τμημα φωτογραφιας & οπτικοακουστικων τεχνων / τει αθηνας

ɔɘɒǣȥȽɐɐəɋɁɏȽȧɎȽɃɍɎɍɠɉɍɓ
IRIS
Ȯ ȧ Ȣ ȧ Ȝ Ȱ ȳȮȪ Ȟ ȬȜȰ Ȥ Ȝ ȭ Ƭ Ȫ ȫ Ȯ Ȥ ȥȪȜ ȥȪȯ ȭ Ȯ Ȥ ȥ ȳ Ȩ Ȯ Ƞ ȱ Ȩ ȳ Ȩ Ȁ Ȯ Ƞ Ȥ Ȝȣ Ȣ Ȩ Ȝ ȭ
Ȥ Ȫ ȯ Ȩ Ȥ Ȫ ȭ 2014
³$+RXVHRI8QFDQQ\´
īİȦȡȖȓĮȂĮȡĮȖțȠʌȠȪȜȠȣ
ǾİȡȖĮıȓĮȝȠȣĮĳȠȡȐĳȦĲȠȖȡĮĳȓİȢȠȚȠʌȠȓİȢıȣȞșȑĲȠȣȞȝȚĮĮĳȒȖȘıȘȆİȡȚȖȡȐĳȠȣȞȑȞĮȤȫȡȠıțȠĲİȚȞȩĮȜȜȐʌİȡȓĲİȤȞĮĳȦĲȚıȝȑȞȠİțİȓȩʌȠȣ
ȕȡȓıțȠȞĲĮȚĲȠʌȠșİĲȘȝȑȞĮĲĮıȣȖțİțȡȚȝȑȞĮİȣȡȒȝĮĲĮįȚĮȝİȜȚıȝȑȞĮıȫȝĮĲĮȝĮȜȜȚȐțİĳȐȜȚĮțĮȡĳȦȝȑȞĮȝȑȜȘțĲȜ
ȅįȘȝȚȠȣȡȖȩȢȒȠȚįȘȝȚȠȣȡȖȠȓĮȣĲȫȞĲȦȞȝĮțȐȕȡȚȦȞȞİțȡȫȞĳȪıİȦȞĮʌȠȣıȚȐȗȠȣȞĮʌȠĲȠțȐįȡȠįİȞİȝĳĮȞȓȗȠȞĲĮȚʌȠȣșİȞȐĮȜȜĮĲĮȑȡȖĮĲȠȣȢ
ȝȚȜȠȪȞȖȚ¶ĮȣĲȠȪȢȉȠʌȡȠĳȓȜĲȠȣȢıȤȘȝĮĲȓȗİĲĮȚıȚȖȐıȚȖȐȩʌȦȢıĲȚȢĲĮȚȞȓİȢİȖțȜȘȝĮĲȠȜȠȖȚțȠȪʌİȡȚİȤȠȝȑȞȠȣ
īȚĮĲȘȣȜȠʌȠȓȘıȘĲȘȢʌĮȡĮʌȐȞȦİȡȖĮıȓĮȢȕĮıȓıșȘțĮțȣȡȓȦȢıĲȘȝİȜȑĲȘĲȠȣĮȞȠȓțİȚȠȣıĲȘȞĲȑȤȞȘıĲȠȞıȠȣȡİĮȜȚıȝȩțĮȚĲȠȝĮțȐȕȡȚȠıĲȘȞ
ĳȦĲȠȖȡĮĳȓĮȩʌȦȢİʌȓıȘȢțĮȚıĲȠȞțȚȞȘȝĮĲȠȖȡȐĳȠʌȐȞȦıĲȠİȓįȠȢĲȠȣșȡȓȜİȡ
ȂİȜȑĲȘıĮĲȠȑȡȖȠĲȠȣ+DQV%HOOPHU³%HOOPHU¶V'ROOV´ĲȠȣ3HWHU-RHO:LWNLQȩıȠĮĳȠȡȐĲȠȝĮțȐȕȡȚȠıĲȘĳȦĲȠȖȡĮĳȓĮĮȜȜȐțĮȚıȠȣȡİĮȜȚıĲȑȢ
țĮȜȜȚĲȑȤȞİȢıțȘȞȠșȑĲİȢțĮȚįȘȝȚȠȣȡȖȠȪȢĲĮȚȞȚȫȞĲȡȩȝȠȣțĮȚșȡȓȜİȡıĲȘʌȡȠıʌȐșİȚĮȝȠȣȞĮĮȞĮȜȪıȦȝİĲȠȞțĮȜȪĲİȡȠĲȡȩʌȠĲȠșȑȝĮȝȠȣ
ǼȆǿǺȁǼȆȍȃȀȍȈȉǾȈǹȃȉȍȃǿǹǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
īİȦȡȖȓĮȂĮȡĮȖțȠʌȠȪȜȠȣ$+RXVHRI8QFDQQ\
īİȦȡȖȓĮȂĮȡĮȖțȠʌȠȪȜȠȣ$+RXVHRI8QFDQQ\
³ȆȡȐıȚȞȘīȡĮȝȝȒ´
ȀȦȞıĲĮȞĲȓȞȠȢȀȦȞıĲĮȞĲȓȞȠȣ
ǾʌĮȡȠȪıĮʌĲȣȤȚĮțȒİȡȖĮıȓĮıĲȘȡȓȗİĲĮȚıĲȘįȚĮʌȓıĲȦıȘʌȦȢȠȚțȐĲȠȚțȠȚȝȚĮȢȤȫȡĮȢȕȡȓıțȠȞĲĮȚ
ĮȞĲȚȝȑĲȦʌȠȚȝİĲȠȞİĮȣĲȩĲȠȣȢĲĮĲİȜİȣĲĮȓĮʌİȞȒȞĲĮȤȡȩȞȚĮȂȚĮȡȪșȝȚıȘıİĮȣĲȠȪĲȠȣİȓįȠȣȢ
ĲȘȞțȡȓıȘĲĮȣĲȩĲȘĲĮȢİʌȒȜșİȝİĲȘȞʌĮȡȑȝȕĮıȘİȖȖȣȘĲȡȚȫȞįȣȞȐȝİȦȞȠȚȠʌȠȓİȢįȘȝȚȠȪȡȖȘıĮȞ
ȝȓĮİįĮĳȚțȒįȚĮȤȦȡȚıĲȚțȒȖȡĮȝȝȒĮȞȐȝİıĮıĲȠȣȢĮȞĲȚʌĮȡĮĲȚșȑȝİȞȠȣȢǻȑțĮȤȡȩȞȚĮĮȡȖȩĲİȡĮ
ȝȓĮȟȑȞȘįȪȞĮȝȘİȚıȑȕĮȜȜİıĲȘȤȫȡĮȝİĮʌȠĲȑȜİıȝĮȘ©ʌȡȐıȚȞȘȖȡĮȝȝȒªȩʌȦȢĮʌȠțĮȜİȓĲĮȚȞĮ
İʌİțĲİȓȞİĲĮȚıİĲȡȚĮțȩıȚĮȤȚȜȚȩȝİĲȡĮȤȦȡȓȗȠȞĲĮȢĲȘȞıĲĮįȪȠǹʌȩĲȘȞȝȓĮʌȜİȣȡȐȕȡȓıțȠȞĲĮȚ
ȠȚİȜİȪșİȡİȢʌİȡȚȠȤȑȢțĮȚİȜİȖȤȩȝİȞİȢĮʌȩĲȘȞȀȣʌȡȚĮțȒǻȘȝȠțȡĮĲȓĮİȞȫĮʌȩĲȘȞȐȜȜȘʌȜİȣȡȐ
ıĲȠȕȩȡİȚȠĲȝȒȝĮȕȡȓıțȠȞĲĮȚȠȚțĮĲȠȤȚțȑȢįȣȞȐȝİȚȢȠȚȠʌȠȓİȢʌȡȠıʌĮșȠȪȞȞĮİȖțĮĲĮıĲĮșȠȪȞ
įȘȝȚȠȣȡȖȫȞĲĮȢȑȞĮȝȘĮȞĮȖȞȦȡȚıȝȑȞȠțȡȐĲȠȢ
ǾȖȡĮȝȝȒțĮĲȐʌĮȣıȘȢĲȠȣʌȣȡȩȢȩʌȦȢȠȡȓȗİĲĮȚįȚĮĳȠȡİĲȚțȐįȚĮıȤȓȗİȚȐȜȜȠĲİȕȠȣȞȐ
ȐȜȜȠĲİʌİįȚȐįİȢʌȠĲĮȝȠȪȢȤȦȡȚȐțĮȚʌȩȜİȚȢįȘȝȚȠȣȡȖȫȞĲĮȢȝİĲȠʌȑȡĮıȝĮĲȠȣȤȡȩȞȠȣʌȩȜİȚȢ
ĳĮȞĲȐıȝĮĲĮȜȩĳȠȣȢțĮȚȕȠȣȞȠțȠȡĳȑȢĮʌȐĲȘĲİȢțĮȚĮʌȡȠıʌȑȜĮıĲİȢȉȠĲȠʌȓȠȝİĲĮĲȡȑʌİĲĮȚ
ıĲĮįȚĮțȐıİ©ĲȩʌȠĲȠȣțĮȞİȞȩȢªȈĲȚȢįȪȠʌȜİȣȡȑȢȕȡȓıțȠȞĲĮȚʌĮȡĮĲİĲĮȖȝȑȞĮıĲȡĮĲİȪȝĮĲĮİȞȫ
ĮȞȐȝİıĮĲȠȣȢȣʌȐȡȤȠȣȞıȣȡȝĮĲȠʌȜȑȖȝĮĲĮȞĮȡțȠʌȑįȚĮȠȡȪȖȝĮĲĮțĮȚʌĮȡİȝȕȐıİȚȢİȚȡȘȞİȣĲȚțȫȞ
įȣȞȐȝİȦȞȖİȖȠȞȩȢʌȠȣȑȤİȚȝİĲĮĲȡȑȥİȚĲȠĲȠʌȓȠıİȑȞĮʌİįȓȠĮʌȡȩıȚĲȠțĮȚȝĮțȡȚȞȩıİțȐșİ
ĮȣĲȩȤșȠȞĮțĮȚȝȘ
ǾȝİĲȐȜȜĮȟȘĲȠȣĲȠʌȓȠȣȠĳİȓȜİĲĮȚțĮĲȐțȪȡȚȠȜȩȖȠıĲȚȢĮȞșȡȫʌȚȞİȢʌĮȡİȝȕȐıİȚȢȠȚ
ȠʌȠȓİȢıĲȑȜȞȠȣȞȝȘȞȪȝĮĲĮĳȩȕȠȣʌȡȠțĮȜȠȪȝİȞȠȣțȣȡȓȦȢĮʌȩĲȘȞĮʌİȚȜȒĲȠȣʌȠȜȑȝȠȣǵȜİȢ
ĮȣĲȑȢĲȚȢĮȞșȡȫʌȚȞİȢʌĮȡİȝȕȐıİȚȢțĮȚȝȘĮʌȠĳȐıȚıĮȞĮĲȚȢĮʌȠįȫıȦĳȦĲȠȖȡĮĳȚțȐıİȝȓĮ
ʌȡȠıʌȐșİȚĮȞĮ©ĮʌȠįİȓȟȦªĲȘȞȪʌĮȡȟȘĲȠȣȢțĮȚʌȫȢĮȣĲȑȢİʌȘȡİȐȗȠȣȞĲȩıȠĲȠȓįȚȠĲȠĲȠʌȓȠȩıȠ
țĮȚĲȠȣȢțĮĲȠȓțȠȣȢȝȑıĮțĮȚȑȟȦĮʌȩĮȣĲȩ
ȅıțȠʌȩȢĮȣĲȒȢĲȘȢʌȡȠıʌȐșİȚĮȢįİȞİȓȞĮȚȘȐȝİıȘȣʌİȡȐıʌȚıȘțȐʌȠȚĮȢıȣȖțİțȡȚȝȑȞȘȢ
șȑıȘȢĮȜȜȐȘįȘȝȚȠȣȡȖȓĮİȞȩȢįȚĮȜȩȖȠȣȖȪȡȦĮʌȩĲȠĲȠʌȓȠįȘȜĮįȒĲȠʌȫȢĮȣĲȩįȚĮȝȠȡĳȫȞİĲĮȚ
ĮʌȩĲȚȢİȞȑȡȖİȚİȢĲȠȣĮȞșȡȫʌȠȣțĮȚʌȫȢȠȓįȚȠȢȠȐȞșȡȦʌȠȢĲİȜȚțȐĲȠĮȞĲȚȜĮȝȕȐȞİĲĮȚ
ǼȆǿǺȁǼȆȍȃȃǹȉǹȈȈǹȂǹȇȀǿǻȅȊ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȀȦȞıĲĮȞĲȓȞȠȢȀȦȞıĲĮȞĲȓȞȠȣȆȡȐıȚȞȘīȡĮȝȝȒ
ȀȦȞıĲĮȞĲȓȞȠȢȀȦȞıĲĮȞĲȓȞȠȣȆȡȐıȚȞȘīȡĮȝȝȒ
³3DLQWHG6NLQ´
ǱȞȞĮȂʌĮȡįĮțȐ
ǾʌĮȡȑȝȕĮıȘıĲȘȞİȝĳȐȞȚıȘĲȠȣĮȞșȡȫʌȚȞȠȣʌȡȠıȫʌȠȣțĮȚıȫȝĮĲȠȢȟİțȚȞȐĮʌȩĲȘȞĮȡȤȒĲȘȢĮȞșȡȫʌȚȞȘȢ
ȚıĲȠȡȓĮȢǿșĮȖİȞİȓȢįȚȐĳȠȡȦȞĲȩʌȦȞĮȡȤĮȓȠȚțĮȚȞȑȠȚʌȠȜȚĲȚıȝȠȓİʌȚȜȑȖȠȣȞȞĮȕȐĳȠȣȞĲĮʌȡȩıȦʌĮĲȠȣȢȖȚĮȜȩȖȠȣȢ
șȡȘıțİȣĲȚțȠȪȢțȠȚȞȦȞȚțȠȪȢʌȡȠıĲĮıȓĮȢțĮȚțĮȜȜȦʌȚıȝȠȪǵʌȠȚȠȢȜȩȖȠȢțĮȚȞĮȚıȤȪİȚțȐșİĳȠȡȐįİȞȝʌȠȡİȓʌĮȡȐ
ȞĮșİȦȡȘșİȓĮȡțİĲȐıȘȝĮȞĲȚțȩȢțĮȚİȞįȚĮĳȑȡȦȞȫıĲİȞĮİȓȞĮȚȐȟȚȠȢʌİȡĮȚĲȑȡȦȝİȜȑĲȘȢ
ȉȠĳȦĲȠȖȡĮĳȚțȩȝȑȡȠȢĮȣĲȒȢĲȘȢʌĲȣȤȚĮțȒȢİȡȖĮıȓĮȢʌȡĮȖȝĮĲİȪİĲĮȚĲȘȞĳȦĲȠȖȡĮĳȚțȒĮȞĮʌĮȡȐıĲĮıȘȗȦȖȡĮĳȚțȫȞ
ʌȠȡĲȡȑĲȦȞıİʌȠȜȪțȠȞĲȚȞȐțȐįȡĮțĮȚʌȜȒȡȘĮʌȠȣıȓĮʌİȡȚȕȐȜȜȠȞĲȠȢȆȡȦĲİȪȠȞĲĮȡȩȜȠıĲȚȢİȚțȩȞİȢʌĮȓȗİȚȘ
İĳĮȡȝȠȖȒĲȠȣȝĮțȚȖȚȐȗȑĲıȚȫıĲİȞĮİʌȚĲİȣȤșİȓĲȠȪĳȠȢĲȠȣȗȦȖȡĮĳȚțȠȪʌȓȞĮțĮ
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈīȅȊǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǱȞȞĮȂʌĮȡįĮțȐ3DLQWHG6NLQ
ǱȞȞĮȂʌĮȡįĮțȐ3DLQWHG6NLQ
³ȀȠȚĲȐȗȠȞĲĮȢĲȘȖȘǹȞĮʌĮȡĮıĲȐıİȚȢ
ĲȠȣ*HQLXV/RFL´
ȃİĳȑȜȘȆĮʌĮȧȦȐȞȞȠȣ
25DLQHU0DULD5LONHȑȤİȚʌİȚĲȠİȟȒȢ³ǲȞĮȑȡȖȠĲȑȤȞȘȢİȓȞĮȚțĮȜȩĮȞȑȤİȚʌȡȠțȪȥİȚĮʌȩȝȚĮĮȞĮȖțĮȚȩĲȘĲĮǹȣĲȩȢİȓȞĮȚ
ȠȝȩȞȠȢĲȡȩʌȠȢʌȠȣȝʌȠȡİȓțĮȞİȓȢȞĮĲȠțȡȓȞİȚ³ǼʌȑȜİȟĮȞĮĮıȤȠȜȘșȫȝİĲȘȞĮʌİȚțȩȞȚıȘĲȠȣĳȣıȚțȠȪĲȠʌȓȠȣȜȩȖȦȝȚĮȢ
ʌȡȠıȦʌȚțȒȢȝȠȣĮȞȐȖțȘȢȘȠʌȠȓĮıĲȘȞʌȡȠțİȚȝȑȞȘʌİȡȓʌĲȦıȘĮʌȠĲȑȜİıİĲȘȞțȣȡȚȠȜİțĲȚțȒțĮȚıȣȝȕȠȜȚțȒĮʌȠȝȐțȡȣȞıȘ
ĮʌȩĲȘȞĮıĲȚțȒʌȡĮȖȝĮĲȚțȩĲȘĲĮȐȝİıĮıȣȞįİįİȝȑȞȘȝİĲȘȞțȠȚȞȦȞȚțȠȠȚțȠȞȠȝȚțȒʌȡĮȖȝĮĲȚțȩĲȘĲĮȈȣȞİȚįȘĲȠʌȠȓȘıĮȩĲȚ
ĮȣĲȩʌȠȣİʌȚșȣȝȠȪıĮıĲȘȞįİįȠȝȑȞȘȤȡȠȞȚțȒʌİȡȓȠįȠȒĲĮȞȘįȘȝȚȠȣȡȖȓĮĳȦĲȠȖȡĮĳȚțȫȞİȚțȩȞȦȞȦȢȝȑıȠĮȣĲȠțȐșĮȡıȘȢ
ĬȑȜȘıĮįȘȜĮįȒȞĮįȘȝȚȠȣȡȖȒıȦȑȞĮĮȞĲȓȕĮȡȠıĲȘȞțȡȓıȘĮȟȚȫȞĲȘȢȝİĲĮȕĮĲȚțȒȢʌİȡȚȩįȠȣʌȠȣįȚĮȞȪȠȣȝİȖȚĮȜȩȖȠȣȢ
ȚıȠȡȡȠʌȓĮȢȣʌȩĲȠʌȜĮȓıȚȠĲȘȢʌȠȜȚĲȚțȒȢ±ʌȠȜȚĲȚıĲȚțȒȢȝȠȣĮȞĲȓȜȘȥȘȢ
ȍȢȠįȠȚʌȩȡȠȢțĮȚʌĮȡĮĲȘȡȘĲȒȢĮȞĮȗȘĲȠȪıĮĲȠıȘȝİȓȠșȑĮıȘȢSRLQWRIYLHZʌȠȣșĮȝİĲȑĲȡİʌİĮȚıșȘĲȚțȐĲȘĳȪıȘ
ıİĲȠʌȓȠįȘȜĮįȒıİĳȦĲȠȖȡĮĳȓĮȈĲȘįȚĮįȡȠȝȒȜȠȚʌȩȞıȣȞİȚįȘĲȠʌȠȓȘıĮȩĲȚȘįȚĮįȚțĮıȓĮĮȣĲȒİȓȞĮȚʌȚȠʌİȡȓʌȜȠțȘ
ĮʌȩȩĲȚĳĮȞĲĮȗȩȝȠȣȞțĮșȫȢȖİȞȞȠȪıİʌİȡĮȚĲȑȡȦȑȞȞȠȚİȢțĮȚʌĮȡĮȝȑĲȡȠȣȢĮȞȐȜȣıȘȢȩʌȦȢȥȣȤȠȜȠȖȚțȑȢțȠȚȞȦȞȚțȑȢ
ĳȚȜȠıȠĳȚțȑȢʌȡĮțĲȚțȑȢȆȡȠıʌȐșȘıĮȜȠȚʌȩȞȞĮĮȞĮʌĲȪȟȦȝȚĮȦȡȚȝȩĲİȡȘıȤȑıȘȝİĲȘȞĳȦĲȠȖȡĮĳȚțȒįȚĮįȚțĮıȓĮțĮĲȐ
ĲȘȞȠʌȠȓĮȐȡȤȚıİȞĮȣʌİȚıȑȡȤİĲĮȚȩȜȠțĮȚʌİȡȚııȩĲİȡȠȠįȚĮȞȠȘĲȚțȩȢʌĮȡȐȖȠȞĲĮȢȘıțȑȥȘțĮȚȘȥȣȤȠȜȠȖȓĮİʌȓĲȘȢ
ȠȣıȓĮȢıİȝȚĮʌȡȠȠʌĲȚțȒĮĳĮȓȡİıȘȢʌȠȣİȓȤİıĮȞĮʌȠĲȑȜİıȝĮĲȘȞįȚĮĳȣȖȒĮʌȩĲȘȞĮȓıșȘıȘĲȠȣȤȐȠȣȢĲȘȢĮȕİȕĮȚȩĲȘĲĮȢ
țĮȚĲȠȣȐȖȤȠȣȢĬİȦȡȫȞĲĮȢĲȠĳȣıȚțȩʌİȡȚȕȐȜȜȠȞȦȢȑȞĮʌİįȓȠȖȚĮİțȞȑȠȣįȘȝȚȠȣȡȖȓĮțĮȚĮȞĲȚȝİĲȦʌȓȗȠȞĲĮȢĲȠȦȢȤȫȡȠ
ȣʌȩįȚĮȝȩȡĳȦıȘİʌȚȤİȓȡȘıĮȝȚĮȞȑĮĮȞȐȖȞȦıȘȤȡȘıȚȝȠʌȠȚȫȞĲĮȢȦȢİȡȖĮȜİȓȠĲȘȞșİȦȡȓĮĲȘȢĮȡȤȚĲİțĲȠȞȚțȒȢȅȡȩȜȠȢ
ĲȠȣĳȦĲȠȖȡȐĳȠȣʌĮȡĮȜȜȘȜȓȗİĲĮȚıĲȠıȘȝİȓȠĮȣĲȩȝİĲȠȞȡȩȜȠĲȠȣĮȡȤȚĲȑțĲȠȞĮȣʌȩĲȘȞȑȞȞȠȚĮĲȘȢʌĮȡĮĲȒȡȘıȘȢĲȘȢ
ȠȡȖȐȞȦıȘȢțĮȚĲȘȢįȚĮȝȩȡĳȦıȘȢĲȠȣĳȣıȚțȠȪȤȫȡȠȣȝİĲĮĳȑȡȠȞĲĮȢİȞĲȑȜİȚĲȚȢĲȡİȚȢįȚĮıĲȐıİȚȢĲȠȣıĲȚȢįȪȠįȚĮıĲȐıİȚȢ
ĲȠȣİȚțȠȞȚțȠȪȤȫȡȠȣȉȠȞȤȫȡȠĮȣĲȩĮȞĲȚȜĮȝȕȐȞȠȝĮȚȦȢĲȠʌȓȠĲȠȠʌȠȓȠȝȑıȦĲȘȢįȚĮįȚțĮıȓĮȢĲȘȢțĮĲĮıțİȣȒȢȝʌȠȡİȓȞĮ
ȤĮȡĮțĲȘȡȚıĲİȓĳȣıȚțȩĲȡȩʌȠțĮȚȩȤȚĳȣıȚțȩįȘȜĮįȒȝȠȚȐȗİȚȝİĳȣıȚțȩĮȜȜȐįİȞİȓȞĮȚǾĳȦĲȠȖȡĮĳȓĮ±ĲȠʌȓȠʌȡȠıʌĮșİȓ
ȞĮȜİȚĲȠȣȡȖȒıİȚȦȢ³İȡȖĮȜİȓȠ´ȦȢȝȑȡȠȢĲȠȣĮȡȤȚĲİțĲȠȞȚțȠȪıȤİįȚĮıȝȠȪĮȞĮįİȚțȞȪȠȞĲĮȢțȐșİĳȠȡȐĲȠʌȞİȪȝĮĲȠȣ
ĲȩʌȠȣĲȠ*HQLXV/RFLįȚĮȝȠȡĳȫȞȠȞĲĮȢĲĮȣĲȩȤȡȠȞĮĲȠȞȤĮȡĮțĲȒȡĮĲȠȣȉȑȜȠȢĲȠʌȑȡĮıȝĮĲȠĮʌȠĲȪʌȦȝĮıĲȠȑįĮĳȠȢ
ĮȞĮȖȞȦȡȓȗİĲĮȚȦȢĲȠʌȡȦĲĮȡȤȚțȩįȠȝȚțȩıĲȠȚȤİȓȠĲȠȣȤȫȡȠȣĮȜȜȐĲĮȣĲȩȤȡȠȞĮțĮȚȦȢıȪȝȕȠȜȠĲȠȣİĳȒȝİȡȠȣțĮȚĲȘȢ
ȝİĲȐȕĮıȘȢ
ȅıțȠʌȩȢĲȘȢİȡȖĮıȓĮȢİȓȞĮȚȞĮįȚİȡİȣȞȒıİȚĲȘȞİȚțȠȞȚțȒʌȡĮȖȝĮĲȚțȩĲȘĲĮıİıȤȑıȘȝİĲȘȞȕȚȦȝĮĲȚțȒ
ʌȡĮȖȝĮĲȚțȩĲȘĲĮțĮȚțĮĲȐʌȩıȠȞȘʌȡȫĲȘȝʌȠȡİȓȞĮıȣȝȕȐȜİȚțĮșȠȡȚıĲȚțȐıĲȘȞįİȪĲİȡȘȆȚȠıȣȖțİțȡȚȝȑȞĮȘ
İȡȖĮıȓĮșȑĲİȚʌȡȠȕȜȘȝĮĲȚıȝȠȪȢıȤİĲȚțȐȝİĲȘıȣȝȕȠȜȒĲȘȢĳȦĲȠȖȡĮĳȚțȒȢȝĮĲȚȐȢțĮȚĲȘȢĮȞȐȜȣıȘȢʌȠȣ
ıȣȞİʌȐȖİĲĮȚıĲȘȞțĮĲĮȞȩȘıȘĲȠȣȤȫȡȠȣ
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈīȅȊǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȃİĳȑȜȘȆĮʌĮȧȦȐȞȞȠȣȀȠȚĲȐȗȠȞĲĮȢĲȠȉȠʌȓȠ
ȃİĳȑȜȘȆĮʌĮȧȦȐȞȞȠȣȀȠȚĲȐȗȠȞĲĮȢĲȠȉȠʌȓȠ
³ǹʌȠĲȣʌȫȝĮĲĮȂȞȒȝİȦȞ´
ǹȡȚıĲȠĲȑȜȘȢȀĮȡĮȕȐȢ
ȈİȑȞĮȝĮȖĮȗȓȝİĮȞĮȜȠȖȚțȑȢĳȦĲȠȖȡĮĳȚțȑȢȝȘȤĮȞȑȢıĲȘȞȂĮįȡȓĲȘȕȡȒțĮĲȘȞ3RODURLG6;ȝȚĮȝİĲĮȤİȚȡȚıȝȑȞȘ
ĲȠȣİȓįȠȣȢODQGFDPHUDĲȦȞSRODURLGȝİVRQDUʌȠȣȝȠȣįȓȞİȚĲȘȞİʌȚȜȠȖȒĲȘȢĮȣĲȩȝĮĲȘȢȒȝȘİıĲȓĮıȘȢțĮȚ
ĲȘȞİʌȚȜȠȖȒȤȡȒıȘȢÀDVKȄİțȓȞȘıĮĲȚȢįȠțȚȝȑȢĳȦĲȠȖȡĮĳȓȗȠȞĲĮȢıĲȚȖȝȑȢĮʌȩĲȠıʌȓĲȚĮʌȩĲȠʌĮȞİʌȚıĲȒȝȚȠ
țĮșȘȝİȡȚȞȑȢʌȡȠıȦʌȚțȑȢıĲȚȖȝȑȢțĮȚțĮĲȐȜĮȕĮıȪȞĲȠȝĮȩĲȚȘȤȡȒıȘĮȣĲȒȢĲȘȢȝȘȤĮȞȒȢțȐȜȣʌĲİĲȠȞĳȩȕȠʌȠȣ
ȝȠȣįȘȝȚȠȣȡȖȠȪıİȘȥȘĳȚĮțȒĳȦĲȠȖȡĮĳȓĮțĮȚµȖȑȝȚȗİ¶ĲȠȤȡȠȞȚțȩțİȞȩʌȠȣȝȠȣįȘȝȚȠȣȡȖȠȪıİĲȠȡȠȜȩĳȓȜȝǹʌȩ
ĲȠȝȑȤȡȚıȒȝİȡĮȑȤȦįȘȝȚȠȣȡȖȒıİȚȝȚĮıİȚȡȐĮȞĮȝȞȘıĲȚțȫȞıĲȚȖȝȚĮȓȦȞĳȦĲȠȖȡĮĳȚȫȞʌȠȣʌİȡȚȜĮȝȕȐȞȠȣȞ
ĲȠʌȓĮʌȠȡĲȡĮȓĲĮȜȠȣȜȠȪįȚĮțĮȚįȚȐĳȠȡĮȐȜȜĮʌȡȐȖȝĮĲĮʌȠȣʌİȡȚȖȡȐĳȠȣȞțĮȚʌİȡȚȑȤȠȣȞĮȞĮȝȞȒıİȚȢĮʌȩįȚȐĳȠȡİȢ
ıĲȚȖȝȑȢıİįȚȐĳȠȡĮȝȑȡȘǼȓȞĮȚĳȦĲȠȖȡĮĳȓİȢİıȦĲİȡȚțȒȢʌȡĮȖȝĮĲȚțȩĲȘĲĮȢȩʌȠȣıȤİįȩȞʌȐȞĲĮİȝʌİȡȚȑȤİĲĮȚȝȚĮ
įİȪĲİȡȘĮȞȐȖȞȦıȘȘȠʌȠȓĮȝʌȠȡİȓȞĮȖȓȞİȚĮʌȩĲȠȞĳȦĲȠȖȡȐĳȠțĮȚĲȠșȑȝĮıİʌİȡȓʌĲȦıȘʌȠȡĲȡĮȓĲȠȣȆȠȜȜȑȢĮʌȩ
ĮȣĲȑȢĲȚȢİȚțȩȞİȢİȓȞĮȚıȣȝȕȠȜȚțȑȢțĮĲĮȖȡȐĳȠȣȞȝȓĮıĲȚȖȝȒȒțĮȜȪĲİȡĮʌİȡȚȖȡȐĳȠȣȞĲȠʌİȡȚȕȐȜȜȠȞȝȓĮȢıĲȚȖȝȒȢ
ȋȡȘıȚȝȠʌȠȓȘıĮĲȘȞȝȘȤĮȞȒȩʌȦȢȠİȖțȑĳĮȜȠȢȝȠȣȒȘȥȣȤȒȝȠȣȤȡȘıȚȝȠʌȠȚİȓĲȚȢȝȞȒȝİȢțĮȚĲȚȢĮȞĮȝȞȒıİȚȢȅ
ĳĮțȩȢȝȠȣįİȞıĲȡȐĳȘțİȝȩȞȠıİĮȞșȡȫʌȚȞİȢĳȚȖȠȪȡİȢȩʌȦȢȕȜȑʌȠȣȝİıȣȞȒșȦȢıĲȚȢĮȞĮȝȞȘıĲȚțȑȢĳȦĲȠȖȡĮĳȓİȢ
țĮȚȖȞȫȡȚȝĮʌȡȩıȦʌĮıİȤĮȡȠȪȝİȞİȢıĲȚȖȝȑȢĮȜȜȐʌȡȠıʌȐșȘıĮȞĮțĮĲĮȖȡȐȥȦįȚĮĳȠȡİĲȚțȐİȡİșȓıȝĮĲĮĮʌȩĲȚȢ
ıĲȚȖȝȑȢțĮșȘȝİȡȚȞȩĲȘĲĮȢʌȠȣșĮıȘȝĮĲȠįȠĲȠȪıĮȞȤȡȠȞȚțȐȝȚĮıĲȚȖȝȒȝİȝȚĮȝȠȞĮįȚțȒİȚțȩȞĮʌȠȣįİȞȝʌȠȡİȓȞĮ
ȟĮȞĮįȘȝȚȠȣȡȖȘșİȓĮțȡȚȕȫȢȘȓįȚĮǾıȣȜȜȠȖȒțĮȚȘĮʌȠșȒțİȣıȘĮȣĲȫȞĲȦȞĳȦĲȠȖȡĮĳȚȫȞȝİȑțĮȞİȞĮșȑȜȦȞĮʌȐȦ
ȑȞĮȕȒȝĮʌȓıȦĲȘȞĳȦĲȠȖȡĮĳȚțȒįȚĮįȚțĮıȓĮțĮȚȞĮµțĮĲĮıĲȡȑȥȦ¶ĲȘȞĳȦĲȠȖȡĮĳȓĮțĮȚȞĮĲȘȞȤȡȘıȚȝȠʌȠȚȒıȦȦȢ
İȚțȠȞȠʌȠȓȘıȘĲȘȢĮȞȐȝȞȘıȘȢıĲȠȝȣĮȜȩȝȠȣ
ǼȆǿǺȁǼȆȍȃȃǹȉǹȈȈǹȂǹȇȀǿǻȅȊ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǹȡȚıĲȠĲȑȜȘȢȀĮȡĮȕȐȢǹʌȠĲȣʌȫȝĮĲĮȂȞȒȝİȦȞ
ǹȡȚıĲȠĲȑȜȘȢȀĮȡĮȕȐȢǹʌȠĲȣʌȫȝĮĲĮȂȞȒȝİȦȞ
³ȊįȐĲȚȞȠȢȀȩıȝȠȢ´
ȋȡȚıĲȓȞĮȃȠĲĮȡȠʌȠȪȜȠȣ
ǾİȡȖĮıȓĮĮȣĲȒĮʌȠĲİȜİȓĲĮȚĮʌȩȝȚĮıİȚȡȐȣʌȠȕȡȪȤȚȦȞĳȦĲȠȖȡĮĳȓıİȦȞȝİșȑȝĮĲȘȞİȜİȣșİȡȓĮțĮȚĲȘȖĮȜȒȞȘĲȠȣ
ĮĲȩȝȠȣıĲȠȞİȡȩǹʌİȚțȠȞȓȗȠȞĲĮȚĮȞșȡȫʌȚȞİȢĳȚȖȠȪȡİȢĮʌİȜİȣșİȡȦȝȑȞİȢıȦȝĮĲȚțȐțĮȚȥȣȤȚțȐĮʌȩĲȘȞİțȐıĲȠĲİ
ʌȡĮȖȝĮĲȚțȩĲȘĲĮ
ǼȆǿǺȁǼȆȍȃȀȍȈȉǾȈǹȃȉȍȃǿǹǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȋȡȚıĲȓȞĮȃȠĲĮȡȠʌȠȪȜȠȣȊįȐĲȚȞȠȢȀȩıȝȠȢ
ȋȡȚıĲȓȞĮȃȠĲĮȡȠʌȠȪȜȠȣȊįȐĲȚȞȠȢȀȩıȝȠȢ
³ȋİȚȝİȡȚȞȐĬȑȡİĲȡĮ´
ȈȠĳȓĮȆĮʌĮıĲȡȐĲȘ
©ȅȚĳȦĲȠȖȡĮĳȓİȢ
ĲȠʌȓȠȣȒĲĮȞ
ıĲȘȞʌȡĮȖȝĮĲȚțȩĲȘĲĮ
İıȦĲİȡȚțȐ
ĲȠʌȓĮª
0LQRU:KLWH
ǾİȡȖĮıȓĮĮȣĲȒȝİĲȓĲȜȠ©ȋİȚȝİȡȚȞȐĬȑȡİĲȡĮªȑȤİȚıțȠʌȩȞĮĮȞĮįİȓȟİȚțĮȚȞĮıȤȠȜȚȐıİȚĲȠȞįȚĲĲȩȤĮȡĮțĲȒȡĮĲȦȞ
ʌĮȡȐțĲȚȦȞʌĮȡĮșİȡȚıĲȚțȫȞʌİȡȚȠȤȫȞĲȘȢǹȞĮĲȠȜȚțȒȢǹĲĲȚțȒȢȆİȡȚʌȜĮȞȒșȘțĮțĮȚĳȦĲȠȖȡȐĳȚıĮıĲȚȢʌİȡȚȠȤȑȢ
ĮȣĲȑȢțĮĲȐĲȘȞȤȡȠȞȚțȒįȚȐȡțİȚĮĲȘȢ³ȤİȚȝȑȡȚĮȢȞȐȡțȘȢ´ĲȠȣȢȀȚȞȒșȘțĮĮʌȩĲȘȞİȣȡȪĲİȡȘʌİȡȚȠȤȒĲȠȣȂĮȡĮșȫȞĮ
ȝȑȤȡȚĲȠʌĮȡĮșĮȜȐııȚȠȤȦȡȚȩĲȘȢȀĮțȚȐȢĬȐȜĮııĮȢțĮȚțĮĲȐȝȒțȠȢĲȘȢĮțĲȠȖȡĮȝȝȒȢ
ǾĮȚĲȓĮȕȐıȘĲȘȢȠʌȠȓĮȢĮʌȠĳȐıȚıĮȞĮĮıȤȠȜȘșȫȝİĲȠıȣȖțİțȡȚȝȑȞȠșȑȝĮȒĲĮȞȘȝİĲĮĳȠȡȐĲȘȢȝȩȞȚȝȘȢ
țĮĲȠȚțȓĮȢȝȠȣĮʌȩȝȚĮʌȣțȞȠțĮĲȠȚțȘȝȑȞȘʌİȡȚȠȤȒĲȘȢǹșȒȞĮȢıİȑȞĮĮʌȩĮȣĲȐĲĮʌĮȡĮșİȡȚıĲȚțȐțȑȞĲȡĮțĮȚȠȚ
İʌȚʌĲȫıİȚȢʌȠȣĮȣĲȒİʌȑĳİȡİıĲȘȞțĮșȘȝİȡȚȞȩĲȘĲĮȝȠȣĭȦĲȠȖȡȐĳȚıĮȝİțȡȚĲȚțȒțĮȚıȣȤȞȐȞȠıĲĮȜȖȚțȒȝĮĲȚȐ
İʌȘȡİĮıȝȑȞȘțȣȡȓȦȢĮʌȩİțİȓȞȘĲȦȞĳȦĲȠȖȡȐĳȦȞĲȠȣțȚȞȒȝĮĲȠȢ³1HZ7RSRJUDSKLFV´ĭȦĲȠȖȡȐĳȚıĮĮʌȩĲȠ
ȪȥȠȢĲȠȣȕȜȑȝȝĮĲȠȢȝȠȣȝİĲȦʌȚțȑȢȜȒȥİȚȢĮʌȩĲȚȢ³ȜİʌĲȠȝȑȡİȚİȢ´ĲȠȣĲȠʌȓȠȣʌȠȣȝȠȣțȓȞȘıĮȞĲȠİȞįȚĮĳȑȡȠȞ
ȈĲȘȞșİȦȡȘĲȚțȒȣʌȠıĲȒȡȚȟȘıȘȝĮȞĲȚțȩȡȩȜȠįȚĮįȡĮȝȐĲȚıĮȞȝİĲĮȟȪȐȜȜȦȞȚįȑİȢĮʌȩĲĮțİȓȝİȞĮĲȦȞ0DUF$XJH
ʌȠȣĮȞĮĳȑȡȠȞĲĮȚıĲȠȣȢ³ȂȘȉȩʌȠȣȢ´-RKQ8UU\ȖȚĮĲȘȞțĮĲĮȞȐȜȦıȘĲȠȣȤȫȡȠȣțĮȚĲȠȣ0LFKHO)RXFDXOWȖȚĮ
ĲȚȢ³İĲİȡȠĲȠʌȓİȢ´ȂȑıĮĮʌȩĲȘȞĮʌȠĲȪʌȦıȘĲȦȞıȣȖțİțȡȚȝȑȞȦȞʌİȡȚȠȤȫȞıȣȞİȚįȘĲȠʌȠȓȘıĮʌȦȢĲȠĲȠʌȓȠİȓĲİĮȣĲȩ
İȓȞĮȚĳȣıȚțȩİȓĲİĮıĲȚțȩĮȜȜȐȗİȚȝİȖȡȒȖȠȡȠȣȢȡȣșȝȠȪȢțĮȚıȣȞȒșȦȢʌȡȠȢĲȠȤİȚȡȩĲİȡȠ
ǾșȣıȓĮĲȘȢĳȪıȘȢıĲȠȞȕȦȝȩĲȘȢțĮĲĮȞȐȜȦıȘȢĲȠȣİĳȒȝİȡȠȣțĮȚĲȠȣțİĳĮȜĮȓȠȣİȓȞĮȚıȤİįȩȞțĮșȘȝİȡȚȞȒ
ǹțȩȝĮțĮȚıİʌİȡȚȩįȠȣȢįȣıȤȑȡİȚĮȢȠȚțȠȞȠȝȚțȒȢțĮȚʌȠȜȚĲȚıȝȚțȒȢȠȚȝİĲĮȕȠȜȑȢİȓȞĮȚİȝĳĮȞİȓȢıİțȐșİȖȦȞȚȐıİ
țȐșİȜİʌĲȠȝȑȡİȚĮĲȠȣțȩıȝȠȣʌȠȣȝĮȢʌİȡȚȕȐȜȜİȚȅĲȠȣȡȚıȝȩȢĲȘȢĮțĲȠȖȡĮȝȝȒȢĲȘȢǹȞĮĲȠȜȚțȒȢǹĲĲȚțȒȢİȓȞĮȚıĮȞ
ȑȞĮȢȖȓȖĮȞĲĮȢʌȠȣ³țĮĲĮȞĮȜȫȞİĲĮȚ´ĲȠțĮȜȠțĮȓȡȚțĮȚțȠȚȝȐĲĮȚĲȠȞȤİȚȝȫȞĮ
ǼȆǿǺȁǼȆȍȃȀȍȈȉǾȈǹȃȉȍȃǿǹǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȈȠĳȓĮȆĮʌĮıĲȡȐĲȘȋİȚȝİȡȚȞȐĬȑȡİĲȡĮ
ȈȠĳȓĮȆĮʌĮıĲȡȐĲȘȋİȚȝİȡȚȞȐĬȑȡİĲȡĮ
ȈȠĳȓĮȆĮʌĮıĲȡȐĲȘȋİȚȝİȡȚȞȐĬȑȡİĲȡĮ
³ȈĲȚȖȝȑȢȀĮșȘȝİȡȚȞȩĲȘĲĮȢ´
ǼȣıĲȐșȚȠȢǹȞįȡȑȠȣ
ǾİȞȩĲȘĲĮĮȣĲȒʌȡĮȖȝĮĲİȪİĲĮȚĲȘįȚĳȠȡȠȪȝİȞȘıȤȑıȘĲȘȢǻȣĲȚțȒȢșȡȘıțİȣĲȚțȒȢȗȦȖȡĮĳȚțȒȢȝİĲȘĳȦĲȠȖȡĮĳȓĮ
įȓȞȠȞĲĮȢȑȝĳĮıȘıĲȘȞțĮșȘȝİȡȚȞȩĲȘĲĮȝȑıȦĲȠȣʌİȡȚȕȐȜȜȠȞĲȠȢȝȑıĮıĲȠȠʌȠȓȠİȓȞĮȚĳȦĲȠȖȡĮĳȘȝȑȞİȢ
ȉĮșȑȝĮĲĮĮȞĲȜȠȪȞĲĮȚțȣȡȓȦȢȝȑıĮĮʌȩĲȠȣȢȖȡȒȖȠȡȠȣȢȡȣșȝȠȪȢĲȘȢțĮșȘȝİȡȚȞȩĲȘĲĮȢıĲĮʌȜĮȓıȚĮĲȠȣıȪȖȤȡȠȞȠȣ
ĮıĲȚțȠȪʌİȡȚȕȐȜȜȠȞĲȠȢİȓȞĮȚȠȚıĲȚȖȝȑȢʌȠȣȕȚȫȞȠȣȞȐĲȠȝĮțȐșİȘȜȚțȓĮȢİȞȒȜȚțİȢțĮȚʌĮȚįȚȐǾʌȩȗĮțĮȚțȣȡȓȦȢ
ȠȚȤİȚȡȠȞȠȝȓİȢĲȦȞȤĮȡĮțĲȒȡȦȞİțĳȡȐȗȠȣȞĲȘȞıȣȞĮȚıșȘȝĮĲȚțȒĳȩȡĲȚıȘțĮȚĲȘȞʌĮȪıȘıĲȠȤȡȩȞȠȀȐșİȐĲȠȝȠ
ĮʌȠȝȠȞȫȞİĲĮȚȝȑıĮıĲȚȢıțȑȥİȚȢĲȠȣĮʌȠțȩʌĲİĲĮȚĮʌȩĲȠʌİȡȚȕȐȜȜȠȞʌȠȣĲȠȞʌİȡȚțȜİȓİȚțĮȚȝİĲĮĳȑȡİĲĮȚȞȠİȡȐıİ
ȝȚĮȞȐȜȜȘįȚțȒĲȠȣİıȦĲİȡȚțȒʌȡĮȖȝĮĲȚțȩĲȘĲĮ
ȉȠțȐĲȦȝȑȡȠȢĲȦȞİȚțȩȞȦȞİʌİȞįȪİĲĮȚȝİĮıĲȚțȐȒʌİȡȚĮıĲȚțȐĲȠʌȓĮĲĮȠʌȠȓĮȣʌȠįȘȜȫȞȠȣȞĲȘȞĳĮȞĲĮıȓĮĲȠȣțȐșİ
ȤĮȡĮțĲȒȡĮțĮȚĲĮȣĲȩȤȡȠȞĮĲȘȞȦȝȒʌȡĮȖȝĮĲȚțȩĲȘĲĮȝȑıĮıİȑȞĮșȡȘıțİȣĲȚțȩʌȜĮȓıȚȠȕĮıȚıȝȑȞȠıĲȠȞȘȡȦȚıȝȩ
țĮȚĲȠșȡȘıțİȣĲȚțȩȝȣıĲȒȡȚȠĲȘȢĮȞĮȖİȞȞȘıȚĮțȒȢȗȦȖȡĮĳȚțȒȢȍȢȝȠȞĮįȚțȒįȚȑȟȠįȠȢȘİȡȝȘȞİȓĮĲȘȢȝʌȐȞĲĮȢİȓȞĮȚȠ
ȤȫȡȠȢʌȠȣȝĮȢțĮȜİȓȞĮĮȞĮȕȚȫıȠȣȝİĲȠȞșȡȪȜȠĲȘȢțİȞĲȡȚțȒȢİȚțȩȞĮȢ
ǼȆǿǺȁǼȆȍȃȃǹȉǹȈȈǹȂǹȇȀǿǻȅȊ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǼȣıĲȐșȚȠȢǹȞįȡȑȠȣȈĲȚȖȝȑȢȀĮșȘȝİȡȚȞȩĲȘĲĮȢ
ǼȣıĲȐșȚȠȢǹȞįȡȑȠȣȈĲȚȖȝȑȢȀĮșȘȝİȡȚȞȩĲȘĲĮȢ
³ȊȕȡȚįȚțȐȆȠȡĲȡȑĲĮ´
ȀȦȞıĲĮȞĲȓȞȠȢĭȠȪțȘȢ
ĬȑȝĮĲȘȢʌĲȣȤȚĮțȒȢİȡȖĮıȓĮȢ³ȊȕȡȚįȚțȐȆȠȡĲȡȑĲĮ´İȓȞĮȚȘĮȡȡİȞȦʌȩĲȘĲĮǹȡȡİȞȦʌȩĲȘĲĮİȓȞĮȚȑȞĮțȠȚȞȦȞȚțȩ
țĮĲĮıțİȪĮıȝĮʌȠȣıțȠʌȩȑȤİȚĲȠȞȑȜİȖȤȠțĮȚĲȘȞİȟȠȣıȓĮǾʌĲȣȤȚĮțȒĮȣĲȒįȚĮʌȡĮȖȝĮĲİȪİĲĮȚʌȦȢȠȚȑȞȞȠȚİȢ
ȐȞĲȡĮȢȖȣȞĮȓțĮĮȡȡİȞȦʌȩĲȘĲĮșȘȜȣʌȡȑʌİȚĮİȓȞĮȚțȠȚȞȦȞȚțȐțĮĲĮıțİȣȐıȝĮĲĮĲȘȢʌĮĲȡȚĮȡȤȚțȒȢİĲİȡȠțĮȞȠȞȚțȒȢ
țȠȚȞȦȞȓĮȢȂȚĮȢțȠȚȞȦȞȓĮȢʌȠȣĮʌİȚțȠȞȓȗİȚĲȠȞĬİȩȐȡĮĲȠȞȐȞĲȡĮȦȢĮȡıİȞȚțȩȐȞĲȡĮĮȡȡİȞȦʌȩİĲİȡȠĳȣȜȩĳȚȜȠ
ȜİȣțȩīȓȞİĲĮȚįȚĮȤȦȡȚıȝȩȢĲȠȣțȠȚȞȦȞȚțȠȪĳȪȜȠȣȐȞĲȡĮȢȖȣȞĮȓțĮĮʌȩĲȠȕȚȠȜȠȖȚțȩĳȪȜȠĮȡıİȞȚțȩșȘȜȣțȩ
īȓȞİĲĮȚĮȞĮĳȠȡȐıĲȘșİȦȡȓĮĲȠȣ4XHHUțĮȚıİĳİȝȚȞȚıĲȚțȐțĮȚȁȅǹȉțȚȞȒȝĮĲĮȆĮȡĮĲȘȡİȓĲȠȞĲȡȩʌȠȝİĲȠȞȠʌȠȓȠ
ĮʌİȚțȠȞȓȗİĲĮȚȘȖȣȞĮȓțĮıĲȘȞĲȑȤȞȘțĮȚȚįȚĮȓĲİȡĮĲȠȖȣȞĮȚțİȓȠȖȣȝȞȩȆĮȡȠȣıȚȐȗȠȞĲĮȚʌĮȡĮįİȓȖȝĮĲĮțĮȜȜȚĲİȤȞȫȞ
ʌȠȣĮıȤȠȜȠȪȞĲĮȚȝİĲȘȞĲĮȣĲȩĲȘĲĮĲȠĳȪȜȠțĮȚĲȘȞıİȟȠȣĮȜȚțȩĲȘĲĮ
ǼȆǿǺȁǼȆȍȃȃǹȉǹȈȈǹȂǹȇȀǿǻȅȊ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȀȦȞıĲĮȞĲȓȞȠȢĭȠȪțȘȢȊȕȡȚįȚțȐȆȠȡĲȡĮȓĲĮ
³ȈțȑȥİȚȢıİȂĮȪȡȠ´
ǻȘȝȒĲȡȘȢȉȗȫȡĲȗȘȢ
ȈĲȠȕȚȕȜȓȠ'H3URIXQGLVȠ2VFDU:LOGHĮȞĮĳȑȡİȚʌȦȢȠʌȩȞȠȢİȓȞĮȚĲȠțȡȚĲȒȡȚȠȖȚĮțȐșİ
ȝİȖȐȜȘĲȑȤȞȘțĮȚʌȦȢĲȠȑȡȖȠįİȞİȓȞĮȚȝȚĮĲȣȤĮȓĮİțįȒȜȦıȘȐȜȜĮȘȑțĳȡĮıȘĲȠȣİıȦĲİȡȚțȠȪ
țȩıȝȠȣīȚĮȝȑȞĮȘįȘȝȚȠȣȡȖȓĮĲȦȞİȚțȩȞȦȞȝȠȣȒĲĮȞțȐĲȚĮʌȡȠıįȚȩȡȚıĲȠīȚĮĲȠȝȩȞȠʌȡȐȖȝĮ
ʌȠȣȒȝȠȣȞıȓȖȠȣȡȠȢȒĲĮȞʌȦȢȒșİȜĮȠȚİȚțȩȞİȢȝȠȣȞĮʌȡȠțĮȜȠȪȞĲĮȓįȚĮıȣȞĮȚıșȒȝĮĲĮȝİĲȘȞ
ȝȠȣıȚțȒĮȚıșȒȝĮĲĮʌȩȞȠȣĮȖȐʌȘȢĳȩȕȠȣțĮǾȝİȖĮȜȪĲİȡȘʌȘȖȒȑȝʌȞİȣıȘȢȒĲĮȞȠȚĳȠȕȓİȢ
ȝȠȣȆȡȐȖȝĮʌȠȣıĲȘȞĮȡȤȒȑȕȖĮȚȞİĮıȣȞĮȓıșȘĲĮĮȜȜȐțĮĲȐĲȘȞĮȞĮȗȒĲȘıȘȝȠȣțĮĲĮȞȩȘıĮ
ʌȜȒȡȦȢȠʌȩĲİțĮȚĲȠĮȖțȐȜȚĮıĮįȚȩĲȚȝİȑțĮȞİȞĮȞȚȫșȦıĮȞȞĮȤȜİȣȐȗȦĲȘȞĳȠȕȓĮȝȠȣĮȣĲȒ
țĮȚȖȚĮȐȜȜȘȝȚĮĳȩȡĮȑȞȚȦșĮʌȚȠįȣȞĮĲȩȢĮʌȑȞĮȞĲȚĲȘȢ
ǾįȘȝȚȠȣȡȖȓĮĲȦȞİȚțȩȞȦȞįİȞİȓȤİȞĮțȐȞİȚȝİĲȘȞıĲȚȖȝȒĲȘȢĳȦĲȠȖȡȐĳȘıȘȢĮȜȜȐțȣȡȓȦȢȝİ
ĲȘȞİʌİȟİȡȖĮıȓĮıĲȠSKRWRVKRSǾİʌİȟİȡȖĮıȓĮȒĲĮȞțȐĲȚıȤİįȩȞȚİȡȩȖȚĮȝȑȞĮȤĮȞȩȝȠȣȞȖȚĮ
ȫȡİȢȝȑıĮıĲȚȢİȚțȩȞİȢʌȠȣįȘȝȚȠȣȡȖȠȪıĮʌȡȐȖȝĮʌȠȣȝİȑțĮȞİȞĮȞȚȫșȦİȜİȪșİȡȠȢȆȐȞĲĮ
ʌȓıĲİȣĮʌȦȢıĲȘȞȗȦȒȩȜĮȩıĮıȣȝȕĮȓȞȠȣȞȖȓȞȠȞĲĮȚȫıĲİȞĮȠįȘȖȘșȠȪȝİțȐʌȠȣțĮȜȪĲİȡĮțĮȚ
ȞĮȖȓȞȠȝĮȚȩıȠįȣȞĮĲȩȞțĮȜȪĲİȡȠȚȝʌȠȡȠȪȝİīȚĮȝȑȞĮĲĮʌȡȠȕȜȒȝĮĲĮʌȠȣĮȞĲȚȝİĲȫʌȚıĮĲĮ
ȠʌȠȓĮȓıȦȢȖȚĮʌȠȜȜȠȪȢȞĮĳĮȞĲȐȗȠȣȞĮıȒȝĮȞĲĮȒĲĮȞȠȜȩȖȠȢȖȚĮȞĮįȘȝȚȠȣȡȖȒıȦțĮȚȝȑıĮ
ĮʌȩĲȘȞįȘȝȚȠȣȡȖȓĮȞĮȟİĳȪȖȦ
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈīȅȊǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǻȘȝȒĲȡȘȢȉȗȫȡĲȗȘȢȈțȑȥİȚȢıİȂĮȪȡȠ
³3UHFLRXVȆȠȜȪĲȚȝȠ´
ȀȣȡȚĮțȒĭȡĮȖțȚĮįȐțȘ
ǾʌĲȣȤȚĮțȒĮȣĲȒİȡȖĮıȓĮĮĳȠȡȐȝȚĮıİȚȡȐʌȠȡĲȡĮȓĲȦȞʌĮȚįȚȫȞıȤȠȜȚțȒȢțĮȚʌȡȠıȤȠȜȚțȒȢ
ȘȜȚțȓĮȢȝİĲȠĮȖĮʌȘȝȑȞȠĲȠȣȢĮȞĲȚțİȓȝİȞȠȈĲȘȞʌȜİȚȠȥȘĳȓĮĲȠȣȢĲĮʌĮȚįȚȐȝȠȣȒĲĮȞ
ȐȖȞȦıĲĮțĮȚțĮĲȐĲȘȖȞȦȡȚȝȓĮȝĮȢĲȠȣȢȗȒĲȘıĮȞĮįȚĮȜȑȟȠȣȞĮȣșȩȡȝȘĲĮĲȠʌȚȠıȘȝĮȞĲȚțȩ
ȖȚĮİțİȓȞĮĮȞĲȚțİȓȝİȞȠʌĮȚȤȞȓįȚ
ǹʌȩİțİȓʌȡȠȑțȣȥİțĮȚȠĲȓĲȜȠȢ©3UHFLRXVȆȠȜȪĲȚȝȠªʌȠȣȖȚĮȝȑȞĮȑȤİȚįȚʌȜȒıȘȝĮıȓĮĮĳȠȪ
įİȞĮȞĮĳȑȡİĲĮȚȝȩȞȠıĲȘȞıȘȝĮȞĲȚțȩĲȘĲĮĲȠȣĮȞĲȚțİȚȝȑȞȠȣĮȜȜȐțĮȚıĲȠʌȩıȠʌȠȜȪĲȚȝȠ
İȓȞĮȚĲȠʌĮȚįȓȖȚĮĲȠȞțȩıȝȠǾİʌȚȜȠȖȒĲȠȣșȑȝĮĲȠȢʌȡȠȑțȣȥİȝȑıĮĮʌȩĲȘȞʌİʌȠȓșȘıȘȝȠȣ
ȩĲȚĲĮʌĮȚįȚȐİȓȞĮȚĲȠʌȚȠıȘȝĮȞĲȚțȩʌȜȘșȣıȝȚĮțȩțȠȝȝȐĲȚĲȘȢțȠȚȞȦȞȓĮȢțĮșȫȢȠĲȡȩʌȠȢʌȠȣ
ȝİȖĮȜȫȞȠȣȞȝʌȠȡİȓȞĮțĮșȠȡȓıİȚĲȠȝȑȜȜȠȞĲȠȣțȩıȝȠȣ
ȉȚİȓȞĮȚȩȝȦȢĮȣĲȩʌȠȣțȚȞİȓĲȠİȞįȚĮĳȑȡȠȞĲȠȣȢȆȦȢĮȜȜȐȗȠȣȞȠȚıȣȝʌİȡȚĳȠȡȑȢĮȞȐȜȠȖĮ
ȝİĲȠĳȪȜȠțĮȚĲȘȞȘȜȚțȓĮīȚĮĲȓįȘȝȚȠȣȡȖȠȪȞįİıȝȠȪȢțĮȚĲĮȣĲȓȗȠȞĲĮȚȝİĮȞĲȚțİȓȝİȞĮĮȜȜȐ
țĮȚʌȦȢĮȣĲȑȢȠȚıȤȑıİȚȢȖȓȞȠȞĲĮȚıȣȝȕȠȜȚțȑȢțĮȚĳĲȐȞȠȣȞȞĮİʌȘȡİȐȗȠȣȞĮțȩȝĮțĮȚĲȘȞ
İȞȒȜȚțȘȗȦȒĲȠȣĮĲȩȝȠȣ
ȂȑıĮĮʌȩĮȣĲȑȢĲȚȢİȚțȩȞİȢʌȡȠıʌȐșȘıĮȞĮİȡİȣȞȒıȦțĮȚȞĮĮȞĮįİȓȟȦȝİĮȞĲȚțİȚȝİȞȚțȒ
ȝĮĲȚȐĲȠʌȡȩıȦʌȠĲȘȢȝİıĮȓĮȢĲȐȟȘȢıĲȘıȘȝİȡȚȞȒțȠȚȞȦȞȓĮȝȑıĮĮʌȩĲȠȓįȚȠĲȠȝȑȜȜȠȞĲȘȢ
įȘȜĮįȒĲĮʌĮȚįȚȐĲȘȢ
ǼȆǿǺȁǼȆȍȃȀȍȈȉǾȈǹȃȉȍȃǿǹǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȀȣȡȚĮțȒĭȡĮȖțȚĮįȐțȘ3UHFLRXVȆȠȜȪĲȚȝȠ
³$OPRVW$OLFH´
ǼȣĲȣȤȓĮȂĮȞȫȜȚĮ
ȂİĲȘȞİȡȖĮıȓĮĮȣĲȒİʌȚȤİȚȡȫȞĮʌȡȠıİȖȖȓıȦĲȠİȣȡȪĲİȡȠʌİįȓȠĲȘȢ
ıțȘȞȠșİĲȘȝȑȞȘȢĳȦĲȠȖȡĮĳȓĮȢǹʌȠĲİȜİȓĲĮȚĮʌȩĮȣĲȠʌȠȡĲȡȑĲĮțĮșȫȢȘʌȡȠıʌȐșİȚĮ
ĮȣĲȒĮȞĮʌĲȪııİĲĮȚȝȑıĮĮʌȩȑȞĮıİȞȐȡȚȠʌȡȠıȦʌȚțȫȞıȣȝȕȐȞĲȦȞıĲȠȠʌȠȓȠȠ
țİȞĲȡȚțȩȢȒȡȦĮȢİȓȝĮȚİȖȫȘȓįȚĮȆȡȩțİȚĲĮȚȖȚĮȑȞĮİȖȤİȓȡȘȝĮȞĮȠʌĲȚțȠʌȠȚȒıȦ
ĮʌȠıʌȐıȝĮĲĮȠȞİȓȡȦȞȝȠȣȞĮĳȑȡȦıĲȠĳȦȢțĮȚȓıȦȢȞĮİȡȝȘȞİȪıȦİȚțȩȞİȢĲȠȣ
ȣʌȠıȣȞİȓįȘĲȠȣțĮșȫȢțĮȚȞĮİȟİȡİȣȞȒıȦĲȘȞİȚțȩȞĮĲȠȣİĮȣĲȠȪȈțȘȞȠșİĲȫȞĲĮȢ
ĲȠȞİĮȣĲȩıİĮȣĲȩĲȠʌȜĮȓıȚȠʌȡȠțȪʌĲȠȣȞİȚțȩȞİȢʌȡȠıȦʌȚțȒȢʌȡĮȖȝĮĲȚțȩĲȘĲĮȢȠȚ
ȠʌȠȓİȢȖȚĮȝȑȞĮȚıȠįȣȞĮȝȠȪȞȝİİȚțȩȞİȢİțĲȡȠʌȒȢĮʌȩĲȘȞțĮșȘȝİȡȚȞȩĲȘĲĮțĮȚ
ʌȡȠȑȡȤȠȞĲĮȚĮʌȩĮȞĲĮȞĮțȜȐıİȚȢĲȠȣȝȪșȠȣĲȘȢǹȜȓțȘȢıĲȘȋȫȡĮĲȦȞĬĮȣȝȐĲȦȞǾ
İȞȩĲȘĲĮĮȡȤȚțȐįĮȞİȓȗİĲĮȚıĲȠȚȤİȓĮĮʌȩĲȘıȘȝİȚȠȜȠȖȓĮĲȠȣȝȪșȠȣțĮȚıĲȘıȣȞȑȤİȚĮ
ʌȡȠȤȦȡİȓıİȝȚĮʌȚȠʌȡȠıȦʌȚțȒțĮȚĮĳĮȚȡİĲȚțȒıȘȝİȚȠȜȠȖȓĮȉȠʌİįȓȠȩʌȠȣ
ʌȡĮȖȝĮĲȫȞȠȞĲĮȚȠȚİțĲȡȠʌȑȢĮȣĲȑȢİȓȞĮȚĲȠįȦȝȐĲȚȠĲȠʌİįȓȠĲȘȢțĮșȘȝİȡȚȞȩĲȘĲĮȢ
ǾİȡȖĮıȓĮįȚĮʌȡĮȖȝĮĲİȪİĲĮȚȑȞȞȠȚİȢȩʌȦȢȘĮȞĮʌĮȡȐıĲĮıȘĲȠ
ĮȣĲȠʌȠȡĲȡȑĲȠȘıțȘȞȠșİĲȘȝȑȞȘĳȦĲȠȖȡĮĳȓĮȘĲĮȣĲȩĲȘĲĮȘțĮșȘȝİȡȚȞȩĲȘĲĮȘ
ʌȡĮȖȝĮĲȚțȩĲȘĲĮĲȠȩȞİȚȡȠĲȠĮıȣȞİȓįȘĲȠĲȠıȣȜȜȠȖȚțȩĮıȣȞİȓįȘĲȠĲĮĮȡȤȑĲȣʌĮ
ȈțȠʌȩȢȝȠȣȒĲĮȞȘȑȟȠįȠȢĮʌȩĲȘȞ³ʌȜȒȟȘ´ĲȠȣ³ʌȡĮȖȝĮĲȚțȠȪ´±ȘȑțʌȜȘȟȘ
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈīȅȊǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǼȣĲȣȤȓĮȂĮȞȫȜȚĮ$OPRVW$OLFH
³7*HQGHUV´
ǹȞĮıĲĮıȓĮīȠȣȡȠȣȞĲȒ
ǾİȡȖĮıȓĮĮȣĲȒİıĲȚȐȗİȚıĲȘȞ©ĮșȑĮĲȘªʌȜİȣȡȐĲȠȣĳȪȜȠȣȝȑıĮĮʌȩʌȠȡĲȡĮȓĲĮ
ĮȞșȡȫʌȦȞʌȠȣȗȠȣȞȑȟȦĮʌȩĲĮĮȣıĲȘȡȐʌȜĮȓıȚĮĲȦȞȑȝĳȣȜȦȞȡȩȜȦȞʌȠȣĲȠȣȢįȩșȘțĮȞ
țĮĲȐĲȘȖȑȞȞȘıȘĲȠȣȢįȘȜĮįȒĮȞșȡȫʌȦȞʌȠȣĮȣĲȩʌȡȠıįȚȠȡȓȗȠȞĲĮȚȦȢĲȡĮȞıȑȟȠȣĮȜ
ĲȡĮȞıĲȗȑȞĲȞĲİȡțȠȣȒȡĲȗȑȞĲİȡțȠȣȒȡȉȠșȑȝĮĮȣĲȩĮʌȠĲİȜİȓȝȚĮʌȡȩțȜȘıȘțĮȚĲȘȞ
ȓįȚĮıĲȚȖȝȒȑȞĮʌȡȠıȦʌȚțȩıĲȠȓȤȘȝĮĮĳȠȪȘĲȑȤȞȘȝʌȠȡİȓȞĮĮʌȠĲİȜȑıİȚĲȠȩȤȘȝĮȖȚĮ
ȞĮȑȡșȠȣȞıĲȘȞİʌȚĳȐȞİȚĮĮȞȐȜȠȖĮȗȘĲȒȝĮĲĮȂȑȡȠȢĲȘȢșİȦȡȘĲȚțȒȢȝȠȣȕȐıȘȢİȓȞĮȚȠȚ
ıȪȖȤȡȠȞİȢțȠȚȞȦȞȚȠȜȠȖȚțȑȢșİȦȡȓİȢʌȠȣįİȞĮȞĲȚȝİĲȦʌȓȗȠȣȞĲȠĳȪȜȠıĮȞȑȞĮįİįȠȝȑȞȠ
țĮȚțĮșȠȡȚıȝȑȞȠįȣĮįȚțȩıȤȒȝĮĮȜȜȐıĮȞȑȞĮĳȐıȝĮȝȑıĮĮʌȩĲȠȠʌȠȓȠȝʌȠȡȠȪȞȞĮ
ʌȡȠțȪȥȠȣȞʌȠȚțȓȜİȢțĮȚʌȠȜȜĮʌȜȑȢĲĮȣĲȩĲȘĲİȢ%XWOHU%XWOHUǲȝʌȞİȣıȘ
ȝȠȣĮʌȠĲİȜȠȪȞĲĮțİȞĲȡȚțȐșȑȝĮĲĮıİʌĮȡȩȝȠȚİȢįȠȣȜİȚȑȢȐȜȜȦȞĳȦĲȠȖȡȐĳȦȞȩʌȦȢȘ
1DQ*ROGLQȠ/DUU\&ODUNțĮȚȘ0DU\(OOHQ0DUN
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈīȅȊǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǹȞĮıĲĮıȓĮīȠȣȡȠȣȞĲȒ7*HQGHUV
³ȊįȐĲȚȞİȢǹȞĮįȪıİȚȢ´
ȂĮȡȓĮȆȜȠȪȝʌȘ
ǾʌĲȣȤȚĮțȒİȡȖĮıȓĮȊįȐĲȚȞİȢǹȞĮįȪıİȚȢʌĮȡȠȣıȚȐȗİȚĲȘȞʌȡȠıȑȖȖȚıȒȝȠȣȖȚĮĲȘȞ
İʌȚțȠȚȞȦȞȓĮĲȠȣįȘȝȚȠȣȡȖȠȪȝİĲȠȞșİĮĲȒȈĲȘȞȠʌĲȚțȒȝȠȣĮʌİȚțȩȞȚıȘțĮȞȑȞĮ
ıĲȠȚȤİȓȠįİȞİȓȞĮȚĲȩıȠıȘȝĮȞĲȚțȩȩıȠȘıȣȞĮȚıșȘȝĮĲȚțȒĮȞĲȓįȡĮıȘʌȠȣʌĮȡȐȖİȚ
ȂȑıĮĮʌȩĲȘȞĲȑȤȞȘȘĮĲȠȝȚțȩĲȘĲĮȑȡȤİĲĮȚįİȪĲİȡȘțȚĮȣĲȩʌȠȣȑȡȤİĲĮȚʌȡȫĲȠ
İȓȞĮȚȘıȣȝȝİĲȠȤȒıĲȘİȝʌİȚȡȓĮȖȚĮĲȓȘĲȑȤȞȘȝĮȢȕȠȘșȐİȚȞĮİțĳȡȐıȠȣȝİĲȘȞȐʌİȚȡȘ
ȚțĮȞȩĲȘĲĮĲȠȣĮȞșȡȫʌȠȣȞĮıȣȝȝİȡȓȗİĲĮȚȚįȑİȢțĮȚİȝʌİȚȡȓİȢǲȤİȚĲȘįȚțȒĲȘȢȖȜȫııĮ
țĮȚĲĮįȚțȐĲȘȢȝȑıĮȝİĲĮȠʌȠȓĮȠțĮȜȜȚĲȑȤȞȘȢʌȡȠıʌĮșİȓȞĮİțĳȡĮıĲİȓțĮȚȞĮįȫıİȚ
ĮȣĲȩʌȠȣĮȚıșȐȞİĲĮȚȝİĲĮĳȑȡȠȞĲĮȢĲȘȞȥȣȤȒĲȠȣıĲȠįȘȝȚȠȪȡȖȘȝȐĲȠȣ
ǾĲȑȤȞȘĲȠȞțȐȞİȚȞĮȕȖİȚĮʌȩĲĮʌİȡȚȠȡȚıȝȑȞĮȩȡȚĮĲȘȢįȚțȒȢĲȠȣȗȦȒȢțĮȚȞĮ
ĮȞĮĳȑȡİĲĮȚıİțȐĲȚȑȟȦĮʌȩĲȠȞİĮȣĲȩĲȠȣĲĮȣĲȩȤȡȠȞĮȞĮİȓȞĮȚțĮȚȠȣıȚĮıĲȚțȩ
ȆȡȠıʌĮșİȓȞĮİȞȫıİȚıĲȘȞĲȑȤȞȘĲȠʌİȡȚȠȡȚıȝȑȞȠİȖȫĲȠȣıİȝȚĮıȣȞȠȜȚțȒȪʌĮȡȟȘ
țĮȚȞĮțȐȞİȚʌȚȠțȠȚȞȦȞȚțȒĲȘȞĮĲȠȝȚțȩĲȘĲȐĲȠȣīȚĮȞĮİȓȞĮȚțĮȞİȓȢțĮȜȜȚĲȑȤȞȘȢ
ʌȡȑʌİȚȞĮıȣȜȜĮȝȕȐȞİȚȞĮıȣȖțȡĮĲİȓțĮȚȞĮȝİĲĮȝȠȡĳȫȞİȚĲȘȞİȝʌİȚȡȓĮıİȝȞȒȝȘĲȘ
ȝȞȒȝȘıİȑțĳȡĮıȘțĮȚĲȘȞȑțĳȡĮıȘıİȝȠȡĳȒȆȡȑʌİȚȞĮȤĮȓȡİĲĮȚĲȘįȠȣȜİȚȐĲȠȣȞĮ
țĮĲĮȜĮȕĮȓȞİȚĲȠȣȢțĮȞȩȞİȢĲȚȢȝȠȡĳȑȢțĮȚĲȠȞĲȡȩʌȠȝİĲȠȞȠʌȠȓȠȝʌȠȡİȓȞĮįĮȝȐıİȚ
ĲȘȞĳȪıȘțĮȚȞĮĲȘȞȣʌȠĲȐȟİȚıĲȘıȪȝȕĮıȘĲȘȢĲȑȤȞȘȢ
ǼȆǿǺȁǼȆȍȃȀȍȈȉǾȈǹȃȉȍȃǿǹǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȂĮȡȓĮȆȜȠȪȝʌȘȊįȐĲȚȞİȢǹȞĮįȪıİȚȢ
³ǾȈȣȞİțįȠȤȒĲȘȢǹșȒȞĮȢ´
ǹȓȖȜȘǻȡȐțȠȣ
ȈĲȠȤȠȢĲȘȢʌĮȡȠȪıĮȢʌĲȣȤȚĮțȒȢİȡȖĮıȚĮȢįİȞİȚȞĮȚȞĮĮȞĮįİȚȟİȚĳȦĲȠȖȡĮĳȚțĮĲȠȞİĲİȡȠțȜȣĲȠȤȦȡȠĲȠȣ
ʌİȡȚĮıĲȚțȠȣĲȠʌȓȠȣĲȘȢǹșȘȞĮȢǹȞțĮȚĮȡȤȚțĮȘțĮĲİȣșȣȞıȘȒĲĮȞĮȣĲȒĮȞĮțȐȜȣȥĮȩĲȚȝȑıĮĮʌȩĲȘȞ
ĳȦĲȠȖȡĮĳȓĮȒșİȜĮȞĮȝİĲĮĳȑȡȦĲİȜȚțȐĲȠʌȦȢȝȠȚĮȗİȚȠțȩıȝȠȢȩĲĮȞȝʌȠȡȑıİȚȢȞĮȕȡİșİȓȢıİȝȚĮțĮĲȐıĲĮıȘ
ıȣȞİȚįȘĲȠʌȠȓȘıȘȢȀĮȚİȓȞĮȚĮȣĲȘȘıȣȞİȚįȘĲȠʌȠȓȘıȘʌȠȣıȣȝȕĮȓȞİȚȩĲĮȞʌȡĮȖȝĮĲȚțȐȕȜȑʌİȚȢĲȠȞțȩıȝȠȖȪȡȦıȠȣ
ȝİțĮșĮȡȩĲȘĲĮĮȜȜȐțĮȚȠȟȣȝȑȞȠİȞıĲȚțĲȠʌȠȣȝİİȞįȚĮĳȑȡİȚ
ǻȚĮȜİȟĮĲȠȞȤȫȡȠĮȣĲȠȖȪȡȦĮʌȠĲȘȞǹĲĲȚțȒțĮșȩĲȚĲĮțȠȝȝĮĲȚĮĲȠȣĲȠʌȚȠȣȝİĲĮȝȠȡĳȦȞȠȣȞĲȚȢȝȠȡĳİȢțĮȚ
įȘȝȚȠȣȡȖȠȣȞĮȞȠȓțİȚĮțĮȚȝȣıĲȘȡȚȫįȘıȤȒȝĮĲĮȂĮȢĲȡĮȕȐİȚĲȠʌĮȡȐȟİȞȠțĮȚĲȠȝȣıĲȘȡȚȫįİȢȩĲĮȞȑȤİȚȝȚĮ
țȐʌȠȚĮțȡȣȝȝȑȞȘıȘȝĮıȓĮȖȚĮİȝȐȢǹȞİȟĮȡĲȒĲȦȢĲȠȣȝȣıĲȘȡȓȠȣʌȠȣȖȚĮțĮʌȠȚȠȣȢİȓȞĮȚșȡȘıțİȣĲȚțȩȒʌȞİȣȝĮĲȚțȩ
¶¶ȣʌĮȡȤİȚʌȐȞĲȠĲİțȐʌȠȚĮȑțțȜȘıȘʌȠȣĮȞĲȚțİȚĲĮȚțĮĲĮʌĮĲȐıĲȚȢȠȡșȠȜȠȖȚıĲȚțȑȢȝĮȢȚțĮȞȩĲȘĲİȢțĮȚȑȡȤİĲĮȚıİ
İʌĮĳȒȝİİțİȓȞĮĲĮȞȠȘĲȚțȐıĲȡȫȝĮĲĮĲĮȠʌȠȓĮȠȚȥȣȤȠȜȩȖȠȚȠȞȠȝȐȗȠȣȞĮıȣȞİȓįȘĲȠ¶¶ǾıȣȞİȤȘȢȝĮȤȘȝİĲĮȟȣ
ĲȠȣĳȣıȚțȠȣĲȠʌȚȠȣțĮȚĲȘȢİțȕȚȠȝȘȤĮȞȚıȝȑȞȘȢʌȩȜȘȢİȚȞĮȚʌĮȡȠȣıĮțĮĲĮįİȚțȞȣȠȞĲĮȢʌĮȖȚįİȣȝȑȞȠȣȢȤȫȡȠȣȢțĮȚ
ĮȞĮʌĮȞĲİȤĮĲȠʌȚĮ
ǾİʌȚȜȠȖȒĲȠȣȞȣȤĲİȡȚȞȠȪȒȡșİʌİȡȓʌȠȣȑȞĮȤȡȩȞȠʌȡȚȞȩʌȠȣȐȡȤȚıĮȞĮʌİȚȡĮȝĮĲȓȗȠȝĮȚȝİĮȣĲȒĲȘȞĲİȤȞȚțȒǾ
įȚĮįȚțĮıȓĮĲȘȢĳȦĲȠȖȡĮĳȚıȘȢİȓȞĮȚĮȣĲȩʌȠȣȝİĲȡȐȕȘȟİıĲĮȞȣȤĲİȡȚȞȐțĮșȫȢİʌȓıȘȢțĮȚĲȠȖİȖȠȞȩȢȩĲȚȘİȚțȠȞĮ
ĮʌȠțĲĮȝȚĮĮȜȜȘįȣȞĮȝȚțȒțĮȚȝİĲĮȝȠȡĳȫȞİȚĲĮțĮĲĮĲĮĮȜȜĮʌİȗĮĮȞĲȚțİȚȝİȞĮĲȠȣĲȠʌȓȠȣǾİȟİȡİȪȞȘıȘĲȠȣ
țȩıȝȠȣȝȑıĮĮʌȩĲȘȞĳȦĲȠȖȡĮĳȚțȒȝȘȤĮȞȒȠȚȝİȖȐȜİȢİțșȑıİȚȢȘĮȞĮțȐȜȣȥȘĲȠȣĳȦĲȩȢıİıȘȝİȓĮȩʌȠȣĲȠȝȐĲȚ
įİȞȑȤİȚĲȘȞįȣȞĮĲȩĲȘĲĮȞĮĮʌȠțȦįȚțȠʌȠȚȒıİȚĲȘȞʌȜȘȡȠĳȠȡȓĮțĮșȫȢțĮȚȘİȜİȣșİȡȘțĮȚĮȣșȩȡȝȘĲȘİțĳȡĮıȘȖȚĮ
ĲȘȞįȘȝȚȠȣȡȖȓĮȝȚĮȢȞȑĮȢʌȡĮȖȝĮĲȚțȩĲȘĲĮȢȒĲĮȞĲĮıĲȠȚȤİȓĮʌȠȣȝİȑțĮȞĮȞȞĮįȚĮȜȑȟȦȞĮįȠȣȜȑȥȦıİĮȣĲȘĲȘȞ
İȞȩĲȘĲĮ
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈīȅȊǻǾȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ǹȓȖȜȘǻȡȐțȠȣǾȈȣȞİțįȠȤȒĲȘȢȆȩȜȘȢ
³ȈȘȝĮȞĲȚțȐțĲȓȡȚĮĲȘȢǹșȒȞĮȢĮʌȩĲȠ
ȝȑȤȡȚțĮȚıȒȝİȡĮ´
ȋȡȚıĲȓȞĮȆĮʌĮȖİȦȡȖȓȠȣțĮȚȆĮȞĮȖȚȫĲĮȀȠȣȞȐįȘ
ǾʌĮȡȠȪıĮʌĲȣȤȚĮțȒİȡȖĮıȓĮĮʌȠĲİȜİȓȝȚĮʌȡȠıʌȐșİȚĮĳȦĲȠȖȡĮĳȚțȒȢțĮĲĮȖȡĮĳȒȢ
țȜĮıȚțȫȞțĮȚȝȠȞĲȑȡȞȦȞțĲȚȡȓȦȞĲȠȣȠȣțĮȚȠȪĮȚȫȞĮțĲȓȡȚĮʌȠȣȤĮȡĮțĲȘȡȓȗȠȣȞĲȘȞ
ǹșȒȞĮțĮȚʌĮȡȠȣıȚȐȗȠȣȞȚįȚĮȓĲİȡȠȚıĲȠȡȚțȩțĮȚĮȡȤȚĲİțĲȠȞȚțȩİȞįȚĮĳȑȡȠȞ
ǾıȪȜȜȘȥȘĲȘȢȚįȑĮȢțĮȚȘʌȡĮȖȝĮĲȠʌȠȓȘıȒĲȘȢȒĲĮȞĮʌȩȡȡȠȚĮȑȡİȣȞĮȢıȤİĲȚțȐȝİĲĮ
ĮȡȤȚĲİțĲȠȞȚțȐĳȦĲȠȖȡĮĳȚțȐĮȡȤİȓĮıĲȠįȚĮįȓțĲȣȠȂİȜİĲȒșȘțİĲȠȑȡȖȠĲȘȢȠȝȐįĮȢ
0RQXPHQWDȘȠʌȠȓĮİȡİȣȞȐțĮȚțĮĲĮȖȡȐĳİȚțĲȓȡȚĮĲȘȢǹșȒȞĮȢȤȡȠȞȠȜȠȖȠȪȝİȞĮĮʌȩĲȠ
ȝȑȤȡȚĲȠȝİıțȠʌȩĲȘȝİȜȑĲȘĲȘȞʌȡȠıĲĮıȓĮțĮȚĲȘȞĮȞȐįİȚȟȒĲȠȣȢĲȠİȣȡȦʌĮȧțȩ
ʌȡȩȖȡĮȝȝĮ©ȆȠȜȚĲȚıȝȩȢ+ĮȞĮțȐȜȣȥȘĲȘȢıȪȖȤȡȠȞȘȢĮȡȤȚĲİțĲȠȞȚțȒȢıĲȠȆĮȡȓıȚ
ĲȠȁȠȞįȓȞȠțĮȚĲȘȞǹșȒȞĮªȑȡȖȠʌȠȣİıĲȚȐȗİȚıĲȘȞʌȡȠȕȠȜȒĲȘȢıȪȖȤȡȠȞȘȢĮȡȤȚĲİțĲȠȞȚțȒȢ
țȜȘȡȠȞȠȝȚȐȢıĲȚȢĲȡİȚȢİȣȡȦʌĮȧțȑȢʌȡȦĲİȪȠȣıİȢțĮȚİʌȚĲȡȑʌİȚıĲȠİȣȡȪĲİȡȠțȠȚȞȩĮȜȜȐ
țĮȚıĲȠȣȢİȚįȚțȠȪȢȞĮĮȞĮțĮȜȪȥȠȣȞĲȘȞĮȡȤȚĲİțĲȠȞȚțȒĲȦȞĲȡȚȫȞʌȡȦĲİȣȠȣıȫȞȝȑıĮĮʌȩ
İȚțȠȞȚțȑȢțĮȚʌȡĮȖȝĮĲȚțȑȢįȚĮįȡȠȝȑȢȉȑȜȠȢİȡİȣȞȒșȘțĮȞĮȞĲȓıĲȠȚȤİȢȠȝĮįȠʌȠȚȒıİȚȢțĮȚ
țĮĲĮȖȡĮĳȑȢĮȡȤȚĲİțĲȠȞȚțȫȞȚıĲȠıİȜȓįȦȞıĲȠįȚĮįȓțĲȣȠ
ȆĮȡĮĲȘȡȒșȘțİȩĲȚİȜȐȤȚıĲĮțĲȓȡȚĮȑȤȠȣȞĳȦĲȠȖȡĮĳȘșİȓȝİĲȡȩʌȠĲȑĲȠȚȠʌȠȣȞĮ
ʌĮȡȠȣıȚȐȗİĲĮȚȘĮȡȤȚĲİțĲȠȞȚțȒĲȠȣȢȝȠȞĮįȚțȩĲȘĲĮĮȚıșȘĲȚțȒțĮȚ©ȜȐȝȥȘªǲĲıȚ
ĮʌȠĳĮıȓıĲȘțİȞĮȟİțȚȞȒıİȚȘįȘȝȚȠȣȡȖȓĮȝȚĮȢĳȦĲȠȖȡĮĳȚțȒȢĲȡȐʌİȗĮȢȝİȡȚțȫȞĮʌȩĲĮ
ʌȚȠıȘȝĮȞĲȚțȐĮȡȤȚĲİțĲȠȞȚțȐȑȡȖĮĲȘȢǹșȒȞĮȢǼʌȚȜȑȤșȘțĮȞȤĮȡĮțĲȘȡȚıĲȚțȐțĲȓȡȚĮĮʌȩ
įȚȐĳȠȡİȢʌİȡȚȩįȠȣȢʌȡȠțİȚȝȑȞȠȣȞĮįȠșİȓȝȚĮȩıȠĲȠįȣȞĮĲȩȞʌİȡȚııȩĲİȡȠȠȜȠțȜȘȡȦȝȑȞȘ
İȚțȩȞĮĲȘȢĳȦĲȠȖȡĮĳȚțȒȢĮȣĲȒȢıȣȜȜȠȖȒȢ
ǼȆǿǺȁǼȆȍȃīǿǹīȀȅȈǹĬǹȃǹȈȅȆȅȊȁȅȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȋȡȚıĲȓȞĮȆĮʌĮȖİȦȡȖȓȠȣțĮȚȆĮȞĮȖȚȫĲĮȀȠȣȞȐįȘ
ȆȠȜȣțĮĲȠȚțȓĮȂİıȠʌȠȜȑȝȠȣ
ȋȡȚıĲȓȞĮȆĮʌĮȖİȦȡȖȓȠȣțĮȚȆĮȞĮȖȚȫĲĮȀȠȣȞȐįȘ
$/3+$%$1.
ȋȡȚıĲȓȞĮȆĮʌĮȖİȦȡȖȓȠȣțĮȚȆĮȞĮȖȚȫĲĮȀȠȣȞȐįȘ
ǹȡıȐțİȚȠȆĮȡșİȞĮȖȦȖİȓȠ
³ǹȡȤȚĲİțĲȠȞȚțȒĳȦĲȠȖȡȐĳȚıȘĲȠȣ5HLFKVWDJ
*ODVV'RPH´
ȈȠĳȓĮȀĮĲıȚțȐįȘ
ȉȠȇȐȚȤıĲĮȖțȖİȡȝ5HLFKVWDJİȓȞĮȚĲȠțĲȒȡȚȠʌȠȣıĲİȖȐȗİȚĲȠīİȡȝĮȞȚțȩȠȝȠıʌȠȞįȚĮțȩ
țȠȚȞȠȕȠȪȜȚȠȖİȡȝ%XQGHVWDJıĲȠǺİȡȠȜȓȞȠ©5HLFKVWDJ*ODVV'RPHªȠȞȠȝȐȗİĲĮȚȠ
ȖȣȐȜȚȞȠȢĲȡȠȪȜȠȢʌȠȣȕȡȓıțİĲĮȚıĲȠȐȞȦȝȑȡȠȢĲȠȣțȠȚȞȠȕȠȣȜȓȠȣȠȠʌȠȓȠȢțĮĲĮıțİȣ
ȐıĲȘțİıĲȘȞĮȞĮțĮȓȞȚıȘĲȠȣĮʌȩĲȠȞĮȡȤȚĲȑțĲȠȞĮ1RUPDQ)RVWHUțĮȚıȣȝȕȠȜȓȗİȚ
ĲȘȞİʌĮȞȑȞȦıȘĲȘȢīİȡȝĮȞȓĮȢ
ĭȦĲȠȖȡĮĳȓȗȠȞĲĮȢĮȣĲȩĲȠșȩȜȠʌȠȣİȓȞĮȚȣʌȩįİȚȖȝĮĲȘȢȝȠȞĲȑȡȞĮȢĮȡȤȚĲİțĲȠȞȚțȒȢ
ʌȡȠıʌȐșİȚĮȝȠȣİȓȞĮȚȞĮĮȞĮįİȓȟȦĲȘȞĮȡȤȚĲİțĲȠȞȚțȒĳȦĲȠȖȡĮĳȓĮȩȤȚȦȢȝȚĮĮʌȜȒțĮ
ĲĮȖȡĮĳȒĲȠȣțĲȘȡȓȠȣĮȜȜȐȦȢȑȞĮ©ʌĮȚȤȞȓįȚªȝİĲȘıȣȝȝİĲȡȓĮĲȠȣȢȐȟȠȞİȢĲȠțȑȞĲȡȠ
ȕȐȡȠȣȢĲȘȞ©ȑȞĲĮıȘªĲȚȢįȚĮȖȫȞȚİȢĲȘȞʌȡȠȠʌĲȚțȒĲȚȢȜİʌĲȠȝȑȡİȚİȢțĮȚȩʌȠȚĮıĲȠȚȤİȓĮ
ȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȒıİȚțĮȞİȓȢȖȚĮȞĮįȘȝȚȠȣȡȖȒıİȚİȚțȩȞİȢʌȠȣįȓȞȠȣȞȗȦȒıĲȠȞ
ıȤİįȚĮıȝȩĲȘȢĮȡȤȚĲİțĲȠȞȚțȒȢ
ǾĳȦĲȠȖȡĮĳȓĮıȣȞȑȕĮȜİʌȠȜȪıĲȘȞİȟȑȜȚȟȘțĮȚĮȞȐįİȚȟȘĲȘȢĮȡȤȚĲİțĲȠȞȚțȒȢȍȢĮʌȠ
ĲȑȜİıȝĮȘȚıĲȠȡȓĮĮȣĲȫȞĲȦȞĲİȤȞȫȞİȟİȜȓııİĲĮȚʌĮȡȐȜȜȘȜĮ
ȆĮȡȐșİıȘĮʌȩȑȞĮȐȡșȡȠĲȠȣĮʌȩĲȠȞȇ0RUWRQ6KDQG
©ȅȚįȪȠĲȠȝİȓȢıĲȠȣȢȠʌȠȓȠȣȢĲȠʌȞİȪȝĮĲȘȢİʌȠȤȒȢȝĮȢȑȤİȚİʌȚĲȪȤİȚĲȘʌȚȠıĮĳȒİțįȒ
ȜȦıȘĲȠȣİȓȞĮȚȘĳȦĲȠȖȡĮĳȓĮțĮȚȘĮȡȤȚĲİțĲȠȞȚțȒǾıȪȖȤȡȠȞȘĳȦĲȠȖȡĮĳȓĮȖȑȞȞȘıİĲȘ
ıȪȖȤȡȠȞȘĮȡȤȚĲİțĲȠȞȚțȒȒĲȠĮȞĲȓıĲȡȠĳȠª
ȈĲȘȞĮȡȤȒȘįȚĮĳȘȝȚıĲȚțȒĮȡȤȚĲİțĲȠȞȚțȒĳȦĲȠȖȡĮĳȓĮĮȞĲȚȝİĲȦʌȓıĲȘțİıĮȞĮʌȜȒțĮĲĮ
ȖȡĮĳȒțȐĲȚȩȝȦȢʌȠȣȝİĲȘȞİȟȑȜȚȟȘĲȘȢĳȦĲȠȖȡĮĳȓĮȢțĮȚĲȘȢįȚĮĳȒȝȚıȘȢȟİʌİȡȐıĲȘțİ
ȃȑİȢȚįȑİȢțĮȚȝĮĲȚȑȢİȝĳĮȞȓıĲȘțĮȞțĮȚįȘȝȚȠȪȡȖȘıĮȞĲȘ©ȞȑĮªĮȡȤȚĲİțĲȠȞȚțȒĳȦĲȠȖȡĮ
ĳȓĮʌȠȣʌİȡȚİȜȐȝȕĮȞİĲȠȜȝȘȡȑȢȜȒȥİȚȢȑȞĲȠȞİȢİȚțȩȞİȢțĮȚȞȑİȢȠʌĲȚțȑȢȖȦȞȓİȢ
ǹȣĲȩĲȠİȓįȠȢĳȦĲȠȖȡĮĳȓĮȢȑȤİȚĮȣȟȘȝȑȞİȢĲİȤȞȚțȑȢĮʌĮȚĲȒıİȚȢțĮȚįȣıțȠȜȓİȢʌȠȣȩȝȦȢ
ĮȞĲȚȝİĲȦʌȓȗȠȞĲĮȚȝİȖȞȫıİȚȢʌȐșȠȢțĮȚȣʌȠȝȠȞȒ
ǼȆǿǺȁǼȆȍȃȀȍȃȈȉǹȃȉǿȃȅȈĬȍȂȅȆȅȊȁȅȈ
ǹĬǾȃǹǿȅȊȃǿȅȈ
ȈȠĳȓĮȀĮĲıȚțȐįȘǹȡȤȚĲİțĲȠȞȚțȒĳȦĲȠȖȡȐĳȚıȘĲȠȣ
5HLFKVWDJ*ODVV'RPH
ǿȠȣȜȚȑĲĲĮȃĮȗȜȓįȠȣĬȑĮĲȡȠȈțȚȫȞ
ưƳƵĭƪƶƷƪƹƱƬƶƭƭ
ƭƳƸƱƭƳƶ
ǿȠȣȜȚȑĲĲĮȃĮȗȜȓįȠȣĬȑĮĲȡȠȈțȚȫȞ
ȀĮııȐȞįȡĮȂʌĮȗȠʌȠȪȜȠȣ6HQVLQJ1DWXUH
ȀĮııȐȞįȡĮȂʌĮȗȠʌȠȪȜȠȣ6HQVLQJ1DWXUH
ȋȡȚıĲȓȞĮǻȚĮțȐțȘ+\SQRVLV
ȋȡȚıĲȓȞĮǻȚĮțȐțȘ+\SQRVLV
ȈȦĲȒȡȘȢīȡȘȖȠȡĮțȐțȘȢǺȚȠȝȘȤĮȞȚțȒǽȫȞȘ
ȈȦĲȒȡȘȢīȡȘȖȠȡĮțȐțȘȢǺȚȠȝȘȤĮȞȚțȒǽȫȞȘ
ȃȚțȠȜȑĲĮȆĮʌĮȖİȦȡȖȓȠȣ3ODQW(VFDSHV
ȋȡȚıĲȚȐȞȞĮȄȑȞȠȣǼȞșȪȝȚȠȞǹșȘȞȫȞ
ȋȡȚıĲȚȐȞȞĮȄȑȞȠȣǼȞșȪȝȚȠȞǹșȘȞȫȞ
ĬȠįȦȡȒȢȆĮʌĮįȐțȘȢ+RPH$JDLQ
ĬȠįȦȡȒȢȆĮʌĮįȐțȘȢ+RPH$JDLQ
ǾȜȚȐȞĮȂİȧȞĲȐȞȘ8UEDQ)ODQHXU
ǾȜȚȐȞĮȂİȧȞĲȐȞȘ8UEDQ)ODQHXU
ǹȜȓțȘȀȦıĲȠʌȠȪȜȠȣ7KH8UEDQ6FDSH)LJXUHV
ȂĮȡȓĮǻȘȝȘĲȡȓȠȣȆȡȩıȦʌĮĲȘȢȆȩȜȘȢ
ȀĮĲİȡȓȞĮǹȞįȡȚĮȞȠȪȆȠȡĲȡĮȓĲĮ
ȋȡȚıĲȓȞĮȆȓȡȠȣȜĮīȠįȩȣȃȣȤĲİȡȚȞȠȓǻȡȩȝȠȚ
ȋȡȚıĲȓȞĮȆȓȡȠȣȜĮīȠįȩȣǿįȚȦĲȚțȠȪȀȒʌȠȚ
ǼȚȡȒȞȘȀȡȠȪıȘǼĲİȡȠȖȜȦııȚțȒǼțĳȡĮıȘ
ȈĲİĳĮȞȓĮȆȑĲıĮ,QGXVWULDO=RQH
ȈĲİĳĮȞȓĮȆȑĲıĮ,QGXVWULDO=RQH
ȀȠȣȡȠȣȝȜȒȋȡȚıĲȓȞĮȉȠțȣȞȒȖȚĲȠȣȤĮȝȑȞȠȣșȘıĮȣȡȠȪ
ǹȞĲȫȞȘȢȁȑțțȠȢȅȜȣȝʌȚĮțȑȢǼȖțĮĲĮıĲȐıİȚȢ
ǹȞĲȫȞȘȢȁȑțțȠȢȅȜȣȝʌȚĮțȑȢǼȖțĮĲĮıĲȐıİȚȢ
ǻȒȝȘĲȡĮȉȡȚĮȞĲĮĳȪȜȜȠȣǹıĲȚțȩȈȫȝĮ
ǹȞįȡȑĮȢǺİțȓȞȘȢȉİȡȥȚșȑĮ
ȀĮĲİȡȓȞĮȉıĮțȓȡȘǺȚȠȝȘȤĮȞȚțȩȉȠʌȓȠ
ȋȡȓıĲȠȢȀĮȡĮȖȚȐȞȞȘȢǹıĲȚțȩȉȠʌȓȠ
ǼȣĮȖȖİȜȓĮȈĲȪȜȠȣǱȞİȣȉȓĲȜȠȣ
ȂĮȡȓĮȀȩĲıȚĳĮǹıĲȚțȩȉȠʌȓȠ
ǹĳȡȠįȓĲȘīĮȡȞȑȜȘ)XWXUH
ǵȜȖĮȆĮʌĮıȦĲȘȡȓȠȣǹʌȐșİȚĮ
ȁİȣĲȑȡȘȢȋĮȡĲİȡȩȢǾǹșȒȞĮĲȠȣĲȩĲİțĮȚĲȠȣȈȒȝİȡĮ
ȂĮȡȓĮȈİȡȑĲȘȆĮȞȠȡĮȝȚțȐȉȠʌȓĮ
ȀĮĲİȡȓȞĮǹȞįȡȚĮȞȠȪ
ƪƭƮƧƶƷƭƮƪƶƪĭƧƵưƳīƪƶ
ƭƳƸƱƭƳƶ
ǻȘȝȒĲȡȘȢȉȗȫȡĲȗȘȢ
īȚȫȡȖȠȢȀĮȜȠȖİȡȐțȘȢ
īȚȐȞȞȘȢȋĮĲȗĮȡȐȢ
ǼȜȑȞȘīȡȓȕĮ
ǼȜȑȞȘȈĲĮȣȡȓįȘ
ȂȚȤȐȜȘȢȂĮıȠȪȡȘȢ
ȇȐȞȚĮȀȚȠȣȜȠȪ
ȂȐȞȠȢȀĮȜĮĳĮĲȑȜȘȢ
ȀȑȜȜȣǼȜȚȕĮȞȓįȘ
ȀĮĲİȡȓȞĮȄİʌĮʌĮįȐțȠȣ
ȃȓȞĮȆȓȜĮĲ
ǵȜȖĮȋĮĲȗȘįȐțȘ
ǼȜİȣșȑȡȚȠȢȋĮȡĲİȡȩȢ
ǼȜȑȞȘȋĮĲȗȘȕĮıȓȜȘ
ȇȐȞȚĮȀȚȠȣȜȠȪ
ȋȡȣıȐȞșȘȁȣțȠȪıȘ
ȋȡȚıĲȓȞĮǻȚĮțȐțȘ
ȀĮĲİȡȓȞĮȁȠȣțȐ
ǺĮıȚȜȚțȒȀȠȪĲȡȘ
ǹȞȓıĮȉȗȠȝȐțȘ
ȂĮȡȚȐȞȞĮȁȚȐțȠȣ
ȂĮȡȚȠȞȑȜĮȈĮĲȗȐțȠȣ
ǼȣĮȖȖİȜȓĮȈĲȪȜȠȣ
ǿȠȣȜȚȑĲĲĮȃĮȗȜȓįȠȣ
ȁȓȜȚĮȞǹȞĲȦȞȓȠȣ
ȉȗȑȞȘȁȓțȠțĮ
ȈĲİĳĮȞȓĮȆȑĲıĮ
ǾȜȚȐȞĮȂİȧȞĲȐȞȘ
ǹıȘȝȓȞĮȈĲİĳĮȞȓįȠȣ
ȂȚȤȐȜȘȢȂĮıȠȪȡȘȢ
ȂȚȤȐȜȘȢȂĮıȠȪȡȘȢ
ǼȜİȣșȑȡȚȠȢȋĮȡĲİȡȩȢ
ǹıȘȝȓȞĮȈĲİĳĮȞȓįȠȣ
ǾȜȚȐȞĮȂİȚȞĲȐȞȘ
ȁȚȐȞĮȈțĮȜĲıȒ
ȋȡȚıĲȜȚȞĮȆĮʌĮȖİȦȡȖȓȠȣțĮȚȆĮȞĮȖȚȫĲĮȀȠȣȞȐįȘ
ȁȑıȤȘȆĮȞİʌȚıĲȘȝȓȠȣ
ȁȚȐȞĮȈțĮȜĲıȒ
ȃȚțȠȜȑĲĮȆĮʌĮȖİȦȡȖȓȠȣ
ȂĮȡȓĮȈİȡȑĲȘ
ǻȑıʌȠȚȞĮǽȠȡȜȐțȘ
ǼȜȚȕȐȕİĲȇȐȝĳȠȣ
ĬȐȞȠȢĬȘȡȓȠȣ
ȄȑȞȚĮȀȠȞĲȠȝĮȞȫȜȘ
ȀĮııȐȞįȡĮȂʌĮȗȠʌȠȪȜȠȣ
ǻȘȝȒĲȡȘȢȉȗȫȡĲȗȘȢ
ȀĮĲİȡȓȞĮȁĮȣȡİȞĲȗȐțȘ
ȀĮĲİȡȓȞĮȁĮȡİȞĲȗȐțȘ
ȁȓȜȚĮȞǹȞĲȦȞȓȠȣ
ǼȣĮȖȖİȜȓĮǽĮȞȚȐ
ƩƭƧĭƬưƭƶƷƭƮƬĭƻƷƳīƵƧĭƭƧ
ƭƳƸƱƭƳƶ
ǿȦȐȞȞĮȉıĮĲıĮȡȐȖțȠȣ
ǿȦȐȞȞĮȉıĮĲıĮȡȐȖțȠȣ
ǼȣĮȖȖİȜȓĮǽĮȞȞȚȐ
ǼȣĮȖȖİȜȓĮǽĮȞȞȚȐ
ȀĮııȐȞįȡĮȂʌĮȗȠʌȠȪȜȠȣ
ǼȣĮȖȖİȜȓĮǽĮȞȞȚȐ
ȉȗȑȞȘȁȓțȠțĮ
ȉȗȑȞȘȁȓțȠțĮ
ȉȗȑȞȘȁȓțȠțĮ
ȉȗȑȞȘȁȓțȠțĮ
ȋȡȚıĲȓȞĮȀȠȣȡȠȣȝȜȒ
ȆȑĲȡȠȢǺİȡȫȞȘȢ
ȆȑĲȡȠȢǺİȡȫȞȘȢ
ȋȡȚıĲȓȞĮȀȠȣȡȠȣȝȜȒ
ȀĮııȐȞįȡĮȂʌĮȗȠʌȠȪȜȠȣ
ȆȑĲȡȠȢǺİȡȫȞȘȢ

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