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    ]uaa`r Yrbchchf Zrnk`mt W`pnrt

    Nh

    Bh Bhbdyscs tl` Abre`t Mnapbrcsnh NoW`i Mlc`o wctl Ntl`r Zrniumt h !bhpur"

    ]u#actt`i onr Zbrtcbd $udocdda`ht No

    Abst`rs no %usch`ss Biachcstrbtcnh"

    &A%B '()*('()*+,

    -hi`r Yl` ]u#actt`i tn.' -hi`r Yl` ]up`r/cscnh no.'

    Acss: Bbrtc ]chfl Ar: Bhcd ]b/ctb

    &$bmudty no A%B, &Abre`tchf Abhbf`r,

    ]u#actt`i %y.'

    ]br/`sl !uabr

    Wndd 2n: *((7==))99

    2brbchb Mndd`f` no 0hfch``rchf ? Y`mlhndnfy

    Zbhec6 !bhpur'()7)()

    2

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    CH]YCYPY@ M@WYCOCMBY@

    7

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    MNAZB2< M0WY$MBY0

    =

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    BM!2N3;0540A02Y

    C wnudi dce` tn `xpr`ss ay Bmehnwd`if`a`ht tn tlns` p`npd`, wctlnut wlns` mnhtrcutcnh,

    ]uppnrt !hi fuci!hm` tlcs W`pnrt wnudi hnt l!"` s``h tl` dcflt n# tl` i!y$ Hnt!d` !anhf tl`a

    !r` Ar: Bhcd ]b/ctb wln w!s ay %rn&`mt 'uci` !hi wln l`dp`i a` ch ! dnt$

    C !a !dsn tl!he#ud !hi wnudi dce` tn `xpr`ss ay 'r!tctui` tn tl` (nhnr!d` 1`bi no

    5`pbrta`ht Acss: 2``tu ]chfl !hi tl` `htcr Chstctut` #nr fc"chf a` ! %d!t#nra tn l!"` tlcs

    wnhi`r#ud nppnrtuhcty !hi `chf !d` tn f`t ! fdcaps` n# tl` Mnrpnr!t` )nrdi$

    9

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    50M;BWBYN2

    Yl` suaa`r prn&`mt nh Bh Bhbdyscs tl` Abre`t Mnapbrcsnh No W`i Mlc`o wctl Ntl`r

    Zrniumt h !bhpur"cs tl` nrcfch!d wnre inh` y a`$ Ylcs cs tl` prnp`rty n# tl` chstctut` !hi

    us` n# tlcs r`pnrt wctlnut prcnr p`racsscnh n# tl` Chstctut` wcdd ` mnhsci`r`i cdd f!d !hi

    !mtcnh!d`$

    5BY0.

    Z;BM0.

    0

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    2508

    ]:2n Ynpcms Zbf` 2n

    Chstctut`* M`rtc#cm!t`Mnap!hy M`rtc#cm!t`Bmehnwd`if`a`ht]tui`ht +`md!r!tcnh

    $ Chtrniumtcnh

    -&`mtc"` n# tl` ]tuiy

    .$ Chiustry %rn#cd`

    /$ Mnap!hy %rn#cd

    :$ %rniumt %rn#cd

    2$ 7!re`tchf Bh!dyscs

    =$ W`s`!rml 7 tlnindnfy

    9$ +!t! Bh!dyscs 0 cht`rpr`t!tcnh

    ?$ Ochichfs

    6$ ]uff`stcnh

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    2YWN5-MYN2

    6

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    B%N-Y Y10 YNZM

    Ay Zrnk`mt 2ba` s Bh Bhbdyscs tl` Abre`t Mnapbrcsnh No W`i Mlc`o wctl

    Ntl`r Zrniumt h !bhpur"

    wl`h r`s`!rml`r w!s !sscfh`i tl` prn&`mt #crst n# !dd tn uhi`rst!hi tl`

    mnapd`t`dy !nut tl` prn&`mt wl!t !mtu!ddy l!s tn ` inh` ch tl` prn&`mt$ r`s`!rml`r uhi`rstnni

    tl` prn&`mt ch i`t!cd wctl tl` l`dp n# nur #!mudty fuci` !s w`dd !s nur mnap!hy fuci` !hi a!i` !

    4u`stcnhh!cr` #nr tl` mndd`mtcnh n# prca!ry i!t!$ !#t`r !pprn"!d n# tl` 4u`stcnhh!cr r`s`!rml`r

    st!rt`i tl` prca!ry i!t! mndd`mtcnh !s`i nh ct$ ay t!rf`t p`npd` w!s prn#`sscnh!d, lcfl md!ss

    s!d!rc`i p`npd`, w`dd `st!dcsl`i usch`ssa`h, slnwrnnas `tm$ !#t`r mndd`mtchf tl` i!t! #rna

    r`spnhi`hts tl`h r`s`!rml`r st!rt`i i!t! !h!dyscs$

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    N%>0MYJ0] N$ Y10 ]Y-5sm!d` uhcts, tl` s!hi!ds !hi ml!pp!ds !r` prnium`i ch tl` lnus`lndi !hi

    mntt!f` s`mtnr$ Chic! prnium`s anr` n# f`hts* #nntw`!r wlcd` tl` wnrdi*s a!&nr prniumtcnh cs ch

    d!ic`s #nntw`!r$ Ch tl` m!s` n# ml!pp!ds !hi s!hi!ds, us` n# hnh>d`!tl`r a!t`rc!d cs us`i tn

    a!hu#!mtur` tl`s` ch tl` ina`stcm a!re`t$

    Yl` chiustry cs nh tl` `if` n# !inptchf tl` ani`rh !hi st!t`>n#>tl`>!rt t`mlhndnfy tn suct

    tl` `x!mtchf cht`rh!tcnh!d r`4ucr`a`hts !hi st!hi!ris$ Yl` Chic!h Onntw`!r Chiustry cs !dd s`t #nr

    d`"`r!fchf cts str`hftls tnw!ris a!xcacJchf `h`#cts$

    ]tr`hftl n# Chic! ch tl` #nntw`!r s`mtnr nrcfch!t`s #rna cts mnaa!hi nh r`dc!d` suppdy n#

    r`snurm`s ch tl` #nra n# r!w lci`s !hi sechs, 4u!dcty #chcsl`i d`!tl`r, d!rf` chst!dd`i m!p!mctc`s

    #nr prniumtcnh n# #chcsl`i d`!tl`r 0 #nntw`!r, d!rf` lua!h m!pct!d wctl `xp`rtcs` !hi t`mlhndnfy

    !s`, secdd`i a!hpnw`r !hi r`d!tc"`dy dnw mnst d!nr, prn"`h str`hftl tn prnium` #nntw`!r #nr

    fdn!d r!hi d`!i`rs !hi !m4ucr i t`mlhndnfy mnap`t`hm , p!rtcmud!rdy #nr aci !hi lcfl prcm`i

    #nntw`!r s`fa`hts$ Chic! l!s tl` mnap`tctc"` !i"!ht!f` n"`r ntl`r mnuhtrc`s ch tl` #nra n#

    a!t`rc!ds !hi secdd`i a!hpnw`r$

    Yl` #nntw`!r chiustry `xcsts ntl ch tl` tr!ictcnh!d !s w`dd !s ani`rh s`mtnr$ )lcd tl`

    tr!ictcnh!d s`mtnr cs spr`!i tlrnuflnut tl` mnuhtry wctl mdust`rs n# mnhm`htr!tcnh m!t`rchf d!rf`dy

    tn tl` ina`stcm a!re`t, tl` ani`rh s`mtnr cs d!rf`dy mnh#ch`i tn s`d`mt`i m`ht`rs dce` Ml`hh!c,

    Baur, W!hcp!t, Bfr!, 1!hpur !hi +`dlc wctl anst n# tl`cr prniumtcnh #nr `xpnrt$

    Bss`ady dch` prniumtcnh cs nrf!hcJ`i, !hi !nut 6

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    ]1N0 25-]YW< Z0]Y B2B;

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    ]nmcbd

    G3c#`styd` tr`his upw!ri slc#t$

    G +`anfr!plcms

    G Mnhsua`r !ttctui`s !hi npchcnhs ml!hfchf #!"nr!dy tnw!ris r!hi`i sln`s

    G 7`ic! "c`ws

    G Mnhsua`r uychf p!tt`rhs

    G O!slcnh !hi rnd` ani`ds

    G 5uychf !mm`ss !hi tr`his

    G Bi"`rtcschf !hi pudcmcty

    Y`mlhndnfcmbd

    G Mnap`tchf t`mlhndnfy i`"`dnpa`ht

    G Chic! n##`rs `h`#cts dce` dnw mnst n# prniumtcnh, !uhi!ht r!w a!t`rc!d, !hi ! luf`mnhsuaptcnh a!re`t

    G W`s`!rml #uhichf ch i`scfh !hi r`4ucr`a`hts

    G 7!hu#!mturchf a!turcty !hi m!p!mcty

    G Ch#nra!tcnh !hi mnaauhcm!tcnhs

    G Mnhsua`r uychf a`ml!hcsast`mlhndnfy

    G Chhn"!tcnh pnt`htc!d

    G Y mlhndnfy !mm`ss, dcm`hschf, p!t`hts

    2=

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    MNAZB2Ylcs Mnap!hy cs ch"nd"`i ch tl`

    usch`ss n# mnhstrumtcnh !hi r`!d `st!t`$ M!dmutt! +`t`rf`hts %rc"!t` 3cact`i>Ylcs Mnap!hy in`s

    !mtc"ctc`s n# a!hu#!mturchf !hi tr!ichf n# i`t`rf`hts$ Bdd tl` Mnap!hc`s !r` uhi`r tl`

    sup`r"cscnh !hi mnhtrnd n# tl` s!a` a!h!f`a`ht, tl`r`y a!echf cts r`mnfhctcnh !s tl` K'(BWC

    'W-P%E$

    2

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    )` l!"` ! "`ry strnhf a!re`t pr`s`hm` ch a!&nr p!rts n# Chic!, lnw`"`r sna` p!rts l!i ``h d`#t

    uhtnuml`i lctl`rtn$ ]t`ps !r` `chf t!e`h tn str`hftl`h !hi chmr`!s` nur !dr`!iy strnhf i`!d`r

    h`twnre n# .2

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    ICW@MYNW] NH GNBWI

    W]ZD Dcact`i frnup cs prnant`i gy Fybhmlbhibhc obacy! Yl`

    prnant`r

    icr`mtnrs br` mnagchbtcnh no `xp`rc`hm`i bhi ynuhf p`rsnhs

    *: Aurdc 5lbr 4ybhmlbhibhc

    &Mlbcrabh ? Abhbfchf 5cr`mtnr schm` 9G yrs,

    >nch`i tl` obacdy #usch`ss no lcs obtl`r ;bt` 5bybd 5bs:

    (cs "cscnh !hi strnhf i`icm!tcnh d!ci tl` #nuhi!tcnh n# tl` AW]%3 3cact`i*

    frnup$ (` l!s tl` r`spnhsccdctc`s n# #ch!dcJchf Mnrpnr!t` ]tr!t`fy 0 %d!hhchf

    #nr tl` frnwtl n# tl` usch`ss n# tl` frnup$ Phi`r lcs d`!i`rslcp tl` frnup

    l!s `st!dcsl`i cts`d# !anhfst tl` tnp a!hu#!mtur`rs n# i`t`rf`ht prniumts ch ! slnrt

    p`rcni n# h`!rdy / i`m!i`s$ (` cs fucichf tl` ynuhf`r f`h`r!tcnh tn "`htur` chtn

    h`! mbt`fnrc`s

    7:

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    (: %cabd !uabr

    & Abhbfchf 5cr`mtnr schm` 9) yrs ,

    >nch`i tl` obacdy #usch`ss no lcs obtl`r wctl lcs `di`r #rntl`r ]lrc Aurdc 5lbr:

    (cs r`spnhsccdctc`s !r` tn sup`r"cs` !hi mnhtrnd a!h!f`a`ht n# tl` `htcr` frnup$ (cs

    mnhtrcutcnh tn tl` (ua!h W`snurm` +`"`dnpa`ht ch tl` frnup l!s ``h `hnranus !hi

    lcs a`ic! !hi !i"`rtcs`a`ht str!t`fy l!s prn"`i tn ` sup`r ##cmc`ht ch t ras n# s!d`s

    r`spnhs`$ (cs !cdcty tn spnt tr`his `!rdy l!s l`dp`i tn ci`htc#y h`w s`fa`hts tl`

    mnap!hy slnudi #nr!y$

    9: Abhnk !uabr

    & 5cr`mtnr schm` * yrs ,

    >nch`i tl` #usch`ss ch *II bt b /`ry ynuhf bf`:

    (cs mnhtrcutcnh tn tl` frnup w!s tl` #crst usch`ss ic"`rsc#cm!tcnh ch tl` d`!tl`r chiustry$

    B#t`r `st!dcslchf 3`!tl`r !hi Onntw`!r "`htur` !hi turhchf tl` usch`ss chtn Ws$

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    +: Wblud 4ybhmlbhibhc

    &5cr`mtnr schm` =yrs,

    1` wbs bppncht`i 5cr`mtnr no tl` mnapbhy ch tl` y`br ())+:

    (cs pr`s`ht r`spnhsccdctc`s !r` np`r!tcnhs n# ]n!p 0 +`t`rf`ht ic"cscnh n# tl` Mnap!hy$

    (` cs !dsn !mtc"`dy ch"nd"`i ch tl` pd!hhchf n# h`w prn&`mts$ Bdd tl` `xp!hscnh pd!hs n#

    sn!p 0 i`t`rf`ht ic"cscnh !r` fnchf uhi`r ch lcs !d` icr`mtcnh$ (` l!s ! "cscnh #nr

    !mew!ri cht`fr!tcnh$ Phi`r lcs !d` fuci!hm`, tl` mnap!hy l!s summ`ss#uddy `ht`r`i

    chtn tncd`t sn!p s`fa`ht y d!uhmlchf tncd`t sn!p uhi`r tl` r!hi h!a` KI@HP]E !hi

    #nr!ychf chtn lna`m!r` s`fa`ht$

    *: Wnlct 4ybhmlbhibhc

    & 5cr`mtnr schm` G yrs,

    1` wbs chiumt`i tn tl` %nbri no tl` Mnapbhy ch tl` y`br ())G:

    (` l!s tl` r`spnhsccdcty n# pd!hhchf !hi anhctnrchf !i"`rtcschf !hi `"nd"chf h`w

    str!t`fc`s #nr a!re`tchf$ (` cs !dsn dnnechf !#t`r r`!d `st!t` usch`ss n# tl` frnup$ -h` n#

    tl` frnup mnap!hy, Hcaac 5ucdi Y ml %"t$ 3ti$ cs i`"`dnpchf r`sci`htc!d prn&`mts ch

    1!hpur !hi 3umehnw tlrnufl ]%I$

    77

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    ZWN$;0 N$ Y10 ZWNANY0W]

    ;bt` 5bybd 5bschctc!t`i tl` frnup !s ! sa!dd #!acdy usch`ss$ Ct cs s!ci tl!t ehnwd`if` !hi

    `xp`rtcs` mna`s #rna `xp`rc`hm`$ Ct w!s lcs chic"ciu!d `##nrts !hi i`icm!tcnh tl!t d!ci tl`

    #nuhi!tcnh nh wlcml tl` `apcr n# 4lbrc"frnup l!s ``h ucdis up wctlch ! sp!h n# tlr``

    i`m!i`s$

    (` w!s ! #cra `dc`"`r n# !h !f` ndi !i!f` Jbdu` onr Anh`y":(cs mnhtrcutcnh tn tl` summ`ss

    n# tl` frnup cs uhp!r!dd d`i$ Ar: Aurdc 5lbrYl` mnhtrcutcnh n# Ar: Aurdc 5lbr6 Mlbcrabh

    ? Abhbfchf 5cr`mtnr tn tl` r!hi ucdichf n# tl` 41BW"i`t`rf`hts cs r`mnfhcJ`i !hi !

    w`dd>`st!dcsl`i trutl$

    (` &nch`i tl` #!acdy usch`ss n# lcs #!tl`r ;bt` 5bybd 5bs!hi wctl lcs "cscnh !hi strnhf

    i`icm!tcnh f!"` tl` #!acdy usch`ss tl` sl!p` n# ! mnrpnr!t`$ (cs `xp`rc`hm` n# anr` tl!h /tn>i!y

    !##!crs n# tl` frnup !hi `##cmc`htdy a!h!fchf tl` chtrcm!mc`s n# usch`ss cs lcs #nrt $ (cs

    mnhtrcutcnh tn tl` (ua!h W`snurm` +`"`dnpa`ht ch tl` frnup l!s ``h `hnranus !hi lcs a`ic!

    !hi !i"`rtcs`a`ht str!t`fy l!s prn"`i tn ` sup`rs`i` `##cmc ht ch t`ras n# s!d`s r`spnhs`$ Ar:

    Abhnk !uabrnch`i tl` usch`ss !t ! "`ry ynuhf !f` wctl tl` "cscnh tn ic"`rsc#y !hi "`htur`

    chtn tl` d`!tl`r chiustry, l` mnapd`t`i lcs prn#`sscnh!d tr!chchf ch d`!tl`r !hi #nntw`!r i`scfhchf

    #rna Ct!dy !hi ntl`r @urnp`!h mnuhtrc`s$

    ;`bybh N/`rs`bs Zrc/bt` ;cact`i hnw 'l!rc Chiustrc`s %rc"!t` 3cact`iL mnaa`hm`i cts

    prniumtcnh ch 7!y 669$ 3`!tl`r usch`ss cs l!"chf twn a!hu#!mturchf #!mcdctc`s nh` !t 1!hpur

    7=

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    !hi ntl`r !t (!riw!r$ Yl` Mnap!hy cs a!hu#!mturchf d`!tl`r sln`s uhi`r tl` pr`stcfcnus r!hi

    h!a` n# KW`i Mlc`oE$ -tl`r tl!h tl` 3`!tl`r 0 Onntw`!r +c"cscnh l` cs !dsn a!echf #nr!y ch

    AW`t!cd 5usch`ss* !hi ch"nd"`i ch i!y>tn>i!y !##!crs !hi i`mcscnh a!echf n# tl` `htcr` frnup$

    Ar: Wblud 4ybhmlbhibhcOnr ! ynuhf dnni chm`ptcnh$ Ar: Wblud 4ybhmlbhibhcl!s ``h

    !ppncht`i nh tl` 5n!ri tn utcdcJ` lcs chhn"!tc"` !hi mr`!tc"` !cdctc`s #nr #utur` frnwtl n# tl`

    'rnup$ Ct cs lcs "cscnh n# !mew!ri cht`fr!tcnh, wlcml cs d`!ichf tn mnap`tctc"` !i"!ht!f`, wlcml

    cs ic##cmudt #nr ntl`rs tn !mlc`"`$ B a!hu#!mturchf uhct !t l!hsc, #nr tl` a!hu#!mturchf n# Bpdl!

    -d`plch ]udplnh!t`, ! r!w a!t`rc!d #nr a!hu#!mturchf n# i`t`rf`hts l!s ``h `st!dcsl`i uhi`r

    lcs fuci!hm`$ Yn m!t`r tn tl` r`4ucr`a`hts n# tl` p!me!fchf a!t`rc!d #nr i`t`rf`ht usch`ss, !

    a!hu#!mturchf uhct n# p!me!fchf a!t`rc!d l!s ``h `st!dcsl`i !t 'r`!t r Hnci! uhi`r lcs !d`

    fuci!hm`$ Ar: Wnlct 4ybhmlbhibhc Yl` ynuhf !hi iyh!acm +cr`mtnr chm`pt`i nh tl` 5n!ri$

    Yl` a!ssc"` !i"`rtcschf !hi a!re`tchf str!t`fc`s l!"` ``h pd!hh`i !hi anhctnr`i uhi`r lcs

    !d` fuci!hm $ (cs rc`# stcht !t tl` H`w +`dlc a!re`t l!s l`dp`i lca tn f!ch #crstl!hi

    `xp`rc`hm` n# tl` i`t`rf`ht a!re`t mnhictcnhs$ Yl` r`h`w`i `##nrts n# tl` frnup ch t`ras n#

    prniumt i`"`dnpa`ht !hi a!re`t r`s`!rml tn #chi pnsscd` a!re`t f!ps ch tl` i`t`rf`ht chiustry

    m!h ` tr!m`i tn lcs #cra `dc`# ch mnr` mnap`t`hm`$

    79

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    Frnup "c#cnh $ Nutnn%

    'l!rc frnup l!s ic"`rsc#c`i chtn ntl`r usch`ss`s wctl #cra #nnt ch d`!tl`r, wchi `h`rfy,

    mnhstrumtcnh, !hi tncd`t sn!p$ )ctl ! "c`w tn !mew!ri cht`fr!tcnh n# r!w a!t`rc!ds Bdpl! nd`#ch

    su##nm!t`s, nptcm!d rcflt`h`r !hi cht`fr!t`i p!me!fchf uhct #nr m!ptc"` mnhsuaptcnhL tl` frnup

    l!s !ddnm!t`i rup``s 2< mrnr`s #nr tlcs purpns` !hi l!s a!h!f`i cts #uhichf wctl cts cht`rh!d

    !mmru!ds !hi nrrnwchf #rna #ch!hmc!d chstctutcnh$ Wup``s /2 mrnr`s !pprnx$ l!s !dr`!iy ``h

    ch"`st`i$ Yl` frnup wctl cts mnaacta`ht tn 4u!dcty mnhtrnd tn utanst d`"`d l!s s`tup ! #d``t n#

    t!he`rs !hi tr!cd`rs tn stnp !iudt`r!tcnh !hi tn a!h!f` cts dnfcstcms anr` `##cmc`htdy !hi mnst

    `##`mtc"`dy$ Yn !"nci inud` t!x!tcnh !hi tr!hspnrt mnst frnup l!s `st!dcsl`i tl`cr prniumtcnh

    uhcts !hi i`pnts ch ic##`r`ht dnm!tcnhs !mrnss tl` mnuhtry$

    70

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    41BW 2Y0W2BYN2B; 4WN-Z N$ MNAZB20].

    'l!rc 'rnup w!s #nuhi ch 6? wl`h 7r$ (!aci W`J! '(BWC`st!dcsl`i ! tr!ichf Mn$ ch

    Band mcty, 7!J!hi!r!h prn"chm` !hi Y`lr!h$

    Mnhsci`rchf i!cdy prnfr`ss n# t`mlhndnfy 0 chiustrc`s ch prniumtcnh !hi h``i n# lua!h

    snmc`ty tn `tt`r #!mcdctc`s$

    Ylcs frnup st!rt`i cts cht`rh!tcnh!d usch`ss n##cmc!ddy nh 6?6$Ocrst nh O!r @!st mnuhtrc`s

    suml !s ]chfbpnr`6 Abdbyscb bhi -:B:0:

    41BW 4WN-Z`mna`s anr` !mtc"` ch 66/ wctl sp`mc!dcJ`i

    Bhi `xp`rt p`rsnhh`d #nr i`"`dnp`i cts tr!i`, s`r"cm`s !hi Ch"`sta`hts ch ic##`r`ht #c`dis tr!i`

    mnap!hc`s !s #nddnw8

    *' 1l!J!r 7cd!i 7!J!hi!r!h ChtNd Yr!ichf Mn$

    (''(BWC '`h`r!d Yr!ichf 1csl Mn$

    9''(BWC M!spc!h Mn$

    +'Bd !ry '`h`r!d Yr!ichf$

    G''(BWC Mnhtr!mtchf$

    ''(BWC Cht`rcnr +`scfh$

    =''(BWC 3!hism!pchf$

    7?

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    $c`di no bmtc/bt`s.

    Capnrt 0 @xpnrt8

    Bdd echis n# mnaa`rmc!d prniumts$

    > (na` !ppdc!hm` 0 `d`mtrnhcms$

    > 5ucdichf a!t`rc!ds dce` H!tur!d 7!rd`, Ycd`s, M`r!acm tcd`s, ]!hct!ry w!r`, `tm$

    Onni stu## #r`sl 0 irc`i #ructs, Huts, Mnhs`r"`s, Mnnechf

    -cd, Bpp`tcJ`rs, ucm`, 7ch`r!d w!t`r, `tm$

    +`t`rf`hts 0 (yfc`hcm ]l!apnn, ]n!p, +csl, w!slchf dc4ucis, Md`!hchf

    dc4ucis, +`t`rf`ht pnwi`r, `tmL Bhi Md`!hchf ct`as

    76

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    ]`r/cm`s.

    3!hism!p` p!res i`scfh 0 mnhstrumtcnh$

    Cht`rcnr i`scfh 0 mnhstrumtcnh (nt`ds, -##cm`s, (na`s, %udcm pd!m`sL$

    h/`sta`ht.

    )` in ch"`sta`ht ch prniumtcnhs, s`r"cm`s !hi tr!i`$ -h` n# tl` a!ch !mtc"ctc`s n#

    '(BWC frnup cs !dd Yr!ichf tr!hs!mtcnhs>s!d`, sw!p !hi Yr!hspnrt!tcnh Bhi tr!hsct n# ncd

    prniumts suml !s Mrui ncd, '!sndch`, '!s ncd, +c`s`d, H!pltl!, 3c4uci f!s, 3%', 5ctua`h,

    3urcm!hts, `tm$

    )` prnui tn !hhnuhm` nur mnap!hc`s !r` %r`s`ht ch s`"`r!d mnuhtrc`s chmduichf

    Cr!h, Wussc!, @urnp`, P$B$@$, Cr!4, B#fl!hcst!h, Yure`y !hi ]p`mc!ddy ch Yurea`hcst!h 0

    BJ`r!c&!h$

    )ctlch : y`!rs n# `xp`rc`hm` ch tr!ichf n# ncd %rniumts, w` l!"` `xm`dd`ht r`sudts$

    7

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    73

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    30/125

    Zrniumts6 Np`rbtcnhs ? Y`mlhndnfy.

    7!&nr prniumts chmdui` d!uhiry i`t`rf`ht, sn!p, icslw!slchf i`t`rf`ht, !hi tnntlp!st`$

    ;buhiry i`t rf`ht !mmnuhts #nr :< p`rm`ht n# chiustry r`"`hu`, snbp #nr .< p`rm`ht, !hi

    icslwbslchf i`t`rf`ht#nr 2 p`rm`ht

    3!uhiry i`t`rf`ht mna`s ch pnwi`r nr dc4uci #nra, !hi a!y mnht!ch d`!ml !iictc"`s

    nr mndnr rcflt`h`rs$ +cslw!slchf i`t`rf`ht mna`s ch pnwi`r, dc4uci, nr f`d #nra$ ]n!p mna`s ch

    !rs nr dc4ucis, !hi a!y l!"` ancsturcJchf, !htc!mt`rc!d, nr i`ninr!ht `h`#cts$

    Wbw abt`rcbds chmdui` sur#!mt!hts, snd"`hts, plnspl!t`s, scdcm!t`s, !de!dcs, s!dts, !hi

    p`r#ua`s$ ]uppdc`rs chmdui` a!&nr ml`acm!d a!hu#!mtur`rs dce` ]l`dd Ml`acm!d !hi +nw$ %0'

    l!s ! s`p!r!t` usch`ss uhct tl!t a!hu#!mtur`s e`y ml`acm!ds !s p!rt n# ! fdn!d suppdy h`twnre$

    Zbmebfchfcs !nut .< p`rm`ht n# prniumt mnsts, !hi chmdui`s !fs, nx`s, nttd`s, tu`s, !hi

    d!`ds$

    Mnap!hc`s a!y r`dy nh nr prn"ci` tlcri>p!rty mnhtrbmt abhuobmturchfs`r"cm`s$

    3!rf` mnap!hc s a!y nwh audtcpd` pd!hts, chmduichf a!hy #!mcdctc s nutsci` tl` P]$ ]n!p !hi

    i`t`rf`ht a!hu#!mturchf cs lcfldy butnabt`i, !hi ch"nd"`s scfhc#cm!ht m!pct!d ch"`sta`ht ch

    pd!hts !hi `4ucpa`ht$ Mnaput`rs mnhtrnd prniumtcnh `4ucpa`ht !hi ch"`htnry a!h!f`a`ht$

    7!hy mnap!hc`s us` `d`mtrnhcm i!t! cht`rml!hf` @+CL tn

    nptcacJ` tl` purml!schf prnm`ss$ +u` tn tl` lcfl d`"`d n# !utna!tcnh, tl` !"`r!f` pd!ht l!s

    #`w`r tl!h .< `apdny``s$

    =:

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    W0+ ch"nd"`s mr`!tchf, t`stchf, !hi caprn"chf prniumt #nraud!tcnh, !hi `"!du!tchf

    `h"crnha`ht!d mnap!tccdcty$

    Y`mlhndnfcm!d !i"!hm`s l!"` r`ium`i tl` !anuht n# prniumt h``i`i, tl`r`y

    r`iumchf tl` !anuht n# p!me!fchf$ 7cmrn `hm!psud!tcnh t`mlhndnfy !ddnws a!hu#!mtur`rs tn

    i`dc"`r uhst!d` chfr`ic`hts, dce` "ct!ach M, tlrnufl sn!p tn tl` sech$ 7!hu#!mtur`rs !dsn t`st

    h`w `hJya`s !hi d`!ml`s tl!t caprn"` tl` `##cm!my n# prniumts$

    =2

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    $AM4 5c/cscnh

    1N-]01N;5 MBW0 ? Z0W]N2B; MBW0 ZWN5-MY]

    1nus`lndi Zrniumts

    *:4lbrc 5`t`rf`ht MB!0

    'l!rc m!e`s !r` w`dd ehnwh #nr cts 4u!dcty$

    =7

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    (: 4lbrc 5`t`rf`ht Znwi`r

    'l!rc i`t`rf`ht l!"` ``h w`dd ehnwh #nr cts 4u!dcty$

    ==

    Zrcm` Dc#t Flbrc I`t`rf`ht

    Mb%`

    ]c&` W`tbc Zrcm`

    'CHW(

    )*+ Fa# ,-!++

    ..+ Fa# ,+!++

    ,,+ Fa# -!++

    /) Fa# )!++

    Flbrc I`t`rf`ht Zn:i`r

    ]c&` W`tbc Zrcm`

    'CHW(

    .!- 2F 7/!++

    , 2F )7!++

    -++ Fa# .+!++

    .*- Fa# ,+!++

    ,+- Fa# -!++

    ,= Fa# ,!++

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    9: 8p`rt 5cslwbsl %br

    B summ`ss#ud icslw!slchf !r #nr ynur ectml`h

    =9

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    Z`rsnhbd Mbr` Zrniumts

    *: J hus %btlchf ]nbp @

    "`buty #br` $rniumts onr tl` %hicbh !na`h

    =0

    Zrcm` Dc#t 9Z@WY Mb%`

    ]c&` W`tbc Zrcm`

    'CHW(

    )=- Fa# .+!++

    ,0+ Fa# ?

    )Zm#

    )+!++

    ,0+ Fa# ,+!++

    7- Fa# -!++

    Zrcm` Dc#t "`hu# Ync`t ]nbp#

    ]c&` W`tbc Zrcm`

    'CHW(

    *+ Fa# -!++

    0+ Fa# ,,!++

    0+ Fa# ? )Zm# ).!++

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    W`i Mlc`o

    =?

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    6NNY

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  • 8/13/2019 Sarvesh Kumar

    39/125

    Hcaac Gucit`ml

    W@BD @]YBY@ ZWN5@MY]

    Yl` frnup lbs cht`r`st ch &`b' stbt` chiustry 1h` no tl` frnup mnapbhy( 8caac

    "uc'i Y`ml $rc*bt` 5cact`i >onra`r'y +hn!h bs $nnhba `*`'np`rs J %horbstrumtur`

    %hicb $rc*bt` 5cact`iB( cs `hfbf`i ch tl` gusch`ss no mnhstrumtcnh bhi r`b' `stbt`

    Yl` #napbhy lbs s`t up bh %Y not!br Y mlhn'nfy $br+ ch 8ncib Yl` mnapbhy cs

    i`*`'npchf r`sci`htcb' prn`mts ch bhpur bhi nh` r`sci`htcb' prn`mt ch 5um+hn!

    tlrnufl $G

    =3

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    Hbab#t` Chicb

    IBCW; ZWNI3MY]

    &$5 5cact`i cs b'' s`t tn ourtl`r mnhsn'cibt` cts pnsctcnh ch tl` ibcry gusch`ss !ctl

    tl` hba` no M8babst` %hicb nnis $rc*bt` 5tiI @'nhf !ctl tl` tbst` tl` ac'+ cs ou''

    no mb'mcua( prnt`ch( mbrgnlyirbt`s( *ctbachs( `tm( onr l`b'tly frn!tl no b luabh

    gniy Yl` #napbhy bcas tn prn*ci` r`auh`rbtc*` r`turhs tn tl` obra`rs bhi b'sn

    s`r*` tl` cht`r`st no mnhsua`rs gy prn*cichf )ub'cty prniumt !lcml br` fnni *b'u`

    onr anh`y

    8@@Y %8%@ 11 $GY 5Y cs bh %hicbh bcry #napbhy tlbt cs mnaactt`i

    tn supp'y pur` ac'+ J ac'+ prniumts %t cs sctubt`i bt lc*rbpur(=2 +a obr b!by orna

    bhpur 8bfbr( mnapbhy lbs `stbg'csl`i b i`*`'np`i @frcmu'tur` J #btt'` bra

    !l`r` @frcmu'tur` J #btt'` brachf cs inh` gy tl` smc`htc-m a`tlni

    Yl` uhct cs ou''y butnabt`i !ctl cht`rhbtcnhb' stbhibris @hi cs p'bhhchf tn mn''`mt(

    prnm`ss bhi pbst`urc;` 9 5b+l 'ctr` ac'+ p`r iby %t lbs mn''`mtcnh m`htr`s ch luhir`i

    *c''bf`s bhi !c'' g` `xt`hichf tn 2::: *c''bf`s gy upmnachf tlr`` y`brs #napbhy

    cs `stbg'cslchf ac'+ mlc''chf m`htr`s bt tl` icstbhm` no `*`ry 0: +a orna cts bcry

    $'bht

    9:

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    >brnuhi bhpurB %t strcmt'y on''n! tl` ru'`s no m'`bh'ch`ss !lc'`

    prnm`sschfOpbst`urc;chf cts prniumts Yl` prniumt pnrton'cn chm'ui`s $bst`urc;`i c'+(

    $ur` l``( $ J bcry .lct`h`r( #l``s`( #uri( 'b*nur`i c'+ bhi ntl`r ibcry

    prniumts

    1ur bcry ic*cscnh abch'y mnaprcs`s no sna` capnrtbht grbhis 'c+`

    8babst` %hicb c'+

    8babst` %hicb l``

    92

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    W05M10$

    97

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    W`i Mlc`# cs nh` n# tl` d`!ichf #nntw`!r r!his ch Chic!, a!hu#!mturchf lcfl 4u!dcty

    f`huch` d`!tl`r #nntw`!r !t uh`!t!d` prcm`$

    O-B;Y< ZN;Mprnm`ss anhctnrchf , !tt`ry n# pnst !ss`ady ml`mes !hi mnaacta`ht n# nur

    `apdny``s tn !mlc`"` 4u!dcty st!hi!ris$ -ur prniumts a``t !dd r`d`"!ht cht`rh!tcnh!d st!hi!ris

    !hi r`fud!tcnhs$

    Bh urf` tn fc"` `"`h `tt`r prniumt tn tl` mustna`r e``ps us `hf!f`i wctl mnhst!ht

    4u!dcty up>fr!i!tcnh$ @xp`rca`htchf wctl h`w ci`!s ch t`mlhndnfy !hi i`scfh, !h ch>lnus`

    r`s`!rml !hi i`"`dnpa`ht m`dd `4ucpp`i wctl tl` anst !i"!hm`i tnnds `hsur`s ! mnhst!ht #dnw n#

    h`w ci`!s !hi r`!etlrnufls$

    Z1;N]NZ1 y prn"cichf prniumts n# tl` lcfl`st 4u!dcty wctlch !h `mnhnacm!d !hi !##nri!d` prcm`

    r!hf`$ Ynt!d mnhsua`r s!tcs#!mtcnh cs tl` anst capnrt!ht mnapnh`ht w` p!me chtn !dd nur prniumts

    !hi !sndut` mnhsua`r mnh#ci`hm` cs nur cff`st r`w!ri$

    9=

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    %`r#`mtcnh cs ! h`"`r `hichf pursuct #nr us$ )ctl 4u!dcty !s tl` l!dda!re, ct cs nur schm`r`

    `hi`!"nr tl!t `!ml prniumt tl!t mna`s tlrnufl nur st!t`>n#>!rt prniumtcnh dch` slnudi trudy !mt !s

    tl` !a!ss!inr n# fnniwcdd, wctl tl` mnhsua`rs>r`ch#nrmchf tl`cr mnh"cmtcnh ch W`i Mlc`#$

    ]NMB; MNAAYA02Y

    Yl` mnap!hy icspd!ys lcfl d`"`d n# snmc!d mnaacta`ht y !mtc"` p!rtcmcp!tcnh ch snmc!d

    w`d#!r` !mtc"ctc`s$ Bdd p!mechf a!t rc!d us`i #nr p!mechf #nntw`!r !hi #chcsl`i d`!tl`r cs

    r`mymd!d` !hi `h"crnha`ht #rc`hidy$ Yl` t!hh`ry !t 'l!rc Chiustrc`s %"t 3ti l!s nh` n# tl`

    ani`rh w!t`r tr`!ta`ht pd!hts tn tr`!t `##du`ht w!t`r !hi l!s lcfl s!#`ty st!hi!ris #nr wnre`rs$

    2$WB]YW-MY-W0

    )ctl tl` anst !i"!hm`i a!hu#!mturchf #!mcdctc`s spr`!i n"`r = tl` !rt prniumtcnh #!mcdctc`s tn a!hu#!mtur` .

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    7!hy a!mlch`s ch tl` #nntw`!r !hi 3`!tl`r +c"cscnh !r` capnrt`i #rna mnuhtrc`s dce` Ct!dy,

    '`ra!hy, MJ`ml W`pudcm !hi sna` ntl`r @urnp`!h Mnuhtrc`s$

    B5: MBAZB42

    ]chm` 669 NW`i Mlc`#N l!s mna` !hi dnhf w!y !hi l!s `st!dcsl`i cts`d# !s ! a!&nr r!hi

    ch tl` Chic!h #nntw`!r a!re`t a!hu#!mturchf i`scfh`r sln`s, #nra!d sln`s, m!su!d sln`s, nnts,

    `tm$, wctl tl` r!hi prnpnsctcnh Nh!tur!ddy cts d`!tl`rN$ B dnt n# `##nrt !hi l!ri wnre l!s ``h put

    chtn tl` r!hi schm` tl!t tca` `sci`s mnhscst`hmy ch tl` prniumt 4u!dctyD lcfl 4u!dcty

    !i"`rtcs`a`ht l!s !dsn l`dp`i tl` r!hi prnantcnh$

    Yl` a!ch a`ic! ch us` #nr !i"`rtcs`a`ht n# W`i Mlc`# !r` h`wsp!p`rs !hi a!f!Jch`s$

    5`sci`s tlcs, cht`hsc"` nutinnr !i"`rtcs`a`hts dce` cddn!ris, pnst`r p!h`ds, sci` ln!richfs,

    "`lcmd` wr!ps !hi !dsn w!dds m!p`s !r` us`i !s ! a`icua n# !i"`rtcs`a`ht$

    Bdd tl` nutinnr "`hu`s #nr !i"`rtcs`a`ht !hi m!r`#uddy pcme`i tn a!xcacs` tl` `##`mt n#

    tl` !i nh tl` pnt`htc!d mustna`rs$ 5`sci`s tlcs !t W`i Mlc`# w` !dsn fc"` ! dnt n# capnrt!hm` tn

    ch>stnr` !i"`rtcschf, tl` r`t!cd`rs !r` prn"ci`i wctl ! dnt n# prnantcnh!d !i"`rtcs`a`ht stu##, dce`

    l!hfchfs, pnst`rs, icspd!y r!mes, `d`mtrcm n!richf !hi !dsn st!tcnh!ry wctl W`i Mlc`# prcht`i nh

    ct$ Or`4u`ht t`d`"cscnh !i"`rtcs`a`hts !dsn suppnrt tl` a!ch a`ic!$

    90

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    Jbrcnus mnap`tctnrs no W05 M10$.

    W:]:Z:;: lbs /brcnus abre`t mnap`tctnrs dce`8>

    >5!t!

    .>3c`rty

    />3``>mnnp`r

    :>W`i t!p`

    2>)nnid!hi

    =>-tl`rs

    %BYB. B2 NJ0WJ03

    9?

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    %btb ]ln`scs ! d!rf`, #!acdy nwh`i #ln`mnap!hy !s`i ch G`rauibut murr`htdy

    l`!i4u!rt`r`i ch Dbu#bhh`, ]wctJ`rd!hi, np`r!tchf / usch`ss uhcts wnrdiwci` 5!t! 7`trn

    7!re`ts, 5!t! @a`rfchf 7!re`ts !hi 5!t! 5r!hi`i 5usch`ss$ Ct l!s ! r`tbcpr`s`hm` ch n"`r

    2< mnuhtrc`s !hi prniumtcnh #!mcdctc`s ch .= mnuhtrc`s$ Ch cts lcstnry tl` mnap!hy l!s sndi anr`

    tl!h : cddcnh p!crs n# sln`s$

    Yl` mnap!hy w!s #nuhi`i ch ?6: LdCh tl`h Bustrn'1uhfbrcbh 0apcr`, tni!y tl`

    MK`ml W`pu#dcmL y Ynabs %btb MJ`ml prnhuhmc!tcnh8 Etnab6#bmbDL, wlns` #!acdy l!i ``h

    mnd`rs #nr f`h`r!tcnhs$ B d!rf` nri`r #rna tl` !ray, acdct!ry sln`s !hi rcschf i`a!hi #nr tl`a,

    iurchf )nrdi )!r C st!rt`i r!pci frnwtl !hi sa!dd a!hu#!mtur` turh`i chtn ani`rh chiustrc!d

    mnhm`rh, nh` n# tl` #crst a!ss prnium`rs n# sln`s$

    Ynabs %btbw!s r`mnfhcJ`i #nr lcs snmc!d mnhsmcnush`ss, `st!dcslchf lnuschf, mch`a!s

    !hi !i"!hm`a`ht prnfr!aa`rs #nr lcs `apdny``s$ Yl` plr!s` Zwnre mndd`mtc"`dy, dc"`

    chic"ciu!ddyZ cs nh` n# lcs s!ychfs$ 5!t! r`mnfhcJ`i tl` pnt`htc!d n# d!rf`>sm!d` prniumtcnh, !hi

    w!s n#t`h m!dd`i tl` Z1`hry $nri n# @!st`rh @urnp`Z$ (` s!w t`mlhndnfy !s ! a`!hs n#

    prnfr`ss, !hi w!ht`i tn a!e` tl` sln`s !s ml`!pdy !s pnsscd` sn tl!t tl` fr`!t`st hua`r n#

    p`npd` mnudi !mm`ss tl`a

    Ch 6/. Yna!s ic`i ch ! pd!h` mr!sl !t tl` Rdch !crpnrt !tt`aptchf tn t!e`>n## uhi`r !i

    w`!tl`r mnhictcnhsL !hi lcs l!d#>rntl`r>bh BhtnhCh %btb`m!a` l`!i n# tl` mnap!hy$

    Bt tl` tca` n# Yna!sNs i`!tl, tl` 5!t! Mnap!hy `apdny`i =,2=< p`npd`, a!cht!ch`i

    ,=:2 slnps !hi .2 `ht`rprcs`s$ 7nst n# wl!t Yna!s l!i ucdt w!s m`htr!dcJ`i ch 5nl`ac!>

    7nr!"c! 2,99< `apdny``s, ,2

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    Yl` tnt!d cht`rh!tcnh!d mnhtrcutcnh tn tl` 5!t! nrf!hcJ!tcnh !t tl` tca` n# Yna!sNs i`!tl

    mnhscst`i n# .< cht`rh!tcnh!d `ht`rprcs`s, /. slnps, !hi 96< `apdny``s$

    Phi`r !h Bhtnhh 5!t! tl` mnap!hy fr`w 4ucmedy !hi mnhtchu`i cts `xp!hscnh

    tlrnuflnut @urnp`, Hnrtl Ba`rcm!, Bsc!, !hi Hnrtl B#rcm!$ Rdh !mmnaani!t`i tl` d!rf`st p!rt

    n# tl` mnap!hy, wctl a!hu#!mturchf !hi l`!i4u!rt`rs$ Bp!rt #rna sln`s, 5!t! !dsn ic"`rsc#c`i

    chtn ntl`r !r`!s tcr`s, tnys, pd!stcm #c`rs, `tmL$

    %BYB BY ZW0]02Y

    B#t`r tl` fdn!d `mnhnacm ml!hf`s ch 66

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    ;c#`rty. Bh N/`r/c`w

    Yl` Mnap!hy w!s chmnrpnr!t`i nh tl` /ri ]`pt`a`r, 6?= !s ! %udcm 3cact`i

    Mnap!hy !hi nt!ch`i tl` M`rtc#cm!t` n# Mnaa`hm`a`ht n# 5usch`ss nh tl 7!rml 6??$ Yl`

    mnap!hy l!s ``h s`t up tn a!hu#!mtur` !hi s`dd d`!tl`r !hi hnh d`!tl`r sln`s ,d`!tl`r sln`

    upp`rs !hi d`!tl`r f!ra`hts %r`s`htdy tl` mnap!hy cs `hf!f`i ch tl` a!hu#!mturchf n# d`!tl`r

    !hi hnh d`!tl`r sln`s$

    Ct l!s !dsn s`t up ! &ncht "`htur` ch Wussc! tn a!hu#!mtur` sln`s ch 66 uhi`r tl` h!a`

    n# 7] 3c`rty 0 'n, wctl 7] 'nrey %rniumtcnh 0 sln`s Phct, 'nrey$ Yl` Mnap!hy cs

    a!re`tchf cts

    prniumt h!tcnh!ddy !hi cht`rh!tcnh!ddy uhi`r tl` r!hi h!a` Z3C5@WYZ !hi cs w`dd

    `st!dcsl`i ch tl` h!tcnh!d !hi cht`rh!tcnh!d a!re`t$ Yl` mnap!hy l!s `ht`r`i chtn !h !fr``a`ht

    wctl nh` n# tl` frnup #cras 7] 3c`rty @ht`rprcs`s #nr uschf tl` `st!dcsl`i r!hi h!a`

    K3C5@WYZ$

    Yl` mnap!hy l!s mnaa`hm`i cts mnaa`rmc!d prniumtcnh #nr hnh d`!tl`r sln`s nh .2tl

    +`m`a`r 66/$Chtc!ddy nh` icr`mt ch&`mtcnh sncdchf a!mlch` w!s chst!dd`i wctl ! m!p!mcty n#

    .:

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    mnap!hy l!s ``h prnant`i y %$+$'upt! !hi W$1$5!hs!d !hi `dnhfs tn tl` 3C5@WY

    'rnup $3c`rty 'rnup l!s mnapd`t`i Oc"` i`m!i`s n# cts `xcst`hm` ch tl` sln` chiustry ch 66:$

    Ch .%`!rd Bm!i`ay ches p!mt wctl

    3c`rty ]ln`s$

    .!s`i wna`hNs w`!r ml!ch W`"ndutcnh Mdntlchf*s,

    wlcml tnn, l!s md!ca`i nwh`rslcp n# tl` s!a` r!hi h!a`$

    Ch .

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    ;`` Mnnp`r ]ln`s

    @st!dcsl`i ch 6

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    -h` i`#chctcnh cs tl` Zmndd`mtcnh nr s`4u`hm` n# #nras !hi prnm`iur`s r`4ucr`i tn f!ch

    ur`!umr!tcm !pprn"!d #nr sna`tlchf, `sp`mc!ddy wl`h nppr`ssc"`dy mnapd`x !hi tca`>

    mnhsuachfZ$ Bhntl`r i`#chctcnh cs tl` Zur`!umr!tcm pr!mtcm` n# l!cr spdcttchf nr #nnt ir!ffchf,

    d!a`i y cts pr!mtctcnh`rs nh tl` syst`a tl!t #nrm`s tl`a tn #nddnw pr`smrc`i prnm`iur`s tn tl`

    d`tt`rZ$

    W`i t!p` f`h`r!ddy chmdui`s tl` #cddchf nut n# p!p`rwnre, nt!chchf n# dcm`hs`s, l!"chf

    audtcpd` p`npd` nr mnaactt` s !pprn"` ! i`mcscnh !hi "!rcnus dnw>d`"`d rud s tl!t a!e`

    mnhiumtchf nh`Ns !##!crs sdnw`r, anr` ic##cmudt, nr ntl$ W`i t!p` m!h !dsn chmdui` Z#cdchf !hi

    m`rtc#cm!tcnh r`4ucr`a`hts, r`pnrtchf, ch"`stcf!tcnh, chsp`mtcnh !hi `h#nrm`a`ht pr!mtcm`s, !hi

    prnm`iur`s$

    Nrcfchs

    Yl` nrcfchs n# tl` t`ra !r` sna`wl!t nsmur`, ut ct cs #crst hnt`i ch lcstnrcm!d r`mnris ch

    tl` =tl m`htury, wl`h (`hry ICCC`sc`f`i %np` Md`a`ht ICCwctl !rnuhi `cflty nr sn p`tctcnhs

    #nr tl` !hhuda`ht n# lcs a!rrc!f` tn M!tl`rch` n# Br!fnh$ B plntn n# tl` p`tctcnhs #rna M!rich!d

    )nds`y!hi ntl`rs, hnw stnr`i ch tl` I!tcm!h !rmlc"`s, m!h ` s``h nh p!f` =< n# Z]!chts !hi

    ]chh`rs, ! lcstnry n# Yl` %np`sZ, !hi y 0abhnh+u##y pudcsl`i y !d` Phc"`rscty %r`ss ch

    669L$ Yl` inmua`hts m!h ` "c`w`i rndd`i !hi st!me`i ch tl`cr nrcfch!d mnhictcnhD `!ml nh`

    s`!d`i !hi nuhi wctl tl` ndcf!tnry r`i t!p`, !s w!s tl` mustna$

    07

    http://en.wikipedia.org/wiki/Henry_VIII_of_Englandhttp://en.wikipedia.org/wiki/Pope_Clement_VIIhttp://en.wikipedia.org/wiki/Pope_Clement_VIIhttp://en.wikipedia.org/wiki/Catherine_of_Aragonhttp://en.wikipedia.org/wiki/Thomas_Wolseyhttp://en.wikipedia.org/wiki/Thomas_Wolseyhttp://en.wikipedia.org/wiki/Henry_VIII_of_Englandhttp://en.wikipedia.org/wiki/Pope_Clement_VIIhttp://en.wikipedia.org/wiki/Catherine_of_Aragonhttp://en.wikipedia.org/wiki/Thomas_Wolseyhttp://en.wikipedia.org/wiki/Thomas_Wolsey
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    Yl` tr!ictcnh mnhtchu`i tlrnufl tn tl` 9tl !hi ?tl m`htury$ Bdtlnufl Ml!rd`s +cme`hs

    cs `dc`"`i tn l!"` us`i tl` plr!s` `#nr` Ylna!s M!rdyd`, tl` @hfdcsl pr!mtcm` n# chichf

    inmua`hts !hi n##cmc!d p!p`rs wctl r`i t!p` w!s pnpud!rcJ`i ch M!rdyd`Ns wrctchfs, prnt`stchf

    !f!chst n##cmc!d ch`rtc! wctl `xpr`sscnhs dce` Z3cttd` ntl`r tl!h ! r`i t!p` Y!dechf>a!mlch`, !hi

    uhl!ppy 5!f n# %!rdc!a`ht!ry @dn4u`hm`Z$ Yn tlcs i!y, anst i`#`hs`!rrcst`rsN #rc`os!r` tc`i ch

    ! pche>mndnr`i rcnh ehnwh !s Zpche t!p`Z nr Zd`f!d t!p`Z$ 'n"`rha`ht rc`#s, !hi tlns` n# tl`

    prns`mutcnh mnuhs`d, !r` usu!ddy nuhi wctl wlct` t!p`, chtrnium`i !s !h `mnhnay a`!sur` tn

    s!"` tl` `xp`hs` n# iy`chf tl` t!p` r`i$ Yr!ictcnh!ddy, n##cmc!d I!tcm!hinmua`hts w`r` !dsn

    nuhi ch r`i mdntl t!p`$

    Bdd Ba`rcm!h Mc"cd )!r "`t`r!hsN r`mnris w`r` nuhi ch r`i t!p`, !hi tl` ic##cmudty ch

    !mm`sschf tl`a d`i tn tl` ani`rh Ba`rcm!h us` n# tl` t`ra, ut tl`r` cs `"ci`hm` !s i`t!cd`i

    !n"`L tl!t tl` t`ra w!s ch us` ch cts ani`rh s`hs` sna`tca` `#nr` tlcs$ Ylcs `xpd!h!tcnh w!s

    pnpud!rcJ`i y tl` Ba`rcm!h pndctcm!d ir!a! Yl` )`st )chf wl`h tl` s`rc`sN %r`sci`ht,

    %r`sci`ht 5!rt d`t, tndi tl` stnry tn lcs Mnaauhcm!tcnh +cr`mtnr, Yny Rc`fd`rZYl` )na`h n#

    ;ua!rZL$

    Yl` wnris ZW`i Y!p`Z l!"` ``h us`i ch a!hy prnt`st snhfs tlrnuflnut tl` 6=

    6?

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    Yl` mnap`tctcnh cs Z!ca`i !t ci`htc#ychf chhn"!tc"` suff`stcnhs #nr r`iumchf uhh`m`ss!ry

    ur`!umr!my st`aachf #rna @urnp`!h d!wZ$ Ch .

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    3NN5;B25

    Ch 66. Wussc! w!s ic"ci`i chtn "!rcnus snmc!dcst st!t s !hi nh` cf mnuhtry w!s

    mnh"`rt`i chtn "!rcnus snmc!dcst st!t`s !hi h!a`i P]]W$ Hnw tlcs w` !dd ehnw$ 5ut wl!t w` in

    hnt ehnw cs tl!t tlcs d t tn tl` #nuhi!tcnh n# )nnid!hi sln`s !hi tl` r!hi cts d#$

    B`rn Mdu tl` !w!ri wchhchf `xpnrt lnus` #rna +`dlc su##`r`i l`!"y dnss iu` tn tlcs

    ic"cscnh n# Wussc! !s cts a!&nr `xpnrts w!s chtn Wussc! !hi l`hm` hnt nhdy ct dnst usch`ss ut

    !dsn w!s d`#t wctl l`!"y ch"`htnry n# sln`s wlcml w!s a!i` #nr `xpnrts$ Yl` ch"`htnry chmdui`i

    n# d`!tl`r m!su!d sln`s !hi chiustrc!d nnts$

    Yl` ml!cra!h n# B`rn Mdu 7r$ B"!t!r ]chfl i`mci`i tn d!uhml sna` n# tl` styd`s dychf

    ch tl` ch"`htnry ch tl` Chic!h a!re t tn s`` wl!t echi n# r`spnhs cs r`m c"`i$

    Banhf tl`s` sln`s tl`r` w!s nh` sln` wlcml a!i` tl` r!hi wnnid!hi$ 7!hy n# us

    r`!ichf tlcs dnf !nut wnnid!hi sln`s aust l!"` `"`h wnrh tl!t sln` sna`tca` ch tl`cr

    dc#`tca`$

    Yl` sln` w!s a!i` n# "`ry tlcme u## d`!tl`r !hi `"`h l!i d`!tl`r d!m`s$ Yl` snd` w!s

    a!i` n# l!ri ru`r$ Yl` upp`r n# tl` sln` w!s l!hia!i` !hi l!hi stctml`i$ Ch slnrt tlcs w!s !

    sln`

    wlcml mnudi d!st s`!snhs wctlnut !hy trnud` !t !dd$

    B#t`r dnts n# r!ch stnrachf s`sscnhs tl`s` sln`s w`r` d!uhml`i wctl tl` r!hi h!a`

    )nnid!hi$ Chctc!ddy ct w!s d!uhml`i ch nhdy .>/ s`d`mtc"` stnr`s ch H`w +`dlc !t snutl `xt`htcnh>

    00

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    . !hi M% chh`r mcrmd` wlcml w`r` nwh`i y !`rn mdu$ (nw`"`r, dnts n# cf !hi sa!dd sln` stnr`s

    ch +`dlc w`r` fc"`h sna` stnme #nr s`ddchf nh mnaacsscnh !scs$

    ]chm` tl`h B`rn Mdu h`"`r dnne`i !me$ Mustna`rs w`ht mr!Jy #nr tl` l!hi stctml`i

    d`!tl`r sln` !hi cts i`a!hi chmr`!s`i #rna `"`rywl`r`$ Ylcs sln` l!i ! styd` hua`r '>

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    ZWN5-MY

    ZWN$;0

    06

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    ZWN5-MY ZWN$;0

    $0BY-W0] N$ Y10 ZWN5-MY

    Oubdcty wnrtl tl` anh`y sp`ht nh .

    %rcm` n# W@+ M(C@O sln`s st!rts #rna Ws rnwh, wlct`,

    du` `tm$

    5urb#cdcty

    W@+ M(C@O sln`s !r` r`!ddy a`!ht #nr iur!cdcty$ Yl`y !r` md!sscm!ddy a!hu#!mtur`i #nr tl`

    tnufl`st a`!hi`rs$ +u` tn cts iur!cdcty W@+ M(C@O sln`s !r` pr`#`rr`i y tlns` wln inh*t

    `dc`"` ch #r`4u`ht ml!hfchf n# sln`s$

    Zbii`i ;by`rs tn prn/ci` mnaonrt.

    W@+ M(C@O sln`s !dsn prn"ci` tl` mustna`rs wctl p!ii`i d!y`rs ch tl` sln`s ch nri`r tn

    prn"ci` auml anr` mna#nrt tl!h ntl`r sln`s$

    0

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    $b#rcm dch`i onr snntlchf `p`rc`hm`.

    Ch sna` n# tl`r` ani`ds W@+ M(C@O sln`s !dsn prn"ci` #!rcm dchchfs #nr snntlchf

    `xp`rc`hm` tn tl`r` mustna`rs$ Ylcs cs ! uhc4u` #`!tur` n# tl`cr sln`s$

    hmr`ic#d` rbhf`.

    W@+ M(C@O sln`s !dsn prn"ci` chmr`icd` r!hf` n# sln`s tn tl`r` mustna`rs sn, tl!t tl`y

    m!h l!"` ! "!rc`ty n# mlncm`$

    03

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    Y

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    Btld`tcm sln`s.'

    Yl`s` sln`s !r` `!utc#uddy i`scfh`i !hi tl`y prn"ci` mna#nrt !hi iur!cdcty tn

    tl`cr mustna`rs$ ]ln`s !r` !"!cd!d` #nr Ws$662 nhw!ris$

    Yr`eechf sln`s.'

    Yr`eechf sln`s !r` tl` anst ehnwh sln`s ch tl` a!re`t$ Yl`s` sln`s l!"`

    `xm`dd`ht #nnt frcp$ Yl`y !dsn prn"ci` fnni muslcnhchf !hi i``p tr`!i`i snd` #nr

    !dd t`rr!chs, iust, aui, cm`, w!t`r$ Yl`s` sln`s !r` !"!cd!d` #nr Ws 262 nhw!ris

    ?2

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    2brrnw `if` sln`s8>

    H!rrnw `if` sln`s !r` "`ry ch hnw i!ys$ Yl`s` !r` `!sy pnchty sln`s a!i` nut n#

    sw`i d`!tl`r, wlcml dnnes !mmur!t` !t hnra!d icst!hm`$ Yl`y !r` hnt !s ic##cmudt tn

    w!de ch !s ct dnnes$ Yl`s` sln`s !r` !"!cd!d` #nr Ws$ 6:2 nhw!ris$

    ]bhibds8>

    Yl`s` s!hi!ds !r` stydcsl ch i`scfh wctl #!ht!stcm mndnurs nptcnh, w`dd p!ii`i

    snd`s !hi fr`!t frcp$ Yl` mnap!hy us`s sanntl !hi `xntcm d`!tl`r #nr a!echf n#

    tlcs sln`$ Yl`y !r` !"!cd!d` #nr Ws$ =62 nhw!ris$

    ?7

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    ;co` styd` sln`s8>)ctl tl` ml!hf` n# tr`hi W@+ M(C@O mna`s wctl dc#`styd` sln`s #nr tl`cr ynutl

    mustna`rs$ Yl` r!hf` st!rts #rna /62 nhw!ris$

    3NA02.'

    J d/`ts sln`s ? d`btl`r sd``p`rs 6 sbhibds.'

    Yl`s` sln`s !r` anr` ch i`a!hi y tl` d!ic`s !s tl`s` sln`s !r` `!utc#uddy

    i`scfh`i wctl I`dmrn mdnsur` !hi `d!stcm !me !dnhf wctl tl!t W@+ M(C@O l!s !

    r!hf` n# d`!tl`r sd``p`rs !hi s!hi!ds ch p$u snd`$ Yl`s` sln`s !r` !"!cd!d` #nr Ws$

    =:2 nhw!ris$

    ?=

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    %b#y sln`s.'

    W@+ M(C@O !dsn l!s ! fnni "!rc`ty n# !y sln`s$ Yl`y prn"ci` 7udtc mndnur`i

    eci*s sln`s wctl !ttr!mtc"` dnnes$ Yl`s` sln`s !r` "`ry mna#nrt!d` wctl ! sn#t

    #!rcm dchchf snd`$ Yl`s` sln`s !r` !"!cd!d` #nr Ws$ 662 nhw!ris$

    Ch W@+ M(C@O mnap!hy cs inchf usch`ss wctl cts #nra!d , spnrts sln`s, dc#`styd` !hi

    tr`eechf sln`s $ Yl` wna`h !hi #nra!d r!hf` nhdy dc`s wctl tl` r`t!cd nutd`ts$

    ?9

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    Y0M12N;N4< -]05

    Yl` e`y r!w a!t`rc!d #nr sln`s, d`!tl`r, !hi ! fnni p!rt n# W@+ M(C@O*s snd`s !r` !dd

    a!i` ch>lnus`$

    (!hi>pcme`i Ct!dc!h lci`s !r` t!hh`i !hi #chcsl`i nh Ct!dc!h a!mlch`ry$

    Ct cs sp`mc!ddy capnrt`i tn tl` 'rnup*s nwh t!hh`rc`s tn !ddnw ct tn prnium` tl` s!a`

    prniumts !"!cd!d` ch tl` `st i`scfh lnus`s !mrnss tl` fdn`$

    Yl` uhc4u` ruff`i, tnufl ru`r snd`s !r` !dsn prnium`i uschf '`ra!h Y mlhndnfy !t cts

    nwh a!hu#!mturchf #!mcdctc`s ch Chic!$

    H`w prn&`mts nh tl` !h"cd chmdui` lcfl>md!ss #nntw`!r wctl icr`mtdy ch&`mt`i iu!d i`hscty

    snd`s wctl lcfl>t`ml a!mlch`s !hi rnnts #rna tl` '`ra!hy$

    ?0

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    ]0WJM0] ZWNJ505 YN Y10 M-]YNA0W]

    3brrbhty p`rcni.'

    Yl` ]lnwrnnas !dsn n##`r w!rr!hty #nr tl` #nntw`!r r!hfchf #rna = anhtls tn !danst

    y`!rs i`p`hichf upnh tl` sln`s prcm`$

    Bot`r sbd`s s`r/cm`s.'

    W@+ M(C@O slnwrnna !dsn prn"ci`s tl`cr mustna`rs wctl ! s!tcs#!mtnry !#t`r s!d`s

    s`r"cm`s$ Yl`y fc"` mnapd`a`ht!ry fc#ts tn tl` mustna`rs nh ! sp`mc#c`i purml!s` a!i`

    y tl`a$ Ct chmdui`s sln` pndcsl, sln` slch`r, `dts !hi ntl`r !mm`ssnrc`s tnn$

    ]p`mcbd icsmnuht noo`r.'

    W@+ M(C@O f`h`r!ddy prn"ci`s sp`mc!d icsmnuht n##`rs tn tl` mustna`rs wlcml anstdy

    chmdui`s . icsmnuht nh tl` purml!s` a!i`$ Yl`y !dsn fc"` icsmnuhts nh sp`mc!d

    nmm!scnhs suml !s f!hp!tc, icw!dc, iussl`r!$

    ]ln` a`db.'

    W@+ M(C@O !dsn mnhiumts sln` a`d! !t "!rcnus mctc`s wl`r` tl`y s`dd tl`r` sln`s !t

    icsmnuht`i r!t`$ Yl`y l!"` mnhiumt`i sln` a`d! !t (yi`r!!i, Ml`hh!c, 5!hf!dnr` !hi

    a!hy anr`$

    Nhdch` purmlbs`.'

    W@+ M(C@O !dsn prn"ci`s ! "`ry mnh"`hc`ht #!mcdcty n# nhdch` purml!schf tn tl`cr

    mustna`rs$ Phi`r tlcs #!mcdcty mustna`rs m!h purml!s` !hi p!y nhdch` tlrnufl cht`rh`t$

    ??

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    $-Y-W0 Z;B2 N$ Y10 MNAZB2mnhtch`ht$

    ?

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    ]3NY

    B2B;

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    ]3NY B2B;

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    NZZNWY-2Y0]8>

    +``p`r p`h`tr!tcnh n# a!re`t y a!echf prniumt !"!cd!d` ch sa!dd tnwhs

    i`p`hi nh tl`L

    Yl`y !dsn l!"` ! fr`!t smnp` tn `xp!hi tl`cr a!re`t ch spnrts !tld`tcmL

    #nntw`!r$

    Bs tl`y a!chdy i`!d ch d`!tl`r sln`s sn, tl`y m!h !dsn `ht`r chtn

    a!hu#!mturchf n# !dd s`!snhs sln`s `sp`mc!ddy w!t`r prnn# sln`s$

    3!ic`s #nntw`!r a!re`t$

    Onra!d #nntw`!r a!re`t

    Y1W0BY].'

    W@+ M(C@O sln`s #!m` ! cf tlr`!t #rna nrf!hcJ`i s`mtnr dce` 5!t! ,

    a`trn, dc`rty `tm

    5r!his wctl s!a` %rniumt dch` 8>

    Yr`eechf

    (c Y`m

    62

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    W0]0BWM1

    A0Y1N5N;N4

    +`#chchf tl` prnd`a$

    +`#chchf tl` r`s`!rml n&`mtc"`$

    +`"`dnpchf r`s`!rml pd!h$

    Mndd`mtchf ch#nra!tcnh$

    %r`s`htchf #chichfs$

    6=

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    W0]0BWM1 N%>0MYJ0

    3`!rh tl` frnuhi r`!dcty n# tl` mnrpnr!t` wnrdi

    '`t #udd ehnwd`if` !nut tl` stnme a!re`t !hi ic##`r`ht typ` n# mustna`rs

    '`t #udd ehnwd`if` !hi a!e` ays`d# #udd !w!r` n# tl` prniumts n# tl` mnap!hy$

    '`t #udd ehnwd`if` !hi a!e` ays`d# #udd !w!r` n# tl` mnap!hy*s usch`ss tn usch`ss 5.5L

    #!mcdctc`s !hi usch`ss tn mustna`r 5.ML #!mcdctc`s

    7!e` ays`d# #udd !w!r` !nut tl` rud` !hi r`fud!tcnhs #nddnw`i y tl` mnap!hy$

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    Bs p`r ct h!a` a`!ht lnw m!h w` put tl` du` prcht #nr wl!t w` w!ht wl`r` tn f`t, ch wlcml

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    Ynnds'

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    ]bapdchf '

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    %d!m` > 1!hpur mcty

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    (7) ]@MNHIBWS IBYB;

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    ch#nra!tcnh$

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    W0]0BWM1 2]YW-A02Y $NW ZWABW< 5BYB MN;;0MYN2.

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    5BYB MN;;0MYN2 A0Y1N5.

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    tlrnufl #c`di wnre$

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    5urchf tl` i`scfhchf lb/` e``p sna` pnchts ch achi dce`.

    +`t`rach` tl` i!t! tn ` mndd`mt`i

    +`t`rach` tl` cht`r"c`w prnm`ss @"!du!tcnh n# tl` 4u`stcnh mnht`ht

    +`mci` tl` 4u`stcnh r`spnhs` #nra!t

    )nrichf n# tl` 4u`stcnhs

    %lyscm!d ml!r!mt`rcstcms n# tl` 4u`stcnhh!cr`

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    5BYB B2B;

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    wlbt prcm` rbhf` no sln`s b/bcdb#d` ch ynur stnr`sH

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