NCFM CAPITAL MARKET MODULE (CMDM) STUDY NOTES. NCFM MOCK TEST AT WWW.MODELEXAM.IN

; www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

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T]RMX IE]BT JEQ IDJN DK_H]K@ NKQLB] MBK@BQ‘T NEMR@B BSKN — IDJN DNMN _qbpkqbm Ax 

www)nemb`bskn)hi #D@HDL ]CB @HIL KAEZB ]E WQH]B EI@HIB NEDL ]BT] JEQ IDJN DNMN BSKN(

JQBB MBNE BSKN K@TE KZKH@KA@B _@KI K 6 Qt 12? jeq 2 Ei`hib _qkd}hdb ]bt}t — Zk`hmh}x _bqhem — 2 Mkxt Mkxt _@KI A 6 Qt =?? jeq ;? Ei`hib _qkd}hdb ]bt}t — Zk`hmh}x _bqhem — ;2 Mkxt _@KI D 6 Qt 2?? jeq ;2 Ei`hib _qkd}hdb ]bt}t — Zk`hmh}x _bqhem — 4? Mkxt

Qbght}bq iew * Dk`` TqhihO#?(838=8 =8833 jeq }klhig Tknp`b _qbnhrn Bskn) c}}p6%%www)nemb`bskn)hi%  pqezhmbt xer wh}c akthd hijeqnk}hei, t}rmx nk}bqhk` * ei`hib nemb` bsknt }e trddbbm hi nkfeq IDJN #ITB't Dbq}hjhdk}hei hi Jhikidhk` Nkqlb}t(, ADJN #ATB't Dbq}hjhdk}hei hi Jhikidhk` Nkqlb}t( kim IHTN bsknt #Ik}heik` Hit}h}r}b ej Tbdrqh}hbt Nkqlb}t() Ae}c _qbnhrn #_khm( * Mbne Zbqtheit kqb kzkh`ka`b hi }cb wbath}b) ]cb dei}bi}t ckzb abbi pqbpkqbm ax erq Denpkix KLTCKXK HIZBT]NBI]T k Nkmrqkh aktbm Jhikidhk` Tbqzhdbt * ]qkhihig jhqn) Wb kqb hi}e IHTN % IDJN % ADJN % KNJH #Nr}rk` Jrim( ]qkhihig T}edl kmzhteqx @hjb * Cbk`}c Hitrqkidb Nr}rk` Jrimt mht}qhar}hei kim ]ks _`kiihig) ]qkhihig _qejh`b ej KLTCKXK KLTCKXK HIZBT]NBI]T

Wb ckzb abbi }qkhihig himhzhmrk`t hi IDJN ADJN kim IHTN nemr`bt jeq }cb pkt} 7 xbkqt) Ezbq }cb `kt} 7 xbkqt wb ckzb mb`hzbqbm ezbq ;???? Cerqt ej nktt er}qbkdc bmrdk}hei }e Jhikidhk` hi}bqnbmhkqhbt Akilbqt Himhzhmrk` kgbi}t T}rmbi}t b}d hi ezbq 1? Dh}hbt) Wb ckzb abbi bnpkib``bm kt ]qkhibqt hi }cb je``ewhig eqgkihvk}heit Ik}heik` T}edl Bsdckigb — #Jeq }cbhq Jhikidhk` @h}bqkdx _qegqkn( Aenakx T}edl Bsdckigb — #Jeq }cbhq Hizbt}eq Kwkqbibtt _qegqknt( Qb`hkidb Nr}rk` Jrim — #BMGB @bkqihig Kdkmbnx( IF Himhk Hizbt} — #IF Grqrlr`( HDHDH Tbdrqh}hbt — #H.MHQBD]( Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

1 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

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Wb ckzb deimrd}bm IDJN % ADJN % IHTN % HK_ tbttheit hi }cb je``ewhig De``bgbt

;) Nkmrqkh Lknkqkf Rihzbqth}x 1) _TG Hit}h}r}b ej Nkikgbnbi} 4) Zb``eqb Hit}h}r}b ej ]bdcie`egx =) _eimhdcbqqx Rihzbqth}x 2) Ahtcep Cbabq De``bgb :) @kmx Mekl de``bgb 7) Terqktc}qk De``bgb jeq wenbi 3) Gikikn Tdcee` ej Arthibtt

8) I_Q De``bgb ej Kq}t kim Tdhbidb ;?) TZI De``bgb ej Kq}t kim Tdhbidb ;;) Chimrt}cki De``bgb ej Kq}t * Tdhbidb ;1) QZT De``bgb ej Nkikgbnbi} ;4) Ibcqr De``bgb ej Kbqeikr}hdt ;=) Fkwkq`k` Hit}h}r}b ej ]bdcie`egx ;2) Z@A Fkiklhknnk` De``bgb ej Kq}t * Tdhbidb

Wb ckzb }qkhibm }cb bnp`exbbt ej }cb je``ewhig eqgkihvk}heit

;) Qb`hkidb Nr}rk` Jrim 1) Qb`hkidb Neibx 4) HDHDH Akil  =) HDHDH _qrmbi}hk` Nr}rk` Jrim 2) Kmh}xk Ahq`k Neibx :) IF Himhk Hizbt} 7) A`rbdchp Hizbt}nbi}t 3) Akfkf Dkph}k`

8) Lkqrq Zxtxk Akil  ;?) CMJD Akil  ;;) Mbr}tdcb Akil  ;1) CTAD Akil  ;4) Gbefh} AI_ _kqhakt ;=) Lkqzx T}edl Aqelhig ;2) hJkt} Jhikidhk` ;:) Himhki Akil 

Wb pqezhmb }qkhihig ei }cb je``ewhig }ephdt

;) IDJN Dkph}k` Nkqlb} 1) IDJN Mbqhzk}hzbt Nkqlb} 4) IDJN Jhikidhk` Nkqlb} =) IHTN Drqqbidx Mbqhzk}hzbt 2) IDJN Tbdrqh}hbt Nkqlb} :) IDJN Ep}hei T}qk}bghbt 7) IHTN Nr}rk` Jrim Mht}qhar}eqt 3) IHTN Hi}bqbt} Qk}b Mbqhzk}hzbt 8) IDJN Trqzbh``kidb ;?) @hdbi}hk}b #Hitrqkidb(

;;) QAH Epbqk}heit ;1) Nkdqe.Bdeienhd _e`hdhbt ;4) ADJN Nemr`bt ;=) ITM@ Mbpeth}eqx ;2) ]ksk}hei ;:) Mba} Nkqlb}t ;7) Jrimknbi}k` Kik`xtht ;3) ]bdcihdk` Kik`xtht ;8) IDJN Dennemh}hbt

Lhim`x Dei}kd} rt jeq kix }qkhihig qb{rhqbnbi}t ei IDJN, IHTN * ADJN dbq}hjhdk}heit) IDJN DK_H]K@ NKQLB] MBK@BQT NEMR@B HIT]QRD]HEIT JEQ BSKN _QB_KQK]HEI

;) Ge }cqergc !Dcbdl`ht} ej @bkqihig _ehi}t„ pqezhmbm ab`ew) 1) K}}bim Nemb` ]bt}  www)nemb`bskn)hi

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

4 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Dcbdl`ht} ej @bkqihig _ehi}t

]QKMHIG TEJ]WKQB ‡

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Tdqbbi Aktbm ]qkmhig Txt}bn . TA]T b`bd}qeihdk``x nk}dcbt eqmbqt ei k t}qhd} pqhdb%}hnb pqheqh}x Zbqx Tnk`` Kpbq}rqb ]bqnhik` #ZTK]( ]cb nkhi denpr}bq qrit ei k jkr`} }e`bqki} T]QK]RT nkhijqknb denpr}bq k} }cb Bsdckigb IBK] txt}bn pqezhmbt ki Epbi B`bd}qeihd Deite`hmk}bm @hnh} Eqmbq Aeel #EBD@EA() ]cb eqmbq aeel ht zhtha`b }e k`` nkqlb} pkq}hdhpki}t< h} ht }bqnbm kt ki –Epbi Aeel‘) Ieqnk` nkqlb} eqmbq }xpbt . Qbgr`kq @e} Eqmbqt Tpbdhk` ]bqn Eqmbqt Ibge}hk}bm ]qkmb Eqmbqt kim T}ep @ett Eqmbqt Emm `e} nkqlb} jkdh`h}x ht rtbm jeq }cb @hnh}bm _cxthdk` Nkqlb} Hi }cb Krd}hei nkqlb} krd}heit kqb hih}hk}bm ax }cb Bsdckigb ei abck`j ej }qkmhig nbnabqt jeq tb}}`bnbi} qb`k}bm qbkteit ]cb deqpeqk}b nkikgbq ht k }bqn ktthgibm }e k rtbq p`kdbm k} }cb chgcbt} `bzb` hi k }qkmhig jhqn) Cb tb}t Aqkidc Eqmbq Zk`rb @hnh}t kim Rtbq Eqmbq Zk`rb @hnh}t) Wcbi }cb nkqlb} ht epbihig jeq }qkmhig }cb }qkmhig nbnabq dkiie} `eghi }e }cb txt}bn) K nbttkgb –Nkqlb} t}k}rt ht dckighig) Dkiie} `egei jeq tenb}hnb ‘ ht mhtp`kxbm) Epbi _cktb . ]cb kd}hzh}hbt }ck} kqb k``ewbm k} }cht t}kgb kqb Hi{rhqx Eqmbq Bi}qx Eqmbq Nemhjhdk}hei Eqmbq Dkidb``k}hei #hid`rmhig {rhdl eqmbq dkidb``k}hei( Eqmbq Nk}dchig kim }qkmb dkidb``k}hei) _qb.epbi6 ]cb pqb.epbi tbtthei ht jeq mrqk}hei ej ;2 nhir}bt h)b) jqen 86?? kn }e 86?7%?3 kn) ]cb pqb.epbi tbtthei ht denpqhtbm ej Eqmbq de``bd}hei pbqhem kim eqmbq nk}dchig pbqhem) ]cb eqmbq de``bd}hei pbqhem ej 3& nhir}bt tck`` ab pqezhmbm jeq eqmbq bi}qx nemhjhdk}hei kim dkidb``k}hei) #& . Txt}bn mqhzbi qkimen d`etrqb ab}wbbi 7}c kim 3}c nhir}b() Mrqhig }cht pbqhem eqmbqt dki ab bi}bqbm nemhjhbm kim dkidb``bm) Himhdk}hzb IHJ]X Himbs zk`rb * " dckigb ej himhdk}hzb b{rh`haqhrn pqhdb }e pqbzhert d`etb pqhdb kqb denpr}bm aktbm ei }cb eqmbqt hi eqmbq aeel kim kqb mhttbnhik}bm mrqhig pqb.epbi tbtthei) Eqmbq nk}dchig pbqhem t}kq}t hnnbmhk}b`x kj}bq denp`b}hei ej eqmbq de``bd}hei pbqhem) Eqmbqt kqb nk}dcbm k} k thig`b #b{rh`haqhrn( pqhdb wchdc wh`` ab epbi pqhdb) Ieqnk` Nkqlb} % Emm `e} Nkqlb} kim Qb}kh` Mba} Nkqlb} epbit jeq }qkmhig kj}bq d`etrqb ej  pqb.epbi Tbtthei h)b) 86?7%?3 kn) A`edl ]qkmhig tbtthei ht kzkh`ka`b jeq }cb ibs} 42 nhir}bt jqen }cb epbi ej Ieqnk` Nkqlb}) ]cb b{rh`haqhrn pqhdb ht }cb pqhdb k} wchdc }cb nkshnrn ze`rnb ht bsbdr}ka`b) _et}.D`etb Nkqlb}6 ]cht d`ethig tbtthei ht kzkh`ka`b ei`x hi Ieqnk` Nkqlb} Tbgnbi}) H}t }hnhigt kqb jqen 4)2? _N }e =)?? _N) Ei`x nkqlb} pqhdb eqmbqt kqb k``ewbm) Trqzbh``kidb kim Dei}qe` #TRQDEI( ht }ck} pbqhem kj}bq nkqlb} d`etb . }cb rtbqt ckzb hi{rhqx kddbtt ei`x) Mk}k ht pqedbttbm jeq nklhig }cb txt}bn kzkh`ka`b jeq }cb ibs} }qkmhig mkx) Rtbqt dki p`kdb ar`l eqmbqt hi pqb.epbi wh}c aeel }xpb kt –_E‘ Mbakqqbm D`hbi} Nkhi}bikidb6 ]cht jkdh`h}x k``ewt nkhi}khihig k `ht} ej Mbakqqbm D`hbi}t) ]cb rtbq ht pqezhmbm ep}hei }e kmm nemhjx tkzb rp`ekm eq mb`b}b mbakqqbm d`hbi}t

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

= www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Qbtb} _kttweqm6 ]cht tdqbbi bika`bt Deqpeqk}b Nkikgbq }e qbtb} }cb pkttweqm kim }e bika`b ‡ }cb rtbqt ej }cbhq }qkmhig nbnabq wce ge} mhtka`bm ax bi}bqhig wqeig pkttweqmt jeq neqb }cki : }hnbt)  M[6 Ki eqmbq wh}c k Mhtd`etbm [rki}h}x #M[( k``ewt }cb rtbq }e mhtd`etb ei`x k peq}hei ej  ‡ }cb eqmbq {rki}h}x }e }cb nkqlb}) Jeq b)g) hj }cb eqmbq {rki}h}x ht ;???? kim }cb mhtd`etbm {rki}h}x ht 1??? }cbi ei`x 1??? ht qb`bktbm }e }cb nkqlb}) Kj}bq }cht {rki}h}x ht jr``x nk}dcbm k tratb{rbi} {rki}h}x ej 1??? ht mhtd`etbm) ]crt }e}k``x jhzb mhtd`etrqbt wh}c }cb tknb eqmbq irnabq kqb tcewi eib kj}bq }cb e}cbq hi }cb nkqlb}) ]cb Bsdckigb ckt hi}qemrdbm k tbpkqk}b }qkmhig tbtthei jeq }cb a`edl }qkmbt jqen Iezbnabq ‡ ;= 1??2) Hi }cht tbtthei }qkmhig ht deimrd}bm hi }cb Emm @e} nkqlb} #nkqlb} }xpb –E‘( wh}c Aeel ]xpb –E@‘ kim tbqhbt –A@‘) H} ht k 42 nhir}b nkqlb}< h)b) }cb }qkmhig whimew tck`` ieqnk``x qbnkhi epbi jqen 86;2 cerqt }e 862? cerqt) ]cbqb ht ie pqb.epbi kim pet} d`etb hi }cb a`edl }qkmb tbtthei) Jeq k a`edl }qkmb eqmbq tcer`m ab ej k nhihnrn {rki}h}x ej 2????? tckqbt eq nhihnrn zk`rb ej Qt 2 dqeqb wchdc bzbq ht `ewbq) Kt pbq TBAH qb{rhqbnbi} nbnabq ht qb{rhqbm }e pr} eqmbqt k} k pqhdb ie} bsdbbmhig #,%.( ;" jqen }cb pqbzhert d`etb pqhdb%qr`hig nkqlb} pqhdb kt kpp`hdka`b ej ieqnk` nkqlb}) @EGGHIG EI. k( Rtbq HM . a( ]qkmhig Nbnabq HM d( _kttweqm m( Ibw _kttweqm ‡ mbjkr`} pkttweqm . 'IBK]DN' — :. 3 dckqkd}bqt ‡ Rtbq jeqgb}}hig cht pkttweqm . }cb }qkmhig nbnabq hijeqnt }cb Bsdckigb hi wqh}hig wh}c k ‡ qb{rbt} }e qbtb} }cb pkttweqm) Hj 4 k}}bnp}t kqb nkmb ax k rtbq }e `eg ei wh}c ki hideqqbd} pkttweqm }cbi }ck} rtbq ht ‡ kr}enk}hdk``x mhtka`bm) ]N wqh}}bi qb{rbt} }e }cb bsdckigb jeq qbtb}}hig ej pkttweqm) 4 }xpbt ej `egejj k( _bqnkibi} thgi ejj a( ]bnpeqkqx thgi ejj kim d( Bsh} ‡ ]bnpeqkqx thgiejj pbqhem . }cb tej}wkqb dei}hirbt }e qbdbhzb k`` nkqlb} rpmk}bt hi ‡ akdlgqerim) ]cb }bnpeqkqx thgi ejj ht kr}enk}hdk``x kd}hzk}bm wcbi }cb rtbq ht hikd}hzb jeq k 2 nhir}bt) ‡ ]h}`b akq6 H} mhtp`kxt }qkmhig txt}bn iknb h)b) IBK] }cb mk}b kim }cb drqqbi} }hnb) ‡ ]hdlbq Whimew6 ]cb }hdlbq mhtp`kxt hijeqnk}hei ej k`` }qkmbt hi }cb txt}bn kt kim wcbi h} ‡ }klbt p`kdb) ]cb Nkqlb} Wk}dc whimew ht }cb nkhi kqbk ej jedrt jeq k }qkmhig nbnabq. dei}hirert ‡ neih}eqhig ej }cb tbdrqh}hbt . mhtp`kxt }qkmhig hijeqnk}hei jeq }cb tb`bd}bm tbdrqh}hbt) Hi{rhqx Whimew6 bika`bt }cb rtbq }e zhbw hijeqnk}hei trdc kt Nkqlb} Ax _qhdb #NA_( ‡ _qbzhert ]qkmbt #_]( Er}t}kimhig Eqmbqt #EE( Kd}hzh}x @eg #K@( Tikp [re}b6 k``ewt k }qkmhig nbnabq }e gb} hit}ki}kibert hijeqnk}hei ‡ ie mb`hzbqx pbqhem himhdk}eq . !IM! ‡ ]cb prqpetb ej Nkqlb} ax _qhdb #NA_( ht }e bika`b }cb rtbq }e zhbw @hnh} Eqmbqt ‡ K`` arxakdl eqmbqt kqb hmbi}hjhbm ax ki –&‘ hi }cb NA_ tdqbbi ‡ ]qkmb dkidb``k}hei dki ab qb{rbt}bm jqen }cb _qbzhert ]qkmb tdqbbi) ‡ ]cht jkdh`h}x ht kzkh`ka`b ei`x jeq nbnabq‘t ewi }qkmbt) ‡ ]cb Kd}hzh}x @eg #K@( tcewt k`` }cb kd}hzh}hbt }ck} ckzb abbi pbqjeqnbm ei kix eqmbq ‡ ab`eighig }e }ck} rtbq) Eqmbq nemhjhdk}hei%dkidb``k}hei pkq}hk`%jr`` }qkmb }qkmb nemhjhdk}hei%dkidb``k}hei) Dcqeie`eghdk` eqmbqt) ]cb prqpetb ej }cb Eqmbq T}k}rt #ET( . drqqbi} t}k}rt ej eqmbqt . pqbtbi}bm hi dcqeie`eghdk` ‡ eqmbq) Deqpeqk}b kd}hei himhdk}eq –Bs%Drn‘ . ie mb`hzbqx himhdk}eq –IM‘) ‡

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

2 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ]cb Nkqlb} Nezbnbi} tdqbbi . hijeqnk}hei }e }cb rtbq qbgkqmhig }cb nezbnbi} ej k tbdrqh}x ‡ jeq }cb drqqbi} mkx . dcqeie`eghdk` tb{rbidb) Nkqlb} Hi{rhqx — Zhbw }cb nkqlb} t}k}ht}hdt jeq k pkq}hdr`kq nkqlb} jeq k tbdrqh}x . mhtp`kxt ‡ }cb epbi pqhdb kim pqbzhert d`etb pqhdb jeq k tbdrqh}x) 'T' himhdk}bt }ck} }cb tbdrqh}x ht trtpbimbm< –_‘ himhdk}bt }ck} }cb tbdrqh}x ht hi pqb epbi) ‡ !DM! > drn.mhzhmbim !SM! > bs.mhzhmbim !DQ! > drn.qhgc}t !SQ! > bs.qhgc}t !DA! > ‡ drn.aeirt !SA! > bs.aeirt !DH„ > drn.hi}bqbt} !SH„ > bs.hi}bqbt} D& . Neqb }cki ; D  S& . Neqb }cki ; S ‡ Krd}hei Hi{rhqx #KH( . zhbw }cb krd}hei kd}hzh}hbt jeq }cb drqqbi} }qkmhig mkx) T . Krd}hei ht ‡ hi Te`hdh}eq _bqhem N . Txt}bn ht nk}dchig }cb eqmbqt J . Krd}hei ht ezbq  S . Krd}hei ht mb`b}bm _ . Krd}hei ht pbimhig kim xb} }e abghi) Tbdrqh}x @ht}6 ]cb rtbq dki tb`bd} tbdrqh}hbt aktbm ei Txnae` Tbqhbt Hit}qrnbi} ]xpb kim ‡ Nkqlb} ]xpb) _eq}je`he @ht}6 _eq}je`he dqbk}bm dki ab rtbm jeq aktlb} eqmbq bi}qx k`te) ‡ Ei @hib Akdlrp . akdlrp ej k`` eqmbq kim }qkmb qb`k}bm hijeqnk}hei jeq }cb rtbq). r}h`h}x ‡ gbibqk}bt }we KTDHH jh`bt iknb`x Eqmbq)}s} * ]qkmb)}s}).r}h`h}x wh`` cb`p }cb rtbq }e gbibqk}b }cb Dei}qkd} Ie}bt) Aktlb} ]qkmhig . dqbk}bt ejj`hib eqmbq bi}qx jh`b jeq k tb`bd}bm peq}je`he) Nks kneri} 0> ‡ Qt) 4??? `klc) K Qbzbqtb Jh`b wh}c }cb tknb iknb ht k`te gbibqk}bm hi 'QUAktlb}' mhqbd}eqx ej }cb drqqbi} `eghi mqhzb) ]cb Qbzbqtb Jh`b dei}khit qbzbqtb eqmbq #hj rtbq ckt tb`bd}bm arx }cbi h} dei}khit tb`` eqmbqt K`` }cb eqmbqt gbibqk}bm }cqergc }cb ejj`hib eqmbq jh`b kqb pqhdbm k} }cb kzkh`ka`b nkqlb} pqhdb) ‡ TBAH Ie}hjhdk}hei mk}bm ;= Iezbnabq ;883. arxakdl ej tbdrqh}hbt ht pbqnh}}bm ‡ Qbpeq} tb`bd}hei whimew . k``ewt }cb deqpeqk}b nkikgbq kim aqkidc nkikgbq }e tpbdhjx }cb ‡ irnabq ej dephbt }e ab pqhi}bm jeq bkdc qbpeq}) Epbi Eqmbq6 mb}kh`t jeq k`` mbk`bqt wh}c drqqbi}`x er}t}kimhig eq rink}dcbm eqmbqt) ‡ Eqmbq @eg6 ghzbt kd}hzh}x `eg ej }cb eqmbqt jeq }cb mbk`bqt ab`eighig }e k ]N) ‡ ]qkmbt Meib ]emkx6 }qkmhig kd}hzh}x ax }cb }qkmhig nbnabq ‡ Nkqlb} T}k}ht}hdt6 mb}kh`t qb`k}bm }e k`` }cb tbdrqh}hbt }qkmbm ei }ck} mkx jeq k`` nkqlb}t) ‡ Jr`` Nbttkgb Mhtp`kx. mhtp`kx ej k`` }cb txt}bn nbttkgbt qhgc} jqen }cb t}kq} ej epbihig ‡ pcktb K@@ K`` nbttkgbt . KRD Krd}hei eqmbq%}qkmb nbttkgbt . KRH Krd}hei hih}hk}hei nbttkgbt . ‡ @HT K`` `ht}hig qb`k}bm nbttkgbt . EQM Eqmbq Qb`k}bm nbttkgbt . E]C Nhtdb``kibert . T_M Tbdrqh}x Trtpbithei%Mb.trtpbithei . TXT Txt}bn Nbttkgbt. ]QM ]qkmbt) }cb rtbq ckt }e peth}hei }cb chgc`hgc} akq ei }cb mbthqbm tdqbbi * tb`bd} kix eib ej }cb ;: ‡ de`erq ar}}eit ]cb '_qhi} Txt}bn Nbttkgbt EI%EJJ' bika`bt%mhtka`bt pqhi}hig ej }cb txt}bn nbttkgbt kt ‡ kim wcbi }cbx kppbkq hi }cb nbttkgbt whimew) Ax mbjkr`} }cb ep}hei ht tb} }e oEJJ') ]cb }hdlbq tb`bd}hei tdqbbi k``ewt }e tb} rp }cb tbdrqh}hbt hi }cb rtbq‘t }hdlbq whimew) ‡ Himbs Hi{rhqx ghzbt hijeqnk}hei ei _qbzhert D`etb Epbi Chgc @ew kim Drqqbi} Himbs ‡ zk`rbt ej T*_ DIS Ihj}x k} }cb }hnb ej hizelhig }cht hi{rhqx tdqbbi) Eqmbq `hnh}t kqb tb} ax himhzhmrk` rtbqt kim kqb pqezhmbm kt tkjb}x nbktrqb kgkhit} kix ‡ hikmzbq}bi} bqqeq mrqhig mk}k bi}qx wch`b bi}bqhig eqmbqt) ]cb eqmbq `hnh}t dki ab nemhjhbm mrqhig nkqlb} cerqt

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

: www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Nkqlb} _qhdb pqe}bd}hei jrid}heik`h}x6 ]cht jrid}heik`h}x ghzbt ki ep}hei }e k ]qkmbq }e `hnh} ‡ }cb qhtl ej k nkqlb} eqmbq wh}chi k pqb.tb} pbqdbi}kgb ej }cb @kt} ]qkmb _qhdb #@]_()]cb pqb. tb} Nkqlb} pqhdb pqe}bd}hei pbqdbi}kgb ht ax mbjkr`} tb} }e 2" ej }cb @]_) DN kim AN }e qbt}qhd} }cb }e}k` zk`rb ej eqmbq bi}bqbm ax }cb rtbqt h} ht ie} pettha`b }e ‡ qbt}qhd} arxhig eq tb``hig hi tpbdhjhd tbdrqh}hbt) Ki kmmh}heik` jkdh`h}x jeq tb}}hig rp Tbdrqh}x whtb Rtbq whtb Eqmbq [rki}h}x @hnh}t #TRE[@( ‡ jeq arx kim%eq tb`` ckt abbi pqezhmbm) ]cht jrid}hei wh`` ab kzkh`ka`b ei`x }e }cb IBK] rtbqt) _QE%D@H —_qepqhb}kqx%D`hbi} ‡ ]cb zk`rbt jeq }cb aqkidc eqmbq `hnh} kqb mhtp`kxbm hi Qt) `klct) ‡ ]cb deqpeqk}b nkikgbq dki kr}ceqhvb k aqkidc wh}c ri`hnh}bm eqmbq bi}qx ax d`hdlhig ei ‡ –Ri`hnh}bm‘) Ib} peth}hei tdqbbi mhtp`kxt }cb Ib} Nkql }e nkqlb} zk`rb tdqhp whtb * }e}k` ib} nkql }e ‡ nkqlb} zk`rb) ]cb 'Eib @hib eq ]kar`kq t`hpt' ht rtbm }e tb`bd} }cb jeqnk} jeq pqhi}hig deijhqnk}hei t`hpt) ‡ Rtbq eqmbq zk`rb `hnh} ht }cb drnr`k}hzb zk`rb ej eqmbqt p`kdbm mrqhig }cb mkx kdqett k`` ‡ tbdrqh}hbt) Deqpeqk}b nkikgbq tb}t }cb aqkidc eqmbq zk`rb `hnh} kt ri`hnh}bm }cbi }cb rtbq eqmbq zk`rb ‡ `hnh}t dki bh}cbq ab tb} ri`hnh}bm eq k tpbdhjhbm `hnh}) K`te rtbq eqmbq zk`rb `hnh} dkiie} ab tb} kt ri`hnh}bm hj aqkidc eqmbq zk`rb `hnh} ht tb} kt tpbdhjhd zk`rb) ]cb rtbq eqmbq zk`rb `hnh} dki ab qbzhtbm mrqhig }qkmhig cerqt) D`hbi} Nkt}bq Nkhi}bikidb . dki kmm nemhjx rp`ekm eq mb`b}b d`hbi}t) ‡ ]cb prqpetb ej Himbs ]qkmhig ht }e pqezhmb IBK] rtbqt wh}c k jkdh`h}x ej arxhig kim tb``hig ‡ ej Himhdbt hi }bqnt ej tbdrqh}hbt }ck} denpqhtbt }cb Himbs ]cb _rqpetb ej Qbzbqtb Aktlb} ]qkmhig ht }e pqezhmb }cb rtbqt wh}c ki ejj`hib jh`b jeq ‡ qbzbqthig }cb }qkmbt }ck} ckzb }klbi p`kdb jeq k aktlb} eqmbq) Qbtb} Rtbq HM. nbnabqt }e }bqnhik}b }cb kd}hzb tbtthei jeq rtbqt ‡ Wcbi kix eqmbq bi}bqt }cb }qkmhig txt}bn h} ht ki kd}hzb eqmbq) H} }qhbt }e jhim k nk}dc ei }cb ‡ e}cbq thmb ej }cb aeelt) Hj h} jhimt k nk}dc k }qkmb ht gbibqk}bm) Hj h} mebt ie} jhim k nk}dc }cb eqmbq abdenbt k pktthzb eqmbq kim gebt kim th}t hi }cb eqmbq aeel) Qbgr`kq @e} Aeel6 Ki eqmbq }ck} ckt ie tpbdhk` deimh}hei kttedhk}bm wh}c h} ht k Qbgr`kq @e} ‡ eqmbq Tpbdhk` ]bqnt Aeel6 Eqmbqt ckzhig tpbdhk` }bqn k}}qhar}b k}}kdcbm }e h} kqb tpbdhk` }bqnt ‡ eqmbqt) T}ep @ett Aeel6 T}ep @ett eqmbqt kqb qb`bktbm hi}e }cb nkqlb} wcbi }cb `kt} }qkmbm pqhdb jeq ‡ }ck} tbdrqh}x hi }cb ieqnk` nkqlb} qbkdcbt eq trqpkttbt }cb }qhggbq pqhdb Ibge}hk}bm ]qkmb Aeel6 ]we }qkmhig nbnabqt dki ibge}hk}b k }qkmb er}thmb }cb Bsdckigb ‡ Emm @e} Aeel6 ]cht dki ab tb`bd}bm hi }cb eqmbq bi}qx tdqbbi hi eqmbq }e }qkmb hi }cb Emm @e} ‡ nkqlb} QB]MBA] Eqmbq Aeel6 QB]MBA] nkqlb} eqmbqt dki ab bi}bqbm ‡ Krd}hei Eqmbq Aeel t}eqbt eqmbqt bi}bqbm ax }cb ]N }e pkq}hdhpk}b hi }cb Bsdckigb hih}hk}bm ‡ krd}heit [rki}h}x Jqbbvb .  ?)2" ?)2" ej }cb httrb thvb ej }cb tbdrqh}x eq  zk`rb zk`rb ej }cb eqmbq ht kqerim Qt) 1)2 ‡ dqeqbt eq k g`eak` k`bq} {rki}h}x `hnh} ej neqb }cki 12???  wchdcbzbq ht `btt

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

7 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ]cb Bsdckigb ckt hnp`bnbi}bm himbs.aktbm nkqlb}.whmb dhqdrh} aqbklbqt hi denpr`teqx ‡ qe``hig tb}}`bnbi} wh}c bjjbd} jqen Fr`x ?1 1??;) ]cb himbs.aktbm nkqlb}.whmb dhqdrh} aqbklbq txt}bn kpp`hbt k} 4 t}kgbt ej }cb himbs nezbnbi} k} ;?" ;2" 1?" Jeq krd}hei nkqlb} }cb pqhdb akimt ej 1?" kqb kpp`hdka`b ‡ ]hnb Deimh}heit . MKX6 K`` eqmbqt bi}bqbm hi}e }cb txt}bn kqb pqbtbi}`x deithmbqbm kt Mkx ‡ eqmbqt ei`x) HED6 Hnnbmhk}b eq Dkidb` M[6 Ki eqmbq wh}c k Mhtd`etbm [rki}h}x ‡ Ie pqhdb akimt jeq Mbqhzk}hzb Tdqhpt) Cewbzbq hi eqmbq }e pqbzbi} nbnabqt jqen bi}bqhig ‡ eqmbqt k} iei gbirhib pqhdbt hi trdc tbdrqh}hbt }cbqb ht k jhsbm epbqk}hig qkigb ej 1?" jeq trdc tbdrqh}hbt) Wcbibzbq k aeel d`etrqb eq k qbdeqm mk}b ht kiieridbm ax k denpkix }cb bsdckigb tb}t rp ‡ k 'ie.mb`hzbqx pbqhem jeq }ck} tbdrqh}x) Mrqhig }cht pbqhem }qkmhig ht pbqnh}}bm hi }cb tbdrqh}x ]cb d`hbi} kdderi} jhb`m ht ki k`pckirnbqhd jhb`m ‡ Deri}bqpkq}x Deri}bqpkq} x HM6 Hi dktb k ibge}hk}bm }qkmb eqmbq ht bi}bqbm }cb txt}bn qb{rbt}t }cb rtbq }e ‡ bi}bq }cb deri}bqpkq}x }qkmhig nbnabq hm wchdc ht }e ab ea}khibm ax }cb rtbq jqen }cb deri}bq pkq}x h}tb`j  Eidb ki eqmbq ht nemhjhbm }cb aqkidc eqmbq zk`rb `hnh} jeq }cb aqkidc gb}t kmfrt}bm ‡ Kr}enk}hdk``x Eqmbq dkidb``k}hei dki ab pbqjeqnbm ei`x jeq eqmbqt wchdc ckzb ie} abbi jr``x eq pkq}hk``x ‡ }qkmbm ]cb rtbq ht ie} k``ewbm }e dkidb` krd}hei hih}hk}hei kim denpb}h}eq eqmbqt hi krd}hei nkqlb}) ‡ Eqmbq dkidb``k}hei ht k`te ie} k``ewbm jeq }cetb ibge}hk}bm }qkmb eqmbqt }ck} ckzb ie} qbtr`}bm kt ki k`bq}) [rhdl Eqmbq Dkidb``k}hei #Dkidb` K``( ht ki bs}bithei ej Thig`b Eqmbq Dkidb``k}hei bika`hig ‡ k rtbq }e dkidb` nr`}hp`b er}t}kimhig eqmbqt Hi dktb k nbnabq ht trtpbimbm jqen }qkmhig ax }cb Bsdckigb k`` pbimhig eqmbqt hi k`` aeelt ‡ bsdbp} jeq Ibge}hk}bm ]qkmb eqmbqt ej }cb nbnabq kqb hnnbmhk}b`x dkidb``bm ax }cb txt}bn Nk}dchig _qheqh}x. Ax _qhdb ax }hnb) ‡ K }qkmb ht ki kd}hzh}x hi wchdc k arx kim k tb`` eqmbq nk}dc wh}c bkdc e}cbq) ‡ ]cb rtbq dki rtb }qkmb dkidb``k}hei tdqbbi jeq dkidb``hig }qkmbt meib mrqhig }cb mkx) Hj }cb ‡ rtbq ht k deqpeqk}b nkikgbq ej k }qkmhig nbnabq jhqn cb dki qb{rbt} jeq }qkmb dkidb``k}hei jeq }cb }qkmbt ej kix mbk`bq ej }cb }qkmhig nbnabqt jhqn kim hj cb ht k aqkidc nkikgbq ej k aqkidc }cbi cb dki qb{rbt} jeq }qkmb dkidb``k}hei jeq }cb }qkmbt jeq kix mbk`bq ej }cb aqkidc ej }cb }qkmhig nbnabq jhqn) Hj deri}bq pkq}x }e }cb }qkmb mebt ie} bi}bq k }qkmb dkidb``k}hei qb{rbt} }cb Bsdckigb wh`` qbfbd} }cb qb{rbt}) Krd}heit kqb hih}hk}bm ax }cb Bsdckigb ei abck`j ej }qkmhig nbnabqt jeq tb}}`bnbi} qb`k}bm ‡ qbkteit) ]cb Krd}heit qbkteit . Tceq}kgbt Akm Mb`hzbqhbt kim Eafbd}heit ‡ Denpb}h}eq pbqhem ht }cb pbqhem mrqhig wchdc denpb}h}eq eqmbq bi}qhbt kqb K``ewbm ‡ Kj}bq }cb denpb}h}eq pbqhem bimt }cb te`hdh}eq pbqhem jeq }ck} krd}hei t}kq}t) ‡ ]cb rtbq dki me krd}hei eqmbq bi}qx ax bi}bqhig –KR‘ hi }cb aeel }xpb ej }cb eqmbq bi}qx ‡ tdqbbi)]cb rtbq ht ie} k``ewbm }e nemhjx kix krd}hei eqmbqt) ]cb @hnh}bm _cxthdk` Nkqlb} wkt hi}qemrdbm ei Frib 7 ;888 ‡ ]qkmhig ht deimrd}bm hi }cb Emm @e} nkqlb} #nkqlb} }xpb –E‘( wh}c Aeel ]xpb –E@‘ kim ‡ tbqhbt –A]‘)

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

3 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> QB]MBA] . Jkdb Zk`rb Qt) ;??%.  _bqnh}}bm @e} Thvb ;?  ]hdl Thvb Qt) ?)?;  Epbqk}hig ‡ Qkigb ,%. 2" Nl}) ]xpb Himhdk}eq M #QB]MBA](  Aeel ]xpb QM ‡ Dhqdr`kqt kt kim wcbi httrbm ax ITB kqb kzkh`ka`b }e nbnabqt ei }cb hi}qkib} hi }cbhq ‡ qbtpbd}hzb }qkmhig nbnabq mhqbd}eqx hmbi}hjhbm ax }cbhq }qkmhig nbnabq hm) ]cb eqmbq%}qkmb t`hpt kqb Deijhqnk}hei%Nemhjhdk}hei% Dkidb``k}hei%Qbfbd}hei t`hpt) ]cb }qkmb ‡ kim eqmbq t`hpt kqb gbibqk}bm ei.`hib) Nbnabqt dki k`te zhbw }cbhq qbpeq}t hi NTMET bmh}eq) ‡ ]qkmb mb}kh`t kqb kzkh`ka`b jeq zbqhjhdk}hei ei }cb tknb mkx #h)b) ] h}tb`j( kj}bq ;86?? cerqt ‡ ]qkmb mb}kh`t jeq }cb `kt} 2 }qkmhig mkxt wer`m ab kzkh`ka`b ei }cb wbath}b) ]ck} ht }qkmbt ‡ bsbdr}bm ei ']' mkx dki ab zbqhjhbm }h`` }cb ],=}c mkx) Hi}bqib} kt ki Eqmbq Qer}hig Txt}bn #EQT( ‡ ITB `kridcbm hi}bqib} }qkmhig hi bkq`x Jbaqrkqx 1???) H} ht }cb jhqt} t}edl bsdckigb hi }cb ‡ deri}qx }e pqezhmb wba.aktbm kddbtt }e hizbt}eqt }e }qkmb mhqbd}`x ei }cb bsdckigb) TBAH ckt k`te kppqezbm }qkmhig }cqergc whqb`btt nbmhrn ei WK_ _`k}jeqn) ‡ ITB)H] `kridcbm }cb Whqb`btt Kpp`hdk}hei _qe}ede` #WK_( hi Iezbnabq 1???) ‡ Ackz depx6 Ackz depx ht mewi`ekmbm hi Pitbdn}mqPqbpeq}t mhqbd}eqx ei k mkh`x aktht) H} ht ‡ mewi`ekmbm }we }hnbt kj}bq nkqlb} d`etb) Jhqt} ackz depx #Hi}bqhn ackz depx( mewi`ekmbm kppqeshnk}b`x 1? nhir}bt kj}bq }cb nkqlb} d`etb }hnb) ]cb tbdeim ackz depx #jhik` ackz depx( mewi`ekmbm 1? nhir}bt kj}bq }cb pet} d`etb nkqlb}) ]cb hi}bqhn ackz depx ht ezbqwqh}}bi ax jhik` ackz depx Bsdckigbt hi}bqik}heik``x kqb hi}qemrdhig de.`edk}hei tbqzhdbt }e trppeq} chgc jqb{rbidx ‡ }qkmhig rthig K`geqh}cnhd ]qkmhig #K@GE( kim Mhqbd} Nkqlb} Kddbtt #MNK() Hi lbbphig wh}c }cb g`eak` }qbimt kim nkhi}khihig chgc tbqzhdb bsdb``bidb ITB t}kq}bm de.`edk}hei jkdh`h}x hi Fki 1?;?)

D@BKQHIG, TB]]@BNBI] KIM QHTL NKIKGBNBI] ‡

‡ ‡

‡ ‡

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e e e

Tbdrqh}x thgnk6 H} nbkit }cb ze`k}h`h}x ej }cb tbdrqh}x denpr}bm k} }cb bim ej }cb pqbzhert }qkmhig mkx) Tbdrqh}x ZkQ6 H} nbkit }cb chgcbq ej 7)2" eq 4)2 tbdrqh}x thgnkt) Himbs thgnk6 H} nbkit }cb mkh`x ze`k}h`h}x ej }cb nkqlb} himbs #T*_ DIS Ihj}x eq ATB Tbitbs( denpr}bm kt k} }cb bim ej }cb pqbzhert }qkmhig mkx) Himbs ZkQ6 H} nbkit }cb chgcbq ej 2" eq 4 himbs thgnkt) Dqett Nkqghihig . Ki ejj.tb}}hig peth}hei jeq k d`hbi} hi mhjjbqbi} tbgnbi}t ckt `ewbq qhtl kt `ett ei eib peth}hei ht ejj.tb} ax pqejh} hi }cb e}cbq peth}hei) Ki bsknp`b jeq ki ejj.tb}}hig peth}hei dki ab k arx peth}hei ej ;?? hi tbdrqh}x ‐K„ hi dkph}k` nkqlb} kim tceq} peth}hei ej  ;?? hi t}edl jr}rqbt ej tbdrqh}x ‐K„ hi mbqhzk}hzb tbgnbi}) Kt }cb qhtl ej }cb ejj.tb}}hig peth}heit ht `ewbq }cb nkqghi qb{rhqbnbi} jeq }cb denahibm peth}heit ckt }e ab `ewbq wchdc ht deithmbqbm kt dqett nkqghihig) ]cb abibjh} ej dqett nkqghihig ht pqezhmbm ei }cb je``ewhig ejj tb}}hig peth}heit6 Himbs jr}rqbt kim deit}h}rbi} t}edl jr}rqbt jeq tknb bsphqx hi J*E tbgnbi} Himbs jr}rqbt kim deit}h}rbi} t}edl peth}heit hi Dktc tbgnbi} T}edl jr}rqbt hi J*E tbgnbi} kim t}edl peth}heit hi Dktc tbgnbi}

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

8 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ITDD@ abdenbt }cb `bgk` deri}bqpkq}x }e }cb ib} tb}}`bnbi} ea`hgk}heit ej bzbqx nbnabq) ‡ ]cht pqhidhp`b ht dk``bm oiezk}hei' Hi }cb dkph}k` nkqlb} tbgnbi} k`` }qkmhig nbnabqt ej }cb Bsdckigb kqb qb{rhqbm }e abdenb ‡ }cb D`bkqhig Nbnabq ej }cb D`bkqhig Deqpeqk}hei K drt}emhki ht k pbqtei wce ce`mt jeq tkjblbbphig }cb medrnbi}kqx bzhmbidb ej }cb }h}`b }e ‡ pqepbq}x ab`eighig `hlb tckqb dbq}hjhdk}bt Hi ITDD@ drt}emhki ht k d`bkqhig nbnabq ar} ie} k }qkmhig nbnabq) ‡ K mbpeth}eqx ht ki bi}h}x wcbqb }cb tbdrqh}hbt ej ki hizbt}eq kqb cb`m hi b`bd}qeihd jeqn) ]cb ‡ pbqtei wce ce`mt k mbnk} kdderi} ht k abibjhdhkqx ewibq) K _qejbttheik` D`bkqhig Nbnabq ckt ie }qkmhig qhgc}t ar} ckt ei`x d`bkqhig qhgc}t ‡ Deri}bqpkq}x Qhtl6 ]cht kqhtbt hj pkq}hbt me ie} mhtdckqgb }cbhq ea`hgk}heit jr``x wcbi mrb eq ‡ k} kix }hnb }cbqbkj}bq) ]cht ckt }we denpeibi}t iknb`x qbp`kdbnbi} det} qhtl pqheq }e tb}}`bnbi} kim pqhidhpk` qhtl mrqhig tb}}`bnbi}) #k( ]cb qbp`kdbnbi} det} qhtl kqhtbt jqen }cb jkh`rqb ej eib ej }cb pkq}hbt }e }qkitkd}hei) ]cb pqhidhpk` qhtl kqhtbt hj k pkq}x mhtdckqgbt cht ea`hgk}heit ar} }cb deri}bqpkq}x mbjkr`}t ‡ K zkqhki} ej deri}bqpkq}x qhtl ht `h{rhmh}x qhtl wchdc kqhtbt hj eib ej }cb pkq}hbt }e }qkitkd}hei ‡ mebt ie} tb}}`b ei }cb tb}}`bnbi} mk}b ar} `k}bq Kie}cbq zkqhki} ht }cb }chqm pkq}x qhtl wchdc kqhtbt hj }cb pkq}hbt }e }qkmb kqb pbqnh}}bm eq ‡ qb{rhqbm }e rtb }cb tbqzhdbt ej k }chqm pkq}x wchdc jkh`t }e pbqjeqn ‡ Txt}bn Qhtl6 ]cht denpqhtbt ej epbqk}heik` `bgk` kim txt}bnhd qhtlt) ]cb epbqk}heik` qhtl  ‡ kqhtbt jqen pettha`b epbqk}heik` jkh`rqbt trdc kt bqqeqt jqkrm er}kgbt b}d) ]cb `bgk` qhtl  kqhtbt hj }cb `kwt eq qbgr`k}heit me ie} trppeq} bijeqdbnbi} ej tb}}`bnbi} ea`hgk}heit eq kqb ridbq}khi) Txt}bnhd qhtl kqhtbt wcbi jkh`rqb ej eib ej }cb pkq}hbt }e mhtdckqgb cht ea`hgk}heit `bkmt }e jkh`rqb ax e}cbq pkq}hbt) Akm mb`hzbqhbt #mb`hzbqhbt wchdc kqb pqhnk jkdhb mbjbd}hzb( kqb qb{rhqbm }e ab qbpeq}bm }e }cb ‡ d`bkqhig certb wh}chi }we mkxt jqen }cb qbdbhp} ej medrnbi}t Jqen Kpqh` ; 1??4 }cb tb}}`bnbi} dxd`b ckt abbi jrq}cbq qbmrdbm jqen ],4 }e ],1) ‡ ]cb DN ei wcen denpkix eafbd}hei ht `emgbm ckt ki eppeq}rih}x }e wh}cmqkw }cb eafbd}hei ‡ hj }cb eafbd}hei ht ie} zk`hm eq }cb medrnbi}t kqb hidenp`b}b wh}chi 7 mkxt ej `emghig }cb denp`khi} kgkhit} chn) Hj }cb DN ht rika`b }e qbd}hjx%qbp`kdb mbjbd}hzb medrnbi}t ei eq abjeqb 1; mkxt ITDD@ deimrd}t k arxhig.hi krd}hei jeq }cb iei.qbd}hjhbm pkq} ej mbjbd}hzb medrnbi} ei }cb ibs} krd}hei mkx K} ITB }qkmbt hi qe``hig tb}}`bnbi} kqb tb}}`bm ei k ],1 aktht ‡ @hnh}bm _cxthdk` Nkqlb} . Tb}}`bnbi} jeq }qkmbt ht meib ei k }qkmb.jeq.}qkmb aktht . ‡ Tceq}kgbt hj kix kqb denpr`teqh`x d`etbm.er} k} 1?" ezbq }cb kd}rk` }qkmbm pqhdb) Hi}bq Hit}h}r}heik` Tbgnbi} . ]qkmhig hi }cht nkqlb} tbgnbi} ht kzkh`ka`b jeq 'hit}h}r}heik` ‡ hizbt}eqt' ei`x Nbnabqt kqb qb{rhqbm }e bi}bq }cb drt}emhki pkq}hdhpki} demb k} }cb }hnb ej  eqmbq bi}qx Mb`hzbqhig nbnabqt kqb qb{rhqbm }e mb`hzbq k`` medrnbi}t }e }cb D`bkqhig Certb #hi dktb ej  ‡ pcxthdk` tb}}`bnbi}( ab}wbbi 864? k)n) kim ;?64? k)n) ei }cb tb}}`bnbi} mkx) Qbdbhzhig nbnabqt kqb qb{rhqbm }e de``bd} }cb medrnbi}t jqen }cb D`bkqhig Certb ab}wbbi 16?? p)n) kim 164? p)n) Hi dktb ej mbnk}bqhk`hvbm tb}}`bnbi} }cb nbnabqt qbdbhzb }cbhq ea`hgk}hei ax 1)4? pn ei ] , ; mkx) ]cb nbnabqt ibbm }e kqqkigb jeq }cb tbdrqh}hbt kt pbq }cbhq ea`hgk}heit kim ghzb hit}qrd}heit ax ;?)4? kn ei }cb pkx.hi mkx

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;? www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ITDD@ ckt hi}qemrdbm k tb}}`bnbi} txt}bn jeq mhqbd} mb`hzbqx ej tbdrqh}hbt }e }cb hizbt}eqt ‡ kdderi}t wh}c bjjbd} jqen Kpqh` 1 1??;) D`bkqhig nbnabqt kqb pqezhmbm wh}c ki kpp`hdk}hei hi }cb d`bkqhig jqei} bim jeq }cb prqpetb ‡ ej dkp}rqhig }cb qb{rhth}b mk}k kim gbibqk}hig }cb jh`b) ]cht jqei} bim ht k pkq} ej }cb D`bkqhig Jqei} Bim Zbqthei =)1 ]cb }hnb `hnh} jeq tranhtthei ej jh`bt ht rp }e 8)4?)kn ei }cb pkx er} Mkx ‡ Ei }cb tbdrqh}hbt pkx.hi mkx ITDD@ hmbi}hjhbt tceq} mb`hzbqhbt kim }cb qbtpbd}hzb d`bkqhig ‡ nbnabq ht mbah}bm ax ki kneri} b{rhzk`bi} }e }cb tbdrqh}hbt ie} mb`hzbqbm ax chn kim zk`rbm k} k zk`rk}hei pqhdb) ]cht ht dk``bm k zk`rk}hei mbah}) Jeq Qbgr`kq Nkqlb}. 1?" kaezb }cb d`ethig pqhdb ei }cb krd}hei mkx ‡ Jeq @hnh}bm _cxthdk` Nkqlb} Mbk`t.K} 1?" ezbq }cb kd}rk` }qkmb _qhdb ‡ Krd}hei Nkqlb}6 Iei.mb`hzbqx.chgcbt} pqhdb pqbzkh`hig hi }cb ITB jqen }cb jhqt} mkx ej }cb ‡ qb`bzki} }qkmhig pbqhem }h`` }cb mkx ej d`ethig er} eq 1?" ezbq }cb ejjhdhk` d`ethig pqhdb ei }cb d`etb er} mkx wchdcbzbq ht chgcbq Krd}hei Nkqlb}6 akm.mb`hzbqx. chgcbt} pqhdb pqbzkh`hig hi }cb ITB jqen }cb jhqt} mkx ej }cb ‡ qb`bzki} }qkmhig pbqhem }h`` }cb mkx ej d`ethig er} eq ;?" ezbq }cb ejjhdhk` d`ethig pqhdb ei }cb d`etb er} mkx Denpkix eafbd}hei. ;?" kaezb }cb ejjhdhk` d`ethig pqhdb ei }cb krd}hei mkx ‡ mb`b}bm tbdrqh}x. 1? " ezbq }cb ejjhdhk` d`ethig pqhdb ei }cb `kt} }qkmbm mkx ‡ D`etb er} pqhdb jeq aeimt. chgcbt} qk}b pqbzkh`hig ei }cb Bsdckigb jqen }cb jhqt} mkx ej }cb ‡ qb`bzki} }qkmhig pbqhem }h`` }cb mkx ej d`ethig er} eq 2" ezbq }cb ejjhdhk` d`ethig pqhdb ei }cb krd}hei mkx wchdcbzbq ht chgcbq) Ik}heik` Tbdrqh}hbt D`bkqhig Deqpeqk}hei @}m) #ITDD@( k wce``x ewibm trathmhkqx ej ITB ‡ wkt hideqpeqk}bm hi Krgrt} ;882 * dennbidbm d`bkqhig epbqk}heit hi Kpqh` ;88: Mbpeth} qb{rhqbnbi}t kqb ej }we }xpbt h)b) Hi}bqbt} Jqbb Tbdrqh}x Mbpeth} #HJTM( kim ‡ De``k}bqk` Tbdrqh}x Mbpeth} #DTM() HJTM ckt }e ab hi `h{rhm dktc wch`b DTM dki ab hi dktc eq iei.dktc jeqn) Dktc denpeibi} nbkit dktc akil grkqki}bbt jhsbm mbpeth} qbdbhp}t rih}t ej neibx nkqlb} nr}rk` jrim kim gh`} jrimt kim kix e}cbq jeqn ej de``k}bqk` kt nkx ab pqbtdqhabm jqen }hnb }e }hnb) Iei.dktc denpeibi} nbkit k`` e}cbq jeqnt ej de``k}bqk` mbpeth}t `hlb mbpeth} ej kppqezbm `ht} ej mbnk} tbdrqh}hbt kim rih}t ej }cb e}cbq nr}rk` jrimt kim kix e}cbq jeqn ej de``k}bqk` kt nkx ab pqbtdqhabm jqen }hnb }e }hnb)   Jhsbm Dktc   Jhsbm Mbpeth} Qbdbhp}t #JMQt(   Akil Akil Grkqki}bb Gezbqinbi} Tbdrqh}hbt }cb ckhqdr} ‡ jeq }cb Gezbqinbi} Tbdrqh}hbt tck`` ab ;?")  Rih}t Rih}t ej }cb tdcbnbt ej `h{rhm nr}rk` jrimt eq gezbqinbi} tbdrqh}hbt nr}rk` jrimt }cb ckhqdr}t tck`` ab ;?")

‡

]cb nkqghit kqb denpr}bm k} d`hbi} `bzb`)

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;; www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Zk`rb k} Qhtl Nkqghi . ZkQ ht k thig`b irnabq. }cb qhtl hi k peq}je`he). nbktrqbt pe}bi}hk` ‡ `ett . H} hize`zbt rthig cht}eqhdk` mk}k ei nkqlb} pqhdbt. 88}c pbqdbi}h`b `ett . ZkQ Nkqghi ht k nkqghi hi}bimbm }e dezbq }cb `kqgbt} `ett }ck} dki ab bideri}bqbm ei 88" ej }cb mkxt)  Nkql.}e.Nkqlb} Nkqghi . Nkql }e nkqlb} `ett ht dk`dr`k}bm ax nkqlhig bkdc }qkitkd}hei hi ‡ tbdrqh}x }e }cb d`ethig pqhdb ej }cb tbdrqh}x k} }cb bim ej }qkmhig)  Bs}qbnb @ett Nkqghi . ]cb Bs}qbnb @ett Nkqghi jeq kix tbdrqh}x ht chgcbq ej6 ‡ 2" eq ;)2 }hnbt }cb t}kimkqm mbzhk}hei ej mkh`x `egkqh}cnhd qb}rqit ej }cb tbdrqh}x pqhdb hi ‡ }cb `kt} : nei}ct  Nkqghi Tceq}jk`` . Hi dktb ej kix tceq}jk`` hi nkqghi6 ‡ e #k( ]cb nbnabqt kqb ie} pbqnh}}bm }e }qkmb wh}c hnnbmhk}b bjjbd}) e #a( _bik`}x jeq nkqghi zhe`k}hei _bik`}x kpp`hdka`b jeq nkqghi zhe`k}hei ht `bzhbm ei k nei}c`x aktht aktbm ei t`kat kt ‡ nbi}heibm ab`ew

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Hi dktbt wcbqb bkq`x pkx.hi ej tbdrqh}hbt ht nkmb pqheq }e }cb tbdrqh}hbt pkx.hi trdc peth}heit jeq wchdc bkq`x pkx.hi #B_H( ej tbdrqh}hbt ht nkmb tck`` ab bsbnp} jqen nkqghit Ei.@hib Bspetrqb Neih}eqhig. k`bq}bm kt pbq pqb.tb} `bzb`t #qbkdchig 7?" 32" 8?" 82" kim ;??"( ]cb ei.`hib trqzbh``kidb nbdckihtn k`te gbibqk}bt zkqhert k`bq}t%qbpeq}t ei kix pqhdb%ze`rnb nezbnbi} ej tbdrqh}hbt ie} hi `hib wh}c pkt} }qbimt%pk}}bqit Ejj.`hib trqzbh``kidb kd}hzh}x deitht}t ej hitpbd}heit kim hizbt}hgk}heit) Kt pbq qbgr`k}eqx qb{rhqbnbi} k nhihnrn ej 1?" ej }cb kd}hzb }qkmhig nbnabqt kqb }e ab hitpbd}bm bzbqx xbkq Hi}bqik}heik` Tbdrqh}hbt Hmbi}hjhdk}hei Irnabq #HTHI( jeq mbnk} tckqbt) ;1 mhgh} k`pck irnbqhd t}qhig) ]cb Jhqt} }we `b}}bqt t}kimt jeq ‐Deri}qx Demb„ ]cb }chqm dckqkd}bq qbpqbtbi}t }cb Httrbq ]xpb) TBAH abhig }cb Ik}heik` Irnabqhig Kgbidx jeq Himhk ckt pbqnh}}bm ITM@ }e k``e} HTHI Nkshnrn httrbq }xpbt dki ab 42 #K }e V kim ? }e 3() _kq}`x _khm Tckqbt kqb hmbi}hjhbm ax 8 hi }cb }chqm dckqkd}bq ]cb ibs} = dckqkd}bqt #=}c }e 7}c dckqkd}bq( qbpqbtbi} denpkix hmbi}h}x T}kq}t wh}c –??;K‘ kim dei}hirbt }h`` –888K‘ kim pqedbbmt }e –??;A‘ Ibs} }we dckqkd}bqt #3}c * 8}c ( qbpqbtbi} tbdrqh}x }xpb jeq k ghzbi httrbq Ibs} }we dckqkd}bqt #;?}c * ;;}c( kqb tbqhk``x httrbm jeq bkdc tbdrqh}x ej }cb httrbq bi}bqhig }cb txt}bn) @kt} mhgh} ht mera`b.kmm.mera`b dcbdl mhgh}

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;1 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

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Hizbt}eq _qe}bd}hei Jrim #H_J( ckt abbi tb} rp kt k }qrt} rimbq Aenakx _ra`hd ]qrt} Kd} ;82?) ]cb nkshnrn kneri} ej d`khn pkxka`b jqen }cb H_J }e }cb hizbt}eq ht Qt) ;2 `klc) K ie}hdb ht pra`htcbm hi whmb`x dhqdr`k}bm mkh`x ibwtpkpbqt ie}hjxhig }cb }qkmhig nbnabq wce ckt abbi mbd`kqbm mbjkr`}bq%bspb``bm nbnabq) D`khnt kgkhit} }cb mbjkr`}bq%bspb``bm nbnabq tpbdhjhbm hi }cb ie}hdb kqb qb{rhqbm }e ab nkmb ei eq abjeqb }cqbb nei}ct jqen }cb mk}b ej trdc ie}hdb) ITDD@ bt}ka`htcbm k Tb}}`bnbi} Grkqki}bb Jrim #TGJ( wchdc pqezhmbt k drtchei jeq kix qbthmrk` qhtl * epbqk}bt `hlb k tb`j.hitrqkidb nbdckihtn) Nbnabqt dei}qhar}b }e }cb Jrim)

]QKMHIG NBNABQTCH_ ‡

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K aqelbq ht ki hi}bqnbmhkqx wce kqqkigbt }e arx kim tb`` tbdrqh}hbt ei abck`j ej d`hbi}t)K pbqtei dki }klb nbnabqtchp hi }cb Je``ewhig tbgnbi}t #k( Wce`btk`b Mba} Nkqlb} #WMN( Tbgnbi} #a( Dkph}k` Nkqlb} #DN( tbgnbi} #d( Dkph}k` Nkqlb} #DN( kim Wce`btk`b Mba} Nkqlb} #WMN( tbgnbi} #m( Dkph}k` Nkqlb} #DN( kim Jr}rqbt * Ep}heit #J*E( tbgnbi} #b( Dkph}k` Nkqlb} #DN( Jr}rqbt * Ep}heit #J*E( tbgnbi} kim WMN tbgnbi} #j( Drqqbidx Mbqhzk}hzbt #DM( tbgnbi} wh}c eq wh}cer} }cb kaezb nbi}heibm tbgnbi}t)

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;4 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #g( D`bkqhig Nbnabqtchp ej Ik}heik` Tbdrqh}hbt D`bkqhig Deqpeqk}hei @}m) #ITDD@( kt k ‡ _qejbttheik` D`bkqhig Nbnabq #_DN()  B`hghah`h}x jeq kd{rhqhig ibw nbnabqtchp ej ITB . ]cb je``ewhig pbqteit kqb b`hgha`b ‡ ;) Himhzhmrk`t 1) _kq}ibqtchp jhqnt qbght}bqbm rimbq }cb Himhki _kq}ibqtchp Kd} ;841 4) Himhzhmrk` * _kq}ibqtchp jhqn dkiie} kpp`x jeq nbnabqtchp ei WMN tbgnbi}) =) Hit}h}r}heit hid`rmhig trathmhkqhbt ej akilt bigkgbm hi jhikidhk` tbqzhdbt) 2) Aemx Deqpeqk}bt hid`rmhig denpkihbt kt mbjhibm hi }cb Denpkihbt Kd} ;82:) :) Akilt kr}ceqhvbm ax }cb Qbtbqzb Akil ej Himhk rimbq tbd}hei ;? ej }cb Jeqbhgi Bsdckigb Nkikgbnbi} Kd} ;888 kt –KM Dk}bgeqx . H akil‘ kqb pbqnh}}bm }e abdenb }qkmhig kim d`bkqhig nbnabqt ej }cb drqqbidx mbqhzk}hzbt nkqlb} ej }cb qbdegihvbm t}edl bsdckigbt trafbd} }e nhihnrn pqrmbi}hk` qb{rhqbnbi}t ej nhihnrn ib} weq}c ej Qt) 2?? dqeqbt nhihnrn DQKQ ej ;? pbq dbi} ib} I_K ie} bsdbbmhig 4 pbq dbi} kim ib} pqejh} tcer`m ckzb abbi nkmb jeq `kt} 4 xbkqt)  Menhiki} _qene}bq %Tckqbce`mbq Gqerp #M_G( ‡ Ri`ht}bm Deqpeqk}b ]N ‡ e Nkshnrn = nbnabqt ce`mhig 2;" ej t}klb hi ]N Bi}h}x e Hj k pbqtei ce`mt 2;" ej tckqbt hi }cb }qkmhig nbnabq deqpeqk}b ei cht ewi eq }egb}cbq wh}c cht qb`k}hzbt ]cb je``ewhig bi}h}hbt kqb k``ewbm }e ab hmbi}hjhbm kt menhiki} tckqbce`mbq#t( pqezhmbm }cbx ‡ ckzb k ib}weq}c ej k} `bkt} Qt)2? dqeqbt6 e Tdcbmr`bm Akilt< e Dbi}qk` eq T}k}b Gezbqinbi} ewibm Jhikidb kim%eq Mbzb`epnbi} Hit}h}r}heit< e Jhikidhk` hit}h}r}hei qbght}bqbm * qbgr`k}bm ax qbgr`k}eqx aemx trdc kt QAH TBAH HQMK< e Kix e}cbq bi}h}x }ck} ht jh} }e ab hmbi}hjhbm kt menhiki} tckqbce`mbq hi }cb ephihei ej qb`bzki} kr}ceqh}x) Jeqbhgi Bi}h}x kt Menhiki} _qene}bq ‡ e Jeqbhgi bi}h}x tck`` ce`m mhqbd}`x eq himhqbd}`x ie} `btt }cki 2; " ej }cb dei}qe``hig t}klb hi }cb kpp`hdki} denpkix pqepethig }e }klb }cb }qkmhig nbnabqtchp ej }cb Bsdckigb wh}c k nhihnrn ib}weq}c ej Qt 2? Dqeqbt) ]cb Nbnabqtchp Qbdennbimk}hei Dennh}}bb #NQD( deitht}t ej tbzbi pbqteit jqen ‡ zkqhert mhtdhp`hibt) ]cb NQD deimrd}t hi}bqzhbwt ej }cb kpp`hdki}t jeq }qkmhig nbnabqtchp ]cb je``ewhig pbqteit ckzb }e kppbkq jeq }cb hi}bqzhbw6 ‡ Deqpeqk}b . K menhiki} tckqbce`mbq kim k Wce`b.}hnb Mhqbd}eq ‡ Himhzhmrk`t — himhzhmrk` chntb`j  ‡ _kq}ibqtchp Jhqnt — ]we pkq}ibqt ‡ ]cb NQD ht ei`x k qbdennbimk}eqx aemx kaer} }cb kmnhtthah`h}x ej }cb pqetpbd} eq ‡ e}cbqwhtb }e }cb Aekqm ej Mhqbd}eqt ej }cb Bsdckigb) ]cb ib}weq}c ej }cb nbnabq ht dk`dr`k}bm kt trnnk}hei ej  Dkph}k` kim jqbbqbtbqzbt `btt ‡ iei k``ewka`b kttb}t) Iei k``ewka`b kttb}t hid`rmb jhsbm kttb}tp`bmgbm tbdrqh}hbt nbnabq‘t dkqm iei.k``ewka`b tbdrqh}hbt #ri`ht}bm tbdrqh}hbt( akm mb`hzbqhbt mera}jr` mba}t kim kmzkidbt pqbpkhm bspbitbt hi}kigha`b kttb}t kim 4?" nkqlb}ka`b tbdrqh}hbt Kr}ceqhvbm _bqtei dki qbdbhzb qbnribqk}hei . jbbt dckqgbt dennhtthei tk`kqx b}d) jeq cht ‡ tbqzhdbt ei`x jqen }cb t}edl aqelbq kim tck`` ie} dckqgb kix kneri} jqen }cb d`hbi}t)

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;= www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ]cb d`hbi}t hi}qemrdbm ax }cb kr}ceqhtbm pbqtei tcer`m ckzb k mhqbd} qb`k}heitchp wh}c }cb ‡ }qkmhig nbnabq h)b) }cb nbnabq.deit}h}rbi} kgqbbnbi} liew xerq d`hbi} jeqnt qhtl  mhtd`etrqb medrnbi} b}d) kqb bsbdr}bm ab}wbbi }cb d`hbi} kim }cb }qkmhig nbnabq) K tra.aqelbq nkx ab ki himhzhmrk` k pkq}ibqtchp jhqn eq k deqpeqk}b) Hi dktb ej deqpeqk}b eq ‡ pkq}ibqtchp jhqn }cb mhqbd}eqt eq pkq}ibqt kim hi }cb dktb ej ki himhzhmrk` tra.aqelbq kpp`hdki} tcer`m denp`x wh}c }cb je``ewhig qb{rhqbnbi}t6 ;) ]cbx tcer`m ie} ab `btt }cki 1; xbkqt ej kgb< 1) ]cbx tcer`m ie} ckzb abbi deizhd}bm ej kix ejjbidb hize`zhig jqkrm eq mhtceibt}x< 4) ]cbx tcer`m ckzb bh}cbq pkttbm ;1}c t}kimkqm b{rhzk`bi} bsknhik}hei jqen ki hit}h}r}hei qbdegihvbm ax }cb Gezbqinbi} eq ;?}c t}kimkqm wh}c 1 xbkqt ej weql bspbqhbidb hi tbdrqh}hbt nkqlb}) =) ]cbx tcer`m ie} ckzb abbi mbakqqbm ax TBAH TBAH ckt nkmb h} nkimk}eqx jeq k`` }qkmhig nbnabqt%aqelbqt }e rtb rih{rb d`hbi} dembt ‡ Aqelbqt tck`` de``bd} kim nkhi}khi hi }cbhq akdl ejjhdb }cb _bqnkibi} Kdderi} Irnabq ‡ #_KI( k``e}}bm ax Hidenb ]ks Mbpkq}nbi} jeq k`` }cbhq d`hbi}t) K dei}qkd} ie}b tck`` ab httrbm }e k d`hbi} wh}chi 1= cerqt ej }cb bsbdr}hei ej }cb dei}qkd} ‡ mr`x thgibm ax }cb ]N eq cht Kr}ceqhvbm Thgik}eqx ]N tck`` pqbtbqzb }cb mrp`hdk}b depx ej }cb dei}qkd} ie}bt httrbm jeq k nhihnrn ej 2 xbkqt) ‡ ]cb dei}qkd} ie}b tcer`m dei}khi iknb kim kmmqbtt #qbght}bqbm ejjhdb kmmqbtt kt wb`` kt ‡ mbk`hig ejjhdb kmmqbtt( ej }cb ]N }cb TBAH qbght}qk}hei irnabq ej }cb ]N mb}kh`t ej }qkmb zhv) eqmbq irnabq }qkmb irnabq eqmbq }hnb }qkmb }hnb tbdrqh}x iknb {rki}h}x }qkmb pqhdb aqelbqkgb tb}}`bnbi} irnabq ]cb nkshnrn aqelbqkgb dckqgbka`b ax ]N — 1)2" ej }cb dei}qkd} pqhdb bsd`rthzb ej  ‡ t}k}r}eqx `bzhbt ]cht nkshnrn aqelbqkgb ht hid`rthzb ej tra.aqelbqkgb ‡ Tra.aqelbq ht ki hnpeq}ki} hi}bqnbmhkqx ab}wbbi t}edl aqelbq kim d`hbi} hi Dkph}k` Nkqlb} ‡ tbgnbi} Tra.aqelbq tck`` ckzb }e bi}bq hi}e k }qhpkq}h}b kgqbbnbi} wh}c h}t d`hbi}t kim }cb t}edl aqelbq ‡ Hizbt}eq denp`khi}t qbdbhzbm kgkhit} }cb }qkmhig nbnabqt % denpkihbt hi qbtpbd} ej  ‡ d`khnt%mhtpr}bt jeq }qkitkd}heit bsbdr}bm ei }cb Bsdckigb kqb ckim`bm ax }cb Hizbt}eq Tbqzhdb Db`` #HTD() Kqah}qk}hei wchdc ht k {rkth frmhdhk` pqedbtt ht ki k`}bqik}b mhtpr}b qbte`r}hei nbdckihtn ‡ pqbtdqhabm rimbq }cb Kqah}qk}hei kim Deidh`hk}hei Kd} ;88: ]cb qbjbqbidb jeq kqah}qk}hei tcer`m ab jh`bm wh}chi ths nei}ct jqen }cb mk}b wcbi }cb ‡ mhtpr}b kqetb) DEMB EJ KMZBQ]HTBNBI]  ‡ ]cb Kmzbq}htbnbi} tck`` dei}khi6 ‡ Iknb kim%eq cht `ege demb ej Ik}heik` T}edl Bsdckigb nbnabqtchp) ‡ Qbght}qk}hei Irnabq k``e}}bm ax }cb Tbdrqh}hbt kim Bsdckigb Aekqm ej Himhk ‡ TBAH ckt kmzhtbm }cb T}edl Bsdckigbt }e bitrqb }ck} }cbhq aqelbqt me ie} kmzbq}htb }cbhq ‡ arthibtt hid`rmhig hi }cbhq hi}bqib} th}bt ax trathmhkqhbt gqerp denpkihbt b}d) hi pqechah}hei ej demb ej deimrd} tpbdhjhbm hi }cb Tdcbmr`b HH ej }cb TBAH #T}edl Aqelbqt kim Tra.aqelbqt( Qbgr`k}heit ;881 ]cb depx ej trdc kmzbq}htbnbi} tcer`m ab qb}khibm jeq k pbqhem ej }cqbb xbkqt) ‡

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;2 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+ ‡

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> K depx ej }cb kmzbq}htbnbi} nrt} ab tranh}}bm }e }cb Bsdckigb wh}chi tbzbi mkxt abjeqb }cbhq httrb)

@BGK@ JQKNBWEQL ‡

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 Mbpeth}eqhbt Kd}, ;88: . ;88:  . eafbd}hzb ej bitrqhig jqbb }qkitjbqkah`h}x }qkitjbqkah`h} x ej tbdrqh}hbt wh}c tpbbm kddrqkdx kim tbdrqh}x ax #k( nklhig tbdrqh}hbt ej pra`hd `hnh}bm denpkihbt jqbb`x }qkitjbqka`b trafbd} }e dbq}khi bsdbp}heit< #a( mbnk}bqhk`hvhig }cb tbdrqh}hbt hi }cb mbpeth}eqx nemb< #d( pqezhmhig jeq nkhi}bikidb ej ewibqtchp qbdeqmt hi k aeel bi}qx jeqn Abibjhdhk` ewibq nbkit k pbqtei wcetb iknb ht qbdeqmbm kt trdc wh}c k mbpeth}eqx) Qbght}bqbm ewibq ej tbdrqh}hbt  Mbpeth}eqx #ITM@ eq DMT@() ]cbqb kqb }we mbpeth}eqhbt hi Himhk zhv) ITM@ kim DMT@ Denpkihbt Kd}, ;82:  . H} mbk`t wh}c httrb k``e}nbi} kim }qkitjbq ej tbdrqh}hbt kim zkqhert ktpbd}t qb`k}hig }e denpkix nkikgbnbi} ]cb tb`j.qbgr`k}eqx eqgkihvk}heit #TQEt( `hlb t}edl bsdckigbt ckzb k`te `khm mewi }cbhq qr`bt kim qbgr`k}heit jeq nkqlb} pkq}hdhpki}t) ]cb qbtpeithah`h}x jeq qbgr`k}hig }cb tbdrqh}hbt nkqlb} ht tckqbm ax Mbpkq}nbi} ej Bdeienhd Kjjkhqt #MBK( Mbpkq}nbi} ej Denpkix Kjjkhqt #MDK( Qbtbqzb Akil ej Himhk #QAH( kim Tbdrqh}hbt kim Bsdckigb Aekqm ej Himhk #TBAH( Kppbk` kgkhit} }cb eqmbqt Tbdrqh}hbt kim Bsdckigb Aekqm ej Himhk dki ab nkmb }e TK] TBAH nkx ei trjjhdhbi} dkrtb abhig tcewi pbqnh} }cb t}edlaqelbq }e pkx trdc jbbt k} kix }hnb abjeqb }cb bsphqx ej ths nei}ct jqen }cb mk}b jeq wchdc trdc jbbt abdenb mrb

TBAH #_qechah}hei ej Hithmbq ]qkmhig( Qbgr`k}heit, ;881  HITHMBQ ]QKMHIG . –Hithmbq‘ nbkit kix pbqtei wce ht eq wkt deiibd}bm wh}c }cb denpkix eq ht mbbnbm }e ckzb abbi deiibd}bm wh}c }cb denpkix kim wce ht qbkteika`x bspbd}bm }e ckzb kddbtt }e ripra`htcbm pqhdb tbith}hzb hijeqnk}hei hi qbtpbd} ej tbdrqh}hbt ej  k denpkix eq wce ckt qbdbhzbm eq ckt ckm kddbtt }e trdc ripra`htcbm pqhdb tbith}hzb hijeqnk}hei) Deiibd}bm pbqtei . Bnp`exbb Mhqbd}eq Mbbnbm }e ab k deiibd}bm pbqtei — Qb`k}hzbt Trathmhkqhbt Hi}bqnbmhkqhbt Akilbqt  _qhdb tbith}hzb hijeqnk}hei ;) pbqhemhdk` jhikidhk` qbtr`}t ej }cb denpkix< 1) hi}bimbm mbd`kqk}hei ej mhzhmbimt #ae}c hi}bqhn kim jhik`(< 4) httrb ej tbdrqh}hbt eq arx.akdl ej tbdrqh}hbt< =) kix nkfeq bspkithei p`kit eq bsbdr}hei ej ibw pqefbd}t< 2) knk`gknk}hei nbqgbqt eq }klbezbqt< :) mhtpetk` ej }cb wce`b eq trat}ki}hk` pkq} ej }cb rimbq}klhig< 7) Kix thgihjhdki} dckigbt hi pe`hdhbt p`kit eq epbqk}heit ej }cb denpkix) Ripra`htcbm nbkit hijeqnk}hei wchdc ht ie} pra`htcbm ax }cb denpkix eq h}t kgbi}t) Tpbdr`k}hzb qbpeq}t hi pqhi} eq b`bd}qeihd nbmhk tck`` ie} ab deithmbqbm kt pra`htcbm hijeqnk}hei)  Hih}hk` Mhtd`etrqb . Kix pbqtei wce ce`mt neqb }cki 2" tckqbt eq ze}hig qhgc}t hi kix `ht}bm denpkix wh}c hi 1 weqlhig mkxt) Kix pbqtei wce ht k mhqbd}eq eq ejjhdbq ej k `ht}bm denpkix tcer`m mhtd`etb }e }cb denpkix }cb irnabq ej tckqbt eq ze}hig qhgc}t cb`m ax trdc pbqtei wh}chi 1 weqlhig mkxt ej  abdenhig k mhqbd}eq eq ejjhdbq ej }cb denpkix)

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;: www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Dei}hirk` Mhtd`etrqb — hj }cbqb ckt abbi k dckigb hi tckqb ce`mhig jqen }cb `kt} mhtd`etrqb ‡ nkmb kim }cb dckigb bsdbbmt Qt) 2 `klc hi zk`rb eq 12??? tckqbt eq ;" ej }e}k` tckqbce`mhig eq ze}hig qhgc}t wchdcbzbq ht `ewbq) ]cb mhtd`etrqb nbi}heibm kaezb tcer`m ab nkmb wh}chi 1 weqlhig mkxt) TBAH ckt kmzhtbm t}edl bsdckigbt }e kmep} }cb Demb ej B}chdt jeq }cbhq mhqbd}eqhbt kim ‡ jrid}heikqhbt wh}c bjjbd} jqen 4;t } Nkx 1??;)  HIMHKI DEI]QKD] KD], ;371 ‡ K t}kimkqm jeqn dei}qkd} ht k pqb.bt}ka`htcbm qbdeqm ej `bgk` }bqnt qbgr`kq`x rtbm ax k ‡ arthibtt bi}h}x eq jhqn hi }qkitkd}heit wh}c drt}enbqt) Qbdeqm tpbdhjhbt }cb `bgk` }bqnt gezbqihig }cb qb`k}heitchp ab}wbbi }cb jhqn * kie}cbq pkq}x) ‡ Ki kgbi} ht k pbqtei bnp`exbm }e me kix kd} jeq kie}cbq eq }e qbpqbtbi} kie}cbq hi mbk`higt ‡ wh}c }chqm pbqteit kt pbq tbd}hei ;31 ej }cb Himhki Dei}qkd} Kd} ;371 K tra.kgbi} ht k pbqtei bnp`exbm ax kim kd}hig rimbq }cb dei}qe` ej }cb eqhghik` kgbi} hi ‡ }cb arthibtt ej }cb kgbidx) Wcbi k tra.kgbi} ckt abbi pqepbq`x kppehi}bm }cb peth}hei ej zkqhert pkq}hbt ht kt rimbq6 ‡ #k( ]cb pqhidhpk` ht te jkq kt qbgkqmt }chqm pbqteit qbpqbtbi}bm ax }cb tra.kgbi} kim ht ‡ aerim ax kim qbtpeitha`b jeq cht kd}t kt hj cb wbqb ki kgbi} eqhghik``x kppehi}bm ax }cb pqhidhpk`) #a( ]cb kgbi} ht qbtpeitha`b }e }cb pqhidhpk` jeq }cb kd}t ej }cb tra.kgbi}) ‡ #d( ]cb tra.kgbi} ht qbtpeitha`b jeq cht kd}t }e }cb kgbi} ar} ie} }e }cb pqhidhpk` bsdbp} hi ‡ dktb ej jqkrm eq wh``jr` wqeig) ]cb Hidenb.}ks #Bhgc}c Knbimnbi}( Qr`bt 1??1 nkmb h} nkimk}eqx jeq k pbqtei }e {re}b ‡ pbqnkibi} kdderi} irnabqt #_KI( httrbm ax }cb hidenb }ks mbpkq}nbi} jeq tbdrqh}hbt }qkitkd}heit ej ezbq Qt) ; `klc @eig }bqn — Tckqbt . 9 ; xbkq Tceq} }bqn — tckqbt 0>; xbkq ‡ @eig }bqn — jeq e}cbq kttb}t 9 4xbkqt Tceq} }bqn — jeq e}cbq kttb}t 0> 4 xbkqt ‡

KI EZBQZHBW EJ ]CB HIMHKI TBDRQH]HBT NKQLB] ‡ ‡ ‡

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_qhzk}b p`kdbnbi} . 0>2? pbqteit  _ra`hd p`kdbnbi} 92? pbqteit ]we nkfeq }xpbt ej httrbqt wce httrb tbdrqh}hbt. ]cb deqpeqk}b bi}h}hbt * gezbqinbi}t E]D nkqlb}t kqb hijeqnk` nkqlb}t wcbqb }qkmbt kqb ibge}hk}bm) Net} ej }cb }qkmbt hi }cb gezbqinbi} tbdrqh}hbt kqb hi }cb E]D nkqlb}) ]cbqb kqb ;8 mbnr}rk`htbm t}edl bsdckigbt hi Himhk je``ewhig ] ,1 Tb}}`bnbi} ]cb t}knp mr}x ei }qkitjbq ej mbnk} tbdrqh}hbt ckt abbi wkhzbm) Dbi}qk` Gezbqinbi} ckt bt}ka`htcbm k jrim dk``bm Hizbt}eq Bmrdk}hei kim _qe}bd}hei Jrim #HB_J( hi Ed}eabq 1??; jeq }cb pqene}hei ej kwkqbibtt kneigt} hizbt}eqt kim pqe}bd}hei ej  }cb hi}bqbt} ej hizbt}eqt) QAH pbqnh}}bm }we.wkx jrighah`h}x jeq KMQt%GMQt wchdc nbki} }ck} }cb hizbt}eqt #jeqbhgi hit}h}r}heik` eq menbt}hd( wce ce`m KMQt%GMQt dki dkidb` }cbn wh}c }cb mbpeth}eqx kim tb`` }cb rimbq`xhig tckqbt hi }cb nkqlb} ]e arh`m mba} nkqlb} hijqkt}qrd}rqb . Ibge}hk}bm Mbk`hig Txt}bn #IMT( kim }cb D`bkqhig Deqpeqk}hei ej Himhk @hnh}bm #DDH@() ]cb tbdrqh}hbt nkqlb} ckt }we hi}bqmbpbimbi} kim hitbpkqka`b tbgnbi}t6 #h( pqhnkqx nkqlb} kim #hh( tbdeimkqx nkqlb})

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;7 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ]cb pqhnkqx nkqlb} httrkidb ht meib bh}cbq }cqergc pra`hd httrbt eq pqhzk}b p`kdbnbi}) ‡ Rimbq Denpkihbt Kd} ;82: ki httrb ht qbjbqqbm kt  pra`hd hj h} qbtr`}t hi k``e}nbi} ej  tbdrqh}hbt }e 2? hizbt}eqt eq neqb) Cewbzbq wcbi }cb httrbq nklbt ki httrb ej tbdrqh}hbt }e k tb`bd} gqerp ej pbqteit ie} bsdbbmhig =8 kim wchdc ht ibh}cbq k qhgc}t httrb ieq k pra`hd httrb h} ht dk``bm k pqhzk}b p`kdbnbi}) ]cb tbdeimkqx nkqlb} ht epbqk}bm }cqergc }we nbmhrnt iknb`x }cb Ezbq.}cb.Deri}bq ‡ #E]D( nkqlb} kim }cb Bsdckigb.]qkmbm nkqlb}) E]D nkqlb}t kqb hijeqnk` nkqlb}t wcbqb }qkmbt kqb ibge}hk}bm) Ki Himbs ht rtbm }e ghzb hijeqnk}hei kaer} }cb pqhdb nezbnbi}t ej pqemrd}t hi }cb jhikidhk` ‡ dennemh}hbt eq kix e}cbq nkqlb}t) Nkqlb} dkph}k`htk}hei ht mbjhibm kt zk`rb ej k`` `ht}bm tckqbt ei }cb deri}qx‘t Bsdckigbt ‡  Nkqlb} Dkph}k`htk}hei > D`ethig pqhdb ej tckqb & Irnabq ej er}t}kimhig tckqbt tck qbt ‡ ]cb nkqlb} dkph}k`hvk}hei qk}he ht mbjhibm kt nkqlb} dkph}k`hvk}hei ej t}edlt mhzhmbm ax GM_) ‡ H} ht rtbm kt k nbktrqb ej t}edl nkqlb} thvb) ]rqiezbq Qk}he> ]rqiezbq k} Bsdckigb % Nkqlb} Dkph}k`htk}hei k} Bsdckigb ‡ ]cb tbdrqh}hbt nkqlb} ckt bttbi}hk``x }cqbb dk}bgeqhbt ej pkq}hdhpki}t #h( }cb hizbt}eqt #hh( }cb ‡ httrbqt #hhh( }cb hi}bqnbmhkqhbt Dkph}k` Nkqlb} #DN( Tbgnbi}6 ]cht tbgnbi} k} ITB dennbidbm h}t epbqk}heit hi ‡ Iezbnabq ;88=) H} ejjbqt k jr``x kr}enk}bm tdqbbi aktbm }qkmhig txt}bn liewi kt }cb Ik}heik` Bsdckigb jeq Kr}enk}bm ]qkmhig #IBK]( txt}bn) Zkqhert }xpbt ej tbdrqh}hbt b)g) b{rh}x tckqbt wkqqki}t mbabi}rqbt b}d) kqb }qkmbm ei }cht txt}bn) Jr}rqbt * Ep}heit #J*E( Tbgnbi}6 ]cht tbgnbi} pqezhmbt }qkmhig hi mbqhzk}hzbt ‡ hit}qrnbi}t `hlb himbs jr}rqbt himbs ep}heit t}edl ep}heit kim t}edl jr}rqbt kim dennbidbm h}t epbqk}heit k} ITB hi Frib 1???) Drqqbidx Mbqhzk}hzbt Tbgnbi} #DMT( Tbgnbi}6 ]cht tbgnbi} k} ITB dennbidbm h}t ‡ epbqk}heit ei Krgrt} 18 1??3 wh}c }cb `kridc ej drqqbidx jr}rqbt }qkmhig hi RT Me``kq. Himhki Qrpbb #RTM.HIQ() ]qkmhig hi e}cbq drqqbidx pkhqt `hlb Brqe.HIQ _erim T}bq`hig. HIQ kim Fkpkibtb Xbi.HIQ wkt jrq}cbq nkmb kzkh`ka`b jeq }qkmhig hi Jbaqrkqx 1?;?) –Hi}bqbt} qk}b jr}rqbt‘ wkt kie}cbq pqemrd} nkmb kzkh`ka`b jeq }qkmhig ei }cht tbgnbi} wh}c bjjbd} jqen Krgrt} 4; 1??8) Hi Mbdbnabq 1??; k`` tdqhpt wbqb nezbm }e qe``hig tb}}`bnbi} kim }cb tb}}`bnbi} pbqhem wkt ‡ qbmrdbm pqegqbtthzb`x jqen ],2 }e ],4 mkxt) Jqen Kpqh` 1??4 eiwkqmt ],1 mkxt tb}}`bnbi} dxd`b ht abhig je``ewbm) Mbnr}rk`htk}hei6 Cht}eqhdk``x t}edl bsdckigbt wbqb ewibm dei}qe``bm kim nkikgbm ax }cb ‡ aqelbqt) Hi dktb ej mhtpr}bt hi}bgqh}x ej }cb t}edl bsdckigb trjjbqbm) ITB cewbzbq wkt tb} rp wh}c k prqb mbnr}rk`htbm gezbqikidb t}qrd}rqb ckzhig ewibqtchp nkikgbnbi} kim }qkmhig wh}c }cqbb mhjjbqbi} tb}t ej pbep`b) ]cb pra`hd `ht}bm denpkihbt nklhig H_E ej kix tbdrqh}x jeq Qt);? dqeqb eq neqb ckzb }e ‡ nklb }cb H_E ei`x hi mbnk}bqhk`htbm jeqn) Himhki denpkihbt ckzb abbi pbqnh}}bm }e qkhtb qbterqdbt ezbqtbkt }cqergc httrb ej KMQt ‡ GMQt JDDAt kim BDAt) Jrq}cbq JHHt ckzb abbi pbqnh}}bm }e hizbt} hi k`` }xpbt ej  tbdrqh}hbt hid`rmhig gezbqinbi} tbdrqh}hbt kim }kp }cb menbt}hd nkqlb}) ]cb hizbt}nbi}t ax JHHt bifex jr`` dkph}k` kdderi} deizbq}hah`h}x) ]cbx dki hizbt} hi k denpkix rimbq peq}je`he hizbt}nbi} qer}b rp}e 1=" ej }cb pkhm rp dkph}k` ej }cb denpkix)

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;3 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> QAH pbqnh}}bm }we.wkx jrighah`h}x jeq KMQt % GMQt wchdc nbkit }ck} }cb hizbt}eqt ‡ #jeqbhgi hit}h}r}heik` eq menbt}hd( wce ce`m KMQt % GMQt dki dkidb` }cbn wh}c }cb mbpeth}eqx kim tb`` }cb rimbq`xhig tckqbt hi }cb nkqlb}) Ze`k}h`h}x himbs ht k nbktrqb ej nkqlb}‘t bspbd}k}hei ej ze`k}h`h}x ezbq }cb ibkq }bqn) ‡ Himhk‘t jhqt} ze`k}h`h}x himbs Himhk ZHS #aktbm ei }cb Ihj}x 2? Himbs Ep}hei pqhdbt( wkt ‡ `kridcbm ax ITB hi Kpqh` 1??3) Hi Kpqh` 1??3 TBAH k``ewbm }cb mhqbd} nkqlb} kddbtt #MNK( jkdh`h}x }e }cb hit}h}r}heik` ‡ hizbt}eqt Kpp`hdk}hei Trppeq}bm ax A`edlbm Kneri} #KTAK( ht k nkfeq pqhnkqx nkqlb} qbjeqn) H} ‡ bika`bt hizbt}eqt }e kpp`x jeq H_Et % J_Et kim qhgc}t httrbt wh}cer} nklhig k pkxnbi}) Hit}bkm }cb kneri} ht a`edlbm hi hizbt}eqt‘ ewi kdderi} kim ei`x ki kneri} pqepeq}heik}b }e }cb tckqbt k``e}}bm gebt er} wcbi k``e}nbi} ht jhik`hvbm) Hi Krgrt} 1??8 }cb TBAH httrbm Httrb ej Dkph}k` kim Mhtd`etrqb Qb{rhqbnbi}t #HDMQ( ‡ Qbgr`k}heit 1??8 qbp`kdhig }cb Mhtd`etrqb kim Hizbt}eq _qe}bd}hei #MH_( Grhmb`hibt 1???) ‡

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Ak`kidb tcbb} pqezhmbt hijeqnk}hei kaer} jhikidhk` peth}hei ej k jhqn k} k pkq}hdr`kq pehi} ej  }hnb) Ei }cb e}cbq ckim _qejh} * @ett Kdderi} ej k jhqn peq}qkxt kt k j`ew t}k}bnbi} }cb qbtr`}t ej epbqk}heit ezbq k tpbdhjhbm pbqhem ej }hnb #rtrk``x kdderi}hig xbkq Kpqh`.Nkqdc() ]cb Ak`kidb Tcbb} dei}khit hijeqnk}hei pbq}khihig }e jhqn‘t kttb}t `hkah`h}hbt kim tckqbce`mbqt‘ b{rh}x wcbqbkt _qejh} * @ett Kdderi} trnnkqhvbt }cb qbzbirb h}bnt }cb bspbitb h}bnt kim }cb mhjjbqbidb ab}wbbi }cb }we #ib} hidenb( jeq ki kdderi}hig pbqhem) ]ee`t }ck} kqb rtbm }e kik`xtb }cbtb t}k}bnbi}t kqb6 #k( Denpkqk}hzb Jhikidhk` T}k}bnbi}t #a( Dennei thvbm T}k}bnbi}t kim #d( Qk}he Kik`xtht) Jhikidhk` qk}het dki ab aqekm`x d`ktthjhbm hi}e }cqbb gqerpt6 #H( @h{rhmh}x qk}het #HH( @bzbqkgb%Dkph}k` t}qrd}rqb qk}he kim #HHH( _qejh}kah`h}x qk}het) Drqqbi} qk}he Kdhm.}bt} Qk}he ]rqiezbq Qk}het  `h{rhmh}x qk}het ]rqiezbq qk}het  Hizbi}eqx ]rqiezbq Qk}he .Mba}eqt ]rqiezbq Qk}he .Kzbqkgb De``bd}hei _bqhem .Jhsbm Kttb}t ]rqiezbq kim .]e}k` Kttb}t ]rqiezbq @bzbqkgb%Dkph}k` t}qrd}rqb qk}het Mba}.B{rh}x Mba}.Kttb} Qk}he Hi}bqbt} Dezbqkgb qk}he _qejh}kah`h}x qk}het  Gqett _qejh} Qk}he Ib} _qejh} Qk}he Qb}rqi ei ]e}k` Kttb}t Qb}rqi ei Dkph}k` Bnp`exbm Qb}rqi ei Tckqbce`mbqt‘ B{rh}x  Jr}rqb Zk`rb ej k Thig`b Dktc J`ew Mhtdqb}b denperimhig  JZ > _Z #;,q( Y } Dei}hirert denperimhig  JZ > _Z & b Y q}  _qbtbi} Zk`rb ej k Thig`b Dktc J`ew Mhtdqb}b Mhtderi}hig  _Z > JZ % #;,q(Y} Dei}hirert Mhtderi}hig  JZ % bYq}  Jr}rqb Zk`rb ej ki Kiirh}x Mhtdqb}b Denperimhig  JZ > DJ \#;,q(Y}.;^%q \DJ — Rihjeqn Dktc J`ew^ Dei}hirert Denperimhig  JZ > DJ #bYq}.;(

Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833

;8 www)nemb`bskn)hi ejjbqt Ei`hib _qkd}hdb Bsknt jeq IHTN, IDJN, ADJN Bsknt) Qbght}bq Iew+

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> HN_EQ]KI] IE]B 6 ;) K}}bim K@@ [rbt}heit 1) Jeq }cb {rbt}heit xer mei‘} liew }cb qhgc} kitwbq — ]qx }e b`hnhik}b }cb wqeig kitwbqt kim }klb k grbtt ei }cb qbnkhihig kitwbqt) 4) ME IE] NRG R_ }cb {rbt}hei {rbt}hei * kitwbqt) H}‘t ie} }cb qhgc} }e wkx }e pqbpkqb pqbpkqb jeq kix kix IHTN bskn) Geem rimbqt}kimhig ej Deidbp}t ht bttbi}hk`)

 K`` }cb Abt}  ☶  KLTCKXK HIZBT]NBI]T Hizbt} kixwcbqb) Deitr`} rt) 8= Jhqt} J`eeq ]_L Qekm Kimk`prqkn Nkmrqkh — :12 ??4) Bnkh`6 kltckxk}qkhihigOgnkh`)den kltckxk}qkhihigOgnkh`)den _c6 838=8 =8833

EI@HIB _QKD]HDB NEDL ]BT] JEQ IHTN, IDJN, ADJN, NR]RK@ JRIM #BKQ@HBQ KNJH BSKN(, D_JK * K@@ JHIKIDHK@ NKQLB] BSKNT  K] 

www)nemb`bskn)hi #D@HDL ]CB @HIL KAEZB ]E WQH]B EI@HIB NEDL ]BT] JEQ IHTN, IDJN BSKNT(

JQBB MBNE BSKN HT K@TE KZKH@KA@B _@KI K 6 Qt 12? jeq 2 Ei`hib _qkd}hdb ]bt}t — Zk`hmh}x _bqhem — 2 Mkxt Mkxt _@KI A 6 Qt =?? jeq ;? Ei`hib _qkd}hdb ]bt}t — Zk`hmh}x _bqhem — ;2 Mkxt _@KI D 6 Qt 2?? jeq ;2 Ei`hib _qkd}hdb ]bt}t — Zk`hmh}x _bqhem — 4? Mkxt

Qbght}bq iew * Dk`` TqhihO#?(838=8 =8833 jeq }klhig Tknp`b _qbnhrn Bskn) Jeq IDJN, ADJN * IHTN ]qkhihig — Dei}kd} KLTCKXK HIZBT]NBI]T HIZBT]NBI]T — 838=8 =8833