Dgb]hi_qZlZgb_ gZ ZjZ[kdhf yaud_ \ DZaZgb \ i_j\hc iheh\bg_;,;\_dZ < ]h^m \ DZaZgb hkgh\u\Z_lky lbih]jZnby \uimkdZxsZy dgb]b gZ yaudZo \hklhqguo gZjh^h\ wlh lbih]jZnby =Z[^_e]ZabaZ ;mjZr_\Z< ]h^m wlZ lbih]jZnby i_j_oh^bl d DZaZgkdhc ]bfgZabb <hklhqgu_ dgb]b \ DZaZgb klZeb i_qZlZlvky ebrv \ gZklhys_f klhe_lbbhlf_qZ_l DZlZgh\b f_`^m gbfb hq_gv fZeh khqbg_gbc ^j_\gbo lZlZjkdbo Z\lhjh\ aZlh ]hjZa^h [hevr_ khqbg_gbc ZjZ[kdbo i_jkb^kdbo lmj_pdbo ^`Z]ZlZckdbo b dbj]bakdbo K\_^_gby h gZqZevghf i_jbh^_ lZlZjkdh]h dgb]hi_qZlZgby kZfu_ ijhlb\hj_qb\u_ LZd gZijbf_j \ h[rbjghf k[hjgbd_ ihk\ys_gghf bklhjbb dgb]hi_qZlZgby \ Jhkkbb e_l jmkkdh]h dgb]hi_qZlZgby hlf_q_gh qlh ba^Zgb_ dgb] \ DZaZgb aZkem`b\Zxs__ [he__ ih^jh[gh]h jZkkfhlj_gby jZa\_jgmehkv ihke_ ]h^ZaZ i_j\h_ ^_kylbe_lb_ lZf [ueh ba^Zgh \k_]h dgb] Gh _keb ihiulZlvky ih^kqblZlv qbkeh lZlZjkdbo ba^Zgbc k ih ]] ih fhgh]jZnbb : = DZjbfmeebgZ lh a^_kv fu \b^bf ba^Zgbc ;mjZr_\Z b ba^Zgbc :iZgZ_\Z ?keb `_ h[jZlblvky d khklZ\e_gghc gZfb ;Za_ ^Zgguolh \uoh^blqlh lhevdh gZ ZjZ[kdhf yaud_ \ i_j\h_ ^_kylbe_lb_ ih aZdZaZf lZlZjkdbo ba^Zl_e_c [ueh gZi_qZlZgh dgb] Ih gZrbf ^Zgguf \ i_j\h_ ^_kylbe_lb_ dgb]hba^Zgby \ DZaZgb ^h ][ueh gZi_qZlZgh ba^Zgbc O_nlb_di_j\h_ ba dhlhjuo ih \ukhqZcr_fm jZaj_r_gbx kZfh]h IZ\eZ , ³O_nlb_d´i_j_ba^Z\Zeky \ ]h^ZoLZd`_ G: JLnhi^ e_l jmkkdh]h dgb]hi_qZlZgby DZjbfmeebg :=M bklhdh\ ba i_j\hc DZaZgkdhc lbih]jZnbb \ i_j\h_ ^_kylbe_lb_ __ jZ[hlu \urehba^Zgbc DhjZgZ ?keb `_ ]h\hjblv h kZfhf i_j\hf lZlZjkdhf ba^Zgbb k bkihevah\Zgb_f ZjZ[kdh]h yaudZ lh lZdh\hc ki_pbZebklu kqblZxl fmkmevfZgkdmx Za[mdm ^ey h[mq_gby ibkvfm b ql_gbx fhebl\ dhlhjZy \ ]h^Zo \uoh^beZ ih^ gZa\Zgb_f ³:lZ]Z^`b´ : = DZjbfmeebg ijb\h^bl [md\Zevguc i_j_\h^ gZa\Zgby dZd ³Ql_gb_ ih keh]Zf´< ]h^m hgZ ba^Z_lky ih^ gZa\Zgb_f ³£ÎË×Ä L«ÏÐ ÛÓÕÎÃÓu ÄÈÓÎsÐO G_dhlhju_ bkke_^h\Zl_eb wlhl ]h^ kqblZxl gZqZehf ba^Zgby fmkmevfZgkdhc Za[mdbdhlhjZy \ ihke_^mxs_f [m^_l \uoh^blv ih^ gZa\Zgb_f ³«ÏÐÛÓu´beb³»ÃÓÌËÃÎÏÐO WlZ dgb]Z ihemqb\rZy rbjhdh_ jZkijhkljZg_gb_ kj_^b lZlZj \ k\h_ \j_fy ^Z`_ b]jZeZ jhev g_dh_]h ³n_lbrZ´ HgZ [ueZ g_h[oh^bfZ ijb kh\_jr_gbb hkgh\guo j_eb]bhaguo h[yaZgghkl_c ih\he`kdbo fmkmevfZg ijb fhebl\_ `_jl\hijbghr_gbb ³LZlZjkdbc j_[_ghd wlhc dgb]hc gZqbgZe k\hc mjhd k __ ihfhsvx qblZe :ebn[Z bamqZe yaud DhjZgZ j_eb]bx ihemqZe hij_^_e_gguc gZ[hj agZgbc ih nbdom fmkmevfZgkdhfm ijZ\mWlZ dgb]Z [ueZ g_h[oh^bfZ lZlZjbgm fmkmevfZgbgm b ihke_ kf_jlb hg \_jbe qlh keh\Zfb ba wlhc dgb]b _fm ijb^_lky ^_j`Zlv hl\_l i_j_^ FmgdZjhf b GZdbjhf´ Ihwlhfm __ deZeb \ fh]bem \f_kl_ k mf_jrbf ´ ?keb ^h gZqZeZ i_jbh^Z ³ukme_^`Z^b^´dgb]Z ³BfZg rZjlu´ [ueZ h^ghc ba kZfuo ihimeyjguo b g_h[oh^bfuo dgb]lh m`_ \h \j_f_gZ \jZ`^u dZ^bfbklh\ b ^`Z^b^bklh\ = JZobf b = =m[Zc^meebg __ gZau\Zxl hkgh\guf Z\lhjbl_lhf m h^ghc ba klhjhg >ey wlhc dgb]b \k_]^Z [ue oZjZdl_j_g [hevrhc lbjZ` LZd gZijbf_j\ ]OmkZbgh\ ba^Ze wlm dgb]m \ dhebq_kl\_ wda Qbkeh __ ba^Zgbc dhe_[e_lky \ ij_^_e_ ihemlhjZ^\mo khl_g < Dgb]_ h DhjZg_\ur_^r_c \ ]Z\lhju :\dk_glv_\ :<b FZ\exlh\ J J hlf_qZxl qlh \ ]] DhjZg \ DZaZgb ba^Z_lky ih^ gZa\Zgb_f FmkoZn rZjbn;eZ]hjh^guc k\blhdgh g_ mdZaZg bklhqgbd wlhc bgnhjfZpbbFu g_ h[gZjm`beb mihfbgZgbc h[ wlhf ba^Zgbb gb \ dZlZeh]Zo gb \ ^jm]bo bklhqgbdZo DZjbfmeebg :=M bklhdh\ °qÕÈÌ££qÇÈÇ£²ÀÒÀÐqÄqÁÈßÒÛÒÀÐÈÕÛÁ ?klv ^Zggu_qlh \ ]h^m dhebq_kl\h wda_fieyjh\ wlhc dgb]b [ueh jZ\gh \ ]f_`^m b ]]lhevdh ba lbih]jZnbb mgb\_jkbl_lZ \ureh wda_fieyjh\Ijb wlhf gZ ijhly`_gbb \k_c ihke_^mxs_c bklhjbb ba^Zgby \iehlv ^h ]h^ZwlZ dgb]Z [m^_l khojZgylv k\hc i_j\hgZqZevguc \b^ b nhjfZl Yaud dgb]b gZau\Z_fuc \ gZjh^_ ³dgb`guf´ gZ ijhly`_gbb ^he]h]h \j_f_gb y\eyeky ebl_jZlmjguf b khojZgye ihabpbx hnbpbZevgh]h j_eb]bhagh]h yaudZ < kZfhc dgb]_ g_ ^Z_lky gbdZdhc bgnhjfZpbb h lhfdh]^Z b d_f hgZ kha^ZgZ<u^_j`Zgghklv yaudZ b klbey gZ ijhly`_gbb \k_c dgb]b mdZau\Z_l gZ lh qlh ijhba\_^_gb_ g_ y\ey_lky j_amevlZlhf dhee_dlb\gh]h l\hjq_kl\Z Z kha^Zgh dhgdj_lguf ^h\hevgh Z\lhjbl_lguf lZlZjkdbf Z\lhjhf < g_dhlhjuo bklhqgbdZo Z\lhjkl\h wlhc dgb]b ijbibku\Z_lky h^ghfm ba h[jZah\Zgg_crbo ex^_c k\h_]h \j_f_gb `bl_ex FZfZ^urkdh]h m_a^Z FmjlZa_ [Dmlem]mr Kbf_lb dhg_p ;9,, gZqZeh ;9,,, \\ < ^jm]bo bklhqgbdZo Z\lhjhf mdZaZg oZevnZ agZf_gblh]h DZj]Zebgkdh]h f_^j_k_ Brgbya Rbjgbya \lhjZy iheh\bgZ ;9,,, \=;Zjm^b \ ghf_jZo `mjgZeZ ٠ĤÈÍÂqËqÄqÁµ ibkZe ³<j_fy kha^Zgby b Z\lhj mihfbgZ_fhc dgb]b lhqgh g_ ba\_klgu Fhc gZklZ\gbd fmeeZ KZeZoZ^^bg B[g fmeeZ BkoZd ]h\Zjb\Ze h \hafh`ghc l\hjq_kdhc ijbgZ^e_`ghklb wlh]h ijhba\_^_gby fmee_ FmjlZa_ OZnbamdhlhjuc [ue ba\_kl_g k\hbf klZjZgb_f ijbg_klb ihevam gZjh^m ihkj_^kl\hf lZdbo dgb]´ < dZq_kl\_ ijbf_jZ = ;Zjm^b ijb\h^bl h^bg ba h[jZaph\ lZd gZau\Z_fuo ³kbekbe_´ p_ihq_d keh\hkhq_lZgbc h[hjhlh\ ijbgZ^e_`Z\rbo fmee_ FmjlZa_ OZnbam ^ey ^hdZaZl_evkl\Z bo koh`_klb k yaudhf \ur_mihfbgZ_fhc dgb]b LZd`_ \ kghkd_ ;Zjm^b hlf_qZ_l qlh fmeeZ FmjlZaZ OZnba mqbeky \ ;moZj_ \ gZqZe_ ]h \_dZ ob^`ju lh _klv \h \j_f_gZ ijZ\e_gby bfi_jZljbp :ggu b ?ebaZ\_lu \ ]h^u ijbl_kg_gby lZlZj ih^ jmdh\h^kl\hf Emdb DZgZr_\bqZ b [ue `b\ \ ]h^m ob^`juGh ´qÕÐÅÒÄÈÍΰ ÑÀÐƬqÐÆqÍȸ¬ÎÑÒÀÔÀÄqËqÕÁqÐ ÊÈÒÀÏ GZkucjb DDZe_g^Zj_e \k_ wlh ^h\hevgh kihjgh b \hijhk h[ Z\lhjkl\_ ijhba\_^_gby hklZ_lky hldjuluf DZd hlf_qZeb =JZobf b ==m[Zc^meebg ³^j_\ghklv yaudZ wlhc dgb]b h[beb_ qZ]ZlZckdbo keh\ koh`_klv [hevrbgkl\Z keh\ b ij_^eh`_gbc k yaudhf b keh]hf ;me]Zjkdbo gZ^fh]bevguo dZf_gguo iebl ]h \_dZ ob^`ju k\b^_l_evkl\m_l h jZgg_f i_jbh^_ __ kha^Zgby´ I_j\ufb ZjZ[hyauqgufb ba^Zgbyfb mgb\_jkbl_lkdhc lbih]jZnbb hldjulhc \ ] [ueb ³:a[mdZ b ]jZffZlbdZ lZlZjkdh]h yaudZ k ijZ\beZfb ZjZ[kdh]h ql_gbyij_ih^Z\Z_fZy \ Bf_jZlhjkdhc DZaZgkdhc ]bfgZabb´ B[jZ]bfZ OZenbgZ b khqbg_gb_ ³àÌÃÕÃÔÏCÃĤÃÇÓO ³Hkh[_gghklv bf_g ih]b[rbo \ [bl\_ ijb ;Z^j_´ \ dhlhjhf ij_^bkeh\b_ [ueh ^Zgh gZ lZlZjkdhf yaud_ b ^Ze__ [ueb i_j_qbke_gu bf_gZ kih^\b`gbdh\ ijhjhdZ ijb bklhjbq_kdhc [bl\_ m ;Z^jZ < o ]]dhebq_kl\h ba^Z\Z_fuo \ DZaZgb dgb] [ueh g_agZqbl_evguf IjbqbgZ wlh]h [ueZ k\yaZgZ k hlkmlkl\b_f ijb]h^guo ^ey i_qZlZgby ZjZ[kdbo rjbnlh\ b k\_jo\ukhdbfb lZjbnZo aZ i_qZlZgb_ fmkmevfZgkdbo dgb] mklZgh\e_ggufb ]bfgZab_c : = DZjbfmeebg m[_^bl_evgh ^hdZaZe dZdb_ ^hoh^u ijbghkbeh i_qZlZgb_ ih aZdZam lZlZjkdbo ba^Zl_e_c lbih]jZnbb b dZd ^he]h \eZ^_evpu lbih]jZnbb g_ ohl_eb l_jylv __ fhghihevgh]h iheh`_gbyijb wlhf ij_iylkl\my mdj_ie_gbx __ fZl_jbZevghc [Zau BgnhjfZpby ih wlhfm i_jbh^m dgb]hba^Zl_evkdhc ^_yl_evghklb lZlZj ^h\hevgh ijhlb\hj_qb\Zy M ; : >hjgZ k ih ]h^u mql_gh lZlZjkdbo ba^Zgbc< gZr_c [Za_ ^Zgguo ZjZ[kdb_ ba^Zgby aZ \lhjh_ ^_kylbe_lb_ khklZ\eyxl dgb] Wlh ba^Zgby DhjZgZ ba^Zgby O_nlb_d b BfZg °qÕÈÌ££qÇÈÇ£²ÀÒÀÐqÄqÁÈßÒÛÒÀÐÈÕÛÁ ]kwda G; D=M: DZd ibr_l G AZ]hkdbg lbih]jZnby k i_j\uo ^g_c hldjulby g_ij_ju\gh gm`^Z_lky \ ZjZ[kdbo ebl_jZo ]Zjl_ fZljbpZo D ] dhebq_kl\h rjbnlh\ lbih]jZnbb khklZ\eyeh \k_]h im^h\<k_ wlh kdZau\Zehkv gZ dhebq_kl\_ ba^ZgbcLbih]jZnby ihqlb g_ jZ[hlZeZ DZjbfmeebg :=M bklhdh\ 'RUQ rZjlu< ^\Z^pZlu_ ]h^u fu lZd`_ \b^bf ZjZ[kdbo ba^Zgbc LZdbf h[jZahffu \b^bfqlh k ih ]h^u bf_xlky ZjZ[kdbo ba^Zgbc <hafh`gh gZ khdjZs_gb_ \uimkdZ dgb] \ l_ ]h^u \ebyeb b h[t_dlb\gu_ h[klhyl_evkl\Z Z bf_ggh \ l_ ]h^u ki_pbZebklZfb hlf_q_g kiZ^ \ ba^Zl_evkdhf ^_e_ ih \k_c Jhkkbb GZ wlh ih\ebye b mdZa hl ghy[jy ] dhlhjuf ij_^ibku\Zehkv ³qlh[u \ ba^Zgbb khqbg_gbc b i_j_\h^h\ hkh[_ggh \ ij_ih^Z\Zgbb gZmd g_ [ueh gbq_]h dhe_[exs_]h \_jmb [eZ]hgjZ\b_ g_ ml_jb\Zehkv´ < ]h^u gbdheZ_\kdhc j_Zdpbb ihke_ ih^Z\e_gby \hkklZgby ^_dZ[jbklh\ \ ] pZjkdZy p_gamjZ g_h[uqZcgh mkbebeZkv Gh\uc p_gamjguc mklZ\ ]h^Z ijha\Zgguc aZ k\hx ly`_eh\_kghklv b j_Zdpbhgghklv ³qm]mgguf´ \\h^be keh`gmx p_gamjgmx kbkl_fm < ijhlb\h\_k mklZ\m ] ³qm]mgguc´ mklZ\ g_ ^ha\heye ³ijhimkdZlv d gZi_qZlZgbx f_klZbf_xsb_ ^\hydbc kfuke _keb h^bg ba gbo ijhlb\_g p_gamjguf ijZ\beZf´ < ] p_gamjguc mklZ\ \ur_e \ gh\hc g_kdhevdh [he__ kfy]q_gghc j_^Zdpbb Iheh`_gh [ueh gZqZeh fgh`_kl\_gghklb p_gamjudgb]b p_gamjh\Zebkv \ khhl\_lkl\bb k kh^_j`Zgb_f \ jZaebqguo \_^hfkl\Zo b wlh mkbeb\Zeh aZ\bkbfhklv bo km^v[u hl \heb ijZ\bl_evkl\_gguo qbgh\gbdh\ Ihy\bebkv f_klgu_ hj]Zgu p_gamju b hl^_evgu_ p_gahju \ lhf qbke_ b DZaZgkdbc hl^_evguc p_gahj < J=B: \ KZgdl I_l_j[mj]_ \ nhg^_ ³=eZ\gh]h mijZ\e_gby p_gamju´ ojZgylky ³>hg_k_gby dZaZgkdh]h hl^_evgh]h p_gahjZ k i_j_qgyfb \ur_^rbo b \ukeZgguo \ =eZ\gh_ mijZ\e_gb_ p_gamju ba^Zgbc´ k ih ]h^ < gbo d dZ`^hfm wda_fieyjm : = DZjbfmeebg M bklhdh\ kh kkuedhc gZ Zjob\gu_ fZl_jbZeu nhg^h\ b G: JL mdZau\Z_lqlh k ih ]h^ lZlZjkdZy lbih]jZnby ih aZdZam qZklguo ba^Zl_e_c \uimklbeZ dgb]< lZdhf kemqZ_ d gZrbf ^Zgguf fh]eb [u ^h[Z\blvky _s_ ba^Zgbc DhjZgZO_nlb_d b BfZg rZjlu Gh d kh`Ze_gbx gZf g_ m^Zehkv gZclb fZl_jbZeh\ ih^l\_j`^Zxsbo wlh b fu \ugm`^_gu h]jZgbqblvky \ur_gZa\Zggufb pbnjZfb e_l jmkkdh]h dgb]hi_qZlZgby K[hjgbd ihklZgh\e_gbc b jZkihjy`_gbc ih p_gamj_ k ih ]h^Ki[K hlhkeZggh]h \ =MP ba^Zgby ijbeZ]Z_lky ^hdmf_gl kh^_j`Zgby ih^h[gh ke_^mxs_fm ³Bf_x q_klv ij_^hklZ\blv ijb k_f gZ hkgh\Zgbb <ukhqZcr_ ml\_j`^_ggh]h ]h Zij_ey ] MklZ\hf h p_gamj_ gZi_qZlZggmx \ lbih]jZnbb Bfi_jZlhjkdh]h DZaZgkdh]h mgb\_jkbl_lZ dgb]mkh^_j`Zsmx \ k_[_ >@\ h^ghf wda_fieyj_ijhky ihdhjg_cr_h ihemq_gbb hghc f_gy m\_^hfblv´ Bamq_gb_ ih^h[guo ^hg_k_gbc b Zjob\guo fZl_jbZeh\ojZgysboky \ GZpbhgZevghf :job\_ JL iha\hebeh gZf khklZ\blv ijb[ebabl_evgmx dZjlbgm dgb]hi_qZlZgby \ DZaZgb i_j\hc iheh\bgu;,;\ : = DZjbfmeebguf ijb\h^ylky ke_^mxsb_ pbnju h[ ba^Zgbyo gZ ZjZ[kdhf yaud_ ihke_ ] ba^Zgby DhjZgZ ba^Zgby O_nlb_dba^Zgby Kmju YkbglZlZjkdZy ³:a[mdZ´ k ZjZ[kdbfb fhebl\Zfb ba^Zgby lbjZ`hf dZ`^h]h g_ gb`_ wda Z hl^_evgu_ ba^Zgby ^h wda H[s__ qbkeh \hklhqguo dgb]\uims_gguo k ijbf_g_gb_f ZjZ[kdh]h rjbnlZ lhevdh lbih]jZnb_c mgb\_jkbl_lZ k ih ]h^ jZ\gh Ih gZr_c [Za_ ^Zgguo aZ wlhl i_jbh^ \k_]h \ DZaZgb [ueh \uims_gh hdheh ZjZ[kdbo ba^Zgbc ijbq_f \ureh b h^gh ba^Zgb_ k ijbf_g_gb_f ZjZ[kdh]h b lmj_pdh]h l_dklZ Ki_pbZebklZfb hlf_q_gh qlh hkh[_ggh ljm^guf ^ey jmkkdhc i_qZlb [ue i_jbh^ ³fjZqgh]h k_fbe_lby´ i_jbh^ k_fbe_lg_c ^_yl_evghklb ;mlmjebgkdh]h dhfbl_lZ\ dhgp_ o gZqZe_ o ]] dhlhjuc ihemqbe gZa\Zgb_ ³wihob p_gamjgh]h l_jjhjZ´ dh]^Z ]eZ\gh_ \gbfZgb_ h[jZsZehkv gZ ³f_`^mkljhqguc kfuke khqbg_gby´ ³Gug_ j_rbl_evgh <_d dgb]hg_gZ\b^_gby´ ibkZe ³Kh\j_f_ggbd´ \ ] Ijhp_kk p_gamjh\Zgby jmdhibkb ijhoh^be f_^e_ggh b k [hevrbfb ljm^ghklyfb Gh\uc p_gamjguc mklZ\ jZaj_rZe p_gahjZf ^himkdZlv jmdhibkb d i_qZlb_keb hgb g_ \ha[m`^Zeb gbdZdbo khfg_gbc Gh lZdb_ kemqZb [ueb j_^db b h[uqgh m p_gahjZ aZim]Zggh]h \kydh]h jh^Z j_ij_kkb\gufb f_jhijbylbyfb >Ze__ ke_^m_l ih^jh[gZy bgnhjfZpby h dhgdj_lghc dgb]_ J=B: Ki[nhi^ DZjbfmeebg :=M bklhdh\ µÖ×ÃÕÃÎÏÖÎÍ >Zj pZjyf I_j_\Rb]Z[m^^bg :abah\DZaZgv khfg_gby \hagbdZeb ?keb f_klguc p_gahj g_ j_rZeky \ukdZau\Zlv hij_^_e_ggh_ km`^_gb_ lh jmdhibkv ihklmiZeZ \ =eZ\gh_ mijZ\e_gb_ p_gamjudhlhjh_ \ughkbeh hdhgqZl_evgh_ j_r_gb_ Bgh]^Z jmdhibkb ijhoh^beb hq_gv ^ebgguc imlv ij_`^_ q_f [ulv gZi_qZlZggufb Gh b ijb lZdbo mkeh\byo_keb k ih ]h^u \ DZaZgb ih aZdZaZf lZlZjkdbo ba^Zl_e_c [ueh \uims_gh dgb] lh iheh\bgm bo khklZ\eyxl ZjZ[kdb_ ba^Zgby DZd fu \b^bf ih Zjob\guf b ^jm]bf bklhqgbdZfk ih ]h^u k\_l m\b^_eh hdheh ba^Zgbc gZ ZjZ[kdhf yaud_ Gh dZd ml\_j`^Z_l : = DZjbfmeebg ³k ih ]h^ dZaZgkdbc p_gahj jZaj_rbe lZlZjkdbf ba^Zl_eyf ba^Zgb_ dgb]Z aZ wlh \j_fy lbih]jZnbb kmf_eb ba^Zlv \k_]h dgb]b l _ f_g__ iheh\bgu lh]h qlh hgb ohl_eb ba^Zlv´ LZd qlh keh`gh km^blv h lhqghklb gZrbo pbnj GZqbgZy k ]h^Z lbih]jZnby mgb\_jkbl_lZ gZqZeZ Zdlb\gh ba^Z\Zlv h[jy^h\mx j_eb]bhaghgjZ\hmqbl_evgmx ebl_jZlmjm GZqbgZxl ba^Z\Zlvky khqbg_gby ih fmkmevfZgkdhfm ijZ\m < ] \uoh^yl i_j\u_ ba^Zgby ke_^mxsbo ihimeyjguo dgb] ÀËÊÄ ÃÎÃCÃÏ ÃÎÏÖÄÓÃÍ <_ebdbc [eZ]hkeh\_gguc Oba[ khklZ\e_gguc C£ÎË Ä ´ÖÎÐ ¯ÖÃÏÏÃÇ £ÎÝÓ mf ¯ÖÕÃÃÓ ÃÎÅËÍÌÃ × ÏÃÔ ËÎ ÃÎØËÇÌà KhdjZs_gb_ Ze<bdZcZ ih \hijhkZf ZeOb^ZcZ Wlh ba^Zgguc DZa_f;_dhf khdjZs_gguc \ZjbZgl dmjkZ aZdhgh\_^_gby h j_eb]bb b [ul_ Z\lhjhf dhlhjh]h y\eyeky agZf_gbluc fmkmevfZgkdbc aZdhgh\_^ C¶ÄÃÌÇÖÎÎÃ Ä ¯ÃÔCÇ G: JL N Hi > E k_dj_lgZy i_j_ibkdZ DZaZgkdh]h hl^_evgh]h p_gahjZ F : DZa_f[_dZ b MijZ\eyxs_]h DZaZgkdbf Mq_[guf Hdjm]hf^Zlbjh\ZggZy ^_dZ[j_f] DZjbfmeebg :=M bklhdh\ DZjbfmeebg :=M bklhdh\ Oba[ hagZqZ_l iZjlby beb qZklv\ ^Zgghf kemqZ_ j_qv b^_l h qZklb DhjZgZba^Z\Z\r_cky fmkmevfZgZfb hq_gv Zdlb\gh b [hevrbfb lbjZ`Zfb H^bg wda_fieyj wlhc dgb]b ojZgblky \ G; D=M : mgb\_jkbl_lkdZy lbih]jZnbyk Kheh\v_\=hl\Zev^ Ä µÇÉÖÛÛÃÓCà < ihke_^mxsb_ ]h^u wlZ dgb]Z [m^_l ba^ZgZ [he__ jZa<k_]h \h \lhjhc iheh\bg_ o ]h^h\ [ueb ba^Zgu khqbg_gbc ih nbdom b ljb ba gbo wlh ba^Zgby \ur_mdZaZggh]h khqbg_gby Ba [h]hkeh\kdhc ebl_jZlmju gZqbgZ_l ba^Z\Zlvky \Z`g_cr__ g_[hevrh_ ih h[t_fm khqbg_gb_ ·Ë Ø ÃÎÃÍÄÃÓ <_ebdh_ agZgb_ Z\lhjhf dhlhjh]h ih ljZ^bpbb kqblZ_lky hkgh\hiheh`gbd oZgZnblkdhc \_l\b fmkmevfZgkdh]h aZdhgh\_^_gby kmggblkdh]h lhedZ °ÖCÏÐ Ä ÙÄËÕ £Ä ÀÃÐ×à mf\ ]gZau\Z_fuc «ÏÏÃΣ ÃÏ BfZf \_ebqZcrbcLjZdlZl fgh]hdjZlgh dhff_glbjh\ZekyH^bg ba lZdbo dhff_glZjb_\ »ÃÓ ×Ë Ø ÃÍÄÃÓ kZfuc ihimeyjguc kj_^b fmkmevfZg Ih\he`vy dhlhjuc khklZ\be £Ä ÃÎ ¯ÖÐÕÃØ C«ÏÃÕÃÎÎÃØ >Ä ¯ÖÃÏÏÃÇ Ãίà ÐÔÅ@ \ ] < DZaZgb <_ebdh_ agZgb_\f_kl_ k dhff_glZjb_f ba^Z\Zehkv [he__ ^\Z^pZlb jZa M DZlZgh\Z _klv bgnhjfZpby h lhfqlh i_j\h_ ba^Zgb_ wlhc dgb]b [ueh \ ] gh fu g_ gZreb dZd b wlh]h ba^ZgbylZd b dZdboeb[h bguo mihfbgZgbc h g_f \ ^jm]bo bklhqgbdZo Ih gZrbf ^Zgguf wlZ dgb]Z \i_j\u_ [ueZ ba^ZgZ \ ]ih^ gZa\Zgb_f ¸Ã¢ÍËÕÄ×Ë Ø ÃÍÄÃÓ \ dhlhjhc hkgh\ghc l_dkl [ue jZkiheh`_g \ jZfd_ k gZ^kljhqgufb b ih^kljhqgufb agZdZfb Z gZ iheyo dhff_glZjbb: qlh dZkZ_lky [he__ jZgg_]h ba^Zgbylh \ ] \ mgb\_jkbl_lkdhc lbih]jZnbb [ueZ ba^ZgZ dgb]Z ·Ë Ø ÃÍÄÃÓÆs ÕUÓÍË ÛsÓ Lxjdkdbc dhff_glZjbc d ³<_ebdhfm agZgbx´ \ dhlhjhc ZjZ[kdbc l_dkl ^Z_lky jZa^_e_gguf gZ ij_^eh`_gby \ kdh[dZo Z \g_ kdh[hd jZkiheh`_g lZlZjkdbc dhff_glZjbc Djhf_ wlh]h \ lhf `_ ba^Zgbb gZ kk jZkiheh`_gh Zihdjbnbq_kdh_ aZ\_sZgb_ihmq_gb_ ³¸ÃÊÓÃÕ ËÏÏ £ ÊÃÏ ÅÃuÌÃÕÈ «ÏÏ £Ä ¬ÔÖ×Íô dhlhjh_ ba\_klguc fmkmevfZgkdbc aZdhgh\_^ hklZ\be k\h_fm mq_gbdm £Ä ¬ÔÖ×Ö ¬ÃCÍÄÖ ÃΣÐÔÃÓ mf hd ] [Z]^Z^kdhfm Kh[jMaKKJ:KOZDUGW G: JL nhi^eZ G; D=M: KfKh[jMaKKJ:KOZDUGW%URFNHOPDQQ>hi km^v_ ijb oZebn_ OZjmg ZjJZrb^_ < wlhf aZ\_sZgbb £Ä ÀÃÐ×à h[jZsZ_lky d k\h_fm mq_gbdm k ihmq_gb_f dZd _fm ^_j`Zlvky \ hlghr_gbb oZebnZ b \ hlghr_gbb ^jm]bo ex^_c qlh[u g_ ihl_jylv k\h_]h ^hklhbgkl\Z b k\h_]h Z\lhjbl_lZ b hkms_kl\eylv e_`Zsb_ gZ g_f hl\_lkl\_ggu_ aZ^Zqb < hibkZgbb Kh[jZgby \hklhqguo jmdhibk_c MaKKJ mihfbgZ_lky ZjZ[kdZy jmdhibkv wlh]h aZ\_sZgby dhlhjZy dZd mdZaZgh \ dhehnhg_ aZbfkl\h\ZgZ ba ³Dgb]b koh^kl\ b ih^h[bc´«ÄÐÃаÖÇÉÃÌÏÃÃίËÓ mf ] Ke_^m_l hlf_lblv qlh \ [hevrbgkl\_ dZaZgkdbo ba^Zgbc l_dkl ³<_ebdh]h agZgby´ gZ[jZg k mdZaZgb_f gZ^kljhqguo b ih^kljhqguo agZdh\ Z l_dkl dhff_glZjby [_a gboM`_ \ dhgp_ O,;\_dZ \ ][ue ba^Zg dhfi_g^bc gZ Dhff_glZjbc >dgb]b@ <_ebdh_ agZgb_ gZau\Z_fuc ¯ÖÕÃÃÓ ÃÎÏà ÎCÃÎÃÛÃÓÃÎ×Ë ØÃÎÃÍÄÃÓk hkgh\guf l_dklhf \ jZfd_ b ijbf_qZgbyfb gZ iheyo Z\lhjhf dhlhjuo [ue ¯ÖCÐÃÇÇÐ £Ä ÃÎÀÃÔÃÐ C£Õ ÖÎÎ Ä ¯ÖÃÏÏÃÇ ÃÎ ÝÖÓÅ <]gZqbgZxl ba^Z\Zlvky lZdb_ dgb]bdZd ³ËÔÃÎÃ × ÃÎCà MËÇ ÃÎËÔÎÃÏÌà LjZdlZl ih \_jhmq_gbx bkeZfkdhfmba^Zgb_ <Zeblh\Z §ÃÎ ËÎ ÃÎÃÌÓÕ Z\lhj £Î§ÉÃÊÎ £Ä C£ÄÇÃÎÎÃØ ¯ÖÃÏÏÃÇÄ´ÖÎÃÌÏУԴÏÎÎ mf\ ]dhlhjZy ]h^hf jZgvr_ [ueZ ba^ZgZ \ KZgdlI_l_j[mj]_ \ lbih]jZnbb K_e_ag_\Z ijb mqZklbb bfZfoZlu[Z Kh[hjghc f_q_lb DZfZeZ^^bgZ [:^beZ ³ijb ijZ\e_gbb GbdheZy´Wlh k[hjgbd fhebl\ aZ ijhjhdZ FmoZffZ^Z ih oZjZdl_jbklbd_ Jha_gZ ³ba\_klgh_ khqbg_gb_ dhlhjh_ fgh]h jZa ba^Z\Zehkv gZ <hklhd_´ Kh[jMaKKJ G; D=M : DZlZeh] B< KI[ 5,,, 5,,,: D,, D,, D,,D,,D,,D,,D,, G; D=MLLbi<yq_keZ\Zk 'RUQKheh\v_\G: JL nhi^eZ :J B< :G KKKJ Kfh g_f )OXJHO\ dZlZeh]_ jmdhiBfi_j<_gkd[b[e,,,3HUWVFK GDUDE+GVFKUG+]JO%LEO]X*RWKD lZd`_%URFNHOPDQQ>hi DjZqdh\kdbc µÖ×ÃÕ ÃÎÏÖÎÍ >Zj pZjyf ijZ\beZ h[ bkiheg_gbb h[jy^h\ BkeZfZ Z\lhj ¯ÖÃÏÏÃÇÄÂĤÃÍÓÀÃÔÃÐÃÓ³Ê Dgb]Z ba^ZgZ k lZlZjkdbf i_j_\h^hf Rb]Z[m^^bgZ :abah\ZWlZ dgb]Z \ ihke_^mxs_f dZd k lZlZjkdbf i_j_\h^hf lZd b gZ ZjZ[kdhf yaud_ [m^_l ba^ZgZ [he__jZa C£ ËÇ ÏÃÐÏà >h]fZlu \ \bjrZo \_jhmq_gb_ baeh`_ggh_ \ klboZo khklZ\e_ggh_ «ÄÓØÏÑÏ Àà lmj_pdbf Z\lhjhf dhgpZ;,;\ £Î×ÃÎÍÖ×ÓKeh\Z g_\_jby £ÌÖØà ÃÎÅÃÎÃÇ H ^bly wlbdhgZab^Zl_evgh_ khqbg_gb_ agZf_gblh]h ªÃÌÐÖÇÇÐ £Ä ÀÏËÇ ¯ÖÃÏÏÃÇ £Î¦ÃÊÎ ]] < ] \ureh \ k\_l ba^Zgb_ _s_ h^gh]h _]h khqbg_gby ³ËÔÃÎÃËÐÓÐÃÏÃwlZ [jhrxjZ ³h iheva_ mq_gby FmoZffZ^Z´ ba^Z\ZeZkv jZaZ lbjZ`hf ^h lukwda LZd`_ gZqbgZ_l ba^Z\Zlvky [h]hkeh\kdhgjZ\hmqbl_evgh]h oZjZdl_jZ klbohl\hj_gb_ £ÏÃÎ kh^_j`Zs__ \ k_[_ mq_gb_ bkeZfZ k ih^kljhqguf lZlZjkdbf i_j_\h^hf gZibkZggh_ ´ËÓÇÉÖÇÇÐÄC¶¡ÏÃÐÃÎÁÛhd] < wlhl `_ ]h^ \ lbih]jZnbb R_\bpZ \uoh^bl i_j\h_ ba^Zgb_ agZf_gblhc ihwfu h gZdb^d_ IjhjhdZ ÝÃÇà ˤÖÓÇà Z\lhj dhlhjhc C£ÄÇÃÎÎÃØ »ÃÓÃ×ÃÇÇÐ ¯ÖÃÏÏÃÇ Ä G: JL nhi^eZ M Kheh\v_\Z mdZaZghqlh wlh khqbg_gb_ ³kha^Zggh_ ih ijhba\_^_gbyf FmoZffZ^Z GmjZ^^bgZ ?]bi_lkdh]h b Ibj]Zeb kM $KOZDUGWb %URFNHOPDQQ >hiDjZqdh\kdbc:J B< :G KKKJ \ jZa^_e_ XJBKIJM>?GPBY mdZaZg Z\lhj¯ÖÃÏÏÃÇÄ «ÔÏÃCÎÄ ¯ÃÏǤÃÇÓ ÃÓ³ÃÛÇE Y ¥W fEKB h WBü mf]gZqZeh ÎÃÛÛÃÌÃÎËÏÏÃÎCÃÎÎÏÃeeZ m $KOZDUGWkb :J B< :G KKKJ \ jZa^_e_ WLBD: gZa\Zgb_ hE?BAü aKü Y>@ü ¬K Z\lhj ¯ÖÃ××ÃÓÄ«ÄÓØÏįÃÐÓÃÎàÃÄgZqZeh ÎÃÛÛÃÌ ÃÎËÏÏ£ÄÃÎ×ÃÕÕÃhlf_q_ghqlh wlh ijhba\_^_gb_ h \ukdZau\Zgbyo b ^_ckl\byoaZij_lguo ^ey fmkmevfZg jmdhibkv \ eeLZd dZd gZfb ihdZ _s_ g_ h[gZjm`_g gb h^bg wda_fieyj wlhc dgb]bfu g_ fh`_f kdZaZlvd dZdhfm ba \ur_gZa\Zgguo ijhba\_^_gbc hlghkblky wlh ba^Zgb_ M $KOZDUGWwlh ijhba\_^_gb_ ihf_s_gh \ jZa^_e_Kmnbaf Kf lZd`_ :J B< :G KKKJ %URFNHOPDQQ >hiDjZqdh\kdbc ´ÃCÇ ZÎ¤Ó ]] Wlh ba\_klgh_ \ ijhklhj_qbb khqbg_gb_ ih^ gZa\Zgb_f ³DZkb^Zl Ze;mj^Z´ IhwfZ ieZsZ beb _s_ qZs_ ³Ze;mj^Z´ ijbh[j_eh g_h[uqZcgmx ihimeyjghklv \ fmkmevfZgkdhf h[s_kl\_ b k^_eZehkv ij_^f_lhf h[yaZl_evgh]h bamq_gby \ rdhe_ < k\yab k wlbf ohl_ehkv [u gZ g_f hklZgh\blvky ih^jh[g__Ih oZjZdl_jbklbd_ B F Nbevrlbgkdh]h \ fmkmevfZgkdhf h[s_kl\_ wlZ ihwfZ ³kjZam `_ [ueZ ijbgylZ k \hkobs_gb_f dhlhjh_ i_j_jhkeh \ [eZ]h]h\_cgh_ ihqblZgb_ [eZ]h^Zjy ijbibku\Z_fhc _c qm^h^_ckl\_gghc kbe_´ ³DZku^_ ieZsZ´ ijbibku\Zehkv fZ]bq_kdh_ agZq_gb_ b ijZ\h\_jgu_ fmkmevfZg_ ghkbeb l_dkl hlju\dh\ ba g__ \ dZq_kl\_ lZebkfZgh\ IhwfZ khklhbl ba [_clh\GZibkZggZy \ nhjf_ dZku^u hgZ gZqbgZ_lky k ljZ^bpbhggh]h gZkb[ZZ aZl_fihke_ djZldhc ^b^Zdlbq_kdhc qZklb jZa\b\Z_lky ]eZ\gZy l_fZ Ih oZjZdl_jbklbd_ =b[[Z³ihfbfh lh]hqlh h^Z baysgZ b \ h[s_f k\h[h^gZ hl kmnbckdbo b^_c [eZ]h^Zjy q_fm hgZ ijbh[j_lZ_l ijbylgmx ijhklhlm ^ey gZk hgZ ]eZ\guf h[jZahf bgl_j_kgZ l_f qlh \ g_c k`Zlh baeZ]Z_lky kj_^g_\_dh\Zy e_]_g^Z h ijhjhd_´ GZ kZfhf gZqZevghf wlZi_ fh_c jZ[hlu \ g_dhlhjuo bklhqgbdZo >hjg G: JL n hi ^ eZ g_h^ghdjZlgh \klj_qZehkv gZa\Zgb_ ³:fbg lyaZo´ ³:fbg lZadbj´³:fbg lyaZd´b y [_amki_rgh iulZeZkv \uykgblv qlh `_ wlh [ueh aZ ijhba\_^_gb_ ihdZ g_ magZeZ qlh agZf_gblZy ihwfZ gZqbgZ_lky keh\Zfb³£ÏËÐÕâÃÍÍÃÓËÇÉËÓÐË ³Hl \hkihfbgZgbc eb khk_^_c >Ab KZeZfZ ba hq_c l\hbo ihevxlky ]hjxqb_ ke_au@´ LZdb_ \hl dmjv_au fh]ml \klj_lblvky gZ imlb gZqbgZxs_]h bkke_^h\Zl_ey Ke_^m_l hlf_lblv qlh ihwfZ ba^Z\ZeZkv dZd \ hjb]bgZe_ lZd b \ i_j_\h^_ \ =_jfZgbb Lmjpbb Jhkkbb <i_j\u_ ihwfZ [ueZ gZi_qZlZgZ \_g]jhf B\Mjb_f \ Ehg^hg_ \ ]aZl_f k Nbevrlbgkdbc BF:jZ[kdZy deZkkbq_kdZy ebl_jZlmjZF =e j_^ <hklebljuk =b[[ g_f_pdbf i_j_\h^hf Jha_gp\_c]hf \ <_g_ \ < ] ihwfZ i_j\uc jZa [ueZ ba^ZgZ k lZlZjkdbf ih^kljhqguf i_j_\h^hf \ DZaZgb GZf ba\_klgu ba^Zgbc ihwfu lbjZ`Zfb wda qlh k\b^_l_evkl\m_l h qj_a\uqZcghc ihimeyjghklb __ kj_^b lZlZj< gZjh^_ hgZ [ueZ rbjhdh jZkijhkljZg_gZ lZd`_ ih^ gZa\Zgb_f ³:fbg lZaZd´ih gZqZevguf keh\ZfH ihimeyjghklb ihwfu k\b^_l_evkl\m_l b lhl nZdl qlh hgZ [ueZ i_j_\_^_gZ gZ bg^bckdbc i_jkb^kdbc lmj_pdbcg_f_pdbcnjZgpmakdbc b Zg]ebckdbc yaudb< k\yab kh ki_pbnbq_kdbf \a]ey^hf gZ wlm ihwfm ihy\behkv fgh]h ijhba\_^_gbc qZklh [_aufygguo ihk\ys_gguo hibkZgbx __ ³k\hckl\´ Wlb ijhba\_^_gby ij_^ihkueZxlky l_dklm ihwfu khklZ\eyy k ihke_^gbf g_qlh _^bgh_< lZdhf kemqZ_ hgb ghkyl gZa\Zgb_ bkgZ^ b kh^_j`Zl djhf_ ³k\hckl\´ _s_ jZkkdZa h ijbqbgZo gZibkZgby ihwfu mdZaZgb_ ijZ\be ql_gby __ ^ey ^hklb`_gby `_eZ_fh]h j_amevlZlZ b beexkljbjmxl bo jZkkdZahf h ³kiZkbl_evguo kemqZyo´ ijbf_g_gby ihwfu DZku^Z fgh]hdjZlgh dhff_glbjh\ZeZkv< ]\ DZaZgb [ue ba^Zg dhff_glZjbc àÎËÇà £Î£ÊØÃÓ gZ wlm ihwfm »ÃÓ CÃÎà ÃΤÖÓÇà LZd`_ ihwfZ g_h^ghdjZlgh h[jZ[Zlu\ZeZkv kha^Z\Zebkv gh\u_ klbohl\hjgu_ ijhba\_^_gby \dexqZxsb_ hkgh\ghc l_dklGZ]ey^guc ijbf_j wlh]h ba^Zgby \ ]] khqbg_gby µÃÏÔ ÃÇÃ Ë ¤ÖÓÇà beb _s_ h^bg \ZjbZgl gZa\Zgby £ÐÔ ÃÎÅÃÇà ÕÃÏÔ ÃΤÖÓÇà Miyl_j_gb_ Ihwfu IeZsZ :\lhj wlh]h khqbg_gby C£ÄÄÔ ·ÃÖÊ £Ç § ËÔÕÐ < ] j_i_jlmZj ZjZ[kdhc dgb`ghc ijh^mdpbb jZkrbjy_lky _s_ [hevr_ GZqbgZ_l ba^Z\Zlvky wkoZlheh]bq_kdh_ khqbg_gb_ £ÛÓ ÃÔÔCà :\lhjhf wlh]h khqbg_gby gZau\Z_lky dZd kZY ]h^u `bagb lZd b ºYEW ]]< ba^Zgbb dgb]b £Î «ÛCÃÕÎËËÛÓÃÔÔCà MdZaZgb_ ijbagZdh\ dhgpZ k\_lZ mdZaZg i_j\uc Z\lhj ihegh_ bfy dhlhjh]h ¯ÖÃÏÏÃÇ Ä C£ÄÇÃÓÓÃÔÎ Ä C£ÄÇÃÔÔÃÌËÇ ÃÎC£ÎÃÅ ÃÎÀÖÔÃÌÐ ÃÎ ¯ÃÅÔà ÃίÃÇÃÐ ÃΤËÓÊÃÐÇÉ < aZdexq_gbb ijh Z\lhjZ kdZaZgh ³sÎÎ ÊÃÏÃÐÃÔuÐÇà s ÎsÏ ËÎÏsÇÃÐ Ïà ÇÇ ÖÎÐ ÏÃÎsÐO H^bg ba kZfuo ba\_klguo mq_guo k\h_]h \j_f_gb b qlh l_dkl wlh]h khqbg_gby ijb\_a_g ba F_^bgu bfZfhf f_^j_k_ ³§ÉÏCÛÃÓ×´ÀmkZcghf wn_g^_ b i_j_^Zg ^ey ba^Zgby ¯ÃÏÖÇ [Zx OmkZbgh\m J_^Zdlhj C£ÎÏÃÇÇÐs×sÐÇÈЫÔÎÏÑÅ Djhf_ wlh]h k o ]h^h\ O,O \_dZ [hevrbf kijhkhf m lZlZjfmkmevfZg klZeb ihevah\Zlvky fhebl\_ggbdb b lZ[ebpu rZfZbeb Fh`gh kdZaZlv qlh wlhl \b^ i_qZlghc ijh^mdpbb i_j_`b\Z_l k\h_h[jZaguc [mf Wlh y\e_gb_ jy^hf bkke_^h\Zl_e_c gZau\Zehkv ³aZkhj_gb_f´ lZlZjkdhc dgb`ghc ijh^mdpbbGh :=DZjbfmeebg kijZ\_^eb\h hlf_qZ_lqlh wlh ³[ueh k\yaZgh k ijhlb\h^_ckl\b_f fbkkbhg_jkdhc ^_yl_evghklb f_klguo ojbklbZgbaZlhjh\´ Fhebl\_ggbdb ba^Z\gZ kms_kl\h\Zeb \ ZjZ[kdhf fbj_ >Z`_ kZfufb k_jv_agufb fmkmevfZgkdbfb mq_gufb \ k\h_ \j_fy kha^Z\Zebkv ijhba\_^_gby ihk\ys_ggu_ fhebl\Zf Ba\_klgh qlh rbjhdh jZkijhkljZg_gu [ueb k[hjgbdb fhebl\ abdjh\ \bj^h\ oba[h\ b dhff_glZjb_\ gZ fhebl\u lZdbo Z\lhjh\ dZd ÃνÃÊÎ ÖÏ ÃέÎÐ mf ÃΰÃÅÃÅ mf ] ÃΧÉÃÊÃÓ ÃÎ ¤ËÓÍÃÅ mf ÃÎC£Ô ÃÎÐ mf ] ÃÎ ÝÓÃθÃÓÃÅmfÃÎ­Û b ^jm]b_ $KOZDUGW 'RUQG: JL nhi^eZ Hj_g[mj]Lbi¤ÈÍÂqÌqÃÈØqÒk :J B< :G KKKJ Kf lZd `_ %URFNHOPDQQ DjZqdh\kdbc OjZgbebs_ BYEB :G JL DZjbfmeebgM bklhdh\ :J B< :G KKKJ ;ueh ba^Zgb_ \ hjb]bgZe_ b eZlbgkdhf i_j_\h^_ \ ]\ 3HWU%RUOHQ nhjfZlKjZ\5LHX&DWDORJXH[ =hl\Zev^:jZ[kdb_ jmdhibkb Ih^ lZdbf gZa\Zgb_f ihwfZ mihfbgZ_lky m =LmdZy Mgb\_jkbl_lkdZy lbiba^OmkZbgh\uok Ba ba^Z\Z_fuo lZlZjZfb fh`gh gZa\Zlv ke_^mxsb_ Z\lhjkdb_ fhebl\_ggbdb §ÃÎMËÎÃÎØÃÌÓÃÕFgh`_kl\h ^h[jh^_l_e_cba^Z\Zeky jZa ]] £ÅÓÇ ×ÃÕËÌà Ih[_^gu_ \bj^u >keZ\hkeh\by@ wlh kmnbckdb_ fhebl\u khklZ\bl_e_f dhlhjuo y\ey_lky kZcb^ b kmnbc ijha\Zgguc £Î£ÏÓ ÃέÃÄÓ beb £ÏÓ ´ÃÌÌËÇ ihegh_ bfy _]h ¯Ó ´ÃÌÌËÇ C£Î Ä »ËØÄ ¸ÃÏÃÇÐ ] Hg jh^beky \ OZfZ^Zg_ hldm^Z [_`Ze ijb gZr_kl\bb LbfmjZ \ DZrfbj ]^_ jZkijhkljZgye fmkmevfZgkl\h Mf_j gZ h[jZlghf imlb \ BjZg b ihohjhg_g \ Dmey[_ \ kh\j_f_gghf LZ^`bdbklZg_ ]^_ bf__lky gZ^ _]h fh]behc fZ\ahe_c FZaZj Ze:fbj Wlhl fhebl\_ggbd lZd`_ bgh]^Z ba^Z\Zeky lZlZjZfb ih^ iheguf gZa\Zgb_f ­ËÕÄ ÏÖÔÕÃÄ ÛÃÓË× ÏÃÄ £ÅÓÇ ×ÃÕËÌà H[sbf qbkehf ba^Z\Zeky jZa ]] §ÖCà ÇÉÃÐÐÃÕ ÃÎCÃÔÏÃC Fhebl\Z JZc bf_g khklZ\e_gguc ªÃÌÐÖÇÇËУÄÀÏËǯÖÃÏÏÃÇÃνÃÊÎ ]]K ih ]h^u \ureh \ k\_l ba^Zgby ijbq_f lbjZ` g_dhlhjuo ^hoh^be ^hwda ÀËÊÄ ÃÎÄÃÓ Àba[ fhjy khklZ\bl_ev £ÏÃÇ Ä C£ÄÇÃÎÎÃØ Ãλ¢ËÎ mf ] <k_]h k\_l m\b^_eb ljb ba^Zgby]] »ÃÓÐÃÏÃÛ»ÃÌÃÎÃÇÉÃÎΰÓÃÇÇÐÃǧËÏÌ × ÃÔÏ ÃÎÎÃØ ÕÃCÎ ÃÎÖÔÐ Dhff_glZjbc gZ klbob r_coZ ij_keZ\gh]h Gmjm^^bgZ >bfcZlb ³H ij_djZkguo bf_gZo G; D=M L : : : : : : ::OjZgbebs_ BYEBDZlZeh] B< Ki[D,, KfKh[j MaKKJ Kf;_ey_\%URFNHOPDQQ>hiKh[jMaKKJ :J B< :G KKKJ)OXJHORbZ G; D=M : : ;dZ DNLB DGP J:G DZlZeh] G; B< KI[D, ;dZ DNLB DGP J:G %URFNHOPDQQ>hi:J B< :G KKKJ ;dZ DNLB DGP J:G [h]Z´Z\lhj £Î¤Ð¯ÖÇÇУÄC£ÄÄÔmf\ ] H^gh ba^Zgb_ ]h^Z b h^gh ba^Zgb_ ]h^ dhlhjh]h g_ mdZaZg ih^ gZa\Zgb_f ³»ÃÓ ÃÇà ÃÛ»ÃÌ ÃÎÃÇÉÃÎÎ °ÓÃÇÇÐ ÃǧËÏÌ × ÃÔÏ ÃÎÎÃØ ÕÃCÎ ÃÎÖÔд Lhedh\Zgb_ gZ dZku^m r_coZ ij_keZ\gh]h Gmjm^^bgZ >ZfcZlb ³H ij_djZkguo bf_gZo [h]Z´ Fu \b^bf qlh i_j\uc fhebl\_ggbd ³ËÔÎà ×ÃÓ CÃÌÐ XsÏ ÇÃCÃÅÕ IhkeZgb_ aZih\_^_c hkh[_gguo b fhebl\ b i_j\Zy lZ[ebpZ \ureb \ k\_l \ ]: aZ ljb ]h^Z k ih dhebq_kl\h ba^Zgguo fhebl\ b lZ[ebp ^hklb]eh khjhdZ ^\mo Wlh hagZqZ_l qlh \ l_q_gb_ ]h^Z ba^Z\Zehkv g_ f_g__ ^_kylb fhebl\_ggbdh\ b lZ[ebpKj_^b gbo _klv dZd fhebl\u aZ ijhjhdZ lZd b bg^b\b^mZevgu_ ]jmiih\u_ h[jy^h\u_ ijZa^gbqgu_ ijbmjhq_ggu_ d hij_^_e_gguf kh[ulbyf b ij_^\Zjyxsb_ g_dhlhju_ ^_ckl\by b l i DZd fu \b^bf rbjhdh ba^Zxlky kh[jZgby ZjZ[kdbo keZ\hkeh\bc gZ jZaghh[jZagu_ kemqZb `bagb k i_j_\h^hf ZjZ[kdh]h l_dklZ b k lhedh\Zgb_f _]h Ihke_ hlf_gu pZj_f k\h_]h aZij_s_gby ba^Zgb_ fmkmevfZgkdbo dgb] gZqZ\r__ h`b\eylvky k ]h^Z ijh^he`Z_l jZklb Wlh i_jbh^ h`b\e_gby iheb]jZnbq_kdhc ^_yl_evghklb ih \k_c Jhkkbb gZ qlh \ebyxl b lZdb_ nZdlhju dZd jhkl lbih]jZnbc b kh\_jr_gkl\h\Zgb_ iheb]jZnbq_kdhc l_ogbdb iheh`_gh gZqZeh f_oZgbaZpbb ijhp_kkZ i_qZlZgby ihy\eyxlky i_j\u_ kdhjhi_qZlgu_ fZrbgu mkh\_jr_gkl\h\Zg kl_j_hlbiguc ijhp_kk [hevr__ ijbf_g_gb_ gZoh^bl eblh]jZnby mkh\_jr_gkl\m_lky ^j_\gbc kihkh[ \hkijhba\_^_gby beexkljZpbc dkbeeh]jZnby F_gy_lky iheb]jZnbq_kdh_ bkiheg_gb_ b oZjZdl_j hnhjfe_gby dgb]Fu \b^bf \hagbdgh\_gb_ dhgdmj_gpbb f_`^m qZklgufb lbih]jZnbyfb b lbih]jZnb_c mgb\_jkbl_lZ \ dhlhjhc ihke_^gyy l_jibl ihjZ`_gb_ G; D=M=hl\=hl\::: G; D=M: DjZldbc fmkmevfZgkdbc dZl_obabk h j_eb]bhaguo h[yaZgghklyo fmkmevfZg\ ihke_^mxs_f [m^_l ba^Z\Zlvky [he__jZa < o ]h^Zo ihy\eyxlky lbih]jZnbcR_\bpZ \ ]k ]hgZ gZau\Z_lky lbih]jZnb_c Dhdh\bgZ ih bf_gb gh\h]h \eZ^_evpZ \ ] ihy\ey_lky i_j\Zy lZlZjkdZy eblh]jZnby RZob YobgZ \ ] qZklgZy lbih]jZnby JZobf^`Zgh\Z k ] hgZ gZau\Z_lky lbih]jZnb_c JZobf^`ZgZ KZb^h\Z < k_j_^bg_ ;,; klhe_lby lZlZjkdZy dgb]Z ij_bfms_kl\_ggh j_eb]bhagh]h kh^_j`ZgbygZqbgZ_l \uoh^blv gZ f_`^mgZjh^guc jughdklZgh\blky h[t_dlhf dmiebijh^Z`b \ ]hjh^Zo Kj_^g_c :abbg_dhlhjuo kljZg ;eb`g_]h b Kj_^g_]h <hklhdZ Dhgdmj_glhkihkh[ghklv lZlZjkdhc dgb]b ij_`^_ \k_]h dZaZgkdh]h ijhba\h^kl\Z h[_ki_qb\ZeZkv __ iheb]jZnbq_kdhc hkh[_gghklvx KlZgh\e_gb_ b jZa\blb_ ZjZ[h]jZnbq_kdhc dZaZgkdhc i_qZlghc ijh^mdpbb reh ih^ \ebygb_f ^\mo iheb]jZnbq_kdbo rdhe \hklhqghc b aZiZ^ghc Wlhfm kihkh[kl\h\Zeh ]_h]jZnbq_kdh_ b bklhjbdhdmevlmjgh_ iheh`_gb_ DZaZgb gZoh^b\r_cky ³gZ f_kl_ \klj_qb :abb b ?\jhiu´ Ihwlhfm \h \g_rg_c nhjf_ \ hkh[_gghklyo l_ogbq_kdh]h bkiheg_gby lZlZjkdbo i_qZlguo dgb] fh`gh gZclb we_f_glu dZd ljZ^bpbhggh \hklhqguo lZd b lbibqgh aZiZ^guo iheb]jZnbq_kdbo ljZ^bpbc DZaZgkdb_ i_qZlgbdb kmf_eb \ujZ[hlZlv gZ hkgh\_ gZb[he__ m^h[hqblZ_fh]h ihq_jdZ ³gZko´oZjZdl_jguc lhevdh ^ey gZrbo ba^Zgbc baysguc rjbnl ihemqb\rbc gZ <hklhd_ gZa\Zgb_ dZaZgkdh]h rjbnlZIhwlhfm dZaZgkdb_ ba^Zgby ihevah\Zebkv kijhkhf gZ <hklhd_ baaZ ykghklb b m^h[ghklb l_dklZ Ihke_ agZdhfkl\Z k [b[ebh]jZnbq_kdbf h[ahjhf >hjgZdZd ibr_l < Kfbjgh\ ³BghkljZggu_ ]eZ\guf h[jZahf Zg]ebckdb_im[ebpbkluijb\udrb_ kfhlj_lv gZ Jhkkbx dZd gZ kljZgm Z[khexlgh]h ij_h[eZ^Zgby jmkkdhc gZpbhgZevghklb bkdexqZxs_]h \kydh_ \g_rg__ ijhy\e_gb_ kZfh[ulgh]h kms_kl\h\Zgby dZdboeb[h bguo gZjh^ghkl_ch[blZxsbo gZ __ h[rbjghf ijhkljZgkl\_ ijhklh ijbreb \ bamfe_gb_ ijb \b^_ lh]h rbjhdh]h ihevah\Zgby i_qZlguf keh\hf dZdh_ ij_^hklZ\e_gh \ Jhkkbb fmkmevfZgkdhfm gZk_e_gbx Bo ihjZabeh ]jhfZ^gh_ dhebq_kl\h ba ]h^Z \ ]h^ ih\lhjy\rboky MkfZgh\ F:LjZ^bpbb lZlZjkdhc jmdhibkghc dgb]b Keh\h h dgb]_ DZaZgvLZlZjdgba^\hk ba^Zgbc :edhjZgZ b ^jm]bo dgb] j_eb]bhagh]h kh^_j`Zgby Ih^\_^y klZlbklbq_kdbc blh] wlbf pbnjZf Zg]ebckdb_ im[ebpbklu mdZau\Zeb gZ gbo k\h_fm ijZ\bl_evkl\m Bg^bb dZd gZ h[jZa_p \ hlghr_gbb p_gljZevghc \eZklb d bghie_f_gghfm b bgh\_jghfm gZk_e_gbx ]hkm^Zjkl\Z Wlb iZg_]bjbdb [ueb \hkijhba\_^_gu lh]^Z \ g_dhlhjuo gZrbo kheb^guo ]Za_lZo k \ujZ`_gb_f g_khfg_ggh]h qm\kl\Z m^h\hevkl\by hl aZ]jZgbqguo iho\Ze b h^h[j_gby lZdhfm y\e_gbx \h \gmlj_gg_c `bagb gZr_]h hl_q_kl\Z´ JZkrbj_gb_ j_i_jlmZjZ fmkmevfZgkdhc dgb`ghc ijh^mdpbb kh\_jr_gkl\h\Zgb_ __ dZq_kl\Z b dhebq_kl\_gguc jhkl g_ hklZebkv g_aZf_q_ggufb kh klhjhgu pZjkdh]h ijZ\bl_evkl\Z < GZpbhgZevghf :job\_ JL ojZgylky ^_eZ Ih hlghr_gbx fbgbkljZ \gmlj_ggbo ^_e h ijbhklZgh\e_gbb i_qZlZgby DhjZgZ b ^jm]bo fZ]hf_lZgkdbo ^moh\guo dgb] gZqZlh Z\]mklZ ]h^Z hdhgq_gh hdly[jy ]h^Z H \hkij_s_gbb i_qZlZlv DhjZg b ^jm]b_ fZ]hf_lZgkdb_ dgb]b H \hkij_s_gbb i_qZlZlv dhjZg b FZ]hf_lZgkdb_ >moh\gu_ dgb]b Hl ihi_qbl_ey DZaZgkdh]h Mq_[gh]h Hdjm]Z ] ijhj_dlhjm DZaZgkdh]h mgb\_jkbl_lZ] b ^j Ihke_ \ur_mdZaZggh]h aZij_s_gby i_qZlZgby fmkmevfZgkdbo dgb] \ qZklguo lbih]jZnbyo lbih]jZnby mgb\_jkbl_lZ gZoh^blky gZ ijb\be_]bjh\Zgghf iheh`_gbb _keb \ ]h^u \ g_c [ueh gZi_qZlZgh hdheh dgb] k ijbf_g_gb_f ZjZ[kdh]h yaudZ lh \ qZklghc lbih]jZnbb R_\bpZ [ueh ba^Zgh hdheh dgb] < \ur_gZa\Zgghc fhgh]jZnbb DZjbfmeebgZ : = kh kkuedhc gZ fZl_jbZeu G: JL hlf_q_ghqlh k ih ]h^ lZlZjkdb_ ^moh\gu_ dgb]b i_qZlZebkv lhevdh \ lbih]jZnbb mgb\_jkbl_lZ >_ckl\bl_evgh \ ] ba qZklguo lbih]jZnbc g_ \ureh gb FmkmevfZgkdb_ i_qZlgu_ ba^Zgby \ Jhkkbb AZibkdb <hklhqgh]h hl^_e_gby Bfi_jZlhjkdh]h Jmkkdh]h :jo_heh]bq_kdh]h H[s_kl\ZLKI[ LbiBfi:Gk G: JLNhi^ G: JLNhi^ G: JLNhiJ_dlhj^ DZjbfmeebg :=M bklhdh\ h^ghc fmkmevfZgkdhc dgb]bGh ih Zjob\guf fZl_jbZeZf gZfb m^Zehkv hij_^_eblv qlh \ ] qZklgufb lbih]jZnbyfb [ueb \uims_gu ljb ba^Zgby \ lbih]jZnbb R_\bpZ ihwfZ ;mkbjb b DhjZg ba^Zl_ey F_^\_^_\Z wlm dgb]m q_j_a ljb ]h^Z \ ] [m^_l jZkkfZljb\Zlv p_gahj ;_j_abg ^ey i_j_ba^Zgby b \ lhf `_ ]h^m \ lbih]jZnbb Dhdh\bgZ [ueZ ba^ZgZ lZ[ebpZ h dZq_kl\Zo ijhjhdZ »ÃÏ ËÎ ÃаÃÄ Djhf_ wlh]h\ ]h^m lbih]jZnb_c R_\bpZ [ueh \uims_gh r_klv ba^Zgbc BlZddgb]hba^Zgb_ gZ ZjZ[kdhf yaud_ b k bkihevah\Zgb_f ZjZ[kdh]h yaudZ i_j\hc iheh\bgu O,O \\ DZaZgb ij_^klZ\eyeh kh[hc ke_^mxs__ AZ ihe\_dZ \ DZaZgb [ueh ba^Zgh [he__ lZlZjkdbo dgb]< bo qbke_ aZ wlhl i_jbh^ [ueh ba^Zgh [he__ dgb] gZ ZjZ[kdhf yaud_ b [he__ kh kf_rZgguf ZjZ[kdbf b lZlZjkdbf yaudhf D wlbf qbkeZf _s_ ke_^m_l ^h[Z\blv lZlZjkdb_ ba^Zgby gZ ZjZ[kdhf yaud_ \uims_ggu_ ba lbih]jZnbc KZgdlI_l_j[mj]Z dZd gZijbf_j ;md\Zjv lZlZjkdh]h b ZjZ[kdh]h ibkvfZ G ; :lghf_lh\Z ] b fhebl\_ggbd §ÃÎ ËÎ ÃÎÃÌÓÕ ] lbi B\ZgZ K_e_ag_\Z ba^Zl_ev bfZf b oZlu[ Kh[hjghc f_q_lb DZfZe_l^bg [:^_e LZdbf h[jZahffu \b^bfqlh ZjZ[kdb_ ba^Zgby khklZ\eyxl [he__ iheh\bgu \k_c lZlZjkdhc i_qZlghc ijh^mdpbb i_j\hc iheh\bgu ;,; \_dZ Kj_^b gbo [ueh [he__ ba^Zgbc DhjZgZ O_nlb_d b [he__ ba^Zgbc fmkmevfZgkdhc Za[mdb «ÏÐÛÓÕu beb »ÃÓ ÃÎÏÐ Gh ke_^m_l hlf_lblvqlh \k_ wlb pbnju mkeh\gulZd dZdd kh`Ze_gbx ihdZ _s_ g_\hafh`gh mdZaZlv lhqgh_ dhebq_kl\h ba^Z\Z\rboky fmkmevfZgkdbo dgb] >Zggu_ \aylu_ ba jZaguo bklhqgbdh\ jZkoh^ylky b aZqZklmx ijhlb\hj_qb\u : = DZjbfmeebg h^ghc ba ijbqbg wlh]h gZau\Z_l lhqlh ³dZaZgkdb_ fbkkbhg_ju [hjykv ijhlb\ lZlZjkdhc dgb]b aZy\eyeb qlh G: JL nhi^eZ G: JL nhi^eZ Kheh\v_\'RUQG: JL nhi^eZ DZjbfmeebg :=M bklhdh\ =hl\Zev^ G; D=ML lZlZjkdbo dgb] ba^Z_lky hq_gv fgh]h wlbf hgb klZjZebkv h[tykgblv hliZ^_gb_ dj_s_guo lZlZj \ fmkmevfZgkl\h \hafh`gh\ wlbo p_eyo hgb ij_m\_ebqb\Zeb dhebq_kl\h lbjZ`Z lZlZjkdbo dgb] : mgb\_jkbl_l aZbgl_j_kh\Zgguc \ ba^Zgbb lZlZjkdbo dgb] fh] ihclb gZ mf_gvr_gb_ lbjZ`Z lZlZjkdbo dgb] \ k\h_f ^hg_k_gbb L_f [he__ p_gahj jZ[hlZxsbc ijb mgb\_jkbl_l_g_ \_e kbkl_fZlbq_kdh]h mq_lZ lbjZ`Z lZlZjkdbo dgb]´ Gh hij_^_e_ggh fh`gh kdZaZlvqlh _keb dZ`^Zy lj_lvy dgb]Zba^ZggZy \ ijh\bgpbb \ wlhl i_jbh^[ueZ lZlZjkdhclh \ k\hx hq_j_^v iheh\bgZ Z gZ g_dhlhjuo wlZiZo b [hevr_ iheh\bguwlhc ijh^mdpbb ba^Z\ZeZkv iheghklvx beb qZklbqgh gZ ZjZ[kdhf yaud_ KL:LBKLBD: <HKLHQGUO BA>:GBC I?J<HC IHEH<BGU;,;<?D: =H>U h[s__ ba^Zgby gZ ba^Zgby gZ h[s__ dhebq_kl\h qbklhf ZjZ[kdhf k dhebq_kl\h lZlZjkdbo ZjZ[kdhf ijbf_g_gb_f ZjZ[kdbo ba^Zgbc yaud_ lZlZjkdh]h ba^Zgbc hdheh hdheh DZjbfmeebg :=M bklhdh\ Ih fZl_jbZeZf x[be_cgh]h k[hjgbdZ ³ e_l ³ k ih ]h^ \h \k_o ]m[_jgbyo Jhkkbb [ueh ba^Zgh gZ \k_o yaudZo \k_]h dgb]b Pbnjh\u_ ^Zggu_ h[ ZjZ[kdbo ba^Zgbyo ba\e_q_gu ba gZr_c [Zau ^Zgguo ^Zggu_ h dhebq_kl\_ lZlZjkdbo ba^Zgbc ba fhgh]jZnbb : = DZjbfmeebgZ³M bklhdh\ lZlZjkdhc dgb]b´