Transpersonale Psychologie und Psychotherapie 1
1995 1. Jahrgang
ThemenSchwerpunkt:
Die Person und das Transpersonale
?UERVTIUVSREPI
SUZ]^[`[] @W[^[YW`XW^V) =gWdVadXWd Kfd) /(1) <(42133 :SV C[ee[`YW`) LW^W~ Xa`#+42,$3-+1(14)>Sj#+42,$130-4) HdaX)rd VW` bWdeq`^[UZW` ?WTdSgUZVrdXW`ha`:W[fdpYW`aVWdLW[^W`VSdSge =[`lW^]ab[W`ZWdYWefW^^fiWdVW`)<[W9gX`SZ_WVWd RW[feUZd[Xf[`DWeWl[d]W^[ef`[UZfYWefSffWf) IQ^XMS1 N[SFahS)FW[tWdKfdStW4).1,++HWfWdeTWdY) ;UZcQU_1 <[WeW RW[feUZd[Xf [ef SgX UZ^ad( g`V epgdWXdW[W_ HSb[WdYWVdgU]f) uN[SFahSNWd^SY)HWfWdeTWdY KUS`!G;Jha`KZ[hS-+,-
?UERVTIUVSREPI
1HMWSUMEP
.
^FIUVMGLW, E[SQ^JMX_T1
<[WLdS`ebWdea`S^W:WiWYg`Y( ?WeUZ[UZfWg`VVWdlW[f[YWd=`fi[U]^g`YeefS`V
1
0MI
44_ge[]S^[eUZWCa`lWbfW'V[W?dW`lWlgrTWdeUZdW[fW` A)
JUXXUSU_=hSQ^1
--
AA)
0-
AAA) K[UZeW^Tefe[`YW`
0.
AN)
3/
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
-0
=[MOTUY:MXa_WM1AUZ'KW^Tefg`VKW[`
HXXM;QU_`1
.3
KS[:STSg`VKfS`?daX( Faf[lW`lg_LZW_SHekUZafZWdSb[Wg`V Kb[d[fgS^[fpf
00
>gdUZf'KUZ_Wdl'DW[V(<[WVg`]^W
2+
ESe]WVWeKW^Tef
:gUZTWebdWUZg`YW`
33
E[ffW[^g`YW`
4,
<[W9gfadW`V[WeWd9geYSTW
4.
?Mk7QUZQ?UQNQMaRYQUZQ^F`UYYQ cUQMaRQUZQ^;M^RQ_\UQXQZ aZPUZYQUZQYFOTcQUSQZ^aTQZ ?Mk_UQYU^;Q^f$aZP4PQ^ZPa^OT_`^iYQZ$ PMkVQPQYQUZQ^5QcQSaZSQZb[ZUT^fQaSQ ?Mk7QUZQ?UQTQcUQQUZF`Q^Z UZPM_7aZWQXYQUZQ_FOTXMRQ_ TUZQUZ_OTMaQZaZPcUQ@[^SQZXUOT` YQUZ8^cMOTQZNQS^jkQZ ?Mk_UQPQ^JQUT^MaOT_QUZ UZPQ^9XMYYQYQUZQ^JjZ_OTQ ?MkMXXQF`^iYQYQUZQ^?UQNQ b[ZUT^SQ_\QU_`cQ^PQZ ?MkYQUZ?QNQZ7QUZQ?UQNQ UZ_UOT`^MSQZcUQPUQ;M^RQUT^Q@a_UW" NU_UOTNQUPQ_bQ^QUZ` PU^fa^jOWSQNQ GMS[^Q"(/-(%(0+(#
1HMWSUMEP ?UQNQ?Q_Q^UZZQZaZP?Q_Q^$ QUZQ aZMNThZSUSQ LQU`_OT^UR` MaR cU__QZ_OTMR`XUOTQY AUbQMa Rj^ PM_ 9QXP PQ^ `^MZ_o \Q^_[ZMXQZ C_eOT[X[SUQ aZP C_eOT[`TQ^M\UQ TQ^Ma_faSQNQZ$ cM^ QUZQ IU_U[Z$ PUQ aZ_ _OT[Z _QU` QUZUSQZ =MT^QZ NQSXQU`Q`Q aZP UZ_\U^UQ^`Q& IUQXQ :Q_\^hOTQ R[^Y`QZ XMZS_MY PM_ 5UXP$ aZP _[ SQT` PQ^ 7MZW b[Z 8PU`T LaZPQX aZP YU^ faZhOT_` QUZYMX MZ MXX PUQVQZUSQZ$ PUQ Pa^OT UT^Q [ZS^Qk%aZPGMSaZS_WaX`a^PQ^.'Q^aZP/'Q^=MT^QNQU`^aS&
BaSUZ[_?S^ge]S
`^MZ_\Q^_[ZMXQ GTQ^M\UQ WjYYQ^` _UOT aY PUQ \_eOT[X[SU_OTQZ C^[fQ__Q$ PUQ YU` PQ^ IQ^cU^WXUOTaZS [PQ^ EQMXU_UQ^aZS b[Z La_`hZPQZ$ cUQ n8^XQaOT`aZSm$ nYe_`U_OTQ 8UZTQU`nG^MZ_fQZPQZfm [PQ^ nW[_YU_OTQ_ 8UZ__QUZm bQ^NaZPQZ _UZP& FUQ NQo _OThR`US` _UOT MaOT YU` PQZ \_eOT[X[SU_OTQZ 5QPUZSaZSQZ [PQ^ \_eOT[PeZMYU_OTQZ C^[fQ__QZ$ PUQ PU^QW` [PQ^ UZPU^QW` ;UZPQ^ZU__Q Rj^ PUQ_Q `^MZ_\Q^_[ZMXQZ IQ^cU^Wo XUOTaZSQZ NUXPQZ&x JUQ Ma_ PUQ_QZ 7QRUZU`U[ZQZ fa Q^WQZZQZ U_`$ cM^ PUQ B^UQZ`UQo ^aZS PQ^ 5QS^jZPQ^ faZhOT_` YQT^ MaR PUQ 8^R[^_OTaZS TiTQ^Q^ 5Qcak`_QUZ_fao _`hZPQ aZP PQ^QZ 8^XMZSaZS Ma_SQ^UOT`Q`& QZ JUXNQ^ NQQUZRXak`$ U_` PUQ 4a_^UOT`aZS SMZfTQU`XUOTQ^ aZP MaR PM_ SQ_MY`Q F\QW`^aY PQ_ 5Qcak`_QUZ_ NQf[SQZ& F[ RUZPQZ cU^ NQU 5[[^_`QUZ "(0//# R[XSQZPQ 7QRUZU`U[Z b[Z 9MPUYMZ aZP F\QQ`T1 nG^MZ_\Q^_[ZMXQ C_eOT[`TQ^M\UQ aY_OTXUQk` cUQ PUQ `^MPU`U[ZQXXQZ C_eOT[`TQ^M\UQZ PM_ b[XXQ F\QW`^aY b[Z IQ^TMXo `QZ_%$ QY[`U[ZMXQZ aZP UZ`QXXQW`aQXXQZ F`i^aZSQZ _[cUQ PUQ 4aRPQOWaZS aZP HZ`Q^o _`j`faZS b[Z F`^QNaZSQZ ZMOT b[XXQ^ FQXN_`bQ^cU^WXUOTaZS& 4X_ 8ZPfUQX PQ^ C_eOT[o `TQ^M\UQ cU^P ZUOT` Q^R[XS^QUOTQ 4Z\M__aZS MZ PUQ b[^TQ^^_OTQZPQ >aX`a^ MZSQ_Qo TQZ$ _[ZPQ^Z bUQXYQT^ PUQ `hSXUOTQ 8^RMT^aZS VQZQ_ La_`MZPQ_$ PQ^ QZ`_\^QOTQZP PQZ bQ^_OTUQPQZQZ G^MPU`U[ZQZ 5QR^QUaZS$ 8^XQaOT`aZS$ M^XR^UQP :^MR 7j^OWTQUY aZP @M^UM ;U\\Ua_ fa^jOWSQT`$ aZP 9^MZWX_ ?[S[`TQ^M\UQ& GQUX_ Ma_ UTZQZ TQ^Ma_$ `QUX_ QUSQZ_`hZPUS$ _UZP QUZQ 9jXXQ Y[PQ^ZQ^ `^MZ_\Q^_[ZMXQ^ F`^iYaZSQZ QZ`_`MZo PQZ$ b[Z PQZQZ UT^Q^ 5QPQa`aZS cQSQZ QUZUSQ Z[OT SQZMZZ` cQ^PQZ _[XXQZ1 PUQ ;[X[% `^[\Q GTQ^M\UQ :^[R_$ PUQ C^[fQk[^UQZ`UQ^`Q C_eOT[`TQ^M\UQ b[Z @UZPQXX$ PUQ 5U[o PeZMYU_OTQ GTQ^M\UQ b[Z 5[eQ_QZ$ PUQ B^S[PeZMYUW b[Z CXQ__Q$ F`& 6XMU^& 4NQ^ PUQ `^MZ_\Q^_[ZMXQ C_eOT[X[SUQ SQT` cQU` jNQ^ PM_ 9QXP PQ^ C_eOT[`TQ^M\UQ TUZMa_& Aa^ _`UOTc[^`M^`US _[XXQZ UT^Q GTQYQZRQXPQ^$ 9[^_OTaZS_NQ^QUOTQ aZP IQ^NUZPaZS_o XUZUQZ _WUffUQ^` cQ^PQZ1 PUQ 8^R[^_OTaZS PQ_ YQZ_OTUOTQZ 5Qcak`_QUZ_ aZP _QUZQ^ TU_`[^U_OTQZ 8Z`cUOWXaZS$ MaOT UY >aX`a^bQ^SXQUOT$ PUQ 8^R[^_OTaZS bQ^hZPQ^`Q^ 5Qcak`_QUZ_fa_`hZPQ$ CM^M\_eOT[X[SUQ$ bQ^SXQUOTQZPQ EQXUSU[Z_cU__QZ_OTMR`QZ$ 8`TZ[X[SUQ$ b[^ MXXQY PUQ 8^R[^_OTaZS _OTMYMZU_OTQ^ >aX`a^QZ$ QZ`cUOWXaZS_\_eo OT[X[SU_OTQ 9[^_OTaZS$ b[^ MXXQY UY 5Q^QUOT \^hZM`MXQ^ aZP \Q^UZM`MXQ^ C_eOT[X[o SUQ$ IQ^NUZPaZSQZ fa^ Y[PQ^ZQZ CTe_UW aZP 5U[X[SUQ UZ NQfaS MaR PUQ ZQaQZ CM^Mo PUSYQZ$ _[fUMXQ aZP \[XU`U_OTQ 4W`UbU`h`QZ MZSQ_UOT`_ PQ^ SX[NMXQZ C^[NXQYQ PQ^ @QZ_OTTQU`& 4ZSQ_UOT`_ PQ^ IUQXRM^NUSWQU` aZP PQ^ >[Y\XQdU`h` PQ_ 9QXPQ_ `^MZ_\Q^_[ZMXQ^ C_eOT[X[SUQ aZP C_eOT[`TQ^M\UQ U_` Q_ QUZ 4ZXUQSQZ PUQ_Q^ LQU`_OT^UR`$ 5QU`^hSQ fa XQU_`QZ faY 7UMX[S PQ^ F`^iYaZSQZ$ fa^ ^U_QZ aZP `^MZ_\Q^_[ZMXQ^ F`i^aZSQZ& 5QUPQ _UZP @U`SXUQP UY I[^_`MZP PQ_ F\U^U`aMX 8YQ^SQZOQ AQ`c[^W "F8A 7Qa`_OTXMZP#$ AQ`fcQ^W _\^U% `aQXXQ^ >^U_QZNQSXQU`aZS&
=V[fad[S^
_`UZM aZP F`MZU_XMb :^[R UZ_ ?QNQZ SQ^aRQZ ca^PQ$ ca^PQ PUQ PQa`_OTQ B^SMZU_M`U[Z UY 9^jTVMT^ (00* SQS^jZPQ`& U__UZSQZ _`M``& 7M_ ?QU`o `TQYM PQ^ GMSaZS TUQk n7UQ CQ^_[Z aZP PM_ G^MZ_\Q^_[ZMXQm aZP UT^ aZQ^cM^`Q` S^[kQ^ 8^R[XS cM^ _OTXUQkXUOT PQ^ XQ`f`Q 4Z_`[k Rj^ PUQ_Q LQU`_OT^UR`& F[ TMNQZ cU^ aZ_ QZ`_OTX[__QZ$ PUQ ;Ma\`b[^`^hSQ PUQ_Q^ GMSaZS UZ PQ^ b[^XUQSQZPQZ Q^_`QZ 4a_o SMNQ fa bQ^iRRQZ`XUOTQZ& 5Q^QU`_ MZPQ^cQU`US bQ^iRRQZ`XUOT` _UZP P^QU GMSaZS_b[^o `^hSQ$ b[Z CUQ`Q^ ?[[YMZZ_ "(00+#$
8MWIUEWXU, :aadefW[`K'#@deY)$#,434$'LdS`ebWdea`S^WHekUZafZWdSb[W'KUZWdl':Wd` J[WVW^A'#,44/$'A]a`W`VWd=dVW)OS^fWd)G^fW` Rg`VW^='Daa_S``eH'#@deY)$#,44/$'HekUZafZWdSb[Wg`VdW^[Y[qeW=dXSZdg`Y'@WdVWd'>dW[TgdY
5
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,%,440'1(-,
0MI?UERVTIUVSREPI/IZIKXRK 3IVGLMGLWIXRHHIU]IMWMKIU1RWZMGOPXRKVVWERH! E[SQ^JMX_T$<^bUZQ$>MXUR[^ZUQZ%%
DXVEQQIRJEVVXRK$<[WeWd9gXeSflTSe[WdfSgXW[`W_NadfdSY'VWdS`^pt^[UZVWe -0) BgT[^pg_e VWd 9eeaU[Sf[a` Xad LdS`ebWdea`S^ HekUZa^aYk YWZS^fW` igdVW) =e i[dV VSd[` hWdegUZf' W[`W ]a`lWbfgW^^W ?WeUZ[UZfW VWd fdS`ebWdea`S^W` :WiWYg`Y `SUZ*)glW[UZ`W` g`V SgtWdVW_ VW` VWdlW[f[YW` =`fi[U]^g`YeefS`V W[`lgeUZpflW`) Rg VW` TWZS`VW^fW` LZW_W` lpZ^W` :WeUZdW[Tg`Y g`V NWdY^W[UZ hWdeUZ[WVW`Wd :WigtfeW[`elgefp`VW'V[WfdS`ebWdea`S^W=`fi[U]^g`Yg`VV[WHdS]f[]W`'V[We[WXqd~ VWd`' ^gl[VWe Ldpg_W`' =d^WgUZfg`Y g`V `WgW =[`e[UZfW` rTWd VSe OWeW` VWd JW^[~ Y[a`) KUZ^[Wt^[UZ i[dV SgUZ `aUZ V[W HdaT^W_Sf[] VWd iW^fiW[fW` Cd[eW` S`YWebda~ UZW`' [` VW`W` i[d g`e TWX[`VW`' g`V V[W A_b^[]Sf[a`W` W[`Wd fdS`ebWdea`S^W` HWd~ ebW]f[hWXrdVSeNWdefp`V`[eg`VV[W:W[^WYg`YV[WeWdCd[eW`iWdVW`g`fWdegUZf)
=`VW VWd eWUZl[YWd BSZdW fdSX [_ KS`(>dS`U[eUa(:Sk(?WT[Wf W[`W ]^W[`W ?dgbbW ha` DWgfW` lgeS__W`' V[W e[UZlgd 9gXYSTW YWeWflf ZSffW`' VW` Ca_bWfW`lTWdW[UZ VWdiWef^[UZW`HekUZa^aY[Wg`VCg^fgdlgWdiW[fWd`'VSV[WeWW[`[YWVWdTWVWgfeS_~ efW` g`V i[UZf[YefW` <[_W`e[a`W` VWd _W`eUZ^[UZW` =j[efW`l lg rTWdeWZW` eUZ[W~ `W`) <[W iWef^[UZW HekUZa^aY[W g`V HekUZ[Sfd[W iSdW` [_ DSTadSfad[g_ g`V [` VWd C^[`[] W`fefS`VW` g`VT[eZWdha_:WZSh[ad[e_geg`Vha`VWdHekUZaS`S^keWVa_[~ `[Wdf iadVW`) <[WeW ZSffW` liSd W[`WdeW[fe h[W^ lg [ZdWd =`fi[U]^g`Y TW[YWfdSYW`' VaUZVSe[We[UZSgXW[`XSUZW'_WtTSdWNWdZS^fW`eiW[eW`g`VSgXV[WHSfZa^aY[W]a`~ lW`fd[WdfZSffW`'iSdVSTW[SgUZh[W^WerTWdYS`YW`iadVW`'g`fWdS`VWdW_V[W9ge~ W[`S`VWdeWflg`Y _[f Rgefp`VW` bekUZ[eUZWd ?Weg`VZW[f g`V SgtWdYWiqZ`^[UZW` OaZ^TWX[`VW`e) ?dSh[WdW`VWd iSd \WVaUZ' VSt e[W i[UZf[YW <[_W`e[a`W` _W`eUZ~ ^[UZWd =dXSZdg`Y i[W Kb[d[fgS^[fpf g`V hWdp`VWdfW :WigtfeW[`elgefp`VW S^e 9geVdgU] `Wgdaf[eUZWd M`dW[XW aVWd S^e lgXp^^[YWe `Wgda`S^We >WgWdiWd] TWlW[UZ`Wf g`V VSVgdUZ[`[ZdW_OWdfZWdSTYWeWflfZSffW`) A` h[W^Wd^W[ @[`e[UZf Xa^YfW` V[W XdrZW` H[a`[WdW VWd fdS`ebWdea`S^W` HekUZa^aY[W VW`Y^W[UZW`Eaf[hW`'V[W[`VW`XdrZW`eWUZl[YWdBSZdW`W[`[YWHekUZa^aYW`hWdS`~ ^Stf ZSffW`'V[WZg_S`[ef[eUZWHekUZa^aY[WlgTWYdr`VW`#OWdfl',44-$)=[`[YW\W`Wd :WYdr`VWd VWd Zg_S`[ef[eUZW` HekUZa^aY[W' [`eTWea`VWdW 9TdSZS_ ESe^ai' 9`fZa`k Kgf[UZ g`V S`VWdW #Kgf[UZ' ,414$' iSdW` KUZ^reeW^X[YgdW` TW[VWd :WiW~ Yg`YW`) %LZWAdS`ebWdea`S^_ahW_W`f5SZ[efadkS`VefSfWaXfZWSdfWdeUZ[W`[`5LZWBagd`S^aXLdS`e( bWdea`S^HekUZa^aYk'-0',44.',-.(,.4)oTWdeWflg`Yha`LZWaC[WdVadX)Cq^` %%
6
JaYWdOS^eZ
dWgV V[W ]dS`]W @p^XfWVWdHekUZa^aY[WYW^[WXWdf'g`Vi[d_rtfW``g`V[WYWeg`VW@p^XfWeW^TefZ[`lg~ XrYW`)x =[` ;ZSdS]fWd[ef[]g_ ha` ESe^aie SgtWdYWiqZ`^[UZ YWeg`VW` NWdegUZefW[^`WZ~ _Wd` ( VW` |KW^TefhWdi[d]^[UZWd`x #_QXRMO`aMXUfQ^_$' i[W Wd e[W `S``fW ( iSd' VSt e[W e[UZ S^e ]SfS^kf[eUZ Xrd V[W =`fefWZg`Y VWd fdS`ebWdea`S^W` :WiWYg`Y Wdi[WeW`) S^^eba`fS`SgXfdpfW`)VSt e[W[__Wd]gdlg`V_WZdaVWdiW`[YWdrTWdip^f[YW`VeW[W`)<[WNWdegUZefW[A`WZ_Wd TWfdSUZfWfW`V[WeW=dXSZdg`YW`S^e@qZWbg`]fW[ZdWeDWTW`e'VaUZTWliW[XW^fW`e[W S`VWdWdeW[fe SgUZ'aTe[We[W^p`YWdS^erTWd]gdlWHWd[aVW`lgWdfdSYW`hWd_qUZfW` #ESe^ai ,42,$) S_[^[W` ha` ?[bXW^WdXSZdg`YW`g`VVSte[WlgVW_rTWdekefW_Sf[eUZWEWfZaVW`hWdXrYfW`' g_VWdSdf[YW=dXSZdg`YW`lg[`Vgl[WdW`g`VrTWd^p`YWdWRW[fSgXdWUZflgWdZS^^W`)
0MIAMIPJEPWHIU/IZXbWVIMRV]XVW_RHI 9XPWMTPI/IZXbWVIMRV]XVW_RHI A_ DSgXW VWd RW[f igdVW` [__Wd _WZd hWdp`VWdfW #ha_ eaYW`S``fW` `ad_S^W` OSUZTWigtfeW[` STiW[UZW`VW$ :WigtfeW[`elgefp`VW W`fVWU]f' g`V We igdVW XWef~ YWefW^^f) VSt e[UZ h[W^W ha` [Z`W` bae[f[h Sgei[d]fW`) <[We efS`V [` ]dSeeW_ ?WYW`~ eSfl lgd ZWd]q__^[UZW` iWef^[UZW` K[UZfiW[eW' V[W ^S`YW RW[f TWZSgbfWf ZS^fW' We YWTW `gd iW`[YW hWdp`VWdfW :WigtfeW[`elgefp`VW' g`V V[WeW eW[W` hadi[WYW`V bSfZa^aY[eUZWdFSfgd)A`g`eWdWdCg^fgdTWefWZf[`VWdLSfeW[f^S`YW_W[`O[VWdefS`V VSYWYW`'SgUZ`gdV[W=j[efW`lS`VWdWd:WigtfeW[`elgefp`VWS`lgWd]W``W`'W[`_S^ YS`lSTYWeWZW`ha`VWdW`OWdf) =[`We VWd VdS_Sf[eUZefW` :W[eb[W^W Xrd V[WeW` O[VWdefS`V [ef V[W JWS]f[a` SgX V[W 9dTW[f VWe Td[f[eUZW` 9dlfWe BS_We =eVS[^W _[f @kb`aeW) =eVS[^W' VWd had _WZd S^e W[`W_BSZdZg`VWdfW[`[YWBSZdW[`A`V[W`^WTfW'W`fVWU]fWVadfV[WWdefSg`^[UZW`EqY~ ^[UZ]W[fW`' V[W e[UZ WdqXX`WfW`' iW`` _S` @kb`aeW W[`eWflfW' g_ TW[ UZ[dgdY[eUZW` =[`Yd[XXW` V[W KUZ_WdlW` lg hWdd[`YWd`' iaTW[ SgtWdVW_ V[W ?WXSZd W[`We LaVWe ipZdW`VVWdGbWdSf[a`YWd[`YWdigdVW)=eVS[^We=`fVWU]g`YW`iSdW`VWdSdfhWdT^rX~ 7
<[WLdS`ebWdea`S^U:WiWYg`Y
XW`V' VStV[W_WV[l[`[eUZW`>SUZlW[feUZd[XfW`e[UZiW[YWdfW`'eW[`W:Wd[UZfWVSdrTWd lg hWdqXXW`f^[UZW`) S_[^[W`ha`bafW`f[W^^W`fdS`ebWdea`S^W`:WigtfeW[`elgefp`VW`Y[Tf' VStV[WeWRgefp`VWlgS^^W`RW[fW`g`V[`S^^W`Cg^fgdW`TW]S``fiSdW`g`VYWird~ V[YfigdVW`'VSte[WZ[`YWYW`[`VWdiWef^[UZW`Cg^fgdg`V?WeW^^eUZSXfiW[fYWZW`V YW^WgY`Wfg`VhWdiadXW`iadVW`e[`V) 0EV0MJJIUIR]MIUIR]ZMVGLIRXRWIUVGLMIHPMGLIR/IZXbWVIMRV]XVW_RHIR, TL_RSQIRSPSKMVGLI/IVGLUIMFXRK <[W =d]W``f`[e V[WeWe JW[UZfg_e g`V V[WeWd H^Sef[l[fpf VWe :WigtfeW[`e XrZdfW lg VWd `SZW^[WYW`VW` >dSYW' i[W e[UZ V[WeW S^fWd`Sf[hW` :WigtfeW[`elgefp`VW ( eai[W SgUZ V[W <[el[b^[`W`' VgdUZ V[W e[W bdaVgl[Wdf iWdVW` ( ]SfWYad[e[WdW` g`V _[fW[`~ S`VWdhWdY^W[UZW`^SeeW`)=[`WEqY^[UZ]W[fipdW'e[WW[`XSUZS^^WSgXW[`W`@SgXW`lg iWdXW` g`V rTWd V[W hWdeUZ[WVW`Sdf[YW` Rgefp`VW g`V <[el[b^[`W` lg eSYW`' VSt e[W S^^W hq^^[Y Y^W[UZiWdf[YW OWYW e[`V' V[W SgX VW` ?[bXW^ VWe Y^W[UZW` :WdYWe XrZdW`) FSUZ VWd LWd_[`a^aY[W VWd S^^YW_W[`W` KkefW_fZWad[W ipdW V[We mcg[X[`S^[fpf' V[W LZWeW' VSt g`fWdeUZ[WV^[UZW Rgefp`VW g`V HXSVW [` \WVW_ >S^^ lg_ Y^W[UZW` =`V~ WdYWT`[eXrZdW`) <[WeW NWd_gfg`Y iSd liSd SgX VW` WdefW` :^[U] dWUZf SffdS]f[h' VaUZ ^W[VWd SgUZ eWZd `S[h) A_ DSgXW VWd RW[f igdVW [__Wd aXXW`e[UZf^[UZWd' VSt V[W JWS^[fpf iWeW`f~ ^[UZ ]a_b^[l[WdfWd iSd) =e Y[Tf e[Y`[X[]S`fW M`fWdeUZ[WVW li[eUZW` VW` VgdUZ g`fWd~ eUZ[WV^[UZW <[el[b^[`W` WdlWgYfW` :WigtfeW[`elgefp`VW`' VaUZ Y[Tf We SgUZ EqY~ ^[UZ]W[fW`' V[WeWRgefp`VWlg]SfWYad[e[WdW`g`VlgeS__W`lgXSeeW`)HZp`a_W`a^a~ Y[eUZW :WeUZdW[Tg`YW` "\TQZ[YQZ[X[SUOMX YM\\UZS# g`V 9`S^keW VWd L[WXW`efdg]~ fgdWdi[WeW`e[UZS^eEWfZaVW`'V[WV[WeWd_qY^[UZfW`) ^` VWd NWdYS`YW`ZW[f ZSffW` V[W _W[efW` VWdSdf[YW` NWdY^W[UZW ^WV[Y^[UZ lg_ R[W^ YWZSTf'9geeSYW`VSdrTWdlg_SUZW`'aTebWl[X[eUZWRgefp`VW[VW`f[eUZaVWdg`fWd~ eUZ[WV^[UZ iSdW`) @[`YWYW` [ef V[W bZp`a_W`a^aY[eUZW :WeUZdW[Tg`Y W[`W EWfZaVW 8
<[WLdS`ebWdea`S^W:WiWYg`Y
lg_ NWdY^W[UZW` ha` :WigtfeW[`elgefp`VW` SgX h[W^Xp^f[YW` =dXSZdg`YeWTW`W`' iWeZS^T V[WeW EWfZaVW bdpl[eWdW g`V h[W^V[_W`e[a`S^WdW NWdY^W[UZW Wd_qY^[UZf) :W[eb[W^eiW[eW[efTWZSgbfWfiadVW`'VSteUZS_S`[eUZW'kaY[eUZWg`VTgVVZ[ef[eUZW HdS]f[]W` V[W Y^W[UZW` :WigtfeW[`elgefp`VW ZWdTW[XrZdW`) ES` TWSUZfW [` V[WeW_ RgeS__W`ZS`Y 9geeSYW` i[W5 |KUZS_S`W`' QaY[e g`V :gVVZ[efW` WdeUZ^[WtW` e[UZ VW` RgYS`Y lg_ Y^W[UZW` :WigtfeW[`elgefS`Vx #
KUZS_S`[e_ge
:gVVZ[e_ge#N[bSeeS`S$
HSfS`\S^[eQaYS
Ca`fda^^W
bSdf[W^^
bSdf[W^^
TW[W[`[YW`KS_SVZ[e WjfdW_WCa`fda^^W
?WiSZdeW[`VWd M_YWTg`Y
ZWdSTYWeWflf
YWefW[YWdf
efSd]ZWdSTYWeWflf
YWefW[YWdf6X[j[Wdf
Ca`lW`fdSf[a`
YWefW[YWdf6X^[WtW`V
9dageS^
YWefW[YWdf
9XXW]f
&aVWd(
& aVWd ( #Hae[f[h i[dV fW`VW`l[W^^YWefW[YWdf$
g`SgeebdWUZ^[UZWe?^rU]
^VW`f[fp^eYWXrZ^
9TfdW``g`YVWeAUZ(?W( XrZ^e6 ]S`` V[W >ad_ W[`Wd`[UZf(bZke[eUZW` |KWW^WxS``WZ_W`
AUZ(?WXrZ^i[dVSTYWTSgf g`V[`W[`e[UZefp`V[Y hWdp`VWd`VWe>^[WtW` hWdiS`VW^f5|F[UZf(KW^Tefx
g`hWdp`VWd^[UZWefdS`e~ lW`VW`fWeKW^TefaVWd \a^a_TM
9C= #SgtWd]qdbWd^[UZW BS' ]a`fda^^[WdfW =]efSeW =dXSZdg`Y ( Ba`%[R% #|=]efSe[ex$ 5[Pe%8d\Q^UQZOQ#
FW[`
FW[`6NWd^gefVWeCqdbWd~ YWiSZdeW[`e#)B=`efSe[ex$
=dXSZdg`Y
RWd^WYg`Y]a_b^WjWd =dXSZdg`YW`[`W[`lW^`W Kf[_g^[g`VVW`>^gt
W[`lW^`WeGT\W]f "nFMYMPTU_[fM`fWdefrf~ lg`Yx$aVWddW[`We :WigtfeW[`"nFMYMPTU aZ`WM`fWdefrflg`Yx$
adYS`[e[WdfW']aZpdW`fW T[^V^[UZWNadefW^^g`YW`' V[WVgdUZV[WeUZS_S`[eUZW Cae_a^aY[Wg`VVgdUZVW` RiWU]VWd\WiW[^[YW`JW[eW TWef[__fiWdVW`
YWefW[YWdf6X^[WtW`V YWiqZ`^[UZZWdSTYWeWflf
efSd]ZWdSTYWeWflf
JaYWdOS^eZ
h[W^W` hWdeUZ[WVW`W` =dXSZdg`YeV[_W`e[a`W` VSdlgefW^^W`' e[W _[fW[`S`VWd lg hWd~ Y^W[UZW`g`Ve[Wha`W[`S`VWd lgV[XXWdW`l[WdW`'g`VliSd_[fYdqtWdWdHdpl[e[a`'S^e V[We T[e^S`Y _qY^[UZ iSd)
3IQIMRVEQOIMWIR]ZMVGLIRYIUVGLMIHIRIR/IZXbWVIMRV]XVW_RHIR, 0MI.REP\VIHIU?MIJIRVWUXOWXU <[W =d]W``f`[e VWd =j[efW`l V[WeWd h[W^W` Rgefp`VW i[dXf hWdeUZ[WVW`W >dSYW` SgX5 Aef We g`e _qY^[UZ' V[WeW N[W^XS^f ha` :WigtfeW[`elgefp`VW` i[d]^[UZ lg hWdefWZW`8 Cq``W` i[d ?W_W[`eS_]W[fW` g`V mZ`^[UZ]W[fW` li[eUZW` hWdeUZ[WVW`W` Rgefp`~ VW` SgX ]aZpdW`fW OW[eW [VW`f[X[l[WdW`8 KfWZW` V[W Rgefp`VW [` W[`Wd TWef[__fW` bdaYdWee[hW` :Wl[WZg`Y lgW[`S`VWd' ea VSt _S` ha` W[`Wd =`fi[U]^g`Ye^[`[W ebdW~ UZW` ]S``' V[W W[` dSYW` |\Sx ^SgfWf) <[We ZSTW` i[d [` WdefWd D[`[W VWd 9dTW[f ha` CW` O[^TWd lg hWdVS`]W`' VWd V[W Hd[`l[b[W` VWe =`fi[U]^g`Yeefdg]fg( dS^[e_geTW`gflfZSf)g_mZ`^[UZ]W[fW`li[eUZW`hWdeUZ[WVW`W`Rgefp`VW`lgWd_[f~ fW^`g`VV[WeWVW_W`febdWUZW`VlgeS__W`lgXSeeW`#O[^TWd,43+',44.6O[^TWdWfS^) ,4315OS^eZ'NSgYZS`'[_
<[WLdS`ebWdea`S^W:WiWYg`Y
GTiaZ^eUZa`S^^W[`V[W9`iW`Vg`YVWd9`S^keWVWdL[WXW`efdg]fgdSgXV[WfdS`e( bWdea`S^W`=dXSZdg`YW`W[`WWdefSg`^[UZWDW[efg`YiSd'[efO[^TWd`aUZW[`W`KUZd[ff iW[fWdYWYS`YW`' [`VW_ Wd V[WeW g`fWdeUZ[WV^[UZW` Rgefp`VW _[f VWd 9`S^keW ha` =`fi[U]^g`YebZSeW`[`NWdT[`Vg`YYWTdSUZfg`VSgXV[WeWOW[eWW[`W`rTWdlWgYW`~ VW`=`fi[U]^g`Yeefdg]fgdS^[e_geYWeUZSXXW`ZSf)O[^TWdbaefg^[Wdf'VStV[WfdS`ebWd~ ea`S^W` L[WXW`efdg]fgdW` g`V V[W [Z`W` W`febdWUZW`VW` :WigtfeW[`elgefp`VW [` W[`WdTWef[__fW`=`fi[U]^g`YeeWcgW`lSgXfdWfW`]q``fW`'V[WSge_WZdWdW`@Sgbf~ efgXW` TWefWZf) dWgVW' V[W V[W TgVVZ[ef[~ eUZW`5^MTYM%IUTM^M_Sge^qeW`)9`VWdWdeW[fe]q``W`V[W_W`fS^W`HZp`a_W`WV[W~ eWdegTf[^W`KfgXW`ebWl[X[eUZW>ad_W`S``WZ_W`i[WTW[eb[W^eiW[eWV[W\W`WdSdUZW~ fkb[eUZW` :[^VWd' V[W TWdW[fe TWeUZd[WTW` igdVW`' g`fWd S`VWdW_ V[WVWdeUZS_S`[~ eUZW` ESUZf(L[WdW' V[W VWd UZd[ef^[UZW` =`YW^eYWefS^fW` aVWd V[W VWd Z[`Vg[ef[eUZW` <_T`M%7QbM_& >Ma_MXQ La_`hZPQ& FSUZVW_ V[W egTf[^W` Rgefp`VW hWdf[WXf g`V efST[^[e[Wdf iadVW` e[`V' ]q``W` ]SgeS^W Rgefp`VW SgXfdWfW`' V[W ]W[`Wd^W[ GT\W]fW' :[^VWd aVWd HZp`a~ _W`WTW[`ZS^fW`)<[We[efVWd`[UZf_S`[XWef[WdfW:WdW[UZVWedW[`W`:WigtfeW[`e'VWd KWW^WaVWdVWe?W[efWe%'iW^UZWdV[WfdS`elW`VW`fWIgW^^WaVWdVWd?dg`VS^^WdHZp~ `a_W`WeW[`ea^^)<[WeWd]SgeS^WRgefS`VigdVWha`VW`?`aef[]Wd`S^eVWd9TYdg`V TWeUZd[WTW`' Wd [ef VSe 9f_S` VWd NWVS`fS(DWZdW' VSe F[dhS`S VWe :gVVZ[e_ge g`V VSeLSaVWeLSa[e_ge) 7Q^ TiOT_`Q La_`MZP& A_ ZqUZefW` RgefS`V fdWfW` GT\W]fW g`V :[^VWd i[WVWd [` =deUZW[`g`Y' iWdVW` \WVaUZ SgYW`T^[U]^[UZ S^e 9geVdgU]' Hda\W]f[a`W` aVWd EaV[X[~ ]Sf[a`W` VWe :WigtfeW[`e Wd]S``f #9hSTZSeS' ,44,$) =e eUZW[`f `g`' S^e irdVW e[UZ ^WV[Y^[UZVSe:WigtfeW[`S^eVSeM`[hWdeg__S`[XWef[WdW`)<[Wei[dV[`VWdTWdrZ_~ fW` RW`(?WeUZ[UZfW ha_ GUZeW` g`V eW[`W_ @[dfW` S^e VWd ?W[ef TWlW[UZ`Wf) 9gda( T[`Va`S``fWWeKgbdS_W`fS^'g`V[_@[`Vg[e_gei[dVWe5^MTYMZ%4`YMZaVWdFM`% 6TU`%4ZMZPMYW`S``f)=ei[dVS^^YW_W[`YWeSYf'VStVSe:WigtfeW[`SgXV[WeWdKfgXW WdiSUZfeW[g`Ve[UZ[`S^^W`<[`YW`eWZW'VStWee[UZ[`S^^W`OW^fW`):WdW[UZW`g`V OWeW` VWe M`[hWdeg_e Wd]W``W g`V S^e e[W' VSt We `[UZf VgdUZ JSg_' RW[f g`V [dYW`VW[`W 9df ha` ?dW`lW` YWTg`VW` eW[' iW[^ We eW^Tef JSg_' RW[f g`V ?dW`lW` eUZSXXW' g`V eUZ^[Wt^[UZ VSt We Y^W[UZlW[f[Y eaiaZ^ V[W OW^f fdS`elW`V[WdW S^e SgUZ ha^^efp`V[Y VWd OW^f [__S`W`f eW[) <[We i[dV S^e V[W ZqUZefW NWdi[d]^[UZg`Y VWd =d^WgUZfg`Y' VWd =d^qeg`Y' S^e Ja$ @[W_XUM g`V 9MZM TWlW[UZ`Wf' S^e VSe =`VW S^^W` KgUZW`e)VSeR[W^S^^WdR[W^W'S^eVSe_aYYaYN[ZaY#VSeZqUZefW?gfW$5VSeZqUZefW R[W^g`VVSeZqUZefW?gfWVWd_W`eUZ^[UZW`=j[efW`l)
% [_Gd[Y[`S^VWgfeUZ'9`_)V)oTWde)
11
JaYWdOS^eZ
>WEFMPMVMIUXRKXRH=aGOOILU ?S`l Y^W[UZ' iW^UZW =`fi[U]^g`YeefgXW W[`W TWef[__fW <[el[b^[` g`V V[W\W`[YW`' V[W e[W rTW`' S`efdWTW`' `SUZVW_ VWd TWfdWXXW`VW RgefS`V WdXSZdW` igdVW' T^W[TW` `aUZliW[iW[fWdW9gXYSTW`lgWdXr^^W`)<[WWdefWTWefWZfVSd[`'V[Wlg`pUZeffW_ba~ dpdW` hWdp`VWdfW` :WigtfeW[`elgefp`VW [` VSgWdZSXfW lg hWdiS`VW^`' V[W ?[bXW^~ WdXSZdg`YW` [` H^SfWSg(=dXSZdg`YW` aVWd' i[W @gefa` K_[fZ #,421$ We ea fdWXXW`V SgeYWVdrU]f ZSf'|V[W :^[flWVWd =d^WgUZfg`Y[` S`ZS^fW`VWeD[UZflghWdiS`VW^`)xA` fdSV[f[a`W^^W` :WYd[XXW` SgeYWVdrU]f YWZf We VSdg_' V[W NWdlrU]g`Y VWe UZd[ef^[UZW` Ekef[]Wde [` ?affiWdVg`Y g_lgiS`VW^`' VSe ]r`ef^[UZ ZWdTW[YWXrZdfW ?WiSZdeW[` VWe :gVVZ[efW` [` eba`fS`We ?WiSZdeW[` g`V VSe fdS`elW`VW`fS^W :WigtfeW[` VWe LE(HdS]f[]Wde[`S`VSgWd`VWe]ae_[eUZWe:WigtfeW[`) <[W liW[fW 9gXYSTW TWefWZf VSd[`' V[WeWe D[UZf lg_ OaZ^W S^^Wd [` V[W OW^f lgdrU]lgTd[`YW`)|OSeW[`EW`eUZ[`VWdNWdeW`]g`YWdXpZdf'_gtWdS^eD[WTWi[W~ VWd ha` e[UZ Sgeefdq_W` ^SeeW`x' Vdp`YfW EW[efWd =U]ZSdf #KfSUW' ,432' K) ..3$) BW`~ eW[feVWd=d^WgUZfg`Yg`VeW^TefVWeVSgWdZSXfW`D[UZfe^[WYfV[W9gXYSTW'VSe=dXSZ~ dW`W _[f S`VWdW` lg fW[^W`) @[WdXrd Y[Tf We lSZ^dW[UZW EWfSbZWd`) >rd H^Sfa iSd V[We V[W JrU]]WZd [` V[W @qZ^W' Xrd V[W ;Zd[efW` [ef We |V[W >dgUZfTSd]W[f VWd KWW^Wx' iSe TWVWgfWf'VStV[WYqff^[UZW@aUZlW[fVWd_kef[eUZW`NWdW[`[Yg`Y[`VWdOW^f>drUZfW fdpYf' g`V [_ RW`(?^W[UZ`[e ha_ GUZeW` g`V eW[`W_ @[dfW` [ef We VSe |:WfdWfW` VWe ESd]fb^SflWe _[f ZW^XW`VW` @p`VW`x) BaeWbZ ;S_bTW^^ ZSf V[WeW HZSeW S^e V[W |JrU]]WZd VWe @W^VW`x TWlW[UZ`Wf' ipZdW`V VWd @[efad[]Wd 9d`a^V Lak`TWW V[W CdW[eTWiWYg`Y ha` VWd [``WdW` KgUZW Z[` lg_ pgtWdW` <[W`W` S^e |Rk]^ge VWe JrU]lgYe g`V VWd JrU]]WZdx TWlW[UZ`WfW g`V eSYfW' V[We eW[ VSe UZSdS]fWd[ef[eUZW NWdZS^fW`\W`WdEW`eUZW`'V[WS__W[efW`lg_OaZ^WVWdEW`eUZZW[fTW[fdrYW`)
1UPIXGLWXRKMQ8EFSUEWSUMXQ =d^WgUZfg`Y_SYW[`W[`fWdWeeS`fWAVWWeW[`'VaUZi[dXfe[WW[`W>dSYWSgX)?[TfWe [dYW`ViW^UZW @[`iW[eW VSdSgX' VSt We ea WfiSe i[W =d^WgUZfg`Y fSfepUZ^[UZ Y[Tf' aVWd ZS`VW^f We e[UZ ^WV[Y^[UZ g_ W[`W S`YW`WZ_W HZS`fSe[WhadefW^^g`Y8 A_ DSgXW VWd^WflfW`BSZdWZSf_S`g`fWdefrflW`VW9`S^aY[W`YWXg`VW`'g`VWee[`VSgUZ=jbW~ d[_W`fW VgdUZYWXrZdf iadVW`' V[W VSdSgXZ[`iW[eW`' VSt =d^WgUZfg`Y W[`W JWS^[fpf [ef) DSTadWjbWd[_W`fWZSTW`YWlW[Yf'VSteaiaZ^[_OSUZ(S^eSgUZ[_KUZ^SXlgefS`V W[` WdZqZfWe ?WiSZdeW[` WddW[UZf iWdVW` ]S``) LSUZ[efae]ab[eUZW M`fWdegUZg`YW` TW[XadfYWeUZd[ffW`W`EWV[f[WdW`VW`'V[W_[`VWefW`eV[WWdefWVWdh[WdTgVVZ[ef[eUZW` KfgXW` VWd =d^WgUZfg`Y WddW[UZf ZSffW`' ZSTW` YWlW[Yf' VSt TW[ V[WeW` HWdea`W` V[W NWdSdTW[fg`Y ha` OSZd`WZ_g`YeW[`VdrU]W` TWeUZ^Wg`[Yf g`V V[W KW`e[T[^[fpf WdZqZf iSd #:dai` Wf S^)' ,43/S' T$) JadeUZSUZ(LWefe WdYSTW` W[`TWea`VWde[`fWdWe~ eS`fWe EgefWd) K[W VWgfWfW` VSdSgX Z[`' VSt V[WeW Wd^WgUZfWfW` NWdegUZebWdea`W` `[UZf g`TWV[`Yf XdW[ iSdW` ha` bekUZ[eUZW` Ca`X^[]fW` TWlrY^[UZ LZW_W` i[W 9TZp`Y[Y]W[f' KWjgS^[fpf g`V 9YYdWee[a`) 9gXXp^^[Y iSd \WVaUZ' VSt e[W Z[`e[UZf^[UZ V[WeWd HdaT^W_W ]Sg_ 9TiWZdhWdZS^fW` g`V JWS]f[h[fpf lW[YfW` #:dai`' =`Y^Wd' ,4316KZSb[da)OS^eZ',43/$) Rgefp`VW WdZqZfW` ?WiSZdeW[`e ]q``W` SgUZ [_ KUZ^SXlgefS`V SgXfdWfW`) A` VWd LE(LdSV[f[a` i[dV V[W WdefW KfgXW VWd =d^WgUZfg`Y S^e ]ae_[eUZWe :WigtfeW[` TWlW[UZ`Wf' VSe W[`W g`g`fWdTdaUZW`W Ca`f[`g[fpf VWe ?WiSZdeW[`e [_ OSUZ( g`V 12
<[WLdS`ebWdea`S^W:WiWYg`Y
KUZ^SXlgefS`V TW[`ZS^fWf) =defW ==?(M`fWdegUZg`YW` W[`We XadfYWeUZd[ffW`W` HdS]~ f[l[WdW`VW`'VWdha`e[UZTWZSgbfWfW'WdZSTWV[WeW`RgefS`VWddW[UZf'VWgfWfW`WTW`~ XS^^e[`V[WeWJ[UZfg`Y#?SU]W`TSUZ':aehW^V',434',44.$) ad_' [` [ZdW` g`lpZ^[YW` bZke[~ eUZW` 9ebW]fW`' YSeXqd_[Y' XWef' ZW[t' ]S^f' KfdSZ^W`' =`WdY[W`' =^W]fda~ `W`'S^^V[We[ef`[UZfeiW[fWdS^eVWdA`ZS^fVWe@qUZefW`LdSg_e)E[fVW_ 9gXfSgUZW` V[WeWd ?qff^[UZW` OW[eZW[f i[dV VWd _[]da]ae_[eUZW 9ebW]f VWe ES]da]ae_ae ha^^efp`V[Y SgXYWiWU]f6 VWd LSgfdabXW` hWdW[`[Yf e[UZ i[WVWd _[f VW_ DWgUZfW`VW` EWWd' [` F[dhS`[eUZWd ?^rU]eW^[Y]W[f g`V KrZ`W "M`%[ZQ%YQZ`#$ TWeWeeW` ha` 9^^W` :We[flfr_Wd`' O[eeW`VWd VWe 9^^(O[eeW`e' KUZqbXWd S^^Wd KUZqbXg`YW` ( VWd =[`W ?W[ef' V[W O[d]~ ^[UZ]W[fKW^Tef#=hS`e(OW`fl',403$)
13
JaYWdOS^eZ
@RVIUKIZ`LRPMGLIU/IZXbWVIMRV]XVWERH <[WEqY^[UZ]W[fW`VWeEW`eUZW`YWZW`W[`VWgf[YiW[frTWdVSeZ[`Sge'iSerT^[~ UZWdiW[eW S^e _qY^[UZ S`YWeWZW` i[dV) >a^Y^[UZ [ef VSe' iSe i[d S^e |Fad_S^[fpfx TWlW[UZ`W`'`[UZfVWd?[bXW^VWd_W`eUZ^[UZW`=`fi[U]^g`Y'ea`VWd`WZWdW[`W>ad_ ha` =`fi[U]^g`Yeef[^^efS`V) ESe^ai #,413' K) ,1$ ZSf V[W K[fgSf[a` Ygf WdXStf' [`VW_ Wd eUZdW[Tf5 |=e i[dV [__Wd ]^SdWd' VSt VSe' iSe i[d [` VWd HekUZa^aY[W S^e `ad_S^ TWlW[UZ`W`' [` OSZdZW[f W[` bekUZabSfZa^aY[eUZWd RgefS`V VWe d[fl HWd^e$' S^e @kb`aeW #O[^^[e @Sd_S`$' S^e ]a^^W]f[hW Hek~ UZaeWaVWdS^eYW_W[`eS_WeNWddrU]feW[`TWlW[UZ`WfZSf) ?WiqZ`^[UZ i[dV V[WeWd fdSg_pZ`^[UZW RgefS`V Sge _WZdWdW` ?dr`VW` `[UZf Wd]S``f5O[dS^^Wg`fWd^[WYW`[Z_6i[de[`VeW[fg`eWdWdC[`VZW[fZkb`af[e[WdfiadVW`6 g`Vi[dS^^WaZ`W9ge`SZ_W^WTW`[_YdqtfW`S^^WdCg^fW5VWdCg^f(gd) <[W :afeUZSXf VWd YdatW` eb[d[fgW^^W` LdSV[f[a`W` ^ptf e[UZ VSZWd eWZd ^W[UZf lgeS__W`XSeeW`5 OSUZf SgX OSUZf SgX Sge WgdW_ egTabf[_S^W`' fdS`UWSdf[YW` :WigtfeW[`elgefS`V6 WdiSUZf lg WgdWd iSZdW` FSfgd6 WdiSUZf g`V `WZ_f V[W LSf~ eSUZWiSZd'VSt[Zd_WZdeW[VS^eV[WeWdCqdbWdg`VVSt[Zd`[UZf`gd_WZdeW[V'S^e[Zd VW`]f'ea`VWd`SgUZ_WZd'S^e[ZdVW`]W`WiZZ`6WdiSUZfg`ViWdVWfVWeeW`YWiSZd' VSt) i[W O[^^[S_ BS_We eSYfW' |We W[` Ca`f[`gg_ ]ae_[eUZW` :WigtfeW[`e Y[Tf' YWYW`iW^UZWeg`eWdWA`V[h[VgS^[fpf^WV[Y^[UZ_SdY[`S^WCdpXfW_aT[^[e[Wdfg`V[`VSe g`eWdWhWdeUZ[WVW`W`?W[efWeTWefS`VfW[^WW[`fSgUZW`i[W[`W[`_rffWd^[UZWeEWWd)x
0MI7XRVWHIU?UERV]IRHIR] OW`` i[d VSha` SgeYWZW`' VSt We =`fi[U]^g`Ye_qY^[UZ]W[fW` Y[Tf' V[W \W`W' V[W i[d ^S`YW S^e V[W GTWdYdW`lW VWe _W`eUZ^[UZW` HafW`f[S^e S`YWeWZW` ZSTW`' iW[f rTWdefW[YW`' g`V VSt lg V[WeW` EqY^[UZ]W[fW` SgUZ V[W =d^WgUZfg`Y YWZqdf' VS`` efW^^f e[UZ V[W `SZW^[WYW`VW bdS]f[eUZW >dSYW5 |O[W ]q``W` i[d V[WeW HafW`f[S^W [` g`eWdW_DWTW`XdgUZfTSd_SUZW`8x<[W9`fiadf^SgfWf'VSt_S`e[UZVSlgW[`WdHdS~ j[e i[V_W` _gt' W[`Wd fdS`ebWdea`S^W` <[el[b^[`' W[`W_ QaYS' VWd \W`W fdS`ebWdea~ `S^W=`fi[U]^g`YW[`lg^W[fW`hWd_SY)
<[WLdS`ebWdea`S^W:WiWYg`Y
M`fWdegUZg`YW`^SeeW`VSdSgXeUZ^[WtW`'VSt[Z`W`S^^W`eWUZe=^W_W`fWYW_W[`eS_ e[`V5=dl[WZg`YlgW[`WdTWef[__fW`WfZ[eUZW`@S^fg`Y'KfST[^[e[Wdg`YVWd9gX_Wd]~ eS_]W[f' LdS`eXad_Sf[a` ha` =_af[a`W`' M_ad[W`f[Wdg`Y VWd Eaf[hSf[a`' NWdXW[`W~ dg`Y VWd OSZd`WZ_g`Y g`V V[W =`fi[U]^g`Y ha` OW[eZW[f) S]fadW`W[`lgYWZW`'VaUZe[`VW`f~ ebdWUZW`VW:WeUZdW[Tg`YW`S`S`VWdWdKfW^^WlgX[`VW`#OS^eZ)NSgYZS`',44.S)T$)
1MRRIXIVAIUVW_RHRMVYSR=IPMKMSR <[WeW =`fVWU]g`YW` eai[W S`VWdW Wd_qY^[UZW` g`e `WgSdf[YW g`V pgtWdef i[UZ~ f[YW =[`e[UZfW` [` V[W Ydg`V^WYW`VW FSfgd g`V VW` RiWU] SgfZW`f[eUZWd dW^[Y[qeWd LdSV[f[a`W`) g`]f[a` VWe KW[`e) OW`` We lg W[`Wd NWdp`VWdg`Y [_ KW[` VWe O[eeW`VW` ]a__f' hWdp`VWdfe[UZV[W9dfg`VVWdM_XS`YeW[`WeO[eeW`eVW_W`febdWUZW`V)x
0MI>MWXEWMSRHIUBIPW OpZdW`V V[W hWdYS`YW`W` -0 BSZdW Xrd V[W fdS`ebWdea`S^W :WiWYg`Y W[`W RW[f g`YWZWgdWd=d]W``f`[eeWg`Vi[UZf[YWd
JaYWdOS^eZ
eagdUW`iWdVW`WdeUZqbXf'9dfW`iWdVW`[`W[`W_EStWg`V[`W[`Wd?WeUZi[`V[Y~ ]W[fSgeYWdaffWf'i[WWeeW[fVW_M`fWdYS`YVWd<[`aeSgd[Wd`[UZfhadYW]a__W`[ef' g`V V[W RWdefqdg`Y VWd eUZrflW`VW` Gla`eUZ[UZf' ha` VWd had -0 BSZdW` `aUZ `[W~ _S`V WfiSe igtfW' efW^^f ZWgfW W[`W YdatW :WVdaZg`Y Xrd V[W M_iW^f g`V Xrd V[W _W`eUZ^[UZW?Weg`VZW[fVSd#:Sd`Wk',44.6:dai`WfS^',44.6?a^Ve_[fZ',44.$) M`fWdVWeeW`ZSfe[UZS_Jrefg`YeiSZ``[UZfeYWp`VWdf'g`VUeW`fefWZW`[__Wd `WgW Cd[eW`ZWdVW' [` VW`W` ]d[WYWd[eUZW 9geW[`S`VWdeWflg`YW` efSffX[`VW`) OpZ~ dW`VV[WeWd-0BSZdWe[`VSgXVWdYS`lW`OW^f_WZdS^efQTZ5UXXU[ZQZ7[XXM^XrdOSX~ XW`]pgXWSgeYWYWTW`iadVW`'g`VV[W9geYSTW`[_BSZdW,44.S^^W[`rTWdeUZdW[fW` V[W ?dW`lW ha` W[`Wd :[^^[a` dSgW` [` VWd dSgW``[UZf_WZdYWlig`YW`e[`V'h[W^WC[`VWdlgYWTp~ dW`'g_KfSfgeg`Vq]a`a_[eUZWK[UZWdZW[flgYWi[``W`'ea`VWd`V[WeW#g`VSgtWd~ VW_ W[`W YWi[eeW RgXd[WVW`ZW[f$ XadfS` VgdUZ W[`W 9geT[^Vg`Y g`V W[`W W`febdW~ UZW`VW 9dTW[f WddW[UZW` ]q``W`' iWdVW` V[W ?WTgdfW`l[XXWd`[` \W`W` Dp`VWd`VdS~ _Sf[eUZe[`]W`) =[` S`VWdWd WdXdWg^[UZWd >S]fad [ef' VSt V[W CaefW` Xrd V[W HdaVg]f[a` ha` Kfda_ Sge Ka``W`W`WdY[W ^S`YeS_ STWd e[UZWd SgX VSe F[hWSg VWd CaefW` Xaee[^Wd =`WdY[W~ ebW`VWd lgefUgUdf) JW^Sf[h YWd[`YW A`hWef[f[a`W`' [`eTWea`VWdW hWdY^[UZW` _[f VW` E[^^[SdVW`' V[W lgd M`fWdefrflg`Y VWd =`WdY[WWdlWgYg`Y Sge Xaee[^W` :dW``efaXXW` g`VVgdUZ9fa_W`WdY[WSgeYWYWTW`iWdVW`']q``fW`VWdKa^SdW`WdY[Wq]a`a_[eUZ VW` OWY TWdW[fW`) OW`` _S` V[WeW NWdXSZdW` `aUZ _[f VWd =^W]fda^keW ha` OSeeWd ]a_T[`[WdW` g`V SgX V[WeW OW[eW OSeeWdefaXX S^e :dW``efaXX `gflW` irdVW' ]q``fW V[W M_iW^fhWdeUZ_gflg`Y WdZWT^[UZ dWVgl[Wdf iWdVW` g`V VS_[f SgUZ VWd LdW[T~ ZSgeWXXW]f g`VV[W=deUZqbXg`YVWdJWeeagdUW`VWd=dVW)<[Wee[`VW[`VWgf[YdW^Sf[h bdW[eiWdfW' O[`(O[`(Dqeg`YW` ( Dqeg`YW`' ha` VW`W` i[d S^^W g`V g`eWd H^S`Wf S^e ?S`lWebdaX[f[WdW`irdVW`) <[WeW 9`S^keWlW[Yf' VSt V[W>S]fadW`' V[W rTWdVSe KUZ[U]eS^ g`eWdWdKbWl[Weg`V g`eWdWe H^S`WfW` W`feUZW[VW` iWdVW`' iW`[YWd fWUZ`a^aY[eUZWd S^e bekUZa^aY[eUZWd g`V eb[d[fgW^^Wd FSfgd e[`V) Rg_ WdefW` ES^ [` VWd EW`eUZZW[feYWeUZ[UZfW e[`V XSef S^^Wg`eWdWY^aTS^W`HdaT^W_Wha_EW`eUZW`eW^TefhWdgdeSUZf)HdaT^W_Wi[WoTWd~ TWhq^]Wdg`Y' M_iW^fhWdeUZ_gflg`Y' JWeeagdUW`WdeUZqbXg`Y g`V M_iW^flWdefq( dg`Y e[`V S^^WeS_f >a^YW` _W`eUZ^[UZW` NWdZS^fW`e g`V eb[WYW^` VWeZS^T V[W bek~ UZa^aY[eUZW` CdpXfW i[VWd' V[W [` g`e g`V li[eUZW` g`e i[d]eS_ e[`V #=[Y[`' ,44.6 OS^eZ',43/',434T',44.$)
<[WLdS`ebWdea`S^W:WiWYg`Y
a^YW`' NWdZS^fW`eiW[eW`' V[W e[UZ eba`fS` W`fi[U]W^`) <[WeW =d]W``f`[e g`V V[WeWe =`YSYW_W`f e[`V V[W ?dg`V^SYW W[`Wd f[WX ha` q]a^aY[eUZW` :W^S`YW` YWbdpYfW` =[`efW^^g`Y #PQQ\ QO[X[Se# g`V VWe W`fefWZW`VW` >W^VWe fdS`ebWdea`S^Wd n]a^aY[W#aj',44+',44.$) O[dTWX[`VW`g`eW[`VWgf[Y[`W[`W_OWff^SgXli[eUZW`:WigtfeW[`g`VCSfSefda~ bZW)<[WW`feUZW[VW`VW`>dSYW`g`eWdWdRW[f^SgfW`VWeZS^T5A)O[dVWeg`eYW^[`YW`' W[`W ]d[f[eUZW ESeeW ha` EW`eUZW` _[f W`fi[U]W^fW_ ?WiSZdeW[` lg T[^VW`' V[W TWdW[fe[`V'e[UZXrdV[Wi[UZf[YW`:W^S`YWg`eWdWdRW[flgW`YSY[WdW`8-)O[dVWeg`e S^^W`YW^[`YW`'V[WfdS`ebWdea`S^WN[e[a`iW[fYW`gYg`VWXXW]f[hYW`gYlghWdTdW[~ fW`'eaVStW[`WCSfSefdabZWSTYWiW`VWfiWdVW`]S``g`VV[WCdpXfWVWdRWdefqdg`Y lgCdpXfW`g_YWiS`VW^fiWdVW`'V[WVW_S^^YW_W[`W`=diSUZW`g`VOaZ^TWX[`VW` lgfdpY^[UZe[`V8 <[W RW[f' V[W g`e lgd NWdXrYg`Y efWZf' [ef ]gdl' g`V V[W HdaT^W_W' V[W We lg ^qeW` Y[^f'e[`VYWiS^f[Y)M_WdXa^YdW[UZlgeW[`'_reeW`i[dS^^Wg`eWdWJWeeagdUW`_aT[~ ^[e[WdW` ( V[W [`V[h[VgW^^W` WTW`ea i[W V[W ]g^fgdW^^W`' V[W [``WdW` i[W V[W pgtWdW`' V[W bWdeq`^[UZW` i[W V[W fdS`ebWdea`S^W` ( W[`W EaT[^[e[Wdg`Y' V[W HWfWd JreeW^ #,44.$S^e|W[`[``WdWeES`ZSffS`(Hda\W]fxTWlW[UZ`WfZSf) =[` ea^UZWe Hda\W]f [ef V[W @WdSgeXadVWdg`Y g`eWdWd RW[f) GT i[d g`e V[WeWd @Wd~ SgeXadVWdg`Y lg efW^^W` hWd_qYW`' i[dV VSdrTWd W`feUZW[VW`' aT We g`e YW^[`YW` i[dV' W[`W `pZWd`VW #_a_`MUZUZS$ g`V SgXdWUZflgWdZS^fW`VW #_a_`MUZMNXQ# ?WeW^^~ eUZSXflgeUZSXXW`'aVWdaTi[dg`eWdW`H^S`WfW`lgW[`WdhWdY[XfWfW`'hWdeUZ_gflfW` g`V SgeYWb^r`VWdfW` =[`qVW _SUZW` iWdVW`)
DXVEQQIRJEVVXRK OSeS^eaZSTW`i[d[`VW`hWdYS`YW`W`-0BSZdW`WddW[UZf8 O[d TWYS``W` _[f VWd =d]W``f`[e' VSt VWdEW`eUZ g`VeW[`W EqY^[UZ]W[fW`_WZd TW[`ZS^fWf'S^e_S`T[elg\W`W_RW[fbg`]fWd]S``fZSffW'g`VVStV[WeWe|_WZdxV[W ?[bXW^WdXSZdg`YW`W[`eUZ^at) FSUZVW_ i[d S`XS`Ye Y^SgTfW`' We YWTW `gd QUZQ 9df ha` ?[bXW^WdXSZdg`Y' ZSTW` i[debpfWdWd]S``f'VStWeYS`lW>S_[^[W`VWdSdf[YWd=dXSZdg`YW`Y[Tf'g`Vi[dZSTW` EWfZaVW`W`fi[U]W^f'g_V[WeW^TW`lgTWeUZdW[TW`g`V_[fW[`S`VWdlghWdY^W[UZW`) O[dZSTW`Wd]S``f'VStg`eWdWCg^fgd_a`abZSe[eUZ[efg`Vg`fWdV[WeW_M_efS`V ^W[VWf' g`V i[d ZSTW` VSdS` YWSdTW[fWf' e[W [` W[`W ba^kbZSe[eUZW Cg^fgd g_lgiS`~ VW^`) 17
JaYWdOS^eZ
O[d ZSTW` YW_W[`eS_W Kfdg]fgdW` [VW`f[X[l[Wdf' V[W eUZW[`TSd efSd] ha`W[`S`VWd STiW[UZW`VW`=dXSZdg`YW`lgYdg`VW^[WYW`'g`VVSVgdUZ[efWeg`eYW^g`YW`'fdS`e~ bWdea`S^W=dXSZdg`YW`g`VRgefp`VWlgTWef[__fW`LkbW`lgeS__W`lgXSeeW`) O[dZSTW`V[WfdS`ebWdea`S^W=`fi[U]^g`YrTWdVSeZ[`SgeTWeUZd[WTW`'iSelghad S^e?[bXW^VWd_W`eUZ^[UZW`EqY^[UZ]W[fW`S`YWeWZW`igdVW'g`Vi[dZSTW`YWi[eeW @[`iW[eW SgX S^^YW_W[`W bekUZa^aY[eUZW g`V eb[d[fgW^^W =`fi[U]^g`YeeWcgW`lW` W`fVWU]f'V[W[`h[W^W`LdSV[f[a`W`lgX[`VW`e[`V) O[dZSTW`[`VW`SgfZW`f[eUZW`eb[d[fgW^^W`<[el[b^[`W`VWdOW^fYW_W[`eS_W=^W~ _W`fWg`VHdalWeeWSgeYW_SUZfg`VWd]S``f'VStV[WeW<[el[b^[`W`W[`WCg`efg`V LWUZ`a^aY[W VWd LdS`elW`VW`l TW[`ZS^fW`) 9gtWdVW_ ZSTW` i[d VgdUZ =jbWd[_W`fW :W^WYW Xrd V[W O[d]eS_]W[f g`V V[W bae[f[hW` 9gei[d]g`YW` V[WeWd <[el[b^[`W` lgeS__W`YWfdSYW`'eaVStUe_[ff^WdiW[^WeUZa`S^^W[`@g`VWdfWha`M`fWdegUZg`~ YW`rTWdEWV[fSf[a`Y[Tf) O[de[`Vlg`WgW`=[`e[UZfW`rTWdV[WFSfgdg`VVW`RiWU]]a`fW_b^Sf[hWdHdS]f[~ ]W`YW^S`Yfg`VZSTW`Wd]S``f'VStV[WYdatW`JW^[Y[a`W`[`[ZdW_]a`fW_b^Sf[hW` CWd`DS`V]SdfW`#OWYTWeUZdW[Tg`YW`$g`VLWUZ`[]W`lgd:WeUZdW[Tg`Yg`VA`Vg]~ f[a`fdS`elW`VW`fWd:WigtfeW[`elgefp`VWW`fZS^fW`) O[d ZSTW` Wd]S``f' VSt fdS`ebWdea`S^W HekUZa^aY[W` g`V HZ[^aeabZ[W` i[W NWVS`fS' :gVVZ[e_ge' KgX[e_ge g`V V[W UZd[ef^[UZW` ]a`fW_b^Sf[hW` LdSV[f[a`W` ( V[W YW_W[`eS_ V[W =i[YW HZ[^aeabZ[W "\TUX[_[\TUM \Q^QZZU_# g`V V[W =i[YW HekUZa~ ^aY[W T[^VW` ( hWdeUZ[WVW`W :WigtfeW[`elgefp`VW ]W``W` g`V e[UZ _[f VW`eW^TW` TWXSeeW` g`V SgtWdVW_ lgefS`VeebWl[X[eUZW <[el[b^[`W` e[`V) pZ[Y]W[fW` Wd^WgUZfWfWd EW`eUZW` YWXg`VW`) O[dXS`YW`eaYSdS`lghWd_gfW`'VStV[Wf[WXYdr`V[YefW`g`VdSV[]S^efW`:WZSgb~ fg`YW` VWd \TUX[_[\TUM \Q^QZZU_ lgfdWXXW` g`V VSt 9geeSYW` i[W V[W [_ Xa^YW`VW` SgXYWXrZdfW`fSfepUZ^[UZiSZde[`V) 7M_TUYYXU_OTQ>iZUS^QUOTXUQS`UZQaOT&#;Zd[efW`fg_$ 18
<[WLdS`ebUdea`S^W:WiWYg`Y
JQ^PM_FQXN_`bQ^_`QT`$WQZZ`PM_SQ_MY`QHZUbQ^_aY&#MbS`[eZSVW`$ 4`YMZ "PM_ UZPUbUPaQXXQ 5Qcak`_QUZ# aZP 5^MTYMZ "PM_ aZUbQ^_QXXQ 5Qcak`_QUZ# _UZPQUZ_&#NWVS`fS$ :[``cQUX`UZPU^MX_Pa&#QaYS$ FOTMaQZMOTUZZQZ$PaNU_`PQ^5aPPTM&#:gVVZ[e_ge$ ;UYYQX$ 8^PQ aZP @QZ_OT _UZP QUZ aZP PQ^_QXNQ >i^\Q^& #FUa]a`Xgl[S`[e_ge$ JQ^_UOT_QXN_`WQZZ`'WQZZ`_QUZQZ:[``&#Ae^S_$ M`eWdW 9gXYSTW [ef Xa^Y^[UZ' V[W fdS`ebWdea`S^W N[e[a` eW^Tef lg dWS^[e[WdW`' [`VW_ i[d g`e S]f[h _[f W[`Wd fdS`ebWdea`S^W` <[el[b^[` TWeUZpXf[YW`' [`VW_ i[d V[WeW N[e[a` VgdUZ KfgV[g_' JU^^W]f[a` g`V ]d[f[eUZWe
?LIWUERVTIUVSREPQSYIQIRW,9LMVWSU\ERHVWEWISJWLIEUW
FaYYM^e LZ[ebSbWd[eTSeWVa`SfS^]Y[hW`SffZW-0fZS``gS^_WWf[`YaXfZW9eeaU[Sf[a`XadLdS`ebWdea`S^ HekUZa^aYkS`VSffW_bfefabdah[VWSUa`UWbfgS^Z[efadkaXfZWfdS`ebWdea`S^_ahW_W`fSeiW^^Se S`SeeWee_W`faXfZWUgddW`fefSfWaXfZWSdf)Lab[UeV[eUgeeWV[`U^gVW_Sbb[`YS`VUa_bSd[`Y efSfWeaXUa`eU[age`Wee'fdS`ebWdea`S^VWhW^ab_W`fS`VfZWbdSUf[UWefZSfXaefWd[f'^gU[VVdWS_[`Y' W`^[YZfW`_W`f'S`V`Wig`VWdefS`V[`YeaXfZW`SfgdWaXdW^[Y[a`)>[`S^^kfZWY^aTS^Ud[eWeiWSdW XSU[`YS`VfZW[_b^[USf[a`eaXSfdS`ebWdea`S^bWdebWUf[hWXadg`VWdefS`V[`YS`VS^^Wh[Sf[`YfZWeW Ud[eWeSdWWjS_[`WV) 8MWIUEWXU
4a^[NUZP[ #,44.$5 |;a`f[`gage Ua`eU[age`Weex6 [` OS^eZ6 J)' NSgYZS`' >) #@Y)$5 HSfZe TWka`V WYa5LZWfdS`ebWdea`S^h[e[a`#K)3.(3/$6Dae9`YW^We5B)H)LSdUZWd) 4bMNTM_M#,44,$5LZWVSi`ZadeWfWefS_W`f#rTWdSdT)9geY)$5;^WSd^S]U';9'[eUZWd'>dS`]Xgdf,44/) 7MXMU?MYM#,43.$5NadfdSYS`^pt^[UZVWdCa`XWdW`lVWdA`fWd`Sf[a`S^LdS`ebWdea`S^9eeaU[Sf[a` [`VWdKUZiW[l)
19
JaYWdOS^eZ
7QbMXX$ 5&$ FQ__U[Z_$ :& #,430$5 ) #@?)$5 HSfZe TWka`V WYa5 LZW fdS`ebWdea`S^h[e[a`#K)-/+(/,$6Dae9`YW^We5B)H)LSdUZWd) :MOWQZNMOT$ =&$ 5[_bQXP$ =& #,434$5 ;a`fda^ kagd VdWS_e6 FWi Qad]5 @SdbWd ;a^^[`e6 Vf)5 @Wdd~ eUZWd[_JW[UZVWdLdpg_W'9gdg_':dSg`eUZiW[Y,44,) :MOWQZNMOT$ =&$ 5[_bQXP$ =& #,44.$ |:Wka`V ^gU[V[fk5 Eah[`Y faiSdVe bgdW Ua`eU[age`Weex' [` OS^eZ' J)' NSgYZS`' >) #@Y)$5 HSfZe TWka`V WYa5LZW fdS`ebWdea`S^h[e[a`6 Dae9`YW^We5 B) H) LSdUZWd) :[XP_YU`T')*)#,44.$5LZWiSk59`WUa^aY[US^iad^Vh[Wi6:aefa`5KZS_TS^S) :^[R$ 6& #,44.$5 LZW fZ[def Xrd iZa^W`Wee6 KS` >dS`U[eUa5 @SdbWd ;a^^[`e6 Vf)5 KWZ`egUZf `SUZ ?S`lZW[f5CqeW^)Er`UZU`,44/) :^[R$ 6&& :^[R$ F& #,44+$5 LZW efad_k eWSdUZ Xad eW^X5 g`VWdefS`V[`Y eb[d[fgS^ W_WdYW`UW6 Dae 9`YW^We5B)H)LSdUZWd6Vf)5<[Wefrd_[eUZWKgUZW`SUZVW_KW^Tef6CqeW^'Er`UZU`,44,) :^[R&6&&:^[R$F&#,44.$5))Kb[d[fgS^W_WdYW`Uk5LZWg`VWdefS`V[`YS`VfdWSf_W`faXfdS`ebWdea`S^ Ud[eWe '[`OS^eZ)J))NSgYZS`'>)#@Y)$5HSfZeTWka`VWYa5LZWfdS`ebWdea`S^h[e[a`#K),.2w //$5Dae9`YW^We5B)H)LSdUZWd) :^[R&F&#,433$5LZWSVhW`fgdWaXeW^X(V[eUahWdk69^TS`k'Fk5KMFQHdWee6Vf)5) #@Y)$5 HSfZe TWka`V WYa5 LZW fdS`ebWdea`S^ h[e[a` #K) 40(,+1$6 Dae 9`YW^We5B)H)LSdUZWd) ;adXQe$ 4& #,4/0$5 LZW bWdW``[S^ bZ[^aeabZk6 FWi Qad]5 @SdbWd ! Jai) Vf)5 <[W Wi[YW HZ[^aea~ bZ[W6H[bWd'Er`UZW`,432) >MXcQU`$;&#,433$5[eUZWd) >QUfQ^&>&#,432$5LZWeg`S`VfZWeZSVai5EkWjbWd[_W`fi[fZ^gV[UVdWS_[`Y6N[dY[`[S:WSUZ' N959J=bdWee) >^QYQ^$)*)#,44-$5|D[XWiad]5;Sd^ae;SefS`WVSx'JWh[e[a`',/',40(-+.$) ?M5Q^SQ$ F& #,44.$5 |DWSd`[`Y ^gU[V VdWS_[`Yx' [` OS^eZ' J)' NSgYZS`' >) #@Y)$5 HSfZe TWka`V WYa5LZWfdS`ebWdea`S^h[e[a`#K)23(3+$6Dae9`YW^We5B)H)LSdUZWd) ?MaSTXUZ$ 6&$ @O@MZa_$ =&$ 7!4]aUXQ$ 8& #,44-$5 :dS[`' ek_Ta^ S`V WjbWd[W`UW6 FQ5 ;a^g_T[S M`[hWde[fkHdWee) PUQ_& #,44.$5 |LdS`ebWdea`S^ S`fZdaba^aYkx' [` OS^eZ' J)) NSgYZS`' >) #@Y)$5 HSfZe TWka`V WYa #K),4+w4/$6Dae9`YW^We5B)H)LSdUZWd) @M_X[c$4&#,413$5LaiSdVSbekUZa^aYkaXTW[`Y#-)9gX^)$#K),1$6Hd[`UWfa`5NS`FaefdS`V6Vf)5 HekUZa^aY[WVWeKW[`e6>[eUZWd'>dS`]Xgdf) @M_X[c$4&#,42,$5LZWXSdfZWddWSUZWeaXZg_S``SfgdW6FWiQad]5N[][`Y) @O7Q^Y[``$ E& #,44.$5 |LdS`ebWdea`S^ iad^Vh[Wie5 @[efad[US^ S`V bZ[^aeabZ[US^ dWX^WUf[a`ex' [` OS^eZ'J)'NSgYZS`'>)#@Y)$5HSfZeTWka`VWYa)))#K)-+.(+0$'S)S)G) @a^\Te$ @& #,44-$5 LZW XgfgdW aX fZW TaVk) =jb^adSf[a`e [`fa fZW XgdfZWd Wha^gf[a` aX Zg_S` `SfgdW6Dae9`YW^We5B)H)LSdUZWd) @a^\Te$ @& #,44.$5 |[`fWYdS^ bdSUf[UWe5 :aVk' ZWSdf' S`V _[`Vx' [` OS^eZ' J)' NSgYZS`' >) #@Y)$5 HSfZeTWka`VWYa)))#K),2,(2.$6S)S)n) @a^\Te$ @&$ 7[Z[bMZ$ F& #,434$5 LZW bZke[US^ S`V bekUZa^aY[US^ WXXWUfe aX _WV[fSf[a`6 KS` JSXSW^';95=eS^W`A`ef[fgfW) A[^Na$A&#,44-$5&#,43+$5D[XWadVWSfZ6FWiQad]5;aiSdV'EU;S``!?WaYZWYS`) EUZS$ >& #,44.$5 |LZW `WSd(VWSfZ WjbWd[W`UWx' [` OS^eZ) J)' NSgYZS`) >) #@Y)$5 HSfZe TWka`V WYa )))#K),40(-+-$6S)S)G)
20
<[WLdS`ebWdea`S^W:WiWYg`Y
E[`TTQ^S$7&#,431$5))HZ[^aeabZ[US^Xag`VSf[a`eaXfdS`ebWdea`S^bekUZa^aYk59`[`fdaVgUf[a`fa ea_WTSe[U[eegWex6LZWBagd`S^aXLdS`ebWdea`S^HekUZa^aYk',3#,$',(./) Ea__QX$ C& #,44.$5 |9` [``Wd ES`ZSffS` bda\WUfx' [` OS^eZ) J)' NSgYZS`' >) #@Y)$5 HSfZe TWka`V WYa)))#K)-0-(0.$6S)S)G) FTM\U^[$ 7&$ JMX_T$ E& #@Y)$ #,43/$5 EWV[fSf[a`5 ;^See[U S`V Ua`fW_badSdk bWdebWUf[hWe6 FWi Qad]59^V[`W) FYU`T$;&#,421$5>adYaffW`fdgfZ6FWiQad]5@SdbWd!Jai) F`MOQ$J&#,432$5Ekef[U[e_S`VbZ[^aeabZk#K)..3$6Dae9`YW^We5B)H)LSdUZWd) F`QUZQ^$ E& #oTWde)5 ?) EWfSjS$ #,4/2$5 C`ai^WVYW aX fZW Z[YZWd iad^Ve S`V [fe SffS[`_W`f #.)9gX^)$6@gVea`'FQ59`fZdabaeabZ[WHdWee'Vf)5O[WWd^S`Yf_S`=d]W``f`[eeWVWdZqZWdW` OW^fW`8JgVa^X(KfW[`Wd(NWd^SY'dS`U[eUa5@SdbWd6Vf)5LdS`ebWdea`S^WHekUZa^aY[W'OS^fWd'G^fW`) GM^`$6&#,431$5OS][`Ygb5GhWdUa_[`YfZWaTefSU^WefaZg_S`bafW`f[S^#K)3+$6:aefa`'KZS_~ TS^S6V^)9geY)5@W^^iSUZg`VTWigtf^WTW`(OWYW*gd=`fXS^fg`YVWe_W`eUZ^[UZW`HafW`~ f[S^e ( V[W 9`^W[fg`Y lg_ TWigtfeW[` KW[`6 G) O) :SdfZ*KUZWdl' Er`UZW` ,433&JMX_T$ E& #,43/$5 KfSk[`Y S^[hW5LZW bekUZa^aYk aXZg_S`egdh[hS^6:aefa`5KZS_TS^S6Vf)5oTWd^WTW`6 & #,43+$5 LZW 9f_S` Hda\WUf6 OZWSfa`' AD5 IgWef6 Vf) 9geY)5& #,43,$5 Mb Xda_ =VW`6 FWi Qad]5 & #,43.S$5 9 eaU[ST^W ?aV6 FWi Qad]5 EU?dSi(@[^^6 Vf) 9geY)5 &#,43.T$5=kWfaWkW5LZWcgWefXadfZW`WibSdSV[Y_6?SdVW`;[fk'FQ59`UZad*&#,44.$6|LZWebWUfdg_aXfdS`ebWdea`S^VWhW^ab_W`fx'[`OS^eZ'J))NSgYZS`)>)#@Y)$5 HSfZeTWka`VWYa)))#K),,1(,2$6Dae9`YW^We5B)H)LSdUZWd) JUXNQ^$ >&$ 8ZSXQ^$ =&$ 5^[cZ$ <#& #@Y)$ #,431$5 LdS`eXad_Sf[a`e aX Ua`eU[age`Wee5 ;a`hW`f[a`S^ S`VUa`fW_b^Sf[hWbWdebWUf[hWea`VWhW^ab_W`f6:aefa`5FWiKU[W`UWD[TdSdk*KZS_TS^S6Vf)5 HekUZa^aY[WVWd:WXdW[g`Y'KUZWdl'Er`UZW`,433) JaYWdF)OS^eZ
21
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,*,440' --(-/ 0-(0/ 3/(32
++QXVMOEPMVGLI7SR]ITWI" HMI3UIR]I]XaFIUVGLUIMWIR @UOTMQXIQ``Q^$:Q^[XP_`MX
5$0IU:EWXU]XL`UIR ,)@qdVW`La`Z[`fWdS^^W`Lq`W`'#iSeSgUZ[__WdVgZqdef'[efNadVWdYdg`V'Z[`~ fWdiW^UZW_V[WIgW^^WdSgeUZf)$ -) @qdefVgVSeJSgeUZW`VWdIgW^^W'[dYW`VW[`Wd'eaY[TV[UZ[Z_Z[`'ea^S`YW'T[e Vg [ZdW Ege[] hWd`[__ef' g`V iW[fWd' [__Wd iW[fWd' [ZdW Ege[] dWef^ae Sg^ZqdW`V' T[e`[UZfe_WZdrTd[YT^W[TfS^eIgW^^(?dg`V) .) KfWZefVgS`W[`W_OSeeWdXS^^'ea^St[Z`Va``Wd`'Va``Wd`'Va``Wd`)@S^fV[UZ Z[`)^StS^^We[`V[de[UZVgdUZebr^W`'qXX`W\WVW'SgUZV[WYWZW[_efWRW^^WeW[`WdhWd~ `[UZfW`VW`KUZqbXWd]dSXf) /) KfWZefVghadVW_OSeeWdXS^^^S`YWYW`gYeUZiW[YW`V'eaTWY[``W'[`[Z`Z[`W[` lge[`YW`5^W[eWlg`pUZef'VS``^SgfWdg`V[__Wd^SgfWdeUZW`]W[Z_VW[`WKf[__W) 0) @qdSgX_[fS^^W`Lq`W`g`V^SgeUZW) 1) @qdSgXS^^WLq`WS^e:afW`VWeW[`W`g`TWV[`YfW`DWTW`e) 2) 9^^WLq`WSgXZqdW`VS^e:afW`VWeW[`W`g`TWV[`YfW`DWTW`eZqdV[WEge[]VWe oTWdYS`Ye #V[W Ege[] li[eUZW` <[`Y g`V M`(<[`Y' li[eUZW` K[`` g`V M`(K[``' li[eUZW`JSfg`VM`(JSf$) 3) =dZqdWVSeM`WdZqdfW) 4) @qdefVgg`fWdiWYeW[`W`:SUZ_gd_W^`'eaeWflV[UZS`eW[`W`JS`Vg`V^SgeUZ [Z_' g_ V[W :afeUZSXf eW[`Wd EW^aV[W lg TWYdW[XW`) @qd ea ^S`YW lg' T[e Vg _Wd]ef5 VW[`@Wdle[`Yf_[f)))#VS``^StWe_[fe[`YW`'ea^S`YWUei[^^$ ,+)?WZ ea ^W[eW iW[fWd' VSt [` VW[`W_ @WdlW` VWd :SUZ g`YWefqdf iW[fWde[`Yf' ea iW[fVgV[UZha`[Z_SgUZW`fXWd`W`_SYef) ,,)?WZea^W[eWiW[fWd'VStVgeW^TefVW[`WKUZd[ffW`[UZfZqdef'\S']Sg_ebrdef)?WZ iW[fWd' S^e efr`VWef Vg ef[^^ ( S^e iSd We VWd :aVW`' VWd e[UZ TWiWYf' `SUZ drU]ipdfe iS`VWd`V[`VW[`Wg`_[ffW^TSdW'^p`Yefg`TW]S``fWNWdYS`YW`ZW[f'ipZdW`VRg]g`Xf V[dW`fYWYW`iSdfWf) 22
44_ge[]S^[eUZWCa`lWbfW'V[W?dW`lWlgrTWdeUZdW[fW`
,-)@qdS^^We'iSeVg`[UZfT[ef'W[`eUZ^[Wt^[UZV[UZeW^Tef_[fS^^W_Vdg_g`VVdS` S^e V[W g`[hWdeS^W Ege[]' VWdW` g`W`V^[UZW <[XXWdW`l[WdfZW[f e[UZ V[d SgXY[Tf S^e DWTW`e[`ZS^f) ,.)F[__S^eKf[__W`VWdW[`W`Ege[]iSZd'iSe[__WdVgiSZd`[__ef'Y^W[UZ~ Yr^f[Y']dSXfiW^UZW`K[``We) ,/)DSt YW^fW`59^^We [efKUZi[`Yg`Y5[`W[`S`VWdeUZi[`YW`V YWZqdfS^^WeS^^W_' [ef e[UZW[`[Yha`?dg`VSgXg`VW[`e'fdaflVWdg`W`V^[UZW`N[W^ZW[f'V[WV[dVSeDWTW`ea eUZiWd_SUZfg`Vea^W[UZf) ,0) :^W[T g`fWdiWYe [__Wd i[WVWd ^S`YW efWZW`' efW^^ V[UZ S^e :Sg_ li[eUZW` :pg_W'g__[f[Z`W`[ZdKfWZW`'g`V[Zd:^W[TW`'g`V[Zd9^fWd'g`V[ZdJSgeUZW`lg fW[^W`) ,1)DWZ`V[UZS`W[`W`:Sg_'VW`YdqtfW`'VW`VgYWdSVWX[`VWef#SgXRW`f[_WfWd ^St We `[UZf S`]a__W`$ g`V e[`Y [Z_ ( eUZiW[YW`V aVWd fq`W`V ( VW[` dSY `[UZf `SUZ RW[UZW`'^StV[UZha``[UZfeg`Vi[WVWd`[UZfeTWdSgeUZW`) -/)
E[UZSW^NWffWd
.+) Ege[][ef'VSt[UZ_W[`W#g`VVW[`W$:WiWYg`YW`^[WTW)EW[`FpUZefWe[ef\Wflf YWdSVWV[WeW:WiWYg`Y'[`eaXWd`[UZe[W^[WTWS^eEge[]) .,) AUZe[`YWV[dW[`D[WVhad'aZ`WW[`W`W[`l[YW`La`ha`_[dlgYWTW`5[UZ^Sg~ eUZW W[`Wd :WiWYg`Y _[f _W[`W_ CqdbWd #VWd YWdSVW YS`l GZd [ef' VWd Ege[] VWe
24
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,%,440"-0(.2
9\VWMO# BIPWJPXGLWSHIUBIPWYIUERWZSUWXRKJUXXUSU_=hSQ^$Jj^fNa^S 4XXQ_$cM_UOT_MSQ$_QU:Q_\^hOT& AUOT`_PMb[Z_QUQUZEM`
DXVEQQIRJEVVXRK$
5$ 9\VWMOEOWXIPPSHIU.XVRELQI NadW[`[YWdRW[f]S_W[`W>dSglg_[d#e[WiSdWhS`YW^[eUZ$g`VWdlpZ^fWXa^YW`VWe =d^WT`[e) |AUZ iSd SgX VW_ OWY [` V[W E[ee[a` `SUZ 9e[W`) 9gX VWd ^S`YW` JW[eW lg KUZ[XXTdSUZrTWdFSUZf_W[`YS`lWe?^SgTW`eYWTpgVWlgeS__W`)K[UZWdg`VrTWd~ lWgYfZSffW[UZVW`E[ee[a`eSgXfdSYW`fYWYW`YW`a__W`)=diSdV[W:WdgXg`Y_W[~ `We DWTW`e) H^qfl^[UZ igtfW [UZ `[UZf _WZd' iSe [UZ ^WZdW` ea^^fW) AUZ ]a``fW `[UZf W[`_S^ _WZd TWfW`) OadfW iSdW` ea e[``^ae YWiadVW`) ?affWeT[^VWd lWdTdqU]W^fW` i[W W[`W lg :aVW` YWXS^^W`W NSeW) Kfg`VW`^S`Y eSt [UZ hWdliW[XW^f SgX peeWd' S` V[W C[`VWd [_ ^WflfW` @SXW` YWeUZ^SYW` ZSffW`) AUZ ZqdfW SgX' `SUZ OadfW`lgegUZW`'iSdW[`XSUZ`gdVS'VShadV[WeWdg`W`V^[UZW`O[d]^[UZ]W[f'XrdV[W [UZ]W[`W`FS_W`_WZdZSffW'V[W`[UZflgWj[ef[WdW`eUZ[W`)?S`l^S`YeS_g`V^W[eW igUZe [` VWd ?WVS`]W`ef[^^W W[`W HdpeW`l' V[W [UZ liSd `[UZf TW`W``W` ]a``fW' V[W STWd [__Wd i[d]^[UZWd igdVW)
O[^^[Y[eBpYWd
=TW`W VWd =dXSZdg`Y) AUZ ]a``fW _[f `[W_S`VW_ rTWd _W[`W` eWW^[eUZW` RgefS`V ebdWUZW`) OW`` [UZ We hWdegUZfW' ef[Wt [UZ SgX M`hWdefp`V`[e) N[W^W BSZdW ebpfWd fdSX [UZ YW[ef^[UZW >rZdWd' V[W _[UZ hWdefS`VW`) K[W XrZdfW` _[UZ SgX VW` OWY VWd Ca`~ fW_b^Sf[a`)9TWdeW^TefVS```aUZiSYfW[UZVW`>dWg`VW`Sge_W[`Wd?W_W[`eUZSXf `[UZfeha`_W[`W_]a`fW_b^Sf[hW`OWYlgWdlpZ^W`)K[WZpffW`WeW[`XSUZ`[UZfhWd~ efS`VW`)x
55$ 0EVERHIUIBIPWFMPHFUMRKWIMRERHIUIVUIPMKM`VIV >IPFVWYIUVW_RHRMV <[W _kef[eUZW =dXSZdg`Y XrZdf [` W[` `WgWe OW^fT[^V) A` VWd ]ae_[eUZW` JW^[~ Y[ae[fpf'ea`W``W[UZV[WlW[f^aeWEkef[]'iW[te[UZVWdEW`eUZ_[fVW_?S`lW`g`V _[fS^^W_hWdTg`VW`g`VW[`e)^adW`l W[`W` NadfdSY lg_ LZW_S5 |^g]fgSf[a` VWe M`[hWdeg_e) ^gt lW[f^aeWd =`WdY[W' V[W e[UZ [__Wd i[WVWd efdg]~ fgd[Wdf) RiW[ =jfdW_W ZSf V[W Ekef[] VSTW[ S^^WdV[`Ye lg hWd_W[VW`5 <[W oTWdTWfa`g`Y VWe A`V[h[Vgg_e g`V V[W 9gX^qeg`Y [_ 9^^W[`W`) 9^e EW`eUZW` e[`V i[d W[`W YS`l [`V[h[VgW^^W Kfdg]fgd VWe Mdbd[`l[be' g`hWdiWUZeW^TSd g`V W[`_S^[Y) O[d e[`V VWd W[`_S^[YW LS`leUZd[ff VWe Lp`lWde ?aff) O[d e[`V V[W W[`l[YSdf[YW FafW [` VWd Kk_~ bZa`[W ?aff) ?aff ZSf V[WeW Kk_bZa`[W `[UZf ]a_ba`[Wdf' g_ e[W e[UZ `g` efp`V[Y hadlgeb[W^W`) =d Wd]^[`Yf S^e V[WeW lW[f^aeW Kk_bZa`[W) =d Wd]^[`Yf S^e V[WeW YS`l [`V[h[VgW^^W Kfdg]fgd _W[`Wd HWdea`) =d hWdi[d]^[UZf e[UZ [` V[WeW_ bWdea`S^W` KW[`) =d]^[`YfS^eJSg_g`VRW[f[__Wd\WiW[^eZ[Wdg`V[`V[WeW_9gYW`T^[U]) 26
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
BEVMVWHIU9IRVGL-#0MIXUEPWI2UEKI"RIXKIVWIPPW <[W `WgW K[UZf VWe EW`eUZW` TWdgZf SgX W[`Wd `WgW` CSdfaYdSbZ[W VWe _W`eUZ~ ^[UZW`:WigtfeW[`e)
27
O[^^[Y[eBpYWd
<[W ES`Vad^S TWlW[UZ`Wf V[W NWdW[`[Yg`Y VWd eUZW[`TSdW` ?WYW`epflW' V[W ;a`[g`Uf[a abbae[fadg_ aVWd'i[W F[]a^Sgeha` CgWeeSYW` irdVW'V[W;a[`U[VW`f[S abbae[fadg_) =e [ef V[W T[ba^SdW =[`ZW[f' ha` VWd V[W Ekef[] ebd[UZf) M`eWd AUZTW~ igtfeW[` fW[^f V[WO[d]^[UZ]W[f[` KgT\W]f g`VGT\W]fW[`' g`eWdiSZdWeKW^Tef VSYW~ YW`Wd^WTf=[`ZW[fg`V@Sd_a`[W)A`VWdES`Vad^SXS^^W`V[WTW[VW`9ebW]fWlgeS_~ _W`)F[]a^Sgeh)CgWeeUZdW[Tf5|AUZZSTWVW`GdfYWXg`VW`'[`VW__S`<[UZg`hWd~ Zr^^f lg X[`VW` hWd_SY) =d [ef g_YWTW` ha` VW_ RgeS__W`XS^^ VWd ?WYW`epflW #;a[`U[VW`f[S abbae[fadg_$) <[We [ef V[W ESgWd VWe HSdSV[WeWe' [` VW_ ad_VWd OW^f~ ^[WTW) M`V VS_[f ]a__W` i[d lg_ OWeW` VWd Ekef[] VWe OWefW`e g`V VWe GefW`e5 JW^[Y[a` [ef VSe DWTW`' g`V VSe DWTW` [ef JW^[Y[a`) AUZ _qUZfW We `aUZ TS`S^Wd Sge( VdrU]W`5 OW`` [UZ WdXSZdW' VSt _W[` 9gXefWZW` S_ EadYW` g`V VSe 9`l[WZW` VWd @SgeeUZgZW W[` f[WXdW^[Y[qeWd 9]f [ef' VS`` ZSTW [UZ Wd]S``f' iSe JW^[Y[a` [ef) 9TWd VSe[efiaZ^aZ`WW[`Wf[WXW=dXSZdg`Y`[UZf_qY^[UZ) A`VWdEkef[]i[dV\W`W=[`ZW[fWdXSZdW`'V[WiWVWdJSg_`aUZRW[f]W``f'V[We[UZ [`S^^W`Kfdg]fgdW`i[WVWdWd]W``f'e[UZ_[fS^^W_hWdTg`VW`iW[tg`VVSZWdlgS^^W_ AUZ eSYW` ]S``) Ka ebdSUZW` 9^(@S^^SVeUZ g`V BWege g`V _S`UZWd S`VWdW Ekef[]Wd KpflW i[W5 |AUZ T[` ?affx aVWd |AUZ g`V VWd NSfWd e[`V W[`ex) A` O[d]^[UZ]W[f ia^^fW` e[W VS_[f eSYW`5 |?aff [ef [UZx' V) Z)' ?aff _S`[XWef[Wdf e[UZ S^e V[WeW _W[`W AUZefdg]( fgd' Wd _S`[XWef[Wdf e[UZ [` \WVWd >ad_ S^e |AUZefdg]fgdx) BWVWe AUZ [ef W[`W KW^TefW[`~ YdW`lg`Y ?affWe' V[W [` VWd _kef[eUZW` =[`ZW[feWdXSZdg`Y i[WVWd dW^Sf[h[Wdf i[dV) ad_W` g`V Kfdg]fgdW` V[WeWd OW^f) =e i[dV YWTadW` S^e ?S^Sj[W' S^e EW`eUZ g`V =`YW^ g`V hWd~ YWZfS^e?S^Sj[W'S^eEW`eUZg`V=`YW^) =[`W ea^UZW KbdSUZW [ef `Sfrd^[UZ S`YdW[XTSd) OWd :WYd[XXW' V[W [_ ekefW_[`fWd`W` ?WTdSgUZ VWd LZWa^aY[W XWefYWeUZd[WTW` e[`V' S`VWde VWgfWf' ^pgXf ?WXSZd' S^e @pdW~ f[]WdSTYWefW_bW^flgiWdVW`)LdaflVW_TWXd[WV[YfW[`W_WZdaVWdiW`[YWd]d[f[]^ae rTWd`a__W`W S^fW :WYd[XX^[UZ]W[f g`V @Wd_W`Wgf[] dW^[Y[qeWd LWjfW V[W EW`eUZW` `[UZf_WZd)K[WXdSYW``SUZVW_Mdebdg`Yea^UZWdLWjfWg`V`SUZVW_Mdebdg`YVWd JW^[Y[a` rTWdZSgbf) rdiSZdZS^fW` lg W[`W_ ?^SgTW` Sge VWd =dXSZ~ dg`Y) <[W OSYW_gf[YW` g`fWd [Z`W` efatW` SgX VS`]TSdW OWYYWXpZdfW`' STWd SgUZ SgX9T^WZ`g`Yg`V9`XW[`Vg`Y) <[W YdatW` dW^[Y[qeW` ?W`[We S^^Wd RW[fW`' VWdW` =dXSZdg`Y _S` ebpfWd S^e JW^[~ Y[a`W` XWefYWeUZd[WTW` ZSf' lW[UZ`W` e[UZ VgdUZ W[`W ea^UZW ]ae_[eUZW JW^[Y[ae[fpf Sge)K[W]S``fW`]W[`DWZdYWTpgVWg`V]W[`W`?aff'VW`EW`eUZW`_WZdaVWdiW`[~ YWd`SUZ[ZdW_W[YW`W`:[^VYWeUZSXXW`ZSTW`)K[W^WZdfW`h[W^_WZd'VStVWdEW`eUZ `SUZ VW_ :[^V ?affWe YWeUZSXXW` [ef' V) Z)' VSt e[UZ V[WeWe g`[hWdeS^W DWTW` SgX 28
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
h[W^Xp^f[YefW OW[eW g`V [_ EW`eUZW` WTW` S^e _W`eUZ^[UZW >ad_ _S`[XWef[Wdf) |?aff [ef [` WgUZ) AZd eW[V eW[`W KqZ`W g`V LqUZfWdx #LZa_Se(=hS`YW^[g_ 0+$)
555$ 0EVERHIUI9IRVGLIRFMPH OSe i[d i[d]^[UZ e[`V' ]q``fW _S` TWlW[UZ`W` _[f [`fW^^[YW`fWd =`WdY[W) BWVWd CqdbWd [ef W[` >^gt ha` =`WdY[W) OWd SgX W[`W` >^gt eUZSgf' _W[`f' V[WeWd T^W[TW [__Wd Y^W[UZ) A` O[d]^[UZ]W[f p`VWdf Wd e[UZ \WVW` 9gYW`T^[U]) ad_W` Sge)
5A$ 0EVERHIUIGLUMVWPMGLI>IPFVWYIUVW_RHRMV <[WEkef[]eSYfg`e'VSti[dg`eWdDWTW``[UZf[`RW[fdpg_W`ha`W[`bSSdBSZdW` _WeeW`VrdXW`S^eWfiSe'VSe3+BSZdWWdeUZW[`fg`VVS``W`VYr^f[YW[`YWXdadW`i[dV [`VSe'iSei[d;Zd[efW`@[__W^`W``W`aVWd9`eUZSgg`Y?affWe)M`eWdWiSZdW=j[~ efW`l[efV[W=dXSZdg`YVWeCa__W`eg`V?WZW`e'S^eaV[W=`fXS^fg`YV[WeWdMdi[d]~ ^[UZ]W[f) <[WeW [ef `[UZf KfSf[]) K[W [ef JgZW g`V WefefWZW` [ef' |rTWdV[We STWd W[` YWi[eeWe CaUZW` aVWd K[UZ(eW^Tef(?WTpdW`' VSe [` e[UZ Y^rZf 29
O[^^[Y[eBpYWd
g`V[`e[UZeW^Tefg`VrTWde[UZeW^TefhWdX^[Wtfg`V]aUZf'W[`D[UZf'VSe[_D[UZfg`V [`eD[UZf_[fe[UZYS`le[UZYS`lVgdUZVd[`Yfx#Ig[`f'K)./$) A_ ;Zd[efW`fg_ eWflfW T[e \Wflf W[`W =d`WgWdg`Y ekefW_[`fWd` S`) KUZ[^^WTWWU]j' Cr`Y'aj(g_`gdW[`[YWlg`W``W`(hWdegUZW`'VSeKkefW_S^e ea^UZWelgdWXad_[WdW`)AZdW9dTW[f[efha`YdqtfWdO[UZf[Y]W[f'STWdefST[^[e[Wdf^Wflf~ ^[UZ VSe S^fW KkefW_) OW[^ S^^W V[WeW NWdegUZW ekefW_[`fWd` T^W[TW`' ]q``W` e[W ha` VWd A`ef[fgf[a` ^W[UZf VgdUZ =j]a__g`[]Sf[a` g`V 9geeUZW[Vg`Y TW]p_bXf iWdVW`) =eZS`VW^fe[UZVSTW[^Wflf^[UZg_W[`WNWdp`VWdg`YVWdGTWdX^pUZW`efdg]fgd#LdS`e~ ^Sf[a`$' `[UZf VWd L[WXW`efdg]fgd #LdS`eXad_Sf[a`$) =e YWZf `gd g_ W[`W JWXad_Sf[a`' STWd ]W[`W LdS`eXad_Sf[a`) =[`W ea^UZW NWdp`VWdg`Y ZSf VSZWd `gd eW]g`VpdW O[d~ ]g`Y) =[`W fdS`eXad_Sfad[eUZW NWdp`VWdg`Y' V[W Sge VW_ _kef[eUZW` =dXSZdg`Ye~ TWdW[UZ ]a__f' efW^^f W[`W JW^[Y[a` SgX W[`W `WgW =TW`W' XrYf Y^W[UZeS_ W[` `WgWe KfaU]iWd] Z[`lg) ?^SgTW`ehadefW^^g`YW` TW]a__W` [ZdW W[YW`f^[UZW ?dg`V^SYW [_ |A``WiWdVW`xVWeeW`'iSeYW^WZdfi[dV#hY^)CW`O[^TWd',433'CSb)/$) KUZdqfWd(Cg`ZSdf #,44.$ ZSf iaZ^ dWUZf' iW`` Wd [` VWd RW[feUZd[Xf |HekUZa^aY[W @WgfWx Xa^YW`VWe eUZdW[Tf5 |ESdj #JW^[Y[a` S^e Gb[g_ Xrd VSe Na^]$' >dWgV #JW^[~ Y[a` S^e FWgdaeW$ g`V
A$3SWW#IMRAIUVWILIRVQSHIPP <[WeW Mdi[d]^[UZ]W[f [ef `[UZf efSf[eUZ' e[W [ef SgUZ `[UZf [_ dSf[a`S^W` K[``W ^[`WSd) K[W W`febd[UZf rTWdZSgbf `[UZf W[`Wd _W`eUZ^[UZW` JSf[a`S^[fpf) K[W [ef h[W^_WZd SdS( f[a`S^We aVWd fdS`edSf[a`S^We :WigtfeW[`' `[UZf hWdY^W[UZTSd _[f ^aY[eUZW_' S`S^kf[~ eUZW_ ad_) OSe T^W[Tf' [ef `[UZf W[`W [`V[h[VgW^^W aVWd bWdea`S^W Kfdg]fgd' ea`VWd` `gd VSe Y^W[UZW DWTW`' VSe e[UZ[`W[`Wd`WgW`Kfdg]fgdaXXW`TSdf)=e[efW[`Wha^^]a__W``WgW[`V[h[VgW^^WaVWd bWdea`W^^W Kfdg]fgd) O[WVWdYWTadW` i[dV [__Wd `gd V[WeWe Mdbd[`l[b) VSe i[d ?aff `W``W`) 9^e ea^UZWe ZSTW` i[d g`e lg WdXSZdW`) Fgd VS`` hWdeUZi[`VWf V[W 9`Yef) M`eVSZ[`lgZW^XW`'iSdVSe`[UZfVSeR[W^S^^WdeaYW`S``fW`JW^[Y[a`eef[XfWd8 BWVW>ad_efdWTf[`V[W=dXSZdg`YVWeW[`W`DWTW`e'S^ealg_oTWdeUZdW[fW`\WVWd A`V[h[VgS^[fpf)Fgd[`VWd=dXSZdg`YVWeDWTW`eWdXpZdfVWdEW`eUZK[``VWgfg`YeW[~ `Wd [`V[h[VgW^^W` =j[efW`l' 9^^W S`VWdW`
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
S`lgWd]W``W`) K[W WdefSddf lg ^W[UZf [_ KW^TefliWU]) OW[^ ad_VWd Er`lW) =[`W Er`lW [ef`[UZfY^W[UZ ?a^Vg`V ?a^V`[UZfY^W[UZ Er`lW)K[W ]q``W`STWd`gdlgeS__W`SgXfdWfW`)=dXSZdW`i[dV[`VWdEkef[]=[`ZW[f'V[WiWVWd JSg_`aUZRW[f]W``f'V[We[UZ[`S^^W`Kfdg]fgdW`i[WVWdWd]W``f'e[UZ_[fS^^W_hWd~ Tg`VW` iW[t g`V VSZWd lg S^^W_ AUZ eSYW` ]S``) OWd S^^WdV[`Ye :WYd[XXW' V[W [_ ekefW_[`fWd`W`?WTdSgUZXWefYWeUZd[WTW`e[`V'S`VWdeVWgfWf'^pgXf?WXSZdS^e@pdW~ f[]WdSTYWefW_bW^flgiWdVW`) A__Wdi[WVWdi[dVZWgfW`SUZVWd?r^f[Y]W[fVWdJW^[Y[a`[_S^^YW_W[`W`YWXdSYf) <[W dW[` ]aY`[f[hW ?dg`V^SYW' i[W e[W had S^^W_ [` VW` fZW[ef[eUZW` JW^[Y[a`W` S^e 9geYS`Yebg`]f V[W`fW' TWXd[WV[Yf `[UZf _WZd) <[W T^atW @Wd_W`Wgf[] dW^[Y[qeWd LWjfW' V[W _WZd aVWd iW`[YWd ]d[f[]^ae rTWd`a__W` i[dV' [ef Xrd h[W^W iWVWd K[``( VWgfg`Y `aUZ DWTW`eZ[^XW) <[W EW`eUZW` XdSYW` `SUZ VW_ Mdebdg`Y V[WeWd LWjfW g`V `SUZ VW_ Mdebdg`Y VWd JW^[Y[a` rTWdZSgbf) DW[VWd YWZW` lg iW`[Y LZWa^aYW` ha_?^SgTW`S^erTWd]a__W`We>rdiSZdZS^fW`lgW[`W_?^SgTW`SgeVWd=dXSZdg`Y rTWd) OW`` e[W We ZWgfW fg`' efatW` e[W SgX VS`]TSdW OWYYWXpZdfW`' STWd SgUZ SgX 9T^WZ`g`Yg`V9`XW[`Vg`Y) BMIHIUKIFXUW#.XJIUVWILXRK <[W>dSYW`SUZVW_K[``VWeDWTW`ei[dXfV[W>dSYW`SUZLaVg`VOW[fWd^WTW`SgX) O[d_qUZfW`g`eWdWbWdea`S^WKfdg]fgd[`V[W=i[Y]W[fZ[`W[`dWffW`)9TWdV[WeWbWd~ ea`S^W Kfdg]fgd i[dV `[UZf _[fYWZW`) <[WeW AUZefdg]fgd [ef `gd W[` Ca`Y^a_WdSf ha` 31
O[^^[Y[eBpYWd
bekUZ[eUZW`9]f[h[fpfW`'VW`W`g`eWd?WVpUZf`[e>Wef[Y]W[fg`VHWd_S`W`lhadYSg~ ]W^f) O[WVWdWdefWZW` i[dV [__Wd `gd V[WeW Mdi[d]^[UZ]W[f) =d [ef >ad_ g`V F[UZf~ Xad_):WigtfeW[`g`VESfWd[WYWZW`[`W[`S`VWdrTWdg`VYWZqdW`lgeS__W`i[WV[W TW[VW`=`VW`W[`WeKfSTWeaVWdV[WliW[KW[fW`W[`WdEr`lW) OW`` _S` V[W =j[efW`l VWe OW^fS^^e' VSe `SUZ 9`e[UZf VWd 9efda`a_[W WfiS ,3 E[^^[SdVW` BSZdW Wj[ef[Wdf' SgX W[` BSZd lgeS__W`l[WZf' WdeUZW[`f VWd EW`eUZ S_ 9TW`V VWe ^WflfW` LSYWe) EaeW g`V KZS]kS_g`[ :gVVZS' DSafeW' RadaSefWd WfiS -+ KW]g`VW` g`V BWege WfiS ,0 KW]g`VW` had BSZdWeeUZ^gt) Oa iSd V[WeW Mdi[d]~ ^[UZ]W[fVSeYS`lWBSZdrTWd8OSeZW[tfWe[`V[WeW_RgeS__W`ZS`Y'ha`W[`Wdbdp( Wj[efW`fW`HWdea`BWegelgebdWUZW`) =i[Y [ef `[UZf V[W [`V[h[VgW^^W >ad_' ea`VWd` `gd VSe DWTW`) <[WeWe DWTW` ]W``f ]W[`W`OS`VW^']W[`WRW[fg`V]W[`W`JSg_)RW[fg`VJSg_W`fefWZW`VgdUZV[W>ad~ _W`' V[W ]a__W` g`V YWZW`) =e Y[Tf ]W[`W` Hg`]f G_WYS' ]W[`W` ?[bXW^' ]W[`W` Kf[^^efS`V) =e Y[Tf `gd V[WeW` lW[f^aeW` LS`l' VW` VSe DWTW` [` VWd =ha^gf[a` ha^^~ l[WZf) =e Y[Tf `gd 9^bZS aZP G_WYS) A` V[WeW_ ?WeUZWZW` ]q``W` i[d =[`fW[^g`YW` _SUZW`) 9gX V[WeWd =TW`W VWd >ad_W` ]q``W` i[d ha` NWdYS`YW`ZW[f g`V Rg]g`Xf dWVW`) 9TWdVSe [ef `gd W[`W KW[fW) <[W S`VWdW KW[fW' V[W ha` VWd Ekef[]WdXSZdW` i[dV' [ef RW[f( g`V JSg_^ae[Y]W[f) O[W W[` D[`WS^ W[`W =[`ZW[f [ef' SgX VWd W[`W` KW[fW STWd W[`W_Wfd[eUZW=[`fW[^g`YTWe[flfg`VSgXVWdS`VWdW`KW[^W^WWd[ef'ea[efSgUZV[WeW Mdi[d]^[UZ]W[f ?aff W[`W =[`ZW[f ha` RW[f^ae[Y]W[f g`V RW[f' ha` JSg_^ae[Y]W[f g`V JSg_)OWdVSeAUZYWXp`Y`[erTWdeUZdW[fWf'fd[ffW[`[`V[WOW^fVWd=[`ZW[f) OW[^ VWd EW`eUZ V[WeW :afeUZSXf ha_ LaV `[UZf WdfdpYf' ZSTW` V[W JW^[Y[a`W` =i[Y]W[feek_Ta^W WdXg`VW` i[W @[__W^' Wi[YWe DWTW`' Wi[YW JgZW' N[e[a TWSf[( X[US' F[dhS`S gei) <[W 9`Yef rTWdi[`VWf `gd VWd' VWd e[UZ S^e V[WeWe DWTW` eW^TWd WdXpZdf' VSe [` S^^W` Kfdg]fgdW` SgXT^rZf g`V hWdYWZf) OWd e[UZ S^e V[WeWe DWTW` WdXpZdf']S``V[W\WiW[^[YWKfdg]fgd^SeeW`)K[W]S``STXS^^W`i[WW[`iW^]We:^Sff) >WIUFIFIKPIMWXRKSHIUHEV=IGLW]XVWIUFIR OW[^ i[d W[`W XS^eUZW =[`efW^^g`Y lg g`eWdWd DWTW`elW[f ZSTW`' ZSTW` i[d SgUZ W[`W XS^eUZW =[`efW^^g`Y lg_ KfWdTW`) M`eWdW OW^fS`eUZSgg`Y' V[W UZd[ef^[UZW `[UZf SgeYWeUZ^aeeW`' lrUZfWf V[W 9`Yef had VW_ LaV) Ka^S`YW S_ =`VW VWe DWTW`e ?Wd[UZf' KfdSXW' NWdVS__g`Y hWd]r`VWf iWdVW`' ]S`` e[UZ g`eWdW =[`efW^^g`Y lg_ DWTW` `[UZf p`VWd` #CSfWUZ[e_ge' ,+..' ,31,$) OSdg_ dWVW` i[d ;Zd[efW` ea h[W^ ha_LaVg`V`[UZfha_OW[fWd^WTW`8^`W[`Wd9geefW^^g`YrTWdVSeKfWdTW`TW[VW` eaYW`S``fW`bd[_[f[hW`Nq^]Wd`igdVWYWlW[Yf'VSt_S`Vadf`[UZfha_LaVebd[UZf' VWd VSe DWTW` TWW`VWf' ea`VWd` ha_ OW[fWd^WTW`) O[d ;Zd[efW` ZSTW` h[W^ lg eWZd' g`Vi[dfg`VSeZWgfW`aUZ'ha`LaVg`V?Wd[UZfYWdWVWf)Ka^S`YWW[`WJW^[Y[a`[ZdW EadS^SgeVWd9`YefhadKfdSXWST^W[fWf'g`VVSefg`S^^WJW^[Y[a`W`'i[dVe[UZS`VWd =[`efW^^g`Ylg_LaV`[UZfep`VWd`) AUZ b^pV[WdW Z[Wd `[UZf g`hWdS`fiadf^[UZ Xrd KfWdTWZ[^XW) AUZ ]S`` _[d \WVaUZ SgUZ hadefW^^W`' VSt W[` EW`eUZ eSYW` VSdX5 EW[` DWTW` [ef WdXr^^f' [UZ VSdX \Wflf [` V[W `pUZefW=j[efW`l YWZW`5 |KUZS^^WfWgdW ?WdpfW ST) _[fVW`W`[Zd _[UZSgXi[VWdipd~ f[YW OW[eW ]r`ef^[UZ S_ DWTW` WdZS^fWfx) ( N[W^^W[UZf ]a__f W[`_S^ V[W RW[f' ia VWd EW`eUZSgeeW[`W_KfWdTW`W[`>Wef_SUZfi[WSgeeW[`Wd?WTgdf) =[` :Wd[UZf rTWd V[W >W^VlrYW 9^WjS`VWde VWe ?datW` TWW[`VdgU]fW _[UZ [__Wd lgf[WXef)=[`WeLSYWe]S_VWd[`V[eUZWOW[eWCS^S_aeg`VTSf[Z`'Wd_qYW[Z_VaUZ W[`W`KUZW[fWdZSgXW`Wdd[UZfW`'VSWdeW[`DWTW`TWW`VW`_qUZfW)=diSdrTWdlWgYf' VStWd\Wflf'VSWdVaUZeWZdS^fg`VYWTdWUZ^[UZeW['SgeVW_DWTW`eUZW[VW`VrdXW) 32
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
9^WjS`VWd' VWd [Z` eWZd eUZpflfW' Y[`Y SgX eW[`W` Og`eUZ W[`) CS^S_ae _SUZfW Sge eW[`W_KfWdTW`W[`>Wef']^W[VWfWe[UZXWef^[UZg`VTWef[WYXW[Wd^[UZVW`KUZW[fWdZSg~ XW`'g_[`V[W`pUZefW=j[efW`llgYWZW`#
A5$1UZIMWIUXRKHIV/IZXbWVIMRV A_ DSgXW VWd =ha^gf[a` g`eWdWd KbWl[We iSd W[`_S^ V[W RW[f dW[X Xrd VSe >WgWd' Xrd VSe JSV' Xrd VW` Eafad' V[W JS]WfW gei) <[W RW[f [ef \Wflf dW[X Xrd g`eWdW [``WdW =`f~ i[U]^g`Y) =e [ef g`TWYdW[X^[UZ' VSt We ]W[` M`fWdd[UZfeXSUZ |EWV[fSf[a`x Y[Tf) ^` W[`W_ :gUZ ha` Rg]Sh ]^[`Yf VSe liSd S`' STWd ea YS`l Y^SgTf SgUZ VWd NWdXSeeWd iaZ^`[UZfVSdS`)SUZEWV[fSf[a`S^^WdV[`Ye[`VWdHZke[]W[`d[UZfW`i[^^' ea^^fW VW` LZWa^aYW` lg VW`]W` YWTW`) Rg]Sh eUZdW[Tf5 |KW[W` K[W `[UZf rTWddSeUZf' iW``V[WNad^Weg`YehWdlW[UZ`[eeWrTWdHZke[][_-,)BSZdZg`VWdfSgUZNad^Weg`YW` rTWdEWV[fSf[a`W`fZS^fW`x#Rg]Sh',433'K).0,$)=eY[Tfi[UZf[YWHafW`lW`[_EW`~ eUZW`' V[W `[UZf W`fi[U]W^f iWdVW`) =e ipdW 9gXYSTW VWd JW^[Y[a`' VSe lg fg`) 9TWd V[WJW^[Y[a`[efYW`SgeahWd]abXfi[W\WVWeS`VWdW>SUZ) <[W =ha^gf[a` ZSf V[W KbWl[We EW`eUZ _[f =d]W``f`[e( g`V NWdZS^fW`e_qY^[UZ( ]W[fW` SgeYWefSffWf' VS`] VWdWd e[W e[UZ [` VWd :[aebZpdW V[WeWe H^S`WfW` W[`[YWd~ _StW` lgdWUZfX[`VW` g`V TWZSgbfW` ]a``fW) KW[` f[WXefWe OWeW` lg WdXSeeW`' T^[WT [Z_lg`pUZefhWdeSYf)=dTdSgUZfWWe[`VW`BSZdW`VWdEW`eUZZW[fe][`VZW[f\SSgUZ `[UZf)Rg_oTWd^WTW`VWd9dfYW`rYfWWelg`pUZef'e[UZlgWd`pZdW`g`VXadflgbX^S`~ lW`' e[UZ lg XrdUZfW` g`V `afXS^^e VSha`^SgXW` lg ]q``W`' W[`W` NWdefp`V[Yg`Ye~ _aVgelgZSTW`g`Vlg?WXrZ^W`ha`Rg`W[Yg`Yg`V9T`W[Yg`YXpZ[YlgeW[`)KbpfWd W`fi[U]W^fWVWdEW`eUZHda\W]f[a`W`SgXW[`S^^_pUZf[YWeKUZqbXWdiWeW`'SgX?aff~ ZW[fW`g`VJWffWd'g_V[WW[YW`W=j[efW`lg`VV[WVWdOW^flgVWgfW`)EWZdiSdXrd VSeoTWd^WTW``[UZfi[UZf[Y) @WgfW VSYWYW` ]S`` Wd We e[UZ `[UZf _WZd ^W[efW`' VW` :WdW[UZ VWe g`[hWdeS^W` :WigtfeW[`e Sge eW[`W_ EW`eUZeW[` Sgelg]^S__Wd`) 9`YWe[UZfe VWd KSU]YSeeW' [` V[WV[WEW`eUZZW[feW`fi[U]^g`YYWdSfW`[ef'YW`rYfg`VfdpYfWe`[UZf_WZd'V[WdW^[~ Y[qeWOW^fVWgfg`YVWdNadXSZdW`XdSY^aelgrTWd`WZ_W`)GXXW`e[UZf^[UZ]q``W``gd `aUZV[WKgUZW`SUZ`WgW`HSdSV[Y_W`g`VVWdIgS`fW`ebdg`Y[`W[`W`WgW:Wigtf~ eW[`eWTW`WhadVW_M`fWdYS`YdWffW`) FSUZBWS`?WTeWde:gUZ|Mdebdg`Yg`V?WYW`iSdfxW`fi[U]W^fWe[UZVSe_W`eUZ~ ^[UZW :WigtfeW[` Sge W[`W_ SdUZS[eUZW` NadTWigtfeW[` [` W[` _SY[eUZWe :Wigtf~ eW[`' Sge VW_ _SY[eUZW` [`e _kfZ[eUZW g`V Sge VW_ _kfZ[eUZW` [` VSe _W`fS^W :WigtfeW[`) @WgfW efWZf VWd EW`eUZ aXXW`e[UZf^[UZ had W[`Wd Wd`WgfW` nXX`g`Y eW[~ `We :WigtfeW[`e' W[`Wd nXX`g`Y [`e LdS`ebWdea`S^W' [`e Ekef[eUZW) F[UZf `gd VWd ;Zd[ef' PQ^ @QZ_OT VWd Rg]g`Xf i[dV W[` Ekef[]Wd eW[` aVWd Wd i[dV `[UZf _WZd eW[`' _qUZfW[UZ[`9TiS`V^g`YW[`WeOadfWeha`CSd^JSZ`WdeSYW`) <[W =`fi[U]^g`Y [ef \WVaUZ `[UZf Y^W[UZ_pt[Y) OpZdW`V W[` LW[^ VWd EW`eUZZW[f Wd]W``f' VSt e[W e[UZ [` VW` ^WflfW` BSZdZg`VWdfW` ha_ eUZ^[__efW` 9TWdY^SgTW` [ZdWd ?WeUZ[UZfW fpgeUZW` ^[Wt' ha` A`fW^^W]fgS^[e_ge' ESfWd[S^[e_ge g`V Hae[f[h[e~ _ge' hWdefd[U]f e[UZ VWd S`VWdW LW[^ [__Wd f[WXWd VSd[`) <[W 9gXYWeUZ^aeeW`W` S^^Wd~ V[`Ye]q``W``[UZf_WZdS`VWdeS^e`WgW
33
O[^^[Y[eBpYWd
A55$ 9\VWMO#=IKUIVVMSRSHIU1UJaPPXRKOW^f( g`V DWTW`ehWd`W[`g`Y iSdW` TWea`VWde [` VWd UZd[ef^[UZW` Ekef[] [__Wd W[`W?WXSZd6VW``V[WNWdegUZg`Y[efYdat'V[WeW`DW[Tg`VV[WeWeDWTW`S^eDSefg`V =[`W`Yg`Y lg W_bX[`VW` g`V [` W[`W XS^eUZW AUZ^ae[Y]W[f lg X^[WZW`) =UZfW Ekef[] STWdX^[WZf`[UZfhadVW_'iSe[ef'[`V[WgdaTad[eUZW=[`ZW[fVWeHSdSV[WeWelgefS`Ve) A_ ?WYW`fW[^5 V[W >r^^W VWe EW`eUZeW[`e ^[WYf had g`e) <[W EW`eUZZW[f S^e YS`lW ZSf VW`OWY[`e=diSUZeW`W`S^fWdlgYWZW`g`Ve[UZSgeVW`9d_W`VWd?datW`EgffWd lg TWXdW[W`) Ekef[eUZW EW`eUZW` ]q``W` lg NaddW[fWd` SgX V[WeW_ OWY iWdVW`) OpZdW`V V[W gdaTad[eUZW HeWgVa(Ekef[] iW^fhWd`W[`W`V' \S iW^fhWdSUZfW`V [ef' TW\SZf V[W iSZdW Ekef[] `[UZf `gd OW^f g`V EW`eUZ' ea`VWd` SgUZ VSe AUZ g`V V[W ?WeUZ[UZfW) 9^^We WdXpZdf VWd Ekef[]Wd \S S^e 9geVdgU]eXad_ VWd Mdi[d]^[UZ]W[f) KW[` ]ae_[eUZWe :WigtfeW[` ^ptf [Z` `[UZf SgX W[` lg]r`Xf[YWe BW`eW[fe iSdfW`' SgX W[`W` @[__W^) <[W Na^^W`Vg`Y ^[WYf h[W^_WZd [_ @[Wd g`V BWflf) K[W [ef `gd hWdTadYW`) OW``VWdEW`eUZeW[`WXSef][`VZSXfW@a_alW`fd[]g`V?WalW`fd[]rTWdig`VW`ZSf' iW[tWde[UZ[`VW`Wha^gf[a`pdW`HdalWt'[`VW_e[UZVSe?qff^[UZWW`fXS^fWf'W[`YW~ Tg`VW`) N[e[a TWSf[X[US #V[W eW^[YW KUZSg$ TWVWgfWf VS``' S^^We ?WTadW`iWdVW` g`V KfWdTW`' VSe ?gfW i[W SgUZ VSe eaYW`S``fW :qeW S^e Na^^lgY VWe DWTW`e ?affWe [_ @[Wdg`VBWflflgWdXSZdW`)A`S^^W_[efV[WKUZqbXWd]dSXfVWe?qff^[UZW`S_oTWdX^[W~ tW`)
A555$ @UVaRHISHIU5RHMYMHXEWMSR=[`WiW^fhWd`W[`W`VWEkef[] g`V[ZdW 9T]WZdha` VWd OW^fZp`YfW`YlgeS__W` _[f W[`Wd XS^eUZW` S^eUZW Ekef[] Zp^f ^Wflf^[UZ V[W KUZqbXg`Y Xrd W[`W` Addfg_ ?affWe aVWd Xrd VSe OWd] W[`We liW[fdS`Y[YW`
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
V[W JW^[Y[a`W` SgeYWTW`) N[W^_WZd Y[^f5 BW f[WXWd V[W =dXSZdg`Y' g_ ea YdqtWd V[W D[WTWlgS^^W_) OSei[dYW_W[`Z[`Mder`VW`W``W`'[ef]W[`WKr`VW)K[W[efh[W^_WZdW[``afiW`~ V[YWd KUZd[ff [` VWd EW`eUZZW[feW`fi[U]^g`Y) r^^W ?affWex #Ig[`f' K) -22'-0$) 9ge V[WeW` ?dg`VYWYWTW`ZW[~ fW`^W[fWfe[UZSgUZV[WNWdS`fiadfg`YVWeEW`eUZW`XrdV[WOW^fST)
5C$ 0IUBERHIPHIUBIPWFIKMRRWFIMXRV ?dg`V^WYW`VW OS`V^g`Y VWd OW^f i[dV `[W_S^e VgdUZ W[` `WgWe ?WeW^^eUZSXfe~ ekefW_YWeUZWZW`'ea`VWd``gdrTWdVW`OS`VW^VWe=[`lW^`W`)O[deUZdW[W`[__Wd Y^W[UZ`SUZVW_YdatW`;Z[dgdYW`'VWdV[WW`feUZW[VW`VWGbWdSf[a`had`WZ_W`ea^^) 9TWd iWd i[d]^[UZ V[W OW^f p`VWd` i[^^' hWd^ptf e[UZ SgX ]W[`W` KbWl[S^[efW`) Fgd iWd eW^TWd Sge VW_ KUZW_S VWd ?WeW^^eUZSXf ZWdSgefd[ff g`V @STY[Wd' =diWdTegUZf' ESUZfefdWTW`rTWdi[`VWf'i[dVWfiSep`VWd`) O[d WdiSdfW` VW` YdatW` =d^qeWd SgUZ [` VWd JW^[Y[a` ha` SgtW`5 VS _SUZf We eUZa` W[`Wd' i[d TdSgUZW` g`e `gd S` eW[`W` JaU]l[bXW^ lg Zp`YW`) OSZdW dW^[Y[qeW >rZdWd \WVaUZ ia^^fW``[UZf Wd^qeW`)K[WZSTW`h[W^_WZdlgd M_]WZd SgXYWdgXW`'lgd EWfS`a[S' lgd OW`VW `SUZ [``W`' lg_ OWeW`f^[UZW` Z[`' lg g`eWdWd Yqff^[UZW` FSfgd) 9TWd VWd EW`eUZ ZSf V[W JW^[Y[a`eef[XfWd ^[WTWd lgd =ZdW VWd 9^fpdW WdZaTW` g`VTWfWfe[WS`'efSffV[WeWEWfS`a[S)V[We[WhadYW^WTfZSTW`'S`e[UZeW^Teflgha^^~ l[WZW`)
O[^^[Y[eBpYWd
@SdSVS
C$0IU9IRVGLLEWDXOXRJW <[W EW`eUZZW[f WdXpZdf e[UZ _WZd g`V _WZd S^e ?S`lWe' V)Z) S^e W[`W ]a^^W]f[hW HWdeq`^[UZ]W[f) AUZ _W[`W \Wflf `[UZf W[` [`fW^^W]fgW^^We :WYdW[XW`' ea`VWd` W[`W =dXSZdg`Y) <[WeW ]a^^W]f[hW HWdeq`^[UZ]W[f TWdgZf SgX `aUZ `[UZf Wd]S``fW` =`Wd~ Y[W`) 9^eEW`eUZZW[fe[`V i[d [`W[`W_bgTWdfpdW` 9TeUZ`[ff)O[d i[eeW`_a_W`fS` `[UZf ea dWUZf' iWd i[d e[`V) 9TWd V[W =`fi[U]^g`Y V[WeWd EW`eUZZW[febWdeq`^[UZ]W[f YWZf [__Wd eUZ`W^^Wd hadS`) O[d Wd]W``W` iW`[YefW`e eUZa`' VSt >dWg`V(>W[`V( S`Sf[e_ge' ?WiS^ffpf[Y]W[f g`e S^^W TWVdaZW` g`V`[UZf`gdVW`W[`YdW`lTSdW`Gdf'iaV[WeWCdS`]ZW[fW`YWdSVWdW^WhS`fe[`V) O[d ]q``W` g`e ]Sg_ hadefW^^W`' i[W V[WeW g`eWdW EW`eUZZW[felg]g`Xf W[`_S^ SgeeWZW`i[dV)9TWde[W]r`VWfe[UZeUZa`S`[`W[`Wd`WgW`=_bX[`VeS_]W[fXrdYW[~ ef[YWOWdfW)O[dW`fVWU]W`'VStVSeM`[hWdeg_?W[ef[efg`VS^^WeHZke[eUZW`gdW[`W NWdV[UZfg`YV[WeWe?W[efWe)
9\VWMO#IVGETIJUSQWLIZSUPHSUUIVTSRVMFMPMW\JSUWLIZSUPH-
FaYYM^e ES`aXfZWXgfgdWi[^^TWS_kef[U)LZWUa`eU[age`WeeaXfZW@a_aKSb[W`ei[^^XgdfZWdVWhW^ab [`fZWbdaUWeeaXWha^gf[a`)LZWWjbWd[W`UWeaXSfdS`ebWdea`S^efSfWaXUa`eU[age`WeeUa`fS[`baee[~ T[^[f[WeXadS`WieW^X(g`fWdefS`V[`Y)LZ[e^WSVefaSV[XXWdW`fh[WiaX^[XW'SV[XXWdW`fh[WiaXZg_S` TW[`YeS`VSeiW^^faV[XXWdW`fUa`UWbf[a`eaX;Zd[ef[S`TW^[WX)LWd_e^[]WVWSfZ'dWegddWUf[a`'ad[Y[~ `S^e[`'dWVW_bf[a`S`Vea`aXYaV`WWVS`WiXad_aX[`fWdbdWfSf[a`)Ekef[UWjbWd[W`UWeSdU`af dWYdWee[a`TgfbdaYdWee[hWbaee[T[^[f[WeXadfZWWha^gf[a`aX_S`][`V)
36
Ekef[](OW^fX^gUZfaVWdOW^fhWdS`fiadfg`Y8
8MWIUEWXU
4ZSQXa_FUXQ_Ua_#,43/$';ZWdgT[`[eUZWdOS`VWde_S``'JWU^S_3++1 6XQM^eG&$#@WdSgeY)$#,44+$':aa]aXKWdW`[fk)@gVea`'FQ 6[a__MPQ)*)#,43.$'@[`YSTWS`?affWeNadeWZg`Y'Rrd[UZ,43. 7UQ`fRQXNUZSQ^>&#,433$#@WdSgeY)$'9ba]dkbZW=hS`YW^[W`Sge@S_SV['9`VWUZe 7^[e_QZ=&6&#,43.$'?WeUZ[UZfW9^WjS`VWdeV)?d)'ES`WeeW :QN_Q^=&#,40.$'Mdebdg`Yg`V?WYW`iSdf'KfgffYSdf >M`QOTU_Ya_PQ^>M`T[XU_OTQZ>U^OTQ$#,44.$'G^VW`TgdY AUW[XMa_h)>aQ_#,412$'HZ[^aeabZ[eUZ(LZWa^aY[eUZWKUZd[XfW`'O[W` AQaYMZZ8&#,423$'Cg^fgdW`fi[U]^g`Yg`VJW^[Y[a`'>[eUZWdL:13+ DaUZ`=&#,41.$'EW[efWd=U]WZSdf'aZTM^`@&#,44.$'HekUZa^aY[W@WgfW'1*4. JUXNQ^>&#,433$'
37
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,%,440$.3(0,
5GL">IPFVWXRH>IMR =[MOTUY:MXa_WM$5MP>U__UZSQZ
DXVEQQIRJEVVXRK$ <[W =`fi[U]^g`Y VWe _W`eUZ^[UZW` :WigtfeW[`e ha_ AUZ rTWdVSeKW^Teflg_KW[`i[dVSgXVW_@[`fWdYdg`Vf[WXW`bekUZa^aY[eUZWd'W`fi[U]~ ^g`YebekUZa^aY[eUZWd g`V fdS`ebWdea`S^Wd HWdebW]f[hW` Wd^pgfWdf)
O[d e[`V `Sfrd^[UZWdiW[eW eWZd hWdTg`VW` _[f g`eWdW` Ca`lWbfW` rTWd g`e eW^Tef g`V g`eWdW AVW`f[fpf) O[d ZSTW` iSZdeUZW[`^[UZ h[W^ VSdrTWd `SUZYWVSUZf g`V e[`V XdaZ' W[`W W[`[YWd_StW` bSeeW`VW NadefW^^g`Y W`fi[U]W^f lg ZSTW`) >S^^e e[W _WZd VW` ;ZSdS]fWd W[`Wd STefdS]fW` LZWad[W TWe[flf g`V g`eWd :WVrdX`[e lgXd[WVW`efW^^f' W[`WdSf[a`S^W=d]^pdg`YrTWdg`eeW^TeflgTWe[flW`'eaiWdVW[UZVgdUZ_W[`W9ge~ XrZdg`YW` hWd_gf^[UZWZWdlgdNWdi[ddg`YS^elgiW[fWdWdC^pdg`YTW[fdSYW`)=eY[Tf \S TWdW[fe W[`W >r^^W ea^UZWd LZWad[W`' VWdW` :WYd[XXW _S`UZ_S^ `gd eUZiWd _[fW[`~ S`VWd[`:Wl[WZg`YlgeWflW`e[`Vg`VVWdW`TW]S``fWefWV[Wf[WXW`bekUZa^aY[eUZW` Ca`lWbfW VSdefW^^W`) Hd[_pd dSf[a`S^ TWYdr`VWfW LZWad[W` rTWd g`eWdW AVW`f[fpf ZSTW`e[UZWd`[UZf`gdVSeR[W^'g`elgTWeUZrflW`g`VlgTWiSZdW`'ea`VWd`SgUZ' g`e [` VW` ?d[XX lg TW]a__W` g`V lg ]a`fda^^[WdW`) AUZ iWdVW [ZdW` OWdf g`V [ZdW ?dW`lW`S_:W[eb[W^VWdbekUZaS`S^kf[eUZW`Ca`lWbfW`aUZSgXlglW[YW`hWdegUZW`) M_ W[`W EqY^[UZ]W[f lgTWe[flW`' `[UZf[` VWd OW^fVWd LZWad[W` hWd^adW`lgYWZW` g`Vg`eg`eWdWW[YW`WKfdg]fgdVSd[`lgeUZSXXW`'TdSgUZW`i[dW[`W`rTWdYWadV`WfW` ?We[UZfebg`]f) <[We ]q``fW W[`W fdS`ebWdea`S^W HWdebW]f[hW eW[`) =[`W ea^UZW HWd~ ebW]f[hW [ef `[UZf [ddSf[a`S^' e[W [ef SgUZ `[UZf YWYW` JSf[a`S^[fpf' ea`VWd` e[W [ef |fdS`edSf[a`S^x[`VW_K[``W'VSte[WV[WJSf[adW^Sf[h[Wdf'[Zd\WVaUZW[`W`YWTrZdW`~ VW`H^SfllgiW[ef)=eTWefWZf`p_^[UZV[W?WXSZd'bWdea`S^WaVWdbdpbWdea`S^WLZWa~ d[W`rTWdfdS`ebWdea`S^WHZp`a_W`WlgW`fi[U]W^`'i[Wi[dWe[`VWd=eafWd[]ZpgX[Y X[`VW`)M_V[WeWd?WXSZdlgTWYWY`W`'ZS^fW[UZWeXrdZ[^XdW[UZ'_qY^[UZef`SZS`VWd =dXSZdg`YlgT^W[TW`g`ViW`[YlgSTefdSZ[WdW`)NWdefWZW`K[WVSZWd_W[`W9geXrZ~ dg`YW` `[UZf S^e 9geeSYW` VSdrTWd' iSe AVW`f[fpf g`V =j[efW`l _UZP$ ea`VWd` S^e :WeUZdW[Tg`YW`' i[W i[dg`eeW^Tefg`V g`eWdKW[`Q^XQNQZ&<[W:WYd[XXWe[`VS^eaS^e EWfSbZWd` YW_W[`f' V[W [` g`e WfiSe S`]^[`YW` ^SeeW` ia^^W`) OW`` i[d g`e ha` [Z`W`S`_gfW`^SeeW`']S``WeeW[`'VSte[UZg`eWd=d^WTW`[`V[WeW_Ea_W`fp`VWdf' VSt e[UZ g`eWd :WigtfeW[`elgefS`V p`VWdf) DSeeW` K[W g`e S^ea `g` YW_W[`eS_ dW[( 38
AUZ'KW^Tefg`VKW[`
eU` lg_ :WXrZ^ g`eWdWe W[YW`W` AUZ g`V lg_ =d^WTW` g`eWdWe OWeW`e) 9gX V[WeWd JW[eW _qUZfW [UZ _[f AZ`W` W[`W` 9TefWUZWd _SUZW` lg K[Y_g`V >dWgV g`V VWd _aVWd`W` HekUZaS`S^keW g`V `[UZf hWdepg_W`) AZ`W` SgUZ S_ @ad[la`f g`eWdWe OWeW`eV[WKa``WlglW[YW`)))
BIUFMRMGLa^YW`) 9ge VWd >r^^W g`eWdWd =d^WT`[eeW' _[f VW`W` i[d g`e [VW`f[X[l[WdW` g`V S` V[W i[d g`eWd[``Wd`'W`fi[U]W^`i[daXXW`TSdW[`Ca`lWbfha`g`eeW^Tef)=eTWefWZfSgeNad~ efW^^g`YW` g`V ?WXrZ^W` VSdrTWd' iWd [UZ T[`' i[W [UZ _[UZ S`XrZ^W' hWdZS^fW' _[f S`VWdW` EW`eUZW` g_YWZW) <[WeWe Ca`lWbf [ef ea_[f W[`W _W`fS^W g`V bekUZ[eUZW Ca`efdg]f[a`' WTW` W[` Ca`lWbf' ea WfiSe i[W W[` [``WdWe EaVW^^) 9gUZ V[WeWe Ca`~ lWbf [ef `Sfrd^[UZ W[`W ?WiaZ`ZW[feT[^Vg`Y) Kfp`V[Y _gt [UZ We `Wg WdeUZSXXW`' SdTW[fW We iW[fWd Sge' hWdYWi[eeWdW _[UZ eW[`Wd) 9gUZ V[WeW Ca`lWbf(:[^Vg`Y [ef ea_[f bdalWtZSXf lg hWdefWZW`) K[W [efW[`Wdg`eWdWd YW[ef[YW`g`V bekUZ[eUZW`Hda~ lWeeW) 9ge g`eWdW` =dXSZdg`YW` STefdSZ[WdW` i[d TWefp`V[Y' T[^VW` Ca`lWbfW rTWd g`eeW^Tef'V[WS`VWdW`EW`eUZW`g`VV[WOW^f)<[WYS`lWO[eeW`eUZSXfTSe[WdfVSd~ SgX' LWUZ`[]Xg`]f[a`[WdfSge TdSgUZTSdW` Ca`lWbfW`ZWdSge)9gUZVSeCa`lWbfha` g`eeW^Tef[ef\S[_YdatW`g`VYS`lW`TdSgUZTSd)OW```[UZf'YWZW`i[dlg_HekUZa~ fZWdSbWgfW`) Fg`eUZW[`fSTWdWfiSeA`fWdWeeS`fWeg`VXSefNWdZp`Y`[eha^^WelgYWeUZWZW`)<[W HdalWeeW VWe K[UZ([VW`f[X[l[WdW`e g`V VWd Ca`lWbf(:[^Vg`Y hWd]`rbXW` e[UZ) AUZ 39
BaSUZ[_?S^ge]S
[VW`f[X[l[WdW _[UZS^ea _[f _W[`W_ Ca`lWbf ha`_[deW^Tef)WefW_' ha` KgTefS`l) ^rUZf[YW`'?W[ef[YW`g`VLdS`ebSdW`fW`[`WfiSeKfST[^We'oTWdVSgWd`VWeg`VKa^[~ VWe) 9^e NWdS`eUZSg^[UZg`Y Xrd V[W AVW`f[X[l[Wdg`Y _[f W[`W_ Ca`lWbf ]q``fW WfiS VSe :WfdSUZfW` W[`We :[^VWe V[W`W`) AUZ eWZW SgX W[`W_ :[^V >SdTW` g`V >ad_W`) OW``[UZ`g`Ca`lWbfWT[^VW'ea]S``[UZ[`VW`>SdTW`g`V>ad_W`TW[eb[W^eiW[eW W[`W DS`VeUZSXf Wd]W``W`' h[W^^W[UZf _[f EW`eUZW` g`V :pg_W` g`V HX^S`lW`) <[W AVW`f[X[l[Wdg`Y _[f VW_ Ca`lWbf W`febdpUZW `g` VW_ NadYS`Y' VSt [UZ [` VSe :[^V Z[`W[`ebd[`YW'eW^Tef lgW[`W_LW[^ VWe:[^VWe iWdVW)9geVWd HWdebW]f[hWW[`WdHWd~ ea`SgXV[WeW_:[^VZpffWV[WW[YW`WHWdea`'ZpffW`V[WS`VWdW`HWdea`W`'V[WDS`V~ eUZSXf' V[W :pg_W g`V HX^S`lW` W[`W` YWYW`efp`V^[UZW` ;ZSdS]fWd) K[W ipdW` `[UZf _WZd `gd `aUZ >SdTW` g`V D[`[W`' ea`VWd` WTW` HWdea`W`) :pg_W) HX^S`lW`' @rYW^ gei) AUZ hWd_gfW' VSt VSd[` SgUZ V[W >Sel[`Sf[a` ha` >[^_TWegUZ g`V >Wd`eWZW` TWYdr`VWf^[WYW`'VSe[WSgXVW`Y^W[UZW`Hd[`l[b[W`TSe[WdW`'i[Wi[dg`eeW^Tefg`V V[WOW^f]a`efdg[WdW`)Ka]q``W`i[dXrdW[`[YWKfg`VW`e[UZTWiWYW`VW>SdTW`g`V >ad_W` TWaTSUZfW`' eaXWd` e[W g`e V[W EqY^[UZ]W[f YWTW`' g`e _[f [`fWdWeeS`fW` Ca`lWbfW` g`V [ZdW` =`fi[U]^g`YW` lg_[`VWef bSdf[W^^ lg [VW`f[X[l[WdW`) O[d ^WTW` \S YWi[eeWd_StW` W[`W RW[f^S`Y [` VWd OW^f V[WeWe >[^_We' dWSY[WdW` bZke[eUZ g`V bekUZ[eUZ' S^e aT V[We JWS^[fpf ipdW' e[`V S^ea YWdSVWlg Z[`W[`YWebdg`YW` [` V[WeW :[^VWd) Wd`eWZYWdpf ]q``W` i[d h[W^^W[UZf SgeeUZS^fW`' g`eWdW` =d^WT`[eefda_ STWd `[UZf) 9gUZ [` [Z_ Y[Tf We W[YW`f^[UZ `gd >ad_W`' >SdTW`' ?WdpgeUZW) =_bX[`~ Vg`YW` gei) ^gt'VW`L[eUZ'VSe9gfa'VW`S`VWdW`EW`~ eUZW`' VW` ?aff) =e e[`V Xrd g`e S^^We GT\W]fW' VW`` [Zd OWeW` TWefWZf Xrd g`e Sge Ca`lWbfW`' V[W i[d S^e e[W eW^Tef [VW`f[X[l[Wdf ZSTW`) M`V [`fWdWeeS`fWdiW[eW fdpYf \S SgUZ V[W ZWgfW W[`X^gtdW[UZefW LZWad[W lgd =d]^pdg`Y g`eWdWd AVW`f[fpfeT[^Vg`Y VW` FS_W` |GT\W]f(:Wl[WZg`YefZWad[Wx) =[`W |GT\W]fx(:Wl[WZg`YefZWad[W Wd]^pdf V[W :[^Vg`Y ha` KW^TefYWXrZ^ g`V AUZ(AVW`f[fpf g`V `[UZf WfiS W[`W |KgT\W]fx(:Wl[W( Zg`YefZWad[W) <[We ea^^ ]W[`W Cd[f[] eW[`' ea`VWd` W[`W =d^pgfWdg`Y VWd LSfeSUZW' VSt V[W AUZ(=`fi[U]^g`Y `ad_S^WdiW[eW W[`W GT\W]f(:[^Vg`Y [ef) <[We [ef SgUZ eaiW[f [` GdV`g`Y' V[W >dSYW [ef `gd' aT i[d _[f g`eWdW_ aT\W]fZSXfW` AUZ(?WXrZ^ [` g`eWdWd L[WXW lgXd[WVW` e[`V aVWd aT i[d eW[`W =`YW rTWdi[`VW` ia^^W` g`V We i[WVWd hWd~ X^ree[YW`ia^^W`) :Whadi[dV[WeWd>dSYWXa^YW`'^SeeW`K[W_[UZlg`pUZefW[`[YW_WZdaVWdiW`[YWd `SUZXrZ^TSdWW`fi[U]^g`YebekUZa^aY[eUZWoTWd^WYg`YW`S`efW^^W`) 40
AUZ'KW^Tefg`VKW[`
Rgd AVW`f[X[l[Wdg`Y YWZqdf V[W M`fWdeUZW[Vg`Y5 ad_ VWe gNQ^o XQNQZ_P^MZSQ_ S`' lg_S^ VSe ?WXrZ^' W[` W[YW`We AUZ lg eW[` g`V lg ZSTW`' \S `aUZ `[UZfeWZdefST[^[efg`VVSZWdlg`pUZefSgUZYW^WYW`f^[UZi[WVWdhWdeUZi[`VWf)M`V h[W^W ha` g`e fdSYW` `aUZ S^e =diSUZeW`W[`e[UZ W[`W` f[WXW`9`fd[WT'rTWd^WTW`lg ia^^W`' aTiaZ^ i[d \S W[YW`f^[UZ `[UZf YWXpZdVWf e[`V) 9gUZ V[W >pZ[Y]W[f lgd M`fWdeUZW[Vg`Y ha` KUZ_Wdl^[UZW_ g`V KUZq`W_ T^W[Tf Xrd g`eWd DWTW` TWZWdd~ eUZW`V) 9^e AUZ hWdegUZW` i[d' g_ \WVW` HdW[e VW` KUZ_Wdl lg hWd_W[VW` aVWd lg TWe[WYW`' g`V egUZW` VSe 9`YW`WZ_W g`V Dgefha^^W) O[d e[`V XSef egUZfSdf[Y SgX NWdY`rYg`YW` SgeYWd[UZfWf) <[WeW M`fWdeUZW[Vg`YeXpZ[Y]W[f ha` Dgefha^^W_ g`V M`^gefha^^W_ efW^^f STWd iSZdeUZW[`^[UZ SgUZ VW` CWd` g`eWdWd :WigtfZW[f VSd) 9ge V[WeWd :WigtfZW[f Wdef i[dV =`feUZW[Vg`YeXpZ[Y]W[f g`V @S`V^g`Yeeb[W^dSg_ Wd_qY^[UZf'VW``aZ`W:WigtfZW[fipdW`i[d`gdg`TWigtf[`ef[`]f[haVWddWX^WjZSXf ZS`VW^`V) <[W h[W^^W[UZf iWeW`f^[UZefW DW[efg`Y VWe AUZ [ef eW[`W AVW`f[X[l[Wdg`Y _[f VW_ :WigtfiWdVg`YebdalWt' [` VWeeW` RW`fdg_ Ue e[UZ efW^^f) Ka W`fefWZf VSe AUZ( :WigtfeW[` S^e RW`fdg_ S^^ g`eWdW` rZ^W`e g`V @S`VW^`e) AUZ T[` _[d TWigtf' VSt [UZ XrZ^W' ZS`V^W g`V VW`]W5 |AUZ VW`]W' S^ea T[` [UZx' eSYfW dWgVeLZWa~ d[WT[^Vg`Y Wd]W``W`) Mdebdr`Y^[UZ g`fWdeUZ[WV Wd li[eUZW` VW` KkefW_W` :Wigtf~ eW[`' NadTWigtfWe g`V M`TWigtfWe' VSe V[W Ld[WTW W`fZp^f) <[WeWe Ca`lWbf igdVW VS``STYW^qefVgdUZVSeA`efS`lW`(EaVW^^'[`VW_VSeAUZV[WJa^^WVWe:WigtfeW[`e rTWd`[__f g`V VSe =e V[W Ld[WTW W`fZp^f) A`fWdWeeS`f e[`V SgUZ Z[Wd i[WVWd V[W :WYd[XXW5=[`W_AUZefWZfW[`=e'S^eaWfiSe?WYW`efp`V^[UZWe'YWYW`rTWd) 41
BaSUZ[_?S^ge]S
ASQ5GL]XQ>IPFVW Rg`pUZef ]gdl lgd HSdSV[WeYWeUZ[UZfW5 :W]S``fWd_StW` ^WTfW` 9VS_ g`V =hS aZ`WKadYWg`VDW[V[_HSdSV[We'T[ee[Wha`VWdKUZ^S`YWhWdXrZdfha_hWdTafW`W` :Sg_ VWd =d]W``f`[e StW`) E[f VWd =d]W``f`[e ha` ?gf g`V :qeW ]S_ Y^W[UZlW[f[Y SgUZ V[W >pZ[Y]W[f' e[UZ eW^Tef iSZdlg`WZ_W`) 9VS_ g`V =hS Wd]S``fW` e[UZ eW^Tef g`V [ZdW NWd^Wfl^[UZ]W[f' e[W XrZ^fW` KUZS_ g`V KUZg^V) OW`` i[d V[WeW ?WeUZ[UZfW S^e EkfZae rTWd V[W =`fefWZg`Y VWe AUZ(?WXrZ^e hWdefWZW`' VS`` [ef VSe ?WXrZ^ VWe AUZhWdTg`VW`_[fVWd>pZ[Y]W[flgdM`fWdeUZW[Vg`Yha`?gfg`V:qeW'i[Wi[dWe\S SgUZ TWeUZd[WTW` ZSTW`) a^YW`TWXdW[W`8 Cq``W` i[d VW` AVW`f[X[l[Wdg`YebdalWt drU]Yp`Y[Y _SUZW`' SgXYWTW` aVWd [Z` lg_[`VWefg`fWdTdWUZW`8 OSeirdVWYWeUZWZW`'iW``[UZV[W?WiaZ`ZW[f'_W[`KW^Tef]a`lWbflgTWefpf[~ YW`' SgXYWTW aVWd g`fWdTdWUZW8 WefWe' M`hWdp`VWd~ TSdWe'?WYWTW`WeipdWVS``e[UZfTSd)OW``_S`eai[^^'[efV[WAVW`f[fpf`gdW[`=d[`~ `Wdg`YeekefW_' VSe g`eWd YWYW`ipdf[YWe =d^WTW` liSd efdg]fgd[Wdf' STWd ha` [Z_ `[UZfg`TWV[`YfTW`qf[Yfi[dV)ES`UZ_S^[efWeYS`l`rfl^[UZ'STWdZpgX[Y[efWerTWd~ X^ree[Y) O[d ]q``fW` We XS^^W` ^SeeW`' e[UZ Sg^^qeW` ^SeeW` aVWd hWdeUZi[`VW` ^SeeW`' (iW``i[d`gd]q``fW`9TWdg`eWdAVW`f[X[l[Wdg`YebdalWtZp^fVSdS`XWef)KaTWefWZf g`eWdWYdatW9gXYSTWVSd[`'lg^Wd`W`g`VlgPQ_[VW`f[X[l[WdW`)<[WeTWVWgfWf5^Wd`W` 42
AUZ'KW^Tefg`VKW[`
^aelg^SeeW`' i[W We [` VW` eb[d[fgW^^W` LdSV[f[a`W` TWeUZd[WTW` [ef) A` VWd EWV[fSf[a` ^Wd`W`i[d'g`eha`VW`A`ZS^fW`g`eWdWe=d^WTW`elg^qeW`'g`e`[UZf_[fVW`?WVS`~ ]W`' =_bX[`Vg`YW` g`V ?WXrZ^W` lg [VW`f[X[l[WdW`) <[WeWe |9ge]^[`]W` Sge g`eWdW` [``WdW` <[S^aYW`x' V[WeWe Dae^SeeW` g`eWdWd [``WdW` JWS]f[a`W` Wd^WTW` i[d S^e TWXdW[W`Vg`VWd^W[UZfWd`V)Ka]q``W`i[d[__Wd_WZdlg_:WaTSUZfWdVWe=d^WT`[e~ efda_We iWdVW`' aZ`W ha` [Z_ _[fYWd[eeW` lg iWdVW`) A_ DSgXW VWd RW[f XrZ^W` i[d g`e e[UZWd S` V[WeW_ H^Sfl VWe |[``WdW` :WaTSUZfWdex' VWd S^^We TWaTSUZfWf' iSe YWeUZ[WZf'aZ`WW[`lgYdW[XW`) Rg`pUZefXrZ^fVSeAUZe[UZ`aUZS^eVSeRW`fdg_VWe:WaTSUZfW`e'S^eE[ffW^bg`]f VWe :WigtfeW[`e) r^^W) <[WeWd JSg_ ]S`` ef[^^ eW[`' ha^^Wd >d[WVW`' aVWd WdXr^^f eW[` ha` >dWgVW g`V DW[UZ~ f[Y]W[f [` S^^W` :WiWYg`YW`) A` [Z_ T[^VWf e[UZ V[W Ege[] ST' V[W i[d ZqdW`' g`V VWd @[__W^'VW`i[deWZW`)=d[efVWdRWgYWS^^Wd=dXSZdg`YW`g`Vi[dVVSZWdYW^WYW`f~ ^[UZ S^e RWgYW`(:WigtfeW[` #e) O[^TWd' ,43/$ TWlW[UZ`Wf) O[d ]q``W` V[We SgUZ S^e V[W =dXSZdg`Y VWe W[YW`W` OWeW`e TWeUZdW[TW`) @[Wd e[`V i[d [` Ca`fS]f _[f g`e eW^Tef' g`eWdW_ KW^Tef #Bg`Y$' g`eWdW_ iSZdW` KW^Tef #O[``[Uaff$ aVWd g`eWdW_ fdS`ebWdea`S^W` KW^Tef #9eeSY[a^[$' i[W Ue hWdeUZ[WVW`f^[UZ TWlW[UZ`Wf i[dV) QXOTSQYho OTQ^ZPQ^5XaYQZWZ[_\QZ3 JQ^ U_` cMOT UZ PQZ fU``Q^ZPQZ F`Q^ZQZ PQ^ AMOT`$ UZ PQY \[OTQZPQZ FOTYQ^f `UQR UZYQUZQYdW_VW'i[W[UZWeeUZa` WdipZ`fW) OW`` _[d V[W GT\W]fW [`fWdWeeS`f WdeUZW[`W`' i[^^ [UZ e[W ZSTW`' [` :We[fl `WZ_W`'e[WS^elg_[dYWZqd[Y[VW`f[X[l[WdW`)
BaSUZ[_?S^ge]S
TW^WTfaVWdg`TW^WTf'`gdTW`gflW`)=eVW`]flgf[WXef_WUZS`[ef[eUZ'VSZWdYWZqdfV[W fWUZ`[eUZW JSf[a`S^[fpf lg eW[`Wd NadefW^^g`YeiW^f) 9gX VWd AUZ(=TW`W e[`V i[d TWefW`XS^^e `aUZ [` VWd DSYW' g`e VW` S`VWdW` S^e W[` WTW`ea^UZWe AUZ hadlgefW^^W`' i[W i[d g`e eW^Tef XrZ^W`' VSZWd VWd ]SfWYad[eUZW A_bWdSf[h S^e _adS^[eUZW J[UZf~ eUZ`gd) <[WeWd Xg`]f[a`[Wdf \WVaUZ `[UZf SgedW[UZW`V' iW[^ [UZ VW` S`VWdW` `[UZf i[d]^[UZ Wd^WTW' ea`VWd` `gd W[` Ca`lWbf' W[`W |GT\W]f%EQ\^h_QZ`MZfm W[`We S`VWdW` EW`eUZW` TWe[flW)
AUZ)KW^Tefg`VKW[`
AM^^1nHZPcUQTQUk`Pa3m& JQU_Q^1nUQ_QX_`QUZ MaRTQNQZP aZP MZNXUOWQZP#1 nJQZZ Pa Q_ QUZ_UQT_` % VMm& AM^^"VhTfa^8^WQZZ`ZU_Q^cMOTQZP#1n7a(UZYU^%:[``m&
/IZXbW#VIMR OW``W[`_S^V[WL[WXW'?dqtWg`VJgZWg`eWdWeOWeW`eWdXSZdW`igdVW'W`fefWZf W[`WefSd]WKWZ`egUZf'V[WM`dgZWg`V?Wfd[WTW`ZW[f'V[W:WYdW`lfZW[f'V[W9`Yefg`V VW` a^YW' ea`VWd` e[W [ef egTf[^Wd YWiadVW`5 O[d Wd^WTW` g`e eW^Tef S^e :WigtfZW[f' S^e M`TW~ YdW`lfZW[f' S^e ^gtVWeDWTW`e) M_AZ`W`W[`?WXrZ^XrdV[WeW=dXSZdg`YlghWd_[ffW^`'_qUZfW[UZW[`W`LWjfha` CZS^[^ ?[TdS` #,420$ l[f[WdW`) NWdefWZW` K[W [Z` T[ffW `[UZf `gd S^e baWf[eUZW CdWS~ f[a`'ea`VWd`hWdegUZW`K[W'[Z`S^e:WeUZdW[Tg`Yha`=d^WT`[eiW[eW`SgXlg`WZ_W`' V[Wg`eWdWd:WYd[XX^[UZ]W[feUZiWdlgYp`Y^[UZe[`V) n4X_ b[^ LQU`QZ PQ^ Q^_`Q NQNQZPQ ?Ma` jNQ^ YQUZQ ?U\\QZ P^MZS$ Q^WX[YY UOT PQZ TQUXUSQZ 5Q^S aZP _\^MOT fa :[``& HZP UOT _MS`Q1 n;Q^^$ UOT NUZ PQUZ 7UQZQ^& 7QUZ SQTQUYQ^JUXXQU_`YQUZ:Q_Q`f$aZPUOTR[XSQPU^UYYQ^PM^&x 45
BaSUZ[_?S^ge]S
4NQ^:[``MZ`c[^`Q`QZUOT`&8^QZ`_OTcMZPQUZQYYhOT`USQZF`a^YQSXQUOT& HZP ZMOT `Ma_QZP =MT^QZ Q^WX[YY UOT PQZ TQUXUSQZ 5Q^S$ aZP cUQPQ^ _\^MOT UOT fa :[``& HZP UOT _MS`Q1 nFOTi\RQ^$ UOT NUZ PQUZ :Q_OTi\R& 4a_ G[Z TM_` Pa YUOT SQo R[^Y`$aZPcM_UOTNUZaZPTMNQ$_OTaXPQUOTPU^&m 4NQ^:[``MZ`c[^`Q`QZUOT`&8^QZ`_OTcMZP`Ma_QZPQUXUSQZ9XjSQXZSXQUOT& HZP ZMOT `Ma_QZP =MT^QZ Q^WX[YY UOT PQZ TQUXUSQZ 5Q^S$ aZP cUQPQ^ _\^MOT UOT fa :[``& HZP UOT _MS`Q1 nIM`Q^$ UOT NUZ PQUZ F[TZ& 4a_ ?UQNQ aZP 8^NM^YQZ TM_` Pa YUOT SQfQaS`$aZPUZ?UQNQaZP8T^Q^NUQ`aZScUXXUOTPQUZ>iZUS^QUOTQ^NQZ&m 4NQ^:[``MZ`c[^`Q`QZUOT`&8^bQ^_OTcMZPcUQ7aZ_`UZPQ^9Q^ZQ& HZP ZMOT `Ma_QZP =MT^QZ Q^WX[YY UOT PQZ TQUXUSQZ 5Q^S$ aZP cUQPQ^ _\^MOT UOT fa :[``& HZP UOT _MS`Q1 n@QUZ :[``$ YQUZ LUQX aZP YQUZQ 8^RjXXaZS&
0IU5GL#/IKUMJJ Fg` `aUZ W[`_S^ lgdrU] lg K[Y_g`V >dWgV) >dWgV iSd [_ ?dg`VW FSfgdi[eeW`~ eUZSXf^Wdg`Via^^fWZWdSgeX[`VW`'i[WV[WbekUZ[eUZW`HdalWeeWST^SgXW`g`VXg`]~ f[a`[WdW`) =d STefdSZ[WdfW ha` eW[`Wd W[YW`W` A``W`eUZSg g`V eW[`Wd =[`XrZ^g`Y [` eW[`WHSf[W`f[``W`g`VW`fi[U]W^fWEaVW^^WrTWdVW`9gXTSgVWdHekUZW)=[`WeW[`Wd TWdrZ_fWefW` 9dTW[fW` fdpYf VW` L[fW^5 n7M_ AUZ g`V PM_ =ex #,4-.$) S^ea AUZ g`V =e e[`V Xrd [Z` W[YW`W YWYW`efp`V^[UZW OWeW`) dWgV C[`V eW[`Wd RW[f iSd g`V _[f eW[`W_ AUZ(?WXrZ^ [VW`f[X[l[Wdf iSd' ]S_W` W`febdWUZW`VW _WUZS`[ef[eUZW EaVW^^W VSTW[ ZWdSge5 =d ebdSUZ ha` Ld[WT]dpXfW`' GT\W]fW`) =`WdY[WhWdeUZ[WTg`YW`' 9bbS~ dSfW` gei) <[We [ef S` e[UZ `[UZf eUZ^[__' iW`` VWgf^[UZ i[dV' VSt We e[UZ ^WV[Y^[UZ g_ EaVW^^W ZS`VW^f' V[W W[`W fWUZ`[eUZ(bdS]f[eUZW Frfl^[UZ]W[f TWe[flW`) :W[ >dWgV STWdg`V^W[VWdSgUZTW[eW[`W`FSUZXa^YWd`T[eZWgfWY[TfWeW[`dWgV S^e >g`]~ f[a`eTWYd[XXg`VS^eAVW`f[X[]Sf[a`eTWYd[XX#e)SgUZ>WfeUZWd),43.$) g`]f[a`eTWYd[XX [ef W[` KkefW_' W[`W A`efS`l) =[`W eW[`Wd iWeW`f^[UZ~ efW` >g`]f[a`W` [ef V[W 9TiWZdXg`]f[a`' VSe FW[`' ]q``fW _S` eSYW`' VW`` VSe AUZ TWX[`VWf e[UZ TWefp`V[Y [_ Ca`X^[]f li[eUZW` hWdeUZ[WVW`W` CdpXfW`' V[W SgX We i[d~ ]W`) >dWgV #,4..$ eUZdW[Tf5 |
AUZ'KW^Tefg`VKW[`
<[W 9Te[UZf VWd HekUZaS`S^keW eW[' |VSe AUZ lg efpd]W`' We ha_ oTWd(AUZ g`STZp`~ Y[YWdlg_SUZW`'eW[`OSZd`WZ_g`YeXW^VlgWdiW[fWd`g`VeW[`WGdYS`[eSf[a`Sge~ lgTSgW`'eaVStWee[UZ`WgWKfrU]WVWe=eS`W[Y`W`]S``x#>dWgV',4..$)<[WeWeAUZ [ef S^ea W[`W GdYS`[eSf[a` ha` >g`]f[a`W`5 |9` V[WeW_AUZ Zp`Yf VSe:WigtfeW[`'We TWZWddeUZf V[W RgYp`YW lgd Eaf[^[fpf' ))) We [ef V[W\W`[YW eWW^[eUZW A`efS`l' iW^UZW W[`W Ca`fda^^W rTWd S^^[ZdW HSdf[S^hadYp`YWSgerTf)))ha` V[WeW_AUZ YWZW`SgUZV[W NWdVdp`Yg`YW` Sgex #>dWgV' ,4-.$) =[`W iWeW`f^[UZW AUZ(>g`]f[a` [ef V[W ek`fZWf[~ eUZW>g`]f[a`'V[WV[WbekUZ[eUZW`NadYp`YW[`fWYd[Wdfg`V]aadV[`[Wdf)<[Wek`fZW~ f[eUZW >g`]f[a` igdVW ebpfWd ha` @W[`l @Sdf_S`` #,4.4$ _[f VW` V[XXWdW`l[WdW`VW` >S]fadW` lgd |adYS`[e[WdW`VW` >g`]f[a`x lgeS__W`YWXStf) g`]f[a`W`lg VWX[`[WdW`' ea`VWd` VgdUZ eW[` >g`]f[a`[WdW` S^e GdYS`[eSfad) g`]f[a`W`) 9ge VWd g`]f[a`W` W`fi[U]W^fW e[UZ S^ea V[W _aVWd`W AUZ(HekUZa^aY[W) <[W ha` [Zd SgeYWSdTW[fWfW` EaVW^^W e[`V ha` ZaZW_ bdS]f[eUZW_ OWdf g`V Sge VWd ]^[`[eUZW` 9dTW[f _[f eUZiWdW` bekUZ[eUZW` Kfqdg`~ YW` ]Sg_ _WZd iWYlgVW`]W`) >rd g`Yr`ef[Y ZS^fW [UZ \WVaUZ V[W NWdT[`Vg`Y VWd :WYd[XXW |AUZx g`V |>g`]f[a`x lg |AUZ(>g`]f[a`x) <[W eaY) |AUZ(>g`]f[a`W`x ea^^fW` TWeeWdS^e|bekUZ[eUZW>g`]f[a`W`xTWlW[UZ`WfiWdVW`'VW``Wee[`V^WV[Y^[UZ>g`]~ f[a`W`'_[fVW`W`e[UZVSeAUZ(=d^WTW`[VW`f[X[l[Wdfg`VV[WWdZS^fW`T^W[TW`'iW``V[W g`]f[a`W`' V[W Wdef TW[_ RgdrU]fdWfW` VWe AUZ [` =deUZW[`g`Y fdWfW`' l) :) V[W bSdS`ad_S^W` >pZ[Y~ ]W[fW`'h[e[a`pdWea^YW ZSf) K[UZWd^[UZi[dVWe`afiW`V[YeW[`'iW[fWdYWZW`VWfdS`ebWdea`S^WEaVW^^WlgW`f~ i[U]W^`' V[W ha` VWd =dXSZdg`Y STefdSZ[WdW` g`V >g`]f[a`ebd[`l[b[W` TWeUZdW[TW`' V[W g`eWdW_ =d^WTW` SgUZ ZqZWdWd :WigtfeW[`elgefp`VW lgYdg`VW ^[WYW`)
BaSUZ[_?S^ge]S
V[WeWdHWdebW]f[hWS^e[``WdbekUZ[eUZWdJWbdpeW`fS`fVWdW[YW`W`HWdea`hWdefS`VW` i[dV' ebdWUZW` V[W GT\W]fTWl[WZg`Ye(LZWadWf[]Wd ha_ Ca_b^Wj VWd KW^Tef(JWbdp~ eW`fS`lW`)CWd`TWdYeGT\W]fTWl[WZg`Ye(LZWad[WTWeUZdW[TfV[WhWdeUZ[WVW`W`AVW`~ f[X[l[Wdg`YebdalWeeW Z[` lgd AUZ(AVW`f[fpf) |<[W AUZ(AVW`f[fpf [ef V[W g_XSeeW`VW Kfdg]fgd[Wdg`Yha`AVW`f[X[l[Wdg`YW`g`VA`fda\W]f[a`W`g`fWdVW_efWgWd`VW`Hd[`~ l[b VWd ek`fZWf[eUZW` >g`]f[a` VWe AUZx #CWd`TWdY' ,43,$) <[W AUZ(AVW`f[fpf W`fZp^f `SUZ CWd`TWdY W[` ]a`ea^[V[WdfWe KW^Tef(Ca`lWbf' S^ea W[` Ca`lWbf ha` e[UZ eW^Tef' [` VW_ V[W hWdeUZ[WVW`W` KW^Tef(NadefW^^g`YW` lg W[`W_ ?S`lW` lgeS__W`YWXStf e[`V) dWgVe AUZ S^e AVW`f[X[]Sf[a`eTWYd[XX VSe Ca`lWbf VWd AUZ(AVW`f[fpf g`V rTd[YW`e SgUZ V[W FSdl[t_gefZWad[W) |FSdl[t_gex igdVWgdebdr`Y^[UZha`>dWgVhWdefS`VW`S^e^[T[V[`qeW:WeWflg`YVWdW[YW`W`HWd~ ea`g`VTWlW[UZ`WfZWgfWV[W=`fi[U]^g`YW[`WerTWdi[WYW`Vbae[f[hW`lgeS__W`~ Zp`YW`VW` g`VefST[^W`Ca`lWbfWeha`e[UZeW^Tef#:^S`U]g`V:^S`U]),43+$)ad_W` VWd KW^TefTWefpf[Yg`Y)
5GL">IPFVWXRH>IMR A_?dS`VW[efV[WeWdOWYW[``Sfrd^[UZWdHdalWt5VWdOWYha_AUZlg_g_XSeeW`~ VW` KW^Tef' lg_ iSZdW` OWeW`' lg_ |iSZdW` KW^Tefx' i[W We O[``[Uaff #A41+$ YW`S``f ZSf) O[W efSd] _gt e[UZ g`eWd FSdl[t_ge W`fi[U]W^`' i[Wh[W^ :Wefpf[Yg`Y TW`qf[YW` i[d' VS_[f g`eWdW :WigtfeW[`ebdalWeeW iW[fWdeUZdW[fW` ]q``W` ha_ AUZ( :WigtfeW[` lg_ RWgYW`(:WigtfeW[`8 OS`` ]a__f VWd RW[fbg`]f [` VWd HWdeq`~ ^[UZ]W[feW`fi[U]^g`Y' S` VW_ We `[UZf _WZd e[``ha^^ [ef' VSe AUZ(?WXrZ^ XWeflgZS^fW`8 9gUZV[WE[^UZlpZ`WXS^^W`Sge'aZ`WVSti[de[WlgWdZS^fW`hWdegUZW`) 9TWd VSe ;ZSdS]fWd[ef[eUZW VWe K[UZ([VW`f[X[l[WdW`e [ef VSe >WefZS^fW`' VSe 9`ZS^~ fW`'i[WWe:gVVZSYW`S``fZSf'V[W:WeWflg`Y_[fAUZ(=`WdY[WTW[>dWgV'_[fVWdAUZ( D[T[Va'V[WVS``S`VW`NadefW^^g`YW`]^WTf)WefZS^fW`'VSe)9`ZSXfW`'V[WKgUZW 48
AUZ'KW^Tefg`VKW[`
`SUZ AVW`f[X[l[Wdg`YeaT\W]fW` [ef ea_[f W[`W ?dg`VW[YW`eUZSXf VWe AVW`f[X[l[Wdg`Ye~ hadYS`Ye g`V lW[Yf VS_[f SgUZ eW[`W iWeW`f^[UZW NWd^Wfl^[UZ]W[f) BWVWd 9`Yd[XX SgX V[W AVW`f[X[l[Wdg`Y ]S`` W[`W NWd^WflfZW[f lgd >a^YW ZSTW`5 |dWgVW S` VWd KUZq`ZW[f VWd =j[efW`l g`V K[``Wd^WTW`) <[WeWd H^Sfl [ef rT~ ^[UZWdiW[eWha_AUZTWeWflf)OW``Ue[Z`XdW[Y[Tf']S``VWdRWgYWha_KW[`lWgYW`) g`]f[a`W` [` VW` <[W`ef VWd =j[efW`l' VWe ?qff~ ^[UZW`' VWe 9Tea^gfW`' VWd OSZdZW[f) KUZ^[Wt^[UZ TWY[``f VWd RWgYW lg Wd]W``W`5 EW[` iSZdWe OWeW` [ef `[UZf |_W[`x iSZdWe OWeW`' ea`VWd` KW[`) |
BaSUZ[_?S^ge]S
ea`VWd`VSeKfWdTW`)WefZS^fW` S_ DWTW` ^aeYW^SeeW` iWdVW` ]S``' VS`` ]S`` g_YW]WZdf VSe DWTW` ha^^efp`V[Y V[WeWe ad_W`g`VEa_W`fW`)KalWgYfVSeKW[`g`VTWlWgYfVSeKW[` e[UZeW^Tef):WigtfZW[fi[dVlg:Wigtf(KW[` <[We eUZW[`f V[W YdatW Rg]g`XfeSgXYSTW VWd EW`eUZZW[f lg eW[`5 =e YWZf `[UZf VSdg_ lg jNQ^XQNQZ$ ea`VWd` lg_ DWTW` lg X[`VW`) rd g`e 9TW`V^p`VWd [ef e[W W[YW`f^[UZ AUZ(NWd( i[d]^[UZg`Y' S]f[hW' ]dWSf[hW g`V eW^TefhWdS`fiadf^[UZW ?WefS^fg`Y _W[`We W[YW`W` DWTW`e)<[WiWef^[UZW`HekUZafZWdSb[W`hWdegUZW`'g`eVSTW[lgZW^XW`) 9gX VWd =TW`W VWe KW^Tef' _W[`We iSZdW`OWeW`e' [efe[WV[WNWdi[d]^[UZg`Y _W[~ `Wd :Wef[__g`Y5 EW[`W HWdea` efWZf VS`` [_ <[W`ef VWe @qZWdW`' ?dqtWdW` g`V ?qff^[UZW`) AUZ iWdVW VgdUZ^pee[Y' |fdS`ebSdW`f Xrd V[W LdS`elW`VW`l #dWgV #,4..$ VW` TWdrZ_fW` KSfl5 |Oa =e iSd' ea^^ AUZ iWdVW`x DSeeW` K[W g`e `g` iW[fWdXad_g^[W~ dW`5|OaAUZiSd'i[dVVSeTWigtfWKW[`WdefdSZ^W`x) 9TeUZ^[WtW`_qUZfW[UZ_[fW[`W_LWjfha`LSYadW#,4/,$'VWdg`e`SUZVW`h[W^W` OadfW`i[WVWdS`VW`Mdebdg`Yg`eWdWdKgUZWTd[`Yf) 7UQF[ZZQPQ_Q^_`QZGMSQ_TM``QSQR^MS`$ MX_PM_FQUZZQaQ^_OTUQZ1 nJQ^NU_`Pa3m >QUZQ4Z`c[^`WMY& =MT^aY=MT^bQ^SUZS& 7Q^F[ZZQZ_`^MTXPQ_XQ`f`QZGMSQ_ 50
AUZ'KW^Tefg`VKW[`
R^MS`QQUZXQ`f`Q_@MX MYJQ_`YQQ^_`^MZP UZPQZ_`aYYQZ4NQZP1 |JQ^TU_`Pa3m >QUZQ4Z`c[^`
1KS">IPJERH/IMRK
FaYYM^e LZWVWhW^ab_W`faXZg_S`Ua`eU[age`WeeXda_|=Yaxh[S|KW^X fa|:W[`Y [eVWeUd[TWVa`fZW TSU]Ydag`VaXSVWbfZbekUZa^aY[US^'VWhW^ab_W`fS^S`VfdS`ebWdea`S^bWdebWUf[hW)=Ya(;a`( eU[age`Wee[eg`VWdefaaVSefZW[VW`f[X[USf[a`i[fZSeW^X(Ua`UWbf)HdaUWeeWeaXVWe[VW`f[X[USf[a` ^WSVfaSUa`eU[age`WeeaXagdai`[``WdTW[`Y)LZWdWfZW^WhW^aXfZW|KW^X 'fZW|fdgWKW^X adfZW |fdS`ebWdea`S^KW^X [eSUZ[WhWV):gfVWhW^ab_W`faXUa`eU[age`Weeef[^^[`UdWSeWe)G`^kfZdagYZ fZW[``WdVk[`YaXS`kXWW^[`YaXeW^X[f[ebaee[T^WfadWS^[lWTW[`Y[feW^X'fZWg^f[_SfWXg^X[^^_W`f fZdagYZ^[XW'Ua`eU[ageTW[`Y)
8MWIUEWXU
5XMZOW:&&5XMZOT>&#,423$'9`YWiS`VfWAUZ(HekUZa^aY[W'C^Wff(;affS'KfgffYSdf 5XMZOW:&aZP5XMZOWE&#,43+$'AUZ(HekUZa^aY[WAA'C^Wff(;affS'KfgffYSdf 5aNQ^@&"(0)*#$AUZg`V&:&#,42.$'Na_VabbW^fW`Mdebdg`YVWeEW`eUZW`'@WdVWd'>dW[TgdY 9Q`_OTQ^E&#,43.$'KW^Tefg`VAVW`f[fpf'HekUZW'.2'.30(/,, 9^QaPF&#,4-.$'a^YWVWdNad^Weg`YW`lgd=[`XrZdg`Y[`V[WHekUZaS`S^keW'.,)N)'?WeS_~ _W^fWOWd]W':V),0 :MXa_WM=&#,44/$'?S`lZW[f^[UZWefSf[a`pdWLZWdSb[WfdS`ebWdea`S^WdKfqdg`YW`[`5Rg`VW^=)' Daa_S``eH#@deY)$'HekUZafZWdSb[Wg`VdW^[Y[qeW=dXSZdg`Y'@WdVWd'>dW[TgdY :UN^MZ>&#,420$'Q^ZNQ^SB&9&#,43,$'GT\W]fTWl[WZg`YW`g`VHdSj[eVWdHekUZaS`S^keW'C^Wff(;affS'KfgffYSdf @MTM^_TUE&#,43/$'?WebdpUZWVWeOW[eW`ha_:WdYW9dg`SUZS^S)9`eSfS'A`fWd^S]W` @MTXQ^@&F&$CUZQ9&$5Q^SYMZZ4#,423$'<[WbekUZ[eUZW?WTgdfVWeEW`eUZW`'>[eUZWd'>dS`]~ Xgdf GMS[^QE&$Rg_S`VWdW`MXWd'@kbWd[a`'>dW[TgdY GMS[^QE&#,4/,$'[`5Oa>dWgVW[ZdW>WefWXW[Wdf'@WdVWd'>dW[TgdY),44+ G_OTaMZSG_Q[`5KUZ_[VfC)G)#,421$'DWTWTWigtf'&#,43/$'OWYWlg_KW^Tef'CqeW^'Er`UZW` JUZZUO[``7&J&#A41+$'AUZ(NWdlWddg`Y[`>ad_VWeiSZdW`g`VVWeXS^eUZW`KW^Tef'[`5JW[Xg`Ye~ bdalWeeWg`VXqdVWd`VWM_iW^f)C[`V^Wd'Er`UZW`,42/ SUZ]^[`[]@W[^[YW`XW^V =gWdVadXWdKfdStW/(1 42133:SVC[ee[`YW`
51
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,*,440'0-(0/
@UOTMQXIQ``Q^
55$ 0IU:EWXUVMRKIR MLUASUVMRKIR#QMWMLU]XVEQQIRVMRKIR .0) @qdefVgV[WKf[__WW[`WeNaYW^e'eaS`fiadfW[Zdg`ViSdfWVS``SgX[ZdW9`f~ iadf' g_ i[WVWdg_ V[WeWd lg S`fiadfW`) =[` <[S^aY W`fefWZf' TW[ VW_ Vg i[d]^[UZ `[UZfiW[tf'i[WiW[fVW[`HSdf`WdV[UZZqdf'g`Vi[WiW[fVg[Z`Zqdef)M`VVaUZ)))\S YWdSVW))) .1) =[`>^gYlWgYrTWdcgWdfVW[`W`@[__W^)Kf[__W[`[`eW[`W`La`5e[`Y[Z_V[W liW[fWKf[__W'g_]dW[eW[Z`'VgdUZVd[`YW[Z`'g`VVgebrdef'i[WWd[`V[d]dW[ef'g`V VW[`A``WdWei[dVeaiW[fg`ViW[fWd`aUZS^eVWd@[__W^'VW`WdrTWdcgWdf) .2) SdTW`eb[W^' VWeeW` 9gX g`V 9T) O[W ha` eW^Tef XpZdef Vg^S`YeS_Wdg`VWd^WTefV[WDS`VeUZSXfTWeUZSg^[UZS^eGdUZWefWdVW[`WeD[WVWe) .3) W[`VW`) OWdVW _[UZ ^[WTWd WdYWTW` [` iW^UZW JWY[Wdg`Y SgUZ [__Wd'g_g`fWd[ZdXrdV[WJW[`[Yg`Yg`V=dZS^fg`YVWdOWYWg`VVWd@WdlW`lgead~ YW`)9TWd\WflfYWdSVWV[WeWd@gTeUZdSgTWdfa`) ) )[_9gYW`T^[U]eW[`WeE[UZ( CdWglW`eT[`[UZeW[`KUZr^Wdg`VWd_W[`EW[efWd) /,) :W[VWdW^W]fd[eUZW`JSegdWd^WTWVW`La`VWeEafade[`eW[`WdYS`lW`N[W^XSd~ T[Y]W[f' VSe 9gX g`V 9T SgX VW[`Wd OS`YW i[W :aYW`efd[UZW' VW`
AA)
//) Ld[XXefVgW[`L[Wd'VSeV[UZS`eUZSgf'eae[`Y[Z_VW[`W`D[WT^[`Yefa`had)La` XrdLa`_[fYdatW`HSgeW`VWeDae^SeeW`e'VSd[`eW[`WW[YW`WW[`eS_WOW^fe[UZ[Z_ [`=d[``Wdg`YdgXf)E[fYWeW`]fW_:^[U]'g_We`[UZflgeWZdlgXWeeW^`) A__Wdi[WVWdli[eUZW`VgdUZY[T[Z_RW[flgS`fiadfW`'iW```[UZfZqdTSdeaVaUZ Xrde[UZS^^W[`'YWZW[_Sgefd[`]W`V'hWdYWeeW`]q``W`V'iSeVg[Z_dW[UZef) /0) K[`YVW`:pg_W`had'V[WVg]W``ef /1) g`VVWd:^g_WSgXVW[`W_>W`efWdTdWff) /2) A_:geefWZW`Ve[`Y]Sg_ZqdTSd'g_`[W_S`VW`lgefqdW`#g`VVaUZg`YW~ `[Wdf' XS^^e 9gYW` V[UZ egUZW` ea^^fW`$ VW[`W` D[WT^[`Yefa`) K[`Y [Z` Xrd S^^W5 V[W EW`eUZW`' V[W K[flW' VW` eUZ_gfl[YW` :aVW`' V[W >W`efWd _[f S^^W_ iSe Vd[` [ef' S^e D[UZf(g`VOpd_WebW`VWd) /3) Oa SgUZ [__Wd Vg iSdfW` _gtf' TWY[``W' [` S`YW`WZ_Wd @S^fg`Y #S^e ipdW V[We\WflfVW[`WYWZW[^[YfWKfg`VW]a`lW`fd[WdfWdoTg`Y$'_WZdaVWdiW`[YWd`gdXrd V[UZZqdTSdg`VVaUZVW`JSg_g`_Wd]^[UZSgXiaZ^[YWOW[eWfq`W`V'VW[`W`W[`W`' YS`lTWea`VWdW`La`)
555$ >MGLVIPFVWVMRKIR /4) K[`YV[d eW^Tef VW[`W`La`hadg`Vig`VWdWV[UZ'VStVgV[WeWdLa`T[ef)O[W Zqdfe[UZVW[`La`S`'iW``VgV[UZrTWd[Z`ig`VWdefS^eV[UZ8 0+) K[`YVW[`W`La`[`VWdOW[eW'[`VWdVgV[UZYWdSVWS_WZWefW`g`Ve[UZWdefW` i[WVWdWd]W``ef) NWdf[WX V[UZ [` V[WeWe KW^TefT[^V`[e' g_ We YS`l g`V YSd [` KUZi[`~ Yg`YlghWdeWflW`g`VlgWdeUZi[`YW`) 0,)K[`YWVW[`W`La`[_K[``WVWeeW`'iSeVgYWdSVWha`V[dZp^fef'g_WeSgelgXr^~ ^W` g`V VS`` SgXlgTdWUZW`) :WY[``W [__Wd i[WVWd ha` `WgW_ VS' ia Vg lg eW[` _W[`ef'g_i[d]^[UZ<9lgK=AF'WZWVgV[WKUZS^WVWeW[`ZW[fW`g`VWd]W``W[`eW[`W_A``WdW` S^^WDS`VeUZSXfW`VWdKWW^Wi[WVWd'V[WVgSgtWdZS^TVW[`WdeW^TefipZ`fWefg`VXrd g`WddW[UZTSdWdSUZfWfWef) 0/) ?WZ VgdUZ S^^ V[W DS`VeUZSXfW` VW[`We La`We' V[W Vg `[UZf ]W``ef g`V SgUZ `[UZflgeW[`_W[`efg`Vig`VWdWV[UZ'VSte[We[UZV[dWdYWTW`) A`VW_e[We[UZV[dWdYWTW`'_gtfVge[WS^eaSgUZeW[`'g`VVgTW_rZefV[UZg`VXdWgef V[UZVSdS`'e[WWdiS`VWd`V'V[UZrTWde[Wig`VWd`VfSfepUZ^[UZ_[fV[dlgWdXr^^W`) 00) A_[f[WdWVW`La`W[`WeEW`eUZW`'VW`Vg^[WTefg`VVW`Vg[`V[dlg_C^[`YW` Td[`YW`_qUZfWef)DSt[Z`S^eLa`[`V[d?WefS^fS``WZ_W`'VWdSdf'VStVgVSe?WXrZ^ ZSef'Wde[`YWVgdUZV[UZZ[`VgdUZ) 01) K[`YWVW`La`W[`WeEW`eUZW`'VW`Vg`[UZf^[WTef'g_[Z`SgXlgebrdW`g`Vlg WdeUZi[`YW`[`VW`g`WdXadeUZfW`OW[fW`VW[`WdeW^Tef) 02) Ca`Xda`f[WdWVW`La`VWeW[`W`_[fVW_La`W[`WeS`VWdW`g`V^StTW[VWOW^~ fW` e[UZ [` VW[`Wd Kf[__W SgeW[`S`VWd g`V eUZ^[Wt^[UZ [`W[`S`VWd eWflW`) #=e [ef 53
E[UZSW^NWffWd
ZqUZef hWdig`VWd^[UZ' i[W i[`l[YW M`fWdeUZ[WVW VW[`Wd La`YWTg`Y V[UZ Sge W[`W_ K[WYWd [` W[`W` :We[WYfW` hWdiS`VW^`' Sge W[`W_ C[`V [` W[`W` ?dW[e' Sge W[`W_ ES`` [` W[`W >dSg' Sge W[`W_ RiW[X^Wd [` W[`W` :WeeWdi[eeWd g`V [` W[`W` Ldpg_Wd g`V[`W[`W`KfSg`Wd)$ 03) DSgeUZWg`_[ffW^TSd[`VW[`W`La`S^eLa`'Z[`e[UZf^[UZeW[`Wd[Z`YWefS^fW`~ VW`=[YW`eUZSXfW`)OW[fWdg`ViW[fWde[`YW`V'Wd]g`VWeW[`W:WV[`Yg`YW`g`VW`f~ VWU]W V[UZ S^e eW[`W` <[W`Wd' S^e eW[`W A`]Sd`Sf[a`) 9^^ VW[`W >pZ[Y]W[fW`' S^^ VSe' iSeVglgeW[`hWd_SYefS^eCqdbWdg`VS^e?W[ef'i[V_WVW_La`g`VeW[`WdJWS^[eS~ f[a`)9^^We'iSeVWdLa`[ef'Wd]W``Wi[WVWdg`V^StYW^fW`S^eV[UZeW^Tef)
54
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,*,440)00(14
>EM/EFEXRH>WER3USJ :SWM]IR]XQ?LIQETMUMWXEPMW_W
DXVEQQIRJEVVXRK$ KfS`[e^Sh?daX [ef W[` HekUZafZWdSbWgf' KS[ :STS [ef W[`@W[^[~ YWdES``'W[`4bM`M^M_$`W``fWeV[WhWV[eUZWLdSV[f[a`)9gXVW`WdefW`:^[U]_SYWe _Wd]irdV[Y eUZW[`W`' [ZdW DWZdW` lg hWdY^W[UZW`5 KfS` ?daX"e LZWad[W' V[W Sge VWd iWef^[UZW`bekUZafZWdSbWgf[eUZW`KlW`WZWdhadYWYS`YW`[ef'g`VKS[:STSeHdWV[Y~ fW` rTWd V[W Yqff^[UZW D[WTW S^e Mdebdg`Y g`V ^WflfWe R[W^' VW` i[d]^[UZW` K[`` VWe DWTW`e) OW`` _S` f[WXWd eUZSgf' ea e[WZf _S`) VSt ?daXe HdalWt VWd KW^TefWdXad~ eUZg`Yg`VKS[:STSeeb[d[fgW^^WdHXSVVWdKW^TefWd]W``f`[eS`VW_Hg`]fhWdeUZ_W^~ lW`' S` VW_ V[W _W`eUZ^[UZW KW^TefWdXSZdg`Y H^p`W g`V =`feUZW[Vg`YW` VWe =Yae SgXYWTW`_gtg`VTWY[``f'V[WbWdeq`^[UZWOW^fS^eW[`W`LW[^VWdg`[hWdeW^^W`GdV~ `g`YlgS]lWbf[WdW`)<[WeWdHg`]fVWd@[`YSTWi[dVTW[KfS`?daXVWd|LaVVWe=Yax YW`S``fg`V[`VW`NWVW`VSe|fSffhS_Se[x'|VSeT[efVgxaVWd|[UZT[`VWd[UZT[`x) <[Wei[dVS^eW[`9gYW`T^[U]VWd?`SVW[``WdZS^TVWdbWdeq`^[UZW`JSf[aWdXSZdW`' [` VW_ VWd EW`eUZ W`f^SeeW` i[dV [` eW[` W[YW`We aXXW`We @Wdl g`V [` V[W >dW[ZW[f' e[UZVWdg`W`V^[UZW`DWTW`eXdWgVWZ[`lgYWTW`)
&$0EVBMVVIRXQeKXWdXRHeF`VId <[W 9`]r`V[Yg`Y W[`We ea^UZW` L[fW^e [ef W[`W liW[eUZ`W[V[YW KSUZW5 =d iWU]f A`fWdWeeW' XqdVWdf SgUZ Hda\W]f[a`W`) =[`W >dSYW' V[W _[d [` ea^UZW_ RgeS__W`ZS`Y eW^Tef lg GZdW` YW]a__W` [ef' iSd' aT VW`` `g` KfS` ?daX \Wflf 9`Zp`YWd ha` KS[ :STSYWiadVW` [ef)=e ]^S`Yea i[WW[`WWZWdTWeadYfWFSUZXdSYW`SUZKfS`e:WX[`~ VW`) M_ ]W[`W` RiW[XW^ SgX]a__W` lg ^SeeW`' i[^^ [UZ V[W >dSYW Y^W[UZ TWdgZ[YW`V TWS`fiadfW`5=d[efWe`[UZf) AUZ eW^Tef ZSTW W[`W W`YW NWdT[`Vg`Y lg TW[VW`) K[W e[`V TW[VW _W[`W hWdWZdfW` DWZdWd' \WVWd [` eW[`Wd OW[eW5 F`MZ :^[R$ VWd _[d V[W ;ZS`UW g`V VW` JSZ_W` S`Taf' _[UZ SgX VSe 9TW`fWgWd VWd KW^TefW`fVWU]g`Y lg TWYWTW`' VWeeW` A`fW`e[fpf [UZ [` XdrZWdW` BSZdW` `aUZ `[UZf W[`_S^ SZ`W` ]a``fW) 9gX V[WeWd STW`fWgWd^[UZW` JW[eW W`fVWU]fW [UZ YS`l g`hWd_gfWf ?aff) E[f W[`Wd E[eUZg`Y ha` g`YWZWgdWd :WY^rU]g`Y' NWdi[ddg`Y g`V W[`W_ lg_ WdefW` ES^ [` _W[`W_ DWTW` i[d]^[UZ YWqXX`WfW` @WdlW` Y[`Y [UZ Sge V[WeWd=dXSZdg`Y ZWdhad) 9TYWeb[W^fZSffW e[We[WZ[` W[`W_ eUZ_gU]^aeW` FWTW`l[__Wd' SgX W[`Wd STYWiWflfW` ESfdSlW' `WTW` W[`W_ DSgfebdWUZWd) BSZdW ebpfWd iSd [UZ [` W[`Wd eWZd eUZi[Wd[YW` DWTW`ee[fgSf[a`) AUZ ]a``fW _[d `[UZf _WZd dWUZfhadefW^^W`' i[W[UZ V[W<[`YW _W[`WeDWTW`ei[WVWdSgX V[WJW[ZWTW]a__W`]q``fW)oTWdW[`W`>dWg`VZqdfW[UZha`FMU5MNM&=deSYfW_[d' VStWe_qY^[UZeW['[Z_W[`W`:d[WXlgeUZdW[TW`g`V[Z`VSd[`g_V[W<[`YWlgT[ffW`' 55
A`YaBSZdeWfl
V[W_S`TdSgUZfW)=eigdVWYWeSYf'VStKS[:STS\WVW`:d[WXTWS`fiadfWf(SgXeW[`W OW[eW)AUZiSdWZWde]Wbf[eUZg`VSTiWZdW`V'^[Wt_[UZVS``\WVaUZVSdSgXW[`'iW[^ _[d lg V[WeW_ RW[fbg`]f [` _W[`W_ DWTW` `[UZfe :WeeWdWe W[`YWXS^^W` iSd) FSUZ liW[ OaUZW` WdZ[W^f [UZ YS`l b^qfl^[UZ V[W 9`fiadf [` W[`W_ _kef[eUZW` =d^WT`[e' VSe_[UZXrdliW[Kfg`VW`[`efdSZ^W`ViW[tWeD[UZffSgUZfW#iSe[UZ_[fYWqXX`WfW` 9gYW`eWZW`]a``fW$g`VVSe_[UZ[`W[`WrTWd_W`eUZ^[UZWD[WTWeW`WdY[WW[`Zr^^fW' ha` VWd [UZ _[UZ XadfS` YWZS^fW` XrZ^fW g`V [``WdZS^T VWd [UZ SgUZ V[W 9`fiadf SgX _W[`W >dSYW` WdZ[W^f) <[We WdW[Y`WfW e[UZ `SUZ W[`W_ ^S`YW` 9dTW[fefSY [` _W[`Wd OaZ`g`Yli[eUZW`,,g`V,MZd`SUZfe)AUZY[`YSgeV[WeW_=d^WT`[e[`YdatWd=dYW~ TW`ZW[f lg ?aff ZWdhad g`V ha^^Wd @aXX`g`Y [` TWlgY SgX _W[` DWTW`) ?^W[UZlW[f[Y igdVW_[d]^Sd'VSt[UZi[WVWdh[W^lg^Wd`W`ZSffW'i[WVWd`WgWKW^TefWdXadeUZg`Ylg fdW[TW`ZSffW) A` VWd 9dTW[f _[f F`MZ :^[R egUZfW [UZ bekUZafZWdSbWgf[eUZW KW^TefWdXSZdg`Y g`V TWYWY`WfW lg_ WdefW` ES^ ?aff #iSe _W[`W_ VS_S^[YW` KW^Tef( g`V OW^fT[^V rTd[~ YW`erTWdZSgbf`[UZfW`febdSUZ$)<[WWdefW:WYWY`g`Y_[fFMU5MNMiSdXrd_[UZW[`W _kef[eUZW =dXSZdg`Y) Ka e]Wbf[eUZ g`V STiW[eW`V [UZ SgUZ iSd' [UZ ]a``fW V[WeW ?affWeTWYWY`g`Y`gdeUZiWd^WgY`W`)K[WhWdi[We_[UZ[`_W[`W_DWTW`\WVaUZSgX KW^Te^WdXSZdg`Y) <[WeW bWdeq`^[UZW` =dXSZdg`YW` _qUZfW` WfiSe [^^gefd[WdW`' iSe i[d VW` RgeS_~ _W`ZS`Yha`HekUZafZWdSb[Wg`VKb[d[fgS^[fpf`W``W`'VWdW[`YWTWffWf[ef[`VW`Ca`~ fWjfVWdOWUZeW^Xp^^Wg`eWdWefpY^[UZW`DWTW`eiWYWeSgXVWdW[`W`KW[fWg`VSgXVWd S`VWdW`KW[fW[`VW`:WdW[UZ'VW`i[dS^eYqff^[UZW?`SVWTWlW[UZ`W`) HekUZafZWdSb[Wi[dV#lg_[`VWeffZWadWf[eUZ$[`VWdJWYW^ZUOT`UY>[Z`Qd`PQ_`hSo XUOTQZ ?QNQZ_ YWeWZW`' e[W [ef ZUOT` MaR PUQ JQX` NQf[SQZ$ ea`VWd` fdSV[f[a`W^^WdiW[eW SgXe AUZ g`V VWeeW` Kfpd]g`Y) S_[^[W'i[Wi[de[W[`iaZ^ZSTW`VW`CdW[eW`=gdabSeg_V[WBSZd~ Zg`VWdfiW`VW hadX[`VW`) 9ge V[WeW_ FWef efS__f V[W HekUZaS`S^keW' g`V [UZ _qUZfWTWZSgbfW`'VSte[W[`g`eWdW_BSZdZg`VWdf`[UZf`gdW[`WbekUZafZWdSbWgf[~ eUZWKUZg^WVSdefW^^f'ea`VWd`rTWdZSgbfVSeHSdSV[Y_SXrdVSe)iSeeWZdh[W^WfZWdS~ bWgf[eUZW J[UZfg`YW` S^e HekUZafZWdSb[W TWlW[UZ`W`) GT e[W `g` V[W HekUZaS`S^keW S^e fZWdSbWgf[eUZW 9dTW[feiW[eW _WZd aVWd iW`[YWd TW\SZW` aVWd [Zd WZWd ]d[f[eUZ YWYW`rTWdefWZW`'eae[`Ve[WVaUZ[`[ZdW_CWd`bekUZaS`S^kf[eUZ(TWef[__fW>ad~ _W` VWd NWdZS^fW`efZWdSb[W' VWd Zg_S`[ef[eUZW` HekUZa^aY[W) >ad_W` VWd CqdbWd~ SdTW[f)A__WdYWZfUeg_V[WKfpd]g`YVWeAUZg`VVW`9geY^W[UZli[eUZW`VW`9`fS~ Ya`[efW` Ld[WT g`V YWeW^^eUZSXf^[UZW Fad_ #aVWd SgUZ CabX g`V :SgUZ) CqdbWd g`V ?W[efWfU)$) N[W^^W[UZf[efV[WHekUZafZWdSb[WW[`WVWdegTf[^efW`9geVdgU]eiW[eW`VWdWgdabp~ [eUZW` 9g^]^pdg`Y' V[W _[f VWd ;SdfWe[S`[eUZW` ?WYW`rTWdefW^^g`Y ha` dWe WjfW`eS g`V dWe UaY[fS`e #ESfWd[W g`V ?W[ef$ [ZdW` 9`XS`Y `SZ_ g`V VSe RW[fS^fWd VWd NWd~ `g`Xf TWYdr`VWfW' iW^UZWe e[UZ STlgeWflW` igtfW YWYW` V[W ESUZW`eUZSXfW` g`V ESUZf]p_bXW VWd VS_S^[YW` C[dUZW' V[W V[W KfSffZS^fWd[` VWd aXX[l[W^^W` Kb[d[fgS^[fpf iSd)?^W[UZlW[f[Y]S_WelgW[`W_hadZWd`[WVSYWiWeW`W`i[eeW`eUZSXf^[UZW`>adf~ eUZd[ff g`V q]a`a_[eUZW` 9gXeUZig`Y [_ Wgdabp[eUZW` JSg_' STWd SgUZ lg_ A`XWd`a liW[Wd OW^f]d[WYW' lgd @q^^W ha` 9geUZi[fl g`V lg W[`Wd iW^fiW[fW` q]a^a~ Y[eUZW`RWdefqdg`Y) rZ^W`' V[W _WZd aVWd 56
KS[:STSg`VKfS`?daX
iW`[YWdTWigtfW`HZS`fSe[W`'SgUZVSe]dWSf[hW@S`VW^`W[`WdYS`lW`=baUZWg`V Y[TfVW`_W`eUZ^[UZW`;ZSdS]fWdW`W[`WTWef[__fW?WefS^fg`V_[f[ZdW[`JU__QZaY nSa` aZP Ni_Qm #d[UZf[Y g`V XS^eUZ$) Na` [Z_ Zp`Yf We ST) iSe S^e JWS^[fpf lg YW^fW` ZSf'iSe_qY^[UZaVWdg`_qY^[UZ[ef'iSe_SUZTSd[efg`ViSe`[UZf) dgUZfha_ :Sg_ VWd =d]W``f`[e' V[W V[W EW`eUZZW[f _[f VWd NWdfdW[Tg`Y Sge VW_ HSdSV[We ea fWgWdTWlSZ^W`_gtfW'[efVS``SgUZVSeLZW_SVWebekUZafZWdSbWgf[eUZW`<[e]gd~ eWe)p^^W`ZUOT`_WZdZSTW`) >rd V[W WdefW` EW`eUZW` [_ Yqff^[UZW` HSdSV[We iSd VSe O[eeW` g_ |Ygfx g`V |TqeWxV[W =d]W``f`[e[ZdWdLd[WTZSXf[Y]W[f)<[WeW ^[Wte[Wha`?affSTXS^^W`)?affg`V EW`eUZiSdW`XadfS`YWfdW``fWOWeW`'g`V`gdVSeKWZ`W`VWdM`Y^rU]^[UZW``SUZ W[`Wd O[WVWdS``pZWdg`Y ]a``fW Z[`Xadf W[`W :drU]W eW[` rTWd V[W g`W`V^[UZW C^gXf li[eUZW` ?aff g`V EW`eUZ) BaeWbZ ;S_bTW^^ #,44,$ TWeUZdW[Tf V[We S^e V[W ?dg`V~ fZW_Sf[] VWe STW`V^p`V[eUZW` EW`eUZW`5 W[`W eUZg^VZSXfW KW^TefWd]W``f`[e' V[W NWdefatg`YSgeVW_HSdSV[Weg`VVS`SUZV[WKgUZW`SUZW[`W_XWd`W`'fdS`elW`VW`~ fW`?aff) M_ V[W BSZdZg`VWdfiW`VW hWdXStfW K[Y_g`V >dWgV eW[`W DWZdW' VWdW` iWeW`f~ ^[UZWe CWd`efrU] V[W =d]W``f`[e VWd Ld[WTZSXf[Y]W[f VWe EW`eUZW` [ef) dWgV _gtfW VSXrd `[UZf VSe Yqff^[UZW HSdSV[We hWd^SeeW`' iW`` SgUZ eW[`W |bWWdex [Z_ VS_S^e YS`l eUZq` lg eUZSXXW` _SUZfW` g`V hWdegUZfW`' [Z` VWeiWYW` Sge VWd ?W_W[`eUZSXfS`YWeWZW`WdmdlfWlghWdTS``W`)dWgV [` VW` :WdW[UZ VWd `Wgda~ f[eUZW` HZS`fSe[W`' ?aff igdVW lgd bekUZ[eUZW` CdS`]ZW[f' D[WTW W[`W bZS`fSef[eUZW C[`VZW[feWd[``Wdg`Y#[`eaXWd`e[UZW[`=diSUZeW`WdS`eaWfiSeWd[``Wd`]a``fW$) Oa |=ex iSd' ea^^ |AUZx iWdVW`6 g`V ( V[W fZWdSbWgf[eUZW 9dTW[f eW[ lg hWdY^W[UZW` _[f VWd LdaU]W`^WYg`Y VWd Rg[VWdeWW #>dWgV' ,4-.' K) -.2 XX)$) O[W _[f W[`W_ Lda]( ]W`eUZiS__Y[`Y>dWgV_[fVWdha`[Z_Wd]S``fW`DgefVWeEW`eUZW`g_)ES`UZ~ _S^ eUZW[`f We' i[W iW`` We _[f VWd =d]W``f`[e VWd Ld[WTZSXf[Y]W[f `g` SgUZ YW`gY VS_[f eW[` ea^^fW' h[W^^W[UZf g_ VW` efdSXW`VW` ?aff [_ `SUZZ[`W[` lg TWeUZi[UZf[~ YW`) <[W ZWgf[YW fdSV[f[a`W^^W HekUZafZWdSb[W YWZf _[f V[WeW_ LZW_S [` VWd JWYW^ `Sfrd^[UZYWipZdW`VWdg_) M`V VaUZ eUZW[`f g_ V[WeW >dSYW [__Wd i[WVWd W[`W _Wd]irdV[YW @[^X^ae[Y]W[f SgX'iW``Wel):)g_V[W:Wl[WZg`YW`YWZf'V[W`[UZfVgdUZ=ZWg`V>S_[^[W^WYS^[~ e[Wdfe[`V) ?^W[UZlW[f[Y SZ`W` h[W^W EW`eUZW` ZWgfW' VSt VSe Ld[WTZSXfW [` VWd >ad_ VWe KWjgW^^W``[UZfVSeHdaT^W_[ef'VSeg`eSgeVW_HSdSV[WehWdfd[WTW`ZSfg`VhWdfdW[~ TW` i[dV) =e [ef `[UZf VSe :qeW SgX g`eWdWd OW^f) KW[f 9geUZi[fl ebpfWefW`e i[eeW` i[dVSe)
A`YaBSZdeWfl
Rg`pUZef_SYe[UZVWdW[`WaVWdV[WS`VWdWWdXdWgW`'VSti[d[`W[`WddgZ[YWdW`g`V Xd[WVha^^WdW` M_YWTg`Y lg ^WTW` eUZW[`W`) M`V [UZ VW`]W' VSt i[d SgUZ ?dg`V ZSTW`' VSXrd VS`]TSd lg eW[`) 9^^WdV[`Ye e[`V i[d YS`l g`V YSd `[UZf g`TWdrZdf ha` V[WeW_DW[VW`)AUZZSTW[__Wdi[WVWdV[W=dXSZdg`YYW_SUZf'VSte[UZV[WeWdOSZ`~ e[``[`g`eWdW`KWW^W`eb[WYW^f)NWd^WgY`W`i[d[Z`'ea]S``Wd^W[UZf[`VSeDWTW`[` g`eWdW` >S_[^[W` =[`lgY ZS^fW` g`V V[W ad_W` VWd 9geeUZ^[Wtg`Y e[`V) A_ S^fW`' USdfWe[S`[eUZW` HSdSV[Y_S i[dV Ma_SQ_OTX[__QZ$ iSe `[UZf [` eW[`W CSfWYad[W` bStf) Nad S^^W_ e[`V VSe VWd OSZ`e[`` g`V V[W =dXSZdg`Y ?affWe #V[W VS`` ^W[UZf _[f ^WflfWdW_ Y^W[UZYWeWflf i[dV$)
'$1UJELUXRKIROERR3SWWQMURMGLWZIKRILQIR, >WERMVPEY3USJV4SPSWUSTIV.WQIRXRHHMITIUMREWEPIR9EWUM]IR EW[`W WdefW SgeY[WT[YWdW =dXSZdg`Y _[f VW_ ha` KfS` g`V ;Zd[ef[`S ?daX W`fi[]( ]W^fW` ;[X[`^[\QZ 4`YQZ iSd [` =eS^W`' [` ;S^[Xad`[W`) E[ffW VWd SUZfl[YWd BSZdW) OSe V[WeWe 4`YQZ W[YW`f^[UZ g`V i[d]^[UZ [ef' ^[Wt e[UZ S` eW[`Wd :WeUZdW[Tg`Y ))) ;[X[`^[\Q_ 4`YQZ U_` QUZQ UZ`QS^UQ^`Q GQOTZUW b[Z NQ_OTXQaZUS`QY 4`YQZ$ Qb[WM`U% bQ^ @a_UW$ >i^\Q^M^NQU` aZP @MZPMXM%@MXQZ&&& ]Sg_ Wd]W``W`5 eW^Tef V[W W[YW`W` =dXSZdg`YW` YSTW` _[d `gd W[`W` g`YWXpZdW` =[`VdgU]) OSe VSe ;[X[`^[\Q 4`YQZ [ef'Wd]S``fW[UZ'S^e[UZVW`YdatW`9dTW[fedSg_[`=eS^W`ipZdW`VVWdK[flg`YW[`~ _S^]gdlhWd^[Wt'g_SgXV[WLa[^WffWlgYWZW`) 9^e[UZlgdrU][`VW`JSg_YWZW`ia^^fW']S__[db^qfl^[UZ'VStVSd[`\SVWdSTea~ ^gfW @WjW`]WeeW^ eW[5 O[^VW JZkfZ_W`' KUZdW[W [` VW` hWdeUZ[WVW`efW` La`^SYW`) DSUZW`' fWgX^[eUZWe g`V TWXdW[W`VWe' STYdg`Vf[WXWe OW[`W`' VWd ?WdgUZ ha` dWg`VW` [` eUZW[`ZW[^[( 58
KS[:STSg`VKfS`?daX
YWd` 9geVdgU] hWdlWddW`' iW`` V[WeW V[W M`iSZdZW[f eSYW`' eUZW[`TSd eSUZ^[UZ YWXrZdfW9geW[`S`VWdeWflg`YW`]q``W`b^qfl^[UZWjfdW_WW_af[a`S^WRrYWWdZS^fW`' YWZW__fWOr`eUZW]q``W`YW^WTfiWdVW`)))WfU) OW`` e[UZ V[W =dXSZdg`Y iW[fWd hWdf[WXf' ]q``W` NU[S^M\TU_OTQ rd VW` :WY^W[fWd [` VWd @a^afda( bW`9fW_e[flg`Y]S``We\WflfeaSgeeWZW`'VStV[WTWfdWXXW`VWHWdea`e[UZ_[fCqd~ bWd g`V KWW^W [dYW`Via |Z[`i[`VWx) <[W :WiWYg`YW` eUZW[`W` iW`[YWd ]a`fda^^[Wdf lgeW[`'_S`UZ_S^e[`Ve[Wi[W[`RW[f^gbW'aVWde[W^SgXW`SgXXp^^[YTWeUZ^Wg`[YfST) <[W CqdbWd]dpXfW WdeUZW[`W` rTWdV[_W`e[a`S^ YWeUZipUZf aVWd SgUZ VSe ?WYW`fW[^5 l[Wd^[UZW EW`eUZW` W`fi[U]W^` CdpXfW g`hadefW^^TSdW` 9ge_StWe) <[W 9Tea`VWdg`Y ha` CqdbWdX^ree[Y]W[fW` ]S`` efSd] lg`WZ_W`5 9Tea`VWdg`Y ha` KUZiW[t' Md[` ^[fWdiW[eW g`V g`YWZWgdW EW`YW` ha` KUZ^W[_ Sge VWd :da`UZ[W`( g`V JSUZW`YW~ YW`V) :[lSddW ?WdpgeUZW) JWVW` [` XdW_VW` KbdSUZW`' fWgX^[eUZWe DSUZW`' J[`YW` g_ DgXfg`VLaVWeS`Yef]q``W`TWaTSUZfWfiWdVW`)ES`UZ_S^e[WZfWeha`SgtW` SgUZeaSge'i[WiW``XSefYSd`[UZfeYWeUZ[WZf'g`VY^W[UZlW[f[YYWZfha`VWdHWdea` W[`WYWcgp^fWaVWdSgUZeW^[YW=`fdrU]g`YSge)N[W^^W[UZfqXX`WfV[WHWdea`VS``V[W 9gYW`'_S`UZ_S^e[WZf_S`Xqd_^[UZ[ZdaXXW`We@Wdl))) CQ^UZM`MXQ 8^RMT^aZSQZ eUZW[`W` ea TWVWgfW`V' iW[^ Z[Wd V[W _W`eUZ^[UZW =j[~ efW`l S` VWd KUZ`[ffefW^^W ha` LaV' A`]Sd`Sf[a` g`V ?WTgdf ]g^_[`[Wdf) 9` V[WeWd KUZiW^^W [ef VWd :^[U] XdW[ Xrd V[W OW^f VWe ?W[efWe g`V VWd ]Sd_[eUZW` NWdefd[U]g`~ YW`' Xrd g`lpZ^[YW =dXSZdg`Ye_qY^[UZ]W[fW` VWd O[d]^[UZ]W[f VWd 9dUZWfkbW` g`V Kk_Ta^W' VWd
A`YaBSZdeWfl
^[WZ `^MZ_\Q^_[ZMXQZ 8^RMT^aZSQZ$ V[W `aUZ W[`_S^ W[`W W[YW`W =TW`W VWd =dXSZdg`Y [` hWdp`VWdfW` :WigtfeW[`elgefp`VW` VSdefW^^W`) GLRMWWVWIPPI]ZMVGLIR9IRVGLXRH3SWW
AUZ _qUZfW `aUZ W[`_S^ lgdrU]]a__W` lgd =TW`W \Q^UZM`MXQ^ 8^RMT^aZSQZ& OpZdW`V VWd ?WTgdf fdWXXW` LaV g`V DWTW`' ?aff g`V EW`eUZ lgeS__W`) <[W 9df g`V OW[eW' i[W e[W e[UZ TWYWY`W`' ]S`` eWZd g`fWdeUZ[WV^[UZ eW[`' VW` W[`W` l) :) WdXr^^fVSe9`YWe[UZf?affWe_[fYdW`lW`^aeWdHS`[]g`VLaVWeS`Yef'V[WS`VWdW_SY _[f[Z_hWdeUZ_W^lW`[`ha^^]a__W`Wd=]efSeW) KfS` ?daX g`fWdeUZW[VWf h[Wd =`WdY[W_gefWd V[WeWd :WYWY`g`Y' V[W Wd [` 9`S^aY[W lg VW` T[a^aY[eUZW` KfSV[W` VWd _W`eUZ^[UZW` ?WTgdf TWeUZdW[Tf5 VSe MYZU[`U_OTQ HZUbQ^_aY [` VWd RW[f ha` Ca`lWbf[a` g`V KUZiS`YWdeUZSXf' V[W IQ^`^QUNaZS Ma_ PQY CM^MPUQ_ g`V VW` :WY[`` VWd ?WTgdfeiWZW`' VW` :QNa^`_WMY\R g`V V[W NadS`( fdW[Tg`Y VWe >qfge [_ ?WTgdfe]S`S^' V[W 8^RMT^aZS b[Z G[P aZP JUQPQ^SQNa^` g`V V[W W[YW`f^[UZW ?WTgdf VWe C[`VWe #?daX' :W``Wff' ,44.' K) 0. XX)$) <[WeW =`WdY[W~ _gefWd`W``fWd\Q^UZM`MXQ@M`^UfQZ& BWVW V[WeWdESfd[lW`ZSfW[`WTWef[__fW>pdTg`Y'V[WipZdW`VVWeHdalWeeWeVWe @a^afdabW` 9f_W`e' [` S`VWdW` Rgefp`VW` hWdp`VWdfW` :WigtfeW[`e g`V SgUZ [` Cg`efiWd]W`VWdhWdeUZ[WVW`efW`Cg^fgdW`TWaTSUZfWfiWdVW`]S``)<[WeW=`WdY[W~ _gefWd ]q``W` SgX VSe YWeS_fW DWTW` W[`We EW`eUZW` SgeefdSZ^W`) <[W ?WTgdfe~ _Sfd[lW` ^WYW` V[W Kfdg]fgd XWef' iSe [` TWef[__fW` DWTW`eSTeUZ`[ffW` YWeUZWZW` ]S``' SgX iW^UZW OW[eW W[` EW`eUZ bdaVg]f[h g`V ]dWSf[h e[UZ hWdSgeYSTf' iW^UZW 9df ha` :Wl[WZg`YW` Wd W[`YWZf g`V _[f iW^UZW` EW`eUZW`' i[W Wd?aff Wd^WTfg`V iW`WdVSXrdZp^f'i[WWdVSe?qff^[UZWWdXpZdfg`ViW^UZWLZWad[W`WdVSdrTWdhWdfd[ff) =eY[Tf[`V[WeW_K[``W[`W]^SdWKk`UZda`[l[fpfli[eUZW`VW_?WYW`efS`VVWd9ge~ W[`S`VWdeWflg`Y[_bekUZafZWdSbWgf[eUZW`HdalWtg`VVW_OWYSTeUZ`[ffha`_qY~ ^[UZW`eb[d[fgW^^W`=dXSZdg`YW`) 7UQ Q^_`Q @M`^Ud UZSdS]fWd[e[Wdf V[W |S_ Ka``fSY YWTadW`W` C[`VWd V[WeWd OW^f) AZ`W` eUZW[`f [_ DWTW` S^^We `gd ea lglgXS^^W`) K[W e[`V ]dWSf[h' TW^[WTf TW[ S`VWdW` EW`eUZW`' g`]a_b^[l[Wdf [` [ZdW` D[WTWeTWl[WZg`YW`) LWd_[`W ha` NWdSTdWVg`YW` `WZ_W`e[WaXf`[UZfeaYW`Sg6e[`Ve[WVS``\WVaUZW[`YWfdaXXW`'XdWgW`e[UZV[W_W[~ efW` EW`eUZW` [ZdWd M_YWTg`Y) Cgdlg_' We e[`V V[W |?Wi[``Wdx(LkbW`' V[W |@W^~ VW`xg`eWdWdLSYW) ?W`Sgi[WV[WeWZSTW`e[W\WVaUZ[__WdW[`W`Hg`]f'S`VW_e[WfqV^[UZlghWd^Wf~ lW`e[`V5EW[efW`e]S``V[WeWd[_RgeS__W`ZS`Y_[f[ZdWd[`VWdJWYW^efSd]W`Egf~ fWdT[`Vg`YYWeWZW`iWdVW`)9^^W9TeUZ[WVWXS^^W`V[WeW`EW`eUZW`^W[UZf6VaUZV[W LdW``g`YV[WeWd:[`Vg`YTWVdaZfe[WfqV^[UZ)oTWdZSgbfYWZW`e[W`gdg`YWd`Ca`~ X^[]fW W[`) A` ]a`Xda`fSf[hW` 9geW[`S`VWdeWflg`YW` `W[YW` e[W WZWd lg @Sd_a`[e[W~ dg`YW` g`V JrU]lgY) =defW(ESfd[j(EW`eUZW` `pZdW` e[UZ ha` VWd CdSXf SdUZS[eUZWd NWdeUZ_W^lg`Y) Oa V[WeW `[UZf aVWd `[UZf _WZd _qY^[UZ [ef' fW`V[WdW` e[W lg NWd~ eUZ^W[Wdg`YW`)EW`eUZW`[`ea^UZW`DWTW`ebZSeW`]q``W`?affrTWdS^^g`V[`\WVW_ W_bX[`VW`) ES`UZ_S^ e[`V e[W i[d]^[UZW Ekef[]Wd) 9^^fpY^[UZWe DWTW` g`V ?affWe~ 60
KS[:STSg`VK^S`?daX
WdXSZdg`Y ]q``W` W[`e eW[`) <[WeW 9^^hWdTg`VW`ZW[f eUZW[`f S^^WdV[`Ye VW` JSZ_W` W[`WdXWefW`LdSV[f[a`'JWYW^`TWef[__fWdCa`hW`f[a`W`'VSeS^fWHSdSV[Y_ShadSge~ lgeWflW`)E[feW[`W_RWdTdWUZW`]q``W`e[UZV[WHXadfW`VWd@q^^WqXX`W`) K[W[ef [` [ZdW` h[W^Xp^f[YW` NSd[S`fW` LZW_S VWd fcQU`QZ@M`^Ud&Cp^fW g`V?WXrZ^~ ^ae[Y]W[feUZW[`W`e[WlgVgdUZVd[`YW`)EW`eUZW`[`ea^UZW`DWTW`ebZSeW`W_bX[`~ VW`e[UZ[`DSTkd[`fZW`ha`KSU]YSeeW`)AZdW:Wl[WZg`YW`'S^^We'iSee[Wfg`'eUZW[`f e[``^ae) Ka^UZW EW`eUZW` eUZW[`W` i[W 9gfa_SfW` lg ^WTW`) 9dTW[fW`' WeeW`' eUZ^SXW`' SgXefWZW`' SdTW[fW`' WeeW`' eUZ^SXW`' SgXefWZW` ))) <[W S`VWdW` e[`V V[W @q^^W' eSYf BWS`(HSg^(KSdfdW) 9`VWdW EW`eUZW` iWdVW` S^e ?WYW`eb[W^Wd Wd^WTf) 9gUZ[`D[WTWeTWl[WZg`YW`#iW``ea^UZWrTWdZSgbfTWefWZW`$Y[TfWe]Sg_CaabW~ dSf[a`)HX^[UZfW`g`V|WZW^[UZWHX^[UZfW`xTWef[__W`VSeDWTW`) EW`eUZW`[`V[WeWdDWTW`ebZSeWW`f]dpXfW`e[UZVgdUZrTWd_W`eUZ^[UZW9`efdW`~ Yg`YW`'V[Wlg`[UZfeXrZdW`)ad_W` Wdef[dTf SgUZ V[W KWZ`egUZf) [`efWd`[eeUZW[`f)M`VTW[VWd[`YW`_[fW[`S`VWd) EW`eUZW` VWd Vd[ffW` ESfd[j e[`V ]p_bXWd[eUZ' b^gfa`[eUZ) K[W e[`V Z[fl[Y' T[WfW` S^^W CdpXfW SgX' VS_[f V[W OSZdZW[f SgX VW` L[eUZ ]a__f) K[W e[`V EW[efWd [_ Ca`~ X^[]fSgefdSYW`' S_ =`VW W[`Wd 9geW[`S`VWdeWflg`Y efWZf [__Wd W[`W `WgW =[`e[UZf' W[`W :WdW[UZWdg`Y VWd OSZdZW[f) Kfp`V[YW :WiWYg`Y' efp`V[YW NWdp`VWdg`Y WdeUZW[`f S^e V[W ?dg`V^SYW ea^UZWd DWTW`eSTeUZ`[ffW) EW`eUZW` VWd Vd[ffW` ESfd[j ^[WTW` VSe DWTW` [` YdatW` KfpVfW`' JSef^ae[Y]W[f' KW`eSf[a`W`' CSfSefdabZW`' efp`~ V[Y`WgWg`VS`VWdWEW`eUZW`'FS_W`^ae[Y]W[fg`V9gefSgeUZTSd]W[f)<[Wefp`V[YW :WiWYg`Y g`V NWdp`VWdg`Y ]S`` [Z`W` S^e ESe]W V[W`W`) D[WTWebSSdW VWd Vd[ffW` ESfd[j^[WTW`V[WA`fW`e[fpfW`g`VfdW``W`e[UZeUZ`W^^i[WVWd(aXfTWhadV[WESe]W` YWXS^^W`e[`V) ?affi[dVSgeVWdC[dUZWlgdrU][`eDWTW`YWZa^f)EW`eUZW`VWdVd[ffW`ESfd[jXad~ VWd`[Z`ZWdSge5=d_qYWeW[`WESUZfg`VeW[`W?WYW`ipdf[Y]W[fg`VeW[`W@Wdd^[UZ~ ]W[f g`fWd :WiW[e efW^^W`6 S`VWd`XS^^e VWYdSV[WdW` e[W [Z` lg_ OWdTWfdpYWd) RW[f~ iW[eW WdeUZW[`f VWd S^^_pUZf[YW ?aff VS`` i[d]^[UZ [_ S^^fpY^[UZW` DWTW` g`V lW[Yf eW[`W 9^^YWYW`ipdf[Y]W[f' eW[`W 9^^_SUZf' eW[` 9^^(O[eeW`) ?S`l g`hWd_[ffW^f' g`hWd_gfWfaXXW`TSdfWde[UZha`RW[flgRW[fVW`EW`eUZW`[`eW[`WdD[WTW)
A`YaBSZdeWfl
\WVW` HdW[e) DWflfW`V^[UZ iWdVW` e[W _Wd]W`' VSt e[W VSTW[ [`e DWTW` VWd liW[fW` ESfd[jlgdrU]]WZdW`g`VV[W|]S^fW@q^^Wx[ZdWd:WXdW[g`Yhadl[WZW`) A` VWd bUQ^`QZ @M`^Ud WdeUZW[`f VSe D[UZf [_ D[UZf5 dWg`VeUZSXfW`' [`f[_W :Wl[WZg`YW`' V[W K[``^[UZ]W[f [ZdWd CqdbWd' V[W 9geW[`S`VWdeWflg`Y _[f [ZdW` O[VWdeSUZWd`' V[W @W[^g`Y VWd ha` @g`YWd' Cd[WY g`VAY`adS`llWdefqdfW`=dVWe[`V[Z`W`W[`W[`l[YWd?affWeV[W`ef) =e Y[Tf ]W[`W <[XXWdW`lW`' ]W[`W M`fWdeUZ[WVW _WZd) ?^W[UZlW[f[Y WdZp^f \WVWe DWTWiWeW` SgX V[WeW_ H^S`WfW` eW[`W` [Z_ S`YW_WeeW`W` JSg_ g`V eW[`W RW[f) 9gUZ V[W NWd`g`Xf VWe EW`eUZW` _[f [ZdWd >pZ[Y]W[f' dSf[a`S^W =`feUZW[Vg`YW` lg fdWXXW`'ZSf[ZdW`JSg_g`V[ZdWRW[f) NWd`g`XfW`feUZW[Vg`YW`]q``W`?affWeV[W`efeW[`)?affefWZf`[UZfYWYW`V[WNWd~ `g`Xf'ea`VWd`eW[`H^Sfl[efVQZ_QU`_VWdNWd`g`Xf)
($>EM#/EFE,3PEXFI"XRHHERRZMUVWHXIUJELUIR A` A`V[W` ]W``f FMU 5MNM `SZWlg \WVWd5 VWd M`[hWde[fpfe^WZdWd' Ha^[f[]Wd' NWd]pgXWd [_ LWjf[^YWeUZpXf' VSe R[__Wd_pVUZW` [_ @ a f W ^ ) ) ) V[W h[W^W` :Wff^Wd) md_efW` VWd 9d_W`)M`VTW[eWZdh[W^W`W`febS``W` e[UZV[W?We[UZfelrYW5i[eeW`Vg`VXdWg`V~ ^[UZ ^pUZW^`V efW^^f e[UZ _W`eUZ^[UZW Opd_W W[`' iW`` e[W VSe FMU EMY ZqdW`' V[W rT^[UZW :WYdrtg`Y g`V 9`dWVW [` KS[ :STSe 9eZdS_' iSe WfiS TWVWgfWf5 Yqff^[UZW NWdlrU]g`Y iaZ`f [` V[d #KS[ 7 V[W Yqff^[UZW EgffWd6 JS_S 7 A`]Sd`Sf[a` VWe hWV[( eUZW` ?affWe N[eZ`g$) >rd h[W^W [ef KS[ :STS' V[WeW l[Wd^[UZW Vg`]W^Zpgf[YW ?WefS^f _[f SXda^aa](@SSdW`' adS`YW(XSdTW`Wd JaTW g`V V[WeW_ ig`VWdTSd aXXW`W`' ^[WTW~ ha^^W`DpUZW^`eaWfiSei[WV[WGXXW`TSdg`YVWeYqff^[UZW`Hd[`l[beSgX=dVW`)N[W^W VW`]W`VSTW[S`:drVWd^[UZ]W[f'S`:WXdW[g`Y'KUZgflg`VhadS^^W_S`D[WTW) @[Wd [_ OWefW` ]W``W` KS[ :STS [`li[eUZW` SgUZ h[W^W5 iW^fiW[f ea^^ Wd eUZpf~ lg`YeiW[eW lWZ` E[^^[a`W` 9`Zp`YWd ZSTW`) @[Wd TW[ g`e i[dV Wd ]a`fdahWde V[e~ ]gf[Wdf5 V[W 9`e[UZfW` rTWd [Z` dW[UZW` ha_ fd[U]dW[UZW` RSgTWd]r`ef^Wd) QaY[' ?gdg' T[eZ[`lg_UZSd[e_Sf[eUZW`OW^f(DWZdWd)OW`[YWhWdefWZW`[Z`g`VeW[`W:afeUZSXf' i[WWde[UZeW^Tefe[WZfg`Vi[WWeV[WNWVW`TWeUZdW[TW`5S^e9hSfSd)dgefdSf[a` W`VW`)AUZ_qUZfWZ[Wdha`KS[:STSebdWUZW`'i[WWeXrd_[UZ_qY^[UZg`VSgXd[UZf[Y [ef ha_ KfS`Vbg`]f _W[`Wd bWdeq`^[UZW` =dXSZdg`Y g`V =`fi[U]^g`Y g`V SgUZ VW` =[`e[UZfW`' V[W [UZ _W[`Wd 9dTW[f _[f EW`eUZW` [` eUZi[Wd[YW` Wj[efW`f[W^^W` K[fgS~ f[a`W`hWdVS`]W) AUZZSTWeUZa`WdipZ`f'i[W[UZeW^Tef[`_kef[eUZWdOW[eW_[fKS[:STS[`NWdT[`~ Vg`Y]S_)E[fh[W^W`S`VWdW`EW`eUZW`hWdT[`VWf_[UZ'VSte[UZW[`Wea^UZW=dXSZ~ dg`Y ha` KS[ :STS `gd eUZiWd [` OadfW` SgeVdrU]W` ^ptf) NWdegUZf We \W_S`V' ea ]^[`YW`Xrd9gtW`efWZW`VWV[WeW^W[UZfTS`S^aVWdSgUZg`Y^SgTirdV[Y'i[Wl ) : ) 5 62
KS[:STSg`VKfS`?daX
:STS WdeUZ[W` _[d [_ LdSg_' STWd We iSd ]W[` LdSg_' ea`VWd` Wd iSd i[d]^[UZ VS ))) aVWd5 :STS eUZW`]fW _[d V[WeW OaZ`g`Y' `SZ_ _[d \W`W 9dTW[feefW^^W' :STS T^[U]fW _[UZ S` gei) 9TiWdfW`VW g`V V[efS`l[WdW`VW :W_Wd]g`YW` rTWd V[W A`]a_bWfW`l VWeKbdWUZWde^SeeW`[`ea^UZW`>p^^W``[UZf^S`YWSgXe[UZiSdfW`) dSYW`' oTWd^WYg`YW`' H^p`W WfU) Z[`W[`eUZ_W^lW`' i[WVWd V[WeW Oadf^ae[Y]W[f hWdTg`VW` _[f VW_ =d^WT`[e ha`f[WXW_>d[WVW`)M`ViW``e[Wi[WVWd_[fe[UZS^^W[`e[`V']q``W`_S`UZWebrdW`' VStV[WeWdEa_W`fVWdFpZWlg:STS[`[Z`W`WfiSehWdiS`VW^fZSf)GXfeUZW[`fVSe ?WXrZ^ eWZd hWdp`VWdf' `WgW =[`e[UZfW` ]a__W` SgX' _S`UZ_S^ eUZW[`f eaYSd VSe DWTW`[`YS`lhWdp`VWdfWdHWdebW]f[hW) RW`fdS^We =dW[Y`[e [_ LSYWe^SgX VWe 9eZdS_^WTW`e [ef KS[ :STSe 7M^_TMZ1 rdKS[:STSe9`Zp`YWd[efVWdr^^Wha` HZS`fSe[W`' ?WXrZ^W`' g`YW^qefW HdaT^W_W _W[`We DWTW`e aVWd _W[`We ;ZSdS]fWde SgXef[WYW`) <[WeW [``WdW` :[^VWdlW[YfW` _[d aXf9`fW[^W _W[`WeKUZSffW`e) AUZ Wd^WTfW =d[``Wdg`YW` g`V KlW`W` ha` K[fgSf[a`W`' V[W _[d eWZd g`S`YW`WZ_ iSdW`) AUZ ebrdfW\WVaUZW[`W`g`YWZWgdW`KaY'e[W_[dhad9gYW`XrZdW`lg_reeW`)ES`UZ_S^ ZSffW [UZ VW` =[`VdgU]' i[W iW`` V[W Z[`fWdefW` O[`]W^ _W[`We :WigtfeW[`e aXXW`~ TSd iWdVW` ea^^fW`) @pgX[Y efW[YWdfW` e[UZ V[W _[f V[WeWd JW[`[Yg`Y hWdTg`VW`W` ?WXrZ^W [`e XSef M`WdfdpY^[UZW ))) T[e lgd
A`YaBSZdeWfl
AUZZSTW_[fh[W^W`EW`eUZW`YWebdaUZW`'_[fVW`W`[UZV[WeW=dXSZdg`YfW[^W)K[W iWdVW` [`li[eUZW` SgUZ [` W[`Wd YS`lW` JW[ZW ha` :rUZWd` TWeUZd[WTW`) KWZd W[`~ VdrU]^[UZ fgf VSe _) =) VWd S_Wd[]S`[eUZW HekUZ[SfWd g`V HekUZafZWdSbWgf KS_gW^ KS`ViW[ee#,430',434$) A`RgeS__W`ZS`Y_[fV[WeW`KUZd[XfW`_qUZfW[UZAZ`W``g`VdW[9ebW]fWha`KS[ :STSe?QT^QTWeUZdW[TW`'V[W_[d[`g`eWdW_RgeS__W`ZS`Y[`fWdWeeS`fWdeUZW[`W`) Rg`pUZef iWdVW [UZ SgX VW` 9ebW]f VWd FQXN_`Q^RMT^aZS #eW^X([`cg[dk$ W[`YWZW`' ha` VWd KS[ :STS _W[`f' VSt e[W h[Wd >r`XfW^ VWe eb[d[fgW^^W` OWYWe Sge_SUZf) aUge V[WeWd KW^TefWdXadeUZg`Y ^[WYf SgX VW_ `M` `bMY M_U #|VSe T[ef Vgx$ VWd MbS`[eZSVW` aVWd VW_ n
KS[:STSg`VKfS`?daX
:STS _S`UZ_S^ VSdYWefW^^f _[f BWege ;Zd[efge [` eW[`W_ @WdlW`) ?aff ZSf h[W^W FS_W`6VaUZ?aff[efW[`e'g`VWd[efV[WD[WTW) D[WTW [ef MXXcU__QZP%EW`eUZW`' V[W _[f :STS YWebdaUZW` ZSTW`' WdlpZ^W` [__Wd i[WVWd'iW^UZWS_[^[W WfiSe [` [ZdW_ OaZ`l[__Wd TWebdaUZW` Z S f ) ) ) g`V V[We Y^W[UZ'aTWe[`BSbS`'[`9_Wd[]SaVWdW[`W_Wgdabp[eUZW`DS`Ve[UZWdW[Y`WfZSffW) :STS ebd[UZf [` g`lpZ^[YW` KbdSUZW`) =e i[dV YWeSYf' VSt Wd' iW`` Wd W`Y^[eUZ ebd[UZf' A`VWd l) :) [` VWdW` 9]lW`f' 9_Wd[]S`Wd [` VW_ [Z`W` W[YW`W` La`XS^^ S`~ ebd[UZf) 8MIFIMVWEPPKIKIRZ_UWMK D[WTW [ef MXXYhOT`US& K[W [ef V[W CdSXf' Sge VWd V[W OW^f YWeUZSXXW` [ef) :STS TWfa`f [__Wd i[WVWd' VSt We e[UZ TW[ eW[`Wd >pZ[Y]W[f' ?WYW`efp`VW Sge VW_ F[UZfe #Sge dW[`Wd =`WdY[W$ lg _SfWd[S^[e[WdW`' `[UZf g_ _UPPTU_' kaY[eUZW CdpXfW' ZS`VW^f' ea`~ VWd`g_VW``Sfrd^[UZW`9geVdgU]eW[`WdKUZqbXWd]dSXf6g`VV[WeWd[efD[WTW) KW^TefWdXSZdg`Y [ef SgX V[W =`fVWU]g`Y ?affWe [_ EW`eUZW` YWd[UZfWf) dSYW VWe dSYW [ef) K[W i[dV SgeYW~ VdrU]f [_ F[%TaY$ VW_ =[`( g`V 9geSf_W`VWe |[UZ T[` =dx) Ka(Zg_ ))) AUZ(T[`(Wd))) KW^TefWdXSZdg`Y[`[ZdW_dSV[]S^efW`K[``[efFQXN_`%^QMXU_UQ^aZS"_QXR%^QMXUfM`U[Z#& <[We =[`e(eW[` Td[`Yf VSe _[f e[UZ' iSe aXf TWeUZd[WTW` i[dV S^e V[W eaYW`S``fW 4aRXi_aZS PQ_ 8S[_ aVWd S^e G[P PQ_ 8S[_$ i[W KfS` ?daX VSe `W``f) KS[ :STS eSYf VSlg5ESUZfWgUZ]W[`WKadYW`g_VSe=Ya)OW``eW[`WRW[fYW]a__W`[ef'i[dVWe ha_ :Sg_ STXS^^W` i[W W[`W dW[XW >dgUZf) A` W[`Wd FWi(9YW( g`V DW[efg`Ye(VgdUZ( Vdg`YW`W`KW^TefWdXSZdg`Ye]g^fgdZSfV[WeWdKSflW`ad_W:WVWgfg`Y)9gUZZ[WdYWZf Weg_VSead_W` [ef g`eWd T[a^aY[eUZWd LaV) 9gX iW^UZWd =TW`W Wd SgUZ YWeUZ[WZf6 [__Wd ZSf Wd WfiSe Xrd g`e M`hWdXrYTSdWe' WfiSe' VSe e[UZ VWd Ca`fda^^W W`fl[WZf) =Ya(LaV ZSf [__Wd _[f Ca`fda^^hWd^gef lg fg`' iSe h[W^W` EW`eUZW` LaVWeS`Yef_SUZf)K[WlgrTWdi[`VW`WdXadVWdfbSdSVajWdiW[eWW[`WYWi[eeW|Kfpd]W VWe=Yax) :W[_ =Ya(LaV efWdTW` H^p`W' NadefW^^g`YW`' NWdZS^fW`e_gefWd' Or`eUZW) <[We ]S`` e[UZ [` K[fgSf[a`W` _WZd aVWd iW`[YWd ZSd_^aeW` NWdl[UZfe WdW[Y`W` #[UZ hWd~ l[UZfWSgXVW`FSUZf[eUZ'VW`[UZ_[dYWdSVWeair`eUZfW$aVWdT[eZ[`lgWj[efW`f[W^~ ^W` Cd[eW`e[fgSf[a`W` #VW` eaYW`S``fW` eb[d[fgW^^W` Cd[eW`$' [` VW`W` e[UZ W[` EW`eUZ VW_ LaVW g`V VW_ OSZ`e[`` eWZd `SZW XrZ^W` ]S``) A_ =Ya(LaV ]q``W` i[dV[W=dXSZdg`Y_SUZW`'VStVWdLaV`[UZfVW`=`Vbg`]fg`eWdWeDWTW`eVSdefW^^f' ea`VWd`WZWdW[`WKUZiW^^W)=d[ef`gdV[WZS^TWOSZdZW[f'V[WS`VWdWKW[fWZW[tfO[W~ VWdYWTgdf)LaVg`V?WTgdfe[`VW[`e)9^^WdV[`YeW`fl[WZfe[UZV[W=dXSZdg`YS^^W`XS^~ eUZW` KfdSfWY[W` g`V S^^W_ EaYW^`' V[W VSe DW[VW` SgX W[`W T[^^[YW OW[eW rTWdi[`~ 65
A`YaBSZdeWfl
VW` ia^^W`) dW[ZW[fg`V?qff^[UZ~ ]W[f #KS`ViW[ee' ,430' K) -3 XX)$) <[WeWd pVW`VSe:WYWZdW`[ef):STSTd[`YfVW`M`fWdeUZ[WV li[eUZW` ?aff g`V EW`eUZ SgX V[W >ad_W^' VSt ?aff EW`eUZ eW[' STlrY^[UZ VWe :WYWZdW`e) <[W NWdefd[U]g`YW` VWe :WYWZdW`e ha_ EW`eUZW` STlgl[WZW`' [ef' iSe [_ =Ya(LaV YWeUZ[WZf) =d [ef V[W oTWdi[`Vg`Y VWe Dgefbd[`l[be #b^WSegdW(bS[`(bd[`( U[b^W$) DW[VW` g`V 9geiWYe^ae[Y]W[f had V[WeWd KUZiW^^W iSdW` YW]abbW^f S` V[W AVW`f[X[]Sf[a` VWe EW`eUZW` S` eW[` CqdbWd(KW^Tef) <[WeW AVW`f[X[]Sf[a` lg ^qeW`' ^qef TW[h[W^W`EW`eUZW`V[WTWeUZd[WTW`W_See[hW9`YefSge6g`VVaUZ]q``W`i[dg`e `gdrTWdV[WeW=`f]abbW^g`YS^eVSeW_bX[`VW`'iWdg`ViSei[de[`V)
)$.VTIOWIHIVVTMUMWXIPPIRBIKIV KfS`?daXg`VKS[:STS5e[`VVSeliW[9ebW]fWW[`g`VVWeeW^TW`OWYWe8^`eW[`W` XdrZW`BSZdW`[`HdSYVSUZfW?daXlg`pUZef'WdZpffW[`eW[`W`>adeUZg`YW`hWdp`VWd~ 66
KS[:STSg`VKfS`?daX
fWdRgefp`VWVWe:WigtfeW[`eWfiSeYS`lFWgWeYWXg`VW`)=dW`fVWU]fWVS``\WVaUZ' VStV[WeW|DS`V]SdfW`VWe:WigtfeW[`ex'i[WWdeW[`W>adeUZg`YeWdYWT`[eeW`S``fW' eW[f LSgeW`VW` ha` BSZdW` [` VW` fdSV[f[a`W^^W` eb[d[fgW^^W` LdSV[f[a`W` YWlW[UZ`Wf iSdW`) agUSg^f' ,414$) <[W HekUZafZWdSb[W fdSf VS`` 9`XS`Y V[W~ eWe BSZdZg`VWdfe [` V[W >gtefSbXW` V[WeWd :W[UZfW' iaTW[ V[W KWZ`egUZf VWe EW`~ eUZW` `SUZ VWd oTWdi[`Vg`Y S^^W` DW[VW`e g`V =d^qeg`Y _WZd g`V _WZd ep]g^Sd[~ e[WdfigdVW`)M`VVW``aUZZ[W^fV[WOW^f`[UZfdWUZf=[`lgY[`V[WHekUZafZWdSb[W) [_M_#KUZ[UZfW`$[`VW`NWVW`) >rd V[W HekUZafZWdSb[W eUZW[`W` V[W KkefW_W VWe GefW`e eWZd h[W^ SgeYWXW[^fWd' eWZdh[W^W`fi[U]W^fWd[`[ZdWd9`e[UZfha`VWdOW^f'VW_:WigtfeW[`'VSee[Web[WYW^f g`V VWeeW` efp`V[YWd NWdp`VWdg`Y' ha` VWd =`fi[U]^g`Y VWe EW`eUZW`' VW` MdeS~ UZW` ha` 9d_gf' CdS`]ZW[f' ha` DW[VW`) 9^^WdV[`Ye Y[^f VSe `gd Xrd V[W HdalWeeW' V[W |[``Wd^[UZx' XWd` VWe S^^fpY^[UZW` DWTW`e ST^SgXW`' [` VW`W` We `[UZf ea eWZd g_e AUZ S^e=`feUZW[Vg`Ye(g`V@S`V^g`Ye[`efS`lYWZf)S_[^[W' 67
A`YaBSZdeWfl
:Wl[WZg`YW`[`GdV`g`YZSf)
68
KS[:STSg`VKfS`?daX
>EM/EFEERH>WER3USJ#=IQEUOVWSWLIVXFNIGWSJTMUMWXEPMW\
FaYYM^e KfS`[e^Sh?daX[eSbekUZafZWdSb[ef'KS[:STS[eS@a^kES`'S`4bM`M^Se[f[eVWUd[TWVTkfZW NWV[UfdSV[f[a`)A`fZWX[def_`[f_[YZfTWefdS`YWfaUa_bSdWfZW[dfWSUZ[`Ye5KfS`?daXefZWadk iZ[UZW_WdYWVagfaXfZWOWefWd`bekUZafZWdSbWgf[UeUW`WS`VKS[:STSzebdWSUZ[`YaXV[h[`W ^ahWSead[Y[`WS`V^SefS[_'fZWhWdkUadWaX^[XW) Daa][`Y VWWbWd kagz^^ eWW ?daXze bdaUWee aX eW^X(Wjb^adSf[a` S`V KS[ :STSze eb[d[fgS^ bSfZ aX eW^X([`cg[dk_W^f[`YfaYWfZWdSffZWba[`fiZW`fZWZg_S`zeeW^X(WjbWd[W`UWZSefaY[hWgbfZWb^S`e S`VfZWVWU[e[a`eaXfZWWYaS`VefSdfefaSUUWbffZWbWdea`S^iad^VSebSdfaXfZWg`[hWdeS^adVWd) LZ[eb^SUWaXegddW`VWd[eUS^^WVfZW|VWSfZaXfZWWYaxTkKfS`?daXS`VfZWhWV[U|fSffhS_Se[x'fZSf SdUkagad|AS_iZaAS_x) LZ[e[eeWW`SeS_a_W`faXYdSUWTWka`VbWdea`S^"edSf[adW^WSe[`YfZWTW[`Yfa[fzeabW`ZWSdf S`VfafZWXdWWVa_faY[hW[`fafZW[`X[`[fWlWefXad^[XW)
8MWIUEWXU
6MY\NQXX$=&#,44,$'EkfZa^aY[WVWeGefW`e'<[WESe]W`?affWe'KbZ[`j':SeW^ 9[aOMaX`$@&#,414$'OSZ`e[``g`V?WeW^^eUZSXf'KgZd]S_b'>dS`]XgdfS_ES[` 9^QaP$F&#,4-.$'[eUZWd'>dS`]XgdfS_ES[` :^[R$F&#,430$'?WTgdf'LaVg`VLdS`elW`VW`l'CqeW^'Er`UZW` :^[R$F&#,433$)LZW9VhW`fgdWaXKW^X(<[eUahWdk)<[_W`e[a`eaX;a`eU[age`WeeS`V`Wg)HWdebWU~ f[hWe[`HekUZafZWdSbkS`VA``Wd=jb^adSf[a`)FWiQad]'Vf)5dW[TgdY
69
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,*,440)2+(3.
2XUGLW">GLQIU]"8IMH# HMIHXROPI9EVOIHIV>IPFVW HXXM;QU_`$I[S`
DXVEQQIRJEVVXRK$ A` VWd Cd[eW VWd DWTW`e_[ffW' V[W VgdUZ V[W ha` Bg`Y ea TW`S``fW :WYWY`g`Y _[f VW_ KUZSffW` UZSdS]fWd[e[Wdf [ef' ]q``W` >gdUZf' KUZ_Wdl g`VDW[VSgXebWl[X[eUZWOW[eWS^e=`fi[U]^g`YeXS]fadW`YW`gflfiWdVW`)
0MI5HIIHIU3ER]LIMW OWd egUZf VW`` eUZa` XdW[i[^^[Y `SUZ DW[VWdXSZdg`YW`8 OWd YWZf aZ`W Faf Vadf~ Z[`' ia We Vg`]W^' eUZ_WdlZSXf g`V TWp`Yef[YW`V [ef8 A_ ?WYW`fW[^ ( i[d iW[UZW` YWd`W Sge) <[W _W[efW` ha` g`e ZSTW` SgeYW]^rYW^fW KfdSfWY[W` W`fi[U]W^f' V[W VWd NWd_W[Vg`Y g`V VWd :Wip^f[Yg`Y ha` DW[VWdXSZdg`YW` V[W`W`) :Wip^f[Yg`Y [ef TW[ `pZWdW_@[`eWZW`aXfSgUZ`[UZfeS`VWdWeS^eW[`WegTf[^WNWd_W[Vg`YeefdSfWY[W) 9TWdi[dTWY[``W`lghWdefWZW`'VStVSe?WiWTWVWeDWTW`eSgeZW^^W`g`VSge Vg`]^W`>pVW`YW]`rbXfeW[`_gt'VS_[frTWdZSgbfW[`:[^VW`fefWZW`]S``)gdUZfXWdf[YlgiWd~ VW`) K[W Td[`Yf g`e VSlg' `SUZ S`VWdW_' ?dqtWdW_' =dXr^^W`VWdW_ lg egUZW`) K[W [efVWdEafad)@[WdefWU]fV[W=`fi[U]^g`YeVk`S_[]) 70
>gdUZf'KUZ_Wdl'DW[V(V[WVg`]^WESe]WVWeKW^Tef
<[W:WiWYg`YVWeDWTW`ebdalWeeWeYWZfZ[`g`VZWdli[eUZW`V[WeW`TW[VW`KW[~ fW`' g`V ea YWeUZ[WZf =`fi[U]^g`Y5 CSg_ ZSf _S` W[`W K[UZWdZW[f' W[`W ?Wi[tZW[f YWXg`VW` g`V ^WZ`f e[UZ SgXSf_W`V lgdrU]' ea ]a__W` eUZa` `WgW' [``WdW g`V pgtWdW9`XadVWdg`YW`SgXW[`W`lg'V[W_[fVWdWdiadTW`W`?Wi[tZW[f_[fVW_'iSe _S` T[eZWd [` eW[`Wd HWdeq`^[UZ]W[f SgeYWT[^VWf ZSf' `[UZf _WZd TWip^f[Yf iWdVW` ]q``W`) <[We i[dV S^e Cd[eW Wd^WTf' V[W :WVdaZg`Y g`V 9`Yef _[f e[UZ Td[`Yf) =e [ef STWdYW`SgV[WeW=dXSZdg`Y'V[W`g`V[WEqY^[UZ]W[f[`V[W@S`VY[Tf'VSelgW`fi[]( ]W^`'iSeZ[WdYWTdSgUZfi[dV)KahWdYdqtWdf\WVWVgdUZYWYS`YW`WCd[eWVW`DWTW`e~ TaVW`'SgXVW__S`efWZf'WTW`eai[WVWdWdiW[fWdfWg`VXWefWdW:aVW`VS``Wd_qY~ ^[UZf'YdqtWdW9`XadVWdg`YW`'Cd[eW`aVWd:WVdaZg`YW`lgTWip^f[YW`) <[We [ef VWd JZkfZ_ge VWd =`fi[U]^g`Y) BWVaUZ i[dV V[WeWd JZkfZ_ge S` W[`Wd TWef[__fW` KfW^^W VWe DWTW`eiWYWe lg_ LZW_S5 A` VWd Cd[eW VWd DWTW`e_[ffW' V[W WfiSSTVW_.0)BSZde[UZlW[YW`]S``'[efWeV[WeW?WYW`eSflebS``g`Yli[eUZW`@W^~ ^W_g`V
6XRKXRHHMI/IKIKRXRKQMWHIQ>GLEWWIR& dWgVefZWdS~ bWgf[eUZWR[W^eWflg`YVWdD[WTWe(g`V9dTW[feXpZ[Y]W[fYWdSVWWddW[UZf[ef) Bg`Y TWeUZdW[Tf V[WeW Cd[eW S^e 9gXXadVWdg`Y Sge VW_ W[YW`W` A``Wd`' \Wflf V[W pgtWdW` DWTW`el[W^W lg rTWdeUZdW[fW` g`V e[UZ W[`Wd [``WdW` =`fi[U]^g`Y lglgiW`( VW`' V[W bekUZ[eUZW ?S`lZW[f S`efdWTf) <[WeW` HdalWt `S``fW Wd A`V[h[VgSf[a`)
2EV]MREWMSREPPIMRKIRaKWRMGLW A` _W[`Wd 9dTW[f _[f C^[W`fW` TWW[`VdgU]f _[UZ TWea`VWde' VSt VSe OSY`[e VWd KUZSffW`TWYWY`g`Y _W[ef V[dW]f ha` =dXSZdg`YW` VWd CdSXf' C^SdZW[f aVWd ?S`lZW[f 71
M^^S@W[ef
YWXa^Yf [ef' S^ea ha` =dXSZdg`YW` W[`We [`fW`e[h[WdfW` KW^TefWd^WTW`e) S^^YdgTWlghWd_W[VW`'V[We[UZZ[WdYWd`WSgXfgf5AUZZSTWS` _[d eW^Tef' STWd SgUZ TW[ Ca^^WY[``W` g`V Ca^^WYW` TWaTSUZfWf' VSt V[W 9dTW[f _[f VW_ KUZSffW` W[`W efSd]W >Sel[`Sf[a` SgerTW` ]S``) <[W LZWdSbWgfW` eUZiW^YW` VS``YWd`W_[f[ZdW`C^[W`fW`YW_W[`eS_[`XSdT[YW`g`VSTW`fWgWd^[UZW`A_SY[`S~ f[a`W`' V[W \WVaUZ `[dYW`ViaZ[` XrZdW`) K[W efpd]W` VS_[f VW` KUZSffW`' iSe' i[W Bg`Y [__Wdi[WVWdTWfa`f'YWXpZd^[UZ[ef)A`VW_V[W:[^VWdSgeYWSdTW[fWfg`VTW^WTf iWdVW`' YWi[``W` e[W S` ?Wi[UZf [` VWd HekUZW' aZ`W VSt Y^W[UZlW[f[Y W[` ?WYW`~ YWi[UZfYWeUZSXXW`i[dV) M_ V[WeW ?WXSZd lg hWd_W[VW`' [ef We lg`pUZef i[UZf[Y' hWdeUZ[WVW`W _qY^[UZW =TW`W`VWeKUZSffW`elgg`fWdeUZW[VW`)KaVS``WdeUZW[`fWe_[dha`YdatWd:WVWg~ fg`Y' [` VWd 9dTW[f W[`W` XWefW` Gd[W`f[Wdg`Yebg`]f g`V W[`W ]^SdW R[W^d[UZfg`Y lg ZSTW`' S`efSff VSdSgX lg ZaXXW`' VSt VWd HdalWt ha` eW^Tef eW[`W` OWY X[`VWf) N[W^~ ^W[UZffgfWdVSe)BWVaUZ[efV[WESUZfVWeM`TWigtfW`'V[We[UZ[`VW`KUZSffW`]dpX( fW`lW[Yf'`[UZflgg`fWdeUZpflW`)a^YW`e[`V) Sel[`Sf[a` lg >S^^efd[U]W` iWdVW` SgX VW_ OWY lg g_XSeeW`VWdWd ?S`liWdVg`Y) A_Xa^YW`VW`_qUZfW[UZ ( hWdeUZ[WVW`W=TW`W`VWeKUZSffW`eg`fWdeUZW[VW`S^e?dg`V^SYWXrdV[WiW[fWdW <[e]gee[a`6 ( W[`[YW:W[eb[W^WSge_W[`WdHdSj[e`W``W`'V[WlgdA^^gefdSf[a`V[W`W`ea^^W`6 ( @[`iW[eWXrdW[`W`W[`XSUZlgZS`VZSTW`VW`RgYS`YlgdCa`Xda`fSf[a`VWeKUZSf~ fW`eYWTW`6 ( g`VGd[W`f[Wdg`Yebg`]fWg`VR[W^d[UZfg`YW``W``W`'V[WVW`HdalWtVWdKUZSffW`~ TWYWY`g`Yefdg]fgd[WdW`ZW^XW`)
DXU@RWIUVGLIMHXRKHIU1FIRIR Bg`Y g`fWdeUZW[VWf W[`W` |bWdeq`^[UZW`x ha` W[`W_ |]a^^W]f[hW`x KUZSffW`) d eWflf e[UZ lgeS__W` Sge hWdVdp`YfW` 9`fW[^W` VWd HWdeq`^[UZ]W[f' V[W h) S) Sge VWd C[`VZW[f efS__W` ( eaiW[f VWU]f Bg`Y e[UZ _[f >dWgVe K[UZf( g`V 9dTW[feiW[eW (' g`V Sge T[e^S`Y g`YW^WTfW`' \WVaUZ `[UZf hWdVdp`YfW`9`fW[^W`VWdHekUZW'S^eaHafW`f[S^'VSe`aUZ`[UZfSgeVW_M`TWigtfW` SgXYWfSgUZf[ef)@[WdYWZfBg`YrTWd>dWgVZ[`Sge'VWd]W[`HafW`f[S^]W``f'ea`VWd` `gdKgT^[_Sf[a`) ES` ]q``fW VW` bWdeq`^[UZW` KUZSffW` S^e V[W g`e[UZfTSdW KW[fW VWd AUZ(:[^Vg`Y g_eUZdW[TW`) =d ]d[efS^^[e[Wdf e[UZ Sge VW_' iSe VW_ OSUZefg_ VWe TWigtfW` AUZ YWabXWdf igdVW' g`V T[^VWf e[UZ g`V ipUZef ealgeSYW` Z[`fWd VW_ JrU]W` VWe :WigtfeW[`e S^e W[YW`efp`V[YW @[`fWdYdg`VeYWefS^f) S^e Vg`]^We ?WYW`rTWd VWe AUZ [_M`TWigtfW`)Kai[W\W_S`V'VWd[_ZW^^W`D[UZfefWZf'W[`W`KUZSffW`ZSTW`_gt' VWdg_eaVg`]^WdWdeUZW[`f'\WZW^^WdVSeD[UZfefdSZ^f) 72
>gdUZf'KUZ_Wdl'DW[V(V[WVg`]^WESe]WVWeKW^Tef
[YgdW`VWe]a^^W]f[hW`M`TWigtfW`' S^ea W[` 9dUZWfkbge) =d [ef S`S^aY lg_ bWdeq`^[UZW` KUZSffW` lg hWdefWZW`' \WVaUZ hWdS^^YW_W[`Wdf g`V [`e Ca^^W]f[hW hWdYdqtWdf) =d ZSf `[UZfe _[f bWdeq`^[UZW` =dXSZ~ dg`YW`'=[YW`eUZSXfW`aVWdHafW`f[S^W`lgfg`'ea`VWd`_[fVW_]a^^W]f[hW`EW`eUZ( ZW[feWdTW) =d [ef V[W g`e[UZfTSdW KW[fW VWd ]g^fgdW^^W` =`fi[U]^g`Y g`V ZSf e[UZ hWd~ V[UZfWfg`VYWXad_fSgeVW_'iSe[_NWd^SgXVWdCg^fgdYWeUZ[UZfWVWdEW`eUZZW[fe~ W`fi[U]^g`YhWdVdp`YfigdVWg`ViSeVSTW[SgeYWT^W`VWfg`Vg`W`fi[U]W^fT^[WT) :W[VW` =TW`W` [ef YW_W[`eS_' VSt We g_ g`fWdVdrU]fW aVWd `[UZf S`Wd]S``fW 9`fW[^W [` VWd [`V[h[VgW^^W` HekUZW YWZf' V[W VWeZS^T g`V[XXWdW`l[Wdf g`V g`W`f~ i[U]W^f YWT^[WTW` e[`V) =e [ef VS`` `[UZf hWdig`VWd^[UZ' iW`` e[W e[UZ [` W`febdW~ UZW`Vg`YWXad_fWd'bd[_[f[hWd'aXfSgUZTdgfS^Wd?WefS^flW[YW`g`VW[`W_AUZYWYW`~ rTWdfdWfW`'VSehWdig`VWdfaVWdW`feWflfVSdrTWd[ef'ea^UZWe[_W[YW`W`A``Wd`X[`~ VW`lg_reeW`)
ASUHIU>GLEWWIRFIKIKRXRK,dSYW'V[WlgefW^^W`[ef5 Aef We \Wflf S` VWd RW[f VS_[f lg SdTW[fW`8 Bg`Y iW[ef i[WVWdZa^f VSdSgX Z[`' VSt V[W W[YW`f^[UZW KUZSffW`TWYWY`g`Y TW[ \g`YW` EW`eUZW` YSd `[UZf S`YWefdWTf iWdVW` ea^^fW) LdaflVW_ lW[Yf e[UZ SgUZ Vadf [` VWd HekUZW KUZSffW`ZSXfWe6 We i[dV _[f g`V VgdUZV[W:[^Vg`YVWeTWigtfW`AUZYWXad_f):W[_\g`YW`EW`eUZW`[ef\WVaUZVSe fZWdSbWgf[eUZW 9gYW`_Wd] SgX V[W AUZ(9geXad_g`Y lg ^W`]W`' T[e V[WeWe SgedW[~ UZW`V S` CdSXf YWia``W` ZSf' g_ Xrd V[W ?WYW`rTWdefW^^g`Y YWiSbb`Wf lg eW[`) dSYW`YWbdrXfigdVW`g`V_S`e[UZW`feUZ[WVW`ZSf'W[`WKUZSffW`( TWYWY`g`YS`lgefdWTW`'VS``[ef_S`[_:WYd[XX'WfiSeSgXlgdgXW`'VSeSgeVW`f[WX~ efW`'g`TW]S``fW`:Wl[d]W`VWeM`TWigtfW`W_badefW[Yf)
M^^S@W[ef
/IMVTMIPIEXVHIUdSg' V[W e[UZ eW[` KUZSffW` `W``f) K[W i[^^ [Z` hWdeUZ^[`YW`' iW[^ Wd [Zd ]W[`W` JWebW]f la^^f) @Sdf_gf eSYf W_bqdf5 |AUZ ]W``W K[W \S YSd `[UZfx K[W S`fiadfWf TSdeUZ5|dSg[Z_Y[Tf'|faf(g`V]^W[`ZSgW`x)9^eWdWefgf)efSg`fWd'i[WeUZ`W^^g`V]dSXf~ ha^^ VSe KUZiWdf e[UZ TWiWYf' |9TWd `[UZf VgdUZ _[UZx) <[W >dSg eSYf' We eW[ eUZa` eW[`W W[YW`W CdSXf' Wd _reeW e[W `gd W`V^[UZ WdYdW[XW`) dSg[Z``aUZ[`V[WKUZ`WWTWdYW'ia Wd _[f @[^XW VWe KUZiWdfWe =[e eUZ_W^lW` _gt) |A` _W[`W_ CqdbWd eUZ_[^lf We _[f'x eSYf Wd) dSgiW[ef[Z`S`'ST\WflfVSeKUZiWdfTW[e[UZlgfdSYW` g`VWelgbX^WYW`) A` VW` `pUZefW` K[flg`YW` ZSf @Sdf_gf YdatW =d]W``f`[eeW) =d TWY[``f lg eWZW`' VSt Wd aXf eUZiSUZ g`V g`WZd^[UZ [ef' VSt Wd e[UZ l) :) Z[`fWd |9^fdg[e_gex hWdefWU]f g`VVSTW[ZW[_^[UZW[YW`WOr`eUZWWdXr^^f)=dWd]W``fSgUZ'VStWdO[^^W`e]dSXf'Egf g`V9gXd[UZf[Y]W[fSgeeW[`W_DWTW`Sge]^S__Wdfg`VVSteW[`W>pZ[Y]W[flg^[WTW` g`V_[flgW_bX[`VW`'W[`YWXdadW`[ef) AUZ ]a``fW^W[UZfrTWdbdrXW`'VStWee[UZZ[Wdg_W[`WKUZSffW`fZW_Sf[]ZS`VW^fW) @Sdf_gf[efW[`efSd]YW[ef[Y[VW`f[X[l[WdfWdES``'VWd_[feW[`W`|_W`eUZ^[UZW`xKW[~ fW` `[UZfe lg fg` ZSTW` i[^^) GT We e[UZ VSTW[ g_ KWjgS^[fpf' g_ =ZdYW[l' g_ =[XWd~ egUZfaVWdg_Rad`ZS`VW^f'WdY^SgTfW'VSeZ[`fWde[UZYW^SeeW`lgZSTW`aVWd\WVW`~ XS^^e [_ :WYd[XX VSlg lg eW[`) M_ S^^ V[WeW` ?WXrZ^W` lg W`f]a__W`' ZSffW Wd YdatW Cg`efXWdf[Y]W[fVSd[`W`fi[U]W^f'e[UZg_V[WCa`Xda`fSf[a`_[fKUZi[Wd[YW_ZWdg_~ lgeUZ^p`YW^`) ES` ]a``fW [Z` `[UZf lg XSeeW` TW]a__W`' Wd i[UZ S^^W_ Sge) =[` [`fWdWeeS`fWe HSdSVaja` iSd V[W >a^YW) :W[ @Sdf_gf iSdW` `p_^[UZ eW[`W TWefW` =[YW`eUZSXfW` _[f [_ KUZS^fW`5 O[^^W' CdSXf g`V 9gXd[UZf[Y]W[f' STWd SgUZ D[WTWe( XpZ[Y]W[f' =_bSfZ[W g`V DWTW`V[Y]W[f VWe @WdlW`e iSdW` [`e M`TWigtfW STYW~ Vdp`Yf' iW[^ Wd ea^UZW IgS^[fpfW` _[f |`[WVWdW`x 9XXW]fW` g`V ?WXrZ^W` hWdiWUZ~ eW^fW) <[W 9dTW[f _[f VW_ KUZSffW` ipdW Z[Wd STWd `[UZf S`YWlW[Yf YWiWeW`) @Sdf_gf ZSffW`p_^[UZ`aUZYW`gYVS_[flgfg`)eW[`pgtWdWeDWTW`lgadV`W`g`VlgYWefS^~ fW`)KW[`bd[hSfWeDWTW`efS`VVgdUZSge`[UZfSgXXWefW_:aVW`'g`VTWdgX^[UZiSdWd 74
>gdUZf'KUZ_Wdl'DW[V(V[WVg`]^WESe]WVWeKW^Tef
g`lgXd[WVW` rTWdW[`W W[`YWXSZdW`W Jagf[`W' _[f VWdWd eW[`W` EqY^[UZ]W[fW` h[W^We eUZg^V[Y T^[WT) dSge[UZlgiW`[YlW[YW) K[WX[`VWf[`VWd,)K[flg`YW[`Kk_Ta^XrdV[WCdSXf'V[We[WhWd_[tf5W[`]^SdWd'^WgUZ~ fW`VWdCd[efS^^'VWdJgZWg`VKfpd]WhWd_[ffW^f) A` VWd `pUZefW` K[flg`Y Td[`Yf O[^_S W[`W` NWdXa^Yg`YefdSg_' VWd [Zd [` VWd 9df ^S`YW TW]S``f [ef) K[W TWf[fW^f [Z` |Gd]ex' i[W V[W :qeW` [_ '@Wdd VWd J[`YW") A_ NWd~ ^SgXVWd9dTW[f]S``e[WVW`T[e^S`Yg`e[UZfTSdW`NWdXa^YWdS^e\p__Wd^[UZSgeeWZW`~ VW` eUZiSdlW` NaYW^ [VW`f[X[l[WdW`) =d ZSf W[`W` YdatW`' TWVdaZ^[UZ i[d]W`VW` KUZ`STW^ g`V`gd W[`9gYW)=dXdWgfe[UZ'iW``_S`[Z`XrdUZfWfg`Vhad[Z_X^[WZf) ^[WZW`VW` ea h[W^ =`WdY[W Xrd [Z` hWdTdSgUZW`' VSe `pZdf [Z`) O[^_S Wd]W``f' VSt e[W VSe VgdUZTdWUZW` ]S``' [`VW_ e[W e[UZ [Z_ efW^^f) FSUZVW_ e[We[UZ[ZdW`Cd[efS^^lg@[^XWYWZa^fZSf'fgfe[WVSe)|AUZiW[UZW\Wflf`[UZf_WZdSge' [UZ efW^^W _[UZx' [ef VWd KSfl' _[f VW_ e[W [Z_ W`fYWYW`fd[ff' g`V V[W @S^fg`Y' V[W [``Wd^[UZYWXg`VW`g`VW[`YW`a__W`iWdVW`_gt)
M^^S@W[ef
egUZf GbXWd) =d ]a__f _[d had i[W W[` CS_bXX^gYlWgY [_ Cd[WY)x O[^_S [ef S^Sd~ _[Wdfg`ViSUZeS_)|AUZeWZW'VSt[UZVSerTWd`WZ_W`_gt)<[W]^W[`WO[^_S]S`` VSe`[UZf)AUZ_gtVSefg`'g`V[UZ_gt[Z`Ygf[_9gYWTWZS^fW`)AUZ_gtefp`V[YSgX VWd @gf eW[`' iW[^ Wd i[d]^[UZ YWXpZd^[UZ [ef)x dWgVW S`Hdaha]Sf[a` g`VNWdXa^Yg`YZSf'V[Wbdpl[eW ?WYW`YWefS^f ( V[W ?WefS^f VWd g`YW^WTfW` KW[fW) 9gUZ [` VWd -) K[flg`Y _[f VW_ NaYW^i[WVWdZa^fe[UZV[WeWeLZW_S)drZ^[`YeiS^Vx XrZdf) 9gX VWd :drU]W i[dV[Z_]^Sd'|VStW[`LW[^ha`_[deahWdW[ef[efi[WVWdOS^V)
>gdUZf'KUZ_Wdl'DW[V(V[WVg`]^WESe]WVWeKW^Tef
A`VWd`pUZefW`K[flg`Y[efWdW`feUZ^aeeW`'[`VW`OS^VlgYWZW`)
77
M^^S@W[ef
0IU7SRJUSRWEWMSRVVGLUMWW 9^e [UZ W[`_S^ _[f W[`Wd C^[W`f[` S` W[`W_ LdSg_ SdTW[fWfW' VWd [Zd YdatW 9`Yef _SUZfW' bdaT[WdfW [UZ WfiSe FWgWe) A_ LdSg_ ia^^fW e[W W[` >W`efWd Xrd V[W FSUZf eUZ^[WtW`)9^ee[WWeXSefYWeUZ^aeeW`ZSffW'VdrU]fWWfiSeha`SgtW`VSYWYW`'g`Ve[W XrZ^fW5 =e [ef lg ebpf) A` HS`[] g`V LaVWeS`Yef iSUZfW e[W SgX) W`efWdlgqXX`W`g`VZWdW[`lgZa^W`' iSe e[W ZSffW SgeeUZ^[WtW` ia^^W`) K[W fSf We' Yd[XX [`e ^gUZfiWYWTWVWgfWf) W`efWdg`VLrdW`lgqXX`W`S`efSfflgeUZ^[W~ tW`6 ZWdW[`lgZa^W` S`efSff SgelgebWddW`6 Z[`lgeUZSgW`' S`efSff iWYlgeUZSgW`)
1MRIR;UMIRWMIUXRKVTXROWJMRHIR <[W YdqtfW` @[`VWd`[eeW TW[ VWd 9dTW[f _[f VW_ KUZSffW` ^[WYW` [` VWd 9TiWZd ( S^ea VWd9`Yef eai[W[_KaY' VW`VWd KUZSffW`SgerTW` ]S``(S^ea VWd>Sel[`Sf[a`) @Sdf_gfWd^WTfW'`SUZVW_V[WWdefW9TiWZdeUZdS`]WrTWdig`VW`iSd'WZWdV[W>Se~ l[`Sf[a`'ipZdW`V@S`e\qdY_[fefSd]Wd9TiWZdlg]p_bXW`ZSffW) <[WeWdKUZi[Wd[Y]W[f]S``^W[UZfWdTWYWY`WfiWdVW`'iW``WeYW^[`Yf'TW[_C^[W`~ fW` V[W TWaTSUZfW`VW >g`]f[a` SgXlgdgXW` g`V W[`W` {`WgfdS^W` H^Sfl" lg Wdd[UZfW`' 78
>gdUZf'KUZ_Wdl'DW[V(V[WVg`]^WESe]WVWeKW^Tef
VWddW^Sf[hXdW[ha`=_af[a`W`g`Vha`:WiWdfg`YW`[ef)<[We[efVWdWdefWKUZd[ff'VWd rTWdV[W?WYW`eSflebS``g`YZ[`SgeXrZdf)BWVWe_S^'iW``W[`W_WZdTWaTSUZfW`VW @S^fg`Y W[`YW`a__W` i[dV ( S`efSff e[UZ ha_ >^gt VWd :[^VWd _[fl[WZW` aVWd ha_ ?S`Y VWd =dW[Y`[eeW STeUZdWU]W` lg ^SeeW` i[dV V[WeW >g`]f[a` iW[fWdW`fi[U]W^f g`V YWefpd]f) <[We WdeUZSXXf W[`W` XWefW` Hg`]f [_ ?WeUZWZW`5 Na` Z[Wd Sge ]S`` oTWdT^[U] YWia``W` iWdVW`' V[W T[eZWd[YW' SgeeUZ^[Wt^[UZW AVW`f[X[]Sf[a` _[f VWd TWigtfW` HWdeq`^[UZ]W[f ^aU]Wdf e[UZ SgX' i[dV S^e TWeUZdp`]f Wd]S``f g`V ]S`` eUZ^[Wt^[UZrTWdeUZd[ffW`iWdVW`)9`Yefhadg`V9TiWZdYWYW`VW`KUZSffW`hWd^[W~ dW`ha`Z[WdSgeYWeWZW`S`:WVWgfg`Y'g`V`WgW'bae[f[hW9ebW]fWiWdVW`e[UZfTSd) AUZg`VKUZSffW`]q``W`SgXS`VWdWOW[eW[`:Wl[WZg`YYWeWflfiWdVW`)KaWdqXX`W` e[UZDqeg`Ye_qY^[UZ]W[fW`'aVWdh[W^_WZde[WXS^^W`W[`W_lg)
0MIMRRIUI4EPWXRK,eAIUVWILIRXRH>WIPPXRKRILQIRd <[W Dqeg`Y VWe ?WYW`eSflbdaT^W_e WdXa^Yf [` liW[ HZSeW`) RgWdef YWZf We g_ KWbSd[Wdg`Y5Bg`Yebd[UZfVSha`'VStWeVSdSgXS`]a__W'li[eUZW`VW_:WigtfeW[` g`VVW`A`ZS^fW`VWeM`TWigtfW`lgg`fWdeUZW[VW`)=deSYfVS``5|9geeUZ^SYYWTW`V [ef ^WflfW` =`VWe [__Wd VSe :WigtfeW[`' VSe V[W ES`[XWefSf[a`W` VWe M`TWigtfW` hWdefWZfg`V[Z`W`YWYW`rTWdKfW^^g`Y`[__fx#Bg`Y',44-'K),4,$):WigtfeW[`VSdX Z[Wd`[UZfY^W[UZYWeWflfiWdVW`_[fVW_TWigtfW`AUZ'VW``V[WeWeZSfe[UZ\SYWdSVW [` 9TYdW`lg`Y lg_ M`TWigtfW` W`fi[U]W^f g`V `[__f ?WYW`bae[f[a` VSlg W[`) :WigtfeW[`]S``Z[Wd`gdW[`W`aT\W]f[hW`KfS`Vbg`]f_W[`W`)
M^^S@W[ef
Bg`Y TWd[UZfWf [` eW[`Wd :[aYdSbZ[W' i[W Wd TW[ e[UZ eW^Tef VS_[f S`X[`Y' V[W :[^VWd g`VA`ZS^fWVgdUZeadYXp^f[YW9`S^keWlghWdefWZW`|g`VhadS^^W_[_DWTW`lgdWS^[~ e[WdW`) dSg)<[WDqeg`Y' V[WWd[`VWd[``WdW`9dTW[fYWXg`VW`ZSffW'igdVWVSd[`e[UZfTSd):[eZWdZSffWeW[`W dWe[Y`Sf[hW RgeUZSgWdZS^fg`Y [__Wd i[WVWd STdgbfW =[`TdrUZW Wd^WTf' iW`` [Z_ S^^Welgh[W^igdVWg`V[Z`W[`W_af[a`S^Wd9geTdgUZlg_|LpfWdxiWdVW`^[Wt)A`ea^~ UZW`Ea_W`fW`iSdVWdKUZSffW`lgdGTWdX^pUZWVgdUZYWTdaUZW`)BWflf`SZ_WdW[`W S]f[hWdW @S^fg`Y W[`' TWYS`` :Wl[WZg`YW` TWigtf lg YWefS^fW` g`V eW[`W` O[^^W` W[`lgTd[`YW`' ipZdW`V Wd Y^W[UZlW[f[Y =[`XrZ^eS_]W[f g`V hWdf[WXfWe NWdefp`V`[e Xrd :WVrdX`[e g`V JWUZf eW[`We ?WYW`rTWde TWi[We)
5RWIKUEWMSR,e0MIAIUQMWWPXRKKIVGLMILWHXUGL>\QFSPId |A`VW_ V[W Dqeg`Y Sge VWd 9geW[`S`VWdeWflg`Y g`V VW_ CS_bX VWd ?WYW`epflW ZWdhadYWZf'[efe[W_W[efW[`g`WdYdr`V^[UZWe?W_[eUZha`TWigtfW`g`Vg`TWigt~ fW` ?WYWTW`ZW[fW` g`V VSdg_ W[` 'Kk_Ta^" #W[`W SgeW[`S`VWdYWTdaUZW`W Er`lW' VWdW` @p^XfW` YW`Sg lgeS__W`bSeeW`$) =e efW^^f VSe JWeg^fSf VWd CaabWdSf[a` ha` :WigtfeW[` g`V M`TWigtfW_ VSd ) ) ) x #Bg`Y ,44-) K) ..3$) ad_'V[WTW[VWe[`fWYd[Wdf) 80
>gdUZf'KUZ_Wdl'DW[V(V[WVg`]^WESe]WVWeKW^Tef
Ka^UZWhWd_[ffW^`VW`Kk_Ta^W]q``W`[_fZWdSbWgf[eUZW`HdalWtYW`gflfiWdVW`) K[WfSgUZW`ha`eW^Tef[`VW`[``WdW`:[^VWd`SgXg`V_reeW`VS``Wd]S``fiWdVW`' VS_[f_S`YWl[W^fVS_[fSdTW[fW`]S``)<[WeWKk_Ta^WW`fZS^fW`V[WR[W^d[UZfg`YVWe YS`lW` HdalWeeWe TWdW[fe [` e[UZ' [` [Z`W` lW[Yf e[UZ V[W lg]r`Xf[YW ?WefS^f VWd ha^^~ laYW`W`A`fWYdSf[a`ha`TWigtfWdHWdeq`^[UZ]W[fg`VKUZSffW`)dSg W[` KUZiWdf) AUZ Yd[XX VSe Y^W[UZ SgX g`V Wd[`~ `WdfW[Z`[__Wdi[WVWdVSdS`'VStWdWe[`VWd@S`VZSffW'TSf[Z`'WelgXrZ^W`'g`V XadVWdfW [Z` SgX' e[UZ _[f VW_ KUZiWdf S^e |Cp_bXWdx lg Wd^WTW`) 9_ =`VW VWd K[f~ lg`Y iSd We VS`` V[W ]qdbWd^[UZ YWXrZ^fW CaddWeba`VW`l ha` KUZiWdf g`V O[dTW^~ epg^W' V[W V[W ek_Ta^[eUZW Dqeg`Y TdSUZfW' [` VWd V[W ?WYW`epflW TW[VW [ZdW` H^Sfl XS`VW`(VSeEW`eUZ^[UZWg`fW`'VSe?W[ef[YWaTW`) O[^_S YST _[d [ZdW R[W^d[UZfg`Y had) O[d ]a``fW` V[W 9dTW[f VS_[f TWY[``W`' VSe Kk_Ta^lgegUZW`'VSe[ZdW`[``WdW`HdalWt^W[fW`irdVW5VWd]^SdW'^WgUZfW`VWCd[~ efS^^) A` @S`e\qdYe 9dTW[fiSd VSe @WdlVSe hWd_[ffW^`VWKk_Ta^)=e WdeUZ[W`S^e |JrU]~ lgYeadfx VWe eW^Tef_[f^W[V[YW` C[`VWe' S^ea eWZd g`SgXXp^^[Y g`V [` lg`pUZef dWYdWe~ e[hW_' S`efSff lg]g`XfeiW[eW`VW_ RgeS__W`ZS`Y)
BSLMRKILWHIUBIK:W[ YW`SgWd :WfdSUZfg`Y i[dV ]^Sd' VSt We e[UZ TW[_ ?WYW`eSflbdaT^W_ g_ liW[ g`fWdeUZ[WV^[UZW HSSdW ZS`VW^f)
M^^S@W[ef
YS`YW`ZW[f' Sge VWd S^^We A`V[h[VgW^^W Wdef WdipUZef) OW`` VSe =[`YWTWffWfeW[` VWe A`V[h[VgW^^W`[`eCa^^W]f[hWWd^WTfg`VTW\SZfi[dV']S``[_liW[fW`KUZd[ffW[`W@S^~ fg`Y VSlg W[`YW`a__W` iWdVW`) @S`e\qdY lg_ :W[eb[W^ fSf VSe' S^e Wd VW` KUZd[ff ha^^laY ha` |ES` ]S`` \S VaUZ `[UZfe fg` lg_ nXX`W` VWe @WdlW`e Xrd ]a^^W]f[hWe DW[V g`V fpf[YWe E[fYWXrZ^) >rd V[WeW` KUZd[ff TWVSdX We W[`We AUZe ha` YdatWd 9TYdW`lg`YeXpZ[Y]W[f' VSe e[UZ iWVWd VSe Ca^^W]f[hW ]gdlWdZS`V lgeUZ^pYf' g_ e[UZ VS_[flghWdYdqtWd`'`aUZe[UZaZ`_pUZf[YVSha`hWdW[``SZ_W`^ptf'g_[_Ca^^W]~ f[hW` lg hWdeUZi[__W`) OgdVW VgdUZ TW[VW ?WXSZdW` Z[`VgdUZYWefWgWdf' g`V VW_ Ca^^W]f[hW` YWYW`rTWd W[` [`V[h[VgW^^Wd H^Sfl YWXg`VW` g`V TWZSgbfWf' ea YWZf Sge V[WeW_ HdalWt W[`W HWdeq`^[UZ]W[f ZWdhad' V[W VW` JSV[ge [ZdWd WfZ[eUZW` =[`e[UZf g`VNWdbX^[UZfg`YrTWdV[W[`V[h[VgW^^W`?dW`lW`Z[`SgeWdiW[fWdfZSf) AefV[W9geW[`S`VWdeWflg`Y_[fTW[VW`?WYW`eSflbSSdW`YW^g`YW`'eaXrZdfV[Welg W[`W_IgS^[fpfeebdg`Y)=[`W`WgW'YdqtWdWNWdS`fiadfg`YipUZefZWdS`(YWYW`rTWd VW` [``WdW` bekUZ[eUZW` g`V eWW^[eUZW` CdpXfW` WTW`ea i[W YWYW`rTWd VW` EW`~ eUZW` g`V VWd OW^f) =[`W NWdS`fiadfg`Y' V[W e[UZ rTWd bWdeq`^[UZW :WVrdX`[eeW' W[YW`W A`fWdWeeW` g`V [`V[h[VgW^^W :W^S`YW Z[`Sge WdefdWU]f) <[WeWe @[`SgeYWZW` rTWd VSe HWdeq`^[UZW [ef VWd WdefW KUZd[ff Z[`W[` [` VW` fdS`ebWdea`S^W` JSg_5
.RQIUOXRKIR ,) AUZTWl[WZW_[UZ[``WdZS^TVWdfZWadWf[eUZW`=dqdfWdg`YVWeLZW_SeSgXBg`Y'VWdVW`KUZSffW` W`fVWU]f'V[W9dTW[fVS_[fW`fi[U]W^fg`VVWdW`:WVWgfg`YXrdV[W=`fi[U]^g`YVWdHWdeq`^[UZ~ ]W[fTWeUZd[WTW`ZSf)<[WEWfZaVW`g`VLWUZ`[]W`'V[W[UZ[`VWd9dTW[f_[fVW_KUZSffW` TW`gflW']a__W`SgeVWdHekUZaek`fZWeW`SUZJaTWdfa9eeSY[a^[) -) A_M`fWdeUZ[WVlgbd[_pdbdalWtZSXfW_ESfWd[S^'VSeVSeAUZlgrTWdX^gfW`VdaZf'ZSTW`V[WeW :[^VWdg`VHZS`fSe[W`W[`W`efpd]Wd|YWadV`WfW`x;ZSdS]fWd6We^ptfe[UZK[``ZSXf[Y]W[fVSd[` X[`VW`) .) |OW``V[WbWdeq`^[UZW`NWdVdp`Yg`YW`SgXYWZaTW`iWdVW`'VS``fSgUZW`'_[fW[`S`VWdhWd~ eUZ_a^lW`'A`V[h[VgS^[fpfg`VCa^^W]f[hbekUZWSgXg`V^qeW`V[Whad_S^ehWdVdp`YfW`bWdeq`~ ^[UZW`HZS`fSe[W`ST)x#Bg`Y',44+'K)//$ /) <[WHekUZaek`fZWeWZSfW[`SgeYWSdTW[fWfWeCa`lWbfrTWdVW`O[^^W`g`VeW[`W=`fi[U]^g`Y g`Vh[W^WLWUZ`[]W`'V[WVSdSgXSTl[W^W`)9gUZV[WlghadTWeUZd[WTW`WaT\W]f[hW:WaTSUZfWd( bae[f[a` [ef W[` lW`fdS^We LZW_S TW[ 9eeSY[a^[) M`fWd VW_ :WYd[XX {<[e[VW`f[X[]Sf[a`" ZSf Wd TWYWZTSdWOWYWVadfZ[`TWeUZd[WTW`g`VV[WKUZd[ffWYWlW[Yf'V[WVadfZ[`XrZdW`)<[WeWLWUZ~ `[]W`lg[^^gefd[WdW`'i[We[W[`VWd9dTW[f_[fVW_KUZSffW`lg_=[`eSfl]a__W`'ipdWS^^Wd~ V[`YeW[`LZW_SXrdW[`WS`VWdW9dTW[f) 0) NY^)9`_Wd]g`Y.) 1) <[WHekUZaek`fZWeWg`fWdeUZW[VWfW[``[WVWdWe'W[`_[ff^WdWeg`VW[`ZqZWdWeM`TWigtfWeg`V SdTW[fWfeWZdV[XXWdW`l[Wdf_[fV[WeW`hWdeUZ[WVW`W`:WdW[UZW`)
82
2XUGLW">GLQIU]"8IMH#HMIHXROPI9EVOIHIV>IPFVW
2IEU"XJJIUMRK#WLI0EUO9EVOSJWLI>IPJ
FaYYM^e ;a`Xda`f[`YfZW|eZSVaixSe[fiSe`S_WVTkBg`Y'[egegS^^kbSdfaXfZWea(US^^WV_[V^[XWUd[e[e) LZ[ebSbWdVWX[`WeiZSfiW_Skg`VWdefS`VfaTWSfdgWeZSVai(WjbWd[W`UWiZW`[fW_WdYWe[`S fZWdSbWgf[UeWff[`Y)LZWfZWe[e[eTW[`YbdabaeWVfZSffZWSUUa_bS`k[`YXWSd'bS[`S`VegXXWd[`YSdW SUfgS^^kgeWXg^faa^e[`fZWfZWdSbWgf[UbdaUWee)EWfZaVeaXHekUZaek`fZWe[eSUUadV[`YfaJaTWdfa 9eeSY[a^[SdWZW^bXg^[`efdgUfgd[`YSfZWdSbWgf[UbdaUWeeYWSdWVfaiSdVeUa`Xda`fSf[a`'SU]`ai~ ^WVYW_W`f'S`VSUUWbfS`UWaXXad_Wd^kg`Ua`eU[ageeZSVaibSdfe)Kba`fS`Wage[_SYWeS`Vek_~ Ta^eUS`fZW`TWgeWVSead[W`fSf[a`_Sd]efaiSdVefZWebWU[X[UV[dWUf[a`iZ[UZfZW[`V[h[VgS^bda~ UWee[e[`U^[`WVfafS]W)LZWfZWdSb[efi[^^TWST^WfageWfZWeW[`V[h[VgS^ek_Ta^[Uad[W`fSf[a`eSeS` |[`fWd`S^Yg[VS`UWekefW_x[`fZWYdaifZbdaUWee):Wka`VfZWYdWSfWdbekUZ[UiZa^W`WeefZWdWTk SUZ[WhWVfZWVaad[eabW`XadfZWXgdfZWdfdS`ebWdea`S^VWhW^abW_W`f)
8MWIUEWXU
4__MSU[XU$E&#,43-$'<[WKUZg^g`YVWeO[^^W`e'Bg`XWd_S``'HSVWdTad` =aZS$6&:&#,43,$'oTWdV[WHekUZa^aY[WVWeM`TWigtfW`'>[eUZWd'>dS`]XgdfS)ES[` =aZS$6&:&#,44+$'<[W:Wl[WZg`YW`li[eUZW`VW_AUZg`VVW_M`TWigtfW`'
83
LdS`ebWdea`S^W HekUZa^aY[W g`V HekUZafZWdSb[W ,%,440"3/(32
@UOTMQXIQ``Q^
5A$ 0IUIMRI?SR 04) K[`YWW[`lW^`WLq`W)BWVWdLa`ZSfV[WDp`YWW[`WeW[`l[YW`9fW_lgYWe)BWVWd 9fW_lgY [ef W[` DWTW`) dW[ZW[f' V[W VW[`W D[`[W \Wflf ebrdf' i[dV [Zd [` VWd HZSeW[ZdWd@qdTSd]W[f'[ZdWdESfWd[S^[e[Wdg`YS^eLa`'lgYgfW]a__W`) 12) M`fWdTd[UZ VW` La` ( VW[` DWTW` iS`` [__Wd Vg ebrdef' `Wg S`eWflW` lg ia^^W`'_[f`WgWd9fW_]dSXf)9gXV[WeWOW[eW^St?dgbb[Wdg`YW`ha`9fW_(DWTW`e~ STeUZ`[ffW`W`fefWZW`'V[WRgeS__W`ZS^fW`i[WV[WOqdfWd[`W[`W_KSfl)O[WKWW` g`V>^reeWV[WA`eW^YWefS^fW`'i[dVVSe>Wef^S`VVW[`WeLa`We(VW[`DWTW`(YWY^[W~ VWdfg`V[`eW[`Wd?r^f[Y]W[fdW^Sf[h[WdfVgdUZg`fWdTdWUZW`VW9fW_lrYW) 13) @S^fW VW` La`' VW` Vg e[`Yef' ]a`f[`g[Wd^[UZ SgX W[`Wd @qZW) A`VW_ Wd eW[`W` pgtWdW` Kb[W^dSg_ hWd^adW` ZSf' TWY[``f Wd' eW[`Wd A``W`iW^f lg ^SgeUZW`) KW[`W A``W`iW^fSTWd[efV[WA``W`iW^fS^^WdKUZi[`Yg`YW`'g`V\W_WZdWde[UZS^eCae_ae W`fVWU]f'VWefahWdefp`V^[UZWdi[dV[Z_VSe9gtW`T[eZ[`lg_mgtWdefW`) 84
14)r^^W g`V L[WXW [ZdWd_ge[]S^[eUZW`<[_W`e[a`W`) 21) =[`YWZW`V [` V[W EW^aV[W VWd YdqtfW` >dWgVW' S` V[WVgV[UZ'[`VW[` A``WdWe eUZSgW`V' lg Wd[``Wd` hWd_SYef' W`fVWU]ef Vg lg VW[`Wd YdatW` NWdig`VWdg`Y5 ea fdSgd[Y Vg T[ef' ea XdaZ T[ef Vg5 VW[`W KWW^W S^e A`efdg_W`f Yqff^[UZW` ?W[efWe [ef XdW[' iS``g`Via[__Wde[We[UZV[WeWd?qff^[UZ]W[fWd[``Wdf) 22) =[`YWZW`V [` W[`W EW^aV[W VWd D[WTW lg_ La` hWdY[tf Vg S^^We' iSe V[UZ hWd~ YSt'ha`VWdD[WTWVWdEW^aV[WlgV[dTWfdaXXW`) 23) Ca`lW`fd[WdW VW[`W` La` SgX F[UZfe S^e VW[`W` 9fW_5 9f_W [` VW_ :Wigtf~ eW[`'VSe'iSeVgha`[Z_ebrdW`VZqdefg`VZqdW`Vebrdef'VWdO[`V'VWdO[`V'VSe Z[__^[eUZW C[`V [ef V[W Ege[] VW[`We DWTW`e g`V V[W Ege[] VWe O[`VWe T[e Z[` lg_ XW[`efW` DgXflgY' TW[ O[`Vef[^^W' V[W Ege[] VW[`We ^WTW`V[YefW` F[UZf(KW[`e' V[W Ege[]S^^Wd_qY^[UZW`LaVW[`[ZdWd^WTW`V[YW`9gXYWZaTW`ZW[f) 24) DSgeUZW VW[`W_ 9fW_ S^e VWd g`[hWdeS^W` Ege[]' g`fWd iW^UZW` M_efp`VW` SgUZ [__Wd Wd V[d S^e ^WTW`V[Y' S^e eUZqbXWd[eUZ' S^e Ege[] W[`Xp^^f) KaaXf Vg [Z_ ^SgeUZef'`[__iSZd'VStWdiSUZiSd'TWhadVg^SgeUZfWefg`ViSUZT^W[TfrTWdVW[` DSgeUZW`Z[`Sge)oTWV[UZVSd[`'rTWdV[W?dW`lWVW[`WeDSgeUZW`e'VW[`We:Wigtf~ eW[`eZ[`iWYlg^SgeUZW`) 3+) @qdTSdSge(g`VW[`Sf_W`V[`]a`f[`g[Wd^[UZW_>^gt_S^WV[W?WdpgeUZ]g^[eeW W[`Wd iW[fW` DS`VeUZSXf' rTWd V[W VWd O[`V efdW[UZf) OSe [__Wd V[d TWYWY`Wf' iSe 85
E[UZSW^NWffWd
[__Wd V[d W[`Xp^^f) ^St eW[` [` [ZdWd YWYW`efp`V^[UZW` >r^^W) D[WYW`V #SgX VW_ :Wff aVWd SgX W[`Wd O[WeW$ YWZ W[` [` V[W DS`VeUZSXf S^e VSe) iSe e[W TWYW[efWdf) DSt e[W iW[fWdg`ViW[fWdiWdVW`g`V^WWdWdg`V^WWdWd'T[ee[WeUZ^[Wt^[UZ`[UZfeiW[fWd[efS^e VWdO[`V'VWde[W[`V[dWdeUZgX) 3,)KfWZW`VaVWde[flW`V'^StVW[`W`9fW_Sge(g`VW[`YWZW`Ve[UZS^eO[`VlgZq~ dW`' ipZdW`V VW[` CqdbWd e[UZ[` [Z_i[WYfi[W W[`:Sg_ [`iW[fWd=TW`W'_[feS`Xf eUZi[`YW`VW`' e[UZ i[WYW`VW` 9d_W`) KfW[YWdW VW[`W @[`YSTW' T[e :Sg_' O[`V' 9fW_g`VVgg`g`fWdeUZW[VTSd[`W[`elgeS__W`XS^^W`) 3-) =[`^S`YWeZSSS'ea^W[eW'VStWeiW[fZ[`fW`[`VWdCWZ^WW[`W`La`WdlWgYf'VWd ]a__fg`VhWdeUZi[`VWf'efW^^fV[UZS`VW`JS`VVWe9TYdg`Ve)Ka^S`YeS_Sf_Wef Vg Sge' VSt Vg VW` @g`YWd `SUZ 9fW_ ebrdef g`V YW`[Wtf) =[`Sf_W`V fd[`]ef Vg [` S^^WdJgZWSgeVWdIgW^^W'ipZdW`VVg[ZdW_?dg`VW`fYWYW`YWZef) 3.) =[` ef[__^aeWe eeeee TWeUZi[`Yf V[UZ _[f S^^WdZqUZefW` e[^TWd`W` La`XpVW`) OpZdW`V VW[` :^[U] _W[`f' [`e A``WdW VWd Kf[d` lg eUZSgW`' ebrdef Vg W[` D[UZf ha` F[dYW`ViaS^elSdfW`KUZ^W[Wd[`VW[`W_La`eb[W^W`) 3/) =[`_WZdg`V_[`VWdefSd]WeS`g`VSTeUZiW^^W`VWeXXXXXXY[TfV[UZVW_JSg_ bdW[e'S^eKfda_'VWde[UZVW_EWWdrTWd^ptf) 30) =[` ZaZWe' ^Sef Sge A W`febdg`YW`We UZUZUZUZ hWdiS`VW^f VW[`W ?WVS`]W` [` KUZ`WW'g`V[`Oa^]W`'VSdS`V[WKa``Wfd[`]fT[eF[UZfe_WZdg`V_WZdrTd[Y[ef) 31) Ka dgZ[Y Sf_Wef Vg' VSt Vg VW` 9fW_ ]W``W`^Wd`ef S^e SgtWdadVW`f^[UZ h[W^~ eW[f[YW:WiWYg`Y)^refWd`V(XefZSSSUZ[[[(ZqdefVg(UZ[Zqqqq(V[UZi[WW[`XdW_VWeOWeW`( ]eUZeUZeUZ ( VSe V[UZ ZWdSgeXadVWdf5 ( beeeeee ]UZeUZgXXXX ( Vg T[ef `[UZf WZWd' ( XXXXXXf ( S^e T[e Vg V[UZ ( ef bd[ XU[ggXgX( [` _[d w eUZeUZZ^^^^^^^^^^^^^^^^ ef z w `SZf^ae Wd]W``ef) 34) DSgfXrdDSgfhWddrU]faVWd`[UZf'ef[__ZSXfaVWdef[__^ae'eSYefVgV[dVSeT[` [UZ#g`V_Wd]ef5iW``[UZ`[UZfW[`_S^VSelgeW[`hWd_SY'i[W]S``[UZ?WefadTW`We XrdLaVWd]^pdW`$) 4+) DSgfW [_[f[WdW`V iaZWd SgUZ [__Wd e[W YWdSVW ]a__W` hWdW[`[Yef Vg V[UZ _a_W`fS`_[f[Z`W`)M`ha^^efp`V[Y'YWefWZefVgV[dW[`g`VVaUZ5eaiW[fi[W_qY~ ^[UZ g`V WdefSg`^[UZ iW[f' ea iW`[Y We V[d YW^[`YW` _SY) 9TWd SgUZ VSe lg VW`]W`' ZSef Vg `Sfrd^[UZ ]W[`W RW[f' VW`` VWd JgX lgd NWdW[`[Yg`Y eUZS^^f V[d W`fYWYW` Sge S^^W`DSgfW`[`bdSeeW^`VW_HdWef[ee[_a) 4,)DSgfWha`V[dYWTW`V'V[WV[UZS``[UZfeKbWl[W^^WeWd[``Wd`'Wd[``Wd`V[UZZ[`~ W[`[`M`YWTadW`WeaVWd^p`Yef?WefadTW`We) 4-) La` Xrd La` ( [__Wd ha_ >Wd`efW`' ea g`_[ffW^TSd e[W V[d W[`XS^^W` ( dW[tf Vg V[UZ^aeha`S^^W_iadS`VgZp`Yefg`VYWZef[`V[W=[`eS_]W[fVWeM`ZqdTSdW`) 4.) OSYW\WVW`La`\WXrde[UZ'YS`lg`VYSdlg[Z_ZS^fW`V'g_V[UZ(ea]gdlaVWd ^S`YWdeW[`_SY(Y^W[UZi[WVWdha`[Z_lgfdW``W`)oTW(dSef^ae[`V[ddgZW`V(KW[` g`VF[UZfeW[`) 86
4/) RiW[ Lq`W i[W ha` liW[ hWdeUZ[WVW`W` A`efdg_W`fW` TWYWY`W` W[`S`VWd [` _W[`Wd Kf[__W) BW XdW_VWd e[W W[`S`VWd e[`V' VWefa i[UZf[YWd VWd ^WWdW JSg_' VSd[` e[WefWZW`) 40) RiW[Lq`W5W[`WeSgXVW_A`efdg_W`f'VSehad_[defWZf'VWdS`VWdWha`_W[`Wd Kf[__W'g`V_S^_W[`W[UZ)TW[VWipdW`e[W SgtWd_[d'g`VVS``i[WVWd_W[`W[UZ' TW[VWipdW`e[W[`_[d) 41) dW_VWefW [ef _[d `[UZf XdW_V YW`gY ( [UZ i[^^ _[UZ iSYW`' Vd[` SgXlg~ YWTW`'g_lgeWZW`'iSerTd[YT^W[Tf) 42) dW_VW[`[Z_'g_ SgUZVSe`aUZS^eOg`VWdlgWdXSZdW`) 43)
87
5aOTNQ_\^QOTaZSQZ =SFIUWS.VVEKMSPM,
^` AfS^[W`[eUZWd KbdSUZW [ef V[WeWe :gUZ g`fWd VW_ L[fW^ |Da Kh[^gbba LdS`ebWdea~ `S^Wx lg_ ,++) ?WTgdfefSY 9eeSY[a^[e [_ BSZdW ,433 ZWdSgeYW]a__W`) =e ZS`VW^f e[UZ S^ea g_ W[` baefZg_We OWd]' lgeS__W`YWefW^^f Sge 9gXepflW` g`V NadfdpYW`' V[WrTWdBSZdlWZ`fWZ[`iWYYWeS__W^fiSdW`g`Vha_9gfadeW^Tef(i[WV[W@WdSge~ YWTWd[` ESd[S Dg[eS ?[dW^^[ TWd[UZfWf ( [` W[`W_ YdSgW` M_eUZ^SY _[f VWd T^SgW` 9gXeUZd[Xf|:S`VKb[d[fgW^^W9gXepflWxSgXYWZaTW`igdVW`) =e[ef W[` YgfWe :gUZ VSdSge YWiadVW`' S` VW_ V[W=[`fW[^g`Y'V[WKkefW_Sf[] VWd
:gUZTWebdWUZg`YW`
W[`W<[XXWdW`l[Wdg`Yha`|ZqZWdW`xg`V|f[WXWdW`x9ebW]fW``[UZfhadYW`a__W` ZSf) -) Cd[eW`g`VKfqdg`YW`SgXVW_eb[d[fgW^^W`OWY5?WfdWgVW`YdatW`_kef[eUZW` LdSV[f[a`W` VWe ;Zd[efW`fg_e i[W VWe @[`Vg[e_ge g`V VWe :gVVZ[e_ge e[WZf 9eeS~ Y[a^[VW`OWYlg\W`W_Wd^WgUZfWfW`RgefS`V'VW`Wd|V[WNWdW[`[Yg`Y_[fVWdYqff~ ^[UZW` JWS^[fpfx `W``f #K) ,0+$' S^e W[`W` ^S`YW` =`fi[U]^g`YeiWY' VWd VgdUZ h[W^W Lp^Wd g`V OrefW` XrZdf' V[W VgdUZ @qZW`T^[U]W g`fWdTdaUZW` iWdVW`) @[Wd ]a__f VW_ HekUZ[SfWd g`V LZWdSbWgfW` 9eeSY[a^[ VSe YdatW NWdV[W`eflg) V[WCd[eW`'>WZ^~ W`fi[U]^g`YW`'@W__`[eeW'`Sfrd^[UZW`KUZ_WdlW`g`Vm`YefWekefW_Sf[eUZYWadV~ `Wf _[f HdaY`aeW g`V WZ^W`fi[U]^g`YW`' VWdW`:WeUZdW[Tg`YVW`W[`lW^`W`Cd[eW`TW[YWXrYf[ef'Wd]W``fVWdZWgf[YWDWeWdV[W 9gei[d]g`YW`VWdHdp*LdS`e(NWdiWUZe^g`Yi[WVWd) =e lW[Yf e[UZ VS_[f SgUZ' VSt V[W ZWgf[YW RW[f S` NWdefp`V`[e W[`[YWe `SUZYWZa^f ZSf g`V VSt ZWgfW W[` Ca`fWjf TWefWZf' [` VW` V[W HekUZaek`fZWeW ea Ygf Z[`W[`lg( bSeeW` eUZW[`f' VSt Z[efad[eUZW LWjfW Sge [ZdWd >drZlW[f iWVWd `Wg' `aUZ hWdS^fWf' ea`VWd`W[`XSUZeW^TefhWdefp`V^[UZi[d]W`) Mdeg^SJW[`W]W' HekUZaek`fZWeW(@SgeOa^XWYY
1HMWLDXRHIPXRHdW[TgdY,44/ ?dg`V^SYWV[WeWeWdefW`ha`W[`WdJW[ZWYWb^S`fWdKS__W^Tp`VWiSdVWdY^W[UZ~ `S_[YW Ca`YdWt[` LaVf_aae'KUZiSdliS^V,44.'SgXVW_ V[W9gfadW`V[WeWe:S`~ VWe[ZdW\WiW[^[YW`LZWdSb[WS`epflWVSdefW^^W`g`V_[fW[`S`VWdV[e]gf[WdW`]a``fW`) 9^e |fdS`ebWdea`S^x igdVW` VSTW[ [_ iW[fWefW` K[``W |ea^UZW HekUZa^aY[WXad_W` hWdefS`VW`'V[WV[WdW^[Y[qeW<[_W`e[a`VWdKWW^W_[fW[`TWl[WZW`'aZ`We[UZSgXW[`W TWef[__fW JW^[Y[a`eXad_ XWeflg^WYW`x) 9^^W[` V[WeWe >adg_ fdgY eUZa` lgd qXXW`f~ ^[UZW` :WSUZfg`Y g`V <[e]gee[a` V[WeWd i[UZf[YW` LZW_Sf[] TW[' lg_S^ CSbSl[fpfW` i[WN)CSefg`VK)?daXlgeS__W`YWZa^fiWdVW`]a``fW`) 89
JaTWdfa9eeSY[a^[
=dXdWg^[UZWdiW[eW ^[WYW` g`e [` VW_ a) Y) KS__W^TS`V V[WeW :W[fdpYW had' iW`` SgUZ ^W[VWd `[UZf V[W ^WTW`V[YW` <[e]gee[a`W` g`fWd VW` JWV`Wd`) 9^e =[`XrZdg`Y YW^[`Yf =) Rg`VW^ W[` eaiaZ^ ]^SdWd i[W V[XXWdW`l[WdfWd =`figdX VWe OW^f( g`V EW`~ eUZW`T[^VWe' VSe VWd fdS`ebWdea`S^W` HekUZa^aY[W lgYdg`VW ^[WYf' g`V VWd g`fWd~ eUZ[WV^[UZW` 9`epflW' l) L) SgUZ Sge VWdW` Z[efad[eUZW_ =`fefWZg`YelgeS__W`ZS`Y ZWdSge) ^`VW`W[`lW^`W`:W[fdpYW`iWdVW`g)S)V[W?dg`V^SYW`VWdLZWdSb[W`SUZ;)?)Bg`Y #N) CSef$ VSdYWefW^^f' XWd`Wd V[W HekUZaek`fZWeW `SUZ 9eeSY[a^[ #D) :aYY[a ?[^af$' V[W fdS`ebWdea`S^W HWdebW]f[hW VWd DaYafZWdSb[W g`V =j[efW`lS`S^keW `SUZ N) >dS`]^ #>) KWV^S]$' V[W VSeW[`eS`S^kf[eUZW HekUZafZWdSb[W `SUZ :[`eiS`YWd g`V :aee #H) CSefd[`[V[e$' V[W A`[f[Sf[eUZW LZWdSb[W `SUZ dSYW`'V[Wea`efha`_WZdfZWdSbWgf[eUZaVWd_WZdeb[d[fgW^^ad[W`~ f[WdfW`9`epflW`g`fWdeUZ[WV^[UZS]lW`fg[WdfiWdVW`'eal):)V[W>dSYW`SUZVW_AUZ eai[W V[W =`fi[U]^g`YW` g`V Kfqdg`YW` [` VW` hWdeUZ[WVW`W` :WdW[UZW` VWe HdSW( bWdea`S^W`'HWdea`S^W`g`VLdS`ebWdea`S^W`)
90
@U``QUXaZSQZ >1:#0IXWVGLPERH # >TMUMWXEP 1QIUKIRGI :IWZSUO" :IW]ZIUO VTMUMWXIPPIU 7UMVIRf FIKPIMWXRK OSe[efKb[d[fgS^W_WdYW`UW8 dSgW` ^W[UZfWd W[`YWZW` lg ]q``W`' VWd ?aff VWe 9^fW` LWefS_W`fe WdeUZW[`f [` ?WefS^f W[`We :Wff^Wde' g_ V[W JWUZfeUZSXXW`ZW[fVWdEW`eUZW`lgbdrXW`gei) Ka ]S`` VSe 9gXfSgUZW` VWe Kb[d[fgW^^W` [_ 9^^fSY eWZd g`fWdeUZ[WV^[UZ eW[`5 We ]S``eWZdeS`XfVSeDWTW`TWdW[UZU_g`VWeVW_@W[^[YW`qXX`W`)nVWdWe]S``_WZd aVWd iW`[YWd ]d[eW`ZSXf SgXfSgUZW` T[e Z[` lg eUZiWdW` Wj[efW`f[W^^W` Cd[eW`' [` VW`W`e[UZW[`EW`eUZVW_LaVWaVWdVW_OSZ`e[```SZWXrZ^f) Ka^UZW Cd[eW` [` [ZdW` YS`l g`fWdeUZ[WV^[UZW` =deUZW[`g`YW` iWdVW` [_ Ca`lWbf VWd Kb[d[fgS^ W_WdYW`UW `[UZf S^e bSfZa^aY[eUZ S`YWeWZW`) CdS`]ZW[feek_bfa_W `[UZf S^e WfiSe' VSe _qY^[UZ dSeUZ |TWeW[f[Yfx iWdVW` ea^^fW' ea`VWd` S^e h[W^^W[UZf S^Sd_[WdW`VW RW[UZW` VWd KWW^W' [` KUZi[Wd[Y]W[fW` YWdSfW` lg eW[` SgX VWd KgUZW `SUZe[UZeW^Tef) Cd[eW` ZSTW` aXf [ZdW 9ge^qeWd5 Wj[efW`f[W^^W ?dW`le[fgSf[a`W` i[W LaV ha` `SZW` 9`YWZqd[YW`' V[W LdW``g`Y ha` W[`Wd YW^[WTfW` HWdea`' V[W ?WTgdf W[`We C[`VWe' K[fgSf[a`W` ha` WjfdW_Wd ]qdbWd^[UZWd g`V eWW^[eUZWd :W^Sefg`Y aVWd ?WiS^f' efSd]W eWjgW^^W:WYWY`g`YW`'f[WXW=dXSZdg`YW`ha`e[UZeW^Tef[_JSZ_W`ha`eb[d[fgW^^W` LdSV[f[a`W`aVWdha`HekUZafZWdSb[W) ^` S^^ V[WeW` K[fgSf[a`W` iWdVW` aXf hWdZpdfWfW HWdeq`^[UZ]W[feefdg]fgdW` g`V O[VWdefp`VW YW^aU]Wdf' g`V _WZd =`WdY[W ]S`` X^[WtW`) CqdbWdefdg]fgdW`' ?WXrZ^W' V[WOW[fe[UZf]q``W`\WVaUZ`aUZ`[UZfYW`rYW`VhadTWdW[fWfeW[`'eaVStVSe=[`~ efdq_W` eb[d[fgW^^Wd =`WdY[W` VS`` hWdY^[UZW` iWdVW` ]S`` _[f W[`Wd lg efSd]W` KbS``g`Y[`W[`W_Oa^XdS_(
E[ffW[^g`YW`
g`fWdVdrU]W`aVWdS`VWde[`KUZSUZlgZS^fW`)GXf]q``W`V[WeWSgXfdWfW`VW`OW^^W` \WVaUZ _[f ?WTgdfeiWZW` hWdY^[UZW` iWdVW`5 eb[d[fgW^^W g`V Wj[efW`l[W^^W Cd[eW` S^e RW[UZW`W[`Wde[UZS`TSZ`W`VW`|bekUZa^aY[eUZW`x'liW[fW`O[WVWdYWTgdf) =dXSZdg`YW` lW[YW`' VSt V[W SgXfdWfW`VW` =`WdY[W` eW^Tef `[W eUZpV^[UZ aVWd YWXpZd^[UZ e[`V' ea`VWd` VSt V[WeW =`WdY[W` VWgf^[UZWdWe D[UZf iWdXW` SgX V[W S]fgW^^W DWTW`ee[fgSf[a`' SgX g`YW^qefW HdaT^W_W VWd W[YW`W` :[aYdSbZ[W gei)' g`V V[WS`V[WeW`GdfW`lgfSYWfdWfW`VW`Ca`X^[]fWVWgf^[UZWdebrdTSdiWdVW`^SeeW`)A_ eb[d[fgW^^W`K[``WYWeUZ[WZfVSelg_RiWU]WVWd@W[^g`Y) SeeSVWT[eZ[`lg_[``WdefW`CWd`_W[`WdeW^Tef'g`VVSe [ef?aff) [[^PUZM`[^QZm& .$ =TW`W ha` 9geT[^Vg`Y g`V >adeUZg`Y) Hda\W]f[Wdf [ef W[`W eUZg^W`rTWdYdU[( XW`VW 9geT[^Vg`Y [` LdS`ebWdea`S^Wd HekUZafZWdSb[W [_ VWgfeUZebdSUZ[YW` JSg_) O[diWdVW`VSdrTWdiW[fWdTWd[UZfW`) 7M_ F\U^U`aMX 8YQ^SQZOQ AQ`c[^W aZ`Q^ThX` UZ 9^QUNa^S QUZ 5j^[1 K=F(dW[TgdY'LW^)*>Sj+ 2 1 , * / 2 0 3 / 1 ) <[W`pUZefW K=F(E[fY^[WVWdhWdeS__^g`Y X[`VWf S_ -2) ES[ [` VWd >SUZ]^[`[] @W[^[YW`XW^V efSff)
0MI.XWSUIRHMIVIU.XVKEFI :MXa_WM$ =[MOTUY$ SUZSdlf Xrd HekUZafZWdSbWgf[eUZW EWV[l[` g`V Xrd HekUZ[Sfd[W g`V HekUZafZWdSb[W' ;ZWXSdlf VWd >SUZ]^[`[] @W[^[YW`XW^V [` :SV C[ee[`YW`6 ?WefS^ffZWdSb[W g`V A`fWYdSf[hW LZWdSb[W #>HA$' GdYaVk`S_[]) Sgfad) DWZdWd TgVVZ[ef[eUZWd EWV[fSf[a`) KUZr^Wd ha` 9 k k S CZW_S' -) Nade[flW`VWd VWe K=F(S_[^[W`fZW~ dSb[W'HekUZaVdS_SfZWdSbWgf),)Nade[flW`VWdVWeKb[d[fgS^=_WdYW`UWFWfiad]W ) N ) ( K=F(
93
;UZcQU_QRj^4a`[^QZ1 4XXSQYQUZQ_1
ES`ge]d[bfW[`eW`Vg`YW` iWdVW` S` W[`W` VWd KUZd[Xf^W[fWdWdTWfW`#e)A_bdWeeg_$) >rdV[WRW[feUZd[XfiWdVW``gdg`hWdqXXW`f^[UZfW:W[~ fdpYWS`YW`a__W`'V[W`[UZfY^W[UZlW[f[YS`S`VWdWd KfW^^WlgdNWdqXXW`f^[UZg`YW[`YWdW[UZfiWdVW`)E[f VW_ 9TVdgU] VWe :W[fdSYe Wdi[dTf VWd NWd^SY S^^W JWUZfW'[`eTWea`VWdWVSeS^^W[`[YWg`VSgeeUZ^[Wt~ ^[UZWJWUZfXrdV[WNWdqXXW`f^[UZg`Y'XrdV[WiW[fWdW NWdh[W^Xp^f[Yg`Yg`VlgdoTWdeWflg`YXrdS^^WKbdS~ UZW`g`VDp`VWd)
:Q_`MX`aZS1
9[^Y aZP HYRMZS1
La_MYYQZRM__aZSQZ1
?U`Q^M`a^1
A_ LWjf VWd 9dTW[f e[`V [` C^S__Wd` 9gfadW``S_W g`V =deUZW[`g`Ye\SZd S`lgYWTW`' l) :) #OS^eZ' ,44.$)A_eW^TW`BSZdWdeUZ[W`W`W9dTW[fW`VWeY^W[~ UZW`9gfadeiWdVW`VgdUZS'T'U'gei)Z[`fWdVWdBSZ~ dWelSZ^YW]W``lW[UZ`Wf'l ) : )#,44-T$) A_D[fWdSfgdhWdlW[UZ`[eiWdVW`S^^W[_LWjfl[f[WdfW` 9dTW[fW`SgXYWXrZdf)=e[efS^bZSTWf[eUZYWadV`Wf) RW[feUZd[XfW`TW[fdpYW iWdVW` Xa^YW`VWd_StW` l[~ f[Wdf5 Kp_f^[UZW 9gfadW``S_W` _[f `SUZYWefW^^fW` A`[f[S^W`VWdNad`S_W`'=deUZW[`g`Ye\SZd[`C^S_~ _Wd`':W[fdSYef[fW^'FS_WVWdRW[feUZd[Xf[`VWdYr^f[~ YW` 9T]rdlg`YeXad_' :S`V( g`V KW[fW`lSZ^) :W[~ eb[W^5OS^eZJ#,44.$LZWLdS`ebWdea`S^EahW_W`f5 9@[efadkS`VKfSfWaXfZW9df)LZWBagd`S^aXLdS`e~ bWdea`S^HekUZa^aYk'-0),-.(,.4) :rUZWd iWdVW` Xa^YW`VWd_StW` l[f[Wdf5 Kp_f^[UZW 9gfadW``S_W`_[f`SUZYWefW^^fW`A`[f[S^W`VWdNad~ `S_W`' =deUZW[`g`Ye\SZd[` C^S__Wd`'ha^^efp`V[~ YWd :gUZf[fW^' NWd^SY' NWd^SYeadf) :W[eb[W^5 O[^TWd C #,433$'<[WVdW[9gYW`VWd=d]W``f`[e'CqeW^'Er`~ UZW`)
RgdDWeWd[`Xad_Sf[a`e[`VXa^YW`VW9`YSTW`e[``~ ha^^5 ?WTgdfe\SZd' L[fW^' :WdgX g`V YWYW`ipdf[YWe Lpf[Y]W[feXW^V' >g`]f[a`W` i[eeW`eUZSXf^[UZWd' TW~ dgX^[UZWd aVWd ba^[f[eUZWd FSfgd' ^`fWdWeeW`eUZiWd( bg`]fWg`V@[`iW[eWSgXW[YW`WHgT^[]Sf[a`W`)
?EKXRK B131D@9>18/>? 0EV?UERVTIUVSREPIMRHIUSj#++/.$--/.*-3.2 :rdalW[fW`5<[)g)
>XGLI_U]WPMGLIR g^VS /IZIUFXRKIRER,
0U$7PEXV?UEKIVIU @W[`d[UZefdStW1/s<(.1+/.>g^VS LW^WXa`#+11,$24+.,
:rUZWdSgeVW_NWd^SYNA9FGN95 AVW`f[fpfg`V:WXdW[g`Y [`?WefS^ffZWdSb[W'RW`g`V UZd[ef^[UZWdKb[d[fgS^[fpf DgVi[Y>dS_TSUZ /,3KW[fW`'YWTg`VW`'/0RW[UZ`g`YW`g`V>afae AK:F.(4-31.-(,+(3 9geVW_NWdY^W[UZha`?WefS^ffZWdSb[W'RW`g`V]a`fW_b^Sf[hWd UZd[ef^[UZWdKb[d[fgS^[fpfW`fi[U]W^fVWd9gfadW[`Ydg`V^WYW`VWe HdalWt_aVW^^'VSeHekUZafZWdSb[Wg`VKb[d[fgS^[fpfhWdT[`VWf) s <[Wd[flCQ^X_& s K[WiW[ef\W`WKfdg]fgdSgX'V[WS^e=`febdWUZg`Y[_:WXdW[g`YebdalWt VWeLQZg`VOT^U_`XUOTQ^>[Z`QY\XM`U[Z`SUZlgiW[eW`[ef) s <[W:Wea`VWdZW[fVWd
B9' [UZ _qUZfW V[WeW `WgW' g`STZp`Y[YW RW[feUZd[Xf ]W``W`^Wd`W`g`VSTa``[WdW
?UERVTIUVSREPI
:WefW^^Wd FS_W'Nad`S_W
9`VW`
AIUPEKA5.:;A.
KfdStW*Fd) HDR*Gdf
FW[tWdKfdStW4
LW^WXa`
<(.1,++HWfWdeTWdY
HdaYdS__lW[feUZd[Xf3IVWEPW#5RVWMWXW7`PR?AC[`VWd:[^Vg`YeiWd]efSffFd)&%+* @RVIU.RVEW] ?WefS^ffZWdSb[W[ef_WZdS^eW[`W|EWfZaVW )K[W[efW[`WYS`lZW[f^[UZWKfW^^g`Y`SZ_W) Ka ZSTW` i[d eW[f _WZd S^e W[`W_ adg_ lg eUZSXXW`' g_ HWdeq`^[UZ]W[feW`fXS^fg`Y' ba^[f[eUZW 9dTW[f' TWdgX^[UZW OW[fWdT[^Vg`Yg`Veb[d[fgW^^W=dXSZdg`YW`[`W[`W`eUZqbXWd[eUZW`<[S^aY_[fW[`S`~ VWdlgTd[`YW`) @RVIUIDIMWVGLUMJW ?=KL9DLCJALAC ( V[W ]aefW`^aeW HdaYdS__(RW[feUZd[Xf5 K[W hWdT[`VWf V[W 9`]r`V[~ Yg`Y g`eWdWe S]fgW^^W` HdaYdS__e _[f VW_ 9TVdgU] ha` Gd[Y[`S^TW[fdpYW` ( LWjfW Sge g`eWdW` |OWd]efpffW` g`V VW`W` g`eWdWd >dWg`VW) =[` Fahg_ [` VWd |KUW`Wx5 =[` LZWad[W(HdSj[e(>adg_) VSe K[W ]aefW`^ae WdZS^fW` :[ffW `gd dS`](E) KfSW__^Wd$ s |Sj)+--,(//210-
KgUZW `SUZ VW_ K[`` VWeDWTW`e O[^^[Y[eBpYWd -2-KW[fW`'YWTg`VW` AK:F.(4-31.-(+.(0 9^^Wi[UZf[YW`LZW_W`VWeeb[d[fgW^^W`DWTW`eiWdVW`ha`HSfWdO[^~ ^[Y[eBpYWd(W[`EW[efWdVWdCa`fW_b^Sf[a`g`VVWdEWV[fSf[a`[_Kf[~ ^W VWe RW` ( [` V[WeW_ :gUZ Ydg`V^WYW`V TWZS`VW^f g`V [` :WlgY YWeWflf lgd UZd[ef^[UZW` Ekef[]' STWd SgUZ lg VW` YdatW` LdSV[f[a`W` VWd WeafWd[eUZW` OWYW S`VWdWd JW^[Y[a`W`' lg VW` =dYWT`[eeW` _aVWd`WdFSfgdi[eeW`eUZSXfg`VlgVW`=d]W``f`[eeW`VWdfdS`ebWd~ ea`S^W`HekUZa^aY[W) KaiaZ^ V[W LWUZ`[] VWd Ca`fW_b^Sf[a` S^e SgUZ V[W bekUZa^aY[eUZW` 9ebW]fW VWe [``WdW` OWYWe' eW[`W L[WXW`efdg]fgdW` g`V KfSV[W`' VWd M_YS`Y _[f VW` ?WXrZ^W`' V[W NWdiS`V^g`Y VWe KUZSffW`e g`V V[W :WVWgfg`Y VWd
Rg_f[WXWdW`K[`` ha`JW^[Y[a` HWfWdDW`YeXW^V -33KW[fW`'YWTg`VW`)AK:F.(4-31.-(+1(P <[WeWe:gUZg_]dW[efVSeOWeW`ha`JW^[Y[a`g`VhWdegUZf SgXh[W^Xp^f[YWOW[eW'[ZdW`f[WXWdW`K[``\W`eW[feVWdVa]~ fd[`pdW`M`fWdeUZ[WVWlgWdXSeeW`g`VlghWd_[ffW^`) ad_h[W^XS^f lg_ 9geVdgU]5 NadfdpYW) HSdSTW^`) :d[WXW' Ekef[]Wdef[__W`' h[e[a`pdW =dXSZdg`YW` g`V had S^^W_ ?WebdpUZW) g`VYdgTW ha` NWdefWZW`eZ[^XW` g`V 9`dWYg`YW` Xrd V[W oTg`Y VWd EWV[fSf[a` g`V W[`W 9df OWYTWeUZdW[Tg`Y) V[W Sge VWd =[`e[UZf rTWd VSe OWeW` VWdJW^[Y[a`lgW[`Wdf[WXWdXrZdW`VW`oTg`YebdSj[eg`VlgW[`W_K[WTW`(KfgXW`(KUZW_Sha`?WTWf g`VEWV[fSf[a`XrZdf) NadfdpYW ha` VW_ RW`_W[efWd O[^^[Y[e BpYWd rTWd JW^[Y[a` g`V dW^[Y[qeW =dXSZdg`Y TWeUZdW[TW` V[W "LdS`eXad_Sf[a`" S^e VWdlW[f[YW` HdalWt [` VW` JW^[Y[a`W`' VW` OWY VWd JW^[Y[a`W` ha` SgtW` `SUZ [``W`'ha_
EW`eUZ^[UZWeJW[XW`g`V Yqff^[UZW:WdrZdg`Y BaeWbZRSbX -02KW[fW`'YWTg`VW`'SUZfXSdT[YW'YS`leW[f[YW:[^VWd AK:F.(4-31.-(+3(1 JW[XeW[`[efW[`WeVWdWdefdWTW`eiWdfWefW`g`VTWY^rU]W`VefW`DWTW`e~ l[W^W)[j[Wdg`YW` g`V NadgdfW[^W rTWdig`VW` iWdVW` ]q``W`) M_ V[W [``WdefW OWeW`eYWefS^f [__Wd f[WXWd WdXSeeW` lg ]q``W`' ZW^XW` VW_DWeWd]a`]dWfW:W[eb[W^Wg`Vek_Ta^fdpUZf[YW=dlpZ^g`YW`)
Transpersonale Psychologie und Psychotherapie
ist eine unabhängige Zeitschrift, schulen-, kultur- und religionsübergreifend, verbindet das Wissen spiritueller Wege und der Philosophia perennis mit moderner Psychologie und Psychotherapie, leistet Beiträge zur wissenschaftlichen Fundierung des Transpersonalen.
