6]ypVV]yOiVPDJ\DUi]DWRN
.pW V]yOiVPDJ\DUi]DW
0 L N R U O i W W i O P p J Y D G D O P i U y O V i U J D p G H V D O P i W V ] H G Q L " ²ËJ\IHMH]LNNL6]DWPiUEDQDPLWDN|]KHO\HNYLOiJiEDQ~J\V]RNWDN PHJIRJDOPD]QLKRJ\VHQNLVHP~OKDWMDIHOO|QPDJiWLOOHWYHKRJ\DPLNpSSDWHUPpV]HWEHQDQ|YpQ\HNIiNIYHNERNURNpVYLUiJRNLVFVDN|QPDJXNDWDGKDWMiND]HPEHUHNW|EEVpJHLV~J\
YDQYHOHKRJ\VRKDVHPOpSLiWD]WDKDWiUWDPLWDWHUPpV]HWHVKRYDWDUWR]iVV]OHWpVV]iUPD]iV FVDOiGD]HJ\pEDGRWWViJRNpVN|UOPpQ\HNODNyKHO\ KDJ\RPiQ\RN V]RNiV VWE MHO|OQHN NL /HJW|EEV]|URNWDWypVQHYHOV]iQGpNNDOHPOtWLNGHOHKHWQHKH]WHOpVVWPHJURYiVNLIHMH]pVHLV KDW|EEHWMREEDWYiUWDNYDODNLWOPLQWDPLUHMy]DQPHJtWpOpVV]HULQWV]iPtWDQLOHKHWHWW$GDWN|]O )HOOHJ.iURO\pYHVJD]GiONRGy7LV]DEHFV1\LOYiQYDOyKRJ\DPRQGiVEDV&UtWHWWE|OFVHVVpJ LJHQUpJL(UUHXWDOW|EEHNN|]WD]KRJ\DKHJ\LEHV]pGEHQ.ULV]WXVLVtJ\WHV]LIHODNpUGpVWÄ9D MRQDW|YLVUOV]HGQHNpV]OWYDJ\DERMWRUMiQUyOIJpW"´0DMGtJ\IRO\WDWMDÄ(NNpSSHQPLQGHQ MyIDMyJ\P|OFV|WWHUHPDURPORWWIDSHGLJURVV]J\P|OFV|WWHUHP1HPWHUHPKHWMyIDURVV]
J\P|OFV|WURPORWWIDVHPWHUHPKHWMyJ\P|OFV|W´0iWpHYDQJpOLXPDUpV]²YHUV + D Y D Q V ] D O P D D I D O X G E D Q Q H P H Q M D V ] R P V ] p G E D V ] p Q i p U W ²(]DV]yOiVD]RNDWD]LGNHWLGp]LDPLNRUPpJPLQGHQIDOXDPDJDpOHWpWpOWHD]RWWKRQ DFVDOiGLW&]KHO\YROWDPLQGHQpVNLPRQGKDWDWODQJ\|Q\|U&VpJpVEV]NHVpJW|OW|WWHHODV]tYH NHWKDDPDJXNIDOXMiUDJRQGROWDNYDJ\DUUyOYROWV]y$PLNRUPpJQHPYiJWDNQHNLDYLOiJQDN KRJ\MREEPHJpOKHWpVKH]MXVVDQDN$W|NpOHWHVORNiOSDWULRWL]PXVKDQJMDV]yODOPHJDV]yOiVEDQ PHO\DUUDWDQtWKRJ\VDMiWIDOXQNEDQDNHYHVHEELVMREEPLQWPiVXWWDW|EE$GDWN|]O)HOOHJ .iURO\pYHVJD]GiONRGy7LV]DEHFV
.È9È66<6È1'25
