:¤H B GäF' -
K^oblmZ ]^e Bglmbmnmh >lmZmZe iZkZ eZ >]n\Z\b·g ]^ ehl :]nemhl B>>:
Ê " "Ê Ê 1 $ Ê * , Ê Ê6 Ê9Ê Ê/, "Ê 6Þ/®
1 >Ê À>`>Ê> Ê ÌiÀ ÀÊ`i Ê 6Þ/ 1 >Ê À>`>Ê> Ê ÌiÀ ÀÊ`i Ê 6Þ/ 1 >ÊÃià Ê`iÊv À >V ÊV Ê>Ãià ÀiÃ]Êà LÀiÊV «iÌi V >à 1 >ÊÃià Ê`iÊv À >V ÊV Ê>Ãià ÀiÃ]Êà LÀiÊV «iÌi V >à >ÃÊ>Ãià À >ÃÊi Êi Ê `i Ê`iÊ `ÕV>V Ê«>À>Ê >Ê6 `>ÊÞÊi Ê/À>L> >ÃÊ>Ãià À >ÃÊi Êi Ê `i Ê`iÊ `ÕV>V Ê«>À>Ê >Ê6 `>ÊÞÊi Ê/À>L> >Ê >Ìi ?Ì V>ÊiÝ«Õ Ã>`>Ê`iÊ >ÊiÃVÕi >Ê*À iÀ>Ê«>ÀÌi® >Ê >Ìi ?Ì V>ÊiÝ«Õ Ã>`>Ê`iÊ >ÊiÃVÕi >Ê*À iÀ>Ê«>ÀÌi®
'LUHFWRULR )UDQFLVFR -DYLHU 5DPtUH] $FXxD
*REHUQDGRU &RQVWLWXFLRQDO GHO (VWDGR GH -DOLVFR
*XLOOHUPR 0DUWtQH] 0RUD
ºÊ,ivÕ} »]Ê£ Ç ÕV >Ê >Þ> $ i ÉÌi > ÓäxÊÝÊ£ÇxÊV
6HFUHWDULR GH (GXFDFLyQ HQ -DOLVFR
5DPyQ GH OD 3HxD 0DQUtTXH
'LUHFWRU *HQHUDO GHO ,1($ 3UHVLGHQWH GHO &21(9\7
$QJpOLFD 3pUH] 3OD]ROD
'LUHFWRUD *HQHUDO GHO ,(($
-HV~V .OHHPDQQ *RGtQH]
'LUHFWRU GHO ÉUHD $FDGpPLFD -HIH GH HGLFLyQ
2VFDU $UDL]D 0HGLQD
-HIH GHO 'HSDUWDPHQWR GH 3URGXFFLyQ GH 0DWHULDOHV \ 0pWRGRV (GXFDWLYRV (GLWRU HMHFXWLYR
6LOYLD *RGLQD 3LQHGR
-HIH GH 2ILFLQD (GLWRUD DVLVWHQWH
&DUORV 9DOHQ]XHOD *XWLpUUH] -HIH GH 2ILFLQD )RWRJUDItD H LPDJHQ
) 5RGROIR 'tD] &RUWpV $SR\R 7pFQLFR
(Q HVWH Q~PHUR FRODERUDQ
ÉUHD $FDGpPLFD GHO ,(($ 2VFDU $UDL]D 0pGLQD 0DUtD 'RORUHV &KiYH] 8UELQD 6LOYLD *RGLQD 3LQHGR &DUORV 9DOHQ]XHOD *XWLpUUH] -RVp , &DVWRUHQD 5RGUtJXH] -HV~V .OHHPDQQ *RGtQH] 7HUHVD 2OLPSLD &DUYDMDO 0DOGRQDGR 0yQLFD )DPDQtD &DQRELR &ODXGLD $UDFHOL 3RQFH &pVDU *RQ]iOH] 6 )UDQFLVFR %DUUHGD *DUFtD /XFtD 0D\D )UDQFLVFR *XLOOHUPR 3UHFLDGR 'HOHJDFLyQ GHO &21$)( HQ -DOLVFR *UXSR (GLWRULDO ,EHURDPpULFD 0LJXHO 5HLQRVR 1HOVRQ 0DUWtQH] %DUUDJiQ 6DPXHO 0HOpQGUH] 7UDQVLFLyQ 6RQLD 6ROLV 0iUTXH] .DUOD &DVWHOODQRV )HUQiQGH]
'LVHxR H ,PSUHVLyQ
%HUWKD (OL]DEHWK 5RPHUR 5DQJHO $GULDQD (OL]DOGH *D[LROD
&DSWXUD
)RWRJUDItD GH SRUWDGD
3OD]D &RPXQLWDUtD GH /D %DUFD -DO
,661 HQ WUiPLWH 6H DXWRUL]D OD UHSURGXFFLyQ GHO FRQWHQLGR FLWDQGR OD IXHQWH
$SUHQGHU SDUD OD YLGD 5HYLVWD GHO ,(($
-DOLVFR 0p[LFR -RVp *XDGDOXSH =XQR 1R &RORQLD $UFRV 6XU *XDGDODMDUD -DO & 3 7HO 3HULRGLFLGDG PHQVXDO HMHPSODUHV 6H LPSULPy HQ ORV WDOOHUHV GH 75$16,&,Ð1 0H]TXLWiQ 1R &RORQLD $UWHVDQRV *XDGDODMDUD -DO & 3 7HOV )D[ \
Ìi ` >=BMHKB:E
«?} >ÊÎ
>G?H<H NgZ fbkZ]Z Ze bgm^kbhk ]^e F>OrM «?} >Ê{
>G E: OB=: R >E MK:;:CH NgZ l^lb·g ]^ _hkfZ\b·g \hg Zl^lhk^l% lh[k^ \hfi^m^g\bZl «?} >ÊÇ EZl Zl^lhk²Zl ^g ^e Fh]^eh ]^ >]n\Z\b·g iZkZ eZ Ob]Z r ^e MkZ[Zch «?} >Ê£ä >e F>OrM ^g ]bo^klZl bglmbmn\bhg^l «?} >Ê£Î
EHL :=NEMHL :IK>G=>FHL >e m^Zmkh \hfh iZkm^ ]^ eZ Z]ZimZ\b·g r k^Z]ZimZ\b·g lh\bZe «?} >Ê£x
NG: ON>EM: IHK E: IE:S: EZ m^\gheh`²Z3 f^]bh ]^ anfZgbsZ\b·g h ]^lanfZgbsZ\b·g «?} >Ê£Ç
:IK>G=BS:C>L EZ fZm^f§mb\Z ^qinelZ]Z ]^ eZ ^l\n^eZ !ikbf^kZ iZkm^" «?} >ÊÓ£
MNL <:KM:L <ZkmZ ]^ An^cnmeZ ]^ K^r^l% A`h' «?} >ÊΣ
<NEMNK: C:EBL<B>GL>
>e^`²Z ihk ^e eh\h mkblm^ ]^e F^k\Z]h :e\Ze]^
«?} >ÊÎÓ
ANFHK
«?} >ÊÎx
6Þ/ *VUZ[Y\PY \U TVKLSV LK\JH[P]V JVTV LZ LS KL ,K\JHJP}U WHYH SH =PKH ` LS ;YHIHQV YLX\PYP} KL JPUJV H|VZ KL PU]LZ[PNHJP}U LK\JH[P]H ` [YLZ H|VZ TmZ KL WY\LIHZ LU SH VWLYHJP}U ZVIYL [VKV LU LS mTIP[V KL SVZ JxYJ\SVZ KL LZ[\KPV KL KPMLYLU[LZ LZ[HKVZ ` JVT\UPKHKLZ \YIHUHZ ` Y\YHSLZ KL U\LZ[YV WHxZ +\YHU[L LZ[L WLYPVKV ZL [VTHYVU LU J\LU [H SHZ YLJVTLUKHJPVULZ KL SH <5,:*6 ` SHZ JVUJS\ZPVULZ KLS -VYV 4\UKPHS KL ,K\JHJP}U JLSLIYHKV LU +HRHY :LULNHS ,S H|V THYJ} \U OP[V LU SH OPZ[VYPH KL SH LK\JHJP}U WHYH HK\S[VZ H UP]LS T\UKPHS KLIPKV H SH U\L]H VYPLU[HJP}U X\L ZL SL KPV H SVZ JVU[LUPKVZ KL HWYLUKPaHQL ` H SH ZPZ[LTH[PaHJP}U KL JVUV JPTPLU[VZ KL SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ ,U 4t_PJV LS U\L]V 4VKLSV KL ,K\JHJP}U WHYH SH =PKH 4,= HOVYH 4,=`; KLIPKV H SH PUJVYWVYHJP}U KLS JVUJLW[V KL JHWHJP[HJP}U WHYH LS [YHIHQV LZ[m M\UKHTLU[HKV LU SVZ WYPUJPWPVZ X\L SH ZVJPLKHK TL_PJHUH JVTWHY [L WYPUJPWHSTLU[L X\PLULZ UVZ LUJVU[YHTVZ JVTWYVTL[PKVZ JVU LS Z\IZPZ[LTH LK\JH[P]V ,U LS 0,,( JVUZPKLYHTVZ X\L LZ \UH WYPV YPKHK NHYHU[PaHY SH LK\JHJP}U WHYH [VKVZ UV WVKLTVZ L_JS\PY H \U ZLJ[VY KL SH ZVJPLKHK WVY Z\ JVUKPJP}U LJVU}TPJH LKHK ZL_V JH WHJPKHKLZ KPMLYLU[LZ V J\HSX\PLY V[YV LSLTLU[V X\L W\LKH THYNPUHY H SHZ WLYZVUHZ KL HJJL KLY H \UH LK\JHJP}U KL JHSPKHK LU JVU[LUPKVZ ` LZWHJPVZ KPNUPÄJHKVZ :HILTVZ [HTIPtU X\L LS ZLY O\THUV HWYLU KL KLZKL X\L UHJL OHZ[H X\L T\LYL LZ KLJPY KL SH J\UH H SH [\TIH WVY SV [HU[V PUKLWLU KPLU[LTLU[L KL X\L UV HZPZ[H H SH LZJ\LSH LS ZLY O\THUV VI[PLUL H [YH]tZ KLS WYVJLZV KL
ZVJPHSPaHJP}U \UH ZLYPL KL JVUVJPTPLU[VZ OH IPSPKHKLZ ` JVUK\J[HZ X\L SL WLYTP[LU YLHSPaHY HJ[P]PKHKLZ WYVK\J[P]HZ WHYH ]P]PY 7YLJPZHTLU[L LZ[L JVUQ\U[V KL OHIPSPKHKLZ JVTWL[LUJPHZ ` ]HSVYLZ JVUZ[P[\`LU SH TtK\SH LZWPUHS KLS 4VKLSV KL ,K\JHJP}U WHYH SH =PKH ` LS ;YHIHQV ,Z \U JVTWYVTPZV PUZ[P[\JPVUHS IYPUKHY SHZ OLYYHTPLU[HZ TLKPVZ ` JVUKPJPV ULZ HKLJ\HKHZ WHYH WYVWPJPHY LS KLZHYYVSSV ` HKX\PZPJP}U KL LZHZ JHWHJPKHKLZ KL [HS THULYH X\L SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ HWSPX\LU LS YHaVUHTPLU[V UV Z}SV LU SH ZVS\ JP}U KL WYVISLTHZ LZJVSHYLZ ZPUV LU SH ]PKH JV[PKPHUH WHY[PJPWHUKV ` JVT\UPJmUKVZL KL THULYH WYmJ[PJH ` LMLJ[P]H ,Z HZx JVTV HOVYH SH LK\JHJP}U KL HK\S [VZ KLQH KL ZLY ZPTWSLTLU[L LS KLZHYYVSSV KL OHIPSPKHKLZ WHYH SLLY LZJYPIPY OHJLY J\LU[HZ ` HWYLUKLY NLVNYHMxH L OPZ[VYPH" LS VIQL[P]V ]H TmZ HSSm KL SHZ OHIPSPKHKLZ ImZPJHZ WVYX\L SVZ JVUVJPTPLU[VZ KLZHYYVSSHKVZ OHIYm X\L HWSPJHYSVZ LU SHZ KPMLYLU[LZ LZMLYHZ LU SHZ X\L LS HK\S[V ZL KLZLU]\LS]L LU SVZ KP]LYZVZ YVSLZ X\L KLZLTWL|H ,S 4,=`; JVUZ[P[\`L LU[VUJLZ \U ]LOxJ\ SV WHYH JVTWHY[PY U\LZ[YH LZJ\LSH KL SH ]PKH U\LZ[YV J\YYxJ\S\T ` L_WLYPLUJPH ZPNUPÄJH WVULY [VKV LU JVT U WHYH HWYLUKLY Q\U[VZ \UVZ KL V[YVZ LU M\UJP}U KL SV X\L UVZ N\Z[H OHJLY ` ZLY ,Z \U JYLJPTPLU[V JVU[PU\V ` JVT WHY[PKV JVU SH MHTPSPH HTPNVZ JVTWH|LYVZ KL [YHIHQV ` ]LJPUVZ YLJVUVJPLUKV SH KP]LY ZPKHK LU SHZ WLYZVUHZ LU SVZ HWYLUKPaHQLZ ` ZHILYLZ JVUJS\`LUKV X\L [VKVZ ZHILTVZ \U WVJV ` X\L JVTWHY[PYSV PTWSPJH PUJYLTLU[HY U\LZ[YV JH\KHS KL JVUVJPTPLU[VZ (WYLUKLY WHYH SH ]PKH
"ÃV>ÀÊ À> â>Ê i` >
iÃ`iÊ £ Ê ÃiÊ « i i Ì Ê i Ê `i Ê `iÊ `ÕV>V Ê «>À>Ê >Ê 6 `>Ê 6®]Ê i Ê jÝ V ]Ê V Ê i Ê w Ê `iÊ «À L>ÀÊ >Ê «iÀÌ i V >Ê ÞÊ Ài iÛ> V >Ê `iÊ ÃÊ >ÌiÀ > iÃÊ ` `?VÌ V Ã]Ê «À `ÕVÌ Ê `iÊ V V Ê > ÃÊ`iÊ ÛiÃÌ }>V ÊÀi> â>`>Ê« ÀÊ Õ Ê iµÕ « Ê ÌiÀ` ÃV « >À Ê `iÊ >V> `j V ÃÊ`i Ê ÊÞÊ`iÊ ÌÀ>ÃÊ ÃÌ ÌÕ V ið }Õ>ÃV> i ÌiÃÊ vÕiÊ i Ê «À iÀÊ ià Ì>` Ê µÕiÊ «iÀ Ê i Ê 6Ê V Ê «À }À> >Ê« Ì ÊÞÊi Ê >Àâ Ê`iÊÓäää]ÊÃiÊ Ìi}À> Ê>ÊiÃÌ>Ê«ÀÕiL>ÊÌÀiÃÊ Õ V « ÃÊ`i ÊiÃÌ>` Ê`iÊ > ÃV ÊÊ iâÊ >À >Ã]Ê ÕµÕ ÊÞÊÊ >ÊV >Ê/>L>V iÃÊi Ê<>« «> ®°
Ê`
ÀiÀ
v>
9L]PZ[H 0,,(
? > iÊ/
°
]Ê >
+\YHU[L LZ[H MHZL KL WPSV[V ZL SSL]HYVU H JHIV LUZH`VZ KLS TH[LYPHS KPKmJ[PJV WSH[H MVYTH KL YLNPZ[YV HJYLKP[HJP}U ZPZ[LTH ` H]HUJLZ LK\JH[P]VZ JVU SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ HKLTmZ KL SH WYmJ[PJH LK\JH[P]H YLHSPaHKH WVY SVZ HZLZVYLZ -\LYVU T\JOVZ SVZ mTIP[VZ LU SVZ X\L ZL VI[\]PLYVU I\LUVZ YLZ\S[HKVZ JVTV LS L_HTLU KPHNU}Z[PJV LS PUJYLTLU[V KL PUJVYWVYHJP}U H SVZ JxYJ\SVZ KL LZ[\KPV ` SH HJYLKP[HJP}U" ZPU LT IHYNV SV TmZ YLSL]HU[L LZ LS JHTIPV KL HJ[P[\K X\L ZL NLULY} H WHY[PY KL SH PU[LY]LUJP}U LK\ JH[P]H X\L ZL SSL]} H JHIV H [YH]tZ KL SH HJJP}U JVTWYVTL[PKH KL ÄN\YHZ ZVSPKHYPHZ! [P[\SHYLZ ` HZLZVYLZ KL SVZ W\U[VZ KL LUJ\LU[YV ,S WSHU[LHTPLU[V VYPNPUHS ZL IHZ} LU X\L LS HK\S[V W\KPLYH HWYLUKLY HU[LZ X\L JLY[PÄJHY (J[\HSTLU[L ZPN\L ZPLUKV \UH WYPVYPKHK X\L SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ HKX\PLYHU ` KLZHYYVSSLU JVTWL[LUJPHZ HWSPJHISLZ H Z\ ]PKH JV[PKPHUH `H X\L ZL [YH[H KL IYPUKHY JVU[LUP KVZ LK\JH[P]VZ X\L JVU[YPI\`HU H LSL]HY SH JHSPKHK KL ]PKH KL SH WVISHJP}U ZPU KLQHY KL SHKV SH PTWVY[HUJPH X\L [PLUL SH VI[LUJP}U KLS JLY[PÄJHKV ,S 4,= NLULY} \UH ZLYPL KL L_WLJ[H[P]HZ WYPTVYKPHSTLU[L LU LS JHTWV KL SH LMLJ[P]PKHK LK\JH[P]H ` LS HIH[PTPLU[V KLS YLaHNV" LTWL YV SVZ YLZ\S[HKVZ OHU ZPKV Z\WLYHKVZ KLIPKV H X\L SVZ HK\S[VZ HKX\PYPLYVU JVUVJPTPLU[VZ OHIPSPKHKLZ ` HJ[P[\KLZ X\L ]HU TmZ HSSm KLS LZWHJPV PUKP]PK\HS ` X\L HWSPJHYVU LU SH MHTP SPH LU LS [YHIHQV ` LU SH TPZTH JVT\UPKHK (J[P[\KLZ JVTV LS OmIP[V KL OPNPLUL ` \UH I\LUH HSPTLU[HJP}U ZL VIZLY]HU LU MHTPSPHZ LU[LYHZ J\HUKV SH THKYL ZL PU[LNYH H SVZ JxY J\SVZ KL LZ[\KPV 0UJS\ZV LU [LZ[PTVUPVZ KL SVZ UP|VZ ZL WLYJPIL \U TH`VY UP]LS KL ]PKH H WHY[PY KL JPLY[VZ LSLTLU[VZ X\L W\LKLU ZLY TLKPISLZ HS PUPJPV KL \U T}K\SV ` HS [tYTPUV KL tZ[L 7VY LQLTWSV TLQVYHY SH JVT\UPJHJP}U ` YLSHJPVULZ PU[LYWLYZVUHSLZ LU[YL SVZ TPLTIYVZ KL \UH MHTPSPH ZVU PUKPJHKVYLZ WHSWHISLZ KLS JHTIPV KL HJ[P[\K X\L WYVWPJPH LS LZ[\KPV KL SVZ T}K\SVZ 3H VWPUP}U KL \UH UP|H KL H|VZ TPLTIYV KL \UH MHTPSPH X\L OHIP[H LU ;HIHJOPULZ ` J\`H THKYL HZPZ[L H \U JxYJ\SV KL LZ[\KPVZ PS\Z[YH LS NYHKV KL JVT\UPJHJP}U X\L L_PZ[L KLZW\tZ
KL OHILY LZ[\KPHKV LS T}K\SV 6 Û> ÃÊ i À° ,Z[H UP|H HÄYTH X\L SH JVT\UPJHJP}U JVU Z\Z WHKYLZ LZ TmZ HIPLY[H ZVIYL [VKV X\L SL WSH[PJHU [LTHZ KL ZL_\HSPKHK KL \UH THULYH UH[\YHS ` JVU PUMVYTHJP}U YHaVUHKH ` M\UKH TLU[HKH (TIVZ WHKYLZ JVYYVIVYHU X\L SH PUMVYTHJP}U KL KPMLYLU[LZ T}K\SVZ WLYV LZ WLJxÄJHTLU[L LS KL 6 Û> ÃÊ i À]ÊJVU[PLUL PUMVYTHJP}U X\L THU[PLUL \UPKH H SH MHTPSPH ` HWSPJHISL H SH ]PKH KL [VKVZ SVZ TPLTIYVZ ,S ZLN\PTPLU[V LK\JH[P]V X\L ZL YLHSPa} LU LS 4,= YLÅLQ} SH WLY[PULUJPH KLS TH[LYPHS LK\ JH[P]V UV Z}SV LU HK\S[VZ ZPUV LU HZLZVYLZ X\L ZL PU[LNYHYVU H LZ[H U\L]H H]LU[\YH LK\ JH[P]H ,U WYPTLY S\NHY [\]PLYVU X\L HIHUKVUHY SH PKLH KL X\L LS HZLZVY LZ X\PLU LUZL|H ` LS HK\S[V X\PLU HWYLUKL 3H ULJLZPKHK KL HWYLU KPaHQL LU SVZ HZLZVYLZ ZL HIYP} KLZKL LS TV TLU[V LU X\L KLJPKPLYVU HWV`HY H SVZ HK\S[VZ LU LS LZ[\KPV KL SVZ T}K\SVZ W\LZ T\JOVZ KL SVZ [LTHZ UV ZVU KLS JVTWSL[V KVTPUPV KL SVZ HZLZVYLZ <U JSHYV LQLTWSV SV [LULTVZ J\HUKV \UH THKYL KL MHTPSPH W\LKL KLZJYPIPY WLYMLJ[H TLU[L SHZ L[HWHZ KL JYLJPTPLU[V KL \U UP|V KLZKL LS TVTLU[V LU X\L UHJL OHZ[H X\L J\TWSL \U H|V KL LKHK <U HZLZVY X\L UV OH [LUPKV SH L_WLYPLUJPH KL ZLY WHKYL X\Pam UV [LUNH LS JVUVJPTPLU[V X\L SL KPV SH L_WLYPLU JPH HS HK\S[V ,S 4VKLSV KL ,K\JHJP}U WHYH SH =PKH 4,= LZ \UH L_WLYPLUJPH LK\JH[P]H ]P]LUJPHKH YVTWL JVU SH JVUJLWJP}U [YHKPJPVUHS KL X\L LS HWYLUKPaHQL ZL KH LU LS H\SH V LU \U LZWHJPV KLZ[PUHKV H SH HZLZVYxH ,S HWYLUKPaHQL ZL VI [PLUL KL [VKVZ SVZ TLKPVZ WVZPISLZ X\L YVKLHU H SH WLYZVUH L PU[LY]PLULU \UH ZLYPL KL MHJ[V YLZ J\S[\YHSLZ X\L [PLULU YLSHJP}U JVU Z\ MVYTH KL ]PKH ` Z\ WHY[PJ\SHY ]PZP}U KL SHZ JVZHZ /H` X\L YLJVYKHY X\L SVZ ZLYLZ O\THUVZ ZLN\PTVZ Y\[HZ KL ]PKH KPZ[PU[HZ ` WVY SV [HU [V LS HWYLUKPaHQL VI[LUPKV LZ T\` KP]LYZV +LZKL LS W\U[V KL ]PZ[H ZVJPVS}NPJV H LZ[V ZL SL OH KLUVTPUHKV JHWP[HS J\S[\YHS LZ KLJPY [VKV LZL LX\PWHQL PU[LSLJ[\HS ` TVYHS X\L OH MVYTHKV HS PUKP]PK\V HS JVU]P]PY ` THU[LULY JVU[HJ[V JVU SHZ WLYZVUHZ ` HTIPLU[LZ LU SVZ X\L ZL KLZHYYVSSH (WYLUKLY WHYH SH ]PKH
Ê 6ÊÃiÊ iÊ>}Ài}> > À>Ê >ʺ/»Ê`iÊ/À>L> Ê ÞÊÃiÊV Û iÀÌiÊi Êi Ê `i Ê`iÊ `ÕV>V «>À>Ê >Ê6 `>ÊÞÊi Ê /À>L> Ê 6Þ/®°°°
,Z J\YPVZV LUJVU[YHYUVZ JVU WLYZVUHZ X\L UV JVUJS\`LYVU SH WYPTHYPH ` X\L OHU SLxKV VIYHZ KL *HYSVZ 4HY_ KL (U[VUPV .YHTZJP .HIYPLS .HYJxH 4mYX\La \ 6J[H]PV 7Ha ZPT WSLTLU[L WVYX\L LU HSN U [PHUN\PZ V TLYJHKV SSLNH SH VIYH WHYH ZLY JVTWHY[PKH V LUJVU[YHY NLU[L H SH J\HS SL N\Z[HU SVZ ]PHQLZ ` SV WYPTL YV X\L OHJL LZ PU]LZ[PNHY ZVIYL SHZ J\S[\YHZ H [YH]tZ KL SHZ JVU]LYZHJPVULZ V KL SH ]PZP[H H T\ZLVZ V WSHaHZ KL PU[LYtZ NLULYHS ,U LS JHTWV LUJVU[YHTVZ WLYZVUHZ X\L LZJYPILU Z\Z TLTVYPHZ SHZ SL`LUKHZ KLS W\LISV ` tZHZ ZVU ]LYKHKLYHZ VIYHZ SP[LYH YPHZ X\L UV ZL YLZJH[HU UP ZL KHU H JVUVJLY WVYX\L ZL X\LKHU JVTV WmNPUHZ LTWVS]HKHZ X\L SVZ HK\S[VZ N\HYKHYVU JVTV YLJ\LYKVZ WLYZVUHSLZ iZ[L LZ V[YV JHTWV MtY[PS X\L KLZLH ZLTIYHY LS 4,= ` HSLU[HY H SHZ WLYZV UHZ WHYH X\L W\LKHU JVTWHY[PY Z\Z PKLHZ JVU SVZ KLTmZ YLZJH[HY LZVZ JVUVJPTPLU[VZ ` L_ WLYPLUJPHZ KL ]PKH :L [YH[H KL \UPY YLKLZ KL HWYLUKPaHQL PUJVYWVYHY H TP YLK KL HWYLUKPaH QL V[YHZ X\L W\LKLU LZ[HY LU SPIYVZ ]PKLVZ KPZJVZ JHZL[LZ ` ZVIYL [VKV LU WLYZVUHZ :P IPLU LZ JPLY[V X\L LS HWYLUKPaHQL ZL KH H SV SHYNV KL SH ]PKH LS 4,= [HTIPtU WYL [LUKL X\L ZLH WHYH [VKH SH ]PKH +LZKL X\L UHJLTVZ LTWLaHTVZ H HKX\PYPY ]HSVYLZ HJ [P[\KLZ JVUVJPTPLU[VZ ` OHIPSPKHKLZ ZPLT WYL JVU IHZL H \UH ZLYPL KL ULJLZPKHKLZ L PU[LYLZLZ HZx KLZKL UP|VZ ZP UVZ PU[LYLZH WH[PUHY WVKLTVZ HWYLUKLY H OHJLYSV KL SH TPZTH MVYTH ZP UVZ PU[LYLZH SH SLJ[\YH Z}SV OH` X\L JYLHY LS HTIPLU[L WYVWPJPV WHYH X\L ZL MVTLU[L LS LZ[\KPV
9L]PZ[H 0,,(
( J\H[YV H|VZ KL KPZ[HUJPH KLS PUPJPV KL SH HWSPJHJP}U LS 4,= `H UV LZ LS TPZTV ZL OH LUYPX\LJPLUKV JVU SH WYmJ[PJH LK\JH[P]H JVU LS HWYLUKPaHQL KL SVZ HK\S[VZ ` JVU SH HJJP}U WHY[PJPWH[P]H KL SVZ HZLZVYLZ X\L ZL JVTWYV TL[LU KxH JVU KxH H JYLHY LZWHJPVZ KL WHY[PJP WHJP}U ` KL PU[LYJHTIPV KL L_WLYPLUJPHZ WHYH \UPY YLKLZ KL JVUVJPTPLU[V ` JYLJPTPLU[V O\ THUV (S 4,= ZL SL HNYLNH HOVYH SH ¸;¹ KL ;YHIHQV ` ZL JVU]PLY[L LU LS 4VKLSV KL ,K\JHJP}U WHYH SH =PKH ` LS ;YHIHQV 4,=`; ZL LUYPX\LJL UV Z}SV WHYH LSL]HY SH JHSPKHK KL SH ]PKH KL SH WV ISHJP}U H [YH]tZ KLS KLZHYYVSSV KL JVTWL[LU JPHZ ` OHIPSPKHKLZ KLS WLUZHTPLU[V ZPUV WVY TLKPV KL JVTWL[LUJPHZ SHIVYHSLZ X\L WLYTP [HU HS HK\S[V PU[LNYHYZL HS TLYJHKV SHIVYHS JVU TH`VYLZ JHWHJPKHKLZ ` OHIPSPKHKLZ WHYH SH \[PSPaHJP}U KL SH [LJUVSVNxH KL W\U[H LU MVYTH }W[PTH ,Z[V UV JVUZ[P[\`L \UH ]PZP}U YLK\JPKH KL JHWHJP[HJP}U SHIVYHS ZL [YH[H KL JYLHY \UH J\S [\YH SHIVYHS LU SVZ Q}]LULZ ` HK\S[VZ IHZHKH LU SH VYNHUPaHJP}U KL LX\PWVZ HS[HTLU[L JHSPÄJH KVZ ` WYVK\J[P]VZ LZ KLJPY KL HS[V YLUKPTPLU [V HKLTmZ KL SH ]PZP}U PUKP]PK\HS KLS TPJYV LTWYLZHYPV LS H\[VLTWSLV ` SH I ZX\LKH KLS ÄUHUJPHTPLU[V :L [YH[H LU[VUJLZ KL PTWSL TLU[HY \U ZPZ[LTH PU[LNYHS KL LK\JHJP}U ` JH WHJP[HJP}U WHYH SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ X\L ZL LUJ\LU[YHU LU J\HSX\PLY [PWV KL YLaHNV ZVIYL [VKV ZP [VTHTVZ LU J\LU[H X\L LS YLaH NV LK\JH[P]V V LS YLaHNV LJVU}TPJV JVUK\JL H\[VTm[PJHTLU[L H V[YV ` tZ[L H V[YV JVTV \UH JHKLUH PU[LYTPUHISL X\L ZL JVU]PLY[L LU \UH WYVISLTm[PJH ZVJPHSTLU[L PUZVZ[LUPISL
*Õ Ì Ê`iÊ VÕi ÌÀ Êi Êi Ê i ÌÀ Ê`iÊ >«>V Ì>V Ê«>À>Êi Ê/À>L> Ê °ÊÓ°Ê °<°Ê£Ç°
>À >Ê ÀiÃÊ ?ÛiâÊ1ÀL >
>Ê Ãiv>Ê i}>Ê ÕÞÊ ÌiÀiÃ>`>Ê«>À>ʵÕiÊ >ÊV>«>V ÌiÊi Êi Ê 6Þ/Ê « ÀµÕiÊÌ i iÊÞ>ÊV ÊV VÕi Ì>Ê«iÀà >ÃÊ Ûi iÃÊÞÊ>`Õ Ì>ÃʵÕiÊÃiÊ ÌiÀiÃ> Ê« ÀÊiÃÌÕ` >ÀÊÃÕÊi`ÕV>V ÊL?à V>°Ê >ÊÌÀ>L> >Êi ÊÕ >ÊÃi VÕ `>À >ÊÊi Ê >ÊV >Ê Ê->ÕâÊÞÊÃÕÃÊ> Õ ÃÊ iÊ > ÊV i Ì>` ʵÕiÊ >ÊÃÕÃÊ«>«?Ã]ÊÃÕÃÊÌ Ã]Êi Ê> L> ʵÕiÊ â ÊÕ ÃÊÀi i ` ÃÊi ÊÃÕÊV>Ã>Ê ÞÊ ÌÀ>ÃÊ«iÀà >ÃÊ ?ÃÊ iÃÊ ÌiÀiÃ>ÊÃÕ«iÀ>ÀÃi°Ê iÊÕÀ}iÊÀiV L ÀÊ >ÊV> «>V Ì>V ÊÞÊÞ Ê iÊV i Ì ÊµÕiÊ ÕÃÌ> i ÌiÊi Ê` >Êà }Õ i ÌiÊÌi `Ài ÃÊÕ >Ê«À iÀ>ÊÃià ° (WYLUKLY WHYH SH ]PKH
3SLNH T\` W\U[\HS ` KHTVZ JVTPLUaV JVU \UH KPUmTPJH WHYH JVUVJLYUVZ +LZKL LZ[L TVTLU[V TL KV` J\LU[H X\L LS NY\WV LZ T\` LZWLJPHS ` SH WHY[PJPWHJP}U LZ T\` PU[LUZH (X\x JVTPLUaHU H PU[LYJHTIPHY L_WLYPLUJPHZ ` ¸[VKVZ HWYLUKLTVZ KL [VKVZ¹ *\HUKV SSLNHTVZ HS [LTH KL SHZ JVTWL [LUJPHZ YLZ\S[H \U TVTLU[V T\` YLÅL_P]V ,U WYPTLY S\NHY JHKH \UV KL SVZ HZLZVYLZ KH Z\ JVUJLW[V ` ]HTVZ HUV[HUKV LU JHY[\SPUHZ Z\Z HWVY[HJPVULZ WHYH X\L HS ÄUHS OHNHTVZ \UH KLÄUPJP}U +PQLYVU X\L LU[PLUKLU X\L ZLY JVTWL[LU[L LZ [LULY OHIPSPKHKLZ V[YVZ X\L WVZLLY JVUVJPTPLU[VZ HSN\UVZ TLUJPVUHYVU [LULY TmZ L_WLYPLUJPH ` HSN\PLU JVTLU[} X\L LU SVZ KLWVY[LZ ZL JVTWP[L T\JOV ` LS X\L WHY[PJPWH [YH[H ZPLTWYL KL ZLY LS TLQVY 7\LZ IPLU [VKV SV X\L OHU KPJOV SLZ KPQL MVYTH WHY[L KL SHZ JVTWL[LUJPHZ 7HYH X\L ZL LU[PLUKH TLQVY ]HTVZ H WVULY \U LQLTWSV *\HUKV ]HU H SSL]HY Z\ H\[VT}]PS HS [HSSLY ¦LU X\t ZL ÄQHU WHYH LSLNPY \U TLJmUP JV& <UV KL LSSVZ KPQV! ¸,U X\L UV TL JVIYL [HU JHYV¹ ,_HJ[V LZ PTWVY[HU[L WHYH \Z[L KLZ X\L ZLH OVULZ[V X\L UV SLZ YL]LUKH SHZ YLMHJJPVULZ (X\x LZ[mU PTWSxJP[VZ SVZ ]HSVYLZ ` LZ[L JVUJLW[V [HTIPtU MVYTH WHY[L KL SHZ JVTWL[LUJPHZ (KLTmZ ¦LU X\t V[YH J\LZ[P}U ZL ÄQHU& ¸,U X\L ZLWH OHJLY LS [YHIHQV¹ JVU [LZ[HYVU 4\` IPLU HX\x [LULTVZ X\L WVZLH JVUVJPTPLU[VZ 6[YV JVUJLW[V M\UKHTLU[HS KL SHZ JVTWL[LUJPHZ ¹(KLTmZ LU X\L `H SSL]L [PLTWV [YHIHQHUKV¹ *VYYLJ[V HX\x PTWVY[H SH L_WLYPLUJPH ¦8\t V[YH JVZH& ¹8\L TL WVUNH IPLU SHZ WPLaHZ TL OHNH IPLU LS [YHIHQV¹ (Zx LZ UVZ PTWVY[H Z\ OHIPSPKHK WHYH OHJLY LS [YH IHQV Z\Z HW[P[\KLZ 6[YV KPJL! ¸( Tx [HTIPtU TL PU[LYLZH X\L UV ZLH [HU LUVQ}U X\L TL [YH[L IPLU¹ /HZ KPJOV HSNV T\` PTWVY[HU[L X\L UVZ MHS[H H T\JOVZ SL KPQL (X\x tS ZL LZ[m YLÄYPLUKV H SHZ HJ[P[\KLZ H SH HJ[P[\K KL ZLY]PJPV ZLY HTHISL JVY[tZ JVTLU[t JVU SVZ KLTmZ 7\LZ IPLU LZ LS TVTLU[V WHYH SSLNHY H \UH KLÄUPJP}U SLZ KPQL JVU [VKV SV X\L OHU L_ WYLZHKV X\L OH ZPKV Z\THTLU[L ]HSPVZV
9L]PZ[H 0,,(
7VKLTVZ KLJPY X\L LS [tYTPUV V «iÌi V >Ê « V>Ê >Ê Ìi}À>V ÊÞÊ À}> â>V Ê`iÊ ` ÛiÀà ÃÊ V V i Ì Ã]Ê >L `>`iÃ]Ê Û> ÀiÃÊÞÊ>VÌ ÌÕ`iÃ]Ê>à ÊV Ê>« V>ÀÊV>«>V `>`iÃ]Ê >«Ì ÌÕ`iÃ]Ê >VÌ ÌÕ`iÃÊ ÞÊ iÝ«iÀ i V >ÃÊ iViÃ>À >ÃÊ«>À>Ê>VÌÕ>ÀÊÞÊ«>ÀÌ V «>ÀÊi ÊVÕ> µÕ iÀÊ i Ì Ê`iÊ ÕiÃÌÀ>ÊÛ `>° =LHTVZ [HTIPtU J\mSLZ M\LYVU SVZ J\LZ[PV UHTPLU[VZ X\L [\]PLYVU SVZ LZ[\KPVZVZ J\HU KV ZL KPLYVU H SH [HYLH KL KLÄUPY X\t [PWV KL KL JVTWL[LUJPHZ NLULYHSLZ SLZ PU[LYLZHIH X\L SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ KLZHYYVSSHYHU H [YH]tZ KLS 4,=`; 7VY UH[\YHSLaH ZVTVZ ZLYLZ H SVZ X\L UVZ N\Z[H H]LYPN\HY X\t LZ SV X\L HJVU[LJL H U\LZ[YV HSYLKLKVY ZVTVZ J\YPVZVZ KLZLHTVZ ZHILY TmZ UVZ PU[LYLZHTVZ WVY JVTWYLUKLY SV X\L WHZH UVZ J\LZ[PVUHTVZ OHJLTVZ WYL N\U[HZ 7VY JVUZPN\PLU[L UHKH ]HTVZ H HWYLU KLY V LUZL|HY KL MVYTH HPZSHKH ` LZ ULJLZHYPH \UH PU[LYYLSHJP}U LU[YL SV X\L WPLUZV SV X\L ZPLU[V ` SV X\L OHNV :P UV OH` LZ[H JVUNY\LU JPH ZL WPLYKL LS ZLU[PKV KL SH YLHSPKHK <UH KL SHZ JVTWL[LUJPHZ NLULYHSLZ X\L LZ[m PTWSxJP[H LU LS TVKLSV X\L UVZ VJ\WH LZ SH KLS YHaVUHTPLU[V JVU SH J\HS YLÅL_PVUV ` JYP[PJV ¸¦8\t [L WHZH 3VSP[H&¹ TL KPJL SH 4HLZ [YH 1VZLMH ¸HOVYH Zx X\L [L ]VSHZ[L SH IHYKH WVYX\L UV [L LU[PLUKV UVZ LZ[mZ KPJPLUKV [HU [HZ JVZHZ [HU JVTWSPJHKHZ ` ÄSVZ}ÄJHZ¹ )\LUV I\LUV ¶SLZ KPNV ]HTVZ H ZLN\PY WSH[PJHUKV JVU TmZ VYKLU WHYH X\L X\LKL JSHYV ,S 4,=`; WYL[LUKL KLZHYYVSSHY [YLZ [PWVZ KL JVTWL[LUJPHZ! }i iÀ> iÃ]ÊL?à V>ÃÊÞÊiëiV wV>ð 3HZ JVTWL[LUJPHZ }i iÀ> ià X\L LS 4,=`; WYL[LUKL KLZHYYVSSHY ZVU! i ÊÀ>â > i Ì ]Ê >Ê V Õ V>V ]Ê >Ê Ã ÕV Ê `iÊ «À L i >ÃÊ ÞÊ >Ê «>ÀÌ V «>V ° ,Z[L [PWV KL JVTWL[LUJPHZ ZVU PUOLYLU[LZ HS ZLY O\THUV KLZKL LS TV TLU[V LU X\L ]P]L LU ZVJPLKHK ` LZ[mU KPYLJ[H TLU[L ]PUJ\SHKHZ JVU SH [VTH KL KLJPZPVULZ (S YHaVUHY HWSPJH OHIPSPKHKLZ ` YLJ\YZVZ KLS WLUZHTPLU[V ZL JVT\UPJH \ZHUKV KPMLYLU[LZ SLUN\HQLZ WHY[PJPWH PU[LYHJ[\HUKV LU SH [YHUZ
MVYTHJP}U KL KPMLYLU[LZ mTIP[VZ UH[\YHSLZ ` ZVJPHSLZ WHYH ZH[PZMHJLY Z\Z ULJLZPKHKLZ ` YLZ\LS]L WYVISLTHZ LUMYLU[mUKVZL H KPZ[PU[HZ JPYJ\UZ[HUJPHZ ` HWSPJHUKV KP]LYZHZ LZ[YH[LNPHZ WHYH ZVS\JPVUHYSVZ ,U V[YV TVTLU[V ]HTVZ H WYVM\UKPaHY LU LSSHZ WVYX\L UVZ [HYKHYxHTVZ \UVZ [YLZ KxHZ SL KPQL 5HKH TmZ SL KPV YPZH 7VJV H WVJV SH ZHSH KL MVYTHJP}U ZL M\L X\LKHUKV ZVSH 5HKH TmZ LZ[mIHTVZ +V|H 1VZLMH ` `V KVZ SVJHZ PU[LU[HUKV LU[LUKLY [HU JVTWSPJHKxZPTV [LTH 5V UVZ PU[LYLZ} UP LS [PLTWV UP SH SS\]PH X\L [YHQV ¸6SHM¹ 7LYK}U +V|H 1VZLMH V[YH ]La TL ]VSt SH IHYKH WVYX\L WHYLJL X\L SL LZ[V` KPJPLUKV SH SLJJP}U @H UV ZL WYLVJ\WL 3VSP[H HOVYH Zx X\L SL LU[LUKx SV X\L X\PLYL KLJPY 7LYV UV TL OH KPJOV ZP OH` V[YV [PWV KL JVTWL[LUJPHZ X\L ZL WYL[LUKLU KLZHYYVSSHY LU LZ[L TVKLSV @H ZL SL OHIxH VS]PKHKV SH JSHZPÄJHJP}U X\L TLUJPVUt 7VY Z\W\LZ[V HOVYH ]HTVZ H YLMLYPYUVZ H SHZ L?à V>à X\L ZVU ULJLZHYPHZ WHYH ZLN\PY HWYLUKPLUKV 4PYL WLYV HU[LZ KL KLJxYZLSHZ <Z[LK ]H H LU[LUKLY X\L LZ[L [PWV KL JVTWL[LUJPHZ LZ [mU KPYLJ[HTLU[L ]PUJ\SHKHZ JVU SVZ LQLZ KL JVUVJPTPLU[V X\L ZL PUJS\`LU LU LS 4,=`; ¦:L HJ\LYKH J\mSLZ ZVU LZVZ LQLZ H SVZ X\L TL YLÄLYV& :P JSHYV 3LUN\H ` *VT\UPJHJP}U 4H[LTm[PJHZ ` *PLUJPHZ 5H[\YHSLZ ` :VJPHSLZ §,ZV LZ `H TL ZPLU[V X\L LZ[HTVZ LU LS TPZTV JHUHS ¦*\mSLZ JVUZPKLYH \Z[LK X\L ZVU SHZ OLYYHTPLU[HZ ImZPJHZ V ULJLZHYPHZ WHYH X\L SHZ WLYZVUHZ JVU[PU LU HWYLUKPLUKV K\YHU[L [VKH Z\ ]PKH& :HILY SLLY LZJYPIPY OHJLY J\LU[HZ ,_HJ[V >Ê iVÌÕÀ>]Ê >ÊiÃVÀ ÌÕÀ>]Êi ÊV? VÕ Ê L?à V ]Ê >Ê iÝ«ÀiÃ Ê À> Ê ÞÊ >Ê V «Ài Ã Ê `i Ê i Ì À Ê >ÌÕÀ> Ê ÞÊ Ã V > ]Ê Ã Ê >ÃÊ V «iÌi V >ÃÊL?à V>Ã" LS KLZHYYVSSV KL tZ[HZ LZ YLX\PZP[V PUKPZWLUZHISL WHYH X\L LS HK\S[V JVUZ[Y\`H LS JVUVJPTPLU[V ` SV HWSPX\L LU SH ]PKH JV[PKPHUH
(OVYH `H LU[PLUKV *\HUKV YL]PZHTVZ SVZ T}K\SVZ TL KP J\LU[H X\L [PLUL X\L LZ[HY LS HK\S[V SL`LUKV ` SL`LUKV LZJYPIPLUKV ` LZ JYPIPLUKV :P ` JHSJ\SHUKV ` JHSJ\SHUKV HUHSPaHUKV ` HUHSPaHUKV JVTWHYHUKV ` JVTWHYHUKV YL ÅL_PVUHUKV ` YLÅL_PVUHUKV ` KPJPLUKV SV X\L WPLUZH ZPLU[L ` OHJL (OVYH Zx 3VSP[H X\L SL LU[LUKx ¸YLX\L[L IPLU¹ @H [LYTPUHTVZ ¦]LYKHK& 5V [VKH]xH UVZ MHS[H OHISHY KL SHZ JVTWL [LUJPHZ iëiV wV>ð *HYH` LZ[V LZ [HU PU[LYLZHU[L X\L `H X\PL YV ZHILY J\mSLZ ZVU 3H ]LYKHK X\L Zx LZ[L [PWV KL JVTWL[LU JPHZ WHY[LU KL SVZ PU[LYLZLZ ` ULJLZPKHKLZ WHY[PJ\SHYLZ KL SVZ HK\S[VZ JVU LSSHZ ZL v ÀÌ> iVi ÊÞÊi iÀVi ÊÛ> ÀiÃÊjÌ V ÃÊ KLYLJOVZ PU KP]PK\HSLZ ` ZVJPHSLZ X\L [PLULU X\L ]LY JVU LS KLZHYYVSSV PU[LNYHS KLS ZLY O\THUV JVU SH Q\Z[P JPH SH WHY[PJPWHJP}U SH [VTH KL KLJPZPVULZ SH JVU]P]LUJPH HYT}UPJH JVUZPNV TPZTV JVU SH MHTPSPH ` SH JVT\UPKHK ;HTIPtU ZLÊÀiV Vi Ê ÃÊ«À V « ÃÊ`iÊ }Õ> `>`Êi ÌÀiÊ ÃÊÃiÝ ÃÊÞÊ >ÃÊ«iÀà >ÃÊÞÊi ÊÀiëiÌ Ê>Ê >Ê` ÛiÀà `>`]Ê> Ê i` Ê> L i ÌiÊÞÊ>ÊÃÕÊ«iÀà >° ÔPNHTL ¦UV ZHIL X\L `V [HTIPtU LZ[\KPt +LYLJOV ` [VKV SV X\L HJHIH KL KLJPY TL LZ T\` MHTPSPHY (OVYH Zx X\L LZ[V` Z\THTLU[L LU[\ZPHZTHKH ` JVU SHZ NHUHZ KL `H PYTL H [YHIHQHY JVU [VKH LZH NLU[L X\L TL LZ[m LZ WLYHUKV WHYH X\L PUPJPLTVZ `H LS NY\WV :HIL X\L `V JVTWHY[V [VKHZ SHZ PKLHZ X\L OLTVZ YLÅL_PVUHKV @V [HTIPtU SL KPQL ` UVZ M\PTVZ ZV|HUKV WVY SH Y\[H KLS
(WYLUKLY WHYH SH ]PKH
-Ê - -", Ê Ê " "Ê Ê 1 $ Ê * , Ê Ê6 Ê9Ê Ê/, " LbeobZ @h]bgZ Ibg^]h
>`>Ê>Ãià À>ÊÞÊ>Ãià ÀÊÌ i iÊÃÕÃÊ«À « ÃÊ jÌ ` Ã]ÊÌjV V>ÃÊÞÊiÃÌÀ>Ìi} >ÃÊ«>À>Ê >« Þ>ÀÊ>Ê >ÃÊ«iÀà >ÃÊ Ûi iÃÊÞÊ>`Õ Ì>Ã]Ê«iÀ ÊiÝ ÃÌi Ê> }Õ ÃÊi i i Ì ÃÊV Õ iÃÊÞÊvÀiVÕi ÌiÃÊi Êi Ê`iÃ>ÀÀ Ê`iÊ >ÃÊ>Ãià À >Ã]ÊV ÊÃ Ê ÃÊà }Õ i ÌiÃ\ UÊ ÕV ÃÊ}ÀÕ« ÃÊÃ Ê iÌiÀ }j i ðÊ-iÊv À > ÊÃÕL}ÀÕ« ÃÊ`iÊ«iÀà >ÃʵÕiÊ iÃÌÕ` > Êi Ê Ã Êi iÊÌi ?Ì V Ê Êi Ê Ã Ê Ûi ÊÞÊÃiÊà i Ì> Ê Õ Ì>ÃÊ> Ài `i` ÀÊ`iÊÕ >Ê iÃ>Ê Êi ÊLÕÌ>V>ÃÊ ` Û `Õ> iÃʵÕiÊ>V `> Êi Êv À >ÊV À VÕ >À]Ê ÊVÕ> Êv>Û ÀiViÊi Ê ÌiÀV> L Ê`iÊiÝ«iÀ i V >ð UÊ/> L j ÊÃiÊ«ÀiÃi Ì>]ÊV ÊÊvÀiVÕi V >]Êi ÊiÃÌÕ` Ê `iÊ ÃÊ `Õ ÃÊ ÞÊ >ÃÊ >Ãià À >ÃÊ ` Û `Õ> iÃ°Ê Ê iÃÌ>Ê v À >Ê `iÊ À}> â>V Ê V>Ã Ê Ã i «ÀiÊ i V ÌÀ> ÃÊ>Ê >ÃÊ«iÀà >ÃÊ Ãi Ì>`>ÃÊ i Ê LÕÌ>V>ÃÊ Ê Ã >ÃÊ>V `>`>ÃÊi Ê w >ð
IeZsZ <hfngbmZkbZ ]^ EZ ;Zk\Z% CZe'
,U J\HSX\PLY JHZV SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ YLHSPaHU SH SLJ[\YH PUKP]PK\HS ` SHZ HJ [P]PKHKLZ KL SVZ TH[LYPHSLZ X\L JVUMVYTHU Z\ WHX\L[L TVK\SHY WYHJ[PJHU SVZ Q\LNVZ JVYYLZ WVUKPLU[LZ ` WYLN\U[HU H Z\ HZLZVY V HZLZVYH ZVIYL SVZ HZWLJ[VZ X\L ZL SLZ OHU KPÄJ\S[HKV V LU SVZ J\HSLZ [PLULU K\KHZ Ê V>à iÃ]Ê ÃÊ>Ãià ÀiÃÊV ÌiÃÌ> Ê` ÀiVÌ> i Ìi]Ê «iÀ Ê ÕV >ÃÊ ÛiViÃÊ « > Ìi> Ê >Ê `Õ`>Ê >Ê ÌÀ ÃÊ Ìi}À> ÌiÃÊ `i Ê }ÀÕ« ° 7VY LQLTWSV LU \UH VJHZP}U \U QV]LU KPQV! º ÊÀi VÕiÀ` Ê Õ Ê V ÀÀ ` °Ê µÕ Ê iÊ « `iÊ i Ê LÀ Ê µÕiÊ i V iÊÕ »° (ZLZVYH! ·+Õ j Ê iÊ «Õi`iÊ i V >ÀÊ Õ Ê V ÀÀ ` Ê>ÊÃÕÊV «> iÀ ¶ 6[YV QV]LU! Ê`i ÊV>L> ÊL > V ° <U HK\S[V! Ê`i Ê Ê`ià Li` i Ìi]ÊjÃiÊ Ê V> Ì Ê6 Vi ÌiÊ Ý° +L LZ[H MVYTH SVZ Q}]LULZ ` HK\S[VZ JVU [LZ[HU SV X\L ZL SLZ WPKL LU SVZ TH[LYPHSLZ KL LZ[\KPV ,U V[YVZ JHZVZ WVY Z\NLYLUJPH KL SH HZLZVYH V KLS HZLZVY SHZ WLYZVUHZ LZ[mU HJVZ[\TIYH KHZ H WYLN\U[HY KPYLJ[HTLU[L H Z\Z JVTWH|L YVZ ` JVTWH|LYHZ ,Z T\` PU[LYLZHU[L X\L LU SVZ Z\INY\WVZ ZL KLZHYYVSSLU KPmSVNVZ ZPT\S[m ULVZ ZVIYL SVZ KP]LYZVZ [LTHZ X\L ZL HIVYKHU LU SVZ T}K\SVZ ` H ]LJLZ PUJS\ZV ZVIYL [LTHZ X\L UV ZL PUJS\`LU LU SVZ TH[LYPHSLZ ,U SV X\L ZL YLÄLYL HS [PLTWV X\L KLKPJHU H LZ[\KPHY H]HUaHU LU Z\Z HJ[P]PKHKLZ M\LYH KLS JxYJ\SV KL LZ[\KPVZ WLYV OH` X\PLULZ L_JS\ZP ]HTLU[L SV OHJLU LU SHZ ZLZPVULZ KL HZLZVYxH :P KLKPJHU [PLTWV M\LYH KL SHZ ZLZPVULZ KL HZLZVYxH S'Z Q}]LULZ ` HK\S['Z [PLULU SH VWVY [\UPKHK KL JVUZ\S[HY H V[YHZ WLYZVUHZ JVTV ZVU Z\Z MHTPSPHYLZ ]LJPUVZ HTPNVZ ` LZWLJPH SPZ[HZ LU LS [LTH ¸3L WYLN\U[V H TP OLYTHUH ` LSSH TL H`\KH¹ ¸3L KPNV H TPZ OPQVZ X\L TL H`\KLU ` LSSVZ TL L_WSPJHU¹ *VTLU[HYPVZ JVTV tZ[VZ OHU ZPKV MYLJ\LU[LZ LU LU[YL]PZ[HZ YLHSPaHKHZ H SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ (S JVU[LZ[HY Z\Z T}K\SVZ H ]LJLZ KLQHU \U LZWHJPV ]HJxV LU SHZ HJ[P]PKHKLZ LU X\L OHU [LUPKV HSN\UH KPÄJ\S[HK JVU SH ÄUHSPKHK KL WYLN\U[HYSL WVZ[LYPVYTLU[L H SH HZLZVYH V HS HZLZVY! ¸HX\x UV SL LU[LUKx¹ V ¸X\PLYV X\L TL L_WSPX\L J}TV OHJLY LZ[V¹ Z\LSLU KLJPYSL ;HTIPtU Z\JLKL X\L HSN\U'Z Q}]LULZ ` HK\S['Z UV OHJLU LZ[HZ WYLN\U[HZ ` SHZ HJ [P]PKHKLZ ZL X\LKHU ZPU YLHSPaHY OHZ[H X\L LS
HZLZVY YL]PZH ` ZL|HSH SV X\L MHS[} ,U LZL TV TLU[V SHZ WLYZVUHZ L_WYLZHU Z\Z K\KHZ >ÞÊ>Ãià ÀiÃÊÞÊ>Ãià À>ÃʵÕiÊi } > ÊV Ê ÕV >ÊvÀiVÕi V >Ê>Ê JÃÊ Ûi iÃÊÞÊ>`Õ ÌJÃÊ « ÀÊ ÃÕÃÊ >Û> ViÃÊ ÞÊ ÃÊ iÃÌ Õ > Ê >Ê Ãi}Õ ÀÊ iÃÌÕ` > ` Ê V Ê i ÌÕà >à °Ê iÃÊ iÝ«ÀiÃ> Ê À> i ÌiÊ Ê iÃÊ iÃVÀ Li Ê i Ê ÃÕÃÊ `Õ ÃÊ > }Ö Êi Õ V >` ]ÊV Ê ÃÊà }Õ i ÌiÃ\ʺÛ>ÃÊ ÕÞÊL i »]ʺà }ÕiÊ>`i > Ìi»]ʺiÀiÃÊ ÕÞÊ Ìi }i Ìi»]Ê ºiÃVÀ LiÃÊ ÕÞÊ L Ì »]Ê ºÌÕÃÊ V i Ì>À ÃÊ Ã Ê ÕÞÊ ÌiÀiÃ> Ìiû]Ê ºÌÕÃÊ Ài yiÝ iÃÊÃ Ê ÕÞÊ«À vÕ `>ÃÊÞÊ>`iVÕ>`>Ã»Ê Ê ºÃ }ÕiÌiÊ ÃÕ«iÀ> ` »°Ê ÃÌ Ê ÃÕi iÊ }ÕÃÌ>À iÃÊ ÕV Ê >Ê µÕ i iÃÊ ÃiÊ iÃÊ i V >]Ê ÃiÊ ÕiÃÌÀ> Ê ÕÞÊà À i ÌiÃÊÞÊiÝ«ÀiÃ> ÊÊ>}À> `iV i Ì Ê« ÀÊiÃÌ>ÃÊ«> >LÀ>ð 7LYV V[YHZ VJHZPVULZ JVU[YHYPV H SHZ THUP MLZ[HJPVULZ KL HSLNYxH SHZ WLYZVUHZ T\LZ[YHU JPLY[H PUZLN\YPKHK ` K\KHZ HJLYJH KL Z\Z JHWH JPKHKLZ 4LUJPVUHU MYHZLZ JVTV SHZ ZPN\PLU [LZ! ¸`V ZV` T\` I\YYH¹ ¸`V UV W\LKV OHJLY LZV LZ T\` KPMxJPS¹ V ZL UPLNHU H WHY[PJPWHY LU SH HZLZVYxH WVY SHZ KPÄJ\S[HKLZ WHYH OHISHY LU W ISPJV /H` X\PLULZ WLYTHULJLU JHSSHKVZ K\YHU[L [VKH \UH ZLZP}U (SN\UVZ HZLZVYLZ TV[P]HU H LZ[HZ WLYZVUHZ H L_WYLZHY Z\Z W\U[VZ KL ]PZ[H ZVIYL SVZ [LTHZ [YH[HKVZ L PU[LU[HU TLQVYHY Z\ H\[VLZ[PTH JVU LSVNPVZ ` YLJVUVJPTPLU[VZ H Z\Z JHWHJPKHKLZ WLYV OH` JHZVZ LU X\L UV ZL L_OVY[H H L_ WYLZHYZL VYHSTLU[L H X\PLULZ UV SV LZ[mU OH JPLUKV ,S KPmSVNV ZL KLZHYYVSSH ZPTWSLTLU[L JVU SHZ WLYZVUHZ X\L WHY[PJPWHU WVY PUPJPH[P]H WYVWPH -YLJ\LU[LTLU[L SHZ HZLZVYHZ ` SVZ HZLZVYLZ ZL KLZWSHaHU KL \U Z\INY\WV H V[YV ` ZL HJLY JHU H JHKH QV]LU ` HK\S[' WHYH YL]PZHYSL SVZ LQLYJPJPVZ KPHSVNHY ` HWV`HYS' 6[YH TVKHSPKHK KL SH HZLZVYxH LZ SH KL NY\ WVZ YLSH[P]HTLU[L OVTVNtULVZ LU SVZ X\L [V KVZ LZ[\KPHU LS TPZTV T}K\SV WLYV JHZP ZPLT WYL LU NYHKVZ KL H]HUJL KPMLYLU[LZ ,U LZ[VZ JHZVZ ZL ZPLU[HU MYLJ\LU[LTLU[L LU ÄSHZ ` LS HZLZVY WYLN\U[H ZP HSN\PLU [PLUL K\KHZ *\HU KV UV ZL L_WYLZHU K\KHZ LS WYVWPV HZLZVY WSHU[LH HSN\UHZ WYLN\U[HZ ` KL LZ[H THULYH ZL PUPJPH \U KPmSVNV LU LS NY\WV" [HTIPtU YL ]PZH SHZ HJ[P]PKHKLZ YLHSPaHKHZ LU SVZ T}K\SVZ ` JVU MYLJ\LUJPH ZL L_WVUL HSN U [LTH WVY WHY[L KL SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ V KLS TPZTV HZLZVY (WYLUKLY WHYH SH ]PKH
Ê ÀiÛ Ã>ÀÊ ÃÊ i iÀV V Ã]Ê ÃÊ >Ãià ÀiÃÊ ÞÊ >ÃÊ >Ãià À>ÃÊ >Vi Ê > }Õ >ÃÊ ÃÕ}iÀi V >ÃÊ >Ê ÃÊ Ûi iÃÊÞÊ>`Õ Ì ÃÊÊ«>À>ʵÕiÊ> « i ÊÃÕÃÊ ÀiëÕiÃÌ>Ã]Ê ` wµÕi Ê > }Õ ÃÊ `>Ì ÃÊ ÞÊ VÕ `i Ê >Ê ÀÌ }À>v >°Ê ÃÊ ÕÞÊ « ÀÌ> ÌiÊiÛ Ì>ÀÊÃi > >ÀÊ> } ÊV ÊiÀÀ ÀÊ ÊiµÕ Û V>V °Ê Ê `i> ÊiÃÊ >ViÀÊj v>à ÃÊi Ê ÊµÕiÊiÃÌ?ÊL i Ê ÞÊ i V >ÀÊ ÊµÕiÊÃiÊ«Õi`iÊ i À>À° 6[YV HZWLJ[V KL Z\TH PTWVY[HUJPH LU SHZ HZLZVYxHZ LZ X\L SHZ WLYZVUHZ HK\S[HZ ` Q}]LULZ KLZJ\IYLU Z\Z WV[LUJPHSPKHKLZ LZ KLJPY [VKV SV X\L ZVU JHWHJLZ KL SVNYHY KL HWYLUKLY KL OHJLY SV X\L W\LKLU TLQVYHY ` JVYYLNPY ` [VKV SV X\L ZHILU <UH QV]LU X\L LZ[\KPHIH LS T}K\SV >Ê«> >LÀ>] LZJYPIP} LU Z\ J\HKLYUV KL LQLYJPJPVZ! Êi > >ÊÌ> Ê > Ã> >ð 3H HZLZVYH SL WPKP} X\L SL`LYH SV X\L LZ JYPIP} 3H QV]LU SL`}! º ÊiÀ > >ÊÌÀ> Ê > Ã> >û° (ZLZVYH! ·+ÕjÊ iÊv> Ì>Ê>Ê >Ê«> >LÀ>Ê iÀ > >¶ 1V]LU! ºiÀ > >]Êi > >°Ê iÊv> Ì>Ê >ÊiÀÀi»° (ZLZVYH! - ° 3H QV]LU HNYLN} LU SH WHSHIYH SH LYYL MHS [HU[L (ZLZVYH! ·+ÕjÊ ?ÃÊ iÊv> Ì>Ê>Ê ÌÀ>Ê«> >LÀ>¶ 1V]LU! 6IZLY]H KL[LUPKHTLU[L SH MYHZL /À> °Ê iÊv> Ì>Ê >ÊiÀÀiÊÌ> L j ° (ZLZVYH!Ê- ° 1V]LU! HNYLNH SH V[YH LYYL (ZLZVYH! ÕÞÊL i °Ê·/iÊw >ÃÌiÊV ÊÌÖÊà >Ê ÌiÊ` ÃÌiÊVÕi Ì>Ê`iÊ ÊµÕiÊv> Ì>L>¶ 1V]LU! - Êà À i®° ,Z[L JHZV UVZ T\LZ[YH X\L SH HZLZVYH LZ[m JVUZJPLU[L KL X\L LU[YL Z\Z M\UJPVULZ UV LZ[m JVYYLNPY SV X\L OHJLU S'Z Q}]LULZ ` HK\S['Z ZPUV WYVWPJPHY SH H\[VJVYYLJJP}U
"ÌÀ Ê>ëiVÌ Ê`iÊÃÕ >Ê « ÀÌ> V >Ê i Ê >ÃÊ >Ãià À >ÃÊ iÃʵÕiÊ >ÃÊ«iÀà >ÃÊ>`Õ Ì>ÃÊ ÞÊ Ûi iÃÊ `iÃVÕLÀi Ê ÃÕÃÊ « Ìi V > `>`ið°°
9L]PZ[H 0,,(
3HZ HZLZVYHZ ` SVZ HZLZVYLZ H`\KHU H SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ H ZLY JVUZJPLU[LZ KL Z\ NYHU JHWHJPKHK PU[LSLJ[\HS H KLZJ\IYPY X\L [PLULU T\JOHZ OHIPSPKHKLZ ` X\L W\LKLU SVNYHY T\JOV LU LS KLZHYYVSSV KL JVTWL[LU JPHZ H\U HX\LSSV X\L JYLxHU X\L Z\WLYHIH Z\Z WVZPIPSPKHKLZ *VU HWV`V KL SVZ TH[LYPHSLZ KLS 4,=`; SVNYHU X\L JHTIPLU SH MYHZL! ºÞ Ê Ê «Õi` Ê >ViÀÊiÃÌ »] WVY º Ê iÊ }À>` »° 3HZ WLYZVUHZ TLQVYHU ` JHTIPHU LU SVZ KP]LYZVZ mTIP[VZ KL Z\ ]PKH ,Z[V LZ WVZPISL WLYJPIPYSV LU SHZ HZLZVYxHZ *HKH KxH ZL JVT\ UPJHU TLQVY JVU Z\Z JVTWH|LYVZ ` JVTWH |LYHZ SLLU ` LZJYPILU TmZ KLT\LZ[YHU TH`VY H\[VLZ[PTH ` ZLN\YPKHK KLZHYYVSSHU Z\Z JHWH JPKHKLZ MVY[HSLJLU Z\Z ]HSVYLZ YLSH[HU HUtJ KV[HZ LU SHZ X\L L_WYLZHU X\L ZL JVT\UPJHU TmZ JVU Z\ MHTPSPH X\L JVUVJLU ` OHJLU X\L ZL YLZWL[LU Z\Z KLYLJOVZ X\L J\PKHU Z\ ZHS\K ` LS TLKPV HTIPLU[L LU[YL V[YVZ HZWLJ[VZ X\L KLZJYPILU SV X\L OHU TVKPÄJHKV H WHY[PY KL X\L LZ[\KPHU JVU LS 4,=`; :PU S\NHY H K\KHZ SH NYHU YPX\LaH KL SHZ HZLZVYxHZ SH JVUZ[P[\`L LS HZWLJ[V O\THUV! LS JVU[HJ[V JVU JVTWH|LYVZ ` JVTWH|LYHZ KLS JxYJ\SV KL LZ[\KPVZ LS KPmSVNV LS PU[LYJHTIPV KL L_WLYPLUJPHZ ` LS HWV`V KLS HZLZVY V KL SH HZLZVYH ;VKV LSSV H\UHKV H V[YHZ JHYHJ[LYxZ[P JHZ KLS TVKLSV LK\JH[P]V JVTV LS KLZHYYVSSV KL JVTWL[LUJPHZ ` ]HSVYLZ MH]VYLJL JHTIPVZ KL ]PKH LU SHZ WLYZVUHZ ÃÌ ÃÊV> L ÃÊV `ÕVi Ê >Ê >Ê V ÃÌÀÕVV Ê `iÊ Õ >Ê Ã V i`>`Ê i ÃÊ Û i Ì>]Ê ?ÃÊ ÕÃÌ>]Ê V Ê « ÀÌÕ `>`iÃÊ`iÊ i À>ÀÊ >ÃÊV ` V iÃÊ`iÊÛ `>]Ê Õ >Êà V i`>`ÊV ÊÛ> ÀiÃ]Êi Êà Ìià Ã]ÊÕ >Ê Ã V i`>`Ê ?ÃÊ Õ > >
i ÌÀ Ê`iÊ,i>`>«Ì>V Ê i i Ê , ®°
M^k^lZ HebfibZ <ZkoZcZe FZe]hgZ]h
>Êi`ÕV>V Ê`iÊ Ûi iÃÊÞÊ>`Õ Ì ÃÊi Ê ÕiÃÌÀ ÊiÃÌ>` ÊVÕi Ì>ÊV Ê >Ê «>ÀÌ V «>V Ê `iÊ «iÀà >Ã]Ê ÃÌ ÌÕV iÃ]Ê i «ÀiÃ>ÃÊ ÞÊ >à V >V iÃÊ V Û iÃʵÕiÊV >L À> ÊV Êi Ê ÊÞʵÕiÊLÀ `> ÊÃiÀÛ V ÃÊi`ÕV>Ì Û ÃÊ >ÊÌÀ>ÛjÃÊ`i Ê `i Ê`iÊ `ÕV>V Ê«>À>Ê >Ê6 `>ÊÞÊi Ê/À>L> °Ê Ãi}Õ `>ÊV ViÀi ÃÊ >ÃÊV>À>VÌiÀ ÃÌ V>ÃÊÞÊi Ê «>VÌ ÊµÕiÊÌ i i Ê iÃÌ ÃÊÃiÀÛ V ÃÊi Ê> }Õ ÃÊ À}> à ð (WYLUKLY WHYH SH ]PKH
Ê `i Ê`iÊ `ÕV>V Ê«>À>Ê >Ê6 `>ÊÊÞ i Ê/À>L> Êi Ê ÃÊVi ÌÀ ÃÊ«i Ìi V >À Ã 3VZ PU[LYUVZ L PU[LYUHZ KL SVZ KP]LYZVZ JLU[YVZ KL YLHKHW[HJP}U ZVJPHS KLS LZ[HKV KL 1HSPZJV H [YH]tZ KLS 4,=`; [PLULU SH VWVY[\UP KHK KL J\YZHY Z\ LK\JHJP}U ImZPJH JVU \UH TL[VKVSVNxH ZLUJPSSH TLKPHU[L LQLYJPJPVZ YLSH JPVUHKVZ JVU Z\Z L_WLYPLUJPHZ ` ULJLZPKHKLZ JV[PKPHUHZ 3V X\L LZ[\KPHU SLZ IYPUKH OLYYH TPLU[HZ WHYH Z\ ]PKH LU LS YLJS\ZVYPV ` SH X\L HMYVU[HYmU HS TVTLU[V KL WHY[PY HS L_[LYPVY ,U LS 9LJS\ZVYPV -LTLUPS WHY[PJ\SHYTLU[L OLTVZ UV[HKV \U NYHU LU[\ZPHZTV WVY WHY[L KL SHZ HS\TUHZ ` \U H]HUJL ZPNUPÄJH[P]V LU Z\Z HWYLUKPaHQLZ 3HZ PU[LYUHZ JVTLU[HU JVU T\JOV LU[\ZPHZTV SH \[PSPKHK KL SV X\L LZ[mU LZ[\KPHUKV WVKLTVZ VIZLY]HY \U JHTIPV LU Z\Z HJ[P[\KLZ \U HTWSPV KLZHYYVSSV KL Z\Z JH WHJPKHKLZ WHYH JVT\UPJHYZL ` WHYH WHY[PJPWHY LU SHZ KPZ[PU[HZ HJ[P]PKHKLZ J\S[\YHSLZ ` YLJYLH [P]HZ (KLTmZ KLS HWYV]LJOHTPLU[V WLYZVUHS LZ UV[VYPV [HTIPtU \U JHTIPV LU LS mTIP[V MHTPSPHY `H X\L TLQVYHU SH JVT\UPJHJP}U JVU Z\Z OPQVZ WHKYLZ ` OLYTHUVZ
,U ZxU[LZPZ ,S 4,=`; OH VMYLJPKV H SVZ PUZ[P [\[VZ WHY[PJ\SHYLZ SH MHJPSPKHK KL KHY H[LUJP}U H SH KP]LYZPKHK KL WLYZVUHZ X\L HJ\KLU WHYH ZVSPJP[HY SVZ ZLY]PJPVZ LK\JH[P]VZ
Ê 6Þ/Êi Ê >Êi`ÕV>V ÊV Õ Ì>À > ,S *VUZLQV 5HJPVUHS KL -VTLU[V ,K\JH[P]V *65(-, LZ \UH KL SHZ PUZ[P[\JPVULZ X\L IYPU KHU HWV`V H SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ H [YH]tZ KLS 4,=`; LU X\PUJL YLNPVULZ LZ[H ISLJPKHZ LU LS LZ[HKV KL 1HSPZJV 3HZ ÄN\YHZ KVJLU[LZ KLS *65(-, WHY[PJP WHU LU \U WYVJLZV KL MVYTHJP}U X\L ZL KLZH YYVSSH WVY WHY[L KLS 0,,( LU SVZ TLZLZ KL Q\SPV ` HNVZ[V KL JHKH H|V 3VZ PUZ[Y\J[VYLZ JVT\UP[HYPVZ IYPUKHU HZLZVYxH LU SHZ SVJHSPKHKLZ KVUKL WYLZ[HU Z\ :LY]PJPV :VJPHS ,K\JH[P]V KL 7YLLZJVSHY V 7YPTHYPH *VT\UP[HYPH SL VMYLJLU H SVZ HK\S[VZ SH WVZPIPSPKHK KL HSMHIL[PaHYZL LZ[\KPHY SH WYP THYPH ` SH ZLJ\UKHYPH JVU HWV`V KL SVZ TH[L YPHSLZ KLS 4,=`; +L LZ[H THULYH ZL OH ]LUPKV VWLYHUKV LS 4,=`; LU LS *65(-,
ÃÌ ÌÕÌ ÃÊ«>ÀÌ VÕ >ÀiÃ
>Ê1 ÛiÀÃ `>`Ê`iÊ Õ>`> > >À>Ê
3VZ PUZ[P[\[VZ WHY[PJ\SHYLZ YLWYLZLU[HU \UH VWJP}U LK\JH[P]H WHYH HSN\UHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ ,U LSSVZ LZ WVZPISL JVU[HY JVU \UH H[LUJP}U K\YHU[L ]HYPHZ OVYHZ ZLTH UHSLZ LU \U OVYHYPV WYLLZ[HISLJPKV LU MVYTH ZLTLQHU[L H SH H[LUJP}U X\L ZL YLJPIL LU LS ZPZ[LTH LZJVSHYPaHKV ,S 4,=`; LZ [HTIPtU HX\x SH NYHU VWVY[\UP KHK WHYH X\L SVZ Q}]LULZ ` HK\S[VZ KLZHYYV SSLU JVTWL[LUJPHZ ` OHIPSPKHKLZ PUKP]PK\HSLZ X\L H SH ]La SSL]HU H \U JVTWYVTPZV ZVJPHS ` KL PU[LNYHJP}U JVT\UP[HYPH 3VZ T}K\SVZ ZVU KL MmJPS JVTWYLUZP}U JVU LQLTWSVZ KL HJ[\HSPKHK ` WLYTP[LU H SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ KLZHYYVSSHY JVT WL[LUJPHZ ` WVULYSHZ LU WYmJ[PJH LU Z\ ]PKH JV[PKPHUH 3VZ LZ[\KPHU[LZ KLZHYYVSSHU SH H\[VJVUÄHU aH LU Z\Z JVUVJPTPLU[VZ ` OHIPSPKHKLZ ;VKV SV X\L LZ[\KPHU LZ KL NYHU PTWVY[HUJPH WVYX\L ZPY]L WHYH [VKH SH ]PKH
3H Tm_PTH JHZH KL LZ[\KPVZ LU U\LZ[YV LZ [HKV [HTIPtU JVSHIVYH JVU LS 0,,( H [YH]tZ KL SVZ WYLZ[HKVYLZ ` SHZ WYLZ[HKVYHZ KL ZLY]PJPV ZVJPHS 3H M\UJP}U KL WYLZ[HKVYLZ KL ZLY]PJPV ZV JPHS LZ YLSL]HU[L `H X\L ZL KLZLTWL|HU JVTV HZLZVYLZ ` HWSPJHKVYLZ KL L_mTLULZ ` LU M\U JPVULZ HKTPUPZ[YH[P]HZ" KLZKL LS TVTLU[V KL Z\ PUJVYWVYHJP}U PUPJPHU Z\ WYVJLZV KL MVY THJP}U X\L HKLTmZ KL SH WYVMLZP}U X\L LZ[\ KPHU ` SH ]VJHJP}U KL ZLY]PJPV X\L [PLULU SLZ WLYTP[L IYPUKHY \UH HZLZVYxH KL JHSPKHK H SHZ WLYZVUHZ Q}]LULZ ` HK\S[HZ ,S 4,=`; OH YLZ\S[HKV \U TVKLSV T\` H[YHJ[P]V WHYH SVZ LZ[\KPHU[LZ KL SH <KL. `H X\L SH HZLZVYxH LZ \UH L_WLYPLUJPH X\L SLZ WLYTP[L YLHSPaHY HJ[P]PKHKLZ T\` PU[LYLZHU[LZ LU SHZ J\HSLZ HWYLUKLU T\JOV ` HWV`HU H SHZ WLYZVUHZ LU Z\ WYVJLZV KL HWYLUKPaHQL
9L]PZ[H 0,,(
:`kZ]^\bfb^gmhl3 >e ik^l^gm^ Zkm²\neh l^ ^eZ[hk· \hg eZ bg_hkfZ\b·g ZihkmZ]Z ihk3 <HG:?>% F·gb\Z ?ZfZg²Z r <eZn]bZ :' Ihg\^' >e B>>: Z`kZ]^\^ ln \heZ[hkZ\b·g'
" "Ê* ,/ Ê Ê Ê */ $ ÊÊ 9Ê, */ $ Ê-" 1VZt 0 *HZ[VYLUH 9VKYxN\La
Ê ÃÊÀiV Õà À ÃÊ`i ÊiÃÌ>` Ê`iÊ > ÃV ÊÃiÊ iÛ> Ê>ÊV>L Ê>VÌ Û `>`iÃÊ >ÀÌ ÃÌ V>ÃÊÞÊVÕ ÌÕÀ> iÃÊi Êv À >Ê À}> â>`>Ê`iÃ`iÊi Ê> Ê£ Ç ]ÊV Ê «>ÀÌiÊ `i Ê - ÃÌi >Ê Ìi}À> Ê `iÊ VV iÃÊ /jV V Ê *i Ìi V >À >ÃÊ i V> >`>ÃÊ>Ê >Ê `>«Ì>V ÊÞÊ,i>`>«Ì>V Ê- V > Ê`iÊ ÃÊ i ÀiÃÊÞÊ >`Õ Ì ÃʵÕiÊÃiÊi VÕi ÌÀ> Ê`iÌi ` ÃÊÞÊÀiÌi ` ÃÊi Êi Ê/ÕÌi >ÀÊÞÊVi ÌÀ ÃÊ«i Ìi V >À Ã°Ê 1VZt 0 *HZ[VYLUH 9VKYxN\La *VVYKPUHKVY ,Z[H[HS KLS ÍYLH *\S[\YHS LU SH +PYLJJP}U .LULYHS KL 7YL]LUJP}U ` 9LHKHW[HJP}U :VJPHS +0.79,:
(WYLUKLY WHYH SH ]PKH
<UH KL LZHZ HJ[P]PKHKLZ KL NYHU YLSL]HUJPH KLZHYYVSSHKH LU HSN\UVZ JLU[YVZ LZ LS [LH[YV W\LZ[V X\L H [YH]tZ KL tZ[L OH ZPKV WVZPISL SH [YHUZMVYTHJP}U KLS PUKP]PK\V /LTVZ VIZLY]HKV X\L SH TH`VYxH KL PU[LYUVZ L PU[LYUHZ X\L WHY[PJPWHU WVJV H WVJV THUP ÄLZ[HU \U JHTIPV LU Z\ WLYZVUHSPKHK X\L PUPJPH JVU KPZJPWSPUH ` YLZWVUZHIPSPKHK KLZKL LS TVTLU[V LU X\L ZL LZ[HISLJL \U OVYHYPV ` JPLY[HZ YLNSHZ X\L ZL [PLULU X\L YLZWL[HY ZP ZL X\PLYL MVYTHY WHY[L KLS NY\WV KL [LH[YV" WVZ[LYPVYTLU[L K\YHU[L LS KLZHYYVSSV KL SH HJ[P]PKHK L_WLYP TLU[HU JHTIPVZ KL HJ[P[\KLZ [HU[V LU LS mTIP[V WLYZVUHS JVTV LU LS MHTPSPHY ` ZVJPHS WVY LQLT WSV TLQVYHU SH JVT\UPJHJP}U JVU Z\ MHTPSPH >Õ i Ì> Ê >Ê>ÕÌ iÃÌ >ÊÞÊ >Ê>ÕÌ V w> â>Êi Ê ÃÕÃÊV>«>V `>`iÃ]Ê`iÃ>ÀÀ > Ê >ÊVÀi>Ì Û `>`]Ê >Ê i À >ÊÞÊ >Ê >} >V ° *HIL OHJLY TLUJP}U X\L LU Z\ TH`VYxH SVZ WHY[PJPWHU[LZ U\UJH OHIxHU [LUPKV HJLYJHTPLU[V HS [LH[YV UP ZPX\PLYH JVTV LZWLJ[HKVYLZ LZ WVY LSSV SH PTWVY[HUJPH KLS [YHIHQV KLZLTWL|HKV WVY SVZ PUZ[Y\J[VYLZ KLS 0,,( `H X\L KLZKL LS PUPJPV ZL KLZWPLY[H LS N\Z[V ` LS PU[LYtZ WVY LS HY[L LZJtUPJV TPZTV X\L ZL OH KLTVZ[YHUKV LU SHZ KPMLYLU[LZ WYLZLU[HJPVULZ LMLJ[\HKHZ WVY WHY[L KL SVZ PU[LYUVZ PU[LYUHZ ` TLUVYLZ ,ZWLYHTVZ X\L LU \U M\[\YV JVU[LTVZ JVU WLYZVUHS WHYH IYPUKHY LZ[L ZLY]PJPV LU [VKVZ SVZ JLU[YVZ WLUP[LUJPHYPVZ HZx JVTV LU SVZ *LU[YVZ 0U[LNYHSLZ KL 1\Z[PJPH 9LNPVUHS *,051<9,: `H X\L KPJOH HJ[P]PKHK LZ \U JVHK`\]HU[L PTWVY[HU[L WHYH SH (KHW[HJP}U ` 9LHKHW[HJP}U :VJPHS LU ILULÄJPV KL U\LZ[YH ZVJPLKHK
?HMHL3 @knih ]^ M^Zmkh ]^e <K? ^g eZ h[kZ3 ·+Õ j ÊÌÕÛ Ê >ÊVÕ «>¶]Ê \hg eZ ]bk^\\b·g ]^3 =^lb]^kbh IZeZ\bhl'
:`kZ]^\^fhl eZl _Z\beb]Z]^l ik^lmZ]Zl iZkZ eZ k^ZebsZ\b·g ]^ ^lm^ k^ihkmZc^ Z eZl Znmhkb]Z]^l ]^e <K? r Z eZl bgm^`kZgm^l ]^e `knih ]^ m^Zmkh% Zl² \hfh Z =^lb]^kbh IZeZ\bhl >lmkZ]Z% K^lihglZ[e^ >lmZmZe ]^ M^Zmkh IhineZk ^g ^e B>>:'
9L]PZ[H 0,,(
:obhg\bmh ]^liehf§g]hl^ !bg f^fhkbZg" !=^mZee^"% *222' LZfn^e F^e®g]^ks' áe^h(m^eZ% +)) q *1) \f
1LZ Z 2SLLTHUU .VKxULa
Ê«À L i >ʵÕiʵÕiÀi ÃÊ>L À`>ÀÊÃiÊ«Õi`iÊv À Õ >ÀÊV Ê >Ê Û> À>V ʵÕiÊ« `i ÃÊ >ViÀÊ`iÊ >ÊÌiV } >ÊÞÊÃÕÊ`iÃ>ÀÀ ]Ê >Êv>Û ÀÊ Êi ÊV ÌÀ>Ê`iÊ >ÊÀi> â>V Ê`i Ê LÀi° Ê >ÊÀi iÛ> V >Ê`iÊiÃÌiÊ«À L i >ÊÃÕÀ}iÊ`iÃ`iÊi Ê i Ì Êi Ê µÕiÊ >ÊÌiV } >]Ê« ÀÊÃ Ê Ã >]Ê yÕÞi]Ê> À>Ê ?ÃʵÕiÊ Õ V>Ê Ì> ÊÛiâ]Êi Ê ÊµÕiÊiÃÊ Ê«ÀiÌi `iÊÃiÀÊi ÊÃiÀÊ Õ > °Ê (WYLUKLY WHYH SH ]PKH
3H [LJUVSVNxH LZ JVUZPKLYHKH LU LS T\UKV KL OV` JVTV LS WYPUJPWHS L_WVULU[L KL SH HJ [\HSPKHK KL \U W\LISV ` KL \UH WLYZVUH 7VY LZ[L OLJOV \U WHxZ J\`H HNYPJ\S[\YH ZL ZPN\L WYHJ[PJHUKV JVU [LJUVSVNxHZ KL HU [H|V LZ \U WHxZ Z\IKLZHYYVSSHKV <U WHxZ ZPU [LJUVSVNxH LZ \U WHxZ L_WVY[HKVY KL TH[LYPHZ WYPTHZ ` WVY [HU[V LZ \U WHxZ L_WSV[HKV WVY HX\tSSVZ X\L Zx [PLULU LS ¸RUV^ OV^¹ LS ZHILY OHJLY <U WHxZ ZPU [LJUVSVNxH LZ \U WHxZ ZPU PUK\Z[YPH JVU LZJHZV ZLJ[VY ZLJ\UKHYPV ` [LY JPHYPV KL SH LJVUVTxH ` JVU \U ZLJ[VY WYPTHYPV `H VIZVSL[V WYVWPV KL tWVJHZ HU[PN\HZ ;VKH SH ]PKH WYHNTm[PJH UV Z}SV LU LS VYKLU KL SH ZH[PZMHJJP}U KL ULJLZPKHKLZ ImZPJHZ ZPUV [HTIPtU LU LS VYKLU KL SHZ ULJLZPKHKLZ WZPJVS}NPJHZ ` LZWPYP[\HSLZ KLS PUKP]PK\V KL SH JVT\UPKHK ` SH ZVJPLKHK YLX\PLYL KL [LJ UVSVNxHZ 3HZ JPLUJPHZ MxZPJHZ SHZ X\xTPJHZ SHZ IPVS}NPJHZ SHZ TH[LTm[PJHZ SHZ ÄSVZ}ÄJHZ SVZ ZHILYLZ OLYTLUt\[PJVZ [VKVZ HIZVS\[HTLU[L [VKVZ SVZ JVUVJPTPLU[VZ KLWLUKLU KL [LJ UVSVNxHZ WHYH Z\ HKX\PZPJP}U JVUZLY]HJP}U ` [YHUZTPZP}U ;VKV SV X\L LS OVTIYL OHJL WHYH ZVIYL]P]PY TV]LYZL WHYH WLUZHY NVaHY OHJLY ` JVU]P]PY YLJSHTH KL [LJUVSVNxHZ ,U ZxU[LZPZ SH [LJUVSVNxH LZ VTUPWYLZLU[L LU SH ]PKH HJ[\HS KLS ZLY O\THUV HS NYHKV KL X\L ZL OH JVU]LY[PKV LU LS [LYJLY HTIPLU[L LU LS X\L ZL KLZHYYVSSH SH ]PKH O\THUH KLZW\tZ KLS HTIPLU[L UH[\YHS ` KLS HTIPLU[L ZVJPHS ¦7\LKL LS OVTIYL HJ[\HS Z\Z[YHLYZL HS HT IPLU[L [LJUVS}NPJV& :L W\LKL KLJPY X\L LSSV YLZ\S[H PTWVZPISL HZx JVTV YLZ\S[H PTWVZPISL Z\Z[YHLYZL HS HTIPLU[L UH[\YHS V PU[LU[HY ]P]PY M\LYH KL SH ZVJPLKHK 5V LZ WVZPISL ]P]PY HS THYNLU KLS HTIPLU[L ZVJPHS HZx JVTV UV WVKLTVZ ]P]PY ZPU HN\H HPYL V [PLYYH LSLTLU[VZ M\UKHTLU[HSLZ KLS T\UKV UH[\YHS :VTVZ WHY[L KL SH UH[\YHSLaH ` KLWLUKLTVZ KL LSSH WLYV PU[LYHJ[\HTVZ JVU LSSH ` KL HOx Z\YNL SV X\L H|HKPTVZ H SH UH[\ YHSLaH SVZ YLZ\S[HKVZ KL SHZ [LJUVSVNxHZ SHZ TVKPÄJHJPVULZ HS T\UKV UH[\YHS (]PVULZ X\L Z\YJHU LS LZWHJPV KL SH H[T}Z MLYH IHYJVZ ` I\X\LZ X\L UH]LNHU LU HN\HZ KL [VKVZ SVZ THYLZ MLYYVJHYYPSLZ X\L H[YH]PLZHU
9L]PZ[H 0,,(
SHZ SSHU\YHZ KL SVZ JVU[PULU[LZ ` WLUL[YHU LU [‚ULSLZ LU SHZ WYVM\UKPKHKLZ KL SVZ TVU[LZ OPSVZ KL HSHTIYL X\L [LZ[PÄJHU SHZ JVT\UP JHJPVULZ [LSLM}UPJHZ KL WVZ[L H WVZ[L ]xHZ ` JHYYL[LYHZ X\L TVKPÄJHU LS WHPZHQL UH[\YHS WYLZHZ X\L HSTHJLUHU LS HN\H MVYTHUKV U\L ]VZ SHNVZ ÄZVUVTxH KL SH [PLYYH X\L OH ZPKV TVKPÄJHKH WVY LS OVTIYL TLKPHU[L LS HWYV]L JOHTPLU[V KL [LJUVSVNxHZ 3HZ [LJUVSVNxHZ OHU WLYTP[PKV KV[HY H SHZ TmX\PUHZ KL JHWHJPKHKLZ JVU SHZ X\L SH UH[\ YHSLaH KV[} H SVZ HUPTHSLZ Z\WLYPVYLZ 3HZ Tm X\PUHZ W\LKLU ]LY VxY LT\SHY LS VSMH[V KL SVZ HUPTHSLZ ` TLKPY K\YLaH Y\NVZPKHK [LYZ\YH J\HSPKHKLZ X\L WLYJPIPTVZ JVU LS ZLU[PKV KLS [HJ[V ,_PZ[LU WVY LQLTWSV VQVZ LSLJ[Y}UPJVZ JVU JHWHJPKHKLZ KL YLNPZ[YV KL PTmNLULZ JVU LS ZPTWSL WHZHY YmWPKV MYLU[L H LSSVZ ;VKVZ SVZ JVUVJLTVZ LU SVZ Z\WLYTLYJHKVZ ZVU SVZ SLJ[VYLZ KL J}KPNVZ KL IHYYHZ ,U ZxU[LZPZ [LULTVZ X\L KLJPY X\L JVTV WYVK\J[V KLS KLZHYYVSSV KL SH [LJUVSVNxH LS OVTIYL OH SVNYHKV HJLYJHYZL HS T\UKV KL TLQVY THULYH HTWSPHUKV HY[PÄJPHSTLU[L Z\Z JHWHJPKHKLZ KL WLYJLWJP}U 8\PLU ]P]L PUTLYZV LU LS HTIPLU[L [LJ UVS}NPJV KL SH TVKLYUPKHK UV W\LKL TLUVZ X\L JVUZ[H[HY X\L [VKVZ SVZ H]HUJLZ LU Z\ JVUQ\U[V JVUZ[P[\`LU SV X\L OLTVZ SSHTHKV WYVNYLZV 7HYLJLYxH LU[VUJLZ X\L U\LZ[YV [LTH UV [PLUL YHa}U KL ZLY ZPU LTIHYNV LZ JSHYV X\L UV [VKV H]HUJL [LJUVS}NPJV YLK\UKH LU ILULÄJPV KLS OVTIYL ,KNHY 4VYPU JVUZ[H[H! ¸3HZ HTLUHaHZ TmZ NYH]LZ X\L LUMYLU[H SH O\THUPKHK LZ[mU SPNH KHZ HS WYVNYLZV JPLNV L PUJVU[YVSHKV KLS JVUV JPTPLU[V HYTHZ [LYTVU\JSLHYLZ THUPW\SHJPV ULZ KL [VKV VYKLU KLZHYYLNSVZ LJVS}NPJVZ L[J ¹ b4VYPU ,KNHY 0U[YVK\JJP}U HS WLUZH TPLU[V JVTWSLQV .LKPZH )HYJLSVUH d 4VYPU OHISH KL JVUVJPTPLU[V LU NLULYHS ZPU WYLJPZHY WLYV ZPU S\NHY H K\KHZ LU tS OH` X\L PUJS\PY LS JVUVJPTPLU[V WYmJ[PJV ` WVY [HU[V [LJUVS}NPJV ¦*}TV WVKYxHTVZ OHISHY KL HY THZ [LYTVU\JSLHYLZ ZP UV Z\WPtYHTVZ J}TV ZL MHIYPJHU J}TV ZL HSTHJLUHU J}TV ZL [YHUZ
WVY[HU ` J}TV ZL OHJL \ZV KL LSSHZ& @ [VKVZ LZ[VZ J}TVZ ZL ]PUJ\SHU JVU [LJUVSVNxHZ LZ WLJxÄJHZ 0N\HSTLU[L SH TLUJP}U KL THUPW\SHJPVULZ KL [VKV VYKLU ZL M\UKHTLU[H LU JVUVJPTPLU [VZ UV [HU[V [L}YPJVZ ZPUV WYHNTm[PJVZ YLSH JPVUHKVZ JVU SH [LJUVSVNxH 7VY [HU[V SH YLMLYLUJPH LZ X\L SH [LJUVSVNxH UV Z}SV YLWYLZLU[H H]HUJL ` WYVNYLZV LU IL ULÄJPV KL SH O\THUPKHK ZPUV X\L [HTIPtU LZ IHZL KL ¸SHZ HTLUHaHZ TmZ NYH]LZ X\L LU MYLU[H SH O\THUPKHK¹ 8\L LZ[V Z\JLKH WVY YHa}U KL SV X\L 4VYPU SSHTH WYVNYLZV JPLNV L PUJVU[YVSHKV UV LZ TV [P]V KL JVUZPKLYHJP}U LU LZ[L TVTLU[V Z}SV X\LYLTVZ LZ[HISLJLY LS OLJOV PUULNHISL KL X\L LS JVUVJPTPLU[V [LJUVS}NPJV LZ HS TPZTV [PLTWV JH\ZH KL WYVNYLZV ` KL HTLUHaH WHYH LS OVTIYL ;HS ]La LZ[L OLJOV LZ JSHYV ` L]PKLU[L WLYV SV X\L WYVWVULTVZ HUHSPaHY LZ[m TmZ HSSm KLS TPZTV L PTWSPJH HKLU[YHYZL LU SH UH[\YHSLaH KL SH [LJUVSVNxH ` Z\ YLSHJP}U JVU LS OVTIYL HZx JVTV SH UH[\YHSLaH KLS OVTIYL ` Z\ YLSH JP}U JVU SH [LJUVSVNxH SV X\L Q\Z[PÄJH LS [x[\SV KL U\LZ[YV [YHIHQV! ¸3H [LJUVSVNxH TLKPV KL O\THUPaHJP}U V KLZO\THUPaHJP}U¹ ,S [YHIHQV [PLUL HZx PTWSPJHJPVULZ LWPZ[LTVS}NPJHZ LU SV X\L ZL YLÄLYL H SH [LJUVSVNxH JVTV JVUV JPTPLU[V O\THUV WLYV [HTIPtU PTWSPJHJPVULZ HU[YVWVS}NPJHZ LU J\HU[V X\L ZL OHJL YLMLYLU JPH H SH O\THUPaHJP}U V KLZO\THUPaHJP}U LU LS ZLUV KLS HTIPLU[L [LJUVS}NPJV KLS T\UKV TVKLYUV +L OLJOV OHU HWHYLJPKV U\L]VZ JVUJLW [VZ H WHY[PY KL SH ZP[\HJP}U HJ[\HS X\L ]P]L SH O\THUPKHK 7VY LQLTWSV ZL OHISH KL Z\Z[LU [HIPSPKHK V KLS U\L]V WHYHKPNTH ZVZ[LUPIPSPZ[H ,SSV WVYX\L LU SH HJ[\HSPKHK ZL OH HTWSPHKV SH WLYJLWJP}U KL X\L SH JPLUJPH ` SH [LJUVSVNxH OHU WYVWPJPHKV TVKLSVZ KL KLZHYYVSSV KL SH ]PKH O\THUH ZVIYL SH [PLYYH JVU M\LY[LZ SPTP[H JPVULZ X\L OHJLU WYL]LY SH HNYH]HJP}U KL SVZ WYVISLTHZ KL SH Z\IZPZ[LUJPH KLS OVTIYL ZV IYL LS WSHUL[H ZP UV VYPLU[HTVZ SH JPLUJPH ` SH [LJUVSVNxH LU LS ZLU[PKV KL SH Z\Z[LU[HIPSPKHK ,U V[YVZ [tYTPUVZ \YNL X\L SVZ ZLYLZ O\TH
UVZ TmZ HSSm KL SHZ MYVU[LYHZ KL SVZ WHxZLZ YL WPLUZLU SHZ [LJUVSVNxHZ HJ[\HSLZ ` WYVWVUNHU [LJUVSVNxHZ X\L OHNHU WVZPISL SH Z\Z[LU[HIPSP KHK X\L WLYTP[HU \U M\[\YV WYVTPZVYPV ,Z ULJLZHYPV JVUZPKLYHY X\L YLZ\S[H KL WYPTLYH PTWVY[HUJPH JVUVJLY TLQVY SVZ PT WHJ[VZ WHZHKVZ LZ KLJPY SH OPZ[VYPH SVZ PT WHJ[VZ WYLZLU[LZ ` SVZ PTWHJ[VZ M\[\YVZ KL SH [LJUVSVNxH ZVIYL SH UH[\YHSLaH ` ZVIYL SH ZVJPLKHK ` WVY [HU[V ZVIYL LS KLZHYYVSSV LU LS JVU[L_[V KL \U T\UKV NSVIHSPaHKV ` JVU \UH JP]PSPaHJP}U LU JYPZPZ +L HOx ZL KLZWYLUKL X\L LS U\L]V WHYH KPNTH KL ZVZ[LUPIPSPKHK V Z\Z[LU[HIPSPKHK PT WSPX\L LS LZ[\KPV KL SH L_PZ[LUJPH KL SxTP[LZ H SVZ HJ[\HSLZ TVKLSVZ KL KLZHYYVSSV KL SH ]PKH O\THUH ZVIYL SH [PLYYH SH YLÅL_P}U ZVIYL LS WH WLS ` SVZ PTWHJ[VZ KL SH JPLUJPH ` SH [LJUVSVNxH LU SH ZVJPLKHK X\L SVZ JYLH ` HKVW[H ` LU LS T\UKV LU X\L ]P]PTVZ 0N\HSTLU[L ZL OHJL \YNLU[L LS HUmSPZPZ KL SHZ WVZPISLZ ` KP]LYZHZ WVSx[PJHZ [LJUVS}NPJHZ ` SHZ WLYZWLJ[P]HZ KL M\[\YV LU LS THYJV KL SH NSVIHSPaHJP}U 3HZ KPUmTPJHZ KL SH JPLUJPH ` SH [LJUVSVNxH UVZ OHU SSL]HKV H WSHU[LHYUVZ SH J\LZ[P}U KL SH ZVZ[LUPIPSPKHK HTIPLU[HS ` ZVJPHS KL U\LZ [YH JP]PSPaHJP}U WLYV [HTIPtU SH J\LZ[P}U KL SHZ T\JOHZ JVUZLJ\LUJPHZ X\L ZL KLYP]HU KL LZ[L OLJOV H UP]LS PUKP]PK\HS LU \U T\UKV WYLKVTPUHU[LTLU[L KVTPUHKV WVY SVZ ]HSVYLZ [LJUVLJVU}TPJVZ KL LÄJHJPH WYVK\J[P]PKHK JVTWL[P[P]PKHK X\L PUKPZJ\[PISLTLU[L ]HU [L UPLUKV \UH JYLJPLU[L PUÅ\LUJPH ULNH[P]H LU LS WYVJLZV KL O\THUPaHJP}U KLS Z\QL[V 3H WYLZLUJPH KL SH [LJUVSVNxH WHYLJL OHILY JVU]LY[PKV H U\LZ[YHZ ZVJPLKHKLZ VJJPKLU[H SLZ LU \UH NYHU TmX\PUH WYVK\J[P]H LU SH X\L JHKH ]La OH` TLUVZ S\NHY ` [PLTWV WHYH SH O\ THUPaHJP}U KLS OVTIYL ,Z[L ZLY X\L ZL JVUZPKLY} LS YL` KL SH JYLH JP}U LU SH JP]PSPaHJP}U [LJUPÄJHKH KL SVZ S[P TVZ ZPNSVZ WHYLJL X\L OH KLQHKV KL ZLYSV WVY OHILY WLYKPKV Z\ ZVILYHUxH [VKH ]La X\L SVZ W\LISVZ S\JOHU WVY THU[LULY Z\ ZVILYHUxH LU KPMLYLU[LZ [LYYLUVZ! ZVILYHUxH HSPTLU[HYPH ZV ILYHUxH WVSx[PJH ` ZVILYHUxH [LYYP[VYPHS JVUJLW [VZ ` KLYLJOVZ WYVW\LZ[VZ ` M\UKHTLU[HKVZ WHYH LS T\UKV TVKLYUV PUKPZVJPHISLZ KL SH JH[LNVYxH KL WHY[PJPWHJP}U JP\KHKHUH (WYLUKLY WHYH SH ]PKH
9L]PZ[H 0,,(
* ÀÊiÃÌiÊ Ì Û ]Ê>`µÕ iÀiÊV>`>ÊÛiâÊ >Þ ÀÊ « ÀÌ> V >Ê >Êv À >V Ê Ìi}À> Ê`i ÊÃiÀÊ Õ > ]ÊÌ> ÊV ÊÃiÊ«À « iÊi Êi Ê `i Ê`iÊ `ÕV>V Ê«>À>Ê >Ê6 `>ÊÞÊi Ê/À>L> °Ê >Ê Õ > `>`Ê ÀiµÕ iÀiÊ LÀiÃÊ ÞÊ Õ iÀiÃÊ Ê µÕiÊ >«À ÛiV i ÊÞÊV ÃiÀÛi Êi Êi Ì À Ê >ÌÕÀ> ]Ê µÕiÊ Û Û> Ê i Ê >À >Ê V Ê ÃÊ `i ?Ã]Ê µÕiÊ Ãi«> Ê ÕÌ â>ÀÊ >Ê ÌiV } >]Ê «iÀ Ê Ì> L j Ê µÕiÊ >ÊV à `iÀi ÊÕ Ê i` Ê«>À>ÊLi iwV >ÀÊ >Ê ÃÊÃiÀiÃÊ Õ > Ã°Ê ÃÌ Ê « V>Êi Ê`iÃ> ÀÀ Ê`iÊÛ> ÀiÃ]ÊÃ Ê ÃÊVÕ> iÃÊ ÊiÃÊ« à L iÊ >Ê Õ > â>V
°°° >Ê Õ > `>`Ê ÀiµÕ iÀiÊ LÀiÃÊ ÞÊ Õ iÀiÃÊʵÕiÊ >«À ÛiV i ÊÞÊ V ÃiÀÛi Êi Ê i Ì À Ê >ÌÕÀ> °°°
CZk]bg^l ]^e BM>LH% @nZ]ZeZcZkZ% CZe'
,U LS JVU[L_[V KLS [LTH X\L UVZ VJ\WH LZ [mU PTWSPJHKHZ J\LZ[PVULZ YLSHJPVUHKHZ JVU SVZ JVUJLW[VZ KL SH JPLUJPH ` SH [LJUVSVNxH ` JVU SVZ LMLJ[VZ ZVJPHSLZ KL SH [LJUVJPLUJPH WLYV [HTIPtU JVU SH YLZWVUZHIPSPKHK t[PJH KL JPLU[xÄJVZ L PUNLUPLYVZ [VKH ]La X\L UV LZ WVZPISL SH O\THUPaHJP}U KLS OVTIYL ZPU LZ[H ZLN\UKH UH[\YHSLaH JVUZ[P[\PKH WVY Z\ WYVWPV L[OVZ ,Z[L L[OVZ UV W\LKL HOVYH WYLZJPUKPY KL SH WYVISLTm[PJH HZVJPHKH HS JHTIPV NSVIHS HZx JVTV H SVZ JHTIPVZ YLSHJPVUHKVZ JVU SVZ \ZVZ KLS Z\LSV [HU[V LU SV YLMLYLU[L H KPMLYLU [LZ [PWVZ KL \ZV JVTV H SH PU[LUZPKHK KLS \ZV KLS Z\LSV" SH \[PSPaHJP}U KL YLJ\YZVZ UH[\YHSLZ JVTV SVZ JVTI\Z[PISLZ M}ZPSLZ ` SVZ YLJ\YZVZ OPKYVS}NPJVZ ,S WHPZHQL HOVYH T\LZ[YH ZL|HSLZ KL SH WYL ZLUJPH KL SHZ [LJUVSVNxHZ! WVZ[LZ KL JHISLZ LStJ[YPJVZ SxULHZ [LSLM}UPJHZ SmTWHYHZ KL PS\TPUHJP}U ]xHZ KL MLYYVJHYYPSLZ JHYYL[LYHZ W\LU[LZ [LSLMtYPJVZ KL TVU[H|H H TVU[H|H MHYVZ LU SVZ W\LY[VZ S\TPUHYPHZ X\L PUKPJHU SVZ W\U[VZ LSL]HKVZ ZVIYL SH Z\WLYÄJPL WHYH WYL]LUPY HJJPKLU[LZ LU SH UH]LNHJP}U HtYLH ` SH JPLUJPH KL[LJ[H TVKPÄJHJPVULZ PTWVY[HU[LZ X\L UV HWHYLJLU H ZPTWSL ]PZ[H +LZHMVY[\UHKHTLU[L LZ[HZ S[PTHZ TVKPÄ JHJPVULZ UV ZL JVUZPKLYHU WVZP[P]HZ :L KL [LJ[H SH KLZHWHYPJP}U KPHYPH KL \UH LZWLJPL ]LNL[HS V HUPTHS LS HKLSNHaHTPLU[V KL SH JHWH KL VaVUV LU SH H[T}ZMLYH LS JVUZ\TV KL YL J\YZVZ UH[\YHSLZ UV YLUV]HISLZ KLYYHTLZ KL WL[Y}SLV X\L JH\ZHU KLZHZ[YLZ LU SH ÅVYH ` SH MH\UH THYPUHZ [HSHZ PUTVKLYHKHZ KL mYIVSLZ X\L LSPTPUHU IVZX\LZ ` WYVK\JLU ]HYPHJPVULZ LU SHZ JVUKPJPVULZ JSPTm[PJHZ JVU[HTPUHJP}U KLS HPYL WVY L_JLZV KL KLZLJOVZ PUK\Z[YPHSLZ JVYY\WJPVULZ LU WHYHQLZ WVY HN\HZ W\[YLMHJ [HZ KH|VZ WYV]VJHKVZ WVY YHKPHJPVULZ UV JVU[YVSHKHZ LU WSHU[HZ U JSLV LStJ[YPJHZ ,U JVUJS\ZP}U SH WYLZLUJPH KLS OVTIYL LU SH [PLYYH JVUZ[P[\`L \UH PU[LYHJJP}U JVU SH UH [\YHSLaH X\L SL WYVK\JL JHTIPVZ UV ZPLTWYL WVZP[P]VZ UP WHYH SH UH[\YHSLaH UP WHYH LS OVT IYL TPZTV
Ê / /
8*1 - Ê Ê Ê - 1 I *À iÀ>Ê«>ÀÌi®
=Zob] ;eh\d r FZkmaZ =§obeZ =B> & <BGO>LM:O & BIG
ÃÌiÊ >ÀÌ VÕ ]Ê ` À } ` Ê >Ê >iÃÌÀ ÃÊ `iÊ i`ÕV>V Ê «À >À >]Ê V Ì i iÊ > }Õ >ÃÊÀiyiÝ iÃÊ>ViÀV>Ê`iÊÕ >ÊV>À>VÌiÀ ÃÌ V>Ê`iÊ >ÃÊ >Ìi ?Ì V>ÃÊ iÃV >ÀiÃÊi Êi Ê Ûi ÊL?à V \Ê >ÊiÝV Õà Ê`iÊ ÃÊV V i Ì ÃÊ v À > iÃʵÕiÊÌ i i Ê ÃÊ> Õ Ã°Ê -iÊ>À}Õ i Ì>ʵÕi]Êà Êi L>À} ]Ê >Ê«ÕiÃÌ>Êi Ê Õi} Ê`iÊV V i Ì ÃÊ v À > iÃÊÀi«ÀiÃi Ì>]Ê«>À>Ê ÃÊ> Õ Ã]ÊÕ >ÊÛ >Ê « ÀÌ> ÌiÊ«>À>Ê >«Ài `iÀÊ>ÊVÀi>ÀÊ«À Vi` i Ì ÃÊ À } > iÃÊ`iÊà ÕV Ê>Ê«À L i >ÃÊ Þ]Êà LÀiÊÌ ` ]Êv À >Ê«>ÀÌiÊ`i Ê«À Vià ʵÕiÊ iÃÊ«iÀ ÌiÊ>VVi`iÀÊ>Ê ÃÊ V V i Ì ÃÊv À > iÃÊ`iÊ >ÃÊ >Ìi ?Ì V>Ã]Ê`iÊ > iÀ>ʵÕiÊjÃÌ ÃÊ Ìi }> Ê >Þ ÀÊÃi Ì ` Ê«>À>Êi ð IÊ \Ê `ÕV>V Ê >Ìi ?Ì V>°Ê6 °Êx°Ê °ÊÎ°Ê V i LÀiÊ£ Î°Ê ÀÕ« Ê ` Ì À > Ê LiÀ > jÀ V>°Ê jÝ V ]Ê£ ΰ IÊ* i V >Ê«ÀiÃi Ì>`>Êi Ê >ʺ-i > >Ê`iÊ >Ê ÃVÕi >Ê*ÖL V>»]Ê À}> â>`>Ê« ÀÊ >Ê Õ `>V Ê- / Ê«>À>Ê >Ê Õ ÌÕÀ>Ê`i Ê >iÃÌÀ Ê iÝ V> °Ê i Ê£Ê> ÊÇÊ`iÊ Õ Ê`iÊ£ £°Ê jÝ V ]Ê ° °
(WYLUKLY WHYH SH ]PKH
>ÃÊ >Ìi ?Ì V>ÃÊ`iÊ >À}>À Ì>Ê 4HYNHYP[H LZ \UH T\QLY HS[H MVYUPKH TVYLUH KL WLSV JVY[V ULNYV ` VU K\SHKV VQVZ VZJ\YVZ ` Z\ ZLTISHU[L ZL ]L KLTHJYHKV ;PLUL H|VZ LZ JHZHKH ` OH [LUPKV OPQVZ J\`HZ LKHKLZ VZJPSHU LU[YL SVZ ` SVZ H|VZ /H [YHIHQHKV KLZKL T\` QV]LU LU SVZ X\LOHJLYLZ KVTtZ[PJVZ SH]HUKV ` WSHUJOHUKV HQLUV 5\UJH M\L H SH LZJ\LSH UV ZHIL SLLY UP LZJYPIPY ` Z}SV JVUVJL SH YLWYLZLU[HJP}U KL SVZ U TLYVZ KLS HS ,SSH LZ \UV KL SVZ HK\S[VZ X\L M\LYVU LU[YL]PZ[HKVZ LU LS 7YV`LJ[V KL 0U]LZ[PNHJP}U ¸*VUJLW[\HSPaHJPVULZ TH[LTm[PJHZ KL (K\S[VZ UV (SMHIL [PaHKVZ¹ X\L ZL SSL]} H JHIV LU LS +LWHY[HTLU[V KL 0U]LZ[PNHJPVULZ ,K\ JH[P]HZ LU LS H|V KL +\YHU[L SH LU[YL]PZ[H 4HYNHYP[H WYVWVYJPVU} HSN\UVZ KH[VZ X\L ZL \[P SPaHYVU WHYH WSHU[LHYSL WYVISLTHZ TH[LTm[PJVZ X\L YLZVS]P} HJLY[HKH TLU[L H\UX\L LU ]HYPHZ VJHZPVULZ JVTLU[} UV ZHILY UHKH! º ÃʵÕiÊÞ Ê ÊÃjÊ >`>]Ê Ê«Õi` »° =LHTVZ J}TV ZL KLZLTWL|H 4HYNHYP[H MYLU[L H HSN\UVZ KL SVZ WYV ISLTHZ X\L ZL SL WSHU[LHU! ,U[YL]PZ[HKVY! º· Õ? Ì ÊÛ> iÊ> À Ì>Êi ÊV> ¶»ÊÊ YLÄYPtUKVZL H SV X\L JVIYHU WVY LS [YH`LJ[V LU LS H\[VI Z 4HYNHYP[H! º*ÕiÃÊ> À Ì>ÊiÃÌ? ÊV LÀ> ` ÊÛi ÌiÊ«iÃ Ã»Ê ,U[YL]PZ[HKVY! º- ÊÞ Ê iÊ` iÀ>ʵÕiÊ iÊ}>ÃÌjÊµÕ i Ì ÃÊVÕ>Ài Ì>Ê«ià ÃÊ i ÊV> iÃÊ>Ê Ê >À} Ê`iÊÌ ` Êi Ê iÃ]Ê·ÕÃÌi`Ê« `À >ÊÃ>LiÀÊVÕ? Ì>ÃÊÛiViÃÊ ÕÃjÊi ÊV> ¶»Ê 4 ! º- »° , ! º· ¶» 4 ! º Õi ]Ê«ÕiÃÊ >V i ` Ê >ÊVÕi Ì>»°Ê , ! º· ¶» 4 ! º·+Õ i Ì ÃʵÕj]Ê iÊ` ¶»Ê , ! º iÊ }>ÃÌjÊ µÕ i Ì ÃÊ VÕ>Ài Ì>Ê «ià ÃÊ `ÕÀ> ÌiÊ i Ê iÃ]Ê i Ê Û > iÃÊ `iÊ Ûi ÌiÊ«ià ðÊ1ÃÌi`]Ê>Ê«>ÀÌ ÀÊ`iÊiÃÌ ]Ê·« `À >Ê>` Û >ÀÊVÕ? Ì>ÃÊÛiViÃÊ iÊ ÃÕL Ê>ÊÕ ÊV> ¶Ê 4 ! :L X\LKH WLUZH[P]H [PLUL SHZ THUVZ ZVIYL SHZ WPLYUHZ Z\LS[H SH YPZH ` KPJL ! ºÃiÊÃÕL ÊÛi Ì Ã iÌiÊÛiViÃÊ> ÊV> »°Ê , ! º À>]Ê· iÊ«Õi`iÊ« >Ì V>ÀÊV Ê iÊ â »¶Ê 4 ! º Õi Ê«ÕiÃ]ÊiÃʵÕiÊà ÊV LÀ> ÊÛi ÌiÊ«ià Ã]ÊV i Ê«ià ÃÊÌ i iÊV V Ê Ûi ÌiÃ]ÊV ÊV i Ê«ià ÃÊÃiÊÃÕLiÊV V ÊÛiViÃ]Ê· ¶Ê , ! º ?» 4 ! º Ì ViÃ]Êà ÊÃiÊÃÕLiÊ` iâÊÛiViÃÊà Ê` ÃV i Ì Ã]Êà ÊÃiÊÃÕLiÊµÕ ViÊ ÛiViÃÊà ÊÌÀiÃV i Ì Ã ZL YxL °Ê- ÊÃiÊÃÕLiÊÛi ÌiÊÛiViÃÊà ÊVÕ>ÌÀ V i Ì ÃÊ «ià ÃÊÞÊà ÊÃiÊÃÕLiÊÛi Ì V V ÊÛiViÃÊÃ ÊµÕ i Ì ÃÊ«ià ÃÊÃiÊÀ i®°ÊÞÊà LÀ> Ê ÌÀ ÃÊ` ÃÊÛi ÌiÃ]Êà ÊÛi Ì Ã iÌiÊÛiViÃ»Ê ZL YxL KP]LY[PKH
£Ê*À ÞiVÌ Ê`iÊ ÛiÃÌ }>V ʺ Vi«ÌÕ> â>V iÃÊ >Ìi ?Ì V>ÃÊi Ê>`Õ Ì ÃÊ Ê> v>LiÌ â>` û°Ê iÀÀi À ]Ê °]Ê Õi >LÀ>`>]Ê °ÊOÀië Ã>L iî°Ê i À Ûà Þ]Ê °ÊV À` >V ®°Ê i À Ûà Þ]Ê °]ÊÊ V ]Ê °]Ê ?Û >]Ê °ÊiµÕ « Ê `iÊ ÛiÃÌ }>V ®°Ê£ nÇ°Ê 6 -/ 6 * °
9L]PZ[H 0,,(
,U SH YLZVS\JP}U KL LZ[L WYVISLTH JHIL KLZ[HJHY WVY \U SHKV SH JSHYPKHK T\` WHY[PJ\SHY LU 4HYNHYP[H WHYH L_WSPJP[HY SVZ WYVJLKPTPLU[VZ X\L ZPN\P} WHYH SSLNHY H SVZ YLZ\S[HKVZ KL SVZ WYVISLTHZ LU NLULYHS LZ[H JSHYPKHK UV ZL KPV JVU [VKVZ SVZ Z\QL[VZ X\L ZL LU[YL]PZ[HYVU ` WVY V[YV SHKV SH OHIPSPKHK X\L KLTVZ[Y} LU LS THULQV KL HSN\UVZ LSLTLU[VZ TH[LTm[PJVZ KL THULYH PTWSxJP[H LU SVZ WYVJLKPTPLU[VZ X\L \[PSPa} WHYH YLZVS]LY SVZ WYVISLTHZ ,U LZ[L JHZV LS WYVISLTH X\L ZL SL WSHU[L} WVKxH YLZVS]LYZL JVU SH KP ]PZP}U ¼ 4HYNHYP[H WHYH YLZVS]LYSV OHJL SV ZPN\PLU[L! 9LK\JL LS WYVISLTH H ¼ :\I`HJL \UH KLZJVTWVZPJP}U KLS KP ]PKLUKV! x{äÊrÊ£ääʳʣääʳʣääʳʣääʳʣääʳÊÓäʳÊÓä 9LZ\LS]L SH KP]PZP}U ¼ I\ZJHUKV J\mU[HZ ]LJLZ JHIL LS LU ! £ääÊrÊÓäʳÊÓäʳÊÓäʳÊÓäʳÊÓä ,UJ\LU[YH X\L LS JHIL ]LJLZ LU LS 7VZ[LYPVYTLU[L ZL W\LKL HWYLJPHY LU Z\ L_WSPJHJP}U LS THULQV KL SH YLSHJP}U WYVWVYJPVUHS LU[YL SHZ ]LJLZ X\L ZL \ZH LS H\[VI Z ` LS JVZ[V! 6iViÃÊÊÊÊÊÊÊÊ*ià ÃÊ ÊÊ ;V[HS! -\L ULJLZHYPV X\L 4HYNHYP[H SSL]HYH TLU[HSTLU[L \UH KVISL J\LU[H! WVY \U SHKV LS U TLYV KL ]LJLZ X\L ZL Z\IxH HS JHTP}U ` WVY V[YV SH Z\TH KL SVZ JPLU[VZ KL WLZVZ NHZ[HKVZ :P ZL KLZLH KLZJYPIPY LS WYVJLKPTPLU[V KL 4HYNHYP[H JVU \UH WYVWPL KHK MVYTHS KL SH KP]PZP}U W\LKL KLZ[HJHYZL X\L PTWSxJP[HTLU[L HWSPJH SH WYVWPLKHK KPZ[YPI\[P]H KL SH KP]PZP}U JVU YLZWLJ[V H SH Z\TH! x{äÊeÊÓäÊrÊ£ääʳʣääʳʣääʳʣääʳʣääʳÊÓäʳÊÓä®ÊeÊÓäÊr ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ£ääÊeÊÓä®Ê³Ê£ääÊeÊÓä®Ê³Ê£ääÊeÊÓä®Ê³Ê£ääÊeÊÓä®Ê ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊʳʣääÊeÊÓä®Ê³ÊÓäÊeÊÓä®Ê³ÊÓäÊeÊÓä®Ê ,Z[H TPZTH WYVWPLKHK Z\Z[LU[H Q\U[V JVU V[YHZ WYVWPLKHKLZ U\LZ[YV HSNVYP[TV KL SH KP]PZP}U
ÃÊV Vi«V iÃÊ`iÊ ÊµÕiÊiÃÊ >ViÀÊ >Ìi ?Ì V>à =LHTVZ J}TV YLZ\LS]L LS ZPN\PLU[L WYVISLTH \UH UP|H KL [V NYHKV KL WYPTHYPH! FS^ S &fa 5 <gYg Vae bSdf[Vae VW TS^Wda 7` W^ $ ^f[_a \gWYa YS` (+ bg`fae 5a` (+ ^a cgW YS` W` W^ bd[_Wd \gWYa SZadS *% D/#'& fW`Ya *% bg`fae #'& ±5gx`fae bg`fae YS` W` W^ bd[_Wd \gWYa1 (WYLUKLY WHYH SH ]PKH
;HSxH UV YLSHJPVUH SVZ KH[VZ KL THULYH HKLJ\HKH ZPUV X\L HWSPJH SH Z\TH ZPU LU[LUKLY KL X\t ZL [YH[H LS WYVISLTH \ZH [VKVZ SVZ KH[VZ X\L HWHYLJLU LU LS [L_[V ZPU KPZJYPTPUHY HX\tSSVZ X\L UV SL ZPY]LU WHYH YLZVS ]LYSV <[PSPaH SHZ VWLYHJPVULZ X\L SH LZJ\LSH SL OH LUZL|HKV WLYV ZPU LJOHY H HUKHY Z\ JHWHJPKHK KL YHaVUHTPLU[V ;HTWVJV OHJL \ZV KL SVZ YLJ\Y ZVZ WYVWPVZ X\L SL ZPY]LU M\LYH KL SH LZJ\LSH WHYH YLZVS]LY ZP[\HJPVULZ Hย U TmZ KPMxJPSLZ ,Z[VZ LQLTWSVZ H\UX\L L_[YLTVZ L_WYLZHU KL THULYH T\` ]P]H \U OLJOV PUX\PL[HU[L! U\LZ[YVZ HS\TUVZ UV SVNYHU YLZVS]LY ZH[PZMHJ[VYPHTLU[L SVZ WYVISLTHZ H\UX\L JVUVaJHU SHZ TLJHUPaHJPVULZ TPLU[YHZ X\L SHZ WLYZVUHZ X\L UV M\LYVU U\UJH H SH LZJ\LSH X\L UV ZHILU LZJYPIPY UP JVUV JLU SVZ Uย TLYVZ LZJYP[VZ TH`VYLZ X\L OHU KLZHYYVSSHKV \UH JHWHJP KHK ZVYWYLUKLU[L WHYH YLZVS]LY WYVISLTHZ HYP[Tt[PJVZ ` NLVTt[YPJVZ X\L [PLULU X\L ]LY JVU Z\ ]PKH KPHYPH -YLU[L H LZ[V Z\YNL \UH WYPTLYH WYLN\U[H! SV X\L OHJL 4HYNHYP[H WHYH YLZVS]LY WYVISLTHZ ยฆZVU TH[LTm[PJHZ& :P WVY ZHILY TH[LTm[PJHZ LU[LU KLTVZ Z}SV JVUVJLY LS SLUN\HQL JVU]LUJPVUHS ` SVZ HSNVYP[TVZ JHU}UPJVZ LZ KLJPY SVZ WYVJLKPTPLU[VZ \Z\HSLZ WHYH YLZVS]LY SHZ VWLYHJPVULZ LZ JPLY[V X\L 4HYNHYP[H UV ZHIL 7LYV ZP H[LUKPLUKV H SVZ VIQL[P]VZ ZL|HSHKVZ JVTV WYPVYP[HYPVZ LU SH LUZL|HUaH LZJVSHY KLร UPTVZ ยธZHILY TH[LTm[PJHZยน JVTV [LULY SH JHWHJPKHK KL \ZHY ร L_PISLTLU[L OLYYHTPLU[HZ TH[LTm[PJHZ WHYH YLZVS]LY SVZ WYVISLTHZ X\L ZL UVZ WYLZLU[HU LU U\LZ[YH ]PKH ยง]H`H X\L 4HYNHYP[H Zx ZHIL TH[LTm[PJHZ :LNย U LZ[H TPZTH KLร UPJP}U U\LZ[YVZ HS\TUVZ LNYLZHKVZ KL WYPTHYPH X\Pam UV X\LKHYxHU [HU IPLU WHYHKVZ ,Z[m LU Q\LNV HX\x LU[VUJLZ U\LZ[YH JVUJLWJP}U KL X\t ZVU SHZ TH[LTm[PJHZ! \U JVUQ\U[V KL JVU[LUPKVZ KLร UPKVZ MVYTHSTLU[L V \UH JH WHJPKHK \UH THULYH KL HJ[\HY KL WYVJLKLY MYLU[L H KP]LYZVZ WYVISLTHZ *YLLTVZ X\L ZPU KLZH[LUKLY SH ULJLZPKHK KL JVUVJLY SHZ OLYYHTPLU[HZ TH[LTm[PJHZ X\L SH O\THUPKHK OH JYLHKV H SV SHYNV KL SH OPZ[VYPH WHYH YLZVS]LY WYVISLTHZ LZ M\UKHTLU[HS X\L HUHSPJLTVZ U\LZ[YH JVUJLWJP}U KL SV X\L LZ ZHILY TH[LTm[PJHZ JLU[YHUKV SH H[LUJP}U `H UV Z}SV LU SVZ JVU[LUPKVZ TH[LTm[PJVZ MVYTHSLZ ZPUV [HTIPtU LU SH JHWHJPKHK KL WLU ZHY TH[LTm[PJHTLU[L KL NLULYHY ` JYLHY WYVJLZVZ UV JHU}UPJVZ WHYH YL ZVS]LY WYVISLTHZ Q\Z[V JVTV SV OPJPLYVU HX\tSSVZ X\L M\LYVU PU]LU[HUKV SHZ TH[LTm[PJHZ X\L OV` UVZ WYLZLU[HU SVZ SPIYVZ
ย ร ยตร iร ย ย ร ร iร >ยซร iย `iร ร ย ย ร ย >ร iร Vร iย >ร (JLW[HUKV X\L SV X\L 4HYNHYP[H OHJL Zx LZ OHJLY TH[LTm[PJHZ HZx ZLHU TH[LTm[PJHZ JVU ยธT TPUย ZJ\SHยน JVTV ZL|HSH )PZOVW JHIL OHJLY UVZ KVZ WYLN\U[HZ TmZ! ยฆJ}TV HWYLUKP}& ` ZP HWYLUKP} ZPU SH LZJ\LSH LU[VUJLZ ยฆWHYH X\t ZPY]L SH LZJ\LSH& 4HYNHYP[H HWYLUKP} H WHY[PY KL LUMYLU[HYZL H U\TLYVZVZ WYVISLTHZ X\L [\]V X\L YLZVS]LY H SV SHYNV KL Z\ ]PKH (MVY[\UHKHTLU[L UHKPL SH YLWYVI} J\HUKV LSSH HS OHJLY \UH JVTWYH L_PNxH \U JHTIPV Q\Z[V \ZHUKV \U WYV JLKPTPLU[V UV JHU}UPJV (S JVU[YHYPV [\]V SH ZH[PZMHJJP}U KL WVKLY ZHILY J\mU[V SL [LUxHU X\L KL]VS]LY
9L]PZ[H 0,,(
*VU YLZWLJ[V H SH ZLN\UKH WYLN\U[H! ¦WHYH X\t ZPY]L SH LZJ\LSH& IHZ[H JVU KLZ[HJHY SH L]PKLUJPH KL X\L \UH WLYZVUH UV W\LKL UP H SV SHYNV KL [VKH Z\ ]PKH YLJVUZ[Y\PY SVZ JVUVJPTPLU[VZ X\L T\JOHZ WLYZVUHZ OHU JVUZ[Y\PKV H SV SHYNV KL TPSLZ KL H|VZ 3VZ HSNVYP[TVZ X\L ZL UVZ LUZL |HU LU SH LZJ\LSH WVY LQLTWSV ZVU OLYYHTPLU[HZ TH[LTm[PJHZ WVKLYVZHZ WVYX\L WLYTP[LU YLZVS]LY \UH NYHU ]HYPLKHK KL WYVISLTHZ KL \UH THULYH TmZ LJVU}TPJH TmZ YmWPKH ` WLYTP[LU [HTIPtU NYHJPHZ HS SLUN\HQL JVU LS X\L ZL L_WYLZHU JVT\UPJHY H SVZ KLTmZ JVU WYLJPZP}U SVZ WYVJLKPTPLU [VZ X\L LTWSLHTVZ ( WLZHY KL X\L 4HYNHYP[H KLTVZ[Y} \UH NYHU JHWHJPKHK WHYH YLZVS]LY WYVISLTHZ Z\Z WYVJLKPTPLU[VZ [PLULU \U SxTP[L KL LÄJHJPH 5LJLZP[H N\HY KHY KLTHZPHKHZ JVZHZ LU Z\ TLTVYPH ` tZ[H H\UX\L LZ[m T\` KLZHYYV SSHKH UV LZ PSPTP[HKH 7VY V[YV SHKV 4HYNHYP[H T\LZ[YH KPÄJ\S[HKLZ WHYH SLLY ` LZJYPIPY JHU[P KHKLZ ,Z[V PTWSPJH \UH SPTP[HJP}U T\` NYHUKL LU U\LZ[YV TLKPV LU LS X\L SH PUMVYTHJP}U LZJYP[H LZ \U ]LOxJ\SV ImZPJV KL JVT\UPJHJP}U 6[YV HZWLJ[V PTWVY[HU[L H [LULY LU J\LU[H LZ X\L SV X\L 4HYNHYP[H ZHIL OHJLY SV OH HWYLUKPKV H SV SHYNV KL TmZ KL H|VZ KL L_WLYPLUJPHZ 3VZ YLX\LYPTPLU[VZ KL U\LZ[YH ZVJPLKHK UVZ OHJLU LZWLYHY X\L U\LZ[YVZ UP|VZ SV W\LKHU OHJLY LU Z}SV ZLPZ H|VZ ,Z JSHYV X\L SH LZJ\LSH LZ ULJLZHYPH WLYV [HTIPtU LZ JSHYV X\L UV OLTVZ SVNYHKV X\L J\TWSH ZH[PZMHJ[VYPHTLU[L Z\ M\UJP}U! KLZHYYVSSHY SH JHWHJPKHK KL U\LZ[YVZ HS\TUVZ WHYH YLZVS]LY WYVISLTHZ \[PSPaHUKV SVZ JVUVJPTPLU[VZ TH[LTm[PJVZ JVU SVZ X\L J\LU[HU
}Õ >ÃÊV ÃiVÕi V >ÃÊ`iÊ Û> `>ÀÊ ÃÊ«À Vi` i Ì ÃÊ v À > iÃÊi Ê >ÊiÃVÕi > ¦7VY X\t T\JOVZ KL U\LZ[YVZ HS\TUVZ MYHJHZHU LU SH YLZVS\JP}U KL WYVISLTHZ ZP KLZW\tZ KL [VKV SLZ LUZL|HTVZ LZHZ WVKLYVZHZ OLYYH TPLU[HZ KLZKL X\L ZVU T\` WLX\L|VZ& 5\TLYVZHZ WLYZVUHZ OV` LU KxH LZ[\KPHU SHZ JH\ZHZ KL LZ[L THS ZVJPHS ` I\ZJHU MVYTHZ KL YLZVS]LYSV ,U LZ[L HY[xJ\SV PU[LU[HTVZ TVZ[YHY X\L \UH KL SHZ JH\ZHZ X\L VYPNPUHU LZ[L JVTWSLQV WYVISLTH LZ SH JVUJLWJP}U TPZTH KL TH[LTm[PJHZ X\L OLTVZ OLYLKHKV ` X\L JVTWHY[PTVZ ZVJPHS TLU[L (U[LZ KL JVU[PU\HY X\LYLTVZ OHJLY L_WSxJP[V X\L LS OLJOV KL X\L SVZ LZ[\KPVZ LWPZ[LTVS}NPJVZ WZPJVS}NPJVZ ` KPKmJ[PJVZ LU TH[LTm[PJHZ UVZ WLYTP[HU OV` LU KxH J\LZ[PVUHY \UH JVUJLWJP}U KL TH[LTm[PJHZ LU SH LZ J\LSH WYPTHYPH UV ZPNUPÄJH X\L JVUZPKLYLTVZ X\L [LULY LZL JVUJLW[V LZ \U ¸LYYVY¹ KL HSN\UVZ ,Z LU [VKV JHZV \UH JVUZ[Y\JJP}U JVSLJ[P]H X\L JVTV [VKH JVUJLWJP}U ZVJPHS OH PKV JHTIPHUKV ` ZLN\PYm JHTIPHUKV :PU K\KH LS LZ[\KPV KL SH MVYTHJP}U OPZ[}YPJH KL SHZ JVUJLWJPVULZ KL ºZHILY TH[LTm[PJV» LZ \UH PTWVY[HU[L [HYLH WLUKPLU[L ÓÊ Ê i Ê >ÀÌ VÕ Ê º ÃÌÀÕVÌ Û Ã Ê ÞÊ i`ÕV>V Ê >Ìi ?Ì V>»]Ê `iÊ Õ ÃÊ Ài Ê ÞÊ Õ iÀ >Ê 7 `i}}]Ê «Õ L V>` Êi Êi Ê6 °Ê{°]Ê °ÊÓ]Ê`iÊ `ÕV>V Ê >Ìi ?Ì V>]Êi Ê iVÌ ÀÊ« `À?Êi V ÌÀ>ÀÊ ÌiÀiÃ> ÌiÃÊÀiyiÝ iÃÊ >ViÀV>Ê`iÊ> }Õ >ÃÊV Vi«V iÃÊ«Ài` > ÌiÃÊi Ê >Ê ÃÌ À >Ê`iÊV ÊÃiÊ«À `ÕVi ÊÞÊV ÊÃiÊ>«Ài `i Ê ÃÊV V i Ì ÃÊ >Ìi ?Ì V ÃÊ>à ÊV Ê >Ê yÕi V >Ê`iÊjÃÌ>ÃÊà LÀiÊ >ÃÊ«À?VÌ V>ÃÊi`ÕV>Ì Û>ð
(WYLUKLY WHYH SH ]PKH
7VY V[YV SHKV ZHILTVZ [HTIPtU X\L LS TLQVYHTPLU[V KL SH LUZL|HUaH LU LS ZHS}U KL JSHZLZ UV KLWLUKL KL \U ZVSV MHJ[VY (KLTmZ KL SHZ JVU JLWJPVULZ ZVIYL LS JVU[LUPKV HJLYJH KLS HWYLUKPaHQL ` ZVIYL SH LUZL|HU aH OH` U\TLYVZVZ MHJ[VYLZ X\L PUÅ\`LU WYLZPVUHU SPTP[HU V WVZPIPSP[HU LS [YHIHQV KL SVZ THLZ[YVZ [PLTWVZ KPZWVUPISLZ WHYH SH LUZL|HUaH WYVNYH THZ LZJVSHYLZ L_mTLULZ L_[LYUVZ L_WLJ[H[P]HZ KL SVZ WHKYLZ KL MHTPSPH JVUKPJPVULZ SHIVYHSLZ KL SVZ THLZ[YVZ ,U LZ[L HY[xJ\SV [YH[HYLTVZ KL TVZ[YHY UPJHTLU[L J}TV LS KLZHYYVSSV KL U\LZ[YVZ HS\TUVZ ` Z\Z WYVK\JJPVULZ LU TH[LTm[PJHZ ZL W\LKLU ]LY Z\THTLU[L MH]VYLJPKVZ J\HUKV ZL SLZ TPYH H WHY[PY KL V[YH JVUJLWJP}U KL SV X\L LZ OHJLY TH[LTm[PJHZ ,TWLJLTVZ WVY KPZ[PUN\PY KVZ WYVISLTHZ! >®Ê·* ÀʵÕjÊ ÕiÃÌÀ ÃÊ> Õ ÃÊà ʫ V ÊVÀi>Ì Û ÃÊi Êi ÊÕà Ê`iÊ ÊÊÊÊ iÀÀ> i Ì>ÃÊ >Ìi ?Ì V>Ã¶Ê +LZKL U\LZ[YV W\U[V KL ]PZ[H \UV KL SVZ TV[P]VZ PTWVY[HU[LZ LZ ZPT WSLTLU[L WVYX\L UV ZL SVZ WLYTP[PTVZ ,U SHZ JSHZLZ KL TH[LTm[PJHZ H\U LU SHZ JSHZLZ KL WYVISLTHZ LU NLULYHS ZL [PLUL SH L_WLJ[H[P]H KL X\L SHZ JVZHZ ZL OHNHU KL \U TVKV UPJV KL SH THULYH X\L ZL JVU]PUV LZ SH ¸TH[LTm[PJH¹ X\L PUJS\`L SH HWSPJHJP}U KL VWLYHJPVULZ ` M}YT\SHZ 5V ZL KH JHIPKH H V[YVZ YLJ\YZVZ TH[LTm[PJVZ H HX\LSSVZ WYVJLZVZ KL TH[L TH[PaHJP}U X\L SVZ TPZTVZ UP|VZ OHJLU ` X\L ZL L_WYLZHU ]LYIHSTLU[L V WVY LZJYP[V LU \U SLUN\HQL PUMVYTHS JVTV LS KL SHZ TH[LTm[PJHZ KL 4HY NHYP[H ,U \U 7YV`LJ[V KL -VYTHJP}U KL 4HLZ[YVZ ZL HUHSPaHYVU ]HYPVZ WYV ISLTHZ YLZ\LS[VZ WVY UP|VZ LZJVSHYPaHKVZ JVU WYVJLKPTPLU[VZ UV JVU ]LUJPVUHSLZ =LHTVZ \U LQLTWSV KL SHZ L]HS\HJPVULZ X\L ZL OPJPLYVU HS WYPUJPWPV! *À L i >ÊÓÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ,> ]Ê{Ì °Ê}À>` Ê ,U SH NYHUQH KL 4LULSHV OH` JVULQVZ ` NHSSPUHZ" J\HUKV 4LULSHV J\LU[H SHZ JHILaHZ KL Z\Z HUPTHSLZ SSLNH OHZ[H LS " ZP J\LU[H SHZ WH[HZ LUJ\LU [YH X\L OH` ¦*\mU[VZ JVULQVZ ` J\mU[HZ NHSSPUHZ [PLUL 4LULSHV&
ÎÊ*À ÞiVÌ Ê`iÊ ÛiÃÌ }>V \ʺ À >V Ê`iÊ«À vià ÀiÃÊà LÀiÊ?Ài>ÃÊvÕ `> i Ì> iÃÊ`iÊ >Êi`ÕV>V ÊL?à V>»°Ê Õi >LÀ>`>]Ê °ÊÀië Ã>L iÊ`i Ê«À ÞiVÌ Ê> ÌiÊ " 9/®°Ê V ]Ê °]Ê Õi >LÀ>`>]Ê °]Ê i À Ûà Þ]Ê °Ê V ÀÀië Ã>L iÃÊ`i Ê«À ÞiVÌ ®°Ê V ]Ê °]Ê >ÀÛ> > ]Ê °]Ê ?Û >]Ê °]Ê Õi >LÀ>`>]Ê °]Ê i À Ûà Þ]Ê °]Ê*>ÀÀ>]Ê °]Ê 6> i V >]Ê ,°Ê iµÕ « Ê `iÊ ÛiÃÌ }>V ®°Ê > V >` Ê «>ÀV > i ÌiÊ « ÀÊ " 9/]Ê 6 -/ 6Ê * °Ê jÝ V ]Ê£ ä®Ê°
9L]PZ[H 0,,(
3HZ VWPUPVULZ HJLYJH KLS WYVJLKPTPLU[V LTWSLHKV WVY 9HT}U M\LYVU SHZ ZPN\PLU[LZ! º Ê Êà Êi Ìi ` Êi Ê«À L i >Ê«iÀ Ê Ê«Õ` Ê>« V>ÀÊ >ÃÊ «iÀ>V iÃÆÊ Þ Ê iÊ« } ÊÕ Ê« ÀµÕiÊÃ Ê ÊÀ>â »°Ê º9 ÊÃiÊ Ê« } Ê > Ê« ÀµÕiÊ ÊÃÕ« Ê >ViÀÊ >ÃÊ «iÀ>V iÃÊ>Õ µÕiÊÃ Ê Ê «Õ` ÊÀià ÛiÀ]Ê«iÀ Ê«Õ` Ê >LiÀÊV « >` »°Ê º*À Vi` ÊV ÊÕ Ê Ê`iÊ«À iÀ ÊÞÊiÃÊ`iÊVÕ>ÀÌ ÆÊ Ê â Ê «iÀ>V ið»Ê (SN\UHZ ]LJLZ SVZ HS\TUVZ YLZ\LS]LU SVZ WYVISLTHZ KL TH[LTm[PJHZ YLJ\YYPLUKV H LZ[HZ TH[LTm[PJHZ PUMVYTHSLZ WLYV T\` WYVU[V HWYLUKLU X\L LZ[V LZ PUJVYYLJ[V X\L KLIPLYVU OHILY W\LZ[V ¸SH VWLYHJP}U¹ ,U LS TLQVY KL SVZ JHZVZ SVZ HS\TUVZ ZPN\LU \[PSPaHUKV LZ[VZ YLJ\YZVZ H LZJVU KPKHZ ` LU LS WLVY SVZ KLQHU KL OHJLY ` ZP H U UV KVTPUHU V[YV YLJ\YZV ZL X\LKHU ISVX\LHKVZ V LSPNLU \UH VWLYHJP}U JHZP HS HaHY 3VZ TPZTVZ WYVISLTHZ X\L ZL LZJVNLU WHYH WSHU[LHYZL LU SH JSHZL Z\LSLU LZ[HY ¸THUKHKVZ H OHJLY¹ WHYH X\L ZL HWSPX\L \UH VWLYHJP}U LZWL JxÄJH -YLJ\LU[LTLU[L SH WYLN\U[H KLS HS\TUV MYLU[L HS WYVISLTH LZ! ¦JVU X\t VWLYHJP}U V M}YT\SH ZL YLZVS]LYm LZ[L WYVISLTH& 3H I ZX\LKH KL \UH ZVS\JP}U KLQH KL ZLY \UH I ZX\LKH JYLH[P]H X\L HKHW[H SVZ LSLTLU[VZ JVU X\L `H ZL J\LU[H L®Ê·* ÀʵÕjÊ ÕiÃÌÀ ÃÊ> Õ Ã]Êi Ê >ÊÀià ÕV Ê`iÊ«À L i >Ã]Ê>« V> ÊÊÊÊÊ > Ê ÃÊ> } À Ì ÃÊÞÊv À Õ >ÃʵÕiÊÞ>Ê iÃÊvÕiÀ Êi Ãi >` Ã¶Ê ,Z[H WYLN\U[H LZ [VKH]xH TmZ KPMxJPS KL JVU[LZ[HY ,ZIVaHTVZ H JVU[P U\HJP}U HSN\UHZ KL SHZ YHaVULZ X\L LU U\LZ[YH VWPUP}U SH L_WSPJHU ,S ZLU[PKV KL \U HSNVYP[TV LZ[m KHKV [HU[V WVY SVZ WYVISLTHZ X\L WLYTP[L YLZVS]LY JVTV WVY SVZ WYVJLKPTPLU[VZ SHYNVZ ` UV ZPZ[LTm[PJVZ X\L LS HSNVYP[TV Z\Z[P[\`L :PU LTIHYNV LU SH LUZL|HUaH LZJVSHY HTIHZ M\LU[LZ KLS ZLU[PKV KL SVZ HSNVYP[TVZ [PLUKLU H LZ[HY H\ZLU[LZ 3VZ HSNVYP[TVZ ZL Z\LSLU LUZL|HY ZLWHYHKHTLU[L KL SVZ WYVISLTHZ L PUJS\ZV HU[LZ X\L SVZ WYVISLTHZ ,ZHZ SHYNHZ ` U\TLYVZHZ OVYHZ X\L SVZ HS\TUVZ KLKPJHU H KVTPUHY SH [tJUPJH KL \U HSNVYP[TV M\LYH KL JVU [L_[V WYVK\JLU LU LS TLQVY KL SVZ JHZVZ KLZ[YLaH LU \UH [tJUPJH HS NVYx[TPJH ]HJxH KL ZPNUPÄJHKV! HWYLUKLU H KP]PKPY JVU \U ZVÄZ[PJHKV WYVJLKPTPLU[V WLYV UV ZHILU J\mUKV KP]PKPY 7VY V[YV SHKV U\UJH ZL KH \U LZWHJPV LU LS X\L SVZ HS\TUVZ KLZHYYVSSLU WVY Zx TPZTVZ WYV JLKPTPLU[VZ KL YLZVS\JP}U PUMVYTHSLZ WYL]PHTLU[L H SH LUZL|HUaH KLS HSNVYP[TV KL MVYTH X\L LS HSNVYP[TV UV LZ WHYH LSSVZ \UH OLYYHTPLU[H X\L L]P[H LZM\LYaVZ HOVYYH [PLTWV L[Jt[LYH <U HSNVYP[TV LZ \UH MVYTH KL YLZVS]LY \UH VWLYHJP}U WLYV SH ]HYPL KHK KL WYVISLTHZ X\L ZL YLZ\LS]LU JVU \UH VWLYHJP}U W\LKL ZLY T\` NYHUKL (\U J\HUKV `H ZL PKLU[PÄJHU HSN\UVZ WYVISLTHZ X\L ZL YLZ\LS ]LU JVU JPLY[H VWLYHJP}U YLJVUVJLY X\L V[YVZ ZL YLZ\LS]LU [HTIPtU JVU LSSH UV LZ UHKH PUTLKPH[V 0TWSPJH \U WYVJLZV LU LS X\L K\YHU[L \U [PLTWV ZL WVULU LU Q\LNV U\L]HTLU[L WYVJLZVZ PUMVYTHSLZ OHZ[H X\L TmZ HKLSHU[L ZL KLZJ\IYL X\L HX\LSSH VWLYHJP}U SVZ YLZ\LS]L *\HUKV (WYLUKLY WHYH SH ]PKH
LZ[V Z\JLKL ZL OH LUYPX\LJPKV LS ZPNUPÄJHKV X\L [HS VWLYHJP}U [PLUL WHYH LS HS\TUV 3H YLZ[H WVY LQLTWSV WLYTP[L YLZVS]LY LU[YL V[YVZ WYVISLTHZ LU SVZ X\L ZL X\P[H \UH JHU[PKHK H V[YH V HX\tSSVZ LU SVZ X\L ZL KLZLH JV UVJLY SH KPMLYLUJPH LU[YL KVZ JHU[PKHKLZ ,Z[VZ KVZ [PWVZ KL WYVISLTHZ [PLULU \UH LZ[Y\J[\YH ZLTmU[PJH T\` KPZ[PU[H H\UX\L UVZV[YVZ HK\S [VZ SVZ ]LTVZ ZPTPSHYLZ WVYX\L `H ZHILTVZ X\L HTIVZ ZL YLZ\LS]LU JVU YLZ[H (\U J\HUKV SVZ HS\TUVZ `H OH`HU HWYLUKPKV X\L SVZ WYVISLTHZ KL ¸X\P[HY¹ ZL YLZ\LS]LU JVU YLZ[H Z\LSLU [HYKHY TmZ LU HWYLUKLY X\L SVZ WYVISLTHZ KL ¸KPMLYLUJPH¹ [HTIPtU ZL YLZ\LS]LU JVU YLZ[H ¦@ J}TV SV HWYLUKLU& 1\Z[HTLU[L YLZVS]PLUKV LZ[VZ WYVISLTHZ JVU YL J\YZVZ PUMVYTHSLZ LZ KLJPY ZPU \ZHY SH YLZ[H JVU]LUJPVUHS 7VJV H WVJV SVZ HS\TUVZ TPZTVZ PKLU[PÄJHU SHZ YLSHJPVULZ JVT\ULZ H HTIVZ [PWVZ KL WYVISLTHZ SV X\L SLZ WLYTP[L ]LY X\L SH YLZ[H YLZ\LS]L [HTIPtU SVZ WYVISLTHZ KL KPMLYLUJPH :P SVZ HS\TUVZ OHU HWYLUKPKV X\L SVZ WYVJLKPTPLU[VZ PUMVYTHSLZ UV ZVU ]mSPKVZ JVUZLJ\LU[LTLU[L `H UV SVZ \ZHU ` WVY SV [HU[V J\HUKV ZL LUMYLU[HU H SVZ T\` U\TLYVZVZ WYVISLTHZ LU SVZ X\L [VKH]xH UV SV NYHU PKLU[PÄJHY ¸SH VWLYHJP}U¹ JVU SH X\L ¸ZL KLILU¹ YLZVS]LY YLJ\YYLU HS KLZJPMYHKV KL WPZ[HZ KHKHZ WVY LS THLZ[YV V WVY LS [L_[V TPZTV V IPLU H SH ZLSLJJP}U HS HaHY <UH KL SHZ WYVMLZVYHZ X\L WHY[PJPW} LU LS WYV`LJ[V KL MVYTHJP}U KL THLZ[YVZ HU[LZ JP[HKV WSHU[L} H Z\Z HS\TUVZ KL LY NYHKV UP|VZ \U WYVISLTH KL KPMLYLUJPH HK]PY[PtUKVSLZ X\L SV WVKxHU YLZVS]LY JVTV LSSVZ X\PZPLYHU ,S WYVISLTH LYH LS ZPN\PLU[L! º >Þ Ê iÃÌ?Ê Õ Ì> ` Ê ÀiÛ ÃÌ>ÃÊ ÕÃ>`>ÃÊ «>À>Ê Õi} Ê iÛ>À >ÃÊ >Ê Ûi `iÀ°Ê +ÕiÀ >Ê Õ Ì>ÀÊÇäÊÞÊ>«i >ÃÊÌ i iÊÎ{°Ê· Õ? Ì>ÃÊÀiÛ ÃÌ>ÃÊ iVià Ì>Ê«>À>ÊV « iÌ>ÀÊÇä¶»Ê +L SHZ YLZVS\JPVULZ KL SVZ HS\TUVZ LU ZLPZ UV ZL Z\WV SV X\L OPJPL YVU WHYH YLZVS]LY LS WYVISLTH :}SV OHIxHU HUV[HKV LS YLZ\S[HKV HSN\UVZ JVYYLJ[V ` V[YVZ UV +PLJPZPL[L UP|VZ SV YLZVS]PLYVU JVU YLZ[H VI[LUPLUKV LS YLZ\S[HKV JVYYLJ[V *PUJV UP|VZ PU[LU[HYVU YLZVS]LYSV JVU SH YLZ[H WLYV UV SV SVNYHYVU `H X\L UV Z\WPLYVU J\mS LYH LS TPU\LUKV V ZL LX\P]VJHYVU HS YLZ[HY 7YVIHYVU ]HYPHZ MVYTHZ ZPU SSLNHY HS YLZ\S[HKV WVY LQLTWSV!
>Ì ÃÊÊÊÊÊÊÊÊÊ"«iÀ>V ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ,iÃÕ Ì>` Ê YL]PZ[HZ ;V[HS
9L]PZ[H 0,,(
+VZ UP|VZ YLZVS]PLYVU LS WYVISLTH WVY JVTWSLTLU[V HKP[P]V LZ KLJPY I\ZJHYVU \U U‚TLYV X\L Z\THKV HS Kt /HJLU SV ZPN\PLU[L!
;YLZ UP|VZ YLZVS]PLYVU LS WYVISLTH [HTIPtU WVY JVTWSLTLU[V HKP[P]V WLYV H [YH]tZ KL KPI\QVZ V U‚TLYVZ ,Z[VZ UP|VZ WHY[PLYVU KLS ZHIxHU X\L `H [LUxHU LZHZ YL]PZ[HZ HZx X\L JVTWSL[HYVU SHZ X\L SLZ MHS[HIHU WHYH [LULY @ S\LNV SHZ JVU[HYVU 7VY LQLTWSV!
6[YVZ KVZ UP|VZ YLZVS]PLYVU LS WYVISLTH [HTIPtU WVY JVTWSLTLU[V HKP [P]V WLYV tZ[VZ UV WVKxHU [VKH]xH WHY[PY KLS JVTV SVZ HU[LYPVYLZ 7HYH LSSVZ LYH ULJLZHYPV KPI\QHY SHZ ZL[LU[H YL]PZ[HZ V LZJYPIPY SH ZLYPL KLS HS ZLWHYHY SHZ X\L `H [LUxHU ` JVU[HY SHZ YL]PZ[HZ X\L SLZ MHS[HIHU WHYH SSLNHY HS 7VY LQLTWSV!
(WYLUKLY WHYH SH ]PKH
@ WVY S[PTV ZPL[L UP|VZ \[PSPaHYVU \UH Z\TH ` LZJYPIPLYVU JVTV YLZ W\LZ[H HS WYVISLTH LS YLZ\S[HKV KL SH TPZTH +L LZ[VZ ZPL[L UP|VZ JPUJV THULQHYVU LS HSNVYP[TV JVYYLJ[HTLU[L ` KVZ ZL LX\P]VJHYVU HS Z\THY 7VY LQLTWSV!
(S ]LY LZ[VZ YLZ\S[HKVZ SVZ WHY[PJPWHU[LZ LU LS [HSSLY ZL TVZ[YHYVU LU NLULYHS KLZHSLU[HKVZ! º°°°Ê ÊÃ>Li Ê iiÀ»Ê º/ ` ÃÊÌ i i Ê >Ê `i>Ê ÊÃiÀ?ʵÕiÊ ÊÃ>Li Ê >ViÀÊ «iÀ>V iûʺ ÃʵÕiÊ >Ê >Þ À >ÊiÃÌ?Êi Ê >ÊV> iÊ`iÊ >Ê> >À}ÕÀ>°Ê°Ê°ÊºÊ º9 Êà ʫ>Ã>L>Ê>Ê ÃÊ£ÇʵÕiÊÀiÃÌ>À ÊV Ûi V > i Ìi»Ê ,Z[mU THS ¸WVYX\L ZL Z\WVUL X\L `H ZL SLZ KPV LS JVUJLW[V KL SH YLZ[H `H ZHILU X\t LZ SH KPMLYLUJPH ZL Z\WVUL X\L `H ZHILU WVYX\L OHU WYHJ [PJHKV LU ZLN\UKV H|V JVU WYVISLTHZ IPLU ZLUJPSSVZ ` `H ZHILU J}TV OHJLYSH JVSVJHY LS TH`VY HYYPIH WVYX\L LZ HS TH`VY HS X\L ZL SL ]H H X\P [HY ` ZVU UP|VZ KL [LYJLY H|V SVZ X\L SV OPJPLYVU `H KLILYxHU KL ZHILY¹ º/ i i ÊÕ >ÊÀià ÕV Ê ÕÞÊ v> Ì Ê« ÀµÕiÊÕÃ> Ê ÃÊ`i` Ã]ÊÞÊ>µÕ Êà }Õi Ê i ÊiÃÌ>ÊiÌ>«>°Ê°Ê°»Ê º*>À>ÊiÃÌ>ÀÊi ÊÌiÀViÀÊ> Ê ÃÊ ÃÊ Ê`iLiÀ > Ê`iÊÌÀ>L> >ÀÊ`iÊiÃ>Ê > i À>ÆÊ ÊµÕiÊ iÃÊv> >Ê>ÊiÃÌ ÃÊ ÃÊiÃÊÕÃ>ÀÊ Ö iÀ ðʰʰ»Ê ,Z[VZ JVTLU[HYPVZ L_WYLZHU KL THULYH JSHYH SH L_WLJ[H[P]H JVU YLZ WLJ[V H SH YLZVS\JP}U KL WYVISLTHZ KL X\L SVZ HS\TUVZ \[PSPJLU KLZKL LS WYPTLY TVTLU[V ¸SH VWLYHJP}U¹ X\L SHZ YLZ\LS]L :L JVUZPKLYH X\L SVZ X\L SSLNHYVU HS YLZ\S[HKV JVYYLJ[V H [YH]tZ KL WYVJLKPTPLU[VZ UV JVU]LUJPVUH SLZ LZ[mU H[YHZHKVZ LU Z\ HWYLUKPaHQL :L Z\I]HSVYH LS OLJOV KL X\L LZVZ UP|VZ OPJPLYVU \U YHaVUHTPLU[V HKLJ\HKV WHYH YLZVS]LY LS WYVISLTH YL SHJPVUHYVU SVZ KH[VZ JVYYLJ[HTLU[L ` X\L SVZ WYVJLKPTPLU[VZ PUMVYTHSLZ X\L \[PSPaHYVU ZVU \UH WHY[L KLS WYVJLZV X\L SVZ SSL]HYxH TmZ HKLSHU[L H HWSPJHY \U HSNVYP[TV :LN\YHTLU[L ZP ZL SLZ O\IPLYH SPTP[HKV H \ZHY ¸SH VWLYHJP}U¹ LZ[VZ UP|VZ UV O\IPLYHU SVNYHKV SSLNHY H UPUN U YLZ\S[HKV V IPLU O\IPLYHU KHKV \UV ZPU YLSHJP}U JVU LS WYVISLTH
,Z[L HY[xJ\SV KLIPKV H Z\ L_[LUZP}U ZL W\ISPJH LU KVZ WHY[LZ 3H JVUJS\ZP}U HWHYLJLYm LU LS 5V KL «Ài `iÀÊ«>À>Ê >ÊÛ `>°
9L]PZ[H 0,,(
/\LQ\[SH KL 9L`LZ /NV KL Q\UPV KL
ÃÌ >` ÃÊ>Ãià ÀiÃ]Ê«À Ì ÀiÃ]Ê>« V>` ÀiÃÊ`iÊiÝ? i iÃÊÞÊ > } ÃÊ`iÊ« >â>ÃÊV Õ Ì>À >Ã\ 3H LK\JHJP}U X\L LZ \U LSLTLU[V M\UKHTLU[HS LU LS KLZHYYVSSV O\THUV SSL]H JVU ZPNV WHYH X\PLU SH WYHJ[PJH KLJPZP}U KLKPJHJP}U YLZWVUZHIPSPKHK JVUÄHUaH ` HTVY ( \Z[LKLZ X\LYPKVZ HTPNVZ SLZ LZJYPIV LZ[HZ SxULHZ WLUZHUKV LU LZL [YHUZP[HY KPHYPV JVU Z\Z LK\JHUKVZ WLUZHUKV LU LZH WYLVJ\WHJP}U X\L SVZ LTIHYNH HS ]LY X\L JVU NYHU LZM\LYaV SHZ WLYZVUHZ HWYLUKLU H SLLY LZJYPIPY L PU[LYWYL[HY WHSHIYHZ X\L UV JVUVJLU" HZx TPZTV U\LZ[YVZ OLYTHUVZ PUKxNLUHZ HWYLUKLU HSN\UHZ WHSH IYHZ KLS LZWH|VS :}SV SLZ WPKV X\L UV KLZTH`LU LU Z\ VIQL[P]V I\ZX\LU ZLY ZPLTWYL SVZ TLQVYLZ WYLWmYLUZL LZ[\KPLU WHY[PJPWLU ` WYLN\U[LU 9LJVUVaJV LU \Z[LKLZ LZL ]HSVY X\L [PLULU ,U U\LZ[YH [PLYYH OHJLU MHS[H T\JOVZ OVTIYLZ ` T\QLYLZ ]HSPLU[LZ WHYH [LYTPUHY JVU LZL NYHU YLaHNV LK\JH[P]V X\L UVZ SHZ[PTH 3H S\a KLS ZHILY YLZWSHUKLJL LU JHKH \UV KL SVZ JP\KHKHUVZ KL U\LZ[YV X\LYPKV 4t_PJV JHKH ]La JVU TH`VY PU[LUZPKHK 5V TL KLZWPKV KL \Z[LKLZ ZPUV SLZ KPNV \U OHZ[H WYVU[V WVYX\L LU JHKH \UV KL SVZ LK\JHUKVZ LUJVU[YHYmU \UH LZWLYHUaH KVUKL WVUKYmU [VKH Z\ LULYNxH WHYH HWV`HYSV (SSx LUJVU[YHYmU LS HUOLSV KL Z\ HTPZ[HK
5LSZVU 4HY[xULa )HYYHNmU +,7;6 ,=(3<(*0Ô5 +,3 (79,5+0A(1, +,3 05,( /0+(3.6
(WYLUKLY WHYH SH ]PKH
:PU [x[\SV -YHUJPZJV .\PSSLYTV 7YLJPHKV ÔSLV [LSH _ JT
*",Ê Ê " "Ê/, -/ Ê Ê , "Ê 4PN\LS 9LPUVZV 7VY ÄU LZJYPIV WHYH KLU\UJPHY X\L OH` ZLYLZ KLZJVUVJPKVZ WHZHUKV MYLU[L H Tx \U OVTIYL ZLTLQHU[L H SH ZVTIYH KL [VKVZ +LZJVUVJPKVZ LU LS YLNPZ[YV LU LS UVTIYL SH LZWLYHUaH UV LZ TmZ X\L \U S\UHY LU SH UHYPa X\L SL]HU[H LS LZWHU[V LS YHUJPV [YPNV KL SH KLZJVUÄHUaH 5P LS MHU[HZTH KL *HY[LY]PSSL [\]V \U WLYYV \U I\LU HWLSSPKV LU HSN\UH SmWPKH LU LS 7HU[L}U KL )LStU :P LS SVJV [YPZ[L KLS TLYJHKV (SJHSKL NSVYPVZHTLU[L ZL SL K\LYTL SH T\NYL LU SHZ IHUX\L[HZ `V TL HJ\LZ[V JVU tS ` ]PNPSV X\L UHKPL SL YVTWH \U [PT}U V LS WVSLU ISHUJV X\L KPTPU\[V SL JYLJL LU SH JHZWH ;PLUL [HU[V KL YL` KLZLZWLYHKV T ZPJV KL :HPU[ 4LYY` ZPU ÅH\[H UP S\UH
8\t THSH Z\LY[L [PLULU SVZ THYNPUHKVZ OV` `H UV ZVU WHZ[VYLZ UP IH\[PZ[HZ X\L YL]LSLU HSN U HJLP[L WHYH PU]LZ[PYUVZ LS KxH 0aX\PLYKH V KLYLJOH JVIYH V SLVWHYKV WVJV PTWVY[H ZP 5VY[L V :\Y ,S TmZ OLYTHUV KL SH T\NYL ZVS VZJ\YV KL SH aVUH JLU[YV ,_[LUKPKV LU LS JL[YV KLS Z\LSV ZVZ[PLUL SH S\UH TLSHUJ}SPJH LU SH THUV S\UH [HU LZWLQV JVTV SmTWHYH V WPLKYH KL SVJ\YH ` ZL TL[L HS IHY LZX\PUH JVU )LStU ` O\`L ` ZL [YHUZMVYTH W\LZ SH [YPZ[LaH [PLUL \U ZHIVY H MY\[HZ ` HSJVOVS H YVZH \UNPKH LU SH THUV KL SHZ W\[HZ 3V HKTP[V ZV` PN\HS H [VKVZ T ZPJV KL :HPU[ 4LYY` V SVJV KL (SJHSKL ZVTVZ OVTIYLZ [HU JVT\ULZ X\L IPLU WVKYxH NHZ[HY SHZ THYPWVZHZ ` SHZ TLKPHZ S\UHZ PYYPZVYPHZ V KVYTPYTL KL H TLU[PYHZ LU HS[H UVJOL LU LS WHYX\L KL :HU 1VZt LZWLYHUKV SH ]LU[H KL LZMLYPSSHZ UH]PKL|HZ V X\L TL JYLaJH SH IHYIH WHYH ZHILY X\L `H UV LZ[V` [YPZ[L ZPUV JVUM\ZV KL ZLY [YPZ[L JVTV LS TVU}J\SV KL SVZ VIYLYVZ JVTV LS Z\LSKV KL SVZ THLZ[YVZ 4LQVY TL YLNYLZV HS IHY HOx SH H\ZLUJPH LZ \UH T\JOHJOH IPLU UHJPKH X\L [PLUL LS WYVJLKPTPLU[V L_HJ[V KL LZ[HY WYLZLU[L
(X\x Zx HX\x Zt X\L LU .\HKHSHQHYH ZPLTWYL OL SSL]HKV \U THZJHY}U ZPU LZWLYHY X\L SH WYPTLYH S\UH KL WYPTH]LYH ZL ]\LS]H JHYUH]HS ` >ÃV>À ]Ê >ÃV>À ]Ê À>Êi Ê >ÃV>À ÊLU LS ZVM[ WHYHKL KL .\HKHSHQHYH H 5L^ @VYR -\TV JVTV \U OPW}JYP[H L OPNHKP[V X\L ZV` ILIV LS HN\H V_PKHKH KL SVZ [xTPKVZ @ Zt X\L [YHIHQV UV WVYX\L JVIYL \UHZ WLa\|HZ HQVZ LU JLYV LU LS [HS}U KL TPZ JOLX\LZ ZPUV WVY LS Z\LSKV Z\ÄJPLU[L WHYH KP]LY[PYTL V HI\YYPYTL JVU TPZ ZVYKLYHZ L[xSPJHZ ¶L_[YH|V ;PYLZPHZ¶ ` W\LKH WYLKLJPY JVU ZLPZ TVULKHZ Q\U[V JVU LS JPLNV KL )LStU ` (J\|H X\L UV OL N\HYKHKV UHKH KPNUV KL ]LYZL TmZ HSSm KL HSN\UVZ T\LY[VZ KL \UVZ J\HU[VZ KLZLUJHU[HKVZ 3H JVTPKH X\L TL KLQ} LS UHN\HS SH OL JVTWHY[PKV JVU SH ZVTIYH KLS WLYYV JVU LS PKtU[PJV H Tx TPZTV JVU LS X\L JVIYH SHZ LZTLYHSKHZ LU JLYV JVU LS X\L ILIL LS HN\H LU LS VTISPNV ZHSVT}UPJV KL 6UMHSPH W\LZ [YHUZMVYTHY SV ]PLQV ¶H` KL Tx X\L `H UV TL YLJVUVaJV¶ TL YLX\PLYL ]VTP[HY [VKVZ SVZ YLTLKPVZ [VKH SH IHYIH LU YL[PYHKH HU[LZ X\L SV PKLU[PÄJHKV ZL WHYLaJH TmZ H SV X\L LZ[V` KLQHUKV *PLNV X\L LZ[V` [LUNV \U HZ[YV X\LIYHKV LU SH THUV WVY LZV ZV` [HU S JPKV L PUJVTWSL[V ( UHKH TL KLIV JVU SL[YHZ SV WHNV WVY LZV ZV` OVTIYL X\L SL KLILU ` [VKVZ SL MHS[HU 4LQVY TL WHSWV UV LZ[m X\PLU LZ H\ZLU[L ` TL JYLJL SH ZLK ` LS HSJVOVS 4LQVY TL LU[YLNV HS TV]PTPLU[V HQLUV H SH OLYTHUKHK KLS SVJV [YPZ[L KLS 4LYJHKV (SJHSKL 3H IHUX\L[H LZ JHZP [VKV LS T\UKV SH WYLJPZH J\UH KL SVZ O\LZVZ +LSPTP[V TP LZWHJPV ` TL [PYV H KVYTPY
(WYLUKLY WHYH SH ]PKH
3 < * Ð ( 4 (@(
ÊLÕÃV>Ê`iÊ >ÊiëiÀ> â>
¸,S ILZV KLS THY¸ ÔSLV [LSH ¹_ ¹
º1 ÊVÕ>`À ]Ê«>À>Ê ]Êà } wV>ÊÕ Ê iÀ à ÊÃÕi ÊÀ ? Ì V Ê`iÊ> } ʵÕiÊ Õ V>ÊvÕiÊÞʵÕiÊ Õ V>ÊÃiÀ?]ÊÕ >Ê ÕâÊ Õ V>Ê Û ÃÌ>]Êi ÊÕ >ÊÌ iÀÀ>ʵÕiÊ >` iÊ«Õi`iÊ`iw ÀÊ ÊÀiV À`>À]Êà Ê`iÃi>À°°°»
9L]PZ[H 0,,(
°Ê ÕÀ i iÃ]Ê>ÀÌ ÃÌ>Ê } jÃÊà } Ê8 8]Ê i LÀ Ê`i Ê Û i Ì Ê«Ài À>v>i Ì>°Ê Ê >ÃÊ` à ÃÊ`i Ê«À ` } ]ÊÓ£Ê`iÊ VÌÕLÀiÊ`i ÊÓääΰÊ*ÕiÀÌ Ê, V °
¸,S [VYYLU[L¸ ÔSLV [LSH ¹_ ¹
Ö iÀ Ã > ÌiÀ ÀiÃ
£ÊÊ1 "
ÓÊÊ "-
ÎÊÊ/, -
*À Ý Ã Ö iÀ Ã ,i} > â>V
/DV 1XHYDV DYHQWXUDV GH 7LPRWHR
* Jâ>ÃÊ Õ Ì>À >Ã i jÝ V
Ê*À }À> >Ê`iÊ*À >À >Ê «>À>Ê Ûi iÃÊ£ä £{
¢4XLpQ SRGUi VHU D HVWD KRUD GH OD QRFKH" £D~Q QR DFDER PL WDUHD
(VWR GH HVFULELU QR HV PX\ GLItFLO XQD YH] TXH HPSLH]DV
3RU &pVDU *RQ]iOH] 6
¢4Xp WH WUDH £0L HVWLPDGR DPLJR ,JQRUDQWtQ SRU DTXt" ¢4Xp RQGD PL ³FXDLV´ 7LPR"
+H YLVWR WX OXFLpUQDJD SUHQ GLGD \ SHQVp TXH WHQGUtDV XQ ³SDFKDQJyQ´ \ EXHQR \D HQWUDGRV HQ DPELHQWH ³SRV´ PH DSXQWp
³3RV´ SUH¿MR TXH VLJQL¿FD GHWUiV R GHVSXpV GH (QWRQFHV FXDOTXLHU ¿HVWD SDFKDQJD GLVWUDFFLyQ R GLYHUVLRQ HVSLULWXDO HV SRVWHULRU SHUR EXHQR ¢FRPy VH YD D OODPDU PL WDUHD" Vt VH WUDWD GH EH EHU \ EDLODU HVWR\ PiV SXHVWR TXH XQ FDOFHWtQ
-D PL DPLJR GHO ³SRV´ HVWR\ KD FLHQGR PL WDUHD
(WYLUKLY WHYH SH ]PKH
ÃV>À iÛJV iÛÞÌ° À}° Ý]Ê Ã Û >} ` >JÞ> °V ° Ý]Ê Ã} ` >JV iÛÞÌ° À}° ÝÊ Ê ii>ÀiÛ ÃÌJ Ì > °V
*Õ Ì Ê`iÊ VÕi ÌÀ Ê`i Ê --]Ê V>Ê Ç°Ê/ > ?]Ê > °
/iÊ Û Ì> ÃÊ >Ê V >L À>ÀÊ V Ê Ìi >ÃÊ Ài >Ì Û ÃÊ >Ê >Ê i`ÕV>V Ê `iÊ >ÃÊ «iÀà >ÃÊ Ûi iÃÊÞÊ>`Õ Ì>Ã°Ê ÃÊÌÀ>L> ÃÊ`iLiÀ? ÊÌi iÀÊÕ >ÊiÝÌi Ã Ê ?Ý >Ê`iÊÌÀiÃÊVÕ>À Ì >ÃÊÞÊ«ÀiviÀi Ìi i ÌiÊ«ÀiÃi Ì>ÀÃiÊi Ê7 À`°Ê Ê Ãi Ê ` Ì À > Ê` VÌ> >À?Ê Ã LÀiÊ >Ê«iÀÌ i V >Ê`iÊ«ÕL V>V °Ê Û >ÊÌÕÃÊ>ÀÌ VÕ ÃÊÞÊÌÕÃÊV i Ì>À ÃÊ>\Ê