6GI><D Iw8C>8D G# 8VcXZaV! B# CZiV! B# Da^kZ^gV! K# HVcidh pV&,++)!V'%'*+!V&+++)r5Vajcdh#bZX#jV#ei! khVcidh5bZX#jV#ei 9ZeVgiVbZcid YZ :c\Zc]Vg^V BZX}c^XV Jc^kZgh^YVYZ YZ 6kZ^gd! (-&%"&.( 6kZ^gd! Edgij\Va
6IA6H >>> Ä JB GD7ã 8DB K>HÀD DG>:CI69D E6G6 EGDK6H :B 8DC9JvÀD 6JIâCDB6 G:HJBD EVgV gZhedcYZg Vdh gZfj^h^idh YV egdkV YZ 8dcYj d 6ji cdbV Yd ;Zhi^kVa CVX^dcVa YZ GdW i^XV"GD7DI>86'%%*! jbV Zfj^eV Yd 9Z" eVgiVbZcid YZ :c\Zc]Vg^V BZX}c^XV YV Jc^kZgh^YVYZ YZ 6kZ^gd XdcXZWZj YZ WVhZ jb kZ Xjad Vji cdbd fjZ VegZhZciV jbV idedad\^V h^b^aVg | YZ jb kZ Xjad Vjidb kZa Xdbjb! cdbZVYVbZciZ cV igVX d edg Y^[ZgZcX^Va bZX}c^Xd Z Y^gZX d Yd i^ed 6X`ZgbVcc! YdiVc" Yd"d YZ XVeVX^YVYZh YZ eZgXZe d WVhZVYV Zb k^h d Vgi^ÒX^Va fjZ a]Z eZgb^iZb V ZmZXj d YVh egdkVh Xdb ZÒX{X^V# H d YZhXg^iVh Vh iZXcdad\^Vh ZhXda]^YVh Z dh Va\dg^ibdh YZhZckdak^Ydh fjZg eVgV V eZgXZe d fjZg eVgV V cVkZ\V d! Xdb bV^dg YZhiVfjZ eVgV d h^hiZbV YZ k^h d! Yd fjVa hZ VegZhZciV jb \gVcYZ c kZa YZ YZiVa]Z#
&# >CIGD9JvÀD D ;Zhi^kVa CVX^dcVa YZ GdW i^XV! YZhYZ V hjV Xg^V d Zb '%%& P&R P'R P(R! iZb XdciVYd Xdb jbV egdkV VXijVabZciZ YZh^\cVYV edg 8dcYj d 6ji cdbV Zb fjZ d dW_ZXi^kd hjW_VXZciZ d YZ egdbdkZg d YZhZckdak^bZcid YZ kZ Xjadh Vji cdbdh fjZ eZgXdggVb jbV e^hiV Zb [dgbV YZ ZhigVYV dcYZ Zm^hiZb Y^kZghdh ZaZbZcidh YZ XVg^o gdYdk^{g^d Xdbd eVhhVYZ^gV! hZb{[dgd! i cZa! odcV YZ dWgVh! ZiX# C d h Vh fjZhi Zh YZ kZadX^YVYZ h d ^bedgiVciZh! bVh iVbW b V ZÒX{X^V Ydh kZ Xjadh edhiV | egdkV Z XdciVW^a^oVYV eVgV jbV XaVhh^ÒXV d ÒcVa# HV^g YZ e^hiV! e^hVg V eVhhVYZ^gV! c d gZheZ^iVg hZb{[dgdh! ZhiVX^dcVg [dgV YV {gZV gZhZgkVYV! ZcigZ djigVh! h d VX Zh eZcVa^oVYVh eZad gZ\jaVbZcid# 6 ;^\# & ^ajhigV V e^hiV Z Va\jch ZaZbZcidh gZaVX^dcVYdh! dcYZ d ZheV d ZcigZ a^c]Vh aViZgV^h iZb jbV aVg\jgV b Y^V YZ .% Xb#
gZVa^hbd Vdh egdWaZbVh YZ cVkZ\V d Vji cdbV fjZ jb kZ Xjad gZVa iZg{! cdbZVYVbZciZ cV hjV bVcdWgVW^a^YVYZ! fjZ ÒXV bj^id bV^h a^b^iVYV Yd fjZ Va\jbVh hdaj Zh igVY^X^dcV^h cZhiVh XdbeZi^ Zh i^ed ig^X^Xad ! bVh fjZ d[ZgZXZ ZhiVW^a^YVYZ VXgZhX^YV cV adXdbd d eZad c bZgd YZ edcidh YZ Ved^d! Zb eVgi^XjaVg YVh YjVh gdYVh eVgV V Y^gZX d# 6 igVX d Y^[ZgZcX^Va! _{ ZmeZg^bZciVYV cVh egdkVh Zb '%%( Z '%%) Xdci^cjdj V hZg VYdeiVYV bVh! YZhiV kZo! Xdb jb h^hiZbV bV^h XdbeVXid# :hiZ Vgi^\d YZhXgZkZ! Xdb d edgbZcdg fjZ d ZheV d a^b^iVYd eZgb^iZ! Vh hdaj Zh iZXcda \^XVh VYdeiVYVh WZb Xdbd V VWdgYV\Zb eVgV V eZgXZe d YV e^hiV! Zb eVgi^XjaVg YVh i Xc^XVh YZ k^h d Vgi^ÒX^Va# :b gZhjbd! edYZb ZcjbZgVg"hZ dh hZ\j^ciZh edcidh eg^cX^eV^h YVh iZXcdad\^Vh jhVYVh/ 9^Wii_i Zb ÒWgV YZ XVgWdcd0 IgVX d Y^[ZgZcX^Va Z Y^gZX d 6X`ZgbVcc0 8dcigdad Y^hig^Wj Yd Xdb b^XgdXdcigdaVYdgZh E>8h V a^\VgZb d WV^md c kZa VXijVYdgZh! hZchdgZh | jc^YVYZ eg^cX^eVa XdbejiVYdg 0 8}bVgVh >:::&(.) Z jbV \gVcYZ Vc\jaVg0 H^hiZbV deZgVi^kd A^cjm! jhVcYd d VbW^ZciZ YZ YZhZckdak^bZcid WVhZVYd cV ÒadhdÒV Ef[dIekhY[ eVgV k^h d DeZc8K P*R#
;^\jgV & E^hiV YV egdkV YZ 8dcYj d 6ji cdbV Xdb YZiVa]Z YV eVhhVYZ^gV Z hZb{[dgdh#
8db d Zhe g^id YZ eVgi^X^eVg Zb XdcXjghdh YZhiZ \ cZgd eVgV egdbdkZg V gdW i^XV Z V VegZcY^oV\Zb YV Zc\Zc]Vg^V P)R! d 9ZeVgiVbZcid YZ :c\Z" c]Vg^V BZX}c^XV YV Jc^kZgh^YVYZ YZ 6kZ^gd! edg ^ciZgb Y^d YZ Vajcdh Zb egd_ZXid YZ Òb YZ Xjghd dj Zb VXi^k^YVYZ ZmigVXjgg^XjaVg! iZb eVgi^X^eVYd cZhiV egdkV YZhYZ '%%' Z! eVgV V ZY^ d YZ '%%*! YZX^Y^j deiVg edg jbV hdaj d bZX}c^XV bV^h gZVa^hiV! WVhZVYV cjb kZ Xjad Xdb igVX d edhiZg^dg bZY^VciZ jb Y^[ZgZcX^Va bZX}c^Xd Z jbV Y^gZX d Yd i^ed 6X`ZgbVcc# :hiV de d! YZhXg^iV bV^h VY^VciZ! gZhjaidj YZ jbV iZciVi^kV YZ YVg bV^h
)
CVh hZX Zh hZ\j^ciZh! d Vgi^\d XdbZ V edg YZhXgZkZg Vh jc^YVYZh [jcX^d" cV^h Yd h^hiZbV Z V [dgbV Xdbd [dgVb ^beaZbZciVYVh# HZ\jZ"hZ YZed^h jbV hZX d YZY^XVYV | k^h d Z Vdh Va\dg^ibdh jhVYdh eVgV YZiZX d YZ e^hiV! Xdb YZhXg^ Zh hjÒX^ZciZh eVgV fjZ djigdh edhhVb ^beaZbZciVg d bZhbd egdXZhhd Z ^cXaj^"hZ iVbW b jbV YZhXg^ d Ydh Va\dg^ibdh YZ cVkZ\V d# IZgb^cV"hZ Xdb Va\jch gZhjaiVYdh! XdcXajh Zh Z eZgheZXi^kVh YV eaViV[dgbV YZhZckdak^YV#
'# G:FJ>H>IDH 96 EA6I6;DGB6 Cjb h^hiZbV Vji cdbd! V eZgXZe d ZaZbZcid [jcYVbZciVa jbV kZo fjZ hdaj Zh WVhZVYVh Zb ]dYdbZig^V! hZ WZb fjZ edhh kZ^h! h d ^ggZVa^hiVh Z XdcigVg^Vb iVbW b d Zhe g^id YV XdbeZi^ d# 6hh^b! V eZgXZe d cZXZh" h{g^V Zb egdkV ^cXaj^ V YZiZX d YV e^hiV cd ZheV d ZcigZ a^c]Vh aViZgV^h! V YZiZX d YV eVhhVYZ^gV! Ydh hZb{[dgdh! Yd i cZa Z! eVgV V ai^bV ZiVeV
6GI><D Iw8C>8D
6IA6H >>> Ä JB GD7ã 8DB K>HÀD DG>:CI69D E6G6 EGDK6H :B 8DC9JvÀD 6JIâCDB6
6hh^b! d gdW iZb V cd d YV Y^hi}cX^V V fjZ cVkZ\V YVh eVgZYZh Yd i cZa# JbV kZo fjZ Zm^hiZ jb djigd hZchdg hZbZa]VciZ VedciVYd eVgV X^bV! d h^hiZbV hVWZ fjVcYd fjZ hZ ZcXdcigV YZcigd Yd i cZa# 6 cVkZ\V d cZhiZ bZ^d ZheZX ÒXd! jbV kZo ^YZci^ÒXVYV! jbV h^beaZh WjhXV YZ jbV Y^hi}cX^V ^\jVa ZcigZ Vh Y^hi}cX^Vh a^YVh cd aVYd Y^gZ^id Z VfjZaVh a^YVh cd aVYd ZhfjZgYd Yd gdW # 6 aZ^ fjZ XdcigdaV d }c\jad YZ k^gV\Zb egdedg" X^dcVa | Y^[ZgZc V ZcigZ Y^hi}cX^Vh Ydh aVYdh# FjVcid | odcV YZ dWgVh! V ÒadhdÒV hZbZa]VciZ bVh Zm^hiZb YjVh dkWdY[i# Dh hZchdgZh c d Zhi d XdchiVciZbZciZ Va^c]VYdh Xdb dh e^cdh Z! edg ^hhd! V ^c[dgbV d gZXZW^YV iZb kVa^YVYZ YZ [dgbV Y^hXgZiV Z c d Xdci cjV# IdYVk^V! ZhiV h^ijV d c d ^ciZg[ZgZ bj^id Xdb d gZhjaiVYd ÒcVa V WV^mVh kZadX^YVYZh0 ijYd YZeZcYZ Yd ZheV VbZcid ÒcVa Ydh e^cdh YZa^b^iVYdgZh# BV^h V^cYV! fjVcYd c d ]{ e^cdh ]{ ZheV d Æ^cÒc^idÇ! Z ZhhVh bZY^YVh edYZb hZg YZhXVgiVYVh cd Xdcigdad# 6 ^YZci^ÒXV d YV odcV YZ dWgVh! fjZ c d k^{kZa Xdb d hZchdg YZ ided! ZhiVg{ V XVg\d YZ jb Va\dg^ibd YZ k^h d h^beaZh fjZ egdXjgV V Xdg VbVgZaV XVgVXiZg hi^XV Ydh e^cdh cV gZ\^ d a^b igd[Z Yd gdW #
P'R A# 6abZ^YV! ?# 6oZkZYd! B# 8jc]V! K# HVcidh! A# HZVWgV AdeZh! GD7DI>" 86'%%' Ä HZ\jcYV ZY^ d Yd ;Zhi^kVa CVX^dcVa YZ GdW i^XV! HeX j_YW! cd *&! ee# -" &'! 'd Ig^b '%%(# >HHC/ %-,)".%&. P(R A^bV! E#! HdjhV! ?#! G^WZ^gd! B# >#! 8VgYZ^gV! 8# ! 8jhi Y^d! A#! " GD7DI>" 86'%%( Ä (d ;Zhi^kVa CVX^dcVa YZ GdW i^XV! HeX j_YW! cd *'! ee#&%"&)! (d Ig^b# '%%(# >HHC/ %-,)".%&. # P)R 6abZ^YV! A#! 6oZkZYd! ?# ! 8VgYZ^gV! 8#! 8dhiV! E#! ;dchZXV! E# A^bV! E#! G^WZ^gd! ;#! HVcidh! K# DXidWZg '%%%# BdW^aZ GdWdi 8dbeZi^i^dch/ ;dhiZg^c\ 6YkVcXZh ^c GZhZVgX]! 9ZkZadebZci VcY :YjXVi^dc ^c GdWdi^Xh# FheY$ e\ j^[ *j^ Fehjk]k[i[ 9ed\[h[dY[ ed 7kjecWj_Y 9edjheb" 9EDJHEBE(&&&! )"+ DXidWZg '%%%! <j^bVg Zh! Edgij\Va! ee# *.'"*., P*R DeZc8K Æ>bV\Z EgdXZhh^c\ VcY 6cVanh^h GZ[ZgZcXZÇ lll#Xh#W]Vb# VX#j`$gZhdjgXZh$XdjghZh$gdWdi^Xh$YdX$d eZcXkYdXh$gZ[$DeZc8KGZ[T>bV" \ZEgdXZhh^c\#]ib! XdchjaiVYd Zb ;Zk '%%*#
+# 8DC8AJHÁ:H : E:GHE:8I>K6H :hiZ Vgi^\d YZhXgZkZ jb Xdc_jcid YZ hdaj Zh i Xc^XVh Z X^Zci ÒXVh fjZ Xjab^cVgVb cd YZhZckdak^bZcid YZ jbV eaViV[dgbV gdW i^XV eVgV V egdkV YZ 8dcYj d 6ji cdbV Yd ;Zhi^kVa CVX^dcVa YZ GdW i^XV# EgdXjgdj"hZ ji^a^oVg XdbedcZciZh ijWdZWhZ dj YZ [{X^a YZhZckdak^bZcid Z YZ Xjhidh XdcigdaVYdh#
P+R L^`^EZY^V! '%%)! Æ6X`ZgbVcc hiZZg^c\ \ZdbZignÇ Ä lll#l^`^eZY^V# dg\! XdchjaiVYd Zb ;Zk '%%*#
:b iZgbdh YZ Xdcig^Wj^ Zh dg^\^cV^h cZhiZ igVWVa]d! Zhi d hdWgZijYd dh Va\dg^ibdh YZ k^h d fjZ hZ bdhigVgVb bj^id ZÒX^ZciZh &* V '% ^bV\Zch V XdgZh YZ ('% '%% e^mZah egdXZhhVYVh edg hZ\jcYd # :hhV Xdcig^Wj^ d hjg\Z hdWgZ djigVh ^c bZgVh Xdcig^Wj^ Zh fjZ! ZbWdgV bZcdh gZaZkVciZh Yd edcid YZ k^hiV X^Zci ÒXd! [dgVb ^begZhX^cY kZ^h eVgV d YZhZckdak^bZcid YV eaViV[dgbV! Z hZ gZ[ZgZb V fjZhi Zh YZ XdcXZe d bZXVig c^XV Z iVbW b YZ VYZfjVYVh eg{i^XVh YZ Zc\Zc]Vg^V#
P-R 8VcjYVh YZ L^i! 8#! H^X^a^Vcd! 7#! 7Vhi^c! <# " I]Zdgn d[ GdWdi 8dcigda! Ifh_d][h" &..,#
P,R GXIZ`! '%%&! XdchjaiVYd Zb ;Zk '%%*/ lll#gXiZ`#Xdb$]VcYa^c\$VX`Zg" bVcThiZZg^c\Teg^cX^eaZ#]iba
EJ7
CV VaijgV Zb fjZ hZ ZhXgZkZ ZhiZ YdXjbZcid! dh gZhjaiVYdh YZ cVkZ\V d h d bj^id Wdch cd hZci^Yd Zb fjZ V e^hiV hZ XjbegZ Xdb \gVcYZ ÒVW^a^" YVYZ! bZhbd Zb XdcY^ Zh VYkZghVh YZ ^ajb^cV d# D gZXdc]ZX^bZcid YZ hZb{[dgdh VegZhZciV YZ ^\jVa bdYd jbV ZaZkVYV iVmV YZ hjXZhhd! bVh V^cYV hZ VÒcVb eVg}bZigdh a^\VYdh V a^b^VgZh YZ YZX^h d Z h^b^aVgZh# D egd\gVbV \ZgVa YZ Xdcigdad Zhi{ Zb YZhZckdak^bZcid Z! Xdbd iVa! c d ]{ V^cYV ^cY^XVYdgZh \adWV^h YZ YZhZbeZc]d# :hiV eaViV[dgbV! iVa Xdbd Zhi{ VeZigZX]VYV! iZb YVYd WdVh egdkVh YjgVciZ d hZj YZhZckdak^bZcid Z ZchV^dh egZa^b^cVgZh# >hid eZgb^iZ ZheZgVg fjZ edhhV hZg ZmeadgVYV [jijgVbZciZ Xdbd eaViV[dgbV YZ ^ckZhi^\V d Z YZhZckdak^bZcid cV {gZV YV cVkZ\V d Vji cdbV YZ heXeji! d fjZ! edg h^ h ! _{ hZg^V jbV \gVcYZ bV^h kVa^V YZhiZ igVWVa]d# :hiZh gZhjaiVYdh! bZhbd hZ V^cYV c d aVXgVYdh edg jbV adc\V ]^hi g^V! Xg^VgVb cV Zfj^eV ZmeZXiVi^kVh ZaZkVYVh cV eVgi^X^eV d YV ZY^ d YZ '%%* Yd ;Zhi^kVa CVX^dcVa YZ GdW i^XV#
CDI6 9: 68IJ6A>O6vÀD 6fjVcYd YV hjWb^hh d gZk^hiV YZhiZ Vgi^\d Zb 6Wg^a YZ '%%*! i^c]Vb h^Yd ^cigdYjo^Ydh jb igVk d bZX}c^Xd YZ Y^hXd eVgV igVkV\Zch bV^h ZÒX^ZciZh Z jbV jc^YVYZ VaiZgcVi^kV YZ edi cX^V eVgV d bdidg YZ igVX d Plll# bZX#jV#ei$gdWdi^XhR#
G:;:GÚC8>6H P&R A# 6abZ^YV! ?# 6oZkZYd! 8# 8VgYZ^gV! E# ;dchZXV! E# A^bV! ;# G^WZ^gd! K# HVc" idh! ;Zhi^kVa CVX^dcVa YZ GdW i^XV Ä GD7DI>86'%%&! HeX j_YW! cd )*! 'd Ig^b# '%%&! ee# +%"+) >HHC/ %-,)".%&.
&&