30 "" .":+6/
5
adZgeWf [e S WjfWe[a fa fZWIad^V ?Sd[f[W G[hWde[fk ZageWV e[UW #+*% [` S ZSdTagd SV[[efdSf[a Tg[^V[Y Xda_ #+#" [ ?S^_ eagfZWdEiWVW ;f iSe fZW egT\WUf aX S
fZdWW-stagW UabWf[f[aia Tk fZW 3gefdS^[S!6S[eZ fWS
aX FWdda[d SV =[_ Gfla 3dUZ[fWUfgdW [$"## 8[[eZWV Xagd kWSde ^SfWd
[f [e ai aW aX fZW aef [fWdWef[Y SV bdaha][Y [fWdhWf[ae [ fZW
U[fk efSV[Y Sf fZW TagVSdk aX fZW a^V gdTS UWfdW SV fZW ZSdTagd
iZ[UZ ZSe TWWZWSh[^k VWhW^abWV SV YWfdified dgd[Y fZW ^Sef VWUSVW
5aUWbfgS^^k [fW`VWV fa [ddad fZW $ """-ecgSdW-_WfdW ad[Y[`S^
-eZSbWV b^S
aX fZW Wj[ef[Y Tg[^V[Y Tk EiWV[eZ SdUZ[fWUf :SdS^V 4a]^gV FadZgeWf SVVe SafZWd % """ ecgSdW _WfdWe ¶ Uabd[e[`Y
SV[[efdSf[aebSUWe fWSUZ[Y daa_e S ^WUfgdW ZS^^ SV S USfWW
¶ iZ[^W UdWSf[Y S UahWdWV Sfd[g_ TWfiWWfZW fia ha^gWe FZW
bda\WUf affWde fZdWW XSUSVWe gaTefdgUfWV fa fZW U[fk SV ZSdTagd
i[fZ b^W`fk aX ebSUW fa TW bWdUW[hWV Xda SXSd ;f eagVe efdS[YZfXadiSdV ;f [eaf
FZW WjfWe[aVWaefdSfWe i[fZ XadUW S ̧Z[YW¹ TWfiWWfZW adfZaYaS^ U[fk Yd[V SV fZW e^[YZf^k dafSfWV Sj[e Sf fZW ZSdTagd ;eb[dWV Tk fZ[e fi[ef SV fZW a^V Tg[^V[Y»e ̧daaXeUSbW ¹ SUUadV[Y fa fZW SdUZ[fWUfe fZW bda\WUf efSVe Xg^^k ai[Y fZW XSUSVW faiSdVe
fZW ZSdTagd iZ[^W a^k e^[YZf^k Yd[``[Y TWZ[V fZW a^V Tg[^V[Y
iZW` SbbdaSUZWV Xda fZW U[fk UWfdW 3V iZW; idafW ̧ai[Y fZW XSUSVW ¹ ; iSe ̧EiWV[eZ^k¹ dWefdS[[Y _keW^X ;f Wjb^aVWe i[fZ S_gUZ-WWVWV TdShSVa [SS^^ faa cg[Wf SV UaXad[Y U[fk 3 eWd[We aX ^SdYW fd[SYg^Sd XSUSVWe S^fWdSfWe TWfiWWfdSebSdWUk
SV abSU[fk U^SV [efSV[Y-eWS S^g[`[g dge SV Ua^agd-
_SfUZ[YfZWdaaXf[^WeaXfZWa^VWdTg[^V[Y BWdZSbeS`agU[YfZW [fdahWdf[fWf[aaXfZWVWe[YfZWWjfWe[afgdeSVXa^Vea`fa
[feW^X bgdbaeWXg^^kSha[V[`Yh[WiefafZWXS[^WVbaef_aVWd``W[YZTagd
TgfegdY[US^^kaffWd[`Yh[WieaXfZWa^Vfai`S`VUS`S^eXda_fZW[`e[VW
3`V ̧WjfW`e[a`¹_[YZfTWS`[`eufficient tWd_faWjb^S[`ZaifZW
`Wi[`fWdhW`f[a`dW^SfWefafZWWj[ef[`YTg[^V[`Y ;f ̧idSbeS`VXa^Ve¹
_adWfZS` ̧WjfW`Ve ¹TS^S`U[`YiZSf_[YZfafZWdi[eWZShWTWW`S
_WeekU^SeZ IZW`SbbdaSUZWVXda_fZWZSdTagd dW`VWd[`YfZWa^V
Tg[^V[`Y[`h[e[T^W [fg`Sba^aYWf[US^^kefS`Ve[feai`Ydag`Vi[fZ
baiWdXg^Xad_S^WjbdWee[a` TgfiZW`fZWZkTd[V¶fZWXadUWVWj[efW`UW
aX fZW fia Tg[^V[`Ye ¶ [e bWdUW[hWV S`V WjbWd[W`UWV fZW dWeg^f [e
_aef [`fWdWef[`Y S`V S^_aef <WS`-<SUcgWe >WcgWg-WecgW
FZW_S[`W`fdS`UW_[YZfZShWTWW`[`h[e[T^W[X[fiWdW`af
efdSfWY[US^^k e[fgSfWV TWfiWW` fZW fia efdgUfgdWe USgYZf TWfiWW`
fia UW`fgd[We ;f [e [` fZW [`-TWfiWW`efZSffZ[ebda\WUfTd[`Yeagf[fe
_SY[U BSef fZW _S[` W`fdS`UW S`V [`fa fZW Sfd[g_ fZW ebSUWe SdW
g`VWdefaaV Sf S Y^S`UW FZW VSd] YdWk Ua`UdWfeflaad Y^[VWe Vai` [`fa
fZW abW` S`V [`h[f[`Y ^WUfgdW ZS^^ 4WS_[`Y i[fZ `SfgdS^ ^[YZf fZW
`Wi efS[dUSeWbdah[VWeeZ[Xf[`Yh[WieTWfiWW`fZWZSdTagdS`VfZW
[`fWd[adSfd[g_ 5S`f[^WhWdWVTS^Ua`[Webda\WUfagf[`fafZWdSfZWd
[`f[_SfW Sfd[g_ Sf WSUZ ^WhW^ Y[hW SUUWee fa fWSUZ[`Y daa_e S`V
l[YlSY [` S UdWhSeeW-^[]W_S``Wd TSdW^kfS_WVTkfZWiSd_iaaV
hW`WWd U^SVV[`Y FZW a^V Tg[^V[`Y XSUSVW b^SkXg^ S UW`fgdk SYa US``af
VWU[VW iZWfZWd faXdai` ad e_[^W Sf [fe `Wi bSdf`Wd FZW fW`e[a` [e
bS^bST^W S`V W`\akST^W FZW LW`[fZS^^[YZfUS^_efZWiSfWdeTWfiWW`
fZW fia SdUZ[fWUfgdS^ YW`WdSf[a`e
FZ[e Wjb^[U[f Ua`fdSef [e _S`SYWV i[fZ ]`[XW-WVYW bdWU[e[a`
FZWdW [e S Ua`efS`f fW`e[a` TWfiWW` VWfS[^ S`V iZa^W iZ[UZ TWUa_We
S dWUgdd[`Yh[egS^b^Sk GbU^aeW VWfS[^[`YaXfW`ahWdiZW^_eS`VfZW
ebSf[S^ ̧fd[S`Yg^SdXSUWf[`Y¹TdagYZf[`Xda_fZWWjfWd[ad_[YZfeWW_ 8&45&-&7"5*0/
N
4&$5*0/