Académique Documents
Professionnel Documents
Culture Documents
BULLETIN
DE L’INSTITUT FRANÇAIS
D’ARCHÉOLOGIE ORIENTALE
en ligne en ligne en ligne en ligne en ligne en ligne en ligne en ligne en ligne en ligne
Le Dialogue d’un homme avec son ba à la lumière de la formule 38 des Textes des
Sarcophages.
Conditions d’utilisation
L’utilisation du contenu de ce site est limitée à un usage personnel et non commercial. Toute autre utilisation du site et de son contenu est
soumise à une autorisation préalable de l’éditeur (contact AT ifao.egnet.net). Le copyright est conservé par l’éditeur (Ifao).
Conditions of Use
You may use content in this website only for your personal, noncommercial use. Any further use of this website and its content is
forbidden, unless you have obtained prior permission from the publisher (contact AT ifao.egnet.net). The copyright is retained by the
publisher (Ifao).
Dernières publications
978-2-7247-0691-8 Annales islamologiques 49
978-2-7247-0690-1 BIFAO 115
978-2-7247-0695-6 Instantanés d'Egypte Delphine Driaux, Marie-Lys Arnette
978-2-7247-0657-4 La Cachette de Karnak Laurent Coulon
978-2-7247-0687-1 La construction de la médecine arabe Pauline Koetschet, Peter Pormann
médiévale
978-2-7247-0677-2 L’isthme et l’Égypte Claudine Piaton (éd.)
978-2-7247-0698-7 BCAI 30
978-2-7247-0685-7 La Chapelle d'Hathor Nathalie Beaux, Janusz Karkowski, Elizabeth Majerus, Gaël Pollin
Kqdna]<GFF9L
;
GFFMhYjmf]k]md]n]jkagfkmjhYhqjmk$d]<aYdg_m]\Ímf`gee]Yn][kgfZY)g[[mh]$
]fjYakgf\Ímfhjghgk]fYhhYj]f[]kmZn]jka^$mf]hdY[]kaf_mdaj]\YfkdYdalljYlmj]
_qhlgdg_aim]&DYh]jl]\]dYk][lagfafljg\m[lan]*]ldÍa\]flalafYll]f\m]\Ímf
\]k\]mphjglY_gfakl]kY[[]flm]fld][YjY[lj]fa_eYlaim]\Ímf][gehgkalagfima
YhhYjla]flhgmjlYfldYdalljYlmj]kYha]flaYd]+&D]l]pl]e]l]fk[f]dY[gf^jgflY%
lagf\Ímf`gee]]l\]kgfZY]fhjk]f[]\ÍmfYm\algaj]&DÍ`gee]k]dYe]fl]kmjdYh]jl]\]k
nYd]mjk]lngal\YfkdÍY[[gehdakk]e]fl\]kjal]k^mfjYaj]kd]\]jfa]jj]^m_]\]dYkgda\Yjal$nYd]mj
^gf\Ylja[]\]dYkg[aldYj_]e]fla_fgj]$k]dgfdma$\]k]k[gfl]ehgjYafk,&Ad^YalYafkadÍYhgdg_a]
\]dYegjl$gmhdmll\]kgfljYal]e]flljY\alagff]d dÍ]fl]jj]e]fl]ld][mdl]!$\h]afl[gee]
dÍYj[`lqh]\Ímf]kgda\Yjalkg[aYd]f[]kkYaj]lgmkd]kfan]Ymp&KadÍ`gee]]klhYjk]khYjgd]kd]
\a_f]j]hjk]flYfl\mkY_]_qhla]f-$d]ZY$kgfafl]jdg[ml]mj$]kl$imYfldma$[mja]mk]e]fl$d]
j]×]l\][]ll]kg[al]f[jak]]lj[mhj]d]\ak[gmjk\][]mpimakgfldY[Ymk]\]kgf\k]khgaj2
adf][jgalhYk$Y^Öje]%l%ad$dÍmladal\]kjal]k^mfjYaj]k]l\n]dghh]$hgmjk]jnajkYl`k]$\]k
l`e]kim]dÍgfj]ljgmn]\Yfkd]k[`Yflk\m`Yjhakl]\mFgmn]d=ehaj].&DY[gf^jgflYlagfk]
B]la]fkj]e]j[a]ja[aD&;gmdgfhgmjk]k )+($ *((+$ h&)*(%)++$ hd&PPP%PPPA3 =_qhlaYf Dal]jYlmj]& Hjg[]]\af_k g^ l`] Kqehg%
j]eYjim]k]l[gfk]adkimagflh]jeak\ÍYe% J&:&H9JCAFKGF$H&MKA;C$¿9Fgl]gfl`] kagfÊ9f[a]fl=_qhlaYfDal]jYlmj]2@aklgjqYf\
dagj]j\]eYfaj]ka_faÖ[Ylan][]l]pl]$Yafka Ê:]jdaf DaZjYjqË Yf\ L`] :jalak` Emk]meÀ >gjekË$Dgk9f_]d]k$EYj[`*,%*.$)11-$Daf_9]_
imÍA&J_]fhgmjkYj]d][lmj]Yll]flan]]lk]k ?llEakr )1/$ *((+$ h&1+%1,3 N&9&LG:AF$ Klm\&Egf&*$?llaf_]f$)111$h&1&
km__]klagfkbm\a[a]mk]k& \YfkO&C&Kaehkgf \&!$L`]Dal]jYlmj]g^9f% , :&E9L@A=M$gh&[al&$h&**&
) H&:]jdaf +(*,& Ã dY ZaZdag_jYh`a] [al] [a]fl=_qhl&9f9fl`gdg_qg^Klgja]k$Afkljm[lagfk$ - AZa\&$h&)03J&:&H9JCAFKGF$Hg]ljqYf\
hYj:&E9L@A=M$¿D]\aYdg_m]\Ímf`gee] Kl]dY]$ 9mlgZag_jYh`a]k$ Yf\ Hg]ljq$ D] ;Yaj]$ ;mdlmj]$h&*).&
Yn][ kgf e]À$ {_qhl]& 9^jaim] ]l Gja]fl )1$ *((+$h&)/0%)0/3?&:MJC9J<$@&B&L@AKK=F$ . A\&$¿AeY_]kg^<]Yl`2Afl]jhj]laf_l`]
*((($h&+.$gfYbgml]jYC&DG@E9FF$¿<Yk =af^`jmf_af\a]Ydl_qhlak[`]Dal]jYlmj_]k[`a[`l] Ê<aYdg_m]Z]lo]]fYEYfYf\`ak:YËÀ$\Yfk
?]khj[` ]af]k EYff]k eal k]af]e :YÀ$ A& 9dl]k mf\ Ealld]j]k J]a[`$ Efkl]j$ @Ye% K]klg ;gf_j]kkg Afl]jfYragfYd] \a =_allgdg_aY$
K9C*-$)110$h&*(/%*+.3J&:&H9JCAFKGF$ Zgmj_$Dgf\j]k$*((+$h&),0%)-,& Lmjaf$)kl%0l`K]hl]eZ]j)11)$9ZkljY[lkHYh]jk$
Hg]ljq Yf\ ;mdlmj] af Ea\\d] Caf_\ge =_qhl& * NgajJ&:&H9JCAFKGF$RxK)+($h&)*(% Lmjaf$)11)$h&+)0%+)13a\&$¿L`]<j]YeYf\
9<YjcKa\]lgH]j^][lagf$Dgf\j]k$F]oQgjc$ )++$hd&PPP%PPPA$hgmjdÍa\]flaÖ[Ylagf\] L`]Cfgl&;gfl]plmYdaraf_Ea\\d]Caf_\ge
*((*$ h&/*%/+ ]l h&*).%**. Yn][ j^&!3 a\&$ fgmn]Ymp^jY_e]flk\m\Zmlh]j\m\ml]pl] Dal]jYlmj]À$ \Yfk ?&Eg]jk \&!$ gh& [al&$
¿L`] Eakkaf_ :]_affaf_ g^ ÊL`] <aYdg_m] H&9e`]jklAAA!& h&./%.0&
g^ Y EYf Yf\ @ak :YË2 H&9e`]jkl AAA Yf\ + B&9 KKE9FF $ ¿;mdlmjYd Yf\ Dal]jYjq
l`] @aklgjq g^ l`] Ê:]jdaf DaZjYjqËÀ$RxK L]plkÀ$ \Yfk ?&Eg]jk \&!$ <]^afal]dq2
l]jeaf]fYfegafkhYjdYna[lgaj]\]knYd]mjkljY\alagff]dd]k$d]ZYk]jYddaYflkmZal]e]fl]l[gflj]
lgml]Yll]fl]Ymhgafl\]nm]\]dÍ`gee]&
<an]jk]kafl]jhjlYlagfk\][]ll]Çmnj]gfllhjghgk]k&;]jlYaf]ke]ll]fldÍY[[]flkmjdY
hgjl]h`adgkgh`aim]\Ímfl]pl][gehjak[gee]dÍ]phj]kkagf\Ímfegfgdg_m]aflja]mj/ljYalYfl
\]dYim]klagf\mkma[a\]0gmkmjdY[g]pakl]f[]$\YfkdÍ{_qhl]Yf[a]ff]$\]\]mp[gf[]hlagfk
^mfjYaj]kghhgk]k1&<ÍYmlj]k[gfka\j]fld]l]pl][gee]d]lega_fY_]\]dÍe]j_]f[]\Ímf]
fgmn]dd][jgqYf[]hgkl`me]$hdmkaf\ana\m]dd]]l[]flj]kmjdYÖ_mj]\mZY)(&<ÍYmlj]k]f[gj]
hjanad_a]fldÍYhhjg[`]dalljYaj]]lljgmn]fl\YfkdÍ]kl`laim]dYÖfYdalhj]eaj]\]dY[gehgka%
lagf))&9mkkaaflj]kkYfl]kim]kga]fllgml]k[]kd][lmj]k$]dd]kf]h]je]ll]flhYk\][gehj]f\j]
hd]af]e]flmfl]pl]ima[gfk]jn]lgmbgmjk\ÍaehgjlYfl]khYjlk\ÍgeZj]&Mf]YnYf[]fglYZd]Y
[]h]f\Yfll^Yal]hYj:&EYl`a]m&KÍYllY[`Yflj]klalm]jd][Y\j]fYjjYla^\]dÍÇmnj])*$adhjghgk]
\]j]n]fajkmjdÍ`qhgl`k]\m\ZYlaflja]mj]l[gfka\j]im]dY[gf^jgflYlagf]flj]dÍ`gee]
]lkgfZY$ee]ka]dd]j]f\[gehl]\Ímf\aYdg_m]aflja]mj$]klÖ[lan]e]flkalm]\YfkdÍYm%\]d$
[Í]kl%%\aj]hjgb]l]$\YfkdYÖ[lagfdalljYaj]$Yhjkd]\[k\]dÍ`gee])+&;]ll]d][lmj]$Zjan]%
e]fl]fnakY_]hYj\ÍYmlj]kYml]mjk),$Y$]f\hal\]kh]jkh][lan]kimÍ]dd]gmnj]$j] m\]eYfaj]
_fjYd]h]m\ÍYll]flagf&Ad]klhgmjlYflhgkkaZd]\][gjjgZgj]j]l\]hjgdgf_]j[]ll]afl]jhjlYlagf
]f[gehYjYfldÍÇmnj]Yn][d]kh]dd+0\]kL]pl]k\]kKYj[gh`Y_]k&ÃdÍg[[Ykagf\Ímf]j][`]j[`]
hgjlYflkmjd]kj]dYlagfk]flj]d]knanYflk]ld]kegjlk\YfkdÍ{_qhl]h`YjYgfaim]ljYn]jkdÍYfYdqk]
\]dY\g[me]flYlagfkaf_mdaj]im][gfklalm]fld]keakkan]kYmp\^mflk)-$ad]kl]f]^^]lYhhYjm
imÍmf]`gegdg_a]hgmnYallj]lYZda]]flj]d]kkalmYlagfkj]kh][lan]e]fl\[jal]khYjd]<aYdg_m]
]l[]ll]^gjemd] LK).+0!$imaljYal]\]kjYhhgjlk\mkmjnanYfldÍYf[lj]\YfkmflYl\Í]khjal
hjg[`]\][]dma\]kd]llj]kYmpegjlk$eYakYn][mf]eak]]fYnYfl]phda[al]\]dÍY[lagf\mZY]f
[][gfl]pl]&=dd]g^^j]Yafkamf[dYajY_]aflj]kkYflkmj[]ll]]flal[gehd]p]\gfld]jd]\Yfkd]
<aYdg_m]]flYflimÍafl]jdg[ml]mj\]dÍ`gee]]klhj[ake]flj][gffm[gee]mf\]kde]flk
d]khdmkhjgZdeYlaim]k\]dÍÇmnj])/&
)& D][Y\j]fYjjYla^
)&)& DÍ`gee]]ld]ZY\]nYfld]ljaZmfYd\anaf
DÍafl]jhjlYlagf\]:&EYl`a]mkalmYfld]<aYdg_m]\YfkdÍYm%\]dj]hgk]]kk]fla]dd]e]flkmj
ljgakYj_me]flk&D]hj]ea]jla]fldYfYlmj]\]dÍafl]jdg[ml]mj&DÍ`gee]f]kÍY\j]kk]hYk$[gee]
gfkÍqYll]f\jYal\Yfkd][Y\j]\]dYeak]]fk[f]\Ímf\aYdg_m]aflja]mj$kgf[Çmj%bZ)0$eYak
mf]afklYf[]egZad]\]dYh]jkgffYdal\a^Ö[ad]\Öfaj)12d]ZY&Gj$¿k]dgfd]kl]pl]kljY\alagff]dk$
dÍe]j_]f[]\mZY$[Í]kl%%\aj]\Ímflj]afnakaZd]\gm\]egZadal]lkhYj\m[gjhk$f]k]hjg\mal
imÍdÍafklYfl\mljhYk*(À&D]\]mpae]jka\]\YfkdYhjk]f[]\ÍmfYm\algaj]ima$kadÍ`gee]
k]hjgb]ll]]^^][lan]e]fl$\YfkdYÖ[lagfdalljYaj]$YhjkkYegjl$]kl[]jlYaf]e]fld]ljaZmfYd\]
dÍYm%\]d*)&D]\Zmlhjk]jn\mH&:]jdaf+(*,e]l]f]^^]l]fYnYfldY[YhY[albm_]j\][]ll]
Ykk]eZd] [gd&)%+!3]l[]dd]%[a]klhYjdYkmal]j_mdaj]e]flhjak]hYjlahYjdÍ`gee]$[gee]d]
hjgmn]d]j][gmjkg[[Ykagff]d$hgmjhYjd]j\mZY$Ymeg\]\dg[mla^2
Mòn bÒj ír thj
Ngq]r$egfZYeÍ_Yj]**&
D]k\a]mp\mljaZmfYd\anafkgfl]fgmlj]]phda[al]e]flafngimkhYjdÍ`gee]2
WÄ© wj áíwty ítp nòr.w Åsf Únsw írj sà m mÒ©.t sÄm R© mdwj sg wjÒ Åsf Jsds írj m ©.t Äsr[.t]
Juge-moi Thot, que les dieux soient satisfaits! Que Khonsou me protge, le scribe de la justice, que R
entende mes paroles, le chef (?) *+ de la barque, quÕIsds me protge dans la pice sacre *,.
EYakdÍ`qhgl`k]k]dgfdYim]dd]d]\ZYlk]kalm]$\YfkdYÖ[lagfdalljYaj]$\]nYfld]ljaZmfYd
\anaf]klj]eYjimYZd]e]flY[[j\al]hYjd]jd]hYjla[mda]jim]k]eZd]l]fajd]ZYdgjk\mbm_]e]fl
hgkl`me]]lim]:&EYl`a]mYeak]fna\]f[]]f[gf^jgflYfld]<aYdg_m]$dYna_f]ll]\mDanj]\]k
)0 Kmj d] [Çmj [gee] afl]jdg[ml]mj \Yfk )1.0$h&))-%)*+&;gehYj]jfYfegafkYn][ [gd&+,.$f&+) OZAN$+*($+!&
d]k l]pl]k dalljYaj]k$ @&:JMFF=J$ Dx AA$ B&9KKE9FF$ ¿9 <aYdg_m] Z]lo]]f K]d^ Yf\ *, ;gd&*+%*/&LjY\m[lagf:&E9L@A=M$dg[&
)1//$[gd&)).,$k&n&@]jr3J&:&H9JCAFKGF$ KgmdÀ$ \Yfk 9&A&:Yme_Yjl]f$ B&9kkeYff$ [al&NgajJ&?JA=K@9EE=J$<YkB]fk]alk_]ja[`laf
¿Af\ana\mYdYf\Kg[a]lqafEa\\d]Caf_\ge ?&?&KljgmekY$ \&!$ K]d^$ Kgmd :g\q af \]fKYj_]fl]pl]f$9_xZ`*($Oa]kZY\]f$)1/($
Dal]jYlmj]À$ \Yfk 9&Dghja]fg \&!$ 9f[a]fl J]da_agmk=ph]ja]f[]$K@J/0$D]q\]$:gklgf$ h&0(%0)]lf&,/($h&0(&;^&dYdakl]\]k\anafa%
=_qhlaYfDal]jYlmj]$@aklgjqYf\>gjek$HjgZdx_ ;gdg_f]$)110$h&+0-& lkima[gehgk]fld]ljaZmfYd\Yfkd][`Yhalj]
)($D]q\]$F]oQgjc$;gdg_f]$)11.$h&),-% *) NgajJ&:&H9JCAFKGF$Hg]ljqYf\;mdlmj]$ )0\mDanj]\]kEgjlk$@&OADD=EK$¿9fmZak
),.& h&*)0%*)1$ ima ]fnakY_] d]k `qhgl`k]k \] Yk Y Bm\_]À$ \Yfk O&;dYjqkk]$ 9&K[`ggjk$
)1 Hgmj mf hgafl kmj d]k im]klagfk ima k] dÍYm\algaj]gm\]dY[gmj\]bmkla[]&;gehYj]j @&Oadd]ek \&!$=_qhlaYfJ]da_agf&L`]DYkl
hgk]flimYfldYfYlmj]\mZY$9&<=BGF?$ Yn][B&9KKE9FF$gh&[al&$h&+00%+1($imaf] L`gmkYf\Q]Yjk&Klm\a]k<]\a[Yl]\lgl`]E]egjq
¿L`]>mf[lagfg^l`]:Yaf9f[a]fl=_qhlaYf kalm]hYkd]<aYdg_m]\]nYfld]ljaZmfYd\anaf$ g^ BYf ImY]_]Z]mj$ ngd&)$ GD9 0,$ DgmnYaf$
9fl`jghgdg_qÀ$\YfkK]klg;gf_j]kkgAfl]jfY% eYak [gfka\j] dY j^j]f[] [] ljaZmfYd )110$h&/*0 l]pl].!&KmjC`gfkgm\Yfkd]k
lagfYd]\a=_allgdg_aY&9lla$Lgjafg$)%0k]ll]eZj] [gee]mf]e]fY[]\mZY\Í]fj^j]jmf] L]pl]k \]k KYj[gh`Y_]k$ :&9DL=FE~DD=J$
)11)$ngd&*$Lmjaf$)11+$h&*+/%*,*& afklYf[]kmhja]mj]& Kqf[j]lakemk af \]f KYj_]fl]pl]f$ ?G> AN'/$
*( :&E9L@A=M$gh&[al&$h&*(&D]ke]flagfk ** ;gd&)(&LjY\m[lagf:&E9L@A=M$gh&[al&$ Oa]kZY\]f$)1/-$h&)./%).03kmjAk\k$aZa\&$
\m ZY `gjk \]k l]pl]k ^mfjYaj]k [gfÖje]fl h&*+& h&*,)]l \]jfaj]e]fl$ >&@&9RR9$ ¿<]j
d] da]f ]flj] e]j_]f[] \m ZY ]l \[k3 *+ OZAN$+*($)3J&G&>9MDCF=J$B=9,*$ ?gllAk\]kÀ$9K9=/-$)111%*((($h&))%)-&
D&N&«9:C9J$ 9 Klm\q g^ l`] :Y ;gf[]hl af h&+*$f&*)3N&9&LG:AF$¿9J]%Ykk]kk]e]fl
9f[a]fl =_qhlaYf L]plk$ K9G; +,$ ;`a[Y_g$ g^ l`] D]Z]fke\]À$ :aGj ,0'+%,$ )11)$
Egjlk\Í9fqaddmkljYfldYhjk]f[]\mZYdgjk\]dYh]k]\m[Çmj25]ld][`Yhalj]+(:]phda[alYfl
d]jd]im]dÍ]flal\]nYalql]faj2
Jw bÒf ©í©(w) m mtr rf *.
L`gl!2kgfZY \megjl!]kld[gee]legaf[gflj]dma&
Lgmlk]hYkk]\gf[[gee]ka$dgjk\]dYhkq[`gklYka]$d][Çmj%bZ\]nYalbgm]jd]jd]\]legaf
\[`Yj_]\megjl$]ld]ZY\]legaf[`Yj_]*/&;]ll]a\]]kl\mj]kl][gjjgZgj]hYj\ÍYmlj]k
\g[me]flk&Mf]afk[jahlagf$hjgn]fYflnjYak]eZdYZd]e]fl\]dYlgeZ]e]eh`al]\mk[jaZ]\m
ljkgjHlY`f^]j*0$e]lYafkad]ZY\megjl]fj]dYlagfYn][d]khdYl]Ymp\]dYZYdYf[]2
Jr wn(n) ÒÅtw ír jr(.t) mÒ©.t jw bÒj r jr.t jr(y)-mÅÒ.t
Ka[Í]kl]fhjYlaimYfldYeYlimÍgf\]na]flÒÅ$YdgjkegfZYk]jYd]hjhgkdYZYdYf[]&
Gj$d]hjhgkdYZYdYf[]$d]hdmkkgmn]flYkkaead9fmZak*1$fÍ]klYmlj]im]dÍ]flal^Y[]
dYim]dd]$lgmbgmjkk]dgfd][`Yhalj]+(:\mDanj]\]kEgjlk$d][Çmj%bZf]\galhYkk]egflj]j
\^YngjYZd]Ym\^mfl+(&DÍa\]\ÍmfZY\]nYflkÍghhgk]j$dgjk\mbm_]e]flhgkl`me]$Ym\^mfl
]klYmkkahjk]fl]\YfkmfhYkkY_]Ybgml$\Yfk[]jlYafkhYhqjmk\]dYPPA]\qfYkla]]l\YfkdY
j][]fkagfkYl]$Ym[`Yhalj])\mDanj]\]kEgjlk+)2
S©í© bÒs r-Åft-írs gm~ntw wÄÒ r(Ò)s
KgfZYkÍ]kl\j]kk\]nYfl]dd] dY\^mfl]!+*$]lgfYljgmnim]kYZgm[`]lYalkYaf]++&
9afka$k]dgfmf]ljY\alagfeYfa^]kl]e]flZa]fYll]kl]YmFgmn]d=ehaj]$d]ZY\]nYalj]ehdaj
d]jd]YhhYj]ee]flaf\akh]fkYZd]\][gfljY\a[l]mj\]nYfld]ljaZmfYd&Gj$[Í]klbmkl]e]fl[]ll]
^gf[lagf im]$ lgmbgmjk k]dgf :&EYl`a]m+,$ d] ZY \m <aYdg_m] k] j]^mk] Ykkme]j$ Yj_mYfl \]
dÍafmladal\]kjal]k^mfjYaj]k&
N mdw bÒj ín©j jw gr.t wr ©b©
EgfZYf]eÍYee]hYk[gfl]kl&;Í]klnjYae]fl\mj$]pY_je]fl+-&
*- KmjdYhjk]f[]\mZY\YfkdYhkq[`gklYka]$ \]eF]m]fJ]a[`À$RxK//$)1,*$h&.-$./ _agmk HYhqja af l`] :jalak` Emk]me& ;gha]k g^
;`j&K==:=J$ Mfl]jkm[`mf_]f rmj <Yjkl]ddmf_ ]l h&/.%// l]pl] <!3 B&B9FßC$ ¿Bgmjf]q lg l`] :ggc hj l!%e%`jo ^jge l`] PNAAAl` lg l`]
\]k Lgl]f_]ja[`lk ae 9dl]f x_qhl]f$ ExK +-$ J]kmjj][lagf& ;`Yhl]j )(- g^ l`] :ggc g^ PPAAf\<qfYklq$Dgf\j]k$)1+0$h&)1]lh&++3
Emfa[`$ :]jdaf$ )1/.$ h&)(.%)(0& Kmj [] l`] <]Y\ af l`] F]o Caf_\geÀ$ K9C +)$ L&?&9DD=F$ L`] =_qhlaYf :ggc g^ l`] <]Y\
hYkkY_]\mDanj]\]kEgjlk\Í9fq$ngajYmkka$ *((+$h&*()& <g[me]flk af l`] Gja]flYd Afklalml] Emk]me
B&B&;DáJ=$¿MfhYkkY_]\]dYkld]\m_fjYd *1 Dg[&[al&$ ima j]fnga] ;`j&K==:=J$ Yll`]Mfan]jkalqg^;`a[Y_g$GAH0*$;`a[Y_g$
9fl]^ ?qhlgl`im]Fq;YjdkZ]j_$;gh]f`Y% gh&[al&$h&)-,%)-/&;`j&D=ALR \&!$Dx??)$ )1.($h&/( K.!&
_m]!À$:A>9G+('*$)1+)$h&,+*& GD9))($DgmnYaf$HYjak$<m\d]q$E9$*((*$ +* Kmj[]l]je]\Yfkd][gfl]pl]\mbm_]e]fl
*. OZ AA$)/*$.& Afl]jhjlYlagf \a^^j]fl] h&+1-S),1U& hgkl`me]$ B&R9F<==$ <]Yl` Yk Yf =f]eq
[`]r J&9FL@=K$ ¿L`] D]_Yd 9kh][l g^ l`] +( @&?J9HGO$ gh& [al&$ h&/.%//$ f&Z3 Y[[gj\af_lg9f[a]fl=_qhlaYf;gf[]hlagfk$F]o
Afkljm[lagfg^9e]f]e`]lÀ$BF=K).$)1-/$ E&E9D9AK=$D]kk[YjYZ]k\][Çmj\YfkdÍ{_qhl] Qgjc$ )1//$ h&*.)3 J&?JA=K@9EE=J$ <Yk
h&)/0]lf&Z& Yf[a]ff]Yn][mfYhh]f\a[]kmjd]kk[YjYZ]k\] B]fk]alk_]ja[`l$ h&++ ©í©; s©í©!3 kmhjY$ d] hYk%
*/ :&E9L@A=M$gh&[al&$h&*)2¿D]ZYk]jYal [Çmj \]k Emk]k jgqYmp \Í9jl ]l \Í@aklgaj] \] kY_]laj\m[`Yhalj])*-\mDanj]\]kEgjlk
[]fkbgm]jd]jd]\m[gfljY\a[l]mj$lYf\akim] :jmp]dd]k$EJ=,$:jmp]dd]k$)1/0$h&*(%*)& \Í9fq&
d]Ê[ÇmjË dY[gfk[a]f[]!\galf]hYklega_f]j +) ;alhYjD&N&«9:C9J$9Klm\qg^l`]:Y ++ Kmj dÍ]phj]kkagf r(Ò) wÄÒ$ <&E==CK$
[gflj]kgfhgkk]kk]mj &&&!&À ;gf[]hl$ h&),/$ ima f] laj] hYk d]k ee]k 9fD]p+$/1&(0)+&
*0 @&?J9HGO$¿x_qhlak[`]B]fk]alkofk% [gf[dmkagfk kmj d] jd] \m ZY& Kmj [] l]pl]$ +, :&E9L@A=M$gh&[al&$h&**&
[`]afKhj[`]fmf_]o`fda[`]j>Ykkmf_Ymk 9&O&K@GJL=J$ ;YlYdg_m] g^ =_qhlaYf J]da% +- ;gd&-%.&LjY\m[lagf$aZa\&$h&*+&
D]l`e]\]dY[geemfa[Ylagf\m\^mflYn][kgfZY]kl]^^][lan]e]flaehgjlYfl\YfkdY
dalljYlmj]^mfjYaj]]l$\Yfkd]l]pl]\ÍmfkYj[gh`Y_]\Íhgim]lYj\an]gd]egjl]phjae]d]\kaj
im]kgfZYj]bga_f]kgf[gjhkhgmj[gfn]jk]jYn][dma+.$[Í]kl[]ll]ee]]phj]kkagfmdw ín©ima
]kl]ehdgq]]lima$]f[gfl]pl]bmja\aim]$j]nlmfk]fkY\n]jkYla^Za]f[gffm+/&
)&*& DÍghhgkalagfegjl'ZY\Yfkd]kl]pl]k^mfjYaj]k
DÍa\]\Ímf]ghhgkalagf$YmegafkljYfkalgaj]$]flj]mf\^mfl]lkgfZY]klmf]l`eYlaim]
Za]fhjk]fl]\YfkdYdalljYlmj]^mfjYaj]&KagfkmaldÍafl]jhjlYlagf\]H&9&Ha[[agf]$gfdYj]ljgmn]
fglYee]fl$YmegafkYmFgmn]d=ehaj]$\Yfkd]egla^\mb]m%k]f]lima[gfklalm]mf\]khjg[]kkmk
\ÍY[imakalagf\mZYh]je]llYflYmegjl\ÍY[[\]jdYbmklaÖ[Ylagf$\][geemfaim]jYn][d]egf\]
\]knanYflk]l\]kÍYkkg[a]jYm\]klaf\]J\YfkkYZYjim]+0&Gj$kad]knanYflkkgflhYj^gakj]hj%
k]flkbgmYflYmk]f]l[gflj]d]\^mfl\Yfkmf[Y\j]jalm]d+1$dÍY\n]jkYaj]im][]\]jfa]j\gal]f
jYdalY^^jgfl]j\YfkdÍYm%\]d]klYmlj]&Adf]kÍY_alhYk$[gee]adYlhYj^gakYnYf[$\mk]jh]fl
E`]fima]kld]hYljgf\mb]m$faee]\]kY\n]jkYaj]k[gflj]d]kim]dkd]\^mfl\gallj]bmklaÖ
imakgfllgmbgmjk\ka_fkhYjd]l]je]Åfty.w]lbYeYakhYj sn.wj ¿hYjl]fYaj]À!$eYak$lgmbgmjk
k]dgfH&9&Ha[[agf]$\mZYdma%ee]2
(...) ítp bÒf r-jmy.tw §Ò.tf íb©f sn.t ín©f
Á!im]kgfZYj]hgk]dÍaflja]mj\]kgf[gjhk$imÍadbgm]Ymk]f]lYn][dma,(&
;]ll] afl]jhjlYlagf ]kl k\makYfl] kmjlgml ]f j]_Yj\ \] dY hdY[] hjhgf\jYfl] Y[[gj\]$
\YfkdYdalljYlmj]^mfjYaj]$Yml`e]\]dYj[gf[adaYlagfÈgmjmfagfÈ\m\^mfl hdmkhYjla%
[mdaj]e]fl\]dYegea]!kgfZY&Ad]pakl]]f]^^]lmfnjalYZd][gf×al]flj]dYegZadal\mZY$
egZadalf[]kkYaj]dYkmjna]\megjl$]ldÍaehjYla^im]d]ZYj]kl]eYd_jlgmldaYm[Y\Ynj]&
9mkka$d]kl]pl]k^mfjYaj]kkÍYllY[`]fl%adklgmjlgmj^Yngjak]jdYkgjla]\mZY`gjk\mlgeZ]Ym]l
kÍYkkmj]j\]kgfj]lgmjj_mda]j,)&;]ll]\gmZd]f[]kkalkÍ]phjae]fglYee]fl\Yfkd]kl]pl]k
ljYn]jkd]k]p`gjlYlagfkj[mjj]fl]kafnalYfld]ZYk]jYhh]d]j sÅÒ!,*\m[Y\Ynj]ima_l\Yfkd]
[Yn]YmÈl`eYlaim]imafÍ]klh]ml%lj]hYkkYfkj]dYlagfYn][[]dd]\]dÍ]fk]a_f]e]fl\mZY,+È$
eYakYmkkahj[ake]flljYn]jkd]jd]\][]ZY\Yfkd]bm_]e]flhgkl`me]]l$kadÍ`qhgl`k]\]
H&9&Ha[[agf]]kl]pY[l]$\Yfkd]b]m%k]f]l&D]kkalmYlagfkY_gfaklaim]kim][]k\]mpegla^ke]ll]fl
]fk[f][gfklalm]fl]f[]k]fk\]kelYh`gj]khYjla[mdaj]e]fl]^Ö[Y[]khgmjj]f\j][gehl]
\]kda]fk[gehd]p]kimamfakk]fld]egjlkgfZY]l^gmjfakk]fld]k[Y\j]kmfY^^jgfl]e]flima$
hYj[]im]kgmeak\]kj_d]kklja[l]k$j]f\hgkkaZd]dY[gf[adaYlagf&
DYfYlmj][gf×a[lm]dd]\]kj]dYlagfkZY'\^mfl]ldYj]klalmlagf\m[Y\j]fYjjYla^hjghgk]hYj
:&EYl`a]mafnal]fl]f[gfkim]f[]j][gffYlj]\YfkdYdalljYlmj]^mfjYaj]$]l]fhYjla[mda]j
\YfkdYljY\alagfj]dYlan]Ymbm_]e]flhgkl`me]$dYkgmj[]\ÍafkhajYlagf\m<aYdg_m]&Ka$hgmjd]
[Çmj$gfljgmn]\]khjea[]kkgfjd]\YfkdYhkq[`gklYka]\kd]kL]pl]k\]kKYj[gh`Y_]k,,$mf
ege]fl,-gd]egla^\mbm_]e]fl$Yll]kl\Yfkd]kL]pl]k\]kHqjYea\]k,.$\]na]flbmkl]e]fl
d]eg\]hjanad_a\ÍY[[kdÍYm%\]d,/$hgmjd]ZY$Za]fim]d]k[`gk]kkga]flegafk[dYaj]k,0$
[]jlYafkl]pl]kkm__j]flfYfegafk$\k[]ll]hgim]$kYhjk]f[]dgjk\mbm_]e]flhgkl`me]&
DÍafnalYlagfima]kl^Yal]Ymegjl$\Yfkd][Y\j]\]dÍ]^^Y[]e]fl\]k]k^Yml]k dr jw, sjn Åbn.t!$
j][gffYlj] sjp!kgfZY,1$Yafkaim]$[gee]gfd]n]jjY$d]k\]k[jahlagfk\]keg\]khYjd]kim]dk
d]\^mflh]mlY[imjaj[]hjaf[ah]egZad]$k]eZd]fl]f]^^]l[gjjgZgj]jdÍa\]\Ímf]ghhgkalagf
ljYfkalgaj]]flj]d]k\]mp]flalk$Ymegafk\kd]kL]pl]k\]kKYj[gh`Y_]k&
*&D]ZY]ld]Ödk`jala]j
*&)& A\]flaÖ[YlagfZY'Ödk\Yfkd]kl]pl]k^mfjYaj]k
DYj]klalmlagf\m[Y\j]fYjjYla^$[]jl]k`qhgl`laim]lYflim]d]\Zml\ml]pl]^]jY\^Yml -($]l
dÍa\]flaÖ[Ylagf\]dYkgmj[]\ÍafkhajYlagf[gfklalm]flmf]YnYf[]\[akan]\YfkdY[gehj`]fkagf
\m<aYdg_m]&HgmjlYfl$mf]rgf]\ÍgeZj]\]e]mj]2hgmjimgad]j\Y[l]mj\ml]pl]Y%l%adhj[ak%
e]fl[`gaka$[gee][Y\j]j^j]fla]d$dYj]dYlagf[gehd]p]imamfald]egjlkgfZYYdgjkimÍgf
k]kalm]\Yfkmf]l`eYlaim]ZYfYd]Ymk]af\]dYdalljYlmj]kYha]flaYd]2dYf[]kkal\mj]kh][l
\] dY ljY\alagf]l\]kjal]k7Ad]kl]f]^^]l YhjagjalgffYflim]dÍ`gee]$hgjl]mj\]knYd]mjk
\^]f\m]khYjd]\ak[gmjkg^Ö[a]d_qhla]f$]kkYa]\][gfnYaf[j]mf]]flalkaYZkljYal]$Ydgjkim]
,, J&?JA=K@9EE=J$ <Yk B]fk]alk_]ja[`l$ dÍYmlj]& L]pl]k \]k HqjYea\]k ]l L]pl]k \]k \]kKYj[gh`Y_]k$Ymhjaf[ah]\aYdg_aim]$a\&$
h&-)%--& KYj[gh`Y_]k$ :a=lm\ )+1$ D] ;Yaj]$ *((,$ ¿J`lgjaim]]lkljYl_a]\m\ak[gmjk\Yfkd]k
,- Kmj dY [`jgfgdg_a] j\Y[lagff]dd] \]k h&*-+%*-,& ^gjemd]k^mfjYaj]k2d]kaffgnYlagfk\]kL]pl]k
L]pl]k\]kKYj[gh`Y_]k$H&N=JFMK$¿DYhgka% ,. A\&$¿DÍ`makka]j$d]bm_]]ld]_j]^Ö]j&Mf] \]kKYj[gh`Y_]kÀ$\YfkK&:a[c]d$:&EYl`a]m
lagfdaf_maklaim]\]kL]pl]k\]kKYj[gh`Y_]kÀ$ `qhgl`k]kmjdY^gf[lagf\mk]j\YZ\Yfkd]k \&!$<Ímfegf\]dÍYmlj]&L]pl]k\]kHqjYea\]k
\Yfk@&Oadd]ek \&!$L`]Ogjd\g^l`];g^Öf hqjYea\]kl]pl]kÀ$E\al]jjYf]k)+$)11/$ ]lL]pl]k\]kKYj[gh`Y_]k$:a=lm\)+1$D];Yaj]$
L]plk&Hjg[]]\af_g^l`]Kqehgkame@]d\gfl`] h&))%*/& *((,$h&))1%),*&
G[[Ykagf g^ l`] )((l` :ajl`\Yq g^ 9\jaYYf <] ,/ J&?JA=K@9EE=J$gh&[al&$h&*3D&;GM% ,0 J&?JA=K@9EE=J$gh&[al&$h&.-%..&
:m[c&D]a\]f$<][]eZ]j)/%)1$)11*$=_Mal1$ DGF$ ¿NjY[al ]l j`lgjaim] \Yfk d]k Ymlg% ,1 LK,,$;LA$)0)[%]]l)0-Y&;^&J&?JA=K%
D]q\]$ )11.$ h&)/(%)/*3 :&E9L@A=M$ ¿DY Zag_jYh`a]k _qhla]ff]kÀ$ :A>9G 1/$ )11/$ @9EE=J$gh&[al&$h&-(]lh&.,&
\aklaf[lagf ]flj] L]pl]k \]k HqjYea\]k ]l h&)*/& Kmj d] [`Yf_]e]fl \] klYlml \] dY -( NgajkmhjY$f&*&
L]pl]k \]k KYj[gh`Y_]k ]kl%]dd] d_alae]7À$ hYjgd]imakÍghj]dYee]hgim]]ldÍae%
\YfkK&:a[c]d$:&EYl`a]m \&!$<Ímfegf\] hgjlYf[]Y[[jm]YdgjkY[[gj\]$\Yfkd]kL]pl]k
kgfe]kkY_]kÍY\j]kk]\]^Y gfna\]fl]Ymp\]k[]f\Yflkhgl]fla]dk$j]khgfkYZd]k\]dÍY[[gehdak%
k]e]fl\]kjal]k$im]kgfld]knanYflk&Ãegafk\][gfka\j]jd]l]pl][gee]mf]hmj]\ak[mkkagf
\Ígj\j]l`gdg_aim]$imahdmk]f]^^]limÍmfÖdk`jala]j\gallj][gfnYaf[m\]dÍmladal\]kjal]k
^mfjYaj]k7
;]ll]im]klagfljgmn]lgmlfYlmj]dd]e]flmf]jhgfk]kagf[gfka\j]d]da]fljgalima$\Yfk
mf]h]jkh][lan]lglYd]e]fl\a^^j]fl]\]dYj]dYlagfYmcY-)$mfalÖ_mj]ÖdaYd]]lZY2kad]ZY]kl$
\]eYfaj]_fjYd]$dÍY_]flimah]je]lYmegjl\][geemfaim]jYn][dÍYm%\]d]ldÍa[a%ZYk$addma
k]jlhdmkkh[aÖim]e]fl\]e\aYl]mjYn][d]knanYflk$Ymhj]ea]j[`]^\]kim]dkd]Ödkj]khgf%
kYZd]\]dYh]jhlmYlagf\m[mdl]-*&;]ll]a\]]kladdmklj]hYjmf]na_f]ll]\mDanj]\]kEgjlk
\]F]Zi]\-+imaegflj]kaemdlYfe]fld]hjlj]%k]eY[[gehdakkYfl\]nYfldYlgeZ]d]jal]\]
dÍGmn]jlmj]\]dY:gm[`]]ldÍgak]Ym%ZYYhhgjlYfld]kg^^jYf\]kYm[Y\Ynj]ima_l\Yfkd][Yn]Ym$
k][gf\]Y[lagfYhhYjYakkYflYafka[gee]mf][gfkim]f[]\]dYhj]eaj]&DYhjgpaeal]flj]d]
ZY]ld]Ödk`jala]j]kl\mj]kl]ka_jYf\]imÍ]dd]\gff]hYj^gakda]mmf]njalYZd]a\]flaÖ[Ylagf
\]k\]mpÖ_mj]k&;Í]klfglYee]flljk]phda[al]e]fld][Yk\YfkdY^gjemd]+0\]kL]pl]k\]k
KYj[gh`Y_]kimaYhhYjla]flmf]kja] LK+0%,)!-,[gfkY[j]Ymdgf_egfgdg_m]imÍY\j]kk]mf
Ödkkgfhj]\[\&D]nanYflq]phgk]k]k[jYafl]kim]d]\^mflf][`]j[`]d]^Yaj]egmjaj
hjeYlmje]fl--]ldmajYhh]dd]]fimgakYhjk]f[]kmjl]jj]]klaf\akh]fkYZd]kYkmjna]\Yfk
dÍYm%\]d&;Í]kldma$d]Ödk$ima]flj]la]fld][mdl]^mfjYaj]]lh]jhlm]dYda_f]kmjl]jj]&;]_jgmh]
\]l]pl]k$]fhYjla[mda]jdY^gjemd]+0[gee]dÍYegflj9&<]Bgf_$Yhgmjl`e][]fljYddYj]hjak]
\][geemfa[Ylagf]flj]d]ÖdknanYfl]lkgfhj]\^mfl-.&;]ll][geemfa[YlagfÈnalYd]hgmjd]k
\]mphYjla]k-/]ljgehm]hYjd]\[kÈf]h]mllj]jlYZda]im]hYjdY[gfng[Ylagfjalm]dd]\Ímf]
afklYf[]\]dYh]jkgffYdal`meYaf]nYd]mj\qfYeaim]hgmnYfl^Yaj]g^Ö[]\]da]fh]jkgff]d]flj]
d]hj]]ld]Ödk2d]ZY-0&Gj$\Yfkd]kh]dd+0$d]Ödkk]\Öfal[dYaj]e]fl[gee]mf]eYfa^]klYlagf
hgkkaZd]\mZY\]kgfhj]2
-) DY dalljYlmj] _qhlgdg_aim] afkakl] \m kqkle] \]k \a[laim]k \Yfk d]k L]pl]k B&9KKE9FF$AeY_]k]ljal]k\]dYegjl$h&.1&
kgmn]fl kmj d] jd] \m cY [gee] da]f ]flj] \]k KYj[gh`Y_]kÀ$ K=9H /$ )11($ h&*/%,-3 -0 9&<=BGF?$gh&[al&$h&)--$]fe]llYfl
d]hj] egjl!]ld]Ödk&AdkÍY_al[]h]f\Yfld @&OADD=EK$¿L`]Kg[aYdYf\JalmYd;gfl]pl dÍY[[]flkmjd]jd]\mZY[gee]da]fh]jkgf%
\Ímfda]f]kk]fla]dd]e]fl^YeadaYdimaf]j]f\ g^ Y EgjlmYjq Dalmj_qÀ$ \Yfk @&Oadd]ek f]d]flj]d]Ödk]ld]hj]egjlk]\eYjim]
hYk[gehl]\mjYhhgjlh]jkgff]d]flj]mfhj] \&!$Kg[aYd9kh][lkg^>mf]jYjq;mdlmj]afl`] a[a \] B&9KKE9FF$ ¿DÍaeY_] \m hj] \Yfk
\^mfl]lkgfÖdkna\]ee]flaehgjlYfl\Yfk =_qhlaYfGd\Yf\Ea\\d]Caf_\gek&Hjg[]]\af_k dÍYf[a]ff]{_qhl]À$\Yfk@&L]dd]fZY[` \&!$
dYj]da_agf^mfjYaj]&Ngajaf^jY$f&-0&Kmjd]cY g^ l`] Afl]jfYlagfYd Kqehgkame `]d\ Yl D]a\]f DÍaeY_]\mhj]\Yfkd]eql`]]l\YfkdÍ`aklgaj]
[gee]¿aeh]jkgfYd^gj[]À$9&9&?GJ<GF$ Mfan]jkalq.%/Bmf]$)11.$GD9)(+$DgmnYaf$ )2{_qhl]$?j[]$9f[a]f]lFgmn]YmL]klYe]flk$
¿L`]CYYkYf9faeYlaf_>gj[]À$B9J;=*+$ *(()$h&*-+%+/*& HYjak$)10+$h&.(%.+$ima\ka_f]d]cY$imak]
)11.$h&+)%+-& -- 9&<= :M;C$ ¿L`] >]Yj g^ Hj]eYlmj] ljYfke]l\Ímf]_fjYlagfmf]Ymlj]$[gee]
-* B&9KKE9FF$AeY_]]ljal]k\]dYegjl$h&1*% <]Yl`af9f[a]fl=_qhlÀ\YfkHjgJ]_fgHjg dÍ]flalkmhjY%af\ana\m]dd]imah]je]ldY[ge%
)(.3a\&$Egjl]lYm%\]d\YfkdÍ{_qhl]Yf[a]ff]$ KYf[lmYjag&=]fZmf\]dklm\a]k]fZab\jY_]fnYf emfa[Ylagf]flj]d]hj]]ld]Ödk&Ngaj]f[gj]
h&,0*%-(+& nja]f\]f]fn]j]]j\]jkZab\]r]kla_kl]n]jbYYj\Y_ \]jfaj]e]fl9&DGHJA=FG$\Yfk@&?mck[`$
-+ D&N&«9:C9J$9Klm\qg^l`]:Y;gf[]hl$ nYfHjg^<j?&NYf\]jD]]mo$Fabc]jc$)1-($ =&@g^eYff$ E&:geeYk \&!$ ?jYZ mf\
hd&-& h&+.%,,& Lgl]fcmdl ae 9dl]f x_qhl]f$ h&*((%**-$ ima
-, ;]ll] kja] Y l dÍgZb]l \] fgeZj]mp -. 9& < = B GF? $ gh& [al&$ h&),)%)-03 e]l]fj]dYlagfcY]lafl_jYlagfkg[aYd]$hYj
[gee]flYaj]k&Gf[al]jY\]jfaj]e]fl$9&<= J&G&>9MDCF=J$¿Kh]ddk+0%,(g^l`];g^Öf ghhgkalagf Ym ZY$ j]hjk]flYfl mf] hgkalagf
BGF?$ ¿;g^^af L]pl Kh]dd +02 L`] ;Yk] g^ L]plkÀ$B=9,0$)1.*$h&+.%,,& hdmk af\ana\m]dd]$ ]l ]kk]fla]dd]e]fl Ykkg[a
l`] >Yl`]j Yf\ l`] KgfÀ$ K9C *)$ )11-$ -/ Kmj dÍaehgjlYf[] \] dY [geemfa[Ylagf \]khjl]flagfk\Ígj\j]l`gdg_aim]&
h&),)%)-/3H&N=JFMK$¿DYkljm[lmj]l]jfYaj] Yn][d]khjg[`]k\YfkdYj]fYakkYf[]\m\^mfl$
;gfljYaj]e]fl[]im]hgmjjYal^Yaj][jgaj]dYkaf_mdYjalYhhYj]fl]\]dYkja]dYim]dd]
YhhYjla]fl[]ll]^gjemd]$[]ll]a\]flaÖ[YlagfZY'ÖdkfÍ]klhYkmfegla^]p[]hlagff]d\YfkdYj]da_agf
^mfjYaj]_qhla]ff]&;]jl]k$d]k^gjemd]k+0%,)kgflYll]kl]kmfaim]e]flkmj\]kkYj[gh`Y_]k\]
dYPAA]\qfYkla]hjgn]fYfl\Í9d%:]j[`Y&=dd]khjk]fl]fl\]kmj[jglmf\ak[gmjkYhjagjaafYll]f\m
Ymk]af\m[gjhmk\]kL]pl]k\]kKYj[gh`Y_]k$hmakimÍad[gf[]jf]]kk]fla]dd]e]fld]Za]f%lj]\m
nanYfl]lfgf\aj][l]e]fl[]dma\m\^mfl]l$]f[]k]fk$gflhmlj]jYhhjg[`]k\]kd]llj]kYmp
egjlk.(&Lgml]^gak$adYlegfljim][]k^gjemd]kfÍlYa]flYm[mf]e]fl\]kha[]kjYhhgjl]k$
ljYf_j]kYm[gjhmk\]kL]pl]k\]kKYj[gh`Y_]k&DYdYf_m]]ldY_jYeeYaj]mladak]k]fkgfldY
hj]mn].)$eYakYmkkad]^Yalim]d]kLK+0%,)^gje]fl$Yn][d]kLK+(%+/$Yll]klkkmj\]kkYj[gh`Y_]k
\mEgq]f=ehaj]hjgn]fYfl\]hdmka]mjkkal]k\Í{_qhl]$mf]fk]eZd][g`j]fl\]l]pl]kj[al]j
dgjk\][]jlYaf]k^l]k.*&D]kLK+0%,)f]\gan]fl\gf[hYklj][gfka\jk[gee]\]kha[]kae%
hgjl]k\ÍmfYmlj]_]fj]]lafl_j]kYjlaÖ[a]dd]e]flYm[gjhmk$eYakgflYm[gfljYaj]mf]d_alaeal
af\faYZd]dÍaflja]mjee]\]kL]pl]k\]kKYj[gh`Y_]k&;gee]dÍYegflj@&Oadd]ek$d]mj
^gf[lagf]kl\]jYhh]d]j$dÍakkm]\]dÍY[[gehdakk]e]fl\mjal] \gflj]f\]fl[gehl]d]kLK+(%+/!$
dYf[]kkYaj]kgda\Yjalima\galmfajnanYflk]legjlk&DYkaf_mdYjal\]kLK+0%,)fÍ]kl]fgmlj]im]
^gje]dd]hmakim]$]f\Öfalan]$]dd]kf]k]\aklaf_m]fl\mj]kl]\m[gjhmkim]hYjdÍYZk]f[]imYka
lglYd]\]j^j]fleql`gdg_aim].+2[Í]klmfÖdknanYflimahYjd]kgfhj]egjl$]lfgfhYk@gjmk
Gkajak$Ö_mj]k`YZalm]dd]e]fl[gfngim]kimYf\adkÍY_al\]hYjd]j\]kj]dYlagfkhj]'Ödk&D]kLK
+0%,)\gff]flYafka\aj][l]e]flngajmf]j]dYlagfn[m]]flj]mfÖdk]lkgfhj]$d]l]ehk\]k
jal]k^mfjYaj]k&Gj$[]ll]l`eYlaim]]klYm[Çmj\]fgeZj]mk]k^gjemd]k\]kL]pl]k\]kKYj[g%
h`Y_]k$eYak]phjae]hYjd]ZaYak\]Ö_mj]k\anaf]k3]l$[`Yim]^gak$dÍY[[]fl]kleak$\]dYee]
eYfaj]$kmjdYfglagf\]ZY[gee]e\amehjanad_a\][geemfa[Ylagf]flj]d]hj]]ld]Ödk&
;Í]klhYj]p]ehd]d][Yk\Yfkd]k^gjemd]k\]ljYfk^gjeYlagfk]f;`gm LK/-%0+!.,$gd]l`e]
[]fljYd]kl$[gee]\Yfkd]kLK+0%,)$d]kj]dYlagfkhj]'Ödk.-$eYak[]ll]^gakljYal]kljYn]jkd]k
Ö_mj]k\Í9lgme]l\];`gm$gm\YfkdY^gjemd]+)*\]kL]pl]k\]kKYj[gh`Y_]kimae]l]fk[f]
mf\aYdg_m]]flj]@gjmk]lkgfhj]\^mflGkajak..&<Yfklgmk[]kl]pl]k$[Í]kl\]kmj[jgldÍY[lagf
jalm]dd]\mÖdkima^Yngjak]dÍe]j_]f[]\mZY_j[]Ymim]ddY[geemfa[Ylagfh]mllj]lYZda]./&
;]hjg[]kkmkk]jYalhYjYadd]mjkh]ml%lj]addmkljhYjdYk[f]gja_afYd]\]dYkld]:E)+/*ima
egflj]mfh]jkgffY_]l]f\mYm%\]kkmk\megjlimaj]hgk]kmjd]dal^mfjYaj]&K]dgfdÍ`qhgl`k]
\]@&Oadd]ek$[]ll]a[gfg_jYh`a]k]jYalafl]jhjl]jdYdmeaj]\]dYjmZjaim]\]kLK/-%0+
LK0+$;LAA$,.Y%,0Y!imahj]k[jal\]hdY[]jYm[gm\m\^mflmf]Yemd]ll]]f^gje]\]hjglge]
\]dagfkqeZgdakYfld]ZY\];`gm mk.t m bÒ ½w!\gfl\galbmkl]e]fllj]imahd]\^mfl.0&
DÍaeY_]fÍ]klhYkkYfk^Yaj][`gYmpk[f]kZa]f[gffm]k\mFgmn]d=ehaj]imaegflj]fld]
\a]m\]dÍ]eZYme]e]fl$9fmZakÈ\gfld]kjYhhgjlkYn][Gkajak$\Yfkd][Y\j]^mfjYaj]$kgfl$Ym
egafk[]ll]hgim]$afl]jhjlkkmjd]eg\]ÖdaYd.1ÈkÍY[lanYfl\]ZgmlYmp[lk\megjl$Ydgjk
im]$Ym%\]kkmk\mdal^mfjYaj]$ngd]ll]dÍgak]Ym%ZY&Lgml[gee]dYna_f]ll]\mDanj]\]kEgjlk\]
F]Zi]\ngim]hj[\]ee]flkm__jYalmfda]f]flj]dÍ]p[mlagf\mjal]\]dÍGmn]jlmj]\]dY
:gm[`]]ldY\]k[]fl]\mZY[`Yj_\]kg^^jYf\]kn]jkd][Y\Ynj]$dYhjk]f[]\mZYYmp[lk\]dY
egea]\Yfk[]kk[f]k]klkYfk\gml]$d]f[gj]$[gehj]f\j][gee]mf][gfkim]f[]\aj][l]
\]kjal]k \]egeaÖ[Ylagf!hjYlaimkhYjd]\a]m&
<]lgml[]imahj[\]adj]kkgjlim]dÍYkkg[aYlagfÖ_mj]ÖdaYd]'ZY]kldgaf\Ílj]Yf][\glaim]
\YfkdYj]da_agf^mfjYaj]_qhla]ff]&DYhgkkaZd]YkkaeadYlagf]flj]d]Ödk`jala]j]ld]ZY\megjl
f]k]jYal\gf[im]d]hjgdgf_]e]fldg_aim]\][]da]f&;dYaj]e]flY^Öje]\Yfkd]LK+0$]dd]
]klYmkkangim]\]^Y gfhdmkaehda[al]hYj\ÍYmlj]kl]pl]k/(]lf][gflj]\al]fja]fdYfYlmj]
YZkljYal]\]dÍ]flal$d]ÖdkfÍlYflimÍmf\]kYkh][lkhgkkaZd]k\mZY$[Í]kl%%\aj]\]dY[YhY[alhgmj
mf]]flal egjlgm\anafal!Ykkme]j\]k^gje]k Åpr!/)&Ã[]lalj]$adfÍ]klhYklgffYflim]d]
ZY$imaj]hjk]fl]d]k\a^^j]flkegq]fk\ÍY[lagf\megjl$hmakk]j]nlaj$kmjl]jj]$dÍYkh][lljk
[gf[j]l\m\]k[]f\Yfl&
*&*& 9flY_gfake]hj]\^mfl'Ödk
DÍYkkaeadYlagf\mZYYmÖdk`jala]jljgmn]\mj]kl]mfYmlj]^gf\]e]fl\YfkdYfYlmj]\]k
j]dYlagfkim][`Y[mf\Í]flj]]mp]flj]la]flYn][d]egjl&GfYngimd]kjYhhgjlk[gehd]p]kima
mfakk]fld]ZYYm[Y\Ynj]&Gj$[gee]d]ZY$kad]Ödk]klmfhYjl]fYaj]f[]kkYaj]\]dYjkmjj][lagf
\m\^mfl$ad]klYmkka$Ymegafkege]flYfe]fl$mfjanYd&E]add]mjYdda\megjl$]flYflim]
hjaf[ahYd_YjYfl\]dYh]jhlmYlagf\m[mdl]^mfjYaj]]l\]dYhjk]jnYlagf\]dYda_f]$ad\]na]fl
Ymkkae[Yfaim]e]flkgf[gf[mjj]fl\aj][lÈ]l\gf[mflj]kmk[]hlaZd]\]fgmjjaj\]eYmnYak]k
./ LH +-.$ Hqj& -/0[%-/1Y$ [al hYj nY[`]jÀ$ Klm\9]_ +$ )1//$ h&))1%)+(& Hgmj /) A\&$ L`] ;g^Öf g^ @]iYlY$ h&))+3 B&9K%
D&N&«9:C9J$ 9 Klm\q g^ l`] :Y ;gf[]hl$ \]kYll]klYlagfkYf[a]ff]k\mjd]\]sÒ-mryf KE9FF$ =_qhlaYf KgdYj J]da_agf af l`] F]o
h&-+& j]ehda hYj 9fmZak$ ngaj d]k l]pl]k [alk hYj Caf_\ge&J]$9emfYf\l`];jakakg^Hgdql`]ake$
.0 @&OADD=EK$L`];g^Öfg^@]iYlY$h&*//% @&OADD=EK$ ¿9fmZak Yk Y Bm\_]À$ \Yfk Dgf\j]k$)11-$h&),+]lf&,.&;gehYj]jYn][
*/1]lh&*1(%*1*3H&:9J?M=L$D]kl]pl]k\]k O&;dYjqkk]$ 9&K[`ggjk$ @&Oadd]ek \&!$ B&?==$ ¿BÒ K]f\af_ Yf\ Alk Aehda[YlagfkÀ$
kYj[gh`Y_]k_qhla]fk\mEgq]f=ehaj]$D9HG =_qhlaYf J]da_agf& L`] DYkl L`gmkYf\ Q]Yjk$ \Yfk R&@YoYkk$ D&Haf[` :jg[c \&!$ =_qh%
)*$HYjak$)10.$h&,/,& ngd&)$h&/+-%/+/& lgdg_qYll`]<Yofg^l`]Lo]flq%>ajkl;]flmjq$
.1 B&%;d&? J=FA=J $ 9fmZak Yd]pYf\jaf ]l /( A\&$L`];g^Öfg^@]iYlY$h&+))%+),3a\&$ ngd&*&@aklgjq$J]da_agf$D];Yaj]$*((+$h&*+(%
jgeYaf$ =HJG -/$ D]q\]$ )1//$ h&)0%)13 \Yfka\& \&!$Kg[aYd9kh][lkg^>mf]jYjq;mdlmj]$ *+/$hgmjimadYfglagf\]ZY]f_dgZ][]dd]k\]
B&IM9=?=:=MJ$ ¿9fmZak$ Ödk \ÍGkajak$ d] h&*1)& nòr$\]ÒÅ]l\]mwt&
afl]flagfkÈ$hmakim]$Y[[gehdakkYfld]kjal]k^mfjYaj]k$d]Ödkk]hdY[]\YfkdYhgkalagf\]dÍ`jala]j$
[Í]kl%%\aj] \m j]ehdY Yfl/*& =f e]llYfl ]f k[f] mf] [gf^jgflYlagf hj]'Ödk \Yfk mf [Y\j]
bmja\aim]$d]kLK+0%,)addmklj]flYafkahYj^Yal]e]fllgml]dÍYeZa_ml\]dYj]dYlagfÖdaYd]$imafÍ]kl
]dd]%ee] imÍmf [Yk hYjla[mda]j \] dÍYflY_gfake] hjka\Yfl \] eYfaj] _fjYd] Ymp j]dYlagfk
nanYflk'egjlk\YfkdÍ{_qhl]Yf[a]ff]/+&Ad]kl\]kmj[jglaflj]kkYfl\]j]eYjim]jim]$\Yfkd]k
l]pl]k^mfjYaj]k$[]lYflY_gfake]h]mllj]jkgdmk]dgfd]kee]khjg[]kkmkim]dÍYflY_gfake]
ZY'egjl$[Í]kl%%\aj]hYj\]keak]k]fk[f]\m[gf×aldÍaflja]mj\][Y\j]kimah]je]ll]fldY
j_mdYlagf2[]dma\]dYhjg[\mj]bm\a[aYaj]/,imakgme]ldÍY_j]kkanalYmpdgak$mkY_]k]l[gmlme]k
\]dY[geemfYml$eYakYmkka[]dma\mb]mÈhmakim]d]knanYflkkgfl$kmjl]jj]$d]khYjl]fYaj]k
imÍY^^jgfl]d]egjlYmk]f]l/-È$eg\]\ÍY[lagfgdÍY^^jgfl]e]fl$Za]fim]j][`]j[`$]klYkkm%
b]lla\]kj_d]k]l$kmjlgml$]kll`gjaim]e]fl\hgmjnm\]k[gfkim]f[]kf^Ykl]kimadmakgfl
fgjeYd]e]flYllY[`]k&
9m[Çmj\Ímfjk]Ym\]j]dYlagfk[gehd]p]kimamfald]egjldÍYm%\]deYakkmjlgmlYmegf\]
\]knanYflk]l]fhYjla[mda]jYmÖdk`jala]jkYfkdÍY[lagf\mim]dadf]h]ml]khj]j\]kmjna]$d]ZY
jkme]Yafkadmak]mdlgml]dY\aklYf[]ima\galkhYj]jd]egjl\]k]k\]k[]f\Yflk/.$eYakYmkka
d]da]faf\^][laZd]imad]kmfal&9n][d]ZY$[Í]kllgmld]hYjY\gp]\]kjYhhgjlk\mÖdk`jala]jkgf
hj]\^mflimaljgmn]mf]]phj]kkagf$hmakimÍljYn]jkdma$d]Ödk]klYkkaeadYmhj]$eYakimÍad
]f]kl]fee]l]ehk[dYaj]e]fl\akkg[a77&
← ←
>adk`jala]j → :9 → hj]\^mfl
HYjkgfljm[`]e]fl$d]k\]klafkj]kh][la^k\megjl]l\mÖdk`jala]jkgflYafkakgda\Yaj]keYak
ajje\aYZd]e]fl\aklaf[lk&
+& D]<aYdg_m]]lkgda\Yjal'YflY_gfake]]flj]d]knanYflk]ld]kegjlk
FYlmj] [gf×a[lm]dd] ZY'egjl$ YflY_gfake] Ödk `jala]j'hj] \^mfl ]l YkkaeadYlagf \m ZY
YmÖdkYhhYjYakk]fl\gf[[gee]\]kl`e]k^gf\Ye]flYmp\]dYj]da_agf^mfjYaj]_qhla]ff]&
=phda[al]e]flngim]k\YfkdYkja]\]kLK+0%,)$[]khjgZdeYlaim]kkgflYmkkaeYfa^]kl]e]flYm
[Çmj\m<aYdg_m]&Kgm[a]mp\][gfnYaf[j]mfZYjla[]fl\]dYnYda\al\]kjal]k^mfjYaj]k$dÍ`gee]
f]eYfim]hYk]f]^^]l\]jYhh]d]jkgfafl]jdg[ml]mjd]da]fljgalimadÍmfalYm\]k[]f\Yflima
\galh]jhlm]jd][mdl]2
WÒí-jb bÒj snj r Åpr.t jw©j drptyfy ©í©tyfy ír íÒ.t hrw qrs
HYla]fl]egfZY$egf^jj]$bmkimÍdYn]fm]\]egf`jala]jima^]jYd]kg^^jYf\]k]limak]la]f\jY
eYlgeZ]d]bgmj\]dÍ]fl]jj]e]fl/0&
D]khgflkima]pakl]fl]flj]d]kZ]dd]k%d]llj]k]ld]k[gehgkalagfkeY_a[g%j]da_a]mk]k/1Yafkaim]
\]kaf\a[]kafl]jf]kdÍÇmnj]h]je]ll]flhYj[gfkim]fl$kafgf\]ngajmf]j^j]f[]\aj][l]
dY^gjemd]+0Y^ÖjeYfldÍa\]flal\mZY]l\mÖdk\Yfkd]<aYdg_m]$\megafk\][gfka\j]jim]d]k
\]mp[gehgkalagfkhmak]fl\Yfkmfee]kmZkljYl\][gf[]hlkj]dYla^kYmpjYhhgjlkÖdknanYfl'
hj]\^mfl&Ad]klaflj]kkYfl\]j]eYjim]ja[aim]$\]^Y gfh]ml%lj]ka_faÖ[Ylan]$mf]j]dYlagf
[gehYjYZd]]pakl]hjgZYZd]e]flYmkka]flj]d];gfl]\mhlj]]l\]dY\]kk]$hjk]flkmjd]ee]
hYhqjmk H&:]jdaf +(*,!$ ]l mf] ^gjemd] \]k L]pl]k \]k KYj[gh`Y_]k LK 0+.!$ ngimYfl lgmk
\]mpmfísy-mw$¿[`Yje]\Í]Ym0(À&ImgaimÍad]fkgal$hgmj[]ima[gf[]jf]d][Ykkh[aÖim]
\m<aYdg_m]$d]da]fYn][d]LK+0hYjYlkÍaehgk]j&ÃdYÖf\]dÍÇmnj] [gd&)-(!$d]ZY$j][gffYak%
kYflÖfYd]e]fldYnYda\al\]kjal]k^mfjYaj]k$f]\]eYf\]%l%adhYkdÍ`gee]\]dÍYae]j mr wj!$
jYhh]dYfl]f[]dYd]kgm`Yala\]flaim]]phjaehYjd]Ödk\Yfkd]LK+0¿Yae]\gf[lgfZYim]
b]kmakkmjl]jj]À mr nk bÒk jmj tp tÒ!0)7
EYak[Í]klkmjlgmldÍljgal]kaeadalm\]\]kkalmYlagfk\[jal]kj]kh][lan]e]flhYjd]<aYdg_m]]l
d]k^gjemd]k+0%,)ima]kldYhj]mn]im]d]k\]mpl]pl]kj]dn]fl$Za]fimÍYhhYjl]fYfl\]k_]fj]k
\aklaf[lk$\Ímf]hjgZdeYlaim]a\]flaim]&
)&Lgmk\]mpe]ll]fl]fk[f]mfY^^jgfl]e]fln]jZYdljYfkhgk$\Yfkmf[YkhYjdYÖ[lagf
dalljYaj]]l\YfkdÍYmlj]hYjd]ljm[`]e]fl\mjal]$\]nYfld]ljaZmfYd\]dÍYm%\]d\gfld]kbm_]k
\anafkkgfl[`Yim]^gakhjakhYjla&
*& <Yfk [`Y[mf] \]k [gehgkalagfk$ d] hjglY_gfakl] hj]ea]j Y[[mk] d] k][gf\ \] d] e]f]j
mf]egjl[]jlYaf]&
Mòn bÒj ír th.tj n sÄm~nj nf ír sòÒ r mwt n jjt<j> nf
Ngq]r$egfZYeÍ_Yj]$kYfkee]im]b]dÍ]fl]f\]$eÍ]fljYfYfln]jkdYegjlYnYflim]b]dÍYa]
j]bgafl]0*&
/0 H&:]jdaf +(*,$ [gd&-*%-,& G&J=F9M<$ dÍYmlj]& L]pl]k \]k HqjYea\]k ]l L]pl]k \]k 0( Ngaj ]f \]jfa]j da]m$ J&:&H9JCAFKGF$
D]<aYdg_m]\m<k]khj$h&*-3:&E9L@A=M$ KYj[gh`Y_]k$f&*.%*/&;^&Ymkkad]kj]eYjim]k Hg]ljq Yf\ ;mdlmj]$ h&+(( Yn][ j^&! ]l
{_qhl]&9^jaim]]lGja]fl)1$h&*-& \]9&DGHJA=FG$¿<]Öfaf_=_qhlaYfDal]jY% ?&: MJC9J<$ @&B& L@AKK=F$ =af^`jmf_$
/1 Ngaj$ B&QGQGLL=$ ¿;gehl] j]f\m \] lmj]À$\Yfk9&Dghja]fg \&!$9f[a]fl=_qhlaYf h&)-,%)-.&
9&@&?Yj\af]j$ L`] JYe]kk]me HYhqjaÀ$ Dal]jYlmj]&@aklgjq>gjek$HjgZdx_)($D]q\]$ 0) LK+0$;LA$).*^&
J\=))$)1-/$h&)/,%)/-3D&;GMDGF$\Yfk F]oQgjc$;gdg_f]$)11.$h&,/%,1& 0* ;gd&)(%)*& LjY\m[lagf :&E 9L@A=M $
K&:a[c]d$ :&EYl`a]m \&!$ <Ímf egf\] gh&[al&$h&*+&
+&<Yfkd]kLK+0%,)$[gee]\Yfkd]<aYdg_m]$d]h]jkgffY_]imag[[mh]dYhgkalagf\]hdYa_fYfl
k]hgk]]f\^]fk]mj\]kjal]k^mfjYaj]k]lhjk]fl]d]mjY[[gehdakk]e]fl[gee]k]md_YjYfl\]
dYkmjna]\]k\]mpafl]jdg[ml]mjk&<Yfkd]<aYdg_m]$[Í]kldÍ`gee]ima\^]f\d]kjal]k^mfjYaj]k
]ljYhh]dd]kgfZYd]kZfÖ[]kimÍadlaj]jY\]d]mjgZk]jnYf[]3\Yfkd]kLK+0%,)$[Í]kld]Ödkima
jYhh]dd]kgfhj]\^mfl]fimgakYhjk]f[]kmjl]jj]]klaf\akh]fkYZd]kYkmjna]&
,&DYkgda\Yjalkgdda[al]$\Yfkmf[YkhYjdÍ`gee] egjl!]l\YfkdÍYmlj]hYjd]ÖdknanYfl$]kl
]fÖfafngim]\Yfkd]k\]mpl]pl]k$hYjd]ee]l]je] wÒí-jb!0-2
Rd.t wÒí-jb n jm(y) §r(y)-nòr r s
J]f\j]hYla]fl[]dmaima]kl\YfkdYf[jghgd]]fn]jkmf`gee] LK+0$;LA$)-/]!&
LJA:MF9D<ANAF
H&:]jdaf+(*,!ZY wÒí-jb! `gee] egjl!
←
LK+0!Ödk 5ZY! wÒí-jb! hj]\^mfl
→
DYeak]]fhYjYddd]\mLK+0]l\m<aYdg_m]h]ml]f[gfkim]f[]k]jkme]jhYjd]lYZd]Ym
kmanYfl2
LK+0 <aYdg_m]
HdYa_fYfl' >adk imakÍa\]flaÖ]YmWV\mhj] @gee] egjl!
\^]fk]mj\]kjal]k^mfjYaj]k \^mfl!
Afl]jdg[ml]mjY[[mk\]e]f]j Hj]\^mfl 7V Ykkg[adÍ`jala]j!
dYegjl
;Y\j]\]dY[gf^jgflYlagf D]ljaZmfYd\]dÍYm%\]d
0+ ;gd&,-]l[gd&,/&NgajB&R9F<==$<]Yl` 0- Kmj [] l]je]$ <&E ==CK $ 9fD]p +$ ^gjemd]Êd]kgm^×]\]dYZgm[`]ËÀ$J\=*0$
YkYf=f]eq$h&0+%0,$.0%/(]lh&),*& /1&(-1)3?&HGK=F=J$ DÍ]fk]a_f]e]fl dgqY% )1/.$h&),-3E&DA;@L@=AE$EgjYdNYdm]kaf
0, LK+0$;LA$)-0\3LK+1$;LA$)./[& dakl]& KY_]kk] _qhla]ff] \m Egq]f =ehaj]$ 9f[a]fl=_qhl$G:G)--$>jaZgmj_$?llaf_]f$
HYjak$)1/.$h&,. )+$+!3H&N=JFMK$¿DY )11/$h&//%0*&
Gf[gfklYl]Yafkaim]d]kj]dYlagfkj]kh][lan]e]fleak]k]fk[f]\Yfkd]<aYdg_m]]l\YfkdY
^gjemd]+0\]kL]pl]k\]kKYj[gh`Y_]kk]jhgf\]flhYj^Yal]e]fl]f[`aYke]&D]k\]mpl]pl]kYhhY%
jYakk]fl[gee]d]k\]mph]f\Yflk\Ímf]ee]jYdal2dY\^]fk]\]k\]ngajkemlm]dkY[[gehdaj
hYjd]nanYfl Ykkaead\Yfkd]k\]mpl]pl]kYmZY\m\^mfl!]lhYjd]egjl&AdfÍ]kl]f[gfkim]f[]
im]ljkdg_aim]im]d]kafljlk\megjlkga]fl\^]f\mk\Yfkmfl]pl]dalljYaj]$_]fj]imaYYm
hj]ea]j[`]^hgmj\]klafYlYaj]kd]knanYflk$Ydgjkim]d]kafljlk\mnanYflkgfl]phgkk\Yfkmf
l]pl]jalm]dd]e]fl\]klafYmegjl&Gfj]eYjim]jY[]hjghgkim]kad]k[gehgkalagfkj]d]nYfl
\]dYdalmj_aim]^mfjYaj]kgflhjgfgf[]k$hgmjd]egjl$hYjd]knanYflk$adYjjan]im]d]kl]pl]k
kYha]flaYmphj]ff]fl$dÍafn]jk]$dY^gje]\Ímf\ak[gmjkY\j]kk$\]hmakdÍYm%\]d$[]mpimakgfl
kmjl]jj]$im][]\ak[gmjkkgal]^^][lan]e]flhdY[\YfkdYZgm[`]\Ímfegjl$[gee]\Yfkd][Yk\]
dÍ=fk]a_f]e]fl\Í9e]f]e`Yl0.$gmimÍadhjgna]ff]\ÍmfkY_]ima$Ym[jhmk[md]\]kYna]$]fnakY_]
kgf\[khjg[`Yaf KY_]kk]\]HlY``gl]h$=fk]a_f]e]flhgmjEjqcYj!0/&DYhjgZYZd]hjgb][lagf
\Yfkd]bm_]e]flhgkl`me]\]dÍ`gee]\m<aYdg_m]ima$hgjl]mj\]knYd]mjkh`YjYgfaim]k$]kl
kYfkYm[mf\gml]mfYnYlYj\mkY_]\]k]fk]a_f]e]flk$f][gfklalm]jYal]f[]k]fkimÍmf]nYjaYlagf
\Ímf]kljYl_a]l]plm]dd]Za]fYll]kl]\YfkdYdalljYlmj]kYha]flaYd]$kYfk\gml]e]llj]]fj]dYlagf
Yn][dÍaehjYla^egjYd\]¿k]kgmn]faj\]dÍG[[a\]fl00À&
DYhdY[]Y[[gj\]Ym\ak[gmjkkmZn]jka^\mZYkmjdÍafmladal\]kjal]k^mfjYaj]k$Za]fim]hj%
hgf\jYfl]$k]jYal]dd]%ee][gehj]f\j]\Yfkd][Y\j]\Ímfhjg[]kkmk\]¿[gfl]plmYdakYlagfg^
l`]hjgZd]eYla[01À_dgZYd]e]fldÍÇmnj]\YfkdYdalljYlmj]\mEgq]f=ehaj]&HYjd]ZaYak\]dY
Ö[lagfdalljYaj]$d]kl]pl]k[j]fl]f]^^]lmf]khY[]imaj]f\hgkkaZd]d]\aYdg_m]]flj]d]ka\Ymp
hjgemkhYjd]\ak[gmjkg^Ö[a]d]ld]kafnalYZd]k\gml]k\]k`gee]k[gf^jgflkYmimgla\a]f1(&
<Yfkmfgj\j]\Ía\]YfYdg_m]$:&EYl`a]mhYjd]$hjghgk\]dY;gehdYafl]\]C`c`h]jjkf]Z1)$
\]dY[YhY[al\]k{_qhla]fkj[mhj]jd]\ak[gmjk\naYflhgmj¿\kYjegj[]jmfn]flm]d[gmjYfl
\]h]fk]kmZn]jka^À&Ka$[gee]d]jYhh]dd]J&:&HYjcafkgf$ad]kllgml]^gakj\m[l]mj\]daeal]jdY
hgjl]\Ímf]Çmnj]dalljYaj]dYk]md]dYZgjYlagf\Ímf\ak[gmjk\]lqh]¿hjghY_Yf\akl]À]l$ka
]^^][lan]e]fl\]dYeak]]fhYjYddd]\megfgdg_m]\mÖdk\YfkdY^gjemd]+0]l\m<aYdg_m]ima
ljYal]fllgmk\]mp$naYdYe\aYlagf\mZY$\]dYhjgZdeYlaim]\]kjYhhgjlknanYflk'egjlk$adk]eZd]
j]kkgjlajimÍYmeg\]h]j^gjeYla^\]dYdalmj_a]$dYdalljYlmj]kmZklalm]mfeg\]hdmk\daZjYla^$
hgmjYmlYfl$gf[gfklYl]im]dÍakkm]\m\ZYlfÍ]klhYklglYd]e]flgmn]jl]&<Ímf]hYjl$d]kmZal
]lafYll]f\mjYdda]e]fl\mZYYmhgafl\]nm]\]dÍ`gee]l]f\egflj]jim][]\ZYl\Ía\]k
j]kl]$\Yfkmf]dYj_]e]kmj]$^Y[la[]&D][gf×alfÍ]kl]f]^^]lhYkjkgdmYml]je]\Ímf]njalYZd]
[gf^jgflYlagf\ÍYj_me]flk$eYak¿l`jgm_`h]j^gjeYlan]Êh]j^][lkh]][`ËZ]^gj]YfYm\a]f[]À$
0. J&:&H9JCAFKGF$ Hg]ljq Yf\ ;mdlmj]$ 01 J&:&H9JCAFKGF$ \Yfk K]klg ;gf_j]kkg 1( J&:&H9JCAFKGF$ \Yfk ?&Eg]jk \&!$
h&*,*& Afl]jfYragfYd]\a=_allgdg_aY$h&+)0%+)1$]l]f gh&[al&$h&/.%/13a\&$Hg]ljqYf\;mdlmj]$h&10%
0/ AZa\&$h&*-0]lh&*,0%*,1& \]jfa]jda]m$a\&$Hg]ljqYf\;mdlmj]$h&0.%)(/& )(/&
00 :&E9L@A=M$ ¿K] kgmn]faj \] dÍG[[a% ;gehYj]jYn][:&E9L@A=M${_qhl]&9^jaim] 1) :&E9L@A=M$¿DY;gehdYafl]\]C`c`%
\]fl sÅÒ Jmnt.t!2mf]]phj]kkagf\]dYhal ]lGja]fl)1$h&)1$imahdY[]dÍÇmnj]\Yfkd] h]jj%k]f]ZÀ${_qhl]&9^jaim]]lGja]fl*$)11.$
j]da_a]mk]YmEgq]f=ehaj]À$J\=,*$)11)$ [Y\j]\mhjg[]kkmk\]l]plmYdakYlagf\mhjaf[ah] h&)+%)0&
h&*.*%*.+& \]eYleak]fna\]f[]hYjB&9kkeYff
[YjY[ljaklaim]\]k[gehgkalagfkeY_a[g%^mfjYaj]k1*3\Yfk[]j]naj]e]fl$gfkgmda_f]jY\mj]kl]
d]jd]]kk]fla]d\]khge]k\]dÍ`gee]imak]eZd]fl[gfklalm]jmf]njalYZd]¿af[YflYlagfhg%
laim]1+À&<ÍYmlj]hYjl$[gee]adYlkgmda_f1,$\kdÍgmn]jlmj]\m<aYdg_m]$dYhjk]f[]\mZY
]kld]ka_f]\]dYna[lgaj]ÖfYd]\m\ak[gmjkljY\alagff]d$[]ll]afklYf[]f]k]eYfa^]klYfl$k]dgfdY
j]da_agf^mfjYaj]$imÍdY^Yn]mj\]kjal]kY[[gehdakhYjd]knanYflk&HYjYadd]mjk$ghhgkYfldÍ`gee]
mfhgafl\]nm]\an]j_]flkmjdYegjl$im]^Yald]ZYkafgfhj[ake]fljhgf\j]dÍaehjYla^jalm]d
\]\ZYllj] mdw ín©!Yn][dma&
D][`gap\mZY[gee]afl]jdg[ml]mjjhgf\]f[gfkim]f[]mfhYjlahjak$d]hgjl]mj\m
\ak[gmjk¿kmZn]jka^Àk]ljgmnYfl$]fjYakgf\]khjkmhhgkkimadmakgflYllY[`k$lj]bmkl]e]fl
dÍY_]flhYjd]im]d[]\ak[gmjk]kl^YlYd]e]flfa&{na\]ee]fl$adfÍ]klhYkim]klagf\Ílaim]l]jd]
<aYdg_m][gee]kaehd]¿dalljYlmj]\]hjghY_Yf\]À&D]hjgZde]f]k]hgk]hYk]f[]kl]je]k$
lYfl\gffdYhdY[]\md]llj\YfkdYkg[al_qhla]ff]1-&FYfegafk$[Í]klZa]fmf]njalYZd]
f]mljYdakYlagf \Ímf] [gf[]hlagf Ydl]jfYlan] \] dÍYm%\]d$ [gf[]hlagf fYlmj]dd] eYak ]f jmhlmj]
Yn][dYkgda\Yjalafl]j%_fjYlagff]dd]Ymp^gf\]e]flk\]dYkg[alh`YjYgfaim]$im]hjg[\]
d]<aYdg_m]&?j[]dYeak]]fk[f]\mZY$]lfgfhYk\aj][l]e]fl\mÖdk`jala]j]phda[al]e]fl
ngim\Yfkd]l]pl]$d]d][l]mj'Ym\al]mjh]mlgZk]jn]jd]da]ffYlmj]d eYakhjgZdeYlaim]!ima
mfald]knanYflk ^mlmjkegjlk!Ympegjlk Yf[a]fknanYflk!&;gfljYaj]e]flYmcYimada]hj]]lÖdk
\Yfkmf]km[[]kkagf `ajYj[`aim]!\]k_fjYlagfk$d]ZYÈYhh]dkfhYjdÍ`gee] [gd&-)%-*]l
[gd&),(!1.Èaf[Yjf]dÍmfa[al\m\]klaf\][`Yim]_fjYlagf$lgmlhj]YqYfllÖdk$]llgmlÖdk
lYflYhh]dkgflgmj\]n]fajhj] \^mfl!1/&Dgaf\Ímf\ak[gmjkegjYdakYl]mjimahdY[]jYal
kgf\]klafYlYaj]kgal\YfkdYhgkalagf\mkY_]akgd$kgal\Yfk[]dd]\m^Ymla^hgl]fla]d$[Í]kl%%\aj]
\]dÍ`jala]jlgmbgmjkhgjlf_da_]jd]kYf[lj]k$lgmlk]hYkk][gee]kad]<aYdg_m]]fljYfYal
hYjd]ljm[`]e]fl\mZY$d]d][l]mj'Ym\al]mj\Yfkmfhjg[]kkmk\Ía\]flaÖ[Ylagf[gehd]p]gad]kl
lgmldY^gakd]nanYfl$Ymphjak]kYn][k]k\gml]k$]f[dafe]f]jkYna]kYfkk]kgm[a]j\]dYegjl$
eYakYmkka[]l`gee]ima]fnakY_]kgfafdm[lYZd]\[k&
1* J&:&&H9JCAFKGF$gh&[al&$h&**.&KmjdY ZY ]l d]k hge]k \] dÍ`gee]& ;^&Ymkka d]k Lgl]fcmdlae9dl]fx_qhl]f$h&**(&
h]j^gjeYlanal\]kl]pl]k^mfjYaj]k$>j&K=J% j]eYjim]k \] D&;GMDGF$ \Yfk K&:a[c]d$ 1/ ;gehYj]jYn][dÍafl]jhjlYlagf^Yal]hYj
N9B=9F$ D]k ^gjemd]k \]k ljYfk^gjeYlagfk \m :&EYl`a]m \&!$<Ímfegf\]dÍYmlj]&L]pl]k @&Oadd]ek\]k^gjemd]k\]ljYfk^gjeYlagf]f
Danj]\]kEgjlkdYdmeaj]\Ímf]l`gja]\]dY \]kHqjYea\]k]lL]pl]k\]kKYj[gh`Y_]k$kmjd]k ZY\]!;`gm\]kL]pl]k\]kKYj[gh`Y_]k&Ka
h]j^gjeYlanal$ :a=lm\ )+/$ *] \&$ D];Yaj]$ da]fk]flj]¿dÍYjl\m\ak[gmjkeY_aim]À]l¿dY dYkja]]kldYljYfkhgkalagf\ÍY[l]kdalmj_aim]k
*((,& ;] [gfklYl [gf^gjl] dY hYj]fl \] j`lgjaim]Êhjg^Yf]ËÀ& Y[[gehdak hYj d] Ödk kmj l]jj] ;`gm! hgmj
dÍÇmnj]Yn][d]k[gehgkalagfk^mfjYaj]k$]f 1, :&E9L@A=M$gh&[al&$h&**& kgf hj] \^mfl 9lgme!$ ¿l`] jalmYd klY_]
hYjla[mda]j d]k L]pl]k \]k KYj[gh`Y_]k g d] 1- ;^&d]k j]eYjim]k \] O&C&KAEHKGF$ `YkZ]]fl]d]k[gh]\aflgl`]`]j]Y^l]j$o`]j]
hjaf[ah] \aYdg_aim] bgm] bmkl]e]fl mf jd] ¿:]dd]kd]llj]kYf\HjghY_Yf\YÀ$\Yfk9&Dg% l`]\][]Yk]\h]j^gje]\l`]jal]^gjl`]_g\
hjhgf\jYfl&NgajkmhjY$f&,/& hja]fg \&!$9f[a]fl=_qhlaYfDal]jYlmj]&@ak% 9lmeÀ& @&OADD=EK$ L`] ;g^Öf g^ @]iYlY$
1+ :&E9L@A=M$ {_qhl]& 9^jaim] ]l Gja]fl lgjq>gjek$HjgZdx_)($D]q\]$F]oQgjc$ h&+*+%+*,&Ngaj]f[gj]$a\&$\YfkB&NYf<abc
)1$ h&**& Ngaj dÍYfYdqk] \ÍG&J=F9M<$ D] ;gdg_f]$)11.$h&,,+& \&!$ =kkYqk gf 9f[a]fl =_qhl af @gfgmj g^
<aYdg_m] \m \]k]khj$ h&,)%,*$ ima kgmda_f] 1. ;^&9&D GHJA=FG $ \Yfk @&?mck[`$ @]jeYfl]N]d\]$h&+,+%+/*&
dY\a^^j]f[]]flj]dYhjgk]\]khYjYZgd]k\m =&@g^eYff$ E&:geeYk \&!$ ?jYZ mf\
G^^jYflmf]addmkljYlagfkmhhde]flYaj]\]khgflkima]pakl]fl]flj][gehgkalagfkeY_a[g%
j]da_a]mk]k]lZ]dd]k%d]llj]k$dYeak]]fhYjYddd]\m<aYdg_m]]l\]dY^gjemd]+0h]je]lYafka\Í]f%
nakY_]jdÍÇmnj]\Yfkmf]fgmn]dd]h]jkh][lan]&=dd]afnal]\hdY[]jkYhjgZdeYlaim]\mk]md
\geYaf]\mjYhhgjlYZkljYal\]dÍ`gee]dYegjl$n]jk[]dma$hdmkhjY_eYlaim]$\]kj]dYlagfk
nanYflk'\^mflk$l`eYlaim][]fljYd]\YfkdYj]da_agf^mfjYaj]]ldYkg[al_qhla]ff]k$kgmn]fl
]phdgal]hYjdYdalljYlmj]10&ÃljYn]jkd]ZY\Yfkd]<aYdg_m]$]flalhYjdYim]dd]kÍlYZdald]da]f
\qfYeaim]]flj]dÍa[a]ldÍYm%\]d$d]nanYfl]ld]egjl$[Í]kl]f]^^]lnjYak]eZdYZd]e]fldYkgda\Yjal
]flj] d]k _fjYlagfk$ ajj^mlYZd] eYd_j d]k afnalYZd]k [gf×alk$ ima ]kl \aj][l]e]fl \gff]
]phjae]fl]j&
10 Hgmj dY dalljYlmj] fYjjYlan]$ ngaj dY ¿D]k ja[`]kk]k af[gffm]k \] dY dalljYlmj] [`]jO]ak`]alkl]pl]afk]af]ecmdlmj]dd]fMe^]d\$
j]eYjim] \] ?&HGK=F=J$ ¿Mf] fgmn]dd] \eglaim]À$:K>=)-.$*((+$h&*,%+)&Hgmj G:G),)$>jaZgmj_$?llaf_]f$)11,$h&)),%
`aklgaj] \] j]n]fYfl J][`]j[`]k DalljYaj]k dYdalljYlmj]kYha]flaYd]$ngajkmhjY$f&0.%0/]l ))-]lh&)0* *)$*(%**$+!$h&1,%1-]lh&)-1
NAA!À$J\=)*$)1.($h&/-3E&;@9MN=9M$ B&%>&IM9;C$<a]D]`j]f\]k9fa&=aff]m_qhlak% )/$,%.!&