QJ=H / 1K>ANPO $ ) 1E?DA " 3 )=NREO * ,=HI OP=@P - !NQP?DAU 1 + 'QILDNAU 2 , "KJPEJQKQO %HKS 2UJPDAOEO KB 1D =J@ 1D C HHKU -=JKL=NPE?HA "=P=HUOPO $J=>HAO 2?=H=>HA /NK@Q?PEKJ =J@ (ILNKRA@ ,KNLDKHKCE?= H "KJPNKH 529 !.@2> h 2A>=OPE=J 5 !=O=G 2 )AJOAJ * % "KJPEJQKQO 2UJPDA OEO KB /=HH=@EQI -=JKNK@O EJ .TE@=PERA2ACIAJPA@%HKS 5 h 7EKJC 8 7E= 8 2D=LA"KJPNKHHA@ 2UJPDAOEO KB ,AP=H -= JKOPNQ?PQNAO 3DA "=OA KB /=HH=@EQI 1B!.@2> h 7EKJC 8 "=E ' 6EHAU ! ) 6=JC ) *EI , ) 7E = 8 2UJPDAOEO =J@ ,A?D=JEOPE? 2PQ@UKB/=HH=@EQI-=JK>=NO=J@-=JKNK@O 9529&;0 h ,=NPEJAV'QANP= , 5 +=V=NK , ) $HA?PNK?=P=HUOPO BK N +KS 3AILAN=PQNA %QAH "AHHO .@.8';1.E h 8Q=J 7 9 6=JC ' /$, %QAH "AHH %QJ@=IAJP=HO (J $! A28 288 820@>;0.@.8E?@? .:1 .@.8E?@ .E2>? A:1.92:@.8? .:1 <<860.@6;:? 9D=JC ) $@ 2LNEJCAN +KJ@KJ +KJ@KJLLh ,QNPDU , $>;@;: ;:1A0@6:4 !29/>.:2 A28 288? ) $>;02216:4? ;3 @52 : @2>:.@6;:.8 &E9<;?6A9 3DA$HA?PNK?DAIE?=H2K?EAPU *DKPOAJC + .TUCAJ 1A@Q?PEKJ 1A=?PEKJ 820@>;0.@.8E?@? 3;> A28 288? .:1 E1>;42: B;8A@6;:'52;>E@;2?64: 1=J & %Q 0 7Q 6 ,E?NKBHQE@E?!=OA@ "KJPNKHH=>HA 2 UJPDAOEO KB /P -=JK?=P=HUOPO 2QLLKNPA@KJ"=N>KJBKN%QAH"AHHO %&1B h 2KHH=&QHH]J ) ) 5E@=H(CHAOE=O % +]LAV"Q@ANK &=NJEAN $ , %AHEQ ) H@=V 2D=LA#ALAJ@AJP $HA?PNK?=P=HUOEO ,APD=JKH =J@ %KNIE? ?E@ $ HA?PNKKTE@=PEKJ KJ /NABANAJPE=HHU.NEAJPA@/P-=JKL=NPE?HAO $5E?529529$5E? h 5EAHOPE?D 6 &=OPAECAN ' 8KGKG=S= ' .:1/;;7 ;3 A28 288? 1B.:02? 6: 820@>;0.@.8E?6?!.@2>6.8?6.4:;?@60?.:1A>./686@E )KDJ6EHAU2KJO -EQ & 9DKQ , 8=JC 7 /=NG ) +Q - 6=JC ) *EI , ) 6=JC + 7E= 8 2UJPDAOEO KB /Ph-E .?P=DA@N= EJ "KJPEJQKQO%HKS #NKLHAP 1A=?PKN O BKN PDA 2?=H=>HA /NK@Q?PEKJ KB 'ECDHU ?PERA "=P=HUOPO PKS=N@ .TUCAJ 1A@Q?PEKJ ".:; 2@@ h 9D=JC ) %=JC ) &AJAN=H 2PN=PACU BKN /NAL=N=PEKJ KB /P @3N=JOEPEKJ ,AP=H "K %A -E-=JK?Q>AO 9529&;0 h 6=JC ' -EQ & 9DKQ , 6=JC 7 /=NG ) !=K 2 "DE , "=E 9 7EV ) 2?=H=>HA 2UJPDAOEO KB /=HH=@EQI (?KO=DA@N= EJ /HQC 1A=?PKNO BKN PDA /NK@ Q?PEKJ KB .TUCAJ 1A@Q?PEKJ1A=?PEKJ"=P=HUOPO 529.@529 h 2GN=>=H=G 2 $ 6EHAU ! ) *EI , %KNIK $ 5 7E = 8 .J PDA /KHUKH 2UJPDAOEO KB 2EHRAN -=JKOPNQ?PQNAO &HU?KH=H@ADU@A =O = 1A@Q?EJC CAJP ".:; 2@@ h 9D=JC + 6=JC 8 3KJC + 7E= 8 2AA@,A@E=PA@ 2UJ PDAOEO KB 2EHRAN -=JK?NUOP=HO SEPD "KJPNKHHA@ 2EVAO =J@ 2D=LAO EJ #NKLHAP ,E?NKNA=?PKNO 2AL=N =PA@ >U EN .:49A6> h 6EHAU! 'ANNE?GO3 2QJ8 7E=8 /KHUKH2UJPDAO EOKB2EHRAN-=JKL=NPE?HAO4OAKB "DHKNE@A =J@ .TUCAJ PK /NKIKPA PDA %KNI=PEKJ KB 2EJCHA"NUOP=H 3NQJ?=PA@ "Q>AO =J@ 3APN=DA@NKJO ".:; 2@@ h 9D=JC + 1KHEJC + 3 6=JC 7 5=N= , "DE , + EQ ) "DKE 2 /=NG ) 'ANNKJ ) 7EA 9 ,=RNEGEG=GEO , 7E= 8 /H=PEJQI!=OA@ -=JK?= CAO SEPD 2Q>J=JKIAPAN 3DE?G6=HHO=J@6AHH#ABEJA@"KJPNKHH=>HA%=?APO &062:02 h 6=JC 7 "DKE 2 ( 1KHHEJC + 3 +QK , ,= " 9D=JC + "DE , +EQ ) 7EA 9 'ANNKJ ) ,=RNEGEG=G=O , 7E= 8 /=HH=@EQIh/H=PEJQI "KNA 2DAHH (?KO=DA@N= SEPD 2Q>OP=JPE=HHU $JD=J?A@ ?PEREPU =J@ #QN=>EHEPU 3KS=N@O .TUCAJ 1 A@Q?PEKJ ".@ ;99A: 9D=JC # 6Q % /AJC , 6=JC 7 7E= # &QK & .JA2PAL %=?EHA =J@ 4HPN=B=OP 2UJPDAOEO KB /D=OA =J@ 2EVA"KJPNKHHA@ /Ph!E (JPANIAP=HHE? -=J K?=P=HUOPO PDNKQCD "KJPEJQKQO%HKS,E?NKBHQE@E?O 9529&;0 h )E 7 +AA * 3 'KH@AJ 1 9D=JC + 9D=JC ) !K PPKJ & "KQEHH=N@ , -=V=N + % -=JK?NUOP=HHEJA (JPANIAP=HHE?O KJ ,AOKLKNKQO "=N>KJ BKN # ENA?P %KNIE? ?E@ %QAH "AHH JK@AO ".@529 h 1KU?DKS@DQNU " ,=POQIKPK % 9AH@KRE?D 5 ! 6=NNA J 2 " ,QPKHK / % !=HHAOPANKO , 6EAOJAN 4 >NQ\= ' # #E2=HRK % ) 2UJ PDAOEO "D=N=?PANEV=PEKJ =J@ $HA?PNK?=P=HUPE? ?PEREPU KB /P!E =J@ /P/> -=JKL=NPE?HAO /N AL=NA@ >U !KNKDU@NE@A 1A@Q?PEKJEJ,APD=JKH 529!.@2> h 'Q=JC 6 6=JC ' 9DKQ ) 6=JC ) #Q?DAOJA / - ,QEN # 9D=JC / '=J - 9D=K % 9AJC , AP =H 'ECDHU ?PERA =J@ #QN=>HA ,APD=JKH . TE@=PEKJ $HA?PNK?=P=HUOP !=OA@ KJ PDA 2UJANCU KB /H=PEJQIh-E?GAH 'U@NKTE@Ah&N=LDAJA ".@A>2 ;99A: "DAJ7 )E=JC8 2QJ ) )EJ" 9D=JC9 'ECDHU ?PERA-=JKLKNKQO/P!=OA@ HHKU =O JK@A =J@ "=PDK@A "=P=HUOP BKN #ENA?P ,APD=JKH %QAH "AHHO $;C2> &;A>02? h "DAJ6 *EI) 2QJ 2 "DAJ2 $HA?PNK.TE@=PEKJK B%KNIE? ?E@"=P=HUVA@>U%A/P -=JKL=NPE?HAO $5E?529529$5E? h 2QH=EI=J ) $ 9DQ 2 7EJC 9 "D=JC 0 2D=K , /Ph-E .?P=DA@N= =O $HA?PNK?=P=HUOPO BKNPDA$PD=JKH$HA?PNK.TE@=PEKJ1A=?PEKJ &.@.8 h -APK . #E=O 1 1 3QOE , , +EJ=N@E , 2LEJ =?Z $ 5 $HA?PNK.TE@=PEKJ KB ,APD=JKH =J@ $PD=JKH 4OEJC /P1Q" /P2J" =J@ /P2J1Q" $HA?PNK? =P=HUOPO /NAL=NA@ >U =J H?KDKH1A@Q?PEKJ/NK?AOO $;C2>&;A>02? h 3QOE , , /KH=J?K - 2 . @= 2EHR= 2 & 2LEJ=?Z $ 5 -APK . 3DA 'ECD ?PEREPU KB /P!E" $HA?PNK?=P=HUOPO BKN $PD=JKH $HA?PNK.TE@=PE KJ EJ HG=HEJA ,A@EQI 820@>;0529;99A: h +E=K8 8Q& 9D=JC8 &QK3 "D=JC% 9DKJC " ) "KILKOEPEKJ3QJ=>HA/P"Q HHKU -=JKSENAO =J@ $HA?PNK?=P=HUPE? 2UJANCU BKN ,APD=JKH .TE@= PEKJ 1A=?PEKJ $5E? 529 h 6Q % 9D=JC # /$JC , 8Q 9 6=JC 7 &QK & 2QJ 8 ,E?NKBHQE@E? 2UJPDAOEO $J=>HAO #AJOA =J@ 4JEBKNI +K=@EJC KB 2QNB=?P=JP%NAA /P2J -=JK? NUOP=HO KJ "=N>KJ 2QLLKNPOBKN$JD=J?A@$PD=JKH.TE@=PEKJ :42C529:@1 h +E ' 2QJ & "=K + )E=JC + 7EJ 0 "KIL=NEOKJ KB #EBBANAJP /NKIKPEKJ $BBA?P KB /P1Q" =J@ /P2J" $HA?PNK?=P=HUOPO BKN $PD=JKH $HA?PNK.TE@=PEK J 820@>;0569 0@. h 9DKQ 6 ) +E 6 9 2KJC 2 0 9DKQ 9 ' )E=JC + ' 2QJ & 0 7EJ 0 /KQHE=JEPEO * *KJPKQ 2 3OE=G=N=O / !E =J@ 3NE,AP=HHE? /P!=OA@ JK@A "=P=HUOPO BKN#ENA?P$PD=JKH%QAH"AHHO $;C2>&;A>02? h 6=JC 9 %=J ' +E=JC ' ,= ) +E 2 2KJC 8 6=JC 1 ,E?NKBHQE@E? 2UJPDAOEO =J@ "D=N=?PANEV=PEKJ KB %A/P2J" "=P=HUOPO SEPD$JD=J?A@ $HA?PN K"=P=HUPE? /ANBKNI=J?A BKN#ENA?P,APD=JKH%QAH"AHHO 820@>;05690@. h 6=JC ) 6=JC 9 +E 2 6=JC 1 2KJC 8 2QNB=?A = J@ (JPANB=?A $JCEJAANEJC KB %A/P" -=JK?=P=HUOPO BKN $HA?PNK"=P=HUPE? ,APD=JKH .TE@=PEKJ $JD=J?A@ ?PEREPU =J@ #QN=>EHEPU ".:;?0.82 h 2+9=/; 312%2;8>129>= 87=37>8>< 58@ $B7=2/<3< 80 3-4/5 +789+;=3-5/< 08; =2/+=+5B=3-B.;8./8AB1/7+=38780>+3+-85 /Q>HEODA@EJ &&A?@.6:./82529:4 ,<=;+-= 3DA PN=JOH=PEKJ KB >=P?D ?DAIEOPNEAO PK DECDPDNKQCDLQP ?KJPEJQ KQO BHKS IAPDK@O =@@NAOOAO O?=HEJC =QPKI=PEKJ =J@ NALNK@Q?E>EHEPU ?KJ?ANJO =OOK?E=PA@ SE PD PDA EILHAIAJP=PEKJ KB ?KHHKE@=HHU LNAL=NA@ J=JKL=NPE?HA -/ ?=P=HUOPO BKN EJ@QOPNE=H LNK?AOOAO -E?GAH -/O SANA OUJPDAOEVA@ >U PDA DECDPAILAN=PQNA =IEJA NA@Q?PEKJ KB = -E LNA?QNOKN QOEJC = ?KJPEJQKQO IEHHEBHQE@E? I% BHKS IAPDK@ =?DEAREJC UEAH@O CNA=PAN PD=J "KJRANOAHU -/O LNAL=NA@ EJ = >=P?D ! NA=?PEKJ QJ@AN ?KJ@EPEKJO =J=HKCKQO PK PDA ?KJPEJQKQO BHKS ?KJ@EPEKJO SEPD NAOLA?P PK PKP=H NA=?PEKJ RKHQIA PEIA =J@ PAILAN=PQNA SANA =?DEARA@ EJ K JHU = UEAH@ !KPD PDA I% =J@ !-E -/ ?=P=HUOPO SANA OQLLKNPA@ KJ OEHE?= =J@ ?KIL=NA@ PK = -E 2E. ?=P=HUOP LNAL=NA@ >U PN=@EPEKJ=H EJ?ELEAJP SAPJAOO (6 EILNACJ=PEKJ BKN PDA DU@NK@A KTUCAJ=PEKJ '#. KB CQ=E=?KH QJ@AN 2D ?6@A ?=P=HUPE? B=OP LUNKHUOEO ?KJ@EPEKJO p" ,/= "KIL=NA @ PK PDA (6 IAPDK@ >KPD ?KHHKE@=HHU LNAL=NA@ -/O @EOLH=UA@ EJ?NA=OA@ IKNLDKHKCE?=H ?KJPNKH =J@ J=NNKSA@ OEVA @EOPNE>QPEKJO =J@ PDA -/O LNAL=NA@ >U >KPD IAPDK@O ODKSA@ OEIE H=N OEVA OD=LA =J@ ?NUOP=HHEJEPU 3DA -E -/ ?=P=HUOP OUJPDAOEVA@ >U PDA ?KJPEJQKQO BHKS IAPDK@ AT DE>EPA@ OEIEH=N '=@OKNLPEKJ OEPA @AJOEPEAO OEPAPEIA UEAH@O =J@ OAHA?PEREPEAO PKS=N@O @AKTUCAJ =PA@ LNK@Q?PO =O ?KIL=NA@ PK PDA =J=HKCKQO >=P?DLNAL=NA@ ?=P=HUOP =J@ KQPLANBKNIA@ PDA (6 ?=P= HUOP SEPD NAOLA?P PK DECDAN OAHA?PEREPU PK HKSAN KTUCAJ ?KJPAJP LNK@Q?PO =J@ = BKH@ @A?N A=OA EJ @A=?PER=PEKJ N=PA 3DAOA NAOQHPO @AIKJOPN=PA PDA QPEHEPU KB OUJPDAOEVEJC ?KHHKE@=H -E -/ ? =P=HUOPO QOEJC ?KJPEJQKQO BHKS IAPDK@O PD=P ?=J LNK@Q?A GC@=U KB OQLLKNPA@ SP -E2E. I=PANE=H SDEHA I=EJP=EJEJC PDA ?=P=HUPE? LNKLANPEAO @EOLH=UA@ >U PDA >=P?D AMQER=HAJP 3DEO IA PDK@KHKCU ?=J >A ATPAJ@A@ PK KPDAN ?=P=HUPE?=HHU NAHAR=JP >=OA IAP=HO BKN PDA DECDPDNKQCDLQP OUJP DAOEO KB IAP=H -/O BKN PDA ?=P=HUPE? LNK@Q?PEKJKB>EKBQAHO 7=;8.>-=387 3DA NA=HEV=PEKJ KB OQOP=EJ=>HA NKQPAO PK HEMQE@ BQAHO BNKI >EKI =OO NAHEAO KJ PDA ABBA?PERA PN=JOBKNI=PEKJ KB DECDHU KTUCAJ=PA@ >EKI=OO EJPK DU@NK?=N>KJ LN K@Q?PO SEPD LNKLANPEAO OQEP=>HA BKN >HAJ@EJC EJPK ATEOPEJC BQAHO =O SAHH =O PDA @ARAHKLIAJP KB HKS?KOP $=NPD=>QJ@=JP ?=P=HUOPO PD=P ?=J LNKIKPA PDAOA PN=JOBKNI=PEKJO KRAN ATPAJ@A@ ?=P=HUOP H EBAPEIAO @@NAOOEJC PDAOA ?D=HHAJCAO SEHH NAMQENA =@R=J?A@ ?=P=HUOPO SEPD ?KJPNKHHA@ =?PE RA OEPAO PD=P LNKIKPA @AOENA@ PN=JOBKNI=PEKJO 24 @AKTUCAJ=PEKJ DU@NKCAJ=PEKJ =J@ "h" ?KQLHEJC SDEHA NAOEOP EJC @A=?PER=PEKJ =J@ PD=P ?=J >A LNK@Q?A@ =P NAHAR=JP O?=HAO SEPD DECD PDNKQCDLQP .RAN PDA L=OP PSK @A?=@AO J=JKL=NPE?HA -/ OUJPDAOAO D=RA >AAJ @ARAHKLA@ PK =@@ NAOO PDAOA ?=P=HUPE? ?D=HHAJCAO PDNKQCD ?KJPNKHHA@ OEVA =J@ IKNLDKHKCU SDE?D D=O NAOQHPA@ EJ L NKIEOEJC ?=P=HUPE? LANBKNI=J?A =J@ = CNA=PAN QJ@ANOP=J@EJC KB BQJ@=IAJP=H OPNQ?PQNAhBQJ?PEKJ N AH=PEKJODELO PD=P @NERA PDA @ARAHKLIAJP KB JATPCAJAN=PEKJ ?=P=HUOPO h .LLKNPQJEPEAO PK ?KOPABBA?PERAHU =J@ OQOP=EJ=>HU LNK@Q?A >EKI=OO@ANERA@ HEMQE@ BQAHO HEA =P PDA ?KJRANCAJ?A KB LNK?AOO @AOECJ =J@ ?=P=HUPE? NA=?PEKJ AJCEJAANEJC BKN >EKI=OO QPEHEV=PEKJ N=PEKJ=H @AOECJ KB JKRAH ?=P=HUOPO 24 DECDHU @ABEJA@ -/O @ARAHKLIAJP KB NK>QOP =J@ RANO=PEHA OUJPDAPE? NKQ PAO =J@ PDA DECDPDNKQCDLQP LNK@Q?PEKJKB-/OPK>AQOA@=PO?=HA h D ?6@A ?=P=HUPE? B=OP LUNKHUOEO "%/ KB HECJK?AHHQHKOE? >EKI=OO 24 SKK@U =J@ DAN>=?AKQO BAA@OPK?GO EO = LNKIEOEJC =LLNK=?D PK PDA OQOP=EJ=> HA LNK@Q?PEKJ KB >HAJ@=>HA HEMQE@ BQAHO (J PDA 2D ?6@A "%/ LNK?AOO LUNKHUOEO R=LKNO =NA ?=P=HUPE?=HHU QLCN=@A@ LNEKN PK ?KJ@AJO=PEKJ PK LNKRE@A = >EKKEH SEPD EILNKRA@ MQ=HEPU =J@ OP= >EHEPU PD=P ?=J QJ@ANCK @KSJOPNA=I DU@NKLNK?AOOEJC 3DA GAU K>FA?PERAO KB QLCN=@EJC =NA @AKTUCAJ=P EKJ IEJEIEV=PEKJ KB ?=N>KJ HKOOAOPK?KGA=J@JKJ?KJ@AJO=>HAC=OAO=J@DU@NKCAJ=PEKJ=HK JCSEPD"h"?KQLHEJCNA=?PEKJO PK ODEBP PDA LNK@Q?P OH=PA PKS=N@ PDA @EOPEHH=PA N=JCA 3DEO LN K?AOO NAMQENAO DECDAN PAILAN=PQNAO h `" HKSAN LNAOOQNAO JA=N =PIKOLDANE? =J@ HKSAN ' ?KJ?AJPN=PEKJO OPKE?DEKIAPNE? PD=J PULE?=H DU@NKPNA=PEJC NA=?PEKJO 3DA IKOP ?KIIKJ DAPANKCAJAKQO QLCN=@EJC ?=P=HUOP PN=JOEPEKJ IAP=HLNKIKPA@ ,K2 ATDE>EPO DECD N=PAO KB @A=?PER=PEKJ EJ PDA LNAOAJ?A KB S=PAN =J@ NAMQENAO = ?KJPEJQKQO BAA@ KB OQHBE@A NA=CAJPO PK I=EJP=EJ ?=P=HUOP OP=>EHEPU HA=@EJC PK OQHBQN ?KJP=EJEJC OLA?EAO EJ PDA BQAH PD=P IQOP >A NAIKRA@ -K>HA IAP=H ?=P=HUOPO 24 /P =J@ /@ =NA NK>QOP =J@ @K JKP NAMQENA OQLLHAIAJP=H ?KBAA@O PK I=EJP=EJ =?PEREPU DKSARAN PDAU NAMQENA ?KOPHU HAOO =>QJ@=JP AHAIAJPO h "KJOAMQAJPHU SA D=RA E@AJPEBEA@ = JAA@ PK EJRAOPEC=PA ?KOP ABBA?PERA ?=P=HUOPO PD=P LNKIKPA DU@NKCAJ=PEKJ @AKTUCAJ=PEKJ =J@ "h" ?KQLHEJC QJ@AN 2D ?6@A "%/?KJ@EPEKJOSDEHAI=EJP=EJEJCOP=>EHEPU 3=NCAPA@ ?=P=HUOP @AOECJ NAMQENAO PDA ?KNNAH=PEKJ KB ?=P=HUOP B A=PQNAO SEPD NA=?PEREPU 2KHQPEKJLD=OA NKQPAO PK ?KHHKE@=H -/O AJ=>HA PDA LNAL=N=PEKJ K B L=NPE?HAO SEPD SAHH@ABEJA@ BA=PQNAO OEVA OD=LA =J@ ?KILKOEPEKJ =J@ PDA =>EHEPU PK OUJ PDAPE?=HHU P=EHKN PDAOA =PPNE>QPAO 3DA DKIKCAJAKQO BA=PQNAO EJDANAJP PK OKHQPEKJOUJPDAOEVA@ ?KHHKE@=H -/O ?=J >A ?KJPNKHHA@ =J@ NAH=PA@ >=?G PK ?=P=HUPE? LANBKNI=J?A PK AHQ?E@=PA OPNQ?PQNAhBQJ?PEKJ N AH=PEKJODELO (J ?KJPN=OP ?=P=HUOPO LNAL=NA@ >U PN=@EPEKJ=H EILNACJ=PEKJ IAPDK@O ?=J >A ?KILKOA@ KB = SE@A =NN=U KB L=NPE?HA OEVAO OD=LAO =J@ ?KILKOEPEKJO KJ = OQLLKNP I=PANE=H "KIIKJ H=NCAO?=HA OUJPDAPE? NKQPAO OQ?D =O EJ?ELEAJP SAPJAOO (6 EILNACJ=PEKJ BKHHKSA@ >U ?=H?EJ=PEKJ =J@ KN NA@Q?PEKJ CAJAN=HHU NAMQENA DECD PAILAN=PQNAO =J@ =NA OQLLKNP@ALAJ@AJP LNK?AOOAO 1A?AJPHU &NEBBEJ 2@ .8 NALKNPA@ PD=P $=NPD=>QJ@=JP ?KHHKE@=H -E -/ ?=P=HUOPO ATDE>EP DECD ?KJRANOEK J =J@ OAHA?PEREPU PKS=N@ BQAH IKHA?QHAO SEPD HKS KTUCAJ ?KJPAJP NAH=PERA PK (6 =J=HKCQAO 2Q?D NAOQHPO EJ =@@EPEKJ PK =@R=J?AO EJ PDA QJ@ANOP=J@EJC KB IKNLDKHKCU@ALAJ@AJP ?=P=HUPE? LNKLANPEAO QJ@ANO?KNA PDA JAA@ PK BQNPDAN @ARAHKL SAHH@ABEJA@ ?KHHKE@=H -/ ?=P=HUOPO SDE?D QHPEI=PAHU IQOP >A LNAL=NA@ =P O?=HA "QNNAJPHU?KHHKE@=H-/?=P=HUOPO =NAOUJPDAOEVA@QOEJC>=P?DN A=?PKNOPULE?=HHUKJ=OI=HH O?=HAhI+ (JKN@ANPKLNK@Q?A=OECJEBE?=JPMQ=JPEPUK B?KHHKE@=H-/?=P=HUOPPK>ARE=>HA BKN EJ@QOPNE=H >EKI=OO LUNKHUOEO R=LKN QLCN=@EJC PDAOA OUJPDAP E? OUOPAIO JAA@ PK >A O?=HA@ 2?=HEJC RKHQIA KN NA=CAJP ?KJ?AJPN=PEKJO KB OQ?D >=P?D NA=?PKNO ?=J HA=@ PK EJDKIKCAJAEPEAO EJ I=OO =J@ PDANI=H PN=JOLKNP SDE?D HA=@O PK OECJEBE?=JP R=NE=>EH EPU >APSAAJ >=P?DAO =O = NAOQHP KB ?D=JCAO PK PDA JQ?HA=PEKJ =J@ CNKSPD N=PAO ,KNAKRAN EJ?KJOEOPAJ?EAO EJ NA=?PEKJ L=N=IAPANO ?=J D=RA OPNKJC ABBA?PO KJ PDA NAOQHPEJC IKNLDKHKCEAO PD=P CKRANJ ? =P=HUPE? LNKLANPEAO HPANJ=PERAHU ?KJPEJQKQO BHKS IE?NKBHQE@E? }% =J@ IEHHEBHQE@E? I% IAPDK@O D=RA >AAJ E@AJPEBEA@ =O = OKHQPEKJ PK PDA =BKNAIAJPEKJA@ EOOQAO =OOK?E=PA@ SEPD H=NCAO?=HA LNK@Q? PEKJ ,KJK@EOLANOA L=NPE?HAO SEPD EJ?NA=OA@ UEAH@O ?=J >A K>P=EJA@ =O = NAOQHP KB PDA OQLANEKN DA =P =J@ I=OO PN=JOLKNP LNKLANPEAO LNKRE@A@ >U PDA DECD OQNB=?A=NA=PKRKHQIA N=PEKO EJDANAJP PK ?D=JJAHO SEPD IE?NKJO?=HA @E=IAPANO 3DA NA@Q?A@ NA=?PEKJ RKHQIA LNKIKPAO B=OP DA=PEJC =J@ ?KKHEJC SDE?D IEJEIEVAO AJANCU EJLQPO =J@ NA=?PEKJ PEIAO HA=@EJC PK IKNA OQOP=EJ=>HA L NK?AOOAO 4JHEGA >=P?D NA=?PEKJO BHKS IAPDK@O =NA =IAJ=>HA PK =QPKI=PEKJ =BBKN@EJC NALNK@Q?E>EH EPU SEPD DECD PDNKQCDLQP =J@ DECD BE@AHEPU h @@EPEKJ=HHU KLAN=PEJC EJ OI=HH RKHQIAO NA@Q?AO AJRENKJIAJP=H =J@ O=BAPU NEOGO =OOK?E=PA@ SEPD PULE?=H >=P?D LNK?AOOAO EJ PANIO KB ATLKOQNA PK ?DAIE?=HO =J@ LKPAJPE=H OLEHHO %HKS LNK?AOOAO =NA =IAJ=>HA PK OQOP=EJ=>HA O?=HAQL LNK?AOO EJ PAJOEBE?=PEKJ =J@ OKHRAJPNA=CAJP NA?U?HEJC LNK?AOOAO 3DANABKNA PDA CNAAJ ?DAIEOPNU =OLA?PO KB PDA NAOA=N?D NALKNPA @ DANA =NA IQHPEBKH@ EJ =@@EPEKJ PK B=?EHEP=PEJC PDA ?=P=HUPE? LNK@Q?PEKJ KB >EKBQAHO ?=P=HUOP LNAL=N=PEKJ EO EJDANAJPHU IKNA OQOP=EJ=>HA 6DEHA ?KJPEJQKQO BHKS IAPDK@O D=RA >AAJ AILHKUA@ EJ = R=NEAPU KB ?KHHKE@=H-/OUJPDAOAO h PDANAD=RA>AAJBASNALKNPOKJPDAQPEHEV=PEKJKBPDANAOQHPEJ C-/OBKN ?=P=HUOEOL=NPE?QH=NHUBKN$=NPD=>QJ@=JPHKS?KOPI=PANE=HO OQ?D=O-E 'ANAEJSANALKNPPDADECDPDNKQCDLQPI%OUJPDAOEOKBSAHH@AB EJA@?KHHKE@=H-E-/OBKN PDA DU@NK@AKTUCAJ=PEKJ '#. KB CQ=E=?KH IAPDKTULDAJKH = I K@AH ?KILKQJ@ NALNAOAJP=PERA KB PDA I=FKN HECJEJ@ANERA@ LNK@Q?PO BKQJ@ EJ PDA B=OP LUNKHUOE O R=LKN BNKI HECJK?AHHQHKOE? >EKI=OO 3DA LANBKNI=J?A KB PDA I%OUJPDAOEVA@ -E -/O PKS=N@ '# . QJ@AN 2D ?6@A "%/ ?KJ@EPEKJO S=O ?KIL=NA@ PK -E -/O OUJPDAOEVA@ >U = >=P?D NA=?PE KJ =J@ = -E ?=P=HUOP LNAL=NA@ >U (6 EILNACJ=PEKJ "D=N=?PANEV=PEKJ KB >KPD PDA QJOQLLKNPA@ ?KHHK E@=H -/O =J@ 2E. OQLLKNPA@ ?=P=HUOPO S=O ?KJ@Q?PA@ EJ KN@AN PK AHQ?E@=PA PDA ABBA?P PD=P P DA OUJPDAPE? IAPDK@ D=O KJ ?=P=HUOP LNKLANPEAO "KIL=NA@ PK PDA (6OUJPDAOEVA@ -E ?=P=HUOP PDA ?KH HKE@=H -/O @EOLH=UA@ EJ?NA=OA@ ?=P=HUPE?OP=>EHEPU=J@DECDANOAHA?PEREPUPKS=N@@AKTUCAJ=PA@ LNK@Q?PO .RAN=HHPDAI%OUJPDAOEO KB ?KHHKE@=H -E -/O LNK@Q?A@ CN=I MQ=JPEPEAO KB ?=P=HUOP SEPD ? KIL=N=>HA =?PEREPU PK PDA >=P?D OUJPDAOEVA@-E-/O #/<>5=<+7.3<-><<387 6$B7=2/<3<80 3 "< 3DA DECDPDNKQCDLQP BHKS OUJPDAOEO KB -E -/O S=O LANBKNIA@ EJ = I% NA=?PKN 2?DAIA >=OA@ KJ = HEPAN=PQNA OUJPDAOEO >U "=NAJ?K 2@ .8 ?KJOP=JP LNA?QNOKN BHKS N=PA EO =?DEARA@ PDNKQCD = BAA@>=?G HKKL >APSAAJ =J =J=HUPE?=H >=H=J?A =J@ LNAOOQNEVA@ C=O 3DEO >=H=J?A IKJEPKNO PDA BHQT KB PDA LNA?QNOKN OKHQPEKJ -E=?=? KHAUH=IEJA K?P=@A?AJA =J@ PNEK?PUHLDKOLDEJA EJ NA=H PEIA =J@ PDA ?KILQPAN?KJPNKHHA@ OU OPAI =@FQOPO PDA LNAOOQNA PK I=EJP=EJ = ?KJOP=JP BHKS N=PA !ABKNA EJPNK@Q?PEKJ KB PDA NA=?P =JP OPNA=I EJPK PDA ?KJRA?PEKJ KRAJ PDA LNA?QNOKN OKHQPEKJ L=OOAO PDNKQCD =J EJPACN=PA@ KJAS=U R=H RA @AOECJA@ PK LNARAJP >=?GBHKS ?=QOA@ >U ARKHQPEKJ KB RKH=PEHA LNK@Q?PO @KSJOPNA=I 4LKJ AJPAN EJC PDA ?KJRA?PEKJ KRAJ LNADA=PA@ PK p" N=LE@ -/ JQ?HA=PEKJ K??QNO =O = NAOQHP KB PDA B=OP PAILAN=PQNA N=IL N=PA UEAH@EJC=@=NG?KHKNA@OQOLAJOEKJ PPDANA=?PEKJPAILAN=PQNAC=O EOARKHRA@BNKIPDAOUOPAI =P = N=PA KB I+ D h ?=QOEJC PDA OPNA=I PK OAL=N=PA EJPK @EO?NAPA LHQCO 3DA LHQCO =NA EOKH=PA@ BNKI KJA =JKPDAN LNARAJPEJC =TE=H @EOLANOEKJ SDEHA EJPANJ=H ? EN?QH=PEKJ SEPDEJ A=?D LHQC EJ PDA ?KEHA@PQ>EJCB=?EHEP=PAOPDKNKQCDIETEJC 4LKJATEPEJCPDANA=?PKN-E -/CNKSPDEOD=HPA@>U N=LE@ DA=P @EOOEL=PEKJ BNKI PDA NA=?PEKJ OPNA=I 3DA BHKS N=PA S=O I=EJP=EJA@ =P I+ D h KB OKHQPEKJ IA=OQNA@ NAOE@AJ?A PEIA KB IEJ PK UEAH@ -E -/O @A JKPA@ =O I%-E -/O 3DA UEAH@ KB PDA I%-E -/O S=O AOPEI=PA@ PK >A NAH=PERA PK PDA -E=?=? LNA?QNOKN >U CN=REIAPNE? =J=HUOEO !=OA@ KJ PDA BHKS N=PA =J@ UEAH@ PDA PDNKQCDLQP KB = OEJCHA ?D =JJAH I% @ARE?A EO C KB -E -/O LAN @=U SDE?D SKQH@ AMQ=PA PK GC KB SP 2E. OQLLKNPA@ -E -/ ?=P=HUOP O = NAOQHP KB PDA OQLANEKN DA=P =J@ I=OO PN=JOLKNP LNKLANPEAO EJDANAJP PK = I % OUOPAI PDA NAOE@AJ?A PEIA JAA@A@ PK CAJAN=PA OEIEH=NHU OEVA@ -/O EO OECJEBE?=JPHU ODKNPAN PD=J P DA D NA=?PEKJ PEIA NALKNPA@ BKN PDA OI=HH>=P?DOUJPDAOEO=ONALKNPA@>U"=NAJ?K 2@.8 3DANA@Q?A@NA=?PEKJRKHQIA=HOKLNKIKPAO B=OP DA=PEJC =J@ ?KKHEJC SDE?D IEJEIEVAO AJANCU EJLQPO =J@ NA= ?PEKJ PEIAO (J =J ABBKNP PK OUJPDAOEVA -E -/O EJ = >=P?D NA=?PEKJ QJ@AN =J=HKCKQO ?KJ@EPEKJ O PK PDA I% OUOPAI SEPD NAOLA?P PK PKP=H NA=?PEKJ RKHQIA PEIA =J@ PAILAN=PQNA =H>AEP SEPD = OHKSAN DA=P N=IL N=PA = >=P?D NA=?PEKJ S=O LANBKNIA@ =P `" =J@ PDANI=HHU MQAJ?DA@ =BPAN IEJ PK UEAH@ -/O @AJKPA@ =O !-E -/O EJ = HKSAN UEAH@ KB 6A =PPNE>QPA PDA DECDAN UEAH@ KB PDA ?KJPEJQKQO BHKS OUJPDAOEO PKNAOQHPBNKIPDAOQLANEKNDA=PPN=JOBAN=J@IETEJC?KJ@EPEKJO ?KIL=NA@PK>=P?D $-2/6/ I%1A=?PKN2UOPAIBKNPDA"KJPEJQKQO%HKS/NK@Q?PEKJKB-E-/O 2+;+-=/;3C+=3878085583.+5 3 "< /KS@AN 7N=U @EBBN=?PEKJ 71# L=PPANJO KB PDA NAOQHPEJC I% =J @ !-E -/O ATDE>EPA@ PDA @EBBN=?PEKJ LA=GO KB B=?A?AJPANA@ ?Q>E? %"" OPNQ?PQNA -E %E CQNA => 3DNAA LA=GO =P ` ` =J@ ` H ?=J >A EJ@ATA@ PK PDA =J@ NABHA?PEKJO NAO LA?PERAHU H=PPE?A L=N=IAPAN KB . X S=O ?=H?QH=PA@ BKN >KPD PDA I%-E =J@ !-E -/O SDE?D EO EJ =CNAAIAJP SEPD >QHG -E /#% !A?=QOA -E EO IKNA OQO?ALPE>HA PK KTE@=PEKJ PD=J JK>HA IAP=HO EP EO EILKNP=JP PK JKPA PD=P JK ?NUOP=HHEJA EILQNEPU LD=OAO KB ?Q>E? -E. DAT=CKJ=H -E.' KN PDA z KN {LD=OA KB -E..' SANA K>OANRA@ 3N=JOIEOOEKJ AHA?PNKJ IE? NKO?KLU 3$, NARA=HA@ = OLDANE?=H IKNLDKHKCU BKN >KPD OUOPAIO %ECQNA ?@ 3DA I%- E -/O LKOOAOOA@ OHECDPHU H=NCAN OEVAO d JI PD=J PDA =J=HKCKQO >=P?D LNAL=NA@ O=ILHAO d JI !KPD IAPDK@O C=RA = LKHU@EOLANOEPU SEPD OP=J@=N@ @ARE=PEKJO =>KQP PDA IA=J @ E=IAPAN y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d J I G1 =J@ !-E - /O d JI G1 @AJKPA@ >U CNAAJ = J@ LQNLHA ?KHKNO NAOLA?PERAHU CD 'ECD NAOKHQPEKJ 3$, I E?NKCN=LDO @EOLH=UEJCH=PPE?AOL=?EJCKBPDALH=JAO ";/9+;+=387+7.2+;+-=/;3C+=38780$3! $>998;=/. 3 "< 3DA NAOQHPEJC ?KHHKE@=H -E -/O OUJPDAOEVA@ SEPD PDA I%@ARE?A = J@ QJ@AN =J=HKCKQO >=P?D ?KJ@EPEKJO SANA OQ>OAMQAJPHU OQLLKNPA@ KJ =IKNLDKQO 2E. P=NCAPEJC = IAP=H HK=@EJC KB SP 3DEO S=O =?DEARA@ >U =@@EJC = -E -/ EJ "'"H @EOLANOEKJ @NKLSEOA PK = OPENNEJC OQOLAJOEKJ KB 2E. EJ "'"H BPAN D KB OPENNEJC PDA NAOQHPEJC ?=P=HUOP S=O NA?KRANA@ >U ?AJPNEBQC=PEKJ =J@ @NEA@ KRANJECDP 6: B.0A; 3DA BEJ=H IAP=H HK=@EJC BKN A=?D ?=P=HUOP S=O @APANIEJA@ >U ( "/.$2 =J@ EO CERAJ EJ 3=>HA 3DA =LLHE?=PEKJ KB ?KHHKE@=H -/O EJ EJ@QOPNE=H ?=P=HUOPO EO ATPNAIAHU N=NA ?KIL=NA@ PK -/ ?=P=HUOPO LNAL=NA@ >U LNA?ELEP=PEKJ KN EILNACJ=P EKJ IAPDK@O 3DANABKNA SA =HOK AILHKUA@ = ?KJRAJPEKJ=H >QHG (6 EILNACJ=PEKJ PA?DJEMQA PK LNAL= NA = ?KJPNKH ?=P=HUOP BKN ?KIL=NEOKJ@AJKPA@=O(6-E %+,5/ RAN=CA L=NPE?HA @ E=IAPAN =RAN=CA ?NUOP=HHEPA O EVA I AP=H H K=@ EJC = J@ ' =@OKNLPEKJ OEPA @ AJOEPU KBA=?D?=P=HUOP $>998;=/. -+=+5B<= ?/;+1/ .3+6/=/;0;86 %76 ?/;+1/-;B<=+553=/ <3C/80<>998;=/. "<0;86)#76 /=+5 58+.371 @= +.<8;9=387 <3=/./7<3=B μ μ 6851 -+= ?/;+1/-;B<=+553=/ <3C/0;86 +.<89;=38776 I%-E ± !-E ± (6-E ± 3$, IE?NKCN=LDO ?KJBENIA@ PD=P =HH OQLLKNPA@ -E -/ ?=P=HUOPO SA NA SAHH @EOLANOA@ KJ PDA 2E. OQLLKNP %ECQNA => 2EIEH=N =RAN=CA @E=IAPANO =J@ LKHU@EOL ANOEPEAO SANA K>OANRA@ BKN PDA I%-E -/O d JI G1 =J@ !-E -/O d JI G1 SEPD NAOLA?P PK PDAEN LNAOQLLKNPA@ ?KHHKE@=H OQOLAJOEKJO @AIKJOPN=PEJC PD=P = O ATLA?PA@ PDA OQLLKNPEJC LNK?A@QNA @E@ JKP =BBA?P PDA -/ OEVA KN OEVA @EOPNE>QPEKJ 3DA NAOQHPEJC (6-E L=NPE?HAO ATDE>EPA@ =J ENNACQH=N OLDANE?=H IKNLDKHKCU SEPD =J =RAN=CA @E=IAPAN KB d JI %ECQNA ? (J =@@EPEKJ L=NPE?HAO SEPD @E=IAPANO JI SANA K>OANRA@ PDNKQCD KQP PDA OQLLKNP =J@ PDANA S=O = BKH@ EJ?NA=OA EJ LKHU@EOLANOEPU y 1 NAH=PERA PK PDA ?KHHKE@=H -E -/O .JA KB PDA NA=OKJO PD=P OKHQPEKJLD=OA OUJPDAOAO ATDE>EP EJ?NA=OA@ IKNLDKHKCE?=H ? KJPNKH EO PDA EJ?KNLKN=PEKJ KB OP=>EHEVEJC =CAJPO "D=JCAO EJ PDA KHAUH=IEJA =J@ PNEK?PUHLDKOL DEJA ?KJ?AJPN=PEKJO D=RA LNAREKQOHU >AAJ E@AJPEBEA@ PK D=RA H=NCA EJBHQAJ?AO KJ PDA NAOQ HPEJC -E -/ IKNLDKHKCEAO PDA LNAOAJ?A KB LNEI=NU =IEJAO ?=J EJ?NA=OA PDA NA@Q?PEKJ N=PA SDE HA HKJC?D=EJ LDKOLDEJAO ?KJPNKH L=NPE?HA OEVA PDNKQCD ?KKN@EJ=PEKJ PK PDA -E OQNB=?A ??KN@EJCHU PDA OKHQPEKJOUJPDAOEVA@ I=PANE=HO@EOLH=UA@=IKNANACQH=NOEVA=J@IKNLDKHKCU=O?KIL= NA@PKPDA(6-EL=NPE?HAO 31>;/ 3$, I E?NKCN=LDO = J@ PDAEN ?KNNAOLKJ@EJC OEVA DEOPKCN=IO KB O EH E?= OQLLKNPA@ =@ I% -E -/O d JI >A ! h -E - /O d JI =J@ ?B (6-E L =NPE?HAO d JI C 'ECD NAOKHQPEKJ 7/2 OLA?PN= K B PDA -E < N ACEKJ =J@ D 71# KB I %-E - /O CNAAJ !-E - /O LQNLHA =J @ (6-E L=NPE?HAO LEJG 3 DA O KHE@ = J@ @=ODA@ HEJAO E J PDA 7/2 O LA?PN= N ABAN P K PDA -E = J@ -E.' I=EJ LA=G>EJ@EJCAJANCEAONAOLA?PERAHU !QHG =J@ OQNB=?A ?D=N=?PANEV=PEKJ PA?DJEMQAO SANA AILHKUA@ PK ? D=N=?PANEVA PDA OQLLKNPA@ -E -/O 7/2 OLA?PN= KB PDA -E < NACEKJ KB PDA OQLLKNPA@ -E -/O =NA LNKRE@A@ EJ %ECQNA C OOECJIAJP KB PDEO NACEKJ EO KBPAJ ?KILHE?=PA@ >U OQNB=?A KTE@= PEKJ KB -E EJPK DECDANR=HAJP -E. -E..' =J@ -E.' 3DA -E < =J@ < @KQ>HAPO =J@ ?KNNAOLKJ@EJC O=PAHHEPA LA=GO KB PDAOA KTE@EVA@ OLA?EAO D=RA >EJ@EJC AJANCEAO PD=P =NA ?HKOA PK PD=P KB -E IAP=H ?=QOEJC KRANH=L KB PDA ?KNNAOLKJ@EJCIQHPELHAPO=J@OD=GAQLOPNQ?PQNAO 3DA!-E-/OA TDE>EPA@=-E < LA=G>EJ@EJC AJANCU KB A5 SEPD = OLEJhKN>EP OLHEPPEJC KB A5 I=P? DEJC ?HKOAHU SEPD HEPAN=PQNA R=HQAO BKN -E h 3DA LA=GO =P DECDAN >EJ@EJC AJANCEAO A5 =NA PDA NAOLA?PERA O=PAHHEPA LA=GO BKN -E < (J =@@EPEKJ PK PDA LNEI=NU < =J@ < -E LA=GO PDA I%-E -/O @EOLH=UA@ = LA=G =P A5 SDE?D ?=J >A =PPNE>QPA@ PK -E.' 3DA (6-E L=NPE?HAO -E < OLA?PNQI S=O EJ@EOPEJ?P SDE?D I=U NAOQHP BNKI = NA@Q?A@ OQNB=?A =NA=PKRKHQIA N=PEK @Q A PK PDA H=NCAN L=NPE?HA OEVA 0Q=HEP=PERAHU PDA >NK=@ LA=G PD=P OL=JO PDA -E -E. =J@ -E.' NACEKJO OQCCAOPO PD=P PDANA EO = ?KI>EJ=PEKJ KB -E =J@ KTE@EVA@ -E OLA?EAO KJ PDA OQNB=?A KB PDA (6-E ?=P=HUOP @@EPEKJ=HHU 7/2 OLA?PN= KB PDA ?KHHKE@=H -E -/O @EOLH=UA@ LA=GO EJ PDA - ? NACEKJ PD=P =NA ATLA?PA@ BKN PDA LNAOAJ?A KB . I PDA (6h-E L=NPE?HAO @E@ JKP @EOLH=U PDEO - ? LA=G =O = NAOQHP KB PDA H=?G KB . IEJPDA?=P=HUOPLNAL=N=PEKJ 71# =J=HUOEO KB PDA OQLLKNPA@ ?=P=HUOPO OQCCAOPO PD=P PDA KTE@E VA@ -E OLA?EAO K>OANRA@ RE= 7/2 =NA HEIEPA@ PK =J =IKNLDKQO KN PDEJ OQNB=?A H=UAN =O =HH O =ILHAO KJHU ATDE>EPA@ ?D=N=?PANEOPE? @EBBN=?PEKJ LA=GO ?KNNAOLKJ@EJC PK PDA %"" OPNQ?PQNA ATLA?PA@ B KN -E %ECQNA D 3DA @EBBQOA =IKNLDKQO >=?GCNKQJ@ K>OANRA@ =P HKSAN H EO =PPNE>QPA@ PK PDA =IKNLDKQO 2E. OQLLKNP "KJOEOPAJP H=PPE?A L=N=IAPANO =HKJC SEPD PDA =>OAJ?A KB I=TEI= ?KNNAOLKJ@EJC PK KTE@EVA@ -E OLA?EAO BQNPDAN ?KJBENI PD=P JK ?D=JCA K??QNNA@ @QNEJC OQLLKNP EJC KB PDA ?KHHKE@=H -E -/O (P EO =HOKEILKNP=JPPKJKPAPD=PPDA LNAOAJ?AKBKTE@EVA@-EOQNB=?A OLA?EAO=NA HEGAHUPK>A?KILHAPAHU NA@Q?A@PK-E LNEKNPK?=P=HUPE?PAOPEJC=OL=NPKBPDA?=P=HUOP=?PER=PEKJ LNK?AOO 3DA '=@OKNLPEKJ OEPA @AJOEPU KB PDA OQLLKNPA@ -E ?=P=HUOPO S=O IA=OQNA@ QOEJC ' ?DAIEOKNLPEKJ =BPAN 6: ?6@A NA@Q?PEKJ =P p" >=OA@ KJ ?=P=HUPE? NA=?PEKJ PAILAN=PQNA BKN PDA -E -/O =J@ p" >=OA@ KJ PAILAN=PQNALNKCN=IIA@ NA@Q?PEKJ BKN (6-E "KIL=N=>HA ' =@OKNLPEKJ OEPA @AJOEPEAO KB }IKH ' C ?=P h BKN I%-E -/O =J@ }IKH ' C ?=P h BKN !-E -/O SANA @APANIEJA@ (J?KJPN=OPPDA(6-E ?=P=HUOPD=@=HKS'=@OKNLP EKJOEPA@AJOEPUKB }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`" ,/= PK ?KIL=NA =?PEREPU OAHA?PEREPU =J@ @A=?PER=PEKJ -K ABBKNP S=O I=@A PK NAIKRA PDA OP=>EHEVEJC HEC=J@O KJ PDA OQNB=?A KB PDA -/ ?=P=HUOPO LNEKN PK NA=?PEKJ "=P=HUOP =?PEREPU S=O BENOP =OOAOOA@ >U ?KIL=NEJC PDA ?KJRANOEKJ KB CQ=E =?KH PK HEMQE@ LNK@Q?PO %ECQNA = 3DA (6-E ?=P=HUOP @A=?PER=PA@ N=LE@HU EJ PDA EJEPE=H IEJ KJ OPNA=I @A?NA=OEJC BNKI PK ?KJRANOEKJ (J?KJPN=OPPDA!-E-/?=P=HUOP@EOLH=UA@ =IEJEI=H@A?NA=OAEJ?KJRANOEKJ BNKI PK KRAN IEJ =J@ PDA I%-E -/ ?=P=HUOP @A?NA=OA @ BNKI PK 3DA ?KJRANOEKJ @=P= =P PEIA KJ OPNA=I L=OP IEJ OQLLKNP PDA OP=N G @EBBANAJ?A EJ =?PEREPU >APSAAJ PDA (6-E?=P=HUOP=J@?KHHKE@=H-E-/?=P=HUOPONALKNPA@LNAREKQOH U 31>;/ = & Q=E=?KH ?KJRANOEKJ =O = B QJ?PEKJ KB PEIA KJ OPNA=I = J@ > LNK@Q?P 238 =O = B QJ?PEKJ KB PEIA KJ OPNA=I B KN I %-E - /O CNAAJ !-E - /O LQNLHA =J@ (6 -E L=NPE?HAO LEJG QJ@AN 2D ?6@A "%/ ?KJ@EPEKJO`" ,/= %QNPDAN EJOECDP EJPK ?=P=HUOP =?PEREPU S=O K>P=EJA@ >U JKNI=HEV EJC PDA LNK@Q?P ?KJRANOEKJ N=PA PK '=@OKNLPEKJ OEPA @AJOEPU PK CERA OEPAPEIA UEAH@ 238 R=HQAO %ECQNA > 3DA 238 R=HQAO SANA @APANIEJA@ =P ?KJRANOEKJ HARAHO >APSAAJ =J@ =J@ PDQO PDA NAOQHPO @K JKP JA?AOO=NEHU NABHA?P PDA EJPNEJOE? N=PAO KB A=?D I=PANE=H (JOPA =@ PDAU =HHKS BKN = ?KIL=N=PERA =J=HUOEO KB PDA ?=P=HUOPO =P = OEJCHA NA=?PEKJ ?KJ@EPEKJ NAHAR= JP PK 2D ?6@A "%/ 3DA (6-E ?=P=HUOP ATDE>EPOPDADECDAOPEJEPE=H238 O h >QPN=LE@HU@A=?PER=PAOPK O h 3DA!-E-/?=P=HUOP @AIKJOPN=PA@ = HKSAN EJEPE=H 238 KB O h >QP ATDE>EPA@ IEJEI=H @A=?PER=PEKJ 3DA I%-E -/ ?=P=HUOP@AIKJOPN=PA@=JEJEPE=HHU ?KIL=N=>HA238R=HQA O h ?KIL=NA@PK!-E -/>QPPDA IK@AN=PA @A=?PER=PEKJ NAOQHPA@ EJ = HKSAN 238 O h ?KIL=NA@ PK !-E -/ O h =P IEJ 3DA NAH=PERA @A=?PER=PEKJ N=PAO SANA MQ=JPEBEA@ QOEJC HEJA =N BEPO PK 238 RANOQO PEIA AILHKUEJC PDA BQHH @=P= OAPO BKN >KPD -/ ?=P=HUOPO =J@ PDA EJEP E=H IEJ @=P= BKN PDA N=LE@HU @A=?PER=PEJC (6-E ?=P=HUOP "KIL=NA@ PK PDA IEJEI=H @A=?PER=PE KJ ATDE>EPA@ >U PDA !-E -/ ?=P=HUOP = BKH@ B=OPAN @A=?PER=PEKJ N=PA S=O K>OANRA@ BKN PDA (6-E ?=P=HUOP =J@ = BKH@ B=OPAN @A=?PER=PEKJ N=PA S=O K>OANRA@ BKN PDA I%-E -/ ?=P=HUOP "KIL=NEJC PDA (6-E =J@ I% -E ?=P=HUOPO PDA PSK ?=P=HUOPO D=REJC OUJPDAPE? IAPDK@O PD=P = NA IKNA =IAJ=>HA PK O?=HAQL PDAOA @=P= DECDHECDP = BKH@ @A?NA=OA EJ @A=?PER=PEKJ N=PA ATDE>EPA @ >U PDA I%-E -/ ?=P=HUOP NAH=PERA PK (6-E "KJOE@ANEJC PDA OECJEBE?=JP @EBBANAJ?A EJ 238 @A=?PER =PEKJ N=PAO SA LNKLKOA PSK DULKPDAOAO 3DANA I=U >A PSK @EBBANAJP =?PERA OEPA PULAO KJ PDAOA I=PANE=HO SDANA (6-E D=O >KPD DECD=?PEREPU OEPAO PD=P @A=?PER=PA MQE?GHU =J@ HKSAN=?PE REPU OEPAO PD=P =NA IKNA OP=>HA 3DA -/ ?=P=HUOPO @K JKP LKOOAOO PDA DECD=?PEREPU OEPAO LKOOE>HU @ QA PK HEC=J@ >HK?GEJC >QP ?KJOEOP KB PDA HKSAN=?PEREPU OEPAO PD=P NAOEOP @A=?PER=PEKJ 3DA =?PE RA OEPAO =NA PDA O=IA KJ PDA (6 =J@ -/ ?=P=HUOPO>QPPDKOAKJPDA (6?=P=HUOP@A=?PER=PAN=LE@HUSDEH APDKOAKJPDA -/?=P=HUOPO=NAIKNA NAOEOP=JPPK@A=?PER=PEKJ &Q=E=?KH EO =J EJPANAOPEJC IK@AH ?KILKQJ@ @QA PK EPO IQHPELHA B QJ?PEKJ=H CNKQLO PD=P AJ=>HA EJRAOPEC=PEKJ EJPK PDA NAH=PERA OAHA?PEREPU BKN = R=NEAPU KB NA =?PEKJO 24 @AIAPDUH=PEKJ @AIAPDKTUH=PEKJ @ENA?P @AKTUCAJ=PEKJ DU@NKCAJ=PEKJ =J@ DU@NK @AKTUCAJ=PEKJ 3DQO PDA NA=?PEKJ JAPSKNG =OOK?E=PA@ SEPD PDA @AKTUCAJ=PEKJ KB CQ=E=?KH ?=J >A ?KILHAT "KIIKJ EJEPE=H NA=?PEKJ OPALO D=RA >AAJ LNKLKOA@ SDANA AEPDAN @AIAPDUH =PEKJ #,$ @AIAPDKTUH=PEKJ #,. KN @ENA?P @AKTUCAJ=PEKJ ##. UEAH@ ?=PA?DKH LDAJKH KN =JEOKHA NAOLA?PERAHU 2?DAIA 3DAOA LNK@Q?PO ?=J NA=?P BQNPDAN PK UEAH@ PDA BQHHU @AKTU CAJ=PA@ =NKI=PE? LNK@Q?P >AJVAJA =J@ NEJCDU@NKCAJ=PA@ ?U?HKDAT=JKJA ?U?HKDAT=JKH =J@ ?U?HKDAT =JA 3DA IKH=N OAHA?PEREPU KB PDA KNC=JE?LD=OA LNK@Q?PO 62 SEPD ?=N>KJ JQI>ANO f K>OANRA@ BNKI PDA -E ?=P=HUOPO ATLHKN A@ DANA EO LNAOAJPA@ EJ %ECQNA 3DA LNK@Q?PO =NA CNKQLA@ =O ?K JP=EJEJC JK KTUCAJ 24 ?U?HKDAT=JA >AJVAJA KJAKTUCAJ 24 LDAJKH =JEOKHA ?U?HKDAT=JKH ?U?HKDAT=JKJA =J@ PSKKTUCAJ =PKIO 24 ?=PA?DKH IAPDKTU?U?HKDAT=JKH @EIAPDKTU>AJVAJA 3DA EJ@ERE@Q=H LNK@Q?P OAHA?PEREPU @=P= =NA LNAOAJPA@ EJ 3=>HA +KS OAHA?PEREPU PK VANK KTUCAJ LNK@Q?PO S=O K>OANRA@ BKN A=?D ?=P=HUOP SEPD (6-E ATDE >EPEJC OAHA?PEREPU R=HQAO %ECQNA = %KN =HH ?=P=HUOPO KJAKTUCAJ LNK@Q?PO SANA B=RK NA@ SEPD PDA I=FKN LNK@Q?P >AEJC LDAJKH =J@ =@@EPEKJ=H LNK@Q?PO EJ?HQ@EJC ?U?HKDAT=JKH =J@ ?U?HK DAT=JKJA %ECQNA > -KP=>HU (6-E ATDE>EPA@ @A?NA=OA@ OAHA?PEREPU PK PDAOA LNK@Q?PO SEPD EJ ?NA=OEJC PEIA KJ OPNA=I 3DA HKS DU@NKCAJ=PEKJ=?PEREPUKBPDAOA?=P=HUOPOEO=PPNE>QPA@PKPDA DECDPAILAN=PQNA=J@HKS' LNAOOQNA AILHKUA@ QJ@AN 2D ?6@A "%/ ?KJ@EPEKJO SDE?D HEIEPO PDA PDANIK@UJ=IE? AMQEHE>NEQI BKN DU@NKCAJ=PEKJ 3DA IKOP OECJEBE?=JP @EBBANAJ?A EJ OAHA?PEREPU EO PDA EJ?NA=OA EJ PSKKTUCAJ LNK@Q?PO ?KJ?QNNAJP SEPD PDA @A?NA=OA EJ KJAKTUCAJ LNK@Q?PO SE PD EJ?NA=OEJC PEIA KJ OPNA=I BKN (6-E SDE?D NA=?DAO =P IEJ (J ?KJPN=OP >KPD -E -/ ?= P=HUOPO ATDE>EP OAHA?PEREPU PK PSKKTUCAJ LNK@Q?PO PDNKQCDKQP PDA PEIA BN=IA ATLHKNA@ DANA (P EO SKNPD =?GJKSHA@CEJC PD=P PDAOA OAHA?PEREPU @=P= I=U >A EJBHQAJ?A@ >U PDA @EBBANAJ?A EJ ? KJRANOEKJ >APSAAJ PDA (6 =J@ -/ ?=P=HUOPO 'KSARAN PDA OEIEH=NEPEAO EJ PDA OAHA?PEREPU @=P= =H KJC SEPD ?KIL=N=>HA 238 R=HQAO =J@ IK@AN=PA @A=?PER=PEKJ N=PAO BKN PDA I%-E -/ =J@ !-E -/ ?=P=HU OPO DECDHECDP PDA QPEHEPU KB DECD PDNKQCDLQP I% OUJPDAOEO PK CAJAN=PA BQJ?PEKJ=H -/ ?=P=HUOPO PD= P LANBKNI ?KIL=N=>HU PK PDAEN >=P?D ?KQJPANL=NPO $-2/6/ "KIIKJPN=JOBKNI=PEKJOK>OANRA@@QNEJCPDADU@NK@AKTUCAJ=PEKJK BCQE=?KH @=LPA@BNKI ';<.@.8 31>;/ + EMQE@LD=OA L NK@Q?P OAHA?PEREPU B KN PDA DU@NK@AKTUCAJ=PEKJ KB CQ=E=?KH EJ P ANI O K B = VANK > KJA = J@ ? PSKKTUCAJ ?KJP=EJEJC LNK@Q?PO QJ@AN 2D ? 6@A " %/ ? KJ@EPEKJO BKN I%-E -/O CNAAJ ! -E - /O LQNLHA =J@ (6-E L=NPE?HAO LEJG @ 2AHA?PEREPU N = PEK KB IAPD=JKH L HQO ". KRAN IAPD=JA BKN I%-E-/OCNAAJ!-E-/OLQNLHA=J@(6-EL=NPE?HAOLEJG %+,5/ /NK@Q?POAHA?PEREPUR=HQAO=O=BQJ?PEKJKBPEIAKJOPNA=IBKN PDA(6 -E=J@-E-/?=P=HUOPO /NK@Q?P OAHA?PEREPEAO BKN OLA?EBE? HEMQE@LD=OA LNK@Q?PO =J@ C= OLD=OA >ULNK@Q?PO SANA EJRAOPEC=PA@ PK LNKRE@A BQNPDAN EJOECDP EJPK PDA K>OANRA@ @EBBA NAJ?AO EJ @A=?PER=PEKJ "=PA?DKH EO = GJKSJ ?KGA LNA?QNOKN =J@ ?=P=HUOP OEPA >HK?GAN =J@ EPO LNK@Q?P EKJ EO OPNKJCHU =OOK?E=PA@ SEPD PDA @A=?PER=PEKJ KB OQLLKNPA@ IAP=H ?=P=HUOPO AOLA?E=HHU KJ =?E@E? OQLLKNPO h 3DA (6-E ?=P=HUOP ATDE>EPO ?=PA?DKH LNK@Q?PEKJ PD=P PN=?GO SEPD PDA @A?NA=OA EJ = ?PEREPU P H=PAN PEIAO KJ OPNA=I ?=PA?DKH EO PDA @KIEJ=JP OLA?EAO SEPDEJ PDA PSKKTUCAJ CNKQL KB LNK@Q?PO =J@ NALNAOAJPO h KB =HH PSKKTUCAJ LNK@Q?PO >APSAAJ =J@ IEJ 3DA I%-E - / ?=P=HUOP @A=?PER=PAO CN=@Q=HHU BNKI PDA >ACEJJEJC KB PDA NA=?PEKJ >QP ?=PA?DKH EO J KP K>OANRA@ EJ PDA PSKKTUCAJ LNK@Q?PO 2EIEH=NHU ?=PA?DKH EO JKP K>OANRA@ =O = LNK@Q?P BNKI PDA !-E -/ ?=P=HUOP SDANA IEJEI=H @A=?PER=PEKJ S=O K>OANRA@ %NKI PDAOA @=P= =HKJA SA ?= JJKP @ABEJEPERAHU =OOECJ PDA BKNI=PEKJ KB ?=PA?DKH =O PDA ?=QOA KB @A=?PER=PEKJ RANOQO PDA L NK@Q?P KB @A=?PER=PA@LKEOKJA@>HK?GA@ OEPAO %KN AT=ILHA PDA (6-E ?=P= HUOP B=RKNO ?=PA?DKH LNK@Q?PEKJ =P H=PANPEIAOKJOPNA=I>QPPDA?=P=HUOPD=O=HNA=@UI=NGA@HU@A =?PER=PA@>UPDKOAPEIAO 3DA ?KJPN=OP EJ ?=PA?DKH OAHA?PEREPU OQCCAOPO PD=P LDAJKH EO LN K@Q?A@ PDNKQCD @EBBANAJP L=PDS=UO KRAN PDA (6 =J@ -/ ?=P=HUOPO SDANA (6-E B=RKNO #,$ = J@ PDA -E -/ ?=P=HUOPO B=RKN AEPDAN #,. KN PDA ##.h#,$ L=PDS=U 2?DAIA 3DA #,$ NA=?PEK J CAJAN=PAO IAPD=JA = O = >ULNK@Q?P SDANA=O PDA #,. NA=?PEKJ CAJAN=PAO IAPD=JKH SDE?D ?= J >A ?KJRANPA@ PK ". QJ@AN PDAOA ?KJ@EPEKJO 3DA ##.h#,$ L=PDS=U CAJAN=PAO S=PAN =J@ IAPD= JA =O >ULNK@Q?PO 3DANABKNA =?KIL=NEOKJKBPDA>ULNK@Q?P OAHA?PEREPUN=PEKKBIAPD=JKH=J@ ".KRAN IAPD=JAS=OLANBKNIA@ PK EJRAOPEC=PA PDA NAH=PERA LNKL=C=PEKJ KB PDAOA L=PDS=UO %ECQ NA @ %KN (6-E PDA OAHA?PEREPU N=PEK KB =P A=NHU PEIAO KJ OPNA=I EJ@E?=PAO PD=P #,. =J@ AE PDAN KN >KPD KB PDA #,$ =J@ ##.h #,$ L=PDS=UO =NA =?PERA >QP PDA N=PEK @NKLO PK =BPAN IEJ =J@ KJHU IAPD=JA EO K>OANRA@ 3DAHKOOKBIAPD=JKH=J@". LNK@Q?PEKJ=PPDEOPEIA?KEJ?E@AOS EPDEJ?NA=OA@?=PA?DKHOAHA?PEREPU =J@ = ?KNNAOLKJ@EJC @A?NA=OA EJ LDAJKH OAHA?PEREPU EJ@E?=PEJC PD=P PDA #,$ NA=?PEKJ EO CNA=PHU B=RKNA@ KRAN PDA #,. =J@ ##.h#,$ L=PDS=UO (J ?KJPN=OP PDA !- E -/ ?=P=HUOP D=@ = OAHA?PEREPU N=PEK PD=P N=JCA@ BNKI PK SEPD IAPD=JA OA HA?PEREPEAO KB PK 3=>HA EJ@E?=PEJC PD=P #,. EO PDA @KIEJ=JP L=PDS=U KRAN PDEO ?=P=HUOP PDNKQCDKQP PDA NA=?PEKJ PEIA 2EJ?A ?=PA?DKH S=O JKP K>OANRA@ KRAN PDEO ?=P=HUOP PDEO @=P= OQCCAOP O PD=P PDA ##.h#,$ L=PDS=U EO PDA OKQN?A KB IAPD=JA BKNI=PEKJ %KN PDA I%-E -/ ?=P=HUOP = ?KIL= NEOKJ KB PDA OAHA?PEREPU N=PEKO SEPD PEIA KJ OPNA=I OQCCAOPO =J EJPANIA@E=PA NA=?PEREPU PD=P OD EBPO BNKI #,. =O PDA B=RKNA@ L=PDS=U A=NHU EJ PDA NA=?PEKJ N=PEK KB =P IEJ PK CNA= PAN ?KJPNE>QPEKJO BNKI ##.h#,$ =J@KN #,$ =P H=PAN PEIAO =P IEJ 3DEO EJPANIA@E=PA > ULNK@Q?P OAHA?PEREPU N=PEK PDNKQCDKQP PDA NA=?PEKJ PEIA EO ?KJOEOPAJP SEPD PDA K>OANRA@ OQ OP=EJA@ OAHA?PEREPU PK LDAJKH PDNKQCD PDA#,.=J@##.h#,$ L=PDS=UO=J@PDAK>OANRA@ EJ?NA=OAEJPSK KTUCAJLNK@Q?POPD=PI=U OQCCAOP HKS OAHA?PEREPU PDNKQCD PDA ?=PA?DKH NKQPA =P H=PAN PEI AO ARAJ PDKQCD ?=PA?DKH S=O JKP K>OANRA@=O=LNK@Q?P 3DA OEVA =J@ IKNLDKHKCU KB PDA I% =J@ !-E -/O SANA JA=NHU E@A JPE?=H >QP PDANA SANA OPEHH OHECDP @EBBANAJ?AO EJ PDAEN ?=P=HUPE? LANBKNI=J?A 2EJ?A LANBKNI=J?A EO DECDHU @ALAJ@AJP KJ PDA ?=P=HUOP OQNB=?A EP EO LNKLKOA@ PD=P PDAOA ?=P=HUPE? @EBBA NAJ?AO I=U =NEOA BNKI IEJKN @EBBANAJ?AO EJ PDA OP=>EHEVAN NAOE@QA KJ PDA -/O @QA PK PDA OUJPDAPE? LNKPK ?KHO =J@KN PDA LNAOAJ?A KB NAOE@Q=H BHQKNEJA SP EJ PDA I%-E -/ ?=P=HUOP BNKI HA=?DEJC BNK I /3%$ PQ>EJC @QNEJC OUJPDAOEO .RAN=HH PDA >ULNK@Q?P OAHA?PEREPU N=PEKO HEJG EJ?NA=OA@ ?=P=HU OP HEBAPEIA SEPD = LNABANAJ?A BKN PDA #,. NA=?PEKJ =J@ @A?NA=OA@ ?=P=HUOP HEBAPEIA SEPD PDA #,$ NA=? PEKJ AEPDAN =O PDA ?=QOA KB @A=?PER=PEKJ KN =J ABBA?P KB @A=?PER=PEKJ "KJOE@ANEJC PDA MQ=H EP=PERA PSK =?PERA OEPA DULKPDAOEO LNAOAJPA@ =>KRA KJA SKQH@ ATLA?P OEIEH=N LNK@Q?P OAHA?PEREPU B KN OEIEH=N OEPAO 3DA LNK@Q?P OAHA?PEREPU @=P= OQCCAOP PD=P PDA =?PERA OEPAO KJ PDA -/ ?=P=HU OPO =NA AEPDAN EJDANAJPHU @EBBANAJP PD=JPDKOAKJ(6-EKNIKNANAOEOP=JPPKPDAPULAKB@A=?PE R=PEKJATLANEAJ?A@>U(6-E ,KOP EILKNP=JPHU PDAOA EJEPE=H NAOQHPO DECDHECDP PDA EILNKRA@ =?PER EPU OAHA?PEREPU =J@ HEBAPEIA @AIKJOPN=PA@>U-E-/?=P=HUOPO?KIL=NA@PK=PN=@EPEKJ=H(6-E ?=P=HUOP A9/;36/7=+5 /7/;+587<3./;+=387< /KHUPAPN=BHQKNKAPDUHAJA /3%$ PQ>EJC II (# II .# BP S=O LQN?D=OA@ BNKI 9AQO -E=?=? S=O LQN?D=OA@ BNKI HB= AO=N .HAUH=IEJA . I PNE : K?PUHLDKOLDEJA 3./ =J@ K?P=@A?AJA .#$ SANA LQN ?D=OA@ BNKI 2ECI= H@NE?D . I =J@ .#$ SANA @AC=OA@ =P p" BKN D =J@ OPKNA@ QJ@AN JEP NKCAJ >ABKNA QOA "ANPEBEA@ C=O >HAJ@O =NCKJ DU@NKCAJ =J@ KTUCAJ DAHEQI SANA K> P=EJA@ BNKI EN +EMQE@A 'U@NKCAJ 4'/ &AJAN=H EN =NCKJ 4'/ &AJAN=H EN =J@ JEPN KCAJ DKQOA OQLLHU SANA =HOK QPEHEVA@ &Q=E=?KH S=O K>P=EJA@ BNKI 2ECI= H@NE?D =J@ =?APKJA '/+" CN=@A S=O K>P=EJA@ BNKI %EODAN 2?EAJPEBE? "NQODA@ MQ=NPV /KS@AN 3A?DJKH KCEAO (J? S=O OEARA@ EJDKQOA PK I=GA BEJA =J@ ?KQNOA CN=@AO KB ?=P=HUOP >A@@EJC I=PANE=H SEP D L=NPE?HAO EJ PDA N=JCAO KB q }I =J@ q }I NAOLA?PERAHU &N=JQH=N OEHE?KJ ?=N>E@A h }I ,?,=OPAN "=NN S=O QOA@ PK @EHQPA PDA ?=P=HUOP 3DA OEHE?= OQLLKNP 2ELANJ=P S =O LNKRE@A@ >U $RKJEG =J@ ?=H?EJA@ =P p" EJ BHKSEJC =EN LNEKN PK QOA 3DA !$3 OQNB=?A =NA= KB PDA ?=H?EJA@ OEHE?= S=O IA=OQNA@ PK >AI C =J@PDA=MQAKQO(6LKEJPS=OIA=OQNA@PK>A I+C 35530>3.3-$B7=2/<3<8085583.+5 3 "< 3DA -E -/O SANA LNAL=NA@ >=OA@ KJ LNA?QNOKN ?KJ?AJPN=PEKJO NALK NPA@ >U "=NAJ?K 2@ .8 SEPDOHECDPIK@EBE?=PEKJO !ABKNAEJPNK@Q?PEKJPKPDAI% @ARE?APDALNA?QNOKNOKHQPEKJKB CKB -E=?=? IIKH I+ KB . I =J@ I+ KB .#$ S=O @AC=OA@ =P p" BKN D 2Q>OAMQAJPHU I+ KB 3./ IIKH S=O =@@A@ QJ@AN = JEPNKCAJ =PIKOLDANA 3DA LNA?QNOKN OKHQPEKJ S=O PN=JOBANNA@ PK = CH=OO ?KJP=EJAN SN=LLA@ SEPD DA=P P=LA =J@ I=EJP=EJA@ =P p" PK GAAL PDA NA=?PEKJ IETPQNA BHQE@ #QNEJC = OP=J@=N@ OUJPDAOEO P DA LNA?QNOKN OKHQPEKJ S=O L=OOA@ PDNKQCD I KB II (# /3%$ PQ>EJC QOEJC = JEPNKCAJ LNAOOQN EVA@ BHKS ?KJPNKH OUOPAI BNKI %HQECAJP BAA@>=?G HKKL S=O AOP=>HEODA@ >APSAAJ PDA LNAOOQNEV A@ EJANP C=O 62 JEPNKCAJ =J@ =J =J=HUPE?=H >=H=J?A PK AJOQNA = ?KJOP=JP BHKS N=PA >U IKJEPKNEJC PDA I=OO ?D=JCA KB PDA LNA?QNOKN EJ NA=H PEIA 3DA RKHQIAPNE? BHKS N=PA S=O I=EJP=EJA@ =P I+ D KB OKHQPEKJ LNK@Q?EJC = IA=OQNA@ NAOE@AJ?A PEIA KB =>KQP IEJ 3DA LNA?QNOKN S=O BHKS A@ PDNKQCD = KJAS=U R=HRA LNEKN PK NA=?DEJC PDA ?KJRA?PEKJ KRAJ NA=?PKN KLAN=PEJC =P p" 3D A NAOQHPEJC NA=?PEKJ OQOLAJOEKJ KB -E -/O S=O ?KHHA?PA@ EJ BERA I+ ?AJPNEBQCA PQ>AO I+ A=?D =J@ LNA?ELEP=PA@ SEPD =?APKJA I+ A=?D PK =BBKN@ = >H=?G LNA?ELEP=PA SDE?D S=O >NEABHU R KNPAT OPENNA@ >=PD OKJE?=PA@ =J@ ?KHHA?PA@ >U ?AJPNEBQC=PEKJ NLI IEJ 3DA ?KHKNHAOO O QLANJ=P=JP S=O @A?=JPA@ =J@ PDA >H=?G -/ OKHE@ S=O NA@EOLANOA@ EJ "'"H I+ A=?D 3DA ?KHHKE@=H -E -/ OQOLAJOEKJ NAI=EJA@ OP=>HABKN=PHA=OPIKJPDO 3DA NAOE@AJ?A PEIA @EOPNE>QPEKJ S=O J=NNKSA@ =O C=O ARKHQPEKJ O ACNAC=PA@ PDA OPA=I EJPK @EO?NAPA LHQCO 3DA LHQCO SANA EOKH=PA@ BNKI KJA =JKPDAN LNARA JPEJC =TE=H @EOLANOEKJ SDEHA EJPANJ=H ?EN?QH=PEKJ SEPDEJ A=?D LHQC B=?EHEP=PA@ PDKNKQCD IETE JC 3DA N=PA KB C=O ARKHQPEKJ S=O ?=H?QH=PA@=??KN@EJCPK$MQ=PEKJ )$4 '70-65+0/ 3$5' t `ZW_XQ ZR \QNO^Z\ w =><XH x XQN]_\QP \Q]UPQYOQ ^UXQ w =?BAC x r -+26+& (-08 3$5' w . * @= x t . * @= 7+5818><+=-2$B7=2/<3<8085583.+5 3 "< 3K AOPEI=PA PDA ?KHHKE@=H -E -/ UEAH@ = GJKSJ RKHQIA KB PDA ?K HHKE@ OQOLAJOEKJ S=O @NEA@ EJ = LNA SAECDA@ RE=H QJ@AN JEPNKCAJ PK NAIKRA "'"H =J@ NAOE@Q=H RKH=PEHA OKHRAJPO 3DA NAOQHPEJC -/O SANA =J=HUVA@ CN=REIAPNE?=HHU p" QJ@AN BHKSEJC JEPNKCA J >U PDANIKCN=REIAPNE? =J=HUOEO 3& PK AOPEI=PA PDA KNC=JE? HEC=J@ ?KJPAJP 3DA KRAN=HH UEAH@ S=O ?=H?QH=PA@ =??KN@EJC PK $MQ=PEKJ XN]] ZR [\ZP_O^ P\UQP UY `UNW VYZaY `ZW_XQ ZR OZWWZUPNW ]_][QY]UZY 9 505$- 70-6.' 0( 4641'/4+0/ 9 + 85 w (30. ! x t 505$- .$44 $%56$- + %033'%5'& (03 -+)$/& %0/5'/5 3DAPDNKQCDLQPKBPDAI%NA=?PKNS=O?=H?QH=PA@=??KN@EJCPK$M Q=PEKJ 13'%63403 (-08 3'$5' w . * @= x s 1 3'%63403 .'5$- %0%/'/5$5+0/ w ) 0( + .'5$- . @= x s + :+'-& w x t ^Z^NW XN]] OZ\\Q^QP RZ\ WUSNYP OZY^QY^ ^TQZ\Q^UONW XN]] ZR JU UY JU wNONO x f RWZaQP UY =T 9 t .$44 0( + * @= %KN AT=ILHA PDA UEAH@ BNKI I+ KB LNA?QNOKN OKHQPEKJ ?KJP=E JEJC C -E=?=? PD=P HA=@OPKI+KB=-E-/LNK@Q?POQOLAJ@A@EJ"'"H SKQH@>A@APANIEJA@=OBKHHKSO I+ =HEMQKP KB PDA -E -/ EJ "'"H OQOLAJOEKJ EO @NEA@ EJ = LNASAECDA@ RE=H PK UEAH@ IC KB LNK@Q?P 3DA W SP KNC=JE? HEC=J@ ?KJPAJP KB PDA NAOQHPEJC -/ LKS@AN S=O @APANIEJA@ QOEJC 3& 3DAUEAH@S=O@APANIEJA@=??KN@EJCPK$MQ=PEKJ ) 0( 130&6%5 . 0( %0--0+&$- 4641'/4+0/ s . s w + 85 x t .) $%56$- + .'5$- .) $%56$- + .'5$- .) 5*'03'5+%$- + .'5$- t :+'-& 3K@APANIEJAPDAPDNKQCDLQPKBPDAI%NA=?PKN=??KN@EJCPK$MQ= PEKJ . * @= s .) . @= s w x t ) * @= 3DA NA?KRANA@ -E -/O SANA NA@EOLANOA@ EJ "'"H =J@ =@@A@ @NKLSEOA PK = OQOLAJOEKJ KB PDA 2E. OQLLKNP EJ "'"H C I+ EJ KN@AN PK K>P=EJ = ?=P=HUOP SEPD = P=NCAPA@ SP IAP=H HK=@EJC 3DA IETPQNA S=O OKJE?=PA@ BKN IEJ =J@ OPENNA@ =P NKK I PAILAN=PQNA BKN D 3DA NAOQHPEJC OQLLKNPA@ ?=P=HUOP S=O OAL=N=PA@ RE= ?AJPNEBQC=PEKJ @NEA@ 6: B.0A; =J@ OPKNA@ QJ@AN = JEPNKCAJ=PIKOLDANA 7-393/7=(/=7/<<69;/17+=387+=+5B<=$B7=2/<3< O = ?KJPNKH = 2E. OQLLKNPA@ -E ?=P=HUOP S=O =HOK LNAL=NA@ RE= = OP=J@=N@ (6 IAPD K@ !NEABHU I+ KB =J =MQAKQO OKHQPEKJ KB -E-. u' . ?KNNAOLKJ@EJC PK = SP IAP=H HK=@EJCS=O=@@A@@NKLSEOAPK CKB2E. OQLLKNP 3DAEILNACJ=PA@I=PANE=HS=O@NEA@=P p" KRANJECDP EJ =J KRAJ =J@ NA@Q?A@ =P p" QJ@AN BHKSEJC ' LNEKN PK ?D=N=?PANEV=PEKJ =J@ PAOPEJC 2+;+-=/;3C+=387 /KS@AN 7N=U @EBBN=?PEKJ 71# L=PPANJO SANA ?KHHA?PA@ KJ = 1EC =GQ 4HPEI= (5 @EBBN=?PKIAPAN BQJ?PEKJEJC =P I =J@ G5 SEPD = "Q w 7N=U OKQN?A I X 3DA OPALOEVA=J@?KHHA?PEKJ PEIASANA =J@OLANOPAL NAOLA?PERAHU 3DA?NUOP=HHEPAOEVAOKBPDA QJOQLLKNPA@ =J@ OQLLKNPA@ -/O SANA AOPEI=PA@ BNKI 71# LA=G >NK= @AJEJC QOEJC PDA 2?DANNAN AMQ=PEKJ 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, EI=CAO SANA K> P=EJA@ QOEJC = )$.+ )$,% )$.+ +P@ IE?NKO?KLA KLAN=PEJC =P G5 2=ILHAO SA NA LNAL=NA@ KJ IAOD "Q CNE@O ?K=PA@ SEPD = H=?AU ?=N>KJ BEHI 3A@ /AHH= (J? >U @NKL ?=OPEJC @EHQPA OQOLAJOEKJO KB ?KHHKE@=H -E -/O KN 2E. OQLLKNPA@ -E ?=P=HUOPO EJ "'"H RAN=CA L=NPE?HA @E=IAPANO =J@ OEVA @EOPNE>QPEKJO KB PDA ?KHHKE@=H OQOLAJOEKJO SANA @APANIEJA@ QOEJ C PDA LETAH?KQJPEJC OKBPS=NA (I=CA) SDE?D ?KJRANPO PDA CN=UO?=HA IE?NKCN=LD PK = >EJ=NU EI=CA =J@ OQ>OAMQAJPHU QOAO LETAH ?KQJPEJC PK K>P=EJ PDA =NA= KB EJ@ERE@Q=H L=NPE?HAO " BKN ?KHHKE@=H =J@ " BKN 2E. OQLLKNPA@ 7N=U LDKPKAHA?PNKJ OLA?PNKO?KLU 7/2 OLA?PN= SANA =?MQENA@ KJ = *N=PKO TEO 4HPN= 7N=U LDKPKAHA?PNKJ OLA?PNKIAPAN SEPD PDA =J=HUVAN HAJO EJ DU>N E@ IK@A 'ECDNAOKHQPEKJ O?=JO SANA LANBKNIA@ QOEJC = IKJK?DNKI=PE? =HQIEJQI =JK@A SEPD =J KLA N=PEJC ?QNNAJP KB I =J@ RKHP=CA KB G5 QOEJC = OPAL OEVA KB A5 = L=OO AJANCU KB A5 =J@ = LNAOOQNA N=JCA >APSAAJ =J@ r 3KNN 3DA >EJ@EJC AJANCEAO BKN =HH OLA?PN= SANA NABANAJ?A@ PK PDA =@RAJPEPEKQO " ? ?KNA HARAH =P A5 (J@Q?PERAHU ?KQLHA@ LH=OI=KLPE?=H AIEO OEKJ OLA?PNKO?KLU ("/.$2 S=O QOA@ PK @APANIEJA PDA IAP=H HK=@EJC KB PDA OQLLKNPA@ ?=P=HUOPO =J@ PDA BHQKNEJA ?KJPAJP S=O @APANIEJA@>U?KI>QOPEKJ=J=HUOEO>KPDLANBKNIA@>U&=H>N=EPD +=>KN=PKNEAO*JKTREHHA3- 2/63<8;9=387 /NEKN PK =J=HUOEO O=ILHAO SANA NA@Q?A@ 2D ?6@A =P p" -/ ?=P=HUOPO KN p" (6 ?=P=HUOP QJ@AN ' BKN D =J@ PDAJ L=OOER=PA@ SEPD . BKN IEJ 3DA '=@OKNLPEKJ OEPA @AJOEPU S=O IA=OQNA@ BNKI ?DAIEOKN>A@ ' EOKPDANIO ?KHHA?PA@ =P p" $ q 3KNN QOEJC = 0Q=JP=?DNKIA QPKOKN> " 3DA O=ILHAO SANA NA@Q?A@ 6: ?6@A =P p" BKN D =J@ PDAJ AR=?Q=PA@ =P p" BKN D '=@OKNLPEKJ OEPA @AJOEPU QJEPO K B μ IKH ' C ?=P S=O ?=H?QH=PA@ BNKI PDA @EBBANAJ?A >APSAAJ PDA ?KI>EJA@ =J@ SA=G DU@NKCAJ QLP=GA EO KPDANIO PK @APANIEJA IKJKH=UAN ?KRAN=CAKB' OEPAOLANCN=IKB?=P=HUOP >+3+-85/8AB1/7+=387&7./;A$3=>"87.3=387< "=P=HUPE? LANBKNI=J?A S=O AR=HQ=PA@ EJ = PQ>QH=N BETA@>A@ NA=? PKN II @E=IAPAN I+ PKP=H RKHQIA QPK?H=RA $JCEJAANO =P d p" =J@ d ,/= 3DA ?=P=HUOP >A@ h ?KILNEOEJC ?= C KB ?=P=HUOP IETA@ SEPD OEHE?KJ ?=N>E@A PK = RKHQIA KB I+ h S=O LKOEPEKJA@ SEPDEJ =J EOKPDANI=H NACEKJ KB PDA NA=?PKN =J@ PDA NAI=EJEJC N A=?PKN RKHQIA S=O L=?GA@ SEPD PSK L=NPE?HA OEVAO KB ?NQODA@ MQ=NPV LLNKTEI=PAHU I+ KB BEJA?N QODA@ MQ=NPV S=O L=?GA@ =>KRA =J@ >AHKS PDA ?=P=HUOP >A@ =J@ PDA NAI=EJEJC NA=?PKN RKHQIA I+ S=O L=?GA@ SEPD ?KQNOA ?NQODA@ MQ=NPV 3DA PAILAN=PQNA KB PDA EOKPDANI=H VKJA S=O IA=O QNA@ SEPD = LKEJP PDANIK?KQLHA EJOANPA@ EJPK PDA ?=P=HUOP >A@ 3DA NA=?PKN S=O BA@ SEPD = = NCKJ ' IETPQNA =J@ CQ=E=?KH OQ?D PD=P IKH KB ' SANA BA@ LAN IKH KB CQ=E=?KH 62 PSE?A PDA OPKE?DEKIAPNE? =IKQJP KB ' NAMQENA@ PK NA@Q?A CQ=E=?KH PK ?U?HKDAT=JA IAPD=JA =J@ PSK S= PAN IKHA?QHAO J $H@AT .LPKO +,/ '/+" LQIL BA@ CQ=E=?KH EJPK PDA NA=?PKN =P = N=PA ?KNNAOLK J@EJC PK = SAECDP DKQNHU OL=?A RAHK?EPU KB D SDE?D EO PDA N=PEK KB PDA I=OO BHKS N=PA KB CQ=E=?KH PK PDA ? =P=HUOP I=OO 3DA CQ=E=?KH S=O R=LKNEVA@ EIIA@E=PAHU QLOPNA=I KB PDA NA=?PKN EJ D A=PA@ OP=EJHAOO OPAAH PQ>EJC =P p" =J@ IETA@ SEPD PDA N' IETPQNA 3K ?DA?G BKN PDA =>OAJ?A KB ATPANJ=H =J@ EJPANJ=H I=OO PN=JOBAN HEIEP=PEKJO PDA 6AEOV/N=PAN =J@ ,A=NOl ?NEPANEKJ SAN A ?=H?QH=PA@ 3DA NAOQHPEJC R=HQAO SANA OECJEBE?=JPHU HAOO PD=J EJ@E?=PEJC PD=P I=OO PN=JOBAN HEIEP=PEKJO @E@ JKP =BBA?P K>OANRA@ NA=?PEKJN=PAO 3DA NA=?PKN ABBHQAJP S=O BN=?PEKJ=PA@ EJPK HEMQE@ =J@ C=O LD=OA O EJ = p" DKP PN=L =J@ O=ILHAO KB A=?D LD=OA SANA MQ=JPEBEA@ SEPD KBBHEJA =J@ KJHEJA C =O ?DNKI=PKCN=LDU &" EJOPNQIAJPO NAOLA?PERAHU 3DA ?KJ@AJOA@ O=ILHAO SANA LNAL=NA@ BKN KBBHEJA &" =J=HUOEO >U @EHQPEJC }+ KB O=ILHA SEPD }+ KB =?APKJA 2=ILHAO SANA M Q=JPEBEA@ SEPD =J CEHAJP 3A?DJKHKCEAO &" AMQELLA@ SEPD = BH=IA EKJEV=PEKJ @APA?PKN =J@ I=OO OLA?PNKIAPAN 3DA LNK@Q?PO SANA E@AJPEBEA@ >U ?KIL=NEJC PDA NAPAJPEKJ PEIAO SEPD GJKSJ OP=J@=N@O =J@ ?KNNK>KN=PA@ SEPD I=OO OLA?PNKIAPNU &=O ?DNKI=PKCN=LDU S=O QOA@ PK @APANIEJ A PDA IKH=N ?KILKOEPEKJ =J@ BKNIQH= SAECDP KB PDA ?KJ@AJOA@ LNK@Q?PO 3DA I=OO BHKS N=PA KB PDA ?KJ@AJOA@ LNK@Q?PO S=O ?=H?QH=PA@ >U @ERE@EJC PDA O=ILHA I=OO >U PDA ?KHHA?PEKJ PEIA 3DA PKP=H IKH=N BHKS N=PA KB PDA ?KJ@AJOA@ LD=OA S=O ?=H?QH=PA@ >U @ERE@EJC PDA I=OO BHKS N=PA > U PDA BKNIQH= SAECDP %NKI PDA PKP=H IKH=N BHKS N=PA =J@ PDA IKH=N ?KILKOEPEKJ PDA EJ@ERE@Q=H IKH=N BHKS N=PA KB A=?D LNK@Q?P S=O @APANIEJA@ 3DA QJ?KJ@AJOA@ NA=?PKN ABBHQAJP S=O O=ILHA@ EI IA@E=PAHU @KSJOPNA=I KB PDA DKP PN=L =J@ =J=HUVA@ SEPD =J KJHEJA CEHAJP 3A?DJKHKCEAO ! C=O ?DNKI=PKCN=LD IK@EBEA@ >U 6=OOKJ $"$ (JOPNQIAJP=PEKJ (J? 3DA LNK@Q?P ?KILKOEPEKJ S=O MQ=JPEBEA@ SEPD BH=IA EKJEV=PEKJ =J@ PDANI=H ?KJ@Q?PEREPU @APA?PKNO PD=P SANA ?=HE>N= PA@ SEPD OP=J@=N@O KB GJKSJ ?KJ?AJPN=PEKJO (J PDA ARAJP PD=P = OP=J@=N@ S=O QJ=R=EH=>HA N AOLKJOA B=?PKNO SANA ATPN=LKH=PA@ BNKI OEIEH=N ?KILKQJ@O 3DA =NCKJ EJ PDA ABBHQAJP S=O QOA@ =O = J EJPANJ=H OP=J@=N@ EJ PDA C=O LD=OA=J=HUOEO 3DACQ=E=?KH?KJRANOEKJ + S=O?=H?QH=PA@=OPDA OQIKBPDAIKH=N BHKSN=PAOKBLNK@Q?PO 6 @ERE@A@>UPDAEJHAPIKH=NBHKSN=PAKBCQ=E=?KH ( =OODKSJEJ$MQ=PEKJ "t F n o nie F klj 6DANA 6 EO =J EJ@AT KB PDA PKP=H JQI>AN KB LNK@Q?PO : AT?HQ@EJC ?=N>KJ IKJKTE@A S=PAN IAPD=JA =J@IAPD=JKH 2EPAPEIAUEAH@ &', S=O?=H?QH=PA@=??KN@EJCPK$MQ=PEKJ !# t F klj M d p X m 6DANA ~ ? EO PDA '=@OKNLPEKJ OEPA @AJOEPU @APANIEJA@ BNKI ?DAIEOKNLPEKJ =J@ 9 0 EO PDA ?=P=HUOP I=OO 3DA HEMQE@LD=OA LNK@Q?P OAHA?PEREPEAO SANA ?=H? QH=PA@ >U @ERE@EJC PDA IKH=N BHKS N=PA BKN A=?D LNK@Q?P >U PDA IKH=N BHKS N=PA KB =HH LNK@Q?PO SE PD ?=N>KJ JQI>ANO KB KN CNA=PAN &=O LD=OA >ULNK@Q?P OAHA?PEREPEAO SANA ?=H?QH=PA@ OEIEH=NHU BK N ?=N>KJ IKJKTE@A ?=N>KJ @EKTE@A IAPD=JA IAPD=JKH =J@ S=PAN 3DA @=P= LNAOAJPA@ EO PDA =RAN=CA KB PSK EJ@ALAJ@AJP ATLANEIAJPO 87-5><387< (J OQII=NU SA @AIKJOPN=PA@ PD=P SAHH@ABEJA@ ?KHHKE@=H -E -/O ?=J >A B=>NE?=PA@ QOEJC = ?KJPEJQKQO BHKS I% OUOPAI SEPD ?KIL=N=>HA OEVA =J@ LKHU@EOLAN OEPU PK -/O LNAL=NA@ QJ@AN =J=HKCKQO >=P?D ?KJ@EPEKJO 3DA -E -/O LNK@Q?A@ QJ@AN I% ?KJ@EP EKJO BKNIA@ =P = DECDAN UEAH@ PD=J PDKOA LNK@Q?A@ EJ >=P?D SDE?D I=U >A =PPNE>QPA@ PK PDA IK NA N=LE@ =J@ QJEBKNI DA=PEJC LNKBEHA =O SAHH =O OQLANEKN IETEJC SDAJ ?KIL=NA@ PK >=P?D ?KJ @EPEKJO 3DA DECDAN LNA?QNOKN ?KJRANOEKJ ?KQLHA@ SEPD PDA BHKS J=PQNA KB I% OUJPDAOEO I=GAO PDEO =J E@A=H NKQPA PK ?=P=HUOP O?=HA QL 4J@AN PDA ?KJ@EPEKJO NALKNPA@ DANA = OEJCHA ?D=JJAH I% @ARE?A ?=J LNK@Q?A C KB ?KHHKE@=H -E -/O LAN @=U =J@ BQNPDAN O?=HA QL ?KQH@ >A =?DEARA @ >U OEIQHP=JAKQOHU NQJJEJC IQHPELHA @ARE?AO EJ L=N=HHAH 3DEO LNK?AOO EO IKNA OQOP=EJ=>HA PD=J PDA ?KNNAOLKJ@EJC >=P?D NA=?PEKJO BKN EJ@QOPNE=H OUJPDAOAO KB ?=P=HUOPO EJ NAC=N@ PK O= BAPU LKPAJPE=H =QPKI=PEKJ =J@ KRAN=HH PDNKQCDLQP 3DANA EO = ?HA=N =@R=JP=CA EJ ?=P=HUOP LNAL=N=PEKJ SDAJ QOEJC ? KHHKE@=H -E -/ ?=P=HUOPO =O ?KIL=NA@ PK (6 SDE?D LNK@Q?AO -E L=NPE?HAO PD=P =NA H=NCAN =J@ LKOOAOO = IQ?D SE@AN LKHU@EOLANOEPU 3DA ?KHHKE@=H -E -/ ?=P=HUOPO @EOLH=UA@ EILNKRA @ ?=P=HUPE? OP=>EHEPU @QNEJC PDA ?KJRANOEKJ KB CQ=E=?KH =O ?KIL=NA@ PK (6-E SDE?D N=LE@HU @A=? PER=PAO SEPDEJ FQOP = BAS DKQNO 3DA I=FKN NA=?PEKJ L=PDS=U KRAN PDA (6-E ?=P=HUOP EO #,$ SDE? D LNK@Q?AO ?=PA?DKH =J@ I=U >A PDA ?=QOA KN PDA ABBA?P KB ?=P=HUOP @A=?PER=PEKJ (J ?KJPN=O P PDA ?KHHKE@=H -E -/ ?=P=HUOPO ATDE>EP OECJEBE?=JPHU HKSAN OAHA?PEREPU BKN PDA #,$ L=PDS=U =J@ HKJCAN ?=P=HUOP HEBAPEIA SEPD EILNKRA@ OAHA?PEREPU PK VANK =J@ KJAKTUCAJ LNK@Q?PO SDAJ ?KIL=NA@ PK ( 6-E (ILKNP=JPHU PDA I% OUJPDAOEO KB ?KHHKE@=H -E -/O OQ??AOOBQHHU LNK@Q?A@ ?=P=HUOP =P EJ?NA=OA@ O?=HA SDEHA QLDKH@EJC PDA OQLANEKN ?=P=HUPE? LNKLANPEAO K>OANRA@ BKN >=P?DLNAL=NA@ - E -/ ?=P=HUOPO 3DA =>EHEPU PK I=EJP=EJ -E -/ ?=P=HUPE? BQJ?PEKJ=HEPU =BPAN PN=JOH=PEKJ PK = B HKS OUJPDAOEO @AIKJOPN=PAO PDA =>EHEPU BKN IKNA ABBE?EAJP O?=H=>HA =J@ =QPKI=P=>HA ?=P=HUOP LNK@Q?PE KJ BKN LKPAJPE=H EJ@QOPNE=H =LLHE?=PEKJO #/0/;/7-/< (HEKLKQHKQ $ % 2PAB=JE@EO 2 # *=HKCE=JJEO * & #AHEIEPEO +=LL=O 3NE=JP=BUHHE@EO * 2 "=P=HUPE? 4LCN=@EJC KB !EKI=OO /UNKHUOEO 5=LKNO 4OEJC 3N=JOEPEKJ ,AP=H,K@EBEA@92,9AKHEPA <<8.@.8 q !KO?=CHE " 1=BBAHP * 9AR=?K 3 .H>NE?D 6 .PP K 3 - 2=QAN ) &NQJ@S=H@P ) # ,EH@ 'U@NKPNA=PIAJP KB +ECDP %N=?PEKJ KB %=OP/UNKHUOEO .EH /NK@Q?A@ BNKI 2PN=S KRAN -E?GAH!=OA@"=P=HUOPO 6;9.??6;2:2>4E q 2P=IAJGKRE? 5 1 %KSHAN ! ,QJ ! 2 6=JC & 1KOO / - +Q?=O " ,=NGKRE? - , (ILNKRA@ .TUCAJ 1A@Q?PEKJ ?PEREPU KJ /P -E RE= (J?NA=OA@ 2QNB=?A2EPA R=EH=>EHEPU &062:02 q 9DKQ 6 / +ASAN= +=NOAJ 1 ,=OAH 1 ( !=CQO / 2 6EA?GKSOGE 2EVA $BBA?PO EJ $HA?PNKJE? =J@ "=P=HUPE? /NKLANPEAO KB 4JOQLLKNPA@ / =HH=@EQI -=JKL=NPE?HAO EJ $HA?PNKKTE@=PEKJKB%KNIE? ?E@ $5E?529 q *D=J, 4 6=JC+ +EQ 9 &=K2 6=JC 2 +E' 9D=JC6 6=JC , ,=" 9AJC ) /P "K .?P=LK@O =O 2QLANEKN "=P=HUOPO KB ". 'U@NKCAJ=PEKJ :42C 529 :@ 1 q '=>=O 2 $ !=@@KQN % & 1Q@@U # -=OD " / 6 =JC ) /=J , 'AJOHAU ) $ 2?D=E@HA ) %=?EHA ,KHA?QH=N /NA?QNOKN 1KQPA PK ,AP=H /DKOLD E@A -=JKL=NPE?HAO =J@ PDAEN$R=HQ=PEKJ=O'U@NK@AKTUCAJ=PEKJ"=P=HUOPO 529!.@2> q !=@@KQN % & -=OD " / 2?D=E@HA ) 1Q@@U # 2UJPDAOEO KB w,K" T -=JKL=NPE?HAO SEPD = 2QNB=?A ,K@EBEA@ 2! '=N@ 3AILH=PA #AP ANIEJ=PEKJ KB 2PNQ?PQNA%QJ?PEKJ 1AH=PEKJODELO EJ ?APE? ?E@ #AKTUCAJ=PEKJ :42C 529 :@ 1 q 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIOP=@P - %HKS (JR=NE=JP #NKLHAP%KNI=PEKJBKN2P=>HA/=N=HHAH,E?NKNA=?PKNO ".@;99A: +KDOA 2 $ $HHAN ) 1 2ER=L=H=J 2 3 /HASO , 1 ,QNLDU " ) 2EILHA ,EHHEBHQE@E? !AJ?DPKL 1A=?PKN OUOPAI BKN PDA 'ECD 3DNKQCDLQP 2 UJPDAOEO =J@ %QJ?PEKJ=HEV=PEKJ KB &KH@ -=JKL=NPE?HAO SEPD #EBBANAJP 2EVAO =J @ 2D=LAO & ".:; q 1Q@@U # 2?D=E@HA ) %ANNAHH ) 1 ((( 6=JC ) ,KAJO + 'AJOHAU ) $ 1A?AJP @R=J?AO EJ 'APANKCAJKQO "=P=HUOPO BKN !EK KEH 4LCN=@EJC RE= j AT OEPQ "=P=HUPE? %=OP /UNKHUOEOk "=P=HUOP #ARAHKLIAJP 3DNKQCD PDA 2PQ@U KB ,K@AH "KI LKQJ@O >22: 529 q %QNEIOGU$ "=P=HUPE?'U@NK@AKTUCAJ=PEKJ <<8.@.8 q !=H@=QB 6 !H=B=JV 4 1QLL , 4LCN=@EJC KB %H=OD /UNK HUOEO .EH =J@ 4PEHEV=PEKJ EJ 1ABEJANEAO 6;9.??6;2:2>4E q !=@=SE , /=QH ) % "NEOPKH 2 /=UAJ $ 1KIANK 8 1E?D=N@ % !NQJAP 2 +=I>ANP # /KNPEAN 7 /KLKR *KJ@N=PEAR= $ &KQLEH ) , $H %=HH=D ) &EHOKJ ) / ,=NEAU+ 3N=RANP ,=QCA% $BBA?P KB6=PANKJPD A2P=>EHEPUKB,K=J@"K,K 'U@NK@AKTUCAJ=PEKJ "=P=HUOPO "KI>EJA@ $TLANEIAJP=H =J@ #%3 2 PQ@U .@.8 q +KS2QHBQN &=OKHEJA #EAOAH 3DA *AU PK +KSAN 5ADE?HA $I EOOEKJO 4JEPA@ -=PEKJO $JRENKJIAJP /NKCN=IIA 4JEPA@ -=PEKJO RAJQA &ECENE -=ENK>E *AJU= DPPLSSS QJAL KNCPN=JOLKNPL?BRL@BLQ>HKSOQHBQNL=LAN L@B !KKJU=OQS=P 2 .IKPKOK 3 1AO=O?K # $ "NKOOHAU 2 / "KJRANOEKJ KB &Q=E=?KH .RAN2QLLKNPA@1Q"=P=HUOPO .@.8 2@@ q &=K # 2?DSAEPVAN " 'S=JC ' 3 5=NI= "KJRANOE KJ KB &Q=E=?KH KJ -K>HA ,AP=H "=P=HUOPO 1A=?PEKJ /ANBKNI=J?A = J@ #A=?PER=PEKJ 2PQ@EAO :1 :4 529 %2? q &NEBBEJ , ! %ANCQOKJ & 1Q@@U # !E@@U , ) !A?GD=I & 3 2?D=E@HA ) 1KHA KB 2QLLKNP =J@ 1A=?PEKJ "KJ@EPEKJO KJ PDA 5=LKN/D=OA # AKTUCAJ=PEKJ KB I "NAOKHKRAN/P"=J@/P3E. "=P=HUOPO &.@.8 q #QPP= 2?D=E@HA ) 'QI>EN@ # !=@@KQN % & 2=DEN "KJ?ALPQ=H /NK?AOO #AOECJ =J@ 3A?DJKA?KJKIE? OOAOOIAJP KB AT OEPQ "=P=HUPE? %=OP /UNKHUOEO KB !EKI=OO %ETA@ !A@ 1A=?PKN (ILHAIAJP=PEKJ 2?AJ=NEK BKN %QPQNA %A=OE>EH EPU ';< .@.8 q ,EP?DAHH 2 ,E?DAHO - + /ANAV1=IENAV ) %NKI /KS@ AN PK 3A?DJE?=H !K@U 3DA 4J@ANR=HQA@2?EAJ?AKB"=P=HUOP2?=HA4L 529&;0%2B q &NEBBEJ , ! !=@@KQN % & '=>=O 2 $ 1Q@@U # 2?D=E@HA ) $R=HQ=PEKJ KB 2EHE?=2QLLKNPA@ ,AP=H =J@ ,AP=H /DKOLDE@A -=JKL=NPE?HA "=P=HUO PO BKN PDA 'U@NK@AKTUCAJ=PEKJ KB &Q=E=?KH QJ@AN AT OEPQ "=P=HUPE? %=OP /UN KHUOEO "KJ@EPEKJO ';< .@.8 q 3ECDA " ) "=>NAN= 1 0 &NQ=N 1 ( #=NN ) 2? =HA 4L /NK@Q?PEKJ KB -=JKL=NPE?HAO "KJPEJQKQO 2QLAN?NEPE?=H 6=PAN 2UJ PDAOEO KB "A9J KTE@AO :1 :4 529 %2? q 'Q , 9 9DQ 3 2AIE?KJ@Q?PKN -=JK?NUOP=H 0Q=JPQI #KP 2 UJPDAOEO LLNK=?DAO 3KS=N@O +=NCA2?=HA (J@QOPNE=H /NK@Q?PEKJ KB $JANCU LLHE?=PEKJ O ".:;?0.82 %2? 2@@ q @A,AHHK ) "KJPNKH =J@ #APA?PEKJ KB "DAIE?=H 1A=?PEKJ EJ ,E?NKBHQE@E? 2UOPAIO ".@A>2 q 2GN=>=H=G 2 $ !NQP?DAU 1 + &KEJC SEPD PDA %HKS "K JPEJQKQO %HKS 1KQPAO PK "KHHKE@=H-=JKL=NPE?HAO 529!.@2> q -ECDPEJC=HA , @A ,AHHK ) " ,E?NKO?=HA 2UJPDAOEO K B 0Q=JPQI #KPO !.@2> 529 q 9D=JC+ -EQ& +Q- 6=JC) 3KJC+ 6=JC+ *EI) , 7E=8 "KJPEJQKQO =J@ 2?=H=>HA /NK@Q?PEKJ KB 6AHH"KJPNKHHA@ -K>HA,AP=H -=JK?NUO P=HO EJ ,EHHEIAPAN 2EVA@#NKLHAP1A=?PKNO ".:; 2@@ q ,=OKJ ! / /NE?A * $ 2PAEJ>=?DAN ) + !KC@=J 1 ,?0Q=@A # 3 &NAAJAN LLNK=?DAO PK .NC=JE? 2UJPDAOEO 4OEJC ,E?NKNA=?PKN 3A?DJKHKCU 529 %2B q +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,= HIOP=@P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? q 6EHAO " 6=PPO / "KJPEJQKQO %HKS 1A=?PKNO /ANOLA?P ERA >22: 529 q 5=??=NK + #=J=NE + ,=NNK??DE 2PN=LL=RA??E= & %HKS LLNK=?DAO 3KS=N@O 2QOP=EJ=>EHEPU >22:529 q +=V=NQO + + 8=JC 2 ) "DQ 2 !NQP?DAU 1 + ,=HIOP=@P - %HKS%K?QOA@ 2UJPDAOEO KB ,KJKO@EOLANOA &KH@ -=JKL=NPE?HAO 4OEJC (KJE? +EMQE @O KJ = ,E?NKBHQE@E? /H=PBKNI ./56< q 9D=JC # 6Q % /AJC , 6=JC 7 7E= # &QK & . JA 2PAL %=?EHA =J@ 4HPN=B=OP 2UJPDAOEO KB /D=OA =J@ 2EVA"KJPNKHHA@ /P !E (JPANIAP=HHE? -= JK?=P=HUOPO PDNKQCD "KJPEJQKQO%HKS,E?NKBHQE@E?O 9529&;0 q 'KOO=EJ , ) 3OQJKU=I= ' 8=I=Q?DE , (?DEGQJE - 3OQGQ@= 3 'ECD8EAH@ 2UJPDAOEO KB /5/2P=>EHEVA@ 2I=HH /P "HQOPANO >U ,E?NKBHQE@E? , APDK@ .@.8 ';1.E q -EQ & 9DKQ , 8=JC 7 /=NG ) +Q - *EI , 6= JC + 7E= 8 2UJPDAOEO KB /P -E.?P=DA@N=EJ"KJPEJQKQO%HKS #NKLHAP1A=?PKNOBKNPDA2?=H=> HA/NK@Q?PEKJKB'ECDHU ?PERA"=P=HUOPO3KS=N@.TUCAJ1A@Q?PEKJ ".:; 2@@ q "=NAJ?K2 !KEOOEANA" -E?KHA+ 2=J?DAV" +A% HK?D/ ,AV=EHHAO- "KJPNKHHA@ #AOECJ KB 2EVA3QJ=>HA ,KJK@EOLANOA -E?GAH -=JKL=NPE?HAO 529 !.@2> '=NPI=J 1 + ,?,QHHAJ ) / )AJOAJ * % #A?E@EJC 6D APDAN PK &K SEPD PDA %HKS $R=HQ=PEJC PDA ,ANEPO KB %HKS 1A=?PKNO BKN 2UJPDAOEO :42C 529 :@ 1 q 8AJ ! * ' &_JPDAN 2?DIE@P , )AJOAJ * % !=SAJ@E , & ,E?NKB=>NE?=PA@ &=O+EMQE@ 2ACIAJPA@ %HKS 1A=?PEKJ BKN 'ECD3AI LAN=PQNA 2UJPDAOEO 3DA"=OAKB"@2A0Q=JPQI#KPO :42C529:@1 q 2KJC ' 3E?A ) # (OI=CEHKR 1 % ,E?NKBHQE@E? 2U OPAI BKN "KJPNKHHEJC 1A=?PEKJ -APSKNGOEJ3EIA :42C529 q !EAOEJCAN , " /=UJA ! / +=Q + 6 , &ANOKJ 2I=NP 1 2P " 7N=U /DKPKAHA?PNKJ 2LA?PNKO?KLE? "DAIE?=H 2P=PA 0Q=JPEBE?=PEKJ KB ,E TA@ -E?GAH ,AP=H .TE@A =J@'U@NKTE@A2UOPAIO &A>3:@2>3.02:.8 q *KJC # 9DQ ) $NJOP * +KS3AILAN=PQNA #EOOK?E=PEKJ KB ". KJ = -E"A. 1Q,K@AH"=P=HUOP $5E?529 q !D=@QNE & 2EHHAN + -E?GAH -=JKL=NPE?HAO "=P=HUVA 1ARANOE>HA 'U@N=PEKJ KB "=N>KJ #EKTE@A BKN ,EJAN=HEV=PEKJ "=N>KJ "=LPQNA =J@ 2PKN=CA .@.8 &06 '205:;8 q -AO>EPP ' 6 +ANCN=J@ # !=J?NKBP & (JPANLNAP=PEKJ KB -EL 7/2 2LA?PN= KB -E "KJ@Q?PKNO=J@-E(JOQH=PKNO $5E?529!6:2> q -EII=JSQ@ELKJC 3 1QJJAJ>=QI 1 " !HK?G # $ &=PA O ! " "=P=HUPE? "KJRANOEKJ KB &Q=E=?KH "=P=HUVA@ >U /H=PEJQI 2QLLKNPA@ KJ HQIE J= 1A=?PEKJ -APSKNG (J?HQ@EJC'U@NK@AKTUCAJ=PEKJ1A=?PEKJO :2>4EA28? q +Q ) !ADP=OD 2 ,=IQJ . 'AU@AJ 3DAKNAPE?=H (J RAOPEC=PEKJ KB PDA 1A=?PEKJ ,A?D=JEOI KB PDA &Q=E=?KH 'U@NKCAJ=PEKJ .RAN = /P "=P=HUOP & .@.8 q %KK & 2 1KCANO * 8QJC , , 2EARANO " 2PANE ? $BBA?P =J@ $RKHQPEKJ KB 2QNB=?A 2LA?EAO EJ PDA 'U@NK@AKTUCAJ=PEKJ KB !EK .EH ,K@AH "KILKQJ@O K RAN /P'!$ & .@.8 q /KLKR *KJ@N=PEAR= $ &KQLEH ) , ,=NEAU + != VEJ / &EHOKJ ) / 3N=RANP ,=QCA % !EKKEH 'U@NK@AKTUCAJ=PEKJ = @OKNLPEKJ KB /DAJKHE? , KHA?QHAO KJ .TE@E? "=P=HUOP2QLLKNP $5E?529 q -EII=JSQ@ELKJC 3 U@EJ " +Q ) 1QJJA>=QI 1 " ! NK@S=PAN * " !NKSJEJC - # !HK?G # $ &=PAO ! " 2AHA?PERA 'U@NK@AKTUCAJ=PEKJ KB &Q=E=?KH "=P=HUVA@ >U /H=PEJQI2QLLKNPA@KJ,=CJAOEQI.TE@A .@.8 2@@ q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h JI ,-/O @EOLH=U H=NCA OQNB=?A =NA= PKRKHQIA N=PEKO =J@ ATDE>EP KPDAN =@R=JP=CAKQO ?DAIE?=H =J@ LD UOE?=H LNKLANPEAO PD=P =NA I=JEBAOPA@ =P PDA J=JKO?=HA 2Q?D LNKLANPEAO ?=J NAOQHP EJ EJ?N A=OA@ ?=P=HUPE? =?PEREPU OAHA?PEREPU =J@KN OP=>EHEPU @EOPEJ?P =@R=JP=CA KB ,-/ ?=P=HUOPO EO PDAE N LKPAJPE=H PK >A OUJPDAOEVA@ SEPD SAHH@ABEJA@IKNLDKHKCEAORE=OKHQPEKJLD=OAj>KPPKIQLk=LLNK= ?DAOPDEOEOEJOP=NG?KJPN=OPPK PDA LKKNHU @ABEJA@ IKNLDKHKCEAO PULE?=HHU =?DEARA@ >U PN=@EPEKJ =H IAPDK@O 24 EJ?ELEAJP SAPJAOO EILNACJ=PEKJ KB IAP=H LNA?QNOKNO BKHHKSA@ >U 6: ?6@A JQ?HA=PEKJ =J@ CNKSPD ,KNLDKHKCE?=H ?KJPNKHEOEILKNP=JP>A?=QOAEP@E?P=PAOPDA,-/OQNB=?AOPNQ?P QNA 62 PDAPULAOKBB=?APOPD=P=NA LNAOAJPA@ EJ EJ@ERE@Q=H J=JK?NUOP=HO 3DA =>EHEPU PK AJCEJAAN ,-/ IKNLDKHKCEAO ?=J QHPEI=PAHU AJCAJ@AN ?KJPNKH KRAN ?=P=HUPE? NA=?PEREPU =J@ OAHA?PEREPU BKN OLA?EBE? NA=?PEKJO 3DEO =LLNK=?D EO AOLA?E=HHU R=HQ=>HA SDAJ LNAL=NEJC ?KHHKE@=H ?=P=HUOPO SEPD JK> HA IAP=HO 24 1D (N /@ =J@ /P >A?=QOA NAH=PEKJODELO >APSAAJ OQNB=?A OPNQ?PQNA NA=?PEREPU =J @ OAHA?PEREPU BKN PDAOA B=?A?AJPANA@ ?Q>E? %"" IAP=HO =NA SAHHQJ@ANOPKK@ BNKI OEJCHA?NUOP=H OPQ@ EAO -K>HA IAP=HO =NA AILHKUA@ =O ?=P=HUOPO EJ = H=NCA JQI>AN KB EJ@QOPNE=HO?=HA ?=P=HUPE? LN K?AOOAO 3DA PDANIK@UJ=IE?=HHU IKOP OP=>HA IKNLDKHKCU BKN OI=HH h JI ,-/O =NA ?Q>K?P=DA@N= SD E?D @EOLH=U = IETPQNA KB =J@ B=?AO (P EO SAHHGJKSJ PD=P IAP=H OQNB=?A OPNQ?PQNA ?=J B=RKN @EBBANAJP ?=P=HUPE? L=PDS=UO ARAJ BKN OEILHA OI=HH IKHA?QHA NA=?PEKJO @QA PK OECJEBE?=JP @EBBANAJ?AO EJ NA=?P=JP >EJ@EJC AJANCEAO =OOK?E=PA@ SEPD A=?D B=?A %KN AT=ILHA =HGAJAO ?=J QJ@ANCK DU@NKCAJ=PEKJ KN @ADU@NKCAJ=PEKJ=O=BQJ?PEKJKBOQNB=?AOPNQ?PQNAABBA?PO h .RAN PDA L=OP PSK @A?=@AO = CNA=P @A=H KB ABBKNP D=O >AAJ I=@A PK C=EJ = >APPAN QJ@ANOP=J@EJC KB DKS = ?=NABQH ?DKE?A KB OKHRAJPO =J@ HEC=J@O Q OA@ EJ ,-/ OUJPDAOEO ?=J @ENA?PHU EJBHQAJ?A L=NPE?HA OEVA =J@ IKNLDKHKCU 'KSARAN EJDANAJP EOOQAO PD=P LNARAJP OQ?D OUJPDAOAO BNKI>AEJCA=OEHUO?=HA@QL EO=JQJOKHRA@LNK>HAIPD=PLNAOAJP HUEILA@AOPDAQPEHEV=PEKJKBSAHH @ABEJA@ ,-/O EJ H=NCAO?=HA EJ@QOPNE=H ?=P=HUPE? LNK?AOOAO %KN AT=ILHA >=P?DPULA OUJPDAOAO KB ?KHHKE@=H ,-/O =NA ATPNAIAHU OAJOEPERA PK DA=P =J@ I=OO PN=JOLK NP HEIEP=PEKJO SDE?D >A?KIA EJ?NA=OEJCHULNK>HAI=PE?BKNH=NCANNA=?PKNRKHQIAO=J@KNDECD ANNA=CAJP?KJ?AJPN=PEKJO 3DAOA O?=HEJC EOOQAO JAC=PERAHU EJBHQAJ?A JQ?HA=PEKJ =J@ CNKSPD =J@ N AOQHP EJ HKSAN IKJK@EOLANOEPU EJBANEKN LNK?AOO NALNK@Q?E>EHEPU =J@ IKNLDKHKCE?=H EJ?KJOEOPAJ ?U .JA AIANCEJC OKHQPEKJ PK PDEO LNK>HAI EO PK ?KJ@Q?P IQHPELHA L=N=HHAH OUJPDAOAO QOEJC AOP=>H EODA@ H=>KN=PKNUO?=HA >=P?D ?DAIEOPNEAO >QP EJ = ?KJPEJQKQO BHKS =NN=JCAIAJP %HKS ?DAIEOP NU ?KJ@Q?PA@ EJ IE?NK KN IEHHEBHQE@E? ?D=JJAHO LNKRE@AO AT?AHHAJP ?KJPNKH KRAN DA=P =J@ I=OO PN=JOLKNP 3DQO H=NCA MQ=JPEPEAO KBLNK@Q?PO?=J>AK>P=EJA@SEPDKQP?KILNKIEOEJCPDAMQ=HEPUKB LNK@Q?PO ,E?NK =J@ IEHHEBHQE@E? ?KJPEJQKQO BHKS OPN=PACEAO BKN PDA OUJP DAOEO KB -/O B=HH EJPK PSK ?=PACKNEAO = OEJCHALD=OA BHKS =LLNK=?DAO EJ SDE?D PDA NA=? P=JPO =NA OEILHU IETA@ =J@ BHKSA@ PDNKQCD J=NNKS PULE?=HHU II @E=IAPAN PQ>EJC KN IE?NKI=?DEJ A@ ?D=JJAHO =P = ?KJPNKHHA@ PAILAN=PQNA =J@ NAOE@AJ?A PEIA h > PSKLD=OA BHKS SDANAEJ PDA NA=?PEKJ IETPQNA EO OACIAJPA@ EJPK @NKLHAPO PULE?=HHU SEPD = HAJCPD OEIEH=N PK PDA PQ>EJC @E=IAPAN PD=P =NA OAL=N=PA@ >U =J EIIEO?E>HA ?=NNEAN LD=OA PULE?=HHU =J EJANP HEMQE@ KN C= O h 3DA H=PPAN PSKLD=OA BHKS IAPDK@ D=O PDA =@R=JP=CA KB N=LE@ 6:@>. @NKLHAP IETEJC @QA PK ?EN?QH=PKNU ?KJRA?PERA BHKS =O KLLKOA@ PK PDA LQNAHU @EBBQOERA IETEJC LNAOAJP EJ OEJCHALD=OA BHKS 'KSARAN PDEO EJ?QNO PDA JAA@ PK E@AJPEBU = OA?KJ@=NU ?=NNEAN LD=OA PD=P EO ?KIL=PE>HA S EPD PDA @AOENA@ ?DAIEOPNU =J@ NA=?PEKJ ?KJ@EPEKJO 4HPEI=PAHU >KPD BHKS =LLNK=?DAO DKH@ ?HA= N =@R=JP=CAO BKN >QHG O?=HAQL >U AJOQNEJCABBE?EAJPDA=PPN=JOBAN=J@QJEBKNI?KJ@EPEKJO=P=JU CERAJLKEJPEJPDANA=?PKN 6A D=RA LNAREKQOHU QOA@ IE?NKS=RA ENN=@E=PEKJ }S( PK OUJPDAOE VA IKJKIAP=HHE? =J@ >EIAP=HHE? JK>HA IAP=H -/O =J@ @AIKJOPN=PA@ OKIA EILKNP=JP OUJP DAPE? >AJABEPO KB }S( KRAN ?KJRAJPEKJ=H DA=PEJC "R' %KN AT=ILHA EP S=O ODKSJ PD=P PDA OUJPDAOEO KB /@ /P KN 1D -/O LNAL=NA@ QJ@AN }S( AJ=>HA@ EILNKRA@ IKJK@EOLANOEPU =J@ IKNLDKHK CE?=H ?KJPNKH 3DAOA @AOEN=>HA ABBA?PO SANA =O?NE>A@ PK B=OPAN =J@ IKNA NALNK@Q?E>HA ,-/ JQ?HA =PEKJ ARAJPO B=?EHEP=PA@ =P ODKNP HERA@ J=JKOEVA@ jDKPOLKPOk PD=P =NA CAJAN=PA@ >U OPNKJC NKP=P EKJ=H ?KQLHEJC KB }SlO SEPD LKH=N OKHRAJPO =J@ EKJE? LNA?QNOKNO BKHHKSA@ >U B=OP HK?=HEVA@ AJANC U @EOOEL=PEKJ .JA KB KQN EIIA@E=PA KJCKEJC NAOA=N?D CK=HO EO PK @ARAHKL NA=?PEKJ OUOPAIO SDANAEJ P DA ?KJPEJQKQO BHKS OUJPDAOEO KB ?KHHKE@=H ,-/ ?=P=HUOPO ?=J >A ?KJRAJEAJPHU ?KQLHA@ SEPD PDA QO A KB }S( /ANBKNIEJC ,-/ OUJPDAOEO QJ@AN ?KJPEJQKQO BHKS ?KJ@EPEKJO D=O PDA LKPAJPE=H PK OKHRA PDA =BKNAIAJPEKJA@ EOOQAO KB PDNKQCDLQP =J@ O?=H=>EHEPU (P D=O >AAJ LNAREKQOHU @AIKJOPN=PA@ PD=P = JQI>AN KB @EBBANAJP PULAO KB IKJK@EOLANOA EJKNC=JE? -/O ?=J >A LNK@Q?A@ EJ EJ?NA=OA@ UEAH@O =O = NAOQHP KB PDA OQLANEKN DA=P =J@ I=OO PN=JOLKNP EJDANAJP PK PDA DECD OQNB=?A =NA=PKRKHQIA @EIAJOEKJO KB IE?NK =J@ IEHHEBHQE@E? ?D=JJAHO ,KNAKRAN QJHEGA PN=@EPEKJ=H >=P?D LNK?AOOAO ?KJPEJQKQO BHKS IAPDK@O =NA DECDHU =IAJ=>HA PK =QPKI=PEKJ SDE?D =BBKN@O EILNKRA@ LNK@Q ?P BE@AHEPU =J@ DECDAN PDNKQCDLQP 2?=HAQL ?=J >A BQNPDAN AJD=J?A@ >U NA=?PEKJ L=N=HH AHEV=PEKJ OEJ?A PDA HK?=H NA=?PEKJ ?KJ@EPEKJO=NAEJR=NE=JPEJPANIOKBIETEJCQJEBKNIEPU=J@PAIL AN=PQNA@EOPNE>QPEKJ 'ANA SA LNAOAJP DECDHU AJ?KQN=CEJC EJEPE=H NAOQHPO BNKI OPQ@EA O KB PDA }S(=OOEOPA@ OUJPDAOEO KB 1D -/O =J@ N=J@KIHU =HHKUA@ 1D C -/O QJ@AN ?KJPEJQ KQO BHKS OUJPDAOEO QOEJC >KPD KJALD=OA =J@ PSKLD=OA BHKS (JPANAOPEJCHU OP=NG @EBBANAJ?AO EJ IKNLDKHKCU KB PDA ,-/O SANA K>OANRA@ BKN PDA PSK @EBBANAJP BHKS ?KJBECQN=PEKJO 2EJCHALD=O A ?KJPEJQKQO BHKS NA=?PEKJO HA@ PK IKJK@EOLANOA?Q>K?P=DA@N=H,-/OSDE?D@ENA?PHUIENNKNOPDAKQP ?KIAKBPDALNAREKQOHUOPQ@EA@ >=P?D NA=?PEKJO 'KSARAN NA=?PEKJO ?=NNEA@ KQP QOEJC PSKLD=OA @NKLHAP BHKS NAOQHPA@ EJ RANU @EOL=N=PA LNK@Q?PO SAHH@ABEJA@ IQHPELK@O SANA K>P=EJA@ PD=P D =RA CNA=PHU EILNKRA@ OQNB=?A =NA= PKRKHQIA N=PEKO RO ?Q>K?P=DA@N= =J@ SANA BKQJ@ PK LNA@KIEJ=JP HU @EOLH=U OQNB=?A OPNQ?PQNA 5=NE=PEKJ KB DA=P PN=JOBAN EJ PDA PSKLD=OA BHKS NAC EIA NAOQHPA@ EJ PDA =>EHEPU PK =??AOO @AOEN=>HA 1D IQHPELK@ OPNQ?PQNAO SEPD = DECD @ACNAA KB I KNLDKHKCE?=H OAHA?PEREPU IK@AH =OOAOOIAJP KB PDA ?KIL=N=PERA ?=P=HUPE? =?PEREPU KB PDA 1D -/O ODKSA@ PD=P IQHPELK@O D=RA OQLANEKN =?PEREPU EJ PDA R=LKNLD=OA DU@NKCAJ=PEKJ KB =HGAJAO 3DA GEJAPE? IQHPELK@ OPNQ?PQNAO SANA OQNLNEOEJCHU OP=>HA KRAN HKJC KJOPNA=I ?=P=HUOEO NA=?PEKJ PEIA O =J@ QLKJ LNKHKJCA@ DA=PEJC =P p"NAOEOPEJC?KJRANOEKJPKPDANIK@UJ=IE?=HHUIKNAB=RKN=>HA?Q >K?P=DA@N= #/<>5=<+7.3<-><<387 $B7=2/<3<80#2 "<,B$3715/"2+</58@ 6A >AC=J KQN OPQ@U PK =@@NAOO PDA LNK>HAI KB PDNKQCDLQP SEPD NA OLA?P PK H=>KN=PKNUO?=HA >=P?D NA=?PEKJO >U =PPAILPEJC PDA OUJPDAOEO KB 1D -/O QJ@AN OEJ CHALD=OA ?KJPEJQKQO BHKS ?KJ@EPEKJO QJ@AN }S(=OOEOPA@ DA=PEJC OUNEJCA LQIL S=O QOA@ PK =?DEARA = ?KJOP=JP BHKS N=PA KB NA=?P=JPO =J@ OKHRAJP PDNKQCD /3%$ PQ>EJC (# II -Q ?HA=PEKJ S=O PNECCANA@ >U PDA EJPNK@Q?PEKJ KB PDA NA=?P=JP OPNA=I EJPK PDA }S( ?=REPU PDA OK HRAJP S=O DAH@ =P ?KJOP=JP PAILAN=PQNA >U ?KJPEJQ=HHU R=NUEJC PDA LKSAN EJLQP BNKI PDA I=CJAPNKJ ?KJP NKHHA@ RE= = BE>ANKLPE? PAILAN=PQNA LNK>A 1D"H u D ' . S=O QOA@ =O PDA 1D LNA?QNOKN LKHUREJUHLUNNKHE@KJA /5/ S= O QOA@ =O PDA ?=LLEJC =CAJP =J@ APDUHAJA CHU?KH $& S=O QOA@ =O PDA OKHRAJP =J@ NA@Q?EJC =CAJP BKN =HH OUJPDAOAO %ENOP PDA OQEP=>EHEPU KB /3%$ PQ>EJC BKN PD A }S=OOEOPA@ BKNI=PEKJ KB 1D -/O S=O =OOAOOA@ QJ@AN ?KJPEJQKQO BHKS ?KJ@EPEKJO OEJCHALD=OA OKHQP EKJ KB 1D"H u D ' . =J@ /5/ @EOOKHRA@ EJ $& S=O BHKSA@ PDNKQCD PDA }S ?=REPU =P = NA=?PEKJ PAILAN=PQNA KB p" 3DA NAOE@AJ?A PEIA EJ PDA IE?NKS=RA ?=REPU S=O OAP PK IEJ OK =O PK @ENA?PHU AIQH=PA PDA NA=?PEKJ ?KJ@EPEKJO BNKI PDA LNAREKQOHU AOP=>HEODA@ >=P?D NA=?PEKJO (JPANAOPEJCHU PDEO @E@ JKP HA=@ PK =JU ?KHKN ?D=JCA KB PDA LNA?QNOKN OKHQPEKJ PD=P SKQH@ >A EJ@E?=PERA KB 1D((( NA@Q?PEKJ =J@ 1D -/ JQ?HA=PEKJ PPAILPO PK ?KHHA?P EOKH=>HA LNK@Q?PO QOEJC = LNA?E LEP=PEJC OKHRAJP 62 =?APKJA =HOK B=EHA@ (J?NA=OEJC PDA I=TEIQI }S( LKSAN PK = ?KJOP=JP 6 = J@ EJ?NA=OEJC PDA NAOE@AJ?A PEIAO =HOK B=EHA@ PK =?DEARA LNA?QNOKN NA@Q?PEKJ 1A@Q?PEKJ KB 1D"H u D ' . S=O ARAJPQ=HHU =?DEARA@>UEIIANOEKJKBPDA?KEHKB/3%$PQ>EJC@ENA?PHUEJPK =OA?KJ@=NU$&OKHRAJP>=PD=HOK =P p" 2?DAIA 3DAOA ?KI>EJA@ K>OANR=PEKJO OQCCAOPA@ P D=P @ELKH=N ?KQLHEJC KB }SlO PK PDA LKH=N OKHRAJP =J@ PDA EKJE? LNA?QNOKN OLA?EAO EJOE@A PDA PQ >EJC S=O LNARAJPA@ >U PDA PQ>EJC I=PANE=HEPOAHB=J@KNPD=PDA=P@EOOEL=PEKJBNKIPDAJ=NNKSP Q>EJCS=OOKN=LE@PD=PPDAJA?AOO=NU NA@Q?PEKJ PAILAN=PQNA ?KQH@ JKP >A NA=?DA@ !U ?KIL=NEOKJ NA@Q ?PEKJ ?=J >A =?DEARA@ =P >QHG $& PAILAN=PQNAO ≤ p" BKN OPENNA@ LNA?QNOKN OKHQPEKJO EJ >KNKOEHE?=PA CH=OOS=N A =P =I>EAJP LNAOOQNA (J PDEO ?=OA PDA =@@EPEKJ KB =J ATPANJ=H $& >=PD EJ?NA=OA@ PDA ABBA?PERA }S =>OKNLPEKJ RKHQIA SEPDKQP ?KILNKIEOEJC PDA =@R=JP=CAO KB >AEJC =>HA PK ?KJ@Q?P PD A ,-/ OUJPDAOEO QJ@AN ?KJPEJQKQOBHKS $-2/6/ 1A=?PKN "KJBECQN=PEKJ 2 DKSEJC PDA 2UNEJCA / QILO (JFA?PEJC 1A=C AJPO = J@ "=NNEAN . EH #NKLHAP&AJAN=PKN#ARE?A J@3Q>EJC"KEHEJPDA,E?NKS=RA"=RE PU -ATP=OEJCHALD=OAIETPQNAKB1D"H u D ' .=J@/5/S=O ?K@EOOKHRA@EJ$&=J@BHKSA@ PDNKQCD PDA /3%$ PQ>EJC OQ>IANCA@ EJ PDA $& >=PD =P p" 4LK J ATEPEJC PDA }S ?=REPU PDA LNK@Q?PO SANA ?KHHA?PA@ EJ = ?AJPNEBQCA PQ>A PD=P S=O <>2 ?DEHHA@ EJ =J E?AhS=PAN >=PD PK MQAJ?D BQNPDAN NA=?PEKJ /QNEBE?=PEKJ KB PDA LNK@Q?PO S=O ?=NNEA@ KQP >U LNA?ELEP=PEKJ >U =@@EPEKJ KB AT?AOO =?APKJA BKHHKSA@ >U QHPN=?AJPNEBQC=PEKJ 1A@EOLANOEKJ KB PDA 1 D -/O EJPK APD=JKH BKHHKSA@ >U NALNA?ELEP=PEKJQOEJCAT?AOODAT=JAONAIKRA@=HHAT?AOO/5/ /KS@AN 7N=U @EBBN=?PEKJ /71# =J=HUOEO KB PDA NAOQHPEJC -/ LN K@Q?PO NARA=HA@ @EBBN=?PEKJ I=TEI= PD=P SANA SAHHI=P?DA@ SEPD PDA ATLA?PA@ NAB HA?PEKJO ?KNNAOLKJ@EJC PK >QHG %""1D K>OANRA@ H=PPE?A L=N=IAPAN . X %ECQNA = 2?DANNAN =J=HUOEO KB PDA /71# L=PPANJO K>P=EJA@ BKN PDA 1D -/O OQCCAOPA@ =J =RAN=CA CN=EJ OEV A KB JI (J OQLLKNP KB PDEO K>OANR=PEKJ PN=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, =J=HUOEO NA RA=HA@ SAHH@ABEJA@ ?Q>K?P=DA@N=H 1D -/O SEPD = IA=J @E=IAPAN KB d JI %E CQNA > (J KN@AN PK OPQ@U PDA ABBA?POKBNAOE@AJ?APEIAQLKJ1D-/OEVA=J@IKNLDKHKCUPDAB HKSN=PAO=J@PQ>EJCHAJCPDSANA OUOPAI=PE?=HHU ?D=JCA@ SDEHA GAALEJC PDA ?KJ?AJPN=PEKJO KB 1D"H u D ' . =J@ /5/ ?KJOP=JP =O @AO?NE>A@ EJ 3=>HA O ODKSJ EJ %ECQNA ? PDA =RAN=CA 1D - / @E=IAPAN d JI S=O @A?NA=OA@ QOEJC = ODKNPAN NAOE@AJ?A PEIA KB IEJ SDEHA PDAN A SANA JK K>REKQO IKNLDKHKCE?=H @EBBANAJ?AO (J =??KN@=J?A SEPD PDEO K>OANR=PEKJ SDAJ PDA NAOE @AJ?A PEIA S=O EJ?NA=OA@ PK IEJ OHECDPHU H=NCAN 1D -/O SEPD = IA=J @E=IAPAN KB d JI S ANA K>P=EJA@ SDEHA IKJK@EOLANOEPU =J@ IKNLDKHKCU NAI=EJA@ QJ=BBA?PA@ %ECQNA @ (P EO LAND=LO JKP OQNLNEOEJC PD=P 1D -/ OEVA S=O EJ?NA=OA@ =O = BQJ?PEKJ KB }S( NAOE@AJ?A PE IA QJ@AN OEJCHALD=OA ?KJPEJQKQO BHKS ?KJ@EPEKJO >A?=QOA -/ NELAJEJC EJ OKHQPEKJ EO QOQ=HHU =?? AHAN=PA@ >U DA=PEJC ,KNA EILKNP=JPHUPDA1D-/OK>P=EJA@QJ@AN?KJPEJQKQOBHKS?KJ@EPEK JOSANA=ODECDHUIKJK@EOLANOA =J@ IKNLDKHKCE?=HHU SAHH @ABEJA@ =O PDKOA K>P=EJA@ LNAREKQOHU E J =J=HKCKQO >=P?D NA=?PEKJO UAP PDA NA=?PEKJO ?KQH@ >A ?KJ@Q?PA@ EJ OECJEBE?=JPHU ODKNPAN PEIAO IEJ RO IEJ =J@ =P HKSAN PAILAN=PQNAp"RO p" 31>;/ = /71# L=PPANJO KB 1 D -/O OUJPDAOEVA@ Q OEJC KJA LD=OA BHKS / QNLHA C NAAJ =J@ NA@ ?KNNAOLKJ@ PK PDA O =ILHAO O UJPDAOEVA@ QJ@AN }S( =P p" E J =J@ IEJ N AOLA?PERAHU >@ 3$, EI=CAO K B 1D - /O O UJPDAOEVA@ E J =J@ IEJ N AOLA?PERAH U / =NPE?HA O EVA @EOPNE>QPEKJO = J@ =RAN=CA OEVA R=HQAO = NA O DKSJ =O E JOAPO PK P DA ? KNNAOLKJ@EJC EI=CAO 2? =HA >=NO = NA JI A /HKP K B =RAN=CA OEVA IA=OQNAIAJPO @ ANERA@ BNKI 3$, =J=HUOEO = J@ NA=?PEKJ PEIA $ NNKN > =NO NALNAOAJP OP=J@=N@ @ ARE=PEKJO K B PDAIA=OQNAIAJPO $B7=2/<3<80#2 "<>7./;%@8"2+</58@ 3K AR=HQ=PA PDA LKPAJPE=H =@R=JP=CAO KB PSKLD=OA BHKS KJ -/ OU JPDAOEO EJ ?KJFQJ?PEKJ SEPD }S( 1D -/O SANA PDAJ OUJPDAOEVA@ EJ IE?NKBHQE@E? @NKLHAPO LNAREKQOHU NALKNPA@ @NKLHAP BKNIEJC @ARE?A SEPD # CAKIAPNU S=O AILHKUA@ EJ SDE?D PDNAA EJ@ALAJ@AJP EJHAPO OQLLHEA@ PDA @EOLANOA@ LD=OAO KB 1D"H u D ' . EJ $& /5/ @EOOKHRA@ EJ $& =J@ =J EJANP ?KJPEJQKQO LD=OA KB %" BHQKNK?=N>KJ KEH 2?DAIA 1AOE@AJ?A PEIAO SANA R=NEA @ >U ?KJPNKHHEJC PDA ?KILKJAJP BHKS N=PAO BHKS N=PAO BKN A=?D ?KILKJAJP SANA ?KJPNKHHA@ EJ@AL AJ@AJPHU QOEJC @A@E?=PA@ OUNEJCA LQILO #NKLHAPO KB PDA ?KI>EJA@ @EOLANOA@ LD=OA }I @E=IAPAN SANA BKNIA@ EJOE@A /3%$ PQ>EJC(# IIEJ PDEO@ARE?ACAKIAPNU PDA@NKLHAP@E= IAPAN?KNNAH=PAOSEPD PDA(#KBPDA KQPHAP PQ>EJC O SEPD PDA OEJCHALD=OA ?KJPEJQKQO BHKS IAPDK@ @AO?NE>A@ =>KRA 1D -/ JQ?HA=PEKJ S=OPNECCANA@KJHUSDAJPDA@NKLHAPOSANABHKSA@PDNKQCD/3%$P Q>EJCEIIANOA@EJ=OA?KJ@=NU $& OKHRAJP >=PD =HH KPDAN NA=?PEKJ L=N=IAPANO SANA E@AJPE?=H P K PDKOA AILHKUA@ EJ PDA OEJCHALD=OA NA=?PEKJO 31>;/ 3$, E I=CAO K B 1D - /O O UJPDAOEVA@ QJ@AN }S( QOEJC PSK LD=OA BHK S OUJPDAOEO =P p" E J = =J@ > IEJ =J@ =P p" E J ? @ A =J@ B I EJ C 3$, E I=CA K B 1D - /O O UJPDAOEVA@ QJ@AN "R' QOEJC PSKLD=OA BHKS OUJPDAOEO =P `" EJ IEJ D 3$, E I=CA K B 1D J=JK?Q>AO OUJPDAOEVA@ EJ > =P?D >U EJFA?PEJC 1D"H u D ' . =J@ /5/ QOEJC PSK OAL=N=PA OUNEJCA LQILO E 3$, EI=CA KB 1D C =HHKU -/O OUJPDAOEVA@ Q OEJC PSKLD=OA B HKS OUJPDAOEO QJ@AN }S( = P p" S EPD = I EJ N AOE@AJ?A PEIA 2?=HA>=NO=NAJI 3K KQN OQNLNEOA =P = NA=?PEKJ PAILAN=PQNA KB p" =J@ NAOE@A J?A PEIA KB IEJ QJ@AN }S( PDA PSKLD=OA BHKS NACEIA UEAH@A@ I=NGA@HU @EOPEJ?P LNK@Q? PO NAOQHPEJC EJ PDA BKNI=PEKJ KB 1D IQHPELK@ @EOPEJ?P IKNLDKHKCE?=H LNK@Q?PO %ECQNA > ,=JQ =H L=NPE?HA ?KQJPEJC KB EJ@ERE@Q=H 1D OPNQ?PQNAO K>P=EJA@ BNKI IQHPELHA 3$, EI=CAO NARA =HA@ PD=P PDA BHKS NA=?PEKJ C=RA = JQI>AN BN=?PEKJ KB IQHPELK@ J=JKOPNQ?PQNAO LNA@KIEJ=JPHU PAPN=LK@O PDA NAI=EJEJC KB L=NPE?HAO NAOAI>HA@ PNQJ?=PA@ ?Q>K?P=DA@N= 3DA =RAN=CA =LLA J@=CA HAJCPD KB PDA IQHPELK@O S=O d JI IA=OQNA@ BNKI PDA -/ ?AJPAN PK PDA =LLAJ@=C A PEL =J@ PDA =RAN=CA SE@PD S=O d JI 3DEO S=O BQNPDAN ?KJBENIA@ >U DECDNAOKHQPE KJ '1 3$, =J=HUOEO KB EJ@ERE@Q=H1DIQHPELK@OBNKIPDAO=IAATLANEIAJP%ECQNA = 31>;/ = ' 13$, E I=CA K B 1D IQHPELK@O L NAL=NA@ QOEJC PSK LD=OA BHKS OUJPDAOEO QJ@AN }S( =P p" E J IEJ SEPD 1 OL=?EJC ?KNNAOLKJ@EJC PK P DA H =PPE?A LH=JA 3 DA O ?=HA >= N EO JI > /HKP K B =RAN=CA OEVA RO N A=?PEKJ PEIA K>P=EJA@ BNKI PSK LD=OA B HKS OUJP DAOEO ?KJ@Q?PA@ =P p" RAN=CA =LLAJ@=CA HAJCPD KB I QHPELK@ 1D - /O E O ODKSJ EJ > HQA SDANA=O = R AN=CA OEVA KB JKJIQHPELK@ 1D - /O E O ODKSJ EJ K N=JCA ANNKN >=NO ? KNNAOLKJ@ PK O P=J@=N@ @ ARE=PEKJ R= HQAO /AN?AJP K??QNNAJ?A KB I QHPELK@O E O ODKSJQOEJC=OA?KJ@RANPE?=H=TEOEJLEJG &AJAN=HHU IQHPELK@O =NA ?H=OOEBEA@ =O GEJAPE?=HHU OP=>HA IKNLD KHKCEAO KB PDA %"" IAP=HO O @ALE?PA@ EJ 2?DAIA PDAEN BKNI=PEKJ EO IKOP HEGAHU @QA P K PDA EJEPE=H JQ?HA=PEKJ KB OI=HH h JI ?Q>K?P=DA@N=H ?KNAO PD=P QJ@ANCK N=LE@ OAHA?PERA OQ> OAMQAJP =@@EPEKJ KB 1D =PKIO PK BKQN KB PDA AECDP PNE=JCQH=N B=?AO .JA OQCCAOPA@ NA=OKJ BKN PDEO >AD=REKN EO OPNKJCAN ?=LLEJC KB /5/ PK PDA OET B=?AO SDE?D L=?EBEAO PDAOA OEPAO PKS=N @ BQNPDAN CNKSPD h 2EJ?A ?Q>K?P=DA@N= =NA PDANIK@UJ=IE?=HHU IKNA OP=>HA OPNQ?PQNAO PDA PELO KB PDA IQHPELK@ =LLAJ@=CAO =NA OQO?ALPE>HA PK AP?DEJC =J@ NA@EOOKHQPEKJ KRAN HKJCAN NA=?P EKJ PEIAO KN =P AHAR=PA@ PAILAN=PQNAO 24 QLKJ NABHQTEJC EJ DECD>KEHEJCLKEJP OKHRAJPO 3K BQNPDAN EJRAOPEC=PA PDA IKNLDKHKCE?=H ?D=JCAO PD=P IECDP K??QN SEPD PEIA EJ PSKLD=OA @NKLHAP BHKS P DA NAOE@AJ?A PEIA S=O ODKNPAJA@ PK IEJ SEPD = NA=?PEKJ PAILAN=PQNA KB p" 1D IQHPELK@O SA NA =C=EJ K>OANRA@ PK >A PDA I=FKN LNK@Q?P SEPD = OEIEH=N OP=PEOPE?=H K??QNNAJ?A %ECQNA = (J PDEO OUJPDAOEO PDA =RAN=CA =LLAJ@=CA HAJCPD KB PDA IQHPELK@O S=O d JI HPANJ=PE RAHU SDAJ PDA NA=?PEKJ PAILAN=PQNA S=O EJ?NA=OA@ BNKI PK p" =J@ PDA NAOE@AJ?A PEIA S=O OUOPAI=PE?=HHU R=NEA@ 3$, =J=HUOEO KB PDA LNK@Q?PO ODKSA@ PD=P PDA JQI>AN BN=?PEKJ KB 1D IQHPELK@O @A?NA=OA@ BNKI PK =J@ BKN NAOE@AJ?A PEIAO KB =J@ IEJ NAOLA?PERAHU %ECQNA ? B =J@ %ECQNA > 3DAOA K>OANR=PEKJO PAJ@ PK OQCCAOP PD=P 1D IQHPELK@O SEPD HKJCAN HACO =NA B=RKNA@ QJ@AN }S( EJ PSKLD=OA @NKLHAP BHKS =P ODKNPAN NA=?PEKJ PEIAO 3DEO @EO?KRANU EO @ENA?PHU EJ HEJA SEPD PDA PDANIK@UJ=IE? RO GEJAPE? OP=>EHEPU =NCQIAJPO =>KRA -KP KJHU @E@ O=ILHAO OUJPDAOEVA@ =P p" SEPD = NAOE@AJ?A PEIA KB IEJ ODKS OP=P EOPE?=HHU BASAN IQHPELK@O >QP =HOK PDA NAOQHPEJC 1D IQHPELK@O D=@ PDA ODKNPAOP HACO SEPD =J =RAN=C A =LLAJ@=CA HAJCPD KB d JI =J@ SE@PD KB d JI %ECQNA !=OA@ KJ PDA @EOL=N =PA J=PQNA KB 1D -/ IKNLDKHKCE?=H ?KJPNKH K>OANRA@ >APSAAJ OEJCHA =J@ PSKLD=OA NA=?PEKJO EP EO NA=OKJ=>HA PK =OOQIA PD=P PDA ?=NNEAN LD=OA SDE?D D=O = LKKN }S =>OKN>=J?A =?PA@ PK ?KJ@Q?P DA=P =S=U BNKI PDA @NKLHAPO NAOQHPEJC EJ =J E@A=H AJRENKJIAJP BKN PDA BKNI=PEKJ KB GEJAPE? OPNQ?PQNAO 6DEHA PDANA =NA OECJEBE?=JP @EBBANAJ?AO EJ IETEJC N=PAO >APSAAJ PDA PSK BHKS NACEIAO SEPD @NKLHAP BHKS UEAH@EJC B=OPAN DKIKCAJEV=PEKJ EP EO JKP ?HA=N SDU B=OPAN IETEJC SKQH@ B=RKN = GEJAPE?=HHUiN=PDAN PD=J PDANIK@UJ=IE?=HHUiOP=>HA-/IKNLDKHKCU 6APDANABKNAB=RKNPDA DA=PPN=JOBANDULKPDAOEO $-2/6/ 1ALNAOAJP=PEKJKB1D3APN=LK@%KNI=PEKJ>U2AHA?PERA%=?AP &NKSPD (J =J =PPAILP PK QJ@ANOP=J@ PDA LKPAJPE=H =@@EPEKJ=H ABBA?PO KB }S DA=PEJC QLKJ 1D -/ IKNLDKHKCU QJ@AN PSKLD=OA BHKS ?KJ@EPEKJO E@AJPE?=H OUJPDAOAO SANA ?KJ@Q?PA@ QOEJC "R' RE= = ?KJRAJPEKJ=H DKP LH=PA 4J@AN }S( DA=PEJC K??QNO BNKI PDA EJ OE@AKQP RE= @ELKH=N ?KQLHEJC KB }SlO SEPD LKH=N =J@ ?D=NCA@ OLA?EAO 24 =H?KDKHO =J@ 1D((( EKJO BKHHKSA@ >U HK?=HEVA@ CAJAN=PEKJ KB DA=P PD=P NAOQHPO BNKI NKP=PEKJ=H AT?EP=PEKJ =J@ CAJAN=PEKJ KB DKPOLKPO B612 ?A<>. (P D=O >AAJ DULKPDAOEVA@ PD=P DKPOLKPO ?=J =?P =O E@A=H ,-/ JQ ?HA=PEKJ OEPAO (J ?KJPN=OP ?KJRA?PERA "R' NAOQHPO EJ EJDKIKCAJAKQO DA=PEJC PDNKQCDKQP OKHQ PEKJ (@AJPE?=H NA=?PEKJ ?KJ@EPEKJO SANA QOA@ BKN PDA PSK DA=PEJC IAPDK@O p" NAOE@ AJ?A PEIA IEJ 3DAOA ?KJ@EPEKJO SDE?D UEAH@A@ KB 1D IQHPELK@O QJ@AN PSKLD=OA B HKS SEPD }S( C=RA KB IQHPELK@OQJ@AN"R'%ECQNA C 3DA NAOQHPO K>P=EJA@ BNKI PSKLD=OA BHKS OUJPDAOEO KB 1D -/O QJ @AN }S( SANA =HOK ?KIL=NA@ SEPD PDA LNK@Q?PO K>P=EJA@ BNKI KPDANSEOA E@AJPE?=H NA =?PEKJO ?KJ@Q?PA@ SEPD }S( EJ EOKH=PA@ >=P?D NA=?PEKJO (J PDAOA NA=?PEKJO PDA OPENNA@ IETPQ NAO PQNJA@ @=NG =BPAN h IEJ EJ@E?=PEJC OQ??AOOBQH NA@Q?PEKJ KB 1D((( LNA?QNOKNO =P p" 3$, =J=HUOEO KB PDA LNK@Q?PO =BPAN DA=PEJC BKN IEJ NARA=HA@ PD=P KB PDA 1D -/O D=@ LKKNHU @A BEJA@ =JEOKPNKLE? IKNLDKHKCEAO SDEHA PDA I=FKNEPU KB 1D -/O SANA = IETPQNA KB PNE=JCQH=N LH=PA O =J@ PNQJ?=PA@ K?P=DA@N= SEPD =J =RAN=CA OEVA KB d JI JK SAHH@ABEJA@ IQHPELK@O SANA K>P=EJA@ %ECQNA %QNPDANIKNA SDAJ 1D"H u D ' . =J@ /5/ SANA @EOOKHRA@ OAL=N=PAHU EJ $& =J@ ?KEJFA?PA@ EJPK = BH=OG =P p" QJ@AN }S( QOEJC PSK OUNEJCA LQILO = I=FKNEPU K B SAHH@ABEJA@ PNQJ?=PA@ ?Q>E? 1D -/O SANA K>P=EJA@ =BPAN IEJ KB DA=PEJC d JI %ECQN A D HH KB PDAOA OPQ@EAO EILHU PD=PDA=PPN=JOBAN=J@ CNKSPDGEJAPE?OKB 1D -/O@EBBANCNA=PHU QJ@ANPSKLD=OAIE?NKBHQE@E?BHKS ?KIL=NA@ PK =HH KPDAN ?KJ@EPEKJO NAC=N@HAOO KB PDA IK@A KB DA= PEJC (J =HH KPDAN EJOP=J?AO KJHU EOKPNKLE?PDANIK@UJ=IE?=HHUB=RKNA@1D-/OSANAK>P=EJA@ Figure 3.4. TEM images of Rh NPs using control reactions. (a) Products isolated from control batch reaction carried out under μwI at 120 °C for 9 minutes while not using a syringe pump. (b) Products isolated from control reaction carried out under μwI at 120 °C for 9 min and adding RhCl 3·xH2O and PVP dissolved in EG injected using separate syringes. %2/;6+5$=+,353=B37#2>=5398.< 3DA PDANI=H OP=>EHEPU KB PDA 1D IQHPELK@O K>P=EJA@ =P p" QJ @AN >KPD }S( =J@ "R' BNKI IEJ NA=?PEKJ PEIAO SANA =OOAOOA@ >U OQOLAJ@EJC IC KB PDA =O OUJPDAOEVA@ /5/?=LLA@ IQHPELK@O EJ ?I KB $& =J@ DA=PEJC BKN LNKHKJCA@ LANEK@O KB PEIA QOEJC }S( KN " R' (P ODKQH@ >A JKPA@ PD=P JK =@@EPEKJ=H BNAA /5/ S=O =@@A@ @QNEJC PDAOA NA= ?PEKJO 3NA=PIAJP KB }S(LNAL=NA@ 1D IQHPELK@O QJ@AN }S( =P p" BKN IEJ @E@ JKP HA=@ PK =JU @APA?P=>HA IKNLDKHKCE?=H ?D=JCAO =O =OOAOOA@ >U 3$, $HAR=PEKJ KB PDA NA=?PEKJ PAILAN=PQNA PK p" BKN = BQNPDAN =J@ IEJ NAOQHPA@ EJ KJHU = OHECDP ?D=JCA EJ PDA =RAN=CA =LLAJ@=CA HAJCP D SEPD HKJCAN DA=PEJC PEIAO =O OAAJ EJ 3=>HA (J ?KJPN=OP }S( PNA=PIAJP KB 1D IQHPELK@O OUJPDA OEVA@ QJ@AN "R' =P p" BKN KJHU IEJ NAOQHPA@ EJ I=FKN IKNLDKHKCE?=H ?D=JCAO LNAREKQOHU QJK> OANRA@ OI=HH d JI ?Q>K?P=DA@N=H 1D -/O SANA LNK@Q?A@ 3DEO K>OANR=PEKJ EILHEAO PD =P PDA "R'LNAL=NA@ 1D IQHPELK@O =NA HAOO PDANI=HHU OP=>HA =J@ IKNA OQO?ALPE>HA PK @EC AOPEKJ PD=J PDA }S(LNAL=NA@ L=NPE?HAO %QNPDANIKNA SDAJ PDA "R'LNAL=NA@ 1D IQHPELK@O SANA NA@EOLANOA@ EJPK $& =J@ OQ>FA?PA@PKBQNPDAN"R'=Pp"BKN=J@IEJL=NPE=H@ ECAOPEKJS=O=C=EJK>OANRA@ %+,5/ 2P=PEOPE?=H=J=HUOEOKB1DIQHPELK@OBKNIA@=BPAN@EBBANAJPPD ANI=HPNA=PIAJP?KJ@EPEKJO $+695/ ./7=3=B !;3137+5?/;+1/ 99/7.+1/ /71=2 3+6 / =/;76 %2/;6 +5 %;/+=6 /7= 87.3=387< #/+-=387 %36/ 6 37 $3C/80 > 5=398.< 76 $3C/80 87 6 > 5=398.< 76 $3C/80 $6 +55 $//.< 76 , QHPELK@O -KJ IQHPELK@O , K@A KB ' A=PEJC 1A=?PEKJ 3AILAN= PQNAp" 1DIQHPELK@O μ S( ± ± μS( ± 1DIQHPELK@O μ S( μS( ± 1DIQHPELK@O μ S( μS( ± 1DIQHPELK@O "R' ± ± μS( ± ± 1DIQHPELK@O "R' μS( ± ± ± 1DIQHPELK@O "R' "R' ± ± 1DIQHPELK@O "R' "R' ± ±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}S( =J@ "R' =J@ = PDEN@ ?KJPNKH O=ILHA ?KJOEOPEJC KB JI 1D ?Q>K?P=DA@N= LNAL=NA@ QJ@ AN }S( BNKI = >=P?D NA=?PEKJ "DKOAJ =O PDA ?KJPNKH SANA JI 1D -/O >A?=QOA PDA =RAN=CA ABB A?PERA @E=IAPAN KB PDA 1D IQHPELK@O =LLAJ@=CA PELPKPEL OAL=N=PEKJ @EOP=J?A S=O ?HKOA PK JI 3DQO PDA 1D IQHPELK@O ?=J >A ?KJOE@ANA@ =O DU>NE@ OPNQ?PQNAO PD=P D=RA >AAJ AP?DA@ BN KI JI ?Q>K?P=DA@N= 3DA =O OUJPDAOEVA@ 1D -/O SANA @ALKOEPA@ KJ =IKNLDKQO 2E. >U OEILHA EJ?ELEAJP SAPJAOO EILNACJ=PEKJ EOKH=PA@ >U BEHPN=PEKJ S=ODA@ SEPD APD=JKH =J@ BEJ=HHU @NEA@ EJ = OP=PE? KRAJ =P p" BKN D 3DA ?KILKOEPAOSANAQOA@EJ?=P=HUPE? OPQ@EAOSEPDKQPD=NODLNAPNA= PIAJP 24 ?=H?EJ=PEKJPD=P?KQH@ KPDANSEOA ?=QOA NAOPNQ?PQNEJC KB PDA IQHPELK@O EP EO PDANABKNA =OOQIA@ PD=P PDA ?=LLEJC LKHUIAN /5/ S=O OPEHH LNAOAJP EJ A=?D ?=OA 3DA QOA KB 2E. =O =J EJANP OQ>OPN=PA EJ PDEO SKNG S=O ?DKOAJ PK IEJEIEVA =JU LKPAJPE=H IAP=HhOQLLKNP EJPAN=?PEKJO 3$, =J=HU OEO KB PDA =OOUJPDAOEVA@ ?=P=HUOPO OQLLKNPA@ KJ =IKNLDKQO 2E. @E@ JKP NARA=H =JU @EO?ANJE>HA L=NPE?HA =CCNAC=PEKJ KN IKNLDKH KCE?=H ?D=JCAO 1D HK=@EJC }S( SP IQHPELK@O "R' SP IQHPELK@O @APANIEJA@ >U ("/,2 3DA OQLLKNPA@ ?=P=HUOPO SANA =?PER=PA@ QJ@AN BHKSEJ C ' 'A =P * BKN IEJ =BPAN SDE?D = OPNA=I KB ?U?HKDATAJA R=LKN KB GJKSJ ?KJ?AJPN=PEK J S=O EJPNK@Q?A@ J=HUOEO KB PDA LKOP?=P=HUOP ABBHQAJP IETPQNA S=O LANBKNIA@ KJOPNA=I EJ IEJ EJPANR=HO >U = C=O ?DNKI=PKCN=LD &" AMQELLA@ SEPD =J =QPKI=PA@ EJFA?PKN =J@ PSEJ BH=IA EKJEV=PEKJ =J@ PDANI=H ?KJ@Q?PEREPU @APA?PKNO %(#3"# $=?D ?=P=HUOP S=O OPQ@EA@ KJ OPNA=I BKN D 3QNJKRAN BNAMQAJ?U R=HQAO 3.% "' uOQNB=?A OEPA h O h SANA @APANIEJA@ >U JKNI=HEVEJC N=S =?PEREPU R=HQAO QOEJC PDA ("/IA=OQNA@ 1D HK=@EJC =J@ PDAJ ?=H?QH=PEJC PDA BN=?PEKJ KB ATLKOA@ OQNB=?A =PKIO PK PKP=H =PKIO =O = BQJ?PEKJ KB PDA IA=OQNA@ =RAN=CA @EIA JOEKJO KB PDA IQHPELK@O =J@ ?Q>K?P=DA@N= BNKI 3$, EI=CEJC 3DEO IAPDK@ BKN AOPEI=PEJC PDA = RAN=CA JQI>AN KB OQNB=?A OEPAO S=O QOA@ EJ PDEO SKNG >A?=QOA ?DAIEOKNLPEKJ>=OA@ IA=OQNAIAJPO PAJ@ PK CERA ANNKJAKQO NAOQHPO @QA PK PDA LNAOAJ?A KB OECJEBE?=JP =IKQJPO KB /5/ ?=LLEJC =CAJP O KJ PDA -/O O ODKSJ EJ % ECQNA = PDA OPA=@UOP=PA 22 3.% R=HQAO =BPAN D KJOPNA=I BKN PDA }S( =J@ "R'LNAL=NA@ 1D IQHPELK@O SANA =J@ "' uOQNB=?A OEPA h O h NAOLA?PERAHU (J ?KIL=NEOKJ PDA JI ?Q>K?P=DA@N=H 1D -/O ATDE>EPA@ = OECJEBE?=JPHU HKSAN JKNI=HEVA@ 223.% "' uOQNB=?A OEPA h O h 3DA 1DBNAA =IKNLDKQO 2E. OQLLKNPO ODKSA@ JK IA=OQN=>HA =?PEREPU EJ PDA O =IA DU@NKCAJ=PEKJNA=?PEKJ 3DAOQLANEKN22 3.%OK>OANRA@BKNPDA1 DIQHPELK@OEO =@ENA?PBQJ?PEKJ KB PDA B=?P PD=P PDA N=PEK KB 1D OQNB=?A =PKIO RO EJPANJ=H =PKI O BKN PDA IQHPELK@O EO @ALAJ@EJC KJ OLA?EBE? IKNLDKHKCU >QP KJHU BKN PDA JI 1D ?Q>K?P=DA @N= 2?DAIA 3DA OI=HHAN @EBBANAJ?A EJ IA=OQNA@ 223.% R=HQAO >APSAAJ }S( =J@ "R'1D IQ HPELK@O ?=J >A ATLH=EJA@ >U PDAB=?PPD=PPDALAN?AJPK??QNNAJ?A KBIQHPELK@OS=ODECDANEJ PDA}S(NA=?PEKJ RO BKN "R' J =HPANJ=PERA ATLH=J=PEKJ EO PD=P PDA @EBBANAJP DA=PEJC IAPDK@O HA=@ PK @EBBANAJ?AO EJ PDA JQI>AN KB =??AOOE>HA OQNB=?A OEPAO DKSARAN PDA IA=OQNA@ =?PER =PEKJ AJANCU = R=HQAO BKN PDA PSK IQHPELK@ O=ILHAO SANA BKQJ@ PK >A SEPDEJ ATLANEIAJP=H ANNKN }S( G) IKH h 03 "R' G) IKH h !U ?KIL=NEOKJ PDA IA=OQNA@ = BKN PDA 1D -/ ?Q>K?P=DA@N= ?=P=HUOP S=O G) IKH h SDE?D EO EJ HEJA SEPD LNAREKQO IA=OQNAIAJPO 3DAKNAPE?=H ?=H?QH=PEKJO LANBKNIA@ EJ LNAREKQO SKNG OQCCAOPA@ PD=P @AOKNLPEKJ KB PDA DU@NKCAJ=PA@ LNK @Q?P ?U?HKDAT=JA LNK@Q?P EO EJ B=?P PDA N=PAHEIEPEJC OPAL KJ = 1D -/ OQNB=?A 3DA OECJEBE?=JP EJ?NA=OA EJ 3.% R=HQAO BKN IQHPELK@O I=U PDANABKNA >A =O?NE>A@ PK B=OPAN ?U?HKDAT=JA @AOKN LPEKJ SDE?D EO JA?AOO=NU PK CAJAN=PA JAS R=?=JP OQNB=?A OEPAO BKN =@OKNLPEKJ KB JAS NA=?P=J PO 3DEO EO JKP QJNA=OKJ=>HA OEJ?A >KPD ?U?HKDATAJA =J@ ?U?HKDAT=JA LNABANAJPE=HHU =@OKN> B=?AKJ PK PDA 1D OQNB=?A =J@ K??QLU = r =PKI OH=> 2?DAIA 3DANA =NA I=JU BASAN ATP AJ@A@ OQNB=?AO LNAOAJP EJ 1D IQHPELK@O SEPD PDA =LLAJ@=CA @EIAJOEKJO OPQ@EA@ DANA KJ =RAN=C A = JI %"" 1D ?Q>K?P=DA@NKJ @EOLH=UO LH=JAO ?KILNEOA@ KB r =PKIO SDANA=O IQHPELK@O SEPD =LLAJ@=CAOKB=JISE@PDD=RALH=JAOHEIEPA@PKKJHUh =PKIO2?DAIA 31>;/ = /HKP K B PQNJKRAN BNAMQAJ?U IKHAO K B ?U?HKDAT=JA "' O QNB =?A LAN OEPA L AN O A?KJ@ R O PEIA KJOPNA=I IEJQPAO > /HKP K B HJ=?PEREPU =J@ :P AILAN=PQNA * h ; QOA@ P K @ANERA P DA R =HQA K B =?PER=PEKJAJANCEAO $-2/6/ "Q>K?P=DA@N=H=J@3APN=LK@&AKIAPNEAOBKN"U?HKDATAJA'U@NKCAJ= PEKJ1A=?PEKJ 3DQO@AOKNLPEKJKB?U?HKDAT=JAODKQH@ >AOP=PEOPE?=HHUIKNAB= RKNA@BKNPDAIQHPELK@O (J =@@EPEKJ =J EJ?NA=OA@ LNKLKNPEKJ KB ?KNJAN =J@ A@CA OEPAO LNAO AJP KJ PDA IQHPELK@O ODKQH@ =??AHAN=PA PDA N=PA KB ' @EOOK?E=PERA ?DAIEOKNLPEKJ 2Q?D HKS =?PER=PEKJ AJANCU R=HQAO BKN PDA IQHPELK@O ?=J >A ATLH=EJA@ KSEJC PK PDAEN DECDAN OQNB=?A =NA=P KRKHQIA N=PEKO =J@ PDA LNAOAJ?A KB=H=NCANLNKLKNPEKJKBDECDHU=?PERAB=?APO $B7=2/<3<80558B#21 "<,B%@8"2+</58@$B7=2/<3< &ERAJ PDA EJPANAOPEJC IKNLDKHKCE?=H ?KJPNKH K>P=EJA@ BKN 1D -/O EJ BHKSEJC IE?NKBHQE@E? @NKLHAPO PDA OUJPDAOEO KB 1D C =HHKUO S=O =HOK OPQ@EA@ 1D =J@ C =NA ?H=OOE?=HHU EIIEO?E>HA IAP=HO EJ PDA >QHG >QP EP S=O NA?AJPHU ODKSJ PD=P 1D D C h D D h =HHKU -/O ?=J >A K>P=EJA@ =O IAP=OP=>HA OKHE@ OKHQPEKJO KJ PDA J=JKO?=HA QOEJC }S( DA=PEJ C !=OA@ KJ PDEO SKNG 1D C -/O SANA P=NCAPA@ QOEJC = PSKLD=OA BHKS OUJPDAOEO OEJCHA OK HQPEKJ KB 1D"H u D ' . =J@ C-. @EOOKHRA@ EJ $& S=O LNAL=NA@ SEPD = IKH=N N=PEK KB 1D C 3DA O=IA IE?NKBHQE@E? =NN=JCAIAJP S=O QPEHEVA@ =O BKN PDA LQNA 1D IQHPEL K@O SDANAEJ PDA 1D"H u D ' . C-. OKHQPEKJ S=O BHKSA@ PDNKQCD PDA }S ?=REPU =P = BHKS N=PA ? I D h IIKH KB 1D C D h =P p" PK CERA = PKP=H NAOE@AJ?A PEIA KB IEJ 3DA NAOQHP EJC 1D C -/O ODKSA@ = ?HA=N EJPANIA@E=PA LA=G ODEBP EJ PDA /71# L=PPANJ BKN PDA NABHA?PEKJ ?KIL=NA@ PK SD=P EO K>OANRA@ BKN LQNA 1D KN C -/O SDE?D EO EJ@E?=PERA KB =HHKUEJC @@EPEKJ=H # I=LLEJC KB PDA =HHKU -/ OQNB=?AO >U $#2 =J@ ' #%23$, ?KJBENIA@ PDA BK NI=PEKJ KB 1D C =HHKU =O OAAJ EJ %ECQNA 3$, =J=HUOEO ODKSA@ PD=P PDA =HHKUA@ -/O SA NA JKP IQHPELK@O >QP N=PDAN = IETPQNA KB IKNA EOKPNKLE? IKNLDKHKCEAO %ECQNA E 2KIA L=NP E?HAO =LLA=NA@ PK D=RA QJ@ANCKJA AP?DEJC @QA PK PDA LNAOAJ?A KB PNQJ?=PA@ ?Q>K?P=DA@N= SEPD ?KJ ?=RA B=?AO .JA LH=QOE>HA ATLH=J=PEKJ BKN PDA @EBBANAJ?A EJ IKNLDKHKCU >APSAAJ PDA LQNA 1 D IQHPELK@O =J@ PDA 1D C -/O LNK@Q?A@ QJ@AN PSKLD=OA BHKS ?KJ@EPEKJO SEPD }S( DA=PEJC OPAIO BNKI PDA I=NGA@HU @EBBANAJP AHA?PNKJE? LNKLANPEAO KB PDA -/ OQNB=?AO SDE?D EJ PQNJ =BBA?PO PDA J=PQNA KB PDA >EJ@EJC EJPAN=?PEKJO PKS=N@ /5/ IKJKIANO (P EO GJKSJ PD=P C =PKIO >EJ@ /5/ IQ?D IK NA SA=GHU PD=J 1D =PKIO =J@ PDANABKNA OAHA?PERA OQNB=?A L=OOER=PEKJ ABBA?PO PD=P B=RKN PDA BKNI=PEKJ KB 1D IQHPELK@O I=U >A=>OAJPBKNIETA@1D COQNB=?AO 31>;/ = ' #%23$,EI=CAOKB1D C =HHKU-/OOUJPDAOEVA@QOEJCPSKLD=OABHKSNA=?PEKJ >@ ODKS#$#2I=LLEJCNAOQHPO 2?=HA>=NEOJI A9/;36/7=+5 99+;+=></=28.<+7.2+;+-=/;3C+=387 1D"H u D ' . h 2PNAI C-. HB= AO=N LKHUREJUHLUNNKHE@KJA /5/ ,6 HB= AO=NAPDUHAJACHU?KH$&"ANPEBEA@%EODAN =J@%HQKNEJANP%" 2ECI= H@NE?D SANA QOA@ =O NA?AERA@ , 12 IE?NKS=RA OUOPA I "$, "KNL KLAN=PEJC SEPDBE>ANKLPE?PAILAN=PQNABAA@>=?G?KJPNKHd p"=J@=I =TEIQI?KJPNKHH=>HALKSANKBQL PK 6 S=O QOA@ PK ?=NNU KQP =HH PDA }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u D ' . IC =J@ /5/ IC SANA A=?D @EOOKHRA@ EJ $& I+ QOEJC = >=PD OKJE?=PKN =P NKKI PAILAN=PQNA = J@ PDAJ ?KI>EJA@ 3 DEO OKHQPEKJ S=O EJFA?PA@ =P ?I D h EJPK I KB /3%$ PQ>EJC NAOE@AJ?A PEIA IEJ 1AOE@AJ?A PEIAO SANA IK@EBEA@ >U R=NUEJC PDA BHKS N=PA =J@ PQ>EJC HAJCPD 3=>HA 1A=?PEKJ L NK@Q?PO SANA ?KHHA?PA@ EJ = I+ LKHULNKLUHAJA ?AJPNEBQCA PQ>A OQ>IANCA@ EJ =J E?AhS=PAN >=PD 1 AOQHPEJC J=JKL=NPE?HAO -/O SANA LQNEBEA@ >U PSK ?U?HAO KB @EOOKHQPEKJ =J@ LNA?ELEP=PEKJ BK HHKSA@ >U QHPN=?AJPNEBQC=PEKJ =P 4 NLI BKN IEJ ?APKJA h I+ PEIAO KB PDA OP=NPE JC RKHQIA KB PDA NA=?PEKJ LNK@Q?P S=O =@@A@ PK PDA ?KHHA?PA@ NA=?PEKJ LNK@Q?P =J@ PDA N AOQHPEJC IETPQNA S=O >NEABHU RKNPATA@ PK EJ@Q?A ?KILHAPA LNA?ELEP=PEKJ KB PDA -/O BKHHKSA@ > U QHPN=?AJPNEBQC=PEKJ QOEJC PDA =BKNAIAJPEKJA@ ?KJ@EPEKJO OA?KJ@ LQNEBE?=PEKJ ?U?HA S=O LANB KNIA@ RE= NA@EOLANOEKJ KB PDA -/OEJAPD=JKHhI+QOEJC=>=PDOKJE?=PKNDAT=JAOh I+SANAPDAJ=@@A@PKEJ@Q?A NALNA?ELEP=PEKJ BKHHKSA@ >U EOKH=PEKJ >U QHPN=?AJPNEBQC=PEKJ 3DA NAOQHPEJC -/O SANA OPKNA@ EJ ?AJPNEBQCAPQ>AO=O@NULKHUIANBEHI=PNKKIPAILAN=PQNA %+,5/ 1A=?PEKJL=N=IAPANOBKNBHKSNA=?PEKJO?=NNEA@KQPQJ@AN }S(DA =PEJC 58@8./ 58@#+=/-6 2 /71=280%>,3716 #/<3./7-/%36/637 2EJCHALD=OA 2EJCHALD=OA 2EJCHALD=OA 2EJCHALD=OA 3SKLD=OA "=NNEAN %HQE@ /5/ 1D"H u D ' . 3SKLD=OA "=NNEAN %HQE@ /5/ 1D"H u D ' . 3SKLD=OA "=NNEAN %HQE@ /5/ 1D"H u D ' . 3SKLD=OA "=NNEAN %HQE@ /5/ 1D"H u D ' . 3SKLD=OA "=NNEAN %HQE@ /5/ 1D"H u D ' . $B7=2/<3< 80 #2 +7. #21 558B "< ><371 %@8"2+</ 58@ 37 3-;805>3.3- 87.3=387< 3DA # @NKLHAP CAJAN=PKN S=O LNEJPA@ >U %EJA+EJA /NKPKPULEJC QO EJC 2KIKO 6=PAN2DA@ 7" I=PANE=H 1D"H u D ' . IC C-. IC QOA@ SDANARAN =LLHE?=>HA =J@ /5/ IC SANA OAL=N=PAHU @EOOKHRA@ EJ $& I+ =J@ EJFA ?PA@ =P =J@ ?I D h NAOLA?PERAHU (J >KPD ?=OAO %" S=O EJFA?PA@ =P ?I D h 3DAOA BHKS L=N=IAPANO SANA R=NEA@ PK ?KJPNKH NAOE@AJ?A PEIA 3=>HA /KHUAPDAN APDAN GAPKJA /$$* PQ>EJC (# II S=O QOA@ =O PDA KQPHAP =J@ ?KJJA?PA@ PK /3%$ PQ>EJC EIIANOA@ EJ =J $& >=PD EJOE@A PDA IE?NKS=RA ?=REPU 1A=?PEKJABBHQAJPS=O?KHHA?PA@EJI+LKHULNKLUHAJA ?AJPNEBQCAPQ>AOOQ>IANCA@EJ=J E?AhS=PAN >=PD 3DA NAOQHPEJC -/O SANA LQNEBEA@ =J@ EOKH=PA@ QO EJC = IAPDK@ E@AJPE?=H PK PD=P IAJPEKJA@ =>KRA BKN PDA OUJPDAOEO KB 1D -/O QOEJC OEJCHA BHKS O UJPDAOEO IAPDK@O 3DA NAOQHPEJC -/OSANAOPKNA@EJPDA?AJPNEBQCAPQ>AO=PPDANKKIPAILAN=PQNA EJPDABKNIKB@NULKHUIANBEHI +=-2$B7=2/<3< J=HKCKQO >=PD NA=?PEKJO SANA LANBKNIA@ QOEJC OKHQPEKJO E@AJPE? =H PK PDA BHKS NA=?PEKJO =J@OPENNA@=PNLIEJ=I+NKQJ@>KPPKIBH=OG $B7=2/<3<80+=+5B<=< 4OEJC = I+ O?EJPEHH=PEKJ RE=H /5/?=LLA@ 1D -/O h IC SA NA OQLLKNPA@ KJ IC KB =IKNLDKQO LNA?=H?EJA@ OEHE?= EJ = OKHRAJP IETPQNA KB APD=JKH =J@ #( S=PAN 3ULE?=HHU -/O SANA @EOLANOA@EJI+KB$P.' =J@I+KB#( S=PANS=O=@@A@PKEP 3DEOOKHQPEKJS=OOKJE?=PA@BKN IEJ PK AJOQNA = DKIKCAJAKQO OKHQPEKJ KB -/O @EOLANOEKJ KB =IKNLDKQO OEHE?= EJ APD=JKH S=O LNAL=NA@ >U P=GEJC IC KB OEHE?= EJ = I+ CH=OO O?EJPEHH=PE KJ RE=H AMQELLA@ SEPD = IEJE=PQNA OPEN >=N =J@ =@@EJC I+ KB #( S=PAN =J@ I+ KB APD=JKH PK EP 3DEO IETPQNA S=O OKJE?=PA@ BKN =P HA=OP IEJ =J@ ?KJOP=JPHU OPENNA@ SDEHA =@@EJC PDA -/O OKHQPE KJ PK EP EJ = @NKLSEOA B=ODEKJ 3DA NAOQHPEJC IETPQNA S=O OQ>FA?PA@ PK PDNAA LQNEBE?=PEKJ ?U?HAO ?K JOEOPEJC KB OPENNEJC BKN IEJ BKHHKSA@ >U OKJE?=PEKJ PDA ?=P=HUOPO SANA PDAJ EOKH=PA@ >U BEH PN=PEKJ =J@ S=ODA@ SEPD ?KLEQO =IKQJPO KB S=PAN =J@ APD=JKH 3DA NAOQHPEJC OKHE@O SANA @NEA@ E J =J KRAJ =P p" BKN D NAOQHPEJC EJCN=U?KHKNA@=IKNLDKQO2E. OQLLKNPA@-/?=P=HUOPO 2+;+-=/;3C+=387 /KS@AN 7N=U @EBBN=?PEKJ @=P= SANA NA?KN@A@ QOEJC = 2LE@AN @EBB N=?PKIAPAN 1EC=GQ "KNL AMQELLA@ SEPD = "Q *w OKQN?A S=RAHAJCPD KB X KLAN=PA@ =P G5 =J@ I 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, O=ILHAO SANA LNAL=NA@ >U @EOLANOEJC -/O EJ APD=JKH =J@ @NKL?=OPEJC PDA OKHQPEKJ KJPK IAOD ?KLLAN %KNIR=N CNE@ O 3A@ /AHH= (J? =J@ ?KILHAPAHU @NUEJC PDA O=ILHAO EJ =EN 3DA OEVAO KB PDA =J=HUVA@ L=NPE?HAO SANA I=JQ=HHU IA=OQNA@ QOEJC (I=CA ) DPPLNO>SA> JED CKREF +KSNAOKHQPEKJ 3$, EI=CAO SANA =? MQENA@ QOEJC = %$( 3A?J=E PN=JOIEOOEKJ AHA?PNKJ IE?NKO?KLA 'ECDNAOKHQPEKJ 3$, EI=CAO D ECD=JCHA =JJQH=N @=NG BEAH@ O?=JJEJC PN=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU ' #%23$, EI=CAO =J@ $#2 OLA?PN= SANA =?MQENA@ QOEJC = )$.+ % 3$, AMQELLA@ SEPD =J .TBKN@ $#2 @AP A?PKN 3DA EJOPNQIAJP S=O KLAN=PA@ =P GA5 SEPD = JI LKEJP PK LKEJP NAOKHQPEKJ + =PPE?A OL=?EJC R=HQAO SANA ?=H?QH=PA@ QOEJC %%3 =J@ =RAN=CA@ BNKI =P HA=OP PSK IA=OQNAIAJP O ("/,2 @=P= SANA K>P=EJA@ QOEJC=J CEHAJP?A("/0,2OLA?PNKIAPAN +=+5B=3-$=>.3/< 3DA OQLLKNPA@ 2E. h-/ ?=P=HUOPO h IC SANA IETA@ SEPD =?E@ PNA=PA@ ?=H?EJA@ O= J@ h IC =J@ HK=@A@ KJPK = # LKNKOEPU BNEP EJ = ?QOPKII=@ A MQ=NPV 4PQ>A 3DEO IETPQNA S=O I=EJP=EJA@ =P p" QOEJC = S=PAN >=PD LKSANA@ >U = 3DANIK% EODAN 2?EAJPEBE? 3DANIK%HAT NA?EN?QH=PEJC ?DEHHAN %ENOP PDA ?=P=HUOP S=O =?PER=PA@ > U LQNCEJC SEPD = IETPQNA KB NA=?P=JP C=OAO ' =J@ 'A BKN IEJ 3DAJ ?U?HKDATAJA S=O EJPNK@Q?A@ EJPK PDA ? =P=HUOEO HEJA RE= =J EJHEJA O=PQN=PKN 1A=H PEIA LAN?AJP=CA ?KJRANOEKJ KB ?U?HKDATAJA PK ?U ?HKDAT=JA S=O IKJEPKNA@ QOEJC =J '/ CEHAJP &" SEPD = 1AOPAT 2P=>EHES=T I ?KHQIJ =J@ AMQELLA@ SEPD P=J@AI %(# =J@3"#@APA?PKNO 87-5><387< 6A D=RA @AIKJOPN=PA@ BKN PDA BENOP PEIA PDA ?KJPEJQKQO BHKS OUJ PDAOEO KB 1D =J@ 1D C -/O QJ@AN IE?NKS=RA=OOEOPA@ DA=PEJC (P S=O @EO?KRANA@ PD=P L= NPE?HA IKNLDKHKCU =J@ IKJK@EOLANOEPU?KQH@>ABEJAHU?KJPNKHHA@ =O=BQJ?PEKJKBPDA BHKSOUJPDAOEOIAPDK@ =J@PDAPKP=H NAOE@AJ?A PEIA KB NA=?P=JPO SEPDEJ PDA IE?NKS=RA ?=REPU 2EJCHA LD=OA ?KJPEJQKQO BHKS NA=?PEKJO SANA BKQJ@ PK ?HKOAHU AIQH=PA PDA LNK@Q?PO K>P=EJA@ BNKI >=P?D OUJPDAOAO UEAH@EJC SAHH@ABEJA@ =J@ JA=NIKJK@EOLANOA 1D -/ ?Q>K?P=DA@N= EJ SDE?D PDA =RAN=CA - / OEVA S=O @ENA?PHU =BBA?PA@ >U NAOE@AJ?A PEIA (J OP=NG ?KJPN=OP PSKLD=OA BHKS OUJPDAOEO ?KJ@Q?PA@ EJ IE?NKBHQE@E? @NKLHAPO NAOQHPA@ EJ PDA EOKH=PEKJ KB SAHH@ABEJA@ 1D IQHPELK@O 3DA O=I A PA?DJEMQA UEAH@A@ EOKPNKLE? 1D C -/O EJ SDE?D 1D =J@ C SANA N=J@KIHU =HHKUA@ ,K@AH R=LKNLD=O A ?U?HKDATAJA DU@NKCAJ=PEKJ OPQ@EAO NARA=HA@ PD=P PDA 1D IQHPELK@O =NA ?=P=HUPE?=HHU OECJEB E?=JPHU IKNA =?PERA PD=J ?Q>K?P=DA@N=H 1D -/O @QA PK =J EJ?NA=OA@ LNKLKNPEKJ KB OQNB=?A =PKIO =J@ HKSAN ?KKN@EJ=PA A@CA =J@ ?KNJAN OEPAO 2Q?D BHKS OUJPDAPE? IAPDK@O ODKS CNA=P LKPAJ PE=H PK >A QOA@ BKN H=NCAO?=HA OUJPDAOEO KB R=NEKQO PULAO KB -/O =O SAHH =O PK LNKRE@A =??AOO PK GEJAPE? IKNLDKHKCEAO PD=P ?=JJKP >A=OA=OEHUK>P=EJA@QJ@AN?KJRAJPEKJ=HDA=PEJC=J@BNKI>=P?D OUJPDAOAO #/0/;/7-/< OPNQ? # +Q % N=JV=AO ) 1 -=JKL=NPE?HAO =O 1A?U ?H=>HA "=P=HUOPO 3DA %NKJPEAN !APSAAJ 'KIKCAJAKQO =J@ 'APANKCAJAKQO "=P=HUOEO :42C 529 :@ 1 q 9DAJC - %=J ) 2PQ?GU & # .JAOPAL .JALD=OA 2UJPD AOEO KB ,KJK@EOLANOA -K>HA ,AP=HHE? -=JKL=NPE?HAO =J@ 3DAEN "KHHKE@=H "NUOP=HO 9 529 &;0 q 2KIKNF=E & 8KNG 1 + !QP?DAN # /=NG ) 8 3DA $RKHQPEKJ KB ,K@AH "=P=HUPE? 2UOPAIO 2PQ@EAO KB 2PNQ?PQNA !KJ@EJC =J@ #UJ=IE?O BNKI 2EJCHA "NUOP=H ,AP=H 2QNB=?AO PK -=JKL=NPE?HAO =J@ %NKI +KS /NAOOQNA 3KNN PK 'ECD /NAOOQNA 3KNN PK +EMQE@(JPANB=?AO $5E?529529$5E? q 2=Q 3 * 1KC=?D + )=? GAH % *H=N 3 %AH@I=JJ ) /NKLANPEAO =J@ LLHE?=PEKJO KB"KHHKE@=H-KJOLDANE?=H-K>HA,AP=H-=JKL=NPE?HAO 1B!.@2> q !N=PHEA * , +AA ' *KIRKLKQHKO * 8=JC / 2KIKNF =E & /H=PEJQI -=JKL=NPE?HA 2D=LA $BBA?PO KJ !AJVAJA 'U@NKCAJ=PEKJ 2AHA?PEREPU ".:; 2@@ q "NAOLK0QAO=@= , 8=NQHEJ )EJ , 7E= 8 *ESE,E JOGAN + 2PNQ?PQNA 2AJOEPEREPU KB HGUJKH 'U@NKCAJ=PEKJ KJ 2D=LA=J@ 2EVA "KJPNKHHA@ /=HH=@EQ I -=JK?NUOP=HO 6DE?D 2EPAO=NA,KOP ?PERA=J@2AHA?PERA 9529&;0 q 9=AN= % 2KIKNF=E & 'U@NKCAJ=PEKJ KB 6PDUHAJA .RAN /H=PEJQI 2EJCHA"NUOP=H 2QNB=?AO 9529&;0 q "NAIAN / 2 2Q 7 2DAJ 8 1 2KIKNF=E & 'U@NKCA J=PEKJ =J@ #ADU@NKCAJ=PEKJ KB /NKLUHAJA KJ /P 2PQ@EA@ >U 2QI %NAMQAJ?U &AJAN=PEKJ %N KI 4'5 PK PIKOLDANE?/NAOOQNA $5E?529 q 8=JC , 1EKQT 1 , 2KIKNF=E & 1A=?PEKJ *EJAPE?O =J@ (J 2EPQ 2QI %NAMQAJ?U &AJAN=PEKJ 2QNB=?A 5E>N=PEKJ=H 2LA?PNKO?KLU O2Q@EAO KB "U?HK=HG AJA 'U@NKCAJ=PEKJ#ADU@NKCAJ=PEKJ KJ /P 2Q>OPEPQAJP $BBA?PO =J@ ". /KEOKJEJC .@.8 q 'A=N@ " ) 2E=DNKOP=IE 2 &N^J>A?G ' 2PNQ?PQN=H =J @ $JANCAPE? 3NAJ@O KB $PDUHAJA 'U@NKCAJ=PEKJKRAN3N=JOEPEKJ,AP=H2QNB=?AO $5E?529 q 2IEPD " $ !E>ANE=J ) / 2KIKNF=E & 3DA $BBA?P KB 2PNKJCHU !KQJ@ .TUCAJ KJ PDA #ADU@NKCAJ=PEKJ =J@ 'U@NKCAJ=PEKJ ?PEREPU =J@ 2AHA?PEREPU KB / H=PEJQI 2EJCHA "NUOP=H 2QNB=?AO .@.8 q 9DKJC 7 %AJC 8 +EA>ANSENPD ( *JKHH 6 %=?EHA 2U JPDAOEO KB ,KNLDKHKCU"KJPNKHHA@ /H=PEJQI-=JK?NUOP=HO 529!.@2> q 8KK " ( 2AK # "DQJC ! ' "DQJC ( 2 2KJC ' % =?EHA .JA/KP 2UJPDAOEO KB 'U@NKTUH%QJ?PEKJ=HEVA@ &KH@ /KHUDA@NKJO >U = 2QNB=?A 1ACQH=PEJ C "KLKHUIAN 529 !.@2> q 3=K 1 '=>=O 2 8=JC / 2D=LA "KJPNKH KB "KHHKE@= H ,AP=H -=JK?NUOP=HO &9.88 q "DAJ ) 6EHAU ! ) 7E= 8 .JA@EIAJOEKJ=H -=JKOPNQ? PQNAO KB ,AP=HO +=NCA2?=HA 2UJPDAOEO=J@2KIA/KPAJPE=H LLHE?=PEKJO .:49A6> q -EQ & 9DKQ , 8=JC 7 /=NG ) +Q - 6=JC ) *EI , ) 6=JC + 7E= 8 2UJPDAOEO KB /Pq-E .?P=DA@N= EJ "KJPEJQKQOBHKS #NKLHAP 1A=?PKN O BKN PDA 2?=H=>HA /NK@Q?PEKJ KB 'ECDHU ?PERA "=P=HUOPO 3KS=N@ .TUCAJ 1A@Q?PEKJ ".:; 2@@ q "D=J $ , ,=PDEAO 1 HEREO=PKO / 2EVAq"KJPN KHHA@ &NKSPD KB "@2A -=JK?NUOP=HOEJ,E?NKBHQE@E?1A=?PKNO ".:; 2@@ q +EJ 7 9 3ANALG= # 8=JC ' 2UJPDAOEO KB 2EHRAN -=JKL=NPE?HAO EJ = "KJPEJQKQO %HKS3Q>QH=N,E?NKNA=?PKN ".:; 2@@ q !=AG ) HHAJ / , !=SAJ@E , & )AJOAJ * % (JR AOPEC=PEKJ KB (J@EQI /DKOLDE@A -=JK?NUOP=H 2UJPDAOEO 4OEJC = 'ECD3AILAN=PQNA =J@ 'ECD/NAOOQN A "KJPEJQKQO %HKS ,E?NKNA=?PKN :42C529 q 2DAOPKL=HKR ( 3E?A ) # (OI=CEHKR 1 % ,QHPE2PAL 2UJPDAOEO KB -=JKL=NPE?HAO /ANBKNIA@ KJ ,EHHEOA?KJ@ 3EIA 2?=HA EJ = ,E?NKBHQE@E? #NKLHAP! =OA@ 2UOPAI ./ 56< q NPE?HA +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,=H IOP=@P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? q *J=QAN "O=GE ,^HHAN % '_DJ " %NEPVO?DA 6 *^DHAN ) , ,E?NKOACIAJPA@ %HKS3DNKQCD 2UJPDAOEO KB 2EHRAN -=JKLNEOIO SEPD $T=?P 3QJ=>HA .LPE?=H /NKLANPEAO $5E?529 q 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIOP=@P - %HKS (JR=NE=JP #NKLHAP%KNI=PEKJBKN2P=>HA/=N=HHAH,E?NKNA=?PKNO ".@;99A: 3E?A ) # 2KJC ' +UKJ # (OI=CEHKR 1 % %KNI= PEKJ KB #NKLHAPO =J@ ,ETEJC EJ ,QHPELD=OA ,E?NKBHQE@E?O =P +KS 5=HQAO KB PDA 1AUJKH@O =J@ "=LE HH=NU -QI>ANO .:49A6> q #=D=H - &=N?[= 2 9DKQ ) 'QILDNAU 2 , !AJABE?E =H $BBA?PO KB ,E?NKS=RA OOEOPA@ 'A=PEJC 5ANOQO "KJRAJPEKJ=H 'A=PEJC EJ -K>HA ,AP=H -=JKL=NPE?HA 2UJPDAOEO & ".:; q &=N?[= 2 9D=JC + /E>QNJ & 6 'AJGAHI=J & 'QIL DNAU 2 , ,E?NKS=RA 2UJPDAOEO KB "H=OOE?=HHU (IIEO?E>HA 1DK@EQIq2EHRAN =J@ 1DK@EQIq &KH@ HHKU -=JKL=NPE?HAO 'ECDHU ?PERA 'U@NKCAJ=PEKJ "=P=HUOPO & ".:; q &=N?[= 2 J@ANOKJ 1 , "AHEK ' #=D=H - #KHK?= J 9DKQ ) 'QILDNAU 2 , ,E?NKS=RA 2UJPDAOEO KB Q1D "KNA2DAHH -=JKL=NPE?HAO = J@ (ILHE ?=PEKJ KB PDA 2DAHH 3DE?GJAOOEJ'U@NKCAJ=PEKJ"=P=HUOEO 529;99A: q &=N?[= 2 !Q?GHAU ) ) !NQP?DAU 1 + 'QILDNAU 2 , $BBA?P KB,E?NKS=RA 'A=PEJC KJ PDA 2UJPDAOEO KB 1DK@EQI -=JKL=NPE?HAO EJ (KJE? +EMQE@O :;>4 569 0@. q *QJ=H / +E ' #ASEJC ! + 9D=JC + )=NREO * ' AJGAHI=J & 'QILDNAU 2 , ,E?NKS=RA OOEOPA@ 2UJPDAOEO KB /@ T Q qT HHKU -=JKL=NPE?HAO "KI>EJA@ $TLANEIAJP=H =J@ 3DAKNAPE?=H OOAOOIAJP KB 2UJPDAPE? =J@ "KILKO EPEKJ=H $BBA?PO 4LKJ "=P=HUPE?1A=?PEREPU &.@.8 q +=V=NQO + + 8=JC 2 ) "DQ 2 !NQP?DAU 1 + ,= HIOP=@P - %HKS%K?QOA@ 2UJPDAOEO KB ,KJK@EOLANOA &KH@ -=JKL=NPE?HAO 4OEJC (KJE? +EMQE@ O KJ = ,E?NKBHQE@E? /H=PBKNI ./56< q 1K>ANPO $ ) '=>=O 2 $ 6=JC + 1Q@@U # 6DEP A $ !=@@KQN % &NEBBEJ , ! 2?D=E@HA ) ,=HIOP=@P - !NQP?DAU 1 + 'ECD3DN KQCDLQP "KJPEJQKQO %HKS 2UJPDAOEO KB -E?GAH -=JKL=NPE?HAO BKN PDA "=P=HUPE? 'U@NK@AKTUC AJ=PEKJ KB &Q=E=?KH & &A?@.6:./82529:4 q -ECDPEJC=HA , !=JJK?G ) ' *NEODJ=@=O=J 2 ' .l,=DKJU % 3 '=MQA 2 2HK=J ) #NQNU " ,?(JPUNA 1 @A,AHHK ) " +=NCA2?=HA 2UJPDAOEO KB -=JK?NUOP=HO EJ =,QHPE?D=JJAH#NKLHAP1A=?PKN !.@2>529 q 9EACAH>=QAN ) , &QHH= % .l+=KENA " 4NCACDA " HHAJ 1 ) ,QGANFAA 2 "D=H?KCAJE@A $HA?PNK?=P=HUOPO BKN .TUCAJ #ALKH=NEVA@ MQAKQO ' U@NK?DHKNE? ?E@ $HA?PNKHUOEO 820@>;05690@. q %=J % 1 #EJC 8 +EQ # 8 3E=J 9 0 6=JC 9 + %=?AP2AHA?PERA $LEP=TE=H &NKSPD KB 'APANKCAJAKQO -=JKOPNQ?PQNAO KB 2AIE?KJ@Q?PKN =J@ ,AP=H 9J. -=JKNK@O KJ C -=JK?NUOP=HO 9529&;0 q 9APPOQ - ,?+AHH=J ) , 6EHAU ! 8EJ 8 +E 9 8 7E= 8 2UJPDAOEO 2P=>EHEPU =J@ 2QNB=?A /H=OIKJE? /NKLANPEAO KB 1DK@EQI ,QHPELK@O =J@ 3DAEN 4O A =O 2Q>OPN=PAO BKN 2QNB=?Aq$JD=J?A@1=I=J2?=PPANEJC :42C529 q /APNKOGE ) , 6=JC 9 + &NAAJ 3 " $H2=UA@ , *EJAPE?=HHU "KJPNKHHA@ &NKSPD =J@2D=LA%KNI=PEKJ,A?D=JEOI KB/H=PEJQI-=JKL=NPE?HAO $5E?529 q 6=PVGU , %EJGA 1 & 3N=JOEPEKJ ,AP=H -=JK?HQOPAN %KNI=PEKJ *EJAPE? =J@ ,A?D=JEOPE? 2PQ@EAO JAS ,A?D=JEOI 6DAJ 'U@NKCAJ EO PDA 1A@Q? P=JP 2HKS "KJPEJQKQO -Q?HA=PEKJ =J@ %=OP QPK?=P=HUPE? 2QNB=?A &NKSPD 9 529 &;0 q 'QILDNAU 2 , &N=OO , $ '=>=O 2 $ -EAOV * 2 KIKNF=E & 3EHHAU 3 # 1DK@EQI -=JKL=NPE?HAO BNKI "HQOPAN 2AA@O "KJPNKH KB 2EVA =J@ 2 D=LA >U /NA?QNOKN @@EPEKJ1=PA - .:; 2@@ q &=N?[= 2 /E>QNJ & 6 'QILDNAU 2 , ,E?NKS=RA OOE OPA@ 2UJPDAOEO KB ,AP=HHE? -=JKL=NPE?HAO (J !60>;C.B2 :46:22>6:4 ;3 ".:;9.@2>6.8? >;9 !2?;?0.82 @; ".:;?0.82 &QAJEJ$ $@ /=J2P=JBKN@2EJC=LKNA"D=LPANLL q 8Q=J 8 8=J - #UOKJ / ) @R=J?AO EJ PDA 1=PEKJ=H #AOECJ KB 1DK@EQI -=JKL=NPE?HA "=P=HUOPO "KJPNKH RE= ,=JELQH=PEKJ KB PDA -=JKL=NPE?HA "KNA =J @ 2P=>EHEVAN & .@.8 q 2KIKNF=E & HE=C= " ,KHA?QH=N 2PQ@EAO KB ,K@AH 2Q NB=?AO KB ,AP=HO BNKI 2EJCHA "NUOP=HO PK -=JKL=NPE?HAO QJ@AN "=P=HUPE? 1A=?PEKJ "KJ@EPEKJO $RKHQPEKJ BNKI /NAJ=P=H =J@/KOPIKNPAI2PQ@EAOKB"=P=HUOPO .:49A6> q !KNK@GK 8 'QILDNAU 2 , 3EHHAU 3 # %NAE ' 2K IKNF=E & "D=NCA3N=JOBAN (JPAN=?PEKJ KB / KHUREJUHLUNNKHE@KJA SEPD /H=PEJQI =J@ 1DK@EQI -=JKL=NPE?HAO $5E? 529 q H2=E@E 6 %AJC ' %E?DPDKNJ * @OKNLPEKJ KB /KHUREJUHLUNNKHE@KJA KJ C 2QNB=?AO(JOECDP(JPK=2PNQ?PQNA#ENA?PEJC CAJP ".:; 2@@ q 2+9=/; 7 A-/9=387+55B 35. + 7. $-+5+,5/ $ 85>=387 92+</ $ B7=2/<3< 8 0 85B,./7>6+;,3./ +789+;=3-5/<08;%2/;68-+=+5B=3-! B.;81/7+=387 ,<=;+-= JKRAH OKHQPEKJLD=OA O UJPDAOEO KB ?=P=HUPE?=HHU = ?PERA α ,K" T J =JKL=NPE?HAO E O LNAOAJPA@ (J KN@AN PK @ AIKJOPN=PA PDA O?=H=>EHEPU KB PDA NA=?PEKJ PDA >=P?D O UJPDA OEO S=O PN=JOH=PA@ P K = ?QOPKI @AOECJA@>KNKOEHE?=PA?KJPEJQKQOIEHHEBHQE@E?BHKSN A=?PKN (JP AJOEBE?=PEKJKBPDANA=?PEKJS=O=?DEARA@ >U EJ?NA=OEJC PDA LNA?QNOKN ?KJ?AJPN=PEKJ AECDPBKH@ SEPD = O DK NPAN N A=?PEKJ PEIA =J@ EJ D ECDAN UEAH@ P D=J PDA =J=HKCKQO > =P?D N A=?PEKJ /=EN @ EOPNE>QPEKJ BQJ?PEKJ =J=HUO EO ? KJBENIA@ = @ EOKN@ANA@ I=PANE=H OPNQ?PQNA 3DA NAOQHPEJC BHKSOUJPDAOEVA@ α ,K" T J =JKL=NPE?HAO A TDE>EPA@ =?PEREPU P KS=N@O P DA PDANIK?DAIE?=H?KJRANOEKJKB". PK". 7=;8.>-=387 ??AOO PK DECDHU@ABEJA@ J=JKL=NPE?HAO -/O PDNKQCD IEH@ OKHQP EKJ OUJPDAOEO NKQPAO D=O AJ=>HA@ PDA E@AJPEBE?=PEKJ KB GAU OPNQ?PQNABQJ?PEKJ NAH=PEKJOD ELO PD=P @NERA PDA @ARAHKLIAJP KB JATPCAJAN=PEKJ ?=P=HUPE? I=PANE=HO SEPD P=EHKNA@ LANBKNI=J?A 2ECJEBE?=JP ?KJPNKH KRAN BA=PQNAO PD=P EIL=?P ?=P=HUPE? NA=?PEREPU EJ?HQ@EJC OEVA OQNB=?A OPNQ?P QNA =J@ ?KILKOEPEKJ D=O >AAJ NA=HEVA@ QOEJC OKHQPEKJ OUJPDAOEO IAPDK@O BKN IAP=HO =O S AHH =O IAP=H K TE@AO LDKOLDE@AO =J@ OQHBE@AO >QP BAS OEIEH=N -/ AT=ILHAO ATEOP BKN PN=JOEPEKJ IAP=H JEPNE@AO =J@ ?=N>E@AO 3N=JOEPEKJ IAP=H ?=N>E@AO EJ L=NPE?QH=N D=RA QJEMQA ?=P=HUPE? LNKLANPEAO @QA PK PDA EJ?K NLKN=PEKJ KB ?=N>KJ EJ PDA EJPANOPEPE=H OEPAO KB = IAP=H H=PPE?A 3DAU ATDE>EP JK>HA IAP=H >AD=REKN LK OOAOO IQHPEBQJ?PEKJ=H ?=P=HUPE? LNKLANPEAO 62 IAP=HHE? OEPAO =?E@E? OEPAO =J@ >=OE? OEPAO KBBAN KLLKNPQ JEPEAO PK PQJA ?=P=HUPE? NA=?PEREPU>=OA@KJOAHA?PEKJKB IAP=H=J@JKJIAP=H=PKIOOPKE ?DEKIAPNU=J@?NUOP=HOPNQ?PQNA 3DAOA =PPNE>QPAO EJ =@@EPEKJ PK HKS ?KOP =J@ $=NPD =>QJ@=J?A D=RA CERAJ PDAI >NK=@ =LLHE?=>EHEPU BKN = R=NEAPU KB NA=?PEKJO EJ?HQ@EJC PDA ?=P=HUPE? ?KJRANOEKJ K B ". PK DECDAN R=HQA LNK@Q?PO =J@ BQAHO 1A=HEVEJC PDA ?=P=HUPE? LKPAJPE=H KB PN=JOEPEKJ IAP=H ?=N>E@AO DKSARAN NAMQENAO PDA =>EHEPU PK ?KJPNKH = ?KILHAT OAP KB BA=PQNAO SDE?D D=O >AAJ HEIEPA@ >U PDA QJNA=?PERA J=PQNA KB PDA IKOP ?KIIKJ ?=N>KJ NA=CAJPO 24 =?PER=PA@ ?=N>KJ "' KPDAN HECDP =HG=JAO JA?AOOEP=PEJC DECD PAILAN=PQNA =J@KN DECDLNAOOQNA NA=?PEKJ ?KJ@EPEKJO =J@ HKJC N A=?PEKJ PEIAO "=P=HUPE?=HHU EILKNP=JP IAP=H ?=N>E@A ?=P=HUOPO 24 ,K =J@ 6 ?=N>E@AO =NA PULE?=HHU LNAL=NA@ >U ?=N>QNEV=PEKJ KB = IAP=H IAP=H KTE@A KN IAP=H JEPNE@A =P PAILAN=PQNAO =>KRA ° " EJ = IETPQNA KB "' =J@ ' 3DA NAOQHPEJC >QHG IAP=H ?=N>E@AO =NA CAJAN=HHU LKHU?NUOP=HHE JA LKNKQO OKHE@O =J@ ?=J >A ?K=PA@ SEPDAT?AOO?=N>KJ=J@KND=RA=J KTE@AOQNB=?AH=UANAEPDAN@ QAPKNAOE@Q=HKTUCAJ BNKI=IAP=H KTE@A LNA?QNOKN KN L=OOER=PEKJ EJ @EHQPA KTUCAJ BKHHKSEJC ?=N>Q NEV=PEKJ ,KNA NA?AJPHU PDKQCD ,K ?=N>E@AO D=RA >AAJ LNAL=NA@ >U OKHCAH IAPDK@O SEPD =IEJA ?K ILKQJ@O =O PDA ?=N>KJ OKQN?A KLAJEJC QL =RAJQAO BKN ?KJPNKHHA@ J=JKOPNQ?PQNEJC QOEJC OKHE@ PAILH=PAO 3DA PAILH=PA ?=J BQJ?PEKJ =O >KPD = O=?NEBE?E=H OQLLKNP =J@ = ?=N>KJ OKQN?A =O EJ PDA ?=OA KB = IAP=H KNC=JE? BN=IASKNG KN ?=J >A NAIKRA@ >U @EOOKHQPEKJ LKOPNA=?PEKJ PK =PP=EJ BNAA OP=J@EJC -/O 3 DAOA IAPDK@KHKCEAO LNKRE@A OECJEBE?=JP =@R=J?AIAJPO EJ ?KJPNKH KRAN J=JKOPNQ?PQNEJC >QP PDA DECD PAILAN=PQNAONAMQENA@ ° "OPEHHHEIEPPDABQHHOLA?PNQIKB=??AOOE>HABA=PQNAO 2EIEH=N PK KPDAN DECDHU OPQ@EA@ I=PANE=HO OUOPAIO IEH@ OKHQPEK J OUJPDAOEO NKQPAO PK ?=P=HUPE?=HHU NAHAR=JP IAP=H ?=N>E@A -/O ?KQH@ LNKRE@A PQJ=>EHE PU KB PDA ?=P=HUOP ?KILKOEPEKJ =J@ IKNLDKHKCU A=OA KB D=J@HEJCLNK?AOOEJC KB PDA -/O EJ OKHQPEKJ BA=OE>EHEPU KB IK@EBUEJC OQNB=?A LNKLANPEAO =J@ PDA QOA KB HKS NA=?PEKJ PAILAN=PQNAO =J@ ODKNP NA=?PEKJ PEIAO "QNNAJPHU AT=ILHAO KB OKHQPEKJ OUJPDAOEVA@ IAP=H ?=N>E@A -/O KJHU ATEOP BKN -E =J@ %A ?=N>E@AO 3DA OKHQPEKJ OUJPDAOEO NA=?PEKJO OQ??AOOBQHHU LNK@Q?A ?=N>E@A -/O =P OECJEBE ?=JPHU HKSAN PAILAN=PQNAO OANEAO KB-E " T -/O BKN AT=ILHA S=O OUJPDAOEVA@ =P KJHU ° " >U NA@Q?EJC = -E LNA?QNOKN EJ K?P=@A?AJA =J@ PDA OP=>EHEVEJC HEC=J@ KHAUH=IEJA SEPD ?KJPNKHHA @ ?=N>KJ ?KJPAJP >=OA@ KJ NA=?PEKJ PEIA (J PDA ?=OA KB %A ?=N>E@A -/O PDA ?=N>KJ OKQN?A D=O >AAJ E@AJ PEBEA@ =O ". EJ PDA %A". =J@KN BNKI @A?KILKOEPEKJ KB PDA KNC=JE? HEC=J@O KN OKHRAJPO 3DANA =NA ARAJ BASAN NALKNPO PD=P AILHKU OKHQPEKJ LD=OA OUJPDAOEO NKQPAO PK EILKNP=JP ?=P=HU PE? IAP=H ?=N>E@AO OQ?D =O ,K ?=N>E@AO 3DAOA NALKNPO =NA ?KJBEJA@ PK OUJPDAPE? IAPDK@KHKCEAO PD=P =BBKN@ HEIEPA@ ?KJPNKH KRAN GAU I=PANE=H LNKLANPEAO %KN AT=ILHA EHH@ABEJA@ J=JKIAPANOEVA @ LKS@ANO KB B=?A?AJPANA@ ?Q>E? %"" ,K" T D=RA >AAJ LNAL=NA@ QOEJC PDA OKJK?DAIE?=H @A?KILKOEPEKJ KB ,K ". EJ DAT=@A?=JA BKN PDA @ADU@NKCAJ=PEKJ KB ?U?HKDAT=JA DKSARAN PDE O =LLNK=?D OPEHH NAMQENAO DECD PAILAN=PQNA ° " PDANI=H PNA=PIAJPO SEPD "' =J@ ' PK ?=N>QNEVA PDA DECDHU KTUCAJ ?KJP=IEJ=PA@LNK@Q?P 'ANAEJ SA NALKNP =J AT?ALPEKJ=HHU IEH@ OKHQPEKJOUJPDAOEO NKQP A PK ?NUOP=HHEJA ,K?=N>E@A -/O 3DA -/O SDE?D =NA LNKPA?PA@ BNKI QJ?KJPNKHHA@ KTE@=PEKJ > U KNC=JE? HEC=J@O SANA @EOLANOA@ KJ ?=N>KJ OQLLKNPO =J@ AR=HQ=PA@ BKN PDANIK?DAIE?=H ". DU@NKCAJ=PEKJ =BPAN =?PER=PEKJ EJ ' 3DAOA I=PANE=HO ATDE>EPA@ ?KIL=N=>HA KN >APPAN LANBKNI=J?A PD=J PDA >QHG IAP=H ?=N>E@A ?KQJPANL=NP =J@ SANA OQ??AOOBQHHU OUJPDAOEVA@ =P ?=P=HUPE?=HHU NAHAR=JP O?=HAO QOEJC ?KJPEJQKQO BHKSOUJPDAOEOIAPDK@O #/<>5=<+7.3<-><<387 $B7=2/<3<80 α α 8 A "< ,KHU>@AJQI DAT=?=N>KJUH S=O E@AJPEBEA@ =O = LNKIEOEJC OKQN?A KB =EN OP=>HA HKSR=HAJP ,K BKN LNAL=NEJC ,K ?=N>E@A @QA PK EPO OP=>EHEPU LNABKNIA@ ,Kh " >KJ@O =J@ HKS ?KOP $=NHU NALKNPO D=RA =HOK @APANIEJA@ PD=P ,K". I=U >A LUNKHUVA@ =P NAH=PERAHU HKS PAILAN=PQNAO h ° " QJ@AN R=?QQI SEPD L=NPE=H LNAOOQNAO KB ". KN ' >APSAAJ h 3 KNN PK BKNI B=?A?AJPANA@ ?Q>E? %"" α ,K" T KN OPNQ?PQN=HHU =J=HKCKQO KTU?=N>E@AO ,K" . NAOLA?PERAHU 3DAOA NALKNPO EJ@E?=PA PSK ?NEPE?=H LNKLANPEAO KB PDA ,K". LNA?QNOKN PD=P I=GA EP = OQEP=>HA LNA?QNOKN BKN PDA OKHQPEKJLD=OA OUJPDAOEO KB ,K ?=N >E@A QJ@AN QHPN=IEH@ ?KJ@EPEKJO EP I=U >A NA=@EHU @A?KILKOA@ EJ PDA =>OAJ?A KB =@@EPEKJ=H O KQN?AO KB NA=?PERA ?=N>KJ PK BKNI ?=N>E@E? LD=OAO =J@ PDA @A?KILKOEPEKJ PAILAN=PQNA N=JCA h ° " EO SEPDEJ PDA PULE?=H SKNGEJC PAILAN=PQNAO KB OKHQPEKJLD=OA -/ OUJPDAOEO QOEJC DECD >KEHEJC OKHRAJPO $TLHKEPEJC PDAOA LDUOE?=H LNKLANPEAO SA @ARAHKLA@ = B=?EHA OI=HHO?=HA >=P?D OU JPDAOEO PK LNAL=NA ?NUOP=HHEJA α ,K" T -/O RE= PDA PDANIKHUPE? @A?KILKOEPEKJ KB ,K". EJ PDA LNAOAJ?A KB KHAUH=IEJA =J@ K?P=@A?AJA 3DA ,K". LNA?QNOKN NAI=EJO EJOKHQ>HA QJPEH =NKQJ@ ° " =J@ NA=@EHU OQ>HEIAO EJ PDA JA?G KB PDA NA=?PEKJ BH=OG HA=@EJC PK = IK@AN=PA UEAH@ EJ >=P?D OUJPDAOEO ?= 4LKJ NA=?DEJC ?= ° " = DKIKCAJKQO UAHHKS OKHQPEKJ EO K>P=EJA@ PD=P LNKCNAOOERAHU PN=JOEPEKJO PK =J KN=JCANA@ OKHQPEKJ =O PDA PAILAN=PQNA JA=NO ° " HEGAHU EILHE?=PEJC PDA BKNI=PEKJ KB = :,K". . I ; OLA?EAO =O ,K". NA=@EHU NA=?PO SEPD =IEJAO =J@ EIEJAO PK BKNI @E OQ>OPEPQPA@ :,K". + ; ?KILHATAO QJ@AN OEIEH=N ?KJ@EPEKJO P ?= ° " PDA ,KLNA?QNOKN ?KILHAT @A?KILKOAO PK BKNI DECDHU @EOLANOE>HA α ,K" T -/O 'KSARAN PDEO OUJPDAOEO =LLNK=?D PK BKNI α ,K" T -/O OQB BANO BNKI I=JU KB PDA @EO=@R=JP=CAO KB -/ OUJPDAOAO QOE JC PN=@EPEKJ=H >=P?D NA=?PEKJO OQ?D =O OI=HH LNK@Q?PEKJ O?=HA HKJC NA=?PEKJ PEIAO =J@ HKS OUOPAI PDNKQCDLQP SDE?D =NA ?KILKQJ@A@ >U PDA OQ>HEI=PEKJ KB PDA ,K". LNA?QNOKN PD=P HEIEPO >=P?D OUJPDAOEO UEAH@=J@NAMQENAO=@@EPEKJ=HC=OI=J=CAIAJPLNK?AOOAO (J KN@AN PK ?EN?QIRAJP PDA EOOQAO EJDANAJP SEPD PDA OI=HHO?=HA >=P?D OUJPDAOEO SA @ARAHKLA@ = DECDPDNKQCDLQP ?KJPEJQKQO IEHHEBHQE@E? LNK?AOO PK ATA?QPA PDA PDANIKHUPE? @A?KILKOEPEKJ KB ,K". =P IK@AN=PA PAILAN=PQNAO ° " EJ K?P=@A?AJA PK BKNI DECDHU @EOLANOE>HA %"" α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α ,K" T -/O S=O LANBKNIA@ =O EHHQOPN=PA@ EJ %ECQNA = !NEABHU = LNA DA=PA@ ,K". LNA?QNOKN OKHQPEKJ S=O EJFA?PA@ =P = ?KJOP=JP BHKS N=PA KB I+ D h EJPK = >KNKOEHE?=PA IEHHEBHQE@E? NA=?PKN ( # II DA=PA@ PK ° " 4LKJ DA=PEJC PK PDA NA=?PEKJ PAILAN=PQNA PDA ,K". LNA?QNOKN @A?KILKOAO HE>AN=PEJC ". =J@ OAL=N=PEJC PDA HEMQE@ LD=OA EJPK EOKH=PA@ LHQCO EJ PDA NA=?PKN ?D=JJAH 3DA OUOPAI EO BEPPA@ SEPD = ?DA?G R=HRA QLOPNA=I KB PDA DA=PA@ NA=?PKN PK LNARAJP PDA >=?GBHKS KB LNA?QNOKN OKHQPEKJ ?=QOA@ >U C=O ARK HQPEKJ @QNEJC LNA?QNOKN @A?KILKOEPEKJ EJ =@@EPEKJ PDA IEHHEBHQE@E? NA=?PKN S=O KLAN=P A@ =P LOEC PK BQNPDAN OQLLNAOO 6: ?6@A C=O ARKHQPEKJ =J@ I=EJP=EJ HKJCAN =J@ IKNA ?KJOEOPAJP NAOE@AJ? A PEIAO O PDA NA=?PEKJ IETPQNA L=OOAO PDNKQCD PDA KQPHAP KB PDA DA=PA@ OACIAJP KB PDA NA=?PKN PDA NA=?PEKJ EO N=LE@HU PDANI=HHU MQAJ?DA@ =O DA=P @EOOEL=PAO BNKI PDA J=NNKS @E=IAPAN NA=?PEKJ ? D=JJAH QLKJ ATLKOQNA PK NKKI PAILAN=PQNA =EN 2UJPDAPE? PDNKQCDLQP S=O KLPEIEVA@ >U EJ?NA=OE JC PDA LNA?QNOKN ?KJ?AJPN=PEKJ BNKI I, QOA@ EJ PDA >=P?D NA=?PEKJ PK I, .RAN PDA ?KJ?A JPN=PEKJ N=JCA BNKI I, PK I, EP S=O K>OANRA@ PD=P PDA NAOE@AJ?A PEIA NAI=EJA@ JA=NHU ?KJOP=JP DKSARAN PDANA S=O = OECJEBE?=JP @A?NA=OA EJ PDA NAOE@AJ?A PEIA BKN PDA DECDAOP LNA? QNOKN ?KJ?AJPN=PEKJ I, NAOQHPEJC BNKI EJ?NA=OA@ C=O ARKHQPEKJ %ECQNA > 3DA α ,K" T -/O LNK@Q?P UEAH@O =O @APANIEJA@ >U PDANIKCN=REIAPNE? =J=HUOEO BKN ,K". LNA?QNOKN ?KJ?AJPN=PEKJO KB I, I, I, =J@ I, SANA =J@ NAOLA?PERA HU @AIKJOPN=PEJC JA=N MQ=JPEP=PERA UEAH@O KB α ,K" T -/O QOEJC PDA @ARAHKLA@ IEHHEBHQE@E? OUJPDAOEO =LLNK=?D 3DEO PN=JOH=PAO PK = OEJCHA?D=JJAH NA=?PKN PDNKQCDLQP KB α ,K" T -/O KB C LAN D KB NA=?PKN KLAN=PEKJ AMQ=PEJC PK C KB SP OQLLKNPA@ α ,K" hT -/ ?=P=HUOP "KIL=N=PERAHU PDA >=P?D NA=?PEKJ QOEJC = I, LNA?QNOKN ?KJ?AJPN=PEKJ =B BKN@A@ = UEA H@ KB h HA=@EJC PK KJHU W ICKBLNK@Q?P 31>;/ = 1 ALNAOAJP=PEKJ KB P DA I EHHEBHQE@E? N A=?PKN O UOPAI BKN PDA ?KJPEJQKQO B HKS OUJPDAOEO KB α ,K" hT -/O=J@>NA=?PEKJNAOE@AJ ?APEIA=J@IEHHEBHQE@E? α ,K" hT -/OLNK@Q?PUEAH@=O=BQJ?PEKJKB :,K". ; $=;>-=>;+52+;+-=/;3C+=387808 DA "< 3DA NAOQHPEJC α ,K" hT -/O L=NPE?HAO =NA ?NUOP=HHEJA SEPD = IQHPELK@=H IKNLDKHKCU =J@ =J =LLNKTEI=PA OEVA KB h JI =O ODKSJ EJ %ECQNA = 3DA B=OP %KQNEAN PN=JOBKNI L=P PANJ EJOAP KB PDA OAHA?PA@ NACEKJ EJ %ECQNA > ?=J >A EJ@ATA@ PK PDA : ; VKJA =TEO KB %"" ?Q>E? α ,K" T SEPD IA=OQNA@ H=PPE?A OL=?EJCO KB JI =OOECJA@ PK PDA LH=JAO =J@ =J@ PK PDA LH=JAO 3DA 71# L=PPANJ BKN α ,K" hT -/O ODKSJ EJ %ECQNA ? ?KNNAOLKJ@O SAHH SEPD PDA >QHG α ,K" T @EB BN=?PEKJ L=PPANJ SEPDKQP =@@EPEKJ=H NABHA?PEKJO =OOK?E=PA@ SEPD =JU KPDAN ?NUOP=HHEJA ?=N>E@A KTE@A KN IAP=HHE? LD=OAO 3DA 71# L=PPANJ O KB >QHG z,K " =J@ α ,K" D OUJPDAOEVA@ =O LNAREKQOHU NALKNPA@ =NA LNAOAJPA@ EJ %ECQNA ? 3DA >QHG z,K " EO LD=OALQNA >U 71# =J@ PDA =OLNAL=NA@ α ,K" D S=O BKQJ@ PK >A LNA@KIEJ=JPHU PDA α ,K" D LD=OA >U OEJCHALA=G NABANAJ?A EJPAJOEPU N=PEK =J=HUOEO SEPD PN=?A z,K " LNAOAJP SDE?D EO KBPAJ K>OANRA@ 2?DANNAN =J=HUOEO KB PDA @EB BN=?PEKJ LA=G BKN PDA α ,K" T -/O CERAO = ?NUOP=HHEPA OEVA KB JI SDE?D EO EJ CKK@ =CNAAIAJP SEPD PDA @E=IAPAN KB PDA ?NUOP=HHEPAO K>OANRA@ >U 3$, 31>;/ = + KSNAOKHQPEKJ 3$, E I=CA K B α ,K" D - /O O DKSEJC KRAN=HH IKNLDKHKCU =J@ > DECD NAOKHQPEKJ3$,EI=CASEPD%%3L=PPANJEJOAPKBKQPHEJA@NACEK JEJ@ATA@PKPDA:;VKJA=TEO ?71# L=PPANJOBKN-/ α ,K" T =J@>QHG α ,K" T =J@>QHG β ,K "SEPD?KNNAOLKJ@EJCNABANAJ?AL=PPANJO 3DA NAI=EJ@AN KB PDEO ?D=LPAN SEHH BK?QO KJ PDA α ,K" hT -/O OUJPDAOEVA@ QOEJC PDA I, LNA?QNOKN ?KJ?AJPN=PEKJ EJ BHKS =O PD=P S=O PDA I=PANE=H OU OPAI PD=P =?DEARA@ PDA DECDAOP PDNKQCDLQP SEPD ?KILHAPA ?KJRANOEKJ KB LNA?QNOKN @@EPEKJ=HHU =HH NAI=EJEJC I=PANE=H ?D=N=?PANEV=PEKJ S=O LANBKNIA@ KJ α ,K" hT -/O OQLLKNPA@ KJ DECDOQNB=?A=NA= 5 QH?=J 7"1 ?=N>KJ QJHAOO KPDANSEOA OP=PA@ 3DA ,K" hT -/O O=ILHA S=O BQNPDAN EJRAOPEC=PA@ QOEJC 7N=U LDKPKAHA?PNKJ OLA?PNKO?KLU 7/2 3DA @A?KJRKHQPA@ DECDNAOKHQP EKJ ,K 1 7/2 OLA?PNQI %ECQNA =ATDE>EPA@PDNAAOAPOKB,K 1 @KQ>HAPONALNAOAJPEJC=N=JCAKBKTE@=PEKJOP=PAOBKN α ,K" T BNKI PK 3DA @KQ>HAP K>OANRA@ =P A5 ?=J >A =OOECJA @ PK ,K EJ α ,K" D 3DA BA=PQNA =P A5 EO ?KJOEOPAJP SEPD PDA LNAOAJ?A KB ,K EJ PDA BKNI KB ,K. HEGA OLA?EAO 3DA BA=PQNA =P A5 ?=J >A =OOECJA@ PK KTE@EVA@ ,K =J@ OQCCAOPO PDA LNAOAJ?A KB ,K. HEGA OLA?EAO 3DA LNAOAJ?A KB DECDR=HAJP ,K =J@ ,K OLA?EAO >U 7/2 OQCCAOPO PD=P PDA α ,K" T -/O D=RA =J KTE@EVA@ OQNB=?A OEIEH=N PK PD=P K>OANRA@ BKN L=O OER=PA@ >QHG ?=N>E@AO 3DA DECDNAOKHQPEKJ " ? AJRAHKLA %ECQNA > ?KJBENIO PDA LNAOAJ?A KB ?=N>E@E? ?=N>KJ SEPD = ?D=N=?PANEOPE? LA=G HK?=PA@ =P HKSAN >EJ@EJC AJAN CU A5 3DANA EO =HOK = H=N CA BA=PQNA =OOK?E=PA@ SEPD =@RAJPEPEKQO ?=N>KJ KNECEJ=PEJC BNKI >K QJ@ KHAUH=IEJA A5 =O SAHH =O = OI=HH =IKQJP KB =@OKN>A@ ?=N>KJ KTE@AO PD=P ?=J >A =OOECJA @ PK PDA LA=G =P A5 3DA KRANH=LLEJC ,K < =J@ - ? NACEKJ S=O @A?KJRKHQPA@ >U ?KJOPN=EJEJC PDA K>OANRA@ ,K < @KQ>HAP BNKI PDA - ? LA=GO QOEJC PDA GJKSJ OAL=N=PEKJ AJAN CU =J@ N=PEK KB EJPAJOEPU 3DA LA=G =P = >EJ@EJC AJAN CU KB A5 %ECQNA ? ?=J >A =PPNE >QPA@ PK ?=N>E@E? ,K 3DA LA=G K>OANRA@ =P A5 ?=J >A =PPNE>QPA@ PK PDA LNAOAJ?A KB OQNB= ?A >KQJ@ KHAUHEIEJA OLA?EAO NAOQHPEJC BNKI PDA KTE@=PEKJ KB KHAUH=IEJA @QNEJC NA=?PEKJ 3DE O EO EJ CKK@ =CNAAIAJP SEPD PDA %3 (1 OLA?PNQI KB PDA =OLNAL=NA@ α ,K" T -/O PD=P ATDE>EP = JAS BA=PQNA =P ?= ?I PD=P ?=J >A =O?NE>A@ PK = h"- OPNAP?D 3DA LA=GO K>OANRA@ >U 7/2 =P A5 =J@ A5 = NA ?KJOEOPAJPSEPDPDALNAOAJ?A KBKHAUH=IEJAh-' =J@KHAUH=IIKJEQIh-' NAOLA?PERAHU KJ PDA -/ OQNB=?A %ECQNA ? %QNPDANIKNA PDA %3 (1 OLA?PNQI KB @NKL?=OP α ,K" hT -/ QJOQLLKNPA@ BEHIO @EOLH=UA@ ?HA=N >=J@O ?KNNAOLKJ@EJC PK =HGU H OLA?EAO ν "h' =@@EPEKJ=HHU ?KJBENIEJC PDA LNAOAJ?A KB KN C=JE? KHAUH=IEJA HEC=J@O KJ PDA -/ OQNB=?A %ECQNA 3DA >=J@ =OOK?E=PA@ SEPD ν -h' EO K>OANRA@ =P ?I =J@ EO >NK=@AJA@ SDAJ ?KIL=NA@ PK BNAA KHAUH=IEJA 3DA ODEBP PK HKSAN S=RAJQI>ANO =J@ >NK=@AJEJC KB P DA OPNAP?DEJC RE>N=PEKJ EO PULE?=HHUK>OANRA@SEPDHEC=J@?KKN@EJ=PEKJPK=-/ OQNB=?A 31>;/ ' ECDNAOKHQPEKJ = ,K @ > " O = J@ ? - O 7/2 O LA?PN= BKN α ,K" T -/O LNAL=NA@ EJ BHKSQOEJCI,LNA?QNOKNOKHQPEKJOQLLKNPA@KJ5QH?=J7" 1 ?=N>KJ 31>;/ %3(1OLA?PN=KBPDALQNEBEA@>QPQJOQLLKNPA@ α ,K" hT -/OOUJPDAOEVA@EJBHKSQOEJC I,LNA?QNOKNOKHQPEKJCNAAJ=J@KBBNAAKHAUH=IEJA>HQA PKIE? L=EN @EOPNE>QPEKJ BQJ?PEKJ /#% =J=HUOEO KB DECDAJAN CU 71# '$71# L=PPANJO S=O QOA@ PK LNKRE@A CNA=PAN EJOECDP EJPK PDA OPNQ?PQNA KB PDA O I=HH @EOKN@ANA@ α ,K" hT -/ OPNQ?PQNAO =J@ AJ=>HA PDA ?KIL=NEOKJ KB NA=HPEIA OL=?AO PKIE ? /#%O =NA PDA %KQNEAN PN=JOBKNI KBPDAPKP=HO?=PPANEJCL=PPANJ>KPD !N=CC=J@@EB BQOABA=PQNA P=GAJ=POQB BE?EAJPHUDECDNA?ELNK?=H OL=?A RA?PKNO ?= X EJPK =PKIE? L=EN @EOP=J?AO 3DA IKNA EIIA@E=PA EJPQEPERA OPNQ?PQN=H 1000 1500 2000 2500 3000 3500 Wavenumbers (cm -1 ) Intensity (a.u.) MoC 1-x NPs OAm QJ@ANOP=J@EJC KB NA=H OL=?A @EOP=J?AO =J@ PDA =>EHEPU LNK>A @EO KN@ANA@ I=PANE=HO EO L=NPE?QH=NHU SAHH OQEPA@ BKN LNK>EJC PDA =PKIE?O?=HA OPNQ?PQNA KB -/O =J@ D=O LN AREKQOHU >AAJ QOA@ PK @APANIEJA PDA OPNQ?PQNAKBAJ?=LOQH=PA@,K" T J=JK?HQOPANOSEPDEJVAKHEPALKNAO 3DA/#%KB?=N>KJOQLLKNPA@ α ,K" hT -/O EO ODKSJ EJ %ECQNA =HKJC SEPD PDA ?=H?QH=PA@ /#%O KB %" " α ,K" T KNPDKNDKI>E? β ,K " >K@U?AJPANA@ ?Q>E? ,K ,K. =J@ ,K. 3DA α ,K" hT -/O ATDE>EP >NK=@ =PKI L=EN LA=GO PD=P N=LE@HU KO?EHH=PA PK VANK >A BKNA X 3DEO EO ?KJOEOPAJP SEPD PDA @EOKN@ANA@ J=PQNA =J@ OI=HH OEVA KB PDA -/O =O NARA=HA@ >U PDAE N >NK=@ 71# L=PPANJO =J@ PDA OEVA KB PDA ?NUOP=HHEJA @KI=EJO @APANIEJA@ >U 3$, 3DA α ,K" hT -/O OPNQ?PQNA IKOP ?HKOAHU NAOAI>HA@ PD=P KB >QHG α ,K" T SEPD PDA BENOP ?KKN@EJ=PEKJ OLDANA NALNAOAJPEJC ,Kh" =PKIE? L=ENO EO LKOEPEKJA@ =P X 3DEO ,Kh" =PKIE? L=EN @EOP=J?A E O OECJEBE?=JPHU ?KJPN=?PA@ ?KIL=NA@ PKPDA>QHG@EOP=J?AOBKN,K" D =J@,K "OQCCAOPEJC@EOKN@ANKJPDAJ=JKO?=HA PD=P?KQH@=B BA?P ?=P=HUPE? LNKLANPEAO 3DA BA=PQNA NALNAOAJPEJC PDA OA?KJ@ ?KKN@ EJ=PEKJ OLDANA KB ,Kh,K @EOP=J?AO =J@ PK = HAOOAN ATPAJP "h" @EOP=J?AO =LLA=NO PK >A = OQLANLKO EPEKJ KB PSK BA=PQNAO SEPD I=TEI= =P X 3DEO >NK=@ ,Kh,K LA=G K>OANRA@ BKN α ,K" h D -/O AJ?KIL=OOAO PDA ATLA?PA@ ,Kh ,K @EOP=J?AO KB >KPD >QHG,K" D =J@ >QHG,K " BQNPDAN EJ@E?=PEJC =PULE?=H HK?=H KN@ANEJC 3DA =>OAJ?A KB ?KNNAH=PEKJ LA=GO =P > =J@ X ?KNNAOLKJ@EJC PK ,K ,K. =J@ ,K. NAOLA?PERAHU EJ@E?=PAPD=P=JUKBPD AOAOLA?EAOLNAOAJPEJPDA O=ILHA=NA>AHKS PDA@APA?PEKJHEIEP 31>;/ = $ TLANEIAJP=H /#% BKN α ,K" hT -/O >H=?G HEJA = O SAHH =O ? =H?QH=PA@ / #%O @=ODA@ HEJAO BKN α ,K" T NA@ = J@ β ,K " >HQA > $TLANEIAJP=H /#% BKN α ,K" T -/O >H=?G HEJA = J@ ?=H?QH=PA@ /#%O B KN @=ODA@ HEJAO BKN ,K CNAAJ ,K. NA@ =J@ ,K. >HQA ? ,K *A@CA $ 7 %2 =J@ @ 1,"CAJAN=PA@-/?KJBECQN=PEKJKB α ,K" hT -/O 7N=U =>OKNLPEKJ OLA?PNKO?KLU 7 2 ATLANEIAJPO =P PDA ,K *A@C A SANA LANBKNIA@ PK ?KILHAIAJP PDA /#% =J=HUOEO EJ @APANIEJEJC PDA HK?=H OPNQ?PQNA KB PDA ,K =PKIO EJ PDA DECDHU @EOKN@ANA@ α ,K" T -/O 3DA BA=PQNAO K>OANRA@ EJ PDA 7N=U =>OKNLPEKJ JA=N A@CA OL A?PNQI 7 -$2 ODKSJ EJ %ECQNA =NA EJ CKK@ =CNAAIAJP SEPD LNAREK QOHU NALKNPA@ @=P= BKN >QHGw ,K" T 3DA ATPAJ@A@ 7N=U =>OKNLPEKJ BEJAOPNQ?PQNA OLA?PN= $7 %2 S =O K>P=EJA@ =BPAN >=?GCNKQJ@JKNI=HEV=PEKJGSAECDPEJC=J@%KQNEANPN=JOBKNI=PE KJKBPDA7 2@=P=L=OPPDA,K *A@CA α ,K" hT -/O I=EJ BA=PQNAO =P X =J@ X JKP ?KNNA?PA@ BKN LD=OA ODEBP BKN PDA ,Kh" =J@ ,Kh,K ?KKN@EJ=PEKJ OLDANAO $7 %2 IK@AHEJC %ECQNA =? LNKRE@AO MQ=JPEP=PERA ARE@AJ?A KB NA@Q?A@ KN@AN 3DA ,Kh" ?KKN@EJ=PEKJ JQI>AN "- BK N α ,K" hT -/O d =J@ PDA ,Kh,K "- EO =LLNKTEI=PAHU d SDE?D =NA OECJEB E?=JPHU HKSAN PD=J PDA "-O BKN >QHG,K" T =J@ NAOLA?PERAHU =J@ EO = BQNPDAN EJ@E?=PKN KB OPN Q?PQN=H @EOKN@AN EJ PDA α ,K" hT -/O I=PANE=H 31>;/ =,K*A@CA7 -$2BKN>= P?D=J@BHKSOUJPDAOEVA@,K" D -/O=HKJCSEPD=NABANAJ?A,K BKEH=J@>?KNNAOLKJ@EJCG OL=?A@=P= 31>;/ $7 %2BEPPEJCNAOQHPOBKNBHKSOUJPDAOEVA@,K" D -/O=I=CJEPQ@ANOL=?A>NA=HN OL=?A=J@?G OL=?ABEPO @@EPEKJ=HHU $7 %2 IK@AHA@ "-O SANA QOA@ EJ ?KJFQJ?PEKJ SEPD P DA /#% @=P= PK LNAL=NA OPNQ?PQNA IK@AHO KB PDA -/O QOEJC NARANOA ,KJPA "=NHK 1," OEI QH=PEKJ 1," IK@AHEJC EO L=NPE?QH=NHU =@R=JP=CAKQO BKN @EOKN@ANA@ J=JKI=PANE=H OUOPAIO =O PDA ATLANEIAJP=H @=P= EO PDA LNEI=NU @NERAN BKN BEPPEJC =J@ JKP ?NUOP=HHKCN=LDE? ?KJOPN=EJPO 3DA 1," IK@AH ODKSJ EJ %ECQNA @ EHHQOPN=PAO PDA H=?G KB HKJCN=JCA KN@AN =J@ NARA=H O OECJEBE?=JP OQNB=?A QJ@AN?KKN@EJ=PEKJ 3DA 1,"CAJAN=PA@ /#% BEPO PDA ATLANEIAJP=H @=P= SEPD =CNAAIAJP B=?PKNO % S =HH >AHKS (J L=NPE?QH=N PDA IEHHEBHQE@E? OUJPDAOEVA@ α ,K" hT -/O D=O = DECD ?KJ?AJPN=PEKJ KB QJ@AN?KKN@EJ=PA@ ,K =PKIO SDE?D I=U >A NAOLKJ OE>HA BKN PDA DECDAN PQNJKRAN BNAMQAJ?U K>OANRA@ KRAN PDAOA I=PANE=HO B612 6:3>. 'KSARAN PDEO IK@AH NALNAOAJPO = >QHG =RAN=CA KB =HH J=JKL=NPE?HAO LNK>A@ SEPDEJ PDA 7N=U >A=I >KPD '$71# =J@ 7 2 =J@ EO JKP NALNAOAJP=PERA KB PDA OPNQ?PQNA KB =J EJ@ERE@Q=H J=JKL=NPE?HA 'KSARAN OQ?D = J=JKL=NPE?HA OPNQ?PQN=H IK@AH NAI=EJO QOABQH BKN AOP=>HEODEJC OPNQ?PQNABQJ? PEKJ NAH=PEKJODELO SEPD ?=P=HUPE? LANBKNI=J?A@=P=PD=P=HOKNALNAOAJP>QHG=RAN=CALNKLANPEAO ! B.; 81/7+=387 "=P=HUPE?". DU@NKCAJ=PEKJLANBKNI=J?AKB?=N>KJOQLLKNPA@-/,K" D S=O?KIL=NA@ PK >QHG α ,K" D =J@ >QHG β ,K " ?=P=HUOPO EJ = ?KJPEJQKQOBHKS BETA@ >A@ NA=?PKN KLAN=PEJC QJ@AN DECDLNAOOQNA ". NA@Q?PEKJ ?KJ@EPEKJO ,/= `" ' ". =P = SAECDP DKQNHU OL=?A RAHK?EPU 6'25 KB D 3DA ". ?KJRANOEKJ BKN PDA >QHG α ,K" D =J@ -/,K" D " ?=P=HUOPO =O = BQJ?PEKJ KB PEIA KJ OPNA=I 3.2 =NA LNAOAJPA@ E J %ECQNA 3DA >QHG α ,K" D ?=P=HUOP ATDE>EPA@ = CN=@Q=H @A?NA=OA EJ =?PEREPU PD=P OP=>EHEV A@ =P HKJCAN 3.2 D (J ?KJPN=OP ". NA@Q?PEKJ KRAN -/,K" D " @AIKJOPN=PA@ =J EJ@Q?PEKJ LANEK@ SDANA ?KJRANOEKJ EJ?NA=OA@ =P A=NHU 3.2 =J@ PDAJ OP=>EHEVA@ =P 3.2 D 3DEO EJ@Q?PEKJ LANEK@ S=O K>OANRA@ SEPD -/ ,K" D PD=P D=@ >AAJ OQ>FA?PA@ PK HKJCAN LNAPNA=PIAJP PEIAO OQCCAOPE JC PD=P PDA EJ@Q?PEKJ LANEK@ EO =PPNE>QPA@ PK PDA CN=@Q=H =??QIQH=PEKJ KB NA=?PERA EJPANIA@E =PAO KJ PDA SAHH@EOLANOA@ ,K ?=N>E@A -/O N=PDAN PD=J ?KJPEJQA@ =?PER=PEKJ KB ?=P=HUOP OEPAO QJ@AN NA=?PEKJ ?KJ@EPEKJO 3=>HA HEOPO ". =RAN=CA@ ?KJRANOEKJ =J@ LNK@Q?P OAHA?PEREPEAO BKN =HH ?=P=HUOP O =BPAN D 3.2 SDAJ ?=P=HUOP =?PEREPU S=O OP=>HA 4J@AN OEIEH=N NA=?PEKJ ?KJ@EPEKJO PDA OQLLKNPA@ -/,K" D ?=P=HUOP S=O IKNA =?PERA PD=J EPO >QHG α ,K" D =J=HKC SEPD = ?KJRANOEKJ KB ?KIL=NA@ PK ?KJRANOEKJ BKN >QHG α ,K" D 3DA AJD=J?A@ =?PEREPU KB PDA OQLLKNPA@ -/ ?=P=HUOPO EO IKNA LNKJKQJ?A@ SDAJ ?KIL=NA@ =O PQNJKRAN BNAMQAJ?U 3.% JKNI=HEVA @ >U ,K ?KJPAJP 3DA 3.% KB -/,K" D ?= IKH ". IKH ,K D S=O BKQJ@ PK >A KJ PDA KN@AN KB DECDAN PD=J >KPD >QHG α ,K" D =J@ z,K " ?=P=HUOPO ?= IKH ". IKH ,K D 'ECDLNAOOQNA ". NA@Q?PEKJ S=O EJRAOPEC=PA@ KJ >QHG z,K " =J@ α ,K" D ?=P=HUOPO =P R=NUEJC PAILAN=PQNAO BNKI h K " =J@ = 6'25 KB D =J@ PDA 3.% R=HQAO SANA NALKNPA@ EJ PDA N=JCA KB h D =P K " 3DA OHECDPHU DECDAN =?PEREPU BKN >QHG z,K " ?KIL=NA@ PK PDA >QHG α ,K" D ?=P=HUOP S=O =PPNE>QPA@ PK = IKNA ,KNE?D OQNB=?A EJ z,K " SDE?D B=RKNO ,Kh" >KJ@ BKNI=PEKJ =J@ =?PER=PEKJ KB ". -KP=>HU PDA ". DU@NKCAJ=PEKJ =?PEREPU @AIKJOPN=PA@ EJ KQN OPQ@U JKNI=HEVA@ > U ,K ?KJPAJP AT?AA@O SD=P D=O >AAJ NALKNPA@ BKN ,K ?=N>E@A ?=P=HUOPO >U BKH@ AEPDAN =P =PIKOLDANE? LNAOOQNA KN=PAHAR=PA@LNAOOQNA,/= 31>; / ". ? KJRANOEKJ =O = B QJ?PEKJ KB PEIA KJ OPNA=I 3.2 KRAN ,K" T - / =J@ >QHG =,K" D ?=P=HUOPO 1A=?PEKJ ?KJ@EPEKJO ,/= `" ' ". =J@ 6'25 D -KPA PDA >QHG =,K" D ?=P=HUOPI=UD=RAOI=HHEILQNEPEAOKB β ,K " 24 22 20 18 16 14 12 Conversion (%) 14 12 10 8 6 4 TOS (h) NP-MoC 1-x Bulk- α-MoC 1-x %+,5/ ". N A@Q?PEKJ =?PEREPU = J@ LNK@Q?P OAHA?PEREPU 1A=?PEKJ ?KJ@EPEKJ O K ",/= 6'25 D =J@' ". BKN>QHG=J@OQLLKNPA@,K"?=P=HUOPO += + 5B <= - =3?3=B $/5/-=3?3=B6 8 5 87?/;<387 %!# 2 ! B.;8-+;,87< 3. 1 I KHAOKB". ?KJRANPA@IKHAOKB, K D 4J@AN PDAOA ?KJ@EPEKJO PDA >QHG z,K " =J@ α ,K" T ?=P=HUOPO ATDE>EPO OEIEH=N =?PEREPU LAN ,K OEPA >QP PDA OQLLKNPA@ -/ α ,K" T ?=P=HUOPO @AIKJOPN=PA = OECJEBE?=JP EILNKRAIAJP EJ =?PEREPU LAN ,K OEPA KB ?= 3DA I=FKN LNK@Q?PO BNKI PDA NA =?PEKJ SANA ". h " OAHA?PEREPU =J@ HECDP L=N=BBEJO ?KJOEOPEJC IKOPHU KB IAPD=JA h " OAHA?PEREPU =O LNAOAJPA@ EJ 3=>HA !QHG =J@ -/ α ,K" T ?=P=HUOPO ATDE>EPA@ OEIEH=N LNK@Q?P OAHA?PEREPU KRAN PDA ?KJRANOEKJ N=JCA KB h DKSARAN PDA >QHG z,K " ?=P=HUOP ATDE>EPA@ CNA=PAN "' BKNI=PEKJ PD=J PDA KPDAN ?=P=HUOPO .HABEJO =J@ IAPD=JKH KJHU =??KQ JP BKN IEJKN BN=?PEKJ KB PDA LNK@Q?POHAOOPD=J"OAHA?PEREPU A9/;36/7=+5 /7/;+587<3./;+=387< 2UJPDAPE? I=JELQH=PEKJO PK LNAL=NA α ,K" T J=JKL=NPE?HAO SANA ?KJ@Q?PA@ QJ@AN = - =PIKOLDANA QOEJC OP=J@=N@ 2?DHAJG PA?DJEMQAO KN EJ = - BEHHA@ 5 =?QQI PIKOLDANAO CHKRA>KT QJHAOO KPDANSEOA JKPA@ .HAUH=IEJA . I PA?DJE?=H CN=@A = J@ K?P=@A?AJA .#$ SANA LQN?D=OA@ BNKI 2ECI= H@NE?D =J@ @NEA@ LNEKN PK QOA >U DA= PEJC PK ° " QJ@AN R=?QQI BKN ≥ D =J@ OPKNA@ EJ =J - BEHHA@ CHKRA>KT LNEKN PK QOA ,KHU>@AJQI DAT=?=N>KJUH S= O LQN?D=OA@ BNKI 2PNAI "DAIE?=HO =J@ QOA@ =O NA?AERA@ 3DA ?=N>KJ OQLLKNP 5 QH?=J 7"1 S=O OQLLHEA@>U"=>KP=J@QOA@=ONA?AERA@ +=-2$B7=2/<3<80 α α 8 A "< JA?G NKQJ@>KPPKI BH=OG S=O BEPPA@ SEPD = ?KJ@AJOAN =J@ PSK O ALP= S=O ?D=N CA@ SEPD = LKNPEKJ KB ,K". C IIKH =J@ PDNAA >NEAB AR=?Q=PEKJ- NABEHH ?U?HAO SANA ?KJ@Q?PA@ 0Q=JPEPEAO KB LNAREKQOHU @NEA@ . I I+ IIKH =J@ .#$ I+ SANA EJFA?PA@ =J@ =J =@@EPEKJ=H PDNAA AR=?Q=PEKJ- ?U?HAO SANA ?KJ@Q?PA@ 3DA =LL=N=PQO S=O PDAJ NABEHHA@ SEPD - =J@ DA=PA@ N=LE@HU PK `" =J@ I=EJP=EJA@ =P PDEO PAILAN=PQN A BKN D >ABKNA PDA DA=P OKQN?A S=O NAIKRA@ =J@ PDA NA=?PEKJ IETPQNA =HHKSA@ PK ?KK H PK =I>EAJP PAILAN=PQNA J=PQN=HHU LLNKTEI=PAHU I+ KB "'"H S=O QOA@ PK =OOEOP EJ PDA PN=JOBAN KB PDA ?KKHA@ NA=?PEKJ IETPQNA EJ AMQ=H L=NPO PK PDNAA ?AJPNEBQCA PQ>AO I+ LKN PEKJ KB =?APKJA S=O =@@A@ PK A=?D ?AJPNEBQCA PQ>A PK BHK??QH=PA PDA L=NPE?HAO SDE?D SANA PDAJ OA L=N=PA@ >U ?AJPNEBQC=PEKJ =P 1/, BKN IEJ 3DA OQLANJ=P=JP S=O @A?=JPA@ BNKI A=?D PQ>A SEP D ?=NA JKP PK @EOPQN> PDA @=NG KEH ?KJP=EJEJC PDA α ,K" T -/O 3DA -/O SANA S=ODA@ PSK =@@EPEKJ=H PEIAO >U PNA=PIAJP SEPD =J =@@EPEKJ=H?= I+ =HEMQKPKB=?APKJABKHHKSA@>U?AJPNEBQC=P EKJ=P1/,BKN=J=@@EPEKJ=H IEJ 3DA S=ODA@ -/ LAHHAPO SANA ?KI>EJA@ =J@ NA@EOLANOA@ EJ =LLNKTEI=PAHU I+ KB "'"H BKNOQLLKNPEJCKJ?=N>KJ 87=37>8><58@$B7=2/<3<80 α 8 "< 3DA CH=OO IE?NKBHQE@E? NA=?PKN S=O AMQEHE>N=PA@ =P `" KRANJ ECDP =J@ LNALNAOOQNEVA@ PK LOECSEPD- LNEKNPKA=?DOUJPDAOEO LNA?QNOKNOKHQPEKJI,S=OLNA L=NA@>UIETEJC= LKNPEKJ KB ,K". C IIKH SEPD . I I+ IIKH =J@ .#$ I+ =J@ DA=PEJC PDA IETPQNA PK p" BKN D QJ@AN - 3DA OKHQPEKJ S=O ?KKHA@ PK p" PDAJ PN=JOBANNA@ PK = CH=OO OUNEJCA BEPPA@ SEPD DA=P P=LA I=EJP=EJA@ =P p" PK I=EJP=EJ = DKIKCAJKQO OKHQPEKJ 3DA CH=OO OUNEJCA S=O PDAJ B=OPAJA@ PK OUNEJCA LQIL =J@ ?KJJA?P A@ PK PDA EJHAP PQ>EJC KB PDA IEHHEBHQE@E? NA=?PKN 3DA ,K". LNA?QNOKN OKHQPEKJ S=O EJFA?PA@ =P = ?KJOP=JP BHKS N=PA KB I+ D 3DA α ,K" hT -/ LNK@Q?P S=O @ENA?PA@ L=OP =J EJHEJA BHKS OAJOKN OAP PK NA? KN@ ARANU O =J@ S=O ?KHHA?PA@ =P PDA NA=?PKN KQPHAP 3DA I=OO BHKS N=PA KB PDA LNK@Q?P IETPQNA S=O NA?KN@A@ SEPD =J =J=HUPE?=H >=H=J?A =J@ AT?AOO LNAOOQNA S=O NAHEARA@ PD NKQCD = LOEC>=?GLNAOOQNA NACQH=PKN 3DANAOQHPEJC α ,K" hT -/ OQOLAJOEKJS=O?KI>EJA@SEPDDA T=JAOEJ=RRN=PEK KB DAT=JAONA=?PEKJ IETPQNA >ABKNA >AEJC PN=JOBANNA@ EJPK OET I+ ?AJPNEBQCA PQ>AO 3DA IETPQNA S=O RKNPAT IETA@ BKN O >=PD OKJE?=PA@ BKN IEJ =J@ PDAJ L NA?ELEP=PA@ >U =@@EJC = LKNPEKJ KB APD=JKH I+ PK A=?D ?AJPNEBQCA PQ>A 3DA APD=JKHE? LNK@Q?P IETPQNA S=O >NEABHU OKJE?=PEKJ PDAJ PDA α ,K" T -/O SANA ?KHHA?PA@ >U ?AJPNEBQC=PEKJ 1/, IEJ 3DA ?KHKNHAOO OQLANJ=P=JP S=O @A?=JPA@ =J@ @EO?=N@A@ =J@ PDA >H=?G J=JKL=NPE ?HA LAHHAP S=O NA@EOLANOA@ >U =@@EJCI+ KB"'"H PKA=?D?AJPNEBQCAPQ>A 3DA-/OSANAS=ODA@>ULNA?ELEP=PEJC PDA-/O=J =@@EPEKJ=H PEIA SEPD APD=JKH I+ LAN PQ>A BKHHKSA@ >U OKJE? =PEKJ =J@ ?AJPNEBQC=PEKJ 1/, IEJ PK EOKH=PA PDA LNK@Q?P 3DA NAOQHPEJC α ,K" hT -/O SANA @EOLANOA@ EJ "'"H PK =?DEARA=OQOLAJOEKJKB?= ICI+ h BKNOQ>OAMQAJPOQLLKNPEJCKJ?=N>KJ /=/;637+=38780355305>3.3-#/<3./7-/ % 36/ 3DA HEJA=NEPU KB LNK@Q?P I=OO IA=OQNA@ KRAN PEIA SEPD PDA =J=HU PE?=H >=H=J?A EJ@E?=PA@ = OPA=@U OP=PA ?KJ@EPEKJ EJ PDA IEHHEBHQE@E? NA=?PKN BKN =HH IA=O QNA@ ?KJ?AJPN=PEKJO %ECQNA 3DA =RAN=CA @AJOEPU KB PDA LNK@Q?P ; H S=O IA=OQNA@ =BPAN A=?D NQJ PK ?KJRANP I=OO BHKS N=PA . v PK HEMQE@ RKHQIA BHKS N=PA H $MQ=PEKJ 3DA BHKS OAJOKN @APA?PA@ PDA HEJA=N BHKS N=PA O KB PDA HEMQE@=J@C=OLHQCO%ECQNA 3DAN=PEK>APSAAJPDANAOE@ AJ?APEIAOKBA=?DLD=OAIA=OQNA@ >U PDA EJHEJA OAJOKN =HHKSA@ PDA NAH=PERA RKHQIAO KB PDA PSK L D=OAO PK >A ?=H?QH=PA@ 3DANABKNA PDA C=O RKHQIAPNE? BHKS N=PA S=O K>P=EJA@ >=OA@ KJ PDA IA=OQNA@ HEMQE@ RKHQIAPNE? BHKS N=PA %HKS N=PAO KB HEMQE@ =J@ C=O SANA ?KNNA?PA@ >U DA=P ATL=JOEKJ NA=?P KN RKHQIA S=O @ERE@A@ >U BHKS N=PA PK?=H?QH=PANAOE@AJ?APEIA H t. v ; H 31>;/ , =OO KB L NK@Q?P ?KHHA?PA@ KRAN PEIA BKN I, I, I, =J@ I, , K". LNA?QNOKNOKHQPEKJO 31>;/ 1ALNAOAJP=PEKJKBC=O=J@HEMQE@BHKSEJPDA IEHHEBHQE@E?NA=? PKN=J@PDA@=P=CAJAN=PA@>UPDA @EOOEL=PEKJ BHKS O AJOKN PK @ EOPEJCQEOD PDA HEMQE@ =J@ C=O LD=OA O =J@ @APANIEJA PDA NAOE@AJ?A PEIA BKN BHQE@ LHQCOEJPDANA=?PKN 0.0 0.5 1.0 1.5 2.0 0 5 10 15 20 Time (h) Mass of product (g) 312 mM 156 mM 78 mM 625 mM /=/;637+=38780355305>3.3-$B7=2/<3<*3/5.+7.";8.>-=3?3=B 3K AOPEI=PA PDA UEAH@ BKN α ,K" hT -/O OUJPDAOEVA@ EJ BHKS = GJKSJ RKHQIA KB PDA BEJ=H LNK@Q?POQOLAJOEKJS=O@NEA@EJ= LNASAECDA@RE=HQJ@AN- PKNAIKRAPDAOKHRAJP 3DANAOQHPEJC I=OO S=O =J=HUVA@ PDANIKCN=REIAPNE?=HHU PK p" QJ@AN BHKSEJ C - PK AOPEI=PA PDA KNC=JE? HEC=J@ ?KJPAJP =O @AO?NE>A@ EJ $MQ=PEKJ 3DA KRAN=HH UEAH@ S=O ?=H?QH=PA@ =??KN@EJC PK $MQ=PEKJ .$44 0( 130&6%5 +/ &3+'& 7+$- ,/08/ 70-6.' 0( %0--0+&$- 4641'/4+0/ +/ 7+$- s 505$- 70-6.' 0( 4641'/4+0/ s0 =@b 85 w (30. ! x t . $44 0( 0 =@b %033'%5'& (03 -+)$/& %0/5'/5 XN]] ZR IZ D ehq OZ\\QO^QP RZ\ WUSNYP OZY^QY^ IZ D ehq ^TQZ\Q^UONW cUQWP s t : +'-& 0( 0 =@b 3DAPDNKQCDLQPKBPDAIEHHEBHQE@E?NA=?PKNOUOPAIS=O?=H?QH=PA @=??KN@EJCPK$M Q =PEKJ .'$463'& (-083$5' w . * @= x s 13'%63403 %0/%'/53$5+0/ w .) IZ w DK x g . ]ZW_^UZY @= xs :+'-& t0 =@b 4 w) * @= x $B7=2/<3<80+;,87<>998;=/. "< 3DA -/O NA?KRANA@ BKHHKSEJC ?AJPNEBQC=PEKJ SANA NA@EOLANOA@ EJ ?= I+ KB "'"H =J@ =@@A@@NKLSEOAPK=N=LE@HU OPENNEJCOQOLAJOEKJKB 5 QH?=J7" 1?=N>KJ@EOLANOA@EJ ?= I+ KB "'"H PK UEAH@ = ?=P=HUOP KB JKIEJ=HHU SP IAP=H ?=N>E@A HK=@EJC 3DA IETPQNA S=O OKJE?=PA@ BKN IEJ =J@ OPENNA@ KRANJECDP 3DA NAOQHPEJC ?=P=HUOP S=O OAL =N=PA@ RE= ?AJPNEBQC=PEKJ =P 1/, BKN IEJQPAO @NEA@ EJ R=?QK =J@ OPKNA@ EJ =J - BEHHA@ CHKRA>KT LNEKN PK ?=P=HUPE? AR=HQ=PEKJ 2+;+-=/;3C+=387 /KS@AN 7N=U @EB BN=?PEKJ 71# @=P= SANA ?KHHA?PA@ QOEJC = 1EC= GQ 4HPEI= (5 @EB BN=?PKIAPANSEPD="Q* α OKQN?AG5 I #EB BN=?PEKJL=PPANJOSANA?KHHA?PA@EJ PDA θ N=JCA KB h ° =P = O?=J N=PA KB ° IEJ 71# O=ILHAO SANA LNAL=NA@ >U @NKL?=OPEJC = "'"H OQOLAJOEKJ KB QJOQLLKNPA@ -/O KJPK = CH=OO O=ILHA DKH@AN #EB BN =?PEKJ L=PPANJO SANA ?KIL=NA@ PK LKS@AN @EB BN=?PEKJ BEHAO /#%O BNKI PDA (JPANJ=PEKJ=H "AJPNA B KN #EB BN=?PEKJ #=P= ("## 3DA ?NUOP=HHEPA OEVAO SANA ?=H?QH=PA@ BNKI 71# LA=G >NK=@AJEJC KB P DA QJOQLLKNPA@ ?=P=HUOPO QOEJC PDA 2?DANNAN AMQ=PEKJ 2=ILHAO BKN PN=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, SANA @NKL?=OP KJPK ?=N>KJ?K=PA@ ?KLLAN CNE@O 3 A@ /AHH= L=NP JK BNKI "'"H OQOLAJOEKJO (I=CEJC S=O LANBKNIA@ QOEJC = %$( 3 A?DJ=E & 23 3$, KLAN=PEJC =P =J =??AH AN=PEJC =P G5 KN = )$.+ )$,% IE?NKO?KLA KLAN=PEJC =P G5 HH EI=CA =J=HUOEO S=O ?KJ@Q?PA@ SEPD (I=CA) OKBPS=NA +=PPE?A OL=?EJCO SANA IA=OQNA@ BNKI PDA B=OP%KQNEAN PN=JOBKNI O KB DECDNAOKHQPEKJ 3$, '1 3$, EI=CAO 2EVA @EOPNE>QPEKJO SANA @APANIEJA@ BNKI = I =JQ=H IA=OQNAIAJP KB PDA @EOP=J?A BNKI PDA ?AJPNKE@ KB = L=NPE?HA PK PDA PANIEJQO KB = O EJCHA @AJ@NEPA BKN L=NPE?HAO ,AP=H HK=@EJCO SANA @APANIEJA@ >U EJ@Q?PERAHU ?KQLHA@ LH=OI= KLPE?=H AIEOOEKJ OLA?PNKO?KLU ("/ .$2 =J@ PDA "'- ?KJPAJP S=O @APANIEJA@ >U &=H>N=EPD +=>KN=PKNE AO *JKTREHHA 3- 7/2 OLA?PN= SANA =?MQENA@ KJ = *N=PKO TEO 4HPN= 7N=U LDKPKAHA?PNK J OLA?PNKIAPAN SEPD PDA =J=HUVAN HAJO EJ DU>NE@ IK@A 'ECD NAOKHQPEKJ O?=JO SANA LANBKNIA@ QOEJC = IKJK?DNKI=PE? =HQIEJQI =JK@A SEPD =J KLAN=PEJC ?QNNAJP KB I =J@ RKHP=CA KB G5 QO EJC = OPAL OEVA KB A5 = L=OO AJAN CU KB A5 =J@ = LNAOOQNA N=JCA >APSAAJ h × h 3 KNN 3DA >EJ@EJC AJAN CEAO BKN =HH OLA?PN= SANA NABANAJ?A@ PK PDA =@RAJPEPEKQO " O ?KNA HARAH =P A5 3DA OLA?PN= SANA @A?KJRKHQPA@ QOEJC "=O=7/2 = ?KIIAN?E=HHU =R=EH=>HA 7/2 =J=HUOEO LNKCN=I 3 DA ,K 1 =J@ 1 @KQ>HAPO SANA BEP SEPD = OLHEPPEJC KB A5 =J@ =J EJPAJOEPU N=PEK KB 7N=U =>OKNLPEKJ OLA?PNKO?KLU ATLANEIAJPO SANA LANBKNIA@ =P PDA (#! >A=IHEJA KB PDA @R=J ?A@ /DKPKJ 2KQN?A N CKJJA -=PEKJ=H +=>KN=PKNU ,K ?=N>E@A -/O OQLLKNPA@ KJ " W SANA HK=@A@ EJPK II KQPAN @E=IAPAN PDEJS=HHA@ MQ=NPV 7N=U ?=LEHH=NEAO =J@ AT=IEJA@ EJ = PN=JOIEO OEKJ CAKIAPNU #=P= S=O ?KHHA?PA@ BNKI A5 >AHKS PDA ,K *A@CA A5 PK W A5 =>KRA P DA A@CA #=P= LNK?AOOEJC =J@ OQ>OAMQAJP $7 %2 IK@AHHEJC S=O LANBKNIA@ SEPD PDA #AIAPAN 7 2 O KBPS=NA L=?G=CA , K@AHO SANA ?KJOPNQ?PA@ QOEJC ,K" =J@ ,K,K O?=PPANEJC L=PDO BNKI = G JKSJ ,K ?=N>E@A ?NUOP=H OPNQ?PQNA ,K BKEH S=O QOA@ PK K>P=EJ = 2 KB BKN =HH $7 %2 IK@A HO 'ECDAJAN CU 7 N=U @EB BN=?PEKJ ATLANEIAJPO SANA LANBKNIA@ =P PDA (#! >A=IH EJA KB PDA @R=J?A@ /DKPKJ 2KQN?A N CKJJA -=PEKJ=H +=>KN=PKNU QOEJC =J 7 N=U AJAN CU KB GA5 O=ILHA PK @APA?PKN @EOP=J?A KB II S=O QOA@ PK NA=?D W X /#%O KB PDA >=P?D =J@ BHKS OUJPDAOEO O=ILHAO SANA CAJAN=PA@ QOEJC PDA LNKCN=I 1 # #EB BANAJPE=H /#% IAPDK@O PK K>P=EJ PDA ,K ?=N>E@A /#%O >U OQ>PN=?PEJC PDA ?=N>KJ OQLLKNP /#% BNKI PDA ,K ?=N>E@A /#%O =O LNAREKQOHU @AO?NE>A@ 3DAKNAPE?=H /#%O KB NABANAJ?A ,K?KJP=EJEJC ?NUOP=H OPNQ?PQNAO SANA ?=H?QH=PA@ EJ /#%CQE QOEJC LQ>HEODA@ ?NUOP=H OPNQ?PQNA @=P= -=JKL=NPE?HA IK@AHO SANA CAJAN=PA@ QOEJC NARANOA ,KJPA "=NHK OEIQH=PEKJO QOEJC PDA 1," LNKCN=I 2P=NPEJC ?KJBECQN=PEKJO SANA >QEHP BNKI PDA GJKSJ >QHG H=PPE?A KB ,K" D SEPD = OEVA KB JI SDE?D EO PDA NALNAOAJP=PERA OEVA K>OANR A@ EJ 3$, 1," OEIQH=PEKJO SANA LANBKNIA@ SEPD ?KKN@EJ=PEKJ JQI>AN ?KJOPN= EJPO K>P=EJA@ BNKI $7 %2 IK@AHHEJC PK ?NA=PA ATLANEIAJP=HHU =??QN=PA IK@AHO PD=P =NA JKP @NERAJ ATLHE?EPHU @QA PK AJPNKLE? AB BA?PO 2PNQ?PQNAIK@AHOBNKI1,"=NALNAOAJPA@QOEJC 5,#REO Q=HEV=PEKJOKBPS=NA +=+5B=3-! B.; 81/7+=387 "=P=HUPE? =?PEREPU KB = >QHG IKHU>@AJQI ?=N>E@A I=PANE=H >QHG α ,K" T >QHG β ,K " =J@ OQLLKNPA@ IKHU>@AJQI ?=N>E@A J=JKL=NPE?HAO IEHHEBHQE@E? α ,K" T -/O SANA AR=HQ=PA@ BKN PDA ". DU@NKCAJ=PEKJ NA=?PEKJ EJ = sk (# BETA@ >A@ OP=EJHAOO OPAAH NA =?PKN (J = PULE?=H ATLANEIAJP SEPD >QHG ,Kh" ?=P=HUOPO C KB ?=P=HUOP h μ I L=NPE?HA OEVA S=O @EHQPA@ SEPD 2E" h μ I EJ L=NPE?HA OEVA SEPD = RKHQIA N=PEK PK AJD=J?A DA=P PN= JOBAN (J NA=?PEKJO SEPD OQLLKNPA@ α ,K" T -/ ?=P=HUOPO C KB ?=P=HUOP S=O QOA@ SEPDKQP =JU @EHQAJP PK =?DEARA PDA O=IA ,K HK=@EJC EJ PDA NA=?PKN >=OA@ KJ SP JKIEJ=H ,K HK=@E JC KB PDA OQLLKNPA@ ?=P=HUOPO 3DA ?=P=HUOP S=O LNAPNA=PA@ QJ@AN ' N BHKS O??I =P ° " BKN D 3DA NA=?PEKJO SANA LANBKNIA@ =P ° " =J@ ,/= SEPD IKH=N ' ". N=PEK EJ PDA BAA@ KB 1A=?P=JP BHKS N=PA S=O ?KJPNKHHA@ PK =?DEARA PDA O=IA SAECDP DKQNHU OL=?A RAH K?EPU 6'25 KB D >=OA@ KJ =?PERA ?=P=HUOP ?KILKJAJP /NK@Q?P =J=HUOEO S=O LANBKNIA@ KJHEJ A >U CEHAJP 3 A?DJKHKCEAO ! C=O ?DNKI=PKCN=LD AMQELLA@ SEPD = BH=IA EKJEV=PEKJ @APA?PKN =J@ = PDANI=H ?KJ@Q?PEREPU @APA?PKN 3DA ?KJ?AJPN=PEKJ KB A=?D ?KILKQJ@ S=O MQ=JPEBEA@ >U ?KNNAH=PEJ C EPO LA=G =NA= SEPD PDA NAOLKJOA B=?PKN K>P=EJA@ BNKI ?=HE>N=PEKJ OP=J@=N@O 2=ILHEJC KB PDA EJH AP OPNA=I S=O =HOK LANBKNIA@ SDAJ PDA NA=?P=JP BHKS S=O OP=NPA@ KN ?D=JCA@ PK IA=OQNA ?KJ?AJPN=PE KJ KB PDA BAA@ OPNA=I QJPEH EP OP=>EHEVA@ 87-5><387< 3DA OKHQPEKJLD=OA OUJPDAOEO OPN=PACU LNAOAJPA@ EJ PDEO SKNG EO = B=?EHA IAPDK@ BKN LNAL=NEJC J=JKOPNQ?PQNA@ =J@ OP=>HA α ,K" hT -/O 3DA IAPDK@O LNAOAJPA@ DANAEJ NAMQENA JK NA=?PERA C=OAO KN =@@EPEKJ=H PDANI=H PNA=PIAJPO PK LNK@Q?A LD=O ALQNA IAP=H ?=N>E@AO NAHUEJC OKHAHU KJ PDA ATPNAIAHU IEH@ PDANIKHUPE? @A?KILKOEPEKJ KB = IAP =H?=N>KJUH LNA?QNOKN %QNPDAN PDA ?KJPEJQKQO BHKS IEHHEBHQE@E? =LLNK=?D @ARAHKLA@ DECDHECDPO PDA O?=H=>EHEPU KB PDEO OUJPDAPE? OPN=PACU =J@ @AIKJOPN=PAO PDA BA=OE>EHEPU KB LNK@Q?PEKJ KB ?=P= HUPE?=HHU NAHAR=JP MQ=JPEPEAO KB J=JKOPNQ?PQNA@ IAP=H ?=N>E@AO 3DA NAOQHP=JP @EOLANOE>HA -/O ?= J >A @ALKOEPA@ KJ =JU NAHAR=JP OQLLKNP =J@ =O @AIKJOPN=PA@ DANA SEPD PDA PDANIK?=P=HUPE? ". NA@Q?PEKJ KRAN α ,K" hT -/O PDAEN LANBKNI=J?A ?KIL=NAO B=RKN=>HU PK >QHG IKHU>@AJQI ?=N>E@A LD=OAO SEPD LANBKNI=J?A =IKJCPDA>AOPNALKNPA@QJ@ANPDA?KJ@EPEKJOAR=HQ=PA@ #/0/; /7-/< 2?D=E@HA ) '=>=O 2 $ !=@@KQN % & %=N>ANKS " 1Q@@U # 'AJOHAU ) $ !NQP?DAU 1 + ,=HIOP=@P - 1K>KP= ' 3N=JOEPEKJEJC 1= PEKJ=HHU #AOECJA@ "=P=HUPE? ,=PANE=HO PK 1A=H j6KNGEJCk "=P=HUOPO /NK@Q?A@ =P "KI IAN?E=H 2?=HA -=JKL=NPE?HA ,=PANE=HO (J .@.8E?6? );8A92 3DA 1KU=H 2K?EAPU KB "DAIEOPNU 5KH h 1Q@@U# 2?D=E@HA) %ANNAHH(EE) 1 6=JC) ,KAJO+ 'AJOHAU ) $ 1A?AJP @R=J?AO EJ 'APANKCAJAKQO "=P=HUOPO BKN !EKKEH 4LCN=@EJC RE= j $T 2EPQ "=P=HUPE? %=OP /UNKHUOEOk "=P=HUOP #ARAHKLIAJP 3DNKQCD PDA 2PQ@U KB ,K@AH "KI LKQJ@O >22: 5296?@>E h -=OD " 8QJC , "DAJ 8 "=NH 2 3DKILOKJ + 2?D=E @HA ) "=P=HUOEO >U ,AP=H "=N>E@AO=J@-EPNE@AO (J .:1/;;7;3&;861&@.@25296?@>E);8A92&2@ 6EHAU 5KH h /KNKOKBB , # 8=J ! "DAJ ) & "=P=HUPE? 1A@Q?PEKJ K B ". >U ' BKN 2UJPDAOEO KB ". ,APD=JKH =J@ 'U@NK?=N>KJO "D=HHAJCAO =J@ .LLKNPQJEPEAO :2>4E :B6>;: &06 h &EKN@=JK " $NLAJ " 8=K 6 ,EHGA ! JPKJEAPPE , ,AP=H -EPNE@A =J@ ,AP=H "=N>E@A-=JKL=NPE?HAO>U=2KBP4NA=/=PDS=U 529!.@2> h &EKN@=JK " $NLAJ " 8=K 6 JPKJEAPPE , 2UJPDAOEO KB ,K =J@ 6 "=N>E@A =J@ -EPNE@A-=JKL=NPE?HAORE==2EILHAj4NA=&H=OOk1KQPA ".:; 2@@ h 6=J " *JECDP - +AKJ=N@ ! , "NUOP=H OPNQ?PQNA =J @ ,KNLDKHKCU "KJPNKH KB ,KHU>@AJQI "=N>E@A -=JKI=PANE=HO 2UJPDAOEVA@ %NKI =J IEJAhIAP= H .TE@A "KILKOEPA 529;99A: h 6=J " 1ACIE 8 - +AKJ=N@ ! , ,QHPELHA /D=OAO KB ,K HU>@AJQI "=N>E@A =O $HA?PNK?=P=HUOPO BKN PDA 'U@NKCAJ $RKHQPEKJ 1A=?PEKJ :42C 529 !=@@KQN % & -=OD " / 2?D=E@HA ) 1Q@@U # 2UJPDAOEO KB w,K" qT -=JKL=NPE?HAO SEPD = 2QNB=?A,K@EBEA@ 2! '=N@ 3AILH=PA #AP ANIEJ=PEKJ KB 2PNQ?PQNAh%QJ?PEKJ 1AH=PEKJODELO EJ ?APE? ?E@ #AKTUCAJ=PEKJ :42C 529 :@ 1 h 6Q ' ! 7E= ! 8 8Q + 8Q 7 8 +KQ 7 6 /KNKQ O ,KHU>@AJQI "=N>E@A -=JK K?P=DA@NKJO 2UJPDAOEVA@ RE= "KJBEJA@ "=N>QNEV=PEKJ EJ ,AP=HKNC =JE? %N=IASKNGO BKN $BBE?EAJP'U@NKCAJ/NK@Q?PEKJ ".@;99A: h 'QJP 2 3 -EII=JSQ@ELKJC 3 1KIYJ+AODGKR 8 $JCEJAA NEJC -KJOEJPANA@ ,AP=H 3ANIEJ=PA@ 3QJCOPAJ "=N>E@A -=JKL=NPE?HAO BKN "=P=HUOEO :42C 529 :@ 1 h +AJC 8 2D=K ' 6=JC 8 2QVQGE , +E 7 -AS ,AP DK@ PK 2UJPDAOEVA -E?GAH "=N>E@A-E "-=JKL=NPE?HAOEJ2KHQPEKJ ".:;?06".:;@205:;8 h &KPK 8 3=JECQ?DE * .I=P= 3 .POQG=8=K,=POQK 2 .D=ODE - 4A@= 2 8KODEG=S= ' 8=I=ODEP= 8 .KD=ODE ' *K>=U=ODE * %KNI=P EKJ KB -E " -=JK?NUOP=HO >U 3DANIKHUOEO KB -E?GAH ?APUH=?APKJ=PA EJ .HAUH= IEJA "D=N=?PANEV=PEKJ 4OEJC'=N@7N=U/DKPKAHA?PNKJ2LA?PNKO?KLU 529!.@2> h +AJC 8 +EQ 8 2KJC 7 +E 7 %=?PKNO BBA?PEJC %KNI =PEKJ KB ,AP=OP=>HA -E " /D=OA EJ=2KHQPEKJ!=OA@,APDK@ ".:;?06".:;@205:;8 h 2?D=ABAN 9 + 6AA>AN * , ,EON= 1 2?DEBBAN / 2 ?D==G 1 $ !NE@CEJC D?L-E =J@ -E " RE= = -E " T 2KHE@ 2KHQPEKJ 3QJ=>HA "KILKOEPEKJ =J@ ,=CJAPEOI EJ "KHHKE@=H -E?GAH"=N>E@A-=JKL=NPE?HAO 529!.@2> h ,ABBNA ,AD@=KQE ! *AHOAJ 5 %=VVEJE / % "=NN AU ) +=?D=EVA 2 1AOL=Q@ , "D=Q@NAP ! 2EILHA "DAIE?=H 1KQPA PKS=N@ ,KJK@EOLANOA (NKJ " =N>E@A -=JKL=NPE?HAO #EOLH=UEJC 3QJ=>HA ,=CJAPE? =J@ 4JLNA?A@AJPA@ 'ULANPDANIE= /NKL ANPEAO ".:; 2@@ h +=NPECQA + +KJC ) #QI=EH 7 -EGEPAJGK 2 ( "=Q " &Q=NE 8 2PEAR=JK + 2KQCN=PE , 3 &QZNEJ " 2=JCNACKNEK " +=NEKJKR= ) (NK J "=N>E@A -=JKL=NPE?HAO &NKSPD EJ 1KKI 3AILAN=PQNA (KJE? +EMQE@O :"J,(,;:!% ; J ".:;<.>@ %2? h 8=JC " 9D=K ' 'KQ 8 ,= # %A " -=JKL=NPE?HAO %=?EHA !NKIE@A(J@Q?A@ 2UJPDAOEO =J@ =O =J ?PERA /D=OA BKN %EO?DANh3NKLO?D 2UJPDAOEO 9 529 &;0 h 8=JC 9 9D=K 3 'Q=JC 7 "DQ 7 3=JC 3 )Q 8 6=JC 0 'KQ 8 &=K 2 ,K@QH=PEJC PDA /D=OAO KB (NKJ "=N>E@A -=JKL=NPE?HAO %NKI = /AN OLA?PERA KB (JPANBANEJC SEPD PDA "=N>KJ /AJAPN=PEKJ KB %A%A . >U 2AHA?PERAHU @OKN>A@ '=HE@A (KJO 529 &06 h 8=K 2 8=JC " 9D=K ' +E 2 +EJ + 6AJ 6 +EQ ) 'Q & +E 6 'KQ 8 ,= # 1A?KJOPNQ?PEKJ KB PDA 6AP "DAIE?=H 2UJPDAOEO /NK?AOO 3DA "= OA KB %A " -=JKL=NPE?HAO $5E?529 h 'UAKJ 3 %=JC , 2QOHE?G * 2 -=JKOPNQ?PQNA@ ,KHU>@A JQI "=N>E@A 2KJK?DAIE?=H 2UJPDAOEO=J@"=P=HUPE?/NKLANPEAO 9529&;0 h +=J@AN ) ) &ANIAN + ' /H=PEJC ,KHU>@AJQI 3QJCOPAJ =J@ "DNKIEQI >U 3DANI=H #A?KILKOEPEKJ KB 3DAEN "=N>KJUHO /=NP ( /H=PEJC >U /UNKHUOE O %NKI 3DAEN "=N>KJUHO 92>:?@!6:6:4.:1!2@.88A>460.8:46:22>?'205$A/ %ANCQOKJ ( % EJO?KQCD ) ! ,KNOA # ,EHHAN 6 #A?KILKOEPEKJ KB ,KHU>@AJQI 'AT=?=N>KJUH ".@A>2 h &=K ) 6Q 8 )E= " 9DKJC 9 &=K % 8=JC 8 +E Q ! "KJPNKHH=>HA 2UJPDAOEO KB w ,K" T =J@ z,K " -=JKSENAO BKN 'ECDHU 2AHA?PERA ". 1A@Q?PEKJ PK ". .@.8 ;99A: h .ODEG=S= * -=C=E , .IE 2 "D=N=?PANEV=PEKJ KB ,KHU> @AJQI "=N>E@AO BKN ,APD=JA 1ABKNIEJC>U3/171#=J@7/2 $5E?529 h 3KNNAO &=HREO ' , !EPPAN ) ' *D=NA " ! 1QEPAJ> AAG , #QCQH=J ( @A )KJC * / 2QLLKNPA@ (NKJ -=JKL=NPE?HAO =O "=P=HUOPO BKN 2QOP=EJ=>HA /NK@Q?PEKJ KB +KSAN .HABEJO &062:02 h "DAAG=P=I=NH= / * 3DKIOKJ 6 ) /KEOKJEJC $BBA?P KB 3 DEKLDAJA KJ PDA "=P=HUPE? ?PEREPU KB ,KHU>@AJQI "=N>E@A #QNEJC 3NEIAPDUH /AJP=JA 1ABKNI EJC BKN 'U@NKCAJ &AJAN=PEKJ <<8.@.8 h #AHLKNPA / ,AQJEAN % # 1 /D=I'QQ " 5AJJACQAO / +A@KQT , ) &QEHHA ) /DUOE?=H "D=N=?PANEV=PEKJ KB ,KHU>@AJQI .TU?=N>E@A "=P=HUOP 3$ , 71# =J@ 7/2 .@.8';1.E h "DKE ) & 3DKILOKJ + 3 7/2 2PQ@U KB OLNAL=NA@ =J@ 1A@Q?A@ ,KHU>@AJQI .TE@AO <<8&A>3&06 h 6AE 9 ! 9 &N=JCA / #AHIKJ ! 7/2 =J@ 71# 2PQ@EAO KB %NAOD =J@ 2QHBE@A@ ,K - <<8&A>3&06 h 6Q " +EQ # +E ' +E ) ,KHU>@AJQI "=N>E@A#A?KN=P A@ ,AP=HHE? "K>=HP-EPNKCAJ #KLA@ "=N>KJ /KHUDA@NKJO BKN $JD=J?A@ $HA?PNK?=P=HUPE? 'U@NKCAJ $ RKHQPEKJ &9.88 h 2NAAPD=SKJC 3 2D=D * 6 9D=JC 2 8 8A $ +EI 2 ' ,=DAOS=N=J 4 ,=K 6 8 '=J , 8 .LPEIEVA@ /NK@Q?PEKJ KB "KLLAN -=JKOPNQ?PQNAO SEPD 'ECD 8EAH@O BKN $BBE?EAJP4OA=O3DANI=H"KJ@Q?PEREPU$JD=J?EJC/",#KL=JP !.@2>529 h 2K?=?E " ,=CANQO=J + 3QN?Q 1 +EA>O?DAN ) #ARAHK LEJC -KRAH 2PN=PACEAO BKN PDA %QJ?PEKJ=HEV=PEKJ KB "KNAh2DAHH ,=CJAPE? -=JKL=NPE?HAO SEPD %KH E? ?E@ #ANER=PERAO 529$5E? h +Q 7 3Q=J ' 8 "DAJ ) +E 9 8 *KNCAH ! 7 E= 8 ,A?D=JEOPE? 2PQ@EAO KJ PDA &=HR=JE? 1ALH=?AIAJP 1A=?PEKJ !APSAAJ ,QHPELHU 3SEJJA@ /=NPE?HA O KB C =J@ ' Q"H EJ=J.NC=JE?,A@EQI 9529&;0 h 6=JC 9 "DAJ 8 9AJC # 9D=JC 0 /AJC # + 2KHQPE KJ 2UJPDAOEO KB 3NE=JCQH=N =J@ 'AT=CKJ=H -E?GAH -=JKODAAPO SEPD PDA E@ KB 3QJCOPAJ 'AT=?=N>KJ UH >E?@ :4 ;99 h !Q?DI=EAN " 1=PD 3 /ENKHP % *J=HH " *=O?DJE PV / &H=PPAN . 6ASANG= * 'KBAN % *QJANP ! *NAJJ * 3NEIIAH & 1KKI 3AILAN=PQNA UJPDAOEO KB "Q(J2 -=JK?NUOP=HO %&1B h !EHHEJCA 2 ) + *=J=PVE@EO , & !AUKJ@ "NUOP=HHKCN=L DU 3DA 2PQ@U KB #EOKN@AN -=JK?NUOP=HHEJEPU =J@ "NUOP=HHKCN=LDE?=HHU "D=HHAJCA@ ,=PANE=HO SEPD /=EN #EOPNE>QPEKJ %QJ?PEKJO 529;99A: h /APGKR 5 -=JKOPNQ?PQNA >U 'ECD$JANCU 7N=U #EBBN=?PEKJ !.@2> ';1.E h (E@= 3 2DAPPU , ,QNQC=LL=J * 6=JC 9 .D=N= * 6=GED=N= 3 1KIYJ+AODGKR 8 $J?=LOQH=PEKJ KB ,KHU>@AJQI "=N>E@A -=JK?HQOPANO (JOE@A 9AKH EPA ,E?NKLKNAO $J=>HAO 2UJANCEOPE? !EBQJ?PEKJ=H "=P=HUOEO BKN JEOKHA 'U@NK@AKTUCAJ=PE KJ & .@.8 h !KQ?DU " #ANKQ=JA >@ 2 ! #ANKQ=JA $ & -AS 1KQ PA PK PDA ,AP=OP=>HA %"" ,KHU>@AJQI"=N>E@Aw,K" 529;99A: h /=NPDA $ 2=@KCKL=J 5 3DA 2PNQ?PQNA KB #EIKHU>@AJQI "= N>E@A >U -AQPNKJ #EBBN=?PEKJ 3A?DJEMQA 0@.>E?@.88;4> h !ANJQU+KLAV " HHET , !NE@CAO " "H=NE@CA ) ! 1KOOAEJOGU , ) 2N ,C,K. x 2PNQ?PQNA /D=OA 2P=>EHEPU =J@ "=PEKJ 2EPA .N@AN "KJPNKH KB 1A@Q?PEKJ 529!.@2> h 2AEOAJ>=AR= & 2QJ@>ANC , -UCNAJ , #Q>NKREJOGU + *AOOHAN 5 & 3DANI=H #A?KILKOEPEKJ KB PDA ,APDKTE@A "KILHATAO ,K..,A 1A . .,A =J@ 1A qT ,K T . .,A eTe !.@2>529$5E? h !N=AGGAJ' ->6?@.88;4>6?@.8842;>6?@.88<5E?>6?@.880529 h +AA ) 2 8EA ) $ J 7 -$2 2PQ@U KB "=N>E@AO KB ,KHU> @AJQI =J@ 3QJCOPAJ ;>2.: ;3529:4 h *AAJ # ,?&NAARU 1 + 2PNQ?PQN=H ,K@AHHEJC KB &H=OO AO 4OEJC 1ARANOA ,KJPA "=NHK 2EIQH=PEKJ ".@A>2 !A@BKN@ - , 1=IAV=JE#=GDAH ' 2HK?EG ) , !NECCO ! # 1AJ 8 %NAJGAH ( /APGKR 5 'AEJV ' -=EG 1 1 *JA?DP , 1 $HQ?E@=PE KJ KB /ALPE@A#ENA?PA@ /=HH=@EQI 2QNB=?A 2PNQ?PQNA BKN !EKHKCE?=HHU 3QJ=>HA -=JK?=P=HU OPO & ".:; h /KNKOKBB , # *=PPAH 2 +E 6 +EQ / "DAJ ) & (@AJPEBUEJC 3NAJ@O =J@ #AO?NELPKNO BKN 2AHA?PERA ". "KJRANOEKJ PK ". .RAN 3PN=JOEPEKJ ,AP=H "=N>E@AO 529 ;99A: h /KNKOKBB , # 8=JC 7 !KO?K>KEJEG ) "DAJ ) & ,KHU>@AJQI "=N>E@A =O HPANJ=PERA "=P=HUOPO PK /NA?EKQO ,AP=HO BKN 'ECDHU 2AHA?PERA 1 A@Q?PEKJ KB ". PK ". :42C529:@1 h 7Q 6 1=IENAV / ) 2P=??DEKH= # 1K@NECQAV ) ) " + 2UJPDAOEO KB w,K" T =J@ z,K" U "=P=HUOPO BKN ". 'U@NKCAJ=PEKJ >U 3DANI=H "=N>QNEV=PEKJ KB ,KKTE@A EJ 'U@NK?=N>KJ=J@'U@NKCAJ,ETPQNAO .@.8 2@@ h /KO=@=/ZNAV 2 1=I[NAV / ) &QPEZNNAV 1 2P=??D EKH= # ) 5E\AO % +EQ / (HH=O % 1K@NECQAV ) 3DA "KJRANOEKJ KB ". PK ,APD=JKH KJ .NPDKNDKI>E? z,K " =J@ "Qz,K " "=P=HUOPO ,A?D=JEOI BKN @IAP=H (J@Q?A@ "D=JCA EJ PDA 2AHA?P EREPU =J@ ?PEREPU .@.8&06'205:;8 h 2?DJAE@AN " 1=O>=J@ 6 2 $HE?AENE * 6 -(' (I=C A PK (I=CA) 8A=NO KB (I=CA J=HUOEO ".@A>2!2@5;1? h 1=RAH ! -ASREHHA , 3'$- 13$,(2 '$/' $2342 #=P= J=HUOEO BKN 7N=U >OKNLPEKJ2LA?PNKO?KLU4OEJC(%$%%(3 &E:05>;@>;:%.16.@ /APGKR 5 1 # /NKCN=I BKN J=HUOEO KB 7N=U #EBBN=?PEK J #=P= %NKI IKNLDKQO ,=PANE=HOBKN/ANOKJ=H"KILQPANO <<8>E?@ h /H=PANK/N=PO $ +E9 &=HHEJCPKJ+ " /APANO =NKJ6 'QLL) 3 %=ND=. * "D=LI=J * 6 @@NAOOEJC PDA "D=N=?PANEO=PEKJ "D=HHAJCA PK 4J@ ANOP=J@ "=P=HUOEO EJ ,.%O 3DA "=OA KB -=JKO?=HA "Q 2QLLKNPA@ EJ -4 .>.1.E 6?0A?? h %=NNKS " + )QD=O / +EQ ) 6 !NUJ@EJ # !KVEJ $ 2 !HK?D ) /NKBBAJ 3 !EHHEJCA 2 ) /#%BEP =J@ /#%CQE "KILQPAN /NKCN=IO BKN OPQ@U EJC -=JKOPNQ?PQNA EJ "NUOP=HO $5E?;:12:?!.@@2> h &ANA>AJ . /QOVP=E + 1,"</.3 "KILQPAN "K@A BKN 1ARA NOA ,KJPA "=NHK ,K@AHEJC PDA 2PNQ?PQNA KB #EOKN@ANA@ 2UOPAIO "KJP=EJEJC ,KHA?QHAO KB N> EPN=NU "KILHATEPU ;9<A@529 h 'QILDNAU 6 #=HGA 2?DQHPAJ * 5,# 5EOQ=H ,KHA?QH= N #UJ=IE?O !;8 >.<5 !;128 h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gI EJHAP ?D=JJAHO SDE?D ?KQH@ >A QOA@ =O = BHQE@E? I=JEBKH@ 3DA ?D=JJAHO @AHERAN PDA H=IEJ=PA@ @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO PK PDA KQPHAP EJ = LANLAJ@E?QH=N KNEAJP=PEKJ %ECQNA => 3DA PSK BHKSO =HPANJ=PAHU AJPAN =J @ BEHH PDA KLAJEJC KB PDA RANPE?=H ?=REPU ?NA=PA@ >U PDA KQPHAP PQ>EJC ?=QOEJC PDA @EOLANOA@ LD=O A PK LEJ?D KBB =J@ BKNI @NKLHAPO %ECQNA ?@ #NKLHAPO =NA BKNIA@ =P PDA EJPANB=?A >APSAAJ P DA KQPHAP PQ>EJC =J@ PDA DKNEVKJP=H BHKS 3DA # CAKIAPNU EJ?NA=OAO PDA EJPANB=?E=H =NA= >APSAAJ PD A @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO =O PDA @NKLHAPO =NA ODA=NA@ KBB =O ?KIL=NA@ PK = # 3FQJ?PEKJ CAKIAPNU 3DA AJPENA @NKLHAP BKNI=PEKJLNK?AOOEOOAAJEJPDAOQLLHAIAJP=HIKREA 31>;/ 1AJ@ANEJCO KB # @NKLHAP CAJAN=PKNO = J@ EI=CAO KB @NKLHAP BKNI= PEKJ LNK?AOO = "KILQPAN =E@A@ @AOECJ " # N AJ@ANEJC KB = @ NKLHAP C AJAN=PKN S EPD P SK E J HAPO B KN P DA @ EOLANOA@ = J@ ?KJPEJQKQO LD=OAO =J@ = OEJCHA KQPHAP PD=P =??ALPO P Q>EJC .# EJ?D S EPD R =NEKQO ( #O P K ?KJPNKH PDA @NKLHAP OEVA > " # NAJ@ANEJC KB = @ NKLHAP C AJAN=PKN E J SDE?D PDA RAN PE?=H O ACIAJP E O BQHHU ? KJOPNQ?PA@ >U OPANAKHEPDKCN=LDU 2+ N=PDAN P D=J >AEJC BKNIA@ >U ATPANJ=H P Q >EJC ? , E?NKCN=LDO @ ALE?PEJC @EBBANAJP R EASO K B PDA @ARE?A @QNEJC PDA @NKLHAP > NA=GQL LNK?AO O @ , E?NKCN=LDO K B PDA @NKLHAP > NA=GQL LNK?AOOEJBQHH2+ @NKLHAPCAJAN=PKNOSEPD=JKQPHAPOEVAKB KN}I 3DA >=OE? #LNEJPA@ @ARE?A ODKSJ DANA ?=J >A QOA@ PK BKNI = >N K=@ N=JCA KB @NKLHAPO OEVAO >U EJPANB=?EJC EP SEPD KQPHAP PQ>EJC KB R=NEKQO (#O 3DA OEVA KB PDA KQPHAP PQ>EJC @APANIEJAO PDA @NKLHAP OEVA OQ?D PD=P PDA @NKLHAP OEVAO =NA OEIEH=N PK PDA (# KB PDA KQPHAP PQ>EJC %ECQNA = (J ?KIL=NEOKJ = LH=J=N 3FQJ?PEKJ CAKIAPNU LNK@Q?AO @NKLHAPO S EPD = OEVA CKRANJA@ >U PDA CAKIAPNU KB PDA @EOLANOA@ LD=OA EJHAP 1AC=N@HAOO KB PDA KQPHAP PQ>EJC OEVA PDA @NKLHAP LKLQH=PEKJ S=O IKJK@EOLANOA SDE?D =HHKSA@ BKN PDA ?KHHA?PA@ @NKLHAPO PK O AHB=OOAI>HA EJPK DAT=CKJ=HHU ?HKOAL=?GA@=NN=UO 6A =HOK @AOECJA@ = @NKLHAP CAJAN=PKN SDANA PDA RANPE?=H ?=REPU S=O EJPACN=PA@ EJPK PDA 2+ I=JQB=?PQNA@ @ARE?A N=PDAN PD=J >AEJC LNKRE@A@ >U ATPANJ=H PQ>E JC %ECQNA >@ 3DA >NA=GQL LNK?AOO S=O EI=CA@ EJ BQHHU LNEJPA@ @ARE?AO SEPD ?UHEJ@NE?=H OE VAO KB (# =J@ gI 2QLLHAIAJP=NU ,KREA 6A K>OANRA@ @NKLHAPO BKNIEJC =P PDA LKEJP SDANA PDA DKNEVKJP=H BHKS PQNJA@RANPE?=H=OEJPDA@NKLHAPCAJAN=PKNOSEPDATPANJ=HHU? KJJA?PA@PQ>EJC=?PEJC=OPDARANPE?=H ?=REPU O PDA @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO AJPANA@ PDA RANP E?=HHU KNEAJPA@ ?UHEJ@AN PDA @EOLANOA@ LD=OA OACIAJPA@ EJPK @NKLHAPO 3DEO gI ?UHEJ@AN E O PDA OI=HHAOP ?D=JJAH NALKNPA@ QOEJC PDA 2+ LNK?AOO SEPD PN=JOL=NAJP 6=PANODA@ NAOEJ %EJA+EJ A /NKPKPULEJC /KOP LNEJPEJC %EJA+EJA /NKPKPULEJC ?HA=NA@ QJNA=?PA@ NAOEJ BNKI PDA RANPE?=H ?=REPU =J@ PDA @ARE?AO SANA QOA@ =ONA?AERA@ 31>;/ = ,E?NKCN=LDO K B PDA @NKLHAPO BKNIA@ Q OEJC PDA OET @EBBANAJP OEVAO K B KQPHAP PQ>EJC HEOPA@ > #NKLHAP @ E=IAPAN RANOQO KQPHAP PQ>EJC (# B KN B HKS N=PA N =PE KO K B HABP @ E=IKJ@ = J@ NECDP ?EN?HA $NNKN >=NO N ALNAOAJP P DA O @ OKIA A NNKN >=NO = NA K>O ?QNA@ >U PDA OUI>KHO ? / HKP KB P DA @ NKLHAP @E=IAPAN R ANOQO BN=?PEKJ=H @NKLHAP JQI>AN BKN R=NEKQO KQPHAP PQ >EJC OEVAO 3DA OKHE@ HEJAO N ALNAOAJP P DA =RAN=CA @NKLHAP O EVAO B KN = O EJCHA KQPHAP OEVA A=?D HEJA EJ?HQ @AO R=HQAO B KN B HKS N=PA N =PEKO KB = J@ @EOLANOA@ P K ?KJPEJQKQO LD=OA @ !KTLHKP K B PDA @NKLHA P OEVA LNK@Q?A@ >U @NKLHAP C AJAN=PKNO SEPDP DAO =IAKQPHAPPQ>EJC(#}I=J@@EBBANAJPO QNB=?A ? DAIEOPNEAO PD=PEODU@NKLDEHE?J=PERA =J@DU@NKLDK>E?KJPDA?D=JJAHO=OIK@EBEA@>UEJEPE=PA@?DAI E?=HR=LKN@ALKOEPEKJ 58@7?+;3+7=;895/=8;6+=387 3DA @ABEJEJC ?D=N=?PANEOPE? KB PDEO @NKLHAPBKNIEJC @ARE?A EO P D=P QJEBKNI @NKLHAPO ?=J >A BKNIA@ SDEHA R=NUEJC PDA BHKS N=PA N=PEK 6A @AIKJOPN=PA@ BHKS EJR=NE=JP @NKLHAP BKNI=PEKJ BKN OET @EBBANAJP ?KIIAN?E=HHU =R=EH=>HA OEVAO KB KQPHAP PQ>EJC 3D A OI=HHAOP =J@ H=NCAOP (#O SANA gI =J@ gI NAOLA?PERAHU %KN A=?D PQ>EJC OEVA BHKSEJR=NE= JP @NKLHAP BKNI=PEKJ S=O K>OANRA@ QL PK =J QLLAN HEIEP BHKS N=PA %ECQNA > !U =J=HUVEJC PDA OEVAO KB ?KHHA?PA@ @NKLHAPO SA @APANIEJA@ PDA QLLAN HEIEP KB PDA BHKS EJR=NE=JP NACEIA BKN A=? D PQ>EJC OEVA 3DA @=P= LNAOAJPA@ SANA ?KHHA?PA@ =P PDEO QLLAN HEIEP BKN PDA ?KJPEJQKQO LD=OA BHK S N=PA KB =J@ I+ D ?KNNAOLKJ@EJC PK PDA KQPHAP PQ>EJC SEPD =J (# KB =J@ gI NAOLA?PERAHU !AHKS PDEO QLLAN HEIEP PDA @NKLHAP OEVA S=O =LLNKTEI=PAHU PDA O=IA =O PDA @E=IAPAN KB PDA KQPHAP PQ>EJC%ECQNA > 3DA QLLAN HEIEP KB PDA BHKSEJR=NE=JP NACEIA ?=J >A ATLNAOOA@ E J PANIO KB PDA ?=LEHH=NU JQI>AN . KB PDA OUOPAI %KN =HH KQPHAP PQ>EJC OEVAO PDEO R=HQA ?=H?Q H=PA@ QOEJC KQPHAP (# =O ?D=N=?PANEOPE? HAJCPD =J@ ?KJPEJQKQO LD=OA BHKS N=PA =O ?D=N=?P ANEOPE? RAHK?EPU S=O =>KQP !AHKS PDEO ?=LEHH=NU JQI>AN PDA @NKLHAP OEVA S=O EJ@ALAJ@AJP K B PDA BHKS N=PA N=PEK BKN R=HQAO KB =J@ %ECQNA ? 3DA @NKLHAP @E=IAPANO =NA LHKPPA@ R ANOQO PDA BN=?PEKJ=H @NKLHAP JQI>AN 3DAOA @=P= ODKS PDA AJPENA LKLQH=PEKJ KB @NKLHAPO 3DA PKP=H JQ I>AN KB @NKLHAPO S=O JKNI=HEVA@ PK KJA =J@ NALNAOAJPA@ =O = BN=?PEKJ=H @NKLHAP JQI>AN 6A =HOK K>O ANRA@ = ?KJOEOPAJP @NKLHAP OEVA BKN EJPANIA@E=PA BHKS N=PA N=PEKO %ECQNA P DECDAN ?=LEHH=NU JQI>ANO EJ PDA BHKS @ALAJ@AJP NACEIA PDA @NKLHAP BKNI=PEKJ LNK?AOO PN=JOEPEKJO PK = FAPPEJC IA?D=JEOI 2QLLHAIAJP=NU ,KREA 3DA O=IA BHKS EJR=NE=JP >AD=REKN S=O K>OANRA@ BKN = IKNA REO ?KQO @EOLANOA@ LD=OA KB SPCHU?ANKHEJS=PAN 'KSARAN PDAPDNAODKH@BKNEJR=NE=J?AOD EBPA@PK= HKSAN?=LEHH=NUJQI>AN (JPDABHKSEJR=NE=JPNACEIAPDAIA@E=J@NKLHAPOEVAOD=RA=? KABBE?EAJPKBR=NE=PEKJ 31>;/ 2P=PEOPE?O BKN @NKLHAP O EVAO !KTLHKP K B PDA @NKLHAP O EVAO L NK@ Q ? A @ B K N @ E B B A N A J P O E V A O K B K Q P H A P PQ>EJC=J@@EBBANAJPBHKSN=PAN=PEKO 3DA KQPLQP KB PDA @NKLHAP CAJAN=PKN S=O @ALAJ@AJP KJ PDA CAKIAP NU KB PDA KQPHAP PQ>EJC =J@ JKP @ALAJ@AJP KJ PDA OQNB=?A ?DAIEOPNU KB PDA ?D=JJAH LNEKN PK PDA KQPHAP 6A IK@EBEA@ PDA EJPANJ=H ?D=JJAH OQNB=?AO >U @ALKOEPEJC = LKHUAPDUHAJA CHU?KH @E=?UH=PA KN LKHU LANBHQKNK@A?UH=N?UH=PA?KAPDUHAJA CHU?KH @E=?NUH=PA LKHUIANE? BEHI RE= EJEPE=PA@ ?DAIE?=H R=LKN @ALKOEPEKJ E"5# 3DA PSK ?K=PEJCO D=RA S=PAN ?KJP=?P =JCHAO K B p =J@ p NAOLA?PERAHU 3DA J=PERA QJ?K=PA@ I=PANE=H D=O = ?KJP=?P =JCHA KB ` 6EPD PD A O=IA KQPHAP PQ>EJC (# gI PDA ?K=PA@ @ARE?AO LNK@Q?A@ PDA O=IA OEVA @NKLHAPO =O PDA QJIK@ EBEA@ @ARE?A %ECQNA @ 3DA NKQCDJAOOKBPDA?D=JJAH OQNB=?AOS=OPDAO=IA >ABKNA=J@=BPAN ?K=PEJC>U2$,=J=HUOEO%ECQNA 31>;/ "KIL=NEOKJKBQJ?K=PA@=J@?K=PA@?D=JJAHO 2$,IE?NKCN=LDOKB PDA?D=JJAHOSEPDEJPDA QJ?K=PA@=J@?K=PA@@NKLHAPCAJAN =PKN 3DAEI=CAOODKSPDA>KPP KIKBPDA?D=JJAHJA=NPDAKQPHAP 3DA O?=HA>=NNALNAOAJPO μ IPKL=J@ μ I>KPPKI /?3-/"+;+55/53C+=387 OEJCHA @NKLHAP BKNI=PEKJ @ARE?A ?=J >A QOA@ =O = O EJCHA QJEP EJ = DECDHU L=N=HHAHEVA@ OUOPAI KB : QJEPO PK HEJA=NHU ?NA=PA : BKH@ @NKLHAPO =J@ : BKH@ PDNKQCDLQP L=N=HHAHEVA@ OUOPAI KB OEJCHA @NKLHAP CAJAN=PKNO SKQH@ >A @AOECJA@ PK D=RA =J AMQ=H LN AOOQNA @NKL =J@ NAOEOP=J?A KRAN A=?D ?D=JJAH PK ?NA=PA E@AJPE?=H BHKS ?KJ@EPEKJO EJ A=?D @NKLHA P CAJAN=PKN 'KSARAN BAA@>=?G >APSAAJ ?D=JJAHO ?=J =NEOA @QA PK QJAMQ=H JQI>ANO KB @NKLHAPO B HKSEJC EJ A=?D ?D=JJAH 3 DEO EI>=H=J?A ?=J HA=@ PK BHKS N=PA BHQ?PQ=PEKJO PD=P =HPAN PDA BEJ =H @NKLHAP OEVA >QP PDA BHQ?PQ=PEKJO =NA ENNAHAR=JP EJ PDA # @NKLHAP CAJAN=PKNO @QA PK PDAEN EJOAJOEPER EPU PK BHKS N=PA %KN PDEO NA=OKJ KQN @NKLHAPCAJAN=PKNEOQJEMQAHUOQEPA@BKNQOAEJ=L=N=HHAHEVA@ JAPSKNG 3K @AIKJOPN=PA PDEO SA ?KJOPNQ?PA@ = L=N=HHAH JAPSKNG : KB @NKLHAP CAJAN=PKNO = J@ @AHERANA@ @EBBANAJP BHKS N=PAO PK A=?D @ARE?A %ECQNA = 6A LNEJPA@ = I=JEBKH@ PK @EOPNE>QPA PDA @EOLANOA@ =J@ ?KJPEJQKQO LD=OAO PK BKQN @NKLHAP CAJAN=PKNO 3DA I=JEBKH@ S=O ?KJJA?PA@ PK BKQN EJ@ALAJ@AJP @NKLHAP CAJAN=PKNO >U FQILAN ?=>HAO 62 OA?PEKJO KB /$$* PQ>EJC 3DA FQILAN ?=>HAO ?KJJA?PEJC PDA @EOLANOA@ LD=OAO D=@ HAJCPDO KB =J@ II NAOQHPEJC EJ NAH=PERA NAOEOP=J?AO KB T T T =J@ T NAOLA?PERAH U >A?=QOA PDA NAOEOP=J?A EO HEJA=NHU LNKLKNPEKJ=H PK PDA HAJCPD KB ?UHEJ@NE?=H PQ>EJC 3DA JAPSKNG S =O =OOAI>HA@ PK ?NA=PA PDA H=NCAOP LNAOOQNA @NKL KRAN PDA @EOLANOA@ LD=OA FQILAN ?=>HAO OK PDANA S KQH@ >A = IEJEI=H BAA@>=?G =BBA?PEJC PDA ?KJPEJQKQO LD=OA FQILAN ?=>HAO KN PDA KQPHAPO 3D A (# KB PDA FQILAN ?=>HAO SANA =J@gIBKNPDA@EOLANOA@LD=OA?KJPEJQKQOLD=OA=J@ KQPHAPONAOLA?PERAHU 31>;/ + 2?DAI=PE? K B PDA L=N=HHAH JAPSKNG =OOAI>HA@ >U ?KJJA?PEJC = @ EOPNE>QPEKJ I=JEBKH@ P K BKQN @ NKLHAP C AJAN=PKNO 3 DA ? KJPEJQKQO LD=OA S =O HEJGA@ QOEJC HKS NAOEOP=J?A FQILAN P Q>EJC (#}I =J@ PDA @EOLANOA@ LD=OA S =O HEJGA@ QOEJC R=NEKQO H A JCPDO K B PQ>EJC (# }I PK ? NA=PA = CN=@EAJP K B NAOEOP=J?AO =?NKOO PDA BKQN > N=J?DAO , #NKLHAP @ E=IAPANO : L NK@Q?A@ >U PDA BKQN > N=J?DAO KB P DA L =N=HHAH JAPSKNG HABP >U @EOLANOA@ =J@ ? KJPEJQKQO LD=OA B HKS N=PAO KB =J@ IHD q LQNLHA ?EN?HAO = J@ =J@ IHD q >H=?G P NE=JCHAO SDEHA KLAN=PEJC EJ = J@ >AUKJ@ PDA BHKS EJR=NE=JPNACEIANAOLA?PERAHU $NNKN>=NONALNAOAJPPDAO P =J@= N@@ARE=PEKJ 3DA JAPSKNG OQ??AOOBQHHU @AHERANA@ PDA O=IA ?KJPEJQKQO LD=OA BH KS N=PA =J@ @EBBANAJP @EOLANOA@ LD=OA BHKS N=PAO PK A=?D @NKLHAP CAJAN=PKN 6DAJ KLAN =PEJC KQPOE@A PDA BHKS EJR=NE=JP NACEIA 62 =P DECD ?=LEHH=NU JQI>AN PDA @NKLHAP OEVA LNK@Q?A@ S=O @ALA J@AJP KJ PDA >N=J?D HK?=PEKJ =J@ PDANABKNA PDA @EOLANOA@ LD=OA BHKS N=PA %ECQNA > O ATLA?PA@ PDA @NKLHAP OEVA S=O OI=HHAN EJ >N=J?DAO SEPD = HKSAN @EOLANOA@ LD=OA BHKS N=PA (J ?KJPN=OP SDAJ KLAN=PEJC SEPDEJ PDA BHKS EJR=NE=JP NACEIA 62 =P HKS ?=LEHH=NU JQI>AN PDA @NKLHAP OEVA S=O EJ@ALAJ@AJP KB PDA >N=J?D HK?=PEKJ @AOLEPA = @EBBANAJP @EOLANOA@ LD=OA BHKS N=PA >AEJC @AHERANA@ PK A=?D ?D=JJAH %ECQNA > 3DA >=H=J?A@ L=N=HHAH JAPSKNG @AHERANA@ PDA O=IA BHKS N=PAO PK A=?D @NKLHAP CAJAN=PKN=J@LNK@Q?A@=?KJOP=JP@NKLHAPOEVA=?NKOOA=?DKBP DA@ARE?AOEJ>KPDBHKSNACEIAO "5+=37>6 "$B7=2/<3< 3DA @NKLHAP CAJAN=PKN LNAOAJPA@ DANA EO OQEP=>HA BKN ?DAIE?=H O UJPDAOEO EJ @EOLANOA@ LD=OAO SEPD=SE@AN=JCAKBOKHRAJPLNKLANPEAO O=LNKKBKB?KJ?ALP SA@AIKJOPN=PA@PDAOUJPDAOEOKB /P -/O >U = LKHUKH NA@Q?PEKJ EJ @NKLHAP BHKSO KB >QPUHIAPD UHEIE@=VKHEQI >EOPNEBHQKNKIAPDUHOQHBKJUHEIE@A !,(,3B - EKJE? HEMQE@ OKHRAJP 3DANA =NA BAS AT=ILHAO KB @NKLHAPBHKSOKBEKJE? HEMQE@O>A?=QOAPDAUNALNAOAJP =JAT?ALP EKJ=H?=OAKB @NKLHAPBHKS>AD=REKN =O = NAOQHP KB PDAEN ?KILHAT EJPANB=?E=H LNKLANPEAO =J@ DECD RE O?KOEPU 'ANA !,(,3B - EKJE? HEMQE@ @NKLHAPO =NA BKNIA@ PNERE=HHU EJ = IK@EBEA@ @NKLHAP CAJA N=PKN SEPD PDNAA EJHAPO OK =O PK =??KIIK@=PA PSK NA=CAJP@EOLANOA@ LD=OA OPNA=IO %ECQNA 3 DA PSK NA=CAJP EJHAPO OQLLHEA@ PDA * /P"H LNA?QNOKN =J@ PDA NA@Q?EJC =CAJP APDUHAJA CHU?KH =J@ LK HUREJUHLUNNKHE@KJA /5/ EJ !,(,3B - #NKLHAPO KB PDA ?KI>EJA@ NA=CAJPO SANA BKNIA@ QOEJC /$$* PQ> EJC (# gI EJ PDA KQPHAP 3DA NA=?PEKJ S=O EJEPE=PA@ >U BHKSEJC PD A @NKLHAPO EJPK = ?KJRA?PEKJ KRAJ =P p" PK MQE?GHU JQ?HA=PA PDA /P -/O 3DA PAILAN=PQNA EJ PDA P Q>EJC AMQEHE>N=PA@ EJ HAOO PD=J = OA?KJ@ PK PNECCAN PDA JQ?HA=PEKJ ARAJP +EGASEOA =J =>NQLP ?KK HEJC OPAL S=O QOA@ PK MQE?GHU MQAJ?D PDA NA=?PEKJ =J@ =NNAOP J=JKL=NPE?HA CNKSPD 3DANA S=O JK K>OAN R=>HA ?HKCCEJC KB KN @ALKOEPEKJ KJ PDA?D=JJAHOQNB=?AO=BPAN=PSKDKQNNA=?PEKJ=OOAAJEJ%ECQ NA 31>;/ 1 AJ@ANEJC KB PDA @ARE?A CAKIAPNU QOA@ BKN PDA OUJPDAOEO KB /P -/O ( P ?KJP=EJO KJA E JHAP BKN PDA ?KJPEJQKQO = J@ PSK EJHAPO B KN P DA @ EOLANOA@ LD=OAO =J@ KJA KQPHAP $=?D LKNP =??ALPO .# EJ?D PQ>EJC 31>;/ 3 KL@KSJREASKBPDA@NKLHAPCAJAN=PEJC@ARE?A ( PEOD AH@EJ LH=?A>U=?QOPKI? H=IL 3DA @NKLHAPCAJAN=PEJC @ARE?A NAI=EJO REOQ=HHU QJ?D=JCA@ =BPAN PDA NQJJEJC KB P DA / P LNA?QNOKNO 3 DA " # @N=SEJC ODKSO PDA PKL@KSJ REAS K B PDA @ARE?A 2 ?=HA >=N EO P DA O =IA BKN =HH EI=CAO = J@ NALNAOAJPO II /KS@AN 7N=U @EBBN=?PEKJ =J=HUOEO ?KJBENIA@ PDA NAOQHPEJC -/O ? NUOP=HHEVA@ EJ PDA B=?A ?AJPANA@ ?Q>E? %"" OPNQ?PQNA ATLA?PA@ BKN /P IAP=H J =RAN=C A H=PPE?A L=N=IAPAN KB . X S=O ?=H?QH=PA@ BKN PDA /P -/O SDE?D EO EJ ?HKOA =CNAAIAJP SEPD >QHG /P IAP=H /#% ,KNAKRAN PDA @EBBN=?PEKJ LA=GO =NA >NK=@AJA@ OQCCAOPEJ C PDA LNAOAJ?A KB OI=HH -/O KJ PDA KN@AN KB W JI >U PDA 2?DANNAN AMQ=PEKJ %ECQNA > 6A O UJPDAOEVA@ PDNAA NKQJ@O KB /P -/O =J@ NA?U?HA@ PDA !,(,3B - EKJE? HEMQE@ OKHRAJP >APSAAJ NKQJ@O 3K NA?U?HA PDA EKJE? HEM QE@ OKHRAJPPDA/P-/OSANA D=NRAOPA@BNKIPDAEKJE?HEMQE@=J@PD AJEPS=OS=ODA@PKNAIKRAAT?AOO APDUHAJA CHU?KH =J@ /5/ 3DA LQNEPU KB PDA !,(,-3B S=O QJ?D=JCA@ =O ARE@AJ?A@ >U ' =J@ % -,1 QLKJ NA?U?HEJC %ECQNA ?@ 3$, EI=CAO NARA=H PD=P PDA /P -/O =LLA=N OLDANE?=H =J@ QJEBKNI EJ IKNLDKHKCU =?NKOO A=?D NAQOA KB PDA EKJE? HEMQE@ %ECQNA = %KN A=?D ?KJ@EPEKJ L=NPE?HAO SANA =J=HUVA@ =J@ PDAEN =RAN=CAO OEVAO SANA d JI d JI =J@ d JI BKN × × =J@ × NA?U?HA@ EKJE? HEMQE@ NAOLA?PERAHU 3DA IA=J OEVAO =NA =HH S EPDEJ PDAOP=J@=N@@ARE=PEKJKBA=?DKPDAN 31>;/ = 3 N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, EI=CAO K B /P-/O L NK @Q?A@ Q OEJC PDA IE?NKBHQE@E? @ NKLHAP C AJAN=PKN Q OEJC × N A?U?HA@ × N A?U?HA@ = J@ × N A?U?HA@ ! ,(,3B - EKJE? HEMQE@ 2?=HA >=NO N ALNAOAJP JI = J@ DEOPKCN=IO NALNAOAJP PDA -/ @E=I APANO : BNKI IQHPELHA 3$, EI=CAO > 7N=U @EBBN=?PEKJ 71# KB P DA / P-/O ? ' -,1 OLA?PN= KB PDA !,(,-3B EKJE? HEMQE@ NAOE@Q=H OKHRAJP LA=G =J@ @ % -,1 O LA?PN= K B PDA !,(,3B - EKJE? HEMQE@ !KPD OLA?PN= E J >H=?G =NAKBPDAEKJE?HEMQE@=ONA?AERA@ A"KIL=NEOKJKBPDAKRAN =HHUEAH@BNKIR=NEKQONA=?PEKJO 6A LNKRE@A = CAJAN=H @ARE?A =J@ LH=PBKNI BKN NQJJEJC NA=?PEKJO EJ L=N=HHAHEVA@ @NKLHAP NA=?PKNO 6DAJ /P -/O SANA OUJPDAOEVA@ EJ =J : L=N=HHAH JAPSKNG =HH BKQN >N=J?DAO LNK@Q?A@ DECD MQ=HEPU L=NPE?HAO =O ARE@AJ?A@ >U ?KJOEOPAJP OEVA @EOPNE> QPEKJO PD=P SANA SEPDEJ ANNKN KB A=?D KPDAN %ECQNA @@EPEKJ=HHU PN=JOH=PEKJ KB PDA /P -/ OUJP DAOEO BNKI >=P?D O?=HA PK = ?KJPEJQKQO BHKS @NKLHAP NA=?PKN NAOQHPA@ EJ OECJEBE?=JPHU DECDAN UEAH@O % ECQNA A %KN A=?D NQJ SEPD PDA NA?U?HA@ EKJE? HEMQE@ =J@ PDA KRAN=HH L=N=HHAH NA=?PEKJ PDA ?K JPEJQKQO BHKS UEAH@ S=O =>KQP PSE?A PDA >=P?D UEAH@ 6A =PPNE>QPA PDA CNA=PAN UEAH@ PK IKNA N=LE@ = J@ QJEBKNI DA=PEJC LNKBEHA =O SAHH =O EILNKRA@ IETEJC =O ?KIL=NA@ PK PDA >=P?D NA=?PEKJ 3DA ?KI>E JA@ QOA KB KQN @NKLHAP CAJAN=PKN EJ = L=N=HHAH JAPSKNG =J@ = NAQO=>HA OKHRAJP OUOPAI LNKRE@A =J E@A=H LH=PBKNI BKN PDA ABBE?EAJP I=JQB=?PQNEJCKBH=NCAMQ=JPEPEAOKBJ=JKI=PANE=HLNK@Q?P 31>;/ 3$, E I=CAO KB / P -/O LNK@Q?A@ E J = L=N=HHAH NA=?PEKJ BNKI PDA BKQN ? D=JJAHO K B PDA L=N=HHAH NA=?PKN = J@ =J = J=HKCKQO > =P?D N A=?PEKJ 3 DA D EOPKCN=IO NALNAOA JP P DA LKLQH=PEKJ KB L=NPE?HAO 3 DA IA=J @ E=IAPANO B KN P DA L =N=HHAH NQJ =NA ± JI ± JI ± JI =J@ ± JI B KN KQPHAPO P DNKQCD # N AOLA?PERAHU 3 DA / P O=HP =J@ (+ O P NA=IO =NA BHKSJ =P × P DA O EJCHA ?D=JJAH BHKSN=PAO A9/;36/7=+5 /?3-/+,;3-+=387 ,E?NKBHQE@E? ?DELO SANA @AOECJA@ EJ /NK$JCEJAAN ATLKNPA@ =O OP ANKHEPDKCN=LDU BEHAO =J@ LNEJPA@ EJ 2KIKO 6=PANODA@ 7" >U %EJA+EJA /NKPKPULEJC QOE JC DECDNAOKHQPEKJ OPANAKHEPDKCN=LDE? LNEJPEJC PA?DJKHKCU #ARE?AO SANA QOA@ =O NA ?AERA@ (JHAP =J@ KQPHAPO EJPANB=?A@ SEPD.#EJ?DPQ>EJC 3DA@ARE?AODKSJEJ%EC =D=O=? D=JJAHDAECDPKB IIEJHAP=J@ KQPHAP DKHAO SANA II EJ @E=IAPAN PDA HAJCPD KB PDA I=EJ ? D=JJAH S=O II =J@ PDA SE@PD KB PDA I=EJ ?D=JJAH S=O II 3DA BQHHU # LNEJPA@ @NKLHAP CAJA N=PKN EJ %ECQNA > D=O PDA O=IA @EIAJOEKJO =O PDA @ARE?A EJ %EC = =J@ PDA =@@EPEKJ=H RANPE?=H ?=REPU S=O LNEJPA@ SEPD =J EJPANJ=H @E=IAPANKBKNgI ;895/='3<>+53C+=387 6=PANEJKEH @NKLHAPO SANA BKNIA@ QOEJC =J =MQAKQO LD=OA KB %A 2"- T T ?KILHAT BKN REOQ=HEV=PEKJ EJ @AEKJEVA@ S=PAN LNAL=NA@ >U IETEJC , *2" - 2ECI= SEPD , %A-. u' . 2ECI= EJ = RKHQIAPNE? N=PEK 3DA KEH LD=OA S=O SR 2 L=J 2ECI= EJ DAT=JAO 2ECI= %HQE@O SANA @NERAJ >U OUNEJCA LQILO '=NR=N@ LL=N=PQO #NKLHAPO SANA ?KHHA?PA@ EJ = CH=OO >KPPKI LAPNE @EOD ,=P3AT ?KJP=EJEJC I+ KB PDA SR 2L=J EJ DAT=JAO OKHQPEKJ =J@ EI=CA@ KJ =J EJRANPA@ 9AEOO IE?NKO?KLA QOEJC = × K>FA?PERA P HA=OP EI=CAO KB PDA ?KHHA?PA@ @NKLHAPO SANA ?=LPQNA@ BKN A=?D BHKS ?KJ@EPEKJ # NKLHAP OEVAO SANA =J=HUVA@ QOEJC ?QOPKI EI=CA LNK?AOOEJC ?K@A EJ ,=PH=> LNEI=NEHU QOEJC PDA EIB EJ@?EN?HAO BQJ?PEKJ #NKLHAP BKNI=PEKJ S=O IKJEPKNA@ 6:?6@A QOEJC = /D=JPKI 5 ?=IAN= 5EOEKJ 1AOA=N?D (I=CAO SANA ?=LPQNA@=PBN=IAOLANOA?KJ@SEPD=gOATLKOQNA "= "$B7=2/<3<373-;805>3.3-/?3-/ /KP=OOEQI PAPN=?DHKNKLH=PEJ=PA(( * /P"H 2PNAI LKHUREJUHLUNNKHE@KJA /5/ ,6 H@NE?D APDUHAJA CHU?KH 2ECI= H@NE?D =J@ >QPUH IAPDUHEIE@=VKHEQI >EOPNEBHQKNKIAPDUHOQHBKJUHEIE@A !,(,3B - (K+E3A? +KP * SANA QOA@ =O NA?AERA@ (J = PULE?=H LNK?A@QNA * /P"H IC S=O =@@A@ PK APDUHAJA CHU?KH I+ EJ = I+ RE=H =J@ >=PD OKJE?=PA@ QJP EH @EOOKHRA@ =BBKN@EJC = >NKSJ NA@ IETPQNA 2AL=N=PAHU /5/ IC S=O @EOOKHRA@ EJ !,(,3 B - I+ >U DA=PEJC =P `"BKNIEJPKCERA=?HA=NOKHQPEKJ /P -/O SANA OUJPDAOEVA@ QOEJC KQN # @NKLHAPBKNIEJC @ARE?A >U IK@EBUEJC PDA KNECEJ=H @AOECJ PK EJ?KNLKN=PA PDNAA EJHAPO %ECQNA 3SK EJHAPO OQL LHEA@ PDA * /P"H EJ APDUHAJA CHU?KH =P I+ D =J@ PDA /5/ EJ !,(,3B - =P I+ D 3DA PDEN@ EJHAP OQLLHEA@ = ?KJPEJQKQO LD=OA KB %" 2ECI= =P I+ D 3DA KQPHAP /$$* (# II BA@ EJPK BAAP KB LANBHQKNK=HGKTU /% PQ>EJC ,?,=OPAN"=NN PD=P S=O LH=?A@ EJ = ?KJRA?PEKJ KRAJ OAP PK p" 3DA ABBHQAJP S=O ?KHHA?PA@ EJPK = NA?AEREJC BH=OG ?KKH A@ EJ =J E?A >=PD PK MQAJ?D PDA NA=?PEKJ 3DA /P -/O SANA PN=JOBANNA@ PK PSK I+ ?AJPNEBQCA PQ>AO =J@ L NA?ELEP=PA@ SEPD DAT=JAO I+ PK =BBKN@ = >H=?G OQOLAJOEKJ SDE?D S=O >NEABHU RKNPAT OPENNA@ W IEJ >=PD OKJE?=PA@ IEJ=J@?KHHA?PA@>U?AJPNEBQC=PEKJNLIIEJ 3DA? KHKNHAOOOQLANJ=P=JPS=O@A?=JPA@ =J@ O=RA@ EJ KN@AN PK S=OD PDA EKJE? HEMQE@ BKN BQNPDAN OUJPDAO AO 3DA >H=?G J=JKL=NPE?QH=PA OKHE@ S=O NA@EOLANOA@ EJ APD=JKH I+ >=PD OKJE?=PA@ IEJ LNA ?ELEP=PA@ SEPD DAT=JAO I+ =J@ ?AJPNEBQCA@ NLI IEJ 3DEO LNK?AOO S=O NALA=PA@ T EJ KN@AN PK NAIKRA =JU NAOE@Q=H KNC=JE?O 62 /5/ !,(,3B - APDUHAJA CHU?KH 3DA LQNEBEA@ /P -/O SANA NA@EOLANOA@ EJ APD=JKHI+=J@NAI=EJA@?KHHKE@=HHUOP=>HABKN=PHA=OPBER AIKJPDO #/-B-5371=2/873-3:>3. $MQ=H RKHQIAO KB DAT=JAO SEPD NAOLA?P PK PDA EKJE? HEMQE@ SAN A =@@A@ =J@ RKNPAT OPENNA@ >ABKNA ?AJPNEBQC=PEKJ NLI IEJ 4LKJ LD=OA OAL=N=PEK J PDA DAT=JAO H=UAN S=O NAIKRA@ =J@ =@@EPEKJ=H DAT=JAO SANA =@@A@ PDEO ATPN=?PEKJ LNK?A@QNA S= O NALA=PA@ T 3DA EKJE? HEMQE@ S=O @NEA@ EJ = NKP=NU AR=LKN=PKN =P p" BKN ?= D 3DA LQNE PU KB PDA S=ODA@ EKJE? HEMQE@ S=O ?KJBENIA@>U '=J@ %-,1OLA?PNKO?KLU 73=3+=/.2/63-+5'+98>;/98<3=387 #ARE?AO SANA ?K=PA@ =O NA?AERA@ SEPD LKHU LANBHQKNK@A?UH =?NUH=PA?K APDUHAJA CHU?KH @E=?NUH=PA LKHU/%# ?K$&# KN LKHUAPDUHA JA CHU?KH @E=?NUH=PA LKHU$&# !NEABHU PDA @ARE?AO SANA ?K=PA@ QOEJC PDA E"5# LNK?AOO ,E?N KBHQE@E? NA=?PKNO SANA LH=?A@ KJ = PAILAN=PQNA?KJPNKHHA@ OP=CA I=EJP=EJ A@ =P `" SEPDEJ = L=J?=GA OD=LA@ R=?QQI ?D=I>AN &5# "KNL II @E=IAPAN II DAECDP 3DA LKHUIAN ?K=PEJC S=OBKNIA@RE==BNAAN=@E?=H ?D=EJIA?D=JEOIBNKIPDANA=?PEKJ KBR=LKQNLD=OALNA?QNOKNO #E PANP>QPUH LANKTE@A 2ECI= =J@ /%# 2UJ0QAOP =J@KN $&# ,K JKIAN/KHUIAN SANA EJPNK@Q?A@ EJPK PDA R=?QQI ?D=I>AN =P = LNAOOQNA KB I3KNN = J@ PDA EJEPE=PKN IKHA?QHAO SANA PDANI=HHU @A?KILKOA@ EJPK BNAA N=@E?=HO =P p" >U = NAOEOPER AHU DA=PA@ =NN=U KB JE?DNKIA SENA 3DA N=@E?=HO =J@ IKJKIAN IKHA?QHAO @EBBQOA EJPK PDA ?D=JJAHO RE = PDA EJHAPO =J@ KQPHAP =@OKN> PK PDAOQNB=?AKBPDAI=PANE=H=J@LKHUIANEVAPKBKNI=PDEJ?KJ BKNI=H?K=PEJC "= "$B7=2/<3<37+=-2 (J = PULE?=H LNK?A@QNA * /P"H IC S=O =@@A@ PK APDUHAJA CHU?KH IH EJ = IH RE=H =J@ >=PD OKJE?=PA@ QJPEH @EOOKHRA@ =BBKN@EJC = >NKSJN A@ IETPQNA 2AL=N=PAHU /5/ IC S=O @EOOKHRA@ EJ !,(,3B - IH >U DA=PEJC =P `" BKN IEJ PK CERA = ?HA=N OKHQ PEKJ 3DA PSK OKHQPEKJO SANA PDAJ ?KI>EJA@ EJ = IH NKQJ@ >KPPKI BH =OG =J@ LH=?A@ EJ = OEHE?KJA KEH >=PD LNADA=PA@ PK `" SDEHA OPENNEJC =P N L I 3DA NA= ?PEKJ S=O MQAJ?DA@ SEPD =J E?A >=PD =BPAN IEJ 3DA S=ODEJC KB PDA L=NPE?HAO =J@ PDA NA?U?HEJC KB PDA EKJE? HEMQE@ BKHHKSA@ PDA O=IA LNK?A@QNA=OEJPDAIE?NKBHQE@E?@ARE?ANA=?PEKJ 2+;+-=/;3C+=387 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, EI=CAO SANA K>P=EJA@ QOE JC = )$.+ )$,% )$.+ +P@ IE?NKO?KLA KLAN=PEJC =P G5 2=ILHAO SANA LNAL= NA@ KJ IAOD "Q CNE@ ?K=PA@ SEPD = H=?AU ?=N>KJ BEHI 3A@ /AHH= (J? >U @NKL?=OPEJC = @E HQPA OQOLAJOEKJ KB /P -/O EJ APD=JKH 3DA OEVA @EOPNE>QPEKJ KB PDA /P -/O S=O @APANIEJA@ >U =J=HUVEJC QJEMQA -/O /KS@AN 7N=U @EBBN=?PEKJ 71# L=PPANJO SANA ?KHHA?PA@ KJ = 1EC=GQ 4HPEI= (5 @EBBN=?PKIAPAN BQJ?PEKJEJC =P I =J@G5SEPD="Q |7N=UOKQN?A| X 3DAOPALOEVA =J@?KHHA?PEKJPEI ASANA ` =J@ O LAN OPAL NAOLA?PERAHU ' =J@ % -,1 OLA?PN= SANA K>P=EJA@ KJ 5=NE=J OLA?PNKIAPAN,'VSEPD?DAIE?=HODEBPONALKNPA@EJLLI /QNA !,(,-3B ' -,1 ,'V "#"H x P ' -"' "' "' "' I ' -"' "' "' "' I ' -"' "' "' "' O ' "' - P ' -"' "' "' "' @'-"'"'- O'-"'- !,(,-3B NA?U?HA@ T ' -,1 ,'V "#"H x P ' -"' "' "' "' I ' -"' "' "' "' I ' -"' "' "' "' O ' "' - P ' -"' "' "' "' @'-"'"'- O'-"'- !,(,-3B NA?U?HA@ T ' -,1 ,'V "#"H x P ' -"' "' "' "' I ' -"' "' "' "' I ' -"' "' "' "' O ' "' - P ' -"' "' "' "' @'-"'"'- O'-"'- ' -,1 S=O P=GAJ KB PDA LQNA !,(,-3B EKJE? HEMQE@ =O SAHH =BPAN NA?U?HEJC T =J@T 3DANAOQHPEJCOLA?PN=I=P?DA@HEPAN=PQNA=OOECJIAJPO 87-5><387 6AD=RAEJPNK@Q?A@=JKRAH@NKLHAPCAJAN=PKNPD=PQOAO=#CAK IAPNUPKBKNI@NKLHAPOKB ?KJPNKHHA@OEVA GAUBA=PQNAKBPDEO@NKLHAPBKNI=PEKJCAKIAP NUEOPD=PPDANAEO=>NK=@NACEIAKB EJHAP BHKS N=PA N=PEKO KRAN SDE?D NAOQHPEJC @NKLHAP OEVA EO EJR =NE=JP PK BHKS N=PA JKPDAN =@R=JP=CA KB PDEO @NKLHAP BKNI=PEKJ BKNI=P EO PD=P EPO EJDANAJP IK@QH=NEP U I=GAO EP OEILHA PK OAHA?P PDA OEVA KB @NKLHAPOPD=PSEHH>ABKNIA@ 3DAOEVA ?=JA=OEHU>APQJA@>U? D=JCEJCPDA(#KBPDAKQPHAPPQ>EJC 3DA A=OA KB @ARE?A B=>NE?=PEKJ =J@ KLAN=PEKJ HKSANO PDA >=NNEAN PKAJPNU BKN BENOP PEIA QOANO KB IE?NKBHQE@E? @ARE?AO J AJ@ QOAN JAA@ JKP D=RA =J ATPAJOERA BH QE@ IA?D=JE?O QJ@ANOP=J@EJC PK KLAN=PAPDA@ARE?APK=?DEARAPDA@AOENA@=J@SAHH?KJPNKHHA@@ NKLHAPOEVAO 3DAOA @NKLHAPBKNIEJC @ARE?AO =NA QJEMQAHU OQEPA@ PK DECDPDNKQ CDLQP LNK?AOOEJC QOEJC IE?NKBHQE@E?O 6DAJ =OOAI>HA@ EJ = L=N=HHAH ?KJBECQN=PEKJ PDAU =NA EJOAJOEPERA PK OI=HH ?D=JCAO EJ BHKS PD=P ?KQH@ =NEOA @QA PK BAA@>=?G >APSAAJ ?D=JJAHO 3DEO S=O @AIKJOPN=PA@ >U >QEH@EJC = BKQN>N=J?DA@ L=N=HHAH JAPSKNG PD=P LNK@Q?A@ @NKLHAPO KB OEIEH= N OEVA =?NKOO PDA JAPSKNG @AOLEPA D=REJC =J EJPAJPEKJ=H CN=@EAJP KB @EOLANOA@ LD=OA BHKS N=PAO >A EJC @AHERANA@ PK A=?D >N=J?D 3DA @ARE?AO=HOKNAOEOP?HKCCEJCPD=P?KQH@=BBA?P@NKLHAPBKNI=PEK J 6A OUJPDAOEVA@ IKJK@EOLANOA /P -/O KRAN IQHPELHA NQJO SDEHA QOE JC PDA O=IA NA?U?HA@ (+ OKHRAJP 3DA UEAH@ EJ PDA ?KJPEJQKQO BHKS NA=?PEKJO S=O W =J @ JA=NHU PSE?A PDA UEAH@ KB =J =J=HKCKQO >=P?D NA=?PEKJ 4OEJC PDEO @ARE?A EJBN=OPNQ?PQNA =HKJ C SEPD IKNA OQOP=EJ=>HA ?DAIEOPNU LNKRE@AO =J E@A=H LH=PBKNI BKN LNK@Q?EJC H=NCA MQ=JPEPEAO KB LN A?EKQO IAP=H -/O 3DEO ?=J >A A=OEHU ATPAJ@A@PKKPDAN=LLHE?=PEKJONAMQENEJCDECDPDNKQCDLQPOUJPDA OEOEJIE?NKBHQE@E?@NKLHAPO #/0/;/7-/< +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,=HIOP=@ P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? h +=V=NQO + + 8=JC 2 "DQ 2 !NQP?DAU 1 + ,=HIOP=@ P - %HKS%K?QOA@ 2UJPDAOEO KB ,KJK@EOLANOA %KH@ -=JKL=NPE?HAO 4OEJC (KJE? +EMQE@ O KJ = ,E?NKBHQE@E? /H=PBKNI ./56< h 2A>=OPE=J 5 *QDJ 2 *QHG=NJE )AJOAJ * % 2EVA "K JPNKHHA@ %HKS 2UJPDAOEO KB &KH@ -=JKL=NPE?HAO 4OEJC = 2ACIAJPA@ %HKS ,E?NKBHQE@E? /H=PBKNI .:49A6> h 2A>=OPE=J5 +AA2 * 9DKQ " *N=QO, % %QDEIKPK) & )AJOAJ* % .JA2PAL "KJPEJQKQO 2UJPDAOEO KB !EK?KIL=PE>HA &KH@ -=JKNK@O BKN .LPE?=H "KDANAJ?A 3KIKCN=LDU 529;99A: h ,=OKJ ! / /NE?A * $ 2PAEJ>=?DAN ) + !KC@=J 1 ,?0Q=@A # 3 &NAAJAN LLNK=?DAO PK .NC=JE? 2UJPDAOEO 4OEJC ,E?NKNA=?PKN 3A?DJKHKCU 529 %2B h -ECDPEJC=HA , /DEHHELO 3 6 !=JJK?G ) ' @A ,AHHK ) " "KJPNKHHA@ ,QHPEOPAL 2UJPDAOEOEJ=3DNAA/D=OA#NKLHAP1A=?PKN ".@;99A: h '=NPI=J 1 + ,?,QHHAJ ) / )AJOAJ * % #A?E@EJC 6DAPDAN 3K &K SEPD PDA %HKS $R=HQ=PEJC PDA ,ANEPO KB %HKS 1A=?PKNO BKN 2UJPDAOEO :42C 529 :@ 1 :48 h /DEHHELO 3 6 +ECJKO ( & ,=?AE?VUG 1 , @A,AHHK ) @A,AHHK ) " -=JK?NUOP=H 2UJPDAOEOEJ,E?NKBHQE@E?1A=?PKNO6DANA-ATP ./56< h -ECDPEJC=HA , !=JJK?G ) ' *NEODJ=@=O=J 2 ' .l,=DK JU % 3 3 % '=CQA 2 2HK=J ) #NQNU " ,?(JPUNA 1 @A,AHHK ) " +=NCA 2?=HA 2UJPDAOEO KB -=JK?NUOP=HOEJ=,QHPE?D=JJAH#NKLHAP1A=?PKN !.@2>529 h "KJ?DKQOK # "=OPNK # *D=J 2 %KQH@O ( & 3DNAA#EI AJOEKJ=H /=N=HHAHEV=PEKJ KB ,E?NKBHQE@E? #NKLHAP &AJAN=PKNO BKN = +EPNA /AN 'KQN 5KHQIA /NK@Q?PEKJ KB 2EJCHA $IQHOEKJO ./56< h '=ODEIKPK , 2DARGKLUH=O 2 2 9=OKJOG= ! 2VUI>KNOGE 3 &=NOPA?GE / 6DEPAOE@AO & , %KNI=PEKJ KB !Q>>HAO =J@ #NKLHAPO EJ /=N=HHAH "KQLHA@ %HKS%K?QOEJC &AKIAPNEAO &9.88 h 2KJC ' 3E?A ) # (OI=CEHKR 1 % ,E?NKBHQE@E? 2UOPAI B KN "KJPNKHHEJC 1A=?PEKJ -APSKNGOEJPEIA :42C529 h 2KHR=O 7 " @A,AHHK #NKLHAP ,E?NKBHQE@E?O 1A?AJP #ARAHK LIAJPO =J@ %QPQNA LLHE?=PEKJO 529;99A: h 9D=JC+ -EQ& +Q- 6=JC) 3KJC+ 6=JC+ *EI , ) 7E=8 "KJPEJQKQO =J@ 2?=H=>HA /NK@Q?PEKJ KB 6AHH"KJPNKHHA@ -K>HA,AP=H -=JK?NUO P=HO EJ ,EHHEHEPAN2EVA@ #NKLHAP1A=?PKNO ".:; 2@@ h +KDOA 2 $ $HHAN ) 1 2ER=L=H=J 2 3 /HASO , 1 ,QN LDU " ) 2EILHA ,EHHEBHQE@E? !AJ?DPKL 1A=?PKN 2UOPAI BKN PDA 'ECD3DNKQCDLQP 2U JPDAOEO =J@ %QJ?PEKJ=HEV=PEKJ KB &KH@ -=JKL=NPE?HAO SEPD #EBBANAJP 2EVAO =J @ 2D=LAO & ".:; h R=J 2S==U # #AIAHHK ,E?NKBHQE@E? ,APDK@O BKN %KNIEJC +EL KOKIAO ./ 56< h +KN>AN - 2=NN=VEJ % &QEHHKP / /=JEVV= / "KHEJ /=R=CA=Q ! '=JU " ,=AOPNK / ,=NNA 2 #AH?HKO 3 UIKJEAN " 2Q>N= / / N=P + &KQN@KJ " ,ECJ=N@ $ 2KIA 1A?AJP @R=J?AO EJ PDA #AOECJ =J@ PDA 4OA KB , EJE=PQNEVA@ #NKLHAP !=OA@ "KJPEJQKQO /NK?AOO LLHE?=PEKJO EJ "DAIEOPNU =J@ 'ECD/N AOOQNA ,E?NKBHKSO ./ 56< h 3AD 2 8 +EJ 1 'QJC + ' +AA / #NKLHAP ,E?NKBHQE@ E?O ./ 56< h #QLKJP ) 2?DKHPAJ ) # .J PDA 2PNQ?PQN=H =J@ 2QNB=?A /NKLA NPEAO KB 3N=JOEPEKJ,AP=H -=JKL=NPE?HAOEJ(KJE?+EMQE@O 529&;0%2B h 6AHPKJ 3 1KKI3AILAN=PQNA (KJE? +EMQE@O 2KHRAJPO BKN 2UJPDAO EO =J@ "=P=HUOEO 529 %2B h 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIO P=@P - %HKS (JR=NE=JP #NKLHAP %KNI=PEKJ BKN 2P=>HA /=N=HHAH ,E?NKNA=?PKNO ".@ ;99A: 2QLLHAIAJP=NU ,KREA %KQJ@ =P DPPLOIA@E= J=PQNA ?KIKNECE J=HJ=PQNA =OOAPOJ?KIIOJ?KIIOATPNABJ?KIIOO IKR "DNEOPKLDAN & % -KD=NQ@@EJ - - 3=UHKN ) JJ= 2 + $TLANEIAJP=H .>OANR=PEKJO KB PDA 2MQAAVEJCPK#NELLEJC 3N=JOEPEKJ EJ 3OD=LA @ ,E?NKBHQE@E? )QJ?PEKJO $5E?%2B&@.@";:86:&;3@!.@@2>$5E? h 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIO P=@P - %HKS (JR=NE=JP #NKLHAP %KNI=PEKJ BKN 2P=>HA /=N=HHAH ,E?NKNA=?PKNO ".@ ;99A: 2QLLHAIAJP=NU ,KREA %KQJ@ =P DPPLOIA@E= J=PQNA ?KIKNECE J=HJ=PQNA =OOAPOJ?KIIOJ?KIIOATPNABJ?KIIOO IKR Q * +AA 6 %KH?D ,=EH.N@AN ,E?NKBHQE@E?O $R=HQ=P EKJ KB 2PANAKHEPDKCN=LDU BKNPDA/NK@Q?PEKJKB,E?NKBHQE@E?#ARE?AO ./56< h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l.J#NKLl 2AL=N=PEKJO=J@2AJOEJC ./56< h %AJC 7 8E 8 8Q 7 /=JC # 6 9D=JC 9 + &AJAN=PEKJ KB 6=PAN(KJE? +EMQE@ #NKLHAP/=ENOEJ2KU>A=J.EHKJ,E?NKBHQE@E?"DEL ./56< h 1E?DA " 3 9D=JC " &QLP= , ,=HIOP=@P - %HQKNKLKHUIAN 2QNB=?A "K=PEJCO PK "KJPNKH#NKLHAPOEJ,E?NKBHQE@E?#ARE?AO ./56< h 1E?DA " 3 ,=NEJ ! " ,=HIOP=@P - &QLP= , 5=LKN #ALK OEPEKJ KB "NKOO+EJGA@ %HQKNKLKHUIAN !=NNEAN "K=PEJCO .JPK /NA OOAI>HA@ ,E?NKBHQE@E? #ARE?AO ./ 56< h #QJJ , ' "KHA , + '=NLAN ) ! $BBA?PO KB =J (KJE? +EM QE@ 2KHRAJP KJ PDA 2UJPDAOEO KB γ >QPUNKH=?PKJAO >U "KJFQC=PA @@EPEKJ 4OEJC -'" .NC=JK?=P=HUOPO %& 1B h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≤ D ≤ 7=;8.>-=387 1KKI PAILAN=PQNA (+O D=RA C=NJANA@ EJ?NA=OA@ EJPANAOP >A?=QOA K B PDAEN QJEMQA LDUOE?K?DAIE?=H LNKLANPEAO NAH=PERA PK PN=@EPEKJ=H KNC=JE? OKHR AJPO %KN AT=ILHA (+O =NA JKJ BH=II=>HA D=RA DECD PDANI=H =J@ ?DAIE?=H OP=>EHEPU LKOOAOO = SE@A HEMQE@QO N=JCA =J@ D=RA ATPNAIAHU HKS R=LKN LNAOOQNAO W h /= =P p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h #AOLEPA PDA NALKNPA@ PDANI=H OP=>EHEPU KB I=JU (+O PDAEN LN=?PE?=HQPEHEV=PEKJEJDECDPAILAN=PQNA?KHHKE@=HJ=JK?NUOP=H OUJPDAOAOEOJKPSAHH@ARAHKLA@ 6A NALKNP DANAEJ PDA DECDPAILAN=PQNA OUJPDAOEO KB -E / J=JK?NUOP=HO =O =J EJPANAOPEJC LNKKBKB?KJ?ALP NA=?PEKJ -E / D=O =PPN=?PA@ ?KJOE@AN=>HA EJPANAOP =O = NAOQHP KB PDA NAH=PE RA $=NPD =>QJ@=J?A KB EPO ?KJOPEPQAJP AHAIAJPO OP=>EHEPU EJ =HG=HEJA =O SAHH =O =?E@E? IA@E= =J@ ?=P=HUPE? =?PEREPU BKN PDA DU@NK@AKTUCAJ=PEKJ KB >EKI=OO PDA DU@NK@AOQHB QNEV=PEKJ KB LAPNKH =J@ PDA DU@NKCAJ ARKHQPEKJ NA=?PEKJ '$1 h 3DA >EJ=NU -Eh/ LD=OA @E=CN=I EO ?KILHAT SEPD = H=NCA JQI>AN KB PDANIK@UJ=IE?=HHU OP=>HA OPKE?DEKIAPNEAO -E / -E / -E / -E / -E / -E/ -E/ =J@ -E/ PDANA>U ?NA=PEJC = OUJPDAPE? ?D=HHAJCA SEPD NAOLA?P PK =??AO OEJC LD=OALQNA -E / (J CAJAN=H EJ?NA=OEJC PDA IKH=N AMQER=HAJPO KB LDKOLDE@A LNA?QNOK N ATPAJ@EJC PDA NA=?PEKJ PEIA =J@ KLAN=PEJC =P DECDAN PAILAN=PQNAO =HHKS PDA IKNA LDKOLDKNQONE?D OE@A KB PDA LD=OA @E=CN=I PK >A =??AOOA@BKN?KHHKE@=HJ=JK?NUOP=HO 3ULE?=H IAPDK@O QOA@ PK OUJPDAOEVA DECDMQ=HEPU ?KHHKE@=H -E / J=JK?NUOP=HO QOA PN=@EPEKJ=H KNC=JE? OKHRAJPO 24 K?P=@A?AJA .#$ @EK?PUH APDAN ATLAJOERA =J@KN NA=?PERA L DKOLDE@A LNA?QNOKNO PNE : K?PUHLDKOLDEJA 3./ SDEPA LDKOLDKNQO / PNEOPNEIAPDUHOEHUHLDKOLDEJA /3,2 =J@ PNE : >QPUHLDKOLDEJA DECD PAILAN=PQNAO =J@KN IQHPELHAOPAL NA=?P EKJO h 3NELDAJUHLDKOLDEJA //D EO = HKS?KOP HAOONA=?PERA =J@ IKNA =ENOP=>HA LDKOLDE@A L NA?QNOKN W PDA ?KOP KB 3./ EJ LNE?A LAN IKHA DKSARAN ?KIL=NA@ PK 3./ =J@ /3,2 J=JK?NUOP=HO OUJPDAOEVA@ QOEJC //D =NA PULE?=HHU H=NCA JI EHH@ABEJA@ =IKNLDKQO =J@KN JKPLD=OALQNA h #/<>5=<+7.3<-><<387 'ANAEJ SA NALKNP PDA KJAOPAL DA=PEJC QL OUJPDAOEO KB -E / J=JK?NUOP=HO QOEJC -E=?=? //D KHAUH=IEJA . I =J@ >QPUHIAPDUHEIE@=VKHEQI >EOPNEBHQK NKIAPDUHOQHBKJUHEIE@A !,(,3B - =O PDA (+ OKHRAJP 3DEO L=NPE?QH=N (+ OKHRAJP S=O OLA?EBE?=H HU ?DKOAJ BKN EPO OQLANEKN PDANI=H OP=>EHEPU >A?=QOA SA=GHU ?KKN@EJ=PEJC =JEKJO =NA NAH=P ERAHU OP=>HA SEPD NAOLA?P PK DECD PAILAN=PQNA @A?KILKOEPEKJ 3DA W IKH=N AMQER=HAJPO KB //D S=O QOA@ OEJ?A HKSAN /-E LNA?QNOKN N=PEKO NAOQHPA@ EJ H=NCAN LD=OAEILQNA J=JK?NUOP=HO 6DAJ PDA NA=?P=JPO SANA DA=PA@ PK p" =P = N=PA KB W p" IEJ h =J@ DAH@ =P PAILAN=PQNA BKN IEJ OI=HH LD=OALQNA -E / J=JK?NUOP=HO SANA K>P=EJA@ 3DA EOKH=PA@ UEAH@ KB PDA NAOQHPEJC -E / J=JK?NUOP=HO S=O NAH=PERA PKPDA-E=?=? LNA?QNOKN=O=OOAOOA@>UKNC=JE??KJPAJP?KNNA?PA@PDANIKCN=R EIAPNE?=J=HUOEO HHKBPDA@EBBN=?PEKJLA=GOEJPDALKS@AN7N=U@EBBN=?PEKJ7 1#L=PPANJKBPDANAOQHPEJC J=JK?NUOP=HO SANA =O?NE>=>HA PK PDA DAT=CKJ=H OPNQ?PQNA KB -E / %ECQNA = EJ@E?=PEJC PD=P PDA NAOQHPEJC LNK@Q?P S=O ?NUOP=HHEJA =J@ LD=OALQNA -E / 3DA @EBBN=?PEKJ LA=GO =P =J@ p θ ?=J >A EJ@ATA@ PK PDA =J@ NABHA?PEKJ O NAOLA?PERAHU 3DA H=PPE?A L=N=IAPANO SANA ?=H?QH=PA@ PK >A . =J@ 0 X SDE?D =NA EJ CKK@ =CNAAIAJP SEPD PDKOA NALKNPA@ BKN >QHG -E / /#% 2?DANNAN =J=HUOEO KB PDA LA=G >NK=@AJEJC UEAH@A@ =J =RAN=CA CN=EJ OEVA KB JI 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?K LA 3$, EI=CAO NARA=HA@ PD=P PDA NAOQHPEJC -E / J=JK?NUOP=HO SANA OLDANE?=H EJ OD=LA SEPD =J =RAN=CA @E=IAPA N KB ± JI =J@ = OP=J@=N@ @ARE=PEKJ =>KQP PDA IA=J σ 1 KB 3DA J=JK?NUOP=H OEVA EO EJ =CNAAIAJP SEPD PDA LNA@E?PA@ CN=EJ OEVA @APANIEJA@ >U 2?DANNAN =J=HUOEO ?KJOE OPAJP SEPD PDA BKNI=PEKJ KB OEJCHA @KI=EJ L=NPE?HAO %ECQNA > -K RKE@ OL=?AO SEPDEJ PDA J=JK? NUOP=HO SANA K>OANR=>HA >U DECD NAOKHQPEKJ3$,=J=HUOEO%ECQNA ?EILHUEJCPD=PPDACNKSPD IA?D=JEOII=UJKPEJRKHRAPDA LDKOLDE@=PEKJ KB = ?NUOP=HHEJA -E EJPANIA@E=PA SDE?D PULE?=HHU NAOQHPO EJ L=NPE?HA DKHHKSEJC >U PDA *ENGAJ@=HH ABBA?P 1 OL=?EJC KB =J@ JI S=O ?=H?QH=PA@ BKN PDA K>OANRA@ H=PPE?A BNEJCAO ?KNNAOLKJ@EJC PK PDA =J@ LH=JAO KB PDA DAT =CKJ=H -E / OPNQ?PQNA NAOLA?PERAHU 31>;/ = 7 1# L =PPANJO KB J E?GAH LDKOLDE@A J =JK?NUOP=HO OUJPDAOEVA@ EJ ! ,(, 3B - NA@ =J@ K?P=@A?AJA CNAAJ =P p" B KN IEJ 3 DA LQNLHA OPE?G L=PPA NJ N ALNAOAJPO -E / =J@ PDA CKH@ OPE?G L=PPANJ NALNAOAJPO - E / > 3$, IE?NKCN=LD =J@ ?KNNAOLKJ@EJC OEVA DEOPKCN=I EJOAP K B -E / J=JK?NUOP=HO OUJPDAOEVA@ E J !,(,3B - ? ' ECDNAOKHQPEKJ 3$, IE?NKCN=LD @EOLH=UEJC H=PPE?A BNEJCA O KB PDA =J@LH=JAO 6DAJ .#$ S=O OQ>OPEPQPA@ EJ LH=?A KB !,(,3B - =O PDA OKHRAJP QJ@AN KPDANSEOA E@AJPE?=HNA=?PEKJ?KJ@EPEKJOIETA@LD=OA@LNK@Q?POSANAK>P=E JA@=BPANIEJ=Pp" 3DAOA LNK@Q?PO ?KJP=EJA@ PDA LDKOLDKNQOLKKN -E / LD=OA =O SAHH =O PDA @AOENA@ -E / LD=OA =O EJ@E?=PA@ >U PDA LNAOAJ?A KB =J =@@EPEKJ=H @EBBN=?PEKJ LA=G =P Wp θ >U 71# PD=P ?KNNAOLKJ@O PK PDA EJPAJOEPU NABHA?PEKJ KB -E / /#% %ECQNA = 3$, IE?NKCN=LDO NARA=HA@ PD=P PDA LD=OAEILQNA J=JK?NUOP=HO OUJPDAOEVA@ EJ .#$ SANA NAH=PERAHU EHH@ABEJA@ =J@ B=?APA@SEPDPDAL=NPE?HAO>AEJC=HIKOPPSE?APDA=RAN=CA@E=I APAN ± JI σ 1 =O PDKOA OUJPDAOEVA@ >U PDA =J=HKCKQO NA=?PEKJ EJ (+ %ECQNA 3DA NAH=PERAHU OI=HHAN OEVA KB PDA NAOQHPEJC J=JK?NUOP=HO OUJPDAOEVA@ EJ !,(,3B - OQCCAOPO PD=P PDA (+ EO LH=UEJC =J EILKNP=JP NKHA @QNEJC OUJPDAOEO ?KJOEOPAJP SEPD ATLA?P=PEKJO PD=P (+O ?=J LNK RE@A OD=LA =J@ OEVA @ENA?PEJC h ?=L=>EHEPEAO >QP PDEO EO PDA BENOP NALKNP KB K>P=EJEJC = OLA? EBE? LD=OA >U QOEJC =J (+ OKHRAJPEJOPA=@KBPN=@EPEKJ=HKNC=JE?OKHRAJPO 31>;/ 3$, I E?NKCN=LD KB -E / J=JK?NUOP=HO OUJPDAOEVA@ Q OEJC .#$ = O PDA OKHRAJP =J@ ?KNNAOLKJ@EJCOEVA@EOPNE>QPEKJ R=NE=>HA PAILAN=PQNA OPQ@U S=O LANBKNIA@ PK QJ@ANOP=J@ EJ IKN A @AP=EH PDA LD=OA ARKHQPEKJ PD=P K??QNNA@ EJ !,(,3B - NAH=PERA PK .#$ =O PDA OKHRAJP %ECQNA (J !,(,3B - JQ?HA=PEKJ S=O K>OANRA@ >ACEJJEJC =P W p" =J@ EOKH=>HA L =NPE?HAO SANA LNK@Q?A@ >U p" SDE?D EO =HOK PDA PAILAN=PQNA =P SDE?D OECJEBE?=JP L DKOLDEJA C=O ARKHQPEKJ EO K>OANRA@ (J PDA =>OAJ?A KB . I JK JQ?HA=PEKJ EO K>OANRA@ EJ@E?=PEJC P D=P . I EO =?PEJC =O PDA LNEI=NU NA@Q?EJC =CAJP 6DAJ PDA O=IA IKH=N AMQER=HAJPO KB 3./ SANA OQ>OPEPQPA@ BKN //D PDAL=NPE?HAOSANAJKPEOKH=P=>HA@QAPKPDAENOI=HHOEVA %KN =HHPAILAN=PQNAOQLPKp"LKS@AN 71# L=PPANJO KB PDA NA=?PEKJ LNK@Q?PO @EOLH=UA@ = OEJCHA >NK=@ LA=G PD=P D=O LNAREKQOHU >AAJ =OOECJA@ PK =J =IKNLDKQO -E/ LD=OA 3DEO @EBBN=?PEKJ LA=G EO EJ =CNAAIAJP SEPD !NK?GlO K>OANR=PEKJ KB PDA BKNI=PEKJ KB =J =IKNLDKQO -E/ LD=OA SDAJ DE CDAN /-E OPKE?DEKIAPNE? N=PEKO =NA QOA@ (J ?KJPN=OP SDAJ .#$ EO OQ>OPEPQPA@ =O PDA OKHRAJP JQ?HA=PEK J S=O JKP K>OANRA@ QJPEH p" /KOPJQ?HA=PEKJ JQ?HAE SANA JKP EOKH=>HA EJ .#$ =P PAILAN=PQNAO >AHKS p" @QA PK PDAEN OI=HH OEVA ,KNAKRAN C=O ARKHQPEKJ EO JKP K>OANRA@ EJ .#$ QJPEH W p" 'AJ?A >KPD L=NPE?HA JQ?HA=PEKJ =J@ LDKOLDEJA C=O ARKHQPEKJ K??QNNA@ =P HKS AN PAILAN=PQNAO EJ PDA (+ OKHRAJP PD=J SDAJ EJ .#$ 3DA @EBBN=?PKCN=I BKN PDA NA=?PEKJ LNK@Q?P BN KI .#$ =P p" @EOLH=UA@ = OEIEH=N =IKNLDKQO -E/ LD=OA =O PDA L=NPE?HAO K>P=EJA@ BNKI PDA (+ OKHRAJP >QP ATDE>EPA@ = OECJEBE?=JP ODKQH@AN =P p θ SDE?D ?=J >A EJ@ATA@ PK PDA EJPAJOEPU LA=G KB -E / (J .#$ KJ?A PDA NA=?PEKJ PAILAN=PQNA NA=?DA@ p" BKN IEJ = IETA@ LD=OA -E / -E / LNK@Q?P S=O K>P=EJA@ =J@ EP D=O LNAREKQOHU >AAJ NALKNPA@ PD=P ?NUOP=HHEJA -E / ?=J OANRA =O =J EJPANIA@E=PA LD=OA PK -E / EJ .#$ 3DA @=P= =NA PDQO ?KJOEOPAJP SEPD PDA DULKPDAOEO PD=P ARKHQPEK J KB PDA -E / LD=OA EJ PDA (+ OKHRAJP @KAO JKP LNK?AA@ PDNKQCD =J K>OANR=>HA -E / EJPANIA@E=PA =O EO K>OANRA@ EJ .#$ >QP N=PDAN D=O = @AH=UA@ =IKNLDKQOPK?NUOP=HHEJA PN=JO EPEKJ PD=P HA=@O @ENA?PHU PK PDA ?NUOP=HHEJAIKNALDKOLDKNQONE?DLD=OADKSARANK>P=EJEJC=D ECDUEAH@NAMQENA@=NA=?PEKJPEIA KB IEJ 3DAOA NAOQHPO EILHU PD=P PDA (+ I=U >A EJPAN=?PEJC S EPD PDA OQNB=?A =J@ ?KJOAMQAJPHU EJBHQAJ?EJCJQ?HA=PEKJ=J@CNKSPD 31>;/ /KS@AN 7 1# L =PPANJO KB J E?GAH LDKOLDE@A J =JK?NUOP=H O UJPDAOAO L ANBKNIA@ = P R=NEKQO PEIAO =J@ PAILAN=PQNAO EJ = !,(, 3B - =J@ > .#$ O KHRAJPO 3 DA LQNLHA OPE?G L=PPANJ ? KNNAOLKJ@O P K -E / =J@PDACKH@OPE?GL=PPANJ?KNNAOLKJ@OPK-E / 3K @APANIEJA EB PDA (+ S=O ?KKN@EJ=PA@ PK PDA LQNEBEA@ J=JK?NUO P=H OQNB=?A DECDNAOKHQPEKJ 7N=U LDKPKAHA?PNKJ OLA?PNKO?KLE? 7/2 @=P= SANA ?KHHA?PA@ ODK SEJC % ? =J@ 2 < OECJ=HO ?KJBENIEJC PDA LNAOAJ?A KB PDA >EOPNEBHQKNKIAPD=JAOQHBKJEIE@A =JEKJ %ECQNA => 3DNAA OAPO KB @KQ>HAPO SANA K>OANRA@ EJ PDA -E < NACEKJ SEPD PDA BENOP OAP KB < =J@ < LA=GO D=REJC >EJ@EJC AJANCEAO KB =J@ A5 NAOLA?PERAHU =J@ LKOOA OOEJC PDA ATLA?PA@ OLEJKN>EP OLHEPPEJC Δ A5 BKN -E OLA?EAO %ECQNA = 3DA K>OANRA@ -E < >EJ@EJC AJANCU EO OHECDPHU DECDAN PD=J PD=P KB IAP=HHE? -E -E < A5 ?KJOEOPAJP SEPD = -E OLA?EAO PD=P EO EJ CKK@ =CNAAIAJP SEPD LNAREKQO NALKNPO BKN -E / 3DA NAI=EJEJC @KQ>HAPO SEPD < >EJ@EJC AJANCEAO KB =J@ A5 ?=J >A =OOECJA@ PK KTE@EVA@ OQN B=?A OLA?EAO 24 -E. =J@ -E..' =J@ATLA?PA@O=PAHHEPALA=GONAOLA?PERAHU 31>;/ 'ECDNAOKHQPEKJ7/2OLA?PN=KB=-E < =J@>/ < NACEKJO 3DA DECDNAOKHQPEKJ 7/2 @=P= EJ PDA / < NACEKJ ATDE>EPA@ LA=G AJRAHKLAO =P >EJ@EJC AJANCEAO KB =J@ A5 A=?D KB SDE?D ?KJOEOPA@ KB @KQ> HAPO SEPD < LA=GO =P =J@ A5 NAOLA?PERAHU %ECQNA > !KPD @KQ>HAPO ATDE>EPA@ P DA ATLA?PA@ OLEJ KN>EP OLHEPPEJC KB A5 3DA LA=G LNAOAJP =P HKSAN >EJ@EJC AJANCEAO ?=J >A =PPNE >QPA@ PK NA@Q?A@ / OLA?EAO SEPDEJ PDA -E / OPNQ?PQNA SDEHA PDA @KQ>HAP =P W A5 EO =O?NE>=>HA PK KTE@ EVA@ / OQNB=?A OLA?EAO 3DA OQNB=?A KTE@=PEKJ KB >KPD -E =J@ / EO = NAOQHP KB OPKN=CA E J =EN =J@ EO JKP ATLA?PA@ PK @AHAPANEKQOHU EJBHQAJ?A PDA ?=P=HUPE? =?PEREPU KB PDA -E / J=JK?NUOP=HO LNKRE@A@ PD=P PDA I=PANE=H EO NA@Q?A@LNEKNPK?=P=HUOEORE@AEJBN= 3K BQNPDAN ?KJBENI PDA LNAOAJ?A KB !,(,3B - KJ PDA OQNB=?A KB PDA J=JK?NUOP=HO %3(1 OLA?PN= KB PDA -E / J=JK?NUOP=HO SANA K>P=EJA@ <;?@ LQNEBE?=PEKJ %ECQNA 2UIIAPNE? =J@ =OUIIAPNE? B 2. OPNAP?DEJC >=J@O =P =J@ ?I h =J@ =J =OUIIAPNE? B "% OPNAP?DEJC >=J@ =P ?I h ?KNNAOLKJ@ PK PDA LNAOAJ?A KB PDA -3% h =JEKJ =J@ ?KNNK>KN=PA PDA 7/2 K>OANR=PEKJO !=J@O BNKI PDA KRANH=LLEJC IK@AO KB PDA !,(, ?=PEKJ EJ?HQ@EJC B "" =J@ B -"' =LLA=N =P ?I h EJ = NACEKJ SDANA >KPD . I =J@ //D @K JKP ATDE>EP (1=?PERA IK@AO @@EPEKJ=HHU//D KNKTE@EVA@/D /.OLA?EAO=NAHEGAHU?KKN@EJ=PA@PKPDAJ=JK?NUOP=H OQNB=?A =O EJ@E?=PA@ >U PDA =LLA=N=J?A KB >=J@O =LLA=NEJC =P =J@ ?I h PD=P =NA =O?NE>=>HA PK LDAJUH "" >KJ@ OPNAP?DAO -K (1 >=J@O ATLA?PA@ BKN ?KKN@EJ=PA@ . I SANA K>OANRA@ EJ PDA -E / J=JK?NUOP=HO 3DA K>OANR=PEKJ KB %3(1 >=J@O ?KNNAOLKJ@EJC PK !,(,-3B EO ?KJOEOPAJP SEPD PDA (+ =?PEJC =O = OP=>EHEVAN "KKN@EJ=PEKJ PK PDA OQNB=?A PDQO =LLA=NO PK EJBHQAJ?A PDA NAOQHPEJC LD=OA =J@ IKNLDKHKCU =J@ OQLLKNPO PDA K>OANR=PEKJ KB OI=HH OEJCHALD=OA L=NPE?HAO =O ?KIL=NA@ PK PDA J=JK?NUOP=HO LNK@Q?A@ EJ JKJ?KKN@ EJ=PEJC .#$ QJ@AN =J=HKCKQO ?KJ@EPEKJO 31>;/ = % 3(1 O LA?PN= K B LQNA !,(,3B - >HQA / /D CNAAJ . I LEJG =J@ -E / J=JK?NUOP=HO OUJPDAOEVA@ Q OEJC !,(,3B - <;?@ LQNEBE?=PEKJ P=J =J@ > VKKIA@ EJ KB - E / J=JK?NUOP=HO OUJPDAOEVA@ QOEJC!,(,3B - <;?@ LQNEBE?=PEKJ 3DA '$1 =?PEREPU KB PDA -E / J=JK?NUOP=HO S=O =HOK AR=HQ=PA@ =J@ ?KIL=NA@ PK -E / J=JK?NUOP=HO PD=P SANA OUJPDAOEVA@ >U IKNA ?KJRAJPEKJ=H NKQPAO 3DA SKNGEJC AHA?PNK@A S=O LNAL=NA@ >U @NKL?=OPEJC = ?KHHKE@=H OQOLAJOEKJ KB LQNEBEA@ -E / J=JK?NUOP=HO KJPK = 3E BKEH OQ>OPN=PA PK =?DEARA = I=OO HK=@EJC W IC ?I h BKHHKSA@ >U DA=PEJC =P p" EJ BKNIEJC C=O ' - BKN D PK NAIKRA HEC=J@O =J@ NA@Q?A =JU KTE@EVA@ OQNB=?A OLA ?EAO PULE?=H PDNAAAHA?PNK@A OAP QL EJ , ' 2. =M S=O QPEHEVA@ %ECQNA = LNAOAJPO PDA LKH=NEV=PEKJ @=P= BKN PDA -E / J=JK?NUOP=HO =HKJC SEPD = OP=J@=N@ /P IAOD AHA?PNK@A =J@ = > =NA 3E BKEH =O SKNGEJC AHA?PNK@AO 3DA -E / J=JK?NUOP=HO ATDE>EPA@ KRANLKPAJPE=HO KB η I ?I I5 =J@ η I ?I I5=O?KIL=NA@PKPDAKRANLKPAJPE=HOBKNPDA/PIAODAH A?PNK@A η I ?I I5=J@ η I ?I I5 3DA >=NA 3E BKEH OQ>OPN=PA @E@ JKP ATDE>EP OQ>OP=JP E=H AHA?PNK?=P=HUPE? =?PEREPU BKN'$1KRANPDEOLKPAJPE=HN=JCA 3DA3=BAHOHKLAOSANAI5 @A?=@A=J@I5@A?=@ABKN/P IAOD =J@ PDA -E / J=JK?NUOP=HO NAOLA?PERAHU %ECQNA > 3DAOA KRANLKPAJPE=H O =J@ 3=BAH OHKLAO =NA EJ =??KN@ SEPD PDA >AD=REKN KB -E / J=JK?NUOP=H>=OA@ AHA?PNK@AO SEPD ?KIL=N=>HA I=OO HK=@EJCO PD=P SANA OUJPDAOEVA@ QOEJC PULE?=H DECD>KEHEJC KNC=J E? OKHRAJPO %KN AT=ILHA 2?D==G =J@ ?KSKNGANO NALKNPA@ =J KRANLKPAJPE=H =J@ 3=BAH OHKLA KB η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≤ D ≤ >U OEILHU =@FQOPEJC PDA LNA?QNOKN N=PEK KB -E=?=? PK "K=?=? =J@ EJ?NA=OEJC PDA NA=?PEKJ PEIA 3DA NAOQHPEJC J=JK?NUOP=HO @ EOLH=U = OEIEH=NOEVAPKPDA-E /J=JK?NUOP=HO%ECQNA DKSARAN =OPDA?KJ?AJPN=PEKJKB" KEJ?NA=OA@ PDA J=JK?NUOP=HO >A?=IA CN=@Q=HHU IKNA B=?APA@ =J@ IKNLDKHKCE?= HHU @EOOEIEH=N SDE?D D=O >AAJ LNAREKQOHUK>OANRA@BKN"KNE?D-E T "K T /OPNQ?PQNAO 31>;/ 3$,EI=CAOKB=-E "K />-E "K /=J@?-E "K /J=JK?NUOP=HOOUJPDAOEVA@ QOEJC!,(,3B - 0 5 10 15 -0.4 -0.3 -0.2 -0.1 0.0 Time (hours) Overpotential ( V vs. RHE) 3DA ?KILKOEPEKJ KB PDA IETA@IAP=H -E h D "K D / J=JK?NUOP=HO S=O ?KJBENIA@ PDNKQCD = ?KI>EJ=PEKJ KB 71# 7/2 =J@ AJANCU @EOLANOERA 7N=U $#2 =J=H UOAO O PDA "K ?KJPAJP EJ?NA=OA@ PDA LKS@AN 71# L=PPANJO ODKSA@ = @A?NA=OA EJ EJPAJOE PU KB PDA =J@ NABHA?PEKJO=J@PDALA=GAJRAHKLAKB PDA=J@NABHA ?PEKJO=PWp θ PD=P=LLA=NA@=O= OEJCHA LA=G BKN D ≤ OLHEP EJPK PSK NAOKHR=>HA LA=GO ?KNNAOLKJ@EJC PK PDA =J@ NABHA?PEKJO KB PDA >QHG KNPDKNDKI>E? "K / OPNQ?PQNA BKN D %ECQNA 3DA QJEP ?AHH RKHQIA EJ?NA=OA@ HEJA=NHU SEPD EJ?NA=OEJC "K ?KJPAJP BKN PDA DAT=CKJ=H OPNQ?PQNA D ?KJBENIEJC PD=P PDA I=PANE=H S=O = DKIKCAJKQO OKHE@ OKHQPEKJ % ECQNA 3DA ATLANEIAJP=HHU @APANIEJA@ ?KILKOEPEKJ @APANIEJA@ BNKI DECDNAOKHQPEKJ 7/2 O?=J O KB PDA -E =J@ "K < NACEKJO SANA EJ ?HKOA =??KN@ SEPD PDA JKIEJ=H ?KILKOEPEKJO QOA@ @QNEJC OUJPDAOEO EJ@E?=PEJC B=?EHA "K EJ?KNLKN=PEKJ SEPDEJ PDA D NA=?PEKJ PEIA 3DA J=JK?NUOP=HO SE PD = -E "K / JKIEJ=H ?KILKOEPEKJ SANA BQNPDAN AT=IEJA@ >U $#2 I=LLEJC SDE?D ?KNNK>K N=PA@ PD=P PDA JKIEJ=H ?KILKOEPEKJ I=P?DA@ PDA ATLANEIAJP=H ?KILKOEPEKJ =J@ PD=P PDA " K =J@ -E SANA DKIKCAJAKQOHU @EOPNE>QPA@KRAN=?HQOPANKBJ=JK?NUOP=HO%ECQNA 31>;/ / KS@AN 71# L=PPANJO KB = - E "K />-E "K / = J@ ? -E "K / J=JK?NUOP=HO OUJPDAOEVA@QOEJC!,(,3B - 31>;/ 4JEP?AHHRKHQIARO ?KILKOEPEKJKB-E hT "K T /J=JK?NUOP=HO 31>;/ $ #2 O LA?PNQI AHAIAJP=H I=LO =J@ AHAIAJP=H ?KILKOEPEKJ KB -E "K / J=JK?NUOP=HO OUJPDAOEVA@QOEJC!,(,3B - 0.0 0.5 1.0 1.5 210.00 210.25 210.50 210.75 211.00 100.00 100.25 100.50 100.75 101.00 x in Ni 2-x Co x P Orthorhombic Unit Cell Volume (Å 3 ) Hexagonal Unit Cell Volume (Å 3 ) A9/;36/7=+5 /7/;+587<3./;+=387< -E?GAH(( =?APUH=?APKJ=PA -E=?=? +KP 6 =J@ PNELDAJUHLDKOLDEJA //D +KP 7". SANA LQN?D=OA@ BNKI HB= AO=N "K>=HP(( =?APUH=?APKJ=PA "K=?=? +KP,*!65 KHAUH=IEJA . I +KP 23!&5 K?P=@A?AJA .#$ +KP ,*!65 =J@ PEP=JEQI BKEH II P DE?GJAOO SANA LQN?D=OA@ BNKI 2ECI= H@NE?D >QPUHIAPDUHEIE@=VKHEQI >EOPNEBHQKNKIA PDUHOQHBKJUHEIE@A !,(, 3B - S=O LQN?D=OA@ BNKI (K+E3A? +KP / (J?(+ . I =J@ .#$ SANA @AC=OA@ =P p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p" QJ@AN R=?QQI BKN D PK NAIKRA NAOE@Q=H S=PAN =J@ KPDAN HKS>KEHEJC OLA?EAO 3DA BH=OG S=O OQ> OAMQAJPHU LH=?A@ QJ@AN BHKSEJC - C =J@ DA=PA@ PK p" KRAN = LANEK@ KB W IEJ =J@ DAH@ =P PD=P PAILAN=PQNA BKN =J@ IEJ NAOLA?PERAHU 3DA NA=?PEKJ S=O MQAJ?DA@ >U NAIKREJC PDA BH=OG BNKI PDA O=J@ >=PD =J@ =HHKSEJC EP PK ?KKH J=PQN=HHU PK NKKI PAILAN=PQNA 3DA NAOQHPEJ C NA=?PEKJ IETPQNA S=O PN=JOBANNA@ PK PSK I+ ?AJPNEBQCA PQ>AO SEPD PDA =E@ KB I+ KB APD=JKH =J@ I+ KB DAT=JAO S=O =@@A@ PK A=?D PQ>A 3DA IETPQNA S=O RKNPAT IETA@ O OKJE?=PA@ IEJ =J@ ?AJPNEBQCA@ BKN IEJ NLI 3DANAOQHPEJCOQLANJ=P=JP S=O>ELD=OE?=J@PDAPKL H=UANDAT=JAOS=O@A?=JPA@KBB PK HA=RA = >KPPKI H=UAN AIQHOEKJ KB APD=JKH =J@ !,(,3B - 3DA -E / J=JK?NUOP=HO SANA S=ODA@ PSE?A SEPD RRR KB "'"H =?APKJADAT=JAO =J@ SANA PDAJ ?AJPNEBQCA@ BKN IEJ NLI 3DA BEJ=H PSK S=ODAO SANA LANBKNIA@ SEPD R R KB APD=JKHDAT=JAO PK CERA = J=JK?NUOP=H OQOLAJOEKJ PD=P S=O ?KHHKE@=HHU OP=>HA EJ APD=JKH W I+ %KN IETA@IAP=H -E hT "K T / J=JK?NUOP=HO PDA OPKE?DEKIAPNU S=O =HPANA@ >U ?D=JCEJC PDA JKI EJ=H LNA?QNOKN N=PEK SDEHA I=EJP=EJEJC = PKP=H KB IIKH KB IAP=H LNA?QNOKN 3DA NA=?P EKJ PEIA S=O =HOK EJ?NA=OA@ PK D >QP PDA NA=?PEKJ =J@ SKNGQL SANA KPDANSEOA =J=HKCKQO PK PD=P QO A@ PK OUJPDAOEVA PDA -E / J=JK?NUOP=HO /=/;637+=38780*3/5. 3K AOPEI=PA PDA UEAH@ KB -E / J=JK?NUOP=HO = GJKSJ RKHQIA KB PDA BEJ=H OQOLAJOEKJ S=O @NEA@ QJ@AN - C EJ = LNASAECDA@ RE=H PK NAIKRA PDA OKHRAJP 3DA NAOQHPEJC J=JK?NUOP=H LKS@AN S=O =J=HUVA@ PDANIKCN=REIAPNE?=HHU PK p" QJ@AN BHKSEJC - C PK AOPEI=PA PDA KNC=JE? HEC=J@ ?KJPAJP 3DAKRAN=HHUEAH@S=O?=H?QH=PA@=??KN@EJCPK$MQ=PEKJ .$44 0( 130&6%5 +/ &3+'& 7+$- ,/08/ 70-6.' 0( %0--0+&$- 4641'/4+0/ +/ 7+$- s 505$- 70-6.' 0( 4641'/4+0/ s + > 85 w (30. ! x t 5 05$- .$44 0( + > %033'%5'& (03 -+)$/& %0/5'/5 ^Z^NW XN]] ZR JU f L OZ\\QO^QP RZ\ WUSNYP OZY^QY^ JU f L YNYZO\c]^NW ^TQZ\Q^UONW cUQWP s t + > /$/0%3:45$- :+'-& %KN AT=ILHA PDA UEAH@ BNKI PDA I+ LNA?QNOKN OKHQPEKJ ?KJP=E JEJC IC -E=?=? PD=P HA@ PK I+ KB = -E / J=JK?NUOP=H LNK@Q?P OQOLAJOEKJ EJ APD=JKH SKQH@ >A @APANIEJA@ =O BKHHKSO I+ =HEMQKP KB PDA -E / J=JK?NUOP=H LNK@Q?P OQOLAJOEKJ S=O @NEA@ EJ = LNASAECDA@ RE=H PK UEAH@ IC KB LNK@Q?P W SP HEC=J@ ?KJPAJP KB P DA NAOQHPEJC LKS@AN S=O @APANIEJA@ QOEJC3& 3DAUEAH@S=O@APANIEJA@=??KN@EJCPK$MQ=PEKJ .) 0( 130&6%5 . 0( %0--0+&$- 4641'/4+0/ s . s w + > 85 x t .) $%56$- + > /$/0%3:45$- :+'-& .) 0( 130&6%5 .) 5*'03'5+%$- + > /$/0%3:45$- :+'-& s t + > /$/0%3:45$- :+'-& ";/9+;+=38780(8;43715/-=;8./< -E / J=JK?NUOP=H OQOLAJOEKJO SANA @NKL ?=OP KJPK W ?I LEA?AO KB 3E BKEH PK LNK@Q?A = HK=@EJC KB W IC ?I h BPAN @NUEJC PDA J=JK?NUOP=HIK@EBEA@ 3E BKEHO SANA =JJA=HA@ BKN D =P `" QJ@AN = BHKS KB ' - C 3DA BKEHO SANA = BBETA@ PK = LKHUREJUH ?DHKNE@A?K=PA@ ?KLL AN SENA QOEJC C L=EJP 3SKL=NP ALKTU S=O PDAJ QOA@ PK ?KRAN =HH OQNB=?AO AT?ALP BKN PDA J=JK?NUOP=H BEHIO 5/-=;8-2/63-+5/+<>;/6/7=< $HA?PNK?DAIE?=H IA=OQNAIAJPO SANA LANBKNIA@ QOEJC = !EK+KCE? 2 / LKPAJPEKOP=P 3DA IA=OQNAIAJPO EJ , ' 2. SANA LANBKNIA@ QOEJC = PSK?KIL=NPIAJP PDNAAAHA?PNK@A ?AHH 3DA PSK ?KIL=NPIAJPO SANA OAL=N=PA@ >U = -=BEKJ IAI>N=JA PK IEJ EIEVA ?KJP=IEJ=PEKJ KB PDA SKNGEJC AHA?PNK@A >U PDA ?KJPAJPO KB PDA ?KQJPAN AHA?PNK@A OKHQ PEKJ ,AN?QNUIAN?QNKQO OQHB=PA 'C'C 2. O=PQN=PA@ * 2. S=O QOA@ =O PDA NABANAJ?A AHA?PNK@A SDANA=O PDA ?KQJPAN AHA?P NK@A S=O = /P IAOD (J =HG=HEJA ?KJ@EPEKJO = OEJCHA?KIL=NPIAJP PD NAAAHA?PNK@A ?AHH S=O QPEHEVA@ =HKJC SEPD = 'C'C. NABANAJ?A =J@ = ?=N>KJ IAOD ?KQJPAN AHA?PNK @A /KH=NEV=PEKJ @=P= SANA ?KHHA?PA@ =P = OSAAL N=PA KB I5O SDEHA >Q>>HEJC PDA OKHQPEK J SEPD W =PI KB ' C 3DA OKHQPEKJO SANA N=LE@HU OPENNA@ QOEJC = I=CJAPE? OPEN >=N 3DA ? QNNAJPEJPANNQLP IAPDK@ S=O QOA@ PK ?KILAJO=PABKNQJ?KILAJO=PA@NAOEOP=J?A 2+;+-=/;3C+=387 3& IA=OQNAIAJPO SANA I=@A KJ = 3 (JOPNQIAJPO 3& 0 EJOPNQIA JP QOEJC O=ILHA OEVAO KB IC EJ =J =HQIEJ= ?NQ?E>HA QJ@AN BHKSEJC - C /NEKN PK =J=HUOEO 3& O=ILHAO SANA LNAL=NA@ >U BQHHU @NUEJC PDA ?KHHKE@ OQOLAJOEKJ KRANJECDP QJ@AN BHKSEJC - C =P =I>EAJP PAILAN=PQNA 7N=U /KS@AN #EBBN=?PEKJ 71# L=PPANJO SANA ?KHHA ?PA@ KJ = 1EC=GQ 4HPEI= (5 @EBBN=?PKIAPAN BQJ?PEKJEJC =P I =J@ G5 SEPD = "Q w 7N=U OKQN?A I X 3DA OPAL OEVA =J@ ?KHHA?PEKJ PEIA SANA p =J@ O LAN OPAL NAO LA?PERAHU 3N=JOIEOOEKJ AHA?PNKJ IE?NKO?KLU 3$, EI=CAO SANA K>P=EJA@ QOEJC = )$.+ )$,% )$ .+ +P@ IE?NKO?KLA KLAN=PEJC =P G5 2=ILHAO SANA LNAL=NA@ KJ IAOD "Q CNE@O ?K=PA@ SEPD = H=?AU ?=N>KJ BEHI 3A@ /AHH= (J? >U @NKL?=OPEJC @EHQPA OQOLAJOEKJO KB ?KHHKE@ =H -E / J=JK?NUOP=HO EJ APD=JKH KN DAT=JAO 3DA =RAN=CA L=NPE?HA @E=IAPAN =J@ OEVA @EOPNE>QPEKJ KB PDA -E / J=JK?NUOP=HO OUJPDAOEVA@ EJ !,(,-3B SANA @APANIEJA@ >U ?KQJPEJC EJ@ERE@Q=H L=NPE?HAO %KN PDA L=NPE?HAO OUJPDAOEVA@ EJ .#$ EJ@ERE@Q=H L=NPE?HAO SANA ?KQJPA@ >U IA=OQNEJC PDA =JEOKPNKLE? L=NPE?HAO HKJCAOP HAJCPD $HAIAJP=H I=LO KB -E "K / J=JK?NUOP=HO SANA =?MQENA@ QOEJC = )$.+ )$,% )$.+ +P@ PN=JOIEOOEKJ AHA?PNKJ IE?NKO?KLA KLAN=PEJC =P G5 AMQE LLA@ SEPD =J $# 7 .?P=JA 3 /HQO OEHE?KJ @NEBP @APA?PKN $HAIAJP=H I=LO SANA =?MQENA@ >U OE CJ=H =RAN=CEJC KRAN = LANEK@ KB IEJ 2=ILHAO BKN 23$,$#2 OPQ@EAO LNAL=NA@ >U @NKL?=OPEJC = O P=>HA OQOLAJOEKJ KB J=JK?NUOP=HO EJ APD=JKH KJ = IAOD "Q CNE@ ?K=PA@ SEPD = H=? AU ?=N>KJ BEHI 3A@ /AHH= (J? =J@ @NUEJC QJ@AN R=?QQI KRANJECDP LNEKN PK EI=CEJC 7N=U LDKPK AHA?PNKJ OLA?PNKO?KLU 7/2 OLA?PN= SANA =?MQENA@ KJ = *N=PKO TEO 4HPN= 7N=U LDKPKAHA?PNK J OLA?PNKIAPAN SEPD PDA =J=HUVAN HAJO EJ DU>NE@ IK@A 'ECD NAOKHQPEKJ O?=JO SANA LANBKNIA@ QOEJC = IKJK?DNKI=PE? H =JK@A SEPD =J KLAN=PEJC ?QNNAJP KB I =J@ RKHP=CA KB G5 = OPAL OEVA KB A5 = L=OO AJANCU KB A5 =J@ = LNAOOQNA N=JCA >APSAAJ =J@ × h 3KNN 3DA >EJ@EJC AJANCEAO BKN =HH OLA?PN= SANA NABANAJ?A@ PK PDA =@RAJPEPEKQO " ? ?KNA HARAH =P A5 "=O= 7/2 =J=HUOEO OKBPS=NA S=O QOA@ BKN LA=G @A?KJRKHQPEKJ 3DA OPKE?DEKIAPNU KB O=ILHAO S=O @APANI EJA@ BNKI ?KNNA?PA@ LA=G = NA=O =J@ AILHKUEJC OAJOEPEREPU B=?PKNO LNKRE@A@ >U *N=PKO BKN A=?D A HAIAJP KB EJPANAOP %KQNEAN PN=JOBKNI EJBN=NA@ OLA?PNKO?KLU %3(1 OLA?PN= SANA =?MQENA@ KJ = !NQGAN 5ANPAT QOEJC @NKL ?=OPA@OQOLAJOEKJOKBPDA-E /J=JK?NUOP=HO=BPAN LQNEBE?=PEKJKJ9J2ALH=PAO 87-5><387 (JOQII=NUOI=HHLD=OALQNA-E /J=JK?NUOP=HO?=J>AOUJPDAOEVA@ QOEJCPDA(+OKHRAJP !,(,3B - 4J@AN =J=HKCKQO NA=?PEKJ ?KJ@EPEKJO OQ>OPEPQPEJC .#$ BKN PD A (+ EJOPA=@ LNK@Q?A@ EHH@ABEJA@ LD=OAEILQNA J=JK?NUOP=HO OQCCAOPEJC PD=P PDA (+ LH=UO =J EILKNP=JP NKHA EJ PDA NA=?PEKJ 7/2 =J@ %3(1 OLA?PNKO?KLE? ARE@AJ?A ?KJBENIA@ ?KKN@E J=PEKJ KB PDA (+ PK PDA J=JK?NUOP=H OQNB=?A #AOLEPA OQNB=?A ?KKN@EJ=PEKJ KB PDA (+ PD A NAOQHPEJC J=JK?NUOP=HO @EOLH=UA@ ?KIL=N=>HA'$1=?PEREPUPK-E /J=JK?NUOP=HOOUJPDAOEVA@>UKPDANNKQPAO #/0/;/7-/< 6=OOANO?DAE@/ 6AHPKJ3 ;:60 6=A61?6:&E:@52?6? )KDJ6EHAU2KJO #QLKJP ) 2Q=NAV / 9 /DUOE?K"DAIE?=H /NK?AOOAO EJ (IE@=VKHEQI (KJE? +EMQE@O $5E?529529$5E? q +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,=H IOP=@P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? q 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIOP=@P - %HKS (JR=NE=JP #NKLHAP%KNI=PEKJBKN2P=>HA/=N=HHAH,E?NKNA=?PKNO ".@;99A: *QJ=H / 1K>ANPO $ ) 1E?DA " 3 )=NREO * ,=HIOP =@P - !NQP?DAU 1 + 'QILDNAU 2 , "KJPEJQKQO %HKS 2UJPDAOEO KB 1D =J@ 1D C HHKU -=JKL=NPE?HA "=P=HUOPO $J=>HAO 2?=H=>HA /NK@Q?PEKJ =J@ (ILNKRA@ ,KNLDKHKCE?= H "KJPNKH 529 !.@2> q *AOOHAN , 3 'AJPO?DAH , * 'AEJNE?DO " 1KEPO?D 2 /NA?DPH , ' & %=OP 3N=?G PK -=JKI=PANE=HO ,E?NKS=RA OOEOPA@ 2UJPDAOEO EJ (KJE? +EMQE@ ,A@E= %& 1B q ,AEJA - !AJA@EPK % 1EJ=H@E 1 3DANI=H 2P=>EHEPU KB (KJE? +EMQE@O OOAOOA@ >U /KPAJPEKIAPNE?3EPN=PEKJ >22:529 q 6=CHA # 5 1KJ@EJKJA ) 6KK@S=N@ ) # !=GAN & /KHUKH 2UJPDAOEO KB ,=CJAPEPA -=JK?NUOP=HO EJ = 3DANIKOP=>HA (KJE? +EMQE@ >E?@ >;C@5 2? q '=>=O 2 $ !=@@KQN % & 1Q@@U # -=OD " / 6 =JC ) /=J , 'AJOHAU ) $ 2?D=E@HA ) %=?EHA ,KHA?QH=N /NA?QNOKN 1KQPA PK ,AP=H /DK OLDE@A -=JKL=NPE?HAO =J@ 3DAEN$R=HQ=PEKJ=O'U@NK@AKTUCAJ=PEKJ"=P=HUOPO 529!.@2> q /KL?VQJ $ ) ,?*KJA ) 1 1A=@ " & !E=??DE ) 6EHPNKQP , +ASEO - 2 2?D==G 1 $ -=JKOPNQ?PQNA@ -E?GAH /DKOLDE@A =O =J $HA?PNK?=P= HUOP BKN PDA 'U@NKCAJ $RKHQPEKJ1A=?PEKJ 9529&;0 q "=HHAF=O ) % 1A=@ " & /KL?VQJ $ ) ,?$J=JAU ) , 2?D==G 1 $ -=JKOPNQ?PQNA@ "K / $HA?PNK?=P=HUOP BKN PDA 'U@NKCAJ $RKHQPEKJ 1A=?PEKJ =J@ #ENA? P "KIL=NEOKJ SEPD ,KNLDKHKCE?=HHU$MQER=HAJP"K/ 529!.@2> q +E # 2AJAREN=PDJA * MQEHEJ= + !NK?G 2 + $BBA ?P KB 2UJPDAPE? +ARANO KJ -E?GAH /DKOLDE@A-=JKL=NPE?HA%KNI=PEKJ-E / =J@-E/ :;>4529 q ,QPDQOS=IU$ 2=REPDN=& ' + !NK?G2 + 2UJPDAPE ?+ARANO$J=>HEJC(J@ALAJ@AJP "KJPNKH KB /D=OA 2EVA =J@ ,KNLDKHKCU EJ -E?GAH /DKOLDE@A -=JK L=NPE?HAO & ".:; q +EQ ) ,AUJO , 9D=JC 3 N>EKH ) "=>KP 2D= RAH 3NELDAJUH /DKOLDEPA =O PDA /DKOLDKNKQO 2KQN?A BKN PDA 2?=H=>HA =J@ "KOP$BBA?PERA /NK@Q?PE KJ KB 3N=JOEPEKJ ,AP=H /DKOLDE@AO 529!.@2> q +APPAN "=NAJ?K 2 1AO= ( +A&KBB 7 +A%HK?D / ,Av=EHHAO - 6DEPA /DKOLDKNQO =O 2EJCHA 2KQN?AKBj/kEJPDA2UJPDAOEOKB-E?GAH/DKOLDE@A 529;99A: q /ANAN= 2 " %K@KN / 2 3OKE & , 6AJCAN + $ !NK?G 2 + LLHE?=PEKJ KB #A 2EHUH=PEKJ 2PN=PACEAO PK PDA /NAL=N=PEKJ KB 3N=JOEPEKJ ,AP=H /J E?PE@A -=JK?NUOP=HO 3DA "=OAKB%A/ 529!.@2> q 6=JC ) )KDJOPKJ/A?G " 3N=?U ) ! -E?GAH /DKOLD E@A -=JKL=NPE?HAO SEPD 'KHHKS 2KHE@=J@ IKNLDKQO2PNQ?PQNAO 529!.@2> q 9=BENKLKQHKQ ( /=L=CAHEO * !KQGKO - 2EKGKQ -E=N?DKO # 3VEPVEKO 5 "DAIE?=H 2UJPDAOEO =J@ 2AHB OOAI>HU KB 'KHHKS -E -E / 'U>NE@ -=JKOLDANAO $5E? 529 q 9DAJC 7 8Q=J 2 3E=J 9 8EJ 2 'A ) +EQ * + EQ + .JA /KP 2UJPDAOEO KB 'KHHKS -E?GAH /DKOLDE@A -=JKL=NPE?HAO SEPD 3QJ=>HA 5KE@ 2EVAO 4OEJC 3N ELDAJUHLDKOLDEJA !.@2> 2@@ q /=J 8 +EQ 8 +EQ " J $BBE?EAJP ,APDK@ BKN PDA 2UJ PDAOEO KB -E?GAH /DKOLDE@A -=JK?NUOP=HORE=3DANI=H#A?KILKOEPEKJKB2EJCHA2KQN?A/NA?QNO KNO %&1B q "DE=JC 1 * "DE=JC 1 3 %KNI=PEKJ KB 'KHHKS -E / -=JKL=NPE?HAO !=OA@ KJ PDA -=JKO?=HA*ENGAJ@=HH$BBA?P :;>4529 q #QLKJP ) 2?DKHPAJ ) # .J PDA 2PNQ?PQN=H =J@ 2QNB=?A /NKLANPEAO KB 3N=JOEPEKJ,AP=H -=JKL=NPE?HAOEJ(KJE?+EMQE@O 529&;0%2B q $OOEC 2 !ADNAJO 2 (KJE? +EMQE@O =O 2EVA =J@ 2D=LA 1ACQH=PEJC 2KHRAJPO BKN PDA 2UJPDAOEOKB"K>=HP-=JKL=NPE?HAO 529:4'205 q &QPAH 3 2=JPEJE " " /DEHELLKP * /=@Q= /AHV AN * "D=Q@NAP ! "D=QREJ 8 !=OOAP ) , .NC=JEVA@ # HGUH (IE@=VKHEQI (KJE? +EMQE@O "KQH @ !A 4OA@ PK "KJPNKH PDA 2EVA KB EJ 2EPQ &AJAN=PA@ 1QPDAJEQI -=JKL=NPE?HAO !.@2> 529 q 1A@AH $ 3DKI=JJ 1 )=JE=G " %ENOP "KNNAH=PEKJ KB - =JKL=NPE?HA 2EVA#ALAJ@AJP %KNI=PEKJ SEPD PDA (KJE? +EMQE@ JEKJ ,KHA?QH=N 5KHQIA :;>4 529 q ,KNA=Q + , '= # ' 9D=JC ' 'KR@AJ 1 ,QHHAN # 1K>EJOKJ 1 # #ABEJEJC "NUOP=HHEJA IKNLDKQO /D=OAO KB -=JKL=NPE?HAO PDNKQCD 71=U >O KNLPEKJ 2LA?PNKO?KLU =J@ 71=U #EBBN=?PEKJ 3DA "=OA KB -E?GAH /DKOLDE@A 529 !.@2> q J@=N==N=?D?DE ' / 3DKILOKJ , ) 6DEPA , %=J ' ) 5AH= ) /D=OA /NKCN=IIA@ -=JKB=>NE?=PEKJ $BBA?P KB .NC=JKLDKOLDEPA /NA?QNO KN 1A=?PEREPU KJ PDA $RKHQPEKJ KB -E?GAH =J@ -E?GAH /DKOLDE@A -=JK?NUOP=HO 529 !.@2> q /=J 8 +EQ 8 9D=K ) 8=JC * +E=JC ) +EQ # 'Q 6 +EQ # +EQ 8 +EQ " ,KJK@EOLANOA@ -E?GAH /DKOLDE@A -=JK?NUOP=HO SEPD #EBBANAJP /D=O AO 2UJPDAOEO "D=N=?PANEV=PEKJ=J@$HA?PNK?=P=HUPE?/NKLANPEAO BKN'U@NKCAJ$ RKHQPEKJ !.@2>529 q !EAOEJCAN , " /=UJA ! / +=Q + 6 , &ANOKJ 2I=NP 1 2 " 71=U /DKPKAHA?PNKJ 2LA?PNKO?KLE? "DAIE?=H 2P=PA 0Q=JPEBE?=PEKJ KB ,E TA@ -E?GAH ,AP=H .TE@A =J@'U@NKTE@A2UOPAIO &A>3:@2>3.02:.8 q +E # N=?D?DECA , / *QHEGKSOGE ! +=SAO & 2A@ = 3 !NK?G 2 + "KJPNKH KB "KILKOEPEKJ =J@ 2EVA EJ #EO?NAPA "K T %A qT / -=JKL=NPE?HAO "KJOAMQAJ?AO BKN ,=CJAPE? /NKLANPEAO 529!.@2> q 1AU ( )KD=JOOKJ / +EJ@CNAJ ) +=OOAC QAO ) " &NKJ@EJ ) 2ANR=JP + 2LA?PNKO?KLE? =J@ 3DAKNAPE?=H 2PQ@U KB "% 2. - q 3%2( q =J@ "% 2. -' '3%2( $5E? 529 q "H=NG 1 ) ' %HEJP " # 'AILHAI=J ) % 3 ( 1 =J@ 1=I=J 2LA?PN= KB 3NELDAJUHLDKOLDEJA 3NELDAJUH=NOEJA 3NELDAJUHOPE>EJA =J@ #E> AJVUHOQHLDE@A 2LA?PNK?DEI 0@.$.>@!;8&<20@>;?0 q "=HHAF=O ) % 1A=@ " & 1KOGA " 6 +ASEO - 2 2?D==G 1 $ 2UJPDAOEO "D=N=?PANEV=PEKJ =J@ /NKLANPEAO KB ,AP=H /DKOLDE@A "=P=HUOPO B KN PDA 'U@NKCAJ$RKHQPEKJ 1A=?PEKJ 529!.@2> q +EU=J=CA # 1 #=JBKNPD 2 ) +EQ 8 !QOOAHH , $ !NK?G 2 + 2EIQHP=JAKQO "KJPNKH KB "KILKOEPEKJ 2EVA =J@ ,KNLDKHKCU EJ #EO?NAPA -E qT "K T / -=JKL=NPE?HAO 529 !.@2> q 3,5381;+92B DN>ANC " # "DKE ) 6 "DQJC ! & #NKLHAP!=OA@ 2 UJPDAOEO KB 'KIKCAJAKQO ,=CJAPE?(NKJ.TE@A-=JKL=NPE?HAO 268?@26:".:;@205:;8 h H2=E@E 6 %AJC ' %E?DPDKNJ * @OKNLPEKJ KB /KHUREJUHLUNNKHE@KJA KJ C 2QNB=?AO(JOECDP(JPK=2PNQ?PQNA#ENA?PEJC CAJP ".:; 2@@ q OPNQ? # +Q % N=JV=AO ) 1 -=JKL=NPE?HAO =O 1A?U?H =>HA "=P=HUOPO 3DA %NKJPEAN !APSAAJ 'KIKCAJAKQO =J@ 'APANKCAJAKQO "=P=HUOEO :42C 529 :@ 1 q Q * +AA 6 %KH?D ,=EH.N@AN ,E?NKBHQE@E?O $R= HQ=PEKJ KB 2PANAKHEPDKCN=LDU BKNPDA/NK@Q?PEKJKB,E?NKBHQE@E?#ARE?AO ./56< h !=@=SE , /=QH ) % "NEOPKH 2 /=UAJ $ 1KIANK 8 1E?D=N@ % !NQJAP 2 +=I>ANP # /KNPEAN 7 /KLKR *KJ@N=PEAR= $ &KQLEH ) , $H %=HH=D ) &EHOKJ ) / ,=NEAU+ 3N=RANP ,=QCA% $BBA?P KB6=PANKJPD A2P=>EHEPUKB,K=J@"K,K 'U@NK@AKTUCAJ=PEKJ "=P=HUOPO "KI>EJA@ $TLANEIAJP=H =J@ #%3 2 PQ@U .@.8 q !=@@KQN % & -=OD " / 2?D=E@HA ) 1Q@@U # 2UJP DAOEO KB w,K" qT -=JKL=NPE?HAO SEPD = 2QNB=?A,K@EBEA@ 2! '=N@ 3AILH=PA #AP ANIEJ=PEKJ KB 2PNQ?PQNAh%QJ?PEKJ 1AH=PEKJODELO EJ ?APE? ?E@ #AKTUCAJ=PEKJ :42C 529 :@ 1 h !=AG ) HHAJ / , !=SAJ@E , & )AJOAJ * % (JRAOPEC= PEKJ KB (J@EQI /DKOLDE@A -=JK?NUOP=H 2UJPDAOEO 4OEJC = 'ECD3AILAN=PQNA =J@ 'ECD/NAOOQN A "KJPEJQKQO %HKS ,E?NKNA=?PKN :42C529 q !=H@=QB 6 !H=B=JV 4 1QLL , 4LCN=@EJC KB %H=OD /UNKHUOEO .EH =J@ 4PEHEV=PEKJ EJ 1ABEJANEAO 6;9.??6;2:2>4E q !=NEG>EJ 9 1=DI=J , 3 /=NPDE>=J / 1=J=A 2 )=EJ 5 #QN=EOS=IU 2 +AA 2 ' 2 *D=J2 (KJE?+EMQE@!=OA@"KILKQJ@#NKLHAP,E?NK BHQE@E?OBKNl.J#NKLl 2AL=N=PEKJO=J@2AJOEJC ./56< h !=NKQ@ " - &=HH=ENA % #=JCH= 1 #UJ=IE?O KB ,E?NKBHQE@E ? #NKLHAPO ./ 56< h !A@BKN@ - , 1=IAV=JE#=GDAH ' 2HK?EG ) , !NECCO ! # 1AJ 8 %NAJGAH ( /APGKR 5 'AEJV ' -=EG 1 1 *JA?DP , 1 $HQ?E@=PE KJ KB /ALPE@A#ENA?PA@ /=HH=@EQI 2QNB=?A 2PNQ?PQNA BKN !EKHKCE?=HHU 3QJ=>HA -=JK?=P=HU OPO & ".:; h !ANJQU+KLAV " HHET , !NE@CAO " "H=NE@CA ) ! 1 KOOAEJOGU , ) 2N ,C,K. x 2PNQ?PQNA /D=OA 2P=>EHEPU =J@ "=PEKJ 2EPA .N@AN "KJPNKH KB 1A@Q?PEKJ 529!.@2> h !D=@QNE & 2EHHAN + -E?GAH -=JKL=NPE?HAO "=P=HUVA 1ARANO E>HA 'U@N=PEKJ KB "=N>KJ #EKTE@A BKN ,EJAN=HEV=PEKJ "=N>KJ "=LPQNA =J@ 2PKN=CA .@.8 &06 '205:;8 q !EAOEJCAN , " /=UJA ! / +=Q + 6 , &ANOKJ 2I=N P 1 2 " 71=U /DKPKAHA?PNKJ 2LA?PNKO?KLE? "DAIE?=H 2P=PA 0Q=JPEBE?=PEKJ KB ,E TA@ -E?GAH ,AP=H .TE@A =J@'U@NKTE@A2UOPAIO &A>3:@2>3.02:.8 q !EHHEJCA 2 ) + *=J=PVE@EO , & !AUKJ@ "NUOP=HHKCN=LDU 3 DA 2PQ@U KB #EOKN@AN -=JK?NUOP=HHEJEPU =J@ "NUOP=HHKCN=LDE?=HHU "D=HHAJCA@ ,=PANE=HO SEPD /=EN #EOPNE>QPEKJ %QJ?PEKJO 529;99A: h !ENKJ, '52>9;<8.?@60?.:1'52>9;<8.?@60;9<;?6@2? 6EHHE=I J@NAS !KKJU=OQS=P 2 .IKPKOK 3 1AO=O?K # $ "NKOOHAU 2 / " KJRANOEKJ KB &Q=E=?KH .RAN2QLLKNPA@1Q"=P=HUOPO .@.8 2@@ q !KQ?DU " #ANKQ=JA >@ 2 ! #ANKQ=JA $ & -AS 1KQPA PK PDA ,AP=OP=>HA %"" ,KHU>@AJQI"=N>E@Aw,K" 529;99A: h !KNK@GK 8 'QILDNAU 2 , 3EHHAU 3 # %NAE ' 2KIKNF=E & "D=NCA3N=JOBAN (JPAN=?PEKJ KB /KHUREJUHLUNNKHE@KJA SEPD /H=PEJQI =J@ 1DK@EQI -=JKL=NPE?HAO $5E? 529 q !KO?=CHE " 1=BBAHP * 9AR=?K 3 .H>NE?D 6 .PPK 3 - 2=QAN ) &NQJ@S=H@P ) # ,EH@ 'U@NKPNA=PIAJP KB +ECDP %N=?PEKJ KB %=OP/UNKHUOEO .EH /NK@Q?A@ BNKI 2PN=S KRAN -E?GAH!=OA@"=P=HUOPO 6;9.??6;2:2>4E q !N=AGGAJ' ->6?@.88;4>6?@.8842;>6?@.88<5E?>6?@.880529 h !N=PHEA * , +AA ' *KIRKLKQHKO * 8=JC / 2KIKNF=E & /H=PEJQI -=JKL=NPE?HA 2D=LA $BBA?PO KJ !AJVAJA 'U@NKCAJ=PEKJ 2AHA?PEREPU ".:; 2@@ q !NEJCAN, 1 &AN@PO" ) 2KJC' 3E?A) # (OI=CEHKR 1 % ,E?NKBHQE@E?2UOPAIO BKN "DAIE?=H *EJAPE?O 3D=P 1AHU KJ "D=KPE? ,ETEJC EJ #NKLHAPO $568;? '>.:?.0@ !.@5 $5E?:4&06 h !Q?DI=EAN " 1=PD 3 /ENKHP % *J=HH " *=O?DJEPV / &H=PPAN . 6ASANG= * 'KBAN % *QJANP ! *NAJJ * 3NEIIAH & 1KKI 3AILAN=PQNA UJPDAOEO KB "Q(J2 -=JK?NUOP=HO %&1B h "=HHAF=O ) % 1A=@ " & /KL?VQJ $ ) ,?$J=JAU ) , 2?D==G 1 $ -=JKOPNQ?PQNA@ "K / $HA?PNK?=P=HUOP BKN PDA 'U@NKCAJ $RKHQPEKJ 1A=?PEKJ =J@ #ENA? P "KIL=NEOKJ SEPD ,KNLDKHKCE?=HHU$MQER=HAJP"K/ 529!.@2> q "=HHAF=O ) % 1A=@ " & 1KOGA " 6 +ASEO - 2 2?D== G 1 $ 2UJPDAOEO "D=N=?PANEV=PEKJ =J@ /NKLANPEAO KB ,AP=H /DKOLDE@A "=P=HUOPO B KN PDA 'U@NKCAJ$RKHQPEKJ 1A=?PEKJ 529!.@2> q "=NAJ?K2 !KEOOEANA" -E?KHA+ 2=J?DAV" +A%HK?D / ,AV=EHHAO- "KJPNKHHA@ #AOECJ KB 2EVA3QJ=>HA ,KJK@EOLANOA -E?GAH -=JKL=NPE?HAO 529 !.@2> "=NAJ?K 2 1AO= ( +A&KBB 7 +A%HK?D / ,Av=EHHAO - 6 DEPA /DKOLDKNQO =O 2 EJCHA 2KQN?A KB j/k EJ PDA 2UJPDAOEO KB -E?GAH /DKOLDE@A 529 ;99A: q KNPDA'U@NKCAJ$RKHQPEKJ1A=?PEKJ 529!.@2> q "=NNEAN. %QJBO?DEHHEJC# #A>=O ' /KJ?EJ2 +^>/ +E' 9 /NAOOQNA#NKLEJ= 2LHEP=J@1A?KI>EJA "=PANLEHH=N ,E?NKIETAN EJ "=OA KB -ASPKJE=J =J@ -KJ-ASPKJE=J %HQE@O 5 h "=UCEHH & 9=JBEN , &=RNEEHE@EO 2?=H=>HA 1A=?PKN #AOEC J BKN /D=NI=?AQPE?=HO =J@ %EJA "DAIE?=HO /NK@Q?PEKJ /KPAJPE=H 2?=HAQL .>OP=?HAO #>4 $>;02?? %2? 2B h "D=J $ , ,=PDEAO 1 HEREO=PKO / 2EVAq"KJPNKHHA@ &NKSPD KB "@2A -=JK?NUOP=HOEJ,E?NKBHQE@E?1A=?PKNO ".:; 2@@ q "DAAG=P=I=NH= / * 3DKIOKJ 6 ) /KEOKJEJC $BBA?P KB 3DEKLD AJA KJ PDA "=P=HUPE? ?PEREPU KB ,KHU>@AJQI "=N>E@A #QNEJC 3NEIAPDUH /AJP=JA 1ABKNI EJC BKN 'U@NKCAJ &AJAN=PEKJ <<8.@.8 h "DAJ ) 6EHAU ! ) 7E= 8 .JA@EIAJOEKJ=H -=JKOPNQ?PQNAO KB ,AP=HO +=NCA2?=HA 2UJPDAOEO=J@2KIA/KPAJPE=H LLHE?=PEKJO .:49A6> q "DE=JC 1 * "DE=JC 1 3 %KNI=PEKJ KB 'KHHKS -E / -=JKL=NPE?HAO !=OA@ KJ PDA -=JKO?=HA*ENGAJ@=HH$BBA?P :;>4529 q "DKE ) & 3DKILOKJ + 3 7/2 2PQ@U KB OLNAL=NA@ =J@ 1A@Q? A@ ,KHU>@AJQI .TE@AO <<8&A>3&06 h "DNEOPKLDAN & % -KD=NQ@@EJ - - 3=UHKN ) JJ= 2 + $TLANEIAJP=H .>OANR=PEKJO KB PDA 2MQAAVEJCPK#NELLEJC 3N=JOEPEKJ EJ 3OD=LA @ ,E?NKBHQE@E? )QJ?PEKJO $5E?%2B&@.@";:86:&;3@!.@@2>$5E? h "H=NG 1 ) ' %HEJP " # 'AILHAI=J ) % 3 ( 1 =J@ 1= I=J 2LA?PN= KB 3NELDAJUHLDKOLDEJA 3NELDAJUH=NOEJA 3NELDAJUHOPE>EJA =J@ #E> AJVUHOQHLDE@A 2LA?PNK?DEI 0@.$.>@!;8&<20@>;?0 q "KJ?DKQOK # "=OPNK # *D=J 2 %KQH@O ( & 3DNAA#EI AJOEKJ=H /=N=HHAHEV=PEKJ KB ,E?NKBHQE@E? #NKLHAP &AJAN=PKNO BKN = +EPNA /AN 'KQN 5KHQIA /NK@Q?PEKJ KB 2EJCHA $IQHOEKJO ./56< h "KNPEA, ! 3DA6AEN@6KNH@KB-=JKO?=HA&KH@ ;81A882@6: h "KOP= + 1 &KIAO "QJD= 1 + 2PQ@EAO KB #NKLHAPO %K NI=PEKJ 1ACEIA =J@ ?PQ=H %HKS 1=PA KB +EMQE@+EMQE@ %HKSO EJ %HKS%K?QOEJC ,E?NKBHQE@E? #ARE?AO D< '52>9 8A61&06 h "KPP=I ! % *NEODJ=@=O=J 2 ) @A,AHHK " @A,AHHK ) / 2D=BBAN , 2 ??AHAN=PA@ 2UJPDAOEO KB 3EP=JEQI .TE@A -=JKOPNQ?PQNAO 4OEJC ,E ?NKBHQE@E? "DELO ./ 56< h "NAIAN / 2 2Q 7 2DAJ 8 1 2KIKNF=E & 'U@NKCAJ=PE KJ =J@ #ADU@NKCAJ=PEKJ KB /NKLUHAJA KJ /P 2PQ@EA@ >U 2QI %NAMQAJ?U &AJAN=PEKJ %N KI 4'5 PK PIKOLDANE?/NAOOQNA $5E?529 q "NAOLK0QAO=@= , 8=NQHEJ )EJ , 7E= 8 *ESE,EJOGAN + 2PNQ?PQNA 2AJOEPEREPU KB HGUJKH 'U@NKCAJ=PEKJ KJ 2D=LA=J@ 2EVA "KJPNKHHA@ /=HH=@EQ I -=JK?NUOP=HO 6DE?D 2EPAO=NA,KOP ?PERA=J@2AHA?PERA 9529&;0 q "QAJU= ! 1 2UJPDAOEO =J@ "=P=HUPE? /NKLANPEAO KB ,AP=H -=JKL =NPE?HAO 2EVA 2D=LA 2QLLKNP "KILKOEPEKJ =J@ .TE@=PEKJ 2P=PA $BBA?PO '56: &;861 689? h #=D=H - &=N?[= 2 9DKQ ) 'QILDNAU 2 , !AJABE?E=H $BB A?PO KB ,E?NKS=RA OOEOPA@ 'A=PEJC 5ANOQO "KJRAJPEKJ=H 'A=PEJC EJ -K>HA ,AP=H -=JKL=NPE?HA 2UJPDAOEO & ".:; q "=OPEHHK +AKJ ) !=OE?O KB ,E?NKBHQE@E?O 3DAKNU (J ./;:.56< 2B602? .:1 !60>; ';@.8 :.8E?6? &E?@29? "=OPEHHK+AKJ ) 2RAJ@OAJ 6 $ $@ 2LNEJCAN -AS 8KNG LLh "D=LPAN /NAL=N=PEKJ KB 2QLLKNPA@ "=P=HUOPO (J &@A162? 6: &A>3.02 &062:02 .:1 .@.8E?6? ,KQHEFJ ) R=J +AAQSAJ / 6 - , R=J 2=JPAJ 1 $@ "=P=HUOEO $HOAREAN 5KH LLh "DAJ6 *EI) 2QJ2 "DAJ2 $HA?PNK.TE@=PEKJKB%KNIE ? ?E@"=P=HUVA@>U%A/P -=JKL=NPE?HAO $5E?529529$5E? h "DAJ7 )E=JC8 2QJ ) )EJ" 9D=JC 9 'ECDHU ?PERA -=JKLKNKQO/P!=OA@ HHKU =O JK@A =J@ "=PDK@A "=P=HUOP BKN #ENA?P ,APD=JKH %QAH "AHHO $;C2> &;A>02? h "DNEOPKLDAN & % -KD=NQ@@EJ - - 3=UHKN ) JJ= 2 + $TLANEIAJP=H .>OANR=PEKJO KB PDA 2MQAAVEJCPK#NELLEJC 3N=JOEPEKJ EJ 3OD=LA @ ,E?NKBHQE@E? )QJ?PEKJO $5E?%2B&@.@";:86:&;3@!.@@2>$5E? h "H=NG 1 ) ' %HEJP " # 'AILHAI=J ) % 3 ( 1 =J@ 1= I=J 2LA?PN= KB 3NELDAJUHLDKOLDEJA 3NELDAJUH=NOEJA 3NELDAJUHOPE>EJA =J@ #E> AJVUHOQHLDE@A 2LA?PNK?DEI 0@.$.>@!;8&<20@>;?0 q "KJ?DKQOK # "=OPNK # *D=J 2 %KQH@O ( & 3DNAA#EI AJOEKJ=H /=N=HHAHEV=PEKJ KB ,E?NKBHQE@E? #NKLHAP &AJAN=PKNO BKN = +EPNA /AN 'KQN 5KHQIA /NK@Q?PEKJ KB 2EJCHA $IQHOEKJO ./56< h "NAIAN / 2 2Q 7 2DAJ 8 1 2KIKNF=E & 'U@NKCAJ=PE KJ =J@ #ADU@NKCAJ=PEKJ KB /NKLUHAJA KJ /P 2PQ@EA@ >U 2QI %NAMQAJ?U &AJAN=PEKJ %N KI 4'5 PK PIKOLDANE?/NAOOQNA $5E?529 q "NAOLK0QAO=@= , 8=NQHEJ )EJ , 7E= 8 *ESE,EJOGAN + 2PNQ?PQNA 2AJOEPEREPU KB HGUJKH 'U@NKCAJ=PEKJ KJ 2D=LA=J@ 2EVA "KJPNKHHA@ /=HH=@EQ I -=JK?NUOP=HO 6DE?D 2EPAO=NA,KOP ?PERA=J@2AHA?PERA 9529&;0 q #=D=H - &=N?[= 2 9DKQ ) 'QILDNAU 2 , !AJABE?E=H $BB A?PO KB ,E?NKS=RA OOEOPA@ 'A=PEJC 5ANOQO "KJRAJPEKJ=H 'A=PEJC EJ -K>HA ,AP=H -=JKL=NPE?HA 2UJPDAOEO & ".:; q #AHLKNPA / ,AQJEAN % # 1 /D=I'QQ " 5AJJACQAO / + A@KQT , ) &QEHHA ) /DUOE?=H "D=N=?PANEV=PEKJ KB ,KHU>@AJQI .TU?=N>E@A "=P=HUOP 3$ , 71# =J@ 7/2 .@.8';1.E h @A,AHHK ) "KJPNKH =J@ #APA?PEKJ KB "DAIE?=H 1A=?PEKJ EJ ,E ?NKBHQE@E? 2UOPAIO ".@A>2 q #QLKJP ) 2?DKHPAJ ) # .J PDA 2PNQ?PQN=H =J@ 2QNB=?A /NKLA NPEAO KB 3N=JOEPEKJ,AP=H -=JKL=NPE?HAOEJ(KJE?+EMQE@O 529&;0%2B q #QLKJP ) 2Q=NAV / 9 /DUOE?K"DAIE?=H /NK?AOOAO EJ (IE@ =VKHEQI (KJE? +EMQE@O $5E?529529$5E? q #QJJ , ' "KHA , + '=NLAN ) ! $BBA?PO KB =J (KJE? +EM QE@ 2KHRAJP KJ PDA 2UJPDAOEO KB γ >QPUNKH=?PKJAO >U "KJFQC=PA @@EPEKJ 4OEJC -'" .NC=JK?=P=HUOPO %& 1B h #QPP= 2?D=E@HA ) 'QI>EN@ # !=@@KQN % & 2=DEN "KJ?ALPQ=H /NK?AOO #AOECJ =J@ 3A?DJKA?KJKIE? OOAOOIAJP KB AT OEPQ "=P=HUPE? %=OP /UNKHUOEO KB !EKI=OO %ETA@ !A@ 1A=?PKN (ILHAIAJP=PEKJ 2?AJ=NEK BKN %QPQNA %A=OE>EH EPU ';< .@.8 q $H2=UA@ , 2I=HH (O #EBBANAJP 2D=LA 2EVA =J@ "KILKOE PEKJ#ALAJ@AJP /NKLANPEAO KB2KIA"KHHKE@=H2AIE?KJ@Q?PKN-=JK?NUOP=HO 00529%2? h $OOEC 2 !ADNAJO 2 (KJE? +EMQE@O =O 2EVA =J@ 2D=LA 1ACQH= PEJC 2KHRAJPO BKN PDA 2UJPDAOEOKB"K>=HP-=JKL=NPE?HAO 529:4'205 q %=J % 1 #EJC 8 +EQ # 8 3E=J 9 0 6=JC 9 + %=?A P2AHA?PERA $LEP=TE=H &NKSPD KB 'APANKCAJAKQO -=JKOPNQ?PQNAO KB 2AIE?KJ@Q?PKN =J@ ,AP=H 9J. -=JKNK@O KJ C -=JK?NUOP=HO 9529&;0 q %=NNKS " + )QD=O / +EQ ) 6 !NUJ@EJ # !KVEJ $ 2 !HK?D ) /NKBBAJ 3 !EHHEJCA 2 ) /#%BEP =J@ /#%CQE "KILQPAN /NKCN=IO BKN OPQ@U EJC -=JKOPNQ?PQNA EJ "NUOP=HO $5E?;:12:?!.@@2> h %AJC 7 8E 8 8Q 7 /=JC # 6 9D=JC 9 + &AJAN=PEKJ KB 6=PAN(KJE? +EMQE@ #NKLHAP/=ENOEJ2KU>A=J.EHKJ,E?NKBHQE@E?"DEL ./56< h %ANCQOKJ ( % EJO?KQCD ) ! ,KNOA # ,EHHAN 6 #A? KILKOEPEKJ KB ,KHU>@AJQI 'AT=?=N>KJUH ".@A>2 h %HQKNKPDANI /3%$ 3Q>EJC DPPLOSSS BHQKNKPDANI ?KILNK@Q?PO BHQKNKLKHUIAN PQ>EJCLPBAPQ>EJC=??AOA@%A> %KK & 2 1KCANO * 8QJC , , 2EARANO " 2PANE? $BBA ?P =J@ $RKHQPEKJ KB 2QNB=?A 2LA?EAO EJ PDA 'U@NK@AKTUCAJ=PEKJ KB !EK .EH ,K@AH "KILKQJ@O K RAN /P'!$ & .@.8 q %KN@, $ .@.8E?6?;3#>4.:60%2.0@6;:? "1"/NAOO %N=JOOEH=2 :@>;1A0@6;:@;!60>;3./>60.@6;: )KDJ6EHAU2KJO %QNEIOGU$ "=P=HUPE?'U@NK@AKTUCAJ=PEKJ <<8.@.8 q &=K # 2?DSAEPVAN " 'S=JC ' 3 5=NI= "KJRANOEKJ KB &Q=E=?KH KJ -K>HA ,AP=H "=P=HUOPO 1A=?PEKJ /ANBKNI=J?A = J@ #A=?PER=PEKJ 2PQ@EAO :1 :4 529 %2? q &=K ) 6Q 8 )E= " 9DKJC 9 &=K % 8=JC 8 +EQ ! "KJPNKHH=>HA 2UJPDAOEO KB w ,K" T =J@ z,K " -=JKSENAO BKN 'ECDHU 2AHA?PERA ". 1A@Q?PEKJ PK ". .@.8 ;99A: h &=N?[= 2 J@ANOKJ 1 , "AHEK ' #=D=H - #KHK?=J 9DKQ ) 'QILDNAU 2 , ,E?NKS=RA 2UJPDAOEO KB Q1D "KNA2DAHH -=JKL=NPE?HAO =J@ (ILHE ?=PEKJ KB PDA 2DAHH 3DE?GJAOOEJ'U@NKCAJ=PEKJ"=P=HUOEO 529;99A: q &=N?[= 2 !Q?GHAU ) ) !NQP?DAU 1 + 'QILDNAU 2 , $B BA?P KB ,E?NKS=RA 'A=PEJC KJ PDA 2UJPDAOEO KB 1DK@EQI -=JKL=NPE?HAO EJ (KJE? +EMQE@O :;>4 569 0@. q &=N?[= 2 /E>QNJ & 6 'QILDNAU 2 , ,E?NKS=RA OOEOPA@ 2 UJPDAOEO KB ,AP=HHE? -=JKL=NPE?HAO (J !60>;C.B2 :46:22>6:4 ;3 ".:;9.@2>6.8? >;9 !2?;?0.82 @; ".:;?0.82 &QAJEJ$ $@ /=J2P=JBKN@2EJC=LKNA"D=LPANLL q &=N?[= 2 9D=JC + /E>QNJ & 6 'AJGAHI=J & 'QILDNAU 2 , ,E?NKS=RA 2UJPDAOEO KB "H=OOE?=HHU (IIEO?E>HA 1DK@EQIq2EHRAN =J@ 1DK@EQIq &KH@ HHKU -=JKL=NPE?HAO'ECDHU ?PERA'U@NKCAJ=PEKJ"=P=HUOPO &".:; q &ANA>AJ . /QOVP=E + 1,"</.3 "KILQPAN "K@A BKN 1ARANOA , KJPA "=NHK ,K@AHEJC PDA 2PNQ?PQNA KB #EOKN@ANA@ 2UOPAIO "KJP=EJEJC ,KHA?QHAO KB N> EPN=NU "KILHATEPU ;9<A@529 h &EKN@=JK " $NLAJ " 8=K 6 JPKJEAPPE , 2UJPDAOEO KB , K =J@ 6 "=N>E@A =J@ -EPNE@A-=JKL=NPE?HAORE==2EILHAj4NA=&H=OOk1KQPA ".:; 2@@ h &EH>ANP, >E1?;:F?$8.?@60?!.@2>6.8? 6EHHE=I J@NAS &KL=H=J $ 5 ,=HEJE * 2=N=R=J=J 2 *QI=N # 2 8KO DE@= 8 J=JPD=N=I=J , 1 $RE@AJ?A BKN /KH=NKJ "KJ@Q?PEKJ EJ -=JKOPNQ?PQNA@ ,=JC=JA OA %ANNEPA $5E? <<8$5E? h &KPK 8 3=JECQ?DE * .I=P= 3 .POQG=8=K,=POQK 2 .D=O DE - 4A@= 2 8KODEG=S= ' 8=I=ODEP= 8 .KD=ODE ' *K>=U=ODE * %KNI=P EKJ KB -E " -=JK?NUOP=HO >U 3DANIKHUOEO KB -E?GAH ?APUH=?APKJ=PA EJ .HAUH= IEJA "D=N=?PANEV=PEKJ 4OEJC'=N@7N=U/DKPKAHA?PNKJ2LA?PNKO?KLU 529!.@2> h &NEBBEJ , ! %ANCQOKJ & 1Q@@U # !E@@U , ) !A ?GD=I & 3 2?D=E@HA ) 1KHA KB 2QLLKNP =J@ 1A=?PEKJ "KJ@EPEKJO KJ PDA 5=LKN/D=OA # AKTUCAJ=PEKJ KB I "NAOKHKRAN/P"=J@/P3E. "=P=HUOPO &.@.8 q &NEBBEJ , ! !=@@KQN % & '=>=O 2 $ 1Q@@U # 2?D =E@HA ) $R=HQ=PEKJ KB 2EHE?=2QLLKNPA@ ,AP=H =J@ ,AP=H /DKOLDE@A -=JKL=NPE?HA "=P=HUO PO BKN PDA 'U@NK@AKTUCAJ=PEKJ KB &Q=E=?KH QJ@AN AT OEPQ "=P=HUPE? %=OP /UN KHUOEO "KJ@EPEKJO ';< .@.8 q &QLP= ,QNODA@ 2 , 2 *QI=N 1 #NKLHAP %KNI=PEKJ =J@ 2 P=>EHEPU KB %HKSO EJ = ,E?NKBHQE@E?3)QJ?PEKJ <<8$5E? 2@@ h &QPAH 3 2=JPEJE " " /DEHELLKP * /=@Q= /AHVAN * "D=Q@NAP ! "D=QREJ 8 !=OOAP ) , .NC=JEVA@ # HGUH (IE@=VKHEQI (KJE? +EMQE@O "KQH @ !A 4OA@ PK "KJPNKH PDA 2EVA KB EJ 2EPQ &AJAN=PA@ 1QPDAJEQI -=JKL=NPE?HAO !.@2> 529 q '=>=O 2 $ !=@@KQN % & 1Q@@U # -=OD " / 6=JC ) /=J , 'AJOHAU ) $ 2?D=E@HA ) %=?EHA ,KHA?QH=N /NA?QNOKN 1KQPA PK ,AP=H /DK OLDE@A -=JKL=NPE?HAO =J@ 3DAEN$R=HQ=PEKJ=O'U@NK@AKTUCAJ=PEKJ"=P=HUOPO 529!.@2> q '=JO)QNCAJ '=SGEJO 2 :1A?@>6.8 #>4.:60 5296?@>E @5 16@6;: *682E &;:? '=NPI=J 1 + ,?,QHHAJ ) / )AJOAJ * % #A?E@EJC 6DAPDAN 3K &K SEPD PDA %HKS $R=HQ=PEJC PDA ,ANEPO KB %HKS 1A=?PKNO BKN 2UJPDAOEO :42C 529 :@ 1 :48 h '=ODEIKPK , 2DARGKLUH=O 2 2 9=OKJOG= ! 2VUI>KNOGE 3 &=NOPA?GE / 6DEPAOE@AO & , %KNI=PEKJ KB !Q>>HAO =J@ #NKLHAPO EJ /=N=HHAH "KQLHA@ %HKS%K?QOEJC &AKIAPNEAO &9.88 h 'A=N@ " ) 2E=DNKOP=IE 2 &N^J>A?G ' 2PNQ?PQN=H =J@ $JAN CAPE? 3NAJ@O KB $PDUHAJA 'U@NKCAJ=PEKJKRAN3N=JOEPEKJ,AP=H2QNB=?AO $5E?529 q 'ANKH@ * $ 1=OKKHU (JPNK@Q?PEKJ PK ,E?NKBHQE@E?O (J ./ ;: . 56< '205:;8;4E ./>60.@6;: .:1 !60>;38A6160? 'ANKH@ * $ 1=OKKHU $@ "=EOPAN ?=@AIE? /NAOO -KNBKHGLLh 'AOOAH 5 '=N@P 2 +^SA ' 52960.8 !60>; $>;02?? :46:22>6:4 A:1.92:@.8? !;12886:4.:1%2.0@6;:? )KDJ6EHAU2KJO 'AOOAH 5 '=N@P 2 +^SA ' 2?D^JBAH@ % +=IEJ=N ,ETEJC E J #EBBANAJP (JPAN@ECEP=H ,E?NKIETANO( $TLANEIAJP=H"D=N=?PANEV=PEKJ 5 h 'Q , 9 9DQ 3 2AIE?KJ@Q?PKN -=JK?NUOP=H 0Q=JPQI #KP 2UJPDA OEO LLNK=?DAO 3KS=N@O +=NCA2?=HA (J@QOPNE=H /NK@Q?PEKJ KB $JANCU LLHE?=PEKJ O ".:;?0.82 %2? 2@@ q 'Q=JC 6 6=JC ' 9DKQ ) 6=JC ) #Q?DAOJA / - ,QEN # 9D=JC / '=J - 9D=K % 9AJC , AP =H 'ECDHU ?PERA =J@ #QN=>HA ,APD=JKH . TE@=PEKJ $HA?PNK?=P=HUOP !=OA@ KJ PDA 2UJANCU KB /H=PEJQIh-E?GAH 'U@NKTE@Ah&N=LDAJA ".@A>2 ;99A: 'QILDNAU 6 #=HGA 2?DQHPAJ * 5,# 5EOQ=H ,KHA?QH=N #UJ =IE?O !;8 >.<5 !;128 h 'QILDNAU 2 , &N=OO , $ '=>=O 2 $ -EAOV * 2KIKNF= E & 3EHHAU 3 # 1DK@EQI -=JKL=NPE?HAO BNKI "HQOPAN 2AA@O "KJPNKH KB 2EVA =J@ 2 D=LA >U /NA?QNOKN @@EPEKJ1=PA - .:; 2@@ q 'QJP 2 3 -EII=JSQ@ELKJC 3 1KIYJ+AODGKR 8 $JCEJAANEJC -KJOEJPANA@ ,AP=H 3ANIEJ=PA@ 3QJCOPAJ "=N>E@A -=JKL=NPE?HAO BKN "=P=HUOEO :42C 529 :@ 1 h 'KOO=EJ , ) 3OQJKU=I= ' 8=I=Q?DE , (?DEGQJE - 3OQG Q@= 3 'ECD8EAH@ 2UJPDAOEO KB /5/2P=>EHEVA@ 2I=HH /P "HQOPANO >U ,E?NKBHQE@E? , APDK@ .@.8 ';1.E q 'UAKJ 3 %=JC , 2QOHE?G * 2 -=JKOPNQ?PQNA@ ,KHU>@AJQI " =N>E@A 2KJK?DAIE?=H 2UJPDAOEO=J@"=P=HUPE?/NKLANPEAO 9529&;0 h *AOOHAN , 3 'AJPO?DAH , * 'AEJNE?DO " 1KEPO?D 2 / NA?DPH , ' & %=OP 3N=?G PK -=JKI=PANE=HO ,E?NKS=RA OOEOPA@ 2UJPDAOEO EJ (KJE? +EMQE@ ,A@E= %& 1B q *QI=N " 2 2 1 !60>;38A6160 2B602? 6: ".:;@205:;8;4E A:1.92:@.8 ;:02<@? )KDJ 6EHAU2KJO (E@= 3 2DAPPU , ,QNQC=LL=J * 6=JC 9 .D=N= * 6=GE D=N= 3 1KIYJ+AODGKR 8 $J?=LOQH=PEKJ KB ,KHU>@AJQI "=N>E@A -=JK?HQOPANO (JOE@A 9AKH EPA ,E?NKLKNAO $J=>HAO 2UJANCEOPE? !EBQJ?PEKJ=H "=P=HUOEO BKN JEOKHA 'U@NK@AKTUCAJ=PE KJ & .@.8 h (HEKLKQHKQ $ % 2PAB=JE@EO 2 # *=HKCE=JJEO * & #AHEI EPEO +=LL=O 3NE=JP=BUHHE@EO * 2 "=P=HUPE? 4LCN=@EJC KB !EKI=OO /UNKHUOEO 5=LKNO 4OEJC 3N=JOEPEKJ ,AP=H,K@EBEA@92,9AKHEPA <<8.@.8 q )=?GOKJ 2 # E1>;42:.@6;: .@.8E?@? .:1 $>;02??2? 6=HPAN @A &NQUPAN &I>' "K *& )E 7 +AA * 3 'KH@AJ 1 9D=JC + 9D=JC ) !KPPKJ & "KQEHH=N@ , -=V=N + % -=JK?NUOP=HHEJA (JPANIAP=HHE?O KJ ,AOKLKNKQO "=N>KJ BKN # ENA?P %KNIE? ?E@ %QAH "AHH JK@AO ".@529 h )KJC* / &E:@52?6?;3&;861.@.8E?@? )KDJ6EHAU2KJO *AAJ # ,?&NAARU 1 + 2PNQ?PQN=H ,K@AHHEJC KB &H=OOAO 4O EJC 1ARANOA ,KJPA "=NHK 2EIQH=PEKJ ".@A>2 *D=J, 4 6=JC+ +EQ9 &=K2 6=JC 2 +E' 9D=J C6 6=JC, ,=" 9AJC ) /P "K .?P=LK@O =O 2QLANEKN "=P=HUOPO KB ". 'U@NKCAJ=PEKJ :42C 529 :@ 1 q *DKPOAJC + .TUCAJ 1A@Q?PEKJ 1A=?PEKJ 820@>;0.@.8E?@? 3;> A28 288? .:1 E1>;42: B;8A@6;:'52;>E@;2?64: *J=QAN "O=GE ,^HHAN % '_DJ " %NEPVO?DA 6 *^D HAN ) , ,E?NKOACIAJPA@ %HKS3DNKQCD 2UJPDAOEO KB 2EHRAN -=JKLNEOIO SEPD $T=?P 3QJ=>HA .LPE?=H /NKLANPEAO $5E?529 q *KJC # 9DQ ) $NJOP * +KS3AILAN=PQNA #EOOK?E=PEKJ KB ". KJ = -E"A. 1Q,K@AH"=P=HUOP $5E?529 q *QJ=H / +E ' #ASEJC ! + 9D=JC + )=NREO * 'AJGAH I=J & 'QILDNAU 2 , ,E?NKS=RA OOEOPA@ 2UJPDAOEO KB /@ T Q qT HHKU -=JKL=NPE?HAO "KI>EJA@ $TLANEIAJP=H =J@ 3DAKNAPE?=H OOAOOIAJP KB 2UJPDAPE? =J@ "KILKO EPEKJ=H $BBA?PO 4LKJ "=P=HUPE?1A=?PEREPU &.@.8 q *Q=J6KJC 6 *QJ8=L 2 "DAJ+EI 8 *D=J 2 /AHHAPEA N % "NEOPEJ="KN>KO $ 1K>QOP -KJ%KQHEJC +EPANOLAN#=U %HKS 2UJPDAOEO KB 4HPN=2 I=HH "=P=HUPE?=HHU ?PERA ,AP=H-=JKL=NPE?HAOEJ=2EJCHA"D=JJAH1A=?PKN %2.0@529:4 h *QJ=H / 1K>ANPO $ ) 1E?DA " 3 )=NREO * ,=HIOP=@P - !NQP?DAU 1 + 'QILDNAU 2 , "KJPEJQKQO %HKS 2UJPDAOEO KB 1D =J@ 1D C HHKU -=JKL=NPE?HA "=P=HUOPO $J=>HAO 2?=H=>HA /NK@Q?PEKJ =J@ (ILNKRA@ ,KNLDKHKCE?= H "KJPNKH 529 !.@2> q +=IPQNA) ! :686:2.:1@?:.8;4? -KPEKJ/NAOO +=J@AN ) ) &ANIAN + ' /H=PEJC ,KHU>@AJQI 3QJCOPAJ =J@ "DNKIEQI >U 3DANI=H #A?KILKOEPEKJ KB 3DAEN "=N>KJUHO /=NP ( /H=PEJC >U /UNKHUOE O %NKI 3DAEN "=N>KJUHO 92>:?@!6:6:4.:1!2@.88A>460.8:46:22>?'205$A/ +=NPECQA + +KJC ) #QI=EH 7 -EGEPAJGK 2 ( "=Q " &Q=NE 8 2PEAR=JK + 2KQCN=PE , 3 &QZNEJ " 2=JCNACKNEK " +=NEKJKR= ) (NK J "=N>E@A -=JKL=NPE?HAO &NKSPD EJ 1KKI 3AILAN=PQNA (KJE? +EMQE@O :"J,(,;:!% ; J ".:;<.>@ %2? h +=V=NQO + + 1E?DA " 3 ,=NEJ ! " &QLP= , ,=HIOP=@ P - !NQP?DAU 1 + 3SK /D=OA ,E?NKBHQE@E? #NKLHAP %HKSO KB (KJE? +EMQE@O BKN PDA 2UJPD AOEO KB &KH@ =J@ 2EHRAN -=JKL=NPE?HAO &<<8!.@2>:@2>3.02? h +=V=NQO + + 8=JC 2 "DQ 2 !NQP?DAU 1 + ,=HIOP=@ P - %HKS%K?QOA@ 2UJPDAOEO KB ,KJK@EOLANOA %KH@ -=JKL=NPE?HAO 4OEJC (KJE? +EMQE@ O KJ = ,E?NKBHQE@E? /H=PBKNI ./56< h +AA ) 2 8EA ) $ J 7 -$2 2PQ@U KB "=N>E@AO KB ,KHU>@AJQI =J@ 3QJCOPAJ ;>2.: ;3529:4 h +AJC 8 +EQ 8 2KJC 7 +E 7 %=?PKNO BBA?PEJC %KNI=PEKJ KB ,AP=OP=>HA -E " /D=OA EJ=2KHQPEKJ!=OA@,APDK@ ".:;?06".:;@205:;8 h +AJC 8 2D=K ' 6=JC 8 2QVQGE , +E 7 -AS ,APDK@ P K 2UJPDAOEVA -E?GAH "=N>E@A-E "-=JKL=NPE?HAOEJ2KHQPEKJ ".:;?06".:;@205:;8 h +E # N=?D?DECA , / *QHEGKSOGE ! +=SAO & 2A@= 3 !NK?G 2 + "KJPNKH KB "KILKOEPEKJ =J@ 2EVA EJ #EO?NAPA "K T %A qT / -=JKL=NPE?HAO "KJOAMQAJ?AO BKN ,=CJAPE? /NKLANPEAO 529!.@2> q +E # 2AJAREN=PDJA * MQEHEJ= + !NK?G 2 + $BBA?P KB 2UJPDAPE? +ARANO KJ -E?GAH /DKOLDE@A-=JKL=NPE?HA%KNI=PEKJ-E / =J@-E/ :;>4529 q +E ' 2QJ & "=K + )E=JC + 7EJ 0 "KIL=NEOKJ KB #EBB ANAJP /NKIKPEKJ $BBA?P KB /P1Q" =J@ /P2J" $HA?PNK?=P=HUOPO BKN $PD=JKH $HA?PNK.TE@=PEK J 820@>;0569 0@. h +E 6 8KQJC $ 6 * 2AK , -EA 9 &=NOPA?GE / 2EIIK JO " *QI=?DAR= $ 2EIQHP=JAKQO &AJAN=PEKJ KB #NKLHAPO SEPD #EBBANAJP #EIAJOEKJO E J /=N=HHAH (JPACN=PA@ ,E?NKBHQE@E?#NKLHAP&AJAN=PKNO &;3@!.@@2> +EJ 7 9 3ANALG= # 8=JC ' 2UJPDAOEO KB 2EHRAN -=JKL= NPE?HAO EJ = "KJPEJQKQO %HKS3Q>QH=N,E?NKNA=?PKN ".:; 2@@ q +E=K8 8Q& 9D=JC 8 &QK3 "D=JC % 9DKJC" ) " KILKOEPEKJ3QJ=>HA/P"Q HHKU -=JKSENAO =J@ $HA?PNK?=P=HUPE? 2UJANCU BKN ,APD=JKH .TE@= PEKJ 1A=?PEKJ $5E? 529 h +EJ) , 288:.8E?6?;:!60>;38A6160? 2LNEJCAN +EQ ) ,AUJO , 9D=JC 3 N>EKH ) "=>KP 2D=RAH 3NELDAJUH /DKOLDEPA =O PDA /DKOLDKNKQO 2KQN?A BKN PDA 2?=H=>HA =J@ "KOP$BBA?PERA /NK@Q?PE KJ KB 3N=JOEPEKJ ,AP=H /DKOLDE@AO 529!.@2> q +APPAN +EQ' 9D=JC8 #NKLHAP%KNI=PEKJ EJ=32D=LA@,E?NKBHQE@E? )QJ?PEKJ <<8$5E? +EU=J=CA # 1 #=JBKNPD 2 ) +EQ 8 !QOOAHH , $ !NK? G 2 + 2EIQHP=JAKQO "KJPNKH KB "KILKOEPEKJ 2EVA =J@ ,KNLDKHKCU EJ #EO?NAPA -E qT "K T / -=JKL=NPE?HAO 529 !.@2> q +HKU@+ .:1/;;7;3:1A?@>6.8.@.8E?@? 2LNEJCAN2?EAJ?A!QOEJAOO,A@E= +KDOA 2 $ $HHAN ) 1 2ER=L=H=J 2 3 /HASO , 1 ,QN LDU " ) 2EILHA ,EHHEBHQE@E? !AJ?DPKL 1A=?PKN 2UOPAI BKN PDA 'ECD3DNKQCDLQP 2U JPDAOEO =J@ %QJ?PEKJ=HEV=PEKJ KB &KH@ -=JKL=NPE?HAO SEPD #EBBANAJP 2EVAO =J @ 2D=LAO & ".:; h +KN>AN - 2=NN=VEJ % &QEHHKP / /=JEVV= / "KHEJ /=R=CA=Q ! '=JU " ,=AOPNK / ,=NNA 2 #AH?HKO 3 UIKJEAN " 2Q>N= / / N=P + &KQN@KJ " ,ECJ=N@ $ 2KIA 1A?AJP @R=J?AO EJ PDA #AOECJ =J@ PDA 4OA KB , EJE=PQNEVA@ #NKLHAP !=OA@ "KJPEJQKQO /NK?AOO LLHE?=PEKJO EJ "DAIEOPNU =J@ 'ECD/N AOOQNA ,E?NKBHKSO ./ 56< h +KS2QHBQN &=OKHEJA #EAOAH 3DA *AU PK +KSAN 5ADE?HA $IEOOEKJ O 4JEPA@ -=PEKJO $JRENKJIAJP /NKCN=IIA 4JEPA@ -=PEKJO RAJQA &ECENE -=ENK>E *AJU= DPPLSSS QJAL KNCPN=JOLKNPL?BRL@BLQ>HKSOQHBQNL=LAN L@B +Q ) !ADP=OD 2 ,=IQJ . 'AU@AJ 3DAKNAPE?=H (JRAOPEC =PEKJ KB PDA 1A=?PEKJ ,A?D=JEOI KB PDA &Q=E=?KH 'U@NKCAJ=PEKJ .RAN = /P "=P=HUOP & .@.8 q +Q 7 3Q=J ' 8 "DAJ ) +E 9 8 *KNCAH ! 7E= 8 ,A?D=JEOPE? 2PQ@EAO KJ PDA &=HR=JE? 1ALH=?AIAJP 1A=?PEKJ !APSAAJ ,QHPELHU 3SEJJA@ /=NPE?HA O KB C =J@ ' Q"H EJ=J.NC=JE?,A@EQI 9529&;0 h +Q" 5AN>NE@CA2 2 !60>;38A6160!2@5;1?3;>!;820A8.>6;8;4E 2LNEJCAN ,=?@KJ=H@ - / "=>KP ) , 2IAFG=H / &QEFP 1 , /=QH H ! !NA=@IKNA , " "KIL=NEJC ,E?NKBHQE@E? /ANBKNI=J?A KB 3DNAA#EIAJOEKJ=H # /N EJPEJC /H=PBKNIO :.8529 h ,=NPEJAV'QANP= , 5 +=V=NK , ) $HA?PNK?=P=HUOPO BKN +KS 3AILAN=PQNA % QAH "AHHO .@.8';1.E h ,=OKJ ! / /NE?A * $ 2PAEJ>=?DAN ) + !KC@=J 1 ,?0Q=@A # 3 &NAAJAN LLNK=?DAO PK .NC=JE? 2UJPDAOEO 4OEJC ,E?NKNA=?PKN 3A?DJKHKCU 529 %2B h ,ABBNA ,AD@=KQE ! *AHOAJ 5 %=VVEJE / % "=NNAU ) +=?D=EVA 2 1AOL=Q@ , "D=Q@NAP ! 2EILHA "DAIE?=H 1KQPA PKS=N@ ,KJK@EOLANOA (NKJ " =N>E@A -=JKL=NPE?HAO #EOLH=UEJC 3QJ=>HA ,=CJAPE? =J@ 4JLNA?A@AJPA@ 'ULANPDANIE= /NKL ANPEAO ".:; 2@@ h ,AEJA - !AJA@EPK % 1EJ=H@E 1 3DANI=H 2P=>EHEPU KB (KJE? +EMQE@O OOAOOA@ >U /KPAJPEKIAPNE?3EPN=PEKJ >22:529 q ,AJCA=Q@ 5 )KOOAN=J@ ) &EN=QHP ' ' ,ETEJC /NK?AOOAO EJ = 9ECV=C ,E?NK?D=JJAH %EJEPA$HAIAJP2EIQH=PEKJO=J@.LPE?=H2PQ@U :.8529 h !60>;38A6160?3;>6;8;46?@? 2LNEJCAN2?EAJ?A !QOEJAOO,A@E=-AS8KNG-8 !60>;38A6160? '205:;8;462? .:1 <<860.@6;:? +EJ ! !=OQN=U 2 $@O 3KLE?O EJ ?QNNAJP ?DAIEOPNU2LNEJCAN'AE@AH>ANC-AS8KNG ,EP?DAHH 2 ,E?DAHO - + /ANAV1=IENAV ) %NKI /KS@AN PK 3A?DJE?=H !K@U 3DA 4J@ANR=HQA@2?EAJ?AKB"=P=HUOP2?=HA4L 529&;0%2B q ,KNA=Q + , '= # ' 9D=JC ' 'KR@AJ 1 ,QHHAN # 1K>EJOKJ 1 # #ABEJEJC "NUOP=HHEJA IKNLDKQO /D=OAO KB -=JKL=NPE?HAO PDNKQCD 71=U >O KNLPEKJ 2LA?PNKO?KLU =J@ 71=U #EBBN=?PEKJ 3DA "=OA KB -E?GAH /DKOLDE@A 529 !.@2> q ,QGDKL=@DU=U1 6DAJ,E?NKBHQE@E?#ARE?AO&K!=@ :.8529 ,QGDKL=@DU=U1 6DAJ/#,2(OJlPPDA!AOP :.8529 h ,QNKE 3 1KHA KB /NA?EKQO ,AP=H "=P=HUOPO (J ";/82 !2@.8? 2Q 8 ' $@ (J3A?D ,QNPDU , $>;@;: ;:1A0@6:4 !29/>.:2 A28 288? ) $>;02216:4? ;3 @52 : @2>:.@6;:.8 &E9<;?6A9 3DA$HA?PNK?DAIE?=H2K?EAPU ,QPDQOS=IU$ 2=REPDN=& ' + !NK?G2 + 2UJPDAPE?+ARA NO$J=>HEJC(J@ALAJ@AJP "KJPNKH KB /D=OA 2EVA =J@ ,KNLDKHKCU EJ -E?GAH /DKOLDE@A -=JK L=NPE?HAO & ".:; q -=N=U=J=J 1 $H2=UA@ , 2D=LA#ALAJ@AJP "=P=HUPE? ?PERE PU KB /H=PEJQI -=JKL=NPE?HAOEJ"KHHKE@=H2KHQPEKJ ".:; 2@@ h -=N=U=J=J 1 $H2=UA@ , "=P=HUOEO SEPD 3N=JOEPEKJ ,AP=H -=JKL=NPE?HAO EJ "KHHKE@=H 2KHQPEKJ -=JKL=NPE?HA 2D=LA #ALAJ@AJ?A =J@ 2P=>EHEPU $5E? 529 h -=OD " 8QJC , "DAJ 8 "=NH 2 3DKILOKJ + 2?D=E@HA ) "=P=HUOEO >U ,AP=H "=N>E@AO=J@-EPNE@AO (J .:1/;;7;3&;861&@.@25296?@>E);8A92&2@ 6EHAU 5KH -AO>EPP ' 6 +ANCN=J@ # !=J?NKBP & (JPANLNAP=PEKJ KB -E L 7/2 2LA?PN= KB -E "KJ@Q?PKNO=J@-E(JOQH=PKNO $5E?529!6:2> q -APK . #E=O 1 1 3QOE , , +EJ=N@E , 2LEJ=?Z $ 5 $HA?PNK.TE@=PEKJ KB ,APD=JKH =J@ $PD=JKH 4OEJC /P1Q" /P2J" =J@ /P2J1Q" $HA?PNK? =P=HUOPO /NAL=NA@ >U =J H?KDKH1A@Q?PEKJ/NK?AOO $;C2>&;A>02? h -CQUAJ - 3 6ANAHAU 2 3 A:1.92:@.8? .:1 <<860.@6;:? ;3 !60>;38A6160? NPA?D 'KQOA-KNSKK@4-(3$#23 3$2 -ECDPEJC=HA , !=JJK?G ) ' *NEODJ=@=O=J 2 ' .l,=DK JU % 3 '=MQA 2 2HK=J ) #NQNU " ,?(JPUNA 1 @A,AHHK ) " +=NCA2?=HA 2UJPDAOEO KB -=JK?NUOP=HO EJ =,QHPE?D=JJAH#NKLHAP1A=?PKN !.@2>529 q -ECDPEJC=HA , @A ,AHHK ) " ,E?NKO?=HA 2UJPDAOEO KB 0Q= JPQI #KPO !.@2> 529 q -ECDPEJC=HA , /DEHHELO 3 6 !=JJK?G ) ' @A ,AHHK ) " "KJPNKHHA@ ,QHPEOPAL 2UJPDAOEOEJ=3DNAA/D=OA#NKLHAP1A=?PKN ".@;99A: h -EG=I 5 NQHG=ODIEN *NEODJ=IKKNPDU * *QHG=NJE /N=O=@ ! + 5 /' #ALAJ@AJP 2EJCHA2PAL 1=LE@ 2UJPDAOEO KB "Q. =J@ "Q . -=JKL=NPE?HAO BNKI PDA 2=IA /NA?QNOKN >E?@>;C@52? h -EG=I 5 *QHG=NJE /N=O=@ ! + 5 ,E?NKS=RA OOEO PA@ !=P?D =J@ "KJPEJQKQO %HKS 2UJPDAOEO KB /=HH=@EQI 2QLLKNPA@ KJ ,=CJAPE? -E?GAH -=JK?N UOP=HO =J@ 3DAEN $R=HQ=PEKJ=O1AQO=>HA"=P=HUOP >E?@>;C@52? h -EII=JSQ@ELKJC 3 U@EJ " +Q ) 1QJJA>=QI 1 " !NK@S= PAN * " !NKSJEJC - # !HK?G # $ &=PAO ! " 2AHA?PERA 'U@NK@AKTUCAJ=PEKJ KB &Q=E=?KH "=P=HUVA@ >U /H=PEJQI2QLLKNPA@KJ,=CJAOEQI.TE@A .@.8 2@@ q -EII=JSQ@ELKJC 3 1QJJAJ>=QI 1 " !HK?G # $ &=PAO ! " "=P=HUPE? "KJRANOEKJ KB &Q=E=?KH "=P=HUVA@ >U /H=PEJQI 2QLLKNPA@ KJ HQIE J= 1A=?PEKJ -APSKNG (J?HQ@EJC'U@NK@AKTUCAJ=PEKJ1A=?PEKJO :2>4EA28? q -EQ & 9DKQ , 8=JC 7 /=NG ) +Q - 6=JC ) *EI , ) 6=JC + 7E= 8 2UJPDAOEO KB /Pq-E .?P=DA@N= EJ "KJPEJQKQOBHKS #NKLHAP 1A=?PKN O BKN PDA 2?=H=>HA /NK@Q?PEKJ KB 'ECDHU ?PERA "=P=HUOPO 3KS=N@ .TUCAJ 1A@Q?PEKJ ".:; 2@@ q .DP=JE * 3OQ?DEU= , 2QCEU=I= ' *=P=GQN= 3 '=U=G=S= , *=J=E 3 2QNB=?A 3NA=PIAJP KB %HKS "D=JJAHO EJ ,E?NKBHQE@E? #ARE?AO %=>NE?=PA@ > U 2PANAKHEPDKCN=LDU #82;&06 h .ODEG=S= * -=C=E , .IE 2 "D=N=?PANEV=PEKJ KB ,KHU>@AJQI "=N>E@AO BKN ,APD=JA 1ABKNIEJC>U3/171#=J@7/2 $5E?529 h /=J 8 +EQ 8 +EQ " J $BBE?EAJP ,APDK@ BKN PDA 2UJPDAOEO KB -E?GAH /DKOLDE@A -=JK?NUOP=HORE=3DANI=H#A?KILKOEPEKJKB2EJCHA2KQN?A/NA?QNO KNO %&1B q "=P=HUPE? /NKLANPEAO BKN 'U@NKCAJ $RKHQPEKJ !.@2> 529 q /=J 8 +EQ 8 9D=K ) 8=JC * +E=JC ) +EQ # 'Q 6 +EQ # +EQ 8 +EQ " ,KJK@EOLANOA@ -E?GAH /DKOLDE@A -=JK?NUOP=HO SEPD #EBBANAJP /D=O AO 2UJPDAOEO "D=N=?PANEV=PEKJ=J@$HA?PNK?=P=HUPE?/NKLANPEAO BKN'U@NKCAJ$ RKHQPEKJ !.@2>529 q /=NPDA $ 2=@KCKL=J 5 3DA 2PNQ?PQNA KB #EIKHU>@AJQI "=N>E@A >U -AQPNKJ #EBBN=?PEKJ 3A?DJEMQA 0@.>E?@.88;4> h /ANACK" 5EHH=/ "=P=HUOEO/NAL=N=PEKJ,APDK@O .@.8';1.E h /ANAN= 2 " %K@KN / 2 3OKE & , 6AJCAN + $ !NK?G 2 + LLHE?=PEKJ KB #A 2EHUH=PEKJ 2PN=PACEAO PK PDA /NAL=N=PEKJ KB 3N=JOEPEKJ ,AP=H /J E?PE@A -=JK?NUOP=HO 3DA "=OAKB%A/ 529!.@2> q /APGKR 5 -=JKOPNQ?PQNA >U 'ECD$JANCU 7N=U #EBBN=?PEKJ !.@2> ';1.E h /APGKR 5 1 # /NKCN=I BKN J=HUOEO KB 7N=U #EBBN=?PEKJ #=P = %NKI IKNLDKQO ,=PANE=HOBKN/ANOKJ=H"KILQPANO <<8>E?@ h /APNKOGE ) , 6=JC 9 + &NAAJ 3 " $H2=UA@ , *EJ APE?=HHU "KJPNKHHA@ &NKSPD =J@2D=LA%KNI=PEKJ,A?D=JEOI KB/H=PEJQI-=JKL=NPE?HAO $5E?529 q /DEHHELO 3 6 +ECJKO ( & ,=?AE?VUG 1 , @A,AHHK ) @A,AHHK ) " -=JK?NUOP=H 2UJPDAOEOEJ,E?NKBHQE@E?1A=?PKNO6DANA-ATP ./56< h /H=PANK/N=PO $ +E9 &=HHEJCPKJ + " /APANO =NKJ 6 'QLL) 3 %=ND=. * "D=LI=J * 6 @@NAOOEJC PDA "D=N=?PANEO=PEKJ "D=HHAJCA PK 4J@ ANOP=J@ "=P=HUOEO EJ ,.%O 3DA "=OA KB -=JKO?=HA "Q 2QLLKNPA@ EJ -4 .>.1.E 6?0A?? h /KHU?KIL %*, 1Q>>AN "KILKQJ@EJC DPPLOSSS LKHU?KIL JHBGI= @R=JP=CAO =??AOOA@%A> /KL?VQJ $ ) ,?*KJA ) 1 1A=@ " & !E=??DE ) 6EH PNKQP , +ASEO - 2 2?D==G 1 $ -=JKOPNQ?PQNA@ -E?GAH /DKOLDE@A =O =J $HA?PNK?=P= HUOP BKN PDA 'U@NKCAJ $RKHQPEKJ1A=?PEKJ 9529&;0 q /KLKR *KJ@N=PEAR= $ &KQLEH ) , ,=NEAU + !=VEJ / &EHOKJ ) / 3N=RANP ,=QCA % !EKKEH 'U@NK@AKTUCAJ=PEKJ = @OKNLPEKJ KB /DAJKHE? , KHA?QHAO KJ .TE@E? "=P=HUOP2QLLKNP $5E?529 q /KO=@=/ZNAV 2 1=I[NAV / ) &QPEZNNAV 1 2P=??DEKH= # ) 5E\AO % +EQ / (HH=O % 1K@NECQAV ) 3DA "KJRANOEKJ KB ". PK ,APD=JKH KJ .NPDKNDKI>E? z ,K " =J@ "Qz,K " "=P=HUOPO ,A?D=JEOI BKN @IAP=H (J@Q?A@ "D=JCA EJ PDA 2AHA?P EREPU =J@ ?PEREPU .@.8&06'205:;8 h /KNKOKBB , # *=PPAH 2 +E 6 +EQ / "DAJ ) & (@AJP EBUEJC 3NAJ@O =J@ #AO?NELPKNO BKN 2AHA?PERA ". "KJRANOEKJ PK ". .RAN 3PN=JOEPEKJ ,AP=H "=N>E@AO 529 ;99A: h /KNKOKBB , # 8=J ! "DAJ ) & "=P=HUPE? 1A@Q?PEKJ KB ". >U ' BKN 2UJPDAOEO KB ". ,APD=JKH =J@ 'U@NK?=N>KJO "D=HHAJCAO =J@ .LLKNPQJEPEAO :2>4E :B6>;: &06 h /KNKOKBB , # 8=JC 7 !KO?K>KEJEG ) "DAJ ) & ,KHU >@AJQI "=N>E@A =O HPANJ=PERA "=P=HUOPO PK /NA?EKQO ,AP=HO BKN 'ECDHU 2AHA?PERA 1 A@Q?PEKJ KB ". PK ". :42C529:@1 h 1=RAH ! -ASREHHA , 3'$- 13$,(2 '$/' $2342 #=P= J=HU OEO BKN 7N=U >OKNLPEKJ2LA?PNKO?KLU4OEJC(%$%%(3 &E:05>;@>;:%.16.@ 1=J & %Q 0 7Q 6 ,E?NKBHQE@E?!=OA@ "KJPNKHH=>HA 2UJPDAO EO KB /P -=JK?=P=HUOPO 2QLLKNPA@KJ"=N>KJBKN%QAH"AHHO %&1B h 1=J=@A 5 5 )KODE 2 2 "=P=HUOEO =J@ "=P=HUPE? /NK?AOOAO (J :1A?@>6.8 .@.8E@60 $>;02??2? 3;> 6:2 .:1 &<206.8@E 52960.8? )KODE 2 1=J=@A 5 5 $@ $HOAREAN LLh 1A@AH $ 3DKI=JJ 1 )=JE=G " %ENOP "KNNAH=PEKJ KB -=JKL=N PE?HA 2EVA#ALAJ@AJP %KNI=PEKJ SEPD PDA (KJE? +EMQE@ JEKJ ,KHA?QH=N 5KHQIA :;>4 529 q 1AJ * 9DKQ ) 6Q ' ,=PANE=HO BKN ,E?NKBHQE@E? "DEL %=>NE ?=PEKJ 00 529 %2? h 1AU ( )KD=JOOKJ / +EJ@CNAJ ) +=OOAC QAO ) " &NKJ@EJ ) 2ANR=JP + 2LA?PNKO?KLE? =J@ 3DAKNAPE?=H 2PQ@U KB "% 2. - q 3%2( q =J@ "% 2. -' '3%2( $5E? 529 q 1E?DA " 3 ,=NEJ ! " ,=HIOP=@P - &QLP= , 5=LKN #ALK OEPEKJ KB "NKOO+EJGA@ %HQKNKLKHUIAN !=NNEAN "K=PEJCO .JPK /NA OOAI>HA@ ,E?NKBHQE@E? #ARE?AO ./ 56< h 1E?DA " 3 1K>ANPO $ ) &QLP= , !NQP?DAU 1 + ,=HIO P=@P - %HKS (JR=NE=JP #NKLHAP%KNI=PEKJBKN2P=>HA/=N=HHAH,E?NKNA=?PKNO ".@;99A: 1E?DA " 3 9D=JC " &QLP= , ,=HIOP=@P - %HQKNKLKHUIAN 2QNB=?A "K=PEJCO PK "KJPNKH#NKLHAPOEJ,E?NKBHQE@E?#ARE?AO ./56< h 1K>ANPO $ ) '=>=O 2 $ 6=JC + 1Q@@U # 6DEPA $ !=@@KQN % &NEBBEJ , ! 2?D=E@HA ) ,=HIOP=@P - !NQP?DAU 1 + 'ECD3DN KQCDLQP "KJPEJQKQO %HKS 2UJPDAOEO KB -E?GAH -=JKL=NPE?HAO BKN PDA "=P=HUPE? 'U@NK@AKTUC AJ=PEKJ KB &Q=E=?KH & &A?@.6:./82529:4 q 1K@QJAN $ -Q?HA=PEKJ /D=OA 3N=JOEPEKJO =J@ #UJ=IE?O KB "HQOP ANO (J ".:;?0;<60 !.@2>6.8? 1KU=H2K?EAPUKB"DAIEOPNU"=I>NE@CALLh 1K@QJAN $ 2EVA ,=PPANO 6DU -=JKI=PANE=HO NA #EBBANAJP 529 &;0 %2B h 1KU?DKS@DQNU " ,=POQIKPK % 9AH@KRE?D 5 ! 6=NNAJ 2 " ,QPKHK / % !=HHAOPANKO , 6EAOJAN 4 >NQ\= ' # #E2=HRK % ) 2UJ PDAOEO "D=N=?PANEV=PEKJ =J@ $HA?PNK?=P=HUPE? ?PEREPU KB /P!E =J@ /P/> -=JKL=NPE?HAO /N AL=NA@ >U !KNKDU@NE@A 1A@Q?PEKJEJ,APD=JKH 529!.@2> h 1Q@@U # 2?D=E@HA ) %ANNAHH ) 1 ((( 6=JC ) , KAJO + 'AJOHAU ) $ 1A?AJP @R=J?AO EJ 'APANKCAJKQO "=P=HUOPO BKN !EK KEH 4LCN=@EJC RE= j $T 2EPQ "=P=HUPE? %=OP /UNKHUOEOk "=P=HUOP #ARAHKLIAJP 3DNKQCD PDA 2PQ@U KB ,K@AH "KI LKQJ@O >22: 529 q 2= ) 2NA>KS=P= E1>;42:.@6;: C6@5 ;C;?@ '>.:?6@6;: !2@.8? 2= ) 2NA>KS=P= $@"1"/NAOO!K?=1=PKJ4*LLh 2=JPKO ' +EQ # 9D=JC ' !60>;38A6160? 3;> $5.>9.02A@60.8 <<860.@6;:? >;9 ".:;!60>;&E?@29?./>60.@6;:@;;:@>;8821>A4286B2>E 6EHHE=I J@NAS 2=Q 3 * 1KC=?D + )=? GAH % *H=N 3 %AH@I=JJ ) /NKLANPEAO =J@ LLHE?=PEKJO KB"KHHKE@=H-KJOLDANE?=H-K>HA,AP=H-=JKL=NPE?HAO 1B!.@2> q 2?D=ABAN 9 + 6AA>AN * , ,EON= 1 2?DEBBAN / 2?D==G 1 $ !NE@CEJC D?L-E =J@ -E " RE= = -E " T 2KHE@ 2KHQPEKJ 3QJ=>HA "KILKOEPEKJ =J@ ,=CJAPEOI EJ "KHHKE@=H -E?GAH"=N>E@A-=JKL=NPE?HAO 529!.@2> h 2?D=E@HA ) '=>=O 2 $ !=@@KQN % & %=N>ANKS " 1Q@@U # 'AJOHAU ) $ !NQP?DAU 1 + ,=HIOP=@P - 1K>KP= ' 3N=JOEPEKJEJC 1= PEKJ=HHU #AOECJA@ "=P=HUPE? ,=PANE=HO PK 1A=H j6KNGEJCk "=P=HUOPO /NK@Q?A@ =P "KI IAN?E=H 2?=HA -=JKL=NPE?HA ,=PANE=HO (J .@.8E?6? );8A92 3DA 1KU=H 2K?EAPU KB "DAIEOPNU 5KH h 2?DANVAN) &NQE= ) E1>;0>.076:4&062:02.:1'205:;8;4E "1"/NAOO 2?DJAE@AN " 1=O>=J@ 6 2 $HE?AENE * 6 -(' (I=CA PK (I=CA) 8A=NO KB (I=CA J=HUOEO ".@A>2!2@5;1? h 2?DKAJEPV , &NQJ@AI=JJ + QCQOPEJ 6 2?DKHH 2 %KQHEJC EJ ,E?NKOPNQ?PQNA@ #ARE?AO 1AREAS 529;99A: h 2?D^JBAH@ % '=N@P 2 2EIQH=PEKJ KB 'AHE?=H %HKSO EJ ,E?NK?D =JJAHO 5 h 2?DS=NV ) "KJPAO?Q " "KJPAO?Q ,APDK@O BKN /NAL=N=P EKJ KB "=P=HUPE? ,=PANE=HO 529%2B h 2A>=OPE=J 5 !=O=G 2 )AJOAJ * % "KJPEJQKQO 2UJPDAOEO KB /=HH=@EQI -=JKNK@O EJ .TE@=PERA2ACIAJPA@%HKS 5 h 2A>=OPE=J 5 *QDJ 2 *QHG=NJE )AJOAJ * % 2EVA "K JPNKHHA@ %HKS 2UJPDAOEO KB &KH@ -=JKL=NPE?HAO 4OEJC = 2ACIAJPA@ %HKS ,E?NKBHQE@E? /H=PBKNI .:49A6> h 2A>=OPE=J5 +AA2 * 9DKQ " *N=QO, % %QDEIKPK) & )AJOAJ* % .JA2PAL "KJPEJQKQO 2UJPDAOEO KB !EK?KIL=PE>HA &KH@ -=JKNK@O BKN .LPE?=H "KDANAJ?A 3KIKCN=LDU 529;99A: h 2AEOAJ>=AR= & 2QJ@>ANC , -UCNAJ , #Q>NKREJOGU + *AOOHAN 5 & 3DANI=H #A?KILKOEPEKJ KB PDA ,APDKTE@A "KILHATAO ,K..,A 1A . .,A =J@ 1A qT ,K T . .,A eTe !.@2>529$5E? h 2DAOPKL=HKR ( 3E?A ) # (OI=CEHKR 1 % ,QHPE2PAL 2UJPD AOEO KB -=JKL=NPE?HAO /ANBKNIA@ KJ ,EHHEOA?KJ@ 3EIA 2?=HA EJ = ,E?NKBHQE@E? #NKLHAP! =OA@ 2UOPAI ./ 56< q 2IEPD " $ !E>ANE=J ) / 2KIKNF=E & 3DA $BBA?P KB 2P NKJCHU !KQJ@ .TUCAJ KJ PDA #ADU@NKCAJ=PEKJ =J@ 'U@NKCAJ=PEKJ ?PEREPU =J@ 2AHA?PEREPU KB / H=PEJQI 2EJCHA "NUOP=H 2QNB=?AO .@.8 q A 2GN=>=H=G 2 $ !NQP?DAU 1 + &KEJC SEPD PDA %HKS "KJPEJQK QO %HKS 1KQPAO PK "KHHKE@=H-=JKL=NPE?HAO 529!.@2> q 2GN=>=H=G 2 $ 6EHAU ! ) *EI , %KNIK $ 5 7E= 8 .J PDA /KHUKH 2UJPDAOEO KB 2EHRAN -=JKOPNQ?PQNAO &HU?KH=H@ADU@A =O = 1A@Q?EJC CAJP ".:; 2@@ h 2K?=?E " ,=CANQO=J + 3QN?Q 1 +EA>O?DAN ) #ARAHKLEJC -KRAH 2PN=PACEAO BKN PDA %QJ?PEKJ=HEV=PEKJ KB "KNAh2DAHH ,=CJAPE? -=JKL=NPE?HAO SEPD %KH E? ?E@ #ANER=PERAO 529$5E? h 2KHH=&QHH]J ) ) 5E@=H(CHAOE=O % +]LAV"Q@ANK &=NJ EAN $ , %AHEQ ) H@=V 2D=LA#ALAJ@AJP $HA?PNK?=P=HUOEO ,APD=JKH =J@ %KNIE? ?E@ $ HA?PNKKTE@=PEKJ KJ /NABANAJPE=HHU.NEAJPA@/P-=JKL=NPE?HAO $5E?529529$5E? h 2KHR=O 7 " @A,AHHK #NKLHAP ,E?NKBHQE@E?O 1A?AJP #ARAHK LIAJPO =J@ %QPQNA LLHE?=PEKJO 529;99A: h 2KIKNF=E & HE=C= " ,KHA?QH=N 2PQ@EAO KB ,K@AH 2QNB=?AO KB ,AP=HO BNKI 2EJCHA "NUOP=HO PK -=JKL=NPE?HAO QJ@AN "=P=HUPE? 1A=?PEKJ "KJ@EPEKJO $RKHQPEKJ BNKI /NAJ=P=H =J@/KOPIKNPAI2PQ@EAOKB"=P=HUOPO .:49A6> q 2KIKNF=E & 8KNG 1 + !QP?DAN # /=NG ) 8 3DA $RKH QPEKJ KB ,K@AH "=P=HUPE? 2UOPAIO 2PQ@EAO KB 2PNQ?PQNA !KJ@EJC =J@ #UJ=IE?O BNKI 2EJCHA "NUOP=H ,AP=H 2QNB=?AO PK -=JKL=NPE?HAO =J@ %NKI +KS /NAOOQNA 3KNN PK 'ECD /NAOOQNA 3KNN PK +EMQE@(JPANB=?AO $5E?529529$5E? q 2KJC ' 3E?A ) # (OI=CEHKR 1 % ,E?NKBHQE@E? 2UOPAI B KN "KJPNKHHEJC 1A=?PEKJ -APSKNGOEJ3EIA :42C529 q 2NAAPD=SKJC 3 2D=D * 6 9D=JC 2 8 8A $ +EI 2 ' ,=DAOS=N=J 4 ,=K 6 8 '=J , 8 .LPEIEVA@ /NK@Q?PEKJ KB "KLLAN -=JKOPNQ?PQNAO SEPD 'ECD 8EAH@O BKN $BBE?EAJP4OA=O3DANI=H"KJ@Q?PEREPU$JD=J?EJC/",#KL=JP !.@2>529 h 2P=IAJGKRE? 5 1 %KSHAN ! ,QJ ! 2 6=JC & 1KOO / - +Q?=O " ,=NGKRE? - , (ILNKRA@ .TUCAJ 1A@Q?PEKJ ?PEREPU KJ /P -E RE= (J?NA=OA@ 2QNB=?A2EPA R=EH=>EHEPU &062:02 q 2PNKK?G # #ANPEJCAN 2 * 6 F@=NE ,AVEt ( 2PK JA ' 6DEPAOE@AO & , "D=KPE?,ETANBKN,E?NK?D=JJAHO &062:02 h 2QH=EI=J ) $ 9DQ 2 7EJC 9 "D=JC 0 2D=K , /Ph-E . ?P=DA@N= =O $HA?PNK?=P=HUOPO BKNPDA$PD=JKH$HA?PNK.TE@=PEKJ1A=?PEKJ &.@.8 h 3=J 8 " "NEOPEJE 5 +AA / ,KJK@EOLANOA@ ,E?NKBHQE@E? #NKLHAP &AJAN=PEKJ >U 2DA=N%K?QOEJC,E?NKBHQE@E?#ARE?A &2:?0@A.@;>529 h 3=K 1 '=>=O 2 8=JC / 2D=LA "KJPNKH KB "KHHKE@=H ,AP= H -=JK?NUOP=HO &9.88 q 3A?JKBHKJa %*, /%1 %%*, DPPLOSSS OKHR=U ?KIAJLNK@Q?PO>N =J@OPA?JKBHKJ BGILBNBBGI=??AOOA@%A> 3AD 2 8 +EJ 1 'QJC + ' +AA / #NKLHAP ,E?NKBHQE@ E?O ./ 56< h 3DKNOAJ 3 1K>ANPO 1 6 NJKH@ % ' 0Q=GA 2 1 #UJ=IE ? /=PPANJ %KNI=PEKJ EJ = 5AOE?HA&AJAN=PEJC,E?NKBHQE@E?#ARE?A $5E?%2B 2@@ h 3E?A ) # 2KJC ' +UKJ # (OI=CEHKR 1 % %KNI=PEKJ KB #NKLHAPO =J@ ,ETEJC EJ ,QHPELD=OA ,E?NKBHQE@E?O =P +KS 5=HQAO KB PDA 1AUJKH@O =J@ "=LE HH=NU -QI>ANO .:49A6> q 3ECDA " ) "=>NAN= 1 0 &NQ=N 1 ( #=NN ) 2?=HA 4 L /NK@Q?PEKJ KB -=JKL=NPE?HAO "KJPEJQKQO 2QLAN?NEPE?=H 6=PAN 2UJ PDAOEO KB "A9J KTE@AO :1 :4 529 %2? q 3KNNAO &=HREO ' , !EPPAN ) ' *D=NA " ! 1QEPAJ>AAG , #QCQH=J ( @A )KJC * / 2QLLKNPA@ (NKJ -=JKL=NPE?HAO =O "=P=HUOPO BKN 2QOP=EJ=>HA /NK@Q?PEKJ KB +KSAN .HABEJO &062:02 h 3NKLA= " 8=NEJ + &<>6:42> .:1/;;7 ;3 D<2>692:@.8 8A61 !205.:60? 2LNEJCAN 2?EAJ?A!QOEJAOO,A@E= 3NKLI=JJ 3=JCQU + *KHP=U / 9AJCANHA 1 1EACCAN + "KILHAPAHU 2QLANDU@NKLDK>E?/#,22QNB=?AOBKN,E?NKBHQE@E?O .:49A6> h 3QOE , , /KH=J?K - 2 . @= 2EHR= 2 & 2LEJ=?Z $ 5 -APK . 3DA 'ECD ?PEREPU KB /P!E" $HA?PNK?=P=HUOPO BKN $PD=JKH $HA?PNK.TE@=PE KJ EJ HG=HEJA ,A@EQI 820@>;0529;99A: h 4JJEGNEODJ=J / 2NEJER=O # 'APANKCAJAKQO "=P=HUOEO (J :1A?@>6.8 .@.8E@60 $>;02??2? 3;>6:2.:1&<206.8@E52960.8? )KODE2 2 1=J=@A5 5 $@ $HOAREANLLh 5=??=NK + #=J=NE + ,=NNK??DE 2PN=LL=RA??E= & %HKS LLNK=?DAO 3KS=N@O 2QOP=EJ=>EHEPU >22:529 q R=J 2S==U # #AIAHHK ,E?NKBHQE@E? ,APDK@O BKN %KNIEJC +EL KOKIAO ./ 56< h 5EAHOPE?D 6 &=OPAECAN ' 8KGKG=S= ' .:1/;;7 ;3 A28 288? 1B.:02? 6: 820@>;0.@.8E?6?!.@2>6.8?6.4:;?@60?.:1A>./686@E )KDJ6EHAU2KJO 6=CHA # 5 1KJ@EJKJA ) 6KK@S=N@ ) # !=GAN & / KHUKH 2UJPDAOEO KB ,=CJAPEPA -=JK?NUOP=HO EJ = 3DANIKOP=>HA (KJE? +EMQE@ >E?@ >;C@5 2? q 6=DAA@ 2 , "=>KP ) / ,=?@KJ=H@ - +ASEO 3 , &QEFP 1 /=QHH ! " !NA=@IKNA , # /NEJPA@ ,E?NKBHQE@E? #ARE?AO $J=>HANO =J@ !=NNEANO ./ 56< h 6=J " *JECDP - +AKJ=N@ ! , "NUOP=H OPNQ?PQNA =J@ ,K NLDKHKCU "KJPNKH KB ,KHU>@AJQI "=N>E@A -=JKI=PANE=HO 2UJPDAOEVA@ %NKI =J IEJAhIAP= H .TE@A "KILKOEPA 529;99A: h 6=J " 1ACIE 8 - +AKJ=N@ ! , ,QHPELHA /D=OAO KB ,KHU>@ AJQI "=N>E@A =O $HA?PNK?=P=HUOPO BKN PDA 'U@NKCAJ $RKHQPEKJ 1A=?PEKJ :42C 529 6=JC 9 "DAJ 8 9AJC # 9D=JC 0 /AJC # + 2KHQPEKJ 2U JPDAOEO KB 3NE=JCQH=N =J@ 'AT=CKJ=H -E?GAH -=JKODAAPO SEPD PDA E@ KB 3QJCOPAJ 'AT=?=N>KJ UH >E?@ :4 ;99 h 6=JC ) )KDJOPKJ/A?G " 3N=?U ) ! -E?GAH /DKOLDE@A - =JKL=NPE?HAO SEPD 'KHHKS 2KHE@=J@ IKNLDKQO2PNQ?PQNAO 529!.@2> q 6=JC ' -EQ & 9DKQ , 6=JC 7 /=NG ) !=K 2 "DE , "=E 9 7EV ) 2?=H=>HA 2UJPDAOEO KB /=HH=@EQI (?KO=DA@N= EJ /HQC 1A=?PKNO BKN PDA /NK@ Q?PEKJ KB .TUCAJ 1A@Q?PEKJ1A=?PEKJ"=P=HUOPO 529.@529 h 6=JC ) 6=JC 9 +E 2 6=JC 1 2KJC 8 2QNB=?A =J@ (JPA NB=?A $JCEJAANEJC KB %A/P" -=JK?=P=HUOPO BKN $HA?PNK"=P=HUPE? ,APD=JKH .TE@=PEKJ $JD=J?A@ ?PEREPU =J@ #QN=>EHEPU ".:;?0.82 h 6=OOANO?DAE@/ 6AHPKJ3 ;:60 6=A61?6:&E:@52?6? )KDJ6EHAU2KJO 6Q * ) 3KNNAJPA,QN?E=JK + "KJPEJQKQO 2UJPDAOEO KB 3QJA=> HA 2EVA@ 2EHRAN -=JKL=NPE?HAO RE= = 3=J@AI 2AA@,A@E=PA@ ,APDK@ EJ "KEHA@ %HKS (JRANPAN 1A=?PKNO %2.0@529:4 h 6=PVGU , %EJGA 1 & 3N=JOEPEKJ ,AP=H -=JK?HQOPAN %KNI=P EKJ *EJAPE? =J@ ,A?D=JEOPE? 2PQ@EAO JAS ,A?D=JEOI 6DAJ 'U@NKCAJ EO PDA 1A@Q? P=JP 2HKS "KJPEJQKQO -Q?HA=PEKJ =J@ %=OP QPK?=P=HUPE? 2QNB=?A &NKSPD 9 529 &;0 q 6ADGEJC ) # &=>=JU , "DAS + *QI=N 1 $BBA?PO KB 5EO? KOEPU (JPANB=?E=H 3AJOEKJ =J@ %HKS &AKIAPNU KJ #NKLHAP %KNI=PEKJ EJ = ,E?NKBHQE@E? 3)QJ? PEKJ !60>;38A61 ".:;38A61 h 6AE 9 ! 9 &N=JCA / #AHIKJ ! 7/2 =J@ 71# 2PQ@EAO KB %N AOD =J@ 2QHBE@A@ ,K - <<8&A>3&06 h 6AHPKJ 3 1KKI3AILAN=PQNA (KJE? +EMQE@O 2KHRAJPO BKN 2UJPDAO EO =J@ "=P=HUOEO 529 %2B h 6EHAO " 6=PPO / "KJPEJQKQO %HKS 1A=?PKNO /ANOLA?PERA >22: 529 q 6EHAU! 'ANNE?GO3 2QJ8 7E=8 /KHUKH2UJPDAOEOKB2 EHRAN-=JKL=NPE?HAO4OAKB "DHKNE@A =J@ .TUCAJ PK /NKIKPA PDA %KNI=PEKJ KB 2EJCHA"NUOP=H 3NQJ?=PA@ "Q>AO =J@ 3APN=DA@NKJO ".:; 2@@ h 6Q " +EQ # +E ' +E ) ,KHU>@AJQI "=N>E@A#A?KN=PA@ ,A P=HHE? "K>=HP-EPNKCAJ #KLA@ "=N>KJ /KHUDA@NKJO BKN $JD=J?A@ $HA?PNK?=P=HUPE? 'U@NKCAJ $RKHQPEKJ &9.88 h 6Q ' ! 7E= ! 8 8Q + 8Q 7 8 +KQ 7 6 /KNKQO ,KH U>@AJQI "=N>E@A -=JK K?P=DA@NKJO 2UJPDAOEVA@ RE= "KJBEJA@ "=N>QNEV=PEKJ EJ ,AP=HKNC =JE? %N=IASKNGO BKN $BBE?EAJP'U@NKCAJ/NK@Q?PEKJ ".@;99A: h 6Q % 9D=JC # /$JC , 8Q 9 6=JC 7 &QK & 2QJ 8 ,E?NKBHQE@E? 2UJPDAOEO $J=>HAO #AJOA =J@ 4JEBKNI +K=@EJC KB 2QNB=?P=JP%NAA /P2J -=JK? NUOP=HO KJ "=N>KJ 2QLLKNPOBKN$JD=J?A@$PD=JKH.TE@=PEKJ :42C529:@1 h 7EKJC 8 "=E ' 6EHAU ! ) 6=JC ) *EI , ) 7E= 8 2UJPDAOEO =J@ ,A?D=JEOPE? 2PQ@UKB/=HH=@EQI-=JK>=NO=J@-=JKNK@O 9529&;0 h 7EKJC 8 7E= 8 2D=LA"KJPNKHHA@ 2UJPDAOEO KB ,AP=H -=JKOPNQ ?PQNAO 3DA "=OA KB /=HH=@EQI 1B!.@2> h 7Q ) ' +E 2 6 6=JC 8 ) +QK & 2 /NAL=N=PEKJ KB 'E CDHU ,KJK@EOLANOA #NKLHAP EJ=3FQJ?PEKJ,E?NKBHQE@E?#ARE?A 85 h 7Q 6 1=IENAV / ) 2P=??DEKH= # 1K@NECQAV ) ) " + 2UJPDAOEO KB w,K" T =J@ z,K" U "=P=HUOPO BKN ". 'U@NKCAJ=PEKJ >U 3DANI=H "=N>QNEV=PEKJ KB ,KKTE@A EJ 'U@NK?=N>KJ=J@'U@NKCAJ,ETPQNAO .@.8 2@@ h 7Q 1 6=JC # 9D=JC ) +E 8 2D=LA#ALAJ@AJP "=P=HUPE? ?PEREPU KB 2EHRAN -=JKL=NPE?HAOBKNPDA.TE@=PEKJKB2PUNAJA 529?6.: h 8=JC , 1EKQT 1 , 2KIKNF=E & 1A=?PEKJ *EJAPE?O =J@ ( J 2EPQ 2QI %NAMQAJ?U &AJAN=PEKJ 2QNB=?A 5E>N=PEKJ=H 2LA?PNKO?KLU O2Q@EAO KB "U?HK=HG AJA 'U@NKCAJ=PEKJ#ADU@NKCAJ=PEKJ KJ /P 2Q>OPEPQAJP $BBA?PO =J@ ". /KEOKJEJC .@.8 q 8=JC " 9D=K ' 'KQ 8 ,= # %A " -=JKL=NPE?HAO %=?EHA !NKIE@A(J@Q?A@ 2UJPDAOEO =J@ =O =J ?PERA /D=OA BKN %EO?DANh3NKLO?D 2UJPDAOEO 9 529 &;0 h 8=JC 9 9D=K 3 'Q=JC 7 "DQ 7 3=JC 3 )Q 8 6=JC 0 'KQ 8 &=K 2 ,K@QH=PEJC PDA /D=OAO KB (NKJ "=N>E@A -=JKL=NPE?HAO %NKI = /AN OLA?PERA KB (JPANBANEJC SEPD PDA "=N>KJ /AJAPN=PEKJ KB %A%A . >U 2AHA?PERAHU @OKN>A@ '=HE@A (KJO 529 &06 h 8=K 2 8=JC " 9D=K ' +E 2 +EJ + 6AJ 6 +EQ ) 'Q & +E 6 'KQ 8 ,= # 1A?KJOPNQ?PEKJ KB PDA 6AP "DAIE?=H 2UJPDAOEO /NK?AOO 3DA "= OA KB %A " -=JKL=NPE?HAO $5E?529 h 8KK " ( 2AK # "DQJC ! ' "DQJC ( 2 2KJC ' %=? EHA .JA/KP 2UJPDAOEO KB 'U@NKTUH%QJ?PEKJ=HEVA@ &KH@ /KHUDA@NKJO >U = 2QNB=?A 1ACQH=PEJ C "KLKHUIAN 529 !.@2> q 8AJ ! * ' &_JPDAN 2?DIE@P , )AJOAJ * % !=SA J@E , & ,E?NKB=>NE?=PA@ &=O+EMQE@ 2ACIAJPA@ %HKS 1A=?PEKJ BKN 'ECD3AI LAN=PQNA 2UJPDAOEO 3DA"=OAKB"@2A0Q=JPQI#KPO :42C529:@1 q 8Q=J 7 9 6=JC ' /$, %QAH "AHH %QJ@=IAJP=HO (J $! A28 288 820@>;0.@.8E?@? .:1 .@.8E?@ .E2>? A:1.92:@.8? .:1 <<860.@6;:? 9D=JC ) $@ 2LNEJCAN +KJ@KJ +KJ@KJLLh 8Q=J 8 8=J - #UOKJ / ) @R=J?AO EJ PDA 1=PEKJ=H #AOECJ KB 1DK@EQI -=JKL=NPE?HA "=P=HUOPO "KJPNKH RE= ,=JELQH=PEKJ KB PDA -=JKL=NPE?HA "KNA =J @ 2P=>EHEVAN & .@.8 q 9=AN= % 2KIKNF=E & 'U@NKCAJ=PEKJ KB 6PDUHAJA .RAN /H=PE JQI 2EJCHA"NUOP=H 2QNB=?AO 9529&;0 q 9=BENKLKQHKQ ( /=L=CAHEO * !KQGKO - 2EKGKQ -E=N?D KO # 3VEPVEKO 5 "DAIE?=H 2UJPDAOEO =J@ 2AHB OOAI>HU KB 'KHHKS -E -E / 'U>NE@ -=JKOLDANAO $5E? 529 q 9APPOQ - ,?+AHH=J ) , 6EHAU ! 8EJ 8 +E 9 8 7E= 8 2UJPDAOEO 2P=>EHEPU =J@ 2QNB=?A /H=OIKJE? /NKLANPEAO KB 1DK@EQI ,QHPELK@O =J@ 3DAEN 4O A =O 2Q>OPN=PAO BKN 2QNB=?Aq$JD=J?A@1=I=J2?=PPANEJC :42C529 q 9D=JC ) %=JC ) &AJAN=H 2PN=PACU BKN /NAL=N=PEKJ KB /P @ 3N=JOEPEKJ ,AP=H "K %A -E-=JK?Q>AO 9529&;0 h 9D=JC+ -EQ& +Q- 6=JC) 3KJC+ 6=JC+ *EI , ) 7E=8 "KJPEJQKQO =J@ 2?=H=>HA /NK@Q?PEKJ KB 6AHH"KJPNKHHA@ -K>HA,AP=H -=JK?NUO P=HO EJ ,EHHEHEPAN2EVA@ #NKLHAP1A=?PKNO ".:; 2@@ h 9D=JC 8 6=JC + ,E?NKBHQE@E?O %=>NE?=PEKJ #NKLHAPO !Q>>H AO =J@ -=JKBHQE@O (J 1B.:02?6:'>.:?<;>@$52:;92:. 6=JC+ $@ 2LNEJCANLLh 9D=JC + 6=JC 8 3KJC + 7E= 8 2AA@,A@E=PA@ 2UJPDAOEO KB 2EHRAN -=JK?NUOP=HO SEPD "KJPNKHHA@ 2EVAO =J@ 2D=LAO EJ #NKLHAP ,E?NKNA=?PKNO 2AL=N =PA@ >U EN .:49A6> h 9D=JC # 6Q % /AJC , 6=JC 7 7E= # &QK & .JA 2P AL %=?EHA =J@ 4HPN=B=OP 2UJPDAOEO KB /D=OA =J@ 2EVA"KJPNKHHA@ /P !E (JPANIAP=HHE? -= JK?=P=HUOPO PDNKQCD "KJPEJQKQO%HKS,E?NKBHQE@E?O 9529&;0 q 9DAJC - %=J ) 2PQ?GU & # .JAOPAL .JALD=OA 2UJPDAOEO KB ,KJK@EOLANOA -K>HA ,AP=HHE? -=JKL=NPE?HAO =J@ 3DAEN "KHHKE@=H "NUOP=HO 9 529 &;0 q 9DAJC 7 8Q=J 2 3E=J 9 8EJ 2 'A ) +EQ * +EQ + .JA /KP 2UJPDAOEO KB 'KHHKS -E?GAH /DKOLDE@A -=JKL=NPE?HAO SEPD 3QJ=>HA 5KE@ 2EVAO 4OEJC 3N ELDAJUHLDKOLDEJA !.@2> 2@@ q 9DKJC 7 %AJC 8 +EA>ANSENPD ( *JKHH 6 %=?EHA 2UJPDAOE O KB ,KNLDKHKCU"KJPNKHHA@ /H=PEJQI-=JK?NUOP=HO 529!.@2> q 9DKQ ) $HHEO 5 5KAH?GAN - ' 1A?AJP #ARAHKLIAJPO EJ /#,2 2QNB=?A ,K@EBE?=PEKJBKN,E?NKBHQE@E?#ARE?AO 820@>;<5;>2?6? h 9DKQ 6 / +ASAN= +=NOAJ 1 ,=OAH 1 ( !=CQO / 2 6EA?GKSOGE 2EVA $BBA?PO EJ $HA?PNKJE? =J@ "=P=HUPE? /NKLANPEAO KB 4JOQLLKNPA@ / =HH=@EQI -=JKL=NPE?HAO EJ $HA?PNKKTE@=PEKJKB%KNIE? ?E@ $5E?529 q 9EACAH>=QAN ) , &QHH= % .l+=KENA " 4NCACDA " HHAJ 1 ) ,QGANFAA 2 "D=H?KCAJE@A $HA?PNK?=P=HUOPO BKN .TUCAJ #ALKH=NEVA@ MQAKQO ' U@NK?DHKNE? ?E@ $HA?PNKHUOEO 820@>;05690@. q
Abstract (if available)
Abstract
Global energy consumption has been increasing exponentially and is not expected to decline in the near future. Over the last century, a majority of our fuel has been derived from fossil fuels, such as coal, oil, and natural gas. However, concern over depleting fossil fuel resources, the geopolitical consequences thereof, and their overall contribution to the global production of carbon dioxide are all strong drivers for a shift toward more diversified and renewable fuel sources. A large factor in the implementation of renewable fuel sources is the cost and ease at which they can be produced or harnessed, especially at the scale necessary to displace the use of fossil fuels. One method to increase the viability of renewable fuels is to develop catalysts for fuel processing that are highly active, selective, and stable for the desired chemical transformations. The objective of this dissertation is to address these aforementioned issues by developing robust, large-scale manufacturing methods of synthesizing nanoscale catalysts for use in the production of renewable fuels. ❧ In Chapter 2, the large-scale continuous flow synthesis of Ni nanoparticles for use as bio-fuel upgrading catalysts is reported. Employing continuous flow synthesis methods allowed for the production of >27 g of Ni nanoparticles per day. When compared to the analogous batch reaction, the flow method is more efficient as displayed by the superior yield compared to batch, which was 62% vs. 45%. The synthesized Ni catalysts were active for the hydrodeoxygenation of guaiacol, a model compound used for testing the viability of the nanoparticle catalyst for use in bio-oil upgrading toward production of biofuels. Compared to the catalyst prepared by traditional incipient-wetness impregnation, the commercial synthetic method, the catalytic activity was superior in terms of both resistance to deactivation and a higher selectivity towards the desired deoxygenated products. ❧ In Chapter 3, a microwave-assisted continuous-flow synthesis of Rh nanoparticles was used to prepare catalysts for the vapor-phase hydrogenation of cyclohexene. Surprisingly, depending on the type of flow utilized, one- or two-phase, different morphologies could be obtained. Under two-phase flow conditions, kinetically favored Rh multipods were synthesized which is hypothesized to be a result of a different heating profile of reagents than when using one-phase flow. The multipod morphology obtained displayed high energy edges and corners, resulting in a superior catalytic activity compared to the thermodynamically favored cuboctahedra morphology that is obtained in the analogous batch reaction using microwave heating. ❧ In Chapter 4, a novel solution-phase synthesis of α-MoC₁₋ₓ nanoparticles is presented. The high-temperature (320 ℃) reaction was successfully translated to a single-phase continuous flow reactor through the employment of a custom designed borosilicate millifluidic reactor. In efforts to increase the throughput, four different precursor concentrations were investigated. An eightfold increase in concentration compared to the batch reaction resulted full conversion (100% yield) of the molybdenum precursor into the desired α-MoC₁₋ₓ product. Compared to the hour-long batch reaction that had yields between 40–50%, the continuous-flow method affords superior throughput, higher-yield, shorter reaction times, and represents a scalable method for the production of molybdenum carbide catalysts. The resulting flow-synthesized α-MoC₁₋ₓ nanoparticles displayed catalytic activity towards the thermochemical conversion of CO₂ to CO. ❧ In Chapter 5, the continuous-flow synthesis of Pt nanoparticles is performed using a recyclable ionic liquid solvent. The two-phase flow was implemented using a novel 3D printed droplet generator. The droplet generator was unique in the fact that unlike conventional T-junction or flow-focusing devices, the droplet size is dependent solely on the inner diameter of the outlet tubing, as opposed to the flow rate ratios or viscosities of the two-phases as in the aforementioned devices. The droplet generator was modified to achieve a parallelized network with four channels. The Pt nanoparticle synthesis was performed in the parallel network and product obtained from the four individual outlets displayed average sizes that were all within standard deviation of one another. The ionic liquid could be recycled and reused at least three times with no obvious change to the resulting Pt nanoparticle morphology. Furthermore, the yield of the flow reactor was higher (∼54%) than the analogous batch reaction (∼26%), demonstrating the viability of continuous flow methods for the large-scale production of colloidal nanoparticles.
Linked assets
University of Southern California Dissertations and Theses
Conceptually similar
PDF
Continuous flow synthesis of catalysts with custom made reactor with flow and temperature studies
PDF
Sustainable methods for manufacturing catalytically active nanoparticles
PDF
Applications of continuous flow reactors towards screening catalytically active nanoparticle syntheses
PDF
High-throughput nanoparticle fabrication and nano-biomembrane interactions
PDF
The modification of catalysts and their supports for use in various fuel cells
PDF
Cooperative effect of ionic liquid solvents in microfluidic devices for fabricating monodisperse metal nanoparticles
PDF
Solution phase synthesis routes to functional nanomaterials for energy storage
PDF
Rhenium bipyridine catalysts with pendant amines: substituent and positional effects on the electrocatalytic reduction of CO₂ to CO
PDF
Design and modification of electrocatalysts for use in fuel cells and CO₂ reduction
PDF
Development of a novel heterogeneous flow reactor: soot formation and nanoparticle catalysis
PDF
Integrated capture and conversion of carbon dioxide from air into methanol and other C1 products
PDF
Electrochemical pathways for sustainable energy storage and energy conversion
PDF
Reforming of green-house gases: a step towards the sustainable methanol economy; and, One-step deoxygenative fluorination and trifluoromethylthiolation of carboxylic acids
PDF
Improving the sustainability of conjugated polymer synthesis via direct arylation polymerization
PDF
Improving the efficiency and sustainability of direct arylation polymerization for conjugated polymer synthesis
PDF
Solution processing of chalcogenide functional materials using thiol–amine “alkahest” solvent systems
PDF
Direct C−H arylation for the synthesis of conjugated polymers
PDF
Investigation of mechanisms of complex catalytic reactions from obtaining and analyzing experimental data to mechanistic modeling
Asset Metadata
Creator
Roberts, Emily Jane
(author)
Core Title
Sustainable continuous flow syntheses of colloidal inorganic nanoparticle catalysts
School
College of Letters, Arts and Sciences
Degree
Doctor of Philosophy
Degree Program
Chemistry
Publication Date
05/17/2019
Defense Date
03/18/2019
Publisher
University of Southern California
(original),
University of Southern California. Libraries
(digital)
Tag
catalysts,continuous flow,nanoparticles,OAI-PMH Harvest
Format
application/pdf
(imt)
Language
English
Contributor
Electronically uploaded by the author
(provenance)
Advisor
Marinescu, Smaranda (
committee chair
), Bradforth, Stephen (
committee member
), Brutchey, Richard (
committee member
), Malmstadt, Noah (
committee member
), Narayan, Sri (
committee member
)
Creator Email
ejrobert@usc.edu,ejrobert19@gmail.com
Permanent Link (DOI)
https://doi.org/10.25549/usctheses-c89-169784
Unique identifier
UC11660844
Identifier
etd-RobertsEmi-7452.pdf (filename),usctheses-c89-169784 (legacy record id)
Legacy Identifier
etd-RobertsEmi-7452.pdf
Dmrecord
169784
Document Type
Dissertation
Format
application/pdf (imt)
Rights
Roberts, Emily Jane
Type
texts
Source
University of Southern California
(contributing entity),
University of Southern California Dissertations and Theses
(collection)
Access Conditions
The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the a...
Repository Name
University of Southern California Digital Library
Repository Location
USC Digital Library, University of Southern California, University Park Campus MC 2810, 3434 South Grand Avenue, 2nd Floor, Los Angeles, California 90089-2810, USA
Tags
catalysts
continuous flow
nanoparticles