32

bkdexq_gb_f \ZjbZglZ ijb dhlhjhf \u kZfb kfukehh[jZam_l_ k\hc h[t_dl

DZd hij_^_eblv kfukehh[jZamxsbc fhlb\ h[t_dlZ wlm ]eZ\gmx ijm`bgm q_eh\_q_kdhc ^_yl_evghklb"

Hl\_l ijhkl hg ijhy\ey_lky \_a^_ b \kx^m GZqgbl_ k g_cljZevguo [_k_^ gZ l_fm ©`bag_ggZy ihabpbyª< aZ\bkbfhklb hl km[t_dlb\ghc hp_gdb bkihegbfhklb KF h[t_dl fh`_l bf_lv wfhpbhgZevgh hdjZr_ggu_ mklZgh\db hlghkbl_evgh [m^ms_]h hilbfbaf ijbagZ_lky hkms_kl\bfhklv ^hklb`_gby =eZ\ghc p_eb kd_ilbpbaf \ukdZau\Zxlky khfg_gby ih wlhfm ih\h^m b i_kkbfbaf ^_yl_evghklv ij_^klZ\ey_lky [_kkfuke_gghc p_eb ² g_^hklb`bfufb Hlg_k_gb_ h[t_dlZ d h^ghfm ba wlbo lbih\²wlh ijb[eb`_gb_ d _]h =eZ\ghc Ijm`bg_ M \Zk gZ jmdZo j_Zevgu_ kZfhhp_gdb h[t_dlZ hlghkbl_evgh hkms_kl\bfhklb ]eZ\gh]h ijh_dlZ `bagb HklZ_lky lhevdh \uykgblv qlh `_ wlh [ueh"

Kdhj__ \k_]h h^bg ba hkgh\guo lbih\ KF

‡]_^hgbaf

²ihemq_gb_ gZkeZ`^_gbc

‡ijZ]fZlbaf

²^hklb`_gb_ mki_oZ

‡dhjihjZlb\baf ]jmiih\hc w]hbaf ehyebaf ²klj_fe_gb_ d ijbgZ^e_`ghklb d wlZehgghc h[sghklb

‡i_jn_dpbhgbaf

²kZfhkh\_jr_gkl\h\Zgb_

‡Zevljmbaf

²kem`_gb_ ^jm]bf

J L?OGH :L:D: IH N:DLHJM KF

©J_nhjfZ kfukehh[jZah\Zgbyª

Ebqghklguc kfuke `bag_^_yl_evghklb h[t_dlZ ² h^gZ ba gZb[he__ ZdlmZevguo l_f jZajZ[hlZggZy l_ogbdhc fh^bnbdZpbb ih\_^_gby ^ey ^hklb`_gby p_e_c kljZl_]bq_kdh]h oZjZdl_jZ Kfukehh[jZah\Zgb_ ² kbkl_fZ ^\hckl\_gghc ijbjh^u k h^ghc klhjhgu hgZ ijhgbau\Zy \kx `bag_^_yl_evghklv q_eh\_dZ mklhcqb\Z b ihklhyggZ k ^jm]hc ² ^bgZfbqgZ b[h hljZ`Z_l h[s__ hlghr_gb_ q_eh\_dZ d fbjm ijb dhlhjhf i_j_f_gZ gZijbf_j khpbZevghc ihabpbb \e_q_l aZ kh[hc i_j_hkfuke_gb_ hlghr_gby d hdjm`Zxs_c ^_ckl\bl_evghklb < g_dhlhjuo kemqZyo fh`_l ijhbahclb ihegZy i_j_kljhcdZ \k_c kh\hdmighklb kfukehh[jZah\Zgby ihjhc khijy`_ggZy k ^jZfZlbqgufb ebqghklgufb i_j_`b\Zgbyfb ©ihl_jb k_[yª mljZlZ kfukeZ kms_kl\h\Zgby b l ^ GZbemqrbc wnn_dl ZlZdb ^hklb]Z_lky \ wdklj_fZevguo lhqdZo \ i_jbh^ jZafu\Zgby kfukehh[jZah\Zgby dh]^Z \ZrZ bgbpbZlb\Z hldju\Z_l i_j_^ q_eh\_dhf gh\u_ ]hjbahglu b \ lhqd_ gZb\ukr_]h ih^t_fZ dh]^Z \ZrZ bgbpbZlb\Z \ibku\Z_lky \ kfukehh[jZamxsbc fhlb\ ebqghklb mkbeb\Zy _]h beb gZihegyy lj_[m_fufb hll_gdZfb

Ij_^\Zjbl_evgZy ^bZ]ghklbdZ hkgh\u kfukehh[jZah\Zgby fh`_l [ulv ijh\_^_gZ iml_f \uy\e_gby kdehgghkl_c Kdehgghklb `_ ijhy\eyxlky ^h\hevgh lhqgh \ l_o h[eZklyo ]^_ ijbkmlkl\m_l mkbeby h[t_dlZ ih gZjZsb\Zgbx b kh\_jr_gkl\h\Zgbx mf_gby b gZ\udh\ H^gZdh ^Ze_dh g_ \k_]^Z lZdh_ kfukehh[jZah\Zgb_ khhl\_lkl\m_l aZ^ZldZf b kihkh[ghklyf q_eh\_dZ KemqZb g_kh\iZ^_gby kdehgghkl_c b kihkh[ghkl_c \ kh\[bag_k_²kiehrv b jy^hf DmebgZju hdmqb\Zxl \g_rg_lhj]h\u_ k^_edb Z [u\rb_ nbgZgkbklu b \g_rlhj]h\pu g_ [j_a]mxl eZjvdh\uf ohayckl\hf Ihk_fm \lhjhc ebgb_c \Zr_]h fZgbimebjh\Zgby kfvdehh[jZah\Zgb_f fh`_l klZlv©^hiheg_gb_ª\u b \Zr_ ^_eh ^he`gu aZihegblv g_^hklZxs__ a\_gh kihkh[ghkl_c h[t_dlZ klZ\ g_hlt_fe_fhc qZklvx _]h dhfihabpbb kfukeZ ^_yl_evghklb Ijb lZdhc ihklZgh\d_ \hijhkZ \u aZdj_iey_l_ h[t_dl aZ kh[hc Klhevdh \Zf \uiZklv ba _]h hdjm`_gby dZd

fhf_glZevgh jZa\_jag_lky abyxsZy imklhlZ nmgdpbhgZevghc g_\hkihegbfhklb ^hklb`_gby kfukeZ `bagb q_eh\_dhf

Fheh^Zy wg_j]bqgZy nbjfZ bs_l \uoh^u k\h_fm lh\Zjm kha^Zgghfm ih mgbdZevgmx l_ogheh]bb gZ \g_rg_f jugd_ >_ckl\my \ bgl_j_kZo ihdmiZl_ey l_ogheh]bb fu ijh\_eb k_jbx i_j_]h\hjh\ b ijbreb d ihgbfZgbx g_\hafh`ghklb k^_edb Ex[u_ gZrb ij_^eh`_gby ih ihdmid_ ghm oZm hlf_lZebkv dhee_dlb\gh b k oh^m Fu ijhbgnhjfbjh\Zeb h[ wlhf k\h_]h deb_glZ b \ayeb lZcf Zml < l_q_gb_ ke_^mxsbo f_kyp_\ gZr khljm^gbd \ur_e gZ iehlgh_ \aZbfh^_ckl\b_ g_ihkj_^kl\_ggh k ^bj_dlhjhf nbjfu bf_y gZ ijbp_e_ h^gh gZf_j_gb_ ihklZjZlvky jZafulv ^_deZjbjh\Zggh_ kfukehh[jZah\Zgb_ b gZkZ^blv bgh_ Ijhykgbebkv g_kdhevdh h[eZkl_c ihl_gpbZevgh mklhcqb\uo `bag_gguo bgl_j_kh\ h[t_dlZ < bo qbke_ gZrebkv b \iheg_ j_rZ_fu_ k ihfhsvx gZr_]h deb_glZ LZd gZijbf_j [m^mqb Z\lhjhf l_ogheh]bb h[t_dl g_ kh[bjZeky hklZgZ\eb\Zlvky gZ ^hklb]gmlhf gZb\gh iheZ]Zy qlh m^Zjb\rbkv \ ijhba\h^kl\h hg kmf__l [ukljh h[_ki_qblv k_[_ nbgZgkh\uc ihl_gpbZe ^ey ijh^he`_gby gZmqguo b hiulgh dhgkljmdlhjkdbo jZajZ[hlhd b kh\_jr_gkl\h\Zgbx k\hbo b^_b LZdbf h[jZahf Zdp_gl kfukehh[jZah\Zgby ijb^\bgmeky \ k\h_fm bklbgghfm iheh`_gbx Wlh b dhjg_ ihf_gyeh gZr ih^oh^ \ jZ[hl_ Fu klZeb jZ[hlZlv wlm \_jkbx b \ dhgp_ dhgph\ ©ijh^Zeb kZfh^_edbgZª K_cqZk hg ljm^blky gZ k\h_]h [mj`mbgZ jZ[hlh^Zl_ey jZklhekl_e _a^bl gZ ijbebqghc fZrbg_ b `b\_l ² ^Zc ;h] dZ`^hfm Ijb wlhf [_a ]heh\guo [he_c jhkij_^ijbgbfZl_evkl\Z aZgbfZ_lky bf_ggh l_f d q_fm \kx `bagv e_`ZeZ ^mrZ Dhg_qgh wlh g_ l_ mlhibb qlh _fm ]j_abebkv gh hg \_kvfZ ^h\he_g LZd eb m` Zglbq_eh\_qgu fZgbimeypbb"

ij_^mij_`^_gb_

² ijb fZgbimebjh\Zgbb kfukehh[jZah\Zgb_f ba[_]bl_ kh[eZagZ ijhql_gby ih\_joghklguo i_j_`b\Zgbc h[t_dlZ \ dZq_kl\_ hljZ`Zxsbo i_j_kljhcdm _]h kfukehh[jZah\Zgby

² ijb g_kh\iZ^_gbb km[t_dlb\guo i_j_`b\Zgbc kh kfukehh[jZah\Zgb_f baf_gy_lky gZijZ\e_gghklv i_j_`b\Zgbc kfukehh[jZah\Zgb_ g_ j_nhjfbjm_lky Ihk_fm hklhjh`gh k wfhpbhgZevguf \ha^_ckl\b_f ijb jZafu\Zgbb©^hdljbgu kfukeZ `bagbªwnn_dl fh`_l ijbgylv g_Z^_d\Zlgmx nhjfm ijb dhlhjhc kdhj__ \k_]h jZafh_lky hlghr_gb_ d \Zf

F_lh^©Dhjj_dlbjh\dZ p_e_gZ\_^_gbyª

P_ev \ ikboheh]bb ² wlh hkhagZgguc h[jZa ij_^\hkobsZ_fh]h j_amevlZlZ <k_ fu ]hgbfky g_ aZ j_Zevgufb \_sZfb Z aZ gZrbfb ij_^klZ\e_gbyfb h gbo Pke_gZ\_^_gb_ oZjZdl_jbam_lky fuke_gguf ij_^\hkobs_gb_f

² ijh]ghabjh\Zgb_f j_amevlZlZ ^_yl_evghklb b kj_^kl\ k_ ^hklb`_gby LZdbf h[jZahf bf_xlky ^\Z imlb hi_jZlb\gh]h fZgbimebjh\Zgby p_e_gZ\_^_gb_f \h i_j\uo fh`gh mijZ\eylv h[jZahf ©ihlj_[gh]h [m^ms_]hª b \h \lhjuo fh`gh mijZ\eylv h[jZahf kihkh[Z ^hklb`_gby wlh]h [m^ms_]h F_`^m ^\mfy wlbfb dZl_]hjbyfb e_`bl h[rbjgZy h[eZklv b^_c kihkh[guo \_kvfZ kms_kl\_ggh baf_gblv ^_eh\mx b ebqgmx `bagv \Zr_]h iZjlg_jZ

NZdlbq_kdb ZgZeba ^_yl_evghklb h[t_dlZ fh`_l [ulv k\_^_g d \uy\e_gbx g_khhl\_lkl\by f_`^m kms_kl\mxs_c `bag_gghc kblmZpb_c b ebqgufb p_eyfb ihklZ\e_ggufb bf k_[_ kZfhfm <ky ^_yl_evghklv q_eh\_dZ ij_^klZ\ey_l kh[hc ihklhyggmx [hjv[m ih ij_h^he_gbx jZaju\Z f_`^m ©ijboh^hf b jZkoh^hfª ^_g_] f_`^m \eZklvx b iheh`_gb_f f_`^m ex[h\vx b g_gZ\bklvx b l ^ B \k_ wlh h[jZlbl_ hkh[h_ \gbfZgb_ kljhblky gZ lZdhf au[dhf nmg^Zf_gl_ dZd ijh]ghabjh\Zgb_ IhgbfZgb_ ijh]ghklbdb p_e_ gZ\_^_gby ebqghklb iha\hey_l \Zf baf_gyy ieZgdm b hq_jlZgby p_eb ih^\b]Zlv h[t_dl d hkhagZgbx `_eZl_evghklb lh]h beb bgh]h kh\f_klgh]h ^_ckl\by Lh qlh \ h[u^_gghc ijZdlbd_ gZau\Z_lky©gZ\yaZlv ^_ehª bf__l \_kvfZ gZ^_`gh_ ikboheh]bq_kdh_ h[hkgh\Zgb_ Bf_y gZ ijbp_e_ lj_[m_fh_ \Zf \u fh`_l_ dhjj_dlbjh\Zlv \b^_gb_ iZjlg_jZ l_f [he__ qlh ijh\_jblv k\hb©\b^_gbyª_fm g_]^_ b

²hl^uo e_q_gb_ jZa\e_q_gb_ ijh`b\Zgb_ aZ jm[_`hf k_f_cgZy iheblbdZ

‡moh^ hl h]jZgbq_gbc kh\[bagkkZ

² \hafh`ghklv j_ZebaZpbb ebqguo aZfukeh\ g_bkihegbfuo \ jhkkbckdbo mkeh\byo ih ijbqbg_ l_ogheh]bq_kdbo l_ogbq_kdbo aZdhgh^Zl_evguo b ijhqbo h]jZgbq_gbc

‡[bag_k dhf[bgZlhjbdZ

²kha^Zgb_ aZjm[_`ghc nmgdpbhgZevghc _^bgbpu ZdlmZevghklv fhlb\Z jZkl_l ih f_j_ i_jkhgbnbdZpbb q_eh\_dZ kh k\h_c nbjfhc

‡i_j_oh^ \ j_`bf mklhcqb\h]h ijZ\Z

² Zghgbfghklb ^hoh^h\ ]ZjZglbjh\Zgghc [_ahiZkghklb mklhcqb\h]h ohayckl\h\Zgby fbgbfbaZpby gZeh]h\uo ieZl_`_c

‡khh[jZ`_gby [_ahiZkghklb

²moh^ hl jwd_lZ hl kZgdpbc hl m]heh\gh]h ij_ke_^h\Zgby

‡wjaZp wfb]jZpby

²\ug_k_gb_ ^_yl_evghklb wZ jm[_` [_a nbabq_kdh]h \u_a^Z ba kljZgu

:L:DB IH N:DLHJM ijb_f©JZpbhgZevgh]h Klbfmebjh\Zgbyª ©gZdZqdZª

JZpbhgZevgh_ klbfmebjh\Zgb_ ih^jZamf_\Z_l ijb\g_k_gb_ \ khagZgb_ h[t_dlZ ^hihegbl_evguo fhlb\h\ \ \b^_ agZgbc b b^_c l _ jZkkm^hqgh hkhagZgghc h[t_dlhf bgnhjfZpbb hp_g_gghc b ijbgylhc bf \ dZq_kl\_ klbfmeZ Ijhkfhljbl_ \ur_ijb\_^_gguc kibkhd \_kvfZ \_jhylgh lZf hdZ`_lky fgh]h ihe_agh]h ^ey \ha^_ckl\by gZ \Zr h[t_dl

J lkogh

<uy\blv fhlb\Zpbhggmx gZijZ\e_gghklv ebqghklb h[t_dlZ Kh\hdmighklv lZdbo mklhcqb\uo fhlb\h\ hjb_glbjmxsbo ^_yl_evghklv ebqghklb hlghkbl_evgh g_aZ\bkbfuo hl \g_rg_c kblmZpbb fh`gh h[gZjm`blv ihqlb m dZ`^h]h q_eh\_dZ < hj[blm \Zrbo hi_jZlb\guo bgl_j_kh\ ^he`gu [ulv \dexq_gu lZdb_ fhf_glu dZd bgl_j_ku kdehgghklb m[_`^_gby b b^_Zeu h[t_dlZ \k_ lh qlh ih^iZ^Z_l ih^ ihgylb_ fbjh\haaj_gby

<u[jZlv beb kdhgkljmbjh\Zlv jZ[hqbc fhlb\² bgkljmf_gl fZgbimebjh\Zgby

<hiehs_gb_ \ha^_ckl\b_ b dhgljhev j_Zdpbb < dZq_kl\_ gZb[he__ gZ^_`gh]h kihkh[Z \g_^j_gby gh\uo b^_c j_dhf_g^m_f \Zf hijh[h\Zlv f_lh^ ijhndhgkmevlZpbc ijb dhlhjhf \h i_j\uo \k_ g_h[oh^bfh_ a\mqbl g_ ba \Zrbo mkl qlh \u\h^bl \Zk ba ih^ [hy b \h \lhjuo kjZ[Zlu\Z_l dh]gblb\gZy f_oZgbdZ q_eh\_dZ \ujZ`ZxsZyky \ lhf qlh j_^dbc q_eh\_d ba[_]Z_l kh[eZagZ \ukemrZlv fg_gb_ ki_pbZebklZ Ijhn_kkbhgZevgZy dhgkmevlZpby \ \Zr_c ©ihklZgh\d_ª\Zf [m^_l klhblv g_^hjh]h : gZkZ`Zggmx dhgkmevlZglhf bgnhjfZpbx \u \iheg_ \_jhylgh \kdhj_ kfh`_l_ \klj_lblv \ h[t_dl_ \ dZq_kl\_ _]h kh[kl\_gghc Qlh b lj_[h\Zehkv

Ijb ijh\_^_gbb kbkl_fZlbq_kdh]h fZgbimebjh\Zgby ke_^m_l mqblu\Zlv hkh[_gghklv g_j\ghc fh^_eb klbfmeZ Ex[hc klbfme ih\lhjy_fuc fgh]hdjZlgh \_^_l d lhfm qlh hl\_lguc j_ne_dk m]ZkZ_l l _ wnn_dlb\ghklv \Zr_]h \ha^_ckl\by h^gbf b l_f `_ klbfmehf jZa hl jZam kgb`Z_lky Qlh[u ba[_`Zlv wlh]h baf_gycl_ iZjZf_lju klbfmeZ hklZ\eyy g_au[e_fuf _]h kmlv Hl\_lu \ lZdhf kemqZ_ [m^_l mkbeb\Zlvky NjZ]f_glbjmcl_ gZdZqdm GZijbf_j m^Zj fh`_l [ulv gZg_k_g lZdhc [ZlZj__c \ha^_ckl\by©dhgkmevlZpbbª ©klhjhggbc fZl_jbZeª ©j_n_j_glgh_ fg_gb_ª

Ijb hij_^_e_gbb bgl_gkb\ghklb klbfmebjh\Zgby ihe_agh ihfgblv aZdhgu C_jdkZ >h^khgZ kh]eZkgh dhlhjuf

² dZq_kl\h ^_yl_evghklb ih f_j_ m\_ebq_gby klbfmebjh\Zgby baf_gy_lky dhehdhehh[jZagh KgZqZeZ hgh gZjZklZ_l ihlhf gZ[ex^Z_lky jZ\gh\_kgZy iehsZ^dZ²hilbfmf fhlb\Zpbb ijb dhlhjhf ^_yl_evghklv ijZdlbq_kdb g_ aZ\bkbl hl \g_rgbo klbfmeh\ aZl_f g_kfhljy gZ mkbe_gb_ klbfmebjh\Zgby ^_yl_evghklv mom^rZ_lky Hl \Zk lj_[m_lky gZclb g_h[oh^bfmx kmffm hilbfZevgh]h klbfmebjh\Zgby ba[_]Zy qj_af_jghc gZ]jmadb b i_j_]jmadb

g_gZ\yaqb\h \ajZs_g ^\mfy gZrbfb khljm^gbdZfb Lhevdh lh]^Z nbgZgkh\Zy ©lhji_^Zª [ueZ ijh^ZgZ \ ©^\hcdmª \f_kl_ kh ©k\h_cª aZklj_evghc b^__c hieh^hl\hj_gghc [Zgdh\kdbfb fbeebhgZfb

‡ ©ahf[bjh\Zgb_ª

<Zrb fhlb\Zpbhggh p_e_\h_ klbfmebjh\Zgb_ h[t_dlZ fh]ml dhkgmlvky _]h k\_joagZqbfuo ebqghklguo fhlb\h\ LZdb_ kljZl_]bb ij_^mkfZljb\Zxsb_ Zi_eeypbx d k^\b]m fhlb\Z ^_yl_evghklb gZ p_ev \ k\hbo emqrbo j_amevlZlZo ihjh`^Zxl \_kvfZ ki_pbnbq_kdmx ^_yl_evghklv h[t_dlZ [ebadmx d ih\_^_gbx ©ahf[bª ² \hkklZ\rbo f_jl\_ph\ mf_xsbo

lhevdh h^gh ^_ckl\h\Zlv jZ^b ^_ckl\by <uihegy_lky _kl_kl\_ggh k `b\ufb b [_a dZdhc eb[h fZ]bb b q_jghdgb`vy <h \kydhf kemqZ_ gZkdhevdh gZf ba\_klgh bkke_^h\Zgby \ wlhc h[eZklb gbq_]h kms_kl\_ggh]h g_ ijbg_keb

Hkgh\ghc aZ^_ckl\h\Zgguc fhlb\ ² kZfhZdlmZebaZpby beb i_jn_dpbhgbaf ebqghklb ² klj_fe_gb_ d fZdkbfZevgh iheghfm jZkdjulbx b kh\_jr_gkl\h\Zgbx \hafh`ghkl_c b ^Zjh\Zgbc q_eh\_dZ Ihkfhljbl_ \hdjm] k_[y b \u m[_^bl_kv qlh i_jn_dpbhgbaf ² h^bg ba ]eZ\guo h[s_q_eh\_q_kdbo klbfmeh\ Kdhev fgh]h gZjh^m \ gZr_ g_e_]dh_ \j_fy ij_^ihqblZ_l bgl_j_kgmx jZ[hlm aZjZ[hldm

<ZrZ jZ[hlZ k\h^blky d bgbpbbjh\Zgbx kZfh\gmr_gby \ h[t_dl_ b \ _]h ih^^_j`d_ ?keb \u \_^_l_ \ha^_ckl\b_ \_jgh lh hq_gv kdhjh ^he`gu aZf_lblv iZ^_gby jZpbhgZevgh]h dhgljhey b ijhy\e_gby gkdjblbqghklb h[t_dlZ ih hlghr_gbx d kh[kl\_gguf b^_yf dhgp_ipbyf b hp_gdZf ;he__ gZ^_`guf ijbagZdhf ihkem`Zl ijhy\e_gby jb]b^gh]h ih\_^_gby h[t_dlZ dZkZxs_fky \g_^j_gghc b^_b²g_k]b[Z_fh]h mi_jlh]h ih^oh^Z d hp_gdZf __ km[t_dlb\ghc agZqbfhklb JZ[hlZ wdkljZ deZkkZ ih^jZamf_\Z_l jZa^m\Zgb_ \g_^j_gghc b^_b ^h mjh\gy©k\_job^_bª]ZjZglbjmxs_c wnn_dl ahf[b \ ^_eh\hf ih\_^_gbb iZjlg_jZ

©h^bg gZr ^Z\gbc ijbyl_ev ² [u\rbc ij_^k_^Zl_ev [u\r_]h dheohaZ m\b^_e qlh ohayckl\h ijboh^bl \ miZ^hd qlh ^_j_\gy obj__l qlh \k_ iehoh dZd b ex[hc ohayckl\_ggbd ijbaZ^mfZeky h ihbkd_ bg\_klhjZ J_r_gb_ ihy\behkv jbkdh\Zggh_ g_ gZ^h ijb\e_dZlv bg\_klhjh\ ² gbdlh \ lZdmx IZgZfm ^_g_] g_ \eh`bl Gm`gh gZclb h^gh]h _^bgkl\_ggh]h q_eh\_dZ aZ\_jgmlh]h gZ k\_job^__ n_jf_jkl\Z beb ohly [u bf_xs_]h ih^h[gu_ gZdehgghklb LZd b ihklmibe gZr klZjbgguc lh\Zjbs Hg \udjhbe ba m]h^bc h]jhfguc dmkhd emqr_c a_feb gZ dhlhjuc \ [ueu_ \j_f_gZ dlh lhevdh gb ihdmrZeky : ^Ze__ ihqlb ^\Z ]h^Z mreb gZ ihbkdb b h[jZ[hldm ih^oh^ys_]h i_jkhgZ`Z Hlf_lbf qlh \k_ wlh \j_fy fu [ueb jy^hf Ihqlb \k_ dZg^b^Zlu \ n_jf_ju ijhreb q_j_a gZrb jmdb b lhevdh q_l\_jh ba gbo [ueb j_dhf_g^h\Zgu \ dZq_kl\_ ihl_gpbZevguo ^_g_`guo f_rdh\ < hlghr_gbb ^\hbo ba gbo ijh\h^bebkv ki_pbZevgu_ f_jhijbylby Z k ihke_^gbf ihqlb \hk_fv f_kyp_\ ijh\h^beZkv mihjgZy jZ[hlZ kbeZfb k_eyg K_]h^gy fu gZ[ex^Z_f i_j\u_ nbgZgkh\u_ \ijukdb qZklv bgnjZkljmdlmju ohayckl\Z \udmie_gZ qZklv h[bg\_klbjh\ZgZ EZ`_ _keb ^_eh aZdhgqblky ^ey bg\_klhjZ ieZq_\gh gZf dZ`_lky qlh lZd hgh b [m^_l k_eyg_ \gZdeZ^_ g_ hklZgmlky Bg\_klhj : qlh bg\_klhj"Q_f \ur_ Zf[bpbb l_f \ur_ ieZlZ

KLJ:OHH;J:AMXS:Y FHLB<:PBY

HldZa hl khljm^gbq_kl\Z ih^jZamf_\Z_l eb[h hlkmlkl\b_ iheh`bl_evghc fhlb\Zpbb ©gZk wlh g_ bgl_j_km_lª eb[h gZebqb_ hljbpZl_evghc fhlb\Zpbb \uau\Zxs_c jZaebqgu_ g_ijbylgu_ wfhpbb ©Wlh bgl_j_kgh gh kebrdhf jbkdh\Zgghª ©gZf wlh g_ ih^gylvª ©[hevgh keh`ghªb l i <k_ hgb \ dhg_qghf blh]_ fh]ml [ulv k\_^_gu d [ZgZevghfm qm\kl\m kljZoZ ² wlhfm h[s_fm agZf_gZl_ex ex[h]h mjZ\g_gby q_eh\_q_kdhc ^mrb LZdmx h[h[s_ggmx hljbpZl_evgmx fhlb\Zpbx k\yaZggmx k qm\kl\hf kljZoZ b hiZk_gbyfb gZau\Zxl kljZohh[jZamxs_c ?_ bkke_^h\Zgbx ke_^m_l m^_eylv ^he`gh_ \gbfZgb_ b[h ij_g_[j_`_gb_ kljZoZfb iZjlg_jZ ² iheblbdZ lmibdh\Zy J_r_gb_ h[ mqZklbb \ kZfhf ijhkl_gvdhf kh\f_klghf [bag_k_ ² wlh \k_]^Z ebqghklguc [ZeZgk f_`^m iheh`bl_evghc b kljZohh[jZamxs_c fhlb\Zpb_c

Hlf_lbf hkgh\gmx hkh[_gghklv g_]Zlb\ghc fhlb\Zpbb ² kdjulghklv ?keb \ h[eZklb iheh`bl_evguo fhlb\h\ ex^b k]j_fylky bo ^_fhgkljbjh\Zlv lh ijh kljZohh[jZah\Zgb_ wlh]h g_ kdZ`_rv Gbdlh \Zf g_ kdZ`_l ©Y [hxkv \Zk b \Zr_]h ^_eZ b g_ ohqm [hevr_ \hjhqZlvky ih ghqZf hl [_kkhggbpuª GZijhlb\ \Zf [m^ml fhjhqblv ]heh\m jZaebqgufb fm^jkl\h\Zgbyfb Emqr_ \k_]h hldeZgylvky b ihklZjZlvky aZclb bgZq_ dhev kdhjh \u ijhfhj]Zeb \ h[t_dl_ gZebqb_ lZdh]h k^_j`b\Zxs_]h qZklhdheZ

F:GBA:PBY EBQGHK=B

KM;T?DLB<G:Y AG:QBFHKLV >?G?=

‡ijh_dlgu_ oZjZdl_jbklbdb ‡ikboheh]by ^_g_] ‡p_eb jZa\_^db nZdlhjZ ‡J l_ogh jZa\_^dZ ebqghklb ‡J l_ogh mijZ\e_gb_ iZjlg_jhf

IJH?DLGU? O:J:DL?JBKLBDB

<uykg_gb_ \hijhkh\ hlghr_gby h[t_dlZ \Zr_c hi_db d ^_gv]Zf ihe_agR ijb ex[hf ijh_dl_ Kh\_jr_ggh g_h[oh^bfZ jZa\_^dZ nZdlhjZ ijb

‡bg\_klbpbhgghc gZijZ\e_gghklb ijh_dlZ ‡ih\ur_gghc jheb iZjlg_jZ \ nbgZgkh\hf mqZklbb ijh_dlZ

² hkh[_ggh g_ihkj_^kl\_ggh]h \uiheg_gby nbgZgkh\uo nmgdpbc kh\f_klgh]h nbgZgkbjh\Zgby Zddmfmebjh\Zgby kj_^kl\ mijZ\e_gby bfb hj]ZgbaZpbb b ijh\_^_gby \aZbfhjZkq_lh\

‡ih\ur_gghc i_jkhgbnbdZpbb ijh_dlZ

² ex[uo nhjfZo ijb\e_q_gby iZjlg_jZ \ dZq_kl\_ dexq_\h]h ijh_dlgh]h i_jkhgZ`Z DZd lhevdh ijh_dl ijbgbfZ_l Z\lhjbah\Zggu_ q_jlu jhev ^_g_] \ khagZgbb h[t_dlZ klZgh\blky i_j\hhkgh\ghc

NZdmevlZlb\guf fh`gh kqblZlv \_glbeypbx \hijhkZ fZgbaZpbb ebqghklb ijb gbadhijhnblguo ijh_dlZo hkms_kl\ey_fuo \ mkeh\byo kdm^ghklb j_a_j\h\ beb h[s_]h ^_nbpblZ klZjlh\uo kj_^kl\

JL ij_g_[j_]Zxsbc ^Zgguf \hijhkhf beb hlghkysbcky d g_fm oZeZlgh jbkdm_l hq_gv [ukljh hdZaZlvky gZ mebm_ Khljm^gbd g_ ihgbfZxsbc beb g_^hhp_gb\Zxsbc \Z`ghklv jZa\_^db ^_g_`guo ^bkihabpbc ebqghklb g_ gm`_g gbdhfm

IKBOHEH=BY >?G?=

LBI HLGHR?GBC

Kd\Zeu]Z beb fhl ² wlb ^\Z Zglbih^Z ih\_^_gby ^bdlmxlky bkdexqbl_evgh \gmlj_ggbf hlghr_gb_f q_eh\_dZ d ^_gv]Zf

< wlhc k\yab ohl_ehkv [u hlf_lblv lZdhc fhf_gl Mkeh\gh ex[hc q_eh\_d ijbgZ^e_`bl d h^ghc ba ^\mo hkgh\guo dZl_]hjbc bkih\_^mxsbo ijbgpbibZevgh jZagmx ^_g_`gmx hjb_glZpbx eb[h hg hlghkblky d bg^bnn_j_glghfm lbim eb[h d k_e_dlb\ghfm

‡bg^bnn_j_glguc lbi hlghr_gbc

;_a jZagbpu dZdb_ ^_gv]b i_j_^ lZdbf q_eh\_dhf ² ©k\hbª beb ©qm`b_ª ijbgZ^e_`Zsb_ _fm ebqgh beb y\eyxsb_ky kh[kl\_gghklvx ^jm]bo ebp _]h hlghr_gb_ d gbf [m^_l h^bgZdh\uf ² ijbgpbibZevgh [_ajZaebqguf < kbem jy^Z ^hihegbl_evguo nZdlhjh\ m lZdbo ex^_c©qm`b_ª^_gv]b moh^yl ljm^g__ q_f k\hb Lbibqguo ij_^klZ\bl_e_c \u [_a ljm^Z h[gZjm`bl_ \ kj_^_ ijhn_kkbhgZevguo [Zgdbjh\ hiulguo dhff_jkZglh\ ij_^ijbgbfZl_e_c \ukhdh]h mjh\gy b [Zg^blh\ kh klZ`_f <k_o dlh k\yaZg k ^_gv]Zfb ihklhyggh b iehlgh b dlh ij_^klZ\ey_l k_[_ bo bklbggh_ agZq_gb_ >Z`_ dh]^Z fu \b^bf \g_rgb_ ijbagZdb imlZgby

©k\hbo [ZjZgh\ k h[s_kl\_ggufbª dh]^Z ydh[u qm`b_ ^_gv]b jZkljZqb\Zxlky f_g__ hl\_lkl\_ggh ijbf_gbl_evgh d bg^bnn_j_glghfm lbim ebqghklb fu ^he`gu ihgbfZlv ke_^mxs__ gZ kZfhf ^_e_ aZ wlbf kdju\Z_lky eb[h bo bkihevah\Zgb_ gZ ebqgu_ p_eb g_ \ujZ`Z_fu_ \ ^_g_`ghf wd\b\Ze_gl_ b gZijyfmx k ^_gv]Zfb g_ k\yaZggu_ eb[h \ wlhf ih\bggu we_f_glZjgu_ ijh\Zeu \ bg\_klbpbhgghc l_ogbd_ q_eh\_dZ²mf_gbb ^\b]Zlv ^_gv]b \ lhf qbke_ \ h[yaZl_evghf ihjy^d_ b k\hb kh[kl\_ggu_ QZklh aZ jZkljZlZfb kdju\Z_lky g_ qlh bgh_ dZd fZkdbjh\Zgb_ ^uju \ ebqghf hiul_ jZ[hlu k ^_gv]Zfb qlh `bagv b ih^l\_j^beZ ih\k_f_klgh klhbeh lhevdh ijhclb fZkkh\hc ijb\ZlbaZpbb b k^_eZlv qZklguf h[s_kl\_ggh_ ;_a^Zjb bf_ggh kh[hx b hklZebkv Hldm^Z [u \aylvky bg\_klbpbhgghfm hiulm dh]^Z \k_ ©bg\_klbpbbªijhreb \ \u[hj_ f_`^m dhe[Zkhc ^ey k_fvb b ib\hf ^ey [Zgb"

‡k_e_dlb\guc lbi hlghr_gbc

GZb[he__ jZkijhkljZgbf \ kj_^_ ij_^ijbgbfZl_e_c k_e_dlb\guc lbi ^\hckl\_ggh]h hlghr_gby d ^_gv]Zf \ hlghr_gbb k\hbo kh[kl\_gguo ^_g_]²iheblbdZ h^gZ \ hlghr_gbb ^_eh\uo ^_g_] hkh[_ggh iZjlg_jkdbo ² iheblbdZ kh\_jr_ggh bgZy bgh]^Z ^bZf_ljZevgh ijhlb\hiheh`gZy

Ijh[e_fZ k_e_dlb\ghc ebqghklb aZdexqZ_lky \ lhf qlh q_eh\_d gZqbgZ_l imlZlv p_eb b kj_^kl\Z qlh \ qZklghklb ijhy\ey_lky \ ih^oh^_ d iZjlg_jkdbf dj_^blZf b bg\_klbpbyf dZd d kj_^kl\m ihiheg_gby kh[kl\_ggh]h dhr_evdZ < [he__ bahsj_gghc nhjf_ ijh[e_fZ gZ[ex^Z_lky b k h[jZlghc klhjhgu dh]^Z \_kvfZ hklhjh`gu_ ij_^ijbgbfZl_eb ijb bguo kblmZpbyo ijhy\eyxsb_ \_jo hkfhljbl_evghklb \ bg\_klbpbyo aZ[u\ h lhf qlh bf_ggh hgb ^_eZxl kh k\hbfb kh[kl\_ggufb gZdhie_gbyfb ihihegbeb kibkdb `_jl\©ibjZfb^ª

j_axf_

nZdl hlghr_gby d kh[kl\_gguf kj_^kl\Zf ^Z_l dexq d jZkrbnjh\d_ fgh]bo fhf_glh\ l_dms_]h b ijh]ghabjm_fh]h ^_eh\h]h ih\_^_gby \Zr_]h h[t_dlZ DZdh\h hlghr_gb_ h[t_dlZ d kh[kl\_gguf ^_gv]Zf²bf_ggh lZd ijb kZfhf emqr_f jZkdeZ^_ hg [m^_l hlghkblvky d \Zrbf Bkke_^mcl_ fZgbaZpbx ² ^_g_`gh_ ih\_^_gb_ iZjlg_jZ ² b \u m\b^bl_ k\h_ [eb`Zcr__ [m^ms__

Bg\_klhj aZy\eyxsbc h k\h_c ]hlh\ghklb \deZ^u\Zlv \ ©ex[h_ khklhyl_evgh_ iZjlg_jkl\hª [ue gZfb ijhdhehl ijb agZdhfkl\_ k _]h ^_g_`guf ih\_^_gb_f Q_eh\_d g_^h_^Zxsbc kZf b g_ kihkh[guc ^hklhcgh h[klZ\blv ^_gv jh`^_gby k\h_c nbgZgkh\hc nbjfu gZ\jy^ eb \hh[s_ bf__l ij_^klZ\e_gb_ qlh _klv khklhyl_evghklv

:gZeh]bqguc gZ keh\Zo lbi kwdhghfbe fZkkm kbe bgbpbZlhjm jZkkdZaZ\ kdhevdh b ]^_ ljZlbl ebqguo kj_^kl\ gZ jme_ldm b ©;ewd ^`_dª

NbgZgkbkl fgh]hqZkh\u_ jZa]eZ]hevkl\h\Zgby dhlhjh]h gZ l_fu [bag_kZ b iZjlg_jkl\Z \iheg_ ihlygmeb [u \ dZq_kl\_ ihdZaZl_evguo e_dpbc ^ey dZdhc gb[m^v ZdZ^_fbb [bag_kZ \_kvfZ [ukljh [ue ijhkqblZg \ dZq_kl\_ ihl_gpbZevgh hiZkgh]h g_gZ^_`gh]h iZjlg_jZ kdehggh]h d f_edhfm `mevgbq_kl\m dZd lhevdh hg ijh[helZeky h lhf dZd \ kmi_jfZjd_l_ i_j_de_b\Ze p_ggbdb k ghkdh\ gZ ]Zeklmdb

Ihl_gpbZevguc h[t_dl bg\_klbjh\Zgby \udZaZ\ g_kihkh[ghklv jZkihjy`Zltky ©\uoh^guf ihkh[b_fª ih f_klm ij_`g_]h [bag_kZ ihjh^be k_jv_agu_ hiZk_gby \ ^h\_jbb \u^_ey_fuo _fm kj_^kl\

IKBOHEH=BY >?G?=

Ihfgbl_ dZd g_ lZd ^Z\gh gZf qblZeb \ bgklblmlZo ©jhev ^_g_] ijb dZiblZebaf_ª"Ijhqlbl_ gb`_ ijh ikboheh]bq_kdb_ jheb ^_g_] wihob ihklkhpbZebafZ

IhgbfZgb_ jheb ^_g_] \ khagZgbb ij_^ijbgbfZl_ey ^\hckl\_ggh b hlebqZ_lky hl ij_^klZ\e_gbc©a^jZ\h]h kfukeZªh[u^_gghc fZkku K_cqZk \u ihcf_l_ ihq_fm fu ]h\hjbf h ^\mo ijbgpbibZevgh jZaguo lbiZo hlghr_gbc d ^_gv]Zf

‡jhev ^_g_] ^_gv]b dZd p_ev

>_gv]b ² wlh [_amkeh\gh dhg_qgZy p_ev ex[h]h ij_^ijbgbfZl_ey kj_^kl\h ieZl_`Z ©f_jbeh kqZklvyª ©[h]Zq_kl\hª b l i A^_kv a^jZ\uc kfuke kh\iZ^Z_l k ij_^ijbgbfZl_evkdbf f_glZebl_lhf iheghklvx Lhl dlh ly]hl__l d wlhc nmgdpbb ^_g_] jZgh beb iha^gh dZd ij_^ijbgbfZl_ev hklZgZ\eb\Z_lky \ k\h_f jZa\blbb Eb[h ihihegy_l dhee_dpbx `_jl\ fhr_ggbq_kl\Z b \ha\jZsZ_lky gZ bkoh^gmx ihabpbx klZjlZ dZjv_ju Hkh[h g_[eZ]hijbyl_g nZdlhj dh]^Z hg h[hkljy_lky ^h n_lbrZ qlh kemqZ_lky dh]^Z ^_gv]b ij_^klZ\eyxl kh[hc g_ ijhklh p_ev Z ]eZ\gmx p_ev²kfukehh[jZamxsbc fhlb\ ^_yl_evghklb Ijbkdhj[gh \b^_lv lZeZgleb\uo [bag_kf_gh\ g_ kmf_\rbo ih^gylvky \ur_ ^_g_]

‡jhev ^_g_] ^_gv]b dZd kj_^kl\h

<h \lhjuo ^_gv]b ² wlh kj_^kl\h ^hklb`_gby ij_^ijbgbfZl_evkdbo p_e_c dhlhju_ ^Ze_dh g_ \k_]^Z ij_^klZ\eyxl kh[hc _s_ [hevrb_ ^_gv]b < wlhc lhqd_ f_glZebl_l ij_^ijbgbfZl_ey \ dhjg_ jZkoh^blky kh a^jZ\uf kfukehf b[h ihke_^g_fm g_fukebfh ih^h[jm iha^hjh\m jZkklZlvky k ^_gv]Zfb beb ih^\_j]gmlv bo hiZkghklyf : dZd \Zf ba\_klgh \_kv [bag_k ² wlh mijZ\e_gb_ ^_gv]Zfb l _ khagZl_evgh_ ih^l\_j`^_gb_ bo jbkdZf LZdbf h[jZahf q_f ^Zevr_ khagZgb_ \Zr_]h h[t_dlZ ijh^\bgmlh \ klhjhgm ihgbfZgby hihkj_^h\Zgghc p_gghklb ^_g_] l_f [he__ aj_euc ij_^ijbgbfZl_ev i_j_^ \Zfb Bf_ggh ihwlhfm ij_^ijbgbfZl_ex k [hevrhc [md\u k\hckl\_g_g ki_pbnbq_kdbc ^_g_`guc bffmgbl_l Bf_ggh ihwlhfm bg^bnn_j_glguc lbi hlghr_gbc d ^_gv]Zf aZqZklmx fgh]hljm^gh \hkiblu\Z_fuc ]h^Zfb oZjZdl_j_g ^ey [bag_kf_gh\ \ukhdh]h deZkkZ B _keb \Zf ijb^_lky \b^_lv dZd hgb k i_ghc m jlZ hlklZb\Zxl k\hb ^_kylu_ ^heb ijhp_glh\ [m^vl_ m\_j_gu lml ^_eh g_ lhevdh \ ^_gv]Zo

Ih f_j_ jZa\blby gZpbhgZevgh]h ij_^ijbgbfZl_evkl\Z b khijy`_gghc k gbf b^_heh]bb fh`gh k\b^_l_evkl\h\Z]v i_j\u_ ijbagZdb djZoZ ^hdljbgu©fZgb f_cd_jª

²ebqghklgh]h kfukeZ b `bag_gghc ihabpbb ^_eZgby ^_g_] jZ^b ^_eZgby ^_g_] L_o m dh]h g_ Zljhnbjh\Zebkv ghjfZevgu_ q_eh\_q_kdb_ qm\kl\Z j_ljhki_dlb\guc \a]ey^ gZ ijhc^_gguc imlv \_kvfZ fZeh jZ^m_l DZd [u gb klj_fbebkv ex^b aZ\urZlv k\hb aZkem]b b ij_ih^ghkblv k_[y \ [he__ \u]h^ghf k\_l_ i_j_^ ^jm]bfb \ dhgp_ dhgph\ dZ`^uc hklZ_lky h^bg gZ h^bg k kZfbf kh[hc Ih gZr_fm fg_gbx k_]h^gy \ kh\ij_^ijbgbfZl_evkl\_ gZf_lbeZkv mklhcqb\Zy l_g^_gpby d mdj_ie_gbx jheb ^_g_] dZd kj_^kl\Z ^hklb`_gby p_e_c

j_axf_

hij_^_ebl_ lbi hlghr_gbc iZjlg_jZ h q_f ^mfZ_l wlhl q_eh\_d ijhbaghky keh\h ©^_gv]bª ²h dhg_qghc p_eb k\h_c fbkkbb beb h kj_^kl\_ __ \uiheg_gby"

P?EB J:A<?>DB N:DLHJ:

P_ev ^hklb]Z_fZy jZa\_^dhc fZgbaZpbb ebqghklb y\ey_lky dhfie_dkghc <h i_j\uo hljZ[Zlu\Zy ^_g_`gmx l_fm \u bf__l_ \hafh`ghklv ijhsmiZlv

g_[eZ]hihemqgu_ gZdehgghklb iZjlg_jZ Ih^h[gh eZdfmkh\hc [mfZ`d_ ^_gv]b ijhy\eyxl \k_ [_a bkdexq_gby q_eh\_q_kdb_ ihjhdb DZd h[uqgh \ZrZ jZ[hlZ ² ^bZ]ghklbdZ khpbZevgh ikboheh]bq_kdbo dZq_kl\ h[t_dlZ ihl_gpbZevgh m]jh`Zxs_]h lbiZ < i_j\mx hq_j_^v wlh dZkZ_lky hldehg_gby hlghr_gbc gZijbf_j lZdbo \k_f ohjhrh agZdhfuo dZd ©aZ\_jgmlhklvª q_eh\_dZ gZ ^_g_`ghc l_f_ G_ kih^h[blky eb iZjlg_j ih^ukdZlv \Zf khhl\_lkl\mxsbc ^_g_`guc wd\b\Ze_gl"

‡jbkd ml_jb iZjlg_jZ ‡jbkd g_ehyevgh]h ih\_^_gby ‡jbkd mljZlu ijh_dlguo j_kmjkh\

< \lhjuo jZa\_^dZ fZgbaZpbb h[_ki_qb\Z_l \Zf \hafh`ghklv [ZeZgkbjh\db b