JmkeZg OZaZjaZj
B f y ; h ] Z
< ^j_\ghklb[h]bhl^_evguof_klghkl_c[uebfZehbg^b\b^mZebabjh
\Zgub qZklhghkbebh[s_ gZa\Zgb_LZdm bajZbevlygb nbgbdbygfgh]b_
[h]bgZau\ZebkvWev O ;ul WeyZK D+2O( Bh\ WeZKi IKIO(
?a^ Z ^jm]b_gZau\Zebkv;iZev OD D% PZj H^gZdhg_
kfhljygZh[sb_gZa\Zgby\k_wlbWeb b ;ZZeb [ueb\iheg_jZaebqgufb
_^bgbpZfb>eybohlebqbyqZklhh]jZgbqb\Zebkvijb[Z\e_gb_fgZa\Zgby
f_klZ]^_hdZau\ZehkvihqblZgb_khhl\_lkl\mxs_fm[h]m Bko ;h]
dhe_gZBm^ubf_gh\ZekyYo\_ B_]h\Z
< _\j_ckdhfl_dkl_LZgZoZebqgh_bfy;h]Z\klj_qZ_lkyk\ur_ jZa
Kh]eZkgh;b[ebbdh]^Z;h]]h\hjbek Fhbk__fb ihjmqbe_fm\u\_klbgZ
jh^BajZbeyba?]bilZFhbk_caZ^Zeeh]bqguc\hijhk ©<hl y ijb^md ku
gZfBajZbe_\ufb kdZ`mbf ³;h]hlph\\ZrboihkeZef_gyd \Zf´: hgb
kdZ`ml ³dZd?fmbfy"´QlhkdZaZlvfg_bf"ª Bko ;h]lh]^Zhl\_lbe
Fhbk_x ©LZdkdZ`bkugZfBajZbe_\uf =hkih^v K:K\ >@<hlbfyFh_gZ
\_db >@ª Bko Ebqgh_bfy;h]Zkhklhys__baq_luj_o_\j_ckdbo[md\
L_ljZ]jZffZlhg i_j_^Zgh\ Kbgh^Zevghfi_j_\h^_lblmehf=hkih^vH^
gZdh \ i_j_\h^_ ZjobfZg^jblZ FZdZjby iylgZ^pZluc klbo lj_lv_c ]eZ\u
dgb]bBkoh^aZibkZgbgZq_ ©LZdkdZ`bkugZfBajZbe_\uf B_]h\Z >@<hl
bfyFh_gZ\_db >@ª< ^ZgghfkemqZ_FZdZjbci_j_^Z_lL_ljZ]jZffZlhg
lZd`_dZd_]hh]eZkh\Zeb\ Kj_^gb_\_dZfZkhj_lu q_j_ar¶\ZoheZf b dZ
fZp ]Z^hev ² ihZgZeh]bbk _\j_ckdbfkeh\hf:^hgic \ÈQRG$ ² =hkih^v
fhc \ dhlhjhfZe_i h]eZkm_lkyg_q_j_ar¶\ZZ q_j_aoZlZiiZllZob[h
wlhlkh]eZkguc² ]hjlZgguc
K h^ghcklhjhgubalj_lv_caZih\_^b>_dZeh]Z Bko <lhj
\jh^_[u\ul_dZ_laZij_s_gb_ijhbaghkblvbfy;h]Z ©+_ ijhbaghkbbf_gb
B_]h\u;h]Zl\h_]hgZijZkghª i_j_\h^ZjobfZg^jblZFZdZjby K ^jm]hc
klhjhgu\ [b[e_ckdb_\j_f_gZih\b^bfhfmg_kqblZehkvij_^hkm^bl_ev
gufijhbaghkblvwlhbfy\ h[boh^ghcj_qbH[udgh\_gb_m _\j__\ijb[Z\
eylvcZ>K@b ciKm d ebqgufbf_gZf^Z`_ihke_\Z\behgkdh]hie_gZmdZau\Z
_lgZlhqlhijhbaghr_gb_L_ljZ]jZffZlhgZg_[uehaZij_s_gh>_ckl\b
l_evgh\ 9,,, \_d_^h g wijhjhdC
rZcDKm BkZby ibkZe ©KeZ\vl_=hkih^Z
Ihke_^gb_^\_nhjfu² ZjZf_ckdb_ \ Kbgh^Zevghfba^ZgbbWevWehZK b WeZKZ
i_j_\_^_gukeh\hf;h]
Lh_klvohaybg \ Kbgh^Zevghfi_j_\h^_² <ZZe hlkx^Zb ;iZevA¶[ê[ E8E] OD D%
PZj l _ohaybgfmrbguc \ ]j_q_kdhfgZibkZgbb² ;wwevaw[êe %HHO]HERºO
Fn \ jmk dhf² \__eva_\me \_eva_\me
JmkeZg OZaZjaZj Bfy;h]Z
K:K\ ijbau\Zcl_bfy?]hª Bk KhklZ\bl_ebLhju\ 9,, \_d_^h g w
lh`_g_\b^_ebgbq_]hij_^hkm^bl_evgh]h\ lhfqlhiZljbZjogZau\Z_lg_
baj_q_ggh_ Bfy ;ul Lh `_ kZfh_ fu gZ[ex^Z_f \ i_jbh^ f_`^m
9, b ,9 \_dZfb^h g w Khn Jmn Ik H^gZdh\ jZggbc
i_jbh^ jZ\ bgh\ ijhbaghr_gb_ L_ljZ]jZffZlhgZ ^himkdZehkv lhevdh ijb
kem`_gbb\ OjZf_ ©< k\ylbebs_ BfyijhbaghkbehkvlZddZdibr_lky gh
\g_k\ylbebsZaZf_gyeb^jm]bfª FbrgZKhlZ kj FbrgZChfZ
Hlghkbl_evgh^Zevg_cr_]hjZa\blby\ lhli_jbh^ke_^m_lhlf_lblvqlh\h
\j_fy kem`_gby \ kbgZ]h]Zo \f_klh L_ljZ]jZffZlhgZ ijhbaghkbeb lblme
:^hgZc<ijhq_fjZ\\bgu\j_fyhl\j_f_gb² h^bg^\ZjZaZdZ`^u_k_fv
e_l² i_j_^Z\Zebk\hbfmq_gbdZfi_j\hgZqZevgh_ijhbaghr_gb_;h`b_]h
bf_gb <Z\behgkdbcLZefm^Db^^mrbgZ kj Bg ghkh\j_f_g_fb
wlhlh[uqZcmljZlbeky< j_amevlZl_[uehj_r_ghqlh©dlhhlq_leb\hijh
baghkblBfylhlih\bg_g\ kf_jl_evghf]j_o_ª I_kbdlZZ Bf_gghih
lhfmqlhkh]eZkghLZefm^m\ gZklmiZxsbcjZckdbcfbjg_[m^_lijbgyl
lhl ©dlh ijhbaghkbl Bfy khhl\_lkl\_ggh _]h [md\Zfª FbrgZ KZg
K_^jbg dZ[[Zebklu\f_klhK:K\ CK<K ibrmlT:T\ CD<D
< kj_^gb_\_dZfZkhj_lugZL_ljZ]jZffZlhgi_j_g_keb^bZdjblbq_kdb_
agZdbkeh\Z:^hgZc \ÈQRG$ o È R $ o È R o KÈ:RK\ \ j_amevlZl_q_]hih
emqbehkv gbdh]^Z g_ kms_kl\h\Z\r__ \ ^_ckl\bl_evghklb keh\h C¶Kh\i
B_]y\Z \ ljZ^bpbhgghcjmkkdhfgZibkZgbbb ijhbaghr_gbb >_ckl\bl_ev
ghihkdhevdmkh]eZkguca\md\Z\ ihke_]eZkguooheZf b rmjmd h[uqghg_
ijhbaghkblky dZdwlh\b^ghbaebqgh]hbf_gbHkgh\Zl_ey D 8\ ² CwrêZ
ijhbaghr_gb_C¶Kh\Z y\ey_lkyhrb[hqgufAZwlbf i_j_ghkhf^bZdjblbq_
kdboagZdh\klhblhkh[ZyjZ\\bgbklbq_kdZyljZ^bpby ©4HUHHW.HWLEªhagZ
qZxsZyqlh\f_klhnhjfu\ l_dkl_² .HWLE E\LW . ² gZibkZgb_ ² ke_^m_l
qblZlv^jm]h_keh\hbebkeh\Z² 4HUH \U Tbeb\LU T ² ijhbaghr_gb_ < ^Zg
ghfkemqZ_fu bf__f^_ehk l g4HUHSHUSHWXXP ihklhyggh_ql_gb_ dh]^Z
gZibkZggh_keh\h .HWLE \hdZebabjm_lkyh]eZkh\dZfblh]hkeh\Zdhlhjh_
ke_^m_lqblZlv 4HUH Z bf_ggh^bZdjblbq_kdbfbagZdZfbkeh\Z:^hgZcdh
lhjh_b ke_^m_lqblZlv< lhfkemqZ_dh]^Z\ gZibkZgbbL_ljZ]jZffZlhg
ke_^m_laZkeh\hf:^hgZchgh]eZkm_lkydZd KËZRK§\ ² \ khhl\_lkl\bbk ^bZd
jblbq_kdbfbagZdZfbkeh\ZWehKbfdhlhjh_b ke_^m_lqblZlv<iheg_\ha
fh`gh qlh ^\h_lhqb_ i_j_^ L_ljZ]jZffZlhghf \ dmfjZgkdhc jmdhibkb
4 ² wlhnhjfZ4HUHihdZau\ZxsZyqlhL_ljZ]jZffZlhgke_^m_lqb
lZlvbgZq_beb\h\k_g_qblZlv
G_ba\_klghdZdbf_gghijhbaghkbeky\ ^j_\ghklbL_ljZ]jZffZlhgh^
gZdh\ jmk dhyauqghcgZmqghcebl_jZlmj_mdhj_gbehkvgZibkZgb_Yo\_
=hjlZgguca\mdKw K ihke_^he]h]h ]eZkgh]hdZfZp]Z^hev I dZdijZ\behg_
ijhbaghkblky
JmkeZgOZaZjaZj Bfy;h]Z
<ijhq_fy ^mfZxb kijhbaghr_gb_fL_ljZ]jZffZlhgZdZdYo\_ _klv
ijh[e_fuK h^ghcklhjhgudhj_gv:K\ gZfg_ba\_kl_gZ agZqblbfy;h]Z
kljhblkyhl]eZ]hevgh]hdhjgyK:K [ulv Z ij_nbdk \ mdZau\Z_lgZ]eZ
]hevgmxnhjfm[m^ms_]h\j_f_gblj_lv_]hebpZKh\j_f_ggh_ihkljh_gb_
KÇ: KÇ\ hg [m^_l k\yaZgh k ba\_klgufb ljm^ghklyfb fZeh \_jhylgh qlh \
^j_\ghklb \lhjhc kh]eZkguc ² ]hjlZgguc K ² [ue kihkh[_g aZdju\Zlv
[_am^Zjguckeh]k djZldbf]eZkguf wlhlkh]eZkguclj_[h\ZeoZlZiiZl
lZoZ g_r¶\Z Lh`_kZfh_fh`ghkdZaZlv ijhnhjfuKË: KÃ\ CZK\~ b K: KÃ\
CZK\.
K ^jm]hcklhjhguih]j_q_kdbfljZgkdjbipbyf_\j_ckdbobf_g\ dhlh
juomqZkl\h\Zeb[md\uL_ljZ]jZffZlhgZ gZijbf_jC¶KhrmZC¶KhoZgZg
WebccZKmFZllblcZKm fumklZgZ\eb\Z_fqlhi_j\uc]eZkguc\ bf_gb
;h]Z ² >D@ ijbq_f\\b^m lh]hqlh\ lj_okeh`guob [he__keh\Zowlhl]eZk
guc\ gZqZe_keh\Zj_^mpbjm_lky\ r¶\ZfumagZ_fqlhwlhl]eZkguc²
^he]bclh_klvdZfZp]Z^hev?kebi_j\uckeh]aZdju\Z_lky[md\hc Klhhg
ijb^he]hf]eZkghflj_[m_lm^Zj_gbyZ wlhhagZqZ_lqlh\lhjhc[_am^Zjguc
keh]\hi_j\uolj_[m_ldjZldh]h]eZkgh]hZ \h\lhjuolj_[m_lijhbaghr_
gby q_l\_jlhckh]eZkghc[md\u K CiK\wK KÇ: KÈ\
<hh[s_baljZgkdjbipbc_\j_ckdbobf_g\ dhlhjuomqZkl\h\Zeb[md\u
:K\fumagZ_fqlhwlb[md\uqblZebkvdZdcZKm bebcZKhIjbijbkh_^bg_
gbb dwlbflj_f[md\Zfq_l\_jlhc K i_j\uckeh]g_h[yaZl_evgh^he`_gaZ
dju\Zlvkyb rmjmdbeboheZf i_j_oh^blv\ \Z\ \iheg_fh`ghij_^iheh`blv
qlhi_j\uckeh]\ ^ZgghfkemqZ_hklZ_lkyhldjuluf>_ckl\bl_evgh_s_
Bjbg_c aZibku\Ze bfy;h]ZdZd,$: BZh $GYHUVXPKDHUHVHV,
qlhfh]ehkhhl\_lkl\h\Zlv_\j_ckdhfm DK2KÈ\ ]hjlZggu_\ ]j_q_kdhfgZibkZ
gbbdZdijZ\behhimkdZebkvb himkdZekyh[yaZl_evgucdjZldbciZllZo
ihke_^he]bo]eZkguo 82 b i_j_^]hjlZggufb K[ \ dhgp_keh\ZdZd
wlh \b^gh ba ]j_q_kdhc ljZgkdjbipbb k_fblkdh]h bf_gb CwrmZ
D
8\ o
,KVRÀM \ijhq_f,$: \ gZibkZgbbBjbg_yfh]ehhagZqZlvZ[[j_\bZ
lmjm ©B_]h\Z :evnZ b Hf_]Zªl _©I_j\ucb Ihke_^gbcª
DZd[ulhgb [ueh_kebfuhldZ`_fky hlihkljh_gbyih]eZ]hevguf
rZ[ehgZfZ h[jZlbfkyd ]j_q_kdbfljZgkdjbipbyfb nhg_lbq_kdbfhkgh\Zf
_\j_ckdh]hyaudZlh\ ^j_\ghklbql_gb_L_ljZ]jZffZlhgZdZdDK8KÈ\ CZKêZK
Hjb]_gi_j_^Z_lL_ljZ]jZffZlhgdZd,D b ,DZ &RQWUD&HOVXP9, Debf_gl:e_d
kZg^jbckdbc agZ_l nhjfm ,DRXH 6WURPDWD9 ?ibnZgbc ² ,D b ,DEH 3DQD
ULRQ;/ L_jlmeebZgi_j_^Z_lL_ljZ]jZffZlhgdZd,DR $GYHUVXV9DOHQWLQLDQRV
LZd`_h[jZlbl_\gbfZgb_gZh^bgnjZ]f_glm Ihjnbjby &RQWUD&KULVWLDQRVIU
]^_ ]h\hjblky h [h]_ ih bf_gb ,HXZ \ i_j_^Zq_ ?\k_\by ² 3UDHSDUDWLR HYDQ
JHOLFD, ; beb,DZ \ i_j_^Zq_N_h^hjblZ² *UDHFDUXPDIIHFWLRQXPFXUD
WLR,,
JmkeZgOZaZjaZj Bfy;h]Z
bebDK2KÈ\ CZKyZK \iheg_fh]ehbf_lvf_klh?^bgkl\_ggh_qlha^_kvfh`_l
kfmsZlvwlhhlkmlkl\b_l g©fZl_j_cql_gbyª PDWUHVOHFWLRQLV \ iZe_h_\
j_ckdhfibkvf_ kfgZijDZe_g^Zjvba=wa_jZ; \_d^hg w
<hij_dbml\_j`^_gbxg_dhlhjuoojbklbZgkdbodhgn_kkbcm gZkg_l
gb h^gh]h^hdZaZl_evkl\ZqlhBbkmkijhbaghkbeL_ljZ]jZffZlhg\ h[boh^
ghcj_qbb ijbkem`_gbb\ kbgZ]h]Zo kfgZijEd Z g_aZf_gye
_]hh[s_mihlj_[bl_evghc\ l_\j_f_gZnhjfhc:^hgZc \ ]j_q_kdbojmdhib
kyoGh\h]haZ\_lZbfy;h]Z\_a^_^Z`_\ j_qZoHkgh\Zl_eyi_j_^Z_lkylblm
ehfNºULRM <h\kydhfkemqZ_kj_^bfgh`_kl\Zh[\bg_gbc\ Z^j_kBbkmkZkh
klhjhgunZjbk__\fug_gZoh^bfh[\bg_gby\ dhsmgkl\_gghfhlghr_gbbd
bf_gb;h]ZZ agZqblHkgh\Zl_evg_ijhbaghkbeL_ljZ]jZffZlhgaZf_gy
lblmehf:^hgZc bebihk\h_fmh[udgh\_gbxZjZf_ckdbfkeh\hf I%D ²
:[[i Hl_p
QlhdZkZ_lkylj_lv_caZih\_^b>_dZeh]Z ©G_ijhbaghkbbf_gb=hkih^Z
K:K\ ;h]Zl\h_]hgZijZkgh :I DO ªlhgZj_qb_ :I DO eZrri\ fh`_l[ulv
i_j_\_^_ghdZdls_lgh\km_gZijZkgheh`ghnZevrb\hIj_`^_\k_]hwlZ
aZih\_^vhlghkbeZkvih\k_c\_jhylghklbd deyl\hij_klmie_gbx E_\
Bk B_j Hk AZo FZe Fn b _
ih^^_j`b\ZeBbkmk\ i_j\hf\ha \Zgbbfhebl\u©Hlq_gZrª b \aZij_s_
gbb ijbghkblvdeyl\u Fn
Ih\k_c\_jhylghklb\ ^j_\gbojmdhibkyoK_ilmZ]bgluL_ljZ]jZffZ
lhgg_i_j_\h^bekyZ \klZ\eyeky\ ]j_q_kdbcl_dkliZe_h_\j_ckdbfb[md\Z
fb h^gZdh \ [he_ iha^gbo kibkdZo hg i_j_^Z\Zeky ]j_q_kdbf lblmehf
NºULRM< <mev]Zl_ebqgh_bfy;h]ZlZd`_aZf_g_ghlblmehfGRPLQXV Lh`_
kZfh_fugZ[ex^Z_f\ ;b[ebyoKeZ\ygkdhc nÙ b Kbgh^Zevghc ¥ÐÓÑÐÆÞ
>jm]b_ bf_gZ ;h]Z dZdlh Wev O RZ^^ic \D'D Wevcyg
`2\ OH Heif ^IO2 P¶[Zyl W2 IE Fl _\hckdi\hbgkl\Z ² [ueb\
GZijbf_jK\b^_l_e_cB_]h\u kf `mjgZe;h`v_bfyij_[m^_l\h\_db ² Ba^
:DWFK7RZHU klj
©>Z k\ylblky bfy L\h_ª Fn ]j_q_kdh_ keh\h JLDVTWZ Bbkmk \_jhylgh
mihlj_[eyea^_kvZjZf_ckdh_keh\h D'DT WË\ fh`_l[ulvi_j_\_^_ghdZd©^Zhqbklbl
kyª
GZb[he__ihdZaZl_e_g\ wlhfieZg_ 3DS\UXV)RXDG,QY him[ebdh\Zgguc\
]h^m< =Mh^^_ehf : *:DGGHOO \ ©@mjgZe_l_heh]bq_kdbobkke_^h\Zgbcª
³-RXUQDORI7KHRORJLFDO6WXGLHV´YSS ± WlhliZibjmkK_ilmZ]bgluhlgh
kysbckyijbf_jghd ,\_dm^hg wkh^_j`bl\lhjmxiheh\bgmdgb]b<lhjhaZdhgb_b
\ g_fkhojZg_ghgZibkZgb_q_luj_o[md\_ggh]hbf_gb;h]Z\h\k_of_klZo]^_hgh
agZqblky\ _\j_ckdhfl_dkl_
< i_j_\h^_gZjmkkdbc yaud]j_q_kdh_keh\hd:jbhk hagZqZ_lbf_xsbckbem bf_x
sbc\eZklv ]hkih^bg ]hkih^v ohaybg
EZlbgkdh_keh\h^yfbgmk hagZqZ_l]hkih^bg ]hkih^v ohaybgh[eZ^Zl_ev\eZkl_
ebgih\_ebl_ev
JmkeZgOZaZjaZj Bfy;h]Z
Kbgh^Zevghf i_j_\h^_ baf_g_gu khhl\_lkl\_ggh ;h] GZ\ beb
<eZ^udZ ;ul <k_fh]msbc ;ul <k_\urgbc Qbk
<_qguc Bk KZ\Zhn PZj Kms_kl\mxlb ^jm]b_^j_\gb_
ijhghfbgZpbb;h]ZgZijbf_j U2% ² L\hjysbc Bk 8Q\W2E$ \KRO( ²
<eZ^udZ ;h] hlph\gZrbo ?a^ G2EI.DK_HOHP ² PZjvKeZ\u L¶Kbe
ebf Ik ]8=L ² KbevgucU2%ËJ ² =_jhc L¶Kbeebf
Ik ^\Ë<LU EL \KRO( ² <eZ^udZ ;h] _\j__\ Bko O IU Ë\ \KRO( ² <eZ
^udZ ;h] BajZbey Bko ^Ë\DPIDK\KRO( ² <eZ^udZ ;h] g_[_k
;ul \D[ O ² <eZ^udZ ;h] @b\hc GZ\ KÇ\ KH ² Y [m^m
Y _klv Bko ^Ë\DPI ² G_[_kZ kj>Zg Ed GI[H IK ²
H^bg kj Bg b ^j B [he__iha^gb_ijhghfbgZpbbba\_klgu_gZfba
LZefm^Z 8K_8UI%2GI4DK ² K\ylhc [eZ]hkeh\_g Hg Ibjd_c :[hl
^ DK² Bfy b ^j
Ke_^m_lkdZaZlvg_kdhevdhkeh\b hkZfhfjZkijhkljZg_gghflblme_Yo
\_\ LZgZo_ ² WehK~f ^\LKRO( >wehKEf@ Fgh]b_ bkke_^h\Zl_ebml\_j`^Zxl
qlhwlZnhjfZ² fgh`_kl\_ggh]hqbkeZ hdhgqZgb_^\beb[_amq_lZ©fZ
l_j_cql_gbyª^\ _\j_ckdhfyaud_h[uqghmdZau\Z_lgZfgh`_kl\_ggh_
qbkehfm`kdh]hbebkf_rZgguojh^h\ Z klZeh[ulvkeh\hWehKbf ke_^m_l
i_j_\h^blvg_dZd;h]Z dZd[h]b< k\yabk wlbfbgl_j_kghijhke_^blvaZ
oh^hfjZkkm`^_gby^hdlhjZnbehkhnkdbogZmdBhkbnZ:jhgh\bqZDju\_e_
\Z < k\h_c dgb]_ ©;b[eby bklhjbdhdjblbq_kdbc ZgZebaª hg ibr_l
©< ^j_\g__\j_ckdhfih^ebggbd_;b[ebb]h\hjblkyg_h[we_bebwehoZ beb
wehZo _^bgkl\_ggh_qbkeh Z h[wehobf fgh`_kl\_ggh_qbkeh Ijb^mfZ
gu\k_\hafh`gu_h[tykg_gbywlh]hnZdlZgh\k_hgbg_m[_^bl_evguQZs_
\k_]ha^_kvijb[_]Zxld lZdhfmh[tykg_gbx fgh`_kl\_ggh_qbkeh©wehobfª
y\ey_lkynhjfhc SOXUDOLVPDMHVWDWLV \_ebqZevgh]hfgh`_kl\_ggh]h ªB a^_kv
B : Dju\_e_\^Z_lhijh\_j`_gb_pblZlhcbaKeh\Zjy[b[e_ckdh]h[h]h
keh\byl _ bade_jbdZevgh]hbklhqgbdZ ©Wehobf² fgh`_kl\_ggh_qbkeh
Hghg_y\ey_lkynhjfhc\_ebqZgby² lZdhcnhjfu_\j_ckdbcyaudg_agZ
_lª >Ze__ kkueZykv gZ jZ[hlm ZdZ^_fbdZ + F +bdhevkdh]h Dju\_e_\
ml\_j`^Z_l ©Fubf__fa^_kv^_ehk hkh[hcjZagh\b^ghklvxihebl_bafZ
ihemqb\r_c\ ebl_jZlmj_gZa\Zgb_]_ghl_bafZbeb\ [he_ lhqghfgZibkZ
gbb bijhbaghr_gbbwghl_bafZKmlv_]haZdexqZ_lky \lhfqlhohlyijb
agZ_lkyj_Zevgh_kms_kl\h\Zgb_fgh]bo[h]h\gh^ZggZywlgbq_kdZy]jmiiZ
h[t_^bg_gb_ie_f_gbeb]hkm^Zjkl\hihdehgy_lkyh^ghfmbagboK wlhc
< K_ilmZ]bgl_ ° ÊQ ² Kmsbc<kZf^_ebrguc>_ckl\bl_evgucDlh_klv
OjbklbZg_gZijbf_jh[tykgyxl WehKbf ² nhjfZfgh`_kl\_ggh]hqbkeZihlhfm
qlh;h]Ljb_^bg\ G_fg_h^gZZ ljbbihklZkb
Keh\Zjv[b[e_ckdh]h[h]hkeh\by² ;jxkk_ev klj
GbdhevkdbcGFBa[jZggu_ijhba\_^_gbyihbklhjbbj_eb]bb² F
JmkeZgOZaZjaZj Bfy;h]Z
lhqdbaj_gbym dZ`^h]hie_f_gbbebgZjh^Zkms_kl\m_lk\hc[h]k dhlhjuf
_]hk\yau\Zxlhlghr_gby^h]h\hjZkhxaZ©aZ\_lZªBf_ggh\ wlhfkfuke_\
<_lohf aZ\_l_ ]h\hjblky h [h]_ :\jZZfZ b [h]_ +ZohjZ [h]_ hlpZ bo
;ul < hlghr_gbbba[jZggh]hbf[h]Z^Zggh_ie_fybebgZjh^[jZeb
gZk_[yhij_^_e_ggu_h[yaZl_evkl\Z ihdehgylvkyb kem`blvlhevdh_fmhl
dZau\Zy\ wlhf\k_f^jm]bf[h]Zfohlyhgbb kms_kl\mxl ©>Zg_[m^_lm
l_[y^jm]bf[h]h\ij_^ebphffhbfg_ihdehgyckybfb g_kem`bbfª Bk
oh^ Wghl_bafij_^klZ\ey_lkh[hclZdbfh[jZahfg_fhghl_bafZ
fhgheZljbxlh_klv_^bghihdehg_gb_ >@Wghl_bafbf_eg_lhevdhwlgbq_
kdbcghb l_jjblhjbZevgucoZjZdl_j kqblZehkvqlhgZhij_^_e_gghcl_j
jblhjbbohaybghfy\ey_lkylZdhclh[h]Z gZ^jm]bo² ^jm]b_[h]blZdqlh
ba\_klgukemqZbdh]^ZlZbebbgZywlgbq_kdZy]jmiiZihk_eb\rbkv gZgh
\hf^eyg__f_kl_ihju\ZeZ^h]h\hjgmxk\yavkhk\hbfklZjuf[h]hfb
ijbgbfZeZkhhl\_lkl\mxs__h[yaZl_evkl\hi_j_^[h]hf\eZ^_xsbfgh\hc
^eyg__a_fe_cLZd[uehgZijbf_jk `bl_eyfb:kkbjbbi_j_k_e_ggufbgZ
a_fexihdhj_ggh]h_xBajZbey hgb\kdhj_ijbgyebj_eb]bxYo\_Z ihlhf
b _ hkgh\ghc^hdmf_gl² Iylbdgb`b_WehoZdhlhjh]h\u[jZeb^eyk_[y
bafgh]boba\_klguolh]^Z[h]h\bajZbevlyg_ghkbebfyYo\_H^ghebrvlh
h[klhyl_evkl\hqlh[h]ghkblkh[kl\_ggh_bfyihdZau\Z_lqlhhgg_kqblZ
_lky _^bgkl\_gguf² hgg_ijhklh[h]g_[_aufyggucwehoZhgh^bgba
[h]h\hij_^_e_ggucbg^b\b^mmfdhlhjhfm^Z_lkybfyki_pbZevgh^eylh]h
qlh[uhlebqZlv_]hhl^jm]bowehobfª
Y g_[m^m\ ^ZgghcjZ[hl_hklZgZ\eb\ZlvkygZlhfdZdh_agZq_gb_bf_e
wghl_bafgZh[jZah\Zgb_nhjfuWehKbfghhlf_qmfg_gb__s_h^gh]hmq_
gh]h² B R RbnfZgZHgkqblZ_lqlhhdhgqZgb_f \ keh\_WehKbf² wlh
lZdgZau\Z_fZyfbfZpbyHghi_j_`blhqghkhojZgbehkvkh,, lukyq_e_lby
^h g wdh]^Zb]jZehjhevhij_^_e_ggh]hZjlbdeyklZ\b\r_]hky\ dhgp_keh
\ZLZd[ueh\ qZklghklb\ m]Zjblkdhfyaud_]^_aZk\b^_l_evkl\h\ZgZb
nhjfZBemfkhhl\_lkl\mxsZy_\j_ckdhcWehKbf< ,lukyq_e_lbb^h g w
fbfZpbybkq_aeZh^gZdhh[hagZq_gb_;h]Zk f khojZgbehkvLZdbfh[jZ
ahfRbnfZgkqblZ_lqlhnhjfZWehKbf g_fgh`_kl\_ggh]hZ _^bgkl\_ggh
]hqbkeZH^gZdhg_evayhljbpZlvlh]hnZdlZqlh\ g_dhlhjuokemqZyo\ k\y
abkhkeh\hfWehKbf mihlj_[eyxlkykeh\ZmdZau\Zxsb_gZfgh`_kl\_ggh_
qbkehGZijbf_j\ i_j\hcnjZa_;b[ebb ©< gZqZe_khl\hjbe;h] WehKbf
g_[hb a_fexª ;ul ² ]eZ]he[Zji IUI% ² khl\hjbe ² _^bgkl\_ggh]h
A^_kvDju\_e_\ih\k_c\_jhylghklbbf__l\ \b^mkZfZjblyg
Dju\_e_\B:;b[eby bklhjbdhdjblbq_kdbcZgZeba² F Iheblba^Zl klj
±
< [b[e_ckdhf_\j_ckdhfyaud_b \kh\j_f_gghfb\jbl_hij_^_e_ggucZjlbdevK
Z g_^ klZ\blky\ gZqZe_keh\Z
RbnfZgBR <_lobcaZ\_lb _]hfbj² F klj
JmkeZgOZaZjaZj Bfy;h]Z
qbkeZh^gZdh\hnjZa_ ©Dh]^Z;h] WehKbf ih\_ef_gykljZgkl\h\Zlvba
^hfZhlpZfh_]hª ;ul ² ]eZ]heKblê 8 WLK ² ih\_ebkljZgkl\h
\Zlv ² fgh`_kl\_ggh]hqbkeZBgh]^ZWehKbf]h\hjyh k_[_bkihevam_l
f_klhbf_gb_fgh`_kl\_ggh]hqbkeZ ;ul Bf_xlkyb ^jm]b_ijb
f_jubkihevah\Zgbyfgh`_kl\_ggh]hqbkeZijbhibkZgbb;h]Zdhlhju_g_
\k_]^Zhq_\b^gu\ Kbgh^Zevghfba^Zgbb
LZdbfh[jZahfg_evayh[tykgblv\k_h^ghcebrvfbfZpb_cohlyhgZ
ih\k_c\_jhylghklbbf_eZf_klhH[jZah\Zgb_nhjfuWehKbf ² h^bgba
keh`g_crboijhp_k h\hnhjfe_gby[b[e_ckdbol_dklh\
GZijbf_j ©B[hl\hcL\hj_p_klvkmijm]l\hc _Ë\D R _Ë\DO$ RE ² kmijm]b ohay_\Z
l\hbkha^Zl_ebl\hb =hkih^vKZ\Zhn Yo\_P¶[Zhl ² bfy?]hª Bk ©BlZd
_klv ;h] WehKbf km^ysbc ^\L SR ² km^ysb_ km^vb gZ a_fe_ª Ik
L¶Kbeebf ©IhfgbKha^Zl_eyl\h_]h \H U2% ² l\hjph\l\hbo ª ?dd
b ^j