µGk edZW YedbW Y_[dY_W5 - E 9 E D 9 K H I E : ; 9 K 7 : ; H D E I : ; ; N F ; H ? C ; D J E I 9 E D 7 9 O J ( & & , :L8;<IEF ;< <OG<I@D<EKFJ G I@D8I@ 8 >8E8;FI<J1@EIxH7CßH;PCEDJ7yE"7B?D7;KD?9;:ß7P KH?8;OC;H9;:;IHKßP<;HDÜD:;P$?@;8C>F àe[`Z\ ¾@ekif[lZZ`e ¾D`Zif^iXm\[X[ ¾G`ekX#iXjZXp_l\c\ ¾<]\Zkf`em\ieX[\if ¾8`i\hl\\dglaX ¾8d`^fjf\e\d`^fj ¾LeXjXcZ_`Z_X\hl`c`Yi`jkX ¾LemXjfXlccX[fi ¾<cmX`me[\cZfcldg`f ¾;\g\cZlcX ¾=l\iqXhl\\dglaXphl\]i\eX ;ijkZ_Wdj[i0 ') '+ ''/ (' () (+ ((/ )' )) @khWZe <i$;hd[ijeC|hgk[pD[h[o ¾JfZ`\[X[D\o`ZXeXgXiXcX;`mlc^XZ`e [\cX:`\eZ`XpcXKZe`ZX :h$7febed_e@k|h[pD[p ¾=XZ%[\:`\eZ`Xj=j`ZfDXk\d}k`ZXj 9\e\di`kXLe`m\ij`[X[8lkefdX[\Gl\YcX : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 7i[iehWWYWZc_YW CjhW$CW$9h_ij_dW9WdeHeW B_Y$JWd_WIWdjei9Wde ;`i\Zkfi`f 9kWZ[hdeZ[;nf[h_c[djeifWhWFh_cWh_W 9edi[`eDWY_edWbZ[9_[dY_WoJ[Ydebe]W ¾8m%@ejli^\ek\jJli(,/)#:fc%:i[`kf:fejkilZkfi Do`Zf#;%=%'*0+' ¾<[`Z`e1;`i\ZZ`e[\;`mlc^XZ`ep;`]lj`e[\:`\eZ`X pK\Zefcf^X#:feXZpk ¾;`j\f\`dgi\j`e1@dgi\jfiXp<eZlX[\ieX[fiX Gif^i\jf&;<;`j\fp:fejlckfiX>i}]`ZX ¾@cljkiXZ`e18c\aXe[iX9XiYX ¾@J9E0-/$/)*$).+$) ;\i\Z_fji\j\imX[fj&J\gif_Y\cXi\gif[lZZ`ekfkXc fgXiZ`Xc[\cfjdXk\i`Xc\jj`eXlkfi`qXZ`e\jZi`kX% ') ·Hljl\ik\k\e\dfjEfjkfZm`m`iif[\X[fj[\ k\Zefcf^X#[\XgXiXkfjhl\]XZ`c`kXeel\jkiXjm`[Xj ZfdfcX`ek\ie\k#\ck\c]fefZ\clcXi#cfjd\[`ZX$ d\ekfjgXiX\e]\id\[X[\jXek\j`eZliXYc\jp%%%klj al^l\k\j#`eZclp\e[fcfjm`[\fal\^fj% G\ifcX`em\eZ`e[\kf[Xj\jkXjZfjXjdXiX$ m`ccfjXjjcf_Xj`[fgfj`Yc\^iXZ`XjXcXj`em\jk`$ ^XZ`fe\jZ`\ek]`ZXjpXcXXgc`ZXZ`ehl\[\jlj [\jZlYi`d`\ekfj_Xe_\Z_fcfjk\Zecf^fj2[\X_cX `dgfikXeZ`X[\cXZ`\eZ`X% Gfi\jf#cfje`fjZfdfk#e\Z\j`kXe\jkXi d\afigi\gXiX[fj\e\jkfjk\dXj%PX_fiX\jg\i$ k`e\ek\_XZ\iXc^leXjXZcXiXZ`fe\j#\jg\Z`Xcd\ek\ XZ\iZX[\cfjZfd\ekXi`fjXYjli[fjhl\jfYi\cXj Z`\eZ`Xjj\_XZ\e1hl\jfedlp[`]Z`c\j#hl\jfe jcfgXiX^\e`fj#hl\jfeXYlii`[Xj#hl\cfjZ`\e$ k]`Zfj\jk}ecfZfjp_XZ\eZfjXjiXiXjhl\cl\^f \ogcfkXe#YcX#YcX#YcX%%% GliXjd\ek`iXj%?fp#kf[XjcXjg\ijfeXjk`\e\e XZZ\jfXcXZ`\eZ`X#gl\jkfhl\j\\jkl[`X[\j[\ gi\\jZfcXipgl\[\j\ikXe]}Z`cf[`]Z`cZfdfj\ hl`\iXg\if#X[\d}j#\jjg\i[`m\ik`[X#jldX$ d\ek\k`cpm\i}jhl\kXdgfZf\j[`]Z`c[\ \ek\e[\i% :fe\jk\ZlX[\ief#hl\]fidXgXik\[\cXjXZk`$ m`[X[\j[\cX(*J\dXeXEXZ`feXc[\:`\eZ`Xp K\Zefcf^X#gi\k\e[\dfjdfjkiXik\hl\cXZ`\eZ`X \jk}gi\j\ek\\eklm`[X#kf[fjcfj[Xjp\eZlXc$ hl`\igXik\2jcfe\Z\j`kXjfYj\imXi#ZfdgXiXi# \og\i`d\ekXi#`ek\ekXi#ZfdgXik`ip#jfYi\kf[f# k\e\i^XeXj[\[`m\ik`ik\#gfihl\cXZ`\eZ`X\jj`d$ gc\d\ek\[`m\ik`[X% 8_fiXleXi\Zfd\e[XZ`e1Xlehl\cXjgi}Z$ k`ZXjjfej\eZ`ccXj#\j`dgfikXek\hl\cXjj`^Xj gleklXcd\ek\gXiX\m`kXiXZZ`[\ek\j#gficfhl\ kXdY`ek\jl^\i`dfjZfekXij`\dgi\ZfecXgi\$ j\eZ`X[\leX[lckfhl\k\Xgfp\pXj\^li\hl\ef k\cXjk`d\j% CW[ijhei0 Lef[\el\jkifjfYa\k`mfj\jgf[\iZfeki`Yl`iXle`i d}jXcdX\jkifZfejlj\jkl[`Xek\jXkiXmj[\le kiXYXafZi\Xk`mfp[`m\ik`[f#gfi\ccfc\jf]i\Z\dfjleX ^lXhl\j`imX[\XgfpfXjljXZk`m`[X[\jZfk`[`XeXj% ?\dfjgi\j\ekX[f\eZX[Xgi}Zk`ZXcfjfYa\k`mfj# leXdlpYi\m\dfk`mXZ`e#cXc`jkX[\dXk\i`Xc\j#\c [\jXiifccf[\c\og\i`d\ekfpleXj\eZ`ccX\ogc`ZXZ`e jfYi\\ck\dXkiXkX[fg\if#[\j[\cl\^f#cX\ogc`ZX$ Z`e[\cgif]\jfij`\dgi\\ei`hl\Z\i}cfji\jlckX[fj pi\]fiqXi}jlXgi\e[`qXa\#gficfhl\i\Zfd\e[Xdfj XYle[XijfYi\\ccfjp#[\Zfej`[\iXicfZfem\e`\ek\# [\aXiZfdfkXi\XXc^leXj\eZ`ccX`em\jk`^XZ`ehl\ cfjXcldefjgl\[Xe_XZ\ijfYi\\ck\dX% J`]l\j\e\Z\jXi`f#cfjdXk\i`Xc\jgl\[\ej\i jljk`kl`[fj[\XZl\i[fZfe\cZi`k\i`f[\cgif]\jfi# ^XiXek`qXe[fhl\cfji\jlckX[fjefj\Xck\i\e2gfi \a\dgcf#cXkXgX[\cXZXaX[\le[`jZfZfdgXZkf gf[iXj\ijljk`kl`[XgfilegcXk`kf[\m`[i`ffXc^e dXk\i`Xchl\j\XkiXjcZ`[f2j\gl\[\lk`c`qXile kifZ`kf[\\jgfeaXj`efj\\eZl\ekiXleX\jgfeaX g\hl\X%%%Gfijlgl\jkf#gl\[\ej\i\dgc\X[fj Xc^lefjdXk\i`Xc\jhl\j\_XpXe[\j\Z_X[f[\jl lk`c`[X[fi`^`eXcj`\cdX\jkifcfZfej`[\iXZfem\$ e`\ek\% Cfd}j`dgfikXek\\j\e]Xk`qXiXcfj\jkl[`Xek\j cX`dgfikXeZ`X[\cXXZk`m`[X[[\cX`em\jk`^XZ`e# Xc^fdlpefidXcgXiX\ccfj#[\Y`[fXjleXkliXc Zli`fj`[X[#Xjhl\\c`eZ\ek`mfgXiXgiXZk`ZXicX [\dXe\iXj`jk\d}k`ZXj`\dgi\j\i}[\gi`fi`kXi`X `dgfikXeZ`XgXiXjl]fidXZ`e% '* G8I8:I<:<I?8PHL<J89<I <og%'( C_Yhe]hWl[ZWZ :[iWhhebbe ' KfdX\cmXjfp#Zfe\c c}g`q#_Xqleg\hl\f fi`]`Z`fZ\iZX[\cXYXj\% BW_Z[W[i0 :fefZ\icXd`Zif^iXm\[X[p\og\i`d\ekXiZfe \ccX% ¶?Xjm`jkf`d}^\e\j[\XjkifeXlkXj\e\c \jgXZ`f62_XYi}jfYj\imX[fhl\#pXj\X[\ekif [\leXeXm\f]l\iX[\\ccX#XgXi\Z\e]cfkXe[f% ¶GfihljlZ\[\\jf6GifZliXi\dfj\ogc`ZXicf d\[`Xek\\cj`^l`\ek\\og\i`d\ekf% ( : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 :fekl[\[f#kXgX\cfi`$ ]`Z`fhl\XZXYXj[\_XZ\i# cc\eX\cmXjfZfeX^lXpZfc$ ZXk\alekfXcXgXcXe^XeX#[\ df[fhl\\cX^lXgl\[XZX\i [\ekif% CWj[h_Wb[i0 ¾LemXjf^iXe[\[\le`Z\c ¾8^lX ¾LeXZlY\kXfgXcXe^XeX^iXe[\ ¾Lec}g`q '+ ) Cl\^f#hl`kXkl[\[fpfYj\imXcfhl\ jlZ\[\Zfe\cX^lX% ¶JXY\jgfihlZX\6 * I\g`k\cX\og\i`\eZ`X#g\ifX_fiX# ZfedlZ_fZl`[X[f#jY\k\XleX j`ccX#c\mXekXklYiXqfpcl\^f[\aXZX\i \cmXjf% ¶HljlZ\[\X_fiX6 ¶HlgXjXZfe\cX^lX6 ¶:dfcf\ogc`ZXiXj6 µGkikY[Z_5 <e\cZXjf[\cXgi`d\iXgi}Zk`ZX#ZlXe[fhl`kXj\c [\[f[\cfi`]`Z`f#\cX^lXj\[\iiXdXkXcpZfdfcf \jg\iXYXj%G\if#\e\cj\^le[fZXjf#ZlXe[fjl\ckXj \cmXjfZfeX^lX[\j[\dXpfiXckliX#\cX^lXef jXc\`ed\[`XkXd\ek\#j`ef_XjkXhl\\cmXjfZX\ [\ekif[\ci\Z`g`\ek\2gXi\Z`\iXhl\[liXek\cXZX[X# \cX^lXefklm`\iXg\jf% AljkXd\ek\#X\jk\[\[YjeZ[\bejWY_df\WbjW Z[f[ie\jXcfhl\cfjZ`\ek]`ZfjccXdXec_Yhe# ]hWl[ZWZ#gfihl\j\i\]`\i\XcXjg\hl\`j`dXjf c_YheWY[b[hWY_ed[ihl\j`^l\e\o`jk`\e[fZlXe[f cfjXjkifeXlkXj\jk}e\eiY`kX#kXdY`ej\i\]`\i\X j`klXZ`fe\j\ecXjZlXc\jcfj\]\Zkfj[\cX^iXm\[X[ _Xej`[fi\[lZ`[fj#Xlehl\efZfdgc\kXd\ek\[\jXgX$ i\Z`[fj% Cfd`jdfjlZ\[\ZfecfjXjkifeXlkXjhl\]cfkXe \e\c\jgXZ`f#gfihl\\ckiXejYfi[X[fim`XaXXci\$ [\[fi[\cXK`\iiXXcd`jdfk`\dgfhl\kf[XjcXj ZfjXjhl\\jk}e\ejl`ek\i`fi#pkXekfcXeXm\Zfdf cfjXjkifeXlkXj#cXZfd`[X#cXj_\iiXd`\ekXjpcfj `ejkild\ekfj#\eki\fkiXjZfjXj#ZX\ealekfj#[\ df[fhl\gXi\Z\Zfdfj`]cfkXiXe#`^lXcXcfhl\ fYj\imXjk\\e\c\a\iZ`Z`fi\Xc`qX[f% ', G8I8:I<:<I?8PHL<J89<I <og%') F_djW"hWiYW o^k[b[ :[iWhhebbe ' :fcfZX\eZX[XmXjf#leX ZlZ_XiX[X[\X^lXk`Y`X#cl\^f [`jl\cm\\eZX[Xlef[\\ccfj# lef[\cfjjfYi\j% BW_Z[W[i0 :fefZ\iZdf]leZ`feXel\jkiffc]Xkfpgfe\icf Xgil\YXd\[`Xek\leal\^f% ¶Gf[iXj`[\ek`]`ZXi\cfcfi[\kl]ilkX]Xmfi`kX Xlehl\efcXm\Xj6GifY\dfj% ( : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 :fecXZXiklc`eXpcfjg`eZ\c\j#g`ekXcfhl\ hl`\iXj¶hlkXcle]ilk\iffleXj]cfi\j6 CWj[h_Wb[i0 ¾;fjpd\[`XZlZ_XiX[Xj[\gfcmfgXiX gi\gXiXiX^lX#[\Z`eZf[`]\i\ek\jjXYfi\j ¾:`eZfmXjfj[\j\Z_XYc\j ¾8^lXk`Y`X ¾G`eZ\c\j ¾Lekifqf[\ZXiklc`eX '- ) ;\aXj\ZXiklkiXYXaf ppXk`\e\jleXfYiX [\Xik\dlp\jg\Z`Xc% IXjZXp_l\c\% ¶8hl_l\c\6 ¶Hlk\i\Zl\i[XjlXifdX6 ¶K\X^iX[X6 ¶Gfihl6 µGkikY[Z_5 CfjXe`dXc\jlk`c`qXejljj\ek`[fjgXiXg\iZ`Y`i \cdle[fhl\cfjif[\X#p\cj\i_ldXefef\jcX \oZ\gZ`e2[`jgfe\[\Z`eZfj\ek`[fjdXiXm`ccfjfj hl\#j\^liXd\ek\#pX`[\ek`]`ZXjk\% ;\j[\hl\\dg`\qXjXgi\gXiXicXjfclZ`e[\ X^lXpgfcmf#g\iZ`Y\jZcXiXd\ek\lefcfihl\ i\cXZ`feXjZfelejXYfi#hl`q}j_XjkXj\k\Xekfa Xc^leX]ilkXZlpffcfi\mfZXjk\[liXek\cXgi\gXiX$ Z`e[\cXg`ekliX2\jfj\[\Y\Xhl\klfc]Xkf\eki \eXZZ`e% G\if#¶Zdf]leZ`feX\cj\ek`[f[\cfc]Xkf69l\ef# cXqfeXZfecXZlXcg\iZ`Y\jcfjfcfi\j\jg\hl\X pj\lY`ZX\ecXgXik\jlg\i`fi[\kleXi`q#cXZlXc efidXcd\ek\j\dXek`\e\_d\[XpZfek`\e\ d`ccfe\j[\ZclcXje\im`fjXjccXdX[Xjhl`d`fii\$ Z\gkfi\j2jkfj]leZ`feXeXc[\k\ZkXidfcZlcXj[\ fcfi#hl\jfegXikZlcXjdlpg\hl\Xjefm`j`Yc\jX j`dgc\m`jkX#g\ifhl\Xc[\jgi\e[\ij\[\lefYa\kf j\[`jg\ijXe\e\cX`i\#_XjkXj\iXkiXgX[Xjgfikl eXi`q#ZfecfZlXcj\Zi\XleXj\Xchl\\j\em`X[X XklZ\i\Yif#[fe[\j\`[\ek`]`ZXecfjfcfi\j%yjkfj# gl\[\eXjfZ`Xij\Xj\ejXZ`fe\jpi\Zl\i[fjgfihl\ j\XcdXZ\eXe\eleXqfeX[\cZ\i\YifdlpZ\iZX[\ [fe[\j\^lXi[XecXj\dfZ`fe\j% Gfi\a\dgcf#gl\[\ji\Zfi[Xi]}Z`cd\ek\\c XifdX[\leX^lXpXYX#\c[\cfjZ_`c\j\em`eX^i\ f\c[\ck[\ZXe\cX2`eZcljfjl\c\jlZ\[\ihl\le g\i]ld\efji\Zl\i[XXleXg\ijfeX\e\jg\Z`Xc% '. G8I8:I<:<I?8PHL<J89<I <og%'* ;\[Yje _dl[hdWZ[he :[iWhhebbe ' ( ) * Eld\iXcfjki\j mXjfjZfe\cgclde% :fcfZXleZlYf[\ _`\cf\eZX[XmXjf% BW_Z[W[i0 FYj\imXi\c\]\Zkf`em\ieX[\ifpi\cXZ`feXicX \og\i`\eZ`XZfele]\ed\efeXkliXc% ¶?Xj\jZlZ_X[f_XYcXi[\c\]\Zkf`em\ieX[\if6 M\Xdfjhl\jpgfihlfZlii\% : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 KXgX\cgi`d\imXjf# ZfecXkXgX [\c[`jZf% CWj[h_Wb[i0 ¾Ki\jZlY`kfj[\_`\cf ¾Ki\jmXjfjkiXejgXi\ek\j ¾Legclde ¾8c^f[e ¾CXkXgXkiXejgXi\ek\[\leXZXaX [\[`jZfZfdgXZkf '/ KXgX\cj\^le[f ZfeleXZXgX[\c$ ^X[X[\Xc^f[e% + KXgX\ck\iZ\ifZfeleXYfcX ^il\jX[\Xc^f[e% , :fcZXcfjYXaf cfjiXpfj[\cJfc ¶HlZlYfj\[\ii\k`i}gi`d\if6¶Gfihl6 ¶:l}cj\^l`i}[\jgljpZlXcj\i}\cck`df \e[\j_XZ\ij\6 FYj\imXZfeZl`[X[fcfjmXjfj% µGkikY[Z_5 <c_`\cfkXgX[fZfe\cgc}jk`Zf[\c[`jZf]l\\cgi`$ d\if\e[\j_XZ\ij\#j`^l`\c[\cXZXgX[\c^X[X[\ Xc^f[ep#gfick`df#\chl\ZlYi`jk\ZfeleXYfcX ^il\jX[\Xc^f[e%<c_`\cfe\Z\j`kX[\ZXcfigXiX [\ii\k`ij\2\e\jk\ZXjf#\chl\gifm`\e\[\cJfc#p j`cfjZlYfjefj\[\j_XZ\eXcd`jdfk`\dgf\j gfihl\efi\Z`Y\ecXd`jdXZXek`[X[[\ZXcfi% :fdf\cgc}jk`Zf\jkiXejgXi\ek\[\aXgXjXi\c ZXcfiXc`ek\i`fi[\cmXjf#g\ifefcf[\aXjXc`i]}Z`c$ d\ek\pc\`dg`[\d\qZcXij\Zfe\cX`i\[\c\ok\i`fi hl\\jk}d}j]if%<jkX]fidX[\i\k\e\i\cZXcfi \jj`d`cXiXcfhl\fZlii\Zfeel\jkifgcXe\kX#\e [fe[\cXXkdj]\iXXZkXZfdf\cgc}jk`Zf#[\aXe[f gXjXiZXcfi#g\ifXZklXe[fXcd`jdfk`\dgfZfdf leXZfik`eXhl\[\aXjXc`ijcfgXik\[\cd`jdf% <jk\\]\Zkf#\jcfhl\g\id`k\hl\\cgcXe\kX k\e^XleXk\dg\iXkliXXgkXgXiX\c[\jXiifccf[\ cXm`[X#j`ecefgf[iXdfjm`m`i#g\ifXc^leXj[\ cXjXZk`m`[X[\jhl\cfj_ldXefji\Xc`qXdfj_Xe cf^iX[fXck\iXicfXcZfekXd`eXicXXkdj]\iXkXc \j\cZXjf[\Xc^leXj`e[ljki`Xjhl\efXgc`ZXecXj [\Y`[Xjd\[`[Xjhl\`dg`[XecXZfekXd`eXZ`e#\c Zfe[lZ`iXlkfjefm\i`]`ZX[fj[\Y`[Xd\ek\#\kZ% # _XZ`\e[fhl\jkX^lXi[\d}jZXcfi[\ce\Z\jXi`f# cfZlXcgf[iXgifmfZXilegXlcXk`efZXdY`fXik`$ ]`Z`Xc\e\cZc`dXdle[`Xc%G`\ejX#Zl}ekfjj\i\j [\g\e[\e[\cZc`dX1cXjg\ijfeXj#cfjXe`dXc\jp cfjZlck`mfj#\eki\fkifj% 8_fiXpXjXY\j#\c[\[Yje_dl[hdWZ[he\jle ]\ed\efeXkliXchl\gl\[\gifmfZXileYWcX_e Yb_c|j_Yee\^Xk`mf#cfhl\gf[iXZfem\ik`ij\\ele gifYc\dXXdY`\ekXc% '0 G8I8:I<:<I?8PHL<J89<I <og%'+ 7_h[gk[ [cfk`W :[iWhhebbe ' :fikXXc^leXjk`iXj[\cXj\im`cc\kX#kfdXleXp ZfcZXcX#[\YXaf[\klcXY`f`e]\i`fi#cl\^fjfgcX Zfe]l\iqXpfYj\imXcfhl\jlZ\[\% BW_Z[W[i0 FYj\imXi\c\]\Zkfhl\gif[lZ\\cX`i\#ZlXe[f Z`iZlcXXZ`\ikXm\cfZ`[X[% ¶?XjfYj\imX[fhl\ZlXe[fXc^l`\eXYi\f Z`\iiXi}g`[Xd\ek\leXgl\ikX#gXi\Z`\iXhl\j\ \dglaXcXm\ekXeXhl\j\\eZl\ekiXZ\iZX#fZXj` \e]i\ek\6¶GfihlfZlii`i}\jf6@em\jk`^l\dfj% ( : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 Cl\^f#ZfcfZXcfjklYfj[\ZXikejfYi\leX d\jX#j\gXiX[fjlefj)f*Zdp#Zfe\cgfgfk\ jfgcX]l\ik\#[`i`^`\e[fcXZfii`\ek\[\X`i\\eki\cfj klYfj%¶HlfZlii\6 CWj[h_Wb[i0 ¾LeXj\im`cc\kX[\gXg\c ¾Hl`eZ\gfgfk\j ¾;fjklYfj[\ZXike#[\cgXg\c_`^`e`Zf ¾;fjmXjfj[\j\Z_XYc\j[\le`Z\c ¾Led\kif[\\jkXdYi\#[`m`[`[f\e[fjgXik\j ¾LegXc`ccf[\[`\ek\j ¾:`ekXX[_\j`mX ¾LeXd\jX ¾;fjcXkXj[\i\]i\jZf#mXZXj ¾K`a\iXj (' ) 8_fiX#ZfcfZX('gfgfk\jjfYi\cX d\jX#j\gXiX[fjleZ\ekd\kifj \eki\j2XZfek`elXZ`e#ZfcfZXcXj cXkXj[\Xcld`e`fjfYi\cfjgfgfk\jp j\g}iXcXjlefj*Z\ekd\kifj%Cl\^f# Zfefkifgfgfk\#jfgcX]l\ik\\eki\ \ccXj%¶HljlZ\[\6 * :fe\cgXc`ccf#_Xqlefi`]`Z`f\e\c ]fe[f[\ZX[XmXjf#gXjXlekiXdf[\ \jkXdYi\p_Xqleel[f2cfjmXjfj[\Y\e hl\[XiZfc^Xe[f% + ;\jglj#ZfecXZ`ekXX[_\$ j`mX#g\^Xcfj_`cfjXcX d\jX#[\df[fhl\cfjmXjfj hl\[\eXcXd`jdXXckliXp j\gXiX[fj\eki\jlefj*f +Zd#pjfgcXZfe]l\iqX\e d\[`f[\\ccfj% ¶<ekf[fj\jkfj ZXjfjjlZ\[\cf d`jdf6 ¶Gfihl6 ¶:df\ogc`ZXjcf hl\fZlii\6 µGkikY[Z_5 @dX^eXk\hl\cXjdfcZlcXj[\X`i\\jk}eXci\[\[fi[\efjfkifj#phl\cXj_\dfj fYc`^X[fX[\jgcXqXij\i}g`[Xd\ek\#ZlXe[f\jfjlZ\[\#j\Xc\aXepcXjdfcZlcXj hl\\jk}ed}jc\afj[\cX]l\ek\[\m`\ekfj\\dglaXegXiXfZlgXi\ccl^Xi[\cXj hl\_Xej`[f[\jgcXqX[Xj%:lXe[ffYj\imXjhl\\ecl^Xi[\j\gXiXij\cfjfYa\kfj lk`c`qX[fj#\jkfjk`\e[\eXalekXij\\jgfihl\_Xj[\jgcXqX[fcXjdfcZlcXj[\X`i\ hl\_XYX\eki\\ccfj#gficfhl\pXeX[Xcfjj\gXiX% <jkfd`jdffZlii\ZfecXgl\ikXpcXm\ekXeX1XcXYi`ij\cXgl\ikX#\dglaXcXj dfcZlcXj_XZ`XcXm\ekXeX#cXZlXc#j`ef\jk}Y`\eZ\iiX[X#gl\[\XYi`ij\gfi\c \dgla\[\cXjdfcZlcXj[\X`i\% (( G8I8:I<:<I?8PHL<J89<I <og%', µ7c_]eie [d[c_]ei5 :[iWhhebbe ' @e]cXcfj^cfYfjp Xd}iiXcfjgXiXhl\\c X`i\efj\\jZXg\% ( Jla\kXZX[Xlef[\ \ccfjZfelekifqf [\_`cf% BW_Z[W[i0 FYj\imXi\cZfdgfikXd`\ekf[\cXjZXi^Xj\cZ$ ki`ZXj\jk}k`ZXj% CX\c\Zki`Z`[X[\jgXik\[\cXeXkliXc\qX# j`\dgi\_X\o`jk`[fpcfjj\i\j_ldXefjefcX `em\ekXife2jcfcX[\jZlYi`\ife%8gi\e[`\ife Xgif[lZ`icX#Xlk`c`qXicX\ejlY\e\]`Z`fpXgif$ m\Z_XicX[\[`m\ijXjdXe\iXj%M\XdfjZdfj\ gl\[\gif[lZ`i% ) : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 :feleXdXef# kfdXcXjglekXj [\cfj_`cfj[\df[f hl\cfjki\j^cfYfj Zl\c^l\ec`Yi\d\ek\% Gil\YXjlY`ipYXaXikl dXefc\ekXd\ek\%¶Hl fYj\imXj6 CWj[h_Wb[i0 ¾Ki\j^cfYfjd\[`Xefj ¾Ki\jkifqfj[\_`cf#[\,'ZdZX[Xlef ¾LeXgi\e[X[\cXeXYl]Xe[X#^lXek\j# jlk\i#\kZ% ¾:`ekXX[_\j`mX () * :fecXZ`ekX#g\^X [fj^cfYfj\ecX d\jX[\c\oki\df[\cfj _`cfj #[\dXe\iXhl\ Zl\c^l\ec`Yi\d\ek\p hl\[\ej\gXiX[fj+Zd% + :fecXgi\e[X[\ cXeX#]ifkX\ck\iZ\i ^cfYf2kdXcfgfi\c_`cf pXZiZXcfjlXm\d\ek\ Xcfj[fj^cfYfjhl\ Zl\c^Xe[\cXfi`ccX[\cX d\jX%¶HljlZ\[\6 , I\g`k\\c\a\iZ`Z`f# g\if]ifkXe[ffkif ^cfYf[\cfjhl\k`\e\j Zfc^X[fj¶HlfZlii`6 - Gfick`df#]ifkXZfe cXgi\e[X[\cXeX \c^cfYfhl\ef_Xj`[f ]ifkX[f%¶HljlZ\[\ X_fiX6¶:df\ogc`ZX$ iXj\cZfdgfikXd`\ekf [\cfj^cfYfj6¶Hl k`\e\hl\m\icXgi\e[X [\cXeX6 µGkikY[Z_5 :lXe[f[\aXjcfj^cfYfjjljg\e[`[fj#jkfjk`\e[\e XZX\i#\e\j\dfd\ekfjlZXi^X\cZki`ZX\j e\lkiX2\j[\Z`i#k`\e\ecXd`jdXZXek`[X[[\ZXi^X \cZki`ZXgfj`k`mXhl\[\cXe\^Xk`mX% :lXe[f]ifkXjle^cfYf#jk\j\Xgifg`Xfg`\i[\ ZXi^X\cZki`ZX#gficfhl\XcXZ\iZXicfXfkifj ^cfYfj#jkfjgl\[\ealekXij\fi\Z_XqXij\#[\g\e$ [`\e[f[\ck`gf[\ZXi^Xhl\k\e^Xe#gfihl\[\Y\j jXY\i#hl\cXjZXi^Xj\cZki`ZXjZlXe[fjfe`^lXc\j j\i\Z_XqXepZlXe[fjfe[`]\i\ek\jj\XkiX\e%<jkf kXdY`e\ogc`ZXgfihlcc\^XdfjXj\ek`ikfhl\j XcXZ\iZXiefjXfkiXjg\ijfeXj2\ccfj\[\Y\Xhl\ k\e\dfjZXi^Xj[`]\i\ek\j% 7b]ec|i <c[\jZlYi`d`\ekf[\cX\c\Zki`Z`[X[fZlii`_XZ\ Xgifo`dX[Xd\ek\)#,''Xfj#\e>i\Z`X#ZlXe[f KXc\j[\D`c\kfm`fhl\]ifkXe[f}dYXi#jk\gf[X XkiX\ig\hl\fjfYa\kfj% (* G8I8:I<:<I?8PHL<J89<I <og%'KdWiWbY^_Y^W [gk_b_Xh_ijW :[iWhhebbe ' KfdXcXi\^cXpZfcZXcXjfYi\cfj[\[fje[`Z\j [\kljdXefj2cl\^f#[\j[\cfj\oki\dfj#XZiZXcfj gfZfXgfZfpXcd`jdfk`\dgf#_XZ`X\cZ\ekif#gif$ ZliXe[fhl\cXi\^cXj\\hl`c`Yi\j`j\ZX\#[\Y\i}j \dg\qXi[\el\mf_XjkXhl\cfcf^i\j %¶<ehl glekfj\alekXifeklj[\[fjpcXi\^cXj\dXeklmf jfYi\\ccfj6 BW_Z[W[i0 :fdgi\e[\i\cZfeZ\gkf[\Z\ekif[\^iXm\[X[# cf^iXe[f\c\hl`c`Yi`f[\lefYa\kf% ¶?Xjm`jkfXcfj\hl`c`Yi`jkXj[\cXZl\i[X]cfaX6 ¶?XjefkX[fhl\j\Xpl[XeZfeleXmXi`ccX6 M\XdfjZdfcf_XZ\e% ( : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 I\g`k\\c\a\iZ`Z`f#g\if`ek\ekXdXek\e\icXi\^cX \e\hl`c`Yi`f#lY`ZXe[fklj[\[fjalekfj\e[fe[\ cXi\^cXdXiZX)'Zd%¶HljlZ\[\6¶Gfihl6 CWj[h_Wb[i0 ¾LeXi\^cX[\*'Zd ¾LeXjXcZ_`Z_X ¾;fjk\e\[fi\j (+ ) @ek\ekX\hl`c`YiXicXjXcZ_`Z_XZfcfZ}e[fcX\e ]fidXm\ik`ZXcjfYi\cXglekX[\lef[\klj [\[fjgifZliX_XZ\icfk\e`\e[fYXafkljdXefjleX d\jX %¶HljlZ\[\6¶Gfihl6 * KfdXcXjXcZ_`Z_X\`ej\ikXcfj k\e\[fi\j#[\df[fhl\hl\[\e lef\eZX[X\oki\dfpZfecfj dXe^fj_XZ`XXYXaf% + 8_fiXZfcfZXkl[\[fe[`Z\aljkfXcXd`kX[ [\cXjXcZ_`Z_X%¶HljlZ\[\Zfe\ccX6¶:df cf\ogc`ZXiXj6 µGkikY[Z_5 :lXe[fglj`dfjcfj[\[fjYXafcXi\^cX#cf hl\_`Z`dfj]l\cfZXc`qXijlglekf[\\hl`c`$ Yi`f#\cZlXcj\\eZl\ekiX\ed\[`f2ZlXe[f dfm\dfjel\jkifj[\[fjXcfj)'Zd#cX i\^cXj\ZX\gfihl\jcfj\gl\[\jfjk\e\i [\leglekf2\ecfj(,Zd\ed\[`f #gfikiX$ kXij\[\lefYa\kfi\^lcXipj`dki`Zf% <jkfj\[\Y\Xhl\kf[fjcfjZl\igfj k`\e\elecl^Xi\e\cZlXcj\ZfeZ\ekiXkf[f jlg\jf2\jk\glekfj\ccXdXY[djheZ[]hWl[ZWZ# Y[djheZ[cWiWffkdjeZ[[gk_b_Xh_e% Cfhl\_`Z`dfjZfecXjXcZ_`Z_X#]l\df[`]`ZXi jldXjXXcZfcfZXic\cfjk\e\[fi\j#[\df[fhl\ XZk\ealekfjZfdflejfcfZl\igfp\cZ\ekif[\ dXjX[\\jk\Zfealekfcf\jkXdfjXZfdf[Xe[f gfi[\YXaf[\cglekf[\Xgfpf#hl\\jcXglekX [\kl[\[f%Cfj\hl`c`Yi`jkXjkXdY`ek`\e\ehl\ YljZXijlZ\ekif[\^iXm\[X[gXiXdXek\e\ij\\e cXZl\i[Xpcfcf^iXeZfeleXYXiiX[\d\kXcdlp cXi^X#ZfecXhl\ZfejkXek\d\ek\mXe\eZfekiXe[f \c\hl`c`Yi`f#d\[`Xek\dfm`d`\ekfjc\m\j% (, G8I8:I<:<I?8PHL<J89<I <og%'. KdlWie WkbbWZeh :[iWhhebbe ' ?Xqleg\hl\ffi`]`Z`f\e\cZ\ekif[\c]fe[f[\c mXjf#Zfe\cc}g`q% BW_Z[W[i0 <og\i`d\ekXiZfe\cjfe`[f#gif[lZ`icfpkiXej$ d`k`icf% ¶Gfihljl\eXecfj`ejkild\ekfjdlj`ZXc\j6 8m\i`^dfjcf#Zfe]\ZZ`feXe[flefj\eZ`ccf% ( ) KfdXcXd`kX[[\cgXc`ccfpXd}iiXcfZfele \oki\df[\cZfi[e% : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 GXjX\c\oki\dfc`Yi\[\cZfi[eXkiXmj[\cfi`$ ]`Z`f[\cmXjf[\j[\X[\ekif%M\i}jhl\\cgXc`ccf jla\kX\cZfi[eXcmXjf% CWj[h_Wb[i0 ¾LemXjf[\le`Z\c ¾Lec}g`q ¾LegXc`ccf[\[`\ek\jgXik`[fgficXd`kX[ ¾Lekifqf[\Zfi[e[\,'Zd ¾LeX\jgfeaX ¾8^lX (- * 8_fiXgfeXk\eZ`eXcfjjfe`[fj hl\j\gif[lZ`i}eZfecXjj`^l`\ek\j XZZ`fe\j%=ifkX\cZfi[eZfecX\jgfeaX p\jZlZ_X% + Jla\kX\cmXjfZfeleXdXef#paXcX jlXm\d\ek\\cZfi[e#[\j[\hl\ jXc\[\cmXjf_XjkXhl\k\id`eX#g\if ZfecX\jgfeaX_d\[X%<jZlZ_XZfe Xk\eZ`e%¶;\[e[\jXc\\cjfe`[f6 , ;\jc`qXcX\jgfeaX [\dXe\iXd}j i}g`[Xfd}jc\ekX2 gil\YXZXdY`XicX k\ej`e[\cZfi[e \jk`iXe[ffX]cfaXe[f # gXjXcX\jgfeaX[\le jfcfk`ief\egXik\j2 kXdY`egl\[\jljXi cXjlXj% ¶HljlZ\[\6 ¶:dfjfecfjjfe`[fj6 ¶Gfihl6 µGkikY[Z_5 :lXe[f]ifkXjcX\jgfeaXZfekiX\cZfi[e#gif$ [lZ\jjfe`[f2cl\^f#\jXjfe[Xj[\jfe`[fm`XaXe XkiXmj[\cZfi[e_XjkXcc\^XiXcmXjf\e\cZlXc j\Xdgc`]`ZXe#\j[\Z`i#hl\Xld\ekXejlmfcld\e p\ekfeZ\jgl\[\j\jZlZ_Xi\cjfe`[fj`e[`]`$ ZlckX[% ?XYi}jefkX[fhl\cfjjfe`[fjhl\gif[lZ\jjfe [`]\i\ek\jj`ZXdY`XjcX]fidX[\]ifkXi\cZfi[e#j` cf_XZ\j\e]fidXi}g`[Xfc\ekX#j`cX\jgfeaX\jk} _d\[Xfj\ZX#j`ljXjjcfklj[\[fjfcXjlXj# g\ifkXdY`e[\g\e[\[\ckXdXf[\cmXjfp[\c k`gf[\Zfi[e% 8_fiXhl\pX[\jZlYi`jk\\cjfe`[f[\klmXjf#k\ jl^\i`dfjgifYXiZfemXjfj[\[`]\i\ek\jkXdXfj pdXk\i`Xc\j%Pj`klmXjfXccX#gl\[\jZfe]\ZZ`f$ eXic\leX]le[X[\cfYfZfegXg\cpg`ekliXj[\ Zfcfi\j#g\ifj`ZXZXi\X#d\afiZfej^l\c\lekiXa\ [\^Xcc`eX% (. G8I8:I<:<I?8PHL<J89<I <og%'/ ;blW_ld Z[bYebkcf_e BW_Z[W[i0 :[iWhhebbe ' Cc\eX[fjYfk\ccXjZfeX^lXpcXk\iZ\iX#_XjkXcX d`kX[%K}gXcXjpjlakXcXjgfi\cZl\ccfZfecfj Zfi[fe\jZfikfj% ( KfdXleX[\cXjYfk\ccXjcc\eXjpYXcXeZXcX Zfdfj`]l\iXZfcldg`f%FYj\imXhljlZ\[\2 cl\^f[Xc\d}jm\cfZ`[X[Xcd`jdfk`\dgfhl\ i\ZfikXj\cZfi[e[\cZlXcZl\c^X FYj\imXicXkiXej]fidXZ`e[\cX\e\i^XX kiXmj[\ledfm`d`\ekfi\g\k`k`mf% : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 ¶Gfihlj\j`^l\dfm`\e[f\cZfcldg`f\e \chl\k\\eZl\ekiXj#Xlehl\pXeX[`\cfj`^X `dglcjXe[f6MXdfjX`em\jk`^Xi% ¶:df\j\cdfm`$ d`\ekfX_fiX6 ¶J`\dgi\kXi[Xcf d`jdf6¶Gfihl6 CWj[h_Wb[i0 ¾Ki\jYfk\ccXj[\i\]i\jZfZfekXgX[\-''dc ¾8^lX ¾:lXkifkifqfj[\Zfi[eZfe[`]\i\ek\jd\[`[Xj2 ([\(%,dp*[\,'ZdZX[Xlef ¾;fjj`ccXj (/ ) I\g`k\cX\og\i`\eZ`X#g\ifX_fiXljXcX Yfk\ccXZfeX^lX_XjkXcXd`kX[%FYj\imXp ZfdgXiX¶;\hl[\g\e[\cXm\cfZ`[X[[\cX Yfk\ccX6 * :fe\cZfi[ed}j^iXe[\XdXiiX cXj[fjj`ccXj#Zfdfj`]l\iXlek\e$ [\[\if#d}jfd\efjXled\kif[\c g`jf%:l\c^XcXjYfk\ccXjcc\eXjpgifZliX hl\hl\[\elegfZfj\gXiX[Xj% + ;\aXleXYfk\ccXhl`\kX#d`\ekiXj`dglcjXjcXfkiX%¶Hl fZlii\ZfecXYfk\ccXhl\[\aXjk\hl`\kX6¶HljlZ\[\ Zfe\cdfm`d`\ekf6¶J\i}gfj`Yc\Zfejkil`ile`ejkild\ekf j`d`cXihl\j`\dgi\j\dl\mX6¶Gfihl6 µGkikY[Z_5 <cdfm`d`\ekf\jleX]fidX[\\e\i^XpZlXe[f \og\i`d\ekXjZfecXj[fjgi`d\iXjYfk\ccXj# fYj\imXjhl\jljdfm`d`\ekfjjfei\^lcXi\j#\e ZX[XZXjfkXi[Xed}jfd\efj\cd`jdfk`\dgf\e `ipm\e`i%Cl\^f#ZlXe[fj\i\ZfikX\cZfi[e#\e XdYfjZXjfjcXm\cfZ`[X[Xld\ekX% :fecXjYfk\ccXjZfc^X[XjfYj\imXjXc^f`ek\i\$ jXek\2\cdfm`d`\ekf[\cXgi`d\iXYfk\ccXgXjXXcX j\^le[X#[\aXe[fXcXgi`d\iXd}jfd\efjhl`\kX% ;\jglj\jk\]\ed\efj\i\g`k\p\cdfm`d`\ekf gXjX[\cXj\^le[XXcXgi`d\iX#gl[`\e[fZfek`elXi Xjd`\ekiXj_XpX\e\i^X#[\cfZfekiXi`f#gfZfX gfZfj\mXe[\k\e`\e[f#[\Y`[fXcifZ\[\cXjYfk\$ ccXjZfecXjgXikZlcXj[\X`i\hl\cXjif[\X% (0 G8I8:I<:<I?8PHL<J89<I <og%'0 :[f[bYkbW :[iWhhebbe ' ;`YlaXXc^fj\eZ`ccfgXiXklg\cZlcX[\ZXi`ZXkliXj f[`YlafjXe`dX[fj 1leXZXi`kX#leXdXZ\kX#leX dXi`gfjX#\kZ%Gl\[\j_XZ\icf\ecX\jhl`eXjlg\i`fi [\i\Z_Xf[fe[\_XpX\jgXZ`fc`Yi\#g\if\edlZ_Xj _faXj #\dg\qXe[fZfecXck`dX_faX[\cXc`Yi\kX gXiXhl\j\Xd}j]}Z`c% BW_Z[W[i0 : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 :fdgi\e[\iZdfel\jkifZ\i\Yif^lXi[X# [liXek\Xc^leXj]iXZZ`fe\j[\j\^le[f#cXj`d}$ ^\e\j[\cfhl\m\dfj% ¶:df]leZ`feXecXjZXi`ZXkliXjpgfihlg\iZ`$ Y`dfjjldfm`d`\ekf6 ( <e\cd`jdfcl^Xi#g\if\ecXg\eck`dX_faX# ml\cm\X[`YlaXicfd`jdf#g\ifZfeleg\hl\f ZXdY`f#Zfdfj`j\_lY`\iXdfm`[flegfhl`kf% CWj[h_Wb[i0 ¾Lec}g`q ¾LeX^fdX ¾G`ekliXj[\Zfcfi\j ¾LeXc`Yi\kXhl\pXeflk`c`Z\j )' ) I\g`k\\c\a\iZ`Z`f\ecX g\eck`dX_faX#kXdY`e Zfeleg\hl\fZXdY`f% * :fek`eX[\cd`jdfdf[f Zfe\c\a\iZ`Z`f\ecXj j`^l`\ek\j),f*'_faXj% + GXiX[`j]ilkXiklg\cZlcX#jcfk`\e\jhl\ gXjXii}g`[Xd\ek\cXj_faXj#\egXik`ZlcXi cXgXik\[fe[\[`YlaXjk\% ¶HlfYj\imXj6¶Gfihlj\ dl\m\eklj[`Ylafj6¶:df cf\ogc`ZXiXj6 µGkikY[Z_5 :lXe[f_fa\XjcXc`Yi\kX#fYj\imXjhl\klj[`Ylafjj\ m\eZfdfj`]l\iXlefjfcf#g\ifklm`\iXdfm`d`\ekf% J\^ecfhl\_XpXj[`YlaX[f#cXZXi`kX_XZ\^\jkfjf \ecXdXZ\kXZi\Z\leXgcXekXfcXdXi`gfjXml\cX% JlZ\[\#hl\\cdfm`d`\ekf[\cXj_faXj\j dlZ_fd}ji}g`[fhl\klm`jkX#kljfafjm\e\c gi`d\i[`YlafpklZ\i\Yifcf^lXi[X[liXek\leX ]iXZZ`e[\j\^le[fd}j#pcfd`jdfjlZ\[\Zfe kf[XjcXj`d}^\e\j#\ekfeZ\jefk`\e\jk`\dgf[\ m\icXjleXgfileX#g\ifcXjm\jZfdfleXjfcX `dX^\ehl\klm`\iXdfm`d`\ekf%<jk\gifZ\jf# gifg`f[\c]leZ`feXd`\ekf[\el\jkifjfafj#j\ ccXdXf[hi_ij[dY_WZ[bWl_i_d#^iXZ`XjXcXZlXc j\_Xegf[`[fZi\XicXjj\i`\j[\[`YlafjXe`dX[fj pg\cZlcXjhl\kXekfefj^ljkXe% 8_fiXhl\pXZfefZ\j\cj\Zi\kf[\cfj[`Ylafj Xe`dX[fj#hlkXcj`\eleXc`Yi\kXg\hl\X_XZ\j leXZXi`ZXkliXZfe\ck\dXhl\d}jk\^ljk\#le k`Ylie[\^iXe[\j[`\ek\j#le^XkfZfii\k\Xe[fX leiXkeflee`fal^Xe[f]kYfc#\e]`e%%% )( G8I8:I<:<I?8PHL<J89<I <og%(' <k[hpWgk[ [cfk`Wo\h[dW :[iWhhebbe ' @ekif[lZ\cXdfe\[X[\le g\jf\ecXZXaXpZfcZXcX\e \cZ\ekif%:feleZfcfi[`YlaXjl Zfekfief% BW_Z[W[i0 FYj\imXip\og\i`d\ekXiZfe\cgi`eZ`g`fhl\ ccXdXdfj`e\iZ`X% :lXe[fZXdY`XcXclq[\cj\d}]fif#cfj ZXd`fe\jd}jg\jX[fj#jfecfjhl\kXi[Xe d}j\eXmXeqXi#¶gfihlfZlii\\jkf6 <og\i`d\ek\dfjgXiX[\jZlYi`icf% : L8 ; < I E F ; < < O G < I @ D < E K FJ G I @ D 8 I @ 8 ( ;\jc`qXcX ZXaXjfYi\ cXd\jX#d`\e$ kiXjfYj\imXj cXdfe\[X \e\c`ek\i`fi# cl\^f[\k\ecX [\i\g\ek\% ¶CXdfe\[X Zfek`eX\e\c Z\ekif6I\g`k\ cX\og\i`\eZ`X ki\jm\Z\jp dXiZX#Zfe\c d`jdfZfcfi# \cj`k`f\e\c hl\hl\[# Zfeleglekf% CWj[h_Wb[i0 ¾LeXZXaX[\qXgXkfj ¾;fjdfe\[Xj#leX[\(pfkiX[\(' ¾;fjc}g`Z\j[\Zfcfi\j[`]\i\ek\j ¾LeXd\jX )) ) 8_fiX`ekekXcf#ZfecXdfe\[X[\[`\qg\jfjplk`c`qX\cfkifZfcfi gXiXj\XcXijllY`ZXZ`e%I\g`k\\cglekf[fjdXiZXe[fZfeleglekf jljki\jel\mXjlY`ZXZ`fe\jgifZliXlk`c`qXicXd`jdX]l\iqXhl\ZfecX dfe\[XXek\i`fi % ¶HlfZlii`X_fiX6 ¶:l}cj\dfm`d}j6 ¶:dfcf\ogc`ZXiXj6 GkikY[Z_ 7b]ec|i :lXe[fi\Xc`qXj\c\a\iZ`Z`fZfeleg\jf#fYj\imXj hl\cXdfe\[Xj\dl\m\alekfZfecXZXaX#g\if ZlXe[f]i\eXjcXZXaX#cXdfe\[XgXi\Z`\iXhl\ hl`\i\j\^l`i[\]i\ek\% :fecXdfe\[X[\[`\qg\jfj#jlZ\[\cfd`jdf# g\if\e^\e\iXcjkXj\[\jgcXqXXleX[`jkXeZ`X dXpfi#cfZlXcj\fYj\imXXcZfdgXiXijlgfj`Z`e ]`eXcZfecXdXiZXhl\_`Z`jk\Xc`e`Z`f[\c\a\iZ`Z`f pcXjZfej\Zl\ek\j% Cfhl\XZXYXj[\fYj\imXij\ZfefZ\Zfdf `e\iZ`Xp\jcXi\j`jk\eZ`Xhl\gfe\leZl\igf XZXdY`Xijl\jkX[f#\j[\Z`ihl\j`\jk}hl`\kf j\i\j`jk\Xgfe\ij\\edfm`d`\ekf#g\ifj`\jk} dfm`e[fj\#\ekfeZ\jj\i\j`jk\Xj\i[\k\e`[f% Kf[fjcfjZl\igfjk`\e\e`e\iZ`X#p\eki\d}jdXjX k\e^Xe#k`\e\edXpfi`e\iZ`X% 8_fiXpXjXY\jgfihl#ZlXe[fm`XaXj\eXlkf pjk\XiiXeZX#j`\ek\jhl\Xc^fk\\dglaXZfekiX \cXj`\ekf#g\ifZlXe[f]i\eX#\ekfeZ\jj`\ek\jhl\ Xc^fk\\dglaX_XZ`XX[\cXek\% Effcm`[\jljXi\cZ`eklie[\j\^li`[X[#pZlXe[f mXpXjXcjlg\id\iZX[f#kfdXleZXii`kf#\dgaXcf pcl\^f]ieXcf#i\g`k\cX\og\i`\eZ`XpfYj\imXhl\ \eki\d}jZfjXjcc\mXj#j`\ek\jd}ji\j`jk\eZ`X# kXekfgXiX\dglaXiZfdfgXiX[\k\e\icf%G\ifZl`$ [X[f2efmXpXjXifdg\iXc^e]iXjZf% )* G8I8:I<:<I?8PHL<J89<I Kklcfj[`jgfe`Yc\j : L8 ; < I E F ; < < O G < I @ D < E K FJ J < :L E ;8 I @ 8 ¾:lX[\ief[\\og\i`d\ekfj&gi\\jZfcXi ¾:lX[\ief[\\og\i`d\ekfj&j\Zle[Xi`X ¾:lX[\ief[\\og\i`d\ekfj&YXZ_`cc\iXkf