ࡱ > Y
bjbjWW , = = V ] 8 , 2 < 5 " $ +! # ! 4 4 4 4 4 4 R n `{7! >1@07>20=8O >!!! $ &
>AA89A:0O M:>=><8G5A:0O 0:045<8O 820
:0D54@0 B>20@>2545=8O 8 B>20@=>9 M:A?5@B87K
@>3@0<<0
2ABC?8B5;L=KE M:702 2 0A?8@0=BC@C ?> A?5F80;L=>AB8 0 5 . 1 9 . 0 8 ">20@>2545=85 ?@>20@>2 8 AK@LO ;53:>9 ?@>AB8
#"
=0 70A540=88 !>25B0 ""
3 0?@5;O 2 0 0 1 3. , ?@>B>:>; ! _ _
@54A540B5;L !>25B0 ""
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ !0A:20 2 0 0 1
@>3@0<2A:8E :C@A0E B5>@88 B>20@>2545=85, A?5F80;L=KE :C@A0E B>20@>2545=8O =5?@>4>2>;LAB25==KE B>20@>2 A ?@82;5G5=851E>483> 2 E8<88, D878:8 8 2545=8O
1 . ) "
@54<5B 8 4 B>20@>2545=8O. !>45@60=85 B>20@>2545=8O, 0:BC0;L=K5 2>?@>AK 53> @0728B8O =0 A>2@520@>2545=85 =0C:0 > ?>B@518B5;L=>9 AB>8AB8.
25 AB>@>=K B>20@0 AB>8ABL 8 ?>B@518B5;L=0O AB>8ABL. A=>2=K5 E0@0:B5@8AB8:8 ?>B@518B5;L=>9 AB>8AB8 8=48284C0;L=0O 8 >1I5AB25==0O, 548=8G=0O 8 A>2>:C?=0O, ?>B5=F80;L=0O 8 @50;L=0O. 0G5AB25==0O 8 :>;8G5AB25==0O >?@545;5==>ABL ?>B@518B5;L=>9 AB>8AB8.
>B@51=>AB8, 8E 284K 8 @>;L 2 D>@20=88 ?>B@518B5;LA:8E B@51>20=89 8 ?>B@518B5;L=>9 AB>8AB8.
A=>2=K5 :0B53>@88 B>20@>2545=8O: :0G5AB2> B>20@0, A2>9AB20, ?>:070B5;8 :0G5AB20, C@>25=L :0G5AB20, >F5=:0 :0G5AB20, 0AA>@B8=:C@5=B>A?>A>1=>ABL 8 4@.
A=>2=K5 MB0?K @0728B8O B>20@>2545=8O, 7040G8 A>2@53> MB0?0. !2O7L B>20@>2545=8O A 4@C38<8 =0C:0A>D859, M:>=>9, 5AB5AB25==K<8 =0C:0<8, 2545=859 8 4@.
">20@>2545=85 8 53> @>;L 2 70I8B5 ?@02 ?>B@518B5;59.
!CI=>ABL 8 F5;8 A8AB520@>2. ;0AA8D8:0F8O, ?@8=F8?K ?>AB@>5=8O 85@0@E8G5A:>9 8 D0A5B=>9 :;0AA8D8:0F88, >1;0AB8 8E ?@8872>4AB25==K5, CG5B=>- AB0B8AB8G5A:85, CG51=K5 8 4@. :;0AA8D8:0F88. @C??>20O :;0AA8D8:0F8O =5?@>4>2>;LAB25==KE 8 ?@>4>2>;LAB25==KE B>20@>2. @8=F8?K ?>AB@>5=8O 8 >A=>2=K5 :;0AA8D8:0F8>==K5 3@C??8@>2:8 1I5@>AA89A:>9 :;0AA8D8:0F88 ?@>4C:F88 ( ) , B>@3>2KE :;0AA8D8:0F89, B>20@=>9 =>=>9 45OB5;L=>AB8.
>48@>20=85 B>20@>2. 538AB@0F8>==K9 8 :;0AA8D8:0F8>==K5 4K :>48@>20=8O, HB@8E>2K5 :>4K.
!CI=>ABL 8 F5;8 AB0=40@B870F88 B>20@>2. A=>2=K5 :0B53>@88 8 284K AB0=40@B>2 8 4@. =>@:C2. A?>;L7>20=85 ?@54?>GB8B5;L=KE G8A5; 8 ?0@02 ?@8 AB0=40@B870F88. A>15==>AB8 AB0=40@B>2 =0 4K 8A?KB0=89, =>:070B5;59 :0G5AB20. A>15==>AB8 4=>9 AB0=40@B870F88. !5@B8D8:0F8O B>20@>2.
1I5AB25==K5 ?>B@51=>AB8 >A=>20 D>@20=8O B@51>20=89 : :0G5AB2C. "@51>20=8O >1I85, G0AB=K5, A?5F8D8G5A:85, >A=>2=K5 3@C??K B@51>20=89 : :0G5AB2C A>F80;L=K5, DC=:F8>=0;L=K5, =0456=>AB8, M@3>=>?0A=>AB8 ?>B@51;5=8O 8 4@. , B5:CI85 8 ?5@A?5:B82=K5 B@51>20=8O.
$0:B>@K 8 CA;>28O, >15A?5G820NI85 D>@20=85 8 A>E@0=5=85 :0G5AB20 =5?@>4>2>;LAB25==KE B>20@>2. 0G5AB2> B>20@0 >1J5:B C?@02;5=8O.
!2>9AB20 B>20@>2, ?@>ABK5 8 A;>6=K5. >B@518B5;LA:85 A2>9AB20 >A=>2=K5 3@C??K 2 A>>B25BAB288 A B@51>20=8OB@518B5;LA:8E A2>9AB2.
$C=:F8>=0;L=K5 A2>9AB20: :>;8G5AB2> 2K?>;=O5A=>2=KE 8 2A?>30B5;L=KE, C=825@A0;L=>ABL, AB5?5=L A>25@H5=AB20 2K?>;=O5ABL B>20@>2: 4>;3>25G=>ABL, 157>B:07=>ABL, @5=B>?@83>4=>ABL, A>E@0=O5ABL =5?@>4>2>;LAB25==KE B>20@>2, >A=>2=K5 ?>:070B5;8. -@3>=>9AB20: 0=B@>?>;>38G5A:85, 38385=8G5A:85, ?A8E>D878G5A:85, >A=>2=K5 ?>:070B5;8. !2>9AB20 M:>;>38G5A:85, >A=>2=K5 ?>:070B5;8. !2>9AB20 8 ?>:070B5;8 1572@54=>AB8 8 157>?0A=>AB8 9, M;5:B@8G5A:>9, ?>60@=>9, E89, D878>;>38G5A:>9, @0480F8>==>9, B@0=A?>@B=KE A@54AB2. 8>;>38G5A:0O 157>?0A=>ABL =5?@>4>2>;LAB25==KE B>20@>2.
5B>4K >?@545;5=8O ?>:070B5;59 :0G5AB20 B>20@>2: >@30=>;5?B8G5A:89, 8=AB@C==K9, @0AG5B=K9, M:A?5@B=K9 8 A>F8>;>38G5A:89. >AB>8=AB20 8 =54>AB0B:8 :064>3> 40, >1;0AB8 ?@8?@545;5=88 ?>:070B5;59 :0G5AB20 =5?@>4>2>;LAB25==KE B>20@>2. =AB@C<5=B0;L=K5 4K 8 >A=>2=K5 ?@028;0 2K?>;=5=8O B5E=8G5A:8E 875 8 875 7=0G5=85 25;8G8=K, >B:;>=5=85, 01A>;NB=K5 8 >B=>A8B5;L=K5 7=0G5=8O >H81>:. H81:8 87<5@5=89 A8AB5G=>ABL 8725@8B5;L=K9 8=B5@20;. A=>2=K5 ?@028;0 >1@01>B:8 872.
-:A?5@B=K9 4 >?@545;5=8O ?>:070B5;59 :0G5AB20, ?@028;0 8 ?>@O4>: ?>41>@0 3@C??K M:A?5@B>2, >@30=870F8O 55 @01>BK. >AB0=>2:0 7040G8, ?>;CG5=85 @57C;LB0B>2, 8E >1@01>B:0 8 0=0;87. F5=:0 A>3;0A>20==>AB8 2. !>F8>;>38G5A:85 4K: ?@028;0 A>AB02;5=8O 0=:5B 4;O >?@>A0, 2K1>@ A?>A>10 A1>@0 8=D>@1@01>B:0 8 ?@54AB02;5=85 @57C;LB0B>2.
0CG=K5 8 ?@0:B8G5A:85 7040G8, @5H05ILN >F5=:8 C@>2=O :0G5AB20. ;3>@8BF5=:8 C@>2=O :0G5AB20, 48DD5@5=F80;L=K9, :><?;5:A=K9 8 A<5H0==K9 4K.
>=B@>;L :0G5AB20 B>20@>2, >A=>2=K5 4K 8 284K :>=B@>;O. >=B@>;L A?;>H=>9 8 2K1>@>G=K9, ACI=>ABL 8 >1;0ABL ?@8<5=5=8O AB0B8AB8G5A:8E 4>2 :>=B@>;O. !B0B8AB8G5A:89 ?@85G=K9 :>=B@>;L ?> 0;LB5@=0B82=>=B@>;O >4=>- 8 42CEABC?5=G0BK5, >?5@0B82=0O E0@0:B5@8AB8:0 ?;0=0 :>=B@>;O, >F5=:0 @8A:>2 ?>AB02I8:0 8 ?>B@518B5;O.
AA>@B820@>2 :0: A;>6=0O A8AB5 284K, ?>:070B5;8 :>;8G5AB25==>9 >F5=:8 8 8E 0=0;87. !B@C:BC@0 0AA>@B8A>15==>AB8 55 D>@20=8O 8 >F5=:8.
>=OB85 > :>=:C@5=B>A?>A>1=>AB8 B>20@>2. $0:B>@K 8 CA;>28O, A?>A>1AB2CNI85 ?>2KH5=8N :>=:C@5=B>A?>A>1=>AB8 B>20@>2. A?>;L7>20=85 =5:>B>@KE 4>2 A8AB53> 0=0;870 4;O @5H5=8O ?@0:B8G5A:8E 7040G ?>2KH5=8O :>=:C@5=B>A?>A>1=>AB8.
0:>= > 70I8B5 ?@02 ?>B@518B5;59. @020 ?>B@518B5;59 =5>BJ5<;525:0. 2865=85 ?>B@518B5;59 8 >@30=870F88 ?>B@518B5;59 2 =0H59 AB@0=5 8 2 2:0 8 C?0:>2:0 B>20@>2, 8E CB8;8B0@=K5 8 MAB5B8G5A:85 DC=:F88. !>45@60=85, 284K, A?>A>1K =0=5A5=8O 2:8, 7=0G5=85 4;O B>@3>2;8, M:A?;C0B0F88 8;8 ?>B@51;5=88 =5?@>4>2>;LAB25==KE B>20@>2. ">20@=K9 7=0:. 84K ?>B@518B5;LA:>9 8 B@0=A?>@B=>9 C?0:>2:8 8 B@51>20=8O : B0@5. >;L C?0:>2:8 2 A>E@0=5=88 C@>2=O :0G5AB20 =5?@>4>2>;LAB25==KE B>20@>2. 1I85 ?@8=F8?K CE>40 70 B>20@028O A>E@0=O5AB8 B>20@>2 ?@8 8E B@0=A?>@B8@>20=88 8 E@0=5=88. A=>2=K5 D0:B>@K, CG8BK20520@>2: 284 A:;04A:8E ?>ABL 8 B574CE0, A25B, A>AB02 2>74CH=>9 A@54K 8 B. ?. @54>E@0=5=85 B>20@>2 >B 2>7459AB289 >@30=872, =0A5:>2. @>1;5:@C60NI59 A@54K, 2>7=8:0NI85 2 ?@>F5AA5 873>B>2;5=8O =5?@>4>2>;LAB25==KE B>20@>2, ?@8 8E B@0=A?>@B8@>20=88, E@0=5=88, ?>B@51;5=88 8 CB8;870F88.
!>2@5 AB@>5=88 8 A2>9AB20E >A=>2=KE 2 8 AK@LO, 8A?>;L7C5872>4AB25 B>20@>2 =0@>4=>3> ?>B@51;5=8O.
028A8ABL A2>9AB2 2 >B 8E AB@>5=8O. %89AB20 2, ?>:070B5;8 8E E0@0:B5@87CNI85, 4K >?@545;5=8O. $878G5A:85 A2>9AB20 2. 5E0=8G5A:85 A2>9AB20 2 ?@8 @07;8G=KE 2840E =03@C7>:. @>G=>ABL 2.
1I85 A2545=8O > 2KA>:>;5:C;O@=KE A>548=5=8OE. ;0AA8D8:0F8O 2KA>:>;5:C;O@=KE A>548=5=89 ?> A>AB02C 8 AB@>5=8N ;5:C;. !8=B57 ?>;82: ?>;8;8:>=45=A0F8O. $07>2>5 A>AB>O=85 8 AB@C:BC@0 ?>;82. >=D>@<0F8O ;5:C;. 81:>ABL F5?8 ?>;82. 3@530B=>5, D878G5A:>5 8 D07>2>5 A>AB>O=85 ?>;82. 1I85 A2545=8O > D07>2KE ?5@5E>40E 2 ?>;820=85. @D=K5 8 :@8AB0;;8G5A:85 ?>;8<5@K. 04;5:C;O@=0O AB@C:BC@0 ?>;82. !2O7L 9AB20;82 8 8E =04;5:C;O@=>9 AB@C:BC@>9.
@85=B0F8>==K5 O2;5=8O 2 ?>;89AB20 >@85=B8@>20==KE ?>;82.
2 . B>20@K E>7O9AB25==>- 1KB>2>3> =07=0G5=8O
2 . 1 . !8;8:0B=K5 1KB>2K5 B>20@K 8 AB@>8B5;L=K5 =:>:5@020@K. %0@0:B5@8AB8:0 AK@LO 4;O 8E ?@>872>4AB20. ;0AA8D8:0F8O, A>AB02 8 AB@>5=85 :5@015==>AB8 D>@20=8O 8745;89 ?;0AB8G5A:8< 4>< 8 ;8BL51683 8745;89. $>@20=85 A2>9AB2 8745;89 2 ?@>F5AA5 ?@>872>4AB20. 5B>4K 45:>@8@>20=8O. !2>9AB20 B>=:>:5@0AB020 8 AB@>5=8O G5@5?:0 =0 ?>:070B5;8 A2>9AB2 3>B>2KE 8745;89. ;0AA8D8:0F8O 8 E0@0:B5@8AB8:0 0AA>@B8=:>:5@0@K, 2;8ONI85 =0 @0AH8@5=85 0AA>@B8@B8@>2KE, D0O=A>2KE, ;8:>2KE 8745;89. "@51>20=8O : :0G5AB2C B>=:>:5@020@>2.
!B5:;O==K5 B>20@K. %0@0:B5@8AB8:0 AK@LO 4;O ?@>872>4AB20 AB5:;>B>20@>2. A=>2=K5 ?@>F5AAK AB5:;>>1@07>20=8O 8 8E 2;8O=85 =0 :0G5AB2> 3>B>2KE 8745;89. !?>A>1K 2K@01>B:8 AB5:;>8745;89. B683 8 70:0;:0. ;8O=85 @07;8G=KE ?@852 2K@01>B:8 =0 :0G5AB2> 3>B>2KE 8745;89. 5:>@8@>20=85 AB5:;>8745;89. ;8O=85 E83> A>AB020, AB@>5=8O, D>@;I8=K 8745;89 =0 8E ?>B@518B5;LA:85 A2>9AB20. ;0AA8D8:0F8O 8 E0@0:B5@8AB8:0 0AA>@B820@>2. $0:B>@K, 2;8ONI85 =0 @0AH8@5=85 0AA>@B8B>20@>2. %0@0:B5@8AB8:0 0AA>@B8A=>2=K5 3@C?? 8 206=59H8E 284>2 AB5:;O==KE B>20@>2. "@51>20=8O : :0G5AB2C AB5:;O==KE B>20@>2.
;0AA8D8:0F8O AB@>8B5;L=KE B>20@>2 ?> =07=0G5=8N 8 8AE>4=>A=>25. ;0AA8D8:0F8O AB02, A2>9AB20 8 ?@8:070B5;8 :0G5AB20.
!8;8:0B=K5 AB@>8B5;L=K5 8B5;L=KE 2. %0@0:B5@8AB8:0 0AA>@B82KE, >1;8F>2>G=KE >B45;>G=KE 2, :@>25;L=KE 8 2 4;O ?>;>2. :>==>5 AB5:;>. !2>9AB20, 0AA>@B828O ?@8<5=5=8O.
2 . 2 . @525A8=0 8 20@K
@525A8=0 8 55 AB@>5=85, E8AB02 8 A2>9AB20. A=>2=K5 284K E2>9=KE 8 ;8AB25==KE ?>@>4 4@525A8=K, 8E ?@8872>4AB25 <515;8.
;0AA8D8:0F8O 8 E0@0:B5@8AB8:0 2, ?@8<5=O5872>4AB25 3>B>2KE 8745;89.
!B8;8 5:B8@>20=85 8 :>=AB@C8@>20=85 @20=85 ?>B@518B5;LA:8E A2>9AB2 F5AA5 ?@>872>4AB20.
%0@0:B5@8AB8:0 >A=>2=KE >?5@0F89 B5E=>;>38G5A:>3> ?@>F5AA0 ?@>872>4AB20 AB>;O@=>9 15==>AB8 ?@>872>4AB20 9, 3=CB>9 8 ?;5B5=>9 @B8<5=B0 @07=K< ?@87=0:0<.
!B0=40@B870F8O 8 A5@B8D8:0F8O 20@>2. >=B@>;L :0G5AB20 20@>2.
0@:8@>2:0, C?0:>2:0, B@0=A?>@B8@>2:0 8 E@0=5=85 E>7O9AB25==K5 B>20@K
%0@0:B5@8AB8:0 2 8 A?;02>2, ?@8<5=O5B>2;5=88 E>7O9AB25==KE 8745;89 @07;8G=>3> =07=0G5=8O. =CB@8284>20O :;0AA8D8:0F8O, =>B@518B5;LA:8E A2>9AB2. %0@0:B5@8AB8:0 0AA>@B8@20=85 A2>9AB2 E>7O9AB25==KE 8745;89 2 ?@>F5AA5 ?@>872>4AB20. A=>2K ?@>872>4AB20 <5B0;;8G5A:8E 8745;89: B5@<8G5A:0O 8 E8:>- B5@1@01>B:0 2, 70I8B0 B :>@@>788; @0F8>=0;L=>5 :>=AB@C8@>20=85, 87<5=5=85 E83> A>AB020 :@C60NI59 A@54K, =0=5A5=85 70I8B=KE ?>:@KB89. A>15==>AB8 873>B>2;5=8O 8745;89 @07;8G=>3> =07=0G5=8O, >B45;:0 8 45:>@8@>20=85 B>20@>2. >76=K5 45D5:BK ?@>872>4AB20 8 8E 2;8O=85 =0 :0G5AB2> 8745;89.
AA>@B8 E>7O9AB25==KE B>20@>2. ;0AA8D8:0F8O E>7O9AB25==KE B>20@>2: AC40, =>652>- =>6=8G=K5 8745;8O, 8=AB@C@K 4;O >1@01>B:8 ?8I52KE ?@>4C:B>2.
!B0=40@B870F8O E>7O9AB25==KE 8745;89, B@51>20=8O : :0G5AB2C. A>15==>AB8 C?0:>2:8, B@0=A?>@B8@>20=8O 8 E@0=5=8O E>7O9AB25==KE 8745;89.
0B5@80;K, ?@8<5=O5B>2;5=8O N25;8@=KE B>20@>2. 5B0;;K 8 A?;02K. >=OB85 > ?@>15 4@03>F5==KE 2. %0@0:B5@8AB8:0 >B45;L=KE 284>2 2, ?@54=07=0G5==KE 4;O 873>B>2;5=8O N25;8@=KE 8745;89: 7>;>B> 8 53> A?;02K, A5@51@> 8 53> A?;02K, 2>9 3@C??K 8 8E A?;02K.
.25;8@=K5 :0@0B82=K5 8 ?>45;>G=K5 F5==K5 :0<=8. E E0@0:B5@8AB8:0. 48=8FK ;C4@03>F5==K5 :0<=8. A:CAAB25==K5 :0@0B82=K5 8 ?>45;>G=K5 :015==>AB8 ?@>872>4AB20 N25;8@=KE B>20@>2. ;0AA8D8:0F8O, 0AA>@B8 N25;8@=KE B>20@>2. >:070B5;8 :0G5AB20 N25;8@=KE B>20@>2. "@51>20=8O, ?@54JO2;O52:0, C?0:>2:0 8 E@0=5=85 N25;8@=KE B>20@>2.
2 . 4 . ">20@K 87 ?>;8<5@=KE 2
A=>2=K5 284K ?>;8<5@=KE 2, 8A?>;L7C5B>2;5=8O B>20@>2 =0@>4=>3> ?>B@51;5=8O. %0@0:B5@8AB8:0 >B45;L=KE ?@54AB028B5;59 ?>;8<5@=KE 2: :0@1>F5?=K5, 35B5@>F5?=K5 8 M;5>@30=8G5A:85 ?>;8?>;870 8 55 ?@>872>4=K5.
>78F8>==K5 ?>;8<5@=K5 <0B5@80;K. ;0AB8G5A:85 9AB20 8 A>AB02 ?;0AB2=K5 284K B5@?;0AB>2 8 @50:B>?;0AB>2. 5B>4K ?5@5@01>B:8 ?;0AB;>38G5A:8E 45D5:B>2 8745;89. !0=8B0@=>- 38385=8G5A:85 A2>9AB20 ?;0ABA=>25. 57>?0A=>ABL B>20@>2 87 ?>;8<5@=KE 2.
!B0@5=85 ?>;82 8 4K AB018;870F88 ?>;8<5@=KE 2. AA>@B8 8745;89 87 ?;0AB@B820@>2 87 ?;0AB20@K 1KB>2>9 E820@>2 1KB>2>9 E8<88. ;5OI85 AB02 8 >1I85 A2>9AB20 :;552. ;0AA8D8:0F8O 8 >A=>2=K5 284K :;552. 0:>:@0A>G=K5 B>20@K. AE>4=K5 :@0A>G=KE B>20@>2.
>NI85 A@54AB20. K;0, A8=B5B8G5A:85 NI85 A@54AB20, 2A?>30B5;L=K5 A@54AB20 4;O AB8@:8. A>15==>AB8 >F5=:8 :0G5AB20 NI8E A@54AB2.
!0=8B0@=>- 38385=8G5A:85 0A?5:BK 8A?>;L7>20=8O E820@>2. "@51>20=8O : 157>?0A=>AB8 ?@8 8E M:A?;C0B0F88.
3 . B>20@K :C;LBC@=>- 1KB>2>3> =07=0G5=8O
3 . 1 . -;5:B@>1KB>2K5 B>20@K
;0AA8D8:0F8O M;5:B@>B>20@>2. @>2>4=8:>2K5 8 M;5:B@>CAB0=>2>G=K5 8745;8O. AB>G=8:8 A25B0 8 M;5:B@>>A25B8B5;L=0O 0??0@0BC@0. -;5:B@>=03@520B5;L=K5 1KB>2K5 @K 4;O >1@01>B:8 15;LO. !B8@0;L=K5 :070B5;8 :0G5AB20, 157>?0A=>ABL M:A?;C0B0F88.
0H8=K, 0??0@0BK 4;O E@0=5=8O 8 >1@01>B:8 ?@>4C:B>2. KB>2K5 E>;>48;L=8:8, ?@8=F8?K 8E 459AB28O; DC=:F8>=0;L=K5, M@3>=>9AB20 1KB>2KE E>;>48;L=8:>2.
0H8=K 4;O C1>@:8 ?>445@60=8O :;820=8O 157>?0A=>AB8 ?@8 8A?>;L7>20=88 M;5:B@>1KB>2KE B>20@>2.
3 . 2 . 8AG51C;L=>- ?8A20@K
;0AA8D8:0F8O 8 E0@0:B5@8AB8:0 0AA>@B8<5=B0 1C<03 8 8745;89 87 1C=0. A=>2=K5 ?>B@518B5;LA:85 A2>9AB20. "@51>20=8O : :0G5AB2C.
17>@ 0AA>@B820@>2, ?@8<5=O5<KE 4;O ?8AL20=8O, 682>?8A8 ( :0@0=40H8, 02B>@CG:8, G5@=8;0, BCHL, 3>B>20;L=O 8 B. 4. ) , B@51>20=8O : :0G5AB2C, CA;>28O E@0=5=8O.
8HCI85 =AB@C:F8O 8 B8?K, :;0AA8D8:0F8O, E0@0:B5@8AB8:0 0AA>@B89AB20 8 B5E=8G5A:85 ?>:070B5;8, B@51>20=8O : :0G5AB2C.
">20@K 4;O A?>@B0 8 BC@87@B82=KE B>20@>2, E0@0:B5@8AB8:0 0AA>@B820@>2 4;O @07;8G=KE 284>2 A?>@B0: ;K6=>3>, :>=L:>156=>3>, A?>@B82=KE 83@ 8 4@. "@51>20=8O : :0G5AB2C A?>@BB>20@>2.
5;>A8?54K 8 B>F8:;K, ?>B@518B5;LA:85 A2>9AB20 8 B5E=8G5A:85 ?>:070B5;8, :;0AA8D8:0F8O, E0@0:B5@8AB8:0 0AA>@B820=8O : :0G5AB2C.
E>B=8GL8 B>20@K. E>B=8GL8 @C6LO, :;0AA8D8:0F8O, A2>9AB20 8 B5E=8G5A:85 ?>:070B5;8, E0@0:B5@8AB8:0 0AA>@B85?@8?0AK ( ?>@>E, 4@>1L, :0?AN;8, ?0B@>=K 8 4@. ) , E0@0:B5@8AB8:0 0AA>@B820=8O : :0G5AB2C >E>B=8GL8E B>20@>2.
K1>;>2=K5 B>20@K, :;0AA8D8:0F8O, >17>@ 0AA>@B820=8O : :0G5AB2C.
3 . 4 . 3@CH:8
=0G5=85 83@CH5: 2 2>A?8B0=88 45B59. ;0AA8D8:0F8O 83@CH5: ?> =07=0G5=8N, @B87@0AB=KE 3@C??. "@51>20=8O : :0G5AB2C 83@CH5:. 57>?0A=>ABL 8 1572@54=>ABL 83@CH5:.
4 . >456=K5 B>20@K
4 . 1 . ":0=8, B5:AB8;L=K5 2>;>:=0, ?@O60, =8B8.
1I85 ?>=OB8O > B5:AB8;L=KE 2>;>:=0E, 8E :;0AA8D8:0F8O. @8@>4=K5 2>;>:=0 @0AB8B5;L=>3> ?@>8AE>645=8O, 8E ?>;CG5=85, >A=>2=K5 284K, AB@>5=85, A2>9AB20, >1;0ABL ?@8<5=5=8O. %8;>:=0, 8E ?>;CG5=85 8 A2>9AB20.
@O60 8 =8B8, 8E 284K. >:070B5;8, E0@0:B5@87CNI85 A2>9AB20 ?@O68 8 =8B59: ;8=59=0O ?;>B=>ABL, ?@>G=>ABL, 45D>@A>1=>ABL ( @07@K2=>5 C4;8=5=85) , @07@K2=0O 4;8=0, AB5?5=L :@CB:8.
1I0O AE5872>4AB20 B:0=59. ":0F:85 ?5@5?;5B5=8O. =0G5=85 ?5@5?;5B5=89 4;O D>@20=8O 2=5H=53> 2840 8 A2>9AB2 B:0=59. B45;:0 B:0=59. A>15==>AB8 >B45;:8 B:0=59 @07=>3> 2>;>:=8AB>3> A>AB020.
!B@>5=85 8 A2>9AB20 B:0=59. $0:B>@K, >?@545;ONI85 AB@>5=85 B:0=59 ( 2>;>:=8ABK9 A>AB02, ?5@5?;5B5=85, AB@C:BC@0 =8B59, ?;>B=>ABL, D07K AB@>5=8O, 70?>;=5=8O 8 4@. ) , 8E 2;8O=85 =0 A2>9AB20 B:0=59. !2>9AB20 B:0=59, >?@545;ONI85 8E A@>: A;C61K, 38385=8G=>ABL, 2=5H=89 284, C4>1AB2> ?5@5@01>B:8. A=>2=K5 ?>:070B5;8 A2>9AB2 :064>9 3@C??K, 4K 8E >?@545;5=8O.
;0AA8D8:0F8O 8 >1I0O E0@0:B5@8AB8:0 0AA>@B8?G0B>1C2KE B:0=59, 53> AB@C:BC@0 8 >A=>2=K5 =0?@02;5=8O @0728B8O. %0@0:B5@8AB8:0 >B45;L=KE 3@C?? B:0=59 @07;8G=>3> =07=0G5=8O ( 15;L52KE, ?;0BL52KE, A>@>G5G=KE, :>ABN4:;04>G=KE, ?0;LB>2KE, - 45:>@0B82=KE) 2 0AA>@B8?G0B>1C2KE B:0=59. ;0AA8D8:0F8O, 0AA>@B8:070B5;8 :0G5AB20 :>2@>2, =5B:0=KE 2, B5:AB8;L=>9 30;0=B5@58, 8A:CAAB25==KE 2 8 4@C38E B5:AB8;L=KE B>20@>2. A=>2=K5 284K 8745;89.
(259=>- B@8:>B06=K5 B>20@K
A=>2=K5 B@51>20=8O : >45645: M@3>=>AB8. ;0AA8D8:0F8O D83C@ 4;O 2>3> ?@>872>4AB20 >4564K. A=>2=K5 @074564K 2>3> ?@>872>4AB20. >45;8@>20=85 8 :>=AB@C8@>20=85 >4564K, 8E 2;8O=85 =0 D>@20=85 :0G5AB20 >4564K, ?>H82 >4564K. >76=K5 45D5:BK. 06=59H85 284K ?>?5@5G=>- 2O70=KE 8 >A=>2>2O70=KE B@8:>B06=KE ?5@5?;5B5=89 ( 3;02=KE, ?@>872>4=KE 8 @8AC=G0BKE) , >A>15==>AB8 AB@>5=8O 8 >1;0AB8 ?@8;>B5=.
;0AA8D8:0F8O H259=KE B>20@>2. %0@0:B5@8AB8:0 0AA>@B84564K ?> >B45;L=K< 3@C??045640, ?;0BL5, 15;L5, 3>;>2=K5 C1>@K) . 07- @>AB>2>G=>- ?>;=>B=K9 0AA>@B84564K. A=>2=K5 =0?@02;5=8O @0728B8O 0AA>@B84564K.
;0AA8D8:0F8O B@8:>B06=KE B>20@>2. %0@0:B5@8AB8:0 0AA>@B8B06=KE B>20@>2 ?> 3@C??09, 25@E=89 B@8:>B06, GC;>G=>- =>A>G=K5 8 ?;0B>G=>- H0@D>2K5 8745;8O) . $>@20=85 3@C??>2>3> 0AA>@B8B06=KE 8745;89. "@51>20=8O, ?@54JO2;O54564K. >B@518B5;LA:85 A2>9AB20 >4564K @07=>3> =07=0G5=8O. 5D5:BK H259=KE 8 B@8:>B06=KE B>20@>2, 8E 2;8O=85 =0 :0G5AB2>. !>@B8@>2:0 H259=>- B@8:>B06=KE B>20@>2. -:A?5@B870 >4564K. A>15==>AB8 A5@B8D8:0F88 H259=KE 8 B@8:>B06=KE B>20@>2.
0@:8@>2:0, C?0:>2:0, B@0=A?>@B8@>20=85 8 E@0=5=85 H259=>- B@8:>B06=KE B>20@>2 8 8E 2;8O=85 =0 A>E@0=5=85 :0G5AB20.
5 . :>6525==>- >1C2=K5 8 ?CH=>- 2K5 B>20@K
5 . 1 . >6525==>- >1C2=K5 6525==>- >1C2=KE 2. >6525==>5 AK@L5. 84K :>6AK@LO. !B@>5=85 H:C@ @07;8G=KE 682>B=KE. ;8O=85 2840 :>6AK@LO 8 B>?>3@0D8G5A:>3> CG0AB:0 =0 A2>9AB20 3>B>2>9 :>68. 1I85 A2545=8O ?> B5E=>;>388 ?@>872>4AB20 :>68. !?>A>1K 4C1;5=8O, 8E 2;8O=85 =0 A2>9AB20 :>68. B45;:0 :>6 4;O =870 8 25@E0 >1C28. 5D5:BK :>6, ?@8G8=K 8E 2>7=8:=>25=8O 8 8E 2;8O=85 =0 :0G5AB2> :>68.
!B@>5=85 8 E8AB02 :>68. A=>2=K5 A2>9AB20 :>68. >:070B5;8 :0G5AB20 8 4K 8E >?@545;5=8O. %0@0:B5@8AB8:0 0AA>@B86. !>@B8@>2:0 :>6.
A:CAAB25==K5 8 A8=B5B8G5A:85 >1C2=K5 1;0AB8 ?@8<5=5=8O. A:CAAB25==K5 1C28. !2>9AB20 8 ?@8<5=5=85.
1C2=K5 B:0=8 8 =5B:0=K5 9AB20 8 >1;0AB8 ?@860=0O >1C2L. 1I85 B@51>20=8O : :>60=>9 >1C28. @0B:85 A2545=8O > AB@>5=88 8 >A=>2=KE @07?K G5;>25:0.
1I0O AE5872>4AB20 >1C28. ;0AA8D8:0F8O :>60=>9 >1C28. !8AB5<K =C<5@0F88. 07- ?>;=>B=K9 0AA>@B860=>9 >1C28.
!2>9AB20 :>60=>9 >1C28. >=B@>;L :0G5AB20 :>60=>9 >1C28. !>@B8@>2:0 >1C28. 5D5:BK. 0@0=B89=K5 A@>:8 =>A:8 >1C28.
578=>20O >1C2L. 0B5@80;K, 45B0;8, A?>A>1K ?@>872>4AB20 @578=>2>9 >1C28. %0@0:B5@8AB8:0 0AA>@B89AB20 8 ?>:070B5;8 :0G5AB20 @578=>2>9 >1C28. >=B@>;L :0G5AB20 8 45D5:BK @578=>2>9 >1C28.
0;O=0O >1C2L. ;0AA8D8:0F8O 8 =C9 >1C28. !2>9AB20 20;O=>9 >1C28 8 ?>:070B5;8 :0G5AB20. A=>2=K5 45D5:BK 20;O=>9 >1C28.
5 . 3 . 5E>2>5 8 >2G8==>- HC1=>5 AK@L5, ?>;CD01@8:0BK 8 8745;8O
;0AA8D8:0F8O ?CH=>- 2>3> AK@LO. CH=>5 8 2>5 AK@L5, 2K5 H:C@:8 @A:>3> 725@O.
!B@>5=85 2>;>A0 8 48DD5@5=F8@>2:0 2>;>AO=>3> ?>:@>20. 8>;>38G5A:85 >A=>2K A>@B8@>2:8 2>3> AK@LO; 7028A8ABL AB@>5=8O 2>;>AO=>3> ?>:@>20 >B A@54K >18B0=8O, 35>3@0D8G5A:0O 87ABL 8 >?@545;5=85 :@O60, A57>==0O 87ABL ( ;8=L:0) 8 >?@545;5=85 A>@B0, 2>7@0AB=0O, ?>;>20O 8 8=48284C0;L=0O 87ABL.
K45;:0, :@0H5=85 8 >B45;:0 2KE ?>;CD01@8:0B>2. 84K >B45;:8 2>;>AO=>3> ?>:@>20. 5D5:BK 2K45;:8, :@0H5=8O 8 >B45;:8 2.
CH=>- 2K5 ?>;CD01@8:0BK. !2>9AB20 ?CH=>- 2>3> ?>;CD01@8:0B0, 53> 2>;>AO=>3> ?>:@>20, :>652>9 B:0=8 8 H:C@>: 2 F5;>< @07<5@, 70I8B=K5 A2>9AB20, ?>:070B5;8 87=>A>AB>9:>AB8 8 4@.
;0AA8D8:0F8O 8 0AA>@B8- 2>3> ?>;CD01@8:0B0. 5;5=85 ?CH=>- 2>3> ?>;CD01@8:0B0 =0 3@C??K ( ?CH=>9, 2>9) . ">20@>254=0O E0@0:B5@8AB8:0 8 >A>15==>AB8 A>@B8@>2:8 MB8E 3@C??.
;0AA8D8:0F8O 0AA>@B8<5=B0 2KE 8745;89. 5@E=OO 20O >45640, CB5?;8B5;L=>- >B45;>G=K5 8745;8O, 65=A:85 2K5 C1>@K, 3>;>2=K5 2K5 C1>@K 8 4@C385: ?@8<5=O5<K5 A=>2=K5 D0A>=K, @07:070B5;8. >=B@>;L :0G5AB20 2KE 8745;89, ?@028;0 A>@B8@>2:8.
2G8==>- HC1=K5 8745;8O: 0AA>@B8A>15==>AB8 :>=AB@C:F88 >B45;L=KE 284>2 >2G8==>- HC1=KE 8745;89, ?@8<5=O5<K5 9AB20, :>=B@>;L :0G5AB20 8 A>@B8@>2:0 >2G8==>- HC1=KE 8745;89.
#A;>28O E@0=5=8O ?CH=>- 2KE 8745;89, 70I8B0 >B 18>;>38G5A:8E ?>2@5645=89.
! ! @5:><5=4C59 ;8B5@0BC@K
;5:A552 . !. , 0=F>2 (. . , CBO=8= . . "5>@5B8G5A:85 >A=>2K B>20@>2545=8O =5?@>4>2>;LAB25==KE B>20@>2 . : -:>=>20=8O =5?@>4>2>;LAB25==KE B>20@>2. / . ". >;C1OB=8:>20, ". !. >@O8=>20 8 4@. . : -:>=> . ". , >:>H8=A:0O . . ">20@>2545=85 B5:AB8;L=KE B>20@>2. . : -:>=>20 ". !. ">20@>2545=85 H259=KE 8 B@8:>B06=KE B>20@>2. . : -:>=>20 . . , $540520 . . 8 4@. ">20@>2545=85 >1C2=KE 8 ?CH=>- 2KE B>20@>2 852: KAH0O H:>;0, 1 9 9 0
CBO=8= . . ;0AB8G5A:85 2K5 E820@K . : -:>=>20@>2545=85 E>7O9AB25==KE B>20@>2. . : -:>=> . . , 565=8= . . ">20@>2545=85 E>7O9AB25==KE B>20@>2 . : -:>=> B V X b d n p | B t P R b
d
d f @ B 6 8 b d
f h
f h Ƽ CJ NH OJ QJ 56CJ OJ QJ CJ OJ QJ CJ CJ NH @ 5CJ OJ QJ CJ8 OJ QJ ;CJ OJ QJ CJ OJ QJ ;CJ OJ QJ ;CJ OJ QJ CJ B \ ^ 4 6 8 : @ B V X n p r t v x z | $7 $7 \ ^ 4 6 8 : @ B V X n p r t v x z | 4 n p r t v x z | ~ @ B t v
> v 6 ¿ mn{|
c defghij 5 4 n p r t v x z | ~ @ B t v
> $7@& $7@& $7 $7 $& dh > v 6 * >! % ( * , - / 1 4 7 8 : > f? h? ? ? 2@ D I pJ $@& $7@& 6 * >! % ( * , - / 1 4 7 8 : > f? h? ? ? 2@ D I pJ K M M N O XP P Q R |R (S S S U \Y Z \ Z^ a Hb Rd f 0h hh i j k k *l bl n p p q q r t (u `u v w y Tz pz *| ,| P| | ~ n z h N P < $ ^h n p ! ! # # $ $ % % & & \' ^' ( ( ( ( `) b) F+ H+ + + , , . . d0 f0 P2 R2 4 4 R5 T5 6 6 N7 P7 08 28 D9 F9 (; *; ; ; r< t< = = h? p? ? ? 2@ @ @ zC |C D D D D F F G G :H *CJ OJ QJ 5CJ OJ QJ 56;CJ OJ QJ 56CJ OJ QJ CJ NH OJ QJ CJ OJ QJ OpJ K M M N O XP P Q R |R (S S S U \Y Z \ Z^ a Hb Rd f 0h hh i j k k $7@& I 6L 8L M M M M ~N N ~Q Q S S S S vT xT U U V V V V rW tW X X Y Y Z Z X] Z] ^ ^ @` B` a Hb b b d d e e :f *CJ OJ QJ CJ NH OJ QJ CJ OJ QJ Vk *l bl n p p q q r t (u `u v w y Tz pz *| ,| P| | ~ n $7@& $
& F @& $7@& $@& } > @ ` b ފ ( * F H P ( * ؙ ڙ $ ʜ ̜ j l ¢ l n ;CJ OJ QJ 5;CJ OJ QJ 5CJ OJ QJ 56;CJ OJ QJ 5>*CJ OJ QJ CJ NH OJ QJ CJ OJ QJ L z h N P ;>2>: 1 $$7@& `7a$ 5;CJ, OJ QJ J J 03>;>2>: 2 $ ;>2>: 3 $$B@&^Ba$ CJ N @ N 03>;>2>: 4 $$7@&`7a$ ;CJ OJ QJ < @ ;>2>: 5 $@&^ CJ : A@ : A=>2=>9 H@8DB 0170F0 F F !B8;L1 $
@7`7a$ 5CJ OJ QJ , ,
3;02;5=85 1 4 2 4 !?8A>: 2 6^6` 4 "4
!B8;L3
n7`7 6 0 ! 20 !B8;L2
7^7 6CJ R C BR A=>2=>9 B5:AB A >BABC?>2=>9 B5:AB A >BABC?>2=>9 B5:AB $a$ 5CJ OJ QJ & Z@ r& "5:AB OJ QJ , )@ , >;>=B8BC;
9r
W h I }
Z ` b d h > pJ k
[ ] ^ a c e g 6
\ _ f ! ! ' 2 G) Y) i+ r+ + + 0 0 zN N Q R T T T T `T lT T T T T T T T T 7U @U U U U U U U V V V V V W W R a " " 1# 6# P7 8 ~> > @ A &Q iQ Q Q V W W 0D54@00 C : \ >8 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:708 4>:C<5=BK\ ABC?8B M:70:>?8O ABC?8B M:70:>?8O ABC?8B M:70< ( 2 0 0 2 ) . a s d (CW $1 krD/o b <~ M9 (_ ljc9 nf4 x 2Dy4 x
[; h h^h`o( . 0 ^`0o( . . >0 >^>`0o( . . .
^
`o( . . . .
^
`o(
. . . . . ` ^``o( . . . . . .
` ^``o( . . . . . . .
^`o( . . . . . . . .
( (^(`o( . . . . . . . . . I I^I`o( . 0 ^`0o( . . >0 >^>`0o( . . .
^
`o( . . . .
^
`o(
. . . . . ` ^``o( . . . . . .
` ^``o( . . . . . . .
^`o( . . . . . . . .
( (^(`o( . . . . . . . . . h h^h`o( . 0 ^`0o( . . >0 >^>`0o( . . .
^
`o( . . . .
^
`o(
. . . . . ` ^``o( . . . . . .
` ^``o( . . . . . . .
^`o( . . . . . . . .
( (^(`o( . . . . . . . . . h h^h` . [ ^`[o( . 0 ^`0o( . . >0 >^>`0o( . . .
^
`o( . . . .
^
`o(
. . . . . ` ^``o( . . . . . .
` ^``o( . . . . . . .
^`o( . . . . . . . .
( (^(`o( . . . . . . . . . + +^+`o( . 0 ^`0o( . . >0 >^>`0o( . . .
^
`o( . . . .
^
`o(
. . . . . ` ^``o( . . . . . .
` ^``o( . .
neri karra
hi-fi
metabo
renu multiplus 355