E_dpbyFB=J:PBYWG?J=BBB I?J?GHKWE?DLJHG:<;BHKLJMDLMJ:O
advertisement
E_dpbyFB=J:PBYWG?J=BBB I?J?GHKWE?DLJHG:<;BHKLJMDLMJ:O >h kbo ihj fu jZkkfZljb\Zeb \gmljbfhe_dmeyjgmx ih^\b`ghklv [_edh\dhlhjZyghkblkZfhijhba\hevgucoZjZdl_jbh[mkeh\e_gZl_ieh \uf ^\b`_gb_f H^gZdh mqZklb_ [_edh\ \ f_lZ[hebq_kdbo ijhp_kkZo b f_oZgbafunmgdpbhgZevghcZdlb\ghklb\k_]^Zk\yaZgukbaf_g_gb_fbo we_dljhggh]hkhklhygbyBf_ggh wlhl nZdlhj bg^mpbjm_l \ [_ed_ hij_ ^_e_ggu_ dhgnhjfZpbxggu_ i_j_oh^u gZijZ\e_ggu_ d ^hklb`_gbx gh\h]h jZ\gh\_kby k fbgbfmfhf dhgnhjfZpbhgghc wg_j]bb dhlhjh_ khhl\_lkl\m_l baf_g_gghfm we_dljhgghfm khklhygbx fZdjhfhe_dmeu KZfb we_dljhggu_ i_j_oh^u b baf_g_gb_ we_dljhggh]h khklhygby [bh ihebf_jh\ijhbkoh^ylgZfgh]h[uklj__q_f\ua\Zggu_ bfb dhgnhjfZ pbhggu_ i_j_kljhcdb Ihwlhfm \ i_j\hf ijb[eb`_gbb we_dljhggu_ b dhgnhjfZpbhggu_ i_j_oh^u fh`gh jZkkfZljb\Zlv hl^_evgh We_dljhg gu_i_j_oh^u\[bhihebf_jZobf_xlkZfhklhyl_evgh_agZq_gb_\p_ehf jy^_ \Z`g_crbo [bheh]bq_kdbo ijhp_kkh\ Hkh[mx jhev b]jZxl fb]jZ pbywg_j]bbwe_dljhggh]h\ha[m`^_gbybljZgkihjlwe_dljhgh\\[bheh ]bq_kdbo kljmdlmjZo <i_j\u_ fb]jZpby wg_j]bb we_dljhggh]h \ha[m`^_gby \ [_ed_ [ueZ h[gZjm`_gZ \ hiulZo ih nhlh^bkkhpbZpbb dZj[hfbh]eh[bgZij_^klZ\eyxs_]hkh[hcdhfie_dkKHfbh]eh[bgIh^ ^_ckl\b_f k\_lZ \ ijbkmlkl\bb dbkehjh^Z ijhbkoh^beh hls_ie_gb_ KH hldZj[hfbh]eh[bgZkh[jZah\Zgb_fhdkbfbh]eh[bgZ k\_l ;_ehd]_fKH o [_ehd]_f2KH 2 dZj[hfbh]eh[bghdkbfbh]eh[bg HdZaZehkvqlhwnn_dlb\ghklvwlh]hijhp_kkZh^bgZdh\Z\ kemqZ_ dh]^Z k\_lih]ehsZeky]_fhfOagfbeb[_edhfOagfWlh]h\hjbl h fb]jZpbb wg_j]bb \ha[m`^_gby hl [_edZ gZ ]_f <ihke_^kl\bb [ueb h[gZjm`_gu fgh]hqbke_ggu_ kemqZb i_j_ghkZ wg_j]bb f_`^m ZjhfZlb q_kdbfb ZfbghdbkehlZfb \ [_edZo gmde_hlb^gufb hkgh\Zgbyfb Z lZd `_hl[_edZgZijbkh_^bg_ggu_dg_fmojhfhnhjgu_exfbg_kpbjmxsb_ fhe_dmeu djZkbl_e_c Ijbf_jhf fb]jZpbb wg_j]bb bf_xs_c \Z`g_c r__ [bheh]bq_kdh_ agZq_gb_ fh`_l kem`blv i_j_ghk \ha[m`^_gby hl k\_lhkh[bjZxsbo fhe_dme ib]f_glh\ oehjhnbeeZ d j_Zdpbhgghfm p_gljm\nhlhkbgl_lbq_kdbof_f[jZgZo I_j_ghk we_dljhgZ \ [bhkljmdlmjZo ijhbkoh^bl gZ [hevrb_ jZk klhygby[_ag_ihkj_^kl\_ggh]hdhglZdlZ^hghjZ b Zdp_ilhjZ we_dljhgZ <fblhohg^jbyoboehjhieZklZobf_gghwe_dljhggucljZgkihjle_`bl\ hkgh\_ \Z`g_crbo wg_j]_lbq_kdbo ijhp_kkh\±^uoZgby b nhlhkbgl_aZ < wlbo hj]Zg_eeZo jZkklhygby f_`^m jZaebqgufb ijhkl_lbq_kdbfb ]jmiiZfbi_j_ghkqbdh\g_ihkj_^kl\_gghi_j_^Zxsbowe_dljhgkhklZ\ eyxl hdheh ±c H^gZ ba bgl_j_kguo hkh[_gghkl_c khklhbl \ lhf qlhgZhl^_evguowlZiZowe_dljhggh]hljZgkihjlZ\[bhkljmdlmjZoi_j_ ghkwe_dljhgZfh`_l k [hevrhc wnn_dlb\ghklvx ijhbkoh^blv ijb gba dbol_fi_jZlmjZo\dexqZyl_fi_jZlmju`b^dh]hZahlZb`b^dh]h]_eby LZdb_ gbadhl_fi_jZlmjgu_ klZ^bb i_j_ghkZ we_dljhgZ h[gZjm`_gu \ nhlhkbgl_lbq_kdboj_Zdpbhgguop_gljZoJZkkfhljbf f_oZgbafu we_d ljhgguoi_j_oh^h\\[bhihebf_jZo Fb]jZpbywg_j]bb Ih]ehs_gb_ d\ZglZ k\_lZ \ keh`ghc fhe_dm e_kh^_j`Zs_cSwe_dljhgu\uau\Z_li_j_oh^uf_`^mmjh\gyfb6R 6L LdZd[ueh ihdZaZgh gZ jbk < ex[uo nhlh[bheh]bq_kdbo ijhp_k kZojhevwe_dljhggh]h\ha[m`^_gbykhklhbl\lhfqlhlZdbfiml_fij_ h^he_\Z_lkyZdlb\Zpbhgguc[Zjv_jgZqZevghcklZ^bbj_ZdpbbH^gZdh\ nhlhkbgl_a_ k\h[h^gZy wg_j]by dhg_qguo ijh^mdlh\ \ur_ q_f gZqZev guo &2 b +b ihwlhfm a^_kv ijhbkoh^bl _s_ b aZiZkZgb_ wg_j]bb k\_lZ \ \b^_ wg_j]bb obfbq_kdbo k\ya_c ijh^mdlh\ nhlhkbgl_aZ Nbab q_kdZyijbqbgZi_j_ghkZwe_dljhgghcwg_j]bbhl\ha[m`^_gghcfhe_dm eu^hghjZ>dfhe_dme_Zdp_ilhjZ: >:o>: hij_^_ey_lkyijbjh^hc bo \aZbfh^_ckl\by I_j_ghk ijhbkoh^bl aZ kq_l dmehgh\kdh]h\aZbfh^_ckl\byf_`^mwe_dljhgZfb\fhe_dmeZo>b:<h \j_fy kms_kl\h\Zgby \ha[m`^_ggh]h khklhygby fhe_dmeu > ]_g_jbjm _lky i_j_f_ggh_ we_dljhfZ]gblgh_ ihe_ aZ kq_l hkpbeeypbb aZjy^Z we_dljhgZ Wlh ihe_ \aZbfh^_ckl\m_l k we_dljhghf \ g_\ha[m`^_gghc fhe_dme_ Zdp_ilhjZ : ?keb qZklhlZ i_j_f_ggh]h ihey > kh\iZ^Z_l k qZklhlhci_j_oh^Zwe_dljhgZ\:gZ\ha[m`^_ggucmjh\_gv lh ijhbkoh ^bli_j_ghkwg_j]bbIjbwlhffhe_dmeZ >\ha\jZsZ_lky \ hkgh\gh_ Z fhe_dmeZ : i_j_oh^bl \ \ha[m`^_ggh_ khklhygb_ GbdZdh]h \uk\_qb\Z gby d\ZglZ k\_lZ fhe_dmehc > b i_j_ih]ehs_gby _]h fhe_dmehc : g_ ijhbkoh^blZi_j_ghkghkbl[_auaemqZl_evgucoZjZdl_jWlhlf_oZgbaf fb]jZpbb ghkbl gZa\Zgb_ bg^mdlb\ghj_ahgZgkgh]h b hkms_kl\ey_lky ijb keZ[uo wg_j]byo \aZbfh^_ckl\by f_`^m fhe_dmeZfb ?< aw< <j_fyWf fb]jZpbbwg_j]bb\wlhfkemqZ_fgh]h[hevr_q_fk Wf !!k l _ ij_\urZ_l \j_fy l_ieh\hc ^_]jZ^Zpbb wg_j]bb ih dhe_[Zl_evguf ih^mjh\gyf Wlh agZqbl qlh \ ijhp_kk_ fb]jZpbb wg_j]bb ijb \ha[m` ^_gbbhq_j_^ghcfhe_dmeuhgZmki_\Z_li_j_clbgZgb`gbcdhe_[Zl_ev guc JbkKo_fZfb]jZpbbwg_j]bbwe_dljhggh]h\ha[m`^_gby ih^mjh\_gv \ha[m`^_ggh]h khklhygby hldm^Z m`_ \hafh `_g ^Zevg_crbc i_j_ghk \ha [m`^_gby beb bkimkdZgb_ k\_lZ nemhj_kp_gpbb jbk DeZkkbq_kdbc ZgZeh] bg^mdlb\ghj_ahgZgkgh]h f_oZgbafZ fb]jZpbb ± ^\Z k\yaZgguo \_j_\dhc fZylgbdZ jbk Wg_j]by dhe_[Zgbc JbkF_oZgbq_kdbcZgZeh] h^gh]h ba gbo i_j_^Z_lky f_ bg^mdlb\ghj_ahgZykgh]hf_oZgbafZ oZgbq_kdbf iml_f ^jm]hfm dhlhjuc gZqbgZ_l dhe_[Zlvky Z dhe_[Zgby i_j\h]h aZlmoZxl <_jhylghklv bg^mdlb\ghj_ahgZgkgh]h i_j_oh^ZijhihjpbhgZevgZkl_i_gbi_j_djulby ki_dljZ nemhj_kp_gpbb ^hghjZbki_dljZih]ehs_gbyZdp_ilhjZjbkbh[jZlghijhihj pbhgZevgZ 5 ]^_ 5±jZkklhygb_ f_`^m \aZbfh^_ckl\mxsbfb fhe_dm eZfb JZkklhygby gZ dhlhjuo wnn_dlb\gh ijhbkoh^bl bg^mdlb\gh j_ahgZgkguc i_j_ghk wg_j]bb khklZ\eyxl hdheh ±c kh kdhjhkly fb ±k Ijb ihgb`_gbb l_fi_jZlmju ki_dljZevgu_ ihehku nemhj_kp_gpbb > b ih]ehs_gby : km`Zxlky kl_i_gv bo i_j_djulby mf_gvrZ_lkyb\_jhylghklvi_j_ghkZiZ^Z_l Bg^mdlb\ghj_ahgZgkguc i_j_ghk \hafh`_g g_ lhevdh f_`^m kbg]e_lgufb mjh\gyfb ^hghjZ b Zdp_ilhjZ gh b ih ljbie_l kbg]e_lghfm >7o:6 b kbg]e_lljbie_lghfm f_oZgbafm >6 o :7GZ [he__ dhjhldbo jZkklhygbyo ±Ac ihjy^dZ ^ebgu obfbq_kdhc k\yab we_dljhggu_ hj[blZeb ^hghjZ b Zdp_ilhjZ fh]ml i_j_dju\Zlvky Lh]^Z i_j_ghk \ha[m`^_gby hkms_kl\ey_lky ih lZd gZau\Z_fhfm h[f_g ghj_ahgZgkghfmf_oZgbafm ijb dhlhjhf ijhbkoh^bl h[f_gwe_dljh JbkI_j_djulb_ki_dljh\nemhj_kp_gpbb^hghjZ'bih]ehs_ gbyZdp_ilhjZ: gZfb b we_dljhggufb khklhygbyfb GZijbf_j ljbie_lljbie_lguc i_j_ghkfh`ghij_^klZ\blv\\b^_ko_fu >Lnn:6 npo>6 np:Lnn < nhlhkbgl_lbq_kdbo f_f[jZgZo h[f_gghj_ahgZgkgZy i_j_^ZqZ ijhbkoh^bl hl oehjhnbeeZ \ khklhygbb 6 gZ [he__ gbadbc ljbie_lguc mjh\_gvdZjhlbghb^h\ ;e6 np.DS6 npoOe6 np.DSLnn DZd\b^gha^_kvg_khojZgy_lkykmffZjguckibg\kbkl_f_>b: <lh`_\j_fyfhe_dmeudZjhlbghb^h\ih]ehlb\rb_k\_lbi_j_r_^rb_ \ khklhygb_ 6 fh]ml hl^Z\Zlv wg_j]bx oehjhnbeem lZd dZd bo 6 mjh \_gvjZkiheh`_g\ur_6mjh\gyoehjhnbeeZ .DS6 pnOe6 pn.DS6 npoOe6 pn >jm]hclZdgZau\Z_fucwdkblhggucf_oZgbaffb]jZpbb wg_j]bb \ha[m`^_gby hkms_kl\ey_lky ijb [hevrbo wg_j]byo \aZbfh^_ckl\by a± w< < wlhf kemqZ_ \j_fy fb]jZpbb Wf k b khklZ\ey_l ± ± ± k<ha[m`^_gb_ihiZ\r__\fhe_dmem^hghjZfh`_li_j_clb \khk_^gxxfhe_dmemZdp_ilhjZjZgvr_q_fmki__lijhbahclb j_eZdkZ pby gZ gb`gb_ dhe_[Zl_evgu_ mjh\gb khklhygby 6 fhe_dmeu ^hghjZ <ha[m`^_gb_dZd[u[_`blih\_jogbf dhe_[Zl_evguf mjh\gyf \aZbfh ^_ckl\mxsbo fhe_dme g_ mki_\Zy ehdZebah\Zlvky gZ dZ`^hcbagbo \ hl^_evghklb jbk < wlhc kblmZpbb \ha[m`^_gb_f h^gh\j_f_ggh ho\Zq_gh g_kdhevdh khl fh e_dme b hgh ghkbl dhee_d lb\guc oZjZdl_j LZdhc lbi fb]jZpbb gZau\Z_lky wdkb lhgguf Z kZfZ h[eZklv \ha [m`^_gby \dexqZsZy [hevrh_ qbkeh fhe_dme± JbkKo_fZwdkblhggh]hi_j_ghkZ wdkblhghf < nhlhkbgl_lb wg_j]bb\ha[m`^_gb_[_`blih\_jo q_kdbo f_f[jZgZo wdkblhg gbfdhe_[Zl_evgufmjh\gyf\aZbfh^_c kl\mxsbofhe_dme guc f_oZgbaf bf__l f_klh ijb fb]jZpbb wg_j]bb \ ij_^_eZo ]jmiiu h^ghjh^guo fhe_dme ib]f_glZ nbdkbjh\Zgguo gZ h^ghf b lhf `_ [_edh\hf ghkbl_e_ I_j_ghk f_`^m jZagufb ib]f_gl [_edh\ufbdhfie_dkZfbb^_lihbg^mdlb\ghj_ahgZgkghfmf_oZgbafm Lmgg_evguc f_oZgbaf h[_ki_qb\Z_l wnn_dlb\guc ljZgkihjl we_dljhgh\ f_`^m ^hghjghZdp_ilhjgufb ]jmiiZfb jZkiheh`_ggufb gZ jZkklhygbb ±c Bf_ggh lZdhc i_j_ghk fh`_l b^lb \ ^uoZl_ev ghcbnhlhkbgl_lbq_kdhcp_ib]^_ijhkl_lbq_kdb_]jmiiuih]jm`_gu\ [_edh\u_ ]eh[meu gZ ±c b \aZbfh^_ckl\mxl ^jm] k ^jm]hf q_j_a [_edh\mx fZljbpm \ pblhojhfZo I_j_ghk we_dljhgZ ijhbkoh^bl \ [_ed_ ih we_dljhgghc ljhi_ JZkkfhljbf ijbjh^m wlbo ijhp_kkh\ Wdki_jbf_glu ihdZaZeb qlh i_j_ghk we_dljhgZ \ nhlhkbgl_lbq_kdhc p_ib b^_l wnn_dlb\gh dZd ijb dhfgZlguo lZd b ijb gbadbo l_fi_jZlmjZo GZ jbk ijb\_^_gZ djb\Zy aZ\bkbfhklb hdbk e_gby pblhojhfZ nhlhZd lb\ghc fhe_dmehc [Zdl_jbhoehjhnbeeZ \ nhlhkbgl_lbq_kdbo j_Zd pbhgguo p_gljZo DZd \b^gh djb\Zy ghkbl ^\monZaguc oZjZdl_j GZqZevguc Zdlb\Zpbhg guc mqZklhd djb\hc hl jZ`Z_l \ebygb_ l_fi_jZlmju gZ i_j_ kljhcdb y^_j Zlhfh\ \ [_edh\uo qZklyo i_j_ghk qbdh\ dhlhju_ g_h[oh JbkL_fi_jZlmjgZyaZ\bkbfhklvkdh jhklbhdbke_gbypblhojhfZ\nhlhkbgl_ab jmxsbo[Zdl_jbyo ^bfu ^ey h[_ki_q_gby wnn_dlb\gh]h i_j_ghkZ we_dljhgZ Ijb gbadbo l_fi_jZlmjZo wlb i_j_kljhcdb aZljm^g_gu \ j_amevlZl_ q_]h kdhjhklv i_j_ghkZ we_dljhgZ iZ^Z_l H^gZdh a^_kv i_j_ghk ijhbkoh^bl ohly b f_^e_gg__ghaZlhbfZehaZ\bkblhll_fi_jZlmju Bf_ggh wlhfm khhl \_lkl\m_l[_aZdlb\Zpbhgguc gbadhl_fi_jZlmjguc mqZklhd djb\hc i_j_ ghkZ we_dljhgZ jbk < hkgh\_ hibkZggh]h i_j_ghkZ we_dljhgZ khijy`_ggh]h k i_j_kljhcdhc y^_jghc kbkl_fu e_`Zl lZd gZau\Z_fu_ lmgg_evgu_ wnn_dlu dhlhju_ k\yaZgu k we_dljhggh dhgnhjfZpbhggufb \aZbfh^_ckl\byfb \ fZdjhfhe_dmeZo Nbabq_kdZy ijbjh^Z lmgg_evgh]h wnn_dlZ ghkbl qbklh d\Zglh\hf_oZgbq_kdbc oZ jZdl_jbg_bf__ldeZkkbq_kdboZgZeh]h\Mqblu\Zy\Z`ghklvwe_dljhg ghdhgnhjfZpbhgguo \aZbfh^_ckl\bc khklZ\eyxsbo hkgh\m nmgdpbhgbjh\Zgby fZdjhfhe_dme fu hklZgh\bfky ih^jh[g__ gZ wlbo \hijhkZo Kh]eZkgh d\Zglh\uf ij_^klZ\e_gbyf qZklbpZ we_dljhg hl^_ev gu_ y^jZ h[eZ^Z_l hij_^_e_gghc \_jhylghklvx ijhoh`^_gby kd\hav ihl_gpbZevguc [Zjv_j wg_j]by dhlhjh]h [hevr_ q_f wg_j]by kZfhc qZklbpu jbk LZdh_ ijhkZqb\Zgb_kd\hav [Zjv_j beb lmgg_eb jh\Zgb_ g_ lj_[m_l l_ieh\hc Zdlb\Zpbb < d\Zglh\hc f_oZgbd_ hgh k\yaZgh k l_f qlh khklhygb_ qZklbpu oZjZdl_jbam_lky g_dhlhjhc jZafZaZgghklvxKe_^h\Zl_evgh kms_kl\m_l \_jhylghklv gZclb qZklb pm \ jZaguo lhqdZo hdjm`Zxs_]h __ ijhkljZgkl\Z \dexqZy b h[eZklv gZoh^ysmxkyaZ ihl_gpbZevguf [Zjv_jhf Lmgg_evgu_ i_j_oh^u kh\_j rZxl we_dljhgu b y^jZ \ dhfie_dk_ >: < bkoh^ghf khklhygbb >± : y^_jgu_dhgnb]mjZpbb^hghjghZdp_ilhjgh]hdhfie_dkZ khhl\_lkl\mxl khklhygbx dh]^Z we_dljhg ehdZebah\Zg gZ ^hghj_ >± : Y^_jgZy dhg nb]mjZpby dhg_qgh]h khklhygby ihke_ i_j_ghkZ we_dljhgZ b baf_g_gby we_dljhggh]hkhklhygby>± :o>:± hlebqZ_lkyhlgZqZevghc b kbkl_ JbkWe_dljhggh JbkLmgg_ebjh\Zgb_we_d dhe_[Zl_evgu_\aZbfh^_ckl\by ljhgZq_j_adhg_qgucihl_gpb ijblmgg_ebjh\Zgbbwe_dljhgZ Zevguc[Zjv_j 5o5±kf_s_gb_iheh`_gby jZ\gh\_kbyy^_jijbi_j_oh^_ba ± we_dljhggh]hkhklhygby' :\ ± khklhygb_'$ fZbf__l^jm]mxwg_j]bxjbkWlhagZqblqlhjZ\gh\_kgu_y^_j gu_dhhj^bgZlu5 b 5 gZqZevgh]h >± : b dhg_qgh]h >:± khklhygbc hlebqZxlkyH^gZdhkms_kl\m_llhqdZ5\dhlhjhcdjb\u_ihl_gpbZev ghcwg_j]bbi_j_k_dZxlkyHq_\b^gh\lhqd_5wg_j]bbgZqZevgh]h>± : b dhg_qgh]h >:± khklhygbc kh\iZ^Zxl >himklbf qlh ^hghjgh Zdp_ilhjguc dhfie_dk gZoh^b\rbcky \ khklhygbb >± : i_j_kljhbeky lZdbfh[jZahfqlh_]h y^_jgZy dhhj^bgZlZ ihiZeZ \ hdj_klghklv lhqdb 5KZfhihk_[_wlhg_h[yaZl_evghijb\_^_ldi_j_ghkmwe_dljhgZGh\ lhqdZo[ebadbod5kjZ\gbl_evghg_\_ebdZrbjbgZ[Zjv_jZlmgg_ebjh \Zgby hl^_eyxs_]h ihl_gpbZevgu_ djb\u_ gZqZevgh]h b dhg_qgh]h khklhygbc Ihkdhevdm hdheh lhqdb 5 wg_j]bb gZqZevgh]h b dhg_qgh]h khklhygbc [ebadb lh \h \j_fy ij_[u\Zgby kbkl_fu hdheh 5 we_dljhg fh`_lmki_lv ijhlmgg_ebjh\Zlv hl >± gZ : >ey aZdj_ie_gby gZ Zdp_i lhj_ we_dljhg ^he`_g mki_lv ihl_jylv qZklv k\h_c wg_j]bb qlh[u g_ \_jgmlvky lZdbf `_ h[jZahf gZaZ^ < k\hx hq_j_^v ^ey wlh]h y^_jgZy kbkl_fZ ^he`gZ mki_lv i_j_kljhblvky lZd qlh[u qZklv we_dljhgghc wg_j]bb mreZ \ l_ieh Z \ky kbkl_fZ ijbh[j_eZ [u y^_jgmx dhgnb]mjZ pbxkhhl\_lkl\mxsmxkhklhygbx>:± kdhhj^bgZlhc5< wlhf kemqZ_ aZ \j_fy ij_[u\Zgby we_dljhgZ gZ : y^_jgZy dhgnb]mjZpby baf_gblky lZdqlhkbkl_fZk\Zeblky\lhqdm5<j_amevlZl_ ijhbahc^_l g_h[jZ lbfuci_j_ghkwe_dljhgZhl>d:bkbkl_fZi_j_c^_l\khklhygb_>:± Y^_jgZykbkl_fZdhfie_dkZ>: gZoh^ys_]hky \ bkoh^ghf khklhy gbb5fh`_lihiZklv\hdj_klghklv lhqdb 5aZ kq_l l_ieh\hc Zdlb\Z pbb b i_j_oh^Z gZ \_jogb_ dhe_[Zl_evgu_ mjh\gb bkoh^gh]h khklhygby ]^_dhhj^bgZluy^_j[ebadbd5Wlhfmijhp_kkmkhhl\_lkl\m_lZdlb\Z pbhggucl_fi_jZlmjghaZ\bkbfucmqZklhd^\monZaghcdjb\hc i_j_ghkZ we_dljhgZIjb gbadbo l_fi_jZlmjZo y^jZ gZoh^ylky gZ gb`gbo dhe_[Z l_evguo mjh\gyo ]^_ rbjbgZ [Zjv_jZ f_`^m ihl_gpbZevgufb djb\ufb gZqZevgh]hbdhg_qgh]hkhklhygbcrbj_q_fgZ\_jogbomjh\gyo<wlhf kemqZ_kms_kl\m_lf_gvrZy\_jhylghklvlmgg_ebjh\Zgbyy^_j\dhg_qgh_ khklhygb_dhlhjZym`_g_aZ\bkblhll_fi_jZlmju LZdbf h[jZahf h[sZy \_jhylghklv : lmgg_evgh]h i_j_ghkZ we_d ljhgZ khijy`_ggh]h k i_j_kljhcdhc y^_jghc kbkl_fu b l_ieh\hc ^bk kbiZpb_cqZklbwe_dljhgghcwg_j]bbkdeZ^u\Z_lkyba^\moqZkl_c : ::H± !Z Nc 7 A^_kv:±\_jhylghklvih^[Zjv_jgh]hg_ aZ\bkys_]h hl l_fi_jZ lmju lmgg_ebjh\Zgby k gb`gbo dhe_[Zl_evguo mjh\g_c :± \_jhyl ghklv gZ^[Zjv_jgh]h Zdlb\Zpbhggh]h ijhp_kkZ : : ! Z ± wg_j]bydhe_[Zl_evgh]hd\ZglZg_h[oh^bfZy^eyZdlb\Zpbbi_j_ghkZ We_dljhgghdhgnhjfZpbhggu_ \aZbfh^_ckl\by DZd \b^gh lmgg_ebjh\Zgb_kh[kl\_gghwe_dljhgZg_hl^_ebfhhlkhijy`_gguoijh p_kkh\ i_j_kljhcdb y^_jghc kbkl_fu H^gZdh ihke_^gb_ g_h^ghjh^gu ihk\hbffZkrlZ[Zf Fu hibkZeb ijhp_kk gZqZevguo we_dljhgghdhe_[Zl_evguo \aZb fh^_ckl\bcjbkdhlhju_h[_ki_qb\Zxllmgg_ebjh\Zgb_ we_dljh gZ b aZdj_ie_gb_ _]h gZ fhe_dme_ Zdp_ilhjZ aZ kq_l ihl_jb qZklb we_dljhgghc wg_j]bb w< Ihy\e_gb_ we_dljhgZ gZ Zdp_ilhj_ \ke_^aZwlbfbg^mpbjm_l[he__ ]em[hdb_ dhgnhjfZpbhggu_ i_j_kljhc db \ dhfie_dk_ qlh kh[kl\_ggh b khklZ\ey_l ijbjh^m we_dljhggh dhgnhjfZpbhgguo \aZbfh^_ckl\bc GZqZevgZy dhe_[Zl_evgZy j_eZdkZ pbyijhbkoh^blaZ\j_fy±±±Fbk\yaZgZkhkf_s_gbyfby^_jgZ ^heb Zg]klj_fZ c DhgnhjfZpbhggu_ i_j_kljhcdb ^eylky dZd ijZ\beh gZfgh]h ^hevr_ ^h ±±k b fh]ml [ulv khijy`_gu kh kf_s_gbyfby^_jihjy^dZg_kdhevdbo Zg]klj_f Wlb i_j_kljhcdb ghkyl m`_ nmgdpbhgZevguc oZjZdl_j < qZklghklb \ nhlhkbgl_lbq_kdhc kbk l_f_ i_j_ghkZ we_dljhgZ hgb \dexqZxl h[jZah\Zgb_ lZdbo dhglZdlguo khklhygbc f_`^m i_j_ghkqbdZfb dhlhju_ h[_ki_qb\Zxl gZijZ\e_ggh_ lmgg_ebjh\Zgb_ f_`^m gbfb \ ljZgkihjlghc p_ib Khijy`_gb_ nmgd pbhgZevghc Zdlb\ghklb i_j_ghkqbdZ we_dljhgZ k _]h \gmljbfhe_dmeyj ghc ih^\b`ghklvx dZq_kl\_ggh bf__l ke_^mxsbc oZjZdl_j Ijhkl_lbq_kdZy Zdp_ilhjgZy ]jmiiZ i_j_ghkqbdZ \ hlkmlkl\b_ we_d ljhgZ kh\_jrZ_l klhoZklbq_kdb_ ^\b`_gby ih f_oZgbafm h]jZgbq_gghc ^bnnmabbkfjbk\^hevdhgnhjfZpbhgghcdhhj^bgZlu5djb\Zy gZ jbk Ijb ^\b`_gbb hgZ ihiZ^Z_l \ lhqdm 5 ]^_ ijbgbfZ_l we_dljhghl\g_rg_]h^hghjZWlhlZdlijhbkoh^blihf_oZgbafmlmgg_ ebjh\ZgbykaZdj_ie_gb_fwe_dljhgZbihl_j_cqZklbwg_j]bbdw< ih dhe_[Zl_evguf kl_i_gyf k\h[h^u \gmljb ^hghjghZdp_ilhjgh]h dhfie_dkZ<hkklZgh\e_gb_]jmiiu,baf_gy_l__ aZjy^h\h_ khklhygb_ b oZjZdl_j \aZbfh^_ckl\by k hdjm`_gb_f \gmljb [_edZ < j_amevlZl_ hgZ i_j_oh^blkdjb\hc85gZ^jm]mxdjb\mx85dhgnhjfZpbhg ghc wg_j]bb L_i_jv ^\b]Zykv klhoZklbq_kdb \^hev dhgnhjfZpbhgghc dhhj^bgZlu 5 ]jmiiZ ,ihiZ^Z_l \ lhqdm 5 a^_kv hgZ hl^Z_l we_dljhg \g_rg_fmZdp_ilhjmb\ha\jZsZ_lky \gh\v gZ djb\mx 85 GZ^h ykgh ihgbfZlv qlh kZfh ih k_[_ klhoZklbq_kdh_ ^\b`_gb_ \^hev dhgnhjfZpbhgghcdhhj^bgZlub^_l k ^bkkbiZpb_c wg_j]bb b g_ fh`_l [ulvkhijy`_ghk__aZiZkZgb_fGZ k\h_f imlb fhe_dmeyjgZy ]jmiiZ fh`_l \aZbfh^_ckl\h\Zlv k hdjm Jbk Fh^_ev fhe_dmeyjgh]h `_gb_f gZijbf_j k aZjy`_ggufb gZkhkZ beb we_dljhggh nbdkZlhjZfbb aZ^_j`b\Zlvky gZ dhgnhjfZpbhggh_ \aZbfh^_ckl\b_ ^he]h_ \j_fy \ hij_^_e_gguo iheh \ ijhp_kk_ we_dljhggh]h ljZgk `_gbyo L_f kZfuf kha^Z_lky gZ ihjlZ Klj_edb±h]jZgbq_ggZy ijy`_ggZydhgnhjfZpby \ dhlhjhc ^bnnmaby \^hev dhgnhjfZpbhg b ijhbkoh^bl aZiZkZgb_ wg_j]bb ghcdhhj^bgZlu5 Wlhl kemqZc khhl\_lkl\m_l ihy\e_ gbx j_adh]h fbgbfmfZ gZ djb\hc dhgnhjfZpbhggh]h ihl_gpbZeZ gZdhlhjmxi_j_reZ Zdp_ilhjgZy ]jmiiZihke_ijbgylbywe_dljh gZ jbk < lhqd_ 5 c fh`_l gZoh^blvky iheh`bl_evguc aZ jy^ nbdkbjmxsbc iheh`_gb_ ]jmiiu ,H \ gZijy`_gghc dhg nhjfZpbb Jbk Hj]ZgbaZpby p_ib we_dljhggh]h ljZgkihjlZ 'o,o,o$ ijb gZebqbb aZs_ehd \ Zdlb\ghf khklhygbb 5 c ^eyj_Zdpbb ,o, gZijy`_g gZy dhgnhjfZpby ± j_adbc fb gbfmf gZ djb\hc dhgnhjfZpbhggh]hihl_gpbZeZ
