HVSDoR STMRMnS
'nS UYI PEHVE XIQ UYI QSVHIV
4SHIV WI j HM^IV UYI S WYGIWWS SY MRWYGIWWS RE GSRGVIXM^EpnS HI YQE HIXIVQMREHE QIHMHE SY TSPuXMGE HITIRHI QEMW HE GETEGMHEHI IJIGXMZE HI E JE^IV GYQTVMV HS UYI HE FSRHEHI HE QIHMHE SY HE FSE ZSRXEHI HSW WIYW HIWXMREXjVMSW
%RE 1EPLIMVS %HZSKEHE
4
2 VHFWRU GDV HQHUJLDV UHQRYiYHLV p GLVWR XP ERP H[HPSOR (YVERXI UYEWI ERSW E TSPuXMGE IYVSTIME TEVE EW IRIVKMEW VI RSZjZIMW RnS JI^ KVERHIW TVSKVIWWSW IQ PEVKE QIHMHE TSVUYI E (MVIGXMZE IQ ZMKSV (MVIGXMZE )' RnS MQTYRLE ESW )W XEHSW 1IQFVSW QIXEW HI TVSHYpnS PIKEPQIRXI ZMRGYPERXIW QEW WMQTPIWQIRXI QIXEW MRHMGEXMZEW .YVMHMGEQIRXI E 'SQMWWnS )YVSTIME IWXEZE EWWMQ MQTSWWMFMPMXEHE HI MRXIVTSV YQE EGpnS NYRXS HS 8VMFYREP HI .YWXMpE HE 9RMnS )YVS TIME TSV MRGYQTVMQIRXS TIPS )WXEHS 1IQFVS HEW QIXEW HI½RMHEW RE (MVIGXMZE 4SV IWXE VE^nS IQ E 'SQMWWnS ERYRGMSY XIV HEHS MRuGMS E TVSGIHMQIRXSW HI MRJVEGpnS GSRXVE ZjVMSW )WXEHSW 1IQFVSW TSV MRGYQTVMQIRXS HI ZjVMSW EWTIGXSW ±QIRSVIW² HE (M VIGXMZE )' 5YIQ GSRLIpE E TVjXMGE HE 'SQMWWnS IQ XIVQSW HI TVSGIWWSW HI MRJVEGpnS GSRXVE )WXEHSW 1IQFVSW WEFIVj UYI IWXI q YQ R QI VS I\GITGMSREPQIRXI IPIZEHS HI TVSGIHMQIRXSW UYI IRZSPZI YQ IPIZEHS MRZIWXMQIRXS IQ XIVQSW HI XIQTS I VIGYVWSW LYQERSW 3 SFNIGXMZS PXMQS HE 'SQMWWnS RnS IVE TSVqQ S HI GSRHIREV SY IZIRXYEPQIRXI QYPXEV )WXEHSW 1IQFVSW MRGYQTVMHSVIW QEW ERXIW KERLEV EUYMPS UYI IQ &VY\IPEW WI HIWMKRE TSV ±GETMXEP HI UYIM\E² NYRXS HSW )WXEHSW 1IQFVSW MWXS q HS 'SRWIPLS )YVSTIY %S VIYRMV YQ KVERHI R QIVS HI VE^~IW HI UYIM\E VIPEXMZE QIRXI ESW )WXEHSW 1IQFVSW IQ QEXqVME HI IRIVKMEW VIRSZjZIMW UYERHS E 'SQMWWnS ETVIWIRXSY E TVSTSWXE HI PIM TEVE E WIKYRHE (MVIGXMZE HEW )RIVKMEW 6IRSZjZIMW S 'SRWIPLS ¯ UYI NYRXEQIRXI GSQ S 4EVPEQIRXS )YVSTIY XIQ S TSHIV TEVE EHSTXEV EW TVSTSW XEW PIKMWPEXMZEW HE 'SQMWWnS ¯ XMRLE TSYGSW EVKYQIRXSW TEVE VIGY WEV EGIMXEV E MQTSWMpnS HI QIXEW PIKEPQIRXI ZMRGYPERXI ) EWWMQ JSM UYI IQ %FVMP HI JSM EHSTXEHE E RSZE (MVIGXMZE TEVE EW IRIVKMEW VIRSZjZIMW (MVIGXMZE ') HIWXE JIMXE GSQ QIXEW PIKEPQIRXI ZMRGYPERXIW 1RV WHUPRV GD QRYD 'LUHFWLYD VH DV PHWDV QmR IRUHP FXPSULGDV SHORV (VWDGRV 0HPEURV D &RPLV VmR SRGH LQLFLDU SURFHGLPHQWRV GH LQIUDFomR MXQWR GR 7ULEXQDO GH -XVWLoD TXH SRU VXD YH] SRGH LPSRU PXOWDV DRV (VWDGRV 0HPEURV LQFXPSULGRUHV 9Q SYXVS I\IQTPS HE MQTSVXlRGME HI QYRMV E 'SQMWWnS )YVS TIME HI MRWXVYQIRXSW EHIUYEHSW TEVE JE^IV VIWTIMXEV EW WYEW MRMGME XMZEW q E VIGIRXI TVSTSWXE HE 'SQMWWnS TEVE YQE (MVIGXMZE TEVE E )½GMsRGME )RIVKqXMGE
'SQS q WEFMHS S SFNIGXMZS MRMGMEP HE 'SQMWWnS RIWXE QEXqVME IVE S HI IWXEFIPI GIV SFNIGXMZSW PIKEPQIRXI ZMRGYPERXIW UYI HE QIWQE JSVQE UYI RS HSQuRMS HEW IRIVKMEW VIRSZjZIMW SFVMKEWWI SW )WXEHSW 1IQFVSW ES GYQTVMQIRXS HI QIXEW GSRGVIXEW ¯ RS QIEHEQIRXI E VIHY^MV IQ S GSRWYQS IRIVKqXMGS HE 9) TVIZMWXS TEVE 4SVqQ HITSMW HI XIV GSRWYPXEHS MRJSVQEP QIRXI S 'SRWIPLS E 'SQMWWnS EGEFSY TSV XIV HI ZSPXEV EXVjW 2E WYE TVSTSWXE VIGIRXI QIRXI TYFPMGEHE E 'SQMWWnS TVST~I UYI SW )WXEHSW 1IQFVSW WINEQ SFVMKEHSW E MRWXMXYMV WMWXIQEW HI TSYTERpE HI IRIVKME RSQIEHE QIRXI SFVMKERHS SW HMWXVMFYMHSVIW HI IRIV KME E TSYTEV ERYEPQIRXI HS ZSPYQI HI IRIVKME ZIRHMHS I SFVMKERHS SW SVKERMWQSW T FPMGSW E EHUYMVMV IHMJuGMSW TVSHYXSW I WIVZM pSW IRIVKIXMGEQIRXI I½GMIRXIW
3 SFNIGXMZS PXMQS HE 'SQMWWnS
IVE KERLEV EUYMPS UYI IQ &VY\IPEW WI HIWMKRE TSV ±GETMXEP HI UYIM\E² NYRXS HSW )WXEHSW 1IQFVSW
2nS UYIWXMSRERHS S QqVMXS HIWXEW TVS TSWXEW IWGYWEHS WIVj HM^IV UYI RnS WnS QIHMHEW IWTIGMEPQIRXI EQFMGMSWEW %MRHE EWWMQ E EGXYEP TVIWMHsRGME TSPEGE HS 'SR WIPLS Nj JI^ MRJSVQEV E 'SQMWWnS )YVSTIME WIV EZIWWE E UYEPUYIV XMTS HI SFNIGXMZSW PI KEPQIRXI ZMRGYPERXIW -WXS q S 'SRWIPLS )Y VSTIY TVSGPEQE UYI E I½GMsRGME IRIVKqXMGE q YQE TVMSVMHEHI HE 9RMnS )YVSTIME QEW RE LSVE HI EWWYQMV GSQTVSQMWWSW EWWSFME TEVE S PEHS %WWMQ RnS Hj 'nS UYI PEHVE XIQ UYI QSVHIV