`
`O‘] 2.3 7CFHG 5?JKHG;E /HFFMGC=;LHJ ’kaehdq
`cfgof Yk 2.3 7CFHG( oYk Y ‘Yf\‘]d\) lgm[‘k[j]]f
`[]ddmdYj h‘gf] Yf\ K?< \]ka_f]\ Yf\ ]f_af]]j]\ Zq
`Dfl]jfYlagfYd =mkaf]kk HY[‘af]k >gjh+
`’D=H( Yf\ Yk*
`k]eZd]\ mf\]j [gfljY[l Zq HalkmZak‘a @d][lja[ >gjh+
`=]ddNgml‘ >]ddmdYj >gjh+ \akljaZml]\ l‘] Naegf K]jkgfYd
`>geemfa[Ylgj af l‘] Pfal]\ NlYl]k Z]lo]]f <m_mkl .661
`Yf\ A]ZjmYjq .662) k]ddaf_ 2-)--- mfalk+ O‘] Naegf K]j*
`kgfYd >geemfa[Ylgj oYk l‘] {jkl []ddmdYj h‘gf] lg af*
`[dm\] l]d]h‘gf] Yf\ K?< ^]Ylmj]k af gf] \]na[]+
`
`% 1CKLHJO
`
`D=H \]Zml]\ Y hjglglqh] \]na[]) [g\] fYe]\ w<f_d]j)x
`gf Ign]eZ]j /0) .66/ Yl l‘] >JH?@S [gehml]j Yf\
`l][‘fgdg_q ljY\] k‘go af GYk Q]_Yk) I]nY\Y) Pfal]\
`NlYl]k+ O‘] <f_d]j hjglglqh] [geZaf]\ Y []dd h‘gf]
`Yf\ K?< aflg gf] \]na[]) Yddgoaf_ Y mk]j lg eYc] Yf\
`j][]an] l]d]h‘gf] [Yddk) ^Y[kaead]k) ]eYadk Yf\ []ddmdYj
`hY_]k) Yegf_ gl‘]j ^mf[lagfk+ >JH?@S k‘go Yll]f\]]k
`Yf\ l‘] hj]kk k‘go]\ fglYZd] afl]j]kl af l‘] \]na[]+ O‘]
`\Yq Y^l]j <f_d]jvk \]Zml) @>/ ?NEBW ^]Ylmj]\ Y h‘glg
`gf l‘] ^jgfl hY_] g^ l‘] Hgf]q k][lagf k‘goaf_ AjYfc
`>YfgnY) <f_d]jvk Yj[‘al][l) ‘gd\af_ l‘] hjglglqh]+V.WV2WV3W
`
`=]ddNgml‘ ]p][mlan]k _Yn] l‘] {fak‘]\ hjg\m[l alk {fYd
`fYe]) wNaegf K]jkgfYd >geemfa[Ylgjx) Z]^gj] alk hmZ*
`da[ \]Zml Yl l‘] Raj]d]kk Rgjd\ >gf^]j]f[] af Ign]e*
`Z]j .660+V.W =]ddNgml‘ >]ddmdYj ‘Y\ hdYff]\ lg Z]_af k]dd*
`af_ Naegf af HYq .661) Zml \m] lg hjgZd]ek oal‘ l‘]
`\]na[]vk kg^loYj]) l‘] Naegf \a\ fgl Z][ge] YnYadYZd]
`lg [gfkme]jk mflad <m_mkl .3) .661+ =]ddNgml‘ >]ddm*
`dYj afalaYddq gz]j]\ l‘] Naegf l‘jgm_‘gml alk .2 klYl] k]j*
`na[] Yj]Y ^gj PN$566 oal‘ Y log*q]Yj k]jna[] [gfljY[l gj
`PN$.-66 oal‘gml Y [gfljY[l+ GYl]j af l‘] hjg\m[lvk da^])
`=]ddNgml‘ >]ddmdYj j]\m[]\ l‘] hja[] lg PN$266 oal‘ Y
`log*q]Yj [gfljY[l+V/WV4W
`
`?HF 608 >ILNM <FPQNMBK 1NLLSMIDBRNP IMDKSEFE B DSQRNL’ZR&
`OPNRFDRITF& KFBRHFP DNTFP
`
`^Yp]k) ]*eYadk Yf\ []ddmdYj hY_]k+ Naegf ^]Ylmj]\ eYfq
`Yhhda[Ylagfk af[dm\af_ Yf Y\\j]kk Zggc) [Yd]f\Yj) Yh*
`hgafle]fl k[‘]\md]j) [Yd[mdYlgj) ogjd\ lae] [dg[c) ]d][*
`ljgfa[ fgl] hY\) ‘Yf\ojall]f YffglYlagfk Yf\ klYf\Yj\
`Yf\ hj]\a[lan] klqdmk afhml k[j]]f c]qZgYj\k+V..W
`
`=]ddNgml‘ >]ddmdYj kgd\ YhhjgpaeYl]dq 2-)--- mfalk \mj*
`af_ l‘] hjg\m[lvk kap egfl‘k gf l‘] eYjc]l+V.W
`
`’ -==?KKHJC?K
`
`<dl‘gm_‘ l‘] l]je #keYjlh‘gf]# oYk fgl [gaf]\ mflad
`.662) Z][Ymk] g^ Naegfvk ^]Ylmj]k Yf\ [YhYZadala]k) al [Yf
`Z] j]^]jj]\ lg Yk l‘] {jkl keYjlh‘gf]+V.WV5WV6WV.-W
`
`& 0?;LMJ?K
`
`Df Y\\alagf lg alk YZadalq lg eYc] Yf\ j][]an] []ddmdYj
`h‘gf] [Yddk) Naegf oYk Ydkg YZd] lg k]f\ Yf\ j][]an]
`
`@Y[‘ Naegf oYk k‘ahh]\ oal‘ Y [‘Yj_af_ ZYk] klYlagf) log
`fa[c]d*[Y\eame ZYll]ja]k Yf\ Y hjgl][lan] d]Yl‘]j [gn]j+
`JhlagfYd oYk Y K>H>D< hY_]j [Yj\ \]ka_f]\ Zq Hg*
`lgjgdY) Yf MN/0/ Y\Yhl]j [YZd] ^gj mk] oal‘ K>*Gafc
`lg Y[[]kk {d]k ^jge Y h]jkgfYd [gehml]j) Yf\ Yf ME..
`Y\Yhl]j [YZd] lg Yddgo nga[] Yf\ \YlY [Yddk lg Z] eY\]
`gn]j KJON dYf\*daf]k+ O‘] ME.. Y\Yhl]j ‘]dh]\ mk]jk
`j]\m[] ]ph]fkan] []ddmdYj h‘gf] Zaddk gj eYc] [Yddk o‘]j]
`[]ddmdYj [gn]jY_] \a\f&l ]pakl af .661+
`
`.
`
`
`
`/
`
`+ =343=3913>
`
`( 4I?J;LCGA KOKL?F ;G> ;IIEC=;#
`LCHGK
`
`[q[d] Yk D=Hvk imYdalq YkkmjYf[] l]klaf_ oYk Z]af_ [gf*
`\m[l]\+ D=H oadd ‘gd\ mh k‘ahe]flk g^ l‘] \]na[] mflad
`l‘] Zm_k Yj] ogjc]\ gml+
`
`O‘] Naegf mk]\ l‘] {d] kqkl]e ^jge ?YlYda_‘l MJH*
`?JN Ydgf_ oal‘ {d] [gehj]kkagf ^jge NlY[c]j+ D=H [j]*
`Yl]\ Y mfaim] lgm[‘*k[j]]f mk]j afl]j^Y[] ^gj Naegf8 fg
`?JN hjgehl ]pakl]\+V/W O‘ak mk]j afl]j^Y[] kg^loYj] dYq]j
`^gj Naegf oYk cfgof Yk l‘] IYna_Ylgj+V./W
`
`O‘] Naegf [gmd\ Z] mh_jY\]\ lg jmf l‘aj\ hYjlq Yhhda[Y*
`lagfk ]al‘]j Zq afk]jlaf_ Y K>H>D< [Yj\ gj Zq \gofdgY\*
`af_ Yf Yhhda[Ylagf lg l‘] h‘gf]vk afl]jfYd e]egjq+
`
`<ldYflY) B]gj_aY*ZYk]\ K?< ?ae]fkagfk \]n]dgh]\
`w?akhYl[‘Dlx) l‘] gfdq Y^l]jeYjc]l) l‘aj\*hYjlq Yhhda[Y*
`lagf \]n]dgh]\ ^gj Naegf+ Dl oYk Yf ]Yjdq hj]\][]kkgj lg
`wM]egl] ?]kclghx kg^loYj] V.0W O‘] ?akhYl[‘Dl Yhhda[Y*
`lagf [gklk o]j] PN$/)666 ^gj l‘] ‘gkl K> kg^loYj] Yf\
`PN$/66 ^gj ]Y[‘ Naegf kg^loYj] [da]fl+V.1W
`
`) 6?@?J?G=?K
`
`V.W NY_]j) DjY ’Emf] /6) /-./(+ w=]^gj] DK‘gf] Yf\ <f\jga\
`>Ye] Naegf) l‘] Aajkl NeYjlh‘gf]x+ 0KNNLCFPG 0SQI’
`MFQQUFFJ+
`DNNI /.3/*324S+ M]lja]n]\ Emf] 0-) /-./+
`Naegf oYk l‘] {jkl keYjlh‘gf]+ Oo]flq q]Yjk Y_g) al ]f*
`nakagf]\ gmj Yhh*‘Yhhq egZad] dan]k) kim]]raf_ l‘] ^]Y*
`lmj]k g^ Y []dd h‘gf]) hY_]j) ^Yp eY[‘af]) Yf\ [gehml]j
`aflg Yf .5*gmf[] ZdY[c Zja[c+
`
`wNaegfaraf_ l‘]
`V/W J&HYdd]q) >‘jak ’?][]eZ]j .661(+
`K?<x+ 0WRF %+ ’./(7 .12u.15+
`DNNI -03-*2/5-+
`<j[‘an]\ ^jge l‘] gja_afYd gf A]ZjmYjq /.) .666+ M]*
`lja]n]\ Emf] 0-) /-./+
`O‘] >KP ak Y .3*Zal p53*
`[gehYlaZd] hjg[]kkgj jmffaf_ Yl .3 HCr) Y kaf_d]*[‘ah
`\]ka_f eYfm^Y[lmj]\ Zq QY\]e+ Naegf jmfk Y n]jkagf g^
`?JN [Ydd]\ MJH*?JN) ^jge ?YlYda_‘l+++
`
`V0W w=]ddkgml‘) D=H Pfn]ad K]jkgfYd >geemfa[Ylgj K‘gf]x+
`8NCIKF <HNMF 9FUQ+ Ign]eZ]j 5) .660+
`DNNI -404*
`2-44+ M]lja]n]\ Emf] 0-) /-./+ O‘] h‘gf] [mjj]fldq ak
`ZYk]\ gf Yf <HKN klYf\Yj\+++
`
`D=H Naegf K?< >]ddh‘gf]x+ =FRPN1NL+
`V1W w=]ddNgml‘7
`M]ljg>ge+ M]lja]n]\ Emf] 0-) /-./+ BjYh‘a[ \akhdYq7
`.3- p /60
`
`V2W N[‘f]a\Yoaf\) Eg‘f ’Ign]eZ]j /0) .66/(+ wKgaf\]pl]j
`Kmllaf_ Aaf_]j gf K> =m_k8 =a_ =dm] Pfn]adaf_x+ @>/
`?NEBW+ h+ /=+ DNNI -401*4123+
`
`w<j] Tgm Yf DffgnY*
`V3W =jY\f]j) @jaf ’Emdq /.) /-..(+
`lagf BaYfl;#+ 2FQIGMIMG RHF @QFP 3VOFPIFMDF BR /SRNEFQJ+
`<mlg\]kc+ <j[‘an]\ ^jge l‘] gja_afYd gf Ign]eZ]j /0)
`/-./+ M]lja]n]\ Ign]eZ]j /0) /-./+
`
`V4W wD=Hvk KdYfk lg N‘ah Naegf Kml Jf Cgd\ ^gj Oae] =]af_x+
`8NCIKF <HNMF 9FUQ+ <hjad 1) .661+
`DNNI -404*2-44+
`M]lja]n]\ Emf] 0-) /-./+ O][‘fa[Yd akkm]k) j]kmdlaf_ ^jge
`l‘] afl]_jYlagf g^ Naegfvk []ddmdYj ^Ypaf_ [YhYZadalq) o]j]
`\ak[gn]j]\ ]Yjdq af l‘] eYfm^Y[lmjaf_ Yf\ \]n]dghe]fl
`
`V5W w@ja[kkgf BN55 Kj]na]ox+ @ja*fg*eglg+ /--3+ M]lja]n]\
`?][]eZ]j .2) /-..+
`
`V6W wK]f]dgh] =gpx+ Nlg[c‘gde NeYjlh‘gf]+ /-.-+ M]*
`lja]n]\ ?][]eZ]j .2) /-..+
`
`V.-W NYnY_]) KYe]dY ’EYfmYjq .662(+ w?]ka_faf_ Y BPD ^gj
`=mkaf]kk O]d]h‘gf] mk]jkx+ <kkg[aYlagf g^ >gehmlaf_
`HY[‘af]jq+ M]lja]n]\ /-.1*-6*.0+
`+++Dl ak Yl l‘ak hgafl
`l‘Yl ]Yjdq mkYZadalq l]kl hYjla[ahYflk e]l aehYkk]+ O‘]
`koal[‘ [gff][l]\ lg gmj wkeYjl h‘gf]x ak ]ph][laf_ l‘]
`lqha[Yd w\meZ ]f\*hgaflx+++ <O%Ovk K‘gf]Rjal]j oYk
`\]egfkljYl]\ Yl l‘] .660 >ge\]p >gehml]j N‘go+++
`
`V..W >ILNM >BWQ Y5FPFXQ 5NU#$ ’ @QFPQ 8BMSBK ’K?A(+ D=H+
`.661+ KYjl ImeZ]j 50B654/+ <j[‘an]\ ^jge l‘] gja_afYd
`gf Emdq /6) /-.0+ M]lja]n]\ Emdq /6) /-.0+
`
`V./W PN hYl]fl 22043-5) =j]fl <+ =]Yllq8 AjYf[ak E+ >YfgnY)
`Ej+ % >‘Yjd]k N+ GYfa]j ]l Yd+) wK]jkgfYd [geemfa[Ylgj
`YhhYjYlmkx) akkm]\ Emdq .6) .663) Ykka_f]\ lg Dfl]jfYlagfYd
`=mkaf]kk HY[‘af]k >gjhgjYlagf
`
`.662(+
`V.0W =]ddNgml‘ >]ddmdYj >gjhgjYlagf ’HYj[‘ 6)
`w=]ddkgml‘ >]ddmdYj >gjh+
`<ffgmf[]k ?akhYl[‘aly
`Ng^loYj] Agj Naegfy >gee]j[aYddq <nYadYZd]x ’Kj]kk
`j]d]Yk](+ KM I]okoaj]+ M]lja]n]\ Ign]eZ]j //) /-.0+
`
`w=]ddNgml‘ >]ddmdYj
`’HYq .662(+
`V.1W Kgdak‘mc) KYmd) ]\+
`>gjh+ <ffgmf[]k ?akhYl[‘Dl Ng^loYj] ^gj Naegfx+ AIPF’
`KFQQ ?FKFDNLLSMIDBRINMQ 9FUQKFRRFP ) ’2(7 6u.-+
`DNNI
`.-50*4446+ M]lja]n]\ Emf] 0-) /-.-+ =]ddNgml‘ >]ddm*
`dYj >gjh+ ’=N>>( Yf\ K?< ?ae]fkagfk+++Yffgmf[]\ l‘]
`[gee]j[aYd YnYadYZadalq g^ ?akhYl[‘Dl) Y ogjc gj\]j {]d\
`k]jna[] Yhhda[Ylagf mkaf_ Naegf) =N>>vk h]jkgfYd [ge*
`emfa[Ylgj+
`
`! wNaegfx+ 0SVRNM 1NKKFDRINM+ Ha[jgkg^l >gjhgjY*
`lagf+ /-./+ <j[‘an]\ ^jge l‘] gja_afYd gf Ign]e*
`Z]j /0) /-./+ M]lja]n]\ Ign]eZ]j /0) /-./+ Na*
`egf ak l‘] {jkl keYjlh‘gf]+ Dl hYn]\ l‘] oYq ^gj
`l‘] gf]k g^ lg\Yq Zq afljg\m[af_ lgm[‘ k[j]]fk lg
`h‘gf]k+
`
`! w=mplgf >gdd][lagf NYehd]jx ’K?A(+ 156 *())+
`<>H NDB>CD+ /-..+ h+ 3+ <j[‘an]\ ^jge l‘]
`gja_afYd gf Ign]eZ]j /0) /-./+ M]lja]n]\ Ign]e*
`Z]j /0) /-./+ D=H , =]dd Ngml‘ Naegf NeYjlh‘gf]7
`Aajkl k‘gof af .660) l‘ak oYk l‘] ogjd\vk {jkl kg*
`[Ydd]\ &keYjl h‘gf]&+
`
`! ?HF %,-- <PFHIQRNPID <PFEFDFQQNP RN RHF I<HNMF
`’AGQ( ’R]Z na\]g(+ =dggeZ]j_+ Emf] /5) /-./+
`M]lja]n]\ ?][]eZ]j .3) /-./+ Ggf_ Z]^gj] l‘]
`keYjlh‘gf] j]ngdmlagf) D=H Yf\ =]ddNgml‘ l]Ye]\
`mh lg Zmad\ Yf\ k]dd l‘] Naegf K]jkgfYd >geemfa*
`[Ylgj) Y .*hgmf\) $566 egZad] h‘gf] l‘Yl jYf Yhhk
`Yf\ ^]Ylmj]\ l‘] {jkl lgm[‘ k[j]]f+ Dl dYkl]\ bmkl kap
`egfl‘k Y^l]j Z]af_ hml gf l‘] eYjc]l af l‘] kmee]j
`g^ .661+
`
`
`
`0
`
`* 8?NL ;G> CF;A? KHMJ=?K" =HGLJC<MLHJK" ;G> EC=?GK?K
`
`*$% 8?NL
`
`! 2.3 7CFHG >NSPDF. ‘llhk7,,]f+oacah]\aY+gj_,oaca,D=HXNaegf;gd\a\93405452.1 1NMRPICSRNPQ. O‘] <fge]) MO>) Fcm) Faf_lmjld])
`R]jf‘]j) Edaf) <k‘d]q Kge]jgq) HYad]j \aYZdg) MgfYjc) Bgjlm) FgYn^) CYjjg2) Q]_YkoacaYf) BYamk >gjf]damk) FH[?) <f\qU) DerY\a.646)
`Ma[‘{^]) Hgn]e]flYjaYf) H\o‘) E]jge] >‘Yjd]k Kgllk) Jjh‘Yf=gl) G]kl]j) Jd\a]keYff) FkhjYq?Y\) MgZ AjYk]j) AYajmk]=gl) H][[Yf]]j)
`K?<_]]c) >q\]Zgl) H‘qam-.34s]foaca) <dZYfq IT) Eae+‘]f\]jkgf) UgjYcga\) Racah]\aYfTcfJF) RacaakYo]kge]) Kmj_Ylgjq AmZYj)
`N]Yj[‘eYn]f) NYfYg) Cgdg][gfgea[k) O‘]Z]klg^Ydd--4) <\\Zgl) HjJdda]) Gm[cYk*Zgl) Aj]Z]d60) HYl]jaYdk[a]flakl) Lm]Z][66) CY]afgmk)
`Fqd]jYc]) Tmlka) Ga_‘ldgo]egf) BBO) =[gk14) Mboadeka=gl) @eYmk=gl) Utjg=gl) >qejm+dYkk) >dm]=gl IB) HY\\gpf]ad) Ra\j) MoYdd*
`ego) <d]p/-.. jm) >Y\ageYdk) Nhgf_44/3) O‘]o]dd‘a\\]f) O[gegl[ge) G‘[Ybb‘) HYjcHgdYf\]j) >gdafe[\]jegll Yf\ <fgfqegmk7 42
`
`*$& 2F;A?K
`
`! 0CE?,2.397CFHG95?JKHG;E9/HFFMGC=;LHJ$IGA
`‘llhk7,,mhdgY\+oacae]\aY+gj_,oacah]\aY,[geegfk,6,6],D=HXNaegfX
`>NSPDF.
`K]jkgfYdX>geemfa[Ylgj+hf_ 7IDFMQF. KmZda[ \geYaf 1NMRPICSRNPQ. ‘llh7,,[geegfk+oacae]\aY+gj_,oaca,Aad]7D=HXNDegfXafX[‘Yj_af_X
`klYlagf+hf_ ;PIGIMBK BPRIQR. =[gk14
`
`! 0CE?,2.397CFHG9CG9E?;LB?J9=;K?$DIA >NSPDF. ‘llhk7,,mhdgY\+oacae]\aY+gj_,oacah]\aY,[geegfk,Y,Y4,D=HXNaegfXafXd]Yl‘]jX[Yk]+
`bh_ 7IDFMQF. >> =T*N< 0+- 1NMRPICSRNPQ. hglYlg ha] ;PIGIMBK BPRIQR. ;
`
`*$’ /HGL?GL EC=?GK?
`
`! >j]Ylan] >geegfk <lljaZmlagf*N‘Yj] <dac] 0+-