Maj 2009 - Chęciny

Cg*+)
bV_'%%.
<VoZiVWZoe¨VicV
>HHC&+)%"%()-
>>?VgbVg`8]ŸX^²h`^
^jgdXonhiZdilVgX^Z
`dbeaZ`hjhedgidlZ\d
ÎBd_Z7d^h`dDga^`'%&'¿
B^higodhilV
Ld_Zl‹YoilV
Ðl^Ÿid`gonh`^Z\d
?jc^dg‹llHoVX]VX]
&(¼&)XoZglXV'%%.g#OZhe‹¨Ho`‹¨
D\‹acd`hoiV¨X|XnX]l8]ŸX^cVX]
Dg\Vc^oVidgZbIjgc^Z_j_Zhi7jgb^higo<b^"
cn^B^VhiV8]ŸX^cndgVoÐl^Ÿid`gonh`^Ol^|oZ`
HoVX]dln#
EVigdcVicVYb^higodhilVb^dW_Ÿa^/BVghoV¨Z`
Ld_Zl‹YoilV Ðl^Ÿid`gonh`^Z\d! HiVgdhiV @^Z"
aZX`^!IKE@^ZaXZdgVoGVY^d@^ZaXZ#
9d jYo^V¨j l b^higodhilVX] jegVlc^Zc^ h|
oVldYc^Xn^oVldYc^Xo`^/
YdaVi-¼gdXoc^`'%%&^b¨dYh^
YdaVi&%¼gdXoc^`&...^b¨dYh^
YdaVi&'¼gdXoc^`&..,^b¨dYh^
YdaVi&)¼gdXoc^`&..*^b¨dYh^
YdaVi&+¼gdXoc^`&..(^b¨dYh^
YdaVi&-¼gdXoc^`&..&^b¨dYh^
e^ZglhonX] hoZÑX^j oVldYc^`‹l oVldYc^XoZ`
l`VèYZ_\gje^ZVlVchj_ZYde‹¨ÉcV¨j BE#
L^ŸXZ_ ^c[dgbVX_^ ocV_Yj_Z h^Ÿ cV higdc^Z
lll#hohoVX]#ea
I¨jbn \dÑX^ egonWn¨n l inb gd`j Yd 8]ŸX^c cV Î>> ?VgbVg`
8]ŸX^²h`^¿! `i‹gn o\dYc^Z o igVYnX_| dYWn¨ h^Ÿ l c^ZYo^ZacZ bV"
_dlZ eded¨jYc^Z cV eVg`^c\j egon @aVhoidgoZ ;gVcX^ho`Vc‹l
l8]ŸX^cVX]#LnYVgoZc^ZidWn¨dc^Zina`deg‹W|dYildgoZc^V`a^"
bVijÑgZYc^dl^ZXocnX]_VgbVg`‹l!VinbhVbnb`daZ_cnb`gd`^Zb
lYWVc^jd`goZl^Zc^Z`jaijgn<b^cn8]ŸX^cn!VaZegoZYZlhonhi`^b
hiV¨dh^Ÿd`Vo_|YdlheVc^V¨Z_oVWVln^lhe‹acnX]hedi`V²gdYo^ccnX]#
EdYXoVh Î>> ?VgbVg"
`j8]ŸX^²h`^Z\d¿Yd"
`dcVcd jgdXonhiZ\d
edÑl^ŸXZc^V ^dilVg"
X^V `dbeaZ`hj hedg"
idlZ\dÎBd_Z7d^h`d
Dga^` '%&'¿# LnYV"
goZc^Z edegdlVYo^¨
OW‹_ BVYZ_! V]d"
cdgdln
eVigdcVi
cVY ^begZo| dW_|¨
BVghoV¨Z`Ld_Zl‹Yo"
ilVÐl^Ÿid`gonh`^Z\d!
6YVb?VgjWVh#
ÎÐL>–ID8=–8>C¿',XoZglXV'%%.g#
EaVXjEdYc‹èV<‹gnOVb`dlZ_
&)#%%"BhoVÐl^ŸiVl@dÑX^ZaZEVgVÉVacnb l 8]ŸX^cVX]
&*#%%"EgoZbVghoWVglcZ\d`dgdldYjcVeaVXOVb`dln
&*#(%"Edl^iVc^Z\dÑX^egoZo7jgb^higoV<b^cn^B^VhiV
8]ŸX^cn!GdWZgiV?Vldgh`^Z\d
&+#&*"LnhiŸeYo^ZX^ŸXnX][dgbVX_^iVcZXocnX]/ÎOVb`dlZ
Yjho`^¿!Î;gZh]¿!oVldYnhigoZaZX`^Z
&,#(%"Ed`VooVhVYnYnhXnea^cnHigdc\bVc
&.#&*"HiVcIjiV_"`VWVgZX^Vgo!eVgdYnhiV
'%#(%"<l^VoYVL^ZXodgj/7VnZg;jaa
'&#)*"OZheܬ:M8AJH>K:
')#%%"ed`Vo[V_ZglZg`‹l
OæN8>6<B>CN
EZg¨n8oVgcZ_C^YnedYe^hV¨n
jbdlŸobVghoV¨`^Zb
Ad`VacV <gjeV 9o^V¨Vc^V ÎEZg¨n 8oVgcZ_
C^Yn¿ odhiV¨V lnWgVcV Yd gZVa^oVX_^ jc^_cZ"
\d Egd\gVbj AZVYZg cV iZgZc^Z igoZX] \b^c
8]ŸX^c!BdgVl^Xn^H^i`‹l`^"Cdl^cn#'-`l^Zi"
c^V!lh^ZYo^W^ZÐl^Ÿid`gonh`^Z\d7^jgVGdold"
_jGZ\^dcjl@^ZaXVX]bVghoV¨Z`6YVb?VgjWVh
^ l^XZbVghoV¨Z` BVgZ` <dh edYe^hVa^ jbdln
oYo^Zl^ŸicVhidbV A<9! `i‹gZ WŸY| Yo^V¨V cV
iZgZc^Zld_Zl‹YoilVÑl^Ÿid`gonh`^Z\d#
Id hnbWda^XocZ ol^Z²XoZc^Z l^Zadb^Z"
h^ŸXocnX] hiVgV² hoZgd`^Z_ \gjen dh‹W o `VèYZ_
o\b^c#JbdlVl^|èZcVhoZA<9ogZ\^dcZbcV
XdcV_bc^Z_,cV_Wa^èhonX]aVi#LinbXoVh^ZEZg¨n
8oVgcZ_ C^Yn WŸY| bd\¨n egoZ`VoV l gVbVX]
egd_Z`i‹lcVgoZXob^Zho`V²X‹l!egoZYh^ŸW^dgX‹l
^ gdac^`‹l V iV`èZ dg\Vc^oVX_^ edoVgo|YdlnX]
`ldiŸedcVY*b^a^dc‹l'%%inh#o¨dinX]jc^_cnX]
YdiVX_^#E^ZglhoncVW‹glc^dh`‹lhedYo^ZlVcn_Zhi
lXolVginb`lVgiVaZiZ\dgd`j#
" ?ZhiZÑbn edY lgVèZc^Zb c^Zoln`aZ ln"
hd`^Z\d edo^dbj lc^dh`‹l o¨dèdcnX] egoZo
A<9#IdYdWgnegd\cdhin`cVegonho¨dс!YV_|Xn
eZlcdс! èZ Ad`VacZ <gjen 9o^V¨Vc^V edgVYo|
hdW^Z oedYo^V¨Zb ÑgdY`‹l! `i‹gZ dYYV_Z ^b
h^Ÿ Yd YnhedonX_^ " edY`gZÑaVa^ l dÉX_VacnX]
lnhi|e^Zc^VX] egoZYhiVl^X^ZaZ l¨VYo ld_Zl‹Yo"
ilV#Lc^dhZ`A<9ÎEZg¨n8oVgcZ_C^Yn¿lcVWd"
goZ dg\Vc^odlVcnb egoZo bVghoV¨`V ld_Zl‹Yo"
ilVjonh`V¨V&,%e`i#cV'%%bdèa^lnX]#
?ZÑa^lZ„b^ZbnedYjlV\ŸhonW`dсlYgVèVc^V
egd\gVbjAZVYZgidLd_Zl‹YoildÐl^Ÿid`gonh`^Z
_Zhi ijiV_ oYZXnYdlVcnb a^YZgZb# ?V`d e^ZglhoZ
egoZegdlVYo^¨d lnW‹g A<9 Yd gZVa^oVX_^ Ad`Va"
cnX]HigViZ\^^Gdold_j^_V`de^ZglhoZbVhoVchŸ
jgjX]db^cVWdgnlc^dh`‹l#
JgdXonhidс edYe^hVc^V jb‹l dYWn¨V
h^Ÿ egon dWZXcdÑX^ egoZYhiVl^X^Za^ lhonhi`^X]
Ñl^Ÿid`gonh`^X]A<9ViV`èZl¨VYold_Zl‹YoilV
^Yo^Zcc^`Vgon#L^b^Zc^jÎEZgZ¨8oVgcZ_C^Yn¿
jbdlŸ edYe^hnlVa^ egZoZh BVgX^c 9o^Zl^ŸX`^
^l^XZegZoZh 6g`VY^jho ?ŸYgVh# IZgVo egVXdlc^"
`‹lA<9XoZ`V_|ho`daZc^VolYgVèVc^Vegd\gV"
bjAZVYZg!ed`i‹gnX]hVb^WŸY|jYo^ZaV^c[dg"
bVX_^^d\¨VhoVcVWdgnlc^dh`‹l#
EgoZbnh¨VlHig‹_l|h
D\‹acdedah`V`VbeVc^VegdÉaV`inXocd ¼ZYj`VXn_cV
ÎHegVlY„!XonIld_Ze^X^Z
_ZhiWZoe^ZXocZ¿
CVhoV \b^cV! _V`d _ZYZc o Wa^h`d &)%%
hVbdgo|Y‹l! egon¨|Xon¨V h^Ÿ Yd d\‹acdedah`^Z_
`VbeVc^^egdÉaV`inXocd ¼ZYj`VXn_cZ_ÎHegVlY„!
XonIld_Ze^X^Z_ZhiWZoe^ZXocZ¿#JgdXonhiV^cVj"
\jgVX_VdYWn¨Vh^Ÿ,`l^Zic^V'%%.gd`jlHZ_b^Z
GoZXoedheda^iZ_ Edah`^Z_# Id edXo|iZ` Yo^V¨V²
ZYj`VXn_cnX]ojYo^V¨ZbedcVYed¨dlnedah`^X]
\b^c#
Dg\Vc^oVidgZb `VbeVc^^ _Zhi EV²hildlV
6\ZcX_VGdol^|onlVc^VEgdWaZb‹l6a`d]dadlnX]#
EgoZYh^Ÿlo^ŸX^jeVigdcj_Zb#^c#HZcViGoZXoedhed"
a^iZ_Edah`^Z_!7^jgdÐl^VidlZ_Dg\Vc^oVX_^OYgdl^V
lEdahXZdgVo@daZ\^jbAZ`VgonGdYo^ccnX]#
L¨|XoV_|X h^Ÿ l iŸ `VbeVc^Ÿ X]XZbn oVX]ŸX^
`VèYZ\d b^Zho`V²XV cVhoZ_ \b^cn Yd dXZcn
l¨VhcZ\dbdYZaje^X^VdgVoYddYedl^ZYo^cVen"
iVc^Z ¼ 8on bd_Z e^X^Z _Zhi WZoe^ZXocZ4 8]XZbn
dhigoZXegoZYoV\gdèZc^Vb^!_V`^Zbd\|ed_Vl^h^Ÿ
lol^|o`joe^X^ZbVa`d]daj#Ed`VèZbniZè!l_V`^
hedh‹WegoZa^XoV^adсlne^_VcZ\dVa`d]daj^_V`c^Z
egoZ`gVXoV\gVc^Xne^X^Vdc^h`^bgnon`jho`‹Y#
@VbeVc^V VYgZhdlVcV _Zhi Yd Ydgdh¨nX]
`dchjbZci‹l cVed_‹l Va`d]dadlnX] ¼ iV`èZ Yd
inX]!`i‹gnblnYV_Zh^Ÿ!èZe^_|c^Zl^ZaZ#?Z_XZaZb
_Zhi d\gVc^XoZc^Z a^XoWn dh‹W e^_|XnX] gnon`dlc^Z
^ ho`dYa^l^Z dgVo egoZ`VoVc^Z l^ZYon cV iZbVi
'
ho`‹Y! _V`^Z l^|è| h^Ÿ oZ hedènlVc^Zb Va`d]daj#
OWVYV²egoZegdlVYodcnX]egoZoE6GE6lnc^`V!
èZedejaVX_Vdh‹We^_|XnX]gnon`dlc^Z^ho`dYa^l^Z
`hoiV¨ij_Zh^ŸlEdahXZcVedo^db^Zd`#)b^a^dc‹l
^_ZhiinbhVbnbedcVYXoiZgngVonl^Ÿ`hoVc^èed"
ejaVX_Vdh‹WjoVaZèc^dcnX]dYVa`d]dajhoVXdlV"
cVcVd`#-+(inh##
O ^c[dgbVX_| d `dc^ZXocdÑX^ bdc^idgdlV"
c^V l¨VhcZ\d lodgj e^X^V X]XZbn YdigoZ Yd _V`
cV_l^Ÿ`hoZ_ a^XoWn b^Zho`V²X‹l \b^cn! edegoZo
jb^ZhoXoZc^Z jadi`^ l ad`VacZ_ egVh^Z# L gVbVX]
`VbeVc^^ heZX_Vacn egoZ`Vo egdÉaV`inXocn odhiV"
c^Zh`^ZgdlVcnYdb¨dYo^Zèn#ObnÑa|diZ_\gje^Z
YdXZadlZ_edlhiV¨VhigdcV^ciZgcZidlVlll#c^ZWd"
iV`#ea! `i‹gV ed`Voj_Z! èZ cV_WVgYo^Z_ WZoe^ZXocZ
YaV dhdWn c^ZeZ¨cdaZic^Z_ _Zhi oVX]dlVc^Z VWhin"
cZcX_^#
9d ho`‹¨ igVÉ! egon\didlVcn egoZo E6GE6!
hXZcVg^jho lnl^VY‹l`^ YaV gdYo^X‹l dgVo hXZcV"
g^jhooV_ŸegdÉaV`inXocnX]#
L^ŸXZ_ ^c[dgbVX_^ cV iZbVi `VbeVc^^ jonh`VX^Z
EV²hild `dciV`ij_|X h^Ÿ o 6bWVhVYdgZb @Vb"
eVc^^! Bdc^`| E^digdlh`| ¼ iZaZ[dc^Xoc^Z edY
cg iZa# d)& ')& (& -% ajW dhdW^ÑX^Z/ 8]ŸX^cn
ja# ;gVcX^ho`V²h`V &% ¼ W^jgd <b^ccZ_ @db^h_^
Gdol^|onlVc^VEgdWaZb‹l6a`d]dadlnX]#
Bdc^`VE^digdlh`V
LcjbZgoZ/
™EZg¨n8oVgcZ_C^YnedYe^hV¨n
jbdlŸobVghoV¨`^Zb
™ÎHegVlY„!XonIld_Ze^X^Z
_ZhiWZoe^ZXocZ¿
™6Whdajidg^jb
jYo^Zadcd_ZYcd\¨dÑc^Z
™LnWdgnYdEVgaVbZcij
:jgdeZ_h`^Z\d
™<dc^ilVld`‹¨OVb`j
l8]ŸX^cVX]
™>;Zhi^lVaE^dhZc`^9o^ZX^ŸXZ_
Eda^X]cd'%%.
™G‹ldYlVYc^V_|XnlH^ZYaXVX]
™OZhe‹¨ÎH^ZYaZXXoVc^Z¿
™>>?VgbVg`8]ŸX^²h`^^jgdXonhiZ
dilVgX^Z`dbeaZ`hjhedgidlZ\d
ÎBd_Z7d^h`dDga^`'%&'¿
™DYh¨dc^ŸX^ZeVb^|i`dlZ_iVWa^Xn
^b^Zc^Veedg#:YlVgYVAja`d
™CdlZignWjcncVhiVY^dc^ZE^VhiV
™Oeda^Xn_cnX]`Vgi
™6<GDIG6K:A
™@daZ_cZ`^adbZignYg‹\
l\b^c^Z8]ŸX^cn
™ÎBd_VBV¨VD_XonocV
¼oVlhoZb^Wa^h`V¿
™8]dYc^``d¨dXbZciVgoV
™C^ZinedlVaZ`X_V\Zd\gVÉ^
ÎEdYYVX]Zb6[gn`^¿
™EVX_Zci_ZhicVe^Zglhonbb^Z_hXj
™<b^ccn9o^Z²HigVèV`V
l8]ŸX^cVX]
™8Zcigjb>c[dgbVX_^
IjgnhinXocZ_^=^hidgnXocZ_
loVWni`dlZ_C^ZbXo‹lXZ
™9Zbd\gVÉV
™JbdlV_jèedYe^hVcV
™MMM>>>B^ŸYoncVgdYdlZ7jh`^Z
Hedi`Vc^Vo;da`adgZb'%%.
™JX]lV¨VCg'-%$MAK$%.G69N
B>:?H@>:?l8]ŸX^cVX]
oYc^V(%`l^Zic^V'%%.gd`j
™9GD<69DG6?J
™B^ZYo^Vc`V^Eda^X]cd
"Yl^ZYo^Zac^XZb^VhiV8]ŸX^c
™JbdlVcVÎhX]Zinc‹l`Ÿ¿
_jèedYe^hVcV
™MKD<ÙACDEDAH@6DA>BE>6"
96BçD9O>:æNLO6E6H68=
!!ÐL>–ID@GONH@>:'%%.¿
™Edah`V7^Z\V
HoaV`^ZboVWni`dlnX]8]ŸX^c
™>MIjgc^Z_IZc^hVHid¨dlZ\d
OæN8>6<B>CN
6Whdajidg^jbjYo^Zadcd_ZYcd\¨dÑc^Z
EdYXoVh hZh_^ VWhdajidgj_cZ_! `i‹gV dYWn¨V h^Ÿ (% `l^Zi"
c^V l Ho`daZ EdYhiVldlZ_ l Id`Vgc^! gVYc^ GVYn B^Z_h`^Z_
l8]ŸX^cVX]_ZYcdbnÑac^ZjYo^Za^a^VWhdajidg^jb7jgb^higod"
l^<b^cn^B^VhiV8]ŸX^cn!GdWZgidl^?Vldgh`^Zbj#CVhZh_^
\dÑX^¨Vg‹lc^ZècdlVYngZ`idgDÑgdY`VOYgdl^Vl8]ŸX^cVX]!
BV¨\dgoViVLd_iXoV`dgVo@dbZcYVciEda^X_^GdWZgiAZl^X`^
^@dbZcYVci<b^ccnDHE@Vo^b^ZgoçZWZ`#
BV¨\dgoViVLd_iXoV`!`i‹gVegonWa^èn¨VoZWgVcnbhld_|dhdWŸ
^dedl^ZYo^V¨VdoVb^ZgoZc^VX]^eaVcVX]ol^|oVcnX]oegdlV"
YoZc^ZbeaVX‹l`^#¼EdhiVgVbh^Ÿc^ZoVl^ZсEV²hilVoVj[Vc^V
¼b‹l^¨VYngZ`idgBV¨\dgoViVLd_iXoV`!`i‹gVedYXoVhhld_Z\d
lnhi|e^Zc^VedY`gZÑaV¨Vc^Z_ZYcd`gdic^Z!èZYaVc^Z_cVe^Zgl"
honbb^Z_hXjoVlhoZWn¨d!_Zhi^WŸYo^ZYdWgdeVX_Zci‹l#CdlV
YngZ`idg lngVo^¨V g‹lc^Zè cVYo^Z_Ÿ cV dldXc| lhe‹¨egVXŸ
ol¨VYoVb^ <b^cn ^ B^VhiV 8]ŸX^cn dgVo o GVY| B^Z_h`|
OVc^b_ZYcV`gdoedXoŸ¨nh^ŸdWgVYn!jXoc^dl^ZHo`d¨nEdY" l8]ŸX^cVX]#EdYXoVhhZh_^edgjhodcVodhiV¨Vg‹lc^Zè`lZhi^V
hiVldlZ_lId`Vgc^oVegZoZcidlVa^h^Ÿ\dÑX^dblZlheVc^V¨Z_ WZoe^ZXoZ²hilV# L iZ_ hegVl^Z \¨dh oVWgV¨ @dbZcYVci Eda^X_^
V`VYZb^^ o d`Vo_^ Ðl^ŸiV JX]lVaZc^V @dchinijX_^ ( BV_V# GdWZgi AZl^X`^! `i‹gn egoZYhiVl^¨ ^c[dgbVX_Z dYo^V¨VacdÑX^
@db^hVg^Vijl8]ŸX^cVX]oVgd`'%%-#"?ZYcdhi`VoV'%%-gd`
dh^|\cŸ¨V lh`V„c^` ln`gnlVacdÑX^ d\‹acZ_ cV edo^db^Z ,(!*
"edY`gZÑaV¨@dbZcYVciAZl^X`^#>c[dgbVX_ZdYo^V¨VacdÑX^
DX]dic^XonX] HigVèn EdèVgcnX] cV iZgZc^Z <b^cn 8]ŸX^cn
egoZYhiVl^¨@dbZcYVci<b^ccn!@Vo^b^ZgoçZWZ`#
EdYXoVh hZh_^ edgjhodcd ^ hoXoZ\‹¨dld db‹l^dcd iV`èZ
`lZhi^Ÿ gZVa^oVX_^ hoiVcYVgdlZ\d egd_Z`ij <b^cn 8]ŸX^cn
i_# bdYZgc^oVX_^ Lo\‹goV OVb`dlZ\d ^ hVbZ\d OVb`j l gV"
bVX] GZ\^dcVacZ\d Egd\gVbj DeZgVXn_cZ\d Ld_Zl‹YoilV
Ðl^Zid`gonh`^Z\dcVaViV'%%,¼'%&(#
LMK>>> ¼ l^ZXocnX] `dhi^jbVX] b¨dYo^ V`idgon Ydh`d"
cVaZ egoZYhiVl^a^ ^chXZc^oVX_Ÿ dWgVY hZ_bj! `i‹gn jX]lVa^¨
e^Zglho|l:jgde^Z^Ygj\|cVÑl^ZX^ZjhiVlŸoVhVYc^Xo|!Xona^
@dchinijX_Ÿ#"JX]lVadcV@dchinijX_V!_V`l^Zbno]^hidg^^!c^Z"
hiZinc^ZjX]gdc^¨VEdah`^dYYVahonX]gdoW^dg‹l#L`g‹iXZ\gj"
eVoYgV_X‹loVegdh^¨VYdEdah`^gdhn_h`^Zld_h`V^gdoedXoŸ¨Vh^Ÿ
ld_cVldWgdc^ZgZ[dgboVlVginX]l@dchinijX_^#LnYVgoZc^Z
idjXoncVh^ed`Voj_Z!èZbnEdaVXnedigVÉbn l lVècnX]YaV
cVhoZ\d `gV_j X]l^aVX] Yo^V¨V lhe‹ac^Z! edcVY ^hic^Z_|Xnb^
edYo^V¨Vb^# C^Z ina`d edigVÉbn lVaXon d c^ZedYaZ\¨dс! VaZ
g‹lc^ZèegoZegdlVYoVgZ[dgbn!lhe‹¨egVXdlV^jaZehoVcV"
hoZeV²hildlXoVhVX]ed`d_j¼b‹l^a^jXoc^dl^Z#O\gdbVYod"
cVcVHVa^ejWa^XocdсcV\gdYo^¨VjXoc^‹l\gdb`^b^WgVlVb^
cVoV`d²XoZc^Z^chXZc^oVX_^!VEgoZldYc^Xo|XVGVYnB^Z_h`^Z_
l8]ŸX^cVX]!@gnhincV;d`hV!l^b^Zc^jl¨VYo\b^cn!gVYcnX]
dgVo hd¨inh‹l edYo^Ÿ`dlV¨V jXoc^db ^ cVjXonX^Zadb oV iV`
X^Ze¨Zegon_ŸX^Z#
Ed egoZYhiVl^Zc^j! jXoZhic^Xodcd l _ZhoXoZ _ZYcnb
lVècnblnYVgoZc^j#GVYc^!hd¨inh^dgVooVegdhoZc^\dÑX^ZWna^
Ñl^VY`Vb^ jgdXonhiZ\d lgŸXoZc^V cV\gdYn dgVo Yneadbj YaV
olnX^ŸoXn egdZ`dad\^XocZ\d `dc`jghj eaVhinXocZ\d dg\Vc^"
odlVcZ\degoZoJgo|Y<b^cn^B^VhiVl8]ŸX^cVX]ei#ÎC^Z
lhonhi`d cV eVaZc^h`d¿# CV\gdYŸ oV oYdWnX^Z > b^Z_hXV o g|`
7jgb^higoV GdWZgiV ?Vldgh`^Z\d dgVo EgoZldYc^Xo|XZ_ GVYn!
@gnhincn ;d`hn dYZWgV¨ BVX^Z_ :c\Za! jXoZ² HE l Id`Vgc^#
DÉX_VacZ \gVijaVX_Z ^ \gdb`^Z WgVlV dWZXcnX] WZo l|ie^Zc^V
Wn¨nlngVoZbjocVc^VYaViVaZcijolnX^ŸoXn#
Ijè egoZY egoZ_ÑX^Zb Yd jhiVadcZ\d edgo|Y`j dWgVY
\¨dh oVWgV¨V cdlV YngZ`idg DÑgdY`V OYgdl^V l 8]ŸX^cVX]!
CVhiŸecnb ejc`iZb hZh_^ Wn¨d gdoeVigoZc^Z egd_Z`i‹l
jX]lV¨!o`i‹gnX]cV_lVèc^Z_hoVWn¨VjX]lV¨VlhegVl^ZjYo^Z"
aZc^V VWhdajidg^jb 7jgb^higodl^ <b^cn ^ B^VhiV 8]ŸX^cn
oinij¨jln`dcVc^VWjYèZijoV'%%-gd`#EgoZldYc^Xo|XV`d"
b^h_^gZl^on_cZ_egoZYhiVl^¨VdWZXcnbcVhZh_^lc^dhZ``db^"
h_^ gZl^on_cZ_ h`^ZgdlVcn Yd G>D l hegVl^Z jYo^ZaZc^V VWhd"
ajidg^jb 7jgb^higodl^ <b^cn ^ B^VhiV 8]ŸX^cn# GZ\^dcVacV
>oWVDWgVX]jc`dlVedoninlc^ZoVde^c^dlV¨Vlc^dhZ``db^h_^
gZl^on_cZ_! _V` g‹lc^Zè edoninlc^Z dXZc^¨V hide^Z² ogZVa^od"
lVcnX]YdX]dY‹l^lnYVi`‹llhidhjc`jYdeaVcj#G‹lc^Zè
edoninlcZWn¨nde^c^Zlhonhi`^X]`db^h_^#GVYc^jYo^Za^a^7jg"
b^higodl^VWhdajidg^jb_ZYcd\¨dÑc^Z^WgVlVb^edYo^Ÿ`dlVa^
oV igjY egVXn l¨dèdcn l gZVa^oVX_Ÿ oVYV²# " 9o^Ÿ`j_Ÿ oV
_ZYcd\¨dÑcZjYo^ZaZc^ZVWhdajidg^jb¼edl^ZYo^V¨7jgb^higo!
GdWZgi?Vldgh`^ijèed\¨dhdlVc^j!edY`gZÑaV_|X_ZYcdXoZÑc^Z
_V`lVècnblnYVgoZc^ZbYaVlhonhi`^X]Wjgb^higo‹l!l‹_i‹l
^ egZonYZci‹l h| hZh_Z VWhdajidgn_cZ# ¼ 8^ZhoŸ h^Ÿ! èZ hide"
c^dld ^ `dchZ`lZcic^Z jYV_Z cVb h^Ÿ gZVa^odlV oVb^ZgodcZ
eaVcn ^XZaZ ¼ b‹l^¨ 7jgb^higo# " @daZ_cZ _ZYcd\¨dÑc^Z jon"
h`VcZ VWhdajidg^jb c^Z _Zhi ina`d bd^b hj`XZhZb# Id hj`XZh
^ol^Z²XoZc^ZegVXncVhlhonhi`^X]#8]X^V¨WnbegoZYZlhonhi"
`^b edYo^Ÿ`dlV gVYcnb! cV_Wa^èhonb lhe‹¨egVXdlc^`db
o `^Zgdlc^XilV JgoŸYj! lhonhi`^b egVXdlc^`db JgoŸYj!
hd¨inhdb!b^Zho`V²XdbdgVolhonhi`^binb!`i‹gonegonXonc^a^
h^Ÿ Yd gZVa^oVX_^ cVhonX] lhe‹acnX] oVYV²# Id g‹lc^Zè Yo^Ÿ`^
lVhoZ_ X^Ÿè`^Z_ egVXn ^ oVVc\VèdlVc^j cVhoV \b^cV oVXoncV
dYcdh^ XdgVo l^Ÿ`hoZ hj`XZhn! oVXoncV Wn oVjlVèVacV c^Z
ina`d l ld_Zl‹Yoil^Z ¼ edY`gZÑaV¨ 7jgb^higo# ¼ Lhonhi`^Z!
c^Z ina`d iZ heZ`iV`jaVgcZ! VaZ g‹lc^Zè iZ cV_bc^Z_hoZ hj`XZ"
hn X^Zho| ^ _ZYcdXoZÑc^Z bdinlj_| Yd YVahoZ_ lniŸèdcZ_ egVXn
¼oVeZlc^¨cVoV`d²XoZc^ZYjbcn7jgb^higo!GdWZgi?Vldgh`^!
`i‹gndXonl^ÑX^Zedolda^¨hdW^Zegonedbc^ZoZWgVcnb_V`_Zho"
XoZl^ZaZegVXnegoZYcVho|\b^c|#¼8oZ`VcVh_ZhoXoZl^ZaZYd
ogdW^Zc^V# 9d¨dèŸ lhoZa`^X] hiVgV²! VWn ogZVa^odlV lhonhi`^Z
VbW^icZXZaZ!_V`^ZegoZYhdW|edhiVl^a^Ñbn!VWn8]ŸX^cncVYVa
gdol^_V¨nh^ŸliV`YncVb^XocnbiZbe^Z¼YdYV¨^gVo_ZhoXoZ
edYo^Ÿ`dlV¨oV_ZYcdbnÑacZjYo^ZaZc^ZVWhdajidg^jb#
6\c^Zho`VDaZX]
(
OæN8>6<B>CN
,XoZglXV^Yo^ZbnYdjgc
LnWdgnYdEVgaVbZcij:jgdeZ_h`^Z\d
,XoZglXVdYWŸY|h^ŸlnWdgnYdEVgaVbZcij:jgdeZ_h`^Z\dcV`VYZcX_Z'%%.
¼ '%&)# E^ZglhoZ lnWdgn Yd EVgaVbZcij :jgdeZ_h`^Z\d l EdahXZ egoZegdlV"
Yodcdl'%%)gd`j#C^ZhiZin!XZX]dlV¨V_ZYdсc^h`V[gZ`lZcX_V#IZgVooWa^èV_|
h^Ÿ `daZ_cZ# >aj o cVh e‹_Yo^Z l inb gd`j Yd jgc4 <¨dhdlV cVegVlYŸ lVg"
idAd`VaZdWldYdlnX]`db^h_^lnWdgXonX]dilVgiZWŸY|dY\dYo^cn-/%%Yd
''/%%#>Y|XYdjgceVb^ŸiV_bndoVWgVc^joZhdW|YdldYjdhdW^hiZ\d!eVhoedg"
ijajW^ccZ\dYd`jbZcijhil^ZgYoV_|XZ\didèhVbdс#
?jè l XoZglXj lgVo o (,* b^a^dcVb^ lnWdgX‹l o XV¨Z_ :jgden jYVbn h^Ÿ
Yd jgc! VWn lnWgV cdln eVgaVbZci# EdaVXn lnW^dg| *% edh¨‹l! `i‹gon WŸY|
YZXnYdlVdhegVlVX]Ñl^VidlZ_lV\^!ln`dgonhij_|XYdiZ\djc^_cZe^Zc^|YoZ#
Bjh^bnoYVlVhdW^ZhegVlŸoiZ\d!_V`d\gdbcVdYedl^ZYo^VacdсhedXonlVcV
lnWdgXVX]#DYYVc^Z\¨dhjidcVegVlYŸc^Zl^Za`^lnh^¨Z`dYdc^dh¨nb!hed¨ZXocnb
ocVXoZc^j#CVYX]dYo|XZlnWdgnYdZjgdeVgaVbZcijh|d`Vo_|Yddedl^ZYoZc^V
h^ŸoVhnhiZbZboVhVY^lVgidÑX^!deVginbcVZinXZ^dYedl^ZYo^VacdÑX^#LVgid
YdWgoZoVhiVcdl^h^ŸcV`d\d\¨dhdlVoVc^bjYVbnh^ŸYdjgc#
L EVgaVbZcX^Z :jgdeZ_h`^b oVh^|Yo^Z *% edah`^X] edh¨‹l# EdaVXn lnW^dg|
^X]l&(d`gŸ\VX]lnWdgXonX]!cV`i‹gZedYo^ZadcdcVho`gV_#<b^cV^B^Vhid
8]ŸX^cnocV_Yj_Zh^ŸlD`gŸ\jLnWdgXonbcg&%/bV¨dedah`d"Ñl^Ÿid`gonh`^b#
Linbd`gŸ\jhiVgij_Zhij`VcYnYVi‹loYo^Zh^ŸX^ja^hi!Xona^gZegZoZcij_|XnX]
Yo^Zh^Ÿg‹ècnX][gV`X_^eda^inXocnX]#CVhij`VcYnYVi‹l&+hiVcdl^|`dW^Zin!
edodhiV¨Z-)idbŸèXon„c^#ÐgZYc^l^Z``VcYnYVi‹loD`gŸ\jcg&%lncdh^)+
aVi#CV_b¨dYhon`VcYnYVibV'&aVi!VcV_hiVghon,&#
EgoZW^Z\ lnWdg‹l Yd`¨VYc^Z d`gZÑaV DgYncVX_V lnWdgXoV Yd EVgaVbZcij
:jgdeZ_h`^Z\doYc^V'(hinXoc^V'%%)gd`j#<¨dhdlVc^ZdYWŸYo^Zh^Ÿegonedbd"
XnjgoŸYdlnX]`VgiYd\¨dhdlVc^V#@VèYVo`VgiWŸYo^Zde^ZXoŸidlVcV#LVgjc"
`^ZbdigonbVc^V`VgiYd\¨dhdlVc^V_Zhid`VoVc^ZYd`jbZcijhil^ZgYoV_|XZ\d
idèhVbdс#EddigonbVc^j`VgicVaZènedil^ZgYo^idl¨VhcdgŸXocnbedYe^hZbl
dYedl^ZYc^Z_gjWgnXZlhe^h^ZlnWdgX‹l#<¨dhdlVbdèZina`d^ln¨|Xoc^ZdhdWV
le^hVcVajWo\dYc^ZodYedl^ZYc^b^egoZe^hVb^Yde^hVcVYdhe^hjlnWdgX‹l#
9dlnWdgX‹legoZWnlV_|XnX]XoVhdldcVdWhoVgoZ\b^cnld`gZh^ZdWZ_bj_|Xnb
Yo^Z²lnWdg‹l!ViV`èZYdlnWdgX‹lc^\Yo^Zc^ZoVb^Zho`V¨nX]egoZWnlV_|XnX]
CjbZg
dWldYj
\¨dhdlVc^V
<gVc^XZdWldYj\¨dhdlVc^V
cVdWhoVgoZ\b^cnlinbd`gZh^Zhidhj_Zh^ŸdYedl^ZYc^degoZe^hnVgi#&.Dg"
YncVX_^lnWdgXoZ_YdHZ_bj^YdHZcVij#LnWdgXVegoZWnlV_|XnXoVhdldcVdW"
hoVgoZ\b^cnld`gZh^ZdWZ_bj_|XnbYo^Z²lnWdg‹l_ZhiYde^hnlVcnYdhe^hj
lnWdgX‹l cV _Z\d lc^dhZ` lc^Zh^dcn Yd jgoŸYj \b^cn cV_e‹„c^Z_ l &% Yc^j
egoZYYc^ZblnWdg‹l!i_#Yd'-bV_V'%%.g#
LnWdgXn egoZWnlV_|Xn oV \gVc^X| ^ edh^VYV_|Xn lVècZ edah`^Z eVhoedgin
ajWlegoneVY`jdWnlViZa^Jc^^:jgdeZ_h`^Z_c^ZWŸY|XnX]dWnlViZaVb^edah`^"
b^! edh^VYV_|Xn lVècn eVhoedgi ajW ^ccn Yd`jbZci hil^ZgYoV_|Xn idèhVbdс!
le^hnlVc^h|Ydhe^hjlnWdgX‹lhedgo|YoVcZ\degoZol¨VÑX^lZ\diZgnidg^Vac^Z
`dchjaV#LnWdgXV\¨dhj_Zina`dcV_ZYc|a^hiŸd`gŸ\dl|!hiVl^V_|XcV`VgX^ZYd
\¨dhdlVc^VocV`Îm¿l`gViXZoaZlZ_higdcndWd`cVol^h`V_ZYcZ\do`VcYnYV"
i‹loiZ_a^hin!egoZoXdlh`Voj_Z_Z\de^ZglhoZ²hildYdjonh`Vc^VbVcYVij#
OVc^ZlVècnjocV_Zh^Ÿ\¨dh!_ZèZa^cV`VgX^ZYd\¨dhdlVc^VedhiVl^dcdocV`
Îm¿l`gViXZoaZlZ_higdcndWd`cVol^h`Yl‹X]ajWl^Ÿ`hoZ_a^XoWn`VcYnYVi‹l
og‹ècnX]a^hid`gŸ\dlnX]VaWdc^ZedhiVl^dcdiZ\docV`jl`gViXZoaZlZ_higd"
cndWd`cVol^h`VèVYcZ\d`VcYnYViVo`i‹gZ_`dal^Z`oa^hi#OVc^ZlVècnjocV_Z
h^Ÿ \¨dh! _ZèZa^ cV `VgX^Z Yd \¨dhdlVc^V ocV` Îm¿ edhiVl^dcd l `gViXZ o aZlZ_
higdcnln¨|Xoc^ZdWd`cVol^h`V`VcYnYViVjb^ZhoXodcZ\dcVa^ÑX^Zd`gŸ\dlZ_!
`i‹gVodhiV¨Vjc^ZlVèc^dcV#?ZèZa^cV`VgX^ZYd\¨dhdlVc^VocV`Îm¿edhiVl^dcd
l`gViXZoaZlZ_higdcnln¨|Xoc^ZdWd`cVol^h`V`VcYnYViVo_ZYcZ_ina`da^hin
d`gŸ\dlZ_! V cVol^h`d iZ\d `VcYnYViV odhiV¨d o iZ_ a^hin h`gZÑadcZ! id \¨dh iV`^
jocV_Zh^ŸoVlVècn^dYYVcncViZa^hiŸ#?ZèZa^cV`VgX^ZYd\¨dhdlVc^VocV`Îm¿
edhiVl^dcdl`gViXZoaZlZ_higdcndWd`cVol^h`Yl‹X]ajWl^Ÿ`hoZ_a^XoWn`Vc"
YnYVi‹loiZ_hVbZ_a^hind`gŸ\dlZ_!id\¨dhiV`^jlVèVh^ŸoV\¨dhlVèc^ZdYYVcn
cVlh`VoVcVa^hiŸd`gŸ\dlVoegonocVc^Zbe^ZglhoZ²hilVYdjonh`Vc^VbVcYVij
iZbj`VcYnYVidl^!`i‹gZ\dcVol^h`dcViZ_a^ÑX^Z_Zhijb^ZhoXodcZle^ZglhoZ_
`daZ_cdÑX^# 9de^hVc^Z cV `VgX^Z Yd \¨dhdlVc^V YdYVi`dlnX] cVol^h` ajW cVol
VaWdedXonc^Zc^Z^ccnX]Yde^h`‹ledoV`gVi`|c^Zle¨nlVcVlVècdс\¨dhj#
HoXoZ\‹¨dlZ oVhVYn d`gZÑaV_|XZ lVgjc`^ jYo^V¨j l \¨dhdlVc^j egoZYhiV"
l^VEV²hildlV@db^h_VLnWdgXoVlhld_Z_>c[dgbVX_^oYc^V&%bVgXV'%%.g#
H^ZYo^WVdWldYdlZ_`db^h_^lnWdgXoZ_
&
B^Vhid8]ŸX^cn¼ja^XZ/6aZ_VEVginoVci‹l!6gb^^@gV_dlZ_!7^V¨Z\dOV\¨ŸW^V!8bZciVgcV! HVaVçd`^Zi`dlVÎC^ZbXo‹l`^¿l8]ŸX^cVX]!
8oZgldcV <‹gV! 9¨j\V! 9dWgo|Xo`V! ;adg^V²h`V! ;din\^! ;gVcX^ho`V²h`V! ?ŸYgoZ_dlh`V! ja#BV¨d\dh`V,
@^ZaZX`V! @gonlV! BV¨V! BV¨d\dh`V! D\gdYdlV! Dh^ZYaZ E‹¨cdX! EVcZ`! EaVX ' 8oZglXV! iZa#%)&(&"*&"-'.
EaVX æZgdbh`^Z\d! EgoZYWdgh`V! GVY`dlh`V! H^i`‹l`V! HeVXZgdlV! Hed`d_cV! HiVho^XV!
HigVèVX`V!Ho`dacV!&)"\dHinXoc^V!L¨VYnh¨VlVçd`^Zi`V!OVigde^Z!OZaZ_dlV#
'
Hd¨ZXilV/@dgoZX`d!Bdhin!H`^Wn
OZhe‹¨Ho`‹¨D\‹acd`hoiV¨X|XnX]l8]ŸX^cVX]
ja#@^ZaZX`V'%
iZa#%)&(&"*&"%(,
(
7dab^c!?ZYac^XV!B^aZX]dln!Lnbnh¨‹l
Ho`d¨VEdYhiVldlVl7dab^c^Z
iZa#%&(&"*&"&%ad`VaegonhidhdlVcnYaVdh‹Wc^ZeZ¨cdhegVlcnX]
)
Hd¨ZXildLda^XV¼ja^XZ/6gb^^@gV_dlZ_!8^X]V!8]ŸX^²h`V!<‹gcV!@daZ_dlV!@g‹i`V!AVh`dlV! OZhe‹¨Ho`‹¨D\‹acd`hoiV¨X|XnX]lLda^Xn!
AZÑcV!BV¨V!B¨dYV!Dhigdlh`V!EgoZbnh¨dlV!GnWVX`V!HZcVidgh`V!H^ZYaZX`V!HeVXZgdlV!Hed" ja#Ho`dacV(*
`d_cV!ÐgZYc^V!Ðl^Zg`dlV!Ho`dacV!LVe^Zcc^`dlV!LgodhdlV!OV\‹gh`V!ƒg‹Y¨dlV
iZa#%)&(&"*)"%&%
*
Hd¨ZXildçj`dlV
Ho`d¨VEdYhiVldlVlçj`dlZ_
iZa#%)&(&"**"*.)
+
A^edl^XV!EdYoVbXoZ!Egonb^Vg`^!HiVgdX]ŸX^cn!Lgodhn
Ho`d¨VEdYhiVldlVlHiVgdX]ŸX^cVX]
iZa#%)&(&"*&"%,%
,
AZajh^c!Dhig‹l!Ld_`dl^ZX
Ðl^Zia^XVL^Z_h`VlDhigdl^Z
iZa#%)&(&"*)"+')
-
<dÑX^c^ZX!Eda^X]cd!8]VgŸè‹l!B^ZYo^Vc`V!EdYeda^X]cd!OVX^hoZ
Ho`d¨VEdYhiVldlVlEda^X]c^Z
iZa#%)&(&"*'"%,&
.
Hd¨ZXildId`Vgc^V
Ho`d¨VEdYhiVldlVlId`Vgc^
iZa#%)&(&"*)"+'&
&%
B^Vhid8]ŸX^cn¼Dh^ZYaZHdhc‹l`V
EgoZYho`daZHVbdgo|YdlZl8]ŸX^cVX]!Dh#Hdhc‹l`V
iZa#)&(&"*&"'.,
&&
Hd¨ZXildH^ZYaXZ
Ho`d¨VEdYhiVldlVlH^ZYaXVX]
iZa#%)&(&"*)"%*(
&'
Hd¨ZXildGVY`dl^XZ
Ho`d¨VEdYhiVldlVlGVY`dl^XVX]
iZa#%)&(&"*&",,-
&(
Ld_Zl‹Yo`^HeZX_Va^hinXocnOZhe‹¨De^Z`^OYgdldicZ_<gj„a^Xn^8]dg‹WE¨jXl@^ZaXVX]o$h Ld_Zl‹Yo`^HeZX_Va^hi#ODO<gj„a^Xn^8]dg‹WE¨jXo$h
l8]ŸX^cVX]!ja#8oZgldcV<‹gV&%dWl‹YoVb`c^Ÿin
l8]ŸX^cVX]!ja#8oZgldcV<‹gV&%
6\c^Zho`VDaZX]
IZdYdo_VCdlV`
)
OæN8>6<B>CN
<dc^ilVld`ܬOVb`j
l8]ŸX^cVX]
?jèedgVo`daZ_cn&'(`daVgonoXV¨Z_Edah`^lo^Ÿ¨djYo^V¨llnÑX^\j@d"
aVgh`^bdEjX]Vg7jgb^higoVB^VhiV^<b^cn8]ŸX^cn#
CVoV`d²XoZc^Z!7jgb^higo<b^cn^B^VhiV8]ŸX^cn!GdWZgi?Vldgh`^lgŸXon¨
ejX]Vgn^Yneadbn#6iV`egoZYhiVl^V_|h^Ÿlnc^`^/
>IJG6¼b^Z_hXV>
@ViZ\dg^VB¨dYo^`/Ld_iVho`V@gonhoid[
@ViZ\dg^VBVhiZgh>>>6/?V\^Z¨V?Zgon
@ViZ\dg^VBVhiZgh>>>7/Eno^`dlh`^8ZoVgn
@ViZ\dg^V>K6/HoXoŸhcnOW^\c^Zl
@ViZ\dg^V>K7/<gVWdlh`^:YbjcY
@ViZ\dg^VK6/@gonèVcdlh`^Ld_X^ZX]
@ViZ\dg^VK7/@VheZgZ`?‹oZ[
>>IJG6¼b^Z_hXV>
@ViZ\dg^V?jc^dgB¨dYhon¼B^hiVX]dl^Xo@Vgda
@ViZ\dg^V?jc^dg¼IdbVhoZlh`^@dcgVY
@ViZ\dg^V>¼H`Vgèn²h`^Ld_X^ZX]
@ViZ\dg^V>>6"7gjc`ZAZhoZ`
@ViZ\dg^V>>7"AZYjX]dlh`^9Vg^jho
6\c^Zho`VDaZX]
G:@A6B6E6IC6
&% bV_V! igVYnXn_c^Z cV iZgZc^Z cVhoZ_ \b^cn l gVbVX] >>> :YnX_^ ÎEj"
X]Vgj <‹g Ðl^Ÿid`gonh`^X]¿ dYWn¨n h^Ÿ oVldYn `daVgh`^Z edY cVol| Î<dc^"
ilV ld`‹¨ OVb`j l 8]ŸX^cVX]¿# Dg\Vc^oVidgVb^ iZ\dgdXocnX] oVldY‹l Wna^/
Jgo|Y <b^cn ^ B^VhiV l 8]ŸX^cVX] lgVo o @^ZaZX`^b HidlVgonhoZc^Zb 8n`a^"
hi‹l! Vlhe‹¨dg\Vc^oVidgVb^ Wna^/ Ðl^Ÿid`gonh`^ GZ\^dcVacn Ol^|oZ` @daVgh`^
l @^ZaXVX]! EGDB"6GI# " AZhoZ` ?Vc^hoZlh`^# L oVldYVX] lo^Ÿ¨d jYo^V¨ &'(
jXoZhic^`‹l# LnÑX^\^ odhiV¨n egoZegdlVYodcZ o\dYc^Z o egoZe^hVb^ hedgid"
lnb^ E#O#@da# ^egoZe^hVb^ gjX]j Ygd\dlZ\d cV igVh^Z d`gŸècZ_# L inb gd`j
ln_|i`dldYde^hV¨Ved\dYV!VlhonhXnjXoZhic^XnoVldY‹lhoXoŸÑa^l^ZYdiVga^Yd
bZin#LnÑX^\egoZW^Z\¨hed`d_c^Z^WZoèVYcnX]lneVY`‹l#
Î<dc^ilV ld`‹¨ OVb`j l 8]ŸX^cVX]¿ id `dcincjVX_V oVedXo|i`dlVcZ\d
egoZoLd_X^ZX]V@do^²h`^Z\dlaViVX]hoZсYo^Zh^|inX]Xn`ajlnÑX^\‹lDHgZWgcn
@Vh`8]ŸX^c#Idl¨VÑc^ZijiV__Z„Yo^¨niV`^Zh¨Vln_V`/HiVc^h¨Vl@g‹aV`jg#l&.(&
gd`j! `daVgo hodhdln# E^Zglhon edah`^ olnX^ŸoXV LnÑX^\j Ed`d_j l &.*+ gd`j
egone# gZY# dgVo 7d\jh¨Vl ;dgcVaXon` jg# l &.(, gd`j! `daVgo hodhdln# Da^b"
e^_Xon` o Gonbj &.+%! +"`gdicn jXoZhic^` LnÑX^\j Ed`d_j# OlnX^ŸoXV Idjg YZ
Edad\cZl&.*-gd`j#("`gdicnb^higoedah`^egone#gZY##
LiZ\dgdXocnX]gdo\gnl`VX]egVldhiVgijb^Za^oVldYc^XnBVhiZgh!?jc^dg!
?jc^dgB¨dYhon!B¨dYo^XndgVooVldYc^XnYd'.gd`jènX^V!`i‹gonc^ZedYe^hVa^
`dcigV`i‹lo\gjeVb^oVldYdlnb^^hedgidlnb^#@VèYnoZhiVgij_|XnX]bjh^V¨
d`VoVh^ŸV`ijVac|a^XZcX_|^WVYVc^Vb^aZ`Vgh`^b^!ViV`èZbjh^V¨edh^VYVeZ¨cn
ilVgYn`Vh`!hegVlcniZX]c^Xoc^ZgdlZgdgVoj^hoXodcZhiVgidlZlZY¨j\@VaZc"
YVgoVBVhiZgh#
OVldYc^XnhiVgidlVa^edYJgoŸYZb<b^cn^B^VhiV8]ŸX^cn#IgVhV_ZYcZ\d
d`g|èZc^Va^Xon¨V&%!-`b^W^Z\¨VegoZohZgeZcincnegonja#?ŸYgoZ_dlh`^Z_VèYd
@dgoZX`V! h`|Y jXoZhic^Xn lnÑX^\j `^ZgdlVa^ h^Ÿ Ygd\| ,+' Yd 8]ŸX^c cV ja^XŸ
EVginoVci‹l!ediZbegoZo9dacnGncZ`VèYdja#HiVho^XV!VcVhiŸec^ZegoZoEa#
'8oZglXV#BZiVWn¨VcVgnc`j#¼7VgYodh^ŸX^ZhoŸ!èZedgVo`daZ_cnegon_Ÿid
cVhl8]ŸX^cVX]iV`X^Ze¨d¼edY`gZÑaV¨?‹oZ[HdWjgV!EgZoZh@^ZaZX`^Z\dIdlV"
gonhilV8n`a^hi‹l!`i‹gn_ZYcdXoZÑc^Zo¨dèn¨hZgYZXocZedYo^Ÿ`dlVc^VYaV7jg"
b^higoV <b^cn ^B^VhiV
8]ŸX^cn! YaV egVXdl"
c^`‹l JgoŸYj dgVo
Eda^X_^ oV d\gdbcZ
oVVc\VèdlVc^Z ^ egVXŸ!
_V`| l¨dèna^ l id! VWn
lnÑX^\h^ŸjYV¨#
LnÑX^\
egoZegd"
lVYodcd l e^ŸX^j `V"
iZ\dg^VX]# ?V`d e^Zglh^
lnhiVgidlVa^ oVldYc^Xn
oV`lVa^É`dlVc^ Yd >>>
@ViZ\dg^^ gdXoc^` &.*,
¼ &.)-! `i‹gon b^Za^ Yd egoZ_ZX]Vc^V YnhiVch *) `b * gjcY# OVgVo ed c^X]!
cVYnhiVch^Z)(!'`b)gjcYn!lhogVc`^hiVcŸa^oVldYc^XnoV`lVa^É`dlVc^ Yd
@ViZ\dg^^>KgdXoc^`&.),¼&.(-#EdiZb_ZX]Va^oVldYc^Xnegone^hVc^Yd@ViZ"
\dg^^KgdXoc^`&.(,^hiVgh^!`i‹gonhiVl^a^Xod¨VYnhiVchdl^dY¨j\dÑX^('!)`b
(gjcYn#CVhiŸec^Zed_ZX]Va^oVldYc^Xno@ViZ\dg^^>YdaVi'.!_jc^dgon!`i‹"
gon_ZX]Va^cVYnhiVch^Z,*!+`b!XdYV¨d¨|Xoc^Z,d`g|èZ²#?V`ddhiVic^_ZX]Va^cV
YnhiVch^Z+)!-`b+gjcYoVldYc^Xnegone^hVc^Yd@ViZ\dg^^>>&.+,¼&.*-#
*
OæN8>6<B>CN
>;Zhi^lVaE^dhZc`^
9o^ZX^ŸXZ_Eda^X]cd'%%.
&.bV_V!lHo`daZEdYhiVldlZ_lEda^X]c^ZdYWn¨h^Ÿ>;Zhi^lVaE^dhZc`^9o^ZX^ŸXZ_Eda^X]cd'%%.edY]Vh¨Zb
ÎOl^ZgoV`b‹_egon_VX^Za¿#L`dc`jgh^Zlo^Ÿ¨njYo^V¨Yo^ZX^oe^ŸX^jho`‹¨edYhiVldlnX]oiZgZcj<b^cn^B^VhiV
8]ŸX^cn#Edb^bdigZbnbVa^VginÑX^lneVYa^ocV`db^X^Z!VoVÑe^ZlVcZegoZoc^X]e^dhZc`^Wn¨n!_V`edY`gZÑaV¨d
?jgn!cVWVgYodlnhd`^bedo^db^Z#LhonhXnjXoZhic^Xn;Zhi^lVajdigonbVa^cV\gdYn^eVb^|i`dlZYneadbn#
JXoZhic^`‹l>;Zhi^lVajE^dhZc`^9o^ZX^ŸXZ_edl^iV¨VYngZ`idgHo`d¨nEdYhiVldlZ_lEda^X]c^Z!?dVccV?Vldgc^`!
`i‹gVènXon¨VedldYoZc^V^lheVc^V¨Z_oVWVlnlhonhi`^bjXoZhic^`db!^X]de^Z`jcdb!ViV`èZa^XocZ_l^Ydlc^#EgoZY
gdoedXoŸX^Zb`dc`jghj;Zhi^lVadildgon¨oZhe‹¨ÎHid`gdi`^¿oEda^X]cV!ogZeZgijVgZbegon\didlVcnbedYXoj_cnb
d`^Zbde^Z`jcVoZhed¨j6\c^Zho`^?VcjhoZ`!`i‹gV_ZYcdXoZÑc^ZWn¨Vdg\Vc^oVidgZb^edbnh¨dYVlXonc^|^begZon#
@dc`jgh! Yd `i‹gZ\d o\¨dh^¨d h^Ÿ e^ŸicVhij hda^hi‹l o e^ŸX^j ho`‹¨ edYhiVldlnX] o iZgZcj <b^cn ^B^VhiV
8]ŸX^cn HE 8]ŸX^cn! HE 7dab^c! HE çj`dlV! HE Eda^X]cd ^ HE HiVgdX]ZX^cn! egoZocVXodcn Wn¨ YaV jXoc^‹l
`aVh dY > Yd >>># @VèYV ho`d¨V bd\¨V o\¨dh^ Yd lnhi|e^Zc^V cV ;Zhi^lVaj ed _ZYcnb jXoc^j o `VèYZ_ `aVhn# ¼
EdhiVcdl^a^Ñbn!èZe^Zglhon[Zhi^lVaodg\Vc^oj_ZbnYaVcV_b¨dYhonX]Yo^ZX^!edc^ZlVèbV_|Yjèdbc^Z_d`Vo_^Yd
ln`VoVc^Vh^Ÿ^^ciZ\gVX_^oYo^Zb^o^ccnX]ho`‹¨oiZgZcjcVhoZ_\b^cnc^èhiVgh^jXoc^dl^Z¼ln_VÑc^VYngZ`idg
HElEda^X]c^Z?dVccV?Vldgc^`!`i‹gVc^Zln`ajXoV!èZl`daZ_cnX]aViVX][Zhi^lVaodhiVc^ZgdohoZgodcn#¼BnÑaŸ!
èZ^begZoViVoV\dÑX^cVhiV¨Zl`VaZcYVgoj^begZocVhoZ_ho`d¨n^bVbcVYo^Z_Ÿ!èZlegonho¨nbgd`jjYVcVbh^Ÿ
odg\Vc^odlV_|oYjèdl^Ÿ`honbgdobVX]Zb#7nbdèZoVegdh^bnYdoVWVlng‹lc^ZèhiVghoZ`aVhn¼YdYV_Z#
L?jgn>;Zhi^lVajE^dhZc`^9o^ZX^ŸXZ_lEda^X]c^ZoVh^ZYa^/BVg^jho7ZYcVgo¼hda^hiVooZhed¨jÎ;ZgbViV¿!
=Zcgn`EVgcVh¼ZbZgnidlVcncVjXonX^Zabjon`^dgVo?jhincVEda^i¼EgoZldYc^Xo|XVGVYnGdYo^X‹l#D`VoV¨d
h^Ÿ!èZedo^dbe^ZglhoZ\d[Zhi^lVajWn¨WVgYodlnhd`^^Xo¨dc`dl^Z?jgnb^Za^c^ZaVYVegdWaZboln¨dc^Zc^Zb
aVjgZVi‹l#¼BVbnWVgYodjbjon`Vac^dc|b¨dYo^Zè¼edl^ZYo^V¨ijèedoV`d²XoZc^jegZoZciVX_^bV¨nX]e^dhZc"
`Vgon=Zcgn`EVgcVh!`i‹gnedY`gZÑaV¨_ZYcdXoZÑc^Z!èZodg\Vc^odlVc^Z;Zhi^lVajWn¨dYdh`dcV¨nbedbnh¨Zb#
EdYlgVèZc^Zbc^Zina`dlnhd`^Z\dedo^dbjjXoZhic^`‹l`dc`jghj!VaZg‹lc^Zèdg\Vc^oVX_^Wn¨cVidb^VhiBVg^jho
7ZYcVgooZocVcZ\doZhed¨jÎ;ZgbViV¿#¼IV`Ydh`dcV¨Z_dg\Vc^oVX_^hVbZ\d;Zhi^lVajbdècVina`dedoVoYgdÑX^#
@VèYn hoXoZ\‹¨ Wn¨ YdegVXdlVcno c^Zoln`¨| goZiZacdÑX^|! _V`/^YZcinÉ`Vidgn! Yneadbn! cV\gdYn! Xon lheVc^V¨V
YZ`dgVX_V#8]naŸXod¨VegoZYdg\Vc^oVidgVb^#9aVbc^Zidl^Za`^oVhoXoni!èZbd\¨Zb
ijiV_ Yo^h^V_ Wn ^ jXoZhic^Xon l iV` c^Zoln`¨nb egoZYh^Ÿlo^ŸX^j ¼ edY`gZÑaV¨ BV"
g^jho7ZYcVgo#Dg\Vc^oVidgon;Zhi^lVajiZ\dYc^VoZWgVa^g‹lc^Zè\gVijaVX_ZdYde^Z"
`jc‹l!`i‹gonegon_ZX]Va^YdEda^X]cVlgVooZhld^b^edYde^ZXocnb^#¼6ibdh[ZgV
;Zhi^lVajWn¨Vc^Zoln`aZegon_VocV#Dg\Vc^oVidgonedhiVgVa^h^Ÿ!VWnlhonhi`^ZYo^ZX^
Xoj¨nh^ŸijiV_YdWgoZ!oVXdcVaZè|h^Ÿd\gdbcZ\gVijaVX_Z¼b‹l^a^o\dYc^Zde^Z`j"
cdl^ZbV¨nX]e^dhZc`Vgon#
Ed egZoZciVX_VX] jXoZhic^`‹l ;Zhi^lVaj! dXoZ`^lVc^Z cV lZgYn`i ?jgn jb^a^¨
lnhiŸe egoZYho`daV`‹l egon\didlVcn egoZo :aèW^ZiŸ CVgidlh`|# Ed Y¨j\^X] dWgV"
YVX]oVoVb`c^Ÿinb^Ygol^Vb^!?jgnlgZhoX^Zd\¨dh^¨dlnc^`^#>iV`!>b^Z_hXZe^dhZc`|
Î?V`ijc^Z`dX]VehV¿lnÑe^ZlV¨VhdW^Z@^c\VEVl^²h`VoZHo`d¨nEdYhiVldlZ_oZ
HiVgdX]ŸX^c!`i‹gZ_de^Z`jcZbWn¨VBVal^cV@jWV²h`V#LcV\gdYŸ@^c\VdigonbV¨V
lheVc^V¨n ejX]Vg YngZ`idgV Ho`d¨n l Eda^X]cc^Z l`hoiV¨X^Z `ajXoV l^da^cdlZ\d!
ViV`èZd\gdbc|!eajhodl|bVh`di`Ÿ!gVY^dbV\cZid[dcdgVoYneadb#>>b^Z_hXZoV_|¨
@VXeZg@l^Vi`dlh`^oZHo`d¨nEdYhiVldlZ_o8]ŸX^c!`i‹gnoVÑe^ZlV¨e^dhZc`Ÿei#
ÎE^ZhcVbZYVa¿!egon\didlVc|edYXoj_cnbd`^Zb@ViVgoncnIZgZaV`#CVb^Z_hXj
>>>ocVaVo¨Vh^Ÿ@^c\VEZiZa^X`VoZHo`d¨nEdYhiVldlZ_o7dab^cVoe^dhZc`|ÎIZgZh`V
bVe^Zh`V¿!`i‹g|l^Xon¨VedY`^Zgjc`^ZbJghoja^@jin#?jgnedhiVcdl^¨degonocV
g‹lc^Zè lng‹èc^Zc^Z YaV C^`da^ <V_dh oZ Ho`d¨n l Eda^X]c^Z oV ln`dcVc^Z e^dhZc"
`^ei#ÎE^dhZc`VYdbdlV¿#De^Z`jc`|C^`da^Wn¨V6YZaV@gj`#LhonhXnjXoZhic^Xn
>;Zhi^lVajE^dhZc`^9o^ZX^ŸXZ_lEda^X]c^ZYdhiVa^YneadbndgVoeajhodlZcV\gdYn!
V Wna^ c^b^/ EVignX_V Honb`^Zl^Xo HE 7dab^c! @^c\V 8]gdWdi HE Eda^X]cd! @Vb^aV
GVW^Z_HEEda^X]cd!OjoVccVHoZlXon`HEçj`dlV!@aVjY^V@VgnÑHEçj`dlV!@V"
iVgoncV @goZb^²h`V HE çj`dlV! 6aZ`hVcYgV Ld_X^Zhon²h`V HE HiVgdX]ŸX^cn! CViV"
a^VLVlgoZ²Xon`HEHiVgdX]ŸX^cndgVo?ja^V@gV_Zlh`VHE8]ŸX^cn#?V`edY`gZÑaV¨d
?jgn!`VèYnoe^ŸicVhijbV¨nX]Vginhi‹loVegZoZcidlV¨h^Ÿ[VciVhinXoc^Z^cVWVgYod
lnhd`^bedo^db^Z#
B^¨nbV`XZciZbcVoV`d²XoZc^Z;Zhi^lVajWn¨dlnhiVl^Zc^ZegoZYhiVl^Zc^ViZ"
VigVacZ\dlln`dcVc^jjXoc^‹lho`d¨noEda^X]cVegon\didlVcZegoZo6YZaŸ@gj`!
BV¨\dgoViŸ=VW^`dgVoIdbVhoV<¨‹lXon`V#Edlhe‹acnb!eVb^|i`dlnboY_ŸX^jdg"
\Vc^oVidgonoVegdh^a^lhonhi`^X]jXoZhic^`‹lcVh¨dY`^edXoŸhijcZ`#
CV oV`d²XoZc^Z YngZ`idg Ho`d¨n EdYhiVldlZ_ l Eda^X]c^Z o¨dèn¨V hZgYZXocZ
edYo^Ÿ`dlVc^VoVd\gdbcnl`¨VYegVXn^oVVc\VèdlVc^Zldg\Vc^oVX_Ÿ;Zhi^lVajYaV
XV¨Z\d\gdcVeZYV\d\^XocZ\d!VlhoXoZ\‹acdÑX^YaV/6\c^Zho`^?VcjhoZ`!B^gdh¨Vln
BVojg! :aèW^Zin CVgidlh`^Z_ dgVo IdbVhoV <¨‹lXon`V# ¼ Dg\Vc^oVX_V iV`^Z\d
egoZYh^Ÿlo^ŸX^Vidc^Z_ZhiegVXV_ZYcZ\dXo¨dl^Z`V!VXV¨Z\doZhed¨j!oVXdhZgYZXoc^Z
lhonhi`^b Yo^Ÿ`j_Ÿ ¼ edl^ZYo^V¨V YngZ`idg ?dVccV ?Vldgc^`! `i‹gV edYo^Ÿ`dlVc^V
h`^ZgdlV¨ViV`èZYdhoVcdlcZ\d?jgn!èZoZX]X^V¨dlo^|jYo^V¨linbegoZYh^Ÿlo^ŸX^j
dgVo Yd de^Z`jc‹l oV
egon\didlVc^Z bjonXocZ
bVajX]‹l ^ YaV hVbnX]
Vginhi‹l oV dYlV\Ÿ ^ X]Ÿ
lo^ŸX^V jYo^V¨j l ;Zhi^"
lVaj# Bn cVidb^Vhi \gV"
ijaj_Zbn [VciVhinXocZ\d
edbnh¨j YngZ`X_^ dgVo
dg\Vc^oVidgdb > ;Zhi^lVaj
E^dhZc`^ 9o^ZX^ŸXZ_ lEd"
a^X]c^Z# DWn l^ŸXZ_ iV`^X]
^c^X_Vinl#
6\c^Zho`VDaZX]
G‹l
dYlVYc^V_|Xn
lH^ZYaXVX]
C^ZWVlZb l b^Z_hXdldÑX^ H^ZYaXZ od"
hiVc^Z ln`dcVcn cdln g‹l dYlVYc^V_|Xn#
CV id oVYVc^Z \b^cV _jè d\¨dh^¨V egoZ"
iVg\#@dhoi^clZhinX_^de^ZlVcVWa^h`d'%%
inh^ŸXno¨dinX]#9o^Ÿ`^lnWjYdlVc^jcdlZ"
\d gdlj dYlVYc^V_|XZ\d WjYnc`^ b^Zho"
`VacZ dgVo edYl‹g`V c^Z WŸY| _jè l^ŸXZ_
edYiVe^VcZegonYjènX]deVYVX]YZhoXoj#
EgVXZgjho|oVgVoedln¨dc^Zc^jlYgdYoZ
egoZiVg\jln`dcVlXn#
6\c^Zho`VDaZX]
9:6A:G@6IDL>8@>:<D=DA9>C<JL–<ADL:<D
L–<>:AB>6ç
:@D<GDHO:@
BdgVl^XV!ja#<‹gc^XoV)W
IZa#%)&(%&)&%%
@^ZaXZ"9nb^cnja#Edh¨dl^X`V&
IZa#%)&(+&,+('
<lVgVcij_Zbnlnhd`|_V`dс
edil^ZgYodc|XZginÉ`ViVb^ _V`dÑX^
O6EG6HO6BN
D9-"&+HD7DIN-"&)
+
G:@A6B6E6IC6
9DLÙOC6I:A:;DC
I6C>:G6IN
OæN8>6<B>CN
CVhld^b`dcX^ZÎH^ZYaZXXoVc^Z¿bV_|_jè,%'lnhiŸen
OZhe‹¨ÎH^ZYaZXXoVc^Z¿
Bjon`V ajYdlV! `i‹g| bV_| \¨ŸWd`d
lhZgXj idlVgonhon l^Zaj ^begZodb! hed"
i`Vc^db^jgdXonhidÑX^db#?Z_[gVoniV`egd"
hiZ^leVYV_|XZljX]degonedb^cV_|dcV"
honX]bV¨nX]d_XonocVX]^hiVcdl^|„g‹Y¨d
idèhVbdÑX^ cVgdYdlZ_# H¨dlV cV_lnèhoZ\d
jocVc^V cVaZè| h^Ÿ inb! `i‹gon iZ bZadY^Z
^e^ZÑc^ egoZ`Voj_| cVhiŸecnb ed`daZ"
c^db!Vol¨VhoXoV_ZÑa^Xonc^|iddYedcVY
'*aVi!iV`_V`oZhe‹¨ÎH^ZYaZXXoVc^Z¿#
OZhe‹¨ ÎH^ZYaZXXoVc^Z¿ edlhiV¨ l &.-)
gd`j o ^c^X_Vinln HiVc^h¨Vln æ|YZX`^Z_!
`i‹gV c^ZegoZglVc^Z dY bdbZcij
oV¨dèZc^VoZhed¨j_Zhi_Z\degoZldYc^Xo|X|#
EdXo|i`dld oZhe‹¨ cdh^¨ cVolŸ ÎH^ZYaV"
cZX`^¿!Vob^Zc^¨_|l&.--gd`j!`^ZYnYd
EV² Yd¨|Xon¨V `VeZaV ?‹oZ[V EVe`^# EgoZo
aViV egoZo oZhe‹¨ Ñe^ZlVXon egoZl^cŸ¨d h^Ÿ
edcVY (% `dW^Zi# LiZ_ X]l^a^ _Z\d igodc
hiVcdl^|/HiVc^h¨VlVæ|YZX`V¼oV¨dènX^Za`V
^egoZldYc^Xo|XV!?Vc^cVEVe`V!?Vc^cVE^c"
\di!BV¨\dgoViV@b^ZX^`!?Vc^cVH¨dbV!?V"
c^cVEŸYo^`!:aèW^ZiV<d¨ŸW^dlh`V!LVX¨VlV
<¨jhZ`! BVgiV EVajX]! @gnhincV EVajX]
dgVo @gnhincV Hode^²h`V# L h`¨VY `VeZa^
lX]dYo|/ `^Zgdlc^` ?‹oZ[ EVe`V ¼ V`dgYZ"
dc!7dc^[VXn7dYo^dX]¼`aVgcZi^On\bjci
EVe`V¼WŸWZc#
EdY`^Zgdlc^XilZbEVc^HiVc^h¨Vln!`i‹gV
_ZYcdXoZÑc^Z_ZhihXZcVgonhi`|!X]dgZd\gV[Zb!
`dhi^jbdad\^Zb! V`idg`|! `dc[ZgVch_Zg`|
^gZ`l^onidg`|!oZhe‹¨lWVgYod`g‹i`^bXoV"
h^ZhiV¨h^ŸocVcnc^Zina`dlXV¨nbld_Zl‹Yo"
il^Z Ñl^Ÿid`gonh`^b! VaZ g‹lc^Zè l EdahXZ
^cVÑl^ZX^Z#C^ZYVh^Ÿhe^hVlhonhi`^X]_Z\d
Yd`dcV²# DeVh¨Z idbn `gdc^`! `i‹gZ dY aVi
he^hj_Z HiVc^h¨VlV æ|YZX`V! aZYl^Z b^ZhoXo|
lhonhi`^Z oVe^hn cV_lVèc^Z_honX] YaV ÎH^Z"
YaZXXoVc¿ ed`Vo‹l! `dc`jgh‹l ^ lnhiŸe‹l
dgVool^|oVcnX]oc^b^edX]lVacnX]gZXZc"
o_^!Yneadb‹l^]dcdgdlnX]inij¨‹l!`i‹gnX]
edegdhijc^Zhedh‹Wlnb^Zc^#
E^ZÑc^! WVaaVY ^ egonÑe^ZlZ` l ^X] ln"
`dcVc^j h¨jX]Vcd c^Z ina`d l XV¨Z_ EdahXZ!
VaZ iV`èZ cV A^il^Z! 9Vc^^ ^ cV H¨dlVX_^#
Oed`VoZb ajYdlnX] dWgoŸY‹l! o e^ZÑc^|
lnhiŸedlVa^ cV cV_l^Ÿ`honX] hXZcVX]
^lcV_bc^Z_honX] gZb^oVX]! l hoe^iVaVX]!
egoZY ]VgXZgoVb^ ^ Yo^Zb^# C^ZoVedbc^V"
cZ Wn¨n lnhiŸen lEV¨VXj EgZonYZcX`^b#
EdYXoVh _ZYcZ\d oc^X]! o g|` EgZonYZciV
6aZ`hVcYgV @lVÑc^Zlh`^Z\d! HiVc^h¨VlV
æ|YZX`V lgVo o?Vc^c| HoV¨Vh! ?‹oZ[Zb
EVe`| dgVo c^Zèn_|X| _jè 6a^X_| 8]j` dYZ"
WgVa^oVhoXonicZdYocVXoZc^Z!_V`^b_ZhiO¨din
@gonèOVh¨j\^#EdoVinb!XoiZgZX]Xo¨dc`‹l
oZhed¨j " HiVc^h¨VlV æ|YZX`V! ?‹oZ[ EVe`V!
HiVc^h¨Vl HjX]VgV dgVo HiVc^h¨Vl HoV¨Vh "
edh^VYVcV_lnèhoZliZ_WgVcèndYocVXoZc^Z
ÎOVh¨jèdcZ\d9o^V¨VXoV@jaijgn¿#
L^ZadaZic^V Yo^V¨Vacdс oZhed¨j onh`V¨V
hdW^Z h¨VlŸ c^Z ina`d l EdahXZ! VaZ ^ cV
Ñl^ZX^Z# H^ZYaZXXoVc^Z _V`d _ZYncn oZhe‹¨
l^iV¨ cV `^ZaZXXon„c^Z lhonhi`^X] EgZb^Z"
g‹l GE! BVghoV¨`‹l HZ_bj ^ HZcVij# Hl‹_
lnhiŸeoZhe‹¨b^V¨g‹lc^ZèegoZYegoZYhiV"
l^X^ZaVb^ (- eV²hil Dg\Vc^oVX_^ CVgdY‹l
O_ZYcdXodcnX]! `i‹gon \dÑX^a^ l ld_Zl‹Yo"
il^Z Ñl^Ÿid`gonh`^b dgVo egoZY AjYdlnb
Jc^lZghniZiZb @Vida^X`^b egdlVYodcnb
egoZo `h# IVYZjhoV HoaVX]iŸ! V edld¨Vcnb
egoZo7^h`jeV@Vo^b^ZgoVGnXoVcV#9jènb
j]dcdgdlVc^Zb ^ l^Za`^b egoZènX^Zb
Wn¨d oVegdhoZc^Z oZhed¨j cV d\‹acdedah`^Z
Ydènc`^Yd8oŸhidX]dlnl'%%,gd`j!\Yo^Z
edegdhodcd EVc^| HiVc^h¨VlŸ ddYXoniVc^Z
_ZYcZ_obdYa^il#
LVgid iZè edY`gZÑa^! èZ id l¨VÑc^Z
oZhe‹¨ ÎH^ZYaZXXoVc`^¿ lgVo o @VeZa| ?‹"
oZ[V EVe`^ egdlVYo^¨ Yo^Zh^Ÿ aVi iZbj XV¨|
`dajbcŸbVc^[ZhiVci‹l!`i‹goned_ZX]Va^Yd
LVghoVlnldWgdc^ZcVhoZ\dld_Zl‹YoilV#
LjW^Z\¨nbgd`j!od`Vo_^Yo^Zh^|iZ_gdXoc^"
Xn ^hic^Zc^V ld_Zl‹YoilV Ñl^Ÿid`gonh`^Z\d
Yd Ld_Zl‹Yo`^Z\d 9dbj @jaijgn l @^Za"
XVX] oVegdhodcd H^ZYaZXXoVc! `i‹gon edY"
XoVh jgdXonhiZ_ HZh_^ HZ_b^`j Ld_Zl‹YoilV
Ðl^Ÿid`gonh`^Z\dl^iVa^GVYcnX]!Xo¨dc`‹l
OVgo|Yj Ld_Zl‹YoilV dgVo egonWn¨nX] cV
hZh_Ÿ \dÑX^# OZhe‹¨ H^ZYaZXXoVc^Z dYZ\gV¨
igVYnXn_cZÎHidaVi¿egonlocdhoZc^jidVhij!
V cVhiŸec^Z oVegZoZcidlV¨ j¨dèdc| egoZo
HiVc^h¨VlŸ æ|YZX`| e^dhZc`Ÿ ei# ÎBd_V
`^ZaZXXonocV¿# Jil‹g oV_|¨ Ygj\^Z b^Z_"
hXZ l`dc`jgh^Z cV cV_¨VYc^Z_ho| e^dhZc`Ÿ
dld_Zl‹Yoil^Z Ñl^Ÿid`gonh`^b# C^Z ina"
`d iV e^dhZc`V VjidghilV EVc^ HiVc^h¨Vln
onh`V¨VjocVc^ZocVlX‹l#L9@l@^ZaXVX]
cV e^ŸicVhidaZX^Z oZhed¨j lnYV¨ Ygj`^Zb
c^Z`i‹gZ jildgn ^ l^ZghoZ! Wd EVc^ HiVh^V
oW^ZgV ^ j`¨VYV egonÑe^Zl`^! WVaaVYn! c^ZhV"
bdl^iZ lnYVgoZc^V! `i‹gZ oVe^hj_Z \lVg|#
DhiVic^d L9@ lnYV¨ g‹lc^Zè oW^‹g hXZcV"
g^jhon dWgoŸY‹l ei# ÎDXVa^ dY oVedbc^Z"
c^V¿#LoW^dgoZcV''hXZcVg^jhoZed¨dlV_Zhi
VjidghilVHiVc^h¨Vlnæ|YZX`^Z_#
8]dX^Vè oZhe‹¨ H^ZYaZXXoVc^Z cVYVa oV_"
bj_Z e^ZglhoZ b^Z_hXV cV g‹ècZ\d gdYoV_j
egoZ\a|YVX] VginhinXocnX]! id iV` cVegVlYŸ
lXVaZc^ZoVaZèn^bcVlng‹èc^Zc^VX]^cV\gd"
YVX]#¼Bn_jèbVbnl^ZaZoVhoXonicnX]cV"
\g‹Y^]dcdgdlnX]lng‹èc^Z²lcVhonbYd"
gdW`jVginhinXocnb#IZgVocV_WVgYo^Z_oVaZèn
cVbcVegoZ`VoVc^jigVYnX_^b¨dYhoZbjed"
`daZc^j^oVhoXoZe^Zc^jlc^X]b^¨dÑX^Yd`ja"
ijgnajYdlZ_¼edY`gZÑaVHiVc^h¨VlVæ|YZX`V!
`i‹gV XV¨| hld_| l^ZYoŸ hiVgV h^Ÿ egoZ`VoV
lgVo o `daZèVc`Vb^ ooZhed¨j cV_b¨dYhonb!
Vl egVXn o Yo^Zb^ c^Z hoXoŸYo^ h^¨ ^iVaZc"
ij# L egoZ\a|YVX] _VhZ¨Z`! Xon bV¨nX] [dgb
iZVigVacnX]!ViV`èZl`dc`jghVX]gZXniVidg"
h`^X]_Z_edYde^ZXoc^dYc^ZÑa^_jèl^ZaZhj`XZ"
h‹lcVhoXoZWajd\‹acdedah`^b#IddcVegoZY
aVinoV¨dèn¨VoZhe‹¨ÎBV¨Zçj`dl^Vc`^¿!`i‹gn
oV_|¨ b#^c# >> b^Z_hXZ lEgoZ\a|Yo^Z D\‹a"
cdedah`^b l EgoZYWdgoj# DWZXc^Z ÎBV¨Z
çj`dl^Vc`^¿ ildgo| hX]daŸ `dÑX^Zac|# ¼ HiV"
gVbh^ŸjXonhld^X]lnX]dlVc`‹lc^Zina`d
edegVlcZ\d Ñe^ZlVc^V \lVg|! VaZ g‹lc^Zè
b‹l^Zc^V# 8^ZhoŸ h^Ÿ! èZ Yo^ZX^ iV` ¨VYc^Z
deZgj_|\lVg|!èZc^ZlhinYo|h^Ÿc^|b‹l^#
HiVgVbh^ŸoVhoXoZe^lc^X]b^¨dсYdiZ_o^Z"
b^!cV`i‹gZ_h^ŸjgdYo^¨n^lnX]dlV¨n#BVb
cVYo^Z_Ÿ!èZYo^Ÿ`^c^bcVhoV`jaijgVajYdlV
c^\Ync^ZoV\^c^Z^egoZiglVegoZoY¨j\^ZaViV
¼b‹l^HiVc^h¨VlVæ|YZX`V#Bng‹lc^Zèigon"
bVbnoVid`X^j`^!VEVc^HiVc^h¨Vl^Z^XV¨Zbj
oZhed¨dl^ \gVijaj_Zbn lhonhi`^X] hj`XZh‹l
^ènXonbnc^ZjhiV_|XZ\doVeV¨jYdegVXn#
6\c^Zho`VDaZX]
,
OæN8>6<B>CN
>>?VgbVg`8]ŸX^²h`^
^jgdXonhiZdilVgX^Z
`dbeaZ`hjhedgidlZ\d
ÎBd_Z7d^h`dDga^`'%&'¿
I¨jbn \dÑX^ egonWn¨n l inb gd`j Yd 8]ŸX^c
cVÎ>>?VgbVg`8]ŸX^²h`^¿!`i‹gno\dYc^ZoigVYnX_|
dYWn¨h^Ÿlc^ZYo^ZacZbV_dlZeded¨jYc^ZcVeVg"
`^c\jegon@aVhoidgoZ;gVcX^ho`Vc‹ll8]ŸX^cVX]#
LnYVgoZc^Z id Wn¨d c^Z ina`d eg‹W| dYildgoZc^V
`a^bVijÑgZYc^dl^ZXocnX]_VgbVg`‹l!VinbhVbnb
`daZ_cnb `gd`^Zb lYWVc^j d `goZl^Zc^Z `jaij"
gn <b^cn 8]ŸX^cn! VaZ egoZYZ lhonhi`^b hiV¨d h^Ÿ
d`Vo_| Yd lheVc^V¨Z_ oVWVln ^ lhe‹acnX] hedi`V²
gdYo^ccnX]# EdYXoVh Î>> ?VgbVg`j 8]ŸX^²h`^Z\d¿
Yd`dcVcd jgdXonhiZ\d edÑl^ŸXZc^V ^ dilVgX^V
`dbeaZ`hjhedgidlZ\dÎBd_Z7d^h`dDga^`'%&'¿#
LnYVgoZc^Z edegdlVYo^¨ OW‹_ BVYZ_! V ]dcdgdln
eVigdcVicVY^begZo|dW_|¨BVghoV¨Z`Ld_Zl‹YoilV
Ðl^Ÿid`gonh`^Z\d!6YVb?VgjWVh#
@ajXoYdh`VgWXVYaV7jgb^higoV
IZ\dgdXocn! Ygj\^ _jè Î?VgbVg` 8]ŸX^²h`^¿
odg\Vc^odlVcd o l^Za`^b gdobVX]Zb# JgdXonhiZ\d
dilVgX^VX^Zho|XZ_h^Ÿo`VèYnbgd`^ZbXdgVol^Ÿ`ho|
edejaVgcdÑX^| ^begZon eaZcZgdlZ_ Yd`dcV¨ 7jg"
b^higo<b^cn^B^VhiV8]ŸX^cn!GdWZgi?Vldgh`^#CV
hXZc^Z!OW‹_BVYZ_lgVoo`h^Ÿèc|6bZa^|egoZ`VoVa^
7jgb^higodl^`ajXoZYdoVb`dlZ\dh`VgWXV!ènXo|X!
VWn YdWgoZ \dhedYVgon¨ ocV_Yj_|Xnb h^Ÿ l c^b Wd"
\VXilZb!`aZ_cdiVb^^e^Zc^ŸYob^#¼9o^Ÿ`j_ŸoViZc
`ajXoYdh`VgWXV!Wdl^ZbWZol|ie^Zc^VcVhoZ_\b^c^Z
egonYVh^Ÿ_ZhoXoZl^ŸXZ_e^Zc^ŸYon¼edl^ZYo^V¨7jg"
b^higo GdWZgi ?Vldgh`^! `i‹gn _ZYcdXoZÑc^Z dW^ZXV¨!
èZ ogdW^ lhonhi`d! VWn e^Zc^ŸYob^ ^ Wd\VXilZb Yd"
WgoZ gdoedgo|YoV ^ gnX]¨d _Z edbcVèV# ¼ A^XoŸ cV
id! èZ o edbdX| ^ ènXoa^ldÑX^| oVXcnX] \dÑX^! `i‹gon
egonWna^ cV Yo^h^Z_hon _VgbVg` cV eZlcd h^Ÿ id jYV
¼edl^ZYo^V¨7jgb^higo?Vldgh`^oVegVhoV_|XocV`d"
b^inX] \dÑX^ cV hXZcŸ! V lÑg‹Y c^X]! legdlVYoVc^
l VhnÑX^Z lnbVX]j_|XZ\d bVXoj\| OW‹_V BVYZ_V
^ e^Ÿ`cZ_ `h^Ÿèc^Xo`^ 6bZa^^! ocVaZ„a^ h^Ÿ/ L^XZb^c^"
hiZg HegVl LZlcŸigocnX] ^ 6Yb^c^higVX_^ OW^\c^Zl
Hdhcdlh`^! HZcVidg GE B^X]V¨ D`¨V! EdhZ¨ cV HZ_b
@dchiVcinB^dYdl^Xo!EdhZ¨cVHZ_bB^gdh¨VlEVl"
aV`!EdhZ¨cVHZ_b=Zcgn`B^ZaXVgo!L^XZld_ZldYV
Ðl^Ÿid`gonh`^ E^dig æd¨|YZ`! BVghoV¨Z` Ld_Zl‹Yo"
ilVÐl^Ÿid`gonh`^Z\d6YVb?VgjWVh!L^XZbVghoV¨Z`
OYo^h¨VlLgoV¨`V!EgoZldYc^Xo|XnGVYnEdl^VijId"
bVhoAVid!HiVgdhiVEdl^Vij@^ZaZX`^Z\dOZcdc?Vcjh!
L^XZhiVgdhiV BVg^Vc ;ZgYZ`! 8o¨dc`dl^Z OVgo|Yj
Edl^Vij @^ZaZX`^Z\d/ GnhoVgY 7Vgl^cZ` ^ Honbdc
?VgoncV! HZ`gZiVgo Edl^Vij @^ZaZX`^Z\d 7VgWVgV
E^lc^`! 9ngZ`idg <ZcZgVacn JgoŸYj Ld_Zl‹Yo`^Z"
EdYXoVh iZ\dgdXocZ\d Î>> ?Vg"
bVg`j 8]ŸX^²h`^Z\d¿ HidlVgonhoZc^Z
Lhe^ZgV_|XZ Gdol‹_ @jaijgn ^ Hedgij
lId`Vgc^ egoZegdlVYo^¨d ejWa^Xoc|
oW^‹g`Ÿe^Zc^ŸYonegoZocVXodc|cVedbdX
YaV X]dgZ\d cV W^V¨VXo`Ÿ L^`idgV 9ZlZ"
gZcYnoVb#lId`Vgc^#
L lnc^`j egoZa^XoZc^V YVi`‹l oZ"
WgVcnX] Yd ejho`^ `lZhidgh`^Z_ digonbV"
cd `ldiŸ/ +--!'' o¨# h¨dlc^Z/ hoZсhZi
dh^ZbYo^Zh^|idh^Zbo¨dinX]''$&%%#
Lhonhi`^b YVgXon²Xdb hZgYZXoc^Z
Yo^Ÿ`j_Zbn#
IdbVho9o^jgon²h`^
HidlVgonhoZc^ZLhe^ZgV_|XZGdol‹_
@jaijgn^HedgijlId`Vgc^
-
\d7ZgcVgY6cidh!9o^Z`Vc9Z`VcVij8]ŸX^²h`^Z\d
`h#EgdWdhoXoB^gdh¨Vl@VXobVgXon`!D_X^ZX<lVg"
Y^VcEVlZ¨8]bjgV!L‹_i<b^cnH^i`‹l`V"Cdl^cn
HiVc^h¨Vl7VgnX`^!OVhiŸeXVL‹_iVH^i`‹l`V"Cdl^cn
@gonhoid[ Gnb! L^XZl‹_i <b^cn BdgVl^XV BVg"
X^c 9o^Zl^ŸX`^! 9ngZ`idg Ld_Zl‹Yo`^Z\d Hoe^iVaV
OZhedadcZ\d l @^ZaXVX] 7daZh¨Vl Gnah`^ dgVo gVY"
c^ Wn¨Z_ ^ dWZXcZ_ `VYZcX_^ o EgoZldYc^Xo|X| GVYn
B^Z_h`^Z_l8]ŸX^cVX]@gnhinc|;d`h|cVXoZaZ#
GZV`inldlVc^Z_VgbVg`jhigoV¨ZblYo^Zh^|i`Ÿ
EdjgdXonhinbedl^iVc^jegonWn¨nX]\dÑX^7jg"
b^higo <b^cn ^ B^VhiV 8]ŸX^cn egonWa^èn¨ ]^hidg^Ÿ
8]ŸX^c! edY`gZÑaV_|X c^Z ina`d _Z_ ocVXoZc^Z! VaZ
g‹lc^Zè ocVXoZc^Z Yo^ZYo^XilV `jaijgVacZ\d cVhoZ"
\d b^VhiV YaV _Z\d YVahoZ\d gdold_j# Dedl^ZYo^V¨
g‹lc^ZèoZWgVcnbdocVXoZc^jdYWnlV_|XnX]h^Ÿij
YVlc^Z_ _VgbVg`‹l! V iV`èZ YdYV¨! èZ gZV`inldlV"
c^Z Î?VgbVg`j 8]ŸX^²h`^Z\d¿ d`VoV¨d h^Ÿ higoV¨Zb
lYo^Zh^|i`Ÿ^cVeZlcdcVhiV¨Zle^hoZh^Ÿl`VaZc"
YVgo ^begZo \b^ccnX]# Ed lnhi|e^Zc^j Wjgb^higoV
`daZ_cd \¨dh oVW^ZgVa^ edhoXoZ\‹ac^ \dÑX^Z! `i‹gon
edYXoVh hlnX] lnhi|e^Z² o\dYc^Z edY`gZÑaVa^! èZ
<b^cV ^B^Vhid 8]ŸX^cn edh^VYV lheVc^V¨Z lVadgn
`jaijgdlZ!`i‹gZlVgidedYigonbnlV!ViV`èZ\gV"
ijadlVa^ edbnh¨j locdl^Zc^V igVYnX_^ _VgbVgXocZ_
l`g‹aZlh`^bb^ZÑX^Z8]ŸX^cn#
HVbdgo|YdlXnoV\gVa^cVDga^`j
EdYXoVh Î?VgbVg`j 8]ŸX^²h`^Z\d Yd`dcVcd
jgdXonhiZ\d edÑl^ŸXZc^V ^ dilVgX^V `dbeaZ`hj
hedgidlZ\d ÎBd_Z 7d^h`d Dga^` '%&'¿# L h`¨VY
`dbeaZ`hj lX]dYo|/ Wd^h`d Yd e^¨`^ cdècZ_ o igV"
ln hnciZinXocZ_ d lnb^VgVX] (% m +' b0 Wd^h`d
l^Zad[jc`Xn_cZ egoZocVXodcZ Yd e^¨`^ `dhon`d"
lZ_ ^ e^¨`^ h^Vi`dlZ_ o cVl^ZgoX]c^| eda^jgZiVcdl|
dlnb^VgVX]&.!&m('!&bdgVoWjYncZ`hVc^iVgcd
" hoVic^dln# 8V¨dс `dbeaZ`hj WŸYo^Z dÑl^ZiadcV#
EgoZYh^Ÿlo^ŸX^Z hÉcVchdlVcZ odhiV¨d o WjYèZij
EV²hilV! JgoŸYj BVghoV¨`dlh`^Z\d dgVo ÑgdY`‹l
l¨VhcnX]\b^cn#
DW^Z`i
edÑl^ŸX^¨
9o^Z`Vc
9Z`VcVij
8]ŸX^²h`^Z\d `h# EgdWdhoXo B^gdh¨Vl @VXobVg"
Xon`!VlhiŸ\Ÿ`daZ_cdegoZX^cVa^oVegdhoZc^\dÑX^Z#
?V`d dhiVic^ oV`d²Xon¨ egoZX^cVc^Z lhiŸ\^ \dhed"
YVgo <b^cn 8]ŸX^cn! GdWZgi ?Vldgh`^! dil^ZgV_|X
inb hVbnb dÉX_Vac^Z cdldXoZhcn `dbeaZ`h Wd^h`
l 8]ŸX^cVX]# CVhiŸec^Z! _V` cV egVlYo^l| \¨dlŸ
cVhoZ_ \b^cn egonhiV¨d! Wjgb^higo Yo^Zac^Z hiVc|¨
cV WgVbXZ Wgdc^|X \da^! `i‹gZ eg‹WdlVa^ `daZ_cd
lW^_VoVegdhoZc^\dÑX^Z#LgVbVX]lnYVgoZc^V!ed
hnbWda^XocnX]higoV¨VX]!`i‹gZll^Ÿ`hodÑX^7jgb^"
higodl^jYV¨dh^ŸdWgdc^!cVcdlddilVginbWd^h`j
gdoZ\gVcd e^Zglhon bZXo/ hVbdgo|YdlXn <b^cn
8]ŸX^cn `dcigV Jgo|Y BVghoV¨`dlh`^ Ld_Zl‹Yo"
ilV Ðl^Ÿid`gonh`^Z\d# HVbdgo|YdlXn oV\gVa^ bZXo
cV WVgYod lnhd`^b edo^db^Z! V oVX^ŸiV lVa`V Wn¨V
c^Zoln`aZlng‹lcVcV^`dc^ZX`d²X‹loV`d²Xon¨Vh^Ÿ
gZb^hZb# D olnX^Ÿhil^Z oVYZXnYdlV¨n gojin `VgcZ#
IjiV_c^ZhiZinedgVè`ŸdYc^ZÑa^hVbdgo|YdlXno8]ŸX^c
egoZ\gnlV_|X o hVbdgo|YdlXVb^ _ZYcnb gojiZb# Ed
bZXoj cVhi|e^¨d lgŸXoZc^Z ejX]Vg‹l! bZYVa^ ^ Yn"
eadb‹l YaV dWj Ygjènc! `i‹gZ\d Yd`dcV¨ Wjgb^higo
lgVo oZ hiVgdhi| edl^Vij `^ZaZX`^Z\d! OZcdcZb ?Vcj"
hZb# CVhiŸec^Z cV bjgVlŸ lc^Zh^dcd lheVc^V¨n idgi
l`hoiV¨X^ZWd^h`V!`i‹gnjgdXonÑX^Zed`gd^¨\dhedYVgo
\b^cn#Idgibd\a^heg‹WdlVlhonhXn!`i‹gonegonWna^
cV id lVècZ lnYVgoZc^Z# BZXo jVigV`Xn_c^¨n lnhiŸen
Yo^ZX^ o [dgbVX_^ iVcZXocnX] ÎOVb`dlZ 9jho`^¿ dgVo
oOZhed¨jÎ;gZh]¿#9o^ZX^^b¨dYo^ZèoVegZoZcidlV¨nh^Ÿ
cVWVgYodlnhd`^bedo^db^Zonh`j_|Xd\gdbcZWgVlV
ejWa^XocdÑX^#
@gVbn!gnXZgoZ^lheVc^V¨Vbjon`V
Ed e^Zglhonb bZXoj gdoZ\gVcnb cV cdldXoZ"
hcnb `dbeaZ`h^Z hedgidlnb! Yde^c\j_|Xn Yo^Zac^Z
b^Zho`V²XnjYVa^h^ŸcVeVg`^c\egon@aVhoidgoZ;gVc"
X^ho`Vc‹l l 8]ŸX^cVX]! \Yo^Z _jè XoZ`V¨n `daZ_cZ
VigV`X_Z# EdYXoVh >> ?VgbVg`j 8]ŸX^²h`^Z\d i¨jbn
ajYo^ egonX^|\cŸ¨n ed`Von gnXZgh`^Z! V iV`èZ \gn ^ oV"
WVln hiVgdedah`^Z# EgVlYo^lZ dWaŸèZc^Z egoZènlV¨n
hiVcdl^h`V YVlcnX] `jeX‹l egZoZcij_|XnX] hld_Z
lngdWn!ViV`èZhiVcdl^h`VeV²ooZhed¨j[da`adgnhinXo"
cZ\dÎDhigdl^Vc`^¿!\Yo^ZbdècVWn¨dheg‹WdlVhiV"
gdedah`^X] egonhbV`‹l! V iV`èZ `je^ egVlYo^lZ Vg"
inhinXocZYo^Z¨VajYdlZln`dcnlVcZegoZoXo¨dc`^c^Z
@<L# Hld_Z lngdWn oVegZoZcidlV¨n g‹lc^Zè EVc^Z
@gnhincV L^a` ^ =Va^cV 8jgna egdbj_|XZ hld_Z \d"
hedYVghilV V\gdijgnhinXocZ# 9jènb oV^ciZgZhdlV"
c^Zb X^Zhon¨ h^Ÿ iV`èZ `gVb edYg‹ècZ\d Yo^VYV"WV_V"
goV# EdYXoVh ?VgbVg`j bdècV Wn¨d egon_goZ h^Ÿ! _V`
ln\a|YV¨dlnW^_Vc^ZbdcZi!XonogdW^oY_ŸX^Zo`g‹aZb
7daZh¨VlZb 8]gdWgnb! V cV o¨dXon²X‹l XoZ`V¨ `Vi
oYnWVb^ ^cVgoŸYo^Vb^ idgijg# CV oV`d²XoZc^Z lnYV"
goZc^V lnhiVe^a^ HVgbVX^ OVbd_hXn egZoZcij_|X W^Zh^V"
Yn/hVgbVX`|!\‹gVah`|!l¨dh`|dgVolnÑe^Zlj_|Xe^d"
hZc`^X]‹gjÎ6aZ`hVcYgdlV¿#OZhe‹¨WVl^¨ejWa^Xocdс
Yd e‹„cnX] \dYo^c l^ZXodgcnX]# ?V` egonhiV¨d cV
egVlYo^ln_VgbVg`!Wn¨ndXonl^ÑX^ZWVadc^`^!l^VigV`^!
enhocZYdbdlZX^VhiZXo`VdgVo`dadgdlVlViVXj`gd"
lV#Dg\Vc^oVidgonoVYWVa^iZèdcV_b¨dYhonX]!`i‹gnb
oV[jcYdlVa^hoZgZ\VigV`X_^#
O `VèY| \dYo^c| Yd 8]ŸX^c cV _VgbVg`
egon_ZèYèV¨dXdgVol^ŸXZ_ajYo^#>c^XlinbYo^lcZ\d!
WdVigV`X_^Wn¨dXdc^Zb^VgV!VlneZ¨c^dcnhigV\VcV"
b^eaVXleZ¨c^cVl^|onlV¨YdigVYnX_^YVlcnX]_Vg"
bVg`‹l#IZ\dgdXocn!Ygj\^_jèÎ?VgbVg`8]ŸX^²h`^¿
WZol|ie^Zc^VbdècVoVa^XonYdc^Zoln`aZjYVcnX]
^begZo#
6\c^Zho`VDaZX]
OæN8>6<B>CN
EdYedgjXoc^`:YlVgYAja`d"Wd]ViZglVaXo|XndldacdсEdah`^
DYh¨dc^ŸX^ZeVb^|i`dlZ_iVWa^Xn
^b^Zc^Veedg#:YlVgYVAja`d
EdBhonÐl^ŸiZ_!egonY„l^Ÿ`VX]ig|W`^!ol^Za`|
edlV\|^lh`je^Zc^joVegdhoZc^\dÑX^ZdgVojXoc^d"
l^ZjYVa^h^ŸYdWjYnc`jHo`d¨nEdYhiVldlZ_lId"
`Vgc^# Ij jgdXonhiZ\d dYh¨dc^ŸX^V eVb^|i`dlZ_ iV"
Wa^Xn Yd`dcV¨V X‹g`V :YlVgYV Aja`d# DYÑe^ZlVcd
]nbc eV²hildln! V edhoXoZ\‹acZ YZaZ\VX_Z o¨dèn¨n
`l^Vin ^ dYYV¨n ]d¨Y WZhi^Vah`d oVbdgYdlVcZbj
higoV¨Zb l in¨ \¨dln l @Vinc^j edYedgjXoc^`dl^#
CVhiŸec^Z jYVcd h^Ÿ Yd hVa^ \^bcVhinXocZ_! \Yo^Z
lhonhi`^X] oZWgVcnX] dÉX_Vac^Z edl^iV¨ YngZ`idg
ho`d¨n9Vg^jho@gj`#EdY`gZÑaV_|XlV\Ÿ^ocVXoZc^Z
iZ\d lVècZ\d lnYVgoZc^V! _V`^b Wn¨d dYh¨dc^ŸX^Z
iVWa^Xn! d`gZÑa^¨ iZc Yo^Z² b^VcZb ènlZ_ aZ`X_^ ]^"
hidg^^#" 9o^h^Z_hoV jgdXonhidс _Zhi lheVc^V¨| aZ`X_|
eVig^dinobjYaVcVhoZ_b¨dYo^ZèndgVoheZ¨c^Zc^Zb
cVgdYdlZ\d dWdl^|o`j ldWZX edaZ\¨nX] ^ edbdg"
YdlVcnX]l@Vinc^j¼oVocVXon¨YngZ`idgHEl7da"
b^c^Z!9Vg^jho@gj`#
CVjgdXonhidсdYh¨dc^ŸX^VeVb^|i`dlZ_iVWa^Xn
egonWn¨dl^ZaZdh‹W#Deg‹XoegVXdlc^`‹l^jXoc^‹l
Ho`d¨nEdYhiVldlZ_l7dab^c^ZljgdXonhidÑX^lo^Ÿ¨V
jYo^V¨ gdYo^cV WZhi^Vah`d oVbdgYdlVcZ\d eedg#
:YlVgYVAja`d!egoZYhiVl^X^ZaZGdYo^c@Vin²h`^X]!
l¨VYoZ hVbdgo|Yj iZgnidg^VacZ\d l dhdW^Z 7jgb^"
higoV<b^cn^B^VhiV8]ŸX^cnGdWZgiV?Vldgh`^Z\d!
EgoZldYc^Xo|XZ_GVYn<b^cnl8]ŸX^cVX]@gnhincn
;d`hndgVoHZ`gZiVgoVEVl¨V7gda^!L^XZhiVgdhiVEd"
l^Vij@^ZaZX`^Z\dBVg^Vc;ZgYZ`!YngZ`idg@VcXZ"
aVg^^OVgo|YjlJgoŸYo^ZBVghoV¨`dlh`^b7ZgcVgY
6cidh! Ðl^Ÿid`gonh`^ @jgVidg DÑl^Vin BV¨\dgoViV
Bjod¨ dgVo `h^|Yo egdWdhoXo eVgVÉ^ l 7dab^dc^Z
L¨VYnh¨Vl?Vc^X#A^Xoc|\gjeŸhiVcdl^a^b^Zho`V²Xn
\b^cn!gVYc^!hd¨inh^!ZbZgnidlVc^cVjXonX^ZaZ!VcV"
lZijXoc^dl^Zeedg#:YlVgYVAja`d#
L ol^|o`j o dYh¨dc^ŸX^Zb iVWa^Xn jh¨nhoZa^Ñbn
l^ZaZX^Ze¨nX]^hZgYZXocnX]h¨‹ldeedg#:YlVgYo^Z
Aja`d# ?Z\d X‹g`V 7d\jb^¨V Wn¨V c^Zoln`aZ logj"
hodcV#EgonWa^èn¨VoZWgVcnbedhiVhld_Z\dj`dX]V"
cZ\d d_XV! `i‹gn o\^c|¨ oV ldacdс d_Xonocn l l^Z"
`j '- aVi oVbdgYdlVcn higoV¨Zb l in¨ \¨dln# EVc^
7d\jb^¨V Wn¨V liZYn bV¨| Yo^ZlXonc`|# CVYo^Z_|!
èZd_X^ZXlg‹X^old_cnèn¨VlgVoobVb|egoZol^ZaZ
aVi# IV` _V` l^ZaZ ^ccnX] gdYo^c @Vin²h`^X]# ¼ CV
ld_cŸlZolVcdd_XVobjg‹liZ_ho`d¨n"edY`gZÑaV¨V#
" 9o^h^Z_hoV jgdXonhidс _Zhi YaV bc^Z `jg^doVacV#
O^ÑX^¨nh^Ÿbd_ZbVgoZc^VdedlhiVc^jiVWa^XneVb^ŸX^
dbd^b d_Xj! l^ZaZ aVi cV id XoZ`V¨Vb ¼ egonocV¨V
logjhodcVEVc^7d\jb^¨V#"LgVoobŸèZbl^b^Z"
c^j bd_Z_ gdYo^cn egV\cŸ hZgYZXoc^Z edYo^Ÿ`dlV
YngZ`idgdl^ ^ cVjXonX^Zadb! VlhoXoZ\‹acdÑX^ EVc^
=Va^c^Z@g‹aoVedbnh¨edlhiVc^ViZ_iVWa^Xn^l^Za"
`^ZoVVc\VèdlVc^ZliZ_hegVl^Z#IdeVc^edX]na^¨V
Xod¨d egoZY l^Za`^b^ eVig^diVb^! `i‹gon dYYVa^
hld_Z ènX^Z oV d_XonocŸ! V iV`^b eVig^di| ^Wd]ViZ"
gZb Wn¨ b‹_ d_X^ZX ¼ edl^ZYo^V¨V X‹g`V eedg# Aja"
`d^ledYo^Ÿ`dlVc^jlgŸXon¨V`l^VinEVc^=Va^c^Z
@g‹a!`i‹gVo`daZ^o¨dèn¨V_ZjgdXonÑX^ZedYYZ`dgVX_|
hnbWda^oj_|X|lnYVgoZc^ViVbinX]aVidgVoobVg¨nX]
Wd]ViZg‹lcVgdYdlnX]#
CVhiŸec^Z hld^b lnhi|e^Zc^Zb 7jgb^higo <b^cn
^ B^VhiV 8]ŸX^cn GdWZgi ?Vldgh`^ edY`gZÑa^¨ ocV"
XoZc^ZiZ_c^Zoln`aZlVècZ_jgdXonhidÑX^#"IV`_V`
e^Ÿ`c^Zl]db^a^^`h^|YoegdWdhoXoedl^ZYo^V¨!Yo^"
h^Z_honYo^Z²idYo^Z²aZ`X_^]^hidg^^c^Zina`d7dab^"
cV!VaZcVhoZ\dXV¨Z\d`gV_j¼oVXo|¨7jgb^higo#¼
C^Zoln`aZ^hidicZhiV¨dh^Ÿegonedbc^Zc^ZjXoc^db
iZ_ho`d¨n!XV¨ZbjÑgdYdl^h`j!b^Zho`V²Xdbd`da^"
Xn!èZijl7dab^c^ZegVXdlV¨^Yo^V¨V¨iV`c^Zoln`¨n
^ hoXoZ\‹acn Xo¨dl^Z`! `i‹gn ed`VoV¨ hl| edhiVl|!
èZeVig^di|bdècVWnc^Zina`dedYXoVhld_cn!VaZ
g‹lc^Zè edYXoVh ed`d_j# Lodgdld egVXdlV¨ _V`d
cVjXonX^Za! lnX]dlnlV¨! egoZ`VonlV¨ lVgidÑX^!
V e‹„c^Z_! `^ZYn d_XonocV \d lZolV¨V hiVc|¨ l_Z_
dWgdc^Z# OVedocV_|X h^Ÿ o ènX^dgnhZb ^ dhdW|
eedg# :YlVgYV Aja`d bdèZbn Wn Yjbc^! èZ
l¨VÑc^Z iV`V edhiV egVXdlV¨V l ho`daZ l 7dab^"
c^Z¼edY`gZÑaV¨7jgb^higo#¼CVho|gda|_ZhidXVa^
dYoVedbc^Zc^V!VWnegoZoY¨j\^ZaViV]^hidg^VcV"
hoZ_ o^Zb^ ^ `gV_j oVlhoZ Wn¨V lne^hVcV l cVhonX]
hZgXVX] ^eVb^ŸX^! VWnÑbn egoZo Y¨j\^Z ed`daZc^V
eVb^ŸiVa^ d iV` l^Za`^X] ^ c^Zoln`¨nX] edhiVX^VX]
_V` eedg# :YlVgY Aja`d! `i‹gn WZo l|ie^Zc^V _Zhi
lodgZb Yd cVÑaVYdlVc^V YaV lhonhi`^X] lnX]d"
lVc`‹liZ_ho`d¨n#9o^ÑdYYV_Zbn]d¨Y!XoZс^hoV"
XjcZ`YaVlheVc^V¨Z\dWd]ViZgV#H`¨VYVbng‹lc^Zè
edYo^Ÿ`dlVc^VYaV_Z\dgdYo^cn#BnÑaŸ!èZYo^h^Z_hoV
jgdXonhidс _Zhi e^Zglhonb `gd`^Zb Yd iZ\d! VWn
l egonho¨dÑX^ iV ho`d¨V cdh^¨V ^b^Ÿ eedg# :YlVgYV
Aja`d¼lngVo^¨cVYo^Z_Ÿ7jgb^higo<b^cn^B^VhiV
8]ŸX^cn!GdWZgi?Vldgh`^!VÐl^Ÿid`gonh`^@jgVidg
DÑl^Vin BV¨\dgoViV Bjod¨ edeVg¨V iZc edbnh¨#
" L^ZgoŸ! oZ l gd` _jW^aZjhoj oWgdYc^ @Vin²h`^Z_
hedi`Vbn h^Ÿ ijiV_ cV jgdXonhidÑX^ cVYVc^V ho`daZ
^b^Zc^V eedg# :YlVgYV Aja`d# 7ŸYŸ lhe^ZgV iZc
edbnh¨¼oVeZlc^¨VEVc^@jgVidg!`i‹gVedY`gZÑaV¨V!
èZ Yo^h^Z_hoV dWZXcdс! egoZe^Ÿ`cV bhoV Ñl^ŸiV
^lbjgdlVc^Z iVWa^Xn _Zhi cV_aZehonb egon`¨VYZb
cVid!èZeVb^ŸiglV#¼LaZh^Z@Vin²h`^bhigoV¨Zb
lin¨\¨dlnjbVg¨Vl^VgV!cVYo^Z_V^b^¨dс#?ZYcV`
eVb^ŸdiVbinX]igV\^XocnX]lnYVgoZc^VX]c^\Yn
c^ZjbgoZ#9di|Yèn_ZXo¨dl^Z`Yde‹`^èn_Zdc^b
eVb^Ÿ# EgonX]dYo| `daZ_cZ ed`daZc^V! V bn X^|\aZ
eVb^ŸiVbn d inX] ajYo^VX]! Yo^Ÿ`^ `i‹gnb bdèZbn
èniZgVoled`d_j#DWnc^\Ync^Zedli‹gon¨Vh^ŸigV"
\ZY^V @ViVc^V ¼ b‹l^¨V @jgVidg BV¨\dgoViV Bjod¨!
`i‹gV cV oV`d²XoZc^Z lgŸXon¨V X‹gXZ eedg# :YlVg"
YV Aja`d! YngZ`idgdl^ ho`d¨n 9Vg^jhodl^ @gj`dl^!
edbnh¨dYVlXonc^ egoZYh^Ÿlo^ŸX^V =Va^c^Z @g‹a dgVo
egoZYhiVl^X^Zadb hVbdgo|Yj jXoc^dlh`^Z\d gZea^`^
\jo^`‹l ln`dcVcZ cV eVb^|i`Ÿ OWgdYc^ @Vin²h`^Z_#
EVc^ @jgVidg oVX]ŸXV¨V g‹lc^Zè Yd lo^ŸX^V jYo^V¨j
legd_Z`X^Z ZYj`VXn_cnb Î@Vin²µ dXVa^ dY oVed"
bc^Zc^V¿ " d\‹acdedah`^Z_ V`X_^ edhVYoZc^V '&),(
9–7ÙL E6B>–8> cV ,%"aZX^Z OWgdYc^ @Vin²h`^Z_#
?ZYZc9x7id_ZYcdcVol^h`doa^hin`Vin²h`^Z_#
CV jgdXonhidÑX^ dWZXc^ Wna^ g‹lc^Zè jXoc^dl^Z
eedg# :YlVgYV Aja`d! `i‹gon dedl^VYVa^ d hld^X]
e^ZglhonX] `dciV`iVX] o c^b ^ edY`gZÑaVa^ l^Za`|
ènXoa^ldс ^ eVig^dinob edYedgjXoc^`V# ¼ Eedg#
:YlVgY Aja`d jXon¨ cVh oVb^¨dlVc^V Yd d_Xonocn#
7n¨lheVc^V¨nbXo¨dl^Z`^Zb!Ydh`dcV¨nbcVjXonX^Z"
aZb ^ l^Za`^b eVig^di| ¼ lhedb^cV¨ hlZ\d egd[ZhdgV
?Vc <‹gc^X`^ o7dab^cV! `i‹gn lngV„c^Z logjhodcn
olg‹X^¨ h^Ÿ iV`èZ Yd jXoc^‹l/ " HoVcj_X^Z hld^X] cV"
jXonX^Za^^`dX]V_X^Z^X]iV`hVbd_V`ho`d¨Ÿ#IdijiV_
egoZèn_ZX^Z cV_e^Ÿ`c^Z_hoZ aViV ¼ edY`gZÑa^¨ ?Vc <‹g"
c^X`^! `i‹gn o¨dèn¨ hZgYZXocZ edYo^Ÿ`dlVc^V cV gŸXZ
X‹g`^hlZ\dcVjXonX^ZaVdgVoedbnh¨dYVlX‹l^lhonhi"
`^X] inX]! `i‹gon oVVc\VèdlVa^ h^Ÿ l egon\didlVc^Z
jgdXonhidÑX^#
Ed lnhi|e^Zc^VX] \dÑX^ jXoc^dl^Z egoZYhiVl^a^
egd\gVb VginhinXocn dedl^VYV_|Xn d lnYVgoZc^VX]
oiVbinX]aVi#C^ZoVWgV`¨dlogjhoV_|XnX]l^ZghondgVo
e^dhZcZ`# LnÑl^Ziadcn odhiV¨ iV`èZ Éab Yd`jbZciVa"
cnd@Vinc^j#JgdXonhidсoV`d²Xon¨nedYo^Ÿ`dlVc^V
X‹g`^ eedg# :YlVgYV Aja`d o¨dèdcZ l ^b^Zc^j
jXoZhic^Xo|XZ_linblnYVgoZc^jgdYo^cn#
6\c^Zho`VDaZX]
G:@A6B6Eç6IC6
'-`l^Zic^V!l7db^c^ZdYWn¨Vh^ŸjgdXonhidс
dYh¨dc^ŸX^V iVWa^Xn eVb^|i`dlZ_ edÑl^ŸXdcZ_
Wn¨Zbj cVjXonX^Zadl^ ^ `^Zgdlc^`dl^ Ho`d¨n
EdlhoZX]cZ_ l 7dab^c^Z egVXj_|XZbj l aViVX]
&.(,"&.(.^oVbdgYdlVcZbjl@Vinc^j¼edYed"
gjXoc^`dl^:YlVgYdl^Aja`d#DYh¨dc^ŸX^ZIVWa^Xn
EVb^|i`dlZ_ edegoZYo^¨V jgdXonhiV BhoV Ðl^ŸiV
l `dÑX^ZaZ eVgVÉVacnb l 7dab^c^Z! edYXoVh `i‹"
gZ_ lhedb^cVcd dhdWŸ edYedgjXoc^`V :YlVgYV
Aja`ddgVolhonhi`^X]inX]!`i‹gondYYVa^ènX^ZoV
ldacdсcVhoZ_D_Xonocn#
.
OæN8>6<B>CN
8dgVoaZe^Z_oVXoncVln\a|YVhiVY^dc@HE^Vhi8]ŸX^cn#
L¨VÑc^Z oVbdcidlVcd cV ignWjcVX] cdlZ eaVhi^`dlZ
`goZhZ¨`V# OVl^Zhodcd iZè YlV cdlZ WVcZgn hedchdgV higViZ"
\^XocZ\d`ajWj¼@^ZaZX`^X]@deVac^HjgdlX‹lB^cZgVacnX]#
EdcVY &%% cdlnX] eaVhi^`dlnX] `goZhZ¨Z` oVbdcidlV"
cdcVignWjcVX]hiVY^dcj@ajWjHedgidlZ\d@@HBÎE^Vhi¿#
Lneg‹WdlV _Z bd\a^ `^W^XZ edYXoVh dhiVic^Z\d bZXoj! `i‹"
gndYWn¨h^ŸijiV_'+`l^Zic^V#:hiZinXocZ^ln\dYcZh^ZYo^h`V
`dhoidlV¨n@ajWWa^h`d&(inh^ŸXno¨dinX]#¼E^Zc^|YoZcVoV"
`je cdlnX] ignWjc edX]dYo^¨n o WjYèZij @ajWj! VbdciVè
oVhedchdgdlV¨V<b^cV8]ŸX^cn!oVXdhZgYZXoc^ZYo^Ÿ`j_Zbn
¼ed^c[dgbdlV¨L^XZegZoZh@ajWjHedgidlZ\d@@HBÎE^Vhi¿
8]ŸX^cn! 9Vg^jho 8]VW^`# ?V` edY`gZÑaV OVgo|Y ÎE^VhiV¿! cV
inbc^Z`dc^ZX!Wdlegonho¨dÑX^cVignWjcVX]odhiVc|oVbdc"
idlVcZ`daZ_cZcdlZ`goZhZ¨`V#
C^ZYo^Zacn bZXo edb^ŸYon @H E^Vhi V ç@H çV\‹l! ed"
b^bd lheVc^V¨Z\d Yde^c\j gdYo^bnX] `^W^X‹l! YaV cVhonX]
oVldYc^`‹loV`d²Xon¨h^ŸedgVè`|%/(#BVbncVYo^Z_Ÿ!èZ`d"
aZ_cZbZXoZegonc^dh|inbgVoZbolnX^ŸhilV!V@ajWHedgidln
@@HBÎE^Vhi¿WŸYo^Ze^Ÿ`c^V¨^gdol^_V¨h^Ÿo`VèYnbYc^Zb#
6\c^Zho`VDaZX]
Oeda^Xn_cnX]`Vgi
HVbjgV_ZoVigonbVc^
LYc^j)bV_V'%%.g#l8]ŸX^cVX]edYlo\‹goZboVb`dlnbc^ZocVcnhegVlXVYd`dcV¨l¨VbVc^VYd`^d"
h`joeVb^|i`Vb^!olcŸigoV`i‹gZ\dh`gVY¨gZea^`^e^ŸX^jb^ZXon_Ved²h`^X]#LYc^j+bV_VoVigonbVa^Ñbn
hegVlX‹liZ\dXoncj#?V`h^Ÿd`VoV¨dc^ZWna^idhVbjgV_ZaZXoYlV_b^Zho`V²Xn8]ŸX^cll^Z`j&.^&+aVi#
H`gVYo^dcZb^ZXoZ!`i‹gZj`gna^loVgdÑaVX]ledWa^èj@dÑX^d¨Vlg‹X^¨nYdl¨VÑX^X^ZaV#
=dYdlV¨bVg^]jVcŸ
LYc^j-bV_V'%%.g#lb^Zho`Vc^j&-"idaZic^Z\db^Zho`V²XV_ZYcZ_oedYX]ŸX^²h`^X]b^Z_hXdldÑX^
ocVaZ„a^Ñbn Yjè| ^adс ÑgdY`‹l dYjgoV_|XnX] l edhiVX^ bVg^]jVcn j`gni| l Yl‹X] h¨d^`VX] d ed_#
('% ba ^ ejYZ¨`j ed iZaZ[dc^Z `db‹g`dlnb dgVo '- hoij` Y^aZgZ`# LdWZX oVigonbVcZ\d! Yd XoVhj
gdohigon\c^ŸX^V hegVln egoZo H|Y oVhidhdlVcd ÑgdYZ` oVedW^Z\VlXon l edhiVX^ Ydodgj eda^Xn_cZ\d
dgVo edgŸXoZc^V bV_|i`dlZ\d# GdYo^XZ cVhidaVi`‹l edl^cc^ oV^ciZgZhdlV h^Ÿ! _ZÑa^ ^X] edX^ZX]V
egoZ_Vl^V oV^ciZgZhdlVc^Z ]dYdla| gdÑa^c ^ cV\aZ cV eVgVeZX^Z W|Y„ l oVj¨`j edhZh_^ ed_Vl^V_| h^Ÿ
Ñb^ZgX^dcdÑcZo^‹¨`V#8oVhVb^Yde^ZgddYeda^X_Vci‹lYdl^VYj_|h^Ÿ!èZgdÑa^c`^!d`i‹gZ^X]edX^ZX]V
iV`YWVidc^ZZ\odinXocZ`l^Vi`^!aZXoWVgYod\gd„cZcVg`din`^#
D`gVYa^Ydb
Edhoj`j_Zbn hegVlXn! `i‹gn l Yc^j - bV_V '%%. g# l 8]ŸX^cVX] egon ja# @^ZaZX`^Z_ ln`dgonhij_|X
c^ZjlV\Ÿl¨VÑX^X^Za`^Ydbj!egVXj_|XZ_ld\g‹Y`j!YdhiV¨h^ŸYdb^Zho`Vc^VedegoZoedodhiVl^dcZ!
dilVgiZ Ygol^ h`|Y
Yd`dcV¨ `gVYo^Zèn
igoZX]
iZaZ[dc‹l
`db‹g`dlnX] dgVo
e^Zc^ŸYon# 9d iV`^X]
oYVgoZ² YdX]dYo^
ol¨VhoXoV l d`gZh^Z
aZic^b# 9aViZ\d VeZ"
aj_Zbn! VWn l XoVh^Z
egoZWnlVc^V edoV
YdbZb
oVbn`V
Ygol^# EVb^ŸiV_bn!
èZ o¨dYo^Z_dl^ cV
edoWVl^Zc^Z
cVh
XZccnX] egoZYb^d"
i‹l ajW e^Zc^ŸYon
lnhiVgXo|hZ`jcYn#
@je^Ÿ
\dhedYVghildgdacZ
ajWo^Zb^Ÿ
IZa#`dciV`idln
*&)"'-,"',,
G:@A6B6E6IC6
>c[dgbVX_^ jYo^Za^¨
@dbZcYVci Eda^X_^
GdWZgiAZl^X`^
G:@A6B6Eç6IC6
CdlZignWjcn
cVhiVY^dc^ZE^VhiV
&%
OæN8>6<B>CN
IglV_|^ciZchnlcZegVXZcViZgZc^Z\b^cn
6<GDIG6K:A
L Yc^VX] &,"&. `l^Zic^V l @^ZaXVX] dYWnn h^Ÿ
>B^ŸYoncVgdYdlZ IVg\^ Ijgnhin`^ L^Z_h`^Z_ ^ 6\gdijgnhin"
`^ 6<GDIG6K:A# <b^cŸ 8]ŸX^cn! H^i`‹l`V Cdl^cn dgVo
BdgVl^XŸ gZegZoZcidlVV Ad`VacV <gjeV 9o^VVc^V ÎEZgn
8oVgcZ_C^Yn¿#
EdYXoVhiVg\‹lhld_|d[ZgiŸbd\noVegZoZcidlV\dhed"
YVghilV V\gdijgnhinXocZ! eZch_dcVin! ]diZaZ! Ad`VacZ <gjen
9o^VVc^V!GZ\^dcVacZ^Ad`VacZDg\Vc^oVX_ZIjgnhinXocZ!hid"
lVgonhoZc^V V\gdijgnhinXocZ! oVg‹lcd o Edah`^ _V` ^ :jgden
LhX]dYc^Z_! a^Xo|XZ Wa^h`d -% lnhiVlX‹l# EdYXoVh iZ\dgdXo"
cnX]iVg\‹l<b^cŸ8]ŸX^cngZegZoZcidlVng‹lc^ZèÎ7dab^"
c^Vc`^¿# Hid^h`d o `jX]c^| gZ\^dcVac| X^Zhond h^Ÿ d\gdbcnb
edldYoZc^ZblÑg‹Yol^ZYoV_|XnX]#
Bdc^`V@ja^²h`V
@daZ_cZ`^adbZign
Yg‹\l\b^c^Z8]ŸX^cn
IglV_|egVXZegonbdYZgc^oVX_VX]Yg‹\cViZgZc^Z<b^cn^B^VhiV8]ŸX^cn#
EdhiŸenliZ\dgdXocnX]gZbdciVX]^c[gVhigj`ijgnYgd\dlZ_oVXoncV_|edlda^
Wnl^YdXocZ\d¨nbd`^Zb#L¨VÑc^ZoV`d²Xon¨Vh^ŸWjYdlVYgd\^lZlcŸigocZ_
lId`Vgc^^_ZYcdXoZÑc^ZgdoedXoŸ¨nh^ŸegVXZbdYZgc^oVXn_cZegonja#@gonlZ_
l8]ŸX^cVX]#L`daZ_XZ_jèXoZ`V_|`daZ_cZcVl^ZgoX]c^Z#
Id`Vgc^VbV_jècdl|Ygd\Ÿ
9dW^Z\¨`d²XVgZbdciYgd\^lb^Z_hXdldÑX^Id`Vgc^V!\Yo^ZcVY¨j\dÑX^'(%
bZig‹led¨dèdcdcdlnYnlVc^`Vh[Vaidln#Ln`dcVlX|gdW‹iWn¨OV`¨VY7jYdl"
aVcd 9gd\dln 9J@I# @dhoi ^clZhinX_^ de^ZlV cV ,- inh^ŸXn o¨dinX]# E^Zc^|YoZ
lXV¨dÑX^edX]dYo^¨noWjYèZij\b^cn#
Cdl|cVl^ZgoX]c^|_jèbd\|h^ŸX^Zhonb^Zho`V²XnId`Vgc^!\Yo^ZYgd\dlXn
oV`d²Xona^ l¨VÑc^Z egVXZ cV YgdYoZ oV ho`d¨|# IZgVo WŸYo^Z bdècV WZo l^Ÿ`honX]
egdWaZb‹legoZ_ZX]Vcdl|Ygd\|!VYo^ZX^edY|èV_|XZiŸYnYdho`d¨nWŸY|bd\¨n
lgZhoX^ZegoZ_сhjX]|cd\|#CdlVcVl^ZgoX]c^VoXV¨|eZlcdÑX^|le¨nc^Zc^Zina`d
cVln\dYŸ!VaZegoZYZlhonhi`^bcVedegVlŸWZoe^ZXoZ²hilV`^ZgdlX‹l^e^ZhonX]!
VcVinbl`d²XjcV_WVgYo^Z_oVaZèncVblhonhi`^b#
CdlnVh[Vai^X]dYc^`cVja#@gonlZ_
EZ¨c|eVg|gjhon¨nl¨VÑc^ZegVXZgZbdcidlZja^Xn@gonlZ_#LigV`X^ZgZVa^oVX_^
_Zhi X]dYc^` o `dhi`^ ^ `gVlŸèc^`^! `i‹gZ odhiVc| j¨dèdcZ ed dWj higdcVX] ja^Xn# "
B^Zho`V²XnYdXoZ`V_|h^ŸijiV_lgZhoX^ZcdlnX]X^|\‹le^ZhonX]oegVlYo^lZ\doYV"
goZc^V¼X^Zhonh^Ÿ7jgb^higo!GdWZgi?Vldgh`^!`i‹gnedY`gZÑaV!èZcV_lVèc^Z_hoZ_Zhi
id!èZhnhiZbVinXoc^ZedlhiV_|XZcViZgZc^ZcVhoZ\db^VhiVX]dYc^`^le¨nc|egoZYZ
lhonhi`^bcVedegVlŸWZoe^ZXoZ²hilVgjX]je^ZhonX]#
6\c^Zho`VDaZX]
9DI68?:
oJc^^:jgdeZ_h`^Z_
lc^dh`^YaVÉgb! \dhedYVghil V\gdijgnhinXocnX]
cVlZiYd
(%%inh#o
@dchdgX_jb9diVX_V9aV;^gbn#ea
lll#YdiVX_VYaVÉgbn#ea
G:@A6B6Eç6IC6
@dciV`i/
7^jgd/%)&()(%&'(ajW
GV[V<gVXo`dlh`^*%+(++*'*
OVegVhoVbnYdcVhoZ\dW^jgV
Ja#IVg\dlV&-!'*"*'%@^ZaXZ
M>>e^Ÿigd!ed`‹_&'%-!&''-
&&
OæN8>6<B>CN
ÎBd_VBV¨VD_XonocV¼oVlhoZb^Wa^h`V¿
&) bV_V l Ho`daZ EdYhiVldlZ_ l çj`dlZ_ dYWn¨d h^Ÿ edYhjbdlVc^Z `dc"
`jghjedZinX`^Z\dÎBd_VbV¨VD_XonocV¿#@dc`jgh!odg\Vc^odlVcnegoZoeVc^|
@gnhincŸ@VXodg!cVjXonX^ZaV_Ÿon`Vedah`^Z\dlHElçj`dlZ_^eVc^|7VgWVgŸ
LdÑ!hiVghoZ\dW^Wa^diZ`VgoVB^Z_h`d"<b^ccZ_7^Wa^diZ`^l8]ŸX^cVX]!h`^Zgd"
lVcnWn¨YdjXoc^‹lHElçj`dlZ_#>begZoVhiVcdl^¨V_ZYcdXoZÑc^ZoV`d²XoZc^Z
In\dYc^V7^Wa^diZ`egoneVYV_|XZ\dlinbgd`jcV-"&*bV_V#
?jgnlh`¨VYo^Z/HiVc^h¨Vl7dèZ`!YngZ`idgHElçj`dlZ_!7VgWVgVLdÑ!@gnhin"
cV@VXodg!HiVc^h¨VlVæ|YZX`V!cVjXonX^ZagZa^\^^^bjon`^lHElçj`dlZ_!egonocV¨d
cV\gdYnlYl‹X]`ViZ\dg^VX]/YaVjXoc^‹l`aVh>">>>^ijolnX^ŸoX|d`VoV¨Vh^Ÿ?ja^iV
HZlZgnco`aVhn>>>!dgVol`ViZ\dg^^`aVh>K"K>!\Yo^ZolnX^ŸoX|odhiV¨L^`idg7VgVc
o`aVhn>K#
LhonhXnjXoZhic^Xn`dc`jghjodhiVa^cV\gdYoZc^#CV\gdYnj[jcYdlV¨VHo`d¨V
EdYhiVldlVlçj`dlZ_!B^Z_h`d¼<b^ccV7^Wa^diZ`VEjWa^XocVl8]ŸX^cVX]dgVo
Jgo|Y<b^cn^B^VhiVl8]ŸX^cVX]#
9c^V &- bV_V cV\gdYoZc^ jXoc^dl^Z oVegZoZcidlVa^ hld_Z jildgn cV
jgdXonhidÑX^ odg\Vc^odlVcZ_ YaV @ajWj HZc^dgV l HVa^ çd`^Zi`dlZ_ oVWni`dlZ_
C^ZbXo‹l`^#
EgonWn¨nX] jXoc^‹l oZ HE l çj`dlZ_ edl^iV¨V eVc^ @Vo^b^ZgV IjgaZl^Xo!
`^Zgdlc^` @ajWj HZc^dgV# JXoZhic^Xn hedi`Vc^V o l^Za`| hnbeVi^| ^ènXoa^ldÑX^|
egon_Ÿa^lnhi|e^Zc^VaVjgZVi‹l#L^ZghoZegoneVY¨nYd\jhijlhonhi`^bh¨jX]VXodb
^odhiV¨ncV\gdYodcZWgVlVb^#B¨dYo^il‹gXndYedl^ZYo^Za^cVlhonhi`^ZeniVc^V
oVYVlVcZ^begoZoXo¨dc`^c^Z@ajWjHZc^dgV!VloVb^VceVc^@Vo^b^ZgVIjgaZl^Xo
dedl^ZYo^V¨Vd]^hidg^^C^ZbXo‹l`^#Hld_Zl^ZghoZoVegZoZcidlV¨Vg‹lc^Zèb¨dYV
X]ŸX^²h`VedZi`V<VWg^ZaVEV`j¨V!jXoZcc^XV<^bcVo_jbcg&l8]ŸX^cVX]#
C^ZhedYo^ZlVc^Z cV hedi`Vc^j ed_Vl^¨ h^Ÿ oW‹_ HonY¨d o HonY¨dlV! `i‹gn
dedl^ZYo^V¨hld_|aZ\ZcYŸ^oVX]lnX^¨oZWgVcnX]e^Ÿ`c|\g|cVgd\j#
L '%%) gd`j Edah`V odhiV¨V Xo¨dc`^Zb Jc^^ :jgdeZ_h`^Z_# Oc^`cŸ¨n \gVc^XZ
^ XdgVo WVgYo^Z_ oVX^ZgV_| h^Ÿ
g‹èc^XZ `jaijgdlZ b^ŸYon
b^Zho`V²XVb^ `gV_‹l :jgden#
EdaVXn lZhoa^ Yd l^Za`^Z_ gd"
Yo^cn cVgdY‹l ZjgdeZ_h`^X]#
Edl^cc^Ñbn _ZYcV` eVb^ŸiV
d hld^X] `dgoZc^VX]! d hld"
_Z_ idèhVbdÑX^ cVgdYdlZ_!
VegoZYZ lhonhi`^b l¨VÑc^Z
dhld^X]ÎBV¨nX]D_XonocVX]¿#
7jYoZc^Z eVig^dinobj ad`Va"
cZ\d^egonl^|oVc^VYdb^Z_hXV
hld_Z\djgdYoZc^V!Yde^Ÿ`cZ_
o^Zb^X]ŸX^²h`^Z_oV^che^gdlV¨d
cVh Yd d\¨dhoZc^V ^ egoZegd"
lVYoZc^V `dc`jghj# 8]XZbn
iV`èZedejaVgnodlV^gdol^_V
lÑg‹YYo^ZX^^b¨dYo^ZènoV^c"
iZgZhdlVc^V edZinX`^Z dgVo
oVX]ŸXVYdXoniVc^VedZo_^#
@gnhincV@VXodg
<‹gnÐl^Ÿid`gonh`^Z
Bd_VbV¨VD_XonocV
CVhoZ<‹gnÐl^Ÿid`gonh`^Z
H|b^oVlhoZWVgYodWa^h`^Z#
8]dX^Vèh^acZl^Vignl^Z_|!
AjYo^ZX^|\aZh^ŸijÑb^Z_|#
Ijh^ŸjgdYo^¨Vb
lbd_Z_bV¨Z_D_Xon„c^Z
cVe^Ÿ`cZ_@^ZaZXXon„c^Z#
Ijh^ŸlnX]dlV¨Vb
^XV¨Ze^Ÿ`cdd`da^XnedocV¨Vb#
IjcVjXon¨Vbh^Ÿ`dX]V
"`dX]VD_XonocŸ
Ijc^ZbVbh^ŸXoZ\dWV
ina`dX^ZhoŸh^Ÿ^X]ajW^Ÿ
oiZ\dXdbVb^\Yo^Zb^Zho`Vb!
Wdb^Zho`VblbV¨Z_lh^
o`i‹gZ_l^Yd`^h|c^ZhVbdl^iZ
cVi|e^Ÿ`c|d`da^XŸ#
L^YVhi|YoVbZ`X]ŸX^²h`^
^l^Za`^ZeVhbd\‹gÑl^Ÿid`gonh`^X]#
Ijh|cV_e^Ÿ`c^Z_hoZl^Yd`^
cV`^ZaZXXon„c^Z!
ijbVbbd_|bV¨|D_XonocŸ
Ij_Zhibd_Zb^Z_hXZcVo^Zb^
CV`i‹gnbh^Ÿoc^`^b
c^ZoVb^Zc^Ÿ
GoZ`VC^YVo\‹glne¨nlV!
?ZhiXonÑX^ji`V^iV`ènlV#
GVYdсlhld^X]cjgiVX]c^Zh^Z!
8onido^bVXonid_Zh^Z²#
Ðl^Ÿid`gonh`^Ze^Ÿ`cZXV¨Z!
ænX^ZijiV__ZhilheVc^V¨Z#
H¨d²XZijiV__VÑc^Z_Ñl^ZX^!
LhoŸYo^ZjÑb^ZX]c^ŸiZYo^ZX^#
Ijbjon`VlhZgXj\gV!
>c^ZXoj_Zh^Ÿc^Xo¨V#
8]XŸijheV^_Zс^e^!
8]XŸijb^Zho`V^ijèn#
L^`idg7VgVc`a#>K
7ŸYo^ZiZècdlnVh[Vai^dÑl^ZiaZc^Z
8]dYc^``d¨dXbZciVgoV
B^Zho`V²Xn \b^cn _jè bd\| X^Zhon h^Ÿ
cdlnb X]dYc^`^Zb egon ja# 8bZciVgcZ_
l8]ŸX^cVX]# L¨VÑc^Z oV`d²Xon¨n h^Ÿ iVb
egVXZ egon _Z\d WjYdl^Z# GZbdci oYZXnYd"
lVc^ZedegVl^¨c^Zina`dZhiZin`ŸiZ\db^Z_"
hXV!VaZegoZYZlhonhi`^ble¨nc|¨edoninl"
c^ZcVedegVlŸWZoe^ZXoZ²hilVe^ZhonX]#
@dhi`Ÿ Wgj`dl| egon ja# 8bZciVgcZ_
l8]ŸX^cVX]j¨dèna^egVXdlc^XnOV`¨VYj<d"
hedYVg`^ @dbjcVacZ_ l 8]ŸX^cVX]# LX^|\j
`^a`jcVhijYc^edlhiV¨dijiV_&)%bZig‹lcd"
lZ\d X^|\j e^ZhoZ\d# B^Zho`V²Xn edY|èV_|Xn
l`^Zgjc`j XbZciVgoV lgZhoX^Z bd\| WZo"
e^ZXoc^Zh^ŸiVbYdhiV#8]dYc^`oYZXnYdlVc^Z
ol^Ÿ`hon¨ ^X] WZoe^ZXoZ²hild! V iV`èZ j¨Vil^¨
Yd_ÑX^ZdYl^ZYoV_|Xnb\gdWnWa^h`^X]#Idc^Z
`dc^ZX_ZYcV`gZbdci‹llinbb^Z_hXj#<b^"
cV_jèd\¨dh^¨VegoZiVg\cVln`dcVc^ZcdlZ\d
Vh[Vaij egon XbZciVgoj# OVgVo ed ln¨dc^Zc^j
&'
ln`dcVlXnocdljgjho|egVXZegonja#8bZc"
iVgcZ_# EdoV inb! _V` oVedl^VYV_| l¨VYoZ
\b^cn! c^ZWVlZb hiVc^Z ijiV_ g‹lc^Zè cdlZ!
hinadlZdÑl^ZiaZc^Z!XdWZol|ie^Zc^VYdYVi`d"
ldedYc^Zh^Zlh`V„c^`WZoe^ZXoZ²hilVlinb
b^Z_hXj^edegVl^ZhiZin`Ÿ#
6\c^Zho`VDaZX]
@ViVgoncVHdWXon``a#K>
C^ZinedlV
aZ`X_V\Zd\gVÉ^
ÎEdYYVX]Zb
6[gn`^¿
L OZhedaZ Ho`‹¨ D\‹acd`hoiV¨X|XnX]
lLda^XndYWn¨Vh^Ÿc^ZinedlVaZ`X_V\Zd\gV"
É^# <dÑX^Zb Wn¨V @Vgda^cV çZWZ`! ldadciV"
g^jho`V!`i‹gVegVXdlV¨VlIVcoVc^^l6[gnXZ#
D hld^b edWnX^Z ^ gZVa^oVX_^ egd_Z`ij
ZYj`VXn_cZ\d dedl^ZYo^V¨V jXoc^db OHD
l Lda^Xn# Hedi`Vc^j idlVgonhon¨V lnhiVlV
[did\gVÉ^ ÎEdY 9VX]Zb 6[gn`^¿! `i‹gV Wn¨V
ogZVa^odlVcV edY eVigdcViZb Ld_ZldYn
Ðl^Ÿid`gonh`^Z\d 7dèZcincn EV¨`^"@dgjWn#
C^Zoln`¨Z lgVèZc^V! X^Z`VlZ dedl^ZÑX^! egZ"
oZciVX_VZaZbZci‹lhigd_jBVhV_‹l!e^Ÿ`cZ[d"
id\gVÉZ ^ ^ciZgZhj_|XV egZoZciVX_V haV_Y‹l cV
Y¨j\dodhiVc|leVb^ŸX^jXoc^‹l#
<gVèncV7Vgl^cZ`
OæN8>6<B>CN
Lnl^VYoYgBV¨\dgoVi|Ld_iXoV`"cdlnbYngZ`idgZbHODOl8]ŸX^cVX]
EVX_Zci_ZhicVe^Zglhonbb^Z_hXj
"9deVX_ZciVigoZWVh^ŸdYcdh^ocVaZèninbhoVXjc`^Zb!WdidegoZX^Zèdc
oVlhoZ edl^c^Zc Wn cV_lVèc^Z_hon ¼ d ènX^j! gdYo^c^Z! egVXn l hoe^iVaj ^ cd"
lnX]lnolVc^VX]gdobVl^VbnocdlnbYngZ`idgZbHVbdgo|YdlZ\dOV`¨VYj
EdYhiVldlZ_De^Z`^OYgdldicZ_l8]ŸX^cVX]YgBV¨\dgoVi|Ld_iXoV`!eZY^Vig|!
cZ[gdad\^Zb!Ylj`gdic|aVjgZVi`|eaZW^hXnijAZ`VgoGd`j#
EVc^Yd`idg!egdhoŸedl^ZYo^Z_V`idh^ŸhiV¨d!èZol^|oV¨Vh^ŸEVc^obZYnXnc|4
BV¨\dgoViV Ld_iXoV`/ Id X]nWV Wn¨d edld¨Vc^Z# J bc^Z l gdYo^c^Z c^Z
Wn¨d lXoZÑc^Z_ aZ`Vgon! VaZ oVg‹lcd bd_V WVWX^V! _V` ^ bd_V bVbV jlVèV¨n! èZ
_ZhiidoVl‹YegZhi^èdlnc^ZoVaZèc^ZdYXoVh‹l!go|Yo|XZ_l¨VYon!ld_cnXoned"
`d_j# BnÑaŸ! èZ iZ egoZ`dcVc^V b^V¨n hedgn le¨nl cV bd_| YZXno_Ÿ# > iV`! ed
j`d²XoZc^j>A^XZjbD\‹acd`hoiV¨X|XZ\d^b^Zc^VHiZ[VcVæZgdbh`^Z\dl@^Za"
XVX]o¨dèn¨VbeVe^ZgncV6`VYZb^ŸBZYnXoc|lLVghoVl^Z#EdhiVcdl^¨Vbhd"
W^Z!èZ_ZèZa^h^Ÿc^ZYdhiVcŸ!idWŸYŸoYVlVYdho`d¨niZVigVacZ_!WdbnÑaV¨Vb
g‹lc^ZèdV`idghil^Z#
8ona^iV`cVlhoZa`^lneVYZ`b^V¨VEVc^egon\didlVc|^cc|VaiZgcVinlŸ4
B#L#/O\VYoVh^Ÿ#?ZYcV`cVbZYnXncŸYdhiV¨Vbh^ŸoVe^ZglhonbgVoZboYd"
Wgnblnc^`^Zb^edhiVcdl^¨Vb!èZe‹_YŸl¨VÑc^Zlinb`^Zgjc`j#BjhoŸegonocV!
èZc^\Ync^ZèV¨dlV¨VbiZ\d`gd`j#IdWVgYodX^Z`VlVYo^ZYo^cVcVj`^#
9aVXoZ\dlnWgV¨VEVc^V`jgVieZY^Vig^Ÿ4
B#L#/I|YZXno_ŸedY_Ÿ¨VbWŸY|XcVigoZX^bgd`jhijY^‹l!`^ZYnoVXoŸ¨nh^Ÿ
oV_ŸX^VoeZY^Vig^^#?jèliZYnbc^ZidoV^ciZgZhdlV¨d^edhiVcdl^¨VboVe^hVh^Ÿ
YdeZY^VignXocZ\d`d¨VcVj`dlZ\d!egdlVYodcZ\degoZoegd[ZhdgVOVaZlh`^Z\d
o6`VYZb^^BZYnXocZ_#DYiVbiZ_edgneZY^Vig^VhiV¨Vh^ŸWa^h`Vbd_ZbjhZgXj!
Vedc^ZlVè lnYV_Z b^ h^Ÿ! èZ bVb eZlcZ egZYnhedonX_Z Yd aZXoZc^V Yo^ZX^! id
hiV¨dh^Ÿidbd^bènX^dlnblnolVc^Zb!V_ZYcdXoZÑc^Z]dWWn#
EVc^ l^Za`^Z oVVc\VèdlVc^Z ^ edÑl^ŸXZc^Z YdXZc^a^ eVX_ZcX^ l '%%, gd`j
lnW^ZgV_|X EVc^| AZ`VgoZb Gd`j ^ l '%%-! `^ZYn id ed gVo Ygj\^ ocVaVo¨V h^Ÿ
EVc^cVWVgYodlnhd`^bb^Z_hXjleaZW^hXnX^ZAZ`VgoGd`j4
B#L#/ BjhoŸ edl^ZYo^Z! èZ Yo^Ÿ`^ bd^b eVX_Zcidb bVb _jè Yl^Z o¨diZ
hiVijZi`^#OVlhoZ^bYo^Ÿ`j_ŸoVid!èZYdhiVgXoV_|b^oVldYdlZ_hVinh[V`X_^#9aV
bc^ZiVcV\gdYVidigdX]Ÿ_V`cV\gdYVejWa^XocdÑX^lYo^Zcc^`Vghil^Z!XonV`"
idghil^Z ^ bdèZ egoZo id cVlZi XZcc^Z_hoV c^è ^ccZ cV\gdYn lnb^ZgoVcZ egoZo
l¨VYoZeV²hildlZ!jXoZac^VcZ!hoe^iVacZXonb^c^hiZg^VacZ#IVcV\gdYVWn¨VYaV
bc^ZedYl‹_c^ZlogjhoV_|XV^Xoj¨VbedYl‹_c|hVinh[V`X_Ÿ!WdYdXZc^¨bc^Zc^Z
ina`dbV¨neVX_Zci!`i‹gndYlYo^ŸXoVh^ŸjÑb^ZX]Zb!lnX^|\VYdbc^Zg|Xo`^^c^Z
Wd^h^ŸWVYVc^V!VaZg‹lc^ZègdYo^XZ!Wdiddc^egoZX^ZèlnX^cVa^`jedcn!iddc^
edbnÑaZa^dbc^Z_V`ddaZ`Vgojhld_Z\dYo^ZX`VYdXZc^V_|X\¨‹lc^Z[VX]dldс#
æVYZcgdYo^Xc^ZajW^_V`Yo^ZX`dh^ŸWd^!e¨VXoZ^lngnlV!ina`dX]XZ!VWnYo^ZX`d
b^V¨d`db[dgiWVYVc^V^aZXoZc^V!V_Vh^ŸX^ZhoŸ!èZbd\Ÿ^bidoVd[ZgdlV#
Ina`d l inb gd`j dYYVcd cV EVc^| egVl^Z , inh^ŸXn \¨dh‹l l eaZW^hXnX^Z
Î:X]V9c^V¿#OVh`dXon¨EVc^|iZclnc^`4
B#L#/ Lnc^`^ eaZW^hXnij oVh`dXon¨n bc^Z _jè oV e^Zglhonb gVoZb! VaZ
oV Ygj\^b gVoZb egoZèn¨Vb edYXoVh \Va^ `dbeaZicn hod`! Wd cVegVlYŸ
c^Z hedYo^ZlV¨Vb h^Ÿ! èZ ed gVo `daZ_cn odhiVcŸ aVjgZVi`| iV` egZhi^èdlZ\d
lng‹èc^Zc^V#?Zhib^d\gdbc^Zb^¨d!èZbVbiV`l^ZgcnX]^dYYVcnX]eVX_Zci‹l#
CV\gdYŸ!`i‹g|b^egonocVa^YZYn`dlV¨Vbbd_ZbjXjYdlcZbjbŸèdl^8ZoV"
gZbj!Yo^ZX^db"6c^^7Vgidhodl^dgVoÐl^ŸiZ_EVb^ŸX^gdYo^Xdb^iZÑX^dl^!`i‹"
gonobVga^cVWVgYodegoZlaZ`¨|^X^Ÿè`|X]dgdWŸ#>X]X^Zge^Zc^ZhedldYdlV¨d!
èZhiV¨Vbh^ŸaZehonbXo¨dl^Z`^Zb^idX]nWVegdXZcij_Z#
GdYo^cVoVlhoZlhe^ZgV¨VEVc^|lZlhonhi`^X]Yo^V¨Vc^VX]4
B#L#/DYhVbZ\dedXo|i`jWVgYodbc^Zlhe^ZgV¨VXV¨Vbd_VgdYo^cV#9o^Ÿ`^
bŸèdl^bd\¨VbogdW^iV`honW`d`daZ_cZheZX_Va^oVX_Z^bd\¨Vbho`da^h^ŸcV
oZlc|igo# L XoVh^Z! `^ZYn _V h^Ÿ ho`da^¨Vb id dc oV_bdlV¨ h^Ÿ Yo^Zb^! V Yo^ZX^
WVgYodhonW`dbjh^V¨nhiVh^ŸhVbdYo^ZacZ#<YnWnc^ZlheVgX^ZgdYo^cnoVg‹l"
cdYjX]dlZ!ehnX]^XocZ!_V`^ÉcVchdlZ! Wd c^Z dhoj`j_bn h^Ÿlhonhi`did_Zhi
ol^|oVcZ o Yjènb^ `dhoiVb^! id c^Z jYV¨dWn b^ h^Ÿ iV` l^ZaZ dh^|\c|# BjhoŸ
edl^ZYo^Z! èZ Yd `dc`jghj cV YngZ`idgV HVbdgo|YdlZ\d OV`¨VYj EdYhiV"
ldlZ_ De^Z`^ OYgdldicZ_ l 8]ŸX^cVX] egonhi|e^¨Vb g‹lc^Zè oV hegVl| bd_Z_
cV_Wa^èhoZ_gdYo^cn"bŸèV!Yo^ZX^^h^dhigngdYodcZ_!`i‹gonjlVèVa^!èZedl^ccVb
heg‹WdlV#
LiV`^bgVo^Zb^Zho`V²XncVhoZ_\b^cnedl^cc^Wn^blYo^ŸXoc^!èZbV_|iV`^Z"
\djocVcZ\dheZX_Va^hiŸjh^ZW^Z!WdYdiZ_edgnegVXdlV¨VEVc^lhoe^iVajl@^ZaXVX]4
B#L#/EgVXŸlhoe^iVajl@^ZaXVX]gdoedXoŸ¨VbloVhVYo^ZijèedhijY^VX]#
CV_e^Zgl egVXdlV¨Vb cV DYYo^VaZ C^ZbdlaŸXnb! e‹„c^Z_ oVegdedcdlVcd b^
[jc`X_ŸoVhiŸeXndgYncVidgVcVDYYo^VaZ>ciZchnlcZ_De^Z`^EZY^VignXocZ_!`i‹"
gn id egoZ`hoiV¨X^¨ h^Ÿ o XoVhZb l DYYo^V¨ EVidad\^^ CdldgdY`V ^ >ciZchnlcZ_
IZgVe^^#BjhoŸegonocV!èZegVXViVb_Zhilnèho|ho`d¨|_VoYn#Ede^ZglhoZc^Z
`VèYn cVYV_Z h^Ÿ ehnX]^Xoc^Z Yd egVXn cV iV`^b dYYo^VaZ! ed Ygj\^Z lnbV\V
dcV d\gdbcZ_ l^ZYon ^ c^ZhVbdl^iZ_ ogŸXocdÑX^ bVcjVacZ_! edc^ZlVè WVgYod
Yjèd oVW^Z\‹l aZ`VgoZ ln`dcj_| iVb hVb^!
ce# ejc`X_Z aŸY„l^dlZ! ejc`X_Z dh^ZgYo^V!
XonYgZcVède¨jXcZ_#LVècV_ZhiiZèocV_dbdс
jgo|YoZ²/ gZhe^gVidg‹l! ^c`jWVidg‹l! edbe!
XonYo^V¨Vc^Veg‹èc^#EgVXViVblnbV\VhoXoZ"
\‹acnX]egZYnhedonX_^#
EVc^ iZ egZYnhedonX_Z WZo l|ie^Zc^V ed"
h^VYV! Xonb o_ZYcV¨V hdW^Z d\gdbcZ jocVc^Z
eVX_Zci‹l#9aVXoZ\dl^ŸXoYZXnYdlV¨Vh^ŸEVc^
hiVbi|YdYZ_с4C^Zho`dYVigdX]Ÿ4
B#L#/ DXonl^ÑX^Z! èZ ho`dYV# C^Z YV h^Ÿ
de^hViZ\d!XdXoj_ZaZ`Vgo!`i‹gZbjjYV¨dh^Ÿ
jgVidlV ajYo`^Z ènX^Z cV ZiVe^Z cdldgdY`V#
LnbV\V id _ZYcV` WVgYod Yjèd edÑl^ŸXZc^V#
AZ`Vgo egVXj_|Xn cV inb dYYo^VaZ bV d`d¨d
Yo^Zl^ŸX^jXV¨dYdWdlnX]Ynèjg‹llb^Zh^|Xj!edYXoVh`i‹gnX]egoZoXV¨nXoVh
igoZWVWnleZ¨cZ_\didldÑX^#EdeZlcnbXoVh^ZegonX]dYo^l`d²XjobŸXoZc^Z
^ e^ZglhoZ dW_Vln lneVaZc^V oVldYdlZ\d# 8dgVo \dgoZ_ ocdh^ h^Ÿ oVg‹lcd
obŸXoZc^Z ehnX]^XocZ ^ ÉonXocZ! c^Z lhedb^cV_|X _jè d Ñb^ZgX^ eVX_ZciV# Bd_V
gdYo^cVl^Yo^V¨V!èZ_ZhiZbXdgVoWVgYo^Z_obŸXodcV^hi|YiZcVbdlnYdhiVgid"
lVc^Vl`dc`jgh^ZcVYngZ`idgVHVbdgo|YdlZ\dOV`¨VYjEdYhiVldlZ_De^Z`^
OYgdldicZ_l8]ŸX^cVX]#
IZgVoegoZYEVc^|cdlZlnolVc^V#9jèd_ZhiYdogdW^Zc^VldÑgdY`joYgd"
l^Vl8]ŸX^cVX]4
B#L#/;V`inXoc^ZYjèdlnolV²egoZYZbc|!Wd_ZhiijiV_XV¨`^ZbhedgdYd
ogdW^Zc^V#E‹`^Xd!_ZhiZbcVlnedl^ZYoZc^jlhoe^iVaj!VegVXŸl8]ŸX^cVX]gdo"
edXoncVbdY&a^eXV#C^Zbc^Z__ZYcV`_jèoVWgV¨Vbh^ŸoVegoZ\a|YVc^ZeVe^Zg‹l
^VYb^c^higVX_Ÿ#
æV¨dlVa^eVX_ZcX^!èZdYX]dYo^EVc^oZhoe^iVaV4
B#L#/OVg‹lcdhVb^eVX_ZcX^!_V`^^X]gdYo^XZc^ZX]X|h^Ÿed\dYo^obd^b
dYZ_ÑX^Zb!hoXoZ\‹ac^ZX^oedgVYc^cZ[gdad\^XocZ_#9diZ_edgndYW^ZgVbYjèdiZaZ"
[dc‹l^bjhoŸegonocV!èZbd^eVX_ZcX^dY\gVèV_|h^Ÿ!èZegon_Y|oVbc|Yd8]ŸX^c#
?VdXonl^ÑX^Zlhonhi`^X]WVgYodhZgYZXoc^ZijoVegVhoVb#7ŸYŸhiVgV¨Vh^ŸoVlgoZ
`dcigV`ioC;OcVdilVgX^ZijiV_edgVYc^cZ[gdad\^XocZ_#BVbcVYo^Z_Ÿ!èZh^Ÿid
jYV!Wdl^ZaZdh‹WX]XZh`dgonhiVobd^X]jb^Z_ŸicdÑX^^l^ZYoncZ[gdad\^XocZ_#
8d_ZhoXoZEVc^eaVcj_ZogdW^l8]ŸX^cVX]edoVdilVgX^ZbedgVYc^cZ[gd"
ad\^XocZ_4
B#L#/ GdoZ_goV¨Vb h^Ÿ _jè ijiV_ ^ bjhoŸ egonocV! èZ ÑgdYZ` oYgdl^V
l8]ŸX^cVX]_V`ddÑgdYZ`hVbdgo|YdlnbVWVgYo^Z_ol^|oVcZgŸXZ^l^ZaZgoZXon
_ZhiijiV_c^Zbdèa^lnX]YdogdW^Zc^VldYg‹èc^Zc^jdYoV`¨VY‹lc^ZejWa^XocnX]#
8oVh ed`VèZ Xd cVb h^Ÿ jYV ogdW^! V bd_Z edXoncVc^V c^ZWVlZb dh|Yo| eV"
X_ZcX^# CV gVo^Z X]X^V¨VWnb jhegVlc^ egVXŸ EdYhiVldlZ_ De^Z`^ OYgdldicZ_#
8]X^V¨VWnboVigjYc^aZ`VgonX]dg‹WlZlcŸigocnX]#EZY^Vig^ŸWŸYŸegdlVYo^¨V
_V^YgL^Zh¨Vl7g|\aZl^Xo#GZjbVidad\^VodhiV_ZWZoob^Vc!iV`hVbd_V`\^cZ`d"
ad\^V!o`i‹gZ_l^Zb!èZeVX_Zci`^h|oVYdldadcZ!\Yo^ZYg?Vgdh¨VlB|Xoc^`^Yg
@gonhoid[@j¨V\dlh`^Ydh`dcVaZhdW^ZgVYo|#CVidb^Vhil^ciZgc^Z_ZhihedgdYd
ogdW^Zc^V!ll^oniVX]YdbdlnX]#8dYdheZX_Va^hi`^WŸYo^Zbnb^Za^igjYcdÑX^o
oVlVgX^ZbjbdlnoC;OiV`!VWnheZX_Va^hiVWn¨ijcVhiV¨Z!VaZWŸYo^ZbngdW^
WZoe¨VicZ`dchjaiVX_ZYaVeVX_Zci‹l#7ŸYŸX]X^V¨Vodg\Vc^odlVhedi`Vc^Vo`Vg"
Y^dad\^Zb!Y^VWZidad\^Zb!XoncZjgdad\^Zb#DinX]hedi`Vc^VX]eVX_ZcX^odhiVc|
edl^VYdb^Zc^cV¨VbVX]\VoZinÎL^VYdbdÑX^8]ŸX^²h`^Z¿^cVhigdc^Z^ciZgcZ"
idlZ_JgoŸYj<b^cn#9dYVi`dldX]X^V¨VWnb!VWnegon_ZèYèVa^ijaZ`VgoZgVY^d"
adYon!heZX_Va^ÑX^dYln`dcnlVc^VJH<#LjW^Z\¨nbgd`j!Yo^Ÿ`^l¨VYodb^gV"
Yo^Z\b^cnodhiV¨oV`je^dcnXV¨`^Zbc^Zo¨nhegoŸiJH<!`i‹gnc^Z_ZhiYd`d²XV
ln`dgonhinlVcn# L ol^|o`j o inb! VWn oVdhoXoŸYo^ eVX_Zcidb ocVhoZ_ \b^cn
_ZèYèZc^V Yd b^VhiV ^ `daZ_Z`! heZX_Va^ÑX^ WŸY| egon_ZèYèV ijiV_# 9jèd _Zhi Yd
ogdW^Zc^V!VaZcVgVo^Zed¨dènbncVX^h`cVedYhiVldl|de^Z`ŸoYgdldic|!WdiV`^
cVX^h`_ZhiiZè`¨VYo^dcnegoZoB^c^hiZghildOYgdl^V^C;O#BnÑaŸ!èZidh¨jhocV
ZldajX_Vlh¨jèW^ZoYgdl^V!Yd`i‹gZ_g‹lc^ZèWŸYo^ZbnY|èn!iV`_V`id_ZhicV
XV¨nbÑl^ZX^Z#
8ona^h¨jèWVoYgdl^Vl8]ŸX^cVX]WŸYo^Zb^V¨VhiVcYVgYnÑl^VidlZ4
B#L#/?VWnbhdW^ZiZ\dWVgYodènXon¨V#8]X^V¨VWnbdW^ZXVlhonhi`^beVX_Zc"
idboiZgZcj<b^cn^B^VhiV8]ŸX^cn!èZYd¨dèŸlhoZa`^X]hiVgV²!èZWnXV¨VdWh¨j\V
dÑgdY`VoYgdl^V!oVg‹lcdbZYnXocV!e^ZaŸ\c^Vgh`V!_V`^VYb^c^higVXn_cV!dYcdh^¨V
h^ŸYdeVX_ZciVo_V`cV_lnèhonbhoVXjc`^Zb#JlVèVb!èZX]dgneVX_ZcioVlhoZed"
l^c^ZcWncVe^Zglhonbb^Z_hXj^bd\Ÿedl^ZYo^Z_jèiZgVo!èZWŸYŸoVigjYc^V¨V
ina`d iV`^X] aZ`Vgon! `i‹gon bV_| iV`^Z hVbd oYVc^Z _V` _V# 9dWgd eVX_ZciV ^ _Z\d
goZiZacVdWh¨j\VhiVc|h^ŸbdiiZbdÑgdY`VoYgdl^Vl8]ŸX^cVX]#
9o^Ÿ`j_ŸoVgdobdlŸ
6\c^Zho`VDaZX]
&(
OæN8>6<B>CN
7d\jcVX]lV¨Ÿ!ajYo^dbcVedèniZ`
<b^ccn9o^Z²HigVèV`V
l8]ŸX^cVX]
(bV_V'%%.g#l@dÑX^ZaZEVgVÉVacnb
l8]ŸX^cVX] dYWn¨V h^Ÿ jgdXonhiV BhoV
Ðl# l ^ciZcX_^ higVèV`‹l o iZgZcj <b^"
cn 8]ŸX^cn# CV edXo|i`j Bhon Ðl# `h^|Yo
Yo^Z`Vc! B^gdh¨Vl @VXobVgXon` egonl^iV¨
lhonhi`^X] oZWgVcnX] cV jgdXonhidÑX^ _V`
g‹lc^Zè o¨dèn¨ cV_hZgYZXoc^Z_hoZ ènXoZc^V
higVèV`db dgVo >X] gdYo^cdb o d`Vo_^
ÎÐl^ŸiVHigVèV`V¿#LjgdXonhidÑX^VX]jYo^V¨
lo^Ÿa^ higVèVXn! @dbWViVcX^ o @d¨V cg *)
l8]ŸX^cVX]dgVojXoc^dl^ZoOZhed¨jHo`‹¨
Cg&l8]ŸX^cVX]#BhoVÐl#gdoedXoŸ¨Vh^Ÿ
lnhiŸeZbh¨dlcd"bjonXocnbX]‹gjÎ8Vc"
iViV¿ edY `^Zgdlc^XilZb eVc^ :Ynin 7d"
Wgn`#8]‹goZWgV¨\gdb`^ZWgVlVoVln`d"
cVc^ZeZ¨cnX]eVig^dinobje^ZÑc^^l^Zghon#
Ed oV`d²XodcnX] jgdXonhidÑX^VX] lhonhXn
jYVa^h^ŸedYedbc^`egonja#BV¨d\dh`^Z_
\Yo^Zo¨dèdcdl^Zc^ZX#
DWX]dYnWn¨nYdh`dcV¨|d`Vo_|
Yd edYo^Ÿ`dlVc^V higVèV`db oV
^X] igjY ^ edÑl^ŸXZc^Z# " Ðl^Ÿid
HigVèV`V _Zhi Ydh`dcV¨| d`Vo_|
Yd edYo^Ÿ`dlVc^V oV LVho
XV¨dgdXocn igjY! edÑl^ŸXZc^Z
^Yo^V¨Vacdс hed¨ZXoc|# H¨jèWV
higVèVX`V id XoŸhid c^ZWZoe^ZXo"
cV ^ lnbV\V_|XV d\gdbcZ\d
edÑl^ŸXZc^V egVXV# 9aViZ\d iZè
egV\cŸ hZgYZXoc^Z edYo^Ÿ`dlV
LVb 9gdYon 9gj]dl^Z oV id! èZ
c^\Yn cVh c^Z oVl^ZYa^ÑX^Z! oV id!
èZ b^Zho`V²Xn <b^cn 8]ŸX^cn
l^ZYo|! èZ h| ajYo^Z! YaV `i‹gnX]
gVidlVc^Z b^Zc^V ^ ènX^V ajYo`^Z"
\d _Zhi cV e^Zglhonb b^Z_hXj# EZ¨Zc jocV"
c^V_ZhiZbYaVb¨dYnX]ajYo^!`i‹goncVYVa
X]Ÿic^Z lhiŸej_| l hoZgZ\^ DX]dic^XoZ_
HigVèn EdèVgcZ_ <b^cn 8]ŸX^cn# L^ZgoŸ!
èZ iV h¨jèWV WŸYo^Z Ydh`dcV¨| aZ`X_| ènX^V
^ eVig^dinobj# Inb^ h¨dlVb^ olg‹X^¨ h^Ÿ
Yd higVèV`‹l 7jgb^higo <b^cn ^ B^VhiV
8]ŸX^cn! GdWZgi ?Vldgh`^# H¨dlV jocVc^V
^edYo^Ÿ`dlVc^VoVlheVc^V¨|higVèVX`|egVXŸ
hed¨ZXoc|lngVo^¨Vg‹lc^ZèEgoZldYc^Xo|XV
GVYn B^Z_h`^Z_ l 8]ŸX^cVX]! @gnhincV
;d`hV# " ænXoŸ LVb 9gdYon 9gj]dl^Z
Yjèd oYgdl^V ^ hVinh[V`X_^ o ln`dcnlVcZ_
egVXn# OV `goZl^Zc^Z lheVc^V¨Z_ igVYnX_^
higVèVX`^Z_ dgVo \dYcZ gZegZoZcidlVc^Z
WgVX^ higVèVX`^Z_ lng‹èc^Zc^Z digonbV¨ Gd"
WZgi 9jYZ`# L edYo^Ÿ`dlVc^j oV hld_|
h¨jèWŸ higVèVXn digonbVa^ a^hin \gVijaVXn_cZ
dgVohiVijZi`^#
GZcViV?Vcjho
@|X^`edZo_^
BD?:ÐE>:L6C>:
AViigonYo^ZÑX^o\‹g|!
VbdèZXoiZgYo^ZÑX^4
7gV¨VbjYo^V¨l@dc`jgh^Z
E^dhZcZ`GVYo^ZX`^X]#
>c^ZhedYo^ZlVc^Z
@dc`jghiZcln\gV¨Vb#
>lIZVigoZlBdh`l^Z
e^dhZc`^Ñe^ZlV¨Vb#
6lO^ZadcZ_<‹goZ
b‹_e^Zglhon[Zhi^lVa#
Le^dhZc`VX]gdhn_h`^X]
XV¨nh^Zgdoe¨nlV¨#
9o^ÑcVÑX^Vc^Zl^h^
Yneadbb^egonocVcn#
HVb|gŸ`|Hoe^abVcV
odhiV¨edYe^hVcn#
IZaZl^o_V!gVY^d
^Ñe^ZllÉa]Vgbdc^^#
Lhonhi`^ZiZegoZènX^V!
c^\Ync^ZoVedbcŸ#
LcV\gdYŸiZèWn¨V
\^iVgVlheVc^V¨V#
Egon_Z_Y„l^Ÿ`VX]
gdhn_h`^Ze^dhZc`^Ñe^ZlV¨Vb#
Ðe^ZlV¨VbcVoVb`j!
Ñe^ZlV¨VbcVGoZeXZ#
>iZgVoiZèÑe^ZlVb###
@^ZYnina`doZX]XŸ#
Vjidg/
:AO6IGO:E>OJG@GJE6
bV_'dd.
B^Zh^ŸXoc^`
ÎL>69DBDÐ8>8=–8>°H@>:¿
G:@A6B6E6IC6
E^hbdad`VacZ#LnYVlXV/
Jgo|Y<b^cn^B^VhiV8]ŸX^cn
6YgZhgZYV`X_^/EaVX'8oZglXV)!
iZa#%)&(&*&%%+!lZlc#()!
Z"bV^a/g#_Vcjho5X]ZX^cn#ea
GZYV`idgCVXoZacn/GZcViV?Vcjho
9gj`/9^\^iVa6giHijY^d<V¨VEgoZbnh¨Vl
OVigZсgZ`aVb!d\¨dhoZ²^a^hi‹l
gZYV`X_Vc^ZdYedl^VYV
&)
OæN8>6<B>CN
Jc^_cZegd_Z`in<b^cn8]ŸX^cn
8Zcigjb>c[dgbVX_^IjgnhinXocZ_
^=^hidgnXocZ_loVWni`dlZ_C^ZbXo‹lXZ
LdWZXcnbcjbZgoZÎL^VYdbdÑX^8]ŸX^²h`^X]¿
egZoZcij_Zbn`daZ_cnegd_Z`i!`i‹gnodhiV¨edoninl"
c^ZdXZc^dcnlgVbVX]`dc`jgh‹ldYdÉcVchdlVc^Z
oZÑgdY`‹ljc^_cnX]!Xona^`dbeaZ`hdlZoV\dhedYV"
gdlVc^ZoVWni`dlZ_`Vb^Zc^XnÎC^ZbXo‹l`^¿#
L oZho¨nb gd`j <b^cV 8]ŸX^cn gdoedXoŸ¨V
egVXZlXZaj`dbeaZ`hdlZ\dgZbdcij^dYWjYdln
ocVXoc^Z oYZlVhidlVcZ_ oVWni`dlZ_ ÎC^ZbXo‹l`^¿#
JYV¨d h^Ÿ ln`dcV hoZgZ\ c^ZoWŸYcnX]! edYhiVld"
lnX]egVXb#^c#lnb^VcVd`^Zc!bdciVèeVgVeZi‹l
oZl# ^ lZl#! dYcdl^Zc^Z ZaZlVX_^# ?ZYcV` d\gdb"
cZ `dhoin YVahoZ\d gZbdcij jc^Zbdèa^l^¨n _Z\d
gZVa^oVX_Ÿ_ZYnc^ZoWjYèZij<b^cn8]ŸX^cn#9aViZ\d
Jgo|Y<b^cn^B^VhiVegon\didlV¨egd_Z`iÎDYcd"
lVediZcX_V¨j]^hidgnXocd`jaijgdlZ\doVWni`dlZ\d
WjYnc`j iol# ÎC^ZbXo‹l`^¿ l8]ŸX^cVX] edegoZo
jildgoZc^Z `dbeaZ`hdlZ\d XZcigjb ^c[dgbVX_^
ijgnhinXocZ_ ^ ]^hidgnXocZ_¿# Ed l^Zadb^Zh^ŸXocZ_
igonhidec^dlZ_ dXZc^Z egoZo Jgo|Y BVghoV¨`dlh`^
l gVbVX] 9o^V¨Vc^V '#( cVho lc^dhZ` digonbV¨
YdÉcVchdlVc^Z l lnhd`dÑX^ &...-*(!&,o¨! Xd
hiVcdl^ +,!*( `dhoi‹l ^clZhinX_^# H| id ÑgdY`^
:jgdeZ_h`^Z\d ;jcYjhoj Gdold_j GZ\^dcVacZ\d#
OV`¨VYVcnd`gZhgZVa^oVX_^egd_Z`ijid/a^e^ZX'%%.g#
¼ h^Zge^Z² '%&% g# 8Za \¨‹lcn egoZYh^Ÿlo^ŸX^V id
VYVeiVX_VoVWni`dlZ\dWjYnc`jiol#ÎC^ZbXo‹l`^¿
cV8Zcigjb>c[dgbVX_^IjgnhinXocZ_^=^hidgnXocZ_#
?ZYcdXoZÑc^ZedlhiVc^ZhnhiZbegdbdX_^!`i‹gnln"
Z`hedcj_Z cV_XZcc^Z_hoZ dWhoVgn `jaijgdlZ ^egon"
gdYc^XoZ O^Zb^ 8]ŸX^²h`^Z_ o gdold_Zb ad`VacZ_
^c[gVhigj`ijgnijgnhinXocZ_cViZgZc^ZcVhoZ_\b^cn#
8Zcigjb>c[dgbVX_^IjgnhinXocZ_^=^hidgnXocZ_
WŸYo^Z `dbeaZ`hdld dWh¨j\^lV gjX] ijgnhinXocn!
Xona^ jYo^ZaV ^c[dgbVX_^ ci# X]ŸX^²h`^X] oVWni`‹l!
WVoncdXaZ\dlZ_^\Vhigdcdb^XocZ_dgVojYdhiŸec^V
ijgnhidbad`VacZ[daYZgn!Wgdhojgn^bVen#9aViZ\d
oV¨dèZc^Vegd_Z`ijegoZl^Yj_|jildgoZc^Z/
™ edb^ZhoXoZc^V ^c[dgbVX_^ ijgnhinXocZ_ W^j"
gd YaV egVXdlc^`‹l! hiVcdl^h`V `dbejiZgdlZ
o YdhiŸeZb Yd >ciZgcZij! \VWadin o WgdhojgVb^
^c[dgbVXn_cnb^^iY#!
™ hVa^ ijgnhinXocd " bjai^bZY^VacZ_ dWZXc^Z iol#
ÎHVaV çd`^Zi`dlV¿! YdXZadld \¨‹lc^Z YaV \gje
odg\Vc^odlVcnX]! egZoZciVX_V Éab‹l ^ ^ccnX]
bjai^bZY^VacnX] bViZg^V¨‹l ijgnhinXocd"]^hid"
gnXocnX]!\VWadinlnhiVldlZ^iY##
?ZYcdXoZÑc^Z ÎC^ZbXo‹l`V¿ WŸYo^Z eZ¨c^ [jc`X_Z
ZYj`VX_^ ]^hidgnXocZ_ ^ egongdYc^XoZ_! YaViZ\d egd"
_Z`iegoZl^Yj_ZiZèjildgoZc^Z/
™ hVa^ bjoZVacd " lnhiVldlZ_ \VWadin o oVWni"
`dlnb^ Z`hedcViVb^! Z`hedonX_Z gdiVXn_cZ
^d`da^XocdÑX^dlZce#Î=^hidg^V@dÑX^d¨VcVO^Zb^
8]ŸX^²h`^Z_¿!
™ \VaZg^^ VginhinXocZ_ l e^lc^XVX] ÎC^ZbXo‹l`^¿
Z`hedonX_Z dWgVo‹l egZoZcij_|XnX] 8]ŸX^cn
^d`da^XZ!Yo^Z¨Vad`VacZ_hoij`^ajYdlZ_Z`hedcd"
lVcZejc`idlnbedYÑl^ZiaZc^Zb^iY##
Egd_Z`iegoZl^Yj_ZiV`èZ/
™ oV\dhedYVgdlVc^Z Yo^ZYo^²XV C^ZbXo‹l`^
o egoZocVXoZc^Zb cV hedi`Vc^V VginhinXocZ
^egZoZciVX_ZijgnhinXocZld`gZh^ZaZic^b!
™ jildgoZc^ZigoZX]ed`d^cdXaZ\dlnX]cVedYYVhoj!
`i‹gZ jYdhiŸec^VcZ WŸY| WZoe¨Vic^Z egoZo \b^cŸ
8]ŸX^cn\dÑX^dbegonWn¨nbcV_Z_oVegdhoZc^Z#
JGD9O:C>6
9Zbd\gVÉV
DYYc^V'%#%)#'%%.gd`jYdYc^V&.#%*#'%%.gd`j
8=çDE8N/
&#L^`idg
'#?V`jW
(#L^`idg
)#B^X]V¨
*#GdbVc
+#Ld_X^ZX]
,#;^a^e
-#7Vgi¨db^Z_
9O>:L8ONC@>/
&# HVcYgV
'# BVgincV
(# OjoVccV
)# CViVa^V
*# 9db^c^`V
+# 6Yg^Vc
B6çæ:°HIL6
CVÑajWcnb`dW^ZgXjld`gZh^ZdY'%#%)#'%%.g#
YdYc^V&.#%*#'%%.g#hiVc٬d&%eVg#
7VgYodX^Zhonbnh^Ÿ!èZcVholc^dhZ`jonh`V¨egV"
l^Z'b^a^dcno¨dinX]jc^_cZ\dlheVgX^V#9o^Ÿ`^iZbj
Y¨j\^Zb^Zh^|XZegon\didlV²oZhigdcnJgoŸYj<b^"
cn_jèl`g‹iXZob^Zc^|h^Ÿl`dc`gZicZegVXZ^Z[Z`in#
InbWVgYo^Z_!èZde^hnlVcnegd_Z`iYdinXo|XnÎC^Zb"
Xo‹l`^¿ _Zhi ÑX^ÑaZ edl^|oVcn o ^ccnb^ ^clZhinX_Vb^
eaVcdlVcnb^YdgZVa^oVX_^cViZgZc^Z<b^cn8]ŸX^cn!
`i‹gZhoXoZ\‹¨dldegoZYhiVl^bnl`daZ_cnX]cjbZ"
gVX] L^VYdbdÑX^ 8]ŸX^²h`^X]# LÑg‹Y c^X] cVaZèn
lnb^Zc^`dbeaZ`hdl|gZl^iVa^oVX_ŸXZcigjb8]ŸX^c
l gVbVX] Dh^ cg + GEDLÐ! WjYdlŸ ijgnhinXocZ_
iol# ÎÐX^Zè`^ Bc^X]V¿ ^ jildgoZc^Z 9gjèncn GnXZg"
h`^Z_O^Zb^8]ŸX^²h`^Z_lgVbVX]9o^V¨Vc^VÎDYcdlV
^gdol‹_lh^¿EGDLdgVoWjYdlŸÑX^ZèZ`ZYj`VXn_"
cnX] l gVbVX] ÎÐl^Ÿid`gonh`^Z\d HoaV`j 6gX]Zd "
<Zdad\^XocZ\d¿#
EgoZYhiVl^dcnlinbVgin`jaZegd_Z`iYdinXo|Xn
ÎC^ZbXo‹l`^¿ bdècV edYhjbdlV _ZYcnb h¨dlZb
¼ ÎCVgZhoX^Z¿ IV`V ijgnhinXocV eZg¨V gZ\^dcj
Ñl^Ÿid`gonh`^Z\d_V`|_Zhi<b^cV8]ŸX^cnbjh^b^Z
`dbeaZ`hdlZ ^ [jc`X_dcVacZ Î8Zcigjb >c[dgbVX_^
IjgnhinXocZ_^=^hidgnXocZ_¿le^Ÿ`cnboVWni`dlnb
dW^Z`X^Z#9o^Ÿ`^jonh`VcnbiVb^c[dgbVX_dbijgnÑX^
cVgZhoX^Z! oVb^Vhi c^ZeZlc^Z W¨|Yo^ ed b^ZÑX^Z! ed
`daZ^ ol^ZYo| lhonhi`^Z lVècZ VigV`X_Z! edh^a| h^Ÿ
^odhiVc|cVY¨jèZ_#6iddocVXoVedegdhij`dc`gZicZ
`dgonÑX^YaVb^Zho`V²X‹logjX]jijgnhinXocZ\d#
L cVhiŸecnb cjbZgoZ oVegZoZcij_Zbn Xd
lhoXoZ\‹¨VX] docVXoV iV_Zbc^Xon egd_Z`i ÎÐX^Zè`V
Bc^X]VlgVojildgoZc^Zb9gjèncnGnXZgh`^Z_O^Zb^
8]ŸX^²h`^Z_¿#
GZ[ZgVi;jcYjhonEdbdXdlnX]^EgdbdX_^
O<DCN
LD`gZh^ZdYYc^V'%#%)#'%%.gd`jYdYc^V&.#%*#'%%.gd`j
&#LnenX]:YlVgY
&)#%)#'%%.g#Id`Vgc^V
'#7^ZaZX`V8ZXna^V
'(#%)#'%%.g#Egonb^Vg`^
(#8^Za^WV¨V?‹oZ[ '-#%)#'%%.g#H^ZYaXZ
)#@dlVah`^HiVc^h¨Vl
'-#%)#'%%.g#H`^Wn
*#@gonhoid[Z`HiZ[Vc
%(#%*#'%%.g#HiVgdX]ŸX^cn
+#Idc^V?Vcjho %'#%*#'%%.g#8]ŸX^cn
,#8^ZeajX]HiVc^h¨Vl
%+#%*#'%%.g#çj`dlV
-#E‹¨`dhoZ`HiVc^h¨VlV
%-#%*#'%%.g#B^ZYo^Vc`V
.#E^digdlh`^8oZh¨Vl
&,#%*#'%%.g#8]ŸX^cn
&%#8]j`6a^X_V
&)#%*#'%%.g#H^ZYaXZ
8]ŸX^cn!Yc^V&.#%*#'%%.g#
Hedgo|Yo^¨V/B^gdh¨VlVLd„c^V`
8]ŸX^cn!Yc^V&.#%*#'%%.g#
Hedgo|Yo^¨V/B^gdh¨VlVLd„c^V`
&*
OæN8>6<B>CN
MMM>>>B^ŸYoncVgdYdlZ
7jh`^ZHedi`Vc^V
JbdlV_jèedYe^hVcV
o;da`adgZb'%%.
.%b^Z_hXeVg`^c\dlnX]!cdlZcVl^ZgoX]c^Z
^X]dYc^`^lXZcigjbb^VhiV
L¨VYoZ<b^cn^B^VhiVl8]ŸX^cVX]!l¨VÑc^ZedYe^hV¨n
jbdlŸcVgZVa^oVX_Ÿegd_Z`ijedYcVol|ÎBdYZgc^oVX_V^c"
[gVhigj`ijgnYgd\dlZ_^eVg`^c\jl8]ŸX^cVX]dYX^|èV_|XV
gjX]`d¨dlnlXZcigjbb^VhiVja^XZ/6gb^^@gV_dlZ_!EVg"
inoVci‹l!HiVho^XV!;gVcX^ho`V²h`V!;adg^V²h`V!HigVèVX`V!
EgoZYWdgh`V¿# Egd_Z`i odhiVc^Z ogZVa^odlVcn l gVbVX]
GZ\^dcVacZ\d Egd\gVbj DeZgVXn_cZ\d Ld_Zl‹YoilV
Ðl^Ÿid`gonh`^Z\dcVaViV'%%,¼'%&(#
L gVbVX] egd_Z`ij odhiVc| obdYZgc^odlVcZ
l8]ŸX^cVX] ja^XZ/ 6gb^^ @gV_dlZ_! EVginoVci‹l! HiVho^"
XV! ;gVcX^ho`V²h`V! ;adg^V²h`V! HigVèVX`V dgVo EgoZYWdg"
h`V# EgoZegdlVYodcV odhiVc^Z iV`èZ bdYZgc^oVX_V eVg"
`^c\j#Lhonhi`^ZgZVa^odlVcZja^XZonh`V_|c^Zina`dcdl|
cVl^ZgoX]c^Ÿ#OdhiVc^Zg‹lc^Zèln`dcVcZedl^ZgoX]c^dlZ
dYldYc^Zc^Z_ZoYc^^X]dYc^`‹l!Vegonja#6gb^^@gV_dlZ_
YdYVi`dldWŸYo^ZogdW^dcV`VcVa^oVX_VYZhoXodlV#
9jènX] ob^Vc b^Zho`V²Xn bd\| hedYo^ZlV h^Ÿ iZè
lln\a|Yo^Z eVg`^c\j# IjiV_ cVhi|e^ egoZWjYdlV XV¨Z_ cV"
l^ZgoX]c^!`i‹gVodhiVc^Zln¨dèdcV`dhi`|WZidcdl|#LZ[Z`"
X^Z `d²Xdlnb edlhiVc^Z l inb b^Z_hXj Vè .% b^Z_hX eVg"
`^c\dlnX]#B^Z_hXVedhid_dlZlnYo^ZadcZWŸY|dYb^Zccnb
`dadgZb`dhi`^#EgVXZgdoedXoc|h^Ÿl>`lVgiVaZ'%&%g#
( BV_V '%%. g# l B^Z_h`^b 9dbj @jaijgn l ?ŸYgoZ_dl^Z
dYWn¨n h^Ÿ :a^b^cVX_Z Yd jYo^V¨j l @dc`jgh^Z ;^cV¨dlnb
MMM>>> B^ŸYoncVgdYdlnX] 7jh`^X] Hedi`V² o ;da`adgZb
'%%.# L :a^b^cVX_VX] lnhi|e^¨ OZhe‹¨ Ðe^ZlVXon Î7DAB>"
C>6C@>¿gZegZoZcij_|X<b^cŸ8]ŸX^cn^digonbV¨Cdb^cVX_Ÿ
Yd jYo^V¨j l lnb^Zc^dcnb @dc`jgh^Z ;^cV¨dlnb# EVc^Z!
lh`¨VYo^Z/ B^ZXonh¨VlV HiŸe^Z²! B^ZXonh¨VlV C^ZocVcdlh`V!
AjXncV;gVc`dlh`V!7VgWVgV<‹gZX`V!BVg^VccV@goZhodlh`V!
@gnhincVGjYc^X`V!=ZaZcVBVojgdgVoBVg^VccVçZWZ`egon
V`dbeVc^VbZcX^ZEVcVOZcdcV<a^l^²h`^Z\doVegZoZcidlV¨n
YlV jildgn ei# ÎIn bd_V Yo^ZlXncdÎ dgVo Î6 _V` oZb l^Z¨V
l^dcZ`o^Zajcn¿#OV
e^Ÿ`cZ ^ hiVgVccZ
ln`dcVc^Z jild"
g‹lajYdlnX]EVc^Z
digonbV¨n c^Z ina`d
Cdb^cVX_Ÿ! `i‹gV
_Zhi jl^Z²XoZc^Zb
>X] egVXn! VaZ
g‹lc^Zè \gdb`^Z
WgVlV^9neadbn#
BVg^V@gde^ho
6\c^Zho`VDaZX]
JX]lV¨VCg'-%$MAK$%.
G69NB>:?H@>:?l8]ŸX^cVX]
oYc^V(%`l^Zic^V'%%.gd`j
lhegVl^ZoVil^ZgYoZc^ViVgn[oVoW^dgdlZYdhiVgXoVc^ZldYn^oW^dgdlZdYegdlVYoVc^ZÑX^Z`‹l
CVedYhiVl^ZVgi#&-jhi#'e`i&*jhiVlnoYc^V-bVgXV&..%g#dhVbdgo|Yo^Z\b^ccnbi#_#9o#J#o'%%&g#Cg&)'!edo#&*.&oe‹„c#ob#dgVoVgi#')jhi#
&jhiVlnoYc^V,XoZglXV'%%&g#doW^dgdlnboVdeVigoZc^jlldYŸ^oW^dgdlnbdYegdlVYoVc^jÑX^Z`‹li#_#9o#J#o'%%+g#Cg&'(!edo#-*-!GVYVB^Z_h`V
l8]ŸX^cVX]jX]lVaVXdcVhiŸej_Z/
˜&
&#OVil^ZgYoVh^ŸYaVedhoXoZ\‹acnX]\gjeiVgn[dlnX]cVhiŸej_|XZXZcnYaV/
&\dhedYVghilYdbdlnX]!_ZYcdhiZ`WjYèZidlnX]^hVbdgo|YdlnX]!egoZbnh¨jgdacd"hedènlXoZ\d^Yo^V¨‹lheZX_VacnX]egdYj`X_^gdacZ_!l`i‹gnX]cVa^XoVc^Z
de¨VicVhiŸej_ZcVedYhiVl^Zlh`VoV²ldYdb^ZgoVllnhd`dÑX^'!'.o¨oV&b(ldYneajhdWdl^|oj_|XnedYViZ`K6I#
'\dhedYVghilYdbdlnX]!_ZYcdhiZ`WjYèZidlnX]^hVbdgo|YdlnX]!egoZbnh¨jgdacd"hedènlXoZ\d^Yo^V¨‹lheZX_VacnX]egdYj`X_^gdacZ_!l`i‹gnX]cVa^XoVc^Z
de¨VicVhiŸej_ZldeVgX^jdcdgbnojènX^Vllnhd`dÑX^'!+)o¨oV&b(ldYneajhdWdl^|oj_|XnedYViZ`K6I#
(\dhedYVghilVYdbdlZ`dgonhiV_|XZoZoYgd_‹lja^XocnX]llnhd`dÑX^'!+)o¨oV&b(ldYneajhdWdl^|oj_|XnedYViZ`K6I#
)edodhiV¨nX]dYW^dgX‹lllnhd`dÑX^'!,)o¨oV&b(ldYneajhdWdl^|oj_|XnedYViZ`K6I#
*HiVl`Vde¨VinVWdcVbZcidlZ_YaVlhonhi`^X]\gjedYW^dgX‹lldYnlnb^Zc^dcnX]le`i&¼)llnhd`dÑX^&!*%o¨Wgjiid#
'#OVil^ZgYoVh^ŸYaVedhoXoZ\‹acnX]\gjeiVgn[dlnX]cVhiŸej_|XZXZcnYaV/
&\dhedYVghilYdbdlnX]!_ZYcdhiZ`WjYèZidlnX]^hVbdgo|YdlnX]!egoZbnh¨jgdacd"hedènlXoZ\d^Yo^V¨‹lheZX_VacnX]egdYj`X_^gdacZ_!llnhd`dÑX^(!,-o¨
oV&b(ÑX^Z`‹leajhdWdl^|oj_|XnedYViZ`K6IYaVÑX^Z`‹ldYW^ZgVcnX]hnhiZbZb\gVl^iVXn_cnb#
'\dhedYVghilYdbdlnX]!_ZYcdhiZ`WjYèZidlnX]^hVbdgo|YdlnX]!egoZbnh¨jgdacd"hedènlXoZ\d^Yo^V¨‹lheZX_VacnX]egdYj`X_^gdacZ_!llnhd`dÑX^(!+(o¨
oV&b(ÑX^Z`‹leajhdWdl^|oj_|XnedYViZ`K6IYaVÑX^Z`‹ldYW^ZgVcnX]hnhiZbZbX^Ñc^Zc^dlnb#
(edodhiV¨nX]dYW^dgX‹lllnhd`dÑX^*!)*o¨oV&b(ÑX^Z`‹leajhdWdl^|oj_|XnedYViZ`K6I#
˜'
Ln`dcVc^ZjX]lV¨nedl^ZgoVh^Ÿ7jgb^higodl^<b^cn^B^VhiVl8]ŸX^cVX]dgVo9ngZ`idgdl^OV`¨VYj<dhedYVg`^@dbjcVacZ_l8]ŸX^cVX]#
˜(
IVgn[nd`gZÑadcZc^c^Z_ho|jX]lV¨|bV_|oVhidhdlVc^ZdYYc^V&XoZglXV'%%.gd`jYdYc^V(&bV_V'%&%gd`j#
&+
DEDL>:Ð8>8=–8>°H@>:
9GD<69DG6?J
Edah`V!WŸY|XVYjènb`gV_Zbl:j"
gde^Z! bV jW‹hild _Vh`^²# 8d egVlYV
cVa^Xodcd ^X] &(%% VaZ l¨|Xodcd YVlcZ
dY`gnl`^ \‹gc^XoZ# CV_e^Ÿ`c^Z_ho| _Zhi
edYdWcd ?Vh`^c^V C^ZY„l^ZYo^V edY
Ðc^Zèc^`^Zb l OVX]dYc^X] IVigVX]# IV
bV edcVY '( `b# Bgd„cV l 9da^c^Z
8]dX]d¨dlh`^Z_bVegVl^Ze‹¨`^adbZigV
^ W^V¨Z _V` hogdc cVX^Z`^# DWdl^|o`dld
lhedb^cVh^Ÿ?Vh`^c^Ÿçd`^Zi`VlD_Xdl"
h`^bEVg`jCVgdYdlnb#L^Ÿ`hodс\gdi
edh^VYVY¨j\dсedc^èZ_hijbZig‹l#
LZ lgoZÑc^j &.+) g# jXoc^dl^Z `gV"
`dlh`^Z\d IZX]c^`jb <Zdad\^XocZ"
\d b^Za^ l <b^c^Z 8]ŸX^cn egV`in`Ÿ
iZgZcdl|edY`^Zgdlc^XilZbeVc^b\g
B#7dXoVgh`^Z_#9nhedcdlVa^lnX^c`Vb^
bVen ided\gVÉXocZ_! \Yo^Z `VgidlV"
c^Zbedl^ZgoX]c^dlnbcVcdh^a^jildin
\Zdad\^XocZ#
<gjeV!Yd`i‹gZ_cVaZèZa^/7#7V¨Yjc!
O# 7dX]V_Zlh`^! L# çjX`^ ^ L# EjXZ`!
`VgidlVa^ oVaZh^dcn iZgZc 7dWgonXo`^
^hic^V¨ bV¨n bVgbjgd¨db o c^Z lnl^Z"
o^dcnb^Wad`Vb^lVe^Zc^VYZld²h`^Z\d#
L d`gZh^Z eVcdlVc^V HiVc^h¨VlV 6j\j"
hiVEdc^Vidlh`^Z\dWn¨dc_jèc^ZXonccn
^cVolVcnegoZoWVYVXoV?#;#8Vgdhh^Z\d
9dWgo|Xo`|#AZè|XZiVbWad`^edX]dYo|
oe‹„c^Z_honX]gdW‹ihiVho^Xdlh`^X]#Jgd"
Xonh`daZÑcZol^Zh^ŸYdYo^ÑBVa^`!X]d
hiVgdedah`^ ^ccn bVgbjgd¨db d iZ_ cV"
ol^Z!edX]dYo|XZ_dYjèni`dlc^`VaZèV¨
dedYVa egon igV`X^Z o @^ZaX Yd 8]ŸX^c
^odhiV¨oVhneVcnegon[dgbdlVc^jYgj"
\^Z\deVhVhodhn:",#
LedWa^èj`Vb^Zc^d¨dbj9dWgo|Xo`V
b^Z_hXdl^ gdac^Xn ¨VbVa^ YdgnlXod YaV
hlnX] edigoZW lVe^Z² o cVijgVacZ\d
dYh¨dc^ŸX^V! `i‹gnb Wn¨d jgl^hiZ oWd"
XoZ \‹gn# IVb _Zh^Zc^| &.+( g# dYh¨dc^a^
dil‹g Yd `i‹gZ\d hneVa^ WZoigdh`d dY"
eVYnXona^h`gnl`Ÿ#7n¨id?#@deZ^;#
LVlgoZ²Xon`# Dc^ ln_VÑc^a^ `Vgij_|Xnb
X]¨deXdb!èZdil‹g_ZhiWVgYod\¨ŸWd`^#
JXoc^dl^Z o igjYZb YdiVga^ Yd lcŸigoV
_Vh`^c^`gVhdlZ_Wd\ViZ_lZ[Z`idlcZcV"
X^Z`^`VaXnidlZg‹ècZ\dgdYoV_j#
Edl^VYdb^dcd cVinX]b^Vhi ln`¨V"
YdlXonc^Ÿ ^ l egoZYb^didlZ_ a^iZgVijgoZ
odhiV¨V dcV dY`gnlX|# JhiVadcd lhe‹ac^Z
cVolŸ# Di‹è l <‹gVX] Ðl^Ÿid`gonh`^X]
cVijgVac| Yo^jgŸ h`Vac| olVcd dY
ÑgZYc^dl^ZXoV E^Z`¨Zb# IV`dlZ ^hic^V¨d
edYC^Z`¨Vc^Zb!l<V¨Ÿo^XVX]`d¨d8]ŸX^c
VcVYL^ZgcVGoZ`|Wn¨V_Vh`^c^VE^Z`^Z¨`d#
9aV`dcigVhijegon8oZgldcZ_<‹goZ\gdiŸ
dlheVc^V¨nblnhigd_jcVX^Z`dlnbcVolV"
cd GV_Zb joVhVYc^V_|X! èZ iV` edigV`ij_Z
dW^Z`iedoV\Zdad\^Zbg‹lc^ZèijgnhiV#
JXoc^dl^ZdejÑX^a^iZgZcVlXoZglXj
&.+* g# j`VoV¨V h^Ÿ ^c[dgbVX_V legVh^Z
edldYj_|XVYZlVhiVX_Ÿ_Vh`^c^#LX]dYo^¨
`idX]X^V¨![did\gV[dlV¨^ln¨VbnlV¨hd"
W^ZhdeaZcVX^Z`dlZ!olVcZhiVaV`iniVb^#
Eg‹Xoc^X]lnhiŸedlV¨nlWV_dg`VX]`ja^"
hiZlVe^ZccZ_ZèZ^dlVacZeZg¨n_Vh`^c^d"
lZ#8V¨`dl^iVY¨j\dсgdoXo¨dc`dlVcZ\d
hnhiZbj `db‹g lncdh^¨V ')% b# iZb"
eZgVijgV lZlc|igo a^Xon¨V eajh .•8!
l^a\dicdс edlnèZ_ .*# L _ZYcnb
bZigoZ `lVYgVidlnb higdej i`l^¨d Yd
YljhijhiVaV`ini‹l#7n¨ng‹lc^ZèhiVaV\"
b^in! cVX^Z`^ gdhc|XZ `j \‹goZ dgVo `d"
ajbcnj[dgbdlVcZegoZoed¨|XoZc^Zh^Ÿ
^X] oZ hiVaV`iniVb^# 9¨j\dс hiVaV`ini‹l
lncdh^¨V egoZlVèc^Z dY '% Yd )% Xb!
bV`hnbVac^Z-%Xb#C^Z`i‹gZWn¨ngjg"
`dlZoejhi`|lÑgdY`j#
CVX^Z` hiVcdl^¨d iZè oVhX]¨Z baZ"
`d lVe^ZccZ# CVbj¨ YcV! WŸY|Xn \a^c|
ol^ZigoZa^cdl| ^ cVl^Vcnb aZhhZb!
oVl^ZgV¨ hoXo|i`^ `dhicZ [Vjcn _Vh`^c^d"
lZ_dgVoYdhiVgXodcZegoZoXo¨dl^Z`V#
7ZoedÑgZYc^d ed dY`gnX^j _Vh`^c^
hil^ZgYodcd l c^Z_ XoiZgn \Vijc`^ c^Z"
ideZgon èn_|XZ l ^adÑX^ e^ŸYo^Zh^ŸX^j
Z\oZbeaVgon dgVo bjX]‹l`^! X]gjÑX^`^!
eV_|`^^Ña^bV`^#
De^Z`ŸcVY\gdi|gdoidXona^egVXdl"
c^XnDYYo^V¨jÐl^Ÿid`gonh`^Z\d>chinij"
ij<Zdad\^XocZ\do@dchZglVidgZbEgon"
gdYn# Dil‹g olVcn Yo^Ñ LZ_ÑX^Zb DY"
`gnlX‹l oVWZoe^ZXodcd `gVi|# O Yc^Zb
* eV„Yo^Zgc^`V &.+- g# dW^Z`i odhiV¨ gZ"
oZglViZb egongdYn# JYdhiŸec^Zc^Z _V"
h`^c^gdoedXoŸidl&.+,g#EgdlVYo^¨d\d
@^ZaZX`^ZEgoZYh^ŸW^dghild<Zdad\^XocZ!
Ynhedcj_|XZ l¨Vhcnb hegoŸiZb \‹gc^"
Xonb# >clZhidgZb gdW‹i Wn¨ DÑgdYZ`
Hedgij^Ijgnhin`^l@^ZaXVX]#
EgVXZVYVeiVXn_cZiglV¨nVèe^ŸaVi!
WdegdlVYodcd_Zdhigdèc^Z!VWngdWdin
\‹gc^XoZc^Zlngo|Yo^¨nl\gdX^Zho`‹Y!
edaZ\V_|XnX] cV c^hoXoZc^j cVX^Z`‹l
gdWdiVb^ higoV¨dlnb^! dhjhoZc^j ^ edY"
c^Zh^Zc^j X^Ze¨din# G‹lcdaZ\aZ egdlV"
YodcZ Wn¨n WVYVc^V# Hil^ZgYodcd! èZ
\gdiŸ Ylj`gdic^Z jèni`dlV¨ Xo¨dl^Z`
cZVcYZgiVah`^ l d`gZh^Z oadYdlVXZ"
c^V e‹¨cdXcd"edah`^Z\d hegoZY d`d¨d
e^ŸYo^Zh^ŸX^dbV inh^|XVb^ aVi# OcVaZ"
o^dcdl\gdX^Z`dÑX^YjènX]hhV`‹l!_V`
c^ZY„l^ZYo^V_Vh`^c^dlZ\d^WgjcVicZ\d!
bVbjiV! ]^Zcn _Vh`^c^dlZ_! cdhdgdèXV
l¨dX]ViZ\d! e^èbdld¨V! èjWgV e^Zgldi"
cZ\d!gZc^[ZgV!`dc^V^a^hVedaVgcZ\d#
BVhdldlnhiŸedlV¨niZè`dÑX^YgdW"
cnX] hhV`‹l! _V` \gnodc^ ^ c^ZideZgon#
OZWgVcd o YdacZ_ lVghiln `jaijgdlZ_
()* lngdW‹l ajYo`^X]! o `i‹gnX] +*
hiVcdl^¨ncVgoŸYo^V`goZb^ZccZVolVg"
hiln \‹gcZ_ '-- lngdW‹l `Vb^ZccnX]#
IVb `goZb^Zc^Z hiVcdl^¨n +'# ocV_Yd"
EaVc?Vh`^c^GV_#
DW_VÑc^Zc^V/
&# lZ_ÑX^Z!
'# hoidac^V"ijcZa!
(# LZ_ÑX^ZDY`gnlX‹l!
)# @dbdgVLhiŸecV!
*# HVaVHijYZci‹l!
+# @dgniVgoC^ZYdhiŸecn!
,# @dbdgVO¨db^h`!
-# @dbdgVHiVaV`inidlV!
.# @dbdgVLnhd`V!
&%# hVaZ!
&&# HVaV`dajbcdlV!
&'# @dbdgVL^Za`VLVe^ZccV!
&(# 8oVgcdocVXodcVldYV#
lVcd `Vb^ZccZ gdoX^ZgVXoZ o i¨jXo`Vb^!
egoZ`¨jlVXoZ ^ gnaXZ! YgVeVXoZ dgVo
o\goZW¨V#
9o^Ñ ?Vh`^c^| GV_ \dhedYVgj_Z
EgoZYh^ŸW^dghild IjgnhinXocZ çnhd\‹gn
He# o d# d# LZ_ÑX^Z Yd \gdin egdlVYo^
egoZo eVl^adc! \Yo^Z dYildgodcd l ad"
`Vacnb bjoZjb dWdodl^h`d gdYo^ccZ
cZVcYZgiVaXon`‹l o igoZbV cVijgVacZ_
l^Za`dÑX^edhiVX^Vb^#DW^Z`ibVeVg`^c\!
\Yo^Ze¨VicdсoVVjid`Vglncdh^&*o¨!oV
VjiddhdWdlZ(o¨^oVbdidXn`a&!*%o¨#
Egon
eVg`^c\j
hid^
oV_VoY
ogZhiVjgVX_|#9d_ÑX^ZYd\gdinaVhZbdWd`
bVgbjgd¨dbj `gŸi| ÑX^Zènc| Vh[Vaidl|
Y¨j\dÑX^ (*%b# BV dcV aViVgc^Z# ?Zhi
`^dh`oeVb^|i`Vb^!YjènjYo^V¨`Vb^Zc^
doYdWcnX]#
EdY o^Zb^| igVhŸ ijgnhinXoc| d\gVc^"
XodcdYd&-%b#OVWgdc^dcdlegdlVYoV
eh‹l! [did\gV[dlV! eVa^ inidc^j
^`dgonhiVo_Vh`^c^oiZaZ[dc‹l`db‹g`d"
lnX]#DW^Z`iaZènlaZh^ZhdhcdlnbdWd"
\Vinb edYhonX^j a^ÑX^Vhinb# EdY o^Zb^Ÿ
lX]dYo^ h^Ÿ ln¨|Xoc^Z \gjedld oegoZ"
ldYc^`^Zb# DhdWn ^cYnl^YjVacZ h| Yd
oW^dgdlnX] \gje Yd¨|XoVcZ# GjX] iV`
Yjèn! èZ edhoXoZ\‹acZ lnX^ZXo`^ bjho|
oVbVl^VYo^Z²egonWnX^V#
EdYlo\aŸYZblheVc^V¨Z_hoVincVX^Z"
`dlZ_GV__ZhilEdahXZWZo`dc`jgZcXn_"
cn^oV_bj_ZYgj\^Zb^Z_hXZed`gVhdlZ_
?Vh`^c^C^ZY„l^ZYo^Z_lHjYZiVX]#
?Zgon;^_V¨`dlh`^
&,
DEDL>:Ð8>8=–8>°H@>:
GZ\^dcVacnDÑgdYZ`7VYV²^9d`jbZciVX_^OVWni`‹ll@^ZaXVX]
BVen/ÎOVgnhYo^Z_‹l8]ŸX^c¿"9#@Va^cV
B^ZYo^Vc`V^Eda^X]cd"Yl^ZYo^Zac^XZb^VhiV8]ŸX^c
B^ZYo^Vc`V"idcVolV\‹gn(*-bc#e#b#^dhVYned¨dèdcZ_j_Z_hi‹e!jild"
godcV odhiV¨V dY hiVgdedah`^Z_ cVoln Z`headVidlVcZ\d ij `gjhoXj b^ZYo^# DhVYV
cVaZèn Yd dhVY WVgYod hiVgnX]! cV _Z_ iZgZc^Z b^V¨n b^Z_hXZ ocVaZo^h`V ¼ h^Z`^Zg`^
Wg|odlZdgVobdcZinod`gZhjle¨nl‹lgonbh`^X]!!YV_|XZedYhiVlŸil^ZgYoZc^db
dlXoZÑc^Z_honX]c^èÑgZYc^dl^ZXocnX]edXo|i`VX]Z`headViVX_^gjY#EdgVoe^Zglhon
lhedbc^VcVodhiV¨Vlde^h^Z?#çVh`^Z\d&*&&"&*'(!_V`daZè|XVloVh^Ÿ\jeVgVÉ^
l8]ŸX^cVX]#Lde^h^Zo&*+*g#XoniVbn!èZ_Zhib^Z_hXZolVcZB^ZYo^Vc`V!\Yo^Z
dh^VY¨Vl^ZÑEdan`cdo\‹gc^`‹l#<‹gc^`BVgX^c<VgWVgodedl^VYV¨l‹lXoVh!èZlnYd"
WnlVcdij`gjhoZXb^ZYo^Vcn!aVojg^o^ZaZc^XŸ!VaZoVc^ZX]VcdZ`headViVX_^oedldYj
WgV`j ÑgdY`‹l cV
W^Zè|XZ de¨VXVc^Z
lnYVi`‹l ^clZ"
hinXn_cnX]#
Aj"
higVidgon de^hj_|Xn
bV_|iZ` `g‹aZlh`^
l &*+. g# hil^Zg"
Yo^a^b^Zho`V_|XnX]
l inb b^Z_hXj
_ZYnc^Z
igoZX]
X ] V ¨ j e c ^ ` ‹ l #
Ij cVaZèV¨dWn egonedbc^Z! èZ `de^|Xn gjYŸ egdlVYo^a^ egVXZ ina`d l d`gZh^Z o^"
bdlnb! \Ynè honWn \‹gc^XoZ c^Z Wn¨n egoZl^ZigoVcZ ^ ina`d o^b| lno^Zln bd\¨n
jaVic^Vh^ŸhVbd^hic^Z#9aViZ\diZèjèni`dlVcZegoZo\‹gc^`‹liZgZcned\‹gc^XoZ
]dYdlaV!jegVlnd`gZÑadcZodhiV¨nleZlcnbbdbZcX^Z_V`d\gjcigdacn^edY"
YVcZ lnc^`V_|Xnb o iZ\d [V`ij edYVi`db# EgdXZh dhVYoZc^V cdlZ_ lh^ b‹\¨ Wn
YdсY¨j\diglV¨n!c^Zbc^Z_l&*-(g#gdaZWn¨nedb^ZgodcZh`dgdbdX|egonl^aZ_j
`g‹aVH#7VidgZ\db^V¨VWnoc^X]dYegdlVYoVcVYo^Zh^ŸX^cVcVgoZXodYcdl^dcZ\d
[jcYjhojho`d¨nl8]ŸX^cVX]#L&+%'g#`g‹aOn\bjci>>LVoVcVYV_|XhiVgdhild
Hi#7gVc^X`^Zbjln¨|Xon¨hedY_Z\d`dbeZiZcX_^\‹gc^Xild!oVaZXV_|XYdegdlVYo^
YdjènlVacdÑX^`deVac^ZX]ŸX^²h`^Z^¨dbnbVgbjgj#LiZ`ÑX^ZajhigVX_^o&+&,g#
XoniVbn/ Î?Zhi cV \‹goZ B^ZYo^Vc`V oV\gdYc^`‹l cgd (! `i‹gon Xonchoj c^Z e¨VX|
^edl^ccdÑX^èVYcZ_YdOVb`jc^ZdYegVlj_|#IgonbV^X]egonb¨nc^`j!8]VgŸè‹l
cVolVcnb! eVc ;adg^Vc <^ZYgj! edYèjeZ` X]ŸX^²h`^ o bV¨èdc`| hl| eVc^|
@ViVgonc|o<dÑc^Zl^X!oVegonl^aZ_Zb@?BX^EVcVCVhoZ\dYZYViVVccd&+&,¿#
Lde^h^Zo&+'.g#l^ZÑB^ZYo^Vc`Vb^V¨VigoZX]oV\gdYc^`‹l!`i‹gnX]igonbV¨Hi#
<dgoZX]dlh`^oZhl|èdc|Jghoja|HVh^c‹lc|!X‹g`|l‹_iVYVaZhonX`^Z\dOiZ`hij
YdbnÑaVbn h^Ÿ g‹lc^Zè! èZ dhVYV iV lgVo o b¨ncZb ^ hiVlZb cV ?ZYa^Xn olVcnb
Eda^X]cd!egoncVaZèV¨VYdEda^X]cV#Oc^hoXoZc^Vld_h`holZYo`^X]c^ZYdi`cŸ¨nX]n"
WV B^ZYo^Vc`^! _ZYcV`èZ egVXZ \‹gc^XoZ oVbVg¨n# O iZ`hij ajhigVX_^ o &++& g# l^Z"
bn!èZWn¨dijigoZX]oV\gdYc^`‹ldYgVW^V_|XnX]eV²hoXonocŸYdb¨ncV8]VgŸè‹l0
l&++' g# dhVYV Wn¨V l gŸ`VX] Yo^ZgèVlXn 6c"
YgoZ_V 9ZbW^²h`^Z\d# 8]nWV _ZhoXoZ egoZY ed¨#
MK>>> l# B^ZYo^Vc`V lZho¨V l h`¨VY hiVgdhilV
c^Z\gdYdlZ\d gjYo`^Z\d oh^ZYo^W| l GjYo^Z
OV_|Xo`dlh`^Z_# EdYXoVh ajhigVX_^ l &,-. g# Wn¨n
lnb^Zc^dcZ lZ lh^ XoiZgn gdaZ! [jc`X_dcdlV¨V
`VgXobV#
Eda^X]cd
L^ZÑ iV! hiVcdl^|XV c^Z\YnÑ egoZYb^ZÑX^Z
b^VhiV8]ŸX^c!gdoh^VY¨Vh^Ÿb^ŸYon\‹gVb^d`d¨d
* `^adbZig‹l cV oVX]‹Y dY b^VhiV# CVolV lh^
oVe^hnlVcV _V`d Eda^`cd &*%-! EgoZYb^ZÑX^Z
Edan`cd &**. bV edX]dYo^ dY h¨dlV ÎedaZ¿!
Îe‹¨`d¿! VaZ X]nWV _Zhi gVXoZ_ \‹gc^XoZ_ egdlZ"
c^ZcX_^0 edYdWc| cVolŸ cVedin`Vbn l d`d"
a^Xn Da`jhoV# CV oVX]‹Y dY oVWjYdlV² lh^
egoZe¨nlVgoZ`V=ji`V!cV`i‹gZ_oV¨dèdcnodhiV¨
hiVl! V c^ZXd edlnèZ_ Ygj\^! ol^|oVcZ oVeZlcZ
o]ji|b^Z_h`|!l&)-&g#d`gZÑadc|_V`dhiVgV#Edhigdc^Zed¨jYc^dld"lhX]dYc^Z_
egoZe¨nlV c^Zl^Za`^ X^Z` ildgo|Xn c^Z\YnÑ hiVl! Xd oVcdidlVcd _V`d b^Z_hXdl|
cVolŸ HiVl`^# L _Z\d `^Zgjc`j egdlVYo^ edacV Ygd\V o XoŸÑX^ @dgoZX`V olVcZ_
OVigde^Z#Lh^dYaZedb^ŸYon\‹gVb^AVh`dl|^æZWgdl^XVhiV¨c^Z\YnÑYdbod\gd"
YZb^hVYoVl`|!cVYVcnl&)-&g#egoZo6ccŸ!bVi`Ÿc^Z\YnÑ?VcVolVcZ\dHb^X]
bdèZ/Ðb^ZX]4!egZWZcYo^Zhoe^iVacZ_l8]ŸX^cVX]#
C^Z ocVbn edXo|i`‹l dhVYn! VaZ lneVYV h^Ÿ o\dYo^ o edlhoZX]c| iZo|! èZ
jhlZ\doVgVc^VWn¨VdcVol^|oVcVo\‹gc^XilZb^]jic^XilZbbZiVa^c^ZèZaVocnX]#
CVhonb oYVc^Zb e^ZglhoV lob^Vc`V YdinXo|XV Eda^X]cV edX]dYo^ o Yd`jbZcij
o&(-)g#!l`i‹gnbBVgX^c@dgXoZ`!l‹_iX]ŸX^²h`^!edil^ZgYo^¨V`ihegoZYVèn'*%
\gonl^ZcegoZoÐl^Ÿidh¨VlV!Wn¨Z\dedYh`VgW^Z\d`g‹aV@Vo^b^ZgoVL^Za`^Z\d!hlZ"
\d Yo^ZYo^XilV ed¨dèdcZ\d edb^ŸYon \gVc^XVb^ b^VhiV V dhVYn HX]Zigde ^H`nWn!
b^ZhoXoVc^cdl^X]ŸX^²h`^Zbj?Vcdl^!OcVXocVhjbVoVc^Zd`gZÑadcnWa^èZ_dWhoVg
c^Zjèni`‹lÑl^VYXondinboVeZlcZ!^èWn¨nidiZgZcnVigV`Xn_cZ\‹gc^Xod#9o^ZYo^X"
ildiddWZ_bdlV¨dgdaZ!aVhn!ldYn!¨|`^^eVhil^h`V!VaZg‹lc^ZèhVYoVl`Ÿob¨ncZb#
9dbnÑaVbnh^Ÿ!èZdWhoVgiZcocV_YdlV¨h^ŸcVoVX]‹YdYoVWjYdlnb^VhiV!edc^èZ_
lh^H`^Wn!VedlnèZ_igV`ijo8]ŸX^cegoZo7dab^c!YdBV¨d\dhoXoVdgVo\gjci‹l
lh^@dgoZX`d!oVÑdYhigdcnoVX]dYc^Z_egoZ`gVXoV¨goZ`Ÿ?ZYac^XŸkZa=ji`Ÿ#L^c"
lZciVgojhiVgdhilVX]ŸX^²h`^Z\do&*%-g#lEda^X]c^Zlna^Xodcd-)cVol^h`Vedh^V"
YVXonc^Zg‹lcnX]g‹a!oXoZ\d'%g‹acVaZèV¨dYdb^ZhoXoVc!oVÑe‹¨¨VcVYdhoe^iVaV
&-
X]ŸX^²h`^Z\d# Edh^VYVa^ dc^ l M>K
l# `dÑX^‹¨ \‹gc^Xon e#l# Ñl# ?V`j"
WV ed¨dèdcn cV iZgZc^Z `aVhoidgj
[gVcX^ho`Vc‹l! _ZYcV`èZ l de^h^Z
?#çVh`^Z\db^Zho`V²Xnlh^Eda^`cd
edodhiVlVa^loVh^Ÿ\jeVgVÉ^ b^Z_"
h`^Z_l8]ŸX^cVX]#
CVaZè|XZ Yd c^X] Ydbn ^ gdaZ
edYaZ\V¨n b^Z_h`^Zbj egVlj bV\"
YZWjgh`^Zbj# L ajhigVX_^ o &*+*
g# XoniVbn! èZ Î\gdbVYV Eda^X]cV
oZ hiVgdYVlcV o b^VhiZb lZhed¨Z`
XonchogdacnYdh`VgWj?@Be¨VX^¨V!
V`iZbjld_ZccZ!hodhn^edYldYŸ
lZhed¨Z`ob^VhiZbh`¨VYV¨V¿#CVYdl‹Yd`VoVa^ajhigVidgdbYZ`gZiOn\bjciV6j"
\jhiV!YVidlVcnoLVghoVln&*+(g#!edil^ZgYoV_|Xnegonl^aZ_@Vo^b^ZgoVL^Za`^Z\d
^c`dgedgj_|XnEda^X]cdYdb^VhiV#B‹l^iZèdinbegonl^aZ_L¨VYnh¨VlV?V\^Z¨¨no&)%,
g#!`i‹gnegoZWnlV_|Xl8]ŸX^cVX]edil^ZgYo^¨gV_XdbX]ŸX^²h`^begonl^aZ_ZcVYVcZ
egoZo@Vo^b^ZgoVL^Za`^Z\d!linbegVldbV\YZWjgh`^ZdgVooVeZlc^Zc^Z!èZb^Zho"
XoVc^ZbV_|dYedl^VYVina`degoZYhld^bl‹_iZbajWh|YZblnèhonbegVlVc^Z"
b^ZX`^Z\d#EgVldiddYYVlV¨dl¨VYoŸl‹_idl^dgVo¨Vl^Zo¨dèdcZ_oZhiVghonX]XZX]‹l
Yo^V¨V_|XnX]lb^ZÑX^ZdgVoegoZYhiVl^X^Za^hiVcj\lVgZX`^Z\d!èjec^`V#E^ZglhoncVb
ocVcn èjec^` oVh^VYV¨ l ¨Vl^Z h|Yj lnèhoZ\d egVlV bV\YZWjgh`^Z\d l8]ŸX^cVX]
l&)%-g#Wn¨c^bB^`d¨V_Hjec^`#9dcVhonX]XoVh‹loVX]dlV¨dh^Ÿ`^a`Vlngd`‹l
iZ\dh|Yj!YdinXo|XnX]dWgdijo^Zb^|#Did'+K>&)(&g#l‹_i^¨Vlc^Xnb^VhiV8]ŸX^cn
oVÑl^VYXoV_|!èZ6cYgoZ_oEda^X]cVhegoZYV¨gdaŸLd_X^ZX]dl^!V->K&))%g#HiVc^h¨Vl
oEda^X]cVdYhi|e^¨B^`d¨V_dl^e‹¨egŸiVgda^#8^Z`Vln_ZhioVe^ho'%M&)(.g#!`^ZYnid
lnhiŸej_ZHiVX]cVhd¨inh^cV!`i‹gVhegoZYV¨VÐl^Ÿidh¨Vldl^oEda^X]cV'egŸingda^!Xd
edil^ZgYo^a^l‹_i^¨Vlc^Xnb^VhiV8]ŸX^cn#>c[dgbVX_Vdèdc^Zhd¨inhVEda^X]cVedolV"
aVcVblnhcjegonejhoXoZc^Z!èZl^ZÑiVWn¨Vllh^|ad`VXn_c|#D`d¨ded¨dlnMK>
l#lnYdWnX^Z`gjhoX‹llgZ_dc^ZEda^X]cVlnYVic^Zh^Ÿobc^Z_hon¨d#EgonXonc|iZ\d
Wn¨ WgV` [jcYjhon cV egdlVYoZc^Z egVX egoZo \‹gc^`‹l X]ŸX^²h`^X] ^lnXoZgeVc^Z
h^Ÿ ¨Vild YdhiŸecnX] o¨‹è# 9aViZ\d On\bjci 6j\jhi l &**( g# lnYV¨ egonl^aZ_! VWn
XoŸÑ\gjci‹lEda^X]c^VcodhiV¨Vh`je^dcVegoZoedYhiVgdÑX^Z\d^hŸYo^Z\d\gdYo`^Z\d
X]ŸX^²h`^Z\dBVg^VcVEgon¨ŸX`^Z\doegoZocVXoZc^ZbcVjildgoZc^Zoc^X][dalVg`j#
LinbXoVh^Z&**)dhVYVa^Xon¨V(%dXonchodlVcnX]g‹a!b^ŸYon`i‹gnb^Î-b^ZhoXoVc!
`i‹goniZèiVbhld_ZgdaZb^Za^!VÑe^iVaX]ŸX^²h`^b^V¨Ylj`b^ZX^[jcYdlVcnX]egoZo
b^ZhoXoVc¿#Lhidhjc`jYdinX]b^Zho`V²X‹lEda^X]cVV`ijVac^Zc^ZoV_bj_|Xnbh^Ÿ
lnYdWnX^Zb! jgoŸYc^Xn jènlVa^ iZgb^cj `b^Z# LnYV_Z h^Ÿ! èZ egonXoncV iZ\d Wn¨V
egdhiV/\YnWgV`dlV¨d^be^Zc^ŸYoncVegdlVYoZc^ZW^Zè|XZ_Yo^V¨VacdÑX^!de^hnlVa^
oVY¨jèZc^ZcVhld^bYo^ZYo^Xil^Z!Xona^edh^VYVcZ_egoZoh^ZW^Zc^Zl^Za`^Z_l¨VhcdÑX^
o^Zbh`^Z_!\gjcij#LiZchedh‹WedlhiV¨VlVghilV`b^ZX^dYgVW^V_|XnX]odWdl^|oVc^V
dgVo lVghilV inX]! `i‹gon edh^VYVa^ \gjcin# C^Zoln`aZ lVè`| Wn¨V hegVlV hiVijhj
egVlcZ\d Eda^X]cV# CVonlVcZ Wn¨d dcd EgoZYb^ZÑX^Zb ajW lh^| b^Z_h`|# HegVlV
egoncVaZècdÑX^Eda^X]cV!Vlinbg‹lc^Zè[dalVg`jYdb^VhiVX^|\cŸ¨Vh^Ÿ^e‹„c^Z_#
@daZ_cn! edbnÑacn l iZ_ hegVl^Z YZ`gZi b^Vhid digonbV¨d l &*-( g#! l`i‹gnb oV"
eZlc^dcd!èZÎiVl^ZÑYZ`gZiZb@?BX^_Zhib^Vhijegonh|YodcVlhonhi`V^cViZgdaZ
o [dalVgXo`^Zb YnhedonXn_Z b^Z_h`^Z oVho¨n¿# Ed iZ_ YVX^Z [dalVg` Wn¨ l Yo^ZgèVl^Z!
cV_e^Zglj<VWg^ZaV9o^Zgon!b^ZhoXoVc^cVX]ŸX^²h`^Z\d!cVhiŸec^ZoVeZlcZ_Z\dhncV
IZdÉaV 9o^Zgon! edh^VYVXoV hd¨ZXilVlHcdX]dl^XVX]!ediZb_ZhoXoZLVlgon²XV8^Z"
h^Zah`^Z\d! V l &+%' g# HiVc^h¨VlV B^ZgoVcdlh`^Z\d# ;dalVg` iZc `je^¨ egoZY &+'.
g# dY b^VhiV HiVc^h¨Vl 8oZX]dlh`^! dY `i‹gZ\d cVWn¨V iZc [dalVg` 7ZViV o LVedl"
h`^X]!èdcV?VcV@aZbZchV7gVc^X`^Z\d!hiVgdhinX]ŸX^²h`^Z\d!egV\c|XdÉVgdlV\d
[gVcX^ho`VcdbX]ŸX^²h`^b#LMK>>>l#dhVYVb^V¨V[dgbVacZXZX]nb^Z_h`dÑX^!_Z\d
b^Zho`V²XnXdgdXoc^ZlnW^ZgVa^hVbdgo|Yo¨dèdcnoYl‹X]hiVghonX]!`i‹gonle^hnlV"
c^Wna^Yd`h^|\b^Z_h`^X]^gZegZoZcidlVa^^ciZgZhnb^Zho`V²X‹lcViZgZc^Zb^VhiV#
EdYeda^X]cd"dhVYnoVe^hnlVcVi¨jbVXon_Z_ed¨dèZc^Zlo\aŸYZblh^Eda^X]cd#
Ln¨dc^¨Vh^ŸiZèo_Z_iZgZcj!cVegVlnb!oVX]dYc^b!WgoZ\jgoZ`^=ji`^#L&**(
g# BVg^Vc Egon¨ŸX`^! edYhiVgdÑX^ ^ hŸYo^V \gdYo`^ X]ŸX^²h`^! Yo^ZgèVlXV lh^ Eda^X]"
cd! digonbV¨ egonl^aZ_ dY On\bjciV 6j\jhiV cV h`je^Zc^Z ejhinX] g‹a `b^ZXnX]
^ oV¨dèZc^Z cV ^X] dWhoVgoZ [dalVg`j! l\ de^hj o &+&, g# dWZ_bdlV¨ dc ¨Vc _ZYZc
^g‹a`^a`V#EdlhiVc^Z[dalVg`joVc^Zed`d^¨db^ZhoXoVccVinaZedlVèc^Z!èZhegVlV
igVɨVedYdWgVYnhZ_bjlE^dig`dl^Zl&**.g#B^Vhidjonh`V¨dYZ`gZi!lZYaZ`i‹"
gZ\dedÑb^ZgX^bV¨èdc`‹lEgon¨ŸX`^X]ÎegoZYb^ZÑX^ZEda^`cdl^ZXocZb^XoVhnb#
8]ŸX^cdbegongo|YodcZ^ldacdÑX^dbb^Z_h`^b!VWnedYeVY¨d¼cVocVXodcd¿#HegV"
lV egoncVaZècdÑX^ Yd b^VhiV [dalVg`j l Eda^X]c^Z X^|\cŸ¨V h^Ÿ YVaZ_# DhiViZXoc^Z
[dalVg`Wn¨egoZob^VhidlnYo^ZgèVl^Vcn!cV_e^Zgl<VWg^Zadl^9o^Zgon!b^ZhoXoVc^"
cdl^X]ŸX^²h`^Zbj!hncdl^IZdÉadl^ 9o^Zgon! V cVhiŸec^ZLVlgon²Xdl^8^Zh^Zah`^Z"
bj!l&+%'g#HI#B^ZgoVcdlh`^Zbj!lgZhoX^ZhegoZYVcn@VXegdl^çdYnYoZ!XoZ\d
YdbnÑaVh^ŸbdèZbnoigZÑX^iZhiVbZcijedodhiVl^dcZ\degoZo_Z\dWgViVHZWVhi^V"
cV# CVhiŸec^Z _Z\d l¨VÑX^X^ZaZb Wn¨ HiVc^h¨Vl 8oZX]dlh`^# L`g‹iXZ oV^ciZgZhdlV¨
h^Ÿc^b`Vcdc^`B^`d¨V_Ðl^gh`^!egV\c|Xn\doVd[ZgdlVildgodcZbj`aVhoidgdl^
`aVgnhZ`l8]ŸX^cVX]#H^dhigndhiViZXoc^ZdigonbV¨n^ccn[dalVg`!jildgodcnlhV"
bnbb^ZÑX^Z#L&+(-g#hiVcdl^¨l¨Vhcdс7ZVinoLVedlh`^X]!èdcn?VcV@aZbZc"
hV7gVc^X`^Z\d!hiVgdhinX]ŸX^²h`^Z\d!`i‹gVdÉVgdlV¨V\dl&+*.g#[gVcX^ho`Vcdb
X]ŸX^²h`^b!oVeZlcZiZhiVbZciZb#L&,-.g#[dalVg`cdidlVcn_Zhil„g‹Y¨VX]_V`d
l¨Vhcdс[gVcX^ho`Vc‹l#
9Vg^jho@Va^cV
OæN8>6<B>CN
9gd\Vl7dab^c^ZWŸYo^Z_ZhoXoZlinbgd`j
JbdlVcVÎhX]Zinc‹l`Ÿ¿
_jèedYe^hVcV
') `l^Zic^V! ld_ZldYV Ñl^Ÿid"
`gonh`^7dèZcincVEV¨`V"@dgjWVedY"
XoVh hedi`Vc^V ohVbdgo|YdlXVb^
o ld_Zl‹YoilV Ñl^Ÿid`gonh`^Z\d
edYe^hV¨V jbdln l gVbVX] CVgdYd"
lZ\d Egd\gVbj EgoZWjYdln 9g‹\
Ad`VacnX]#<b^cV8]ŸX^cndigonbV¨V
edcVY,%'!*inh^ŸXno¨dinX]oWjYèZij
EV²hilVcVWjYdlŸYgd\^l7dab^c^Z!
`i‹gVWŸYo^Z¨|XonYgd\Ÿld_Zl‹Yo`|
cg ,+' @^ZaXZ"BV¨d\dhoXo oYgd\|
edl^Vidl| cg %',+ ¼ 7dab^c ¼ B^aZ"
X]dln"OV_|Xo`‹l#
EdYXoVh jgdXonhidÑX^ l JgoŸYo^Z
Ld_Zl‹Yo`^b l @^ZaXVX]! jbdlŸ cV
WjYdlŸ Ygd\^ l 7dab^c^Z edYe^hV¨
7jgb^higo <b^cn ^ B^VhiV 8]ŸX^cn!
GdWZgi ?Vldgh`^ dgVo H`VgWc^` <b^"
cn ^ B^VhiV 8]ŸX^cn! ?VYl^\V H^c`^Z"
l^Xo# Egd_Z`i \b^cn 8]ŸX^cn ocVaVo¨
h^Ÿ lÑg‹Y hoZсYo^Zh^ŸX^j Yo^Zl^ŸX^j
egd_Z`i‹l! `i‹gZ odhiVc| ogZVa^od"
lVcZ lcVhonb gZ\^dc^Z lgVbVX]
CVgdYdlZ\d Egd\gVbj EgoZWjYd"
ln 9g‹\ Ad`VacnX]# CV hÉcVchdlV"
c^Z egoZWjYdln Yg‹\ ld_Zl‹Yoild
Ñl^Ÿid`gonh`^Z!edYdWc^Z_V`edodhiV¨Z
gZ\^dcn digonbV¨d +'!* bac o¨dinX]#
L gVbVX] egd\gVbj lheVgid egd_Z`"
in egoZWjYdln! WjYdln ajW gZbdcij
`ajXodlnX] dYX^c`‹l Yg‹\ \b^c"
cnX] ^edl^VidlnX] egdlVYo|XZ Yd
ol^Ÿ`hoZc^V e¨nccdÑX^ gjX]j ^ edegV"
ln WZoe^ZXoZ²hilV `dbjc^`VXn_cZ"
\d! V iV`èZ ildgo|XZ edl^|oVc^V h^ZX^
Yg‹\edl^VidlnX]^\b^ccnX]oh^ZX^|
Yg‹\ ld_Zl‹Yo`^X] ^`gV_dlnX]# EdY"
XoVh edYe^hnlVc^V jb‹l! ld_ZldYV
Ñl^Ÿid`gonh`^7dèZcincVEV¨`V"@dgjWV
\gVijadlV¨V lhonhi`^b WZcZÉX_Zcidb
^ènXon¨V_V`cV_honWhonX]gZVa^oVX_^^c"
lZhinX_^#
9gd\VdY¨j\dÑX^Wa^h`d'`b¨|Xo|XV
Ygd\Ÿ ld_Zl‹Yo`| cg ,+' @^ZaXZ
¼ BV¨d\dhoXo o Ygd\| edl^Vidl| cg
%',+¼7dab^c¼B^aZX]dln"OV_|Xo`‹l
WŸYo^Z `dhoidlV &)%*%!%% o¨# Ed¨dlŸ
e^Zc^ŸYoncVgZVa^oVX_Ÿ^clZhinX_^\b^"
c^ZjYV¨dh^Ÿedonh`VoÎCVgdYdlZ\d
Egd\gVbj EgoZWjYdln 9g‹\ Ad`Va"
cnX] '%%-"'%&&¿ ¼ egd\gVbj edidXo"
c^ZcVonlVcZ\dÎhX]Zinc‹l`|¿cVolV
edX]dYo^dYcVol^h`V<goZ\dgoVHX]Z"
incn! hoZ[V BHL^6! `i‹gn d\¨dh^¨ egd"
\gVb WjYdln Yg‹\ ad`VacnX] egone#
gZY## 9gj\| ed¨dlŸ \b^cV ln¨dèn
ol¨VhcnX]e^Zc^ŸYon#¼C^ZYVa^WnÑbn
gVYn hVb^ hÉcVchdlV iZ_ ^clZhinX_^#
EaVcn WjYdln iZ_ Ygd\^ egoZhjlVcZ
Wn¨n ogd`j cV gd` oZ lo\aŸYj cV _Z_
d\gdbcn `dhoi# IZgVo cVYVgon¨V h^Ÿ
d`Vo_V Yd ogZVa^odlVc^V iZ_ ^clZhinX_^!
o¨dèna^Ñbn lc^dhZ` ^ jYV¨d h^Ÿ# 9o^Ÿ`^
lhe‹acZbj!honW`^ZbjYo^V¨Vc^j_Zho"
XoZlinbgd`jWŸYo^Zbnb^Z`daZ_c|
cdl|Ygd\Ÿ¼`l^ij_Z7jgb^higo#
EVc^Ld_ZldYVedYe^hj_ZjbdlŸo7jgb^higoZb
EgoZWjYdlV Ygd\^ egonXonc^ h^Ÿ Yd
edegVln hiVcj ad`VacZ\d ÑgdYdl^h`V
cVijgVacZ\d! WŸYo^Z h¨jèn edegVl^Z
WZoe^ZXoZ²hilV dgVo jhegVlc^Zc^j
^edaZehoZc^j gjX]j Ygd\dlZ\d# GZ"
Va^oVX_V egd_Z`ij hedldYj_Z edegVlŸ
e¨nccdÑX^ gjX]j Ygd\dlZ\d! V iV`èZ
obc^Z_hon `dhoin Z`headViVXn_cZ ed_Vo"
Y‹l bc^Z_hoV VlVgn_cdс! bc^Z_hoZ
ojènX^Z eVa^lV ^iY## 9aV oVeZlc^Zc^V
WZoe^ZXoZ²hilVjèni`dlc^`‹lYgd\^cV
egoZejhiVX] odhiVc| oVbdcidlVcZ WV"
g^ZgnZcZg\dX]¨dccZ#
IZgb^c dYYVc^V Ygd\^ Yd jèni`j
egoZl^Yj_Zh^ŸcVeV„Yo^Zgc^`'%%.gd`j#
Lh^Zgec^j'%%.g#gjhon`daZ_cVZYnX_V
egd\gVbj# ¼ L Ygj\^Z_ ZYnX_^ \b^cn
WŸY| b^V¨n l^ŸXZ_ XoVhj cV cVe^hVc^Z
lc^dh`‹l! egon\didlVc^Z Yd`jbZciV"
X_^^jonh`Vc^ZedoldaZ²cVWjYdlŸ!Wd
iV`^Z h| lnbd\^! `i‹gZ igoZWV heZ¨c^
egon h`¨VYVc^j lc^dh`‹l# @dc`jgZcX_V
WŸYo^ZcVeZlcdl^Ÿ`hoV!VaZ_ZhiZbYd"
WgZ_bnÑa^#BVbcVYo^Z_Ÿ!èZl`daZ_cnX]
aViVX]jYVcVbh^Ÿedonh`Voiol#ÎhX]Z"
inc‹lZ`¿ e^Zc^|YoZ cV cVhiŸecZ `^ad"
bZignYg‹\lcVhoZ_\b^c^Z¼edY`gZÑaV
7jgb^higo#
6\c^Zho`VDaZX]
MKD<ÙACDEDAH@6DA>BE>696BçD9O>:æNLO6E6H68=
!!ÐL>–ID@GONH@>:'%%.¿
LYc^VX]dY(%`l^Zic^VYd(bV_VW^Zè|XZ\dgd`j!l]Va^hedgidlZ_egon
OZhedaZ Ho`‹¨ EdcVYedYhiVldlnX] l Cdl^cVX] dYWn¨n h^Ÿ ÉcV¨n MK D\‹a"
cdedah`^Z_ Da^be^VYn B¨dYo^Zèn l OVeVhVX] l hinaj ldacnb ^`aVhnXocnb
l gVbVX] MK D\‹acdedah`^Z_ Da^be^VYn B¨dYo^Zèn l HedgiVX] =VadlnX]
!!ÐL>–ID@GONH@>: '%%.¿# JYo^V¨ l da^be^VYo^Z lo^Ÿa^ oVeVÑc^Xn o `ajWj
!!OC>8O¿EdYoVbXoZ8]ŸX^²h`^Z#
OVeVhn dYWnlV¨n h^Ÿ l &% `ViZ\dg^VX] lV\dlnX]! l `i‹gnX] gnlVa^odlV¨d
')%cV_aZehonX]oVeVÑc^`‹l#L`ViZ\dg^^HINALDACN*%`\Wg|odlnbZYVa
oYdWn¨ @gonhoid[ çVoVgh`^# L cVhiŸecZ_ `ViZ\dg^^ HINA @A6HN8OCN b^Z_hXV
oV_Ÿa^/ @gonhoid[ çVoVgh`^ ¼ `ViZ\dg^V *%`\ ¼ b^Z_hXZ &( dgVo 9Vl^Y HiVc^V`
¼ )'`\ ¼ b^Z_hXZ &*# L HINAJ LDACNB @D7>:I jeaVhdlV¨n h^Ÿ/ >adcV
HdWXon²h`V¼)+`\¼Wg|odlnbZYVa!6\c^Zho`V@g‹a¼*+`\¼b^Z_hXZ&'#
Lhinajldacnb`dW^Zil`ViZ\dg^^+%`\!lÉcV¨dlZ_lVaXZ!iglV_|XZ_oVaZY"
l^Z&-hZ`jcY!o¨dinbZYValnlVaXon¨V?jhincVHiVc^V`#IdcV_l^Ÿ`honYdinX]XoVh
hj`XZhedYde^ZXocZ_igZcZgV8oZh¨VlVOVWdgh`^Z\d#OlnX^ŸhildidYV_Z?jhinc^Z
dWa^\Vidgn_cn hiVgi l B^higodhilVX] :jgden @VYZiZ`! dYWnlV_|XnX] h^Ÿ '%"'+
a^eXV'%%.gd`jlHZgW^^#?jhincVHiVc^V`odhiV¨Vg‹lc^Zèedld¨VcVegoZoEdah`^
Ol^|oZ` OVeVÑc^Xon Yd jXoZhic^XilV lOVldYVX] B^ŸYoncVgdYdlnX] @VYZiZ`
l9dgbV\ZcC^ZbXnlYc^VX]'-bV_V¼&XoZglXV'%%.g#
9VahoZb^Z_hXVlHINAJLDACNB@D7>:IoV_٬nl`ViZ\dg^VX]/
"+%`\6ccVIVWa^XV¼b^Z_hXZ'%!
"+*`\BV¨\dgoViV@g‹a¼b^Z_hXZ*!
LZgdc^`VGnWV`¼b^Z_hXZ&,!
",%`\>adcV8]gVW|hoXo¼b^Z_hXZ&'!
6\ViV8oV_V¼b^Z_hXZ&)#
ÎOc^Xo¿EdYoVbXoZ`ajWdldoV_|¨+b^Z_hXZ!oYdWnlV_|X¨|Xoc^Z((ejc`in
YaV`ajWj!\b^cndgVold_Zl‹YoilV#@ajWdYc^‹h¨g‹lc^Zèhj`XZhl6`VYZb^X"
`^X]B^higodhilVX]Edah`^lOVeVhVX]!dYWnlV_|XnX]h^ŸlLVghoVl^ZlYc^VX]
%-"%.bV_|'%%.g#CVh^olnX^ŸoXnid/
"Kb^Z_hXZ:lVHiZabVhoXon`¼l`ViZ\dg^^lV\dlZ_**`\!
"Kb^Z_hXZHZWVhi^VcO^bda|\¼&'%`\!
"K>>b^Z_hXZ8Za^cVGV`¼**`\#
<gVijaj_Zbn^ènXonbnYVahonX]hj`XZh‹l#
Bdc^`V@ja^²h`V
&.
HEDGI
ÎHoaV`^ZboVWni`dlnX]8]ŸX^c¿
Edah`V7^Z\V
HoaV`^ZboVWni`dlnX]8]ŸX^c
&%bV_V!lgVbVX]V`X_^ÎEdah`V7^Z\V¿!_jèedgVoigoZX^
dYWn¨h^ŸW^Z\edYcVol|ÎHoaV`^ZboVWni`dlnX]8]ŸX^c¿#
9d oVldY‹lo\¨dh^¨n h^Ÿ &%( dhdWn# InbgVoZboVldYc^Xn
ob^Zgona^h^ŸoZhdW|cVbVadlc^XoZ_igVh^Z!W^Z\c|XZ_egoZo
oVWni`dlZ ja^Xo`^ b^VhiV 8]ŸX^cn# ¼ 8^ZhoŸ h^Ÿ! èZ ogd`j
cV gd` ^begZoV X^Zhon h^Ÿ XdgVo l^Ÿ`ho| edejaVgcdÑX^|!
Vb^Zho`V²XnocVhoZ_\b^cnX]X|V`inlc^ZheŸYoVXoVh^iV`
a^Xoc^ZjXoZhic^Xo|l^begZoVX]eaZcZgdlnX]¼edl^ZYo^V¨
7jgb^higo<b^cn^B^VhiV8]ŸX^cnGdWZgi?Vldgh`^!`i‹gn
dildgon¨ W^Z\# EVigdcVi bZY^Vacn cVY V`X_| dW_Ÿa^ Î<VoZiV
LnWdgXoV¿!IKEHedgi!Edah`^ZGVY^dE¿?ZYnc`V¿#
@^ZYn 7jgb^higo YV¨ ocV` d gdoedXoŸX^j W^Z\j! jXoZhi"
c^Xngjhona^YdWd_j#9ded`dcVc^Vb^Za^YnhiVchdY¨j\dÑX^
(`^adbZig‹l# CVY ^X] WZoe^ZXoZ²hilZb XojlVa^ higVèVXn
dgVo[jc`X_dcVg^jhoZeda^X_^#Led\didl^jWn¨iZèVbWjaVch
oEgonX]dYc^l8]ŸX^cVX]#CVhoXoŸÑX^Z!edoVYgdWcnb^oV"
Ynho`Vb^! aZ`VgoZ c^Z bjh^Za^ ^ciZglZc^dlV# CV bZiŸ _V`d
e^Zglhon egonW^Z\¨ çj`Vho CdlVX`^# 9gj\^ Wn¨ GV[V¨ 8oVg"
cZX`^# CV edY^jb jeaVhdlV¨ h^Ÿ g‹lc^Zè IdbVho <lVgZ`!
oYdWnlV_|XinbhVbnbigoZX^Zb^Z_hXZ#OlnX^ŸoXndigonbVa^
ejX]Vgn ^eVb^|i`dlZ Yneadbn j[jcYdlVcZ egoZo Jgo|Y
<b^cn^B^VhiVl8]ŸX^cVX]dgVo7Vc`He‹¨Yo^ZaXonl@^Za"
XVX] DYYo^V¨ l 8]ŸX^cVX]# LhonhXn W^dg|Xn jYo^V¨ l W^Z\j
odhiVa^ lng‹èc^Zc^ bZYVaVb^ ^ YneadbVb^# CV oV`d²XoZc^Z
jXoZhic^XnXoŸhidlVa^h^Ÿenhocnb^Wj¨ZXo`Vb^^cVed_Vb^#
7n¨V id _jè igoZX^V ZYnX_V egon\didlVcZ_ egoZo Î<VoZiŸ
LnWdgXo|¿d\‹acdedah`^Z_V`X_^ÎEdah`V7^Z\V¿!`i‹gZ_XZaZb
_Zhi egoZ`dcVc^Z EdaV`‹l Yd W^Z\Vc^V dgVo egdeV\dlVc^Z
oYgdlZ\d^V`inlcZ\dignWjènX^V#¼EdegoZol¨|XoZc^Zh^ŸYd
iZ_d\‹acdedah`^Z_V`X_^hiVgVbnh^Ÿc^Zina`dedejaVgnodlV
oYgdln ignW ènX^V! VaZ iV`èZ lngdW^ l b^Zho`V²XVX] cVhoZ_
\b^cn X]Ÿ Yd V`inlcZ\d lnedXonc`j cV Ñl^Zènb edl^Z"
igoj#8dgVol^Ÿ`hoZoV^ciZgZhdlVc^Zi|V`X_|ed`Voj_Z!èZid
XdgdW^bnbVhZch¼edl^ZYo^V¨7jgb^higoGdWZgi?Vldgh`^!
`i‹gnoVeZlc^¨!èZigoZX^VZYnX_VV`X_^ÎEdah`VW^Z\V¿cVeZl"
cd c^Z WŸYo^Z dhiVic^|# ¼ BnÑaŸ! èZ iV V`X_V cV hiV¨Z le^hV¨V
h^Ÿ _jè Yd `VaZcYVgoV ^begZo `jaijgVacnX]! dg\Vc^odlVcnX]
cViZgZc^ZcVhoZ_\b^cn ¼edY`gZÑa^¨#Dg\Vc^oVidgVb^W^Z\j
Wna^Î<VoZiVLnWdgXoV¿!IKEHEDGIdgVoEdah`^ZGVY^dEgd"
\gVb&!Vlhe‹¨dg\Vc^oVidgZbV`X_^Wn¨Jgo|Y<b^cn^B^V"
hiVl8]ŸX^cVX]#
6\c^Zho`VDaZX]
'%
>MIjgc^Z_IZc^hV
Hid¨dlZ\d
OVlhoZcVedXo|i`jl^dhcn!lHo`daZEdYhiVldlZ_lId`Vgc^dYWnlV
h^ŸIjgc^Z_IZc^hVHid¨dlZ\d#IgVYnX_^hiV¨dh^ŸoVYdс^linbgd`j#')
`l^Zic^V!lhogVc`^_jèedgVoYo^Zl^|inhiVcŸa^egVXdlc^XnhVbdgo|Ydl^!
gVYc^! YngZ`idgon ho`‹¨! cVjXonX^ZaZ! higVèVXn! Yo^V¨VXoZ hed¨ZXoc^ dgVo
egoZYhiVl^X^ZaZÉgb Yo^V¨V_|XnX]cViZgZc^Z<b^cn8]ŸX^cn#Dg\Vc^oVid"
gZbijgc^Z_jWn¨VYngZ`X_VHElId`Vgc^egonlhe‹¨jYo^VaZJgoŸYj<b^"
cn^B^VhiV8]ŸX^cn!`i‹gnWn¨[jcYVidgZbejX]Vg‹l#
Ijgc^Z_egoZegdlVYodcdligoZX]`ViZ\dg^VX]/ÎoVldYdlXn¿"Xoncc^
oVldYc^XndgVocVjXonX^ZaZl"[!VbVidgon!`dW^Zin#BZXoZodhiV¨ngdoZ\gV"
cZ hnhiZbZb Î`VèYn o `VèYnb¿# OVldYc^Xn! _V` oln`aZ! oVegZoZcidlVa^
hld_Zjb^Z_ŸicdÑX^cVlnhd`^bedo^db^Z#¼Ijgc^Z_ZIZc^hVHid¨dlZ\dcV
hiV¨ZoVe^hV¨nh^Ÿ_jèligVYnX_Ÿc^Zina`dcVhoZ_b^Z_hXdldÑX^!VaZg‹lc^Zè
XV¨Z_ \b^cn# 8^ZhoŸ h^Ÿ! èZ o gd`j cV gd` egonX^|\V_| XdgVo l^Ÿ`ho| a^XoWŸ
jXoZhic^`‹l#OVXoncV_|YdcVhegonX]dYo^_jèXV¨ZgdYo^cnoYo^Zb^#Id
WVgYodoWa^èV^oVX^ZÑc^Vl^ŸongdYo^ccZ¼X^Zhon¨h^ŸYngZ`idgHElId`Vg"
c^ HiZ[Vc Ld_incV! `i‹gn edY`gZÑaV¨ _ZYcdXoZÑc^Z _V` lVècZ h| iZ\d inej
hedi`Vc^V#¼IV`^Zijgc^Z_Z
^ciZ\gj_| hed¨ZXoZ²hild!
YV_| bdèa^ldс c^Z ina`d
Yd gdobdln! VaZ g‹lc^Zè
Yd loV_ZbcZ_ lnb^Vcn
YdÑl^VYXoZ²!Wdidl¨VÑc^Z
ijhedin`V_|h^ŸcVjXonX^Z"
aZ! gVYc^! egoZYhiVl^X^ZaZ
l¨VYon
hVbdgo|YdlZ_!
ViV`èZ ajYo^Z ol^|oVc^
oW^ocZhZb ^ hed¨ZXocdс
ad`VacV#C^Z_ZhilVècZ`id
ln\gV# CV_lVèc^Z_hoZ _Zhi!
èZ Yo^Ÿ`^ iZbj ijgc^Z_dl^
lhonhXnh^Ÿ^ciZ\gj_Zbn¼egoZ`dcnlV¨YngZ`idgLd_incV#¼BVbcVYo^Z_Ÿ!
èZlegonho¨nbgd`jWŸYo^ZcVhijiV__ZhoXoZl^ŸXZ_"YdYV¨#
CVoV`d²XoZc^Zijgc^Z_joVldYc^XnW^dg|XnjYo^V¨lgdo\gnl`VX]!_V`
Xdgd`j!digonbVa^og|`7jgb^higoV<b^cn^B^VhiV8]ŸX^cn!GdWZgiV?V"
ldgh`^Z\dejX]VgndgVoeVb^|i`dlZYneadbn!ViV`èZYgdWcZjedb^c`^#
EVc^Zgdo\gnlV¨nhld_Zed_ZYnc`^hnhiZbZbÎ`VèYno`VèYnb¿#@d²XdlV
`aVhnÉ`VX_V egoZYhiVl^V h^Ÿ cVhiŸej_|Xd/ > b^Z_hXZ ¼ 9dgdiV <dgoZaV`! >>
b^Z_hXZ¼>oVWZaV<dgoV¨V!>>b^Z_hXZ¼:b^a^V?Vldgh`V!>Kb^Z_hXZ¼6c^iV
Ðl^iZ`"@dlVah`V!Kb^Z_hXZ¼6a^cVLd_incV!K>b^Z_hXZ¼6\c^Zho`V<V_dh#
Lhonhi`^ZhiVgij_|XZEVc^ZdigonbV¨nYneadbn!ejX]VgnajWhiVijZi`^dgVo
jedb^c`^j[jcYdlVcZegoZohedchdgVoVldY‹lÉgbŸÎCVlgdeaVhi¿oId"
`Vgc^#EVcdl^ZlVaXona^lhnhiZb^ZÎgVYo^ZX`^b¿¼YdYl‹X]egoZ\gVcnX]
ed_ZYnc`‹l# @d²XdlZ gZojaiVin egoZhiVl^V_| h^Ÿ cVhiŸej_|Xd/ >b^Z_hXZ
¼9Vg^jho@gj`!>>b^Z_hXZ¼9Vg^jhoHbjiZ`!>>>b^Z_hXZGV[V¨<V_db!>K
b^Z_hXZHiZ[VcLd_incV!Kb^Z_hXZ¼OW^\c^Zl@dlVa^`!K>b^Z_hXZHiVc^h¨Vl
7dèZ`# LhonhXn X^ oVldYc^Xn digonbVa^ Yneadbn! ejX]Vgn ajW hiVijZi`^
j[jcYdlVcZ egoZo 7jgb^higoV <b^cn ^ B^VhiV 8]ŸX^cn dgVo jedb^c`^
j[jcYdlVcZegoZoÉgbŸÎCVlgdeaVhi¿#
C^ZoVWgV`¨diZèc^ZhedYo^VcZ`#Ln_|i`dl|linbgd`jdg\Vc^oVidgoned"
hiVcdl^a^hegVl^l¨VYodb\b^cn^j]dcdgdlV_ZheZX_Vacnb^hiVijZi`V"
b^! `i‹gnX] [jcYVidgZb Wn¨V ÉgbV egdYj`j_|XV eVgVeZin ÎCVlgdeaVhi¿#
9ngZ`idgHElId`Vgc^!HiZ[VcLd_incVjgdXonÑX^ZegoZ`VoV¨hiVijZi`ŸcV
gŸXZlngV„c^ZoVh`dXodcZ\d7jgb^higoV<b^cn^B^VhiV8]ŸX^cnGdWZgiV
?Vldgh`^Z\ddgVoHZ`gZiVgoV<b^cnEVl¨V7gda^#¼C^ZX]iZhiVijZi`^WŸY|
lngVoZblYo^ŸXocdÑX^oVXonccZlhe^ZgVc^Zhedgijho`dacZ\d^bVhdlZ\d
cV iZgZc^Z cVhoZ_ \b^cn# ?ZhiZÑbn d\gdbc^Z lYo^ŸXoc^! èZ l¨VYoZ cVhoZ_
\b^cnoVlhoZbdXcdVc\Vèj_|h^ŸlènX^ZhedgidlZcVhonX]edYde^ZXocnX]#
C^\Ync^ZdYbVl^V_|edbdXnlodg\Vc^odlVc^jYd_VoY‹lcVg‹ècZ\dgd"
YoV_jijgc^Z_Z![jcYj_|l^ZaZcV\g‹Y^ejX]Vg‹l!hiVgV_|h^Ÿildgonlb^VgŸ
bdèa^ldÑX^oVeaZXoZhedgidlZ#9o^Ÿ`j_Zbn!èZiV`X]Ÿic^Zlhe^ZgVX^ZlhoZa"
`^Z^c^X_VinlnhedgidlZcViZgZc^ZXV¨Z_\b^cn!^èZc^ZedodhiV_ZX^ZdWd_Ÿic^
cV edigoZWn Yo^ZX^ ^ b¨dYo^Zèn ¼ edl^ZYo^V¨ YngZ`idg Ld_incV lgŸXoV_|X
ejX]Vgn# CV oV`d²XoZc^Z ijgc^Z_j \dhedYVgoZ oVegdh^a^ jXoZhic^`‹l cV
igVYnXn_cnW^\dh#DWnl^ŸXZ_iV`^X]^c^X_Vinl!`i‹gZWŸY|h¨jèn^ciZ\gVX_^
hed¨ZXoZ²hilV#
6\c^Zho`VDaZX]