Libro - Universidad EAFIT
Transcription
Libro - Universidad EAFIT
:\QRY\QR/bR[4\OVR_[\ f1R`N__\YY\@\PVNY6[aRT_NY 8C:8C;<;<D<;<CCàE GI@D<I8;8D8;<CDLE@:@G@F 8cfejfJXcXqXiAXiXd`ccf DXikXC`c`XeX?\ii\iXI\p\j J<:I<K8I@FJ J\Zi\kXi`f[\>fY`\ief J\Zi\kXi`X>\e\iXc A\jjDXiXIXdi\q:Xef Efi_X<c\eXJXcXqXiDfc`eX J\Zi\kXi`fGi`mX[f J\Zi\kXi`f[\?XZ`\e[X J\Zi\kXi`f[\J\im`Z`fj8[d`e`jkiXk`mfj J\Zi\kXi`f[\<[lZXZ`e J\Zi\kXi`fFYiXjGYc`ZXj J\Zi\kXi`f[\Ki}ej`kf J\Zi\kXi`f[\9`\e\jkXiJfZ`Xc J\Zi\kXi`f;\jXiifccfJfZ`Xc J\Zi\kXi`XD\[`f8dY`\ek\ J\Zi\kXi`X[\JXcl[ J\Zi\kXi`f[\:lckliX:`l[X[XeX J\Zi\kXi`X<mXclXZ`ep:fekifc J\Zi\kXi`X[\cXjDla\i\j ;`i\Zkfi[\GcXe\XZ`e ;`i\Zkfi>\e\iXc[\:fdle`ZXZ`fe\j AlXe;Xm`[MXc[\iiXdXCg\q @m}eDXli`Z`fGi\qJXcXqXi A_feAX`m\iAXiXd`ccfQXgXkX =\c`g\8e[ij>`c9Xii\iX DXli`Z`fMXc\eZ`X:fii\X I`ZXi[fJd`k_Hl`ek\if IlYe;XifI\jki\gf8m\e[Xf >\fmXeep:\c`jIXe^\c :cXiX@ejI\jki\gfD\jX ClqDXiX8^l[\cfJl}i\q Afi^\?ldY\ikfD\c^l`qfGfjX[X :cXiXClqD\aXMc\q IfZfG`e\[X>XiZX :Xicfj?\ieXe[fAXiXd`ccf8iXe^f AlXe>l`cc\idf9\[fpXA`de\q GIFP<:KFJ<JG<:@8C<J ;`i\ZkfiGXqpI\ZfeZ`c`XZ`e ;`i\ZkfiX@jm`d\[ Afi^\>Xm`i`XMc\q :cXl[`XGXki`Z`XI\jki\gfDfekfpX ><I<EK<JGIFP<:KFJ <JKI8Ky>@:FJ GIFP<:KFJ<JKI8Ky>@:FJ >ljkXmfI\jki\gfCXc`e[\ GIFP<:KFJLI98EFJ@EK<>I8C<J :jXi8l^ljkf?\ie}e[\q:fii\X G8IHL<J9@9C@FK<:8 >cfi`X@ejGXcfd`efCfe[ff :<EKIFM@M< Jfe`XM}jhl\qD\aX D<KIFGCèJ Klc`f>feqXcf9\kXeZflikKfYe GC8EGF9C8;F Cl`j8cY\ikf>XiZX9fcmXi 9L<E:FD@<EQF @me;XdXipqMXc\eZ`XDlfq D<;<CCàEC8DÝJ<;L:8;8 ?Zkfi8iXe^f>Xm`i`X ><I<E:@8GIFP<:KF@EK<>I8CDFI8M@8 ?\ieXe[fIXdi\q:_XmXii`X^X G8IHL<;<:@<E:@8PK<:EFCF>à8<OGCFI8 :Xicfj<jZfYXi8iXe^f :FE:<AF;<D<;<CCàE <DGI<J8J<@EJK@KLKFJ;<J:<EKI8C@Q8;FJ >\i\ek\<dgi\jXjGYc`ZXj >\i\ek\<dgi\jXjMXi`Xj >\i\ek\:\ekif[\<ogfj`Z`fe\jp:@: >\i\ek\K\id`eXc\j[\KiXejgfik\ >\i\ek\D\kifgXihl\j >\i\ekX:fii\^`d`\ekfj >\i\ek\D\kif[\D\[\cce >\i\ek\[\D\kifj\^li`[X[ >\i\ek\D\kifgcj ;`i\Zkfi<J<D\kifjXcl[ >\i\ek\?fjg`kXc>\e\iXc >\i\ek\<dgi\jX;\jXiifccfLiYXef >\i\ekX9li\Xl[\D\[\cce >\i\ek\@e[\i >\i\ek\[\K\c\D\[\cce ;`i\ZkfiX8:@ I\Zkfi@KD ;`i\ZkfiX9`Yc`fk\ZXGYc`ZXG`cfkf I\ZkfiX:fc\^`fDXpfi[\8ek`fhl`X :fekiXcfiDle`Z`gXc G\ijfe\ifDle`Z`gXc Gi\j`[\ek\:feZ\af[\D\[\cce ;`i\ZkfiÝi\XD\kifgfc`kXeX =\[\i`ZfI\jki\gfGfjX[X 8e[ij[\9\[flkAXiXd`ccf =\ieXe[fI\jki\gfI\jki\gf Cl`jJXek`X^f>d\q9Xii\iX Af_eAX`if>feq}c\qFjg`eX JXe[iX<c`jX8iXe^fDXpX IXd`ifD}ihl\qIXdi\q >XYi`\cAX`d\Lii\^f9\ieXc Klc`f>feqXcf9\kXeZflikKfYe 8c\aXe[if>d\qCg\q J\i^`f8l^ljkfMc\q:XjkXf :XicfjDXi`fIf[i^l\qFjfi`f 8[i`XeX>feq}c\qQXgXkX 8e[ij=\c`g\>XiZX9\kXeZli DXli`Z`f8cY\ikfDfjhl\iXI\jki\gf ClqDe`ZXGi\q8pXcX AfjDXi[lbJ}eZ_\q:XjkX\[X >cfi`X@ejGXcfd`efCfe[ff DXik_XCXEXiXeafAXiXd`ccf :XicfjDXi`f<jZfYXiÝcmXi\q AX`if?\ii}eMXi^Xj 9\ieXi[f8c\aXe[if>l\iiX äjZXiAfjD\jXJ}eZ_\q 9\ieXi[f8c\aXe[if>l\iiX?fpfj#Gi\j`[\ek\ DXiXI\^`eXQlclX^X?\eXf#M`Z\gi\j`[\ek\@ DXiXD\iZ\[\jDXk\fjCXiiXfeX#M`Z\gi\j`[\ek\@@ =\[\i`Zf>lk`ii\qQlclX^X AlXe;Xm`[8ik\X^X=ci\q Af_eAX`d\DfeZX[XFjg`eX :Xicfj8e[ijIfc[}e:fiiXc\j E`Zfc}j8cY\`if<Z_\m\ii`8cmXi}e Cl`j9\ieXi[fMc\qDfekfpX 8liXDXic\ep8iZ`cX>`iXc[f äjZXi>l`cc\idf?fpfj>`iXc[f AfjE`Zfc}j8c]fejf;lhl\FjjX JXek`X^fDXike\qD\e[fqX ÝcmXifDe\iX9l`c\j IlYe;Xif:Xcc\aXj>d\q JXek`X^fCfe[ffLi`Y\ <jk\YXe<jZfYXiMc\q :Xicfj8cY\ikf9Xcc\jk\ifj9Xie IXde<d`c`f8Z\m\[f:Xi[feX =XY`f?ldY\ikfI`m\iXI`m\iX A\jj8eYXc<Z_\m\iipA`de\q C\e;XifIXdi\qMXc\eZ`X#J\Zi\kXi`f>\e\iXc nnn%ZfeZ\af[\d\[\cc`e%^fm%Zf :lX[iX$[fj#(00, =i\[pJ\ieX G`ekliX8Zic`ZfjfYi\k\cX )''o)''Zd :fc\ZZ`eDlj\f[\8ek`fhl`X :i[`kfj[\cC`YifD\[\cce1 kiXej]fidXZ`e[\leXZ`l[X[ ;@I<::@äE8:8;yD@:8P<;@KFI@8C1 >\iXi[DXik`ep;`\^f:fiiXc\j 8cZXc[X[\D\[\cce)''/s)'(( 9XeZf@ek\iXd\i`ZXef[\;\jXiifccf#9@; :fd`k;`i\Zk`mf Gifp\ZkfDf[\cfD\[\cce 8CFEJFJ8C8Q8I#8cZXc[\[\D\[\cce AFI><?%D<C>L@QF#J\Zi\kXi`f[\:lckliX:`l[X[XeX :8ICFJ?%A8I8D@CCF#;`i\Zkfi;\gXikXd\ekf 8[d`e`jkiXk`mf[\GcXe\XZ`e A<JèJI8DàI<Q#J\Zi\kXi`f[\>fY`\ief AL8E>L@CC<IDF9<;FP8#;`i\Zkfi [\:fdle`ZXZ`fe\j[\cX8cZXc[X[\D\[\cce CLQDäE@:8GyI<Q#;`i\ZkfiX8^\eZ`X [\:ffg\iXZ`e\@em\ij`e[\D\[\cce p\cÝi\XD\kifgfc`kXeX 8C<A8E;IF<:?<M<II@#;`i\Zkfi[\Gifp\Zkfj LiYXefj[\cX8cZXc[X)'',$)''. ;@<>F:FII8C<J#;`i\Zkfi[\cGifp\ZkfDf[\cf D\[\cce28j\jfi[\c8cZXc[\ ><I8I;D8IK@E#:ffi[`eX[fi8ZX[d`Zf [\cGifp\ZkfDf[\cfD\[\cce:fejlckfi9@; 8j\jfiXKZe`ZX[\c9@;@:=&@:J E8K?8C@<8CM8I8;FI<EE<I#;`m`j`e [\:XgXZ`[X[@ejk`klZ`feXc[\c<jkX[f >LJK8MF9<C@Q#;`m`j`e[\:XgXZ`[X[ @ejk`klZ`feXc[\c<jkX[f :fd`k:liXkfi`Xc<ogfj`Z`e pC`YifD\[\cce1kiXej]fidXZ`e [\leXZ`l[X[ AFI><?%D<C>L@QF#J\Zi\kXi`f [\:lckliX:`l[X[XeX :8ICFJ?%A8I8D@CCF#;`i\Zkfi;\gXikX$ d\ekf8[d`e`jkiXk`mf[\GcXe\XZ`e AL8E>L@CC<IDF9<;FP8#;`i\Zkfi :fdle`ZXZ`fe\j[\cX8cZXc[X[\D\[\cce CL:à8>FEQÝC<Q# ;`i\ZkfiXDlj\f[\8ek`fhl`X ALC@8E8I<JKI<GF#;`i\ZkfiXDlj\f [\8ik\Df[\ief[\D\[\cce :FEI8;FLI@9<#:liX[fiDlj\f [\8ek`fhl`X äJ:8IIFC;ÝE#:liX[fiDlj\f [\8ik\Df[\ief[\D\[\cce ;@<>F:FII8C<J#;`i\Zkfi[\cGifp\Zkf Df[\cfD\[\cce28j\jfi[\c8cZXc[\% AL8ED8EL<C?@>L@K8#:ffi[`eXZ`e KZe`ZX#8^\eZ`X[\:ffg\iXZ`e \@em\ij`e[\D\[\cce8:@ ><I8I;D8IK@E#;`i\ZZ`e8ZX[d`ZX <ogfj`Z`epC`Yif:fejlckfi9@; @J9E10./$0,/$0/)0'$+$) nnn%d\[\cc`e%^fm%Zf nnn%XZ`d\[\cc`e%fi^ nnn%`X[Y%fi^ nnn%cXYfiXkfi`fd\[\cc`e%Zfd I<;8::@äEPJàEK<J@J;<K<OKFJ1 >\iXi[DXik`e#IlYe=\ie}e[\q pCXliXM`ccX I<M@J@äE?@JKäI@:81 IfY\ikfCl`jAXiXd`ccf I<M@J@FE<J1CXliXM`ccXZffi[`eXZ`e # DXiX:\Z`c`XG`e\[X#d`\dYifj[\c:fd`k ;`i\Zk`mfGifp\ZkfDf[\cfD\[\cce# pgXik`Z`gXek\j[\cfjZfem\ijXkfi`fj ><I<E:@8Ky:E@:81ClqDe`ZXGi\q# AlXeDXel\c?`^l`kX#CXliXM`ccX#;`\^f :fiiXc\j#>\iXi[DXik`e KI8EJ:I@G:@FE<J1CXliX>Xcc\^f#;Xe`\c 8ZfjkX#JXiXGXcXZ`f#M`Zkfi`X:`]l\ek\j# DXiX:\Z`c`XG`e\[X# MXc\ek`eX=iXeZfpGXfcXM`ccX <;@:@äEP;@J<zF1KXcc\i[\<[`Z`e 8[\cX`[X;\c:fiiXc#JljXeXD\[`eX# >cfi`XClZX=\ie}e[\q#;Xe`\c<Z_\m\ii` pDXikXClZ`XJ`\iiX =FKF>I8=à8J;<GFIK8;8 <@EK<I@FI<J1;Xm`[<jkiX[XpAlc`}eIfc[}e 8>I8;<:@D@<EKFJ1J\i^`f=XaXi[f#GXlcX I\jki\gf#GXlcX8%Kila`ccf#Clq?\c\eX EXiXeaf#DXiXIfjXDXZ_X[f#?fiXZ`f 8iXe^f#8[i`XeXJXdg\[if#:cXl[`XKila`ccf# Kfd}jDfc`eX#AlXe;Xm`[;\q#AlXeCl`j D\aX#Afi^\>`iXc[f#:Xicfj8%Li`Y\#:jXi 8%?\ie}e[\q#J\i^`fIXdi\q#CXliX>Xcc\$ ^f#äjZXiLi`\c>d\q#AlXeGXYcf;li}e# Gfc`ZXEXZ`feXcp:XicfjDXi`fDfiXc\j CL>8I:FEM<IJ8KFI@FJ1 9`Yc`fk\ZX[\cDlj\f[\8ek`fhl`X GI<GI<EJ8<@DGI<J@äE1 Dlck`dgi\jfjCk[X% àe[`Z\ GI<J<EK8:@äE 8cfejfJXcXqXiAXiXd`ccf 8cZXc[\[\D\[\cce G}^`eX(' GI<J<EK8:@äE ÝcmXifLi`Y\Mc\q Gi\j`[\ek\[\cXI\gYc`ZX [\:fcfdY`X G}^`eX(+ GI<J<EK8:@äE Cl`j8cY\ikfDfi\efD\aX Gi\j`[\ek\9XeZf@ek\iXd\i`ZXef [\;\jXiifccf G}^`eX(/ @EKIF;L::@äE <cDf[\cfD\[\cce[\9l\e >fY`\iefp;\jXiifccfJfZ`Xc@ek\^iXc G}^`eX)' C8<OGFJ@:@äE G}^`eX)) ( D\[\cce <CDF;<CFD<;<CCàE1:FEK<OKFP8EK<:<;<EK<J G}^`eX)- ) Df[\cfD\[\cce G<IJG<:K@M8?@JKäI@:8 G}^`eX,/ CXKiXej]fidXZ`e * JF:@<;8;:@M@CPDF;<CFD<;<CCàE G}^`eX.) C8M@J@äE;<CDF;<CFD<;<CCàE G}^`eX/) + ;\jXiifccfJfZ`Xc@ek\^iXc D<;<CCàE#C8DÝJ<;L:8;8 G}^`eX0LI98E@JDFJF:@8C#<JG8:@FGè9C@:FPM@M@<E;8 g}^`eX('@E:CLJ@äEP<HL@;8; G}^`eX()' :LCKLI8:@L;8;8E8P8IK<J G}^`eX(*) J<>LI@;8;P:FEM@M<E:@8 G}^`eX(+) :FDG<K@K@M@;8;P:LCKLI8;<<DGI<E;@D@<EKF G}^`eX(,+ 9l\e>fY`\ief GC8E<8:@äE#DFE@KFI<FP<M8CL8:@äE G}^`eX(-/ =@E8EQ8JPKI8EJG8I<E:@8 G}^`eX(/' G8IK@:@G8:@äEGFCàK@:8PJF:@8C G}^`eX(0) :FDLE@:8:@äEGè9C@:8<@EK<IE8:@FE8C@Q8:@äE G}^`eX)') , G}aXif#(00) =\ieXe[f9fk\if 9ifeZ\#\[`Z`e[\ki\j *('o),'o)+,Zd D\[`[Xjfi`^`eXc\j% :fdgiX[\cdle`Z`g`f[\ D\[\ccep[\cX\dgi\jX gi`mX[X\e(00+%LY`ZX[f \e\cGXihl\JXe8ekfe`f% <jZlckliX<cG}aXif#leXj_fiXjXek\j[\ cX\ogcfj`e#\c[X('[\ale`f[\(00,% <e\cXk\ekX[fdli`led\efi[\\[X[% Efj\jXY\j`\j\cafm\ehl\XgXi\Z\\e cX]fkf^iX]X%=fkf1>l`cc\idfD\cf% B[Yb[R`QRR[R_\QR3R_[N[Q\/\aR_\YRR[a_RT NYNPVbQNQQR:RQRYY~[b[`RTb[Q\]sWN_\2Y]_VZR_\ UNO~N `VQ\ V[`aNYNQ\ R[ RY =N_^bR @N[ .[a\[V\ R[ RY PR[a_\QRYNPVbQNQfSbRQR`a_bVQ\R[&&"R[b[NRe ]Y\`V[^bRaNZOVz[N`R`V[N ]R_`\[N`fQRWZs` QRPVR[UR_VQ\`¢>bVz[P\ZRaVRYNaR[aNQ\,¢9N`ZV YVPVN`TbR__VYYR_N`,¢/N[QN`QR[N_P\a_N»PN[aR`,¢4_b ]\`]N_NZVYVaN_R`,;b[PN`R`b]\fR[NYTb[NZRQVQN [\ VZ]\_aN CV\YR[PVN` QVSR_R[aR` NYTb[N` aN[ NO`b_ QN`^bR`RRWR_PR[N[\ZO_RQRVQRNYR`QRWb`aVPVN[\` Na\_ZR[aN_\[YNcVQNfRY`bR\QR`a_bfR_\[`~ZO\Y\` NYZNQRYNPbYab_N2YZNR`a_\N[Na[Va\QR]R[`N_ ^bR`b]R`NQ\fZN[`\]sWN_\`Rb`N_NQR]YNaNS\_ZN ]N_NNaNPN_QRZN[R_NP_bRYNYN]\OYNPV[NYcR_`bR` a_bPab_N]R_S\_NQNfRYT_bR`\YNa[N`aVYYNQ\f`b`NYN` P\[cR_aVQN`R[R`^bV_YN`YR`]VQVNYN`Nba\_VQNQR`^bR Y\QRWN_N[NYY~ZV`Z\P\Z\`~ZO\Y\QRYR`]N[a\5bO\ ^bVR[R` QVWR_\[ ^bR R`N PUNaN__N _R]_R`R[aN_~N ZNY N :RQRYY~[/\aR_\abc\YNV[abVPV[QR^bRR`Nz]\PNQR V[PR_aVQbZO_R`fQ\Y\_R`QRO~N]R_ZN[RPR_R[YNZR Z\_VNf^bR]N_NY\T_N_Y\[RPR`VaNON`R_`VZO\YVgNQN 0b_V\`NZR[aR PbN[Q\ RY ZNR`a_\ V[`aNY b[ ]sWN_\ _R`aNb_NQ\ R[ R`N ZNN[N QRY UVg\ _RP\O_N_ YN ]YR[N`VT[V»PNPV[R`PbYa_VPNNYNPUNaN__NNY]sWN_\ ZN_aV_VgNQ\PbfNR`a_bPab_N`VTbR_R¼RWN[Q\QRZN[R _NV[[NaNS\_aNYRgNfQVT[VQNQ .ZO\`]sWN_\``\[U\fb[N`\YN\O_N^bR]N _RPVR_N]R[`NQN]N_N_R]_R`R[aN_YNa_NTRQVN f YN _R`b__RPPV[ QR :RQRYY~[ 9R` ]VQ\ ^bR ZR QRWR[ `b]\[R_ ^bR RY Zs` b[VcR_`NY QR Y\`N_aV`aN`QR0\Y\ZOVNU\ZR[NWRYNaR[N PVQNQfRYcNY\_QRY]bROY\ZRQRYYV[R[`R 2`N _RYNPV[ [\ ]_RZRQVaNQN ]R_\ R`a_VPaN QRR`a\`]sWN_\`P\[YNUV`a\_VNQRYNPVbQNQ [\`YYRcNb`N_YNP\Z\YNZRasS\_NQRY\^bR ^bR_RZ\` [N__N_YR` QR :RQRYY~[ 1R`QR b[N UV`a\_VNQRQ\Y\_fQR`ON_NWb`aR`P\[YN`PVPN a_VPR`QRYNZbR_aRZN_PNQN`R[`baR__Va\_V\ YNPVbQNQa\Zb[PNZV[\QR_RP\Z]\`VPV[ ^bRU\fYNQVT[V»PNS_R[aRN`b]_\]VNUV`a\ _VNS_R[aRNY]N~`fS_R[aRNYZb[Q\9\N^b~ VZNTV[NQ\fN[aRa\Q\Y\_RNYVgNQ\R[Zbf QVcR_`\`sZOVa\``RP\[`aVabfRR[b[Z\QRY\ ^bR ]bRQR `R_ _RSR_R[aR QR `\PVRQNQR` ^bR P\Z\YN[bR`a_N[RPR`VaN[NcN[gN_R[YNP\[ cVcR[PVN f YN V[PYb`V[ P\Z\ P\Z]\[R[aR` QRYQR`N__\YY\ 0\Z\ T\OR_[N[aR ZR YYR[N QR \_TbYY\ QN_ YR` YN OVR[cR[VQN f P\[aN_YR` P\[ R`aR YVO_\ fP\[[bR`a_NRe]\`VPV[Y\^bRURZ\``VQ\ f Y\ ^bR `\Z\` ]R_\ `\O_R a\Q\ Z\`a_N_YR` [bR`a_N PN]NPVQNQ QR NcN[gN_ a\Q\` Y\` Q~N` R[b[PNZV[\`V[TbYN_QRR^bVQNQfQVT[V» PNPV[Q\[QRYNzaVPNfYNR`azaVPN`RSb[QR[ R[RY]_\]`Va\QR`R_a\Q\`Y\`Q~N`b[NZR W\_PVbQNQb[NZRW\_`\PVRQNQ 8cfejfJXcXqXiAXiXd`ccf 8cZXc[\[\D\[\cce GXihl\9`Yc`fk\ZX JXeAXm`\i#ZfdleX(*% AXm`\iM\iX8ihl`k\Zkfj# )'',$)''-% :RQRYY~[NU\_NcVcRb[NV_R QRP\[»N[gN(`NOR^bzR` YN]_\`]R_VQNQQR[a_\QRYN N_Z\[~N`\PVNYYNzaVPNQRY _R`]Ra\NYNYRf² ÝcmXifLi`Y\Mc\q Gi\j`[\ek\[\cXI\gYc`ZX 0RYRO_\ YN ]bOYVPNPV[ QRY YVO_\ :RQRYY~[' a_N[`S\_ZNPV[ QR b[N PVbQNQ 2Y YVO_\ Wb[a\ P\[ YN Re]\`VPV[ N_a~`aVPN ^bR YYRcN VTbNY[\ZO_RfRY9NO\_Na\_V\:RQRYY~[QR/bR[4\OVR_[\QN[ YN OVR[cR[VQN N ^bVR[R` [\` cV`VaN[ P\[ Z\aVc\ QR YN ?Rb[V[ .[bNY QR YN .`NZOYRN QR 4\OR_[NQ\_R` QRY /N[P\ 6[aR_NZR_V PN[\QR1R`N__\YY\2Y`VT[\fYNQR»[VPV[QRR`aN_Rb[V[QROR `R_YN]NYNO_NP\[»N[gN0\[»N[gNR[0\Y\ZOVNR[.[aV\^bVN R[:RQRYY~[ 9N PVbQNQ QR :RQRYY~[ _R]_R`R[aN YN QRaR_ZV[NPV[ QR b[ ]N~`^bR^bVR_R`NYV_NQRYN[aRf^bRUN_RPb]R_NQ\YNR`]R_N[gN :N_aV_VgNQNR[QzPNQN`N[aR_V\_R`]\_b[[RT_\]N`NWRQRaR __\_V`Z\ U\f cVcR b[ ]YR[\ ]_\PR`\ QR ]_\T_R`\ f QR`N__\YY\ f ^bVR_RP\[cR_aV_`RR[YNPVbQNQZs``RTb_NQRYP\[aV[R[aR =R_Z~aN[ZR R`aVZNQ\` N`NZOYR~`aN` _RP\_QN_ Y\` ]_V[PV]V\` ^bR Tb~N[ [bR`a_N ]\Y~aVPN QR @RTb_VQNQ 1RZ\P_saVPN' [\`\a_\` R[aR[QRZ\`N0\Y\ZOVNP\Z\b[NPN`NR[PbfNP`]VQRURZ\` R`P_Va\YN]NYNO_N0<;36.;G.2[YNON`RQRR`NPN`NaR[RZ\`a_R` ]VYN_R`'`RTb_VQNQQR`QRYNQRZ\P_NPVNV[cR_`V[QR`QRYN_R`]\[ `NOVYVQNQ`\PVNYf]\Y~aVPN`\PVNYQR`QRYN`YVOR_aNQR`2`as[]_\Sb[ QNZR[aR_RYNPV\[NQ\`@V[R`\`a_R`]VYN_R`[\UNfP\[»N[gNF`V[\ `RcNNbZR[aN[Q\YNP\[»N[gN[\`RR`aVZbYN[R`\`a_R`]VYN_R` CRZ\`NYY~^bRUNfb[NQRaR_ZV[NPV[QRNONW\UNPVNN__VON fb[NNPPV[QR_z]YVPN^bRNYVZR[aNRY]_\PR`\QRN__VONUNPVN NONW\=R_\aNZOVz[R`as[P\\_QV[NQ\`U\_Vg\[aNYZR[aR'`V[`R Tb_VQNQ [\ `R QN b[\ QR Y\` ]_R`b]bR`a\` Sb[QNZR[aNYR` ]N_N ^bRUNfNV[cR_`V[F`V[NZON`[\N]N_RPRRYZN_P\QR]_V\_V QNQR`^bRR`SbR[aRQR_RPb_`\`]N_N`b]R_N_YN]\O_RgNfP\[` a_bV_R^bVQNQ^bR`RP\[`aVabfRR[cNYVQNQ\_QRYN`RTb_VQNQfQR YNV[cR_`V[ =YN[aRN_ b[N ]\Y~aVPN `\PVNY R[ b[ ]N~` Q\[QR [\ NcN[gN YN V[cR_`V[Q\[QR[\UNf`RTb_VQNQQ\[QR[\N¼bfR[Y\`_RPb_ `\`R`]YN[aRN_b[`NYa\NYNQRZNT\TVN(R`]_\]\[R_b[N]\Y~aVPN `\PVNYV[\PbNb[N]\Y~aVPN`\PVNYNa_NPaVcNR[ PNZ]NN`RYRPa\_NYR`fa\aNYZR[aRS_b`a_N[aR R[_R`bYaNQ\`QRT\OVR_[\ ;\`\a_\` cR[VZ\` NcN[gN[Q\ R[ YN P\[ P_RPV[ QR YN ]NYNO_N PYNcR ]N_N 0\Y\ZOVN f QR Y\` a_R` ]VYN_R` Sb[QNZR[aNYR` 5RZ\` NcN[gNQ\ R[ YN @RTb_VQNQ 1RZ\P_saVPN `V[ QbQNNYTb[NA\QN`YN`_RTV\[R`QRY]N~``VR[ aR[U\fb[NV_RZs`a_N[^bVY\UNfP\[»N[gN @RUNTN[NQ\P\[»N[gNQR]N_aRQRY]bROY\ P\Y\ZOVN[\(`RUNTN[NQ\_R`]Ra\]\_]N_aR QRYNP\Zb[VQNQV[aR_[NPV\[NY(`RUN_RPb]R _NQ\RYZ\[\]\YV\QRY2`aNQ\]N_NR[S_R[aN_ NY\`T_b]\`aR__\_V`aN` :RQRYY~[cVcRNU\_Nb[NV_RQRP\[»N[gN( `NOR ^bz R` YN ]_\`]R_VQNQ QR[a_\ QR YN N_ Z\[~N`\PVNYYNzaVPNQRY_R`]Ra\NYNYRf2`aN PVbQNQ UN cVcVQ\ b[ cR_QNQR_\ ]_\PR`\ QR a_N[`S\_ZNPV[Q\[QRNQRZs`QRY\`Y\T_\` R[ZNaR_VNRQbPNaVcNf`RTb_VQNQ`RYR`UN QNQ\]_V\_VQNQNYb_ON[V`Z\`\PVNYNYN`Re ]_R`V\[R`PbYab_NYR`NYQR`N__\YY\RP\[ZVP\ fYNP\Z]RaVaVcVQNQA\Q\RYY\UNP\[`\YVQNQ\ YN]N_aVPV]NPV[PVbQNQN[NfUN]_\Sb[QVgNQ\ YNQRZ\P_NPVN /VR[cR[VQ\` N YN PN]VaNY QR .[aV\^bVN B[N PVbQNQ cR[PRQ\_N QR QR`NS~\` ^bR R`as UNPVR[Q\ b[N S\_ZVQNOYR aN_RN QR S\_aNYR PVZVR[a\ QRY PN]VaNY `\PVNY( b[N PVbQNQ QR P\[[\aNQNPNYVQNQRQbPNaVcN^bRRZ]VRgNN `R_RWRZ]Y\]N_NRY]N~`]N_NRYP\[aV[R[aRf ]N_NRYZb[Q\ ÝcmXifLi`Y\Mc\q Gi\j`[\ek\[\cXI\gYc`ZX :fc\^`f[\:Xc`[X[8ekfe`f;\ibX% 8ihl`k\Zkf1:XicfjGXi[f% JXekf;fd`e^fJXm`f#ZfdleX(#)''.% @Ra_NaNQRb[NQRYVOR_NQN N]bR`aN]\_YNP\[`\YVQNPV[ QRb[NPVbQNQV[PYbfR[aR UbZN[VgNQNT\OR_[NOYR RZ]_R[QRQ\_N² Cl`j8cY\ikfDfi\efD% Gi\j`[\ek\[\c9XeZf@ek\iXd\i`ZXef[\;\jXiifccf ¢=bRQR`NYV_QRYaRZ\_b[NPVbQNQ^bRSbRP\[`VQR_NQNUNPR b[NQzPNQNR[a_RYN`Zs`cV\YR[aN`QRYZb[Q\,¢=bRQR_RRZ]YN gN_RYP~_PbY\cVPV\`\TR[R_NQ\]\_YNcV\YR[PVN]\_b[P~_PbY\ cV_ab\`\NYVZR[aNQ\]\_YNP\[»N[gN,@~R`]\`VOYR 2YRWRZ]Y\QRYNa_N[`S\_ZNPV[^bR:RQRYY~[cVcVNY\YN_T\ QRR`a\`YaVZ\`N\`QRZbR`a_N^bR_RNYVgN_`RZRWN[aRPNZOV\ [\P\[`aVabfRb[Nba\]~NV[`b]R_NOYR`V[\b[NNTR[QNQRa_NONW\ NYPN[gNOYR`b`aR[aNQNR[cV`V[R`a_NazTVPNR`SbR_g\P\Z]N_aV Q\fPN]NPVQNQQRTR`aV[ ?R`bYaN ]N_aVPbYN_ZR[aR T_Na\ f `VT[V»PNaVc\ ]N_N RY /N[P\ 6[aR_NZR_VPN[\ QR 1R`N__\YY\ PRYRO_N_ `b " N[VcR_`N_V\ f `b N`NZOYRN QR & R[ :RQRYY~[ 2[ b[ Z\ZR[a\ R`]RPVNYZR[aR QR`N»N[aR]N_NRYZb[Q\R[aR_\f]N_NYN_RTV[R[`bP\[Wb[a\ RY_R`PNaRQRYNV[[\cNPV[V[`aVabPV\[NYYNc\Yb[aNQP\YRPaVcNfRY P\Z]_\ZV`\PVbQNQN[\N]N_RPR[P\Z\b[N_RSR_R[PVN]N_N`b]R _N_QV»PbYaNQR`P\Z\R[\a_N`T_N[QR`R[P_bPVWNQN`UV`a_VPN` :RQRYY~[ P\[\PR QR R`a\` _Ra\` F `R ]_\]b`\ R[S_R[aN_Y\` aR[VR[Q\b[NcV`V[R`a_NazTVPNQRQR`N__\YY\^bR`VT[V»Pb[N N]bR`aN]\_b[R`aVY\fb[NNPaVabQ]N_NR[aR[QR_YN_RP\[`a_bP PV[QRYNPVbQNQ .`~N]N_aV_QRb[NP\[PR]PV[QRYaR__Va\_V\YVTNQN]_\Sb[ QNZR[aR N YN` [RPR`VQNQR` QR `b` UNOVaN[aR` `R N»[PN_\[ YN` R[R_T~N`[RPR`N_VN`]N_N]\[R_R[ZN_PUNb[NVZ]\_aN[aRa_N[` S\_ZNPV[b_ON[N^bRV[PYbfR[a_R\a_N`s_RN`RY`V`aRZNRQb PNaVc\fYN`_RQR`QRV[PYb`V[`\PVNYYN`OVOYV\aRPN`fY\`]N_^bR` PbYab_NYR`RYR`]NPV\]OYVP\fY\`ZRQV\`QRa_N[`]\_aRYNa_N[` ]N_R[PVNfRYRZ]\QR_NZVR[a\P\Zb[VaN_V\2[`bZNYNN]bR`aN ]\_YNZ\QR_[VQNQ]R_\QR`QRb[NQRPVQVQNfPYN_NVQR[aVQNQ ;\`Ra_Na¯[V`Ra_NaN¯QRb[PNZOV\R`]\[as[R\@Ra_NaN QR b[N QRYVOR_NQN N]bR`aN ]\_ YN P\[`\YVQNPV[ QR b[N PVbQNQ V[PYbfR[aR UbZN[VgNQN T\OR_[NOYR RZ]_R[QRQ\_N B[N QRYV OR_NQNN]bR`aN^bRQR`QRRY`RPa\_]OYVP\VZ]YVPb[R`aVY\QR T\OVR_[\P\[c\PN[aRNOVR_a\fa_N[`]N_R[aRUNPVR[Q\]\`VOYR` NYVN[gN`R`a_NazTVPN`P\[YN`\PVRQNQPVcVYfRY`RPa\_]_VcNQ\ :RQRYY~[P\Z\Re]R_VR[PVNQRa_N[` S\_ZNPV[ b_ON[N f PVbQNQN[N Na_NR U\f RY V[aR_z` QR V[[bZR_N OYR` QRYRTNPV\[R` Rea_N[WR_N` b_ ON[V`aN``\PVNYR`QV_VTR[aR`P\Zb [VaN_V\` f ]\Y~aVP\` R`abQV\`\` f NPNQzZVP\`1RNU~YNVZ]\_aN[PVN QRcR__R¼RWNQNR[b[N\O_NP\Z\ YN ^bR `R ]_R`R[aN a\Q\` Y\` WNY\ [R` UV`a_VP\` R UVa\` ]_V[PV]NYR` ^bRSbR_\[QN[Q\YbTN_Nb[NaN_RN ^bR Nb[ PbN[Q\ ]_R`R[aR S_ba\` P\[ab[QR[aR` QRZN[QN QR PN_N NY Sbab_\P\[aV[bN`R[R_T~N` 2[R`aR`VTY\EE6QRP\[cbY`V\ [R`R`PR[N_V\`PNZOVN[aR`fQR`N S~\` _R[\cNQ\` ]\QRZ\` `RNYN_ ^bR a\QN ]\Y~aVPN R` R`R[PVNYZR[ aR ]\Y~aVPN ±TY\PNY² 4Y\ONY ]\_ `b` QVZR[`V\[R` b[VcR_`NYR` ^bR a_N`PVR[QR[ S_\[aR_N` 9\PNY ]\_ `b` P\[`RPbR[PVN` ]_sPaVPN` ^bR VZ]NPaN[QV_RPaNZR[aR`\O_RRYaR __Va\_V\f`b`UNOVaN[aR`1R`QRR`aN ]R_`]RPaVcN :RQRYY~[ R` b[ ]b[a\ QR _RSR_R[PVN QR ±TY\PNYVQNQ² ;\ `Y\]\_YN`\O_N`QRV[S_NR`a_bPab_N `\PVNY^bRYNUN[_R[\cNQ\ReaR_[N ZR[aR`V[\]\_YNR[R_T~NP_RNQ\_N ¯Re]_R`V[ QR PN]VaNY `\PVNY V[QV` ]R[`NOYR¯ ^bR YN NYVZR[aN QR`QR RY V[aR_V\_fYRUNPR\S_RPR_b[N`\[_V`N QR R`]R_N[gN ^bR ]bRQR _R`bZV_`R R[b[N`\YNS_N`R'@~R`]\`VOYR² Cl`j8cY\ikfDfi\ef Gi\j`[\ek\[\c9XeZf @ek\iXd\i`ZXef[\;\jXiifccf 2Y:\QRY\:RQRYY~[QR/bR[4\OVR_[\ f1R`N__\YY\@\PVNY6[aRT_NY 9N]_R`R[aR]bOYVPNPV[S\_ZN]N_aRQRb[N`R_VRQRNPaVcVQNQR`f]_\QbPa\`^bR YN.YPNYQ~NQR:RQRYY~[R[P\\]R_NPV[azP[VPNP\[RY/N[P\6[aR_NZR_VPN[\ QR1R`N__\YY\Na_Ncz`QR`b1VcV`V[QR0N]NPVQNQ6[`aVabPV\[NYQRY2`aNQ\ R`as_RNYVgN[Q\]N_N`V`aRZNaVgN_fQVSb[QV_Y\^bRURZ\`YYNZNQ\RY:\QRY\ :RQRYY~[QR/bR[4\OVR_[\f1R`N__\YY\@\ PVNY6[aRT_NY :RQRYY~[R`asRe]R_VZR[aN[Q\b[]_\PR QRb[NPVbQNQY\`PbNYR`]R_ZVaR[ZV_NQN`f_R¼ReV\[R``\ `\QRa_N[`S\_ZNPV[b_ON[NRea_N\_QV[N_V\ O_RRY]_\PR`\^bR:RQRYY~[R`ascVcVR[Q\N]N_aV_b[NP\[ T_NPVN`Nb[N`R_VRQR]\Y~aVPN`f]_\T_NZN` PR]abNYVgNPV[ P\Z]N_aVQN QRY :\QRY\ :RQRYY~[ QR /bR[ b_ON[~`aVP\` RQbPNaVc\` `\PVNYR` f PbYab_N 4\OVR_[\.ZO\`]_\QbPa\``\[V[NbTb_NQ\`P\[\PN`V[ YR`NYaNZR[aRV[[\cNQ\_R`YVQR_NQ\`]\_Y\` QRYN".`NZOYRN4R[R_NYQR4\OR_[NQ\_R`QRY/N[P\6[ NYPNYQR`.Y\[`\@NYNgN_%f@R_TV\ aR_NZR_VPN[\QR1R`N__\YY\^bRaR[Q_sYbTN_R[:RQRYY~[ 3NWN_Q\ !$ 9N` aN`N` QR P_VZV[N RY$NY QRZN_g\QR& YVQNQUN[ONWNQ\Y\`V[QVPNQ\_R`QRPNYVQNQ =N_NR`aRYVO_\`R_RNYVgN»[NYR`QR%fP\ZVR[ QRcVQNUN[ZRW\_NQ\YNP\[»N[gNPVbQNQN g\`QR&R[YN/VOYV\aRPNQRY:b`R\QR.[aV\^bVNb[N [NR[YNNQZV[V`a_NPV[]OYVPNUNP_RPVQ\f `R_VRQRP\[cR_`Na\_V\`P\[Sb[PV\[N_V\`ReSb[PV\[N_V\`f RY:\QRY\:RQRYY~[QRTR`aV[Zb[VPV]NYR` Re]R_a\`^bRV[aR_PNZOVN_\[_R¼ReV\[R`NPR_PNQRYNa_N[` ]R_PVOVQ\]\_\a_N`PVbQNQR`R[RY]N~`fR[RY S\_ZNPV[QRYNPVbQNQ2`a\`P\[cR_`Na\_V\`SbR_\[NZ]YVN Zb[Q\P\Z\b[RWRZ]Y\V[`]V_NQ\_2Y:\ Q\`P\[NYTb[N`R[a_RcV`aN`V[QVcVQbNYR`2YYVO_\]_R`R[aN QRY\:RQRYY~[R`asTR[R_N[Q\b[T_N[[ZR b[`~[aR`V`QRY\`P\[cR_`Na\_V\`fR[a_RcV`aN`@V[N`]V_N_N _\QRYRPPV\[R`N]_R[QVQN`^bR`\[QRT_N[ YN ReUNb`aVcVQNQ URZ\` ^bR_VQ\ P\Z]N_aV_ R`aN` ZV_NQN` V[aR_z`]N_NZN[QNaN_V\`Y\PNYR`fRe]R_a\` cN_VNQN` `\O_R QVSR_R[aR` RWR` QR YN TR`aV[ QR YN PVbQNQ aN[a\P\Y\ZOVN[\`P\Z\Rea_N[WR_\` .T_NQRPRZ\`N^bVR[R`UN[P\[a_VObVQ\P\[`bR`SbR_g\f 9N ]_\]bR`aN QR P_RN_ RY 9NO\_Na\_V\ QRQVPNPV[NUNPR_]\`VOYR`R`aRYVO_\fYNRe]\`VPV[ :RQRYY~[`b_TRP\[RY»[QR]_\Z\cR_YN`V` aRZNaVgNPV[QVSb`V[fPN]NPVaNPV[R[]\ :FD@Ky;@I<:K@MFGIFP<:KFDF;<CFD<;<CCàE Y~aVPN`]_\T_NZN`f]_\PR`\`QRa_N[`S\_ZN PV[b_ON[N1RR`aNZN[R_NRY9NO\_Na\_V\ 8CFEJFJ8C8Q8I#8cZXc[\[\D\[\cce P\\_QV[N_sNPaVcVQNQR`P\[NPa\_R`]OYVP\` AFI><?%D<C>L@QF#J\Zi\kXi`f[\:lckliX:`l[X[XeX :8ICFJ?%A8I8D@CCF#;`i\Zkfi;\gXikXd\ekf f ]_VcNQ\` Y\PNYR` [NPV\[NYR` R V[aR_[NPV\ 8[d`e`jkiXk`mf[\GcXe\XZ`e [NYR`R[aRZN`R`]RP~»P\`QRa_N[`S\_ZNPV[ A<JèJI8DàI<Q#J\Zi\kXi`f[\>fY`\ief AL8E>L@CC<IDF9<;FP8#;`i\Zkfi[\:fdle`ZXZ`fe\j b_ON[N N]_\cRPUN[Q\ N :RQRYY~[ P\Z\ b[ [\cX8cZXc[X[\D\[\cce YNO\_Na\_V\QRN]_R[QVgNWR`R[TR`aV[]OYV CLQDäE@:8GyI<Q#;`i\ZkfiX8^\eZ`X[\:ffg\iXZ`e \@em\ij`e[\D\[\ccep\cÝi\XD\kifgfc`kXeX PNZb[VPV]NY 8C<A8E;IF<:?<M<II@#;`i\Zkfi[\Gifp\ZkfjLiYXefj 0\[S\_ZRNR`\`\OWRaVc\`YN.YPNYQ~NUN [\cX8cZXc[X)'',$)''. ;@<>F:FII8C<J#;`i\Zkfi[\cGifp\ZkfDf[\cfD\[\cce2 P_RNQ\P\[N`R`\_~NQRY/61b[NRe]\`VPV[ 8j\jfi[\c8cZXc[\ V[aR_[NPV\[NY VaV[R_N[aR f b[ YVO_\ P\Z]YR ><I8I;D8IK@E#:ffi[`eX[fi8ZX[d`Zf[\cGifp\Zkf ZR[aN_V\ YYNZNQ\` :RQRYY~[' a_N[`S\_ZNPV[ Df[\cfD\[\cce:fejlckfi9@; :XeZ_X j`ekk`ZX YXii`f >iXe`qXc# ZfdleX)# )''.% 9N2e]\`VPV[ 9NP_V`sYVQNN[aR`QRZN_V]\`NSbR\_bTN(R`aRaVRZ]\QRN]NPVOVYVQNQP\[cbY`VcN ]_\]VPVNb[R`aNQ\QR_R¼ReV[[VP\Q\[QRYN`SbR_gN``RZVQR[fN_aVPbYN[ f]_\c\PN[b[_R[NPR_ZsTVP\QR\_QR[fYVOR_aNQ 9NVQRNQRa_N[`S\_ZNPV[`RR[PbR[a_N~[aVZNZR[aRYVTNQNNYP\[PR]a\QR P_V`V`RYPbNY`RN`bZRQR`QR`bNPR]PV[QR\]\_ab[VQNQQRPN]VaNYVgN_YN` c\Yb[aNQR`QRPNZOV\QR`QRb[N]R_`]RPaVcN^bRP\[aRZ]YNN^bRYY\^bR`R _R`V`aR N PYNbQVPN_ R[ P\[a_N]\`VPV[ N b[ [bRc\ Z\QRY\ \ S\_ZN QR UNPR_ ^bR »[NY ZR[aRaR_ZV[N]\_VZ]\[R_`R.^b~]_RPV`N PVbQNQN[\QRN]VRRY^bRYYR[NQRR[R_T~NY\`R`]NPV\`QRYN ZR[aRR`Q\[QR`RbOVPNY\^bRQRZN[R_N cVQN]OYVPN]bR`R[`bNPPV\[N_P\aVQVN[\QR»[RYNPbYab NbQNg UN[ YYNZNQ\ ]_\]V\` f Rea_N\` ±2Y _Nf]_\ZbRcRYNP\[»N[gN.a_Ncz`QR`ba_N`RTN_cRZ\` :\QRY\:RQRYY~[² YNP\[S\_ZNPV[fa_N[`S\_ZNPV[QRb[YbTN_R`]RPVNYQR 2Y RWR_PVPV\ QR V[cR[aN_VN_ Y\` ]_\PR`\` b[R`]NPV\^bR`R_R`V`aVNY`VYR[PV\]\_^bR`b`UNOVaN[aR` QR b[N a_N[`S\_ZNPV[ R` YN [VPN ZN[R_N \_TN[VgNQ\`UN[P_R~Q\R[\a_N`ZN[R_N`QRN`bZV_b[QR` ^bR`RaVR[R]N_N]\QR_RcNYbN_Y\`]_\PR`N_ aV[\^bR[\^bR_~N[]N_N`~ Y\` f R[`RN_Y\`( ZRW\_ N[ R[`Rs_[\`Y\` 1Rb[NZN[R_N]\P\P\[cR[PV\[NYYNRe]\`VPV[]YN[ 2[ R`aN YaVZN ]N_aR QRY ]_\PR`\ [\` ]\QR aRNb[_RP\__VQ\YVO_R]\_b[P\[Wb[a\Z\QbYN_QRRYRZR[ Z\`cR_[\`]\QRZ\`_RP\[\PR_P\Z\^bVR[ a\` ]R[Ra_NOYR` V[ZR_`\` R[a_R cRTRaNPV[ f RQV»PNPV[ _RcV`N`bsYObZSNZVYVN_\cV`VaN`bZb`R\Y\ ¯_RP\_Qs[Q\[\``VRZ]_R[bR`a_NR`R[PVNQbNYR[a_RR`]NPV\ T_N[Q\b[]_V[PV]V\QRVQR[aVQNQ¯fR`]RPVNY _b_NY f b_ON[\¯ ^bR WbRTN P\[ aRZ]\_NYVQNQR` P_bgNQN` ZR[aR R`aN cRg¯ R[ ZRQV\ QR YN ]Yb_NYVQNQ `bZVR[Q\NYcV`VaN[aRR[b[NRe]R_VR[PVNPN_TNQNQRRZ\ /NW\R`aRR`^bRZNYNNQZV[V`a_NPV[Zb[V PV\[R` Zs` NYYs QR YN QV`]\`VPV[ ]N`VcN QR P\Z]\[R[aR` PV]NYR[PNORgNQRY`R\_NYPNYQR.Y\[`\@N Q\PbZR[aNYR`2[_R`bZR[R[R`aNRe]\`VPV[Y\`cV`VaN[ YNgN_QN[Q\P\[aV[bVQNQNYN`]\Y~aVPN`QRYN aR`R[P\[a_N_s[N:RQRYY~[P\Z\RY_R`bYaNQ\QRYN`bZNa\ NQZV[V`a_NPV[QR@R_TV\3NWN_Q\^bR`RUN _VNQR`V[TbYN_VQNQR`YN_RP_RNPV[QRb[NPVbQNQQV`]bR`aN PN_NPaR_VgNQ\ ]\_ VZ]YRZR[aN_ Z\QRY\` QR ]N_N`R_UNOVaNQN]N_N`R_Re]R_VZR[aNQN2YcV`VaN[aR`R ]_sPaVPN`QR/bR[4\OVR_[\\]a]\_b[TR` ]bRQRcR_R[cbRYa\R[b[R`]NPV\^bRNP\TRP\[`\_]_R`N` a\Na~]VP\fP\[»R[b[N]_\]bR`aNR`azaVPN NaNY]b[a\QR[\_R]N_N_R[_RP\[\PR_b[NUV`a\_VNa_sTVPN ]N_N QR`N__\YYN_ b[ _RYNa\ ^bR [\` ]_R`R[aN ]\_^bR`RR[aR[QV^bRRYQ\Y\_SbRYN]YNaNS\_ZN^bR]_\ N[aR \a_\` f [\` R[`RN N [\`\a_\` ZV`Z\` ]VPVRYPNZOV\RYQRa\[N[aRP_~aVP\QRb[N[bRcN_RNYVQNQ ^bVz[R``\Z\`©£:RQRYY~[ 2`aN_RNYVQNQ_R[\cNQNR`asN^b~R`aNb_ORYNcVcR`R 2Y :b`R\ QR .[aV\^bVN f RY :b`R\ QR cVcR0\Z\fNb[cV`VaN[aRY\Re]_R`Q~N`Na_s`'N^b~R[a_R ._aR :\QR_[\ QR :RQRYY~[ `R Sb[QVR_\[ R[ [\`\a_\`R`asb`aRQR[YNPVbQNQR[YN^bR±Y\`]sWN_\``R b[\ `\Y\ ]N_N N`bZV_ RY _Ra\ ]_\]bR`a\ ]\_ ^bRQN[Zs`aVRZ]\² YN.YPNYQ~NfRY/N[P\6[aR_NZR_VPN[\QR1R `N__\YY\QR]\[R_R[\_QR[b[NUV`a\_VNP\Z ]YRWNfN]N`V\[N[aRR[b[NRe]\`VPV[QRPVb äjZXiIfc[XeXcqXk\ QNQR`aNcRgYYR[NQRZNaVPR`YbPR`fP\Y\_R` :liX[fi[\cDlj\f[\8ik\Df[\ief[\D\[\cce ]_\]V\`QRYa_]VP\QRYNPVbQNQQRYN`¼\_R` =N_N aNY »[ c\YcVZ\` NY \_VTR[ N YN Tz[R`V` :feiX[fLi`Y\G\i\`iX `\PVNY(N^b~`RQR`aNPNP\Z\]_\aNT\[V`aNRY :liX[fi[\cDlj\f[\8ek`fhl`X[\D\[\cce J`ekklcf#(00+ Cl`j=\ieXe[f<jZfYXi 8Zic`ZfjfYi\k\cX (/'o(,'Zd :fc\ZZ`eDlj\f[\8ek`fhl`X :RQRYY~[ (0(' CXD\[\cce[\(0('% GXefi}d`ZX[\j[\JXe Cfi\eqf_XZ`X\cfZZ`$ [\ek\%=fkf1>feqXcf <jZfmXi% )''0 00Xfj[\jg\j# cXd`jdX gXefi}d`ZX% )- <cDf[\cfD\[\cce 0\[aRea\fN[aRPRQR[aR` :RQRYY~[P\[`b` ZVYY\[R`QRUNOVaN[aR`R`asRe]R_VZR[aN[Q\b[Na_N[` S\_ZNPV[ Rea_N\_QV[N_VN 1b_N[aR Y\` N\` \PUR[aN f ObR[N ]N_aR QR Y\` [\cR[aN YN PVbQNQSbRYNZs`cV\YR[aNQRYP\[aV[R[aRNaNY]b[a\^bRYYRTNaR[R_b[NaN`NQR %U\ZV PVQV\`]\_PNQNPVR[ZVYUNOVaN[aR`0\Z]N_NQNP\[RY0UVPNT\QR.Y0N]\[RfRY=NYR_Z\QR 1\[0\_YR\[RYN:RQRYY~[QR=NOY\2`P\ON_R_NQRYRW\`YNZs`YRaNYQRa\QN` ¶GfihlD\[\cce6 ? fp \e [X D\[\cce _X d\afiX[f jl j`klXZ`e [\ j\^li`[X[# i\^`j$ kiXe[f leX kXjX [\ +. _fd`Z`[`fj gfi ZX[X Z`\e d`c _XY`kXek\j )''/ p_X[\Ôe`[fleXkXjX[\)+Zfdfd\kXgXiX)'((%<eki\cfj _XY`kXek\j [\ cXj ^iXe[\j Z`l[X[\j ZfcfdY`XeXj# _fp jfe cfj d\$ [\cc`e\ej\jhl`\e\j\jk`dXehl\k`\e\ecXjd\afi\jZfe[`Z`fe\j[\ ZXc`[X[[\m`[X#[\j\^li`[X[#[\dfm`c`[X[#[\j\im`Z`fjgYc`Zfjp [\^\jk`egYc`ZXdle`Z`gXc%);\`^lXcdXe\iX#kXekfeXZ`feXcZfdf `ek\ieXZ`feXcd\ek\#D\[\cce\jX_fiXi\ZfefZ`[XZfdflecXYfiX$ kfi`f\a\dgcXi[\`eefmXZ`eliYXeXp^\jk`egYc`ZX%?XjkX_XZ\ gfZf#eX[`\m\eXXD\[\ccegXiXXgi\e[\i[\jljgifZ\jfj[\X[$ d`e`jkiXZ`egYc`ZX%?fp#cXZ`l[X[\jk}XkiXp\e[fle^iXeed\if [\dXe[XkXi`fjp[\\og\ikfj\eliYXe`jdfp[\jXiifccfjfjk\e`Yc\ hl\cc\^Xe\eYljZX[\gi}Zk`ZXj`eefmX[fiXj#c\ZZ`fe\jXgi\e[`[Xj pdf[\cfj\o`kfjfj\ek\dXjkXe[`m\ijfjZfdfcX\[lZXZ`e#\cXik\ pcXZlckliX#cXi\efmXZ`eliYXeX#\ckiXejgfik\dlck`df[Xc#cXj\$ ^li`[X[gXiXcXjg\ijfeXj#cXgXik`Z`gXZ`eZ`l[X[XeX#cX^\jk`egfi i\jlckX[fjpcXkiXejgXi\eZ`X\ecX^\jk`e[\cfji\ZlijfjgYc`Zfj% <jk\ gifZ\jf _XZ`X leX Z`l[X[ d}j jfc`[Xi`X# \hl`kXk`mX# j\^liX p Zfdg\k`k`mX# \jk} ^\e\iXe[f d\afiXj \e cfj e[`Z\j [\ ZXc`[X[ [\ m`[Xp[\jXiifccf_ldXef%Kf[f\ji\jlckX[f[\leX\ei^`ZXpgf$ [\ifjXmfclekX[gfck`ZXpjfZ`Xchl\j\_Xm\e`[fZfejkilp\e[f\e \cj\ef[\jljfZ`\[X[Z`m`cpjljfi^Xe`qXZ`fe\jjfZ`Xc\j[\j[\cfj Xfjefm\ekXphl\#\ecXjX[d`e`jkiXZ`fe\j[\cfjXcZXc[\jJ\i^`f =XaXi[f)''+$)''. p8cfejfJXcXqXi)''/$)'(( #j\_XkiX[lZ`[f \eleXZfdY`eXZ`eZf_\i\ek\[\gcXe\j#gif^iXdXj#gifp\Zkfjp \jkiXk\^`Xj[\^iXeZXc`[X[#ZfealekXd\ek\Zfe leZfdgifd`jfk`Zf_XZ`Xcfjgi`eZ`g`fj\j\e$ Z`Xc\j [\ leX ^\jk`e gYc`ZX kiXejgXi\ek\ p cX Xgc`ZXZ`e [\ leX j\i`\ [\ _\iiXd`\ekXj [\ gcXe\XZ`e \jkiXk^`ZX# hl\ ZfeÔ^liXe \c Df$ [\cf D\[\cce% <jk\ Df[\cf j\ ZXiXZk\i`qX gfi \c c`[\iXq^f \a\dgcXi [\c ^fY`\ief cfZXc Zfdf ]l\iqX `ek\^iX[fiX [\ cX jfZ`\[X[ phl\# i\kf$ dXe[fcXi`ZX\og\i`\eZ`XjfZ`Xc[\cfjck`dfj ki\jcljkifj#[`i`^\jl\e\i^Xpjlji\ZlijfjX cXjXk`j]XZZ`e[\cXje\Z\j`[X[\j[\cfjZ`l[X$ [Xefj#\e\jg\Z`Xc[\cfjd}jgfYi\j#d\[`Xek\ leX X[d`e`jkiXZ`e gYc`ZX kiXejgXi\ek\ p le XZZ\jf\hl`kXk`mfXcXf]\ikX`ejk`klZ`feXcgXiX kf[fjjlj_XY`kXek\j% GXihl\ 9`Yc`fk\ZX<jgXX% JXekf;fd`e^f JXm`f#ZfdleX(% 8ihl`k\Zkf1 >`XeZXicfDXqqXek`# )'',$)''.% ). D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ :fefi^lccf#cfjd\[\cc`e\ej\j\jk}ei\Z`Y`\e[f eld\ifjfjgi\d`fjeXZ`feXc\j\`ek\ieXZ`feXc\j Xki`Yl`[fjXcX\oZ\c\eZ`X\ecXkiXej]fidXZ`e[\ jlZ`l[X[#Zfdf\cGi\d`f@ek\ieXZ`feXc[\?X$ Y`kXk;lYX`)''/gXiXD\afi\jGi}Zk`ZXjgXiX\c gifp\Zkf[\m`m`\e[Xj\ecXhl\YiX[XAlXe9fYf2 cX ZXc`ÔZXZ`e Ki`gc\ 8 )''-# )''.# )''/ [\ ;l]]Xe[G_\cgjgXiXcXjÔeXeqXj[\cDle`Z`g`f [\D\[\cce2Gi\d`f?FC:@D)''/gXiX\cGif$ p\Zkf LiYXef @ek\^iXc [\ cX ZfdleX (*2 Gi\d`f X cX D\afi FYiX [\ 8ihl`k\ZkliX gXiX \c Fihl`$ [\fiXdX \e cX 9`\eXc @Y\ifXd\i`ZXeX )''/ [\ 8ihl`k\ZkliX p LiYXe`jdf \e Gfikl^Xc2 Gi\d`f XcXD\afiFYiX@Y\ifXd\i`ZXeX[\8ihl`k\ZkliX p;`j\fgXiX\cGXihl\9`Yc`fk\ZX<jgXX\ecX d`jdX 9`\eXc )''/ \e Gfikl^Xc2 Gi`d\i cl^Xi \ecXZXk\^fiX;`j\fLiYXef\ecXOM@9`\eXc GXeXd\i`ZXeX[\Hl`kfgXiX\cGifp\ZkfLiYXef @ek\^iXc$GL@$\ecXqfeXefifi`\ekXc2\cGi\d`f >cfYXcBefnc\[^\GXike\ij_`g)''.gXiXcXI\[ [\9`Yc`fk\ZXj2p\cGi\d`f:`kpkf:`kp9XiZ\cfeX =8;)''0gXiX\cdf[\cf[\^\jk`eÈD\[\ccecX D}j<[lZX[XÉ#\eki\dlZ_fjfkifj% 8jd`jdf#gi\jk`^`fjXji\m`jkXj`ek\ieXZ`feX$ c\jZfdf8Y`kXi\\e@kXc`Xp8iZ_`k\bkli8bkl\cc \e 8c\dXe`X p [`Xi`fj `ek\ieXZ`feXc\j kXe i\c\$ mXek\j Zfdf K_\ E\n Pfib K`d\j# <c GXj# p \c NXj_`e^kfe Gfjk# \eki\ fkifj# \jk}e [\[`ZXe[f ZXi}klcXjpcXi^fjXikZlcfj`cljkiX[fjXcXkiXej$ ]fidXZ`e[\D\[\cce% 8g\jXi[\cfjcf^ifjXcZXeqX[fj#cX8[d`e`jkiX$ Z`eDle`Z`gXcpcfjZ`l[X[XefjZf`eZ`[\e\ehl\ ef\jk`\dgf[\ZilqXicfjYiXqfj%<cGcXe[\;\jX$ iifccf)''/$)'((k`\e\\c\e]fhl\[\Zfejfc`[Xicf fYk\e`[fp\ok\e[\i\cdf[\cf`ek\^iXc[\`ek\im\e$ Z`e[\dXe\iX]fZXc`qX[XXfkifjj\Zkfi\j[\D\$ [\ccegXiX[Xicl^XiXleXZ`l[X[jfjk\e`Yc\hl\# d}jXcc}[\jfclZ`feXigifYc\dXj#cf^i\[\dXe\$ iXgi\m\ek`mX\m`kXifd`k`^Xii`\j^fjp^\e\iXicXj d\afi\jfgfikle`[X[\jgXiXjlj_XY`kXek\j% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j D\[\cce :`l[X[[\cX\k\ieXgi`dXm\iX D\[\ccej\\eZl\ekiXlY`ZX[X\e\cefifZZ`[\ek\[\:fcfdY`X#\ecXZfi[`cc\iXZ\e$ kiXc[\cfj8e[\j#\e\cMXcc\[\8Ylii}#X(%+.0d\kifjjfYi\\ce`m\c[\cdXi#cfhl\ df[\iX\cZXcfikifg`ZXcp^\e\iXleXdlp]XmfiXYc\k\dg\iXkliXd\[`XXelXcgif$ d\[`f[\)*:#hl\[XXD\[\ccejlXgf[f[\ÈZ`l[X[[\cX\k\ieXgi`dXm\iXÉ% LeXd\kigfc`i\Z`\ek\ZfegfYcXZ`eafm\e :fcfdY`X Jli8di`ZX CX]fidXZ`e[\D\[\cceZfdfd\kigfc`\ji\Z`\ek\%<ecfjck`dfjj\k\ekXXfj# D\[\ccegXj[\(-/%'''(0*/ X)#*d`ccfe\j[\_XY`kXek\j)''/ %JlgfYcX$ Z`e\ji\cXk`mXd\ek\afm\e%:Xj`.'[\jljgfYcX[fi\jZl\ekXe\eki\,p++ Xfj2Xg\eXj-k`\e\d}j[\-,Xfj%?fp#cX\jg\iXeqX[\m`[X\j\egifd\[`f [\-.#+XfjgXiX_fdYi\jp[\.)#,XfjgXiXcXjdla\i\j%D\[\cce\jcXj\^le[X Z`l[X[[\cgXj\egfYcXZ`e#[\jglj[\9f^fk}%<jcXZXg`kXc[\c[\gXikXd\ekf [\8ek`fhl`X#hl\Zfe(),dle`Z`g`fjplefjj\`jd`ccfe\j[\_XY`kXek\j#\j\cj\$ ^le[f[\gXikXd\ekfd}jgfYcX[f[\:fcfdY`X#[\jglj[\:le[`eXdXiZX#[fe$ [\\jk}\c;`jki`kf<jg\Z`Xc[\9f^fk}%<e^\e\iXc#cX[`jd`elZ`e[\cZi\Z`d`\ekf [\df^i}ÔZf Æhl\ \j le ]\ed\ef ^\e\iXc \e:fcfdY`XÆ\jk}gifg`Z`Xe[fd\afi\jZfe$ [`Z`fe\jgXiXle[\jXiifccfjfjk\e`Yc\pd}j \hl`c`YiX[f% J`e \dYXi^f# cX d`^iXZ`e p \c [\jk`\iif[\cXgfYcXZ`eZXdg\j`eX_XZ`XcX Z`l[X[j`^l\eXc`d\ekXe[fcfjZ`eklife\j[\ gfYi\qX\ecXg\i`]\i`X%* 8EK@FHL@8 D\[\cce 9f^fk} )/ M`jkXjfYi\\c :\ekif8[d`e`j$ kiXk`mfDle`Z`gXc CX8cglaXiiX#GcXqX DXpfip\c<[`ÔZ`f @ek\c`^\ek\[\<GD% CXi\mfclZ`ekiXehl`cX1+cX:fejk`klZ`e[\(00( ?XjkX (0//# cfj XcZXc[\j [\ cfj dle`Z`g`fj Zf$ cfdY`Xefj# \iXe efdYiX[fj gfi \c ^fY\ieX[fi [\ jl i\jg\Zk`mf [\gXikXd\ekf p #\e \c ZXjf [\ Z`l[X[\j ^iXe[\j# Zfdf D\[\cce# Zfe gi\$ m`XZfejlckXXcGi\j`[\ek\#hl`\eXjlm\qefd$ YiXYX Xc ^fY\ieX[fi% <jkX j`klXZ`e \iX gfZf m\ekXafjXpXhl\cfjefdYiXd`\ekfjj\_XZXe \j\eZ`Xcd\ek\ZfeZi`k\i`fgfck`Zfpi\g\iZlkX \eleXXckj`dXifkXZ`e[\dXe[XkXi`fj1\eki\ (0+/p(0/._lYf+0XcZXc[\j\eD\[\cce#Zfe legifd\[`f[\[`\qd\j\j[\g\idXe\eZ`Xgfi XcZXc[\% <jfj dfm`d`\ekfj YlifZi}k`Zfj ]iljkiXife ZlXc$ hl`\i\j]l\iqf[\gcXe\XZ`eXd\[`XefpcXi^fgcXqfj\ `dgfj`Y`c`kXifecXZfejfc`[XZ`e[\\hl`gfjkZe`Zfj%;\j[\ (0//#cfjXcZXc[\jjfe\c\^`[fjgfimfkfgfglcXipjljg\$ if[fj[\^\jk`e_Xej`[fXdgc`X[fjgi`d\ifX[fjXfj (0//$(00( # [\jglj X ki\j (00)$)''* p d}j i\Z`\ek\$ d\ek\XZlXkifXfj[\j[\)''+ %CX:fejk`klZ`eGfck`$ ZX[\(00(pjlji\^cXd\ekXZ`fe\jgfjk\i`fi\j\ekid`efj [\[\jZ\ekiXc`qXZ`eX[d`e`jkiXk`mXpÔjZXc_XeZXdY`X[f gif]le[Xd\ek\\c}dY`kfcfZXc#XcZfejX^iXi_\iiXd`\ekXj gXiXcX^\jk`epcXgXik`Z`gXZ`eZ`l[X[XeX% D\[\cceX[d`e`jkiXk`mf <c}i\XliYXeX[\D\[\cce\jk}[`m`[`[XX[d`e`jkiXk`mXd\ek\ \e),'YXii`fj#(-ZfdleXjpj\`jqfeXj%CXjZfdleXjk`\e\e [`]\i\eZ`Xj dXiZX[Xj \e ZlXekf X [\ej`[X[ [\df^i}ÔZX p gfYcXZ`ekfkXcmXiXe\eki\0'%'''p(0'%'''_XY`kXek\j # \jkiXk`ÔZXZ`ejfZ`f$\Zfed`ZXpZXc`[X[[\m`[X%:X[XZfdl$ eXZl\ekXZfeleXAlekX8[d`e`jkiX[fiXCfZXc#le:fej\af CfZXc[\>fY`\iefpleGcXe[\;\jXiifccfCfZXc#\eki\fkifj d\ZXe`jdfj[\^\jk`e%8[\d}j#ZX[XleXZlYi\le[\k\id`$ eX[fed\if[\YXii`fj#ZfejlAlekX[\8ZZ`e:fdleXcp Zfd`kjZm`Zfj%;\leXj-''%'''le`[X[\j [\m`m`\e[Xhl\`ek\^iXecXZ`l[X[#..j\ \eZl\ekiXe \e \jkiXkfj (# ) p *# \c (0 \e \jkiXkfj+p,#p\c+\e\c\jkiXkf-%,<c }i\X iliXc# Zfe]fidX[X gfi Z`eZf Zfii\^`$ d`\ekfj[\cXZ`l[X[#Zfejk`klp\cXjgk`dX qfeXpfZlgX.)[\jlk\ii`kfi`f% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j *' ( / * GFGLC8I D8EI@HL< * (* 0 *( )' ) ), (/ ). 0 (. 9L<EFJ8@I<J (( J8EK8:ILQ + (* 8I8EAL<Q +' (* , (* (* *) (0 )( (* :fii\^`d`\ekf [\JXekX?\c\eX (* M@CC8?<IDFJ8 (* :8JK@CC8 )) */ (* (, *. )0 IfD\ , [\cce + (* (* (- (' *, . C8:8E;<C8I@8 () (* (* (* (* (* - (+ *- ;F:<;<F:KL9I< (* (* )* (* ** (* (* (* (* ) >L8 / (( . IF9C<;F (* ( C8LI<C<J$<JK8;@F (* (* (* *+ (* (- (* )/ 9<CyE (* () (' C88DyI@:8 *' )- :fii\^`d`\ekf [\JXe:i`jkfYXc :fii\^`d`\ekf [\JXeJ\YXjk`}e[\GXcd`kXj (* J8EA8M@<I *( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ f eX I\Zi\XZ`ep;\gfik\ '(% Le`[X[;\gfik`mX[\IfYc\[f ')%@ek\im\eZ`e<jk%8kXeXj`f>`iXi[fk '*%Le`[X[;\gfik`mX[\>iXe`qXc '+%GXihl\AlXe\j[\cXGXq ',%GXihl\Efik\ '-%Le`[X[;\gfik`mXDXiXCl`jX:Xcc\ '.%GXihl\JXeCfi\eqf '/%I\efmXZ`eGXihl\AlXeGXYcf@@ (+ <dgi\e[`d`\ekf '0%:\[\qfJXekf;fd`e^f ('% :\[\qfJXe:i`jkfYXc ((% :\[\qfDXei`hl\ ()% GXihl\[\c<dgi\e[`d`\ekf <CGF9C8;F )+ <eZl\ekif:`l[X[Xef (*%8[\ZlXZ`e[\GXihl\j (+%@ek\^iXZ`eGcXqXDXpfi$:@: (,%Fihl`[\fiXdX (-%Gifp\Zkf>lXpXZ}e#GiX[f (.%GXihl\[\c8a\[i\q (/%Gl\ek\[\^lX^lX (0%GXihl\[\cXGXqpcX:lckliX )'%GXihl\GcXpe[\cfj:fdle\ifj )(%GXihl\M`ccXE`qXZfdleXEfifi`\ekXc (, >L8P898C D\[`f8dY`\ek\ ))%GXihl\c`e\Xchl\YiX[XcX9\id\aXcX )*%I\df[\cXZ`e:\iifElk`YXiX )+%GXihl\c`e\Xchl\YiX[XcCXGi\j`[\ekX ),%GXihl\c`e\Xchl\YiX[XcCX?\ii\iX (* (* Gifp\ZkfLiYXef@ek\^iXcGL@ :fii\^`d`\ekf [\JXe8ekfe`f[\GiX[f )-%:fdleX(* ).% Efifi`\ekXc )/%GXaXi`kf )0%DfiXm`X <[lZXZ`ep:lckliX :fii\^`d`\ekf [\8ckXm`jkX *'%GXihl\9`Yc`fk\ZXJXeAXm`\i *(% GXihl\9`Yc`fk\ZXJXekf;fd`e^fJXm`f *)%GXihl\9`Yc`fk\ZXcXCX[\iX **%GXihl\9`Yc`fk\ZXcXHl`ekXeX *+%GXihl\9`Yc`fk\ZX9\ce *, :XjX[\cXDj`ZX *-%9GGKfii\[\cXD\dfi`X *.% GXihl\<ogcfiX */%:\ekif:lckliXc[\DfiXm`X *0%AXi[e9fk}e`Zf +'%K\XkifC`[f <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j *) :`l[X[I\^`e D\[\cce \j \c Z\ekif [\ leX `dgfikXek\ i\^`e pXjlm\qleglekf[\gXjfp[\Xik`ZlcXZ`e\e cXji\cXZ`fe\jhl\j\\jkXYc\Z\e\eki\\cefik\# Z\ekifpjli[\:fcfdY`X%CXmXGXeXd\i`ZXeX [\jk`eX[XXZfe\ZkXicXGXkX^fe`XZfe:XeX[}-# XkiXm`\jX X D\[\cce p jlYiXpX jl cfZXc`qXZ`e \jkiXk^`ZX%8cfi`\ek\[\cXZ`l[X[j\\eZl\ekiX leXck`gcXefZilqX[fgfi[fjXlkfg`jkXjX9f^fk} +(+bd #p\jZ\eXi`f[\cX\ifgl\ikf`ek\ieXZ`f$ eXc[\I`fe\^if#leX`dgfikXek\Õfi`ZlckliX[\ \ogfikXZ`e# le j`^e`ÔZXk`mf [\jXiifccf liYXef pXdgc`Xjfgfikle`[X[\j[\i\Zi\f%?XZ`X\cjli \jk}ecXjqfeXjZX]\k\iXjpleXZXii\k\iXhl\Zf$ dle`ZXZfecXjZ`l[X[\j[\:Xc`*0+bd pHl`kf /*,bd %?XZ`X\cjlif\jk\\o`jk\leXi`ZXqfeX ZXiYfe]\iX# ^XeX[\iX p X^iZfcX# jliZX[X gfi leXZXii\k\iXÆ\edlpdXc\jkX[fÆ[\D\[\cce XHl`Y[))'bd #ZXg`kXc[\c[\gXikXd\ekfm\$ Z`ef[\c:_fZ%8cefifZZ`[\ek\_XpleZfii\[fi klijk`Zf#X^iZfcXpZfd\iZ`XcpcXccXdX[X:Xii\$ k\iXXcDXihl\Zf`eZ`[\ZfecXGXeXd\i`ZXeX # hl\XkiXm`\jXcXZ`l[X[Zfcfe`Xc[\JXekX=\[\ 8ek`fhl`X.'bd pk\id`eXjfYi\cXZfjkXZXi`Y\ \e\c^fc]f[\LiXY}#`dgfikXek\qfeXX^if`e[lj$ ki`XcYXeXe\iXp\cgl\ikf[\KliYf*.*bd %Gfi Ôe#_XZ`X\cefik\#j`^l`\e[f\cif:XlZX#leXZX$ ii\k\iXcc\^XXcfj^iXe[\jgl\ikfjXkc}ek`Zfj[\ :XikX^\eX-(*bd p9XiiXehl`ccX-.0bd % D\[\cce1Z`l[X[hl\Zi\Z` jfYi\legifp\Zkf`e[ljki`Xc D\[\cceXgfikXd}j[\c/[\cG@9eXZ`feXcp# \eZfealekfZfe\cMXcc\[\8Ylii}#gXik`Z`gXZfe Z\iZX[\(([\cd`jdf%K`\e\leG@9g\iZ}g`kX ZfeGG8 [\LJ*%.0+#jlg\i`fiXcXj[\d}j Z`l[X[\jgi`eZ`gXc\j[\:fcfdY`Xpjl[\ej`[X[ \dgi\jXi`Xc\j[\),\dgi\jXjgfiZX[X(%''' _XY`kXek\j#cXj\^le[Xd}jXckX[\cgXj%;\j[\ Zfd`\eqfj [\c j`^cf OO D\[\cce \iX ZfefZ`[X ZfdfcXÈZ`l[X[`e[ljki`Xc[\:fcfdY`XÉ#Xle$ hl\ cXj [`e}d`ZXj ^cfYXc\j p eXZ`feXc\j [\ cX \ZfefdX _Xe df[`ÔZX[f \jkX mfZXZ`e# hl\ \eki \e Zi`j`j [\j[\ cfj Xfj fZ_\ekX2 d`\e$ kiXjhl\cfjj\im`Z`fjp\cZfd\iZ`fj\_Xe]fi$ kXc\Z`[f%CXj`e[ljki`XjZfedXpfigXik`Z`gXZ`e \e \c mXcfi X^i\^X[f \e \c Ýi\X D\kifgfc`kXeX jfecXjk\ok`c\iXj#jljkXeZ`Xjpgif[lZkfjhld`$ Zfj#Xc`d\ekfjpY\Y`[Xj% Ýi\XD\kifgfc`kXeX <c Ýi\X D\kifgfc`kXeX [\c MXcc\ [\ 8Ylii} ]l\ Zi\X[X\e(0/'gfifi[\eXeqXjfgfikX[X\eleX c\p[\(0.0hl\[`jgljf\c]leZ`feXd`\ekf[\Z`e$ Zf}i\Xjd\kifgfc`kXeXj\e\cgXj%I\e\el\m\ dle`Z`g`fj#`eZclp\e[fD\[\cce#hl\]fidXeleX ZfeliYXZ`e [\ *#+ d`ccfe\j [\ _XY`kXek\j \e leX \ok\ej`e [\ (%(,) bd)# ZlpX k\iZ\iX gXik\ \jk}liYXe`qX[X% ** D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ @eXl^liXZ`e[\c kiXemX[\D\[\cce% GXihl\[\9\iif#()[\ fZklYi\[\(0)(% =fkf19\eaXde[\cX:Xcc\% 8ek\Z\[\ek\j C fj Zfek\okfj jfZ`Xc\j \ _`jki`Zfj [\Ôe\e gif]le[Xd\ek\ cX \ÔZ`\eZ`X [\ cXj `ejk`klZ`fe\j#. g\if# Zfdf cf dl\jkiX \c Df[\cf D\[\cce[\9l\e>fY`\ief)''+$)'(( #kXdY`e\jZ`\ikfhl\cXj kiXej]fidXZ`fe\j `ejk`klZ`feXc\j Zfe ]l\ik\ XiiX`^f jfZ`Xc gl\[\e ^\e\iXi hl`\Yi\j _`jki`Zfj p j\i [`eXd`qX[fiXj [\ ZXg`kXc jfZ`Xc% GXik\`ek\^iXc[\co`kf[\cDf[\cfD\[\cce\j#gi\Z`jXd\ek\#jli\$ ZfefZ`d`\ekf[\cZfek\okfjfZ`Xc\_`jki`Zf[\cXZ`l[X[#XjZfdf cX ZXg`kXc`qXZ`ehl\_XZ\[\gfk\e$ Z`Xc`[X[\j \ `e`Z`Xk`mXj pX gi\j\ek\j \ejljfZ`\[X[%8ek\j[\fZlgXiefj [\ [\jXiifccfj d}j i\Z`\ek\j# i\Zfi$ [\dfj Yi\m\d\ek\ cX _`jkfi`X [\ cX X[d`e`jkiXZ`ep\c[\jXiifccfliYXef [\cXZ`l[X[% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j *+ 8j\ekXd`\ekf#Gl\Ycf#J`k`f#M`ccX#:`l[X[(,+($(/.' ;\j[\ \c [\jZlYi`d`\ekf \jgXfc [\c MXcc\ [\ 8Ylii}\e(,+(#cfjXj\ekXd`\ekfj]l\ife\jgfe$ k}e\fj#c\ekfjp[`jg\ijfjgfikf[f\cmXcc\%/<c J`k`f[\8e}#XcdXi^\ejli[\cXhl\YiX[X8e} [\jglj ccXdX[X JXekX <c\eX p Xc fi`\ek\ [\c if [\ 8Ylii} _fp \c if D\[\cce # ]l\ Xg\eXj lef [\ \ccfj% <e ZlXekf X cfj _XY`kXek\j fi`^`$ eXi`fj#]l\ifeZfeZ\ekiX[fjXcgXi\Z\igXiXjl gifk\ZZ`e \e le gfYcX[f [\ `e[^\eXj# [fe[\ _fp[X\jk}\cYXii`f<cGfYcX[f%LeXi\XcZ[lcX [\(-.,]fidXc`q\cJ`k`f[\8e}ZfdfM`ccX[\ CX :Xe[\cXi`X [\ D\[\cce% ;liXek\ \c gifZ\jf [\cX@e[\g\e[\eZ`X#D\[\cceÆZfejlj)(ZXcc\j# ZlXkif g\hl\Xj gcXqXj#0 [fj gl\ek\j jfYi\ cX hl\YiX[X JXekX <c\eX p e`e^lef jfYi\ \c if D\[\cce('Æ]l\\c\mX[XXZXk\^fiX[\Z`l[X[\e (/(*%<e(/)-]l\[\j`^eX[XZfdfZXg`kXc[\8e$ ?XZ`X(/0*#D\[\ccepX \iXleXg\hl\XZ`l[X[% k`fhl`X#gXiXi\\dgcXqXiXJXekX=\[\8ek`fhl`X%<eki\(/)-p(/.' Æleg\if[f[\ZfekiX[`ZZ`fe\jpkiXej`Z`fe\j((Æj\kiXej]fid\eleX g\hl\XZ`l[X[%?XZ`X(/+,j\`e`Z`leg\if[f[\ZXdY`fj#ZlXe[f k\eXlefj[`\qd`c_XY`kXek\j\ejlZXjZfliYXef%J\Zfejkilp\c gi`d\igl\ek\(/+- jfYi\\cifD\[\cce#XjZfdfel\mXjmXj#pj\ Xgc`ZXife[Y`c\jgfck`ZXj[\jXe\Xd`\ekf%<cgX`jXa\liYXefZfd\e$ qXj\ZlcXi`qXij\%<cm\k\iXef^\^iX]f8^ljke:f[Xqq`#\ejlm`j`kX XZfd`\eqfj[\(/,)XD\[\cce#dXe`]\jkjlYl\eX`dgi\j`e1 ©`b`SsO_VPN`N[b[PVN[RY OVR[R`aN_QRN^bRYY\`UNOVaN[aR` 9N`ZN[gN[N`QRYNPVbQNQR`as[ QRP\_NQN`]\_YN`T_N[QR`P\]N` QRY\`s_O\YR`^bR`RReaVR[QR[ `\O_RYN`PNYYR`QRPbfN`]N_RQR` ]R[QR[SR`a\[R`QRWNgZV[R`fQR _\`N`9\`OVR[S\_ZNQ\`WN_QV[R` ^bRNQ\_[N[Y\`]_VZR_\`]N`a\` QRYN`PN`N`QN[b[NVQRNQRYObR[ Tb`a\QR`b`Z\_NQ\_R`N`~P\Z\ RYV[aR_V\_QRN^bRYY\`V[QVPN[YN _V^bRgNfP\Z\QVQNQQRR`a\`² *, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <c[\jg\^l\[\cD\[\cce df[\ief(/.'$(0+' ;liXek\ \jk\ g\if[f# cX \ogXej`e liYXeX gfi _\Zk}i\Xj j\ `eZi\d\ek j`\k\ m\Z\j p cX gfYcXZ`e Xld\ek [\ )'%''' X (.'%''' _X$ Y`kXek\j%(* Cfj fkifj Xj\ekXd`\ekfj \e \c mXcc\ kXdY`eZi\Z`\ifepj\\m`[\eZ`cXe\Z\j`[X[ [\Zi\Xi]fidXjd}jkZe`ZXj[\i\^lcXZ`eli$ YXeX% CX Z`l[X[ j\ Zfejfc`[ Zfdf le Z\ekif `dgfikXek\[\e\^fZ`fj[\fif#ZX]#ÔeXeqXj# ÔeZXiXq#d\Z}e`ZX#]le[`Z`e#\jg\ZlcXZ`e\ `dgfikXZ`e [\ d\iZXeZXj# p Zfe \ccX j\ ]fi$ dleXglaXek\c`k\Zfd\iZ`XcpÔeXeZ`\iX%J\ ]le[Xife ]}Yi`ZXj `dgfikXek\j# \e gXik`ZlcXi \dgi\jXj [\c j\Zkfi k\ok`c Zfdf :fck\a\i \e (0'.#hl\gifekfj\gfj`Z`feXife\eki\cXjd}j i\c\mXek\j[\8di`ZXCXk`eX%I}g`[Xd\ek\#cX `e[ljki`Xj\mfcm`\cdfkfi[\cZi\Z`d`\ekfli$ YXef# Xc Zi\Xi leX gi`d\iX ^\e\iXZ`e fYi\iX pXjXcXi`X[X]fidX[Xgfid`^iXek\j[\cZXdgf hl\cc\^XifeZfecXXjg`iXZ`e[\kiXYXaXi\e]}$ Yi`ZXj#XcdXZ\e\jpZXjXj[\]Xd`c`Xji`ZXj%<jkXj d`^iXZ`fe\jgifdfm`\ifekXdY`ecXZfejfc`[X$ Z`e[\fkifjdle`Z`g`fj[\cMXcc\[\8Ylii}#\e gXik`ZlcXi9\ccf#@kX^p<em`^X[f% CX JfZ`\[X[ [\ D\afiXj GYc`ZXj# JDG# ]l\ ]le[X[X\e(/00#ZlXe[fD\[\ccek\eX+'%''' _XY`kXek\j#gfig\ijfeXj`ek\i\jX[Xj\e\cgif$ ^i\jf [\ cX Z`l[X[% :fej`[\iXYXe hl\ \e D\$ [\cce i\`eXYXe cX `dgifm`jXZ`e p \c [\jfi[\e p gfi kXekf# `dX^`eXife leX Z`l[X[ df[\ieX# Zlck`mXifele\jgi`kl[\gif^i\jfpkiXYXaXife \ejli\Xc`qXZ`e%<eki\Xc^lefj[\jljcf^ifj d}j j`^e`ÔZXk`mfj \jk}e \c gcXef D\[\cce =l$ klif (0(* # Xc hl\ j\ cc\^ gfi ZfemfZXkfi`X2 cX ZfejkilZZ`e [\ le XZl\[lZkf df[\ief2 cX i\Zk`ÔZXZ`e[\cifD\[\cce2cXZi\XZ`e[\\d$ gi\jXj [\ j\im`Z`fj gYc`Zfj# dle`Z`gXc`qX[Xj \e(0(0#gXiXXjgfe\iÔeXcX\jg\ZlcXZ`ep dXcXZXc`[X[\ecXgi\jkXZ`e[\j\im`Z`fj#pcX :fd`\eqfXfj j\k\ekX%:fejkilZZ`e [\c\[`ÔZ`f:}dXiX [\:fd\iZ`f2Xc]fe[f \c\[`ÔZ`f:fck\a\i% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j *- Zi\XZ`e[\le@ejk`klkf[\9\ccXj8ik\j#ZlpXj\[\j\Zfejkilp\e cXXm\e`[XCXGcXpX(0)-$(0*- %;\kf[fj\jkfjgifZ\jfji\jlckle g\if[f[\kiXYXafdXeZfdleX[f\eki\cXJDG#\c:feZ\af#cfj`e$ ^\e`\ifj[\cX<jZl\cXEXZ`feXc[\D`eXjpliYXe`qX[fi\jgi`mX[fj# hl\_XZ\hl\\cg\if[f(/0'$(0*'gl\[Xj\iZfej`[\iX[fZfdfle ^iXedfd\ekf[\\oZ\c\eZ`X\ecX^\jk`e[\cXZ`l[X[%<ealc`f[\ (0+'#\cXihl`k\ZkfpliYXe`jkXXljkiXZfBXic9ilee\i#ZfekiXkX[f gfi\cD`e`jk\i`f[\FYiXjGYc`ZXj#Xj\jfiXD\[\cceZfeZfej\afj gXiXleZi\Z`d`\ekfliYXefXide`Zf%Jljl^\i\eZ`X[\Zi\XileX ]XZlckX[[\Xihl`k\ZkliXklmf\Zf\ecXLG9Le`m\ij`[X[Gfek`ÔZ`X 9fc`mXi`XeX p\ecXLe`m\ij`[X[EXZ`feXc%;\`^lXcdf[f#Zfeki`Ylp XcXZfemfZXkfi`XgXiX\c[`j\f[\cXLG9\`eÕlpjfYi\\c[`j\f [\c`e^\e`\if#Xihl`k\ZkfpgcXe\X[filiYXefcfZXcG\[ifE\c>d\q gXiX\cYXii`fCXli\c\j#Zfejkil`[fgXiXj\Zkfi\j[\YXafj`e^i\jfj Xc\jk`cf>Xi[\e:`kp#Xlehl\k\id`ej`\e[fgXiX`e^i\jfjd\[`f$ Xckfj% G\j\ X cfj Yl\efj fÔZ`fj [\ 9ilee\i# cX Z`l[X[ k\e[iX hl\ \jg\iXiZXj`d\[`fj`^cfgXiXhl\j\i\g`k`\iX\c\o`kfjf\a\iZ`Z`f[\c GcXe=lklif(0(* %<cgifZ\jf[\ZfeZ\gZ`ep]fidlcXZ`e[\cGcXe G`cfkfp\cGcXeI\^lcX[figXiXD\[\cce\eki\(0+/$(0,)#hl\gl\$ [\j\iZfej`[\iX[fZfdf\cj\^le[fdfd\ekf]le[X[fi[\cXgcX$ e\XZ`eliYXeX[\cj`^cfOO#]l\i\Xc`qX[fZfeXj\jfiXkZe`ZX[\ cXfÔZ`eXKfneGcXee`e^8jjfZ`Xk\j\eEl\mXPfib#c`[\iX[Xgfi\c Xihl`k\ZkfpliYXe`jkXZXkXc}eAfj\Cl`jJ\ikp \cXljki`XZfGXlcC\jk\iN`\e\i#gifZ\jfXchl\ kXdY`eZfeki`YlpC\:fiYlj`\i%J\ZfekXYXe lefj).,%'''_XY`kXek\jpfkifj(+)%'''\e\c i\jkf[\cfjdle`Z`g`fj[\cXXZklXcÝi\XD\kif$ gfc`kXeX% M\`ek`Z`eZf Xfj d}j kXi[\# \e (0..# i\^i\jJ\ikXD\[\cce1hl\[jfigi\e[`[fgfi \c Zi\Z`d`\ekf [\df^i}ÔZf [\ cX Z`l[X[# hl\ XcZXeqXYX(#*d`cc`fe\j[\_XY`kXek\j#pgfihl\ e` j`hl`\iX j\ _XYX i\Xc`qX[f \c (' [\c gcXe gifgl\jkf\e(0,)%(+<eZfekihl\ ©R[b[YN]`\QR"N\` UNO~N[]N`NQ\$NYPNYQR`PNQN NYPNYQRa_NaN[Q\QRQR`ON_NaN_ Y\^bRUNO~NURPU\RYN[aR_V\_( N`~P\ZR[aNON@R_aR_NVZ]\ `VOYRYYRcN_NPNO\[V[T[]YN[ ZNR`a_\²" CXZ`l[X[[\jYfi[X[X(0,'$(0/' <jkXj ZlXkif [ZX[Xj Zfejk`klp\e \c g\if[f d}j Zik`Zf \e kf[X cX _`jkfi`X [\ cX Z`l[X[% @e`Z`Xcd\ek\# cX gifjg\i`[X[ \Zfed`ZX# cX jl$ g\iXZ`e [\ cX gfZX [\ ^l\iiX Z`m`c ZfefZ`[X ZfdfCXM`fc\eZ`X(0+/$(0,* pcX\jkXY`c`[X[ gfck`ZX[\cgXjZfecX^iXeZfXc`Z`e[\c=i\ek\ EXZ`feXc(0,/$(0.+ `ejg`iXYXeleXm`j`efg$ k`d`jkX [\c ]lklif% CXj [ZX[Xj [\ (0,'# (0-' p (0.' ]l\ife [\ gifjg\i`[X[# i\Õ\aX[X \e cX ZfejkilZZ`e [\ gi\jk`^`fjXj j\[\j [\ \dgi\$ jXjgi`mX[Xj#YXeZfj#el\mfj\[`ÔZ`fj#cXk\id`$ eXc[\gXjXa\ifj[\cX\ifgl\ikfFcXpX?\ii\iX# k\Xkifj#\cZXdglj[\cXLe`m\ij`[X[[\8ek`f$ hl`X# \c \jkX[`f 8kXeXj`f >`iXi[fk p \c Z\ekif Zfd\iZ`XcJXe[`\^f#\eki\fkifj%8jd`jdf#]l\ le g\if[f \e \c hl\ j\ Xdgc`Xife cfj cd`k\j liYXefjZfdfi\jgl\jkXXcXgi\j\eZ`X[\d}j [\led`cce[\_XY`kXek\jhl\ZfgXifecXjcX[\iXj[\fi`\ek\pfZ$ Z`[\ek\pcc\eXifecXZ`l[X[[\kl^li`fj#hl\j\gifcfe^Xife_XZ`X \cefik\pXcjli%;\\jk\df[f#j\[`fleXkiXej]fidXZ`eliYXeX \ogi\jX[X \e \c Xl^\ [\ cX ZfejkilZZ`e \e XckliX# \jg\Z`Xcd\ek\ le`[X[\ji\j`[\eZ`Xc\j2\e\ci\fi[\eXd`\ekf[\cZ\ekif2\ecXZfej$ kilZZ`e[\cZ\ekifX[d`e`jkiXk`mf[\cXZ`l[X[#p\ecXXdgc`XZ`ep ZfejkilZZ`e[\mXjpXm\e`[Xj#\eki\fkifjXjg\Zkfj% J`Y`\e\eki\cfjXfj[\(0-'p(0.'D\[\cce]l\g`fe\iX\ecfj gifZ\jfj[\`e[ljki`Xc`qXZ`ep[\jXiifccf[\cgXj#cXjfjk\e`Y`c`[X[ \jkXYX [\j[\ jl Zfd`\eqf i\jki`e^`[X gfi Z`eZf gifZ\jfj dlZ_f d}jgif]le[fj#hl\XcÔepXcZXYfcc\mXifeXcXZ`l[X[XcYfi[\[\ cXX[m\ij`[X[%8lehl\D\[\cce\iXcXZ`l[X[d}jgif]le[Xd\ek\ X]\ZkX[X[\:fcfdY`X#\ejlZfealekfj\Zfe]ifekXYXZfelegXef$ iXdX[\m`fc\eZ`X^\e\iXc`qX[X#d`\[fpk\iifi%CfjXfjfZ_\ekX gfj`Yc\d\ek\ ]l\ife cX [ZX[X [\ dXpfi [\jZfdgfj`Z`e `ejk`kl$ Z`feXchl\:fcfdY`XaXd}j_XYXm`m`[f% *. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ CX\d\i^\eZ`X[\cf`e]fidXc :fecXZfejfc`[XZ`e[\D\[\cceZfdfZ\ekif`e[ljki`Xc[\cgXj#\c Zi\Z`d`\ekf [\df^i}ÔZf \ogcfj`mf [\jYfi[ X gXik`i [\ cfj Xfj Z`eZl\ekXkf[XjcXjgi\m`j`fe\j#\egXik`ZlcXicXj[\cGcXeG`cfkfp\c GcXeI\^lcX[fi(0+/$(0,) %CXjd`^iXZ`fe\j[\cZXdgfXcXZ`l[X[ j\ dlck`gc`ZXife gfi cXj cX[\iXj [\c MXcc\ [\ 8Ylii} Æ\oZ\gkf \e cX qfeX[\cGfYcX[fÆ_XZ`XcXg\i`]\i`XfZfeXj\ekXd`\ekfjjlYefidX$ c\j%<eki\(0,(p(0/,j\ZlX[ilgc`ZcXgfYcXZ`e#[\*-'%'''X(%, d`ccfe\j#\eYl\eXgXik\[\ZXdg\j`efj[\jgcXqX[fjgficXm`fc\eZ`X f\c[\j\dgc\f\e\cZXdgffXkiX[fjgficX^iXeZ`l[X[#cfhl\klmf ZfdfZfej\Zl\eZ`XcXfZlgXZ`e`c\^Xc[\cjl\cfZfeXj\ekXd`\ekfj jlYefidXc\j#cX]fidXZ`e[\kl^li`fj\eqfeXjpmXjZ\ekiXc\j#pcX [`ÔZlckX[[\Xk\e[\ileX^iXe[\dXe[X#gXiXcXZlXce`cXZ`l[X[e` jlj`ejk`klZ`fe\j\jkXYXegi\gXiX[Xj% J\Zkfi[\DfiXm`X% <cYXjli\ifpkl^li`fj% (0/*%=fkf1Afi^\?% D\c^l`qf% <c[\jYfi[\`ejk`klZ`feXc <c [\jYfi[\ jfZ`Xc \jkXYX ek`dXd\ek\ i\cX$ Z`feX[f#Xjlm\q#ZfecXXlj\eZ`X\e\c}dY`kf cfZXc [\ leX m`j`e p jl i\jg\Zk`mX \jkiXk\^`X Zf_\i\ek\ \ `ek\^iXc [\ [\jXiifccf liYXef \e \c Zfek\okf [\ cX Zi`j`j `ejk`klZ`feXc eXZ`feXc% Hl\[ \e \m`[\eZ`X hl\ cX Z`l[X[ ef gfj\X Æ\eki\fkiXjgficX]XckX[\[\jZ\ekiXc`qXZ`eÆ leX `ejk`klZ`feXc`[X[ X[\ZlX[X gXiX XYfi[Xi cXjZfdgc\aXjZi`j`jhl\cXXkiXm\jXYXe#cfhl\ j\kiX[laf\ecX]XckX[\XZZ`e\jkXkXcZcXiXp Zf_\i\ek\% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j */ Gfc`k`hl\iXpZfiilgZ`e J`Y`\e\jZ`\ikfhl\\cÔe[\c=i\ek\EXZ`feXc(0,/$(0.+ i\jlck \eleXXg\ikliX[\dfZi}k`ZX#kXdY`ej\[`fcl^XiXcXdlck`gc`ZX$ Z`e[\d`Zif\dgi\jXj\c\ZkfiXc\jpXcX\ogXej`e[\cZc`\ek\c`jdf YlifZi}k`Zf# hl\ \e m\q [\ d\afiXi cX ZXc`[X[ [\c al\^f [\dfZi}$ k`ZfX^l[`qcXZi`j`j`ejk`klZ`feXckXekfeXZ`feXcZfdfcfZXc%\e\c e`m\cdXZif#cXZfiilgZ`eÆgif]le[`qX[Xgficfji\Zlijfjchl`[fj [\ceXiZfki}ÔZfÆZfd\eqXg\e\kiXicXj\ek`[X[\j\j\eZ`Xc\j[\c <jkX[fZfdfcXaljk`Z`X#cX]l\iqXgYc`ZX#cX`ek\c`^\eZ`XcfjgXik`[fj gfck`Zfj#XjZfdfcXjfZ`\[X[pcX\ZfefdX%<jk\kiXj]fe[f[\leX `ejk`klZ`feXc`[X[ [Y`c p [\jc\^`k`dX[X Xc`d\ekXYX cXj Zfe[`Z`fe\j gifg`Z`XjgXiXcXgifc`]\iXZ`e[\mXi`X[Xj]fi$ dXj[\`c\^Xc`[X[#\dg\qXe[fgficXZfiilgZ`e \`eZclp\e[fcX^iXeZi`d`eXc`[X[fi^Xe`qX[Xp jlZXgXZ`[X[dXÔfjX[\g\e\kiXZ`epZffgkX$ Z`e[\\ek`[X[\jgYc`ZXjpgi`mX[Xj% D`\[fpi\gc`\^l\ [fjm`fc\ekfjgXiXi\XÔidXi[fd`e`fjk\ii`kfi`Xc\j%;\\jkX]fidX#j\kiXqXife ]ifek\iXj \e cfj YXii`fj# j\ `dg`[` cX c`Yi\ Z`iZlcXZ`e# j\ ]iX^d\ekXife cXj i\cXZ`fe\jpj\`ejkXcXifecX[\j`ek\^iXZ`ejfZ`Xc#\cd`\[fpcXdl\ik\%:fe$ ]ifekX[XZfem`fc\eZ`X#k\iifi#ZfiilgZ`epd`\[f#cXjfZ`\[X[j\\eZfekiXYX [\^fcg\ZfecXe\Z\j`[X[[\cc\mXiXZXYfleXYXkXccX\e[`]\i\ek\j]i\ek\jX cXm\qÆXek`jlYm\ij`mX#Xek`Zi`d\efi^Xe`qX[f#Xek`dXÔX#ZfekiXcX[\c`eZl\e$ Z`XZfdeÆj`ek\e\ie`leXgfck`ZX`ek\^iXc[\j\^li`[X[f[\aljk`Z`X#e`cfj i\Zlijfjf_\iiXd`\ekXjgXiXfg\iXi[\dXe\iX\ÔZXq\ecfjk\ii`kfi`fj#gficX kiXYX[\cXZ\ekiXc`qXZ`eX[d`e`jkiXk`mX#gfck`ZXpÔjZXc[\cgXj% Ed\if[\_fd`Z`[`fj(0/.$)''/ 5.881 1044 804 771 1.000 782 1.187 2.012 3.721 3.480 3.158 3.259 2.998 4.777 4.159 3.853 3.144 3.000 4.069 3.350 5.000 5.526 5.424 6.349 7.000 2.391 Cfj Xfj fZ_\ekX ]l\ife \c g\if[f \e hl\ cX `ej\^li`[X[ p \c d`\[f# dXe`]\jkX[fj [\ [`m\ijXj ]fidXj# \d\i^`\ife p j\ Xj\ekXife [iXd}k`$ ZXd\ek\ \e D\[\cce% =l\ \c k`\dgf [\leXl^\\ogcfj`mf[\cXjkXjXj[\ _fd`Z`[`f\ecXZ`l[X[#hl\cc\^Xife Xc XYjli[f [\ -%*+0 _fd`Z`[`fj \e (00(%J`Y`\e\jZ`\ikfhl\\cgXj\e$ k\if gX[\Z` le `eZi\d\ekf iX[`ZXc [\cX`ej\^li`[X[#D\[\cce]l\cXd}j ]l\ik\d\ek\X]\ZkX[X%<c`e^i\jf[\c eXiZfki}ÔZf#Zfejlj[`e}d`ZXjp\j$ kilZkliXj XidX[Xj# cX liYXe`qXZ`e [\cgifp\Zkf^l\ii`cc\ifpgXiXd`c`kXi pcXZfejfc`[XZ`e[\YXe[XjpgXe[`$ ccXj[\c`eZl\eZ`Xc\j#klm`\ife\eD\$ [\cce jl Z\ekif% Eld\ifjfj ^ilgfj `c\^Xc\j Z\ekiXife jl XZZ`feXi YXaf c^`ZXj m`fc\ekXj [\ Xgifg`XZ`e [\c k\ii`kfi`f# gifk\ZZ`e ]fiqX[X d\$ [`Xek\ cX \okfij`e# cXj mXZleXj# \c Zfekifc[\d`Zifd\iZX[fj[\cX[if$ ^XpcXZfek`elXXgc`ZXZ`e[\dkf$ 0 01 02 03 04 05 06 07 08 87 88 89 90 91 92 93 94 95 96 97 98 99 0 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 =l\ek\1Gfc`ZXEXZ`feXc2@ejk`klkfEXZ`feXc[\D\[`Z`eXC\^Xc2 J`jk\dX[\@e]fidXZ`egXiXcXJ\^li`[X[pcX:fem`m\eZ`X$J@J:$ YNO\_Na\_V\[\^\jk`egYc`ZX% D\[\cce[\aXki}jjl`dX^\e[\m`fc\eZ`X#_fp\jle *0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <jkXZ`eLe`m\ij`[X[ [\cd\kif#[liXek\ cXjljg\ej`e[\cXj fYiXj#(0/0% =fkf1AXm`\iD\aX% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j +' ;\l[XjfZ`XcXZldlcX[X CXZfdY`eXZ`e[\cfjki\jgifZ\jfjpXd\eZ`feX[fjX]\Zk\egXi$ k`ZlcXicfjj\Zkfi\jgfYi\jpg\i`]i`Zfj[\cXZ`l[X[%<e\jfj\jgX$ Z`fjk\id`eXife`ejkXc}e[fj\cXdXpfigXik\[\cfjXZkfi\jm`fc\ekfj# Xgifm\Z_Xe[fcXXlj\eZ`X`ejk`klZ`feXcÆ\egXik`ZlcXi[\\jkXZ`fe\j [\gfc`ZXp[\XZZ\jfXcXaljk`Z`X#g\ifkXdY`e[\\hl`gXd`\ekfj \[lZXk`mfj#[\i\Zi\XZ`ep[\jXcl[#\eki\fkiXjÆgXiXXgc`ZXijlj c^`ZXj[\ZffgkXZ`epgi\j`em`fc\ekXjfYi\cXj^\ek\j%CXjfZ`\$ [X[ ef j\ [\dfi# \ekfeZ\j# \e `[\ek`ÔZXi X ÈcXj ZfdleXjÉ# Ècfj am\e\jÉ#ÈcfjZfdYfjÉ\`eZcljfÈcXZlckliXgX`jXÉZfdfcfj\a\jp ZXljXjgi`eZ`gXc\j[\cXZi`j`j#cfhl\^\e\ileX\jk`^dXk`qXZ`e[\ cfjj\Zkfi\jgfglcXi\j[\cXZ`l[X[#hl\Xg\eXj _fp j\ \jk} jlg\iXe[f% J\ k\a` Xj le ZiZlcf m`Z`fjf\eki\[\jYfi[\jfZ`Xc#[\jYfi[\`ejk`kl$ Z`feXc#`ej\^li`[X[#[\l[XjfZ`Xc\`dX^`eXi`fj \oZclp\ek\j#hl\[`fcl^XiXcXi\gi\j\ekXZ`e [\leXZ`l[X[]iXZXjX[Xp]l\iX[\Zfekifc% 8j\ekXd`\ekfjjlYefidXc\j# 8ckfj[\cXKfii\#ZfdleX/% DXiX<ddX D\aX#:fej\a\iX Gi\j`[\eZ`XcgXiX D\[\ccepjlÝi\X D\kifgfc`kXeX# \elej\Zkfi gfglcXi\ecfj Xfjefm\ekX% D\[\cce[XcXZXiX1Xfjefm\ekX 8 c Zfd`\eqf [\ cX [ZX[X [\ (00'# p [\j[\ cfj Xfj fZ_\ekX# \c ccXdX[f :Xik\c [\ D\[\cce Xk\iifi`q Zfe _fd`Z`[`fj# dXjXZi\j p dX^e`Z`[`fj%:fe\cd`\[f`eÔckiX[f\ekf[fjcfj\jgXZ`fj[\cXjf$ Z`\[X[ p leX `dX^\e [\ Z`l[X[ gfi \c g`jf# cXj ]l\iqXj Zm`ZXj [\ D\[\cceZfd\eqXifeXd`iXi[\]i\ek\cfjgifYc\dXj%@eeld\iXYc\j gifgl\jkXj[\^ilgfjZlckliXc\j#alm\e`c\j#[\[XeqXpk\Xkif\d\i$ ^`\ife\ecfjYXii`fjgfglcXi\jZfele[`jZlijfgficXm`[XpcXef m`fc\eZ`XpdXiZXifecX]fidXZ`e[\am\e\jhl\#Xe`ed\ijfj\e qfeXj[\ZfeÕ`Zkf#fgkXifegfileXf]\ikX[`jk`ekXpXck\ieXk`mXXcX m`fc\eZ`XgX[\Z`[X\ekfeZ\j% Lef [\ cfj gi`d\ifj XZfek\Z`d`\ekfj hl\ i\le` ^iXe ed\$ if[\XZkfi\j\eXc^fZfdfle\m\ekf]le[X[fi[\i\j`c`\eZ`X]l\ ZfemfZX[f\e(00'gficXFE>:figfiXZ`eI\^`eZfeleXf[\ Zi\X[X #YXafcXZffi[`eXZ`eXZX[d`ZX[\8cfejfJXcXqXi#hl`\e(/ Xfjd}jkXi[\j\iX\c\^`[fXcZXc[\[\D\[\cce%J\kiXkXYX[\le j\d`eXi`f[\ki\j[XjjfYi\ÈCXm`fc\eZ`X\ecX:fdleXEfifi`\ekXc [\D\[\cceÉ#g\ifhl\\ei\Xc`[X[kfd\cglcjfXkf[XjcXj]XZ\kXj [\cX[iXd}k`ZXZi`j`j[\cXZ`l[X[#hl\\jkXYX\ekfeZ\j\ejlglekf d}j^iXm\%8cj\d`eXi`fXj`jk`\ifele^iXeed\if[\fi^Xe`qXZ`f$ e\jjfZ`Xc\j#YXii`Xc\j#i\c`^`fjXjpXZX[d`ZXj#]leZ`feXi`fj[\cX XcZXc[X[\ädXi=ci\qMc\q(00'$(00) #XjZfdfcXi\Z`eZi\X$ [X:fej\a\iXGi\j`[\eZ`Xc[\;\i\Z_fj?ldXefj%CXjZfeZclj`fe\j glj`\ife\c[\[f\ecXccX^X1 1R`]bz`QRQVRgN\` QRUNOR_`RQNQ\YNNYR_aN TR[R_NY`\O_RRYSR[ZR [\QRY`VPN_VNa\fQR YN`ON[QN`WbcR[VYR`RY 2`aNQ\[\UN_RNYVgNQ\ [V[T[]_\T_NZNV[aR T_NY]N_NR[S_R[aN_Y\ .U~_R`VQRYNVZ]\[R[PVN QRR`aNcV\YR[PVNf[bR` a_NVZ]\aR[PVN'YN`\PVR QNQR`as]N_NYVgNQNf[\ UN]_\Pb_NQ\RYQR`N__\ YY\QR]_\T_NZN`]_R cR[aVc\``\O_RYN`g\[N` P\[¼VPaVcN`² .Y\[`\@NYNgN_&&# <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j 8_fiXY`\e#Xcd`jdfk`\dgf#\e\c}dY`kfeXZ`feXcj\[`f`e`Z`fXc i\jZXk\`ejk`klZ`feXcZfegfck`ZXj[\[\jZ\ekiXc`qXZ`e#ZfeXcZXc[\j p^fY\ieX[fi\j\c\ZkfjpZfecXel\mX:fejk`klZ`eGfck`ZX[\(00( XgifYX[XgfileX8jXdYc\XEXZ`feXc:fejk`klp\ek\#Xjlm\q\c\^`$ [XgfimfkfgfglcXi#Zfdfdfd\ekf]le[X[fi[\cXi\ZfejkilZZ`e =\jk`mXc@ek\ieXZ`feXc[\Gf\jX [\D\[\cce%:i\X[f\e(00(% K\XkifXcX`i\c`Yi\:XicfjM`\Zf% +) [\le<jkX[fdf[\iefp[\leel\mfgXZkfjf$ Z`Xc%CX:fejk`klZ`e[\Ôe`le<jkX[fgXik`Z`$ gXk`mfp[\c`Y\iXk`mf[fe[\cXgcXe`ÔZXZ`e[\c k\ii`kfi`f\ekf[fjjljj\ek`[fjp}dY`kfj[\YX j\iZfdgXik`[XZfecXZ`l[X[XeX2[\\j\df[f Zfem`ik`Xcfjdle`Z`g`fj\egifkX^fe`jkXj[\c [\jXiifccf#Xcfkfi^Xic\jdXpfii\jgfejXY`c`[X[ pXlkfefdX% <e \jk\ ZilZ\ \eki\ i\]fidXj `ejk`klZ`feX$ c\j dlp i\Z`\ek\j# hl\ gif^i\j`mXd\ek\ `YXe X kfdXi le `dgXZkf dXpfi# d}j cX i\j`c`\eZ`X [\ cX jfZ`\[X[ Z`m`c cfZXc# cfj Xfj efm\ekX j\ ZXiXZk\i`qXifegfij\ileg\if[f\e\chl\cfj d\[\cc`e\ej\jZfd\eqXifeXjXc`i[\ci\gc`\^l\ hl\\cd`\[fp\ck\iifi_XYXeZi\X[fpYljZX$ ife#gfilecX[f#el\mfjc\e^lXa\jpZfeZ\gkfj gXiX\ek\e[\icXi\Xc`[X[p#gfifkif#\a\iZ`Z`fj gXiXi\[\Ôe`ileel\mfgifp\Zkf[\Z`l[X[%=l\ leg\if[fkXe[\ejf\egifZ\jfjpgifp\Zkfj [\ZXdY`f#hl\XhlXg\eXjcf^iXdfj[XiXc^l$ eXjgXlkXj[\cdfjX`Zf[\`e`Z`Xk`mXj[\cD\[\$ cce[\cfjefm\ekX% :fej\a\iX Gi\j`[\eZ`XcgXiX D\[\ccepjlÝi\X D\kifgfc`kXeX CX:fej\a\iX]l\Zi\X[X\e(00'gfi\cgi\j`$ [\ek\:jXi>Xm`i`X(00'$(00+ gXiX]fd\ekXi `[\Xj#gifgl\jkXj#gif^iXdXjp[\jk`eXi^\e\$ ifjfji\ZlijfjgXiXXk\e[\icX[\l[XjfZ`Xcp cX Xlj\eZ`X _`jki`ZX [\c <jkX[f \e cX Z`l[X[ [\D\[\ccepjlÝi\XD\kifgfc`kXeX%C`[\iX[X \egi`d\iX`ejkXeZ`XgfiDXiX<ddXD\aXp [\jgljgfiAfi^\FicXe[fD\cf#]l\[liXek\ \cg\if[f[\jlfg\iXZ`e(00'$(00, leXZ$ kfi ]le[Xd\ekXc \e cfj \j]l\iqfj [\ i\jZXkXi cXZ`l[X[%(. +* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ JfZ`\[X[Z`m`cfi^Xe`qX[X CX [ZX[X [\ (00' j\ ZXiXZk\i`q gfi cX gifc`]\iXZ`e [\ Zfdgif$ d`jfjp\j]l\iqfjgYc`Zfjpgi`mX[fjgfii\Õ\o`feXipi\fi`\ekXi cXZ`l[X[%:fe\cXgfpf[\c^fY`\iefeXZ`feXcpmXi`Xj\ek`[X[\j[\ Zffg\iXZ`e#j\Zfd\eqXg\ejXicXZ`l[X[pXcc\mXiXZXYf`e`Z`X$ k`mXj ZlckliXc\j# jfZ`Xc\j p \[lZXk`mXj ZfeZi\kXj \e Xc`XeqX Zfe cX 8cZXc[X#cX:fej\a\iXGi\j`[\eZ`XcpZfecXZffg\iXZ`e[\cj\Zkfi gi`mX[f# \eki\ fkifj% Fi^Xe`qXZ`fe\j gYc`ZXj# gi`mX[Xj# \Zc\j`}jk`$ ZXj#Zfdle`kXi`Xjpef^lY\ieXd\ekXc\jj\j\ekXifeXZfefZ\ij\# X[`Xcf^Xi#XZffi[`eXi#X[`X^efjk`ZXi\ck\ii`kfi`f\ejlZfealekfpX [\jXiifccXigif^iXdXjpgifp\Zkfj[\e[fc\ZlckliXc#[\gfik`mX#jf$ Z`Xc#]fidXk`mXp[\Zfdle`ZXZ`e#Zfecfjhl\YljZXifeZfekiXii\j$ kXicXfcX[\m`fc\eZ`Xhl\\o`jkX\ecfjj\Zkfi\jd}jmlce\iXYc\j @e`Z`Xk`mXjZlckliXc\j 2.500.000 05 19 19 12 19 18 28 19 38 19 87 77 2.8 26 6 35 8.1 8. 16 12 0.0 44 79 .14 6 70 .5 15 500.000 47 89 51 19 64 19 73 19 1.6 1.000.000 1.0 77 .25 2 1.4 68 .0 89 1.500.000 30 .0 09 2.2 23 .0 78 2.3 14 .97 3 Población 2.000.000 59 .8 <cj\ZkfiZlckliXc]l\lef[\cfjgi`d\ifj}dY`$ kfjhl\gifZli[\Ôe`ipcc\mXiXZXYf\jkiXk\$ ^`Xj#gif^iXdXjpgifp\Zkfjgfikf[XcXZ`l[X[ hl\c\[`\iXefkifj\ek`[fXcgXefiXdX[\m`f$ c\eZ`XpZfeÕ`Zkfhl\j\m`mX\eXhl\ccXgfZX% <ccfgl\[\\m`[\eZ`Xij\#\egXik`ZlcXi#XgXik`i [\cX]fidlcXZ`egXik`Z`gXk`mX[\cGcXe:lckl$ iXcgXiXD\[\cce(0/0 pd}j\e^\e\iXc#Zfe `e`Z`Xk`mXj ZlckliXc\j Zfdle`kXi`Xj# YXii`Xc\j p [\j[\cXYXj\#c`[\iX[Xjgfi^ilgfjpZfigfiX$ Z`fe\j k\XkiXc\j p Xikjk`ZXj Zfdf cX ZfigfiX$ Z`eZlckliXcEl\jkiX>\ek\p9Xii`f:fdgXijX2 Zfe gif^iXdXj [\ k\c\m`j`e Zfdf 8ii`YX d` 9Xii`fpDlZ_XZ_fjXcf9`\e2ZfecXi\Xc`qXZ`e [\ g\cZlcXj p [fZld\ekXc\j c`[\iX[fj gfi [`$ i\Zkfi\j[\Z`e\[\kXccXeXZ`feXcZfdfMZkfi >Xm`i`XZfejljg\cZlcXjIf[i`^f;%ef=lklifp CXM\e[\[fiX[\IfjXj2ZfeglYc`ZXZ`fe\jXi$ kjk`ZXj\`e[\g\e[`\ek\jZfdfCX?faX#I\m`jkX GcldX#GlYc`ZXZ`fe\jG\ejXd`\ekfp:lckliXp I\m`jkX[\C`k\iXkliX@dX^f#\eki\fkiXj#pZfe gif^iXdXjXikjk`Zfj`dglcjX[fj[\j[\cXjle`$ m\ij`[X[\jgYc`ZXjp[\j[\cX<jZl\cXGfglcXi [\8ik\Æ<G8Æ% [\ D\[\cce% CX FE> GX`jX Afm\e# Zi\X[X Zfe Xgfpf[\cX:fej\a\iXGi\j`[\eZ`XcpcX:ffg\$ iXZ`e8c\dXeX#]l\[\k\id`eXek\\e\ckiXYXaf [\ck\dXalm\e`c2cX=le[XZ`eJfZ`Xc#cX:figf$ iXZ`e:fem`m`i#cX:figfiXZ`e:fcfdYfJl`qX# \c :fcfdYf 8d\i`ZXef#(/ cX 8c`XeqX =iXeZ\jX# cX8ihl`[`Z\j`j[\D\[\cce#cXjZfigfiXZ`fe\j ZlckliXc\jEl\jkiX>\ek\#G`ZXZ_fZfe=lklifp 9Xii`f :fdgXijX# cXj ZXaXj [\ Zfdg\ejXZ`e# cX:}dXiX[\:fd\iZ`f#cX8jfZ`XZ`eEXZ`feXc [\@e[ljki`Xc\j8E;@#cX]le[XZ`eGifXek`fhl`X p fkiXj ]le[XZ`fe\j \dgi\jXi`Xc\j p fi^Xe`$ qXZ`fe\j Zfdle`kXi`Xj j\Zkfi`Xc\j# YXii`Xc\j# gXjkfiXc\j p \jZfcXi\j gXik`Z`gXife p ]l\ife gifkX^fe`jkXj \e cX Zfejfc`[XZ`e [\ gif^iX$ dXj#gifp\ZkfjpXZk`m`[X[\jcc\mX[XjXZXYf\e kf[X cX Z`l[X[% MXi`Xj FE> Zfdf :figfiXZ`e I\^`e# <jZl\cX EXZ`feXc J`e[`ZXc Æ<EJ Æ# MX$ dfjDla\i#\eki\fkiXj#j\gfj`Z`feXifei}g`[X$ d\ek\ Zfdf Z\ekifj [\ g\ejXd`\ekf jfYi\ cX Z`l[X[#ZfemfZXifeXj\d`eXi`fjpgif[la\ife \`eZ\ek`mXifeeld\ifjXj`em\jk`^XZ`fe\jpgl$ Yc`ZXZ`fe\jj`^e`ÔZXk`mXj%(0 85 19 93 19 5 0 20 8 0 20 M`jkXXi\XjfYi\\cZXdglj[\cX Le`m\ij`[X[[\8ek`fhl`X#ZfdleX+% GcXe\j\jkiXk^`Zfj Le`m\ij`[X[\j ;\j[\ jlj [`m\ijfj Z\ekifj [\ `em\jk`^XZ`e# cXjle`m\ij`[X[\j[\cXZ`l[X[klm`\ifelegX$ g\c`dgfikXek\XckiX\i`[\Xjpdf[\cfj`eefmX$ [fi\j#Zfdf]l\\cZXjf[\c:\ekif[\?}Y`kXk GfglcXiÆ:<?8GÆ[\cXLe`m\ij`[X[EXZ`feXc#\c Gif^iXdX@ek\^iXc[\D\afiXd`\ekfp;\jXiif$ ccf[\8j\ekXd`\ekfjJlYefidXc\jÆGI@D<;Æp \cGif^iXdX[\EZc\fj[\M`[X:`l[X[XeX[\ cX:fej\a\iXGi\j`[\eZ`Xc#hl\j\]fZXc`qXYX\e cXi\Zlg\iXZ`e[\c\jgXZ`fgYc`Zf\eYXii`fj dXi^`eXc\j%)'8jlm\q#cX=XZlckX[[\8ihl`k\Z$ kliX p LiYXe`jdf [\ cX Le`m\ij`[X[ Gfek`ÔZ`X 9fc`mXi`XeXZfeki`Ylp[\dXe\iXj`^e`ÔZXk`mX \e\cgifZ\jf[\i\X[\ZlXZ`epZfejfc`[XZ`e [\\jgXZ`fgYc`Zf\ei\cXZ`eZfecXZfejkilZ$ Z`e[\cd\kif%<c@ejk`klkf[\<jkl[`fjI\^`f$ eXc\jÆ@E<IÆ[\cXLe`m\ij`[X[[\8ek`fhl`Xj\ Zfem`ik`\efkifXZkfi]le[Xd\ekXcgXiXXeXc`$ qXipi\g\ejXicfjgifZ\jfjjfZ`Xc\jpgfck`Zfj [\cXZ`l[X[% D\[\cce]l\\e(0/,cXgi`d\iXZ`l[X[[\cgXj\e]fidlcXileGcXe [\;\jXiifccfD\kifgfc`kXefÈGXiXcXZfejfc`[XZ`e[\cXD\kigf$ c`É#Xlehl\]l\XgXik`i[\cX:fejk`klZ`e[\(00(ZlXe[fZX[Xlef [\ cfj XcZXc[\j \eki \e cX c^`ZX [\ cX ]fidlcXZ`e [\ GcXe\j [\ ;\jXiifccfDle`Z`gXc#i\^lcX[fj\e(00+%<e(000j\i\Xc`qle`d$ gfikXek\gifZ\jf[\]fidlcXZ`e[\leGcXe[\Fi[\eXd`\ekfK\ii`$ kfi`Xc#kXdY`eZfe]fid\XefidXjc\^Xc\j%8jd`jdf#XkiXmj[\ le^iXeed\if[\XZkfi\jgYc`Zfjpgi`mX[fj#cXZ`l[X[gXik`Z`g [liXek\cfjXfjefm\ekX\eleXmXi`\[X[[\\a\iZ`Z`fj[\gcXe\X$ Z`e\jkiXk^`ZXhl\[\jXiifccXifeleZfej\ejfY}j`ZfplekiXYXaf Zfealekf[\ZfeZ`\eZ`XpXZZ`fe\j%)(<eki\\jkfjj\[\jkXZX\cGcXe <jkiXk^`Zf[\D\[\ccep\cÝi\XD\kifgfc`kXeX#c`[\iX[fgficXXc$ ZXc[X[\J\i^`fEXiXeaf(00,$(00. pZlpXjgifgl\jkXjZfeZi\kXj j`^l\ej`\e[f`dgfikXek\j\`eÕlp\ek\j%KXdY`e]l\ifej`^e`ÔZX$ k`mfj \c gifZ\jf M`j`e 8ek`fhl`X J`^cf OO@ (00. # cX ]fidlcXZ`e [\cGcXe<jkiXk^`Zf8ek`fhl`XÆGC8E<8(00/$)''' Æp\cGifp\Zkf :`k`\jD\[\cceD\kifgfc`kXeX#ZfecXZi\XZ`e[\jli\jg\Zk`mXI\[ @ek\ieXZ`feXc(00/$)''' %J`e\dYXi^f#XcZfd`\eqf[\cj`^cfOO@ ÈcX X[d`e`jkiXZ`e gYc`ZX j\ [`jg\ij \e jlj \j]l\iqfj p cc\^ Xc XYjli[f[\\ek\iiXicfjGcXe\j<jkiXk^`Zfj[\D\[\ccep\cÝi\X D\kifgfc`kXeXÉ#\jkf\ed\[`f[\ÈcXXlj\eZ`X[\ledXpfijfgfik\ gfigXik\[\cXjZfXc`Z`fe\jgfck`ZXjcfZXc\jÉ%)) +, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ Re]R_VR[PVN`RV[VPVNaVcN`Xek\i`fi\j [bRcNZN[R_N[\X[d`e`jkiXi% <cDf[\cfD\[\ccei\kfdX gXiXZXg`kXc`qXicXj\ejl 9`Yc`fk\ZX:\ekiXc#:Xdglj Le`m\ij`[X[EXZ`feXc%8ihl`k\Zkf1 A\jjD\aXDfekfpX%(0)0$(0*(% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j +- D\kifpi\efmXZ`e liYXeX CX ZfejkilZZ`e [\c d\kif#)* `eXl^liX[f \e (00,# p cX ZfejkilZZ`e [\ fYiXj Zfdf \c GXi$ hl\ JXe 8ekfe`f (00) # \c <[`ÔZ`f @ek\c`^\ek\ [\<GD(00. #\cGXihl\[\cfjG`\j;\jZXcqfj (000 #cXGcXqX9fk\if)''' p\cGXihl\[\cfj ;\j\fj )''* # i\Xm`mXife \c `ek\ij \e k\dXj [\ i\efmXZ`e liYXeX# g\if kXdY`e glj`\ife [\ i\c`\m\ cX e\Z\j`[X[ [\ jlg\iXi cX c^`ZX [\ `ek\im\eZ`fe\jX`jcX[XjpcX`dgfikXeZ`X[\cc\$ ^XiXledf[\cf`ek\^iXc#]fZXc`qX[fefjfcf\e \ci\jZXk\[\cZ\ekifj`ef[\kf[XcXZ`l[X[#Zfe e]Xj`j\eZi\Xi\jgXZ`fjgYc`Zfj`eZclp\ek\jp [\ZXc`[X[% 8ÔZ_\ZX%(00' XeleZ`Xe[f i\Zfdg\ejX gficXZXgkliX [\GXYcf<jZfYXi% ;\jdfm`c`qXZ`fe\jpe\^fZ`XZ`e Zfed`c`Z`XjpYXe[Xj CfjgifZ\jfj[\[\jXid\#[\jdfm`c`qXZ`epi\`ej\iZ`e[\Zfd`\e$ qfj[\cfjXfjefm\ekXp[liXek\\c^fY`\ief[\:jXi>Xm`i`X(00'$ (00+ [\ fZ_f ^ilgfj ^l\ii`cc\ifj# \eki\ \ccfj \c <GC p \c D(0# Zfe ]l\ik\gi\j\eZ`X\ecXZ`l[X[p\ecXi\^`e#]l\ifei\cXk`mXd\ek\\o`$ kfjfj#g\j\Xhl\jl`dgXZkf]l\d`k`^X[fgficX]XckX[\gXik`Z`gXZ`e [\ cXj =XiZ# \c <ce p mXi`fj ^ilgfj gXiXd`c`kXi\j \e Xl^\# Xj Zfdf gfi cX `eZlij`e [\ kf[fj \ccfj \e }i\Xj liYXeXj# `eZcljf \e D\[\$ cce#[liXek\\jkfjXfj%;\_\Z_f#j\kiXkXYX[\leXel\mX\jkiXk\$ ^`X[\cgifp\Zkf^l\ii`cc\if#ZfefZ`[XZfdfcXj ÈD`c`Z`XjGfglcXi\jÉ#hl\YljZXYX\ok\e[\ijlj XcZXeZ\jpZfgXik\ii`kfi`f#`ek\ekXe[fc\^`k`dXi jlgi\j\eZ`XZfed\ZXe`jdfj[\aljk`Z`Xgi`mX[X ÆZfe]i\Zl\ek\j\a\ZlZ`fe\jjldXi`XjÆgXiX[Xi Èi\jgl\jkXÉXcfjgifYc\dXj[\`ej\^li`[X[\e cfjYXii`fjdXi^`eXc\jZfegfZXfelcXgi\j\eZ`X [\ cX ]l\iqX gYc`ZX# cf ZlXc ^\e\i j`dgXkX p Xgfpf\eki\Xc^lefjj\Zkfi\j[\_XY`kXek\j%<e (00+Xc^lefj^ilgfjd`c`Z`Xefj]iX^d\ekX[fj\ `e[\g\e[`qX[fj[\cXjfi^Xe`qXZ`fe\j^l\ii`cc\$ iXj#phl\ZfekXYXeZfe\jkilZkliXjpk\ii`kfi`fj gifg`fj# [\Z`[`\ife [\jdfm`c`qXij\ X gXik`i [\ XZl\i[fj X cfj hl\ cc\^Xife Zfe cfj ^fY`\iefj eXZ`feXc p dle`Z`gXc% <e [`Z`\dYi\ [\ (00* pX _XYXj`[f[X[f[\YXaX\cZXgfGXYcf<jZfYXi gfi\cccXdX[f9cfhl\[\9jhl\[X% +. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ Hl`\Yi\ C DXiZ_XZ`l[X[XeX ZfekiXcXj=XiZ# +[\]\Yi\if [\)''/% GcXqX9fk\if% X[ZX[X[\(00'm`fle[\jZ\ejf`dgfikXek\\e\ced\if[\ _fd`Z`[`fj1[\-%*+0\e(00(X*%(,/\e)'''%J`e\dYXi^f#D\[\cce Zfej\imXYX jl gi`d\i cl^Xi Zfdf cX d}j m`fc\ekX [\ cXj ^iXe[\j Z`l[X[\j[\cZfek`e\ek\%;\`^lXcdf[f#Zfdf\e\ci\jkf[\cgXj# \cg\if[f[\(00/X)'')#[liXek\cXX[d`e`jkiXZ`e[\cgi\j`[\e$ k\8e[ijGXjkiXeX(00/$)'') #i\jlck\eleXgfcXi`qXZ`e[\cfj \jZ\eXi`fj# Zfe e\^fZ`XZ`fe\j [\ gXq Zfe cX ^l\ii`ccX [\ cXj =XiZ d`\ekiXjcfjgXiXd`c`kXi\jfg\iXYXeZfeXgfpfgfglcXi#`ejk`klZ`f$ eXcpgfck`ZfcfZXc%CXZfe]ifekXZ`e\eki\gXiXd`c`kXi\jp^l\ii`ccX kXdY`ej\gi\j\ek\eD\[\cce#[fe[\}i\XjZfdfcXZfdleX(*j\ kiXej]fidXife\eZXdgfj[\YXkXccX pqfeXj[\^l\iiX%8cÔeXc[\\j\^f$ Y`\ief\cgifZ\jf[\gXqZfecXj=XiZ ]l\ XYfikX[f gfi cX fcX [\ j\Zl\j$ kifj#Xk\ekX[fjXgl\Ycfj#Xj\j`eXkfj pfkifjXZkfj[\m`fc\eZ`Xpk\iifi%<c gi\j`[\ek\ÝcmXifLi`Y\)'')$)''-2 )''-$)'(' ]l\\c\^`[fZfecXi\Zfe$ hl`jkX[\cXj\^li`[X[Zfdf\a\Z\e$ kiXc[\jlX^\e[X[\^fY`\ief% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j <ek\iX[f[\c]ii\fZfekifc[\cXjd`c`Z`Xj^l\$ ii`cc\iXj\eXc^leXjqfeXj[\cXZ`l[X[#\cgi\j`$ [\ek\Li`Y\[\Z`[`fi[\eXicXFg\iXZ`eFi`e fZklYi\)'') #\ecXZlXc]l\iqXjZfealekXj[\c \aiZ`kf# gfc`ZX# ÔjZXcX# g\ijfe\iX p gifZliX$ [liX#\eki\fkifj#i\Zlg\iXife\cZfekifc[\cX qfeX p cX 8cZXc[X j\ Zfdgifd\k` Zfe `eZi\$ d\ekfj\ecX`em\ij`ejfZ`Xc\e\cj\Zkfi%)+ CX j\^li`[X[ \e cX Z`l[X[ _X m\e`[f d\af$ iXe[f iX[`ZXcd\ek\ X gXik`i [\ cX gfck`ZX [\ J\^li`[X[;\dfZi}k`ZX[\cgi\j`[\ek\Li`Y\#cX fg\iXZ`eFi`e\e)'')p\cgifZ\jf[\[\j$ Xid\#[\jdfm`c`qXZ`epi\`eZfigfiXZ`e[\cXj 8lkf[\]\ejXj Le`[Xj [\ :fcfdY`X Æ8L:Æ# hl\ j\ `e`Z` X ÔeXc\j [\ )''* \e D\[\cce Zfe \c ccXdX[f9cfhl\:XZ`hl\Elk`YXiX[\cXj8L:#\c gi`d\i]i\ek\hl\\eki\egifZ\jf[\[\jdf$ m`c`qXZ`e%<e\jk\Zfek\okfgXik`ZlcXij\i\Xc`$ qXifecXj\c\ZZ`fe\j[\XcZXc[\gXiX\cg\if[f )''+$)''.%<e\ccXjgXik`Z`g#gfij\^le[Xm\q# \c dXk\d}k`Zf p Zfclde`jkX J\i^`f =XaXi[f# +/ ZfdfZXe[`[Xkf[\cdfm`d`\ekfZm`Zf`e[\g\e[`\ek\:fdgifd`jf :`l[X[Xef#`ek\^iX[fgfile^ilgf[\c[\i\jZm`Zfj#\dgi\jXi`fj# i\gi\j\ekXek\j[\FE>#am\e\j#XZX[d`Zfj#g\ijfeXc`[X[\j[\cX m`[X gYc`ZX p fkiXj g\ijfeXj Zlpf kiXYXaf gfi cX Z`l[X[ j\ _XYX i\Xc`qX[f# \e Yl\eX gXik\# [\j[\ cfj }dY`kfj ef gfck`Zfj hl\ Õf$ i\Z`\ife\ecX[ZX[X[\(00'%J`e\dYXi^f#_XYXecc\^X[fXleX ZfeZclj`e1 @\[Y\`]\Y~aVP\`^bVR[R` QRPVQR[`\O_RY\`PNZOV\`R[YN `\PVRQNQfR[YNPVbQNQfN^bR ]\`RR[RY]\QR_NQZV[V`a_NaVc\ fOb_\P_saVP\]N_NQR»[V_]_V\ _VQNQR`aVR[R[]_R`b]bR`a\`f _RPb_`\`]N_NVZ]YRZR[aN_YN` f]\_`R_Nba\_VQNQR`f_RSR_R[ aR`RYRTVQ\`QRZ\P_saVPNZR[aR ]N_aR[QR`QRRYV[VPV\]\_aR[R_ b[NYRTVaVZVQNQf_R]_R`R[aNaV cVQNQQR`QRYNPbNY]bRQR[ YVQR_N_]_\PR`\`QRPNZOV\ fP\[c\PN_NQVcR_`\``RPa\_R` QRYN`\PVRQNQ]N_N^bRY\` NP\Z]NR[²" <e cX j\^le[X ZXdgXX# \e )''*# ^XeXife# p =XaXi[f `ejkXc le ^XY`e\k\Zm`Zf$kZe`Zfhl\XglekXledf[\cf`ek\^iXc[\^\jk`e pkiXej]fidXZ`e[\cXZ`l[X[gXiX\cg\if[f)''+$)''.%8cfejf JXcXqXi#d`\dYifgifd`e\ek\[\:fdgifd`jf:`l[X[Xef#phl`\e _XYX j`[f leX g\ijfeX Z\ekiXc \e cX [ZX[X [\ (00' p [\jglj J\Zi\kXi`f[\>fY`\ief[\=XaXi[f#^XecXj\c\ZZ`fe\j[\)''.p ^XiXek`qXZfek`el`[X[\ecX^\jk`egXiX\cg\if[f)''/$)'((% 8cZXc[\j[\D\[\cce1 J\i^`f=XaXi[f )''+$)''. p8cfejf JXcXqXi)''/$)'(( % +0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <cD\kif[\D\[\cce# `eXl^liX[f\e(00,% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j ,' <cDf[\cfD\[\cce C fjgi`eZ`g`fj#fYa\k`mfj#\jkiXk\^`Xj#gif^iXdXj#gifp\Zkfjpd\kXj[\cXjX[d`$ e`jkiXZ`fe\j[\J\i^`f=XaXi[fp8cfejfJXcXqXij\\eZl\ekiXe\ejlji\jg\Zk`mfj GcXe\j[\;\jXiifccfDle`Z`gXcÈD\[\cce#cXD}j<[lZX[XÉpÈD\[\cce\jJfc`[Xi`X p:fdg\k`k`mXÉpjfecXYXj\[\cDf[\cfD\[\cce%GXiXcfjÔe\j[\cX\ogfj`Z`e p[\\jk\c`YifXgifm\Z_XdfjcXZfeZ\gklXc`qXZ`e\cXYfiX[Xgfi\cCXYfiXkfi`f D\[\ccennn%cXYfiXkfi`fd\[\cc`e%fi^ %<jk\Df[\cf[`jk`e^l\j\`j}i\XjpZlXkif d\ZXe`jdfj[\^\jk`e#XgfpX[fj\eleXj\i`\[\gi`eZ`g`fjk`ZfjpZfek\oklXc`$ qX[fjgfi`dYi`ZXZ`fe\j_`jki`ZXj#gfck`ZXj#jfZ`f$\Zfed`ZXj#eXZ`feXc\jp^cf$ YXc\j%CXj`^l`\ek\kXYcXdl\jkiXleX\jhl\dXk`qXZ`e[\cDf[\cfD\[\cce% GI@E:@G@FJyK@:FJ Ýi\Xj[\^\jk`e D\ZXe`jdfj[\^\jk`e ( D\[\cce#cXD}j<[lZX[X% ) LiYXe`jdfJfZ`Xc#<jgXZ`fGYc`Zf ( GcXe\XZ`e#Dfe`kfi\fp<mXclXZ`e% ) =`eXeqXjpKiXejgXi\eZ`X% * GXik`Z`gXZ`eGfck`ZXpJfZ`Xc% + :fdle`ZXZ`eGYc`ZX pM`m`\e[X% * @eZclj`ep<hl`[X[% + 8ik\p:lckliX:`l[X[XeX% , J\^li`[X[:`l[X[XeXp:fem`m\eZ`X% - :fdg\k`k`m`[X[p:lckliX \@ek\ieXZ`feXc`qXZ`e% [\<dgi\e[`d`\ekf% I\Zfii`[fj\dXeXc YXii`XcZfe\c8cZXc[\ 8cfejfJXcXqXi# )''/% Foto del Concejo Gerard :X[XleX[\cXjj\`j}i\Xjp[\cfjZlXkifd\ZXe`jdfj[\ ^\jk`feZfeZ\ekiXle^iXeed\if[\gcXe\j#gif^iXdXj# gifp\Zkfj#d\kXj#\hl`gfj#i\jlckX[fj\`dgXZkfjpfg\iX Zfe leX mXi`\[X[ [\ le`[X[\j [\ Zffi[`eXZ`e gXiX ^X$ iXek`qXicX`ek\^iXc`[X[[\cX`ek\im\eZ`e% Cfj(*Zfem\ijXkfi`fjhl\Zfdgc\d\ekXe\jk\c`Yifgif$ ]le[`qXejfYi\ZX[XleX[\cXjj\`j}i\XjpZlXkifd\ZX$ e`jdfj#XjZfdfjfYi\cfjgi`eZ`g`fjk`Zfjpgfck`Zfj#cfj Xek\Z\[\ek\j_`jki`Zfjp\cgXg\c[\cXjfZ`\[X[Z`m`c\e\c Df[\cf D\[\cce% <c Df[\cf D\[\cce j\ \dg\ \e Zfej$ kil`ileXZ`l[X[jfjk\e`Yc\#`eZclj`mXp[\fgfikle`[X[\j% :feZ\afDle`Z`gXcp 8cZXc[X#\e\c:\ekif 8[d`e`jkiXk`mf CX8cglaXiiX% GXihl\9`Yc`fk\ZX CXHl`ekXeX#ZfdleX.% 8ihl`k\Zkf1I`ZXi[fCXIfkkX% )'',$)''.% <cDf[\cfD\[\cce1:fek\okfpXek\Z\[\ek\j ,) CXYfiXkfi`fD\[\cce C X Z`l[X[ Zfek`eX jl kiXej]fidXZ`e X[Xgk}e[fj\ X i\Xc`[X[\j# ZfplekliXjp[\jXiifccfjcfZXc\j#eXZ`feXc\j\`ek\ieXZ`feXc\j%G\i$ dXe\Z\e m`\afj i\kfj p XgXi\Z\e el\mfj [\jX]fj% =i\ek\ X \ccfj# \cDf[\cfD\[\cce[\9l\e>fY`\iefef\jleXi\Z\kX`eXdfm`Yc\# j`ef le Zfealekf [\ \og\i`\eZ`Xj# gifZ\jfj p Xgi\e[`qXa\j hl\ cX Z`l[X[lk`c`qX[\dXe\iXgif]\j`feXcpZi\Xk`mXphl\X[\d}jhl`\i\ ZfdgXik`i Zfe fkiXj Z`l[X[\j hl\ \e]i\ek\e jlj gifg`fj i\kfj [\ kiXej]fidXZ`e% D\[\cce\j_fplem\i[X[\ifcXYfiXkfi`f[\^\jk`egYc`ZX#[fe$ [\kf[fjgl\[\em\e`iXXgi\e[\i[\kiXej]fidXZ`fe\jp[\gifZ\jfj [\X[d`e`jkiXZ`egYc`ZXgXiXZi\XileXZ`l[X[jfjk\e`Yc\#[\`eZcl$ j`ep[\fgfikle`[X[\j%;\j[\\jkXg\ijg\Zk`mX#pZfe\c}e`df[\ j`jk\dXk`qXic\ZZ`fe\jXgi\e[`[Xj#[fZld\ekXi\og\i`\eZ`Xj#^\e\iXi \jgXZ`fj[\]fidXZ`ep[\`ek\iZXdY`f#[`]le[`ipZfdgXik`iZfefZ`$ d`\ekfj Zfe fkifj dXe[XkXi`fj cfZX$ c\j#^\jkfi\jp\og\ikfjeXZ`feXc\j\ `ek\ieXZ`feXc\j# cX 8cZXc[X [\ D\[\$ cce# \c 9@; p cXj le`m\ij`[X[\j [\ cX Z`l[X[_Xegl\jkf\edXiZ_X\cCXYf$ iXkfi`fD\[\cce[\9l\e>fY`\ief%@e$ m`kXdfjXkf[fjXm`eZlcXij\Zfe\jk\ CXYfiXkfi`f D\[\cce# gXiX Xgi\e[\i ZfealekXd\ek\ X Zfejkil`i Z`l[X[\j d}jaljkXj#`eZclj`mXjp_ldXeXj% <ogcfiX$GXihl\[\ :`\eZ`XpK\Zefcf^X% ,* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ `\YVQN_VNfP\Z]RaVaVcNhl\^\e\iXZXc`[X[[\m`[Xj`e\oZclj`e% LeXZ`l[X[d}j GXihl\9`Yc`fk\ZX9\ce% EfkXj ( <jk\ZXgklcf]l\\jZi`kfgfi>\iXi[DXik`e:ffi[`eX[fi 8ZX[d`Zfgifp\ZkfDf[\cfD\[\cce[\9l\e>fY`\ief2 Zfejlckfi9@;2`em\jk`^X[fiXjfZ`X[fXcXLe`m\ij`[X[ <8=@K #;`\^f:fiiXc\j;`i\ZkfiGifp\ZkfDf[\cfD\[\cce [\9l\e>fY`\ief28cZXc[XD\[\cce pIlYe=\ie}e[\q Gi\j`[\ek\[\cX:figfiXZ`eI\^`e %8^iX[\Z\dfjcXj i\m`j`fe\j[\8cfejfJXcXqXi#IfY\ikfCl`jAXiXd`ccf#Afi^\ D\c^l`qf#:Xicfj?%AXiXd`ccf#ClZX>feq}c\q#:feiX[f Li`Y\#CXliXM`ccXpDXiX:\Z`c`XG`e\[X% ) G\iZ\gZ`eZ`l[X[XeXjfYi\cXZXc`[X[[\m`[X\eZ`eZf Z`l[X[\jZfcfdY`XeXj#\jkl[`fi\Xc`qX[fgfi\cFYj\imXkfi`f [\c:Xi`Y\:fcfdY`Xef#cX:}dXiX[\:fd\iZ`f[\:XikX^\$ eXp\c>ilgf9XeZfcfdY`X#[`Z`\dYi\[\)''/% M\innn%d\[\cc`eZfdfmXdfj%fi^ * J\^e\jkl[`fji\Z`\ek\j#\c+/[\cXgfYcXZ`e[\D\[\$ ccej\\eZl\ekiX\ej`klXZ`e[\gfYi\qX% + Kid`eflk`c`qX[fgfiK`d:XdgY\cc\ejlc`YifK_\Hl`\k I\mfclk`fe#;\Z\ekiXc`qXk`feXe[k_\I`j\f]Gfc`k`ZXcGXi$ k`Z`gXk`fe`eCXk`e8d\i`ZXe:`k`\j)''* gXiX[\jZi`Y`i\c gifZ\jf[\[\jZ\ekiXc`qXZ`ep]fikXc\Z`d`\ekf[\dfZi}k`Zf [\cfj^fY`\iefjcfZXc\j[liXek\cXjck`dXj[fj[ZX[Xj\e 8di`ZXCXk`eX% , CX\jkiXk`ÔZXZ`ejfZ`f\Zfed`ZXlk`c`qX[X\ekf[f\cgXjmX [\c(Xc-#j`\e[f\c(\c\jkiXkf[\d\efi\j`e^i\jfj% - =XckXe[fcXZfe\o`e[\legfZfd}j[\(''b`cd\kifjX kiXmj\ckXge[\c;Xi`e#GXeXd}p:fcfdY`XjfegifYX$ Yc\d\ek\cfje`Zfj[fjgXj\jc`dkif]\j\ekf[f\cdle[f j`eZfe\o`em`Xc\eki\j% .IfY\ikGlkeXd#DXb`e^;\dfZiXZpNfib1:`m`ZKiX[`k`fej`e Df[\ie@kXcp#Gi`eZ\kfeLe`m\ij`kpGi\jj#(00*% /8gifm\Z_XdfjgXiX\jkXj\ZZ`e\egXik`ZlcXicXjjl^\i\e$ Z`Xj[\g\i`f[`qXZ`e[\IfY\ikfCl`jAXiXd`ccfp[\Clj =\ieXe[f>feq}c\q#D\[\cce#cfjfi^\e\jpcXkiXej`Z`eX cXdf[\ie`[X[1Zi\Z`d`\ekfpdf[\cfjliYXefj(..,$(0*)# Le`m\ij`[X[EXZ`feXc#D\[\cce#)''.% 0 GcXqXDXpfi[\jgljGcXqX[\Q\Xp_fpGXihl\[\9\iif pcXjgcXql\cXj[\cXM\iX:ilq#[\JXeCfi\eqf# p[\<c:fc\^`f% ('Gl\ek\8cXd\[X#[\jgljccXdX[fGl\ek\:fcfdY`X% <cGl\ek\>lXpXhl`c]l\\cj\^le[fZfejkil`[f#\e(/.-% (( C%=%>feq}c\q#fg%Z`k%#g%+( () 8^ljke:f[Xqq`#>\f^iX]X]j`ZX`gfck`ZX[\cXjgifm`eZ`Xj [\cXEl\mX>iXeX[X#mfc%@@#9f^fk}#9XeZf[\cXI\gYc`ZX# (0,/$(0,0#G}^j%),,p)-,% (*Cfj[\d}jdle`Z`g`fjpXj\ekXd`\ekfj\e\cMXcc\[\8Ylii} kXdY`e`eZi\d\ekXifejlgfYcXZ`e[liXek\\jk\g\if[f% ;\dXe\iXZfdgXiXk`mX#9f^fk}k\eX(++%'''_XY`kXek\j \e(0(/#***%'''\e(0*/#lefj)#)d`ccfe\j\ecfjj\k\ekX# pZXj`j`\k\d`ccfe\j_fp% GXihl\9`Yc`fk\ZX<jgXX% (+GXki`Z`XJZ_e`kk\i#AfjCl`jJ\ikp:fcfdY`X%;\cX:XikX[\ 8k\eXjXleX:XikX[\c?}Y`kXk#LG9pÝi\XD\kifgfc`kXeX [\cMXcc\[\8Ylii}#)''.#g%)-0% (,I%8iYfc\[X8i[#\eZfii\jgfe[\eZ`XZfeGXki`Z`X JZ_e`kk\i#\eGXki`Z`XJZ_e`kk\i#fg%Z`k%#g%).( (-:figfiXZ`eI\^`e#M`fc\eZ`XAlm\e`c%;`X^ejk`Zfjp8ck\i$ eXk`mXj%D\dfi`Xj[\cJ\d`eXi`fjfYi\cX:fdleXEfifi`\e$ kXc[\D\[\cce#(00'#g%+-% (. LeXglYc`ZXZ`e]le[Xd\ekXc]l\1:fej\a\iXGi\j`[\eZ`Xc gXiXD\[\ccepjlÝi\XD\kifgfc`kXeX#D\[\cce1kiXej]fi$ dXZ`e[\leXZ`l[X[18ck\ieXk`mXj[\]lklif#Gi\j`[\eZ`X [\cXI\glYc`ZX#(00(% (/<e(0/0#\c:fcfdYf8d\i`ZXef#alekfZfe\cDlj\f[\8ik\ Df[\iefpcXXcZXc[X[\AlXe>d\qDXike\q(0//$(00' # fi^Xe`qleX\ogfj`Z`e`ek\ieXZ`feXc`k`e\iXek\[\Xik`jkXj Zfek\dgfi}e\fj[\cXZ`l[X[#ccXdX[XÈ?\Z_f\eD\[\cce& DX[\`eD\[\cceÉ% (0 M\i\eki\fkiXj#>ilgf<[`kfi`Xc/.#<ehldfd\ekfj\ af[`D\[\cce#(00'28cfejfJXcXqXi#EfeXZ`dfjgXËj\d`ccX% CXZlckliX[\cXjYXe[Xjalm\e`c\j[\D\[\cce(00'2=\[\$ jXiifccf#J`klXZ`ejfZ`Xc[\D\[\cce#(00(28cfejfJXcXqXi p8eXDXiXAXiXd`ccf#CXjjlYZlckliXj[\ceXiZfki}ÔZf# (00)2>cfi`XEXiXeaf>`iXc[f#D\[\cce\eqfeXj#:figfiXZ`e I\^`e#(00)% )' Gif^iXdXgi\d`X[f\e(00/\e;lYX`gfi\cGif^iXdX ?}Y`kXk[\cXjEXZ`fe\jLe`[Xj%M\iCl`j=\ieXe[f;Xg\eX# EZc\fj[\m`[XZ`l[X[XeX%IXZ`feXc`[X[\jpZfplekliXj\e cX^\jk`e[\legifp\Zkf#Le`m\ij`[X[EXZ`feXc#9f^fk}# )''-% )(M\i19\Xki`Z\IXm\#CXZ`l[X[j`^l`\ek\#<[`Z`eLG9#D\[\$ cce#)''/% ))<eki\m`jkXXAX`d\<Z_\m\ii`:_XmXii`X^X#M`Z\$Gi\j`[\ek\ [\GcXe\XZ`ep;\jXiifccf[\cX:}dXiX[\:fd\iZ`f[\ D\[\cce#\e<c:fcfdY`Xef#D\[\cce#X^fjkf)0#)''+% )*D\kif[\D\[\cce%<c\jgXZ`fX[\ZlX[f1<cd\kifpjlj gifZ\jfj[\kiXej]fidXZ`eliYXeX\e\cMXcc\[\c8Ylii}# <[%:fc`eX#D\[\cce#(00/% )+;liXek\\cgi`d\ij\d\jki\[\)'')#cX]l\iqXgYc`ZXi\Xc`q j`edlZ_fo`kfcXjj`^l`\ek\jfg\iXZ`fe\j\ecX:fdleX(*1 Fkff#:fekiX]l\^f#DXi`jZXc#Gfk\jkX[p8ekfiZ_X%M\i1GXYcf <d`c`f8e^Xi`kX#?Zkfi>Xccf#9cXeZX@ejA`de\q\[j% 1 ;`e}d`ZXj[\^l\iiXpZfejkilZZ`e[\gXq%<jkl[`f@ek\i[`j$ Z`gc`eXi`f[\cZfeÕ`ZkfXidX[f\ecX:fdleX(*\eD\[\cce# Le`m\ij`[X[[\8ek`fhl`X#)''/% ),GXcXYiXj[\J\i^`f=XaXi[f#\e\eki\m`jkXi\Xc`qX[Xgfi>\$ iXi[DXik`ep;`\^f:fiiXc\jgXiX\jk\c`Yif#\e\if)''0% :\QRY\:RQRYY~[ Cfhl\hl\[#(00. GXki`Z`X9iXmf =iX^d\ekfji\Zf^`[fj\e cl^Xi\jX]\ZkX[fjgfiXk\ekX[fj k\iifi`jkXj[liXek\leXf\ecX Z`l[X[[\D\[\cce#[`jgl\jkfj \egc}jk`ZfcXd`eX[f% ))o)/ZdZ&l )''cXd`eX[fj% :fc\ZZ`egXik`ZlcXi :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X ),[\efm`\dYi\[\)''/ :fem\ijXkfi`f =R_`]RPaVcN5V`a_VPN 8j`jk\ek\j IL9yE=<IEÝE;<Q Df[\iX[fi ><I8I;D8IK@E Gi\j`[\ek\p]le[X[fi[\cX:figfiXZ`e :ffi[`eX[fi8ZX[d`Zf[\c I\^`e Gifp\ZkfDf[\cfD\[\cce G8KI@:@8J:?E@KK<I :ffi[`eX[fiX[\cCXYfiXkfi`f [\8ihl`k\ZkliXpLiYXe`jdf[\cX Le`m\ij`[X[Gfek`ÔZ`X9fc`mXi`XeX 9<8KI@QI8M< Gif]\jfiXLe`m\ij`[X[Gfek`ÔZ`X9fc`mXi`XeX äJ:8ID<Aà8 ;`i\Zkfi<a\Zlk`mf[\cX=le[XZ`e :feZfeZi\kf IF9<IKFCL@JA8I8D@CCF Gif]\jfi[\?`jkfi`XLe`m\ij`[X[EXZ`feXc QFI8@;8>8M@I@8 ;`i\ZkfiX;\gXikXd\ekf8[d`e`jkiXk`mf [\GcXe\XZ`e;\gXikXd\ekXc(00)$(00+ ;`i\ZkfiX;\gXikXd\ekf8[d`e`jkiXk`mf [\GcXe\XZ`eDle`Z`gXc(00/$)''' :8ICFJ?%A8I8D@CCF ;`i\Zkfi;\gXikXd\ekf8[d`e`jkiXk`mf [\GcXe\XZ`eDle`Z`gXc)''/$)'(( 2[R`aR]_VZR_P\[cR_`Na\_V\ Re]Y\_NZ\`YNa_N[`S\_ZNPV[QR:RQRYY~[QR` QRb[N]R_`]RPaVcNUV`a_VPN;\`V[aR_R`NPNYV»PN_YN]N_aVPbYN_VQNQQRYZ\QRY\QR TR`aV[^bRYNPVbQNQcVR[RQR`N__\YYN[Q\N`~P\Z\YN_RYNPV[R[a_RY\]OYVP\fY\ ]_VcNQ\R[a_RRYT\OVR_[\Y\PNYfYN`\PVRQNQPVcVYANZOVz[V[aR_PNZOVNZ\`VQRN` `\O_RYNVZ]\_aN[PVNQRYN0\[`aVabPV[=\Y~aVPNQR&&^bR\_QR[b[]N~`Zs`QR` PR[a_NYVgNQ\P\[ZRW\_R`UR__NZVR[aN`]N_NYNTR`aV[Y\PNY :fem\ijXkfi`f1G\ijg\Zk`mX_`jki`ZX -' >\iXi[ DXik`e1 <c k\dX hl\ efj i\e\ \j \eZfekiXi \c Zfek\okf_`jki`Zf[\cXkiXej]fidXZ`ehl\m`m\_fp D\[\cce%Gif]\jfiIfY\ikfCl`jAXiXd`ccf#Zfdf_`j$ kfi`X[fi#`cjki\efj j`#XgXik`i[\c\jgfek}e\f `e`Z`f [\ D\[\cce# _lYf g\if[fj [\ kiXej]fidXZ`e liYX$ eXpc`[\iXq^fgYc`Zfd}j`ek\ej`mf#[\Xc^edf[f ZfdgXiXYc\Zfecfhl\\jkXdfjm`m`\e[f_fp% IfY\ikfCl`jAXiXd`ccf1?lYflefjg\if[fj[\kiXej]fi$ dXZ`eliYXeX`dgfikXek\j\e\cj`^cfOM@#Xc^lefj\e \cj`^cfOM@#gficfd\efj[fj\e\cj`^cfO@OpmXi`fj \e\cj`^cfOO#hl\g\id`k\eXc^leXjZfdgXiXZ`fe\j% 8lehl\j\_XYcXdlZ_f[\cX]le[XZ`e[\D\[\cce# \jkX ]l\ \c i\jlckX[f [\ le Zi\Z`d`\ekf `e`Z`Xcd\ek\ \jgfek}e\f% Ef _lYf XZkX [\ cX ]le[XZ`e# e` g\ijfeXj hl\ gXik`$ Z`gXiXe\e\ccX%Efj\gl\[\\ek\e[\i\c[\jXiifccf[\ D\[\ccej`e_XYcXi[\ci\jkf[\cMXcc\[\8Ylii}#[fe[\ jli^`\ife[\dXe\iXgXiXc\cXfkifjXj\ekXd`\ekfj#Zfe cfjZlXc\jD\[\cceZfeÔ^liX_fpleXZfeliYXZ`e% 8_fiXY`\e#ZlXe[fcc\^XifeX\jk\mXcc\cfj\jgXfc\j ZfejljZi`jkfj#\e]\id\[X[\jpXe`dXc\j#j\hl\[X$ ife Xg\eXj [fj f ki\j j\dXeXj# Xek\j [\ Zfek`elXi _XZ`X\cefif\jk\#[fe[\]le[XifeÆgfihl\X_j_lYf XZkXj[\]le[XZ`e$cXZ`l[X[[\8ek`fhl`XpXccX[f[\c if :XlZX cX Z`l[X[ [\ JXekX =\% Gfi iXqfe\j \Zfe$ d`ZXj[\Z`[`\ifehl\\jk\MXcc\[\8Ylii}#[fe[\_fp \jk}D\[\cce#]l\iXleZ\ekif[\XYXjkfjp[\gj`kf[\ mm\i\j#hl\Zfe\ck`\dgfj\mfcm`le`dgfikXek\Zil$ Z\[\ZXd`efj%<ekfeZ\j#cfj`e[`fj]l\ifei\gXik`[fj# `^lXchl\cXjk`\iiXjpcfjYfjhl\jZfejl]XleXpÕfiX% 8cÔeXc[\dlZ_fjXYljfj#\e(-(,#pXgXiXgifk\^\i Xcfj`e[`fjjfYi\m`m`\ek\j#cX:fifeX_`qf]le[Xi\e \jk\ mXcc\ mXi`fj gfYcX[fj [\ `e[`fj# \eki\ fkifj \c gfYcX[f[\`e[`fj[\JXeCfi\eqf[\8Ylii}#[fe[\ \jk} _fp \c j\Zkfi [\ <c GfYcX[f% ?lYf mXi`fj Xj\e$ kXd`\ekfj[`jg\ijfj\e\cmXcc\#j`e\ogi\j`eliYXeX Xc^leXjXcmf\chl\j\ccXdXYX8e}#\eZ\iZXeXj[\cX hl\YiX[XJXekX<c\eX%8e}k\eXlefjZXd`efjkfiZ`$ [fjhl\j`dlcXYXeZXcc\jpleX[\jÔ^liX[XgcXqXhl\ ZfefZ\dfj_fpZfdfGXihl\[\9\iif#\e\cZ\ekif [\cXZ`l[X[% CX :fifeX \jgXfcX [\Z`[` hl\ \e (-., j\ \i`^`\iX \j\j`k`f\eM`ccX[\8e}pZXg`kXc[\cmXcc\[\8Ylii}# d}jkXi[\i\YXlk`qX[XZfdfCX:Xe[\cXi`X[\D\[\$ cceÆp[\X_jlefdYi\Æ%@ed\[`XkXd\ek\[\jglj[\ jl\i\ZZ`e\eM`ccX#pgfilefjhl`eZ\Xfj#\cZXY`c[f i\Xc`qleX^\jk`edlpXZ\ikX[X#c`[\iX[Xgfile\j$ gXfc#DXiZfjCg\qI\jki\gf#hl`\e]l\gifZliX[fi Æcfhl\j\iX_fpXc^fZfdf\cg\ijfe\ifdle`Z`gXcÆp kXdY`eXcZXc[\%:fej`[\ifhl\]l\\cgi`d\ig\if[f (-.,$(-/' [\i\]fidXliYXeXi\c\mXek\\ecX_`jkfi`X [\ el\jkiX Z`l[X[1 Zfii\^`i p \dg\[iXi ZXcc\j# Zfej$ kil`iXZ\hl`Xj#kiXjcX[XigfYcX[fi\jgXiXi\fi[\eXicX fZlgXZ`e[\cgfYcX[f#_XZ\i\ckiXqX[f\eZlX[iZlcX# [\jk`eXik\ii\efjZfdle\jpZfejkil`iZXd`efj[\\e$ kiX[XpjXc`[XgXiXcXel\mXm`ccX% >\iXi[1¶;\jgljhlj`^l`6¶?lYffZXj`fe\j\ecfj hl\^\jk`epjfZ`\[X[j\\eZfekiXife\elegifp\Z$ kf[\Z`l[X[6 IfY\ikfCl`j1<e\cj`^cfOM@#D\[\ccei\`eXYX\ecX>f$ Y\ieXZ`e[\8ek`fhl`X#hl\\iXdlZ_fd}j\ok\ejX hl\\cXZklXc[\gXikXd\ekf%EffYjkXek\#\cZXjZfli$ YXefk\eXlekiXqf[\jfi[\eX[fpefgf[XZi\Z\i#pX hl\cXhl\YiX[XJXekX<c\eX\jkXYXj\[`d\ekX[XpX ZX[XiXkf`ele[XYXcXM`ccX2\cif8Ylii}fD\[\cce # j\ [\jYfi[XYX p \c ZXjZf liYXef \jkXYX Z\iZX[f gfi k\ii\efjZlpfj[l\fjj\e\^XYXeXm\e[\ijfcXi\j% <ecXj\^le[XgXik\[\cj`^cfOM@_lYfleXld\ekf[\ cXgfYcXZ`e#hl\Zf`eZ`[`#[\(..'X(./'#Zfegc\ef i\]fid`jdfYfiYe`ZfpZfed\[`[Xj\ei^`ZXj[\^f$ Y\ieXek\j Zfdf =iXeZ`jZf J`cm\jki\ p 8ekfe`f Dfe p M\cXi[\%Gfi\ccfjjli^`\ifeJXeCfi\eqfpJXe9\e`kf# _fp\e[XYXii`fj[\cZ\ekif[\cXZ`l[X[% >\iXi[1¶<ehld\[`[X\cg\if[f[\cX@e[\g\e[\eZ`X \j le dfd\ekf [\ kiXej]fidXZ`e X[d`e`jkiXk`mX `dgfikXek\gXiXcXZ`l[X[phlfkifjg\if[fj[\ i\]fidX[`i`^`[Xj\`[\ek`ÔZXe\e\cj`^cfO@O6 -( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ GcXef[\cXM`ccX [\El\jkiXJ\fiX [\D\[\cce#(.0(% 8iZ_`mf>\e\iXc [\cXEXZ`e [\:fcfdY`X% IfY\ikf Cl`j1 Cc\^ \c gifZ\jf [\ cX @e[\g\e[\eZ`X Zfe jl^l\iiX#g\ifefj\_`qfeX[X#jXcmf`[\ek`ÔZXigif$ Yc\dXj% CXm`ccXj\k`klcZfdfZ`l[X[Zfe[fjYXii`fj#Xc^lefj \[`ÔZ`fj gYc`Zfj# le [\j\f gfi cX ZXg`kXc`[X[# i`mXc`$ [X[\jZfefkiXjgfYcXZ`fe\jp[`m`j`ecfZXc%<iXleX jfZ`\[X[[\dlZ_fjX^i`Zlckfi\j#Xc^lefjd\iZX[\i\j# gfZfjZci`^fjplefjXYf^X[fj[\j\fjfj[\ZXdY`Xi d\ekXc`[X[\j\ecXel\mXi\gYc`ZX[\8ek`fhl`X% CfgfYcX[fj\ZfeZ\ekiXYX\ele}i\X[\fZ_fgfi[`\q ZlX[iXj\e\cZ\ekif[\cXZ`l[X[%8[\d}j#j\[`jg\i$ jXYXXcfcXi^f[\cmXcc\leX\efid\ZXek`[X[[\m`m`\e$ [Xj#j`efi[\eXc^lef#gXik`ZlcXid\ek\\ecXFkiX9Xe[X [\cifD\[\cce%<eki\(/*'p(/+,j\dXe`]\jkleZi\$ Z`d`\ekf kXe [\jd\jliX[f hl\ j\ gfYcXife cXj m\iXj [\cfjZXd`efjpcfj[\jfi[\eX[fj_XY`kXek\jjXckXife cXhl\YiX[X[\JXekX<c\eXÆcfhl\\j_fpcXXm\e`[XcX GcXpXÆgXiX\jkXYc\Z\ij\\ecXjdXe^Xj[\ÈXcc}É#Zfdf \ecfjj\Zkfi\j<c>lXpXYXcpcXHl\YiX[X8ii`YX% 8ek\ kXc [\dXe[X# cfj Zfd\iZ`Xek\j \jg\ZlcXife p glj`\ifefi[\e\e\ce\^fZ`fliYXef1dfefgfc`qXife dXe^Xj# i\Zk`ÔZXife ZXd`efj# kiXqXife ZXcc\j i\ZkXj# _`Z`\ifecfk\fjpm`m`\e[Xj%;\dXe\iXhl\X\j\eX$ Z`\ek\ j\Zkfi cf ccXdXife YXii`f [\ M`ccX El\mX# gfi fgfj`Z`eXcXm`ccXm`\aX%Gifcfe^XifecXmX[\Alee# j\kiXqcXGcXqX[\9fcmXi#j\Zfd\eqcXZXk\[iXcp cXj]Xd`c`Xjd}j`dgfikXek\jj\\jkXYc\Z`\ife\e\j\ j\Zkfip\ecXjfi`ccXj[\cXhl\YiX[X% >\iXi[1¶:dfmXZXdY`Xe[fcX^\jk`e[\c:XY`c[fp[\ cfjXcZXc[\j6 IfY\ikfCl`j1?lYfle]XZkfi[\]fe[fhl\X]\Zke\^X$ k`mXd\ek\cXZXgXZ`[X[[\c:XY`c[f[\D\[\cce#jfYi\ kf[f\cMXcc\[\8Ylii}1fkifjj`k`fjÆhl\pXk\eXegX$ iifhl`XjÆfYklm`\ifeZXY`c[fjgifg`fj%;\j[\\ekfeZ\j p_XjkX_fp#ZlXchl`\i[\k\id`eXZ`ehl\kfdXiX\c:X$ Y`c[f[\D\[\cce\eZfekiXYXfgfj`Z`e\ecfj[\:fgX$ ZXYXeX#?Xkfm`\af_fp9\ccf f<em`^X[f% FkiXjc`d`kXek\j]l\ifecXj:fejk`klZ`fe\jZ\ekiXc`jkXj p#jfYi\kf[Xj#cX[\(//-%;\j[\cXd`kX[[\cj`^cfO@O \eX[\cXek\#cXZcXj\gfck`ZXXek`fhl\XÆkXekfcXC`Y\$ iXc Zfdf cX :fej\imX[fiXÆ [\]\e[` \c j`jk\dX ]\[\iXc gfihl\g\id`k`c`Y\ikX[\j#\og\ZkXk`mXjp[\jXiifccfj% G\ifcX:fejk`klZ`eZ\ekiXc`jkX[\(//-gljfÔeX\jXj gi}Zk`ZXj Xlkfed`ZXj# p [\j[\ \ekfeZ\j kf[f _X j`[f [\ZX[\eZ`XpgfYi\qXgXiXcXji\^`fe\jpcfjdle`Z`g`fj% 8gXik`i[\X_#p[liXek\ZXj`kf[f\cj`^cfOO#efj\ g\id`k` cX [\jZ\ekiXc`qXZ`e# _XjkX cc\^Xi X cX el\mX :fejk`klZ`e[\(00(%D\[\cce#j`e\dYXi^f#d`k`^\c `dgXZkf e\^Xk`mf [\ cX :fejk`klZ`e [\ (//-# pX hl\ dlZ_fj a\]\j Zfej\imX[fi\j Zi\Xife leX [`j`[\eZ`X :fem\ijXkfi`f1G\ijg\Zk`mX_`jki`ZX -) ]\[\iXc`jkX#fgl\jkXXcgifp\ZkfZ\ekiXc`jkX[\cfjgi\$ j`[\ek\j Zfej\imX[fi\j E\q p :Xif# p j\ alekXife Zfecfjc`Y\iXc\j#hl\\jkXYXe\oZcl`[fj[\cXX[d`e`j$ kiXZ`e%<ccfjj\kfdXife\c:feZ\af[\D\[\cceÆXek\j ccXdX[fZXY`c[f$\_`Z`\ifeleX\oZ\c\ek\^\jk`fe`ek\im\eZ`fe`jkXXgXik`i[\(/0'%Gfi\a\dgcf#\cdXe\af[\cXj X^lXj \jkXYX \e dXefj gi`mX[Xj% :lXe[f \c :feZ\af jfc`Z`km\e[\icX^\jk`eXcdle`Z`g`fcfjgXik`ZlcXi\j GXj\f:XiXYfYfp\[`ÔZ`fM}jhl\q efXZ\gkXife%<ekfeZ\j#\ei\jgl\jkX#\c:feZ\afgif$ (/0+ %8ihl`k\Zkf1:_Xic\j:Xii% I\jkXliXZ`e)''+$)'',% _`Y`XkiXm\jXicXjZXcc\jgYc`ZXjZfeX^lXjgi`mX[Xj#p XjcXdle`Z`gXc`[X[cf^iZfdgiXicXjX^lXj%;\Xc^e df[f#\jXpfkiXj^\jk`fe\jjfe\c`e`Z`f[\<dgi\jXj GlYc`ZXj[\D\[\cceÆ<GDÆ#_fp\a\dgcXi\j\e\cgXj p\eCXk`efXdi`ZX%=le[Xd\ekXc]l\\ckiXYXafdXeZf$ dleX[f\eki\\j\:feZ\af`ek\im\eZ`fe`jkXpcXJfZ`\$ [X[ [\ D\afiXj GYc`ZXj ]le[X[f \e (/00 # `ek\^iX[X gfi\cd`jdf^ilgf[\cXc`k\Zm`ZXcfZXcZfdgifd\k`[X \e\c[\jXiifccf[\cXZ`l[X[hl\kXdY`eXZklXYX\e\c :feZ\af%Alekfj_`Z`\ifedlZ_j`df#pcXgXik`ZlcXi`[X[ [\cXj`klXZ`eg\id`k`Xc`XeqXj\eki\cfgYc`Zfpcfgi`$ mX[fhl\#Xlehl\klm`\ifeleZXi}Zk\i[`]\i\ek\[\cf hl\ZfefZ\dfj_fp#]l\ife\eXhl\ccfjk`\dgfj\a\d$ gcXi\j gXiX fkiXj Z`l[X[\j [\c gXj% ;\ dXe\iX hl\ \eki\(/0'p(0*'#^iXZ`XjXckiXYXafZfde\eki\le :feZ\af`ek\im\eZ`fe`jkXpcXJfZ`\[X[[\D\afiXjG$ Yc`ZXj#D\[\ccej\kiXej]fid\ecXZ`l[X[d}jY\ccX# `dgfikXek\#i`ZXp[`e}d`ZX[\:fcfdY`X%K\eX\ekfe$ Z\jlefj(*'%'''_XY`kXek\j%PfZfej`[\ifhl\Xhl\c g\if[f]l\\cck`df[\^\jk`ejc`[X#XZ\ikX[Xp[\ dXpfi`dgXZkfjfYi\cXZ`l[X[Xek\j[\cXZklXc#fj\X# [\=XaXi[fpJXcXqXi% GXki`Z`XJZ_e`kk\i1¶Hl`e\j]l\ife\eXhl\cg\if[fcXj g\ijfeXjhl\c`[\iXife\cZXdY`f6 IfY\ikf Cl`j1DlZ_fj\[\Y\X`e^\e`\ifj[\cX<jZl\cX EXZ`feXc[\D`eXj`ek\i\jX[fj\ed\qZcXicX`e^\e`\iX ZfecXX[d`e`jkiXZ`egYc`ZX#Xc^fkXei\c\mXek\Zfdf \j_fpXgc`ZXigi`eZ`g`fj[\X[d`e`jkiXZ`e\dgi\jXi`Xc XcX^\jk`egYc`ZX%KXdY`e_`qfgi\j\eZ`X\cd[`Zf DXel\c Li`Y\ Ýe^\c# leX d\ek\ Yi`ccXek\# hl\ Zi\ cX \jkX[jk`ZX \e \c <jkX[f [\ 8ek`fhl`X p ]l\ ]le[X[fi [\cX9`Yc`fk\ZXpDlj\f[\Q\X%:lXe[f`ek\im`ef\e\c :feZ\af#cfgi`d\ifhl\[\Z`[`ZfejljZfc\^Xj#gXiX hl\D\[\cceZi\Z`\iX#]l\i\Zk`ÔZXi\cifD\[\ccep[\$ D\[\cceZ\ekiX[X jfYi\cXhl\YiX[X JXekX<c\eX2XcX `qhl`\i[X\cif D\[\cce% GcXef[\(//0% jXiifccXiXjcfjel\mfjYXii`fj[\:XiXYfYfp>lXpX$ hl`c#X[fjZlX[iXj[\cXgcXqXgi`eZ`gXc%<e\j\Zfek\okf j\ZfeZ`Y`gi`mX[Xd\ek\\cgcXefD\[\cce=lklif#\e (0(*#XgifYX[ffÔZ`Xcd\ek\XcXf%<iXeleXji\cXZ`f$ e\j [`jk`ekXj [\ cf hl\ _Xp X_fiX# j\^liXd\ek\ d}j gi`mX[Xj# d\efj XY`\ikXj# g\if ]leZ`feXife dlp Y`\e gXiXcXZ`l[X[%<c:feZ\afj`\dgi\X_#j`egi\jlgl\j$ kf#Xlehl\Zfe\ci\Zlijf[\cX`dX^`eXZ`e%;\Y\dfj i\Zfi[Xi\cZfek\okf1legXjZ\ekiXc`jkX#Zfekf[XjcXj Zfdg\k\eZ`Xjpi\Zlijfj\edXefj[\cXeXZ`e#pZfe `dg\[`d\ekfjZfejk`klZ`feXc\jgXiXlec`[\iXq^fdle`$ Z`gXcd}j]l\ik\#cfhl\\ogc`ZX\egXik\cXgXik`ZlcXi`$ [X[[\cdf[\cfcfZXc#jljcf^ifjpjljc`d`kXek\j% QfiX`[X>Xm`i`X1<jX^\jk`e[\c:feZ\afp[\cXJfZ`\[X[ [\D\afiXjGYc`ZXjklmfle`dgXZkfgif]le[fjfYi\cX ZfeÔ^liXZ`eliYXejk`ZX[\cXZ`l[X[% >\iXi[1 J` \j Z`\ikf hl\ \c g\if[f [\ i\]fidXj \eki\ (/0'p(0*']l\\cck`dfdfd\ekf[\^\jk`e\a\d$ gcXi Xek\i`fi Xc g\if[f XZklXc# ¶Zl}c ]l\ \ekfeZ\j cXi\c\mXeZ`X[\cXkXed\eZ`feX[X]fidlcXZ`e[\c GcXeG`cfkfp[\cGcXeI\^lcX[figXiXD\[\cce\eki\ (0+/ p (0,)# Zfe cX Xj\jfiX kZe`ZX [\ cX fÔZ`eX KfneGcXee`e^8jjfZ`Xk\j[\El\mXPfib#`ek\^iX[f \egXik`ZlcXigficfjXihl`k\ZkfjN`\e\ipJ\ik6¶P hl[\Z`i[\cXj[ZX[Xj[\(0*'p(0+'#[\(0-'X (0/'6¶Jfe[ZX[Xjg\i[`[Xj\e^\jk`egYc`ZX[\ cXZ`l[X[6 IfY\ikfCl`j1CXj[ZX[Xj[\(0*'p(0+'ef]l\ifeg\i$ [`[Xj%K\eXdfjc`d`kXek\j1gifYc\dXjÔeXeZ`\ifj#leX :fejk`klZ`eZ\ekiXc`jkX#gifYc\dXjj\i`fj\eki\cfjXc$ ZXc[\j [\ cXj [`jk`ekXj gfYcXZ`fe\j [\c mXcc\% 8[\d}j# D\[\ccek\eXpXjlj<dgi\jXjGYc`ZXjfg\iXe[f[\ dXe\iX \a\dgcXi \e ZfY\ikliX [\ j\im`Z`fj [\ X^lX# XZl\[lZkf# XcZXekXi`ccX[f p \e\i^X \cZki`ZX p k\c\]f$ eX%KXdY`e_XYXleXj),ZfdgXXjliYXe`qX[fiXj hl\ _`Z`\ife gcXqXj# fÔZ`eXj# ZXcc\j m\ek`cX[Xj2 _XYX `e[ljki`Xc`qXZ`e gfi kf[Xj gXik\j% J\ `eXl^liXife \c _fjg`kXc#\c:\d\ek\i`fLe`m\ijXc#\cX\ifgl\ikf#j\]le$ [XifeZ\ekifj\[lZXk`mfjpZfd\eqXfg\iXicXfÔZ`eX `ek\im\eZ`fe`jkX[\cXMXcfi`qXZ`e% GXki`Z`X1G\ifcXgi\^lekX\jj`_XYXlegifp\Zkf[\Z`l$ [X[#fj\X#leXjZfe[`Z`fe\jgXiXgf[\i_XYcXi[\le \ek\e[`d`\ekfZfdgXik`[f%<cGcXe=lklif[\(0(*ele$ ZX]l\k\id`eX[fe`cc\mX[fXZXYf%<iXd}jle[`Ylaf hl\ g\id`k` le `e`Z`f gXiX gcXe\j gfjk\i`fi\j# Zfdf ZlXe[fj\Zfd\eqX_XYcXi\ecfjXfjZlXi\ekX[\ legcXei\^lcX[fiZfe\cliYXe`jkXXljki`XZf9ilee\i# hl\kXdgfZfj\ZfeZi\k%Gfi\jf]l\kXe`dgfikXek\ \cGcXeG`cfkfZfekiXkX[fZfeN`\e\ipJ\ik\e(0+/p XgifYX[f\e(0,)#XgXik`i[\cZlXc\ecfjXfjZ`eZl\ekX pj\j\ekXj\_`Z`\ifeXc^leXjfYiXj[\k\id`eXek\j#hl\ klm`\ifeZfek`elXZ`e\ecX[ZX[X[\(0.'%:lXe[fj\ ZfekiXk\cGcXeG`cfkfpI\^lcX[fi#_XYX\eD\[\cce le^ilgf[\Xihl`k\Zkfjhl\XZf^`pc`[\i\c\a\iZ`Z`f# ZfekiXi`fXcfhl\gXjZfegifZ\jfjj`d`cXi\j\e:Xc` p9f^fk}%8[\d}j#_XYXglYc`Z`[X[p[\YXk\\ekfief :fem\ijXkfi`f1G\ijg\Zk`mX_`jki`ZX Xc k\dX% <c gcXe ]l\ XgifYX[f gfi [\Zi\kf \e (0,) p ZfdfkXcj`^l`if[Xe[f_XjkXcfjXfjfZ_\ekX%8_fiX Y`\e#jlgi\m`j`e\iXhl\D\[\cceXcZXeqXiX.''%''' _XY`kXek\jgXiX\cXf)'''#ZlXe[f\e(0.*pX_XYX cc\^X[fXd}j[\led`cce% <jk\[\jYfi[\j\kiX[laf\egi\fZlgXZ`e\ecXj`ejkXe$ Z`Xj[\gcXe\XZ`eeXZ`feXc#[\gXikXd\ekXcpdle`Z`gXc pj\`ek\^ileZfd`k#ZfegXik`Z`gXZ`e[\<dgi\jXj GYc`ZXj[\D\[\cce#gXiXgfe\i\edXiZ_XleGcXeD\$ kifgfc`kXef[\cMXcc\[\8Ylii}p\cfi`\ek\Z\iZXef% J`e\dYXi^f\jkXm`j`e\ekid`efjd\kifgfc`kXefj jfcf j\ Zfejfc`[ \e (0/' Zfe cX Zi\XZ`e [\c Ýi\X D\kifgfc`kXeX [\c MXcc\ [\ 8Ylii}# Zfdgl\jkX gfi D\[\cceZfdfeZc\fZ\ekiXcpcfjfkifjdle`Z`g`fj [\cMXcc\[\8Ylii}% IlYe=\ie}e[\q1Cfhl\[`fXckiXjk\ZfeZlXchl`\igifp\Z$ kf[\Z`l[X[]l\cXXZ\c\iX[XliYXe`qXZ`e[\cfjXfj j\j\ekX#hl\ifdg`kf[XjcXj[`e}d`ZXjliYXeXjpgljf leel\mfZi`k\i`f\e\c\jZ\eXi`f1cfgfglcXi#fj\X#pXef cfgl\Yc\i`ef#j`efcXjdfm`c`qXZ`fe\jjfZ`Xc\j#\c\dgc\f `e]fidXc#\cZXdY`f[\^ljkfjp[\jXYfi\j% <j Z`\ikf hl\ Xc Zfd`\eqf [\c j`^cf OO pX k\eXdfj \c YXii`fFYi\ifphl\XhlpX_XYX`e[ljki`Xj#\egXik`Zl$ cXi[\k\ok`c\j%G\ifXhl\cdf[\cf[\leX]}Yi`ZXZfele YXii`f[fe[\m`mXecfjfYi\ifj#hl\\jZlZ_XYXe[\j[\ jljgifg`XjZXdXjcXjj`i\eXjgXiXc\mXekXij\XkiXYXaXi# \iXfYi\if#dXjefgfglcXi%CXjZfjXjZXdY`XifeiX[`ZXc$ d\ek\ZlXe[f#\ecfjXfjj\j\ekX#cc\^cX^iXedXpfiX [\cX^\ek\[\cZXdgf#hl\pXef\ekiXD\[\ccegficX gl\ikX[\cX]}Yi`ZX#j`efgficXmX[\cX`e]fidXc`[X[%CX X[d`e`jkiXZ`eefgl[fZfecXm\cfZ`[X[p\c`dglcjfhl\ kfdcXZ`l[X[#p\jkXj\]l\[\jYfi[Xe[f% GXki`Z`X1Ef\j^iXkl`kXcXgi`d\iX^iXe\jkiXk\^`XeXZ`feXc [\cgcXe[\cXm`m`\e[X%<cfYa\k`mf\iXlk`c`qXid\ZXe`j$ dfj[\X_fiifpZi[`kfgXiX`dglcjXicXliYXe`qXZ`e -+ Æj`dlck}e\Xd\ek\ZfecfjfYa\k`mfj[\k\Ze`ÔZXZ`e[\c ZXdgfÆZfecXZfejkilZZ`e[\m`m`\e[XliYXeX#\ek\e$ [`[X Zfdf \c ^iXe ^\e\iX[fi [\ \dgc\f% <jkf dXiZ leZXdY`f]le[Xd\ekXc\ecX]fidX[\Zi\Z`d`\ekf[\ cX Z`l[X[% D`\ekiXj \c GcXe =lklif (0(* gifdfmX le Zi\Z`d`\ekfgXlcXk`efZfeYXj\\ecfk\jZeki`Zfj#Zfe aXi[`e\j#gXjXdfjX^iXe[\jX^ilgXZ`fe\j[\m`m`\e[X \ecfjYfi[\j[\cXZ`l[X[hl\j\g\^XYXeZfdfgf[Xe XcXd`jdX#dlZ_Xjm\Z\jZfeleXmXZfdfe`ZfZfi$ [eldY`c`ZXc%8cd`jdfk`\dgf#XccX[f[\cXD\[\cce ]fidXcj\Zi\XYXcX`e]fidXc#dlZ_fdXpfig\ifj`\d$ gi\gXjX[XgfiXckfgficXgcXe`ÔZXZ`e#ZlpXjd\[`[Xj jfcfgi\k\e[Xed`k`^Xi% QfiX`[X1<cGcXeEXZ`feXc[\;\jXiifccfCXj:lXkif<jkiXk\$ ^`Xj[\cgi\j`[\ek\D`jX\cGXjkiXeX(0.'$.+ [\ÔeXcX ZfejkilZZ`eliYXeXZfdfj\Zkfigi`fi`kXi`f#ZfdfleX \jkiXk\^`X[\\dgc\fp[\]fikXc\Z`d`\ekf[\cXjZ`l[X$ [\j#XcXm\qhl\gifdfmXcXk\Ze`ÔZXZ`e[\cZXdgf% Cfjdle`Z`g`fjefk\eXeZfdg\k\eZ`Xjpi\ZlijfjgXiX gifdfm\i jl [\jXiifccf# cf hl\ _XZX gfZf \]\Zk`mX cX gcXe\XZ`e% <c e`Zf `ejkild\ekf Zfe Xc^e `dgXZkf jfYi\cXkiXej]fidXZ`e[\cXZ`l[X[#g\ifjfcf[\j[\ cf]j`Zf#\iX\cGcXeI\^lcX[fi(0+/$(0,) pjlefidX$ k`mX#hl\[\ÔeX\cljf[\cjl\cfXZfi[\Zfecfjgfjkl$ cX[fj[\cliYXe`jdfdf[\ief%Cfhl\gf[Xe_XZ\icfj dle`Z`g`fj\iXi\jgfe[\i\ecfgfj`Yc\XcXje\Z\j`[X$ [\jY}j`ZXj[\cXjZfdle`[X[\j1XZl\[lZkfj#XcZXekXi`$ ccX[fj#\jZl\cXj#_fjg`kXc\j#leXgcXqX[\d\iZX[f#dX$ kX[\ifj#Z\ekifji\Zi\Xk`mfjpeX[Xd}j%:fe\cj\Zkfi gi`mX[fef_XYXi\cXZ`e#gl\jefj\k\eXegifgj`kfj Zfdle\j%8jd`jdf#cfjXcZXc[\jp^fY\ieX[fi\j#gfi cfgfZfhl\[liXYXe#efgcXe\XYXe#pZXi\ZXe[\Zfd$ g\k\eZ`Xpi\ZlijfjZcXifjgfihl\kf[f\jkXYXZ\ekiX$ c`qX[f%CX[\jZ\ekiXc`qXZ`e#[\j[\ÔeXc\j[\cfjXfj fZ_\ekX# dXiZ le ZXdY`f \efid\ p ^\e\i d\afi\j Zfe[`Z`fe\jgXiXcXgcXe\XZ`epcXZfejkilZZ`eZfde [\legifp\Zkf[\Z`l[X[% -, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ GiX[f#YXii`f gXki`dfe`Xc [\cXZ`l[X[%J\ ZXiXZk\i`qXgfi jlj^lXpXZXe\j ifjX[fj\ecXj ZXcc\jpXdXi`ccfj \ecXjZXii\iXj% :fem\ijXkfi`f1G\ijg\Zk`mX_`jki`ZX -- I\fi[\eXd`\ekf [\cGXj\fG\XkfeXc :XiXYfYf#j\Zkfi :\ekif% )''-$)''.% >\iXi[1¶J\gl\[\_XYcXi[\legifp\Zkf[\Z`l[X[#ZlXe$ [f _Xp +0 XcZXc[\j \e +' Xfj# Zfdf ]l\ \c ZXjf \e D\[\cce\eki\(0+/p(0//6<jfj`eZfekXicfjXcZXc[\j \eZXi^X[fj%<j\XYjli[fd\gXi\Z\lef[\cfjkXekfj jekfdXj[\le<jkX[f[Y`c#kXekf\ecfcfZXcZfdf\e cfeXZ`feXc#hl\efcf^iXYXdf[\ie`qXij\#\oZ\gkf\e fi^Xe`jdfjZfdfcXj<dgi\jXjGYc`ZXj#\c9XeZf[\cX I\gYc`ZXpfkifj\ek\jkZe`Zfj#d\[`XeXd\ek\Xlk$ efdfj%Ef\j^iXkl`kfhl\XgXik`i[\cX[ZX[X[\(0.' \ceXiZfki}ÔZfcf^iXiXg\e\kiXicf`ejk`klZ`feXckXei}$ g`[fp]}Z`cd\ek\\ekf[fcfje`m\c\j%<ecX[ZX[X[\ (00'#ZfecX[\jZ\ekiXc`qXZ`e`ejk`kl`[XgficX:fejk`$ klZ`e[\(00(pZfeel\mXjgfck`ZXj[\<jkX[f#\egXi$ k`ZlcXikXdY`ecXjgfck`ZXj[\J\^li`[X[;\dfZi}k`ZX# j\XYi\eel\mfjZXd`efjpj\k\a\eel\mXji\cXZ`fe\j \eki\cXjfZ`\[X[Z`m`cpcf`ejk`klZ`feXc%¶:df\jhl\ D\[\ccecc\^\ekfeZ\jXleel\mfgifp\Zkf[\Z`l[X[ Zfdf\chl\\jkXdfjm`m`\e[f6 IlYe1Efjj`gf[\dfj_XYcXi[\cXjfZ`\[X[Z`m`c\e\c j`^cfOM@#\e\cO@OfXcZfd`\eqf[\cj`^cfOO%G\ifZi\f hl\_Xpdfd\ekfj\ejl_`jkfi`X\ecfjZlXc\jcXZ`l$ [X[\jk}d}jZcXiXd\ek\[\Ôe`[XZfdfY`\egYc`Zf#p \ekfeZ\jjljgifYc\dXjefgl\[\ej\ijfcf[\cX[d`$ e`jkiX[fi[\klief#fm\ij\jfcf\ekfiefXlegifp\Zkf kZe`Zf[\Z`l[X[#j`efhl\kXdY`e[\Y\e`eZcl`ij\\e legifp\Zkf[\XZZ`ejfZ`Xc%:fecX[\jZ\ekiXc`qXZ`e \ecfjXfjefm\ekX\cXcZXc[\j\mfcm`i\c\mXek\pZf$ d\eqXj\icXÔ^liXhl\ZfemfZX\c[\YXk\pcX[\c`Y\$ iXZ`e\ejlali`j[`ZZ`e% 9\Xki`q IXm\1 CX :fej\a\iX Gi\j`[\eZ`Xc gXiX D\[\cce p jlÝi\XD\kifgfc`kXeX#Zi\X[Xgfi\cgi\j`[\ek\>Xm`i`X (00'$(00+ gXiX\e]i\ekXicXZi`j`j[\cXZ`l[X[#`ek\e$ kgifdfm\ilekiXYXafgfck`Zf\`ejk`klZ`feXcgXiXi\$ Zfejkil`i\ck\a`[fjfZ`XcpZfejkil`ileel\mfgifp\Zkf [\Z`l[X[%;liXek\\ci\jkf[\cX[ZX[Xj\_`Z`\ifemX$ i`fj\a\iZ`Z`fj[\GcXe\XZ`e<jkiXk^`ZX\eD\[\ccep\c [\gXikXd\ekf%<cgifgj`kf\iXi\le`icfjZfeZ\gkfj[\ kf[XjcXj`ejk`klZ`fe\j2\cgifYc\dX\jkXYX\ehl\efj\ cf^i\eZfekiXilegifp\Zkf[\Zfej\ejf^\e\iXc% IlYe1Pfi\Zl\i[fhl\ZfeDXiX<ddXD\aX#cXgi`d\iX :fej\a\iXGi\j`[\eZ`XcgXiXD\[\cce#i\Zfii`dfjXcZf$ -. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ I\efmXZ`e ^\e\iXc)''. [\cAXi[e9fk}$ e`Zf[\D\[\cce# Zfejkil`[f\e(0(* gficXJfZ`\[X[[\ D\afiXjGYc`ZXj% d`\eqf[\cfjXfjefm\ekXkf[XcXZ`l[X[%Gfigi`d\iX m\q#dlZ_Xjg\ijfeXjklm`\ifeZ\iZXXle]leZ`feXi`f [\Xckfe`m\cpm`\ifeleX[`jgfj`Z`e`ejk`klZ`feXcj\i`X% LegfZfd}jkXi[\#\cgifZ\jf[\]fidlcXZ`e[\cGcXe <jkiXk^`Zf[liXek\cXX[d`e`jkiXZ`e[\cXcZXc[\J\i$ ^`fEXiXeaf(00,$(00. klmfle^iXeXZ`\ikf\ei\Zf$ ^\iki\jk`gfj[\jXY\i\j\ecXZ`l[X[1\cZfefZ`d`\ekf `ejk`klZ`feXc XZldlcX[f ÆX_ \jkXYXe ]leZ`feXi`fj [\ gcXe\XZ`eÆ2 \c ZfefZ`d`\ekf XZX[d`Zf Zfejkil`[f Zfe cX gXik`Z`gXZ`e [\ cfj d}j gi\jkXek\j \og\ikfj# `eZcljf`ek\ieXZ`feXc\j#ZfdfAfi[`9fiaX2p\cZfefZ`$ d`\ekfjfZ`Xcd\ek\XZldlcX[f#[fe[\_XYX[\kf[f# [\cfd}jmXc`fjfXcfd}jjlii\Xc`jkX#Zfdf\cj\fi hl\ gifgljf hl\ X[fgk}iXdfj leX dfe\[X gifg`X% Kf[f \jkf k\eX le \efid\ mXcfi# gfihl\ gfeX X [`j$ Zlk`icXj[`jk`ekXjm`j`fe\jpjli^`\ife\oZ\c\ek\jgif$ gl\jkXj#Zfdf\cdf[\cf[\leXZ`l[X[\[lZX[fiX#hl\ j\i\kfd\ecXXcZXc[X[\J\i^`f=XaXi[f)''+$)''. p\ecX[\8cfejfJXcXqXi)''/$)'(( % Kf[fj\jkfj\a\iZ`Z`fj[\i\g\ejXicXZ`l[X[\ecX[ZX$ [X[\(00'klm`\ifeleXZfejkXek\ple^iXeXZ`\ikf1\c [\YXk\gYc`Zf%8j#gfigi`d\iXm\q\ck\dX[\cXj\^l$ i`[X[j\[\YXk`pZfd\eqXgXik`Z`gXicXgfc`ZX2gfi gi\j`e[\cXjfZ`\[X[Z`m`c#g\ifgfZfXgfZfkXdY`e gfiZfem`ZZ`e#j\kfdZfeZ`\eZ`X[\hl\j`j\kiXkXYX [\legifYc\dXgYc`Zf#\ekfeZ\j_XYXhl\[\YXk`icf gYc`ZXd\ek\% GXki`Z`X1=l\\ecXXcZXc[X[\J\i^`f=XaXi[fZlXe[fgfi gi`d\iXm\qj\Xk\ii`q\eleGcXe[\;\jXiifccfgXiXcX Z`l[X[ZfeleXm`j`e\ogcZ`kX[\jl]lklif%9l\eXgXi$ k\[\c\hl`gfkZe`Zfpkf[f\c\hl`gfgfck`Zf_Xcf^iX$ [fk\e\iZfek`el`[X[\eki\cXX[d`e`jkiXZ`e[\=XaXi[f p[\JXcXqXi#cfhl\dXiZXcX[`]\i\eZ`XZfe\cgXjX[f p \j ]le[Xd\ekXc gXiX ^XiXek`qXi cX g\idXe\eZ`X [\ `ek\im\eZ` fe\j ^iXe[\j Zfdf cfj Gifp\Zkfj LiYXefj @ek\^iXc\j% :Xicfj ?% AXiXd`ccf1GXiX\cGcXe[\;\jXiifccfhl\_`Z`$ dfj Zfe =XaXi[f# lef [\ cfj Xek\Z\[\ek\j hl\ Xgi\$ Z`XdfjdlZ_f]l\\cGcXe[\Fi[\eXd`\ekfK\ii`kfi`Xc gif[lZ`[f\e(000[liXek\cXX[d`e`jkiXZ`e[\cXcZXc$ [\>d\qDXike\q(00/$)''' #ZlXe[fQfiX`[X\jkX$ YX[`i`^`\e[fGcXe\XZ`e%GfifkifcX[f#_fp\jkXdfj :fem\ijXkfi`f1G\ijg\Zk`mX_`jki`ZX -/ i\m`jXe[fcfhl\_Xj`[f\c`dgXZkf[\cGcXe<jkiXk$ ^`Zf#gXiX\mXclXicfhl\j\gl\[\i\kfdXi% äjZXiD\aX1Cfjgifp\Zkfj[\i\efmXZ`eliYXeXhl\pf _\m`m`[f\e\jkXZ`l[X[#kiXYXaXe[fZfecX\dgi\jX :feZfeZi\kf# _Xe j`[f \c D\kif p cfj D\kifZXYc\j% :i\f hl\ XdYfj _Xe kiXej]fidX[f gif]le[Xd\ek\ cX Z`l[X[ p jl ZlckliX% <c j\Zkfi [\ JXe AXm`\i# [fe$ [\ _`Z`dfj \c j\^le[f D\kifZXYc\# \iX le `eÔ\ief# efgf[XjgXjXi[\leYXii`fXfkif2pX_fiX\jkf_X d\afiX[f[\df[fj`^e`ÔZXk`mf%D\gXi\Z\hl\d}j hl\cXjgfck`ZXjjfecXjfYiXjp\eZfeZi\kfcXjfYiXj [\cD\kifp[\cD\kifZXYc\#hl\`dgc`ZXifeilgkliXp ^\e\iXifeleXkiXej]fidXZ`eZlckliXc#\Zfed`ZXp [\[\jXiifccf`ee\^XYc\\e\jkXZ`l[X[#j`\dgi\Zfe cXgXik`Z`gXZ`e[\cXZfdle`[X[% QfiX`[X1:fej`[\ifhl\[liXek\cfjXfjfZ_\ekXpef$ m\ekXj\[`\ifedlZ_Xj`e`Z`Xk`mXjpgifp\Zkfj^iXe$ [\j\`dgfikXek\j[\\jgXZ`fgYc`Zf#\hl`gXd\ekfj p dfm`c`[X[# g\if j`e le \e]fhl\ `ek\^iXc% <c D\kif# gfi \a\dgcf# \j lef [\ cfj gifp\Zkfj [\ dXpfi `d$ gXZkf#ZfelemXcfi\jkilZkliXek\gXiXcXZ`l[X[%G\if j`\dgi\ ]l\ leX `e`Z`Xk`mX j\Zkfi`Xc# le gifp\Zkf [\ kiXejgfik\pZfej`[\ifhl\#gfi\a\dgcf#cfj\jgXZ`fj gYc`Zfj [\c D\kif gl[`\ife _XY\ij\ `ek\^iX[f d}j Zfejl\ekfief%Cfd`jdffZlii`Zfefkifjgifp\Zkfj ZfdfcXZfejkilZZ`e[\cXXm\e`[XFi`\ekXcÆledX$ Z_\kXqf \e gc\ef Z\ekif [\ D\[\cceÆ# cX Xdgc`XZ`e [\cXXm\e`[XJXeAlXep\cdXcccXdX[fGXihl\JXe 8ekfe`f%¶:l}c]l\\ekfeZ\j\cgifp\Zkf[\Z`l[X[6 >\iXi[1QfiX`[X#ZlXe[fk[`Z\jhl\XeX[`\c\`dgfi$ kXYXcXZ`l[X[Zfdfgifp\ZkfpZfdfm`j`e#¶Xhl g\if[fk\i\Ô\i\j6 QfiX`[X1 FZlii` ZlXe[f# [\ ]fidX gXlcXk`eX# j\ g\i[` \c k\dX [\ cX JfZ`\[X[ [\ D\afiXj GYc`ZXj# f j\X# kf[f cf hl\ ]l\ cX \oZ\c\eZ`X [\c Zfd`\eqf[\cj`^cf OO#[\cfZlXcpX_\dfj_XYcX[f%;\j[\\ekfeZ\j#e` \c \jgXZ`f gYc`Zf# e` cX Z`l[X[ Zfdf Zfealekf \iXe k\dXj `dgfikXek\j _XjkX _XZ\ gfZf k`\dgf# ZlXe[f \ecXX[d`e`jkiXZ`e[\=XaXi[fj\Zfd\eqX_XYcXi [\cXZ`l[X[XY`\ikX#cX\jZl\cXXY`\ikX% >\iXi[1¶:dfj\mXXd`iXi\jk\g\if[f[\=XaXi[fp [\JXcXqXi[\ekif[\Z`eZl\ekXXfj6 IfY\ikfCl`j1:fdflef[\cfj_`kfj`dgfikXek\j\ecX _`jkfi`X[\D\[\cce%<jkfj[fjj\fi\j_Xegl\jkfZ`$ d`\ekfj#Xg\jXi[\cXjZi`j`j\Zfed`ZXjp[\fkiXj [`ÔZlckX[\j% ?XpleXd\ekXc`[X[el\mXhl\\jg\ifj\dXek\e^X gfi dlZ_f k`\dgf2 cf hl\ j\ \jk} _XZ`\e[f _fp \e D\[\cce\jGfck`ZXZfedXpjZlcX%<cZXdY`fi\Õ\aX le ZXejXeZ`f dXe`Ô\jkf \e cXj g\ijfeXj ]i\ek\ X cX ZcXj\ gfck`ZX kiX[`Z`feXc# X cX dXe\iX [\ _XZ\i gfc$ k`ZX% ;\ kf[fj df[fj# i\jlckX `dgfikXek\ i\Zfi[Xi j`\dgi\ hl\ kf[fj cfj XcZXc[\j \e \jkX Z`l[X[ _Xe _\Z_flegfhl`kf#phl\efkf[fjcfj]leZ`feXi`fjg$ Yc`Zfj_Xej`[fZfiilgkfj% 9\Xki`q1 <j le dfd\ekf _`jki`Zf hl\ fZlii\ gfi leX jldX[\[`e}d`ZXj%PXef\jcXc\phl\Xc^l`\ejXe$ Z`feXfhl\Xc^l`\e_XZ\Zldgc`i%CXjgfck`ZXjk`\e\e hl\ j\i Æp \e \jk\ dfd\ekf jfeÆ \c i\jlckX[f [\c gifZ\jfhl\`emfclZiXleXZXek`[X[[\XZkfi\j#gl\j pXe`e^lefgfijd`jdfgl\[\f]i\Z\ij\^li`[X[f Y`\e\jkXiXcfj[\d}j% IlYe1<jkXdfj\eleXkiXej`Z`e%PfZi\fhl\_Xpdl$ Z_fjcf^ifjdlp`ek\i\jXek\jhl\i\jlckXe[\legif$ Z\jfcXi^f#g\if_Xphl\^lXi[XileX[fj`j[\\jZ\g$ k`Z`jdfp[\Xc\ikX% QfiX`[X1Pfjfpdlpfgk`d`jkX%<jkfpZfem\eZ`[X[\hl\ mXdfjXk\e\ileXZ`l[X[dlp\hl`c`YiX[X#d}jXY`\i$ kX# Zfe \jgXZ`fj gYc`Zfj ^\e\ifjfj# leX Z`l[X[ hl\ j\Xd\afiX]l\iXpX[\ekif% -0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ GXj\fG\XkfeXc :XiXYfYfZfe \jgXZ`fgYc`Zf i\^lcX[f% 9NA_N[`S\_ZNPV[ @[\ek`[X[\j#(000 ;`XeX>`iXc[f =fkf^iX]XXeXc^`ZX \eYcXeZfpe\^if% :fc\ZZ`egXik`ZlcXi :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X <e\if(+[\)''0 8j`jk\ek\j A8@IF?<IIÝEM8I>8J G\ijfe\if[\D\[\cce)''+$)''.p)''/$)'(( :C8I8@EyJI<JKI<GF @ek\ieXk`feXcPflk_=fle[Xk`fe$@P= ;@<>F=<IE8E;F>äD<Q C8LI8M@CC8 8j\jfiXGifp\ZkfDf[\cfD\[\cce 8j\jfi<Zfed`ZfgXiX\cG\i`[`Zf<c:fcfdY`Xef :C8I8G8KI@:@8I<JKI<GF;<KFIF Df[\iX[fi ;`i\ZkfiX<a\Zlk`mX=le[XZ`e<dgi\jXj GYc`ZXj[\D\[\cce ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\ZkfDf[\cfD\[\cce :fem\ijXkfi`f @\PVRQNQ 0VcVYf:\QRY\ :RQRYY~[ 9N`\_TN[VgNPV\[R`QRYN`\PVRQNQPVcVYUN[QR`RZ]RNQ\f`VTbR[QR `RZ]RN[Q\b[]N]RYSb[QNZR[aNYQRT_N[P\Z]_\ZV`\fQV[NZV`Z\R[YN a_N[`S\_ZNPV[QRYNPVbQNQ1R`QR»[NYR`QRY\`N\`\PUR[aNfQb_N[aRY\` [\cR[aN`RP\[P_RaN_\[V[VPVNaVcN`P\Z\YNCRRQb_~N0VbQNQN[NNY=YN[QR 1R`N__\YY\a\QNc~NReV`aR[aRf]V\[R_NR[RY]N~`R[aR[QVQNP\Z\b[N±NP PV[ PVbQNQN[N ]N_N ZRW\_N_ YN TR`aV[ ]OYVPN² f P\[`aVabVQN ]\_ `RPa\_R` QR<;4RZ]_R`N_VNYR`P\\]R_NaVcV`aN`fNPNQzZVP\`3bR_\[Sb[QNZR[aNYR` YN3b[QNPV\[=_\.[aV\^bVNYN0NZN_NQR0\ZR_PV\YN.`\PVNPV[;NPV\[NY QR2Z]_R`N_V\`QR0\Y\ZOVN.;16f\a_\`T_RZV\`ANZOVz[`RQR`aNPYN .`NZOYRN=R_ZN[R[aRQRYN@\PVRQNQ0VcVY]\_YN=Ng^bRR[`b]_VZR_NRaN ]NSbRb[NNYVN[gNR[a_RYN6TYR`VN0NaYVPNb[T_b]\QR\_TN[VgNPV\[R``\ PVNYR`f`RPa\_R`RZ]_R`N_VNYR``\PVNYR`fNPNQzZVP\`R[a\_[\NYN]_\]bR` aNQR`\YbPV[]\Y~aVPNNYP\[¼VPa\N_ZNQ\<a_N`SbR_\[YN?RQ2[a_RA\Q\` ^bR P\[T_RTNON Sb[QNPV\[R` RZ]_R`N_VNYR` f ^bR P\[`a_bf RY =_\T_NZN QR0\[cVcR[PVN0VbQNQN[NP\»[N[PVNQ\]\_b[P_zQVa\QRY/61(YN?RQCVcN P\NYVPV[QR<;4fYN?RQQR<_TN[VgNPV\[R`0\Zb[VaN_VN`^bRa_NONWNON R[ aRZN` QR QR_RPU\` UbZN[\` f ]N_aVPV]NPV[ PVbQNQN[N 3\PNYVgNQN `\O_R YN ]_\]VN PVbQNQ f[VPNR[RY]N~`R[PbN[a\N`bV[aR_z`]\_RY aRZNPVbQNQR`asYN0\_]\_NPV[?RTV[P_RNQN R[&%&]\_R[a_R\a_\`?bOz[3R_[s[QRg7\_TR /R_[NY f .Y\[`\ @NYNgN_ RY NPabNY NYPNYQR 6TbNY QR VZ]\_aN[aR` SbR_\[ T_b]\` RPYR`Vs`aVP\` P\ Zb[VaN_V\`ON__VNYR`WbcR[VYR`fQRZbWR_R[a_R \a_\`9N<;4=NV`N7\cR[P_RNQNP\[N]\f\QR YN0\[`RWR_~N=_R`VQR[PVNYfYN0\\]R_NPV[.YR ZN[N SbR QRaR_ZV[N[aR R[ RY a_NONW\ QRY aRZN WbcR[VYCN_VN`\a_N`<;4P\Z\2`PbRYN;NPV\[NY @V[QVPNY ¯2;@¯ CNZ\` :bWR_ 6[`aVaba\ =\]b YN_QR0N]NPVaNPV\[¯6=0¯N`~P\Z\YN0sZN_N QR0\ZR_PV\fSb[QNPV\[R`RZ]_R`N_VNYR`P\Z\ =_\.[aV\^bVN`VTbR[\]R_N[Q\P\Z\VZ]\_aN[ aR`PR[a_\`QR]R[`NZVR[a\`\O_RYNPVbQNQ^bR P\[c\PN[N`RZV[N_V\`f]_\QbPR[RV[PR[aVcN[ [bZR_\`N` V[cR`aVTNPV\[R` f ]bOYVPNPV\[R` `VT [V»PNaVcN` 2[ R`aN P\[cR_`NPV[ `R V[aR_PNZ OVN[VQRN`NPR_PNQRY]N]RY^bRYN`\PVRQNQPVcVY UN cR[VQ\ PbZ]YVR[Q\ R[ :RQRYY~[ N ]N_aV_ QR YNQzPNQNQR&&]N_N`b]R_N_YNP_V`V`(fPZ\ ]N_aVPV]NR[RY]_\PR`\QRa_N[`S\_ZNPV[QRYN PVbQNQYVQR_NQ\]\_YN`NYPNYQ~N`QR@R_TV\3NWN_ Q\f.Y\[`\@NYNgN_ tDf[\iX[fi\j CL:à8>FEQÝC<Q ;`i\ZkfiXDlj\f[\8ek`fhl`X ;@<>F:FII8C<J 8j\jfi[\c8cZXc[\ ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\c Gifp\ZkfDf[\cfD\[\cce CXZ`l[X[XeXj\Xgifg`X [\cfj\jgXZ`fjgYc`Zfj2 cXGcXqX9fk\if#]i\ek\Xc Dlj\f[\8ek`fhl`X% :fem\ijXkfi`f1JfZ`\[X[Z`m`cpDf[\cfD\[\cce .+ fkifZfeZ\gkfhl\\jkXYX`ejkXc}e[fj\dlZ_f\e\j\ k`\dgf\iX\c[\i\jgfejXY`c`[X[jfZ`Xc\dgi\jXi`Xc% >\iXi[DXik`e1¶HlgXg\cgf[\dfjXki`Yl`iXcXjfZ`\$ [X[Z`m`c\ecXkiXej]fidXZ`e[\D\[\ccep\e\cDf$ [\cfD\[\cce[\9l\e>fY`\iefhl\efjZfemfZX6 AX`if ?\ii}e1 D\[\cce `eZfigfiX \e jl kiXej]fidXZ`e i\Z`\ek\gifZ\jfjdlp`dgfikXek\j[\j[\cXjfZ`\[X[ Z`m`c2Zi\fhl\kf[X8ek`fhl`Xj\_XZXiXZk\i`qX[fgfi k\e\ileXjfZ`\[X[Z`m`c[`e}d`ZXp]l\ik\%Gfi\a\d$ gcf# \e cX Z`l[X[# cfj gifZ\jfj [\ gXik`Z`gXZ`e Z`l$ [X[XeX _Xe Zfeki`Yl`[f X ]fikXc\Z\i p [`eXd`qXi cXj fi^Xe`qXZ`fe\jYXii`Xc\j#hl\\jk}e[`i\ZkXd\ek\`d$ gc`ZX[XjZfecXZfdle`[X[phl\i\gi\j\ekXecfj`ek\$ i\j\j[\cfjam\e\j#[\cXjdX[i\jZXY\qX[\]Xd`c`X# [\ cX ^\ek\ [\ cX k\iZ\iX \[X[ f [\ cfj [\jgcXqX[fj `ejkXcX[fjX_% :cXiX@ejI\jki\gf1<ecfjXfjefm\ekX_XYXleXjf$ Z`\[X[Z`m`ceXZ`\ek\%Cfhl\cc\^XYX X D\[\cce \iXe cXjdf[XjpcXjk\e[\eZ`Xj\lifg\Xjpefik\Xd\i`ZX$ eXj[\_XYcXi[\cXjfZ`\[X[Z`m`c%G\if\jkfjZfeZ\g$ kfj p jlj \og\ikfj `ek\ieXZ`feXc\j \eZfekiXife Xhl leXjZfe[`Z`fe\jY`\eZfcfdY`XeXj#dXiZX[XjgficX [\Y`c`[X[[\c<jkX[f%<ekfeZ\jcXgi\^lekX\iX1ÈJ`ef _Xp<jkX[f#¶hl`egfe[i}fi[\e\e\jkf6É#pX_Zf$ d\eqXdfjkf[fjX_XYcXi[\cXjfZ`\[X[Z`m`c%8lehl\ cXgXcXYiXi\jlckXYXel\mX#Xhl_XYXXek\Z\[\ek\j% :fe\c\dgla\gX`jX#Zfe\jXfYj\j`ekiXYXaX[fiX#j\ ]fidXife Zfdle`[X[\j fi^Xe`qX[Xj hl\ Zi\Xife YX$ ii`fj#ZXcc\j#`^c\j`Xj%Fj\X#\elegi`d\idfd\ekfcX kiX[`Z`e ZlckliXc ]l\ cX hl\ ]i\ek\ X cX Xlj\eZ`X [\c <jkX[f]fialeX`[\X[\jfZ`\[X[Z`m`c%;\j[\\ekfe$ Z\jcXjfZ`\[X[Z`m`c_XdX[liX[f%;liXek\cXgi`d\iX d`kX[ [\ cfj Xfj efm\ekX ]l\ ]le[Xd\ekXc cX :fe$ j\a\iXGi\j`[\eZ`XcgXiXD\[\cce#hl\[`d\ej`fecX ZXgXZ`[X[X[d`e`jkiXk`mX[\\ekiXi\eZfekXZkfgXiX YljZXiZfej\ejfjZfecX^\ek\p\jkXYc\Z\igfck`ZXj Xci\jg\Zkf%>iXZ`XjXÔeXeZ`Xd`\ekfj[\c9@;#\e\jX [ZX[Xj\i\Xc`qXifekXdY`emXi`fj\eZl\ekifjp[\$ YXk\j\ekfiefXhlj\Zfej`[\iXYXcXjfZ`\[X[Z`m`c%<c :cXiXGXki`Z`XI\jki\gf1CXjck`dXjXcZXc[Xj_Xek\e`[f lec`[\iXq^fgXiXjldXi`e`Z`Xk`mXj[\cX\dgi\jXgi`$ mX[Xp[\cXjfZ`\[X[Z`m`c#hl\\jkXYX\e\jkXZ`l[X[# pd\`dX^`efhl\\edlZ_Xjd}j#YXjkXek\Xc\aX[X[\ cXX[d`e`jkiXZ`egYc`ZX%<j\m`[\ek\hl\_fpk\e\dfj leXD\[\cce[`jk`ekX#efjcf\ejlXjg\Zkf#j`efkXd$ Y`e\ecXi\cXZ`e\eki\cXX[d`e`jkiXZ`epcXjfZ`\[X[ Z`m`c# p \e cX dXe\iX Zfdf cX ^\ek\ j\ m`eZlcX Zfe cX Z`l[X[%<jfj\m\\egif^iXdXjZfdf\cGi\jlgl\jkf GXik`Z`gXk`mf f \e gifZ\jfj [\ `ek\im\eZ`e Zfdf cfj Gifp\ZkfjLiYXefj@ek\^iXc\j\ecXqfeXefifi`\ekXcp \efkiXj}i\Xj%KXdY`e#\e)''/#kf[fjcfjdlj\fj[\ cXZ`l[X[klm`\ife\ekiX[Xc`Yi\%<jleXgfck`ZXhl\j\ mXXXdgc`Xi% ;`\^f =\ieXe[f >d\q1 CX XcZXc[X [\ =XaXi[f ]l\ leX 8cZXc[X Zfe cXj FE># cfj gif]\jfi\j le`m\ij`kXi`fj# am\e\j#\dgi\jXi`fjpcXjfZ`\[X[Z`m`c\e^\e\iXcX Yfi[f%D\^ljkXiXgfe\idlZ_fe]Xj`j\ehl\=XaXi$ [fef]l\leX\jg\Z`\[\`cld`eXZ`e%Pfm\fjl8cZXc$ [Xd}jZfdfle^XY`e\k\hl\_`qflekiXYXafdXiX$ m`ccfjf^iXZ`XjX\jXZfejkilZZ`ejfZ`Xchl\j\m\eX _XZ`\e[f[\j[\_XZ\dlZ_fk`\dgf\eD\[\cce% AX`if1Cfjd\ZXe`jdfj[\ZfekifcjfZ`XcefjfejcfcXj m\\[liXjfcXjFE>%GXiXeX[`\\jlej\Zi\kfhl\cfj d\[`fj k\c\m`j`mfj Zfdf K\c\D\[\cce# :XeXc L p K\$ c\Xek`fhl`X#`^lXchl\cfjZXeXc\jpg\i`[`ZfjZfdl$ e`kXi`fj#_Xe[\j\dg\X[flegXg\cdlp`dgfikXek\ \e cX Z`l[X[% ?Xp dlZ_fj d\[`fj [\ \ogi\j`e hl\ jlYj`jk\e# `eZcljf gfi jl d`jdX ^\jk`e# j`e i\Z`Y`i [`e\ifj[\eX[`\% :cXiXGXki`Z`X1<eD\[\cce#cfjd\[`fj[\Zfdle`ZXZ`e _Xe Zi\Z`[f Zfe cX Zfdle`[X[ `e[\g\e[`\ek\% ?XZ\e m\\[liX#kfdXegfjkliXjZik`ZXj]i\ek\X^iXe[\j[\jX$ iifccfj#]i\eXeXc^leXj`e`Z`Xk`mXjf`dglcjXefkiXjZlXe$ [fc\jgXi\Z\ed}jm`kXc\j%:i\Z\eZfecXZ`l[X[#XZfd$ gXXe[fpgXik`Z`gXe[f\ejljgifZ\jfj[\[\jXiifccf% ., D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ CXZfdle`[X[ gifgfe\#gXik`Z`gX# m`^`cX%I\le`e [\gi\j\ekXZ`e [\cGL@:\ekif Fi`\ekXc% CXliXM`ccX1?lYfleX\jg\Z`\[\i\j`jk\eZ`XkXekf\ecfj j\Zkfi\jgfglcXi\j#ZfdfcXZcXj\XckX#gXiXefg\id`k`i hl\\ceXiZfki}ÔZfg\id\XiXjlZfk`[`Xe`[X[% CX]le[XZ`e\dgi\jXi`XcGif8ek`fhl`Xp\c>ilgf<d$ gi\jXi`Xc8ek`fhl\f_`Z`\ife]i\ek\X\jk\]\ed\ef# Xc`^lXchl\`e`Z`Xk`mXjYXii`Xc\jf[\cXjfZ`\[X[Z`m`c% ?fp#mXi`XjFE>j`^l\ekiXYXaXe[fgXiXhl\\ceXiZf$ ki}ÔZfefg\e\ki\\ck\a`[fjfZ`Xc2cXZ`l[X[\jk}cc\mXe$ [fXZXYflegifZ\jf[\i\ZfeZ`c`XZ`edlp`dgfikXek\% J`e\dYXi^f#jfYi\m`m\edXiZXjdlp]l\ik\j[\j\gX$ iXZ`e \eki\ cfj hl\ ef k`\e\e eX[X p cfj hl\ k`\e\e dlZ_f#Zfec^`ZXjpi\cXZ`fe\j[\j\im`[ldYi\% ;`\^f=\ieXe[f18ek`fhl`XklmfleXgfZXZfeleXdXi$ ZX[Xk\e[\eZ`XXcj\im`c`jdfg\ifZfeleX^iXe`ek\$ ^iXZ`e cXYfiXc# Zfdf mXi`fj _`jkfi`X[fi\j _Xe dfj$ kiX[f\e\jkl[`fjdlpj\i`fjpgif]le[fj%G\if\ecfj YXii`fjgfglcXi\j\cjli^`d`\ekf[\ceXiZfki}ÔZffi`$ ^`ecXXgXi`Z`e[\YXe[XjXidX[Xj%CX^\ek\hl\ef m`mXXcc}#eleZXd}jmfcm`Xm`j`kXiXhl\ccXjgXik\j[\ cXZ`l[X[#gfihl\cX`ej\^li`[X[\iXki\d\e[X%;\j[\ X_#j\\dg\qXifdg\i\cmeZlcf[\`ek\^iXZ`ehl\ _XYXZXiXZk\i`qX[fXcXZ`l[X[\ecfjXfjgi\`e[lj$ ki`Xc\j% :i\f hl\ \jX ilgkliX kXdY`e XZ\eklXYX cXj [`jkXeZ`XjjfZ`Xc\jpjfZ`f$\jgXZ`Xc\j%CXjck`dXjX[$ d`e`jkiXZ`fe\j_XeclZ_X[fgfii\Zlg\iXi\j\meZlcf ppXj\_Xecf^iX[fZfjXjdlpYfe`kXj% ?lYf fkif gifYc\dX hl\ j\ ^\e\i \e cX Z`l[X[% CX gfcXi`qXZ`e X cX hl\ cc\m cX m`fc\eZ`X \iX cXk\ek\ _XjkX\ecXle`m\ij`[X[1\eleXd\jX\jkXYXecfj[\c <aiZ`kf[\C`Y\iXZ`eEXZ`feXc<CE 2\efkiX#cfj[\ cXj =l\iqXj 8idX[Xj I\mfclZ`feXi`Xj [\ :fcfdY`X =8I: # p Xj ZX[X ^ilgf gfi jl cX[f% 8[\d}j# gfi \a\dgcf\ecXLe`m\ij`[X[[\8ek`fhl`Xef\jkl[`XYX eX[`\ [\ cX ZcXj\ d\[`X gXiX Xii`YX# cfj \jkl[`Xek\j jfcf g\ik\e\ZXe X cfj \jkiXkfj YXafj f d\[`f$YXafj% <ekfeZ\jcXjd`jdXjle`m\ij`[X[\j]l\ifedl\jkiX[\ \jXj\^i\^XZ`ehl\m`mXcXZ`l[X[%?fpgXi\Z\hl\ \jXj\^i\^XZ`e\jklm`\iX[\jXgXi\Z`\e[f#gfihl\pX _Xpg\ijfeXj[\kf[fjcfjYXii`fjp\jkiXkfj\ecXLe`$ m\ij`[X[[\8ek`fhl`Xp\ekf[fjcfjel\mfj\jZ\eX$ i`fjp\jgXZ`fjgYc`Zfjhl\cXZ`l[X[\jk}Zi\Xe[f% :fem\ijXkfi`f1JfZ`\[X[Z`m`cpDf[\cfD\[\cce .- >\iXi[1 ¶Gfi hl \e cfj Xfj fZ_\ekX# hl\ ]l\ife cfj Xfj[\dXpfim`fc\eZ`X\eD\[\cce#ef_XYXdlZ_X i\Õ\o`efi\j`jk\eZ`X[\j[\cXjfZ`\[X[Z`m`c6¶Kf[f \cdle[fj\g\i[`6 :cXiXGXki`Z`X1=l\cXgfZX[\cfjZliXek`jdf2XZXj`kf[fjj\efjZXdY`XifecfjmXcfi\j%Cfji`Zfjhl\iXee\^fZ`Xi ZfecfjdXÔfjfj#cfjgfYi\jj\igXik\[\jljYXe[Xj% <oX^\iflegfZf#g\if_lYfXc^f[\\jf% ;`\^f =\ieXe[f1 G\if X cX m\q \o`jkX leX dXjX Zik`ZX [\ ^\ek\ hl\ ef hl\iX \jf# \eki\ \ccfj \c gi\jk`^`f$ jf\dgi\jXi`fE`ZXefiI\jki\gf#hl`\e\jkXYX[\^f$ Y\ieX[fi\ecXd`kX[[\cfjXfjfZ_\ekX%<ccfj\iXe gifkX^fe`jkXjg`fe\ifj[\cgifZ\jf[\i\ZfejkilZZ`e% =l\kXdY`eleXgfZXdlp[liX\ekid`efj\Zfe$ d`Zfj# Zfe leX Zi`j`j jfZ`Xc p ÔeXeZ`\iX dlp j\m\iX hl\ dXiZ gif]le[Xd\ek\ X D\[\cce# hl\ \iX leX Z`l[X[Zfelej\Zkfi`e[ljki`Xc`dgfikXek\% :cXiX @ej1 Lef gl\[\ gi\^lekXij\1 ¶Zl}ekXj Z`l[X[\j Zfe]ifekXYXe Xc d`jdf k`\dgf ki\j f ZlXkif ^ilgfj [\^l\ii`ccXdXj\ceXiZfki}ÔZf6<jf^\e\iXYXlegX$ efiXdXefdlpgifg`Z`fgXiXhl\j\\jkXYc\Z`\iXleX jfZ`\[X[Z`m`c]l\ik\%:fdfpXj\_X[`Z_f#\ecfjef$ m\ekX\dg\qXdfjX_XYcXifkiXm\q[\jfZ`\[X[Z`m`c# [\Z`l[X[XeX#[\k\dXjhl\kfZXYXeXjg\ZkfjYXii`X$ c\j# kiXYXaXe[f dXeZfdleX[Xd\ek\ p i\[\jZlYi`\e$ [fi\cXZ`fe\j\eki\cXjfZ`\[X[Z`m`cp\c<jkX[f%8_fiX Y`\e#d\gXi\Z\hl\\cgifZ\jf[\[\jZ\ekiXc`qXZ`e Æhl\i\[\ÔeXcXji\cXZ`fe\j\eki\e`m\c\j[\^fY`\i$ efpkf[fcfhl\\jkf`dgc`ZXYX\ei\gfj`Z`feXd`\ekf gXiXcXjfZ`\[X[Z`m`cÆkXdY`e]l\]le[Xd\ekXc% >\iXi[1¶:l}c\jcXi\cXZ`e\eki\jfZ`\[X[Z`m`cp^\jk`e gYc`ZX\e\cDf[\cfD\[\cce6¶:lXe[f_Xplej\Zkfi gYc`ZfZfejkilZk`mfcXjfZ`\[X[Z`m`cfg\iXd\afi6 ;`\^f =\ieXe[f1 <e cX [ZX[X [\ (0,' _lYf leX Zi`j`j gfck`ZXhl\#[\Xc^edf[fp[\j[\d`fg`e`e#[li _XjkXcfjXfjefm\ekX#ZlXe[fXiiXeZXdfjZfeleX el\mX:fejk`klZ`e%8\jkfj\jldleXZi`j`j\Zfe$ d`ZXdlpj`^e`ÔZXk`mX\ecfjXfjfZ_\ekX%8gi`eZ`$ g`fj [\ cfj efm\ekX# cXj \dgi\jXj [\c >ilgf <dgi\$ GXihl\9`Yc`fk\ZX9\ce% :fem\ijXkfi`f1JfZ`\[X[Z`m`cpDf[\cfD\[\cce ./ 8jfZ`XZ`eDX[i\j [\CX:Xe[\cXi`X# \e[\]\ejX[\ cXjmZk`dXj[\c ZfeÕ`ZkfXidX[f% jXi`Xc8ek`fhl\f\iXe'#/[\cG@9#_fpjfe0[\c G@9%<jk\Zi\Z`d`\ekfj\[X\ei\cXZ`eZfelei\jli^`i \Zfed`Zf#g\ifj\Xc`d\ekXXcd`jdfk`\dgf[\fkiXj ZfjXj1\cXld\ekf[\cXjZXgXZ`[X[\j#cX\oZ\c\eZ`X[\ cX^\jk`ejfZ`Xcp\ci\eXZ\i[\leXZlckliXZ`l[X[XeX% :cXiX@ej1:fecX:fej\a\i`XGi\j`[\eZ`XcgXiXD\[\cc`e j\ZfemfZXYXe[\YXk\jgYc`ZfjZfekf[XcXjfZ`\[X[ gXiX hl\ g\ej}iXdfj \e cfj Xjlekfj gYc`Zfj2 efj j\ekXdfj kf[fj `^lXc\j# Xlehl\ _XYc}YXdfj [\ cX ]iX^d\ekXZ`ehl\jl]iXD\[\cce%8cd`jdfk`\dgf kiXYXaZfecX:ffg\iXZ`e8c\dXeXpjlji\gi\j\e$ kXek\j% :lXe[f \ccfj cc\^Xife# efjfkifj pX _XYXdfj m`m`[f YXaf cX m`fc\eZ`X gfi d}j [\ leX [ZX[X# hl\ _XYX ^\e\iX[f [\jZfeÔXeqX# [`m`j`e p ]iX^d\ekX$ Z`e#g\ifkXdY`ei\XZZ`fe\jZm`ZXjjfYi\jXc`\ek\j% J\jfigi\e[`\ifeZfeel\jkiXm`j`epZXgXZ`[X[% CX \c\ZZ`e gfglcXi [\ XcZXc[\j# X gXik`i [\ (0//# ]l\ ZcXm\# gfihl\ \dg\qXdfj X k\e\i `ek\icfZlkf$ i\j cfZXc\j# Zfdf _Xe j`[f cfj XcZXc[\j \c\Zkfj AlXe >d\q DXike\q (0//$(00' # ädXi =ci\q Mc\q (00'$(00) #Cl`j8c]i\[fIXdfj#(00)$(00+ #J\i^`f EXiXeaf (00,$(00. # fkiX m\q AlXe >d\q DXike\q (00/$)''' # Cl`j Gi\q )''($)''* # J\i^`f =XaXi[f )''+$)''. pX_fiX8cfejfJXcXqXi)''/$)'(( % :lXe[fm`dfjhl\cfZXcd\ek\jj\gf[X#jXc`dfj[\ gifekf[\\jX`e\iZ`X\ecXhl\\jk}YXdfj%G\if`e`$ Z`Xcd\ek\#\e\jXjfZ`\[X[Z`m`chl\_XYXml\ckfX[`$ eXd`qXij\#_lYfleXk\e[\eZ`Xdlp]l\ik\XkiXYXaXi ZX[XlefgfijlcX[f1gfiXhlcX@^c\j`X#gfiXZ}cfj gXik`[fj%<e\jkf_X_XY`[fgifZ\jfj[\XZ\iZXd`\ekf pi\jlckX[fjZfeZi\kfj% >\iXi[1 ¶:fe le ^fY`\ief cfZXc kXe gifXZk`mf# _Xp le [\jgcXqXd`\ekf [\ cX XZZ`e [\ cX jfZ`\[X[ Z`m`c6 ¶<jk} g\i[`\e[f k\ii\ef# f \jk} Zfehl`jkXe[f el\$ mfji\kfj6 :cXiX GXki`Z`X1 Pf [`^f hl\ j\ j`\ek\ ]fikXc\Z`[X% ?XZ\ gfZf\jklm\d}j[\led\j\ei\le`fe\jZfecXjFE>#p kf[Xj\jXjfi^Xe`qXZ`fe\jj\\eZfekiXYXeX_#pX]\[\$ iX[Xj\elee`m\cd}j]l\ik\pkiXkXe[f[\Xgi\e[\i% ;`\^f =\ieXe[f1 CXj X[d`e`jkiXZ`fe\j [\ =XaXi[f p JX$ cXqXi _Xe cf^iX[f le e`m\c kXe Xckf [\ c`[\iXq^f p \ÔZ`\eZ`X# gi\Z`jXd\ek\ gfihl\ _Xe Xik`ZlcX[f jl kiXYXaf\eleXi\[dlpmXjkX[\Zffg\iXZ`eZfecX jfZ`\[X[ Z`m`c% Gfi \a\dgcf# leX `e`Z`Xk`mX gYc`ZX [\ gifdfZ`e[\cXZlckliXf[\\dgi\e[`d`\ekfZfd`\e$ qX kXc m\q Zfe `e]iX\jkilZkliX p k\Zefcf^Xj# g\if j\ .0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ ÈG`ekXe[fcX<j$ g\iXeqXÉ%>Xc\iX liYXeX[\cXqfeX efifi`\ekXc% ]fikXc\Z\ZlXe[fj\XgfpX\eleXi\[[\fi^Xe`qXZ`f$ e\jjfZ`Xc\jpYXii`Xc\jdlp]l\ik\jhl\kiXYXaXe\e \j\k`gf[\gifZ\jfj% :cXiX@ej18ek\j#\ecXjFE>#j`\dgi\hl\YXdfjXYlj$ ZXi leX jfclZ`e X lef [\ cfj kXekfj gifYc\dXj hl\ \eZfeki}YXdfj#eleZXd`i}YXdfjZl}c\iXcXZXgXZ`$ [X[ [\ i\jgXc[f `ejk`klZ`feXc# gfihl\ kXc m\q hl\iX$ dfjjfclZ`feXicXjZfjXj[`i\ZkXd\ek\[\j[\cXjfZ`\$ [X[Z`m`c%Cfhl\d\gXi\Z\hl\ZXdY`#\jhl\X_fiX cXel\mX]l\ek\[\ÔeXeZ`Xd`\ekf]l\ik\cXZfejk`klp\ \c ^fY`\ief# cX 8cZXc[X% ?XZ\ hl`eZ\ Xfj# \c ÔeXe$ Z`Xd`\ekf [\ leX FE> j\ fYk\eX gfi Zfc\ZkXj \e cX ZXcc\ f ^iXZ`Xj X cX Zffg\iXZ`e `ek\ieXZ`feXc% ?fp# .'gifm`\e\[\cXZfekiXkXZ`eZfe\c<jkX[f%El\$ mXd\ek\#_Xpi\cXZ`eZfecX[\jZ\ekiXc`qXZ`epZfe \cZXdY`f\ecXZfeZ\gZ`e_XZ`XcXX[d`e`jkiXZ`ep \c<jkX[f%G\ifX[\d}j#_fp_XpdlZ_fd}jZfekifc jfZ`Xc%:fe\cZXdY`f[\^\jk`edle`Z`gXcj\`ejkXli cXd`j`e[\cfgYc`Zfpj\]fikXc\Z`\ifecXjXZZ`fe\j [\ cXj FE>% Gfi Ôe \ek\e[`dfj kf[fj hl\ leX FE> kXdY`e\iXgXik\[\cfgYc`Zf%J\iXleXYl\eXgi\$ ^lekXgXiXD\[\cceg\ejXihlkXekfj\j`^l\e]fikX$ c\Z`\e[fcXjFE>phlkXekfj\\jk}[Xe[f\ci\c\mf [\cfjc[\i\j% ;`\^f=\ieXe[f1:i\fhl\_\dfjm`m`[fleXd\afiX\efi$ d\\ecXZXc`[X[[\^\jk`e[\c<jkX[fp\jkf_Xk\e`$ [fdlZ_fj\]\Zkfj\ecX]fidXZ`e[\cXjFE>p\e \c dXe\af [\ cXj gfck`ZXj gYc`ZXj% <c i`\j^f [\ hl\ el\mXd\ek\k\e^XdfjXc^ek`gf[\^fY\ieXek\Zfe fkiXm`j`e[\cX^\jk`egYc`ZXpfkiX`ek\iXZZ`eZfe cX jfZ`\[X[ Z`m`c gl\[\ \jkXi gi\j\ek\# g\if Xhl pX _XpdlZ_Xj`ejkXeZ`Xj[\Zfekifcdlp\ÔZ`\ek\j#dlp XZk`mXj%CXjfZ`\[X[k`\e\d}j`e]fidXZ`egXiXi\ZcX$ dXijlj[\i\Z_fjp[\]\e[\ijlj`ek\i\j\j% AX`if1<eZlXekfXci\c\mf^\e\iXZ`feXc[\cfjc[\i\j[\ cXj FE># j`\dgi\ \o`jk\e Ô^liXj \e kf[Xj cXj XZk`m`$ [X[\j[\cXjfZ`\[X[hl\j\ml\cm\eZfefj%?XpFE> dlp i\gi\j\ekXk`mXj# g\if kXdY`e g\ijfeXj Zfef [\ekif [\ \ccXj% <e D\[\cce _Xp X_fiX leX i\kifXc`$ d\ekXZ`e \eki\ cXj FE> p \c XdY`\ek\ XZX[d`Zf# ZfeleXZXek`[X[[\^\ek\afm\e#dlpgi\gXiX[X#hl\ :fem\ijXkfi`f1JfZ`\[X[Z`m`cpDf[\cfD\[\cce \jk}cc\^Xe[fXcXjFE>phl\Zfejkilp\meZlcfj\e$ ki\cfj[fj%<ci\c\mf^\e\iXZ`feXcj\k`\e\hl\[Xi%D\ gXi\Z\hl\\o`jk\lei\Zlijf_ldXefafm\e]fidX[f \ekf[fjcfjXjg\Zkfj% <ecXZ`l[X[#\e\cjfcfk\dX[\cfj[\i\Z_fj_ldX$ efj#_Xp0+FE>kiXYXaXe[f#\eki\mXi`fjk\dXjd}j% K\e\dfjleXYi\Z_XXZldlcX[XkXe^iXe[\\edXk\$ i`X[\[\jZfefZ`d`\ekf[\cfj[\i\Z_fj_ldXefj#hl\ kf[XmXefj]XckXdlZ_fkiXYXaf% <c XmXeZ\ \e k\Zefcf^X [\ `e]fidXZ`e p Zfdle`ZX$ Z`ekXdY`e_XXpl[X[fXd\afiXicX[`ZfkfdXhl\ _XYX \eki\ cX X[d`e`jkiXZ`e p cX jfZ`\[X[ Z`m`c% <e ZlXekfXc[\i\Z_fXcX\ogi\j`epXcXgifk\jkX_Xe j`[f^iXk`ÔZXek\jcfjXmXeZ\jp#cXjX[d`e`jkiXZ`fe\j [\=XaXi[fpJXcXqXi#_XekiXYXaX[fdlZ_fgfiZfejf$ c`[Xi\ci\jg\kfXcXc`Yi\\ogi\j`ehl\efjfkifjZfdf G\ijfe\iX XZfdgXXdfj% Lef fYj\imX hl\ \c k\dX [\cfj[\i\Z_fj_ldXefjef_Xg\i[`[fm`^\eZ`X#ZX[X m\q\jd}jZcXifhl\cXjfZ`\[X[Z`m`cgXik`Z`gX[\cfj gifZ\jfjX[d`e`jkiXk`mfj[\cdle`Z`g`fp_XZ\lej\$ ^l`d`\ekfZX[Xm\qd}jd`elZ`fjf[\k\dXjZfdf\c _fd`Z`[`f#gfi\a\dgcf% >\iXi[1 <ekfeZ\j Xci\[\[fi [\c k\dX [\ cX j\^li`[X[ j`^l\eXgXi\Z`\e[f[\kf[fjdf[fjel\mfji\kfjp [\jX]fjgXiXcXjfZ`\[X[Z`m`c6 AX`if1:fii\Zkf#cXclZ_X[\Xc^lefj^iXe[\jZXgfj#efjf$ cXd\ek\\ecXZ`l[X[#j`ef\ekf[f\cefifZZ`[\ek\[\c gXjÆpcfjZfeÕ`Zkfj\ecXjZfdleXjgfi\cZfekifc[\ cfjglekfj[\[`jki`YlZ`e[\cm`Z`f$#jfeXjlekfjhl\ fj\_Xei\jl\ckfXe%Gi`d\if#YXaXifecfj_fd`Z`[`fj% EffYjkXek\#ZlXe[f\e)''/]l\ife\okiX[`kX[fj_X$ Z`X<<%LL%#dlZ_fjZXgfjpgXiXd`c`kXi\jhl\k\eXe ZfekifcjfYi\YXe[XjpgcXqXj[\m`Z`f#mfcm`\ifeXjl$ Y`icfj_fd`Z`[`fj\ecXZ`l[X[%G\if]i\ek\X\jkXj`$ klXZ`ekXdgfZf\jkXdfjg\i[`\e[f\cZfekifc#Zfdf efjgXj\ecfjXfjfZ_\ekX#gfihl\cXgi\j\eZ`X[\c /' <jkX[f _X d\afiX[f p _\dfj fYj\imX[f leX el\mX XZk`kl[# \e gXik`ZlcXi \e YXii`fj [\ \jkiXkfj YXafj p d\[`f$YXafj# gfi gifk\^\i cfj mXcfi\j kiX[`Z`feXc\j [\cX]Xd`c`Xp[\cXZfdle`[X[%<e\jk\dfd\ekf#cfj am\e\j_lp\ep[\eleZ`XecXgi\j`ehl\gl\[\ei\$ Z`Y`igXiXg\ik\e\Z\iXle^ilgfXidX[ffgXiX`emf$ clZiXij\\ecX^\jk`e[\gcXqXj[\[if^Xj`cZ`kXj\e jljYXii`fj% <jf\jleZXdY`fdlp`dgfikXek\#gfihl\pXefhl`\$ i\eYljZXi\c[`e\if]}Z`c#pXefhl`\i\edfi`ikXe]}$ Z`c%<jkf\ogc`ZXgXik\[\cgifZ\jf[\]iX^d\ekXZ`ep Xkfd`qXZ`e[\cXjYXe[Xj%:lXe[f\jkXYXecfjgXiX$ d`c`kXi\j#j\_XYcXYX[\leXi\[\`eZcljf[\leXiX$ qejfZ`Xc2_fp\e[XcXjYXe[Xj\jk}ed}j[`jg\ijXj# `ek\ekXe ZfekifcXi leX# [fj f ki\j ZlX[iXj# g\if i}$ g`[Xd\ek\j\\eZl\ekiXeZfem\Z`efjhl\hl`\i\ecf d`jdf#\ekfeZ\jefgifjg\iXedlZ_f% ;`\^f =\ieXe[f1 Ef k\e^f dlp ZcXif j` cX 8cZXc[X \jk} Xk\e[`\e[f \jkfj gifYc\dXj \jg\ZÔZfj [\ m`fc\eZ`X \ecfjYXii`fjfj`jfee`ZXd\ek\lek\dX[\gfc`ZX% AX`if1 CX 8cZXc[X cfj \jk} kiXYXaXe[f% G\if j` m\dfj \c GcXe[\;\jXiifccf#pfkf[XmXhl`kXiXlegfhl`kf[\ i\ZlijfjXfYiXj[\`e]iX\jkilZkliXpXck\dXm`Xcpj\ cfjd\k\iXXcfjfZ`Xc%PX_Xplee]Xj`jdlp^iXe[\ \ecXZlckliXZ`l[X[XeX#g\ifd\^ljkXiX`em\ik`i\j\ gfhl`kf[\gi\jlgl\jkfX[`Z`feXcXcXXk\eZ`e[\cfj am\e\j p X[fc\jZ\ek\j \e \c YXii`f gXiX ^XiXek`qXi hl\j\ifdgXZlXchl`\iZ`Zcf[\m`fc\eZ`X% /( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ Sbab_\gXiX\o`^`ic\Xc<jkX[f CXjfZ`\[X[Z`m`cj\\jk}Xgifg`Xe[f[\jl \cZldgc`d`\ekf[\jlj[\Y\i\j% DliXc\ecXLe`m\ij`[X[ [\8ek`fhl`X\e_fd\eXa\ Xc;\]\ejfi[\;\i\Z_fj A\jjDXiXMXcc\% :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X <e\if*([\)''0 :fem\ijXkfi`f 9NCV`V[ QRY:\QRY\ :RQRYY~[ 8j`jk\ek\j 8CFEJFJ8C8Q8IA8I8D@CCF 8cZXc[\[\D\[\cce)''/$)'(( J<I>@F=8A8I;FM8C;<II8D8 8cZXc[\[\D\[\cce)''+$)''. Df[\iX[fi\j ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\Zkf Df[\cfD\[\cce ;@<>F:FII8C<J ;`i\Zkfi[\cGifp\ZkfDf[\cfD\[\cce2 Xj\jfi[\c8cZXc[\ 2[R`aNR[a_RcV`aNQ\OYR P\[RYNYPNYQR.Y\[`\@NYN gN_fRYReNYPNYQR@R_TV\3NWN_Q\Re]Y\_NZ\`YNcV`V[ ]\Y~aVPN f Y\` ]_V[PV]V\` zaVP\` f QR /bR[ 4\OVR_[\ ^bRQR»[R[R`aN`Q\`NQZV[V`a_NPV\[R`fYNP\[aV[bV QNQR[a_RRYYN`.[NYVgNZ\`aNZOVz[Y\`N[aRPRQR[aR` YN SbR_aR ]_R`R[PVN f _RYNPV[ P\[ YN `\PVRQNQ PVcVY P\Z\b[RYRZR[a\R`R[PVNYN`~P\Z\YN\]\_ab[VQNQ QRUNOYN_QRb[:\QRY\:RQRYY~[QR/bR[4\OVR_[\f 1R`N__\YY\@\PVNY6[aRT_NY BXk_`XD\e\^_`e`#¶Hl GXjX62\jgXZ`f[\D\dfi`X DfiXm`X#:`kkX[\cc8ik\$)''/% :fem\ijXkfi`f1CXm`j`e[\cDf[\cfD\[\cce >\iXi[DXik`e1¶:l}c\jjfecfj\a\jZ\ekiXc\jpkiXejm\i$ jXc\j[\cDf[\cfD\[\cce[\9l\e>fY`\iefhl\_Xe _\Z_fgfj`Yc\\jkXkiXej]fidXZ`e[\cXZ`l[X[6 8cfejfJXcXqXi1LeX[\cXjm`ikl[\jd}j`dgfikXek\j[\ \jk\gifp\Zkfj\[`fZlXe[fJ\i^`f\dg\qXj`jk\dX$ k`qXicXjZfjXj`dgfikXek\jhl\j\\jkXYXe[Xe[f\e\c gXjÇgfi\a\dgcfcX\og\i`\eZ`X[\9f^fk}Ç#gl[`\e[f ZXkXc`qXi`ek\eZ`fe\j#gifgl\jkXjpYjhl\[XjjfZ`Xc\j hl\_XYX\ecXZ`l[X[%<cgi`d\i\c\d\ekfZfek\oklXc \jgXjXiXcZfeZ\gkf[\Z`l[X[XeXZfdfYXj\\j\eZ`Xc [\cX[\dfZiXZ`X%Efj\Xg\cXXc^ilgfgfglcXi#efj\ Xg\cXXcXZcXj\d\[`XfXcXZcXj\XckX#j`efXcXZ`l[X[X$ eXpXcZ`l[X[Xef%<jk\gifp\Zkf[\^\jk`ej\Zfejf$ c`[i\Xcd\ek\Zfdflegifp\Zkfgcli`ZcXj`jkX#\j[\Z`i# hl\\jk}`emfclZiX[Xkf[XcX\jZXcXjfZ`Xc% <cgifp\Zkf[\cDf[\cfD\[\ccei\kfdXcXk`ZX\eleX m`j`e[\cX[\dfZiXZ`X%8gXik`i[\cXk`ZX#ifdg\dfj [`jplek`mXj[\`[\fcf^Xj#[\`qhl`\i[Xjp[\i\Z_Xj#p mXdfj_XZ`X\cZ\ekif[\cX[\dfZiXZ`X#_XZ`\e[fle`$ m\ijXc\j ZfeZ\gkfj Zfdf [\jXiifccf p \hl`[X[# [\i\$ Z_fjZ`l[X[Xefj#[\i\Z_fj_ldXefjpZlXkiffZ`eZf ZfeZ\gkfj Y}j`Zfj d}j% <jkfj gi`eZ`g`fj p ZfeZ\gkfj ]l\ifecXXek\jXcX[\el\jkifgifp\Zkf[\Z`l[X[% ?\dfj gcXek\X[f cXj d`jdXj ce\Xj gXiX cfj [fj g\$ if[fj[\^\jk`e#\c[\=XaXi[f)''+$)''. p\cdf )''/$)'(( # gXiX ^XiXek`qXi Zfek`el`[X[ X gXik`i [\ \jkfjgi`eZ`g`fjhl\ZfdgXik`dfjZfdfdfm`d`\ekfZ$ m`Zf#Zfdfgifp\Zkfgfck`ZfpZfdfYXj\[\cX^\jk`e [\cXZ`l[X[%Ef_Xp[`]\i\eZ`Xj#efjcf[\j[\\cglekf [\m`jkXgif^iXd}k`Zfj`ef#`eZcljf#[\j[\\cglekf[\ m`jkX\c\ZkfiXc%Gl\[\_XY\ij`dgc\d\ek\leZfealekf [\dXk`Z\jp[\e]Xj`j[`]\i\ek\j#hl\efXck\iXecX\j$ kilZkliX ^\e\iXc [\c gifp\Zkf [\ Z`l[X[ hl\ \jkXdfj c`[\iXe[f\`dgc\d\ekXe[f%<jkfjdXk`Z\j\jk}e\ecX gfj`Y`c`[X[[\`emfclZiXi[\dXe\iXd}jXZk`mX\ck\dX [\cfjZfii\^`d`\ekfj#fj\X#cXgXik\iliXc[\el\jkiX ali`j[`ZZ`e# \e \c e]Xj`j \e Xk\e[\i X hl`\e\j \e cX XZklXc`[X[j\\eZl\ekiXe\e[`ÔZlckX[\jdXpfi\j1gif$ /+ dfm\dfjleXm`j`e\jkilZkliXc[\clZ_XZfekiXcXgf$ Yi\qXd\[`Xek\gif^iXdXjZfdf9l\e:fd`\eqf#gXiX cX\[lZXZ`egi\$\jZfcXi#pD\[\cceJfc`[Xi`X#gXiXcfj j\Zkfi\jd}jgfYi\j[\cXZ`l[X[#[Xe[fZfek`el`[X[X k\dXjZfdfcX\[lZXZ`e[\ZXc`[X[#\cliYXe`jdfjf$ Z`Xcp\c[\jXiifccf\Zfed`Zf% J\i^`f =XaXi[f1 I\jg\Zkf X cf hl\ [`Z\ 8cfejf [\ Xg\$ cXiXcXZ`l[X[XeX#leX]fidX[\j`dgc`ÔZXicf\jhl\ _\dfj cf^iX[f Zi\Xi cX ZfeZ`\eZ`X \e cX Z`l[X[ p cX Zfdle`[X[ [\ hl\ kf[Xj cXj `ek\im\eZ`fe\j hl\ _X$ Z\dfj#`e[\g\e[`\ek\d\ek\[\ccl^Xi#jfegXiX\cY\$ e\ÔZ`f[\kf[fj%<jkf\jdlp`dgfikXek\#gfihl\ef j\kiXkX[\Xii\^cXilefjYXii`fjgfYi\jgfihl\\iXe dXi^`eXc\jp_Xple^ilgf[\g\ijfeXjXcXjhl\j\ [\Y\Xpl[XiZfeXc^f#j`efhl\\jXj`ek\im\eZ`fe\jj\ cc\mXeXZXYfgXiX\cY\e\ÔZ`f[\kf[XcXZfdle`[X[% I\jg\ZkfXcDf[\cf9f^fk}#j`\dgi\c\_\`ej`jk`[fX cX^\ek\hl\hl`\i\\ek\e[\icXgXik`ZlcXi`[X[[\cDf$ [\cfD\[\cce#hl\\cgifYc\dXhl\efjfkifj\jkXdfj i\jfcm`\e[f\jlegifYc\dXdlp[`jk`ekf2\cmfcld\e pcX`ek\ej`[X[[\cXm`fc\eZ`X\eD\[\cce#cfhl\efj _XgXjX[fXefjfkifj#ef_XjlZ\[`[f\ee`e^leXfkiX gXik\%Pcf[`^f[fcfifjXd\ek\#gl\jef\jgXiX\jkXi fi^lccfjf# g\if j\ kiXkX [\ le gifYc\dX kfkXcd\ek\ [`]\i\ek\% <j [\Z`i# gf[\dfj _XZ\i cXj `ek\im\eZ`f$ e\jhl\k`\e\ej`d`c`kl[Zfe9XiZ\cfeXfZfedlZ_Xj fkiXjgXik\j[\cdle[f#g\if\cgifYc\dXhl\[\Y\$ dfji\jfcm\ii\hl`\i\leXjgifgl\jkXjplefj`dgXZ$ kfjdlp[`jk`ekfj% <jkf\jXc^fhl\dlZ_X^\ek\efm\Xj#gfihl\ef\e$ k`\e[\cfhl\Xhlj`^e`ÔZcX[\jkilZZ`e_\Z_Xgfi\c eXiZfki}ÔZfpcXm`fc\eZ`X% <e k\iZ\i cl^Xi# j`\dgi\ _\ g\ejX[f hl\ lef [\ cfj gifYc\dXj]le[Xd\ekXc\j\ecXZ`l[X[cfZfejk`klp\cX [\j`^lXc[X[jfZ`Xc#hl\i\jlckXdlp[`]Z`c[\i\jfcm\i phl\`dgc`ZXleXXZZ`ed}jgifcfe^X[X\e\ck`\d$ gf%<jX[\l[XjfZ`Xc_`jki`ZX\jk}i\gi\j\ekX[X\ecX ZXek`[X[ [\ gfYi\j hl\ k\e\dfj# hl\ _Xp hl\ Xk\e$ [\icfj p# kf[f \jf# gXjX \e gi`d\iX `ejkXeZ`X gfi cX Xj`jk\eZ`X% /, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ 8[\d}j#cXm`fc\eZ`Xhl\_\dfjm`m`[fk`\e\leXjZfe$ [`Z`fe\j X[`Z`feXc\j Zfdgc\aXj1 cX m`fc\eZ`X \eZ`\iiX% <jkXZ`l[X[#ZlXe[fm`mXleXjZ`iZlejkXeZ`XjjfZ`Xc\j [`]Z`c\j# \og\i`d\ek Zdf cXj [\j`^lXc[X[\j jfZ`X$ c\jpcXm`fc\eZ`X\ekiXife\eZiZlcfm`Z`fjf\_`Z`\ife hl\cX[`m`j`e]l\iXdlZ_fd}jgif]le[X%?XYcXdfj gl\j[\leXi\cXZ`e[\jfYi\m`m`\ek\j#ZX[XZlXc\e jl\jgXZ`fpZfejlji\cXZ`fe\jgXik`ZlcXi\j2cX^\ek\ \jkXYX\eZ\iiX[X\eg\[XZ`kfj#\ej\Zkfi\j2pj`eZf$ dle`ZXZ`e#ef_XYXZ`l[X[XeX% <jkf \j gi\Z`jXd\ek\ cf hl\ efjfkifj _\dfj m\e`[f _XZ`\e[f1cfj\jgXZ`fjgYc`Zfjk`\e\e\cgifgj`kf[\ g\id`k`i hl\ mfcmXdfj X \eZfekiXiefj% Cfj GXihl\j 9`Yc`fk\ZX#gfi\a\dgcf#ef\jk}e`[\X[fje`ZXd\ek\ gXiXhl\cX^\ek\c\Xd}j%Gfijlgl\jkf#\jm}c`[fgXiX \chl\mXpXXc\\i#g\if\jk}eg\ejX[fjZfdfj`k`fj[\ <jgXZ`fjhl\ [`^e`ÔZXe%GXihl\ 9`Yc`fk\ZXCXCX[\iX% :fdleX/% \eZl\ekif%P_XgXjX[fXc^fdXiXm`ccfjf1cXZ`l[X[_X \dg\qX[fXdfm\ij\[\lefjj\Zkfi\jXfkifj#[\le cX[fXfkif% FkifXjg\Zkfhl\\dgXkX\jkXi\Õ\o`e#k`\e\hl\m\i ZfecX]fidXZfdfcc\^XdfjXcgf[\i%Gfihl\efjfkifj ef e\^fZ`Xdfj gXiX cc\^Xi2 ef \eki\^Xdfj e`e^e g\[Xqf[\cXZ`l[X[#e`e`e^e`ek\ijgXik`ZlcXi%<jX _Xj`[f#efjfcXd\ek\cX\j\eZ`X#j`efcfhl\efj_X [X[fcX]l\iqXpefj_Xg\id`k`[fX^lXekXikf[fjcfj \dYXk\j% <j [\Z`i# pX ef d}j \c Èj` pf ^Xef# c\ gX^f Zfe\jkfÉ#j`efhl\kiXYXaXdfjgfileXgifgl\jkX[\ Z`l[X[p#[\ekif[\\ccf#Zfejkil`dfjcXZfeÔXeqX%CX Zfejkil`dfj[\j[\\cgi`eZ`g`f#[\j[\ZdfXiiXeZX$ dfjZfdfdfm`d`\ekfZm`Zfp#[\jglj#[\j[\Zdf X[d`e`jkiXdfj cX Z`l[X[% CX kiXejgXi\eZ`X _X j`[f gXik\]le[Xd\ekXc[\cfel\jkifpZilZ`XcgXiXgf[\i \ek\e[\i\jkXkiXej]fidXZ`e% 8 lef dlZ_Xj m\Z\j c\ [`Z\e1 ȶP \jkf gfi hl ef cf_XYXe_\Z_fXek\j6É%CXi\jgl\jkX\jhl\j\_X$ ZXeZfjXj#g\ifef\iXegXik\[\leXZfeZ\gZ`e[\ Z`l[X[# e` [\ cX `[\ek`ÔZXZ`e [\ [\k\id`eX[fj gif$ Yc\dXj# e` [\ cX ]fidX [\ _XZ\i gfck`ZX% J\ _`Z`\ife Xc^leXj fYiXjÆZfdf jfe \c GXihl\ [\ cfj ;\j\fj f \c GXihl\ [\ cfj G`\j ;\jZXcqfj# p [\ _\Z_f jfe \j$ klg\e[fjÆ# g\if \iXe \j\eZ`Xcd\ek\ fYiXj \jkk`ZXj# Yl\eXj# g\if hl\ ef k\eXe j`^e`ÔZX[f ]i\ek\ X le gifp\Zkf`ek\^iXc[\Z`l[X[% 8cfejfJXcXqXi1<jkfefhl`\i\[\Z`ihl\cX\jkk`ZXj\X `ii\c\mXek\%8cZfekiXi`f#cfjgif^iXdXjkXdY`efg\$ iXe X gXik`i [\ cX \jkk`ZX# g\if fi`\ekX[fj _XZ`X cf jfZ`Xc# _XZ`X cX Z`l[X[# gXiX [`^e`ÔZXi2 p ef _XZ`X cX fYiXZfdfkXc% J\i^`f=XaXi[f1<jfkXdY`eZfd\eqZfecX]fidXZfdf _XZ\dfjgfck`ZX%Ef]l\[\c`Y\iX[f#g\if[\jglj#X d\[`[Xhl\lefmXm`\e[fZdfj\cc\^XXcX^\ek\# j`\dgi\ j\ \dg\q gfi [Xic\j [`^e`[X[ X cXj g\ijf$ eXj%:Xd`eXe[fcXjZXcc\j#gXjfXgXjf#gfikf[XD\$ [\cce#\jfj`^e`ÔZXdlZ_f2\jdlpgf[\ifjfgXiXcX ^\ek\pkXdY`egXiXlef% P\[`a_bV_cfjjl\fj[\cDf[\cfD\[\cce% CXk`ZX\jcXdXk\i`Xgi`dX`e[`jg\ejXYc\gXiX :fem\ijXkfi`f1CXm`j`e[\cDf[\cfD\[\cce 8cfejfJXcXqXi1GXcXYiXjZfdf[`^e`[X[#`[\ek`[X[#Zlc$ kliXZ`l[X[XeX#\jkk`ZX#ZfeÔXeqX#_Xej`[fZ\ekiXc\j \e \jk\ df[\cf p _Xe ^\e\iX[f le `dgXZkf% <j Xc^f dlp[`jkXek\[\c[`jZlijf_XY`klXc[\cX`[\XÈmXdfjX `em\ik`i\ecfjd}jgfYi\jÉ% J\i^`f=XaXi[f18_kXdY`ejfdfj[`]\i\ek\j%?Xpgi\$ Z\gkfjhl\[`Z\ehl\cf_XY`klXcjfecXjfYiXj[\Z\$ d\ekfphl\cfjfZ`Xc`dgc`ZXefd}jZ\d\ekf%<jX]iX$ j\[\ÈPfefgfe^fd}jZ\d\ekfj`effYiXjjfZ`Xc\jÉ \jgi\Z`jXd\ek\leXdXiZX[\[`]\i\eZ`X]i\ek\Xcf hl\efjfkifj\jkXdfj_XZ`\e[f1dlZ_fZ\d\ekfg\if ZXi^X[f[\[`^e`[X[#gfihl\kf[X`ek\im\eZ`ek`\e\ j`\dgi\leXZfeefkXZ`ejfZ`Xc%EfjfkifjXgfjkXdfj gficXZfejkilZZ`e[\[`^e`[X[pkf[f\jkfj\Zfem`i$ k`Xcd`jdfk`\dgf\elegifp\ZkfjfZ`Xc% >\iXi[1 ¶:l}c\j gfj`Z`feXd`\ekfj gfck`Zfj \ `[\fc^`$ Zfjjfegifg`fj[\\jk\df[\cf6 8cfejf JXcXqXi1 ?Xp Xc^f fYm`f# g\if hl\ \j `dgfikXe$ k\j\XcXi1ZlXe[fj\Zfejk`klp\ifecfjgi`eZ`g`fj[\ el\jkif dfm`d`\ekf :fdgifd`jf :`l[X[Xef gXiX cX gi`d\iXZXdgXX\e(000pgXiXcXj\^le[X\e)''*# [\j[\leZfd`\eqf#p[liXek\\jkXjX[d`e`jkiXZ`fe\j# j\c\i\jkZlXchl`\ic\^`k`d`[X[XcXm`fc\eZ`X[\ZlXc$ hl`\ik`gf#g\ifkXdY`ej\XYi`\cXYXe`Zf[\jfcl$ Z`fe\jXcfjgifYc\dXj[\m`fc\eZ`X% J\i^`f=XaXi[f1<e\jk\j\ek`[f#fkif\e]fhl\]le[Xd\e$ kXcj\i\Ô\i\XcXj[`jZlj`fe\j`[\fc^`ZXj[\`qhl`\i[X p[\[\i\Z_X%8dd\gi\^lekXe1ȶMfj[\hljfj6É% <ekfeZ\jj`\dgi\[`^f1ÈJfp`e[\g\e[`\ek\É% Cfjgi`eZ`g`fj[\^fY`\iefhl\efjfkifjZfejkil`dfj efj g\id`k`\ife XZ\iZXiefj Xc dle[f [\j[\ cX g\ij$ g\Zk`mX[\\jfjgi`eZ`g`fjÆfj\X#cXk`ZXpcfj[\d}j hl\pX_\dfjZfem\ijX[fÆpef[\j[\[\k\id`eX[Xj `[\fcf^Xj% CX `[\fcf^X [`Z\1 ÈLe dle[f \j [\ leX dXe\iXÉpc\gfe\leXgcXek`ccXp\jfcf\ogc`ZXkf[f% Efjfkifjk\e\dfjlefjgi`eZ`g`fjpkiXYXaXdfjXgXi$ k`i[\\ccfjj`e`ii\jg\kXicfjeleZX2p\jfefjg\id`k\ Zi\Xi#XYi`iefj#i\ZfefZ\iefj#\ek\e[\iXfkifj%<jX\j cX[`]\i\eZ`XZfek\e\ileX`[\fcf^Xhl\[`Z\hl\kf[X /- XZZ`ej\\ogc`ZX[\j[\leX[\k\id`eX[Xg\ijg\Zk`mX% Cfjgi`eZ`g`fjefjg\id`k\eZfejkil`i#g\ifj`\dgi\\e Zf_\i\eZ`XZfecXYXj\jfYi\cXhl\XiiXeZXdfj% 8cfejfJXcXqXi1Gf[iX[\Z`ij\hl\i\jlckXleXjfclZ`e YXjkXek\ giX^d}k`ZX# gfihl\ gfck`ZXd\ek\ g\id`k\ hl\^\ek\[\fg`e`fe\jdlp[`jk`ekXjefjj`^X%G\if \o`jk\ Xc^f d}j [\ ]fe[f p \j# Xc ÔeXc# XZ\gkXi hl\ _XpdlZ_fj[`jZlijfjhl\j\_XeX^fkX[f%<jjfYi\ cXYXj\[\le89:[\dfZi}k`Zfhl\j\Zfejk`klp\fkiX dXe\iX[\ccXdXiXcfjgi`eZ`g`fjjfYi\cfjZlXc\jpX _\dfj[\YXk`[f#phl\i\jlckXgfj`Yc\hl\cX[`m\ij`$ [X[[\`ek\i\j\jpfg`e`fe\jhl\k\e\dfjZfeÕlpX[\ kf[fjdf[fj_XZ`Xlekfii\ek\Zfde% >\iXi[1 ¶:df \j hl\ j\ gXjX [\ cfj gi`eZ`g`fj X cX XZZ`e#pXhl\cXZXek`[X[[\fYiXji\Xc`qX[Xjp\e ZXd`ef\ekf[fjcfji`eZfe\j[\cXZ`l[X[i\jlckX`d$ gi\j`feXek\6 DliXc[\cXfYiX È?fi`qfek\jÉ [\=iXeZ`jZf 8ekfe`f:Xef% D\kifZXYc\#GXihl\9`Yc`fk\ZXp :fc\^`f[\:Xc`[X[[\JXeAXm`\i% :fdleX(*% 8cfejf JXcXqXi1 <j efkfi`f m\i Zdf# [\jglj [\c \j$ Z\eXi`fgfck`Zf#[\ekif[\cd`jdfc`Yi\kf#j\gXjXXc \jZ\eXi`f [\ ^\jk`e Zfe kf[X i`^lifj`[X[% 8 d d\ gi\^lekXYXe\e\jkfj[Xj1ȶHl\jcfhl\k`\e\D\$ [\cce6É% <ekfeZ\j i\jgfe[f1 È·8iiXehl\ gfi \c k\dX hl\ hl`\iX Gl\[f i\jgfe[\i j`\dgi\ Zfe cf d`jdf# pXhl\kf[XcX^\jk`e\ji`^lifjXÉ%Fj\X1_Xple[`X^$ ejk`Zf#lefjgifp\Zkfj#leXZfek`el`[X[#lefj`e[`ZX$ [fi\j#lefji\jlckX[fj%Gl\[\j\ihl\hl`\egi\^lek\ \dg`\Z\gfi\ck\dX[\jXcl[#gfi\ck\dX[\cXj\^l$ i`[X[fgfi\ck\dX[\c\dgi\e[`d`\ekf% =XaXi[f cf [`af Xc^leX m\q \e le XikZlcf [\ gi\ejX Zfe dlZ_X ZcXi`[X[1 È:Xd`eXdfj [\j[\ \c <[`ÔZ`f :fck\a\i Æhl\ i\gi\j\ekX el\jkiX _`jkfi`X `e[ljki`Xc Zfdf Z`l[X[ k\ok`c\iXÆ Xc <[`ÔZ`f @ek\c`^\ek\ Æf j\X# cXjfÔZ`eXj_`g\idf[\ieXj[\el\jkiXj<dgi\jXjG$ Yc`ZXj [\ D\[\cceÉÆ# Zfdf leX dXe\iX [\ [\Z`i hl\ pXefjfdfjXhl\ccXZ`l[X[pjfZ`\[X[`e[ljki`Xc#j`ef leXjfZ`\[X[[\cZfefZ`d`\ekf%<jXgXik`i[\X_hl\ Zfejkil`dfjm`j`e[\Z`l[X[% D`i\#j`lef_`Z`\iX\c`em\ekXi`f[\cfjel\mfjgifp\Z$ kfjhl\j\gifdl\m\eZfecX:}dXiX[\:fd\iZ`f#Zfe cfjZfeZlijfj[\:Xg`kXcJ\d`ccX#Zfecfjgif^iXdXj[\ `eefmXZ`e#Zfe\cgifp\Zkf[\cGXihl\[\<eki\k\e`$ d`\ekf [\ cX Le`m\ij`[X[ [\ 8ek`fhl`X# Xj Zfdf [\ kXekXj`[\XjkXe[`m\ijXjhl\j\\jk}ecXeqXe[f\ecX Z`l[X[#[\j[\ifgXgXiXdXjZfkXj_XjkXcfjjf]knXi\j gXiX Xpl[Xi X k\Zefcf^Xj [\ jXcl[ dlp XmXeqX[Xj# ZfejkXkXiXhl\j\c\gifgfe\ecXjd`jdXjgfj`Y`c`[X$ [\j [\ ZfefZ`d`\ekf p cXj d`jdXj fgfikle`[X[\j X hl`\em`m\\e\cYXii`f>iXe`qXcÆleYXii`fgfglcXiÆp Xchl\m`m\\e<cGfYcX[fÆleYXii`f[\\jkiXkfjXckfjÆ% <jm\iZdfcX`eefmXZ`ed`jdXmX^\e\iXe[fleX kiXej]fidXZ`e% J\i^`f =XaXi[f1 Efjfkifj ef \dg\qXdfj [`m`[`e[fefj gfihl\ljk\[Zi\\\e\jkffXhl\ccf#j`efhl\gcXek\X$ dfjlefjgi`eZ`g`fjpefji\XÔidXdfj\ehl\ef_Xp e\^fZ`XZ`egfj`Yc\hl\mXpX\eZfekiX[\\ccfj%8gXik`i [\\jkfjgi`eZ`g`fj]l`dfjZXgXZ\j[\\ek\e[\idlZ_Xj ZfjXj p [\ i\ZfefZ\i g\ijfeXj j`e \ekiXi \e cX Zfe$ ]ifekXZ`e[\ÈLjk\[\jk}\eZfekiX[\cfdfÉ%Ef#cf el\jkif_Xj`[f[\Z`i1È8hl_Xple\jgXZ`fgXiX\eZfe$ kiXiefj#gXiXZi\Xi2`ek\ek\dfj_XYcXipZXd`eXialekfj# gXiXhl\j`^XdfjZfejkilp\e[f[\\jkX]fidXÉ% ;`\^f:fiiXc\j1<ed\[`f[\leXD\[\ccem`fc\ekX#Zfe leXZXek`[X[[\dl\ikfj#[\jXe^i\p[\[fcfi#¶Zl}c \j\cD\[\ccehl\j\g\ij`^l\Xhl\c(²[\\e\if[\ )''+#ZlXe[f=XaXi[fj\gfj\j`feXZfdfXcZXc[\6 :fem\ijXkfi`f1CXm`j`e[\cDf[\cfD\[\cce J\i^`f =XaXi[f1 :fe el\jkiX gifgl\jkX gfck`ZX# hl\ j\ ]fidlcX `e`Z`Xcd\ek\ \e (000# g\if j\ ZfeZi\k`qX \e )''+#gXjXdfj[\cXi\j`jk\eZ`XXcXZfejkilZZ`e% EfjfkifjZXeXc`qXdfjkf[X\jX\e\i^X#\og\i`\eZ`Xp ZfefZ`d`\ekf#\eki}e[fc\XcXk`ZXpXcXgfck`ZX[\cX Z`l[X[XeX%<j\jXZfeÕl\eZ`XcXhl\efjg\id`k\j\i cfjc[\i\j% 8cfejfJXcXqXi1Pfg`\ejfhl\D\[\cce_Xj`[fcXe`ZX Z`l[X[[\:fcfdY`X[fe[\j\_XZfejkil`[fleXi\j`j$ k\eZ`XjfZ`XcXceXiZfki}ÔZfpXcXm`fc\eZ`X%<efkiXj Z`l[X[\j# Zfdf jXY\dfj# \c eXiZfki}ÔZf \eZfeki dlZ_fjd\efj[`hl\jZlckliXc\jfk`Zfj% 8hl#ljk\[gl\[\`[\ek`ÔZXi\jXi\j`jk\eZ`X\e\cjli^`$ d`\ekf[\le^ilgf\dgi\jXi`Xc#hl\j\le\Xci\[\[fi [\legifgj`kfZfde[\efg\id`k`icXg\e\kiXZ`e [\ceXiZfki}ÔZf\ejlje\^fZ`fj#f\ecX\o`jk\eZ`X[\ dlZ_XjFE>pcX@^c\j`XkiXYXaXe[f\e\jkXj`klXZ`e% 8Z} _lYf le ]\ed\ef gfjkZfejk`klZ`feXc# \e ki$ d`efj [\ leX [`eXd`qXZ`e [\ cX jfZ`\[X[ Z`m`c# hl\ Xpl[XZi\XileXZfeZ`\eZ`X[\dfZi}k`ZXXZk`mX%J`e \dYXi^f#jlgXik`ZlcXi`[X[\jhl\\iXledfm`d`\ekf [\i\j`jk\eZ`Xpefledfm`d`\ekf[\fgZ`e[\ZXd$ Y`f#f[\Zi\XZ`e%Cfhl\j\cf^iXZfecXgifgl\jkX[\ :fdgifd`jf:`l[X[Xef#Xgifm\Z_Xe[f\jXjj`e\i^`Xj jfZ`Xc\j#\jhl\#leXm\q\e\cgf[\ipkiXj\ek\e[\i hl\jfecfjgfck`Zfjhl`\e\jkfdXedlZ_Xj[\cXj[\Z`$ j`fe\jd}jkiXjZ\e[\ek\j[\cXjfZ`\[X[#j\i\`m`e[`ZX cXgXik`Z`gXZ`epcfjmXcfi\j[\dfZi}k`Zfj\j\eZ`Xc\j# [\]\e[`[fjgfileX^\e\iXZ`ehl\_XYXg\ejX[fgif$ p\Zkfj[\Z`l[X[#hl\jfXYXZfekiXYXaXipZfejkil`i Z`l[X[#g\ifhl\ef_XYXk\e`[fcXgfj`Y`c`[X[[\gXi$ k`Z`gXi\egfck`ZX%:fe\ccfjglj`dfjleZfefZ`d`\ekf XZldlcX[f\ecXZ`l[X[Xcj\im`Z`f[\cfgYc`ZfXkiX$ mj[\cXX[d`e`jkiXZ`egYc`ZX% >\iXi[1 ¶Ljk\[\j Zfej`[\iXe hl\ \j Xgifg`X[f _XYcXi [\leDf[\cfD\[\cce[\9l\e>fY`\ief#fleDf$ [\cf D\[\cce [\ >\jk`e GYc`ZX# f \jkf `dgc`ZXiX [\dXj`X[Xi`^`[\q6 J\i^`f =XaXi[f1 J j\ gl\[\ p k\e\dfj hl\ j\ek`iefj fi^lccfjfj [\ \jkf% J\^lij`df# efjfkifj _`Z`dfj le kiXYXaf fi`^`eXc p cX Z`l[X[ ZXdY`% :fej`[\if hl\ // \c ZfeZ\gkf [\ Df[\cf D\[\cce [\ 9l\e >fY`\ief p ;\jXiifccfJfZ`Xc@ek\^iXcZlYi\YXjkXek\Y`\ecfhl\ \jkXdfj_XYcXe[f% 8cfejf JXcXqXi1 <c Df[\cf D\[\cce \j cf hl\ mX [\j[\ leXm`j`e[\Z`l[X[#gXjXe[fgficX\jkk`ZX#cXilg$ kliX [\ gXiX[`^dXj# \c [\jXiifccf p cX ZXg`kXc`qXZ`e [\cZfefZ`d`\ekfjfZ`Xc#kf[fgl\jkfX]Xmfi[\cXX[$ d`e`jkiXZ`egYc`ZXp[\leXdXe\iX[\X[d`e`jkiXi hl\YljZX[`^e`ÔZXi\jkXZ`l[X[%I\gi\j\ekXdfjleX m`j`ek`ZX[\cXgfck`ZXpkXdY`eledf[\cfk`Zf [\^\jk`e%<jZfecX`ekif[lZZ`e[\leXiXZ`feXc`[X[ \e cX ^\jk`e gYc`ZX# \dg\qXe[f gfi cfj [`X^ejk`$ ZfjgXik`Z`gXk`mfj[\cfjgifYc\dXj#pXk\ii`qXe[f\e cX jfclZ`e# hl\ _\dfj cf^iX[f ifdg\i cX `e\iZ`X \e hl\\jkXYXjld`[XcXX[d`e`jkiXZ`egYc`ZX#XZXljX [\`ek\i\j\jdlpgXik`ZlcXi\jhl\cXjl\c\e[fd`eXi% 8hl_Xp\m`[\eZ`X[\kf[XleXd\kf[fcf^X[\i\Zf$ c\ZZ`e[\cZfefZ`d`\ekf[\cXZ`l[X[#hl\j\Xgifm\$ Z_XX]fe[fgXiX]fidlcXicfji\jg\Zk`mfjGcXe\j[\ >fY`\ief p GcXe\j [\ ;\jXiifccf Dle`Z`gXc# kf[f [\ dXe\iXal`Z`fjXpi`^lifjX% ;`\^f:fiiXc\j1¶:dfj\Zfejkilp\cdf[\cf[\^\j$ k`e\ecfZfk`[`Xef#\e\c[XX[X#pgfi[e[\j\ \dg\q6 J\i^`f=XaXi[f1Kf[fcfhl\efjfkifj_`Z`dfj\ecXZXd$ gXXj\kiXej]fideXkliXcd\ek\\ecX^\jk`egYc`$ ZX1cfjgi`eZ`g`fj[\cdfm`d`\ekfj\Zfem`ik`\ife\ecfj gi`eZ`g`fj[\cX^\jk`egYc`ZX#cXZfeÔXeqXhl\efj k\e\dfjZfecX^\ek\\ecXZXcc\#cXkiXejgXi\eZ`X\e cX^\jk`e%Fj\X#kf[fklmfleXj\Zl\eZ`Xp\cZfef$ Z`d`\ekf]l\gcXjdX[f\ecfjGcXe\j[\;\jXiifccfÆ\c dfp\c[\8cfejfÆ#jfYi\cfjZlXc\jj`^l\XmXeqXe[f cX Z`l[X[% :lXe[f \dg\qXdfj# jXYXdfj cf hl\ YX$ dfj X _XZ\i# k\eXdfj cX ZcXi`[X[ p cX ZfejkXeZ`X# p Xc^fdlp`dgfikXek\#cX]fidXZ`e%?XpleX]iXj\hl\ :\ekif[\;\jXiifccf:lckliXc [\DfiXm`XpGXihl\C`e\XcCX 9\id\aXcX%:fdleX+% /0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ a_N[`]N_R[PVN ÈCX \jgXik\]le[Xd\ekXc[\cfel\jkif#pZilZ`Xc gXiXgf[\i\ek\e[\i\jkXkiXej]fidXZ`eÉ%J\i^`f=XaXi[f#\oXcZXc[\[\D\[\cce% 0' FkiX]XZ_X[X[\ cX>Xc\iXLiYXeX ÈG`ekXe[fcX<j$ g\iXeqXÉ%8ik`jkX EXkXc`X:}i[\eXj# )''/% pflk`c`qXYX1ÈEfjfkifjefc\[\YXdfjeX[XXeX[`\É2 fj\X#efjfkifjefe\^fZ`XdfjeX[X2\ekfeZ\jcfhl\ _`Z`dfj]l\XidXile\hl`gfZfeg\ijfeXj_fe\jkXj# ZfeZfefZ`d`\ekf#ZfegXj`epZfej\ej`Y`c`[X[%Cf$ ^iXdfjkiXYXaXigfileXgifgl\jkX[\Z`l[X[#\em\q [\ _XZ\icf gfi `e[`m`[lfj f a\]\j gfck`Zfj% J`\dgi\ efj Zfdgifd\k`dfj gfi le jl\f p ef gfi gifgl\j$ kXjgXik`ZlcXi\j%?Xj`[fleXdXe\iX[\kiXYXaXidlp gf[\ifjX#Zfekf[XjcXj[`ÔZlckX[\jhl\gl\[\\jg\iXi hl`\ecf_X^XXj\e\cj\ZkfigYc`Zf[\\jk\gXj% 8cfejf JXcXqXi1 8cc _Xp le Xjlekf hl\ gfi ]fikleX \c k`\dgfXpl[Xi}Xjlg\iXi1cfjg\ejXd`\ekfjd}jgif$ ^i\j`jkXjk`\e\e[`ÔZlckX[[\`e^i\jf\ecfgYc`Zf#gfi cX`ek\ej`[X[[\^\jk`ehl\kiXYXaXi\e\jk\k`gf[\ gifZ\jfj i\]fidX[fi\j `dgc`ZX% 8hl cf hl\ j\ _`qf ]l\`dgc\d\ekXilegcXei`^lifjf#efgXiXhl\hl\[X$ iX\egXg\c#j`efgXiXhl\j\i\Xc`qXiXpj\Zfem`ik`\iX \ele^iXeZXg`kXc%<jkXe]l\ik\#hl\leX[\cXj[`jZl$ j`fe\j[\cXZXdgXXgfck`ZX\iXj`cXgXcXYiXÈZfek`$ el`[X[Éi\jlckXYXk`cp\c\ZkfiXcd\ek\m}c`[X%Fj\X# _XpkXekfi\ZfefZ`d`\ekfjfZ`Xc[\cf_\Z_f[liXek\ cXgi`d\iXX[d`e`jkiXZ`e#cX[\=XaXi[f#hl\efjfkifj gl[`dfj _XZ\i ZXdgXX X gXik`i [\ cX Zfek`el`[X[% M`jkfpXZfdflegifp\Zkf[\Z`l[X[#cX^iXem\ekXaX [\cXZfek`el`[X[\j\m`[\ek\d\ek\\cZi\Z`d`\ekf#\c Xgi\e[`qXa\\e\c[\jXiifccf% >\iXi[1 ¶Gfi hl jli^\ =XaXi[f Zfdf \c c[\i [\ \jkX gifgl\jkX#ZlXe[fef_XYXj`[fled`\dYifXZk`mf \ecfjgifZ\jfjjfZ`Xc\jpZlckliXc\j[\cXZ`l[X[\e cfjXfjefm\ekX6 8cfejfJXcXqXi1<jfk`\e\hl\m\i\oXZkXd\ek\Zfecfhl\ pX _XYcXdfj1 hl\ cX gifgl\jkX ]l\iX jlÔZ`\ek\d\ek\ le`m\ijXc Zfdf gXiX hl\ eX[`\ gl[`\j\ Xki`eZ_\iXij\ \eleg\ejXd`\ekf\jg\ZÔZfp[\Z`i\jfef\jm}c`[f% P\ccf#efjcf[\j[\\cglekf[\m`jkX[\Zfii`\ek\j[\ g\ejXd`\ekf#j`efkXdY`e[\j[\\cglekf[\m`jkX[\ cX \jkilZkliX jfZ`Xc1 `eZcl`i X `e[ljki`Xc\j p Xc j\Zkfi gi`mX[fj`ehl\cX`qhl`\i[XZXc`ÔZXiX\cgifp\Zkf[\ e\fc`Y\iXc# gfi \a\dgcf% :fe J\i^`f j\ cf^i ^XiXek`$ qXileXle`m\ijXc`[X[hl\j\_X_\Z_fdlpm}c`[X\e g\if[fj[\Zi`j`j% J\i^`f=XaXi[f1D\XZl\i[f[\leX]iXj\dlpc`e[Xhl\ cXg\i`f[`jkXCXliXI\jki\gfd\[`af%GXiXcXZXdgXX \jk}YXdfjg\ejXe[f\egfe\ileXZ`ekXhl\Zfe\Z$ kXiX kf[X cX Z`l[X[# gXiX dfjkiXi cX `ek\^iXc`[X[ [\ el\jkif gifp\Zkf Z`l[X[% J\ [\Z`[` hl\ \jkf ef j\ gf[iX_XZ\ipcl\^f\ccXd\\jZi`Y`1ÈCXZ`ekX\i\j kÉ# \e \c j\ek`[f [\ hl\ pf# Zfdf g\ijfeX \ok\ieX Xkf[X\jXdXjXZik`ZXhl\j\dfmXXZ}\ecfjXfj efm\ekX#gf[Xle`iXdlZ_fjj`eZi\XiZfe]ifekXZ`e \eki\\ccfj#e`j\i\e\d`^f[\e`e^lef% 0( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ GXik`Z`gXZ`e# XcdX[\cDf[\cf D\[\cce%Gi\j\e$ kXZ`e[\cGL@ :\ekiffi`\ekXc% >\iXi[1 ¶;e[\ \jk} \c hl`\Yi\ Zfe df[\cfj [\^\jk`eXek\i`fi\j[\cXZ`l[X[6 8cfejfJXcXqXi1CX^\jk`e[\D\[\cce\iX[\ ZXk\hl\j`jp[\Xj`jk\eZ`Xc`jdf#Zfekf[fcf cfXYc\hl\k`\e\\jXXZk`kl[[\cXjc`k\j\d$ gi\jXi`Xc\j% <j\ df[\cf j\ i\m\ek Zfe cX \d\i^\eZ`X[\ceXiZfki}ÔZf%Kf[XmX\ecfj Xfj fZ_\ekX# [`^Xdfj# cXj XZZ`fe\j d}j i\jg\kX[Xj\iXecXj[\cXj]le[XZ`fe\jjf$ Z`Xc\j#ZfdfgcXe\jpgif^iXdXj[\m`m`\e$ [XgXiXcfjgfYi\j%G\ifjlZ\[`\ife[fjZf$ jXj]le[Xd\ekXc\j%Gi`d\if#cXj\jkilZkliXj Zc`\ek\c`jkXjc\Xii\YXkXife\cgXik`[fXcXj fc`^XihlXjpcXgfck`ZXgXj[\j\idXe\aX$ [X[\j[\\c:clYLe`eÆ\ccl^Xi_`jki`Zf[\ i\le`e[\cXjc`k\jÆXj\idXe\aX[Xgfic$ [\i\jgfck`ZfjliYXefj#gfic[\i\jiliXc\j% Hl`q}\j\eki\cfjXfj(0/)$(0/+hl\j\[X \jX ck`dX gXik`Z`gXZ`e [\c j\Zkfi \dgi\$ jXi`Xc\e\cj\ZkfigYc`Zfpgfck`Zfp[\j[\ X_#j\[\jc`^XdlZ_f[\\j\ZXdgf%<ele gXjfX[`Z`feXc#cXgfck`ZXj\Zfem`ik`#Zfdf Zfej\Zl\eZ`Xg\im\ijX[\cX[\jZ\ekiXc`qX$ Z`e#\eleX]l\ek\[\\ei`hl\Z`d`\ekf% ;\jm`eZlcX[f[\cXgfck`ZXp[\cfgYc`Zf# le^ilgf\dgi\jXi`Xci\^`feXc[\gif[lZkfj Y}j`ZfjpÔeXeZ`\ifjÆJliXd\i`ZXeX[\J\$ ^lifjÆj\kiXej]fidX\eleXj\i`\[\dlck`$ eXZ`feXc\jd\[`XeXjZfegi\j\eZ`Xdlp`d$ gfikXek\ \e kf[X CXk`efXdi`ZX# g\if hl\ ^lXi[Xe leX \jkilZkliX [\ gifg`\[X[ dlp Zfc\Zk`mX#p\edXefj[\^\ek\[\Xhl% J\i^`f=XaXi[f1<jgi\Z`jXd\ek\gfi\jXgXik`$ ZlcXi`[X[ hl\ \ccfj k`\e\e le ^iXe j\ek`[f [\g\ik\e\eZ`X% :fem\ijXkfi`f1CXm`j`e[\cDf[\cfD\[\cce 0) M`jkXjfYi\\cGXihl\ AlXe\j[\cXGXqpcX qfeXefifZZ`[\ekXc% 8cfejfJXcXqXi1<cj\^le[fk\dX]le[Xd\ekXc\jcX[\$ dfZiXk`qXZ`e#cX\c\ZZ`egfglcXi[\XcZXc[\jp^fY\i$ eX[fi\jhl\c\[Xkf[f\cgf[\iXcXji\[\jZc`\ek\c`jkXj pj\cf`e_`Y\XcXjc`k\j%<e\jk\j\ek`[f#Zfejk`klp\ leXmXeZ\]fidXc[\cX[\dfZiXZ`X#g\ifleX`dg\i$ ]\ZZ`egi}Zk`ZX%Cf`ek\i\jXek\\jhl\\j\[\jXiiX`^f `e`Z`X[f\ecfjXfjj\k\ekXk\id`eXlegfZf\ecXX[$ d`e`jkiXZ`e[\=XaXi[f%<jXjc`k\jm`\e\eXZfeZlii`i [\dXe\iXdlp\eklj`XjkX#Zfedf[\cfjp\jhl\dXj dlZ_fd}jdf[\iefj[\i\jgfejXY`c`[X[jfZ`XcpZfe leX m\ekXaX `ed\ejX1 ef k`\e\e `ek\i\j\j \e \c gi\$ jlgl\jkfgYc`Zf%<jgifg`f#kXdY`e[\\jk\Df[\cf D\[\cce# le i\\eZl\ekif [\ cX c`k\ Zfe cX gfck`ZX p Zfe\cdle[f[\cfgYc`Zf% J\i^`f=XaXi[f1CXiXqe\jhl\efjfkifjZfejkil`dfjcX ZfeÔXeqX \e \c dXe\af [\ cfj i\Zlijfj gYc`Zfj% Le \a\dgcf \m`[\ek\ \j cX [feXZ`e [\ *)%''' d`ccfe\j [\g\jfj$lefj(,d`ccfe\j[\[cXi\jÆ#hl\j\_`qfXc dle`Z`g`fgXiXcXZfdgiX[\cXek`^lfZfc\^`fJXeAfj# fcX[feXZ`e[\ccfk\[\cGXihl\AlXe\j[\cXGXq#[fe$ [\cX8cZXc[Xi\Xc`qleX`em\ij`e`dgfikXek\gXiXjl [fkXZ`e#pX_\jk}gXiXhl\ZX[Xlefcf[`j]ilk\% ;`\^f:fiiXc\j1¶Gfihl\jkXe[`]Z`cZXgkXi\cDf[\cf D\[\cce\elejfcfZfeZ\gkf6 8cfejfJXcXqXi1Gfihl\\c\e]fhl\\j`ek\^iXc%J`[\Z`dfj ÈcX\[lZXZ`eÉ#pXhl\\cc\dX\ecXX[d`e`jkiXZ`e[\ =XaXi[f ]l\ ÈD\[\cce# cX D}j <[lZX[XÉ# kXdY`e [`$ iXdfj hl\# d}j hl\ \c \a\ Z\ekiXc# \iX le ZfeZ\gkf `ek\^iXc[\`ek\im\eZ`e% J\i^`f=XaXi[f1CXZXgXZ`[X[[\_XZ\i`ek\im\eZ`fe\j`e$ k\^iXc\j\jleX[`d\ej`edlpgf[\ifjX[\cDf[\cf D\[\cce#kXekfZfdfgifZ\jf#Zfdf\ecfjgifp\Zkfj hl\_\dfjm\e`[f[\jXiifccXe[f% GXj\f:XiXYfYf p\cEl\mfEfik\1 <ogcfiX#D\kif pGXihl\[\cfj ;\j\fj%8c]fe[f# \c:\ekif% 1R`N__\YY\ @\PVNY6[aRT_NY 9\j`kfjgXiXD\[\cce#j%]% <k_\c>`cdfli 8Zic`ZfjfYi\j}YXeX )''o*''Zd :fc\ZZ`egXik`ZlcXi 9`Yc`fk\ZX[\cDlj\f[\8ek`fhl`X ),[\efm`\dYi\[\)''/ 8j`jk\ek\j =<C@G<8E;IyJ>@C98II<I8 J\Zi\kXi`f[\<[lZXZ`e)''/$)'(( E<CJFE8C9<IKFIè8:<98CCFJ M`Z\ii\Zkfi>\e\iXc[\c@ejk`klkfK\Zefc^`Zf Df[\iX[fi\j ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf [\cGifp\ZkfDf[\cfD\[\cce ;@<>F:FII8C<J D\kifgfc`kXef$@KD$ ;`i\Zkfi[\cGifp\ZkfDf[\cf D\[\cce2Xj\jfi[\c8cZXc[\ :fem\ijXkfi`f :RQRYY~[ YN:s`2QbPNQN ±:RQRYY~[YN:s`2QbPNQN²SbRRYYRZNQRYNNQZV[V`a_NPV[QRYNYPNYQR@R_TV\ 3NWN_Q\!$`bO_NfN[Q\YNPR[a_NYVQNQQRYR[S\^bRRQbPNaVc\R[RY:\QRY\ :RQRYY~[0\[S\_ZRNY\`<OWRaVc\`QRY:VYR[V\¯P\[Y\`PbNYR`0\Y\ZOVN`RUNP\Z ]_\ZRaVQ\¯:RQRYY~[aVR[RP\Z\b[\QR`b`]_\]`Va\`Sb[QNZR[aNYR`TN_N[aVgN_ NPPR`VOVYVQNQfNYa\`R`as[QN_R`QRPNYVQNQR[a\QNYNPNQR[NRQbPNaVcNQR`QRYN]_V ZR_NV[SN[PVNUN`aNYNRQbPNPV[`b]R_V\_±9NRQbPNPV[R`b[NUR__NZVR[aNSb[QN ZR[aNY]N_NYNV[PYb`V[`\PVNY;NQVR]\_SbR_Na\QN`fa\Q\`R`abQVN[Q\²UNQVPU\ RYNYPNYQRNPabNY.Y\[`\@NYNgN_%2[a_RY\`]_\T_NZN`Zs`VZ]\_aN[aR` `RR[PbR[a_N[' /bR[0\ZVR[g\'R[S\^bRV[aRT_NY`NYbQ[ba_VPV[RQbPNPV[QRNaR[PV[N[V\` QR PR_\ N PV[P\ N\` V[PYbVQN YN P\[`a_bPPV[ QR & WN_QV[R` V[SN[aVYR` R[ R`a_Na\` ONW\`fZRQV\ONW\`fa_NONW\P\[]NQ_R`SNZVYVNfP\Zb[VQNQR` ;NQVR]\_3bR_NfYN2`PbRYN/b`PNNY;V\']_\T_NZN`RV[PR[aVc\`]N_N_RQbPV_RY NON[Q\[\R`P\YN_R[]_VZN_VNf`RPb[QN_VN 0\YRTV\`QR0NYVQNQ'[bRc\`P\YRTV\`\»PVNYR`QV`RNQ\`]\_Y\`ZRW\_R`N_^bVaRPa\`R[ ON__V\`]R_VSz_VP\`f`RPa\_R`]\O_R`P\[RePRYR[aRQ\aNPV[fNOVR_a\`NYNP\Zb[VQNQ 6[`aVaba\ARP[\YTVP\:Ra_\]\YVaN[\'P\[`\YVQNPV[QRYNRQbPNPV[azP[VPNfaRP [\YTVPNQRPNYVQNQP\[NZ]YVNPV[QR$N Pb]\`R`abQVN[aVYR` 0NZV[\NYN2QbPNPV[@b]R_V\_'P_RNPV[QRY3\[Q\2Z]_R`N`=OYVPN`QR:RQRYY~[ ]N_NP_zQVa\`QRRQbPNPV[`b]R_V\_[\_RRZO\Y`NOYR``RT[_R`bYaNQ\`NPNQzZVP\` f]_\T_NZN`QRQR`PbR[a\`R[ZNa_~PbYN]N_NR`abQVN[aR`QRONW\`_RPb_`\`2[R`aR P\[cR_`Na\_V\_R¼ReV\[NZ\``\O_RR`a\`]_\T_NZN`YNPR[a_NYVQNQQRYR[S\^bRRQb PNaVc\R[RY:\QRY\:RQRYY~[YN`NYVN[gN`P\[`RPa\_R`RZ]_R`N_VNYR`f]_VcNQ\`fY\` _Ra\`]\_QRYN[aR GXihl\9`Yc`fk\ZXCXCX[\iX% :fem\ijXkfi`f1 D\[\cce#cXD}j<[lZX[X 0/ >\iXi[DXik`e1¶CXkiXej]fidXZ`e`ek\^iXc[\cX^\jk`e [\cX\[lZXZ`e\eD\[\cce[\j[\)''+j\[`fXgXi$ k`i[\le\oZ\c\ek\ljf[\cXjkiXej]\i\eZ`Xjp[\d}j _\iiXd`\ekXj[\cX[\jZ\ekiXc`qXZ`e[\cX\[lZXZ`e gi\m`jkXj\ecX:fejk`klZ`e[\(00(#fi\hl`i`\j]l\i$ qfjX[`Z`feXc\jgfigXik\[\cdle`Z`g`f6 =\c`g\8e[ij>`c1D\[\ccej\Z\ik`ÔZXg\eXj\e)''*% CXXcZXc[X[\J\i^`f=XaXi[f]l\\ekfeZ\jcXgi`d\iX \eXjld`icXX[d`e`jkiXZ`e[\cX\[lZXZ`e#`eZcljf kf[XcXX[d`e`jkiXZ`e[\cXed`eX[\cfjdX\jkifj# X gXik`i [\ cXj kiXej]\i\eZ`Xj [\ cX eXZ`e% 8ek\j [\ )''*#\jkXX[d`e`jkiXZ`e\jkXYX\edXefj[\cXJ\$ Zi\kXiX [\ <[lZXZ`e ;\gXikXd\ekXc% 8_fiX Y`\e# j` `ek\ekXjkiXej]fidXicX\[lZXZ`e\eZlXchl`\idle`$ Z`g`f[\:fcfdY`XZfecfji\Zlijfj[\cXjkiXej]\i\e$ Z`Xj#cf^iXj_XZ\idlpgfZf%CXjkiXej]\i\eZ`Xji\Xc$ d\ek\XcZXeqXegXiXgX^XicXed`eX[\cfjdX\jkifj phl\[Xedlp\jZXjfji\ZlijfjgXiX`em\ik`i[`i\ZkX$ d\ek\\ecfj]XZkfi\jXjfZ`X[fjZfecXZXc`[X[[\cX \[lZXZ`e# Zfdf cX ]fidXZ`e [\ dX\jkifj# cX [fkX$ Z`e[\k\Zefcf^X#dXk\i`Xc[`[}Zk`ZffY`Yc`fYXeZfj% G\if ef j\ cf^iX# gfi \a\dgcf# Zfejkil`i Zfc\^`fj f X[\ZlXicfj\o`jk\ek\jgXiX^XiXek`qXi\oZ\c\ek\jXd$ Y`\ek\j[\Xgi\e[`qXa\%Gfi\ccf#cXX[d`e`jkiXZ`e[\ J\i^`f=XaXi[fkfdleX[\Z`j`egfck`ZX]le[Xd\ekXc gXiX\cd\[`XefpcXi^fgcXqfpgi`fi`qcX\[lZXZ`e Zfdf\a\[\cXkiXej]fidXZ`ejfZ`Xc[\cXZ`l[X[#cf d`jdfhl\j`^l\_XZ`\e[fcXXZklXcX[d`e`jkiXZ`e[\ 8cfejf JXcXqXi% :lXe[f le ^fY\ieXek\ [X gi`fi`[X[ Xlej\Zkfi#kXdY`e[Xgi`fi`[X[Xcfji\ZlijfjgXiX \jk\j\Zkfi%<jffi`^`eX\cXdY`Z`fjfgif^iXdXÈD\[\$ cce#cXd}j<[lZX[XÉ#hl\\ek`\e[\cX\[lZXZ`eZfdf leZ`ZcfZfdgc\kf#[\j[\cXgi`d\iX`e]XeZ`X_XjkXcX \[lZXZ`ejlg\i`fi%;\ekif[\\jk\ZfeZ\gkfXdgc`f# c`[\iX[f gfi \c J\Zi\kXi`f [\ <[lZXZ`e [\ =XaXi[f# ?fiXZ`f 8iXe^f# Zfd\eqXdfj X XYfi[Xi k\dXj ]le$ [Xd\ekXc\jZfdfcXXk\eZ`eXcXgi`d\iX`e]XeZ`X#cX <[`ÔZ`f:`\ekÔZf [\cAXi[e9fk}e`Zf# ZfdleX+% 8ihl`k\Zkf1äjZXiD\jX% g\ik`e\eZ`X[\cX]fidXZ`ed\[`X#cXjel\mXjfgfikl$ e`[X[\jgXiXcfjd}j_ld`c[\j[\XZZ\[\iXcX\[lZX$ Z`ejlg\i`fi#leX`e]iX\jkilZkliXdf[\ieX[\cj\Zkfi \[lZXk`mfpel\mfj\jgXZ`fjgXiXcXZlckliX#\cXik\#cX Z`\eZ`XpcX`em\jk`^XZ`e%8jXgXi\Z\ecfjZ`eZfGXi$ hl\j9`Yc`fk\ZXj#\cGXihl\[\cX:`\eZ`XpK\Zefcf^X <ogcfiX# \c GXihl\ [\c <dgi\e[`d`\ekf p \c :\ekif [\ ;\jXiifccf :lckliXc [\ DfiXm`X# \eki\ fkifj% Kf[f \jkf Zfejfc`[X X D\[\cce Zfdf leX m\i[X[\iX Z`l$ [X[ \[lZX[fiX% F j\X# cX [\jZ\ekiXc`qXZ`e j`im\# cXj kiXej]\i\eZ`Xjj`im\e#g\ifcf\j\eZ`Xc\jk}\ekfdXi [\Z`j`fe\jgfck`ZXjcfZXc\jXl[XZ\j#XZfdgXX[Xj[\ i\Zlijfjgifg`fj%<e\jk\dfd\ekf[\jk`eXdfj). [\cgi\jlgl\jkf[\cXZ`l[X[X\[lZXZ`e#\ek\e[`[X Xdgc`Xd\ek\ Æ\ `eZcljf j\ cc\^ X +' \e \c k\iZ\i Xf[\^\jk`e[\=XaXi[fÆ#]i\ek\Xgfi\a\dgcf. \eleXqfeXZfdf\c\a\ZX]\k\if%JfeZ`]iXjdlpXckXj \eZfdgXiXZ`e`eZcljfZfeCXk`efXdi`ZX% 00 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ >\iXi[1 ¶Hl k`gf [\ Xc`XeqXj Zfejkilp\ife ljk\[\j gXiX ÔeXeZ`Xi p ^\jk`feXi gifp\Zkfj p gif^iXdXj kXeXdY`Z`fjfj6 =\c`g\1 <e D\[\cce cX `e]iX\jkilZkliX \[lZXk`mX \jkXYX XYjfclkXd\ek\ [\k\i`fiX[X# ef _XYX \jkdlcfj gXiX cfjdX\jkifj#ef_XYXgif^iXdXj[\ZXc`[X[#efj\c\j [\ZXXcfjam\e\jhl\jlgifp\Zkf[\m`[Xgf[iXj\i cX\[lZXZ`ejlg\i`fi%:lXe[fcX8cZXc[Xgi\j\ekXXcX Z`l[X[leGcXe[\;\jXiifccfpleGcXe[\<[lZXZ`e \jkilZkliX[fj#Zf_\i\ek\jpZfed\kXjZcXiXj#Zfd`\e$ qXX\eZfekiXifi^Xe`qXZ`fe\j#]Xd`c`XjpZfdle`[X[\j hl\hl`\i\ej\ijfZ`fj[\cgifZ\jf[\kiXej]fidXZ`e% Gfi\a\dgcf#cfj\dgi\jXi`fjmXcfiXe#X[\d}j[\cGcXe [\<[lZXZ`e#leX^\jk`ei\jgfejXYc\pkiXejgXi\ek\ [\cXX[d`e`jkiXZ`egfihl\c\j[XZfeÔXeqX%Jlm`e$ ZlcXZ`e`e`Z`Xc]l\XgfikXe[fXcX^\jk`e[\\jkXj`ej$ k`klZ`fe\jkf[f\cZfefZ`d`\ekf\dgi\jXi`Xchl\\ccfj kiX\e[\cj\Zkfigi`mX[f%Cl\^fZfd`\eqXeX`em\ik`i i\Zlijfj \e gif^iXdXj \jg\ZÔZfj [\ elki`Z`e# [f$ kXZ`fe\j# `e]iX\jkilZkliX gXiX cX ZlckliX# \c Xik\ p cX \[lZXZ`ejlg\i`fi#\eki\fkifj%@^lXcd\ek\#\dg`\qXe X`emfclZiXij\cXjle`m\ij`[X[\j#cfjZfc\^`fjgi`mX[fj pcXjFE>pj\cf^iX[\jXiifccXileZfeZ\gkfkiXjZ\e$ [\ekXchl\\jcXZfii\jgfejXY`c`[X[% >\iXi[1¶:l}c\j\cg\jf[\cX\[lZXZ`efÔZ`Xc\eD\$ [\cce6 =\c`g\1<eD\[\ccek\e\dfj/'[\cfje`fj\jkl[`Xe[f \ecfjZfc\^`fjfÔZ`Xc\j#fj\X#+(-%'''e`fj%<ci\kf\j d\afiXicXZXc`[X[[\cX\[lZXZ`efÔZ`Xc#hl\`dgXZkX [`i\ZkXd\ek\ X cXj ]Xd`c`Xj d}j gfYi\j [\ cX Z`l[X[% <jkXgXik`ZlcXi`[X[j\\ogc`ZX#\egXik\#gficXj\^li`$ [X[1ZlXe[f\ck\dX\iXkXe^iXm\\edlZ_fjYXii`fj# ¶Zl}cZfc\^`fgi`mX[fj\`YXX`ejkXcXiX_6G\ifX_fiX XgXi\Z\ Zfdf leX m\ekXaX1 Zfe leX \[lZXZ`e fÔZ`Xc [`^eX#[\ZXc`[X[#`dgXZkXdfjX/'[\cXj]Xd`c`Xj[\ cXZ`l[X[%JXcXqXip=XaXi[fefj_Xe\ej\X[fcX`dgfi$ kXeZ`X[\È^fY\ieXi\ecXZXcc\#\e\cj`k`fÉ% >\iXi[1;\ekif[\c\e]fhl\`ek\^iXchl\ljk\[d\eZ`f$ e#cXXcZXc[X[\8cfejfJXcXqXi\jk}[Xe[fgi`fi`$ [X[Xcgif^iXdX9l\e:fd`\eqf#hl\j\fi`\ekX\e cX \[lZXZ`e gXiX cX gi`d\iX `e]XeZ`X% ¶:l}c \j jl \e]fhl\6 =\c`g\1<cfi[\e\j#gi`d\if#k\e\iZfY\ikliXgc\eXpcl\^f cc\mXikf[XjcX_\iiXd`\ekXj[\c[\jXiifccfXcfje`fj# \[lZXZ`e`e`Z`Xc#jXcl[#elki`Z`epXk\eZ`e]Xd`c`Xi% Le e`f [\ le Zfc\^`f gi`mX[f [\ cfj \jkiXkfj Xckfj# ZlXe[fZldgc\jlgi`d\iXfpX\jk}\eaXi[epXcfj Z`eZfXfjpXk`\e\Yl\eXjZfdg\k\eZ`Xj\ec\e^lXa\ ple[\jXiifccfelki`Z`feXcgc\ef%<j[\Z`i#XcfjZ`eZf Xfj#cfje`fj[\\jkXZ`l[X[pX\jk}ej\gXiX[fjgfi leX Yi\Z_X \e ZlXekf X fgfikle`[X[\j% 8_ eXZ\ \c gif^iXdX9l\e:fd`\eqf#ZfecX`ek\eZ`e[\Xk\e[\i Xe`fj[\j[\cfjZ\if_XjkXcfjZ`eZfXfj%<eXc^l$ efjYXii`fj#\jk\XZfdgXXd`\ekfcfcc\mXYXeXZXYf `ejk`klZ`fe\jdlpgi\ZXi`Xjf\c@:9=#g\if\cdle`Z`$ g`f ef _XZX ^iXe ZfjX gfi \jkfj e`fj% <c gif^iXdX :fem\ijXkfi`f1 D\[\cce#cXD}j<[lZX[X `e`Z`ZfeXk\eZ`e\ecXjcl[fk\ZXj#Zfe]fidXZ`e[\ X^\ek\j\[lZXk`mfjpleX`em\ij`e\ejXcl[#elki`Z`e p cfj gi`d\ifj \c\d\ekfj [\ \[lZXZ`e `e`Z`Xc [\j[\ cfj ki\j Xfj% :fe \c c`[\iXq^f [\ cX Gi`d\iX ;XdX# DXik_XC`c`XeX?\ii\iX#Yi`e[Xdfj_fpXk\eZ`e`ek\$ ^iXc[\j[\cfjZ\if_XjkXcfjZ`eZfXfjpYljZXdfj d\afiXi cX ZfY\ikliX p Xk\e[\i `eZcljf X cXj dX[i\j ^\jkXek\jp\c\ekfief]Xd`c`Xi[\cfje`fj%<eD\[\$ cce#[\j[\cfgYc`Zf#efj\ZfejkilXleaXi[e`e]Xek`c _XZ\ dlZ_f k`\dgf% <c hl\ _\dfj Zfejkil`[f \e cX ZfdleX(*\jleaXi[ehl\efcfk`\e\ee`cfje`fj[\ cfj\jkiXkfjd}jXckfj%MXdfjXZfejkil`ifkifj(0aXi$ [`e\j%J`ecl^XiX[l[Xj#Zfejk`klp\cXd\afi`em\ij`e hl\i\Xc`qXleXZ`l[X[hl\Zi\\\e\c[\jXiifccfjfZ`Xc p\Zfed`Zfphl\YljZX[`jd`el`icXgfYi\qX%<jleX m\i[X[\iX d\kX [\ cXi^f gcXqf hl\ gfZfj ^fY`\iefj j\Xki\m\eXgcXek\Xij\% >\iXi[1 ;\ekif [\ \jk\ \e]fhl\ `ek\^iXc# ¶Zl}c\j jfe cXjgfck`ZXj\jg\ZÔZXjgXiXcX\[lZXZ`egi`dXi`X pj\Zle[Xi`X6 =\c`g\1CXY}j`ZXgi`dXi`Xpj\Zle[Xi`Xk`\e\eZfY\ikliX [\ (''# g\if _Xp leX ^iXe [\k\id`eXZ`e gfi d\$ afiXi cX ZXc`[X[ `ek\im`e`\e[f jfYi\ kf[fj cfj ]XZkf$ i\j XjfZ`X[fj1 \c dX\jkif# \c Zfek\okf [\c Zfc\^`f# cX `e]iX\jkilZkliX p cXj [fkXZ`fe\j# \eki\ fkifj% ?\dfj ZcXj`ÔZX[fcXj`ejk`klZ`fe\jp\dg\qX[fZfe\ccXjjl Xlkf\mXclXZ`e2XgXik`i[\X_\jkilZkliXdfjlegcXe [\d\afiXd`\ekfpÔidXdfjleGXZkf[\:Xc`[X[Zfe kf[XcXZfdle`[X[\[lZXk`mXÆ]Xd`c`X#dX\jkifj#\jkl$ [`Xek\j# cX J\Zi\kXiX [\ <[lZXZ`e p \c 8cZXc[\Æ \e \chl\hl\[XeZfej`^eX[fjcfjZfdgifd`jfj[\ZX[X lef%8cd`jdfk`\dgfhl\cc\^XdfjZfe_\iiXd`\ekXj [\ [\jXiifccf gXiX ZX[X Zfc\^`f Zfdf [fkXZ`fe\j [\ ZfdglkX[fi\j# \o`^`dfj kXdY`e hl\ \ccfj ZldgcXe ZfejljZfdgifd`jfj[\cGXZkf[\:Xc`[X[%:X[XZf$ c\^`f`e^i\jXXcGcXeDX\jkif[\@e]iX\jkilZkliX<[l$ ZXk`mX#gXiXjlg\iXi\cXkiXjf[\m\`ek\fki\`ekXXfj% 8cXgXi#`em\ik`dfj\ecX]fidXZ`e[\cfjdX\jkifj# ('' %QRYNRQbPNPV[ R[:RQRYY~[R`\»PVNY Zfe gif^iXdXj gX^X[fj \e 0' gfi cX J\Zi\kXiX p (' gfi \ccfj d`jdfj# gXiX hl\ j`\ekXe jl Zfdgif$ d`jf%:fe\jkXj\i`\[\XZl\i[fjdlklfj#hl\`emfcl$ ZiXekf[XjcXj`ejkXeZ`Xj[\ZX[X`ejk`klZ`e#eXZ\\c gif^iXdX<jZl\cXj[\:Xc`[X[%?fp_Xp()+[\cXj))/ `ejk`klZ`fe\j \e \j\ gifZ\jf% D`\ekiXj hl\ D\[\cce cc\mXYX Xfj j`e _XY\i Zfejkil`[f le Zfc\^`f el\mf# efjglj`dfj\ecXkXi\Xk`k}e`ZX[\_XZ\i(*)X[\ZlX$ Z`fe\jpZfejkil`i[`\qel\mfj:fc\^`fj[\:Xc`[X[\e cfjglekfjZfed}je\Z\j`[X[#XgXik`i[\cGcXeDX\j$ kif[\@e]iX\jkilZkliXZfe[`X^ejk`Zf[\kXccX[f%:fe \ccfi\jgfe[\dfjXlegi`eZ`g`f]le[Xd\ekXc[\\jk\ ^fY`\ief1ÈGXiXcfjd}j_ld`c[\j#cfd\afi1cfj\jgX$ Z`fj d}j [`^efj# cfj d\afi\j dXk\i`Xc\j# cXj el\mXj k\Zefcf^XjÉ%<cljf[\cGcXeDX\jkif\jleZXdY`fiX$ [`ZXc#pXhl\Xek\jcfjZfc\^`fjpcXjX[\ZlXZ`fe\jj\ ZfejkilXegfi`ek\i\j\jgfck`Zfj%;liXek\cXX[d`e`j$ kiXZ`e[\8cfejfJXcXqXij\Zfejkil`i}e[`\qZfc\^`fj pZfek`elXi\dfjZfecXX[\ZlXZ`e[\cfj\o`jk\ek\j# kf[f [\j[\ cXj gXlkXj [\c GcXe DX\jkif [\ @e]iX\j$ kilZkliX<[lZXk`mXhl\d\eZ`fe%8[\d}j#\cGcXe[\ ;\jXiifccfDle`Z`gXck`\e\leZXgklcf\jg\Z`XcjfYi\ Z`\eZ`X# k\Zefcf^X p Zfdg\k`k`m`[X[# p \e \jk\ Zfe$ k\okf jli^\e gif^iXdXj Zfdf D\[\cce ;`^`kXc# gXiX Zfem\ik`icfj))/Zfc\^`fj\e@ejk`klZ`fe\j<[lZXk`mXj ;`^`kXc\jpZ\iiXiZX[X[XcXYi\Z_X[`^`kXc%<cGXihl\ <ogcfiXp\cAXi[e9fk}e`ZfjfecXjel\mXjXlcXjgfi \oZ\c\eZ`XgXiXcXjZ`\eZ`XjeXkliXc\j#cXjK@:#cXYfk}$ e`ZX#\c\dgi\e[`d`\ekfpcX`eefmXZ`e% >\iXi[1 ¶:l}c\j `eZ\ek`mfj j\ _Xe ^\e\iX[f gXiX cfj dX\jkifj6 =\c`g\1CfjdX\jkifjZl\ekXeZfecX<jZl\cX[\cDX\jkif# le\jgXZ`f[fe[\\eZl\ekiXef]\ikXj[\Xgi\e[`qXa\ Zfek`elf\ejlj}i\Xji\jg\Zk`mXjpgXiXgfk\eZ`Xijl kXc\ekf%8cck`\e\eXjl[`jgfj`Z`efeZ\i\[\jg\[X$ ^^`ZXj# XlcXj kXcc\i f cXYfiXkfi`fj g\[X^^`Zfj \e Z`\eZ`Xj# dXk\d}k`ZXj# c\e^lXa\# k\Zefcf^X p Xik\j2 8ZlXi`f[\c GXihl\<ogcfiX# `eXl^liX[f \e\c)''/% RQbPNPV[ <cdfkfi[\cXkiXej]fidXZ`e[\cXZ`l[X[\jcX [\j[\cXgi`d\iX`e]XeZ`X_XjkXcXle`m\ij`[X[% kXdY`eZl\ekXeZfe\jgXZ`fjgXiXcX`em\jk`^XZ`ep cX glYc`ZXZ`e gfjk\i`fi [\ cX d`jdX# p cX J\Zi\kXiX gX^X\c0'\cZfjkf[\jl]fidXZ`e%<cdX\jkif\j ]le[Xd\ekXc[\ekif[\cX\jkiXk\^`XÈD\[\cce#cXD}j <[lZX[XÉ p jl i\jgl\jkX _X j`[f dlp gfj`k`mX \e \c kiXYXaf[\cXlcXZfecfje`fj[\cXZ`l[X[% >\iXi[1¶:l}c\jjfecXj`ejk`klZ`fe\j[\cj\Zkfigi`mX[f hl\`ek\im`\e\e\ecX^\jk`eZfdfgX[i`efj6 =\c`g\1Efjfkifjef]l`dfjXcj\Zkfigi`mX[f X g\[`i i\$ Zlijfj \Zfed`Zfj# j`ef X gifgfe\i hl\ j\ _`Z`\iX jfZ`f[\cfhl\efjfkifj\jkXdfj_XZ`\e[f%Jlj\hl`$ gfj\a\Zlk`mfjXgfpXecX^\jk`eX[d`e`jkiXk`mX[\cfj Zfc\^`fj d\[`Xek\ \c kiXYXaf mfclekXi`f# Zfe dlZ_f Xgfpf[\cX=le[XZ`e<dgi\jXi`XcGif8ek`fhl`X%=l\ `dgfikXek\`eZcl`i\e\c\hl`gf[`i\Zk`mf[\cXJ\Zi\$ kXiX X le \dgi\jXi`f hl\ efj Xpl[X X ZXeXc`qXi cXj i\cXZ`fe\jZfe\cj\Zkfigi`mX[f%:X[Xel\mf:fc\^`f [\:Xc`[X[Ækf[fjfÔZ`Xc\jÆk`\e\eZfdfgX[i`efjleX \dgi\jXi\gi\j\ekXk`mX[\cXZ`l[X[#leXle`m\ij`[X[ p le Zfc\^`f gi`mX[f [\ dlZ_f i\efdYi\# Zfe \c Ôe [\XZfdgXXijljZlXkif]i\ek\j[\^\jk`e1[`i\Zk`mX# X[d`e`jkiXk`mX#XZX[d`ZXpZfdle`kXi`X%@^lXcd\ek\# [`m\ijXj]le[XZ`fe\jZfd\eqXifeXXgfikXii\Zlijfj \Zfed`Zfj gXiX el\mXj `e]iX\jkilZkliXj% CX =le[X$ Z`e=iXk\ie`[X[D\[\cceÆhl\\j[\cj\Zkfigi`mX[fÆ XgfpZfeledfekf[\*)%'''d`ccfe\jlefj(,d`$ ccfe\j[\[cXi\j XcX8cZXc[X\ecXZfdgiX[\cm`\af Zfc\^`fgi`mX[fJXeAfjgXiXkiXej]fidXicf\ecX:`l$ [X[\cX<[lZXk`mX=iXk\ie`[X[%Fkifcf^ifcfZfejk`klp\ \ckiXYXafdXeZfdleX[fpcXjj`e\i^`Xj[\kf[XjcXj j\Zi\kXiXj2gfi\a\dgcf#\ecfjZfc\^`fj\jgfj`Yc\hl\ j\_X^Xegif^iXdXj[\Ki}ej`kf#[\JXcl[#[\9`\e\j$ kXiJfZ`Xcf[\:lckliX%CfjGXihl\j9`Yc`fk\ZXcfjX[$ d`e`jkiXcXJ\Zi\kXiX[\:lckliX:`l[X[XeX#g\ifcfj dXpfi\jY\e\ÔZ`X[fjjfecfj\jkl[`Xek\jpdX\jkifj2 f#\ecfj\eZl\ekifj[\<jZl\cXjJXcl[XYc\j#gXik`Z`$ gXe\eYcfhl\cXjJ\Zi\kXiXj[\JXcl[p<[lZXZ`e% Kf[f\c\hl`gf[`i\Zk`mf[\cX8cZXc[XkiXYXaX\ele ^iXegifp\ZkfZfdepgficfkXekfcfjgif^iXdXjk`\$ e\ekf[XjcXjgifYXY`c`[X[\j[\cc\^XiXYl\ekid`ef2 :fem\ijXkfi`f1 D\[\cce1cXD}j<[lZX[X (') <jkl[`Xek\j\e cX:`l[X[\cX Le`m\ij`kXi`X[\ cXLe`m\ij`[X[[\ 8ek`fhl`X% gfi \a\dgcf#\e\cGXihl\<ogcfiX#Zfejkil`[f gfi cX J\Zi\kXiX[\FYiXjGYc`ZXj#gXik`Z`gXe[`i\ZkXd\ek\ cXjJ\Zi\kXiXj[\<[lZXZ`ep:lckliX%CX=le[XZ`e [\cXj<dgi\jXjGYc`ZXj[\D\[\cceÆ<GD$Xgfikcfj i\Zlijfj gXiX cX i\[ [\ Y`Yc`fk\ZXj p <GD gljf d}j [\ (,'%''' d`ccfe\j lefj ., d`ccfe\j [\ [cXi\j \okiX gXiX cX ZfejkilZZ`e [\ cfj el\mfj Zfc\^`fj# p fkifj(,'%'''d`ccfe\jd}jgXiXZi\Xi\c=fe[f<GD [\XZZ\jfXcX\[lZXZ`ejlg\i`fi%Gfigi`d\iXm\qcfj Zfc\^`fj fÔZ`Xc\j f]i\Z\e Xk\eZ`e gj`Zfc^`ZX X jlj Xcldefj ^iXZ`Xj X cX j`e\i^`X \eki\ cX J\Zi\kXiX [\ JXcl[pcX[\<[lZXZ`e%9l\e:fd`\eqf\jfkif\oZ\$ c\ek\ \a\dgcf# gl\j ZXeXc`qX \c kiXYXaf [\c [\jgXZ_f [\cXGi`d\iX;XdXpcXjJ\Zi\kXiXj[\JXcl[#9`\e\jkXi# <[lZXZ`ep;\gfik\% >\iXi[1¶?Xecf^iX[f`eZ\ek`mXiXcfjdX\jkifjXj\igif$ kX^fe`jkXj[\\jkXji\]fidXj\[lZXk`mXj\ecXZ`l[X[6 =\c`g\1:lXe[fgcXek\XjcX\[lZXZ`e[\ZXc`[X[Zfdfle [\i\Z_fÆpefZfdflegi`m`c\^`fÆ#\ekiX\ck\dX[\cX [`^e`[X[#hl\`eZclp\lekiXkfX[\ZlX[fXcfjdX\j$ kifj% DlZ_fj dle`Z`g`fj g\c\Xe Zfe cfj dX\jkifj# g\ifefjfkifj[\\ekiX[XgcXek\Xdfjhl\Èkf[fjcfj dX\jkifj p i\Zkfi\j jfe Yl\efj p mXdfj X kiXYXaXi Zfe \ccfjÉ% Cf gi`d\if ]l\ le kiXkf [`^ef gXiX \ccfj# Zfe dlZ_X `em\ij`e \e jl ZXgXZ`kXZ`e p le gX^f fgfiklef[\kf[XjcXjfYc`^XZ`fe\jjXcXi`Xc\j%?\dfj `em\ik`[f \e ZlXc`ÔZXZ`e# Xgfpf p XZfdgXXd`\ekf# p _\dfj cf^iX[f hl\ cX gifgl\jkX [\ ZXc`[X[ Zfd$ gifd\kX X cXj `ejk`klZ`fe\j p X cfj dX\jkifj% 8ZXYf [\ cc\^Xi [\ le \eZl\ekif Zfe (%,'' dX\jkifj hl\ _\dfj]fidX[f\e`e^cj#pcX[\j\iZ`e]l\[\),X *'dX\jkifj%CXi\cXZ`eZfecfjZ`eZfj`e[`ZXkfj[\c dX^`jk\i`fkXdY`e_Xj`[fgfj`k`mX%8kXcglekfhl\ 8;@;8#\cj`e[`ZXkfd}j^iXe[\#Zfe[\ZfiX?fiXZ`f 8iXe^f#\cJ\Zi\kXi`f[\<[lZXZ`e[\=XaXi[f#gfi\c Xgfik\[X[fXcX\[lZXZ`e#Xc^faXd}jm`jkf%CXAlekX Dle`Z`gXc [\ <[lZXZ`e Æle i^Xef gXik`Z`gXk`mf [\c j\ZkfiÆ#hl\Xek\jefj\i\leX#_fp\e[Xcf_XZ\Zfe i\^lcXi`[X[pZfegi\j\eZ`X[\cj`e[`ZXkf% >\iXi[1¶Hl\jk}_XZ`\e[fD\[\cce\e\cZXdgf[\cX \[lZXZ`ejlg\i`fi6 ('* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ =\c`g\1 <jkilZkliXdfj kf[f le gif^iXdX [\ XZZ\jf X cX \[lZXZ`e jlg\i`fi gfi mXi`Xj mXj1 dXpfi gi\gXiX$ Z`e [\ cfj dlZ_XZ_fj \e Zlijfj [\ e`m\cXZ`e p [\ fi`\ekXZ`egif]\j`feXc2d\afiX\ecXf]\ikX[\Zlgfjp gif^iXdXj[\cXjle`m\ij`[X[\jgYc`ZXj[\cXZ`l[X[# fj\X#cXLe`m\ij`[X[[\8ek`fhl`X#\c@ejk`klkfK\Zef$ c^`ZfD\kifgfc`kXef@KD pcXLe`m\ij`[X[EXZ`feXc# j\ZZ`feXcD\[\cce#pf]\ikX[\]fe[fjpY\ZXjgXiX`e$ Zi\d\ekXi\cXZZ\jfXcXj`ejk`klZ`fe\j[\\[lZXZ`e jlg\i`fi%?\dfj]fikXc\Z`[f[\dXe\iXdlpj`^e`ÔZX$ k`mX\c@KD#Zfdfgl\[\\ogc`ZXicf\cm`Z\ii\Zkfi#p_\$ dfjkiX[fgXiX\cdle`Z`g`f[fj`ejk`klZ`fe\jle`m\i$ j`kXi`Xjk\Zefc^`ZXj#\c:fc\^`fDXpfip\cK\Zefc^`ZfGXjZlXc9iXmf#gXiXZfejk`kl`icXi\[dle`Z`gXc[\\[lZXZ`e jlg\i`fi%8[\d}j#()%'''am\e\j_ld`c[\jj\Y\e\Ô$ Z`Xi}e[\c=fe[f[\<dgi\jXjGYc`ZXj[\D\[\cce[\ <[lZXZ`eJlg\i`fi% 9\`[bRc\`P\YRTV\` `\[NOVR_a\`]N_N^bRa\QN YNP\Zb[VQNQQV`S_baRQR `b`V[`aNYNPV\[R` :fc\^`f[\:Xc`[X[#\e\c YXii`fCXj@e[\g\e[\eZ`Xj 8ihl`k\Zkf1=\c`g\Li`Y\% :fdleX(*% >\iXi[1¶Hl\j\c@ejk`klkfK\Zefc^`ZfD\kifgfc`kXef pZdf_Xj`[f\cgifZ\jfi\Z`\ek\[\]fikXc\Z`d`\e$ kfhl\\jk}kiXej]fidXe[fiX[`ZXcd\ek\jlZXi}Zk\i pgfj`Z`e\ecXZ`l[X[6 E\cjfeIX1<c@KDeXZ`\e(0++ZfdfleX`ejk`klZ`e dle`Z`gXc[\]fidXZ`e\eXik\jpfÔZ`fjgXiXfYi\$ ifj#\ecfhl\j\ZfefZ`#_XjkXÔeXc\j[\(00)#Zfdf \c@ejk`klkfGfglcXi%<e(00)#gfileXZl\i[f[\c:fe$ Z\af[\D\[\cce#j\kiXej]fid\eleX`ejk`klZ`e[\ \[lZXZ`e jlg\i`fi p X[fgk \c efdYi\ [\ @ejk`klkf K\Zefc^`Zf D\kifgfc`kXef# X[jZi`kf X cX 8cZXc[X [\ D\[\cce#ZfeXci\[\[fi[\d`c\jkl[`Xek\j%<e)'',j\ kiXej]fid\e`ejk`klZ`ele`m\ij`kXi`XZfeXgifo`dX$ [Xd\ek\ .%''' Xcldefj% ?fp k\e\dfj )(%'0' Xcld$ efj%<c`ejk`klkfgfj\\j\`jZXdglj\e[`]\i\ek\jcl^X$ i\j[\cXZ`l[X[%Lef#\e\cj\ZkfigfglcXi[\:Xjk`ccX# f]i\Z\#\eki\fkifj#legif^iXdX[\\[lZXZ`eY}j`ZX p d\[`X gXiX X[lckfj# [fe[\ cc\^Xe Xc^lefj dlZ_X$ Z_fjhl\_XejXc`[f[\cXjYXe[Xjp[\j\Zkfi\j\oZcl`$ [fj2\jkfjam\e\jef_XeZfdgc\kX[fjlj\jkl[`fj[\ YXZ_`cc\iXkfp\eZl\ekiXe\e\c@KDleXjfclZ`egXiX Zfek`elXiZfejl]fidXZ`eXZX[d`ZX\ecfje`m\c\j gi\Z\[\ek\j [\ cX \[lZXZ`e jlg\i`fi% CX d\kX [\c `ejk`klkf_XZ`Xle]lklifZ\iZXef\jkiXej]fidXij\\e leX le`m\ij`[X[ k\Zefc^`ZX# _ldXejk`ZX# \dgi\jX$ i`Xc\`eefmX[fiX%GXiX\jkfj\_XeZi\X[f[fj]XZlckX$ :fem\ijXkfi`f1 D\[\cce#cXD}j<[lZX[X [\jd}j\eZ`\eZ`XjY}j`ZXjp\eXik\jp_ldXe`[X[\j# hl\m`\e\eXZfdgc\d\ekXicXj[fjXZklXc\j[\k\Zef$ cf^Xj\`e^\e`\iXj%<ekfeZ\jel\jkifj\jkl[`Xek\jpX j\gl\[\e^iX[lXiZfdfk\Zecf^fjpcl\^fj\^l`ile Z`Zcf Zfdgc\d\ekXi`f [\ `e^\e`\iX% Le Xckf gfiZ\e$ kXa\[\cXgfYcXZ`eel\jkiXg\ik\e\Z\Xcfj\jkiXkfj YXafjpd\[`f$YXafj#gficfhl\\cdle`Z`g`fjlYj`[`X gXik\[\cXjdXkiZlcXj%:feleXj\i`\[\`eZ\ek`mfj# ZfdfcXgfj`Y`c`[X[[\`ejZi`gZ`ej`eZfjkf#_\dfjcf$ ^iX[fhl\+([\el\jkifj\jkl[`Xek\jj\Xedla\i\j% CXf]\ikXd}j\Zfed`ZX#ZfeXdgc`XjZfe[`Z`fe\j[\ `eZclj`e#\hl`[X[pZXc`[X[[\cXZ`l[X[\e\[lZXZ`e jlg\i`fi \e e`m\c\j [\ gi\^iX[f p [\ gfj^iX[f# \jk} _fp\e\c@KD%8c^leXjfi^Xe`qXZ`fe\jp]le[XZ`fe\j j\_Xem`eZlcX[fXc@KDgXiXXgfpXicX]fidXZ`e[\ el\jkifjam\e\jZfejlYj`[`fj\Zfed`ZfjpgXiX\c kiXejgfik\#gfihl\_XYXXcldefjhl\[\YXem\e`iX ZcXj\jZXd`eXe[f[\j[\YXii`fjdlpc\aXefj% =\c`g\1Pfklm\cXfgfikle`[X[[\j\i[fZ\ek\[\Z}k\[iX \e\c@KD_XZ\dlZ_fjXfj%Lefgf[Xj\ek`ihl\cfj \jkl[`Xek\jk\eXeZcXifhl\\jXgf[iXj\ijle`ZX fgfikle`[X[ [\ Zfejkil`i le gifp\Zkf [\ m`[X p gfi cfkXekfgi}Zk`ZXd\ek\ef_XYX[\j\iZ`e%Pfi\Zl\i$ [fhl\[XYXleXZcXj\cfjj}YX[fjXcXj-X%d%pcfj fZ_\ekX\jkl[`Xek\jcc\^XYXeX\jX_fiX% E\cjfe1<cZXdgljd}ji\Z`\ek\\j\c:Xdglj=iXk\ie`[X[# lY`ZX[f\e\cXek`^lfZfc\^`fJXeAfj#[\cfj_\idX$ efj[\CXJXcc\#hl\]l\#ZfdfpX[`af\cJ\Zi\kXi`f#le Zfc\^`fgi`mX[f[\cXZcXj\XckXhl\gif^i\j`mXd\ek\ j\[\k\i`figficXliYXe`qXZ`egfglcXi[\cXqfeX%<c XcZXc[\=XaXi[fpjlJ\Zi\kXi`f[\<[lZXZ`e#?fiXZ`f 8iXe^f# Zfdgi\e[`\ife hl\ cf hl\ gl[`\iX _XZ\ij\ Zfe \j\ \[`ÔZ`f \e cX d`kX[ [\ leX qfeX [\ YXii`fj gfglcXi\j#_ld`c[\jp[\gi`d`[fj#`dgXZkXiX]l\ik\$ d\ek\ \e cfj am\e\j [\ kf[f \j\ j\Zkfi% <c Xek`^lf Zfc\^`f ]l\ ZfdgiX[f p i\^XcX[f X cX Z`l[X[ gfi cX \dgi\jXgi`mX[X#XkiXmj[\cX]le[XZ`e=iXk\ie`[X[ D\[\cce#Zfedfk`mf[\jljZ`eZl\ekXXfj%Jfe`ejkX$ cXZ`fe\jdlpXdgc`Xj#ZfeqfeXj[\gfik`mXj#le\[`Ô$ Z`fgXiXd}j[\[`\qd`c\jkl[`Xek\jpleXZXg`ccXZfe ZXgXZ`[X[gXiXd}j[\(%-''g\ijfeXj%<egi`eZ`g`f# mXeXj\idXe\aX[XjZfealekXd\ek\ZfecXJ\Zi\kXiX ('+ [\:lckliX:`l[X[XeX%K\e[i}leX`eÕl\eZ`X\efid\ \ecXqfeXZ\ekiffi`\ekXc[\cXZ`l[X[#[fe[\ef_XYX ZXj`e`e^leXf]\ikXgYc`ZX[\\[lZXZ`e%CX8cZXc[X [\jk`e(,d`ccfe\j[\[cXi\jgXiXcXj`ek\im\eZ`fe\j ]j`ZXj#cX[fkXZ`e`e]fid}k`ZX#cfjel\mfjpdf[\iefj cXYfiXkfi`fjpcXX[\ZlXZ`e[\\jgXZ`fjdlp^\e\if$ jfj%<e_fefi[\cX]le[XZ`ej\c\[`f\cefdYi\[\ :Xdglj=iXk\ie`[X[D\[\ccepj\c\\eki\^Xc@KD% =\c`g\1 CX 8cZXc[X [\ D\[\cce [\Z`[` hl\ gXiX cX \[l$ ZXZ`e jlg\i`fi \iX e\Z\jXi`f Zi\Xi le gif^iXdX [\ Z_fhl\]l\ik\#ZfeleXÔeXeZ`XZ`e^iXe[\#pjfc`Z`k lefjj\k\ekXd`ccfe\j[\[cXi\jX<dgi\jXjGYc`ZXj [\D\[\cce<GD ÆX[`Z`feXc\jXcXÔeXeZ`XZ`egXiX cfj:fc\^`fj[\:Xc`[X[Æ%8jj\Zi\le]fe[f<GD[\ \[lZXZ`e jlg\i`fi Zfe Zi[`kf Zfe[feXYc\ [\ /' jfYi\Yl\ei\e[`d`\ekfXZX[d`Zfp\ci\jkXek\)' ZfekiXYXafjfZ`XcZfdle`kXi`f#hl\Yi`e[XcXfgfikl$ e`[X[[\XZZ\[\iXcX\[lZXZ`ejlg\i`fi\eZlXchl`\i le`m\ij`[X[[\ZXc`[X[#`eZcljfgi`mX[X#X()%'''\jkl$ [`Xek\j[\]Xd`c`Xj[\YXafj`e^i\jfj[\cXZ`l[X[gXiX \jkl[`Xid\[`Z`eX#f[fekfcf^X#[\i\Z_ffk\Zefcf^X \eZlXchl`\ile`m\ij`[X[[\cXZ`l[X[%<ccfj\ekiXeX leXg}^`eXn\YgXiXgfe\ikf[fjjlj[XkfjpcXfg\iX$ Z`ecX_XZ\cX:XaX[\:fdg\ejXZ`e=Xd`c`Xi:fd]X$ dX#[\dXe\iXhl\\cj`jk\dX\jkiXejgXi\ek\%<e\jkX ]idlcX j\ Zfdgifd\k\ cX i\jgfejXY`c`[X[ jfZ`Xc [\ cXj le`m\ij`[X[\j gi`mX[Xj# gl\j \c dle`Z`g`f XgfikX \e kf[Xj gfi `^lXc p \ccXj gfe\e cX [`]\i\eZ`X% FkiXj Y\ZXjj\^\e\iXegficXmX[\cgi\jlgl\jkfgXik`Z`gX$ k`mf#ZlXe[fcX^\ek\[\lej\Zkfihl`\i\hl\gXik\[\ cfj]fe[fjj\[\jk`e\X\jk\gifgj`kf#ZfeleXZfekiX$ gi\jkXZ`egfigXik\[\c\jkl[`Xek\[\fZ_\ekX_fiXj [\kiXYXafZfdle`kXi`fj\d\jkiXc% >\iXi[1;\Y\[\_XY\idlZ_X^\ek\hl\m`\e\Xm`j`kXi p ZfefZ\i [\ Z\iZX \jkfj gifZ\jfj [\ kiXej]fidX$ Z`e\e\cZXdgf\[lZXk`mf[\cXZ`l[X[% =\c`g\1 Efjfkifj i\Z`Y`dfj m`j`kXek\j [\ @kXc`X# <<% LL%# :XeX[}# <c JXcmX[fi# 9iXj`c p 8i^\ek`eX# \eki\ fkifj# gXiXm\icfjgif^iXdXjefm\[fjfjhl\k\e\dfj#Zfdf cX<jZl\cX[\cDX\jkif#9l\e:fd`\eqfpGi`d\iX@e$ ]XeZ`X% @ejg`iX[f \e el\jkif kiXYXaf# \c D`e`jk\i`f [\ (', D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <jZl\cX[\Dj`ZX GXihl\9`Yc`fk\ZX9\ce% :fdleX(-% <[lZXZ`e EXZ`feXc gcXe\X [Xi Xk\eZ`e X cfj e`fj \eki\ki\jpZlXkifXfj\ekf[fjcfjdle`Z`g`fj[\c gXj%?XZ\gfZf#\ele]fif\e<cJXcmX[fi#cfj[`i\Zkf$ i\j[\cfj[`Xi`fjd}j`dgfikXek\j[\8di`ZXCXk`eX# <jgXXpGfikl^Xc[\YXk`\ifeZfeam\e\jcXk`efXd\$ i`ZXefjp\jgXfc\jXZ\iZX[\jljgifYc\dXjpdfjkiX$ ifecfhl\j\\jk}_XZ`\e[f\e\[lZXZ`e\eD\[\cce ZfdfleXjfclZ`e`eefmX[fiX%<cZXd`efi\Zfii`[f#cfj XZ`\ikfj p Yjhl\[Xj jfe ]ilkf [\ leX ZfejkilZZ`e dlpcfZXc\ecXhl\\cj\Zkfigi`mX[f#cXle`m\ij`[X[pcX Zfdle`[X[_XeXgfikX[fpj\_Xej\ek`[fi\jgXc[X[fj p dfk`mX[fj gfi le c`[\iXq^f dlp ]l\ik\ [\c XcZXc[\ Xek\i`fip[\cXZklXc%PpfZi\fhl\cX^\ek\j\_Xm`jkf i\Õ\aX[X\e\cgifZ\jf% 8Jà:L<EK8D<;<CCàE@jXY\c>d\q?\eXf#[fZ\e$ k\[\c\e^lXZXjk\ccXeX\ecfj^iX[fj0X((#pcXj \jkl[`Xek\j[\c:fc\^`f[\:Xc`[X[AfXhleMXcc\$ af8iY\c}\q#B\ccppD`c\eX#9Xii`fCcXeX[`kXj% ¶:df_Xj`[fjl\og\i`\eZ`XZfdfgif$ ]\jfiX6PfXek\j\iXgif]\jfiX\e\cZf$ c\^`f CXj >fcfe[i`eXj% 8hl efj \e]i\e$ kXdfjXefm\[X[\jZfdfi\kfdXiZ_`Zfj [\mXi`fjZfc\^`fjpcl^Xi\j#Xc^lefjj`e \jZfcXi`[X[# fkifj [\jgcXqX[fj% ?XYX hl\e`m\cXicfj\`ek\^iXicfj%<j\_Xj`[f\c^iXei\kf% ¶:df_Xj`[fcXi\Z\gZ`e[\cXZfdle`[X[Xcgifp\Z$ kf6CXZfdle`[X[i\jgfe[\dlpY`\e%Gi`d\ifj\kiXYXa Zfe\ccfj\ehl\j\gXehl\\cZfc\^`f\j[\\ccfjphl\ gfikXekf_Xphl\Zl`[Xicf%8_fiXhl\\jk}\cZfc\^`f#p Zfdf \j [\ gl\ikXj XY`\ikXj# _Xp XZk`m`[X[\j Xck\ieXj ZfecXZfdle`[X[% :fem\ijXkfi`f B_ON[V`Z\@\PVNY 8j`jk\ek\j 8C<A8E;IF<:?<M<II@ 8ihl`k\Zkf#^\i\ek\>\e\iXc[\cX<dgi\jX[\;\jXiifccf LiYXef$<;L$)''+$)'',2;`i\Zkfi[\Gifp\ZkfjLiYXefj [\cX8cZXc[X[\D\[\cce)'',$)''. CL:à8>FEQÝC<Q ;`i\ZkfiX[\cDlj\f[\8ek`fhl`X D@>L<CD<J8I% 8ihl`k\Zkf#gif]\jfi[\cXLe`m\ij`[X[Gfek`ÔZ`X9fc`mXi`XeX :8ICFJD8I@FIF;Ià>L<Q ;`i\Zkfi^\e\iXc[\<dgi\jX[\;\jXiifccfLiYXef$<;L$)''/ E8K?8C@<8CM8I8;F$I<EE<I <jg\Z`Xc`jkX[\df[\ie`qXZ`e[\c<jkX[f :8ICFJ8C9<IKFDFEKFP8 >\i\ek\Xlo`c`Xi[\>\jk`eLiYXeXpM`m`\e[X\ecX<dgi\jX [\;\jXiifccfLiYXefÆ<;LÆ)''/$)'(( ALC@8E8GFIK@CCF ;`i\ZkfiXGifp\Zkfj[\D\afiXd`\ekf@ek\^iXc\ecX<dgi\jX [\;\jXiifccfLiYXefÆ<;LÆ)''/$)'(( D8I:FJDFEK<J 8ihl`k\ZkfpXj\jfi[\[`j\f[\c:\ekif[\;\jXiifccf :lckliXc[\DfiXm`X :yJ8I8L>LJKF?<IEÝE;<Q:FII<8 >\i\ek\[\Gifp\ZkfjLiYXefj@ek\^iXc\j[\cX <dgi\jX[\;\jXiifccfLiYXefÆ<;LÆ)''/$)'(( gXiX\c9XeZf@ek\iXd\i`ZXef[\;\jXiifccf =89@ÝE9<<K?FM<EQLC<K8 ;`i\Zkfi[\@em\jk`^XZ`ep<ok\ej`e$=XZlckX[[\8ihl`k\ZkliX# Le`m\ij`[X[EXZ`feXc[\:fcfdY`XJ\[\D\[\cce :XjX[\<eZl\ekifDlj\f[\8ek`fhl`X FZklYi\pefm`\dYi\)''/2\e\if[\)''0 GXihl\9`Yc`fk\ZX9\ce# `eXl^liX[f\e)''/% 8ihl`k\Zkf1?`ifj_`EX`kf% 2`]NPV\=OYVP\fCVcVR[QN Df[\iX[fi\j ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\ZkfDf[\cfD\[\cce ;@<>F:FII8C<J ;`i\ZkfiGifp\ZkfDf[\cfD\[\cc`e2Xj\jfi[\c8cZXc[\ 9NP\[`a_bPPV[QRR`]NPV\`fRQV»PV\`]OYVP\`QRT_N[ PNYVQNQb_ON[~`aVPNfN_^bVaRPa[VPNYN_RPb]R_NPV[QRg\[N`ZN_ TV[NYR`fRZ]\O_RPVQN`QRYNPVbQNQNa_Ncz`QR=_\fRPa\`B_ON[\` 6[aRT_NYR`¯=B6¯RYZRW\_NZVR[a\QRYNV[S_NR`a_bPab_NQRZ\cVYV QNQ¯:Ra_\:Ra_\PNOYR:Ra_\]Y`¯N`~P\Z\RY_R\_QR[NZVR[a\ QRNcR[VQN`fPNYYR`UN[`VQ\NYTb[\`QRY\`N`]RPa\`Zs`cV`VOYR` QR YN _RPVR[aR a_N[`S\_ZNPV[ QR :RQRYY~[ 2[ Y\` N\` [\cR[aN N_^bVaRPa\` f b_ON[V`aN` Y\PNYR` P\[»Tb_N_\[ P\[PR]a\` ]_\]bR`aN`f]_\fRPa\`^bRQb_N[aRYN`NQZV[V`a_NPV\[R`QR 3NWN_Q\f@NYNgN_`RP\[`\YVQN_\[R[b[NcV`V[V[aRT_NYf NbQNgQRV[aR_cR[V_YNPVbQNQVQR[aV»PNQNP\Z\B_ON[V`Z\ @\PVNY2[R`aRP\[cR_`Na\_V\V[aR_PNZOVNZ\`VQRN``\O_RRY R[S\^bRQRb_ON[V`Z\`\PVNYf`bRe]_R`V[R[aRZN`P\[ P_Ra\`P\Z\RY=B6QRYNP\Zb[N[\_\_VR[aNYfYNP\Zb[N RYUsOVaNafYNcVcVR[QN]\]bYN_R[QVSR_R[aR`P\[aRea\` QRYNPVbQNQY\`[bRc\`\_R`PNaNQ\`R`]NPV\`]OYVP\`P\[ `b`QV[sZVPN`PbYab_NYR`f`\PVNYR`]Yb_NYR`YN_RYNPV[R[a_R N_^bVaRPab_Nfb_ON[V`Z\R[RY:\QRY\:RQRYY~[fY\`P\Z ]\[R[aR`Sb[QNZR[aNYR`QR]N_aVPV]NPV[`\PVNY^bRN]N_R PR[R[PNQNb[NQRYN`V[aR_cR[PV\[R` :fem\ijXkfi`f1LiYXe`jdfjfZ`Xc#\jgXZ`fgYc`Zfpm`m`\e[X >\iXi[DXik`e1Cfhl\j\ZfefZ\X_fiXZfdfliYXe`jdf jfZ`Xc\jZcXiXd\ek\le\e]fhl\ple\a\Z\ekiXc[\c Df[\cfD\[\cce[\9l\e>fY`\ief%D\^ljkXiXhl\ 8c\aXe[if<Z_\m\ii`#hl`\ec`[\i\jk\k\dX\ecXXc$ ZXc[X[\=XaXi[f#i\jld`\iXcf\j\eZ`Xc% 8c\aXe[if <Z_\m\ii`1 CX X[d`e`jkiXZ`e =XaXi[f gifp\Z$ k[\j[\\cgi`eZ`g`fkiXYXaXi\ecXi\Zlg\iXZ`e[\cX Z`l[X[dXi^`eXc#gfij\icXqfeXd}jgfYi\#m`fc\ekX \`ej\^liX%J\gcXek\\ekfeZ\j\cZfeZ\gkf[\liYX$ e`jdfjfZ`Xc#hl\ZfdY`eXleXm`j`e`ek\^iXcZfele \hl`gf`ek\i[`jZ`gc`eXi`fgXiXcXkiXej]fidXZ`e]j`ZX pjfZ`Xc#Zfee]Xj`j\ecXjqfeXjd}jgfYi\jpZik`$ ZXj\eZlXekfcXj\^li`[X[Z`l[X[XeX%<cgi`d\igXjf ]l\`[\ek`ÔZXicXjXZZ`fe\jliYXeXjZfeZi\kXj#YXafcX d`iX[X\jkiXk^`ZXel\jkiXpcXm`j`epgXik`Z`gXZ`e [\ cXj Zfdle`[X[\j% 8j j\ \jkXYc\Z`\ife Zfdgifd`$ jfjdlp\jg\ZÔZfj\ekfiefXcX\a\ZlZ`e[\\jkfj gifp\ZkfjdXeZfdleX[fj#ZfeleX[\Ôe`Z`egi\Z`jX [\\kXgXjpgcXqfj%J\Zfe]fidle^ilgf#j\[\Ôe` leX\jkilZkliX[\^\jk`egfi^\i\eZ`Xjk\ii`kfi`Xc\j# j\ Zfejfc`[ leX gfck`ZX [\ gifp\Zkfj liYXefj `ek\$ ^iXc\j p j\ Zfe]fid le \hl`gf `ek\i[`jZ`gc`eXi`f [\ Xihl`k\Zkfj# Zfdle`ZX[fi\j# `e^\e`\ifj p jfZ`cf^fj [`i`^`[fj gfi le c[\i hl\ kiXYXaXYXe [`i\ZkXd\ek\ ZfecXZfdle`[X[cXj)+_fiXj[\c[Xp^\e\iXYXecX ZfeÔXeqX e\Z\jXi`X gXiX le [`}cf^f \e gXq p Õl`[f% Gfi cf [\d}j# _Xp ki\j k\dXj `dgfikXek\j \e kfief Xc liYXe`jdf jfZ`Xc% Lef# cX gcXe\XZ`e p cX XZZ`e Zfegifp\ZkfjZfeZi\kfj[\]fidXj`dlck}e\X#fj\X# ÈgcXe\Xi_XZ`\e[fÉ%M\eXdfj[\gifZ\jfj_`jki`Zfj \e[fe[\j\\dgi\e[Xe^iXe[\jgifZ\jfj[\gcXe`Ô$ ZXZ`ehl\[\j^XjkXYXecXi\cXZ`eZfecXZ`l[X[XeX gfihl\ ef cc\^XYXe X cX XZZ`e \e \c k\ii`kfi`f% ?fp gcXe\XdfjgXiXcXXZZ`e%;fj#cX^\jk`ejfZ`Xcp[\ Zfdle`ZXZ`e gYc`ZX% J`e cX gXik`Z`gXZ`e XZk`mX [\ cXjZfdle`[X[\jef\jgfj`Yc\cc\mXiXYl\ekid`ef legifZ\jf[\kiXej]fidXZ`eliYXeX%Efj\kiXkX[\ ('/ \eki\^Xi gifp\Zkfj Zfdf i\^Xcfj gXiX hl\ cX Zfdl$ e`[X[ j\ hl\[\ ZXccX[X% GXik\ `ek\^iXc [\c liYXe`jdf jfZ`Xc\jZXd`eXiZfecX^\ek\[liXek\kf[f\cgifZ\jf [\[\Ôe`Z`e\`ek\im\eZ`e#gXiXhl\cXZfdle`[X[j\ \ek\i\#[\ÔeXp\jkj`\dgi\ZfeZ`\ek\[\Zdfj\_Xe _\Z_f\jkfjgifZ\jfj#cfhl\kXdY`e^XiXek`qXcXjfj$ k\e`Y`c`[X[%Pki\j#leX^\jk`e]j`ZX`ek\^iXc[\cXd\afi ZXc`[X[pZfecfjd\afi\j[`j\fj%8j#cXXihl`k\ZkliXp \cliYXe`jdf#j\\ek`\e[\eZfdfgifp\ZkfjÈgXcXeZXÉ# hl\c`[\iXeleXkiXej]fidXZ`ejfZ`Xcgif]le[X% ClZX>feq}c\q1GXiXd#cf\j\eZ`Xc[\cliYXe`jdfjfZ`Xc hl\Xgc`ZXdfj\jcXZfem`ZZ`e[\hl\_Xphl\Zfej$ kil`icXgfc`j#fj\X\cZfekiXkfjfZ`Xc#j`ehl\\jkfc`d`$ k\cXZXc`[X[[\cXXihl`k\ZkliX% >\iXi[1 LeX _\iiXd`\ekX \jg\ZÔZX [\c liYXe`jdf jf$ Z`Xchl\ljk\[\j_Xe[\jXiifccX[fjfecfjGifp\Zkfj LiYXefj@ek\^iXc\jÆGL@Æ\e}i\Xj[\cXZ`l[X[Zfe YXafj`e[`ZX[fi\j[\ZXc`[X[[\m`[X#Zfdfjfe\cGL@ [\cXefifi`\ekXc#[\cXefifZZ`[\ekXcp[\cXZfdleX (*%¶Hl\jleGL@6 8c\aXe[if1 <c k\dX [\ Gifp\Zkfj LiYXefj @ek\^iXc\j k`\e\ ki\j Zfdgfe\ek\j ]le[Xd\ekXc\j% Gi`d\if le Zfdgf$ e\ek\ `ejk`klZ`feXc# hl\ \j cX Zffi[`eXZ`e kiXejm\ijXc [\cXj[`]\i\ek\jgfck`ZXjpgif^iXdXj[\cX8cZXc[X\e le k\ii`kfi`f \jkiXk^`Zf gXik`ZlcXi# Zfe \c Ôe e`Zf [\ cf^iXileXXZZ`e`ek\^iXc%J\^le[f#leZfdgfe\ek\[\ gXik`Z`gXZ`e Zfdle`kXi`X p Zfdle`ZXZ`e gYc`ZX% <e \jk\Zfdgfe\ek\j\cc\^XXleXi\cXZ`e[\i\kifXc`d\e$ kXZ`epZfejkilZZ`e[\cgifp\ZkfZfecXZfdle`[X[2cXj gfck`ZXjj\`dgc\d\ekXe#gfi\a\dgcf#\ecfjccXdX[fj kXcc\i\j[\`dX^`eXi`fj#\ecfjZlXc\jcX^\ek\[\cj\Zkfi efj`e]fidX\`cljkiX\ecX]Xj\[\[`j\fjfYi\cfjljfj Zfk`[`Xefj p cfj j`^e`ÔZX[fj Zfc\Zk`mfj [\ ZX[X ZXcc\# \jhl`eX#j\e[\ifp\jgXZ`f\e\cj\Zkfi[\cX]lkliX`e$ k\im\eZ`e%@e`Z`Xdfjpc`[\iXdfj\jkfjGL@Zfe\cZfd$ gfe\ek\[\kiXej]fidXZ`e]j`ZX#hl\k`\e\hl\m\iZfe ZXdY`Xi \c \ekfief \e ]fidX `ek\^iXc1 \jgXZ`f gYc`Zf# d\[`fXdY`\ek\#m`m`\e[Xpdfm`c`[X[%GXik\`ek\^iXc[\ \jk\Zfdgfe\ek\\j_XZ\icXd\afiXihl`k\ZkliX#cXhl\ jljZ`k\\cfi^lccfpcXXlkf\jk`dX[\cXZfdle`[X[#leX Xihl`k\ZkliXhl\^\e\i\j\ek`[f[\g\ik\e\eZ`X% ('0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ >\iXi[1¶:dfj\[\Ôe\\cdfd\ekf\e\cZlXcleGL@ [\leXqfeX[\k\id`eX[X\jk}ÔeXc`qX[f6 8c\aXe[if1 <j `dgfj`Yc\ ZXdY`Xi kfkXcd\ek\ le j\Zkfi hl\X^clk`eX#\e\cZXjf[\cfjGL@XZklXc\j#\eki\[`\q pm\`ek\YXii`fj#Zfe`dgXZkf\e(''%'''X)''%''' g\ijfeXj Xgifo`dX[Xd\ek\% :fe Xek\cXZ`e j\ [\Ô$ e\e leXj \jkilZkliXj gi`eZ`gXc\j gXiX \jkXYc\Z\i cXj Zfe\o`fe\jd}j`dgfikXek\j%:feleGL@efj\jfcl$ Z`feXekf[fjcfjgifYc\dXj[\cj\Zkfipjlj_XY`kXe$ k\j#g\ifjj\c\j[Xgi`fi`[X[Xcfjd}je\li}c^`Zfj% Gfi \jf j\ kiXYXaX \e gifp\Zkfj [\ Zfikf p d\[`Xef gcXqf#[\ZlXkifXZ`eZfXfj% :fejfc`[XZ`e?XY`kXZ`feXc El\mfJfc[\Fi`\ek\\ecX hl\YiX[XAlXe9fYf#ZfdleX)% GXik\[\cGifp\ZkfLiYXef @ek\^iXc[\cXQfeXEfifi`\ekXc% :XicfjDXi`fIf[i^l\q1CfjGL@jfeleX\jkiXk\^`Xjf$ Z`Xc hl\ `dgc`ZX [`jgfe\i [\ kf[Xj cXj _\iiXd`\ekXj [\c[\jXiifccfgl\jkXj\ecfjk\ii`kfi`fj[\cXZ`l[X[ [fe[\j\i\Xc`qXe%J\gl\[\_XYcXi[\leXÈXZlgle$ kliXliYXeXÉgXiXi\Zlg\iXi\cj`jk\dX[\jfgfik\\e Zfdle`[X[\jhl\efcfklm`\ife%8_fiXY`\e#cfjGL@efjfegXjk`ccXjhl\j\Xgc`ZXeZfdf]idlcXjd}^`ZXjgXiX i\jfcm\ikf[fjcfjgifYc\dXj[\Z`l[X[%?Xphl\jXY\i [e[\ j\ Xgc`ZXe cfj df[\cfj [\ [\jXiifccf# `eefmX$ Z`epkiXej]fidXZ`eliYXeX#gfihl\efgl\[\elk`c`$ qXij\\eZlXchl`\iZ`iZlejkXeZ`X% 2Ya_NONW\R[Y\`=B6 R`]N_aVPV]NaVc\' YNP\Zb[VQNQN]_R[QR fYNNQZV[V`a_NPV[ aNZOVz[ ;`\^f:fiiXc\j1¶?XjkXhlglekfcXZfeÔXeqX[\cXjZf$ dle`[X[\jpcfjc[\i\j`eÕlp\ecXgXik`Z`gXZ`e6 8c\aXe[if1:X[XGL@\jZffi[`eX[fgfileX^\i\eZ`Xk\$ ii`kfi`Xc#Zfe[`Z`ehl\^\e\iXZfeÔXeqXpgXik`Z`gX$ Z`e%CX^\i\eZ`X^XiXek`qXhl\\ckiXYXafj\_X^X\e ^ilgfp\m`kX\ci`\j^f[\hl\j\[`clpX\ek\dXjd\$ efi\j%Cf]le[Xd\ekXciX[`ZX\ehl\\jkfjgifp\Zkfj gXik`Z`gXk`mfj\jk}edlpY`\e`ej\ikX[fj\ejlk\ii`kf$ i`f%<cXgi\e[`qXa\\jdlklf1cXZfdle`[X[Xgi\e[\p efjfkifjkXdY`e#pXhl\ZX[XGL@pZX[XqfeXk`\e\e jljgXik`ZlcXi`[X[\j% :fem\ijXkfi`f1LiYXe`jdfjfZ`Xc#\jgXZ`fgYc`Zfpm`m`\e[X EXk_Xc`\ 8cmXiX[f$I\ee\i1 FkiXj Z`l[X[\j \e 8di`ZX CXk`eX [fe[\ _\ ZfefZ`[f gifZ\jfj [\ [\jdXi^`eX$ c`qXZ`e _XYcXe kXdY`e [\ gXik`Z`gXZ`e Z`l[X[XeX# g\ifZlXe[fj\d`iX[\Z\iZX\jkXgXik`Z`gXZ`e\j[$ Y`cpef_XpcXi\XcmfclekX[gfck`ZX[\]fd\ekXicX%Cf hl\m\f\ecfhl\ljk\[\jgi\j\ekXejfegifZ\jfjp c\ZZ`fe\jXgi\e[`[Xj[\kiXYXafjdlpZfeZi\kfj% 8c\aXe[if1Lef[\cfjk\dXjd}jZfdgc\afjphl\]l`dfj kiXej]fidXe[f gfZf X gfZf \j cX ]XckX [\ ZfeÔXeqX \e\c]leZ`feXi`fgYc`Zf%=l\[`]Z`cifdg\iZfe\jkf# g\if_\dfjcf^iX[fXc^f2cXZfdle`[X[[\Y\g\iZ`Y`i hl\ cfj Zfdgifd`jfj hl\ [\ _XZ\e jfe [\ fYc`^Xkf$ i`f Zldgc`d`\ekf# X[\d}j# j`\dgi\ j\ c\j dXeklmf gi\j\ek\hl\\cdXiZfgXik`Z`gXk`mf\iXgXiXkf[fjp efgXiXlefjZlXekfj2ZfecXj`ek\im\eZ`fe\j_\dfj Zi\X[fcXZfeZ`\eZ`X[\hl\cfj`dgXZkfjjfegXiX\c Y`\e`e[`m`[lXcp\cY`\eZfc\Zk`mf[\cXqfeX%KiXkXdfj X[\d}j [\ `[\ek`ÔZXi c[\i\j gfj`k`mfj \ `eZ\ek`mXi cX gXik`Z`gXZ`e [\ kf[Xj cXj g\ijfeXj# j`e `dgfikXi jlgfj`Z`e[\ekif[\cXZfdle`[X[%<e\jk\j\ek`[f# leX [\ cXj \og\i`\eZ`Xj d}j ^iXk`ÔZXek\j _X j`[f cX `ek\^iXZ`e[\le^ilgf[\gif]\j`feXc\jam\e\jZfe ^iXe[\jmXcfi\jZm`Zfj#\eki\\ccfjXc^lefj[\qfeXj i\jkXliX[Xj#hl\kiXYXaXedXefXdXefZfecXZfdl$ e`[X[Zfdgifd\k\ekf[fjlZfiXqepkf[Xjlm`[X% 9\\k_fm\eQlc\kX1<cj`jk\dXjfZ`Xc#ZlckliXcpgfck`Zf^X$ dfeXcpZc`\ek\c`jkX_Xj`[fi\XZZ`feXi`fXcfj_\Z_fj [\df[\ie`[X[jfZ`XcpZlckliXc[\cXZ`l[X[%=i\ek\X \jkf#\cliYXe`jdfjfZ`Xc[XXg\ikliXXcXdf[\ie`[X[ ZfeleX^\jk`ek\Zefc^`ZX[\YXj\ZlckliXchl\XZ$ kX p gif[lZ\ i\jlckX[fj ZfeZi\kfj% GXjXdfj [\ le j`jk\dX [\ \eZcXm\ Æhl\ \iXe cfj YXii`fj Z\iiX[fj# [fd`eX[fjgfiZc`\ek\cXjZfekifcX[XjgfileXgfck`ZX ^XdfeXcÆXlegifZ\jfhl\_XZ\hl\cX^\ek\d`jdX j\ fi^Xe`Z\ f hl\ jlj fi^Xe`qXZ`fe\j k\e^Xe le ifc `dgfikXek\ \e cX gfck`ZX liYXeX% Gfi Ôe \j gfj`Yc\ ^\e\iXileXXgifo`dXZ`e\eki\cfhl\_Xj`[f[\j[\ _XZ\ iXkf leX gifgl\jkX [\ ZfejkilZZ`e [\ Z`l[X[ J`klXZ`egi\m`X% M`m`\e[Xj\eXckfi`\j^f% J\Zkfi[\AlXe9fYf% ((' [\j[\cXjXZX[\d`XjpleXgifgl\jkXgfck`ZXhl\j\ dXk\i`Xc`qXZfplekliXcd\ek\#ZfecX\jg\iXeqX[\hl\ j\X[\cXi^X[liXZ`e% 8c\aXe[if1GXiXZfejkil`i\jkfjel\mfjgifp\Zkfj`eZfigf$ iXdfjlec\^X[f[\ZfefZ`d`\ekfhl\k\eXcXZ`l[X[X gXik`i [\ gif^iXdXj [\ d\afiXd`\ekf `ek\^iXc YXii`Xc \ecfjXfjefm\ekX%<j\j\eZ`Xcefg\i[\i\cj\ek`[f[\ leX gfck`ZX [\ d\afiXd`\ekf `ek\^iXc2 ef fcm`[Xi hl\ efj\kiXkXjcf[\d\afiXim`m`\e[X#j`efkXdY`e[\ [Xic\kf[XcXi\c\mXeZ`XXc\jgXZ`fgYc`Zf% >\iXi[1 <e leX qfeX ^\f^i}ÔZXd\ek\ kXe Zfdgc\aX ZfdfcXZfdleX(*ÆZfe\jfjcXY\i`ekfj[\\jZXc\$ iXj \e leXj cX[\iXj _`g\ig\e[`\ek\jÆ cfj [\jX]fj gXiXleGL@gXi\Z\eXed}j^iXe[\jhl\cfjhl\j\ \e]i\ekXife\ecXZfdleXefifi`\ekXc%¶:dfmXeX _XZ\i6¶Gfi[e[\mXeX\dg\qXi6 8c\aXe[if1?XpZfdgfe\ek\j[`jk`ekfjZfdfcXXZZ\j`Y`$ c`[X[#p\jkl[`Xdfjgfi\a\dgcfcXgfj`Y`c`[X[[\j`j$ k\dXj[\kiXejgfik\gYc`ZfZfdfZXYc\jXi\fjp\j$ ZXc\iXj\cZki`ZXjgYc`ZXj%KXdY`ej\XeXc`qXefkifj gifYc\dXj Zik`Zfj Zfdf cX i\Zfc\ZZ`e [\ YXjliXj \eqfeXj`eXZZ\j`Yc\j%Lek\dXgi`eZ`gXc\jgfe\iXc ((( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ ]i\ek\g\ijfeXjZfdg\k\ek\j[\j[\\cglekf[\m`jkX kZe`Zf#hl\cf^i\ei\jfcm\icfjgifYc\dXjZfealekX$ d\ek\ZfecXZfdle`[X[[\cj\Zkfi% >\iXi[1¶:l}c\jcX^\jk`e\em`m`\e[XgfglcXi[\ekif [\\jk\df[\cf6 :Xicfj 8cY\ikf DfekfpX1 ;liXek\ cX XcZXc[X [\ J\i$ ^`f=XaXi[f)''+$)''. #Zfejle]Xj`j]l\ik\\ecX \[lZXZ`e p \c \jgXZ`f gYc`Zf# \c Zfdgfe\ek\ _XY`$ kXZ`feXc\jkXYX\eZfejkilZZ`eZfeZ\gklXcpj\\jk} dX[liXe[fpZfejfc`[Xe[fd}j[liXek\\jkXX[d`e`j$ kiXZ`e[\8cfejfJXcXqXi)''/$)'(( %8ek\j#_XYXle mXZf`ejk`klZ`feXc#gl\jef\o`jkX\ek`[X[e`]fe[f[\ m`m`\e[X2kf[XmX_fpcXjZfdg\k\eZ`Xjjfelegfhl`kf XdY`^lXjp\cZXi}Zk\ifg\iXk`mfefj\[`jk`e^l\[\c ZXi}Zk\i[\^\jk`e%8_fiXZi\Xdfj\c@JM@D<;$@ejk`$ klkfJfZ`Xc[\M`m`\e[X[\D\[\cce$#hl\mXXfi`\ekXi cXjgfck`ZXj#gcXe\XicX`em\ij`epXj\ile^\jkfi[\c k\dX[\cXm`m`\e[XgfglcXi#gXiXhl\cX<;Lj\ZfeZ\e$ ki\\ecXgif[lZZ`e%JlZ\[\hl\\e:fcfdY`XcXZfd$ g\k\eZ`X[\_XZ\i\[lZXZ`e\ecfj[\gXikXd\ekfjp dle`Z`g`fjef\jk}\e[`jZlj`e#g\ifZfei\jg\ZkfX cXm`m`\e[Xg\ij`jk\leXj`klXZ`e[\XdY`^\[X[%<c GcXe[\;\jXiifccf)''/$)'(( [\JXcXqXi\j\ogcZ`kf \e[Xigi`fi`[X[XcXm`m`\e[XZfdf\cZfiXqe[\c_}$ Y`kXk#g\ifX[\d}j[XlejXckfZlXek`kXk`mf#Zfe[fZ\ d`cm`m`\e[Xj1j\`jd`c\ecXjZXX[Xj#ZlXkifd`cel\$ mXjp[fjd`c\ei\gfj`Z`e%@ek\im\e`i\ecfjj\Zkfi\j gfglcXi\jpqfeXjefZfejfc`[X[Xjj`egif[lZkfj_XY`$ kXZ`feXc\j[\dXpfiZXek`[X[pZXc`[X[#j\iXle^iXe \iifi%Cfjgi`d\ifjXmXeZ\jdlpZfeZi\kfj\jk}e\e cfjg\hl\fjYcfhl\j[\m`m`\e[X[\cXjZXX[Xj[\ AlXe9fYfpCX?\ii\iXqfeXjZXkXcf^X[XjZfdf[\ Xckfi`\j^f2legi`d\igXjfhl\j\^liXd\ek\d\afiXi} \eXjg\ZkfjZfdfj`jk\dXj[\jfgfik\pi\j`jk\eZ`Xj% I\efmXZ`e liYXeX`ek\^iXc% J\Zkfi[\AlXe 9fYf% :fem\ijXkfi`f1LiYXe`jdfjfZ`Xc#\jgXZ`fgYc`Zfpm`m`\e[X Pfjl\fZfem\i\eki\jXfjmXi`XjqfeXjj`d`cXi\j\e D\[\cce#ZfeleXj\i`\[\\[`ÔZ`fjY`\e`eZfigfiX[fj Xjl\jgXZ`f%Efgf[\dfjj\^l`i]XZ`c`kXe[ffZfejkil$ p\e[f m`m`\e[Xj Zfe fZlgXZ`e `e[`m`[lXc`qX[X# hl\ [\k\i`fiXe \c d\[`f XdY`\ek\ \ `dgc`ZXe leX ^\jk`e liYXeXXek`\Zfed`ZX% >\iXi[1¶Gfihl_XpkXekf`ek\ijgficfhl\ljk\[\j _Xecf^iX[fZfecXkiXej]fidXZ`eZfem`m`\e[X\e cX ZXX[X AlXe 9fYf \e \c gXik\ YXaf [\ cX qfeX efifi`\ekXc6 :Xicfj8%1Gfihl\j\d\aXek\jkiXej]fidXZ`fe\jjfe[`]$ Z`c\j\`dgc`ZXeZfdgifd`jfjgfck`Zfj%?Xed\afiX[f cXZXc`[X[[\cXj\[`ÔZXZ`fe\j#\ce[`Z\[\fZlgXZ`e pcfj]XZkfi\j[\j\^li`[X[p[\\jkXY`c`qXZ`e[\cXj ZXX[Xj% 8[\d}j _Xp le kiXYXaf Zffi[`eX[f [\ kf$ [XjcXj\ek`[X[\j%<ck\dX[\cXm`m`\e[X\eD\[\cce [\Y\ Zfek\dgcXi [\ df[f `ek\^iXc gifYc\dXj Zfdf [\jc`qXd`\ekfj# [\jXaljk\ jfZ`Xc p [\j\dgc\f# \eki\ fkifj% DlZ_fj Zfej`[\iXe# \eki\ \ccfj \c d`e`jkif [\ ;\jXiifccf p D\[`f 8dY`\ek\# hl\ \jk\ gifp\Zkf [\ I\efmXZ`eLiYXeXGfglcXigl\[\j\icXi\jgl\jkXX lem`\afgifYc\dX[\liYXe`qXZ`eXZ\c\iX[X#Xek`kZ$ e`ZX p \e \ekfiefj XdY`\ekXcd\ek\ ZfekiX[`Zkfi`fj% <jkfgfihl\jlmXcfigi`eZ`gXc\j\cZXi}Zk\igXik`Z`$ gXk`mf[\cfjXjg\ZkfjjfZ`Xc\j1\c[`j\fZ\[\cfj\j$ k}e[Xi\jX\jkfjXjg\Zkfj#j`e_XZ\iZfeZ\j`fe\j\e \cgcXef[\cX\jkk`ZX% >\iXi[1 ¶:df \j cX [`d\ej`e gXik`Z`gXk`mX [\ \jkfj gifp\Zkfj[\m`m`\e[Xp_}Y`kXk6 :Xicfj 8cY\ikf1 El\jkiX ]fikXc\qX \j# aljkXd\ek\# \jk\ \e]fhl\ gXik`Z`gXk`mf% <jkfj gifp\Zkfj j\ _XZ\e Zfe fÔZ`eXjqfeXc\j#kiXYXaXe[fZfecX^\ek\#\ecfhl\ef$ jfkifjccXdXdfj\cd\afiXd`\ekf[\j\X[f#Xe_\cX[f gficX]Xd`c`X#dXjef\ci\Xj\ekXd`\ekf`emfclekXi`f% CXdfi]fcf^X[\YXii`fgfglcXiefj\[\jm`ikX% Alc`XeXGfik`ccf1;\_\Z_f#cXdfi]fcf^Xj\]fikXc\Z\#gfi$ hl\j\Zfej`[\iXZfedlZ_Xj\i`\[X[cXkiXej]fidXZ`e gi\m`Xhl\j\_X_\Z_f\ecXjfZlgXZ`fe\j`e[`m`[lXc\j% CXjZXX[XjpX]l\ifedf[`ÔZX[XjpX[\ZlX[Xjgficfj (() 2YZRW\_NZVR[a\QRYN cVcVR[QNR`V[aRT_NYYR QNa\QNYNVZ]\_aN[PVN NYR`]NPV\]OYVP\ _XY`kXek\j#gXiXk\e\iZX[XlefjlZXd`ef[\\ekiX[X2 Xj\jZfdfj\Zi\Xe\jkXj\jkilZkliXjliYXeXjZXk`ZXj \`e[`m`[lXc`jkXjhl\kiXkXdfj[\i\fi[\eXi% >\iXi[1¶:l}c\jcX[`]\i\eZ`XZfedf[\cfjp\og\i`\eZ`Xj \o`kfjfj[\cfjXfjefm\ekXfXek\j6¶KXcm\q\iXegif$ p\Zkfjc`[\iX[fjd}j[\j[\cXjle`m\ij`[X[\jpcXZffg\$ iXZ`e#g\ifZfed\efjc`[\iXq^f[\cX8cZXc[X6 :Xicfj 8cY\ikf1 Pf ]l` \c df[\iX[fi kZe`Zf [\c gi`d\i Df[\cf [\ D\afiXd`\ekf @ek\^iXc [\ 9Xii`fj \e cfj Xfj efm\ekX% <e \j\ dfd\ekf GcXe\XZ`e ef Zfe$ Z\YX `ek\im\e`i \e YXii`fj \e qfeXj [\ Xckf i`\j^f _XjkXhl\efXgXi\Z`\iXcXZffg\iXZ`e`ek\ieXZ`feXc# hl\ \]\Zk`mXd\ek\ cc\^% <c gifYc\dX ef k\e[iX hl\ _XY\ij`[f[\i\Zlijfj#j`ef\jkiXk^`Zf1¶gXiX[e[\ hl\i\dfjhl\mXpX\cdle`Z`g`f[\D\[\cce6Gfifkif cX[f#ZlXe[f[\ZXdfjÈ\cXckfi`\j^f\jZfejkil`Yc\p e\Z\j`kXdfj \eZfekiXi j`jk\dXj liYXejk`Zfj# Xihl`$ k\Zke`Zfj# kZe`Zfj# Xj Zfdf gifp\Zkfj XdY`\ekXc\j hl\gfj`Y`c`k\ecXYXii`Xc`[X[[\cX[\iXÉ#efjglj`dfjX c\\ic`k\iXkliXZc}j`ZXgXiXjXY\iZdfc\\eki}YXdfjX GcXe\XZ`e%?fpZfekXdfjZfeXcZXc[\j#efjfcXd\ek\ Zfdgifd\k`[fjZfe\ck\dX#j`efZfecXXZZ`e%C^`$ ZXd\ek\#leZfeZ\gkfkXeZfdgc\afZfdf\cÈd\afiX$ d`\ekf`ek\^iXc[\YXii`fjÉk`\e\hl\\jkXii\jgXc[X[f gficXle`m\ij`[X[#g\ifkXcm\qiXdfjdlpXZX[d`$ Zfj%?fp\jkXj`ek\im\eZ`fe\j\jk}ekXeZfejfc`[X[Xj hl\cX^\ek\efjccXdXpefj[`Z\1¶M\i[X[hl\j`efj alekXdfj[\X[`\qgf[\dfj_XZ\ile\[`ÔZ`f6<jle jXckfdfeld\ekXc\chl\cXZfdle`[X[jfc`Z`k\Xc:fe$ Z\af[\D\[\ccepXc8cZXc[\\jk\k`gf[\jfclZ`fe\j% >\iXi[1¶:dfj\_XZ\\cXZfdgXXd`\ekfjfZ`Xc6 El\mXm`m`\e[X [\`ek\ijjfZ`Xc \eGXaXi`kf% \ek\e[\icXi\cXZ`e\eki\Xihl`k\ZkliXpliYXe`jdf \e\cDf[\cfD\[\cce6 :Xicfj 8cY\ikf1 Cf _XZ\dfj [`i\ZkXd\ek\ [\j[\ cX >\$ i\eZ`X[\M`m`\e[X[\cX<;L#[\leX]fidXdlp[\$ Z`[`[X% :fej`[\iXdfj hl\ \c hl\ k`\e\ cX f]\ikX [\c gif[lZkf _XY`kXZ`feXc \j \c hl\ [\Y\ `i X ZfeZ\ikXi% KiXYXaXdfjZfegXZ`\eZ`X#j`ei\Zlii`iXcXj\ogifg`X$ Z`fe\j# hl\ \j le di`kf `eZi\Yc\ p le `e[`ZX[fi [\ ^\jk`e ki\d\e[f1 i\fi[\eXi kf[f le YXii`f j`e leX jfcX\ogifg`XZ`e% >\iXi[1 ¶Ljk\[\j _Xe _\Z_f \jkl[`fj [\ `dgXZkf hl\ dl\jki\ecXg\iZ\gZ`ehl\k`\e\cX^\ek\[\\jkfj ZXdY`fj6 Alc`XeX1 <jkXdfj \dg\qXe[f X d\[`i Zfe `e[`ZX[fi\j hl\efjj`imXe[\jglj[\ZlXkifXfj%<cZ\ejfpcX `e]fidXZ`e [\ cfj gifZ\jfj gXik`Z`gXk`mfj jfe leX gi`d\iX YXj\% D\[`Xek\ ÔZ_Xj kXYlcX[Xj p ^\fii\]\$ i\eZ`X[Xj d\[`dfj kg`Zfj Zfdf \dgc\f# [`e}d`ZXj gfYcXZ`feXc\jfj\im`Z`fjgYc`Zfj%;\_\Z_f#gi\k\e$ [\dfjZfejkil`ileXgcXe\fd\kiXjfZ`Xc#gXiXhl\cf jfZ`XcpcfkZe`Zfk\e^Xe`^lXcg\jf% >\iXi[1<cfkifk\dX#dlpgi\j\ek\\e\cliYXe`jdfjf$ Z`Xc#\jcX[`d\ej`e[\cXXihl`k\ZkliX#\egXik`ZlcXi \ei\cXZ`eZfecfjGXihl\j9`Yc`fk\ZX#cfj:fc\^`fj [\:Xc`[X[p\[`ÔZ`fjZfdf\c:\ekif[\;\jXiifccf :lckliXcDfiXm`X#dlZ_fj[\\ccfjgi\d`X[fj%¶:df DXiZfjDfek\j1?\k\e`[f\cgi`m`c\^`f[\[`i`^`icXfYiX [\c:\ekif[\;\jXiifccf:lckliXcDfiXm`X[\cdX\jkif If^\c`fJXcdfeX#hl\XYi`jljgl\ikXjXZfd`\eqfj [\)''/%Gfijl`dgXZkfjfZ`Xc\e\cj\ZkfigfYi\[\ DfiXm`X#\jdlZ_fd}jleXfYiX[\liYXe`jdfjfZ`Xc hl\leX\oZ\c\ek\fYiX[\Xihl`k\ZkliX%I\Zl\i[fhl\ \e \c gXjX[f# ZX[X hl`eZ\ [Xj j\ XeleZ`XYX \c [\j$ Xcfaf]fiqX[f[\cfj`emXjfi\j[\cj\Zkfi[\DfiXm`X% Kf[fjcfjgcXe\jhl\j\]fidlcXYXegcXek\XYXe\c[\j$ XcfafZfdfjfclZ`e%CX[\Z`j`e[\cXX[d`e`jkiXZ`e [\=XaXi[f[\XZ\iZXij\Xcj\Zkfi#[\Zfejkil`i\hl`gX$ d`\ekfjZfdle`kXi`fj#\c\oZ\c\ek\\[`ÔZ`f[\c:\ekif :lckliXc#Yl\efj\jgXZ`fjgYc`ZfjpcX`ek\^iXZ`eZfe \c el\mf \a\ [\ cX Xm\e`[X :XiXYfYf# \j \c i\ZfefZ`$ d`\ekf[\le[\i\Z_fe\^X[fgfi[ZX[XjX\jXZf$ dle`[X[%8_\jk}cXd}o`dX`dgfikXeZ`X% :Xicfj DXi`f1 Cfj fYa\k`mfj ]le[Xd\ekXc\j [\ cfj GXi$ hl\j 9`Yc`fk\ZX p [\ cfj el\mfj f i\efmX[fj Zfc\^`fj \j XÔXeqXi cX gi\j\eZ`X [\c <jkX[f \e cfj YXii`fj# \e cXjZfdleXjp\e\cgX`jXa\liYXef#d\[`Xek\\c\[`Ô$ Z`fgYc`ZfXY`\ikfXck\ii`kfi`fpcXZfdle`[X[%GXiXcfj GXihl\j9`Yc`fk\ZXj\gXik`[\lefjgi`eZ`g`fj`dgfi$ kXek\j1^XiXek`qXiZfY\ikliX#cfZXc`qXicfjj`jk\dXj[\ dfm`c`[X[pkiXejgfik\gYc`ZfgXiXXj\^liXicXXZZ\$ j`Y`c`[X[p[`eXd`qXiXd\[`XefgcXqf\c[\jXiifccf[\ :fem\ijXkfi`f1LiYXe`jdfjfZ`Xc#\jgXZ`fgYc`Zfpm`m`\e[X cXjqfeXj[\`dgXZkf#`eZcl`[f\ck\dXXdY`\ekXc%CXj \jZl\cXjpcfj\[`ÔZ`fj\[lZXk`mfj#hl\i\Z`Y`dfjXc`e`$ Z`f[\cXX[d`e`jkiXZ`e[\=XaXi[f#\iXecX_\i\eZ`X[\ leX^\jk`e[\jX]fikleX[X[\cD`e`jk\i`f[\<[lZXZ`e p[\cX>fY\ieXZ`eÆpXhl\XhlcX\[lZXZ`ej\[\j$ Z\ekiXc`q\e)''+Æ#hl\gXiXXdgc`XiZfY\ikliXZfd$ giXYXeZlXchl`\iZXjX%<eD\[\cce#[fe[\\c/'[\ cX\[lZXZ`e\jfÔZ`Xc#cfjYXii`fj#\jZl\cXjpZfc\^`fj \jkXYXe[\jXgXi\Z`[fj[\cgX`jXa\liYXef%<iXedlifj Z\iiX[fj# gl\ikXj [\ (#,' d\kifj# Xe[\e\j [\ d\efj [\(#)'d\kifj#Zfe`ejkXcXZ`fe\jZ\iiX[XjXcljf[\cX Zfdle`[X[gfiZXgi`Z_f[\kXcfZlXci\Zkfi%Hl\i\dfj hl\\jfj\hl`gXd`\ekfj\[lZXk`mfjpZlckliXc\jml\cmXe XY\e\ÔZ`XicfjYXii`fjp_X^Xe]l\ik\gi\j\eZ`X]j`ZX p jfZ`Xc% Fkif \a\dgcf \j cX el\mX \jkXZ`e [\ gfc`ZX \e9\ce#lej\Zkfi[\ZcXj\d\[`X$XckX#`eXl^liX[X\e )''/%Hl`\ecXZfefqZX\eleX]fkfm\j`dgc\d\ek\le Yl\e [\jXiifccf Xihl`k\Zke`Zf# g\if ef gl\[\ fYj\i$ mXicXji\cXZ`fe\jhl\_XZfejkil`[fZfe\cm\Z`e[Xi`f% @e`Z`Xcd\ek\cX^\ek\[\cYXii`fefhl\iXleX\jkXZ`e Xcc#\ekfeZ\jj\_`qflekiXYXaf`ek\ejfZfecXZfdl$ e`[X[ gXiX fi`\ekXi cX `ek\im\eZ`e Xihl`k\Zke`ZX# cX fi^Xe`qXZ`e[\cfjd`jdfj\jgXZ`fj`ek\iefjp\cXZ$ Z\jfgYc`ZfXcX\jkXZ`e%<j\m`[\ek\hl\j`XkiXmj [\cfjgifp\ZkfjliYXefjefZfejkil`dfjleXi\cXZ`e `dgfikXek\\eki\\c\hl`gXd`\ekf[\c\[`ÔZ`fgYc`Zfp cXZfdle`[X[#]iXZXjXdfj% D`^l\c1<jkXel\mXXihl`k\ZkliX\jdlpi\Z`\ek\pkf[X$ mXef_Xk\e`[fcXjlÔZ`\ek\[\ej`[X[gXiXj\i\mX$ clX[XZfe[\k\e`d`\ekf%CXjZfjXjkXdY`emXc\egfi \ck`\dgf#gfi\cljfpgfi\ck`gf[\m`[Xhl\`eZcl$ p\e% 8[\d}j# _Xp hl\ d`iXi cXj `ek\im\eZ`fe\j ZXjf gfiZXjf#gl\jefj\gl\[\Xgi\Z`Xi\cZfealekf[\cXj d`jdXjZfdfleXjfcX%Hl\cXjgfck`ZXjj\XeZcXiXj# Zfdf\jk}e_fp#efefj^XiXek`qXhl\cXXihl`k\ZkliX efjmXXhl\[XiY`\e%D\gXi\Z\#gfi\a\dgcf#hl\k`\$ e\dlZ_Xd}jc\^`k`d`[X[cXXihl`k\ZkliX[\cfjGXi$ hl\j 9`Yc`fk\ZX# pX hl\ jXc`\ife X ZfeZlijf gYc`Zf# hl\cX[\cfjZfc\^`fj[\ZXc`[X[#hl\j\X[al[`ZXife gfidi`kf%?Xphl\d`iXi\jfjZfc\^`fjpgi\^lekXij\ Zdfjfepgfihl\eXc^lefj_X_XY`[fgifYc\dXj j`^e`ÔZXk`mfjgXiXgf[\ik\id`eXicfjY`\e%GXi\Z\hl\ jfegifp\Zkfjd}j`e[`m`[lXc\jhl\cfjGXihl\j9`Yc`f$ ((+ k\ZX%?Xphl\gfk\eZ`XipdXek\e\i\cZfeZlijfgYc`$ Zf#ZfelealiX[f`e[\g\e[`\ek\%Kf[fjjXY\dfjhl\ \jkXdY`ecXXckXZXc`[X[[\cfjgifp\ZkfjliYXefjf Xihl`k\Zke`ZfjcXhl\mXc`[XcXj[\Z`j`fe\jgfck`ZXjp cXjm`jlXc`qX[\dXe\iXgf[\ifjX% >\iXi[1Fkif\c\d\ekf]le[Xd\ekXc\j\ck\dX[\c\j$ gXZ`fgYc`Zf% ClZX1Ef_Xple\jgXZ`fd}j]\c`q\ecXZ`l[X[hl\cXZX$ ii\iX-/#\e\cj\ZkfigfglcXi[\:Xjk`ccX#^iXZ`XjXcX`e$ k\im\eZ`ehl\j\_`qf\ecfjXe[\e\jpfkifj\c\d\e$ kfj%<j\j`k`fgl\[\j\icfd}jgXi\Z`[fXcX]\c`Z`[X[# \jfj\jm`[X\ecXZXcc\#cXm`[XgcliXc#\elej\Zkfi[fe$ [\Xek\jife[XYXcXdl\ik\%Fkif\a\dgcf\jcXZXii\iX +,\e\cYXii`fDXei`hl\#kXdY`egfglcXi%<jfj\jgX$ Z`fjjfe[`^e`ÔZXek\j[\Z`l[X[%Kf[fjcfj_XY`kXek\j j\ml\cZXeX\jfjYlc\mXi\j\ecXefZ_\p\j\fi^lccf `em`kXXm`m`iZfejXk`j]XZZ`ecfjcl^Xi\jgYc`Zfj[fe$ [\kf[fjZXY\dfjp[fe[\j\Zfejkilp\cXZ`l[X[XeX gc\eX%<cGXihl\[\cfjG`\j;\jZXcqfj#\cGXihl\[\cfj ;\j\fj#cXXm\e`[X[\cIf#\cd`jdfD\kif#efj\ej\X$ ifeXZfdgXik`i%<cGXihl\<ogcfiX#\cAXi[e9fk}e`Zfp \cDlj\f[\8ek`fhl`X[\aXife[\j\i\jgXZ`fj[\lefj f[\fkifj%8[\d}j#_Xe\jkX[fXZfdgXX[fj[\[`e}$ d`ZXjZlckliXc\jpjfZ`Xc\jgcliXc\j%<jkXdfjXmXeqXe$ [f\em`m`icXZ`l[X[kf[fjgfi`^lXc%<jfj\jgXZ`fjp Xe`dXZ`fe\jk`\e\eleXi`hl\qXZfdf\jZ\eXi`fj[\cX [\dfZiXZ`X#[\cXZfem`m\eZ`X#[\ci\ZfefZ`d`\ekf[\c fkifhl\\j[`jk`ekf[\lef% :XicfjDXi`f1CXgi`d\iXZXcc\hl\i\Zlg\iXdfj]l\Gl\i$ kfI`Zf#Z\iZXeXXcX\jkXZ`e[\D\kifZXYc\[\JXekf ;fd`e^f JXm`f Æf j\X ef \e \c Z\ekif [\ cX Z`l[X[# j`ef\e\cYXii`fg\i`]i`ZfZfed}jYXafj`e[`ZX[fi\j [\ZXc`[X[[\m`[XÆ%J\_`qfZfeYXj\\eleXZl\i[f \eki\ Zfd\iZ`Xek\j hl\ k\eXe jlj e\^fZ`fj \e \jX ZXcc\#Xci\[\[fi[\cmXcfi]le[Xd\ekXc[\cfjfZ`Xc%CX <cAXi[e9fk}e`Zf# \ecXZfdleX+# gXj[\j\ile \jgXZ`fZ\iiX[f Xlecl^XiXY`\ikf Xkf[XcXZ`l[X[XeX% ((, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ =i\[pJ\ieX# 8dXe\Z\i\eCX 8lifiX#dfjX`Zf [\kXcc\#)''/ % KXhl`ccX[\cX<j$ kXZ`e8lifiX[\c D\kifZXYc\% ((. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ ck`dfj\ek`[f#jlgXg\c\j\c[\c[`i\Zkfi[\fihl\jkX# gl\jZX[X\ek`[X[[\j\dg\XjlcXYfi#kfZXY`\ejl `ejkild\ekf p cX <;L _XZ\ hl\ kf[Xj ZldgcXe dlp Y`\ecfjgifp\Zkfj\jg\ZÔZfj\ecfjYXii`fj% i\Zlg\iXZ`epg\XkfeXc`qXZ`e[\cXXm\e`[X:XiXYf$ Yf\j\j\eZ`XcgfidlZ_Xj[`d\ej`fe\j1gficfji\jlc$ kX[fj \jkk`Zfj# gfi \c kiXYXaf Zfe cfj Zfd\iZ`Xek\j# gficXi\^lcXZ`e[\cj\Zkfi`e]fidXc#gficfgXki`df$ e`Xc#gfiZfe\ZkXicfjd}j`dgfikXek\j\jZ\eXi`fj[\c Z\ekif%D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[% D`^l\c1 KXdY`e \j \a\dgcXi cf hl\ j\ _X _\Z_f Zfe \c Zfdgc\kfi\fi[\eXd`\ekf[\cAXi[e9fk}e`Zf#\c`d`$ eXe[fgXi\[\j#^XiXek`qXe[f\cc`Yi\XZZ\jfpZi\Xe$ [f \oZ\c\ek\j \jZ\eXi`fj [\ekif [\c aXi[e2 pX ef j\ `dg`[\m`jlXc`qXicfhl\_XpX[\ekif#p\em\q[\leX gl\ikX#ZfdfXek\j#k`\e\j\`j% >\iXi[1CX\ek`[X[hl\Zffi[`eXpc`[\iX\jkXjel\mXj `ek\im\eZ`fe\j\j\eYl\eXgXik\cX<dgi\jX[\;\$ jXiifccfLiYXef#$<;L$%¶:dfj\]fikXc\Z`fkiXej$ ]fidgXiX[\j\dg\Xi\jk\gXg\c6 :jXi ?\ie}e[\q1 :fe cX cc\^X[X [\ J\i^`f =XaXi[f# cX <;Lj\Zfem`ik`\e\c\ek\X[d`e`jkiX[fi[\cXkiXej$ ]fidXZ`e ]j`ZX [\ cX Z`l[X[% <e jl el\mf gXg\c [\ fg\iX[filiYXef#pZfeleXgcXekX[\g\ijfeXciX[`$ ZXcd\ek\ Xdgc`X[f p gif]\j`feXc`qX[f# j\ c\ [`\ife mXi`Xjce\Xj[\kiXYXaf#\eki\\ccXj\cGcXeGfYcX[f#\c GcXe[\c:\ekifpcfjGXihl\j9`Yc`fk\ZX%8_fiX#\e\c ^fY`\ief[\8cfejfJXcXqXi#j\c\\eki\^XifeX[\d}j cfjAXi[`e\j@e]Xek`c\j#cfj:fc\^`fj[\:Xc`[X[#\cd\$ afiXd`\ekf[\cfj\o`jk\ek\j#pgfick`df#cfjgif^iX$ dXj[\m`m`\e[X% :Xicfj1D\qZcXe[fcfjZfeZ\gkfjkZe`Zfjpcfjdkf[fj jfZ`Xc\j# cX <;L cc\eX mXZfj [\j[\ \c glekf [\ m`jkX [\ cX m`m`\e[X p [\ cfj gifp\Zkfj `ek\^iXc\j% <e \jk\ >\iXi[1Kf[fjcfj^iXe[\j\hl`gXd`\ekfj#j\Xe\jkXZ`f$ e\j [\ gfc`ZX# Zfc\^`fj# `e]iX\jkilZkliX [\gfik`mX# ¶gXjXeX_fiXfYc`^Xkfi`Xd\ek\gfi\c<;L6:XjfZfe$ Zi\kf1cXel\mX\jkXZ`e[\gfc`ZX\e9\cefcXj`ej$ kXcXZ`fe\jgXiXcfjAl\^fjJliXd\i`ZXefj[\)'('% :jXi1<jlegXjfgfidXe[Xkf%Kf[XjcXjj\Zi\kXiXj_Xe m`jkf\ecX<;LXcfg\iX[fihl\]XZ`c`kXjl^\jk`e[\i\$ Zlijfj#`eZclj`m\gXiXcf^iXid\kXjgi\jlgl\jkXc\j%<e ZlXekfXcX\jkXZ`e[\gfc`ZX\e\cj\Zkfi[\9\ce#\j le\a\dgcf[\cXZfeZ\gZ`ed}jliYXeXpZfdle`kXi`X# hl\gifg`Z`XleXd\afi`ek\^iXZ`e\eki\cXgfc`ZXpcX Zfdle`[X[%?XpfkiXjZlXkifel\mXj\jkXZ`fe\jhl\j\$ ^l`i}e\cd`jdfZfeZ\gkf%GXiXcfjAl\^fjJliXd\i`ZX$ efj[\)'('#\c@E;<Ij\\eZXi^[\cX`e]iX\jkilZkliX \jZ\eXi`fj#Zfc`j\fjp[\d}j pcX<;LmXXkiXYXaXi\c k\dX[\c\jgXZ`fgYc`ZfXe\of% >\iXi[1¶:dfjfeZXgXZ\j[\kXekXjZfjXj\ekXegfZf k`\dgf6¶K`\e\hl\m\icXZfekiXkXZ`e6 :jXi1CXZfekiXkXZ`e\j`^lXcXcXhl\j\_XZ\\ekf[f \cgXj#cX[`]\i\eZ`Xgl\[\j\icXmfclekX[gfck`ZX%Cfj gifp\Zkfj ^iXe[\j \jk}e Xc d`jdf k`\dgf# j\^e jlj Zfdgfe\ek\j#\ecXj[`]\i\ek\j\kXgXj[\ZfeZ\ikXZ`e# gcXe\XZ`e#c`Z`kXZ`e#[`j\fpZfejkilZZ`e#[\df[f hl\mXpXeXmXeqXe[fdlZ_fd}ji}g`[f%Cfj^iXe[\j gifp\Zkfj#ZfdflegXihl\Y`Yc`fk\ZXÆ\jkXdfj_XYcXe$ [f[\(.%'''d`ccfe\j#fj\X#lefjfZ_fd`ccfe\j[\ [cXi\jÆ#j\_XZ\e\eki\[fZ\pZXkfiZ\d\j\j% :fem\ijXkfi`f1LiYXe`jdfjfZ`Xc#\jgXZ`fgYc`Zfpm`m`\e[X ((/ GXihl\9`Yc`fk\ZX JXe:i`jkfYXc# :fii\^`d`\ekf JXe:i`jkfYXc% K\ii\ef\e]Xj\ [\ZfdgiX % :fc`j\f[\mfcc\pYXcc gXiXcfjAl\^fj JliXd\i`ZXefj[\)'('% I\df[\cXZ`e Le`[X[;\gfik`mX 8kXeXj`f>`iXi[fk gXiXcfjAl\^fj JliXd\i`ZXefj [\)'('% ((0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ Gif^iXdX9l\e :fd`\eqf% AXi[e@e]Xek`c# j\ZkfiGXaXi`kf \eZfejkilZZ`e % GXihl\9`Z\ek\eXi`f#GL@ :\ekiffi`\ekXc\e[`j\f pjfZ`Xc`qXZ`e % GXihl\9`Yc`fk\ZX()[\ FZklYi\#GL@EfifZZ`$ [\ekXc]Xj\`e`Z`Xc % Df[\ie`qXZ`e [\cXK\id`eXc[\ KiXejgfik\[\cJli% :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X Efm`\dYi\)+[\)''/ :fem\ijXkfi`f 6[PYb`V[ f2^bVQNQ 8j`jk\ek\j :8IFC@E8A8I8D@CCF ;`i\ZkfiX[\Gifp\Zkfj[\cDlj\f[\8ek`fhl`X D8IK8:<:@C@8J@<II8 JlYj\Zi\kXi`X[\8j`jk\eZ`XJfZ`Xc\ecXJ\Zi\kXiX[\ 9`\e\jkXiJfZ`Xc)''/$)'(( :8ICFJ8C9<IKF<J:F98I ;`i\ZkfiGXihl\<ogcfiX 9<8KI@QN?@K< J\Zi\kXi`X[\9`\e\jkXiJfZ`Xc)''+$)''/ CLQ<JK<CC8:FII<8 ;\ZXeX=XZlckX[[\:`\eZ`XjJfZ`Xc\jp?ldXeXj [\cXLe`m\ij`[X[[\8ek`fhl`X ÝCM8IF:äI;F98 8j\jfi[\;`i\ZZ`e>\e\iXc@E;<ID\[\cce :8ICFJ8C9<IKFLI@9< ;`i\Zkfi:\ekif[\;\jXiifccf:lckliXc[\DfiXm`X Df[\iX[fi\j >89I@<CA8@D<8I8E>F JlY[`i\Zkfi[\<[lZXZ`e:lckliXp9`Yc`fk\ZXj [\:fd]\eXcZf8ek`fhl`X ;@8E8D8I:<C8<:?8M8IIà8 8j`jk\ek\:fd`kGi`mX[f[\8j`jk\eZ`XXcXE`\qÆG8E$ ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\ZkfDf[\cfD\[\cce ;@<>F:FII8C<J ;`i\ZkfiGifp\ZkfDf[\cfD\[\cce#Xj\jfi[\c8cZXc[\ 9Xii`f[\`emXj`e \ejl\cfj[\ \ok\ej`eliYXeX pD\kifZXYc\JXe AXm`\i%:fdleX(*% 1V`ZV[bV_YN]\O_RgNfNbZR[aN_YNPNYVQNQQRcVQNQRY\`PVbQNQN[\` R[]N_aVPbYN_QRY\`Zs`cbY[R_NOYR``\[\OWRaVc\`PR[a_NYR`QRY:\QRY\:R QRYY~[QR/bR[4\OVR_[\YVQR_NQ\`R[a_R\a_\`]\_RY1R`]NPU\QRYN=_VZR_N 1NZNYN@RP_RaN_~NQR/VR[R`aN_@\PVNYYN@RP_RaN_~NQR@NYbQYN@RP_RaN_~NQR 1R`N__\YY\@\PVNYYN@RP_RaN_~NQRYN:bWR_RY6[`aVaba\QR1R]\_aR`f?RP_RN PV[¯6;12?¯R[P\\_QV[NPV[P\[R[aVQNQR`[NPV\[NYR`P\Z\RY6[`aVaba\ 0\Y\ZOVN[\QR/VR[R`aN_3NZVYVN_¯60/3¯fRY]_\T_NZN]_R`VQR[PVNYQR?RQ 7b[a\`:s`NYYsQRTN_N[aVgN_N`V`aR[PVN_RUNOVYVaNPV[f]_\aRPPV[N]R_`\ [N`fT_b]\`cbY[R_NOYR`RYR[S\^bRR`TR[R_N_VTbNYQNQQR\]\_ab[VQNQR`B[ ]_\fRPa\ON[QR_NR`:RQRYY~[@\YVQN_VN^bRQb_N[aRYNNQZV[V`a_NPV[QR.Y\[ `\@NYNgN_%TN_N[aVgN_sYNNaR[PV[V[aRT_NYRV[QVcVQbNYNY\`!" U\TN_R`Zs`]\O_R`R[a_RRYY\`ZVYR`R[`VabNPV[ QRQR`]YNgNZVR[a\P\[RY»[QRO_V[QN_YR`NPPR`\ N\]\_ab[VQNQR`QRPNYVQNQP\[z[SN`V`R[V[SN[PVN fWbcR[abQ:RQRYY~[R`R[0\Y\ZOVNYNPVbQNQP\[ ZNf\_fZRW\_P\OR_ab_NQRY\``R_cVPV\`]OYVP\` Q\ZVPVYVN_V\`T_NPVN`N2Z]_R`N`=OYVPN`QR:RQR YY~[2=:f2Z]_R`N`CN_VN`QR:RQRYY~[2C: 2[R`aRP\[cR_`Na\_V\V[aR_PNZOVNZ\`VQRN`f]R_` ]RPaVcN``\O_RR`a\`aRZN`f`\O_RRY\OWRaVc\PR[ a_NY QR TR[R_N_ ]_\PR`\` QR QR`N__\YY\ UbZN[\ V[aRT_NY]N_Nb[NPVbQNQZs``\YVQN_VN :fem\ijXkfi`f1@eZclj`ep\hl`[X[ ()) >\iXi[ DXik`e1 ¶Hl Xek\Z\[\ek\j gf[\dfj kfdXi \e Zl\ekXgXiX_XYcXi[\`eZclj`ep\hl`[X[\eD\[\cce6 9\Xki`q N_`k\1 :i\f hl\ dlZ_f \dg\q \e cX j\^le[X gXik\[\cfjXfjefm\ekX#ZfecfjZfeZ\gkfj[\cXgfpf hl\`YXX[Xi\c9@;gXiX\cGif^iXdX[\J\^li`[X[p :fem`m\eZ`X:`l[X[XeX\eD\[\cce#pXhl\\j\gif^iX$ dX XYXiZ [\j[\ cX \[lZXZ`e p cX `ek\im\eZ`e k\d$ giXeXXcXX^i\j`e#_XjkXfkifj]XZkfi\jkg`Zfj[\mlc$ e\iXY`c`[X[%Cf]le[Xd\ekXc]l\hl\XZ\gkXdfjZfdf Z`l[X[hl\\jk}YXdfjdXcphl\k\eXdfjhl\_XZ\i gifp\Zkfj[\dXe\iXZfc\Zk`mX% >XYi`\c AX`d\ 8iXe^f1 Fkif i\]\i\ek\ \j \c gXg\c hl\ klmfXc`e`Z`f[\cX[ZX[X[\(00'cX:fej\a\iXGi\j`$ [\eZ`XcgXiXD\[\ccepjlÝi\XD\kifgfc`kXeXpDXiX <ddXD\aXZfdf[\c\^X[XXek\cXX[d`e`jkiXZ`e[\c gi\j`[\ek\>Xm`i`X(00'$(00+ %8cc\dg\q\c[`}cf^f \eki\cX`ejk`klZ`feXc`[X[pcfjj\Zkfi\jgfglcXi\jpj\ YljZXifecXjXck\ieXk`mXj[\]lklifgXiXD\[\cce%J`\e D\[\cceef_lY`iXdfjj`[fZXgXZ\j[\i\ZfefZ\ihl\ iXdfjleXjfZ`\[X[]iXZXjX[XpdfiXcd\ek\[\jkil`$ [X# ef _lY`iXdfj gf[`[f al^}iefjcX gfi \c gifp\Zkf jfZ`Xcpgfck`Zfhl\\jk}c`[\iXe[f_fpcXZ`l[X[%J`e \dYXi^f#\c`ek\ekf]iXZXj#pXhl\cfj^fY\ieXek\j[\ cXgfZX#Xek\\cgXmfihl\`dgc`ZXYXefmfcm\iX_XZ\i gfck`ZXkiX[`Z`feXc#\cl[`\ife\cZfdgifd`jf%KXdY`e efj ]XckX d\eZ`feXi cX :fejk`klZ`e Gfck`ZX [\ (00( ZfdfleXek\Z\[\ek\]le[Xd\ekXc%Gi`d\if#[\Ôe`\c gXjZfdfjfc`[Xi`f\`eZclp\ek\[\j[\\cgicf^f2p\e \cgi`d\iXikZlcf#Zfdfle<jkX[fJfZ`Xc[\;\i\Z_f% J\^le[f#ZfejX^i\c[\i\Z_fXcXgXik`Z`gXZ`e#le_\$ Z_fgfck`Zfdlpj`^e`ÔZXk`mfhl\D\[\ccejlgfXgifm\$ Z_XidlpY`\egfihl\k\eXleXdY`\ek\[\\[lZXZ`e# [\[`jZlj`egYc`ZX#[\`cljkiXZ`e[\j[\cXXZX[\d`X# XjZfdfgifdfkfi\j[\[\jXiifccfjfZ`Xc#\[lZXZ`ep ZlckliXdlpZfdgifd\k`[fj%8[\d}j#_XYX`iildg`[f leXZcXj\d\[`Xpd\[`XgfglcXihl\pXcf^iXYX\[lZXi \e cXj le`m\ij`[X[\j gYc`ZXj X jlj _`afj% <jkfj _`afj# AXi[eJfZ`Xc% :fdleX(*% @eXl^liX[f \e)''/% hl\Xg\eXj_XZ\leX[ZX[XjXc`\ifeZfdf\^i\jX[fj# i\gi\j\ekXe leX gi`d\iX ^\e\iXZ`e [\ \jkl[`Xek\j le`m\ij`kXi`fj\ecX_`jkfi`X[\\jkXj]Xd`c`Xj%Jfe\ccfj cXZfj\Z_Xhl\i\jlckX[\cXXg\ikliXp[\]\ejX[\cX le`m\ij`[X[gYc`ZX%<ekfeZ\jjli^\\eel\jkiXjfZ`\$ [X[leel\mfg\ijfeXa\1gfYi\\Zfed`ZXd\ek\#g\if `cljkiX[f XZX[d`ZXd\ek\# ]fidX[f `ek\c\ZklXcd\ek\ pgfck`ZXd\ek\i\\e]fZX[fgXiX[\jXÔXi\cj`jk\dX2p cX dXpfiX [\ \ccfj# \e m\q [\ j\^l`i cfj ccXdX[fj [\ cXi\j`jk\eZ`Xf[\cXfgZ`eXidX[X#[\Z`[\eal^}ij\cX gfi \c [`jZlijf Zm`Zf# gfck`Zf p gfi \c ljf [\ cX el\$ mX:fejk`klZ`e%:i\fhl\\co`kf[\cXX[d`e`jkiXZ`e [\J\i^`f=XaXi[f\jgi\Z`jXd\ek\hl\cf^iX\cXYfiXi legifp\Zkfgfck`Zfhl\`ek\igi\kXXhl\ccX^\e\iXZ`e ZfdfleXel\mX]l\iqXjfZ`Xc#\Zfed`ZXpgfck`ZX\e ()* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ cXZ`l[X[%Efjfkifj#cXjZXaXj[\Zfdg\ejXZ`e#efjjl$ dXdfjX\j\gifp\Zkf\eleXZfcXYfiXZ`eZm`ZXgXiX Zfejkil`ileXZ`l[X[\ecXhl\j\^l`dfjZi\p\e[f% >\iXi[1¶Gfihl\eD\[\ccecXjZXaXj[\Zfdg\ejXZ`e# \egXik`ZlcXi:fd]\eXcZfp:fd]XdX#jfeXZkfi\jkXe Zfdgifd\k`[fjpZilZ`Xc\j\ejlkiXej]fidXZ`e6 >XYi`\c AX`d\1 ?Xp leX [`]\i\eZ`X jljkXeZ`Xc \eki\ cXj ZXaXj[\Zfdg\ejXZ`e[\8ek`fhl`XpcXj[\fkiXji\$ ^`fe\j[\cgXj%EfjZXiXZk\i`qXlegi`eZ`g`f[\g\ejX$ d`\ekfd}jjfZ`Xcpfg\iXdfjZfelej\ek`[f[\i\j$ gfejXY`c`[X[jfZ`XcdlpXdgc`f#d`\ekiXjhl\el\jkifj Zfc\^Xj[\fkiXjZXaXj\e\cgXjj\fi`\ekXed}j\e\c j\ek`[f\dgi\jXi`Xcp[\^XeXeZ`X%8hl#Xgifm\Z_Xe[f cXZfplekliX[\cX\og\[`Z`e[\cX:fejk`klZ`e[\(00(# _`Z`dfjlei\gcXek\Xd`\ekfhl\Zfej`jk`\eXYi`icXj :XjX[\cXC\ZkliX @e]Xek`c\ecX:XjX 9Xii`\ekfj#j`^cf O@O#i\jkXliX[X \e)''.% 8m\e`[XcXGcXpX% ZXaXj[\Zfdg\ejXZ`e]Xd`c`XiÆpXhl\_`jki`ZXd\ek\ jfcf \iXe gXiX jlj XÔc`X[fj# kXekf \dgi\jXi`fj Zfdf kiXYXaX[fi\jpjlj]Xd`c`XjÆpXdgc`Xicfjj\im`Z`fjXcX gfYcXZ`eefXÔc`X[X\e\jkX[f[\e\Z\j`[X[%@dgc`ZX$ YXleXclZ_XXek\cfjfi^Xe`jdfj^lY\ieXd\ekXc\j[\ ZfekifcgXiXhl\efjg\id`k`\iXe\cZXdY`f%CX^XeXe$ Z`X_Xj`[fcX`eZ`[\eZ`Xhl\k\e\dfj\ecfjgifZ\jfj [\kiXej]fidXZ`ejfZ`Xc% >\iXi[1GXiXXZ\iZXiefjXleZXjfZfeZi\kf1¶Zdf]le$ Z`feX \ekfeZ\j \c :\ekif [\ ;\jXiifccf :lckliXc [\ DfiXm`X#hl\\jXmXcX[fgficX8cZXc[Xp^\jk`feX[f gfi:fd]\eXcZf6 :XicfjLi`Y\1<c:\ekif[\;\jXiifccf:lckliXc[\DfiXm`Xp cfjZ`eZfGXihl\j9`Yc`fk\ZXhl\pX\o`jk\ej\lY`ZXe\e \cdXgX[\cXZ`l[X[gXiXZi\XiiX[`fj[\XZZ`e#gif$ dfm\igXik`Z`gXZ`ep\jk`dlcXi\c\eZl\ekif%8_fiX#\c :\ekif[\;\jXiifccf:lckliXc[\DfiXm`X\jÆX[`]\i\e$ Z`X[\cfjGXihl\j9`Yc`fk\ZXÆlegifp\Zkfjl`^\e\i`j# gl\jefjli^`Zfdf`e`Z`Xk`mX[\cGcXe[\;\jXiifccf# j`efZfdfgXik\[\legifZ\jf[\ZfeZ\ikXZ`e[`i\Zkf ZfecXZfdle`[X[#ZfeZi\kXd\ek\Zfecfjam\e\j[\c j\Zkfi#hl\dXe`]\jkXife\c[\j\f[\k\e\ileXZXjX[\ cXZlckliX%Gfi\jkfj\Zfdgc\d\ekXdlpY`\eZfe\cYX$ ii`fp^\e\iXle\jgXZ`fgYc`ZfZfe\chl\DfiXm`Xef ZfekXYX%DfiXm`X\j\cYXii`fd}j[\ejXd\ek\gfYcX[f [\:fcfdY`XÆXe_fp#Zfe\cgifZ\jf[\i\lY`ZXZ`e\e Zlijf#Zl\ekXZfelefj+.%,''_XY`kXek\jÆ#ZfeYXjkXe$ k\jgifYc\d}k`ZXj#\eki\\ccXjcXZXi\eZ`X[\cl^Xi\j[\ `ek\^iXZ`e%<cgifZ\jf\jkiXk^`Zf[\cXjXcZXc[Xj[\ J\i^`f=XaXi[fp8cfejfJXcXqXigXiX\jk\j\ZkfiZi\X# \eki\fkifj#\c:\ekif[\JXcl[#\cGXihl\C`e\XcCX9\i$ d\aXcXÆhl\fo`^\eXleXkiXm\jXZ\ekiXc[\cYXii`fÆp\c :\ekif[\;\jXiifccf:lckliXc[\DfiXm`X%8[`Z`feXcd\e$ k\#j\XZ\ikZfecX\jZf^\eZ`X[\cfj[`j\fj[\If^\c`f JXcdfeX# lef [\ cfj Xihl`k\Zkfj d}j i\ZfefZ`[fj [\c gXj% <jk\ Z\ekif \j le \jgXZ`f gYc`Zf [\ `ek\^iXZ`e# Zfem`m\eZ`X p gXik`Z`gXZ`e# `ek\^iX[f X le gifp\Zkf \[lZXk`mfpZlckliXcgXiXi\]fiqXi\e\jk\j\Zkfi\cgif$ Z\jf [\ Zi\Xi Z`l[X[Xefj Zfe Zi`k\i`f# ]fidX[fj Zfe _\iiXd`\ekXj# ef jfcXd\ek\ gXiX \c g\ejXd`\ekf# j`ef kXdY`egXiX\ckiXYXafp\c[\jXiifccf_ldXef% :fem\ijXkfi`f1@eZclj`ep\hl`[X[ ()+ ÝcmXif :i[fYX1 Hl`j`\iX _XZ\i leX i\Õ\o`e \e ZlXekf XDfiXm`X%8ÔeXc\j[\cfjfZ_\ekX#Zfe\cXZfdgXX$ d`\ekf [\ mXi`Xj `ejk`klZ`fe\j Æ`eZcljf cX :fej\a\iX Gi\j`[\eZ`XcgXiXD\[\ccepjlÝi\XD\kifgfc`kXeXÆ#j\ Zi\X_#gficf[\gi`d`[fhl\\iX\cj\Zkfi#cXD\jX[\ KiXYXaf gfi cX GXq# hl\ X jl m\q i\jlck \e \c gi`d\i :\ekif[\:feZ`c`XZ`e#XcZlXcXj`jkXeefjcfcfj_XY`$ kXek\j[\DfiXm`Xj`ef[\fkifjYXii`fj%Cl\^f#pX]ilkf [\legifZ\jf[\[\jdfm`c`qXZ`ehl\j`im`gXiXXgX$ Z`^lXicXm`fc\eZ`X#jli^`\ifecfj\jZ\eXi`fj[\]lklif jfYi\Zdf[\Y\iXj\i\cfi[\eXd`\ekf]j`Zf$\jgXZ`Xc [\\j\k\ii`kfi`f%<jgfikf[f\jkfhl\\cdf[\cf_fp i\jlckX\o`kfjf#gfihl\i\Õ\aXleX[\dXe[X#leX`ek\i$ m\eZ`e[\cXi^fk`\dgfXki}jphl\cf^if[fjpi\j$ gfejXY`c`[X[\ecXX[d`e`jkiXZ`e%8c^fj`d`cXigXj\e \cj\Zkfi[\JXekf;fd`e^fJXm`f#hl\\iXlek\ii`kfi`f [\ ^l\iiX# g\if [fe[\ \c GXihl\ 9`Yc`fk\ZX <jgXX p kf[XcX`ek\im\eZ`e[\cGifp\ZkfLiYXef@ek\^iXccf^i kiXej]fidXi \j\ i\]\i\ek\% @^lXc Zfe cX el\mX le`[X[ [\gfik`mX\e\cYXii`f9cXehl`qXc% 9\Xki`q1CX[\Z`j`e[\[e[\lY`ZXi\c:\ekif[\;\jXiif$ ccf:lckliXc[\DfiXm`XfcfjGXihl\j9`Yc`fk\ZX#effY\$ [\Z`XleXdXe\iX[\i\gXiXZ`ej`dYc`ZXj`efXleX i\Õ\o`eal`Z`fjX[\cfjcl^Xi\jhl\k\eXe\c@e[`ZX[fi [\;\jXiifccf?ldXefd}jYXaf\eD\[\cce%CX[\Z`$ j`egfck`ZX[\ZXhl\\iX\e\jfjcl^Xi\j[fe[\j\k\$ eXehl\_XZ\icXjd\afi\jfYiXj#cXjd}jYfe`kXjp\e cXjhl\[\YXgi`dXicXdXpfiZXek`[X[[\`em\ij`e[\c dle`Z`g`f#ZfeleXZfeZ\gZ`e`ek\^iXc\eZlXekf]fi$ dXegXik\[\cfjGifp\ZkfjLiYXefj@ek\^iXc\jÆGL@$% >\iXi[1¶:l}c\jcXgifgl\jkXgXiXcXlk`c`qXZ`e[\cfj\j$ gXZ`fj[\c:\ekif[\;\jXiifccf:lckliXc[\DfiXm`X6 :XicfjLi`Y\1<jle\jgXZ`fhl\\jk}m`mf#hl\gfj\\XcdX# gfihl\cXZfdle`[X[j\cfXgifg`%CX^\ek\j\j`\ek\ Zdf[XXcc#ef_Xpi\jki`ZZ`fe\jgXiXjlljf%CXjg\i$ jfeXj\ekiXeZfdfj`\jk\cl^Xi]l\iXcXZXjX[\kf[fj% @eZcljf Zfe \jk\ c\dX ÆcX :XjX [\ Kf[fjÆ kiXYXaXdfj \cGcXe[\:fdle`ZXZ`ep;`]lj`e%CX:XjX[\Kf[fj kXdY`ek`\e\hl\m\iZfecXj]Xd`c`Xjhl\Z\[`\ifejlj \jgXZ`fjgXiXj\ii\lY`ZX[Xj%?fp#\cgi`eZ`gXccl^Xi[\ \eZl\ekif[\cYXii`f\j\c:\ekif[\;\jXiifccf:lckliXc [\DfiXm`X% I\fi[\eXd`\ekf )''+$)''/ [\cX ZXii\iX-/# È<c9lc\mXi[É# YXii`f:Xjk`ccX% >XYi`\cAX`d\1G\idkXd\i\kfdXi\jk\k\dX\eleXi\$ Õ\o`ed}jXdgc`XjfYi\cXjgfck`ZXj[\\hl`[X[\`e$ Zclj`ejfZ`Xc\eD\[\cce%Kf[XjcXj\jkiXk\^`Xjhl\j\ _XYXe lk`c`qX[f gXiX [Xic\ leX [`i\ZZ`e X cX Z`l[X[# _XYXedfjkiX[fjl[\j^Xjk\%¶<ekfeZ\jZdfp[e[\ \eZfekiXi le `ejkild\ekf [\ i\fi[\eXd`\ekf jfZ`Xc6 <j Zfe cX X[d`e`jkiXZ`e [\ =XaXi[f hl\ [\jZlYi`dfj cX[`d\ej`egfck`ZX[\cX\[lZXZ`ep[\cXZlckliX#Xj Zfdf cX [`d\ej`e \[lZXk`mX p ZlckliXc [\ cX gfck`ZX% 8jd`jdf#Zfe\jkXm`j`e[\lk`c`qXicX\[lZXZ`epcX ZlckliXZfdf]XZkfi\j[\i\fi[\eXd`\ekfjfZ`Xc#jli^\ `ed\[`XkXd\ek\\cXjlekf[\cX`eZclj`e%¶Hl\jkiXk\$ ^`Xjj\gl\[\elk`c`qXigXiX_XZ\i`eZclj`ejfZ`Xcg\i$ [liXYc\p\ÔZ`\ek\#`eZfigfiXe[fXcX\[lZXZ`eXcfj \oZcl`[fj[\cXd`jdX6J\[\Z`[\\ekfeZ\j[fkXiXcX (), D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ mXj#j`efX[\d}j\e\cXld\ekf[\cZfejldfZlckliXc% <elegi`eZ`g`f#cX_`gk\j`j\iXhl\cX^\ek\efZfejl$ dXZlckliXgfihl\ef\iX[\jl`ek\ij#g\ifcX_`g$ k\j`j el\jkiX Æhl\ YljZXYX i\YXk`icX$ \j hl\ cX ^\ek\ efXZZ\[\XcfjY`\e\jpj\im`Z`fjZlckliXc\jgfihl\ef k`\e\cfji\Zlijfje`cfjd\[`fjgXiX[`j]ilkXi[\\ccX% =l\XjZfdfXgXik`i[\)'',\cDlj\f[\8ek`fhl`X j\ gifgljf cX [\dfZiXk`qXZ`e [\ XZZ\jf X cX ZlckliX XYi`\e[f\cdlj\fgXiXZ`\ikfj^ilgfjgfYcXZ`feXc\jp k\e`\e[fXc^leXjk\dgfiX[Xj[\\ekiX[X^iXkl`kXgXiX kf[fj cfj m`j`kXek\j# [liXek\ cXj ZlXc\j \c `e^i\jf [\c gYc`ZfZi\Z`\ed}j[\c(%''']i\ek\XcXfg\iXZ`e efidXc%I\Z`Y`dfj\ekfeZ\j#ZfeYl\efjfafj#hl\cfj XcZXc[\j=XaXi[fpJXcXqXi\jkXYc\Z`\iXeZfdfgfck`ZX jlYj`[`Xi\c`e^i\jf^iXkl`kfgXiXdlZ_fjdlj\fj[\cX Z`l[X[#p\efkifjZXjfj#gXiXe`fjd\efi\j[\()Xfj# X[lckfjdXpfi\j[\j\j\ekXpg\ijfeXj[\cfj\jkiXkfj jfZ`Xc\j(#)p*#hl\\ejlZfealekf]fidXe#j\^e\j$ kX[jk`ZXj[\c^fY`\ief#/)[\cXgfYcXZ`e%<ekfeZ\j# ef\j^iXkl`kfhl\k\e^Xdfj[\]fidX\ogcZ`kX\ck\dX [\ cX `eZclj`e [\ekif [\ cX d`j`e [\c dlj\f% Gfi \c dfd\ekfcXkXhl`ccX\jk}ZlY`\ikXZfejlYj`[`fj#p\jkf _X^\e\iX[fleZXdY`fjljkXeZ`Xc\ecXZfeZ\gZ`ehl\ k\eXcX^\ek\[\cDlj\f[\8ek`fhl`X#gfihl\j`\dgi\ aVR[R[NYZN#gfihl\cXZfdle`[X[cfj_X_\Z_fjlpfj% Cfjel\mfj\jgXZ`fjliYXefj\jk}em`mfj# Z`l[X[[\leX`e]iX\jkilZkliX[\[\jXiifccf\[lZXk`mf pZlckliXchl\Zldgc`\iXXZXYXc`[X[ZfecXj\og\ZkXk`$ mXj#\j[\Z`i#Ècfd\afigXiXcfjd}je\Z\j`kX[fjÉ#Zfdf XÔidXYX\cXcZXc[\J\i^`f=XaXi[f%Gfi\jkf#\c:\ekif [\;\jXiifccf:lckliXc[\DfiXm`X#cfj:fc\^`fj[\:Xc`$ [X[#cfjGXihl\j9`Yc`fk\ZX#\cGXihl\<ogcfiX#cXi\df$ [\cXZ`e[\cAXi[e9fk}e`Zf#cXj\jZl\cXj[\dj`ZXp cXZi\XZ`e[\kXekfjfkifj\jgXZ`fjd}j#j\_XZ\eZfe \cd`jdfÔe1_XZ\ialjk`Z`XjfZ`Xc#cc\mXe[fgfigi`d\iX m\qcXj`em\ij`fe\j^iXe[\j\ekid`efj\Zfed`Zfjp [\fYiXjgYc`ZXjXcXjZfdle`[X[\jhl\eleZXc\j_X$ YXkfZX[f%<e\jkfZfej`jk\cX`eZclj`e% :Xifc`eXAXiXd`ccf1<eD\[\ccej\_Xm`jkfleÕfi\Z`d`\e$ kf[\cXZlckliX#efjfcXd\ek\\ecXj`ejk`klZ`fe\jel\$ J\Zkfi`e]fidXci\^lcX[f# GXihl\C`e\Xc#hl\YiX[X CX9\id\aXcX#j\ZkfiDfiXm`X% :fem\ijXkfi`f1@eZclj`ep\hl`[X[ ()- cfjdlj\fj]l\ife[`i`^`[fjXfkifk`gf[\gYc`Zfj#X m`j`kXek\j#X\okiXea\ifj%8[\d}j#efjjXc`dfj[\cXYli$ YlaX [\ cXj Xik\j gc}jk`ZXj# i\ZfefZ`dfj hl\ \jkXdfj `ej\ikfj\eleXjfZ`\[X[phl\efjfdfjleXi\Xc`[X[ XgXik\%<cXik\\jkXdY`ecXZfek`el`[X[[\cXi\Xc`[X[ hl\m`m`dfj[\j[\fkiXj\ogi\j`fe\jpc\ZkliXj% >\iXi[1 D\[\cce _X j`[f _`jki`ZXd\ek\ leX Z`l[X[ `e$ [ljki`Xc# Zfe Xdgc`Xj ZcXj\j fYi\iXj p ^ilgfj [\ `e$ [ljki`Xc\j`dgfikXek\j#g\ifd}jY`\eZfeleXZcXj\ d\[`X i\[lZ`[X \e ZfdgXiXZ`e Zfe 9f^fk}% 8_fiX# Zfe\jkXkiXej]fidXZ`e\[lZXk`mX_XZ`XleXdXpfi `eZclj`ep\hl`[X[#¶j\\jk}Zfejfc`[Xe[fleXjfZ`\$ [X[d}jYXcXeZ\X[X6¶Hlfg`eXe6 >XYi`\c AX`d\1 CXj le`m\ij`[X[\j gi`mX[Xj \e D\[\cce j\ \jg\Z`Xc`qXife \e gi\gXiXi X jlj \^i\jX[fj gXiX \ogfikXicfjX9f^fk}fXc\ok\i`fifgXiX\dgc\Xicfj \e Z`\ikfj gl\jkfj [\ cX X[d`e`jkiXZ`e gYc`ZX [\c fi[\e eXZ`feXc% <jkf \jk} ZXdY`Xe[f% 8[\d}j# cfj \^i\jX[fj [\ cXj le`m\ij`[X[\j gYc`ZXj \jk}e jli$ k`\e[fcfjgl\jkfjgif]\j`feXc\jpcfjdXe[fjd\[`fj [\kiXYXaf\eD\[\cce#cfhl\j`^e`ÔZXleZXdY`f[\ d\ekXc`[X[% DXikX:\Z`c`XJ`\iiX1<cXcZXc[\=XaXi[f_XYcXYX[\hl\ cXZ`l[X[\jkXYX[`m`[`[Xphl\\c[\jX]fZfej`jkX\e g\ejXiZdfcf^iXileXdXpfi`ek\^iXZ`e%<ogfeX hl\ \e D\[\cce k\eXe hl\ jlZ\[\i ZXdY`fj i\Xc\j \e cf liYXef# hl\ g\id`k`\iXe cX le`e [\ kf[fj cfj hl\m`m`dfj\ecXZ`l[X[XcalekXiefj\ecfj\jgXZ`fj pYfiiXicfj\jk`^dXjXZ\iZX[\ccl^Xi[\fi`^\e#[\c YXii`f [\ fi`^\e% <ekfeZ\j# kf[Xj cXj fYiXj hl\ j\ Zi\XifeYljZXYXecX`eZclj`epcXle`e[\j[\cfg$ Yc`Zfp\ecfgYc`Zf% >\iXi[1¶:dfj\ZfeZi\kXe\jkXj`[\Xj\ecX`e`Z`Xk`mX [\c GXihl\ <ogcfiX# leX [\ cXj `ek\im\eZ`fe\j d}j \dYc\d}k`ZXj[\cXkiXej]fidXZ`e[\D\[\cce#phl\ XZXYX[\`eXl^liXiledX^eÔZfXZlXi`f6 :Xicfj <jZfYXi1 <c GXihl\ <ogcfiX i\Õ\aX cX Xgifg`XZ`e jfZ`Xc[\cXZ`\eZ`XpcXk\Zefcf^XgficfjgYc`Zfjd}j _\k\if^e\fj j`e g\ejXi \e iXqXj# ^e\ifj f \[X[\j# gl\jkf[f\cdle[fk`\e\ZXY`[X%<jk}lY`ZX[f\ele cl^XiZfdgc\af[\cXZ`l[X[#ZfeleXXihl`k\ZkliXple [`j\f XYjfclkXd\ek\ m`j`Yc\ p Zfe lefj \c\d\ekfj j`dYc`Zfj p ZfeZi\kfj kfkXcd\ek\ i\mfclZ`feXi`fj% <c gifp\Zkf \iX gXik\ `ek\^iXc [\c GcXe [\ ;\jXiifccf [\ =XaXi[fpX_fiX[\c[\JXcXqXi%<ejl[\m\e`icfXgfpXe cXJ\Zi\kXiX[\:lckliX:`l[X[XeXÆ]XZ`c`kXe[f\c`e^i\$ jfc`Yi\[\d}jZ`\ed`cg\ijfeXjXcXfÆpcXJ\Zi\kX$ iX[\<[lZXZ`e#hl\dfm`c`qXd}j[\/,%'''e`fj \eleXilkXg\[X^^`ZX#gXiXhl\`ek\^i\ejljXlcXj [\ZcXj\XleX\og\i`\eZ`Xdlj\jk`ZXXYjfclkXd\ek\ g\ik`e\ek\%;\cd`jdfdf[f#\cGXihl\<ogcfiXZfe$ mfZXZfefkifjk\dXjZfdf:`\eZ`X\e9`Z`Zc\kX#hl\ `ek\^iXXZ`l[X[Xefj[\kf[fjcfj\jkiXkfjphl`\e\j j\mXe]\c`Z\jXfi_XYcXiXZ\iZX[\hl`e`em\ek\c dXiZXgXjfj#gfi\a\dgcf% >\iXi[1 ¶<e cX Xgifg`XZ`e jfZ`Xc [\ le cl^Xi Zfdf \c GXihl\<ogcfiXj\gl\[\ei\ZfefZ\i[`d\ej`fe\j[\ `eZclj`ep[\\hl`[X[6 :Xicfj<jZfYXi1Cfd}j`ek\i\jXek\\jhl\efXkiX\#Zfdf j\gf[iXg\ejXi#e`ZXd\ek\^\ek\[\cXgXik\efik\ [\cXZ`l[X[#fj\X#[\qfeXjgfYi\j%?XpdlZ_Xjg\i$ jfeXj[\cjli[\D\[\ccehl\eleZX_XYXem\e`[fX \jk\ j\Zkfi p hl\ [\jZlYi\e \c GXihl\ <ogcfiX p cXj (). D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ ±:RZbRc\]\_ZV`QR_RPU\`²\jlef[\cfjc\dXj[\\jk\el\mf\e]fhl\% :fem\ijXkfi`f1@eZclj`ep\hl`[X[ ()/ ]N_aVPV]NPV[ PVbQNQN[NZfejX^iX[fgficX:fejk`klZ`e[\(00(% D\[\cce_XjXY`[fXgifm\Z_XidlpY`\e\c[\i\Z_fXcX [\d}j f]\ikXj hl\ \c j`k`f f]i\Z\# Zfdf \c i\efmX[f AXi[e9fk}e`Zf#\cGXihl\Efik\Æhl\\jlegXihl\[\ [`m\ij`fe\jÆ#\cGXihl\[\cfj;\j\fj#Zfejljgifp\Z$ Z`fe\j[\Z`e\efZkliefp[\d}j%8Z}ZfeÕlp\e\ecX i\Xc`qXZ`e[\gifp\Zkfj#gfi\a\dgcf\ecfj[\cX=\i`X <ogcfiX# am\e\j [\ Zfc\^`fj gi`mX[fj Zfe am\e\j [\ \jZl\cXjpZfc\^`fjgYc`Zfjpkf[fj[\c`Y\iXeZfecfj Z`\ekÔZfj[\cXZ`l[X[pj\X[d`iXelefjXfkifj_X$ Z`\e[fcXjd`jdXjZfjXj% Clq<jk\ccX1;\Ôe`k`mXd\ek\#\ckiXej]fidX[fijfZ`Xc\j cX\[lZXZ`e%<jcXe`ZX]fidX[\_XZ\ileXm\i[X[\$ iXi\mfclZ`e#gl\j\e\ccXj\lY`ZX\ck\dX[\cX`eZcl$ j`e%C^`Zfhl\kf[XmX\o`jk\e[\jX]fj%Gfi\a\d$ gcf#_Xp[`ÔZlckX[\ecX]fidXZ`e[\cfj[fZ\ek\jp \jkfj\kiX[lZ\\e\c_\Z_f[\hl\\c[fZ\ek\Zfejk`$ klp\lei\]\i\ek\[\`[\ek`[X[hl\_Xphl\]fikXc\Z\i% <e\cd`jdfj\ek`[fhl\cX\[lZXZ`e\jXgXj`feXek\# cf\jcXdXe\iXZfdf\ecXZ`l[X[_XpleZfdgifd`jf Zfe \c Xik\ Zfdf leX ]fidX [\ i\gXiXZ`e% Gfi d\$ [`f[\cXik\j\gl\[\jlYc`dXi#kiXej]fidXi#\cXYfiXi j`klXZ`fe\j[\ZfeÕ`Zkf%JfpleXZfem\eZ`[X[\hl\ \cXik\\jleX]fidX[\`eZclj`ejfZ`Xc#[\XYi`icfj \jgXZ`fj% :Xicfj<jZfYXi1CX^\ek\\jk}}m`[X[\hl\j\c\\eki\^l\e fgZ`fe\j i\jgfejXYc\j# g\ejX[Xj# j\ej`Yc\j p X^iX[X$ Yc\j#p\e\cZXjf[\cXZ`\eZ`XpcXk\Zefcf^X#cfje`fj# cfjj\fi\j#cXjXdXj[\ZXjX#cfj\jkl[`Xek\j#mXeXcc} pj\j`\ek\e\ejld\[`f%?XYXleXjlYmXcfiXZ`e[\ cXZXgXZ`[X[[\cZ`l[X[XefgXiX[`j]ilkXipXjfdYiXij\ Zfe\jkXjZfjXj%<e\cGXihl\<ogcfiX\jgfj`Yc\Zfd$ gifYXihl\Z`\eZ`Xpk\Zefcf^XjfeZXdgfjhl\ZXd$ Y`XeXcXm\cfZ`[X[[\cXclqphl\efjfYc`^XeX`em\jk`$ ^XiZfejkXek\d\ek\%;\j[\cXg\ijg\Zk`mX[\cX\hl`[X[ p[\cX`eZclj`ejfZ`Xchl\i\dfjhl\\cZ`l[X[Xef\jk `ed\ijf\e\jk\ZXd`ef#gfihl\j\cfd\i\Z\% >\iXi[1Fkif\a\cfZfejk`klp\ecfj[\gfik\j%<ck\dX[\ cXjZXeZ_Xj\ecfjYXii`fj#gfi\a\dgcf#_Xj`[fle k\dX_`jki`Zf\ecXZ`l[X[%¶:df\jhl\cXjgfc$ k`ZXj[\gifdfZ`e[\c[\gfik\j\i\cXZ`feXeZfe\c k\dX[\`eZclj`ep\hl`[X[6 ÝcmXif1J`\dgi\j\_XYXZi\[fXhlhl\\c[\gfik\pcX i\Zi\XZ`ejfecfjk\dXjd}j`ekiXjZ\e[\ek\j[\leX gfck`ZXgYc`ZX%?XjkX_XZ\dlpgfZf#ef\iXeZfeZ\$ Y`[fj [\ekif [\ le }dY`kf gcXe`ÔZX[f# [\ \j]l\iqf p [\ i\jgfejXY`c`[X[\j gfi gXik\ [\ cX X[d`e`jkiXZ`e gYc`ZX%8[\d}j#\jkXYXe\ek\e[`[fjgXiX[\gfik`jkXj pXkc\kXjpefgXiXkf[fjcfjZ`l[X[Xefj#Xlehl\cXFi$ ^Xe`qXZ`e [\ cXj EXZ`fe\j Le`[Xj [\j[\ _XZ\ m\`ek\ XfjpX_XYcXYX[\c[\i\Z_fXc[\gfik\%Cfhl\\ogc`ZX cXkiXej]fidXZ`e[\\jkX}i\X\ecXZ`l[X[\j\cXckf e`m\c k`Zf [\c gifp\Zkf gfck`Zf [\ \jkXj X[d`e`jkiX$ Z`fe\j% Cc\^Xi X cX X[d`e`jkiXZ`e Zfe le \hl`gf hl\ \jkXYXgfi]l\iX[\cX[`jki`YlZ`egfck`ZX[\gl\jkfj p_XZ\ileGcXe[\;\jXiifccfDle`Z`gXcXik`ZlcX[f#`d$ gc`ZXYXlegifgj`kf[\ef\jZfe[\icfjgifYc\dXjj`ef [\m`j`Y`c`qXicfjgXiX\ek\e[\icfj#XmXeqXipjlg\iXicfj% :fdfi\jlckX[f#\ecXgifdfZ`e[\c[\gfik\k\e\dfj _fpZfdfgfYcXZ`egi`fi`kXi`XXcfje`fj#cfjX[lckfj dXpfi\j#cfj[`jZXgXZ`kX[fj#cXjdX[i\jZXY\qX[\]X$ d`c`X%?fp\ek\e[\dfjhl\cfj\jZ\eXi`fjpgif^iXdXj jfe gXiX cX XZk`m`[X[ i\Zi\Xk`mX p [\gfik`mX [\ kf[Xj cXj g\ijfeXj% ?\dfj Zfejkil`[f le FYj\imXkfi`f [\c ;\gfik\# hl\ efj g\id`k\ leX Xj`^eXZ`e iXZ`feXc [\ cfji\Zlijfjgfihl\effY\[\Z\XcXgi\j`egfck`ZXf `c\^Xc%<ecXj\eZl\jkXj#\c@ejk`klkf[\;\gfik\jpI\$ Zi\XZ`eÆ@E;<IÆZXdY`cX`dX^\ee\^Xk`mXhl\k\eX \e )''* p gXj X j\i leX [\ cXj `ejk`klZ`fe\j d\afi ZXc`ÔZX[XjgficXZfeÔXY`c`[X[#cX`eZclj`ejfZ`Xcp\c \e]fhl\[\[\i\Z_fj%=iXj\jZfdf1ÈD\dl\mfgfid`j [\i\Z_fjÉ#ÈK`\e\j[\i\Z_fj#\c@E;<Ik\XgfpXÉ#ÈHl\ eX[`\ al\^l\ Zfe klj [\i\Z_fjÉ# ÈCX ^l\iiX ef \j le al\^fÉk`\e\eZfdfc\dX[`]le[`ihl\\c[\gfik\pcX i\Zi\XZ`ejfe[\i\Z_fj[\XZZ\jfgYc`Zfp^iXkl`kf% :`ZcfmXXm\e`[XI\^`feXc# XcfcXi^f[\cifD\[\cce% ;fd`e^fjp]\jk`mfj% :fem\ijXkfi`f1@eZclj`ep\hl`[X[ (*' Gif^iXdX9l\e :fd`\eqf#Xk\e$ Z`e`ek\^iXcXcX gi`d\iX`e]XeZ`X% >\iXi[1 CX Xdgc`XZ`e [\ cX f]\ikX \jZfcXi [\ ZXc`[X[ gXiX\cgi\$b`e[\iYXaf\cgif^iXdX9l\e:fd`\eqf# c`[\iX[XgficXgi`d\iX[XdX#DXik_XC`c`XeX?\ii\$ iX#gXi\Z\gXik`ZlcXid\ek\i\c\mXek\gXiXk\dXj[\ `eZclj`ep\hl`[X[% ;`XeXDXiZ\cX<Z_XmXiiX1Jfcf_XjkX_XZ\gfZfjXfjcX e`\qZfd`\eqXXj\ileXZkfi`dgfikXek\gXiXcXZ`l$ [X[pgXiX\cgXj%?Xphl\j\ek`ij\dlpfi^lccfjf[\ D\[\cce#gfihl\jfdfjdf[\cf\egil\YXj[\kiXYXaf `ek\^iXcgficXe`\q%<jkfefj_Xg\id`k`[fg\ejXi\e dXe\iXj[\`ek\im\eZ`ed}j`ek\^iXc\jpZfeXZfdgX$ Xd`\ekfXcXj]Xd`c`Xjgfid\[`f[\cgif^iXdXD\[\$ cceJfc`[Xi`X#kXdY`ec`[\iX[fgficXGi`d\iX;XdX%<e \c:fd`kGi`mX[f[\8j`jk\eZ`XXcXE`\qkiXYXaXdfj cXgifk\ZZ`e`ek\^iXcXe`fj#e`XjpX[fc\jZ\ek\j\e j`klXZ`e [\ XYXe[fef f hl\ k`\e\e d\[`[Xj [\ gif$ k\ZZ`egfi\jkX[f[\mlce\iXY`c`[X[%:lYi`dfjkf[f\c Z`Zcf [\ cX gifk\ZZ`e `ek\^iXc# [\j[\ cfj ZlXkif \e]f$ hl\j hl\ gcXek\X cX el\mX C\p [\ @e]XeZ`X% K\e\dfj# gfi \a\dgcf# CX I\[ [\ ?f^Xi\j [\ GXjf# le gif^iX$ dX\eZfem\e`fZfecXJ\Zi\kXiX[\9`\e\jkXiJfZ`Xc% ?XpfkifjZfdgfe\ek\jZfdf\c:\ekif[\8k\eZ`e[\ <d\i^\eZ`X#\c@ek\ieX[fp\ck\dX[\dX[i\jjljk`kl$ kXj%:fdfFE>#efj_\dfj\eZfekiX[fj`\dgi\\ecfj YXii`fj#m`\e[fZdfZXdY`XcXg`\c[\cXZ`l[X[%;\Yf Zfe]\jXi hl\ _\dfj m`jkf kiXej]fidXZ`fe\j hl\ efj gXi\ZXe `dgfj`Yc\j# Xlehl\ cXj X^lXi[}YXdfj Zfdf lejl\f%?Xj`[fgXiXcXjFE>ledfd\ekfkiXjZ\e$ [\ekXc[\j[\cXX[d`e`jkiXZ`e[\=XaXi[f#gfihl\efj j\ek`dfjZfii\jgfejXYc\j\e\cgifZ\jf[\kiXej]fidX$ Z`e[\D\[\cce% ;`\^f1 J` ljk\[\j gl[`\iXe `[\ek`ÔZXi le \c\d\ekf [\ mXcfi [`]\i\eZ`Xc hl\ Zfe\ZkXiX cX \og\i`\eZ`X [\ jl `ejk`klZ`eZfecfgYc`ZfpZfe`dX^`eXi`fjZfc\Zk`mfj f`e[`m`[lXc\j[\`eZclj`e#¶Zl}cj\iX6 (*( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ :Xicfj<jZfYXi1CX=\i`X<ogcfiXhl\fi^Xe`qX\cGXihl\ <ogcfiX#gfihl\XcXZklXiZfdfZ`\ekÔZfjpj\ek`ihl\ gf[XeXZZ\[\iXleX]fidX[\g\ejXd`\ekfpi\Xc`qXi gifp\Zkfjhl\cXdXk\i`Xc`qXYXeÆi\]\i`[fj\edlZ_fj ZXjfj X gifYc\d}k`ZXj [\ jl Zfdle`[X[Æ# cfj dlZ_X$ Z_fjZfdgifYXYXehl\\og\i`d\ekXiZfekf[fjcfjZf$ cfi\jpjXYfi\jhl\j\`dX^`eXYXe\iXgi`eZ`gXcd\ek\ j\ek`ihl\\eki\kf[fjZfdgXikXecfd`jdf% >XYi`\cAX`d\1<cfi^lccf[\j\ek`ij\_XY`kXek\[\D\[\$ ccefY\[\Z\Xhl\gfigi`d\iXm\qefjZfemfZXifep efj [`a\ife hl\ \c mXcfi [\ j\i Z`l[X[Xef `dgc`ZXYX j\i [\Z\ek\j# Zfe c\dXj Zfdf ÈAl^l\c\c`dg`fXcX Z`l[X[ÉpcXXclj`eg\idXe\ek\Xhl\hl`\emXc\\e D\[\cce#\j\cZ`l[X[Xef[\Z\ek\% Gif^iXdX[\ `e^i\jfjc`Yi\ X`ejk`klZ`fe\j ZlckliXc\j% <ekiX[XXcDlj\f [\8ek`fhl`X% 8Jà:L<EK8D<;<CCàE A\]]\ijfe=\ie\pÝcmXi\q# \jkl[`Xek\[\;`j\f>i}ÔZf[\c GXjZlXc9iXmf%:XeZ_Xj`ekk`ZX [\cYXii`f>iXe`qXc#ZfdleX*% ¶Hl`dgXZkf_Xk\e`[fcXZXeZ_X\e \cYXii`f6<cYXii`fXek\j\jkXYX[\ZX$ [fgficXm`fc\eZ`X[\am\e\jXcdXi$ ^\e[\cXc\p%CXZXeZ_X\iX[\Xi\eX# ef\iXZ\iiX[XpkXdgfZf_XYXfi^X$ e`qXZ`e \e jl ljf% 8_fiX# lef g`[\ Zlgfpj\`e^i\jXfi[\eX[Xd\ek\%J\ m\eZXiXjel\mXj^iXZ`XjXcXZXeZ_X% ¶CXjZXeZ_Xjjfeleglekf[\\eZl\ekif6CfjXd`^fj m`\e\eXZ}#`eZcljf[\fkifjYXii`fjpZfdgXik`dfj%<jkf _XZXdY`X[fdlZ_fcXXZk`kl[[\m`[X[\cfjam\e\j% 9`Yc`fk\ZX[\cDlj\f[\8ek`fhl`X ),[\efm`\dYi\[\)''/ 8j`jk\ek\j D@:?8<C:FFG<I ;`i\Zkfi^\e\iXc[\c:\ekif:fcfdYf8d\i`ZXef [\D\[\cce AL8E8C9<IKF>8M@I@8 y;>8I9FCàM8I Gif]\jfi[\8ekifgfcf^X# Le`m\ij`[X[[\8ek`fhl`X ;`i\ZkfipZliX[fi[\cX>Xc\iX[\8ik\ :fek\dgfi}e\fGXlc9Xi[n\cc[\c:\ekif:fcfdYf Df[\iX[fi\j 8d\i`ZXef[\D\[\cce =89I@:<GC8:<K ;`i\Zkfi[\cX8c`XeqX=iXeZ\jX[\D\[\cce D8IK8<C<E89I8MF Gif]\jfiX?fefiXi`X=XZlckX[[\:`\eZ`Xj?ldXeXj p<Zfed`ZXj#Le`m\ij`[X[EXZ`feXc[\:fcfdY`X D8Ià88;<C8@;8A8I8D@CCF CL:à8>FEQÝC<Q ;`i\ZkfiX[\cDlj\f[\8ek`fhl`X ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\Zkf Df[\cfD\[\cce ;@<>F:FII8C<J ;`i\ZkfiX[\<ok\ej`e:lckliXc[\cXLe`m\ij`[X[ ;`i\ZkfiGifp\ZkfDf[\cfD\[\cce# [\8ek`fhl`X Xj\jfi[\c8cZXc[\ :fem\ijXkfi`f 0bYab_N0VbQNQN[Nf._aR` ±9NRQbPNPV[fYNPbYab_N`\[UR__NZVR[aN` ]N_NYNa_N[`S\_ZNPV[QRb[NPVbQNQf YN_RP\[`a_bPPV[QRb[N`\PVRQNQfR`NR`b[NQRYN`PYNcR`QRY\^bRUNcR[VQ\]N`N[Q\R[ :RQRYY~[R[Y\`YaVZ\`N\`²Re]YVPN7\_TR:RYTbVg\@RP_RaN_V\QR0bYab_N0VbQNQN[NQRYN PVbQNQQR"N&fQR`QRR[a\[PR`@RP_RaN_V\QR1R`N__\YY\±9NPbYab_NPVbQNQN[NN]N_R PR[\`\Y\P\Z\RYRZR[a\Sb[QNZR[aNYR[Y\`=YN[R`QR1R`N__\YY\!$f% `V[\aNZOVz[P\Z\b[QR_RPU\]N_Na\Q\`fb[SNPa\_QRR^bVQNQfQRV[PYb`V[2Y]_\]`Va\ ]_VZ\_QVNYQRYN.YPNYQ~NQR:RQRYY~[QR`QR!]N_NUNPR_QRYN_aRfYNPbYab_NRYRZR[a\` a_N[`S\_ZNQ\_R`RV[aRT_NYR`QRYNcVQNP\aVQVN[NQRPbNY^bVR_ON__V\fQRa\QNYNPVbQNQ]bRQR `V[aRaVgN_`RR[PbNa_\RWR`'RY_RP\[\PVZVR[a\NYN`ZYaV]YR`\_TN[VgNPV\[R`f]_\fRPa\`P\Zb [VaN_V\`^bRQR`QRYNPbYab_N`RR[S_R[aN_\[Qb_N[aRN\`NYN`cV\YR[PVN`R[b[N_R`V`aR[PVN ]NP~»PN^bR`RP\[cV_aVR[]R_`V`aR[PVNf^bRU\fR[PbR[a_NR[RYT\OVR_[\Zb[VPV]NY_R`]NYQ\ RVZ]bY`\_RNY]N_N`ba_NONW\2YS\_aNYRPVZVR[a\QRYN`R[aVQNQR`fT_b]\`PbYab_NYR`±S\_ZN YR`²ZRQVN[aRRYN]\f\QRPVQVQ\N`b`]_\fRPa\`P\[]\Y~aVPN`f]_R`b]bR`a\`]OYVP\`^bRYR` UN[]R_ZVaVQ\P\[`\YVQN_`RfP\[cR_aV_`RR[]N_aRQRYcNY\_NT_RTNQ\^bRU\faVR[R:RQRYY~[ 9NZ\QR_[VgNPV[QRY\`R^bV]NZVR[a\`PbYab_NYR`QR:RQRYY~[P\[ [bRc\`R`]NPV\`fP\Z\b[N QRYN`ON`R`QRYb_ON[V`Z\`\PVNY9NQRPV`V[]\Y~aVPNQRR[a_RTN_YRNYNPbYab_N"QRY]_R`b]bR`a\ Zb[VPV]NYcR_`b`#R[ RcVQR[PVN^bRR[:RQRYY~[YNPbYab_NR`]_V\_VQNQ²2`R[R`aRP\[ aRea\^bRQROR[R[aR[QR_`RYN`P\[cR_`NPV\[R`NP\[aV[bNPV[ :fem\ijXkfi`f1:lckliXZ`l[X[XeXpXik\j ClZX >feq}c\q1 ¶:df _Xe \mfclZ`feX[f \c Xik\ p cX ZlckliX \e \jkfj ck`dfj k`\dgfj \e cX Z`l[X[# p Zdf_\dfjZfejkil`[fcXD\[\cce[\_fp#kXdY`e [\j[\cXj[`]\i\ek\j\ogi\j`fe\j[\cXik\6 AlXe8cY\ikf>Xm`i`X18fjXki}j#\ecX>Xc\iX[\8ik\ [\c:fcfdYf8d\i`ZXefj\m\X\ecfjXik`jkXjle`e$ k\ijgfi_XZ\iXik\\eZfdle`[X[#hl\\jefkXekfcX fYiX k\id`eX[X j`ef \c gifZ\jf% GfZf X gfZf _\dfj ]Xmfi\Z`[fcXd\kf[fcf^X[\leX^Xc\iX[\Xik\Zfe$ k\dgfi}e\f[fe[\gi\mXc\Z\ecf\]d\if#\cgifZ\jf# cXXg\ikliX_XZ`XcXZXcc\#[fe[\cXfYiXhl\[XgXiXcX ^\ek\%@ek\ekXdfjhl\cfjXik`jkXjhl\cc\^l\eXD\[\$ cceefjfcf\ogfe^Xe\ecX^Xc\iXj`efhl\j\Zfe\Z$ k\eZfeXik`jkXjcfZXc\jpX[\d}j[\eZfe]\i\eZ`Xjp kXcc\i\j\ele`m\ij`[X[\jpdlj\fj[\cXZ`l[X[%?XZ\ [`\qfhl`eZ\Xfj#legfZf[\ledfd\ekfXfkif#j\ Xjld`cXZlckliXZfdfleX_\iiXd`\ekXgXiXgi\mX$ c\Z\i\ecXgXqp[\jXiifccXdfj\cgif^iXdX;\j\Xik\ GXq%=l\\ecfjXfjefm\ekXZlXe[fg\ijfeXjZfdf Afi^\9cXe[e#\c]le[X[fip[`i\Zkfi[\cX:figfiX$ Z`e:lckliXcEl\jkiX>\ek\#d\[`Xek\cXd\k}]fiXp\c k\XkifZfdle`kXi`f\jklm`\ife\eki\cfj`e`Z`X[fi\j[\ \jkfjgifZ\jfj[\ZlckliX[\cXgXq%8dj\d\hl\$ [^iXYX[fcfhl\Xgi\e[`dfj[\\ccfj1hl\d`\ekiXj le YXe[f p fkif j\ [`jgXiXYXe# kXdY`e \jkXYX \jk\ ^ilgf[\g\ijfeXjhl\ZfecXZfdgXijX#ZfecXjXik\j gc}jk`ZXj#[\ZXe1efjfkifjkXdY`ek\e\dfj[\i\Z_fj XcXgXqpXZfem`m`i#p\e[fdlZ_fd}jXcc}[\m\i\c Xik\ jcf Zfdf \eki\k\e`d`\ekf% Pf Zi\f hl\ \c kiX$ YXafhl\j\_X_\Z_f\jdlpgfck`Zf\e\cj\ek`[f[\ XYi`icXd`iX[X#`eZcl`idlZ_X^\ek\hl\eleZXj\_XYX `eZcl`[f#kiXYXaXiZfe^\ek\hl\eleZX_XYX\jkX[f\e ^Xc\iXjpXpl[Xe[fX_XZ\i[\c:fcfdYf#g\ifXed}j# [\cXZ`l[X[#lecl^Xi[\\eZl\ekifp[\Zfem\i^\eZ`X% ClZX1 :i\f hl\ \c :fcfdYf p cX 8c`XeqX =iXeZ\jX _Xe j\ek`[fdlZ_Xjm\Z\jcXe\Z\j`[X[[\leX`ek\icfZl$ Z`e `ek\ieXZ`feXc [\ cX hl\ _XYX ZXi\Z`[f D\[\cce (*+ gXiX[Xii\jgl\jkXXleX]XccXdlp`dgi\j`feXek\\e cXZ`l[X[phl\Xg\eXj_fp\jkXdfj\ek\e[`\e[fhl\ _Xp hl\ i\jfcm\i# Xc `^lXc hl\ fZlii\ Zfe \c kiXYXaf ZlckliXc Zfe cXj Zfdle`[X[\j gfYi\j% <e d` dlj\f# gfi\a\dgcf#i\Z`Y`dfjgXiXcfjgifZ\jfj[\el\jkifj gifp\Zkfj^\ek\]fidX[X\eXZk`m`[X[\jXikjk`ZXj\e \c :fcfdYf 8d\i`ZXef% 8_ _X _XY`[f leX ZfjX hl\ j`\dgi\ _X j`[f m`kXc# XZfdgXX[X [\ leX g\ij\m\$ iXeZ`Xdlp^iXe[\%PfefZi\fhl\\jf\o`jkX\efkiX gXik\[\cdle[f%<jdlpfi`^`eXc% >\iXi[DXik`e1<ogchl\eefjlegfZfZdf\c:fcfdYf p cX 8c`XeqX jfYi\m`m`\ife X cX gfZX [liX [\ D\$ [\cce% AlXe8cY\ikf18le\ecXgfZX[\cX^l\iiX#YfdYXj#k\$ dfip[\cD\[\cce\eZXfj#efjfkifjZfdf:fcfdYf 8d\i`ZXef [\Z`[`dfj hl\[Xiefj \e \c Z\ekif [\ cX Z`l[X[#ZlXe[fdlZ_XjfkiXj`ejk`klZ`fe\jj\]l\ife _XZ`X<cGfYcX[flfkifjj\Zkfi\jd\afi\j%D\[\ccek\$ eX\c\jk`^dX[\j\icXZ`l[X[d}jg\c`^ifjX[\cdle$ [f2cX^\ek\[\ZXhl\iXdfjcfjÈgi`dfjÉ[\9\`ilk# leX Z`l[X[ hl\ kXdY`e \jkXYX \e ZXfj \e Xhl\ccX gfZX%CXj`eXl^liXZ`fe\jXm\Z\j\iXeXd\[`f[X# gfihl\ \e cX efZ_\ eX[`\ jXcX% G\if Zi\Xdfj \e \c cX[f efYc\ [\ \jkX Z`l[X[% :fdf [\ZX ?\eip >\k_$ qXc\i# hl`\e ]l\ ZliX[fi [\c Dlj\f D\kifgfc`kXef [\ El\mX Pfib# lef [\Y\ cc\^Xi \e \c dfd\ekf gi\Z`jf \e hl\ \jk}e cXj ZfjXj% <ekfeZ\j# ZlXe[f D\[\cce \eki\e\jX]Xj\kXefjZliX#\jk}YXdfjj\^lifj[\ hl\ e\Z\j`k}YXdfj _XZ\i g\ij`jk`i `eZcljf cX d`jdX gXcXYiXÈD\[\cceÉ%8j#\e(0/0#Zfe\cDlj\f[\8ik\ Df[\iefpZfecX8cZXc[X_`Z`dfjZfelefjam\e\j Xik`jkXjleX\ogfj`Z`ehl\m`XagfimXi`XjZ`l[X[\j efik\Xd\i`ZXeXj p hl\ j\ ccXd ?\Z_f \e D\[\cce# gXiX dfjkiXi cf hl\ j`^e`ÔZXYX cX gXcXYiX D\[\cce% 2YN_aRfYNPbYab_NSbR_\[ S\_ZN`QR_R`V`aR[PVNf_R`]bR`aN` QRcVQNNYNcV\YR[PVN (*, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ D}jkXi[\#\e)''*#\]\ZklXdfj\e9XiZ\cfeXleX\o$ gfj`Z`e# ÈD\[\cce Z`l[X[ [\ \oki\dfjÉ# gXiX al^Xi Zfe \c Xjlekf [\ hl\ D\[\cce cf Zfe]le[\ X lef% P cl\^ffkiX\e9XiZ\cfeX\e)''-1cXccXdXdfjÈD\[\$ cce#lecXYfiXkfi`fgc}jk`ZfÉ%Efk\e\dfjhl\fcm`[Xi hl\\efkiXjgfZXj#cXj9`\eXc\j[\D\[\cceÆhl\j\ i\Xc`qXYXe \e cXj [ZX[Xj [\ (0.' p (0/'Æ _`Z`\ife [\D\[\ccelei\]\i\ek\\e\cXik\Zfek\dgfi}e\fp kf[fjXgi\e[`dfjdlZ_f% D`Z_X\c:ffg\i1Pfcc\mfd}j[\)-Xfj\eD\[\cce2gi`$ d\if kiXYXa \e le Zfc\^`f Y`c`e^\gi`mX[fp[\j[\ _XZ\ki\jXfjd\[\j\dg\fZfdf[`i\Zkfi[\c:\e$ kif:fcfdYf8d\i`ZXef%Pfm`m\cgifZ\jf[\ceXiZf$ ki}ÔZf\eD\[\cce%<eXhl\ccXgfZX#gfiX_\e(0/0# klm`dfj hl\ Z\iiXi \c Zfc\^`f [liXek\ [fj j\dXeXj gficXm`fc\eZ`Xhl\_XYX\ecXZ`l[X[%EfjdXe[Xife Xkf[fjcfjefik\Xd\i`ZXefjX:XikX^\eX%<c[`i\Zkfi [\cZfc\^`fefj[\ZX1ÈEfhl\i\dfjdXe[XiXkf[fj cfjefik\Xd\i`ZXefj\elejfcfml\cf#\ekfeZ\jm`XaX$ i}e\efZ_fml\cfj[`]\i\ek\j#YXafefdYi\jZfcfdY`X$ efjpefgf[\dfjXZfekXiXeX[`\[e[\mXdfjÉ%J\ ]l\ife+)gif]\jfi\jp+)mfcm`\ifeXD\[\cce[\jglj[\hl`eZ\[XjgXiX\dg\qXiXkiXYXaXi%G\if\e\c kiXejZlijf[\cXf\jZfcXig\i[`dfjfZ_fgif]\jfi\j hl\ ef X^lXekXife d}j cX gi\j`e [`Xi`X% <e cX d`j$ dXgfZX]l\cXYfdYX\e\c:fcfdYf%LeXjg\ijfeXj 8c`XeqX=iXeZ\jX cc\^XifeZfelegXhl\k\hl\glj`\ife\ecXY`Yc`fk\$ \e\cGXihl\JXe ZX#cc\mXifeXkf[fjcfjgif]\jfi\jp\jkl[`Xek\jgXiX 8ekfe`f#Z\ekif[\ \cgXk`fpc\j[`a\ife1È8hlmXX\ogcfkXileXYfdYX# D\[\cce#ZfdleX('% k`\e\e hl`eZ\ d`elkfj gXiX \mXZlXi \jk\ cl^XiÉ% CX YfdYX[\jkilpkf[XcXY`Yc`fk\ZXpcXdXpfiX[\jl Zfc\ZZ`e%G\ejXYXehl\\c:fcfdYf\iX[\cX<dYX$ aX[X8d\i`ZXeX#ZlXe[f\ei\Xc`[X[j\kiXkXYX[\le Z\ekifY`eXZ`feXc`e[\g\e[`\ek\[\c;\gXikXd\ekf[\ <jkX[f%KXcm\qcXYfdYX]l\XcXm\qcfg\fipcfd\afi gXiX\c:fcfdYf#gfihl\[\jgljZi\Z`ZfdfZ\ekif ZlckliXc%JlY`Yc`fk\ZXZfek`\e\_fpcXd}j^iXe[\Zf$ c\ZZ`e\e`e^cj[\cgXj2X[\d}jk\e\dfjleXZfc\Z$ Z`e[\+%'''kklcfj\em`[\fpZ`e\#pd}j[\+%''' kklcfj\edj`ZX[\kf[fjcfj^e\ifj%?fpjfdfjcX e`ZXjXcX[\Z`e\hl\gfj\\D\[\cce\e\cZ\ekif_`j$ ki`Zf [\ cX Z`l[X[# gfihl\ cXj fkiXj _Xe Z\iiX[f# p j`\dgi\_\dfj[\j\dg\X[flegXg\c\[lZX[fiZfe \c Z`e\ p Zfe cX i\m`jkX B`e\kfjZfg`f# j\^e dlZ_fj AlXe\j\eZfe$ Z`\ikfgXiXcX Z`l[X[XeX\c(0 [\[`Z`\dYi\ [\)''/% :fem\ijXkfi`f1:lckliXZ`l[X[XeXpXik\j cXd\afi[\cgXj%Fj\X#[\j[\legi`eZ`g`fcfel\jkif ]l\]fidXZ`e[\gYc`Zfj#pj`^l\j`\e[fgXik\[\cf hl\\jkXdfj_XZ`\e[f\ecX^Xc\iX#lk`c`qXe[fk\dXj jfZ`Xc\j#`e^i\jXe[fXik\gXiX]fidXiXcgYc`ZfjfYi\ gifYc\dXjhl\\o`jk\eXhlp\e\cdle[f% ClZX18hlXgi\e[`dfjZ`e\Zfe\c:fcfdYf8d\i`ZXefp ZfecXZ`e\dXk\ZX<cJlYk\ii}e\f%<cJlYk\ii}e\f]l\ cXZ`e\dXk\ZX[\GXZ_fcfÆleg\ijfeXa\[\cXZ`l[X[ Xhl`\e[\Y\dfjdlZ_XjZfjXjÆg\ifkXdY`eeXZ`X cXjfdYiXpXcXdgXif[\cgX[i\Cl`j8cY\ikfÝcmXi\q# hl`\e]l\\ei\Xc`[X[\cgi`d\ifhl\efj\ej\Z`e\% 8ek\j_XYXdfj`[fXm\iGfcc`kfj\e]l^XfZlXchl`\i YfYX[X#g\ifef_XYXcXZfeZ`\eZ`X[\hl\\cZ`e\\iX Xik\#ef_XYXlegifp\Zkfg\[X^^`Zf% =XYi`Z\ GcXZ\k1 ?XZ\ jfcXd\ek\ Z`eZf Xfj hl\ \jkfp Xhl#\ekfeZ\jgXiXd_XYcXi[\\jkfjZXdY`fji\jlc$ kXd}j[`]Z`c%G\ifcfhl\d\_X`dgXZkX[fdlZ_f\e \jkXjfZ`\[X[\jhl\ljk\[\jdXe\aXecXc`Y\ikX[Zfe le j\ek`[f [`]\i\ek\% Pf m\e^f [\ =iXeZ`X# [fe[\ cf k\e^f kf[f# Xj hl\ el\jkiX m`[X X_ \j d}j e\lkiXc% :lXe[f\iX\jkl[`Xek\g\ejXYXdlZ_f\ck\dX[\cX c`Y\ikX[pj`_XYXleXgifk\jkX\ecXZXcc\#gfijlgl\j$ kf#`YX%G\ifXhl\eD\[\cce_\[\jZlY`\ikfhl\ZlXc$ hl`\i[\Z`j`eÆgi`mX[XfgYc`ZXÆ\jleX[\Z`j`e[\ m`[X%<jf`dgc`ZX#gXiXZX[XZlXcXhl#ZX[X[X#\a\i$ Z\ijlc`Y\ikX[%<jX]l\d`gi`d\iX`dgi\j`eZlXe[f cc\^lXD\[\ccepZX[Xj\dXeXcfj`\ekf`^lXc%KXd$ Y`ed\`dgXZkXZdf\eD\[\cce_XpZfdle`[X[\j Xikjk`ZXj gfi kf[Xj gXik\j% Gfi \a\dgcf# d\ gXi\Z\ hl\\jleX[\cXjZ`l[X[\j[\8di`ZXCXk`eX[fe[\ cX Zfdle`[X[ gleb p ifZb\iX \jk} d}j fi^Xe`qX[X p \j d}j ]l\ik\% El\jkiX gfjkliX Zfdf Xc`XeqX# [\j[\ jlj]le[X[fi\jÆhl\]l\ifecfjgi`d\ifjgXjkfi\j[\ CXk`efXdi`ZXÆ#\jhl\Zi\XileXZXjX\e\c\ok\i`fi `dgc`ZXhl\j`pfgi\k\e[f_XYcXik\[\cfdf#k\e^f hl\ \jZlZ_Xik\ X k` kXdY`e% Jfdfj Xek\ kf[f leX ZXjX[\\eZl\ekifjZlckliXc\j#dlpZfe]fid\Xcfhl\ pXXjg`iXXj\i\jkXZ`l[X[% JXe[le^l\f#\m\ekfZlckliXcfi^Xe`qX[fgfi cX:figfiXZ`eI\^`egXiX[\jgcXqX[fj\e)''.% >\iXi[1¶:dfc\j_X`[fZfe\cgifZ\jf[\i\]fidX[\c GXihl\JXe8ekfe`fpjl\ekfief#\e\cZ\ekif[\cX Z`l[X[#[fe[\ljk\[\j[\Z`[`\ifelY`ZXij\6 =XYi`Z\1JfdfjgX[i`efj[\cGXihl\JXe8ekfe`f%Cfhl\$ i\dfjdlZ_f#Xlehl\ef_Xphl\\jkXiZ`\^f1\jle \ekfief dlp [`]Z`c% <jkX dXXeX# Xc^l`\e m`ef gXiX _XZ\id\ leX \eki\m`jkX jfYi\ \c ZXdY`f [\c gXihl\ p cc\^ aljkf ZlXe[f le [if^X[`Zkf Zf^` X leX d\$ efiÆk\eXhl`eZ\XfjÆgXiXm`fcXicXYXaflegl\ek\ Z\iZXef#g\if`ek\im`e`dfjpefcfcf^i%Gfck`ZX_Xp# mfclekX[_Xp#cX>\i\eZ`X[\c:\ekif_XZ\lekiXYXaf ki\d\e[f%8[\d}j#XgfikXcX`e`Z`Xk`mXgi`mX[X1[\j[\ \cg\hl\fal^X[fi[\Xa\[i\q_XjkXcXd`jdX8c`Xe$ qX#kf[fj\jk}ed\k`[fjZfe\cgXihl\%J`e\dYXi^f# _Xpdfd\ekfj¿:X[XXfk\e^fg\c\Xjgficfjam\$ e\jhl\\jkl[`Xe]iXeZj\ejljZfc\^`fjgi`mX[fjZfe Xgfpf[\cX8c`XeqX%Efjfkifjc\j\o`^`dfjhl\gXj\e cXjgil\YXjÔeXc\j[\]iXeZjXhl\ecXj\[\[\cZ\e$ kif#pj`jk\d}k`ZXd\ek\#efjjfc`Z`kXefkifjj`k`fj%<j leX g\c\X# g\if k`\e\e hl\ m\e`i _XjkX Xhl% <j hl\ cX8c`XeqX#`^lXchl\\c:fcfdYf#\jkXi}j`\dgi\\e\c Z\ekif[\D\[\cce#gfihl\jXY\dfjdlpY`\ecfhl\ \jXYXe[feXi\cZfiXqe[\leXZ`l[X[%?XZ\leX[$ ZX[Xefjle`dfjXcgifZ\jf[\cGXihl\JXe8ekfe`fp [\Z`[`dfj`ejkXcXiefjX_#\eleZfek\okfhl\\iXXe dlZ_fd}j[`]Z`chl\_fp%CXYfdYXgl\jkX\e(00, XcX\jkXklXG}aXif#[\9fk\if#hl\[\a)*dl\ikfjp )''_\i`[fj#cf[`Z\kf[f%GficXd`jdXgfZXÆp\jf \jcfdXiXm`ccfjfÆ#j\fi^Xe`qleZfeZ`\ikf^i\^fi`X$ ef#fj\X#le\m\ekfd}jY`\egXiX\jg\Z`Xc`jkXj#gXiX \chl\lefef\jg\iXYXdlZ_X^\ek\2pjlZ\[`hl\\c gXihl\j\cc\e#gfihl\\jkXdj`ZXi\gi\j\ekXYXleX ]fidX[\i\j`jk\eZ`XgXiXdlZ_fj% (*. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ ClZX1Hl`\if_XZ\ie]Xj`j\eXc^fhl\[\ZX=XYi`Z\jf$ Yi\cXgfZX[\cfjefm\ekX1_XYXle]lifigficXZi\X$ k`m`[X[\ed\[`f[\cXm`fc\eZ`X%CXc^`ZX[\cXm`fc\e$ Z`X\jcXd`jdXhl\cX[\cXik\1kdXkXjfkZXekXj% Lef m\X hl\ efj i\]l^`}YXdfj \e \c Xik\% ;\j[\ cX :fej\a\iXGi\j`[\eZ`XcgXiXD\[\cce[\cfjXfjef$ m\ekXj\_Xem\e`[fXdgc`Xe[fkf[XjcXjgfj`Y`c`[X[\j [\\[lZXZ`ep[\ZlckliXp\jf_Xg\id`k`[f`dglc$ jXidlZ_fjgcXe\j#[\j[\cfjg\cX[fjifZb\ifj#_XjkX cfjiXg\ifjpgleb\ifj%:Xj`kf[fjjfe[\cfj\jkiXkfj d}jYXafjg\ifk`\e\ele\jkXklj\ejldj`ZXhl\c\j g\id`k\ ZXd`eXi \c dle[f Zfe fi^lccf% Pf Zi\f hl\ kf[fk`\e\hl\m\iZfecXf]\ikX[\cfjZlgfjle`m\i$ j`kXi`fj p \c \efid\ Zi\Z`d`\ekf [\c @ejk`klkf K\Zef$ c^`ZfD\kifgfc`kXef#dlpXgfpX[fj[\j[\cX8cZXc[X [\D\[\cce%CXjle`m\ij`[X[\jgYc`ZXj_Xek\e`[fle gXg\c]le[Xd\ekXc%KXdY`ecXdlck`gc`ZXZ`e[\i\[\j p\jgXZ`fj[\dj`ZX#ZfeXgfpf[\cXJ\Zi\kXiX[\ :lckliX:`l[X[XeX#hl\c\jg\id`k\k\e\ilecl^Xi[\ i\gi\j\ekXZ`ep[\gi\j\ekXZ`ehl\\jk}XcXXckliX [\cfhl\\jg\iXe%E`e^eg\cX[fk\[`Z\1È·8dd\[X g\eXgi\j\ekXid\\ecXGcXqX9fk\ifÉ% >\iXi[1 ¶9Xaf hl ]fidXj cfj Z\ekifj ZlckliXc\j Y`eX$ Z`feXc\jj\fi`\ekXefkfdXe\eZl\ekXXcXgfck`ZX dle`Z`gXc#\eZfeZi\kfcXj[\J\i^`f=XaXi[fp8cfe$ jfJXcXqXi6 AlXe8cY\ikf1CXjgfck`ZXjgYc`ZXj[\cXJ\Zi\kXiX[\ :lckliX :`l[X[XeX efj _Xe i\]fiqX[f dlZ_f cX Zfe$ m`ZZ`e[\hl\\cXik\\jgfj`Yc\#phl\\jgfj`Yc\hl\ cfjXik`jkXjk\e^XeleXmfq%8[\d}j#cX8cZXc[Xd`j$ dX pX g`\ejX \e kiXYXaXi Zfe `ejk`klZ`fe\j Zfdf \c :fcfdYf% Efjfkifj XZfdgXXdfj X cX j\Zi\kXiX \e cXYfiXkfi`fj[\kiXYXafZfecXZfdle`[X[ÆpX_\dfj i\Xc`qX[f(/ÆjfYi\Xjlekfj^cfYXc\ji\cXZ`feX[fjZfe cfj \a\j [\ cXj D\kXj [\c D`c\e`f )'(,# Zfe kiXYXafj jfYi\\c[\jgcXqXd`\ekf]fiqX[f#d`efiXj#\eZfekiX [\cXm`fc\eZ`X_XZ`XcXdla\i#gficfj[\i\Z_fj[\cfj ^ilgfjke`Zfj#[\cfj[`jZXgXZ`kX[fj#[\cXgfYcXZ`e \e i\Zclj`e p cfj [\i\Z_fj [\ cX dla\i% 8_fiX Y`\e# cX ^\ek\ [\c dle[f [\c Xik\ cfZXc# Zfe \jkX ce\X [\ ZcXj\# j\ iXj^XYX cXj m\jk`[liXj gfi cXj \ogfj`Z`fe\j [\Xik\\eZfdle`[X[dlZ_fXek\j[\hl\XgXi\Z`\iX \cgif^iXdX[\hl\X_fiX[\jglj[\dlZ_fj\j]l\i$ qfj_\dfjcf^iX[f\jkilZkliXi1;\j\Xik\GXq#Zfe\jX [`d\ej`e[\cX`eZclj`e%Gfi\a\dgcf#ZlXe[fj\[`j$ gXi\cgifYc\dX[\c[\jgcXqXd`\ekfXgi`eZ`g`fj[\c )'''#_`Z`dfjle\m\ekf[`i`^`[fgficXXik`jkX>cfi`X GfjX[X p Zfe cX Xj\jfiX [\ cX :figfiXZ`e I\^`e# k`klcX[fÈK\e\dfjel\mfjm\Z`efjÉÆjfYi\\c[\jgcX$ qXd`\ekf]fiqX[fÆ%<dg\qXdfjX\ekiXi[\jgcXqX[fj p g\ijfeXj [\ cX ZXcc\ X cX ^Xc\iX% CX ^\ek\ hl\ `YX X\jXj`eXl^liXZ`fe\j[\ZX1È·<jkfef\jXik\É%:fe el\jkifgif^iXdX8ik\p<jZl\cX#[liXek\kf[f\cXf k\e\dfj \jkl[`Xek\j [\ Zfc\^`fj [\ qfeXj [\ gfYcX$ Z`fe\jdlpmlce\iXYc\jhl\m`j`kXecX^Xc\iX#Xgi\e$ [\e [\c Xik\ Zfek\dgfi}e\f hl\ cX Yjhl\[X [\ cX Y\cc\qX\jjfYi\m`m\eZ`X#pj\ml\cm\edlck`gc`ZX[fi\j \ejljZfc\^`fjp\ejljYXii`fj#[fe[\j\_Xe_\Z_f XZkfj[\gXq2pefjfkifj_\dfjj\^l`[fX_% <cgif^iXdX8ik\\@e]XeZ`X_XZ\Xc^fj`d`cXig\ifZfe cXe`\q#hl\Zi\fhl\\jcXd}j\ogcfkX[X#fj\Xhl\ j`efj\kiXYXaXZfe\ccXcf[\d}ji\jlckXmXef%8__Xp leXi\cXZ`e[`i\ZkXZfe\cgif^iXdX9l\e:fd`\eqf [\cX8cZXc[X#hl\\jk}Xdgc`Xe[fcX\[lZXZ`egi\gi`$ dXi`X\ecXZ`l[X[% D`Z_X\c1 ?Xp dlZ_Xj Zf`eZ`[\eZ`Xj [\ `ek\ij p [\ \e$ ]fhl\%Gfi\a\dgcf#_XZ\ki\jXfj]l`XcX<dYXaX[X [\ cfj <jkX[fj Le`[fj \e 9f^fk} p \jZlZ_ Xc^leXj Z_XicXjjfYi\k\dXjX]if$ZfcfdY`Xefj%JlZ\[\hl\\c XcZXc[\J\i^`f=XaXi[f\jkXYXkXdY`ejlYiXpXe[f\c k\dXX]if$ZfcfdY`Xef%<ekfeZ\j_`Z`dfjleXXc`XeqX pfi^Xe`qXdfjlefjgifp\ZkfjgXiXX]if$ZfcfdY`Xefj2 <c:\ekif:f$ cfdYf8d\i`ZXef \jÔ\cXcXm`[X [\cZ\ekif [\cXZ`l[X[% :fem\ijXkfi`f1:lckliXZ`l[X[XeXpXik\j (*/ gfi\a\dgcf#cX^Xc\iXfi^Xe`qlecXYfiXkfi`fjfYi\ Xjlekfj X]if$ZfcfdY`Xefj# p \dg\qXdfj gif^iXdXj gXiX\[lZXi\jkXgfYcXZ`e\elej\^le[f`[`fdX%?X$ YcXe[f[\\hl`[X[\`eZclj`e#\jk\Xf_\dfjXpl[X$ [fXdlZ_XZ_fj[\i\ZlijfjYXafjhl\\jkl[`Xe`e^cj \e \c :fcfdYf X hl\ j\ m`eZlc\e Zfe gif^iXdXj [\ le`m\ij`[X[\j\e<jkX[fjLe`[fj#XkiXmj[\c;\gXi$ kXd\ekf [\ <jkX[f% Gfi \a\dgcf# leX \jkl[`Xek\ [\c YXii`f DXei`hl\# [\ \jkiXkf ( p hl\ \jk} \jkl[`Xe[f `e^cjZfeefjfkifj#^XeleXY\ZXZfdgc\kXgX^X[X gfileXle`m\ij`[X[efik\Xd\i`ZXeX#ppX\jk}Xcc}% ef_XpeX[Xhl\gfe\ipefmXX_XY\ieX[Xhl\gf$ e\i\edlZ_fjXfj%8hl\eD\[\cce\jkfkXcd\ek\ Xci\mj%CfjGXihl\j9`Yc`fk\ZXgl\[\e[Xij\gfihl\ \o`jk\\jXcXi^XZfejkilZZ`e[\lekiXYXafZlckliXcp \jXgfj`Y`c`[X[[\Xc`Xij\\eki\cXj`ejk`klZ`fe\jpleX jfZ`\[X[hl\pXjXY\i\ZfefZ\ij\\ejlj`ek\i\j\j%<e \j\j\ek`[f#lef[\Y\\ek\e[\ihl\\jkfjXcZXc[\jcf hl\_XZ\ekXdY`e\jc\\iZfedlZ_X`ek\c`^\eZ`X\jXj gfk\eZ`Xc`[X[\j[\cXZ`l[X[pZfejkil`ijfYi\\ccXj%J\ gl\[\[\Z`ihl\cXkXi\X_Xj`[fefjfcXd\ek\]fidXi XcfjgYc`Zfj#j`efkXdY`eXcfj^fY\ieXek\j% =XYi`Z\1:fdf8c`XeqX#j`\dgi\d`iXdfj[e[\j\dl\$ m\cX^\ek\#[\hl_XYcX#hl\j`dgfikXek\gXiXcX 8cZXc[X#j`eZXdY`XicXjZi\\eZ`XjY}j`ZXj[\cX`ejk`$ klZ`eZfdfkXc%Gfi\a\dgcf#kiXj\c[`jZlijf[\_XZ\ leXf[\cX8cZXc[XjfYi\Zfem`m\eZ`Xpkfc\iXeZ`X# YljZXdfjZdfkiX[lZ`i\jkfjk\dXj\eXZk`m`[X[\jp k\id`eXdfjZfejfc`[Xe[fcX`ek\ieXZ`feXc`qXZ`e#kiX$ p\e[f d}j ]iXeZ\j\j% M`e`\ife hl`eZ\ le`m\ij`[X[\j ]iXeZ\jXj gXiX m\e[\i jlj gif^iXdXj# Zfdf gil\YX [\hl\c\j`ek\i\jXD\[\cce%8dcfhl\d\jfigi\e$ [\Xhl\eD\[\ccephl\\jdlp#g\ifdlp]l\ik\Æp klm\cXfgfikle`[X[[\kiXYXaXi\e8c`XeqXj\efkifj gXj\jÆ# \j cX Zfdgc`Z`[X[ [\ cfj [`i`^\ek\j p [\ cfj \dgi\jXi`fj% ;`\^f :fiiXc\j1 Pf Zi\f hl\ cX d`kX[ [\c \hl`gf [\ cX 8cZXc[X \j [\ \jX ^\e\iXZ`e hl\ k d\eZ`feXj p hl\`eZfigfiXleXZfeZ`\eZ`X[\Z`l[X[% ClZX1Lef[\Y\gi\^lekXij\1hl\jgi`d\if#¶\c_l\mf f cX ^Xcc`eX6 <jkXj XcZXc[Xj [\ =XaXi[f p [\ JXcXqXi# p kf[f \c gifZ\jf [\ kiXej]fidXZ`e# j\ [Xe gfihl\ cXjZfe[`Z`fe\jcfgifg`Z`Xe%<ccfj_XZ\ecfjgcXek\X$ d`\ekfj#g\if\jfjgcXek\Xd`\ekfjgifjg\iXegfihl\ \eZl\ekiXeleXj`ejk`klZ`fe\j#leXdX[li\q#leXgXi$ k`Z`gXZ`e#legifgj`kf#Zfecfjhl\gl\[\eZfejkil`i% <jf ef eXZ\ _XZ\ j\`j Xfj# j`ef hl\ j\ Zfejkilp\ jfYi\gifZ\jfjZlckliXc\jp[\cXjfZ`\[X[%LeXcZXc$ [\ZfdfJ\i^`f=XaXi[fgl\[\gcXek\Xile:\ekif[\ ;\jXiifccf :lckliXc [\ DfiXm`X gfihl\ Xhl k\e\dfj gifZ\jfj Xek\i`fi\j pX Zfejfc`[X[fj [\ kiXYXaXi Zlc$ kliX\eZfdle`[X[#Zfdfcf_\dfj[`jZlk`[fpZfdf cf dl\jkiX kXdY`e cX :figfiXZ`e :lckliXc El\jkiX >\ek\%J`mXjXfkiXZ`l[X[#gfi\a\dgcfXG\i\`iX#X_ \jk}\cd\^X\[`ÔZ`f[\cXZlckliX#[fe[\Xek\j\iXcX GcXqX[\D\iZX[fp\jf\jk}mXZf#\jk}dl\ikf%8_ ClZX1 :lXe[f pf \jkXYX \e \c Zfc\^`f ef _XYX Zfe$ Z`\eZ`X [\ Z`l[X[% CX Z`l[X[ \iX leX ZfjX [X[X# ef _XYXhl\Zfejkil`icX#ef_XYXhl\g\ejXicX#\jkXYX X_% :lXe[f \jkf j\ \dg\q X [\jYXiXkXi# ]l\ ZlXe$ [f [`a`dfj1 È·;`fj df# ¶X[e[\ mXdfj6É% <ekfeZ\j Zfejkil`dfj leX Zfdle`[X[ [\ g\ejXd`\ekf dlp `ek\i\jXek\ hl\ _fp \j le ZXg`kXc jfZ`Xc% ?fp _XYc Zfe\cXcZXc[\JXcXqXipc\[`a\1ÈLjk\[k`\e\Zfehl jXc`i X[\cXek\2 cf hl\ gXjX \j hl\ efj k\e\dfj hl\ mfcm\iXgi\^lekXi[e[\\jkXdfj2\cZ`\cfef\jgf$ j`Yc\\e\jkfjk`\dgfj2_Xphl\j\^l`iZfejkilp\e[f \jkXZ`l[X[É%<jkXkiXej]fidXZ`e\jlegifp\Zkf[\ XlkfZfejkilZZ`e2 cX [\dfZiXZ`X \j XlkfZfejkil`[X p_Xphl\jfjk\e\icX\eki\kf[fj%8jlm\qk`\e\hl\ m\iZfehl\Xhl\o`jk`leXÔcXekifgXZXi`kXk`mXgXi$ k`ZlcXi p [`jk`ekX [\ cf hl\ _Xp \e cX dXpfiX [\ cXj fkiXj Z`l[X[\j [\c gXj% Kf[XmX \o`jk\# g\if cX [`e}$ d`ZX _X ZXdY`X[f Zfe cX ZfejkilZZ`e [\ gifp\Zkfj \jkiXk^`Zfj[\i\jgfejXY`c`[X[jfZ`Xc%Fj\X#Xhl\ccXj fi^Xe`qXZ`fe\jjfZ`Xc\jZfdfcXjDX[i\j[\c9`Y\ie G\i[`[fpdlZ_Xjd}j#`eZcl`[XjcXj\ek`[X[\jZlckl$ iXc\j#m`mXe\e\jkXZ`l[X[[\cXj[feXZ`fe\j[\cfj d\Z\eXjp[\cXj\ek`[X[\j%<jkf_Xm\e`[fZXdY`Xe$ [f#\dg\qXe[fgfi\a\dgcfZfe\c=fe[f=iXk\ie`[X[ D\[\cce# hl\ \iX le ]fe[f [\ ZXi`[X[ g\if hl\ \j ZX[Xm\qd}ji`^lifjf%@^lXcZfe9XeZfcfdY`XpfkiXj \ek`[X[\j hl\ j`\dgi\ _Xe XgfikX[f% 8[\d}j# cX Zffg\iXZ`e\jZX[Xm\qd}j]l\ik\\e\j\j\ek`[f% ;\jÔc\[\J`cc\k\ifj#=\i`X [\cXj=cfi\j%;\ZcXiX[f GXki`dfe`f:lckliXc[\cXEXZ`e% =XYi`Z\1 CX i\jgl\jkX hl\ lef [X X leX [\k\id`eX[X j`klXZ`e j\ Zi\X kXdY`e gfi cX e\Z\j`[X[% J` \jkfp \ele[\j`\ikf#k\e^fhl\m\iZdfZfej\^l`iX^lX% J` \jkfp \e le d\[`f m`fc\ekf# k\e^f hl\ m\i Zdf _XYcXi [\ fkiX dXe\iX% <e \c ZXjf [\ D\[\cce# lefj fgkXife gfi cX m`fc\eZ`X g\if dlZ_fj fkifj fgkXife gfii\jgl\jkXjZfejkilZk`mXj\ecf`ejk`klZ`feXc#\ecX ZXcc\#p[\j[\cfgfglcXi% ;`\^f1Fkif\c\d\ekf\j\c[\i\Z_fXcXZ`l[X[%Fj\X# ¶Zdf ifdg\i \jfj `dX^`eXi`fj hl\ [`Z\e hl\ cX g\ijfeXgfYi\#cXg\ijfeXhl\ef_Xj`[f\[lZX[X# efk`\e\[\i\Z_fXXZZ\[\iXZ`\ikfj\jgXZ`fjp\j$ Z\eXi`fj6¶Hl\c\d\ekfjgf[iXeljk\[\ji\jZXkXi hl\_XZ\ehl\leXZ`l[X[ZfdfD\[\cce#hl\_XZ\ m\`ek\f[`\qXfjm`mX\eleXjZfe[`Z`fe\j[\m`f$ c\eZ`X _XpX ifkf \jkXj YXii\iXj p _fp m`mX leX j`$ klXZ`e[`]\i\ek\#le\jgi`kl[\jXc`iX[\cXek\\e\c Xjg\ZkfZlckliXc6¶?XYi}\c\d\ekfjgifg`fj[\leX ZlckliXXek`fhl\X6 =XYi`Z\1<cÔcjf]f]iXeZj8cX`e[`afleX]iXj\hl\pfZi\f hl\ZXiXZk\i`qXXcgl\Ycf[\D\[\cce1È<cg\j`d`jdf \j[\iXqe#g\if\cfgk`d`jdf\j[\mfclekX[É%:fdf j\[`Z\\eD\[\cce1È8hlmXdfj[\]i\ek\É#È8hlmX$ dfjgXiX[\cXek\É#\jfj`\dgi\d\jfigi\e[\#gfihl\ cf\ogi\jXe[\j[\\cd}ji`Zf_XjkXcXjg\ijfeXjd}j _ld`c[\j%D\XZl\i[f[\leZ_`Zfhl\d\[`af1È8p\i \ek\iiXifeXd`dla\i#g\if_fppfk\e^fhl\\eki\$ ^Xi\ckXo`gfihl\\c[l\fhl`\i\m\e[\icfÉ%<jcXj`$ klXZ`ed}j[iXd}k`ZX%<eZlXekfXcXjYXii\iXj#d\ XZfi[Xij`\dgi\[\leZfeZ`\ikf[\dj`ZXZc}j`ZX# ]l\\e\ck\XkifGXYcfKfYeLi`Y\2\egi`d\iXÔcXpf k\eXXcgi\j`[\ek\[\cXEXZ`feXc[\:_fZfcXk\jZfe jl\jgfjX#pXjlcX[f[fje`fj[\cfj\jkiXkfjd}j gfYi\j [\ cX Z`l[X[ XZfdgXX[fj gfi jlj gXg}j# X hl`\e\j j\ c\j _XYX gX^X[f \c kiXejgfik\% ;\jglj# cX^\ek\[\\jfj\jkiXkfjYXafjÆXc^lefjccfiXe[fÆ[\$ ZXe1 ÈPf ef g\ejXYX hl\ \jk\ \jg\Zk}Zlcf \iX gXiX dÉ% :fdf \iX dj`ZX Zc}j`ZX p ZfjkfjX# cX ^\ek\ j\ `dg\[X X j d`jdX# g\ejXYX hl\ \jkX ZcXj\ [\ Zfe$ Z`\ikfj\iXegXiXfkifk`gf[\dle[f%G\ifj\cf^fqX$ ife#j\cfXgifm\Z_Xife#j\cf[`j]ilkXife%<jgXik\[\ kf[f\cgifZ\jf[\È[\j$^_\kk`qXZ`eÉZlckliXc% :fem\ijXkfi`f1:lckliXZ`l[X[XeXpXik\j >\iXi[1¶Hl[\Z`i[\cX`dX^\e`ek\ieXZ`feXc[\D\[\$ cce[\j[\\cglekf[\m`jkX[\cXZlckliX6 =XYi`Z\1=iXeZ`X\j\cgi`d\i`em\ij`fe`jkX\Zfed`Zf\e 8ek`fhl`X% <ekfeZ\j cXj \dgi\jXj ]iXeZ\jXj jl]i\e dlZ_j`dfZlXe[f_XpleX`dX^\ee\^Xk`mX%GXik\[\ el\jkiXd`j`e\jgXik`Z`gXilegfZf\e\cZXdY`f[\ `dX^\e[\D\[\cce%?XZ\[fjXfjfi^Xe`qXdfjgfi \a\dgcfÈ:fcfdY`X\eGXijÉpcc\mXdfjkXdY`eleX [\c\^XZ`e`e[ljki`Xc[\D\[\cceX=iXeZ`X% D`Z_X\c1 GXiXZXdY`XicX`dX^\e@ek\ieXZ`feXce\^Xk`mX jfe `dgfikXek\j cfj `ek\ekfj [\ i\Xc`qXi XjfZ`XZ`f$ e\j\eki\Z`l[X[\j%Gfi\a\dgcf#gifglj`dfj\m\ekfj ZfdfDXjjXZ_lj\kkj$8ek`fhl`XpD\[\cce\e9fjkfe% ?fpm\dfjcfji\jlckX[fj[\c\m\ekfD\[\cce\e9Xi$ Z\cfeX%CfjYXiZ\cfe\j\jm`\e\e\cgio`dfXfgXiX ^\e\iXi le gifp\Zkf [\ Zffg\iXZ`e `ek\ieXZ`feXc [\j[\cXjXik\jp\ei\[ZfefkifjgXj\jd}j% >\iXi[1?\dfj_XYcX[f_XjkXXhl[\dlZ_fjZXdY`fj \e \c dle[f ZlckliXc [\ cX Z`l[X[2 ¶\e hl d\[`[X Zfii\jgfe[\eXcXjfZ`\[X[Z`m`cp\ehld\[`[XX cXjgfck`ZXj#`e`Z`Xk`mXj\`eZ\ek`mfj[\cX8cZXc[X6 y[^Xi9fcmXi1LeXgXik\gl\[\[fZld\ekXij\dlpY`\e [\j[\ )''' gXiX XZ}# ZlXe[f \dg`\qX X _XY\i le Zfdgifd`jfZfecXjgfck`ZXj[\ZlckliX#p\egXik`Zl$ cXi[\j[\cXZi\XZ`e[\cXJ\Zi\kXiX[\:lckliX:`l$ [X[XeX%<c^fY`\iefcfZXci\ZfefZ`#[\j[\`e`Z`fj[\ cfjefm\ekX#cX`dgfikXeZ`X[\\jkXYc\Z\imeZlcfjZfe cX le`m\ij`[X[ gXiX ^\e\iXi ZfefZ`d`\ekf gifg`f p fi`\ekXicXkfdX[\[\Z`j`fe\j%G\if\jk\XZ\ekffZl$ ii`\eleZfek\okf[\gXjp[\Z`l[X[hl\`e[`ZXYX gif]le[fjZXdY`fjpkiXej]fidXZ`fe\j%Hl`\if\ele$ Z`XiXhl\ccXjd}jm`j`Yc\jphl\X[\d}j_Xe^\e\iX[f \jgXZ`fj [\ XZklXZ`e \e \c ZXdgf [\ cfj [\i\Z_fj ZlckliXc\j%<cc`jkX[f#XcXdXe\iX[\Zc`gj#\jd}jfd\$ efjZfdfj`^l\1leel\mfj\ek`[f[\cfgYc`Zfhl\j\ \ogi\jX\ecXgi\j\eZ`X[\dfm`d`\ekfjpel\mXj\o$ gi\j`fe\jpi\`m`e[`ZXZ`fe\j\e\c\jgXZ`fgYc`Zfp\e cXm`[Xgfck`ZX2lehl`\Yi\[\cfjmXcfi\j#`dX^`eXi`fj pi\gi\j\ekXZ`fe\j[\cXXek`fhl\`[X[#[\j[\[fe[\ j\`ejkXliXeel\mfji\]\i\ek\j[\`[\ek`[X[Zfeg\ij$ (+' 9N`\_TN[VgNPV\[R`ON__VNYR`f ]\]bYN_R`YN`_RQR``\PVNYR`f WbcR[VYR`aRWR[\SR_aN`PbYab_NYR` g\Zk`mX[\dle[f2leifcXZk`mf[\cXalm\ekl[#hl\\e d\[`f[\cXZi`j`jpcfjj\XcXd`\ekfj[\jXkX]fidXj [\ Zi\Xk`m`[X[ p \jkk`ZXj hl\ m`j`Y`c`qXe jl i\ZcXdf ]i\ek\XcX^\e\iXZ`e[\cfjgX[i\j#\cj`jk\dX\jZf$ cXi p cXj ]fidXj [\ _XZ\i gfck`ZX2 le hl`\Yi\ \e cfj df[\cfjpgi}Zk`ZXj[\cXj\olXc`[X[#cXm`[X]Xd`c`Xi p\c[`jZlijfpcXm`m\eZ`X[\cZl\igf2el\mXj]fidXj p gi}Zk`ZXj [\ Zfejldf Xj Zfdf Zi`j`j [\ cfj cl^X$ i\j kiX[`Z`feXc\j [\ \eZl\ekif hl\ j\ ]iX^d\ekXe p dlck`gc`ZXe\eel\mXjZ\ekiXc`[X[\j2legifkX^fe`jdf [\cfjk\dXj[\^e\ifpleX]\d`e`qXZ`eZi\Z`\ek\ [\cfjk\dXj[\[\i\Z_fjp[\`eZclj`e2leXl^\[\ cfjXjlekfj[\cX[`m\ij`[X[pcXdlck`ZlckliXc`[X[#d}j Zfdf[`jZlijfhl\Zfdfgi}Zk`ZX`ek\iZlckliXc%=`eXc$ d\ek\# leX dXpfi dfm`c`[X[ p \ogi\j`e kXekf \e \c j\ek`[f[\cm`XaXi#Zfdf\e\c[\Zfdle`ZXij\XkiXmj [\el\mXjgcXkX]fidXjpjfgfik\jk\Zefc^`Zfj%;\j[\ kf[f\jk\Zfealekf[\gifZ\jfjpdXe`]\jkXZ`fe\jcX Z`l[X[pjljc\e^lXa\jj\i\efmXifeZfe\]\Zkfjm`j`$ Yc\j\e\cZXdgf\jkk`Zfp\e\c[`jZlijfpcXjgi}Zk`$ ZXj[\cXZlckliX% DXikX <c\eX 9iXmf1<j]le[Xd\ekXcZfej`[\iXicXg\ij$ g\Zk`mXgfck`ZXZlckliXc\eD\[\cceefjfcf[\j[\cXj gifgl\jkXjfÔZ`Xc\j#j`efkXdY`e[\j[\cfjgcXek\X$ d`\ekfjpcXgi\j\eZ`XefkXYc\[\cXjfZ`\[X[Z`m`cp [\cXXZX[\d`X#Zfdgifd\k`[XjZfecXZ`l[X[pZfecX ZfejkilZZ`e[\cZfeZ\gkf[\cfgYc`Zfhl\efj_XZ\ Zfii\jgfejXYc\jXkf[fj%<e\jkfZl\ekXcXZ`l[X[Zfe leXZldlcX[fmXc`fjf[\]fidlcXZ`fe\jp\og\i`\eZ`Xj hl\[\Y\ej\ik\e`[Xj\eZfej`[\iXZ`e\ecX]fidlcX$ Z`e[\cel\mfgcXe\jkiXk^`Zf[\ZlckliX[\D\[\cce _XZ`X\c)')'#hl\\jk}pX\edXiZ_X\ejlj\kXgXj `e`Z`Xc\j%Jfej`^e`ÔZXk`mXjcXji\cXZ`fe\jZfejfc`[X[Xj X gXik`i [\ cfj Xfj fZ_\ekX \eki\ `ejk`klZ`fe\j Zlc$ kliXc\j gYc`Zf$gi`mX[Xj X^ilgX[Xj \e cX 8jfZ`XZ`e [\ <ek`[X[\j :lckliXc\j [\ D\[\cce p cfj gifZ\jfj (+( D<;<CCàE1kiXej]fidXZ`e[\leXZ`l[X[r gfck`Zf$ZlckliXc\j%Le_\Z_f`e[`kf\e\cgXj]l\cX ]fidlcXZ`e[\cgi`d\iGcXe[\:lckliX[\leXZ`l[X[ ZfcfdY`XeX \e (00' hl\ [\jXk gifZ\jfj ZlckliXc\j kiXjZ\e[\ekXc\j#dlZ_fjgcXjdX[fj_fp\e[X\ecX i\Xc`[X[ZlckliXc[\el\jkiXZ`l[X[%<cgcXe#Xjd`jdf# ]l\`ejldf\ecX[`jZlj`e[\cX:fd`j`eGi\gXiXkf$ i`X[\:lckliX#:`\eZ`X#<[lZXZ`epK\Zefcf^X[\cX 8jXdYc\XEXZ`feXc:fejk`klp\ek\#Xek\Z\[\ek\[\cX :fejk`klZ`e [\ (00(% @^lXcd\ek\ cX :fej\a\iX Gi\$ j`[\eZ`XcgXiXD\[\ccepjlÝi\XD\kifgfc`kXeX#Zfe cXXj\jfiX[\Xc^lefjXZX[d`Zfj#i\c\mp[`eXd`q \ckiXYXaf[\[`m\ijfjpel\mfjXZkfi\jjfZ`Xc\j2gfi \a\dgcfcX`e`Z`Xk`mX[\cgif^iXdX[\k\c\m`j`e8ii`YX d` 9Xii`f $Zffi[`eX[f [liXek\ mXi`fj Xfj gfi \c Xc$ ZXc[\XZklXc#8cfejfJXcXqXi$m`j`Y`c`qj\Zkfi\jp^il$ gfjgfYcXZ`feXc\j[\D\[\ccehl\\dg\qXYXeX_XZ\i fijlmfqpXdfjkiXijlgi\j\eZ`X#p[\\jkXdXe\iX c\[`leXdXpfic\^`k`d`[X[XckiXYXafZlckliXc\ecX ZfejkilZZ`e[\cfgYc`Zf% DXiX 8[\cX`[X AXiXd`ccf1 Pf [`iX ki\j ZfjXj% Gi`d\if# _\dfj[\jZlY`\ikfel\mXjdXe\iXj[\i\gi\j\ekXi$ efj Zfdf Z`l[X[ p [\ m\i cX d`jdX d}j Xcc} [\ cf hl\j`\dgi\m`dfj#Xgifm\Z_Xe[fcXjj`e\i^`XjpcXj ]fikXc\qXj[\ZX[XZlXc%<jfj\i\cXZ`feXZfe\cjli^`$ d`\ekf [\ d\[`fj cfZXc\j Zfdf K\c\Xek`fhl`X# K\c\$ D\[\ccepcfjZXeXc\jgi`mX[fj%>iXZ`XjX\j\ZXdY`f [\g\iZ\gZ`e_\dfjj`[fZXgXZ\j[\k\a\ijfZ`\[X[ p[\Xik`ZlcXiefj%J\^le[f#cXjfi^Xe`qXZ`fe\jYXii`X$ c\jpgfglcXi\j#XjZfdfcXji\[\jjfZ`Xc\jpalm\e`c\j# jfeel\mfjgifdfkfi\j[\ZlckliXhl\_Xe\dg\qX[f Xk\a\if]\ikXjZlckliXc\j[\j[\cfji\Z`\ek\jgifZ\jfj [\\eZl\ekif%K\iZ\if#[\jXiifccXdfjcXZXgXZ`[X[[\ g\ejXiel\jkifjgifZ\jfj[\j[\cX`em\jk`^XZ`eXZX$ [d`ZX#p\jf[\Y\dfjXgifm\Z_XicfgXiXi\Zlg\iXi cXg`gX[\cXjgfck`ZXjZlckliXc\j[\cXZ`l[X[% 9Xe[\iX[\lef [\cfj\hl`gfj[\ ]kYfccfZXc\j% 8Jà:L<EK8D<;<CCàE =i\[pJ\ieX#DX\jkif[\ FYiXjGc}jk`ZXj#Xlkfi[\ cXfYiX:lX[iX$;fj#gi\$ j\ek\XcZfd`\eqf[\\jk\ c`Yif#p[\cfjdfjX`Zfj 8dXe\Z\i\ecX8lifiX% :fdfg\ijfeX#Xik`jkXp_X$ Y`kXek\ [\c YXii`f gfglcXi :Xjk`ccX# pf `eZfigfif cfj m\`ek\Xfj[\kiXej]fidXZ`e[\cXZ`l[X[%:fed`kiXYX$ af_\Zfeki`Yl`[fXjld\dfi`Xpi\gi\j\ekXZ`e%:i\f\e cX\jg\iXeqX#gfi\jf_X^fXik\%:fdf_\[`Z_f\efkifj \jgXZ`fj# pf jfp le g\cX[`kf hl\ j eXZ` gXËj\d`ccX% ?\ i\Z`Y`[fdlZ_fjXgfpfjgXiXdfjkiXid`kiXYXaf1[\cXj le`m\ij`[X[\j# [\ cfj dlj\fj# [\c :fcfdYf 8d\i`ZXef# [\cX=le[XZ`eJfZ`Xc#[\cX:figfiXZ`eI\^`ep[\cX >Xc\iXÈCXFÔZ`eXÉ[\8cY\ikfJ`\iiX#\eki\fkiXj%?fp\j ZcXifhl\cXjgfck`ZXjZlckliXc\jk`\e\ele`dgXZkfi\Xc\e cfjYXii`fj%<e:Xjk`ccXj\m\XcfjXcldefjZXd`eXe[fZfe jlm`fcefjljXof]e%GXiXXc^lefjXik`jkXj#\ci`\j^fgl\[\ j\ihl\\cjl\fj\ZfeZi\k#hl\pXi\Z`Y\e\cXgfpfkXe YljZX[f#hl\j\ml\cm\egXj`mfjf[\g\e[\ee`ZXd\ek\[\ Xc^leX:XjX[\:lckliX%PfdXek\e^fd`kiXYXaf[\ekif[\cf Xlkefdf%GXiXd\c:\ekif:lckliXcgi`eZ`gXc\jp[\Y\j\i cX\jhl`eX%GXiXd#m`m`ipg`ekXi\e:Xjk`ccXÆpXhl\eleZX _\XYXe[feX[f\cYXii`fÆ`dgc`ZX[\gfijleXi\cXZ`e]l\i$ k\ZfecXZfdle`[X[%PfZi\fhl\j`ZX[Xlef_XZ\jlkiXYXaf Y`\e\ejl\jhl`eX#alekfjkiXej]fidXdfjcXZ`l[X[% 9`Yc`fk\ZX[\cDlj\f[\8ek`fhl`X ;`Z`\dYi\(([\)''/ :fem\ijXkfi`f @RTb_VQNQf0\[cVcR[PVN 8j`jk\ek\j A8@D<A8I8D@CCFG8E<JJF ><E<I8C;8>F9<IKF>8I:à8 :fdXe[Xek\Gfc`ZXD\kifgfc`kXeX [\cMXcc\[\8Ylii} :8ICFJ8E;IyJGyI<Q D`\dYif[\cX:fd`j`e EXZ`feXc[\I\gXiXZ`e pI\ZfeZ`c`XZ`e$:EII$ AL8E;<;@FJ>I8:@8EF JlY$J\Zi\kXi`f[\Fi[\e:`m`c :ffi[`eX[fi[\KZe`Zfj )''/$)'(( JfZ`Xc\j\eJ\Zi\kXiX :FIFE<CA8M@<IGyI<Q :fdXe[Xek\[\<jkXZ`e[\Gfc`ZX CX:Xe[\cXi`X G89CF<D@C@F8E>8I@K8:8z8J [\>fY`\ief)''/$)''0 ;@<>F:FII8C<J ;`i\ZkfiGifp\ZkfDf[\cf D\[\cce#Xj\jfi[\c8cZXc[\ :ffi[`eX[fi>ilgf[\@em\jk`^XZ`e :feÕ`ZkfjpM`fc\eZ`X#Le`m\ij`[X[ [\8ek`fhl`X AFI><=<IE8E;F>8M@I@8MyC<Q ;`i\Zkfi[\cGif^iXdXGXqpI\ZfeZ`$ Df[\iX[fi c`XZ`e[\cX8cZXc[X[\D\[\cce 8C9<IKF8CFEJFA8I8D@CCF ><I8I;D8IK@E 8j\jfiGif^iXdXGXq :ffi[`eX[fi8ZX[d`Zf[\c pI\ZfeZ`c`XZ`e Gifp\ZkfDf[\cfD\[\cce 9NNQZV[V`a_NPV[:b[VPV]NY Ob`PNTN_N[aVgN_RYQR_RPU\NYN`RTb_VQNQ fYNP\[cVcR[PVNZRQVN[aRb[R[S\^bRV[aRT_NY^bRP\\_QV[NYNNPPV[QRYN =\YVP~N;NPV\[NYf\a_N`NTR[PVN`_RYRcN[aR`QRYN[NPV[f]_\]VPVNYN]N_aVPV ]NPV[QRYNPVbQNQN[~N0\Z\_R`bYaNQ\$QRY\`ZRQRYYV[R[`R``R`VR[aR[ U\f`RTb_\`R[YNPVbQNQ2[PbR`aN% 9N ]\Y~aVPN QR @RTb_VQNQ 1RZ\P_saVPN QRY ]_R`VQR[aR ÄYcN_\ B_VOR CzYRg #( # UN ZRW\_NQ\ YN `RTb_VQNQ R[ YN PVbQNQ f RY ]N~` T_NPVN`NV[aR_cR[PV\[R`P\Z\YNQR`Z\cVYVgNPV[QRNba\QRSR[`N`fT_b]\` ]N_NZVYVaN_R`YNQR`N_aVPbYNPV[QR[bZR_\`\`S_R[aR`TbR__VYYR_\`fYN`\]R _NPV\[R`P\[a_NY\`PN_aRYR`QRYNQ_\TNf\a_\`T_b]\`N_ZNQ\`VYRTNYR`9N ]_\SR`V\[NYVgNPV[ f Z\QR_[VgNPV[ QR YN =\YVP~N ;NPV\[NY QR YN` 3bR_gN` ._ZNQN`fQRYNNQZV[V`a_NPV[QRWb`aVPVNQb_N[aRYN`YaVZN`Q\`QzPNQN` aNZOVz[UN[TR[R_NQ\ZRW\_R`P\[QVPV\[R`]N_N\OaR[R__R`bYaNQ\`P\[P_R a\`2[R`aRP\[aRea\YN.YPNYQ~NVZ]YRZR[aNR`a_NaRTVN`f]\Y~aVPN`QR`RTb_V QNQPVbQNQN[N^bROb`PN[_\Z]R_PVPY\`QRcV\YR[PVN`fP\[`\YVQN_RYa_NONW\ ]_RcR[aVc\P\[]_\T_NZN`P\Z\Y\`3_R[aR`9\PNYR`QR@RTb_VQNQ.YN_ZN` 0\Zb[VaN_VN`CVT~N`QRZV/N__V\fRY=YN[1R` N_ZR( ]_\ZbRcR YN N_aVPbYNPV[ V[aR_NTR[PVNY P\[ZRPN[V`Z\`P\Z\RY0\[`RW\:b[VPV]NYQR @RTb_VQNQ Y\` 0\ZVaz` 9\PNYR` QR 4\OVR_[\ f RY [ZR_\ [VP\ ( S\_aNYRPR YN Wb`aVPVN PR_ PN[NNYPVbQNQN[\P\[]_\T_NZN`P\Z\YNB[V QNQ=R_ZN[R[aRQR7b`aVPVNB=7YNB[VQNQQR 1R_RPU\` 5bZN[\` YN` 0N`N` QR 7b`aVPVN f YN Z\QR_[VgNPV[ QR YN` 6[`]RPPV\[R` QR =\YVP~N f YN`0\ZV`N_~N`QR3NZVYVN(_RTbYNRYR`]NPV\] OYVP\P\[=NPa\`0VbQNQN[\`f4b~N`0VbQNQN[\`( N]\fN YN ]\Y~aVPN [NPV\[NY QR 7b`aVPVN f =Ng P\[ RY]_\T_NZNQR?RV[`R_PV[f?RT_R`\NYN9RTN YVQNQ( VZ]YRZR[aN ]_\T_NZN` QR NaR[PV[ N W cR[R`R[NYa\_VR`T\QRQRYV[PbR[PVNNc~PaVZN` QRY P\[¼VPa\ N_ZNQ\ f N ]\`]R[NQ\` .QRZs` Z\[Va\_RNfN[NYVgNaR[QR[PVN` QR P_VZV[NYVQNQ fcV\YR[PVNZRQVN[aRRY@V`aRZNQR6[S\_ZNPV[ ]N_NYN@RTb_VQNQfYN0\[cVcR[PVN06@0.`b cRgYN2Z]_R`N:Ra_\]\YVaN[N]N_NYN@RTb_VQNQ ¯:Ra_\`RTb_VQNQ b[N R[aVQNQ QR`PR[a_NYVgNQN QRYZb[VPV]V\¯R`YNUR__NZVR[aN]_V[PV]NY]N_N P\[a_NaN_ aRZN` P\Z\ YN Q\aNPV[ f `bZV[V`a_\ QRP\Zb[VPNPV\[R`Z\cVYVQNQfZN[aR[VZVR[a\ f_R]N_NPV[QRY]N_^bRNba\Z\a\_QRYN=\YVP~N R[a_R\a_\`9\`]N_aVPV]N[aR`R[R`aRP\[cR_`Na\ _V\\]V[N[`\O_RYN_NQVPNYa_N[`S\_ZNPV[QRYN `RTb_VQNQ R[ YN PVbQNQ( `\O_R RY YVQR_NgT\ QR YN NQZV[V`a_NPV[ Zb[VPV]NY R[ P\\_QV[NPV[ P\[ RY 4\OVR_[\ ;NPV\[NY R[ aRZN` P\Z\ YN _RV[ P\_]\_NPV[ QR Y\` QR`Z\cVYVgNQ\` YN NaR[PV[ N c~PaVZN` f Y\ P\[PR_[VR[aR N _R]N_NPV[ f _R P\[PVYVNPV[(f`\O_R]_\T_NZN`fUR__NZVR[aN` R`]RP~»PN`QR`RTb_VQNQfP\[cVcR[PVN 8kXi[\Z\i \e\cGXihl\[\ cfj;\j\fj% 8ihl`k\Zkf1=\c`g\Li`Y\ :fdleX+% :fem\ijXkfi`f1J\^li`[X[pZfem`m\eZ`X >\iXi[DXik`e1<ecfjck`dfjhl`eZ\Xfj#p\egXik`Zl$ cXi\e\cck`dfcljkif#efjcf_Xd\afiX[fcXj`klX$ Z`e[\j\^li`[X[#j`efhl\ZfejkXkXdfjleXiX[`ZXc d\afiX\ecX^\jk`e[\cXj\^li`[X[Z`l[X[XeX\ecX Z`l[X[%¶;\[e[\m`\e\\jk\ZXdY`f6 >\e\iXc ;X^fY\ikf >XiZX1 ?`jki`ZXd\ek\# \c Zfdgfi$ kXd`\ekf[\cXZi`d`eXc`[X[\e\cdle`Z`g`f[\D\[\$ cce_Xj`[fXZZ`[\ekX[f#ZfecXkXjXd}jXckX\e(00( p#[\j[\\ekfeZ\j#\ele[\jZ\ejfc\ekfpjfjk\e`[f# Zfej\Zl\eZ`X[\cXjgfck`ZXj[\<jkX[f]i\ek\XcXm`f$ c\eZ`X#Y}j`ZXd\ek\ZfekiX\ceXiZfki}ÔZf%J`e\dYXi$ ^f#XÔeXc\j[\cfjXfjefm\ekX_lYfle`eZi\d\ekf [\[\c`kfj[\^iXe`dgXZkfjfZ`XcZfdfk\iifi`jdf#j\$ Zl\jkifpXZZ`fe\jjlYm\ij`mXj#Zfejle`m\cd}jXckf \e )'')% <j Zfe cX Gfck`ZX [\ ;\]\ejX p J\^li`[X[ ;\dfZi}k`ZX#m`^\ek\[\j[\\cXf)'')\e\cgXjp cXZ`l[X[[\D\[\cce#hl\j\i\[lZ\ecXjXZk`m`[X[\j [\c`Zk`mXjgfi^ilgfjXidX[fjXcdXi^\e[\cXc\pp YXaXe cfj e[`Z\j [\ [\c`kfj Zfdf _fd`Z`[`f# j\Zl\j$ kifp[\jgcXqXd`\ekf%:fdf[\ZX\cXcZXc[\=XaXi[f# j\gXj[\cd`\[fXcX\jg\iXeqX%J`e\dYXi^f#Xek\ \c\m`[\ek\[Xf[\ck\a`[fjfZ`Xc#cfj[\c`kfjdXek`\$ e\e leX ZfejkXek\% Gfi \jkf \jkXdfj \e le ZXdY`f [\\jkiXk\^`Xjfg\iXk`mXj#ZfegcXe\j[\`ek\im\eZ`e j\Zkfi`qX[X# d\afiX [\ cX ZfY\ikliX [\ j\im`Z`f gfc`$ Z`Xc#]fikXc\Z`d`\ekf[\cfjgifZ\jfj[\`ek\c`^\eZ`X\ `em\jk`^XZ`eZi`d`eXc#XZZ`egi\m\ek`mX[\j\^li`[X[ p[\Zfem`m\eZ`XZ`l[X[XeXpd\ZXe`jdfj[\Zffi[`$ eXZ`e`ekiX\`ek\i`ejk`klZ`feXc#hl\pX_XeXiifaX[f cfjgi`d\ifj]ilkfj% GXYcf <d`c`f 8e^Xi`kX1 JXY\dfj hl\ cX j\^li`[X[ p cX m`fc\eZ`Xjfe]\ed\efjdlck`ZXljXc\jphl\cXjjfcl$ Z`fe\jkXdY`e[\Y\ej\icf%<e\jk\j\ek`[f#Xgi\e[`$ dfjdlZ_f^iXZ`XjXcgif^iXdX[\J\^li`[X[p:fe$ m`m\eZ`X:`l[X[XeX#ZfÔeXeZ`X[fgfi\c9@;phl\j\ X[\cXek [\j[\ cX 8cZXc[X% <j\ gif^iXdX gi\k\e[X cc\^XiXle\e]fhl\`ek\^iXc\`dgXZkXicXZ`l[X[\ejl (++ Zfealekf%@eZclXlegifp\Zkf[\[\jXgi\e[`qXa\[\cX m`fc\eZ`X[\j[\cX\[lZXZ`e`e]Xek`c#ZfecXj]Xd`c`Xj p\e\cYXii`f2_lYfXgfpfcf^jk`Zfp[\`e]iX\jkilZ$ kliXXcXGfc`ZX#Zfdf\celd\ife`Zf($)$*#g`fe\if \e :fcfdY`X% J\ `dglcj cX gfc`ZX Zfdle`kXi`X hl\# Xlehl\]l\legif^iXdX[\cXGfc`ZXEXZ`feXc#\eD\$ [\ccej\`ek\ej`ÔZ%<cgif^iXdX9@;gif[lafkXdY`e leXZXek`[X[`dgfikXek\[\`em\jk`^XZ`fe\j#Zlpfji\$ jlckX[fj _Xe \eZfekiX[f kiX[lZZ`e \e gif^iXdXj p gfck`ZXjZfeZi\kXj[\cXjX[d`e`jkiXZ`fe\j[\=XaXi[f pJXcXqXi% >\iXi[1¶:l}c\jjfecfjZXdY`fj\ecXdXe\iXZfdfcX 8cZXc[X ^\jk`feX cX j\^li`[X[ Z`l[X[XeX# Zfe i\j$ g\ZkfXk`\dgfjgXjX[fj6 GXYcf1<cc`[\iXq^f[\cXgi`d\iXXlkfi`[X[1cfjXcZXc[\j \jk}e Xc ]i\ek\ [\c gifYc\dX# \e m\q [\ [\c\^Xicf% <j\c`[\iXq^fZ`m`c\jk}j`eZife`qX[fZfecXcXYfip\c i\jgXc[f[\cXGfc`ZX%8[\d}j#_Xpe]Xj`j\ecfgi\$ m\ek`mf# hl\ j\ kiX[lZ\ \e leX ^\jk`e dlZ_f d}j `ek\^iXc% CX X[d`e`jkiXZ`e dle`Z`gXc \jk} gi\jkXe[f Xk\eZ`e X k\dXj Zfdf \c [\jXgi\e[`qXa\ [\ cX m`f$ c\eZ`Xpgifdl\m\gif^iXdXj[\Xk\eZ`eXcXalm\e$ kl[hl\Yi`e[Xefgfikle`[X[\j\[lZXk`mXj#ZlckliXc\j# [\gi\gXiXZ`egXiX\cd\iZX[f[\kiXYXaf#XZZ\jfXc d`ZifZi[`kfpfkiXj\jkiXk\^`Xjd}j%Cf`ek\^iXc[\c \e]fhl\kXdY`ej\kiX[lZ\\ecX`dgfikXeZ`X[X[XXc k\dX[\cfj\ekfiefjliYXefj[`^efj#gl\jcX`e]iX\j$ kilZkliX]j`ZX\jleXjlekfhl\^lXi[XleX\jki\Z_X i\cXZ`eZfecXj\^li`[X[% :fife\cAXm`\iGi\q1<eD\[\cce#\ecXgfZX[\GXYcf <jZfYXi# cX Z`l[X[ p \c gXj kfZXife ]fe[f p cXj `ej$ k`klZ`fe\j[\c<jkX[fhl\[Xifeglcm\i`qX[Xj%:lXe[f cXGfc`ZXEXZ`feXc[\Z`[`gfiÔed`iXi\ck\dXZfe j\i`\[X[pXlkfZik`ZX#cXj`klXZ`eZfd\eqXd\afiXi% 8[\d}j#m`dfjhl\\cgifYc\dXefjcf\iX[\j\^l$ i`[X[#j`efhl\fY\[\ZXXdck`gc\jgifYc\dXjjfZ`X$ c\j%<j\ZfeZ\gkf[`fcl^XiX\jk\el\mfD\[\cce#hl\ _fp\jdf[\cfgXiX\cgXj%CXeXZ`epcXZ`l[X[\d$ g\qXifeX`em\ik`i\ej\^li`[X[#\eZfY\ikliXgfc`Z`Xc# \e XidXd\ekfj# \hl`gfj p d\[`fj [\ Zfdle`ZXZ`e# XjZfdf\eZXgXZ`kXZ`eXcfj]leZ`feXi`fj\eZXi^X$ (+, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <jkXZ`e[\Gfc`ZX D\kifgfc`kXeX 9\ce#`eXl^liX[X \e)''/% [fj[\cXj\^li`[X[pcXZfem`m\eZ`X#Zfdfcfjj\Zi\$ kXi`fj[\^fY`\iefpcfjd`jdfjXcZXc[\j%<jkX^\jk`e j\ XgfpX \e Zfem\e`fj \eki\ cX Gfc`ZX# cX 8cZXc[X p cX>fY\ieXZ`e[\8ek`fhl`X#pXhl\cXj\^li`[X[ef j\ kiXej]fid e`ZXd\ek\ \e D\[\cce# j`ef \e kf[f \c gXj% ;`Z_Xj Xc`XeqXj p \c kiXYXaf \e Zfde df[`$ ÔZXife cX `dX^\e p \c g\ejXd`\ekf Z`l[X[Xef% <j \c c`[\iXq^f[\cXjXlkfi`[X[\j[\kf[fe`m\cÆGi\j`[\ek\# 8cZXc[\#:fdXe[Xek\[\Gfc`ZX#@ejg\Zkfi\j#J\Zi\kX$ i`fj# c[\i\j Zfdle`kXi`fjÆ cf hl\ _XZ\ cX [`]\i\eZ`X% G\if_Xpfkifj]XZkfi\j`dgfikXek\j%Gi`d\if#cXXd$ gc`XZ`e[\cXZfY\ikliX\[lZXk`mXgXiXaXi[e#gi`dX$ i`X#j\Zle[Xi`Xple`m\ij`kXi`X%J\^le[f#cXZfY\ikliX \ejXcl[#hl\_Xd\afiX[fcXZXc`[X[[\m`[X[\cX^\e$ k\% K\iZ\if1 cX ZfY\ikliX f jfclZ`e [\ m`m`\e[X Zfe kf[f cfj j\im`Z`fj Y}j`Zfj% :lXikf1 cX `e]iX\jkilZkliX liYXeX# gfihl\ j` _Xp le X[\ZlX[f \jgXZ`f gYc`Zf# XcldYiX[fj# mXj# gl\ek\j g\XkfeXc\j p d\[`fj [\ kiXejgfik\hl\cc\mXeZfe\ÔZ`\eZ`XXcXjg\ijfeXjX jljkiXYXafjp_f^Xi\j#cXjZfe[`Z`fe\j[\j\^li`[X[ j\kiXej]fidXe%LedlZ_XZ_f[\leX:fdleXZfdf JXekf ;fd`e^f JXm`f j\ [\dfiXYX ZXj` [fj _fiXj gXiXcc\^XiXjlkiXYXafp_fpcf_XZ\\em\`ek\d`el$ kfj1\jf^\e\iXj\^li`[X[%Pk\e^f[fjglekfjd}j1<c Gif^iXdX[\GcXe\XZ`epGi\jlgl\jkfGXik`Z`gXk`mf `dglcjX[fgficX8cZXc[XgXiXhl\cfjZ`l[X[Xefjj\ `emfclZi\epi\jgfejXY`c`Z\egfijl\ekfief#hl\gl\$ [\`eZcl`ik\dXj[\Zfem`m\eZ`Xpj\^li`[X[2pcXC\p jfYi\cfjdkf[fj\jk}e[Xi[\ZXc`[X[#hl\fYc`^X cXj`ejk`klZ`fe\j[\c<jkX[f#`eZcl`[XcXGfc`ZX#Xlk`c`$ qXidkf[fj[\ZXc`[X[p[\d\afiXd`\ekfZfek`elf#X \jkXe[Xi`qXigifZ\jfj#XYljZXiZ\ik`ÔZXZ`fe\j[\ZX$ c`[X[pX^\jk`feXicfji\ZlijfjZfe\ÔZ`\eZ`XpkiXej$ gXi\eZ`X%Gfick`df#kXcm\qcXdXpfiX[\cfjZ`l[X$ [Xefj[\jZfefZ\cX[`d\ej`e[\cXcXYfijfZ`Xchl\ cXGfc`ZXi\Xc`qX\ecXZ`l[X[#g\ifefjfkifj\jkXdfj )+_fiXj\eZfekXZkfZfe\cZ`l[X[Xef#\egXik`ZlcXi [\j[\cXgfc`ZXZfdle`kXi`X% ;`\^f1 J` Zfej`[\iXdfj ÆZfdf cf _XZ\dfj \e D\[\cceÆ hl\\cgf[\i[\Y\\jkXi\ecXjXlkfi`[X[\jc\^k`dX$ d\ek\ Zfejk`kl`[Xj# \ccf `dgc`ZX hl\ ef gf[\dfj i\$ g\k`icfj\iifi\jhl\j\Zfd\k`\ife\e\jkXZ`l[X[\e cX[ZX[X[\(00'%<e\j\\ekfeZ\j#\c<jkX[fg\id`k` hl\cXjd`c`Z`XjgfglcXi\j[\jdfm`c`qX[XjZi\XiXeleXj Zffg\iXk`mXj[\j\^li`[X[pZfek`elXiXe\a\iZ`\e[f\c Zfekifc XidX[f \e [\k\id`eX[fj j\Zkfi\j [\ cX Z`l$ [X[%J`^e`ÔZkXdY`ehl\_XYXhl\[fkXicX^\jk`e [\cXj\^li`[X[ZfecXj_\iiXd`\ekXje\Z\jXi`XjgXiX hl\e`e^ei`eZe[\cXZ`l[X[\jklm`\iXm\[X[f%<jkX i\Zlg\iXZ`e [\c k\ii`kfi`f mX [\j[\ `ek\im\eZ`fe\j [\ Zf\iZ`e Æi\Zlg\iXi d`c`kXi p gfc`Z`Xcd\ek\ ZX[X :fem\ijXkfi`f1J\^li`[X[pZfem`m\eZ`X (+- i`eZe[\cXZ`l[X[Æ#_XjkX\jkiXk\^`Xj[\gi\m\eZ`e ]fZXc`qX[Xj# Zfdf \j \c kiXYXaf Zfe am\e\j \e Xckf i`\j^f p Zfe cfj hl\ ef k`\e\e cXj fgfikle`[X[\j [\ \jkl[`XifkiXYXaXi%Fkif\a\dgcf\jcXdf[\ie`qXZ`e [\cXi\[[\:\ekifj[\8k\eZ`e@ed\[`XkXÆ:8@Æhl\ jfed`e`$\jkXZ`fe\j[\gfc`ZX%?fpk\e\dfjleed\$ ifj`^e`ÔZXk`mf[\:8@Yc`e[X[fj#lY`ZX[fj\jkiXk^`$ ZXd\ek\ \e kf[f \c k\ii`kfi`f [\ D\[\cce p hl\ jfe leXgi\j\eZ`X[`jlXj`mX#gi\m\ek`mXpi\XZk`mX[\c<j$ kX[f%KXdY`ekiXYXaXdfjjfYi\cXg\iZ\gZ`e[\j\$ ^li`[X[ZfeZXdgXXjpgif^iXdXjhl\c\`e]fidXeX cXZ`l[X[XeXjfYi\gifgj`kfj#dkf[fjpi\jlckX[fj[\cXjgfck`ZXj[\j\^li`[X[pZfem`m\eZ`X%I\jld`\e[f#\c \e]fhl\ [\c Df[\cf D\[\cce \j cc\^Xi Zfe kf[Xj cXj X^\eZ`Xj[\c<jkX[fÆeXZ`feXc\jpk\ii`kfi`Xc\jÆXqf$ eXjXek\jm\kX[Xj[\cXZ`l[X[#gXiXi\[lZ`icXm`fc\e$ Z`X \ `ej\ikXi leX gi\j\eZ`X `ejk`klZ`feXc `ek\^iXc \e \ck\a`[fjfZ`Xc%Gi`d\ifmX\cZfekifc[\cXm`fc\eZ`X# pXhl\ef\jcfd`jdfZfejkil`ileGXihl\9`Yc`fk\ZX# leD\kifZXYc\#le:fc\^`f[\:Xc`[X[flegl\jkf[\ jXcl[ \e le cl^Xi [fd`eX[f gfi cfj XZkfi\j `c\^Xc\j XidX[fj# hl\ _XZ\icf \e le cl^Xi [fd`eX[f gfi cXj Xlkfi`[X[\jc\^k`dXd\ek\Zfejk`kl`[Xj% ?\Z]R_PVPY\`QRcV\YR[PVN fP\[`\YVQN_Y\]_RcR[aVc\' RWR`QRYN]\Y~aVPNQR`RTb_V QNQPVbQNQN[N >\iXi[1¶:l}c\jcXgXik`ZlcXi`[X[[\cX^\jk`e[\cXj\$ ^li`[X[\eD\[\cce\eZfdgXiXZ`eZfefkiXj^iXe$ [\jZ`l[X[\j[\cgXj6 >\e\iXc ;X^fY\ikf >XiZX1 J\^e leX \eZl\jkX XelXc i\Xc`qX[X \e mXi`Xj Z`l[X[\j gfi cX =le[XZ`e J\^l$ i`[X[p;\dfZiXZ`XpglYc`ZX[X\e]\Yi\if[\)''0# \eD\[\ccecXg\iZ\gZ`e[\j\^li`[X[\jgfj`k`mX\e ZfdgXiXZ`eZfeZ`l[X[\jZfdf9f^fk}#:Xc`#9XiiXe$ hl`ccX# :XikX^\eX p :ZlkX% Jfcf \c *( g`\ejX hl\ D\[\cce\j`ej\^liX%;\cfj\eZl\jkX[fj#\c-*Zfe$ j`[\iXhl\\jd}jfd\efjj\^liXp\c-Zi\\hl\ D\[\cce\jj\^liX%<ecXjj\`jZ`l[X[\j\eZl\jkX[Xj# D\[\cce kXdY`e gi\j\ekX \c d}j Xckf e`m\c [\ Zfe$ ÔXeqX\ecXGfc`ZX%.-i\jgfe[`\ifehl\legfc`ZX c\`ejg`iXZfeÔXeqX#]i\ek\X,)[\cgifd\[`f[\cXj j\`j Z`l[X[\j% 8j d`jdf# \jk\ gfiZ\ekXa\ j\ `eZi\$ d\ekZfei\jg\ZkfX)''.#ZlXe[fXcZXeq,0% >\iXi[1¶:df\jk}kiXYXaXe[fcXGfc`ZXEXZ`feXcZfe\c GcXe[\;\jXiifccf[\cXX[d`e`jkiXZ`edle`Z`gXc6 GcXqX[\cXj<jZlckliXj#Z\ekif[\D\[\cce% :fem\ijXkfi`f1J\^li`[X[pZfem`m\eZ`X >\e\iXc;X^fY\ikf>XiZX1CXGfc`ZXD\kifgfc`kXeX[\c MXcc\ [\ 8Ylii} m`\e\ [\j\dg\Xe[f Zfe XckX i\j$ gfejXY`c`[X[ p Zfdgifd`jf# p [\ cX dXef Zfe cX X[$ d`e`jkiXZ`edle`Z`gXc#cXjXZZ`fe\jp\jkiXk\^`Xjhl\ YljZXeZldgc`icfjgi\Z\gkfj[\cfi[\ec\^Xchl\^X$ iXek`qXecXkiXehl`c`[X[pj\^li`[X[Z`l[X[XeX#kfdXe$ [fZfdfi\]\i\ek\\cGcXe[\;\jXiifccf[\cDle`Z`g`f [\ D\[\cce% <jkf `eZclp\ le Zfdgifd`jf ]l\ik\ Zfe cXjZfejkilZZ`fe\jpd\afiXd`\ekf[\cX`e]iX\jkilZ$ kliX [\ j\^li`[X[ p Zfii\jgfejXY`c`[X[ Z`l[X[XeX# ZlpffYa\k`mf\jZfejkil`ipd\afiXi\hl`gXd`\ekfj[\ cXGfc`ZXgXiXXj\^liXijlgi\j\eZ`XpZXgXZ`[X[[\ i\jgl\jkX#gi\j\imXicXjqfeXjg\i`]i`ZXj[\cXZ`l[X[ p[`^e`ÔZXjlj\jgXZ`fj[\kiXYXaf% >\iXi[1¶:l}c\jjfecfjd\ZXe`jdfjhl\lk`c`qXcXX[$ d`e`jkiXZ`e dle`Z`gXc gXiX cX Zffi[`eXZ`e [\ cX ^\jk`e\ej\^li`[X[Z`l[X[XeXpZdfj\_XeZfe$ jfc`[X[f\e\ck`\dgf6 :Xicfj1CXJ\Zi\kXiX[\>fY`\ief[\cX8cZXc[X[\D\[\$ cce_X[`]\i\eZ`X[fcfj\e]fhl\jj\gXiXe[fcfjXjlekfj [\cXZfem`m\eZ`X[\Xhl\ccfj[\cXj\^li`[X[#Xlehl\ ^XiXek`qXe[fjli\cXZ`e%Gfi\ccX[f[\cXZfem`m\e$ Z`X#gif^iXdXjZfdf\cGcXe;\jXid\#cfj>lXj:`l$ [X[Xefj#D\[\cce;\jg`\ikXgXiXcXM`[X#\cDXelXc[\ :fem`m\eZ`XpcfjKZe`ZfjJfZ`Xc\j\eZX[XZfdleXp Zfii\^`d`\ekf#XjZfdfcfjGcXe\jCfZXc\j\eJ\^li`$ [X[p:fem`m\eZ`X#gifdl\m\e]fidXjgXZÔZXj[\jf$ clZ`feXicfjZfeÕ`Zkfj[\Xgifg`XZ`e[\cfj\jgXZ`fj gYc`Zfj%JldX[fX\ccf\jk}ecXjfYc`^XZ`fe\jc\^Xc\j pZfejk`klZ`feXc\jgXiX^XiXek`qXicXj\^li`[X[[\cfj Z`l[X[Xefj[\dXe\iXZfealekX\eki\cX=l\iqXGYc`$ ZXpcfjfi^Xe`jdfj[\aljk`Z`X%GficfkXekf#cXZfejf$ c`[XZ`e[\cXj\^li`[X[Z`l[X[XeXfY\[\Z\XcX]fidX [\Z`[`[X [\ ZfdYXk`i cX `c\^Xc`[X[# \e jfc`[Xi`[X[ Zfe cXZ`l[X[XeX#p\egifg`Z`XicXjd\afi\jpX[\ZlX[Xj _\iiXd`\ekXjgXiXhl\cX=l\iqXGYc`ZXpcXX[d`e`j$ kiXZ`e[\aljk`Z`XZldgcXejljZfd\k`[fj[\[\]\e[\i cfj[\i\Z_fj]le[Xd\ekXc\j[\kf[fj% AlXe [\ ;`fj >iXZ`Xef1 Cfj :fej\afj [\ :fem`m\eZ`X :`l[X[XeX]l\ifeZi\X[fj\e(00,#[liXek\cXXcZXc[X [\J\i^`fEXiXeaf(00,$(00. gXiXZX[XleX[\cXj(- :XjX[\>fY`\ief# Zfii\^`d`\ekf JXekX<c\eX% ZfdleXj liYXeXj p cfj Z`eZf Zfii\^`d`\ekfj iliXc\j hl\k`\e\D\[\cce%8ek\j[\)''+]leZ`feXYXeZfdf le \jgXZ`f [fe[\ cX Zfdle`[X[ j\ \ogi\jXYX jfYi\ cfjk\dXj[\Zfem`m\eZ`X#g\if[fe[\jcfgXik`Z`gXYX gfigXik\[\cX8cZXc[X\ci\jg\Zk`mf@ejg\Zkfi[\Gf$ c`ZX%PX`ejkXcX[f\cXcZXc[\=XaXi[f)''+$)''. #_`Z`$ dfjle[`X^ejk`Zf\emXi`Xj:fdleXj#hl\dfjkicX ]XckX [\ Zf_\i\eZ`X \eki\ \c kiXYXaf [\c :fdXe[Xek\ [\cX<jkXZ`e[\Gfc`ZX#\c@ejg\Zkfip\c:fd`jXi`f[\ =Xd`c`X%;\Z`[`dfj\ekfeZ\j^\e\iXileXd\afiZffi$ [`eXZ`e#Zi\Xe[fgXiXZX[XZfdleXpZfii\^`d`\ekf le:fd`kCfZXc[\>fY`\ief#c`[\iX[fgfi\c@ejg\Zkfi [\Gfc`ZX[\cj\ZkfipleKZe`ZfJfZ`XcgfigXik\[\ cXJ\Zi\kXiX[\>fY`\ief#hl`\e^XiXek`qXcXZffi[`eX$ Z`e`ek\iX^\eZ`Xcp_XZ\j\^l`d`\ekf[\cfjXmXeZ\j d\[`Xek\cXjXZkXj[\cfjXZl\i[fjpi\le`fe\j%GXiX Xc^leXjZfdleXj`eZfigfiXdfjX[\d}jle[\c\^X[f [\ cX JlYj\Zi\kXiX [\ <jgXZ`f GYc`Zf% Gfi Ôe# [\j$ [\)''/#_\dfj`eZcl`[f\eZX[X:fd`kle[\c\^X[f [\ ZX[X leX [\ cXj )( AlekXj 8[d`e`jkiX[fiXj CfZX$ c\jÆA8CÆ#gXiXhl\j\Xgifg`\epgXik`Z`g\e[\ck\dX [\cXj\^li`[X[pZfem`m\eZ`X%:fdgXiXe[f\jkfZfe cX^\jk`e[\cX[ZX[X[\(00'#j\_XZ\\m`[\ek\\c kiXYXaf [\jZffi[`eX[f [\ `ejg\Zkfi\j# ZfdXe[Xek\j [\\jkXZ`fe\jpZfd`jXi`fj#jldX[fXcXXlj\eZ`X[\ j\^l`d`\ekfXk\dXjpi\jlckX[fj[\^\jk`e%<jkf#j`e _XYcXi[\cXZfiilgZ`ehl\^\e\i\ceXiZfki}ÔZf\e kf[XjXhl\ccXj`ejkXeZ`Xjphl\[lidlZ_fjXfj% (+0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ GXihl\[\cfjG`\j ;\jZXcqfj% :fem\ijXkfi`f1J\^li`[X[pZfem`m\eZ`X >\iXi[1¶G\ifef_XYX`ejg\Zkfi\jhl\`ek\ekXYXe_X$ Z\ijlkiXYXaf[\dXe\iXk`ZX#`eZcljf\eXhl\ccXj Zfe[`Z`fe\j6 AlXe[\;`fj1J\^liXd\ek\_XYX`ejg\Zkfi\jhl\k\eXe Yl\eX mfclekX[# g\if \jkXYXe Zfejki\`[fj gfi leX ZcXj\gfck`ZXcfZXchl\ljXYXjlj`eÕl\eZ`XjgXiX[\$ ]\e[\iXd`^fj\`ek\i\j\j\eXhl\ccfjgl\jkfj%8_fiX Y`\e#_\dfj\eZfekiX[fhl\\ck\dfifcXi\j`jk\eZ`X X_XYcXi[\ck\dX[\cXj\^li`[X[j`^l\em`^\ek\j\e Xc^lefjj\Zkfi\j%8c^lefjGcXe\j[\;\jXiifccfCfZXc Æhl\\cXYfiXZX[XZfdleXpZfii\^`d`\ekfÆe`j`hl`\$ iXkfZXe\c[`X^ejk`Zf[\cXj\^li`[X[pZfem`m\eZ`X# Zfe\cX^iXmXek\[\hl\jfeqfeXj[\dlZ_fZfeÕ`Zkf pgficfkXekf\jkfjk\dXjjfem`kXc\jgXiXjlgif^i\$ jf%GXiXjlg\iXi\jk\[\jX]f#\jkXdfjXj\jfiXe[fX kf[XjcXjZfdleXjpZfii\^`d`\ekfj\ecX\cXYfiXZ`e [\GcXe\jCfZXc\j[\J\^li`[X[p:fem`m\eZ`X% >\iXi[1;fZkfiAX`d\AXiXd`ccfGXe\jjf#`cjki\efjgfi ]Xmfi jfYi\ \c ZXd`ef i\Zfii`[f \e D\[\cce Zfe cX ^\jk`e[\gifZ\jfj[\gXq#[\[\jdfm`c`qXZ`e#[\ i\`eZfigfiXZ`e p [\ i\ZfeZ`c`XZ`e# ZfdgXiXe[f \c gifZ\jfXZklXcZfecfj[\cXd`kX[[\cfjXfjefm\e$ kX%¶:l}c\jjfecfj\e]fhl\jel\mfj\ecXdXe\iX[\ ^\jk`feXi#ZfdfZ`l[X[#cXj[\jdfm`c`qXZ`fe\j`e[`m`$ [lXc\jpZfc\Zk`mXj6 AX`d\AXiXd`ccf1K\e^f[fjfYj\imXZ`fe\j`e`Z`Xc\j%Gi`$ d\if#ef\jgfj`Yc\m\i\cgifYc\dX[\D\[\cceZfe c`e[\ifj dlp gi\Z`jfj# ef jcf gfihl\ cX Zfe]ifekX$ Z`e j\ \ok`\e[\ [\ glekX X glekX [\c MXcc\ [\ 8Yl$ ii}# j`ef gfihl\ kXdgfZf gf[\dfj [\jgi\e[\iefj [\c ]\ed\ef [\gXikXd\ekXc p eXZ`feXc% J\^le[f# \ck\dX[\cXj\^li`[X[\eD\[\ccek`\e\hl\m\i\e Yl\eXgXik\ZfeX^\eZ`Xj[\fi[\eeXZ`feXc#Zfdf\j cXGfc`ZX%CX`ejk`klZ`e_Xd\afiX[fdlZ_f#`^lXchl\ cX g\iZ\gZ`e Z`l[X[XeX [\ jl fg\iXk`m`[X[# Xlehl\ \e \c `dX^`eXi`f kf[XmX g\ij`jk\ Xc^f [\ \j\ g\ejX$ d`\ekf Xek`d`c`kXi p Xek`gfc`Z`Xc hl\ _\dfj m\e`[f giXZk`ZXe[f [\j[\ cfj Xfj j\j\ekX% <e ZlXekf X cX ^\jk`e[\ck\dX[\cXj[\jdfm`c`qXZ`fe\jZfc\Zk`mXj \ `e[`m`[lXc\j# \e cfj efm\ekX Zfd\eq \e cX Z`l[X[ (,' le gifZ\jf [\ [\jdfm`c`qXZ`e Zfe d`c`Z`Xj [\c hl\ _\dfjXgi\e[`[f%Efj\hl`mfZXdfj\eXc^leXjZfjXj# g\ifkXdY`e_lYfXZZ`fe\jXZ\ikX[Xj#Zfdf\ckiXYX$ afZfeZ\ikX[f\eki\dle`Z`g`fp^fY\ieXZ`egXiXcX \[lZXZ`e\ecXZfem`m\eZ`XpcXjfclZ`egXZÔZX[\ ZfeÕ`Zkfj% <e \c gif^iXdX gXik`Z`gXife /*%''' g\i$ jfeXj\e8ek`fhl`Xpj\`dgc\d\ekZfecXle`e[\ le`m\ij`[X[\j#cX@^c\j`X#cXjfi^Xe`qXZ`fe\jjfZ`Xc\jp \c<jkX[fd`jdf% >\iXi[1¶@ejk`klZ`feXcd\ek\#hl_XZXdY`X[f\e\c}d$ Y`kfcfZXci\jg\ZkfXck\dX[\cXj[\jdfm`c`qXZ`fe\j Zfc\Zk`mXj p gi`mX[Xj hl\ m`m\e cX Z`l[X[ p \c gXj [\j[\)''*6 AX`d\1 Pf Zi\f hl\ cf efm\[fjf p ]le[Xd\ekXc _fp# \j hl\ D\[\cce# X kiXmj [\ cX J\Zi\kXiX [\ >fY`\ief dXe\aX dlZ_fj gif^iXdXj m`kXc\j1 \c gif^iXdX [\ mZk`dXj# [\ am\e\j \e Xckf i`\j^f# [\ gfjg\eX[fj# \c [\ gXq p i\ZfeZ`c`XZ`e% Kf[fj `eZfigfiXe el\mfj gif]\j`feXc\j[\[`]\i\ek\j}i\Xj%<jXdlkXZ`e[\cX J\Zi\kXiX [\ >fY`\ief \j `dgfikXek\ gfihl\ X \ccX j\[\Y\kXdY`ecX^\jk`ehl\cXZ`l[X[_Xcf^iX[f [XiXcgifZ\jf[\[\jdfm`c`qXZ`e[\Xlkf[\]\ejXjp [\^l\ii`cc\ifj\e\jkfjck`dfjXfj%CX[\jdfm`c`qX$ Z`e[\c9cfhl\:XZ`hl\Elk`YXiXp[\c9cfhl\?if\j [\>iXeX[X[\cXj8lkf[\]\ejXjLe`[Xj[\:fcfdY`X Æ8L:$]l\cXgi`d\iX[\jdfm`c`qXZ`eliYXeX[\le ^ilgf `c\^Xc XidX[f p efj jfigi\e[` X kf[fj1 ¶hl YXdfjX_XZ\i\eD\[\cceZfeZXj`0''[\\jfjdl$ Z_XZ_fj hl\ \eki\^Xife cXj XidXj6 8_ \j [fe[\ cX `dX^`eXZ`e ZfYi ml\cf p j\ _`qf cf hl\ kf[XmX j\ _XZ\_fp#Zfdfle\og\i`d\ekfhl\pX\jleXgfck`$ ZX% ¶Hl fZlii\ \e cfj ck`dfj gifZ\jfj6 <e gi`d\i cl^Xi#8ek`fhl`Xk`\e\*,[\cXjmZk`dXji\^`jkiX[Xj p+'[\cfj[\jdfm`c`qX[fj2gfi\jf#j`cf^iXdfjj\i \o`kfjfj Zfe cXj gfck`ZXj [\ Xk\eZ`e X mZk`dXj# ef jfcXd\ek\\jkXjj\im`i}e[\df[\cfgXiX\ci\jkf[\c gXj#j`efhl\Zfeki`Yl`i}eX_XZ\ijfjk\e`Yc\cXj\^l$ i`[X[\ecXZ`l[X[pcXi\^`e%CX:fd`j`eEXZ`feXc[\ I\ZfeZ`c`XZ`epI\gXiXZ`epjlj\ZZ`feXc8ek`fhl`X ^XiXek`qXe cX Zffi[`eXZ`e `ejk`klZ`feXc% GXiX kiXkXi gifYc\dXjkXe^iXm\jZfdfcfj[\cXgXq#cX^l\iiX#cfj [\jgcXqX[fj# cXj mZk`dXj p cfj m`Zk`dXi`fj# k\e\dfj DXiZ_XgficXgXq# +[\]\Yi\if[\ )''/% DXiZ_Xdle[`Xc È:fcfdY`Xjfp pfÉZfekiX\c j\Zl\jkif# )/[\efm`\dYi\ [\)''/% :fem\ijXkfi`f1J\^li`[X[pZfem`m\eZ`X (,) Gfc`ZXp Zfdle`[X[ \e\cGXihl\ JXe8ekfe`f# :\ekif% hl\ Zffi[`eXiefj \e le \jgi`kl ef Zfdg\k`k`mf# ef gifkX^e`Zf#\eiXqe[\cfj[\d}j#fj`efcfj\j]l\i$ qfjj\[`cXg`[Xep]iXZXjXdfj%Gfi\jkfkiXYXaXdfj[\ dXe\iXZfealekXZfecXJ\Zi\kXiX[\>fY`\ief#cXFÔ$ Z`eX[\GXq[\c>fY`\ief;\gXikXd\ekXc#\c8ckf:fd`$ j`feX[fgXiXcXGXq#\c8ckf:fej\a\ifgXiXcXI\`ej\i$ Z`epZfeleXgfpfdlp`dgfikXek\[\cXD`j`e[\ 8gfpfXcGifZ\jf[\GXq\e:fcfdY`XÆD8GGÆ[\cX Fi^Xe`qXZ`e[\cfj<jkX[fj8d\i`ZXefjÆF<8Æ%Kf[f \jkf_Xj`[f#[\j[\cl\^f#lekiXYXafdlpXgfpX[fgfi cXG\ijfe\iX#cXGifZliX[liX#cX;\]\ejfiX#cX=`jZX$ cX#cX:fd`j`e#\cdle`Z`g`fp\c[\gXikXd\ekf% Afi^\>Xm`i`X1Hl`\if[XiZi[`kfXcXFi^Xe`qXZ`e@ek\i$ eXZ`feXc [\ D`^iXZ`fe\j $F@DÆ# hl\ Zfe i\Zlijfj [\ cXLJ8@;Xpl[XdfekXileJ`jk\dX[\J\^l`d`\ekf Xkf[f\cgifZ\jf[\i\`ej\iZ`ehl\_Xj`[fdlpk`c gXiXel\jkiX^\jk`e% >\iXi[1¶:df\mXclXicX`dgfikXeZ`X[\hl\gfigi`d\$ iXm\q\ecX_`jkfi`Xj\Xjld\Zfdfgfck`ZXeXZ`feXc pdle`Z`gXccXkXi\X[\cXm\i[X[pcXi\gXiXZ`e6 AX`d\1 <j ]le[Xd\ekXc% J` cf hl\ _XZ\dfj \e i\gXiX$ Z`e#m\i[X[paljk`Z`Xefc\XglekXXcXi\ZfeZ`c`XZ`e ZfdfYXj\gXiXcXZfem`m\eZ`X#cX[\dfZiXZ`XpcXgXq ÆZfdf`ek\ekXdfj_XZ\i$\ekfeZ\jeX[X[\\jkfk`\e\ j\ek`[f%<j]le[Xd\ekXckiXYXaXi\ecfgj`ZfjfZ`XcZfe cXj]Xd`c`Xj[\cXjmZk`dXjhl\m`\e\e[\jgcXqX[Xjf gfi\d`^iXZ`epcc\^XeZfe\c[\jXiiX`^f%CX]Xd`c`X \jcXg`\[iX[\YXj\gXiXkf[fjcfjfkifjgif^iXdXj[\ `ek\^iXZ`e#gifk\ZZ`e\`eZclj`ejfZ`Xc% 8cY\ikf 8cfejf AXiXd`ccf1 ;\j[\ )''/ XX[`dfj le \e]fhl\ gi\m\ek`mf Zfe le Gif^iXdX [\ 8k\eZ`e X Am\e\j\e8ckfI`\j^f#gXiX\m`kXihl\ZX`^Xe\ecX kiXdgX[\cXm`fc\eZ`X%KiXYXaXdfjZfekf[fj\jfja$ m\e\jhl\\jklm`\ife\ecfjYXii`fj[\ZfeÕ`Zkf#hl\ ef\jkl[`Xee`kiXYXaXe#g\ifhl\\c`^`\ifecXfgZ`e [\efZX\i\ecXjdXefj[\cfj^ilgfjZi`d`eXc\j%:fe \jkfjgif^iXdXji\Z`Y\e\cd\ejXa\[\hl\Èj\iYl\$ efjgX^XÉ%<ccfjkfdXifecX[\Z`j`emXc`\ek\[\[\Z`i efpi\Z`Y\ecXjd`jdXjfgfikle`[X[\j[\`e^i\jfjp \[lZXZ`e[\cfjdlZ_XZ_fj[\jdfm`c`qX[fj% Afi^\1 8j d`jdf# _\dfj i\Xc`qX[f XZk`m`[X[\j [\ `ek\$ ^iXZ`e\eki\mZk`dXjpm`Zk`dXi`fj#_XYcXe[f[\i\$ ZfeZ`c`XZ`e Zfc\Zk`mX p j`dYc`ZX% 8c Zfd`\eqf _lYf k\ej`e#g\ifcl\^fj\XYi`\ifeZXeXc\j[\Zfdle`ZX$ Z`ehl\gifg`Z`XifegifZ\jfj[\ZfeÔXeqXpi\Zfe$ Z`c`XZ`e%Gfick`df#\jkXjcXYfi\jj\Zfdgc\d\ekXe Zfelegif^iXdX[\Xk\eZ`eg\ijfeXc#]Xd`c`Xipjf$ Z`XcXg\ijfeXjhl\\jk}e\ecXZ}iZ\cpXcXjhl\pX _XeZldgc`[fjljZfe[\eXj% (,* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ 8Jà:L<EK8D<;<CCàE EjkfiIXc9XiiX[X#[\jdfm`c`qX[f8lkf[\]\ejXjLe`[Xj[\:fcfdY`X#$8L:$% ¶:l}c_Xj`[fklZfdgifd`jfZfe\cgifZ\jf[\cX[\jdfm`c`qXZ`e6Pf_`Z\\c gXZkf[\Zfdgifd`jfZfe\c8ckf:fd`j`feX[fgXiXcXGXqZfekf[XcXj\i`\[X[% Gi`d\ifmXc`[\cYXZ_`cc\iXkfpj`dlck}e\Xd\ek\_`Z\ZlXkifZlijfj\eZfd\iZ`f% Cl\^fi\Xc`Zle[`gcfdX[f\e\c@ejk`klkfK\Zefc^`ZfD\kifgfc`kXefpleZlijf [\D\[`fj\ecXLe`m\ij`[X[[\D\[\cce%?fpZffi[`eflekiXYXafgXiX\cGif^iX$ dX[\GXqpI\ZfeZ`c`XZ`e[\cX8cZXc[X#hl\YljZX\m`kXihl\dlZ_XZ_fj\eXckf i`\j^fZX`^Xe\ecX[\c`eZl\eZ`X% :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X <e\if(-[\)''0 8j`jk\ek\j >FEQ8CF8C9<IKFGyI<Q Gi\j`[\ek\@em\ijliXJ%8% AL8E:8ICFJ8IK<8>8 Gif]\jfik`klcXi\`em\jk`^X[fi[\Le`m\ij`kpf]D`Xd` \e@eefmXZ`e#;\jXiifccf<jkiXk^`Zfp:fdg\k`k`m`[X[ IL9yE;8IàFG8II8 Gif]\jfi<jZl\cX[\8[d`e`jkiXZ`eLe`m\ij`[X[<8=@K :8ICFJ?%A8I8D@CCF ;`i\Zkfi;\gXikXd\ekf8[d`e`jkiXk`mf[\GcXe\XZ`e Dle`Z`gXc)''/$)'(( KFDÝJDFC@E8 JlY[`i\Zkfi[\Gifjg\Zk`mX[\:`l[X[)''/$)'(( CLQDäE@:8GyI<Q ;`i\ZkfiX[\cX8^\eZ`X[\:ffg\iXZ`e\@em\ij`e [\D\[\ccep\cÝi\XD\kifgfc`kXeX)''/$)'(( CLQ8;I@8E8E8I8EAF :ffi[`eX[fiX[\cGifp\Zkf9@;$@e\odf[X AL8ED8EL<C?@>L@K8 :fejlckfi[\cX8^\eZ`X[\:ffg\iXZ`e\@em\ij`e [\D\[\ccep\cÝi\XD\kifgfc`kXeX Df[\iX[fi ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\ZkfDf[\cfD\[\cce :\ekif@ek\ieXZ`feXc[\ :fem\eZ`fe\jGcXqXDXpfi% :fem\ijXkfi`f 0\Z]RaVaVcVQNQf0bYab_N QR2Z]_R[QVZVR[a\ :RQVN[aRYNR`a_NaRTVN0bYab_N2 :RQRYY~[`\PVNYVgNYNPbYab_NQRYRZ ]_R[QVZVR[a\ f R`aVZbYN RY QR`N__\YY\ QR [bRcN` RZ]_R`N` R[ YN` PNQR[N` ]_\QbPaVcN` _RTV\[NYR` P\[ ZNf\_R` ]\aR[PVNYVQNQR` B[ ]_\T_NZN PYNcR R` YNV[`aNYNPV[R[g\[N`P_~aVPN`QR0R[a_\`QR1R`N__\YY\2Z]_R`N_VNYG\[NY 0RQRg\^bRN`R`\_N[NY\`]_\fRPa\`QRTR[R_NPV[QRRZ]YR\RZ]_R[QV ZVR[a\fQR`N__\YY\QRZVP_\RZ]_R`N`<a_N`UR__NZVR[aN``\[RY/N[P\QR Y\`=\O_R`/N[P\QR<]\_ab[VQNQR`RY3\[Q\0N]VaNY:RQRYY~[fYN?RQQR:V P_\P_zQVa\P\Z]YRZR[aNQN`P\[]_\PR`\`RQbPNaVc\`]N_NRYQR`RZ]R\QR b[NNPaVcVQNQ]_\QbPaVcN2Y]_\T_NZN¢=\_^bz:RQRYY~[,aVR[RP\Z\\OWRaVc\ P\[`R_cN_fNa_NR_V[cR_`V[Y\PNYfRea_N[WR_NNYNPVbQNQUNPVR[Q\z[SN`V`R[ `b`PYb`aR_`R`a_NazTVP\``bbOVPNPV[f`bRePRYR[aRZ\cVYVQNQP\[RY:Ra_\ Y\`:Ra_\PNOYR`RY:Ra_\]Y`¯_RQQRPN__VYR`QR b`\RePYb`Vc\]N_NOb`R`R[P\[`a_bPPV[¯fb[ a_N[c~NRYzPa_VP\R[]YN[RNPV[9N_RcV`aN.Zz _VPN 2P\[\Z~N bOVP R[ % N :RQRYY~[ `V[ `R_ PVbQNQPN]VaNYR[RY]bR`a\R[a_RYN`ZRW\_R` PVbQNQR`QR.Zz_VPN9NaV[N]N_NUNPR_[RT\PV\` 9\`]N_aVPV]N[aR`R[R`aRP\[cR_`Na\_V\_R¼ReV\ [N[ `\O_R Y\` P\[PR]a\` QR P\Z]RaVaVcVQNQ f PbYab_NQRRZ]_R[QVZVR[a\]N_NYN:RQRYY~[QRY `VTY\EE6f`\O_RYN`TR`aV\[R`^bRYNPVbQNQR`as UNPVR[Q\NY_R`]RPa\ :fem\ijXkfi`f1:fdg\k`k`m`[X[pZlckliX[\\dgi\e[`d`\ekf >\iXi[ DXik`e1 ¶Gfi hl cX 8^\eZ`X [\ :ffg\iXZ`e \ @em\ij`e[\D\[\cceÆ8:@Æ\jk}c`[\iXe[f\jk\gif$ Z\jf[\j`jk\dXk`qXZ`e[\cDf[\cfD\[\cce[\9l\e >fY`\ief#gXik`Z`gXe[f\eZfeZi\kf\e\cgifZ\jf[\ cX\ogfj`Z`epc`YifD\[\cce1kiXej]fidXZ`fe[\leX Z`l[X[6 ClqDe`ZXGi\q1CX8:@kiXYXaXkf[fcfhl\Zfdg\k\ X cX `ek\ieXZ`feXc`qXZ`e [\ cX Z`l[X[% CX 8:@ \o`jk\ [\j[\_XZ\lefjfZ_fXfjpk`\e\[fj]i\ek\j1Zffg\$ iXZ`e\`em\ij`e%=i\ek\XcDf[\cfD\[\cce[\9l\e >fY`\ief# cX 8:@ gi\k\e[\# \e \c dXiZf [\c Zfem\e`f Zfe\c9XeZf@ek\iXd\i`ZXef[\;\jXiifccf#jldXi\j$ ]l\iqfj [\ `ek\ieXZ`feXc`qXZ`e [\ cX Z`l[X[# pX hl\ X[\d}j [\ `eXl^liXij\ \e cX ,'± 8jXdYc\X >\e\iXc [\>fY\ieX[fi\j[\c9@;\edXiqf[\)''0Xhl\e D\[\cce# cX \ogfj`Z`e p \c c`Yif j\ gi\j\ekXi}e \e fkiXjZ`l[X[\j[\cdle[f% AlXeDXel\c?`^l`kX1<cdle[fk`\e\leX`dX^\e[\D\$ [\ccehl\Zfii\jgfe[\XlefjXfjhl\pXj\k\id`$ eXifepXledf[\cf[\ZfdgfikXd`\ekf[\cXZ`l[X[ hl\ pX ef \o`jk\% :fe cX \ogfj`Z`e p Zfe \jk\ c`Yif gi\k\e[\dfj kiXej]fidXi cX ZfeZ\gZ`e hl\ kf[XmX _Xp[\D\[\cceXcdfjkiXi#d\[`Xek\cX^\jk`egYc`$ ZXhl\j\Xgc`ZX\ejlX[d`e`jkiXZ`e#hl\_fpjfdfj leXZ`l[X[iX[`ZXcd\ek\[`jk`ekXphl\k\e\dfjleX el\mXmfZXZ`e%<e\jk\c`Yifc\ZfekXdfjXcgXjpXc dle[f \e hl Zfej`jk\ \c Df[\cf D\[\cce [\ 9l\e >fY`\ief% Lef [\ cfj k\dXj ZcXm\j [\c df[\cf \j cX Zfdg\k`k`m`[X[% :Xicfj?%AXiXd`ccf1<cgifZ\jf[\kiXej]fidXZ`e[\D\$ [\cce#[\leXZ`l[X[`e[ljki`XcXleXZ`l[X[[\j\im`$ Z`fj#fYm`Xd\ek\_XkiX[f[`ÔZlckX[\j%?XYXXZkfi\j hl\Zfeki`YlXeX_XZ\iZXdY`fj`dgfikXek\jZfdfcX :}dXiX[\:fd\iZ`f#cX]le[XZ`e\dgi\jXi`XcGif8e$ k`fhl`XpdlZ_fj\dgi\jXi`fj#g\if\ck\dXZik`Zf\j hl\cXX[d`e`jkiXZ`e[\cXZ`l[X[XgXi\Z\Zfdfle (,- XZkfi[\Z`j`mf%Gfi\a\dgcf#\c`dgXZkfhl\_\dfjcf$ ^iX[fk\e\iZfecfj:\ekifj[\;\jXiifccf<dgi\jXi`Xc QfeXcÆ:\[\qfÆ\e\cj\ek`d`\ekfYXii`Xc\j`dgfikXe$ kj`df gXiX \jXj Zfdle`[X[\j% Hl\ le XdX [\ ZXjX hl\ Zl\ekX gfi Ôe Zfe jl e\^fZ`f [\ Zfe]\ZZ`fe\j# gl\[X k\e\i ZfekXZkf X kiXmj [\ le :\[\qf Zfe Xc$ ^l`\ehl\c\\ej\\XdXe\aXileZfdglkX[fifXcc\$ mXileXZfekXY`c`[X[#k`\e\lemXcfi`ed\ejf%<jkXdfj kiXYXaXe[f \c k\dX [\ \[lZXZ`e dlp Xdgc`Xd\ek\# gXiXkiXkXi[\Zi\Xi\ecfjYXZ_`cc\i\j\jXZfeZ`\eZ`X [\c \dgi\e[`d`\ekf# hl\ \j ]le[Xd\ekXc% <eki\ cfj gXjfj X[\cXek\ hl\ \jkXdfj [Xe[f Zfe cX X[d`e`j$ kiXZ`e [\ 8cfejf JXcXqXi )''/$)'(( # j\ \eZl\ekiX gi\Z`jXd\ek\ hl\ leX [\ cXj ce\Xj [\c GcXe [\ ;\$ jXiifccf\j\cZi\Z`d`\ekf\Zfed`ZfpcX`eefmXZ`e# Zfe XZZ`fe\j dlp j`^e`ÔZXk`mXj Zfdf \c `eZi\d\ekf [\ZlXkifXhl`eZ\]\i`XjeXZ`feXc\j\`ek\ieXZ`feXc\j \ecXZ`l[X[%;\ekif[\cGcXe_Xpfkifj[fjZfdgifd`$ jfj^`^Xek\jZfj%Gi`d\if#cXZi\XZ`e[\leXdXeqXeX gXiX \c \dgi\e[`d`\ekf p gXiX cX `eefmXZ`e# [fe[\ j\ZfeZ\eki\e]j`ZXd\ek\cXj`e`Z`Xk`mXjhl\pX\jk}e \edXiZ_X\ecX:}dXiX[\:fd\iZ`fpcXj`eZlYX[f$ iXj[\\dgi\jXj#\eki\fkiXj%J\^le[f#le]fe[fgXiX cX `eefmXZ`e Zfe (.%''' d`ccfe\j [\ [cXi\j# gXiX jfjk\e\i\jkfjgifp\Zkfj%<jkXj[fjZfjXjdl\jkiXe\c gXg\chl\[\j[\cXX[d`e`jkiXZ`ehl\i\dfj[\j\d$ g\XigXiXZfek`elXiXgfpXe[fcXkiXej]fidXZ`e[\ \jkXD\[\cce[\j[\\c\dgi\e[`d`\ekfpcX`eefmXZ`e p[\ekif[\leXgcXe\XZ`e\jkiXk^`ZXXcXi^fgcXqf% Kfd}j Dfc`eX1 Ef j\ kiXkX [\ [\jZfefZ\i cf hl\ pX j\ \jk} _XZ`\e[f# j`ef [\ [Xic\ d}j ]fZf p leX dXpfi [`e}d`ZX% 8[\d}j# ef mXdfj X `eZlij`feXi \e kf[fj cfjj\Zkfi\j\Zfed`Zfj#j`ef\eZlXkiffZ`eZf%Hl\ \c j\Zkfi gYc`Zf _XpX \dg\qX[f X kiXYXaXi \e \jk\ ZXdgfjlYiXpXcXZfeÔXeqXhl\\jkXdfjZfejkilp\e$ [fZfefkifjXZkfi\j[\cj\Zkfigi`mX[fpXZX[d`Zf% :lXe[fefjj\ekXdfjgfigi`d\iXm\qZfe\ccfj#[\$ ZXe hl\ jl [`}cf^f Zfe \c j\Zkfi gYc`Zf _XYX j`[f gfZf Õl`[f% ?fp# kf[fj jXY\dfj hl`e kiXYXaX \jkfj k\dXjp\eZl}cle`m\ij`[X[#fj\Xhl\kf[fjefji\$ cXZ`feXdfj%@^lXchl\cXj\^li`[X[ÆkXdY`e\ejl[`$ d\ej`eeXZ`feXcÆ#cX\[lZXZ`epcfjj\im`Z`fjgYc`$ ZfjjfemXi`XYc\j`dgfikXek\j[\\jkXkiXej]fidXZ`e# (,. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ XjZfdf\jXXc`XeqX\eki\\cj\ZkfigYc`Zfp\cgi`mX$ [fhl\j\_X\jkXYc\Z`[fphl\ef\j]}Z`c\eZfekiXi \efkiXjgXik\j%CfjfZ`Xc#Xk\e[`[fefZfeleXd`iX[X Xj`jk\eZ`Xcj`efZfe\cgifgj`kf[\Zi\XiZXgXZ`[X[\j p fgfikle`[X[\j# j\ i\cXZ`feX [`i\ZkXd\ek\ Zfe leX Z`l[X[Zfdg\k`k`mX% >\iXi[1¶:l}c\jfkifjk\dXjjfegifg`fj\e\cdXe\af [\cXZfdg\k`k`m`[X[pcXgif[lZk`m`[X[\eD\[\cce6 De`ZX1CX_faX[\ilkX[\cX8:@ÆZfejlj}i\Xj[\e\^f$ Z`fj#`em\ij`epZffg\iXZ`eÆ\j\cGcXe[\;\jXiifccf [\cX8cZXc[Xpfg\iXdfjYXafcX[`i\Zki`q[\cXX[d`$ e`jkiXZ`edle`Z`gXc%Lek\dXZcXm\\jcXZfe\Zk`m`[X[% LeXZ`l[X[hl\i\hl`\i\\ekiXi\eled\iZX[f`ek\i$ eXZ`feXcefgl\[\\jkXi[\jZfe\ZkX[X%Efjfkifje`$ ZXd\ek\ k\eXdfjml\cfj[`i\Zkfj X Z`l[X[\j \e <j$ kX[fjLe`[fjpGXeXd}%8jhl\cXX^\eZ`X\dg\qX kiXYXaXigXiXZfe\ZkXicXZ`l[X[ZfeM\e\ql\cX#G\i p<ZlX[fi%<jk\Xf\jkXi\dfj\efg\iXZ`eZfeDo`$ ZfpDX[i`[%PXD\[\cce\dg`\qXXXgXi\Z\i\ecfjkX$ Yc\ifj[\X\ifgl\ikfj`ek\ieXZ`feXc\jgfihl\hl`\e\j m`\e\eX_XZ\ie\^fZ`fjhl`\i\eml\cfj[`i\Zkfj% Clq 8[i`XeX EXiXeaf1D\[\cce\jgif[lZkf[\cX`em\i$ j`e cfZXc% =l\ife el\jkifj ^iXe[\j \dgi\jXi`fj cfj hl\^\e\iXife\c[\jXiifccf\Zfed`Zfpef`dgfikXe$ :\ekif:fd\iZ`Xcp[\ k\jdlck`eXZ`feXc\j#ZfdfjlZ\[`\e:Xc`%8hlefj[`$ E\^fZ`fjJXe=\ieXe[fGcXqX# \e<cGfYcX[f#ZfdleX(+% dfjZl\ekX[\hl\el\jkifj^iXe[\jZfe^cfd\iX[fj \dgi\jXi`Xc\j \dg\qXife X i\`em\ik`i jlj lk`c`[X[\j \efkiXjZ`l[X[\jpefXZ}#`eZcljf\e\c\ok\i`fi%<e \jk\j\ek`[f#gfid\[`f[\cXe}c`j`j[\cfjdXgXj[\ cfjZcljk\ij\jkXYc\Z`[fj`[\ek`ÔZXdfjcXj[\Y`c`[X[\jp]fikXc\qXj[\ZX[Xlefp[\Ôe`dfjXc^leXjfgfikle`[X[\j hl\f]i\Z\D\[\ccephl\hl\i\dfjZfem\ik`i\em\i$ [X[\ifjgifp\Zkfj[\`em\ij`e%KXdY`ekiXYXaXdfj \e d\afiXi \c Zc`dX [\ `em\ij`e# \e Zfealekf Zfe \c >fY`\iefEXZ`feXc%CX\jkiXk\^`X[\gifdfZ`e[\`e$ m\ij`e[\D\[\cce\jk}c`^X[XXcX[\c>fY`\iefEX$ Z`feXc#c`[\iX[XgfiGif\ogfik% 4R[R_N_P\Z]RaR[PVN` f\]\_ab[VQNQR`P_RN b[NPVbQNQP\Z]RaVaVcN >\iXi[1¶:dfmXe\eZfdgXiXZ`eZfecXjfkiXj^iXe$ [\j Z`l[X[\j [\c gXj# Zfdf :Xc`# 9f^fk}# p :XikX$ ^\eX6 :fem\ijXkfi`f1:fdg\k`k`m`[X[pZlckliX[\\dgi\e[`d`\ekf Clq 8[i`XeX1 Jfdfj cX gi`d\iX Z`l[X[ hl\ \dg\q X kiXYXaXi[\dXe\iX\jkiXk^`ZXcXXkiXZZ`e[\`em\i$ j`e \okiXea\iX# ^iXZ`Xj X le gifp\Zkf Zfe cX :fd`$ j`e<lifg\Xhl\fYklm`\ifecX8cZXc[XpcX:}dXiX [\:fd\iZ`f[\D\[\ccegXiX]fikXc\Z\icXfÔZ`eX[\ `em\ij`e\okiXea\iX#hl\j\Zi\\e)''-[\ekif[\c }i\X[\e\^fZ`fj[\cX8:@%CX8:@]fidXgXik\[\cX i\[ dle[`Xc [\ X^\eZ`Xj [\ gifdfZ`e [\ `em\ij`e \okiXea\iXÆN8@G8ÆZfej\[\\e>`e\YiX2p\jkXi\dfj i\Z`Y`\e[fcXgio`dXi\le`ei\^`feXc#hl\j\i\Xc`qXi} \e\cdXiZf[\cXXjXdYc\X9@;%CX8:@]l\\c\^`[XgXiX Yi`e[XiXcXjX^\eZ`XjjliXd\i`ZXeXjel\jkiXjd\afi\j gi}Zk`ZXj\egifdfZ`e[\`em\ij`e\okiXea\iX% >\iXi[1;fZkfi>feqXcfGi\q# [\j[\ jl glekf [\ m`jkX \e JliXd\i`ZXeX# p Zfe jl ZfefZ`d`\ekf [\c Zc`dX [\`em\ij`fe\j\efkiXjZ`l[X[\j[\cgXjp[\cXi\$ ^`e#¶Zl}c\jgXiXljk\[cXgXik`ZlcXi`[X[[\cDf[\cf D\[\ccepjlZlckliX[\\dgi\e[`d`\ekf#cXccXdX[X :lckliX<6 >feqXcfGi\q1;\j[\lefjXfjgXiXXZ}#\cZfde[\$ efd`eX[fi _X j`[f ZfdgXik`i le fYa\k`mf Zfc\Zk`mf gXiXcXZ`l[X[%<c_\Z_f[\hl\\cj\ZkfigYc`Zfc`[\i\ pZfdgXikXZfecXXZX[\d`X#Zfe\cj\Zkfigi`mX[fp Zfekf[fjcfj^i\d`fj#_XZ\hl\_XpXleX[`]\i\eZ`X `eÔe`kX# pX hl\ cX Zfdg\k`k`m`[X[ kXdY`e k`\e\ hl\ m\iZfek\e\i]fZf#jXY\i_XZ`X[e[\mXdfj%=i\ek\X fkiXjZ`l[X[\j_Xp[`]\i\eZ`Xj^iXe[\j%GfimXi`XjiX$ qfe\j\jkXdfjdlpZ\iZX[\Gif9XiiXehl`ccX#g\ifcX ^iXe[`]\i\eZ`XiX[`ZX\e\j\\jgi`kl[\Zfejfc`[XZ`e \eki\cfgYc`Zfpcfgi`mX[f%CXZfeÔXeqX\j\cfkif k\dX1j\iZXgXZ\j[\\eki\^Xi#efjfcXd\ek\[`e\if# j`ef ZfefZ`d`\ekf p le gcXe gX[i`ef% Kf[f \jf \jk} Zfeki`Ylp\e[f X hl\ D\[\cce \eki\ \e leX [`e}d`$ ZX hl\ j\ ml\cm\ `dgXiXYc\% <jX Zfejfc`[XZ`e [\ cX ZfeÔXeqX[X`dglcjfXkf[XcX[`e}d`ZX#cfhl\pXj\ gl\[\ ZfejkXkXi \e cfj YXii`fj% M\i hl\ \e \c YXii`f JXekf;fd`e^fJXm`fÆ[fe[\\jk}\cGXihl\9`Yc`fk\ZX <jgXXÆj\gl\[\ZXd`eXiZfekf[XkiXehl`c`[X[XcXj feZ\[\cXefZ_\#Zfejk`klp\leZXdY`f]le[Xd\ekXc hl\\jgif[lZkf#\eki\fkiXjZfjXj#[\cXZ\iZXeX\e$ ki\ \c j\Zkfi gYc`Zf p jl Z`l[X[% <j fkif k`gf [\ `e$ Zclj`e#efjfcXd\ek\jfZ`Xc#j`efkXdY`e\Zfed`ZX# (,/ 9\e\ÔZ`Xi`X[\cgif$ ^iXdX:lckliX<#[\ XgfpfgXiXGPD<J% XjZfdf[\i\Xc`ek\^iXZ`e1cX^\jk`egYc`ZXZfdf leX\jg\Z`\[\Zcljk\i#Xjcfm\fpf%:i\fhl\\c^iXe Y\e\ÔZ`f gXiX efjfkifj Zfdf j\Zkfi gi`mX[f \j \c Zfdgifd`jf[\cfgYc`ZfZfecfgi`mX[fphl\_XpX lejl\fZfde[\Z`l[X[%PfZfej`[\ifhl\cX^iXe kiXej]fidXZ`e[\D\[\cce]l\hl\kf[fjcfjd\[\cc`$ e\ej\j]l`dfjZXgXZ\j[\k\e\ilejl\fZfc\Zk`mf[\ Z`l[X[p[\kiXYXaXigfic% >\iXi[1¶:dfj\fYj\imX\jkXkiXej]fidXZ`e_XZ`X leXZ`l[X[Zfdg\k`k`mX[\j[\cXle`m\ij`[X[#gif]\jfi IlYe;XifGXiiX6 IlYe ;Xif GXiiX1 CX ZfeÔXeqX _X cc\^X[f [\j[\ \c gifg`f[\jXiifccf[\cfgfck`Zff[\cf^lY\ieXd\e$ kXc% ?Xp Xc^lefj Xek\Z\[\ek\j# Zfdf gfi \a\dgcf \c Xl^\[\cXZXc`[X[\ecX[ZX[X[\(00'#Xgifm\Z_X$ [f\e\j\dfd\ekfgfi>`cY\ikf<Z_\m\ii`D\aX#^f$ Y\ieX[fi [\ 8ek`fhl`X# hl\ m\eX [\c j\Zkfi gi`mX[f pZi\X\ecfjgifZ\jfj[\cXZXc`[X[%Gfjk\i`fid\ek\ j\ gfj`Z`fe \c k\dX [\ cfj Zcljk\ij p [\ cX Zfdg\$ k`k`m`[X[ Zfe leX ]iXj\ [\c d`jdf >`cY\ikf <Z_\m\ii` D\aX1È8ek`fhl`X#cXd\afi\jhl`eX[\8di`ZXÉ%D}j X[\cXek\# cXj le`m\ij`[X[\j \dg\qXife X _XYcXi [\ \dgi\e[`d`\ekfp\cj\ZkfigYc`Zf`ekif[laf\ck\dX [\cXj}i\Xjgfk\eZ`Xcd\ek\Zfdg\k`k`mXj[\D\[\cce% <c XcZXc[\ =XaXi[f i\kfd \jkfj k\dXj# \e gXik`ZlcXi \c[\c\dgi\e[`d`\ekf#ZfecX`ek\icfZlZ`ep\cXgfpf (,0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ :RQRYY~[R`RWRZ]YN_R[`b a_NONW\R`a_NazTVP\]N_NR`aVZbYN_ YNV[cR_`V[Rea_N[WR_N [\cXjle`m\ij`[X[\j#gXiX[Xic\jd}j]l\iqXpjfZ`X$ c`qXicfj\ecfj[`]\i\ek\j\jkiXkfj%<c\dgi\e[`d`\ekf j\\dg\qXi\cXZ`feXiZfe\c\dgla\#\c[\jXiifccfp cXkiXej]fidXZ`e]j`ZX[\cXZ`l[X[pdfjkihl\\c ZXdY`f \j gfj`Yc\ \e [`]\i\ek\j ]i\ek\j% ?fp \o`jk\e \dgi\jXjhl\]l\ifeZi\X[Xj_XZ\d}j[\Z`eZfXfj Zfdf]ilkf[\\jXle`e\eki\cfgYc`ZfpcXXZX[\$ d`Xj\^e\cdf[\cf=XaXi[f#hl\kXdY`egifdfm`j\d`cc\ifj[\\dgi\e[`d`\ekf\ele`m\ij`[X[\jp\jZl\cXj# X[\d}j [\ ZfeZlijfj p gcXe\j [\ ÔeXeZ`XZ`e gXiX \dgi\e[\[fi\j% Cfj j\d`cc\ifj# hl\ f]i\Z\e leX ZX$ gXZ`kXZ`e]fidXc#kZe`ZXfk\Zefc^`ZX#jfecXYXj\ gXiX Zi\Xi leX d`Zif\dgi\jX% 8_fiX Y`\e# j` cX ^\e$ k\ef_lY`\iXm`jkf\jXkiXej]fidXZ`ehl\_Xk\e`[f cX Z`l[X[ \e gXik`ZlcXi \e j\Zkfi\j [\ \jkiXkfj d}j YXafjZfdfcXqfeXefifi`\ekXcpXc^lefjYXii`fj[\c fZZ`[\ek\[\D\[\cce Zfe\cD\kifZXYc\#\cD\kif#\c ]lklifD\kifgcj#cfjGXihl\j9`Yc`fk\ZXpcfjel\mfj :fc\^`fj [\ :Xc`[X[# hl\ X[\d}j [\ j\i [\ ZXc`[X[ f]i\Z\e `ejkXcXZ`fe\j X[\ZlX[Xj hl\ `em`kXe X \jkl$ [`Xi#hl`q}jcXZlckliX[\c\dgi\e[`d`\ekfef_lY`\iX \ekiX[f\ee`e^lef[\cfjYXii`fjgfglcXi\j% >\iXi[1 ;\j[\ le glekf [\ m`jkX k\i`Zf p ZfdgXiXk`$ mf#¶Zl}c\jcXgXik`ZlcXi`[X[[\cDf[\cfD\[\cce[\ Zfdg\k`k`m`[X[ p Zdf j\ \jk} gi\gXiXe[f gXiX \c ]lklif6 AlXe:Xicfj8ik\X^X1;\jglj[\kXekfjXfjkiXYXaXe$ [f \e Xjlekfj [\ `eefmXZ`e#[\\jkiXk\^`X#[\Zfd$ g\k`k`m`[X[ p [\ c`[\iXq^f# _\ Xgi\e[`[f leX ZfjX1 cX k\fiX \j ZlXe[f kf[f j\ jXY\ p eX[X ]leZ`feX p cX gi}Zk`ZX \j ZlXe[f kf[f ]leZ`feX p eX[`\ jXY\ gfi hl%=`eXcd\ek\#j\cc\^XXcXZfeZclj`e[\hl\_XYcXi [\c ZfeZ\gkf [\ `eefmXZ`e `dgc`ZX i\[\Ôe`icf Zfej$ kXek\d\ek\%FkiXZfeZclj`ehl\[\dl\jkiX\cDf[\cf D\[\cce\jhl\d`\ekiXjhl\\cj\ZkfigYc`Zf#\cj\Z$ kfigi`mX[fpcXXZX[\d`Xef\jkele`[fjpkiXYXaXe$ [fXclejfef#\jk\gXjef\jm`XYc\%:i\fhl\\ecfj ck`dfj[`\q#hl`eZ\Xfj#j\m\ZcXiXd\ek\Zdfj\ _Xcf^iX[fZfejkil`iZlckliX2Xgi\e[`dfjXc^fhl\j\ ccXdX[`jZ`gc`eXpg\[X^f^X%:fdfXZXYX[\[\Z`i\c [fZkfi GXiiX# cf^iXdfj Zfejkil`i ZfeÔXeqX \e kf[fj cfje`m\c\jp\dg\qXdfjX\ek\e[\ihl\\cZXg`kXc[\ ZfeÔXeqX \j leX [\ cXj ZfjXj d}j `dgfikXek\j hl\ :fem\ijXkfi`f1:fdg\k`k`m`[X[pZlckliX[\\dgi\e[`d`\ekf \o`jk\e#d}jhl\cfjd`jdfji\Zlijfjp\cd`jdf[`$ e\if%CXgi\^lekX\j_XjkXhlglekf\jkXjldXkfi`X \eki\`eefmXZ`epZlckliXefj\jk}[Xe[fm\i[X[\iX$ d\ek\ cX Zfdg\k`k`m`[X[% :i\f hl\ \j X_ [fe[\ efj k\e\dfjhl\ZfeZ\ekiXi[\Xhl\eX[\cXek\2leX[\ cXj hl\aXj d}j j\i`Xj hl\ j\ k`\e\e Zfe \c k\dX [\c \dgi\e[`d`\ekf\jhl\j\`em`\ik\edlZ_fji\Zlijfj \egi\gXiXiXcX^\ek\gXiXhl\\dgi\e[X#g\ifefj\ ^\e\iXecfj\jgXZ`fj[\gXik`Z`gXZ`ejlÔZ`\ek\jgXiX hl\cc\m\e\j\\dgi\e[`d`\ekfXj\igif[lZk`mf% >feqXcf1 :lXe[f _XYcXdfj [\ Zfdg\k`k`m`[X[ _XZ`X \c ]lklif#\cgi`d\ifhl\k`\e\hl\j\iZfdg\k`k`mf\j\c <jkX[f% CX X[d`e`jkiXZ`e gYc`ZX# d}j hl\ e`e^leX fkiX\ek`[X[#\jle\hl`gf[\g\ijfeXjp\ck\dX[\jl ]fidXZ`e\jm`kXc[\ZXiXXcXZfdg\k`k`m`[X[%Efgl\$ [\j\ihl\cfj^fY`\iefjefk\e^XeZfdfgi`fi`[X[cX `[fe\`[X[ [\ jl g\ijfeXc \e kid`efj [\ ]fidXZ`e p [\ i\dle\iXZ`e Zfdg\k`k`mX% Kf[f \c dle[f mX X [\Z`i1È<jk\j\fi\jk}cfZf#j`\jfjj\fi\j^XeXe[\$ dXj`X[f¿É%G\ifcf[`^f[\j[\\cglekf[\m`jkX[\cX ZfdgXX1pfd\j`\ekfZfele]leZ`feXi`f[\cXJl$ g\i`ek\e[\eZ`XpgXi\Z\hl\gXiX\c<jkX[f\j\j\fi ef\o`jk\#efk`\e\ZfehlgX^Xic\ki\jXfj[\\jkl$ [`fj\eD`Z_`^Xee`Zdfi\k\e\icfgXiXhl\cj\X\c hl\\dg`\Z\X^\e\iXikXdY`e_\iiXd`\ekXj[\Zfd$ g\k`k`m`[X[%FaXc}gl[`iXdfj[\Z`ihl\leXcZXc[\#le j\Zi\kXi`f [\ gcXe\XZ`e# le m`Z\d`e`jkif \jk}e Y`\e gX^X[fj% 8[\d}j# cX kXi\X [\ gifg`Z`Xi \c [\jXiifccf cfZXcefc\Zfii\jgfe[\e`ZXd\ek\XcXXZX[\d`XpXc \dgi\jXi`X[f#j`efkXdY`eXc>fY`\iefEXZ`feXc% IlYe;Xif1Jl\fZfehl\pX_XpXdfjX[hl`i`[fle^iX$ [fXckf[\ZlckliX[\Zfdg\k`k`m`[X[p[\\dgi\e[`d`\e$ kf%<jfd\gi\fZlgX_XZ`X\c]lklif#Xlehl\\ek`\e[f hl\È\cgXee\Z\j`kXk`\dgfgXiXZfZ\ij\É%8]fikleX[X$ d\ek\#cc\mXdfjpXlej\^le[f^fY`\iefdle`Z`gXcgif$ dfm`\e[fcX:lckliX<#gfihl\cfd}jZfde\eel\jkif gXj \j hl\ cf hl\ _XZ\ le ^fY`\ief j\X XelcX[f gfi \cj`^l`\ek\%8_fiX#d\gi\^lekf1¶j\i}hl\efjfkifjj k\e\dfjkXeXiiX`^X[f\j\ZfeZ\gkf[\Zfek`el`[X[6 AlXe :Xicfj1 8ek\j _lYf leX gif]le[X [\jXik`ZlcXZ`e \eki\ kf[fj cfj XZkfi\j hl\ `ek\im\eXe \e \jk\ al\$ (-' ^f p ZX[X lef al^XYX gfi jl cX[f# _XjkXhl\gfiÔe efjj\ekXdfjXZfeZ\ikXi%8pl[hl\#gfi\a\dgcf#\c 9@;kXdY`e\dg\qX`eefmXi\ejl]fidX[\mXcfiXi pd\[`ipX_XZ\igi\j`fe\jgfid}jZfdg\k`k`m`[X[% ?fp#k\e\dfjleZfc\Zk`mfhl\gfck`ZXpjfZ`Xcd\ek\ gfj\\leX^iXeZXgXZ`[X[[\\ek\e[\icfhl\jfecXj i\jgfejXY`c`[X[\j ZfdgXik`[Xj% :i\f hl\ _\dfj gX$ jX[f [\ cX gfc`k`hl\iX X cX k\ZefZiXZ`X2 p j` \jf efj cf hl`kXiXe dXXeX# \ekfeZ\j dlZ_fj cf efkXiXe p jl]i`iXe%8_fiXY`\e#kXdY`eefjZXY\legfZfd}j [\df[\jk`X%¶;e[\\jk}\cc`jkX[f\e\chl\XgXi\$ Z\dfj[\ekif[\cXjm\`ek\fZ`eZl\ekXZ`l[X[\jd}j `dgfikXek\j[\cdle[f6<e\cZfek\okfdle[`Xc[\cX Zfdg\k`k`m`[X[ef\o`jk`dfj#gfi\jfkXcm\qefj^ljkX ZfdgXiXiefjZfe<ZlX[fif<cJXcmX[fi%EffYjkXek\# kf[XmX k\e\dfj hl\ [Xi le jXckf Zfe d\iZX[\f [\ Z`l[X[\eel\jkiXZXgXZ`[X[[\^\i\eZ`XliYXeX%Ef jcf_Xphl\j\iYl\ef#k\e\dfjhl\jXY\i[\dfjkiXi hl\i\Xcd\ek\cfjfdfjXhl`\e\jm\e^XeXZ}%@ej`jkf \ehl\k\e\dfjhl\mfcm\igif[lZk`mXel\jkiXgi`eZ`$ gXc]fikXc\qX#hl\\j^\i\eZ`XiZfefZ`d`\ekf% >feqXcf1D\[\cce[\Y\g\ejXi\e^iXe[\#pgXiX\jfk`\e\ hl\k\e\ileX\jkiXk\^`XplefYa\k`mf[\Z`l[X[Xc\jk`$ cf[\cÈPfhl`\ifj\icXZXg`kXc[\<lifgXÉ#XcZlXcal\^X 9XiZ\cfeX%PfZi\fhl\j\kiXkX[\cfhl\:Xicfj?%[`Z\1 gcXe\XZ`e\jkiXk^`ZXgliX%<ecXd\[`[X\ehl\efjf$ kifjZfe\Zk\dfjhlhl\i\dfjj\iZfe\j\j\i#mXXj\i d}j]}Z`chl\cX^\ek\Zi\Xhl\\jgfj`Yc\% AlXeDXel\c1PfZi\fhl\ZlXe[flefc\\XD\[\cce\e kid`efj[\Zfdg\k`k`m`[X[#efgl\[\[\jZfefZ\ihl\ [\jglj[\hl`e`\ekfjXfjefjj\^l`dfj\jZfe[`\e$ [f[\el\jkifjZfcfe`qX[fi\j1ZlXekfd}jXckfpd}j Xc`ek\i`fi[\ck\ii`kfi`fgf[Xdfj\jkXi#d\afi%8_fiX k\e\dfjcXjZfe[`Z`fe\jpcXfgfikle`[X[gXiX[\jX$ iifccXicXj[`]\i\ek\jZfe\Zk`m`[X[\jZfe\cdle[f%<c k\dX[\c\dgi\e[`d`\ekfef\jel\mfXhl%;\_\Z_f# D\[\cce p \c MXcc\ [\ 8Ylii} klm`\ife leX gfZX [\ ^iXe \dgi\e[`d`\ekf p gfi \jf \jkX Z`l[X[ j\ Zfe$ (-( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <ogcfiX#GXihl\[\ :`\eZ`XpK\Zefcf^X% :fem\ijXkfi`f1:fdg\k`k`m`[X[pZlckliX[\\dgi\e[`d`\ekf m`ik`\ecXZXg`kXc`e[ljki`Xc[\:fcfdY`Xpk`\e\cXj \dgi\jXj hl\ _fp k`\e\% G\if _lYf le dfd\ekf \e hl\g\i[`dfj\jXjXej`Xjhl\\jk}e\eel\jkifj^\$ e\jp_XjkX\eel\jkiXXeXkfdXgfiZi\Xi\dgi\jXj pZi\XicXjXcf^iXe[\%Pfd\Xki\mfXXÔidXi#pjfp fjX[f\e\jf#hl\cXZlckliX[\ceXiZfki}ÔZfjXZ[\ el\jkifg\ejXd`\ekfp[\el\jkiX\[lZXZ`e\ck\dX [\c\dgi\e[`d`\ekf#gfihl\efjm\e[`cXZlckliX[\c [`e\if]}Z`c% AlXe :Xicfj1 Cfj `e[`ZX[fi\j [\ ^\jk`e [\c \dgi\e[`$ d`\ekfefiX[`ZXejfcXd\ek\\e\ced\if[\\dgi\$ jXjfe\^fZ`fjhl\j\Zi\Xe%D\gXi\Z\leXdXe\iX g\c`^ifjX [\ d`iXi \c Xjlekf# gfihl\ kXdgfZf gf[\$ dfjmfcm\ileXZ`l[X[flegXj\dgi\jXi`f[\cXef$ Z_\XcXdXXeXcc\e}e[fcf[\d`Zif\dgi\jXi`fj%CX ZlckliX[\\dgi\e[`d`\ekfkXdY`ek`\e\hl\m\iZfe cX i\jgfejXY`c`[X[ [\ le \dgc\X[f \e jl gl\jkf [\ kiXYXaf%Cfj\dgi\jXi`fj_XZ\ele\j]l\iqf^iXe[j`$ dfgfi`em\ik`i\ecX]fidXZ`e[\cX^\ek\gXiXhl\ \jkXgl\[XXgfikXiXcXjfi^Xe`qXZ`fe\j%<ekfeZ\jefj \eZfekiXdfjZfehl\\cj\fihl\\jk}ÔeXeZ`X[fgfi JliXd\i`ZXeX gXiX jl gfj^iX[f# g`\ejX hl\ cX e`ZX dXe\iX [\ XmXeqXi \j dfekXi leX ]}Yi`ZX [\ kfikXj ZfecXi\Z\kX[\cXXYl\c`kX%D}jY`\ej\kiXkX[\\j$ k`dlcXi cX `[\X [\ hl\ cX d\ekXc`[X[ \dgi\e[\[fiX `dgc`ZXkXdY`ehl\\c`e[`m`[lfj\X`eefmX[fi\ejl gl\jkf[\kiXYXaf#Xgfik\mXcfiX^i\^X[fp_X^Xd}j Zfdg\k`k`mX jl fi^Xe`qXZ`e# cf hl\ kiX\ Zfej`^f le \]\Zkf1d}j\dgc\f% IlYe;Xif1;\j[\_XZ\ZlXkifXfjj\m\\e\jkXZ`l$ [X[le`eZi\d\ekf[\cXZi\XZ`e[\\dgi\jXj%¶G\if jXY\dfj \e hl \jk}e6 Gl\[\ j\i hl\ \jke \ogfi$ kXe[f f m\e[`\e[f X cfj jlg\id\iZX[fj f ^iXe[\j jlg\iÔZ`\j#fhl`q}jpXef\o`jk\epefefj_\dfj\e$ k\iX[f%K\e^fcX`dgi\j`e[\hl\efk\e\dfje``[\X [\[e[\\jk}efhlgl\[\ee\Z\j`kXi%D\gi\^lekf gfi hl ef k\e\dfj cX ZlckliX [\c j\^l`d`\ekf gXiX kf[f Xhl\ccf hl\ _XZ\dfj# Zfdf j fZlii\ \e fkifj gXj\j%8hl\ekiXcXgcXe\XZ`e\jkiXk^`ZXXdXiZXi cX[`]\i\eZ`X\eki\kiXYXaXigfi\c[XX[Xfk\e\ile efik\Xd}jcXi^fgcXqfgfihl\j`e\jkf\jdlp[`]Z`c j\iZfdg\k`k`mf%JfYi\\jkf#=XaXi[fjXYXdlpY`\ecf (-) hl\hl\iX_XZ\i\ejl^fY`\ief2k\eXZcXifjlGcXe [\;\jXiifccf#fi`\ekX[fXcXZi\XZ`e[\\dgi\jXj%P [\ le dfd\ekf X fkif XgXi\Z`\ife cfj [\jdfm`c`qX$ [fj#\ejldXpfiXg\ijfeXj[\cXjZfdleXjefifi`\e$ kXcpefifZZ`[\ekXc#Xcfhl\\c8cZXc[\i\jgfe[`Zfe XZZ`fe\jli^\ek\jgXiX\c[XX[X#j`e[\aXiXlecX[f jlGcXe[\;\jXiifccf#jl`[\X[\:lckliX<% >feqXcf1:i\fhl\gXik\[\cXkXi\X\jd\[`ipZXc`ÔZXi `e[`ZX[fi\jp\dg\qXiX`e]fidXiXcXZ`l[X[XeXjf$ Yi\\cgifp\Zkf[\Z`l[X[%Gfihl\j`efc\ZfekXdfjX cX ^\ek\# ef j\ `eZfigfiXe e` Xc`d\ekXe \jk\ gifp\Z$ kf [\ Z`l[X[ \e \[lZXZ`e# \e \dgi\e[`d`\ekf f \e Zi\XZ`e[\d`Zif\dgi\jXj%:fej`[\ifhl\gXik\[\c o`kf[\J\i^`f=XaXi[f\ecX8cZXc[X\jhl\X[\d}j Zfdle`ZXYXcfhl\_XZX% >\iXi[1D\gXi\Z\hl\D\[\cce[Xdl\jkiX[\[fjZf$ jXj1leX#hl\cXZfdg\k`k`m`[X[c\Zfii\jgfe[\kXd$ Y`eXc^fY`\iefcfZXcpefjfcXd\ek\XceXZ`feXc2p [fj#hl\_Xpi\jgfejXY`c`[X[\jgXiX\cj\ZkfigYc`$ Zfpefe`ZXd\ek\gXiX\cgi`mX[f% AlXe DXel\c1 8ek\j# efjfkifj g\ej}YXdfj hl\ cfj ^f$ Y`\iefj Z\ekiXc\j k\eXe hl\ aXcfeXi cXj [`e}d`ZXj jfZ`Xc\j p \Zfed`ZXj [\ cfj gXj\j% ?fp# `eZcljf cX :_`eXpcX@e[`X\jk}e\dg\qXe[fXm\ihl\\cgifZ\jf \j`em\ijf1hl\jfecXj\ZfefdXji\^`feXc\jpcfZXc\j cXjhl\gl\[\ej\iZfdg\k`k`mXjpcXjhl\k`\e\ehl\ aXcfeXi \c [\jXiifccf \Zfed`Zf# jfZ`Xc p ZlckliXc \e cfjgXj\j%<c<jkX[fZ\ekiXcefgl\[\pef[\Y\cc\mXi XZl\[lZkf#XcZXekXi`ccX[f#gfc`ZX#\[lZXZ`e#al\Z\jp [\d}jXZX[Xi`eZe[\cgXj% :Xicfj?%1<jgXkk`Zfg\ejXihl\gXiXZfefZ\igifZ\jfj kXeYl\efjZfdfcfj[\:lckliX<\jkXdfji\Z`Y`\e[f ^\ek\[\kf[XjcXjZ`l[X[\j[\cgXj#g\ifeX[X[\cf hl\_Xj`[f\o`kfjf\e\jkXZ`l[X[j\_XZfem\ijX[f \efkifjdle`Z`g`fj[\cÝi\XD\kifgfc`kXeX%Jfe[`\q dle`Z`g`fjhl\_XcXeZX[XlefgXiXjlcX[f1[`\qfÔ$ Z`eXj [\ _XZ`\e[X# [`\q fÔZ`eXj [\ gcXe\XZ`e# [`\q fÔZ`eXjhl\k`\e\eefidXk`mXjliYXejk`ZXj[`jk`ekXj p hl\ ef j\ Zfdle`ZXe e` Zfdgc\d\ekXe% Ef jfdfj ZXgXZ\j[\[\Z`i1ÈD`i\#\cgifYc\dXhl\ljk\[k\eX (-* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ J\[\ZfigfiXk`mX [\9XeZfcfdY`Xp m`X[lZkfg\XkfeXc [\cX\jkXZ`e[\c D\kif@e[ljki`Xc\j% :fem\ijXkfi`f1:fdg\k`k`m`[X[pZlckliX[\\dgi\e[`d`\ekf (-+ (-, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ pXjZdfi\jfcm\icf2pd`\ekiXjkXekfgfihlefd\ Xpl[XZfed`XjlekfÉ%<jkfgfe\^iXm\jc`d`kXek\jX ZlXchl`\ig\ijg\Zk`mX[\Zfdg\k`k`m`[X[_XZ`XX]l\iX% AlXe:Xicfj1El\jkifjdf[\cfj[\^\jk`ejfeXYjfclkX$ d\ek\fYjfc\kfj%J`ZfdgXiXdfj\ekid`efj^\e\iX$ c\j\cj\ZkfigYc`ZfZfe\cgi`mX[fefj[XdfjZl\ekX [\hl\\cck`dfmXX[\cXek\Xfjclq\edf[\cfj[\ ^\jk`e%<cgifYc\dXef\j[\ZfefZ`d`\ekf#j`efd}j Y`\e[\c`[\iXq^f#hl\j`^l\j`\e[f[\dXj`X[fm\ik`ZXc \e\jk\gXjp[\dXj`X[fXiZX`Zf\e\cj\ZkfigYc`Zf \egXik`ZlcXi%<jf`dgc`ZXi\fi`\ekXi\cZfeZ\gkf[\c`$ [\iXq^f# Xc^f hl\ pX _X _\Z_f cX X[d`e`jkiXZ`e [\ \jkXZ`l[X[ZlXe[f_XdfjkiX[flec`[\iXq^fhl\^\$ e\iXZfeÔXeqXpg\id`k\ZXg`kXc`qXiZfefZ`d`\ekfj% :Xicfj ?%1 <e ZlXekf Xc efik\ ZfdgXik`[f# X_ \jkXdfj kf[fjdlp[\XZl\i[f%:fej`[\ifhl\Zfe=XaXi[fj\ i\Zlg\ileX^iXe_\i\eZ`XXcd`jdfk`\dgfhl\j\ ^lXi[ cX \jg\iXeqX# \j [\Z`i# [\jglj [\ kf[X \jX _`jkfi`X[iXd}k`ZXp[fcfifjXhl\efj[\a\ceXiZf$ ki}ÔZfÆhl\\jleXm\qd}j\ck\dX[\c\^fjdfÆ#Zfe$ j\imXdfj\jk\j\ek`d`\ekf[\\jg\iXeqX#kf[XmXj`e leefik\dlpZcXif[\gXiX[e[\mXdfj#g\ifgficf d\efjZfecXj\^li`[X[[\hl\eleZXd}jhl\ii\dfj mfcm\iXcfd`jdf%D}jXcc}[\cXjZfjXj^iXe[\j#Xd$ Y`Z`fjXj#Y`\e_\Z_Xj#\jk}ZcXifhl\_\dfjj`[fZXgX$ Z\j[\Xgi\e[\ipkiXjZ\e[\ikf[XleX_`jkfi`X% >\iXi[1CX`eefmXZ`epcXZfdg\k`k`m`[X[efgXiXe#\e$ kfeZ\jcXgi\^lekX\j1¶Hlj`^l\6¶:df^XiXek`$ qXijlg\idXe\eZ`X6 AlXe:Xicfj1I\Zfi[\dfjhl\dlZ_Xjm\Z\j\ck\dXgfc$ k`Zf_XZ\hl\_XpX[`jZfek`el`[X[phl\kf[fcfgfj`k`$ mfhl\j\_XZfejkil`[fZfekXekj`df\j]l\iqfgl\[\ [\jkil`ij\XleXm\cfZ`[X[ki\d\e[X%D\gXi\Z\hl\ _Xphl\`ej`jk`i\ecXZfek`el`[X[%?Xphl\^XiXek`qXi \jgXZ`fj gXiX hl\ \c j`^l`\ek\ Zfek`e\ \a\ZlkXe[f \jk\gifp\Zkf[\Z`l[X[pefj\g`\i[X\cc\^X[f%;\Y\ JXcX@ek\iXZk`mX# <ogcfiX$GXihl\[\ :`\eZ`XpK\Zefcf^X% _XY\id\ZXe`jdfj$pjhl\cfj_Xp$#gXiX^XiXek`qXi \jXZfek`el`[X[#gfihl\\ci\jlckX[fef[\g\e[\jfcf [\efjfkifj#j`ef[\kf[fjcfjhl\\e\c]lklifkiXYX$ a\egfi\co`kf[\cX:lckliX<% 8Jà:L<EK8D<;<CCàE :Xifc`eX:\YXccfj#Xik`jkX ^XeX[fiX[\c:feZlijfDla\i\jKXc\e$ kf#]\Yi\if))[\)''0% ¶Hl _X XgfikX[f X kl m`[X _XY\i ^X$ eX[f \jk\ ZfeZlijf6 <c ZfeZlijf d\ Yi`e[X cX gfj`Y`c`[X[ [\ [\jXiifccXi le gifp\Zkf\jZe`Zfpm`eZlcXiXfkiXjXi$ k`jkXj cXYfiXcd\ek\% <e Xik\j \jZe`ZXj m`m`dfjZfek`elXd\ek\jfYi\leXZl\i[XÕfaX%<cgi\d`f d\_Xgl\jkfXg\ejXiZfedXpfii\jgfejXY`c`[X[\e\c Xik\#\ecfjfZ`Xcp\ecf\Zfed`Zf%<ecfg\ijfeXcd\_X _\Z_f Zfe]ifekXid\ Zfed`^f d`jdX p Zfe d` \ekfief p d\ _X _\Z_f j\i d}j ZfejZ`\ek\ p i\Õ\o`mX Zfe d`j [\Z`j`fe\j% /bR[4\OVR_[\ J\Xc1D<;<CCàE#(0/( 8[fc]f9\ieXc @dgi\jfk`gf^i}ÔZfjfYi\gXg\cg\i`[`Zf *,o(''Zd :fc\ZZ`eDlj\f[\8ek`fhl`X :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X <e\if(+[\)''0 :fem\ijXkfi`f =YN[RNPV[:\[Va\_R\ f2cNYbNPV[ 8j`jk\ek\j :8ICFJ?%A8I8D@CCF ;`i\Zkfi;\gXikXd\ekf8[d`e`jkiXk`mf[\ GcXe\XZ`e#8cZXc[X[\D\[\cce)''/$)'(( =<;<I@:FI<JKI<GF >\i\ek\^\e\iXc[\<dgi\jXjGYc`ZXj[\ D\[\cce2;`i\Zkfi;\gXikXd\ekf8[d`e`j$ kiXk`mf[\GcXe\XZ`e#8cZXc[X[\D\[\cce )''+$)''. G@<;8;G8KI@:@8I<JKI<GF :ffi[`eX[fiX[\cGifp\Zkf[\M\\[liX :`l[X[XeXÈD\[\cce:dfMXdfjÉ CL@J?%9<IIàF 8j`jk\ek\[\J\i^`f=XaXi[f 8C<O8E;I8G<CÝ<Q9FK<IF :ffi[`eX[fiX[\cGcXe[\;\jXiifccf Dle`Z`gXc)''/$)'(( C8LI8M@CC8 8j\jfiXGifp\ZkfDf[\cfD\[\cce Df[\iX[fi\j ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\Zkf Df[\cfD\[\cce ;@<>F:FII8C<J ;`i\ZkfiGifp\ZkfDf[\cfD\[\cce2 Xj\jfi[\c8cZXc[\ =N_N VZ]YRZR[aN_ QR ZN[R_N ReVa\`N ]YN[R` QR QR`N__\YY\ ]N_Nb[NPVbQNQQRYaNZN\QR:RQRYY~[fP\[]_\fRPa\`R`a_Naz TVP\`aN[NZOVPV\`\`YNNQZV[V`a_NPV[Zb[VPV]NY_R^bVR_R`YVQN` UR__NZVR[aN`QR]YN[RNPV[b[NTR`aV[\_VR[aNQNNY\`_R`bYaNQ\` fR^bV]\`azP[VP\`OVR[S\_ZNQ\`fQRONWN_\aNPV[2YYVQR_NgT\ QRR`aRaRZNP\__R`]\[QRNY1R]N_aNZR[a\.QZV[V`a_NaVc\QR=YN [RNPV[QRYNPVbQNQ^bRR`NYZV`Z\aVRZ]\YNR[aVQNQR[PN_TNQN QRP\\_QV[N_fUNPR_`RTbVZVR[a\NY=YN[QR1R`N__\YY\2Y=YN[QR 1R`N__\YY\QR:RQRYY~[%±:RQRYY~[R`@\YVQN_VNf0\Z]R aVaVcN²R`]_\ONOYRZR[aRRY]YN[P\[ZNf\_]_RPV`V[fP\[ZNf\_ QRaNYYRQRV[QVPNQ\_R`QRa\Q\`Y\`Zb[VPV]V\`QRY]N~`NQRZs`QR ^bR `b` P\`a\` fN [\ `\[ V[R_PVNYR` P\[ ]\_ RWRZ]Y\ b[ NYgN QR "N[bNY]\_P\[cR[PV[`V[\^bRR`as[»WNQ\`P\[RYP_VaR_V\QR P\`aRN_YN`ZRaN`1ROVQ\N^bRYNZNf\_]_V\_VQNQR[YNV[cR_`V[ fNaR[PV[QRYN`]\Y~aVPN`Zb[VPV]NYR``RS\PNYVgNR[YN`P\Zb[V QNQR`Zs`]\O_R`fcbY[R_NOYR`YN`NQZV[V`a_NPV\[R`QR3NWN_Q\ !$f@NYNgN_%baVYVgN[RY1R`N__\YY\5bZN[\ 6[aRT_NYP\Z\]_V[PV]V\_RPa\_QR`bTR`aV[fZN[RWN[Q\`~[QV PR`]_V[PV]NYR`QR_RSR_R[PVNfZRQVPV['RYÇ[QVPRQR0NYVQNQQR CVQNfRYÇ[QVPRQR1R`N__\YY\5bZN[\9\`]N_aVPV]N[aR`R[R`aR P\[cR_`Na\_V\V[aR_PNZOVN[VQRN``\O_RYNV[`aVabPV\[NYVgNPV[QRY ]_\PR`\QR]YN[RNPV[YN`\»`aVPNPV[R[RYRZ]YR\QRV[QVPNQ\ _R`RYb`\QR\O`R_cNa\_V\``RPa\_VNYR`YNP_RNPV[R[RYV[aR_V\_QR =YN[RNPV[QRb[<O`R_cNa\_V\QR=\Y~aVPN`=OYVPN`RY]_\T_NZN :RQRYY~[0Z\CNZ\`fY\`QR`NS~\`^bR^bRQN[R[az_ZV[\`QR ]YN[RNPV[R`a_NazTVPNNYN_T\]YNg\ M`jkX[\j[\\cGXihl\ 9`Yc`fk\ZXJXeAXm`\i _XZ`XcX<jkXZ`e[\c D\kifpD\kifZXYc\% :fdleX(*% :fem\ijXkfi`f1GcXe\XZ`e#dfe`kfi\fp\mXclXZ`e >\iXi[ DXik`e1 ¶<e hl d\[`[X cX gcXe\XZ`e \jkiXk$ ^`ZX\j]le[Xd\ekXc\e\cDf[\cf[\>\jk`ephl `dgc`ZXgXiXljk\[\jjl\dgc\f6 :Xicfj ?% AXiXd`ccf1 LeX [\ cXj [`ÔZlckX[\j [\ GcXe\X$ Z`e \j cX ZXi^X [\c kiXYXaf [\c [X X [X# hl\ c`d`kX el\jkiXZXgXZ`[X[[\gcXe\XZ`e\jkiXk^`ZX%G\if\j gfj`Yc\[`jk`e^l`iki\j]Xj\j%8cXi^fgcXqf_XplegcXe \jkiXk^`Zf[\efd`eX[fD\[\ccep\cÝi\XD\kifgfc`$ kXeX)'(,hl\j\_Xm\e`[fZldgc`\e[f#g\ifhl\ef [`jgfe\[\lej`jk\dX[\j\^l`d`\ekf%8d\[`XefgcX$ qf\jk}cX\a\ZlZ`e[\cGcXe[\;\jXiifccf)''/$)'(( p[\cGcXe[\Fi[\eXd`\ekfK\ii`kfi`Xc#Zfek\oklXc`qX$ [fj\e\ccXi^fgcXqf%8legcXqfd}j`ed\[`Xkf\jk} cX^\jk`e[\fgfikle`[X[\j[\`ek\im\eZ`fe\j[\Xckf `dgXZkfhl\j\gi\j\ek\e\e\cZfek\okf[\XZk`m`[X$ [\jXd\[`XeffcXi^fgcXqf% Cl`j?%9\iif1:fecXX[d`e`jkiXZ`e[\J\i^`f=XaXi[fp X_fiXZfe8cfejfJfcXqXij\kiXYXaXXgXik`i[\ZXkfi$ Z\gi`eZ`g`fjgXiXcX^\jk`egYc`ZX#lef[\cfjZlXc\j \jgcXe\XigXiXef`dgifm`jXi2d}j[\]fe[f\jk}cf hl\gf[\dfjccXdXi\cj\ek`[fZfde#\c[\j\f[\ef ifYXij\cXgcXkXp[\_XZ\ileXgfck`ZXgXiXcX^\ek\% GXiX\jkfj\i\hl`\i\lej`jk\dX[\gcXe\XZ`ep[\ j\^l`d`\ekf%J\Zi\le\hl`gf[\kiXYXaf\jg\Z`Xc`qX$ [fple^ilgf[\giXZk`ZXek\jgXiX^XiXek`qXicXgXi$ k`Z`gXZ`e[\cfjam\e\j\ecXX[d`e`jkiXZ`egYc`ZX% <e \jk\ \jgi`kl# cX gcXe\XZ`e \jkiXk^`ZX j`^e`ÔZX leX^iXeZXgXZ`[X[fi^Xe`qXk`mX#\cjXY\idlpY`\ecf hl\k\e\dfjhl\_XZ\i[\XZl\i[fZfecXje\Z\j`[X$ [\j[\cXZfdle`[X[gXiXgi`fi`qXiXgXik`i[\X_% 8c\oXe[iXG\c}\q1Pf[`iXhl\\cdf[\cf[\^\jk`e`d$ gc\d\ekX[f \e cfj ck`dfj Xfj \j \jkiXk^`Zf gXiX jfjk\e\i \c gifZ\jf [\ gcXe\XZ`e [\ cX Z`l[X[% LeX [\ cXj ]fikXc\qXj [\ cX X[d`e`jkiXZ`e [\ =XaXi[f )''+$)''. \j _XY\i `ejk`klZ`feXc`qX[f le Df[\cf [\>\jk`eGYc`ZXfi`\ekX[fXi\jlckX[fj[\ekif[\c (.' gifZ\jf[\GcXe\XZ`eDle`Z`gXc%J`ecX`ejkXcXZ`e[\ Xhl\ccXj ZXgXZ`[X[\j kZe`ZXj gXiX _XZ\ic\j j\^l`$ d`\ekf X cfj gifp\Zkfj \jkiXk^`Zfj gfZf j\ _lY`\iX cf^iX[f_XZ\i#j`e`dgfikXicXj`ek\eZ`fe\j%Cfhl\cX X[d`e`jkiXZ`e[\=XaXi[fc\[\aXcXX[d`e`jkiXZ`e [\JXcXqXipXcXZ`l[X[#\jleXd\kf[fcf^XgXiX_X$ Z\ic\j\^l`d`\ekfXcGcXe[\;\jXiifccf[\cXdXe\iX d}j kiXejgXi\ek\# m`^`cXe[f hl\ cX `em\ij`e [\ cfj i\Zlijfjj\Zfem`\ikX\eZXc`[X[[\m`[XgXiXcfj_X$ Y`kXek\j[\cXZ`l[X[%<e\jk\j\ek`[f\j\cdf[\cf[\ ^\jk`e\chl\g\id\X\cgifZ\jf[\gcXe\XZ`e% >\iXi[1G\ifd\`dX^`efhl\\cGcXe[\;\jXiifccfhl\ ZX[XXcZXc[\[\Ôe\XcZfd`\eqf[\jl^\jk`egXiX\c ZlXki`\e`f#j`^l\j`\e[fleX_\iiXd`\ekX]le[Xd\e$ kXcgXiXcXgcXe\XZ`e\jkiXk^`ZX[\cXZ`l[X[% :Xicfj?%1El\jkifGcXe[\;\jXiifccf\j\oZ\c\ek\#pcf [`^fZfefi^lccf#gfi\c\hl`gf\okiXfi[`eXi`fhl\kiX$ YXa\ejl]fidlcXZ`e%<jkfpj\^lif[\hl\j\kiXkX [\c d\afi GcXe [\ ;\jXiifccf Dle`Z`gXc [\ :fcfdY`X# gfi\ci`^fikZe`Zf#gficXjd\kXjhl\j\gifgfe\#gfi \c j\^l`d`\ekf [\ cfj i\jlckX[fj p gfi k\e\i leX m`$ j`e[\Z`l[X[%Gfi\a\dgcf#\cGcXeefjg\id`k\jXY\i cfji\Zlijfjhl\_XpgXiXZX[Xgif^iXdXpgifp\Zkf p Zl}ekf j\ [\jk`eX XelXcd\ek\ X ZX[X lef% <c GcXe \j lef [\ cfj d\afi\j `ejkild\ekfj gXiX Yc`e[Xiefj [\cXgfc`k`hl\iX#Xlehl\`ej`jkf#\egcXe`ÔZXZ`e\j$ kiXk^`ZXXcXi^fgcXqf\jkXdfj\eleXj`klXZ`edlp gi\ZXi`Xkf[XmX% 8c\oXe[iX1CfjGcXe\j[\;\jXiifccf[\=XaXi[fp[\JX$ cXqXi Zl\ekXe Zfe le Zfdgfe\ek\ dlp `dgfikXek\# hl\efk`\e\edlZ_XjfkiXjZ`l[X[\j[\cgXj1\cljf j`jk\d}k`Zf[\d\[`Z`fe\jgi\Z`jXj[\càe[`Z\[\:X$ c`[X[[\M`[XgXiX[\Ôe`i\eZl}c\jZfdleXjpqfeXj [\cXZ`l[X[\je\Z\jXi`f_XZ\ileXdXpfi`em\ij`e# Zfdf_Xj`[f\cZXjf[\cXjZfdleXj(p)#[fe[\k\$ e\dfj\cdf[\cf[\`ek\im\eZ`e`ek\^iXcXkiXmj[\ cfjGifp\Zkfj[\LiYXe`jdf@ek\^iXc$GL@$%G\ifX[\$ d}j\jk}[`j\X[f[\]fidXhl\cX^\ek\[\cZfde gl\[X _XZ\ic\ j\^l`d`\ekf X cXj `e`Z`Xk`mXj [\ ZX[X [\jgXZ_f p \jf [\ Xc^leX ]fidX Yc`e[X \c XZZ`feXi [\cXX[d`e`jkiXZ`ep\dgf[\iXXcXZfdle`[X[gXiX (.( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ D`iX[X_XZ`X \cjli[\cMXcc\ [\8Ylii}% hl\gl\[X\o`^`ic\jXcfj^fY`\iefj]lklifjZfek`elXi \ecXd`jdXce\X[\kiXYXaf%D\[\cce\j[\j[\\cXf )'',dle`Z`g`fg`cfkfgXiXcX`dgc\d\ekXZ`e[\cgif$ ^iXdX[\>\jk`egfiI\jlckX[fj#`e`Z`Xk`mXhl\c`[\iX \c ;\gXikXd\ekf EXZ`feXc [\ GcXe\XZ`e \e \c gXj# ZfeXgfpf[\c9XeZfDle[`Xc%<jkf#\ekid`efjgi}Z$ k`Zfj#`dgc`ZXhl\\e\cGcXe[\;\jXiifccfcX`em\ij`e \jk} c`^X[X X cX fYk\eZ`e [\ i\jlckX[fj kXe^`Yc\j# dfjkiXe[fcfj`dgXZkfjhl\j\\jg\iXfYk\e\i\e\c cXi^fgcXqf#g\ifkXdY`eXXhl\ccfjY`\e\jpj\im`Z`fj hl\j\i}e\eki\^X[fjXcfcXi^f[\ck`\dgfphl\cXj Zfdle`[X[\jÈj`\ek\eÉhl\jfe\ci\Õ\af[\leXX[d`$ e`jkiXZ`ehl\]leZ`feXp\jZ\iZXeX2\a\dgcf[\\jkf cf Zfejk`klp\ cX \eki\^X [\ cfj gXihl\j# cfj :fc\^`fj [\ :Xc`[X[ p cfj jlYj`[`fj# \eki\ fkifj% <jk\ gcXe \j \jkiXk^`ZfgXiXcXZ`l[X[\e\cj\ek`[f[\g\id`k`ic\ d\[`i jl XmXeZ\ Zfe i\jg\Zkf X cXj XZZ`fe\j hl\ c\ ]l\ife\eZfd\e[X[XjXcXX[d`e`jkiXZ`e#\dgc\Xe[f cfj`e[`ZX[fi\j% >\iXi[1¶;e[\\jk}\cgi`eZ`gXc[\jX]f6 :Xicfj?%1GfilecX[f#\ecXgfck`ZX#hl\\e\jk\gXj_X jl]i`[f le gifZ\jf [\ [`jkfij`e% I\jlckX dlp [`]Z`c Zi\\i\ecfj^ilgfjgfck`Zfj2cfhl\lef_XZ\\jZi\\i \ecfjj\i\j_ldXefj[\ki}j[\\jfj^ilgfj%<e\jk\ j\ek`[f# Zfej`[\if hl\ cX gfck`ZX \j \e ^iXe d\[`[X leX `ek\eZ`e \e cX [`i\ZZ`e hl\ j\ hl`\i\ [Xi X cX kiXej]fidXZ`e jfZ`Xc# \Zfed`ZX f k\ii`kfi`Xc# d`\e$ kiXjhl\cXkZe`ZXjfecfj`ejkild\ekfjhl\j\lk`c`qXe gXiXZfeZi\kXi\jX`ek\eZ`e%GfifkifcX[f#\e\ck\dX Zik`Zf[\cXXik`ZlcXZ`e#efjfkifjefk\e\dfjXik`Zl$ cXZ`e e` j`hl`\iX d\kifgfc`kXeX p dlZ_j`df d\efj i\^`feXc#pZlXe[fZfeZ\Y`dfjlefjc`e\Xd`\ekfj[\c fi[\eXd`\ekfk\ii`kfi`Xc[\8ek`fhl`X#cf\jkXdfjd`$ iXe[fj`eZfek\okf%CXgXcXYiXZfdgc\d\ekXi`\[X[\j ]le[Xd\ekXc gXiX leX m`j`e \jkiXk^`ZX# g\if j` ef jfdfjZXgXZ\j[\cf^iXicX\e\cZXdgfd\kifgfc`kXef# \ekfeZ\jkXdgfZfgf[\dfjfgk`d`qXicfji\Zlijfj% >\iXi[1¶<ehlZfej`jk\cXgcXe\XZ`e[\cgi\jlgl\jkf6 =\[\i`ZfI\jki\gf1D\[\cce#Zfdfkf[XjcXjZ`l[X[\j[\c dle[f#k`\e\dck`gc\je\Z\j`[X[\j%Cfhl\j\YljZX \jjlgc`icXjZfecfji\Zlijfje\Z\jXi`fjgXiXXcZXeqXi \ce`m\cp\ck`gf[\[\jXiifccfjfjk\e`Yc\[\j\X[f%@e$ k\im`\e\e \ekfeZ\j [fj gXjfj% Gi`d\if# cX gi`fi`[X[ hl\c\[XdfjXcX`em\ij`e1¶Zl}ekf#\ehlp[e[\6 <cdf[\cfZc`\ek\c`jkXcf_XZ\[\XZl\i[fZfeXgfpfj \c\ZkfiXc\j#cfhl\i\jlckX#gfi\a\dgcf#\eZfejkilZ$ :fem\ijXkfi`f1GcXe\XZ`e#dfe`kfi\fp\mXclXZ`e Z`fe\j hl\ ef Zldgc\e cfj fYa\k`mfj i\hl\i`[fj% J\$ ^le[f# X[fgkXdfj \c àe[`Z\ [\ ;\jXiifccf ?ldXef gXiXZfdgXiXicfhl\fZlii\\emXi`XjjfZ`\[X[\j[\c dle[fp\eel\jkiXZ`l[X[%CXjZ`]iXjpcfj\jkl[`fj [\^\fii\]\i\eZ`XZ`eefjXpl[XeX\mXclXi\eZl}c\j ZfdleXjj\e\Z\j`kXXld\ekXi\cmXcfi[\càe[`Z\[\ ;\jXiifccf?ldXef#gXiX[Xigi`fi`[X[XcX`em\ij`e \e]leZ`e[\\jk\Y\e\ÔZ`f%<j[\Z`i#\cgi\jlgl\jkf j\ i\gXik\ [\ dXe\iX gifgfiZ`feXc \e ZX[X leX [\ \jkXjqfeXjp[\XZl\i[fZfecXje\Z\j`[X[\ji\Xc\j% GXiXcf^iXi\cfYa\k`mfÔeXc[\`eZi\d\ekXi\c@;?\e kf[X cX Z`l[X[# cf d}j \ÔZXq Zfej`jk\ \e `i ZfeZ\e$ kiXe[fcX`em\ij`e\eXhl\ccXjqfeXj[\d\efi@;?# gXiX^XiXek`qXihl\\ce[`Z\[lejXckfj`^e`ÔZXk`mf% <jkfi\hl`\i\_\iiXd`\ekXjZfdfle`ejkild\ekf[\ d\[`Z`e[\c@;?XZfdgXX[f[\<eZl\jkXj[\:Xc`$ [X[[\M`[XZfecX^\ek\#pledf[\cf[\\jkXYc\Z\i \cgi\jlgl\jkfgfii\jlckX[fj#[\dXe\iXhl\XelXc$ d\ek\ j\ d`[Xe cfj XmXeZ\j [\ cXj d\kXj \jkXYc\Z`$ [Xj\e\cgcXe[\[\jXiifccf% (.) =YN[RNPV[R`P\[\PR_ YN`[RPR`VQNQR`QRYN P\Zb[VQNQfYbRT\ R`aNOYRPR_YN`ZRaN` >\iXi[1¶:dfj\ZfdY`eX\jkXk\Ze`ÔZXZ`e[\c[\YXk\ jfYi\ \c ildYf [\ cX Z`l[X[ Zfe cXj e\^fZ`XZ`fe\j gfck`ZXj\e\c:feZ\afDle`Z`gXc6 =\[\i`Zf1 <jk\ df[\cf [\ ^\jk`e ]XZ`c`kX \c Zfekifc gf$ ck`Zf#hl\X[hl`\i\\cZXi}Zk\i[\Xi^ld\ekf#p[\aX Xki}j \c df[\cf Zc`\ek\c`jkX p Zfiilgk`Yc\ [\c gf[\i# hl\ XdgcX cX Yi\Z_X jfZ`Xc% FYm`Xd\ek\ _XZ\ ]XckX k`\dgfgXiXhl\\jkfj\XleXZlckliX\jkXYc\Z`[X[\ ^\jk`e gYc`ZX% CX ^\jk`e gfi i\jlckX[fj kXdY`e ]XZ`c`kX p _XZ\ d}j fYa\k`mfj cfj [`jk`ekfj k`gfj [\ Zfekifc# kXc\j Zfdf \c ÔjZXc# \a\iZ`[f gfi cX :fekiX$ cfiXdle`Z`gXc2\cgfck`Zf#\a\iZ`[fgfi\c:feZ\af[\ GXihl\JXe Cfi\eqfp:fc\^`f [\:Xc`[X[?Zkfi 8YX[>d\q% :fdleX('% (.* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ D\[\cce2\cX[d`e`jkiXk`mf#YXafZfekifc\j`ek\iefj[\c dle`Z`g`f# p \c Zfekifc jfZ`Xc# \a\iZ`[f gfi m\\[liXj pfkifjd\ZXe`jdfj%;\ekif[\cdXiZfc\^XceXZ`feXc _Xpki\j[`d\ej`fe\j[\cgi\jlgl\jkf1cX`ejk`klZ`feXc# Zfii\jgfe[`\ek\XZX[Xj\Zi\kXiX#gfice\Xj#Zfdgf$ e\ek\j# gif^iXdXj# dXZifgifp\Zkfj p gifp\Zkfj [\c gcXe[\[\jXiifccf% 8c\eki\cXqXij\ZfecX[`d\ej`e`ejk`klZ`feXc#leXj\Zi\$ kXiXgl\[\\a\ZlkXimXi`fjgifp\Zkfj#fgfi\cZfekiXi`f# legifp\Zkfgl\[\j\i\a\ZlkX[fgfimXi`Xjj\Zi\kXiXj# gficfkXekfef_Xpe\Z\jXi`Xd\ek\i\cXZ`fe\j[`i\ZkXj j`efi\ZgifZXjpZfdgXik`[Xj%<jkfj\\eki\cXqXZfecX [`d\ej`e k\ii`kfi`Xc# hl\ g\id`k\ m\i hl gfiZ`e [\c gi\jlgl\jkfj\\jk}`em`ik`\e[fp\ehlk\ii`kfi`f[\cX Z`l[X[%Kf[f\jkfZi\Xj\ek`[f[\g\ik\e\eZ`XpZi\[`Y`$ c`[X[#gl\j_Xple\m`[\ek\i\jg\kfgficfgYc`Zf% >\iXi[1¶<cGi\jlgl\jkfGXik`Z`gXk`mfj\dXe\aXZfe\c d`jdfi`^fi6 =\[\i`Zf1 CXj i\^cXj gXiX cX Xj`^eXZ`e [\c Gi\jlgl\j$ kfGXik`Z`gXk`mf#\j[\Z`i#Xhl\c\e\chl\`ek\im`\e\e cfj Z`l[X[Xefj \e ZX[X ZfdleX# jfe j`d`cXi\j X cXj hl\i`^\e\cgi\jlgl\jkf#jfcfhl\j\_XZ\e\eZfe$ j\afj ZfdleXc\j Zlpfj [\c\^X[fj jfe \c\^`[fj \e XjXdYc\XjYXii`Xc\j2Xjj\Xik`ZlcX\ck\a`[fjfZ`Xc[\ ZfeZ`\eZ`XpZlckliXZ`l[X[XeX%:lXe[fj\`e`Z`\jk\ gifZ\jfcX^\ek\[XYXgi`fi`[X[X^XjkfjZfdfÔ\jkXj# gfi\a\dgcf%Gfi\jkXiXqekiXYXaXdfj[liXek\ki\j Xfj\ecXZfejkilZZ`e[\gcXe\j[\[\jXiifccfcfZXc [fe[\cX^\ek\d`jdXgcXek\XYXcXjfclZ`e[\jlje\$ Z\j`[X[\jpcXjgi`fi`qXYXXcfcXi^f[\[`\qXfj%<j [\Z`i#cX`em\ij`ek`\e\leX^lXkiXqX[XgficXd`jdX Zfdle`[X[#cfhl\Zi\XY`\e\jkXijfZ`Xc% >\iXi[18c\oXe[iX#_XZ\ledfd\ekffYj\imXYXjhl\cfj fkifjdle`Z`g`fjef_XZ\ecXgcXe\XZ`e[\cZlXki`\$ e`f%¶JljfkifjgcXe\j[\[\jXiifccfkXdgfZfk`\e\e `e[`ZX[fi\jkXegi\Z`jfjZfdfcfj[\D\[\cce6 8c\oXe[iX1Cfhl\efjfkifj_\dfjfYj\imX[fXcZfdgX$ iXiefjZfefkifjdle`Z`g`fjXcfcXi^fpXeZ_f[\cgXj \jhl\#\e^\e\iXc#jljgcXe\jk`\e\ed\kXj^cfYXc\j# ZfdfÈ[`jd`el`icXgfYi\qXÉ#fÈXld\ekXi\c`e^i\jfÉ M`jkX[\j[\\cYXii`f :Xjk`ccXjfYi\cX qfeXefifi`\ekXc% [\ cfj _XY`kXek\j2 g\if ef j\ \jg\Z`ÔZX \e Zl}ekf p ZdffXkiXmj[\hld\[`[Xj%GficfkXekf#ZlXe[f cXjd\kXjjfekXe^cfYXc\jkXdgfZfgl\[\i\Xc`qXij\ lej\^l`d`\ekfi`^lifjfe`Xj\^liXij`\c\j]l\iqf\j dlZ_ffgfZf#[\dXe\iXZfdgXiXk`mXZfefkifjg\$ if[fj[\^fY`\ief% G`\[X[GXki`Z`XI\jki\gf1¶:l}ekfj`e[`ZX[fi\jk`\e\\c GcXe[\;\jXiifccfXZklXcd\ek\6 8c\oXe[iX1K\e\dfj/*(`e[`ZX[fi\jXcfjZlXc\jc\j\jkX$ dfjZfejkilp\e[fcXjÔZ_Xjd\kf[fc^`ZXj% >\iXi[1¶Hl\jD\kif`e]fidXZ`e6 8c\oXe[iX1 <j cX jlY[`i\ZZ`e [\c ;\gXikXd\ekf 8[d`$ e`jkiXk`mf [\ GcXe\XZ`e hl\ j\ \eZXi^X [\ ^\e\iXi cXj\jkX[jk`ZXjY}j`ZXj[\cdle`Z`g`fpk`\e\X[\d}j ^iXe[\jkXi\XjZfdfcXXZklXc`qXZ`epdXek\e`d`\e$ kf[\cXYXj\[\[Xkfj[\cJ`jk\dXEXZ`feXc[\J\c\Z$ Z`e[\9\e\ÔZ`Xi`fj[\Gif^iXdXjJfZ`Xc\jÆJ`jYe$# cXXZklXc`qXZ`epdXek\e`d`\ekf[\cX\jkiXk`ÔZXZ`e (.+ I\fi[\eXd`\ekf pXdgc`XZ`e[\cX Xm\e`[XI\^`feXc gXiXc\cXXcif D\[\cce% jfZ`f\Zfed`ZX [\ cXj m`m`\e[Xj [\c dle`Z`g`f p cX i\Xc`qXZ`e[\cX<eZl\jkX[\:Xc`[X[[\M`[X% >\iXi[1J\^eljk\[\j#¶D\[\cce\jcXZ`l[X[hl\k`\e\ \e:fcfdY`X\cd\afij`jk\dX[\`e[`ZX[fi\jgXiXjl GcXe[\;\jXiifccf6 Cl`j1<e\cck`dfXf[\^\jk`e[\=XaXi[ffYklm`dfjmX$ i`Xjd\eZ`fe\jgfi\jk\k\dX#p\c;\gXikXd\ekf8[$ d`e`jkiXk`mf[\GcXe\XZ`e[\cXZ`l[X[]l\`em`kX[fX i\Z`Y`ilei\ZfefZ`d`\ekfgficXdXe\iX\ehl\cc\mXYX jlj`e[`ZX[fi\j#cfhl\efj[`Z\hl\\jkXdfj_XZ`\e[f cXjZfjXjY`\e%EfZfefqZfY`\ecfjZXjfj[\cXjfkiXj Z`l[X[\jZfdfgXiX[\Z`ihl\Xhljfdfjcfjd\afi\j% 8c\oXe[iX1K\e^fcX`dgi\j`e[\hl\ef_XpfkiXZ`l[X[ ^iXe[\ \e :fcfdY`X Zfe le j`jk\dX [\ `e[`ZX[fi\j kXeZfdgc\kfZfdf\chl\k`\e\D\[\cce%8[\d}j#Xc$ ^leXj j\Zi\kXiXj Zfdf <[lZXZ`e# D\[`f 8dY`\ek\ f>fY`\iefcc\mXeXc^ek`\dgfkiXYXaXe[f\ejljcX$ YfiXkfi`fj[\Z`l[X[gXiXfYj\imXicfj]\ed\efj[\ jljj\Zkfi\j% >\iXi[1 ¶Hl gXg\c Zldgc\e cfj mXi`fj fYj\imXkfi`fj j\Zkfi`Xc\jhl\dXe\aXcXX[d`e`jkiXZ`e6 8c\oXe[iX1CXX[d`e`jkiXZ`ek`\e\\e\jk\dfd\ekfj\`j fYj\imXkfi`fj j\Zkfi`Xc\j f k\d}k`Zfj# \eki\ \ccfj \c J`jk\dX[\@e]fidXZ`egXiXcXJ\^li`[X[pcX:fem`$ m\eZ`Xp\cCXYfiXkfi`f[\cX:Xc`[X[[\cX<[lZXZ`e% ?XpfkifjgXiX\cjl\cf#\cd\iZX[f`edfY`c`Xi`f#cXal$ m\ekl[#cXe`\qpcfXdY`\ekXc%Kf[fjXpl[XeX]fikXc\$ Z\i\cXe}c`j`j[\cXj\jkX[jk`ZXjj\Zkfi`Xc\jp\cgifZ\jf [\i\e[`Z`e[\Zl\ekXj%:fe\cFYj\imXkfi`f[\Gfck`$ ZXjGYc`ZXjX[jZi`kfXcgif^iXdXD\kif`e]fidXZ`e[\ GcXe\XZ`ej\gi\k\e[\Xik`ZlcXicfjfYj\imXkfi`fj\o`j$ k\ek\j\eZlXekfXcXjd\kf[fcf^Xj[\kiXYXaf#\cdX$ e\af[\cX`e]fidXZ`epcX^\e\iXZ`e[\ZfefZ`d`\ekf Xci\[\[fi[\cfj^iXe[\jk\dXj[\Z`l[X[% Cl`j1<ei\cXZ`eZfe\cFYj\imXkfi`f[\cXjGfck`ZXjG$ Yc`ZXj hl\i\dfj XeXc`qXi Zl}c\j gfck`ZXj jfe cXj hl\ i\Xcd\ek\ ^\e\iXe cX kiXej]fidXZ`e \e kid`efj [\ j\^li`[X[#[\dfm`c`[X[jfZ`XcfZlckliX%GXiX\cgi\jl$ gl\jkfgfii\jlckX[fji\Xc`qXdfjXfXXfcX\eZl\jkX [\ZXc`[X[[\m`[X%G\ifX_kf[XmXk\e\dfjhl\XmXe$ qXi%;\j[\cfjgcXe\jj\Zkfi`Xc\j\jkXdfjXglekXe[fX leefik\ZfdgXik`[fphl\i\dfjd\[`i\jX\]\Zk`m`[X[ \ecXjgfck`ZXjgYc`ZXj\ekid`efj[\i\jlckX[fj% >\iXi[1¶Hl\jD\[\cce:dfMXdfjpZdf]leZ`feX6 G`\[X[1D\[\cce:dfMXdfj\jleX`e`Z`Xk`mXhl\k`\e\ j`\k\jfZ`fj1Gif8ek`fhl`XleX]le[XZ`e\dgi\jXi`Xc j`e }e`df [\ clZif# cX Le`m\ij`[X[ <8=@K# \c g\i`[`$ Zf cfZXc <c :fcfdY`Xef# cX =le[XZ`e :fifeX# \c g\$ i`[`Zf eXZ`feXc <c K`\dgf# cX :}dXiX [\ :fd\iZ`f [\D\[\ccepcX:}dXiX[\:fd\iZ`f[\9f^fk}2cfj ki\jck`dfjjfe]le[X[fi\j[\9f^fk}:dfMXdfj# \cdf[\cfhl\_X`ejg`iX[fXD\[\cce:dfMXdfj% (., D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ <cgifp\Zkf_XZ\j\^l`d`\ekfp\mXclXZ`e[\cXZXc`$ [X[[\m`[X\ecXZ`l[X[#pgXiX\ccfk`\e\\eZl\ekX \c GcXe [\ ;\jXiifccf Dle`Z`gXc# g\if ef \j j`d`cXi X leXm\\[liXhl\jfcfj\\e]fZX\e_XZ\ij\^l`d`\ekf XcXjd\kXj[\cGcXe%Lk`c`qXdfj`e[`ZX[fi\jkZe`Zfj# fYa\k`mfj p jlYa\k`mfj% 8gifo`dX[Xd\ek\ /' [\ el\jkifj`e[`ZX[fi\jfYa\k`mfjjfejld`e`jkiX[fjgfi cXX[d`e`jkiXZ`edle`Z`gXc%<jkfcfZfdgc\d\ekXdfj ZfeleX[`d\ej`ejlYa\k`mXYXjX[X\ecX\eZl\jkX[\ g\iZ\gZ`eZ`l[X[XeXhl\_XZ\dfjXelXcd\ek\%Cfj gi`eZ`gXc\j fYa\k`mfj [\ D\[\cce :df MXdfj jfe ki\j%Gi`d\if#d\afiXicX^\jk`egYc`ZXd\[`Xek\cX i\e[`Z`egYc`ZX[\Zl\ekXjp\cjld`e`jkifgfigXik\ [\ cX X[d`e`jkiXZ`e [\ `e]fidXZ`e ZfeÔXYc\# g\ik`$ e\ek\pfgfikleX%J\^le[f#Zfeki`Yl`iXhl\cXZ`l[X$ [XeXj\Xd}jgXik`Z`gXk`mX#pZfej`[\iXdfjhl\\jkXi d}j p d\afi `e]fidX[X \j le \c\d\ekf \j\eZ`Xc% <e \jkfhl\i\dfjhl\cfj`e[`ZX[fi\jefj\Xe[\^\jk`e j`ef [\ i\jlckX[fj# hl\ k\e^Xe le `dgXZkf \m`[\ek\ \ecXZXc`[X[[\m`[X%KXdY`eYljZXdfjhl\\jfj`e$ [`ZX[fi\jj\Xej\eZ`ccfjpef\jke dfekX[fj \e le :\ekif[\;\jXiifccf:lckliXc [\DfiXm`X%:fdleX+% 8ihl`k\Zkf1If^\c`fJXcdfeX% )''-$)''/% c\e^lXa\kZe`Zf\`eZfdgi\ej`Yc\#gXiXhl\cX^\ek\ gl\[XjXY\iZdf\jkXdfj\ejXcl[#\e\[lZXZ`ep \ej\^li`[X[#\eki\fkifj%<ck\iZ\ifYa\k`mf\jkiXYX$ aXi\eXc`XeqXZfefkiXj`ejk`klZ`fe\j[\cXZ`l[X[hl\ dXe\a\e \c ZfeZ\gkf [\ ZXc`[X[ [\ m`[X% <e \jk\ Xj$ g\ZkfcXjle`m\ij`[X[\jZldgc\elegXg\c`dgfikXek$ j`df\e\c[\jXiifccf[\ZfeZ\gkfjpgfjkliXj% >\iXi[1¶:l}c\j]XZkfi\j\ok\iefjgfe\e\ei`\j^fcfj i\kfj\jkXYc\Z`[fj\e\cGcXe[\;\jXiifccf6 :Xicfj?%1<cXfgXjX[fi\Z`Y`dfj)'%'''[\jgcXqX[fj# cXd`kX[\eZfe[`Z`fe\j[\gfYi\qX#cfhl\\hl`mXc\X cXgfYcXZ`e[\ledle`Z`g`fZfdf8dX^}%<jfj`^e`Ô$ ZXhl\k\e[iXdfjhl\\jkXiZfejkilp\e[flegl\Ycf XcXf\eD\[\cce%Pfc\jgi\^lekfXkf[fjcfj\og\i$ kfj j` \jX ^\ek\ m`\e\ gfi ]XckX [\ fgfikle`[X[\j f gfik\dXj[\j\^li`[X[%8c^l`\egfiÔed\Zfek\jk [\dXe\iXXZ\ikX[X1ÈEf_Xp[`]\i\eZ`X%CXm`fc\eZ`X \jgfi]XckX[\fgfikle`[X[\jpcX]XckX[\fgfikle`[X$ [\j\jgfiZXljX[\cXm`fc\eZ`XÉ%<ecXd\[`[X\ehl\ efi\jfcmXdfj\jkfjk\dXj[\^iXe\jZXcX#kXcm\qef `dgfik\dlZ_fcfY`\ehl\_X^XdfjcXjZfjXj2cXgcX$ e\XZ`edle`Z`gXceleZXmXXj\iZXgXq[\[\dfjkiXi :fem\ijXkfi`f1GcXe\XZ`e#dfe`kfi\fp\mXclXZ`e cf\ÔZ`\ek\hl\\j#gi\Z`jXd\ek\gfihl\j`_XZ\dfj cXj(,%'''m`m`\e[XjZfecXjZlXc\j\jkXdfjZfdgif$ d\k`[fj\e\cGcXe[\;\jXiifccfÆphl\\jleed\if \okiXfi[`eXi`f \e kid`efj ZfdgXiXk`mfj [\c gXjÆ# ]i\ek\ X le [ÔZ`k XelXc X[`Z`feXc [\ )'%''' g\ijf$ eXjhl\d`^iXe[\cZXdgfXD\[\cce#¶hlgf[\dfj _XZ\i6 >\iXi[1¶:l}ekX^\ek\ZXY\\eD\[\cce6 =\[\i`Zf1Gi`d\if#\eD\[\cceefj\i}edfm`[fjcfjcd`$ k\jliYXefj#Zfdfj\_X_\Z_fZfedlZ_X]i\Zl\eZ`X \e\cgXjX[f%8j#\ced\ifd}o`df\j[\ki\jd`ccf$ e\j[\g\ijfeXj#]i\ek\Xcfj)#*d`ccfe\jhl\k\e\dfj \e\jk\dfd\ekf%8_fiXY`\e#leXjqfeXj[\cXZ`l[X[ j gl\[\e Zi\Z\i2 X[\d}j# j\ `eZi\d\ekXi} cX ZXek`$ [X[[\d\kifjZlX[iX[fj[\\jgXZ`fgYc`ZfZfe\cÔe [\ d\afiXi p [`^e`ÔZXi \c _}Y`kXk% Kf[f \jkf X gXik`i [\\jkl[`fj[\[\ej`[X[Zfej`jk\dXj[\`e]fidXZ`e ^\f^i}ÔZX# hl\ X jl m\q `eZ`[\e \e efidXk`mXj hl\ i\jki`e^\e \e Z`\ikfj ZXjfj cX \ogXej`e [\ Xc^leXj ZfejkilZZ`fe\jZfe\cÔe[\[Xic\jjl[\Y`[f\jgXZ`f Xcfjj`jk\dXjdXj`mfj[\kiXejgfik\p[\d}jfYiXj [\cY`\egYc`Zf% >\iXi[1 D\[\cce k`\e\ [\ekif [\ jl ali`j[`ZZ`e leX qfeXiliXci\cXk`mXd\ek\Xdgc`X#ZfeZ`eZfZfii\^`$ d`\ekfj%¶:l}c\jjl]lklif6 :Xicfj?%1¶Gfihlefj\`em\ikX\ecfiliXc6CX\ogc`$ ZXZ`e\jdlpc^`ZX1gfihl\Y\e\ÔZ`XXdlpgfhl`$ kX ^\ek\# p \e Zfej\Zl\eZ`X j`^e`ÔZX dlp gfhl`kfj mfkfj%%% Efjfkifj _\dfj [\Z`[`[f hl\ i\jlckX ]le[X$ d\ekXc gXiX cX jfjk\e`Y`c`[X[ [\c Df[\cf D\[\cce# ^XiXek`qXi\c\hl`c`Yi`f\eki\cfiliXcpcfliYXef%Le Zfii\^`d`\ekf Zfdf JXekX <c\eX# hl\ \j gl\ikX [\ \ekiX[Xp[\jXc`[X[\D\[\cce_XZ`X\cZXdgfphl\ gl\[\gifm\\i[\Xc`d\ekfjXkf[X\c}i\Xd\kifgf$ c`kXeX#[\Y\iXcc\eXij\[\i\Zlijfjpj\ileXZ`l[X[ jXkc`k\pg`cfkf[\[\jXiifccf#ZfeZ\ekifj[\XZfg`fp Zfe]fidXZ`epXj\jfiXg\ik`e\ek\gXiXjlmfZXZ`e% <eki\ cXj d\[`[Xj hl\ _\dfj kfdX[f \jk} cX Zfej$ kilZZ`e[\le[`jki`kfiliXc#[\leXjgfck`ZXjiliXc\j p [\ lefj gcXe\j \jg\Z`Xc\j# ZilqX[fj Zfe leX gcX$ (.- e\XZ`ek\ii`kfi`XcX[\ZlX[X%¶JfdfjgfiÔeZXgXZ\j [\cf^iXileXjZ`l[X[\jjfjk\e`Yc\jpleZXdgfhl\ gifm\Xi`hl\qX6<elegXjZfecXji`hl\qXjhl\k`\e\ :fcfdY`X# Zfe cX [`m\ij`[X[ [\ Zc`dXj# [\ k`\iiXj# jl Y`f[`m\ij`[X[#cXZXc`[X[[\jl^\ek\#ZdfefmXXj\i gfj`Yc\ \eZfekiXi \jfj \c\d\ekfj [`]\i\eZ`X[fi\j p ^XiXek`qXileXgcXe\XZ`e\jkiXk^`ZXXgXik`i[\X_% CXliXM`ccX1¶:dfleXX[d`e`jkiXZ`ecf^iX\ekXeZfi$ kfgcXqfZXdY`XicXjZfjkldYi\j[\leXdXe\iXkXe iX[`ZXcpXmXeqXi\eZi\XileXZlckliX[\cXkiXejgX$ i\eZ`X6 :Xicfj ?%1 Pf g`\ejf hl\ leX [\ cXj ZfjXj Yfe`kXj hl\ d\_XkfZX[fm\i\jcXkiXej]fidXZ`e[\cX^\ek\%<c \a\dgcf d}j Zfekle[\ek\ gXiX d Zfej`jk\ \e Zdf _fp cX ^\ek\ [\c Zfde g`\ejX p g`[\ gXiX cf Zfc\Z$ k`mf%?XZ\Z`eZfXfjpfm\XcX^\ek\g`[`\e[fgXiX `e[`m`[lfj1 ÈD` _`af ef k`\e\ kiXYXaf# d` \jgfjf \jk} [\j\dgc\X[f#jfpdX[i\jfck\iXpe\Z\j`kf¿É%?fp#\c ]XZkfi Zfde \j1 ÈE\Z\j`kXdfj \jkf gXiX \c YXii`fÉ% <dg`\qXXZXdY`XicX]fidX[\ZfeZ\Y`i\c[\jXiifccf# p X_ fYm`Xd\ek\ _X XgfikX[f YXjkXek\ \c k\dX [\c Gi\jlgl\jkfGXik`Z`gXk`mfp\cgcXe[\[\jXiifccfcfZXc# ]fikXc\Z`\e[f\j\ZXg`kXcjfZ`Xchl\g`\ejX\ecfZfc\Z$ k`mf%Cfm\fkXdY`e\e\c:feZ\afDle`Z`gXc%8g\jXi [\hl\dlZ_fjZfeZ\aXc\jm`\e\e[\cXgfck`ZXkiX[`$ Z`feXc#_fp\jk}eXYjfclkXd\ek\Zfdgifd\k`[fjZfe _XZ\icXjZfjXjY`\e_\Z_Xj%Pfgl\[faliXi#_XY`\e$ [fc`[\iX[f\j\gcXe[\[\jXiifccf[fe[\j\gfe\e\e al\^f('#)Y`ccfe\j#hl\ef_lYfleXjfcXi\le`eX gl\ikXZ\iiX[XZfeleZfeZ\aXcfle^ilgfZ\iiX[f[\ ZfeZ\aXc\j[fe[\efj\jklm`\iXe_XZ`\e[fleXjfc`Z`kl[ gXiX Y\e\ÔZ`f gifg`f% <c :feZ\af [\ D\[\cce [\ _fp \j XjfdYifjf# cXj [`jZlj`fe\j jfe [\ Xckj`df e`m\c p Zfejk`klp\ele\a\dgcfgXiX\cgXj%CXkiXej]fidXZ`e kXdY`ej\mXcf^iXe[f\ecfj]leZ`feXi`fj2cfal`Z`fjf [\\jkfj\hl`gfjcfcc\eXXlef[\jXk`j]XZZ`e% Gl\ek\[\CXGXq\eki\cfj YXii`fj8e[XclZXpCX=iXeZ`X% GL@Efifi`\ekXc%:fdleX)% (.. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ V[QVPNQ\_R`QRTR`aV[[\D\[\cce\ji\ZfefZ`[fZfdf\cd}jZfdgc\kf[\cgXj% <cj`jk\dX[\ :fem\ijXkfi`f1GcXe\XZ`e#dfe`kfi\fp\mXclXZ`e >\iXi[1¶<cDf[\cfD\[\ccek`\e\ZXi}Zk\i[\leXX[d`$ e`jkiXZ`ek\ZeZiXkX6 :Xicfj?%1Pf[`iXhl\_XpleXdlpYl\eXZfdY`eXZ`e \eki\lefjkZe`Zfjhl\_\dfjXgi\e[`[fX_XZ\igf$ ck`ZXphl\efj\jkXdfjdfm`\e[fY`\e[\j[\cXkZe`$ ZX\eledle[fgfck`Zf% =\[\i`Zf1G\if\eledle[fgfck`Zf[\cj`^cfOO@#Zfdf [`Z\ =XaXi[f% CX jfclZ`e [\ cfj gifYc\dXj ef \j le Xjlekf[\`[\fcf^Xj`ef[\giX^dXk`jdf%I\jfcm\i\c gifYc\dX [\ m`fc\eZ`X p [\ j\^li`[X[ \e leX i\^`e ef j\ Zfej`[\iX le Xjlekf [\ [\i\Z_X f `qhl`\i[X% CXj\^li`[X[\jle[\i\Z_fZ`l[X[Xefp\c^fY`\ief k`\e\fYc`^XZ`e[\i\jfcm\icfj`e`dgfikXijldf[\cf gfck`Zf% Gfi \jkX iXqe j\ [\Y\ gi`fi`qXi cX jfclZ`e [\cfjgifYc\dXj[\cXjg\ijfeXjjfYi\cXjXk`j]XZZ`e [\cfj`ek\i\j\j[\cfj^ilgfjgfck`Zfj% (./ <c`d`eXZ`e[\ m`m`\e[X[\Xckf i`\j^f\e\c m`\afYXjli\if[\ DfiXm`X% >\iXi[1K\e^fcX]l\ik\`dgi\j`e[\hl\dlZ_X^\ek\ \eD\[\cceefj\[XZl\ekX[\hl\_XpdlZ_j`dXj Z`l[X[\j\e\c\ok\i`fi#\e<lifgXp<jkX[fjLe`[fj gfi \a\dgcf# hl\ ef j\ \jk}e ^\jk`feXe[f [\ leX dXe\iXkXegif]\j`feXcZfdfD\[\cce#hl\_XZ\[fj [ZX[Xj ]l\ j`ee`df [\ ]iXZXjf% ¶:l}c \j \c i\kf [\cXX[d`e`jkiXZ`egXiXZfdle`ZXiXcXZ`l[X[XeX hlj\\jk}_XZ`\e[fpZdfj\\jk}kiXYXaXe[f6 :Xicfj?%1?XZ\gfZf#\ele\m\ekfZfecXLe`m\ij`[X[EX$ Z`feXcplefj]iXeZ\j\j#c\jdfjkiXYXcfj`ejkild\ekfj hl\k`\e\cXgcXe`ÔZXZ`e\e:fcfdY`Xp\eZfeZi\kf \e D\[\cce# p Zfdf k [`Z\j# \ccfj \jkXYXe jfigi\e$ [`[fjp[\ZXehl\ef_XYXhl\em`[`Xic\Xe`e^leX (.0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ Z`l[X[[\=iXeZ`X%Pf\jkfpZfem\eZ`[f[\hl\cXgcX$ e\XZ`e\jk}Zldgc`\e[flegXg\cdlp`dgfikXek\\e D\[\cce%@e]fikleX[Xd\ek\#gfikf[Xj\jkXj[`jkfij`f$ e\jgfck`ZXjXZldlcX[Xj_`jki`ZXd\ek\i\Z`Y`dfjZ`$ ]iXjXYjli[XjZfdfcXj*)%'''m`m`\e[Xj\eqfeXj[\ i`\j^fple[ÔZ`k[\+'%'''m`m`\e[Xj%<ekfeZ\j#`e$ ZcljfZfe\jkXjX[d`e`jkiXZ`fe\jhl\m`\e\e_XZ`\e[f cXjZfjXjY`\e_\Z_Xj#i\jlckX[`]Z`c[\dfjkiXicfY`\e hl\ \jkXdfj ZXd`eXe[f# gfi cfj \efid\j [\jX]fj hl\kf[XmXZfe]ifekXcXZ`l[X[%PZfecX`dgXZ`\eZ`X gifg`X[\cXfg`e`egYc`ZX#j`\dgi\_Xp\ci`\j^f[\ hl\j\ml\cmXXcfjm`\afj\jhl\dXj[\cXgfc`k`hl\iX pZfiilgZ`e%:i\fhl\\j`dgfikXek\effcm`[Xihl\ \jXkiXej]fidXZ`ekf[XmXj\dl\jkiXdlp]i}^`c% 8Jà:L<EK8D<;<CCàEF]\c`XGXq#_XY`kXek\ [\cgifp\Zkfel\mf[\m`m`\e[XgfglcXi \e\cj\ZkfiGXaXi`kf[\cYXii`fCX8lifiX% ¶:df cc\^ ljk\[ X m`m`i XZ}6 Pf m`mX \e \c YXii`f 8e[XclZX# Xc fkif cX[f[\cXZ`l[X[#\eleXZXj`kXdXc`$ kXhl\efj[\ad`dXd}%D`jfYi`eX m`m\XZ}pk`\e\leb`fjhl`kf%D\[\$ ZXÈM\e^XXm`m`iZfed`^fpZfcXY$ i\d\Zfe\cb`fjZfÉpXhl\jkfp% ¶:dfc\_XgXi\Z`[f69`\e%M`m`dfjd`jfYi`eX#cfj[fj e`fj[\\ccXppf%<cXgXikXd\ekf\jXZf^\[fipZdf[f# Xg\eXjgXiXefjfkifj%<e8e[XclZXjk\eXd}jXd`^fj# g\if\jkf\jdlp[\c`Z`fjf#ZfeqfeXjm\i[\jpcXm`jkX\j dlpYfe`kX% :fem\ijXkfi`f 3V[N[gN`fA_N[`]N_R[PVN :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X ;`Z`\dYi\('[\)''/ 8j`jk\ek\j @MÝED8LI@:@FGyI<Q J\Zi\kXi`f[\?XZ`\e[X )''/$)'(( ?FI8:@FMyC<Q;<9<;FLK Gi\j`[\ek\[\LE<2J\Zi\kXi`f [\?XZ`\e[X)''+$)''. D8IC<EPD8Ià8DFEJ8CM<MÝJHL<Q :fekiXcfiXXlo`c`Xi[\8l[`kfiX =`jZXc\ecX:fekiXcfiX>\e\iXc [\cDle`Z`g`f[\D\[\cce Df[\iX[fi ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf [\cGifp\ZkfDf[\cfD\[\cce M`jkX[\j[\GcXqX DXpfi_XZ`X\c :\ekif8[d`e`jkiX$ k`mfCX8cglaXiiX% =N_aRV[aRT_NYQRY:\QRY\:RQRYY~[QR /bR[4\OVR_[\R`TN_N[aVgN_^bRYNV[cR_ `V[ QR _RPb_`\` ]OYVP\` [RPR`N_VN ]N_N Y\ T_N_YN`ZRaN``RPN_NPaR_VPR]\_b[NR»PVR[aR TR`aV[ »`PNY b[N a_N[`]N_R[aR TR`aV[ NQ ZV[V`a_NaVcNfb[NP\[`a_bPPV[QRP\[»N[gN QRYN`PVbQNQN[N`fPVbQNQN[\`R[Y\]OYVP\ CN_V\`UN[`VQ\Y\`ZRPN[V`Z\`]N_NY\T_N_ Y\' NPabNYVgNPV[ f _RcV`V[ QRY PNaN`a_\ V[ Z\OVYVN_V\(QV`R\RVZ]YRZR[aNPV[QRb[N NT_R`VcNR`a_NaRTVN]N_N`N[RN_YNPN_aR_NQRY Zb[VPV]V\(V[PR[aVc\`NY\`P\[a_VObfR[aR`N ]NTN_ `b` VZ]bR`a\` N YN ]_\]VRQNQ f NY P\ ZR_PV\]\_ZRQV\QR]_\PR`\`]RQNTTVP\`( P\Zb[VPNPV[ P\[`aN[aR `\O_R YN` \O_N` f `b`P\`a\`(V[`aNb_NPV[QRb[[bRc\Z\QRY\ QRP\[a_NaNPV[]OYVPN`RT[RYPbNY`RQVPR ^bzPZ\Pbs[Q\fP\[^bVz[R``RP\[a_NaN R[ YN NQZV[V`a_NPV[ Zb[VPV]NY( f RWR_PVPV\` QR_R[QVPV[QRPbR[aN`P\Z\YN3R_VNQRYN A_N[`]N_R[PVN ^bR Qb_N cN_V\` Q~N` f R[ YN PbNY YN NQZV[V`a_NPV[ NO_R Y\` ]_\PR`\` QR P\[a_NaNPV[]N_N]_\]VPVN_ZNf\_R`\]\_ab [VQNQR`fP\[QVPV\[R`QRVTbNYQNQNYN`RZ ]_R`N`QR:RQRYY~[ 2[R`aRP\[cR_`Na\_V\V[aR_PNZOVNZ\`VQRN` P\[ Y\` `RP_RaN_V\` QR 5NPVR[QN QR YN` NQ ZV[V`a_NPV\[R` QR @R_TV\ 3NWN_Q\ f .Y\[`\ @NYNgN_`\O_RYN`UR__NZVR[aN`QRYNTR`aV[ »[N[PVR_N QR :RQRYY~[ f YN VZ]\_aN[PVN QR YN a_N[`]N_R[PVN ]N_N S\ZR[aN_ P_RQVOVYVQNQ fYRTVaVZVQNQQRT\OVR_[\=N_aVPV]NaNZOVz[ b[ _R]_R`R[aN[aR QR YN 0\[a_NY\_~N :b[VPV ]NY R[aVQNQ ^bR aVR[R P\Z\ \OWRaVc\ ]_V[ PV]NY P\NQfbcN_ P\[ RY QR`N__\YY\ `\PVNY QRY Zb[VPV]V\ QR :RQRYY~[ f QR `b` UNOVaN[aR` ZRQVN[aR RY RWR_PVPV\ QRY P\[a_\Y »`PNY P\[ ]N_aVPV]NPV[PVbQNQN[NcVTVYN[Q\P\[RSRP aVcVQNQRYb`\QRY\`_RPb_`\`]OYVP\` :fem\ijXkfi`f1=`eXeqXjpkiXejgXi\eZ`X >\iXi[ DXik`e1 D\[\cce \j ZfefZ`[X ck`dXd\ek\ gfi cX\oZ\c\ek\^\jk`e[\jljÔeXeqXjgYc`ZXj%¶Hl XmXeZ\jj\_Xecf^iX[f[liXek\cXjX[d`e`jkiXZ`fe\j =XaXi[fpJXcXqXi6 @m}e DXli`Z`f Gi\q1 Cf \j\eZ`Xc \jk} \e el\jkif Zfd$ gifd`jfZfecfgYc`Zf[\_XZ\icXjZfjXj[\leX]fi$ dXkiXejgXi\ek\pi\jgfejXYc\#Zfekf[f\ci`^fi[\c ZXjf1gcXe\Xe[f#i\jg\kXe[fcXjc\p\jpcXZfdle`[X[% Lej\Zi\kXi`f[\_XZ`\e[X[\ledle`Z`g`f\e:fcfd$ Y`XZldgc\ZfecXjefidXjpc\p\j\jkXYc\Z`[XjgXiX kf[f \c gXj% Jl cXYfi \j gXi\Z`[X X cX [\ le ZXa\if% Jcfgl\[\dfm\ij\\eZ`\ikfiXe^f[\kXi`]Xj#Zfdf \e\cZXjf[\`e[ljki`XpZfd\iZ`f#hl\mX[\)X('gfi (%'''%:X[XZ`l[X[[\Ôe\\ciXe^fj\^ecXjXZk`m`[X$ [\j\Zfed`ZXjhl\hl`\i\\jk`dlcXi%Gfi\a\dgcf#\e D\[\ccecXjkXi`]XjgXiXcfjZfe]\ZZ`fe`jkXjjfedlp YXa`kXj# pX hl\ \j le j\Zkfi hl\ hl\i\dfj gifk\^\i gfihl\^\e\iXdlZ_f\dgc\fpi\Zlijfj% DXic\epDfejXcm\1G\if\ei\Xc`[X[ljk\[\j_XZ\edl$ Z_Xd}j^\jk`e[\cXhl\_XiXleZXa\if%%% @m}eDXli`Z`f1;\ekif[\cXjgfj`Y`c`[X[\jp_\iiXd`\e$ kXjhl\[XcXc\p#\dg\qXdfjX[\c`e\XicfjgifZ\jfj pcfjifc\j\eZlXekfXci\ZXl[fpcf^iXdfjZXdY`fj `dgfikXek\j \e cfj `dgl\jkfj [\ `e[ljki`X p Zfd\i$ Z`f#gi\[`Xc#[\gcXe\XZ`eliYXeXp[\Zfeki`YlZ`e% J\ kiXkX [\ k\e\i ]leZ`feXi`fj Zfe Yl\efj ZfefZ`$ d`\ekfj kZe`Zfj# g\if kXdY`e [\ g\id`k`ic\j _XZ\i jl^\jk`e#\jkXYc\Z\iZfeÔXeqXp]fidXi\hl`gf%<e cXX[d`e`jkiXZ`edle`Z`gXck\e\dfjg\ijfeXj[\le Zfdgifd`jf#[\leZfefZ`d`\ekf#[\leXZXgXZ`[X[p [\ le i`^fi \okiXfi[`eXi`fj% <ccfj ef m`\e\e e` [\ cX X[d`e`jkiXZ`e [\ 8cfejf JXcXqXi e` [\ cX [\ J\i^`f =XaXi[f# j`ef [\ Xek\j1 _Xp ^\ek\ hl\ cc\mX d}j [\ m\`ek\Xfj\ecXX[d`e`jkiXZ`e#ZfeleZfefZ`d`\ekf dlp]l\ik\pdlp\jg\Z`Xc`qX[f%Cfhl\_XZ\dfj\j i\jg\kXijlfg`e`e#mXcfiXicfjZfdfg\ijfeXj% (/) ?fiXZ`fMc\q[\9\[flk1:lXe[fcc\^XdfjZfe=XaXi[f \e)''+\e]i\ekXdfjleXj`klXZ`eYXjkXek\Zfdgc\$ aX#gl\j\ecXX[d`e`jkiXZ`eXek\i`fiefj\_XYXe_\$ Z_f\j]l\iqfj[\i\ZXl[fpef_XYXj`[fgi`fi`qX[f \c ^Xjkf [\ `em\ij`e jfZ`Xc gfi \c `dgXZkf hl\ \jkf ^\e\iX%Cfgi`d\ifhl\_`Z`dfj]l\^\jk`feXi\cgi\$ jlgl\jkf#fg\iXiZfedf[\cfjd}jfYa\k`mfjd\[`Xek\ XZZ`fe\jd}jZlXek`ÔZXYc\jpleX[`jZlj`ed}jgfc$ k`ZXhl\kZe`ZX%;\X_cXZfejkilZZ`e[\leZiZlcf m`iklfjf[\È<ÔZ`\eZ`X"KiXejgXi\eZ`X4:feÔXeqXÉ# Zfdfcf[`Z\=XaXi[f%8_\jk}cXYXj\hl\_Xg\id`k`[f ^\e\iXi\jk\gifp\ZkfkXeXdY`Z`fjf%DlZ_Xj[\el\j$ kiXjgi`d\iXj[\Z`j`fe\jZXljXifegfcd`ZX\e\c:fe$ Z\af1_XZ\icXXZklXc`qXZ`eZXkXjkiXc#Xc^fhl\\ed}j [\Z`eZfXfjefj\_XYX\]\ZklX[fgfijl`ed\ejf Zfjkf gfck`Zf2 \jkXYc\Z\i Xj d`jdf leX Xl[`kfiX p j\^l`d`\ekf\ÔZ`\ek\j[\c`dgl\jkf[\`e[ljki`XpZf$ d\iZ`f#peffkfi^Xie`e^leX\o\eZ`eki`YlkXi`Xhl\ ef ^\e\iXiX gfj`k`mf `dgXZkf \Zfed`Zf X cX Z`l[X[ Zfdflekf[f2X[\d}j#cXe`ZXhl\j\gifdfm`]l\ m\eZ`[X#\j[\Z`i#hl\jfcfklm`\iXm`^\eZ`X[\jglj[\ _\Z_XcX`em\ij`egfi\cj\Zkfigi`mX[f% >\iXi[1<ogcZXefjlegfZfd}jXZ\iZX[\cZiZlcfm`i$ klfjf% ?fiXZ`f1<em`ikl[[\\jk\ZiZlcf\cZ`l[X[XefgX^Xki`$ Ylkfgfihl\m\cXjfYiXj#Xjef\jkeXc]i\ek\[\jl ZXjX%?fp[X#kf[fjXZ\gkXehl\Yl\eXgXik\[\cfj i\Zlijfjj\`em`\ikXe\ecfjd\efj]Xmfi\Z`[fj#phl\ cXZfcXYfiXZ`egXiX^\e\iXi`^lXc[X[pgif^i\jfj\X [\kf[fj%El\jkiX^\jk`eZXkXjkiXc^Xe\ci\ZfefZ`$ d`\ekf [\c @ejk`klkf 8^ljke :f[Xqq`# j\ i\Z`Y` ZXc`$ ÔZXZ`e Ki`gc\ 8 [\ ;l]] G_\cgj gfi \c dXe\af [\ [\l[X p ^\jk`e ÔeXeZ`\iX# p X[\d}j cX :fekiXcfiX Dle`Z`gXc# gfi gi`d\iX m\q [\j[\ jl ]le[XZ`e# efj \eki\^leÈ[`ZkXd\ec`dg`fÉhl\i\ZfefZXcXm\iX$ Z`[X[ [\ cXj Z`]iXj gi\j\ekX[Xj gfi \cdle`Z`g`fXcX Zfdle`[X[%Kf[fj\jkfjjfei\jlckX[fj[\cZiZlcfm`i$ klfjf#hl\gif[lZ\eZXdY`fj\ecXXZk`kl[[\cX^\ek\ ]i\ek\XcXX[d`e`jkiXZ`e% (/* D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ >\iXi[1¶:dfZfdgXiXcX^\jk`eXZklXcZfe\cgXjX[f6 @m}eDXli`Z`f1:feXc^leX]i\Zl\eZ`X#cXjÔeXeqXjgYc`$ ZXjj\dXe\aXYXeZfdfleXZXaXd\efi[\cfjgfck`$ Zfj%Gfi\a\dgcf#ZlXe[fj\`YXXZfYiXile`dgl\jkf X ]lcXef \jk\ ccXdXYX X le ZfeZ\aXc# hl`\e X jl m\q ^XiXek`qXYX hl\ ef j\ ZfYiXiX% F dXe[XYXe ]leZ`f$ eXi`fjX<dgi\jXjMXi`XjgXiXhl\j\alY`cXiXeXcc#p \ekfeZ\j\cgXj`mfg\ej`feXc[\<dgi\jXjMXi`Xjk\i$ d`eXYXj`\e[fdlp^iXe[\#ZlXe[f\jleX\oZ\c\ek\ \dgi\jXZfeleXZlckliXfi^Xe`qXZ`feXcdlp]l\ik\% >\iXi[1G\ifj`ef\jkfpdXc#D\[\cce_Xk\e`[fXcZXc[\j hl\]l\ifeZXc`ÔZX[fjgfijlj_XY`kXek\j\eki\cfj d\afi\j[\cgXj% ?fiXZ`f18lehl\D\[\cce_XYXj`[f^\jk`feX[X_`jki`$ ZXd\ek\gfi_fdYi\jZXc`ÔZX[fjpXc^lefj\dgi\jX$ i`fj#\ecfjck`dfjXfjcXX[d`e`jkiXZ`ej\gfc`k`q p\cgi\jlgl\jkfpcfjZXi^fjgYc`Zfjj\Zfem`ik`\ife \eleYfke%:c`\ek\c`jdfef\jZfej\^l`ij\leXd`^f gXiXleZXi^f2\jf\je\gfk`jdf%:c`\ek\c`jdf\jZfe$ kiXkXileXg\ijfeXhl\c\\eki\^XXljk\[)'[\jl jXcXi`f%<eXc^leXjfgfikle`[X[\j=XaXi[f\dg\qgfi Xgc`ZXijXeZ`fe\j\a\dgcXi`qXek\j\eZXjfjZfeZi\kfj [\ZfiilgZ`e%Gfigi`d\iXm\qj\ZXgkliXifepZfe$ [\eXifemXi`fj]leZ`feXi`fj[\k\jfi\iXhl\_XYXe jljkiX[fi\Zlijfj[\cdle`Z`g`f%:fe\jk\\a\dgcf#cX ^\ek\cfg\ejXYX[fjm\Z\jXek\j[\_XZ\iXc^f`e[\$ Y`[f%CXj]iXj\j[\=XaXi[fhl\i\\dgcXqXife\cm`\af c\e^lXa\[\cXZfdgfe\e[XpcXZfiilgZ`e\iXe1ÈCf :fem\ijXkfi`f1=`eXeqXjpkiXejgXi\eZ`X hl\[`^f\egYc`Zfcf[`^f\egi`mX[fÉ#fÈ8hl_XZ\$ dfj cXj ZfjXj Y`\e _\Z_Xj# [\ ]i\ek\# d`iXe[f X cfj fafjÉ#pÈEX[Xi\jfcm\dfj\eZlXikfjfjZlifjÉ% >\iXi[1Gfi_XY\igf[`[fXj`jk`iX[\YXk\j[\c:feZ\$ af\e\jkXZ`l[X[#d\gXi\Z\hl\\e\jk\dfd\ekf \jk}fg\iXe[f[\dXe\iXZfejkilZk`mX#Zfe[\YXk\j kZe`Zfjp\a\iZ`Z`fjj\i`fj[\Zfekifcgfck`Zf% ?fiXZ`f1CXC\p[\9XeZX[Xj^XiXek`qXd}jfi[\ep[`j$ Z`gc`eX%J`e\dYXi^f#j`^l\j`\e[fleXi\cXZ`eZfd$ gc\aXg\ifdXe\aXYc\2lefj\ml\cm\Xd`^f[\kf[fj# g\if cc\^X \c [\YXk\# p ef ]XckX \c dfd\ekf \e hl\ [\Y\[\Z`ic\XXc^l`\e1ȶLjk\[ppfjfdfjXd`^fjf efjfdfjXd`^fj6¶<ekfeZ\jmXdfjX[`jZlk`ijfYi\ \cD\kifgcjfefjmXdfjXdfc\jkXi#X`ejlckXi6É%P ZXj`j`\dgi\cXi\jgl\jkX\j1ÈEf#ljk\[k`\e\iXqe# d\\oXckpc\mfpX[Xid`jXi^ld\ekfjÉ% >\iXi[1 ¶;e[\ \eZfekiXife cfj i\Zlijfj gXiX kXekXj fYiXj`dgfikXek\j6 ?fiXZ`f1=XaXi[fXjld`\cZfjkfgfck`Zf[\_XZ\icXXZ$ klXc`qXZ`eZXkXjkiXc%8[\d}jjfc`Z`kXdfjX<dgi\jXj GYc`ZXj[\D\[\cce[\jk`eXi#[\dXe\iX\okiXfi[`eX$ i`X#i\ZlijfjX[`Z`feXc\jgXiX\cgi\jlgl\jkfdle`Z`$ gXc#j`eX]\ZkXicXm`XY`c`[X[[\cX\dgi\jX%<e\cGcXe [\;\jXiifccfhl\[leXZc}ljlcXhl\[\aXXcXX[d`$ e`jkiXZ`ecXgfk\jkX[[\gi\j\ekXigifp\Zkfj\jg\Z`X$ c\j Xc :feZ\af [\ cX Z`l[X[ ZfekiX i\Zlijfj \okiXfi$ [`eXi`fj[\<GD#j`\dgi\pZlXe[f^\e\i\ele^iXe `dgXZkfjfZ`Xcp\m`k\e\e[\l[XiXcdle`Z`g`f%;\YX$ k`dfj\e\c:feZ\afZfeXi^ld\ekfjkZe`Zfjhl\[\$ (/+ dfjkiXYXecXmXc`[\q[\cX`em\ij`e#pÔeXcd\ek\]l\ XgifYX[X%GXiXc\cXd\ek\]fidlcXdfj`e[`ZX[fi\j[\ ^\jk`egXiX\cGcXe[\;\jXiifccfDle`Z`gXcp\dg\$ qXdfj X _XYcXi Zfe \c 9XeZf Dle[`Xc jfYi\ \c k\dX [\gi\jlgl\jkfgfii\jlckX[fj%Kf[f\jkfZfeki`Ylp XZfejfc`[XicXc\^`k`d`[X[[\cX^\jk`ep[\cXcZXc[\1 leXXZk`kl[d\k[`ZXpaljkX#Zf_\i\ek\Zfe\cmXZf \Zfed`Zfhl\_XYX2pleXjfYiXjkXe^`Yc\j#[\[`ZX$ [Xj X cX \[lZXZ`e# gXiX ifdg\i cX [\j`^lXc[X[# ^\$ e\iXiZfem`m\eZ`Xpd`k`^XicXm`fc\eZ`X%<dg\qXdfj Xm\i\ekfeZ\j`eZi\d\ekfj[\cfji\ZXl[fj#hl\[\$ dfjkiXife hl\ cX ZfeÔXeqX \j \c ^iXe XZk`mf \e cXj ÔeXeqXj[\leXZ`l[X[% >\iXi[1¶:l}c\j\cj\Zi\kf[\leX\a\ZlZ`ekXeXckX[\ cXjfYiXj\ekXeZfikfgcXqf6 ?fiXZ`f1J\XcZXeqleXdlpYl\eX[`jZ`gc`eXgi\jlgl\j$ kXc[\ZX[Xlef[\cfjj\Zi\kXi`fj#XcXhl\Zfeki`Ylp cX`ekif[lZZ`e[\Zfekifc\jki`d\jkiXc\j[\\a\ZlZ`e2 cc\^XdfjX\a\ZlZ`fe\j[\0+[liXek\=XaXi[fp[\ 0.\e\cgi`d\iXf[\JXcXqXi% >\iXi[1¶;e[\\jk}ecfji`\j^fj[\ZfiilgZ`e\ecXj ÔeXeqXjgYc`ZXj\eleXZ`l[X[ZfdfD\[\cce6 @m}eDXli`Z`f1<ecXZfekiXkXZ`egYc`ZX\jg\Z`Xcd\ek\# \e cX ]fidX [\ ZfekiXkXi# [\ Zi\Xi Zfe[`Z`fe\j gXiX Y\e\ÔZ`XiXleXg\ijfeXf\dgi\jX[\k\id`eX[Xj% >\iXi[1¶:df[`jd`elp\ife\jkfji`\j^fj[\Zfiilg$ Z`e6 (/, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ DfekXXj[\8ek`fhl`X gXiXi\^lcXi\cki}ÔZf g\XkfeXc\ecXXm\e`[X Fi`\ekXc%)''.% :fem\ijXkfi`f1=`eXeqXjpkiXejgXi\eZ`X @m}eDXli`Z`f18ek\kf[fZfecX]ii\XmfclekX[gfck`ZX [\kiXYXaXij\i`Xd\ek\gficXZ`l[X[Zfe^\ek\_fe\j$ kXpZfekf[fjcfj`ejkild\ekfjhl\\cdXiZfc\^Xc\j$ kXYc\Z\%G\ifX[\d}jZi\Xdfj_\iiXd`\ekXj[\Zfe$ kiXkXZ`egYc`ZXhl\mXed}jXcc}[\\jk\dXiZfc\^Xc# Zfdf\cZfd`k[\ZfekiXkXZ`e#leX\oZ\c\ek\g}^`eX n\Y gXiX cfj ZfekiXkfj# cX =\i`X [\ cX KiXejgXi\eZ`X p le XZl\i[f [\ kiXejgXi\eZ`X p gifY`[X[ XgifYX[f gfi\c:feZ\af[\D\[\cce%<ekf[f\jkf#GcXe\XZ`e j\_XZfem\ik`[f\eleXdXef[\i\Z_XgXiX?XZ`\e[X# gl\j^XiXek`qXhl\_XpXleZfekifcgi\Z`jf[\cX`em\i$ j`ep[\jl\ÔZ`\eZ`X%Ef\jgfieX[Xhl\\cGcXe[\ ;\jXiifccf[\D\[\cce\jkZXkXcf^X[fZfdflef[\ cfjdf[\cfj[\:fcfdY`X%<c[\j\dg\fÔjZXcdle`$ Z`gXcZldgc\kXdY`ecXi\^cXd\ekXZ`e[\c^fY`\ief eXZ`feXc\egcXe\XZ`e#p\jf[X]\[\cX\jkXY`c`[X[ ÔeXeZ`\iX[\cdle`Z`g`f%8Zfd`\eqfj[\)''0\jkX$ dfj _XZ`\e[f \c jXckf [\c j`jk\dX fg\iXk`mf `ek\ief [\cXgcXkX]fidX`e]fid}k`ZX[\cXX[d`e`jkiXZ`edl$ e`Z`gXc#gXiXhl\[XiZfdf\cdle`Z`g`fd}jXmXeqX[f [\:fcfdY`X\egcXkX]fidXk\Zefc^`ZX#`eZclj`m\d}j XmXeqX[fhl\<Zfg\kifc% >\iXi[1¶:dfZfeki`Ylp\cX:fekiXcfiX#Zi\X[XXgXi$ k`i[\cX:fejk`klZ`e[\(00(#\e\cYl\edXe\af[\ cXjÔeXeqXjdle`Z`gXc\j6 DXic\ep1 8ek\j [\ cX :fejk`klZ`e [\ (00( cfj Xl[`kfi\j \a\iZXe leX ]leZ`e [\ Zfekifc gi\m`X p d}j X[d`$ e`jkiXk`mX# p \e dlZ_Xj fZXj`fe\j fYjkXZlc`qXYXe \c kiXYXaf%CX:fejk`klZ`e\jkXYc\Z`cXj]leZ`fe\j[\cX :fekiXcfiXZfdfleZfekifcÔjZXcgfjk\i`fipj\c\Zk`$ mf%<eD\[\ccecXcXYfi[\cX:fekiXcfiX\jZfejkXek\#p XcZfekiXi`f[\dle`Z`g`fjd}jg\hl\fj#[fe[\\jfZX$ j`feXc#k\e\dfjXl[`kfi\jg\idXe\ek\j\eZX[Xj\Zi\$ kXiX%<jkXdfjdlpg\e[`\ek\j[\i\m`jXic\cXjZl\ekXj Xc dle`Z`g`f% Gfi \a\dgcf# \e \jkX :fekiXcfiX 8lo`c`Xi _\dfji\Xc`qX[f\ecXm`^\eZ`X)''/le`e]fid\\jg\$ Z`XcjfYi\cXZfej\imXZ`e[\cX]fidXZ`eZXkXjkiXc#cXj `em\ij`fe\j [\ fYc`^XZ`fe\j liYXejk`ZXj hl\ `eZclp\e cXkXhl`ccX[\cZfejkilZkfip[\d}jd\ZXe`jdfjhl\cX 8cZXc[X[\D\[\cce_X`dgc\d\ekX[fgXiXd\afiXijlj `e^i\jfj\jg\Z`Xcd\ek\cfjgifm\e`\ek\j[\cfj`dgl\j$ kfjgi\[`Xc\`e[ljki`XpZfd\iZ`f% (/- =\_a_N[`]N_R[PVN`RR[aVR[QR YNSz__RNc\Yb[aNQ]\Y~aVPNQRa_N ONWN_P\[TR[aRU\[R`aNfPN]Ng >\iXi[1;\j[\\cglekf[\m`jkX[\cX:fekiXcfiX#¶Zdf \jcX^\jk`eÔeXeZ`\iX[\D\[\cce6 DXic\ep1 Pf Zfej`[\if hl\ \c dle`Z`g`f [\ D\[\cce _X XmXeqX[f dlZ_f \e dXk\i`X [\ kiXejgXi\eZ`X p dX$ e\af[\cfji\ZlijfjÔjZXc\j%Kf[fjcfjgifZ\jfj[\cX X[d`e`jkiXZ`e dle`Z`gXc jfe [\ ZfefZ`d`\ekf [\ cX Zfdle`[X[#gfi\a\dgcfXkiXmj[\cXjXl[`\eZ`Xj[\ i\e[`Z`e[\Zl\ekXj#\ecXjZlXc\jcXX[d`e`jkiXZ`e `e]fidX Zdf _X fYk\e`[f cfj i\Zlijfj p Zdf cfj \jk} Xgc`ZXe[f \e cXj [`]\i\ek\j fYiXj% Fkif Xjg\Zkf dlp `dgfikXek\ \j cX `ek\im\eZ`e XZk`mX [\ cX Z`l$ [X[XeX \e \c Gi\jlgl\jkf GXik`Z`gXk`mf# hl\ ZlYi\ ,[\cgi\jlgl\jkf[\`em\ij`e[\ZX[XXelXc`[X[ gXiX j\i Xgc`ZX[f \e cXj `e`Z`Xk`mXj gfglcXi\j [\ cXj Zfdle`[X[\jfi^Xe`qX[Xj#j\^ecf\jkXYc\Z`[f\ele XZl\i[fdle`Z`gXc[\c:feZ\af%?XpXc^fhl\kXdY`e ^\e\iX dlZ_X Zi\[`Y`c`[X[ \e cX ^\ek\# p \j hl\ \e kf[XjcXj^iXe[\jfYiXj#ZfdfjfecfjGXihl\j9`Yc`f$ k\ZX# \c GXihl\ <ogcfiX f \c AXi[e 9fk}e`Zf# \eki\ fkiXj#j\[`Z\1È8hl\jk}e`em\ik`[fjjlj`dgl\jkfjÉ# ppXef\cXm`jfhl\[\ZX1È<jkXfYiXcXZfejkilp\\c Dle`Z`g`fÉj`e\jg\Z`ÔZXiZfehl\i\Zlijfjj\ÔeXe$ qX%8_fiXcfjd\[\cc`e\ej\jZfefZ\eX[e[\mXeX gXiXi jlj `dgl\jkfj# p cfj gX^Xe gfihl\ jXY\e hl\ j\kiX[lZ`i}e\e\oZ\c\ek\`em\ij`e%<eZlXekfXX[$ d`e`jkiXZ`e`ek\ieX#\cdle`Z`g`f_XXmXeqX[fdlZ_f \e\c`eZi\d\ekf[\jlj`e^i\jfj#\ecX]fidXZfdfj\ \jk}e`em`ik`\e[f#\ecXi\Zlg\iXZ`e[\cXZXik\iXp\e cXXgc`ZXZ`e\hl`kXk`mX[\`dgl\jkfjaljkfj#gXiXhl\ gX^l\e cfj hl\ [\Y\e gX^Xi% ?Xe d\afiX[f dlZ_f cfj `e^i\jfj Zfii`\ek\j [\ c`Yi\ [\jk`eXZ`e# Zfe cfj ZlXc\j\cdle`Z`g`fi\Xc`qXcXdXpfiX[\jl`em\ij`e% D\[\cce k`\e\ _fp dlp Yl\eX ZXgXZ`[X[ gXiX ^\e\$ iXii\Zlijfjgifg`fj\`em\ik`icfj\eÔeXeZ`XijlgcXe \jkiXk^`Zf% (/. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ :fem\ijXkfi`f1=`eXeqXjpkiXejgXi\eZ`X >\iXi[1¶HlgXg\c[\j\dg\Xecfj`e^i\jfj^\e\iX[fj gfi<dgi\jXjGYc`ZXj[\D\[\cce6 DXic\ep1<GD\jleX\ek`[X[[\jZ\ekiXc`qX[Xhl\^\e\iX jljgifg`fj`e^i\jfjgfikXi`]Xj[\j\im`Z`fjgYc`Zfjp kf[fjcfj[\d}jj\im`Z`fjhl\gi\jkX%J\^ecfj\jkX$ klkfjhl\k`\e\\jkXYc\Z`[fj#<GDc\gXjXXcdle`Z`g`f ), [\ cfj \oZ\[\ek\j hl\ ^\e\iX# i\Zlijfj hl\ \e$ kiXe\ekfeZ\jX]fidXigXik\[\cfj`e^i\jfjfi[`eXi`fj [\\jk\ck`df%<jkfj\oZ\[\ek\jcfj`em`\ik\\eÔeXe$ Z`XZ`e[\cGcXe[\;\jXiifccfpk`\e\e[fj[\j`^eXZ`f$ e\j1lefjjfe[\c`Yi\[\jk`eXZ`epfkifji\Z`Y\eleX [\jk`eXZ`e\jg\ZÔZXgfiXZl\i[f[\c:feZ\af% >\iXi[1¶Hli\kfj_Xp_XZ`X\c]lklif6 @m}eDXli`Z`f1:i\fhl\\cdle`Z`g`fk`\e\hl\j\iZX[X m\qd}j\ÔZ`\ek\\e\cdXe\af[\jlji\Zlijfjpjl i\cXZ`e Zfe \c Z`l[X[Xef# [\j[\ cX g\ijg\Zk`mX [\ leXZlckliX[\j\im`Z`fXcXZfdle`[X[%<jkXdfjkiX$ YXaXe[fdlZ_f\eZfdle`ZXZ`egYc`ZXp\ecXjgfj`$ Y`c`[X[\j[\gX^f%?\dfj`ejkXcX[fj\`jD}j:<I:8J \ej\Zkfi\j\jkiXk^`Zfj[\cXZ`l[X[#[fe[\cX^\ek\ gl\[\_XZ\ikf[Xjjlj^\jk`fe\j2cfd`jdf_XZ\e\e cXj:XjXj[\>fY`\iefpcfjel\mfjGXihl\j9`Yc`fk\$ ZX#hl\mXeXk\e\ikf[fjcfjj\im`Z`fjX[d`e`jkiXk`mfj dle`Z`gXc\j%KXdY`ehl\i\dfj\jkXiXcXmXe^lXi[`X [\cXf]\ikXk\Zefc^`ZX\ek\dXjZfdfgX^fgfi@e$ k\ie\k#hl\\eD\[\cce\jgfj`Yc\gXiXZXj`kf[fjcfj j\im`Z`fj%KiXYXaXdfj\e\jkXYc\Z\iledf[\cf\Zfef$ dki`ZfZfejlji\jg\Zk`mXjmXi`XYc\jgXiXZX[Xki`Yl$ kf#ZX[X`e^i\jfpZX[X\^i\jf%K\e\dfjhl\XmXeqXi dlZ_f \e cX X[d`e`jkiXZ`e [\ cfj Y`\e\j `edl\Yc\j p i\]\i\eZ`X[fj [\c dle`Z`g`f# \e \c \jkXYc\Z`d`\ekf p Zldgc`d`\ekf [\ cfj Zfdf[Xkfj p Xii\e[Xd`\ekfj% <cfkifi\kf]le[Xd\ekXc[\\jk\ZlXki`\e`f\j`dgc\$ d\ekXicXmXcfi`qXZ`epZfej\^l`icfji\ZlijfjgXiX\c j`jk\dX`ek\^iXc[\kiXejgfik\D\kifgcj% (// hl`\i Z`l[X[ [\c gXj# p X g\jXi [\ j\i kXe jfcm\ek\# D\[\ccek`\e\leXji\jki`ZZ`fe\jc\^Xc\jgXiX`em\ik`i% CXi\^cX\jhl\cfjdle`Z`g`fjgl\[\edXek\e\ifi\$ [lZ`i jl \e[\l[Xd`\ekf g\if eleZX Xld\ekXicf# Xj hl\D\[\ccecfi\[laf%J\^eel\jkifXe}c`j`j#cXZ`l$ [X[gl\[\ZfeleY`ccefleY`ccepd\[`f[\g\jfj [\ \e[\l[Xd`\ekf# g\if cXj i\jki`ZZ`fe\j eXZ`feXc\j efjfec^`ZXj% >\iXi[1 ¶Hl gfiZ\ekXa\ [\ Z`l[X[\j ^iXe[\j \ `ek\i$ d\[`Xj\e:fcfdY`Xgl\[\ek\e\ij\Zi\kXi`f[\?X$ Z`\e[Xhl\gXj\cXZXc`ÔZXZ`e6 ?fiXZ`f1KXcm\q\efkiXjZ`l[X[\jpdle`Z`g`fjcXZcXj\ gfck`ZX kiX[`Z`feXc ef _X gXjX[f gfi cX i\efmXZ`e hl\ i\Z`Y` \e el\jkiX Z`l[X[ Zfe =XaXi[f% 8hl j _lYf leX ilgkliX# cX d`jdX hl\ e\Z\j`kXe kf[Xj cXj Z`l[X[\jgXiXk\e\ij\Zi\kXi`fj[\?XZ`\e[X`e[\g\e$ [`\ek\jpkZe`Zfj%8hl_Xem\e`[f[\fkiXjZ`l[X[\j Xgi\^lekXi#gfi\a\dgcf#jfYi\Zdf_XZ\iZldgc`iX hl`\e\j[\Y\egX^Xijlj`dgl\jkfj%<cgi`d\igXjf\j ^\e\iXik\Zefcf^XgXiXefgfe\iÈZXiXXZXiXÉXc\d$ gc\X[fgYc`ZfpXcZfeki`Ylp\ek\#pXhl\leZfekXZkf g\ijfeXcgl\[\cc\mXiXZ`iZlejkXeZ`XjZfdgc\aXjhl\ cfjYl\efjj`jk\dXjcf^iXejlg\iXi% >\iXi[1Cfjhl\m`\e\e[\fkiXjZ`l[X[\jX\jkl[`Xi\c Df[\cf\eZlXekfXcX^\jk`eÔeXeZ`\iX#¶hld}j hl`\i\em\i6 @m}e DXli`Z`f1:i\fhl\c\jjfigi\e[\dlZ_f\cdXe\$ af X[d`e`jkiXk`mf hl\ j\ c\ [X X cX _XZ`\e[X gYc`ZX2 D\[\cce i\jlckX le ZXjf dlp `ejg`iX[fi gXiX \ccfj# gfihl\gfi\a\dgcf9f^fk}#gfij\i;`jki`kf<jg\Z`Xc# k`\e\d}jc`Y\ikX[\jpgl\[\\jkXYc\Z\ilefjiXe^fj [\dXpfi\j`dgl\jkfj%Cfhl\i\Xcd\ek\c\j`dgXZkX \jkf[XcXgcXkX]fidXX[d`e`jkiXk`mXhl\k\e\dfj#cX ^\ek\hl\kiXYXaXXZ}pjljZfefZ`d`\ekfj%Gfi\a\d$ gcf#\c\jkXklkfki`YlkXi`f[\D\[\cce\jZfg`X[fZXj` >\iXi[1¶PcXZXgXZ`[X[[\\e[\l[Xd`\ekf[\D\[\cce gXiX\c]lklif6 @m}eDXli`Z`f1CXZXgXZ`[X[[\\e[\l[Xd`\ekfcX\jkX$ dfjkiXYXaXe[fZfe\c^fY`\iefeXZ`feXc%:fdfZlXc$ :\ekif[\;\jX$ iifccf:lckliXc[\ DfiXm`X% :fem\ijXkfi`f1=`eXeqXjpkiXejgXi\eZ`X (0' <jkXX[d`e`jkiXZ`e _XZ\e]Xj`j\e\c [\jXiifccf[\cfjZf$ ii\^`d`\ekfjpcXqfeX iliXc[\D\[\cce% ?fiXZ`f1=XaXi[fj`\dgi\[\ZX1È?X^XdfjgfZXjZfjXj# g\ifhl\j\XeY`\e_\Z_Xj#[\^iXe`dgXZkfjfZ`XcÉ% <e\cZXjf[\?XZ`\e[Xj\kiXkXYX[\Zi\Z\i\e\ci\$ ZXl[f#^XeXi\ecXjZXc`ÔZXZ`fe\j\`iXcd\iZX[f[\ ZXg`kXc\j p hl\ cfj Yfefj [\ D\[\cce ]l\iXe kXe j\$ ^lifjhl\cXkXjX[\`ek\ijcc\^XiXXj\icXd}jYXaX j`\dgi\# kXc Zfdf fZlii\% K\id`eXdfj j`\e[f# Zfe \jkX Ôcfjf]X [`]\i\eZ`X[fiX# cX Z`l[X[ d\afi dXe\$ aX[X ÔjZXcd\ek\ [\ :fcfdY`X1 efj [`\ife È[`ZkXd\e c`dg`fÉ#efjZXc`ÔZXifeZfdf\cgi`d\idle`Z`g`f\e\c dXe\af[\cfji\Zlijfj[\cXeXZ`e\eXZZ`eÔjZXc# efj[`\ifeKi`gc\8p\ejlfZXj`ejXc`dfjXcd\iZX[f XfYk\e\icfjYfefjhl\hl`j`dfjpgX^Xikf[XcX[\l$ [XYXeZXi`X%<jfefcf_XYX_\Z_feX[`\% gfikf[f\cdle[f\e:fcfdY`XpZfejk`klp\le\a\d$ gcfeXZ`feXc[\jglj[\hl\]l\XZklXc`qX[f\e)''*% KXdY`ec\jjfigi\e[\hl\cX^\ek\[\D\[\ccegX^l\ Y`\ejlj`dgl\jkfjpZfe]\\ecXX[d`e`jkiXZ`e%8hl i\ZXl[Xdfj0'[\c`dgl\jkfhl\]XZkliXdfj#pjX$ Y\dfjhl\_XpfkiXjZ`l[X[\j\eki\cXjd}j^iXe[\j [\cgXjhl\Xg\eXji\ZXl[Xe*'% >\iXi[1¶CXkiXejgXi\eZ`Xj\kiX[lZ\\]\Zk`mXd\ek\\e c\^`k`d`[X[pZi\[`Y`c`[X[gXiX\c^fY\ieXek\6 ?fiXZ`f1Cfhl\`dgfikX\jXmXeqXiZfdfX[d`e`jkiXZ`e _XZ`XcXc\^`k`d`[X[gfi_XY\i^\jk`feX[fZfekiXej$ gXi\eZ`X cXj ÔeXeqXj gYc`ZXj \e fYiXj [\ ZXc`[X[ gXiX \c gif^i\jf [\ cX Z`l[X[% @eZcljf# `[\ek`ÔZXdfj gifp\ZkfjZfeZi\kfj[\ekif[\cGcXe[\;\jXiifccf\e cfjhl\cfjZfeZ\aXc\jXgXi\Z\ed\i\Z`[Xd\ek\Zfdf `dglcjfi\j[\cfjd`jdfj#^XiXek`qXe[fm`j`Y`c`[X[gf$ ck`ZXgXiX\ccfjj`e`eZ`[\eZ`X\ecXZfekiXkXZ`ekZe`$ ZXf\Zfed`ZX[\cXfYiX% >\iXi[1<jkf[\aXle`dgXZkfXcXi^fgcXqf#gf[iXdfj [\Z`i% 8Jà:L<EK8D<;<CCàE<[lXi[fDfekfpX#m\e[\[fi Xlkfi`qX[fgficX8cZXc[X[\D\[\cce# Xm\e`[X:XiXYfYf#j\Zkfi:\ekif% ¶:df fYklmf ljk\[ \jk\ d[lcf6 yiXdfj Xii\e[X$ kXi`fj [\ cfj d[lcfj m`\$ afj \e \jk\ d`jdf cl^Xi% :lXe[f\cdle`Z`g`f_`qfcX kiXej]fidXZ`e [\ :XiXYf$ Yf p cf mfcm` g\XkfeXc# Ôi$ dXdfjleGXZkf:`l[X[Xef Zfe cX 8cZXc[X p efj _`qf leX i\lY`ZXZ`e% <jkf efj _Xd\afiX[fcXjm\ekXjpcXjZfe[`Z`fe\j[\kiXYXaf% ¶<e hl Zfej`jkX \c GXZkf :`l[X[Xef6 Efj Zfdgifd\k`$ dfjX_XZ\iYl\eljf[\cd[lcf#XZl`[XicXZXcc\#cfjXiYfc`$ kfj#hl\ef_XpXcX[ife\jpX\jkXiXc[XZfecfjXii`\e[fj% (0( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ :fem\ijXkfi`f =N_aVPV]NPV[=\Y~aVPNf@\PVNY 8j`jk\ek\j CL:I<:@8I8DàI<Q Gi`d\iXDla\i)''+$)''. =<;<I@:F>LK@yII<Q :feZ\aXc[\D\[\cce)''+$)''.p)''/$)'((% Gi\j`[\ek\[\c:feZ\af)''/ ><FM8EEP:<C@J J\Zi\kXi`f[\9`\e\jkXiJfZ`Xc)''+$)''.p)''/$)'(( 8C<A8E;IFI8DàI<Q Gi`d\iafm\eZfeleXc`d`kXZ`em`jlXcd`\dYif[\c:fej\af Dle`Z`gXc[\cXAlm\ekl[Æ:DA$ DliXc[\cZXekXek\ Xi^\ek`ef[\kXe$ ^fj:Xicfj>Xi[\c% 9Xii`fDXei`hl\% =N_aR V[aRT_NY QRY :\QRY\ :RQRYY~[ QR /bR[ 4\OVR_[\ f1R`N__\YY\@\PVNY6[aRT_NYR`_RP\[\PR_ Df[\iX[fi\j ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\ZkfDf[\cfD\[\cce ;@<>F:FII8C<J ;`i\ZkfiGifp\ZkfDf[\cfD\[\cce#Xj\jfi[\c8cZXc[\ :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X ;`Z`\dYi\('[\)''/ QR ZN[R_N Re]Y~PVaN ^bR YN `\PVRQNQ PVcVY aVR[R NPb ZbYNQN b[N `R_VR QR Re]R_VR[PVN` P\[\PVZVR[a\` f cVcR[PVN`^bR`\[Sb[QNZR[aNYR`NYNU\_NQRNO\_QN_ ]_\T_NZN`[\QR`QRb[]b[a\QRcV`aNQRa_N[`NPPV\ [R`\[RT\PVNPV\[R`]\Y~aVPN``V[\QR`QRRY_RP\[\PV ZVR[a\QRYNcNYVQRgYNQVT[VQNQfRY_R`]Ra\^bRa\Q\` N^bRYY\`^bR^bVR_N[N]\_aN_NYNa_N[`S\_ZNPV[QRYN PVbQNQNZR_VaR[.]_\cRPUN[Q\NS\[Q\YN0\[`aVab PV[QR&&¯^bRQR»[RRYPN_sPaR_]N_aVPV]NaVc\f_R ]_R`R[aNaVc\QRYNQRZ\P_NPVNP\Y\ZOVN[N¯YN`NQZV [V`a_NPV\[R`QR@R_TV\3NWN_Q\!$f.Y\[`\ @NYNgN_%`RUN[P\Z]_\ZRaVQ\P\[b[N_R YNPV[P\[`a_bPaVcNfa_N[`]N_R[aRQRS\ZR[a\fP\[ `\YVQNPV[QRY\`QVSR_R[aR`R`]NPV\`QR]N_aVPV]NPV[ PVbQNQN[N]_R`R[aR`R[YNPVbQNQ¯P\Z\`\[RY0\[`R W\:b[VPV]NYQR=YN[RNPV[fRY0\[`RW\:b[VPV]NYQR YN7bcR[abQ¯P\[S\_ZRNY\`]_V[PV]V\`QRP\__R`]\[ `NOVYVQNQ`R[aVQ\QR]R_aR[R[PVNN]_\]VNPV[fYRTVaV ZVQNQ9N]_R`R[PVNQRcRRQb_~N`PVbQNQN[N`R[PNQN \O_NYN»_ZNQR]NPa\`PVbQNQN[\`P\Z\P\Z]_\ZV `\ P\[P_Ra\ QR ]_\PR`\` QR P\[PR_aNPV[ PVbQNQN[N RY:N[bNYQR0\[cVcR[PVN0VbQNQN[NRY=_\T_NZNQR =YN[RNPV[9\PNYf=_R`b]bR`a\=N_aVPV]NaVc\=f== fYNP_RNPV[QRYN@RP_RaN_~NQRYN:bWR_`\[NYTb[\` QR Y\` UVa\` Zs` VZ]\_aN[aR` R[ R`aR PNZ]\ =\_ `b ]N_aR RY 0\[PRW\ QR :RQRYY~[ UN P\[`\YVQNQ\ f ]_\ SR`V\[NYVgNQ\ `b ]N]RY QR P\[a_\Y ]\Y~aVP\ f UN cV`a\ P_RPR_`bYRTVaVZVQNQR[YNPVbQNQ2Y0\[PRW\S\ZR[aN PNQNcRgZs`QRONaR`azP[VP\``\O_RaRZN`R`]RP~»P\` fNYTb[\`QR`b`QRONaR``\[a_N[`ZVaVQ\`]\_RYPN[NY Y\PNY ARYR:RQRYY~[( VTbNYZR[aR YN` a_N[`P_V]PV\[R` QRY\`QRONaR``R]N`N[N»PUN`RYZV`Z\Q~Nfa\QN` YN` `R`V\[R` ¯\_QV[N_VN` f [\ \_QV[N_VN` ]bRQR[ `R_ cV`aN`R[cVc\R[`b]sTV[NdRO2`a\`f\a_\`aRZN` `\[ \OWRa\ QR QRONaR R[ R`aR P\[cR_`Na\_V\ `\O_R YN ]N_aVPV]NPV[]\Y~aVPNf`\PVNYP\Z\RWRa_N[`cR_`NYQRY :\QRY\:RQRYY~[QR/bR[4\OVR_[\ :fem\ijXkfi`f1GXik`Z`gXZ`egfck`ZXpjfZ`Xc >\iXi[ DXik`e1 ¶<e hl d\[`[X cX gXik`Z`gXZ`e \j le \a\]le[Xd\ekXc[\cDf[\cfD\[\cce6 ClZi\Z`X IXdi\q1 CX gXik`Z`gXZ`e Z`l[X[XeX _X j`[f ZcXm\\e\cDf[\cfD\[\cce[\j[\cXj\d`ccXd}jgi`$ d`^\e`X[\\jkXel\mXdXe\iX[\_XZ\igfck`ZX#fj\X# [\j[\cXgi`d\iXZXdgXX\c\ZkfiXc\e(000%GcXek\X$ dfjhl\\iX[`i\ZkXd\ek\Zfe\cZ`l[X[Xef[\Xg`\ Zfe hl`\e cX ZXdgXX _XZX `ek\icfZlZ`e p hl\ ef YXdfjXcc\^XiXcXZfdle`[X[XkiXmj[\cfjc`[\i\j gfck`Zfj kiX[`Z`feXc\j% ;\jglj# gXiX Zfejfc`[Xi leX `ek\icfZlZ`e[`i\ZkX#j\`[\Xifed\ZXe`jdfjZfdf\c Gi\jlgl\jkfGXik`Z`gXk`mfpcfg\[X^^`Zf% =\[\i`Zf >lk`ii\q1 CX \j\eZ`X [\c Df[\cf D\[\cce \j \jkf1hl\cfji\Zlijfjj\`em`\ik\e\e[fe[\j\e\Z\j`$ k\epef\e[fe[\j\fYk\e^Xecfjmfkfj%?XZ\ZlXkif Xfj\iX`dg\ejXYc\cc\^XiXcX8cZXc[XfX\jgXZ`fj [\gXik`Z`gXZ`egfck`ZXj`ek\e\idXhl`eXi`Xjgfck`$ ZXj%G\ifcfjgXik`[fjgfck`ZfjkiX[`Z`feXc\jj\\hl`$ mfZXifeg\ejXe[fhl\ef_XYXmfkf[\fg`e`e%C\j ]Xck[Xic\d}j`dgfikXeZ`XXcXZfdle`[X[%?fpj\ _XeXY`\ikf\jgXZ`fj[\gXik`Z`gXZ`e\ecX8cZXc[X[\ D\[\cce#\e\c:feZ\af[\D\[\cce#\e\cGcXe[\;\$ jXiifccf#\e\cGcXe[\Fi[\eXd`\ekfK\ii`kfi`Xcp\e\c Gi\jlgl\jkfGXik`Z`gXk`mf#[fe[\ - [\ cX `em\ij`e [\cX8cZXc[XcX[\Ôe\cXZfdle`[X[% >\fmXeep :\c`j1 Pf hl`j`\iX lY`ZXid\ le dfd\ekf \e \c D\[\cce [\ cfj Xfj efm\ekX# ZlXe[f _lYf kf[X \jX X^l[`qXZ`e [\c ZfeÕ`Zkf hl\ ^\e\i leX ^iXe `edfm`c`[X[# p ZlXe[f Xg\eXj j\ \jkXYX \jki\eXe[f cX \c\ZZ`e [`i\ZkX [\ XcZXc[\j p ^fY\ieX[fi\j% <e$ kfeZ\j#_XYXZfeZ\aXc\j[\cfjZfejkilZkfi\j#[\cfj Zfd\iZ`Xek\j#[\cfjkiXejgfikX[fi\jp\e^\e\iXcleX ]iX^d\ekXZ`e [\ cX i\gi\j\ekXk`m`[X[% 8hl# cfj gf$ ck`Zfj kiX[`Z`feXc\j\jkXYXe dlp Zdf[fj%CX ^\ek\ [\\jkiXkfXckfj\X`jcXYX[\cXgfck`ZXgfihl\cXZfe$ j`[\iXYX m\i^feqfjX% Gfi fkif cX[f cXj Zfdle`[X[\j (0+ gfglcXi\j#hl\ZfekXYXeZfedlpgfhl`kfdXi^\e[\ gXik`Z`gXZ`e# k\eXe hl\ YljZXi `ek\id\[`Xi`fj# hl\ k\id`eXifegfij\i[\[fjk`gfj1^XdfeXc\j[\YXii`f pXZkfi\jXidX[fj`c\^Xc\j%8_fiXY`\e#j`\dgi\_lYf dfm`d`\ekfj [\ i\j`jk\eZ`X# [\ dla\i\j# [\ j\Zkfi\j jfZ`Xc\j[\jgfc`k`qX[fj#[\[\]\ejfi\j[\[\i\Z_fj_l$ dXefjÆXlehl\ZfedlZ_Xd}j[`ÔZlckX[Æ#[\Zfd`kj YXii`Xc\j#[\alekXj[\Zfd\iZ`Xek\jf[\alekXjm\Z`eX$ c\jgfi]l\iX[\cXjAlekXj[\8ZZ`e:fdleXc%GfZfX gfZf\dg\qXifeXgXik`i[\X_gifZ\jfj[\[\jXiifccf p[\kiXej`Z`e_XZ`Xgifgl\jkXjd}jZf_\i\ek\j%8_ \jk}\c^\id\e[\cfhl\\jcXgifgl\jkX[\Z`l[X[`e$ ZfigfiX[X_fpgfi=XaXi[fpJXcXqXi%:lXe[f\cgifp\Z$ kf[\:fdgifd`jf:`l[X[Xefj\gcXek\XYXgfigi`d\iX m\q \e (000# j\ kiXkXYX gi\Z`jXd\ek\ [\ X^i\^Xi \e leX^iXegcXkX]fidX\jkXj`e`Z`Xk`mXj[\g\ijfeXjhl\ \egXik\j\_XYXei\]l^`X[f\ejlje\^fZ`fjfj\_X$ YX[\[`ZX[fXjlÔeZX#XcXXZX[\d`XfXfkifjXjlekfj# gfihl\\egfck`ZXef_XYXeX[Xhl\_XZ\i% ClZi\Z`X1:Xj`kf[f\j\Zfe^cfd\iX[f[\g\ijfeXjpdf$ m`d`\ekfjjXYXe\`eklXehl\cXmX[\_XZ\igfck`ZX k\eXhl\j\iXkiXmj[\cXgXik`Z`gXZ`eZ`l[X[XeX# gfihl\ cX fkiX mX ÆcX [\ cX gfc`k`hl\iXÆ ef \iX leX fgZ`e% =\[\i`Zf1 CX Zfejfc`[XZ`e [\ el\jkif gifp\Zkf gfck`Zf `dgc`ZX cX Xg\ikliX `ejk`klZ`feXc _XZ`X lefj d\ZX$ e`jdfji\Xc\j[\gXik`Z`gXZ`e\c\ZkfiXcpZ`l[X[XeX ZfecXj_\iiXd`\ekXj[\cGi\jlgl\jkfGXik`Z`gXk`mf#\c :fej\afDle`Z`gXc[\:lckliX#\c:fej\afDle`Z`gXc[\ cX Alm\ekl[# \c :fej\af Dle`Z`gXc [\ GcXe\XZ`e# cfj GXZkfj:`l[X[Xefj#cXji\[\jpfkifjkXekfjd}j% >\iXi[1¶HljfecXji\[\j#Zdffg\iXe#gXiXhlj`i$ m\epZl}ekXj_Xp6 ClZi\Z`X1GXik\[\co`kf[\cDf[\cfD\[\cce\jhl\cfj gif^iXdXj#d}jXcc}[\k\e\ile[`i\Zkfiplegi\jl$ gl\jkf# j\ XZfdgXXe gfi i\[\j [\ Z`l[X[Xefj# [\ dXe\iXhl\cfhl\d}ji\jgXc[XXcXjgfck`ZXjgYc`$ ZXj\jcXd`jdX^\ek\%LeXcZXc[\gl\[\[\ZcXiXileX gfck`ZX gYc`ZX# [\Ôe`icX gfi le XZl\i[f dle`Z`gXc# g\ifj`cX^\ek\ef\jk}X_#\jXgfck`ZXdl\i\%<eki\ (0, D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ I\le`e[\ jfZ`Xc`qXZ`e [\cGL@:\ekif Fi`\ekXc% cXji\[\jhl\j\Zi\XifeXkiXmj[\c[\jgXZ_f[\cX Gi`d\iXDla\i#\jk}e#\eki\fkiXj#cXj[\Dla\i\jGYc`$ ZXjpDla\i\jKXc\ekf#cX[\Gi\m\eZ`e[\<dYXiXqf [\8[fc\jZ\ek\j#cX[\Gi\m\eZ`e[\cX8efi\o`$9lc`$ d`X#cX[\:l`[X[f[\cX@e]XeZ`XpcXI\[[\:`l[X[X$ efj:fekiXcXj8idXj%PZX[XleX[\\ccXji\gi\j\ekX legifZ\jffle\og\i`d\ekfZ`l[X[Xef%JfecXZfd$ Y`eXZ`e [\ cX mfclekX[ Z`l[X[XeX p cfj \c\d\ekfj `ejk`klZ`feXc\jcfjhl\Zfejfc`[Xe\jkfjgif^iXdXjp [`ÔZlckXejl[\jdfek\#gfihl\cX^\ek\pXj\cXj_X Xgifg`X[f% [`X[fgfi\c<jkX[fg\ifhl\m`m\e\e\cc`dYf#Zfdf j` ef \o`jk`\iXe gXiX cfj ^fY\ieXek\j% :i\f hl\ \c o`kf [\ cX gXik`Z`gXZ`e \j aljkXd\ek\ hl\ \jkXdfj ^XiXek`qXe[f\jgXZ`fjgXiXkf[fj%Gfi\a\dgcf#\ecXj \c\ZZ`fe\j[\=XaXi[fpJXcXqXi_XYXdlZ_XgXik`Z`$ gXZ`e\c\ZkfiXc[\^\ek\afm\eppf\jkfpZfem\eZ`[f [\hl\\jkX^\ek\afm\ej\^l`i}mfkXe[f%Fkifi\jlc$ kX[f1 \e [fj g\if[fj [\ \c\ZZ`fe\j# \c :feZ\af [\ D\[\ccej\i\]fid\ed}j[\0,%<cm`\afdf[\cf [\Èm\e^Xhl\pfc\[fp\cgl\jkfpZfekiXkfjpljk\[ d\Xgil\YXgifp\ZkfjÉpXefj\[X%<c:feZ\af[\D\$ [\ccej`\dgi\\jkXYX\eki\cXj`ejk`klZ`fe\jg\fi\mX$ clX[Xj\ecXj\eZl\jkXjgYc`ZXj#g\if\e)''/fYkl$ m`dfj/*[\]XmfiXY`c`[X[\ecX\eZl\jkXD\[\cce :dfMXdfj#c`[\iX[fgficX:}dXiX[\:fd\iZ`f[\ D\[\cce#\eki\fkiXj\ek`[X[\j%<jleZXdY`fiX[`ZXc gXiX\c:feZ\af#pXhl\cfhl\\e\cgXjX[fXc^lefj gfck`ZfjkiX[`Z`feXc\jgi\k\e[Xe\iX^XiXek`qXihl\ \c:feZ\afklm`\iXdlpdXcX]XdXgXiXhl\cX^\ek\ Yl\eXefhl`j`\iXgXik`Z`gXi% >\fmXeep1<ele\eZl\ekifeXZ`feXcjfYi\gi\jlgl\jkfj gXik`Z`gXk`mfjdfjkiXdfjhl\leXjg\Zkf]le[Xd\e$ kXc[\cXgXik`Z`gXZ`e#kXcZfdfcXdXe\aXdfj\eD\$ [\cce#\jcXZ`iZlcXZ`e[\cX`e]fidXZ`epcXZfdle`$ ZXZ`ejfYi\cfhl\\jk}fZlii`\e[f%Gfi\a\dgcf\e \ck\dX[\Xefi\o`$Ylc`d`X#\cdXe\afXgifg`X[f[\cX `e]fidXZ`e i\hl`\i\ ]fidXZ`e# ZXgXZ`kXZ`e p ZXc`$ ÔZXZ`ehl\_\dfjm\e`[fgifg`Z`Xe[fZfeZlijfjp fkiXj_\iiXd`\ekXj%KXdY`eXgi\e[`dfj\e\cZXd`ef hl\\j]le[Xd\ekXc^\e\iXic\XlkfefdXXcX^\ek\#X Ôe[\hl\fYk\e^XcXjlÔZ`\ek\]l\iqXgXiX^XiXek`qXi jlgifg`X[`e}d`ZX%<jkfXjlm\qgifdl\m\\cmfkf[\ fg`e`epd\afiXcXZXc`[X[[\cXgXik`Z`gXZ`egfck`ZX% Kf[XmXj\[Xd}j]}Z`cd\ek\\ecfj\jkiXkfjd\[`f$ XckfjpXckfj#g\if\ecfj\jkiXkfjYXafjpd\[`f$YXafj cXjdla\i\j#cfjam\e\j#cfjX[lckfjpcXjg\ijfeXjdX$ pfi\jpXj\\jk}e[Xe[fZl\ekX[\hl\_Xple\jgXZ`f c\^k`df[\gXik`Z`gXZ`ephl\gl\[\egfe\iXal^Xi jlj`ek\i\j\jXcc% >\iXi[1 ¶Hl _\iiXd`\ekXj kZe`ZXj lk`c`qX \c :feZ\af gXiXZfejfc`[Xijli\gi\j\ekXk`m`[X[6¶Cfj[\YXk\j j\kiXejd`k\e6¶CXmfkXZ`e\jj\Zi\kXfef6 >\iXi[1 ¶J\ \jk} i\jk`klp\e[f cX gXik`Z`gXZ`e gfck`ZX [\cXZ`l[X[XeXXd\[`[Xhl\Zi\Z\cXZfeÔXeqX\e \c^fY`\iefcfZXc6 =\[\i`Zf1?Xple^ilgf[\cXgfYcXZ`e#cfj\jkiXkfjd\$ [`fXckfjpXckfj#hl\eleZX_Xee\Z\j`kX[fj\ijlYj`$ =\[\i`Zf1 Kf[Xj cXj j\j`fe\j# kXekf fi[`eXi`Xj Zfdf \o$ kiXfi[`eXi`Xj# jfe kiXejd`k`[Xj \e [`i\Zkf gfi cX g}$ ^`eXn\Y[\c:feZ\af[\D\[\cce1nnn%ZfeZ\af[\d\$ [\cc`e%^fm%Zf% :lXchl`\i Z`l[X[Xef gl\[\ m\i Zl}c\j ZfeZ\aXc\jXj`jk\e#hl`eÔidXpj\mXÆhl\ZX[Xm\q jfe d\efjÆ# hl`e mfkX# Zdf mfkX p hl [`Z\% 8[\$ :fem\ijXkfi`f1GXik`Z`gXZ`egfck`ZXpjfZ`Xc (0- d}j#cfjd`iZfc\jgfi\cZXeXccfZXcK\c\D\[\ccek\$ e\dfjle]fifXY`\ikfgXiXhl\cX^\ek\ccXd\pgXi$ k`Z`g\%<jkXdfj\eki\^Xe[f\c`e]fid\[\^\jk`e[\c :feZ\af[\)''/\e[`i\ZkfgfiK\c\D\[\cce#jXY`\e[f hl\]fidXcd\ek\\c:feZ\afef\jk}fYc`^X[fXi\e[`i Zl\ekXj%8[\d}j#XgXik`i[\\jk\Xf#gfii\^cXd\ekf `ek\ief p Xgifm\Z_Xe[f cXj gfj`Y`c`[X[\j hl\ Yi`e[X cXC\p[\9XeZX[Xj#\jkXdfj`ejk`klZ`feXc`qXe[f\e\c :feZ\afcXmfkXZ`eefd`eXc\ekf[XjcXjmfkXZ`fe\j%F j\X#efd}jYXcfkX#e`d}jmfkfj\Zi\kf#lej`dgc\ÈjÉ fÈefÉplei\Zfek\f[\lefgfilef%JfeZXdY`fjdlp `dgfikXek\j%Kf[f\jkfc\\jk}Xpl[Xe[fXc:feZ\afX hl`kXij\legfhl`kf[\\eZ`dX\j\cXjki\hl\kiXX% >\iXi[1 ¶Hl gXg\c [\j\dg\Xe [\ekif [\ \jk\ df[\$ cfcXjfi^Xe`qXZ`fe\jZfdle`kXi`Xjd}jkiX[`Z`feXc\j ZfdfcXjAlekXj[\8ZZ`e:fdleXcÆA8:$#pZl}c\j jl]lklif6 >\fmXeep1 ;liXek\ Z`eZl\ekX Xfj [\ gXik`Z`gXZ`e YX$ ii`Xc#cXjAlekXj[\8ZZ`e:fdleXc\jklm`\ifeZffg$ kX[XjgficXgfc`k`hl\iXp\cZc`\ek\c`jdf%<jkf\ogc`ZX gfihl\eki\cfj0'%'''d`\dYifj[\cXj$A8:$\ecX Z`l[X[#-'jfeg\ijfeXjdXpfi\j[\Z`eZl\ekXXfj I\Z`ekf[\c:feZ\af p/'cc\mXd}j[\[fjg\if[fj\ecXAlekX%?`jk$ [\D\[\cce\e\c :\ekif8[d`e`jkiXk`mf i`ZXd\ek\#lec[\iZfdleXck\eXhl\gXik`Z`gXi\e\c CX8cglaXiiX Zc`\ek\c`jdf#pXhl\\iXjle`ZXfgZ`egXiX`e^i\jXi =fkf1>\iXi[DXik`e% XcXgfck`ZX%?fp#cX^\e\iXZ`e[\\jgXZ`fjZfdf\c Gi\jlgl\jkfGXik`Z`gXk`mfcfjc`Y\iX[\k\e\ihl\Ylj$ ZXi le `ek\id\[`Xi`f $hl\ ^\e\iXcd\ek\ \iX le Zfe$ Z\aXc$#gXiXgf[\i^XiXek`qXihl\cc\^l\ZlXchl`\ik`gf[\Y\e\ÔZ`fXjlYXii`ffXjlZlX[iX%:fe\cGi\jlgl\jkf GXik`Z`gXk`mfpfkifjd\ZXe`jdfj#\ccfj\jk}e[`jZlk`\e[f jlj gifp\Zkfj p i\gi\j\ekXe[f lefj `ek\i\j\j c\^k`dfj [\leYXii`ff[\lej\Zkfi% 9N]N_aVPV]NPV[ PVbQNQN[NR`RYNYZN QRY:\QRY\:RQRYY~[ >\iXi[1¶:l}c\jcXj`klXZ`ep\c]lklif[\cXjAlekXj8[d`$ e`jkiX[fiXjCfZXc\j$A8C$\eD\[\ccepXhlgfck`ZX[\ [\jZ\ekiXc`qXZ`e`ek\ieXXjg`iXcXZ`l[X[6 =\[\i`Zf1D\[\ccei\^lccXjAlekXj8[d`e`jkiX[fiXjCfZXc\j \e (00+# g\if ef _X j`[f leX ]idlcX XkiXZk`mX gXiX cX ^\jk`ek\ii`kfi`Xc[\cXZ`l[X[%?XpmXi`fjgifYc\dXj%Gi`$ d\if#\eD\[\ccejfe[\dXj`X[fj\[`c\j#fj\Xj`\k\gfi ZfdleX#gXiXlekfkXc[\(+.\ecXj(-ZfdleXjp,Zfii\$ (0. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ M`jkXXc:\ekif [\j[\\cGXihl\ 9`Yc`fk\ZXCXCX[\iX% :fem\ijXkfi`f1GXik`Z`gXZ`egfck`ZXpjfZ`Xc ^`d`\ekfj%8[\d}j#cfj\[`c\jjfej\im`[fi\jgYc`Zfj pk`\e\ecXjd`jdXj`e_XY`c`[X[\jhl\leZfeZ\aXcfle Zfe^i\j`jkX%<ji`[Zlcf#pXhl\dlpZfekiXi`fXZfe$ Z\aXc\jpZfe^i\j`jkXj#\ccfjkiXYXaXeX[_fefi\d%KXc m\qefjfigi\e[\\ekfeZ\jhl\_XpX\[`c\jÆY`\ehl\ ef kf[fjÆ hl\ k\id`eXe _XZ`\e[f Xi^lZ`Xj gXiX hl\ c\jhl\[\Xc^fX\ccfj%8cd`jdfk`\dgf#\e\c:feZ\$ af#cX]l\iqXgfck`ZXj\d\[XgficXZXek`[X[[\A8C hl\lefZfekifcXYX#g\ifefgfijldXe\iX[\fg\iXi fjli\gi\j\ekXk`m`[X[%J\^le[f#_Xphl\d\afiXicX ZXc`[X[ [\ cXj g\ijfeXj hl\ cc\^Xe Xcc} pX hl\ j`\d$ gi\jl\c\ej\icXjd`jdXj#Xlehl\\jkXm\q_lYfle ZXdY`f[\,'%GXiXZfekiXii\jkXi\jkfjgifYc\dXj# c\j _\dfj XY`\ikf le \jgXZ`f gifg`f [\ekif [\c Gi\$ jlgl\jkfGXik`Z`gXk`mf#g\ifc\j_XZfjkX[f\ek\e[\i cXjel\mXjc^`ZXj%GXiX[a`ZXd\ek\#\ccfj_Xe_\Z_f cX fgfj`Z`e d}j [liX Xc Gi\jlgl\jkf GXik`Z`gXk`mf \e jlj ZfdleXj p Zfii\^`d`\ekfj% 8_fiX Y`\e# _Xp [`]\i\eZ`Xj%Cfj\[`c\j[\<cGfYcX[ff[\CXli\c\jÆf j\X#[\YXii`fj[\\jkiXkfXckfÆjfed}jgif]\j`feXc\j# gfj\\ejl\dgi\jXp\jk}e\ecXA8CZfeleXXZk`kl[ gifgfj`k`mXX[\d}jef[\[`ZXekf[fjlk`\dgfX\jkX XZk`m`[X[%8cZfekiXi`f#cXdXpfiX[\cfj\[`c\j\ej\Z$ kfi\j[\YXafj`e^i\jfj[\[`ZXek`\dgfZfdgc\kfXcX A8C p k`\e\e le gX[i`ef gfck`Zf p jl XZk`kl[ \j dXj Zfek\jkXkXi`X#Xc`^lXchl\ZlXe[fm`\e\eXc:feZ\af% >\fmXeep1PfZi\fhl\\ele\jZ\eXi`f]lklifc`dg`fpefi$ dXk`qX[fk\e[iXhl\j\igfj`Yc\Xj`^eXiXcXjA8CcXi\j$ gfejXY`c`[X[gXiX^\jkXi\ejlZfdleXleGi\jlgl\jkf GXik`Z`gXk`mf%@dgc`ZXiX[\Ôe`ileel\mfdXiZfgXiXcXj A8C\eD\[\cce%;\_\Z_f#9f^fk}\jcXe`ZXZ`l[X[[\c gXj[fe[\cXjA8C]leZ`feXelegfZfd\afi#pXhl\XXc kXdY`e _Xp 8cZXc[Xj CfZXc\j# p [\ dXe\iX ZfealekX ]fidXe g\hl\Xj X[d`e`jkiXZ`fe\j k\ii`kfi`Xc\j [\ekif [\cXZ`l[X[%G\if_Xphl\k\e\idlZ_fZl`[X[fZfecXj ZfekiXgi\jkXZ`fe\j#ZfecXjA8Cefj\i\g`kXcfhl\jlZ\$ [`Zfe\c:fej\afDle`Z`gXc[\Alm\ekl[\e\cg\if[f )''*$)''-% >\iXi[1 ¶Hl gXj \ekfeZ\j Zfe \c :fej\af Dle`Z`gXc [\cXAlm\ekl[pZdfj\_Xm\e`[fkiXej]fidXe[f [liXek\\jkfjck`dfjXfj6 (0/ =\[\i`Zf1Pf]l`d`\dYif[\c:DA\e(0002cXdXpfiX[\ cfjam\e\jcc\^XifeX_Xm\ihl_XYXgXiX\ccfj#p \jkfj\ZfeZi\k`q\efYk\e\iY\ZXj%<iXedlpam\$ e\jgXiX\jkXikXed\k`[fj\egfck`ZX#g\ifpXkf[fj k\eXegX[i`efgfck`Zf%<c:DA[\_fp\jdlp[`]\i\e$ k\% ?Xe _\Z_f# gfi \a\dgcf# Zfeki`YlZ`fe\j k`c\j Xc :fej\afDle`Z`gXc[\GcXe\XZ`e%?Xphl\kiXkXihl\ cfjgXik`[fjgfck`ZfjefXdXii\e\c:DAgXiXhl\jlj d`\dYifjcf^i\eZfejk`kl`ilej\d`cc\if[`]\i\ek\%Ef j\ kiXkX [\ e\^Xi \c \jhl\dX gfck`Zf j`ef [\ \m`kXi hl\ \jkfj afm\e\j \eki\e Xc al\^f gfck`Zf j`e cX ]fi$ dXZ`ei\hl\i`[X% >\iXi[1<cZfeZ\aXc[\ZXhl\\cel\mf:fej\afDle`Z`$ gXc[\cXAlm\ekl[\jk}_XZ`\e[fleXYl\eXcXYfi\e cXZ`l[X[Zfdf\jgXZ`f[\gXik`Z`gXZ`e%@cjkiXefj legfZfgfi]Xmfi% 8c\aXe[ifIXdi\q1K\e^f)+Xfj%Jfplef[\cfj(0Zfe$ j\a\ifj [\c :DA1 j\`j gfi fi^Xe`qXZ`fe\j# el\m\ gfi `e[\g\e[`\ek\jpZlXkifgfid`efiXjke`ZXj%Jfdfj \c\^`[fjgfiki\jXfj#[\c)''._XjkX\c)'('%Gfikf$ [fjcfjgifYc\dXj\`ii\^lcXi`[X[\j[\c:DAgXjX[f# \cJ\Zi\kXi`f[\:lckliX:`l[X[XeX[\Z`[`ZXeZ\cXicX j\[\gifg`Xhl\k\eXdfj%<jkXdfj\ogcfiXe[fZfecX J\Zi\kXiX[\:fdle`ZXZ`e[\c:feZ\af[\D\[\ccej` efj]XZ`c`kXelef[\cfjjXcfe\jXck\iefj%Efjj\ek`dfj dlpi\jgXc[X[fjgficXX[d`e`jkiXZ`edle`Z`gXc#\e ZfdgXiXZ`eZfecfhl\m`dfj\efkiXjZ`l[X[\j%DXj \e ^\e\iXc \jkXdfj i\\jkilZkliXe[f p i\efmXe[f \c :DA# pX hl\ \c Xek\i`fi hl\[ dlp X]\ZkX[f gfi a$ m\e\jhl\fcm`[XifecXji\jgfejXY`c`[X[\jhl\k\eXe% Gfi\a\dgcf#_\dfji\kfdX[fXc^lefj[\YXk\j\e\c :feZ\af [\ D\[\cce jfYi\ k\dXj [\ ZlckliX# fi^Xe`$ qXZ`ep[\j\dgc\f#pjli\c\mXeZ`XgXiXcfjam\e\j% Fi`\ekXdfj X am\e\j# ]fikXc\Z\dfj cXj I\[\j Alm\$ e`c\jhl\_Xp\ecXZ`l[X[pXZfdgXXdfjX^ilgfj pgifZ\jfjalm\e`c\j%CfYl\ef\jhl\cfjam\e\j[\ X_fiX\jk}ekfdXe[fZfeZ`\eZ`X[\hl\j`e\[lZXZ`e j\Zle[Xi`Xefj\gl\[\kiXYXaXi2hl\cfhl\k`\e\e\e cXZXY\qXcfk`\e\e\e\cYfcj`ccf2phl\XdXpfi\[lZX$ Z`e#dXpfi\j`e^i\jfj%8ek\j#Zfdf\iXleXgfZX\e cXZlXcj\Zfej\^lXkiXYXafXkiXmj[\c[`e\if]}Z`cp cXj^l\iiXj#Xcfjam\e\jcfhl\c\j`ek\i\jXYX\iX\c (00 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ 8cZXc[\8cfejf JXcXqXi\ecXDXiZ_X :fekiX\cJ\Zl\jkif pcXM`fc\eZ`X# efm`\dYi\[\)''/% S\_aNYRgN`[\cXZfdle`[X[XcX_fiX[\gXik`Z`gXi% @e]fidXZ`e#ZfeÔXeqXpXlkfefdX1ki\j Y`cc\k\pefc\j`dgfikXYXk\e\ileYl\eZXg`kXcXZX$ [d`Zf% ?fp j\ j`\ek\ pX cX kiXej]fidXZ`e# Zfe cfj el\mfj\jgXZ`fjgXiXcfjam\e\jpZfekf[fcfhl\_X kiXej]fidX[fcXZ`l[X[% >\fmXeep1 <jkX _`jkfi`X dl\jkiX hl\ cX gXik`Z`gXZ`e Zfejk`klp\ kXdY`e le Xgi\e[`qXa\% Gfi \a\dgcf# cX gi`d\iX XjXdYc\X [\ Gi\jlgl\jkf GXik`Z`gXk`mf ]l\ le[\jXjki\2cfj]leZ`feXi`fjefjXYXehl_XZ\i#\j$ kXYXe XjljkX[fj# j\ cfj kiX^XYX m`mfj cX Zfdle`[X[% Efj kfZXYX `i [\Ôe`\e[f [\ dXe\iX `eefmX[fiX leX d\kf[fcf^XZcXiX% ;`\^f:fiiXc\j1<eZlXekfXck\dX[\cXdla\i#hl\Cl$ Zi\Z`X c`[\iXYX Zfdf Gi`d\iX Dla\i \e cX X[d`e`j$ kiXZ`e [\ J\i^`f =XaXi[f# ¶Zdf ]l\ \j\ kiXYXaf p Zdfj\Zfejfc`[X[\ekif[\cDf[\cfD\[\cce6 ClZi\Z`X1 <o`jkXe lefj Xek\Z\[\ek\j dlp `dgfikXek\j% Lef#ledfm`d`\ekfjfZ`Xc[\dla\i\jZfekiXp\Zkfi`X pjfc`[\q#ZfeZlXkiffZ`eZfFE>dlpgf[\ifjXj#Zfe i\Zlijfj dlp ^\e\ifjfj# Zfe le ^ilgf [\ dla\i\j dlp mXc`fjXj# `ek\c`^\ek\j p dlp Yl\eXj ^l\ii\iXj# X[\d}j Zfe dlZ_f Zl\if [lif# hl\ _XYXe Zfejfc`$ [X[f leX X^\e[X gYc`ZX X kiXmj [\ le fi^Xe`jdf hl\j\ccXdXYXpkf[XmXj\ccXdXcXD\jX[\KiXYXaf Dla\i[\D\[\cce#ZfecXZlXcefjj\ekXdfjX[`Xcf^Xi [\j[\ \c Zfd`\eqf [\c dfm`d`\ekf gfck`Zf :fdgif$ d`jf:`l[X[Xef%CXD\jX[\KiXYXaf_XYX]fidlcX[f le [fZld\ekf hl\ \iX leX X^\e[X dlck`]fid\ hl\ XYXiZXYX cXj e\Z\j`[X[\j p cX m`j`e [\ cXj dla\i\j ZfdfZ`l[X[XeXj[\gi`d\iX\e\jkXZ`l[X[%G\ifcf hl\kXdY`ehl\[dlpZcXif\ecXji\le`fe\jhl\_`$ Z`dfjZfe\ccXj\jhl\c\j]XckXYXlegl\ek\gXiXcXjf$ Z`Xc`qXZ`e[\cXX^\e[XpgXiXjlZfeZi\Z`e%<cfkif Xek\Z\[\ek\dlp`dgfikXek\\iXhl\\e\j\k`\dgfj\ \jkXYXZi\Xe[fcXJlY$J\Zi\kXiX[\cXDla\i%<cXcZXc$ [\Xek\i`fi)''($)''* \eZfekileXX^\e[XgYc`ZX gifgl\jkXgfileXd\jX[\kiXYXafpledfm`d`\ekf jfZ`Xcp[\Xc^leXdXe\iXc\j[`fle[lcZ\Z`kf%:i\cX JlY$J\Zi\kXiXZfe'#')[\cgi\jlgl\jkf#[\dXe\$ iXhl\cXZXgXZ`[X[[\`ek\im\eZ`e\iXe`e^leX%:fe \jfjXek\Z\[\ek\j#j\`ejk`klp\ecXZXdgXX[\J\i$ ^`f=XaXi[fle:fd`k[\Dla\i\jpj\ZfejkXkhl\#j` Y`\ecXX^\e[X[\cXD\jX[\KiXYXafDla\i_XYXj`[f Zfejkil`[XgfiZfej\ejfgfi\cdfm`d`\ekfjfZ`Xc[\ :fem\ijXkfi`f1GXik`Z`gXZ`egfck`ZXpjfZ`Xc dla\i\j#_XYXled`ccepg`Zfd}j[\dla\i\j\ecX Z`l[X[ hl\ ef ZfefZXe \j\ kiXYXaf# p X[\d}j# dl$ Z_Xj[\\ccXjj\fgfeXeXZlXchl`\idfm`d`\ekfjf$ Z`Xc[\dla\i\j%;\dXe\iXhl\cXgi`d\iXkXi\X\iX[\ j\ej`Y`c`qXZ`e#efjfcXd\ek\[\cXjdla\i\j#j`ef[\ cXZfdle`[X[\e^\e\iXc%8jd`jdf#]l\ZcXif[\j[\ \cZfd`\eqfhl\k\eXdfjhl\\jZf^\ilefj^iXe[\j k\dXjgi`fi`kXi`fjZfeZXgXZ`[X[[\ZfemfZXkfi`X#hl\ efjj`im`\iXeX[\d}jZfdf\a\dgcfj[\Zdf`dgc\$ d\ekXileX\jkiXk\^`X[\Zfdle`ZXZ`edXj`mXphl\ j\i\cXZ`feXiXeXcd`jdfk`\dgfZfeleXj\jkiXk\^`Xj jfZ`Xc\j[\`ek\im\eZ`e`eefmX[fiXj% ;`\^f1¶Efjgl\[\j[\kXccXigfihlcX8cZXc[X[\Z`[` Zi\Xi p ÔeXeZ`Xi \c gif^iXdX [\ Dla\i\j KXc\ekf'# \em\q[\XgfpXi#Zfdfj\_XZX_`jki`ZXd\ek\#cfj i\`eX[fj[\Y\cc\qX2pgfihl\ce]Xj`j\e<dYXiX$ qf8[fc\jZ\ek\p\ck\dX[\8efi\o`$9lc`d`X6 ClZi\Z`X1CXX^\e[X[\cXD\jX[\KiXYXafDla\idXe\$ aXYX le \a\ k\d}k`Zf jfYi\ cX ZfeZ`\eZ`X [\ ^e\if# cX Zfigfi\`[X[ p jlj \ogi\j`fe\j jfZ`Xc\j% :lXe[f leXjfZ`\[X[k`\e\XcXjdla\i\jZfdflefjfYa\kfj# ZfdfZ`l[X[XeXj[\j\^le[XZcXj\#_XZ\i\`eX[fj#cXj fYc`^XX\jkXi[\c^X[Xj#cXjdla\i\jjfem`fcX[Xj#jfe fYa\kf [\ XYljf j\olXc \e cX X[fc\jZ\eZ`X k\dgiXeX pefk`\e\eXZZ\jfXcfji\ZlijfjgXiXi\^lcXijldX$ k\ie`[X[#\eki\fkiXj\ogi\j`fe\j%G\ifcXjjfZ`\[X[\j j\kiXej]fidXep\jf]l\\c_`cfZfe[lZkfi[\[fe[\ j\[\i`mXifecfjgifp\Zkfj[\8efi\o`$9lc`d`X#[\<d$ YXiXqf8[fc\jZ\ek\#[\Dla\i\jKXc\ekfp[\Dla\i\j GYc`ZXj#hl\\iXe\jkiXk\^`XjgXiXdfm`c`qXiXcXjf$ Z`\[X[Xci\[\[fi[\ck\dX[\cXjdla\i\jZfdfZ`l[X$ [XeXj[\gi`d\iX%?lY`iXdfjgf[`[f\jZf^\ifkifj# g\if\jfjefjgXi\ZXedlpi\gi\j\ekXk`mfj[\cXgif$ Yc\d}k`ZX# p \e \ccfj j\ gf[X \ogc`ZXi \c [\jX]f j`e e\Z\j`[X[[\\ekiXi\e[`jk`eZ`fe\jXZX[d`ZXj%8d` dXe\iX[\m\i#_lYfj`dYc`ZXd\ek\[fj_\Z_fjhl\ )'' 9NR`R[PVNQRY:\QRY\ :RQRYY~[R`asR[^bRY\` _RPb_`\``RV[cVR_aR[Q\[QR `R[RPR`VaN[ c\[`a\ifeXD\[\ccehlYXdfjX_XZ\i\e\ck\dX[\ cXdla\i%Lef#\cZXdY`f[\cefdYi\[\Gi`d\iX;XdX XGi`d\iXDla\i%Pfc\j[`a\Xcfjg\i`f[`jkXj\cgi`d\i [X# ZlXe[f J\i^`f _XYX ^XeX[f# hl\ gi\k\e[X leX dfm`c`qXZ`ej`dYc`ZXgXiXhl\cX^\ek\j\gi\^lekX$ iX1ȶGfihl\jkXefhl`\i\ccXdXij\Gi`d\iX;XdXp jGi`d\iXDla\i6¶Hlj`^e`ÔZX\jf6É%P\cfkif]l\X cXj`^l`\ek\j\dXeX#ZlXe[fd\cc\^cXZXikX[\c:f$ d`k[\9\cc\qX#i\Zfi[}e[fd\hl\pf\iXcXm`Z\gi\$ j`[\ekXXlkfd}k`ZX[\c:fd`k[\cI\`eX[f%<ekfeZ\j dXe[leXZXikX\ecXZlXcc\j[\ZXhl\efjfcXd\ek\ efd\`ek\i\jXYX#j`efhl\c\jXm`jXYXhl\efZfekX$ iXeZfe[`e\ifjgYc`Zfj#fj\X#Zfecfjd`cd`ccfe\j[\ g\jfjhl\D\[\cce^XjkXYXZX[XXf\e\jf#j`eZfe$ j`[\iXikf[fcfhl\\e\j\\ekfeZ\jgfeXe<dgi\jXj GlYc`ZXj[\D\[\cce#jljÔc`Xc\jpmXi`Xj\dgi\jXj[\c j\Zkfigi`mX[f%Kf[fjcfjgif^iXdXjcfhl\YljZXYXe \iX#[\Xc^leXdXe\iX#kiXYXaXipgfe\i\ck\dX[\cXj dla\i\j\ecXX^\e[XgYc`ZX#Zfe\cfYa\k`mfÔeXc[\ Zi\Xi cX J\Zi\kXiX [\ cX Dla\i2 f j\X# ZlXe[f cc\^X$ dfjXc[\YXk\gYc`Zf\e\c:feZ\af[\D\[\ccegXiX jlXgifYXZ`e#pX_XYXZlXkifXfj[\leXjfZ`\[X[ dfm`c`qX[XXci\[\[fi[\ck\dXp\iXdlp[`]Z`c[\Z`i hl\efj\Zi\XiX% >\iXi[1 ¶<e \jk\ \jgi`kl# \c k\dX [\ cX dla\i \j gXiX ljk\[\j le k\dX [\ gXik`Z`gXZ`e# [\ `eZclj`e# [\ mlce\iXY`c`[X[f[\kf[flegfZf6 ClZi\Z`X18jg`iXdfjXcX`eZclj`eXkiXmj[\cXgXik`Z`$ gXZ`e%<cXe}c`j`j\ekid`efj[\`eZclj`ee`ZXd\e$ k\#j`\dgi\k\id`eX\ehl\j\\jk}_XYcXe[f[\^\ek\ mlce\iXYc\% ;\k\jkf \j\ \e]fhl\ [\ cX mlce\iXY`c`[X[ gfihl\ Zi\X Z`l[X[Xefj gfYi\Z`kfj% F j\X# ZlXe[f lef[`Z\ÈmfpXkiXYXaXiZfe\jkfjgfYi\Z`kfjhl\ef \jk}e`eZcl`[fjÉ#pX[\_\Z_fcfj\jk}j\oZclp\e[fp )'( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ [X[%Gfi\jfcX^\ek\j`\dgi\m\eXX[\Z`iefjÈhl [`]\i\eZ`XÉ# \e i\cXZ`e Zfe cf hl\ _XZXe Xek\j cXj fkiXjX[d`e`jkiXZ`fe\j%:fei`^fihl`\if[\Z`i1j\i`\$ [X[#i\jg\kf#\jkl[`f#ZfefZ`d`\ekfgi\m`f#ZfeZ\ikX$ Z`e#[`jZ`gc`eX#kiXYXafal`Z`fjf% cfj\jk}jgfe`\e[fj`dYc`ZXd\ek\\e\cgXg\c[\c\o$ Zcl`[f#_XZ`\e[fdlZ_f[Xf[\j[\\cglekf[\m`jkX jlYa\k`mf%<eZXdY`f#ZlXe[f_XYcXj[\gXik`Z`gXZ`e# [\ \ekiX[X \jk}j _XYcXe[f [\ ^\ek\ \dgf[\iX[X p \jf j`dYc`ZXd\ek\# Xc d\efj [\j[\ d` g\ijg\Zk`mX# \j gf[\ifjf% 8[\d}j# j`\dgi\ j\ Zfej`[\i \c k\dX [\ dla\i\j [\j[\ cX g\ijg\Zk`mX [\ cXj ZXgXZ`[X[\j p [\ cXj fgfikle`[X[\j# hl\ `dgc`ZXYX fkiX ilgkliX k\d}k`ZXZfe\cdfm`d`\ekfjfZ`Xc[\dla\i\j\eki$ d`efj [\ gfYi\Z`kXj# ^\ek\ mlce\iXYc\# X cXj hl\ c\j g\^Xe#XcXjhl\cXjgfe\eÕXZXj#XcXjhl\\cefm`f¿ =\[\i`Zf1:i\fhl\j\_X`[fZfejfc`[Xe[fXc^fZfdfleX el\mXZfeZ`\eZ`X%Ef_XYcf[\cXZfeZ`\eZ`Xgfck`ZXp ef_XYcf[\cXZfeZ`\eZ`XjfZ`Xc#j`ef[\cX\ogi\j`e [\ leX jfZ`\[X[ hl\ \jkXYX ZXccX[X p ef k\eX ZcXif hlc\\jkXYXfZlii`\e[fp#gXjfj`^l`\ek\#j\XcYfif$ k#j\[\jg\`e#\eki\efkif\jkX[f[\ZfeZ`\eZ`X#\e fkiX]fidX[\i\cXZ`feXij\p[\d`iXicXjZfjXj%<jf kXdY`e\jgXik\`ek\^iXc[\cDf[\cfD\[\cce% >\iXi[1¶<e\jk\k\dX[\fgfikle`[X[\jp[\gXik`Z`gX$ Z`egXiXcXdla\i#\c9@;_Xk\e`[fXc^egXg\c6 ClZi\Z`X1<c9@;klmflegXg\cdlp`dgfikXek\\ecXc\^`$ k`dXZ`ep\cjfgfik\gi\jlgl\jkXc#gfihl\JfcpCleX# \cgifp\Zkf[\gi\m\eZ`e[\\dYXiXqf\eX[fc\jZ\e$ k\j# ]l\ ZfÔeXeZ`X[f gfi \c 9@; Zfe i\Zlijfj ef i\$ \dYfcjXYc\j#Xc^f]le[Xd\ekXcgfihl\]XZ`c`kdlZ_f \c ZXd`ef Zfe cX X[d`e`jkiXZ`e dle`Z`gXc% 8[\d}j# \iXcXgi`d\iXm\qhl\\c9@;XgifYXYXpZfÔeXeZ`XYX legifp\Zkf[\jXcl[j\olXcpi\gif[lZk`mX\eCXk`ef$ Xdi`ZX%=l\\c\jgXc[XiXqfhl\i\ZfefZXcXZXc`[X[ [\cgifp\ZkfpcX_XY`c`[X[hl\klmf\jk\[\jXckXij\ cXj i\j`jk\eZ`Xj [\ Z`\ikfj j\Zkfi\j dlp i\ZXkX[fj hl\ j`\dgi\ ]i\eXYXe cfj gifp\Zkfj [\ jXcl[ j\olXc pi\gif[lZk`mX#XcfjZlXc\j\c9@;_`jki`ZXd\ek\c\j _XYX_\Z_fZXjf% 8Jà:L<EK8D<;<CCàEDXiXK\i\jX8iY\c}\q# _XY`kXek\[\cgifp\Zkf[\I\efmXZ`e LiYXeXEl\mfJfc[\Fi`\ek\\ecX hl\YiX[XAlXe9fYf% ;`\^f1¶:l}c\j\c\c\d\ekffcXgi}Zk`ZXd}j`eefmX[f$ iXhl\ljk\[\ji\jZXkXiXe\e\cDf[\cfD\[\cce#\e i\cXZ`eZfe\ck\dX[\gXik`Z`gXZ`e6 ¶:df\dg\q\cgifZ\jf[\kiXej$ ]fidXZ`e6 Cc\^Xife [\ cX <dgi\jX [\ ;\jXiifccf LiYXef# _`Z`\ife le Z\ejfpefj[`a\ifehl\efgf[Xdfj Zfejkil`id}j#hl\`YXeXZXeXc`qXicX hl\YiX[X#X_XZ\i\[`ÔZ`fj#Xd\afiXi cXjZXjXj#XZfejkil`igl\ek\j%GXiX\ccfj]l\[`]Z`c\ekiXi gfihl\ XZ} ef Zi\Xdfj \e cX 8cZXc[X gfihl\ j`\dgi\ m\eXeXgifd\k\ig\ifef_XZXeX[X% ClZi\Z`X18d#g\ijfeXcd\ek\#d\^ljkXdlZ_f\ci`^fi% <cDf[\cfD\[\cce\jledf[\cfi`^lifjf#efj\_`qf eX[XXcXcfZXppfZi\fhl\\jfc\[`fmXcfipc\^`k`d`$ ¶Ljk\[Zdfj\Y\e\ÔZ`6I\Z`YlejlYj`[`fgXiXd\af$ iXicXZXjX%Jcfefj[`\ifecfjdXk\i`Xc\jpcXg`ekliX#g\if ]l\Yfe`kfm\iXkf[f\cdle[fkiXYXaXi\eZfdle`[X[% :XjX[\c<eZl\ekifDlj\f[\8ek`fhl`X ),[\efm`\dYi\[\)''/ 8j`jk\ek\j G8LC8KILA@CCF B8K?8I@E8?8CC<I?<:B<I <o;`i\ZkfiX8^\eZ`X[\:ffg\iXZ`e ;`i\ZkfiX[\I\cXZ`fe\jGYc`ZXj \@em\ij`e[\D\[\ccep\cÝi\XD\kifgfc`$ 8cZXc[X[\D\[\cce)''/ kXeXÆ8:@Æ2;`i\ZkfiX[\@ek\ieXZ`feXc`qXZ`e p:fdg\k`k`m`[X[@e\odf[X <;N8I;A8I8D@CCF Df[\iX[fi\j 8j\jfi[\:fdle`ZXZ`fe\j 8cZXc[X[\D\[\cce)''+$)''. CLQ?<C<E8E8I8EAF JlYj\Zi\kXi`X[\Kli`jdf)'',$)'(( AL8E>L@CC<IDF9<;FP8 ><I8I;D8IK@E :ffi[`eX[fi8ZX[d`Zf[\cGifp\Zkf Df[\cfD\[\cce ;@<>F:FII8C<J :fdle`ZX[fi@JM@D<;2;`i\Zkfi^\e\iXc[\ ;`i\ZkfiGifp\ZkfDf[\cfD\[\cce2 :fdle`ZXZ`fe\j[\cX8cZXc[X)''/$)''0 Xj\jfi[\c8cZXc[\ :fem\ijXkfi`f 0\Zb[VPNPV[=OYVPN R6[aR_[NPV\[NYVgNPV[ 9NP\Zb[VPNPV[]OYVPNR`b[s_RNa_N[`cR_`NYR[RY:\QRY\:RQRYY~[QR/bR[4\OVR_[\f1R `N__\YY\@\PVNY6[aRT_NY]N_NTN_N[aVgN_RY]YR[\QR_RPU\NYNV[S\_ZNPV[\]\_ab[NfcR_Ng`\O_R YNTR`aV[fYNV[cR_`V[QRY\`_RPb_`\`]OYVP\`9\`[bRc\`ZRQV\`R[a_RRYY\`YN`]sTV[N`dRO QRYN.YPNYQ~NfQRY0\[PRW\\S_RPR[V[S\_ZNPV[QRaNYYNQNfNPabNYVgNQNNPR_PNQRPNQNb[\QRY\` ]_\T_NZN`f]_\fRPa\`^bRYNNQZV[V`a_NPV[R`as_RNYVgN[Q\V[PYb`\a\Q\`Y\`P\[a_Na\`PRYRO_NQ\` P\[S\[Q\`]OYVP\`6TbNYZR[aR`R]_\QbPR[fQV`a_VObfR[QRZN[R_NS\PNYVgNQNTNPRaN`f]R_V QVP\`R`]RPVNYR`P\Z\YN`]bOYVPNPV\[R`5NOVaRZ\`:RQRYY~[R`0\Z]_\ZV`\/\YRa~[2eaR_[\21B9bg CR_QR0VbQNQ?b_NYf0VbQNQ1R]\_aVcN\RY/\YRa~[6[S\_ZNaVc\QRY=_\T_NZN=YN[RNPV[9\PNYf=_R`b ]bR`a\=N_aVPV]NaVc\P\[V[S\_ZNPV[`\O_RQRaR_ZV[NQ\`]_\T_NZN`\V[aR_cR[PV\[R`P\Z\`\[Y\` :NP_\]_\fRPa\`fY\`=_\fRPa\`B_ON[\`6[aRT_NYR`PNQNb[\P\[`b]_\]VN]bOYVPNPV[2`a\`R P\Z]YRZR[aNP\[]R_VQVP\`P\Zb[VaN_V\`ZbPUN`cRPR`N]\fNQ\`P\[_RPb_`\`QRY=_R`b]bR`a\ =N_aVPV]NaVc\f_RNYVgNQ\`]\__R]\_aR_\`P\Zb[VaN_V\`P\[RQVPV\[R`QRNRWRZ]YN_R` QRQV`a_VObPV[T_NabVaN<a_NQVZR[`V[QRYNP\Zb[VPNPV[R`RY]\`VPV\[NZVR[a\QRYNPVbQNQ a_N[`S\_ZNQNR[Y\`sZOVa\`[NPV\[NYRV[aR_[NPV\[NYR[_RYNPV[QV_RPaNP\[YNNTR[QNYVQR_NQN ]\_YN.06.TR[PVNQR0\\]R_NPV[R6[cR_`V[QR:RQRYY~[fRYÄ_RN:Ra_\]\YVaN[N2[R`aRP\[ cR_`Na\_V\QNZ\`b[NZV_NQNNYN`QVSR_R[aR`QVZR[`V\[R`R`a_NaRTVN`]_\T_NZN`fNPaVcVQNQR`QR P\Zb[VPNPV[]OYVPNRV[aR_[NPV\[NYVgNPV[QRYNPVbQNQ :fem\ijXkfi`f1:fdle`ZXZ`egYc`ZX\`ek\ieXZ`feXc`qXZ`e >\iXi[DXik`e1¶:df\ek`\e[\ep^\jk`feXecXZfdl$ e`ZXZ`egYc`ZX\ecXZ`l[X[6 AlXe>l`cc\idf9\[fpX1;`m`[`dfjcXZfdle`ZXZ`eg$ Yc`ZX\e[fjYcfhl\j%GfilecX[f#cXhl\j\gif[lZ\ \e \c d`jdf dfm`d`\ekf :fdgifd`jf :`l[X[Xef p# gfi fkif# cX [`e}d`ZX gifg`X [\ cX Zfdle`ZXZ`e g$ Yc`ZX \e \c \a\iZ`Z`f X[d`e`jkiXk`mf [\ cX Z`l[X[% <e cf gi`d\if# [\j[\ cX Zfe]fidXZ`e [\c dfm`d`\ekf j\ dXiZXife \jk`cfj p [`]\i\eZ`Xj gfihl\ \iXe g\i$ jfeXj p fi^Xe`qXZ`fe\j Zm`ZXj hl\ j`\dgi\ _XYXe \jkX[f[`jkXeZ`X[Xj[\cgf[\ipj\_XYXeX`jcX[f`e$ k\eZ`feXcd\ek\[\cXm`\aXdXe\iX[\_XZ\igfck`ZX% I\Õ\o`mf ]i\ek\ Xc ZXd`ef hl\ cc\mXYX cX Z`l[X[# \c dfm`d`\ekf Zfd\eq X gcXek\Xi el\mXj ]fidXj [\ gXik`Z`gXi \e cX gfck`ZX cfZXc p jli^` \ekfeZ\j leX le`e[\`ek\i\j\jpleXZfejkilZZ`e[\j\ek`[f#hl\ ^\e\iXifeel\jkifjgi`d\ifjdfd\ekfjp\jk`cfj[\ Zfdle`ZXZ`egYc`ZX%;\jglj#[liXek\cX]Xj\\c\Z$ kfiXcgifg`Xd\ek\[`Z_X#el\jkif\jk`cf[\XZklXip[\ Zfdle`ZXij\[`]\i\eZ`XYX[\fkifj#d\gXi\Z\#gficX Z\iZXeXZfecfjZ`l[X[Xefj#Zfei\Zfii`[fjZXcc\XZX$ cc\gficfjYXii`fj#Zfed\jXjXY`\ikXjpce\XjZcXiXj% @em`kXiXkf[fjXgXik`Z`gXi#j`e\oZcl`iXe`e^ej\Zkfi [\D\[\cce#`dgc`ZXYXZfdle`ZXiledf[fdlp[`j$ k`ekf[\g\iZ`Y`icXZ`l[X[%PX`ejkXcX[f\cdfm`d`\ekf \ecXX[d`e`jkiXZ`e\ekiXdfj\e\cj\^le[fYcfhl\# \c [\ cX Zfdle`ZXZ`e gYc`ZX [\j[\ cX ^\jk`e2 j\ kiXkX\ekfeZ\j[\[Xic\mfqXcXZfdle`[X[gXiXhl\ j\`ek\^i\\ecX]fidlcXZ`e[\cGcXe[\;\jXiifccfp \ek`\e[XZl}c\jjlgXg\c#[e[\pZdfgl\[\Xgfi$ kXigXiXd\afiXijlZXc`[X[[\m`[X%8_j\[\jkXZXcX i\e[`Z`e[\Zl\ekXjjfYi\ZX[Xg\jfki`YlkX[f#p\e \jk\ Xjg\Zkf# cX Zfdle`ZXZ`e k`\e\ hl\ XZfdgXXi gXjfXgXjfefjfcXd\ek\cX^\jk`e#j`efkXdY`eXc Z`l[X[XefpXcXZfdle`[X[Y\e\ÔZ`X[XgXiXhl\j\ dfk`m\eXZfeki`Yl`ipgXik`Z`gXi%Gfi\a\dgcf#cXZf$ dle`ZXZ`egYc`ZX\e\cZXdgf[\cXdfm`c`[X[k`\e\ \eki\jljfYa\k`mfjkiXej]fidXicXZlckliXZ`l[X[XeX# )'+ cXjXZk`kl[\jpcfjZfdgfikXd`\ekfj#[\df[fhl\j\ kfd\ZfeZ`\eZ`X[\hl\cXdf[\ie`qXZ`e[\cXdfm`$ c`[X[\jgXiXY\e\ÔZ`fgXiXkf[fj%PfccXdXiXX\jf leXZfdle`ZXZ`e[\`ek\iXZZ`e#hl\_XZ\leXZfd$ gXXd`\ekfgXjfXgXjf_XjkX\cÔeXc[\cgifp\Zkff cX `ek\im\eZ`e# \ `eZcljf _XjkX hl\ cfj gifp\Zkfj f cXjfYiXjpX\jk}e\edXefj[\cXjZfdle`[X[\j%CX 8cZXc[XZfejk`klp\leXle`[X[[fe[\cX`ejk`klZ`feX$ c`[X[ \j leX jfcX# k`\e\ hl\ m\ij\# j\ek`ij\ p m`m`ij\ Zfdfle\ek\le`ÔZX[f%:X[XZfekiXk`jkX#ZX[Xj\im`$ [fi#ZX[XgXik`Z`gXek\[\Y\cc\mXiled\ejXa\ZcXif[\ le`[X[`ejk`klZ`feXc% <[nXi[ AXiXd`ccf1 :i\f hl\ el\jkif df[\cf [\ Zfdl$ e`ZXZ`egYc`ZX]fidXgXik\`ek\^iXc[\co`kf[\cX kiXej]fidXZ`e# hl\ \j `eefmX[fi \e mXi`Xj [`d\e$ j`fe\j p hl\ gl\[\ j\im`i [\ df[\cf gXiX dlZ_fj ^fY`\iefjcfZXc\j\e:fcfdY`Xp\e8di`ZXCXk`eX% <e^\e\iXc#leXm\q\e\cgf[\i#cXZfdle`ZXZ`eef j\ mXcfiX d}j Xcc} [\ lefj ilYifj Xci\[\[fi [\ cX gifdfZ`e [\ [\k\id`eX[f g\ijfeXa\ f ]leZ`feXi`f% 8[\d}j# ZlXe[f [\ekif [\ leX X[d`e`jkiXZ`e# j\Z$ kfi\j\ek\ifjjfe\eki\^X[fjX^ilgfjgfck`Zfj[`]\$ i\ek\j#ZX[XZlXckiXYXaXgXiXjljgifg`fj`ek\i\j\jp j\^\e\iXleXZfdle`ZXZ`e]iX^d\ekX[X[\cX`e]fi$ dXZ`e# hl\ ef \jk} \edXiZX[X gfi leX \jkiXk\^`X Zfde%8j#cXZfdle`ZXZ`ej\Zfem`\ik\\ele\c\$ d\ekfgliXd\ek\`e]fidXk`mf#g\ifef]fidXk`mf%Ef$ jfkifj#XcZfekiXi`f#g\ejXdfjhl\^fY\ieXi\jjXY\i Zfdle`ZXiphl\cXZfdle`ZXZ`e[\Y\[\j\dg\Xi legXg\c]le[Xd\ekXc\e]fidXiZ`l[X[Xefj#\e[Xi$ c\j kf[fj cfj \c\d\ekfj e\Z\jXi`fj gXiX hl\ kfd\e [\Z`j`fe\ji\jg\Zkf[\cXjgfck`ZXjgYc`ZXj%<em\q [\ k\e\i leX Zfdle`ZXZ`e \d`k`[X gfi ZX[X j\Zi\$ kXiX# _\dfj Z\ekiXc`qX[f cXj Zfdle`ZXZ`fe\j \e le 9N]N_aVPV]NPV[PVbQNQN[N ReVTRZRQV\`fZ\Q\` QRP\Zb[VPNPV[QV_RPa\` fPR_PN[\` )', D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ M`j`kX[\cXJ\Zi\kXi`X [\<jkX[f[\<<%LL% :fe[fc\\qqXI`Z\% \hl`gfhl\fg\iXYXafleX[`i\ZZ`ee`ZXZfe]fid\ XcGcXe[\;\jXiifccf#cfhl\[XdXpfiZf_\i\eZ`Xp j\ek`[fXcXZfdle`ZXZ`e%:fej`[\iXdfjdlp`dgfi$ kXek\jcXj]fidXj#cXjdXe\iXjpcfjd\[`fjXkiXmj [\cfjZlXc\jcc\^XdfjXcXjZfdle`[X[\j% AlXe>l`cc\idf1;\ekif[\\jk\gif^iXdXe`Zf[\Zf$ dle`ZXZ`e hl\ i\Zf^\ cX ^\jk`e [\ kf[Xj cXj j\$ Zi\kXiXj# cX 8cZXc[X glYc`ZX Zfe i\^lcXi`[X[ le g\$ i`[`Zfhl\j\ccXdXD\[\cce\j:fdgifd`jf#hl\j\ [`jki`Ylp\Xdgc`Xd\ek\% >\iXi[1¶:df\m`kXehl\\jkfj\ml\cmXleXZfdle`$ ZXZ`ele`]fid\#[\dXj`X[fm\ik`ZXcf`eZclj`m\gif$ gX^Xe[jk`ZX6 <[nXi[1 ;\ Xek\dXef jXY\dfj hl\ cX Z`l[X[ \j [`m\i$ jX# p hl\ ef \j gfj`Yc\ Zfdle`ZXij\ Zfe \ccX YXaf gXi}d\kifj e`Zfj2 [\Y\dfj j\i i\jg\klfjfj [\ cXj `ek\igi\kXZ`fe\jmXi`Xjhl\gl\[\_XY\i%:fej`[\iX$ dfj hl\ X m\Z\j j\ e\Z\j`kX fi`\ekXi Z`\ikfj j\Zkf$ i\jjfZ`Xc\jf[\k\id`eX[fjk\ii`kfi`fj[\cXZ`l[X[# \ogc`Z}e[fc\jp_XZ`e[fcfjgXikZ`g\j[\cgifZ\jff gifp\Zkf \e \c hl\ \jk}e `emfclZiX[fj% Efjfkifj ef \e]fZXdfjcXZfdle`ZXZ`eXck\dX[\cXdXe`glcX$ Z`e# j`ef Xc [\ cX Xi^ld\ekXZ`e# `eZclp\e[f mfZ\j [\ cX Zfdle`[X[ p ^XiXek`qXe[f \jgXZ`fj gXiX cfj fgfj`kfi\j# gi\Z`jXd\ek\ gXiX \ekiXi \e Zfdle`ZX$ Z`eZfe\ccfj#\jZlZ_XijljXi^ld\ekfjp#[\ekif[\c dXiZf[\cY`\eZfde#cc\^XiXlefjXZl\i[fj%Kf[f \jkf^\e\iXle[\YXk\gYc`ZfdlZ_fd}j\ei`hl\Z\$ [figXiXcXZ`l[X[%8[\d}j^XiXek`qXdfjhl\cfjZ`l$ [X[Xefjefjfcfj\Xei\Z\gkfi\j[\`e]fidXZ`e#j`ef hl\kXdY`ej\Zfem`\ikXe\e\d`jfi\jZfdle`kXi`fj [\`e]fidXZ`ep[\fg`e`e%:fei\jg\ZkfXcfjd\$ [`fj[\Zfdle`ZXZ`e#gfiÔe_Xhl\[X[fdlpZcXif hl\ef_XYi}e`e^ek`gf[\i\dle\iXZ`egXiXhl\ _XYc\eY`\e[\efjfkifjf[`^Xecfhl\hl\i\dfj% >\iXi[1¶HlfkiXj_\iiXd`\ekXjj\\jk}elk`c`qXe[f6 AlXe >l`cc\idf1 CX efm\[X[ jfe cfj d\[`fj Xck\ieXk`$ mfj% <j leX gifgl\jkX efm\[fjX p ZfeZi\kX# hl\ j\ ZfdY`eX dlp Y`\e Zfe \c Gi\jlgl\jkf GXik`Z`gXk`mf% Gfi\a\dgcf#\jkXdfjXYi`\e[fleXm\kX[\Zfdle`$ ZXZ`e gYc`ZX% :X[X Zfdle`[X[ \e cfj YXii`fj \jk} dlpZfejZ`\ek\[\hl\e\Z\j`kXjljgifg`fjd\[`fj gXiX Zfdle`ZXi jl gifg`X [`m\ij`[X[# jl `[\ek`[X[# :fem\ijXkfi`f1:fdle`ZXZ`egYc`ZX\`ek\ieXZ`feXc`qXZ`e @eXl^liXZ`e[\c8ZlXi`f \e\cGXihl\<ogcfiX% )[`Z`\dYi\[\)''/% )'- )'. D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ jlj gifp\Zkfj# jlj jl\fj p jl m`[X Zfdle`kXi`X% <c XfgXjX[f#\eki\^Xdfjj\`jZ\ekifj[\gif[lZZ`e Xl[`fm`jlXc\e`^lXced\if[\ZfdleXjp]fikXc\Z`$ dfj (- g\i`[`Zfj Zfdle`kXi`fj% <e \jfj g\i`[`Zfj cX 8cZXc[X ef \jZi`Y\ e`e^e Zfek\e`[f# g\if \o`^\# ZfdfZfekiXgXik\[\cXgfpfÔeXeZ`\if#hl\_XpXZf$ d`k\[`kfi`XcZfei\gi\j\ekXZ`e[\cX[`m\ij`[X[[\ \jX ZfdleX# `eZclp\e[f dla\i\j# d`efiXj p \jZfcX$ i\j#phl\\cg\i`[`Zfj\X\jZi`kfgfid`\dYifj[\cX Zfdle`[X[%KXdY`e_Xp\jgXZ`fj[\k\c\m`j`e[fe$ [\j\cc\mXlek\dXpj\c\i\jgfe[\XcXZfdle`[X[% :X[X j\`j d\j\j# \e lefj \jgXZ`fj \jg\Z`Xc\j# j\ c\ `e]fidXXcXZ`l[X[Zl}c_Xj`[f\cYXcXeZ\[\cX^\j$ k`e#Zfe\cÔe[\dfjkiXiXcX^\ek\cXkiXejgXi\eZ`X \e\cdXe\af[\cfji\Zlijfj% <[nXi[1 ;\Y\ hl\[Xi ZcXif hl\ \jkXj _\iiXd`\ekXj ef k`\e\emXcfie``dgXZkfZlXe[fef\o`jk\cXZfejkilZ$ Z`e[\leXgifgl\jkXgfck`ZXZfdepleXm`j`e[\ Z`l[X[hl\^XiXek`Z\ehl\ZX[XZlXcefkiXYXa\Y`\e \e jl \jhl`eX# j`ef hl\ _XpX `ek\ii\cXZ`e \eki\ \c lefp\cfkifpXjlm\qZfelegifp\Zkfgfck`Zfhl\ cfj`eZclpX\eleefik\ZfdgXik`[fgXiXcXZ`l[X[%Jf$ cXd\ek\ZlXe[ffkifdle`Z`g`fk\e^Xkf[f\jkfZcXif# k\e[iXj\ek`[fXgfikXic\\og\i`\eZ`Xjd}jgleklXc\j gXiXhl\gl\[X\dg\qXiXgifp\ZkXij\% BXk_Xi`eX?Xcc\i1G`\ejf#Zfekf[fi\jg\kf#hl\cXZfdl$ e`ZXZ`eefgl\[\dfjkiXieX[X[`jk`ekf[\cXi\Xc`$ [X[%J`jfdfj\o`kfjfj\e\jk\dfd\ekfZfeel\jkiX Zfdle`ZXZ`e gYc`ZX# \j gfihl\ k\e\dfj dlZ_Xj ZfjXj\egifZ\jf[\hl\_XYcXi%8[\d}j#Xhl_Xp[\ m\i[X[ le `ek\ij \e Zfejkil`i leX el\mX ]fidX [\ _XZ\igfck`ZX#Zfele\hl`gf[\g\ejX[fi\j[\Z`l[X[ ZfeXlkfi`[X[dfiXc#^\ek\hl\ef\jk}`ed\ijX\ecX ZfiilgZ`e%<jfi\jlckX\j\eZ`XcgXiXcXc\^`k`d`[X[[\ ZlXchl`\i\a\iZ`Z`f[\Zfdle`ZXZ`egYc`ZX%LeXm\q ^XiXek`qX[fcfXek\i`fi#\cj`jk\dX[\Z\iZXeX\eki\ ^fY\ieXek\pZ`l[X[Xefj\j]le[Xd\ekXc#gXiXhl\cX ^\ek\g\iZ`YXhl\jl^fY\ieXek\\j[\ZXie\p_l\jf p hl\ k`\e\ gifYc\dXj Zfdf ZlXchl`\iX% Gfi Ôe# \j m`kXchl\cX^\ek\j`\ekXhl\#gfigi`d\iXm\q#jlfg`$ e`ej\k`\e\\eZl\ekX% Ab_V`Z\[RT\PV\` V[cR_`V[P\\]R_NPV[ RVZNTR[`\[NYTb[\` QRY\`S_R[aR`^bRNaVR[QR YNR`a_NaRTVNQRZR_PNQR\ QR:RQRYY~[ Clq?\c\eXEXiXeaf1Pfi\jldfel\jkif\e]fhl\[\Zf$ dle`ZXZ`egYc`ZX\ecX]iXj\È=fidXZ`e[\Z`l[X$ [XeXXZk`mX$]fidXZ`eXZk`mX[\cXZ`l[X[XeXÉ% >\iXi[1?XYc\dfj[\ZdfD\[\cce_Xcf^iX[fZfd\e$ qXiXZfdle`ZXij\_XZ`XX]l\iX#\ele\j]l\iqf[\ ifdg\i \c \jk`^dX [\ ÈZ`l[X[ d}j g\c`^ifjX [\c dle[fÉpgfj`Z`feXij\Zfdf\a\dgcXi\ek\dXj[\ 9l\e>fY`\ief% GXlcXKila`ccf1<ck\dX`ek\ieXZ`feXcj\kfdXYXZfdfXc^f ]imfcf%Ef\iXg\iZ`Y`[fZfdfleXjlekf\jkiXk^`Zf# ef\iXc`[\iX[fgficXjg\ijfeXjd}jZXgXZ`kX[XjXc i\jg\Zkf#pef_XYXZfeZ`\eZ`XjfYi\cX`dgfikXeZ`X p ZXj` li^\eZ`X [\ cX `ek\ieXZ`feXc`qXZ`e% <jkXdfj gXjXe[fgfileZXdY`f`dgfikXek\#pXhl\_fpD\$ [\cce\jcXhl\j\Zl\ekXpj\[\jZi`Y\Xek\\cdle$ [f%<e\cgXjX[f#D\[\cceZ\[`\c[\i\Z_fXfkifj[\ ZfekXicX1 d\[`fj [\ Zfdle`ZXZ`e l fi^Xe`qXZ`fe\j `ek\ieXZ`feXc\j#\eki\fkifj#gi\j\ekXifeÈjlm\ij`e [\ D\[\cceÉ# hl\ ef e\Z\jXi`Xd\ek\ Zf`eZ`[X Zfe kf[X cX i\Xc`[X[% @eZcljf# D\[\cce _X ]fidlcX[f leX \jkiXk\^`X `ek\eZ`feX[X [\ `ek\ieXZ`feXc`qXZ`e hl\ j\_XkiX[lZ`[f\edlZ_fd}jhl\j\ileXZ`l[X[Zfe le gXi [\ _\idXeXd`\ekfj% I\ZfefZ\dfj hl\ kXd$ :fem\ijXkfi`f1:fdle`ZXZ`egYc`ZX\`ek\ieXZ`feXc`qXZ`e Gif^iXdX[\ k\c\m`j`eÈLe :X]Zfe8cfejfÉ# kiXejd`k`[fj\dX$ eXcd\ek\\em`mf gfiK\c\D\[\cce% Y`e `eÕlp\e dlZ_f cfj gif^i\jfj eXZ`feXc\j% 9Xaf \c c`[\iXq^f [\c >fY`\ief EXZ`feXc# \c gXj _X kfdX$ [fcX[\Z`j`e[\kiXYXaXi\ck\dX`ek\ieXZ`feXcZfdf eleZXcf_XYX_\Z_f%;\ekif[\cXGfck`ZX[\J\^l$ i`[X[;\dfZi}k`ZX[\cgi\j`[\ek\Li`Y\)'')$)''-2 )''-$)'(' # ef jfcXd\ek\ _Xp kiXej]fidXZ`fe\j `e$ k\ieXjj`^e`ÔZXk`mXj#j`efhl\j\Zfejfc`[XepkfdXe jl `dgfikXeZ`X k\dXj Zfdf \c [\ \ogfikXZ`fe\j# `e$ m\ij`e\okiXea\iXfkli`jdf#\eki\fkifj% Clq?\c\eX1:f`eZ`[fZfeGXlcX\ehl\\ck\dX[\cX`e$ k\ieXZ`feXc`qXZ`e[\cXZ`l[X[j\[X\e^iXed\[`[X gfi cX e\Z\j`[X[ [\ ZXdY`f [\ `dX^\e# X gXik`i [\c ZXdY`f i\Xc [\ cX Z`l[X[% <e \jkf kXdY`e k`\e\ le gXg\c`dgfikXek\cXgi\ejX`ek\ieXZ`feXc%Klm\cX\o$ g\i`\eZ`X[\gXik`Z`gXi\e\cGcXe[\D\iZX[\f[\D\$ [\cce#hl\\jkXYX`eZcl`[fZfdfd\kX\e\cGcXe[\;\$ jXiifccf)''+$)''.%<ck\dX]l\d\[`f\ok`Zf#kXekf \e:fcfdY`XZfdf\e\c\ok\i`fi#gfihl\efj\ZfefZX [\Z`l[X[\jZfegcXe\j[\d\iZX[\f\e\jk\d\[`f%<c gif[lZkf ÔeXc j\ [\ÔeX ef jfcf \e dXk\i`X klijk`ZX j`ef\ee\^fZ`fj#`em\ij`e#Zffg\iXZ`e\`dX^\e%8 )'/ gXik`i[\X_\dg\qXdfj[\dXe\iXfi^Xe`qX[XXm\e$ [\i eXZ`feXc \ `ek\ieXZ`feXcd\ek\ cX kiXej]fidXZ`e [\cXZ`l[X[#hl\Zfd\eqXZfem\ik`ij\\elecl^Xi gXiXdfjkiXi%Cfji\jlckX[fjjfe#gfi\a\dgcf#cXm`j`$ kX[\cfjj\eX[fi\j\jkX[fle`[\ej\j#[\:fe[fc\\qqX I`Z\p[\ci\p[\<jgXX#pcX\jZf^\eZ`X[\cXZ`l[X[ Zfdfj\[\[\cXXjXdYc\X[\cXF<8\e)''/#cXXjXd$ Yc\X9@;\e)''0pcfjAl\^fjJliXd\i`ZXefj[\)'('% 8cd`jdfk`\dgf#\jX`dX^\egfj`k`mX\dg\qXgif$ dfm\i \c kli`jdf p efj cc\m X jl m\q X Zi\Xi _\iiX$ d`\ekXjZfdfcXilkXklijk`ZX[\cXkiXej]fidXZ`e[\ cXZ`l[X[%<cGcXe[\;\jXiifccf[\JXcXqXi)''/$)'(( m`jlXc`qX \c kli`jdf Zfdf le j\Zkfi \jkiXk^`Zf [\ \efid\`dgfikXeZ`X\Zfed`ZX% >\iXi[1¶:l}c\jjfed}j\eZfeZi\kfcXj_\iiXd`\ekXj cfZXc\j[\\jkX`ek\ieXZ`feXc`qXZ`e6 GXlcX1<ecfcfZXcjli^\lekiXYXaf`ek\i`ejk`klZ`feXc`ek\$ i\jXek\hl\X^clk`eXleXmfclekX[[\kiXYXaf\eki\\c j\ZkfigYc`Zfp\cgi`mX[f%?XpleX[\Z`j`eZcXiX[\ \ogfikXicX`ejk`klZ`feXc`[X[Xc}dY`kf`ek\ieXZ`feXc% 9\`PVbQNQN[\`[\`\[`\Y\ _RPR]a\_R`'`\[RZV`\_R`P\Zb [VaN_V\`QRV[S\_ZNPV[f\]V[V[ )'0 D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ 8jXdYc\XF<8# D\[\cce#)''/% <d\i^\legifZ\jf[\]fikXc\Z`d`\ekf#efjcf\ejl \e]fhl\\jkiXk^`Zf#j`ef\ecXjg\ijfeXjhl\\jk}e Xc ]i\ek\ [\ \jk\ k\dX% <o`jk\ le \m`[\ek\ gif]\j`f$ eXc`jdfXci\[\[fi[\cXjlekf#XgXik`i[\cX[\Z`j`e [\cXX[d`e`jkiXZ`e[\=XaXi[f[\gfe\ie]Xj`j\e cf`ek\ieXZ`feXc%<ck\dX`ek\ieXZ`feXc\jklmfZfej`^$ eX[f ZcXiXd\ek\ \e \c GcXe [\;\jXiifccf# p ZlXe[f _XpleXZcXiXmfclekX[gfck`ZX#\j`dgfj`Yc\hl\ef gXj\eZfjXj`dgfikXek\j%CXZ`l[X[[\Z`[`Zfejkil`i jl gifg`X X^\e[X `ek\ieXZ`feXc# gfj`Z`feXij\ _XZ`X \ckli`jdfp\jkXYc\Z\ilegfikX]fc`f[\Zffg\iXZ`e `ek\ieXZ`feXcZfeXc`X[fj\e[`m\ijfjk\dXj%GXik\`e$ k\^iXc [\c \j]l\iqf \iX cf^iXi hl\ \jkfj Xc`X[fj efj Xpl[XiXeX[Xic\m`j`Y`c`[X[XcXZ`l[X[\e}i\Xj[`j$ k`ekXjXc\jk\i\fk`gf[\cXm`fc\eZ`XpcX`ej\^li`[X[p \egXik`ZlcXi\e\ck\dX[\e\^fZ`fj\`em\ij`e\o$ kiXea\iX% :fe fkiX [fj`j [\ mfclekX[ gfck`ZX# _\dfj c`Y\iX[flegfZfd}j\cd\iZX[f#gXiX[\aXiXZklXi X cfj \dgi\jXi`fj p YljZXi Xc`XeqXj p gX[i`eXq^fj \okiXea\ifj% :fdf i\jlckX[f# D\[\cce ZfefZ\ [\j[\ \jk\ cljkif leX ki\d\e[X Xg\ikliX Xek\ \c dle[f p leiX[`ZXci\gfj`Z`feXd`\ekf% >\iXi[1 ¶:l}c\j jfe cfj [\jX]fj hl\ hl\[Xe \e \jkX X^\e[X[\`ek\ieXZ`feXc`qXZ`e[\D\[\cce6 GXlcX19ljZXicXZfek`el`[X[pZfejfc`[XZ`e[\\jkfj\j$ ]l\iqfj# kiXYXaXe[f [\ cX dXef Zfe \c >fY`\ief EX$ Z`feXc%<cGi\j`[\ek\_Xgl\jkfjld\afi\dg\fgXiX hl\D\[\cce\jkXcc#pcXZ`l[X[_XjXY`[fi\jgfe[\i Zfec`[\iXq^fpZXgXZ`[X[#XkXcglekfhl\_fp\o`jk\ leXc`jkX`dgfikXek\[\ZfekXZkfj#gifp\ZkfjpXjle$ kfjZfeZi\kfj#Zfdf\j\cZXjf[\cX8jXdYc\X[\c9@;% <e \c k\dX `ek\ieXZ`feXc# dlZ_Xj Z`l[X[\j [\ 8d$ i`ZXCXk`eXd`iXe_fpXD\[\cceZfe^iXe`ek\ij%CX 8:@\jcXe`ZXX^\eZ`X[\Zffg\iXZ`e[\jZ\ekiXc`qX$ [X\e:fcfdY`XpleX[\cXjgfZXj[\8di`ZXCXk`eX2 cX`em\ij`e\okiXea\iX_XZi\Z`[f\ele*.'\ecfj ck`dfjZ`eZfXfj% :fem\ijXkfi`f1:fdle`ZXZ`egYc`ZX\`ek\ieXZ`feXc`qXZ`e )(' <c8cZXc[\J\i^`f =XaXi[fZfecfj I\p\j[\<jgXXp \cGi\j`[\ek\Li`Y\ \ecX`eXl^liX$ Z`e[\cGXihl\ 9`Yc`fk\ZX<jgXX \e)''.% Clq?\c\eX1Le^iXe[\jX]f\jZfejfc`[XicXZfeÔ^liXZ`e [\ckli`jdfZfdf`e[ljki`X#\dg\qXe[fZfecX`e]iX\j$ kilZkliX#cfjj\im`Z`fjpcXjfclZ`e[\kf[XjcXj]Xc\eZ`Xj hl\gl\[\e\eZfekiXij\\e\c[\jXiifccf[\cd`jdf% AlXe >l`cc\idf1 :lXchl`\ijfZ`\[X[hl\j\kiXej]fidX e\Z\j`kX jdYfcfj% GXiX cfj hl\ m`j`kXe X D\[\cce# X[\d}j[\cc\mXij\cX`dX^\e[\leXZ`l[X[i\efmX$ [X#\jk}ZcXifhl\kXdY`ej\cc\mXecXdXiZX[\=XaXi$ [f#hl\pX\jleXdXiZX`ek\ieXZ`feXc[\lec[\iZfe$ kle[\ek\#pj\^liXd\ek\kXdY`ecXdXiZXJXcXqXi% >\iXi[1 ¶P Zl}c\j [\jX]fj hl\[Xe g\e[`\ek\j \e \c k\dX[\cXZfdle`ZXZ`egYc`ZX6 <[nXi[1 :fek`elXi Zfe cX ZcXi`[X[ \e cf hl\ j\ hl`\i\ Zfdle`ZXi \e ZlXekf X gifp\Zkf [\ Z`l[X[ p el\j$ kifefik\Zfde%JXY\i\ek\e[\icfjdfd\ekfjgXiX gfe\i\ej`ekfeXcXZfdle`[X[Zfecfjgifp\Zkfj\e Zlijfpg\ij\m\iXi\e\cXZfdgXXd`\ekf[\cXjZf$ dle`[X[\j% BXk_Xi`eX1 Ef g\id`k`i# X_fiX hl\ mXdfj \ekiXe[f \e g\if[fj \c\ZkfiXc\j# hl\ cX Zfdle`ZXZ`e j\ g\ijf$ eXc`Z\\elejfcfefdYi\#gfihl\kf[f\jkf\jcX\o$ gi\j`e[\leXgXik`Z`gXZ`e^ilgXc#hl\fYm`Xd\ek\ k`\e\le[`i`^\ek\#g\ifhl\]le[Xd\ekXcd\ek\k`\e\ lej\ek`[f[\Zfc\Zk`m`[X[%I\jg\Zkf[\cd\ejXa\hl\ Zfdle`ZXdfj#Zi\fhl\Xek\e\dfjhl\`emfclZiXi d}jcX]fidXZ`e#ZXgkXiZfedXpfiXk\eZ`ecXg\i$ Z\gZ`e[\Z`l[X[Xefjhl\efjZi`k`ZXefcX[\hl`\$ e\j m\e Zfe gi\fZlgXZ`e Xc^e [\k\i`fif hl\ \jk jl]i`\e[fcXZ`l[X[%J`\dgi\gf[\dfjdfjkiXic\XcX ^\ek\Zdf\iXcXZ`l[X[Xek\jpZl}ekf_\dfjgif$ ^i\jX[f# g\if kXdY`e \j ]le[Xd\ekXc g\idXe\Z\i XY`\ikfjgXiXZfdgXik`icXji\jgfejXY`c`[X[\j[\cfj [\jX]fjhl\Xeefjhl\[Xephl\#j\^liXd\ek\#cfj Z`l[X[Xefjefjj\XcXi}e% 8Jà:L<EK8D<;<CCàEC`eXDXiX<Z_XmXiiX#_XY`$ kXek\[\cYXii`f9\ceJXe9\ieXi[f# \e\cm\Z`e[Xi`f[\cXel\mX\jkXZ`e [\Gfc`ZX[\9\ce% ¶K\^ljkXcXel\mX\jkXZ`e6J#\jcX d}jYfe`kX\ecXZ`l[X[#[\cfhl\pf ZfefqZf% ¶K\_XZ\j\ek`ij\^liXm`m`iZ\iZX[\\jkX\jkXZ`e[\gf$ c`ZX6GfilecX[fj#gfihl\\jk\cl^XiXek\j\iXg\c`^ifjf ppXef%GfifkifcX[f#lefefjXY\hlgl\[XgXjXi%G\if _XjkXX_fiX_Xj`[fd}jcXj\^li`[X[hl\_XkiX[fhl\\c g\c`^ifhl\_XpXj`^e`ÔZX[f%8ek\jlefefgf[XgXjXigfi cXZXeZ_Xj`e\eZfekiXij\lecX[ie2_fplefgl\[\gXjXi XZlXchl`\i_fiX% )(( D\[\cce1kiXej]fidXZ`e[\leXZ`l[X[ :feZ`\ikf[\AlXe\j% ;`Z`\dYi\(0[\)''/% =fk^iX]f1Cl`^`9Xhl\if% :}dYlcfjp^lXpXZXe\j# }iYfc\jZXiXZk\ijk`Zfj [\D\[\cce% 8kXi[\Z\i\eD\[\cce [\j[\\cGXihl\9`Yc`f$ k\ZX<jgXX% DliXcClq[\cJXcmX[fi#)'') =i\[pJ\ieX#Xgi\e[`Z\jpXj`jk\ek\j% +''d)Xgifo`dX[Xd\ek\% :\ekif[\D\[\cce% :fem\ijXkfi`f[\ :lckliX:`l[X[XeX p8ik\j% :fem\ijXkfi`f [\GXik`Z`gXZ`e Gfck`ZXpJfZ`Xc% :fem\ijXkfi`f[\ LiYXe`jdfJfZ`Xc# <jgXZ`fGYc`Zfp M`m`\e[X% :fem\ijXkfi`f[\ @eZclj`eJfZ`Xc%
Similar documents
GIFP Maritime and River Sea Vessel Tariffs
GIFP - Maritime & River Sea Vessel Tariffs
More informationORTHOPAEDY ORTHOPÉDIE ORTOPEDIA ORTOPEDIA
8[aljkXYc\n`[k_Xe[c\e^k_#jl`kXYc\ ]fiXccY\[jk_Xebjkfk\c\jZfg`ZklY\j ;`d\ej`fej1ZdN(''÷(.'oC())÷(/*o+'?
More information`J`.
zuu.ANJ-u
Alfred Tam x Art Director
! PfldXpXZZldlcXk\XdXo`dldf]*''`e;`m`[\e[;fccXij`eXZXc\e[Xip\Xi#gXpXYc\`eZ_\Zbjf],'fidfi\fecplgfepflii\hl\jk%;`m`[\e[;fccXijn`ccefkXZZldlcXk\fe i\klie\[gliZ_Xj...
More information