2(%!&*%*4)-%2#%* · 2013. 4. 8. ·...

63
!"#$%&'#() +,&#' -#-%&.( / +,&#' 0 1,2!3() -% 4)-%2#"% ,5567 89:; 5< """""""""" (=>'% 3285 /( ',3/Ñ0( '·e7$7 -% -.2(%!& %" 4)-%2#"% #$% ".4 ? &#2=." +@65ABC ? 1D55E 'AFGH7 -ABH5HIJ7 -DK7 7K 3H7J L7 5DHCCD5M7 ? :N .MKAO@7 :PQ; R 4DHCA5C ,STA@K !"#$%&'#% %' $)*'%&*% +*,-./*%0%&' -% 1 """""""""""""" #"(%&%( -% 3, 4%'!&% -! +%&#4%(&% U&,2=#,3 -,"' 3% '(3,67$*( '( /$ '(1875,7,21 &+(= /·$'8/7( #&'()*+,- *+ -./(+ 0 +@AT7CC7J@ #% 1234$5%676 8)9.+: 7)&+9-+;& *+ -./(+ 0 7% <$8#5==2 >+&,?&* 46L7MH57 V656@DS7

Upload: others

Post on 17-Oct-2020

3 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

!

!"#$%&'#()*+,&#'*-#-%&.(*/*+,&#'*0*

1,2!3() *-% *4)-%2 #"% *

!

,5567*89:;! 5<!""""""""""!

!

(=>'%*

*

-%*

-.2(%!&*%"*4)-%2#"%*!

#$%!

".4*?*&#2=."* *****+@65ABC*?*1D55E*'AFGH7*-ABH5HIJ7*-DK7*7K*3H7J*L7*5DHCCD5M7!?*:N*.MKAO@7*:PQ;*R*4DHCA5C*,STA@K!

!

!

!"#$%&'#%(%'($)*'%&*%(+*,-./*%0%&'(-%(1!""""""""""""""!

!

*#"(%&%(*-%*3,*4%'!&%*-!*+%&#4%(&%*U&,2=#,3*-,"'*3%*

**

*!

#&'()*+,-!*+!-./(+!0!!!+@AT7CC7J@!!#%!1234$5%676!8)9.+:!

7)&+9-+;&!*+!-./(+!0! 7%!<$8#5==2!>+&,?&*!

!

46L7MH57*V656@DS7*

!!

Page 2: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "!

#$%%&'()!!"#!$%&'()*%+'$#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#,!-.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#,!&*!+,-&.'/%)/!0)!1&!0,.23('3'$.!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!5!

6'*!70&83&3'$.!%,3&9$1':2)!&2!;)<.)!"!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!5!'=2>!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?!

9*!@3'$1$=')!0)!1&!0,.23('3'$.!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?!!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?!

6''*!72=%).3&3'$.!0)/!9)/$'./44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!A!6'''*!72=%).3&3'$.!0)/!8)(3)/!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!A!

-*!B$./,:2).-)/!0)!1&!0,.23('3'$.!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!A!6'*!C)3&(0!0)!-($'//&.-)!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!D!6''*!E,F&23!$2!()3&(0!0)!-'-&3('/&3'$.G!)/-&(()/!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!D!6'''*!72=%).3&3'$.!0)!1&!/)./'9'1'3,!&2H!'.F)-3'$./!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!D!6'I*!733)'.3)!0)/!F$.-3'$./!%2/-21&'()/!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!J!

!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!J!6I'*!B$./,:2).-)/!,-$.$%':2)/!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!J!

7.#8+09$'4%+*#5%#(1:+4%095#(5#;0#(1$)%&+%+'$#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<!&*!@H&%).!-1'.':2)!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!K!9*!+,3L$0)/!&.3L($8$%,3(':2)/!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!M!

6'*!N$'0/!)3!3&'11)!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!M!6''*!O.0'-)!0)!%&//)!-$(8$()11)!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"P!6'''*!N1'/!-23&.,/!)3!-'(-$.F,().-)/!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!""!6'I*!Q&1)2(/!0)!(,F,().-)!)H'/3&.3)/!).!8$821&3'$.!/&'.)!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"R!

-*!N&(&%S3()/!9'$1$=':2)/!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"5!6'*!N($3,'.)/!-'(-21&.3)/!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"5!

T"!6OUVT"*!$2!/$%&3$%,0'.) B!444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"?!6'''*!B(,&3'.'.2(')!0)/!R?!L)2()/!)3!'.0)H!-(,&3'.'.2(')W3&'11)!44444444444444444444444444444444444444444444444444444444444444444444444444444444!"?!6'I*!X&1&.-)!&Y$3,)!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"A!6I*!5T%)3LZ1L'/3'0'.)!2('.&'()!65T+[*!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"A!6I'*!\&2H!0)!1Z%8L$-Z3)/!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"A!

0*!723()/!%,3L$0)/!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"D!6'*!7.&1Z/)!0)!1&!-$%8$/'3'$.!-$(8$()11)!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"D!6''*!O.0'-)/!-$%8$/'3)/!"A!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"J!

)*!#3(&3,=')!0)!0,8'/3&=)!0)!1&!0,.23('3'$.!).!%'1')2!L$/8'3&1')(!4444444444444444444444444444444444444444444444444444444444444444!"M!,.#=&1>0;5$*5#(5#;0#(1$)%&+%+'$#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7?!

4444444444444444444444444444444444444444444!RP!!4444444444444444444444444444444444444444444444444444444444444444444444444444444!R"!

-*!N('.-'8)/!)3!)FF'-&-'3,!0)!1&!().23('3'$.!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!R"!

#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7,!-.#@AB5*%+C#:&+$*+:0;#2#(1%5&3+$5&#4+#;0#354)&5#()#:1&+3D%&5#A&0*E+0;#:')>0+%#F%&5#)%+;+415#:')&#;5#(1:+4%095#(5#;0#(1$)%&+%+'$#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7,!7.#@AB5*%+C#45*'$(0+&5#2#>0;+(5&#)$5#>0;5)&#45)+;#()#:1&+3D%&5#A&0*E+0;#:')&#;5#(1:+4%095#(5#;0#(1$)%&+%+'$#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7,!,.#@AB5*%+C#%5&%+0+&5#2#>1&+C+5&#;0#>0;+(+%1#(5#*5%%5#>0;5)&#45)+;#(0$4#)$5#0)%&5#:':);0%+'$#"""""""#7,!

!!!"#=0%+5$%4#5%#31%E'(54#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7G!-.#=0%+5$%4#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7G!7.#H5*)5+;#(54#:0&03D%&54#$)%&+%+'$$5;4#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7G!,.#I1%E'(5#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7J!G.#I1%E'(54#4%0%+4%+6)54#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7J!

!K"#H14);%0%4#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7L!

K"#8+4*)44+'$#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#G-!-.! MCC5%#(54#:0%E';'9+54#4)&#;0#:&1>0;5$*5#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#G-!&*!E$..,)/!0)!1&!1'33,(&32()!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?"!

Page 3: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! R!

!]!0'FF,().-)!0)!8(,I&1).-)!8$2(!2.!O+B!^"KGA!$2!^RP!0&./!1&!8$821&3'$.!!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?R!

!444444444444444444444444444444444444444444444444444444444444444444444444444444!?5!7.#N'&&1;0%+'$#=OP#MNQP#=I#5%#!IN#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#GJ!&*!V$(3)!-$((,1&3'$.!!NXWO+B!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?A!9*!B$((,1&3'$.!N+WO+BG!()F1)3!0)!1&!%&//)!%2/-21&'()G!)3!@B\WO+BG!()F1)3!0)!1&!%&//)!=(&//)!).!8&(3'-21')(!-L)Y!1&!F)%%)!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?D!

,.#81%5&3+$0%+'$#(54#>0;5)&4#45)+;#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#GL!&*!E$..,)/!0)!1&!1'33,(&32()!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?J!9*!_)/!0'FF,().-)/!&I)-!.$3()!,320)!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!AP!

K!"#N'$*;)4+'$#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#J,!

K!!"#O+A;+'9&0:E+5#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#JG!

K!!!"#H1C1&5$*54#(54#%0A;50)R#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#J<!

!S"#T$$5R5#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#JU!! !

Page 4: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5!

O4 O`\CaEbB\Oa`!

-. /0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#

0,/,:2'1'9()!

2.! './3&.3! 0$..,G! )3! 1)/! &88$(3/! .23('3'$..)1/4! _)/! %,-&.'/%)/! 0)! 1&! 0,.23('3'$.! /$.3!

-&().-)4!

!" #$%!&'()*(+,*+-!+,$&./0'/'1&++

<.)!$2!c!2.)!()/3('-3'$.!%&;)2()!

0)/!&88$(3/!,.)(=,3':2)/!)3!8($3,':2)/G!)3!1)/!0,3)(%'.&.3/!0)!1&!0,.23('3'$.!&'=2>4!

6'* 70&83&3'$.!%,3&9$1':2)!&2!;)<.)!"!

! G!1&!0,.23('3'$.!8&(!

&(=.)(!1&!%&//)!%&'=()G!

TcT0'()!1&!%&//)!-)1121&'()!&-3'I)!6)//).3')11)%).3!1&!%&//)!%2/-21&'()*4!

7! 1&! 8L&/)! '.'3'&1)! 02! ;)< (,/)(I)! :2'! /$.3!

$HZ0,)/! ).! -$(8/! -,3$.':2)/! &1$(/! 23'1'/,)/! 8&(! 1)! -)(I)&2!d! c! -)! /3&0)G! $.! $9/)(I)! 2.)!

(3&'.)!,8&(=.)!0)! 1&!

%&//)!%&'=()4!@11)!/)!3(&02'3!8&(! )H-(,3'$.!&Y$3,)!2('.&'()!:2'!&33)'.3!).!A!

c!D!/)%&'.)/! !

.)!0)!R?!LG!2.!L$%%)!0)!JP!e=!&Z&.3!2.)!0,8)./)!,.)(=,3':2)!0)!

"KPP! e-&1G! $HZ0)! JA! =! 0)! 8($3,'.)/!

3('=1Z-,('0)/!68($I).&.3!02!3'//2!&0'8)2H*4!_&!.,$=12-$=).S/)!8($02'3!&1$(/!"KP!=!0)!=12-$/)!!

0$.3!"??!=!/$.3!23'1'/,/!8&(!1)!3'//2!.)(I)2H4!_)/!&23()/!3'//2/!=12-$0,8).0&.3/!%,3&9$1'/).3!

1)! =12-$/)! ).! 1&-3&3)! )3! 8Z(2I&3)! :2'! /)($.3! ()-Z-1,/! ).! =12-$/)! 6-Z-1)! 0)! B$('*4! _)/! &23()/!

$(=&.)/!23'1'/).3!/$'3!0'()-3)%).3!1)/!&-'0)/!=(&/G!/$'3!1)/!-$(8/!-,3$.':2)/4!b.!-&3&9$1'/%)!0)!

JA! =W;! ).3(&f !d! c! -)!

(,02'3! /&! -$./$%%&3'$.! 0)! =12-$/)G! 8$2(! ,8&(=.)(! 1)/! /$2(-)/! 8($3,':2)/! 0)! 1&!

$(8/! -,3$.':2)/4! _)/! &23()/! 3'//2/!

)//).3')11)%).3!1)/!&-'0)/!=(&/4!

Page 5: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?!

6''* C,8$./)! >!

;)<.)!/$.3!&33)'.3)/4!!

! &=()//'$.!&'=2>!d! -)33)!(,8$./)!)/3!-&(&-3,('/,)!8&(!

2.)!&2=%).3&3'$.!02!%,3&9$1'/%)!,.)(=,3':2)!)3!2.)!&2=%).3&3'$.!'.3)./)!02!-&3&9$1'/%)!

%2/-21&'()!8)(%)33&.3!0)! F$2(.'(! 1)/!&-'0)/!&%'.,/!.,-)//&'()/!c! 1&!.,$=12-$=).S/)!)3!2.)!

&2=%).3&3'$.! 0)/! /Z.3LS/)/! 8($3,':2)/! L,8&3':2)/! 6/Z.3LS/)! 0)/! 8($3,'.)/! 0)!

4! B)! -&3&9$1'/%)! /)! 3(&02'3! 8&(! 2.! 9'1&.! &Y$3,! .,=&3'F!

8$2I&.3!&33)'.0()!5P!c!?P!=W;! 6/$'3!2.)!0)/3(2-3'$.!0)!RAP!=!0)!8($3,'.)/! -$(()/8$.0&.3!c!

).I'($.!"!e=W;!0)!%2/-1)!g*4!_)/!0,3)(%'.&.3/!0)!-)33)!(, L$(%$.)/!

02!/3()//!6 /!8&(!1)/!

%&-($8L&=)/!&-3'I,/! 632%$(!.)-($/'/! F&-3$( &18L&G! '.3)(1)2e'.)/! O_T"G! O_TRG! O_TDG! '.3)(F,($.T

=&%%&*4! B)/! -Z3$e'.)/! )H)(-).3! 0)/! .$%9()2H! )FF)3/!%,3&9$1':2)/! )3! ;$2).3! &2//'! 2.! (h1)!

+i%)!

'%8$(3&.3/G! 1)! 0,/,:2'1'9()! )/3! 3)1! :2)! 1&! /'32&3'$.! &9$23'3G! /'! )11)! )/3! 02(&91)G! c! 2.)!

%&1.23('3'$.! 8($3,':2)! 8(,0$%'.&.3)G! 1)/! -&8&-'3,/! 8LZ/'$1$=

;)<.)!,3&.3!8)(02)/4!!

2" 3/'1-14'*+,*+-!+,$&./0'/'1&++

_)/!-&2/)/!/$.3!.$%9()2/)/!)3!1)/!%,-&.'/%)/!'%81':2,/!/$2I).3!'.3(':2,/!"4!

6'* !

@11)/!8)2I).3!8$(3)(!/$'3!/2(!1)/!&88$(3/!,.)(=,3':2)/G!/$'3!/2(!1)/!&88$(3/!8($3,':2)/G!

/$'3!/2(!1)/!RG!/2(!1)/!%&-($.23('%).3/!)3W$2!/2(!1)/!%'-($.23('%).3/!6I'3&%'.)/!)3!,1,%).3/T

3(&-)/*4!

_)/! %&1&0')/! 0'=)/3'I)/! /$.3! 1)/! 8('.-'8&1)/! -&2/)/! 0)! 0,.23('3'$.4! @11)/!

,-&.':2)G!

0,/,:2'1'9()! ).3()! 1)/! 8('/)/!

!

&--$%8&=.)! 1&! 8128&(3! 0)/! %&1&0')/! -L($.':2)/! 6'./2FF'/&.-)/! ()/8'(&3$'()! )3! (,.&1)!

-L($.':2)/G!'./2FF'/&.-)!-&(0'&:2)G!%&1&0')/!-L($.':2)/!02!F$')G!&.$()H')!%).3&1)G!8/Z-L$/)/G!

%&1&0')/! '.F)-3')2/)/! -L($.':2)/G! %&1&0')/! .)2($0,=,.,(&3'I)/*4! BL)Y! 1&! 8)(/$..)! j=,)G!

! (')11)!]!'/$1)%).3!/$-'&1G!0,8()//'$.G!

0'%'.23'$.! 0)/! -&8&-'3,/! 8LZ/':2)/! 6-&8&-'3,! %&/3'-&3$'()G! 3($291)/! 0)! 0,=123'3'$.G! 8)(3)!

3('3'$..)1/!'=.$(,/G!'&3($=,.')4!

Page 6: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! A!

')(!/$.3!F(,:2).3)/G!1)2(!8(,I&1).-)!I&('&.3!0)!

RP!c!DP!k! ,3&3!

1)2(/! 9)/$'./! .)! /$.3! 8&/! '0).3'F',/!

/Z/3,%&3':2)!d! 0)/! ;)<.)/! /$.3! /$2I).3! 8()/-('3/!

-$%81,%).3&'()/!d! 1)/!8('/)/!&1'%).3&'()/!.)!/$.3!8&/! (,=21'S()%).3!&.&1Z/,)/!d! 1&!.23('3'$.!

&(3'F'-')11)! !)/3!;2/3'F',)*!)/3!'./3&2(,)!3&(04!

6''* 72=%).3&3'$.!0)/!9)/$'./!

_)/!9)/$'./!/$.3!&2=%).3,/! 1$(/:2)! 1&!%&1&0')!6-L($.':2)!$2!&'=2>*!)/3!()/8$./&91)!

!

\$23)/!1)/!%&1&0')/!'.F)-3')2/)/!68.)2%$8&3L')/!&'=2>/G!/)83'-,%')G!329)(-21$/)G!/'0&!

)3-4 >4!

_)/! '.3)(I).3'$./! -L'(2(='-&1)/G! 1)/! 8$1Z3(&2%&3'/%)/G! 1)! 3(&2%&3'/%)! -(j.').! =(&I)G!

1)/! 9(<12()/G! &2=%).3).3! 1)/! 0,8)./)/! ,

8($3,':2)!$91'=&3$'()!:2'!.)!8)23!i3()!-$%8)./,!8&(!2.)!8('/)!).!-L&(=)!.23('3'$..)11)!%i%)!

(,-28,(&3'$.!/'!

2.)! 3L,(&8)23':2)! .23('3'$..)11)! )/3! 0,;c! './3&2(,)! )3! 8$2(/2'I')G! 8)(%)33&.3! 1&!

()-$./3'323'$.!0)!1&!%&//)!%&'=()!)3!0)!1&!%&//)!=(&//)4!

_)/! -&().-)/! ).! I'3&%'.)/! )3! ,1,%).3/T3(&-)/! /$.3! -$./3&.3)/! 6(h1)! -&8'3&1! 0&./! 1)/!

/Z/3S%)/!&.3'T$HZ0&.3*4!

6'''* 72=%).3&3'$.!0)/!8)(3)/!

_&!0,. !

E)/! 8)(3)/! 2('.&'()/! ).! &-'0)/! &%'.,/! /$.3! -$./3&.3)/! &2! -$2(/! 02! 0'&9S3)G! 0)! 1&!

-'((L$/)G!0)/!.,8L($8&3L')/!=1$%,(21&'()/G!02!/Z.0($%)!.,8L($3':2)4!

_)/! 0'2(,3':2)/! &2! 1$.=! -$2(/! ).3(&f.).3! 0)/! 8)(3)/! ,1)-3($1Z3':2)/! 68$3&//'2%G!

%&=.,/'2%G!8L$/8L$()*!)3!).!%'-($.23('%).3/!6Y'.-G!I'3&%'.)!7*4!

%" 51&($6.*&%*(+,*+-!+,$&./0'/'1&+

_&! 0,.23('3'$.! ()3).3'3! /2(! 3$23)/! 1)/! =(&.0)/! F$.-3'$./! I'3&1)/4! _)/! -$./,:2).-)/! /)!

'3'$.! )/3!

Page 7: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! D!

&2=%).3&3'$.!0)!1&!%$(9'0'3,!)3!0)!1&!%$(3&1'3,4!_&!0,.23('3'$.!8($3,':2)!

)/3!812/!8&(3'-21'S()%).3!'%81':2,)!0&./!1)!8($.$/3'-!0)/!8&3').3/!0,.23('/4!!N&(!)H)%81)G!2.)!

,320)! 8($/8)-3'I)! (,&1'/,)! -L)Y! 0)/! 8&3').3/! './2FF'/&.3/! ()/8'(&3$'()/! -L($.':2)/G! /2'I'/!

!0)!

%$(3&1'3,!6('/:2)!()1&3'F!l"GD?*R

1&! 1&! -'((L$/)4! _)/!

-$./,:2).-)/! ,-$.$%':2)/! 0)! 1&! 0,.23('3'$.! /$.3! 0$.-! -$./'0,(&91)/! ).! 3)(%)/!

!

!

6'* C)3&(0!0)!-($'//&.-)!

0)! 1&! 3&'11)!8&(!(&88$(3!&2!8$'0/*G! 1&!0,.23('3'$.!&'=2>! c! 1&!

3&'11)4!@.!-1'.':2)!-$2(&.3)G!'1!)/3!&-32)11)%).3!&0%'/!0)!8().0()!).!-$%83)!1)!()3&(0!8$.0,(&1!

8$2(! 0'&=.$/3':2)(! 2.)! 0,.23('3'$.4! _)! 0,F'-'3! .23('3'$..)1! 8)23! &2//'! ()3).3'(! /2(! 1)!

!

6''* E,F&23!$2!()3&(0!0)!-'-&3('/&3'$.G!)/-&(()/!

_&! 0,.23('3'$.! 8($3,'.$T,.)(=,3':2)! )/3! ()/8$./&91 ! ()3&(0! 0)! -'-&3('/&3'$.4! _&!

)/3!-&8&91)!0)!(,02'()!-)/!-$%81'-&3'$./4!

0)!"P!k!0)/!8&3').3/!L$/8'3&1'/,/4!_)/!/2;)3/!L&.0'-&8,/!)3!1)/!/2;)3/!j=,/!/$.3!812/!)H8$/,/4!

/! 0$.3! 1)/! &88$(3/!

&1'%).3&'()/!/$.3!'./2FF'/&.3/!54!

6'''* 72=%).3&3'$.!0)!1&!/)./'9'1'3,!&2H!'.F)-3'$./!

_&!0,.23('3'$.!&!2.!'%8&-3!/2(!8()/:2)!3$2/!1)/!/Z/3S%)/!0)!0,F)./)!'%%2.'3&'()4!!

_)!0,F'-'3!8($3,':2)!;$2)!2.!(h1)!8(,8$.0,(&.3!d!.$3&%%).3!0&./! 1&!8($1'F,(&3'$.!0)/!

1Z%8L$-Z3)/! X! )3! \G! 1&! 8($02-3'$.! 0)/! &.3'-$(8/G! 1&! 0'%'.23'$.! 0)! 1&! /,-(,3'$.! 8&(! 1)/!

%&-($8L&=)/!0)/!'.3)(1)2e'.)/4!!

1&!329)

Page 8: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! J!

$(=&.)/!1Z%8L$m0)/!0'%'.2)!0&./!1)/!0,.23('3'$./4!

! L2%$(&1)! )/3! %$'./! 3$2 4! B)8).0&.3G! 1&!

(,8$./)!I&--'.&1)!)/3!3$23)F$'/!0)!%$'./!9$..)!:2&1'3,4!!

&13,(,)G! F&I$('/&.3! 1)/! 3(&./1$-&3'$./!

9&-3,(')..)/4! _&! .$.T23'1'/&3'$.! 02! 329)! 0'=)/3'F! 8).0&.3! 2.)! -$2(3)! 8,('$0)! 0)! :2)1:2)/!

;$2(/!/2FF'3!c!0'%'.2)(!1&!/,-(,3'$.!0)/!O=7!&2!.'I)&2!).3,($-Z3&'()!%&'/!,=&1)%).3!&2!.'I)&2!

821%$.&'()G! &2=%).3&.3! 1&! /)./'9'1'3,! &2H! '.F)-3'$./G! 0,;c! F&I$('/,)! 8&(! 1&! 0'%'.23'$.!

0,I)1$88)(! 2.)! 8.)2%$8&3L')! c! 7&*.)1%8(/'(+ %!0'&''4! _&! =(&I'3,! 0)/! '.F)-3'$./! )/3! 812/!

/!/2(I')..).3!/2(!2.!3)((&'.!0,.23('4!!

'%%2.$0,8()//'$.!$9/)(I,)!&2!-$2(/!0)/!,3&3/!0)!0,.23('3'$.!)/3!2.)!0)/!-&2/)/!0)/!

'.F)-3'$./! .$/$-$%'&1)/4! _

0,.23('3'$.! 8(,$8,(&3$'()G! 0,F'.')! 8&(! 2.)! 8)(3)! 0)! 8$'0/! /'=.'F'-&3'I)! ).! D! %$'/! &I&.3! 1&!

-L'(2(=')G! !?4!!

_)/! -&().-)/! ).! %'-($.23('%).3/! F&I$('/).3! '.0'I'02)11)%).3! 2.)! 0,8()//'$.! 0)/!

0,F)./)/!'%%2.'3&'()/!A4!

6'I* 733)'.3)!0)/!F$.-3'$./!%2/-21&'()/!

_&! 0'%'.23'$.! 0)! 1&! %&//)! %2/-21&'()G! -$./,-23'I)! c! 1&! 8($3,$1Z/)! )/3! ()/8$./&91)!

.02'/).3!c!2.)!

&13,(&3'$.!0)/!F$.-3'$./!()/8'(&3$'()/!)3!-&(0'$I&/-21&'()/4!!

6I* !

-$2(/!0)!1&!0,.23('3'$.!&'=2>!$2!-L($.':2)4!BL)Y!2.!/2;)3!0,.23('!6RP!k!0)!8)(3)!0)!8$'0/*G!'1!

)H'/3)! 2.)! '.F1&3'$.! 0)! "A!k! 02! /)-3)2(! )H3(&-)1121&'()4! b.)! LZ8)(LZ0(&3&3'$.! 0)! 1&!%&//)!

%&'=()!)/3! -$./3&.3)!)3!8)(/'/3)!8).0&.3!"P! ;$2(/! -L)Y! 1)! /2;)3! ;)2.)!)3!5! /)%&'.)/! -L)Y! 1)!

/2;)3! j=,4! B)33)! %$0'F'-&3'$.! &! 2.! '%8&-3! /2(! 1&! 8L&(%&-$-'.,3':2)! 0)/! %,0'-&%).3/!

LZ0($8L'1)/4!!

6I'* B$./,:2).-)/!,-$.$%':2)/!

_&! 0,.23('3'$.! &! 2.! '%8&-3! ,-$.$%':2)! 8&(! /$.! ()3).3'//)%).3! /2(! 1)! ()-$2(/! &2H!

L$/8'3&1'/&3'$./! )3! 1)2(! 02(,)4! E&./! 2.)! ,320)! (,3($/8)-3'I)! /2(! JJ"! 0$//')(/!%,0'-&2H! )3!

Page 9: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! K!

-L'(2(='-&2HG!1)!-$<3!3$3&1!0)!1nL$/8'3&1'/&3'$.!,3&'3!&--(2!0)!D?!k!)3!1)!-$<3!;$2(.&1')(!0)!RR!k!

-L)Y! 1)/! 8&3').3/! &Z&.3! 2.)! 0,.23('3'$.! 0,F'.')! 8&(! 1)/! -('3S()/! /2'I&.3/! ]! &192%'.,%')!

'.F,(')2()!c!5A!=W1G!1Z%8L$-Z3)/!'.F,(')2(/!c!"APPW%%5G!)3!(&88$(3!8$'0/W3&'11)!'.F,(')2(!c!KP!

k! 0)! 1&! I&1)2(! .$(%&1)4! E&./! 2.)! &23()! ,320)! (,&1'/,)! -L)Y! "PP! 8&3').3/! &0%'/!

-$./,-23'I)%).3G! 1&!02(,)!0)! /,;$2(!0)/!8&3').3/!0,.23('/! ,3&'3!0)!"D! ;$2(/! -$.3()!"P! ;$2(/!

8$2(!1)/!8&3').3/!.$.!0,.23('/4!_)/!-$<3/!L$/8'3&1')(/!,3&').3!()/8)-3'I)%).3!0)!"DDM"!o!?5KM!

-$.3()!JDMR!o!DKJ!0$11&(/D4!E)!812/G!&2!-$2(/!02!/,;$2(!L$/8'3&1')(G! 1&!0,.23('3'$.!/n&==(&I)!

8&(! 0'%'.23'$.! 0)/! 8('/)/! &1'%).3&'()/! d! 812/! 0)! ?P!k! 0)/! ()8&/! /$.3! 8&(3')11)%).3!

-$./$%%,/!8$2(!0)/!(&'/$./!:2'!.)!/$.3!8&/!)H-12/'I)%).3!1',)/!c!1&!%&1&0')4!En&23()!8&(3G!1)/!

8)(/$..)/!:2'!.)!8&(I').0($.3!8&/!c!()8().0()!02!8$'0/!8).0&.3!1nL$/8'3&1'/&3'$.!&2($.3!AP!

k!0)!('/:2)!0ni3()!(,L$/8'3&1'/,)/!1)!%$'/!/2'I&.34!

7. 8+09$'4%+*#5%#(1:+4%095#(5#;0#(1$)%&+%+'$##

!" 39!)*&+%-'&'6.*+

8$//'91)!]! -&8&-'3,/! 0)!%,%$('/&3'$.G! &/3L,.')G! 0'%'.23'$.!

.!9$.!()F1)3!0)!1&!=(&I'3,!0)!1&!0,.23('3'$.G!-&(!1&!(,3).3'$.!LZ0($!/$0,)!

/)-$.0&'()! c! 1&! 0,.23('3'$.! 8($3,':2)! %&/:2)! -)33)! 8)(3)! 0)! 8$'0/4! `,&.%$'./G!

!N12/')2(/!

&--$(0).3! 8$2(! F'H)(! c! "P! k! 1)! /)2'1! 0)! 1&! 8)(3)! 0)! 8$'0/! &2T0)1c! 0)! 1&:2)11)! 1&!

,I&12&3'$.!02!('/:2)4!b.)!8)(3)!0)!8$'0/!

0)!R!k!).!2.)!/)%&'.)!&!1&!%i%)! ).!2.!

%$'/!$2!0)!"P!k!).!D!%$'/J4!

!]!-L)I)2H!/)-/!)3!-&//&.3/G!9'F'0)/G!3)(.)/G!F'./!)3!-1&'(/)%,/G!).!

8&(3'-21')(! &2! .'I)&2! 0)/! =$1F)/! 3)%8$(&2H!d! 0'/8&('3'$.! 0)! 1&! :2)2)! 02! /$2(-'1!d! =1$9)/!

$-21&'()/! /&'11&.3/!d! I'/&=)! 3)(.)! )3! &%&'=('!d! 8)&2! /S-L)G! F'.)G! &Z&.3! 8)(02)! /$.! ,1&/3'-'3,G!

%,1&.$0)(%')!d! $.=1)/! /3(',/G! -&//&.3/G! 0,F$(%,/!d! LZ8)(3('-L$/)! 1&.2='.)2/)! &-:2'/)!d!

8,3,-L')/G! &-($-Z&.$/)! )3! &23()/! 3($291)/! I&/$%$3)2(/!0)/! )H3(,%'3,/! &I)-!2.! &11$.=)%).3!

02!3)%8/!0)!-$1$(&3'$.!

Page 10: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! M!

0&./! 1)! -&0()! 0)! -&().-)/! I'3&%'.':2)/G! )H-)83'$..)11)%).3! 0&./! 1)! -&0()! 0)/! =(&.0)/!

0,.23('3'$./!8($3,'.$T,.)(=,3':2)/!).!(&'/$.!0)!1&!0'%'.23'$.!0)/!9)/$'./4! ! !

! _&!

0$.3! 1)/! 3).0$./! )3! 1)/! $/! /$.3! 8($,%'.).3/! c! 1&! 8&18&3'$.!$.3!2.)!0,81,3'$.!0)/! 8($3,'.)/!

-$(8$()11)/!3$3&1)/!/28,(')2()!c!5P!k!K4!!E)!%i%)!1)!8'.-)%).3!0)/!81'/!-23&.,/!()./)'=.)!/2(!

(,/)(I)/! &0'8)2/)/! /$2/T !

/28)(F'-')11)4!!

0Z/8L&=')!)3!$0Z.$8L&=')G! 1).3)2(!0)!0'=)/3'$.G!8)/&.3)2(!=&/3(':2)!8$/38(&.0'&1)G!0'&((L,)!

)3W$2! -$./3'8&3'$.*! )3! 8&(! 2.)! ).:2i3)! &1'%).3&'()! :2'! 3).3)! 0)! :2&.3'F')(! 1&! 8('/)!

)!

0'&=.$/3'-!8$/'3'F!I$'()!,3'$1$=':2)!0)!1&!0,.23('3'$.!8($3,'.$T,.)(=,3':2)!:2)!/'!)11)!8)(%)3!

&.-)!0)/!9)/$'./!)/3!0$.-!

/$2L&'3&91)4!

2" #$/:1,*(+!&/:01;1)$/0'6.*(+

_)/! %,3L$0)/! &.3L($8$%,3(':2)/! (&//)%91).3! 0)/! %)/2()/! ()1&3'I)%).3! F&-'1)/! c!

-23&.,/!)3!0)!1&!-'(-$.F,().-)!9(&-L'&1)4!

6'* N$'0/!)3!3&'11)!

,3&3! 0)! (,81,3'$.! 0)/! (,/)(I)/!

i3()!-$./'0,(,!-$%%)!2.!%&(:2)2(!0)!0,.23('3'$.4!#$.!'.3)(8(,3&3'$.!0$'3!3).'(!-$%83)!0)!1&!

3&'11)!02!/2;)3!)3!0)!/$.!j=)! 3*4! '.3)(8(,3&3'$.!02!8$'0/!0$'3!i3()!

&2//'!-$%81,3,)!8&(!2.)!I&1)2(!&.3,(')2()!&F'.!0)!-&1-21)(!2.)!8)(3)!8$.0,(&1)4!_&!8(,-'/'$.!

0)! 1&! 8)/,)! )/3! B)8).0&.3G! 1&!

%)/2()!0)!1&!3&'11)!)3!02!8$'0/!8)2I).3!i3()!0'FF'-'1)/!)3!8)2!8(,-'/)/!-L)Y!1)!/2;)3!j=,!$2!&1'3,!

$2!&33)'.3!0)!3($291)!0)!1&!/3&3':2)!(&-L'0')..)4! &!8)/,)!)/3!8&(F$'/!'%8$//'91)!c!

0$%'-'1)G!8&(!)H)%81)!1$(/:2)!1)!8&3').3!I'/'3,!.)!0'/8$/)!8&/!0)!/&!8($8()!9&1&.-)4!_&!%)/2()!

Page 11: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "P!

'%8$//'91)!c!$93).'(G!2.)!F$(%21)!8)23!i3()!23'1'/,)!8)(%)33&.3!0)!8(,0'()!1&!3&'11)!c!8&(3'(!0)!

1&!L&23)2(!0)!1&!;&%9)!&I)-!1&!F$(%21)!0)!BL2%1)&J!]!!

T BL)Y!1&!F)%%)!]!3&'11)!6-%*!l!K?GKK!T!PGR?!H!j=)!6&..,)/*!p!"GK5!H!3&'11)!0)!1&!;&%9)!6-%*!

T !]!3&'11)!6-%*!l!D?G"M!T!PGP?!H!j=)!6&..,)/*!p!RGP5!H!3&'11)!0)!1&!;&%9)!6-%*!

6''* O.0'-)!0)!%&//)!-$(8$()11)!

!_)!8$'0/!,3&.3!0,8).0&.3!0)!1&!3&'11)G!'1!)/3!L&9'32)1!0)!(&88$(3)(!1)!8$'0/!-$(8$()1!c!1&!

!0)!%&//)! -$(8$()11)! 6O+B!$2! '.0)H!0)!q2,3)1)3!$2!21,8+)!((+ '&,*9*!

-&1-21,! 8&(! 1)! (&88$(3! ).3()! 1)! 8$'0/! 6e=*! )3! 1)! -&((,! 0)! 1&! 3&'11)! 6%R*4! B)3! '.0'-)! ()F1S3)! 1&!

-$%8$/'3'$.! -$(8$()11)! )3! )/3! '.0,8).0&.3! 0)! 1&! 3&'11)4! ! )/3!

-$%8('/)!).3()!"KGA!)3!R?GMM!4!B)!(&88$(3!I&(')!0)!F&r$.!8($8$(3'$..)11)!&I)-!1&!%&//)!=(&//)!

,I&12,)!8&(!0)./'3$%,3(')!LZ0($/3&3':2)4!

0&./! 1)! -$(8/! )3! 0)! 0,F'.'(! 1&! -$(821).-)4! +&'/! ! 0)! %&//)!

-$(8$()11)!)3!1&!%&//)!.$.!=(&//)!/$.3!&2//'!1',/!8&(!2.)!-$((,1&3'$.!8$/'3'I)!6(!l!PGDK*"P4!B)/!

!

)3G! ).! -$./,:2).-)

&.3L($8$%,3(':2)/!-$11'=,)/!0&./!2.!=(&.0!.$%9()!0)!8$821&3'$./!)3!/2(!1)/!()1&3'$./!).3()!

1&! -$(821).-)! )3! 1&! 8)(F$(%&.-)! 8LZ/':2)G! 2.)! -1&//'F'-&3'$.! 0)! 0,.23('3'$.! ).! F$.-3'$.! 0)!

! 6\&91)&2!-'T0)//$2/* '.3,(i3!8(&3':2)!0)!-)33)!-1&//'F'-&3'$.!

0,.23('3'$.4! G!2.)!&23L).3':2)!0,.23('3'$.!-L)Y!2.!/2;)3!&Z&.3!2.!O+B!sRP!8)23!.)!

8&/! i3()! '0).3'F',)4! b.! %i%)! '.0)H! 0)! -$(821).-)! ()-$2I()! 0)/! -$%8$/'3'$./! -$(8$()11)/!

I&('&91)/[email protected]'.G!0)/!'.0)H!0)!-$(821).-)!-$%8('/!).3()!"D!)3!"KGA!e=W%R!

%&'=()2(/!-$./3'323'$..)11)/G!).!0)L$(/!0)!3$23)!0,.23('3'$.4!

! !

Page 12: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ""!

!

!$(+*5#(5#30445#*'&:'&5;;5#VW9X3Y.# Z&0(5#(5#(1$)%&+%+'$#

"KG?!c!"JGP! O!

"DGM!c!"DGP! OO!

"AGM!c!"5GP! OOO!

"RGM!c!"PGP! OQ!

^!"PGP! Q!

!

!!

6'''* N1'/!-23&.,/!)3!-'(-$.F,().-)/!

_&! %)/2()! 0)/! 81'/! -23&.,/! )3! 0)/! -'(-$.F,().-)/! )/3! 3)-L.':2)%).3! &'/,)G! 8)2!

-$<3)2/)!)3!(,&1'/&91)!&2!1'3!02!%&1&0)4!@11)!-$%81S3)G!I$'()!()%81&-)G!1)/!%)/2()/!02!8$'0/!)3!

0)!1&!3&'11)!1$(/:2)!-)11)/T-'!.)!/$.3!8&/!8$//'91)/!$2!8)2!8)(3'.).3)/4!#)21/!2.!-$%8&/!0)!81'/!

)3!2.!%S3()!(29&.!/$.3!.,-)//&'()/4!_&!8(,-'/'$.!0)/!%)/2()/!6o"!%%*!)3!1)2(!()8($02-3'9'1'3,!

6o!A!k*!/$.3!9$..)/!8$2(!2.!)H&%'.&3)2(!0$..,4!_)!81'!-23&.,!-$./'/3)!).!2.)!0$291)!-$2-L)!

0)! 8)&2! )3! 0)! =(&'//)! /$2/T-23&.,)! :2'! 0$..)! 2.)! )/3'%&3'$.! 0)! 1&!%&//)! =(&//)! 3$3&1)! 0)!

4! _)/! %)/2()/! /$.3! =,.,(&1)%).3! )FF)-32,)/! 02! -h3,! .$.! 0$%'.&.3! )3! c! 3($'/!

,8&'//)2(! ()3).2)! -$(()/8$.0! c! 1&! %$Z)..)! 0)/! 3($'/!

%)/2()/!)FF)-32,)/4!b.)! 1&(=)!/2(F& T

0)//2/!02!/'3)!c!%)/2()(!&I)-!1)!-$%8&/4!b.)!3(&-3'$.!F(&.-L)!)/3!)H)(-,)!/2(!1)!81'!&F'.!0)!.)!

8&/! 8'.-)(! 1)! 3'//2! %2/-21&'()! /$2/T;&-).34! _&! 8(,-'/'$.! 0)! 1&! %)/2()! 0,-($f3! 1$(/:2)!

,8&'//)2(! 0)/! 81'/! 0,8&//)! RP! )H8,(').-)!

'%8$(3&.3!0)!1&!F'&9'1'3,!)3!0)!1&!()8($02-3'I'3,!0)/!%)/2()/4!!

_)/!:2&3()!81'/!-23&.,/!1)/!812/!23'1'/,/!/$.3!1)!81'!-23&.,!3('-'8'3&1!$2!,8&'//)2(!-23&.,)!

3('-'8'3&1)! 6@B\*G! 1)! 81'! -23&.,! 9'-'8'3&1! 6NBX*G! 1)! 81'! -23&.,! /$2/T/-&821&'()! )3! 1)! 81'! -23&.,!

/28(&T'1'&:2)4!_)/!81'/!-23&.,/!/$.3!)H8('%,/!).!%'11'%S3()/4! @B\!)/3!%)/2(,)!c!%'T0'/3&.-)!

j 8)2/)/! /$2/!

!%%!8$2(!1&!F)%%)!""4!

Page 13: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "R!

_&!-'(-$.F,().-)!9(&-L'&1)!$2!8,('%S3()!9(&-L'&1!6NX*!)/3!%)/2(,)!c!%'T0'/3&.-)!).3()!

$1,-(j.)!&I)-!1)!%S3()!(29&.!8$/,!)3!.$.!3).024!_)!8,('%S3()!9(&-L'&1!6NX*!)/3!

)H8('%,)!).!-%!8$2(!1&!0,3)(%'.&3'$.!0)!1&!%&//)!%&'=()4!!

7! 8&(3'(! 02! 81'! -23&.,! 3('-'8'3&1! )3! 02! 8,('%S3()! 9(&-L'&1! $.! -&1-21)! 1)! 8,('%S3()!

%2/-21&'()! 8&(! 1&! F$(%21)! /2'I&.3)!]! N+! 6-%*! l! NX6-%*! ! ! H! @B\6-%*! 4! _)! 8,('%S3()!

%2/-21&'()!)/3!2.!()F1)3!0)!1&!%&//)!%2/-21&'()!3$3&1)4!!!

(,/)(I)/!3'//21&'()/4!_&!/,I,('3,!0)!1&!0,.23('3'$.!)/3!&88(,-',)!8&(!-$%8&(&'/$.!c!0)/!I&1)2(/!

0)!(,F,().-)!$2!c!0)/!I&1)2(/!%'.'%&1)/!).!0)rc!0)/:2)11)/!1)!8($.$/3'-!I'3&1!)/3!).!;)24!_)/!

I&1)2(/!0)!(,F,().-)/!/$.3!'//2)/!0)!%)/2()/!)FF)-32,)/!/2(!2.!,-L&.3'11$.!()8(,/).3&3'F!0)!1&!

8$821&3'$.!=,.,(&1)!).!9$..)!/&.3,4!E)/!I&1)2(/!'.F,(')2()/!&2!AS%)G!I$'()!&2!"PS%)!8)(-).3'1)G!

/$.3!-$./'0,(,)/!-$%%)!&.$(%&1)/4!!

6'I* Q&1)2(/!0)!(,F,().-)!)H'/3&.3)/!).!8$821&3'$.!/&'.)!

E)/! 3&91)/! /$.3! 0'/8$.'91)/! 1)! 8,('%S3()!

9(&-L'&14!@.!8,0'&3(')!)11)/!$.3!,3,!,3&91')/!8&(!\&..)(!)3!tL'3)L$2/)!)3!u)11'F)!)3!u)11'F)!8$2(!1&!

U(&.0)! X()3&=.)4!

3('-'8'3&1)!0)82'/! !

0)!1&!%&//)!=(&//)!&2!-$2(/!02!0,I)1$88)%).3! 1)/!/3&.0&(0/!()3($2I,/!

.)!8$2I&').3!i3()! c!2.)!8 /!1$.0$..')./"R4!!

N$2(!1&!8$821&3'$.!&0213)!0)/!3&91)/!0)!(,F,().-)/!$.3!,3,!(,&1'/,)/!8&(!X'/L$8!).!"MK"!

)3!8&(!V('/&.-L$!8$2(!1&!8$821&3'$.!.$(0!&%,('-&'.)!).!"MK?4!_)!3(&I&'1!0)!X'/L$8!8$(3)!/2(!

"5D?A! &%,('-&'./! ).! 9$..)! /&.3,! j=,/! 0)! "K! c! J?! &./! -L)Y! :2'! 1)/! %)/2()/!

&.3L($

%$Z)..)! 02!NX! ()3($2I,)! )/3! 0)! 5"GK! 8$2(! 1)/! L$%%)/! )3! RMG?! -%!8$2(! 1)/! F)%%)/4! @3! 1&!

I&1)2(!02!"PS%)!8)(-).3'1)!)/3!0)!RDG?!-%!)3!R5GR!-%!()/8)-3'I)%).3!8$2(!1)/!L$%%)/!)3!1)/!

F)%%)/!""4! !2.!3(&I&'1!/2(!0)/!,-L&.3'11$./!0)!=(&.0)!3&'11)G!

R"JAR!/2;)3/G!j=,/!

$9S/)/4! E)/! I&1)2(/! -$%8('/)/! ).3()! 1)! AS%)! )3! 1)! "PS%)! 8)(-).3'1)/! ,3&').3! -$./'0,(,)/!

-$%%)!%&(:2)2(/!0)!0,.23('3'$.4!b.)!,320)!F(&.r&'/)!(,&1'/,)!).!"MMP!&!-$%8&(,!1)/!I&1)2(/!

).!9$..)!/&.3,4!_&!8$821&3'$.!,3&'3!-$./3'32,)!0)!"R5!L$%%)/!)3!"5"!F)%%)/!0$..)2(/!0)!

Page 14: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "5!

/&.=!).3()!"MK?!)3!"MKA!)3!j=,/!0)!RP!c!AM!&./

-L)Y!1)/!F)%%)/!).3()!RP!)3!5M!&./4!_&!I&1)2(!%$Z)..)!02!NX!

=)!).3()!RP!)3!AM!&./4!_&!I&1)2(!%$Z)..)!02!NX!,3&'3!0)!RMGM!-%!).3()!RP!)3!5M!&./!)3!5"!-%!

).3()!?P!)3!AM!&./4!N$2(!1)/!F)%%)/G!1&!I&1)2(!)/3!812/!9&//)!]!RJG?!)3!RKGJ!()/8)-3'I)%).3!&2H!

%i%)/!j=)/4!_)/!I&1)2(/!'.F,(')2()/!&2!"PS%)!8)(-).3'1)!,3&').3!0)!RJ!!)3!RK! L$%%)!)3!

R?!)3!RA!-L)Y!1&!F)%%)!6()/8)-3'I)%).3!&2H!j=)/!'.0':2,/!-'T0)//2/*"54!B$%%)!

&%,('-&'.)G!1)!NX!)/3!812/!,1)I,!-L)Y!1)/!L$%%) =)!0&./!1)/!R!

1)/!I&1)2(/!02!NX!/$.3!812/!9&//)/!0&./!1)/!0)2H!/)H)/!0&./!

1&!8$821&3'$.!F(&.r&'/)4!_)/!.$(%)/!&.3L($8$%,3(':2)/!&8 ,320)!&%,('-&'.)!0)!

V('/&.-L$!/2(!=(&.0!,-L&.3'11$.!!.)!/$.3!0$.-!8&/!3(&./8$/&91)/!c!1&!8$821&3'$.!F(&.r&'/)4!O1!

I,('3&91)/! 3&91)/! 0)! (,F,().-)! 23'1'/&91)/! 91)! 0)! 1&! 8$821&3'$.!

F(&.r&'/)4! E)/! I&1)2(/! $.3! ,3,! 8($8$/,)/! 8$2(! 1)/! /2;)3/! j=,/! 8&(! E)1&(2)! ).! "MM?!d! 1)! NX!

0'%'.2)!c! 0&./!1)/!0)2H!/)H)/!)3!1&!%$Z)..)!()3($2I,)!I&(')!0)!RJ!c!RK!8$2(!1)/!

8)(/$..)/! j=,)/! 0)! 812/! 0)! KP! &./4! B)33)! I&('&3'$.! 0)! I&1)2(! )/3! 02)! c! 0)/! 0'FF,().-)/!

'.3)((,='$.&1)/! $9/)(I,)/! &2! /)'.!0)!0)2H!8$821&3'$./!0)!%i%)!j=)! &;$23&.3!2.)!0'FF'-213,!

/2881,%).3&'()!&2!-L$'H!0)!I&1)2(/!0)!(,F,().-)"?4!!

%" 7!0!)</0*(+2'1-14'6.*(+

!

6'* N($3,'.)/!-'(-21&.3)/!!

_&! 9&'//)! 0)/! -$.-).3(&3'$./! 81&/%&3':2)/! 0)/! 8($3,'.)/! -'(-21&.3)/! )/3! -$./'0,(,)!

-$%%)! 2.! '.0'-&3)2(! 0)! 0,.23('3'$.! /'! )11)! 3,%$'=.)!

8($3,'.)/! TI')! )/3! 9(SI)4! q2&3()!

8($3,'.)/! 0)! /Z.3LS/)! L,8&3':2)! /$.3! &'./'! -$2(&%%).3! 23'1'/,)/! -$%%)! %&(:2)2(/G!

0Z.&%':2)! 0)! 1&! 0,.23('3'$.! ).! (&'/$.! 0)! 0)%'TI')/! 0'FF,().3)/

,3&3!.23('3'$..)1!)3!0)!.$%9()2/)/!-$.0'3'$./!8&3L$1$=':2)/!/$.3!/2/-)83'91)/!

0)!F&'()!-L23)(!1)/!3&2H!81&/%&3':2)/!).!0)L$(/!0)!3$23)!0,.23('3'$.4!

_)! 0$/&=)! 0)! 23'1'/,! 60)%'TI')!]! RP! ;$2(/*4! b.)! &192%'.,%')!

'.F,(')2()!c!5A!=W1!3,%$'=.)! 0,.23('3'$.G! 1$(/:2 !)/3!

'.F,(')2()! c! 5P! =W14! N12/')2(/! F&-3)2(/! 8)2I).3! -$.-$2('(! &192%'.,%')!]!

Page 15: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "?!

&192%'.,%')! 0$'3! i3()! '.3)(8(,3,)! ).! F$.-3'$.!

60'%'.23'$.! !!

_&!8(,T&192%'.)!)/3!3(S/!/)./'91)!&2H!-&().-)/!8($3,':2)/!)3!&88&(&f3!0$.-!-$%%)!2.!

! 60)%'TI')!]! R! ;$2(/*4! b.)! -$.-).3(&3'$.!

'.F,(')2()!c!RPP!%=W1!3,%$'=.)! 0,.23('3'$.4!_)/!

.3! ,=&1)%).3! 2.)! 0'%'.23'$.! 0)! 1&! 3(&./3LZ(,3'.,%')4! _&! 8(,T

&192%'.)!)/3!1',)!c!1&!8($3,'.)!I)-3('-)!02!(,3'.$1!6CNX*G!1)/!0)2H!8($3,'.)/!-'(-21).3!0&./!2.!

-$.-).3(&3'$.!81&/%&3'

LZ8)(3LZ($m0')4!

T

&192%'.)!:2'!).!(&'/$.!0)!0)%'TI')/!0)!RP!;$2(/!)3!0)!?K!L)2()/!8)(%)33).3!2.!9'1&.!'.'3'&1!)3!

2.!/2'I'!,I$123'F4!

_&!!8($3,'.)!I)-3('-)!02!(,3'.$1!$2!CXN!60)%'TI')!]!"R!L)2()/*!.)!/)!-$281)!8&/!&I)-!1&!

8(,T&192%'.)!1$(/

0)!AP!o!"P!%=W_4!

@.! (&'/$.! 0)! /&! 0)%'TI')! 812/! -$2(3)! 6K! ;$2(/*G! 1)! 0$/&=)! 0)! 1&! 3(&./F)(('.)! )/3!

/Z.3LS/)!)/3!'.I)(/)%).3!1',)!&2!/3&323!

%&(3'&1!-)!:2'!0'%'.2)!/&!/8,-'F'-'3,!).!3&.3!:2)!%&(:2)2(!.23('3'$..)14!

6''* !=($v3L!F&-3$(T"!6OUVT"*!$2!/$%&3$%,0'.) B!!

!=($v3L!F&-3$(T"!6OUVT"*!$2!/$%&3$%,0'.) B!)/3!2.!8)83'0)!%$.$-&3,.&'()!

8($02'3!8&(! 1)! F$')4!_&!:2&/'T T"! -'(-21)! /$2/! F$(%)! 1',)! c!812/')2(/!8($3,'.)/!

/8,-'F':2)/ !'.0'-)! ,:2'1'9()!

1&! 3(&./F)(('.)!)3! 1&!8(,T&192%'.)4! !#$.!0$/&=)!8$2((&'3!0,3)-3)(!2.)!0,.23('3'$.!0,923&.3)4!

BL)Y! 1)!8&3'). T"!&88&(&f3! -$%%)!2.! 3,%$'.!0)!

<3!02!0$/&=)4!

6'''* B(,&3'.'.2(')!0)/!R?!L)2()/!)3!'.0)H!-(,&3'.'.2(')W3&'11)!

_&! -(,&3'.'.2(')! )/3! -$./'0,(,)! -$%%)! 2.! ()F1)3! F'0S1)! 0)! 1&!%&//)!%2/-21&'()! )3! 1&!

!=!0)!-(,&3'.'.)!-$(()/8$.0!c! 1&!

8(,/).-)!0)!"D!c!RP!e=!0)!%2/-1)/4!O1!)H'/3)!2.)!,:2&3'$.!0)!8(,0'-3'$.!0)!1&!%&//)!%&'=()!).!

Page 16: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "A!

F$.-3'$.!0)!1&!-(,&3'.'.2(')!0)/!R?!L)2()/!6%&//)!%&'=()!6e=*!l!RMGPK!H!-(,&3'.'.2(')!0)/!R?L!

6=W;*!p!JG5K*4!

.'.2(')W3&'11)!8().0!).!-$%83)!1&!3&'11)!-$(8$()11)!:2'!)/3!2.!0,3)(%'.&.3!

%&;)2(!0)!1&!%&//)!%2/-21&'()4!

_)/! 1'%'3)/! 0)! -)33)! %)/2()! /$.3!]! 1&! 0'FF'-213,! 0)! ()-2)'1! 0)/! 2('.)/! 0)! R?! L! &I)-!

&1'%).3&3'$.! 0,8$2(I2)! 0)! -(,&3'.'.)! $2! 2.! &88$(3! 8($3'0':2)! -$./3&.3!!

3'I'3,! 8LZ/':2)G! 1&! -L'%'$3L,(&8')! $2! 3$23)!

/'32&3'$.! LZ8)(!%,3&9$1':2)! :2'! &2=%).3).3! 1&! -(,&3'.'.2(')! '.0,8).0&%%).3! 0)! 1&!%&//)!

%2/-21&'()4!

6'I* X&1&.-)!&Y$3,)!

#-L,%&3':2)%).3G!1&!9&1&.-)!)/3!8$/'3'I)!).!/'32&3'$.!0)!(,3).3'$.!&Y$3,)!d!)11)!)/3!.,=&3'I)!).!

8$.-32)11)%).3!2.! ,3&3!.23('3'$..)1! )3!

!

6I* 5T%)3LZ1L'/3'0'.)!2('.&'()!65T+[*!

_&! 5T%)3LZ1L'/3'0'.)! 2('.&'()! )/3! 2.! 8($02'3! 02! -&3&9$1'/%)! 0)/! 8($3,'.)/!

! ! 2('.&'()! 0)! 1&! 5T+[! )/3! 2.!%&(:2)2(! 02!

-&3&9$1'/%)!%2/-21&'()4!B)11)T-'!)/3!(&88$(3,)!c!1&!-(,&3'.'.2(')!0)/!R?!L!)3!1

! )(I)(&'3! c! 1&! 8L&/)! '.'3'&1)!

>! )3! /$.! 0$/&=)! ()/3)! 02! 0$%&'.)! 0)! 1&! ()-L)(-L)! -1'.':2)4!

4!

6I'* \&2H!0)!1Z%8L$-Z3)/!

_&! 0,.23('3'$.! ).3(&f.)! 2.)! (,02-3'$.! 0)! 1&! %&32(&3'$.! 0)/! 1Z%8L$-Z3)/G! 2.)!

0'%'.23'$.! 0)/! F$.-3'$./! '%%2.'3&'()/! )3! 8&(! -$./,:2).-)!

:2'! /$.3! )11)/T%i%)/! F&-3)2(! 0)! 0,.23('3'$.4! b.)! -$.-).3(&3'$.! 0)! 1Z%8L$-Z3)/! -'(-21&.3/!

'.F,(')2()! c! "APPW%%5!

0,.23('3'$.4!

Page 17: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "D!

'$.$=(&%%)!/&.=2'.!&I)-!0,3)(%'.&3'$.!0)!1&!(,/)(I)!&1-&1'.)!I)'.)2/)G!2.)!&88(,-'&3'$.!0)!

2.!0$/&=)!0)!1&!8L$/8L$(,%')!)3!0)!1&!%&=.,/,%')4!B)/!0)(.')(/!0$/&=)/!I$.3!8)(%)33()!0)!

=2'0)(!1)/!%$0&1'3,/!0)!1&!().23('3'$.4!

," =./0*(+)$/:1,*(++

,3&3! .23('3'$..)1! 8)23! i3()! ).I'/&=,)! /$2/! 0'FF,().3)/! %,3L$0)/4!

,3&91'//)%).3! ,-L)11)/4!!

6'* 7.&1Z/)!0)!1&!-$%8$/'3'$.!-$(8$()11)!

@11)!8)23!i3()!(,&1'/,)!c!812/')2(/!.'I)&2H!0)!(,/$123'$.!/2'I&. 4!

2H!

,:2&3'$.!]!!

N$'0/!-$(8$()1!l!%&//)!=(&//)!p!%&//)!%&'=()!

_&! %&//)! %&'=()! )/3! 1&! /$%%)! 0)! 1&! %&//)! -)1121&'()! &-3'I)! )3! 02! -$%8&(3'%).3!

2!

%,3&9$1'/%)! $HZ0&3'F! )3! -$%8$(3)! 1&!%&//)!%2/-21&'()! /3(',)! )3! 1'//)! )3! 1&!%&//)! I'/-,(&1)!

4!O1!)H'/3)!2.)!()1&3'$.!,3($'3)!-L)Y!1)!/2;)3!/&'.!

!]!!

+&//)!%&'=()!l!)&2!-$(8$()11)!3$3&1)WPGJ5!!

4!

T O%8,0&.-)%,3(')!9'$,1)-3(':2)!!

,I&12)(!1&!-$%8$/'3'$.!-$(8$()11)!0)!F&r$.!

/'%81)!)3!(,8,3,)!&2!1'3!

%)/2()/! (,&1'/,)/! -L)Y! 1)! 8&3').3! )3! 1)/! (,/213&3/! /$.3! '%%,0'&3)%).3! 0'/8$.'91)/4! _&!

3)-L.

0,/'=.)!

- ! ! )-32).3! -L)Y! 2.!

8&3').3!).!0,-29'32/!&8(S/!

Page 18: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "J!

/2(! 1)! 0)//2/! 02! 8')0 L$%$1&3,(&1)4! O1! F&23! /$21'=.)(! :2)! 1)/!

-$%8&(3'%).3/! -$(8$()1/! /$.3! 0,02'3/! 0)/! -$%8&(3'%).3/! LZ0(':2)/! ).! -$./'0,(&.3! :2)! 1)!

0&./! 1)/!/'32&3'$./!8&3L$1$=':2)/G!-&(&-3,('/,/!8&(!2.)!)H8&./'$.!02!/)-3)2(!)H3(&-)1121&'()G!

,1$'=.)!812/!=(&.0)%).3!0)!-)3

-&/!0)!(,3).3'$.!LZ0($!/$0,)!%&;)2()!6&/-'3)G! *4!B)33)!%,3L$0)!()/3)!-)8).0&.3!F'&91)!

8$2(! 1)! 0'&=.$/3'-! )3! ,I&12&3'$.! 0)! 1&! 0,.23('3'$.! )3! 0,3)-3)! 0)/! I&('&3'$./! 0)! 1&! %&//)!

-)1121&'()!&-3'I)4!

&2T0)1c!0)!"! 3,%$'=.)! !]!&'./'G!2.!

(&88$(3!,=&1!$2!/28,(')2(!c!"!8)23!i3()!-$./'0,(,!-$%%)!2.!%&(:2)2(!0)!0,.23('3'$.4!

T 79/$(83'$%,3(')!9'8L$3$.':2)!!

.,-)//'3)!

! @.! 812/! 0)/! %)/2()/! 0)/! %&//)/! =(&//)! )3! %&'=() 83'$%,3(')!

9'8L$3$.':2)!:2&.3'F')!1&!%&//)!%'.,(&1)!$//)2/)!)3!&23$('/)!2.)!&.&1Z/)!3$8$=(&8L':2)!0)!1&!

%&//)!=(&//)4!#$.!8('.-'8)!()8$/)!/2(!1&!8($8$(3'$..&1'3,!).3()!1)!-$.3).2!%'.,(&1!$//)2H!)3!

8$//'9'1'3,!

-$%8&(3'%).3/! &I)-! 2.)! =(&.0)! 8(,-'/'$.! /&./! LZ8$3LS/)! 8(,&1&91)G! 0)! (,&1'/)(! 0)/! ,320)/!

'.-$.I,.').3! )/3! 0)! .)! 0$..)(! &2-2.!

#$.! 23'1'/&3'$.! 8$2(! 1)! 0'&=.$/3'-! 0)! 0,.23('3'$.!

!

6''* O.0'-)/!-$%8$/'3)/!"A!

E)/!'.0)H!&//$-'&.3!812/')2(/!%&(:2)2(/!$.3!,3,!8($8$/,/!&F'.!0)!()%,0')(!&2!%&.:2)!0)!

/8,-'F'-'3,! )3! $2! 0)! /)./'9'1'3,! 0)! -L&-2.! 0)/!%&(:2)2(/! 8('/! '/$1,%).34! O1/! /$.3! 23'1'/,/! ).!

1/! /$.3! /$2I).3!

-$%81)H)/! )3! 8)2! 23'1'/&91)/! $2! 3($8! /'%81)/! )3! 8)2! 8)(F$(%&.3/4! B)/! '.0'-)/! -$%8$/'3)/!

/$'./4!B)(3&'./!/$.3!&881':2,/!8(,F,().3')11)%).3!&2H!8&3').3/!L$/8'3&1'/,/!)3!&2H!8)(/$..)/!

j=,)/4!!

T OC`!$2!O.0'-)!0)!('/:2)!.23('3'$..)1!

N$'0/!&-32)1W8$'0/!3L,$(':2)!6NWN3L*!]!!

OC`!l!"GA"M!H!&192%'.,%')!6=W01*!p!6PG?"J!H!NWN3L!H!"PP*!

Page 19: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "K!

!)/3!s!"PP!d!

)3! MJGAG! !

K5GA4!

$-',)! c! 2.)! LZ8$! &192%'.,%')!

'.F,(')2()!c!5P!=W1! -1&//)! 1)!8&3').3!0&./! 1&!%i%)!

8$'0/!=(&I)!/&./!LZ8$!&192%'.,%')4!B)3!'.0'-)G!/'%81)G!8)(%)3!0)!9').!'0).3'F')(!1)!=($28)!0)!

%&1&0)/! /3&.-)!.23('3'$..)11)4!

T!!NO`O!'.0)H!8($.$/3':2)!'.F1&%%&3$'()!)3!.23('3'$..)1!!

B)3! '.0'-)! &//$-')! 1&! %)/2()! 0)! 0)2H! 8($3,'.)/! &%%&3'$.! 61&! BCN! )3!

0)*! )3! 0)! 0)2H! 8($3,'.)/! 0)! 1&! .23('3'$.! 6&192%'.)! )3! 3(&./3LZ(,3'.)*G! /)1$.! 1)!

(&88$(3!/2'I&.3!]!

NO`O!l!6$($/$%2-$m0)!6%=W1*!H!BCN!6%=W1**W6&192%'.)!6=W1*!H!3(&./3LZ(,3'.)!6%=W1**!

B)3!'.0'-)!8)(%)3!0)!-1&//)(!1)/!8&3').3/!).!-'.:!=($28)/!]!NO`O!^!"!]!8&3').3!.$.!'.F)-3,G!.$.!

0,.23('!d!NO`O!l!"!c!"P!]!8&3').3!c!F&'91)!('/:2)!d!NO`O!l!""!c!RP!]!('/:2)!%$0,(,!d!NO`O!l!R"!c!

5P!]!L&23!('/:2)!0)!-$%81'-&3'$.!d!NO`O!s!5P!]!('/:2)!I'3&14!!

0'&=.$/3':2)!0)!1&!0,.23('3'$.!c!8($8()%).3!8&(1)(4"5!

T O`N!$2!'.0)H!.23('3'$..)1!8($.$/3':2)!!

B)3!

,3&3!.23('3'$..)1!&!,3,!,I&12,!0)!F&r$.!8($/8)-3'I)!&I&.3!2.!&-3)!-L'(2(='-&1!c!F($'04!

B$.r2! -$%%)! 2.! '.0'-)! 02! ('/:2)! 0)! %$(9'0'3,! )3! 0)! %$(3&1'3,G! '1! )/3! -&1-21,! c! 8&(3'(! 02!

/2()!02!81'! -23&.,! 3('-'8'3&1!

6@ !]!

&.3'=S.)!$2(1').G!/3()83$e'.&/)T/3()83$0$(.&/)!$2!-&.0'0&4!B)3!'.0'-)!/)!-&1-21)!0)!1&!%&.'S()!

/2'I&.3)!]!!

O`N!6k!02!('/:2)*!l!"AK! !"DGD!H!&192%'.)!6=W01*! !PGJK!H!NB\!6%%*!T!PGRP!3(&./F)(('.)!

6%=W01*!T!AGK!H!/)./'9'1'3,!-23&.,)!()3&(0,)!

B)3!'.0'-)!8)(%)3!0)!-1&//)(!1)/!8&3').3/!).!3($'/!=($28)/!]!!

O`N!^!?P!]!,3&3!.23('3'$..)1!.$(%&1!

O`N!).3()!?P!)3!?M!]!,3&3!.23('3'$..)1!%$Z)..)%).3!0,3,('$(,!

Page 20: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! "M!

O`N!s!AP!]!,3&3!.23('3'$..)1!%&2I&'/4!!

B)3!'.0)H!&!,3,!I&1'0,!8$2(!1)/!8&3').3/!L$/8'3&1'/,/!).!-L'(2(=')!"A4!

T #U7!$2!@I&12&3'$.!=1$9&1)!/29;)-3'I)!!

B)3!'.0)H!()8$/)!/2(!0)/!'.F$(%&3'$./!-1'.':2)/!&88(,-',)/!$9;)-3'I)%).3!$2!0)!F&r$.!

&.&%.S/)! ,I$123'$.! (,-).3)!02!

&88(,-'&3'$.! &88(,-'&3'$.!/29;)-3'I)!0)/!(,/)(I)/!

!0)/! -L)I'11)/!)3W$2!02!/&-(2%G!

,I&12&3'$.

67!]!9').!.$2(('!d!X!]!%$0,(,%).3!0,.23('!d!B!]!/,IS()%).3!0,.23('*4!B)!/-$()!.23('3'$..)1!)/3!

2.! ()F1)3! F'0S ,3&3! .23('3'$..)1G! '1! )/3! /'=.'F'-&3'I)%).3! &//$-',! c! 1&!%$(9'0'3,! -1'.':2)!

-L)Y!1)!%&1&0)!L$/8'3&1'/,!)3!'1!)/3!,=&1)%).3!8(,0'-3'F!0)!1&!/2(I).2)!0)!-$%81'-&3'$./!8$/3T

$8,(&3$'()/4!

T +`7!$2!%'.'!.23('3'$..&1!&//)//%).3!!

_)!+`7!&!,3,!0,I)1$88,!8&(!U2'=$Y!)3!Q)11&/!)

0,.23('3'$.!-L)Y! 1)/!8)(/$..)/!j=,)/4!B)3!$23'1!-$./'/3)!).!2.!:2)/3'$..&'()!-$%8$/,!0)!"K!

c! 1&! %)/2()! 0)! 8&(&%S3()/!

&.3L($8$%,3(':2)/!/'%81)/!6O+BG!-'(-$.F,().-)!9(&-L'&1)G!-'(-$.F,().-)!02!%$11)3!)3!8)(3)!0)!

8$'0/!(,-).3)*4!O1!8)23!i3()!-$%81,3,!).!2.)!0'Y&'.)!0)!%'.23)/!)3!.)!.,-)//'3)!

/8,-'&1'/,)4! _)! +`7! &! ,3,! 3(&02'3! 0&./! 812/! 0)! RP! 1&.=2)/! )3! 23'1'/,! 0&./! 0'FF,().3)/!

8$821&3'$./! 0)! 8)(/$..)/! j=,)/! 0&./! 812/')2(/! 8&Z/!]! 8$821&3'$./! L$/8'3&1'/,)/G! ).! 8(,T

$8,(&3$'()G!).!-$.I&1)/-).-)G!).!%&'/$.!0)!()3(&'3)!)3!c!0$%'-'1)"A4!

*" >/0!/$4'*+,*+,$;'(/!4*+,*+-!+,$&./0'/'1&+*&+)'-'*.+:1(;'/!-'*0+

B$%83)!3).2!0)!1&!%213'81'-'3,!0)/!%,3L$0)/!0)!0'&=.$/3'-!0)!1&!0,.23('3'$.!)3!02!-$./3&3!

[ aFF()!0)!#$'.!6E[a#*!&!8($8$/,!2.)!/3(&3,=')!=1$9&1)!0)!0,8'/3&=)!)3!

0)!0'&=.$/3'-!0)! 1&!0,.23('3'$.4!E)/!&1=$('3L%)/G! &2!.$%9()!0)!?G!$.3! ,3,!,3&91'/!)3!I&1'0,/G!

&881'-&91)/!&2H!&0213)/!L$/8'3&1'/,/!).!/)(I'-)!&'=2!$2!0)!/$'./!0)!/2'3)G!&2H!/2;)3/!0)!812/!0)!

JA! &./G! &2H!%&1&0)/! 0)! /$'./! '.3)./'F/! $2! 0)! (,&.'%&3'$.G! c! 1&! 8,0'&3(')4! 7! -L&-2.)! 0)! -)/!

/'32&3'$./! -$(()/8$.0! 2.)! 8($-,02()! 0)! 0,8'/3&=)! /8,-'F':2)! :2'! ,I$12)! ).! 3($'/! .'I)&2H!

/2--)//'F/4!_)!8()%')(!.'I)&2!0$'3!i3()!

%&1&0)!L$/8'3&1'/,!$2!81&-,!).! './3'323'$.4!@.! F$.-3'$.!02!(,/213&3!$93).2G! 1)!0,8'/3&=)!/)(&!

Page 21: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RP!

_)! 8('.-'8)! 0)! 1&! 0,%&(-L)! )/3! 1)!

/2'I&.3!]!

T @ )/!%&1&0)/!2.)!8)(3)!0)!8$'0/!

6RG! A! $2!"P!k*!$2!2.! O+B!^!

!

T B&1-21)(! 1)! 0)2H *! 8$2(! 1)/! %&1&0)/! /2/8)-3/! 0)!

0,.23('3'$.! /2(! 1&! 8()%

!6s!MJGA!k*!%&1=(,!2.!8$'0/!9&/G!)3!0)!0'&=.$/3':2)(!1)/!%&1&0)/!

=(&I)%).3!0,.23('/! 6OC`!^!K5GA!k*!8$2(! 1)/:2)1/!2.)!8('/)!).! -L&(=)!.23('3'$..)11)!

0$'3!i3()!0,923,)4!_)/!%&1&0)/!&Z&.3!2.)!0,.23('3'$.!%$0,(,)!6MJGA!^!OC`!^!K5GA!k*!

0$'I).3! F&'()!

!

T

/)!8($1$.=)4!

,. =&1>0;5$*5#(5#;0#(1$)%&+%+'$#

!" +

_&!0,.23('3'$.!8($3,'.$T,.)(=,3':2)!)/3!&//$-',)!c!2.)!&2=%).3&3'$.!0)!1&!%$(9'0'3,!

)3! 0)! 1&! %$(3&1'3,4! ! @11)! )/3! &//$-',

%i%)!8$2(!1)/!8&3').3/!&Z&.3!2.)!0,.23('3'$.!8)2!/,IS()!K

F&-'1'3)(! 1)!0'&=.$/3'-!0)! 1&!0,.23('3'$.4!@.!

!k! /)1$.! 1)/! ,320)/! "J4! b.)! ,320)! /2(! 1&! 0,.23('3'$.! ).!%,0)-'.)!

=,.,(&1)!F&'3!,3&3!0)!"P!k!0)!0,.23('/!-L)Y!1)/!8&3').3/!&33)'.3/!0)!8&3L$1$=')/!-L($.':2)!"JG"K4!

@.!$23()G!$.!.$3)! /$2I).3!2.! ()3&(0!0)!8('/)!).! -L&(=)! 1',!c! 1&!0'FF'-213,!0'&=.$/3':2)!0)! 1&!

0,.23('3'$.4! 5A!

,I&12,/!8&(!2.!0',3,3'-').!"M!4!_&!%213'81'-'3,!0)/!%$Z)./!0'&=.$/3':2

'1'/,/! 8$2(! '0).3'F')(! 2.)! 0,.23('3'$.4! E&./! -)/!

,320)/G! 1&!8(,I&1).-)!0)!1&!0,.23('3'$.!I&(')!0)!"P!k!c!DP!k!/)1$.!1)/!8$821&3'$./!,320',)/G!

1)/! -('3S()/! 0)! 0,F'.'3'$./! ()3).2/! )3! 1)/! /)2'1/! 23'1'/,/!"R! "54! E&./! 2.)!%i%)! 8$821&3'$.G! 1&!

8(,I&1).-)!0)! 1&!0,.23('3'$.!I&(')!).! F$.-3'$.!0)/!8&(&%S3()/!23'1'/,/!)3!0)/!/)2'1/! ()3).2/4!

Page 22: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! R"!

E&./!2.)!,320)!0)!\&.!)3!&1!8$(3&.3!/2(!5PJ!8&3').3/!L$/8'3&1'/,/!).!-L'(2(=')G!?M!k!I)(/2/!DR!

k! 0)/! 8&3').3/! ,3&').3! 0,.23('/G! /)1$.! :2)! 1&! 0,.23('3'$.! ,3&'3! 0,F'.')! c! 8&(3'(! 02! (&88$(3!

8$'0/W3&'11)! $2!0)! 1&! -'(-$.F,().-)! 9(&-L'&1)"?4! #2(! 2.)! 8$821&3'$.! 0)! "A"!8&3').3/! j=,/! 0)!

812/!0)!JP!&./!&0%'/!0&./!2.!/)(I'-)!0)!=,('&3(')G!u$$/3).!)3!/$.!,:2'8)!$.3!&881':2,!D!$23'1/!

0'FF,().3/! 8$2(! 1)! 0'&=.$/3'-! 0)! 1&! 0,.23('3'$.4! _&! 8(,I&1).-)! I&('&'3! 0)! DGA! k! c! KA! k! ).!

=(&.0)!I&('&3'$.!0&./! 1&!8(,I&1).-)G!8&(!)H)%81)!2.)!&192%'.,%')!^!5A!=W1!,3&'3! ()3($2I,)!

-L)Y!?P!k!0)/!8&3').3/!&1$(/!:2)!"J!k!&I&').3!2.)!&192%'.,%')!^!5P!=W1!R"4!#)1$.!2.)!,320)!

(,&1'/,)!).!"MMD!/2(!1&!8(,I&1).-)!0)!1&!0,.23('3'$.!).!%,0)-'.)!=,.,(&1)G!1)!8$2(-).3&=)!0)!

0,.23

?G5!k!-$.3()!J! !"M

0)/!8)(/$..)/!j=,/!$2!3(

%)/2()/!.)!/$.3!8&/!F&'3)/G!-)!:2'!).3(&f.)!2.!9'&'/!0)!/,1)-3'$.!0&./!1)/!,320)/!0)!8(,I&1).-)G!

/$2/!)/3'%&.3!&1$(/!1)!3&2H!0)!0,.23('/"[email protected]'.G!/)1$.!`'=L3'.=&1)G!/2(!K?!8&3').3/!L$/8'3&1'/,/!

/)21G!RD!k!/2(!1&!8)(3)!8$.0,(&1)!)3!"M!k!/2(!1)!N+RP4!_&!8(,I&1).-)!I&(')!&2//'!).!F$.-3'$.!0)!

1&!8$821&3'$.!,320',)G!&'./'!M!k!0)/!8&3').3/!j=,/!0)!812/!0)!DA!&./!-$./213&.3!1)2(!%,0)-'.!

=,.,(&1'/3)! /$.3! 0,.23('/! )3! ;2/:2nc! JP! k! 0)/! 8)(/$..)/! j=,)/! './3'323'$..&1'/,)/! I'/'3,)/!

(,=21'S()%).3!8&(!1)!%,0)-'./!=,.,(&1'/3)/!0&./!1)/!@[N7E!)3!1)/!Lh8'3&2H!1$-&2H!R54!

2" ?$ +*&+@'--*+

!_)!()-$2(/!c!0)/!-$%9'.&'/$./!0)!%&(:2)2(/!0)!9$..)!/)./'9'1'3,!8)(%)3!0)!()8,()(!1)!

%&H'%2%! 0)! 8&3').3/! 0,.23('/! $2! c! ('/:2)! 0)! 0,.23('3'$.4! B)/! %&(:2)2(/! /$.3! F&-'1)%).3!

Lh8'3&14!B)8).0&.3!).!0)L$(/!02!8$'0/G!0)!1&!3&'11)!)3!0)!

$.3! ,3,! )H8$/,)/! 812/!L&23G!

i3()!

()-$%%&.0,)! -L)Y! 3$23! 8&3').34! E)! 812/! &F'.! 0)! 0'%'.2)(! 1)! .$%9()! )3! 1&! 02(,)!

TLh8'3&1! )/3! .,-)//&'()4! _&! %)/2()! 02!

8,('%S3()! 9(&-L'&1! )/3! 2.!%&(:2)2(! /'%81)G! &--)//'91)! c! 0)/!%,0)-'./! .$.! /8,-'&1'/,/G! 8)2!

$.,()2H! )3! (,&1'/&91)! &2! 1'3! 02! %&1&0)4! #$.! 23'1'/&3'$.! ).! %,0)-'.)! =,.,(&1)! 8$2((&'3!

-$./3'32)(!2.)!&'0)!&2!0,8'/3&=)!0)!1&!0,.23('3'$.!:2&.0!1&!%)/2()!02!8$'0/!)3!0)!1&!3&'11)!)/3!

0'FF'-'1)!c!$93).'(4!

%" 70'&%';*(+*/+*AA'%!%'/$+,*+-!+0*&./0'/'1&+

b.)!F$'/!1)!0'&=.$/3'-!0)!0,.23('3'$.!,3&91'G!2.)!8('/)!).!-L&(=)!.23('3'$..)11)!0$'3!i3()!

%'/)! ).! 81&-)! (&8'0)%).34! _)! /288$(3! .23('3'$..)1! 0$'3! -$2I('(! 1)/! 9)/$'./! ).! 8($3,'.)/G!

Page 23: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RR!

,.)(=')G!I'3&%'.)/G!%'.,(&2H!)3!$1'=$T,1,%).3/4!O1!!0$'3!i3()!&0&83,!&2!3Z8)!0)!0,.23('3'$.!)3!c!

'$.G!)3!2.)!&.&1Z/)!0)/!&88$(3/!&1'%).3&'()/!/8$.3&.,!

).! 3)(%)! 0)! /2881,%).3&3'$.! I'3&%'.':2)! 8$3).3')11)%).3! '((,I)(/'91)4! @.! =,('&3(')G! 0)/!

()-$%%&.0&3'$./!$.3!,3,!,3&91')/!8&(!1&![7#!).!F$.-3'$.!0)!1&!=(&I'3,!0)!1&!0,.23('3'$.!)3!0)/!

8&(3'-21&('3,/!0)!1&!8)(/$..)!j=,)4!

E)! F&r$.! =,.,(&1)G! 1)/! /288$(3/! .23('3'$..)1/! 23'1'/&91)/! ).! I'11)! /$.3! 1)/! -$./)'1/!

0',3,3':2)/G! 1)/!-$%81,%).3/!.23('3'$..)1/!$(&2H!)3!0&./!-)(3&'./!-&/! 1&!.23('3'$.!&(3'F'-')11)!

8&(!I$')!0'=)/3'I)4!

_)/! -$./)'1/!0',3,3':2)/! -$%8$(3)%).3! 1)/!%$0'F'-&3'$./! &1'%).3&'()/! 6&2=%).3&3'$.!

0)! 1&! F(,:2).-)! 0)/! ()8&/G! 8('I'1,=')(! 0)/! 8($02'3/! &1'%).3&'()/! ('-L)/! ).! ,.)(=')! )3W$2! ).!

8($3,'.)/ (j8,G!$ !

_)/! -$%81,%).3/! &1'%).3&'()/! $(&2H! 6B`a*! /$.3! 0)/! &1'%).3/! 0',3,3':2)/! 0)/3'.)/! c!

0)/!F'./!%,0'-&1)/!/8,-'&1)/4!O1/!/$.3!LZ8)(!,.)(=,3':2)/!65PP!c!?PP!w-&1!8&(!8$(3'$.!0)!RPP!

%1!8$2(!1&!8128&(3*G!.$(%$!$2!LZ8)(T8($3'0':2)/!6J!c!RP!=!8$2(!RPP!%1*G!&I)-!$2!/&./!1&-3$/)G!

&I)-!$2!/&./!F'9()/!)3!8$2(!1&!8128&(3!/&./!=123).4!O1/!/$.3!0,1'I(,/!/$2/!8()/-('83'$.!%,0'-&1)4!

N$2(! 2.)! 23'1'/&3'$.! )FF'-&-)! )3! $83'%&1)! 0)/! B`aG! '1! )/3! ()-$

8()/-('83'$.!c!0)/!-$./)'1/!0',3,3':2)/G!0)!8(,/).3)(!&2!%&1&0)!1)/!B`a!-$%%)!2.!3(&'3)%).3!

&88,3'3G! 0)! I&(')(! 1)/! B`a! 8&(! 1&! 3)H32()! 6-(S%)/G!

I,('F')(!1&!-$./$%%&3'$.!0)!-)/!8($02'3/!c!-L&:2)!-$./213&3'$.!

)3!0)!(,&0&83)(!1&!8()/-('83'$.!/'!.,-)//&'()4!@.!8(&3':2)G!1)!8&3').3!-$./$%%)!).I'($.!0)2H!

B`a!8&(!;$2(R?4!

B)/! %)/2()/! 0)! ().23('3'$.! /$.3! )FF'-&-)/! /2(! 1&! 8('/)! 0)! 8$'0/! &'./'! :2)! /2(! 1&!

-$%8$/'3'$.! -$(8$()11)4! @.! )FF)3G! 2.)!%,3&T&.&1Z/)! 0)! 1&! B$-L(&.)!%$.3()! :2)! 1)/! -$./)'1/!

.23('3'$..)1/!&//$-',/!$2!.$.!c!0)/!B`a!-L)Y!2.!8&3').3!0,.23('!8)(%)3!2.!=&'.!0)!8$'0/!%&'/!

&2//'! 2.)! &2=%).3&3'$.! 02! 8,('%S3()! '//)2(! -23&.,! 3('-'8'3&1)RA4! E)!

812/G!1)/!/288$(3/!.23('3'$..)1/!$(&2H!$.3!2.!'%8&-3!/2(!1&!0'%'.23'$.!0)!1&!%$(3&1'3,!-L)Y!1)/!

8&3').3/! 0,.23('/!%&'/! &2//'! -L)Y! 1)/! 8&3').3/! j=,/!

8&(3!'1/!8)(%)33).3!0)!(,02'()!1)!('/:2)!0)!-$%81'-&3'$./!'.F)-3')2/)/!)3!1)!('/:2)! RD4!!

!

! !

Page 24: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! R5!

OO4 aXu@B\OV#!E@!_ x\bE@!

-. @AB5*%+C#:&+$*+:0;#2#(1%5&3+$5&#4+#;0#354)&5#()#:1&+3D%&5#A&0*E+0;#:')>0+%#F%&5#)%+;+415#:')&#;5#(1:+4%095#(5#;0#(1$)%&+%+'$#

8&(&%S3()/!/'%81)/!:2'!0)I(&').3!8$2I$'(!i3()!%)/2(,/!&2!-$2(/!0)!3$23!)H&%).!-1'.':2)4!O1!

!)3!).!I'11)!-L)Y! 1)!

8)23!).!)FF)3!1'%'3)(!1)/!8$//'9'1'3,/!

LZ0($!/$0,)!

,!

23'1)! 0)! 0,3)(%'.)(! /'! 2.)! %)/2()! /'%81)G! -)11)! 02! 8,('%S3()! 9(&-L'&1! 8)2! &FF)-3,)! 8&(! 1&!

(,3).3'$.!LZ0($/$0,)G!8$2I&'3!i3()!23'1'/,)!8$2(!1)!0,8'/3&=)!0)!1&!0,.23('3'$.4!!

7. @AB5*%+C#45*'$(0+&5#2#>0;+(5&#)$5#>0;5)&#45)+;#()#:1&+3D%&5#A&0*E+0;#:')&#;5#(1:+4%095#(5#;0#(1$)%&+%+'$##

8&3').3/! j=,/! 0)! %$'./! 0)! JA! &./G! ^! R"! -L)Y! 1)/! 8&3').3/! j=,/! 0)! 812/! 0)! JA! &./4! 7F'.! 0)!

0,8'/3)(!812/!1&(=)%).3!1)/!8&3').3/!8(,/).3&.3!2.!('/:2)!.23('3'$..)1G!.$2/!&I$./!,=&1)%).3!

()3).2!1)/!8&3').3/!c!('/:2)!.23('3'$..)1!8(,/).3&.3!2.!O+B!^!RP4!`$2/!&I$./!()-L)(-L,!0&./!

2.!3(&I&'1!8($/8)-3'F!1&!I&1)2(!/)2'1!02!NX!8)(%)33&.3!0)!0,8'/3)(!-)/!=($28)/!0)!8&3').3/4!B)/!

I&1)2(/!/)2'1!$.3!,3,!)./2'3)!I&1'0,)/!0&./!2.)!&23()!8$821&3'$.!0)!8&3').3/4!

,. @AB5*%+C#%5&%+0+&5#2#>1&+C+5&#;0#>0;+(+%1#(5#*5%%5#>0;5)&#45)+;#(0$4#)$5#0)%&5#:':);0%+'$#

E&./! 2.! 3($'/'S%)! 3)%8/G! 1&! I&1)2(! /)2'1! 0)! NX! &! ,3,! 3)/3,)! 0&./! 2.! =($28)! 0)!

8)(/$..)/!j=,)/!I'I&.3!0&./!2.)!@[N7E4!!

! !

Page 25: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! R?!

OOO4 N7\O@`\#!@\!+x\[aE@#!

-. =0%+5$%4##

\$2/! 1)/! 8&3').3/! &0213)/! L$/8'3&1'/,/! ).3()! RPP5! )3! RPPM! 0&./! 1)! /)(I'-)! 0)!

h8'3&1!BL).)I')(!0)!B(,3)'1!

)H12! 1)/! 8&3').3/! :2'! 8(,/).3&').3! 2.)! -'((L$/)! 0,-$%8)./,)! ).! (&'/$.! 0)/! 3($291)/! 0)! 1&!

(,3).3'$.!LZ0($T 3&3'$.!0)/!(,/213&3/4!

7. H5*)5+;#(54#:0&03D%&54#$)%&+%+'$$5;4#

0'FF,().3/!]!

.0)H!0)!%&//)!-$(8$()11)!6O+B*!

-&1-21,! 8&(! 1)! (&88$(3! ).3()! 1)! 8$'0/! 6e=*! )3! 1)! -&((,! 0)! 1&! 3&'11)! 6%R*4! _)/!

8&(!2.!O+B!'.F,(')2(!c!"KGA!-L)Y!1)/!8&3').3/!j=,/!0)!%$'./!0)!JA!&./!)3!'.F,(')2(!c!R"!&2!0)1c4!

7F'.! 0)! 0,8'/3)(! 812/! 1&(=)%).3! 1)/! 8&3').3/! 8(,/).3&.3! 2.! ('/:2)! .23('3'$..)1G! .$2/! &I$./!

,=&1)%).3!()3).2!1)/!8&3').3/!c!('/:2)!.23('3'$..)1!8(,/).3&.3!2.!O+B!^!RP4!

8&'//)2(! -23&.,)! 3('-'8'3&1)G! -&1-21! 02!

8,('%S3()!%2/-21&'()!

T0'/3&.-)! ).3()!

j.)!&I)-!1)!%S3()!(29&.!8$/,!)3!.$.!3).02G!9(&/!y!8).0&.3!z4!_&!%)/2()!

-23&.,)!3('-'8'3&1)!6@B\*!,3&'3!)FF)-32,)!&I)-!2.!-$%8&/!0)!81'/G!/2(!1)!9(&/!.$.!

0$%'.&.3G!).!)H)(r&.3!2.)!3(&-3'$.!F(&.-L)!/2(!1)!81'!&F'.!0)!.)!8&/!8'.-)(!1)!3'//2!%2/-21&'()!

/$2/T;&-).34!_)!8,('%S3()!%2/-21&'()!6N+*!)/3!-&1-21,!c!8&(3'(!0)!1&!-'(-$.F,().-)!9(&-L'&1)!)3!

)!8&(!1&!F$(%21)!/2'I&.3)!]!N+!6-%*!l!NX!6-%*! 68'!H!@B\*4!

_)/!%)/2()/!,3&.3!)FF)-32,)/!/2(!9(&/!.$.!0$%'.&.34!

@I&12&3'$.!0)!1&!(&3'$.!&1'%).3&'()!!

_&! (&3'$.! &1'%).3&'()! :2$3'0')..)!6e-&1W;$2(*! ,3&'3! ()-2)'11')! 8&(! 2.)! ,:2'8)! 0)!

0',3,3'-')./! 8&(! 1&! %$Z)..)! 0)/! '.=)/3&/! 0)! -L&:2)! 8&3').3! /2(! 1)/! 8()%')(/! ;$2(/!

&2H!8&3').3/!,3&'3!0)!"KPPTR"PP!e-&1W;$2(!&I)-!

2.)!8($8$(3'$.!0)!=12-'0)/G!1'8'0)/!)3!8($3,'.)/!()/8)-3'I)%).3!0)!AAG!5P!)3!"A!k4!_&!(&3'$.!

,3&'3! 1)!812/!/$2I).3!8&2I()!).!/)1!&I)-!2.!&88$(3!0)!R!=W;

Page 26: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RA!

8($3,'.)/!-$./$%%,)/!,3&').3!-&1-21,)/!/2'I&.3!1)/!0$..,)/!BOqb7_!6(,8)(3$'()!=,.,(&1!0)/!

&1'%).3/!]!1$='-')1!%'-($T()=&1!_&I$'/')(!)04!N&('/!RPPPTRPP?*4!B)/!'.=)/3&/!,3&').3!).()='/3(,/!

-&1-21!0)/!:2&.3'3,/!(,)11)%).3! '.=,(,)/!c!8&(3'(!0)/!8$(3'$./!8($8$/,)/!63$3&1'3,G!812/!0)! 1&!

%$'3',G! %$'./! 0)! 1&! %$'3',G! .211)*4! _)/! /2881,%).3/! )3! 1)/! &88$(3/! )H3,(')2(/! ,3&').3!

()-L)(-L,/!)3!.$3,/4!

,. I1%E'(5#

)3!1&!8$821&3'$.!0)!I&1'0&3'$.!0)/!8&3').3/!&0%'/!0&./!1)!%i%)!/)(I'-)!).3()!RPPJ!)3!RPPM4!

'.3,(i3!,3&'3! !,3&').3!L$/8'3&1'/,/!0&./!1)!

%i%)!/)(I'-)!)3!&I&').3!0)/!8&3L$1$=')/!/'%'1&'()/4!!O1!,3&'3!0$.-!8$//'91)!0)!-$%8&()(!1)/!

I&('&91)/!:2'!.$2/!'.3,()//&'34!!

E&./!2.!8()%')(!3)%8/!.$2/!&I$./!-$.F($.3,!-L&:2)!I&1)2(!0)!NX!%)/2(,)!c!1&!I&1)2(!

0)!(,F,().-)!0)!0,.23('3'$.!0,F'.')!

NX!$.3!,3,!0,3)(%'.,)/! !

E&./!2.!0)2H'S%)!3)%8/!.$2/!&I$./!,I&12,!1&!F'&9'1'3,!0)/!I&1)2(/!02!NX!).!&881':2&.3!

-)/!0$..,)/!c!1&!8$821&3'$.!0)!I&1'0&3'$.4!

!

`$2/!&I$./!0$.-!()-L)(-L,!0&./!-)!3(&I&'1!8($/8)-3'F!1&!I&1)2(!/)2'1!02!NX!8)(%)33&.3!

0)!0,8'/3)(!-)/!=($28)/!0)!8&3').3/4!B)/!I&1)2(/!/)2'1!$.3!,3,!)./2'3)!I&1'0,)/!0&./!2.)!&23()!

8$821&3'$.!0)!8&3').3/4!

!

E&./! 2.! 3($'/'S%)! 3)%8/G! 1&! I&1)2(! /)2'1! 0)! NX! &! ,3,! 3)/3,)! 0&./! 2.! =($28)! 0)!

&.3L($8$%,3(':2)/! 9(&-L'&1)/! $.3! ,3,! (,&1'/,)/! 8&(! 0)2H! '.I)/3'=&3)2(/! 0'FF,().3/! 0&./! 1)!

!

G. I1%E'(54#4%0%+4%+6)54#

_)/!(,/213&3/!0)/!I&('&91)/!:2&.3'3&3'I)/!$.3!,3,!)H8('%,/!8&(!1&!%$Z)..)!o!0,I'&3'$.!

/3&.0&(04! _)/! -$%8&(&'/$./! 8$(3&.3! /2(! 1)/! I&('&91)/! :2&.3'3&3'I)/! ).3()! 812/')2(/! =($28)/!

Page 27: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RD!

$.3!,3,!)FF)-32,)/!c! 1n&'0)!0n2.)!&.&1Z/)!0)! 1&! I&('&.-)4!_$(/:2)!-)33)!&.&1Z/)!%$.3(&'3!2.)!

0'FF,().-)!/'=.'F'-&3'I)G!1)/!-$%8&(&'/$./!).3()!0)2H!=($28)/!$.3!,3,!)FF)-32,)/!c!1n&'0)!02!3)/3!

0)!X$.F)(($.'TE2..4!_)/!-$%8&(&'/$./!8$(3&.3!/2(!0)/!I&('&91)/!:2&1'3&3'I)/!$.3!,3,!(,&1'/,)/!

c! 1n&'0)! 02! 3)/3! 02! R! 4! _)/! -$((,1&3'$./! $.3! ,3,! -&1-21,)/! /2'I&.3! 1&!%,3L$0)! 0)/!%$'.0()/!

-&((,/4! _)/! /)./'9'1'3,/G! /8,-'F'-'3,/G! I&1)2(/! 8(,0'-3'I)/! 8$/'3'I)/! )3! I&1)2(/! 8(,0'-3'I)/!

.,=&3'I)/! 0)/! I&1)2(/! /)2'1! 02! 8,('%S3()! 9(&-L'&1! $.3! ,3,! 0,3)(%'.,)/! 0&./! 1&! 8$821&3'$.!

0n,320)! )3! 3)/3,)/! 0&./! 1&! 8$821&3'$.! 0)! I&1'0&3'$.4! _&! -$2(9)! CaB! 6C)-)'I)(! a8)(&3'.=!

11)!0)!-$.F'&.-)!6OB*!c!

MA!k!$.3!,3,!(,&1'/,)/!/2'I&.3!1&!%,3L$0)!0,-('3)!8&(![&.1)Z!)3!+-!`)'1!J4!_)/!0$..,)/!$.3!,3,!

&.&1Z/,)/! c! 1n&'0)! 02! 1$='-')1! /3&3'/3':2)! #3&I')v! 6#3&3I')v! A4P! #474#! O./3'323! O`B4! B&(Z! `B!

RJA"5G!b#7*4!

! !

Page 28: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RJ!

OQ4 Cx#b_\7\#!

_)/!8&3').3/!&0%'/!0&./!1)!/)(I'-)!0)!C,,02-&3'$.!E Lh8'3&1!74!BL).)I')(!

0)!RPP5!c!RPPD! !]!8$821&3 4!72!3$3&1G!DK?!8&3').3/!$.3!,3,!

@.! F$.-3'$.! 0)! 1&! 8&3L$1$=')G! :2&3()! =($28)/! $.3! ,3,!

0'/3'.=2,/!]!%&1&0)/! 8(,/).3&.3! 2.)! 8&3L$1 .! l! 5?M*G! 8&3').3/!

&0%'/! &8(S/! -L'(2(=')! 0'=)/3'I)! 6.! l! R?J*G! 8&3').3/! 8(,/).3&.3! 2.)! L,8&3$8&3L')! .$.!

&1-$$1':2)!.$.!0,-$%8)./,)!6.!l!"J*G!)3!%&1&0)/!&//$-'&.3!812/')2(/!8&3L$1$=')/!).!(&88$(3!

!6.!l!J"*4!!

#2'I&.3!1)/!%i%)/!-('3S()/G!2.)!8$821&3'$.!&!,3,!()-(23,)!0)!RPPJ!c!RPPM!8$2(!I&1'0)(!

1)/!(,/213&3/!$93) !]!8$821&3'$.!0)!I&1'0&3'$.4! !B)33)!8$821&3'$.!

0)!I&1'0&3'$.!,3&'3!-$%8$/,)!DP"!%&1&0)/!8(,/).3&.3!

6.!l!5RJ*G!0)/!8&3').3/!&0%'/!&8(S/!-L'(2(=')!0'=)/3'I)!6.!l!RPJ*G!0)/!8&3').3/!8(,/).3&.3!2.)!

L,8&3$8&3L')! .$.! &1-$$1':2)! .$.! 0,-$%8)./,)! 6.! l! ""*G! 0)/! 8&3').3/! 8(,/).3&.3! 2.)!

6.!l!AD*4!!

_)/!,3'

3'$.!F'=2().3!0&./!1)!3&91)&2!"4!

!

Page 29: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RK!

\7X_@7b!"!]! &3'$.!!

!

!B&.-)(/!0'=)/3'F/! \(&./81&.3&3'$.!L,8&3':2)!

BL'(2(=')!L,8&3$T9'1'&'()!!6&23()!:2)!3(&./81&.3&3'$.*!

723()/!8&3L$1$=')/!0'=)/3'I)/!

.! J"! AA! "D! "PA!

B!2-*!.+C!+D! !]!3Z8)!0)/!8&3L$1$=')/!-L)Y!1)/!8&3').3/!&0%'/!).!/2'3)!0)!-L'(2(=')!0'=)/3'I)!!!

!#)I(&=)!

#Z.0($%)!0)!U&Z)3!t)(.'-e)Ww$(/&e$FF!

`)2($8&3L')! N&.-(,&3'3)!! [,8&3$8&3L')! 723()/!!

.! "5P! A5! 5?! ?M! D"! RR!

B!2-*!.+C2+D! ! !!!

!B&.-)(/!0'=)/3'F/! \(&./81&.3&3'$.!L,8&3':2)! BL'(2(=')!L,8&3$T9'1'&'()!!

723()/!8&3L$1$=')/!0'=)/3'I)/!

.! D?! DR! K! JR!

B!2-*!.+C%+D!8$821&3'$.!0)!I&1'0&3'$.!]!3Z8)!0)/!8&3L$1$=')/!0)/!8&3').3/!&0%'/!).!/2'3)!0)!-L'(2(=')!0'=)/3'I)!!!

!#)I(&=)!

#Z.0($%)!0)!U&Z)3!t)(.'-e)Ww$(/&e$FF!

`)2($8&3L')! N&.-(,&3'3)!! [,8&3$8&3L')! 723()/!!

.! "PJ! A5! ?5! ?A! AA! R?!

B!2-*!.+C,+D!N$821&3'$.!0)!I&1'0&3'$.! !!

Page 30: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! RM!

,320)!F'=2().3!0&./!1)!

3&91)&2!R!6-'T&8(S/*4!!

_)/!%&1&0)/!8(,/).3&.3!2.)!8&3L$1$=')!).!(&88$(3! !

6j=)! %$Z).! l! ?KGM! &./*G! 1)/! L$%%)/! ,3&').3! 812/! .$%9()2H! 0&./! -)! =($28)! 6JD! k!

I)(/2/!R?!k!0)! F)%%)/*! )3! 0&./! 1)! =($28)!0)/!%&1&0)/!8(,/).3&.3!2.)!L,8&3$8&3L')!

.$.!&1-$$1':2)!6J"!k!I)(/2/!RM!k*4!!

N$2(! 1)/! 8&(&%S3()/! .23('3

/'=.'F'-&3'I)%).3!0'FF,().3)!).3()!1)/!=($28)/!68!l!PG"55A*4!@.!()I&.-L)!'1!)/3!.$3,!0)/!

0'FF,().-)/!-$.- !68^"PT?* !1&!812/!F&'91)!0&./!1)!=($28)!

$$1! 6KG?!%%*G! 1)! 8,('%S3()!%2/-21&'()! ,3&'3! 1)! 812/! F&'91)! 0&./! 1)!

=($28)! 0)/! %&1&0)/! 8(,/).3&.3! 0)/! 8&3L$1$=')/! &//$-',)/! )3! -L)Y! 1)/! %&1&0)/! 8$/3T

-L'(2(='-&2H!6()/8)-3'I)%).3!RPGM!)3!R"GD!-%*4!_&!(&3'$.!&1'%).3&'()!,3&'3!1&!812/!F&'91)!

-L)Y! 1)/! %&1&0)/! 8(,/).3&.3! 0)/! 8&3L$1$=')/! &//$-',)/! )3! -L)Y! 1)/! %&1&0)/! 8$/3T

-L'(2(='-&2H!6()/8)-3'I)%).3!"?AA!)3!"ARA!-&1$(')/*4!

! B$.-)(.&.3! 1)! 8,('%S3()! 9(&-L'&1G! 1)/! I&1)2(/! %$Z)..)/! %)/2(,)/! ,3&').3!

-$%8&(&91)/!).3()!1)/!=($28)/!68!l! ,3&'3!812/!9&/!0&./!1)!=($28)!&1-$$1!)3!

! ('/:2)! 0,.23('3'$.!

%&1=(,!2.)!(&3'$.!-&1$(':2)!812/!,1)I,)!:2)!1&!%$Z)..)4!

Page 31: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5P!

\7X_@7b!R!]!B&(&-3,('/3':2) TRPPD*!

!

N&3L$1$=')/![WV!6k*!

7=)!6&..,)/*!

N$'0/!6e=*!O+B!

6w=W%{*!NX!6-%*! @B\!6%%*! N+!6-%*!

C&3'$.!6e-&1*!

C'/:2)!0)!E,.23('3'$.!

6k*!O+B^RP!

E,.23('3'$.!6k*!

6O+B^"KGA!d!^R"!/'!sJA!

&./!

71-$$1!6.!l!!5?M*!

JDW!R?!

?KGM|P!o!MGA!

D?GD!o!"?GD!

RRGR!o!?G?! RAGA!o!5GM! KG?|!o!AG"! RRGMo!5GR!"MPJ|P!o!A"J!

AP! RPGR!

N$/3T-L'(2(='-&1!!6.!l!R?J*!

AMW!?"!

DAGM|!o!"?G"!

D"GJ!o!"?G5!

R5!o!AGA! RAG5!o!?G5!""GD|!o!JGJ!

R"GD!o!5G"!"ARAP!o!A?A!

5?GK! R5!

[,8&3$8&3L')/!.$.!&1-$$1':2)/!

6.!l!"J*!

J"W!RM!

APGK!o!"?G?!

JRGJ!o!"JG?!

RAGK!o!AGJ! RJGK!o!DG"! "PG?!o!DGK!R?GAp!o!AGJ!

"JAP!o!JAJ!

"AG5! "AG5!

N&3L$1$=')/!&//$-',)/!6.!l!J"*!

??W!AD!

DMG5P!o!"D!D"G?!o!RPG?!

RRGM!o!JG5! R5GM!o!AG5! MGA!o!DGD! RPGMp!o!5GM!"?AAP!o!?KM!

?"GK! 5RGK!

8! ^"PT?! ^"PT?! PGP?P?! PGPAPA! PGPAPA! ^"PT?! ^"PT?! ^"PT?! PGRJRD! PG"55A!

!

\)/3!0)!X$.F)(($.'!E2..!]!|P!]!8^"PT?!d!p!]!8!l!PGPP5J!

! !

Page 32: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5"!

_)/! -&(&-3,('/3':2)/!0)/!%&1&0)/! '.-12/!0&./! 1&! 8$821&3'$.!0)! I&1'0&3'$.! F'=2().3!

0&./!1)!3&91)&2!5!6-'T&8(S/*4!!

=($28)!)3!0&./!1)!=($28)!0)/!%&1&0)/!8(,/).3&.3!2.)!L,8&3$8&3L')!.$.!&1-$$1':2)4!E&./!

-)33)! 8$821&3'$.G! 1)/! %&1&0)/! :2'! &I&').3! 0)/! 8&3L$1$=')/! &//$-',)/! 8(,/).3&').3! 2.)!

8(,I&1).-)! 812/! ,1)I,)! 0)! %&1.23('3'$.4! _&! (&3'$.! -&1$(':2)! ,3&.3! ,=&1)%).3! 1&! 812/!

F&'91)!0&./!-)!=($28)4!

! _&! 8(,I&1).-)! 0)! 1&! 0,.23('3'$.! )3! 02! ('/:2)! 0)! 0,.23('3'$.! -L)Y! 1)/! %&1&0)/!

! !

Page 33: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5R!

\7X_@7b!5!]!B&(&-3,('/3':2)/!0)!1&!8$821&3'$.!0)!I&1'0&3'$.!6RPPJTRPPM*!

!

N&3L$1$=')/![WV!6k*!

7=)!6&..,)/*!

N$'0/!!6e=*!

O+B!6w=W%{*!

NX!!6-%*!

@B\!!6%%*!

N+!!6-%*!

C&3'$.!6e-&1*!

C'/:2)!0)!0,.23('3'$.!

6k*!O+B^RP!

E,.23('3'$.!6k*!

6O+B^"KGA!d!^R"!/'!sJA!

&./!

71-$$1!6.!l!!5RJ*!

JDGAW!R5GA!

APGJ&9-!!o!!"PG5!

DJG?)!!o!!"AGK!

R5!o!AGR!RAGJ!o!?G"!

KG?!o!DGJ!R5G"'F!o!5GA!

"KJ5=L!o!ARK!

RMGA! "AGJ!

N$/3T-L'(2(='-&1!!6.!l!RPD!

DPGJW!5MG5!

DAGR&0!o!"5G5!

D5GR!o!"?GM!

RRGM!o!AG?!

RA!o!?GR! MGJ!o!DGD! RR'!o!5G?!"AK"=!o!ARK!

5"GK! R5G?!

[,8&3$8&3L')/!.$.!&1-$$1':2)/!

6.!l!""*!M"WM!

AKGK-!o!"K!

AMG5!o!KGD!

R"GR!o!KGM!

RRG"!o!RGK!

AG?!o!?!RPGJ!o!RG"!

"DR"!o!???!

?P! "P!

N&3L$1$=')/!&//$-',)/!6.!l!AD*!

??GDW!AAG?!

JPGD90!o!"JGM!

D"GR)!o!R?GA!

R"GM!o!KGR!

R5GM!o!DGK!

MGJ!o!KGR!RPGMF!o!AG"!

"?J5L!o!AJR!

A?! AP!

8! ^"PT?! ^"PT?! PGPPP5! PGARAD! PGPPPA! PG"5?A! ^"PT?! ^"PT?! PGPPJ! ^"PT?!

!

\)/3!0)!X$.F)(($.'!E2..!]!&G!9G!FG!=!]!8!^"PT?!d!!-!]!8lPGPPJ"!d!0!]!8!l!PGPPP"!d!)!]!8!l!PGPPJP!d!L!]!8!l!PGPPP5!d!L!!]!8!l!PGPPP5!d!'!]!8!l!PGPPPJ!

!

Page 34: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 55!

%$.3(,)/!0&./!1)/!F'=2()/!"!c!54!

!

!

V'=2()!"!]!B$((,1&3'$.!).3()!1)!O+B!)3!1)!NX!

!

!

V'=2()!R!]!B$((,1&3'$.!).3()!1)!O+B!)3!1)!N+!

! !

Page 35: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5?!

!

@B\!

6E#5+D+'&,'%*+,*+)!((*+%10;10*--*F+7G+D+;$0')</0*+20!%:'!-F+35B+D+$;!'((*.0+%./!&$*+/0'%';'/!-**+!

!

!

!l!PGK?5G!8!^!"PT?*G!&2!N+!6(!l!PGKR"G!

8!^! "PT? ! l! PGD?5G! 8! ^! "PT?*4! _)!

-$%8&(&91)! -L)Y! 1)/! L$%%)/! )3! 1)/! F)%%)/G! ()/8)-3'I)%).3! (! l! PGK5"! )3! (! l! PGKDA!

68!^!"PT?*G! '1! ).! ,3&'3! 0)! %i%)! 8$2(! 1)! N+G! ()/8)-3'I)%).3! (! l! PGJ?D! )3! (! l! PGJD"!

68!^!"PT? -$((,1,)!

F)%%)/!:2)!-L)Y!1)/!L$%%)/G!()/8)-3'I)%).3!(!l!PGK?P!)3!(!l!PGAJD!68!^!"PT?*4!

Page 36: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5A!

_)/!/)./'9'1'3,G!/8,-'F'-'3,G!I&1)2(/!8(,0'-3'I)/!8$/'3'I)/!)3!.,=&3'I)/!0)/!I&1)2(/!0)!

NX!-$%8('/)/!).3()!"D!)3!5A!8&(!1)!0,8'/3&=)!0)!1&!0,.23('3'$.!0,F'.')!8&(!

0&./! 1)! 3&91)&2! ?4! _)/! I&1)2(/! /)2'1! 02! NX! 8$2(! 1)/:2)11)/! 1)/! /)./'9'1'3,! )3! /8,-'F'-'3,!

/$.3! /28,(')2()/! c! KP!k! /$.3! ()/8)-3'I)%).3! "MG! RP! )3! R"! -%4! 6\&91)&2! -$%81)3! ).!

&..)H)*4!

!

\7X_@7b!?!]!Q&1)2(/!0'&=.$/3':2)/!0)/!0'FF,().3)/!I&1)2(/!/)2'1!02!NX!8$2(!1)!0,8'/3&=)!!

!

NX! ^"D! ^"J! ^"K! [-U# [7?# [7-# ^RR! ^R5! ^R?! ^RA! ^RD!

#)./'9'1'3,!6k*!

MP! KKGR! KKGR! <\P,# <GP<# <-P,# J5GK! DAG"! AA! ?JGM! 5KGM!

#8,-'F'-'3,!!6k*!

JK! JKGJ! JKGJ! <?P-# <-P<# <GPU# KJGK! MRGM! MAG?! MJGD! MKGA!

QNN!6k*!

DG5! "PG?! "PG?! "KG"! RJG"! ?RGD! ADGM! JJGK! KJGA! M?G?! MJGR!

QN`!6k*!

"PP! MMGD! MMGD! MMGR! MKGA! MJG"! M?! KJGA! JKGA! DMG"! A?GR!

H77+D+@!-*.0+;0$,'%/'@*+;1('/'@*+H7?+D+@!-*.0+;0$,'%/'@*+&$4!/'@*+! !

Page 37: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5D!

_&! -$2(9)! CaB! )H8('%&.3! 1&! I&1)2(! 0'&=.$/3':2)! 02! NX! 8$2(! 1)! 0,8'/3&=)! 0)! 1&!

!o!PGP"54!

!

!

V'=2()!?!]!B$2(9)!CaB!0)!1&!I&1)2(!02!NX!8$2(!1)!0,8'/3&=)!0)!1&!0,.23('3'$.

! !

Page 38: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5J!

_)/! I&1)2(/! 0'&=.$/3':2)/! 0)/! I&1)2(/! /)2'1! 0)! "MG! RP! )3! R"! -%! 02! NX! 8$2(! 1)!

0,8'/3&=)!0)!1&!0,.23('3'$.!0&./!1&!8$821&3'$.!0)!I&1'0&3'$.!F'=2().3!0&./!1)!\&91)&2!A4!

'1!0)!R"G!

)11)! 8)23! 0$.-! i3()! ()3).2)! -$%%)! 1&! I&1)2(! 1&! 812/! &0&83,)! 8$2(! 1)! 0,8'/3&=)! 0)! 1&!

0,.23('3'$.4!

!

\7X_@7b!A!]!Q&1)2(/!0'&=.$/3':2)/!0)/!I&1)2(/!/)2'1/!"MGRP!)3!R"!0)!NX!8$2(!1)!0,8'/3&=)!0)!1&!0,.23('3'$.!0&./!1&!8$821&3'$.!0)!I&1'0&3'$.!

!

NX! [-U# [7?# [7-#

#)./'9'1'3,!6k*!

U\PL# U,P\# <J#

#8,-'F'-'3,!6k*!

<7P7# <GPL# <U#

QNN!6k*!

RA! 5KGM! AKGD!

QN`!6k*!

MMGK! MMGMJ! MJ!

!

H77+D+@!-*.0+;0$,'%/'@*+;1('/'@*+H7?+D+@!-*.0+;0$,'%/'@*+&$4!/'@*+!

F$.-3'$.! 02! /)H)! 0&./! 1)/! 8$821&3'$./!

$.!)/3!%$.3(,)!0&./!1)!3&91)&2!D4!

! !

Page 39: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5K!

\7X_@7b!D!]!Q&1)2(!0'&=.$/3':2)!0)!1&!I&1)2(!/)2'1!R"!02!NX!8$2(!1)!0'&=.$/3'-!0)!1&!0,.23('3'$.!).!F$.-3'$.!02!/)H)!

N$821&3'$.![$%%)/! V)%%)/!

#)./'9'1'3,!!6k*!

#8,-'F'-'3,!6k*!

QNN!6k*!

QN`!6k*!

#)./'9'1'3,!!6k*!

#8,-'F'-'3,!6k*!

QNN!6k*!

QN`!6k*!

@320)! KR! K?GR! 5DG?! MJGJ! KPGA! KD! A"GK! MD!

Q&1'0&3'$.! JDGR! MDGA! ?DG?! KKG5! M?GJ! M"! JDGD! MKGR!

!

!

L$%%)/!)3!-L)Y!1)/!F)%%)/!&1$(/!:2)!0&./!1&!8$821&3'$.!0)!I&1'0&3'$.!1&!I&1)2(!/)2'1!0)!

R"! 02!NX!8&(&'//&'3! &I$'(! 2.)!%)'11)2()! /)./'9'1'3,! )3! 2.)!%)'11)2()! I&1)2(! 8(,0'-3'I)!

8$/'3'I)!-L)Y!1)/!F)%%)/4!!

Page 40: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! 5M!

_&! I&1)2(! 0'&=.$/3':2)! 02! NX! 8$2(! 1)! 0,8'/3&=)! 0)/! 8&3').3/! &Z&.3! 2.! O+B! ^! RP!

-L)Y!1)/!8&3').3/!j=,/!0)!%$'./!0)!JA!&./!)3!^!R"!&2T0)1c!0)!JA!&./!)/3!%$.3(,!0&./!1)!

\&91)&2!J!63&91)&2!-$%81)3!).!&..)H)*4!

!

\7X_@7b!J!]!!0)/!8&3').3/!!&Z&.3!2.!O+B!^!RP!-L)Y!1)/!8&3').3/!j=,/!0)!%$'./!0)!JA!&./!)3!2.!O+B!^!R"!

&2T0)1c!0)!JA!&./!

NX! ^"J! ^"K! ^"M! ^RP! ^R"! ^RR! [7,# ^R?! ^RA! ^RD!

#)./'9'1'3,!6k*!

M?GP! M?GP! MPGP! M5GP! MRGP! KKGP! <JP?# JKGP! DMGP! AMGP!

#8,-'F'-'3,!6k*!

DDGP! DDGP! DJGP! DMGP! JRGP! JDGP! <,P?# KMGP! MRGP! MJGP!

QNN!6k*!

JGP! JGP! "RGP! "MGP! 5"GP! ??GP! \\P?# KPGP! KKGP! MDGP!

QN`!6k*!

"PP! "PP! MM! MM! MKGA! MJ! UG# KJ! JK! D5!

H77+D+@!-*.0+;0$,'%/'@*+;1('/'@*+H7?+D+@!-*.0+;0$,'%/'@*+&$4!/'@*+

!

b.!NX!^!R5!&!1&!/)./'9'1'3,!)3!1&!/8,-'F'-'3,!1)/!812/!,1)I,)/4!B)33)!I&1)2(!/)2'1!&!0)/!

/)./'9'1'3,/!)3!/8,-'F'-'3,/!-$%8&(&91)/!0&./!1&!8$821&3'$.!0)!I&1'0&3'$.!6KD!k*4!

Page 41: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?P!

_)/! I&1)2(/! 0)/! 8&(&%S3()/! &.3L($8$%,3(':2)/! ()-2)'11'/! 0&./! 1&! 8$821&3'$.! 0)!

_&!8$821&3'$.!j=,)!(,/'0&.3)!)/3!-$./3'32,)!8$2(!1&!

=)!%$Z).!)/3!K?GK!)3!KKGK!&./!()/8)-3'I)%).3!8$2(!1)/!L$%%)/!

)3!1)/!F)%%)/4!_&!8(,I&1).-)!0)!1&!0,.23('3'$.!0,F'.')!8&(!2.!O+B!^!R"!,3&'3!0)!?JGA!k4!

!

_)/! /)./'9'1'3,/! )3! /8,-'F'-'3,/! 0)/! I&1)2(/! 02! NX! 0)! R"! -%! )3! R5! -%! 8$2(! 1)!

0,8'/3&=)!0)!1&!0,.23('3'$.!,3&').3!()/8)-3'I)%).3!0)!"M!kG!"PP!k!)3!AP!kG!MK!k4!

!

\7X_@7b!K!]! !

! 7=)!6&..,)/*! O+B!6e=W%{*! NX!6-%*! @B\!6%%*!

[$%%)/!6.!l!""*!

K?GK!o!KGJ! RRGM!o!5GJ! RDGDo!5GM! JG5!o!5G5!

V)%%)/!6.!l!MP*!

KKGK!o!AGJ! R"GA!o!?GJ! RA!o!5GK! "P!o!DG"!

\$3&1! KKG5!o!DG"! R"GD!o!?GD! RAGR!o!5GK! MGJ!o!AGM!

!

! !

Page 42: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?"!

Q4 EO#Bb##Oa`!

-. MCC5%#(54#:0%E';'9+54#4)&#;0#:&1>0;5$*5#

!" I1&&$*(+,*+-!+-'//$0!/.0*+

72!-$2(/!0)/!%&1&0')/!-L($.':2)/G!1&!F(,:2).-)!0)!1&!0,.23('3'$.!)/3!).!%$Z)..)!

0)!?P!kRJ4! !]!

(,.&1G! &2=%).3&3'$.! 02! 3(&I&'1! I).3'1&3$'()! &2! -$2(/! 0)!

,/'/3&.-)!$2!1)!/Z.0($%)!'.F1&%%&3$'()!

/$.3!-$%%2./!c!0'FF,().3)/!%&1&0')/!-L($.':2)/4!_)/!&.$%&1')/!%,3&9$1':2)/!8)2I).3!

'.02'()! 2.)! &2=%).3&3'$.! 0)! 1&! 0,8)./)! ,.)(=,3':2)! )3! 2.)! &--,1,(&3'$.! 02!

().$2I)11)%).3!8($3,':2)!&Z&.3!8$2(!)FF)3!2.)!&2=%).3&3'$.!0)/!9)/$'./!.23('3'$..)1/4!

&2=%).3&3'$.!0)/!9)/$'./!.23('3'$..)1/!/$.3!F(,:2)%%).3!

&//$-',/!&2!-$2(/!0)/!%&1&0')/!-L($.':2)/4!@.! F$.-3'$.!0)! 1&!8&3L$1$=')G! 1&!8(,I&1).-)!

0)! 1&! 0,.23('3'$.! )3! 1)/! -L&.=)%).3/! 0)! -$%8$/'3'$./! -$(8$()11)/! /$.3! 0'FF,().3/4!

8&3L$1$=')/!/2(!1&!0,.23('3'$.!&!,3,!)H8$/,)!0&./!2.)!,320)!8291',)!).!

RPP?RK4! \$2/! 1)/! 8&3').3/! '.-12/! 0&./! -)! 3(&I&'1! ,3&').3! c! L&23! ('/:2)! 0)! 0,.23('3'$.!]!

-'((L$/)!&I)-!$2!/&./!0,-$%8)./&3'$.!&/-'3':2)G!-&.-)(/G!F(&-32()/!02!F,%2(G!&FF)-3'$./!

-&(0'$I&/-21&'()/!)3!8$/3!-L'(2(=')!-&(0'&:2)G!8&3').3/!).!8$/3T

02! F,%2(G! &FF)-3'$./! .)2($1$=':2)/! 0,=,.,(&3'I)/! )3! 7QB4! _)/! 8&3').3/! &33)'.3/! 0)!

-'((L$/)!)3!-)2H!:2'!&I&').3!/29'!2.)!'.3)(I).3'$.!-L'(2(='-&1)!/2(! 1)! F,%2(!,3&').3! 1)/!

812/! 0,.23('/G! ()/8)-3'I)%).3! 5Mk! )3! RAk4! B$.3(&'()%).3! &2H! 8&3').3/!

-&(0'$I&/-21&'()/!)3!.)2($1$=':2)/!-L)Y!:2'!$.!()3($2I&'3!/)21)%).3!A!k!0)!0,.23('3'$.!

! ,3&'3! 812/! 0'%'.2,! -L)Y! 1)/! 8&3').3/! -'((L$3':2)/!

-$.3(&'()%).3!&2H!8&3').3/!$8,(,/!:2'!&I&').3!2.)!@B\!812/!9&//)4!E)!812/G!1&!8(,/).-)!

1)/! 8&3').3/! &33)'.3/! 0)! -'((L$/)! ()8(,/).3)!

,3&3!.23('3'$..)1!d! @B\!)3!02!N+!,3&'3!1&!812/!'%8$(3&.3)!()F1,3&.3!2.)!

&13,(&3'$.! '%8$(3&.3)!0)/!%&//)/!%2/-21&'()/!)3!0)! 1&!%&//)!=(&//)!-L)Y!-)/!8&3').3/4!

@.F'.G!&2!()=&(0!0)!1&!.&32()!0)!1&!8&3L$1$=')G!1)/!8&3').3/!:2'!&I&').3!2.)!&/-'3)!3).02)!

&I&').3! 2.)! @B\! 9&//)! &1$(/! :2)! -)2H! $8,(,/! 02! -$1! 02! F,%2(! &'./'! :2)! 1)/! 8&3').3/!

&33)'.3/! 0)! -&.-)(! &I&').3! 2.! O+B! 9&/4! B)/! 0'FF,().-)/! /$.3! )H81':2,)/! 8&(! 2.)!

0'/3('923'$.!0'FF,().3)!0)/!%&//)/!%2/-21&'()!)3!=(&'//)2/)!).!F$.-3'$.!0)!1&!8&3L$1$=')!

LZ0($/$0,)

0&./! 1&! -'((L$/)! )/3! 0'FF'-'1)! ).! (&'/$.! 0 4! _)/!

Page 43: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?R!

%,-&.'/%)/! -$.-$2(&.3! c! 1&! 0,.23('3'$.! /$.3! %213'81)/4! B)-'! &! 8$2(! -$./,:2).-)!

&83)(!1)!%&(:2)2(!.23('3'$..)1!c!1&!8&3L$1$=')!).!-&2/)4!E&./!.$3()!,320)G!$.!I$'3!0)!

:2)! 1)/! %&1&0)/! ).! 8$/3T-L'(2(=')! /$.3! 1)/! 812/! 0,.23('/! 6O+B!^!RPG! AP!k! )3! 5?! k!

4!\$23)!0,.23('3'$.!&!8$2(!-$./,:2).-)!0)/!

%$0'F'-&3'$./! -$(8$()11)/4! @.! F$.-3'$.! 0)! 1&! 8&3L$1$=')! ).! -&2/)! )3! 02! /)H)G! 1&! %&//)!

%&'=()!$2!1&!%&//)!=(&//)!/)(&!812/!I$1$.3')(/!0'%'.2,)4!7'./'!-L)Y!1)/!%&1&0)/!&33)'.3/!

0)!-'((L$/)!&1-$$1':2)!$.!-$./3&3)!2.)!&33)'.3)!812/!%&(:2,)!0)!1&!%&//)!=(&//)!-L)Y!1&!

F)%%)G! G! ! 1&! %&//)!

%2/-21&'()!)/3!1&!812/!/,IS()%).3!&33)'.3)!-$%%)!1)!%$.3()!1&!0'%'.23'$.!02!8,('%S3()!

%2/-21&'()RM!5P4!BL)Y!1)/!8)(/$..)/!j=,)/!$8,(,)/!02!-$1!02!F,%2(G!1)!N+!)/3!812/!9&/!d!

.! $2! 2.)! '.3)(I).3'$.!

-L'(2(='-&1)G! 1)!%2/-1)! &!2.! (h1)!0)! (,/)(I)!0)!8($3,'.)/!&F'.!0)!8$2(I$'(!&2H!9)/$'./!

&--(2/!).!&-'0)/!&%'.,/4!_&!8$.-3'$.!0&./!-)!8$$1!0)!8($3,'.)/!

1$.=!3)(%)!/'!1&!%&//)!%2/-21&'()!)/3!()/3&2(,)!&8(S/!-L&:2

1)! -&/! 8&(! )H)%81)! -L)Y! 1)! /2;)3! j=,! 8(,/).3&.3! 2.)! /&(-$8,.')! 1',)! &2! I')'11'//)%).34!

B)(3&'./! &23)2(/! ()-$%%&.0).3! 0$.-! 0&./! -)/! /'32&3'$./! 0)! /3()//! &'=2G! 0)! %)/2()(!

,I&12)(! 1)! ('/:2)! .23('3'$..)1! 5"4!!

t4N4!\!u&%)/!()3($2I)!0)/!I&1)2(/!0'FF,().3)/!0)!NX!8$2(!-L&:2)!O+B!0&./!1)/!0'FF,().3/!

-$(8$()11)/!).!8&(3'-21')(!0)!%&//)!=(&//)!)3!%&//)!%&'=()4!_)!NX!8)(%)3!2.)!%)/2()!

812/!0'()-3)!0)/! (,/)(I)/! 3 +B!)3!0$.-! 1&!%)/2()!02!NX!

8)23!i3()!2.!%&(:2)2(!8(,0'-3'F!02!('/:2)!0)!0,.23('3'$.!1$(/:2)!1&!8)(3)!0)!8$'0/!)/3!

%$0)/3)4!@.!$23() !%&//)!=(&//)!8(,/).3)!&2!

.'I)&2! 02! 9(&/! )/3! 1&! 8()%'S()! (,='$.! &! i3()! (,02'3)! 8$.0,(&1)G!

&'./'!:2)!1&!0)(.'S()!&!i3()!()-$./3'32,)!1$(/!0)!1&!().23('3'$.5R4!

2" +D+,'AA$0*&%*+,*+;0$@!-*&%*+;1.0+.&+E#5+JCKFL+1.+JMN++

! 3'$.! 0)! 1&! 8(,I&1).-)! 0)! 1&! 0,.23('3'$.! )/3!

).3()!"KGA!)3!R?GM!e=W%{4!E)/!=(&0)/!0)!0,.23('3'$.G!&881'-&91)/!&2H!0)2H!/)H)/!$.3!,3,!

,1&9$(,/!/)1$.! 4!b.!O+B!'.F,(')2(!c!"KGA!-$(()/8$.0!c!2.!=(&0)!"!0)!0,.23('3'$.!)3!

2.! O+B! '.F, !

Page 44: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?5!

()-$%%&.0&3'$./!8$2(! 1)!0,8'/3&=)!0)! 1&!0,.23('3'$.!0)/!&0213)/!L$/8'3&1'/,/G! 1)! /)2'1!

)!%$'./!0)!JP!&./!)3!'.F,(')2(!c!RP!&2!0)1c!

0)!JP!&./4!

554!B)!/)2'1!)/3!812/!,1)I,!:2)!8$2(!

%&'=()4!_)!-L$'H!0

N$2(!1&!/$-',3,!0)!.23('3'$.!0)!

=,('&3(')G!1)!/)2'1!0)!R"!)/3!()3).2!8$2(!1)/!8)(/$..)/!j=,)/!0)!812/!0)!JP!&./5?4!@.!)FF)3G!

1)!('/:2)!0)!-$%81'-&3'$./!3)11)/!:2)!1)/!-L23)/!)3!1)/!%&1&0')/!'.F)-3')2/)/!)/3!&--(2!).!

0)//$2/!0)!R"4!E&./!1)/!,320)/!-1'.':2)/G!1)!/)2'1!0'&=.$/3':2)!I&(')!0)!"KGA!c!RP!e=W%{!

!e=W%{!:2'!)/3!8(,-$.'/,!8$2(!1)!0,8'/3&=)!0)!1&!0,.23('3'$.!).!

8(&3':2)!-1'.':2)!-$2(&.3)4!!_)!8($91S%)!)/3!&1$(/!0)!/&I$'(!).!0)rc!0)!:2)11)/! 1'%'3)/!

'.F,(')2()/!'1!Z!&!0,.23('3'$.!)3!0$.-!&2=%).3&3'$.!0)!1&!%$(9'T%$(3&1'3,4!_)/!,320)/!0)!

!b!

)H'/3)! 8&/! 0)!

-$./)./2/4! @.! F$.-3'$.! 0)/! /)2'1/! 0'&=.$/3':2)/! ()3).2/G! 1)! 3&2H! 0)! 8(,I&1).-)! I&(')4!

E&./! 2.)! ,320)! /2(! ADM! 8&3').3/! &0%'/! 0&./! R! Lh8'3&2H! )3! ! '.-$..2G! "A! k! 0)!

8&3').3/!&I&').3!2.!O+B!'.F,(')2(!c!RP!&1$(/!:2)!/'!$.!&9&'//)!1)!/)2'1!c!"KG!1&!8(,I&1).-)!

0'%'.2)!c!A!k5A4!E)!%i%)!0&./!.$3()!,320)G!1&!8(,I&1).-)!0)!1&!0,.23('3'$.!I&(')!0&./!

-L&:2)!=($28)G!/)1$.!1)!/)2'1!()3).24!BL)Y!1)/!8&3').3/!&Z&.3!2.)!8&3L$1$=')!).!(&88$(3!

,320)G! )11)! )/3!APk!8$2(!2.! O+B!c!RP! -L$'/'! -$%%)!

-('3S()!0)!0,.23('3'$.G!&1$(/!

0)1c!0)!JA!&./4!a.!$9/)(I)!2.)!&2=%).3&3'$.!/'%'1&'()!0&./!1&!8$821&3'$.!0)!I&1'0&3'$.!

6RM!k!)3!"A!k*4!!

%" I'(%.(('1&+(.0+-*+0O-*+ +

_&! 8(,I&1).-)! 0)! 1&! 0,.23('3'$.! 8($3,'.$T,.)(=,3':2)!

8&3').3/! &1-$$1$T0,8).0&.3/! L$/8'3&1'/,/! 8$2(! /)I(&=)! 5D! 5J4! B)! :2'! -$(()/8$.0! c! 1&!

.3/!/&./!8&3L$1$=')/!&//$-',)/!c!

1)/! :2)! 1)/! -'((L$/)/! )3! 1)/! 8&.-(,&3'3)/! )3G! G!

&2H!)FF)3/!0'()-3/! %,3&9$1'/%)4!E&./!.$3()!,320)!.$2/!&I$./!)H-12!1)/!

Page 45: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ??!

8&3').3/!8(,/).3&.3!2.)!-'((L$/)!0,-$%8)./,)!).!(&'/$.G! /,I,('3,!0)!1&!

0,.23('3'$.! 0&./! -)33)! /'3 G! c! -&2/)! 0)/!

)FF)3/!0)!1&!(,3).3'$.!LZ0($

I&1)2(4! B)/! 0$%%&=)/! .23(

f.)! 0)/! &.$%&1')/! 0)! 1&!

!]! &2=%).3&3'$.! 0)/! 0,8)./)/!

!5K4!_)/!)FF)3/!%,3&9$1':2)/!0)!1&!

>!$2!-L($.':2)4!@.!)FF)3G! ).! -&/!

>

,.S/)!&--(2)!)3!0)!1&!/3,&3$/)!L,8&3':2)4!@.!()I&.-L)!1&!

6/Z/3S%)!

-)33)! I$')! )/3! 1)! -Z3$-L($%)! NT?APR@" 2-3'$.! 0)! -)33)! I$')! %,3&9$1':2)! ().0!

c! 0)! .$%9()2H!

f.)!0$.-!2.)!&2=%).3&3'$.!0)!

@.! -)! :2'! -$.-)(.)! 1)!

%,3&9$1 $1! '.3)(FS()! 8('.-'8&1)%).3! &I)-! -)12'! 0)/!

f.)!2.)! '.L'9'3'$.!0)!

Y! 1)/! /2;)3/! &1-$$1$T

;)2.! ()/8$./&91)!

G!-)1&!/)!3(&02'3!8&(!

,8&'//)2(! -23&.,)! 3('-'8'3&1)4! E&./! .$3()! ,320)G! $.! $9/)(I)! -)33)!

(&88$(3!&2H!&23()/!=($28)/!,320',/4!

,3&'3!8&/! 3$2;$2(/!

&//$-',)!5M4!

02! /)-3)2(! )H3(&-)1121&'()G! /'=.)! 8(,-$-)! 0)! 0,.23('3'$.4! _)/! -&().-)/! ).! I'3&%'.)/!

LZ0($/$1291)/! /$.3! F(,:2).3)/G! 8&(3'-21'S()%).3! ).! I'3&%'.)! X"! )3! 1)/! -$./,:2).-)/!

Page 46: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?A!

/,IS()/G!).!8&(3'-21')(!.)2($1$=':2)/

/$2I).3!&==(&I,!8&(!2.)!(&3'$.!-&1$(':2)!0'%'.2,)4!!

%,-&.'/%)! )/3! 2.)! &2=%).3&3'$.! 0)/! 0,8)./)/!

1'8'0':2)! &I)-! 8$2(! -$./,:2).-)! 2.)! &2=%).3&3'$.! 0)! 1&! %&//)! =(&//)! )3! 02! 8$'0/!

-$(8$()14! N12/')2(/! ,320)/! $.3!%$.3(,! 2.! 1').! ).3()!%&//)! =(&//)! )3!%$(3&1'3,!?P! &'./'!

?"4! @.! 8&(3'-21')(G! ! -L($.':2)G! 1)!

%&//)! %&'=()4! b.)! ,320)! -$%8&(&.3! 1)/! -$%8$/'3'$./! -$(8$()11)/! 0)! 8&3').3/!

&1-$$1':2)/!)3!&8(S/!D!%$'/!0 .)!0'%'.23'$.!0)/!%&//)/!=(&//)/!

)3! %&'=()/!

%$(3&1'3,!?R4!B)3!)FF)3!/2(!1&!%$(3&1'3,!,3&'3!812/!%&(:2,!8$2(!1&!%&//)!%&'=()4!@.!$23()!

2=%).3&3'$.! 0)! %&//)! %&'=()! $9/)(I,)! 8&(! E@}7! ,3&'3! &//$-',)! c! 2.! %)'11)2(!

8($.$/3'-4!B)8).0&.3G!c!

()/3&'3!&//$-',!c!2.)!0'%'.23'$.!0)! 1&!%$(3&1'3,!%&'/!8&/! 1)!=&'.!0)!%&//)!=(&//)4!B)-'!

8)23! i3()! )H81':2,! 8&(! 1)/! )FF)3/!%,3&9$1':2)/! 0,1,3S()/! 0)! 1&!%&//)! =(&//)! I'/-,(&1)!

68($02-3'$.! 0)! -Z3$e'.)/! \`V! &18L&! 8& ! ^! ,3&'3! 8&/!

&//$-',!c!2.)!&2=%).3&3'$.!0)!1&!%$(3&1'3,!0&./!-)33)!,320)!9').!:2)!1&!8(,I&1).-)!0)!1&!

0,.23('3'$.!,I&12,)!8&(!-)!-('3S()!,3&'3!8()/:2)!0)!MP!k4!72!3$3&1G!

0)! 0,3)-3)(! 1&! 0,.23('3'$.! c!

8)2I).3! .)! 8&/! &I$'(! 0)! ()3).3'//)%).3! 0' )3! :2)! 1&! 0'%'.23'$.! 02! N+G!

()F1)3!0)!1&!%&//)!%2/-21&'()G!)/3!&//$-',!c!2.)!&2=%).3&3'$.!0)!1&!%$(3&1'3,4!!

7. N'&&1;0%+'$#=OP#MNQP#=I#5%#!IN#

!" P10/*+%100$-!/'1&++7GQE#5+

c!

8&(&%S3()/ @.! "MM?!

&!0,%$.3(,! 1&!%i%)!-$((,1&3'$.!).3()!NX!)3! O+B!0&./! 1&!8$821&3'$.!

&0213)!0)!A!8&Z/! ! )3! 4!E&./! -L&:2)!8&Z/! '1! )H'/3&'3!2.)! ()1&3'$.! 1'.,&'()!

%i%)!8$2(!0)/!I&1)2(/!,1)I,)/! ?54!_&!8$821&3'$.!,320',)!,3&.3!

)H3(i%)%).3!0,.23(')G!1)/!I&1)2(/!/28,(')2()/!0)!8$'0/!)3!3&'11)!,3&').3!-)8).0&.3!812/!

Page 47: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?D!

F&'91)/!:2)!0&./!.$3()!,320)4!`,&.%$'./G!1&!-$((,1&3'$.!).3()!O+B!)3!NX!)/3!I,('F',)!0&./!

3L$1$=')/!8&(!)H)%81)!).!=Z.,-$T$9/3,3(':2)4!@.!RP""G!B$$1)Z!&!

(,&1'/,!2.)!,320)!! 0,3)(%'.)(! c!8&(3'(!02!NX!-L)Y!

1)/!F)%%)/!).-)'.3)/??4!_)!923!,3&'3!0)!0,8'/3)(!1)/!F)%%)/!).-)'.3)/!$9S/)/!-L)Y!:2'!1&!

%)/2()!02!8$'0/!$2!02!8,('%S3()! &90$%'.&1! )/3! =i.,)!8&(! 1&! =($//)//)4! _)/! (,/213&3/!

%$.3(). O+B! &I)-! 1)! NX! )3! 1)/! I&1)2(/! ()3($2I,)/! /$.3!

/'%'1&'()/!c!-)11)/!0)!.$3()!,320)!6(!l!PGK5D!d!8!l!PGP"*4!_&!%$Z)..)!02!NX!,3&'3!0)!RD!-%G!

0,.23('3'$.G!)3!0$.-!-$.F$(3)!1&!

%i%)!8$2(!0)/!I&1)2(/!812/!,1)I,)/4!!

2" 5100$-!/'1&+7#QE#5F+0*A-*/+,*+-!+)!((*+).(%.-!'0*F+*/+35BQE#5F+0*A-*/+,*+-!+)!((*+40!((*+*&+;!0/'%.-'*0+%:*R+-!+A*))*+

0'FF,().-)!0)!-$((,1&3'$.!).3()!1)/!/)H)/!8$2(!

1)!NX4!B)/!0$..,)/!0'FFS().3! T\2-e!).!RPP5!&!-$%8&(,!

! %&(:2)2(! 0)! 0,.23('3'$.! -L)Y! 0)/! 8&3').3/!

L$/8'3&1'/,/4!E&./!-)33)!,320)!1&! O+B!,3&'3!F$(3)4!B)8).0&.3G!1&!

-$((,1&3'$.! ).3()! NX! )3! O+B! ,3&'3! /'=.'F'-&3'I)%).3! 0'FF,().3)! ).3()! 1)/! L$%%)/! )3! 1)/!

F)%%)/G!&I)-!2.)!%)'11)2()!-$((,1&3'$.!-L)Y!1)/!F)%%)/!:2)!-L)Y!1)/!L$%%)/4!@.!$23()G!

-)33)! ,320)! &!%$.3(,!:2)! 1)!NX! /)21! )/3! 2.! F&-3)2(!8(,0'-3'F! 0)!%$(3&1'3,! 6$00! (&3'$!l!

?G"KG!8!^!PGPP"*?A4!!

_)! N+G! ()F1)3! 0)! 1&! %&//)! %2/-21&'()G! )3! -)! -L)Y! 1)/!

L$%%)/! )3! 1)/! F)%%)/! 0)! F&r$.! '0).3':2)4! _&! %&//)! %&'=()! )/3! -$%8$/,)!

%'.,(&2H!)3!0)!%2/-1)4!_&!%&//)!%2/-21&'()!)/3!2.!()F1)3!0)/!

(,/)(I)/!8($3,':2)/! (=&.'/%)4!E&./! 1&!0,.23('3'$.!8($3,'.$T,.)(=,3':2)G! '1! )H'/3)!

2.)!0'%'.23'$.!0)!1&!%&//)!=(&//)!)3!0)!1&!%&//)!%2/-21&'()4!_&!%&//)!-)1121&'()!&-3'I)!

c! 1&:2)11)!&88&(3').3! 1&!%&//)!%2/-21&'()!)/3! (,02'3)G! 1&!%&//)!I'/-,(&1)!)/3!()/8)-3,)4!

b.)! ()1&3'$.! ,3($'3)! )3! 8$/'3'I)! ).3()! 1&! %&//)! %&'=()! -&1-21,)! c! 8&(3'(! 0)/! 0$..,)/!

%&1.23('/!0)/!0)2H!/)H)/!?D4!_&!-$((,1&3'$.!).3()!1&!%&//)!%&'=()!)

0&./! 0)/! ,320)/! 8(,-,0).3)/!"P! ?J4! _)/! L$%%)/! $.3! 2.)! %&//)! %2/-21&'()! 812/!

'%8$(3&.3)!:2)!1)/!F)%%)/!)3!1)/!/2;)3/!;)2.)/!812/!:2)!1)/!8)(/$..)/!j=,)/4!!

9&/,)! /2(!

Page 48: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?J!

LZ8$3LS/)! ,8&'//)2(!0)!1&!

=(&'//)! /$2/T-23&.,)! %)/2(,)! &2! .'I)&2! 02! 9(&/4! _)/! %&//)/! =(&//)/! $93).2)/! 8&(!

&.3L($8$%,3(')! -$((,1,)/!-L)Y!1)!/2;)3!0,.23('J4!

,3&'3!

,320)/!]!-$((,1&3'$.!0)!PGJ!).!%'1')2!-L'(2(='-&1!)3!-L)Y!0)/!8&3').3/!L)%$0Z&1'/,/J4!BL)Y!

1)/! './2FF'/&.3/! L,8&3':2)/G! 1&! %)/2()! 0)/! 81'/! -23&.,/! )/3! -$./'0,(,)! &-32)11)%).3!

,3&3!.23('3'$..)14!a.!.$3)!-)8).0&.3!0&./!.$3()!

3(&I&'1G! 2.)! -$((,1&3'$.!

L$%%)/ /)(&'3!0$.-!2.!()F1)3!812/!8(,-'/!0)!!1&!%&//)!=(&//)!:2)!1&!

%&//)! %&'=()! -L)Y! 1)/! F)%%)/4! B)-'! 8)23! i3()! )H81':2,! 8&(! 0)/! 0'FF,().-)/!

8LZ/'$1$=':2)/!).3()!L$%%)/!)3! F)%%)/4!V)(($T_2YY'!&!%'/!).!,I'0).-)!:2)!8$2(!0)/!

B! '0).3':2)/G! 1&! Y$.)! 0)! =(&'//)! $--28,)! &2! .'I)&2! 02! 9(&/! ,3&'3! 812/!

'%8$(3&.3)! -L)Y! 1)/! F)%%)/!:2)!-L)Y! 1)/!L$%%)/4! O.I)(/)%).3G! 1&!Y$.)!%2/-1,)!,3&'3!

812/!-$./,:2).3)!-L)Y! 1 +B!)/3!0$.-!0&./!-)!-&/!812/! F$(3)%).3!-$((,1,!

!F)%%)/!:2)!-L)Y!1)/!L$%%)/!82'/:2)!1)!9(&/!)/3!-$./3'32,!0)!812/!0)!

=(&'//)4! _&! %)/2()! 0)! 1&! -'(-$.F,().-)! &88(,-')(! 1&! =(&'//)! /$2/T

-23&.,)!)3!-)11)T-'!)/3!1&!8()%'S()!c!F$.0()!1$(/! !8)(3)!8$.0,(&1)4!!

,. 81%5&3+$0%+'$#(54#>0;5)&4#45)+;#

!" I1&&$*(+,*+-!+-'//$0!/.0*+

%)/2()/! &.3L($8$%,3(':2)/! 9(&-L'&1)/ ,8&'//)2(! -23&.,)! 3('-'8'3&1)! )3! 1)! 8,('%S3()!

9(&-L'&1 '.3,(i3! !

-$%8$/'3'$.! -$(8$()11)!0)/!8&3').3/!.$2/! ()./)'=.&.3! /2(! 1)/! (,/)(I)/!&0'8)2/)/!8$2(!

(,/)(I)/!%2/-21&'()/!8$2(!1)!NX!)3!1)!N+4!7'./'G!'1!&!,3,!%'/!).!,I'0).-)!

0)/! 0'FF,().-)/! 1',)/! &2! /)H)! 6%&//)! =(&//)! 812/! '%8$(3&.3)! -L)Y! 1&! F)%%)*G! c! 1&!

0,.23('3'$.!)11)T%i%)!6&2=%).3&3'$.!02!/)-3)2(!)H3(&T-)1121&'()*4!_&!%&//)!=(&//)!)/3!1&!

8()%'S()!c! 0,.23('3'$.4!B) ,I$123'$.!/)!F&'3! '.,12-3&91)%).3!

I)(/!2.)!0'%'.23'$.!0)! 1&!-'(-$.F,().-)!9(&-L'&1)!-L)Y!3$2/! 1)/!8&3').3/4! !@.!$23()G! 1)/!

6(,3).3'$.!LZ0($/$0,)*!.$2/!-$.F$(3).3!0&./!

'.3,(i3! (!0'&=.$/3':2)(!1&!0,.23('3'$.4!!

Page 49: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?K!

,I&12&3'$.! 02! /3&323! .23('3'$..)1! )H'/3).3!%&'/! &2-2.!

0,F'.'!-$%%)!(,F,().-)4!`$2/!&I$./!I2!:2)!-)/!0)2H!%&(:2)2(/G!NX!)3!

).0&.3!-L$'/'!0)!3)/3)(! 1&!

%)/2()!1&!-'(-$.F,().-)!

4! _&! F

%$0'F',)!8&(!1&!8$/'3'$.!02!8&3').3G!$.!8)23!0$.-!!8().0()!1)!NX!-L)Y!2.!8&3').3!&//'/!$2!

c!

)3! -)11)T-'! )/3!%)'11)2()! :2)! 8$2(! ! ! ?K4!

c!

O+B!^"K! ?K4! B)/!0$..,)/! /2==S().3!2.)! /28,('$('3,!02!NX!8&(! (&88$(3! c! 1&!%)/2()!0)!

@.F'.G!1)!8,('%S3()!9(&-L'&1!&!2.)!I&1)2(!8($.$/3':2)!]!2.)!,320)!(,&1'/,!).!RPP5!&!

8,('%S3()! //'$.! 0)/! 8&3').3/! ).! /)(I'-)!

!?A4! b.! &23()! '.3,(i3! 02! 8,('%S3()!

8($3,':2)4! '1! )H'/3)! 0)!

.$%9()2/)/! ,320)/! /2(! -)!%&(:2)2(G! .$3&%%).3! 0&./! 1)/! 8&Z/! 02! 3')(/!%$.0)! $~! '1!

)H'/3)!2.)!/$2/T&1'%).3&3'$.!)3!0)/!%$Z)./!/$2I).3!%$0)/3)/!/2(!1)!81&.!%,0'-&14!!

_&!/,I,('3,!0)!1&!0,.23('3'$.!)/3!=,.,(&1)%).3!&88(,-',)!8&(!-$%8&(&'/$.!c!0)/!

I&1)2(/!0)!(,F,().-)!)3W$2!c!0)/!I&1)2(/!%'.'%&1)/!).!0)rc!0)/:2)11)/!1)!8($.$/3'-!I'3&1!

)/3!).!;)24!E)/!I&1)2(/!'.F,(')2()/!&2!AS%)!?MG!I$'()!&2!"PS%)!8)(-).3'1)APG!/$.3!-$./'0,(,)/!

-$%%)!&.$(%&1)/4!

8&(! \&..)(! )3! tL'3)L$2/)! 6"MDR*! )3! u)11'FF)! ! 6"MDM*! 8$2(! 1&! U(&.0)! X()3&=.)! )3! 8&(!

I,('3&91)/!3&91)/!

0)! (,F,().-)! F(&.r&'/)4! E)! 812/! 1)/!

(,F,().-)/! c! ! )!

0)! 1&! 9'91'$=(&8L')! /2(! 1)!NX!%$.3()!:2)! 1)/! /)2'1/! )3! 1)/! =$10/! /3&.0&(0/! -L$'/'/! /$.3!

0'FF,().3/! c! N$2(! X2(0).G! 1)! /)2'1! 0)! 0,.23('3'$.! -L$'/'! -$%%)!

(,F,().-)! ,3&'3! 2.! O+B! c! "K! 8$2(! 2.)! 0,.23('3'$.! -L($.':2)! 8($9&91)! )3! RP! 8$2(! 2.)!

0,.23('3'$.! -L($.':2)! 8$//'91)4! _)/! I&1)2(/! /)2'1! 02! NX! ,3&').3! -&1-21,)/! c! 8&(3'(! 0)/!

).:2i3)/! ,8'0,%'$1$=':2)/! 0)! V('/&.-L$! )3! X'/L$8! )3! 2.)! I&1)2(! '.F,(')2()! &2! AS%)!

8)(-).3'1)!,3&'3!-$./'0,(,)!-$%%)!&.$(%&1)4!B)33)!,320)!&!%$.3(,!:2 !

AS%)!8)(-).3'1)!&I&'3!2.)!9$..)!/8,-'F'-'3,!0&./!1)!0,8'/3&=)!0)!1&!0,.23('3'$.!60,F'.'!8&(!

2.!O+B!^"K*4!B

Page 50: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! ?M!

0,.23('3'$.!?K4! B)33)! ,320)! 0$.-!8&/!%$.3(,! 1&! /28,('$('3,!

0'&=.$/3'-!0)!1&!0,.23('3'$.!&I)-!2.)!I&1)2(!/)2'1!-$(()/8$.0&.3!&2!AS%)!8)(-).3'1)4!+&'/!

1&!I&1)2(!0)!(,F,().-)!02!AS%)!8)(-).3'1)!)/3!9&/,)!/2(!2.)!8$821&3'$.!/&'.)!)

()8(,/).3&3'I)! 0)! 1&! 8$821&3'$.! ,320',)! :2'! ,3&'3! 0)/! 8&3').3/! L$/8'3&1'/,/4! _&!

%i%)! 4! !@.!"MM?G! 1)/!

2.)!/,(')!

0)!/)2'1/!0)!NX!c!8&(3'(!0)!1&!-$((,1&3'$.!8($2I,)!).3()!-)12'T

A! (,='$./!

()1&3'$.!1'.,&'()!).3()! ,(')2(!c!"KGA!)/3!

'.3,()//&'3! c! 0)/! /)2'1/! '.F,(')2(/! c! "J! )3! "D! -&(! 1&!

%$Z)..)! 0)/! %)/2()/! &.3L($8$%,3(':2)/! ,3&'3! 9&//)4! _)/! 8()%')(/! (,/213&3/!

%$.3(&').3! :2)! KA!k! 0)/! L$%%)/! &Z&.3! 2.! O+B! s"KGA! &I&').3! 2.! NX! ! s! R?! )3! 0$.-!

,3&').3! -$./'0,(,/! -$%%)! .$(%&2H4! @3! 1)/! L$%%)/! :2'! &I&').3! 2.! O+B! ^! "DG! &I&').3!

!^!RRG5!-$(()/8$.0&.3!c!2.)!0,.23('3'$.!/,IS()!=(&0)!5!?54!

E)/! (,/213&3/! /'%'1&'()/! ,3&').3! ()3($2I,/! 0&./! 1&! 8$821&3'$.! F,%'.'.)4! B)8).0&.3! 0)!

=(&.0)/! 0'/8&('3,/! )H'/3&').3! 8$2(! 0)/! I&1)2(/! '.3)(%,0'&'()/! )%8i-L&'3!

,1&9$(&3'$.! (,F,().-)! 8$2(! 1)! NX4! N$2(! 3($2I)(! -)/! I&1)2(/!

0'/-('%'.&3'I)/ ,:2'8)! 0)! u&%)/! &! -L$'/'! 0)! -$%8&()(! 1)/! I&1)2(/! /)2'1/! 02! NX!

-$(()/8$.0&.3!c!TPGAG!"!)3!"GA!0,I'&3'$./!/3&.0&(0/!8&(!(&88$(3!c!1&!%$Z)..)!0&./!-)33)!

%i%)/!0,I'&3'$./!

/3&.0&(0/! '$.4! 7'./'! c! T ! -%! )3!

/)21)%).3! 5!k! 0)/! L$%%)/! 0&./! -)33)! -&3,=$(')! &I&').3! 2.! O+B! s"KGA4! O.I)(/)%).3G!

-)2H!:2'!&I&').3!2.!O+B!^!"D!)3!2.!NX!s!T"E#!,3&').3!/)21)%).3!M!k4!E&./!-)33)!,320)!1)!

/)2'1!0)!T"E#!-$(()/8$.0&.3!c!R5!-%!-L)Y!1)/!L$%%)/!)3!RR!-%!-L)Y!1)/!F)%%)/!8$2I&'3!

i3()! 2.)!0,.23('3'$.4!!

(,/213&3/!$.3!-$.02'3!c! ,1&9$(&3'$.!

8&3').3/! 0&./! 1&! -1&//'F'-&3'$.! 0)! 1&! 0,.23('3'$. ! ^! "KGA! )3! s! "J!

&I)-! 2.! NX! .$(%&1! /$.3! -$./'0,(,/! -$%%)! 0)/! 8&3').3/! .$(%&2H! %&'/! c! ('/:2)! 0)!

0,.23('3'$.4!B)-'!&!8$2(!-$./,:2).-)!0)! F&'()!0'%'.2)(!1&!8(,I&1).-)!0)!1&!0,.23('3'$.!

%&'/! -) I21.,(&91)/4!

! _)/!

1'%'3)/! / -&(&-3,('/3':2)/! 0)! 1&! 8$821&3'$.! ,320',)! :2'! )/3! 3(S/!

0'FF,().3)!0)!1&!8$821&3'$.!F(&.r&'/) )/3!

Page 51: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AP!

8&/! ,I&12,)4! _&!%,3L$0)! ,:2'8)! 0)! u&%)/! &! ,3,! 0)! .$2I)&2! 23'1'/,)! 8&/!

V)(($T ,320'&.3! 1&!%i%)! 8$821&3'$.! 02!

3')(/!%$.0)A"4!7'./'G! 2.)! I&1)2(!0)!RP! 0)!NX! )3! "M! ,:2'I&1).3! c! TRE#! ! ()/8)-3'I)%).3!

8$2(! 1)/!L$%%)/!)3! 1)/! F)%%)/!-$(()/8$.0!c!2.! O+B!^!"5!$2!).-$()!c!2.!=(&0)!?!0)!

0,.23('3'$.4!7!-)!.'I)&2!0)!8$'0/G!1)/!(,/)(I)/!).!=(&'//)!0&./!1)!-$(8/!/$.3!,82'/,)/4!@3!

8$2(!2.!8,('%S3()!9(&-L'&1!'.F, (,/)(I)/!8($3,':2)/!)3!1)!

8($.$/3'-!I'3&1!)/3!).=&=,4!E)/!%)/2()/!2(=).3)/!0)!0,.23('3'$.!/$.3!c!%)33()!).!81&-)4!

2" S*(+,'AA$0*&%*(+!@*%+&1/0*+$/.,*+

_$(/:2n$.! /n'.3,()//)! c! 1n&.3L($8$%,3(')G! '1! )/3! '.0'/8)./&91)! 0)! 8().0()! ).!

-$%83)!1&!.&32()!0)!1&!8$821&3'$.!,320',)4!B$.3(&'()%).3!c!1n,320)!0)!V)(($T_2YY'!0$.3!

1)/! 3(&I&2H!8$(3&').3!/2(!2.)!8$821&3'$.!/&'.)!0n&0213)/!I'I&.3!0&./!0)/!8&Z/!02! 3')(/!

%$.0)G! .$2/! &I$./! -L$'/'! 2.)! 8$821&3'$.! 0)! %&1&0)/4! O1! /n&='3! 0)! 8&3').3/!

)//).3')11)%).3! %&1&0)/! 0)! 1n&1-$$1G! &Z&.3! 2.)! 8&3L$1$=')! L,8&3':2)! ).! (&88$(3! &I)-!

1n&1-$$1!$2!.$.!)3!0)!8&3').3/!&33)'.3/!0n2.)!8&3L$1$=')!0'=)/3'I)!).!8$/3T-L'(2(=')4!_)/!

I&1)2(/!/)2'1!0)!NX!:2)!.$2/!8($8$/)!V)(($T_2YY'!/$.3!0'FF'-'1)%).3!3(&./8$/&91)/!0n2.)!

8$821&3'$.! 02! 3')(/! %$.0)! c! 2.)! 8$821&3'$.! F(&.r&'/)! 8(,/).3&.3! 2.)! %&1&0')!

-L($.':2)4!@.!)FF)3G!'1!&!,3,!0,;c!0,%$.3(,!:2)!1)/!I&1)2(/!/3&.0&(0/!0)!(,F,().-)!.)!/$.3!

8&/! &881'-&91)/!0n2.)!8$821&3'$.! c! 1n&23()4!N&(! )H)%81)G! 1)/! 3&91)/!0)! (,F,().-)/!0)! 1&!

8$821&3'$.!&%,('-&'.)!.)!/$.3!8&/!&881'-&91)/!c! 1&!8$821&3'$.! F(&.r&'/)4!

%i%)! /'!

0)/!I&1)2(/!$.3!,3,!8($8$/,)/!8$2(!1)/!8)(/$..)/!j=,)/!"?4! '.3,(i3!0)!.$3()!,320)!)/3!

! 8(,I&1).-)!

'%8$(3&.3)! ).! %,0)-'.)! =,.,(&1)! 0)/! I&1)2(/! /)2'1! 0)! NX! 23'1'/&91)/! ).! 8(&3':2)!

-$2(&.3)4!!

_n&I&.3&=)! 0)! .$3()! ,320)! )/3! &2//'! 0n&I$'(! 82! 8($2I)(! 1&! 8)(F$(%&.-)!

0'&=.$/3':2)!0)!.$3()!I&1)2(!/)2'1!).!&.&1Z/&.3!1&!-$2(9)!CaB4!B)11)T-'!%$.3()!2.)!&'()!

/$2/!1&!-$2(9)!8($-L)!0)!"!).!F&I)2(!0)!1&!8)(3'.).-)!0'&=.$/3':2)!02!/)2'1!0)!R"!8$2(!

1)!NX!8$2(!0,F'.'(!1&!0,.23('3'$.4!!

T_2YY'G! 1&! I&1)2(! /)2'1! ()3($2I,)! c! R"!

-$(()/8$.0!c!1&!%$Z)..)!%$'./!2.)!0,I'&3'$.!/3&.0&(0!6RAG5T!?G5*4!!!

72!3)(%)!0)!-)!3(&I&'1G!.$2/!8$2I$./!0$.-!()3).'(!1)!/)2'1!0)!R"!-%!8$2(!0,F'.'(!

Page 52: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! A"!

0&./! 1)/! -&/! $~! 1&! %)/2()! 02! 8$'0/! )3! 0)! 1&! 3&'11)! )/3! '%8$//'91)4! @.! )FF)3G! 0&./! 2.)!

8$821&3'$.!F(&.r&'/)!0)!8&3').3/!&0213)/!&33)'.3/! L($.':2)G!.$2/!&I$./!

82!0,%$.3()(! !^!"KGA!-$(()/8$.0!c!2.!8,('%S3()!9(&-L'&1!0)!R"!-%4!7!8&(3'(!

0)!-)33)!%)/2()!8(&3':2,)!&2!1'3!02!8&3').3G!1)!0'&=.$/3'-!0)!0,.23('3'$.!8)23!i3()!,3&91'!

)3!0$.-!0)/!%)/2()/!0)!().23('3'$.!0$'I).3!i3()!%'/)/!).!81&-)4!!

`$2/!&I$./!I2!:2)!1&!8(,I&1).-)!0)!1&!0,.23('3'$.!,3&'3!0$291,)!1$(/:2)!1)!/)2'1!

0,.23('3'$.4!O1!&!/)%91,!23'1)!0)!0,F'.'(!2.!/)2'1!0)!NX!-$(()/8$.0&.3!c!-)!('/:2)!)3!.$2/!

&I$./!3($2I,!R5!-$%%)!&Z&.3!1&!%)'11)2()!/)./'9'1'3,!)3!/8,-'F'-'3,4!

_$(/:2)! .$2/! &I$./! &881':2,! 1)/! I&1)2(/! /)2'1! R"! )3! R5! 02! 8,('%S3()! 9(&-L'&1!

0&./!1&!8$821&3'$.!j=,)!I'I&.3!).!@[N7EG!1)/!(,/213&3/!3($2I,/!.)!/$.3!8&/!).!F&I)2(!0)!

1&! %i%)! -$.-12/'$.4! @.! )FF)3G! 1)/! /)./'9'1'3,/! .)! /$.3! 8&/! 9$..)/! 8$2(! F&'()! 0)! -)/!

I&1)2(/! 2.! %&(:2)2(! 0)! 0,.23('3'$.4! N$2(! )H81':2)(! -)33)! 0'FF,().-)G! .$2/! 8$2I$./!

,I'0).-)! 0&./!1&!

8$821&3'$.! j=,)!

L$/8'3&1'/,/4!

3&'11)/4! @.! )FF)3! 1)/! 8$'0/! '.0':2,/! I,('F',/! 8&(!

/'$.4! B)/!

9'&'/!$.3!82!'.F12).-)(! (,/213&3/4!B)33)!8$821&3'$.!j=,)!,3&'3!3(S/!0'FF,().3)!

0)! .$3()! 8$821&3'$.! '.'3'&1)4! E)/! 0'FF,().-)/! 0)! -$%8$/'3'$.! -$(8$()11)/! ).3()! 1)/!

8)(/$..)/!j=,)/!)3! 1)/!8&3').3/!&1-$$1':2)/!-L($.':2)/!/$.3!.$3,)/4!_&!%&//)!=(&//)!&!

3).0&.-)! c! i3()! 0'%'.2,)! 8(,F,( ! 1&! 0'FF,().-)! 0)! 1&!

8)(/$..)!&=,)[email protected]'.G!1)/!%)/2()/!8$2(!1)/!(,/'0).3/!

2.!$8,(&3)2(!0'FF,().3! !!

_)! %,0)-'.! =,.,(&1'/3)! )/3! &2! -).3()! 0)! 1&! 8('/)! ).! -L&(=)! 0)/! %&1&0')/!

.$%9()!0)!-)/!8&3').3/!$.3!()-$2(/!&2!/8,-'&1'/3)4!@.!V(&.-)!A!k!0)/!L$%%)/!)3!R!k!

0)/! F)%%)/! /$.3! &1-$$1$T0,8).0&.3/4! E&./! .$3()! ,320)! 1&! 8($8$(3'$.! 0)! 8&3').3/!

&1-$$1':2)/!)3!0)!/)H)!%&/-21'.!,3&'3! '%8$(3&.3)!)3!()F1S3)!9').! 1&!8$821&3'$.!=,.,(&1)4!

_$(/! G! 1&!%)/2()!02!8,('%S3()!9(&-L'&1!8)23!i3()!(,&1'/,)!F&-'1)%).3G!

0&./!1)!%i%)!3)%8/!:2)!1&!8('/)!0)!1&!3)./'$.!&(3,(')11)4!_&!8)(3'.).-)!02!/)2'1!R"!8$2(!

Page 53: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AR!

-$%81'-&3'$./!-L)Y!-)/!8&3').3/!F(&='1)/4!

B)8).0&.3G!0)/!,320)/!-$%81,%).3&'()/!/$.3!.,-)//&'()!8$2(!8$2I$'(!23'1'/)(!1)!

8,('%S3()!9(&-L'&1!8$2(!1)!0,8'/3&=)!0)!1&!0,.23('3'$.!-L)Y!1&!8)(/$..)!j=,)!0)!812/!0)!

JA!&./4! 4!N$2(!1)!F232(G!'1!/)(&'3!'.3,()//&.3!()8($02'()!2.)!%,3L$0)!/'%'1&'()!c!1&!.$3()!

)3! 02! NX! /)(&').3! (,&1'/,/4! O1! F&20(&'3! 0'/8$/)(! 0)! 8$821&3'$.! &Z&.3! 1)/! %i%)/!

-&(&-3,('/3':2)/! -1'.':2)/! )3! 8($I).&.3! 0)! 1&! %i%)! (,='$.4! ! @.! I'11)G! -)/! %)/2()/!

8$2((&'3!&2//'!i3()!)FF)-32,)/!-L)Y!3$23)/!1)/!8)(/$..)/!c!('/:2)!0)!0,.23('3'$.4!

Page 54: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! A5!

QO4 Ba`B_b#Oa`!

!

:2)! 0&./! 1&! 8$821&3'$.! 0)! I&1'0&3'$.! &! %$.3(,! :2)! 1)! NX! 8)23! i3()! 23'1'/,! 8$2(! 1)!

0,8'/3&=)!0)!1&!0,.23('3'$.!&I,(,)!)3!02!('/:2)!0)!0,.23('3'$.4!O1!)H'/3)!).!)FF)3!2.)!F$(3)!

!

3)/3&.3!1&!I&1)2(!0'&=.$/3':2)!02!NX!)/3!8($-L)!0)!"4!_)/!/)2'1/!()3).2/!8$2(!1)!0,8'/3&=)!

0)!1&!0,.23('3'$.!&I,(,)!)3!02!('/:2)!.23('3'$..)1!/$.3!()/8)-3'I)%).3!R"!)3!R5!&I)-!2.)!

/)./'9'1'3,! )3! 2.)! /8,-'F'-'3,! /28,(')2()! c! KP! k4! B)8).0&.3! -)/! I&1)2(/! 8&(&'//).3!

0,8).0&.3)/! 0)! 1&! 8$821&3'$.! 0&./! 1&:2)11)! )11)/! $.3! ,3,! 0,F'.')/G! 8$2(! -)33)! ,320)! '1!

! k! )3! $~!

)! 8$821&3'$.! 812/! j=,)! 8(,/).3&.3! 0)/!

8&3L$1$=')/!0'FF,().3)/4!! !

Page 55: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! A?!

QOO4 XOX_OaUC7N[O@!

"4! �&YY$!uV4!NLZ/'$8&3L$1$=Z!&.0!-$./):2).-)/!$F!%&1.23('3'$.4!C)I!N(&3!RPP5!d!A5!]!R?K RA5!

R4! _&.09$!BG!N()/-$33!@G!_&.=)!N!)3!&14!N($=.$/3'-!I&12)!$F!.23('3'$.&1!/3&32/!'.!-L($.'-!$9/3(2-3'I)!821%$.&(Z!0'/)&/)4!7%4!u4!C)/8'(4!B('34!B&()!+)0!"MMM!d!"DP!]!"KAD"KD"!!

54! X)(1$v'3Y!ECG!t'1e'.=!#Q4!C'/e!F&-3$(/!F$(!8()//2()!/-$()/4!7!-$%8&('/$.!$F!-($//T/)-3'$.&1!&.0!-$L$(3T0)('I)0!0&3&4!u!7%!U)('&3(!#$-!"MKM!d!5J!]"P?5 "PAP4!

?4! +&1$.)!E_G!U).2'3!\G!\(&-Z!uw!)3!&14!#2(='-&1!/'3)!'.F)-3'$./]!()&.&1Z/'/!$F!('/e!F&-3$(/4!u4!#2(=4!C)/4!RPPR!d!"P5!]!KM MA!

A4! �&YY$!uV4!a1'=$T,1,%).3/G!I'3&%'.)/!)3!'%%2.'3,4!`23('3'$.!B1'.':2)!)3!+,3&9$1'/%)!"MM5!d!J!]!"R" "RM4!

D4! C$9'./$.!UG!U$10/3)'.!+G!_)I'.)!U+4!O%8&-3!$F!.23('3'$.&1!/3&32/!$.!ECU!1).=3L!$F!/3&Z4!uN@`!u!N&().3)([email protected])(&1!`23(!"MKJ!d!""!]!?M A"!!

J4!+N&('/+O`#@C+!"MMM!!

K4! ['11!U_4!\L)!-1'.'-&1!&//)//%).3!$F!&0213!8&3').3/!v'3L!8($3)'.!).)(=Z!%&1.23('3'$.4!`23(!B1'.!N(&-3!"MMA!d!"P!]!"RM "5P!4!

M4! !t$(10![)&13L!a(=&.'Y&3'$.4!X+O!-1&//'F'-&3'$.!RPP?!4&3!^L338]WWvvv4vL$4'.3W9%'W'.0)H4;/8Ä'.3($N&=)l'.3($Å54L3%1s!

"P4! #L)33Z!N#G!u&%)/!tN4!X$0Z!%&//!'.0)H4!7!%)&/2()!$F!-L($.'-!).)(=Z!0)F'-').-Z!'.!&0213/!V7a!V$$0!`23(!N&8!"MM?!d!AD!]!" AJ!!

""4! X'/L$8!BtG!X$v).!N@G!C'3-L)Z!#u4!`$(%/!F$(!.23('3'$.&1!&//)//%).3!$F!7%)('-&.!&0213/!9Z!288)(!&(%!&.3L($8$%)3(Z4!7%4!u4!B1'.4!`23(!"MK"!d!5?!]!RA5P RA5M!!

"R4! \&..)(!u+G!tL'3)L$2/)!C[4!#3&.0&(0/!F$(!/29-23&.)$2/!F&3!'.!X('3'/L!-L'10().4!N)(-).3'1)/!F$(!3L'-e.)//!$F!/e'.F$10/!$I)(!3('-)8/!&.0!9)1$v!/-&821&!!X(!+)0!u!"MDR!d!"!]!??D ?AP!!

"54! B$./3&./!\G!X&-:!ÇG!X)(3(&.0!N!)3!&1T!\L)!7%)('-&.!&.3L($8$%)3('-!.$(%/!&()!.$3!/2'3&91)!3$!&//)//!3L)!.23('3'$.&1!/3&32/!$F!&!V().-L!8$821&3'$.4!B1'.!`23(!"MMP!d!M!]!"DK"J"!!

"?4! E)1&(2)!uG!B$./3&./!\G!+&1IZ!E!)3!&1T!7.3L($8$%)3('-!I&12)/!'.!&.!)10)(1Z!V().-L!8$821&3'$.4!X(4!u4!`23(!"MM?!d!J"!]!RMA 5PR4!

"A4! @I&12&3'$.!0'&=.$/3':2)!0)!1&!0,.23('3'$.!8($3,'.$T,.)(=,3':2)!0)/!&0213)/!L$/8'3&1'/,/4![7#!RPP54!

"D4! [&.1)Z!u7G!!+-`)'1!Xu4!\L)!%)&.'.=!&.0!2/)!$F!3L)!&()&!2.0)(!&!()-)'I)(!$8)(&3'.=!-L&(&-3)('/3'-!6CaB*!-2(I)4!C&0'$1$=Z!"MKR!d"?5!]!RM 5D4!

Page 56: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AA!

"J4! @0'.=3$.!uG!X$$(%&.!uG!E2((&.3!@C!)3!&14!N()I&1).-)!$F!%&1.23('3'$.!$.!&0%'//'$.!3$!F$2(!L$/8'3&1/!'.!@.=1&.04!\L)!+&1.23('3'$.!N()I&1).-)!U($284!B1'.!`23(!RPPP!d"M!]!"M" "MA!

"K4! u)99!#74!O.-'0).-)!&.0!()-$=.'3'$.!$F!%&1.23('3'$.!'.!L$/8'3&1!u4!N4!+-tL'(3)(!&.0!B4!C4!N)..'.=3$.!X+u!"MM?d!5PK]!M?ATM?K4!"MM?!B1'.!`23(!d!"5!]!RDJ RDK4!

"M4! @0'.=3$.!uG!w$.!NG!!+&(3Z.!B`4!N()I&1).-)!$F!%&1.23('3'$.!'.!8&3').3/!'.!=).)(&1!8(&-3'-)4!B1'.!`23(!"MMD!d!"A!]!DP D54!

RP4! `'=L3'.=&1)!u+G!t&1/L!`G!X211$-e!+@!)3!&14!\L())!/'%81)!%)3L$0/!$F!0)3)-3'.=!%&1.23('3'$.!$.!%)0'-&1!v&(0/4!u!C!#$-!+)0!"MMD!d!KM!]!"?? "?K4!

R"4! u$$/3).!@G!Q&.0)()1/3!XG!N)1)%&./!t4!\L)!)FF)-3!$F!0'FF)().3!0'&=.$/3'-!-('3)('&!$.!3L)!8()I&1).-)!$F!%&1.23('3'$.!'.!&!L$/8'3&1'Y)0!=)('&3('-!8$821&3'$.4!7='.=!6+'1&.$*!"MMM!d!""!]!5MP 5M?4!

RR4! X)&2!N4!N(,I&1).-)!0)!1&!0,.23('3'$.!-L)Y!1)!%&1&0)!L$/8'3&1'/,4!\(&'3,!0)!.23('3'$.!&(3'F'-')11)!0)!1 &0213)!"MMK!]!D5M ?A!

R54! G!aC#!U2'11&2%)!B$2/'.G!/3&='&'()G!aC#!E(![)(IQ'11)3G!0'()-3)2(G!aC#4!).:2i3)Å8()I&1Å!3($291)/T.23('3'$..)1/ÅL.TT.$(%&.23T480F4!&3!^0(0;/TL&23)T.$(%&.0')4;)2.)//)T/8$(3/4=$2I4F(s!

R?4! B$11S=)!0)/!@./)'=.&.3/!0)!`23('3'$.4!#288$(3!.23('3'$..)1!]!-&0()!(,=1)%).3&'()!0)!1&!8()/-('83'$.!3L,(&8)23':2)!)3!()-$%%&.0&3'$./4!O.!]!`23('3'$.4!N&('/!d!RP""4!84"AM"DM4!

RA4! X&10v'.!BG!t))e)/!B@4!E')3&(Z!&0I'-)!v'3L!$(!v'3L$23!$(&1!.23('3'$.&1!/2881)%).3/!F$(!0'/)&/)T()1&3)0!%&1.23('3'$.!'.!&0213/4!B$-L(&.)!E&3&9&/)!#Z/3!C)I!RP""4!

RD4! #3(&33$.!CuG!@1'&[email protected]$2(&='.=!&88($8('&3)G!)I'0).-)T9&/)0!2/)!$F!$(&1!.23('3'$.&1!/2881)%).3/4!N($-!`23(!#$-!RP"P!d!DM!]!?JJ ?KJ4!

RJ4! B&.$!`G!+)1-L'$(!uB4!+&1.23('3'$.!'.!-L($.'-!0'/)&/)/4!C)I!N(&3!RPP5!d!A5!]!RDKRJ54!

RK4! B&%8'11$!XG!N&'11&20!@G!bY&.!O!)3!&1T!Q&12)!$F!9$0Z!%&//!'.0)H!'.!3L)!0)3)-3'$.!$F!/)I)()!%&1.23('3'$.]!'.F12).-)!$F!3L)!8&3L$1$=Z!&.0!-L&.=)/!'.!&.3L($8$%)3('-!8&(&%)3)(/4!B1'.!`23(!RPP?!d!R5!]!AA" AAM4!

RM4! `23('3'$.&1!/3&32/!'.!-'((L$/'/4!O3&1'&.!+213'-).3()!B$$8)(&3'I)!N($;)-3!$.!`23('3'$.!'.!_'I)(!B'((L$/'/4!u4![)8&3$1+"MM?!d!R"!]!5"J 5RA4!

5P4! B&%8'11$!XG!C'-L&(0)3!uNG!#-L)(%&.!@4!)3!&14!@I&12&3'$.!$F!.23('3'$.&1!8(&-3'-)!'.!L$/8'3&1'Y)0!-'((L$3'-!8&3').3/]!()/213/!$F!&!8($/8)-3'I)!/320Z4!`23('3'$.!RPP5!d!"M!]!A"AAR"4!

5"4! X'/3('&.!XC4!`23('3'$.&1!&//)//%).3!$F!3L)!L$/8'3&1'Y)0!8&3').3 ]!&!8(&-3'-&1!&88($&-L4!O.!]!t('=L3!C7G![)Z%/F')10!)0'3$(/4!`23('3'$.&1!7//)//%).3!4!aHF$(0!]!X1&-ev)11!#-').3'F'-!N291'-&3'$./!d!"MK?4!8!"K5 RPA4!

5R4! [)Z%/F')10!#XG!+-+&.2/!BXG!#)'3Y!#X!)3!&14!7.3L($8$%)3('-!&//)//%).3!$F!&0213!

Page 57: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AD!

8($3)'.T).)(=Z!%&1.23('3'$.!O.!t('=L3!C7G![)Z%/F')10!)0'3$(/4!`23('3'$.&1!7//)//%).34!aHF$(0!]!X1&-ev)11!#-').3'F'-!N291'-&3'$./!d!"MK?4!8!RR KR4!

554! #3(&3,=')!0)!8('/)!).!-L&(=)!0)!1&!0,.23('3'$.!8($3,'.$T,.)(=,3':2)!-L)Y!1&!8)(/$..)!j=,)4![7#!RPPJ4!

5?4! V)((Z!+G!71'H!@G!X($-e)(!N4!`23('3'$.!0)!1&!8)(/$..)!j=,)4!+&//$.!5)%)!,0'3'$.!N&('/!d!RPPR4!8!"P?T"PA4!!

5A4! B$('/L!B7G!V1$$0!NG!+211'=&.!#4!)3!&14!788&().3!1$v!F():2).-Z!$F!2.0)(.23('3'$.!'.!E291'.!L$/8'3&1!'.T8&3').3/]!/L$210!v)!()I')v!3L)!&.3L($8$%)3('-!3L()/L$10/!F$(!-1'.'-&1!8(&-3'-)Ä!X(4!u4!`23(T!RPPP!d!!K?!]!5RA 55A4!

5D4! N&'11)!VG!\L$2I).'.!7G!C$2//)1!B!)3!&14!_ ,3&3!.23('3'$..)1!02!/2;)3!&1-$$1$T0)8).0&.34!B&L4`23(4E')34!"MKA!d!RP!]!5RA M4!

5J4! U1É('&!_G!B(&I$!+G!B&%'1$!+@!)3!&1T!`23('3'$.&1!0)F'-').-')/!'.!-L($.'-!&1-$L$1'-/]!()1&3'$.!3$!0')3&(Z!'.3&e)!&.0!&1-$L$1!-$./2%83'$.4!7%4!u4!U&/3($).3)($1!"MMJ!d!U7!]!?KA?KM4!

5K4! B&%8'11$!X4!_)/!8($91S%)/!.23('3'$..)1/!-L)Y!1 &1-$$1':2)!-L($.':2)4!B&L4`23(4E')3T!RPPP!d!5A!]!M5 MK4!

5M4! w$)L.!QG!X2(.&20!XG!`':2'11)!+!)3!&1T!N()I&1).-)!$F!%&1.23('3'$.!'.!&1-$L$1'-!&.0!.$.&1-$L$1'-!%)0'-&1!'.8&3').3/]!&!-$%8&(&3'I)!&.3L($8$%)3('-!/320Z4!uN@`!u!N&().3)([email protected])(&1!`23(!"MM5!d!"J!]!5A ?P4!

?P4! N'/-L$.!\G!X$)'.=![G![$FF%&..!w!)3!&1T!U).)(&1!&.0!&90$%'.&1!&0'8$/'3Z!&.0!('/e!$F!0)&3L!'.!@2($8)4!`4!@.=14!u4!+)0!RPPK!d!5AM!]!R"PA R"RP4!

?"4! `$$('!`G!w$I)/0Z!BNG!E2ee'8&3'!C!)3!&1T!C&-'&1!&.0!)3L.'-!0'FF)().-)/!'.!%$(3&1'3Z!$F!L)%$0'&1Z/'/!8&3').3/]!($1)!$F!0')3&(Z!&.0!.23('3'$.&1!/3&32/!&.0!'.F1&%%&3'$.4!7%4!u4!`)8L($1!RP""!d!55!]!"AJ "DJ4!

?R4! +&(3Ñ.TU$.YÖ1)Y!BG!U$.Y&1)YTC)'%)(/!@G!#&.3$1&('&TV)(.&.0)Y!V!)3!&1T!N($=.$/3'-!I&12)!$F!-L&.=)/!'.!1)&.!&.0!F&3!%&//!'.!&1-$L$1'-/4!B1'.!`23(!RP""!d!5P!]!KRR K5P4!

?54! u&%)/!tNG!+&/-')T\&Z1$(!UBG!`$(=&.!`U!)3!&1T!\L)!I&12)!$F!&(%!-'(-2%F)().-)!%)&/2()%).3/!'.!&//)//'.=!-L($.'-!).)(=Z!0)F'-').-Z!'.!\L'(0!t$(10!&0213/4!@2(!u!B1'.!`23(!"MM?!d!?K!]!KK5 KM?4!

??4! B$$1)Z!#+G!E$..)11)Z!uBG!t&1/L!\!)3!&1T!\L)!()1&3'$./L'8!9)3v)).!9$0Z!%&//!'.0)H!&.0!%'0T&(%!-'(-2%F)().-)!'.!&!8()=.&.3!8$821&3'$.4!u!a9/3)3!UZ.&)-$1!RP""!d!5"!]!AM? AMD4!

?A4! N$v)11T\2-e!uG![)..)//Z!@+4!7!-$%8&('/$.!$F!%'0!288)(!&(%!-'(-2%F)().-)G!9$0Z!%&//!'.0)H!&.0!v)'=L3!1$//!&/!'.0'-)/!$F!2.0)(.23('3'$.!'.!&-23)1Z!L$/8'3&1'Y)0!8&3').3/4!B1'.!`23(!RPP5!d!RR!]!5PJ 5"R4!

?D4! ['11!U_G!X(&01)Z!u7G!B$11'./!uN!)3!&1T!V&3TF())!9$0Z!%&//!F($%!/e'.F$10!3L'-e.)//]!&!-1$/)!()1&3'$./L'8!v'3L!3$3&1!9$0Z!.'3($=).4!X(4!u4!`23(4!"MJK!d!5M!]!?P5 ?PA4!

?J4! #L)33Z!N#G!#$&()/!+uG!u&%)/!tN4!X$0Z!%&//!'.0)H]!'3/!()1&3'$./L'8!3$!9&/&1!%)3&9$1'-!(&3)/!&.0!).)(=Z!():2'()%).3/4!@2(!u!B1'.!`23(!"MM?!d!?K!#2881!5!]!#RK 5Jd!

Page 58: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AJ!

0'/-2//'$.!#5J 5K4!

?K4! X2(0).!#\G!#3$88&(0!@G!#L&FF)(!u!)3!&14!B&.!v)!2/)!%'0!288)(!&(%!&.3L($8$%)3(Z!3$!0)3)-3!%&1.23('3'$.!'.!%)0'-&1!'.8&3').3/Ä!7!I&1'0&3'$.!/320Z4!u![2%!`23(!E')3!RPPA!d!"K!]!RKJ RM?4!

?M4! _&./)Z!#G!t&/1').!BG!+21I'L'11!+!)3!&14!\L)!($1)!$F!&.3L($8$%)3(Z!'.!3L)!&//)//%).3!$F!%&1.23('3'$.!'.!3L)!L$/8'3&1'Y)0!F(&'1!)10)(1Z4!U)($.3$1$=Z!"MM5!d!5M!]!5?D5A54!

AP4! E&1)Z!XuG!+&1'&ee&1!CuG!E())/).!@X!)3!&14!C&8'0!-1'.'-&1!&//)//%).3!$F!e'0.)Z!F2.-3'$.!9&/)0!$.!&(%!%2/-1)!-'(-2%F)().-)!&.0!/)(2%!-()&3'.'.)4!`23('3'$.!"MM?!d!"P!]!!"RK "5"4!

A"4! V)(($T_2YY'!7G!u&%)/!tN4!70213!%&1.23('3'$.]!/'%81)!&//)//%).3!3)-L.':2)/!F$(!2/)!'.!)%)(=).-')/4!X(4!u4!`23(4!"MMD!d!JA!]!5 "P4!

AR4! #-L.)'0)(!#+G!71Tu&$2.'!CG!N'I$3!}!)3!&1T!_&-e!$F!&0&83&3'$.!3$!/)I)()!%&1.23('3'$.!'.!)10)(1Z!8&3').3/4!B1'.!`23(4!RPPR!d!R"!]!?MM AP?4!

!

! !

Page 59: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AK!

QOOO4 CxVxC@`B@#!E@#!\7X_@7b}!

\7X_@7b!"!]!@\Oa_aUO@#!E@#!N7\[a_aUO@#!@`!C7NNaC\!7Q@B!_ 7_Baa_!@\!E@#!N7\[a_aUO@#!B[OCbCUOB7_@#!E7`#!_@#!NaNb_7\Oa`#!E x\bE@!@\!E@!Q7_OE7\Oa`!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!RK!

\7X_@7b!R!]!B7C7B\xCO#\Oqb@#!E@!_7!NaNb_7\Oa`!E x\bE@!6RPP5TRPPD*!44444444444444444444444444444444444444444444444444444444444444444444444444!5P!\7X_@7b!5!]!B7C7B\xCO#\Oqb@#!E@!_7!NaNb_7\Oa`!E@!Q7_OE7\Oa`!6RPPJTRPPM*!4444444444444444444444444444444444444444444444444444444444444!5R!\7X_@7b!?!]!Q7_@bC#!EO7U`a#\Oqb@#!E@#!EOVVxC@`\@#!Q7_@bC#!#@bO_!Eb!NX!NabC!_@!ExNO#\7U@!E@!_7!Ex`b\CO\Oa`!

E7`#!_7!NaNb_7\Oa`!E x\bE@!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!5A!\7X_@7b!A!]!Q7_@bC#!EO7U`a#\Oqb@#!E@#!Q7_@bC#!#@bO_#!"MGRP!@\!R"!E@!NX!NabC!_@!ExNO#\7U@!E@!_7!Ex`b\CO\Oa`!

E7`#!_7!NaNb_7\Oa`!E@!Q7_OE7\Oa`!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!5J!\7X_@7b!D!]!Q7_@bC!EO7U`a#\Oqb@!E@!_7!Q7_@bC!#@bO_!R"!Eb!NX!NabC!_@!EO7U`a#\OB!E@!_7!Ex`b\CO\Oa`!@`!

Va`B\Oa`!Eb!#@}@!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!5K!\7X_@7b!J!]!!Q7_@bC!EO7U`a#\Oqb@!Eb!NX!E7`#!_7!NaNb_7\Oa`!E x\bE@!NabC!_@!ExNO#\7U@!E@#!N7\O@`\#!!7Ç7`\!b`!

O+B!^!RP!B[@�!_@#!N7\O@`\#!ÜUx#!E@!+aO`#!E@!JA!7`#!@\!b`!O+B!^!R"!7bTE@_á!E@!JA!7`#!44444444444444444444444444444444444!5M!\7X_@7b!K!]!B7C7B\xCO#\Oqb@#!E@!_7!NaNb_7\Oa`!E@!_ !444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!?P!!

! !

Page 60: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! AM!

O}4 7``@}@!

!

Page 61: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! DP!

!

\7X_@7b!?!

!

!

!

NX! ^"D! ^"J! ^"K! [-U# [7?# [7-# ^RR! ^R5! ^R?! ^RA! ^RD! ^RJ! ^RK! ^RM! ^5P! ^5"! ^5R! ^55! ^5?! ^5A!

#)./'9'1'3,!6k*!

MP! KKGR! KKGR! <\P,# <GP<# <-P,# J5GK! DAG"! AA! ?JGM! 5KGM! 5?GA! 5"G"! RKG"! RDG?! RAG?! R?GA! R?G5! R?! R5GJ!

#8,-'F'-'3,!!6k*!

JK! JKGJ! JKGJ! <?P-# <-P<# <GPU# KJGK! MRGM! MAG?! MJGD! MKGA! MMG"! MMG?! "PP! "PP! "PP! "PP! "PP! "PP! "PP!

QNN!6k*!

DG5! "PG?! "PG?! "KG"! RJG"! ?RGD! ADGM! JJGK! KJGA! M?G?! MJGR! MKGD! MMG5! "PP! "PP! "PP! "PP! "PP! "PP! "PP!

QN`!6k*!

"PP! MMGD! MMGD! MMGR! MKGA! MJG"! M?! KJGA! JKGA! DMG"! A?GR! ??! 5?! R5G5! "DG5! ""GJ! JGJ! DGA! AGR! 5G5!

+

+

H77+D+@!-*.0+;0$,'%/'@*+;1('/'@*+H7?+D+@!-*.0+;0$,'%/'@*+&$4!/'@*+! !

Page 62: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

! D"!

\7X_@7b!J!

!

&Z&.3!2.!O+B!^!RP!-L)Y!1)/!8&3').3/!j=,/!0)!%$'./!0)!JA!&./!!

)3!2.!O+B!^!R"!&2T0)1c!0)!JA!&./!

!

NX! ^"J! ^"K! ^"M! ^RP! ^R"! ^RR! [7,# ^R?! ^RA! ^RD! ^RJ! ^RK! ^RM!

#)./'9'1'3,!6k*!

M?GP! M?GP! MPGP! M5GP! MRGP! KKGP! <JP?# JKGP! DMGP! AMGP! A5GP! ?KGP! ?5GP!

#8,-'F'-'3,!6k*!

DDGP! DDGP! DJGP! DMGP! JRGP! JDGP! <,P?# KMGP! MRGP! MJGP! MJGP! MKGP! MMGP!

QNN!6k*!

JGP! JGP! "RGP! "MGP! 5"GP! ??GP! \\P?# KPGP! KKGP! MDGP! MJGP! MMGP! "PPGP!

QN`!6k*!

"PP! "PP! MM! MM! MKGA! MJ! UG# KJ! JK! D5! A"! ?P! RK!

!

H77+D+@!-*.0+;0$,'%/'@*+;1('/'@*+H7?+D+@!-*.0+;0$,'%/'@*+&$4!/'@*

Page 63: 2(%!&*%*4)-%2#%* · 2013. 4. 8. · -.#/0#(1$)%&+%+'$#2#31*0$+4354#5%#*'$416)5$*54#"""""#,! &*!+,-&.'/%)/!0)!1&!0,.23('3

!

!

!"#$%"&

&!

'()*+,$-).+(! "!#$!%&'()*+)+,'!$!('!*-./!%&.&)0*/!1(*! ./!2*,',1)+3!%/1!4$.$%+/15!#/!3$.3(.!%/!.6789!/1)! ./!3*+)0*/!%/!*&:&*/'3/!*/3,''(5! 7.!'&3/11+)/!3/2/'%$')! .$!4/1(*/!%(!2,+%1!/)!%/! .$!)$+../5! #$!4/1(*/!%(!2&*+40)*/!;*$3<+$.! =>?@! 2,(**$+)! A)*/! ('!4,B/'! 1+42./! /)! *$2+%/!2,(*!%&2+1)/*!.$!%&'()*+)+,'5!

!

/012-).3#& 2)&%")4+,2#"! %/! 3,<,*)/! &)$+)! %/!C$.+%/*!%/1!C$./(*1!1/(+.!!%(!>?!2,(*!%&2+1)/*!.$!%&'()*+)+,'5!!

%/!2$)+/')1!<,12+)$.+1&1!%$'1!./!1/*C+3/!%/!*&&%(3$)+,'!%+D/1)+C/! %/! .6<-2+)$.! 9</'/C+/*! 2/'%$')! E! $'1! /)! ',(1! $C,'1! %&)/*4+'&! %/1! C$./(*1! %/!*&:&*/'3/!/'!3,':*,')$')!./1!C$./(*1!%/!.6789!/)!3/../1!%(!>?5!

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

T$'1! ('! )*,+1+04/! )/421! ',(1! $C,'1! $22.+G(&! 3/1! *&1(.)$)1! %$'1! ('/! 2,2(.$)+,'! %/! IRR!2$)+/')1!*/3*()&1!%$'1!('/!UV>WT5!!!

!

!"#$5)6)#!! ='! X! EYZ@5! #/1! 3$*$3)&*+1)+G(/1! %/! .$! 2,2(.$)+,'! %/!

C$.+%$)+,'! &)$+/')! 1+4+.$+*/1! ='! X!3,**&.&!$(!>?!=*!X!

RKJYEK!2![!IRQY@5!#$!3,(*;/!\]9!4,')*$+)!('/!$+*/!1,(1!3,(*;/!%/!RKZRJ!^!RKRIE!/_2*+4$')!('/!;,''/!C$./(*!%+$D',1)+3!%(!>?5!#/1!C$./(*1!1/(+.!%(!>?!2,(*!./!%&2+1)$D/!%/!.$!%&'()*+)+,'!/)! %(! *+1G(/! %/! %&'()*+)+,'! &)$+/')! */12/3)+C/4/')! PI! /)! PE! $C/3! ('/! 1/'1+;+.+)&! /)! ('/!12&3+:+3+)&!1(2&*+/(*/1!H!JR!`5!9/2/'%$ !C$./(*1!1/(+.!%/!PI!

1/'1+;+.+)&!%/!IZ!/)!LR!`5!!

&

7+(-5$#.+(!"!W 2*+'3+2$./4/')!/! %&2+1)/*! .$! %&'()*+)+,'! 2/()! A)*/!

()+.+1&/5!#/1!C$./(*1!1/(+.!2,(*!./!%&2+1)$D/!%/!.$!%&'()*+)+,'!$C&*&/!/)!%(!*+1G(/!'()*+)+,''/.!1,')!*/12/3)+C/4/')!PI!/)!PE5!9/1!1/(+. D&/!+'1)+)()+,''$.+1&/5!

!

8+)#&-5"#!"!>&*+40)*/!;*$3<+$.K!T&'()*+)+,'K!7'%+3/!%/!4$11/!3,*2,*/../K!W')<*,2,4&)*+/K!W%(.)/K!W.3,,.K!>$)<,.,D+/1!3<*,'+G(/1K!>,2(.$)+,'5!