Haier ERV0260ANN, ERV0150ANN, ERV0200ANN, ERV0350ANN Installation Manual

No. 0150506782
Please read this manual carefully before using this air conditioner
Please keep this manual safely for future use
HEAT RECLAIM VENTILATION SERIES
OPERATION MANUAL INSTALLATION MANUAL
EN
IT
MANUEL D’INSTRUCTIONS MANUEL D’INSTALLATION
FR
BEDIENUNGSANLEITUNG INSTALLATIONSANLEITUNG
DE
MANUAL DE INSTRUCCIONES MANUAL DE INSTALACIÓN
ES
R410A MRVII-C
ERV0150ANN ERV0200ANN ERV026
0ANN
ERV0350ANN
ERV0150ANN ERV0200ANN ERV0260ANN ERV0350ANN
CE
Tutti i prodotti sono conformi alle seguenti normative europee:
- Direttiva 73/23/EEC Basso Voltaggio
- Direttiva 2006/95/EC Basso Voltaggio
- Direttiva 89/336/EEC Compatibilità elettromagnetica
ROHS
Il prodotto è conforme alla normativa 2002/95/EEC sulla restrizione d’uso di sostanze inquinanti negli apparecchi elettrici ed elettronici.
WEEE
Informativa al consumatore come previsto dalla normativa europea 2002/96/CE riguardante i rifiuti di apparecchiature elettriche ed elettroniche.
SPECIFICHE DI SMALTIMENTO:
Il climatizzatore è contrassegnato con questo simbolo, ciò significa che i prodotti elettrici ed elettronici non possono essere smaltiti insieme ai rifiuti domestici non differenziati. Non cercare di demolire il sistema da soli: la demolizioni dei sistemi di condizionamento, nonché il recupero del refrigerante, dell’olio e di qualsiasi altra parte devono essere eseguiti da un installatore qualifi-
cato in conformità alla legislazione locale e nazionale vigente in materia.I climatizzatori devo essere trattati presso una struttura spe­cializzata nel riutilizzo, riciclaggio e recupero dei materiali. Il corretto smaltimen­to del prodotto eviterà le possibili conseguenze negative all’ambiente e alla salute dell’uomo. Per maggiori informazioni contattare l’installatore o le autori­tà locali. Le batterie devono essere tolte dal telecomando e smaltite separata­mente conformemente alla legislazione locale e nazionale vigente in materia.
CONFORMITÀ ALLE DIRETTIVE EUROPEE PER I MODELLI:
Haier Industrial Park, No.1 Haier Road, Qingdao, P.R.China
IT
ERV0150ANN ERV0200ANN ERV0260ANN ERV0350ANN
CE
All the products are in conformity with the following European provision:
- Low Voltage Directive 73/23/EEC
- Low Voltage Directive 2006/95/EC
- Electromagnetic CompatibilitY 89/336/EEC
ROHS
The products are fulfilled with the requirements in the directive 2002/95/EEC of the European parliament and of the council on the Restriction of the use of Certain Haz­ardous Substances in Electrical and Electronic Equipment (EU RoHS Directive)
.
WEEE
In accordance with the directive 2002/96/CE of the European parliament, herewith we inform the consumer about the disposal requirements of the electrical and electronic products.
DISPOSAL REQUIREMENTS:
Your air conditioning product is marked with this sym-
bol. This means that electrical and electronic products
shall not be mixed with unsorted household waste.
Do not try to dismantle the system yourself: the dis-
mantling of the air conditioning system, treatment of
the refrigerant, of oil and of other part must be done
by a qualified installer in accordance with relevant
local and national legislation. Air conditioners must be treated at a specialized treatment facility for re-use, recycling and recovery. By ensuring this product is disposed of correctly, you will help to prevent potential negative consequences for the environment and human health. Please contact the installer or local authority for more infor­mation. Battery must be removed from the remote controller and disposed of separately in accordance with relevant local and national legislation.
EUROPEAN REGULATIONS CONFORMITY FOR THE MODELS:
EN
ERV0150ANN ERV0200ANN ERV0260ANN ERV0350ANN
CE
Tous les produits sont conformes aux directives européennes suivantes:
- Directive 73/23/CEE Basse tension
- Directive 2006/95/CE Basse tension
- Directive 89/336/CEE Compatibilité électromagnétique
ROHS
L'appareil est conforme à la directive 2002/95/CEE relative à la limitation de l'utilisation de certains substances dangereuses dans les équipements élec­triques et électroniques.
DEEE (WEEE)
Information au consommateur comme le prévoit la directive européenne 2002/96/CE relative aux déchets d'équipements électriques et électro­niques.
SPECIFICATIONS POUR L'ELIMINATION:
Ce pictogramme, apposé sur le climatiseur, signifie
que les équipements électriques et électroniques ne
peuvent pas être éliminés avec les déchets ménagers
non triés. Ne pas essayer de démanteler l'équipement
soi-même: le démantèlement des systèmes de clima-
tisation, ainsi que la récupération du frigorigène, de
l'huile et de toute autre partie doivent être effectués
par un installateur qualifié conformément à la législa­tion locale et nationale en vigueur en la matière. Les climatiseurs doivent être traités dans un centre spécialisé dans la réutilisation, le recyclage et la valo­risation des matériaux. L'élimination correcte de ces appareils permet d'évi­ter les effets nocifs sur l'environnement et la santé humaine. Pour plus de renseignements contacter l'installateur ou les autorités locales. Les piles doi­vent être retirées de la télécommande et éliminées séparément, conformé­ment à la législation locale et nationale en vigueur en la matière.
CONFORMITÉ AUX DIRECTIVES EUROPÉENNES POUR LES MODÈLES:
FR
Haier Industrial Park, No.1 Haier Road, Qingdao, P.R.China
ERV0150ANN ERV0200ANN ERV0260ANN ERV0350ANN
CE
Alle Produkte erfüllen die folgenden europäischen Richtlinien:
- Niederspannungsrichtlinie 73/23/EWG
- Niederspannungsrichtlinie 2006/95/EG
- EMV-Richtlinie 89/336/EWG
ROHS
Das Produkt erfüllt die Richtlinie 2002/95/EWG zur Beschränkung der Ver­wendung bestimmter gefährlicher Stoffe in Elektro- und Elektronikgeräten.
WEEE
Verbraucherinformation laut europäischer Richtlinie 2002/96/EG zu Elektro­und Elektronik-Altgeräten.
HINWEISE ZUR ENTSORGUNG:
Das Klimagerät ist mit diesem Symbol gekennzeich-
net, das darauf hinweist, dass Elektro- und Elektronik-
geräte getrennt vom Hausmüll entsorgt werden müs-
sen. Verschrotten Sie die Anlage nicht selbst: die Ver-
schrottung von Klimaanlagen, sowie die Rückgewin-
nung des Kältemittels, des Öls und aller sonstigen Tei-
le müssen durch einen qualifizierten Installateur in
Übereinstimmung mit den einschlägigen geltenden örtlichen und nationalen Vorschriften erfolgen. Die Klimageräte müssen bei einem Unternehmen entsorgt werden, das auf die Verwertung, das Recycling und die Rückgewinnung der Materialien spezialisiert ist. Die richtige Entsor­gung des Produkts hilft negative Auswirkungen auf Umwelt und Gesundheit zu vermeiden. Für weitere Informationen wenden Sie sich bitte an den Instal­lateur oder die örtlichen Behörden. Die Batterien müssen aus der Fernbedie­nung entfernt und in Übereinstimmung mit den einschlägigen geltenden ört­lichen und nationalen Vorschriften getrennt entsorgt werden.
ÜBEREINSTIMMUNG MIT DEN EUROPÄISCHEN RICHTLINIEN FÜR DIE MODELLE:
DE
ERV0150ANN ERV0200ANN ERV0260ANN ERV0350ANN
CE
Todos los productos están en conformidad con las siguientes Normativas Europeas:
- Bajo Voltaje directiva 73/23/EEC
- Bajo Voltaje directiva 2006/95/EC
- Compatibilidad electromagnética 89/336/EEC
ROHS
Los productos cumplen los requisitos de la directiva 2002/95/EEC del parla­mento Europeo y el consejo regulador Del uso de materiales peligrosos en equipamientos eléctricos Y electrónicos. (EU RoHS Directiva).
WEEE
De acuerdo con la directiva 2002/96/CE del parlamento Europeo, Informa­mos al consumidor acerca del reciclage de los productos Electrónicos y eléctricos.
REQUISITOS PARA LA ELIMINACIÓN:
Su acondicionador de aire está marcado con este
símbolo. Esto significa que los productos eléctricos y
electrónicos no deben mezclarse con el resto de resi-
duos domésticos no clasificados.
No intente desmontar el sistema usted mismo: El des-
mantelamiento del acondicionador de aire, así como
el tratamiento del refrigerante, aceite y otros compo-
nentes, debe ser efectuado por un instalador compe­tente de acuerdo con las normas locales y nacionales aplicables. Los acon­dicionadores de aire deben ser tratados en instalaciones especializadas para su reutilización, reciclaje y recuperación. Al asegurarse de desechar este pro­ducto de la forma correcta, està contribuyendo a evitar posibles consecuen­cias negativas para el entorno y para la salud de las personas. Contacte, por favor, con el instalador o con las autoridades locales para obtener más infor­mación. Las pilas del control remoto deben extraerse y eliminarse por sepa­rado y de acuerdo con la normativa local y nacional aplicable.
CONFORMIDAD EUROPEA DE LAS REGULACIONES PARA LOS MODELOS:
ES
2?Ctuyt.;;
2?Ctvtt.;;
2?Ctvzt.;;
2?Ctwyt.;;
CVRc LVT\RZ] PV^cZ\RcZ_^ MVaZVb
I`VaRcZ_^ . D^bcR\\RcZ_^ GR^dR\
=UNJ\N [NJM ]QR\ VJW^JU LJ[NO^UUb KNOX[N ^\RWP
8NNY ]QR\ XYN[J]RXW VJW^JU OX[ O^]^[N [NON[NWLN
0XW]NW]\
utquv
I`VaRcZ_^ Z^bcadTcZ_^
uwqux
GRZ^cV^R^TV
D^bcR\\Z^X CVRc LVT\RZ] PV^cZ\RcZ_^
uyqvt
6W\]JUUJ]RXW =[XLNM^[N\
vuqvw
5NJU]Q AN\]RWP :XM^UN~ 1NORWR]RXW l 6W\]JUUJ]RXW
vx
1NORWRWP 2UNL][RL 0XW][XU @b\]NV
vy
=X`N[ 0XWWNL]RXW 1NORWR]RXW
vz
3JRU^[N 1NORWR]RXW
MRWVch >_^bZUVaRcZ_^b
uq{
JRacb R^U Ad^TcZ_^b
|q}
D.?;6;4~ \N[RX^\ JLLRMNW] RW OX[V XO TRUURWP XO URON X[ QNJ_b RWS^[b R\ QRPQUb YX\\RKUN `QNW N[[XWNX^\ RW\]JUUJ]RXW Y[JL]RLN ]JTN YUJLNr
0.BA6<;~ YX\\RKUb UNJMRWP ]X \N[RX^\ JLLRMNW]r
=?<56/6A21~ Y[JL]RLN Y[XQRKR]NMr
u
@JON]b 0XW\RMN[J]RXW\
MZX^ ?VWZ^ZcZ_^
?N\YNL]O^U ^\N[p AQJWT\ bX^ OX[ LQXX\RWP JWM ][^\]RWP 5JRN[ JR[ LXWMR]RXWN[i 3X[ bX^[ KN]]N[ [NJMRWP XO ]QR\ VJW^JU JWM OJLRUR]J]NM XYN[J]RXW XO JR[ LXWMR]RXWN[p `N XOON[ QN[N^WMN[ MNORWR]RXW\ XO \RPW\ ]X KN OX^WM RW ]QR\ VJW^JU~
MRWVch >_^bZUVaRcZ_^b
;X]RLN\ UR\]NM KNUX` J[N MR_RMNM RW]X j DJ[WRWP\j JWM j 0J^]RXW\jr 6\\^N\ YX\\RKUb UNJMRWP ]X \N[RX^\ JLLRMNW]\ RW OX[V XO TRUURWP XO URON X[ QNJ_b RWS^[b M^N ]X N[[XWNX^\ Y[JL]RLN\ J[N NaLU^\R_NUb UR\]NM RW ]QN j DJ[WRWPj LXU^VWr 5X`N_N[p R\\^N\ UR\]NM RW ]QN j 0J^]RXWj LXU^VW VJb JU\X LJ^\N \N[RX^\ JLLRMNW]\r 6W JUUp KX]Q `J[WRWP\ JWM LJ^]RXW\ MNNYUb RW_XU_N \JON]b LXW\RMN[J]RXW\ JWM \QJUU KN \][RL]Ub XK\N[_NMr
0XWLN[WNM RW\]JUUJ]RXW \YNLRJUR\]\ \QJUU ]NJLQ ^\N[\ QX` ]X LX[[NL]Ub ^\N JWM VJRW]JRW ]QN MN_RLN ^WR] JO]N[ WX[VJU XYN[J]RXW QJ\ KNNW LXWOR[VNM ]Q[X^PQ ]N\] [^W OXUUX`RWP LXVYUN]RXW XO RW\]JUUJ]RXWr
0J[NO^U [NJMRWP XO ]QR\ VJW^JU Y[RX[ ]X XYN[J]RWP 5JRN[ QNJ] [NLX_N[b _NW]RUJ]RXW MN_RLN R\ \][XWPUb [NLXVVNWMNMr
=UNJ\N [NON[ ]X ]QR\ VJW^JU RW LJ\N ]QJ] Y[XKUNV\ X[ Y[XM^L] OJRU^[N\ XLL^[r
8NNY ]QR\ VJW^JU OX[ O^]^[N [NON[NWLN RW LJ\N ]QJ] bX^ MX WX] TWX` QX` ]X ORa LN[]JRW XYN[J]RXWJU Y[XKUNV\r
AQR\ MN_RLN ^WR] KNUXWP\ ]X ]QN gSNXYJ[Mb M^N ]X Y[XaRVR]bh MN_RLN P[X^Yr
6W LJ\N ]QJ] JWb QNJ] [NLUJRV _NW]RUJ]RXW R\ [N\XUM ]X JWb WN` ^\N[p ]QR\ VJW^JU \QJUU JU\X KN [N\XUM ]X ]QN \JVNr
=[RX[ ]X RW\]JUUJ]RXW `X[Tp LJ[NO^U [NJMRWP XO ]QN g@JON]b ;X]RLN\h RW ]QR\ VJW^JU R\ [NLXVVNWMNM ]X P^J[JW]NN LX[[NL] Y[JL]RLNr
v
@JON]b 0XW\RMN[J]RXW\
1N\RPWJ]NM := m\N[_RLN YXRW]n \QJUU KN J\TNM OX[ RW LJ\N XO NaYNL]NM RW\]JUUJ]RXW NaN[LR\N X[ \N[_RLRWP MNVJWM \X ]QJ] JLLRMNW]\ RW OX[V XO NUNL][RL \QXLT JWM OR[N LJ^\NM Kb RWLX[[NL] ^\N[ Y[JL]RLN LJW KN J_XRMNMr
:JTN \^[N ]QJ] ]QN MN_RLN R\ RW\]JUUNM RW YUJLN\ `QN[N ]QN `NRPQ] XO ]QN \JVN LJW KN Y[XYN[Ub JWM JMNZ^J]NUb KX[WNr /N\RMN\p ]QN MN_RLN V^\] WX] KN VX^W]NM XW WXWq\YNLRJU VN]JU \][^L]^[N\ mNrPrp JW]Rq]QNO] `R[NqVN\Qn J\ \^LQ \][^L]^[N\ `R]Q WXWqJMNZ^J]N \][NWP]Q VJb LJ^\N ]QN MN_RLN ]X OJUU JWM LJ^\N LJ\^JU]br
6W\]JUUJ]RXW `X[T \QJUU KN MXWN RW J `Jb J\ RW JLLX[MJWLN `R]Q [NP^UJ]RXW\ P^J[MRWP JPJRW\] ]bYQXXW JWM NJ[]QZ^JTN \X ]QJ] JLLRMNW]\ YX\\RKUb LJ^\NM Kb ]RYYNM MN_RLN\ LJW KN J_XRMNMr
:JTN \^[N ]QJ] VNJ\^[N\ J[N ]JTNW ]X MNUR_N[ Y[X]NL]RXW JPJRW\] QJcJ[M\ LJ^\NM Kb \WX`RWP `NJ]QN[ \X ]QJ] MJVJPN\ ]X O^[WR]^[Np QX^\NQXUM JYYURJWLN\ JWM NUNL][RL \QXLT JWM OR[N JLLRMNW]\ LJ^\NM Kb X^]MXX[ JR[ QX\N\ KUXLTNM Kb \WX` LJW KN J_XRMNMr
:JTN \^[N ]QJ] JR[ MR\LQJ[PN MXN\ WX] NW]N[ X^]MXX[ JR[ RWUN] ]X LJ^\N QNJU]Qq]Q[NJ]NWRWP RWMXX[ JR[ YXUU^]RXW
:JTN \^[N ]QJ] X^]MXX[ JR[ RWUN] R\ TNY] J] \XVN YUJLN OJ[ O[XV JWb YUJLN `QN[N RWOUJVVJKUN PJ\ XO JWb TRWM NaR\]\r 6WLX[[NL] RW\]JUUJ]RXW VJb LJ^\N \N[RX^\ UX\\ XO RWMXX[ XabPNW UNJMRWP ]X \N[RX^\ JLLRMNW]\r
:JTN \^[N ]QJ] J MNMRLJ]NM YX`N[ LR[L^R] R\ \XUNUb J_JRUJKUN OX[ ]QN ^WR]p JWM JUU NUNL][RL `X[T R\ ^WMN[]JTNW Kb LXVYN]NW] \YNLRJUR\]\ RW JLLX[MJWLN `R]Q UXLJU UJ`\ JWM [NP^UJ]RXW\ JWM ]QR\ VJW^JU JWM LR[L^R] MRJP[JVr
6WJMNZ^J]N YX`N[ \^YYUb X[ RWLX[[NL] NUNL][RL LXW\][^L]RXW VJb LJ^\N NUNL][RL \QXLT X[ OR[N JLLRMNW]r
DR[RWP \QJUU KN MXWN `R]Q MN\RPWJ]NM LJKUN\ \JONUb LXWWNL]NM* VJTN \^[N ]QJ] ]N[VRWJU SXRW]\ J[N [NURJKUb ORaNM JWM JUU LJKUN\ \QJUU KN RW\^UJ]NM* Na]N[WJU OX[LN XW LJKUN\ \QJUU WX] ][JW\ON[ XW]X \YNLRJU `R[N\ ]QJ] QJ_N KNNW JU[NJMb ^\NMp X]QN[`R\Np RVY[XYN[ LXWWNL]RXW\ X[ ORaRWP\ `RUU LJ^\N QNJ]RWPq^Y JWM OR[N JLLRMNW]r
0JKUN\ \QJUU KN TNY] RW ]QNR[ WX[VJU \QJYN JWM ORaNM [NURJKUb UN\] ^Y`J[M \`NUURWP XLL^[\* MN_RLN LJ\N LX_N[ \QJUU KN ORaNM ]RPQ] UN\] `R[N\ PN] LUJVYNM ^WMN[ LX_N[ X[ JPJRW\] Na]N[RX[ YUJ]N* RVY[XYN[ LXWWNL]RXW\ VJb LJ^\N NUNL][RL \QXLTp OR[N JLLRMNW] X[ X_N[qQNJ]RWP ]N[VRWJU\r
=UNJ\N J_XRM RW\]JUUJ]RXW RW \^LQ YUJLN\ J\ VJLQRWRWP YUJW] X[ LQNVRLJU YUJW] `QN[N QJcJ[MX^\ X[ LX[[X\R_N PJ\N\ mNrPrp JLRMp JUTJURp X[PJWRL \XU_NW] JWM XRU YJRW]n J[N PNWN[J]NM* YUJLN\ `QN[N RWOUJVVJKUN PJ\N\ VJb UNJT J[N JU\X OX[KRMMNW J\ ]QN\N PJ\N\ VJb LJ^\N OR[N JLLRMNW]r
Q<LHDHB
><ONDIH
2J[]Q LXWWNL]RXW V^\] KN J_JRUJKUNr AQN JK\NWLN XO NJ[]Q LXWWNL]RXW X[ RWLXVYUN]N NJ[]Q LXWWNL]RXW VJb LJ^\N NUNL][RL \QXLTr 2J[]Q LXWWNL]RXW V^\] WX] UNJM ]X PJ\ YRYNp ]JYYRWP YRYNp URPQ]WRWP [XM X[ ]NUNYQXWN URWNr
=UNJ\N MX WX] RWMNYNWMNW]Ub LQNLT X[ [NYJR[ ]QN ^WR] ^WJRMNM Kb \YNLRJUR\]\r =UNJ\N NW][^\] LQNLTRWP X[ [NYJR[RWP ]X \N[_RLN YN[\XWWNU `R]Q [NUN_JW] Z^JURORLJ]RXW LN[]RORLJ]Nr :JTN \^[N ]QJ] YX`N[ LR[L^R] R\ L^] XOO KNOX[N ]X^LQRWP JWb NUNL][RL YJ[]\r
=UNJ\N ^\N JR[ \L[NNWr DR]QX^] JR[ \L[NNWp QNJ] NaLQJWPN[ VJb PN] KUXLTNM JWM OJRU ]X YN[OX[V WX[VJUUb JWM ORWJUUb K[NJT MX`Wr
w
@JON]b 0XW\RMN[J]RXW\
I`VaRcZ^X
>_^bZUVaRcZ_^b
0[NNYJPN K[NJTN[ V^\] KN J_JRUJKUNr 0[NNYJPN ]N\] V^\] KN MXWN JO]N[ MN_RLN\ J[N VX^W]NMr 6W LJ\N ]QJ] L[NNYJPN K[NJTN[ R\ JK\NW]p NUNL][RL \QXLT VJb ]JTN YUJLNr
=J[]\ MNUR_N[NM ]XPN]QN[ `R]Q ]QN MN_RLN X[ YJ[]\ YJ[]RL^UJ[Ub MN\RPWJ]NM Kb ^\ J[N ]X KN ^\NM M^[RWP RW\]JUUJ]RXW UN\] NUNL][RL \QXLT JWM OR[N JLLRMNW] XLL^[r
<^]MXX[ JR[ QX\N\ \QJUU KN RW\]JUUNM `R]Q Y[XYN[ JWM JMNZ^J]N XKURZ^R]b ]X Y[N_NW] [JRW`J]N[ O[XV M[RYYRWP RW]X ]QN MN_RLNr DQNW RWLX[[NL]Ub VX^W]NMp [JRW`J]N[ VJb NW]N[ ]QN K^RUMRWP JWM MJVJPN O^[WR]^[N JWM LJ^\N OR[N JWM NUNL][RL \QXLTr
<^]MXX[ YRYNURWN JWM PJ\ \^YYUb URWN\ \QJUU KN `[JYYNM `R]Q QNJ] RW\^UJW] ]X Y[N_NW] MN` LXWPNJUVNW]r DQNW RWLX[[NL]Ub RW\]JUUNMp MN` `J]N[ VJb M[RY RW]X ]QN K^RUMRWP JWM MJVJPN O^[WR]^[Nr
6W LJ\N ]QJ] VN]JU JR[ QX\N\ J[N Y^] JL[X\\ VN]JU `R[N P[RMp NUNL][RL `R[N P[RM X[ VN]JU URWRWP XO `XXMNW `JUU \][^L]^[N\p RW\^UJ]RXW Y[X]NL]RXW \QJUU KN J_JRUJKUN J] L[X\\q\NL]RXW\r 6WLX[[NL]Ub VX^W]NM JR[ QX\N\ VJb LJ^\N NUNL][RL \QXLT X[ \QX[] LR[L^R]r
/NOX[N \N[_RLNp \Q^] MX`W ]QN ^WR] JWM VJTN \^[N ]QJ] YX`N[ R\ \Q^] XOOr
0XW\]JW]Ub \]Jb ^WMN[ ]QN JR[OUX` O[XV ]QN ^WR] QJ[V\ YN[\XWJU QNJU]Qr
1X WX] XYN[J]N ]QN ^WR] `R]Q `N] QJWM\r <]QN[`R\Np bX^ VJb PN] \QXLTNMr
1X WX] ^\N `J]N[ ]X `J\Q JWM LUNJW ]QN ^WR]r <]QN[`R\Np NUNL][RL \QXLT X[ OR[N VJb QJYYNWr
1X WX] JK[^Y]Ub \`R]LQ KN]`NNW XYN[J]RWP VXMN\r@^LQ Y[JL]RLN LJ^\N\ Y[XM^L] OJRU^[N\ JWM [NWMN[\ \`R]LQ X[ [NUJb RWNOONL]R_Nr
6W LJ\N XO JKWX[VJU QJYYNWRWP\ mNrPrp K^[WRWP \VNUUnp \Q^] XOO YX`N[ RVVNMRJ]NUb JWM LXW]JL] LXWLN[WNM MR\][RK^]X[\ ]X ORWM [NVNMbr
@Q^] <OO =X`N[
1X WX] Y[N\\ LXW][XU K^]]XW\ `R]Q QJ[M XKSNL]\r <]QN[`R\Np ]QN LXW][XU PN]\ MJVJPNMr 1X WX] XYN[J]N ]QN LXW][XU `R]Q `N] QJWM\r <]QN[`R\Np NUNL][RL \QXLT XLL^[\r
1X WX] ^\N KNWcNWN X[ MRU^NW] ]X `J\Q JWM LUNJW ]QN LJ\N XO QNJ] NaLQJWPN[r <]QN[`R\Np ]QN LJ\N `RUU L[JLTp LQJWPN RW LXUX[ X[ OJRUr 1X WX] ^\N KNWcNWN X[ MRU^NW] X[ LQNVRLJU M^\]N[ ]X `RYN JWM LUNJW LXW][XU YJWNUr <]QN[`R\N R] `RUU UX\N LXUX[ X[ R]\ LXJ]RWP `RUU OUJTN XOOr 6O ]QN LXW][XU YJWNU R\ V^LQ MR[]bp ^\N LUX]Q \XJTNM RW MRU^]NM MN]N[PNW] JWM ]QNW `[^WP M[b ]X `RYN R] JWM ORWJUUb `RYN R] M[b `R]Q M[b LUX]Qr
1X WX] \N] QNJ] [NLUJRV _NW]RUJ]RXW XW KbYJ\\ XYN[J]RXW ^WMN[ KNUX`qcN[X [XXV ]NVYN[J]^[N X[ JKX_N wt, Na]N[WJU ]NVYN[J]^[Nr <]QN[`R\N LXWPNJUVNW] XLL^[\ XW VJRWO[JVNp X^]UN] P[RUUN X[ JR[ RWUN]r
x
@JON]b 0XW\RMN[J]RXW\
1X WX] Y^] QNJ] [NLUJRV _NW]RUJ]RXW ]X X]QN[ ^\N\r1X WX] ^\N QNJ] [NLUJRV _NW]RUJ]RXW ]X TNNY LN[]JRW Y[NLR\RXW RW\][^VNW]\p OXXMpJWRVJU\ JWM YUJW]\ JWM J[]`X[T\r
1X WX] JUUX` LQRUM[NWp YUJW]\ X[ JWRVJU\ ]X \]Jb MR[NL]Ub ^WMN[ ]QN JR[ OUX` O[XV ]QN ^WR]r <]QN[`R\N QJ[VO^U NOONL]\ J[N MXWN XW ]QNVr
1X WX] YUJLN K^[WRWP JYYJ[J]^\ ^WMN[ ]QN JR[OUX` O[XV QNJ] [NLUJRV _NW]RUJ]RXWr @^LQ Y[JL]RLN VJb LJ^\N RWLXVYUN]N K^[WRWP RW ]QN\N JYYJ[J]^\r
1X WX] YUJLN X[ ^\N JWb TRWM XO RWOUJVVJKUN \Y[Jb WNJ[ QNJ] [NLUJRV _NW]RUJ]RXW X[ ]QN JR[ RWUN] JWM X^]UN] P[RUUNr <]QN[`R\Np
OR[N JLLRMNW] VJb ]JTN YUJLNr
@Q^] XOO YX`N[ `QNW ]QN ^WR] UJb\ RMUN OX[ J UXWP ]RVNr <]QN[`R\Np MR[] JWM M^\] VJb YRUN ^Y JWM LJ^\N ]QN ^WR] ]X X_N[QNJ] X[ PN] XW OR[Nr
1X WX] KUXLT ]QN JR[ RWUN] JWM X^]UN] P[RUUNr /UXLTNM JR[OUX` OJRU\ ]X ][J_NU JL[X\\ ]QN K^RUMRWP JWM VJb UNJM ]X OJRU^[N\r
1X WX] \QXX] JWb \Y[Jb mYN\]RLRMNp MN]N[PNW]p N]Ln J] ]QN LXW][XUr <]QN[`R\Np ]QN LXW][XU VJb PN] MJVJPNMp MNOX[VNM X[ OJRUr
=UNJ\N Y^] XW PUX_N\ KNOX[N bX^ `J\Q JWM LUNJW ]QN ^WR]r <]QN[`R\Np bX^ VJb PN] bX^[ QJWM\ Q^[]r
1X WX] ]X^LQ RW]N[WJU YJ[]\ RW ]QN LXW][XUr 1X WX] XYNW ]QN O[XW] YUJ]Nr 1JWPN[ JWM OJ^U] VJb NW\^N `QNW LN[]JRW YJ[]\ J[N ]X^LQNMr =UNJ\N LXW]JL] LXWLN[WNM MR\][RK^]X[\ ]X LQNLT JWM JMS^\] RW]N[WJU YJ[]\r
1X WX] ^\N QNJ] [NLX_N[b _NW]RUJ]RXW MN_RLN X[ JR[ RWUN] JWM X^]UN] P[RUUN RW YUJLN\ J\ OXUUX`r
:JTN \^[N ]QJ] JR[ ]NVYN[J]^[N LUX\N ]X QNJ] [NLX_N[b _NW]RUJ]RXW MN_RLN X[ JR[ RWUN] JWM X^]UN] P[RUUN RW YUJLN\ MR[NL]Ub ^WMN[ K^[WRWP NOONL]\ XO QRPQ ]NVYN[J]^[N X[ OUJVN \X^[LN MXN\ WX] NaLNNM xt1r 6W LJ\N XO XYN[J]RXW ^WMN[ QRPQ ]NVYN[J]^[Np ]QN ^WR] `RUU QJ_N R]\ JR[ \L[NNW JWM QNJ] NaLQJWPN[ MNOX[VNM X[ R]\ NUNL][RL VX]X[ K^[W] X^]r
=UJLN\ \^LQ J\ TR]LQNW `QN[N \]NJV JWM XRU \XX] J[N ]QRLT \QJUU KN J_XRMNMr <]QN[`R\N OR[N JLLRMNW] NW\^N\r
1X WX] XYN[J]N ]QN ^WR] RW YUJLN\ \^LQ J\ VJLQRWRWP YUJW] X[ LQNVRLJU YUJW] `QN[N QJcJ[MX^\ X[ LX[[X\R_N PJ\N\ mJLRMp JUTJUR X[ X[PJWRL \XU_NW] JWM XRU YJRW]n NaR\]* YUJLN\ `QN[N RWOUJVVJKUN PJ\N\ VJb UNJT \QJUU JU\X KN J_XRMNMr @^LQ PJ\N\ VJb UNJM ]X OR[N JLLRMNW]r
=UJLN\ `QN[N UNJTJPN XO RWOUJVVJKUN PJ\N\ R\ YX\\RKUN \QJUU KN J_XRMNMr <]QN[`R\N YXR\XWRWP X[ OR[N NW\^Nr
pl,
5JcJ[MX^\ 4J\N\
0X[[X\R_N 4J\N\
:JTN \^[N ]QJ] ]NVYN[J]^[N JWM Q^VRMR]b RW YUJLN\ `QN[N ]QN ^WR] R\ VX^W]NM MX WX] NaLNNM Y[N\L[RKNM URVR] _JU^N\r 0XXU QX^\N X[ X]QN[ UX` ]NVYN[J]^[N YUJLN\ X[ YUJLN\ WNJ[ `J]N[ \X^[LN \QJUU KN J_XRMNMr <]QN[`R\N OR[N JLLRMNW] X[ \QX[] LR[L^R] NW\^N\r
2a]N[WJU JR[ QX\N\ \QJUU KN VX^W]NM `R]Q Y[XYN[ JWM JMNZ^J]N XKURZ^R]b ]X Y[N_NW] [JRW `J]N[ O[XV M[RYYRWP RW]X ]QN ^WR]r <]QN[`R\Np [JRW `J]N[ `RUU NW]N[ ]QN K^RUMRWPp MJVJPN O^[WR]^[N JWM LJ^\N NUNL][RL \QXLT X[ OR[Nr
1X WX] XYN[J]N ]QN ^WR] RW Q^VRM KJ]Q[XXVr <]QN[`R\Np UNJTJPN X[ NUNL][RL \QXLT J\ `NUU J\ X]QN[ UJY\N\ VJb NW\^Nr
=UJLN\ `QN[N LJ[KXW KUJLT mO^VN JWM \XX]n R\ ]QRLT \QJUU KN J_XRMNMr <]QN[`R\N LJ[KXW KUJLT mO^VN JWM \XX]n PJ]QN[\ XW JR[ \L[NNW JWM QNJ] NaLQJWPN[ JWM LJ^\N\ ]QNV ]X K[NJT MX`Wr
0J[KXW /UJLT
y
@JON]b 0XW\RMN[J]RXW\
D^bcR\\Z^X
>_^bZUVaRcZ_^b
3X[ VNJ\^[N\ J_JRUJKUNp YUNJ\N LXW]JL] LXWLN[WNM MR\][RK^]X[\ OX[ MN]JRUNM RWOX[VJ]RXWr
0[NNYJPN K[NJTN[ \QJUU KN VX^W]NM ]X Y[N_NW] NUNL][RL \QXLT X[ OR[N JLLRMNW]r <]QN[`R\Np \QXLT VJb NW\^Nr
5NJ] RW\^UJ]RXW \QJUU KN J_JRUJKUN OX[ NaQJ^\] QX\N\ ]X Y[N_NW] MN` LXWPNJUVNW] m]QN \JVN OX[ RW]JTN QX\N\ `QNW WNLN\\J[bnr DJ]N[ `RUU NW]N[ ]QN K^RUMRWP JWM MJVJPN O^[WR]^[N M^N ]X UJLT XO QNJ] RW\^UJ]RXWr
6W LJ\N ]QJ] VN]JU JR[ QX\N\ J[N Y^] JL[X\\ VN]JU `R[N P[RMp NUNL][RL `R[N P[RM X[ VN]JU URWRWP XO `XXMNW `JUU \][^L]^[N\p RW\^UJ]RXW Y[X]NL]RXW \QJUU KN J_JRUJKUN J] L[X\\ \NL]RXW\r <]QN[`R\Np NUNL][RL \QXLTp \QX[] LR[L^R] JWM OR[N JLLRMNW] `RUU NW\^Nr
1X WX] RW\]JUU ]QN ^WR] ^WJRMNM Kb \YNLRJUR\]\r =UNJ\N J\T LXWLN[WNM MR\][RK^]X[\ ]X LXVYUN]N ]QN SXKr 6W LJ\N XO RWLXVYUN]N RW\]JUUJ]RXW ^WJRMNM Kb \YNLRJUR\]\p NUNL][RL \QXLT X[ OR[N JLLRMNW] VJb NW\^Nr 6W LJ\N XO OJUURWP XOO XO ]QN ^WR]p LJ\^JU]b VJb NW\^Nr
6W\]JUUJ]RXW \QJUU KN LJ[[RNM X^] JLLX[MRWP ]X ]QN VJW^JUr 6WLX[[NL] RW\]JUUJ]RXW `RUU LJ^\N NUNL][RL \QXLT X[ OR[N JLLRMNW]r
:JTN \^[N ]QJ] `J\]N PJ\ XO JWb TRWM MXN\ WX] NW]N[ Na]N[WJU JR[ RWUN]r <]QN[`R\Np RWMXX[ JR[ YXUU^]RXW NW\^N\ JWM ]Q[NJ]NW\ YN[\XWJU QNJU]Qr
.UU LXWWNL]RXW\ \QJUU KN MXWN Kb NaYN[] NUNL][RLRJW\r 6W LJ\N XO `R[RWP J[[JWPNVNW]p YUNJ\N LXW]JL] LXWLN[WNM MR\][RK^]X[\ JWM MX WX] Y[XLNNM `R]Q ]QN SXK ^WJRMNMr
2a]N[WJU JR[ RW]JTN \QJUU KN VX^W]NM ]X Y[N_NW] Na]N[WJU RWOUJVVJKUN `J\]N PJ\N\ O[XV NW]N[RWP ]QN K^RUMRWPr 6WLX[[NL] VX^W]RWP XO ]QN \JVN VJb LJ^\N RWMXX[ UJLT XO XabPNW UNJMRWP ]X \N[RX^\ JLLRMNW]r
:JTN J_JRUJKUN JW RWMNYNWMNW] YX`N[ \^YYUbp JWM NW][^\] JUU NUNL][RL NWPRWNN[RWP ]X Z^JURORNM Y[XON\\RXWJU\ RW JLLX[MJWLN `R]Q UXLJU UJ`\ JWM [NP^UJ]RXW\r ;XWq\]JWMJ[M `R[N LR[L^R]\ X[ N[[XWNX^\ Y[JL]RLN `RUU LJ^\N NUNL][RL \QXLT X[ OR[N JLLRMNW]r
2J[]Q LXWWNL]RXW \QJUU KN LXWOR[VNM J_JRUJKUN OX[ ]QN ^WR] ]X Y[N_NW] NUNL][RL \QXLTr /N\RMN\p NJ[]Q LXWWNL]RXW \QJUU WX] UNJM ]X PJ\ YRYNp `J]N[ YRYNp URPQ]WRWP [XM X[ ]NUNYQXWN URWNr
6W\]JUU O^UU QNJ] NaLQJWPN ^WR] RW YUJLN\ `QN[N ]QN `NRPQ] XO ]QN \JVN LJW KN Y[XYN[Ub JWM JMNZ^J]NUb KX[WNr AQN ^WR] VJb OJUU XOO `NJT KJ\N\ ]X LJ^\N LJ\^JU]br
0XW][XU LXWWNL]RXW \QJUU KN MXWN RW LX[[NL] VXMNr <]QN[`R\Np NUNL][RL \QXLT X[ OR[N NW\^N\r 1X WX] Y^UU J] X[ `[RWP X^] LXW][XU `R[Nr @^LQ Y[JL]RLN LJ^\N\ OJRU^[N\r
z
@JON]b 0XW\RMN[J]RXW\
0XW][XU \QJUU KN VX^W]NM RW YUJLN\ `QN[N JVKRNW] ]NVYN[J]^[N OJUU\ `R]QRW ]QN t,q
wy, [JWPN JWM Q^VRMR]b `R]QRW ?5xtkq |tkr <]QN[`R\Np NUNL][RL \QXLT X[ OJ^U] NW\^Nr
1X WX] VX^W] LXW][XU RW YUJLN\ `QN[N `J]N[ \YUJ\QN\r @XJTNM LXW][XU RW]N[WJU LJ^\N\ NUNL][RL \QXLT X[ RW]N[WJU NUNL][RL YJ[] OJ^U]r
:JTN \^[N ]QJ] VNJ\^[N\ J[N ]JTNW ]X P^J[M JPJRW\] \WX`RWP `NJ]QN[r DR]QX^] NOONL]R_N Y[X]NL]RXWp \WX` `RUU NW]N[ Na]N[WJU JR[ QX\N\ ]X MJVJPN O^[WR]^[Np LJ^\N NUNL][RL \QXLT JWM OR[N JLLRMNW]r 6W LJ\N ]QJ] LN[]JRW PJ\ PN]\ LQNLTNM X^]\RMN ]QN ^WR]p OR[N JLLRMNW] VJb NW\^Nr
1X WX [NOR] ]QN MN_RLNr 2UNL][RL \QXLT X[ OR[N JLLRMNW] VJb NW\^Nr
1X WX] X_N[QJ^U ]QN MN_RLN ^WJRMNM Kb LXWLN[WNM \YNLRJUR\]\r 2UNL][RL \QXLT X[ OR[N JLLRMNW] VJb NW\^Nr 1X WX] ][^\] ]QR\ SXK ]X ][JMN JPNWLbr
{
@JON]b 0XW\RMN[J]RXW\
>_^bZUVaRcZ_^b W_a LV]_eZ^X1 LVZ^bcR\\Z^X4GRZ^cRZ^Z^X
1R\][RK^]X[\ X[ JO]N[ \N[_RLN WN]`X[T YXRW]\ \QJUU KN J\TNM ]X [NVX_N X[ [N\N] ]QN ^WR]r 6WLXVYUN]N RW\]JUUJ]RXW `RUU LJ^\N `J]N[ UNJTJPNp NUNL][RL \QXLT JWM OR[N JLLRMNW]r
6WUN] OJW
2UNL][RL LXW][XU LJKRWN]
5NJ] NaLQJWPN MN_RLN
5NJ] NaLQJWPN MN_RLN MNUR_N[\ QNJ] m]NVYN[J]^[N JWM Q^VRMR]bn NaLQJWPN KN]`NNW RWMXX[ JR[ JWM X^]MXX[ JR[r 6] K[RWP\ X^]MXX[ JR[ LXWMR]RXW\ ]X JYY[XJLQ RWMXX[ JR[ LXWMR]RXW\ KNOX[N KUX`RWP RWMXX[ X^]MXX[ JR[r
mm
u
s
5XR\]RWP QXXT
m
.R[ QX\N SXRW] OUJWPN
n
2aQJ^\] OJW
o
.R[ \L[NNW
p
/bYJ\\ \`R]LQ JR[ MXX[
q
|
=J[]\ JWM 3^WL]RXW\
;JVN YUJ]N
t
@N[_RLN URM
ml
<. mX^]MXX[ JR[n HO[N\Q X^]MXX[ JR[I
2. mNaQJ^\] JR[n HNaQJ^\] JR[ X^]MXX[I
ms
mr
6WMXX[ \RMN
5NJ] NaLQJWPN MN_RLN
2aQJ^\] OJW
.R[ MXX[ NUNL][RL VX]X[
2UNL][RL
VX]X[
6WUN] OJW m_XU^]Nn
mo
@. m\NWM JR[n HRWMXX[ \^YYUbI
mp
?. m[N]^[W JR[n HRWMXX[ `J\]N PJ\I
mq
@N[_RLN YX[]~ ]X OJLRUR]J]N VJRW]JRWRWP JR[ \L[NNWp QNJ] NaLQJWPN[ JWM NUNL][RL LXW][XU LJKRWN]r
mt
DR[NM LXW][XUUN[
r
0.BA6<; 0XW\YRL^X^\ K^] RWWXL^X^\ \VNUU VJb NW\^N M^[RWP OR[\] [^W XO ]QN ^WR]r AQN \VNUU `RUU MR\JYYNJ[ J\ ]QN ^WR] R\ VX[N O[NZ^NW]Ub XYN[J]NMr
5NJU]Q AN\]RWP :XM^UN
mn
}
=J[]\ JWM 3^WL]RXW\
i kjl
>_^ca_\ =dcc_^ R^U ?Zb`\Rh ?VWZ^ZcZ_^
6WMRLJ]N\ JR[ Z^JUR]b \]J]^\ VXWR]X[NM Kb QNJU]Q VXM^UN _RJ LXVV^WRLJ]RXW \RPWJU\ O[XV QNJ] [NLUJRV _NW]RUJ]RXW .R[ >^JUR]b g4<<1h~ .R[ >^JUR]b g/.1h~ .R[ >^JUR]b g2E02992;Ah~
I`VaRcZ^X G_UV =dcc_^
<YN[J]RWP VXMN LQJWPN\ RW X[MN[ KNUX` NJLQ ]RVN ]QN K^]]XW R\ Y[N\\NM~
5NJ]
2aLQJWPN
/bYJ\\.^]X
<Za M`VVU =dcc_^
.R[ _XU^VN LQJWPN\ RW LbLUN KNUX` `QNW ]QN K^]]XW R\ Y[N\\NM ^YXW \]J[]RWP ]QN ^WR]~
5RPQ
/UJ\]
9X`
/UJ\]
5RPQ .R[ 0QJWPN
9X` .R[
0QJWPN
IH4IAA =dcc_^
=[N\\ ]QN K^]]XW XWLN ]X \]J[] ^Y JWM ]`RLN ]X \Q^] MX`Wr AQN LbLUN PXN\ XWr
MTaVV^ >\VR^2d` =dcc_^
DQNW ]QN \b\]NV [^W\ OX[ ytt QX^[\ RW ]X]JU mXYN[J]RWP QX^[\ [NM^LNM Kb QJUO ^WMN[ KbYJ\\ XYN[J]RWP VXMNnp `R[N LXW][XU [NPR\]N[\ OX[ \L[NNW LUNJW^Y JWM \L[NNW RWMRLJ]X[ OUJ\QN\r .O]N[ \L[NNW PN]\ LUNJWNM ^Y JWM [NRW\]JUUNMp Y[N\\ \L[NNW LUNJWq^Y K^]]XW \X ]QJ] ]QN \b\]NV [^W\ WX[VJUUbr
NZ]V MVccZ^X =dcc_^
3X[ \NUNL]RWP ]RVRWP VXMN~ ARVNM @]J[]p ARVNM @Q^]MX`Wp BW]RVNM
F_T[ =dcc_^
3X[ UXLTRWP RW K^]]XW\ JWM LXW]NW] XW 901
MVccZ^X =dcc_^
3X[ LUXLT \N]]RWP JWM ]RVRWP
NZ]V Sdcc_^
0UXLT JWM ARVN @N]]RWP
CVR\cY =dcc_^
BWMN[ \]J[]q^Y JWM \Q^]MX`W LXWMR]RXW\p `R[N LXW][XU \NWM\ QNJ]Q \RPWJU ]X QNJ] [NLUJRV _NW]RUJ]RXW `QNW ]QN K^]]XW R\ Y[N\\NMp JWM QNJ] [NLUJRV _NW]RUJ]RXW NW]N[\ QNJU]Q VXMN ^YXW [NLNR_RWP \RPWJU* J] ]QN \JVN ]RVNp `R[N LXW][XU RWMRLJ]N\ QNJU]Q \]J]^\r 5NJU]Q VXMN R\ LJWLNUUNM `QNW ]QN ^WR] R\ \Q^] MX`Wr
<Za KdR\Zch D^UZTRc_a
<dc_4CVRc @gTYR^XV4=h`Rbb
83MYdcU_f^; `aVbb IH4IAA Sdcc_^
ut
<YN[J]RXW RW\][^L]RXW
@NUNL] XWN XO ]QN ]Q[NN VXMN\r BWMN[ mQNJ] NaLQJWPNn VXMNp JR[ _NW]RUJ]RXW HQNJ] NaLQJWPNI R\ MNUR_N[NM ]Q[X^PQ QNJ] NaLQJWPN LXVYXWNW]\* BWMN[ mKbYJ\\n VXMNp HKbYJ\\I _NW]RUJ]RXW R\ MNUR_N[NM ]Q[X^PQ KbYJ\\ JR[ OUX`p WX] QNJ] NaLQJWPN LXVYXWNW]\* BWMN[ mJ^]Xn VXMNp XYN[J]RWP VXMN J^]XVJ]RLJUUb \`R]LQN\ KN]`NNW HQNJ] NaLQJWPNI VXMN JWM HKbYJ\\I VXMN ]Q[X^PQ ]NVYN[J]^[N \NW\X[r
63 I`VaRcZ^X G_UV MV\VTcZ_^
=[N\\ VXMN K^]]XW ]X LQJWPN XYN[J]RWP VXMN~
5NJ] 2aLQJWPN
/bYJ\\.^]X
@NUNL] ?NJ\XWJKUN .R[ @YNNMr
73 <Za M`VVU Nd^Z^X
=[N\\ JR[ \YNNM K^]]XW ]X LQJWPN JR[ \YNNM~
5RPQ /UJ\] 9X` /UJ\] 5RPQ .R[ 0QJWPN 9X` .R[ 0QJWPN
i kjl
p
m
n
o
=[N\\ <;s<33 K^]]XWr DR[N LXW][XU RWMRLJ]N\ Y[N_RX^\ XYN[J]RWP \]J]^\ JWM XYN[J]RWP RWMRLJ]X[ OUJ\QN\ XW `R[N LXW][XUr
53 McRacd`
NZ]Z^X
i kjl
r
n
o
q
:3 MYdcU_f^; `aVbb IH4IAA Sdcc_^
uu
<YN[J]RXW RW\][^L]RXW
63 IH4IAA NZ]Z^X
=[N\\ ]RVRWP K^]]XW ]X \NUNL] ]RVNM \]J[]^Y X[ ]RVNM \Q^]MX`Wr ARVRWP VXMN LQJWPN\ NJLQ ]RVN ]QN K^]]XW R\ Y[N\\NM RW LbLUN KNUX`~
ARVNM @]J[]^Y ARVNM @Q^]MX`W BW]RVNM
m
o
p
0X[[N\YXWMRWP VXMN RWMRLJ]X[ OUJ\QN\ XW `R[N LXW][XUr
53 MV\VTc R^ _`VaRcZ^X ]_UV RWcVa bcRacd`3
DR]Q `R[N LXW][XU RW ]RVNM \]J]^\p ]RVNM \]J[]^Y RWMRLJ]X[ OUJ\QN\ X[ ]RVNM \Q^]MX`W RWMRLJ]X[ OUJ\QN\p ]QNW Y[N\\ ]RVN ]^WRWP K^]]XWr 2JLQ ]RVN j
j K^]]XW R\ Y[N\\NMp ]RVRWP R\ Y[XUXWPNM Kb ut VRW^]N\r
2JLQ ]RVN j
j K^]]XW R\ Y[N\\NMp ]RVRWP R\ \QX[]NWNM Kb ut VRW^]N\r
ARVRWP ]^WRWP R\ O[NN `R]QRW ]QN vxqQX^[ [JWPNr
73 NZ]Z^X
83 >_^WZa]RcZ_^
.O]N[ ]RVN ]^WRWP R\ MXWNp Y[N\\ \N]]RWP K^]]XW ]X LXWOR[Vr ARVRWP RWMRLJ]X[ LXW\]JW]Ub \QRWN\ XW `R[N LXW][XUr
DQNW ]RVRWP RWMRLJ]X[ LXW\]JW]Ub \QRWN\p Y[N\\ \N]]RWP K^]]XW* ]RVRWP RWMRLJ]X[ ]^[W\ XOO* ]RVRWP R\ LJWLNUUNMr
93 >R^TV\\RcZ_^
CVR\cY G_Ud\V Ad^TcZ_^
i kjl
n
n
uv
<YN[J]RXW RW\][^L]RXW
63 >R^TV\\RcZ_^
DQNW ^WMN[ QNJU]Q VXMNp Y[N\\ JPJRW QNJU]Q K^]]XW X[ Y[N\\ XWLN <;s<33 K^]]XW `QNW ]QN ^WR] R\ <; ]X NaR] QNJU]Q VXMNr
m
53 CVR\cY G_UV MVccZ^Xb
=[N\\ QNJU]Q K^]]XW XWLN OX[ QNJ] [NLUJRV _NW]RUJ]RXW ]X NW]N[ QNJU]Q VXMNr 6W LJ\N XO JKWX[VJU JR[ Z^JUR]b \RPWJU ^WMN[ QNJU]Q VXMN m/.1
X[ 4<<1 np ]QN MN_RLN TNNY\ [^WWRWP RW RWR]RJU
XYN[J]RWP VXMN `QNW `R[N LXW][XU \]J[]\ ^Yr 6W LJ\N XO WX[VJU JR[ Z^JUR]b \RPWJU m2E02992;A
np ]QN ^WR] TNNY\ [^WWRWP RW L^[[NW] XYN[J]RWP VXMNr DQNW `R[N LXW][XU \Q^]\ MX`Wp QNJU]Q VXMN ]^[W\ XOO JWM QNJ] [NLUJRV _NW]RUJ]RXW [NLNR_N\ \Q^]MX`W \RPWJUr 6W LJ\N XO JKWX[VJU JR[ Z^JUR]b \RPWJU ^WMN[ QNJU]Q VXMN m/.1
X[ 4<<1 np RMUN `R[N LXW][XU \`R]LQN\ ]X g@]J[]^Yp .^]Xp
5RPQ /UJ\]h \]J]^\ ^W]RU JR[ Z^JUR]b ]^[W\ 2aLNUUNW]
KNOX[N `R[N LXW][XU J^]XVJ]RLJUUb \Q^]\ MX`Wr
;X]N~ 5NJU]Q K^]]XW [NVJRW\ JL]R_N `QNW ]QN ^WR] R\ <33r
;X]N~ <]QN[ O^WL]RXW\ NaLNY] VXMN O^WL]RXW\ LJW XWUb KN \N] ]Q[X^PQ `R[N LXW][XU VJ]LQNM `R]Q QNJ] [NLUJRV _NW]RUJ]RXWr
=X`N[qMX`W :NVX[b =X`N[qMX`W VNVX[b QJ\ KNNW MNOJ^U]NM ^YXW UNJ_RWP OJL]X[br .L]R_J]RWP~ `QNW ]QN ^WR] R\ <;p LXW]RW^X^\Ub Y[N\\ \L[NNW LUNJWq^Y K^]]XW ut ]RVN\ RW y \NLXWM\* K^ccN[ LXW]RW^X^\Ub [RWP\ x ]RVN\* YX`N[qMX`W VNVX[b R\ JL]R_J]NM* 0JWLNUURWP~ `QNW ]QN ^WR] R\ <;p LXW]RW^X^\Ub Y[N\\ \L[NNW LUNJWq^Y K^]]XW ut ]RVN\ RW y \NLXWM\* K^ccN[ LXW]RW^X^\Ub [RWP\ v ]RVN\* YX`N[qMX`W VNVX[b R\ LJWLNUUNMr
M`VTZR\ Ad^TcZ_^b
<WUb \N[_RLN YN[\XWWNU `R]Q Z^JURORLJ]RXW LN[]RORLJ]N LJW ^WMN[]JTN \N[_RLN `X[Tr
uw
:JRW]NWJWLN
Q<LHDHB
6W LJ\N ]QJ] QJWMUN XO QNJ] NaLQJWPN MN_RLN PN]\ MJVJPNM M^[RWP LUNJWRWPp YUNJ\N [NYUJLN QNJ] NaLQJWPN MN_RLN* X]QN[`R\Np R] VJb OJUU XOOr
1X WX] `J\Q JR[ \L[NNW `R]Q `J]N[ QX]]N[ ]QJW xt1* X]QN[`R\Np \L[NNW VJb UX\N LXUX[ X[ PN] MNOX[VNMr
1X WX] YUJLN JR[ \L[NNW WNJ[ OR[N \X^[LN* X]QN[`R\Np \L[NNW VJb LJ]LQ OR[Nr 1X WX] ^\N PJ\XURWNp MRU^NW] X[ X]QN[ LQNVRLJU \XU_NW]\* X]QN[`R\Np \L[NNW VJb UX\N LXUX[ X[
PN] MNOX[VNMr 1X WX] [NVX_N JR[ \L[NNW NaLNY] OX[ LUNJWRWP Y^[YX\N\* X]QN[`R\Np OJ^U] VJb NW\^Nr
><ONDIH
DQNW `R[N LXW][XU [NPR\]N[\ OX[ \L[NNW LUNJW^Y JWM \L[NNW RWMRLJ]X[ OUJ\QN\ mLUNJW^Y ]RVN [NJLQNMnp LUNJW ^Y JR[ \L[NNWr AQN RWMRLJ]RXW JYYNJ[\ `QNW Y[N\N] [^W]RVN LXVN\ ]X JW NWMr
><ONDIH
5NJ] NaLQJWPN MN_RLN JWM JR[ \L[NNW \QJUU KN O[NZ^NW]Ub LUNJWNM ^Y JWM [NYUJLNMr 0UNJW^Y SXK \QJUU KN MXWN J] UNJ\] XWN ]RVN YN[ bNJ[ mJYYURLJKUN ]X WX[VJU XOORLN LXWMR]RXW\nr
m3[NZ^NW] LUNJW^Y \QJUU KN MXWN `QNW WNLN\\J[bn 6W LJ\N XO \N[RX^\ JR[ YXUU^]RXW RW YUJLN\ `QN[N ]QN ^WR] R\ RW\]JUUNMp RW]NW\ROb LUNJW^Y NOOX[]\r 6W LJ\N XO M^\] JWM MR[] \]^KKX[WUb MNWbRWP LUNJW^Y NOOX[]\p [NYUJLN JR[ \L[NNW JWM QNJ]
NaLQJWPN MN_RLN mJUU [NYUJLNVNW]\ \QJUU KN JU]N[WJ]R_N OR]]RWP\nr =UNJ\N `NJ[ PUX_N\ `QNW LXWM^L]RWP LUNJW^Y SXK UN\] RWS^[b NW\^N\r :RWM bX^[ \]NY\ N\YNLRJUUb `QNW `X[TRWP JUXO]r
.UU YX`N[ LR[L^R]\ \QJUU KN L^] XOO KNOX[N LXWWNL]RWP ]N[VRWJU MN_RLN\r @Q^] MX`W ]QN MN_RLN JWM \Q^] XOO YX`N[ \`R]LQ KNOX[N `J\QRWP X[ VJRW]JRWRWP* X]QN[`R\Np
NUNL][RL \QXLT VJb NW\^N* MX WX] ]X^LQ VX_JKUN JWM [X]J[b YJ[]\r 1X WX] `J\Q ]QN MN_RLN `R]Q LUNJW `J]N[* X]QN[`R\Np NUNL][RL \QXLT NW\^N\r
Q<LHDHB
53 LV]_eZ^X MVaeZTV FZU
@N[_RLN 9RM
3Ra]^[N
:N]JU 5XXT
83 JdbY YVRc VgTYR^XV UVeZTVb SRT[ Z^c_ SaRT[Vc R^U Z^bVac cYV] cZXYc Z^ cYV SaRT[Vc3
ux
:JRW]NWJWLN
5NJ] 2aLQJWPN 1N_RLN
5JWMUN
@URMN 4[XX_N
.R[ @L[NNW
73 D^bcR\\Z^X <Za MTaVV^
.O]N[ LUNJWRWPp \`RWP `J]N[ X^] XO JR[ \L[NNWp JWM ]QNWp JR[qM[b R] RW LXXU YUJLN\ OX[ vtqwt VRW^]N\r DQNW R] R\ ]QX[X^PQUb M[bp Y^] R] KJLTr 3Ra JR[ \L[NNW ]RPQ] RW ]QN [RPQ] YUJLNr
93 G_d^c bVaeZTV \ZU cZXYc Z^ cYV aZXYc `\RTV3
.\ OX[ LXW][XU MR\YUJbRWP J \RPW XO \L[NNWp LXWWNL] ]QN LXW][XU ]X YX`N[ JO]N[ \N[_RLN JWM Y[N\\ @L[NNW 0UNJW^Y K^]]XW ]X [N\]J[] ]QN MN_RLNr =UNJ\N LXW]JL] LXWLN[WNM MR\][RK^]X[\ `QNW bX^ `JW] ]X LQJWPN ]QN ]RVN OX[ \NWMRWP \L[NNW LUNJWRWP \RPWJU\r
63 Jd\\ _dc RZa bTaVV^ R^U cYV^ cf_ YVRc VgTYR^XV UVeZTVb3 <Za bTaVV^ R^U YVRc VgTYR^XV UVeZTVb bYR\\ SV bV`RaRcV\h T\VR^VU Rb W_\\_fb;
0UNJWRWP 5NJ] 2aLQJWPN 1N_RLN 0UNJW M^\] JWM RVY^[R]RN\ XOO MN_RLN\ `R]Q _JL^^V LUNJWN[r /[^\Q \QJUU KN J_JRUJKUN OX[ ]QN \^L]RXW YX[] XO ]QN _JL^^V LUNJWN[r 9RPQ]Ub JWM LJ[NO^UUb K[^\Q QNJ] NaLQJWPN MN_RLN\* [X^PQ LXW]JL] VJb LJ^\N MJVJPN\rm1X WX] LUNJW MN_RLN\ `R]Q `J]N[r 6W LJ\N XO \N[RX^\Ub MR[]b JR[ \L[NNWp YUNJ\N J\T OX[ Y[XON\\RXWJU LUNJWRWP O[XV LXWLN[WNM MR\][RK^]X[\rn
0UNJWRWP .R[ @L[NNW 0UNJW JR[ \L[NNW `R]Q _JL^^V LUNJWN[ X[ `J]N[r 6W LJ\N XO Na][NVNUb MR[]b \L[NNWp LUNJW `R]Q \XO] QJR[K[^\Q JWM WN^][JU MN]N[PNW]r .O]N[ LUNJWRWPp JR[qM[b JR[ \L[NNWr
?NVX_N VN]JU QXXT XW \N[_RLN URM ORaNM XW]X LNRURWP ]Q[X^PQ \N[_RLN YX[] JWM ]QNW MR\VJW]UN \N[_RLN URMr
D^bcR\\RcZ_^ Ja_TVUdaVb
0.BA6<;~ 0XWLN[WNM \YNLRJUR\]\ \QJUU ]NJLQ ^\N[\ QX` ]X LX[[NL]Ub XYN[J]N ]QN ^WR] `R]Q JRM O[XV ]QN VJW^JU mN\YNLRJUUb JR[ \L[NNW \N[_RLN JWM XYN[J]RXW Y[XLNM^[N\nr
.LLN\\X[RN\ JWM OR]]RWP\ WNLN\\J[b OX[ RW\]JUUJ]RXW \QJUU KN TNY] JWM V^\] WX] KN MR\LJ[MNMi
wr @YNLRJU J]]NW]RXW \QJUU KN PR_NW ]X OXUUX`RWP R\\^N\ M^[RWP RW\]JUUJ]RXW JWM OXUUX`RWP LXVYUN]RXW XO ]QN \JVN Jr 0QNLT ^YXW 0XW\][^L]RXW 0XVYUN]RXW
uy
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
ur A[JW\YX[]RWP ]QN BWR]
1NLRMN XW ][JW\YX[]RWP [X^]N JWM MX WX] ^WYJLT KNOX[N J[[R_RWP J] RW\]JUUJ]RXW \R]Nr DQNW ^WYJLTRWP R\ LXVY^U\X[bp YUNJ\N ^\N \XO] [XYN X[ JMXY] ]QN g[XYN YU^\ JWPUN XO
Y[X]NL]RXWh JYY[XJLQ ]X URO]RWP MN_RLN\ \X ]QJ] \L^OORWP X[ MJVJPN\ LJW KN J_XRMNMr DQNW VX_RWP ^WYJLTNM ^WR]\p URO] ]QN ^WR] Kb QXR\] QXXTp JWM WX] Kb JWb X]QN[ XKSNL]\ XW ]QN
^WR] mJR[ QX\N SXRW]\ RW YJ[]RL^UJ[nr
vr .LLN\\X[RN\~ <]QN[ YJ[]\ WX] \QX`W KNUX` \QJUU KN Y[NYJ[NM Kb ^\N[\r
1N\RPWJ]RXW
;^VKN[
.YYNJ[JWLN
.R[ 5X\N 7XRW] 3UJWPN
x
uz
:x AJYYRWP \L[N` 9JLN
v
:JW^JU
u
0.BA6<;~ =UNJ\N VJTN \^[N ]QJ] ]NVYN[J]^[N JWM Q^VRMR]b RW YUJLN\ `QN[N JR[ RWUN] JWM X^]UN] P[RUUN R\ RW\]JUUNM J[N LXW][XUUNM `R]QRW Y[N\L[RKNM [JWPN ^WMN[ XYN[J]RWP LXWMR]RXW\r 1X WX] RW\]JUU ]QN P[RUUN RW [NO[RPN[J]X[ _NQRLUNp UX` ]NVYN[J]^[N YUJLN\ X[ `J[V `J]N[ \`RVVRWP YXXU* X]QN[`R\Np \QX[] LR[L^R] X[ OR[N VJb NW\^Nr CNQRLUN\ X[ _N\\NU\ \QJUU JU\X KN J_XRMNMr
JaV`RaRcZ_^ JaZ_a c_ D^bcR\\RcZ_^
=UJLN\ LUX\N ]X QRPQ ]NVYN[J]^[N UXLJ]RXW\ X[ WJTNM OR[N\* X]QN[`R\Np OR[N JLLRMNW] X[ X_N[QNJ]RWP VJb XLL^[r
=UJLN\ `QN[N XRU VR\] X[ PJ\XURWN NaR\]\p \^LQ J\ TR]LQNW* X]QN[`R\Np OR[N VJb XLL^[r =UJLN\ `QN[N YXR\XWX^\ PJ\N\ X[ LX[[X\R_N VJ]N[RJU mJLRM JWM JUTJUR \XU_NW]\n J[N ]X KN OX^WMp
\^LQ J\ VJLQRWN \QXY JWM LQNVRLJU YUJW]r =UJLN\ `QN[N UNJTJPN XO RWOUJVVJKUN PJ\N\ R\ YX\\RKUN \QJUU JU\X KN J_XRMNMr
=UJLN\ `R]Q QRPQ Q^VRMR]bp \^LQ J\ KJ]Q[XXVp `QN[N NUNL][RL \QXLT X[ L[NNYJPN JWM X]QN[ ][X^KUN\ VJb ]JTN YUJLNr
=UJLN\ LUX\N ]X VJLQRWN\ \NWMRWP X^] NUNL][XVJPWN]RL `J_N\p `QRLQ VJb RW]N[[^Y] ]QN XYN[J]RXW XO LXW][XU \b\]NV JWM LJ^\N OJRU^[Nr
?_ ^_c Z^bcR\\ cYV d^Zc Z^;
6]NV
=X\\RKUN 0XW\NZ^NWLN\ M^N ]X
2[[XWNX^\ =[JL]RLN\
?N\^U]\
BWR] ORaNM ]RPQ]-
1N_RLN VJb OJUU XOOp _RK[J]Np X[ VJTN WXR\N\r
0XWMNW\NM `J]N[ VJb NW]N[r
5NJ] NaLQJWPN NOORLRNWLb VJb KN RVYJR[NMp JWM LXWMNW\NM `J]N[ VJb XLL^[* RW LJ\N ]QJ] LXWMNW\NM `J]N[ M[RYYRWP XW]X _JU^JKUN\p MJVJPN\ VJb XLL^[r
3J^U] VJb NW\^N X[ YJ[]\ VJb PN] K^[W] X^]r
3J^U] VJb NW\^N X[ YJ[]\ VJb PN] K^[W] X^]r 1JWPN[ XO L[NNYJPN R\ YX\\RKUNr
=X\\RKUb UNJMRWP ]X RWLXVYUN]N _NW]RUJ]RXW X[ JKWX[VJU [^WWRWP WXR\N\r
=UNJ\N LQNLT JPJRW\] R]NV\ RW g@JON]b 0XW\RMN[J]RXW\h JPJRWr
Kr <YN[J]RWP 6W\][^L]RXW 2\\NW]RJU\
1X WX] JYYUb OX[LN ]X X]QN[ YJ[]\p SXRW] OUJWPN RW YJ[]RL^UJ[r =UNJ\N RVY[X_N QNJ] RW\^UJ]RXW `QNW ]NVYN[J]^[N JWM Q^VRMR]b RW\RMN LNRURWP NaLNNM wt1 JWM ?5|tkr 4UJ\\ `XXU X[ YXUbN]QbUNWN OXJV \QJUU KN ^\NM ]X MNUR_N[ QNJ] RW\^UJ]RXW \X ]QJ] RW\^UJ]RXW ]QRLTWN\\ MXN\ WX] NaLNNM utVVp `QRLQ R\ OR] OX[ ]QN XYNWRWP \YJLN XW LNRURWPr
ur 0QXX\N RW\]JUUJ]RXW \R]N JLLX[MRWP ]X RW\]JUURWP LXWMR]RXW\ JWM ^\N[\f [NZ^R[NVNW]\r AQN ^WR] \QJUU KN RW\]JUUNM RW YUJLN\ ONJ]^[RWP JMNZ^J]N \][NWP]Q JWM \]JKRUR]b mNrPrp L[X\\KNJVp LNRURWPp JWM X]QN[ UXLJ]RXW\ LJYJKUN XO KNJ[RWP ^WR] `NRPQ]r 6W\^OORLRNW] \][NWP]Q R\ MJWPN[X^\ JWM VJb LJ^\N _RK[J]RXW JWM JKWX[VJU XYN[J]RWP WXR\Nnr 1X WX] RW\]JUU ]QN ^WR] MR[NL]Ub ^W]X LNRURWP JWM `JUU \^[OJLN* MR[NL] LXW]JL] VJb LJ^\N _RK[J]RXWr 6W\]JUU ]QN ^WR] RW YUJLN\ `QN[N LUNJWRWP JWM \N[_RLN J[N OJLRUR]J]NMr
AQN ^WR]p YX`N[ URWN\ JWM `R[N\ \QJUU KN TNY] J] UNJ\] u VN]N[ J`Jb O[XV AC \N]\ JWM [JMRX\ ]X Y[N_NW] RW]N[[^Y]RXW JWM WXR\Nr =UJLRWP XO _JU^JKUN\ [RPQ] ^WMN[ ]QN ^WR] R\ \][RL]Ub Y[XQRKR]NM ]X Y[N_NW] LXWMNW\NM `J]N[ O[XV M[RYYRWP XW]X _JU^JKUN\ JWM LJ^\RWP MJVJPN\r
.R[ LQN\] VJb WX] KN ^\NM RW LN[]JRW [NPRXW\* YUNJ\N LXW\^U] UXLJU J^]QX[R]RN\ JWM OR[N
MNYJ[]VNW]r 6W LJ\N ]QJ] OR[NY[XXO VJ]N[RJU R\ [NZ^R[NM RW LN[]JRW K^RUMRWP\p LXVVXW JR[ QX\N \QJUU KN
\^YYX[]NM `R]Q LXYYN[ ]^KN ]X NaQJ^\] JR[r
uz
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
2a]N[WJU JR[ QX\N\ ]RU]NM MX`W`J[M\ JWM UNJMRWP X^]MXX[-
.MNZ^J]N QNJ] RW\^UJ]RXW J_JRUJKUN OX[ ]QN ^WR]­CJU^JKUN\ YUJLNM ^WMN[ JR[ X^]UN] O[JVN-
@^YYUb _XU]JPN LXWOX[V\ ]X [J]RWP XW WJVN YUJ]N-
0X[[NL] `R[RWP-
@JON NJ[]Q LXWWNL]RXW-
.R[ RWUN] YX[] JWM X^]UN] YX[] KUXLTNM Kb XKSNL]\-
D.?;6;4p 0.BA6<; JWM =?<56/6A21 RW ]QN VJW^JU J[N RWMRLJ]RXW\ XO YX\\RKUN KXMRUb RWS^[b JWM MJVJPN\ ]X MN_RLN\p ]QN[NOX[Np LXW]NW]\ ]QN[NXO \QJUU KN NaYUJRWNM ]X ^\N[\ `QX \QJUU KN J\TNM ]X [NJM ]QN VJW^JUr
QYV^ ]_eZ^X _a d^`RT[Z^X cYV d^Zc1 `\VRbV Y_\U cYV Y_Zbc Y__[3
0.BA6<;
u{
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
ur 1NLRMN XW ]QN [NUJ]R_N YX\R]RXW\ XO ]QN ^WR] JWM QXR\] QXXTrm?NON[ ]X RW\]JUUJ]RXW MRJP[JVn @N] J\RMN \N[_RLN \YJLNp RWLU^MRWP \N[_RLN YX[] mXYNW J \N[_RLN YX[] KN\RMN NUNL][RLJU LJKRWN] XW
]QN LNRURWP ]X OJLRUR]J]N LQNLTRWP JWM VJRW]JRWRWP XO JR[ \L[NNWp QNJ] NaLQJWPN MN_RLN JWM OJWnr
vr :JTN \^[N ]QJ] Na]N[WJU \]J]RL Y[N\\^[N MXN\ WX] NaLNNM [JWPN URVR]\r wr <YNWRWP RW\]JUURWP YX[]~ Y^] \RPWJU ][JW\VR\\RXW URWN JWM `R[N LXW][XU LJKUN ]Q[X^PQ ]QN URWN
QXUN XW ]QN ^WR] JO]N[ XYNWRWP RW\]JUURWP YX[] XW ]QN LNRURWPr xr 8NNY LNRURWP RW UN_NU YX\R]RXW JO]N[ XYNWRWP RW\]JUURWP
YX[]* [NRWOX[LN LNRURWP `QNW WNLN\\J[b ]X Y[N_NW] _RK[J]RXWr m0XWLN[WNM J[LQR]NL] X[ LJ[YNW]N[ LJW KN LXW\^U]NMnr
yr 6W\]JUURWP 1[J` /XU] m0QXX\N O[XV ]QN :utq:uv ?JWPNn
0NRURWP
/XU] @UNN_N
9XWP ;^] X[ @L[N` @UNN_N
1[J` /XU]
BWR]
vz}
yyw
{yw
zuw
vz}
uvw
vt
u{{
v{z
zz
uu|
}}
uvw
uytqvyt
X_N[ ztt
|uw
uwx
uwy
uxz
uyz
?NUJ]R_N =X\R]RXW\ XO ]QN BWR] JWM 1[J` /XU]
D^bcR\\RcZ_^ J_bZcZ_^
=UNJ\N RW\]JUU RW YUJLN\ LJYJKUN XO KNJ[RWP ^WR] `NRPQ]r 6VY[XYN[ RW\]JUUJ]RXW R\ MJWPN[X^\* R] WX] XWUb LJ^\N\ _RK[J]RXW K^] Y[XM^LN\ XYN[J]RWP WXR\N\r @N] J\RMN \N[_RLN \YJLN JWM JLLN\\ QXUNr =UNJ\N VJTN \^[N ]QJ] JLLN\\ QXUN R\ Y[N\N] ]X LQNLT JR[ \L[NNWp QNJ] NaLQJWPN MN_RLN JWM OJWr 1X WX] RW\]JUU ]QN ^WR] MR[NL]Ub XW [XXO X[ `JUU* X]QN[`R\Np ]QN ^WR] VJb MR[NL]Ub ]X^LQ [XXO X[ _RK[J]RXW `RUU NW\^Nr
JaV`RaRcZ_^ JaZ_a c_ D^bcR\\RcZ_^
vr 6W\]JUU ]QN ^WR] Kb QXR\] QXXT JWM LQNLT X^] `QN]QN[ LNRURWP R\ \][XWP NWX^PQ ]X QXUM ]QN ^WR]r 6W LJ\N XO RW\^OORLRNW] \][NWP]Qp [NRWOX[LN LNRURWP Y[RX[ ]X RW\]JUUJ]RXWr ;X]N~ .UU JKX_N YJ[]\ \QJUU KN Y[XL^[NM RW UXLJU [NPRXWr
ur<^]UN] 4[RUUNqqq._JRUJKUN XW ]QN @R]N
vr@N[_RLN 9RM mMRJrxytVVn
wr@N[_RLN @YJLN OX[ :JRW]JRWRWP 5NJ]
2aLQJWPN 1N_RLNp .R[ @L[NNWp 0XW][XU /Xa JWM 3JWr
xr.R[ 5X\N mJ_JRUJKUN XW ]QN \R]Nn
yr6WUN] 4[RUUN mJ_JRUJKUN XW ]QN \R]Nn
zr.R[ 5X\N X[ /X^[MXW A^KN mJ_JRUJKUN XW ]QN \R]Nn
{r2. mNaQJ^\] JR[n
|r5NJ] 6W\^UJW]eJ_JRUJKUN XW ]QN \R]N
}r<. mX^]MXX[ JR[~ O[N\Q X^]MXX[ JR[n
utr@^\YNWMRWP ?JLT ]X ?NM^LN CRK[J]RXW mJ_JRUJKUN XW ]QN \R]Nn
uur@^\YNWMRWP /XU] mJ_JRUJKUN XW ]QN \R]Nn
uvr@. m\NWMRWP JR[n
uwr@N[_RLN 9RM mMRJrxytVVnmJ_JRUJKUN XW ]QN \R]Nn
uxr?. m[N]^[W JR[n
uyr1XVN @QRNUM mJ_JRUJKUN XW ]QN \R]Nn
u|
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
mql
p
mm
mo
mn mp
ml
rmo
sqo
/++0
,.+*-.+
u
mq
s
t
q
m
n
o
r
s
u
<KURZ^R]b .KX_N uswt
+.R[ 5X\N 6W\]JUUJ]RXW 2\\NW]RJU\,
@RUNWLRWP KXa JWM \XO] QX\N J[N [NLXVVNWMNM `QNW RW\]JUURWP ]QN ^WR] RW Z^RN] YUJLN\r
.R[OUX` _XU^VN JWM WXR\N [J]RWP \QJUU KN LXW\RMN[NM OX[ \YNLRJU YUJLN\ `QNW LQXX\RWP RW\]JUURWP VJ]N[RJUr
ANVYN[J]^[N RW\RMN LNRURWP [R\N\ `QNW X^]MXX[ JR[ NW]N[\ LNRURWP* ]QN[NOX[Np QNJ] RW\^UJ]RXW Y[XYN[]RN\ \QJUU KN MNUR_N[NM ]X VN]JU YJ[]\r
D^bcR\\RcZ_^ ?ZRXaR]
<KURZ^R]b <_N[ uswt
._JRUJKUN
XW ]QN @R]N
._JRUJKUN XW ]QN @R]N
5NJ] 6W\^UJW]
._JRUJKUN XW ]QN @R]N
.U^VRW^V 3XRU
.U^VRW^V 3XRU
.R[ 5X\N 7XRW] 3UJWPN
6W\]JUURWP 5NJ] ?NLX_N[b CNW]RUJ]RXW 1N_RLN 3Ra JWLQX[ KXU]\ m:utq:uvn RW ]QN OR[\] YUJLNp ]QNWp Y^] VN]JU \^\YNWMRWP [JLT ]Q[X^PQ JWLQX[ KXU]\ JWM ORa R] `R]Q \YJLN[ JWM W^]r m0QNLT JPJRW\] [N\RM^JU \L[JY\ XO _RWbU OXJV JWM YJYN[ RW\RMN OJW LQN\]* LQNLT JR[ QX\N RW\RMN ]Q[X^PQ QX\N QXUN\rn DQNW RW\]JUUNM JUXO]p RW_N[]NM \^\YNW\RXW XO ]QN ^WR] R\ WNNMNM* YUNJ\N ]JTN LJ[N ]X ORa ]QN ^WR] ]RPQ] `R]Q UXWP OXX] KXU]\r
6W\]JUURWP JR[ QX\N SXRW] OUJWPN~ ORa OX^[ SXRW] OUJWPN\ `R]Q KXU]\r
u}
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
/XU]\
.R[ 5X\N 7XRW] 3UJWPN
.R[ 5X\N 7XRW] 3UJWPN
1X^KUN ;^]\
@YJLN[
;^]
5XXT
2aru 2arv
2arw 2arx
0XWWNL]RWP JR[ QX\N~ `QNW LXWWNL]RWP JR[ QX\Np [NVNVKN[~ Jr 1X WX] LXWWNL] JR[ QX\N J\ \QX`W Kb MRJP[JV XW ]QN [RPQ] 2aru~ ._XRM X_N[KNWMRWPp NrPrp KNWM JWPUN JKX_N }t
X
r
2arv~ ._XRM V^U]RYUN KNWMRWPr 2arw~ ._XRM [NM^LNM QX\N MRJVN]N[p 2rPrp [NM^LNM VRMq\NL]RXW MRJVN]N[ Y[XQRKR]NMr 2arx~ ._XRM KNWMRWP LUX\N ]X X^]UN]r
Kr .R[ 5X\N :RWRV^V /NWM ?JMR^\~ 1RJruttVV 5X\N~ uttVV* 1RJruytVV 5X\N~ uytVV* 1RJrvttVV 5X\N~ wttVV* 1RJrvytVV 5X\N~ w{yVV
Lr AX Y[N_NW] JR[ UNJTJPNp SXRW] \NL]RXW KN]`NNW OUJWPN JWM JR[ QX\N \QJUU KN `[JYYNM `R]Q JU^VRW^V OXRUr
Mr AX Y[N_NW] \QX[] LR[L^R]p RWMXX[ JR[ RWUN] \QJUU KN RW\]JUUNM J\ OJ[ J`Jb O[XV JR[ X^]UN] J\ YX\\RKUNr Nr =UNJ\N LQXX\N JR[ QX\N\ `R]Q \YNL\ LXWOX[VRWP
]X ^WR] VXMNUr Or 6W\]JUU ]`X Na]N[WJU JR[ QX\N\ `R]Q [NP^UJ[ XKURZ^R]b
mWX] KNUX` uswtn ]X Y[N_NW] [JRW `J]N[ O[XV KJLTq OUX`RWPr.] ]QN \JVN ]RVNp QNJ] RW\^UJW] \QJUU KN J_JRUJKUN OX[ JUU ]Q[NN JR[ QX\N\ m]`X X^]MXX[ JWM XWN RWMXX[n UN\] LXWMNW\NM `J]N[ NW\^N\rm6W\^UJW] VJ]N[RJU~ PUJ\\ `XXU vyVV ]QRLTn m?NON[ ]X MRJP[JV XW ]QN [RPQ]n
Pr 6W LJ\N XO LXW\]JW] QRPQ ]NVYN[J]^[N JWM Q^VRMR]b RW \^\YNWMNM LNRURWPp RW\]JUU _NW]RUJ]RXW MN_RLN RW LNRURWPr
Qr @XO] QX\N JWM `RWM \XO]NWRWP QX\N LJW NOONL]R_NUb [NM^LN NaQJ^\] WXR\N\r 3JW \][NWP]Q JWM XYN[J]RWP WXR\N \QJUU KN LXW\RMN[NM `QNW LQXX\RWP VJ]N[RJUr 1R\][RK^]X[\ XO Y[XM^L]\ \QJUU KN NW][^\]NM ]X LQXX\N VJ]N[RJUr
Rr 1NOJ^U] MR\]JWLN KN]`NNW JR[ X^]UN] 2. JWM JR[ RWUN] <. \QJUU KN ]`X ]RVN\ UXWPN[ ]QJ] QX\N MRJVN]N[r
Sr 1X WX] ^\N KNW] \N[_RLN URM X[ MXVN \QRNUM J\ Na]N[WJU \QRNUM* X]QN[`R\Np [JRW `J]N[ `RUU MR[NL]Ub NW]N[rm1NNYNWNM \QRNUM R\ [NLXVVNWMNMn
Tr :JTN \^[N ]QJ] JR[ QX\N R\ J] UNJ\] u VN]N[ J`Jb O[XV \QRNUMr
/JLT 0X_N[
@L[N` 5XUN
DR[N 0XW][XU 0R[L^R] /XJ[M
53 LV]_eZ^X N_` >_eVa
6W\]JUU =0 YUJ]N XW ]QN ]XY LX_N[ XO `R[N LXW][XUr AJTN LJ[N WX] ]X MJVJPN =0 YUJ]N `QRUN [NVX_RWP ]XY LX_N[r
73 D^bcR\\Z^X QZaV >_^ca_\
/X[N ]`X QXUN\ XW `JUU JLLX[MRWP ]X ]QN YX\R]RXW\ XO ]`X \L[N` QXUN\ XW ]QN KJLT LX_N[ XO `R[N LXW][XU* ORa KJLT LX_N[ `R]Q KXU]\ JWM LUX\N O[XW] LX_N[r
0.BA6<;~ 3Ra KJLT LX_N[ XW N_NW `JUU \^[OJLNp JWM MX WX] JYYUb ]XX V^LQ OX[LN `QNW \L[N`RWP MX`W KXU]\ UN\] `R[N LXW][XU R\ MJVJPNMr
83 >\_bV c_` T_eVa R^U cR[V TRaV ^_c c_ `aVbb _^ fZaV3
0.BA6<;~ 1X WX] ]X^LQ =0/ YJWNU `R]Q QJWM\
vt
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
i kjl
63 D^U__a O^Zc >_^^VTcZ_^
0XWWNL] ]N[VRWJU\ m.p /p 0n XW KX]]XV XO `R[N LXW][XU ]X ]N[VRWJU\ mouvCp4;1p@nXW RWMXX[ =0 YJWNUr
0.BA6<;~ DQRUN LXWM^L]RWP LXWWNL]RXWp TNNY LN[]JRW MR\]JWLN mX_N[ utVVn KN]`NNW \RPWJU URWN JWM YX`N[ URWNr
@RcN XO @RPWJU 9RWN~
AbYN
@QRNUM 9RWN m]Q[NN LX[N\n
0.BA6<;~ :JTN \^[N ]QJ] ]N[VRWJU SXRW]\ QJ_N KNNW LXWWNL]NM ]RPQ] JWM WX \QX[] LR[L^R] NaR\]\ KN]`NNW ]N[VRWJU\r
@RcN trwwVV
v
D^bcR\\Z^X QZaV >_^ca_\
CVR\cY NVbcZ^X G_Ud\V; ?VWZ^ZcZ_^ . D^bcR\\RcZ_^
vu
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
?NM /UJLT
5NJU]Q ]N\]RWP VXM^UNp J\ JW XY]RXWJU LXVYXWNW] XO QNJ] [NLUJRV _NW]RUJ]RXWp VJ]LQN\ QNJ] [NLUJRV _NW]RUJ]RXW ]X OX[V QNJU]Q VXM^UNr
5NJU]Q ]N\]RWP VXM^UN R\ J_JRUJKUN RW ]`X \YNLRORLJ]RXW VXMNU\p .@q0 JWM .@q6p JYYURNM ]X RWMXX[ JR[ Z^JUR]b ]N\]RWP JWM SXRW] LXW][XU XO RWMXX[ JR[ Z^JUR]b `R]Q QNJ] [NLUJRV _NW]RUJ]RXWr 0J[KXW MRXaRMN \NW\X[ R\ J_JRUJKUN `R]Q ]QN .@q0 VXMNU OX[ Y[NLR\N ]N\]RWP XO RWMXX[ 0<
v LXWLNW][J]RXWr
?VWZ^Z^X CVR\cY NVbcZ^X G_Ud\V
1^\] @NW\X[
0<v @NW\X[
AN[VRWJU . JWM / XW 5NJ] ?NLUJRV CNW]RUJ]RXW =0 =JWNU 0;ytu
vvtCd yt5c
9;
0;z 0;{
0;x
. /
0;v
<; <33
0<v
0;y
@Du
;X]N~ @Du R\ ^\NM ]X \N] ]N\]RWP VXM^UN JMM[N\\r
ur 3RaRWP \NL^[N QNJU]Q ]N\]RWP VXM^UNr m;<A2~ `QNW ORaRWP ]QN VXM^UN `R]Q XYNW `R[Np `XXM YJWNU vqwVV ]QRLT \QJUU KN YJMMNM JPJRW\] \QNUU KJLT ]X Y[N_NW] VXM^UN \QNUU O[XV ]RU]RWP J\ J [N\^U] XO `R[RWP VX_NVNW]\nr
vr 0XWWNL] ]QN [NM JWM KUJLT URWN\ XW QNJU]Q ]N\]RWP VXM^UN ]X YX`N[p [NM URWN ]X UR_N `R[N JWM
KUJLT URWN ]X W^UU `R[Nr DR[N 4J^PN~vE mtr{yquryVV
v
n
wr 0;x ]N[VRWJU . JWM / R\ LXWWNL]NM _RJ \RPWJU URWN ]X 0;ytu ]N[VRWJU . JWM / XW QNJ] [NLUJRV _NW]RUJ]RXW =0 YJWNUr vE mtr{yquryVV
v
n \QRNUM URWN R\ J_JRUJKUN J\ \RPWJU URWNr
xr 5NJU]Q ]N\]RWP VXM^UN LR[L^R] MRJP[JV J\ OXUUX`\~
D^bcR\\Z^X CVR\cY NVbcZ^X G_Ud\V
vv
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
yr 5NJU]Q AN\]RWP :XM^UN DR[RWP 1RJP[JV
vvtCd yt5c
/UJLT?NM
5NJU]Q AN\]RWP
:XM^UN u
w} wz +ky
wv
z{
wvwvwv
vvtCd yt5c
;<A2~ ?@x|y LXVV^WRLJ]RXW R\ J_JRUJKUN `R]Q QNJ] [NLUJRV _NW]RUJ]RXW JWM QNJU]Q ]N\]RWP VXM^UNr <WN \RWPUN QNJ] [NLUJRV _NW]RUJ]RXW LJW LXWWNL] ]X V^U]RYUN QNJU]Q ]N\]RWP VXM^UN\p|J] VX\]r 2_N[b QNJU]Q ]N\]RWP VXM^UN V^\] QJ_N R]\ JMM[N\\ Y[N\N] `R]Q u J\ ]QN RWR]RJU _JU^Nr
@N]]RWP 5NJU]Q AN\]RWP :XM^UN =0 =JWNU .MM[N\\ =0 YJWNU QJ\ R]\ JMM[N\\ Y[N\N] `R]Q Z^JMKR] MRJU LXMN\r 1RJU LXMN\ J[N J[[JWPNM XW =0 YJWNU J\ \QX`W RW MRJP[JV KNUX`~
@N] @Duqx ]X t
@Duqu @Duqv @Duqw @Duqx
<;mun
<33mtn
@Duqu @Duqv @Duqw @Duqx
@N]]RWP .MM[N\\
u v w
x y z { |
t t t t t
t
t t
t t t t u u u
u
t t
u
u t
t u u
t
u
t
u
t
u
t
u
1RJU LXMN\ \N]]RWP\ LX[[N\YXWM ]X JMM[N\\N\ J\ OXUUX`\ mu J\ <;ptJ\ <33n~
/UJLT?NM
/UJLT?NM
5NJU]Q AN\]RWP
:XM^UN v
5NJU]Q AN\]RWP
:XM^UN w
vw
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
tuytytvtzt
0.=r
0.=r
3B@2
.
/ 0
:
:
:
<33<;
x w v
u
@D}tw
0;uttx
0;uttw
0;uttv
0;ttx
9;
9;
0;ttw
0;{tu
0;{tv
0;wtu
Fs4
Fs4
Fs4
/? /9
Azrw.svytC.0
.
/
4;1
@
ouvC
0;uttu
?<<: A2:=r
@2;@<?
<BA1<<? .:/62;
A
@2;@<?
06?0B6A 16.4?.: <3 52.A ?209.6: C2;A69.A6<;
@D6;4 =<@6A6<; 12A20A<?
.6?q6;92A 3.; :<A<?
.6?q<BA92A 3.; :<A<?
@D6;4 :<A<?
A< 12A20A /<.?1 <3
52.9A5 :<1B92
D6?21 0<;A?<99<?
A?.;@3<?:2?
=<D2? @B==9F
;<A2~ =92.@2 1< ;<A 05.;42 A52 16= @D6A05 @D}tw <; A52 =0 /<.?1
0.=r~0.=.06A<?
Fs4~F299<Ds4?22;
/?~/?<D;
/9~/9B2
zr5NJ] ?NLUJRV CNW]RUJ]RXW DR[RWP 1RJP[JV~
?VWZ^Z^X @\VTcaZT >_^ca_\ MhbcV]
vx
6W\]JUURWP 5NJ] ?NLUJRV CNW]RUJ]RXW
i kjl
5NJ] ?NLUJRV CNW]RUJ]RXW DR[NM 0XW][XUUN[
3^UU 5NJ]
2aLQJWPN[
.R[ LQJWPN VXMN R\ J_JRUJKUN RW ]`X \LNWJ[RX\ J\ OXUUX`~
BWR] XYN[J]N\ RW gQRPQ JR[ LQJWPNh VXMN X[ gUX` JR[ LQJWPNh VXMN JWM JR[ _XU^VN LXVRWP RWMXX[\ R\ P[NJ]N[ ]QJW JR[ _XU^VN LXVRWP X^]MXX[\r AQR\ VXMN Y[N_NW]\ Q^VRMR]b X[ ^WYUNJ\JW] \VNUU O[XV LXVRWP RWMXX[\ X^] XO UJ_J]X[b X[ TR]LQNWr
mnop
|{ |xx
~*ulo
.R[ _XU^VN LXVRWP RWMXX[\ P[NJ]N[ ]QJ] JR[ _XU^VN LXVRWP X^]MXX[\~ =0 =JWNU 1RJU 0XMN m@D}twn @N]]RWP\ @QX`W J\ /NUX`~
.R[OUX` _XU^VN LJW \`R]LQ KN]`NNW gQRPQ \YNNMh VXMN JWM gUX` \YNNMh VXMNp gQRPQ JR[ LQJWPNh VXMN JWM gUX` JR[ LQJWPNh VXMNr
@`R]LQ ]X <^]MXX[ 3[N\Q .R[ :XMN~ DQNW ]QN ^WR] XYN[J]N\ RW gQRPQ \YNNMh VXMN JWM gUX` \YNNMh VXMNp JR[ LXVRWP RWMXX[\ JWM JR[ LXVRWP X^]MXX[\ QJ_N ]QN \JVN OUX` _XU^VNr
mMNUR_N[NM XWUb ]Q[X^PQ `R[N LXW][XU VJ]LQNM `R]Q QNJ] [NLUJRV _NW]RUJ]RXWn
<Za G_UV MfZcTY;
0XW][XUUNM RWMNYNWMNW]Ub ]Q[X^PQ `R[N LXW][XU~
B\N[\ \QJUU Y[XL^[N LXW][XU LJKUN myttV UXWP J] VX\]nr
3X[ MN]JRUNM XYN[J]RWP RW\][^L]RXWp [NON[ ]X DR[N 0XW][XU <YN[J]RXWr
D^UV`V^UV^c MhbcV];
?VWZ^Z^X >_^ca_\ MhbcV];
0XW][XU XYN[J]RWP QNJ] [NLUJRV _NW]RUJ]RXW `R]Q `R[N LXW][XUr <YN[J]RWP \]J]^\ JWM YJ[JVN]N[ \N]]RWP\ J[N MR\YUJbNM RW `R[N LXW][XUr
BWR] XYN[J]N\ RW gQRPQ JR[ LQJWPNh VXMN X[ gUX` JR[ LQJWPNh VXMNp JWM JR[ _XU^VN LXVRWP X^]MXX[\ R\ P[NJ]N[ ]QJW JR[ _XU^VN LXVRWP RWMXX[\r AQR\ VXMN \]XY\ ^W^\^JU \VNUU X[ JR[q KX[WN KJL]N[RJ O[XV LXVRWP ]X QJUU X^] XO \RLT[XXVr
mnop
|{ |xx
~*ulo
.R[ _XU^VN LXVRWP X^]MXX[\ P[NJ]N[ ]QJW JR[ _XU^VN LXVRWP RWMXX[\~ =0 =JWNU 1RJU 0XMN m@D}twn @N]]RWP\ @QX`W J\ /NUX`~
Loading...
+ 114 hidden pages