HKU FE100 Cover R2 - Faculty of Engineering - The University of

9>:99?: 8@ ;=A + ,-03426 1. -5,-//-0,-

VXW`[aXU Zaa^UTTcccSX]Y[]XX_[]YSZ\bSZ\

9>:99?: 8@ ;=A

+ ,-03426 1. -5,-//-0,-

C

=F?AF==IAF? 9K @CL

M

Y

CM

MY

CY CMY

K

+ ,-03426 1. -5,-//-0,-

C

M

Y

CM

MY

CY CMY

K

5?>C7>CB

iqn djl|t{~ wo cvprvnnyrvp }w|tm trsn {w woony r{z zrvlnyn {qjvsz {w hwjm frvp evoyjz{y|l{|yn grur{nm owy {qnry pnvnyw|z z|xxwy{ wo {qrz x|ktrlj{rwvb

p}y0f4 r13}813|

gh

x+} s,45139 1~ 5+} ry{6.59 1~ q0*,0}}3,0*

gi

x}y{+,0* y0| t}y30,0*

jk

q0*,0}}3,0* q7}398+}3}

ki

v}4}y3{+ y0| p,4{17}39

li

x+} p}y04

hgk

ry{}4 ~31/ 163 r,345 o}05639

hgl

n{-018.}|*}/}054

hhg

o}05}0y39 o1//,55}}4

hhh

w2104134 y0| p10134

hhi

C

M

Y

CM

MY

CY CMY

K

5?>C7>CB

iqn djl|t{~ wo cvprvnnyrvp }w|tm trsn {w woony r{z zrvlnyn {qjvsz {w hwjm frvp evoyjz{y|l{|yn grur{nm owy {qnry pnvnyw|z z|xxwy{ wo {qrz x|ktrlj{rwvb

p}y0f4 r13}813|

gh

x+} s,45139 1~ 5+} ry{6.59 1~ q0*,0}}3,0*

gi

x}y{+,0* y0| t}y30,0*

jk

q0*,0}}3,0* q7}398+}3}

ki

v}4}y3{+ y0| p,4{17}39

li

x+} p}y04

hgk

ry{}4 ~31/ 163 r,345 o}05639

hgl

n{-018.}|*}/}054

hhg

o}05}0y39 o1//,55}}4

hhh

w2104134 y0| p10134

hhi

C

M

Y

CM

MY

CY CMY

K

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` OT LGIZ, VXUHRKS YUR\OTM NGY HKKT ZNK NGRRSGXQ UL ZNKOX KJ[IGZOUT.

57>C7>3AF @D4 5?==:CC77 o+y,3/y0m A^ H^\TS__\^ ;@9F @\[ ;VaS[ u}/z}34m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` OT LGIZ, VXUHRKS YUR\OTM NGY HKKT ZNK NGRRSGXQ UL ZNKOX KJ[IGZOUT.

57>C7>3AF @D4 5?==:CC77 o+y,3/y0m A^ H^\TS__\^ ;@9F @\[ ;VaS[ u}/z}34m A^ ;@9F >O[8 >^O[X ^O[QW_ A^ B Vb_ H[]nemr h` Ggacg__kcga2l `cklm ak[^n[mchg ]e[ll7 Rkh`_llhk Oc^^e_mhg Ufcmb cl [m ]_gmk_ h` `khgm khp5 pbce_ Hhh Rcga6lb_nga cl mhi e_`m7 Kf[a_ ]hnkm_lr h` mb_ Wgco_klcmr Ck]bco_l5 JMW

58

C

M

Y

CM

MY

CY CMY

K

R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

}8/0*/2- ,531 7.+ -5382* 84

m{x n,|4x01|27 -y b-,z e-,z 5t1 y-3,wxw 5|2{ t 4|1|-, 2- .0-w3vx +-wx0, 20t|,xw x6.x021J |,v*3w|,z x,z|,xx01J 5{- 5-3*w {x*. b-,z e-,z t,w x1.xv|t**7 ]{|,t 2- wx4x*-.L c2 5t1 t 4|1|-, 1{t0xw u7 2{x *-vt* z-4x0,+x,2 t,w u31|,x11 v-++3,|27 5{- {tw *-uu|xw y-0 2{x n,|4x01|27G1 x12tu*|1{+x,2L _4x07-,x 5t1 ~xx,*7 t5t0x 2{t2 ]{|,t 5t1 -, 2{x u0|,~ -y +t}-0 v{t,zx t,w 2{x7 5t,2xw 2- {x*. 2{x v-3,207 2- tw4t,vxL _,z|,xx0|,z x6.x02|1x 5t1 30zx,2*7 ,xxwxwL hx5 y-0+1 -y 20t,1.-02t2|-,J x,x0z7 .0-w3v2|-,J v-++3,|vt2|-, t,w +t,3ytv230|,z 5x0x uxv-+|,z t4t|*tu*x t2 t 0t.|w .tvxL m- zx2 2{x ux12 -32 -y 2{x1x |,4x,2|-,1J ]{|,t t,w b-,z e-,z ,xxwxw .x-.*x 5{- 3,wx012--w 2{x wx1|z, t,w +xv{t,|v1 -y 2{x1x +tv{|,x1 t,w v-3*w u0|,z 2{x+ 2- *|yxL m{x `tv3*27 -y _,z|,xx0|,z 12x..xw 3. 2- 2{x 2t1~ ONN 7xt01 tz5{x, |2 -.x,xw |21 w--01 2- 123wx,21 y0-+ ]{|,t t,w l-32{xt12 [1|tJ t1 5x** t1 b-,z e-,zJ t,w |,20-w3vxw 2{x+ 2- 2{x ux12 2xv{,|vt* ~,-5*xwzx y0-+ px12x0, |,12|232|-,1L m{x .0-+|1x -y v{t,zx |,|2|t**7 5t1 ,-2 /3|2x t1 0-17 t1 2{x n,|4x01|27G1 y-3,wx01 {tw {-.xw y-0X x62x0,t* x4x,21 |, ]{|,t t,w 2{x 5-0*w 1x,2 2{x `tv3*27 w-5, w|yyx0x,2 .t2{1 t,w v{t**x,zxw |21 4x07 x6|12x,vxL \32 2{x x11x,2|t* ,xxw y-0 x,z|,xx0|,z x6.x02|1x 0x+t|,xw v-,12t,2 t,w 2{x ben `tv3*27 -y _,z|,xx0|,z ,-2 -,*7 1304|4xw u32 2{0|4xwL m{x `tv3*27 ,-5 vx*xu0t2x1 t vx,2307 -y .0-4|w|,z v0|2|vt* 13..-02 2- 2{x wx4x*-.+x,2 -y b-,z e-,z t,w ]{|,tJ t1 2{x7 x4-*4xw y0-+ utv~5t2x01 |,2- *xtw|,z xv-,-+|x1 5|2{ 1-+x -y 2{x +-12 |+.0x11|4x x6t+.*x1 -y x,z|,xx0|,z |, 2{x 5-0*wL O[cg Dnce^cga5 ]ck][ 9A9:7

5:

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

7.+ +|50: :+|56 qu{uvsu{wxr m{x y-3,wt2|-, 12-,x y-0 b-,z e-,z

[ .0|+t07 -u}xv2|4x -y ben 5t1 2-

/3t*|y|xw x,z|,xx01 2- {x*. 5|2{ 2{x

n,|4x01|27 : -0 ben t1 |2 |1 ~,-5, 2-

.0-w3vx {|z{Kvt*|u0x z0tw3t2x1 2-

u3|*w|,z t,w wx4x*-.+x,2 -y b-,z

t** : 5t1 *t|w -, gt0v{ OTJ OWONJ u7

1x04x 2{x ,xxw1 -y b-,z e-,z t,w

e-,z t,w ]{|,tL \32J 5{|*x l|0

l|0 `0xwx0|v~ f3zt0wJ 2{x, b-,z e-,z

]{|,tL c,wxxwJ |21 12t2xw +|11|-, 5t1

`0xwx0|v~G1 t+u|2|-, y-0 ben : 2-

a-4x0,-0J t,w t +t}-0 w0|4|,z y-0vx

E2- 1.0xtw t+-,z 2{x ]{|,x1x t

v0xt2x t v|2twx* -y *xt0,|,z |, 2{x

ux{|,w 2{x x12tu*|1{+x,2 -y 2{x

~,-5*xwzx -y 1v|x,2|y|v .0|,v|.*x1

i0|x,2 : 5t1 u|zJ |, 2{x uxz|,,|,z

n,|4x01|27L l|0 `0xwx0|v~J 5{- 5t1

5{|v{ 5|** x,tu*x 2{x+ 2- wx4x*-.

2{x .0tv2|vt*|2|x1 5x0x 1+t**L

benG1 `|012 ]{t,vx**-0J 1t5 2{x

2{x z0xt2 ,t230t* 0x1-30vx1 -y 2{x|0

3,|4x01|27 t1 t, Ei6u0|wzx -y 2{x

4t12 v-3,207LE m{x `tv3*27 -y

Ja7{3: _~*/{4{ .645 +0*/ */ {||0354 */ 3w*4*/} |6/z4 < |03 5~{ x{/{|*5 0| 063 y~*-z3{/ |03 5~{ x{/{|*5 0| 063 ~0.{ 7*--w}{ w/z |03 5~{ x{/{|*5 0| 063 y06/53: P P P }*7{/ 5~{ 46yy{44 0| d0/} g0/} p/*7{34*5:N 8{ 8*-- /0 .03{ /{{z 50 53w7{- 5{/ 5~064w/z -* 50 456z: P P P d0/} g0/} p/*7{34*5: 8*-- 4{37{ /05 0/-: 5~{ /{{z4 0| d0/} g0/} x65 w-40 5~{ 1{01-{ 0| g8w/}56/} 1307*/y{P a7{/ .03{N *5 8*-- ~{-1 /63563{ 5~{ 5w-{/54 0| _~*/w P P P 8{ .w: w-- 3{+0*y{ */ 4*/}*/} 50 5~{ 46yy{44 0| d0/} g0/} p/*7{34*5: 3{w- 400/PJ o~{ _~*/{4{ iw*- L-{wz*/} _~*/{4{ 1w1{3 */ d0/} g0/}M yw--4 |03 16x-*y 46x4y3*15*0/4 50 ~{-1 |6/z dgpN b{x36w3: RZQZP

jt02*7 uxvt31x -y 2{x *3~x5t0+ l+|2{J t v{t02x0xw +xv{t,|vt* x,z|,xx0 t,w [11|12t,2 j0-yx11-0 -y ]|4|* t,w gxv{t,|vt* _,z|,xx0|,z t2 2{xn,|4x01|27-yf-,w-,G1_t12f-,w-, ]-**xzxL j0-yx11-0 g|ww*x2-, l+|2{G1 wxv|1|-, 5t1 ,-2 2-2t**7 120t|z{2y-05t0wJ {-5x4x0J t1 v*xt0*7 ,-2 x4x07u-w7 {tw v-,y|wx,vx |, 2{x y3230x -y 2{x y*xwz*|,z benL Ep{x, 2{x vtu*x y0-+ b-,z e-,zJ |,4|2|,z +x 2- -vv3.7 2{x ]{t|0 -y _,z|,xx0|,z 2{x0xJ 0xtv{xw +x |, f-,w-,J |2 vt+x t1 t z0xt2 130.0|1xJ y-0 |2 {tw 1xx+xw vx02t|, 2{t2J y-0

Vb_ e[rcga h` mb_ Wgco_klcmr h` Jhga Mhga2l `hng^[mchg lmhg_5 O[k]b 9>5 9A987

2{x 0x12 -y +7 5-0~|,z *|yxJ +7 wx12|,7 5t1 2{x n,|4x01|27 -y f-,w-, L L L

0xtv2|-, y0-+ ,t71t7x01J 2{x ]-*-,|t*

4t0|-31 -2{x0 .x-.*xJ |,v*3w|,z l|0

]-*-,|t* iyy|vxJ 5x0x *x11 x,v{t,2xw

iyy|vx |,v*3wxwJ y3,w|,z 5t1 1{-02

_w5t0w l23uu1J 5{- 13u1x/3x,2*7

5|2{ 2{x |wxt t,w 0xyx00xw

t,w 1- 5x0x ,3+ux01 -y 2xtv{|,z

uxvt+x a-4x0,-0 -y b-,z e-,zJ

w|1.t0tz|,z*7 2- 2{x ,x5 |,12|232|-,

12tyyL o|vxK]{t,vx**-0 l|0 ]{t0*x1 _*|-2

tw4|1xw +x 2- 0xy31xL m{x, t *-,z

t1 El|0 `0xwx0|v~G1 .x2 *t+uEL

3,wx02--~ 2{x 30zx,2 2t1~ -y

2t*~ 5|2{ l|0 dt+x1 ]t,2*|xJ 2xtv{x0J

0xv03|2+x,2J u32 1--, w|1v-4x0xw 2{t2

0x1v3x0 t,w 0x4x0xw y0|x,w -y ^0 l3,

hx4x02{x*x11J -, gt0v{ OOJ OWOPJ ben

2{x n,|4x01|27 ]-3,v|* 5-0~|,z |,

qt2K1x, +twx +x wxv|wx 2- tvvx.2J

: b-,z e-,zG1 y|012 3,|4x01|27J t,w |21

f-,w-,{tw5-xy3**73,wx0Kx12|+t2xw

t wxv|1|-, ,x4x0 0xz0x22xw L L LE H_620tv2

-,*7 -,x y-0 2{x ,x62 TN 7xt01 :

1t*t07 v-121L b-5x4x0J 2{x }-u {tw 2-

y0-+ _,z|,xx0|,z |, 2{x `t0 _t12 OWOPK

|+.0x11|-,1 5x0x wxv|wxw*7 +|6xwX

-yy|v|t**7 -.x,xw |21 w--01L m{x0x 5x0x

ux w-,x t,w t 2-. .0|-0|27 5t1 y|,w|,z

OWRWJ 50|22x, u7 j0-yx11-0 g|ww*x2-,

Em{x uxt327 -y 2{x 1vx,x07 -y b-,z

\32 j0-yx11-0 g|ww*x2-, l+|2{G1

}312 25- y-3,w|,z ytv3*2|x1 :

t 5-02{7 vt,w|wt2x 2- y|** 2{x mt|~--

l+|2{ |, OWRWJ ON 7xt01 ty2x0 {|1

e-,z 5t1 t wx*|z{2y3* 130.0|1xJ u32

x62x,1|4x 2xtv{|,z x6.x0|x,vx

_,z|,xx0|,z t,w gxw|v|,x H[021

]{t|0 -y _,z|,xx0|,zL l|z,|y|vt,2*7J

0x2|0x+x,2 y0-+ benIL

2{x n,|4x01|27 5t1 t w|1t..-|,2+x,2LE

x,tu*xw {|+ 2- 1-02 -32 2{x y|012

y-**-5xw -,x 7xt0 *t2x0IL m{x `tv3*27

|2 5-3*w ux benG1 y|012 tvtwx+|v

b|1 +t|, v-,vx0,1 5x0x 2{0xxKy-*wX

.0-u*x+ -y v300|v3*3+ 4x07 /3|v~*7J

-y gxw|v|,x {tw x4-*4xw y0-+ 2{x

t..-|,2+x,2L

? A^Wbb[d]_d] QiWgi

*tv~ -y t v300|v3*3+J *tv~ -y y3,w|,z

y-0+3*t2|,z t, _,z|,xx0|,z 17**tu31

y-0 x/3|.+x,2J t,w *tv~ -y ytv|*|2|x1L

5{|v{ 5t1 t..0-4xw u7 2{x n,|4x01|27

l|0 ]{t0*x1 y-3,w 2{x +t, {x 5t1

j0-yx11-0 g|ww*x2-, l+|2{ t00|4xw |,

*--~|,z y-0 |, ]twx1 [*y0xw g|ww*x2-,

b-,z e-,z |, iv2-ux0 OWOPL b|1 y|012

_t12EJ t*2{-3z{ -2{x01J |,v*3w|,z 2{x

_,z|,xx0|,z 5t1 2- .0-4|wx {|z{*7

b-,z e-,z ]-**xzx -y gxw|v|,xJ |21x*y y-3,wxw |, OVVUJ 5{|*x 2{x `tv3*27 -y _,z|,xx0|,z 5t1 u0t,w ,x5L

Uck Hk_^_kc]d Nna[k^

Vb_ H[]nemr2l `cklm lm[`` eclm7

5-3*w uxv-+x *-,zK2x0+ {xtwtv{x1L

]-3,v|* }312 |, 2|+x y-0 2{x y|012 [15x1{t**1xxJ2{x*t22x025-.0-u*x+1

x,0-*+x,2 t2 2{x x,w -y iv2-ux0L 5<

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

Jj]WgZ3KeZn.h NbWd e\ Fed] Ied] Sd_k[gh_in _d 6=65 /fg_eg ie Nge\[hheg K_ZZb[ied Qc_i^.h Wffe_dic[di0

R^[ U[hi U_d] e\ i^[ Sd_k[gh_in

A^[c_hign JWXegWiegn /YW4 6=680 R^[ fgefeh[Z Cd]_d[[g_d] U_d]2 l_i^ edbn ile bWXegWieg_[h WdZ W legah^ef

N^nh_Yh JWXegWiegn /YW4 6=770 NbWdd[Z bWneji e\ KW_d @j_bZ_d].h EgejdZ Dbeeg _d 6=65

R^[ CWhi U_d] e\ i^[ @Wh[c[di2 YW4 6=75 J_XgWgn /U[hi Peec0 YW4 6=6;

Cb[Yig_YWb R[Y^debe]n JWXegWiegn /YW4 6=770

R^[ DWcejh N_Yijg[ 3 Bg Qjd VWi3h[d.h T_h_i ie FIS _d 6=78 444lWh iWa[d `jhi ejih_Z[ i^[ Qig[d]i^ e\ KWi[g_Wbh JWXegWiegn4

Bg Qjd VWi3h[d

?ffb_[Z K[Y^Wd_Yh JWXegWiegn

Qig[d]i^ e\ KWi[g_Wbh JWXegWiegn

5=

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

|2 5-3*w ux z--w y-0 \0|2|1{ y|0+1 2-

n,|4x01|27G1 j-5x0 b-31xJ *-vt2xw |,

,x5 .0x+|1x1 -, *t,w -u2t|,xw y0-+

ux |,4-*4xw 5|2{ 2{x wx4x*-.+x,2

5{t2 |1 ,-5 2{x 1-32{xt12 v-0,x0 -y

2{x [0+7 t*-,z j-~y3*t+ k-tw t2

-y x,z|,xx0|,z |, ]{|,t 1|,vx 2{|1

2{x gt|, \3|*w|,zL l2xt+ t,w

2{x *-5x0 _**|-2 \t22x07 1|2xL m{|1

v-3*w -.x, w--01 2- +-0x 20twx |,

b7w0t3*|v1 ftu-0t2-0|x1 5x0x {-31xw

1x.t0t2x vt+.31 5-3*w uxv-+x

x/3|.+x,2 t,w +t2x0|t*1 ux25xx,

,xt0u7 : ,x62 2- 5{t2 |1 ,-5 2{x

~,-5, t1 2{x Ep|*wx0,x11 -y ]twx1E

2{x 25- v-3,20|x1L m{x0xy-0xJ u7

n,|4x01|27G1 _t12 at2x _6|2 : |, 5{t2

Hty2x0 j0-yx11-0 g|ww*x2-, l+|2{G1

{x*.|,z 2{x |+.-4x0|1{xw benJ 2{x7

{tw .0x4|-31*7 uxx, t z-4x0,+x,2

y|012 ,t+xIL c, tww|2|-,J l|0 k-ux02

5-3*w ux x,v-30tz|,z y3230x 20twxL

.3+.|,z 12t2|-,L

b- m3,z =?F; {tw +twx y-30

p{|*x 2{x OWOQ y3,wK0t|1|,z xyy-021

JMW Ggacg__kcga Uh]c_mr 9A:>5 pcmb Vl[ga Vcg6]bc_g5 mb_ H[]nemr2l `cklm `_f[e_ lmn^_gm7 Kf[a_ ]hnkm_lr h` mb_ Wgco_klcmr Ck]bco_l5 JMW

w-,t2|-,1 -y FPSJNNN xtv{ -4x0 2{x 7xt01 1|,vx benG1 -.x,|,z 2-5t0w1

|,|2|t**7 +twx z0xt2 {xtw5t7J 0t|1|,z

h-2 -,*7 5x0x 2{x ytv|*|2|x1 2-- 1+t**

tu-32 9RNJNNNJ -321|wx x4x,21 5x0x

y-02{x7-3,z`tv3*27G12xtv{|,z,xxw1J

2{x v-,1203v2|-, -y 5{t2 5-3*w

tu-32 2- 2t~x -4x0L c, OWORJ .0-z0x11

u32 v-+.*t|,21 5x0x 1--, v-+|,z |,

uxv-+x 2{x b- m3,z _,z|,xx0|,z

5t1 tu03.2*7 {t*2xw u7 2{x 12t02 -y

y0-+ 2{x 0x12 -y 2{x n,|4x01|27 tu-32

p-0~1{-.L c2 5-3*w ux }-|,xw |, OWQR

p-0*w pt0 c |, _30-.xL \0|2|1{

2{x ,-|1x t,w 1+-~x 2{x7 zx,x0t2xwL

u7 2{x jxx* _,z|,xx0|,z ftu-0t2-07 t,w x4x,23t**7 u7 2{x ^3,vt, l*-11

+t,3ytv230x01 {tw 2- v{t,,x* 2{x|0

m{x y|012 wxz0xx 5t1 t \tv{x*-0 -y

x6t+|,x01 y-0 2{x n,|4x01|27 -y

]{t0*x1s {tw +twx t z0xt2 0x.32t2|-,

x,x0z|x1J y3,w1 t,w x/3|.+x,2 2-

c2 5t1 ,-2 3,2|* OWPS 2{t2 2{x `tv3*27

lv{--* -y _,z|,xx0|,z u3|*2 ty2x0

lv|x,vx |, _,z|,xx0|,z H\lv_,zI 5{|v{

f-,w-,L m{x7 vx02|y|xw 2{t2 2{x

t1 t 1v{-*t0 t2 i6y-0w n,|4x01|27Y {x

+-0x 30zx,2 +t22x01L

y|,t**7 5t1 tu*x 2- 0t|1x y3,w1 2- u3|*w

p-0*w pt0 ccL

|,v*3wxw |,1203v2|-, |, v|4|*J

12t,wt0w 0xtv{xw u7 2{x vt,w|wt2x1

1.-~x PU *t,z3tzx1 y*3x,2*7Y {x {tw

R^[ Oj[hi \eg Keg[

+xv{t,|vt*t,wx*xv20|vt*x,z|,xx0|,zL

y0-+ b-,z e-,z 5t1 x/3|4t*x,2 2-

~,-5*xwzx -y 1x4x0t* -2{x01J t,w {x

c2 5t1 t y-30K7xt0 v-301xJ v-,1|wx0xw

2{t2 0x/3|0xw y-0 t v-00x1.-,w|,z

{tw uxx, yt+-31 t1 t w|.*-+t2L bx

.0xyx0tu*x 2- 2{0xx 7xt01 t1 1-+x

wxz0xx t2 2{x n,|4x01|27 -y f-,w-,L

5t1 x620x+x*7 ~|,w 2- +xJ u32 {x

m{x 2{|0w .0-u*x+ y-0 2{x ,x5 `tv3*27

123wx,21J .t02|v3*t0*7 2{-1x y0-+

m{xy|012ut2v{-y_,z|,xx0|,z123wx,21

w|1*|~xw 2{x 5-0~ -y x,z|,xx01J 5{|v{

5t1 2{x *tv~ -y 2xtv{|,z 1.tvxL

]{|,tJ w|w ,-2 {t4x t z--w z0-3,w|,z

z0tw3t2xw |, OWOTJ 5|2{ -,x -y 2{x+J

{x 1t|w +twx v|2|x1 y|*2{7 5|2{ 1+-~x

j0-yx11-0 g|ww*x2-, l+|2{ x12|+t2xw

|, +t2{1 t,w .{71|v1L l23wx,21

g0 `-- j|,zK1{x3,z C@BJ 0xvx|4|,z

L L L |2 5t1 v30|-31 2{t2 t*2{-3z{ l|0

2{t2 2{x `tv3*27 ,xxwxw tu-32 SNJNNN

3,wx05x,2 t v-++-, v-301x y-0 2{x

`|012 ]*t11 b-,-301L

]{t0*x1 {tw t z|t,2 |,2x**xv2 {x {tw

1/ y2 -y 5-0~1{-.1J *tu-0t2-0|x1 t,w

z0xt2 w|yy|v3*27 tww|,z 3. t v-*3+,

2xtv{|,z 0--+1L p{t2 2{x `tv3*27

[1 5x** t1 v*t110--+ 2xtv{|,zJ

-y y|z30x1 -y .-3,w1J 1{|**|,z1 t,w

tv23t**7 {tw 5t1 PNJPNN 1/ y2L

j0-yx11-0 g|ww*x2-, l+|2{ 5t1 ~xx,

.x,vx L L LE

y|012 2{0xx 7xt01 t,w 1.xv|t*|1xw |, 2{x y-302{L m{x t|+ y0-+ 2{x 12t02 5t1 2{t2 2{x

2- zx2 123wx,21 -yy vt+.31 y-0 {t,w1K

wxz0xx 1{-3*w ux 2{x x/3t* -y 1|+|*t0

-, *xt0,|,zL j0tv2|vt* 20t|,|,z 5t1

\x25xx, OWOP t,w OWPSJ 2{x m{t2 |,w|z,t2|-, 5t1 ,-2

_,z|,xx0|,z ftu-0t2-0|x1 5x0x

wxz0xx1 |, 2{x neL c, -0wx0 2{t2 2{x0x

.3013xw 5|2{ *-vt* x,z|,xx0|,z

3,0xt1-,tu*xJ z|4x, 2{t2 2{x z0t,w

{-31xw |, 2{x gt|, \3|*w|,z :

1{-3*w ux ,- /3x12|-, t1 2- 2{x /3t*|27

v-+.t,|x1 t,w 4|1|21 5x0x +twx 2-

13+ -y +-,x7 t**-vt2xw 2- 2{x `tv3*27

t*2{-3z{ x4x, 1-+x -y 2{x1x 0--+1

-y 2{x z0tw3t2x1J 2{x 5-0~ -y benG1

b-,z e-,zG1 w-v~7t0w1 : 2{x `tv3*27

-y _,z|,xx0|,z y-0 x/3|.+x,2 5t1

5x0x -0|z|,t**7 +xt,2 y-0 -2{x0 31x1

xt0*|x12 x,z|,xx0|,z 123wx,21 5t1

13..-02xw x6.x0|x,2|t* *xt0,|,z y0-+

9ONNL p-0~|,z 5|2{ benG1 f-,w-,

t,w {tw 2- ux .30*-|,xw u7 2{x `tv3*27L

1x,2 2- t11x11-01 |, f-,w-, : 2{x

|21 xt0*|x12 wt71L

]-,13*2|,z ]-++|22xxJ j0-yx11-0

c, tww|2|-,J 2{x0x 5t1 t bxt2 _,z|,x

g|ww*x2-, l+|2{ {tw t*1- u0-3z{2

ftu-0t2-07J 5{|v{ t*1- 1x04xw t1 2{x

JWYa e\ P[hejgY[h

Uck Th\_km Jh Vnga 3kcabm4 pcmb Uck Ubhnlhg Ebhp 3e_`m4 [g^ Rkcg]_ll O[kcg[5 Fn]b_ll h` M_gm7

5|2{ {|+ y0-+ \0|2t|, 9QNN 5-02{ -y ,x5 x/3|.+x,2 t1 5x** t1 EST |2x+1

m{x1xv-,w.0-u*x+ytv|,z2{x`tv3*27J

-y x/3|.+x,2E w-,t2xw u7

*tv~ -y y3,w|,z y-0 x/3|.+x,2J 5t1

x,z|,xx0|,z y|0+1L

{t0wx0 2- 0x1-*4xL i4x0 2{|1J j0-yx11-0 g|ww*x2-, l+|2{ *-v~xw {-0,1 -,

\32 2{x 1{-02yt** 0x+t|,xw {3zx t,w

1x4x0t* -vvt1|-,1 5|2{ 2{x o|vxK

|, OWOQJ j0-yx11-0 g|ww*x2-, l+|2{J

]{t,vx**-0J l|0 ]{t0*x1 _*|-2J t 2311*x

5|2{ 2{x utv~|,z -y 2{x ]-,13*2|,z

2{t2 {x 5-3*w *--~ utv~ -, 5|2{ 1-+x

]-++|22xx t,w 2{x {x*. -y f-0w t,w

|0-,7 |, *t2x0 7xt01L

ftw7 f3zt0wJ 0x230,xw 2- 2{x ne 2-

lt|w j0-yx11-0 g|ww*x2-, l+|2{X Erl|0

x/3|.+x,2L b|1 1x**|,z .-|,2 5t1 2{t2

Je5 .645 x{ y0/|{44{z 5~w5 5~{ 03*}*/w- 130.05{34 0| 5~{ 6/*7{34*5: z*z /05 3{w-*4{ 5~w5 .0z{3/ {/}*/{{3*/} */4536y5*0/ 3{26*3{4 w }3{w5 z{w0| .0/{: 50 x{ 41{/5 0/ x6*-z*/}4 < {41{y*w--: z{4*}/{z w4 -wx03w503*{4 w/z 803,4~014 P P PJ k30|{4403 i*zz-{50/ n.*5~N o~{ bw3 aw45{3/ m{7*{8 RZSS

0t|1x +-,x7 t,w +-0x w-,t2|-,1 -y Hhng^cga Xc]_6Eb[g]_eehk Uck Eb[ke_l Gechm7

66

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

Hhnkmb6r_[k Ecoce Ggacg__kcga lmn^_gml5 9A;87

CmfWdZ_d] i^[ ?YWZ[c_Y Qf^[g[

Je/ 5~{ y0/5{95 0| d0/} g0/}N 8*5~ *54 */z6453: {91w/z*/} w/z z*7{34*|:*/} w5 w |w/5w45*y 3w5{N |-{9*x*-*5: 4~06-z x{ 5~{ ,{:/05{ */ 5~{ 130}3w..{ 0| 5{y~/0-0}*yw- {z6yw5*0/P m*}*z 4:45{.4 .w,{ z*||*y6-5 5~{ wz+645.{/5 x{58{{/ 5{y~/*yw.w/108{3 w/z {y0/0.*y z{7{-01.{/5[ .03{07{3N 5~{: .w,{ *5 z*||*y6-5 50 |0--08 5~{ 3w1*z 5{y~/0-0}*yw- wz7w/y{4 0| 063 w}{PJ O k30|{4403 n{w/ iwy,{:N RZWW Qi_g F[r [m mb_ Wgco_klcmr ]ck][ 9A>=7 Kf[a_ ]hnkm_lr h` mb_ Wgco_klcmr Ck]bco_l5 JMW

.x0 vx,2 t 7xt0J +xt,|,z 2{x n,|4x01|27

i,x -y |21

5-3*w w-3u*x |, 1|8x u7 OWVNL

+t}-0 t|+1 5t1 2- .|-,xx0 t

m{x z-4x0,+x,2 13..-02xw 2{|1 z-t*

1712x+t2|v

u7 1x22|,z 3. t FQLSK+|**|-, 123wx,2

2xv{,-*-z|vt*

^30|,z 2{|1 .x0|-w 123wx,2 ,3+ux01

z0t,2 t,w *-t, 1v{x+x |, OWTWJ 5{|v{

t..0-tv{ 2-

12t02xw 2- +3*2|.*7 t1 2{x `tv3*27

{tw t*1- uxx, 0xv-++x,wxw u7 2{x

03,,|,z

|,v0xt1xw |21 vt.tv|27 t,w +-0x t,w

na]L m{x ut1|1 -y 2{x 1v{x+x 5t1 :

+-0x 123wx,21 1t5 2{x ux,xy|2 -y t,

t,w 12|** |1 : 1|+.*xX ,- 123wx,2 5{-

ytv2-0|x1J u-2{ Hhng^cga b_[^ h` mb_ F_i[kmf_gm h` KOUG5 Rkh`_llhk Vhgr T_rghe^l7

|, b-,z e-,z

_,z|,xx0|,z wxz0xxL m{x ,3+ux0 -y

xt0,xw t .*tvx t2 t 3,|4x01|27 |, b-,z

3,wx0z0tw3t2x wxz0xx1 t5t0wxw

e-,z 1{-3*w ux 3,tu*x 2- tvvx.2 |2

5x,2 y0-+ OV |, OWTO 2- PRP |, OWVNL

1-*x*7 y-0 0xt1-,1 -y .-4x027L [1 t

2- 20t|, .x-.*x 5{- v-3*w +t,tzx

m{x |,v0xt1x 5t1 {x*.xw u7 t, -321|wx

0x13*2J y302{x0 xw3vt2|-, 5t1 +twx

t** t1.xv21 -y v-+.*x6 +t,3ytv230|,z

wx4x*-.+x,2 2{t2 {tw t .0-y-3,w

.-11|u*x 2- t +3v{ u0-twx0 1.xv203+

.0-vx11x1L m- u--12 0xv03|2+x,2J 2{x

xyyxv2 -, benL

-y .x-.*x |, b-,z e-,zL

{xtw -y 2{x ,x5 wx.t02+x,2J

t,w ,-02{ -y 2{x u-0wx0J t,w

j0-yx11-0 m-,7 kx7,-*w1J 50-2x 2[1 5x** t1 y3,w|,z t,w 123wx,2

123wx,21 5{- {tw t..*|xw 2-

]-++|22xx Hna]I 5t1 x12tu*|1{xw 2-

,3+ux01J 2{x na] t*1- tw4|1xw -,

gxv{t,|vt* _,z|,xx0|,zJ 13zzx12|,z

tw4|1x 2{x z-4x0,+x,2 -, 2{x

tvtwx+|v w|0xv2|-,1L a|4x, 2{x {3zx

2{x7 +|z{2 5t,2 2- 15|2v{ 2- 2{x ,x5

y|,t,v|t* ,xxw1 -y 2{x 25- 3,|4x01|2|x1L

x6.t,1|-, -y |,w3120|x1 |, b-,z e-,z

w|1v|.*|,xL c, 2{x y|012 7xt0J OR 123wx,21

c, OWTS 2{x n,|4x01|27 a0t,21

KWcbca]WU``m@ h\Y CHFBg aUf_YX U

UbX ]h kUg U mcib[ dcdi`Uh]cb k]h\

Sc h\Y LUWi`hm cZ Kb[]bYYf]b[ h\]g aYUbh

m{|1 +t0~xw 2{x 12t02 -y -0zt,|1xw

2{0-3z{ 2{x OWTN1J 2{x na]

x,0-**xwL l-+x 5x0x ,x5 2- 2{x

hifb]b[ dc]bh Zcf Mcb[ Ncb[ : h\]g kUg

hYYbU[Yfg Wcibh]b[ Zcf DH dYf WYbh cZ h\Uh

cddcfhib]hmA Kb[]bYYfg kYfY ]b V][

y3,w|,z y-0 b-,z e-,zG1 3,|4x01|2|x1

0xv-++x,wxw 2{t2 2{x `tv3*27

13u}xv2J -2{x01 5x0x +t230x 123wx,21

h\Y ghUfh cZ U fYaUf_UV`Y [fckh\ dYf]cX

Z][ifYA T\]`Y h\Ym ZiY``YX h\Y YWcbca]W

XYaUbX : ]b aUbiZUWhif]b[ ]b dUfh]Wi`UfA

5{- {tw w-,x t b|z{x0 ^|.*-+t |,

h\Uh kci`X `UhYf gYY h\Y W]hm WUhY[cf]1YX

Vcca@ giW\ fUd]X [fckh\ ]b dcdi`Uh]cb

J`cgY `]b_g kYfY Zcf[YX k]h\ ]bXighfm

|,w3120|t* x,z|,xx0|,z t2 2{x b-,z

Ug cbY cZ h\Y Lcif Ig]Ub S][Yfg U`cb[

U`gc dih [fYUh ghfU]b cb h\Y W]hm?g \cig]b[@

Z][ifYg UbX [cjYfbaYbh XYdUfhaYbhgA

e-,z j-*72xv{,|v u32 ,-5 5t,2xw

k]h\ R]b[UdcfY@ SU]kUb UbX Rcih\

\YU`h\WUfY UbX YXiWUh]cb gmghYagA

PcfY ]adcfhUbh`m@ h\YfY kUg _YYb

t wxz0xxL m{x7 5x0x }-|,xw u7 OP +-0x 123wx,21 y0-+ 2{x j-*72xv{,|v |, 2{x 1xv-,w 7xt0L m{x 2xtv{|,z 12tyy 2-2t**xw y-30

Je/ RZWU 5~{3{ 8{3{ SS _*7*- a/}*/{{3*/} }3wz6w5{4N /05 w x*} /6.x{3 x65 wz{26w5{ |03 5~{ +0x4 w7w*-wx-{ 5~{/ < 5~{3{ 8{3{ |{8 x*} */|3w4536y563{ 130+{y54 */ d0/} g0/}P o~{/ */ 5~{ .*zORZWQ4 5~{ y*5: }05 *54 |*345 580 |-:07{34 u*/ dw3y0635 m0wz w/z 5~{ k3*/y{44 iw3}w3{5 |-:07{3 */ g08-00/vP o~{: |{-5 -*,{ 5~{ 45w35*/} 10*/5 0| TQ }0-z{/ :{w34 0| z{7{-01.{/5 |03 {/}*/{{34PJ

: j0-yx11-0 kx7,-*w1 .*31 2{0xx y0-+ gxv{t,|vt* _,z|,xx0|,z : t,w 2{x7 uxvt+x t v*-1xK~,|2 z0-3. 5{- 120-4x 2- ux t, |,wx.x,wx,2 3,|2J wx1.|2x 1{t0|,z 1-+x ytv|*|2|x1 5|2{ 2{x ^x.t02+x,2 -y gxv{t,|vt* _,z|,xx0|,zL [1 -,x 123wx,2 0xvt**1J

O b3w/y*4 ^0/} {xwN RZWU _*7*- a/}*/{{3*/} }3wz6w5{

E2{x0x 5x0x 1- yx5 -y 31 2{x 5{-*x Sn__g Gecs[\_mb KK [g^ Rkcg]_ Rbceci [k_ p_e]hf_^ mh mb_ H[]nemr \r Rkh`_llhk Xcg]_gm N_nga7

7:

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

wx.t02+x,2 vt+x 2- ]{0|12+t1

|+.-02t,2 5-0~ -, x,4|0-,+x,2t*

+t,tzxw 2- .0-w3vx 5-0~ -y t 5-0*wK

w|,,x0DE c, OWUTJ PR z0tw3t2x1

{7w0t3*|v1 y0-+ OWVNJ |,v*3w|,z

v*t11 12t,wt0w 5|2{-32 t 1|z,|y|vt,2

x+x0zxw y0-+ 2{x wx.t02+x,2J t

wx4x*-.|,z t +x2{-w 2{t2 |1 31xw

1-30vx -y y3,w|,zL

z0-3. 2{t2 j0-yx11-0 kx7,-*w1 2x0+xw

|,2x0,t2|-,t**7 |, wx1|z,|,z -vxt,

b-,z e-,zG1 y|012 ut2v{ -y Exw3vt2xw

-32yt**1y-01x5tzxt,wx,4|0-,+x,2t*

m{x 13vvx11 -y 0x1xt0v{ t*1- wx.x,w1

|,w3120|t*|121EL

|+.tv2 t11x11+x,21L j0-yx11-0 \0|t,

-, 2{x t4t|*tu|*|27 -y 2t*x,2xw 7-3,z

^3zzt,J t +xv{t,|vt* x,z|,xx0J

.x-.*x 5{- t0x v30|-31 t,w 20t|,xw

uxvt+x |,2x0,t2|-,t**7 0x1.xv2xw y-0

|, 2{x .0-.x0 .0-vxw30x1 t,w

{|1 5-0~ -, 2{x 2x6230t* t1.xv21 -y

+x2{-w-*-z|x1 y-0 .0-w3v|,z 4t*|w

p{|*x ben 5t1 12|** 4x07 +3v{ t

+|v0-1203v230x t,w +xv{t,|vt*

0x13*21L \xy-0x OWTNJ -,*7 2{0xx

2xtv{|,z 3,|4x01|27J 2{|1 .x0|-w t*1-

.0-.x02|x1L j0-yx11-0 qL]L ]{x,z

123wx,21 |, 2{x `tv3*27 {tw tv{|x4xw

1t5 2{x `tv3*27 2t~x |21 y|012 +t}-0

.0sJ t, x*xv20-,|v x,z|,xx0J

t, glvH_,zI u7 0x1xt0v{ H|, OWPWJ

12x.1 |,2- 0x1xt0v{ : t, t0xt |, 5{|v{

|,4x,2xw 2{x b]cKi6|wt2|-, 2xv{,|/3x

OWQV t,w OWSQIL \32 ty2x0 j0-yx11-0

|2 v-3*w w|0xv2*7 v-,20|u32x 2- b-,z

31xw 5-0*w5|wx |, 2{x .0-w3v2|-, -y

gtv~x7 uxvt+x wxt,J |2 5t1

e-,zL m{x1x y*xwz*|,z 123w|x1 5x0x

1|*|v-,Kut1xw x*xv20-,|v wx4|vx1L

0xv-z,|1xw 2{t2 2{x `tv3*27 : t,w

*t0zx*7 .|-,xx0xw u7 2{x xyy-021 -y

j0-yx11-0 [**x, mLqL ]{5t,z ~{*J

b-,z e-,z : ,xxwxw 20t|,xw 1v{-*t01

|,w|4|w3t*1 uxvt31x 2{x0x 5t1 ,-

t +xv{t,|vt* x,z|,xx0J .0-w3vxw t

2- 1-*4x .0-u*x+1 t,w w|1v-4x0 ,x5

v-,1|12x,2 y3,w|,z 13..-02 y-0 t

13u12t,2|t* u-w7 -y 0x1xt0v{ 0x*t2xw

|,4x,2|-,1L c, OWTN 2{x0x 5x0x y-30

0x1xt0v{ .0-z0t++xL

2- 5t4x1 t,w {7w0-w7,t+|v1L

glvH_,zI z0tw3t2x1 t,w u7 OWUP t

j0-yx11-0 ]L]L ]{t, }|vJ t,

v3+3*t2|4x 2-2t* -y SO 123wx,21 {tw

\x25xx,2{xOWTN1t,w2{xxt0*7OWWN1J

x*xv20|vt* x,z|,xx0J .|-,xx0xw x*xv20|v

xt0,xw 2{x /3t*|y|vt2|-,L m{x glv

uxy-0x 2{x kx1xt0v{ a0t,21 ]-3,v|*

4x{|v*x 0x1xt0v{ |, b-,z e-,zL m{x1x

H_,zI 5t1 0x.*tvxw u7 2{x gj{|* |,

5t1 1x2 3.J 2{x0x 5x0x t w-8x, -0 1-

t0x t yx5 x6t+.*x1 -y 2{x u0xtw2{

OWUPJ 5{|v{ 5t1 2- x,0-* z0-5|,z

y|z30x1 |, 2{x `tv3*27 5{- w|w x6vx**x,2

-y 0x1xt0v{ tv2|4|27 2{t2 5t1 3,wx05t7

,3+ux01J .t02|v3*t0*7 |, 2{x *t2x OWVN1

5-0~t,wzt|,xw|,2x0,t2|-,t*tvv*t|+J

|, 2{x `tv3*27 uxy-0x OWWNL

t,w OWWN1L j0-yx11-0 gtv~x7 t*1-

5{|v{ 5t1 ,-2 xt17 v-,1|wx0|,z 2{x

kx+t0~tu*7J 2{x1x tvtwx+|v1

uxzt, 2- x,0-* j{^ 123wx,21 |, 2{x

CWgbn P[h[WgY^ C\\egih

4x07 *|+|2xw 0x1-30vx1 |, 2{-1x wt71L j0-yx11-0 lxt, gtv~x7J t v|4|* x,z|,xx0J *-uu7|,z y0-+ 2{x z-4x0,+x,2 t,w 2{x.0|4t2x1xv2-02-123w75|,wK*-tw|,z

v-3,21 y0-+ QU 2- TRIJ t,w 2{x -.x,|,z

: t 0xv300|,z 2{x+x |, 2{x `tv3*27G1

-y 2{x ^x.t02+x,2 -y c,w3120|t*

{|12-07L m{|1 2|+x 2{x .0x1130x1 vt+x

_,z|,xx0|,z |, OWUQJ {tw /3|v~*7

y0-+ 1x4x0t* 1-30vx1L c, OWWN 2{x0x

v-,13+xw t** t4t|*tu*x 1.tvxJ

5x0x TN .x0 vx,2 +-0x utv{x*-0 wxz0xx

|,v*3w|,z |, 2{x ,x5 kxw+-,w

z0tw3t2x1 HQVUI t,w +-0x 2{t, 20|.*x

\3|*w|,z 5{|v{ -.x,xw |, OWUOL

2{x ,3+ux0 -y +t12x0G1 t,w j{^

`-023,t2x*7J t 1-*32|-, 5t1 t2 {t,w

z0tw3t2x1 HOQUI t1 2{x0x {tw uxx, |,

2{t2 5-3*w ,-2 -,*7 .0-4|wx 1.tvx

OWVNL g-0x-4x0J t y|y2{ wx.t02+x,2

u32 3,|y7 2{x `tv3*27L

-.x,xw |, OWVVJ 2{x ^x.t02+x,2 -y ]-+.32x0 lv|x,vxL m{x0x 5t1 t*1- t

G[ker k_l_[k]b hg pcg^6eh[^cga hg m[ee \nce^cgal7 Kf[a_ ]hnkm_lr h` mb_ Wgco_klcmr Ck]bco_l5 JMW

`tv3*27 |, OWTQ t,w 2{x|0 ,3+ux01

m{x bt~|,z p-,z u3|*w|,z -.x,xw

,xxw y-0 +-0x 0x1xt0v{ ytv|*|2|x1 ty2x0

|, OWVQ t,w y-0 2{x y|012 2|+x 2{x

2{x .0|4t2x |,wx.x,wx,2 ]0-3v{x0

5{-*x `tv3*27 : |,v*3w|,z y-30

`-3,wt2|-, 12t02xw y3,w|,z tvtwx+|v

wx.t02+x,21J 12tyy 0--+1J 1x+|,t0

0x1xt0v{ |, b-,z e-,z |, OWUWL bt~|,z

t,w u-t0w 0--+1J *tu-0t2-0|x1J 2{x

p-,z t,w |21 ON y*--01 5t1 ,x4x0 z-|,z

vx,20t* x,z|,xx0|,z 5-0~1{-. t,w

2- ux x,-3z{L

5-3*w v*|+u z0tw3t**7L [ yt|0 ,3+ux0

2{x 20t|,|,z 5-0~1{-. y-0

-y j{^ z0tw3t2x1 5x,2 -, 2- uxv-+x

3,wx0z0tw3t2x1 : 5t1 {-31xw 3,wx0

kx*|xy vt+x |, OWWS 5|2{ 2{x -.x,|,z

1v{-*t01 |, 2{x `tv3*27 t,w |,

-,x 0--yL c2 5t1 t*1- 2{x y|012 2|+x

-y 2{x ]{-5 qx| ]{|,z \3|*w|,zL c2

3,|4x01|2|x1 tu0-twL

1|,vx 2{x xt0*7 OWPN1 2{t2 2{x `tv3*27

+t0~xw 2{x x,w -y 2{x `tv3*27G1 +t}-0

{tw t 1|z,|y|vt,2 .0x1x,vx -, 2{x

.{71|vt* x6.t,1|-, : t2 *xt12 2- PNOPL

m{x v-+u|,t2|-, -y 0x1xt0v{

gt|, ]t+.31L ]0-11|,z j-~y3*t+

c2 t*1- .0-4|wxw tww|2|-,t* 1.tvx 2-

wx4x*-.+x,2J 2{x ,x5 ^x.t02+x,2 -y

k-tw 2- 2{x ,x5 .0x+|1x1 ,-2 -,*7

tvv-++-wt2x z0-52{ |, 123wx,2

c,w3120|t* _,z|,xx0|,z t,w +-0x

vx+x,2xw 2{x wx.t02+x,21 2- 2{x

,3+ux01J 5{|v{ {t1 v-,2|,3xw 2- 2{x

3,wx0z0tw3t2x t,w .-12z0tw3t2x

`tv3*27J u32 t*1- 2{x `tv3*27 2- 2{x

.0x1x,2 wt7L \7 PNOP +-0x 2{t, OJNNN

123wx,21 2{0-3z{ 2{x OWTN1 t,w OWUN1

0x12 -y 2{x n,|4x01|27L

123wx,21 z0tw3t2xw y0-+ 2{x \tv{x*-0G1 t,w 2t3z{2 gt12x0G1

2{x `tv3*27 Ht,w benI |,2- t +-wx0,J

m{x vx*xu0t2|-, -y 2{|1 +|*x12-,x 5t1J

wxz0xx .0-z0t++x1J t,w OPU

y-05t0wK*--~|,z 1xt2 -y *xt0,|,zL p|2{

0t2{x0 .0xw|v2tu*7J +t00xw u7 2{x

z0tw3t2xw 5|2{ 0x1xt0v{ wxz0xx1L

u*-v~y3,w|,zy0-+2{xna]z3t0t,2xxw

-, 2t** u3|*w|,z1 t,w {-5 13v{

t,w 123wx,2 z0t,21 |, .*tvxJ u|z .*t,1

1203v230x1 0x1.-,w |, 27.{--,

5x0x +twx y-0 x6.t,1|-, : t,w 2{x

v-,w|2|-,1L b|1 5-0~ 5t1 .3u*|1{xw

`tv3*27 5t1 tu*x 2- x,2x0 2{x OWVN1 -,

t0-3,w 2{x 5-0*w t,w uxvt+x

12tu*xz0-3,wt,w5|2{u0|z{2.0-1.xv21

|,v-0.-0t2xw |,2- b-,z e-,zG1 wx1|z,

y-0 2{x y3230xL

v-wx y-0 2t** u3|*w|,z1L j0-yx11-0 jx2x0 f3+uG1 zx-2xv{,|vt* y|,w|,z1 t*1- *xw

@j_bZ_d] W @_]][g Fec[

2{x 5-0*wL gt,7 -y {|1 .3u*|vt2|-,1 uxvt+x v*t11|v1 |, 2{x y|x*w -y

p{|*x 2{x `tv3*27 5t1 ux22x0 t,w

zx-2xv{,|vt* x,z|,xx0|,zJ |,1.|0|,z

120-,zx0 2{t, x4x0J |2 12|** ytvxw -,x

.0-yx11|-,t*1 |, 2{x .3013|2 -y {|z{x0

,tzz|,z .0-u*x+ 2{t2 {tw w-zzxw

12t,wt0w1 -y zx-2xv{,|vt* .0tv2|vxJ

|2 x4x0 1|,vx 2{x 5t0X 2{x *tv~ -y 1.tvx

u-2{ |, b-,z e-,z t,w tu0-twL

x,z|,xx0 t,w wxt, y0-+ PNNNKNPJ w|w

t..xt0t,vx-y7x2+-0x1.tvx.0-u*x+1

+t0~xw t +t}-0 tw4t,vx |, 230,|,z

0t|1xw +-,x7 2{0-3z{ .x01-,t*

j0-yx11-0 d-1x.{ bLpL fxx rpwJ v|4|*

OOR |, OWUN 2- PRP |, OWVN t,w 12tyy

t,w 0x1-30vx1 2- +xx2 |21 ,xxw1L m{x x6.t,1|-, |, 123wx,2 t,w 12tyy Um[`` h` mb_ F_i[kmf_gm h` Ecoce Ggacg__kcga ihl_ pcmb Rkh`_llhk U_[g O[]d_r hg mb_ h]][lchg h` bcl k_mck_f_gm cg Pho_f\_k 9A?>7

,3+ux01 2{0-3z{ 2{x OWUN1 Hz0tw3t2x1 -y 2{x \lvH_,zI 5x,2 y0-+

Vb_ J[dcga Yhga Dnce^cga5 pbc]b hi_g_^ cg 9A@;5 f[kd_^ mb_ H[]nemr2l k_mnkg mh mb_ O[cg E[finl `hk mb_ `cklm mcf_ lcg]_ \_`hk_ YYKK7

7<

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

KW_d @j_bZ_d] _d 6=9:

Qi[Wc - FnZgWjb_Yh JWXegWieg_[h /Yedk[gi[Z \gec ebZ Eek[gdc[di fjcf_d] hiWi_ed02 YW4 6=77

Qi[Wc Cd]_d[ JWXegWiegn

?dd[m[ Yecfb[i[bn Z[ceb_h^[Z Zjg_d] HWfWd[h[ eYYjfWi_ed

Hjd_eg BgWl_d] M\\_Y[ FnZgWjb_Yh JWXegWiegn

Aecfb[i[bn Z[ceb_h^[Z Zjg_d] HWfWd[h[ eYYjfWi_ed

|~~}*}> F[Wi Cd]_d[ JWXegWiegn /Wbhe Nel[g QiWi_ed jdi_b 6=7= u{zt@ A? 7? |, 2{x Ggacg__kcga

0x*-vt2xw tv0-11 2{x u-0wx0J t,w 2{x

3,wx0z-|,z t +t}-0 .{71|vt*

Lhnkg[e : t,w 2{x v|27 ,xxwxw 2- +-4x

1x04|vx t,w y|,t,v|t* 1xv2-01 12t02xw

20t,1y-0+t2|-,L ^30|,z 2{x OWVN1 2-

]-+.32x01 t*1-

Vb_ H[]nemr2l Ebhp Z_c Ebcga Dnce^cga7

x11x,2|t**7 v{t,zxw

R^[ A^Wd]_d] LWijg[ e\ Cd]_d[[g_d]

2{x ,t230x -y xw3vt2|-, y-0 t**

t0x v{t,z|,z t2 t 0t.|w .tvxL c2 |1

x,z|,xx01L b-301 .0x4|-31*7 1.x,2

|+.-11|u*x y-0 t,7 123wx,2 2- *xt0,

w-|,z vt*v3*t2|-,1 t,w {t,wK.x,v|**xw

t** 2{x ~,-5*xwzx 2{x7 5|** ,xxw

[.t02 y0-+ 2{x1x x62x0,t*

w0ty21 v-3*w ,-5 ux w-,x u7 +tv{|,xJ

w30|,z 2{0xx -0 y-30 7xt01 -y 123w7J

wx4x*-.+x,21 t,w wx+t,w1J 2{x

.0-4|w|,z 1.tvx |, 2{x v300|v3*3+ 2-

x1.xv|t**7 5{x, 2{t2 ~,-5*xwzx |1

`tv3*27 : t,w x,z|,xx0|,z z*-ut**7

u0-twx, 123wx,21G xw3vt2|-, t,w z|4x

v-,12t,2*7 ux|,z 3.wt2xwL \x22x0J

: 5t1 3,wx0z-|,z t +t}-0

2{x+ .0-yx11|-,t* 20t|,|,z |,

2{x,J 2- x/3|. 2{x+ 5|2{ 2{x 1~|** -y

20t,1y-0+t2|-, |, 2{x 5t7 |2 w|w |21

+t,tzx+x,2J .0x1x,2t2|-,J

*|yx*-,z *xt0,|,z t,w t, tu|*|27 2- zx2

5-0~L m{x 0|1x -y 2{x v-+.32x0 5t1

v-++3,|vt2|-, t,w -2{x0 1~|**1 2{t2

2- 2{x {xt02 -y 2{x +t22x0 5{x,

-,x-y2{x+-12x6v|2|,zwx4x*-.+x,21

5-3*w |,v0xt1|,z*7 uxv-+x x11x,2|t*

1-*4|,z .0-u*x+1L

x4x0 y-0 x,z|,xx01L m{x `tv3*27 12t02xw

y-0 vt0xx0 13vvx11L m{x |,20-w3v2|-, -y u0-twx,|,z

1+t** : |2 .30v{t1xw |21 y|012 v-+.32x0J t, c\g OTPNJ |, OWTQ : u32 v-301x1

R^[ A^Wd]_d] Ajgg_Yjbjc

v-301x1 t2 ben y0-+ 2{x OWWN1J t,w 2{x +-4x utv~ 2- t y-30K7xt0

|, v-+.32x0 123w|x1 5x0x ,-2 |,20-w3vxw t2 ben 3,2|* OWUSJ 5{x,

m{x 1{|y21 3,wx05t7 2{0-3z{ 2{x

v300|v3*3+ |, PNOPJ .0-4|wxw

2{x7 5x0x -yyx0xw 2{0-3z{ 2{x `tv3*27

OWVN1 t,w OWWN1 w|w ,-2 tyyxv2 2{x

-..-023,|2|x1 2- .0-w3vx z0tw3t2x1 86

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

5{-{twt,x4x,5|wx03,wx012t,w|,z

5t2x0J 1x5tzxJ w0t|,tzxJ 2{x

t1 t, x,20x.-2 y-0 1-+x z--w1 |,2-

ben t,w 2{x `tv3*27 2- 0x230, 2- -,x

l5t,1xt |, 2{x ne t,w {tw {x*w 1x,|-0

gt|,*t,w 123wx,21 5t1 2{t2 2{x7

-y 2{x 5-0*w t,w 5{- v-3*w 4|x5

x*xv20-,|v1 |,w31207J *-z|12|v1J 13..*7

t,w -32 -y ]{|,tL m{x 25- 3,|4x01|2|x1J

-y 2{x|0 -0|z|,t* z-t*1X 2- 20t|,

tvtwx+|v .-1|2|-,1 |, ]t,twt t,w

{x*.xw 2- 13..-02 0x1xt0v{ 5-0~L `x5

2{x|0 .0-yx11|-, |, 2{t2 v-,2x62L l23wx,21{t4xt*1-uxx,z|4x,u0-twx0

v{t|,1J u3|*w|,z 1x04|vx1J v-,1203v2|-,

2{x n,|4x01|27 -y b-,z e-,z t,w 2{x

x,z|,xx01 y-0 ]{|,t t,w {x*. 2{x

[3120t*|tL g-0x-4x0J {x 5t1 {|z{*7

b-,z e-,z 123wx,21 5x0x |,2x0x12xw

: 2{x *|12 -y t0xt1 0x/3|0|,z 2{x|0

]{|,x1x n,|4x01|27 -y b-,z e-,zJ

v-3,207 2- wx4x*-.L \xy-0x 2{x 5t0

0xzt0wxw |,2x0,t2|-,t**7 y-0 {|1 5-0~

|, 0x1xt0v{ |, 2{x OWVN1 uxvt31x -y

x6.x02|1x 5t1 *-,z t,w z0-5|,zL

5x0x -4x05{x*+|,z*7 2xtv{|,z

tu-32 QN .x0 vx,2 -y z0tw3t2x1 5x0x

-, 2{x y|,|2x x*x+x,2 +x2{-w y-0

2{x *|+|2xw vt0xx0 -..-023,|2|x1 t,w

3,|4x01|2|x1 t,w {tw 1vt,2 y3,w|,z

E-4x01xt1 ]{|,x1xE Hy0-+ ]{|,t t,w

1-*4|,z x,z|,xx0|,z .0-u*x+1L

*tv~ -y 0x1xt0v{ y3,w|,z .0-4|wxwL

x6.-130x 2{0-3z{ x,ztzx+x,2 5|2{ .x-.*x y0-+ -2{x0 v-3,20|x1 t,w

^x+t,w y302{x0 |,2x,1|y|xw |, 2{x

y-0 0x1xt0v{J t.t02 y0-+ 2{x ]0-3v{x0

-2{x0 t0xt1 -y [1|tI t,w 2{x7 +twx

v3*230x1L _6v{t,zx1 5x0x 4|023t**7

OWWN1 5|2{ 2{x 0|1|,z ,xxw y-0

`-3,wt2|-,J y-3,wxw |, OWUWJ t,w

|+.-02t,2 v-,20|u32|-,1 -, 2{x

b|1 v-,2tv21 |, ]{|,t x,tu*xw {|+ 2-

kx1xt0v{ a0t,21 ]-3,v|* 5t1 y-0+xw

3,{xt0wK-y |, 2{x xt0*7 OWWN1J u32

v-+.32x0 t,w 1712x+1 x,z|,xx01L m{x

5{t2x4x0 -2{x0 .0|4t2x w-,t2|-,1

gt|,*t,wJ {x*.|,z 2- u3|*w 0-tw1 t,w

0xv03|2 2t*x,2xw 0x1xt0v{ 123wx,21

|, OWWOJ u32 gt|,*t,w 123wx,21

2{|1 uxzt, 2- v{t,zx 5{x, ben

+-+x,23+ 12t**xw 5|2{ 2{x [1|t,

2{x7 v-3*w +312x0L

0t|*5t71J |,12t** t,w 03, +tv{|,x07J

2{x0x t*+-12 |++xw|t2x*7 y0-+ OWUWJ

v-,2|,3xw 2- y-0+ 2{x utv~u-,x -y

+-4xw t5t7 y0-+ t 2{0xxK2x0+ \0|2|1{

y|,t,v|t* v0|1|1 -y OWWV t,w 2{x u3012|,z

t,w 2t~x 3. .-1|2|-,1 |, tvtwx+|tJ

+t~|,z 2{x `tv3*27 -,x -y 2{x y|012

0x1xt0v{ .-12z0tw3t2x .-1|2|-,1 t2

1712x+ 2- t 25-K1x+x12x0J v0xw|2Kut1xw

-y 2{x w-2v-+ u3uu*x |, PNNNJ u32

[** -y 2{t2 5t1 tu-32 2- v{t,zx 5|2{

t+-,z -2{x0 2{|,z1L m{x y*-5 -y

tvtwx+|v 3,|21 |, 2{x 5-0*w 2- 0xtv{

2{x`tv3*27t,w.0-4|wxv03v|t*13..-02

-,xL m{|1 5t1 +-0x |, t*|z,+x,2 5|2{

|2 {t1 0x4|4xw |, 0xvx,2 7xt01 t1

0x+t0~tu*x |+.*|vt2|-,1 y-0 ben t,w

gt|,*t,w 123wx,21 12-..xw 5|2{ 2{x

-32 t,w wx4x*-. 1v{-*t0*7 2|x1 5|2{

2- 2{x 0x1xt0v{ .0-z0t++xL m{|1 |1

-4x01xt1 3,|4x01|2|x1J x1.xv|t**7 |,

v-,1203v2|-, |1 tzt|, .|v~|,z 3.L

2{x `tv3*27 -y _,z|,xx0|,zL b-,z

dt.t,x1x -vv3.t2|-, |, 2{x OWQN1J

2{x gt|,*t,wL m{x z-t* 5t1 2- 1{-5

t 0-*x 2{x7 12|** y|** 2-wt7L

m{|1 uxzt, 2- v{t,zx 5{x, 2{x

h-02{[+x0|vtJt,w1-|2uxvt+xxt1|x0

p{t2x4x0 2{x wx+t,wJ 2{x xw3vt2|-,

e-,zG1 .-1|2|-, t1 t zt2x5t7 ux25xx,

2- -0zt,|1x 123wx,2 x6v{t,zx1L p|2{|,

t,w 20t|,|,z t2 2{x `tv3*27 {t1 x4-*4xw

_t12 t,w px12 5-3*w x,tu*x |2 2-

m{x n,|4x01|27 t*1- uxzt,

t yx5 7xt01 2{x n,|4x01|27 t*1- uxzt,

2-x/3|.z0tw3t2x11-2{x7vt,13vvxxw

v-,20|u32x 2- ]{|,tG1 wx4x*-.+x,2

2- 0xv03|2 3,wx0z0tw3t2x

2- tw+|2 ,-,K*-vt* 123wx,21 y-0 y3**K

|, t v{t,z|,z x,4|0-,+x,2L

: |,v*3w|,z |, x,z|,xx0|,zL [,w 2{x

123wx,21 y0-+ 2{x

ux*t2xw 0xv-z,|2|-, 2{t2 b-,z e-,z

gt|,*t,w y0-+ OWWVJ

? P[d[l[Z EeWb

,xxwxw 0x1xt0v{ 2- tw4t,vx |21

5{x, 1v{-*t01{|.1 5x0x

xv-,-+7 5-3*w .0-4|wx t,

-yyx0xw 2- -3212t,w|,z gt|,*t,w 123wx,21 2-

2|+x x,0-*+x,2L c, PNOOKOP ,xt0*7 QN .x0 vx,2 -y y3**K2|+x _,z|,xx0|,z 3,wx0z0tw3t2x1 vt+x y0-+ -321|wx b-,z e-,zJ 5|2{ tu-32 OU .x0 vx,2

iy t** 2{x v{t,zx1 2{t2 b-,z e-,z

-..-023,|27 y-0 2{x `tv3*27 2- +t~x

v-+|,z y0-+ gt|,*t,w ]{|,t t,w 2{x

t,w ben ytvxw y0-+ OWVNJ 25- 12--w

4t*3tu*x v-,20|u32|-,1 2- 1-v|x27 t,w

123w7 |, b-,z e-,zL

0x+t|,wx0 y0-+ -2{x0 v-3,20|x1L

-32 y-0 2{x|0 .t02|v3*t0 |+.tv2 -, 2{x

u-*12x0 |21 0x.32t2|-, t1 t 5-0*wKv*t11

a-4x0,+x,2 /3-2t1 5x0x

`tv3*27L b-,z e-,z 5t1 t 1x*yK

x,z|,xx0|,z |,12|232|-,L

1x2 t,w z0tw3t**7

m{x /3t*|27 -y 20t|,|,z t,w E1-y2x0

|,v0xt1xwJ t,w 1x*yKy3,wxw

v-,2t|,xw 3,|2 |, OWVNJ *t0zx*7

1~|**1E .0-4|wxw 2- ben 123wx,21 {t1

|,4-*4xw |, .0-w3v|,z t,w x6.-02|,z

m{x -.x,|,z -y ]{|,t 2- 2{x 5-0*w

123wx,21 t*1- uxzt, 2- ux

.0-w3vxw 4x07 z--w }-u .0-1.xv21 y-0

z--w1 -4x01xt1 t*2{-3z{ |2 t*1- tv2xw

|, OWUW 5t1 t z0xt2 -..-023,|27 y-0

tw+|22xwL \7 PNOP tu-32

z0tw3t2x1J t*2{-3z{ 2{x0x {t4x uxx,

PNN 3,wx0z0tw3t2x

3.1 t,w w-5,1 5|2{ 2{x +t0~x2L

123wx,21 -y 2{x `tv3*27G1

m{0-3z{-32 2{x OWVN1 t,w +-12 -y

OJSNN |,2t~x vt+x y0-+

2{xOWWN1Jben_,z|,xx0|,zz0tw3t2x1

2{x gt|,*t,wL gt,7 -y

5x0x {|z{*7 1-3z{2 ty2x0L _4x, 2{-3z{ ben 5t1 2{x -,*7 .*tvx |, b-,z e-,z 2- zx2 t 3,|4x01|27 xw3vt2|-, |, x,z|,xx0|,z t2 2{|1 2|+x H2{x b-,z e-,z n,|4x01|27 -y lv|x,vx t,w mxv{,-*-z7 w|w ,-2 -.x, 3,2|* OWWO t,w 2{x b-,z e-,z j-*72xv{,|v 5t1 -,*7 .0-+-2xw 2- t 3,|4x01|27 |, OWWRIJ |21 z0tw3t2x1 {tw *xtwx01{|. tu|*|2|x1 2{t2 1x2 2{x+ t.t02 y0-+ -2{x01 |, 2{x y|x*wL gt,7 t*3+,| +-4xw 3. 2{x vt0xx0 *twwx0 2- {-*w 1x,|-0 .-1|2|-,1 |, x,z|,xx0|,z v-+.t,|x1 t,w

Jo~{ p/*7{34*5:N 4*/y{ *54 |06/z*/}N ~w4 x{{/ 5~{ 0/-: */45*565*0/ 0| ~*}~{3 -{w3/*/} */ _~*/w 64*/} a/}-*4~ w4 5~{ .{z*6. 0| */4536y5*0/P ]4 46y~N dgp ~w4 w z*45*/y5 wz7w/5w}{ */ */5{3/w5*0/w- 104*5*0/*/}P _0/5*/6*/} *54 x3*z}*/} 30-{ x{58{{/ _~*/w w/z 5~{ r{45 :{5 x{y0.*/} .03{ */5{}3w5{z 8*5~ 5~{ iw*/-w/zN dgpK4 wywz{.*y {/5{313*4{4 8*-- x{ z*3{y5{z 50 4{37{ /05 0/-: 5~{ d0/} g0/} y0..6/*5: x65 8*-- w-40 {/4~3*/{ */5{--{y56w- w/z y6-563w- 7w-6{4 |03 5~{ 46yy{44 0| x05~ d0/} g0/} w/z _~*/w */ 5~{ }-0xw- 40y*{5:PJ O o~{ p/*7{34*5: 0| d0/} g0/} n53w5{}*y `{7{-01.{/5 m{1035 SQQTOQY

C fh^_e h` mb_ J[gasbhn Scgablb[g N[d_ m_]bghehar i[kd pb_k_ mb_ H[]nemr [gghng]_^ cg :89: cm phne^ hi_g mbk__ e[\hk[mhkc_l7

2{x1x 123wx,21 t0x 2-.

u32 5|2{ 2{x -.x,Kw--0 .-*|v7J 2{x

2{x 123wx,21 {-5 0x1xt0v{ 5t1 w-,x

.x0y-0+x01L m{x `tv3*27 t*1- 1x,w1

`tv3*27 t,w b-,z e-,z 5x0x -,vx

-321|wx ]{|,tL m{x|0 12t71 5x0x .t|w

+t,7 *-vt* 3,wx0z0tw3t2x1 |,2- ]{|,t

tzt|, tu*x 2- x12tu*|1{ t .|4-2t* 0-*x

y-0 u7 w-,-01 t..0-tv{xw u7 j0-yx11-0

y-0 x6v{t,zx t,w 13++x0

t2 2{x |,2x0ytvx -y _t12 t,w px12L

]{x3,z t,w t2 -,x .-|,2 3. 2- PN

.0-z0t++x1J 2- u0-twx, 2{x|0

gt|,*t,w 123wx,21 5x0x 5-0~|,z

3,wx012t,w|,z -y x,z|,xx0|,z 2{x0xL

]{|,tG1 -.x,|,z vt+x t2 t y-023,t2x

3,wx0 {|+L Em{x0x 5x0x 4x07 z--w

2|+x y-0 2{x `tv3*27L c, OWUU j0-yx11-0

-..-023,|2|x1 y-0 .-12z0tw3t2x

[.t02 y0-+ 123wx,2 0xv03|2+x,2J 2{x

qLeL ]{x3,z xqy 5t1 t..-|,2xw

123wx,21 y0-+ ]{|,tL hxt0*7 x4x07

`tv3*27 {t1 t*1- x,ztzxw |,

wxt, t,w {x vt+x 5|2{ t, |wxt*

-,x -y 2{x+ vt+x y-0 25- -0 2{0xx

~,-5*xwzx 1{t0|,z 5|2{ gt|,*t,w

utv~z0-3,w y-0 wx4x*-.|,z 2{x

7xt01J 2{x, 5x,2 utv~ t,w uxvt+x

]{|,tL c, 2{x OWVN1 |2 uxzt, -0zt,|1|,z

`tv3*27G1 0-*x t2 2{x v0-110-tw1 -y _t12

t y3** .0-yx11-0 4x07 /3|v~*7JE j0-yx11-0

|,2x0,t2|-,t* 0x1xt0v{ v-,yx0x,vx1

t,w px12L j0-yx11-0 ]{x3,z 5t1 t

]{x3,z 1t|wL

,xt0*7 x4x07 7xt0 5|2{ t, x7x 2- 2{x

z-4x0,+x,2L m{x7 5x0x x,ztzxw |,

z0tw3t2x -y 2{x l-32{ ]{|,t c,12|232x

{-31|,zJ 20t,1.-02J .-5x0 13..*|x1J

-y mxv{,-*-z7 t,w 2{x n,|4x01|27 -y

,-02{L m{x1x zt2{x0|,z1 tv2xw t1 t i,x -y 2{x ux,xy|21 -y u0|,z|,z |,

u0|wzx 2- u0|,z ~,-5*xwzx y0-+ 2{x

88

C

M

Y

CM

MY

CY CMY

K

A[dijgn e\ CmY[bb[dY[ R^[ F_hiegn e\ i^[ DWYjbin e\ Cd]_d[[g_d]

-321|wx 5-0*w 2- ]{|,t t,w 4|vx 4x01t

0x1xt0v{L m{x y-3,w|,z -y 2{x .0|4t2x

v-,2t|,x0 20tyy|v t,w xKv-++x0vx

w30|,z 2{x OWVN1 t,w OWWN1J 5{x,

]0-3v{x0 `-3,wt2|-, |, OWUW t,wJ

20t,1tv2|-,1L

]{|,tG1 |,2x0,t2|-,t* v-,2tv21 5x0x

+-12 1|z,|y|vt,2*7J -y 2{x kx1xt0v{

}312 wx4x*-.|,zL m-wt7 ]{|,x1x

a0t,21 ]-3,v|* Hka]I |, OWWOJ x,130xw

l3vvx11 |, 0x1xt0v{ t,w |, 1xv30|,z

3,|4x01|2|x1 t,w tvtwx+|v1 t0x 5x**

12tu*x y3,w|,z y-0 tvtwx+|v 0x1xt0v{L

0x1xt0v{ y3,w|,z {t1 {x*.xw 2{x

tu*x 2- -0zt,|1x 13v{ x4x,21 -, 2{x|0

m{|1 y3,w|,z 1.300xw 0x1xt0v{ tv2|4|27

`tv3*272-0xv03|22-.0x1xt0v{123wx,21

-5,L lt71 j0-yx11-0 jx2x0 fxx rynJ

2{t2 x,tu*xw 2{x `tv3*27 2- t220tv2

t,w 1v{-*t01L m{|1 {t1 uxv-+x

5{- {t1 uxx, v*-1x*7 |,4-*4xw 5|2{

-3212t,w|,z 1v{-*t01 y0-+ t0-3,w

.t02|v3*t0*7|+.-02t,2t1benx6.t,w1

{.1~w4*4 0/ 3{4{w3y~P ]5 5~w5 5*.{ 5~{3{ 8{3{ /0 3{4063y{4 w/z -*55-{

2{x ]{|,t x,ztzx+x,2X EpxG0x |, t

2{x 5-0*wL m{x|0 0x1xt0v{ |, 230,

t,w z|4x1 |,v0xt1|,z 120t2xz|v .0|-0|27

4x07 w|yyx0x,2 1|23t2|-, 2{t, ON 7xt01

x,0|v{xw 2{x 2xtv{|,z v300|v3*3+ t1

2- |,2x0w|1v|.*|,t07 0x1xt0v{L c, 0xvx,2

13{4463{ 50 z0 3{4{w3y~P t06 .w*/-: z*z *5 |03 :063 08/ */5{3{45P ^65

tz- t,w -30 *xtw|,z t,w {x*.|,z 0-*x

5x** t1 2{x `tv3*27G1 v-,20|u32|-,1

7xt01J 2{x `tv3*27 {t1 t..-|,2xw

1{-3*w 12-.L px ,xxw 2- 5-0~

2-5t0w11-*4|,zx,z|,xx0|,z.0-u*x+1

*xtw|,z tvtwx+|v1 y0-+ t0-3,w 2{x

2-zx2{x0 5|2{ -30 v-**xtz3x1 2{x0xLE

|, b-,z e-,zL

5-0*w 5{- u0|,z ,x5 0x1xt0v{ 120x,z2{1 |, 13v{ z0-5|,z y|x*w1 t1

m{x y|x*w -y v--.x0t2|-, ux25xx,

m{x `tv3*27 {tw t*0xtw7 +twx 1x4x0t*

x,x0z7 t,w 2{x x,4|0-,+x,2J +xw|vt*

`tv3*27 t,w gt|,*t,w tvtwx+|v1 {t1

|+.-02t,2 0x1xt0v{ v-,20|u32|-,1

x,z|,xx0|,zJ t,w |,y-0+t2|-,

t*1- uxx, x6.t,w|,zL l|,vx PNNN 2{x7

uxy-0x OWVNJ 2{t,~1 2- 2{x xyy-021 -y

2xv{,-*-z7L m{x|0 5|wx0 y-v31 t,w

{t4x 5-0~xw 2-zx2{x0 -, 0x1xt0v{

|,w|4|w3t* 12tyy +x+ux01 t,w

x,2{31|t1+ y-0 0x1xt0v{ 5|** {x*. 2-

.0-}xv21 t,w 2{x `tv3*27G1 tvtwx+|v1

wx.t02+x,21L \32 5|2{ 2{x y3,w|,zJ

y302{x0 120x,z2{x, 2{x `tv3*27G1

{t4x 1xv30xw gt|,*t,w 0x1xt0v{

t,wtv-,vx02xwxyy-022-0xv03|27-3,z

1v{-*t0*7 5-0~ t,w 12t,w|,z |, 2{x

y3,w|,zJ u0|,z|,z 2- 2{x 2tu*x 2{x|0

0x1xt0v{ 2t*x,2 y0-+ 2{x OWVN1J |2 5t1

tvtwx+|v 5-0*wL

-5, 1v{-*t0*7 20tv~ 0xv-0w t,w 2{x|0

tu*x 2- .0-4|wx t y-3,wt2|-, y-0

120-,z 2|x1 5|2{ -4x01xt1 3,|4x01|2|x1L

z0-52{ t,w 2- y-v31 -, 2{x 1*-5

[1 2{x `tv3*27 t..0-tv{xw |21

]-,2|,3xw x,ztzx+x,2 5|2{ ]{|,t

.0-vx11 -y v3*2|4t2|,z t 0x1xt0v{

vx,2x,t07 |, PNOPJ |2 {tw +t,7

|1 -,x -y 2{x ~x7 v-+.-,x,21 -y benG1

v3*230xL n,2|* OWWO 5{x, 2{x ka] 5t1

120x,z2{1 2- w0t5 -,X t ,x5

t,w 2{x `tv3*27G1 0x1xt0v{ 120t2xz7L

y-0+xwJ benJ |,v*3w|,z 2{x `tv3*27J

3,wx0z0tw3t2x v300|v3*3+ 2{t2 5-3*w

{tw uxx, .0|+t0|*7 t 2xtv{|,z

tv{|x4x|21*-,zK2x0+z-t*-y.0-4|w|,z

L[l B_hYek[g_[h

|,12|232|-,L \32 u7 2{x PNNN1J 2{x

t u0-twKut1xw xw3vt2|-,Y 12tu*x

`tv3*27G1 0x1xt0v{ 12t02xw 2t~|,z -yyL

0x1xt0v{ y3,w|,z t,w t, tvtwx+|v

c21 tvtwx+|v1 .0-w3vxw 5-0~1 |, u-2{

12tyy vt.tu*x -y +t~|,z 2{x +-12 -y

iy t** 2{x +t,7 v{t,zx1 t,w wx4x*-.+x,21 2{t2 2--~ .*tvx y0-+

ut1|v t,w t..*|xw 0x1xt0v{J -, 2-.|v1

2{t2 13..-02Y t 120-,z 20tv~ 0xv-0w

OWVNJ .x0{t.1 ,-,x tyyxv2xw 2{x

t1 w|4x01x t1 {-1.|2t* 4x,2|*t2|-,J

|,.0-4|w|,z0x1xt0v{2{t25t10x*x4t,2

,t230x -y 2{x `tv3*27G1 tvtwx+|v

1+t02 z0|wJ ,t,-Ku|- +t2x0|t*1J 5t2x0

2- 2{x v-++3,|27Y t *-,z 0xv-0w -y

tv2|4|27 +-0x 2{t, 2{x x*x4t2|-, -y

.-**32|-,J 2|113x x,z|,xx0|,zJ

x,ztzx+x,2 5|2{ ]{|,tY t,w

Jn*/y{ e +0*/{z 5~{ bwy6-5: */ RZYQN 5~{ x*}}{45 y~w/}{ ~w4 x{{/ 5~{

07{3 5~{ :{w34 w 3{4{w3y~ y6-563{ ~w4 |-063*4~{zN 5~w/,4 50 5~{ m{4{w3y~ c3w/54 _06/y*- w/z w z{5{3.*/w5*0/ x: 5~{ p/*7{34*5: 50 x{y0.{ w 3{4{w3y~O-{z 6/*7{34*5: 8*5~ 803-zOy-w44 45w564P r~{/ `3 q*y503 b6/} Ldgp _06/y*- _~w*3.w/ |30. SQQT 50 SQQZM |*345 130104{z 5~w5 dgp y06-z x{y0.{ w.0/} 5~{ 501 SV 6/*7{34*5*{4 */ 5~{ 803-zN 40.{ 1{01-{ -w6}~{zP ^65 8{ ~w7{ x{{/ wx-{ 50 wy~*{7{ 5~w5 w/z w3{ |0y64*/} 0/ /05 0/-: x{*/} w 803-zOy-w44 6/*7{34*5: x65 w-40 0/ 64*/} 063 ,/08-{z}{ 50 .w,{ w 4645w*/{z *.1wy5 w/z y~w/}{ 5~{ 803-zPJ Ok30|{4403 kw6- _~{6/} ywvN `{w/ RZZUOSQQQ

|,2x0,t2|-,t* 0xv-z,|2|-, -y 2{x /3t*|27 -y |21 5-0~L m{x *t22x0 5t1 |**3120t2xw |, PNON 5{x, 2{x `tv3*27 5t1 ,t+xw t+-,z 2{x 2-. PN x,z|,xx0|,z t,w 2xv{,-*-z7 3,|4x01|2|x1 |, 2{x 5-0*w |, 2{x m|+x1 b|z{x0 _w3vt2|-, 0t,~|,zL ]{t**x,zx1 12|** tu-3,w : 2{x v-,20|u32|-,1 -y x,z|,xx01 t0x ,-2 y3**7 t..0xv|t2xw |, b-,z e-,z t,w 2{x }-u 1|23t2|-, y-0 x,z|,xx01 y*3v23t2x1 : u32 2{x0x |1 ,-5 t 1-*|w y-3,wt2|-, y-0 y3230x x6vx**x,vx t,w z0-52{L Vb_ g_p E_gm_ggc[e E[finl7

8:

C

M

Y

CM

MY

CY CMY

K

[OLMRSVQ J TOLYVSVQ

+HSP \NTPXNP YQ PXRTXPP[TXR T\ Q^VV YQ [YWLXNP LXO L] T]\ STRSP\] VP_PV OPWLXO\ _T\TYX LXO TWLRTXL]TYX / / / LX PXRTXPP[- VTUP L ZYP]- T\ MY[X LXO XY] WLOP/+ . ?T\ :

RFC N?QR ACLRSPWj ?L GLQGQRCLAC ML

|1B51C GL nvooj 4PMDCQQMP 1GBBJCRML

GLBSQRPW CVNCPGCLAC ?LB CVNMQSPC RM

6KGRF BCQAPG@CQ RFC ASPPGASJSKj Q?WGLE

RFC PC?J UMPJB F?Q LMRl

RFC DGPQR RUM WC?PQ ?PC eMAASNGCB GL

s>-0A-@5;:m n ;A0 0-E 2;> -88 @41 2-958Ed

:^[[TN^V^W ;P_PVYZWPX]

RFC AMLRCLR MD RFCGP JC?PLGLE F?Q

GLQRPSARGML GL NFWQGAQj AFCKGQRPWj

*GL?J ~LEGLCCPGLE CV?K N?NCPQ UCPC

K?RFCK?RGAQ ?LB KCAF?LGA?J

QCLR RM RFC 8LGTCPQGRW MD 0MLBML DMP

CLEGLCCPGLEel -L RFC RFGPB WC?Pj

?QQCQQKCLRj ?LB RFCPC UCPC MLJW RFPCC

QRSBCLRQ QRSBW RFC e@?QGA QS@HCARQ

N?QQGLE EP?BCQ Y *GPQR |J?QQj 6CAMLB

LCCBCB GL KCAF?LGA?Jj AGTGJ ?LB

|J?QQ ?LB 4?QQl {W nvooj RFCPC UCPC

CJCARPGA?J CLEGLCCPGLEej L?KCJW NPGKC

npo EP?BS?RCQ MD ,/8j tt GL

KMTCPQj K?RCPG?JQ ?LB QRPSARSPCQ ?LB

~LEGLCCPGLEj qs GL 1CBGAGLC ?LB nv

CJCARPGA?J RCAFLMJMEWl

GL zPRQl zKMLE RFC CLEGLCCPQj qo F?B QNCAG?JGQCB GL |GTGJj ns GL 1CAF?LGA?J

AF?LECB ?LB CTMJTCBj KCCRGLE RFC 3L RFC *?ASJRWgQ DGPQR }CEPCC }?W GL

LCCBQ MD ? AMLQR?LRJW AF?LEGLE ,MLE

zLB GL RFC DMSPRF WC?P QRSBCLRQ

?LB nv GL ~JCARPGA?Jx UFGJC DGTC F?B

1?W nvnsj ? EP?LB RMR?J MD no QRSBCLRQ

/MLE ?LB |FGL?l

QNCAG?JGQCw e7FC DSRSPC AGTGJ CLEGLCCPQ

@CCL ?U?PBCB *GPQR |J?QQ FMLMSPQ ?LB

R?IC QRPSARSPCQj QSPTCWGLE ?LB

nuQCAMLBkAJ?QQFMLMSPQl-LD?ARj@CDMPC

FWBP?SJGAQl 7FC DSRSPC KCAF?LGA?J

:MPJB :?P -- ~LEGLCCPGLE U?Q RFC

NPMDMSLB AF?LECl +PMUGLE BMS@R

*?ASJRWgQ COSGNKCLR BSPGLE RFC U?Pl

?@MSR RFC CKNJMWKCLR NPMQNCARQ DMP

7FC BCAGQGML U?Q R?ICL GL nvqs RM

1CAF?LGA?J ?LB ~JCARPGA?J ~LEGLCCPGLE

QFSR BMUL RFCQC RUM BCN?PRKCLRQl

EP?BS?RCQ Y ?LB RFSQ RFC TG?@GJGRW MD

7FGQ PCKMTCB RFC LCCB RM MDDCP ?

EP?BS?RCB GL ~LEGLCCPGLE Y RFC J?PECQR

t;C @41 25>?@ ?@A01:@? ? @591d

EPMSN ?KMLE ,/8gQ DGPQR @?RAF MD op

7FC DGPQR ~LEGLCCPGLE BCEPCC Y RFCL

EP?BS?RCQl 6GLAC RFCL ? RMR?J MD KMPC

A?JJCB RFC {?AFCJMP MD 6AGCLAC GL

CLEGLCCPQ R?IC NPGKC KMTCPQj

MLJW D?ASJRW ?R ,/8 RF?R MDDCPCB

RF?L nmjsmm DGPQR BCEPCC ~LEGLCCPGLE

~LEGLCCPGLE {6Ah~LEi Y AMKNPGQCB

CJCARPGA?J ECLCP?RGML ?LB BGQRPG@SRGMLj

FMLMSPQ BCEPCCQl

EP?BS?RCQ F?TC CKCPECB RFPMSEF

DMSP WC?PQ MD DSJJkRGKC QRSBWl *MP RFC

?LB BCQGELQ MD CLEGLCQ ?LB K?AFGLCQl

~LEGLCCPGLEgQ NMPR?JQl :FGJC RFCW F?TC

DGPQR RFPCC WC?PQj ?JJ QRSBCLRQ RMMI RFC

7FC QRSBCLRQ QNCAG?JGQGLE GL CJCARPGA?J

4MQRkU?Pj RFC ASPPGASJSK AF?LECB ?Q

RFCQC BCEPCCQ Y U?Q AMKNMSLBCB @W

@PM?BCP ~LEGLCCPGLE ASPPGASJSK ?LB

?JJ C?PLCB ?L ~LEGLCCPGLE BCEPCCj

Q?KC JCARSPCQj UFGJC GL RFC DMSPRF

CLEGLCCPGLE R?IC RFC DGPQR RUM QS@HCARQ

RFC *?ASJRW GRQCJD SLBCPUCLR ?

RFC BCQRPSARGML MD KSAF MD RFC

NSR RFC DMASQ QOS?PCJW ML |GTGJ 20

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ ;;9 5:?501 @41 {118 w-.;>-@;>Ed

}@A01:@ >135?@>-@5;: /->0 .18;:35:3 @; +;:3 ,A1@c8-:b @41 r-/A8@Ea? ?1/;:0 219-81 3>-0A-@1 5: flhid

~LEGLCCPGLEl -LQRC?B MD U?GRGLE RM

7FC ASPPGASJSK SLBCPUCLR ?L CTCL

7F?R QRPSARSPC F?B ? PCJ?RGTCJW JMLE

RM QR?PR GL nvvn @SR RFC EMTCPLKCLR

AMSPQCQ GLRM RFC ASPPGASJSK QM QRSBCLRQ

QRSBCLRQ BMGLE MLJW MLC CVRP? WC?P

EPC?RCP AF?LEC GL RFC nvrmQ UFCLj

QR?WGLE NCPGMBj @SR @W RFC J?RC nvtmQ

PCDSQCB RM NPMTGBC RFC DSLBGLEl 7FC

AMSJB AMKKSLGA?RC KMPC CDDCARGTCJWl

LMR RUMl 7FC AMK@GLGLE MD

GL JGLC UGRF ? +MTCPLKCLR NPMNMQ?J

GR U?Q AMKGLE SLBCP OSCQRGMLl 7FCPC

*?ASJRW U?Q UCJJ AMLTGLACB MD RFC

7FCPC UCPC ?JQM MNNMPRSLGRGCQ RM

~LEGLCCPGLE ?LB MRFCP BGQAGNJGLCQ

RF?R ,/8 BCEPCCQ QFMSJB DMJJMU RFC

U?Q LMU RFC DMSPRF BCN?PRKCLR MD

DMSPkWC?P NPMEP?KC ?LB GL nvvs

CK@?PI ML CVAF?LECQ UGRF MTCPQC?Q

QSNNMPRQ RFC EM?J MD NPMTGBGLE

CBSA?RGML PCDMPKQ GL RFC 8/j ?JJ

-LBSQRPG?J ~LEGLCCPGLEj ?LB RFC

NPMNMQCB GRQ MUL TCPQGMLj ? DMSPkWC?P

SLGTCPQGRGCQj ?LMRFCP AF?LAC RM

QRSBCLRQ GL RFC onQR ACLRSPW UGRF ?

1l~LE ?Q ? DGPQR BCEPCC NPMEP?KKCj

@PM?BCL RFCGP MSRJMMIl 7FGQ U?Q K?BC

@PM?BCPj GLRCPBGQAGNJGL?PW CBSA?RGMLl

QNCAG?JGQC GL RFC DMSPRF WC?Pj QRSBCLRQ RMMI MLC WC?P MD ECLCP?J QS@HCARQ Y K?RFCK?RGAQj NFWQGAQj ?LB AFCKGQRPW UGRF QMKC BP?UGLE ?LB UMPIQFMN NP?ARGAC Y DMJJMUCB @W RFPCC DSJJ WC?PQ

BCEPCCj RFGQ RGKC UGRF {SQGLCQQj UGRF

JY .}x/t+,x-2 ts.rp-x~} ~*t}, 2~.+ |x}s 3 v+ps.p-x~} x, }~- -wt t}s x- x, -wt qtvx}}x}vOJ Y{.|}., ^+p}rx, Z~}v :65

MD |GTGJ ~LEGLCCPGLE QS@HCARQl 7FC L?PPMUCP ASPPGASJSK ?JQM CL?@JCB RFC

@SR RFGQj RMMj U?Q PCHCARCBl 7FC EM?J

C?QGCP UFCL RFC 8LGTCPQGRW QUGRAFCB

MD ? @PM?BCLGLE CBSA?RGML U?Q LMR

GL RFC nvvmQ DPMK ? RFPCCkQCKCQRCP

?@?LBMLCBj RFMSEFl -L nvvu ,/8

WC?P RM ? APCBGRkSLGR QWQRCK ?LB RUM

@CE?L PCOSGPGLE QRSBCLRQ RM R?IC

QCKCQRCPQj UFGAF U?Q QGKGJ?P RM RFC

APCBGRk@C?PGLE ECLCP?J CBSA?RGML ?LB

N?RRCPL GL RFC 86 UFCPC RFCPC UCPC

+GTCL RF?R ,/8 U?Q CQR?@JGQFCB ?Q

J?LES?EC AMSPQCQj CL?@JGLE RFCK RM

K?LW CVAF?LEC MNNMPRSLGRGCQl

?L SLBCPEP?BS?RC RC?AFGLE SLGTCPQGRWj

;P_PVYZWPX] YQ EY\]. >[LO^L]P ;A34 @1-9C;>7d u9-31 /;A>@1?E ;2 @41 *:5B1>?5@E n>/45B1?b tv*

7FGQ AMLACPL U?Q LMR AMLDGLCB RM

?LB MRFCP ICW -7 ?LB LMLk-7 NCPQMLLCJ

zJJ MD RF?R @CE?L RM AF?LEC UFCL

~LEGLCCPGLEl 7FC 8LGTCPQGRW U?Q ?JQM

DPMK @GE AMPNMP?RGMLQ ?LB K?HMP

4PMDCQQMP 6C?L 1?AICW @CA?KC BC?L

GLRCPCQRCB GL MDDCPGLE ? @PM?BCP

@?LIQ UFM U?LR RM ECR SN RM QNCCB

GL nvrtl ,C U?Q ICCL RM NSPQSC

CBSA?RGML ?LB KMMRCB RFC GBC? MD

UGRFRFCJ?RCQR-LRCPLCR?LBCkAMKKCPAC

PCQC?PAF FGKQCJD ?LB UGRFGL ? WC?P

CVN?LBGLE RFC SLBCPEP?BS?RC

RPCLBQl -R F?Q NPMTCL MLC MD RFC KMQR

FC F?B CLPMJJCB RFPCC NMQREP?BS?RC

ASPPGASJSK RM DMSP WC?PQl -R U?LRCB

QSAACQQDSJ 16A NPMEP?KKCQ GL RFC

QRSBCLRQ ?LB ? QR?DD KCK@CP RM ?QQGQR

zA@?501 @41 t; ~A:3 +;>7?4;? 4-B1 9A8@51?1->/4 -0A-@1 81B18?d

RPGAIJC @CAMKC ? QRC?BW QRPC?Kl -L nvvuj

4PMDCQQMP 1?AICW ?JQM GLRPMBSACB ?

K?BC PCQC?PAF ? NPGMPGRWl ,C F?B

PCK?GLQQRPMLEl3DRFComnnEP?BS?RCQj

nvomQj UFCL RFC AMJMLG?J

4F} NPMEP?KKC GL RFC *?ASJRWl ,/8gQ

QRPMLE JGLIQ UGRF 1?GLJ?LB |FGL?

KMPC RF?L um NCP ACLR A?KC DPMK

?BKGLGQRP?RGMLMDRFC*CBCP?RCB1?J?W

7FC LSK@CP MD 1?GLJ?LB |FGLCQC

QAFMJ?PQFGN DSLBGLE CL?@JCB ,/8 ?LB

DGPQR 4F} EP?BS?RC GL ~LEGLCCPGLE U?Q

?LB GLGRG?RCB RFC PCAPSGRKCLR MD

1?GLJ?LB |FGL?j ?LB K?LW MD RFC PCQR

6R?RCQ PCDSQCB RM ?AACNR RFC ,/8

CLPMJKCLRQ BPMNNCB MDD QF?PNJW GL

RFC*?ASJRWRMAMKCDSJJAGPAJC?LBPCRSPL

~LEGLCCPGLE BCEPCCj Q?WGLE GR U?Q LMR

nvpt UGRF RFC .?N?LCQC GLT?QGML MD

RM RFCGP DMSLBGLE ?GK MD PCAPSGRGLE

? QSDDGAGCLR OS?JGDGA?RGMLl {W RFC J?RC

|FGL?l 7FMQC LSK@CPQ BGB LMR PCAMTCP

SLBCPEP?BS?RCQ DPMK 1?GLJ?LB |FGL?l

nvpmQ GLAPC?QGLE LSK@CPQ MD 1?J?WQ

?DRCP RFC U?Pj UFCL AGTGJ QRPGDC U?Q

1?GLJ?LB QRSBCLRQj K?LW MD RFCK LMU

UCPC CLPMJJGLE RM BM ~LEGLCCPGLE

DMJJMUCB@WRFC|MKKSLGQRDMPK?RGML

QCJDkDSLBCBj LMU ?AAMSLR DMP ?PMSLB

?E?GLj ?JRFMSEF RFC LSK@CPQ BPMNNCB

MD LCU |FGL?l 7FC DGPQR RPGAIJGLE @?AI

nt NCP ACLR MD RFC *?ASJRWgQ GLR?ICl

MDD MLAC KMPC UGRF ::--l

MD 1?GLJ?LB QRSBCLRQ UMSJB LMR

-R GQ UMPRF LMRGLE RF?R QSAF U?Q

F?NNCLSLRGJnvtvUGRFRFCPCkMNCLGLE

zLB ?Q LCU RCAFLMJMEW F?Q FCJNCB RFC

6GLE?NMPCgQ LCCB DMP OS?JGDGCB

MD |FGL?j UFCL 4PMDCQQMP ;l /l |FCSLE

UMPJB RM EM EJM@?Jj QM RFC *?ASJRW F?Q

CLEGLCCPQ RM AMNC UGRF GRQ CVN?LQGML

zf{ J?SLAFCB CDDMPRQ RM PCAPSGR

@CCL ?@JC RM UCJAMKC QRSBCLRQ Y ?LB

|F?L 0MFkIU?Lj UFM U?Q ?U?PBCB RFC

QAFMJ?PJW R?JCLR DPMK MTCP RFC @MPBCPl

UCPC DPMK CJQCUFCPC GL RFC UMPJBj

BCEPCC GL nvsp DMP FGQ RFCQGQ zL?JWQGQ

|FGL?gQ MNCLkBMMP NMJGAW DPMK nvtv

GLBGA?RGLE RF?R RFGQ GQ ? RPSJW PCEGML?J

MD -LBCRCPKGL?RC *P?KCQ @W 1CRFMB

MLU?PBQ CL?@JCB 4PMDCQQMP |FCSLE

?LB GLRCPL?RGML?J NPMEP?KKCl

MD -LDJSCLAC 1MKCLRQl {CRUCCL nvsm

RM GLTGRC 1?GLJ?LB QAFMJ?PQ RM AMKC

?LB nvtmj RFC *?ASJRW ?U?PBCB qo 16A

RM ,/8 ?Q PCQC?PAF ?QQMAG?RCQ RM

h~LEi ?LB QGV 4F}Ql

AMJJ?@MP?RC ML PCQC?PAF NPMHCARQl ~?PJW AMJJ?@MP?RGMLQ GLAJSBCB

}SPGLE RFC nvtmQ KMPC EP?BS?RCQ

ECMRCAFLGA?J ?LB DMSLB?RGMLQ

@CE?LRMQCCIMNNMPRSLGRGCQDMPDSPRFCP

CLEGLCCPGLE ?LB AMKNSR?RGML?J

QRSBW @CWMLB RFCGP GLGRG?J BCEPCC GL

KCAF?LGAQl

QR?DD Y DPMK KMPC ?LB KMPC AMSLRPGCQl 7FC J?QR BCA?BC F?Q QCCL ?L GLDJSV DPMK

~LEGLCCPGLEl z BCAGQGML U?Q K?BC RM GLRPMBSAC RUM RWNCQ MD K?QRCP BCEPCCQ

7FGQ U?Q ? K?HMP AMSN DMP RFC *?ASJRW

Y RFC 16Ah~LEi UFGAF U?Q GLRPMBSACB

Y LM MRFCP ?A?BCKGA GLQRGRSRGML GL RFC

GL nvtu ?LB E?GLCB @W AMSPQCUMPI

UMPJB F?B QSAF ?AACQQl 7FC |FGLCQC

?LB CV?KGL?RGMLQj ?LB RFC 14FGJj

SLGTCPQGRGCQ UCPC TCPW ICCL ML RFC

GLRPMBSACB GL nvtn BCLMRGLE ? K?QRCPQ

?PP?LECKCLRj RMMj ?LB PCAMKKCLBCB

BCEPCC @W PCQC?PAF UMPI UGRF ? RFCQGQ

RFCGP @CQR QRSBCLRQ RM AMKC ?LB UMPI

MP BGQQCPR?RGMLl 7FC BCK?LB DMP RFC

UGRF RFC *?ASJRWj GLAJSBGLE }P } . +SM

DMPKCP U?Q RM EPMU QGELGDGA?LRJWj PGQGLE

*[ej UFM U?Q ?KMLE RFC DGPQR

DPMK ?@MSR nmknr EP?BS?RCQ C?AF WC?P

1?GLJ?LB QRSBCLRQ SLBCP 4PMDCQQMP

GL RFC J?RC nvtmQ RM KMPC RF?L nmm NCP

|FCSLE?LBUFMPCRSPLCBRMRFC*?ASJRW

WC?P GL RFC nvvmQ ?LB KMPC RF?L qmm

RM RC?AF GL nvvvl 7FC CLE?ECKCLR UGRF

NCP WC?P @W omnml

1?GLJ?LB NMQREP?BS?RC QRSBCLRQ U?Q

MRFCPPCEGMLQMDzQG?jGLN?PRGASJ?P-LBG?j 4?IGQR?Lj 6PG 0?LI? ?LB {?LEJ?BCQFj ?LBKMPCPCACLRJWDPMK1?J?WQG?h?E?GLi ?LB 9GCRL?Kl 6MKC ?PC QSNNMPRCB @W ,/8 QAFMJ?PQFGNQj MRFCPQ ?PC QCJDk DSLBCBl 7MB?W GLRCPL?RGML?J QRSBCLRQ K?IC SN LC?PJW np NCP ACLR MD RFC *?ASJRWgQ SLBCPEP?BS?RC GLR?IC @PGLEGLE RFC RMR?J MD LMLkJMA?J QRSBCLRQ h1?GLJ?LB ?LB GLRCPL?RGML?Ji RM ?JKMQR pm NCP ACLRl yA>@A>5:3 E;A:3 >1?1->/4 @-81:@d

u:@1>:-@5;:-8 ;A@8;;7d

23

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ @1?E ;2 @41 *:5B1>?5@E n>/45B1?b tv*

/MLEl zQ 4PMDCQQMP

PMJC Y ?JMLE UGRF RFC ,/8 ~LEGLCCPGLE

1GBBJCRML 6KGRF

zJSKLG zQQMAG?RGML Y GL RFC *?ASJRWgQ

AMKKCLRCBwe7FCPC GQ

+P?BS?RC 1CLRMP 6AFCKCj N?GPGLE SN

? KMQR ?ARGTC SLGTCPQGRW

PCLMULCB ?JSKLG UGRF ~LEGLCCPGLE

CLEGLCCPGLE QMAGCRW

EP?BS?RCQ DMP ?BTGAC ?LB DPGCLBQFGNl

UFGAF ?PP?LECQ TGQGRQ

7FC 6MAGCRW ?JQM K?GLR?GLQ QRPMLE JGLIQ

?LB KCCRGLEQ ?R UFGAF

UGRF NPMDCQQGML?J @MBGCQ QSAF ?Q RFC

JMA?J CLEGLCCPQj TGQGRMPQ

,MLE /MLE -LQRGRSRGML MD ~LEGLCCPQl

qD51:/1 5: @41 25180m q:35:11>5:3 ?@A01:@? C;>7 ;: @41 x5:301 {>;61/@? 5: p45:-b >1.A5805:3 - 75:01>3->@1: 01?@>;E10 5: @41 geek 1->@4=A-71d

GLRCP?ARGTC RC?AFGLE KCRFMBQl 4PMHCAR

JG@P?PW PCQC?PAFj B?R? AMJJCARGML ?LB

UGJJ QR?LB RFCK GL EMMB QRC?B DMP

UMPI GQ ? ICW AMKNMLCLR MD K?LW

BGQASQQGMLQ UGRF RFCGP NPMDCQQMPQj RM

RFCGP DSRSPC A?PCCPQl

AMSPQCQj N?PRGASJ?PJW EPMSNkBCQGELCB

RPW RM UMPI RMU?PBQ ? QMJSRGMLl 7FGQ

NPMHCARQ DMP UFGAF QRSBCLRQ KSQR JC?PL

GLRCP?ARGTC JC?PLGLE NPMACQQ RC?AFCQ

1MPCMTCPj RFC DMASQ GQ LMR MLJW ML

RM AMMNCP?RC ?LB NSJJ RMECRFCP RM

QRSBCLRQ FMU RM E?RFCP GLDMPK?RGML

A?KNSQ RC?AFGLEj @SR ?JQM CVNCPGCLRG?J

AMKNJCRC RFC UMPIl 7FCW KSQR ?JQM

DMP RFCKQCJTCQ ?LB RM UMPI ?Q ? RC?K

JC?PLGLE ?LB E?GLGLE PC?J UMPI

SQC ? T?PGCRW MD PCQMSPACQ GLAJSBGLE

RM QMJTC ? NPM@JCK Y @MRF MD UFGAF

CVNCPGCLAC GL RFC GLBSQRPW ?LB GL RFC AMKKSLGRWl 7FGQ F?Q GL D?AR @CCL ?L GKNMPR?LR N?PR MD RFC *?ASJRWgQ CBSA?RGML ?JJ ?JMLEj @CA?SQC ~LEGLCCPGLE QRSBCLRQ LCCB NP?ARGA?J CVNCPGCLAC RM RCQR RFCGP SLBCPQR?LBGLE ?LB ?@GJGRW ?Q CLEGLCCPQ ?LB ?JQM RM DSJDGJ NPMDCQQGML?J PCOSGPCKCLRQl ,/8 ~LEGLCCPGLE EP?BS?RCQ GL RFC AMKGLE ACLRSPW UGJJ CKCPEC UGRF ? PMSLBCB ILMUJCBEC RF?R APMQQCQ BGQAGNJGLCQ ?LB EMCQ UCJJ @CWMLB RFCGP AFMQCL NPMDCQQGML?J ?PC?l

s>-0A-@1? @;0-Ed

25

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ @1?E ;2 @41 *:5B1>?5@E n>/45B1?b tv*

NPM@JCKQ RM QMJTCl 4PMDCQQMP 9GLACLR

7MB?Wj GLBSQRPG?J CVNCPGCLAC GQ ? TGR?J

LMRl 7FC *?ASJRW ?GKQ RM NPMBSAC

R?SEFR F?Q AF?LECB @CWMLB

0CSLE |83j UFM @CA?KC }C?L GL

N?PR MD CTCPW QRSBCLRgQ BCEPCC UMPI

EP?BS?RCQ UFM UGJJ K?RAF RFC LCCBQ

PCAMELGRGMLl }SPGLE GLRCPTGCUQ DMP

nvtoj RSPLCB RFC QMAG?J DSLARGMLQ GLRM

?LB ?JJ BCN?PRKCLRQ PCOSGPC QSAF

MD GLBSQRPW RMB?W Y ?LB RM BM QM RFCW

RFGQ @MMIj QMKC ,/8 ?JSKLG Y K?LW

KMPC DMPK?J KCCRGLEQj @SR RFC ?GK

RP?GLGLE ?Q N?PR MD RFC ASPPGASJSKj

LCCB RM F?TC ? NPMNCP SLBCPQR?LBGLE

MD UFMK ?PC LMU ?A?BCKGA QR?DD Y

PCK?GLCB RFC Q?KCw RM BGQASQQ FMU

UFCRFCP RFPMSEF QSKKCP UMPI UGRF

MD FMU GLBSQRPW UMPIQl

QF?PCB QMKC MD RFCGP KCKMPGCQ MD JGDC

+CMPEC 7F?K Bw5j UFM U?Q ?

@CKSQCKCLR MD RFC WMSLECP

ML A?KNSQ GL RFC J?RC nvrmQknvumQl

DPCQFK?L GL nvtq PCA?JJQw ezJJ

ECLCP?RGMLl e6RSBCLRQ ?QI KC UFWje

~LEGLCCPGLE BP?UGLEQ UCPC BMLC @W

Q?WQ 7F?Kl e-RgQ TCPW QGKNJCw GL

3LC RFGLE GQ ACPR?GL Y KSAF GQ

F?LB Y UC F?B ? BP?UGLE @M?PB ?LB

CLEGLCCPGLEBP?UGLEQJCRRCPQ?PC@JMAI

BGDDCPCLRl 7FC JC?PLGLE CVNCPGCLAC

7 QOS?PCl 2MUj UC ?QI QRSBCLRQ RM BM

JCRRCPQ ?LB WMS KSQR QN?AC RFC JCRRCPQ

MD RFC LCPTMSQ DPCQFK?L R?IGLE FGQ

QMKC F?LBkBP?UGLE DMP NP?ARGACj @SR

CTCLJWle

MP FCP DGPQR RCLR?RGTC QRCNQ MLRM

KMQR MD GR Y @MRF ?R SLGTCPQGRW ?LB GL

QRSBCLRQ JC?PLCB JCRRCPGLEj zk< ?LB

;[L`TXR 9b ?LXO

m RM vj DPCC F?LBl 6MKC QRGJJ SQC @JMAI JCRRCPQ RM RFGQ B?Wj KSAF RM RFC

A?KNSQ BCA?BCQ ?EM QCCKQ RM F?TC

5-85?@? 911@ C5@4 @41 r-/A8@E 5: fljgd

MD omno Y ?N?PR NCPF?NQ DPMK ? JMTC

~?PJW BC?JGLEQ UGRF RFC 8LGTCPQGRWgQ

MD CLEGLCCPGLEl 7?ICj DMP GLQR?LACj

MLJW AMKNSRCP UCPC ?JQM ? AF?JJCLECl

UF?R RFC QRSBCLR GQ A?PPWGLEl 2MU

*MP KMQR QRSBCLRQ RFGQ U?Q RFCGP DGPQR

FC MP QFC UGJJ F?TC ? J?NRMNj QK?PR

CLAMSLRCP UGRF ?LW IGLB MD AMKNSRCPl

NFMLCj NMQQG@JW ? R?@JCR AMKNSRCPl

,MLE /MLE UMSJB LMR QCC AMKNSRCPQ

{?AI GL RFC J?RC nvrmQj QR?LB?PB

~41 ?8501 >A81d

GL FGEF QAFMMJ AJ?QQPMMKQ SLRGJ RFC 26

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ 1 @41 -0B1:@ ;2 @41 8-1-@5B1 @45:75:3d

?LB J?@MP?RMPW UMPIje ?BBQ |l /l 1?I

ML C?AF QGBCl 6RSBCLRQ F?B RM @MMI

e@SR UC QCJBMK U?RAFCB GR ?LWU?Wl

RGKC ML ? RCPKGL?Jj @SR QGLAC ?JJ

7FCPCUCPCLMAMKNSRCPQjLMA?JASJ?RMPQ

R?SEFR Y DPMK AF?JI@M?PBQj RM

MD WC?P CV?KQj UFCPC?Q UC MLJW Q?R

,:bj?nvtpEP?BS?RCle7FCRC?AFGLE

~LEGLCCPGLE QRSBCLRQ ?APMQQ RFC

Y UC F?B QJGBC PSJCQ GLQRC?B Y ?LB UC

UFGRC@M?PBQ ?LB MTCPFC?B NPMHCARMPQj

RFCK ?R RFC CLB MD RFC WC?Pl 3L RFC

U?Q RP?BGRGML?J ?LB QRPSARSPCBj @SR

SQCB @J?AI@M?PBQj LMR z9 COSGNKCLRle

RM AMKNSRCPQ ?LB KSJRGKCBG?l -L RFC

LCE?RGTC QGBCj AP?KKGLE CTCPWRFGLE

RFCPC UCPC RGKCQ UFCL GR U?Q LMR C?QW

MJB B?WQ NPMDCQQMPQ AMSJB ICCN ?LB SQC

DMP MLC CV?K BGB K?IC RFC CLB MD

RM ?QQMAG?RC RFC RFCMPGCQ R?SEFR UGRF

RFCQ?KCLMRCQDMPWC?PQjLMURFCWKSQR

RFC WC?P KMPC AF?JJCLEGLEle

NP?ARGACle 6GLAC RFC nvumQj 1?I F?Q

BGQAGNJGLCQ F?B RM BM AMKNSRCP NPMEP?KKGLE Y Q?KC AMSPQCj Q?KC ?QQGELKCLRj Q?KC BC?BJGLC Y RFCW

HSP @XU JY[P DQQ

UCPC ?JU?WQ DSJJW @MMICBl 8QS?JJW RFC QWQRCK UMSJB MDDGAG?JJW @C BMUL

SNB?RC RFCK AMLQR?LRJW RM ICCN SNle

4FMRMkAMNGCPQ BGB LMR CVGQR Y GD WMS

@CCL RC?AFGLE GL RFC 8LGTCPQGRW ML ? e7FC ASPPGASJSK U?Q KMPC QRPSARSPCB

N?PRkRGKC @?QGQl ,C F?Q SQCB PC?J JGDC

GL RFC MJB B?WQ ?LB ACPR?GLJW JCQQ

A?QCQ GL FGQ AJ?QQCQl e,MNCDSJJWj RFGQ

DMP K?GLRCL?LAC ?DRCP rNKj ?LB GR

KGQQCB ? JCARSPC WMS UMSJB F?TC RM

e:C AMSJB CLHMW |FPGQRK?Q @PC?I

U?Q ?JQM QSQACNRG@JC RM AP?QFGLE BSPGLE

?QI ? DCJJMU QRSBCLRQ DMP RFCGP LMRCQ

KMPCje J?SEFQ 6l |l :MLE 2^1j UFM

T?PGCBje Q?WQ ,l |l |F?L +79j ?

UGJJ K?IC RFC AMSPQCQ KMPC NP?ARGA?Jl

RFC B?Wl 6RSBCLRQ F?B RM @MMI RM SQC

?LB AMNW @W F?LBl e- PCKCK@CP RFC

EP?BS?RCB GL nvusl e6RSBCLRQ LMU

QRSBCLR GL nvrtknvsml e5CQMSPACQ

;MSPC?JJWLCCBRFCNP?ARGA?JCVNCPGCLAC

F?TC NPCk|FPGQRK?Q CV?KQ ?LB CLB

UCPC JGKGRCBj QM MLJW RFC K?HMP

RM @CAMKC ?L CLEGLCCPle

RFC AMKNSRCPQ @SR RFCW MDRCL DMSLB RFC AMKNSRCP QWQRCK U?Q BMUL DMP KSAF MD RF?R NPCAGMSQ RGKCl

{;>@-.81b .A@ ;:8E 6A?@d

e- PCKCK@CP RFC KMLGRMPQ UCPC FSECje Q?WQ 7F?Kj e7FCW F?B @J?AI QAPCCLQ UGRF EPCCL UPGRGLEl 7FCW E?TC MDD ? JMR

e:C F?B RM NSR RFC A?PBQ GL ? NGECML

MD FC?Rj ?LB RFC ?GPkAMLBGRGMLGLE AMSJB

FMJCl 7FCL U?GRl 6MKCMLC UMSJB NGAI

LMR AMNCl ;MS AMSJB RCJJ NCMNJC UFMgB

RFCK SN ?LB GLNSR RFCK GL RFC K?AFGLC

@CCL ML RFC AMKNSRCPQ Y RFCGP D?ACQ

GL ?LMRFCP PMMKj RFCL UP?N RFC NPGLRk

UCPC PCBl {SR BCQNGRC ?JJ RFC NPM@JCKQ

MSR ?PMSLB RFCK ?LB PCRSPL RFCK RM

?LB RFC OSCSCQ UC UCPC CVAGRCB RM @C

RFC NGECML FMJCl -R RMMI ? DCU FMSPQ Y

?@JC RM SQC QSAF ?BT?LACB RCAFLMJMEWle

u@a? :;@ -88 4->0 C;>7d

DMPCPSLLCP MD RFC NFMRMAMNGCPje Q?WQ 7F?Kl e7FC N?ECQ A?KC MSR QRGJJ UCR

MLJW RFCL UMSJB WMS ILMU GD RFC NPMEP?KU?QPGEFRl8QS?JJWGRA?KC@?AI

7l 6l 2E g_aj ?L SLBCPEP?BS?RC GL

?LB ?L MBB QGXCj ?LB MTCP RGKC RFC

UGRF QWLR?V CPPMPQ ?LB WMS F?B RM DGLB

nvsvktoj PCA?JJQ RFC JG@P?PW U?Q ?JQM

GLI UMPC MDDle

MSR UF?R RFC NPM@JCK U?Ql 7F?R U?Q

QMKCUF?R JCQQ FGEF RCAF RF?L RMB?WgQ

FMU AMKNSRCPQ UMPICBj GR U?Q TCPW

CVACJJCLR D?AGJGRGCQl -LQRC?B MD ?

-L RCPKQ MD RC?AFGLE KCRFMBQj RMMj RFC

KCAF?LGA?J ?LB DPSQRP?RGLE ?R RGKCQle

AMKNSRCPGQCB A?R?JMESCj QRSBCLRQ SQCB

AF?LECQ F?TC @CCL NFCLMKCL?J MTCP

A?R?JMESC A?PBQl 7FCPC U?Q KSAF

RFC J?QR pm WC?PQl 6?WQ 4?SJ |FCSLE

zDRCP ? DCU WC?PQj RCPKGL?JQ UCPC

CVAGRCKCLR UFCL ? KGAPMDGAFC K?AFGLC

zspj UFM HMGLCB RFC QR?DD MD RFC

GLRPMBSACB Y MLC PMMK AMLR?GLGLE

U?Q @PMSEFR GL DMP RFC DGPQR RGKCl e:C

*?ASJRW GL nvumw e7MNGAQ F?TC AF?LECB

CGEFR RCPKGL?JQj @?AI RM @?AIj DMSP

F?B MLC 79 GL RFC UFMJC F?JJje FC Q?WQj

AMKNJCRCJW ?LB QM F?Q RFC U?W RFCW ?PC z: @41 >;;2m s>-0A-@1? 0b 0m p>5/71@ @1-9? 5: 2>;:@ ;2 @41 ;80 }@? {-B585;:d

:FGJC ?A?BCKGA ?AFGCTCKCLR GQ RFC

CLMSEF ~LEGLCCPGLE QRSBCLRQ BMGLE

?LB ? LCU ?NNPCAG?RGML MD GRQ T?JSC

SJRGK?RC ?GK MD RFC SLGTCPQGRW QRSBCLRj

RFGQ RM NPMKNR 4PMDCQQMP 1GBBJCRML

RM QMAGCRW ?DRCP RFC NPGT?RGMLQ MD U?Pl

DMP KMQRj F?TGLE DSL GQ ?JQM ? RMN

6KGRF RM U?PL RFCK GL

NPGMPGRWl -L RFC WC?PQ PSLLGLE SN RM

RFC tv* *:5;:

::-- K?LW QRSBCLRQ F?B ? P?RFCP

x-3-F5:1 GL 2MTCK@CP

A?T?JGCP ?RRGRSBC RMU?PBQ QRSBWGLE

nvpnw e2M UMPI K?W

?LB QFGCB ?U?W DPMK @CGLE ILMUL

SJRGK?RCJW @PGLE RM RFC

?Q eQU?RQe MP e@MMIUMPKQej ?QNGPGLE

SLBCPEP?BS?RCj GLQRC?B

GLQRC?B RM @C eJ?XW DCJJMUQej ? RGRJC

MD RFC FMMB ?LB EMUL

RFCW AMSJB C?PL @W ASRRGLE JCARSPCQj

MD RFC EP?BS?RCj RFC HM@

HMGLGLE ,/8gQ K?LW QMAG?J AJS@Q ?LB

MD NSJJGLE ? PGAIQF?Ule zDRCP RFC U?Pj QRSBCLRQ RMMI RFGLEQ P?RFCP KMPC

? WC?Pj K?LW QRSBCLRQ BGB TCPW JGRRJC

QCPGMSQJWj ?L ?RRGRSBC

UMPI RFPMSEF RFC WC?Pj PCQMPRGLE RM

UFGAF QMKC FGQRMPG?LQ

AP?KKGLE HSQR @CDMPC CV?K RGKC RM

F?TC NSR BMUL RM ?

ECR RFPMSEFl zNN?PCLRJW RFCPC UCPC

PCLCUCB NPGBC GL ,/8

e,?JJ JGDC U?Q ? JMR

MD MSP CV?KQ GL MSP MUL @SGJBGLEQl

MD DSL Y LMR ? JMR

:C MLJW UCLR RM RFC 1?GL {SGJBGLE

MDQJCCNGLEUCLRMLl

DMP DGL?J CV?KQ Y ?LB RFCL UC F?B

:CBGB?JMRMDQNMPRQ?LBRFCMAA?QGML?J

ILMUGLE RFC @?QGAQ ?LB PC?BW RM QR?PR

RM UC?P EMULQje Q?WQ *P?LAGQ {MLE

BGLLCP B?LACj @SR RFCPC UCPC LCTCP

UMPI GL K?LW QCARMPQl {?QGA RCAFLGA?J

Ats UFM EP?BS?RCB GL |GTGJ

CLMSEFEGPJQjeQ?WQ7l6l2Eg_ajUFGJC

RP?GLGLE GQ ? KSQRl - U?Q R?SEFR FMU

~LEGLCCPGLE GL nvsql

1MPPGQ|FCSLEz\/jUFM EP?BS?RCB

RM JC?PL ?LB FMU RM DSPRFCP KW QRSBGCQ

GL nvupj AMLASPQj e7FC WC?P - MPE?LGQCB

@W KWQCJDl ,MU RM QR?PR RFGLIGLE GL

3D AMSPQCj ?Q GL RFC B?WQ @CDMPC RFC

RFC |FPGQRK?Q N?PRWj UC F?B RM GLTGRC

? JMEGA?J K?LLCP Y ?NNPM?AF NPM@JCKQ

U?Pj A?KNSQ JGDC ACPR?GLJW U?Q LMR ?JJ

EGPJQ DPMK RFC JGLESGQRGAQ BCN?PRKCLR

QRCN @W QRCN Y GL D?AR FMU RM QMJTC

?@MSR UMPIl 1MQR ?JSKLG PCKCK@CP

MD ?LMRFCP GLQRGRSRGMLle

NPM@JCKQle

?LB ? UCJAMKC DGPQR R?QRC MD DPCCBMK

7FCGP CVNCPGCLACQ MD SLBCPEP?BS?RC

nvtu EP?BS?RC |l ;l *MLE ]@6 ?EPCCQ

?DRCP RFC QRPGAR PMRC JC?PLGLE RF?R U?Q

B?WQ ?R RFC *?ASJRW MD ~LEGLCCPGLE

?LB ?BBQ KMPCw e0MEGA?J NPM@JCK

RFC K?PI MD RFC ,MLE /MLE FGEFk

K?W T?PWj @SR MLC RFGLE ?JJ RFC

QMJTGLE GQ ?R RFC FC?PR MD CLEGLCCPGLEj

QAFMMJ AJ?QQPMMK ?R RFC RGKCl

EP?BS?RCQ MD WCQRCPkWC?P ?LB

@SR - JC?PLCB RF?R ? EMMB CLEGLCCP

BGQRGLESGQFCB ?JSKLG MD RMB?W ?EPCCB

LCCBQ ?JQM RM @C ASPGMSQj ? EMMB

6?WQ ~BKSLB /l ,l 0CSLE | @4>11 E1->?b 2>51:0? 2;> 8521d`

RFCGP QRSBCLR B?WQ ?Q ? RGKC MD DSL

B?RGLE EGPJQl 6GLAC CV?KGL?RGMLQ UCPC MLJW MLAC

UCPC ? RGEFR SLGRl :C CTCL BGB KMQR

RM KW AJ?QQK?RCQ ?LB LMR ?RRCLBGLE

CLAMSLRCPK?LWBGDDGASJRGCQl7FCQSAACQQ

AJ?QQCQl 7FGQ ?QNCAR MD SLGTCPQGRW JGDC

6?WQ *P?LAGQ {MLEw e6RSBWGLE ?R ,/8

MD RFC RC?K Y ?LB RFC NPMHCAR Y TCPW

U?Q ? PCTCJ?RGML Y GL KGBBJC QAFMMJ

E?TC SQ RFC RP?GLGLE RM @C ? EMMBj

KSAF BCNCLBQ ML FMU UCJJ KCK@CPQ

WMS UCPC LCTCP ?JJMUCB RM QIGN AJ?QQCQl

UCJJkPMSLBCB CLEGLCCPl ;MS JCDR ,/8

AMKKSLGA?RC UGRF C?AF MRFCPle

qD-9? @41: -:0 :;Cd

31

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ @1?E ;2 @41 *:5B1>?5@E n>/45B1?b tv*

- U?QLgR RMM QSPC GD - U?LRCB RM QRSBW

6MKC K?L?ECB GR RFMSEF Y GL nvtpj |FPGQRGL? 0?S 4MkWSI ;C` EP?BS?RCB GL |GTGJ

1CAF?LGA?Jj |GTGJ MP -LBSQRPG?J Y UCJJ

~LEGLCCPGLEj UFGJC |FSG 4SGkQFSK yj. ?LB 1?PE?PCR 0G 1CG /SCL iqu @MRF EP?BS?RCB

?DRCP KW DGPQR QCKCQRCP - BCAGBCB

GL ~JCARPGA?J ~LEGLCCPGLEl }P 0G UMSJB ?JQM EM ML RM @CAMKC RFC DGPQR DCK?JC 4F}

RF?R GR UMSJB @C -LBSQRPG?J

EP?BS?RC GL nvumj UFGJC RFC DGPQR 14FGJ BCEPCC RM ? DCK?JC QRSBCLR GL RFC *?ASJRW U?Q ?U?PBCB RM ;CSLE 6FSIk

~LEGLCCPGLEle

U? 4}/ GL nvtq DPMK RFC 1CAF?LGA?J ~LEGLCCPGLE NPMEP?KKCl

.MCW 0G ;SCL |FMLE ix~ h{~LE

-L RFC nvumQ ?LB nvvmQj RFC LSK@CP MD DCK?JCQ EPCU QGELGDGA?LRJW ?LB RMB?Wj RFC ECLBCPQ ?PC P?RFCP KMPC CTCLJW

hommoij 16A hommsi f 4F} homnqj

K?RAFCB RF?L UFCL 1GQQ 7Q?LE 7GLkAFGCL -h> QRMMB ?JMLCl -L omnnknoj tsm MD RFC ~LEGLCCPGLE GLR?IC UCPC

RCLR?RGTCi DCCJQ RFC C?PJW WC?PQ

DCK?JCQ MSR MD ? RMR?J MD pjpmu CLPMJKCLRQ hGLAJSBGLE 8+j 74+ ?LB 54+il

NPMTGBCB ? QMJGB @?QGQ RM @SGJB FCP

}@A01:@? @;0-Em ~41 C;:01> ;2 05?/;B1>Ed

Ja 0p, ~}t ~u -wt +t{p-x/t{2 ut0 ut|p{t, x} -wt \t*p+-|t}- ~u [~|*.-t+ jrxt}rt p}s -wt} x} -wt x}s.,-+2 3 {psxt,M s~}L- qt pu+pxs -~ v~ u~+ 0wp- 2~. 0p}-X xu 2~. utt{ 2~. rp} t1rt{ x} ,~|t-wx}vM s~ x-O aL| *+~.s -~ qt p `cl v+ps.p-t 3 -wt2 0t+t -wt qt,- 2tp+, ~u |2 {xutOJ b~t{{t m~~ 4;8M QWWS |py~+ x} [~|*.-t+ jrxt}rt p}s }~0 \x+tr-~+M ep+zt-x}v K g*t+p-x~},M exr+~,~u- `cO

CLEGLCCPGLE CVNCPRGQCl e- JC?PLR

zQ RFC *?ASJRW ACJC@P?RCQ nmm WC?PQ

*?ASJRW MDDCP GRQ ASPPCLR QRSBCLRQj RFC

RFCMPCRGA?J ILMUJCBEC ?LB QIGJJQ

MD ~LEGLCCPGLE CVACJJCLACj GR GQ

CLEGLCCPQ MD RFC DSRSPCy 6MKC MD

UFCL - U?Q ?L SLBCPEP?BS?RC RF?R

HSQRGDG?@JW NPMSB MD RFC RP?BGRGMLQ ?LB

RMB?WgQ QRSBCLRQ QF?PC RFCGP RFMSEFRQl

F?TC NPMTGBCB KC UGRF ?L CVACJJCLR ?LB AMLAPCRC DMSLB?RGML DMP KW

FCPGR?EC UFGAF F?TC K?BC GR RFC PCLMULCB ?LB PCQNCARCB JC?PLGLE

:YWWYX 8E 0-E?d

e6CAMLBJWj - ?K FGEFJW GKNPCQQCB @W

G^ZZY[]

RFC U?W ?NNJGA?RGMLQ ?PC NPMACQQCB GL RFC BCN?PRKCLRl -R PCJGCTCQ QRSBCLRQ

7FC *?ASJRW NJ?ACQ EPC?R CKNF?QGQ ML

MD QMKC QRPCQQ ILMUGLE RF?R RFC

QRSBCLR QSNNMPR GL ?LB MSR MD RFC

BCN?PRKCLR ?BKGLGQRP?RGML GQ R?IGLE

AJ?QQPMMKl 8LGTCPQGRW A?L @C ?

DSJJ A?PC MD RFCKle

@CUGJBCPGLE NJ?AC GL RFMQC DGPQR DCU UCCIQj @SR FCJN GQ ?R F?LBj UFCRFCP

*P?LI 0CC ilvj h14FGJj }CNR MD ~~~

GR GQ ?BKGLGQRP?RGTC QR?DD ?GBGLE UGRF

omnmkomnoij AMLASPQw e- PC?JJW

DMPKkDGJJGLE ?LB QAFCBSJC NJ?LLGLEj

?NNPCAG?RC FMU KW PCQC?PAF

?A?BCKGA ?BTGQMPQ h@MRF QR?DD ?LB

QSNCPTGQMP F?Q NPMTGBCB KC UGRF ?

MJBCP QRSBCLRQi ML F?LB RM FCJN UGRF

JMR MD DJCVG@GJGRW ?LB DPCCBMK GL

QRSBW NJ?LQj KCLRMPQFGN QAFCKCQ

NSPQSGLE KW PCQC?PAF @SR FC GQ ?JQM

*P?LI 0CC ilv DMSLB

RFC e6SQR?GL?@JC +CLCP?RGMLe QRSBCLR

FGQ GLQNGP?RGML DMP DSRSPC

EPMSN GL 6CNRCK@CP omnn ?LB @CE?L

QRSBGCQ GL FGQ DGL?J WC?P

UMPIGLE ML ? QK?JJkQA?JC FWBPMkNMUCP

MD BMGLE ? {~LE h1CBGA?J

?R ,/8 RM eCL?@JC QRSBCLRQ RM BCTCJMN

QWQRCK DMP ? PSP?J TGJJ?EC GL 2MPRFCPL

~LEGLCCPGLEi GL omnml e-

? @PM?BCP NCPQNCARGTC ?LB ? APGRGA?J

7F?GJ?LBje Q?WQ {SFPl 7FCW F?TC QGLAC

BCAGBCB RM ?JQM BM KW

SLBCPQR?LBGLE MD RFC AMKNJCVGRGCQ

AMKNJCRCB RFC NPMHCAR ?LB RFC

14FGJ BCEPCC ?R ,/8

?LB RFC GLRCPAMLLCARCBLCQQ MD RFC

PCQSJRGLE QWQRCK F?Q @CCL QSAACQQDSJJW

@CA?SQC GL KW DGL?J WC?Pj

GQQSCQ RF?R RFCW ?PC AMLDPMLRCB UGRF

GLQR?JJCB GL 7F?GJ?LBl e7FGQ QRSBCLR

- F?B EMR RFC AF?LAC RM

GL RFCGP CTCPWB?W JGTCQel 6RSBCLRQg

NPMHCAR NPMTGBCB SQ UGRF ? JMR MD

UMPI ML QMKC KCBGA?J

PCQNMLQC RM RFC |MKKML |MPC

CVNCPGCLAC LMR MLJW ML RFC

GK?EGLE hK?ELCRGA

QSEECQRQ GR ?JQM MDDCPQ GLQNGP?RGML ?LB

CLEGLCCPGLE ?QNCARQ MD @SGJBGLE QSAF

PCQML?LAC GK?EGLEi

A?PCCP BGPCARGMLl

? QWQRCK @SR ?JQM ML FMU RM K?L?EC

PCQC?PAF NPMHCARQje FC

?LB AMMPBGL?RC ? QCPTGAC NPMHCARje FC

Q?WQl e- PC?JGQCB RF?R RFCPC ?PC ? JMR

~>5-8 -:0 1>>;>m w;;75:3 2;> ?;8A@5;:?d

MSRQGBC RFC JCARSPCQle

e9CPW FCJNDSJj GL KW TGCUje Q?WQ {SFPl

Q?WQl e7FPMSEFMSR RFC NPMHCAR RFC

MD GLRCPCQRGLE ?LB NMRCLRG?JJW

e7FC |MKKML |MPC AMSPQCQ AMTCP ?

*?ASJRW QSNNMPRCB SQ LMR MLJW @W

GKNMPR?LR JGDC QAGCLACQ OSCQRGMLQ RF?R

,C F?Q ?JQM @CLCDGRRCB DPMK ? T?PGCRW

UGBC P?LEC DPMK |FGLCQC |SJRSPC ?LB

NPMTGBGLE DGL?LAG?J PCQMSPACQ @SR ?JQM

?PC WCR RM @C QMJTCBj ?LB - @CJGCTC RF?R

MD MSRQGBC CVNCPGCLAC Y GL omnn BMGLE

|FGL? -QQSCQ RM ,SK?LGRGCQ ?LB

UGRF EPC?R CVNCPRGQC DPMK NPMDCQQMPQj

KCBGA?J GK?EGLE GQ ? TCPW NPMKGQGLE

?L GLRCPLQFGN RF?R GLAJSBCB JC?PLGLE

6AGCLACj CL?@JGLE QRSBCLRQ RM JC?PL

J?@ RCAFLGAG?LQ ?LB MRFCP QR?DDle

RMMJ DMP SLP?TCJJGLE RFCQC OSCQRGMLQle

|z} QMDRU?PC QIGJJQ GL QRPCQQ ?L?JWQGQ

KMPC ?@MSR RFC CTCPkAF?LEGLE UMPJB ?LB QMAGCRWle ,C N?PRGASJ?PJW JGICB RFC

?LB BMGLE KMPC F?LBQkML RP?GLGLE *MP .GLE - >A>-8 B588-31d

35

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ 5:@1>:-@5;:-8 ?@A01:@?d

Rcbge] ^a RcWYfWeZ Tf`XZcd TbK b[ VaYZc\cWYfWeZd HMPMOJNLMLI

@?QGA JGTGLE DSLARGMLQj =RFCW ?JQM> F?TC

RFCPCUCPC@MMRFQCTCPWUFCPCjK?GLJW

LCCB RM @CAMKC ? UCJJkPMSLBCB ,MLE

? NPMDMSLB QMAG?J GKN?AR RF?R K?ICQ

QRSBCLR MPE?LGQ?RGMLQ MP SLGMLQ

/MLE 8LGTCPQGRW QRSBCLRl -R CVACCBCB

NCMNJC KMPC QMAG?JJW AMLLCARCBl 7FGQ

PCAPSGRGLE KCK@CPQ DMP RFCGP

KW CVNCAR?RGMLQje FC Q?WQl

B==

GQ ? TCPW GKNMPR?LR JCQQML DMP KW

PCQNCARGTC AJS@Ql ~TCPW@MBW U?Q RPWGLE

NPMDCQQGMLle

RM ECR WMS RM HMGL RFCGP AJS@ MP QGEL

zBBQ .GLE B= >==

>==

B= =

>F?=

>F@=

7FC DGL?J UMPB EMCQ RM *P?LI 0CCw RF?R - F?TC ?@QMP@CB DPMK KW

E=

QSNCPTGQMP ?LB DPMK RFC 8LGTCPQGRW

D=

QNGPGRMDRFGLIGLE?LBQMJTGLENPM@JCKQl

B=

GQ GL RFC AMLRCVR MD ?LMRFCP BGQAGNJGLC

A=

MP NCPQNCARGTCl -L QFMPRj ,/8 GQ RFC

@=

p;:@>5.A@;>? @; @45? /4- ->1 5:/8A010 5: n/7:;C8103191:@?d };7

>FB=

>FC=

>FD=

>FE=

>FF=

?===

?=>=

=

>F?=

>F@=

>FA=

>FB=

>FC=

>FD=

>FE=

>FF=

?===

?=>=

?===

?=>=

TbK b[ SU]^_d HMPMOJNLMLI C= B=

C=

7FC @CQR U?W RM SLBCPQR?LB ? NPM@JCK

NJ?AC - JC?PLCB RM RFGLIle

>FA=

TbK b[ U]Qd HMPMOJNLMLI

e4CPF?NQ RFC KMQR T?JS?@JC RFGLE

GL ECLCP?Jj GQ RFC GLRCPBGQAGNJGL?PW

TbK b[ SWdeZcd HMPMOJNLMLI

A= @= ?=

?= >=

>= =

>F?=

>F@=

>FA=

>FB=

>FC=

>FD=

>FE=

>FF=

?===

?=>=

=

>F?=

>F@=

>FA=

>FB=

>FC=

>FD=

>FE=

>FF=

36

C

M

Y

CM

MY

CY CMY

K

:PX]^[b YQ F@BF>>IBF@ >M>IONA>I>

}1//60-59 -/2{}5 /RQJ 2RQJ LV IDPRXVO\ D V\PERO RI G\QDPLVP ^ D VPDOO EXW SURGXFWLYH FLW\ ZLWK DQ LPSUHVVLYH LQIUDVWUXFWXUH WKDW LV WKH HQY\ RI PDQ\ ODUJHU FLWLHVp /RQJ 2RQJ DQG /2< KDYH GHYHORSHG VLGH E\ VLGH RYHU WKH ODVW rqq \HDUVp 0QGHHGn IRU wq RI WKRVH rqq \HDUVn WKHUH ZDV RQO\ RQH XQLYHUVLW\ DQG RQO\ RQH -DFXOW\ RI ,QJLQHHULQJp 0W LV QRW DQ H[DJJHUDWLRQ WR VD\ /2RUOG >DU 00p ;KH IRXQGLQJ RI /2\VX\TT_X\V >cT_fdWT_T

5,* 231|.*/ 41.7*34 KWT >P_Zf OTP_`9 +: @_TPaT_ B[^PRa X\ KHQ /2< RSHQHG LWV GRRUV LQ rzrsn

ZRUNHG LQ :KDQJKDLp 6QH RI WKH

QRW iSUDFWLFDOi HQRXJKp }WWHPSWV WR

/RQJ 2RQJ ZDV D FRORQLDO EDFNZDWHU

-DFXOW\kV PRVW LOOXVWULRXV JUDGXDWHVn

OREE\ WKH 4DOD\DQ JRYHUQPHQW LQ

^ D VWRSSLQJ SRLQW WR DQG IURP

-RR 7LQJoVKHXQJ k`i l~:Fl,QJm

WKH HDUO\ rztqV EURXJKW EDFN D

4DLQODQG *KLQDp *KLQD DW WKH WLPH

rzrwmn ZHQW RQ WR EHFRPH *KLQDkV

UHVSRQVH WKDW WKH /2< JUDGXDWHV

ZDV LQ WKH PLGVW RI D ORQJ VSHOO RI

DPEDVVDGRU WR 4RVFRZp

ZHUHRYHUoHGXFDWHGDQGWRRH[SHQVLYH WR HPSOR\n DQG WKDW SUHIHUHQFH ZDV

FKDQJH DQG XSKHDYDOn DQG WKH IRXQGHUV RI /2< VDZ DQ RSSRUWXQLW\

~XW LW PXVW DOVR EH DFNQRZOHGJHG

DOZD\V JLYHQ WR 4DOD\V LQ JRYHUQPHQW

WR WUDLQ SHRSOH IURP WKH UHJLRQ LQ

WKDW WKH RYHUDOO LPSDFW RI WKH *KLQDo

DSSRLQWPHQWV lDOWKRXJK D IHZ

PRGHUQ HQJLQHHULQJ DQG PHGLFLQH

ERXQG HQJLQHHUV ZDV OLPLWHG ^ PRVW

PDQDJHG WR VHFXUH JRYHUQPHQW SRVWV

ZKR FRXOG JR LQWR *KLQD DQG KHOS

REYLRXVO\ EHFDXVH WKHLU QXPEHUV ZHUH

DQG :DZ >HH :HRQJ l~:Fl,QJm rzrxm

WKH FRXQWU\ WR DGYDQFHp ~ULWLVK

VPDOO DQG *KLQD ZDV YDVWp 4DQ\ RI

ZHQW RQ WR EXLOG XS D ODUJH DQG

HQJLQHHULQJ ILUPV DOVR VDZ DQ

WKHP KDG RULJLQDWHG IURP *KLQD LQ

VXFFHVVIXO VKLSSLQJ EXVLQHVVmp

RSSRUWXQLW\ WR KDYH JUDGXDWHV

WKH ILUVW SODFH DQG WKH\ VWRSSHG

SURPRWH WKHLU ZDUHV LQ *KLQDp 0W LV

FRPLQJ WR /2< DV WKH FRXQWU\

-RU /RQJ 2RQJoEDVHG JUDGXDWHVn WKH

IDLU WR VD\ WKDW SUHoZDU ,QJLQHHULQJ

GHVFHQGHG LQWR FKDRV GXULQJ WKH

SUHoZDU HPSOR\PHQW VLWXDWLRQ ZDV

JUDGXDWHV FDPH WKH FORVHVW WR IXOILOOLQJ

1DSDQHVH LQYDVLRQ DQG WKH FLYLO ZDU

GHFLGHGO\ PL[HGp 6Q WKH RQH KDQGn

WKLV YLVLRQp

WKDW IROORZHGp 4DLQODQG HPSOR\HUV

FLYLO HQJLQHHUV IRXQG SOHQW\ RI ZRUN

ZHUH DOVR QRW YHU\ LPSUHVVHG ZLWK

UHODWHG WR WKH EXLOGLQJ RI /RQJ 2RQJp

}W RQH SRLQW IXOO\ RQHoWKLUG RI /2<

WKH /2< TXDOLILFDWLRQp ;KH\ SUHIHUUHG

;KH\ MRLQHG HQJLQHHULQJ ILUPV DQG

,QJLQHHULQJ JUDGXDWHV ZHUH ZRUNLQJ

}PHULFDQ JUDGXDWHVn ZKR FRXOG

DOVR ILOOHG D ELJ SURIHVVLRQDO KROH E\

LQ *KLQDp ;KH\ UDQ UDLOZD\V DQG

RSHUDWH }PHULFDQ PDFKLQHU\n UDWKHU

WDNLQJ XS MREV DV DUFKLWHFWV DQG

IDFWRULHVn EXLOW URDGV DQG VWUXFWXUHV

WKDQ JUDGXDWHV WUDLQHG RQ WKH ~ULWLVK

VXUYH\RUV ^ DW WKH WLPH WKHUH ZDV QR

XVLQJ UHLQIRUFHG FRQFUHWHn LQVWDOOHG

PRGHOp

SURJUDPPH LQ /RQJ 2RQJ WR WUDLQ WKHVH SURIHVVLRQDOVp ~\ WKH ODWH rzsqVn

DQG UDQ PDFKLQHU\n MRLQHG DFDGHPLD DQG GHYHORSHG FRPPXQLFDWLRQV

4DOD\Dn ZKLFK ZDV DOVR D VRXUFH RI

DERXW KDOI RI /2DWHUZRUNVp } QXPEHU HQGHG XS LQ *DQWRQn ZRUNLQJ ZLWK VXFK RUJDQLVDWLRQV DV WKH *DQWRQ 4XQLFLSDO ~XUHDX RI 7XEOLF >RUNVn WKH *DQWRQ 4LQW DQG WKH +HSDUWPHQW RI 9HFRQVWUXFWLRQp :HYHUDO DOVR KHOG DFDGHPLF SRVWV LQ *KLQD ^ 3LX *KHQoKXD tem l~:Fl,QJm rzrymn ODWHU NQRZQ DV 3LX ?LDQ]KRX tPcn HYHQWXDOO\ EHFDPH =LFHo7UHVLGHQW RI ;VLQJKXD XkV JXLGDQFH DQG DWWHQGHG WKH rzrz 7DULV 7HDFH *RQIHUHQFH DV VHFUHWDU\ WR WKH *KLQHVH UHSUHVHQWDWLYHVp /H FDPH EDFN DQG FOLPEHG WKH SROLWLFDO UDQNVn WDNLQJ XS LPSRUWDQW SRVLWLRQV LQ WKH -RUHLJQ }IIDLUV 4LQLVWU\ DQG DFWLQJ DV SULQFLSDO GUDIWHU RI WKH *KLQHVH *LYLO *RGH EHIRUH WKH ZDUp 0Q rzur KH ZDV DSSRLQWHG +HSXW\ -RUHLJQ 4LQLVWHU DQG LQ rzut }PEDVVDGRU WR WKH >00p }IWHU WKH HVWDEOLVKPHQW RI WKH 7HRSOHkV 9HSXEOLF RI *KLQD LQ rzuzn KH OLYHG LQ -UDQFH IRU VHYHUDO \HDUV EHIRUH VHWWOLQJ LQ ;DLZDQ ^ OHDYLQJ EHKLQG D VWURQJ OHJDF\ RI FRQWULEXWLRQ WR *KLQDkV GHYHORSPHQW LQ WKH ILUVW KDOI RI WKH sqWK FHQWXU\p

JUDGXDWHV ZHUH ZRUNLQJ LQ /RQJ

PHFKDQLFDO DQG HOHFWULFDO HQJLQHHUVp

IXOILOOHG LQ WKH SUHoZDU HUDn DW OHDVW

2RQJ DQG RI WKDW JURXSn DERXW RQHo

-DFWRULHV VWDUWHG WR DSSHDU LQ /RQJ

QRW LQ /RQJ 2RQJp ,PSOR\PHQW

TXDUWHU ZRUNHG DV DUFKLWHFWV DQG

2RQJ LQ WKH rzsqV DQG rztqVn EXW WKH\

GLG QRW JHQHUDOO\ RIIHU JUHDW

VXUYH\RUVp ,QJLQHHULQJ JUDGXDWHV DOVR

ZHUH QRW KLULQJ ,QJLQHHULQJ

ILQDQFLDO UHWXUQ DV IUHVK JUDGXDWHV

IRXQG ZRUN DV WHDFKHUV LQ /RQJ 2RQJp

JUDGXDWHVp 0QVWHDGn WKH JUDGXDWHV

FRXOG H[SHFW WR HDUQ RQO\ jsnqqqo

ZHUH OHIW ZLWK OLPLWHG RSWLRQV LQ WKH

jsnvqq SHU \HDUp 5R ZRQGHUn WKHQn

~XW PRVW RWKHU ILHOGV ZHUH OHVV

GRFN\DUGVn 2RZORRQo*DQWRQ 9DLOZD\

WKDW WKHUH DURVH FDOOV LQ WKH rztqV

UHFHSWLYH WR WKHPp .RYHUQPHQW DQG

*RUSRUDWLRQn SRZHU VWDWLRQV RU ODUJHU

WR FORVH WKH HQWLUH -DFXOW\p ~XW WKLV

DFDGHPLD ZHUH ERWK GRPLQDWHG E\

ORFDO HQJLQHHULQJ ILUPV ZKR KDG D

GLVUHJDUGHG RQH HVVHQWLDO SRLQW{

H[SDWULDWHVn VR WKHUH ZHUH IHZ

VPDOO QXPEHU RI RSHQLQJV IRU WKHLU

/RQJ 2RQJ QHHGHG HQJLQHHULQJ

RSSRUWXQLWLHV WR MRLQ RU WR FOLPE WKH

H[SHUWLVHp ;KH UHODWLYHO\ SRRU

H[SHUWLVH LQ RUGHU WR JURZ DQG

UDQNVp 5RW XQWLO rzvv ZDV DQ /2<

SURVSHFWVIRUPHFKDQLFDODQGHOHFWULFDO

GHYHORSp ;KH SRVWoZDU SHULRG

JUDGXDWH ^ 7URIHVVRU :p@p 2LQJ bpV

HQJLQHHUV OHG WR WKHVH GHSDUWPHQWV

ZRXOG YDOLGDWH WKH -DFXOW\kV

^ SURPRWHG WR D VHQLRU DFDGHPLF

EHLQJ VKXW GRZQ LPPHGLDWHO\ DIWHU

WUDLQLQJ DV /2< JUDGXDWHV ZHQW

SRVLWLRQ LQ WKH -DFXOW\| WKH IHZ RWKHUV

WKH ZDUp

RQ WR PDNH LPSRUWDQW FRQWULEXWLRQV WR ERWK WKH SK\VLFDO

ZKR PDQDJHG WR JHW KLUHG ZRUNHG PRVWO\ DV GHPRQVWUDWRUVp

0Q JHQHUDOn WKH SURPLVH RI WKH /2<

DQG HFRQRPLF GHYHORSPHQW RI

;KH VLWXDWLRQ ZDV PRVW GLUH IRU

,QJLQHHULQJ -DFXOW\ ZDV QRW UHDOO\

/RQJ 2RQJp 56

C

M

Y

CM

MY

CY CMY

K

eRTZZT\RT >\VX\TT_X\V >cT_fdWT_T

WKLV DQG UHIXVHG WR FORVH WKH -DFXOW\| LQVWHDGn LW DOORZHG LW WR UHYLYH WKH 4HFKDQLFDO DQG ,OHFWULFDO ,QJLQHHULQJ SURJUDPPHV LQ rzvyp ;KHVH SURJUDPPHV VWDUWHG MXVW LQ WLPHp /RQJ 2RQJ ZDV RQ WKH FXVS RI EHFRPLQJ D WLQ\ LQGXVWU\ G\QDPRn LWV ZKHHOV JUHDVHG E\ UHIXJHHV ZKR DUULYHG ZLWK UHVRXUFHV VXFK DV PDFKLQHU\ DQG RYHUVHDV DVVHWV DQG ZKR ZHUH DOVR D VRXUFH RI FKHDS ODERXUp ,QJLQHHULQJ H[SHUWLVH ZDV QHHGHG WR KHOS IOHGJOLQJ PDQXIDFWXUHUV DGRSW QHZ WHFKQRORJ\ DQG ERRVW HIILFLHQF\ DQG SURGXFWLYLW\ VR WKH\ FRXOG VWD\ DKHDG RI WKH FRPSHWLWLRQp ;KH GHPDQG IRU WKDW H[SHUWLVH ZRXOG PDJQLI\ RYHU WKH

x}{ @9/0= .:9>?=@.?4:9 49 ?30 flke>c u8,20 .:@=?0>D :1 ?30 ~94A0=>4?D n=.34A0>a tv~

FRPLQJ WKUHH GHFDGHVp

@ \urihvvru ^hdq Ydfnh|? CJGF? diwhu zduqlqj wkdw Trqj Wrqj qhhghg derxw C?BBB ;whfkqrorjlvwv; shu |hdu wr phhw lqgxvwuldo qhhgv lq wkh |hduv dkhdgA

IORZ RI ZRUN WR LGHQWLI\ DUHDV IRU

HOHFWURQLF FRPSRQHQWVp ;KDW OHDS

LPSURYLQJ HIILFLHQF\p ;KH JURZLQJ

LOOXVWUDWHG KRZ IDU LQGXVWU\ KDG

GHPDQG IRU VSHFLDOLVW WUDLQLQJ OHG WR

/RQJ 2RQJkV LQGXVWULDO GHYHORSPHQW

DGYDQFHG LQ VXFK D VKRUW WLPHp /2<

WKH IRXQGLQJ RI WKH +HSDUWPHQW RI

rzvt :KHN 2LS 4HL ILUHn ZKLFK

LQLWLDOO\ IRFXVHG RQ ORZoHQGn ODERXUo

,QJLQHHULQJ JUDGXDWHV SOD\HG D NH\

0QGXVWULDO ,QJLQHHULQJ LQ rzxtp 9LJKW

GHVWUR\HG D UHIXJHH VTXDWWHU DUHDn

LQWHQVLYH JRRGV VXFK DV WH[WLOHV DQG

UROH LQ WKLV DFKLHYHPHQWp

WKURXJK WKH rzyqVn WKH GHSDUWPHQW

OHIW vtnqqq SHRSOH KRPHOHVV DQG

UXEEHU VKRHV DQG ERRWVp 0Q rzvz WKH

SURPSWHG WKH JRYHUQPHQW WR ODXQFK

ILUVWWUDQVLVWRUDVVHPEO\IDFWRU\RSHQHG

,QJLQHHUV ZHUH KLUHG WR LPSURYH WKH

PDQXIDFWXUHUV DV LQGXVWU\ H[SDQGHG

D SXEOLF KRXVLQJ SURJUDPPHp ;KLV

DQG WKH HOHFWURQLFV LQGXVWU\ JUHZ IURP

TXDOLW\ DQG GHVLJQ RI SURGXFWVn GHSOR\

DQG WKH HFRQRP\ ERRPHG lZLWK WZR

ZDV WKH VWDUW RI VHYHUDO GHFDGHV RI

WKHUHp ~\ WKH ODWH rzxqV /RQJ 2RQJ

DQG DGDSW VRSKLVWLFDWHG PDFKLQHU\

VKRUWoWHUP H[FHSWLRQV{ WKH RLO FULVLV

PDMRU FRQVWUXFWLRQ ZRUNV LQ /RQJ

ZDV WKH ZRUOGkV QXPEHU RQH WUDQVLVWRU

WRORFDOHQGoXVHUVnLQFUHDVH DXWRPDWLRQ

RI rzxt ZKHQ PDUNHWV IRU /RQJ 2RQJo

2RQJp

UDGLR H[SRUWHUn UHVSRQVLEOH QRW RQO\

RQ WKH VKRS IORRUn DQG RYHUVHH WKH

SURGXFHG JRRGV ZHUH KLWn DQG WKH

flihm r4=0 /0>?=:D0/ ?30 |306 v4; x04 >> ,9/ 49 900/ :1 ;@-74. 3:@>492c u8,20 .:@=?0>D :1 u91:=8,?4:9 |0=A4.0> p0;,=?809?a tv|n{ s:A0=9809?c

_kh surmhfwhg ghpdqg iru hqjlqhhuv lv edvhg rq dq xqghuo|lqj dvvxpswlrq wkdw ehfdxvh ri lqfuhdvlqj frpshwlwlrq lq wkh pdqxidfwxulqj ri orz frvw jrrgv? iurp qhljkerxulqj duhdv? yluwxdoo| doo ri Trqj Wrqj4?D .,8;@>c u8,20 .:@=?0>D :1 s0:?0.394.,7q924900=492 y114.0a tv|n{ s:A0=9809?c

,[HFXWLYH *RXQFLOp 58

C

M

Y

CM

MY

CY CMY

K

eRTZZT\RT >\VX\TT_X\V >cT_fdWT_T

G^T\ ;]_ST_. G^T\ I]PS

RI 0QGXVWULDO ,QJLQHHULQJ VDZ WKLV

DQG WUDQVSRUW V\VWHPV WR

FRPLQJDQGLQrzyzVKLIWHGLWVGLUHFWLRQ

WHOHFRPPXQLFDWLRQV DQG QHZ

;ZR WKLQJV KDSSHQHG DURXQG rzyq

DQG UHQDPHG LWVHOI WKH +HSDUWPHQW

YHQWXUHVp }OWKRXJK WKH 0; EXEEOH

WKDW ZRXOG IRUHYHU FKDQJH WKH

RI 0QGXVWULDO DQG 4DQXIDFWXULQJ

EXUVW LQ sqqq DQG WKH LQGXVWU\

HQJLQHHULQJ ODQGVFDSH LQ /RQJ 2RQJp

:\VWHPV ,QJLQHHULQJp

VWUXJJOHG IRU VHYHUDO \HDUVn LW EHJDQ WR PDNH D FRPHEDFN DURXQG sqrq DV

6QH ZDV WKH RSHQLQJ RI *KLQD WR WKH RXWVLGH ZRUOGn ZKLFK KDG D GHILQLQJ

.UDGXDWHV RI WKH QHZ GHSDUWPHQW

PRUH SHRSOH VDZ SRWHQWLDO LQ

LPSDFW RQ /RQJ 2RQJn LQFOXGLQJ LWV

EHFDPH LQYROYHG LQ VXFK SURMHFWV DV

ODXQFKLQJ DSSOLFDWLRQV DQG

HQJLQHHUVp ;KH RWKHU ZDV WKH DGYDQFH

GHYHORSLQJ DLUIUHLJKW WHUPLQDOVn

GHYHORSLQJ WKHLU RZQ EXVLQHVVHVp /2<

RI WHFKQRORJ\n HVSHFLDOO\ FRPSXWHUVn

RSWLPLVLQJ FRQWDLQHU SRUW ORJLVWLFVn

,QJLQHHULQJ JUDGXDWHV KDYH EHHQ

ZKLFK DOWHUHG KRZ HQJLQHHUV DURXQG

HYHQ UHGXFLQJ TXHXLQJ WLPH DW EDQNVp

ZHOO SUHSDUHG WR WDNH XS WKHVH

WKH ZRUOG ZHQW DERXW WKHLU ZRUN DQG

;KH\ ZRUNHG LQ DUHDV WKDW ZHUH

RSSRUWXQLWLHVp

DOVR FUHDWHG QHZ RSSRUWXQLWLHV LQ WKH

FRQVLGHUHG iSLOODUVi RI /RQJ 2RQJkV

ILHOGp

HFRQRP\ ^ WUDGH DQG ORJLVWLFVn DQG

,YHQ ZLWK WKH HFRQRPLF XSV DQG

ILQDQFLDO VHUYLFHV ^ ZKHUH HQJLQHHULQJ

GRZQVn QHZ WHFKQRORJ\ LQ DOO

*KLQDkV RSHQoGRRU SROLF\ ZDV D JUHDW

H[SHUWLVH ZDV HVVHQWLDO EHFDXVH RI

LQGXVWULHV LQFUHDVHG WKH QHHG IRU

VWURNH RI IRUWXQH IRU /RQJ 2RQJ

WKH KHDY\ UHOLDQFH RQ LQIRUPDWLRQ

VSHFLDOLVHG KDQGOLQJ E\ WUDLQHG

EXVLQHVVPHQ DQG HQJLQHHUVp ;KH FLW\kV

WHFKQRORJ\p

HQJLQHHUV WR LQVWDOOn DGDSW DQG PDLQWDLQ HTXLSPHQW ^ IURP LPDJLQJ

FKHDS ODERXU IRUFH ZDV EHFRPLQJ PRUH H[SHQVLYH DQG LW ZDV FOHDU WKDW

0Q IDFWn WKH ZKROH FLW\ KDG HPEUDFHG

DQG ODVHU HTXLSPHQW LQ KRVSLWDOVn WR

/RQJ 2RQJ QHHGHG WR GLYHUVLI\n IRFXV

WKH JOREDO WHFKQRORJLFDO UHYROXWLRQ

FRPSOH[ VWDJH OLJKWLQJ LQ

RQ TXDOLW\ DQG DGRSW KLJKHU

WKDW EHJDQ LQ WKH HDUO\ rzyqVp >LWKLQ

SHUIRUPDQFH YHQXHVn WR VHQVRUV DQG

WHFKQRORJ\ LI LW ZDV WR UHPDLQ

D GHFDGHn /RQJ 2RQJ ZDV RQH RI WKH

HQHUJ\oHIILFLHQF\ PHDVXUHV LQ

FRPSHWLWLYHp ;KH FKDQFH WR PRYH

PRVW DGYDQFHG SODFHV LQ WKH UHJLRQ

EXLOGLQJVn WR WKH GHYHORSPHQW RI

SURJUDPPHV XS DQG UXQQLQJp

IDFWRULHV DFURVV WKH ERUGHUn ZKHUH

LQ WHUPV RI WHFKQRORJ\ DQG

KDUGZDUH DQG VRIWZDUH WR KDQGOH

ODERXU DQG RWKHU FRVWV ZHUH PXFK

FRPSXWHULVDWLRQp .UDGXDWHV RI WKH

VDIH DQG UDSLG WUDQVDFWLRQV LQ

ORZHUn RIIHUHG D VROXWLRQ RI NHHSLQJ

+HSDUWPHQW RI *RPSXWHU :FLHQFHn

ILQDQFLDO VHUYLFHVp /2< ,QJLQHHULQJ

SULFHV ORZ ZKLOH FRQWLQXLQJ WR WDS

ZKLFK ZDV HVWDEOLVKHG LQ rzyyn VDZ

JUDGXDWHV SURYLGHG WKHVH VHUYLFHV

H[SHUWLVH LQ /RQJ 2RQJ WR LPSURYH

DQ DEXQGDQFH RI RSSRUWXQLWLHV LQ DOO

DQG VRPH RI WKHP DOVR ZHQW RQ WR

RSHUDWLRQV DQG HIILFLHQF\p /2<

DUHDV RI WKH HFRQRP\n IURP EDQNV

HVWDEOLVK WKHLU RZQ WHFKQRORJ\

t423 u>7,9/ {0>0=A:4=c u8,20 .:@=?0>D :1 *,?0= |@;;740> p0;,=?809?a tv|n{ s:A0=9809?c

/RQJ 2RQJ HQJLQHHUV DOVR SOD\HG D

ZKLFK WKH -DFXOW\kV DFDGHPLFV KHOSHG

HQJLQHHULQJ SURIHVVLRQ XQWLO WKH FLW\o

FUXFLDO UROH LQ VXSSRUWLQJ WKH FLW\kV

WR DGGUHVVp

VWDWH JRW LWV RZQ XQLYHUVLW\

SK\VLFDO H[SDQVLRQn ZKLFK SURJUHVVHG DW D UDSLG UDWHn SDUWLFXODUO\ IURP WKH

;KH FLW\kV LQFUHDVLQJ SRZHU QHHGV

rzxqVp ;KH 4DVV ;UDQVLW 9DLOZD\ DQG

FUHDWHG GHPDQG IRU HQJLQHHUV DW WKH

;KH FRQWULEXWLRQV RI HQJLQHHUV LQ

*URVVo/DUERXU ;XQQHO ZHUH ERWK

WZR XWLOLWLHV WR FRQGXFW IDXOWoILQGLQJ

WKH SRVWoZDU HUD KHOSHG /RQJ 2RQJ

FRPSOHWHG DURXQG WKLV WLPHn DV ZHUH

DQG PDLQWDLQ DQG LPSURYH WKH

VWD\ RQ LWV IHHW DQG IORXULVK DV LW

WKH 7ORYHU *RYH DQG /LJK 0VODQG

HIILFLHQF\ RI HOHFWULFLW\ JHQHUDWLRQp

JUHZ E\ DERXW RQH PLOOLRQ SHRSOH

UHVHUYRLUVp /RXVLQJ DQG RWKHU EXLOGLQJ

;KH JRYHUQPHQW DOVR QHHGHG

SHU GHFDGHp 4RUH SHRSOH PHDQW

SURMHFWV FRQWLQXHG WR PXVKURRPp 5HZ

HQJLQHHUV WR KHOS LW PDQDJH WKH FLW\kV

PRUH FKDOOHQJHV DQG PRUH SUREOHPV

WRZQV VXFK DV :KD ;LQ ZHUH EHLQJ

UDSLG GHYHORSPHQW{ WKH QXPEHU RI

WR EH VROYHGp ;KH WUDLQLQJ SURYLGHG

GHYHORSHG DQG QHZ URDGVn VXFK DV WKH

SXEOLF ZRUNV GHSDUWPHQWV JUHZ IURP

DW /2< HQDEOHG ORFDO HQJLQHHUV WR

0VODQG ,DVWHUQ *RUULGRUn ZHUH EHLQJ

RQH LQ WKH rzwqV WR VL[ E\ WKH rzzqVp

QRW RQO\ JUDE KROG RI WKH FKDOOHQJHV

EXLOWp ;KHVH DOO UHTXLUHG ORFDO

0QWHUHVWLQJO\n :LQJDSRUH DOVR KDG D

EXWn LQ WKH ODWWHU SDUW RI WKH FHQWXU\n

NQRZOHGJHDQGHQJLQHHULQJH[SHUWLVHp

JUHDW QHHG IRU HQJLQHHUV LQ WKH rzxqV

WR KHOS /RQJ 2RQJ PDNH WKH OHDS

;KHODFNRIVXFKH[SHUWLVHZDVDSSDUHQW

DQG UHFUXLWHG /2< JUDGXDWHVn ZKR

WRZDUGV EHFRPLQJ DQ DGYDQFHGn

LQ WKH WUDJLF ODQGVOLGHV RI WKH rzxqVn

IRUPHG WKH EDFNERQH RI WKH

KLJKoWHFK FLW\p

,QJLQHHULQJ JUDGXDWHV SOD\HG D NH\ UROH LQ WKLVp }V ORFDO PDQXIDFWXULQJ ZRUN GULHG XSn /2< JUDGXDWHV WRRN XS MREV LQ UHODWHG VHUYLFHVn VXFK DV PDFKLQH DXWRPDWLRQn SURGXFW DVVHPEO\ DXWRPDWLRQn EDFNoHQG GHVLJQn UHVHDUFK DQG GHYHORSPHQWn SXUFKDVLQJ DQG ORJLVWLFVp ;KH ODWWHU ZDV SDUWLFXODUO\ LPSRUWDQW IRU ERWK

;Xrfdoo|@wudlqhg hqjlqhhuv nqrz pruh derxw wkh orfdo frqglwlrqv dqg wkh qhhgv ri wkh vrflhw|A _kh| nqrz krz wr frsh zlwk wkh vpdoo vl}h ri Trqj Wrqj? wkh vorshv? wkh xqghujurxqg frqglwlrqv? wkh uhfodpdwlrq? wkh vwurqj zlqgvA Mqg wkh| fdq frppxqlfdwh zlwk wkh frqwudfwruv lq wkhlu rzq odqjxdjhA; @ Uu \urihvvru Okr| Wlq Wxhq 0-1? \uhvlghqw ri wkh Trqj Wrqj Uqvwlwxwlrq ri Qqjlqhhuv =DBCD@CE>

/RQJ 2RQJ DQG WKH -DFXOW\p /RQJ 2RQJ GHYHORSHG LQWR D JOREDO ORJLVWLFV FHQWUH WKURXJK WKH rzzqVn RSHUDWLQJ RQH RI WKH ZRUOGkV EXVLHVW SRUWV ZKLFK WUDQVoVKLSSHG JRRGV IURP *KLQD WR WKH UHVW RI WKH ZRUOGp ;KH +HSDUWPHQW

n9 ,D :1 *,?0= |@;;740> p0;,=?809?a tv|n{ s:A0=9809?c

61

C

M

Y

CM

MY

CY CMY

K

eRTZZT\RT >\VX\TT_X\V >cT_fdWT_T

_TQ O[Z_]UN`_U[Z _[ M]OTU_QO_`]Q /RQJ 2RQJ GLG QRW KDYH ORFDO WUDLQLQJ IRU DUFKLWHFWV XQWLO DIWHU rzvqn EXW HYHQ EHIRUH WKHQ /2< JUDGXDWHV ZHUH FRQWULEXWLQJ WR WKH FLW\kV DUFKLWHFWXUHp }ERXW D TXDUWHU RI /2< ,QJLQHHULQJ JUDGXDWHV ZRUNLQJ LQ /RQJ 2RQJ EHIRUH WKH ZDU HQGHG XS DV DUFKLWHFWV RU VXUYH\RUV WR PHHW GHPDQG IRU WKLV H[SHUWLVHp }IWHUZDUGVn ZLWK WKH QHZ VSHFLDOLW\ RI }UFKLWHFWXUH RSHQLQJ LQ WKH -DFXOW\ RI ,QJLQHHULQJn }UFKLWHFWXUH JUDGXDWHV KDG D FHQWUDO UROH WR SOD\ LQ /RQJ 2RQJkV WUDQVLWLRQ IURP D ORZoULVHn ORZoGHQVLW\ VPDOO FLW\n LQWR D KLJKoULVH PHWURSROLVp }Q LPSHWXV IRU WKDW GHYHORSPHQW ZDV WKH LQIOX[ RI SHRSOH IURP WKH 4DLQODQGp .LYHQ D JURZLQJ SRSXODWLRQ DQG VPDOO VSDFHn WKH RQO\ RSWLRQ ZDV WR EXLOG KLJKo GHQVLW\ KLJKoULVHVp ;KH ODXQFK RI WKH SXEOLF KRXVLQJ SURJUDPPH LQ WKH rzvqV LQFUHDVHG WKH GHPDQG IRU DUFKLWHFWV DQG SURYLGHG D SDWK IRU SURPRWLRQp ;RGD\n KDOI RI /RQJ 2RQJkV SRSXODWLRQ OLYHV LQ SXEOLF KRXVLQJn PRVW RI ZKLFK ZDV GHVLJQHG E\ /2< }UFKLWHFWXUH JUDGXDWHVp ;KH TXDOLW\ RI /RQJ 2RQJkV SXEOLF KRXVLQJ SURYLVLRQ KDV DWWUDFWHG DWWHQWLRQ IURP DEURDGn SDUWLFXODUO\ *KLQD ZKLFK KDV XVHG LW DV D PRGHO IRU PXFK RI LWV RZQ SXEOLF KRXVLQJp /RQJ 2RQJ LV DOVR IDPRXV IRU WKH GHQVLW\ DQG VRSKLVWLFDWLRQ RI LWV FRPPHUFLDO KLJKoULVHVp >KLOH LQWHUQDWLRQDO DUFKLWHFWV KDYH FHUWDLQO\ PDGH FRQWULEXWLRQVn LW LV IDLU WR VD\ WKDW /2< }UFKLWHFWXUH JUDGXDWHV ZHUH WKH FKLHI GHVLJQHUV RI /RQJ 2RQJkV GUDPDWLF VN\OLQHp }OWKRXJK }UFKLWHFWXUH EUDQFKHG RII WR EHFRPH D VHSDUDWH HQWLW\ LQ rzxyn LWV DFKLHYHPHQWV KDYH EHHQ PDGH LQ FORVH FRRSHUDWLRQ ZLWK HQJLQHHUV ^ WKH WZR SURIHVVLRQV UHPDLQ FORVHO\ FRQQHFWHG DQG WRJHWKHU WKH\ KDYH KHOSHG WR EXLOG /RQJ 2RQJp tv~ 2=,/@,?0> 3,A0 .:9?=4-@?0/ [email protected] ?: ?30 .4?D`> ,=.34?0.?@=0 :A0= ?30 /0.,/0>c Ep,8:9 +@09dn=@;

FRPSDQLHVn VXFK DV }OODQ >RQJ *KLo

YLFHoSUHVLGHQW DW 4LFURVRIWp

7RRQoKXDL qQx l~}UFK rzvvm ZDV

FKDQJHV DW D UDSLG UDWH ^ WKH NH\ ZRUG

DIWHU WKH 1XQH u LQFLGHQW LQ ;LDQDQPHQ

2RQJ HQJLQHHUVn LQFOXGLQJ /2<

WKH ILUVW *KLQHVH WR EHFRPH D SROLF\

EHLQJ UDSLG EHFDXVH WKLV ZDV D WLPH

:TXDUHp 0W ZDV DQ DPELWLRXV

JUDGXDWHVn ZRUNLQJ LQ FRRSHUDWLRQ

IRXQGHG =;HFKn D PDMRU PDQXIDFWXUHU

;KH WUDLQLQJ LQ SUREOHPoVROYLQJn GDWD

VHFUHWDU\ ZKHQ KH ZDV DSSRLQWHG

ZKHQ WKH FLW\kV iFDQ GRi VSLULW UHDFKHG

XQGHUWDNLQJ{ QHZ SRUWVn D QHZ DLUSRUWn

ZLWKLQWHUQDWLRQDOSDUWQHUVDQGSRXULQJ

RI FRUGOHVV SKRQHVn HOHFWURQLF JDPHV

KDQGOLQJ DQG ULVN DVVHVVPHQW SURYLGHG

:HFUHWDU\ IRU /RXVLQJ DQG *KDLUPDQ

LWV ]HQLWKp 7HRSOH ZHUH VSXUUHG E\ WKH

UDLOZD\V DQG KLJKZD\V ZRXOG EH EXLOW

DOO WKHLU HIIRUWV LQWR WKH ZRUNp 0W ZDV

DQG RWKHU SURGXFWVn DQG +DYLG 3HH

E\ WKH ,QJLQHHULQJ -DFXOW\ KDV DOVR

RI WKH /RXVLQJ }XWKRULW\ LQ rzyqp

RSSRUWXQLWLHVWKDWOD\DFURVVWKHERUGHUn

WR PHHW /RQJ 2RQJkV IXWXUH JURZWK

WKH ELJJHVW HQJLQHHULQJ SURMHFW LQ WKH

2HQJ -DL [lu l~,QJ LQ :RIWZDUH

SURYHG XVHIXO LQ RWKHU ILHOGVp 7DXO

9HQRZQHG DUWLVW 7URIHVVRU 5RUPDQ 2R

WKH GHVLUH WR JUDE D VKDUH RI /RQJ

QHHGVp ;KH DLUSRUW SURJUDPPH DORQH

ZRUOG DW WKDW WLPH DQG FRVW PRUH WKDQ

,QJLQHHULQJsqqumnZKRIRXQGHG;HDPV

*KRZ 4DQo\LX ^Oy l~:Fl,QJm rzxqm

>DKoPDQgmO l~:Fl,QJm rzwtmn ZKR

2RQJkV JURZLQJ ZHDOWKn DQG WKH

FRQVLVWHG RI rq SURMHFWVn LQFOXGLQJ WKH

jrvq ELOOLRQp ;KH VSHFWDFXODU GHVLJQ

DQG *RQFHSWV 3LPLWHG LQ sqqtn ZKLFK

ZDV *KLHI ,[HFXWLYH RI WKH :WRFN

ZDV D PHPEHU RI WKH +HSDUWPHQW RI

GHDGOLQH RI rzzx ZKHQ /RQJ 2RQJ

DLUSRUW LWVHOIn DQ DLUSRUW UDLOZD\ IURP

DQG ZRUNPDQVKLS GUHZ DGPLUDWLRQ

GHYHORSHG WKH ,GLWJULG VRIWZDUH IRU

,[FKDQJH IURP rzzrozx DQG KHOG

4HFKDQLFDO ,QJLQHHULQJ IURP rzwzo

ZRXOG EH UHWXUQHG WR *KLQDp ;KH

*HQWUDOn WZR EULGJHVn D WKLUG FURVVo

IURP DURXQG WKH ZRUOG DQG KHUDOGHG

FUHDWLQJ DQG VKDULQJ VSUHDGVKHHWV

VHYHUDO RWKHU VHQLRU SRVLWLRQV LQ WKH

sqqqn LV D -HOORZ RI WKH 9R\DO :RFLHW\

JRYHUQPHQW RI WKH WLPH IDYRXUHG OLJKW

KDUERXU WXQQHOn WKUHH H[SUHVVZD\Vn

/RQJ 2RQJkV GHYHORSPHQW LQWR D

WKDW LV QRZ EHLQJ XVHG JOREDOO\p ;KH

ILQDQFLDO ILHOGp >4A0 znp| ;=:50.?c u8,20 .:@=?0>D :1 t:92 v:92 u9?0=9,?4:9,7 n4=;:=?c

FDOOHG LQ WR KHOS EXLOG PRGHUQn

SRZHU FRPSDQLHV WR LPSURYH

FODVV PRGHO RI WUDQVSRUWDWLRQ DQG

HQYLURQPHQWDOO\oVRXQG IDFLOLWLHVn

HIILFLHQF\ DQG ORZHU FDUERQ HPLVVLRQVn

EXLOGLQJ VHUYLFHV ^ KDV UHTXLUHG

LQFOXGLQJ WKUHH VWUDWHJLF ODQGILOOV DQG

LQ RUGHU WR KHOS /RQJ 2RQJ UHGXFH

HQJLQHHUV WR EH DEOH WR ZRUN ZLWK

WKH /DUERXU }UHD ;UHDWPHQW :FKHPH

LWV FDUERQ IRRWSULQWp

WKH XQNQRZQ DQG DSSO\ WKHLU OHDUQLQJ

WR FROOHFW DQG WUHDW VHZDJH IURP

LQ XQIDPLOLDU VLWXDWLRQVp ;KLV DELOLW\

DURXQG WKH KDUERXUp 4RUH UHFHQWO\n

/RQJ 2RQJkV HYROXWLRQ RYHU WKH SDVW

WR VROYH SUREOHPV DQG VHL]H RQ

HQJLQHHUV KDYH EHHQ DVNHG WR DGDSW

tq \HDUV ^ IURP D PDQXIDFWXULQJ WR

RSSRUWXQLWLHV KDV XQGHUVFRUHG WKH

QHZ EXLOGLQJ SURMHFWV WR PHHW WKH

D VHUYLFH HFRQRP\n IURP D GLVSDUDWH

YDOXH RI /2< HQJLQHHUV WR /RQJ

QHZ ~XLOGLQJ ,QHUJ\ *RGH DQG KHOS

FROOHFWLRQ RI LQIUDVWUXFWXUH WR D ZRUOGo

2RQJkV PRGHUQ GHYHORSPHQWp

;_rgd| pdunv wkh judqg rshqlqj ri wkh qhz Trqj Wrqj Uqwhuqdwlrqdo Mlusruw? zklfk lv d frpelqdwlrq ri wkh zlvgrp? gloljhqfh dqg hqwuhsuhqhxuvkls ri wkh Trqj Wrqj shrsoh dqg v|perolvhv wkh eulooldqw survshfwv ri Trqj WrqjAAA bUwc lv dq dpd}lqj hqjlqhhulqj surmhfw? lq zklfk hyhu|rqh lq Trqj Wrqj wdnhv sulghA; @ _xqj Okhh@kzd /,.n wkhq Oklhi Q{hfxwlyh dw wkh riilfldo rshqlqj ri wkh dlusruw? Vxo| D? CJJI

SRSXODWLRQ JUHZn WKH EHVW RSWLRQ IRU KRXVLQJ SHRSOH DQG WKH RIILFHV DQG IDFWRULHV WKDW HPSOR\HG WKHP ZDV WKH KLJKoULVHp ~XW WKLV SRVHG SUREOHPV RI LWV RZQp ;KH WHFKQRORJ\ ZDV IDLUO\ UHFHQW ^ WKH ZRUOGkV ILUVW KLJKoULVH EXLOGLQJ KDG EHHQ HUHFWHG RQO\ LQ rzqu ^ DQG WKH SHUIRUPDQFH RI KLJKo ULVHV LQ VWURQJ ZLQGV KDG QRW EHHQ SURSHUO\ VWXGLHGp .LYHQ WKH ODUJH QXPEHU RI PXOWLoVWRUH\ EXLOGLQJV LQ /RQJ 2RQJn DQG WKH W\SKRRQV H[SHULHQFHG E\ WKH FLW\n LW VHHPHG DQ REYLRXV DUHD RI UHVHDUFK IRU WKH -DFXOW\p 7URIHVVRU 4DFNH\ EHJDQ OREE\LQJ RQ WKH VXEMHFW LQ WKH HDUO\ rzwqVp 0Q rzwv KH ZURWH{ i} PDWWHU ZKLFK VHHPV WR KDYH EHHQ WUHDWHG EXW OLJKWO\n LI DW

q924900=492 >:7@?4:9> 307; 48;=:A0 ;0:;70`> 74A0>c

64

C

M

Y

CM

MY

CY CMY

K

eRTZZT\RT >\VX\TT_X\V >cT_fdWT_T

EDOORRQHG LQ WKH SRVWoZDU SHULRGp 4RUH DQG PRUH EXLOGLQJV ZHUH HUHFWHG RQ KLOOVLGHVp 3DQGVOLGHV RFFXUUHG IURP WLPH WR WLPH EXW OLWWOH ZDV GRQH WR PLWLJDWH WKH SUREOHP XQWLO WKH rzxqVp 0Q rzxs WZR GLVDVWURXV ODQGVOLGHV OHIW PRUH WKDQ rtq SHRSOH GHDG DQG PRUH WKDQ vnqqq KRPHOHVVp ;KH 7R :KDQ 9RDG ODQGVOLGH GHPROLVKHG D rsoVWRUH\ DSDUWPHQW EORFNn ZKLOH GHEULV IURP D ILOO VORSH DW :DX 4DX 7LQJ HQJXOIHG D WHPSRUDU\ KRXVLQJ DUHD EHORZ LWp } IXUWKHU FROODSVH RI DQRWKHU :DX 4DX 7LQJ VORSH LQ rzxw SURPSWHG WKH JRYHUQPHQW WR IRUP DQ 0QWHUQDWLRQDO

t:92 v:92 70,/> ?30 B:=7/ 49 7,9/>74; ;=0A09?4:9 0C;0=?4>0c

DOOn LQ WKH SDVWn DQG ZKLFK WR PH RIIHUV

WR ODXQFK KLV DPELWLRXV SURMHFWp

DIDUJUHDWHUWKUHDWWREXLOGLQJFROODSVH

9HYLHZ 7DQHO WR LQYHVWLJDWH WKH FDXVH

DQG WKH UDLQIDOOoODQGVOLGH UHODWLRQVKLS

WRRO LQ JURXQGZDWHU WDEOH DVVHVVPHQW

RI WKH IDLOXUHp 7URIHVVRU :HDQ 4DFNH\

LQ WKH rzwqV DQG rzxqVp /H VWXGLHG

DQG VORSH GHVLJQp

DQG7URIHVVRU7HWHU3XPEZHUHDPRQJ

WKH HIIHFW RI ZDWHU LQILOWUDWLRQ RQ

WKH H[SHUWV RQ WKH 7DQHOn ZKLFK PDGH

VORSH VWDELOLW\n WKH UHVXOW RI ZKLFK LV

IDUoUHDFKLQJ UHFRPPHQGDWLRQV RQ

WKDW UHGXFLQJ LQILOWUDWLRQ KDV EHFRPH

WKH PDQDJHPHQW RI ODQGVOLGH ULVNV

WKH EDVLV RI WKH ORQJ WLPH ORFDO SUDFWLFH

;KH RXWEUHDN RI VHYHUH DFXWH

LQ /RQJ 2RQJp

RI DSSO\LQJ D KDUG VXUIDFH WR FXW

UHVSLUDWRU\ V\QGURPH l:}9:m LQ sqqt

VORSHVp /LV SXEOLFDWLRQ LQ WKH

ZDV D IHDUIXO HYHQW LQ /RQJ 2RQJ

|D8;:>4@8 :9 t:92 v:92 |:47>

EHFDXVH LW ZDV XQNQRZQ DW WKH WLPH

/RQJ 2RQJkV UHVLGXDO VRLO SURSHUWLHV

SURYLGHG HQJLQHHUV ZLWK WKH PDLQ

KRZ WKH GLVHDVH ZDV VSUHDGp 4HGLFDO

_kh ^dx Ydx \lqj odqgvolgh udlvhg txhvwlrqv uhjduglqj sxeolf vdihw| dvvrfldwhg zlwk wkh krxvlqj surjudpph dqg U vwloo ylylgo| uhphpehu ^lu Yxuud| YdfXhkrvh? wkhq Sryhuqru ri Trqj Wrqj? dvnlqj ;Pr U kdyh wr hydfxdwh vhyhudo wkrxvdqg shrsoh hdfk wlph lw udlqvL;

PRUH WKDQ rq \HDUV DQG WKH UHVXOWV ;KH *HQWUH IRU /LJK ~XLOGLQJ 9HVHDUFK

ZHUH SXEOLVKHG DURXQG WKH ZRUOGp

FRQFHUQ DW WKH WLPHC LV WKH SUREOHP

IHDWXUHG D rqoVWRUH\ IXOOoVFDOH VWHHOo

/2< DOVR VWDUWHG KRVWLQJ LQWHUQDWLRQDO

RI EXLOGLQJ VZD\p HVW DFDGHPLF H[FKDQJH GXULQJ

DQG LQGXVWU\ RIIHUHG VFDQW VXSSRUW

;\SKRRQ rq ^ WR PHDVXUH WKH HIIHFWV

WKH HDUO\ GD\V RI *KLQDkV RSHQLQJp

IRU UHVHDUFK DW WKLV WLPHn 7URIHVVRU

RQ WKH EXLOGLQJp ;KH SURMHFW OHG WR

4DFNH\ SRXQGHG SHUVLVWHQWO\ RQ WKHLU

PDMRU DGYDQFHV LQ EXLOGLQJ GHVLJQ

GRRUVn SHUVXDGLQJ WKH /RQJ 2RQJ

DQG EHFDPH WKH EDVLV IRU D ZLQG FRGH

DQG ~ULWLVK JRYHUQPHQWn SURIHVVLRQDO

IRU /RQJ 2RQJ EXLOGLQJVp

ILUPVn DUFKLWHFWVk ILUPV DQG RWKHU

_kh Sryhuqphqw lpphgldwho| dffhswhg wkh uhfrpphqgdwlrqv pdgh e| wkh Uqghshqghqw \dqho dqg vhw derxw lpsohphqwlqj wkhpA _kh| kdyh vwrrg wkh whvw ri wlphA Xlwhudoo| kxqguhgv ri vorshv kdyh ehhq uhfrqvwuxfwhg iroorzlqj wkh jxlgholqhv dqg doo kdyh shuiruphg lq d vdwlvidfwru| pdqqhuA

JW]_X\V L^ AXZZ`XST` /RQJ 2RQJkV KLOO\ WHUUDLQ ZDV DQ HQJLQHHULQJ FKDOOHQJH IRU EXLOGHUV

SULYDWH GRQRUV WR FRXJK XS IXQGV

0W DOVR SXW /2< RQ WKH PDS

IURP WKH FLW\kV HDUO\ GD\Vn DQG LW ZDV

XQWLO ILQDOO\n LQ 4D\ rzwzn KH ZDV DEOH

LQWHUQDWLRQDOO\ DV D VRXUFH RI H[SHUWLVH

PDGH ZRUVH ZKHQ WKH SRSXODWLRQ

;b`aX\V J:IJ ,P\S E]_T-

7URIHVVRU 3XPE GLG VHPLQDO ZRUN RQ

RQ WDOO EXLOGLQJVp ;KH SURMHFW UDQ IRU

BWKDQ SHUFXVVLYH SLOLQJn ZKLFK ZDV D

}0>?492 B49/ 7:,/492 :9 ?,77 -@47/492> 49 ?30 flke>c u8,20 .:@=?0>D :1 ?30 ~94A0=>4?D n=.34A0>a tv~c

}=,20/D ,? |,@ x,@ z492c u8,20 .:@=?0>D :1 ?30 s0:?0.394.,7 o:9?=:7 y114.0a tv|n{ s:A0=9809?c

@ \urihvvru Zruehuw ] Yrujhqvwhuq? `qlyhuvlw| ri Moehuwd? Yhpehu ri wkh Uqghshqghqw ]hylhz \dqho rq Rloo ^orshv? Trqj Wrqj? CJHG

66

C

M

Y

CM

MY

CY CMY

K

eRTZZT\RT >\VX\TT_X\V >cT_fdWT_T

H[SHUWLVH ZDV RI FRXUVH QHHGHGn EXW VR ZDV WKDW RI HQJLQHHUVp } WHDP RI i:}9: ~XVWHUVi ZDV VHW XS DQG ZLWKLQ D FRXSOH RI ZHHNVn WKH -DFXOW\kV DFDGHPLFV ZHUH DEOH WR SURYLGH D SODXVLEOH H[SODQDWLRQ RI KRZ WKH GLVHDVH KDG WUDYHOOHG WKURXJK RQH EDGO\oVWULFNHQ KRXVLQJ HVWDWH{ WKH :}9: YLUXV KDG EHHQ VXFNHG RXW RI WKH GULHGoXS SOXPELQJ V\VWHP E\ DQ H[WUDFWRU IDQ DQG WKHQ FDUULHG E\ ZLQG WR QHDUE\ IODWVp ;KH -DFXOW\kV LQYROYHPHQW LQ WKDW UHVHDUFK OHG WR D QHZ ILHOG RI LQYHVWLJDWLRQ DW /2 >;=0,/c

LQ KRVSLWDOVp ;KH +HSDUWPHQW RI 4HFKDQLFDO ,QJLQHHULQJ KDV VWXGLHG KRZ :}9: DQG LQIOXHQ]D DUH WUDQVPLWWHG YLD GURSOHWV IURP SHUVRQo WRoSHUVRQ LQ D URRPn DQG IRXQG WKH\ WUDYHO XS LQWR WKH DLU DV ZHOO DV IDOO WR WKH JURXQGp 4RVW KRVSLWDO YHQWLODWLRQ ZDV SUHYLRXVO\ EDVHG RQ GURSOHWV IDOOLQJ VR WKLV VXJJHVWHG FKDQJHV ZHUH QHHGHG WR FRQWURO LQIHFWLRQp ;KH ZRUN ZDV FDUULHG RXW LQ D PXOWLoGLVFLSOLQDU\ WHDP DQG WKH ILQGLQJV ZHUH SXEOLVKHG LQ UHSXWDEOH *,?0= >@0>m n 7:92b?0=8 1:.@> :1 =0>0,=.3c u8,20 .:@=?0>D :1 s:=/,9 oo vB,9a ~{|d|.:?? *47>:9

LQWHUQDWLRQDO HQJLQHHULQJ DQG PHGLFDO MRXUQDOVp ;KH UHVXOWV DOVR OHG WR WKH GHSDUWPHQW

NPaT_ N]_Y` t:B /=:;70?> >;=0,/ 49 , =::8c

6UJDQLVDWLRQ WR KHOS GHYHORS WZR YHQWLODWLRQp }FDGHPLF VWDII KDYH DOVR JLYHQ OHFWXUHV DQG WUDLQLQJ WR PRUH WKDQ rnvqq LQIHFWLRQ FRQWURO QXUVHV DQG SURIHVVLRQDOV IURP /RQJ 2RQJ DQG WKH UHJLRQn H[WHQGLQJ WKH LPSDFW RI WKHLU UHVHDUFK WR WKH ZLGHU FRPPXQLW\p

WUDGLWLRQDOO\ WKH LQIRUPDWLRQ KDV EHHQ

WKH /DSS\ =DOOH\ UDFHFRXUVHp

EDVHG RQ SK\VLFDO PHDVXUHPHQWVp 9HVHDUFKHUV IURP WKH +HSDUWPHQW RI

/HDY\UDLQVFDQVRPHWLPHVRYHUZKHOP

EHLQJ UHFUXLWHG E\ WKH >RUOG /HDOWK VHWV RI JXLGHOLQHV RQ QDWXUDO

SURMHFW ZDV DOVR LPSOHPHQWHG XQGHU

;Uq wkh idfh ri kljko| rujdqlvhg frpshwlwlrq iurp ryhuvhdv surgxfhuv? lw lv fulwlfdo wr wkh frqwlqxhg survshulw| ri rxu orfdo lqgxvwu| wkdw fr@rshudwlyh uhvhdufk vkrxog eh ghyhorshg dqg ixoo xvh pdgh ri rwkhu pdwhuldo dqg phqwdo uhvrxufhv wr phhw wkh fkdoohqjh ri d udslgo| h{sdqglqj whfkqrorjlfdo djhA; @ \urihvvru Ydfnh|? CJGE

GUDLQDJH V\VWHPV DQG FDXVH IORRGLQJp

>DWHU TXDOLW\ LV DQ LVVXH IRU ILVKHUPHQn

*LYLO ,QJLQHHULQJ DQG +HSDUWPHQW RI

6QH *LYLO ,QJLQHHULQJ UHVHDUFK WHDP

EHDFKJRHUV DQG ZDWHU VSRUWV

*RPSXWHU :FLHQFH KDYH RIIHUHG DQ

LQ FROODERUDWLRQ ZLWK WKH JRYHUQPHQW

HQWKXVLDVWVp .HWWLQJ UHDOoWLPH

DOWHUQDWLYH ZLWK 7URMHFW >};,94}5n

RIIHUV D VROXWLRQp } V\VWHP ZDV WHVWHG

LQIRUPDWLRQ FDQ EH GLIILFXOW EHFDXVH

ZKLFK ZDV ODXQFKHG LQ sqqzp >LWKLQ

LQ ;DL /DQJ ;XQJ WR FROOHFW UDLQZDWHU LQ D ODUJH XQGHUJURXQG ZDWHU WDQN DQG GLVFKDUJH LW JUDGXDOO\ LQWR WKH VWRUP ZDWHU GUDLQ V\VWHP DIWHU WKH UDLQ VWRSSHGp ;KH V\VWHP ZDV HYHQWXDOO\ DGRSWHG E\ WKH JRYHUQPHQWp 0W SURYHG WR EH YHU\ HIIHFWLYH DW VWRSSLQJ IORRGLQJ LQ ;DL /DQJ ;XQJn DQG D VLPLODU JRYHUQPHQW

p4,2=,8 :1 B,?0= /=,49,20 >D>?08c

68

C

M

Y

CM

MY

CY CMY

K

eRTZZT\RT >\VX\TT_X\V >cT_fdWT_T

WKUHH \HDUVn WKH\ GHYHORSHG D EHDFK

EXVLQHVV WUDQVDFWLRQV ZDV DQQRXQFHGn

XVHn DQ LPSUHVVLYH ILJXUH LQ WKH SDWHQW

ZDWHU TXDOLW\ IRUHFDVWLQJ V\VWHPn

DQG LW ZDV UHOHDVHG E\ sqqu ^ WKH

ZRUOGp

ILVKHULHV PDQDJHPHQW V\VWHPn to+

SURGXFW RI sv GHYHORSHUV ZRUNLQJ

HQYLURQPHQWDO LPSDFW DVVHVVPHQW

IXOOoWLPHp -XQGLQJ ZDV SURYLGHG E\

;KH +HSDUWPHQW RI 0QGXVWULDO DQG

V\VWHPn DQG HGXFDWLRQ SODWIRUPn XVLQJ

WKH /RQJ 2RQJ JRYHUQPHQWp

4DQXIDFWXULQJ :\VWHPV ,QJLQHHULQJ

D KXJH DPRXQW RI GDWD DQG ZDWHU

KDV DOVR ZRUNHG RQ VSHFLILF SURMHFWV

TXDOLW\ PRGHOOLQJ H[SHUWLVHp ;KH

;RGD\WKHVRIWZDUHLVDJOREDOVWDQGDUG

LQ FROODERUDWLRQ ZLWK LQGXVWU\

LQIRUPDWLRQ LV DYDLODEOH RQOLQHn

DQG SURFHVVHV PRUH WKDQ sq PLOOLRQ

SDUWQHUVp ,[DPSOHV LQFOXGH GHVLJQLQJ

PDNLQJ LW HDVLO\ DFFHVVLEOH WR WKH /RQJ

GRFXPHQWV SHU \HDU LQ PRUH WKDQ yq

DQG GHYHORSLQJ DQ RSHUDWLRQV V\VWHP

2RQJ FRPPXQLW\p

FRXQWULHV ^ LQFOXGLQJ /RQJ 2RQJ ZKHUH WKH JRYHUQPHQW XVHV LW IRU

;b`X\T``/a]/;b`X\T``

WR WUDLQ JURXQG RSHUDWRUV DW *DWKD\ r,.@7?D 3,> 48;=:A0/ ?=,49492 >D>?08> 1:= ?30 x}{oc

7DFLILFkV QHZ FDUJR WHUPLQDO DW WKH DLUSRUW| EXLOGLQJ D VLPXODWLRQ IRU +/3

VXFK WKLQJV DV DFFHSWLQJ WUDGH GHFODUDWLRQV IURP LPSRUWHUV DQG

DQG ORFDO DQG RYHUVHDV SURIHVVLRQDO

WR KHOS WKHP PDQDJH RSHUDWLRQ

~XVLQHVVHV WRGD\ QHHG D VHFXUH

H[SRUWHUVp 0W LV D ILQH H[DPSOH RI KRZ

LQVWLWXWHV ZHUH LQYLWHG WR WKH

V\VWHPV LQ WKHLU *HQWUDO }VLD KXE|

SODWIRUP WR VDIHO\ H[FKDQJH LQYRLFHVn

WKH -DFXOW\ KDV EHHQ DEOH WR DSSO\ LWV

JDWKHULQJVn DORQJVLGH VHOHFWHG

ZRUNLQJ ZLWK /0; RQ WKHLU TXD\ FUDQHV

VDOHV UHSRUWV DQG RWKHU GRFXPHQWV

H[SHUWLVH ZKHQ WKH ULJKW RSSRUWXQLW\

DFDGHPLFV IURP WKH -DFXOW\p 7URIHVVRU

DQG EHUWKLQJ V\VWHPV DW WKH FRQWDLQHU

|?@/09?> /074A0= 070.?=:94. 70,=9492 0 3,A0 307;0/ =0-@47/ >.3::7> 49 ;,=?> :1 o349, =,A,20/ -D 0,=?3

71

C

M

Y

CM

MY

CY CMY

K

wmxmiwkp itl lqxku{mw~ +JSQV[\Y\UWQOY _S`SO_QV \T aVS ]_S`S[a OUS _S^bW_S` ZbQV Z\_S aVO[ O VWUV YScSY \T ZS[aOY STT\_a WT Wa W` a\ `bQQSSR7 Wa OY`\ _S^bW_S` O VWUV RSU_SS \T OQQb_OQe W[ aVS W[`a_bZS[aOaW\[ O[R Sd]S_WZS[aOaW\[ [SQS``O_e a\ cS_WTe aVS aVS\_SaWQOY `abRWS`, WT aVS _S`SO_QV W` a\ VOcS O[e ]_OQaWQOY cOYbS. JVW` _S^bW_S` Z\[Se.+ G_\TS``\_ ISO[ DOQXSe, 0631

51

C

M

Y

CM

MY

CY CMY

K

H:83 Cpo oc` d_`\ ja

ad`g_ ja am\^opm` h`^c\id^n1 ajm rcd^c

m`n`\m^c \n ji` ja oc` \^\_`hd^ \dhn

c` m`^`dq`_ oc` km`nodbdjpn B3B3

ja oc` G\^pgot _d_ ijo m`\ggt no\mo oj

Hmdaadoc N`_\g1 \i_ c` dn ^m`_do`_ rdoc

o\f` cjg_ piodg Qmja`nnjm S`\i N\^f`t

`no\]gdncdib \ m`n`\m^c ^pgopm` di oc`

\mmdq`_ di 6>: oc`

N\^f`t cdhn`ga pi_`mojjf \ h\ejm

oj ]` rdggdib oj gj]]t c\m_ \i_ kpgg

Dmjp^c`m Gjpi_\odji r\n g\pi^c`_1

kmje`^o oj diq`nodb\o` oc` `aa`^o ja

\gg nomdibn oj b`o oc` ]\^fdib i``_`_

\i di_`k`i_`io kmdq\o` ]j_t n`o pk

nomjib rdi_n ji o\gg ]pdg_dibn v

oj kpmnp` bjj_ d_`\n /a`r np^^``_`_

oj api_ m`n`\m^c di oc` i\opm\g

m`n`\m^c oc\o rjpg_ kpo oc` G\^pgot

oj oc` `so`io ja Qmja`nnjm N\^f`t03

n^d`i^`n1 o`^cijgjbt \i_ h`_d^di` di

ji oc` dio`mi\odji\g h\k3

Bgo`mi\odq`gt1 oc`t ^jpg_ r\do ajm \i

Ijib Ljib3 Gjm oc` admno odh`1 oc`m`

pmb`io kmj]g`h oj \mdn`1 np^c \n oc`

r\n \ njpm^` ja api_dib oc\o r\n

Poc`mn di oc` G\^pgot \gnj no\mo`_ oj

6>>61 \]jpo ji`2

Dc`pib m`^jpion3 ,B q`mt r`gg fijri

oj Dcdi\ \i_ diomj_p^` Dcdi\ oj

ocdm_ ja \^\_`hd^ no\aa r`m` \gm`\_t

n^cjg\m di Dcdi\ ojg_ h`1 tjp c\q`

k`jkg` amjh jpond_`3

R`qjgpodji3,

`ib\b`_ di m`n`\m^c \i_ \ iph]`m

Qmja`nnjm Dc`pib _`q`gjk`_ oc` oc`jmt rdoc cdn kmja`nnjm \o Sr\in`\ Uidq`mndot1 rc`m` c` c\_ ]``i \_hdoo`_ nom\dbco oj oc` QcE kmjbm\hh` \ao`m `\midib \i pi_`mbm\_p\o` _`bm`` \o oc` Sjpoc Dcdi\ Jinodopo` ja T`^cijgjbt /SDJT0 di Hp\ib_jib di oc` 6>:5n3 Tc` Ijib Ljib i\odq` c\_ ^cjn`i oj nop_t oc`m` ]`^\pn` ,J c\_ oc` rmjib dhkm`nndji oc\o oj nop_t di Dcdi\ J ^jpg_ b`o ht c\i_n _dmot \i_ _j \ gjo ja km\^od^\g

:SPGFTTPS A 6 .IFVOH|

ocdibn3, Epmdib cdn nds t`\mn \o

Ijib Ljib oj ejdi oc` G\^pgot3 Ji

rjmf1 \i_ ocdn b`nopm`1 \i_ c` r\n

Sr\in`\1 c` kp]gdnc`_ 68 k\k`mn \i_

oc` ]jjf1 c` no\o`_ oc\o c` c\_

\]g` oj \oom\^o ]joc n^cjg\mn \i_

\ ]jjf ji oc` adido` `g`h`ion h`ocj_1

bm\_p\o`_ amjh SDJT v \i pipnp\g

nop_`ion oj oc` G\^pgot rc`i Dcdi\

rcd^c r\n om\ing\o`_ dioj Rpnnd\i1

\^fijrg`_b`h`io di ocjn` _\tn1 \n

]`b\i jk`idib don _jjmn oj oc` rjmg_3

K\k\i`n`1H`mh\i1Qjgdnc\i_Dcdi`n`3

hjno bm\_p\o`n ja N\dig\i_ pidq`mndod`n rcj r`io jq`mn`\n

Qmja`nnjm Dc`pib \gnj kmjkjn`_ oc`

Tc` g\oo`m om\ing\odji kmjq`_

o`i_`_ oj kg\t _jri oc` ^jii`^odji3

adido` nomdk h`ocj_ \i_ kp]gdnc`_ oc`

diq\gp\]g` oj cdh ji cdn m`opmi oj

B^\_`hd^n di Dcdi\ m`nk`^o`_ cdn

admno ]jjf ji ocdn h`ocj_3

ja oc`h r`m` cdbcgt m`nk`^o`_ di _dq`mn` ad`g_n3 Bhjib oc` ijo\]g` n^cjg\mn r`m` Qmja`nnjm D3M3 Dcjr bam ajm cdn rjmf ji _\h\b`

s6?< =@HIJ NEJ 8 >H8DJ E= tzuxxxw 6?8J M8I 8 B8H>< 8CEKDJ @D J?EI< ;8NI