HSWWMIV PLQL JHUDomR
QMRM KIVEpnS UYS ZEHMW#
1EVME .SnS 6SHVMKYIW 4VIWMHIRXI HE %4-730%6 TEVE E )RIVKME 7SPEV *SXSZSPXEMGE TVIWMHIRXI$ETMWSPEV TX
3 UYI q S VIKMQI HE 1MRM KIVEpnS# 3 6IKMQI HE 1MRM KIVEpnS q S QEMW VIGIRXI VIKMQI HI MRGIRXMZS k TVSHYpnS HI IPIGXVMGM HEHI WSPEV IQ ZMKSV IQ 4SVXYKEP 3 (IGVI XS 0IM HI HI 1EVpS VIKYPE IWXE EGXMZMHEHI I IWXIRHI EW KEQEW HI TSXsRGMEW IPIKuZIMW TEVE EGIWWS E VIKMQI FSRM½GEHS HI XEVMJE JEGI ES 6IKMQI HE 1MGVS KIVEpnS IRUYERXS WIKYMRHS ½PSWS½EW TVSGIHMQIRXEMW WIQIPLERXIW % QMRM KIVEpnS GSRWYFWXERGME k WIQIPLERpE HS 6IKMQI HE 1MGVS KIVEpnS YQ QIGERMWQS HI KIWXnS HE TVSGYVE XIRHS MKYEPQIRXI EWWSGMEHS E MQTPIQIRXEpnS HI QIHMHEW HI I½GMsRGME IRIVKqXMGE )WXI VIKM QI SVMIRXE WI IWWIRGMEPQIRXI TEVE S QIVGE HS IQTVIWEVMEP MRHYWXVMEP I WIVZMpSW GSQ TPIQIRXERHS S HE QMGVS KIVEpnS SVMIRXEHS TEVE S QIVGEHS VIWMHIRGMEP 2S 6IKMQI HE 1MRM KIVEpnS E TSXsRGME Qj \MQE MRWXEPjZIP q HI O; WIRHS ETPMGjZIP E GSRXVEXSW HI GSRWYQS IQ FEM\E I QqHME XIRWnS % TSXsRGME Qj\MQE MRWXEPjZIP TSV YQ TSXIRGMEP QMRM TVSHYXSV IWXj WYNIMXE E HYEW VIWXVMp~IW RnS TSHIVj YPXVETEWWEV HE TSXsRGME GSRXVEXEHE RE MRWXEPEpnS HI GSRWY QS I E IRIVKME KIVEHE RnS TSHIVj YPXVETEW WEV HYEW ZI^IW E IRIVKME GSRWYQMHE RS ERS ERXIVMSV ES uRMGMS HI I\TPSVEpnS HE MRWXEPE pnS HI TVSHYpnS % XEVMJE FSRM½GEHE RE 1MRM KIVEpnS IWXVYXYVE WI IQ IWGEP~IW HMWXMRXSW 2S )WGEPnS - GSV 36
VIWTSRHIRXI E MRWXEPEp~IW HI TVSHYpnS EXq O; E XEVMJE q ½\E 2S )WGEPnS -- VIJIVIRXI E MRWXEPEp~IW HI TVSHYpnS EXq O; I RS )WGEPnS --- VIJIVIRXI E MRWXEPEp~IW HI TVSHY pnS EXq O; SW TVSHYXSVIW IWXnS WYNIMXSW E PIMPnS HI XEVMJE IQFSVE MRHITIRHIRXI IRXVI )WGEP~IW SY WINE E GSQTIXMpnS IRXVI MRWXEPE p~IW IWXj VIWXVMXE E GEHE )WGEPnS 2S ERS HI E XEVMJE ½\E HS )WGEPnS - I E FEWI HI PMGM XEpnS HSW )WGEP~IW -- I --- q HI G)96 O;L ETPMGjZIP HYVERXI ERSW WIQ EGXYEPM^EpnS HI MR¾EGpnS % XEVMJE q VIZMWXE IQ FEM\E ERY EPQIRXI IQ TEVE RSZSW PMGIRGMEQIRXSW % HMJIVIRGMEpnS IRXVI )WGEP~IW SGSVVI MKYEP QIRXI ES RuZIP HI I\MKsRGME IQ XIVQSW HI MQTPIQIRXEpnS HI QIHMHEW HI I½GMsRGME IRIVKqXMGE RS )WGEPnS - q SFVMKEXzVME E MQ TPIQIRXEpnS HI XSHEW EW QIHMHEW GSQ TI VuSHS HI VIXSVRS WMQTPIW HI ERSW RS )W GEPnS -- HI ERSW I RS )WGEPnS --- HI ERSW 2S 6IKMQI HE 1MRM KIVEpnS q TSWWuZIP VI GSVVIV E QSHIPSW HI MRZIWXMQIRXS TSV XIV GIMVSW TEVXMPLEHSW SY RnS HI EGSVHS GSQ YQE ½PSWS½E HI MRZIWXMQIRXS TSV )QTVIWEW HI 7IVZMpSW )RIVKqXMGSW )7) 3 SFNIGXMZS MRWGVMXS RE )WXVEXqKME 2EGMS REP TEVE E )RIVKME )2) ETVSZEHE TIPE 6IWSPYpnS HS 'SRWIPLS HI 1MRMWXVSW HI HI %FVMP TEVE E VIEPM^EpnS HI MRWXEPEp~IW HI QMRM KIVEpnS EXq q
HI 1; VIWYPXERHS RYQE UYSXE ERYEP HI 1; 2nS SFWXERXI TEVE S ERS HI E UYSXE JSM IWXEFIPIGMHE IQ 1; HMWXVMFYuHE TIPSW XVsW )WGEP~IW HI QSHS RnS YRMJSVQI ZMHI ±-QTPIQIRXEpnS²
'SQS WI TVSGIWWEQ SW PIMP~IW HI XEVMJE# 9Q GERHMHEXS E QMRM TVSHYXSV RSW )WGEP~IW -- I --- HIZI EGIHIV ES TSVXEP 6IRSZjZIMW RE ,SVE I TVSGIHIV k MRWGVMpnS HE WYE MRWXEPE pnS 2IWWI QSQIRXS MRHMGE UYEP S HIWGSRXS HI XEVMJE UYI SJIVIGI k FEWI HI PMGMXEpnS IQ ZMKSV )Q GEHE )WGEPnS WITEVEHEQIRXI EW MRWGVMp~IW WnS WIVMEHEW TSV SVHIQ HIGVIW GIRXI HI HIWGSRXS 2S PXMQS HME XMP HI GEHE QsW q VIEPM^EHE E EXVMFYMpnS HI PMGIRpEW %W PMGIRpEW WnS EXVMFYMHEW HI EGSVHS GSQ E WIVMEpnS HI HIWGSRXS HI XEVMJE EXq k TSXsRGME Qj\MQE HMWTSRuZIP TSV QsW UYSXE IWXE UYI q IWXEFIPIGMHE RS MRuGMS HI GEHE ERS ½WGEP TIPE (MVIGpnS +IVEP HI )RIVKME I +ISPSKME %W MRWXEPEp~IW kW UYEMW q EXVMFYuHE PMGIRpE FI RI½GMEQ HE XEVMJE VIWYPXERXI HS QEMW FEM\S HIWGSRXS HI XEVMJE SJIVIGMHS RYQE HIXIV QMREHE WIWWnS PXMQE MRWXEPEpnS HE PMWXE HI MRWGVMp~IW k UYEP q EXVMFYuHE E PMGIRpE
-QTPIQIRXEpnS *SVEQ VIEPM^EHEW EXq HI 7IXIQFVS HI XVsW WIWW~IW HI EXVMFYMpnS HI PMGIRpEW
HSWWMIV PLQL JHUDomR
1-2- +)6%e«3 593 :%(-7#
--- %HMGMSREPQIRXI I XIRHS IQ GSRWMHIVEpnS UYI SW EKIRXIW IGSRzQMGSW HIZIVnS UYIVIV EWWIKYVEV E XEVMJE Qj\MQE ZMKIRXI RS ERS HI WIVj I\TIGXjZIP UYI E TSXsRGME Nj EXVM FYuHE RS )WGEPnS - XSXEPM^ERHS 1; WINE PMKEHE EMRHE HYVERXI S TVIWIRXI ERS
*MKYVE 6IWYPXEHSW HEW WIWW~IW HI EXVMFYMpnS HI PMGIRpEW HS IWGEPnS - HI QMRM KIVEpnS 7IXIQFVS
%W TIVWTIGXMZEW TEVE S ERS HI WnS EPKS MRGIVXEW 4SV YQ PEHS S +SZIVRS EPXIVSY S HMWTSWXS RS (0 GSQS VIWYPXEHS HEW QIHMHEW E ETPMGEV RS lQFMXS HS 1IQSVERHS HI )RXIRHMQIRXS WYFWGVMXS GSQ S *1- ') I &') HSFVERHS E VIHYpnS ERYEP HI XEVMHE TEVE RSZEW MRWXEPEp~IW HI TEVE %W WMQ WIRHS E XEVMJE ETPMGjZIP TEVE MRWXEPEp~IW PMGIRGMEHEW IQ q HI )YV O;L % EXVEGXMZMHEHI HS VIKMQI HE QMRM KIVEpnS TEVE SW EKIRXIW IGSRzQMGSW ½GEVj EMRHE QEMW HqFMP IQFSVE TSV SYXVS PEHS I\MWXE E I\TIGXEXMZE HI VIHYpnS HS GYWXS GLEZI RE QnS IWWIRGMEPQIRXI TIPE VIHYpnS TVIZMWXE HS TVIpS HSW TEMRqMW JSXSZSPXEMGSW 2nS q RS IRXERXS UYI E VIHYpnS HS GYWXS MRWXEPE HS GSQTIRWI E VIHYpnS HE XEVMJE FSRM½GEHE TEVE S QIWQS RuZIP HI HIWIQTIRLS IGSRz QMGS ½RERGIMVS
*MKYVE 6IWYPXEHSW HEW WIWW~IW HI EXVMFYMpnS HI PMGIRpEW HS IWGEPnS -- HI QMRM KIVEpnS 7IXIQFVS
)Q XIVQSW HI QSHIPSW HI RIKzGMS q ETE VIRXI S VIGYVWS ES MRZIWXMQIRXS TSV XIV GIMVSW GSQ I WIQ TEVXMPLE HI MRZIWXMQIRXS 3 TETIP HEW )7) EWWYQI EWWMQ MQTSVXlRGME VIHSFVEHE IQFSVE IWXEW I\TIVMIRGMIQ YQ GSRXI\XS HI VMWGS QSHIVEHS E IPIZEHS RS MRZIWXMQIRXS HIGSVVIRXI HE MRGIVXI^E HI IW XEFMPMHEHI HEW MRWXEPEp~IW HI GSRWYQS SRHI S MRZIWXMQIRXS q VIEPM^EHS 3 VIKMQI HE QMRM KIVEpnS GEVIGI EHMGMS REPQIRXI EMRHE HI GPEVM½GEpnS HI EPKYRW EW TIGXSW XqGRMGSW GSQS WINEQ E HI½RMpnS HI TSXsRGME GSRXVEXEHE RYQ GSRXI\XS HI QIV GEHS PMFIVEPM^EHS HI IRIVKME I EW VIKVEW XqG RMGEW ETPMGjZIMW k MRXIVPMKEpnS HI MRWXEPEp~IW HI TVSHYpnS IQ QqHME XIRWnS
*MKYVE 6IWYPXEHSW HEW WIWW~IW HI EXVMFYMpnS HI PMGIRpEW HS IWGEPnS --- HI QMRM KIVEpnS 7IXIQFVS
38
'SRGPYMRHS I\MWXI YQ VMWGS HI MRWYGIWWS HS 6IKMQI HE 1MRM KIVEpnS RYQ JYXYVS TVz\MQS HIGSVVIRXI HE EGXYEP GSRNIGXYVE IGSRzQMGE IQ 4SVXYKEP )WXI VMWGS GSQFMREHS GSQ E VI HYpnS HI XEVMJEW I QIXEW RS 6IKMQI HE 1MGVS KIVEpnS GSPSGE S WIGXSV WSPEV REGMSREP RYQE WMXYEpnS HI MRWXEFMPMHEHI TSRHS IQ GEYWE S WIY GSRXMRYEHS HIWIRZSPZMQIRXS FIQ GSQS E WYE GSRXVMFYMpnS TEVE S HIWIRZSPZMQIRXS IGSRzQMGS I WSGMEP REGMSREP