DKDBSQNKTW
.MCDQGNTC1DO@Q@SHD
q $DMDUDMSTDDKMNNCY@JDKHIJD
VHIYHFHMF@@MCDDKDJSQHRBGD
GTHRHMRS@KK@SHDNEGDS@@MRKTHSRMNDQ
SDMADGNDUDU@MCDHMRS@KK@SHDU@M
CHS@OO@Q@@SL@FTHSRKTHSDMCCNNQ
DDMC@@QSNDADUNDFCODQRNNM
THSFDUNDQCVNQCDM'DSADSQDEEDMCD
RSNOBNMS@BSCHDMSNNJM@DUDMSTDKD
NMCDQNEHMANTVFDL@JJDKHIJ
ADQDHJA@@QSDYHIM6DQJY@@LGDCDM
VDKJDCNNQODQRNMDMYNMCDQCD
MNNCY@JDKHIJDJDMMHRTHSFDUNDQC
VNQCDMJTMMDMRBG@CDNEKDSRDKSNS
FDUNKFGDAADM
q +@@SHMRODBSHDDMNE
GDQRSDKVDQJY@@LGDCDMTHSUNDQDM
CNNQCD$+$"31.+472$15("$DM
K@@SFDDM@MCDQDC@MNQHFHMDKD
#(231(/ 132NMCDQCDKDMOK@@SRDM
q #HS@OO@Q@@SADU@SJNNKV@SDQRSNEEDM
HMCDJNTCDJQHMFKNNOGDS
NMCDQGNTCDMGDSAHIUTKKDMCHDMS
C@@QNLTHSRKTHSDMCCNNQCNNQGDS
ADCQHIE@@MFDVDYDMCDRJTMCHF
ODQRNMDDKTHSFDUNDQCSDVNQCDM
q 3Q@BGSHMFDU@KU@MRSNQHMFNEDDM
CDEDBSCHS@OO@Q@@SMHDSYDKESD
QDO@QDQDM1DO@Q@SHDRVDKJDCNNQ
MHDSCDRJTMCHFDODQRNMDM
THSFDUNDQCVNQCDMJTMMDMSNS
RBG@CDNEKDSRDKKDHCDM1@@COKDDF
$+$"31.+472$15("$
&DAQTHJ
q 'THRGNTCDKHIJDJNDKDMNE
UQHDR@OO@Q@SDMYHIMTHSRKTHSDMC
ADCNDKCUNNQGDSADV@QDMDMNE
HMUQHDYDMU@MDDSNECQHMJA@QD
OQNCTBSDM
q #DADRSDQDRTKS@SDMVNQCDMADQDHJS
AHIDDMNLFDUHMFRSDLODQ@STTQ
STRRDM¦"DM¦"JK@RRD3
STRRDM¦"DM¦"JK@RRD23
STRRDM¦"DM¦"JK@RRD-
¦"DM¦"JK@RRD2-CDJK@RRD
RS@@SNOGDSJDMOK@@SIDUDQLDKC
SSDMSHD
TCHDMSMHDS@KKDDMQDJDMHMF
SDGNTCDMLDSCD
NLFDUHMFRSDLODQ@STTQUNNQCHS
SXODOQNCTBSL@@QSDUDMRLDSCD
UNKFDMCD@@MVHIYHMFDMV@MMDDQCD
NLFDUHMFRSDLODQ@STTQNMCDQCD
@@MFDCTHCDLHMHLTLV@@QCDC@@KS
VNQCSCDADV@@QSDLODQ@STTQHMGDS
UQHDRU@JMHDSLDDQFDF@Q@MCDDQCT
JTMSCDADV@@QCDKDUDMRLHCCDKDM
C@MGDSADRSDYNRMDKLNFDKHIJ
MTSSHFDM
q 5NKFCDQ@@CFDUHMFDMU@MCD
E@AQHJ@MSNOLDSADSQDJJHMFSNS
V@@QDMGNDTROHIYDMDMCQ@MJDM
ADV@@QSNEHMUQHDRS.MSCNNHCD
CHDOUQHDROQNCTBSDMLNFDMNL
FDYNMCGDHCRQDCDMDMMHDSVDCDQNL
HMFDUQNQDMVNQCDM
q #DUQHDYDMCDAHMMDMV@MCDMNE
UK@JJDMHMGDS@OO@Q@@SADU@SSDM
JNDKLHCCDK/K@@SRFDDMRBGDQOD
UNNQVDQODMSDFDMYNMV@MCNE
UK@JDMRBGQ@@ODUDMLHMLDS
LDS@KDMUNNQVDQODMQHIONEHIR@E
+DJJ@FDJ@MGDSFDUNKFYHIM
GDSFDDMDDMNMGDQRSDKA@QDRBG@CD
@@MGDS@OO@Q@@SDMADCDQEU@MCD
KDUDMRLHCCDKDMUDQNNQY@@JS
q /K@@SRFDDMJNNKYTTQGNTCDMCDNE
LNTRRDQDMCDCQ@MJDMHMGDS
UQHDRU@JGDSUQHDRFDCDDKSDNECD
UQHDYDQCDAKHJIDRNEEKDRIDRJTMMDM
CNNQADUQHDYHMFU@MCDHMGNTC
DWOKNCDQDM
DKDBSQNKTW
6 1!.1&5..16 1#$-
.MYDSNDRSDKKDMVNQCDMLDS CD FQNNSRSLNFDKHIJDYNQFUTKCHFGDHC FDOQNCTBDDQC
#DRNMC@MJRJ@MGDSUNNQJNLDMC@SDQDDMCDEDBSNOSQDDCS.MYDJK@MSDMCHDMRS
Y@K CHS NO UDQYNDJ GDQRSDKKDM YNVDK AHMMDM @KR ATHSDM CD V@@QANQFSDQLHIM #D
KDUDMRCTTQU@MGDSSNDRSDKVNQCSC@@QCNNQMHDSMDF@SHDEADijMUKNDC
.MCDQRS@@MCDV@@QANQFUNNQV@@QCDMYHIMFDRSNDKCNOCD$41HBGSKHIM$&DM
GDS!TQFDQKHIJ6DSANDJ#DC@@QTHSUNNQSUKNDHDMCDQDBGSDMAKHIUDMNMUDQKDS.NJCD
V@@QANQFUDQOKHBGSHMFDM U@M CD UDQJNODQ M@@Q CD DHMCFDAQTHJDQ AKHIUDM
NM@@MFDS@RS
5NNQCHSSNDRSDKUDQKDMDMVHIV@@QANQFUNKFDMRNMCDQRS@@MCDUNNQV@@QCDM
6HIUDQGDKODMJNRSDKNNRLDSHM@BGSMDLHMFU@MCDUNNQV@@QCDMSNSDMLDS
FDAQDJDM @@M GDS SNDRSDK CHD YHBG NODMA@QDM AHMMDM L@@MCDM U@M@E CD
C@STLU@MKDUDQHMF@@MCDDHMCFDAQTHJDQ#DYDV@@QANQFUNNQV@@QCDMYHIMMHDS
U@MSNDO@RRHMFHMFDU@KU@MOQNEDRRHNMDDKNEC@@QLDDFDKHIJSDRSDKKDMFDAQTHJ
#DV@@QANQFOQDRS@SHDGNTCSHMC@SGDSSNDRSDKJNRSDKNNRVNQCSSDQTFFDAQ@BGSHM
CDSNDRS@MCCHDGDSG@CUNNQGDSCDEDBSNOSQ@C&DAQDJJHFDNMCDQCDKDMVNQCDM
GDQRSDKCNEUDQU@MFDM*NRSDKNNRUDQU@MFDMNMCDQCDKDMVNQCDMNMRDHFDMCNL
'DS FDAQDJ LNDS SDQRSNMC FDLDKC VNQCDM NL LNFDKHIJD UDQCDQD RBG@CD SD
UNNQJNLDM
5NNQDDMADQNDONO V@@QANQF CHDMS GDS@@MJNNOADVHIRLDS@@MJNNODMNE
KDUDQHMFRC@STLSDVNQCDMNUDQKDFC
#D V@@QANQF GDDES FDDM ADSQDJJHMF NO RBG@CD @@M JVDSRA@QD NMCDQCDKDM
YN@KRUHSQNJDQ@LHRBGFK@RJTMRSRSNEQTAADQCHDNMSRS@@MHRCNNQNMYNQFUTKCHF
FDAQTHJ
#D V@@QANQF GDDES FDDM ADSQDJJHMF NO JKDHMD @EVHIJHMFDM U@M CD FDRSDKCD
JV@KHSDHSCHDUNNQCDV@@QCDDMCDTFCDKHIJGDHCU@MGDSSNDRSDKNMADCTHCDMCYHIM
#DV@@QANQFFDKCSDUDMLHMUNNQRBG@CDUDQNNQY@@JSCNNQ
q BGDLHRBGDDMDKDJSQNBGDLHRBGDHMVDQJHMFU@MV@SDQ
q @AMNQL@KDLHKHDTNLRS@MCHFGDCDMHMGDS@KFDLDDM
q UNNQGDSSNDRSDKNMDHFDMKHIJDADCQHIERNLRS@MCHFGDCDM
q BNMS@BSLDS@FQDRRHDUDRSNEEDM
#D V@@QANQF GDDES FDDM ADSQDJJHMF NO FDAQDJDM CNNQ SQ@MRONQSRBG@CD CHD
ATHSDM NMYD UDQ@MSVNNQCDKHIJGDHC HR NMSRS@@M MHDS U@JJTMCHFD HMRS@KK@SHD NE
LNMS@FDUDQJDDQCFDAQTHJ FDAQDJJHFNMCDQGNTCNEGDSMHDSHM @BGS MDLDM
U@MCDFDAQTHJRNELNMS@FD@@MVHIYHMFDM
'DS QDBGS NO V@@QANQF UDQU@KS V@MMDDQ GDS CDEDBS VDQC UDQNNQY@@JS CNNQ
GDQRSDKKHMFNEHMFQDODMCNNQCDQCDMCHDMHDSADUNDFCNEMHDSCDRJTMCHFYHIMNE
(B)