)ยฐ7 ! 6ยน5-:7 ! 5)A7 2=617
KZcYZg k^cd h^c WdiZaaVh
;=5):17
ย +ร UW ILQ^QVIZ Y]M VW[ LMXIZIZยฒ MT N]\]ZW' 8WLMUW[ PIKMZ ]V MRMZKQKQW QV\MTMK\]IT a M`IUQVIZ TI[ XZQVKQXITM[ \MVLMVKQI[ Y]M KWVK]ZZMV MV TW[ UMZKILW[ Y]M VW[ ZWLMIV a I^QbWZIZ ]V KIUJQW LM ย MV MT KWV[]UW LM UMLQW[ -V MT M^IVOMTQW LM ;IV 5IZKW[ LQKM" sVILQM MKPI ^QVW V]M^W MV JW\MTTI[ ^QMRI[t -V M[\I UM\ยฒNWZI TI WJZI M[ MT ^QVW a TI JW\MTTI M[ MT KWV\MVMLWZ -V !! 2WPV 8MZZa *IZTW_ LMร VQร Y]ยบ TI \ZIV[UQ[Qร V LM WJZI[ XWZ TI ZML MZI KWUW s^MVLMZ ^QVW [QV JW\MTTI[tj ;ยพ" MT KQZK]Q\W K]T\]ZIT M QV\MTMK\]IT [M LM[UI\MZQITQbI a IT PIKMZTW M[\ยฒ ILWX\IVLW LQ[\QV\I[ NWZUI[ 0IKM VW U]KPW TW[ Iร KQWVILW[ Y]M ^Q^ยพIV TMRW[ LM TI[ OZIVLM[ XWJTIKQWVM[ W MV W\ZW XIยพ[ VW XWLยพIV KWUXZIZ TW[ ^QVW[ Y]M LM[MIJIV 4W[ Y]M TW TWOZI JIV KWV NZMK]MVKQI TW[ KWV[MO]ยพIV LM KITQLIL QVNMZQWZ# UQMV\ZI[ Y]M W\ZW[ \MVยพIV TI [W[XMKPI LM Y]M M`Q[\ยพIV ^QVW[ M`KMTMV\M[ [QV MUJW\MTTIZ A MV\WVKM[ ~TTMOร TI ZM^WT]KQร V " s-[\ยบ LWVLM M[\ยบ TM ^MVLMUW[ M[\M ^QVW a ][\ML [M TW JMJM K]IVLW Y]QMZIt 7 JQMV" s)Pยพ M[\ยฒ M[\M ^QVW" IPWZI MUJW \ยบTTMTW ][\ML UQ[UWt 7" s8IO]M IPWZI XWZ M[\I JW\MTTI a ZMKร RITI [MQ[ PWZI[ LM[X]ยบ[ MV TI \QMVLI XWTQ^ITMV\M LMT JIZZQWt 0Wa KWV\IUW[ KWV ^QLMW[ XZWNM[QWVITM[ KTยฒ[QKW[ LMT KQVM OZIVLM[ M[\ZM VW[ a PI[\I ^QLMW[ KI[MZW[ KWV QLMI[ [WZXZMVLMV\M[ MV TI ?MJ IT ITKIVKM LM K]ITY]QMZI Y]M \MVOI ]V WZLMVILWZ a KWVMKKQร V I QV\MZVM\ ;M X]MLMV KWXQIZ TMMZ a ZMXZWL]KQZ KI[Q MV K]ITY]QMZ WZLMVILWZ VWZUIT a \IUJQยบV MV \MTยบNWVW[ KMT]TIZM[ a MV VW^MLW[W[ a ZM^WT]KQWVIZQW[ XZWL]K\W[ KWUW MT Qย XIL ;QO]QMVLW M[\ยฒ IVITWOยพI \IUJQยบV []ZOQMZWV MUJW\MTTILWZI[ LWUยบ[ \QKI[" ร TUIKQWVM[ a MLQKQWVM[ LM ^QLMW KI[MZI[ a VW \IV\W XWVMV IT ITKIVKM LM UQTTWVM[ LM XMZ[WVI[ TI XW[QJQTQLIL LM ^WTKIZ \WLI [] KZMI\Q^QLIL KWV KITQLIL XZWNM[QWVIT ITOW Y]M IV\M[ MZI QUXW[QJTM XWZ TW[ MTM^ILW[ KW[\W[ a MY]QXIUQMV\W VMKM[IZQW[ a ]VI VMKM[IZQI KILMVI LM LQ[\ZQJ]KQร V 0IJZยฒ LMO][\ILWZM[ LM ^QVW QV[I\Q[NMKPW[ s8]M[ I Uยพ UM O][\IJI K]IVLW ^MVยพIV MV JW\MTTI[ t LM[IUXIZILW[ sA IPWZI Y]M PIV KMZZILW TI JWLMOI LM TI M[Y]QVI ย Y]QยบV UM IKWV[MRIZยฒ Y]ยบ JMJMZ't -T XIVWZIUI Y]M []ZOM X]MLM [MZ IOZILIJTM W VW LMXMVLQMVLW LM TI ^Q[Qร V LM KILI KWUXIร ยพI a LM [] KIXIKQLIL LM KZMIZ ]VI WXWZ\]VQLIL MV M[\M V]M ^W M[KMVIZQW ) [QUXTM ^Q[\I Y]MLI KTIZW Y]M TI NWZUI MV Y]M TI OMV\M KWV []UยพI UMLQW[ I]LQW^Q[]ITM[ PI[\I TI NMKPI a TI ZMTIKQร V NZMV\M I M[\W[ M[\ยฒ KIUJQIVLW LZยฒ[\QKIUMV\M 1V\MZVM\ XZWUM\M KWV^MZ\QZ[M MV ^MPยพK]TW XWZ M`KMTMVKQI a MT KWVKMX\W LM sKIVITt KIUJQIZยฒ -T V]M^W M[XMK\ILWZ aI VW M[\I TQUQ\ILW I TW Y]M TI XIV\ITTI LMT \MTM^Q[WZ TM XZWXWVM [QVW Y]M LQ[XWVM LM \WLI TI XZWOZIUIKQร V LMT U]VLW Y]M Y]QMZI J][KIZ [MOร V [] O][\W W QV\ZQOI -V M[\M KWV\M`\W []ZOM ]VI V]M^I ร O]ZI QUXWZ\IV\M TI LMT J][KI LWZ AI [M M[\ยฒ LIVLW ]VI KTIZI JI\ITTI LM Y]QMV [MZยฒ MT OZIV O]Zร MV TI ZML Y]M XMZUQ\I I TI OMV\M WZQMV\IZ[M LMV\ZW LM M[\M WKยบIVW LM XZWOZIUIKQร V ย ;MZยฒ OWWOTM' ย [MZยฒ 5QKZW[WN\' ย [MZยฒ aW]\]JM' ;MI K]IT N]M[M MT N]\]ZW Y]M VW[ \WKIZยฒ ^Q^QZ PWa XWLMUW[ I[MO]ZIZ \IT KWUW ZMbI ]V ^QMRW ZMNZIV sY]M MT ^QVW ITMOZI MT KWZIbร V LM TW[ PWUJZM[t IT QO]IT Y]M TW[ KWV\MVQLW[ [I\Q[NIKMV TI[ VMKM[QLILM[ K]T\]ZITM[ a XZยฒK\QKI[ LM TW[ [MZM[ P]UIVW[ a IT PIKMZTW ITMOZIV \IUJQยบV [] KWZIbร V A LM M[W [M \ZI\I [MI XWZ MT UMLQW Y]M [MI .MZVIVLW +IT^Qร W
,WJTM KTQKS +WUXIK\W QVNWZUI\Q^W
1LMV\QSQ\ -ZQS 2MV[MV 5IVIOQVO ,QZMK\WZ LM +,+ =VQ\ML 6M\_WZS
-UXZM[I[ .W` <MTMKWTWUJQI XQ[I N]MZ\M KWV OZIVLM[ XZWL]KKQWVM[
-V\ZM^Q[\I <MTMU]VLW ZMN]MZbI [] WNMZ\I LM XZW L]K\W[ XIZI MT UMZKILW QV\MZVIKQWVIT
-V\ZM^Q[\I <MTMNM 1V\MZVI\QWVIT KZMKM a TW LM[KZQJM 5QKPMTTM ?I[[MZUIV
*ZM^M[ +WUMVbIZWV TI[ OZIJIKQWVM[ LM y;]Mร I +WVUQOWz +,+ =VQ\ML 6M\_WZS [QO]M I TI ^IVO]IZLQI LMT , ;Mร ITM[ Tร LMZM[ R]V\W I -VLMUWT
*ZM^M[ +WUMVbร MT ZWLIRM LM z/]Q\I .ร KQT{ LM .TWZ 4I\QVI =VI [Mร IT ZMVW^ILI MV TI ZMOQร V )<>+ a +)88;) WZOIVQbIV RWZVILI ML]KI\Q^I
.W\WOITMZร I <WLW +IVQ\MK MV QUร OMVM[
,QZMK\Q^W[
)OMVLI
8TIKMZ 7KQW
7XQVQร V 8WZ /]QTTMZUW 8ZMLI ;WKQW LM )KKMV\]ZM
)KKQร V 4I[ VW^MTI[ [QO]MV [QMVLW TI KIZ\I N]MZ\M LM )Uร ZQKI 4I\QVI
-V\ZM^Q[\I 5QKPIT 6I[PQ^ LM[KZQJM TW[ WJRM\Q ^W[ LM ,WZQ 5MLQI /ZW]X
8IVWZIUI -T UMZKILW PQ[XIVW LM =;) KZMKM KWUW ]V NWKW \MTM^Q[Q^W
-UXZM[I[ .W` [M PIKM N]MZ\M LM TI UIVW LM [][ XWTW[ LM XZWL]KKQร V
+WV^MVKQWVM[ 4) ;KZMMVQVO[ U]M[\ZI \WLW MT N]\]ZW LM TI \MTM^Q[Qร V
-V\M^Q[\I :QKS 8MZMb PIKM ]V ZMXI[W [WJZM MT ^ITWZ LM TI[ [Mร ITM[ LM <]ZVMZ
4W[ IZ\ยพK]TW[ ร ZUILW[ VW ZMร MRIV VMKM[IZQIUMV\M TI WXQVQร V LM TW[ MLQ\WZM[ 8IZI TI ZMXZWL]KKQร V \W\IT W
;\INN
XIZKQIT LMJMZยฒ PIKMZ[M M`XZM[I UMVKQร V LM TI N]MV\M z;Mร IT 1V\MZVIKQWVIT{ M[ UIZKI ZMOQ[\ZILI LM .MZVIVLW +IT^Qร W 9]MLI PMKPW MT LMXร [Q\W Y]M UIZKI TI TMa :MOQ[\ZW 6IKQWVIT LM 8ZWXQMLIL 1V\MTMK\]IT MV \Zร UQ\M
,QZMK\WZ -LQ\WZ .MZVIVLW +IT^Qร W :MLIKKQร V ,Q[Mร W ;Mร IT )T\MZVI\Q^I 1UXZM[W XWZ )Z\M[ /Zร รฅKI[ *][KPQ
:M^Q[\I ;Mร IT 1V\MZVIKQWVIT M[ ]VI X]JTQKIKQร V JQUMV[]IT LM ;Mร IT )T\MZVI\Q^I ; : 4
;Mร IT )T\MZVI\Q^I ; : 4 )^ +IJQTLW 8Q[W * + !))? +IXQ\IT .MLMZIT )ZOMV\QVI
)LPMZQLW I TI )[WKQIKQร V LM TI 8ZMV[I <ร KVQKI a -[XMKQITQbILI LM TI )ZOMV\QVI
<MT .I`" - UIQT" [MKZM\IZQI([MVITMLQ\WZI KWU IZ ___ ZM^Q[\I[MVIT KWU
)4<-:6)<1>)
6XjZgYdh
>98 n AZYVร abh hZ jcZc Zc AVi^cdVbย g^XV 1V\MZVI\QWVIT ,Q[\ZQJ]\QWV +WU XIVa 1,+ TI MUXZM[I I[WKQILI I ;]UUQ\ -V\MZ\IQVUMV\ \QMVM ]VI QUXZM[QWVIV\M XMZNWZUIVKM MV KQVM a ^QLMW MV )UยบZQKI 4I\QVI KWV [] KI\ยฒTWOW LM XMTยพK]TI[ LM OZIV ยบ`Q\W 1UXTMUMV\IVLW ]VI M[\ZI\MOQI XIZI L]XTQKIZ M[M ยบ`Q\W a TTM^IZ M[\W[ QUXWZ\IV\M[ \ยพ\]TW[ I TI \MTM^Q[Qร V MV )UยบZQKI 4I\QVI TI KWUXIร ยพI KWV\ZI\ร I 4MLIร TU[ XIZI KWTIJWZIZ MV NWZUI M`KT] [Q^I KWV M[\I MUXZM[I s-V 1,+ M[\IUW[ U]a KWV\MV\W[ LM KWV\IZ I XIZ\QZ LM IPWZI KWV MT M[N]MZbW a MT MV\][QI[UW LM TW Y]M KWV[QLMZIUW[ M[ MT MY]QXW LM ^MV\I[ Uยฒ[ QUXWZ\IV\M a XZM[\QOQW[W Y]M IK\ร I MV )UยบZQKI 4I\QVI PWa LยพI MT MY]QXW LM 4MLIร TU[t LMKTIZร 8MLZW :WLZQO]Mb ,WUMKY 8ZM[QLMV\M LM 1,+
Ik EV\V
@YVWgV a^YZgย adh gVi^c\h YjgVciZ hj ZhigZcd s3LIJZIt TI XZQUMZI ร KKQร V WZQOQVIT MV M[XIร WT LM .W` MV TI ZMOQร V WJ\]^W ]VI M`KMTMV\M XMZNWZUIVKM L]ZIV\M [] LMJ]\ ,]ZIV\M TI MUQ[Qร V LM [] XZQUMZ KIXยพ\]TW TI [Mร IT N]M MT KIVIT TยพLMZ MV ZI\QVO[ LM \MTM^Q[Qร V XWZ KIJTM MV +WTWUJQI KWV X]V\W[ LM ZI\QVO >MVMb]MTI KWV 5ยบ`QKW KWV a )ZOMV\QVI KWV )LMUยฒ[ MV *ZI[QT .W` N]M MT KIVIT LM MV\ZM\MVQUQMV\W TยพLMZ KWV X]V\W[ LM ZI\QVO -UQ\QLI \WLW[ TW[ R]M^M[ I TI[ P[ ):/ s3LIJZIt ZMร VM MTMUMV\W[ LMT U]VLW ZMIT a [WJZMVI\]ZIT LWVLM MT UQ[\MZQW Y]M ZWLMI I [] XZW\IOWVQ[\I LM[MVKILMVI ]VI [MZQM LM PMKPW[ QUXZM ^Q[\W[ =V U]VLW LM NMVร UMVW[ QVM`XTQKIJTM[ LWVLM \WLI[ TI[ ZM[X]M[\I[ XIZMKMV M[\IZ KMV\ZILI[ MV ยบT
IZaZXdbjc^XVX^dcZh
Edaย b^XV edg aV aZn YZ bZY^dh Zc Bย m^Xd s5ยบ`QKW XMZLQร ]VI ^Mb Uยฒ[ TI WXWZ\]VQLIL LM OMVMZIZ ]VI ZM NWZUI QV\MOZIT I TI TMa LM UMLQW[ Y]M WNZMbKI KMZ\MbI a OIZIV\QKM MT LMZMKPW I TI TQJMZ\IL LM M`XZM[Qร V a LM XZMV[It TIUMV\ร )TJMZ\W *Z]VWZQ ZMXZM[MV\IV\M LMT )T\W +WUQ[QWVILW LM 6IKQWVM[ =VQLI[ XIZI TW[ ,MZMKPW[ 0]UIVW[ K]IVLW MV MT ;MVILW MT KWWZLQVI LWZ LM TW[ TMOQ[TILWZM[ XIVQ[\I[ /][\I^W 5ILMZW ZMKPIbร Y]M MT OWJQMZVW LM .MTQXM +ITLMZร V a [] XIZ\QLW PIaIV XZM[QWVILW I [][ KWZZMTQOQWVIZQW[ XIZI NZMVIZ TI QVQKQI\Q^I ) [] ^Mb 5ILMZW [W[\]^W Y]M [] JIVKILI M[\ยฒ KWUXZWUM\QLI KWV MT V]M^W UIZKW R]ZยพLQKW MV UI\MZQI LM ZILQWLQN][Qร V a \MTMKW U]VQKIKQWVM[ a J][KIZยฒ TW[ KWV[MV[W[ XIZI TWOZIZ ]VI ZMNWZUI
>ciZgcZi
Aย YZg Zc kZciVh ejWa^X^iVg^Vh 4I QV^MZ[Qร V X]JTQKQ\IZQI KIaร ]V MV MT XZQUMZ \ZQUM[\ZM LM KWV ZM[XMK\W IT UQ[UW XMZยพWLW LMT XI[ILW Iร W TW Y]M ZMXZM [MV\I MT UMVWZ LM[KMV[W LM TW[ ]T\QUW[ UM[M[ [MOร V ZM^MTร ]V QVNWZUM MTIJWZILW XWZ )ZKM 5MLQI a 5MLQI 0W\TQVM Y]M [Q\ร I M[\I QV^MZ[Qร V MV UQTTWVM[ LM M]ZW[ 1V\MZVM\ [M XW[QKQWVI KWUW MT UMLQW Y]M Uยฒ[ I]UMV\I a MT Y]M \QMVM ]V KZMKQUQMV\W UIaWZ MV TI XIZ\QKQXIKQร V UQMV\ZI[ Y]M TI XZMV[I a M`\MZQWZ LQ[UQV]aMV TQOMZIUMV\M [] K]W\I LM UMZKILW )[QUQ[UW TW[ LWUQVQKITM[ a MT KQVM PIV KZMKQLW a MT UMLQW Y]M Uยฒ[ PI LM[KMVLQLW PIV [QLW TI[ ZM^Q[\I[ KWV ]VI KIยพLI LMT -[\W PIKM Y]M [ร TW ITO]VW[ [MK\WZM[ LM IK\Q^QLIL PIaIV KZMKQLW LMKQLQLIUMV\M UQMV\ZI[ Y]M W\ZW[ ZML]KMV [] QV^MZ[Qร V
EjWa^X^YVY
8gZXZ aV ^ckZgh^ย c ejWa^X^iVg^V Zc 6g\Zci^cV 4I +ยฒUIZI )ZOMV\QVI LM +MV \ZITM[ LM 5MLQW[ XZM[MV\ร TI[ KQNZI[ Wร KQITM[ LM QV^MZ[Qร V X] JTQKQ\IZQI MV TI )ZOMV\QVI KWZZM[XWVLQMV\M[ IT XZQUMZ \ZQUM[\ZM LMT XMZยพWLW Y]M LM[\IKIV KWUW s]V \ZQUM[\ZM XW[Q\Q^W Y]M IKMV\ร I TI \MVLMVKQI aI UIZKILI XWZ MT ร T\QUW LM ! MV MT Y]M [M PIJยพI ITKIVbILW ]V KZMKQUQMV\W LMT -T QVNWZUM ZMร MRI Y]M L]ZIV\M MT XZQUMZ \ZQUM[\ZM LM M[\M Iร W TI QV^MZ[Qร V X]JTQKQ\IZQI ITKIVbร TW[ ! UQTTWVM[ LM XM[W[ ]V ! ! Uยฒ[ Y]M MV MT UQ[ UW XMZยพWLW LM ! <> a ,QIZQW[ [QO]MV KWVKMV\ZIVLW TI UIaWZ XIZ\M LM TI QV^MZ [Qร V 4W[ UMLQW[ LM UIaWZ KZMKQUQMV\W [WV <> )JQMZ\I <> +IJTM +QVM 1V\MZVM\ a :M^Q[\I[ -V UMVWZ UMLQLI M[\ยฒV :ILQW +IXQ\IT a >ยพI 8ร JTQKI
Ik EV\V
B<B =9 aaZ\V V 6g\Zci^cV n Bย m^Xd 5/5 ?WZTL_QLM 6M\_WZS[ IV]VKQร MT TIVbIUQMV\W LM TI ^MZ [Qร V MV M[XIร WT LM [] KIVIT 5/5 0, [Mร IT Y]M WNZMKM PWZI[ LM XMTยพK]TI[ KTยฒ[QKI[ a KWV\MUXWZยฒVMI[ 5/5 0, [M TIVbร XWZ +IJTM>Q[Qร V MV )ZOMV\QVI a +IJTM^Q[Qร V MV 5ยบ`QKW I[ยพ KWUW ;Sa MV 5ยบ`QKW MV IJZQT 4I QVQKQI\Q^I M`XIVLM MT XWZ\INWTQW LM 5/5 6M\_WZS[ 4I\QV )UMZQKI s5/5 +PIVVMT[ [M KWV\QVร IV M`XIVLQMVLW a XZW[XMZIVLW I \ZI^ยบ[ LMT UMZKILW U]T\QKIVITt KWUMV\ร *Z]KM <]KPUIV XZM[Q LMV\M LM 5/5 ?WZTL_QLM 6M\_WZS[ s4I IT\I LMร VKQร V [M PI KWV ^MZ\QLW MV ]V \MUI QUXWZ\IV\M LM KZMKQUQMV\W XIZI VW[W\ZW[ MV MT UWUMV\W Y]M ZMKQยบV TIVbIUW[ 5/5 0, MV :MQVW =VQLW a ]VI OIUI LM TIVbIUQMV\W[ LMT KIVIT MV -[\ILW[ =VQLW[ -]ZWXI a MT 5MLQW 7ZQMV\Mt IOZMOร
Ik EV\V
IK <adWd XgZXZ Zc AVi^cdVbย g^XV <> /TWJW 1V\MZVIKQWVIT KWUMVbร KWV KQNZI[ M`XZM[Q^I[ -V NMJZMZW MT KIVIT \]^W ]V I]UMV\W [QOVQร KI\Q^W MV [] JI[M LM KTQMV\M[ XZMUQ]U MV )UยบZQKI 4I\QVI KWV ]V LM KZMKQUQMV\W MV KWUXIZIKQร V KWV MVMZW LMT UQ[UW Iร W -V ZMTIKQร V IT UQ[UW XMZยพWLW LMT ! MT QVKZMUMV\W N]M Iร V UIaWZ []XMZQWZ IT )ZOMV\QVI a >MVMb]MTI [M MVK]MV\ZIV MV\ZM TW[ XZQVKQXITM[ UMZ KILW[ Y]M XZM[MV\IZWV TW[ UIaWZM[ I]UMV\W[ MV [] JI[M LM IJW VILW[ -[\W[ LI\W[ ZMร MRIV TI M[\ZI\ยบOQKI LMKQ[Qร V ILWX\ILI XWZ TI MUXZM[I L]ZIV\M MT XMZยพWLW LM XZMKIZ VI^IT LWVLM [M X]LQMZWV ^MZ TW[ LM[ร TM[ Uยฒ[ QUXWZ\IV\M[ LM KILI KQ]LIL LILW Y]M MV MT UM[ LM NMJZMZW TI [Mร IT TQJMZร TI \ZIV[UQ[Qร V LMT M^MV\W XIZI WXMZILWZI[ \W\ITQbIVLW XIยพ[M[
EjWa^X^YVY
AV 8CC ZcigZaVoV ejWa^X^YVY n XdciZc^Yd -V MT V]M^W [PW_ LM XZQUMZI VW KPM LM 2WPV 3QVO s=;)t MV TI KI LMVI +66 LM -[\ILW[ =VQLW[ KILI KWUMZKQIT IXIZMKM KWV ]VI XMY]Mร I ^MV\IVI MV TI XIZ\M QVNMZQWZ LM TI XIV\ITTI Y]M WNZMKM ]VI ^Q[\I MV ^Q^W LMT [M\ LMT [PW_ -V KQMZ\I NWZUI MV\WVKM[ MT [PW_ KWV\QVร I MV TW[ KWUMZKQITM[ a [M X]MLM ^MZ TI IK\Q^QLIL LM XZWL]K\WZM[ a \ITMV\W[ ILMUยฒ[ LM ]V M[XIKQW Uยฒ[ IUXTQW XIZI Y]M KQZK]TMV MV XIV\ITTI VW\QKQI[ a IK\]ITQbIKQร V LM QVNWZUIKQร V VIKQWVIT )PWZI Y]M TW[ IV]VKQIV\M[ M[\ยฒV XIOIVLW XWZ MT \QMUXW X]JTQ KQ\IZQW LM TI <> JI[ILW MV MT Vร UMZW LM OMV\M Y]M UQZI TW[ KWUMZ KQITM[ TI[ KILMVI[ M[\ยฒV \ZIJIRIVLW XIZI LQ[UQV]QZ TI [MV[IKQร V Y]M \QMVM MT Xร JTQKW LM Y]M TI X]JTQKQLIL QV\MZZ]UXM [][ XZWOZI UI[ NI^WZQ\W[
IZXcdad\ย V
BdidgdaV aVcoV iZXcdad\ย V (9IK -T VMOWKQW LM 5WJQTM ,M^QKM[ 0WUM LM 5W\WZWTI MV MT UIZKW LM -`XW +IVQ\MK Y]M [M TTM^ร I KIJW MV 5WV\MZZMa 5ยบ`QKW UW[\Zร XWZ XZQUMZI ^Mb MV )UยบZQKI 4I\QVI ]VI LMUW LM \MKVWTW OยพI LM <> MV \ZM[ LQUMV[QWVM[ ZMNWZbIVLW I[ยพ [] TQLMZIbOW MV TI QVL][\ZQI LM \MTM^Q[Qร V 4I ,<> XMZUQ\M Y]M TI M`XMZQMVKQI LM \MZKMZI LQUMV[Qร V ILM Uยฒ[ LM IT KQVM TTMO]M I TW[ PWOIZM[ LM TW[ ][]IZQW[ 4I XZWOZIUI KQร V [M IXZMKQI LM ]V UWLW U]KPW Uยฒ[ XZM[MVKQIT aI Y]M [M Iร I LM XZWN]VLQLIL I TI M`XMZQMVKQI ^Q[]IT s4I <> MV , [M KWV^MZ\QZยฒ ZยฒXQLIUMV\M MV TI V]M^I M`XM ZQMVKQI LM ^Q[]ITQbIKQร V LQZQOQLI IT PWOIZ Y]M TW[ ][]IZQW[ M[\ยฒV M[XMZIVLWt LQRW 2WZOM ,]ZWV >Q KMXZM[QLMV\M LM >MV\I[ a ;MZ^QKQW XIZI 4I\QVWIUยบZQKI LMT VMOWKQW
8dckZcX^dcZh
6 : n I]Z =^hidgn 8]VccZa Xdc Za Edad ) - a <PM 0Q[\WZa +PIVVMT [M []UIZWV IT [MTMK\W OZ]XW LM XI\ZWKQVILWZM[ LMT +IUXMWVI \W 5]VLQIT LM 8WTW 8TIaMZW LM ;W]\P *MIKP Y]M ZMร VM I TW[ Uยฒ[ XZWUQVMV\M[ R]OILWZM[ LM M[\I LQ[KQXTQVI KWV TW[ XI\ZWKQVI LWZM[ LMT Uยฒ[ IT\W VQ^MT a [M ZMI TQbร MV M[I[ XTIaI[ LMT IT LM )JZQT )[ยพ TI[ [Mร ITM[ KWV[WTQLIV [] XZM[MVKQI MV TW[ M^MV\W[ LM ZMVWUJZM s-T 8WTW LM ;W]\P *MIKP M[ Uยฒ[ Y]M ]V KIUXMWVI\W LMXWZ\Q ^W M[ ]V M^MV\W Y]M U]M[\ZI ]V M[\QTW LM ^QLI Y]M M[ U]a INยพV I V]M[\ZI[ UIZKI[ I V]M[\ZI I]LQMVKQI a Y]M KWUJQVI MT LMXWZ\M LM TW[ ZMaM[ KWV MT IUJQMV\M XTIaMZW OTIUWZW[W a MV\ZM\MVQLW Y]M KIZIK\MZQbI I ;W]\P *MIKP t LQRW +ร [IZ ;IJZW[W >QKMXZM[QLMV \M LM ) - a <PM 0Q[\WZa +PIVVMT
Ik 6W^ZgiV
KZcZk^h^dc >ciZgcVi^dcVa XgZXZ Zc :hiVYdh Jc^Ydh >MVM^Q[QWV 1V\MZVI\QWVIT KMTMJZร MT ยบ`Q\W Y]M \]^W MT ร VIT [] \MTMVW^MTI s)TUI QVLW UIJTMt MV TW[ -[\ILW[ =VQLW[ MT XI[ILW LM IJZQT K]IVLW ITKIVbร ]V XZWUMLQW LM ZI\QVO VIKQWVIT LM X]V\W[ QVKZMUMV\IVLW TI I] LQMVKQI LM [] PWZIZQW XWZ MV KWUXIZIKQร V IT Iร W IV\MZQWZ LM IK]MZLW IT ยขVLQKM 6QMT[MV LM TI <MTM^Q[Qร V 6IKQWVIT v 0Q[XIVI s-T ยบ`Q\W LM q)TUI QVLWUIJTMr PI IJIZI\ILW NZWV\MZI[ a KWV Y]Q[\ILW I]LQMVKQI[ MV Uยฒ[ LM XIยพ[M[ LM 1JMZWIUยบZQKI a M[\I UW[ [MO]ZW[ Y]M M[\M []KM[W QV\MZVIKQWVIT KWV\QV]IZยฒ aI Y]M M[ ]VI VW^MTI KWV OZIV ITKIVKM XWZ [] KITQLIL LM XZWL]KKQร V MTMVKW M[\MTIZ a TQJZM\W ]VQ^MZ[ITt LM[\IKร 5IV]MT 8ร ZMb >QKMXZM[QLMV\M +.7 LM >MVM^Q[QWV 1V\MZVI\QWVIT
Ik EV\V
8^cZXVcVa =9 aaZ\V V aVh eVciVaaVh -V UIaW TTMOร +QVMKIVIT 0, Y]M WNZMKM TI[ XMTยพK]TI[ KWUW N]M ZWV KWVKMJQLI[ KWV QLQWUI WZQOQVIT NWZUI\W XIVWZยฒUQKW a [QV KWZ\M[ KWUMZKQITM[ 4I OZQTTI KWV\MUXTI MT LM \ยพ\]TW[ M`KT][Q ^W[ KWV \WLW[ TW[ OยบVMZW[ a M[\ZMTTI[ LMT KQVM IK\]IT a K]MV\I KWV [WVQLW ,WTJa ,QOQ\IT [QUQTIZ IT Y]M [M ][I MV TI[ [ITI[ LM KQVM s-[\M TIVbIUQMV\W M[ TI XZ]MJI Y]M \ZIJIRIUW[ KWV[\IV\MUMV \M MV TQLMZIZ TI M`XMZQMVKQI LM TI \MTM^Q[Qร V LM 4I\QVWIUยบZQKI IXW aIVLW I TW[ [Q[\MUI[ LM \MTM^Q[Qร V LM XIOW KWV ]VI M`KT][Q^I XZW OZIUIKQร V LM KITQLIL MV IT\I LM ร VQKQร V LM UIVMZI LM MV\ZMOIZ MV KWVR]V\W ]VI WNMZ\I LM XZQ UMZ VQ^MT Y]M [M KWVMK\M KWV TI[ KZMKQMV\M[ VMKM[QLILM[ LMT KWV []UQLWZt LQRW -LOIZ ;XQMTUIVV +-7 a XZM[QLMV\M LM 4)8<>
Ik 6W^ZgiV
HZ Vjidg^oVg{c a^XZcX^Vh YZ IK VW^ZgiV 4I )]\WZQLIL .MLMZIT LM ;MZ^QKQW[ LM +WU]VQKIKQÚV )]LQW^Q[]IT LM )ZOMV\Q VI LMKQLQà Y]M ^I I W\WZOIZ I]\WZQbIKQW VM[ XZW^Q[WZQI[ XIZI MUQ\QZ MV \MTM^Q[QÃV IJQMZ\I I Y]QMVM[ [M PIaIV XZM[MV\ILW MV MT KMV[W Y]M ZMITQbà MV ! 8MZW ]V OZ]XW LM KIVITM[ Y]M VW M[\IJIV WXMZI\Q^W[ IT UWUMV\W LMT KMV[W XMZW Y]M [M QV[KZQJQM ZWV XIZI KWUMVbIZ I MUQ\QZ Z²XQLIUMV\M a KWV[MO]QZ TI TQKMVKQI Y]M TW[ PIJQTQ\IZI I PIKMZTW IOW\IZWV XZ²K\QKIUMV\M TI[ M`Q[\MV KQI[ LM MY]QXW[ MUQ[WZM[ LM \MTM^Q[QÃV IJQMZ\I Y]M \MV¾IV TW[ XZW ^MMLWZM[ ;Q JQMV TI ).;+) M[\IJTMKQà Y]M M[W[ XMZUQ[W[ [M LIZ²V T]MOW LM ]VI QV[XMKKQÃV TW[ M[XMKQITQ[\I[ KWV[QLMZIV Y]M ]VI ^Mb Y]M M[\ºV WXMZIVLW TW[ V]M^W[ IK\WZM[ aI VW [M QZ²V U²[
IZaZXdbjc^XVX^dcZh
IZaZ[ c^XV Vhe^gV V b{h <MTMNÚVQKI ]VI LM TI[ UIaWZM[ KWUXIÁ¾I[ LM \MTMKWU]VQKI KQWVM[ LMT U]VLW Y]M [M KMV\ZI XZQVKQXITUMV\M MV TW[ VMOWKQW[ LM \MTMNWV¾I Î RI a UÃ^QT KWV TI JIVLI IVKPI KWUW TI PMZZIUQMV \I KTI^M XIZI MT LM[IZZWTTW LM IUJW[ VMOWKQW[ Y]QMZM KWV[MO]QZ LM IY]¾ I \ZM[ IÁW[ TI KQNZI ZMLWVLI LM UQTTWVM[ LM KTQMV\M[ MV 4I\QVWIUºZQKI I TI Y]M Y]QMZM KWV^MZ\QZ sMV X]V\I LM TIVbIt LMT OZ]XW )[¾ TW PI IX]V\ILW MT XZM[QLMV\M LM TI \MTMKW +º[IZ )TQMZ\I L]ZIV\M ]VI KWVNMZMVKQI MV MT +IZQJM MV TI Y]M XZM[MV\à MT XTIV M[\ZI\ºOQKW LM TI Î ZUI 4I KWUXIÁ¾I M[XIÁWTI IX]V\I Y]M I XM [IZ LM TI KZQ[Q[ a TI[ LQN¾KQTM[ KWV LQKQWVM[ MKWVÃUQKI[ OTWJITM[ MT UMZKILW TI\QVWIUºZQKIVW M[\² K]UXTQMVLW TI[ XZM^Q[QWVM[
Ik EV\V IZaZXdbjc^XVX^dcZh
IZaZk^hV WjhXV [gZXjZcX^V eVgV XZajaVgZh <MTM^Q[I M[\² TQ[\W XIZI ]VI []JI[\I LM NZMK]MVKQI[ LM \MTMNWV¾I KMT]TIZ Y]M TIVbIZ² MT /WJQMZVW LM 5º`QKW I Î VITM[ LM UIaW KWV TI Y]M J][KI QVKZMUMV\IZ [] WNMZ\I LM [MZ^QKQW[ -V NMJZMZW [M ]VQà KWV TI WXMZILWZI LM \MTM NWV¾I UÃ^QT 6M`\MT XIZI TIVbIZ ]VI WNMZ\I KWVR]V\I MV TI TQKQ\IKQÃV Y]M LM \MVMZ º`Q\W TI TTM^IZ² I KWUXZIZ ]V LM TI \MTMNÃVQKI s4I []JI[\I M[\² XI]\ILI XIZI MT LM UIaWt LQRW MT ^QKMXZM [QLMV\M MRMK]\Q^W LM <MTM^Q[I )TNWV[W LM )VOWQ\QI MV ]VI KWVNM ZMVKQI KWV IVITQ[\I[ XIZI LQ[K]\QZ TW[ ZM[]T\ILW[ LM TI KWUXIÁ¾I MV MT XZQUMZ \ZQUM[\ZM s5QMV\ZI[ \IV\W [MO]QUW[ \ZIJIRIVLW KWV 6M`\MT XIZI LMÎ VQZ V]M[\ZI M[\ZI\MOQI a IKMZKIZVW[ KWVR]V\IUMV \M IT UMZKILWt IÁILQÃ
Ik EV\V
C^X` ?g/ Zc ,% YZ adh ]d\VgZh bZm^XVcdh 6QKS 2Z IV]VKQÃ [] KZMKQUQMV\W MV ZI\QVO a XMVM\ZIKQÃV I TW[ PWOIZM[ UM`QKIVW[ ;MOÊV LI\W[ LM 1JWXM 5M LQI [M KWTWKÃ MV T]OIZ MV TW[ KIVITM[ LM <> LM XIOI KWV ]V \IZOM\ WJRM\Q^W LM VQÁW[ IÁW[ ,M M[\M UWLW MT KIVIT QVKZMUMV\Ã KQVKW ^MKM[ [][ ZI\QVO[ MV KWUXIZI KQÃV KWV ! s) ]V IÁW a UMLQW LM [] TIVbIUQMV\W 6QKS 2Z \QMVM ]V LM XMVM\ZIKQÃV MV MT UMZKILW UM`QKIVW a OMVMZÃ ]V QVKZMUMV\W LMT MV ZI\QVO[t LQRW 4I]ZI 8ÐZMb ,QZMK\WZI LM )Î TQILW[ ,Q[\ZQ J]KQÃV XIZI 5<> 6M\_WZS[ 5º`QKW s-[\IUW[ [I\Q[NMKPW[ KWV TI ZM[X]M[\I LM TI I]LQMVKQI a M[XMZIUW[ [MO]QZ KWV M[\M KZMKQUQMV \W aI Y]M VW[ PMUW[ LILW K]MV\I Y]M TM[ O][\I Y]M M`Q[\I ]V KIVIT KWV KWV\MVQLW[ [IVW[ a LQ^MZ\QLW[ XIZI VQÁW[t IOZMOÃ
;dm Hedgih a^YZgV eg^bZ i^bZ Zc 6g\Zci^cV .W` ;XWZ\[ 4I\QV )UMZQKI IV]VKQÃ Y]M [MOÊV TI[ ÊT\QUI[ UMLQ KQWVM[ ZMOQ[\ZILI[ XWZ 1JWXM MV ZI\QVO[ LM <> KIJTM MV MT UM[ LM UIZbW LMT [QO]M UIV\MVQMVLW [] KZMKQUQMV\W MV UMZKILW[ KTI^M[ KWUW )ZOMV\QVI a [M ]JQKI KWUW TI [MÁIT LMXWZ\Q^I U²[ [QV\WVQbILI MV M[M XI¾[ LM T]VM[ I LWUQVOW L]ZIV\M MT PWZIZQW XZQUM \QUM 4I [MÁIT I\ZQJ]aM M[\M TQLMZIbOW [W[\MVQLW XZQVKQXITUMV\M IT NWZ\ITMKQUQMV\W a KWV[WTQLIKQÃV LM [][ \ZIV[UQ[QWVM[ LM TI +WXI ;IV\IVLMZ 4QJMZ\ILWZM[ Y]M []MTMV WJ\MVMZ OZIV ZM[X]M[\I LM TW[ \MTM^QLMV\M[ I TI[ \ZIV[UQ[QWVM[ LM TI .ÃZU]TI QV\MZVIKQW VIT TW[ XIZ\QLW[ LM WK\I^W[ LM Î VIT LM TI =-.) +PIU XQWV[ 4MIO]M a 8ZM^QI[ MV ^Q^W LM TI +WXI ;IV\IVLMZ 4QJMZ\ILWZM[
EjWa^X^YVY
IjgcZg d[gZXZ jc \da ejWa^X^iVg^d 4W[ KIVITM[ LM <]ZVMZ 1V\MZVI \QWVIT a <]ZVMZ 5MLQI MT MY]QXW LM ^MV\I[ X]JTQKQ\IZQI[ LQZQOQLW XWZ /ZM\KPMV +WTÃV >QKM 8ZM[QLMV\I ;M VQWZ LM <*; 4I\QV )UMZQKI LM[IZZWTTIZWV ]V XIY]M\M M[XMKQIT XIZI [][ KTQMV\M[ L]ZIV\M TI +WXI 5]VLQIT -T XIY]M\M QVKT]aM ]V [XW\ LM [MO]VLW[ QV\MOZILW I TI[ ^QÁM\I[ \Q\]TILI[" s IÁW[ MV [MO]VLW[t TI[ K]ITM[ UIZKIZ²V MT IVQ^MZ[IZQW LM TI KWU XM\MVKQI 4I[ ^QÁM\I[ [M \ZIV[UQ\QZ²V TW[ UM[M[ LM UIaW a R]VQW MV TW[ KI VITM[ <6< <+5 ;XIKM +IZ\WWV 6M\_WZS *WWUMZIVO .I[PQWV <> 1VÎ VQ\W 1 ;I\ 5]KP 5][QK a 0<> +66 MV -[XIÁWT a I \ZI^º[ LM +66 KWU +ILI ]VW M[\W[ KIVITM[ Y]M QV\MOZIV MT XZWaMK\W \MVLZ² ]VI VW^MLW[I XZWOZIUIKQÃV KWV TI \MU²\QKI LM TI +WXI 5]VLQIT
Ik EV\V
CVgYV AZeZh YZhZbWVgX Zc Ji^a h^bV =\QTÔ[QUI M[\ZMVÃ MV UIZbW s,WÁI 8M\ZW VI 8WZ 6IZLIt XIZI )ZOMV\QVI 8IZIO]Ia a =Z]O]Ia LWVLM 6IZLI 4MXM[ N][QWVI ZM KM\I[ KT²[QKI[ a LM \WLW[ TW[ \QMUXW[ Y]M N]MZWV TI UIZKI ZMOQ[\ZILI LM ,WÁI 8M\ZW VI KWV V]M^I[ ^MZ[QWVM[ KWV MT \WY]M UW LMZVW a NZM[KW Y]M TI KIZIK\MZQbIV 8ZWL]KQLI XWZ .W` <WUI MT XZWOZIUI KWUJQVI TW \ZILQKQWVIT KWV TW IK\]IT UIV\MVQMVLW MT I\ZIK\Q^W [IJWZ a TI XZIK\QKQLIL XIZI LQ[NZ]\IZ LM TI KWKQVI KI[MZI \WLW[ TW[ L¾I[ )LMU²[ 4MXM[ K]MV\I KWV TI Ia]LI LM TI \¾I >Q^QIVI [] \¾I MV TI ^QLI ZMIT XIZI TTM^IZ I J]MV X]MZ\W TW[ XTI\W[ U²[ ZQKW[ =V XZWOZIUI LMLQKILW I ZMK]XMZIZ TI UM[I KWUW T]OIZ LM MVK]MV\ZW -T XZWOZIUI [M MUQ\M KILI UIZ\M[ I TI[ P[ ):/
Ik 6W^ZgiV <> )*1-:<)
ÆBVaeVg^YVÇ! jc m^id Zc 6g\Zci^cV z5ITXIZQLI{ TI V]M^I XZW L]KKQÃV LM -T <ZMKM Y]M TTMOI I \WLI 4I\QVWIUºZQKI I \ZI^º[ LM -T <ZMKM 1V\MZVIKQWVIT [M \ZIV[NWZUÃ LM[LM [] TIVbIUQMV\W MT XI[ILW LM IJZQT I TI[ P[ ):/ MV MT XZWOZIUI U²[ ^Q[\W LM TI <> )JQMZ\I )ZOMV\QVI KWV XQKW[ LM X]V\W[ LM ZI\QVO +WV ]V \ZI[NWVLW LM ^MVOIVbI VIZZI TI PQ[\WZQI LM :MVI\I ]VI RW^MV Y]M \QMVM KWUW WJRM\Q^W ^MVOIZ TI U]MZ\M LM [] UILZM a WZOIVQbIZ² [] ^QLI MV \WZVW I ]V XTIV sUITXIZQLWt" KWVY]Q[\IZ MT KWZIbÃV LM 4WZMVbW =ZQJM ]V M`Q\W[W PWUJZM KWV MT Y]M [] UILZM \]^W ]VI ZMTIKQÃV LM TI Y]M VIKQÃ [] UMLQW PMZUIVW a XWZ K]aW IUWZ [] UILZM XMZLQÃ TI ^QLI )PWZI :MVI\I QV\MV\IZ² LIZ ^]MT\I TI PQ[\WZQI a XIOIZTM KWV TI UQ[UI UWVMLI
Ik 6W^ZgiV
IK 6oiZXV gZedgiV \VcVcX^Vh b^aadcVg^Vh <> )b\MKI TI [MO]VLI UIaWZ MUXZM [I LM \MTM^Q[QÃV LM 5º`QKW ZMXWZ\à ]VI OIVIVKQI VM\I MV MT XZQUMZ \ZQUM[\ZM LM ZM^QZ\QMVLW TI XºZLQLI LMT UQ[UW TIX[W MT IÁW XI[ILW K]IVLW [M ^QW INMK \ILI XWZ TI KIZOI QUXW[Q\Q^I 4I KWUXIÁ¾I IÎ ZUà Y]M OIVà UQ TTWVM[ LM XM[W[ MV MT XMZQWLW MVMZW UIZbW 0IKM ]V IÁW TI MU XZM[I PIJ¾I ZMOQ[\ZILW ]VI XºZLQLI LM UQTTWVM[ LM XM[W[ MV M[M XZQUMZ \ZQUM[\ZM )LMU²[ 4I MUXZM[I ZMXWZ\à ^MV\I[ LM UQTTWVM[ LM XM[W[ ]V U²[ Y]M TW[ !! UQTTWVM[ LMT XZQUMZ \ZQUM[\ZM LMT ! 4I[ IKKQWVM[ LM <> )b\MKI JIRIZWV ]V MV TI *WT[I UM`QKIVI I ! XM[W[ IV\M[ LM TI X]JTQKIKQÃV LMT ZMXWZ \M LM ZM[]T\ILW[ Î VIVKQMZW[
IZaZXdbjc^XVX^dcZh
9^gZXik ^cVj\jg digV WVhZ deZgVi^kV ,QZMK\^ QVI]O]ZÃ [] K]IZ\I JI[M WXMZI\Q^I MV TI KQ]LIL IZOMV\QVI LM 4I 8TI\I LM[LM LWVLM ZMITQbIZ² TI[ QV[ \ITIKQWVM[ LM KTQMV\M[ LM M[I KIXQ\IT a -V[MVILI *MZQ[[W /WVM\ +Q\a *MTT <WTW[I a ITZMLMLWZM[ )TJMZOI Z² I MUXTMILW[ MV\ZM \ºKVQKW[ a ILUQVQ[\ZI\Q^W[ a \MVLZ² ]V XTIaÃV XIZI [] Ï W\I LM ^MP¾K]TW[ LMXÃ[Q\W[ [ITI[ LM WÎ KQVI[ [ITI[ LM ZM]VQWVM[ [ITI[ LM KIXIKQ\IKQÃV a ^M[\]IZQW[ 8IZI [] QVI]O]ZIKQÃV TI MUXZM[I QV^QZ\QÃ U²[ LM UQTTWVM[ LM XM[W[ 4I WZOIVQbIKQÃV MV *I[M[ 7XMZI\Q^I[ \QMVM XWZ WJRM\Q^W WNZMKMZ I [][ MUXTMILW[ TI QVNZIM[\Z]K\]ZI VMKM[IZQI XIZI JZQVLIZ ]V [MZ ^QKQW LM KITQLIL a XZWUW^MZ TI QV\MOZIKQÃV KWV TI MUXZM[I MV ]V MV\WZVW XMV[ILW XIZI [][ VMKM[QLILM[
8dckZcX^dcZh IZaZXdbjc^XVX^dcZh
;AD IK XgZXZ Zc aV IK b k^a .47 <> 1VKWZXWZI\ML IV]VKQÃ MV MT UIZKW LMT s 6)* ;PW_t MV 4I[ >MOI[ Y]M M[\² \ZIJIRIVLW XIZI UMRWZIZ [] [MZ^QKQW LM <> UÃ^QT KWV V]M^I[ IXTQKIKQWVM[ Y]M QV\MOZIV ^QLMW KWV KWV\MVQLW JI[ILW MV TI _MJ a PMZZIUQMV\I[ LM UMLQW[ [WKQITM[ 4I[ KIXIKQ LILM[ M`\MVLQLI[ ZM[XWVLMV I V]M^I[ NWZUI[ MV Y]M TW[ KWV[] UQLWZM[ IK\]ITUMV\M ^MV M QV\MZIK\ÊIV KWV KWV\MVQLW LM NWZUI [QU]T\²VMI s,MJQLW I Y]M TW[ P²JQ\W[ LM MV\ZM\MVQUQMV\W UÃ^QT LM TW[ KWV []UQLWZM[ M^WT]KQWVIV Z²XQLIUMV\M .47 <> QV\MOZIZ² [] IK\]IT ^QLMW TQVMIT MV ^Q^W KWV KWV\MVQLW [WJZM LMUIVLI ZMTM^IV\M a N]VKQWVM[ QV\MZIK\Q^I[ Y]M KWUXTMUMV\IV TI XZWOZIUIKQÃV Y]M ^MV TW[ \MTM^QLMV\M[ MV \QMUXW ZMITt LQRW *QTT ;\WVM XZM[QLMV\M LM .47 <>
>bedgiVciZ \VaVgY c eVgV 6giZVg -V MT UIZKW LMT MVK]MV\ZW IV]IT LM IV]V KQIV\M[ a UMLQW[ Y]M MV [M KMTMJZà MV 1O]IbÊ 5Q[QWVM[ )Z\MIZ TI KWUXIÁ¾I U]T\QUMLQI LM )ZOMV\QVI Y]M XZWL]KM a KW UMZKQITQbI KWV\MVQLW[ I]LQW^Q[]ITM[ U]T\QXTI\INWZUI[ [M TTM^à MT XZMUQW I TI UMRWZ XZM[MV\IKQÃV LM VMOWKQW[ MV *ZIVL -V ]VI IKKQÃV KWWZLQVILI XWZ TI /MZMVKQI LM 5IZSM\QVO LMT ,M XIZ\IUMV\W +WUMZKQIT XZM[MV\à [] IJIVQKW LM WNMZ\I[ MV KWUMZ KQITQbIKQÃV I \ZI^º[ LM [][ XTI\INWZUI[ LM <> )JQMZ\I a ;MÁITM[ LM +IJTM )LMU²[ TI[ IKKQWVM[ XZWUWKQWVITM[ LM TI MUXZM[I MV MT M^MV\W QVKT]aMZWV MT LM[IZZWTTW a IUJQMV\IKQÃV LM ]V [\IVL MT [PW_ZWWU a XIZ\QKQXIKQWVM[ MV TI[ IK\Q^QLILM[ ZMKZMI\Q^I[ a TI IKZMLQ\IKQÃV KWV [WZ\MW[ a XZMUQW[
:BEG:H6H
JcV bVgXV ej_VciZ Zc Za bZgXVYd YZ XdciZc^Ydh 8dc jc ZmeZgi^hZ fjZ ^cXajnZ m^idh Xdbd Æ:a 8VedÇ! Æ@YVWgVÇ n ÆBZciVaÇ! ;dm IZaZXdadbW^V aaZ\V Va bZgXVYd YZ A#6# HXgZZc^c\h Xdchda^YVYd hjh &( V dh Zc Za bZgXVYd VjY^dk^hjVa YZ 6b g^XV AVi^cV# 6aa hZ egZhZciVg{c aVh Y^[ZgZciZh jc^YVYZh YZ cZ\dX^d YZ aV ZbegZhV Xdbd aV \ZcZgVX^ c YZ [dgbVidh n XdciZc^Ydh! _jcid Xdc adh hZgk^X^dh XgZVi^kdh n YZ egdYjXX^ c#
A
I XZWL]K\WZI .W` <MTMKWTWUJQI TTM OI I 4 ) ;KZMMVQVO[ MV LWVLM XWZ XZQUMZI ^Mb \MVLZ² ]VI PIJQ\I KQÃV M`KT][Q^I XIZI XZM[MV\IZ TI[ XZWL]KKQWVM[ Y]M PI ZMITQbILW MV [][ QV[\ITIKQWVM[ MV *WOW\² +WTWUJQI 4I KWUXIÁ¾I PI XZWL]KQLW [MZQM[ KWUW -T +IXW 8IVLQTTI[ LM /]MZZI a 8Ib XIZI :+6# 3LIJZI MV I[WKQIKQÃV KWV 4)8<> a 5MV\IT XIZI MT UMZKILW LM -- == ILMU²[ LM ^I ZQI[ XMT¾K]TI[ a W\ZW[ NWZUI\W[ \MTM^Q[Q^W[ ;][ QV[\ITIKQWVM[ XW[MMV KQVKW ]VQLILM[ UÃ^QTM[ XIZI PIKMZ ÎKKQÃV K]I\ZW LM MTTI[ MV IT\I LMÎVQKQÃV a ]VI LQOQ\IT )LMU²[ XW[MM \ZM[ MY]QXW[ LM KQVM KWV K²UIZI[ ;WVa .! Y]M XZWL]KMV ^QLMW LQOQ\IT KWV KITQLIL KQVMUI\WOZ²ÎKI I[¾ KWUW LQ^MZ[W[ MY]QXW[ XWZ\²\QTM[ 0Ia [ITI[ LM XW[\XZWL]KKQÃV a \ZM[ M[\]LQW[ ]VW LM UM\ZW[ MT U²[ OZIVLM LM +WTWUJQI# W\ZW LM UM\ZW[ a W\ZW LM UM \ZW[ U²[ \WLW \QXW LM MY]QXIUQMV\W[ MV K²UIZI[ T]KM[ [WVQLW a OZIJILWZI[ 4I XZQVKQXIT M[\ZI\MOQI Y]M XZM[MV\I TI MU XZM[I M[ MV\ZMOIZ \WLW MT \ITMV\W MVMZO¾I a ZMK]Z[W[ XIZI KILI XZWL]KKQÃV ;] UMRWZ PMZZIUQMV\I LM UMZKILMW M[\² MV MT JWKI I JWKI Y]M OMVMZIV TI[ XZWL]KKQWVM[ TI KITQLIL a KITQLMb LM \WLW[ TW[ UQMUJZW[ Y]M \ZIJIRIV MV TI MUXZM[I ;] XZQVKQXIT ^MV\IRI a NWZ\ITMbI KWUXM\Q\Q^I M[\² MV MT \ITMV\W P]UIVW 4I MUXZM[I [M PI KIZIK \MZQbILW XWZ \ZIJIRIZ KWV OZIVLM[ XZWNM [QWVITM[ M[XMKQITQbILW[ MV KILI ZIUI LM TI XZWL]KKQÃV Y]M XMZUQ\M \ZIJIRIZ KWV MÎKQMV\M[ \QMUXW[ a ZMK]Z[W[ TW K]IT ZM ÏMRI KW[\W[ JI[\IV\M KWUXM\Q\Q^W[ MV MT UMZKILW a IT\W[ M[\²VLIZM[ LM KITQLIL -[\M IÁW .W` <MTMKWTWUJQI WNZMKMZ² ]VI TQJZMZ¾I LM U²[ LM PWZI[ LM XZW L]KKQÃV ILMU²[ LM V]M^W[ a WZQOQVITM[ NWZUI\W[ LM ÎKKQÃV a MV\ZM\MVQUQMV\W \WLW M[\W IKWUXIÁILW LMT UIaWZ KWVWKQ UQMV\W MV TW[ ÊT\QUW[ I^IVKM[ \MKVWTÃOQ KW[ LM TI QVL][\ZQI Y]M XMZUQ\MV WNZMKMZ M[\ZI\MOQI[ U]T\QUMLQI LM OZILW[ ;] ]VQLIL LM VMOWKQW[ \ZIM UWLMTW[ LQ
;IU]MT ,]Y]M ,]Y]M
>8 LM 8ZWL]KKQÃV a 7XMZIKQWVM[ LM .W` <MTMKWTWUJQI
V²UQKW[ LM IK]MZLW I TI VMKM[QLIL LM TW[ KTQMV\M[ Y]M I[¾ MVK]MV\ZIV M[Y]MUI[ LM XZWL]KKQÃV N²KQTUMV\M ILIX\IJTM[ I ]V OºVMZW NWZUI\W ^MV\IVI W UMZKILW MV XIZ\QK]TIZ
B6I:G>6A I:8C>8D N =JB6CD -V TW[ ÊT\QUW[ KQVKW IÁW[ .W` <MTMKW TWUJQI []XW ZM[XWVLMZ KIJITUMV\M KWV TI M`QOMV\M UM\WLWTWO¾I KWV TI Y]M .W` LQ[MÁI a MRMK]\I TW[ XZM[]X]M[\W[ A XWZ W\ZW TILW ZMXZM[MV\I ]V OZIV TWOZW KWV \IZ KWV ]VI [MLM XZWXQI LM U\ LM
-[\M IØW .W` <MTMKWTWUJQI WNZMKMZÈ ]VI TQJZMZÔI LM UÈ[ LM PWZI[ LM XZWL]KKQÚV ILMUÈ[ LM V]M^W[ a WZQOQVITM[ NWZUI\W[ LM åKKQÚV ²ZMI LWVLM [M WXMZI TW[ \ZM[ M[\]LQW[ LM TI MUXZM[I )LMU²[ MT PMKPW LM \MVMZ TI XZWL]K\WZI QV\MOZILI MV ]V [WTW [Q\QW PI XMZUQ\QLW ]V UMRWZ KWV\ZWT a UIVMRW IL UQVQ[\ZI\Q^W LM \WLI[ TI[ ²ZMI[ -V K]IV\W I XZWL]K\W[ MT TWOZW U²[ QUXWZ\IV\M[ LM .W` <MTMKWTWUJQI PIV [QLW TW[ M`Q\W[W[ XZWL]K\W[ Y]M [M PIV ZMITQbILW XIZI .W` a :+6 K]aW[ ZI\QVO[ a XZMUQW[ WJ\MVQLW[
LIV XZ]MJI LM MTTW ,MV\ZW LM TI MUXZM[I [M K]MV\I KWV ]V MY]QXW QV^M[\QOI\Q^W a LM IV²TQ[Q[ LM KWV\MVQLW[ Y]M M[\]LQI TI[ VMKM[QLILM[ LMT UMZKILW TWKIT M QV\MZVI KQWVIT a LWVLM [M XWVM U]KPI I\MVKQÃV I TI[ \MVLMVKQI[ LM TI QVL][\ZQI -V MT I[ XMK\W \ºKVQKW [M J][KI [MZ ZQO]ZW[W[ MV TI QV^M[\QOIKQÃV LM TI[ \MVLMVKQI[ LM TI QVL][\ZQI XIZI XWLMZ MV\ZMOIZ XZWL]K\W[ \ºKVQKIUMV\M KWUXM\Q\Q^W[ MV K]ITY]QMZ ^MV\IVI TWKIT W QV\MZVIKQWVIT 0Wa MV MT [MOUMV\W LM [MZ^QKQW[ LM XZWL]KKQÃV TI XZWL]K\WZI M[\² MV KWV LQKQWVM[ LM []UQVQ[\ZIZ \WLW[ TW[ [MZ^Q KQW[ Y]M ZMY]QMZM TI IK\Q^QLIL LM ^QLMW a KQVM 4I M[XMKQITQbIKQÃV LM TI KWUXIÁ¾I M[ WNZMKMZ MT [MZ^QKQW LM XZWL]KKQÃV MV MT K]IT [M XIZ\M LM O]QWVM[ WZQOQVITM[ MTIJWZILW[ XWZ M[KZQ\WZQW[ a [M MV\ZMOI MT XZWL]K\W \MZUQVILW ;QV MUJIZOW KWUW XZWL]K\WZM[ XIZI :+6 \IUJQºV [M PI XIZ \QLW LM ]V O]QÃV XZM^QIUMV\M MTIJWZILW KWUW MT KI[W LM .TWZQKQMV\I W TI VW^MTI Y]M [M MVK]MV\ZI MV XZWKM[W LM XZWL]KKQÃV 4I 5ILZM -[\M UWLMTW \IUJQºV [M ZMXQ\Qà KWV 5MV\IT a TI[ LW[ XZQUMZI[ \MUXWZI LI[ LM <QMUXW .QVIT .W` <MTMKWTWUJQI \IUJQºV \ZIJIRI MV KWXZWL]KKQWVM[ UWLMTW [WJZM MT K]IT [M MVK]MV\ZIV LM[IZZWTTIVLW ITO]VW[ XZW aMK\W[ XIZI -[\ILW[ =VQLW[ )LMU²[ [M PI QUXTMUMV\ILW TW Y]M [M LMVWUQVI MT sK][\WU UILMt ]V NWZUI\W MV MT Y]M [M QUXTMUMV\I LM UIVMZI KWV\QV]I LM TI UIVW LMT KTQMV\M# Y]M XMZUIVMV\MUMV\M M[\² LIVLW XI]\I[ []XMZ^Q[IVLW TW[ XZW KM[W[# TI MTIJWZIKQÃV LMT O]QÃV M[KWOM TW[ \ITMV\W[ a TWKIKQWVM[ Edg 9^Z\d 6a[V\ZbZo
:CIG:K>HI6 688>DC
:cigZiZc^b^Zcid n ÒXX^ c eVgV aVh eVciVaaVh YZa bjcYd
B^X]ZaaZ LVhhZgbVc! <ZgZciZ YZ 9^hig^WjX^ c YZ 8dciZc^Ydh YZ IZaZ[Z >ciZgcVi^dcVa! Zmea^X Za YZhZbeZ d YZ aV hZ Va Zc B>EIK n aVh ZmeZXiVi^kVh YZ aV XdbeV V eVgV Adh Ûc\ZaZh# IVbW^ c Zmea^XV X bd dWhZgkV Va bZgXVYd bjcY^Va n Za [Zc bZcd YZ aV iZaZk^h^ c Y^\^iVa#
5QKPMTTM ?I[[MZUIV
/MZMV\M LM ,Q[\ZQJ]KQÃV LM +WV\MVQLW[ LM <MTMNM 1V\MZVI\QWVIT
I
MTMNM 1V\MZVI\QWVIT XQ[IZ² N]MZ\M MV 4W[ VOMTM[ ;KZMMVQVO[ LWVLM XZM[MV\IZ² ^IZQI[ LM [][ M`Q\W[I[ XZWL]KKQWVM[ a PIZ² ]VI IX]M[\I N]MZ\M KWV [][ XZWOZIUI[ LM MV\ZM\MVQUQMV\W[ 5QKPMTTM ?I[[MZUIV /MZMV\M LM ,Q[\ZQJ]KQÃV LM +WV\MVQLW[ LM <MTMNM 1V\MZVI\QWVIT LQITWOÃ KWV ;MÁIT 1V\MZVIKQWVIT [WJZM KÃUW MVKIZIZ²V M[\I NMZQI a K]²T M[ TI ^Q[QÃV LM TI MUXZM[I IKMZKI LM TW[ UMZKILW[ T]MOW LM [] M`Q\W[I XIZ\QKQXIKQÃV MV 518<> )LMU²[ KWV\Ã TI[ M[\ZI\MOQI[ LM TI MUXZM[I KWV ZM[XMK\W I TI XZWL]KKQÃV LQOQ\IT I TW[ NWZUI\W[ a TI[ TI\I[ s518<> N]M ]VI NMZQI U]a XW[Q\Q^I XIZI VW[W\ZW[ <]^QUW[ ]V U²[ LM ZM]VQWVM[ ]V [\IVL U]KPW U²[ OZIVLM LW[ WÎKQVI[ U²[ a MT MY]QXW Y]M TTM^IUW[ M[\IJI MVNWKILW a KWV[WTQLILW KILI ]VW MV [] \MZZQ\WZQW 6W[ IJZQÃ TI[ X]MZ\I[ XIZI VMOWKQIZ KWV ITO]VW[ XI¾[M[ MV ]V KIUXW N]MZI LM TI ÎKKQÃV Y]M M[ MT LMT MV\ZM\MVQUQMV\W a \IUJQºV KWV XI¾[M[ Y]M \QMVMV MV\ZM\MVQUQMV\W XMZW Y]M VMKM[Q\IV KWUXZIZTW I ]V KW[\W VW U]a IT\W -V\WVKM[ M[\W[ LW[ NIK\WZM[ PQKQMZWV Y]M TI NMZQI N]MZI U]a M`Q\W[I XIZI VW[W\ZW[ MV \ºZUQVW[ LM ^WT]UMV a OQZW LM VMOWKQW[t
¦+]ÈTM[ [WV TI[ M`XMK\I\Q^I[ XIZI 4W[ ¨VOMTM[' ¦+ÚUW MVKIZIZÈV TI NMZQI' s-V 518<> XZMLWUQVIZWV TW[ UMZKILW[ LM -]ZWXI +MV\ZIT a P]JW KI[Q ]VI V]TQ LIL LM KWUXZILWZM[ TI\QVW[ Y]M M[ I TW Y]M I[XQZIUW[ MV 4W[ VOMTM[ a XIZI M[W ^IUW[ I TTM^IZ XZWOZIUI[ N]MZ\M[ KWUW jI OIVIZ 4I :M[Q[\MVKQI Y]M M[ TI V]M^I ^MZ[QÃV LM +I[Q VOMTM[ a <WLW[ KWV\ZI 2]IV Y]M M[ QUXWZ\IV\M XWZY]M PIK¾I ZI\W Y]M VW \MV¾IUW[ ]VI UQVQ[M ZQM LM KWUMLQI V]M^I a K]I\ZW M[XMKQITM[
[WJZM ;]L²NZQKI )LMU²[ ZMTIVbIUW[ *W \QVMZI[# ^WT^QUW[ I PIKMZ TW[ XZQUMZW[ MXQ[WLQW[ Y]M PQKQMZWV Y]M MT XZWOZIUI [MI ]VW LM TW[ º`Q\W[ U²[ N]MZ\M[ LM )Z OMV\QVIt ¦+ÚUW ^M[ MT XZM[MV\M LMT UMZKILW' s<MVOW U]KPI[ ÎKPI[ X]M[\I[ MV -]ZW XI +MV\ZIT VW \WLI^¾I MV -]ZWXI LMT -[\M XWZY]M ^I I \IZLIZ XWZ TW UMVW[ ]V IÁW U²[ MV [ITQZ LM [] JIRI XZWL]K\Q^I )LM U²[ [MO]QUW[ XWVQMVLW U]KPW MT WRW MV 4I\QVWIUºZQKI Y]M XIZI VW[W\ZW[ M[ ]V UMZKILW Y]M ZMXZM[MV\I U²[ LMT LM QVOZM[W[ )TT¾ \IUJQºV KWV\ZQJ]aà U]KPW MT KIJTM MV MT ÊT\QUW IÁW Y]M MUXQMbI I M`\MVLMZ[M a XZWL]KQZ LMUIVLIVLW V]M[\ZW[ XZWOZIUI[ XIZI [][ XIV\ITTI[ <MVMUW[ \IUJQºV U]KPI M`XMK\I\Q^I X]M[\I MV -[\ILW[ =VQLW[ a MV MT 5MLQW 7ZQMV\M a )[QIt ¦4I XZWOZIUIKQÚV LM MV\ZM\MVQUQMV\W [MZÈ ]V X]V\W N]MZ\M MV 4W[ ¨VOMTM[' s+ZMW Y]M jI OIVIZ ^I I IVLIZ U]a JQMV 2][\W I \QMUXW aI N]VKQWVI JQMV MV TI ZMOQÃV -[\² XZM[MV\M MV +PQTM a *ZI[QT IKIJIUW[ LM KMZZIZ \ZI\W MV +WTWUJQI UQMV\ZI[ VMOWKQIUW[ MV 5º`QKW a aI M[\I IT IQZM MV 8IZIO]Ia a *WTQ^QI jI /IVIZ M[XMZI [MO]QZ KWV M[I T¾VMI -[ ]V XZWL]K \W U]a MKWVÃUQKW Y]M I TW[ XI¾[M[ OZIV LM[ TM[ LI U²[ MNMK\Q^QLIL a I TW[ XI¾[M[
KPQKW[ U²[ XW[QJQTQLILM[ LM XZWL]KQZTWt ¦<QMVMV ITO]VI M[\ZI\MOQI XIZ\QK]TIZ XIZI TW[ V]M^W[ KIVITM[ LQOQ\ITM[' s-[\IUW[ IZUIVLW ]VI TQJZMZ¾I LM KWV \MVQLW[ LQOQ\ITQbILW[ VW [ÃTW XIZI TW[ KI VITM[ LQOQ\ITM[ Y]M aI M`Q[\MV [QVW XIZI \WLW[ TW[ Y]M []ZRIV MV MT U]VLW +]IV LW TW[ [WTQKQ\MV \MVLZMUW[ J]MV UI\MZQIT XIZI WNZMKMZTM[ AI \MVMUW[ PWZI[ LM XZWOZIUIKQÃV LQOQ\IT a LM I XWKW QZM UW[ LQOQ\ITQbIVLW TW[ º`Q\W[ LM <MTMNM XIZI VW \MVMZ [ÃTW TW ÊT\QUW LM V]M[\ZI XZWOZIUIKQÃV [QVW TW UMRWZ Y]M PMUW[ XZWL]KQLW )LMU²[ <MTMNM IZUà ]V LM XIZ\IUMV\W LQOQ\IT LWVLM VW [WTIUMV\M [M LQOQ\ITQbI MT KWV\MVQLW LM XIV\ITTI [QVW Y]M [M ^I I OMVMZIZ KWV\MVQLW LQOQ\IT M[ XMK¾ÎKIUMV\M XIZI TI M`XWZ\IKQÃVt ¦-[\M KWV\M`\W NI^WZMKM IT VMOWKQW LM TW[ NWZUI\W[ W LM TI[ TI\I[' s0Wa TW[ LW[ VMOWKQW[ [WV XIZITMTW[ MV QUXWZ\IVKQI a PWUWOºVMW[ MV K]IV\W I TW[ QVOZM[W[ 8IZI TW[ XI¾[M[ KWV XWKI KIXI KQLIL XZWL]K\Q^I TI TI\I ^I I [MO]QZ [QMVLW N]VLIUMV\IT 8WZ W\ZW TILW TW[ NWZUI\W[ M[\²V KZMKQMVLW U]KPW XWZY]M KILI ^Mb [WV U²[ TW[ XI¾[M[ Y]M [M IVQUIV I XZW L]KQZ ÎKKQÃVt
Edg 9^Z\d 6a[V\ZbZo
688>DC
JcV gZXZiV aVi^cV
8dc bVndgZh c^kZaZh YZ ^ckZgh^ c n VbW^X^dhVh egdYjXX^dcZh! aVh iZaZcdkZaVh aVi^cdVbZg^XVcVh h^\jZc bVgXVcYd jcV iZcYZcX^V Zc Za bZgXVYd ^ciZgcVX^dcVa YZ XdciZc^Ydh#
4I LQV²UQKI KWV[\IV\M LM TI QVL][\ZQI LM PWZIZQW M[\MTIZ LMT +IVIT LM TI[ -[\ZMTTI[ TI \MTM^Q[QÃV VW \WTMZI XI][I[ )[¾ TW M`QOM 4I PQ[\WZQI OQZI MV \WZVW I ]VI PMZUW[I MT UMZKILW a I[¾ TW I[]UMV TW[ LQ[\QV\W[ RW^MV Y]M KZM¾I \MVMZTW \WLW PI[\I Y]M R]OILWZM[ LM M[\I IZMVI I]LQW^Q[]IT IT [] XZWUM\QLW TI LMRI XTIV\ILI MV MT IT\IZ ^WTKIZ L¾I I L¾I [] QVOMVQW a M`XMZQMVKQI ,M[LM M[M UWUMV\W [M \ZIV[NWZUI MV ]VI U]RMZ Lº[XW\I a LM KIZ²K\MZ Y]M [M XIZI [MO]QZ IXWZ\IVLW I TI[ XIV\ITTI[ KPQ IQ[TI MV TI PIKQMVLI LM [] XILZM LWVLM KI[ KWV\MVQLW[ Y]M MV\ZM\MVOIV a KI]\Q ^MV I [][ I]LQMVKQI[ -V M[\M M[KMVIZQW TI KWVWKMZ² I [] O]IXW ^MKQVW Y]M XWKW I NIK\WZ¾I TI\QVWIUMZQKIVI [QO]M V]\ZQMVLW XWKW LM[V]LIZ² TI KWZIbI LM IUIZO]ZI I TI QVL][\ZQI KWV [] XZWL]K\W M[\MTIZ" TI Y]M MV^]MT^M [] KWZIbÃV 4I \MTMVW^MTI [M OZIJI MV PIKQMVLI[ LMT \MTMVW^MTI =V ZMKWZZQLW ^QZ\]IT PIKQI MT KWZIbÃV -[\ILW LM 0QLITOW IT []Z LM >MZIKZ]b -V M[I TWKITQLIL [M ZMKZMIV LM TW[ PIKMLWZM[ LM 4I IT\I LMåVQKQÚV M[ PWa [MVLI[ KI[I[" TI LM 4W[ \MTMVW^MTI[ VW[ TTM^I 5WV\M[QVW[ a TI LM 4W[ I [][ T]OIZM[ LM OZI TI \MKVWTWOÔI ILWX\ILI +I[KIJMTM[ ,M IK]MZ JIKQÃV MV LWVLM ]V LW I 6QKIVLZW ,¾Ib LM[XTQMO]M LM MY]QXW MV TI UIaWZÔI LM TI[ 0QLITOW K]MV\I KWV TI[ \ºKVQKW a \ITMV\W \ZI XZWL]KKQWVM[ MVKIZILI[ KIZIK\MZ¾[\QKI[ ILMK]I JIRIV XIZI KWTUIZ TI[ LI[ XIZI OZIJIZ TI \MTM XIV\ITTI[ LMT PWZIZQW MV \WLI TI ZMOQÚV VW^MTI QVKT]aMVLW ]VI M[\MTIZ a ^M[XMZ\QVW KIUXQÁI Y]M LMJM [MZ LM U]KPW[ T]OIZM[ LMT U]VLW )\Z²[ Y]MLIZWV TW[ LMKWZILW[ ]V \IV\W [MKI s-T XIQ[IRM \QMVM Y]M [MZ IL^MZ[W I MTTI# [M TM ^QMVM MT U]VLW MVKQ LM KIZ\ÃV XQMLZI a TI[ T]KM[ Y]M XZWaMK \IJIV IT UMVW[ K]I\ZW [WUJZI[ LM KILI UIt QVLQKI s4W[ Y]M KWVWKMV TI PQ[\WZQI [IJMV Y]M PIa ]V UWUMV\W KZ]KQIT a MTTI XMZ[WVIRM 4I XZWL]KKQÃV LM \MTMVW^MTI[ [M IR][\I [M ^I I [MX]T\IZ IP¾t PWa I TI[ M`QOMVKQI[ LMT XÊJTQKW 4I IT\I JC>K:GHD ;:B:C>CD LMÎVQKQÃV M[ TI \MKVWTWO¾I ILWX\ILI MV s<ZM[ UIZQLW[ \ZM[ U]MZ\M[j AI VW TI UIaWZ¾I LM TW[ KI[W[ a TI[ TWKIKQWVM[ KWUJQVIV K]QLILW[ IUJQMV\M[ QV\MZQWZM[ TW[ PIKMV KWUW IV\M[t +WV M[\I[ XITI KWV M`P]JMZIV\M[ XIQ[IRM[ a XIVWZIUI[ JZI[ [M LI QVQKQW IT \ZIQTMZ LM 4I[ )XIZQ LM KQ]LILM[ ZMITM[ Y]M KWUXTMUMV\IV KQW TI U²[ ZMKQMV\M KWXZWL]KKQÃV Y]M <MTMU]VLW 1V\MZVIKQWVIT ZMITQbI R]V\W I IZUÃVQKIUMV\M TI[ \ZIUI[ )ZOW[ +WU]VQKIKQWVM[ ]VI LM TI[ XZW L]K\WZI[ QVLMXMVLQMV\M[ U²[ QUXWZ\IV CJ:K6H K:GH>DC:H +WVWKQLI KWUW TI UIaWZ XZWL]K\WZI LM KWV\MVQLW[ MV M[XIÁWT MV\ZM TW[ XZWL]K \W[ ZMKQMV\M[ Y]M OZIJI <MTM^Q[I M[\² ;Wa \] L]MÁI ]VI ZMUISM LM ]VI LM TI[ \MTM VW^MTI[ U²[ M`Q\W[I[ MV TI PQ[\WZQI LM TI KILMVI \Q\]TILI 4I L]MÁI !! 8ZWL] KQLI XWZ 6QKIVLZW ,¾Ib /WVb²TMb K]MV\I KWV TQJZM\W LM 3IZa .IOMZ a ]V MTMVKW MV KIJMbILW XWZ 4]KMZW a .MZVIVLW +WT]VOI KWV ,I^QL BMXMLI a /IJa ;XIVQK MV TW[ ZWTM[ IV\IOÃVQKW[ ;Wa \] L]MÁI M[\² LQ[MÁILI XIZI WNZMKMZ IT M[XMK\ILWZ MXQ[WLQW[ MV IT\I LMÎVQ KQÃV a LM[LM MT XI[ILW ! LM IJZQT WK]XI MT
\M[ LM 5ยบ`QKW -[\M V]M^W \ZIJIRW K]MV\I KWV TI[ IK\]IKQWVM[ LM /IJa LM TI /IZbI @QUMVI :]JQW 8T]\IZKW 0IbI 4Qb /ITTIZ LW a 5IZยพI LMT +IZUMV .IZQI[ MV TW[ ZWTM[ XZQVKQXITM[ +WV \IV [ร TW K]I\ZW [MUIVI[ LM XZM XZWL]KKQร V TI \MTMVW^MTI PQbW [] LMJ]\ MV TI +ILMVI <ZM[ LM 5ยบ`QKW L]XTQKIVLW MT ZI\QVO MV [] M[XIKQW PWZIZQW s)T [ITQZ IT IQZM \MVร IUW[ M`KMX\W XWZ ITO]VI[ PQR]M TI[ LM LW[ W \ZM[ KIXร \]TW[ KIXร \]TW[ KMZZILW[{ LQKM ,IVQMT +IUPQ XZWL]K\WZ MRMK]\Q^W z-V OMVMZIT JIRW KQZK]V[\IV KQI[ VWZUITM[ VW[ O][\I M[\IZ I VW UMVW[ LM KQVKW KIXยพ\]TW[ LMT IQZM M[ LMKQZ ]VI [MUIVIt 7ZQOQVIT LM 4M\QKQI 4ร XMb 5IZOITTQ a >M Zร VQKI *MTT^MZ 4I[ )XIZQKQW J][KI LM[KQNZIZ MT ]VQ^MZ[W NMUMVQVW I \ZI^ยบ[ LM \ZM[ OM VMZIKQWVM[ LM U]RMZM[ Y]M VW [M Y]MLIV M[XMZIVLW I [] XZยพVKQXM Ib]T [QVW Y]M \W UIV TI[ ZQMVLI[ LM [][ ^QLI[ LM ]VI UI VMZI LMKQLQLI KWV\MUXWZยฒVMI KWV U] KPI IO]LMbI a ]VI J]MVI LW[Q[ LM P]UWZ VMOZW 4W[ KIXยพ\]TW[ Y]M M[\Z]K\]ZIV TI \M TMVW^MTI [WV OZIJILW[ MV ]V MV TWKI KQWVM[ M`\MZQWZM[ LM +Q]LIL LM 5ยบ`QKW a ]V MV QV\MZQWZM[ ZMXIZ\QLW[ MV [M\[ XZQVKQXITM[" 4I KI[I LM 4I[ )XIZQKQW MV +WIaIKยฒV# -T )\MTQMZ a MT *]NM\M LM 5MZKM LM[ MV TW[ -[\]LQW[ +P]Z]J][KW 4I[ )XIZQKQW M[ LQZQOQLI XWZ 5WQ[ยบ[ 7Z\Qb =ZY]QLQ a :WLZQOW +]ZQMT KWV +IZTW[ 8IaยฒV a -XQOUMVQW 1JIZZI MV TI XZWL]KKQร V 4W[ XZWL]K\WZM[ LM[\IKIV TI M[KMVI QVQKQIT LM TI \MTMVW^MTI XIZI TI K]IT KZMIZWV ]V XTI VW [MK]MVKQI LM UQV]\W[ LM L]ZIKQร V Y]M [M QVQKQI KWV TI KยฒUIZI UWV\ILI [W JZM ]VI OZร I Y]M IT MV\ZIZ I TI KI[I ^I XZM[MV\IVLW I KILI ]VW LM TW[ XMZ[WVIRM[ XIZI \MZUQVIZ MV ]V I\Iร L WK]XILW XWZ MT PI[\I MV\WVKM[ M[XW[W LM 5MZKMLM[
6A HJG 9: ;ADG>96 +]VI KWUMZKQIT LM KIVITM[ LM \MTM^Q[Qร V TI\QVWIUMZQKIVW[ 5QIUQ M[ \IUJQยบV KMV \ZW LM XZWL]KKQร V LM \MTMVW^MTI[ KWUW ;IKZQร KQW LM U]RMZ TI Uยฒ[ ZMKQMV\M IX]M[ \I LM >MVM^Q[QWV 1V\MZVI\QWVIT K]aI[ OZI JIKQWVM[ [M QVQKQIZWV MT XI[ILW UM[ LM UIZbW 7ZQOQVIT LM +IZTW[ 8ยบZMb TI \MTMVW^MTI
M[ OZIJILI MV ]V MV M`\MZQWZM[ ;][ TWKIKQWVM[ QVKT]aMV UWLMZVW[ MLQร KQW[ LMT KWZIbร V ร VIVKQMZW LM 5QIUQ *ZQKSMTT I[ยพ KWUW XIZY]M[ ZM[\I]ZIV\M[ KT]JM[ VWK\]ZVW[ a TI[ PMZUW[I[ XTIaI[ LM TI KW[\I []ZM[\M LM -[\ILW[ =VQLW[ ;IKZQร KQW LM U]RMZ \QMVM MTMUMV\W[ M[MVKQITM[ LMT UMTWLZIUI KWUW MT LM[ MVOIร W TI []XMZIKQร V MT LM[XMKPW a XWZ []X]M[\W MT IUWZ Y]M XZM^ITMKM XWZ MVKQ UI LM TW[ LMUยฒ[ [MV\QUQMV\W[ 5IZRWZQM LM ;W][I 2]IV )TNWV[W *I]\Q[\I 4]Q[ 2W[ยบ ;IV\IVLMZ 5IZQIVI <WZZM[ a 8IJTW )bIZ TTM^IV [WJZM [][ PWUJZW[ TI \ZIUI LM M[\I PQ[\WZQI Y]M [M QVQKQI KWV ]VI RW^MV Y]M Y]MLI MUJIZIbILI LM ]V IX]M[\W OITยฒV Y]M TI IJIVLWVI XIZI QZ[M \ZI[ TI NWZ\]VI LM [] XILZM ;] \ZIOMLQI KWV\QVร I K]IVLW IT LIZ I T]b TW[ UยบLQKW[ TM I[MO]ZIV Y]M [] JMJยบ PI VIKQLW U]MZ\W a Y]M VW X]M LM \MVMZ Uยฒ[ PQRW[ ;QV MUJIZOW Iร W[ Uยฒ[ \IZLM TW[ KIJW[ []MT\W[ KWUQMVbIV I MV\ZM\MRMZ[M XIZI KWV[\Z]QZ ]VI KWVNI J]TILI PQ[\WZQI MV LWVLM ZMIXIZMKMV MT OITยฒV a [] PQRI Y]QMV IT ร VIT VW PIJยพI U]MZ\W KWUW [M TW PQKQMZWV KZMMZ 4I ร KPI \ยบKVQKI LM ;IKZQร KQW LM U]RMZ
=VI \MVLMVKQI Y]M [M LM[\IKI M[ TI ]\QTQbIKQร V LM UรกT\QXTM[ TWKIKQWVM[ a TI QVKT][Qร V LM M[KMVIZQW[ QV\MZVIKQWVITM[ QVKT]aM I )ZY]QUMLM[ :Q^MZW KWUW LQZMK \WZ MRMK]\Q^W# 8M\MZ <QVWKW a )VI <MZM[I )ZQ[UMVLQ MV TI XZWL]KKQร V MRMK\]\Q^I a ]V MY]QXW LM LQZMK\WZM[ MVKIJMbILW XWZ )LZQIVI *IZZIbI ;QU]T\ยฒVMIUMV\M TI ]VQLIL LMT /Z]XW +Q[VMZW[ \IUJQยบV OZI JI MV +IZIKI[ s0IZQVI LM W\ZW KW[\ITt ]VI VW^MTI ZWUยฒV\QKI WZQOQVIT LM 5ร VQKI 5WV\Iร Mb
A6 G:6A>969 >CHE>G6 A6 ;>88>รขC 5IVWMT +IZTW[ M[ ]VW LM TW[ I]\WZM[ Uยฒ[ ZMKWVWKQLW[ LM *ZI[QT ,M TI UIVW LM <> /TWJW MT I]\WZ PIKM L]XTI XWZ \MZKM ZI ^Mb KWV MT LM[\IKILW ZMITQbILWZ 2IaUM 5WVRIZLQU XIZI TTM^IZ I TI XIV\ITTI >Q^QZ TI >QLI s;M \ZI\I LM ]V X]ร ILW LM PQ[\W ZQI[ P]UIVI[ Y]M ZWbIV TI ZMITQLIL XMZW M[ \W\ITUMV\M ร KKQร Vt LQRW 5IVWMT +IZ TW[ s0WUJZM[ a U]RMZM[ Y]M ^Q^MV [][ ^QLI[ KWV [][ LZIUI[ a UWUMV\W[ LM KW UMLQI LIVLW [WT]KQWVM[ I [][ KWVร QK\W[ a []XMZIVLW [][ LQร K]T\ILM[t )[ยพ TI \ZIUI LM >Q^QZ TI >QLI K]MV\I TI PQ[\WZQI ]VI RW^MV UWLMTW UQUILI Y]M VW WK]T\I TI MV^QLQI Y]M [QMV\M XWZ W\ZI UWLMTW 4I [Q\]IKQร V MUXMWZI K]IV LW M[\I ร T\QUI [M KI[I KWV [] XILZM ]V PWUJZM [ML]K\WZ Y]M [QMUXZM PI [QLW QVร MT ,]ZIV\M ]V ^QIRM MV I]\WUร ^QT ]V
\ZยฒOQKW IKKQLMV\M LMRI I TI XZW\IOWVQ[\I \M\ZIXTยบRQKI UWLQร KIVLW [] ^QLI a TI LM ^IZQI[ XMZ[WVI[ LM [] MV\WZVW 4I VW^MTI LM KIXยพ\]TW[ M[ OZIJILI XZQVKQXITUMV\M MV :ยพW LM 2IVMQZW a *]bQW[ XMZW K]MV\I KWV M[KMVI[ ZMOQ[\ZILI[ MV TWKIKQWVM[ LM 8IZยพ[ 2MZ][ITยบV a 8M\ZI 2WZ LIVQI =V MY]QXW LM XZWNM[QWVITM[ ^QI Rร L]ZIV\M LยพI[ XIZI OZIJIZ TI[ M[KM VI[ QV\MZVIKQWVITM[ 4I XZWL]KKQร V KWV\ร KWV TI I[M[WZยพI LMT LQZMK\WZ LM NW\WOZINยพI )NNWV[W *MI\W Y]QMV PI \ZIJIRILW KWV OZIVLM[ LQZMK\WZM[ KWUW 8MLZW )TUWLร ^IZ ;\MXPMV .ZMIZ[ ?IT\MZ ;ITTM[ a +IZTW[ ,QMO]M[ MV\ZM W\ZW[ +IJM LM[\IKIZ Y]M TI ]\QTQbIKQร V LM Uร T\QXTM[ TWKIKQWVM[ a MV M[XMKQIT TI QV KT][Qร V LM M[KMVIZQW[ QV\MZVIKQWVITM[ M[ U]a XIZ\QK]TIZ MV TI[ XZWL]KKQWVM[ LM TW[ ร T\QUW[ Iร W[ LM TI KILMVI TยพLMZ LM *ZI[QT ) M[\M ZM[XMK\W 5WVRIZLQU I[MO]ZI Y]M MT Xร JTQKW JZI[QTMZW M[\ยฒ IKW[\]UJZILW I KWVWKMZ MT U]VLW I \ZI^ยบ[ LM TI[ \MTM VW^MTI[ s-[ XIZ\M LMT MVKIV\W LM V]M[\ZI LZIUI\]ZOQIt 4I Nร ZU]TI LM XZWL]KKQร V QV\MZVIKQWVIT [M ZMXQ\M MV TI W\ZI VW^MTI Y]M IK\]ITUMV \M OZIJI <> /TWJW a K]aW M[\ZMVW M[\ยฒ XI]\ILW XIZI MT LM UIaW ;M \ZI\I LM 8I[[QWVM ]VI PQ[\WZQI XZW\IOWVQbILI XWZ TI ^M\MZIVI IK\ZQb .MZVIVLI 5WV\MVMOZW Y]M QVKT]aM M[KMVI[ OZIJILI[ MV 1\ITQI <IUJQยบV MV *ZI[QT TI KILMVI Y]M TM XQ[I TW[ \ITWVM[ I /TWJW :MLM :MKWZL PI [QLW KWV[MK]MV\M MV [][ XZWL]KKQWVM[ 4I MUXZM[I PI QV^MZ\QLW LMKQLQLIUMV\M MV TI XZWL]KKQร V LM KWV\MVQLW[ IT KWV[\Z]QZ [] XZWXQI NยฒJZQKI LM \MTMVW^MTI[ KWVWKQLI KWUW :MK6W^ ]V KWVR]V\W LM M[\]LQW[ ]JQKILW IT WM[\M LM :QW LM 2IVMQZW :MLM :MKWZL [QO]M KW[MKPIVLW MT NZ]\W LM [] M[N]MZbW -T ยบ`Q\W LM *MTI I NMQI [] ILIX\IKQร V LM 4I NMI Uยฒ[ JMTTI LMZQ^ร MV ]VI M`\MV[Qร V LM ^IZQW[ MXQ[WLQW[ -[\I M[ ]VI LM TI[ KWTIJWZIKQWVM[ Y]M TI MUXZM [I ZMITQbI R]V\W I <MTM^Q[I \ZI[ TI ร ZUI LM ]V IK]MZLW Y]M JMVMร KQI I IUJI[ KILM VI[ 8IZI [] XZร `QUI IX]M[\I >Q^MVLW W )UWZ :MLM :MKWZL KWUMVbร TI KWV[\Z]K KQร V LM ]VI KQ]LIL M[KMVWOZยฒร KI LWVLM [M LM[IZZWTTIZยฒ TI \ZIUI LM M[\M ZMUISM LM +]QLILW KWV MT ยฒVOMT \IUJQยบV LM <MTM ^Q[I a JI[ILI MV ]VI PQ[\WZQI WZQOQVIT LM ,MTQI .QITTW -[\M V]M^I XZWL]KKQร V Y]M PIZยฒ [] LM
688>DC IT [ITQZ LM TI K²ZKMT ZMKWZZMV TI KQ]LIL LM 6]M^I AWZS UW[\ZIVLW TWKIKQWVM[ KWUW MT TMOMVLIZQW <QUM[ ;Y]IZM +PQVI\W_V TI +WZ\M ;]XZMUI LM 2][\QKQI +MV\ZIT 8IZS a TI -[\I\]I LM TI 4QJMZ\IL LWVLM MT [IXW M[ V]M^IUMV\M IZZM[\ILW XWZ IOMV\M[ LM TI ,-) a KWUMV\I KWV XZWN]VLI QZWV¾I s 9]º \IT M[\W' -T [QUJWTW LM TI 4QJMZ\IL a aW ^WT^QMVLW I XZQ[QÃVt -T MTMVKW LM s-T +IZ\MT t TW MVKIJMbIV ,QMOW +ILI^QL :ÃJQV[WV ,¾Ib a ;IV\QIOW 5W]ZM ZM[XITLILW[ XWZ U²[ LM IK\W ZM[ LM XZQUMZI T¾VMI
J]\ MV MT [MO]VLW [MUM[\ZM LM VI ZZI MT ZMTI\W LM ]VI VQÁI IJIVLWVILI MV ]V WZNMTQVI\W Y]M I TW[ IÁW[ M[ I\IKI LI XWZ ]V JWZZIKPW -T \ZI]UI TM OMVMZI ]V N]MZ\M ZMKPIbW PIKQI TW[ PWUJZM[ 6W WJ[\IV\M KWV[QO]M KI[IZ[M XIZI LM[K] JQZ U²[ ILMTIV\M Y]M [] UIZQLW M[ R][ \IUMV\M TI XMZ[WVI Y]QºV TI I\IKÃ
6BDG:H N IG6>8>âC *]MVW[ )QZM[ a [][ ITZMLMLWZM[ [QZ^MV LM M[KMVIZQW XIZI TI V]M^I \MTMVW^MTI IV]V KQILI XWZ <MTMNM ;MKZM\W[ LM )UWZ ;M \ZI\I LM ]VI IKKQÃV KWVR]V\I MV\ZM <MTMNM a 7V <> 4TWZMV\M a >QTTIZZ]MT +WV\MVQLW[ TI XZW L]K\WZI Y]M *MZVIZLI 4TWZMV\M a +TI]LQW >QTTIZZ]MT N]VLIZWV \ZI[ [] IUQOIJTM ZM V]VKQI I TI LQZMKKQÃV LM XZWOZIUIKQÃV LM <MTMNM 4I XZWL]KKQÃV [MZ² LM KIX¾\]TW[ KWV ]V UIZOMV LM I MXQ[WLQW[ \MZUQ VILW[ ZM[XMK\W IT IQZM LMT KIVIT 8ZW\IOWVQbILI XWZ ;WTMLIL ;QT^MaZI )LZQ²V 6I^IZZW a )Z\]ZW 8]QO ;MKZM\W[ LM )UWZ VIZZI MT ZMTI\W LM ]VI IJWOILI Y]M \ZI[ IÁW[ LM VW MRMZKMZ [] WÎKQW LMKQLM ZM \WUIZ [] KIZZMZI ZMIJZM [] M[\]LQW a KWV \ZI\I I ]V RW^MV XZWNM[QWVIT \IV JZQTTIV\M KWUW QVNWZUIT LMT Y]M [M MVIUWZI s-[ ]VI PQ[\WZQI XWLMZW[I M QVY]QM \IV\M XZW\IOWVQbILI XWZ ]V MTMVKW LM M`KMTMVKQIt KWUMV\I >QTTIZZ]MT s4I VW ^MTI \ZIV[K]ZZM MV\ZM ]VI OZIV PQ[\WZQI LM IUWZ Y]M [M LMJI\M MV\ZM ]V IUWZ KWV[\Z]QLW MV ]V U]VLW IXIZMV\MUMV\M M[\IJTM TTMVW LM KMZ\MbI[ a TI ^Q\ITQLIL LM TW QVM[XMZILW a TW V]M^W KWV ]VI \ZIUI KWV KWUXWVMV\M[ XWTQKQITM[ a LM QV\ZQOI Y]M [M ^I KWV[\Z]aMVLW I TI XIZ Y]M [M LM^MTIV TW[ [MKZM\W[ UMRWZ O]IZLILW[ LM TW[ LQNMZMV\M[ XZW\IOWVQ[\I[t 8IZI TTM^IZTI I KIJW TW[ XZWL]K\WZM[ K]MV\IV KWV ]VI M[KMVWOZIÎI LM IXZW`Q UILIUMV\M UM\ZW[ KWV ]V XWZ KMV\IRM LM IXZW`QUILIUMV\M ]V LM M[KMVI[ OZIJILI[ MV QV\MZQWZM[ a MT ZM[\W MV TWKIKQWVM[ M`\MZVI[ )LMU²[ [M KWV[ \Z]aà ]VI KITTM MV TW[ M[\]LQW[ LM <MTMNM KWV NIKPILI[ a ITO]VW[ M[KMVIZQW[ 8WZ [] XIZ\M MT +IVIT +IZIKWT LM +W TWUJQI ZMKQMV K]TUQVI TI [MO]VLI \MU XWZILI LM -T +IZ\MT TI [MZQM JI[ILI MV PMKPW[ ZMITM[ Y]M ZMKWZZM MT \]ZJ]TMV\W U]VLW LMT VIZKW\Z²ÎKW KWV TW[ UQ[UW[ MTMUMV\W[ LM IKKQÃV QV\ZQOI IUWZ a KW UMLQI Y]M TI PI KIZIK\MZQbILW ;M \ZI\I LM ]V \ZIJIRW LM *- <> XIZI +IZIKWT KWV +ZQ[\QVI 8ITIKQW MV TI XZW L]KKQÃV OMVMZIT a 4]Q[ )TJMZ\W :M[\ZMXW )VLa *²Mb a 5IOLITMVI 4I :W\\I KWUW LQZMK\WZM[ 1V[XQZILI MV MT TQJZW Y]M M[ KZQJQMZI )VLZº[ 4ÃXMb 4ÃXMb M` VIZKW\ZI ÎKIV\M UQMV\ZI[ XIOIJI KWVLMVI MV TI K²ZKMT M[\I [MZQM M[ OZIJILI MV 5º`QKW 5QIUQ 6]M^I AWZS *WOW\² -RM +INM\MZW >ITTM LM +I]KI a TWKIKQWVM[ \ZWXQKITM[ LM +]VLQVIUIZKI
8>GJ<Þ6 G:6A 4I NMI U²[ JMTTI :MLM :MKWZL
;IKZQN QKQW LM 5]RMZ >MVM^Q[QWV
-T +IZ\MT +IZIKWT
-V MT -T +IZ\MT [M VIZZI TI PQ[\WZQI LM[LM TI XMZ[XMK\Q^I LM ]VW LM [][ XZW\I OWVQ[\I[ 8MXM +ILMVI Y]QMV \WUI TI XI TIJZI XIZI KWV\IZ TW Y]M WK]ZZQÃ L]ZIV\M TW[ K]I\ZW IÁW[ [QO]QMV\M[ I TI XZQUMZI \MUXWZILI" KÃUW TWOZÃ [ITQZ LM TI K²ZKMT MV 6]M^I AWZS KWV MT XZM\M`\W LM KWWXM ZIZ KWV TI ,-) [][ KI[W[ KWUW QVNWZUIV \M [] P]¾LI I +WTWUJQI a MT UWUMV\W MV Y]M N]M V]M^IUMV\M IZZM[\ILW a X]M[\W MV XZQ[QÃV )T QO]IT Y]M MT XZQUMZ KQKTW +IZIKWT VW M[KI\QUÃ M[N]MZbW[ \ºKVQKW[ XIZI WNZMKMZ ]V XZWL]K\W LM KITQLIL QV\MZVIKQWVIT /ZIJILI MV IT\I LMÎVQKQÃV TI[ \WUI[ Y]M ZM^MTIV TW[ [QO]QMV\M[ XI[W[ LM +ILMVI
<ZI[ MT IK]MZLW ITKIVbILW KWV ,Q[VMa 5MLQI 6M\_WZS[ 4I\QV )UMZQKI :+6 KW UMVbà I MUQ\QZ ) +WZIbÃV )JQMZ\W ]VI ^MZ[QÃV KWTWUJQIVI LMT º`Q\W M[\ILW]VQ LMV[M /ZMar[ )VI\WUa XMZW MV NWZUI\W LM \MTMVW^MTI 4I []XMZ^Q[QÃV OMVMZIT LM M[\I IX]M[\I ZMKIM MV .MZVIVLW /IQ\²V ZMKWVWKQLW TQJZM\Q[\I AW [Wa *M\\a TI NMI +INº KWV IZWUI LM U]RMZ s-[\I ^MZ[QÃV UM XIZMKQà ]V ZM\W QV\MZM[IV\M ILMU²[ LM ]V XZWL]K\W U]a I\ZIK\Q^Wt M`XZM[à /IQ\²V Y]QMV M[ \IUJQºV >8 LM XZWL]K\W LM TI KILMVI +WV MT LQZMK\WZ ;MZOQW 7[WZQW IT NZMV\M LM TI XZWL]KKQÃV TI VW^MTI K]MV\I KWV ]V MY]QXW \ºKVQKW LM U²[ LM XMZ[WVI[ ]V PW[XQ\IT KWV[\Z]QLW M`KT][Q^IUMV\M XIZI MT ZWLIRM MV ]V M[XIKQW LM UM\ZW[ K]ILZILW[ a XIZ\QKQXIV KMZKI LM M`\ZI[ )LMU²[ ZMKQJM MT IXWaW KWV[\IV\M LM UºLQKW[ M[XMKQITQ[\I[ Y]M I[MO]ZIV Y]M MT TMVO]IRM ]\QTQbILW MV [Q\]IKQWVM[ LM UºLQKI[ [MIV IKWZLM[ I TI ^QLI XZWNM [QWVIT -V M[\M [MV\QLW I[MO]ZIV TW[ XZW L]K\WZM[ Y]M ]VW LM TW[ UIaWZM[ ZM\W[ LM TI OZIJIKQÃV PI [QLW R][\IUMV\M Y]M TW[ IK\WZM[ [M IL]MÁIZIV LMT IZOW\ UºLQKW a LM TI OM[\]ITQLIL XZWXQI LM TW[ XZWNM[QWVI TM[ LM TI [IT]L ) KWZIbÃV IJQMZ\W ZMKZMI I \ZI^º[ LM QV \MZM[IV\M[ KI[W[ TI ^QLI a TI[ MUWKQWVM[ Y]M ^Q^MV TW[ ZM[QLMV\M[ UºLQKW[ Y]M \ZI JIRIV MV ]V PW[XQ\IT -T MTMVKW XZQVKQXIT M[\² KWVNWZUILW XWZ >MZÃVQKI 7ZWbKW :I NIMT 6W^WI +IZWTQVI /ÃUMb a 2WZOM -VZQ Y]M )JMTTW MV\ZM W\ZW[ )T QO]IT Y]M ,Q[VMa 5MLQI 6M\_WZS[ 4I\QV )UMZQKI ZMITQbà KWV s)UI[ LM KI[I LM[M[XMZILI[t TI ^MZ[QÃV LM /ZMar[ )VI\WUa \MVLZ² [] ILIX\IKQÃV XIZI MT UMZKILW UM`QKIVW KWV TI KWXZW L]KKQÃV LM <> )b\MKI 4I[ OZIJIKQWVM[ [M PIZ¾IV MV +WTWUJQI LILW Y]M TI TWKIKQÃV PI [QLW \W\ITUMV\M KWV[\Z]QLI )[¾ TI[ XIV\ITTI[ KPQKI[ ZMV]M^IV [][ KWV\MVQLW[ LM UIVMZI KWV[\IV\M +]IV LW ]VI VW^MTI U]MZM MV [] T]OIZ LM WZQ OMV ^QIRI I W\ZW[ TILW[ LMT OTWJW UIV\M VQMVLW MT LQVIUQ[UW XZWXQW LM ]VI LM TI[ QVL][\ZI[ U²[ I\ZIK\Q^I[ LMT U]VLW" TI \MTM^Q[QÃV
Edg BVg^V IZgZhV 6akVgVYd
:CIG:K>HI6
ÆAVh iZaZcdkZaVh hdc gZXdcdX^YVh edg
\ZcZgVg aZVaiVY
Zc aV VjY^ZcX^VÇ 5QKPIT 6I[Q^ +-7 LM ,WZQ 5MQLI +WV\MVQLW[ 8ZM[QLMV\M a +-7 LM ,WZQ 5MLQI ,Q[\ZQJ]KQWV )ZOMV\QVI
6b g^XV AVi^cV n :hiVYdh Jc^Ydh hdc bZgXVYdh Zc XdchiVciZ ZkdajX^ c! n 9dg^ BZY^V <gdje WjhXV gZhedcYZg V ZhiV YZbVcYV Xdc egd\gVbVX^ c YZ VaiV XVa^YVY# B^X]Va CVh]^k! 8:D YZ 9dg^ BZY^V 8dciZc^Ydh! EgZh^YZciZ n 8:D YZ 9dg^ BZY^V 9^hig^WjX^ c 6g\Zci^cV! Zmea^XV ZhiZ egZhZciZ n XdbZciV aV d[ZgiV YZ aV XdbeV V eVgV A#6# HXgZZc^c\h '%&%#
8
WV TI UQZI X]M[\I MV MT UMZKILW TI\QVWIUMZQKIVW a LM -[ \ILW[ =VQLW[ ,WZQ 5MLQI /ZW]X TTMOI I 4W[ )VOMTM[ KWV ]VI WNMZ\I Y]M QVKT]aM XZWOZIUI[ KWV ZMKWVWKQLW º`Q\W MV TW[ XI¾[M[ LWVLM [M MUQ\MV MV TI IK\]ITQLIL 8IZI LM[KZQJQZ M[\M XZM[MV\M 5QKPIT 6I[PQ^ +-7 LM ,WZQ 5MLQI +WV\MVQ LW[ 8ZM[QLMV\M a +-7 LM ,WZQ 5MLQI ,Q[\ZQJ]KQÃV )ZOMV\QVI PIJTÃ KWV ;MÁIT 1V\MZVIKQWVIT
+]¸TM[ [WV \][ M`XMK\I\Q^I[ XIZI M[\I V]M^I MLQKQÉV LM 4 ) ;KZMMVQVO[' s4 ) ;KZMMVQVO[ [M KWVWKM KWUW ]V UMZKILW LQZQOQLW I TW[ KWU XZILWZM[ LM 4I\QVWIUºZQKI a -- == a WNZMKM \IUJQºV MV TW[ ÊT\Q UW[ IÁW[ ]VI J]MVI WXWZ\]VQLIL XIZI TW[ KWUXZILWZM[ LM )[QI a -]ZWXI ;QV MUJIZOW TI[ \MTMVW^MTI[ a LZIUI[ LQIZQW[ [WV OºVMZW[ N]MZ\M[ \IV\W MV 4 ) ;KZMMVQVO[ KWUW MV K]ITY]QMZ W\ZW UMZKILW 6W[W\ZW[ KZMMUW[ Y]M TI[ \MTMVW^MTI[ \QMVMV ]V OZIV XW\MVKQIT LM ^MV\I LMJQLW I [] KIXIKQLIL XIZI OMVMZIZ IT\W[ VQ^MTM[ LM TMIT\IL MV TW[ \MTM^QLMV\M[ a XWZ Y]M [] XZWL]KKQÃV M[ ZMV\IJTM ,WZQ 5MLQI /ZW]X [M UIV\QMVM NZM[KW IT WNZMKMZ I [][ KTQMV\M[ QV VW^ILWZM[ NWZUI\W[ a ^MZ[QWVM[ KWV[MZ^ILI[ KWV ]V TTIUIUQMV\W QV\MZVIKQWVIT 8WZ ZMOTI OMVMZIT J][KIUW[ XZWL]KQZ ]VI ^IZQMLIL LM XZWL]K\W[ XIZI Y]M TW[ KWUXZILWZM[ LM \WLW MT U]VLW X]MLIV MVKWV\ZIZ MT XZWOZIUI XMZNMK\W Y]M K]JZI [][ VMKM[QLILM[ -[ ]VI OZIV ^MV\IRI XZWL]KQZ XIZI MT UMZKILW QV\MZVIKQWVIT a VW XIZI ]V KIVIT TWKIT M[XMK¾ÎKW 6]M[\ZI[ XZWL]KKQWVM[ [M KIZIK\MZQbIV XWZ PQ[\WZQI[ Y]M ZWUXMV NZWV\MZI[ ]V MTMVKW LM VQ^MT QV\MZVIKQWVIT MLQKQWVM[ ÊVQKI[ a I^IVbILI[ \ºKVQKI[ LM ZWLIRM t +]¸V QUXWZ\IV\M M[ MT M^MV\W XIZI TI M[\ZI\MOQI LM TI KWUXIÇÄI' s-V OMVMZIT ,WZQ 5MLQI ,Q[\ZQJ]\QWV [QMUXZM I[XQZI I XMVM\ZIZ MV V]M^W[ UMZKILW[ a XZWN]VLQbIZ V]M[\ZI XZM[MVKQI MV W\ZW[ KWUW MT LM TW[ -- == 4 ) ;KZMMVQVO[ M[ ]V J]MV UMZKILW XIZI KWV\QV]IZ V]M[\ZW[ M[N]MZbW[ a XIZI QV\ZWL]KQZ V]M[\ZW ^IZQILW KI\²TWOW I TW[ V]M^W[ KWUXZILWZM[ LM M[M XI¾[ a )UºZQKI 4I\QVI )LMU²[ VW[ XMZUQ\QZ² [I\Q[NIKMZ TI[ IT\I[ M`XMK\I\Q^I[ LM V]M[ \ZW[ KTQMV\M[ KWV ITO]VI[ LM V]M[\ZI[ XZWL]KKQWVM[ V]M^I[ M QV VW^ILWZI[ t +ÉUW ^M[ MT UMZKILW QV\MZVIKQWVIT \ZI[ TI KZQ[Q[ LM !' s0MUW[ WJ[MZ^ILW MV TW[ LQ[\QV\W[ UMZKILW[ MV TW[ ÊT\QUW[ IÁW[ Y]M PIa ]VI TMV\I ZMK]XMZIKQÃV MV U]KPW[ LM TW[ \MZZQ\WZQW[
;XTQ\ X
LM[X]º[ LM TI KZQ[Q[ ÎVIVKQMZI +WUW KWV[MK]MVKQI LM MTTW TW[ WZ OIVQ[UW[ LM ZILQWLQN][QÃV MV \WLW MT U]VLW ^IV I [MO]QZ J][KIV LW [MZQM[ Y]M LMU]M[\ZMV [MZ ]V º`Q\W MV W\ZW[ \MZZQ\WZQW[ -[ XWZ M[W Y]M TI LMUIVLI LM TI[ \MTMVW^MTI[ Y]M [WV KWVWKQLI[ XWZ [] KIXIKQLIL LM NWZUIZ IT\I TMIT\IL KWV TW[ M[XMK\ILWZM[ [M TM^IV\I LM ]V UMZKILW I W\ZW >MUW[ MV 4 ) ;KZMMVQVO[ ]VI OZIV WXWZ\]VQLIL XIZI QV \ZWL]KQZ TW[ V]M^W[ \¾\]TW[ LM ,WZQ 5MLQI /ZW]X I TW[ KWUXZILW ZM[ M[\ILW]VQLMV[M[ a TI\QVWIUMZQKIVW[ I[¾ KWUW TW[ \¾\]TW[ Y]M aI PIV \MVQLW º`Q\W a M[\IUW[ [MO]ZW[ LM Y]M M[\W[ \¾\]TW[ [MZ²V JQMV IKMX\ILW[ I[¾ KWUW TW N]MZWV MV 5QX<> -[XMZIUW[ Y]M TW[ XW\MVKQITM[ KWUXZILWZM[ M[\ºV IV[QW[W[ LM KWUXZIZ XZWL]K\W[ ]VQ^MZ[ITM[ Y]M [MIV ZMV\IJTM[ 6]M[\ZW ^IZQILW KI\²TWOW XMZUQ\M [I\Q[NIKMZ M[\I VMKM[QLIL M`IK\I M[ LMKQZ MVKWV\ZIZ TI[ \MTMVW^M TI[ a LZIUI[ KW\QLQIVW[ Y]M \QMVMV TI KIXIKQLIL XIZI OMVMZIZ IT\W[ ¾VLQKM[ LM I]LQMVKQI KWV ]V KW[\W ZMTI\Q^IUMV\M JIRW t 9]À \QXW LM KWV\MVQLW M[ MT Y]M UMRWZ N]VKQWVI MV MT UMZKILW QV\MZVIKQWVIT' s4I[ \MTMVW^MTI[ [WV KWVWKQLI[ XWZ [] KIXIKQLIL LM OMVMZIZ IT\I TMIT\IL a KWUXZWUQ[W MV TI I]LQMVKQI a XWZ PIKMZ ZMV\IJTM[ [][ XZM[]X]M[\W[ LM XZWL]KKQÃV )LMU²[ [WV MT M[KIXQ[UW XMZNMK\W Y]M XWZ TW OMVMZIT \QMVLM I KZMKMZ MV \QMUXW[ LQN¾KQTM[ ,WZQ 5M LQI /ZW]X [M N]M XZMXIZIVLW XIZI TI OZIV LMUIVLI Y]M PI QLW I]UMV\IVLW LM[LM PIKM ITOÊV \QMUXW KMV\Z²VLW[M MV TI XZWL]K KQÃV LM XZWL]K\W[ Y]M X]MLMV TTMOIZ I TI OMV\M MV \WLW MT U]VLW UIV\MVQMVLW V]M[\ZI M[KMVKQI sNZM[KIt M QVVW^ILWZI
+]¸TM[ [WV TW[ X]V\W[ N]MZ\M[ Y]M [MZ¸V XZM[MV\ILW[ MV 4W[ )VOMTM[' s=VI LM TI[ OZIVLM[ ^MV\IRI[ LM ,WZQ 5MLQI /ZW]X M[ Y]M XZW L]KM XIZI ]V [WTW \MZZQ\WZQW" MT U]VLW -[\I M[ TI ZIbÃV XWZ TI Y]M \WLI[ V]M[\ZI[ XZWL]KKQWVM[ [WV KWVWKQLI[ XWZ [] KIXIKQLIL LM I\ZI^M[IZ TI[ NZWV\MZI[ KWV PQ[\WZQI[ ]VQ^MZ[ITM[ \MUI[ LM UWLI MLQKQWVM[ IK\]ITQbILI[ \ºKVQKI[ ÊVQKI[ LM ÎTUIKQÃV a ]V KI[\QVO VM]\ZIT -V TW[ ÊT\QUW[ IÁW[ ,WZQ 5MLQI TWOZÃ IUXTQIZ [] KI\²TW OW MT K]IT KWV\QMVM PWa ]VI ^IZQILI KWUJQVIKQÃV LM \MTMVW^MTI[ a LZIUI[ LQIZQW[ ,MV\ZW LM M[M ²UJQ\W \MVMUW[ TI[ PQ[\WZQI[ KT² [QKI[ KWUMLQI[ ZWU²V\QKI[ a R]^MVQTM[ WZQMV\ILI[ I TW[ \¾\]TW[ -T KI\²TWOW \QMVM \WLW +QMOI I +Q\I[ KWUW KWUMLQI ZWU²V\QKI# ;XTQ\ 5QI a +PIUX[ XIZI MT XÊJTQKW U²[ RW^MV# ]5IV KWUW NWZUI\W LQZQOQºVLW[M I TW[ ILWTM[KMV\M[ 8QTW\W[ -[XW[I[ a 5WVMa <QUM XIZI \WLW[ TW[ XÊJTQKW[ t
+ÉUW M[ MT LM[IZZWTTW LM KILI ]VW LM TW[ KWV\MVQLW[ MV V]M^I[ XTI\INWZUI[' s4I M[\ZI\MOQI LM ,WZQ 5MLQI M[ [MZ [QMUXZM QVVW^ILWZI a X]M[ +ÉUW N]M MT LM[MUXMÇW LM TI MUXZM[I MV 518<> ' \I MV UIZKPI KWV KW[I[ V]M^I[ MV KILI ]VI LM V]M[\ZI[ IK\Q^QLI s-V 5QX<> TW[ ZM[]T\ILW[ N]MZWV UMRWZM[ Y]M V]M[\ZI[ LM[ XZQVKQXITM[" XZWL]KKQWVM[ KIVITM[ LM <> TI LQ[\ZQJ]KQÃV a I[¾ []KM[Q^IUMV\M -V TW[ ÊT\QUW[ IÁW[ [M KWUMVbà I \ZI\IZ TI bWVI M`XMK\I\Q^I[ ,MJQLW I TI KZQ[Q[ ÎVIVKQMZI TI[ MUXZM[I[ LM XZW LM 6]M^W[ 5MLQW[ KWUW ]V VMOWKQW MV [¾ UQ[UW a VW KWUW ]VI L]KKQÃV MV \WLW MT U]VLW ZMKWZ\IZWV [] VÊUMZW LM XZWL]KKQÃV X]M[\I MV UIZKPI <WLW MT UMZKILW M[\² KIUJQIVLW a KZMMUW[ UQMV\ZI[ Y]M VW[W\ZW[ KWV\QV]IUW[ XZWL]KQMVLW MV XTMVI ^QOMV Y]M TW[ Y]M VW [MIV TW []ÎKQMV\MUMV\M Z²XQLW[ XIZI XWVMZ[M IT L¾I KQI -T ZM[]T\ILW M[ Y]M PWa XWLMUW[ WNZMKMZ ]V V]M^W KWV\MVQLW U]a ^IZQILW Y]M X]MLM [I\Q[NIKMZ TI LMUIVLI LM KIVITM[ LM \MTM X]MLMV XMZLMZ MT R]MOW +WV MT ÎV LM TQLMZIZ MT UMZKILW MV MT ²U JQ\W LM V]M^W[ UMLQW[ LM KWU]VQKIKQÃV I[¾ KWUW W\ZW[ KIUXW[ ^Q[QÃV Y]M [M M[N]MZbIV XWZ K]UXTQZ KWV MT KWV[]UW KZMKQMV\M LM \MVMUW[ Y]M [MZ KZMI\Q^W[ +WUXZMVLQUW[ Z²XQLIUMV\M Y]M KWV M[XMK\ILWZM[ LM \MTM^Q[QÃV a M[\²V MV JÊ[Y]MLI LM XZWL]K\W[ Y]M X]MLMV OMVMZIZ IT\W ^ITWZ XWZ ZI\QVO 4WOZIUW[ ÎZUIZ ]VI [MZQM LM ]VI XTIVQÎKIKQÃV ILMK]ILI a UMLQIV\M MT ][W LM V]M[\ZI[ ^MV\I IK]MZLW[ QUXWZ\IV\M[ ,MÎVQ\Q^IUMV\M XWLMUW[ LMKQZ Y]M +QMOI RI[ XWLMUW[ M[\IZ MV TI XZQUMZI T¾VMI LM TI[ MUXZM[I[ LIVLW [WT] I +Q\I[ ]VI KWXZWL]KKQÃV KWV :W[[ KQWVM[ I TI[ VMKM[QLILM[ KZMKQMV\M[ LMT \WK# ;XTQ\ a ]5IV N]MZWV TW[ T¾LMZM[ LM UMZKILW MV LM[IZZWTTW ,WZQ 5MLQI MV 5QX<> 8WZ W\ZI XIZ\M MV [M NWZUIZWV >MUW[ MV 4 ) ;KZMMVQVO[ ]VI ,WZQ 5MLQI /ZW]X M[\² LQ[\ZQJ] LW[ MUXZM[I[ LM 6]M^W[ 5MLQW[" ,WZQ aMVLW [][ XZWL]K\W[ I U²[ LM OZIV WXWZ\]VQLIL XIZI QV\ZWL]KQZ TW[ 5MLQI ?MJ a ,WZQ 6M_ 5MLQI 4I XZQ \MZZQ\WZQW[ ITZMLMLWZ LMT U]VLW 8WZ UMZI [M KMV\ZI MV MT UIV\MVQUQMV\W V]M^W[ \Ô\]TW[ LM ,WZQ 5MLQI /ZW]X MRMUXTW ^MVLQUW[ V]M[\ZW LZIUI a LM[IZZWTTW LM 6W^MJW` KWU TI XZQ UMZI XTI\INWZUI LM KWV\MVQLW LQOQ\IT I TW[ KWUXZILWZM[ M[\ILW]VQLMV[M[ a [WJZM ]V ^IUXQZW ILWTM[KMV\M ;XTQ\ I \MZZQ\WZQW[ MV ! UM[M[ :MKQMV\M LMLQKILI I TI [MZQM TI\QVI 6W^MJW` aI TI\QVWIUMZQKIVW[ UMV\M TI [MZQM N]M ILY]QZQLI XWZ <]Z M[ KWVWKQLW KWUW MT XZQVKQXIT LM[\QVW VMZ *ZWILKI[\QVO ;a[\MU LM )UºZQKI XIZI TW[ IUIV\M[ LM TI[ [MZQM[ TI\QVI[ 4I\QVI XIZI [] KIVIT *WWUMZIVO -[\I LM \WLW MT U]VLW a WNZMKM KWV\MVQLW[ ^MV\I ^I I M`XWVMZ TI [MZQM IV\M RÃ^MVM[ M[XMK\ILWZM[ LM U]KPW[ LM TW[ XZQVKQXITM[ XZWL]K\WZM[ LMT OºVMZW MV \WLW MT U]VLW M QVKT] aM ILMU²[ ]VI MVKQKTWXMLQI KWUXTM\I KWV KQMV\W[ LM X²OQVI[ LM XI¾[M[ MV \WLI )UºZQKI 4I\QVI -[\IUW[ [MO]ZW[ LM Y]M MT I\ZIK\Q QVNWZUIKQÃV IKMZKI LM TI[ [MZQM[ LM )UºZQKI IK\WZM[ XZWL]K\WZM[ ^W ]VQ^MZ[IT LM ;XTQ\ R]V\W KWV ]V ZMXIZ\W VM]\ZIT a ]V IZO]UMV\W M\K -T [Q\QW PI TTMOILW I \MVMZ U²[ LM UQTTWVM[ LM ^Q[Q\I[ LM[LM LM UWLI TW KWV^MZ\QZ² MV ]V º`Q\W MV\ZM [] XÊJTQKW WJRM\Q^W 8WZ [] XIZ\M +QMOI I +Q\I[ Y]M IKIJI LM OIVIZ MT XZMUQW I TI [] TIVbIUQMV\W KWV U²[ LM X²OQVI[ ^Q[\I[ a U²[ LM UMRWZ KWUMLQI MV TW[ 5IZ\¾V .QMZZW LM )ZOMV\QVI [MZ² ]V OZIV º`Q UQTTWVM[ LM ^Q[Q\IV\M[ LM[LM [] LMJ]\ MV VW^QMUJZM LM \W MV )UºZQKI 4I\QVI ;M KWV^QZ\Qà MV TI [MZQM KWV TI U²[ IT\I KITQ 8WZ [] XIZ\M ,WZQ 6M_ 5MLQI M[\² LM[IZZWTTIVLW V]M^W[ XZWaMK \W[ MV MT ²UJQ\W LM TW[ V]M^W[ UMLQW[ MV OMVMZIT a \IUJQºV TI ÎKIKQÃV MV TI <> 8ÊJTQKI LM M[M XI¾[ MV TW[ ÊT\QUW[ IÁW[ a TWOZà I]UMV\IZ MT ZI\QVO LM TI[ " P[ MV ]V t ^MV\I LM KWV\MVQLW[ M`Q[\MV\M I LQNMZMV\M[ MUXZM[I[ LM TW[ V]M ^W[ UMLQW[ MV MT U]VLW t Edg 9^Z\d 6a[V\ZbZo T +QMOI I KQ\I[
T 5QI
T ]5IV
E6CDG6B6
BjX]Vh kZciV_Vh n
\gVcYZh YZhV[ dh 5MZKILW 0Q[XIVW" ;MO]VLI 8IZ\M
-T UMZKILW PQ[XIVW LM -[\ILW[ =VQLW[ [M UIV\QMVM MV TI UQZI LM TW[ XZWOZIUILWZM[ LM <> XIOI a [M PI KWV^MZ\QLW MV ]V NWKW LM I\ZIKKQÚV XIZI TI[ QV^MZ[QWVM[ X]JTQKQ\IZQI[ ,QNMZMV\M[ ^WKM[ LM TI QVL][\ZQI M`XTQKIV M[\M KZMKQMV\M NMVÚUMVW
C
W M[ ]V [MKZM\W Y]M TI KWU]VQ LIL PQ[XIVI LM -[\ILW[ =VQLW[ M[ TI UQVWZ¾I º\VQKI U²[ OZIV LM Y]M M`Q[\M MV M[M XI¾[ 8WZ MVLM M[ LM M[XMZIZ[M Y]M MV ]V [Q[\MUI KIXQ\ITQ[\I TI MK]IKQÃV WNMZ\I a LMUIVLI \IUJQºV PIaI [ML]KQLW I M[\M [MOUMV\W LMUWOZ²ÎKW 6W WJ[\IV\M U²[ ITT² LM M[I NÃZU]TI MT P²JQ\W LM KWV[]UW LMT PQ[XIVW PI TWOZILW [ML]KQZ I ]V UMZ KILW Y]M PIKM \WLI KTI[M LM OZIKQI[ XIZI KWVY]Q[\IZ I \IV IXM\MKQJTM KWV[]UQLWZ 4I ZIbÃV M[\² MV UIVW[ LM UQTTWVM[ LM XMZ[WVI[ a TW Y]M MTTI[ IXWZ\IV IT [Q[ \MUI 8WZ ]V TILW MT M[XIÁWT [M PI KWV ^MZ\QLW MV MT [MO]VLW QLQWUI VW WÎKQIT LM -[\ILW[ =VQLW[# XWZ MT W\ZW MT XWLMZ ILY]Q[Q\Q^W LM M[\I KWU]VQLIL I]UMV\I ^MZ\QOQVW[IUMV\M PI[\I MT X]V\W LM Y]M XWLMUW[ \QTLIZTW LM NMVÃUMVW ,M[LM PI[\I TI[ XZMLQKKQWVM[ LM MT QV KZMUMV\W LM M[\M sNMVÃUMVWt PI [QLW LMT PI[\I ITKIVbIZ TW[ UQTTWVM[ LM LÃTIZM[ +IJM XZMO]V\IZ Y]º PIKMV TW[ XZWOZI UILWZM[ LM \MTM^Q[QÃV LMT UMZKILW PQ[XI VW LM -[\ILW[ =VQLW[ XIZI KWVY]Q[\IZ VW [ÃTW I [] I]LQMVKQI [QVW I TW[ IV]VKQIV\M[ Y]M LM[MIV ITKIVbIZTI' -V XZQUMZ T]OIZ XZWOZIUIZ TW[ KWV\MVQLW[ Y]M TI I]LQMV KQI LM[MI -V M[\M [MV\QLW TW[ M`XMZ\W[ KWQVKQLMV Y]M IT QO]IT Y]M MV 4I\QVWIUº ZQKI TW[ M[XMK\ILWZM[ KWVKMLMV I TI \MTM VW^MTI MT XZQUMZ T]OIZ MV MT TTIUILW XWLQW LM KWV\MVQLW[ s+ZMMUW[ Y]M TW[ OºVMZW[ \ZILQKQWVI TM[ KWUW VW^MTI[ \ITS [PW_[ ^IZQMLILM[ a VW\QKQMZW[ [QO]MV UIZKIVLW XI]\I a LIVLW M[\IJQTQLIL I TI[ OZQTTI[ LM XZWOZI UIKQÃV 4I \MTMVW^MTI KWV\QVÊI [QMVLW ]V
z-V ]V XTIbW LM KQVKW IØW[ TW[ PQ[XIVW[ [M KWVMK\IZÈV MV TÔVMI MTMK\ZÚVQKI KWV UÈ[ ZIXQLMb Y]M K]ITY]QMZ W\ZW OZ]XW LMUWOZÈåKW { ,I\W[ LM .WZZM[\MZ :M[MIZKP
OºVMZW XZMLQTMK\W XIZI TI[ I]LQMVKQI[ PQ[ XIVI[t KWUMV\I +Ð[IZ ,ÔIb >8 LM ^MV\I[ LM >MVM^Q[QWV 1V\MZVI\QWVIT s,M PMKPW TI XZWOZIUIKQÃV LM TI[ XZQVKQXITM[ KILMVI[ MV -[\ILW[ =VQLW[ I[¾ TW LMU]M[\ZI \IV \W MV PWZIZQW[ M[\MTIZM[ KWUW MV PWZIZQW[ LMT UMLQWL¾I a TI \IZLMt 4I WXQVQÃV LM ,¾Ib M[ WNZMKQLI LM[LM MT X]V\W LM ^Q[\I LM LQ[\ZQJ]QLWZ LM KWV\M VQLW[ MV \IV\W Y]M [] IK]MZLW M`KT][Q^W KWV TI KILMVI T¾LMZ =VQ^Q[QWV TM QUXQLM KW UMZKQITQbIZ [][ XZWL]K\W[ MV W\ZI[ XTI\I NWZUI[ =VQ^Q[QWV K]MV\I ILMU²[ KWV TW[ KWV\MVQLW[ LM TI KILMVI T¾LMZ LM 5º`QKW <MTM^Q[I OZIKQI[ I ]V IK]MZLW Y]M KIL] KIZ² MV a Y]M \QMVM I <MTM^Q[I I\ILI LM UIVW[ ZM[XMK\W IT ][W LM [][ XZWL]K \W[ MV -[\ILW[ =VQLW[ ;QV MUJIZOW QVLMXMVLQMV\MUMV\M LM MTTW TI I]LQMVKQI LM =VQ^Q[QWV LQ[NZ]\I XZQUWZLQITUMV\M LM TW[ KWV\MVQLW[ LM <MTM^Q[I a >MVM^Q[QWV Y]M QVKT]aMV IK\]IT UMV\M \MTMVW^MTI[ KWUW +WZIbÃV [IT^IRM )UIZ [QV T¾UQ\M[ a )\Zº^M\M I [WÁIZ a W\ZI[ ILY]QZQLI[ KWUW 4I PQRI LMT 5IZQIKPQ LM
:+6 W 4I[ U]ÁMKI[ LM TI UIÎI LM +IZIKWT )LQKQWVITUMV\M TI KILMVI M`PQJM XZWOZI UI[ LM º`Q\W LM [] XZWXQI NIK\WZ¾I KWUW -T /WZLW a TI .TIKI MT XWX]TIZ M[XIKQW LM NIZ²VL]TI XZWL]KQLW MV 5QIUQ 4I XZWUM [I MV TW[ XZÃ`QUW[ IÁW[ M[ QVKZMUMV\IZ M[\I XZWL]KKQÃV XIZI TW K]IT MT OZ]XW TIV bà =VQ^Q[QWV ;\]LQW[ 4I M[\ZI\MOQI M[ KTIZI MV \IV\W Y]M IT \QMUXW Y]M MV[IaI TTMVIZ MT ^IKQW Y]M LMRIZ²V TW[ XZWL]K\W[ LM <MTM ^Q[I MV [M XZMXIZI XIZI KWUXM\QZ MV ]V ²ZMI LMT UMZKILW MV TI Y]M <MTMU]VLW TM TTM^I ]VI KWV[QLMZIJTM ^MV\IRI -V MT QV\MZ¾V <MTM^Q[I M[\]LQI NÃZU]TI[ XIZI UIV\MVMZ LM UIVMZI U²[ ZMV\IJTM a I]\ÃVWUI MT ZQ\UW LM M`PQJQKQÃV LM [][ KWV\MVQLW[ MV \MZZQ\WZQW M[\ILW]VQLMV [M ]VI ^Mb KWVKT]QLW LQKPW KWV^MVQW ;] ITQIVbI KWV <MTMU]VLW XIZI MT UMZKILW UM`QKIVW XWLZ¾I [MZ KTI^M MV [] N]\]ZW LMV\ZW LMT UMZKILW LM -[\ILW[ =VQLW[
=ZX]d Zc XVhV +WV [] M[\ZI\MOQI KWV\MVQLW WZQ OQVIT <MTMU]VLW [M PI KWV^MZ\QLW MV ]V [ÃTQLW KWUXM\QLWZ LM =VQ^Q[QWV MV MT UMZ KILW M[\ILW]VQLMV[M ;][ XZWL]KKQWVM[ OWbIV LM J]MVI ZMX]\IKQÃV a IT\W[ VQ^MTM[ LM I]LQMVKQI s*I[ILI MV V]M[\ZI M`XMZQMVKQI MV <MTM U]VLW [IJMUW[ Y]M TI I]LQMVKQI PQ[XI VI Y]QMZM ^MZ KWV\MVQLW Y]M [MI ZMTM^IV \M LM TI U²[ IT\I KITQLIL MV\ZM\MVQLW M QV\MTQOMV\Mt KWUMV\Ã )LZQIVI 1JIØMb >8 -RMK]\Q^I LM 8ZWOZIUIKQÃV LM <MTMU]V LW IV\M[ LM IÎZUIZ Y]M [] IK\]IT VW^M TI LM TI[ X U ,ÃVLM M[\² -TQ[I' VW M[ TI \¾XQKI PQ[\WZQI LM ]VI U]RMZ XWJZM Y]M \MZUQVI KWV MT PWUJZM ZQKW [QVW Y]M \WKI \MUI[ MUWKQWVITM[ a [WKQITM[ U]a ZMITM[
Y]M INMK\IV I NIUQTQI[ LM PWa MV LQI 4I MRMK]\Q^I KWQVKQLM KWV W\ZW[ M`XMZ\W[ MV Y]M MT KWV\MVQLW LM ร KKQร V M[ MT Uยฒ[ M`Q\W[W I VQ^MT U]VLQIT MV M[XMKQIT TW[ Y]M \QMVMV ]V IT\W VQ^MT LZIUยฒ\QKW M PQ[ \WZQI[ ]VQ^MZ[ITM[ s)TO]VW[ [WV NWZUI\W[ Uยฒ[ TIZOW[ KWUW VW^MTI[ UQMV\ZI[ W\ZW[ [WV [MZQM[ KWZ\I[ XMZW MT KWV\MVQLW M[ LMT UQ[UW \QXWt IR][\I ;Q JQMV MT N]MZ\M LM TI XZWOZIUIKQร V LM <MTMU]VLW M[ MT XZWL]K\W PMKPW MV KI[I LWVLM XZMLWUQVIV \MTMVW^MTI[ TI KILMVI ILY]QMZM KWV\MVQLW[ LM W\ZI[ XZWL]K\W ZI[ A M[\M UMZKILW LM 4W[ ย VOMTM[ X]M LM [MZ ]VI WXWZ\]VQLIL XIZI ITO]VI[ LM MTTI[ s-[\IUW[ XMVLQMV\M[ LM TW[ XZWL]K \W[ a TW[ NWZUI\W[ KWV ยบ`Q\W ITZMLMLWZ LMT U]VLW XIZI ร RIZVW[ MV WXWZ\]VQLILM[ LM ILY]Q[QKQร V a I[ยพ WNZMKMZ I V]M[\ZI I]LQMV KQI TW[ UMRWZM[ KWV\MVQLW[ LQ[XWVQJTM[t KWVKT]aM 1JIร Mb
8dgVoย c bZm^XVcd +WV[KQMV\M[ LM Y]M MT LM TI KWU] VQLIL PQ[XIVI MV TW[ -[\ILW[ =VQLW[ M[ LM WZQOMV UM`QKIVW TI []K]Z[IT M[\ILW]VQ LMV[M LM <> )b\MKI IX]M[\I N]MZ\M MV TI ZMOQร V KWV [] [TWOIV s)b\MKI )UยบZQKI ~4I N]MZbI LM TI \MTM^Q[Qร V t 4IVbILI MV MT KIVIT K]MV\I KWV ]VI KWJMZ\]ZI LMT ! LM TI XWJTIKQร V PQ[XIVI I \ZI^ยบ[ LM ]VI ZML LM M[\IKQWVM[ Iร TQILI[ MV \WLW MT \M ZZQ\WZQW ILMUยฒ[ LM IKKM[W \W\IT I TW[ KWV \MVQLW[ LM TI[ \ZM[ KILMVI[ UM`QKIVI[ LM TI NIUQTQI )b\MKI Y]M LQ[Mร IV [] OZQTTI LM XZWOZIUIKQร V 8IZI MT OZ]XW [M XMZร TI KWUW ]V Iร W LM KZMKQUQMV\W 4W[ ZM[]T\ILW[ LMT XZQ UMZ \ZQUM[\ZM LM M[\M Iร W I[ยพ TW KWZZWJW ZI IT ZMOQ[\ZIZ ]V I]UMV\W LMT MV [][ ^MV\I[ -V MT ยฒZMI LM XZWL]KKQร V )TJMZ\W ;IV\QVQ 4IZI LQZMK\WZ OMVMZIT LM )b\MKI )b\MKI 6W^MTI[ a >8 MRMK]\Q^W LM XZWOZI UIKQร V XZWL]KKQร V a UMZKILW\MKVQI LM )b\MKI )UยบZQKI KWUMV\I Y]M M[\M Iร W PI JZยฒ ]V I]UMV\W MV XZWOZIUI[ WZQOQVITM[ KWV KWV\MVQLW[ I\ZIK\Q^W[ XZWL]KKQWVM[ OZIJILI[ MV -[\ILW[ =VQLW[ LQ[Mร ILI[ M[ XMKยพร KIUMV\M XIZI MT UMZKILW PQ[XIVW a KWV TI KITQLIL LM TI[ XZWL]KKQWVM[ Y]M [M ZMITQbIV MV 5ยบ`QKW -V\ZM M[\I[ XZWL]KKQWVM[ VW M[KIXI TI \MTMVW^MTI OยบVMZW Y]M )b\MKI PI QUX]T [ILW LM UIVMZI LMKQLQLI MV TW[ ร T\QUW[ UM[M[ -V XITIJZI[ LM ;IV\QVQ TI TTIUILI V]M^I MZI LM \MTMVW^MTI[ M[ MT KWUXZW UQ[W Y]M \QMVM MT OZ]XW LM WNZMKMZTM I TI I]LQMVKQI XZWL]K\W[ LM XZQUMZI TยพVMI Y]M ]VIV I TI NIUQTQI a sY]M TM[ TTMO]M IT KWZI
bร Vt KWV XMZ[WVIRM[ M PQ[\WZQI[ Y]M TWOZMV ]VI QLMV\Qร KIKQร V KWV TI I]LQMVKQI [MI LWVLM Y]QMZI Y]M ยบ[\I [M MVK]MV\ZM -V \ZM [][ XZWX]M[\I[ Uยฒ[ ZMKQMV\M[ ร O]ZIV TI \MTMVW^MTI 4I 4WJI a TI KWV\QV]LIL LM XWX]TIZM[ XZWOZIUI[ KWUW >MV\IVMIVLW )UยบZQKI ;MO]VLI 7XWZ\]VQLIL a 4I 4QOI )b\MKI LM Nร \JWT UM`QKIVW
CjZkdh _j\VYdgZh 8MZW MT UMZKILW LM TI \MTM^Q[Qร V PQ[XI VI M[\ILW]VQLMV[M VW [M ZM[]UM I M[\I[ \ZM[ QUXWZ\IV\M[ KILMVI[ ) TI XZWTQNMZI KQร V LM KIVITM[ TWKITM[ KWUW /MV<> +I ZQJM>Q[QWV a 4I 5MOI <> vY]M IUXTยพI [] KWJMZ\]ZI I W\ZW[ UMZKILW[ LMT XIยพ[v [M TM []UI TI XIZ\QKQXIKQร V LM LQ^MZ[W[ KWVOTW UMZILW[ LM UMLQW[ Y]M J][KIV [] \IRILI MV MT XI[\MT LM UWLI LMT UMZKILW ) ร VITM[ LM ! MT /Z]XW 8ZQ[I IV]V KQร ]V QV^MZ[Qร V a ITQIVbI KWV MT KIVIT > UM ]VI KILMVI ILR]V\I I TI ZML LM M[\IKQWVM[ Xร JTQKI[ a K]aI KWJMZ\]ZI IT KIVbI IT LM TW[ PWOIZM[ LM M[M XIยพ[ 4I [WKQMLIL PIKM LM 8ZQ[I MT IKZMMLWZ LMT LM TI[ IKKQWVM[ ILMUยฒ[ LM XZWUW^MZ MT QV\MZKIUJQW LM KWV\MVQLW[ a LM[IZZWTTW MV TI[ Uร T\QXTM[ XTI\INWZUI[ 8ZMKQ[IUMV\M MV M[\I ร T\QUI ยฒZMI > UM IV]VKQร ]VI M[\ZI\MOQI IOZM[Q^I XIZI IUXTQIZ MT ][W LM [][ KWV\MVQLW[ MV W\ZI[ XTI\INWZUI[ a ITKIVbIZ I TI I]LQMVKQI LWVLM Y]QMZI Y]M ยบ[\I [M MVK]MV\ZM )[ยพ TI XTI\INWZUI LM ^QLMW ย XIZI KWV\MVQLW MV ^Q^W a XWZ LMUIVLI LM > UM QVKT]aM TI ^MV\I LM KWV\MVQLW[ MV Q<]VM[ LM )XXTM MUQ[Qร V LM ^QLMW[ MV LQ[XW[Q\Q^W[ Uร ^QTM[ KWUW *TIKSJMZZa a Q8PWVM# a WNZMKMZยฒ ]VI IXTQKIKQร V LM ^QLMW MV M[XIร WT XIZI Q8IL XIZI Y]M [][ ][]IZQW[ LQ[NZ]\MV LM [] XZW OZIUIKQร V
ย ,WVLM M[\ยฒ -TQ[I' \MTMU]VLW
s+ILI ^Mb Uยฒ[ \MTM^QLMV\M[ M[\ยฒV ^QMV LW V]M[\ZW KWV\MVQLW I \ZI^ยบ[ LM LQNMZMV \M[ UMLQW[ Uยฒ[ ITTยฒ LM TI \MTM^Q[Qร V a TW[ PQ[XIVW[ [WV XQWVMZW[ MV TI ILWXKQร V LM V]M^I \MKVWTWOยพI a M[\ยฒV I TI ^IVO]IZLQI LM M[\W[ KIUJQW[t M`XTQKร /]QTTMZUW ;QM ZZI >8 ;ยบVQWZ a /MZMV\M LM +WV\MVQLW[ LM TI KILMVI I XZWXร [Q\W LM M[\I M[\ZI\MOQI =VI IVITQ[\I LM LI\W[ LM .WZZM[\MZ :M[MIZKP KWZZWJWZI M[\I KQ\I IT I[MO]ZIZ Y]M MV ]V XTIbW LM KQVKW Iร W[ TW[ PQ[XIVW[ [M KWVMK\IZยฒV MV TยพVMI MTMK\Zร VQKI KWV Uยฒ[ ZIXQLMb Y]M K]ITY]QMZ W\ZW OZ]XW LMUWOZยฒร KW 0Wa MV LยพI Uยฒ[ LMT LM M[\M [MK\WZ LM TI XWJTIKQร V [WV ][]IZQW[ LM 1V\MZVM\ )[ยพ MT XIVWZIUI XIZI MT UMZKILW PQ[ XIVW [M LQJ]RI XZWUM\MLWZ ;QV MUJIZOW Y]Qbยฒ[ MT OZIV LM[INยพW LM TI \MTM^Q[Qร V MV M[XIร WT LM -[\ILW[ =VQLW[ [M KMV\ZI MV MT ][W LMT TMVO]IRM LM TI[ V]M^I[ OMVMZIKQW VM[ ;Q JQMV M[ KQMZ\W Y]M TW[ PQ[XIVW[ VI KQLW[ N]MZI LM -[\ILW[ =VQLW[ [M [QMV\MV Kร UWLW[ PIJTIVLW M[XIร WT \IUJQยบV TW M[ Y]M TI \MZKMZI OMVMZIKQร V MV ILMTIV\M LM PQ[XIVW[ MV MT XIยพ[ XZMร MZM PIJTIZ QVOTยบ[ IT QLQWUI LM [][ XZMLMKM[WZM[ 4I \IZMI VW [M \ZI\I aI ร VQKIUMV\M LM KWVY]Q[\IZ [QVW LM UIV\MVMZ[M MV J]MVI[ KWVLQKQWVM[ LMV\ZW LMT UMZKILW ย
Edg BVgย V IZgZhV 6akVgVYd
4I TWJI <> )B<-+)
4I PQRI LMT UIZQIKPQ :+6
:CIG:K>HI6 688>DC
EgdYjXX^dcZh dg^\^cVaZh!
bVYZ ^c ;dm 4I QVL][\ZQI LM TW[ KWV\MVQLW[ \QMVM I .W` KWUW ]VW LM TW[ XTIaMZ[ Uยด[ QUXWZ\IV\M[ .]\]ZI[ XZWL]KKQWVM[ MT ZMTIVbIUQMV\W LM .W` 4QNM a Kร UW =\QTQ[QUI ZMXQ\M [] ยผ`Q\W MV \WLI )UยผZQKI 4I\QVI ย 9]ร LQNMZMVKQI I .7@ LM W\ZW[ OZ]XW[ LM MV\ZM\MVQUQMV\W' s8WZ ]V TILW TI OZIV LQ^MZ[QLIL LM V]M[\ZW XWZ\INWTQW Y]M KWU XZMVLM VW\QKQI[ LMXWZ\M[ [MZQM[ XMTยพK]TI[ TQNM[\aTM a LWK]UMV \ITM[ QVKT]aMVLW PI[\I ]V KIVIT XIZI JMJยบ[ 8WZ MT W\ZW TILW .7@ K]MV\I KWV ]V N]MZ\M JZIbW LM XZWL]KKQร V KWV KI[I[ XZWL]K\WZI[ MV +WTWUJQI .W` <MTMKWTWUJQI a )ZOMV\QVI .W` <WUI =VW Y]M MV KWVR]V\W XZWL]KMV UI[ LM LW[ UQT PWZI[ LM KWV\MVQLW IV]ITM[ MV\ZM XZWaMK\W[ LM ร KKQร V a VW ร KKQร V QVKT]aMVLW ย +ZMI \Q^M ;ITM[ย TI ]VQLIL LMLQKILI I XZWX]M[\I[ QV\MOZILI[ LM ^ITWZ IOZMOILW XIZI IV]VKQIV\M[t
-UQTQIVW ;IKKWVM IJZI S 3 ,
->8 5IVIOQVO -LQ\WZ .W` 4I\QV )UMZQKIV +PIVVMT[ /TWJIT +WV\MV\ .W` 1V\MZVI\QWVIT +PIVVMT[
ย 8ZWL]KMV XIZI \WLW[ [][ KIVITM[' s0MUW[ QVKZMUMV\ILW TI XZWL]KKQร V Iร W I Iร W -T M[\ZMVW LM s<IJ]t TI ^MZ[Qร V TI\QVWIUMZQKIVI LM s<IJWWr ]VI LM TI[ [MZQM[ LM UI[ ยบ`Q\W MV 6I\QWVIT /MWOZIXPQK K]aI ^MZ[Qร V TWKIT Iร V I ZQM[OW LM [MZ [WJMZJQW VW \QMVM KWUXIZIKQร V MV KITQLIL a MRMK] KQร V NZMV\M I VILI LM TW PMKPW IV\M[ MV MT OยบVMZW LWK]UMV\IT MV TI ZMOQร V ) M[W [M TM []UI ]VI OZIV XZWX]M[\I LM XZWL]KKQร V ย +ร UW [M PI QV\MOZILW MT KIVIT =\QTร [QUI I TI NIUQTQI .7@' WZQOQVIT XIZI MT *QKMV\MVIZQW W\ZI OZIV [MZQM WZQOQVIT LWK]UMV s=\QTQ[QUI KWUMVbร [QMVLW ]VI RWaI TWKIT KWUW MT KIVIT XZM \IT a Uยฒ[ MV TW[ XZร `QUW[ UM[M[ ) [] ^Mb M[\IUW[ XZWL]KQMVLW NMZQLW LM TI[ U]RMZM[ MV )ZOMV\QVI 4W ^IZQW[ XZWOZIUI[ WZQOQVITM[ XIZI MT V]M^W .7@ M[\IUW[ KWV^QZ\QMVLW MV ]VI LM TI[ XZW 4QNM I \ZI^ยบ[ LM .W` <MTMKWTWUJQI Y]M KZMW X]M[\I[ LM UIaWZ ^ITWZ XIZI MT OZ]XW LIZยฒV Y]M PIJTIZ KWQVKQLQMVLW KWV ]V KIU z0MUW[ TTMOILW I ]V X]V\W VW [ร TW MV 4I\QVWIUยบZQKI [QVW \IUJQยบV JQW ZILQKIT MV MT XW[QKQWVIUQMV\W LMT KIVIT t MV -[\ILW[ =VQLW[ KWV ]V ZMKWZL PQ[\ร LWVLM VW [ร TW XWLMUW[ ZQKW MV ^MTWKQLIL LM KZMKQUQMV\W -[ ]VI ย 9]ร XTIVM[ M`Q[\MV MV TI WNMZ\I LM .7@' M[XMKQM LM NMVร UMVW" =\QTQ[QUI OMVMZI OIZIV\QbIZ IT\ร [QUI KITQLIL s-V JZM^M \MVLZMUW[ I *MU ;QUXTM[ TI ^MZ ]V MVOIOMUMV\ QVKZMยพJTM KWV TI I]LQMV [Qร V LM =\QTQ[QUI XIZI *ZI[QT KWV KWV\MVQLW [QVW \IUJQร V OMVMZIZTI KQI QVKT][W PIKM Y]M [] [Q\QW _MJ [MI MT WZQOQVIT a \ITMV\W TWKIT )LMUยฒ[ PIJZยฒ ^IZQI[ UI[ ^Q[Q\ILW MV [] KI\MOWZยพI ) M[W PIa ZMVW^IKQWVM[ LMV\ZW LM V]M[\ZW XWZ\INWTQW I KW[\W[ U]a ZIbWVIJTM[{ Y]M []UIZTM Y]M M[ MT ร VQKW KIVIT LM [] 8ZMUQ]U WZQMV\ILI[ I KZMIZ Uยฒ[ ^ITWZ \IV\W -UQTQIVW ;IKKWVM OMVMZW Y]M \QMVM LM KWV\MVQLW XIZI Iร TQILW[ KWUW KWV[]UQLWZM[ ร VITM[ -V ->8 5IVIOQVO -LQ\WZ .W` 4I\QV WZQOQVIT KWV \ITMV\W TWKIT LM 5ยบ`QKW OMVMZIT MT NWKW LMT OZ]XW MV MT KWZ\W a UMLQI )UMZQKIV +PIVVMT[ /TWJIT +WV\MV\ .W` +WTWUJQI >MVMb]MTI )ZOMV\QVI *ZI[QT 1V\MZVI\QWVIT +PIVVMT[ VW XTIbW M[ KWV\QV]IZ NWZ\ITMKQMVLW MT XWZ\I 8]MZ\W :QKW +]JI a +MV\ZWIUยบZQKI -[\W NWTQW LQ[XWVQJTM a [WTQLQร KIZ V]M[\ZI XW[QKQร V PIKM Y]M \MVOI ]VI OZIV ZM[X]M[\I XWZ KWUW ]V OZ]XW LM UIZKI[ q\MV\XWTMr W UIZKI[ XIZ\M LM TW[ IV]VKQIV\M[ aI Y]M TM[ XMZUQ\M U]a ZยฒXQLIUMV\M qU][\ PI^Mr t PIKMZ \WLW \QXW LM QV\MOZIKQร V KWV MT \ITMV\W a TI UIZKI I VQ^MT XIV ZMOQWVIT t ย +ร UW [M PI JMVMร KQILW .7@ KWV TI M`Q[\MVKQI LM TI[ V]M^I[ XTI \INWZUI[ XIZI XW[QKQWVIZ [] UIZKI MV TI ZMOQร V' ย 0Ia V]M^W[ XZWaMK\W[ LM XZWL]KKQร V MV .7@ <MTMKWTWUJQI' s6]M[\ZW OZ]XW PI LM[IZZWTTILW ]V QVUMV[W NWW\XZQV\ WVTQVM s0MUW[ TTMOILW I ]V X]V\W LWVLM VW [ร TW XWLMUW[ OIZIV\Q KWV^QZ\QยบVLW[M \IUJQยบV MV ]VW LM TW[ \WX XTIaMZ[ LM 1V\MZVM\ MV bIZ IT\ยพ[QUI KITQLIL OZIKQI[ IT KWV\QV]W M[XยพZQ\] LM []XMZIKQร V TI ZMOQร V KWV ITZMLMLWZ LM ! LM ITKIVKM LMV\ZW LMT ]VQ^MZ[W LM V]M[\ZW[ [WKQW[ LM .W` <MTMKWTWUJQI [QVW \IUJQยบV OMVMZIZTI LM 1V\MZVM\ -[\W VW[ PI NWZbILW I PIKMZVW[ M[XMKQITQ[\I[ VW [WTW I KW[\W[ U]a ZIbWVIJTM[ OIZIV\QbIVLW I [] ^Mb XMZNWZUIVKM MV \MTM^Q[Qร V [QVW MV 1V\MZVM\ ,M[LM MT TILW LM TI XZWUWKQร V LM -[\IUW[ Uยฒ[ KMZKI LM ]V UWLMTW LM XZWL]KKQร V KWV ZM[]T\ILW[ V]M[\ZW[ XZWL]K\W[ a UIZKI[ \WLW M[\M M`XMZ\Q[M VW[ PI NWZbW[I XZMLMKQJTM[ a U]KPW Uยฒ[ TMRW[ LM qZMbIZ XIZI Y]M MT XZWL]K\W UMV\M ^]MT\W U]KPW Uยฒ[ Mร KQMV\M[ t N]VKQWVMr W LMT NIK\WZ []MZ\M 3LIJZI M[ ]V KTIZW MRMUXTW LM TW IV\MZQWZ TWOZIVLW [MZ Vร UMZW ]VW MV MT Jยฒ[QKW MV 4I\QVWIUMZQKI ย 9]ร M[ TW Y]M Uยธ[ LQ[NZ]\I[ LM \] \ZIJIRW' -[\W PIZยฒ Y]M [M IJZIV V]M^I[ XW[QJQTQLILM[ LM QV\MOZIKQร V KWV s4W Y]M Uยฒ[ LQ[NZ]\W a UM MVWZO]TTMKM M[ TI K]T\]ZI Y]M KWV TW[ IV]VKQIV\M[ )LMUยฒ[ M[\ยฒ PIKQMVLW Y]M ^IZQW[ R]OILWZM[ KTI^M[ Iร W[ PMUW[ IZUILW MV .W` <QMVM Y]M ^MZ KWV XWVMZ XZQUMZW I TI Y]QMZIV KWXZWL]KQZ KWV VW[W\ZW[ ][IVLW I .W` <MTMKWTWUJQI a ร OMV\M IV\M[ Y]M TW[ WJRM\Q^W[ LMT VMOWKQW a KWV TI \ZIVY]QTQLIL LM VITUMV\M M[\ยฒ PIKQMVLW Y]M U]KPW[ KIVITM[ LM IQZM ZMKWVWbKIV [IJMZ Y]M Iร V K]IVLW MT U]VLW [M PI KWUXTQKILW JI[\IV\M XWZ Y]M MT XZWL]K\W Y]M XZWL]KQUW[ \IUJQยบV \QMVM IT\W ^ITWZ XIZI []MZ\M 0MZVยฒV 4ร XMb W +IZTW[ 5IZ\ยพVMb 5IZKMTI 5IZ\ยพV a ;IU]MT [][ I]LQMVKQI[ ,M UIVMZI Y]M \MVMUW[ aI ^IZQW[ V]M^W[ XZW ,]Y]M M[\ยฒV M[XMZยฒVLWUM MV TI Wร KQVI ILMUยฒ[ LM UQ OZ]XW LM aMK\W[ LM ร KKQร V a LWK]UMV\ITM[ MV LM[IZZWTTW XIZI TW[ XZร `QUW[ KWTIJWZILWZM[ I Y]QMVM[ ILUQZW a Y]QMZW 6W M[ XWKW t LW[ W \ZM[ Iร W[ t Edg BVgย V IZgZhV 6akVgVYd
4 ) ;KZMMVQVO[
:a h]dl kV V XdbZcoVg
-T 0aI\\ :MOMVKa +MV\]Za 8TIbI LM 4W[ )VOMTM[ IJZM TI[ X]MZ\I[ ]VI ^Mb UÈ[ I 4 ) ;KZMMVQVO[ LWVLM ^MVLMLWZM[ LQ[\ZQJ]QLWZM[ a MRMK]\Q^W[ LM TI QVL][\ZQI KWVWKMZÈV TI XZWOZIUIKQÚV Y]M QZÈ I TI[ XIV\ITTI[ LM )UÐZQKI 4I\QVI =V V]M^W XZM[MV\M Y]M LMRI I\ZÈ[ TI KZQ[Q[ XIZI ZM\WUIZ ]VI [MVLI LM OZIVLM[ XZWL]KKQWVM[ a ]V J]MV KTQUI LM VMOWKQW[
:
V MT 0aI\\ :MOMVKa +MV\]Za 8TIbI 0W\MT [MO]QZ² [QMVLW TI [MLM XZQVKQXIT XIZI TW[ 4 ) ;KZMMVQVO[ ]VW LM TW[ XZQVKQXITM[ M^MV\W[ LMT UMZKILW QV \MZVIKQWVIT LM KWV\MVQLW[ XIZI \MTM^Q[QÃV )TT¾ \WLW[ TW[ LQ[\ZQJ]QLWZM[ a MRMK]\Q^W[ LM TI QVL][\ZQI [M ZMÊVMV XIZI KWVWKMZ VW^M LILM[ MV \WZVW I TI XZWOZIUIKQÃV a V]M^W[ XZWaMK\W[ XIZI )UºZQKI 4I\QVI a MT U]VLW 4 ) ;KZMMVQVO[ M[ ]V M^MV\W Y]M I\ZIMZ² ITZMLMLWZ LM LM TW[ XZQVKQXI TM[ KWUXZILWZM[ LM KWV\MVQLW LM \WLW MT XTIVM\I A LM M[\I UIVMZI TI ZMOQÃV KWVW KMZ² L]ZIV\M M[\I [MUIVI LM VMOWKQW[ TW[ XZWOZIUI[ [PW_[ a XMT¾K]TI[ Y]M [M ^MZ²V
MV TI XIV\ITTI LM \MTM^Q[QÃV LM KILI XI¾[ LM )UºZQKI 4I\QVI 4W[ TIVbIUQMV\W[ LM XZWOZIUIKQÃV XIZI MT UMZKILW TI\QVWIUMZQKIVW XWZ XIZ\M LM TI[ XZQVKQXITM[ MUXZM[I[ XZWL]K\WZI[ LM \MTM^Q[QÃV [MZ²V XZM[MV\ILI[ XWZ MUXZM[I[ KWUW 8IZIUW]V\ 4MLIÎ TU[ \P +MV\]Za .W` +*; 8IZIUW]V\ 1V\MZVI\QWVIT <MTM^Q[QWV 6*+ =VQ^MZ[IT ?IZVMZ *ZW[ ;WVa a ,Q[VMa 5MLQI 6M\_WZS[ 2]V\W I M[\I[ UIRWZ[ M[\IZ²V XZM[MV\M[ U]KPI[ XZWL]K\WZI[ a LQ[\ZQJ]QLWZI[ LM \WLI )UºZQKI 4I\QVI -V ZMXZM[MV\IKQÃV LM TI ZMOQÃV M[\IZ²V XZM[MV\M[ <MTMNM 1V\MZVIKQWVIT Y]M PIZ² ]V KÃK\MT LM JQMV^MVQLI# ,WZQ 5MLQI .TWZ
4I\QVI .ZMK]MVKQI 4I\QVI a -VLMUWT MV\ZM U]KPI[ W\ZI[ +WUW M[ KW[\]UJZM TW[ PW\MTM[ Y]M IJIZKIV MT M^MV\W [WV MT 8IZS 0aI\\ I\ <PM +MV\]Za 8TIbI a MT 1V\MZKWV\QVMV\IT XMZW M[ KWV\QVÊI TI UQOZIKQÃV LM TI[ KWUXIÁ¾I[ PIKQI MT +MV\]Za 8TIbI T]MOW LM TI KWVÎ ZUIKQÃV LM Y]M LQKPW PW\MT VW KMZZIZ² [][ X]MZ\I[ -[\M IÁW \IUJQºV [M XZM[MV\IV V]M^I[ KWUXIÁQI[ KWUW .W` <MTMKWTWUJQI ;WUW[ ,Q[\ZQJ]\QWV )Z\MIZ a -KPW *ZQLOM -[\W []UI XIZI Y]M MT M^MV\W ZMÊVI I TW[ U²[ QUXWZ\IV\M[ XTIaMZ[ LM <> XIOI <> IJQMZ\I PWUM ^QLMW ,>, VM_ UMLQI a TQKMV[QVO LM TI QVL][\ZQI
-`XW[Q\WZM[ ,M[\IKILW[ 6GI:6G
6<:C96 PLpUFROHV
+WKS\IQT 8IZ\a >MVM^Q[QWV 1V\MZVI\QWVIT 0aI\\ +MV\]Za 8TIbIr[ <MZZIKM
MXHYHV
;KZMMVQVO
8IZIUW]V\ 5<> 4MLIå TU[
YLHUQHV
;KZMMVQVO \P +MV\]Za .W` <> 1V\MZVI\QWVIT
;]Q\M &
778 LDGA9L>9:
;]Q\M &
4QUI + )+) *]MVW[ )QZM[ )ZOMV\QVI <MT " -UIQT" [ITM[LMXIZ\UMV\(IZ\MIZ KWU
<PQZL )^MV]M \P .TWWZ 6M_ AWZS 6A <MT " ! ___ JJK_WZTL_QLM KWU
5IZQIVI .MZV¸VLMb ;ITM[ 5IVIOMZ
0MTMV 2]ZILW >QKM 8ZM[QLMV\ ;ITM[ ,Q[\ZQJ] \QWV 4I\QV )UMZQKI /][\I^W ;KPVMQLMZWNN ;MVQWZ ;ITM[ 5IVIOMZ ;I TM[ ,Q[\ZQJ]\QWV 4I\QV )UMZQKI 5IZQI *WTIVW[ ;ITM[ -`MK]\Q^M ;ITM[ ,Q[\ZQJ] \QWV 4I\QV )UMZQKI
z8IZI >M[\QZ ;IV\W[{ ;MZQM ` y <ZM[ U]RMZM[ QV\MTQOMV\M[ PMZUW[I[ RÃ^MVM[j Y]M VW X]MLMV NWZUIZ XIZMRI =VI KWUMLQI ²KQLI a IK\]IT [WJZM TI NZIOQTQLIL LM TW[ ^¾VK]TW[ TI NIT\I LM KWUXZWUQ[W a TI[ NWJQI[ XIZIVWQI[ a UQMLW[ Y]M [M IK\Q^IV I TI PWZI LM IXW[\IZ I ]VI ZMTIKQÃV IUWZW[I
z<ZI\IUM *QMV{ ;MZQM ` y <ZI[ LM IÁW[ LM UI\ZQUWVQW KWV LW[ PQRW[ Y]M [M LM JI\MV QV\MZVIUMV\M MV\ZM [ITQZ I ]V U]VLW IL]T\W KILI ^Mb U²[ KWUXTMRW W Y]MLIZ[M MV TI ILWTM[KMVKQI 2W[º a ;WN¾I [M MVK]MV\ZIV IV\M ]VI V]M^I KZQ[Q[ LM XIZMRI
z;WKQI[{ ;MZQM ! ` y =VI KWUMLQI LZIU²\QKI Y]M VIZZI TI ^QLI LM \ZM[ IJWOI LI[ Y]M LMKQLMV I[WKQIZ[M MV [] XZWNM[QÃV 4I[ \ZM[ LM ITO]VI UIVMZI ZMXZM[MV\IV I U]RMZM[ KWU]VM[ K]aI ^QLI KW\QLQIVI [M TM[ KWTIZ² MV\ZM M`XMLQMV\M[ a I[]V\W[ TMOITM[
z4]\PMZ{ ,ZIUI ` -[\M W[K]ZW LZIUI X[QKWTÃOQKW M[ XZW\IOWVQbILW XWZ 1LZQ[ -TJI KWUW 2WPV 4]\PMZ ]V LM\MK\Q^M LM I[M[QVI\W[ Y]M M[ ]V OMVQW Y]M T]KPI KWV [][ XZWXQW[ LMUWVQW[
z;PMZTWKS{ ,ZIUI ` ! =JQKILW MV 4WVLZM[ ;PMZTWKS M[ ]VI MUWKQWVIV\M a LQ ^MZ\QLW \PZQTTMZ JI[ILW MV ]V LZIUI LM TI LMTQVK]MVKQI XZW\IOWVQbILI XWZ *MVMLQK\ +]UJMZJI\KP KWUW MT TM OMVLIZQW LM\MK\Q^M 5IZ\QV .ZMMUIV KWUW [] Î MT IUQOW MT LWK\WZ 2WPV ?I\[WV a :]XMZ\ /ZI^M[ KWUW 1V[XMK\WZ 4M[\ZILM
;KZMMVQVO ViEDGR
" XU <MTMå TU[ 0aI\\ + 8TIbIr[ +WV[\MTTI\QWVr[ *ITTZWWU " XU <MTMNM 1V\MZVI\QWVIT :M[QLMVKM WN )ZOMV\QVM :MX]JTQK
<ZI\IUM *QMV
86G68DA I:A:K>H>DC
;]Q\M &
0WKPPI][ b]Z 8ITUM *TMQKPMZ_MO +0 B]ZQKP ;_Q\bMZTIVL <MT " .I`"
)VLZÀ[ 5WZZQ[ 1V\MZVI\QWVIT 5IVIOMZ 4Q[M\\M 7[WZQW 1V\MZVI\QWVIT ,QZMK\WZ +IUQTI :MaM[ ;ITM[ -`MK]\Q^M NWZ -I[\MZV -]ZWXM
6ILI^ 8IT\Q 8ZM[QLMV\ +-7 5QKPIT 6I[PQ^ 8ZM[QLMV\ +-7 -TMVI )V\WVQVQ >8 WN ;ITM[ )VLZM[ ;IV\W[ >8 WN ;ITM[ ,WZQ 5MLQI )UMZQKI
6*+ =VQ^MZ[IT
=VI PQ[\WZQI KWV U²[ O]MZZI U²[ LZWOI U²[ IK\]IT U²[ U]MZ\W[ a ZMVIK]IRW[j V]M^W[ VIZKW[ Y]M U²[ ILMTIV\M [M KWV^MZ\QZ²V MV ;)87;
z4ILZWVI[{ ` =VI [MZQM LM IKKQÃV Y]M K]MV\I TI PQ[\WZQI LM TI ^Q]LI -UUI *TQVLMZ Y]QMV [M [WZXZMVLM IT LM[K]JZQZ Y]M [] LQN]V\W UIZQLW MZI MV ZMITQLIL ]V PWUJZM KWZZ]X\W
zAW VW \M XQLW TI 4]VI{ `
?IZVMZ *ZW[ <> 1V\MZVI\QWVIT
2]IVQ\I :WU²V M[ ]VI KIV\IV\M LM JIZZQW Y]M \WKI O]Q \IZZI MV TW[ J][M[ XIZI OIVIZ[M TI ^QLI -V [] T]KPI XWZ [IKIZ ILMTIV\M I [] PMZUIVW a I [] UIU² \QMVM MT QVNWZ \]VQW LM KZ]bIZ[M MV MT KIUQVW LM )TMRIVLZW +I[\QTTW ]V ^Q]LW Î VIVKQ[\I IXIZMV\MUMV\M NMTQb
z+QMOI I +Q\I[{ ` 4]K¾I M[ ]VI [WT\MZI Y]M M[K]KPI I [] UILZM PIKMZ ]VI IX]M[\I KWV [] PMZUIVI UMVWZ Y]M VW ^I I XWLMZ \ZIMZ ]V ^MZLILMZW VW^QW I TI JWLI LM [] PMZUIVI
z;XTQ\ 11{ ` z5IZQIVI ;KIZTM\{ ` y
PDUWHV
9DG> B:9>6 <GDJE
+ITTM !* *WOW\È +WTWUJQI 6? ;\ZMM\ 5QIUQ .4 =;) <MT " +7475*1) <MT " ! =;)
z-T +IZ\MT { `
OXQHV
;]Q\M & ! !
B6NDGH H8G::C>C<H GRPLQJR
BQVO]QTTI[
;WVa 8QK\]ZM[ <> 1V\MZVI\QWVIT
5IZQIVI a ;KIZTM\\ LW[ PMZUIVI[ Y]M \ZQ]VNIV MV MT U]VLW LM TI UWLI -V [] I[KMV[W IT M[\ZMTTI\W KWUQMV bIV TW[ KWVÏ QK\W[ MV\ZM MTTI[
,M[X]º[ LM ZM[WT^MZ MT IV\QO]W KWVÏ QK\W MV\ZM ^IUXQZW[ a [MZM[ P]UIVW[ -TTI [M VQMOI I IKMX\IZ MT PMKPW LM Y]M KWUW TI XZÃ`QUI XZWNM\I M[\² LM[\QVILI I ^Q^QZ MV IQ[TI UQMV\W IJ[WT]\W
-T +IZ\MT
+QMOI I KQ\I[
PLpUFROHV
,Q[VMa 5MLQI 6M\_WZS[ 4I\QV )UMZQKI
!
4 ) ;KZMMVQVO[ ;ADG A6I>C6
<AD7D IK >CI:GC6I>DC6A ;]Q\M & !
A:96;>ABH
*WVXTIVL ¡ *]MVW[ )QZM[ )ZOMV\QVI <MT " ! ! ___ æWZ TI\QVI KWU
:]I -^IVLZW +IZTW[ LM )VLZILM ¡ IVLIZ >QTI +WZLMQZW ;ÊW 8I]TW *ZIbQT <MT " .I`"
>QZZMa 7TIO]MZ a .MTQá 8Q[W *]MVW[ )QZM[ )ZOMV\QVI <MT " .I`"
;QT^IVI ,x)VOMTW +-7 6WZI ;MWIVM >8 1V\MZVI\QWVIT ;ITM[ )KY]Q[Q\QWV[
/]QTPMZUM *WSMT 1V\MZVI\QWVIT 8ZWL]K\QWV ,QZ :IXPIMT +WZZMI 1V\MZVI\QWVIT ;ITM[ ,QZMK\WZ <I\QIVI 8MZM[ ;ITM[ -`MK]\Q^M )UMZQKI[ ,IVQMT ,RIPRIP ;ITM[ 5IVIOMZ )UMZQKI[
8MLZW .ÀTQ` 4MLI 8ZM[QLMV\M /IJZQMTI 4ÉXMb ;MVQWZ >8 5WQZI 5K 6IUIZI /MZMV\M LM >MV\I[ .MZVIVLW 8IL]KbIS -RMK]\Q^W LM >MV\I[
z1VLQI =VI 0Q[\WZQI LM )UWZ{ `
z1\ 7VTa 0]Z\[ ?PMV 1 4I]OP{
.QTUILI MV 1VLQI a *ZI[QT TTMVI LM KWTWZM[ UÊ[QKI a UW ^QUQMV\W M[ ]VI NI[KQVIV\M VW^MTI Y]M \ZI\I LM \ZILQKQW VM[ a KW[\]UJZM[ NZMV\M I TI UWLMZVQLIL a U]M[\ZI Y]M MT IUWZ X]MLM []XMZIZ K]ITY]QMZ WJ[\²K]TW
,M[WXQTIV\M[ KTQX[ LM XMZ[WVI[ I\ZIXILI[ MV MT XZMKQ[W UWUMV\W MV Y]M TI[ KW[I[ TM[ [ITMV UIT MXQ[WLQW[ LM UMLQI PWZI KWV TI[ U²[ ITWKILI[ [Q\]IKQWVM[ RIU²[ ^Q[ \I[ MV \MTM^Q[QÃV
z)K]IZMTI LMT )UWZ{ `
z<PM /ZMI\ *]KS 0W_IZL{
=VI VW^MTI KÃUQKI a U]a ZWU²V\QKI Y]M K]MV\I TI PQ[ \WZQI LM ,INVM a /IJZQMT LW[ RÃ^MVM[ LM KTI[M[ [WKQITM[ LQ[\QV\I[ Y]M [M MVIUWZIV XMZLQLIUMV\M
8IZI MT WRW QVM`XMZ\W <PM /ZMI\ *]KS 0W_IZL 2WPV 5ITSW^QKP X]MLM XIZMKMZ ]V UIOW XMZW MV ZMITQLIL *]KS M[ U]KPW UI[ Y]M M[W MT M[ ]V UMV\ITQ[\I
z+Q]LIL 8IZIQ[W{ `
z?PQX 1\{
)TT¾ V]VKI [M PIJ¾I ^Q[\W ]VI PQ[\WZQI LM IUWZ KWUW TI LMT PQRW LMT LQIJTW a TI ;IV\I =V IUWZ IUMVIbILW XWZ TW[ KIXZQKPW[ LMT LM[\QVW
,]ZIV\M IÁW[ *TQ[[ +I^MVLIZ -TTMV 8IOM PI M[\ILW [WÁIVLW KWV M[KIXIZ LMT XMY]MÁW X]MJTW LM *WLMMV <M`I[
1VLQI =VI 0Q[\WZQI LM )UWZ
1\ 7VTa 0]Z\[ ?PMV 1 4I]OP
;]Q\M & !
;]Q\M &
z1UXW[\WZM[{ ;MZQM ` .MLMZQKW 4]XXQ 4MWVIZLW ;JIZIOTQI a 4M\QKQI *ZºLQKM ]VQ LW[ XWZ XZQUMZI ^Mb MV ]VI I]LIb XZWX]M[\I \MTM^Q[Q^I MUQ\QLI ZMKQMV\MUMV\M MV )UºZQKI 4I\QVI I \ZI^º[ LM .W` a ^MVLQLI MV V]UMZW[W[ \MZZQ\WZQW[ LM \WLW MT U]VLW
z,ZWUW{ ;MZQM ` y =V XZWOZIUI ]VQ\IZQW LM KQMVKQI ÎKKQÃV a [][XMV[W ]V M[XIKQW LWVLM []KMLMV TI[ KW[I[ LWVLM TI[ PQ[\WZQI[ []Z OMV a VILI MV ºT M[ M[\²\QKW
z>WKM[ )VÚVQUI[{ ;MZQM ` y )TT¾ [M QZ²V LM[K]JZQMVLW PQ[\WZQI[ NI[KQVIV\M[ TMaMVLI[ a UQ\W[ Y]M ^Q^MV WK]T\I[ MV TI[ KQ]LILM[ U²[ QUXWZ\IV \M[ LMT U]VLW KWUW 8IZQ[ 6]M^I AWZS *IZKMTWVI 5I LZQL 5²TIOI *WOW\² a *]MVW[ )QZM[
1UXW[\WZM[
G8C I:A:K>H>DC
;]Q\M & !
;]Q\M &
HDBDH 9>HIG>7JI>DC
;]Q\M &
)^ LM TI[ )UÐZQKI[ *WOW\È +WTWUJQI <MT " ! ! M`\ ! ! ___ KIVITZKV KWU
6 ? \P ;\ZMM\ 5QIUQ .TWZQLI =;) <MT " ___ ZK\^QV\T KWU
;W]\P *Ia[PWZM ,ZQ^M ;]Q\M 5QIUQ .4 =;) <MT " ___ [WUW[LQ[\ZQJ]\QWV VM\
/IJZQMT :MaM[ +WXMTTW 8ZM[QLMV\ :QKIZLW +Z]b )KY]Q[Q\QWV ,QZMK\WZ 5IZQI 4]KQI 0MZVIVLMb 1V\MZVI\QWVIT ;ITM[ ,QZ 4QVI 5IZÔI ?ISML 1V\MZVI\QWVIT ;ITM[
/]ILIT]XM ,y)OW[\QVW >8 a /MZMV\M /MVMZIT 0IaLMM 8IJWV ,QZ LM >MV\I[ 1V\MZVIKQWVITM[
4]Q[ >QTTIV]M^I 8ZM[QLMV\ +-7 -]OMVQW 4IKIaW /MZMV\M LM >MV\I[
z9]M MT +QMTW 5M -`XTQY]M{ `
z >QLI[{
;IV\QIOW ]V XWTQK¾I LMLQKILW a ZM[XWV[IJTM ^Q^M ]V PM KPW \Z²OQKW Y]M TW [MXIZI ^QWTMV\IUMV\M LM [] VW^QI
<MTM[MZQM Y]M VIZZI TI[ PQ[\WZQI[ a LM^MVQZM[ XMZ[WVITM[ XZWNM[QWVITM[ a NIUQTQIZM[ LM ]V OZ]XW ^IZQWXQV\W LM XMZ[WVI[ ITZMLMLWZ LMT JIZ s3I[Q SM VWt >QLI[ W ;QM\M >QLI[ N]M XQWVMZI LMT OºVMZW LM TI KWUMLQI LM [Q\]IKQÃV W [Q\KWU MV -[XIÁI
z)UWZ ;QVKMZW{ ;MZQM ` 5I]ZMMV KWV IÁW[ LM MLIL LMU]M[\ZI ]V OZIV \ITMV \W XIZI TI UÊ[QKI ;] UILZM LMKQLM LM[IZZWTTIZ [] PIJQ TQLIL a I[¾ 5I]ZMMV \QMVM Y]M [WXWZ\IZ TI XZM[QÃV LM [] UIU² TI[ MV^QLQI[ LM [][ NIUQTQIZM[ TW[ KWV\ZI\QMUXW[ MKWVÃUQKW[ LM [] PWOIZ XIZI QVQKQIZ [] KIZZMZI IZ\¾[\QKI
G8IK >CI:GC6I>DC6A
z4QJZM[ +WUW MT >QMV\W{ ` .IJQWTI PQRI LM ]V PIKMVLILW UQTTWVIZQW M[ ]VI RW^MV ]VQ^MZ[Q\IZQI ZMJMTLM a XZMKQW[I Y]M T]KPIZ² XWZ UIV\M VMZ I [] NIUQTQI ]VQLI I TI U]MZ\M LM [] XILZM
z-T +IXW{ ;MZQM ! ` y
z+ITTM 4]VI +ITTM ;WT{ `
-[\I [MZQM U]M[\ZI KWUW TI IUJQKQÃV XWZ MT LQVMZW a MT XWLMZ TTM^IV I ]V PWUJZM I \WUIZ LMKQ[QWVM[ MZZILI[ Y]M KWV^QMZ\MV [] ^QLI MV ]V QVÎMZVW 8WZ M[\I IUJQKQÃV LM[MVNZMVILI M[\M XMZ[WVIRM TTMOI I [MZ MT VIZKW\ZIÎ KIV\M U²[ \MUQLW a XMZ[MO]QLW LM \WLW[ TW[ \QMUXW[
5IZ¾I -[XMZIVbI ]VI RW^MV M[\]LQIV\M LM KTI[M JIRI Y]M []NZM ]VI IOZM[QÃV Y]M TI LM[\Z]aM MUWKQWVITUMV\M
-T KIXW
+ITTM 4]VI +ITTM ;WT
z6ILQM 5M ,QZÈ +WUW 9]MZMZ\M{ ` -[ TI PQ[\WZQI LM IUWZ LM 5IZ¾I -]OMVQI ]VI RW^MV Y]M IKIJI LM TTMOIZ LM 8IZ¾[ KWV QLMI[ LM ^IVO]IZLQI
z -]ZW[{ 4]VI M[ ]VI RW^MV ITMOZM M`\ZW^MZ\QLI a [WÁILWZI Y]M [WZXZMVLM I [] XZWUM\QLW 5IV]MT MV JZIbW[ LM [] XZW XQI PMZUIVI 5QZMQI -[\W TI QUX]T[I I LMRIZ [] X]MJTW a \ZI\IZ LM MUXMbIZ ]VI V]M^I ^QLI MV 5ILZQL LWVLM VILI [MZ² NIK¾T 5IV]MT LM[XMKPILW TI IKW[IZ² [QV LM[ KIV[W PI[\I XZW^WKIZ ]V ^]MTKW Y]M TM KIUJQIZ² TI ^QLI XWZ KWUXTM\W
)QLI
-`XW[Q\WZM[ ,M[\IKILW[ I:A:;: >CI:GC6I>DC6A
;]Q\M &
I:A:;>ABH
;]Q\M & !
I:A:BJC9D >CI#
;]Q\M & !
8I^ÚV +IXQ\IT .MLMZIT *]MVW[ )QZM[ )ZOMV\QVI <MT " ___ \MTMNMQV\MZVI\QWVIT KWU
)^ LMT 4QJMZ\ILWZ XQ[W *]MVW[ )QZM[ )ZOMV\QVI <MT " ___ \MTMåTU[ KWU IZ
)TMRIVLZW 8IZZI 1V\MZVI\QWVIT *][QVM[[ ,QZMK\QWV 5QKPMTTM ?I[[MZUIV 0MIL WN 1V\ ,Q[\ZQJ]\QWV 2M[QKI ;\M[KWJQKP ;ITM[ -`MK]\Q^M 5MKI ;ITILW 8QbIZZW 0MIL WN 5IZSM\QVO
<WU¸[ ,IZKaT 8ZM[QLMV\ :QKIZLW +W[\QIVW^[Sa +-7 )TNZMLW )VLZMW\\Q ;ITM[ UIVIOMZ 0]UJMZ\W ,MTUI[ ;ITM[ UIVIOMZ
z;MKZM\W[ LM )UWZ{ <MTMVW^MTI `
z.ZWU 8IZQ[ ?Q\P 4W^M{
<MTMVW^MTI XZW\IOWVQbILI XWZ ]V XZM[\QOQW[W MTMVKW LM IK\WZM[ K]MV\I TI PQ[\WZQI LM ,QIVI ]VI IJWOILI Y]M \ZI[ IÁW[ LM VW MRMZKMZ LMKQLM ZM\WUIZ [] KIZZMZI
2WVI\PIV :Pa[ 5MaMZ[ ZMXZM[MV\I I ]V RW^MV MUXTMILW LM TI WÎKQVI LMT -UJIRILWZ LM TW[ -[\ILW[ =VQLW[ Y]M [M XWVM MV KWV\IK\W KWV 2WPV <ZI^WT\I# IOMV\M LMT .*1 a MV KIZOILW LM TI [MO]ZQLIL LM TI MUJIRILI VWZ\MIUMZQKIVI MV .ZIVKQI XIZI R]V\W[ QV\MV\IZ LM\MVMZ ]V I\MV\ILW \MZZWZQ[\I MV 8IZQ[
z4I[ )XIZQKQW{ <MTMVW^MTI `
z) ;QVOTM 5IV{
z,ÚVLM -[\È -TQ[I'{ <MTMVW^MTI ! `
)UJQMV\ILI MV 4W[ )VOMTM[ MV ! M[ ]VI PQ[\WZQI ZW U²V\QKI [WJZM IUWZ QV\MZZ]UXQLW [WJZM MT IQ[TIUQMV\W Y]M NWZUI XIZ\M QVPMZMV\M LM TI KWVLQKQÃV P]UIVI a [WJZM TI QUXWZ\IVKQI LM TW[ UWUMV\W[ IXIZMV\MUMV\M QV[QOVQÎKIV\M[ LM TI ^QLI KWV TI[ JZQTTIV\M[ IK\]IKQWVM[ LM 2]TQIVVM 5WWZM a +WTQV .QZ\P
4I LM[IXIZQKQÃV LM ]VI RW^MV KIUJQIZI TI ^QLI LM ]VI NIUQTQI XIZI [QMUXZM -TQ[I )T\IUQZI PQRI LM 5IZQIVW LM )T\IUQZI a ,IVVI :QOO[ N]M ^Q[\I XWZ ]T\QUI ^Mb MT L¾I LMT K]UXTMIÁW[ LM [] XILZM K]IVLW \WLI TI NIUQTQI KMTM JZIJI MV [] KI[I LM XTIaI MV 5ITQJÊ
.ZWU 8IZ¾[ ?Q\P 4W^M
-T KWVLM >ZWTWS
z4I :M[Q[\MVKQI{ <MTMVW^MTI 2]^MVQT ` 1V\MOZILI XWZ ]V MTMVKW M`KMXKQWVIT LM RÃ^MVM[ a \ITMV \W[W[ IK\WZM[ -[ ]VI PQ[\WZQI ZMVW^ILI LM IUWZ I^MV\] ZI[ a UÊ[QKI Y]M PIZ² ZM¾Z a MUWKQWVIZ I \WLW[
z ) /IVIZ { -V\ZM\MVQUMV\W -[ ]V XZWOZIUI LM MV\ZM\MVQUQMV\W[ LWVLM TW[ XIZ\QKQ XIV\M[ R]MOIV MV LQ[\QV\W[ LM[IN¾W[ XIZI OIVIZ ]V ^QIRM IT 5]VLQIT LM ;]L²NZQKI
*W\QVMZI[
I:A:K>H6 >CI:GC68>DC6A
;]Q\M & !
IK 6OI:86
8WVKM LM 4MWV *T^L +WZIT /IJTM[ .4 =;) <MT " ___ \MTMU]VLWQV\MZVIKQWVIT KWU
5IZKW[ ;IV\IVI 8ZM[QLMV\ -[XMZIVbI /IZIa ;MVQWZ >8 ;ITM[ )KY]Q[Q\QWV @I^QMZ )ZQ[\QU]ÇW >8 ;ITM[ 1V\MZVI\QWVIT *][QVM[[ ,M^MTWXUMV\ )[QI 3IZMV *IZZWM\I >8 5IZSM\QVO 8ZWUW\QWV[
;]Q\M & !
-V ]V U]VLW MV Y]M aI VILQM KZMM MV TI[ PILI[ UILZQ VI[ a TW[ XZ¾VKQXM[ Ib]TM[ PIKMZVW[ M[\I[ XZMO]V\I[ M[ ZM^Q[Q\IZ KWV ]VI V]M^I UQZILI MT ]VQ^MZ[W NMUMVQVW" ]VI UQZILI Y]M X]MLM [MZ \IV OWbW[I a LQ^MZ\QLI KWUW XZWN]VLI a KZ¾\QKI
K:C:K>H>DC
;]Q\M &
6? <0 ;\ZMM\ 5QIUQ .4 =VQ\ML ;\I\M[ 8PWVM" QVNW(\MTM^Q[IQV\MZVIKQWVIT \^
8MZQNÐZQKW ;]Z +WT .]MV\M[ LMT 8MLZMOIT 5Ð`QKW , . 5Ð`QKW <MT " ___ KWUIZM` \^
)TPIUJZI 8TIbI ;]Q\M +WZIT /IJTM[ .4 =;) <MT " ___ ^MVM^Q[QWVQV\MZVI\QWVIT KWU
.MZVIVLW 8ÀZMb /I^QT¸V >QKMXZM[QLMV\M +IZTW[ +I[\ZW ,QZMK\WZ /MVMZIT LM >MV\I[ +MKQTQI /ITMIVI /\M >\I[ :MO )VLQVI a +IZQJM 7[KIZ *MTIQKP /MZMV\M LM >MV\I[ +WVW ;]Z
5IZKMT >QVIa 0QTT >8 1V\MZVI\QWVIT ;ITM[ 5IZKMT >QVIa 2Z +-7 +WUIZM` +IZUMV 8QbIVW ;ITM[ 4I\QV )UMZQKI ;XIQV :MVM 4MM ;ITM[ +MV\ZIT )UMZQKI
5QO]MT ,^WZIS 8ZM[QLMV\M -RMK]\Q^W 5IV]MT 8ÀZMb >QKMXZM[QLMV\M +.7 +À[IZ ,ÄIb >QKMXZM[QLMV\M LM >MV\I[ 5QO]MT ;WUWbI ,QZMK\WZ :MOQWVIT LM >MV\I[
z4TMVI LM )UWZ{ <MTMVW^MTI `
z1VNIUQI{
z;IKZQåKQW LM U]RMZ{ <MTMVW^MTI ` y
) XM[IZ LM PIJMZ ^Q^QLW KI[Q \WLI [] QVNIVKQI [QV MT IUWZ LM ]VI NIUQTQI 5IZQIVMTI VW PI XMZLQLW TI [WVZQ[I VQ TI L]Tb]ZI LM [] KIZ²K\MZ <ZI[ TI U]MZ\M LM [] XILZM [] \¾I .ZMLI TI QV\MZVÃ MV ]VI M[K]MTI KWV MT XZM\M`\W LM Y]M [] UILZM MZI ITKWPÃTQKI a VW XWL¾I K]QLIZTI
1VNIUQI M[ ]VI PQ[\WZQI LM IUWZ LM WLQW[ LM T]KPI[ XWZ MT XWLMZ LM ]V XI[ILW W[K]ZW Y]M ZM\WZVI LM ^MVOIV bI[ LM TWK]ZI LM LM[M[XMZIKQÃV 5IZ¾I 2]TQI .MZV²VLMb >QLIT LI XQM I ]VI JI\ITTI LMT JQMV KWV\ZI MT UIT LM TI T]b KWV\ZI TI W[K]ZQLIL LMT LM[MW LM ^QLI KWV\ZI MT LM[MW LM U]MZ\M LM TI ^MZLIL KWV\ZI TI UMV\QZI
8ZW\IOWVQbILI XWZ 5IZRWZQM LM ;W][I a 2]IV )TNWV[W *IX\Q[\I -[\I VW^MTI M[ ]VI KWVNIJ]TILI PQ[\WZQI LM M[ XMZIVbI LM[MVOIÁW []XMZIKQÃV a LM[XMKPW MV LWVLM XZM^ITMKM MT IUWZ
z;Wa \] ,]MØI{ <MTMVW^MTI ` >ITMV\QVI >QTTITJI M[ ]VI U]RMZ Y]M TW \QMVM \WLW" JMTTM bI ]VI K]IV\QW[I NWZ\]VI Y]M TM LMRIZWV [][ XILZM[ ]VI M`Q\W[I KIZZMZI a ]V VW^QW IT Y]M ILWZI >ITMV\QVI XQMV [I Y]M [] NMTQKQLIL [MZ² KWUXTM\I K]IVLW [M KI[M KWV [] XZWUM\QLW )TWV[W XMZW TI ZMITQLIL M[\² I X]V\W LM LM[\Z]QZ [] QT][QÃV XWZY]M )TWV[W [ÃTW J][KI [] LQVMZW ILMU²[ LM [MZ IUIV\M LM [] XZQUI 1^IVI
6QÁI LM UQ KWZIbÃV
z4I 4WJI{ 0IV XI[ILW ^MQV\Q[ºQ[ IÁW[ LM[LM Y]M 5IZ¾I ;MOW^QI N]M IK][ILI QVR][\IUMV\M LM PWUQKQLQW a ZMKT]QLI MV TI K²Z KMT =V L¾I IV\M[ LM Y]M TI XM[ILQTTI \MZUQVM 4I /ÌMZI [] IUQOI QVKWVLQKQWVIT TM ZM^MTI MT [MKZM\W Y]M KIUJQIZ² [] ^QLI
4I 4WJI
z;IT^ILWZ LM 5]RMZM[{ <MTMVW^MTI ` y =VI XZWL]KKQÃV LM >MVM^Q[QWV 1V\MZVI\QWVIT 8ZWL]K\QWV[ ZMITQbILI XWZ <MTM^QLMW TI VW^MTI [M OZIJÃ MV TW[ JMTTW[ XIQ[IRM[ LM +WTWUJQI
z0IZQVI LM 7\ZW +W[\IT{ <MTMVW^MTI ` y 5MRWZM[ IUQOW[ XIZI [QMUXZM' ~6W MV M[\I PQ[\WZQI -ZIV \IV KMZKIVW[ KWUW [Q N]MZIV PMZUIVW[ a [WKQW[ MV ]VI XIVILMZ¾I M`Q\W[I
;IT^ILWZ LM U]RMZM[
:CIG:K>HI6
ÆD[gZXZbdh Za bZ_dg VXXZhd eVgV aV VjY^ZcX^V VbVciZ YZ aV WjZcV iZaZk^h^ cÇ <]ZVMZ KWV[WTQLI [] XZM[MV\M MV TI ZMOQÅV KWV MT KZMKQUQMV\W LM [][ [MÃITM[ a MT TIVbIUQMV\W LM <Z]<^ 0, XZWOZIUIZ XMV[IVLW MV TI[ XMZ[WVI[ LM M[M XI¾[ <IUJQºV V]M[\ZI XZWOZIUIKQÃV WZQOQ VIT M[ OZIJILI MV UMZKILW[ [MTMKKQWVILW[ KWV \ITMV\W TWKIT TW K]IT XMZUQ\M IÊV U²[ Y]M TI[ XMZ[WVI[ \ZI[TILMV I V]M[\ZI XIV\I TTI MT ZM[XM\W Y]M [QMV\MV XWZ ]VI XMZ[WVI TQLIL TWKIT t :QKS 8ºZMb >8 [MVQWZ a OMZMV\M OMVMZIT LM <6< <+5 ;XIKM 1;I\ a \Z]<>
+ÉUW LMÕVM PWa LÄI TI UIZKI <6< MV )UÀZQKI 4I\QVI' s<6< M[ MT KIVIT T¾LMZ MV MT UMZKILW TI\Q VWIUMZQKIVW +]IVLW TW [QV\WVQbI[ [IJM[ KWV KMZ\MbI Y]M ^I[ I MVKWV\ZIZ TW UMRWZ LMT U]VLW LMT MV\ZM\MVQUQMV\W" J]MVI[ XMT¾K] TI[ TW[ º`Q\W[ U²[ ZMKQMV\M[ LM \IY]QTTI TW[ M^MV\W[ U²[ QUXWZ\IV\M[ LMT M[XMK\²K]TW a KWVKQMZ\W[ KWV TW[ IZ\Q[\I[ U²[ LM[\IKILW[ LMT UWUMV\W <WLW MT MY]QXW Y]M KWVNWZUI MT KIVIT [M M[N]MZbI XWZ TTM^IZTM I V]M[\ZI I]LQMVKQI TW UMRWZ LMT U]VLW LMT MV\ZM\MVQ UQMV\W LM ]VI NWZUI I\ZIK\Q^I LQV²UQKI a KWV\MUXWZ²VMI XMZW [WJZM \WLW XMV[IVLW MV TW[ O][\W[ a XZMNMZMVKQI[ LM KILI ]VW LM V]M[\ZW[ UMZKILW[ t 9]À V]M^I[ QVQKQI\Q^I[ UIVMRIV MV MT ¸ZMI LM XZWL]KKQÉV WZQOQVIT' s8ZWaMK\W N]M U]a M`Q\W[W L]ZIV\M TW[ IÁW[ Y]M M[\]^W IT IQZM a XMZUQ\QÃ IKMZKIZVW[ I V]M[\ZI I]LQMVKQI Y]M VW [ÃTW LQ[NZ]\I LM ^MZ XMT¾K]TI[ [QVW Y]M ILMU²[ LM[MI PIKMZ KQVM )K\]ITUMV\M \MVMUW[ MV XIV\ITTI LW[ XZWL]KKQWVM[ WZQOQVITM[" <6< .QTU a 5W^QM +T]J -[ U]a QUXWZ\IV\M [MÁITIZ Y]M IUJW[ XZWOZIUI[ TM LIV TI WXWZ\]VQLIL I V]M[\ZW[ IV]VKQIV\M[ XIZI PIKMZ XZWL]K\ XTIKMUMV\ XIZI TWOZIZ I[¾ ]V IKMZKIUQMV\W I [] \IZOM\ LM ]VI UIVMZI KZMI\Q^I a LQ^MZ\QLI t +ÉUW TWOZIV ][\MLM[ TI KMZKIVÄI KWV TI I] LQMVKQI TI\QVWIUMZQKIVI' s;QMUXZM VW[ M[NWZbIUW[ XIZI Y]M V]M[ \ZW[ KIVITM[ \MVOIV ZMTM^IVKQI MV KILI ]VW LM V]M[\ZW[ UMZKILW[ 8WZ M[W \MVMUW[ LQNMZMV\M[ NMML[ XIZI TW[ UMZKILW[ U²[ QUXWZ\IV\M[ LMT ²ZMI TW Y]M VW[ XMZUQ\M
+ÉUW PI [QLW MT LM[MUXMÇW LM <Z]<>' s<Z]<> PI [QLW U]a JQMV ZMKQJQLW \IV\W XWZ \MTM^QLMV\M[ KWUW XWZ TW[ WXMZILWZM[ LM KIJTM <IV\W Y]M MV MT UM[ LM R]TQW M[\I ZMUW[ TIVbIVLW [] [MÁIT MV IT\I LMÎVQKQÃV )K\]ITUMV\M U]KPI LM TI XZWOZIUIKQÃV LMT KIVIT M[ ÎTUILI MV IT\I LMÎVQKQÃV I[¾ Y]M \MVMZ ]VI [MÁIT KWV M[\I \MKVWTWO¾I M[ MT [Q
z6W[ M[NWZbIUW[ XIZI Y]M \WLW[ TW[ KIVITM[ \MVOIV ZMTM^IVKQI MV KILI ]VW LM V]M[\ZW[ UMZKILW[{ :QKS 8ºZMb >8 [MVQWZ a OMZMV\M OMVMZIT LM <6< <+5 ;XIKM 1;I\ a \Z]<>
O]QMV\M XI[W LMT KIVIT MV [] IXMVI[ ]V IÁW LM M`Q[\MVKQI MV MT UMZKILW 5M XMZUQ\W KW UMV\IZ Y]M W\ZW LM V]M[\ZW[ KIVITM[ Y]M PI \MVQLW ]V KZMKQUQMV\W [WZXZMVLMV\M M[ ;XI KM Y]M K]MV\I IK\]ITUMV\M KWV U²[ LM UQTTWVM[ LM [][KZQX\WZM[ ]VI KQNZI ZMKWZL MV [][ IÁW[ LM M`Q[\MVKQI 0IKM ]V IÁW TIV bIUW[ ]VI [MÁIT PMZUIVI MV IT\I LMÎVQKQÃV TI K]IT M[\² KWUX]M[\I MV OZIV XIZ\M XWZ KWV\MVQLW ÎTUILW MV 0, )LMU²[ ;XIKM [M M[\² ]JQKIVLW LMV\ZW LM TW[ XZQUMZW[ KI VITM[ LM ZI\QVO[ MV UMZKILW[ V]M^W[ XIZI MT KIVIT KWUW TW [WV 5º`QKW >MVMb]MTI a 8MZÊ LM TI UIVW I ]VI XZWOZIUIKQÃV LM M`KMTMV \M VQ^MT KWUW TI 6*) a +WUJI\M ;XIKM a [][ [MZQM[ Y]M PIV \MVQLW OZIV IKMX\IKQÃV MV\ZM MT XÊJTQKW t 9]À WNZMKM I [][ IV]VKQIV\M[' s,ILW V]M[\ZW XWZ\INWTQW LM KIVITM[ LM KQVM a [MZQM[ TM[ WNZMKMUW[ MT UMRWZ IKKM[W
I ]VI I]LQMVKQI IUIV\M LM TI J]MVI \MTM^Q [QÃV a MV \WLW[ TW[ \IZOM\[ XZMNMZQLW[ XWZ TW[ IV]VKQIV\M[ 6]M[\ZW[ KIVITM[ [WV T¾LMZM[ MV [] OºVMZW TM \ZIMV I TW[ IV]VKQIV\M[ TI WXWZ\]VQLIL LM I[WKQIZ [][ UIZKI[ R]V\W I TI KITQLIL a J]MV VWUJZM Y]M TW[ KIVITM[ LM <]ZVMZ ZMXZM[MV\IV I TI ^Mb Y]M K]MV\IV KWV TI KMZ\MbI Y]M M[\²V PIKQMVLW MT UMRWZ ][W LM [] QV^MZ[QÃV 8WZ W\ZI XIZ\M XWZ M[I LQ^MZ[QLIL LM TI I]LQMVKQI I TI Y]M TTMOIV V]M[\ZW[ KQVKW KIVITM[ TM XWLMUW[ WNZMKMZ XW[QJQTQLILM[ XIZI IV]VKQIZ[M LM ]VI NWZ UI KZMI\Q^I a [MOÊV TW ÊT\QUW MV TI \MKVW TWO¾I =V J]MV MRMUXTW M[ TW Y]M VW[W\ZW[ TTIUIUW[ QV KWV\M`\ LWVLM XMZUQ\QUW[ I V]M[\ZW[ KTQMV\M[ IV]VKQIZ[M K]IVLW MT KWV \MVQLW [M ZMÎMZM I ]V \MUI ZMTIKQWVILW KWV [] XZWL]K\W -[ ]VI \ºKVQKI U]a QV\MZM[IV\M Y]M OIZIV\QbI IT IV]VKQIV\M Y]M [] UMV[IRM TTMOIZ² MV IT \IZOM\ QV\MZM[ILW MV TW[ XZWL]K\W[ Y]M WNZMKM -[W M[\IZ² U]a XZWV \W MV V]M[\ZI[ XIV\ITTI[ a M[XMZIUW[ Y]M TM IJZI ]V IJIVQKW LM XW[QJQTQLILM[ I V]M[\ZW[ KTQMV\M[ t 9]À I\ZIK\Q^W[ \QMVM [] OZQTTI XIZI TIVbIZ MV TW[ XZÉ`QUW[ UM[M[' s+ILI ]VW LM V]M[\ZW[ KIVITM[ \QMVM M[ \ZMVW[ U]a N]MZ\M[ MV TW[ XZÃ`QUW[ UM[M[ <6< XZM[MV\IZ² MV R]TQW ]V M`KMTMV\M KWV KQMZ\W KWV 8I]T 5K+IZVMa OZIJILW MV 6]M ^I AWZS a MV IOW[\W TI XMT¾K]TI LWK]UMV\IT <PQ[ Q[ 1\ LM 5QKPIMT 2IKS[WV ;XIKM QVKT]aM TI [MZQM ;W]\PTIVL Y]M PI \MVQLW U]KPW º`Q\W MV -[\ILW[ =VQLW[ a Y]M M[ XZW\IOWVQbILI XWZ *MV 5K3MVbQM# a MV R]TQW M[\ZMVIUW[ <PM .WZOW\\MV XZW\IOWVQbILI XWZ +PZQ[\QIV ;TI \MZ a XZWL]KQLI XWZ 2MNN *Z]KSPMQVUMZ 7XM ZI¸µW 8WTQKQIT ]V XZWOZIUI ÎTUILW MV ;IW 8I]TW *ZI[QT LMJ]\I MV \Z]<> a VW[ XMZUQ\M ^MZ TW KWUXTMRW LMT [Q[\MUI LM [MO]ZQLIL LM TI XWTQK¾I JZI[QTMÁI K]IVLW LMJM UIV\MVMZ MT WZLMV L]ZIV\M M^MV\W[ KWV I[Q[\MVKQI UI[Q^I KWUW TW [WV TI KMTMJZIKQÃV LMT KIZ VI^IT a TW[ XIZ\QLW[ LM NÊ\JWT MV M[M XI¾[ 8WZ ÊT\QUW W\ZW[ \¾\]TW[ Y]M M[\IZ²V MV TW[ XZÃ`QUW[ UM[M[ MV 1;I\ a <+5 [MZ²V ,QIZQW[ LM UW\WKQKTM\I a 4I JMTTI a TI JM[\QIt ZM[XMK \Q^IUMV\M
Edg BVg V IZgZhV 6akVgVYd
>9:CI>@>I
-:13 2-6;-6
t-T UMZKILW TI\QVWIUMZQKIVW M[ [QV L]LI ]VI PQ[\WZQI LM OZIV KZMKQUQMV\W M[XMKQITUMV\M MV TW[ ÌT\QUW[ KQVKW IÃW[ I M`KMXKQÅV LMT ! +ZMW Y]M [MO]QZ´ [QMVLW ]V R]OILWZ U´[ a U´[ [QOVQÐKI\Q^W MV MT XIVWZIUI XWTÀ\QKW a MKWVÅUQKW QV\MZVIKQWVIT >MW U´[ M[\IJQTQLIL a ]VI XTIVQÐKIKQÅV MKWVÅUQKI U´[ ZM[XWV[IJTM Y]M I]VY]M KWV ITO]VI[ M`KMXKQWVM[ JMVMÐKQIZ´V KWV[QLMZIJTMUMV\M MT KZMKQUQMV\W LM KILI XIÀ[ QVLQ^QL]ITUMV\M I[À KWUW \IUJQ¼V IT \MZZQ\WZQW MV [] KWVR]V\W u
675*:- +7584-<7" -ZQS 2MV[MV +):/7 )+<=)4" 5IVIOQVO ,QZMK\WZ LM +,+ =VQ\ML 6M\_WZS .-+0) ,- 6)+151-6<7" LM 2]TQW LM ! 4=/): ,- 6)+151-6<7 :-;1,-6+1) )+<=)4" 6IKQÚ MV )U[\MZLIU 0WTIVLI# a ZM[QLM MV *Z][MTI[ *ÐTOQKI -;<),7 +1>14" ;WT\MZW 0127; 675*:-; A -,),-; " 6W \QMVM -;<=,17;" *) -UMZ[WV +WTTMOM *W[\WV
8ZWOZIUI[ LM <> NI^WZQ\W[ s5IOV]U 81t s.IUMt a s5QIUQ >1KMt
¦<ZIRM W KI[]IT [XWZ\' )UJW[
4QJZW[ LM KIJMKMZI s.MIZ IVL 4WI\PQVO QV )UMZQKI " <PM *Z]\IT 7La[[Ma WN IV 7]\TI_ 2W]ZVITQ[\t LM 0]V\MZ ; <PWUX[WV s<ITM[ WN 7ZLQVIZa 5ILVM[[t LM +PIZTM[ *]SW_[SQ a s )VQUIT .IZUt LM /MWZOM 7Z_MTT
6WKPM QLMIT -V MT [QTTÃV UQZIVLW ]VI J]MVI XMT¾K]TI
5á[QKI *WJ ,aTIV *WJ 5IZTMa a 8QVS .TWaL 0WJJa[ <ZI^MTTQVO 8PW\WOZIXPa ¦+QVM W ,>, MV KI[I' )UJW[
*MJQLI XZMNMZQLI /QV a <WVQK )báKIZ W [IKIZQVI 6QVO]VW ,MNMK\W []aW Y]M UI[ WLQI 9]MZMZ [I\Q[NIKMZ I \WLW MT U]VLW
8MTÔK]TI[ XZMNMZQLI[ s)TUW[\ .IUW][t s7V \PM ?I\MZNZWV\t a s4I_ZMVKM WN )ZIJQIt
+IZVM[ W XI[\I[ +IZVM
6W X]MLM [ITQZ LM [] KI[I [QV ' 5Q *TIKSJMZZa
¦)TO]VI NWJQI' )T NZIKI[W
¦+]ÈV\W X]MLM M[\IZ [QV ZM^Q[IZ [] MUIQT' )TZMLMLWZ LM UQV]\W[ a UMLQW
¦+ÈJITI' 6W \MVOW VQVO]VI
¦=[I \MTÐNWVW KMT]TIZ' ¦9]Ð UIZKI' *TIKSJMZZa 8MZN]UM *]ZJMZZa -V [] KI[I ¦KÚUW []MTM ^M[\QZ' 5MLQI[ IUIZQTTI[
¦:MITQbI LMXWZ\M[' 6W \IV\W KWUW LMJMZ¾I XMZW IVLW MV JQKQKTM\I a R]MOW ]V XWKW LM \MVVQ[ I]VY]M PIKM ]V \QMUXW Y]M VW XZIK\QKW
;]MØW MV TI ^QLI ;MZ KIXIb LM Ia]LIZ I TW[ U²[ VMKM[Q\ILW[ ¦) Y]Ð XMZ[WVITQLIL LM TI PQ[\WZQI TM P]JQMZI O][\ILW KWVWKMZ' 5M P]JQM[M MVKIV\ILW ^QIRIZ PIKQI MT U]VLW LM[KWVWKQLW KWUW +ZQ[\WJIT +WTÃV 4I QLMI LM VI^MOIZ PIKQI
TW LM[KWVWKQLW a [QV [IJMZ Y]M UM LMXIZIZ² U²[ ITT² LMT PWZQbWV\M M[ ]V KWVKMX\W NI[KQVIV\M XIZI U¾ -T UMRWZ ZMOITW Y]M PQbW =VI ÎM[\I [WZXZM[I XIZI MT K]UXTMIÁW[ VÊUMZW LM UQ XILZM -T XMWZ XIXMTÚV 6W M[\Wa [MO]ZW Y]M X]MLI KWV\IZ\MTW ¦+]ÈT N]M [] XZQUMZ \ZIJIRW' )[Q[\MV\M LM XZWL]KKQÃV LM s*Ia_I\KPt ¦9]Ð PQbW KWV [] XZQUMZ []MTLW' 8IOIZ MT ITY]QTMZ ¦-T \ZIJIRW UÈ[ M`\ZIØW' )KWUWLIZ KIRI[ MV ]VI \QMVLI LM bIXI\W[ 4W Y]M UÈ[ TM O][\I LM [] \ZIJIRW 4I UIZI^QTTW[I OMV\M TW[ ^QIRM[ a TI[ QVKZM¾JTM[ KMVI[ 4W Y]M UMVW[ TM IOZILI LM [] XZWNM[QÚV 4I XZM[QÃV KWV[\IV\M LM \MVMZ Y]M KMZZIZ U²[ \ZI\W[ 9]Ð TM NIT\I a Y]Ð TM [WJZI I TI <> IK\]IT' 4M [WJZIV U]KPW[ ÎTU[ LM TW[ OZIVLM[ M[\]LQW[ a TM NIT\IV U]KPI[ XMT¾K]TI[ LM +,+ RIRI 5IaWZ ^MZLIL [WJZM TW[ MRMK]\Q^W[ LM KIVITM[ 9]M TM[ MVKIV\I KWUMZ JQMV a JMJMZ
:CIG:K>HI6 688>DC
OMPAร ร A SE HA POSICIONADO MO UNO DE LOS Lร DERES EN LA NDUSTRIA DE DISTRIBUCIร N DE TENIDOS EN !Mร RICA ,ATINAv ร AV XdbeVย ย V hZ ]V edh^X^dcVYd Xdbd jcd YZ adh aย YZgZh Zc aV ^cYjhig^V YZ Y^hig^WjX^ย c YZ XdciZc^Ydh Zc 6bย g^XV AVi^cVร
-[XMZIVbI /IZIa
;>8 LM >MV\I[ a )LY]Q[QKQWVM[ XIZI )UยบZQKI 4I\QVI LM <MTMU]VLW 1V\MZVIKQWVIT
:heZgVcoV <VgVn! HKE YZ KZciVh n 6Yfj^h^X^dcZh eVgV 6bย g^XV AVi^cV YZ IZaZbjcYd >ciZgcVX^dcVa ]^od jcV gZXdgg^YV edg Za egZhZciZ YZ aV XdbeVย ย V n YZhXg^W^ย adh dW_Zi^kdh YZ XVgV V jcV cjZkV ZY^X^ย c YZ A6 HXgZZc^c\h#
]MOW LM ]V XZQUMZ \ZQUM[\ZM KWV OZIVLM ZM[]T\ILW[ MV )UยบZQKI 4I\QVI <MTMU]VLW TTMOI I 4 ) ;KZMMVQVO[ KWV LQ^MZ[W[ WJRM\Q^W[ LM ^MV\I[ a XZWUWKQWVM[ 8WZ M[\W -[XMZIVbI /IZIa ;>8 LM >MV\I[ a )LY]Q[QKQWVM[ XIZI )UยบZQKI 4I\QVI LM <MTMU]VLW 1V\MZVIKQWVIT LQITWOร KWV ;Mร IT 1V\MZVIKQWVIT a M`XTQKร TI IK\]ITQLIL LM TI MUXZM[I TW[ ZMKQMV\M[ IK]MZLW[ a TW[ XTI\W[ N]MZ\M[ LM [] WNMZ\I
A
ย +ร UW WJ[MZ^I[ MT UMZKILW QV\MZVIKQWVIT T]MOW LM TI KZQ[Q[ LMT !' s,M[X]ยบ[ LM TI KZQ[Q[ LMT ! MT UMZKI LW LM \MTM^Q[Qร V QV\MZVIKQWVIT [M PI KWV^MZ \QLW MV ]V UMZKILW LM WXWZ\]VQLILM[ 4I \MTM^Q[Qร V IJQMZ\I M[ TI IT\MZVI\Q^I XZQVKQXIT LM MV\ZM\MVQUQMV\W XIZI TI XWJTIKQร V MV ยบXWKI[ LM KZQ[Q[ 8WZ \IT UW\Q^W TI LMUIV LI LM KWV\MVQLW[ XIZI \MTM^Q[Qร V IJQMZ\I PI I]UMV\ILW JZQVLIVLW I TW[ LQ[\ZQJ]QLWZM[ V]M^I[ WXWZ\]VQLILM[ MV MT UMZKILW t
ย +WV Y]ร M`XMK\I\Q^I[ TTMOIV I M[\I V]M^I MLQKQร V LM 4) ;KZMMVQVO[' s<MTMU]VLW 1V\MZVIKQWVIT [M MVWZO]TTM KM MV XZM[MV\IZ MV TW[ 4 ) ;KZMMVQVO[ ]VI XZWX]M[\I U]a ^IZQILI LM KWV\MVQLW[ Y]M QVKT]aM V]M^W[ XZWOZIUI[ KWUW 4I[ )XI ZQKQW 8MZ[QO]QMVLW 1VR][\QKQI[ a ) \ZI^ยบ[ LM 5Q[ 7RW[ MV\ZM W\ZW[ 0MUW[ \MVQLW ]V XZQ UMZ \ZQUM[\ZM KWV M`KMTMV\M[ ZM[]T\ILW[ MV \WLI )UยบZQKI 4I\QVI 0I[\I TI NMKPI KWV \IUW[ KWV NZIVRI[ LM XZWOZIUIKQร V TW K]IT VW[ KWTWKI MV ]VI XW[QKQร V XZQ^QTMOQI LI -[\W M[ ]V ZMร MRW VW [ร TW LM TI KITQLIL LM V]M[\ZW XZWL]K\W [QVW \IUJQยบV LM TI ZMK]XMZIKQร V LM TI QVL][\ZQI TW K]IT PMUW[ TWOZILW KIXQ\ITQbIZ t
ย 9]ร XW[QKQWVIUQMV\W \QMVM TI MUXZM[I LM KIZI IT UMZKILW LM )Uร ZQKI 4I\QVI' s<MTMU]VLW 1V\MZVIKQWVIT [M PI XW[QKQW VILW KWUW ]VW LM TW[ TยพLMZM[ MV TI QVL][ \ZQI LM LQ[\ZQJ]KQร V LM KWV\MVQLW[ MV )Uยบ ZQKI 4I\QVI )K\]ITUMV\M UIV\MVMUW[ Uยฒ[ LM NZIVRI[ [QU]T\ยฒVMI[ IT IQZM I VQ^MT U]VLQIT LM TI[ K]ITM[ XMZ\MVM KMV I )UยบZQKI 4I\QVI ,M[LM MT UM[ MVMZW 5ยฒ[ ;IJM MT ,QIJTW PI [QLW TI \MTMVW^MTI KWV Uยฒ[ PWZI[ IT IQZM [QU]T\ยฒVMIUMV\M MV TI ZMOQร V +IJM LM[\IKIZ TI IKMX\IKQร V Y]M M[\I VW^MTI WJ\]^W MV TI I]LQMVKQI IKWU XIร IVLW MT []KM[W LM V]M[\ZW[ XZWL]K\W[ MV TI ZMOQร V 5ยฒ[ ;IJM MT ,QIJTW ZMXQ\Qร [] M`Q\W MV ^IZQW[ XIยพ[M[ QVKT]aMVLW >MVMb]M
ย 9]ร QUXWZ\IVKQI \QMVM MT M^MV\W MV TI M[\ZI\MOQI LM TI KWUXIร ร I' s)UยบZQKI 4I\QVI M[ ]VW LM TW[ UMZKILW[ LWVLM <MTMU]VLW 1V\MZVIKQWVIT \QMVM ]VI XZM[MVKQI [ร TQLI M`Q\W[I a XMZUIVMV\M XWZ TW \IV\W MT NM[\Q^IT 4 ) ;KZMMVQVO[ M[ U]a QUXWZ\IV\M XIZI TI M[\ZI\MOQI LM ^MV\I[ a XZWUWKQWVM[ LM TI MUXZM[I -[ ]V UMZ KILW Y]M VW[ XMZUQ\M XWLMZ XZM[MV\IZTM[ I V]M[\ZW[ KTQMV\M[ TW[ V]M^W[ XZWL]K\W[ Y]M XZMXIZIUW[ XIZI V]M[\ZW =XNZWV\ I[ยพ KWUW KWV[WTQLIZ a [WTQLQร KIZ TI[ ZMTIKQWVM[ LM VMOWKQW[ t
*MTTI +ITIUQLILM[ X
TI -K]ILWZ 8IZIO]Ia :MXร JTQKI ,WUQVQKI VI a 8IVIUยฒ t ย -V Y]ร [M LQNMZMVKQI MT UMZKILW TI\QVW KWV MT ZM[\W LM TW[ \MZZQ\WZQW[' s)UยบZQKI 4I\QVI M[ MT KZMILWZ a KWV[]UQ LWZ Uยฒ[ IT\W LMT OยบVMZW LM TI \MTMVW^MTI -[ ]V \MZZQ\WZQW LWVLM MT \MTM^QLMV\M LMUIVLI a M`QOM J]MVW[ KWV\MVQLW[ XWZY]M KWVWKMV a LWUQVIV MT OยบVMZW <WLI[ TI[ VWKPM[ UQ TTWVM[ LM XMZ[WVI[ ^MV \MTMVW^MTI[ aI Y]M TI XZWOZIUIKQร V LMT XZQUM \QUM MV )UยบZQ KI 4I\QVI M[\ยฒ KWUX]M[\W XZQVKQXITUMV\M XWZ M[\M OยบVMZW 8WZ \IT UW\Q^W TI WNMZ\I XIZI M[\M UMZKILW [QMUXZM [M UIV\QMVM U]a KWUXM\Q\Q^I XZWUW^QMVLW Y]M TW[ XZWL]K\WZM[ KWV[\IV\MUMV\M [M UIV\MV OIV QVVW^IVLW XIZI TWOZIZ [WZXZMVLMZ I ]V Xร JTQKW Y]M [M PI KWV^MZ\QLW MV ]V M`XMZ\W LM TI[ \MTMVW^MTI[ t ย 9]ร \QXW LM KWV\MVQLW[ M[\ยธ N]VKQWVIVLW UMRWZ MV MT UMZKILW QV\MZVIKQWVIT' s-T OยบVMZW LM UIaWZ LMUIVLI MV TI ZM OQร V M[ TI \MTMVW^MTI MV [][ LQNMZMV\M[ ^I ZQIKQWVM[ 0Ia ]VI IT\I LMUIVLI XWZ LQ[ \QV\W[ KWV\MVQLW[ LMV\ZW LMT OยบVMZW KWUW XWZ MRMUXTW \MTMVW^MTI[ KWV\MUXWZยฒVMI[ KWUW 5ยฒ[ ;IJM MT ,QIJTW a 4I[ )XIZQKQW# \M TMVW^MTI[ KTยฒ[QKI[ KWUW *MTTI +ITIUQLILM[# UMTWLZIUI[ KWUW -T +TWV a >QK\WZQVW[# a \MTMVW^MTI[ KWV IT\W KWV\MVQLW LM P]UWZ KWUW 8MZZW )UWZ MV\ZM W\ZI[ 4I I]LQMVKQI MV MT UMZKILW QV\MZVIKQWVIT M[ \ZMUMVLI UMV\M LQ^MZ[I XWZ TW Y]M TI ^IZQMLIL LM V]M[\ZW KI\ยฒTWOW VW[ XMZUQ\M IJIZKIZ LQ[ \QV\W[ \MZZQ\WZQW[ KWV V]M[\ZW[ XZWL]K\W[ t ย +]ยธTM[ [WV TW[ X]V\W[ N]MZ\M[ Y]M XZM[MV\IZยธV MV 4W[ ย VOMTM[' s-V 4W[ ย VOMTM[ M[\IZMUW[ TIVbIVLW ^I ZQW[ XZWL]K\W[ MV\ZM MTTW[ [M MVK]MV\ZIV 4I[ )XIZQKQW 8MZ[QO]QMVLW 1VR][\QKQI[ a ) \ZI^ยบ[ LM 5Q[ 7RW[ 4I[ )XIZQKQW M[ ]VI \MTM VW^MTI XZWL]KQLI XWZ )ZOW[ Y]M ZMTI\I KWV KWV\MUXWZIVMQLIL IO]LMbI a ]VI J]MVI LW[Q[ LM P]UWZ VMOZW TI[ ^QLI[ LM \ZM[ OM VMZIKQWVM[ LM U]RMZM[ LM LQ[\QV\I[ MLILM[ a M[\QTW[ LM ^QLI K]aW LMVWUQVILWZ KWUร V M[ NWZUIZ XIZ\M LM ]VI NIUQTQI LM ^Q]LI[ Y]M sLMKQLMVt XZM[KQVLQZ LM TI XZW\MKKQร V LM ]V XZยพVKQXM Ib]T XIZI MVKIZIZ TW[ ZM\W[ LM TI ^QLI TI K]IT M[ I ^MKM[ UIZI^QTTW[I I ^MKM[ KZ]LI I ^MKM[ [M`a I ^MKM[ Kร UQKI I ^MKM[ \QMZVI I ^MKM[ KZ]MT -V 8MZ[QO]QMVLW 1VR][\QKQI[ XWLZยฒV ^MZ I TI ,ZI )VI 5IZยพI 8WTW KWUW V]VKI IV\M[ TI PIV ^Q[\W M`XWVQMVLW TI L]ZI ZMITQLIL LM TI[ KITTM[ LM -[\ILW[ =VQLW[ -T VW^MLW[W XZWOZIUI \QMVM KWUW WJRM\Q^W QZ \ZI[ KZยพ UMVM[ Y]M PIV Y]MLILW QUXร VM[ XIZI QV\MV\IZ ZM[WT^MZTW[ KWV TI Ia]LI LM TI KW U]VQLIL
MT KTWV S
A MV ) \ZI^ยบ[ LM 5Q[ 7RW[ TI ,ZI 8WTW VW[ [WZXZMVLM ]VI ^Mb Uยฒ[ TTM^IVLW I TW[ \MTM ^QLMV\M[ IT U]VLW LM TI[ XMTMI[ KTIVLM[\Q VI[ LM[LM MT X]V\W LM ^Q[\I LM ]V M` XIVLQ TTMZW Y]QMV IVPMTI KWV^MZ\QZ[M MV KIUXMร V LM )Z\M[ 5IZKQITM[ 5Q`\I[ KWV TI Ia]LI a IXWaW LM [] NIUQTQI t
z,M[X]ร [ LM TI KZQ[Q[ LMT ! MT UMZKILW LM \MTM^Q[Qร V QV\MZVIKQWVIT [M PI KWV^MZ\QLW MV ]V UMZKILW LM WXWZ\]VQLILM[{ -[XMZIVbI /IZIa ;>8 LM >MV\I[ a )LY]Q[QKQWVM[ XIZI )UยบZQKI 4I\QVI LM <MTMU]VLW 1V\MZVIKQWVIT
ย +ร UW N]M MT LM[MUXMร W LM TI KWUXIร ร I MV 5QX<> ' s-[\IUW[ U]a KWV\MV\W[ LMT LM[MUXM ร W Y]M \]^QUW[ MV 518<> LWVLM IV]VKQI UW[ LW[ OZIVLM[ IK]MZLW[ KWV MUXZM[I[ LM TI \ITTI LM ,Q[VMa 5MLQI 6M\_WZS[ 4I\QV T ,M[IXIZMKQLI
)UMZQKI a -aM_WZS[ +]I\ZW +IJMbI[ XIZI TI[ ILIX\IKQWVM[ TWKITM[ LM TI M`Q\W[I \M TMVW^MTI KPQTMVI ย ,ร VLM M[\ยฒ -TQ[I' MV +W TWUJQI )ZOMV\QVI a *ZI[QT )LQKQWVITUMV\M \]^QUW[ Uยฒ[ LM ZM]VQWVM[ KWV KTQMV \M[ LM -]ZWXI )UยบZQKI 4I\QVI )[QI )NZQKI a 5MLQW 7ZQMV\M I Y]QMVM[ TM XZM[MV\IUW[ V]M[\ZW[ XZWL]K\W[ Uยฒ[ ZMKQMV\M[ TWOZIV LW U]a J]MVI ZMKMXKQร V MV MT UMZKILW XWZ TW Y]M M[XMZIUW[ KWV\QV]IZ KMZZIVLW IK]MZLW[ KWV ^IZQW[ KIVITM[ a XZWL]K\WZI[ MV TI[ XZร `QUI[ [MUIVI[ ย 8WZ Y]ร yย ,ร VLM -[\ยธ -TQ[I'z M[\I N]VKQW VIVLW \IV JQMV MV TI ZMOQร V' sย ,ร VLM M[\ยฒ -TQ[I' [M PI KWV^MZ\QLW MV ]VI NMVร UMVW LM I]LQMVKQI[ MV +PQTM =Z] O]Ia a -[\ILW[ =VQLW[ -[ ]V OZIV TQJZM\W Y]M UIV\QMVM IT M[XMK\ILWZ KI]\Q^ILW LM XZQVKQXQW I ร V +IXยพ\]TW \ZI[ KIXยพ\]TW TI \ZI UI a TW[ [W[XMKPW[W[ KWV\QVร I KIUJQIVLW I\ZIXIVLW MT QV\MZยบ[ LMT Xร JTQKW XWZY]M \WLW[ Y]QMZMV [IJMZ MT XIZILMZW LM -TQ[I +]IVLW [M \QMVM ]V TQJZM\W KWV ]VI OZIV PQ[\WZQI a ]V J]MV ZQ\UW LM VIZZIKQร V [M OIZIV\QbI MT ยบ`Q\W -[\M M[ MT KI[W LM ย ,ร V LM M[\ยฒ -TQ[I' \MTM[MZQM Y]M [M PI KWV^MZ\Q LW MV TI IK\]ITQLIL MV ]VI LM TI[ UMRWZM[ IX]M[\I[ LMT UMZKILW t ย +]ยธV QUXWZ\IV\M [WV TW[ IK]MZLW[ KWV ,Q[VMa a -aM_WZS[ XIZI M[\I XZWL]KKQร V' s4W[ IK]MZLW[ KWV ,Q[VMa 5MLQI 6M\_WZ S[ 4I\QV )UMZQKI a -aM_WZS[ +]I\ZW +IJM bI[ [WV U]a QUXWZ\IV\M[ XIZI TI MUXZM[I XWZ ^IZQI[ ZIbWVM[ -V TI QVL][\ZQI LM TI \MTM^Q[Qร V TI[ ZMTIKQWVM[ [WV U]a QUXWZ \IV\M[ a XWLMZ LM[IZZWTTIZ ZMTIKQWVM[ KWV MUXZM[I[ LM TI \ITTI LM ,Q[VMa a -aM_WZS[ +]I\ZW +IJMbI[ M[ ]V OZIV TWOZW 8WZ W\ZW TILW MT IK]MZLW LM -aM_WZS[ +]I\ZW +IJM bI[ UIZKI TI XZQUMZI ^Mb Y]M <MTMU]VLW 1V\MZVIKQWVIT KWUMZKQITQbI ]V NWZUI\W MV )ZOMV\QVI a *ZI[QT -[\IUW[ U]a [I\Q[NM KPW[ KWV MT ยบ`Q\W Y]M PMUW[ TWOZILW KWV TI ^MV\I LM ย ,ร VLM M[\ยฒ -TQ[I' a M[XMZIUW[ KWV\QV]IZ LQ[\ZQJ]aMVLW M[\I OZIV PQ[\W ZQI I TW[ KIVITM[ a XZWL]K\WZM[ TยพLMZM[ LMT U]VLW I \ZI^ยบ[ LM TI ^MV\I LM TI[ ^MZ[QWVM[ MVTI\ILI[ a MT NWZUI\W t
Edg 9^Z\d 6a[V\ZbZo
7G:K:H
898 Jc^iZY CZildg` h^\jZ V aV kVc\jVgY^V YZa (9 HZย VaZh aย YZgZh _jcid V :cYZbda 4I LQ^Q[Qร V TI\QVWIUMZQKIVI LM -V LMUWT \]^W ]V OZIV KZMKQUQMV\W M[\M Iร W I]UMV\IVLW TI[ KWXZWL]KKQWVM[ XIVZMOQWVITM[ KWV MT WZO]TTW LM M[\IZ \ZIJIRIVLW KWV KIVITM[ KWUW <PM 0Q[\WZa +PIVVMT a ,Q[KW^MZa MV\ZM W\ZW[ )[QUQ[UW [M M[\ยฒV LM[IZZWTTIV LW XIZI 0Q[\WZa +PIVVMT XWZ MRMUXTW s-`XMLQKQร V 1VKIt a s)b\MKIt KWUW KWV\QV]IKQร V LM TI aI KWV[IOZILI s-`XMLQKQร V 5IaIt <IUJQยบV [M XZW L]RW XIZI ,Q[KW^MZa +PIVVMT s1V[\QV\W )[M[QVWt KWV PQ[\WZQI LM TW[ I[M[QVI \W[ Uยฒ[ QUXZM[QWVIV\M[ LM )UยบZQKI 4I\QVI a MT XZWOZIUI s*QKMV\MVIZQWt XIZI 5ยบ`QKW I[ยพ KWUW \IUJQยบV MT ZMKWVWKQLW NWZUI\W s Iร W[ UMVW[t MV *ZI[QT a 5ยบ`QKW 8Iยพ[M[ KWUW 1VOTI\MZZI -- == .ZIV KQI +IVILยฒ :][QI )TMUIVQI MV\ZM W\ZW[ Y]M XI[IZWV XWZ TW[ KMV\ZW[ LM XZWL]KKQร V LM -VLMUWT )ZOMV\QVI XIZI OZIJIZ [] ^MZ[Qร V LM TW[ NWZUI \W[ [QMUXZM ^QOMV\M[ LM s.MIZ .IK\WZt s;\I\M WN 8IVQKt s?QXMW]\t s@@;t W s ?Ia[ \W 4MI^M I /IUM[PW_t )K\]ITUMV\M =3 [M MVK]MV\ZI OZI JIVLW M[\M ร T\QUW NWZUI\W XIZI TI **+ LM 4WVLZM[ +WV M[\M M`XMZ\Q[M -VLMUWT J][KI IKMZKIZ M[\I[ OZIVLM[ XZWL]KKQWVM[ I \WLW[ TW[ \MZZQ\WZQW[ LM 4I\QVWIUยบZQKI
-V TW[ 4 ) ;KZMMVQVO[ +,+ =VQ\ML 6M\_WZS M[\ZMVIZยฒ MT V]M^W \ZIQTMZ LM TI M`Q\W[I XMTยพK]TI IVQUILI MV , s;IUUar[ )L^MV\]ZM[ v <PM ;MKZM\ 8I[[IOM ,t )LMUยฒ[ LM ]V V]M^W \ยพ \]TW TI XMTยพK]TI IVQUILI MV , \MVLZยฒ [] \ZIQTMZ LMร VQ\Q^W -T M[\ZMVW MV TW[ KQVM[ LM )UยบZQKI 4I\QVI LMT TIZOWUM \ZIRM M[\ยฒ XZM^Q[\W I ร V LM Iร W a LM[LM aI s;IUUar[ )L^MV\]ZM[ <PM ;MKZM\ 8I[[IOM ,t XZWUM\M LM [MZ ]V ยบ`Q\W LM \IY]QTTI MV )UยบZQKI 4I\QVI a MV MT ZM[\W LMT U]VLW
+,+ =VQ\ML 6M\_WZS M[\IZยฒ \IUJQยบV XZM[MV\IVLW ]VI KWUMLQI LQZQOQLI a XZW\IOWVQbILI XWZ )TMK *ITL_QV s;PWZ\K]\ <W 0IXXQVM[[t LWVLM ]V M[KZQ\WZ MV Jร [Y]MLI LM NIUI a NWZ\] VI ^MVLM [] ITUI IT LQIJTW 2MVVQNMZ 4W^M 0M_Q\\ 8MZW [M LI K]MV\I Y]M MT LQVMZW a MT ยบ`Q\W VW LI TI NMTQKQLIL a XWZ MTTW XZM\MVLM IV]TIZ MT XIK\W [I\ยฒVQKW KWV TI Ia]LI LMT MLQ\WZ ,IVQMT ?MJ[ \MZ )V\PWVa 0WXSQV[ 4I KWUXIร ยพI \IUJQยบV WNZMKMZยฒ TI XMTยพK]TI LM IKKQร V s3QTT ;XMMLt Y]M [QO]M TI[ QVKZMยพJTM[ I^MV\]ZI[ LM \ZM[ IUQOW[ Y]M \ZIV[ XWZ\IV MV ]V I^Qร V UWLMZVW LZWOI PI[\I TI NZWV\MZI MV\ZM -[\ILW[ =VQLW[ a 5ยบ`QKW 7\ZW X]V\W N]MZ\M XIZI +,+ =VQ\ML 6M\_WZS [MZยฒ TI WNMZ\I LM XMTยพK]TI[ NIUQTQIZM[ KWUW s4MUWt Y]M K]MV\I KWUW K]I\ZW IUQOI[ LM[K]JZMV XWZ KI[]ITQLIL ]V UQ[\MZQW[W X]MJTW LWV LM TW[ PIJQ\IV\M[ [M Y]MLIV LWZUQLW[# a s6QK <ZQ[\IVt LWVLM ]VW[ \ZI^QM[W[ OMUMTW[ M[KIXIV LM TI ^QOQTIVKQI LM [] JIJa[Q\\MZ XIZI XIZ\QKQXIZ MV ]V KIU XMWVI\W LM [SI\MJWIZL
8dbZcoVgdc aVh \gVWVX^dcZh YZ ร HjZย V 8dcb^\dร 6QKSMTWLMWV 4I\QVWIUยบZQKI QVQKQร MV *]MVW[ )QZM[ )ZOMV\QVI TI[ OZIJI KQWVM[ LM ;]Mร I +WVUQOW [] V]M^I KW XZWL]KKQร V KWV <MTM^Q[I M 1TT][QWV ;\]LQW[ 4I XZWL]KKQร V MRMK]\Q^I LM M[\I V]M^I \MTMVW^MTI M[\IZยฒ I KIZOW LM ;WNยพI 4WIVVW] ,QZMK\WZI /MVMZIT LM 5<> 6M\_WZS[ 4I\QVWIUยบZQKI a <I \QIVI :WLZยพO]Mb >QKMXZM[QLMV\I ;MVQWZ LM 8ZWOZIUIKQร V a -[\ZI\MOQI +ZMI\Q^I LM 6QKSMTWLMWV 4I\QVWIUยบZQKI -T ยฒZMI LM XZWL]KKQร V LM <MTM^Q[I KWV :WJMZ\W /ร UMb .MZVยฒVLMb I TI KIJMbI XIZ\QKQXIZยฒ IK\Q^IUMV\M MV MT XZWKM[W KZMI\Q^W XIZI IXWZ\IZ [] M`XMZQMVKQI MV MT OยบVMZW QVNIV\QT R]^MVQT a TI XZW L]KKQร V OMVMZIT M[\IZยฒ I KIZOW LM 2W[ยบ 4]Q[ 5I[[I )TMRIVLZI /QIKKQW a :WVVQM )UMVLWTIZI LM 1T][QWV ;\]LQW[ s;]Mร I +WVUQOWt [M OZIJIZยฒ ยพV\M OZIUMV\M MV 0, KWV\IZยฒ KWV MXQ [WLQW[ LM ]VI PWZI a [M M[\ZMVIZยฒ XIV ZMOQWVITUMV\M MV R]TQW LM )TTยพ [M VIZZI TI PQ[\WZQI LM IUWZ LM +TIZI a
4]KI LW[ ILWTM[KMV\M[ Y]M T]KPIV XWZ ^MZ ZMITQbILW[ [][ []Mร W[ -T XZWOZIUI KWV\IZยฒ KWV TI[ IK\]IKQWVM[ M[\MTIZM[ LM TI M`Q\W[I IK\ZQb UM`QKIVI -QbI /WV bยฒTMb a LMT IK\WZ IZOMV\QVW ;IV\QIOW :IU]VLW IKWUXIร ILW[ XWZ ]VI XTยบ aILM LM Rร ^MVM[ \ITMV\W[ MV\ZM TW[ Y]M LM[\IKIV /I[\ร V ;WNNZQ\\Q +TIZI 0IQT[ ;IJZQVI 5IKKPQ .TWZMVKQI 8ILQTTI ;IV \QIOW <ITTMLW *ZQIV >IQVJMZO .MLMZQKW *IZWV >ITMV\QV >QTTINIร M 6QKWTยฒ[ ,r)OW[\QVW /IJZQMT /ITTQKPQW .TWZMVKQI *MVQ\Mb )O][\QVI 9]QVKQ >IVM[I 4MQZW a 5QTIOZW[ 5I[QVQ
7G:K:H
6IK8 n 86EEH6 dg\Vc^oVc _dgcVYV ZYjXVi^kV -V MT UIZKW LM TI[ 2WZVILI[ .MLMZITM[ TI +WUQ[QÃV <ºKVQKI LM )<>+ XZM[MV \IZ² MT s;MUQVIZQW ;WJZM <> ,QOQ\ITt M[XMKQITUMV\M WZOIVQbILW XIZI XZWN]VLQbIZ TW[ KWVWKQUQMV\W[ LM TW[ KIJTMWXMZILWZM[ \ºKVQKW[ M QVOMVQMZW[ KWV ZM[XMK\W I M[\I \MU²\QKI -T [MUQVIZQW [M ZMITQbIZ² I TW TIZOW LMT L¾I UQºZKWTM[ LM 2]VQW a [] XZWOZIUI QVKT]QZ² KPIZTI[ [WJZM s<MTM^Q[QÃV ,QOQ\IT ;I\MTQ\ITt I KIZOW LM ,QMOW :WLZQO]Mb /MZMV\M +WZXWZI\Q^W LM 7XMZIKQWVM[ a ;Q[\MUI[ LM 4)8<> # s<MTM^Q[QÃV ,QOQ\IT XWZ +IJTMt XZM[MV\ILI XWZ QVOMVQMZW[ M[XMKQITQbILW[ LM TI +WUQ[QÃV <ºKVQ KI LM )<>+ :ML 1V\MZKIJTM a +IJTM^Q[QÃV# s<MTM^Q[QÃV ,QOQ\IT <MZZM[\ZMt I KIZOW LMT 1VO 2]IV +IZTW[ /]QLWJWVW M[XMKQITQ[\I MV UMLQW[ LM KWU]VQKIKQÃV a LWKMV\M LM ^IZQI[ =VQ^MZ[QLILM[ IZOMV\QVI[ XIZI KMZZIZ KWV MT XIVMT s8ZMO]V\M I TW[ -`XMZ\W[t KWV TI QV\MZ^MVKQÃV LM \WLW[ TW[ LQ[MZ\IV\M[ LMT [MUQVIZQW LWVLM TW[ I[Q[\MV\M[ XWLZ²V XTIV\MIZ [][ LQ^MZ[I[ QVY]QM\]LM[ )LMU²[ I TW TIZOW LM TW[ LW[ L¾I[ LM TI KWV^MVKQÃV [M ZMITQbIZ²V TI M`XW[QKQÃV KWUMZKQIT LM XZWOZIUIKQÃV MY]QXIUQMV\W a [MZ^QKQW[ XIVMTM[ [WJZM K]M[\QWVM[ ZMO]TI\WZQI[ a LMJI\M[ IKMZKI LM LQNMZMV\M[ XZWJTMU²\QKI[ 4I[ 2WZVILI[ KWV\IZ²V KWV TI XZM[MVKQI LM I]\WZQLILM[ TMOQ[TI\Q^I[ MRMK]\Q^I[ a LQNMZMV\M[ M[XMKQITQ[\I[ LMT [MK\WZ
8dbZco Za gdYV_Z YZ Æ<j^iV ;{X^aÇ! YZ ;adg AVi^cV -T R]M^M[ LM IJZQT MV TI[ WÎKQVI[ LM TI ÏIUIV\M XZWL]K\WZI 0QJW] 8ZWL]KKQWVM[ ;) [M ÎZUIZWV TW[ KWV\ZI\W[ LM TW[ IK \WZM[ Y]M XIZ\QKQXIZIV MV TI [MZQM s/]Q\I .²KQTt +IZTW[ 8WZ\IT]XXQ 5ITMVI ;WTLI 5IZQI .MZVIVLI +ITTMRÃV a )TMRIVLZW )_ILI -T R]M^M[ LM IJZQT [M LQW QVQKQW IT ZWLIRM LMT XZQUMZW LM TW[ MXQ[WLQW[ Y]M KWVNWZUIV M[\I XZQUMZI \MUXWZILI ZMITQbILI XIZI MT UMZKILW QV\MZVIKQWVIT 4I XZWL]K\WZI MUXZMVLM ]VI UIZI\ÃVQKI ZMITQbIKQÃV Y]M [M TTM^IZI I KIJW L]ZIV\M U²[ LM [QM\M UM[M[ MV LQNMZMV\M[ TWKIKQW VM[ KWV\IVLW KWV TQJZW[ LM IT\¾[QUW VQ^MT a ]V MY]QXW \ºKVQKW LM T]RW -T XZQUMZ KIXQ\]TW [MZ² XZM[MV\ILW XWZ
.TWZ 4I\QVI -V\MZ\IQVUMV\ /ZW]X MV MT UMZKILW LM 5QXKWU I ZMITQbIZ[M MV +IVVM[ MV MT UM[ LM WK\]JZM LM M[\M IÁW s/]Q\I .²KQTt M[ ]VI QLMI WZQOQVIT LM 5IZKMTW +IUIÁW a -LOIZLW 3I_QWZ Y]QMV ILMU²[ M[\I I KIZOW LM TI LQZMK KQÃV +WV 8ZWL]KKQÃV MRMK]\Q^I LM ;][IVI :]LVQ TQJZW[ LM 5IZKMTW +IUIÁW a 5IZ \QV 5ºVLMb a XZWL]KKQÃV OMVMZIT LM 4QTQ 5WV\[MOW] a /][\I^W :WLMZW VIKM TI [MZQM MV KTI^M LM KWUMLQI ZWU²V\QKI MV TI Y]M MT \IVOW a MT OTIUW]Z [M I[WKQIZIV UIZI^QTTW[IUMV\M XIZI KWV\IZ TI PQ[\W ZQI LM :WTW *IZÃV ]V PWUJZM KWUÊV a LM ]VI ^QLI Z]\QVIZQI I Y]QMV TI ^QLI TM KIUJQIZI MV ]V ÊVQKW QV[\IV\M LM []MZ\M
JcV hZ Va gZcdkVYV Zc aV gZ\^ c ;+1 .1 +PIVVMT TI [MÁIT LMT OZ]XW 6*+ LMLQKILI I TI KQMVKQI ÎKKQÃV a I TW NIV\²[\QKW [M IÎIVbI MV TI ZMOQÃV a KIUJQIZ² [] VWUJZM MV )UºZQKI 4I\QVI I XIZ\QZ LM 7K\]JZM LM M[\M IÁW IKWUXIÁIVLW I[¾ I TI M`XIV[QÃV U]VLQIT LMT OZ]XW -T KIUJQW N]M IV]V KQILW XWZ ;\M^M 8I\[KPMKS ,QZMK\WZ /MVMZIT LM =VQ^MZ[IT 6M\_WZS[ 1V\MZVI\QWVIT XIZI )UºZQKI 4I\QVI -[\M KIUJQW Y]M [M TIVbIZ² MT LM WK\]JZM M[ ]VI M^WT]KQÃV UMLQIV\M TI K]IT TI [MÁIT KWV[MZ^I [] VWUJZM I VQ^MT NWVº\QKW XMZW XI[I I M[KZQJQZ[M ;a.a IUXT¾I I [] ^Mb TI XMZKMXKQÃV a IJIZKI ]VI OIUI U²[ IUXTQI LM MV\ZM\MVQUQMV\W JI[ILW MV TI QUIOQVIKQÃV U²[ ITT² LM TI KWVKMXKQÃV \ZILQKQWVIT LMT OºVMZW /MVMZI ILMU²[ ]VI UIZKI Y]M \QMVM TI KIXIKQLIL LM KZMKMZ a ^QIRIZ I \ZI^º[ LM LQ[\QV\W[ \QXW[ LM I]LQMV KQI[ ;M ILIX\I N²KQTUMV\M I V]M^W[ UMLQW[ a XTI\INWZUI[ LQOQ\ITM[ VW TQVMITM[ V]M^W[ KIVITM[ QV\MZVIKQWVITM[ a [M M`\QMVLM I V]M^W[ XZWaMK\W[ MUXZM[IZQITM[ s1UIOQVI 5²[t [M KWV^MZ\QZ² MV MT V]M^W UMV[IRM a TMUI LM TI [MÁIT ;a.a KWV\QV]IZ² LM \WLW[ UWLW[ KMTMJZIVLW TI[ ZI¾KM[ \ZILQKQWVITM[ LMT OºVMZW ,I^M 0W_M XZM[QLMV\M LM TI [MÁIT MV MT UMZKILW LM -[\ILW[ =VQLW[ [MÁITÃ" s-T KIU JQW VW[ XMZUQ\M KWV[\Z]QZ [WJZM V]M[\ZI PMZMVKQI LM IÁW[ LM º`Q\W KWV ]VI V]M^I UIZKI JI[ILI MV MT XWLMZ Y]M ITQUMV\I V]M[\ZW OºVMZW" TI QUIOQVIKQÃVt ;\M^M 8I\[KPMKS ,QZMK\WZ /MVMZIT LM =VQ^MZ[IT 6M\_WZS[ )UºZQKI 4I\QVI
;DID<6A:G>6
86C>I:8 '%&% CjZkdh V^gZh YZhYZ BdciZggZn
-V TI +´UIZI 6IKQWVIT LM TI 1VL][\ZQI LM <MTMKWU]VQKIKQWVM[ XWZ +IJTM K]UXTM IÃW[ LM
M`Q[\MVKQI a U]LÅ [] M^MV\W PIKQI MT QV\MZQWZ LM 5¼`QKW -T +MV\ZW LM -`XW[QKQWVM[ +QV\MZUM` IJZQÅ [][ X]MZ\I[ MV\ZM MT a MT LM IJZQT a LMUW[\ZÅ Y]M TI KQ]LIL [M LM[\IKI KWUW ]VI LM TI[ ]ZJM[ U´[ QUXWZ\IV\M[ MV MT UIZKW LM TI KWV^MZOMVKQI MV \MTMKWU]VQKIKQWVM[ LMT \MZZQ\WZQW Ib\MKI -T M^MV\W ZM]VQÅ KIJTMZW[ XZW^MMLWZM[ LM MY]QXIUQMV\W a XZWOZIUILWZM[ MV ]VI KQ\I Y]M WNZMKQÅ TI[ V]M^I[ \MVLMVKQI[ LM TI QVL][\ZQI
!
-X¾OZINM[" 8MZTI *]MVL¾I 5IZ¾I >Q[QÃV AMTQ\bI *M\IVKW]Z\ a 5IZQI -TQ[I T^IZMb <MTM[]Z .MZVIVLW 5]ÁQb ;WZIaI 4WbIVW *Z]KM *WZMV ;IV\QIOW 3]ZQJZMÁI a ,IVQMT 8QKIbbW <MTM^Q[I :I]T /WVbITMb 4]Q[ *WTQW )TM[[QI :W\I\Q -L]IZLW +I[W 2]IV +IZTW[ =ZLIVM\I 1[I]ZI 5WZITM[ )V\WVQW 8MZMaZI M 1[IJMT 7\MZW <=:6-: 8ZQ[KQTTI >QOOQIVW a 0]UJMZ\W /IZKQI <-8)4 3TI]LQI *MZU]LMb a +IZWTQVI 8IL]TI ;8- .TWZMVKQI /MWOPMOIV )TMRIVLZW 3MUJMZ 2W[º :IUÃV +I[\QTTW 8I\ZQKQI <PWUX[WV 8ZIUMZ ,IVQMT 7\IWTI a 5MKI ;ITILW 8QbIZZW <MTMNM <ZIV[UQ[QÃV MV ^Q^W LM <,6 <MTM^Q[I ! 2I^QMZ *IT[MKI /IJZQMTI -TQbITLM a .I][\W +MJITTW[ .W` ;XWZ\[
2]IV 5IV]MT AW][PQUI\[ -?<6 )TM` ;_IV a 2IQUM 4I[SW_[SQ )ZZQ[ .QM[\I LM TIVbIUQMV\W )615)@ ZMVW^ILW +IZWTQVI 8IL]TI 5WVQKI <Z]MJI a :W`IVI )TKIT² .QM[\I )VQUI` /MZIZLW +I[IVW^I 5WZITM[ a ;MJI[\Q²V 4WXMb ,Q[VMa -;86 5MLQI 6M\_WZS[ 4 ) 0MZV²V +PQWNITW 8IJTW 5IVK][W <a+ ;XWZ\[ 4I]ZI 4IXIZILM a )TMRIVLZI 4MXMZI *][QVM[[ *]ZMI] 2WMT *IZZILI[ .ZIVS ;UQ\P 0*7 *Z]VW /IT^IV -L]IZLW 4MJZQRI 4I]ZI 8ºZMb 5<> ! +TI]LQI ;ITIbIZ /MZIZLW +IV\ÃV :INIMT ;ITQVI[ -ZQSI 5IKQV )LZQIVI .MZV²VLMb .ZIVKQ[KW ;IVKPMb ;ITWUQV ;IKIT .ZIVKQ[KW :WKPI 4]LQ^QVI >QTTI[MÁWZ a 2I^QMZ *IT[MKI .W`
!
9>G:8I>KDH Fj^ย c Zh fj^ย c! Zc Za bjcYd YZ adh cZ\dX^dh
B#I#8VgcZn! cjZkV 8BD YZ adh ZhijY^dh 9^hcZn -V ]VW LM TW[ XI[M[ Uร [ [WZXZM[Q^W[ LM ]V MRMK]\Q^W LM IOMVKQI PIKQI ]V KTQMV\M 5 < +IZVMa [WKQI LM 6ISML +WUU]VQKI\QWV[ MV -[\ILW[ =VQLW[ N]M KWV\ZI\ILI XIZI TQLMZIZ MT UIZSM\QVO LM ?IT\ ,Q[VMa ;\]LQW[ 4I LM[QOVIKQร V LM +IZVMa \IUJQร V KWV\QVรกI TI M[\ZI\MOQI LM ILY]Q[Q KQWVM[ a KWV\ZI\IKQWVM[ LM MRMK]\Q^W[ Y]M ^QMVM ZMITQbIVLW MT +-7 LM ?IT\ ,Q[VMa *WJ 1OMZ KWV TI ^Q[\I X]M[\I MV TI[ NZIVY]QKQI[ :W[[ N]M LM[QOVILW L]ZIV\M MT รกT\QUW W\Wร W LM[X]ร [ LM O]QIZ M`Q\W[IUMV\M IT ,Q[VMa +PIVVMT I [][ Uร [ OZIVLM[ PQ\[ LM TI PQ[\WZQI
NV^g 9dg^ hZ gZi^gV Xdbd Xdchjaidg n KE YZ 9B< ,WZQ 5MLQI /ZW]X IV]VKQร Y]M AIQZ ,WZQ [M PI ZM\QZILW LM [] KIZOW LM >8 VW MRMK]\Q^W LM TI 2]V\I LM LQZMK\WZM[ LM TI KWUXIร ร I \ZI[ TI M`XQZIKQร V LM [] KWV\ZI\W LM KWV[]T\WZร I MV IJZQT LM -[\W [M LML]KM LM TI LM[^QVK]TIKQร V LM ,WZQ KWUW MRMK]\Q^W MV IJZQT LM ,M[LM [] ZM\QZW KWUW MRMK]\Q^W ,WZQ IKKQWVQ[\I KWUXZWUM\QLW a N]VLILWZ LM ,WZQ 5MLQI /ZW]X KWV\QV]ร I[M[WZIVLW I TI MUXZM[I KWUW >8 VW MRMK]\Q^W LM TI 2]V\I LM ,5/ zAIQZ ,WZQ PI [QLW ]V ^MZLI LMZW MUJIRILWZ LM TI K]T\]ZI IZOMV\QVI MV 1[ZIMT a XIZI TI \MTMVW^MTI{ LQRW 6ILI^ 8IT\Q 8ZM[QLMV\M a +-7 LM ,5/
CjZkV HKE YZ KZciVh YZ 9^hig^WjX^ย c >ciZgcVX^dcVaZh YZ :nZldg`h ,WZW\Pa +ZWUX\WV [M PI ]VQLW I TI LQ[\ZQJ] KQร V -aM_WZS[ KWUW ;MVQWZ >QKM 8ZM[QLMV\ LM >MV\I[ 1V\MZVIKQWVITM[ \IT KWUW N]M IV]VKQI LW XWZ :MQVW]\ 7MZTMUIV[ +-7 LM -aM_WZS[ ,WZW\Pa +ZWUX\WV [M ]VM I TI KWUXIร ร I KWV ]VI M`\MV[I \ZIaMK\WZQI MV TI XZWOZIUIKQร V LM TI KWVKM[Qร V LM TQKMV KQI[ I TI[ ZMLM[ LM \MTM^Q[Qร V LM \WLW MT U]VLW +ZWUX\WV \MVLZร [] [MLM MV 4W[ )VOMTM[ \ZIJIRIVLW KWV :W[[ ?MQV\ZI]J ,Q[\ZQJ]KQร V LM 5, +77 -? -- == *ITT 8ZWL]K\QWV[# 2MNN /WTLUIV ,QZMK\WZ LM ,M[IZZWTTW LM 6MOWKQW[ a MT ZM[\W LMT XMZ[WVIT LM LQ[\ZQJ]KQร V MV -- == MV KWTIJWZIKQร V KWV TI WรฅKQVI LM ^MV\I[ LM )U[\MZLIU MV\ZM MTTW[ 5IZKW ^IV :PMMVMV -RMK]\Q^W LM >MV\I[# ?QU \MZ 4IIS ,QZMK\WZ +ZMI\Q^W
CjZkd 8DD Zc CZildg` 7gdVYXVhi 6M\_WZS *ZWILKI[\ LM[QOVร ]V V]M^W +77 -T KIZOW [MZร WK]XILW XWZ 1OVIKQW 9]QIV BI^ITQI 5*) MV )LUQVQ[\ZIKQร V LM -UXZM[I[ M[XMKQI TQbILW MV .QVIVbI[ LM TI =VQ^MZ[QLIL LM <M`I[ MV )][\QV --== 9]QIV BI^ITQI QVQKQร [] KIZZM ZI MV !! KWUW RMNM LM 1V^M[\QOIKQร V a :QM[OW LM ;1-5*:) ).28 )ZOMV\QVI a T]MOW [M LM[MUXMร ร KWUW KWV[]T\WZ MV MUXZM[I[ KWUW -VZWV 1V\MZVIKQWVIT )< 3MIZVMa 5IVIOMUMV\ +WV []T\IV\[ a *IQV +WUXIVa z4I N]MZ\M ZMK]XMZIKQร V MKWVร UQKI QUX]T[ILI XWZ TI[ XZQVKQXITM[ MKW VWUร I[ LM TI ZMOQร V VW[ XMZUQ\MV [MZ U]a XW[Q\Q^W[ KWV ZM[XMK\W I TI[ XMZ[XMK\Q^I[ LM TI QVL][\ZQI LM \MKVWTWOร I MV 4I\QVWIUร ZQKI{ LM[\IKร 9]QIV BI^ITQI MV [] V]M^I \IZMI KWUW +77 LM TI KWUXIร ร I
IjgcZg YZh^\cV cjZkV 9^gZXidgV YZ BZgXVYZd <]ZVMZ *ZWILKI[\QVO ;a[\MU 4I\QV )UMZQKI IV]VKQร TI XZWUWKQร V LM AIVQZI 8]a XIZI WK] XIZ MT KIZOW LM ,QZMK\WZI LM 5MZKILMW XIZI TI ZMOQร V )VLQVI MT +IZQJM a TW[ UMZKILW[ M[XM KQITM[ LM <]ZVMZ 8]a M[\IZร MVKIZOILI LM ILIX\IZ IT UMZKILW IVLQVW TI[ M[\ZI\MOQI[ OTWJITM[ LM TI[ [Mร ITM[ LMT OZ]XW a LMT LM[IZZWTTW a XW[QKQWVIUQMV\W LM M^MV\W[ <ZIJIRIZร LM UIVMZI KWVR]V\I KWV TW[ MY]QXW[ LM ^MV\I[ X]JTQKQ\IZQI[ a LQ[\ZQJ]KQร V MV M[\ZI\MOQI[ Y]M Ia]LMV I NWZ\ITMKMZ TI[ WXMZIKQWVM[ LM TI KWUXIร ร I )LMUร [ M[\IZร I KIZOW LM TW[ XTIVM[ LM QV^MZ[Qร V MV UMLQW[ XIZI TI[ KIUXIร I[ LM TI[ [Mร ITM[ LM <]ZVMZ LM[ LM TI[ V]M^I[ WรฅKQVI[ LM TI MUXZM[I ]JQKILI[ MV *WOW\ร +WTWUJQI
8dbXVhi egdbjZkZ V jcV YZ hjh Z_ZXji^kVh +WUKI[\ +WZXWZI\QWV IV]VKQร Y]M I[KMVLQร I +WTTMMV :WWVMa IT KIZOW LM >QKMXZM[QLMV\M LM +WU]VQKIKQWVM[ 1V\MZVI[ -V M[\M X]M[\W :WWVMa M[\ร I KIZOW LM TI M[\ZI\MOQI a MT K]UXTQUQMV\W LM TI[ IK\Q^QLILM[ LM KWU]VQKIKQร V QV\MZVI LM TI +WUXIร ร I ;MO]QZร M[\IVLW I TI[ ร ZLMVM[ LM ,y)ZKa :]LVIa >QKMXZM[QLMV\M -RMK]\Q^I LM +WU]VQKIKQWVM[ +WZXWZI\Q^I[ :WWVMa []XMZ^Q[I \WLI[ TI[ KWU]VQKIKQWVM[ QV\MZVI[ LM TI KWUXIร ร I TI KWU]VQKIKQร V LM QV\MOZIKQร V LM TW[ MUXTMILW[ a \ZIJIRI KWV TW[ Tร LMZM[ MRMK]\Q^W[ LM \WLI[ TI[ LQ^Q[QWVM[ XIZI OIZIV\QbIZ Y]M TI KWUXIร ร I [M KWU]VQY]M MรฅKIbUMV\M KWV [][ MUXTMILW[
8VcVa &( YZ 8]^aZ i^ZcZ cjZkd 9^gZXidg :_ZXji^kd -T ZMK\WZ LM TI 8WV\QรฅKQI =VQ^MZ[QLIL +I\ร TQKI LM +PQTM 1OVIKQW ;ร VKPMb VWUJZร IT QVOMVQM ZW KQ^QT 5IZKMTW >WV +PZQ[UIZ IK\]IT ZMK\WZ LM ,]WK=+ KWUW ,QZMK\WZ -RMK]\Q^W LM +IVIT z4I M[\IKQร V \MTM^Q[Q^I QVQKQI ]VI V]M^I M\IXI a XWZ M[W [M PI M[\QUILW VMKM[IZQW ]V KIUJQW LM KWVL]KKQร V{ -T MRM K]\Q^W IKMX\ร TI ZMV]VKQI LM TW[ QV\MOZIV\M[ LMT +WV[MRW LM +IVIT QVKT]aMVLW [] XZM[QLMV\M MRMK]\Q^W 2WZOM 0MZZMZI Y]M XWZ M[\I\]\W LMJร IV XWVMZ I LQ[XW[QKQร V [][ KIZOW[ IT I[]UQZ ]V V]M^W ZMK\WZ >WV +PZQ[UIZ Y]QMV I[]UQร [] V]M^I XW[QKQร V MT LM IJZQT [M LM[MU XMร ร KWUW XZWNM[WZ LM TI -[K]MTI LM QVOMVQMZร I LM 8=+ LQZMK\WZ LMT ,QK\]K a LM <MTML]K -T MRMK]\Q^W \QMVM Iร W[ IT NZMV\M LM ,]WK
EZg^dY^hiVh YZ IZaZhjg hZ XVeVX^iVc Zc 6a ?VoZZgV ) XZWXร [Q\W LMT IK]MZLW รฅZUILW MV\ZM <MTM[]Z a )T 2IbMMZI ]V MY]QXW LM XMZQWLQ[\I[ a XZWNM [QWVITM[ LM <MTM[]Z ^QIRIZWV I 9I\IZ XIZI ZMITQ bIZ ]V K]Z[W M[XMKQIT MV TI [MLM LM TI ZMKWVWKQ LI KILMVI ร ZIJM ,M[LM MT Iร W <MTM[]Z a )T 2IbMMZI UIV\QMVMV ]V QUXWZ\IV\M KWV^MVQW MV MT K]IT IUJI[ KILM VI[ [M KWUXZWUM\MV KWV QV\MZKIUJQW LM QVNWZUIKQร V KIXIKQ\IKQร V LM XMZ[WVIT a ZMK]Z[W[ \ร KVQKW[ -V M[\I WXWZ\]VQLIL L]ZIV\M Lร I[ ]V MY]QXW LM \MTM;=: ZMKQJQร KIXIKQ\IKQร V MV MT KIVIT YI\IZร MV \MUI[ a TIJWZM[ MVNWKILW[ MV XMZQWLQ[UW ZMITQbIKQร V LM VW\QKQMZW[ MLQKQร V I[QOVIKQWVM[ MNMK\W[ M[XMKQITM[ KWJMZ\]ZI[ a W\ZI[ ร ZMI[ Y]M ZQOMV MT Lร I I Lร I LMV\ZW LM ]V KIVIT LM VW\QKQI[ PWZI[
B6ND
6<:C96 ;ZX]Vh eVgV ZhiVg ^c[dgbVYd
4 ) ;KZMMVQVO[ IT 0W\MT +MV\]Za 8TIbI 4W[ )VOMTM[ =;) ___ TI[KZMMVQVO[ WZO
?JC>D
2WZVILI[ .MLMZITM[ IT ;PMZI\WV +ร ZLWJI 0W\MT +Q]LIL LM +ร ZLWJI )ZOMV\QVI ___ I\^K WZO IZ .WZ]U *ZI[QT IT .ZMQ +IVMKI -`XW KMV\MZ ;ยดW 8I]TW *ZI[QT ___ NWZ]UJZI[QT\^ KWU JZ
6<DHID H:EI>:B7G:
)*<) IT <ZIV[IUMZQKI -`XW +MV\MZ ;IW 8I]TW *ZI[QT ___ IJ\I WZO JZ <-8)4 IT +MV\ZW LM KWV^MVKQWVM[ >IbKW 6 *ITJWI +Q]LIL LM 8IVIUยฒ 8IVIUยฒ ___ \MXIT WZO
27:6),); 16<-:6)+176)4-; IT 0W\MT 0QT\WV *]MVW[ )QZM[ )ZOMV\QVI ___ I\^K WZO IZ ___ KIXX[I WZO
518+75 IT 8ITIQ[ LM[ .M[\Q^IQ[ +IVVM[ .ZIVKQI ___ UQXKWU KWU
D8IJ7G:
-T a LM R]VQW .WZ]U *ZI[QT [M TTM^IZยฒ I KIJW MV MT +MV\ZW LM +WV^MVยธร M[ .ZMQ +IVMKI LM ;ยดW 8I]TW *ZI[QT -T M^MV\W WNZMKM KWUW M[ KW[\]UJZM [MUQVIZQW[ QV\MZVIKQWVITM[ KWV OZIVLM[ VWUJZM[ LM TI \MTM^Q[Qร V MV *ZI[QT a LMT U]VLW KWV \MUI[ LM IK\]ITQLIL LMT UMZKILW KWUW TI KWXZWL]KKQร V V]M^W[ UMLQW[ LM KWU]VQKIKQร V LQ[\ZQJ]KQร V XZWL]KKQร V QVLMXMVLQMV\M TI KWWXMZIKQร V LM )UยบZQKI 4I\QVI a U]KPW W\ZW[ -V TI[ ร T\QUI[ MLQKQWVM[ MUXZM[I[ KWUW ,Q[KW^MZa +PIVVMT a +IZ\WWV 6M\_WZS PIV WNZMKQLW XZMUQW[ LM Lร TIZM[ XIZI TW[ XZWL]K\WZM[ QVLMXMVLQMV\M[ Y]M J][KIV LM[IZZWTTIZ TI[ [MZQM[ VIKQWVITM[ MV [] XZWOZIUIKQร V -[\I KQ\I \IUJQยบV M[ ]VI bWVI LM ^Q[QJQTQLIL XIZI TI[ MUXZM[I[ LM TI QVL][\ZQI MV TI Jร [Y]MLI LM WNZMKMZ XZWL]K\W[ a [MZ^QKQW[ XIZI OMVMZIZ V]UMZW[I[ ZM]VQWVM[ LM VMOWKQW[
,Q[KWX IT ;7.1<-4 +0)16 *:1,/- 07<-4 *]LIXM[\ 0]VOZยพI ___ LQ[KWX KWU -VK]MV\ZW[ :MOQWVITM[ ! IT ย +WUXTMRW +Q\a +MV\MZ :W[IZQW ;IV\I .M )ZOMV\QVI ___ MVK]MV\ZW[ZMOQWVITM[ KWU
;XWZ\MT 5ร VIKW IT /ZQUITLQ .WZ]U 5ร VIKW ___ [XWZ\MTUWVIKW KWU +)8-: IT ! +MV\ZW +W[\I ;ITO]MZW *]MVW[ )QZM[ )ZOMV\QVI ___ KIXMZ WZO IZ
Jc [dgd YZ Y^hXjh^ย c Zc 7gVh^a
9^hXde gZย cZ Va bZgXVYd Zc 7jYVeZhi .]VLILI MV !! MT UMZKILW IV]IT LM ,Q[KWX ZMร VM I KWUXZILWZM[ a ^MVLMLWZM[ LM XZWOZI UIKQร V TI\I[ a NWZUI\W[ XIZI \MTM^Q[Qร V -T M^MV\W [M TTM^IZยฒ I KIJW MV TI KQ]LIL LM *]LIXM[\ LMT IT LM R]QVW MV MT ZMKQMV\MUMV\M ZMVW^ILW PW\MT LM KQVKW M[\ZMTTI[ ;Wร \MT )\ZQ]U ]JQKILW MV MT KWZIbร V LM TI KQ]LIL I WZQTTI[ LMT ,IV]JQW -T XZWOZIUI LMT M^MV\W QVKT]aM ]V LยพI IV\M[ LM TI IXMZ\]ZI MT UIZ\M[ TI NWZUIKQร V LM ,1; +78:7 QVQKQI\Q^I TIVbIVLI XIZI XZWUW^MZ TI[ WXWZ\]VQLILM[ LM KWXZWL]KKQร V KMV\ZILI MV -] ZWXI +MV\ZIT a 7ZQMV\IT ,M[LM MT UQยบZKWTM[ IT ^QMZVM[ LM R]VQW MT \ZILQKQWVIT UMZKILW J][KI IOT]\QVIZ TW[ KWUXZILWZM[ M]ZWXMW[ LM KWV\MVQLW[ I]LQW^Q[]ITM[ a ^MVLMLWZM[ QV\MZVIKQWVITM[ LM XMTยพK]TI[ XZWOZIUI[ LM <> NWZUI\W[ a KIVITM[ \MUยฒ\QKW[ ,]ZIV\M M[\W[ LยพI[ \IUJQยบV [M XZM[MV\I 8:-51-:- ;+:--616/; KWV MT M[\ZMVW LM XZWOZIUI[ LM ZMKQMV\M XZWL]KKQร V Y]M V]VKI PIV [QLW UW[\ZILW[ MV -]ZWXI +MV\ZIT a 7ZQMV\IT
HZ VXZgXV Za :cXjZcigd GZ\^dcVa YZ IZaZXdbjc^XVX^dcZh -T z-VK]MV\ZW :MOQWVIT LM <MTMKWU]VQKIKQWVM[ :W [IZQW { [M TTM^IZยฒ I KIJW TW[ LยพI[ ! LM R]VQW a LM R]TQW MV TI[ QV[\ITIKQWVM[ LMT +WUXTMRW s+Q\a +MV\MZt [Q\W MV )^ LM +QZK]V^ITIKQร V LM 5IaW a *^ 7ZWร W LM TI KQ]LIL LM :W[IZQW 8ZW^QVKQI LM ;IV\I .M MV )ZOMV\QVI -[\M M^MV\W M[ X]V\W LM MVK]MV\ZW LM KIJTMWXMZILWZM[ LM )ZOMV\QVI a XIยพ[M[ TQUยพ\ZWNM[ XZWL]K\WZM[ XZW^MMLWZM[ LM \MKVWTWOยพI a KWV\MVQLW[ XZM[\ILWZM[ LM [MZ^QKQW[ WXMZILWZM[ LM UMLQW[ LM KWU]VQKIKQร V a ZMXZM[MV\IV\M[ LM WZOIVQ[UW[ a MV\QLILM[ Xร JTQKI[ a XZQ^ILI[ -V [] XZWOZIUIKQร V QVKT]aM ]VI -`XW[QKQร V +WUMZKQIT +WVNMZMVKQI[ )KILยบUQKI[ <ITTMZM[ LM +IXIKQ\IKQร V a ?WZS[PWX[ <ยบKVQKW[ -T -VK]MV\ZW :MOQWVIT LM <MTMKWU]VQKIKQWVM[ QVKT]aM MV [] XZWOZIUI" -`XW[QKQร V +W UMZKQIT +WVNMZMVKQI[ )KILยบUQKI[ ?WZS[PWX[ <ยบKVQKW[ a <ITTMZM[ LM +IXIKQ\IKQร V
84)+-: 7+17 -T JITÒV LMT N]\]ZW
lll#YZh^\cWddb#Xdb
-V MT IÁW LMT 5]VLQIT LM .Ê\JWT [M ^WT^MZ²V I M[K]KPIZ TI[ \¾XQKI[ LQ[X]\I[ MV \WZVW I TI[ LMKQ[QWVM[ IZJQ\ZITM[ 8MZW ]V V]M^W TIVbI UQMV\W X]MLM ITQ^QIZ MT N]\]ZW LM TW[ ²ZJQ\ZW[ ;M \ZI\I LMT V]M^W JITÃV LM NÊ\ JWT LMVWUQVILW +<:=; ]V XWKW LQNMZMV\M I TW[ ][ILW[ IK\]ITUMV \M a Y]M XW[QJTMUMV\M TW[ ZMMU XTIbIZ² -T UQ[UW VW M[\² QVÏILW KWV IQZM [QVW Y]M M[\² KWV[\Z]QLW ]\QTQbIVLW ]VI M[\Z]K\]ZI MT²[\Q KI ZMNWZbILI Y]M QUQ\I TI NWZUI LM ]V XIVIT LM IJMRI[ 7\ZI LM TI[ OZIVLM[ KIZIK\MZ¾[\QKI[ Y]M \QMVM M[ Y]M KWV\IZ² KWV ]V /8; a :.1, KWV TW[ Y]M XWLMUW[ KWVWKMZ MT T]OIZ M`IK\W LWVLM [M MVK]MV\ZI MT JITÃV a ]V [Q[\MUI Y]M PIKM Y]M MT JITÃV KIUJQM LM KWTWZ [MOÊV TI KQZK]V[\IVKQI LMT XIZ\QLW -[\M TIVbIUQMV\W VW M[\IZ² XZM [MV\M MV ;]L²NZQKI XMZW XW LZ¾I ZM^WT]KQWVIZ IT NÊ\JWT \IT K]IT KWUW TW KWVWKMUW[ PWa MV L¾I
=VI Ia]LI LM M[KZQ\WZQW
lll#VgiaZWZYZk#Xdb
-[\M LQ[MÁW LM )Z\ 4MJMLM^ IÊVI LW[ KWVKMX\W[ QUXWZ\IV\M[ XIZI \WLW[ TW[ Y]M \ZIJIRIV MV ]V M[KZQ \WZQW" KINº a JI\MZ¾I[ 4I \IbI *I\ \MZa 5]O XMZUQ\M KWVWKMZ TI \MU XMZI\]ZI LMT KINº KWV M[\I \IbI Y]M \MVMUW[ MV V]M[\ZI UIVW /ZIKQI[ I ]V [MV[WZ LM \MUXMZI\]ZI [M X]MLM [IJMZ MT M[\ILW LM V]M[\ZI JMJQLI NI^WZQ\I XIZI XWLMZ PIKMZ U²[ IUMVI TI RWZVILI TIJWZIT 4I[ JIZZI[ LM M[\ILW LM TI JI\MZ¾I [M PIKMV ^Q[QJTM[ IT \MVMZ KWV\IK\W KWV ]V T¾Y]QLW I U²[ LM OZILW[ KMV\¾OZILW[ -[\I \IbI VW M^Q\I Y]M MT KINº XQMZLI MT KITWZ KWV MT XI[W LM TW[ UQV]\W[ XMZW [Q ^I I XWLMZ ITMZ \IZ K]IVLW PIaI XMZLQLW [] \MUXM ZI\]ZI XIZI VW KIMZ MV TI \ZIUXI LMT KINº NZ¾W
5WWV_I\KP XIZI [IJMZ U]KPW UÀ[ Y]M TI PWZI 4I XZQUMZI JITIVbI KWVMK\ILI I 1V\MZVM\ -[\M TIVbIUQMV\W ZMXZM[MV \I TI XZQUMZI JITIVbI Y]M [M KWVMK\I I 1V\MZVM\ a IT Q8PWVM [QV VMKM[QLIL LM ]\QTQbIZ KIJTM[ XIZI MV^QIZ \WLI TI QVNWZUIKQÃV IKMZKI MT XM[W XZWXQW a MT LM \WLI TI NIUQTQI ,M PMKPW ?QÎ ;KITM X]MLM ITUIKMVIZ QVNWZ UIKQÃV MV 1V\MZVM\ LM PI[\I XMZ[WVI[ I TI ^Mb ,M M[\I UI VMZI ZM[]T\I \ZMUMVLIUMV\M [MVKQTTW a XZ²K\QKW PIKMZ ]V [MO]QUQMV\W XMZ[WVITQbILW LM KILI UQMUJZW LM TI NIUQTQI a ^MZ [Q ZMITUMV\M TI LQM\I M[\² LIVLW ZM[]T\ILW ?QÎ ;KITM \IUJQºV UQLM MT ¾VLQKM LM OZI[I KWZXWZIT a KIT K]TI MT ¾VLQKM LM UI[I KWZXWZIT XIZI KWUXIZIZ TW[ LI\W[ KWV M[\²VLIZM[ UºLQKW[ ,M[X]º[ MV^¾I \WLI M[\I QVNWZUIKQÃV I 1V\MZVM\ W IT Q8PWVM )LMU²[ TI JITIVbI \IUJQºV XMZUQ\M M[ \IJTMKMZ WJRM\Q^W[ XIZI TWOZIZ MT XM[W QLMIT a I[¾ UIZKIZ ]V ZM\W XMZ[WVIT
lll#eaVcZiVeajidc#Xdb
-T M[\]LQW <PM -UW\QWV 4IJ PI LM[IZZWTTILW M[\M KWVKMX\W LM ZMTWR O]¾I T]VIZ Y]M XMZUQ \M KWVWKMZ VW [ÃTW TI PWZI KWV M[\QTW [QVW \IUJQºV LM[K]JZQZ TI NI[M T]VIZ MV TI Y]M \M MV K]MV\ZI[ +WV ]V [Q[\MUI U]a [MVKQ TTW JI[ILW MV ]V [QUXTM JW\ÃV TI\MZIT 5WWV?I\KP KIUJQI [] QV\MZNIb UW[\Z²VLW\M QVNWZUI KQÃV KTIZI a KWVKQ[I -V UWLW PWZI U]M[\ZI MV NWVLW VMOZW TI[ PWZI[ LMT L¾I UQMV\ZI[ Y]M KIUJQI I NWVLW JTIVKW L]ZIV\M TI VWKPM XIZI Y]M [M U²[ ^Q[Q JTM -V UWLW T]VIZ U]M[\ZI TI NI[M MV TI Y]M [M MVK]MV\ZI TI T]VI OZIKQI[ I [] XIV\ITTI UW VWKZWUW
lll#i]ZZbdi^dcaVW#Xdb
DE>C>DC
Adh XdciZc^Ydh YZcigd YZ
aV igVch^X^ c Y^\^iVa 87: /=144-:57 8:-,) ;7+17 ,- )++-6<=:-
4I \MKVWTWOÀI UWLQÐKÅ TI XZWL]KKQÅV a LQ[\ZQJ]KQÅV LM KWV\MVQLW[ XWZ TW Y]M KILI KWUXIÃQI LMJM ZMILIX\IZ [] M[\ZI\MOQI LM VMOWKQW[ -T LM[INÀW [QO]M [QMVLW KWVWKMZ I TI[ I]LQMVKQI[ a MT XWZY]¼ LM [][ MTMKKQWVM[
A
I KIXIKQLIL LM IJ[WZKQÃV LM TI[ V]M^I[ \MKVWTWO¾I[ M[ PWa KI[Q QVUMLQI\I 8WKW[ [WV TW[ KI[W[ Y]M VW X]MLMV KWVMK \IZ[M N²KQTUMV\M I MTTI[ XMZW XIZI MT ZM[\W Y]M M[ TI UIaW Z¾I M[\W[ KIUJQW[ [M XZM[MV\IV KWUW ]V NIK\WZ VI\]ZIT 4I \ZIV[NWZUIKQÃV LQOQ\IT M[ ]VW LM TW[ KIUJQW[ Y]M [M M[\²V XZWL]KQMVLW a Y]M LMU]M[\ZIV Y]M MT U]VLW VW[ O][\M W VW M[\² KIUJQIVLW a Y]M TI[ \ºKVQKI[ \ZILQKQWVITM[ [M ^MV IUMVI bILI[ 4I LMUIVLI LM KWV\MVQLW[ LQOQ\ITM[ M[ KILI ^Mb UIaWZ -V M[\M KWV\M`\W TI \MKVWTWO¾I M[ ]V NIK\WZ VMKM[IZQW XIZI MT LM[IZZWTTW LM TI \ZIV[NWZUIKQÃV LQOQ\IT XMZW VW M[ MT ÊVQKW VQ \IUXWKW MT U²[ LMUIVLIV\M +TIZW Y]M [Q VW PIa \MKVWTWO¾I VW [M X]MLM TTMOIZ I M[\W XWZY]M [M VMKM[Q\I a M[ QVPMZMV\M IT \QXW LM LQ[ \ZQJ]KQÃV LM KWV\MVQLW[ Y]M [M Y]QMZM TWOZIZ KWV M[\M XZWKM[W XMZW \IUJQºV [WV KWVLQKQWVM[ VMKM[IZQI[ ]VI N]MZ\M QV^MZ[QÃV ÎVIVKQMZI a ]VI \ZIV[NWZUIKQÃV P]UIVI -[\I \ZIV[NWZUIKQÃV P]UIVI M[ N]VLIUMV\IT XWZY]M [Q VW TI TTM^IV I KIJW TI[ MU XZM[I[ Y]M \ZIJIRIV KWV TI JI[M LM TI[ \MKVWTWO¾I[ \ZILQKQWVITM[ VW XWLZ¾IV ILIX\IZ[M I M[\I \ZIV[NWZUIKQÃV )[¾ M[ IJIZKILI XWZ TI[ KWUXIÁ¾I[ LM LQ[\QV\I[ UIVMZI[ 5]KPI[ LM MTTI[ WNZMKMV ]VI KIXIKQ\IKQÃV I [][ MUXTMILW[ LM UIVMZI Y]M [M XZMXIZMV XIZI M[\I \ZIV[NWZUIKQÃV a TI \WUMV KWUW ]V PMKPW XZWXQW a KÃUW ]V XI[W XZÃ`QUW 7\ZI[ XWZ MT KWV\ZIZQW LMKQLMV I[WKQIZ [M I W\ZI[ KWUXIÁ¾I[ XIZI Y]M TM[ UIVMRM \WLI TI XIZ\M LQOQ\IT a VW Y]MLIZ[M IN]MZI LM M[\M NMVÃUMVW N]VLIUMV\ITUMV\M XWZ NIT\I LM \QMUXW a KIXQ\IT 8WZ W\ZI XIZ\M XIZI ZMK]XMZIZ TI N]MZ\M QV^MZ[QÃV M[ QUXWZ\IV\M OMVMZIZ ]VI M`XMZQMVKQI \IT Y]M MT KTQMV\M Y]QMZI KWVMK\IZ[M M QVKT]QZ \IUJQºV I [][ IUQOW[ a I [] KWU]VQLIL AW]\]JM M[ MT MRMUXTW U²[ R][\W LM M[\W aI Y]M VW [ÃTW [M KWUXIZ\MV TW[ ^Q LMW[ XMZ[WVITM[ [Q VW \IUJQºV LM VMOWKQW[ a I[]V\W[ MRMK]\Q^W[ OMVMZIVLW ]VI ZMXZWL]KKQÃV KWV[\IV\M LM ][]IZQW[ +ÃUW [M TWOZI MV\WVKM[ I\ZIMZ I TW[ KTQMV\M[' 0Wa MV L¾I PIa U]KPW[ UWLMTW[ Y]M WNZMKMV ]VI XIZ\M LMT KWV\MVQLW MV NWZUI OZI\]Q\I a [Q MT KTQMV\M Y]QMZM ^MZ U²[ MV\WVKM[ IP¾ TM XQLMV Y]M [M [][KZQJI W Y]M IJWVM ]V XWKW U²[ ;M XQMV[I a M[ XZWJIJTM Y]M I[¾ [MI Y]M LM IPWZI MV ILMTIV\M [MZ² [QMUXZM I[¾ Y]M ^I I LWUQVIZ ]V UWLMTW P¾JZQLW MV MT Y]M VW ^I I [MZ VQ \WLW KQMV XWZ KQMV\W OZI\Q[ XMZW LMÎVQ\Q^IUMV\M \IUXWKW KQMV XWZ KQMV\W XIOW
-V\WVKM[ MT OZIV LM[IN¾W LM TI[ MUXZM[I[ M[ \MVMZ ]V XZWL]K\W Y]M [MI NZM[KW a ZMTM^IV\M XIZI WNZMKMZ a I TI ^Mb LQ[\QV\W XIZI TW[ LQ^MZ[W[ [MK\WZM[ [WKQWMKWVÃUQKW[ I TW[ Y]M [M Y]QMZI IX]V \IZ -[ VMKM[IZQW ILMU²[ [IJMZ K]²TM[ [WV M[W[ [MK\WZM[ a Y]M
KW[I[ TM QV\MZM[IV Y]M KW[I[ TW U]M^MV LM Y]M Y]QMZM ^MZ U²[ a LM Y]M VW a XWZ Y]º 0Wa MV L¾I TI[ MUXZM[I[ \QMVMV ]VI XZMWK] XIKQÃV XWZ MV\MVLMZ Y]º TM QV\MZM[à I KILI ][]IZQW a K]²V\I XI KQMVKQI \]^W K]²V\W \QMUXW [M Y]MLà NZMV\M I TI XIV\ITTI XIZI XWLMZ IVITQbIZ TI ZMKMXKQÃV M`IK\I LMT KWV\MVQLW a MT QV\MZº[ LMT UMZKILW 1VL]LIJTMUMV\M TI \MKVWTWO¾I NIKQTQ\I TI ^QLI KW\QLQIVI LM TW[ ][]IZQW[ 0Wa PIa LQ[XW[Q\Q^W[ Y]M XMZUQ\MV XZMVLMZ TI \MTM^Q [QÃV a ^MZ NW\W[ Y]M [M IKIJIV LM [IKIZ [QV \MVMZ Y]M QV\MZKW VMK\IZ TI K²UIZI LM NW\W[ KWV TI XIV\ITTI KWV [ÃTW ]V JW\ÃV <IUJQºV PIa U]KPI[ XW[QJQTQLILM[ LM Y]M TW[ KTQMV\M[ \MVOIV IKKM[W I TW[ KWV\MVQLW[ Y]M TM[ [QZ^MV W TM[ QV\MZM[IV 8WZ M[W MT LM[IN¾W XZQVKQXIT a KWV[\IV\M LM TI \MKVWTWO¾I M[ Y]M KILI ^Mb [MI U²[ N²KQT LM [MZ ILIX\ILI QV\MZKWVMK\ILI a ]\QTQbILI XIZI Y]M MT ][]IZQW X]MLI IXZW^MKPIZTI U]KPW U²[ A aI [M M[\²V ^QMVLW U]M[\ZI[ LM M[W )LMU²[ TI \MKVWTWO¾I \IUJQºV NIKQTQ\I IT ²UJQ\W LM TW[ VMOW KQW[ -T XWLMZ ^MVLMZ I TW[ KTQMV\M[ M[\I \MKVWTWO¾I ILIX\ILI aI M[ ]V VMOWKQW MV [¾ UQ[UW 8WZ W\ZW TILW TI \MKVWTWO¾I X]MLM NIKQTQ\IZ MT IUJQMV\M LM \ZIJIRW LMV\ZW LM ]VI MUXZM[I a TI KW U]VQKIKQÃV QV\MZVI LM [][ UQMUJZW[ I \ZI^º[ LM LQ[\QV\I[ PMZZI UQMV\I[ ,MV\ZW LM TW[ VMOWKQW[ LM ]VI MUXZM[I R]MOI ]V T]OIZ U]a QUXWZ\IV\M MT IV²TQ[Q[ LM TI[ ZMLM[ [WKQITM[ MV TI[ WZOIVQ bIKQWVM[ Y]M XMZUQ\M ^MZ MT N]VKQWVIUQMV\W M`IK\W LM TI KWU XIÁ¾I I \ZI^º[ LMT KWV\MW LM\ITTILW LM TW[ TTIUILW[ Y]M ZMKQJM KILI UQMUJZW a I[¾ LM\MZUQVIZ TI[ ZMTIKQWVM[ LM RMZIZY]¾I LM TW[ MUXTMILW[ -V K]IV\W I \MKVWTWO¾I LM ÊT\QUI OMVMZIKQÃV )ZOMV\QVI VW M[\² \IV TMRW[ KWV ZM[XMK\W I W\ZW[ XI¾[M[ U²[ LM[IZZWTTILW[ KWUW TW M[\IJI PIKM ]VW[ IÁW[ 4I[ KITQLIL TI[ KWVLQKQWVM[ \ºKVQKI[ a TI[ KIXIKQLILM[ LM KWUXZI PIV UMRWZILW XWZY]M PIa ]VI KZMKQMV\M LMUIVLI LM \WLW[ TW[ XZWL]K\W[ \MKVWTÃOQKW[ aI Y]M TI OMV\M [M MV\MZI LM Y]M M`Q[\MV I \ZI^º[ LM 1V\MZVM\ a Y]QMZMV \MVMZTW[ \IUJQºV IK² -T ÊVQKW QUXMLQUMV\W XIZI [MO]QZ KZMKQMVLW M[ ]VI K]M[\QÃV LM KW[\W[ 0Ia MUXZM[I[ OZIVLM[ Y]M \QMVMV XWZ\ITM[ QUXWZ\IV\M[ XMZW Y]M [M PQKQMZWV KWV UMKIVQ[UW[ U²[ \ZILQKQWVITM[ A [Q JQMV I XZQUMZI ^Q[\I VW [M VW\I U]KPW TI LQNMZMVKQI [Q [M XWVM MT WRW MV TI UIV\MVQJQTQLIL LM[LM MT X]V\W LM ^Q[\I \ºKVQKW a [WJZM \WLW TI NIKQTQLIL LM ][W [¾ PIa LQNMZMVKQI XWZY]M KILI ^Mb Y]M ]V KWV\MVQLW \QMVM Y]M [MZ X]JTQKILW \QMVMV Y]M XI[IZ XWZ LQ[ \QV\I[ ²ZMI[ a LM[X]º[ LM M[N]MZbW a \ZIV[NWZUIKQÃV ÎVITUMV\M [M X]JTQKI MV TW[ LQ[\QV\W[ [MOUMV\W[ Y]M TI MUXZM[I WNZMKM NM VÃUMVW Y]M aI VW ZM[XWVLM I TI \MVLMVKQI LM PWa MV L¾I