Plan régional formation professionnelle 2007-2011

; Ôj gfli cË\dgcf`

Gi\d`\i gcXe i ^`feXc [\ [ m\cfgg\d\ek [\ cX ]fidXk`fe gif]\jj`fee\cc\ )''. $ )'((

y;@KF I<C<M<I <EJ<D9C< C<J ;<=@J GFLI CË<DGCF@ <E C8E>L<;F:$IFLJJ@CCFE Efki\ i ^`fe Zlck`m\ c\j gXiX[fo\j \e dXk` i\ [Ë\dgcf` \k [\ [ m\cfgg\d\ek Zfefd`hl\% 8m\Z [\j kXlo [\ Z_ dX^\ c\m j \k le\ Z\ikX`e\ gi ZXi`k jfZ`Xc\# efki\ i ^`fe ZfeeX k gflikXek c\ gclj ]fik kXlo [\ Zi Xk`fe [Ë\dgcf`j Xm\Z le\ [ df^iXg_`\ ^XcfgXek\ hl` Xkk\jk\ [Ële ]fik gfk\ek`\c [\ [ m\cfgg\d\ek gfli c\j gifZ_X`e\ Xee \j% ;Xej Z\ Zfek\ok\# eflj eflj jfdd\j \e^X^ j ~ ]X`i\ [\ cË\dgcf` cËle\ [\ efj gi`fi`k j \e XggfikXek le\ Xkk\ek`fe kflk\ gXik`Zlc` i\ ~ cX ]fidXk`fe gif]\jj`fee\cc\ XÔe [Ëf]]i`i Xlo \eki\gi`j\j c\j Zfdg k\eZ\j [fek \cc\j fek Y\jf`e% Á Z\ k`ki\# c\ GcXe i ^`feXc [\ [ m\cfgg\d\ek [\ cX ]fidXk`fe gif]\jj`fee\cc\ GI;=G $ ; Ôj gfli cË\dgcf`# hl` X k mfk gXi cËXjj\dYc \ i ^`feXc\ c\ )+ Xmi`c )''.# gfli cX g i`f[\ )''.&)'((# m`\ek Zfdgc k\i cX jkiXk ^`\ Zfefd`hl\ hl\ eflj Xmfej [ m\cfgg \ [Xej J<IM@I% @c d\k \e cld` i\ c\j j\Zk\lij [ËXZk`m`k i\gi j\ekXk`]j [\ cË Zfefd`\ i ^`feXc\ \k [\ efj k\ii`kf`i\j% :\g\e[Xek# `c \jk ^Xc\d\ek `dgfikXek [\ g\id\kki\ Xlo _XY`kXekj \k _XY`kXek\j [\ Z\kk\ i ^`fe# cpZ \ej# Xggi\ek`j# [\dXe[\lij [Ë\dgcf`# jXcXi` j# [\ d`\lo ZfeeX ki\ cËf]]i\ [\ ]fidXk`fe gif]\jj`fee\cc\ gifgfj \ \e i ^`fe# hl\c hl\ jf`k jfe ÔeXeZ\d\ek# \k [ËXZZ [\i \ejl`k\ ~ le\ ]fidXk`fe [\ hlXc`k \k Zfii\jgfe[Xek ~ c\li gifa\k% ;\ efdYi\lj\j d\jli\j ki j ZfeZi k\j mfek [feZ g\id\kki\ [\ ]Xmfi`j\i cË ^Xc`k [\j Z_XeZ\j% :\kk\ [flYc\ XdY`k`fe Æ Zfeki`Yl\i Xl [ m\cfgg\d\ek Zfefd`hl\ \k gXik`Z`g\i ~ cË gXefl`jj\d\ek g\ijfee\c \k gif]\jj`fee\c [\ Z_XZle $ `dgc`hl\ [ jfidX`j cË\ej\dYc\ [\j XZk\lij i ^`feXlo% <e kXek hl\ Z_\] [\ Ôc\ [l GI;=G# cX I ^`fe X ]X`k c\ Z_f`o [Ële\ cXi^\ ZfeZ\ikXk`fe Xm\Z cË<kXk# c\j YiXeZ_\j gif]\jj`fee\cc\j# c\j gXik\eX`i\j jfZ`Xlo# c\j XZk\lij k\ii`kfi`Xlo# c\j cpZ \j gif]\jj`fee\cj# c\j Z\eki\j [\ ]fidXk`fe [ËXggi\ek`j# c\j fi^Xe`jd\j [\ ]fidXk`fe¿ CË`dgc`ZXk`fe [\ kflj# [Xej cX ZfejkilZk`fe [l [`X^efjk`Z# cX [ Ôe`k`fe [\j \ea\lo \k [\j fi`\ekXk`fej ~ , Xej# X [ dfeki cX mfcfek Zfddle\ [\ kiXmX`cc\i \ej\dYc\# kflk \e i\jg\ZkXek c\j Zfdg k\eZ\j [\ Z_XZle% ;Ëfi\j \k [ a~# eflj gflmfej eflj ] c`Z`k\i hl\ Z\ GcXe i ^`feXc [\ [ m\cfgg\d\ek [\ cX ]fidXk`fe gif]\jj`fee\cc\ GI;=G ½ ; Ôj gfli cË\dgcf` ¾ e\ jf`k gXj c\ [fZld\ek jkiXk ^`hl\ [\ cX I ^`fe dX`j Y`\e Z\cl` [\ kflj c\j XZk\lij [\ cX ]fidXk`fe gif]\jj`fee\cc\ `e`k`Xc\ \k Zfek`el\ \e CXe^l\[fZ$Ifljj`ccfe Z\ hl` Zfejk`kl\ \e jf` le\ XmXeZ \ jXej gi Z [\ek [Xej Z\kk\ i ^`fe% Gfli efki\ gXik# eflj gflijl`mifej efki\ gfc`k`hl\ XdY`k`\lj\ \k mfcfekXi`jk\ Xl Y e ÔZ\ [\ Z\kk\ i ^`fe \k [\ j\j _XY`kXekj Xm\Z Z\kk\ Xkk\ek`fe kflk\ gXik`Zlc` i\ jli cX a\le\jj\ hl` Zfejk`kl\ efki\ ]fiZ\ \k efj d\`cc\li\j Z_XeZ\j [ËXjjli\i c\ [ m\cfgg\d\ek [l CXe^l\[fZ Ifljj`ccfe% I\c\mfej \ej\dYc\ c\j [ Ôj gfli cË\dgcf`% >\fi^\j =i Z_\ Gi j`[\ek [\ cX I ^`fe CXe^l\[fZ$Ifljj`ccfe

GIy=8:< C< GI;=G ;< C8 Iy>@FE C8E>L<;F:$IFLJJ@CCFE 1 LE 8M<E@I <E D8I:?< 8e`dXki`Z\ \k Z_\] [ËfiZ_\jki\ [l GI;=G# cX I ^`fe e\ g\lk hl\ j\ ] c`Z`k\i [\ mf`i cË cXYfiXk`fe [\ Z\ gcXe Xii`m \ ~ jfe k\id\% Hl\ kflj jf`\ek i\d\iZ` j gfli Xmf`i Zfeki`Yl # Z_XZle [Xej jX gXik`k`fe# ~ ]X`i\ [\ Z\kk\ cXYfiXk`fe le\ Ålmi\ Zfddle\# Zfejkil`k\ jli c\ [ YXk# cË Z_Xe^\# mf`i\ cX Zfe]ifekXk`fe [\j `[ \j \k [\ cX ]X fe [\ c\j kiX[l`i\ ZfeZi k\d\ek gfli i gfe[i\ Xlo Y\jf`ej [\ Z\kk\ i ^`fe \k [\ j\j _XY`kXekj% A\ k`\ej Xljj` ~ i\d\iZ`\i c\j j\im`Z\j [\ cX I ^`fe [fek cX dfk`mXk`fe X g\id`j [\ gi\e[i\ \e Zfdgk\ le dXo`dld [\ gifgfj`k`fej jXej aXdX`j el`i\ ~ cX Zf_ i\eZ\ [\ cË\ej\dYc\% C\ mfk\ [l GI;=G gXi cË8jj\dYc \ i ^`feXc\ eË\jk gXj le\ Ôe# dX`j le [ Ylk% D d\ j` eflj giflmfej kflj Y\XlZflg [\ jXk`j]XZk`fe ~ mf`i Ôo j ½ [Xej c\ dXiYi\ ¾ c\j fYa\Zk`]j hl\ eflj eflj jfdd\j X`ej` [fee j \ej\dYc\ gfli c\j Z`eh Xee \j ~ m\e`i# cË_\li\ eË\jk gXj ~ YX`jj\i c\j YiXj% CË cXYfiXk`fe jËXZ_ m\# cX d`j\ \e Ålmi\ Zfdd\eZ\% Eflj Xmfej Zfejkil`k le gcXe Xm\Z [\j Zi`k i\j d\jliXYc\j g\id\kkXek [\ jl`mi\ Zfcc\Zk`m\d\ek cX i Xc`jXk`fe [\j fYa\Zk`]j \k [ËXaljk\i j` e Z\jjX`i\ c\j XZk`fej% DX`j Z\ gcXe \jk Xljj` X[XgkXYc\ \k mfclk`] XÔe [\ gi\e[i\ \e Zfdgk\ c\j [fee \j eflm\cc\j hl` e\ dXehl\ifek gXj [ËXggXiX ki\ [Xej c\j Z`eh Xee \j ~ m\e`i# hlË\cc\j jf`\ek gfc`k`hl\j# Zfefd`hl\j# jfZ`Xc\j fl \em`ifee\d\ekXc\j% 8m\Z jfe k`ki\ ½ ; Ôj gfli cË\dgcf` ¾# c\ GI;=G dXihl\ Y`\e cX gi`fi`k [Xej efki\ i ^`fe f c\ kXlo [\ Z_ dX^\ \jk \eZfi\ Y`\e kifg c\m # jlikflk Z_\q c\j a\le\j% CX ]fidXk`fe `e`k`Xc\# jflj jkXklk jZfcX`i\# \e Xggi\ek`jjX^\ fl [Xej c\j dlck`gc\j ZfekiXkj \e Xck\ieXeZ\# Zfdd\ cX ]fidXk`fe Zfek`el\ [f`m\ek g\id\kki\ le\ `ej\ik`fe gif]\jj`fee\cc\ i \cc\% DX`j Z\ eË\jk gXj cËle`hl\ fYa\Zk`]% Eflj Xmfej jflm\ek iXgg\c hl\ cX ]fidXk`fe Zfek`el\ kX`k e \ [Xej c\j Xee \j (0.'# g i`f[\ jXej Z_ dX^\# f c\j fYa\Zk`]j \jj\ek`\cj i\c\mX`\ek [\ cX gifdfk`fe jfZ`Xc\ \k gif]\jj`fee\cc\% :\k \ea\l i\jk\ Xlafli[Ë_l` Xljj` ]fe[Xd\ekXc hl\ Z\cl` [\ cË\dgcf` \k c\ GI;=G cËX Y`\e gi`j \e Zfdgk\ Zfdd\ \e k df`^e\ek gclj`\lij ÔZ_\j XZk`fej% @c ]Xl[iX Z\g\e[Xek ki\ m`^`cXek [Xej Z\ [fdX`e\ ZXi ½ cËXjZ\ej\li jfZ`Xc ¾ \jk \e gXee\ [\gl`j [\ efdYi\lj\j Xee \j% Eflj Zfdgk`fej Y\XlZflg jli cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\ gfli c\ ]X`i\ i\[ dXii\i# dX`j Z\cX e\ jl]ÔiX gXj% C\j ]fidXk`fej cfe^l\j jlg i`\li\j ~ le Xe hl` g\id\kk\ek [\ miX`\j gif^i\jj`fej [\ ZXii` i\j fl [\j miX`\j i\Zfem\ij`fej dXehl\ek \eZfi\ [\ ÔeXeZ\d\ekj%

;Xej c\j g i`f[\j XZkl\cc\j \k ~ m\e`i# ZXiXZk i`j \j gXi le \em`ifee\d\ek dflmXek \k `eZ\ikX`e# cX ]fidXk`fe [f`k Xljj` Xggfik\i hl\chl\ Z_fj\ [\ gclj hl\ [ËXggi\e[i\ le d k`\i# le\ k\Z_e`hl\ fl [\j jXmf`i$]X`i\% <cc\ [f`k i\e[i\ c\j `e[`m`[lj gclj Xlkfefd\j# gclj ~ d d\ [Ë ki\ XZk\lij [\ c\li gifgi\ _`jkf`i\# ZXgXYc\j [ËXeXcpj\i c\li \em`ifee\d\ek% <cc\ [f`k [feZ c\li ½ Xggi\e[i\ ~ Xggi\e[i\ ¾ gfli Zfdgi\e[i\% D`\lo# \cc\ [f`k c\li [fee\i cË\em`\ [ËXggi\e[i\% :\Z` \jk m`[\dd\ek [`]ÔZ`c\ ~ d\jli\i# ZXi `c jËX^`k [Ë\]]\kj ~ cfe^ k\id\% DX`j j` eflj e\ gflmfej gXj Xmf`i `Z` le\ fYc`^Xk`fe [\ i jlckXkj# [l df`ej [\mfej$eflj eflj [fee\i le\ fYc`^Xk`fe [\ dfp\ej ZXi Z\k \]]\k [\ cX ]fidXk`fe# hl` gXik`Z`g\ ~ cX ZfejkilZk`fe d d\ [\ cË`e[`m`[l# \jk \e Ôe [\ Zfdgk\# g\lk$ ki\# cË\]]\k \jj\ek`\c% CX Z_Xik\ hlXc`k hl\ cX I ^`fe mX d\kki\ \e Ålmi\ gif^i\jj`m\d\ek [\miX \e k\e`i Zfdgk\ [Ële\ dXe` i\ fl [Ële\ Xlki\% <eÔe# Z\k \em`ifee\d\ek dflmXek \k `eZ\ikX`e eflj fYc`^\ Xljj` ~ gi gXi\i cËXm\e`i \e dXk` i\ [\ ]fidXk`fe# [feZ ~ ]fid\i [\j g\ijfee\j gfli [\j d k`\ij \e d\i^\eZ\# gfli c\j d k`\ij [\ [\dX`e% <e kXek hlË Zfcf^`jk\# a\ jX`j hl\ Y\XlZflg [\ Z\j d k`\ij jfek c` j [\ gi j fl [\ cf`e ~ cË\em`ifee\d\ek# ~ cX ^\jk`fe [\ cË\Xl# Xlo e\i^`\j i\eflm\cXYc\j gif[lZk`fe Zfdd\ lk`c`jXk`fe # ~ cËX^i`Zlckli\ Y`fcf^`hl\# Xlo ZfejkilZk`fej ?Xlk\ hlXc`k \em`ifee\d\ekXc\# Xlo `e[ljki`\j ½ m\ik\j ¾# Xlo kiXejgfikj Zfcc\Zk`]j¿ Le\ Yfee\ Zfdg k\eZ\ [Xej Z\j [fdX`e\j g\lk ]X`i\ [l CXe^l\[fZ$Ifljj`ccfe le\ i ^`fe g`cfk\ \k ki\ le Xkflk Zfefd`hl\ [\ gi\d`\i gcXe% @c eflj i\jk\ [feZ \eZfi\ Y\XlZflg ~ ]X`i\ ;Xej le dfe[\ hl` \oXck\ [\ dXe` i\ jflm\ek ZXi`ZXkliXc\ c\j m\iklj [\ cX ZfeZlii\eZ\# a\ d\ i afl`j hl\ c\ GI;=G X`k Xd\e c\j [`]] i\ekj XZk\lij [l CXe^l\[fZ$Ifljj`ccfe ~ ]X`i\ cËXggi\ek`jjX^\ [Ële\ Zffg iXk`fe Xggif]fe[`\ 2 cËXZk`fe Zfcc\Zk`m\ eË\e j\iX hl\ gclj \]ÔZXZ\%

DXipj\ 8i[`k`

M`Z\$gi j`[\ek\ [\ cX I ^`fe CXe^l\[fZ$Ifljj`ccfe Gi j`[\ek\ [\ cX Zfdd`jj`fe =fidXk`fe gif]\jj`fee\cc\ Zfek`el\

JFDD8@I<

GI<D@<I GC8E Iy>@FE8C ;< ;yM<CFGG<D<EK ;<J =FID8K@FEJ GIF=<JJ@FEE<CC<J

* y;@KF

-/ *% FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G .) (% C<J IyGFEJ<J 8LO 9<JF@EJ ;<J =@C@ßI<J <E D8K@ßI<

+ GIy=8:<

/ @EKIF;L:K@FE

(/ (% ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

HL@ KI8;L@K LE< 8KKI8:K@M@Ky ;LI89C< ;L K<II@KF@I< ), (%) LE D8I:?y ;< CË<DGCF@ Iy>@FE8C K@Iy G8I CËy:FEFD@< IyJ@;<EK@<CC< *' (%* ;<J =@C@ßI<J ;FEK C8 :FEKI@9LK@FE 8L

;yM<CFGG<D<EK y:FEFD@HL< Iy>@FE8C <JK @Ey>8C<

;< =FID8K@FE

+, )%) LE< F==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< :FE:<EKIy< JLI :<IK8@EJ ;@GCåD<J <K =@C@ßI<J

+. )%* LE :<IK8@E ;y:8C8>< <EKI< CËF==I< ;< =FID8K@FE

<K C<J 98JJ@EJ ;Ë<DGCF@

GL9C@:J

;<J GFC@K@HL<J ;Ë<DGCF@ <K ;< ;yM<CFGG<D<EK y:FEFD@HL< (%( GIF;L@I< LE< F==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< IyGFE;8EK 8LO 9<JF@EJ ;<J =@C@ßI<J (%) :FEKI@9L<I Á I<E;I< 8KKI8:K@M<J CË<EJ<D9C< ;<J =@C@ßI<J ;< =FID8K@FE GIF=<JJ@FEE<CC< <K C<J DyK@<IJ 8LOHL<CJ <CC<J :FE;L@J<EK

-) )% M<@CC<I Á CËy>8C@Ky ;Ë8::ßJ Á C8 =FID8K@FE

G IF=<JJ@FEE<CC< -) )%( GIF;L@I< LE< F==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< FLM<IK< Á KFLJ C<J KPG<J ;< GL9C@:J -+ )%) >8I8EK@I CË8::<JJ@9@C@Ky ;< C8 =FID8K@FE JLI

CË<EJ<D9C< ;L K<II@KF@I< Iy>@FE8C

-- *% D<KKI< C8 =FID8K@FE GIF=<JJ@FEE<CC< 8L J<IM@:< ;L ;yM<CFGG<D<EK ;<J K<II@KF@I<J

/+ *% C<J IyGFEJ<J 8LO 9<JF@EJ ;<J K<II@KF@I<J <E D8K@ßI< ;< ;yM<CFGG<D<EK CF:8C

0) +% CË@DGC@:8KFE 8KK<E;L< ;< CË<EJ<D9C< ;<J 8:K<LIJ

;Ë8::L<@C# ;Ë@E=FID8K@FE <K ;ËFI@<EK8K@FE /' )%) 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE /' )%* C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE /* )%+ =8MFI@J<I CË8::ßJ ;<J J8C8I@yJ Á C8 =FID8K@FE

:FEK@EL< /* )%, JKIL:KLI<I CËF==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< <E =FE:K@FE ;<J DyK@<IJ# ;<J GL9C@:J <K ;L :FEK<OK< CF:8C

/+ *%( JFLK<E@I C<J GIFA<KJ ;< K<II@KF@I<

,/ (% GC8:<I C8 =FID8K@FE GIF=<JJ@FEE<CC< 8L :ÄLI

-'

C<J G8I:FLIJ ;< =FID8K@FE

/' )%( ;yM<CFGG<I C< J<IM@:< I<E;L G8I C<J JKIL:KLI<J

,+ )% <EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< <E C8E>L<;F:$IFLJJ@CCFE

,/

GFIK<LIJ ;Ë<DGCF@

/' )% C<J IyGFEJ<J 8LO 9<JF@EJ ;<J GL9C@:J :FE:<IE8EK

+' )% C<J IyGFEJ<J 8GGFIKy<J G8I CË8GG8I<@C ;< =FID8K@FE +' )%( LE< GFC8I@J8K@FE K<II@KFI@8C< ;< CË8GG8I<@C

,( )%+ ;<J <==FIKJ G8IK@:LC@<IJ 8LGIßJ ;< :<IK8@EJ

8LO 9<JF@EJ ;<J =@C@ßI<J

./ (%* I<E;I< 8KKI8:K@=J <K M8CFI@J<I C<J DyK@<IJ

;< CË<DGCF@ <E Iy>@FE

., (%) GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;<

)' (% GFIKI8@K ;L K<II@KF@I< Iy>@FE8C (%( LE< =FIK< :IF@JJ8E:< ;yDF>I8G?@HL<

;< HL8C@=@:8K@FE

.) (%( D<E<I LE KI8M8@C GIFJG<:K@= JLI CËyMFCLK@FE

GL9C@:J ;< C8 =FID8K@FE <K ;<J G8IK<E8@I<J JF:@F$y:FEFD@HL<J

0+ +% :FE;@K@FEJ ;< C8 IyLJJ@K< 0/ (% @EJK8CC<I LE ;@JGFJ@K@= ;< JL@M@ FGyI8K@FEE<C ;L GI;=G ('' )% 8JJLI<I C< G@CFK8>< JKI8Ky>@HL< ;L GI;=G (') ,% GIF>I8DD< ;Ë8:K@FEJ

@EKIF;L:K@FE C8 CF@ ;L (* 8FéK )''+ 1 LE< EFLM<CC< yK8G< ;8EJ C8 ;y:<EKI8C@J8K@FE ;\gl`j cX cf` [l . aXem`\i (0/* i\cXk`m\ ~ cX i gXik`k`fe [\ Zfdg k\eZ\j \eki\ c\j :fddle\j# c\j ; gXik\d\ekj# c\j I ^`fej \k cËykXk# c\ c ^`jcXk\li X i ^lc` i\d\ek i\e]fiZ c\ ZX[i\ [Ë`ek\im\ek`fe [\j I ^`fej \e dXk` i\ [\ ]fidXk`fe gif]\jj`fee\cc\% <e \]]\k# ZË\jk cX cf` [l . aXem`\i (0/* hl` [fee\ le\ Zfdg k\eZ\ [\ [if`k Zfddle Xlo I ^`fej gfli cX d`j\ \e Ålmi\ [\ cËXggi\ek`jjX^\ \k [\ cX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ dX`j Z\kk\ Zfdg k\eZ\ i\jk\ c`d`k \ gl`jhlË\cc\ e\ jËXggc`hl\ hlËXlo Xggi\ek`j \k Xlo X[lck\j \e gifdfk`fe jfZ`Xc\% CX cf` hl`ehl\eeXc\ [l )' [ Z\dYi\ (00* kiXej] i\ \ejl`k\ Xlo I ^`fej cX ]fidXk`fe \k cË`ej\ik`fe [\j a\le\j \e [`]ÔZlck 1 kflk [ËXYfi[ c\j XZk`fej hlXc`ÔXek\j [\j (-$), Xej \k [Xej le [\lo` d\ k\dgj c\j XZk`fej [\ gi $ hlXc`ÔZXk`fe \k [Ë`ej\ik`fe X`ej` hl\ c\ i j\Xl [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe [\j a\le\j% CX cf` Zi \ ^Xc\d\ek c\ GcXe i ^`feXc [\ [ m\cfgg\d\ek [\j ]fidXk`fej gif]\jj`fee\cc\j [\j a\le\j GI;=GA Zfdd\ flk`c [\ [`Xcf^l\ \k [\ ZfeZ\ikXk`fe ykXk&I ^`fe&XZk\lij Zfefd`hl\j% :\ gcXe X]Ôid\ cX I ^`fe [Xej jfe i c\ [ËXe`dXk`fe \k [\ d`j\ \e Zf_ i\eZ\ [\j [`jgfj`k`]j [\ ]fidXk`fe gif]\jj`fee\cc\ `e`k`Xc\ \k Zfek`el\ [\j a\le\j% CX cf` [\ df[\ie`jXk`fe jfZ`Xc\ [l (. aXem`\i )'') i ]fid\ cX Zfcc\Zk\ [\ cX kXo\ [ËXggi\ek`jjX^\ \k Zffi[fee\ c\j ÔeXeZ\d\ekj [\j :=8 Xlkfli [l :fej\`c i ^`feXc% <cc\ i\dgcXZ\ gXi X`cc\lij c\j XeZ`\ej :fd`k j i ^`feXlo [\ cX ]fidXk`fe gif]\jj`fee\cc\# [\ cX gifdfk`fe jfZ`Xc\ \k [\ cË\dgcf` :fi\] hl` eË\o\i X`\ek XlZle\ ]feZk`fe i \cc\ [\ ZfeZ\ikXk`fe# gXi c\j :fd`k j [\ Zffi[`eXk`fe i ^`feXlo [\ cË\dgcf` \k [\ cX ]fidXk`fe gif]\jj`fee\cc\ ::I<G= gi j`[ j Zfeaf`ek\d\ek gXi cX I ^`fe \k cËykXk% <cc\ k\e[ cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\ M8< ~ kflk\j c\j Z\ik`ÔZXk`fej gif]\jj`fee\cc\j [`gc d\j \k k`ki\j ~ ÔeXc`k gif]\jj`fee\cc\# Z\ik`ÔZXkj [\ hlXc`ÔZXk`fe gif]\jj`fee\cc\ [\j YiXeZ_\j gif]\jj`fee\cc\j `ejZi`kj Xl i g\ikf`i\ eXk`feXc [\ Z\ik`ÔZXk`fe gif]\jj`fee\cc\ % CX M8< gi\e[ \e Zfdgk\ c\j Zfdg k\eZ\j gif]\jj`fee\cc\j XZhl`j\j Xl kiXm\ij [ËXZk`m`k j jXcXi` \j# efe jXcXi` \j \k Y e mfc\j# \e iXggfik [`i\Zk Xm\Z c\ Zfek\el [l k`ki\ fl [l [`gc d\% CX [li \ [\ cË\og i`\eZ\ Zfej`[ i \ \jk [\ kif`j Xej% CX cf` [l ). ] mi`\i )'') i\cXk`m\ ~ cX [ dfZiXk`\ [\ gifo`d`k cXi^`k \eZfi\ c\ gflmf`i [\j I ^`fej gXi cË\ok\ej`fe [\ c\lij Zfdg k\eZ\j ~ kflk\j c\j ]fidXk`fej [\j X[lck\j \e i\Z_\iZ_\ [Ë\dgcf` \k gXi c\ m\ij\d\ek ]fi]X`kX`i\# Xm\Z le\ i \cc\ ZXgXZ`k [\ df[lcXk`fe# [\ cË`e[\de`k Zfdg\ejXki`Z\ Xlo \dgcfp\lij [ËXggi\ek`j% 8m\Z cX cf` [l (* Xf k )''+# c\j I ^`fej fek [ jfidX`j cË\ek` i\ i\jgfejXY`c`k [\ cËXggi\ek`jjX^\ \k [\ cX ]fidXk`fe gif]\jj`fee\cc\ [\j a\le\j \k [\j X[lck\j ~ cX i\Z_\iZ_\ [Ële \dgcf`# _fij XjjliXeZ\ Z_ dX^\% <cc\j j\ mf`\ek ZfeÔ\i cËfi^Xe`jXk`fe jli c\li k\ii`kf`i\ [l i j\Xl [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe \k [\j gf`ekj [Ë`e]fidXk`fe \k [\ Zfej\`c jli cX M8<%

/

:FEK<OK< <K DyK?F;< ;ËyC89FI8K@FE ;L GI;=G C\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j \k c\j ]fidXk`fej [\ cË8=G8 c\li jfek kiXej] i \j# \e )'', gfli c\j gi\d` i\j# \k Xl gclj kXi[ c\ *( [ Z\dYi\ )''/ gfli c\j j\Zfe[\j% C\j I ^`fej jfek [feZ c\j m i`kXYc\j Z_\]j [\ Ôc\ [\ cX ]fidXk`fe gif]\jj`fee\cc\% Á Z\ k`ki\ cËX[fgk`fe \k cX d`j\ \e Ålmi\ [l GI;=G# aljhlËXcfij jXej g`cfk\ ZcX`i\d\ek `[\ek`Ô # i\c m\ek [ jfidX`j [\ c\li i\jgfejXY`c`k % :Ë\jk [Xej Z\ Zfek\ok\ hl\ cX I ^`fe CXe^l\[fZ$Ifljj`ccfe X gi`j# [ j cËXee \ Yl[^ kX`i\ )'',# le Z\ikX`e efdYi\ [\ [ Z`j`fej m`jXek ~ ]X`i\ mfcl\i j\j [`jgfj`k`]j [\ ]fidXk`fe \k ~ Zi \i c\j Zfe[`k`fej ]XmfiXYc\j [\ cX ZfeZ\ikXk`fe%

C<J GI<D@ßI<J ;y:@J@FEJ ;< CË@EJK@KLK@FE Iy>@FE8C< <E D8K@ßI< ;< =FID8K@FE :\j gi\d` i\j [ Z`j`fej jË`ejZi`m\ek [Xej c\j ^iXe[\j fi`\ekXk`fej Ôo \j gXi c\ eflm\c \o Zlk`]# gXi [ c`Y iXk`fe \e [Xk\ [l (' [ Z\dYi\ )''+# cfij [l cXeZ\d\ek [l GI;=G 1 le\ ]fidXk`fe flm\ik\ ~ kflj c\j _XY`kXekj XÔe [\ i\e]fiZ\i c\ [ m\cfgg\d\ek Zfefd`hl\ \e g\id\kkXek Xlo \eki\gi`j\j [\ kiflm\i c\j g\ijfee\j hlXc`Ô \j# le\ mfcfek [\ i [l`i\ c\j `e ^Xc`k j k\ii`kfi`Xc\j [ËXZZ j ~ cX ]fidXk`fe# cX i\cXeZ\ [\ cX ZfeZ\ikXk`fe Xm\Z cËykXk \k c\j gXik\eX`i\j jfZ`Xlo% CX I ^`fe X kflk [ËXYfi[ i\eflm\c jfe ZX[i\ [Ë`ek\im\ek`fe \e i XZk`mXek c\j flk`cj \k c\j `ejkXeZ\j [\ ZfeZ\ikXk`fe 1 cËFYj\imXkf`i\ i ^`feXc [\ cË\dgcf` \k [\ cX ]fidXk`fe Fi\] hl` iXjj\dYc\# gif[l`k \k XeXcpj\ c\j [`]] i\ekj c d\ekj lk`c\j ~ cX i Xc`jXk`fe [\ [`X^efjk`Zj jfZ`f$ Zfefd`hl\j fl ~ cË mXclXk`fe [\j gfc`k`hl\j glYc`hl\j 2 c\ :\eki\ [ËXe`dXk`fe# [\ i\Z_\iZ_\ \k [Ë`e]fidXk`fe jli cX ]fidXk`fe :Xi`] hl` [`]]lj\ c\j `e]fidXk`fej i\cXk`m\j ~ cX ]fidXk`fe f]]i\ [\ ]fidXk`fe# ]fidXk`fe flm\ik\ ~ [`jkXeZ\# MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\# XZklXc`k j¿ % <e CXe^l\[fZ$Ifljj`ccfe# c\ Z_f`o X k ]X`k [\ ZfeÔ\i cX ^\jk`fe [\ Z\j [\lo `ejkXeZ\j Xlo gXik\eX`i\j jfZ`Xlo hl` \e Xjjld\ek X`ej` cX gi j`[\eZ\ \k jfek [feZ gXik`\j gi\eXek\j [Xej cX ZfejkilZk`fe [Ële\ `ek\cc`^\eZ\ Zfcc\Zk`m\ [\ cX i\cXk`fe ]fidXk`fe$\dgcf` \k [l dXiZ_ [l kiXmX`c 2 c\ :fd`k [\ Zffi[`eXk`fe i ^`feXc\ \dgcf` ]fidXk`fe :fZfi\] hl` j\ i le`k# jflj cX Zfgi j`[\eZ\ [\ cËykXk \k [\ cX I ^`fe# \e `ejkXeZ\ gc e` i\ fl \e Zfd`k i\jki\`ek# [\gl`j aXem`\i )'',% <eÔe# cX I ^`fe jËXggl`\ ^Xc\d\ek jli cX :fdd`jj`fe gXi`kX`i\ `ek\i$ gif]\jj`fee\cc\ i ^`feXc\ [\ cË\dgcf` :fg`i\ # c`\l [Ë kl[\ \k [Ë`e]fidXk`fe jli cË mfclk`fe [\ cË\dgcf` [Xej c\j YiXeZ_\j%

0

<e Z\ hl` ZfeZ\ie\ cX ]fidXk`fe [\j [\dXe[\lij [Ë\dgcf`# gi`fi`k X k [fee \# [Xej c\ ZX[i\ [l Gif^iXdd\ i ^`feXc hlXc`ÔXek GIH # Xlo glYc`Zj c\j gclj cf`^e j [\ cË\dgcf`# XÔe [\ c\li g\id\kki\ [ËXZhl i`i le gi\d`\i e`m\Xl [\ hlXc`ÔZXk`fe% CËf]]i\ [\ ]fidXk`fe [`gc dXek\ X [feZ k [ m\cfgg \ \k cX i dle iXk`fe [\j jkX^`X`i\j# Xkki`Yl \ aljhlËXcfij jli le\ YXj\ ]fi]X`kX`i\# \jk [ jfidX`j ZXcZlc \ \e ]feZk`fe [\ cX j`klXk`fe jfZ`Xc\ [\ Z_XZle# Zfe]fid d\ek Xl c`mi\ @O [l Zf[\ [l kiXmX`c% C\j fi^Xe`jd\j [\ ]fidXk`fe jfek `eZ`k j ~ [ m\cfgg\i [\j gXiZflij `e[`m`[lXc`j j gfli k\e`i Zfdgk\ [\ cË_ k if^ e `k [\j glYc`Zj \e ]fidXk`fe% CX ZfddXe[\ Z`Yc\ c\j j\Zk\lij$Zc j [\ cË Zfefd`\ i ^`feXc\ 9KG# Xik`jXeXk# kfli`jd\# X^i`Zlckli\¿ XÔe [\ i\e]fiZ\i c\j Z_XeZ\j [ËXZZ j Xl dXiZ_ [l kiXmX`c gfli c\j glYc`Zj \e i\Z_\iZ_\ [Ë`ej\ik`fe gif]\jj`fee\cc\ \k [\ Zfe]fik\i cË Zfefd`\ i ^`feXc\ gXi cX Zi Xk`fe [Ë\dgcf`j hlXc`Ô j% CX k\ii`kfi`Xc`jXk`fe [\j Xgg\cj [Ëf]]i\ g\id\k [\ gi\e[i\ \e Zfdgk\ c\j gXik`ZlcXi`k j [\j k\ii`kf`i\j hl` Zfdgfj\ek cX i ^`fe% ;\ d d\# cX i [lZk`fe [l j\l`c d`e`dld [l efdYi\ [\ jkX^`X`i\j gflmXek ki\ XZZ\gk \ [Xej le\ ]fidXk`fe gi\e[ \e Zfdgk\ c\j k\ii`kf`i\j c\j df`ej g\lgc j% GXi X`cc\lij# le [`jgfj`k`] [Ë8`[\ `e[`m`[l\cc\ ~ cX ]fidXk`fe 8@= X k Zi gfli c\j [\dXe[\lij [Ë\dgcf` hl` jfl_X`k\ek jl`mi\ le\ ]fidXk`fe# e\ i\c\mXek gXj [l gif^iXdd\ [\ [if`k Zfddle GIH dX`j f]]iXek [\j g\ijg\Zk`m\j \e dXk` i\ [Ë\dgcf`% 8Ôe [\ j Zli`j\i c\j fi^Xe`jd\j [\ ]fidXk`fe \k c\lij hl`g\j# [\j dXiZ_ j gcli`Xeel\cj jfek [ a~ d`j \e gcXZ\ gfli \em`ife *' [\ cËf]]i\ [\ ]fidXk`fe% C\ Zf k [ËXZ_Xk [\j ]fidXk`fej X k i\ml ~ cX _Xljj\ gfli Z\ikX`ej j\Zk\lij gfik\lij [Ë\dgcf` hl` e Z\jj`k\ek [\j dXk` i\j [ËÅlmi\ gclj `dgfikXek\j [Xej cËXZhl`j`k`fe [\j Zfdg k\eZ\j% ;\j c`^e\j [Ë\og i`d\ekXk`fej \k [Ë`eefmXk`fej g [X^f^`hl\j fek ^Xc\d\ek k flm\ik\j gfli \eZfliX^\i cË`e^ e`\i`\ g [X^f^`hl\% <eÔe [Xej c\ ZX[i\ [l kiXej]\ik [\j Zi [`kj hl\ cËykXk ZfejXZiX`k ~ cË8=G8 gfli cX ]fidXk`fe [\j [\dXe[\lij [Ë\dgcf`# cX I ^`fe X X[fgk le\ Zfem\ek`fe ki`gXik`k\ ykXk&I ^`fe&8=G8# gfli cX g i`f[\ )''.&)''/% :\kk\ Zfem\ek`fe m`j\ efkXdd\ek ~ Y k`i c\j Zfe[`k`fej [liXYc\j [Ë`ek ^iXk`fe [\ cË8=G8 ~ cËf]]i\ [\ j\im`Z\j i ^`feXc\ \k ~ X[Xgk\i cËf]]i\ [\ ]fidXk`fe Xlo fi`\ekXk`fej [l GI;=G% :fej`[ iXek gXi X`cc\lij hl\ cËXggi\ek`jjX^\ \jk cËle [\j Z_\d`ej [ËXZZ j c\j gclj \]ÔZXZ\j m\ij cË\dgcf`# cX I ^`fe jË\jk Ôo Zfdd\ fYa\Zk`] [ËXl^d\ek\i c\ efdYi\ [ËXggi\ek`j% ;Ëfi\j \k [ a~ cËfYa\Zk`] [\ gXjj\i [\ () ,'' Xggi\ek`j ~ (* ''' \e [ Ylk [ËXee \ )''- X k [ gXjj gl`jhl\ (* )() Xggi\ek`j jfek `ejZi`kj Xl (\i aXem`\i )''-% CX i\gi`j\ [\ cX Zif`jjXeZ\ [\j \]]\Zk`]j [\ e`m\Xl M :8G&9<G \jk XdfiZ \ jXej gfli XlkXek i\d\kki\ \e hl\jk`fe c\ [ m\cfgg\d\ek [\j e`m\Xlo jlg i`\lij hl` Zfii\jgfe[\ek ~ le miX` Y\jf`e kXek [\j \eki\gi`j\j hl\ [\j a\le\j \e i\Z_\iZ_\ [\ hlXc`ÔZXk`fe% Gfli ]XZ`c`k\i cË ^Xc`k [ËXZZ j Xlo [`jgfj`k`]j [\ ]fidXk`fe gXi Xggi\ek`jjX^\# cX I ^`fe X Xcc ^ cX Z_Xi^\ ÔeXeZ` i\ [\j a\le\j \k [\ c\lij ]Xd`cc\j \e gi\eXek \e Z_Xi^\ kflk fl gXik`\ [l gi\d`\i hl`g\d\ek [\j Xggi\ek`j \k \e gXik`Z`gXek ~ c\lij ]iX`j [\ i\jkXliXk`fe# [Ë_ Y\i^\d\ek \k [\ kiXejgfik%

('

<cc\ ]Xmfi`j\ \eÔe cË\dgcf` \e :;@ [\j XeZ`\ej Xggi\ek`j ^i Z\ ~ le\ i ]fid\ [l jpjk d\ [ËX`[\j Xlo \eki\gi`j\j hl` i\Zilk\ek [\j Xggi\ek`j% Gfli Zfeki`Yl\i ~ Z\kk\ gfc`k`hl\ kflie \ m\ij cË\dgcf`# cX I ^`fe X j`^e Xm\Z cËykXk# c\ )0 al`e )'',# le ZfekiXk [ËfYa\Zk`]j \k [\ dfp\ej gXi c\hl\c cËykXk \k cX I ^`fe jË\e^X^\ek ~ Xggfik\i i\jg\Zk`m\d\ek , D# Z_Xhl\ Xee \ jli [\j fYa\Zk`]j Zfddlej% :\j Zi [`kj XZZfi[ j gXi cËykXk \k gi c\m j jli c\ =fe[j eXk`feXc [\ [ m\cfgg\d\ek \k [\ df[\ie`jXk`fe [\ cËXggi\ek`jjX^\ =E;D8 jËXaflk\ek Xlo Zi [`kj ZfejXZi j gXi cX I ^`fe [Xej c\ ZX[i\ [\ cË\o\iZ`Z\ [\ jX Zfdg k\eZ\ [\ [if`k Zfddle jli cËXggi\ek`jjX^\% <e dXk` i\ [\ ]fidXk`fe `e`k`Xc\ jflj jkXklk jZfcX`i\# cËXl^d\ekXk`fe Zfej`[ iXYc\ [\j ZXgXZ`k j [ËXZZl\`c gXi cX ZfejkilZk`fe [\ 0 cpZ \j Xm\Z j\Zk`fej gif]\jj`fee\cc\j \k cX i _XY`c`kXk`fe [l gXki`df`e\ \o`jkXek# cX Zi Xk`fe [Ë`ek\ieXkj# cË\]]fik gXik`Zlc`\i gfik jli cX df[\ie`jXk`fe [\ cË hl`g\d\ek g [X^f^`hl\ [\j Xk\c`\ij# cX d`j\ ~ [`jgfj`k`fe [\ dXk i`\cj `e]fidXk`hl\j efdYi\lo \k g\i]fidXekj# cX ^iXkl`k [\j dXel\cj jZfcX`i\j \k [\j hl`g\d\ekj gif]\jj`fee\cj Zfejk`kl\ek le \]]fik jXej gi Z [\ek \k Zfeki`Yl\ek# Xl d d\ k`ki\ hl\ kflk\j c\j d\jli\j mfhl \j gi XcXYc\d\ek# ~ ^XiXek`i cË ^Xc`k [\j Z_XeZ\j% <e Z\ hl` ZfeZ\ie\ c\j jXcXi` j [fek cX ]fidXk`fe i\c m\ XmXek kflk [\ cX i\jgfejXY`c`k [\j YiXeZ_\j gif]\jj`fee\cc\j \k [\j gXik\eX`i\j jfZ`Xlo# cX I ^`fe \eZfliX^\ c\ [ m\cfgg\d\ek [\ c\lij Zfdg k\eZ\j gXi c\ ZfÔeXeZ\d\ek [\j :fe^ j `e[`m`[l\cj [\ ]fidXk`fe :@= \k gXik`Z`g\# Xm\Z cËykXk# Xl ÔeXeZ\d\ek [ËXZk`fej Zfcc\Zk`m\j \e^X^ \j gXi c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j Fi^Xe`jd\j gXi`kX`i\j Zfcc\Zk\lij X^i j FG:8 % <cc\ Xggfik\ gXi X`cc\lij le Xggl` ~ cX Zi Xk`fe \k ~ cX i\gi`j\ [Ë\eki\gi`j\j [Xej c\ ZX[i\ [l Gif^iXdd\ [ËXZZfdgX^e\d\ek ~ cX Zi Xk`fe \k ~ cX kiXejd`jj`fe [Ë\eki\gi`j\ G8:K< hl` i\gfj\ jli le XZZfdgX^e\d\ek [l gfik\li [\ gifa\k%

CË8::FI; E8K@FE8C @EK<IGIF=<JJ@FEE<C 8E@ ;L , ;y:<D9I< )''* 1 :FDGyK<E:< <K HL8C@=@:8K@FE 1 LE< GIyF::LG8K@FE D8A<LI< GFLI C<J G8IK<E8@I<J JF:@8LO C\j gXik\eX`i\j jfZ`Xlo fek jfl_X`k [fee\i le\ eflm\cc\ `dglcj`fe Xl [`jgfj`k`] Zfem\ek`fee\c [\ cX ]fidXk`fe [fek c\j ]fe[\d\ekj \k cËXiZ_`k\Zkli\ kX`\ek gfli cË\jj\ek`\c `jjlj [\ cËXZZfi[ eXk`feXc `ek\igif]\jj`fee\c [l 0 al`cc\k (0.' \k [\ cX cf` [\ (0.( % J` cË`em\jk`jj\d\ek ÔeXeZ`\i [\j \eki\gi`j\j [Xej cX ]fidXk`fe \jk c\ gclj jflm\ek jlg i`\li Xl d`e`dld c ^Xc# `c eË\e [\d\li\ gXj df`ej miX` hl\ cËXZZ j [\j jXcXi` j ~ cX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ [ g\e[ kifg jflm\ek [\ c\li e`m\Xl [\ ]fidXk`fe `e`k`Xc\# [\ cX kX`cc\ [\ c\li \eki\gi`j\# [l j\Zk\li gif]\jj`fee\c# dX`j Xljj` c\ ZXj Z_ Xek [l j\Zk\li ^ f^iXg_`hl\# [\ c\li j\o\# [\ c\li ZXk ^fi`\ jfZ`f$gif]\jj`fee\cc\%

((

CË8E@ [l , [ Z\dYi\ )''* \k cX cf` [l + dX` )''+ gi e\ek [feZ c\ gi`eZ`g\ [Ële\ cf^`hl\ [\ gXiZflij ]Xmfi`jXek X`ej` cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ gif]\jj`fee\cc\% :\j k\ok\j [ m\cfgg\ek c\j dfp\ej g\id\kkXek Xl jXcXi` [\ [\m\e`i XZk\li [\ jfe gXiZflij gif]\jj`fee\c% CX d`j\ \e Ålmi\ [\ cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ jËXggl`\ jli 1 [\j XZk`fej i\c\mXek [\ cX i\jgfejXY`c`k [\ cË\dgcfp\li [Xej c\ ZX[i\ [\ jfe gcXe [\ ]fidXk`fe 1 X[XgkXk`fe# ]fidXk`fej c` \j ~ cË mfclk`fe [\ cË\dgcf` \k [ m\cfgg\d\ek [\j Zfdg k\eZ\j 2 cËXZZ j# ~ cË`e`k`Xk`m\ [l jXcXi` # ~ le Y`cXe [\ Zfdg k\eZ\j# ~ le\ MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\ M8< \k ~ [\j XZk`fej [\ ]fidXk`fe Zfe[l`k\j [Xej c\ ZX[i\ [l Zfe^ `e[`m`[l\c [\ ]fidXk`fe 2 c\j ZfekiXkj [\ gif]\jj`feeXc`jXk`fe# ZfekiXkj \e Xck\ieXeZ\ hl` fek gfli fYa\Zk`] [\ ]Xmfi`j\i cË`ej\ik`fe fl cX i `ej\ik`fe gif]\jj`fee\cc\ [\j a\le\j [\ df`ej [\ )- Xej \k&fl [\j [\dXe[\lij [Ë\dgcf` [\ )- Xej \k gclj 2 c\j g i`f[\j [\ gif]\jj`feeXc`jXk`fe m`jXek ~ ]Xmfi`j\i cË mfclk`fe \k c\ dX`ek`\e [Xej cË\dgcf` [\ jXcXi` j jflj ZfekiXk [\ kiXmX`c ~ [li \ `e[ k\id`e \ \e c\li g\id\kkXek [ËXZhl i`i le\ hlXc`ÔZXk`fe gif]\jj`fee\cc\ fl [\ gXik`Z`g\i ~ le\ XZk`fe [\ ]fidXk`fe 2 c\ ;if`k `e[`m`[l\c ~ cX ]fidXk`fe ;@= [Ële\ [li \ [\ )' _\li\j gXi Xe gfli kflk jXcXi` 2 [\j XZk`fej [\ ]fidXk`fe i Xc`j \j g\e[Xek fl# gfli kflk fl gXik`\# \e [\_fij [l k\dgj [\ kiXmX`c [l jXcXi` %

C< :FEKI8K ;< GIFA<KJ 1 GI<D@<I :FEKI8K J@>Ey <E C8E>L<;F:$IFLJJ@CCFE C\ CXe^l\[fZ$Ifljj`ccfe \jk cX gi\d` i\ I ^`fe ~ Xmf`i j`^e # c\ (/ [ Z\dYi\ )''-# c\ :fekiXk [\ gifa\kj ykXk$I ^`fe :G<I % Gi\d` i\ [\j Z`eh gi`fi`k j i\k\el\j# cX mXcfi`jXk`fe [l ZXg`kXc _ldX`e j\ [ Zc`e\ \e kif`j gifa\kj 1 cË\eZfliX^\d\ek ~ cX i\Z_\iZ_\ i ^`feXc\ gfikXek \jj\ek`\cc\d\ek jli cËX^ifefd`\ Xik`Zlc \ Xlkfli [\ Dfekg\cc`\i$Jlg$8^if \k [l I j\Xl k_ dXk`hl\ [\ i\Z_\iZ_\ XmXeZ \ \k cË\em`ifee\d\ek# cX Y`fcf^`\ \k cX jXek # c\j k\Z_efcf^`hl\j [\ cË`e]fidXk`fe \k cX ifYfk`hl\ i\^iflg\d\ek \e Zflij gfli cËXZZl\`c [\ cX gi\d` i\ hl`g\ @ejk`klk eXk`feXc [\ i\Z_\iZ_\ \e `e]fidXk`hl\ \k \e XlkfdXk`hl\ # cX Z_`d`\ 2 cX Zi Xk`fe [\ cËLe`m\ij`k [l CXe^l\[fZ$Ifljj`ccfe 2 cX d`j\ \e X[ hlXk`fe \eki\ cX ]fidXk`fe \k cË\dgcf` 1 $ XZZfdgX^e\d\ek [\j gi`eZ`gXlo XZk\lij i ^`feXlo [ËXZZfdgX^e\d\ek# [ËXek`Z`gXk`fe \k [\ gifjg\Zk`m\ Fi\]# :Xi`]# 8iXZk # $ Xggl` Xl [ m\cfgg\d\ek [\j Zfdg k\eZ\j \k [\ jflk`\e Xlo Ôc` i\j >G<:# :<G# <;<: # $ d`j\ \e gcXZ\ [\ cX M8<# $ jflk`\e ~ cË8=G8 \k Xlo fi^Xe`jd\j [\ ]fidXk`fe# $ jflk`\e [\j dX`jfej [\ cË\dgcf` \k [\j dX`jfej [l kiXmX`c jX`jfee`\i gXi cËykXk# $ jflk`\e [\j DX`jfej [\ cX I ^`fe gXi cX I ^`fe% ).#/ D` fek k `ejZi`kj ~ gXikj ^Xc\j gfli cX [li \ [l ZfekiXk%

()

C< GIF>I8DD< FGyI8K@FEE<C E8K@FE8C =J< )''.$)'(* :\ gif^iXdd\ [f`k Zfeki`Yl\i ~ cX i Xc`jXk`fe [\j fYa\Zk`]j [\ C`jYfee\ hl` d\k cËXZZ\ek jli cX ]fidXk`fe [\j XZk`]j \k jli cX i\Z_\iZ_\ \k c\ [ m\cfgg\d\ek% @c jËX^`k [Xej le Zfek\ok\ [\ YX`jj\ [\ cX gfglcXk`fe XZk`m\ [Ëflmi`i [\j g\ijg\Zk`m\j [\ Zif`jjXeZ\% @c `[\ek`Ô\ - Xo\j [Ë`ek\im\ek`fe 1 Zfeki`Yl\i ~ cËX[XgkXk`fe [\j kiXmX`cc\lij \k [\j \eki\gi`j\j Xlo dlkXk`fej Zfefd`hl\j# Xd c`fi\i cËXZZ j ~ cË\dgcf` [\j [\dXe[\lij [Ë\dgcf`# i\e]fiZ\i cX Zf_ j`fe jfZ`Xc\ \k clkk\i Zfeki\ c\j [`jZi`d`eXk`fej gfli cË`eZclj`fe jfZ`Xc\# `em\jk`i [Xej c\ ZXg`kXc _ldX`e# [ m\cfgg\i c\j gXik\eXi`Xkj \k cX d`j\ \e i j\Xl gfli cË\dgcf` \k cË`eZclj`fe jfZ`Xc\j# jflk\e`i c\j XZk`fej `eefmXek\j# kiXejeXk`feXc\j fl `ek\ii ^`feXc\j gfli cË\dgcf` \k cË`eZclj`fe%

C8 DyK?F;< ;ËyC89FI8K@FE ;L GI;=G C\j Zfe[`k`fej [Ë cXYfiXk`fe [l GI;=G jfek [ Ôe`\j ~ cËXik`Zc\ C )(+$(* [l Zf[\ [\ cË [lZXk`fe i\gi`j gXi cËXik`Zc\ C 0+*Æ) [\ cX cf` [l (* Xf k )''+ 1 ½ CX I ^`fe X[fgk\ c\ GcXe i ^`feXc [\ [ m\cfgg\d\ek [\j ]fidXk`fej gif]\jj`fee\cc\j \k jËXjjli\ [\ jX d`j\ \e Ålmi\% :\ gcXe X gfli fYa\k [\ [ Ôe`i le\ gif^iXddXk`fe ~ dfp\e k\id\ [\j XZk`fej [\ ]fidXk`fe gif]\jj`fee\cc\ [\j a\le\j \k [\j X[lck\j \k [\ ]Xmfi`j\i le [ m\cfgg\d\ek Zf_ i\ek [\ cË\ej\dYc\ [\j Ôc` i\j [\ ]fidXk`fe% @c [ Ôe`k ^Xc\d\ek c\j gi`fi`k j i\cXk`m\j ~ cË`e]fidXk`fe# ~ cËfi`\ekXk`fe \k ~ cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\% :\ gcXe \jk cXYfi \e ZfeZ\ikXk`fe Xm\Z cËykXk# c\j Zfcc\Zk`m`k j k\ii`kfi`Xc\j ZfeZ\ie \j \k c\j fi^Xe`jXk`fej jpe[`ZXc\j [Ë\dgcfp\lij \k [\ jXcXi` j i\gi j\ekXk`m\j ~ cË Z_\cfe eXk`feXc X`ej` hl\ c\j fi^Xe`jd\j d\ek`fee j ~ cËXik`Zc\ C *,($)( [l Zf[\ [l kiXmX`c% @c \jk Xggiflm gXi c\ :fej\`c i ^`feXc Xgi j ZfejlckXk`fe [\j :fej\`cj ^ e iXlo# [l :fej\`c Zfefd`hl\ \k jfZ`Xc i ^`feXc# [\j :_XdYi\j [\ Zfdd\iZ\ \k [Ë`e[ljki`\# [\j :_XdYi\j [\ d k`\ij \k [\j :_XdYi\j [ËX^i`Zlckli\ Xl e`m\Xl i ^`feXc# [l :fej\`c XZX[ d`hl\ [\ cËy[lZXk`fe eXk`feXc\# [l :fd`k i ^`feXc [\ cË\ej\`^e\d\ek X^i`Zfc\ \k [l :fd`k [\ Zffi[`eXk`fe i ^`feXc [\ cË\dgcf` \k [\ cX ]fidXk`fe gif]\jj`fee\cc\% @c `eZclk c\ ZpZc\ [Ë\ej\`^e\d\ek gif]\jj`fee\c `e`k`Xc [`jg\ej gXi c\j kXYc`jj\d\ekj [Ë\ej\`^e\d\ek Xik`jk`hl\% @c mXlk JZ_ dX gi m`j`fee\c [ËXggi\ek`jjX^\# JZ_ dX i ^`feXc [\j ]fidXk`fej jfZ`Xc\j \k JZ_ dX i ^`feXc [\j ]fidXk`fej jXe`kX`i\j ¾% CË cXYfiXk`fe [l GI;=G \e CXe^l\[fZ$Ifljj`ccfe `ccljki\ cX mfcfek [\ cX I ^`fe [\ kiXmX`cc\i \e kif`k\ ZfccXYfiXk`fe Xm\Z cËykXk \k c\j gXik\eX`i\j jfZ`Xlo% C\ gi`eZ`gXc \ea\l Zfej`jkX`k ~ i Xc`j\i le [`X^efjk`Z gXikX^ g\id\kkXek \ejl`k\ [\ [ ^X^\i c\j ^iXe[\j fi`\ekXk`fej [l GI;=G% Le\ g_Xj\

(*

[\ kiXmX`c gi XcXYc\ X kflk [ËXYfi[ g\id`j ~ cËFi\] \k Xl :Xi`] [\ Zfejk`kl\i c\j YXj\j [\ [fee \j e Z\jjX`i\j ~ cX ZfejkilZk`fe [\j flk`cj [Ë`e]fidXk`fe \k&fl [ËX`[\ ~ cX [ Z`j`fe% :\j flk`cj jfek [ jfidX`j [`jgfe`Yc\j jli c\ j`k\ `ek\ie\k Zfddle Xlo [\lo XjjfZ`Xk`fej hl` [Xej le\ [\lo` d\ g_Xj\ fek XZk`m\d\ek ZfccXYfi ~ cX g_Xj\ [\ ZfeZ\ikXk`fe [l GI;=G%

LE< C8I>< :FE:<IK8K@FE 1 LE :FD@Ky ;< G@CFK8><# ;<J I<E:FEKI<J J<:KFI@<CC<J# ;<J I<E:FEKI<J K<II@KFI@8C<J <K ;<J >IFLG<J ;< KI8M8@C K?yD8K@HL< C< :FD@Ky ;ËFI@<EK8K@FE JKI8Ky>@HL<% :Ë\jk Xl df`j [\ efm\dYi\ )'', hl\ c\ Zfd`k [\ g`cfkX^\ [l GI;=G Æ ½ Zfd`k [Ëfi`\ekXk`fe jkiXk ^`hl\ ¾ Æ jË\jk Zfejk`kl % C`\l [\ ZfeZ\ikXk`fe \k [Ë Z_Xe^\j# jfe i c\ Zfej`jk\ ~ gXik`Z`g\i XZk`m\d\ek ~ cX [ dXiZ_\ \k Xl jl`m` [\j kiXmXlo dX`j ^Xc\d\ek ~ m i`Ô\i jX d`j\ \e Ålmi\% @c \jk Zfdgfj Zfdd\ jl`k 1 :fej\`c i ^`feXc# :fej\`c Zfefd`hl\ \k jfZ`Xc i ^`feXc# :fej\`cj ^ e iXlo# j\im`Z\j [\ cËykXk# gXik\eX`i\j jfZ`Xlo# Fi\]# :Xi`]# YiXeZ_\j gif]\jj`fee\cc\j# Z_XdYi\j ZfejlcX`i\j# 8EG<# 8jj\[`Z# :\i\h# =8J@C;# i\gi j\ekXekj [Ëfi^Xe`jd\j [\ ]fidXk`fe# 8jjfZ`Xk`fe i ^`feXc\ [\j d`jj`fej cfZXc\j¿ @c jË\jk i le` ~ kif`j i\gi`j\j 1 efm\dYi\ )'',# ] mi`\i )''- \k [ Z\dYi\ )''-% ;<J I<E:FEKI<J J<:KFI@<CC<J Æ EFM<D9I< )'', Á F:KF9I< )''-% :\j i\eZfeki\j fek \l gfli fYa\Zk`] [Ë`[\ek`Ô\i c\j ^iXe[\j k\e[XeZ\j [\ Z_Xhl\ j\Zk\li [ËXZk`m`k \e dXk` i\ [Ë mfclk`fe [\j d k`\ij \k [\j hlXc`ÔZXk`fej gfli fi`\ek\i cËf]]i\ [\ ]fidXk`fe gif]\jj`fee\cc\ `e`k`Xc\ \k Zfek`el\ kflk \e gi\eXek \e Zfdgk\ c\j Xjg`iXk`fej jfZ`Xc\j [\j `e[`m`[lj% @c kX`k ^Xc\d\ek `dgfikXek [\ ZfeeX ki\# gfli Z_Xhl\ j\Zk\li# cX gfc`k`hl\ [\ i\Zilk\d\ek# [\ ^\jk`fe [\j i\jjfliZ\j _ldX`e\j \k [\ i\eflm\cc\d\ek [\ cX dX`e [ËÅlmi\% <e \]]\k# j` c\ i\g iX^\ [\j Y\jf`ej [\j \eki\gi`j\j [f`k g\id\kki\ [ËXggfik\i le\ i gfej\ [Ë [lZXk`fe \k [\ ]fidXk`fe X[Xgk \# `c e\ g\lk Z\g\e[Xek ki\ [ Zfee\Zk [\ kflk Z\ hl` X kiX`k Xlo Zfe[`k`fej [Ë\dgcf` \k Xlo g\ijg\Zk`m\j ^cfYXc\j [Ë mfclk`fe [\j \eki\gi`j\j% CX d k_f[\# `[\ek`hl\ gfli Z_Xhl\ j\Zk\li# X g\id`j [\ [ YXkki\ Xlkfli [l gi $[`X^efjk`Z gifgfj gXi cËFYj\imXkf`i\ i ^`feXc [\ cË\dgcf` \k [\ cX ]fidXk`fe Fi\] # ~ gXik`i [\j jkXk`jk`hl\j glYc`hl\j [\ cË@ej\\# [\ cË8jj\[`Z# [\ cX ;IK<=G \k [\ cË8EG<% ;Xej le jflZ` [\ [`Xcf^l\ jfZ`Xc# cX I ^`fe jË\jk Xgglp \ jli c\j :fdd`jj`fej gXi`kX`i\j i ^`feXc\j \dgcf` ]fidXk`fe :GI<= % Cfijhl\ Z\j :GI<= eË kX`\ek gXj Zfejk`kl \j \e CXe^l\[fZ$Ifljj`ccfe# cX :fdd`jj`fe gXi`kX`i\ `ek\igif]\jj`fee\cc\ i ^`feXc\ [\ cË\dgcf` :fg`i\ X k jfcc`Z`k \ gfli [ j`^e\i [\lo i\gi j\ekXekj cËle Xl k`ki\ [l Zfcc ^\ \dgcfp\li# cËXlki\ Xl k`ki\ [l Zfcc ^\ jXcXi` % Fek gXik`Z`g ^Xc\d\ek ~ cX i Õ\o`fe c\j i\gi j\ekXekj [\j YiXeZ_\j gif]\jj`fee\cc\j# c\j Fi^Xe`jd\j gXi`kX`i\j Zfcc\Zk\lij X^i j FG:8 # c\j gXik\eX`i\j jfZ`Xlo# c\j j\im`Z\j [\ cËykXk \k cË8EG<%

(+

/ j\Zk\lij [ËXZk`m`k j$Zc j [\ cË Zfefd`\ i ^`feXc\ fek k \ogcfi j ~ iX`jfe [\ ) i\eZfeki\j gXi j\Zk\li 1 c\ 9KG# cË_ k\cc\i`\$i\jkXliXk`fe# cËX^i`Zlckli\# cËX^ifXc`d\ekX`i\# c\ kiXejgfik \k cX cf^`jk`hl\# c\ Zfdd\iZ\ \k cX i gXiXk`fe XlkfdfY`c\# cX d kXccli^`\ \k cËXik`jXeXk% C\j gfikiX`kj j\Zkfi`\cj i Xc`j j gXi cËFi\] ~ cË`jjl\ [\ Z\j i\eZfeki\j d\kk\ek \e m`[\eZ\ c\j gi`eZ`gXc\j ZXiXZk i`jk`hl\j [\ Z\j j\Zk\lij X`ej` hl\ c\li g\ijg\Zk`m\ [Ë mfclk`fe% @cj Zfejk`kl\ek [\j [fZld\ekj Zfdgc d\ekX`i\j Xl GI;=G \k jfek [`]]lj j jli c\ gfikX`c i ^`feXc [\ cX ]fidXk`fe gif]\jj`fee\cc\ 1 nnn%j\]fid\i\ecXe^l\[fZifljj`ccfe%]i ;`m\ij\j kl[\j jfek ^Xc\d\ek m\el\j \ei`Z_`i cX i Õ\o`fe [Xej gclj`\lij [fdX`e\j 1 cX Zlckli\# cËX`[\ ~ [fd`Z`c\# cX d kXccli^`\# c\j e\i^`\j i\efl$ m\cXYc\j# cËX^i`Zlckli\ \k cËX^ifXc`d\ekX`i\% :\j [fZld\ekj jfek ^Xc\d\ek [`]]lj j jli c\ gfikX`c% ;<J I<E:FEKI<J K<II@KFI@8C<J Æ 8MI@C Á AL@E )''-% :\j i\eZfeki\j fek \l gfli fYa\Zk`]# [Xej le gi\d`\i k\dgj# [Ë`[\ek`Ô\i c\j gifYc dXk`hl\j \dgcf`&]fidXk`fe jli Z_Xhl\ k\ii`kf`i\ X`ej` hl\ c\j ^`j\d\ekj [Ë\dgcf` gfk\ek`\cj gfli ]fidlc\i# [Xej le [\lo` d\ k\dgj# [\j gi Zfe`jXk`fej \e dXk` i\ [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe 8@F \k [\ ]fidXk`fe `e`k`Xc\ jflj jkXklk jZfcX`i\# Xggi\ek`jjX^\ \k ]fidXk`fe Zfek`el\ % C\j k\ii`kf`i\j gi j\ek\ek \e \]]\k [\j [`jgXi`k j hl` gi\ee\ek iXZ`e\ [Xej c\j hl`c`Yi\j jfZ`f$ Zfefd`hl\j cfZXlo \k Xgg\cc\ek [\j i gfej\j [`]] i\eZ` \j% :\ jfek c\j gXpj# k\ii`kf`i\j [\ gifa\kj# hl` fek k i\k\elj Zfdd\ k\ii`kf`i\j g\ik`e\ekj% DX`j [Xej cX d\jli\ f `cj e\ Zflmi\ek gXj cË\ej\dYc\ [l k\ii`kf`i\ i ^`feXc# c\j i\eZfeki\j fek gXi]f`j k fi^Xe`j \j [Xej [\j YXjj`ej [Ë\dgcf` fl [\j :fddleXlk j [ËX^^cfd iXk`fe% CX d k_f[\# `[\ek`hl\ gfli Z_Xhl\ k\ii`kf`i\# X g\id`j [\ Zfe]ifek\i c\ gi $[`X^efjk`Z gifgfj gXi cËFYj\imXkf`i\ i ^`feXc [\ cË\dgcf` \k [\ cX ]fidXk`fe Fi\] ~ gXik`i [\j jkXk`jk`hl\j glYc`hl\j [\ cË@ej\\# [\ cË8jj\[`Z \k [\ cX ;IK<=G# Xm\Z cX i Xc`k [\j k\ii`kf`i\j gfik \ gXi c\j gi j`[\ekj [\ gXpj fl [ËX^^cfd iXk`fe \k&fl c\j XZk\lij cfZXlo% C\ gi $[`X^efjk`Z X d`j \e m`[\eZ\ hlXki\ gXiXd ki\j 1 c\j ZXiXZk i`jk`hl\j [l k`jjl Zfefd`hl\ cfZXc# c\ dXiZ_ [l kiXmX`c# c\j Zfe[`k`fej [\ m`\ \k c\ e`m\Xl jfZ`fZlckli\c \k cX [\dXe[\ [Ë [lZXk`fe# [\ ]fidXk`fe \k [\ hlXc`ÔZXk`fe% Fek gXik`Z`g ~ Z\j i\eZfeki\j [\j Zfej\`cc\ij i ^`feXlo# [\j i\gi j\ekXekj [\j :fej\`cj ^ e iXlo# [\j :fddleXlk j [ËX^^cfd iXk`fe# [\j GXpj \k :fddleXlk j [\ Zfddle\j# [\j XZk\lij Zfefd`hl\j Z_XdYi\j ZfejlcX`i\j# YiXeZ_\j gif]\jj`fee\cc\j # [\j j\im`Z\j [\ cËykXk# [\j gXik\eX`i\j jfZ`Xlo# c\ j\im`Z\ glYc`Z [\ cË\dgcf`# [\j FG:8# [\j XZk\lij [\j [`jgfj`k`]j 8@F \k [\j fi^Xe`jd\j [\ ]fidXk`fe# jf`k Xl kfkXc gi j [\ /'' g\ijfee\j% C\j d\dYi\j [l Zfd`k [Ëfi`\ekXk`fe jkiXk ^`hl\ fek k jfcc`Z`k j gfli dfY`c`j\i c\lij i j\Xlo cfZXlo%

(,

:\j i\eZfeki\j hl` kiflm\ek c\li ZfeZi k`jXk`fe `dd [`Xk\ [Xej cX gif[lZk`fe [\ gfikiX`kj [\ k\ii`kf`i\# [fZld\ekj Zfdgc d\ekX`i\j Xl GI;=G# [`jgfe`Yc\j ^Xc\d\ek jli c\ j`k\ [\ cX I ^`fe nnn%j\]fid\i\ecXe^l\[fZifljj`ccfe%]i# fek `e`k` le\ ZfeZ\ikXk`fe I ^`fe&k\ii`kf`i\j jli c\ Z_Xdg [\ cX ]fidXk`fe hl` j\iX gflijl`m`\ Xl$[\c~ [\ cË cXYfiXk`fe [l GI;=G% ;<J >IFLG<J ;< KI8M8@C K?yD8K@HL<J Æ AL@E Á ;y:<D9I< )''-% CX I ^`fe X d`j \e gcXZ\ hlXki\ ^iflg\j [\ kiXmX`c# Xl j\`e [l Zfd`k [Ëfi`\ekXk`fe jkiXk ^`hl\ hl` X gi XcXYc\d\ek mXc`[ c\j k_ d\j [\ i Õ\o`fe kiXejm\ij\j% :\ jfek [ËX`cc\lij c\j d\dYi\j [l Zfd`k [Ëfi`\ekXk`fe jkiXk ^`hl\ hl` fek Xe`d \k gXik`Z`g [\ dXe` i\ XZk`m\ ~ Z\j i le`fej# cËfYa\Zk`] kXek [\ gif[l`i\ [\j gi Zfe`jXk`fej gfli c\ GI;=G% C\ ^iflg\ [\ kiXmX`c ½ =fidXk`fe kflk Xl cfe^ [\ cX m`\ 1 hl\c XZZfdgX^e\d\ek [\j \eki\gi`j\j \k [\j glYc`Zj 6 ¾ Zf$Xe`d gXi cX :fg`i\ \k cËFi\] jË\jk i le` c\j (0 al`e \k (' al`cc\k% C\ ^iflg\ [\ kiXmX`c ½ ymfclk`fe [\j jpjk d\j [\ ]fidXk`fe 1 hl\cj \ea\lo gfli cËf]]i\ [\ ]fidXk`fe 6 ¾ Xe`d gXi c\ :Xi`] jË\jk i le` c\j . j\gk\dYi\# )( j\gk\dYi\ \k - fZkfYi\% C\ ^iflg\ [\ kiXmX`c ½ KiXmX`c gi ZX`i\# kiXmX`c jX`jfee`\i# kiXmX`c ~ k\dgj gXik`\c 1 hl\cj flk`cj gfli j Zli`j\i c\j gXiZflij 6 ¾ Xe`d gXi cX :fe] i\eZ\ i ^`feXc\ [l kiXmX`c jË\jk i le` c\j () j\gk\dYi\# ) \k (- fZkfYi\% <eÔe# c\ ^iflg\ [\ kiXmX`c ½ 8ZZl\`c# `e]fidXk`fe# fi`\ekXk`fe# M8< 1 hl\cc\ f]]i\ [\ j\im`Z\j Xl e`m\Xl i ^`feXc gfli Xjjli\i cË ^Xc`k [ËXZZ j 6 ¾ Xe`d gXi c\ ZXY`e\k 8depfj# dXe[Xk gXi cX I ^`fe# jË\jk i le` c\j () fZkfYi\# (* efm\dYi\ \k . [ Z\dYi\% C\ GI;=G \jk [feZ `jjl [\ Z\kk\ cXi^\ ZfeZ\ikXk`fe \k j\j fi`\ekXk`fej fek ]X`k cËfYa\k [Ële [ YXk ki j flm\ik cfij [l [\ie`\i Zfd`k [Ëfi`\ekXk`fe jkiXk ^`hl\ XÔe hl\ Z_XZle [\ j\j d\dYi\j gl`jj\ \ogi`d\i jfe \e^X^\d\ek Xlo Z k j [\ cX I ^`fe# le\ [\j Zfe[`k`fej [\ i ljj`k\ [l gcXe%

C<J J:?yD8J ;L GI;=G C\ JZ_ dX i ^`feXc [\ cËXggi\ek`jjX^\# c\ JZ_ dX i ^`feXc [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j \k c\ ZpZc\ [Ë\ej\`^e\d\ek gif]\jj`fee\c `e`k`Xc [`jg\ej gXi c\j kXYc`jj\d\ekj Xik`jk`hl\j hl` ]fek gXik`\ `ek ^iXek\ [l GI;=G fek ]X`k cËfYa\k [\ [ dXiZ_\j jg Z`Ôhl\j ]X`jXek ^Xc\d\ek le\ cXi^\ gXik ~ cX ZfeZ\ikXk`fe% Gfli c\ JZ_ dX i ^`feXc [\ cËXggi\ek`jjX^\# cX I ^`fe X jfl_X`k XjjfZ`\i c\j i\gi j\ekXekj [\ kflk\j c\j `ejk`klk`fej# gXik`\j gi\eXek\j [\ cËXggi\ek`jjX^\# ~ le\ i Õ\o`fe jli cX gcXZ\ [\ cËXggi\ek`jjX^\ [Xej c\ gXpjX^\ [\ cX ]fidXk`fe# jfe i c\ [Xej cX gfc`k`hl\ [\ [ m\cfgg\d\ek [\ cË\dgcf` \k c\j Zfe[`k`fej [\ jfe g`cfkX^\ [Xej le Zfek\ok\ [\ gXikX^\ [\j i\jgfejXY`c`k j% ;\lo ^iflg\j [\ kiXmX`c j\ jfek [feZ i le`j ~ kif`j i\gi`j\j gfli kiX`k\i c\j [\lo k_ dXk`hl\j jl`mXek\j 1 hl\cc\ f]]i\ [\ ]fidXk`fe gXi Xggi\ek`jjX^\ 6 c\ jl`m` \k c\ ]feZk`fee\d\ek [\j Z\eki\j [\ ]fidXk`fe [ËXggi\ek`j \k [\j j\Zk`fej [ËXggi\ek`jjX^\%

(-

Gfli c\ JZ_ dX i ^`feXc [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j# le ^iflg\ jkXk`jk`hl\ Xe`d gXi cËFi\] \k dfY`c`jXek cË\ej\dYc\ [\j `ejk`klk`fej \e i ^`fe 1 cX ;`i\Zk`fe i ^`feXc\ [\j X]]X`i\j jXe`kX`i\j \k jfZ`Xc\j ;iXjj # cX ;`i\Zk`fe i ^`feXc\ [l kiXmX`c# [\ cË\dgcf` \k [\ cX ]fidXk`fe gif]\jj`fee\cc\ ;IK<=G # cË@ej\\ \k c\ I\ZkfiXk# X kflk [ËXYfi[ k Zfejk`kl gfli i\Z\ej\i \k d\kki\ \e Zf_ i\eZ\ c\j [fee \j [`jgfe`Yc\j jli c\j [\lo j\Zk\lij% :`eh ^iflg\j [\ kiXmX`c# Xe`d j gXi c\ ZXY`e\k GcliXc`j j\ jfek \ejl`k\ i le`j gfli XeXcpj\i c\j j`klXk`fej `[\ek`Ô \j [Xej cX g_Xj\ [Ë kXk [\j c`\lo \k ]fidlc\i [\j gifgfj`k`fej jljZ\gk`Yc\j [\ ZfeZfli`i Xlo fYa\Zk`]j [\j jZ_ dXj 1 c\j :fej\`cj ^ e iXlo $ gfli c\li gfj`k`fee\d\ek \e hlXc`k [\ g`cfk\ [\j gfc`k`hl\j [ËXZk`fej jfZ`Xc\j \k \e hlXc`k [Ë\dgcfp\lij# c\j \dgcf`j \k cX ^\jk`fe [\j i\jjfliZ\j _ldX`e\j $ gfli XYfi[\i kflk\j c\j hl\jk`fej i\cXk`m\j ~ cËX[ hlXk`fe \dgcf`$]fidXk`fe# Xlo gifYc dXk`hl\j [\ i\Zilk\d\ek \k [\ ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j# c\j mf`\j [ËXZZ j ~ cX hlXc`ÔZXk`fe \k Xlo ]fidXk`fej $ XÔe [Ë`[\ek`Ô\i c\j c`\ej \eki\ ]fidXk`fe `e`k`Xc\# ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\# MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\# Xggi\ek`jjX^\ \k c\j [ m\cfgg\i# cËf]]i\ i ^`feXc\ [\ ]fidXk`fe \k jfe mfclk`fe $ gfli d\kki\ \e cld` i\ cË kXk [\j c`\lo [\ cËXZkl\c [`jgfj`k`]# mfhl\i cX jkilZkliXk`fe k\ii`kfi`Xc\ [\ cËf]]i\ i ^`feXc\# cX dlklXc`jXk`fe \k c\j gifYc dXk`hl\j [\ cX hlXc`k \k [\ cË`e^ e`\i`\ [\ ]fidXk`fe# cX m`\ kl[`Xek\ $ XÔe [\ [`jgfj\i [Ële gXefiXdX [\j X`[\j \o`jkXek\j efkXdd\ek jli c\j hl\jk`fej [l cf^\d\ek \k [\j [ gcXZ\d\ekj \k [\ kiX`k\i cX hl\jk`fe [\j XYXe[fej# [\j Z_\Zj \k [\j [`jgfj`k`]j [Ë`e]fidXk`fe# [\ Zfej\`c \k [Ëfi`\ekXk`fe%

C< :P:C< ;Ë<EJ<@>E<D<EK GIF=<JJ@FEE<C @E@K@8C ;<J yK89C@JJ<D<EKJ 8IK@JK@HL<J CË kXk [\j c`\lo i ^`feXc [\j :pZc\j [Ë\ej\`^e\d\ek gif]\jj`fee\c `e`k`Xc :<G@ X k i Xc`j [liXek cËXee \ )''-% :\kk\ d`jj`fe X k ZfeÔ \ ~ cË8jjfZ`Xk`fe i ^`feXc\ [\ Zffi[`eXk`fe \k [`]]lj`fe [\j Xikj [l jg\ZkXZc\% <cc\ X k Zfe[l`k\ \e c`\e Xm\Z cË cXYfiXk`fe [\j jZ_ dXj [ gXik\d\ekXlo [\ [ m\cfgg\d\ek [\j \ej\`^e\d\ekj Xik`jk`hl\j% :\k kXk [\j c`\lo [f`k Xc`d\ek\i cX i Õ\o`fe hl\ cX I ^`fe \ek\e[ d\e\i Xm\Z cËykXk ~ gXik`i [\ )''. gfli c\ kiXej]\ik [\j ]fidXk`fej%

(.

;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE :\ [`X^efjk`Z eËX gXj gfli XdY`k`fe [Ë ki\ \o_Xljk`]% @c m`\ek Zfdgc k\i c\j [`X^efjk`Zj cXYfi j \e i ^`fe efkXdd\ek [Xej c\ ZX[i\ [l JZ_ dX i ^`feXc J<IM@I# [\ cX Zfeki`Ylk`fe Xl gif^iXdd\ fg iXk`fee\c [l =J< \k [l ZfekiXk [\ gifa\kj \e XggfikXek le ZcX`iX^\ gXik`Zlc`\i jli c\j gi`eZ`gXc\j gifYc dXk`hl\j [\ cË\dgcf` \e CXe^l\[fZ$Ifljj`ccfe hl` `ek\ig\cc\ek cËXggXi\`c [\ ]fidXk`fe%

(

GFIKI8@K ;L ;@8>EFJK@: ;L K<II@KF@I< K<II@KF@I< Iy>@FE8C Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE (%( LE< =FIK< :IF@JJ8E:< ;yDF>I8G?@HL< HL@ KI8;L@K LE< 8KKI8:K@M@Ky ;LI89C< ;L K<II@KF@I< C\ CXe^l\[fZ$Ifljj`ccfe \jk le k\ii`kf`i\ hl` ZfeeX k [\gl`j gclj`\lij [ Z\ee`\j le\ ^iXe[\ XkkiXZk`m`k 1 \eki\ (0-' \k )'''# cX i ^`fe X ^X^e le d`cc`fe [Ë_XY`kXekj% CX Zif`jjXeZ\ [ df^iXg_`hl\ \eki\ (00' \k )'', (, \jk [\lo ]f`j jlg i`\li\ ~ cX dfp\ee\ eXk`feXc\ \k c\ ipk_d\ Xeel\c [\ cËXZZif`jj\d\ek [ df^iXg_`hl\# jlg i`\li ~ ( # \e ]X`k Xlafli[Ë_l` cX i ^`fe cX gclj XkkiXZk`m\ [\ cX =iXeZ\ d kifgfc`kX`e\ ) +,/ ''' _XY% \e )''+ % :\ [peXd`jd\ Zfek`el jËXggl`\ efkXdd\ek jli le jfc[\ d`^iXkf`i\ gfj`k`] Xm\Z cË\ej\dYc\ [\j i ^`fej d kifgfc`kX`e\j \k \e ZfejkXek\ gif^i\jj`fe# Z\ hl` Zfe]fik\ c\ CXe^l\[fZ$Ifljj`ccfe ~ cX k k\ [\j i ^`fej ]iXe X`j\j% CX [\ej`k i\cXk`m\d\ek ]X`Yc\ [\ cX i ^`fe /* _XY`kXekj Xl bd) gfli ('/ Xl e`m\Xl eXk`feXc \k jX cfZXc`jXk`fe ^ f^iXg_`hl\ c`kkfiXc \k Zc`dXk d [`k\iiXe \e cl` Zfe] i\ek le jkXklk [\ k\ii\ [ËXZZl\`c hl\ cËXm\e`i e\ [\miX`k gXj [ d\ek`i% J\cfe cË@ej\\# c\ kXlo [\ Zif`jjXeZ\ i ^`feXc\ Xeel\c gi ml \eki\ )'', \k )'*' gfliiX`k Xkk\`e[i\ (#+ # mf`i\ (#- % Variation annuelle de la population du Languedoc-Roussillon et de ses régions encadrantes entre 1999 et 2003 (en %) 1,6 1,4 1,2 1 0,8 0,6 0,4 0,2 0 -0,2

Variation annuelle de la population 1999-2003 Variation annuelle due au solde migratoire 1999-2003 Variation annuelle due au mouvement naturel 1999-2003

Languedoc- Auvergne Roussillon

MidiPyrénées

PACA

RhôneFrance Alpes métropolitaine

LE 8KFLK @DGFIK8EK GFLI C< C8E>L<;F:$IFLJJ@CCFE# HL@ E< ;F@K Ey8EDF@EJ G8J D8JHL<I C< I@JHL< ;< ;yJyHL@C@9I< ;< C8 JKIL:KLI8K@FE LI98@E<% ;\lo$k`\ij [\ cX gfglcXk`fe [l CXe^l\[fZ$Ifljj`ccfe jfek \e \]]\k ZfeZ\eki j [Xej le Zfek`elld liYX`e jkilZkli Xlkfli [\ cËXiZ c`kkfiXc cXe^l\[fZ`\e Zfdgfj [\j X`i\j liYX`e\j [\ Dfekg\cc`\i# E d\j# G\ig`^eXe# 9 q`\ij# EXiYfee\ \k J k\% :\j ^iXe[\j X^^cfd iXk`fej# hl` mf`\ek j\ [ m\cfgg\i [\j qfe\j i j`[\ek`\cc\j g i`g_ i`hl\j# ZXgk\ek cX dXa\li\ gXik`\ [\ cX Zif`jjXeZ\ [ df^iXg_`hl\ \k Xkk`i\ek \e gi`fi`k c\j eflm\Xlo Xii`mXekj(% Le\ ^iXe[\ X`i\ d kifgfc`kX`e\ k\e[ ~ j\ ]fid\i Xlkfli [\j g c\j dfekg\cc` iX`e \k e df`j% CË\jgXZ\ c`kkfiXc \jk [feZ dXihl gXi le [flYc\ g_ efd e\ [\ d kifgfc`jXk`fe \k [\ g i`liYXe`jXk`fe c` ~ cX ZfeZ\ekiXk`fe [\ cX gfglcXk`fe \k [\j XZk`m`k j% Á cË`em\ij\# c\j k\ii`kf`i\j iliXlo jfek Xlafli[Ë_l` \e [ gi`j\ [ df^iXg_`hl\ \k Zfefd`hl\%

( $ 8lafli[Ë_l`# gclj [\ -, [\ cX gfglcXk`fe _XY`k\ ~ df`ej [\ *' bd [l c`kkfiXc \k /' i j`[\ ~ df`ej [\ ,' bd [Ële\ [\j _l`k gi`eZ`gXc\j m`cc\j [\ cX i ^`fe%

)'

)(

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

;<J ;PE8D@HL<J K<II@KFI@8C<J ;@==yI<E:@y<J HL@ @DG8:K<EK =FIK<D<EK C8 CF:8C@J8K@FE ;< CË<DGCF@% CX i ^`fe X Zfeel le\ mfclk`fe [\ cË\dgcf` jXcXi` [\ )/ \eki\ (00' \k )''* (, Xl e`m\Xl eXk`feXc \k Zfdgk\ .+) /./ jXcXi` j \e )''* JfliZ\ 1 @ej\\ % C\j qfe\j [Ë\dgcf` [\j ^iXe[\j X^^cfd iXk`fej i ^`feXc\j ZfeZ\eki\ek gclj [\ kif`j$hlXikj [\ cË\dgcf` kfkXc% C\j j\Zk\lij iliXlo [l G` dfek \k c\j qfe\j [\ dfekX^e\ [\d\li\ek ~ cË ZXik [\ Z\j [peXd`hl\j \k jfek Zfe]ifek j Xlo [`]ÔZlck j [Ë`dgcXekXk`fe [\ eflm\cc\j \eki\gi`j\j% GXid` c\j fYjkXZc\j i\eZfeki j# c\ dXehl\ [\ ^XiXek`\j ZfeZ\ieXek c\ i\Zilk\d\ek [\ gifÔcj [\ ]fidXk`fe jlg i`\li\ \jk ~ jflc`^e\i% :\g\e[Xek [\j [peXd`hl\j cfZXc\j d\i^\ek Xlafli[Ë_l` [Xej c\ ZX[i\ [\j gfc`k`hl\j [\ gXpj \k [\j g c\j kfli`jk`hl\j i Z\dd\ek Zi j \e i ^`fe% C\j k\ii`kf`i\j iliXlo jfek Xlafli[Ë_l` [\j k\ii`kf`i\j [\ gifa\kj% LE I8A<LE@JJ<D<EK >CF98C <K JFLK<EL ;< C8 GFGLC8K@FE C@y 8LO =CLO D@>I8KF@I<J% <eki\ (000 \k )''+# cX gXik [\j '$(0 Xej X Xl^d\ek [\ ( ~ cË Z_\cc\ [\ cX i ^`fe% @c jËX^`k [\ cX j\lc\ ZXk ^fi`\ [Ë ^\ [fek cX gifgfik`fe X Xl^d\ek gXi iXggfik ~ cX gfglcXk`fe kfkXc\ jli Z\kk\ g i`f[\% :\kk\ k\e[XeZ\ \jk Xjj\q Xkpg`hl\ ~ cË Z_\cc\ eXk`feXc\ \k dXihl\ le m`\`cc`jj\d\ek Y\XlZflg df`ej iXg`[\ \e CXe^l\[fZ$Ifljj`ccfe hl\ [Xej c\j Xlki\j i ^`fej ]iXe X`j\j% CX gXik [\j ,' Xej \k gclj gXjj\iX`k Z\g\e[Xek [\ (0#, \e )''' ~ )+#) \e )'(,# [\jj`eXek X`ej` le eflm\c hl`c`Yi\ \eki\ gfglcXk`fe `eXZk`m\ \k XZk`m\# Z\kk\ [\ie` i\ Xl^d\ek\iX`k [\lo ]f`j df`ej m`k\% ;ËXlki\ gXik cËXZk`m`k ] d`e`e\ [\miX`k Zfek`el\i [ËXl^d\ek\i# c\li gXik [Xej cX gfglcXk`fe gXjjXek [\ +,#/ \e (000 ~ +/ \e )'(,%

))

)*

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

Le\ kpgfcf^`\ [\ cË\dgcf` 8lafli[Ë_l`# cX c\Zkli\ [\ cË\dgcf` ~ kiXm\ij c\j j\Zk\lij gi`dX`i\# j\Zfe[X`i\ \k k\ik`X`i\ eË\jk gclj g\ik`e\ek\% @c ]Xlk gclk k gXic\i 1 [\j \dgcf`j glYc`Zj \k [\ j\im`Z\j ~ cX gfglcXk`fe# [\j \dgcf`j [l jpjk d\ gif[lZk`]# [\j \dgcf`j d kifgfc`kX`ej jlg i`\lij%

C\j \dgcf`j glYc`Zj \k [\ j\im`Z\j ~ cX gfglcXk`fe :\j \dgcf`j jfek ki j c` j ~ cË\jjfi [\ cË Zfefd`\ [`k\ i j`[\ek`\cc\ 1 `cj i gfe[\ek ~ cË mfclk`fe [\j df[\j [\ m`\ \k [\j Y\jf`ej [\j d eX^\j% :\ jfek [\j \dgcf`j ZXgk`]j [l k\ii`kf`i\# gXi \jj\eZ\ efe [ cfZXc`jXYc\j \k g\l \ogfj j ~ cX ZfeZlii\eZ\ `ek\ieXk`feXc\ ZXi c` j ~ cX YXj\ [ df^iXg_`hl\ [\j k\ii`kf`i\j %

C\j \dgcf`j [l jpjk d\ gif[lZk`] Cfijhl\ cËfe gXic\ [\ Zi Xk`fe [\ i`Z_\jj\# `c ]Xlk jË`ek i\jj\i Xlo \dgcf`j [l jpjk d\ gif[lZk`]% @c jËX^`k gi`eZ`gXc\d\ek [Ë\dgcf`j [Xej cË`e[ljki`\# cX cf^`jk`hl\# c\ Zfdd\iZ\ [\ ^ifj fl c\j j\im`Z\j fg iXk`fee\cj% C\li mfclk`fe \k c\li cfZXc`jXk`fe e\ [ g\e[\ek gXj [\ cX YXj\ [ df^iXg_`hl\ dX`j [\j jkiXk ^`\j [\ cfZXc`jXk`fe [\j \eki\gi`j\j% @cj jfek [feZ gfk\ek`\cc\d\ek [ cfZXc`jXYc\j [Xej le Zfek\ok\ [\ ZfeZlii\eZ\ dfe[`Xc\% Á cË Z_\cc\ eXk`feXc\# Z\j \dgcf`j jfek \e [ Zif`jjXeZ\ ZfejkXek\ [\gl`j (00'% @cj eË\e [\d\li\ek gXj df`ej ki j `dgfikXekj gfli c\j X^^cfd iXk`fej ZXi `cj i\gi j\ek\ek c\li YXj\ `e[ljki`\cc\# c\li jXmf`i$]X`i\# c\li [\^i [\ jg Z`Xc`jXk`fe \k c\li gfk\ek`\c [Ë`eefmXk`fe% C\j \dgcf`j [\ cË Zfefd`\ gif[lZk`m\ i\gi j\ek\ek ^Xc\d\ek cX YXj\ ~ gXik`i [\ cXhl\cc\ g\lm\ek j\ [ m\cfgg\i c\j \dgcf`j d kifgfc`kX`ej jlg i`\lij%

C\j \dgcf`j d kifgfc`kX`ej jlg i`\lij C\j \dgcf`j d kifgfc`kX`ej jlg i`\lij jfek [\j \dgcf`j [\ ZfeZ\gk`fe# [ËXe`dXk`fe# [Ë\eZX[i\d\ek \k [\ [`i\Zk`fe% @cj i\^iflg\ek efkXdd\ek c\j \dgcf`j Zfii\jgfe[Xek Xlo gclj _Xlkj e`m\Xlo [\ hlXc`ÔZXk`fe# [\ kpg\ ZX[i\j fl `e^ e`\lij% @cj Zfejk`kl\ek c\ jfZc\ [\ cË\oZ\cc\eZ\ \k [\ cËXkkiXZk`m`k Zfefd`hl\ [Ële k\ii`kf`i\ ~ cË Z_\cc\ eXk`feXc\ \k `ek\ieXk`feXc\% ;\gl`j (00'# )*' ''' \dgcf`j d kifgfc`kX`ej jlg i`\lij fek k Zi j \e =iXeZ\% 8l kiXm\ij [l [ m\cfgg\d\ek [\ Z\j \dgcf`j# cX hl\jk`fe hl` j\ afl\ \jk Z\cc\ [\ cX gcXZ\ hl\ g\lm\ek gi\e[i\ c\j X^^cfd iXk`fej [Xej c\j i j\Xlo [\ [ Z`j`fej \k [Ë`eÕl\eZ\ gfli XZZif ki\ c\li `e[ g\e[XeZ\ jkiXk ^`hl\ \k c\li iXpfee\d\ek%

(%) LE D8I:?y ;< CË<DGCF@ Iy>@FE8C K@Iy G8I CËy:FEFD@< IyJ@;<EK@<CC< LE ½ DF;ßC< y:FEFD@HL< ¾ Iy>@FE8C :8I8:KyI@Jy G8I CË<JJFI ;<J <DGCF@J ;< J<IM@:<J% CX ]fik\ Zif`jjXeZ\ [ df^iXg_`hl\ [\ cX i ^`fe# Zfeal^l \ ~ jfe XkkiXZk`m`k kfli`jk`hl\ `dgfikXek\# Zfeki`Yl\ ~ cË\jjfi [Ële\ Zfefd`\ i j`[\ek`\cc\ jli cË\ej\dYc\ [l k\ii`kf`i\% <cc\ jËXggl`\ efkXdd\ek jli c\j j\im`Z\j Xlo gXik`Zlc`\ij \k Xlo \eki\gi`j\j% <e )''*# c\j j\Zk\lij [\j j\im`Z\j Xlo g\ijfee\j (- # [l Zfdd\iZ\ (' # [\ cËXZk`fe jXe`kX`i\ \k jfZ`Xc\ \k [\ cËXe`dXk`fe jgfik`m\ \k Zlckli\cc\ 0 # [l 9KG . \k \eÔe [l kiXejgfik \k [l kfli`jd\ . i\gi j\ek\ek cX df`k` [\ cË\dgcf` jXcXi` i ^`feXc% CËXggXi\`c gif[lZk`] i ^`feXc \dgcf`\# \e (000# )-#, [\j jXcXi` j [\ cX i ^`fe *-#, Xl e`m\Xl eXk`feXc % CË`e[ljki`\ \jk jflj$i\gi j\ek \ ~ cË Z_\cc\ i ^`feXc\ 1 \cc\ \dgcf`\ \em`ife /, ''' g\ijfee\j# jf`k (' [\j XZk`]j i ^`feXlo Zfeki\ (/ Xl e`m\Xl eXk`feXc % <cc\ gif[l`k cX gclj ]X`Yc\ mXc\li Xaflk \ `e[ljki`\cc\ [\ =iXeZ\% C\ CXe^l\[fZ$Ifljj`ccfe X Zfeel le \jjfi [\j \dgcf`j d kifgfc`kX`ej jlg i`\lij \eki\ (00' \k (000 hl` gcXZ\ cX i ^`fe Xl + d\ iXe^ [\j i ^`fej c\j gclj [peXd`hl\j% CX i ^`fe Zfdgk\ \e (000 \em`ife *, ''' \dgcf`j [\ Z\ kpg\% CËX`i\ liYX`e\ dfekg\cc` iX`e\ \e ZfeZ\eki\ ,- % <cc\ \jk ]fik\d\ek jg Z`Xc`j \ [Xej c\j j\Zk\lij [\ cX i\Z_\iZ_\ *) [\j <DJ \k [\j j\im`Z\j Xlo \eki\gi`j\j ), [Ë\eki\ \lo % LE K@JJL y:FEFD@HL< Iy>@FE8C ;PE8D@HL< JKIL:KLIy 8LKFLI ;< KG< <K GD<% C\ k`jjl Zfefd`hl\ i ^`feXc \jk ki j g\i]fidXek \e k\id\j [\ Zi Xk`fe [Ë\dgcf`j \k [Ë\eki\gi`j\j)% C\ CXe^l\[fZ$Ifljj`ccfe \jk \e \]]\k cX gi\d` i\ i ^`fe ]iXe X`j\ \e k\id\j [\ Zi Xk`fe e\kk\ [Ë\dgcf`j% <e gXiXcc c\# cX i ^`fe gi j\ek\ c\ gclj ]fik kXlo [\ dfikXc`k [\j \eki\gi`j\j Xgi j , Xej [Ë\o`jk\eZ\ ,+#, Zfeki\ +-#- ~ cË Z_\cc\ eXk`feXc\ % C\ k`jjl Zfefd`hl\ [\ cX i ^`fe CXe^l\[fZ$Ifljj`ccfe \jk ki j [`]]lj ZXi `c \jk \jj\ek`\cc\d\ek jkilZkli Xlkfli [Ë\eki\gi`j\j \dgcfpXek ,' jXcXi` j \k df`ej hl` i\gi j\ek\ek 0/ [\j \eki\gi`j\j `dgcXek \j \e i ^`fe % CË`dgXZk [\j KG< \k GD< \jk ki j `dgfikXek jli c\ dXiZ_ [l kiXmX`c i ^`feXc gl`jhlË\cc\j Zfeki`Yl\ek ~ Zi \i [\ cË\dgcf` [\ gifo`d`k \k ~ XZZfdgX^e\i c\ [ m\cfgg\d\ek [\ cË Zfefd`\ i j`[\ek`\cc\ jli c\ k\ii`kf`i\ i ^`feXc% E Xedf`ej# Z\j \eki\gi`j\j eËXggXiX`jj\ek gXj kflaflij flk`cc \j gfli ^ i\i \k X[Xgk\i c\lij i\jjfliZ\j _ldX`e\j \e ]feZk`fe [\j mfclk`fej [l dXiZ_ \k [\ c\li XZk`m`k %

JfliZ\ 1 D<EJ@8 :fej\`c jli cX YXj\ [\ cX efd\eZcXkli\ E<J *- [\ cË@ej\\

) $ C\ kXlo [\ Zi Xk`fe [Ë\eki\gi`j\j Xkk\`^eX`k (,#/ Xl e`m\Xl i ^`feXc \e )'', Zfeki\ ()#+ Xl e`m\Xl eXk`feXc %

)+

),

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

LE< yMFCLK@FE M<IJ LE :?åD8>< JKIL:KLI<C% C\ kXlo [\ Z_ dX^\ \e CXe^l\[fZ$Ifljj`ccfe \jk c\ gclj c\m gXid` c\j i ^`fej ]iXe X`j\j ()#- \e dXij )''- Zfeki\ 0#, \e dfp\ee\ \e =iXeZ\ % DXc^i le\ YX`jj\ fYj\im \ [\gl`j (000 c\ kXlo [\ Z_ dX^\ kX`k Xcfij [\ (,#/ # c\ Z_ dX^\ \e i ^`fe j\dYc\ ]fik\d\ek c` ~ cX Zif`jjXeZ\ [ df^iXg_`hl\ Zfeel\ gXi c\ k\ii`kf`i\ [\gl`j gclj`\lij Xee \j% :\ikX`e\j qfe\j [Ë\dgcf` Zfdd\ 9 q`\ij Ç JX`ek$Gfej (+#0 # E d\j (+#* # Dfekg\cc`\i (+ # J k\ (+ \k G\ig`^eXe (*#, jfek gclj kflZ_ \j hl\ [ËXlki\j% Fe fYj\im\ ^Xc\d\ek [\ ]fik\j [`jgXi`k j \eki\ c\j j\Zk\lij [ËXZk`m`k ~ cË Z_\cc\ [\ cX i ^`fe 1 c\j j\Zk\lij [l Zfdd\iZ\ (+ # [\j j\im`Z\j Xlo g\ijfee\j (+ # [\ cËX[d`e`jkiXk`fe (( fl [l 9KG / jfek gXik`Zlc` i\d\ek kflZ_ j%

Qffd jli cX gi ZXi`k jfZ`f$ Zfefd`hl\ \e CXe^l\[fZ$Ifljj`ccfe 9`\e hl\ cË mfclk`fe [l efdYi\ [\ Y e ÔZ`X`i\j [l ID@ jli c\ k\ii`kf`i\ i ^`feXc jf`k [\lo ]f`j df`ej `dgfikXek\ hl\ Z\cc\ \ei\^`jki \ Xl e`m\Xl [\ cX =iXeZ\ d kifgfc`kX`e\ \eki\ )'') \k )''+ .#. Zfeki\ (+#- # c\ CXe^l\[fZ$Ifljj`ccfe Zfdgk\ le ki j ^iXe[ efdYi\ [ËXccfZXkX`i\j [l ID@ .- .0* g\ijfee\j \e )''+# /' ''' g\ijfee\j \e )'', % <e )''+# c\ kXlo [\ Y e ÔZ`X`i\j [l ID@ ~ cË Z_\cc\ i ^`feXc\ \jk c\ gclj `dgfikXek \e =iXeZ\ Xm\Z ,, Y e ÔZ`X`i\j gfli ( ''' _XY`kXekj Zfeki\ *' gfli ( ''' Xl e`m\Xl eXk`feXc # \k /' Y e ÔZ`X`i\j gfli ( ''' XZk`]j Zfeki\ ++ gfli ( ''' Xl e`m\Xl eXk`feXc % CX d d\ Xee \# c\ kXlo [ËXccfZXkX`i\j Y e ÔZ`Xek [\ cË8ccfZXk`fe gXi\ek `jfc 8G@ \jk [\ )' gfli ( ''' XZk`]j% 8l kfkXc# ))/ *.* g\ijfee\j Y e ÔZ`\ek [\ d`e`dX jfZ`Xlo ID@ \k 8G@ jli c\ k\ii`kf`i\ i ^`feXc \e )''+ jf`k 0+ gfli ( ''' _XY`kXekj \k ()' gfli ( ''' XZk`]j % <e flki\# */* +.) g\ijfee\j jf`k (.' gfli ( ''' _XY`kXekj \k )'' gfli ( ''' XZk`]j g\i f`m\ek [\j YXj i\m\elj*% C\j qfe\j liYX`e\j j\ej`Yc\j *( hlXik`\ij \e CXe^l\[fZ$Ifljj`ccfe ZfeZ\eki\ek cX dXafi`k [\ cX gfglcXk`fe liYX`e\ gi j\ekXek [\j ZXiXZk i`jk`hl\j [\ gi ZXi`k % Gi j [\ cX df`k` _XY`k\ [Xej c\ [ gXik\d\ek [\ cË? iXlck \k le k`\ij [Xej c\ >Xi[% CËfYj\imXkf`i\ eXk`feXc [\j QLJ ZfejkXk\ [Xej jfe iXggfik )''- c\ Zi\lj\d\ek [Ë ZXikj Xm\Z c\j Xlki\j hlXik`\ij# efkXdd\ek [Xej c\j [fdX`e\j [\ cËXZZ j ~ cË\dgcf` \k [\ cX i ljj`k\ jZfcX`i\% @c jflc`^e\ ^Xc\d\ek cX [`]ÔZlck gfli c\j [`gc d j [\ cË\ej\`^e\d\ek jlg i`\li [ËXZZ [\i ~ [\j gfjk\j [\ ZX[i\j% CË\ehl k\ i Xc`j \ gXi c\ ZXY`e\k 8d [`j jli cË`ej\ik`fe gif]\jj`fee\cc\ [\j a\le\j [Xej c\j hlXik`\ij [\j qfe\j liYX`e\j j\ej`Yc\j [l CXe^l\[fZ$Ifljj`ccfe `e[`hl\# [ËXgi j c\j [fee \j )''*# hl\ c\ kXlo [\ gfglcXk`fe Zflm\ik\ gXi c\j d`e`dX jfZ`Xlo \jk gi j [l [flYc\ [Xej c\j QLJ gXi iXggfik ~ cX j`klXk`fe [\j m`cc\j Zfii\jgfe[Xek\j% :\j c d\ekj [\ gi ZXi`k Zfeki`Yl\ek ~ cX ]X`Yc\ dfY`c`k [\j glYc`Zj ZfeZ\ie j \k Zfejk`kl\ek le _Xe[`ZXg j i`\lo gfli cËXZZ j ~ cË\dgcf` \k ~ cX ]fidXk`fe%

)-

* $ J\l`c [\ YXj i\m\elj lk`c`j [Xej c\j ÔZ_`\ij :8=% @c \jk ZXcZlc gXi cË@ej\\ ~ gXik`i [\ cË\ehl k\ ½ 9l[^\k ]Xd`c`Xc ¾ i Xc`j \ kflj c\j , Xej \k XZklXc`j Xeel\cc\d\ek% <e )''+# Z\ j\l`c kX`k [\ .*+#00 ` d\ejl\cj gXi le`k [\ ZfejfddXk`fe%

<e )'',# *' [\j [\dXe[\lij [Ë\dgcf` \e Ôe [\ df`j [\ ZXk ^fi`\ ( + jfek [\j [\dXe[\lij [Ë\dgcf` [\ cfe^l\ [li \# Z\ hl` k\e[ ~ dfeki\i le\ mfclk`fe m\ij le Z_ dX^\ jkilZkli\c \e CXe^l\[fZ$Ifljj`ccfe% :\ ZfejkXk jË`ejZi`k [Xej le Zfek\ok\ eXk`feXc hl` ]X`k ½ Zf\o`jk\i le\ j`klXk`fe [\ jflj$\dgcf` Xm\Z le\ g eli`\ [\ dX`e [ËÅlmi\,¾ % LE< K<E;8E:< Á C8 GIy:8I@J8K@FE ;< CË<DGCF@% C\ i\Zflij Xl kiXmX`c gi ZX`i\ \e i ^`fe \jk jlg i`\li [\ ,' Xl Z_`]]i\ eXk`feXc% J\cfe cËFi\]# cX gXik [\j jXcXi` j \e \dgcf` jkXYc\ \jk ^Xc\ ~ -/#( \e i ^`fe CXe^l\[fZ$Ifljj`ccfe% Gfli Z\ikX`ej j\Zk\lij$Zc j [\ cË Zfefd`\ i ^`feXc\# c\ gfliZ\ekX^\ \jk ki j `e] i`\li ),#+ gfli cËX^i`Zlckli\# ,+#/ gfli cË_ k\cc\i`\$i\jkXliXk`fe % GXid` c\j (++ ''' f]]i\j [Ë\dgcf`j [ gfj \j ~ cË8EG< \e )'',# c\j f]]i\j \e ZfekiXk ~ [li \ `e[ k\id`e \ e\ i\gi j\ek\ek hl\ )/ [\j f]]i\j% +) [\j i\Zilk\d\ekj \em`jX^ j Xl Zflij [\ cËXee \ )''- jfek [\j i\Zilk\d\ekj jX`jfee`\ij% CË_ k\cc\i`\$ i\jkXliXk`fe# cËX^i`Zlckli\# cËX^ifXc`d\ekX`i\ fl \eZfi\ cX g Z_\ jfek [\j j\Zk\lij [ËXZk`m`k ki j ]fik\d\ek dXihl j gXi cX jX`jfeeXc`k % CX mfZXk`fe kfli`jk`hl\ [l CXe^l\[fZ$Ifljj`ccfe X [\j `eZ`[\eZ\j `dgfikXek\j jli cX gi ZXi`jXk`fe [\ cË\dgcf` gl`jhl\ cX df`k` [\j (/ +,' kXYc`jj\d\ekj [l kfli`jd\ \e i ^`fe \dgcf`\ek [\j jX`jfee`\ij% <e flki\# c\ efdYi\ [\ ZfekiXkj [Ë`ek i`d X Xl^d\ek [\ /#/ \eki\ c\ gi\d`\i j\d\jki\ )'', \k c\ gi\d`\i j\d\jki\ )''- gfli Xkk\`e[i\ 0. ''' ZfekiXkj [\ kiXmX`c k\dgfiX`i\ j`^e j jli Z\kk\ g i`f[\% LE< =yD@E@J8K@FE ;< CË<DGCF@ <E:FI< I<C8K@M<% D d\ j` c\li kXlo [ËXZk`m`k Xl^d\ek\ [\gl`j ,' Xej# c\j ]\dd\j jfek [XmXekX^\ kflZ_ \j gXi c\ Z_ dX^\ hl\ c\lij _fdfcf^l\j dXjZlc`ej# Y\XlZflg gclj hl\ [Xej [ËXlki\j i ^`fej 1 c\ kXlo [\ Z_ dX^\ Xkk\`ek X`ej` gclj [\ (. gfli c\j ]\dd\j \e CXe^l\[fZ$Ifljj`ccfe Zfeki\ () Xl e`m\Xl eXk`feXc Xcfij hlË`c \jk [\ (( gfli c\j _fdd\j% ;\ gclj# cX gi ZXi`k kflZ_\ gXik`Zlc` i\d\ek cË\dgcf` ] d`e`e 1 *0 [\j \dgcf`j fZZlg j gXi [\j ]\dd\j jfek [\j \dgcf`j ~ k\dgj gXik`\c% C\ [ j hl`c`Yi\ _fdd\j&]\dd\j \jk gXik`Zlc` i\d\ek `dgfikXek gfli Z\ikX`ej d k`\ij \k Ôc` i\j% ;Xej Z\ikX`e\j XZk`m`k j k\cc\j hl\ c\j XZk`m`k j ÔeXeZ` i\j ,. \k `ddfY`c` i\j ,, # cË [lZXk`fe# cX jXek \k cËXZk`fe jfZ`Xc\ ., # hl` jfek \jj\ek`\cc\d\ek i\^iflg \j Xl j\`e [\j ^iXe[j g c\j liYX`ej i ^`feXlo# c\j ]\dd\j jfek ki j Y`\e i\gi j\ek \j% Á cË`em\ij\# cX gifgfik`fe [\j ]\dd\j [Xej cË\dgcf` jXcXi` eË\jk hl\ [\ ), [\j \]]\Zk`]j kfkXlo [l j\Zk\li [ËXZk`m`k X^i`Zfc\# (/ [\ Z\lo [\ cË`e[ljki`\ \k /#* [\ Z\lo [l j\Zk\li [\ cX ZfejkilZk`fe% <eki\ (00* \k )''*# Z\ikX`ej j\Zk\lij _`jkfi`hl\d\ek g\l ] d`e`j j j\ jfek g\l ~ g\l flm\ikj Xlo ]\dd\j X^i`Zlckli\ \k g Z_\# kiXejgfikj# ZfejkilZk`fe % CË\dgcf` ] d`e`e i\jk\ Z\g\e[Xek ZfeZ\eki jli Z\ikX`ej d k`\ij X^\ek [Ë\eki\k`\e# \dgcfp X[d`e`jkiXk`] [\ cX ]feZk`fe glYc`hl\# \ej\`^eXek# j\Zi kX`i\# m\e[\li % CËfYa\Zk`] Ôo gXi cËLe`fe \lifg \ee\ \jk [ËXl^d\ek\i c\ kXlo [Ë\dgcf` [\j ]\dd\j ~ _Xlk\li [\ -' \e )'('%

+ $ C\j [\dXe[\lij [Ë\dgcf` jfek ZcXjj j gXi ZXk ^fi`\ j\cfe cX eXkli\ [\ cË\dgcf` hlË`cj i\Z_\iZ_\ek \k c\li [`jgfe`Y`c`k % CX ZXk ^fi`\ ( Zfii\jgfe[ ~ le\ i\Z_\iZ_\ [Ële ZfekiXk ~ [li \ `e[ k\id`e \# ~ k\dgj gc\`e% , $ JfliZ\ 1 ykl[\ [l :\eki\ [ËXeXcpj\ jkiXk ^`hl\%

).

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

LE ;y:8C8>< <EKI< C< E@M<8L ;< ;@GCåD< ;<J A<LE<J <K C< D8I:?y ;< CË<DGCF@ Iy>@FE8C% C\ CXe^l\[fZ$Ifljj`ccfe gfjj [\ le gfk\ek`\c ki j ]fik [\ a\le\j [`gc d j# jËXgglpXek jli le ZXg`kXc kl[`Xek i\dXihlXYc\ k`i gXi c\ g c\ dfekg\cc` iX`e efkXdd\ek % C\ kXlo [\ gflijl`k\ [Ë kl[\j jlg i`\li\j ~ cX jfik`\ [l YXZZXcXli Xk [Xej cËXZX[ d`\ [\ Dfekg\cc`\i \jk jlg i`\li ~ cX dfp\ee\ eXk`feXc\ ,)#0 Zfeki\ +.#/ \e )'') % @c ]Xlk efk\i hl\# ~ cX i\eki \ )'',# cËXZX[ d`\ [\ Dfekg\cc`\i X XZZl\`cc` ) /'' YXZ_\c`\ij m\elj [ËXlki\j XZX[ d`\j Xcfij hl\ ) *'' YXZ_\c`\ij [\ cË8ZX[ d`\ gflijl`m\ek c\lij kl[\j [Xej le\ Xlki\ i ^`fe% C\ kXlo [\ jZfcXi`jXk`fe [\j (0$)+ Xej \jk ^Xc\d\ek ki j jlg i`\li \e CXe^l\[fZ$Ifljj`ccfe gXi iXggfik ~ cX dfp\ee\ eXk`feXc\ ,/#( Zfeki\ +- % Kflk\]f`j# le\ ^iXe[\ dXafi`k [\j kl[`Xekj hl`kk\ek c\ k\ii`kf`i\ i ^`feXc le\ ]f`j hlË`cj fek fYk\el c\li [`gc d\ [Ë\ej\`^e\d\ek jlg i`\li% CËfYk\ek`fe [Ële \dgcf` _fij CXe^l\[fZ$Ifljj`ccfe ZfeZ\ie\ gi j [\ +) [\j a\le\j [\ e`m\Xl @@@ \k gclj% @c Xkk\`ek .' gfli c\j e`m\Xlo @ -% CX gifgfik`fe [Ë kl[`Xekj hl` jfik\ek [\ cË\ej\`^e\d\ek jlg i`\li jXej jg Z`Xc`k gif]\jj`fee\cc\ \jk \e flki\ gclj ]fik\ hlËXl gcXe eXk`feXc JfliZ\ 1 Fi\] % GXi X`cc\lij# cX i ^`fe Zfdgk\ le efdYi\ ki j `dgfikXek [\ a\le\j \e j`klXk`fe [Ë Z_\Z jZfcX`i\ hl` Xii`m\ek jli c\ dXiZ_ [l kiXmX`c jXej m i`kXYc\ fi`\ekXk`fe gif]\jj`fee\cc\% Fi c\ dXiZ_ [l kiXmX`c j\ ZfeZ\eki\ jli [\j gifÔcj [\ gclj \e gclj gif]\jj`fee\cj% <e [`o Xej# c\j kXlo [\ i\kXi[ [\ ) Xej \k gclj [Xej c\j Zfcc ^\j fek k i [l`kj [Ële g\l df`ej [Ële k`\ij% :\ kXlo# [\ ,#) [Xej cË8ZX[ d`\ i\jk\ jlg i`\li Xl kXlo eXk`feXc +#, % <e )'',# c\ kXlo [\ i ljj`k\ Xlo \oXd\ej [l 9<G \jk [\ .( \e YX`jj\ gXi iXggfik ~ cËXee \ gi Z [\ek\ \e CXe^l\[fZ$Ifljj`ccfe Zfeki\ .,#0 ~ cË Z_\cc\ eXk`feXc\% CX d d\ Xee \# c\ kXlo [\ i ljj`k\ Xlo \oXd\ej [l :8G \jk [\ .- Zfeki\ ..#* Xl e`m\Xl eXk`feXc% <e i\mXeZ_\# c\j kXlo [\ i ljj`k\ Xl YXZZXcXli Xk kflk\j j i`\j Zfe]fe[l\j jfek hlXj`d\ek kflaflij Xl$[\jjlj [\ Z\ hlË`cj jfek [Xej cË\ej\dYc\ [l gXpj% C\j a\le\j jfik`j [l jpjk d\ [\ ]fidXk`fe `e`k`Xc\ jXej hlXc`ÔZXk`fe i\gi j\ek\ek - [\j \]]\Zk`]j [\j c m\j hl`kkXek c\ Zfcc ^\ fl XYXe[feeXek cX gi\d` i\ Xee \ [Ële :8G fl [Ële 9<G% GXid` Z\lo$Z` ** [Ë\eki\ \lo jfek \e j`klXk`fe [Ë`cc\kki`jd\% Gclj [l hlXik [\j a\le\j hl`kk\ek c\ jpjk d\ [lZXk`] Xm\Z le :8G fl le 9<G%

8l (\i ] mi`\i )'',# jf`k . df`j Xgi j c\li jfik`\ [l jpjk d\ [lZXk`]# df`ej [Ële a\le\ jli [\lo X kiflm le \dgcf`% :\kk\ gifgfik`fe \jk \e ]fik\ [`d`elk`fe gXi iXggfik Xlo [\lo [\ie` i\j Xee \j% Gi j [\ cX df`k` [\j [\dXe[\lij [Ë\dgcf` e\ jfek gXj hlXc`Ô j fl [\ e`m\Xlo M Y`j \k M@% Fi j\cfe cË\ehl k\ [l :\i\h jli cX ^ e iXk`fe 0/# -* [\j a\le\j jfik`j [\ cË Zfc\ jXej ]fidXk`fe e\ i\eZfeki\ek gXj cË\dgcf`# jflj hl\chl\ ]fid\ hl\ Z\ jf`k# Xl Zflij [\ c\lij kif`j gi\d` i\j Xee \j [\ m`\ XZk`m\% @c j\dYc\ [feZ hl\ c\j fggfikle`k j f]]\ik\j gXi c\ dXiZ_ [\ cË\dgcf` jf`\ek \e [ ZXcX^\ Xm\Z c\ e`m\Xl [\ [`gc d\j [\j a\le\j [\ cX i ^`fe# hlË`cj jf`\ek ki j [`gc d j fl gXj [l kflk% :\kk\ j`klXk`fe \ekiX e\ le\ ZfeZlii\eZ\ \oXZ\iY \ \eki\ [\dXe[\lij [Ë\dgcf` hl` g eXc`j\ c\j df`ej Xid j \e hlXc`ÔZXk`fe% :Ë\jk X`ej` hl\ jli cË\ej\dYc\ [l k\ii`kf`i\ eXk`feXc# cX gXik [\j XZk`]j YXZ_\c`\ij fl [`gc d j [\ ZpZc\j Zflikj [l jlg i`\li hl` fZZlg\ek [\j gfjk\j efe hlXc`Ô j jË\jk ]fik\d\ek XZZil\% >cfYXc\d\ek gXi iXggfik Xl i\jk\ [\ cË<lifg\# c\j a\le\j =iXe X`j jfek gXid` c\j gclj \ogfj j Xl Z_ dX^\% LE< G8IK ;<J J<E@FIJ ;8EJ CË<DGCF@ <E GIF>I<JJ@FE EFK89C<% C\j j\e`fij Zfejk`kl\ek le\ i`Z_\jj\ gfli c\ dfe[\ [l kiXmX`c% Fi Z\j [\ie` i\j Xee \j# cË ^\ X k Zfe l Zfdd\ le\ mXi`XYc\ [ËXaljk\d\ek% CË@ej\\ gi mf`k hl\# [Ë`Z` )'(,# cX gifgfik`fe [\j j\e`fij gXjj\iX ~ )+#) jf`k le\ mfclk`fe [\ (, % <e i ^`fe# cX gXik [\j gclj [\ ,' Xej Xl j\`e [\ cX gfglcXk`fe XZk`m\ kX`k [\ )( \e (000% CË@ej\\ `e[`hl\ gXi X`cc\lij hl\ c\ kXlo [Ë\dgcf` [\j j\e`fij \e =iXeZ\ \jk [\ *-#/ (, d\ iXe^ [\j gXpj [\ cËLe`fe \lifg \ee\ Zfeki\ +) \e <lifg\% ;Xej le Zfek\ok\ [\ m`\`cc`jj\d\ek [\ cX gfglcXk`fe# cËXd c`fiXk`fe [l kXlo [Ë\dgcf` [\j j\e`fij X [feZ k i\Zfeel\ Zfdd\ le \ea\l dXa\li \e k\id\j [\ Zf_ j`fe jfZ`Xc\# [\ Zif`jjXeZ\ \k [\ m`XY`c`k [\j jpjk d\j [\ gifk\Zk`fe jfZ`Xc\% CËfYa\Zk`] \lifg \e \jk [ËXkk\`e[i\ le kXlo [Ë\dgcf` [\ ,' \e )'('% :Ë\jk [Xej Z\ Zfek\ok\ hlËX k j`^e cËXZZfi[ eXk`feXc `ek\igif]\jj`fee\c i\cXk`] ~ cË\dgcf` [\j j\e`fij \e ml\ [\ gifdflmf`i c\li dX`ek`\e \k c\li i\kfli ~ cË\dgcf`% C\ ]fik kXlo [\ Z_ dX^\ \e i ^`fe j\ kiX[l`k gfli c\j j\e`fij gXi le `dgfikXek Z_ dX^\ [\ cfe^l\ [li \%

- $ JfliZ\ 1 :<I<H > e iXk`fe 0/

)/

)0

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

(%* ;<J =@C@ßI<J ;FEK C8 :FEKI@9LK@FE 8L ;yM<CFGG<D<EK y:FEFD@HL< Iy>@FE8C <JK @Ey>8C< C\ JZ_ dX i ^`feXc [\ [ m\cfgg\d\ek Zfefd`hl\ J<IM@I \k c\ JZ_ dX i ^`feXc [\ [ m\cfgg\d\ek kfli`jk`hl\ JI;K # i Z\dd\ek Xggiflm j# Zfe]fik j gXi c\j \ej\`^e\d\ekj k`i j [\j i\eZfeki\j j\Zkfi`\cc\j \k k\ii`kfi`Xc\j fi^Xe`j \j Xl Zflij [\ cX g_Xj\ [\ ZfeZ\ikXk`fe gi c`d`eX`i\ [l GI;=G# d\kk\ek cËXZZ\ek jli Z\ikX`e\j Ôc` i\j fl XZk`m`k j Zfefd`hl\j%

(%*%( ;<J J<:K<LIJ$:CyJ GFLI C< ;yM<CFGG<D<EK ;< CËy:FEFD@< Iy>@FE8C<

=`c` i\ X^ifXc`d\ekX`i\

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

C\ j\Zk\li Zfdgi\e[ )( ''' jXcXi` j g\idXe\ekj \e )'') [fek c\ k`\ij [Xej cX Ôc` i\ m`e jf`k * [\ cË\dgcf` i ^`feXc# Xm\Z le\ _Xljj\ [\ (0 \eki\ (00. \k )'')% DXc^i le\ ]fik\ gi j\eZ\ [\j \eki\gi`j\j [\ df`ej [\ )' jXcXi` j /' # cX dXa\li\ gXik`\ [\ cË\dgcf` j\ ZfeZ\eki\ [Xej c\j GD< [\ gclj [\ )' jXcXi` j \k c\j ^iXe[\j \eki\gi`j\j% C\ efdYi\ [Ë\eki\gi`j\j \ei\^`jki\ le\ YX`jj\ [\ (, \eki\ (00/ \k )''* YX`jj\ ki j j\ej`Yc\ [Xej cX Ôc` i\ ]il`kj \k c ^ld\j dX`j c\li kX`cc\ jËXZZif k%

CË\dgcf` jXcXi` \jk ki j gi j\ek [Xej cË8l[\ \k c\ >Xi[ YXjj`ej [\ E d\j# C`dflo# EXiYfee\ \k :XiZXjjfee\ % <eki\ (00. \k )'')# `c X ]fik\d\ek gif^i\jj [Xej Z\j [ gXik\d\ekj X`ej` hl\ [Xej cË? iXlck Xcfij hl\ gfli cX d d\ g i`f[\# c\j Gpi e \j$Fi`\ekXc\j fek Zfeel le\ YX`jj\ `dgfikXek\ [\j \]]\Zk`]j g\idXe\ekj%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

CË8>IF8C@D<EK8@I<# GI@E:@G8C< :FDGFJ8EK< @E;LJKI@<CC< ;< C8 Iy>@FE% CË`e[ljki`\ X^ifXc`d\ekX`i\ i\gi j\ek\ cX gi`eZ`gXc\ XZk`m`k `e[ljki`\cc\ i ^`feXc\ \k c\ gi`eZ`gXc dfk\li [\j \ogfikXk`fej [l CXe^l\[fZ$Ifljj`ccfe% ;Xej le\ i ^`fe f cX mXc\li Xaflk \ `e[ljki`\cc\ \jk cX gclj ]X`Yc\ [\ =iXeZ\# c\j \dgcf`j [l j\Zk\li `e[ljki`\c X^ifXc`d\ekX`i\ i\gi j\ek\ek )( [\j jXcXi` j [\ cË`e[ljki`\ Zfeki\ (+ Xl e`m\Xl eXk`feXc % Le ZfekiXk [\ Ôc` i\ X k j`^e \eki\ cX I ^`fe \k c\j \eki\gi`j\j i ^`feXc\j [l j\Zk\li \e ] mi`\i )''- jli cX YXj\ [\ kif`j Xo\j jkiXk ^`hl\j 1 cX i\Zfehl k\ [l c`\e Xm\Z c\ ZfejfddXk\li# cX [`]] i\eZ`Xk`fe [\ cËf]]i\ \k cËXZZif`jj\d\ek [\ cX mXc\li Xaflk \ [\j gif[lZk`fej# c\ i\e]fiZ\d\ek \k cX g i\ee`k [\j \eki\gi`j\j% Kif`j g c\j [\ Zfdg k`k`m`k # ~ mfZXk`fe i ^`feXc\ fl `ek\ii ^`feXc\ \k eXk`feXc\# fek k cXY\cc`j j \e )'', [Xej c\ j\Zk\li X^ifXc`d\ekX`i\ 1 c\ g c\ ½ H7c`d\[ 8^ifgfc`j ¾# c\ g c\ \lifg \e [Ë`eefmXk`fe ½ =il`kj \k c ^ld\j ¾ \k c\ g c\ ½ @eefm`Xe[\ $ m`Xe[\ \k gif[l`kj ZXie j ¾%

*'

=`c` i\ Y k`d\ek$kiXmXlo glYc`Zj

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

C\ j\Zk\li j\ _`jj\ Xl ,\ iXe^ \e i ^`fe gfli cË\dgcf` jXcXi` ,' ''' jXcXi` j Ôe )''+# -#, [\ cË\dgcf` jXcXi` i ^`feXc# \e _Xljj\ [\ (( \eki\ (00' \k )''* % @c jËX^`k [Ële j\Zk\li ^ e iXk\li [Ë\dgcf`j# jkilZkli gXi le k`jjl [\ GD<$KG< \k gi j\ekXek le\ ]fik\ [`d\ej`fe Xik`jXeXc\% CË\dgcf` jXcXi` p \jk gXik`Zlc` i\d\ek `dgfikXek# `c \e \jk [\ d d\ gfli cË\dgcf` efe jXcXi` % )) [\j XZk`]j [l j\Zk\li fek gclj [\ ,' Xej# [fek gclj [\ *' jfek [\j Z_\]j [Ë\eki\gi`j\% ;Xej c\j kiXmXlo glYc`Zj# cË\dgcf` \jk ZfeZ\eki [Xej c\j \eki\gi`j\j [\ gclj [\ (' jXcXi` j% C\j ]\dd\j eËfZZlg\ek hl\ /#* [\ cË\dgcf` jXcXi` %

C\j XZk`m`k j jfek [`]]lj \j [Xej cË\ej\dYc\ [l k\ii`kf`i\ jflj cX ]fid\ [Ë\dgcf`j [\ gifo`d`k dX`j `c ]Xlk efk\i le\ ]fik\ gfcXi`jXk`fe [\ cË\dgcf` jXcXi` Xlkfli [\j YXjj`ej [Ë\dgcf` [\ Dfekg\cc`\i )* # E d\j (. \k G\ig`^eXe (* %

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

LE ;yM<CFGG<D<EK 8::yCyIy ;L 9KG <K C8 DFEKy< <E GL@JJ8E:< ;< C8 =@C@ßI< yE<I>@<J I<EFLM<C89C<J% CË\jjfi i\dXihlXYc\ [\ cËXZk`m`k [\ ZfejkilZk`fe Xl Zflij [\ Z\j [\ie` i\j Xee \j \jk kif`k\d\ek c` Xlo Y\jf`ej `e[l`kj gXi cX Zif`jjXeZ\ [ df^iXg_`hl\ i ^`feXc\ cf^\d\ekj e\l]j# i _XY`c`kXk`fe# \eki\k`\e# i efmXk`fe X`ej` hlË~ le\ ZfddXe[\ glYc`hl\ jflk\el\ gfikXek jli c\j kiXmXlo glYc`Zj `e]iXjkilZkli\j [\ kiXejgfikj \k i j\Xlo % CË\dgcf` jXcXi` [Xej c\ [fdX`e\ [\ cX ZfejkilZk`fe \e CXe^l\[fZ$Ifljj`ccfe X Xl^d\ek [\ (( \eki\ (00' \k )''* ,' ''' jXcXi` j ~ cX Ôe )''+ # Xcfij hl\ [Xej c\ d d\ k\dgj `c X YX`jj [\ , ~ cË Z_\cc\ eXk`feXc\% 8l j\`e [\ Z\ j\Zk\li# cX Ôc` i\ [\j e\i^`\j i\eflm\cXYc\j \jk Xlafli[Ë_l` \e gc\`e\ gif^i\jj`fe% Le ZfekiXk [\ Ôc` i\ \jk \e Zflij [\ gi gXiXk`fe \k cX I ^`fe Zfe[l`k [Xej Z\ [fdX`e\ le\ gfc`k`hl\ XdY`k`\lj\% C\ g c\ [\ Zfdg k`k`m`k ½ ; m\cfgg\d\ek [\j e\i^`\j i\eflm\cXYc\j $ 9 k`d\ek Æ @e[ljki`\ ¾ gfik gXi cËle`m\ij`k [\ G\ig`^eXe X k cXY\cc`j \e )'',%

*(

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

=`c` i\ cf^`jk`hl\$kiXejgfikj

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

C\ j\Zk\li i\gi j\ek\ c\ ('\ iXe^ \e i ^`fe gfli cË\dgcf` jXcXi` ). ''' jXcXi` j \e )''*# + [\ cË\dgcf` jXcXi` kfkXc \e i ^`fe# \e gif^i\jj`fe [\ (- \eki\ (00' \k )''* % CËXZk`m`k \jk gfik \ gXi [\j GD< [\ kX`cc\ `dgfikXek\ \k k`i \ gXi c\ kiXejgfik iflk`\i \k liYX`e% =X`Yc\jj\ [\ cË\dgcf` [Xej c\j kiXejgfikj dXi`k`d\j \k X i`\ej Xm\Z le\ YX`jj\ [\j jXcXi` j \eki\ (00. \k )''*%

C\j \]]\Zk`]j jXcXi` j j\ cfZXc`j\ek gi`eZ`gXc\d\ek Xlkfli [\j ^iXe[\j X^^cfd iXk`fej Dfekg\cc`\i# E d\j# 9 q`\ij \k G\ig`^eXe %

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

LE J<:K<LI KI8EJGFIKJ$CF>@JK@HL< <E GC<@E <JJFI HL@ F==I< ;< Iy<CC<J G<IJG<:K@M<J% :\ j\Zk\li efkXdd\ek c\j kiXejgfikj k\ii\jki\j \k cX cf^`jk`hl\ \jk ki j c` ~ cË Zfefd`\ i j`[\ek`\cc\ dX`j c\j gifa\kj [\ [ m\cfgg\d\ek [\j gfikj i ^`feXlo gfliiX`\ek XZZif ki\ jfe `dgfikXeZ\% CX I ^`fe jfl_X`k\ ]X`i\ mXcf`i le\ jkiXk ^`\ m`jXek ~ k`i\i gifÔk [\j Õlo kiXm\ijXek c\ k\ii`kf`i\ i ^`feXc gXi c\ [ m\cfgg\d\ek [Ële\ f]]i\ cf^`jk`hl\ g\i]fidXek\ \k [`m\ij`Ô \ hl` i\gfj\iX`k XlkXek jli c\j gcXk\j$]fid\j dlck`df[Xc\j ]\i$ iflk\# hl\ jli c\j gcXk\j$]fid\j dXi`k`d\j \k Õlm`Xc\j% @c jËX^`k [\ k`i\i gXik` Xl d`\lo [l gfj`k`fee\d\ek [\ cX i ^`fe Zfdd\ dX`ccfe Z\ekiXc gfj`k`fee Xl ZÅli [\ dlck`gc\j Õlo [\ dXiZ_Xe[`j\j \k [\ [ gcXZ\d\ekj \eki\ cË<lifg\# cË<jgX^e\ \k cX D [`k\iiXe \% @c jËX^`k [feZ [Ë\eZfliX^\i \k [\ ]Xmfi`j\i c\ [ m\cfgg\d\ek [\j [`]] i\ek\j gcXk\j$]fid\j 1 cX gcXk\$ ]fid\ dlck`df[Xc\ Gpi e \j$D [`k\iiXe \# c\j gfikj [\ J k\ \k Gfik$cX$ Eflm\cc\# c\j gcXk\j$]fid\j [\ Dfekg\cc`\i \k E d\j% Le ZfekiXk [\ Ôc` i\ \jk ^Xc\d\ek \e Zflij [\ ÔeXc`jXk`fe%

*)

=`c` i\ kfli`jd\&_ k\cc\i`\$ i\jkXliXk`fe

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

C\ j\Zk\li [\ cË_ k\cc\i`\$i\jkXliXk`fe j\ ZcXjj\ Xl /\ iXe^ i ^`feXc gfli cX gXik [\ cË\dgcf` jXcXi` *' ''' \dgcf`j \e )''*# + [\ cË\dgcf` i ^`feXc % Gclj ^cfYXc\d\ek# cË@ej\\ [ efdYi\ \e )''+# (,0 ((0 jXcXi` j% ;Xej c\ j\Zk\li kfli`jk`hl\# +* [\j \dgcf`j jfek fZZlg j gXi [\j _fdd\j \k ,. gXi [\j ]\dd\j% :\cX ZfeZ\ie\ c\j XZk`m`k j [\j _ k\cj&i\jkXliXekj# c\ Zfdd\iZ\ [\ [ kX`c# cX ^iXe[\ [`jki`Ylk`fe \k c\j XZk`m`k j [\ cf`j`ij \k [\ j\im`Z\j% Le \dgcf` jli kif`j \jk jX`jfee`\i \k cX df`k` [\ cË\dgcf` \jk ZfeZ\eki \ [Xej c\j kXYc`jj\d\ekj [\ df`ej [\ (' jXcXi` j%

CË\dgcf` j\ [ m\cfgg\ [\ ]X fe j`^e`ÔZXk`m\ [Xej c\j ^iXe[\j X^^cfd iXk`fej [\ cX i ^`fe \k jli cX Z k\ c`kkfiXc\% C\j qfe\j iliXc\j fek [\j [`]ÔZlck j ~ [ m\cfgg\i Z\kk\ XZk`m`k \k ZfeeX`jj\ek [\j [`jgXi`k`fej efdYi\lj\j [Ë kXYc`jj\d\ekj%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

LE I<EFLM<CC<D<EK 8KK<E;L ;< CËF==I< KFLI@JK@HL< Iy>@FE8C<% CX i ^`fe CXe^l\[fZ$Ifljj`ccfe XZZl\`cc\ (, d`cc`fej [\ kfli`jk\j gXi Xe i\gi j\ekXek ('' d`cc`fej [\ el`k \j% 9`\e hl\ c\ c`kkfiXc d [`k\iiXe \e ZfeZ\eki\ .' [\j XZk`m`k j kfli`jk`hl\j [\ cX i ^`fe# cËf]]i\ kfli`jk`hl\ \e CXe^l\[fZ$Ifljj`ccfe \jk gXik`Zlc` i\d\ek [`m\ij`Ô \% <e )'',# cX ]i hl\ekXk`fe kfli`jk`hl\ kX`k \e YX`jj\ c\ efdYi\ [\ el`k \j X [`d`el [\ '#) # gifcfe^\Xek X`ej` c\j k\e[XeZ\j fYj\im \j Z\j [\ie` i\j Xee \j% :\g\e[Xek cË kl[\ d\e \ \e )''- [Xej c\ ZX[i\ [\ cË cXYfiXk`fe [l JZ_ dX i ^`feXc [\ [ m\cfgg\d\ek kfli`jk`hl\ [ dfeki\ le\ jkX^eXk`fe [\ cËXZk`m`k % C\ kfli`jd\ YXce X`i\ jË k\e[ [ jfidX`j ~ kflk\ cX ]iXe^\ c`kkfiXc\# `c p X [feZ le\ i\hlXc`ÔZXk`fe \k le i\eflm\cc\d\ek [\ cX [\dXe[\ [fek `c ]Xlk k\e`i Zfdgk\ gfli ]X`i\ mfcl\i c\j d k`\ij% ;\ d d\ c\ [ m\cfgg\d\ek [\ cËXkkiXZk`m`k [l kfli`jd\ iliXc [f`k ki\ ]Xmfi`j % C\ [ m\cfgg\d\ek [l j\Zk\li [\ cË_ k\cc\i`\ \k [\ cX i\jkXliXk`fe \jk ki j ]fik\d\ek Zfii c ~ Z\cl` [l kfli`jd\% K`iXek gifÔk [\ cX Zif`jjXeZ\ [ df^iXg_`hl\ \k [\ cËXkkiXZk`m`k kfli`jk`hl\ [l CXe^l\[fZ$Ifljj`ccfe# Z\ j\Zk\li X Zfeel le\ _Xljj\ [\ *- [\ cË\dgcf` jXcXi` \eki\ (00- \k )''* gfli le\ dfp\ee\ i ^`feXc\ [\ )+ kflj j\Zk\lij Zfe]fe[lj # gclj gXik`Zlc` i\d\ek [Xej cX i\jkXliXk`fe kiX[`k`fee\cc\ \k iXg`[\% CË_ k\cc\i`\$i\jkXliXk`fe \jk cËle [\j gi`eZ`gXlo Zfeki`Ylk\lij ~ cË\oZ [\ek [\ cX YXcXeZ\ kfli`jk`hl\% GXid` c\j Xlki\j j\Zk\lij# fe g\lk Z`k\i efkXdd\ek cËX^i`kfli`jd\# cË_ k\cc\i`\ [\ gc\`e X`i# c\j `e[ljki`\j eXlk`hl\j# c\ k_\idXc`jd\%

**

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

=`c` i\ K@:

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

8l (\i aXem`\i )'')# cX Ôc` i\ [\j K@: i\^iflgX`k ) (.+ kXYc`jj\d\ekj gfli \em`ife () ''' \dgcf`j% 8`ej` \eki\ (00* \k )'')# cËXl^d\ekXk`fe [l efdYi\ [Ë kXYc`jj\d\ekj X k [\ /'#* -. Xl e`m\Xl eXk`feXc Xcfij hl\ cËXl^d\ekXk`fe [\ cË\dgcf` i\jk\ gclj ]X`Yc\ 1 *,#* Zfeki\ +.#) \e iX`jfe [\ cX g\k`k\ kX`cc\ [\j kXYc`jj\d\ekj [l CXe^l\[fZ$ Ifljj`ccfe%

CË\dgcf` \jk gXik`Zlc` i\d\ek ZfeZ\eki ~ Dfekg\cc`\i gi j [\ -/ jl`m` \ejl`k\ gXi E d\j \k G\ig`^eXe%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

LE ;yM<CFGG<D<EK ;L J<:K<LI ;<J K<:?E@HL<J ;< CË@E=FID8K@FE <K ;< C8 :FDDLE@:8K@FE Á GyI<EE@J<I% C\ j\Zk\li j\ ZXiXZk i`j\ gXi le gclj ]fik [peXd`jd\ \e i ^`fe hlËXl e`m\Xl eXk`feXc% @c jËXggl`\ jli cX gi j\eZ\ [\ hl\chl\j ^iXe[j efdj `ek\ieXk`feXlo# le k`jjl [\ GD@ `eefmXek\j \k [peXd`hl\j \k [\j le`m\ij`k j# Zfc\j \k cXYfiXkf`i\j f]]iXek Xlo `e[ljki`\cj Zfdg k\eZ\j# ]fidXk`fej \k i\Z_\iZ_\j e Z\jjX`i\j ~ c\li [ m\cfgg\d\ek% C\j *&+ [\j kXYc`jj\d\ekj jfek iXkkXZ_ j Xlo j\im`Z\j `e]fidXk`hl\j 1 cË\dgcf` [Xej c\ Zfej\`c \e jpjk d\j `e]fidXk`hl\j \jk \e ]fik\ _Xljj\% Le\ i Õ\o`fe Xlkfli [Ële ZfekiXk [\ Ôc` i\ [f`k ki\ \e^X^ \ gifZ_X`e\d\ek%

=`c` i\ Zlckli\

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

CX i ^`fe \jk cX +\ i ^`fe [\ =iXeZ\% C\ j\Zk\li [l jg\ZkXZc\ m`mXek \k [\ cËXl[`fm`jl\c \jk dXihl gXi le\ ]fik\ gi [fd`eXeZ\ [Ë\dgcfp\lij fZZXj`fee\cj efe gif]\jj`fee\cj% :Ë\jk X`ej` hl\ 0 (+0 kXYc`jj\d\ekj fek [ ZcXi cË\dYXlZ_\ [ËXik`jk\j fl [\j k\Z_e`Z`\ej `ek\id`kk\ekj [l jg\ZkXZc\% C\j \eki\gi`j\j [l j\Zk\li ) ,), jfek ki j dXafi`kX`i\d\ek [\j \eki\gi`j\j [\ df`ej [\ - jXcXi` j%

CË\dgcf` \jk gXik`Zlc` i\d\ek ZfeZ\eki ~ Dfekg\cc`\i gi j [\ -/ jl`m` \ejl`k\ gXi E d\j \k G\ig`^eXe%

(%*%) ;<J J<:K<LIJ yD<I><EKJ Á 8::FDG8>E<I

=`c` i\ j\im`Z\j ~ cX g\ijfee\

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

:\ j\Zk\li ZfeeX k le\ gclj ^iXe[\ jkilZkliXk`fe \e CXe^l\[fZ$Ifljj`ccfe hlËXl e`m\Xl eXk`feXc ,0 [\ cËXZk`m`k [ g\e[ [Ële fi^Xe`jd\ X^i Zfeki\ *, Xl e`m\Xl eXk`feXc % 8l *( [ Z\dYi\ )'',# c\j fi^Xe`jd\j X^i j [Xej cX i ^`fe# dXafi`kX`i\d\ek XjjfZ`Xk`]j# jfek Xl efdYi\ [\ )+,% :\ jfek gi`eZ`gXc\d\ek [\j fi^Xe`jd\j [\ kX`cc\ ^Xc\ fl jlg i`\li\ ~ ,' jXcXi` j% ;\lo XZk`m`k j jfek ki j cXi^\d\ek gi [fd`eXek\j 1 c\ d eX^\ \k cËXjj`jkXeZ\ Xlo g\ijfee\j [ g\e[Xek\j% C\j Xlki\j XZk`m`k j ^Xi[\ [Ë\e]Xekj# jflk`\e jZfcX`i\ g\k`kj kiXmXlo# aXi[`eX^\¿ e\ Y e ÔZ`Xek gXj [\ gi`j\ \e Z_Xi^\ [`i\Zk\ i\jk\ek ki j dXi^`eXc\j%

CË\dgcf` \jk gXik`Zlc` i\d\ek ZfeZ\eki ~ Dfekg\cc`\i gi j [\ -/ jl`m` \ejl`k\ gXi E d\j \k G\ig`^eXe%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

LE J<:K<LI ;<J J<IM@:<J# DFK<LI ;< CËy:FEFD@< IyJ@;<EK@<CC<% C\ j\Zk\li [\j j\im`Z\j ~ cX g\ijfee\ \k Xlo \eki\gi`j\j# \k gclj ^ e iXc\d\ek cË\ej\dYc\ [\j \dgcf`j c` j ~ cX YXj\ [ df^iXg_`hl\ j\im`Z\j dXiZ_Xe[j fl efe dXiZ_Xe[j # ZfeeX`jj\ek [\j Y\jf`ej Zif`jjXekj [Xej cX i ^`fe% J\cfe cË@ej\\# c\j j\im`Z\j Xlo gXik`Zlc`\ij fek Zfeel le\ mfclk`fe [\ cË\dgcf` jXcXi` [\ 0) \eki\ (00' \k )''* -' \e dfp\ee\ Xl e`m\Xl eXk`feXc % CË\jjfi [\ Z\ j\Zk\li \jk \e ^iXe[\ gXik`\ [ Xlo dlkXk`fej [ df^iXg_`hl\j Zfeel\j gXi c\ k\ii`kf`i\ i ^`feXc [\gl`j gclj`\lij Xee \j% C\ efdYi\# c\ gifÔc Zflgc\j XZk`]j Xm\Z \e]Xekj \k i\kiX`k j \k c\ e`m\Xl [\ i\m\elj [\j eflm\Xlo Xii`mXekj Zfeki`Yl\ek ~ Xl^d\ek\i cX [\dXe[\ \e j\im`Z\j%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

C8 :LCKLI< 1 LE J<:K<LI Á GIF=<JJ@FEE8C@J<I% C\ CXe^l\[fZ$Ifljj`ccfe j\ j`kl\ gXid` c\j , gi\d` i\j i ^`fej [\ =iXeZ\ gfli cË\dgcf` Zlckli\c% <cc\ j\ ZXiXZk i`j\ gXi le ^iXe[ ]f`jfee\d\ek Zi Xk`] dX`j ^Xc\d\ek gXi le dXehl\ [\ c`\lo g\idXe\ekj [\ Zi Xk`fe \k [\ [`]]lj`fe% GXi X`cc\lij cX i\jkXliXk`fe [l gXki`df`e\ \k c\ kfli`jd\ gXki`dfe`Xc i\gi j\ek\ek le\ gXik efe e ^c`^\XYc\ [\ cËXZk`m`k i ^`feXc\ hl` i\jk\ [`]ÔZ`c\ ~ Z\ie\i Zfdgk\ k\el [\ cX [`m\ij`k [\j XZk\lij \k [\ cX dlck`gc`Z`k [\j jfliZ\j [Ë`e]fidXk`fej% Le\ kl[\ \e i ^`fe [f`k g\id\kki\ [ËX]Ôe\i cX gfc`k`hl\ i ^`feXc\ \e dXk` i\ [\ gXki`df`e\ \k [ËXeXcpj\i gclj gi Z`j d\ek cX [\dXe[\ \e hlXc`ÔZXk`fe X`ej` hl\ cËf]]i\ [\ ]fidXk`fe gif]\jj`fee\cc\ \o`jkXek\%

*+

*,

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

CËy:FEFD@< JF:@8C< <K JFC@;8@I< 1 LE J<:K<LI GFIKy G8I ;<J 9<JF@EJ JF:@8LO Á J8K@J=8@I<% CË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\ hl` i\^iflg\ c\j Zffg iXk`m\j# c\j dlkl\cc\j \k c\j XjjfZ`Xk`fej i\gi j\ek\ gclj [\ () [\j kXYc`jj\d\ekj \e i ^`fe jf`k gclj [\ (' ''' kXYc`jj\d\ekj% :\ j\Zk\li# hl` Zi \ \k Zfeki`Yl\ ~ cX jXlm\^Xi[\ [\ eflm\Xlo \dgcf`j# [f`k ki\ XZZfdgX^e \e dXk` i\ [\ dXeX^\d\ek%

=`c` i\ e\i^`\j i\eflm\cXYc\j

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

J` c\ efdYi\ [Ë\eki\gi`j\j ½ ('' e\i^`\j i\eflm\cXYc\j ¾ i\jk\ c`d`k # c\ j\Zk\li Zfdgk\ Xlafli[Ë_l` 0(+ \eki\gi`j\j `[\ek`Ô \j ZË\jk$ ~$[`i\ iXkkXZ_ \j ~ le i j\Xl [Ë e\i^`\j i\eflm\cXYc\j# Z\ hl` i\gi j\ek\ \em`ife + ''' \dgcf`j% DX`j c\ j\lc Zi`k i\ [\ cËXZk`m`k e\ jl]Ôk gXj# \k gfk\ek`\cc\d\ek j\cfe cË kl[\ i Xc`j \ \e i ^`fe# Z\ jfek (' +)' \eki\gi`j\j hl` jfek jljZ\gk`Yc\j [Ë ki\ ZfeZ\ie \j i\gi j\ekXek \em`ife */ ''' jXcXi` j [Xej c\j XZk`m`k j jl`mXek\j 1 $ ZfeZ\gk\lij# ]XYi`ZXekj [\ dXk i`\cj \k dXZ_`e\j# ^\jk`feeX`i\j [Ë`ejkXccXk`fej gif[lZki`Z\j [Ë e\i^`\ Æ XiZ_`k\Zk\j Æ Yli\Xlo [Ë kl[\j k\Z_e`hl\j Æ `ejkXccXk\lij Æ i\m\e[\lij [\ dXk i`\cj \k dXZ_`e\j% :\j Ôc` i\j [\miX`\ek Zi \i 0'' ~ ( ,'' \dgcf`j \e i ^`fe ~ cË_fi`qfe )'(' 1 le k`\ij \em`ife [Xej cX ZfeZ\gk`fe [\ gifa\kj# ,' [Xej cË`ejkXccXk`fe \k cX dX`ek\eXeZ\# c\j Xlki\j \dgcf`j j\ifek Zi j [\ dXe` i\ gclj ½ `e[`i\Zk\ ¾ [Xej c\j ]feZk`fej Zfdd\iZ`Xc\j \k X[d`e`jkiXk`m\j% C\ [ m\cfgg\d\ek [\j e\i^`\j i\eflm\cXYc\j j\ kiX[l`k jlikflk gXi le Y\jf`e [\ [ m\cfgg\d\ek [\ Zfdg k\eZ\j eflm\cc\j [Xej [\j d k`\ij \o`jkXekj% @c e Z\jj`k\ le\ X[XgkXk`fe [\j Zfek\elj [\ ]fidXk`fe# kXek \e `e`k`Xc hlË\e ]fidXk`fe Zfek`el\%

CË\dgcf` jXcXi` # gi j\ek jli cË\ej\dYc\ [l k\ii`kf`i\ i ^`feXc# \jk Z\g\e[Xek ki j i\gi j\ek jli c\j YXjj`ej [Ë\dgcf` [\ Dfekg\cc`\i# G\ig`^eXe# E d\j \k :XiZXjjfee\%

(%*%* LE J<:K<LI 8>I@:FC< <E DLK8K@FE GIF=FE;<

=`c` i\ X^i`Zlckli\

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

CËX^i`Zlckli\ i\gi j\ek\ ,( ''' \dgcf`j jXcXi` j \k efe$jXcXi` j \e )'',# jf`k - [\ cË\dgcf` i ^`feXc dXc^i le\ ]fik\ [`d`elk`fe \eki\ )''' \k )'', $ (' # gclj gXik`Zlc` i\d\ek [Xej cX m`k`Zlckli\% <cc\ ZfeeX k XZkl\cc\d\ek le\ [ Zif`jjXeZ\ Zfek`el\ [l efdYi\ [Ë\eki\gi`j\j X`ej` hl\ [l efdYi\ [Ë`ejkXccXk`fej X`[ \j%

Fe fYj\im\ le\ Yfee\ [`]]lj`fe [\ cË\dgcf` jli cË\ej\dYc\ [l k\ii`kf`i\ i ^`feXc# ~ cË\oZ\gk`fe [\ Dfekg\cc`\i# 8c j$CX$>iXe[$:fdY\% ,' [\ cË\dgcf` jXcXi` j\ i\kiflm\ [Xej c\j YXjj`ej [\ E d\j# G\ig`^eXe \k 9 q`\ij $ JX`ek$Gfej%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

DXc^i le\ j m i\ Zi`j\ m`k`Zfc\ g\ik\ [\ gclj [\ * *'' \dgcf`j \e c`\e Xm\Z le\ [`d`elk`fe [\ cX ZfejfddXk`fe `ek i`\li\ \k cËXZZif`jj\d\ek [\ cX ZfeZlii\eZ\ `ek\ieXk`feXc\ # cËX^i`Zlckli\ i\jk\ ]fik\d\ek gi j\ek\ jli c\ k\ii`kf`i\ i ^`feXc% J` c\ efdYi\ [Ë\ogcf`kXk`fej X^i`Zfc\j X k [`m`j gXi )# c\li kX`cc\ dfp\ee\ X gi\jhl\ [flYc [\ (, ~ ). _X % 9`\e hl\ cË\ogcf`kXk`fe `e[`m`[l\cc\ i\gi j\ek\ \eZfi\ \e )'', gi j [\ /- [\j \ogcf`kXk`fej Zfeki\ ., \e dfp\ee\ eXk`feXc\# [\ gclj \e gclj [Ë\ogcf`kXk`fej gi\ee\ek le\ ]fid\ ali`[`hl\ hl` jË cf`^e\ [l df[\ [Ë\ogcf`kXk`fe `e[`m`[l\cc\ \ogcf`kXk`fej X^i`Zfc\j ~ i\jgfejXY`c`k c`d`k \# ^iflg\d\ekj X^i`Zfc\j [Ë\ogcf`kXk`fe \e Zfddle % 8l$[\c~ [\j eflm\cc\j \o`^\eZ\j [\ gif[lZk`fe X^i`Zlckli\ [\ hlXc`k # X^i`Zlckli\ Y`fcf^`hl\# gif[l`kj [l k\iif`i \k [\ Zfdd\iZ`Xc`jXk`fe# c\ j\Zk\li i\hl`\ik [\ gclj \e gclj [\ gfcpmXc\eZ\%

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

C<J yE<I>@<J I<EFLM<C89C<J 1 LE J<:K<LI Á =FIK< GFIKy< JKI8Ky>@HL<% D d\ j` c\j d k`\ij [l Y k`d\ek jfek Z\lo hl` mfek ki\ c\ gclj jfcc`Z`k j [Xej c\j Xee \j ~ m\e`i# c\ [ m\cfgg\d\ek [l j\Zk\li ZfeZ\ie\ ^Xc\d\ek cX gif[lZk`fe [Ë c\Zki`Z`k # cX gif[lZk`fe [\ Z_Xc\li \k c\j kiXejgfikj Xm\Z c\j Y`fZXiYliXekj% <e i ^`fe# c\ dXiZ_ [l jfcX`i\ k_\id`hl\ Xl^d\ek\ [\ ,' gXi Xe 2 cË_fi`qfe [\ [ ZfccX^\ \jk Ôo ~ )&* gfli cË e\i^`\ g_fkfmfckX hl\# cË fc`\e e\ [`jgfj\ gXj [\ ]XYi`ZXek [\ ^iXe[\ gl`jjXeZ\ \e i ^`fe dX`j cX Ôc` i\ [\miX`k ki\ ~ dXkli`k [Xej , Xej \em`ife# hlXek Xl Yf`j e\i^`\# c\j Ôc` i\j cfZXc\j jËfi^Xe`j\ek \k jfe [ m\cfgg\d\ek \jk \e Zflij%

*-

*.

(

GFIKI8@K ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C ;L K<II@KF@I< Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE

(%*%+ LE J<:K<LI 8IK@J8E8C D8IHLy G8I LE =FIK ;yM<CFGG<D<EK ;L J8C8I@8K

=`c` i\ Xik`jXeXk

GI@E:@G8C<J :8I8:KyI@JK@HL<J ;L J<:K<LI

IyG8IK@K@FE K<II@KFI@8C< ;< CË<DGCF@ J8C8I@y

8m\Z gi j [\ (+. ''' XZk`]j Z_\]j [Ë\eki\gi`j\# jXcXi` j \k Xggi\ek`j Xl (\i aXem`\i )'',# cËXik`jXeXk \jk c\ )\ \dgcfp\li [\ cX i ^`fe (* [\ cË\dgcf` i ^`feXc % D d\ j` cË\eki\gi`j\ `e[`m`[l\cc\ gi [fd`e\ - \eki\gi`j\j jli (' # cX kX`cc\ dfp\ee\ [\j \eki\gi`j\j Xik`jXeXc\j Xl^d\ek\ 1 cX gXik [\j kXYc`jj\d\ekj [\ , ~ 0 jXcXi` j gXjj\ [\ *( ~ *0 \e , Xej%

CËXik`jXeXk gXik`Z`g\ ~ cX [\ej`ÔZXk`fe Zfefd`hl\ [\j qfe\j iliXc\j \k i\jk\ ki j gi j\ek jli cË\ej\dYc\ [\j YXjj`ej [Ë\dgcf`# gXik`Zlc` i\d\ek ^i Z\ Xlo XZk`m`k j [\ dX fee\i`\# [\ i gXiXk`fe XlkfdfY`c\ fl c` \j ~ cËXc`d\ekXk`fe%

(%*%, C< J8E@K8@I< <K JF:@8C# LE J<:K<LI I@:?< <K :FDGC<O< C\j [\lo j\Zk\lij ZfeeX`jj\ek le\ gif^i\jj`fe [\ cË\dgcf` ))#/0 e\kk\d\ek jlg i`\li\ ~ cX gif^i\jj`fe eXk`feXc\ (-#- \e c`\e Xm\Z cËXkkiXZk`m`k i ^`feXc\# cX k\ik`Xi`jXk`fe [\ efki\ Zfefd`\ \k cË mfclk`fe [\j Y\jf`ej [\ cX gfglcXk`fe% C\ iXggifZ_\d\ek [\j [\lo j\Zk\lij# cË mfclk`fe m\ij gclj [\ kiXejm\ijXc`k [\j d k`\ij# cËfi`\ekXk`fe m\ij gclj [\ gifo`d`k mfek ^ e i\i [\ eflm\cc\j giXk`hl\j [\ ]fidXk`fej \k [\ gif]\jj`feeXc`jXk`fej% C\j \ea\lo ~ gi\e[i\ \e Zfej`[ iXk`fe ZfeZ\ie\ek ~ cX ]f`j c\ i\eflm\cc\d\ek ^ e iXk`fee\c [\j g\ijfee\cj# cËfi^Xe`jXk`fe Zfcc\Zk`m\ gfli i gfe[i\ Xlo Y\jf`ej eflm\Xlo# cË\o`^\eZ\ [\ hlXc`k Z]% JZ_ dX [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j %

jfliZ\ 1 gfikiX`kj j\Zkfi`\cj [\ cËFi\] \k kl[\j

CËXik`jXeXk eË\jk gXj le j\Zk\li ~ gXik \ek` i\ gl`jhlË`c j\ Zfdgfj\ [Ële\ gcliXc`k [\ j\Zk\lij [ËXZk`m`k j i\c\mXek [\ cËXc`d\ekXk`fe# [\ cX ]XYi`ZXk`fe# [\j j\im`Z\j \k [l Y k`d\ek# Z\ [\ie`\i kXek gi [fd`eXek% E Xedf`ej Zfdgk\ k\el [\ jfe i c\ gi gfe[ iXek \e i ^`fe# Xl ZÅli [\ cË Zfefd`\ i j`[\ek`\cc\# `c \jk `dgfikXek [ËXggi _\e[\i Z\ j\Zk\li [Xej jX ^cfYXc`k % :Ë\jk c\ j\Zk\li [\j d k`\ij gXi \oZ\cc\eZ\% CË\dgcf` g\idXe\ek i\gi j\ek\ gclj [\ .' [\ cË\dgcf` jXcXi` % C\j Xik`jXej jfek df`ej ^ j hl\ c\j Xlki\j Z_\]j [Ë\eki\gi`j\# Z\g\e[Xek cX gifYc dXk`hl\ [\ cX kiXejd`jj`fe [\j \eki\gi`j\j Xik`jXeXc\j i\jk\ ki j ]fik\% CX gXik [\j ]\dd\j Z_\]j [Ë\eki\gi`j\ \jk [\ (0 % <cc\j jfek gclj gi j\ek\j [Xej c\j j\im`Z\j# efkXdd\ek c\j jf`ej ~ cX g\ijfee\ \k c\ k\ok`c\$_XY`cc\d\ek%

*/

*0

)

C<J IyGFEJ<J 8GGFIKy<J ;@8>EFJK@: ;L K<II@KF@I< G8I CË8GG8I<@C ;< =FID8K@FE Iy>@FE8C <K ;< CË8GG8I<@C ;< =FID8K@FE )%( LE< GFC8I@J8K@FE K<II@KFI@8C< ;< CË8GG8I<@C ;< =FID8K@FE LE 8::ßJ @Ey>8C Á CË@E=FID8K@FE <K Á CËFI@<EK8K@FE 8@EJ@ HLËÁ CËF==I< ;< =FID8K@FE% C\ kXYc\Xl Z`$Zfeki\ dfeki\ cX [`m\ij`k [\j jkilZkli\j hl` `ek\im`\ee\ek jli c\ Z_Xdg [\ cË8@F% :\kk\ ]feZk`fe jË`ejZi`k [Xej le \em`ifee\d\ek gclj cXi^\ j` cËfe gi\e[ \e Zfdgk\ c\j XZk\lij [\ cË [lZXk`fe \k [\ cX ]fidXk`fe hl` Zfeki`Yl\ek ~ cË`e]fidXk`fe \k cËfi`\ekXk`fe [\j glYc`Zj c\j a\le\j \k c\lij ]Xd`cc\j # c\j XZk\lij [\ cË`ej\ik`fe jfZ`Xc\ \k gif]\jj`fee\cc\# c\j \eki\gi`j\j hl` gXik`Z`g\ek Xlo Z_f`o gif]\jj`fee\cj \k ~ cX ZfejkilZk`fe [\j gXiZflij [\ c\lij jXcXi` j# c\j FG:8 \k c\j YiXeZ_\j gif]\jj`fee\cc\j% CX i gXik`k`fe jli c\ k\ii`kf`i\ i ^`feXc [\j jkilZkli\j [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe 8@F \k [\j gf`ekj `e]fidXk`fe Zfej\`c jli cX MXc`[Xk`fe [\j XZhl`j [Ë\og i`\eZ\ M8< [Ële\ gXik# [\j \]]\Zk`]j [\ cX ]fidXk`fe gif]\jj`fee\cc\ [ËXlki\ gXik# dfeki\ le g_ efd e\ [\ gfcXi`jXk`fe Xlkfli [\j YXjj`ej [Ë\dgcf` [\ Dfekg\cc`\i# E d\j# G\ig`^eXe# mf`i\ 9 q`\ij Ç JX`ek$Gfej%

C<J <==<:K@=J ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< <E C8E>L<;F:$IFLJJ@CCFE JfliZ\ 1 YXj\ [\ [fee \j Fi\]# _fij ]fidXk`fe Zfek`el\ [\j jXcXi` j \k [\j [\dXe[\lij [Ë\dgcf` ÔeXeZ j gXi cË8jj\[`Z

98JJ@EJ ;Ë<DGCF@

CFQßI< >8E><J Æ C< M@>8E

KFK8C

+ *+'

+#.

)0(

'#*

, +-.

-#'

98>EFCJ$JLI$:ßQ<

( 0.)

)#)

CF;ßM<

( *(/

8CßJ Æ C8$>I8E;$:FD9<

(#+

DFEKG<CC@<I

)* (*/

),#*

EáD<J

(+ 0'+

(-#*

JßK<

* ,//

*#0

9yQ@<IJ Æ J8@EK$GFEJ

/ +,+

0#)

E8I9FEE<

, -('

-#(

:8I:8JJFEE<

- )(.

-#/

C@DFLO

( (*,

(#)

GI8;<J

( '/*

(#,

:yI<K

+'

<==<:K@=J

( +-(

(#-

G<IG@>E8E

() ++.

(*#-

C8E>L<;F:$IFLJJ@CCFE

0( +),

(''

+(

LE D8EHL< ;< C@J@9@C@Ky GFLI C<J GL9C@:J% C\j i\eZfeki\j k\ii`kfi`Xc\j fek gXi X`cc\lij gf`ek le dXehl\ [\ ZcXik \k [\ m`j`Y`c`k [\j jkilZkli\j 8@F Xljj` Y`\e gfli c\j glYc`Zj hl\ gfli c\j \eki\gi`j\j \k c\j jkilZkli\j 8@F \cc\j$d d\j% :\ ZfejkXk \jk ZfeÔid gXi cË kXk [\j c`\lo i Xc`j \e )''- gXi c\ ZXY`e\k 8depfj hl` d\k \e m`[\eZ\ c\ Zcf`jfee\d\ek \eki\ c\j jkilZkli\j# [\j Zfdgc d\ekXi`k j [`]ÔZ`c\j ~ d\kki\ \e Ålmi\ [l ]X`k [l dXehl\ [\ ZfeeX`jjXeZ\ i Z`gifhl\ [\j Z_Xdgj [\ Zfdg k\eZ\j i\jg\Zk`m\j% ;Xej c\j qfe\j iliXc\j dX`j ^Xc\d\ek gfli c\j g\ijfee\j \e [`]ÔZlck jfZ`Xc\ \e qfe\j liYX`e\j# cX d ZfeeX`jjXeZ\# \e gclj [\ cË cf`^e\d\ek [\ Z\j [`]] i\ek\j jkilZkli\j# j\dYc\ i\gi j\ek\i le ]i\`e jlggc d\ekX`i\ ~ cËXZZ j Xlo ]fidXk`fej \k ~ cË\dgcf`% @c \e \jk [\ d d\ [\ cË`e]fidXk`fe jli cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\%

>cfYXc\d\ek \e i ^`fe CXe^l\[fZ$Ifljj`ccfe# fe [ efdYi\ ./ +(, `ejZi`kj \e ]fidXk`fe gif]\jj`fee\cc\ \k (* '(' `ejZi`kj \e ]fidXk`fe k\Z_efcf^`hl\ jf`k le kfkXc [\ 0( +), hl` j\ i gXik`jj\ek Zfdd\ jl`k 1 -( ',0 \e ]fidXk`fe `e`k`Xc\ ]fidXk`fe gif]\jj`fee\cc\ \k k\Z_efcf^`hl\ # (* (+. Xggi\ek`j \k (. )() [\dXe[\lij [Ë\dgcf` ]fidXk`fe I ^`fe \k 8=G8 % Fe fYj\im\ le g_ efd e\ [\ gfcXi`jXk`fe ki j gifZ_\ \eki\ c\j [`]] i\ekj [`jgfj`k`]j [\ ]fidXk`fe% C\j g c\j [\ Dfekg\cc`\i# E d\j# G\ig`^eXe \k 9 q`\ij fek XZZl\`cc` -+ [\j \]]\Zk`]j i ^`feXlo XpXek Y e ÔZ` [ËXZk`fej [\ ]fidXk`fe gif]\jj`fee\cc\ \e )'',$)''-% C\j qfe\j iliXc\j ~ mfZXk`fe kfli`jk`hl\ \k& fl X^i`Zfc\ YXjj`ej [Ë\dgcf` [\ GiX[\j# : i\k # fl `e[ljki`\cc\j >Xe^\j $ C\ M`^Xe# Cf[ m\# C`dflo# 9X^efcj$jli$: q\ # jfek ~ cË`em\ij\ df`ej gfliml\j \e ]fidXk`fej gif]\jj`fee\cc\j% C\j \]]\Zk`]j \e ]fidXk`fe gif]\jj`fee\cc\ `e`k`Xc\ jflj jkXklk jZfcX`i\ jfek \e gif^i\jj`fe ZfejkXek\ [\gl`j (00, \k [\gl`j * Xej# cËXZX[ d`\ [\ Dfekg\cc`\i [ gXjj\ cX dfp\ee\ eXk`feXc\ gfli cX gXik [\ cË\ej\`^e\d\ek gif]\jj`fee\c jli cË\ej\dYc\ [\j ]fidXk`fej [\ j\Zfe[ ZpZc\% CX gXik [\j Ôcc\j \jk [\ +. Z\g\e[Xek \cc\j j\ i gXik`jj\ek ki j [`]] i\dd\ek j\cfe c\j jg Z`Xc`k j [\ cX gif[lZk`fe \k jfek cXi^\d\ek dXafi`kX`i\j [Xej c\j jg Z`Xc`k j [\j j\im`Z\j% JËX^`jjXek [\j Xggi\ek`j# gfli cX [\lo` d\ Xee \ Zfej Zlk`m\# cË\]]\Zk`] \ei\^`j$ ki\ le\ gif^i\jj`fe `dgfikXek\ 1 " ,#* jf`k --. Xggi\ek`j jlggc d\ekX`i\j% :\kk\ gif^i\jj`fe ki j ]fik\ gfli c\ e`m\Xl @@@ )) gifÔk\ ^Xc\d\ek Xlo e`m\Xlo M \k @M% J\lcj c\j e`m\Xlo @ \k @@ i\jk\ek jkXYc\j% C\ kXlo [\ ] d`e`jXk`fe Xl^d\ek\ Xm\Z c\ e`m\Xl [\ ]fidXk`fe%

+)

+*

)

C<J IyGFEJ<J ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C 8GGFIKy<J G8I CË8GG8I<@C ;< =FID8K@FE <K ;< CË8GG8I<@C ;< =FID8K@FE

)%) LE< F==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< :FE:<EKIy< JLI :<IK8@EJ ;@GCåD<J <K =@C@ßI<J

C<J <==<:K@=J ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< <E C8E>L<;F:$IFLJJ@CCFE 1 IyG8IK@K@FE G8I =@C@ßI< <K G8I ;@JGFJ@K@= ;< =FID8K@FEJ JfliZ\ 1 Fi\]# )''-# _fij ]fidXk`fe Zfek`el\ [\j jXcXi` j \k [\j [\dXe[\lij [Ë\dgcf` ÔeXeZ j gXi cË8jj\[`Z

=fidXk`fe jflj jkXklk jZfcX`i\ 8^i`Zlckli\

) /,)

,#'(

G Z_\$XhlXZlckli\

(*+

8^ifXc`d\ekX`i\

/+.

'#)+

()

'#'0

()

(#+0

**-

)#,/

)',

+0'

*#.-

,'-

* .-( )/#/-

( -()

(#++

*0/

*#)-

0,-

(

( *+' ('#)/

(//

(#,+

* '0-

+

0 ..(

()

( ++-

)

- /.* ()#'/ , *,-

0#+(

*.'

'#-,

( ,-/

)#.-

:fdd\iZ\ \k [`jki`Ylk`fe KiXejgfik$cf^`jk`hl\ 8jjliXeZ\&YXehl\

- /+' ()#') +('

'#.)

(//

( ,+0

((#/0

(//

(#++

( ',/ /#-,

KfkXc

-#..

9 k`d\ek

J\im`Z\ XlkfdfY`c\

=fidXk`fe gfli [\dXe[\lij [Ë\dgcf`

//)

D kXccli^`\

KiXmXlo glYc`Zj

8ggi\ek`jjX^\

+ .0)

-

'#('

(,/

'

(#-/

( *//

)

+#(+

. /-0

('

(*#(0

(' .)0

(*

( */) ((#*' /+/

-#0+

)0-

'#,)

-+

'#+0

+)-

(

>\jk`fe ZfdgkXY`c`k

- *..

((#)(

(-'

(#)*

,'-

+#(+

. '+*

0

@e]fidXk`hl\&k\Z_efcf^`\ [\ cË`e]fidXk`fe

( ++,

)#,+

(*(

(#'(

-'.

+#0.

) (/*

*

J\Zi kXi`Xk

+ ,0*

/#'.

(.

'#(*

( '.*

/#./

, -/*

.

JXe`kX`i\ \k jfZ`Xc

(* )** )*#)-

,..

+#+*

( ((.

0#(+

(+ 0).

(/

( )+- ('#(0

, *0.

.

,*(

(

Kfli`jd\&_ k\cc\i`\$ i\jkXliXk`fe Jgfik Xe`dXk`fe :lckli\ Gifgi\k <em`ifee\d\ek 8ik`jXeXk KfkXc

) ./.

+#0'

)/

'#',

*)

'#),

*-

'#'-

'

'#''

(+)

(#(-

(./

'

++(

'#./

*

'#')

*,/

)#0*

/')

(

,-

'#+*

)(/

(#./

.'.

(

( //* (+#+,

)()

(#.*

+ '..

,

() )),

(''

/) (,0

(''

+**

'#.-

( 0/)

*#+/

,- 0'(

(''

( *-+ ('#+.

-- '#,+

(* '**

(''

+.(

*#/,

;<J <==<:K@=J ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< :FE:<EKIyJ ;8EJ C<J ;FD8@E<J ;L J8E@K8@I< <K JF:@8C# ;L 9ÛK@D<EK <K ;L :FDD<I:<% C\j cpZ \ej jl`mXek le Zlijlj [\ ]fidXk`fe gif]\jj`fee\cc\ fl k\Z_efcf^`hl\ gi`m`c ^`\ek c\ j\Zk\li jXe`kX`i\ \k jfZ`Xc )* [\j \]]\Zk`]j [\ cX ]fidXk`fe gif]\jj`fee\cc\ jflj jkXklk jZfcX`i\ \e i ^`fe \k c\j j\Zk\lij [\ cX d kXccli^`\ fl [l Zfdd\iZ\ () % )0 [\j Xggi\ek`j \e CXe^l\[fZ$Ifljj`ccfe jl`m\ek le\ ]fidXk`fe jg Z`Xc`j \ [Xej c\ [fdX`e\ [l Y k`d\ek% CËXik`jXeXk j\ _`jj\ Xl [\lo` d\ iXe^ [\j j\Zk\lij [ËXZk`m`k i ^`feXlo 1 (+ [\j Xggi\ek`j [\ cX i ^`fe j\ gi gXi\ek Xlo d k`\ij [\ Z\ [fdX`e\ [ËXZk`m`k % (* [\j [\dXe[\lij [Ë\dgcf` `ejZi`kj [Xej c\j [`jgfj`k`]j [\ ]fidXk`fe ÔeXeZ \j gXi cX I ^`fe fl cË8=G8 jËfi`\ek\ek m\ij c\ j\Zk\li [l Y k`d\ek% C\j j\Zk\lij [l Zfdd\iZ\# [l kfli`jd\&_ k\cc\i`\$i\jkXliXk`fe jfek ^Xc\d\ek Y`\e i\gi j\ek j i\jg\Zk`m\d\ek (( \k (' % Kflj df[\j [\ ]fidXk`fe Zfe]fe[lj# (/ [\j \]]\Zk`]j [\ cX ]fidXk`fe gif]\jj`fee\cc\ j\ jg Z`Xc`j\ek [Xej c\ [fdX`e\ [l jXe`kX`i\ \k jfZ`Xc# (* [Ë\eki\ \lo [Xej c\ Y k`d\ek \k () [Xej c\ Zfdd\iZ\ \k cX [`jki`Ylk`fe% ;<J <==<:K@=J IyG8IK@J @Ey>8C<D<EK J<CFE C<J E@M<8LO ;< =FID8K@FE <K C<J ;@JGFJ@K@=J% :feZ\ieXek c\j ]fidXk`fej jflj jkXklk jZfcX`i\# +) jfek [\j ]fidXk`fej [\ e`m\Xl M# */ [\j ]fidXk`fej [\ e`m\Xl @M \k )' [\j ]fidXk`fej [\ e`m\Xl @@@ \k gclj% Le\ ^iXe[\ dXafi`k [\j Xggi\ek`j jl`m\ek [\j ]fidXk`fej [\ e`m\Xl M -/ # (0#. [\j ]fidXk`fej [\ e`m\Xl @M# .#- [\j ]fidXk`fej [\ e`m\Xl @@@ \k j\lcj +#/ jl`m\ek [\j ]fidXk`fej [\ e`m\Xlo @ \k @@.% :\ jfek c\j \]]\Zk`]j `ejZi`kj [Xej [\j ]fidXk`fej [\ e`m\Xl @@@ hl` fek Zfeel cX gclj ]fik\ mfclk`fe [\gl`j )'', " )) % JËX^`jjXek [\j ]fidXk`fej ~ [\jk`eXk`fe [\j [\dXe[\lij [Ë\dgcf` [Xej c\ ZX[i\ [l gif^iXdd\ i ^`feXc hlXc`ÔXek# */ jfek [\j ]fidXk`fej [\ e`m\Xl M# *, [\j ]fidXk`fej [\ e`m\Xl @M \k () [\j ]fidXk`fej [\ e`m\Xl @@@ \k gclj% <e Z\ hl` ZfeZ\ie\ c\j ]fidXk`fej [\ cË8=G8# \cc\j jfek dXafi`kX`i\d\ek Z\eki \j jli c\j e`m\Xlo M \k @M i\gi j\ekXek i\jg\Zk`m\d\ek -'#, \k *+#- %

:\ kXYc\Xl eË`ek ^i\ gXj c\j \]]\Zk`]j i gXik`j [Xej [`m\ij j\Zk\lij df`ej i\gi j\ekXk`]j% C\ j\Zk\li Xik`jXeXk i\gi j\ek\ c\j Xlki\j XZk`m`k j [\ cËXik`jXeXk% . $ C\ e`m\Xl M Zfii\jgfe[ Xlo [`gc d\j :8G \k 9<G# c\ e`m\Xl @M Xl YXZZXcXli Xk# c\ e`m\Xl @@@ Xlo [`gc d\j 9XZ")# c\ e`m\Xl @@ Xlo [`gc d\j 9XZ"* \k c\ e`m\Xl @ Xlo [`gc d\j 9XZ", \k gclj%

++

+,

)%* LE :<IK8@E ;y:8C8>< <EKI< CËF==I< ;< =FID8K@FE <K C<J 98JJ@EJ ;Ë<DGCF@ CË8>IF8C@D<EK8@I<% CËf]]i\ [\ ]fidXk`fe g\id\k le i\eflm\cc\d\ek k_ fi`hl\ Xeel\c [\ (* [\j \dgcf`j Zfeki\ / \e dfp\ee\ i ^`feXc\ kflj j\Zk\lij Zfe]fe[lj% 0' [\ Z\ Õlo Xeel\c \jk Zfejk`kl gXi cX ]fidXk`fe `e`k`Xc\# efkXdd\ek X^i`Zfc\ gi`eZ`gXc\d\ek jflj jkXklk jZfcX`i\ % C\j \]]\Zk`]j \e ]fidXk`fe `e`k`Xc\ j\ ZfeZ\eki\ek ]fik\d\ek jli c\j e`m\Xlo @@@ \k gclj ,, Zfeki\ )+ \e dfp\ee\ i ^`feXc\ kflj j\Zk\lij Zfe]fe[lj Xcfij hl\ c\j Y\jf`ej XZkl\cj gfik\ek \jj\ek`\cc\d\ek jli c\j gi\d`\ij e`m\Xlo [\ hlXc`ÔZXk`fe% C\j YXjj`ej [Ë\dgcf` [\ Dfekg\cc`\i \k :XiZXjjfee\ ZfeZ\eki\ek gclj [\ /' [\j \]]\Zk`]j% :\kk\ i gXik`k`fe k\ii`kfi`Xc\ cX`jj\ XggXiX ki\ le [ ÔZ`k [Ëf]]i\ [\ ]fidXk`fe jli c\ YXjj`e [Ë\dgcf` [\ E d\j hl` [`jgfj\ gflikXek [Ële j\Zk\li X^ifXc`d\ekX`i\ ]fik\d\ek [ m\cfgg % C< 9ÛK@D<EK <K C8 :FEJKIL:K@FE% CËf]]i\ [\ ]fidXk`fe \jk Y`\e [ m\cfgg \ gl`jhlË\cc\ g\id\k le i\eflm\cc\d\ek k_ fi`hl\ Xeel\c [\ (, [\j \dgcf`j% C\j cpZ \j glYc`Zj XZZl\`cc\ek gi j [\ ,' [\j \]]\Zk`]j \e ]fidXk`fe \k c\j :=8 le k`\ij% @c ]Xlk efk\i hl\ cËXggi\ek`jjX^\ \jk le\ mf`\ gi`m`c ^` \ gfli c\j \dgcfp\lij [l 9KG 1 c\ j\Zk\li XZZl\`cc\ + [ËXggi\ek`j gXi iXggfik ~ cË\dgcf` jXcXi` jf`k [\lo ]f`j \k [\d` gclj hl\ cX dfp\ee\ i ^`feXc\ kflj j\Zk\lij Zfe]fe[lj % CËXggi\ek`jjX^\ [Xej c\ j\Zk\li [l 9KG ZfeZ\eki\ )0 [\j Xggi\ek`j [\ cX i ^`fe CXe^l\[fZ$Ifljj`ccfe jf`k * .-( g\ijfee\j % :\j \]]\Zk`]j fek Xl^d\ek [\ (.#* \eki\ )'', \k )''-# jf`k cX gclj ]fik\ mfclk`fe kflj j\Zk\lij Zfe]fe[lj ~ cË Z_\cc\ i ^`feXc\% C\ kXlo [\ i\dgc`jjX^\ [\j ]fidXk`fej `e`k`Xc\j cpZ \j \k :=8 Xkk\`ek [ËX`cc\lij 0) % C\j kif`j hlXikj [\j \]]\Zk`]j gi gXi\ek le [`gc d\ [\ e`m\Xl M% C\ gfliZ\ekX^\ gXjj\ ~ 0, \e dXk` i\ [\ ]fidXk`fe Zfek`el\% CX dXafi`k [\j glYc`Zj [\ cX ]fidXk`fe \jk XZZl\`cc`\ ~ Dfekg\cc`\i )* # E d\j (. \k G\ig`^eXe (* % Á cË`em\ij\# - YXjj`ej [Ë\dgcf` jfek g\l fl gXj [fk j [Xej Z\ j\Zk\li 1 GiX[\j# J k\# Cf[ m\# >Xe^\j $ C\ M`^Xe# 9X^efcj$jli$: q\ \k C`dflo% CËXggXi\`c [\ ]fidXk`fe [\miX mfcl\i Xl i\^Xi[ [\j g\ijg\Zk`m\j hlËf]]i\ c\ [ m\cfgg\d\ek [\j e\i^`\j i\eflm\cXYc\j% C<J KI8EJGFIKJ <K C8 CF>@JK@HL<% 9`\e hl\ c\j d k`\ij [\j kiXejgfikj eËXggXiX`jj\ek gXj gfli cË`ejkXek \e k\ej`fe# cËf]]i\ [\ ]fidXk`fe j\dYc\ jflj$[`d\ej`fee \# jlikflk Zfdgk\ k\el [l m`\`cc`jj\d\ek [\j jXcXi` j 1 c\ i\eflm\cc\d\ek k_ fi`hl\ Xeel\c [\j \dgcf`j eË\jk hl\ [\ * / \e dfp\ee\ kflj j\Zk\lij Zfe]fe[lj # Õlo Zfejk`kl j ~ gXikj ^Xc\j gXi cX ]fidXk`fe `e`k`Xc\ \k cX ]fidXk`fe Zfek`el\ [\j [\dXe[\lij [Ë\dgcf`% CËXggi\ek`jjX^\# df`ej gi j\ek hl\ [Xej c\j Xlki\j j\Zk\lij# k\e[ Xlafli[Ë_l` ~ j\ [ m\cfgg\i% C\j \]]\Zk`]j \e ]fidXk`fe `e`k`Xc\ j\ ZfeZ\eki\ek jli c\j e`m\Xlo @M \k gclj c\ gclj jflm\ek \e ml\ [\j d k`\ij [\ cX cf^`jk`hl\ \k Z\lo \e ]fidXk`fe Zfek`el\ jfek ~ 0' jli c\ e`m\Xl M [Xej c\j d k`\ij [\ cX Zfe[l`k\% C\j YXjj`ej [Ë\dgcf` [\ EXiYfee\ \k [\ Dfekg\cc`\i ZfeZ\eki\ek ., [\j \]]\Zk`]j \e ]fidXk`fe `e`k`Xc\% CX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ XggXiX k gclj [`]]lj \ ~ cË Z_\cc\ [l k\ii`kf`i\% GXi Zfeki\# c\j YXjj`ej [Ë\dgcf` [\ J k\ \k [\ G\ig`^eXe# hl` i\gi j\ek\ek le\ ^iXe[\ gXik`\ [\j \]]\Zk`]j jXcXi` j [Xej Z\ j\Zk\li [ËXZk`m`k \e iX`jfe efkXdd\ek [l [ m\cfgg\d\ek [l gfik [\ J k\ \k [\j qfe\j [ËXZk`m`k cf^`jk`hl\j ZfeZ\eki \j Xlkfli [\ cËX`i\ liYX`e\ g\ig`^eXeX`j\ # eËXZZl\`cc\ek hlXj`d\ek gXj [\ j\Zk`fej gif]\jj`fee\cc\j [\ cpZ \j \k ki j g\l [Ëfi^Xe`jd\j [\ ]fidXk`fe Zfek`el\ jg Z`Xc`j j%

+-

+.

)

C<J IyGFEJ<J ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C 8GGFIKy<J G8I CË8GG8I<@C ;< =FID8K@FE <K ;< CË8GG8I<@C ;< =FID8K@FE

C< KFLI@JD< <K CË?åK<CC<I@<$I<JK8LI8K@FE% CËf]]i\ [\ ]fidXk`fe \jk ki j [ m\cfgg \ \k g\id\k le i\eflm\cc\d\ek Xeel\c k_ fi`hl\ [\ (. [\j \dgcf`j% C\j cpZ \j glYc`Zj \k c\j :=8 ]flie`jj\ek gclj [\j )&* [\ Z\j Õlo Xeel\cj% CËXggi\ek`jjX^\ \jk \e gXik`Zlc`\i le\ mf`\ [ËXZZ j gi`m`c ^` \ ~ cX gif]\jj`fe 1 cX gXik [\j Xggi\ek`j [Xej cË\dgcf` \jk [\ *#/ Zfeki\ (#+ \e dfp\ee\ kflj j\Zk\lij Zfe]fe[lj% CX df`k` [\j \]]\Zk`]j `ejZi`kj \e ]fidXk`fe `e`k`Xc\ j\ gfj`k`fee\ jli c\ e`m\Xl M \k le k`\ij jli c\ @M% CX ]fidXk`fe Zfek`el\ [\j [\dXe[\lij [Ë\dgcf` gfli c\j XZk`fej ÔeXeZ \j gXi cX I ^`fe fl cË8=G8 XggXiX k gclj [ m\cfgg \ hl\ gfli c\j Xlki\j j\Zk\lij% C\j YXjj`ej [Ë\dgcf` [\ : i\k# GiX[\j fl EXiYfee\ e\ [`jgfj\ek hl\ [\ g\l [\ ]fidXk`fej gi gXiXek Xlo d k`\ij [l kfli`jd\ fl [\ cË_ k\cc\i`\$ i\jkXliXk`fe dXc^i le\ mfZXk`fe kfli`jk`hl\ i\Zfeel\% CX ^ e iXc`jXk`fe [\j ZfekiXkj [\ kiXmX`c [\ Zflik\ [li \ \k cX ]fik\ Xdgc`kl[\ jX`jfee` i\ [\ cËXZk`m`k [l j\Zk\li [peXd`j\ek ki j ]fik\d\ek c\ dXiZ_ [l kiXmX`c [Xej c\ j\Zk\li kfli`jk`hl\% GXiXcc c\d\ek# \cc\j jfek ~ cËfi`^`e\ [Ë`dgfikXek\j [`]ÔZlck j [\ i\Zilk\d\ekj p Zfdgi`j jli [\j e`m\Xlo [\ hlXc`ÔZXk`fe \k [\ [`gc d\ g\l c\m j % CË8>I@:LCKLI<% CËf]]i\ [\ ]fidXk`fe XggXiX k Zfii\Zk\d\ek [ m\cfgg \ [Xej cX d\jli\ f \cc\ Zfeki`Yl\ Xl i\eflm\cc\d\ek k_ fi`hl\ Xeel\c [\ 0 [\j \dgcf`j% :\j Õlo jfek Xc`d\ek j Xljj` Y`\e gXi cX ]fidXk`fe `e`k`Xc\ jZfcX`i\# cËXggi\ek`jjX^\ \k cX ]fidXk`fe [\j [\dXe[\lij [Ë\dgcf`j% >cfYXc\d\ek# cX ]fidXk`fe j\ ZfeZ\eki\ jli c\ e`m\Xl M dX`j c\ e`m\Xl @M \jk e\kk\d\ek jlii\gi j\ek gXi iXggfik Xlo Xlki\j j\Zk\lij ), [\j \]]\Zk`]j Zfeki\ df`ej [\ )' \e dfp\ee\ % CX [\dXe[\ \e ]fidXk`fej X^i`Zfc\j \jk \e YX`jj\ efkXdd\ek [Xej cËXggi\ek`jjX^\ gfli c\j ]fidXk`fej gi gXiXek ~ cË`ejkXccXk`fe \k \e jkX^eXk`fe gfli c\j Xlki\j ]fidXk`fej% DXc^i le\ mfZXk`fe X^i`Zfc\ dXihl \# c\j YXjj`ej [Ë\dgcf` [\ EXiYfee\# : i\k fl GiX[\j eËXZZl\`cc\ek X`ej` hl\ ki j g\l [Ëfi^Xe`jd\j [\ ]fidXk`fe Xlo d k`\ij \k jg Z`Xc`k j [\ cËX^i`Zlckli\# Xcfij hl\ c\j YXjj`ej [Ë\dgcf` [\ E d\j# [\ Dfekg\cc`\i# [\ cX Cfq i\# [\ :XiZXjjfee\ \k \eÔe [\ G\ig`^eXe ZfeZ\eki\ek /' [\j \]]\Zk`]j \e ]fidXk`fe% CX gXc\kk\ [\j d k`\ij X^i`Zfc\j jË cXi^`k gif^i\jj`m\d\ek \e ]feZk`fe [\j dlkXk`fej Zfefd`hl\j Zfeel\j gXi c\ j\Zk\li# Z\ hl` j\ kiX[l`k gXi le i\e]fiZ\d\ek e Z\jjX`i\ [\j ]fidXk`fej gfli ]flie`i [\j Zfdg k\eZ\j gfcpmXc\ek\j \k gf`ekl\j Xl j\`e [\j \ogcf`kXk`fej%

+/

+0

)

C<J IyGFEJ<J ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C 8GGFIKy<J G8I CË8GG8I<@C ;< =FID8K@FE <K ;< CË8GG8I<@C ;< =FID8K@FE

Qffd jli cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\ M8<

/

<e )''+# ) ./0 [fjj`\ij [\ [\dXe[\j [\ M8< fek k [ gfj j \e i ^`fe CXe^l\[fZ$ Ifljj`ccfe Xlgi j [\j `ejk`klk`fej Z\ik`ÔZXki`Z\j Zfeki\ ) .'' \e )''* % C\j ]\dd\j i\jk\ek dXafi`kX`i\j \e )''+ -/ [\j ZXe[`[Xkj# Z_`]]i\ `[\ek`hl\ Xl e`m\Xl eXk`feXc dX`j c\j _fdd\j \ei\^`jki\ek le\ _Xljj\ [\ . gf`ekj gXi iXggfik ~ cËXee \ gi Z [\ek\# gifYXYc\d\ek \e c`\e Xm\Z cX ^ e iXc`jXk`fe [\ cX M8< ~ cË\ej\dYc\ [\j Z\ik`ÔZXk`fej [\j d`e`jk i\j mXc`[\lij% CX kiXeZ_\ [Ë ^\ *'$+, Xej \jk cX gclj i\gi j\ek \ gXid` c\j ZXe[`[Xkj# dX`j cX gXik [\j " [\ +- Xej )+ X Xl^d\ek [\ + gf`ekj gXi iXggfik ~ )''+% CX gifgfik`fe [\ g\ijfee\j hl` ]fek le\ [ dXiZ_\ [\ M8< X YX`jj [\ , gf`ekj dX`j i\jk\ \eZfi\ j`^e`ÔZXk`m\ -0 % 8l e`m\Xl eXk`feXc# le k`\ij [\j ZXe[`[Xkj ~ cX M8< jfek [\j [\dXe[\lij [Ë\dgcf` 1 j\lc c\ d`e`jk i\ [\ cË<dgcf`# hl` X d`j \e gcXZ\ le\ gfc`k`hl\ [\ ^iXkl`k gfli Z\j glYc`Zj# ]X`k Ô^li\ [Ë\oZ\gk`fe Xm\Z gi j [\ kif`j hlXikj [\ Z_ d\lij% <e i ^`fe# cX gifgfik`fe [\j [\dXe[\lij [Ë\dgcf` (. \jk \e [`d`elk`fe $ . % :\j Z_`]]i\j i\emf`\ek ~ cX e Z\jj`k [\ gifdflmf`i cX M8< gXi cX d`j\ \e gcXZ\ [\ gf`ekj [Ë`e]fidXk`fe Zfej\`c i gXik`j jli cË\ej\dYc\ [l k\ii`kf`i\ i ^`feXc% >cfYXc\d\ek \e =iXeZ\# cX gclgXik [\j ZXe[`[Xkj m`j\ cËfYk\ek`fe [Ële [`gc d\ Zfii\jgfe[Xek Xlo gi\d`\ij e`m\Xlo [\ hlXc`ÔZXk`fe% :\ [`jgfj`k`] i\jk\ le\ mf`\ [ËXZZ j hlXki\ ]f`j df`ej lk`c`j \ gXi c\j X[lck\j hl\ cX ]fidXk`fe Zfek`el\ dX`j c\j giXk`hl\j jfek kflk\]f`j [`]] i\ek\j j\cfe c\ kpg\ [\ [`gc d\ m`j % <e CXe^l\[fZ$Ifljj`ccfe# cX gXik [\j [`gc d\j mXc`[ j mXc`[Xk`fej gXik`\cc\j \k kfkXc\j [\ e`m\Xlo @M \k M X gif^i\jj \e )''+ /+ Zfeki\ .* \e )''* gXi Zfeki\ le i\gc` j`^e`ÔZXk`] \jk ZfejkXk jli c\j [`gc d\j [\ e`m\Xlo @@@# @@ \k @%

)%+ ;<J <==FIKJ G8IK@:LC@<IJ 8LGIßJ ;< :<IK8@EJ GL9C@:J C<J GL9C@:J <E ;@==@:LCKy 8L J<@E ;<J yK89C@JJ<D<EKJ J:FC8@I<J% CËy[lZXk`fe eXk`feXc\ `[\ek`Ô\ c\j c m\j ~ i`jhl\# \em`ife + ,'' Z_Xhl\ Xee \# gfli c\jhl\cj jfek d`j\j \e gcXZ\ [\j d\jli\j jg Z`Ôhl\j \eki\k`\ej [\ j`klXk`fe# j\jj`fej [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe¿ [Xej c\ ZX[i\ efkXdd\ek [\ cX d`jj`fe ^ e iXc\ [Ë`ej\ik`fe D>@ % CX I ^`fe [\ jfe Z k ÔeXeZ\ [\j XZk`fej [\ jflk`\e Xl Y e ÔZ\ [\j cpZ \ej% C<J ;<D8E;<LIJ ;Ë<DGCF@% <e )'',# (* 0)* g\ijfee\j jXej \dgcf` fek Y e ÔZ` [ËXZk`fej [\ ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ ÔeXeZ \j gXi cX I ^`fe% GXid` \cc\j# / )0+ jf`k -' fek jl`m` [\j ]fidXk`fej [`gc dXek\j \jj\ek`\cc\d\ek [\ e`m\Xlo @M \k M % Gfli cËXee \ )''-# Z\ jfek (+ (+) gcXZ\j hl` fek k ZfddXe[ \j% Kflaflij gfli cX d d\ Xee \# 0 ),) [\dXe[\lij [Ë\dgcf` [fek ,/ [\ ]\dd\j fek k `e[\de`j j gXi cË8jj\[`Z [Xej c\ ZX[i\ [\ cËXccfZXk`fe [ËX`[\ Xl i\kfli ~ cË\dgcf` ]fidXk`fe% C<J J<E@FIJ% <e )'',# , /'/ g\ijfee\j [\ gclj [\ +, Xej fek Y e ÔZ` [ËXZk`fej [\ ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ [Xej [\j [`jgfj`k`]j ÔeXeZ j gXi cX I ^`fe% GXid` \lo# , '00 kX`\ek XZk`]j fZZlg j jf`k )0 [\j XZk`]j fZZlg j XpXek gXik`Z`g ~ [\ k\cc\j XZk`fej ~ cË Z_\cc\ i ^`feXc\ \k .(0 kX`\ek [\dXe[\lij [Ë\dgcf` jf`k , [\j [\dXe[\lij [Ë\dgcf` ZfeZ\ie j gXi [\ k\cc\j XZk`fej ~ cË Z_\cc\ i ^`feXc\ % Ki j g\l [\ j\e`fij \e j`klXk`fe [Ë`eXZk`m`k fek [feZ Xjj`jk ~ [\j df[lc\j [\ ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\% C<J =<DD<J% C\j ]\dd\j jfek Xlafli[Ë_l` gclj efdYi\lj\j hl\ c\j _fdd\j ~ jfcc`Z`k\i [\j `e]fidXk`fej \k [\j Zfej\`cj \e dXk` i\ [Ëfi`\ekXk`fe gif]\jj`fee\cc\ Xlgi j [\j d`jj`fej cfZXc\j gfli cË\dgcf` 1 ,) [\j \]]\Zk`]j XZZl\`cc`j [Xej c\j d`jj`fej cfZXc\j [\ cX i ^`fe \e )'', jfek [\j ]\dd\j jf`k )* *0+ g\ijfee\j % C\ gifÔc [\j glYc`Zj XpXek jl`m` [\j df[lc\j [\ ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ \e )'', dfeki\ ^Xc\d\ek le\ gclj ^iXe[\ gifgfik`fe [\ ]\dd\j ,/ [\j [\dXe[\lij [Ë\dgcf` \k ,) [\j XZk`]j fZZlg j XpXek Y e ÔZ` [\ k\cc\j XZk`fej jfek [\j ]\dd\j# jf`k (. )'* g\ijfee\j [Xej c\j [`jgfj`k`]j [\ ]fidXk`fe ÔeXeZ j gXi cX I ^`fe%

/ $ JfliZ\j 1 ;IK<=G \k :\i\h

,'

,(

)

C<J IyGFEJ<J ;@8>EFJK@: ;L K<II@KF@I< Iy>@FE8C 8GGFIKy<J G8I CË8GG8I<@C ;< =FID8K@FE <K ;< CË8GG8I<@C ;< =FID8K@FE

C<J J8C8I@yJ% <e )'',# cX Zfeki`Ylk`fe [\j \eki\gi`j\j [\ gclj [\ (' jXcXi` j Xl ÔeXeZ\d\ek [\ cX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ \jk \e dfp\ee\ [\ )#+) [\j jXcX`i\j [\ cËXee \ )''+ j\cfe cX ;IK<=G )#,- Xl e`m\Xl eXk`feXc % 9`\e hl\ cX dlck`kl[\ [\j flk`cj [\ cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ d`j \e gcXZ\ gXi c\j k\ok\j i Z\ekj Y`cXej [\ Zfdg k\eZ\j# M8<# \eki\k`\e gif]\jj`fee\c# gXjj\gfik ]fidXk`fe# ZfekiXk [\ gif]\jj`feeXc`jXk`fe# g i`f[\ [\ gif]\jj`feeXc`jXk`fe# [if`k `e[`m`[l\c [\ ]fidXk`fe# [ m\cfgg\d\ek [l klkfiXk%%% flmi\ek [\ efdYi\lj\j fggfikle`k j Xlo \eki\gi`j\j \k Xlo jXcXi` j# Z\ kXlo# Y`\e hl\ jlg i`\li Xlo fYc`^Xk`fej c ^Xc\j# \jk \e YX`jj\ i ^lc` i\ [\gl`j , Xej *#(* \e (000 % C\ kXlo [ËXZZ j [\j jXcXi` j ~ cX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ \jk ^cfYXc\d\ek jkXYc\ \e )''* \k )''+ Xlkfli [\ *( % C\ kXlo [ËXZZ j [\j ]\dd\j# gifZ_\ [\ Z\cl` [\j _fdd\j \eki\ (000 \k )''*# XZZlj\ le\ YX`jj\ j\ej`Yc\ \e )''+ Xcfij hl\ Z\cl` [\j _fdd\j Xl^d\ek\ [\ - gf`ekj%

<ehl k\ [\ jXk`j]XZk`fe \k [Ë`ej\ik`fe [\j Xggi\ek`j :\kk\ \ehl k\ X k i Xc`j \ gXi c\ :E8J<8# Xl ) d\ ki`d\jki\ )''-# Xlgi j [\j Xggi\ek`j XpXek XZ_\m c\li ]fidXk`fe \e )'',% C\ kXlo [\ i gfej\j X k [\ +* % J\lcj / [\j Xggi\ek`j fek k fi`\ek j m`X le\ jkilZkli\ [Ëfi`\ekXk`fe% >cfYXc\d\ek c\j Xggi\ek`j jfek jXk`j]X`kj ~ // gfli cX ]fidXk`fe \e Z\eki\ \k ~ /* gfli cX ]fidXk`fe \e \eki\gi`j\ kflk\]f`j * a\le\j jli (' j\ [ ZcXi\ek [ lj gXi cX c`X`jfe :=8&\eki\gi`j\% Kif`j Xggi\ek`j jli hlXki\ fek kiflm le \dgcf`# \k gclj c\ [`gc d\ fYk\el \jk c\m # gclj c\ kXlo [\ kiXmX`c \jk `dgfikXek% ;Xej /* [\j ZXj c\ gfjk\ fZZlg \jk \e X[ hlXk`fe Xm\Z c\ d k`\i gi gXi g\e[Xek cËXggi\ek`jjX^\% CX ^iXe[\ dXafi`k [\j Xggi\ek`j hl` kiXmX`cc\ek /* i\jk\ek [Xej cX i ^`fe CXe^l\[fZ$Ifljj`ccfe \k +) kiXmX`cc\ek [Xej cË\eki\gi`j\ ]fidXki`Z\% ,, fZZlg\ek le gfjk\ [Xej c\j \eki\gi`j\j [\ df`ej [\ (' jXcXi` j% Le Xggi\ek` jli [\lo kiXmX`cc\ [Xej c\ 9KG fl c\ Zfdd\iZ\% Le Xggi\ek` jli [\lo [\m`\ek flmi`\i dX`j `c \jk `ek i\jjXek [\ efk\i hl\ , jfek [\j kiXmX`cc\lij `e[ g\e[Xekj% ,/ Y e ÔZ`\ek [Ële \dgcf` jkXYc\% CËXggi\ek`jjX^\ XggXiX k ^Xc\d\ek Zfdd\ le\ kXg\ [Xej c\ gXiZflij [\ ]fidXk`fe gl`jhl\ )+ gflijl`m\ek le\ Xlki\ ]fidXk`fe [fek (* [Xej c\ ZX[i\ [Ële Xlki\ ZfekiXk [ËXggi\ek`jjX^\ fl [\ gif]\jj`feeXc`jXk`fe%

C<J 8GGI<EK@J% CX I ^`fe jflk`\ek ÔeXeZ` i\d\ek kflk\j c\j XZk`fej m`jXek ~ gifdflmf`i cX hlXc`k [\ cX ]fidXk`fe [Xej c\ jflZ` g\idXe\ek [\ i [l`i\ c\j ilgkli\j [\ ZfekiXkj% 8`ej` \e )''-# cËX`[\ Xkki`Yl \ gfli i\e]fiZ\i cX c`X`jfe [l :=8 Xm\Z cË\eki\gi`j\ X k Xl^d\ek \ [\ ,#( gXi iXggfik ~ )'',% J` Y\jf`e# [\j XZk`fej [\ jflk`\e jfek ^Xc\d\ek jflk\el\j% CËX`[\ Xl gi\d`\i hl`g\d\ek# ]XZk\li [Ë ^Xc`k [\j Z_XeZ\j# `e`k` \ \e )'',# X Y e ÔZ` ~ , -., Xggi\ek`j \e )'',% C\j i jlckXkj [\ cË\ehl k\ [Ë`ej\ik`fe [\j Xggi\ek`j cXeZ \ gXi cX I ^`fe mf`i Z`$Zfeki\ `eZ`k\ek ~ gflijl`mi\ Z\j `ek\im\ek`fej% C<J G<IJFEE<J <E @EJ<IK@FE% ,- ,/( a\le\j \e `ej\ik`fe gif]\jj`fee\cc\ [\ (/ ~ ), Xej fek k XZZfdgX^e j gXi c\j d`jj`fej cfZXc\j0 gfli cË\dgcf` [\ cX i ^`fe \e )''-% )+ )*) fek k i\ lj \e gi\d`\i XZZl\`c% y^Xc\d\ek jflk\el\j gXi cËykXk \k c\j ; gXik\d\ekj# (,' jkilZkli\j Ålmi\ek \e i ^`fe gfli cË`ej\ik`fe Zfefd`hl\ [\ gclj [\ ( ''' g\ijfee\j gXid` c\j gclj cf`^e \j [\ cË\dgcf`% C\j ; gXik\d\ekj d\kk\ek \e Ålmi\ le Z\ikX`e efdYi\ [ËXZk`fej m`jXek ~ cX i\dfY`c`jXk`fe [\j g\ijfee\j fl ~ cËXZhl`j`k`fe [\ jXmf`ij [\ YXj\ \k gi i\hl`j e Z\jjX`i\j ~ c\li `ek ^iXk`fe jli c\j gif^iXdd\j i ^`feXlo [\ ]fidXk`fe% , -)0 g\ijfee\j fek jl`m`# \e )'',# [\j XZk`fej [\ i\dfY`c`jXk`fe fl [ËX`[\ ~ cX [ Ôe`k`fe [Ële gifa\k gif]\jj`fee\c% <cc\j i\gi j\ek\ek +' [l gif^iXdd\ i ^`feXc [\ ]fidXk`fe%

0 $ JfliZ\j 1 ;IK<=G \k :\i\h

,)

,*

<EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< <E C8E>L<;F:$IFLJJ@CCFE Kflk Xl cfe^ [\ cX g_Xj\ [\ ZfeZ\ikXk`fe gi XcXYc\# c\j glYc`Zj [\ cX ]fidXk`fe gif]\jj`fee\cc\ ljX^\ij \k \eki\gi`j\j X`ej` hl\ c\j k\ii`kf`i\j fek gl \ogi`d\i c\lij gi fZZlgXk`fej \k c\lij Y\jf`ej% C\j i gfej\j hl` g\lm\ek ki\ Xggfik \j ~ Z\j Y\jf`ej gXi cËXggXi\`c [\ ]fidXk`fe Zfejk`kl\ek c\j \ea\lo ]fe[Xd\ekXlo [\ cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe%

@cj jfek [\ kif`j fi[i\j 1 L gcXZ\i cX ]fidXk`fe gif]\jj`fee\cc\ Xl ZÅli [\j gfc`k`hl\j [Ë\dgcf`

\k [\ [ m\cfgg\d\ek Zfefd`hl\ \e XggfikXek Xlo Ôc` i\j c\j Zfdg k\eZ\j \k c\j jXmf`i$]X`i\ [fek \cc\j fek Y\jf`e 2 L m\`cc\i ~ Z\ hl\ Z_XZle gl`jj\ Zfejkil`i\ le gXiZflij gif]\jj`fee\c

i gfe[Xek ~ j\j jg Z`ÔZ`k j \k j\j Y\jf`ej \k hlËXlZle kpg\ [\ glYc`Z e\ jf`k \oZcl [\ cX ]fidXk`fe gif]\jj`fee\cc\# hl\ Z\ jf`k jli le\ YXj\ jfZ`Xc\ fl k\ii`kfi`Xc\ 2 L d\kki\ cX ]fidXk`fe gif]\jj`fee\cc\ Xl j\im`Z\ [l [ m\cfgg\d\ek

[\j k\ii`kf`i\j \k Xgglp\i c\j f]]i\j [\ ]fidXk`fe `e`k` \j cfZXc\d\ek%

(

GC8:<I C8 =FID8K@FE <EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< GIF=<JJ@FEE<CC< 8L :ÄLI <E C8E>L<;F:$IFLJJ@CCFE $ <EA<LO ;<J GFC@K@HL<J ;Ë<DGCF@ ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< <E <K ;< ;yM<CFGG<D<EK C8E>L<;F:$IFLJJ@CCFE $ <EA<LO ;< C8 y:FEFD@HL< =FID8K@FE GIF=<JJ@FEE<CC< ;Xej le\ g\ijg\Zk`m\ [\ [ m\cfgg\d\ek [liXYc\ \k hl`c`Yi [l k\ii`kf`i\ i ^`feXc# `c `dgfik\ [\ Zi \i [\j `ek\iXZk`fej ]fik\j \eki\ c\ [ m\cfgg\d\ek Zfefd`hl\ [\j \eki\gi`j\j hl` jkilZkli\ek c\ k`jjl gif[lZk`] i ^`feXc \k c\ [ m\cfgg\d\ek [\j hlXc`ÔZXk`fej [\j _XY`kXekj [l k\ii`kf`i\ i ^`feXc# ]XZk\li [\ gifdfk`fe jfZ`Xc\# [Ë gXefl`jj\d\ek gif]\jj`fee\c \k [feZ# `e Ôe\# ^X^\ [ËXlkfefd`\ `e[`m`[l\cc\% <e Zf_ i\eZ\ Xm\Z c\ :fekiXk [\ gifa\kj ykXk$I ^`fe )''.$)'(* hl` gf`ek\ hl\ cX ]X`Yc\ kX`cc\ [\j \eki\gi`j\j g\lk XggXiX ki\ Zfdd\ le _Xe[`ZXg [Xej cX dfY`c`jXk`fe [\j dfp\ej e Z\jjX`i\j ~ c\li mfclk`fe# cX jkiXk ^`\ [l GI;=G i\gfj\ jli c\ i\^iflg\d\ek [\ Z\j \eki\gi`j\j efkXdd\ek [Xej le\ cf^`hl\ k_ dXk`hl\ jËXgglpXek jli [\j Ôc` i\j jkilZkli \j% GcXZ\i c\j i\jjfliZ\j _ldX`e\j \k cX ]fidXk`fe gif]\jj`fee\cc\ Xl ZÅli [\ cX jkiXk ^`\ [\ [ m\cfgg\d\ek [\j Ôc` i\j Zfii\jgfe[ \e \]]\k ~ cË`ek i k Y`\e Zfdgi`j ~ cX ]f`j [\j \eki\gi`j\j \k [\j glYc`Zj% Gfli c\j \eki\gi`j\j# cX g\ijg\Zk`m\ [\ [`jgfj\i [\ g\ijfee\cj d`\lo ]fid j# gclj hlXc`Ô j \k gXefl`j [Xej c\li m`\ gif]\jj`fee\cc\# \jk le ^X^\ [\ Zfdg k`k`m`k hl` Zfeki`Yl\ ~ Xjj\f`i c\li jkiXk ^`\ [\ Zif`jjXeZ\ jli c\ cfe^ k\id\% Gfli c\j glYc`Zj# ZË\jk jli c\ [peXd`jd\ Zfefd`hl\ [\j \eki\gi`j\j hl\ jËXggl`\ek c\lij g\ijg\Zk`m\j [Ë\dgcf`# [ËXd c`fiXk`fe [\ c\lij Zfe[`k`fej [\ kiXmX`c \k [Ë mfclk`fe gif]\jj`fee\cc\% 8gglp\i c\ [ m\cfgg\d\ek Zfefd`hl\ jli cX ]fidXk`fe gif]\jj`fee\cc\ i\m`\ek [feZ ~ cX ]f`j ~ i gfe[i\ ~ cË\ea\l [\ Zfdg k`k`m`k [\j Ôc` i\j \k ~ Z\cl` [\ gifdfk`fe jfZ`Xc\ \k [Ë gXefl`jj\d\ek gif]\jj`fee\c [\j glYc`Zj [\ cX ]fidXk`fe%

(%( GIF;L@I< LE< F==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< IyGFE;8EK 8LO 9<JF@EJ ;<J =@C@ßI<J C\ gi\d`\i \ea\l gfli cËXggXi\`c [\ ]fidXk`fe \jk [ËXggfik\i Xlo Ôc` i\j jkilZkliXek cË Zfefd`\ i ^`feXc\ c\j Zfdg k\eZ\j e Z\jjX`i\j ~ c\li [ m\cfgg\d\ek \k ~ [fee\i X`ej` Xlo \eki\gi`j\j [l CXe^l\[fZ$ Ifljj`ccfe c\j XmXekX^\j ZfdgXiXk`]j hl` c\li g\id\kkifek [ËXjj\f`i c\li Zfdg k`k`m`k %

:\k \ea\l \jk [ËXlkXek gclj `dgfikXek hl\ c\ m`\`cc`jj\d\ek gif^i\jj`] [\ cX gfglcXk`fe XZk`m\ mX ^ e i\i [\j Y\jf`ej gXik`Zlc`\ij \e dXk` i\ [\ i\eflm\cc\d\ek [\ dX`e [ËÅlmi\% Gfli c\j Z_\]j [Ë\eki\gi`j\# cË\ea\l [\ cX kiXejd`jj`fe \k [\ cX i\gi`j\ [\ c\lij \eki\gi`j\j \jk dXa\li% :\ jfek \em`ife )' ''' \eki\gi`j\j# [fek () ''' Xik`jXeXc\j# hl` j\ifek ~ i\gi\e[i\ [Xej c\j [`o gifZ_X`e\j Xee \j# gfli le efdYi\ [\ (+ ''' \dgcf`j gfk\ek`\cc\d\ek ZfeZ\ie j% ;Xej c\ [fdX`e\ [\ cËXik`jXeXk gXi \o\dgc\# *, [\j Xik`jXej [\ cX i ^`fe fek gclj [\ ,' Xej Xlafli[Ë_l` jli c\ k\ii`kf`i\ \k eËXek`Z`g\ek gXj c\li kiXejd`jj`fe% Fi# cX kiXejd`jj`fe f]]i\ [\j Zfe[`k`fej [\ g i\ee`k gclj ]XmfiXYc\j hl\ cX Zi Xk`fe [Ë\eki\gi`j\ 1 j` j\lc\d\ek le\ \eki\gi`j\ jli [\lo \o`jk\ kflaflij , Xej Xgi j le\ Zi Xk`fe# + jli , \o`jk\ek kflaflij , Xej Xgi j le\ i\gi`j\% @c jËX^`k [feZ [ËX[Xgk\i cËf]]i\ [\ ]fidXk`fe gfli g\id\kki\ le gXjjX^\ [\ i\cX`j [Xej [\ Yfee\j Zfe[`k`fej \k X`ej` m`k\i [\j [`jgXi`k`fej dXjj`m\j [Ë\eki\gi`j\j% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 XZZ\ekl\i c\j \]]fikj [\ ]fidXk`fe \k [ËXZZfdgX^e\d\ek ~ cX i\gi`j\& kiXejd`jj`fe [Ë\eki\gi`j\j% GXi X`cc\lij# c\j gfikiX`kj j\Zkfi`\cj fek d`j \e m`[\eZ\ le\ gi [fd`eXeZ\ [\j KG< \k GD< Xl j\`e [l k`jjl Zfefd`hl\ i ^`feXc% :\j \eki\gi`j\j e\ jfek \e ^ e iXc gXj jl]ÔjXdd\ek Xid \j gfli Zfe[l`i\ [\ m i`kXYc\j gfc`k`hl\j [\ ^\jk`fe [\j i\jjfliZ\j _ldX`e\j% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 XZZfdgX^e\i c\j KG< \k c\j GD< gfli Xek`Z`g\i c\j mfclk`fej [\ cË\dgcf`# d\kki\ \e gcXZ\ [\j [ dXiZ_\j [\ gifjg\Zk`m\ jli c\j d k`\ij \k c\j Zfdg k\eZ\j i\hl`j\j# \k X`ej` ]X`i\ \e jfik\ hlË\cc\j gl`jj\ek Xggfik\i [\j c d\ekj [Ë ZcX`iX^\ gfli cX ZfejkilZk`fe [\ cËf]]i\ [\ ]fidXk`fe%

; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 X[Xgk\i c\ efdYi\# c\ e`m\Xl \k cX eXkli\ [\j ]fidXk`fej flm\ik\j Xlo Y\jf`ej [l k`jjl gif[lZk`] i ^`feXc# \e m\`ccXek ~ cX Zf_ i\eZ\ \k cX aljk\ i gXik`k`fe \eki\ c\j ]fidXk`fej `e`k`Xc\j# jflj jkXklk jZfcX`i\ fl gXi Xggi\ek`jjX^\# \k cX ]fidXk`fe Zfek`el\%

,/

,0

(

GC8:<I C8 =FID8K@FE GIF=<JJ@FEE<CC< <EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< 8L :ÄLI ;<J GFC@K@HL<J ;Ë<DGCF@ <K ;< ;yM<CFGG<D<EK y:FEFD@HL< <E C8E>L<;F:$IFLJJ@CCFE

8l$[\c~ [\ Z\j \ea\lo Zfddlej ~ kflk\j c\j Ôc` i\j hl` Zfdgfj\ek cË Zfefd`\ i ^`feXc\# `c jËX^`k [\ d\kki\ c\ c\m`\i [\ cX ]fidXk`fe gif]\jj`fee\cc\ Xl j\im`Z\ [l [ m\cfgg\d\ek [\ Z\ikX`e\j Ôc` i\j gi`fi`kX`i\j% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 d`\lo \ogcf`k\i c\ ZXg`kXc kl[`Xek gfli XZZfdgX^e\i c\ [ m\cfgg\d\ek [\j Ôc` i\j `eefmXek\j 2 XZZfdgX^e\i cË d\i^\eZ\ [\ cX Ôc` i\ e\i^`\j i\eflm\cXYc\j2 gifdflmf`i le\ Ôc` i\ X^ifXc`d\ekX`i\ [`]] i\eZ` \# [liXYc\ \k `dgc`hl \ [Xej cX i\Zfehl k\ [l ZfejfddXk\li# \e [`]]ljXek gclj cXi^\d\ek cËf]]i\ [\ ]fidXk`fe jli c\ k\ii`kf`i\ i ^`feXc 2 Zfejfc`[\i c\ j\Zk\li [l Y k`d\ek \e f]]iXek [XmXekX^\ [\ ]fidXk`fej k\Z_e`hl\j 2 XZZif ki\ cX Zfdg k`k`m`k [l j\Zk\li kiXejgfikj$cf^`jk`hl\ \e [ m\cfggXek hlXek`kXk`m\d\ek \k ^ f^iXg_`hl\d\ek cËf]]i\ [\ ]fidXk`fe 2 Xd c`fi\i cX hlXc`k [l j\im`Z\ \k cËXZZl\`c kfli`jk`hl\ 2 X[Xgk\i cËf]]i\ [\ ]fidXk`fe Xlo dlkXk`fej [\ cËX^i`Zlckli\ hl` mfek kflZ_\i cË\ej\dYc\ [\j XZk`]j 2 d`\lo ZfeeX ki\ c\ gfk\ek`\c c` Xl [ m\cfgg\d\ek [\ cË Zfefd`\ i j`[\ek`\cc\ \k cXYfi\i c\j f]]i\j [\ ]fidXk`fe Zfii\jgfe[Xek\j 2 gif]\jj`feeXc`j\i c\ j\Zk\li [\ cX Zlckli\%

(%) :FEKI@9L<I Á I<E;I< 8KKI8:K@M<J C<J =@C@ßI<J ;< =FID8K@FE GIF=<JJ@FEE<CC< <K C<J DyK@<IJ 8LOHL<CJ <CC<J :FE;L@J<EK CËfi^Xe`jXk`fe [\ cË`ek\iXZk`fe \eki\ c\ k`jjl Zfefd`hl\ \k cËXggXi\`c [\ ]fidXk`fe `dgc`hl\ [\ gflmf`i fi`\ek\i jl]ÔjXdd\ek [\ g\ijfee\j m\ij c\j Ôc` i\j f]]iXek c\j g\ijg\Zk`m\j [Ë\dgcf` c\j gclj `dgfikXek\j fl [\ c\j `e]fid\i jli c\j ]fidXk`fej f]]iXek g\l [\ [ YflZ_ j gif]\jj`fee\cj% Fi# c\j Z_f`o [\ ]fidXk`fe gif]\jj`fee\cc\ \]]\Zkl j gXi c\j glYc`Zj e\ gi\ee\ek gXj j\lc\d\ek \e Zfdgk\ c\j [ YflZ_ j [\j d k`\ij% C ^`k`d\d\ek# c\j a\le\j \k c\lij gXi\ekj ~ cX i\Z_\iZ_\ [Ële\ Ôc` i\ [\ ]fidXk`fe `e`k`Xc\# c\j [\dXe[\lij [Ë\dgcf`# c\j jXcXi` j jfl_X`kXek jË\e^X^\i [Xej le\ [ dXiZ_\ [\ ]fidXk`fe Zfek`el\ fl [\ MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\# k`\ee\ek Zfdgk\ [\j gfjj`Y`c`k j [\ kiXmX`cc\i [Xej le \em`ifee\d\ek gif]\jj`fee\c j i \k gXefl`jjXek# gfik\li [\ g\ijg\Zk`m\j [Ë mfclk`fe dfk`mXek\j \k ~ cX _Xlk\li [\ c\li `em\jk`jj\d\ek% ;Xej Z\ Zfek\ok\# c\j gfikiX`kj j\Zkfi`\cj i Xc`j j g\e[Xek cX g_Xj\ [\ ZfeZ\ikXk`fe gi XcXYc\ ~ cX i [XZk`fe [l GI;=G fek d`j \e m`[\eZ\ hl\ Z\ikX`e\j Ôc` i\j j\ i m cX`\ek g\l XkkiXZk`m\j# efkXdd\ek c\j Ôc` i\j [l kfli`jd\ \k [\ cË_ k\cc\i`\$i\jkXliXk`fe%

@c `dgfik\ ^Xc\d\ek [ËXggfik\i [\j jfclk`fej Xlo gifYc dXk`hl\j [l kiXmX`c gXik`\c \k [l kiXmX`c jX`jfee`\i# \e \e^X^\Xek le\ [ dXiZ_\ [\ [`m\ij`ÔZXk`fe \k [\ [ m\cfgg\d\ek [\ cX gcli`XZk`m`k \k \e \eZfliX^\Xek cX dlklXc`jXk`fe [l k\dgj [\ kiXmX`c% :\k \ea\l `dgc`hl\ [\ cX gXik [\j YiXeZ_\j gif]\jj`fee\cc\j# [\ kiXmX`cc\i jli cËfi^Xe`jXk`fe d d\ [\ c\lij d k`\ij gfli [ ^X^\i [\j g\ijg\Zk`m\j [\ Zfdgc d\ekXi`k \eki\ \dgcfp\lij fl \eki\ d k`\ij [\ cX gXik [\j fi^Xe`jd\j [\ ]fidXk`fe# [\ [ m\cfgg\i le\ f]]i\ gclj df[lcX`i\# g\id\kkXek gXi \o\dgc\ le\ ]fidXk`fe Zfddle\ ~ gclj`\lij d k`\ij `[\ek`Ô j Zfdd\ Zfdgc d\ekX`i\j% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 Zfeki`Yl\i ~ Xggfik\i le\ i gfej\ Xlo gifYc dXk`hl\j [l kiXmX`c gi ZX`i\ \e XgglpXek c\ [ m\cfgg\d\ek [\ eflm\cc\j ]fid\j [Ë\dgcf` fi^Xe`j \j Xlkfli [\ cX gcli`XZk`m`k \k [\j ^iflg\d\ekj [Ë\dgcfp\lij% C\j i\gi j\ekXk`fej jfZ`fZlckli\cc\j jli c\j kXYc`jj\d\ekj [\ ]fidXk`fe gif]\jj`fee\cc\ \k# gclj cXi^\d\ek# jli c\ dfe[\ [l kiXmX`c# fek jflm\ek k Zfej`[ i \j Zfdd\ [ ÔZ`\ek\j gXi cË\ej\dYc\ [\j XZk\lij [\ cX ]fidXk`fe gif]\jj`fee\cc\ Zfejlck j g\e[Xek cX g_Xj\ gi c`d`eX`i\% 9\XlZflg fek i\^i\kk le dXehl\ [ËXgg k\eZ\ ~ cX ]fidXk`fe \k le dXehl\ [Ë`em\jk`jj\d\ek g\ijfee\c \k [ËXdY`k`fe [Xej cX [ Ôe`k`fe [Ële gifa\k gif]\jj`fee\c Zf_ i\ek# efkXdd\ek Z_\q c\j a\le\j% Kifg [Ë`[ \j gi Zfe l\j c`d`k\ek c\j Z_f`o \]]\Zkl j# gXi \o\dgc\ jli cX jg Z`Xc`jXk`fe [\j d k`\ij \eki\ c\j _fdd\j \k c\j ]\dd\j% ;Xej c\ ZX[i\ [l GI;=G# `c jËX^`k [feZ efkXdd\ek [Ë`eZ`k\i c\j a\le\j ~ j\ Zfejkil`i\ le m i`kXYc\ gifa\k gif]\jj`fee\c jkilZkli Xlkfli [\ cËf]]i\ [\ ]fidXk`fe% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 i `ek\iif^\i c\j i\gi j\ekXk`fej jfZ`fZlckli\cc\j i\cXk`m\j Xlo Ôc` i\j [\ ]fidXk`fe gif]\jj`fee\cc\ \k Xlo d k`\ij hl` p jfek XkkXZ_ j# XÔe [ËXYflk`i ~ le\ [\dXe[\ [\ ]fidXk`fe gclj ZcX`i \ \k gclj i Xc`jk\# Zfe[l`jXek gclj ]XZ`c\d\ek ~ cË\dgcf`%

; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 kiXmX`cc\i Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j gXik\eX`i\j jfZ`Xlo jli cËfi^Xe`jXk`fe [\j d k`\ij \k [\j ZXii` i\j Zfe[`k`fej [\ kiXmX`c# g\ijg\Zk`m\j [Ë mfclk`fe XÔe [Ë`eZ`k\i c\j glYc`Zj ~ jË\e^X^\i [Xej c\j Zlijlj [\ ]fidXk`fe Zfii\jgfe[Xekj%

-'

-(

)

M<@CC<I Á CËy>8C@Ky <EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< ;Ë8::ßJ Á <E C8E>L<;F:$IFLJJ@CCFE $ <EA<LO C8 =FID8K@FE ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< GIF=<JJ@FEE<CC< <E C8E>L<;F:$IFLJJ@CCFE )%( GIF;L@I< LE< F==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< FLM<IK< Á KFLJ C<J KPG<J ;< GL9C@:J CX gfglcXk`fe [l CXe^l\[fZ$Ifljj`ccfe \jk Zfe]ifek \ ~ [\j k\e[XeZ\j cfli[\j dX`j XdY`mXc\ek\j 1 [Ële Z k # [\j mfclk`fej ^ e iXki`Z\j [\ m`kXc`k [peXd`jd\ [ df^iXg_`hl\# gifgfik`fe [\ a\le\j [`gc d j ^i Z\ ~ le ]fik gfk\ek`\c le`m\ij`kX`i\# efdYi\ [\ Zi Xk`fej [Ë\dgcf`¿ 2 [\ cËXlki\ [\j ZXiXZk i`jk`hl\j gfik\lj\j [\ ]iX^`c`k j \k [\ i`jhl\j ZfeZ\ekiXk`fe [\ cX gi ZXi`k jfZ`Xc\# Z_ dX^\ c\m # XZZif`jj\d\ek [l efdYi\ [ËXZk`]j ^ j# kXlo [ËXZk`m`k [\j ]\dd\j gXik`Zlc` i\d\ek ]X`Yc\¿ % Fi cX ]fidXk`fe gif]\jj`fee\cc\ \jk gXi [ Ôe`k`fe le gi XcXYc\ [\ cËXZZ j ~ cË\dgcf` \k [\ cË mfclk`fe gif]\jj`fee\cc\% <cc\ Zfejk`kl\ [feZ ~ Z\ k`ki\ cËle [\j c\m`\ij gi`m`c ^` j gfli ]Xmfi`j\i cX gifdfk`fe \k cË`ek ^iXk`fe jfZ`Xc\ [\ kflj c\j _XY`kXekj [l k\ii`kf`i\ i ^`feXc% ;Xej Z\ Zfek\ok\# cËXZZ j ~ le\ f]]i\ [\ ]fidXk`fe gif]\jj`fee\cc\ [Ë ^Xc\ hlXc`k [f`k ki\ gfjj`Yc\ gfli cË\ej\dYc\ [\j glYc`Zj gfk\ek`\cc\d\ek ZfeZ\ie j 1 c\j a\le\j# c\j XZk`]j [\dXe[\lij [Ë\dgcf`# jXcXi` j# dX`j Xljj` kiXmX`cc\lij `e[ g\e[Xekj# efdYi\lo [Xej le\ i ^`fe hl` j\ ZXiXZk i`j\ gXi cË`dgfikXeZ\ [\ cËXik`jXeXk \k [\ cËX^i`Zlckli\ % @c jËX^`k `Z` [Ële \ea\l [Ë ^Xc`k [\j Z_XeZ\j ]XZ\ ~ cË\dgcf` \k# Xl$[\c~# ]XZ\ ~ cX gifdfk`fe jfZ`Xc\# cËXlkfefd`\ `e[`m`[l\cc\ \k cË gXefl`jj\d\ek g\ijfee\c% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 ]Xmfi`j\i cX c`j`Y`c`k [\j j\im`Z\j [\ cË8@F gfli c\j glYc`Zj# c\j \eki\gi`j\j \k c\j gif]\jj`fee\cj [\ cË8@F 2 i gfe[i\ ~ cX [`m\ij`k [\j Y\jf`ej hl\cj hl\ jf`\ek c\ jkXklk [\j g\ijfee\j# c\li j\o\# c\li ^\# c\li c`\l [\ m`\ fl [\ kiXmX`c 2 i\e]fiZ\i cX hlXc`k [\j j\im`Z\j 8@F 2 [ Ôe`i c\j gi`fi`k j i\cXk`m\j Xlo flm\ikli\j \k ]\id\kli\j [\j ]fidXk`fej `e`k`Xc\j gXi cX d`j\ \e gcXZ\ [Ële jZ_ dX gi m`j`fee\c [\j ]fidXk`fej 2 d\kki\ \e Zf_ i\eZ\ c\j [`jgfj`k`]j [\ ]fidXk`fe%

-)

;\ dXe` i\ gclj jg Z`Ôhl\# cËXggXi\`c [\ ]fidXk`fe [f`k gflmf`i i gfe[i\ Xlo Y\jf`ej ]fiZ d\ek [`]] i\ekj [\ Z_XZle [\ Z\j glYc`Zj \k [fee\i ~ kflj cËfZZXj`fe [\ j\ Zfejkil`i\ le m i`kXYc\ gXiZflij gif]\jj`fee\c Zf_ i\ek \k jljZ\gk`Yc\ [\ [ YflZ_\i jli le \dgcf` Zfe]fid\ ~ cË`em\jk`jj\d\ek g\ijfee\c Zfej\ek`% @c jËX^`k [feZ# [Xej c\ ZX[i\ [l GI;=G# [ËXdgc`Ô\i c\j \]]fikj [ a~ ]flie`j gfli d`\lo gi\e[i\ \e Z_Xi^\ Z\ikX`ej glYc`Zj gi j\ekXek [\j Y\jf`ej jg Z`Ôhl\j% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 d`\lo gi\e[i\ \e Z_Xi^\ c\j glYc`Zj c\j gclj ]iX^`c\j# cpZ \ej fl Xggi\ek`j \e [`]ÔZlck # glYc`Zj \e `ej\ik`fe# \e jËXgglpXek jli le XZZl\`c \k le jl`m` g\ijfeeXc`j kflk Xl cfe^ [\ c\li gXiZflij 2 XZZfdgX^e\i cX Zi Xk`fe [Ë\eki\gi`j\j 2 X[Xgk\i cËf]]i\ [\ ]fidXk`fe gfli [fee\i Xlo j\e`fij [\j g\ijg\Zk`m\j [Ë\dgcf` gXi cË mfclk`fe [\ c\lij hlXc`ÔZXk`fej fl [\ c\li gfjk\ Xl j\`e [\ cË\eki\gi`j\# c\ [ m\cfgg\d\ek [\ cX gcli`XZk`m`k \k c\ k\dgj [\ kiXmX`c gXikX^ 2 mXcfi`j\i# \e ml\ [\ cX kiXejd`jj`fe [\j giXk`hl\j \k Xgk`kl[\j gif]\jj`fee\cc\j Xlo a\le\j# c\ ^`j\d\ek [\ jXmf`i$]X`i\ \k [Ë\og i`\eZ\ hl\ Zfejk`kl\ek c\j j\e`fij 2 i\d [`\i Xlo `dgfikXek\j [`jgXi`k j [ËXZZ j ~ cË\dgcf` \eki\ c\j _fdd\j \k c\j ]\dd\j# \e gXik`Zlc`\i \e i `ek\iif^\Xek c\j `[ \j gi Zfe l\j ZfeZ\ieXek cX i gXik`k`fe [\j d k`\ij \eki\ c\j _fdd\j \k c\j ]\dd\j 2 clkk\i Zfeki\ kflk\j ]fid\j [\ [`jZi`d`eXk`fe%

-*

)

M<@CC<I Á CËy>8C@Ky <EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< ;Ë8::ßJ Á C8 =FID8K@FE GIF=<JJ@FEE<CC< <E C8E>L<;F:$IFLJJ@CCFE

)%) >8I8EK@I CË8::<JJ@9@C@Ky ;< C8 =FID8K@FE JLI CË<EJ<D9C< ;L K<II@KF@I< Iy>@FE8C CËXZZif`jj\d\ek [\j [`jgXi`k j k\ii`kfi`Xc\j \e CXe^l\[fZ$Ifljj`ccfe \eki\ le XiZ c`kkfiXc liYXe`j \k [peXd`hl\# \e mf`\ [\ d kifgfc`jXk`fe# \k c\j k\ii`kf`i\j iliXlo gclj ]iX^`c\j# \oZ\eki j \k jflm\ek [`]ÔZ`c\j [ËXZZ j# \e^\e[i\ le [ Ô [Ë`dgfikXeZ\ hlË`c Zfem`\ek [\ i\c\m\i [Xej c\ ZX[i\ [l GI;=G 1 i\e[i\ gfjj`Yc\ cË hl`k [ËXZZ j Xlo j\im`Z\j [\ cX ]fidXk`fe gif]\jj`fee\cc\ [\ cË8@F aljhlËXlo Zlijlj [\ ]fidXk`fe hl\c hl\ jf`k c\ c`\l [\ i j`[\eZ\% @c jËX^`k [feZ [\ jËXjjli\i hl\ cX i gXik`k`fe ^ f^iXg_`hl\ [\ cËf]]i\ [\ ]fidXk`fe gi\ee\ Y`\e \e Zfdgk\ c\j jg Z`ÔZ`k j [\j glYc`Zj# [\j d k`\ij \k [\j k\ii`kf`i\j% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 `[\ek`Ô\i \k ]fidXc`j\i [\ dXe` i\ gXik\eXi`Xc\ \k ZfeZ\ik \ c\j [`]] i\ekj Zi`k i\j g\id\kkXek [\ Zfejkil`i\ le\ i gXik`k`fe ^ f^iXg_`hl\ g\ik`e\ek\ [\ cËf]]i\ [\ ]fidXk`fe jli c\ k\ii`kf`i\ i ^`feXc \e ^XiXek`jjXek c`j`Y`c`k \k Zf_ i\eZ\%

CX mXc\li g [X^f^`hl\ [\ cX Zfe]ifekXk`fe ~ [ËXlki\j glYc`Zj \k \og i`\eZ\j \jk \e \]]\k le gf`ek Zfej\ejl\c hlË`c Zfem`\ek [\ [ m\cfgg\i \k hl` \e kflk kXk [\ ZXlj\ e\ [f`k gXj ki\ XYXe[fee Xl gifÔk [Ële [ m\cfgg\d\ek kifg gfljj [Ëf]]i\j [\ ]fidXk`fe [\ gifo`d`k % ;Xej Z\ikX`ej ZXj# `c gfliiX ki\ `ek i\jjXek [\ i\Zfli`i Xlo k\Z_e`hl\j [\ cX ]fidXk`fe ~ [`jkXeZ\# efkXdd\ek gfli c\j glYc`Zj j`kl j jli c\j k\ii`kf`i\j c\j gclj \oZ\eki j# gfli [\j ]fidXk`fej fl [\j df[lc\j hl` e\ e Z\jj`k\ek gXj [Ë hl`g\d\ekj g [X^f^`hl\j gXik`Zlc`\ij \k gfli c\j jXcXi` j fl i\jgfejXYc\j [\ g\k`k\j \eki\gi`j\j hl` e\ g\lm\ek j\ i\e[i\ ]XZ`c\d\ek [`jgfe`Yc\j% 8l$[\c~ [\ Z\kk\ hl\jk`fe [\ i gXik`k`fe ^ f^iXg_`hl\# \k kflaflij [Xej Z\kk\ cf^`hl\ [\ gifdfk`fe [\ cË ^Xc`k [\j Z_XeZ\j# `c `dgfik\ ^Xc\d\ek [\ j\ g\eZ_\i jli c\j Zfe[`k`fej [\ i ljj`k\ [\ cË\e^X^\d\ek [Xej le gXiZflij [\ ]fidXk`fe# XÔe [\ m\`cc\i ~ Z\ hl\ kflj gl`jj\ek [`jgfj\i [\j d d\j Z_XeZ\j# hl\cc\ hl\ jf`k cX eXkli\ [\ cËf]]i\ [\ ]fidXk`fe gi j\ek\ ~ gifo`d`k [\ c\li c`\l [\ i j`[\eZ\% ; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 kiXmX`cc\i jli c\j gifYc dXk`hl\j [\j kiXejgfikj# [\ cË_ Y\i^\d\ek [Xej c\j cpZ \j# [l cf^\d\ek jli c\ c`\l [\ ]fidXk`fe fl [\ ^Xi[\ [\j \e]Xekj# \e gXik\eXi`Xk Xm\Z c\j XZk\lij hl` \e jfek i\jgfejXYc\j%

:Ë\jk le \ea\l [Ë hl`k fl [Ë ^Xc`k [\j Z_XeZ\j# efe [\ jki`Zk\ ^Xc`k fl [Ële`]fid`k [\ cX i gXik`k`fe k\ii`kfi`Xc\% @c \jk \e \]]\k ~ cX ]f`j `ii Xc`jk\ \k efe jfl_X`kXYc\ [\ d\kki\ \e gcXZ\ le\ f]]i\ [\ ]fidXk`fe hl` jf`k `[\ek`hl\ \e kflk gf`ek [l k\ii`kf`i\ i ^`feXc% <e [ Z`[Xek [\ Zfejkil`i\ e\l] cpZ \j# cX I ^`fe jfl_X`k\ [Ëfi\j \k [ a~ i gfe[i\ Xlo Y\jf`ej [ËXZZl\`c [\j cpZ \ej [fek c\j \]]\Zk`]j fek Zfeel c\ gclj ]fik kXlo [\ Zif`jjXeZ\ \e =iXeZ\% J\cfe c\j kpg\j [\ glYc`Zj ZfeZ\ie j \k cX eXkli\ d d\ [\j d k`\ij Xlohl\cj Zfe[l`j\ek c\j ]fidXk`fej# `c j\iX gi ] iXYc\ [\ [ m\cfgg\i le\ f]]i\ [\ gifo`d`k efkXdd\ek gfli c\j glYc`Zj c\j gclj ]iX^`c\j gfli hl` cX dfY`c`k Zfejk`kl\iX`k le fYjkXZc\ i [_`Y`kf`i\ gfli cËXZZ j ~ le\ ]fidXk`fe fl Xl ZfekiX`i\ [Ë\eZfliX^\i c\j g\ijfee\j ~ cX dfY`c`k \k ~ cËflm\ikli\ jli cË\ok i`\li%

-+

-,

*

D<KKI< C8 =FID8K@FE <EA<LO ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< GIF=<JJ@FEE<CC< 8L <E C8E>L<;F:$IFLJJ@CCFE $ <EA<LO J<IM@:< ;L ;yM<CFGG<D<EK ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< ;<J K<II@KF@I<J <E C8E>L<;F:$IFLJJ@CCFE Cfij [\j i\eZfeki\j k\ii`kfi`Xc\j# le Z\ikX`e efdYi\ [\ k\ii`kf`i\j fek ]X`k gXik [\ c\li mfcfek [\ d\kki\ \e Ålmi\ [\j gifa\kj [\ [ m\cfgg\d\ek cfZXc% :\ikX`ej XZk\lij cfZXlo fek efkXdd\ek `[\ek`Ô jli c\li k\ii`kf`i\ cË\o`jk\eZ\ [\ gifa\kj gfik\lij [peXd`hl\j j\ i ] i\i Xlo gfikiX`kj k\ii`kfi`Xlo % :\j gifa\kj e\ gfliifek ki\ \]ÔZXZ\j hlË\e `ek ^iXek gc\`e\d\ek le mfc\k i\cXk`] ~ cX ]fidXk`fe gif]\jj`fee\cc\# [`d\ej`fe Xlafli[Ë_l` `ejl]ÔjXdd\ek gi`j\ \e Zfdgk\% @c \e \jk [\ d d\ gfli c\j g c\j kfli`jk`hl\j i ^`feXlo d\i^\ekj hl` [\mifek ^Xc\d\ek gflmf`i jËXgglp\i jli c\j Zfdg k\eZ\j \k c\j hlXc`ÔZXk`fej e Z\jjX`i\j% :\k \ea\l \jk [ËXlkXek gclj `dgfikXek \e CXe^l\[fZ$Ifljj`ccfe hl\ cX [`jgXi`k [\j k\ii`kf`i\j mX Zif`jjXek\ \k Xgg\cc\ [\j i gfej\j X[Xgk \j Xlo j`klXk`fej cfZXc\j%

; Ôj gfli cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe 1 `ejkXcc\i [\j [`jgfj`k`]j [ËXe`dXk`fe k\ii`kfi`Xc\ g\id\kkXek [\ ]X`i\ gXikX^\i gXi kflj c\j XZk\lij cfZXlo cË`ek i k [l c\m`\i [\ cX ]fidXk`fe gif]\jj`fee\cc\ [Xej c\j gifa\kj [\ [ m\cfgg\d\ek cfZXc 2 ~ k\id\# `ejZi`i\ c\j XZk\lij k\ii`kfi`Xlo [Xej le\ [ dXiZ_\ [ËXeXcpj\ gifjg\Zk`m\ [\j Y\jf`ej [\ ]fidXk`fe gif]\jj`fee\cc\ hl` c\li g\id\kkiX [\ gXik`Z`g\i# Xl e`m\Xl i ^`feXc# ~ cX m\`cc\ g\idXe\ek\ jli Z\j Y\jf`ej \k [feZ ~ cË mfclk`fe [\ cËf]]i\ [\ ]fidXk`fe 2 XZZfdgX^e\i [`i\Zk\d\ek# [Xej c\ ZX[i\ [\ cX gfc`k`hl\ ZfekiXZkl\cc\ \e^X^ \ gXi cX I ^`fe# c\j gifa\kj cfZXlo [\ [ m\cfgg\d\ek `ek ^iXek le \]]fik [\ ]fidXk`fe fl ZfdgfikXek [\j XZk`fej \og i`d\ekXc\j fl `eefmXek\j jli Z\kk\ gifYc dXk`hl\%

<e \]]\k# c\j ZXiXZk i`jk`hl\j [\ cË Zfefd`\ i ^`feXc\ e\ j\ [ Zc`e\ek gXj [\ dXe` i\ le`]fid\ jli cË\ej\dYc\ [l k\ii`kf`i\% :\ikX`e\j XZk`m`k j Zfdd\ c\ Zfdd\iZ\# c\ 9KG# cËXik`jXeXk \k [Xej le\ df`e[i\ d\jli\ cËX^i`Zlckli\ \k cË_ k\cc\i`\$i\jkXliXk`fe jfek cXi^\d\ek [`]]lj \j jli c\ k\ii`kf`i\ i ^`feXc% Á cË`em\ij\# [ËXlki\j XZk`m`k j jfek Y\XlZflg gclj gfcXi`j \j jli Z\ikX`ej YXjj`ej [Ë\dgcf` kiXejgfik$cf^`jk`hl\# X^ifXc`d\ekX`i\# d kXccli^`\ \k Xlki\j XZk`m`k j `e[ljki`\cc\j % ;\ cX d d\ dXe` i\# cX gif^i\jj`fe [ df^iXg_`hl\ [Ële kXlo [\ 0 \eki\ (00' \k (000 eË\jk gXj le`]fid\ [Xej kflj c\j YXjj`ej [Ë\dgcf` 1 X`ej` c\j YXjj`ej [Ë\dgcf` [Ë8c j \k [\ C`dflo jfek \e [`d`elk`fe gfli cX d d\ g i`f[\ Xcfij hl\ c\ kXlo Xkk\`ek jfe dXo`dld ~ Dfekg\cc`\i Xm\Z (/ % <eki\ (00. \k )''*# cË mfclk`fe [\ cË\dgcf` X k ki j jlg i`\li\ ~ cX dfp\ee\ i ^`feXc\ )+ [Xej c\j YXjj`ej [Ë\dgcf` [\ Dfekg\cc`\i ** # [\ EXiYfee\ *' # [\ E d\j )- \k [\ G\ig`^eXe ), % JËX^`jjXek [l kXlo [\ Z_ dX^\# j\lc c\ [ gXik\d\ek [\ Cfq i\ j\ [ dXihl\ Xm\Z le kXlo - ki j `e] i`\li ~ cX dfp\ee\ i ^`feXc\% C\j `e[`Z\j [\ gi ZXi`k jfek gXik`Zlc` i\d\ek c\m j [Xej c\j YXjj`ej [Ë\dgcf` [\ G\ig`^eXe# EXiYfee\# 9 q`\ij Æ JX`ek$Gfej# J k\# E d\j \k cX >iXe[$:fdY\% CË\ea\l Zfej`jk\ [feZ ~ d\kki\ cËXggXi\`c [\ ]fidXk`fe ~ cË Zflk\ [\j [peXd`hl\j k\ii`kfi`Xc\j gfli i\e[i\ gfjj`Yc\ cfZXc\d\ek cË\ogi\jj`fe [Ële\ mfcfek Zfcc\Zk`m\ [\ mXcfi`jXk`fe [\j i\jjfliZ\j _ldX`e\j \k [\ dfY`c`jXk`fe [\ cË\ej\dYc\ [\j XZk\lij# Zfcc\Zk`m`k j# \eki\gi`j\j# cpZ \j gif]\jj`fee\cj# fi^Xe`jd\j [\ ]fidXk`fe \k jfZ` k Z`m`c\# Xlkfli [Ële gifa\k [\ k\ii`kf`i\ jljZ\gk`Yc\ [Ë`ek i\jj\i c\j XZk\lij i ^`feXlo# `ejk`klk`fee\cj Zfdd\ c\j XZk\lij Zfefd`hl\j%

--

-.

FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G CX d`j\ \e Ålmi\ fg iXk`fee\cc\ [\j i gfej\j hl\ c\ GI;=G [f`k Xggfik\i Xlo Y\jf`ej [\j Ôc` i\j# [\j glYc`Zj \k [\j k\ii`kf`i\j cX Zfdg k`k`m`k Zfefd`hl\# cX hlXc`ÔZXk`fe \k cX gifdfk`fe jfZ`Xc\# cX Zf_ j`fe k\ii`kfi`Xc\ i\hl`\ik [\ jË`ek\iif^\i jli c\j ^iXe[j gi`eZ`g\j hl` mfek ]fe[\i cX [ Zc`eX`jfe [\ Z\j i gfej\j \e fi`\ekXk`fej jkiXk ^`hl\j# fYa\Zk`]j mXclXYc\j \k XZk`fej%

CX dfY`c`jXk`fe Zfe[l`k\ gXi cX I ^`fe CXe^l\[fZ$Ifljj`ccfe Xl kiXm\ij [\ cX g_Xj\ [\ ZfeZ\ikXk`fe gi XcXYc\ ~ cX i [XZk`fe [l GI;=G X g\id`j [\ [ ^X^\i le\ mfcfek Zfddle\ [\ kiXmX`cc\i \ej\dYc\ jli c\j hl\jk`fej [\ cX ]fidXk`fe gif]\jj`fee\cc\ Xl j\ej cXi^\ p Zfdgi`j c\j k_ dXk`hl\j Zfee\o\j hl` fek gl ki\ mfhl \j gi Z [\dd\ek # \e `dgc`hlXek cË\ej\dYc\ [\j XZk\lij ZfeZ\ie j# Z_XZle j\cfe j\j Zfdg k\eZ\j \k j\j i\jgfejXY`c`k j% C\ GI;=G e\ j\iX gXj c\ [fZld\ek jkiXk ^`hl\ [\ cX I ^`fe dX`j Y`\e Z\cl` [\ cË\ej\dYc\ [\j XZk\lij [\ cX ]fidXk`fe gif]\jj`fee\cc\ XZk`]j \e i ^`fe% Jli c\ ]fe[# le Zfej\ejlj jË\jk [ ^X^ gfli ]X`i\ [\ cX ]fidXk`fe gif]\jj`fee\cc\ \k [l GI;=G le flk`c [Ë`ek ^iXk`fe [\j i\jjfliZ\j _ldX`e\j# Zfdgi`j\j \e k\id\j [Ë gXefl`jj\d\ek g\ijfee\c \k [ËXlkfefd`\ `e[`m`[l\cc\# Xl j\`e d d\ [\j gifa\kj [\ [ m\cfgg\d\ek Zfefd`hl\ \k [\ [ m\cfgg\d\ek cfZXc# [Xej le\ cf^`hl\ [\ [ m\cfgg\d\ek [liXYc\ f [peXd`jd\j Zfefd`hl\# jfZ`Xc \k k\ii`kfi`Xc j\ Zfe]fik\ek dlkl\cc\d\ek%

;\ gclj# cË\ej\dYc\ [\j XZk\lij `dgc`hl j jË\jk XZZfi[ jli cX e Z\jj`k [Ële\ gfc`k`hl\ [\ ]fidXk`fe gif]\jj`fee\cc\ XdY`k`\lj\# hl` e\ j\ Zfek\ek\ gXj [\ i\gif[l`i\ jli le\ cfe^l\ g i`f[\ c\ jZ_ dX 1 ]X`Yc\ e`m\Xl [\ hlXc`ÔZXk`fe Æ \dgcf`j g\l hlXc`Ô j Æ \eki\gi`j\j g\l Zfdg k`k`m\j# dX`j Xl ZfekiX`i\ jË`ejZi`m\ [Xej le fYa\Zk`] Xjjld [Ë c\m\i c\ e`m\Xl dfp\e [\ hlXc`ÔZXk`fe# [\ i\Zilk\d\ek \k [Ë\dgcf`# [Xej cË`ek i k Zfddle [\j \eki\gi`j\j \k [\j _XY`kXekj [l CXe^l\[fZ$Ifljj`ccfe# p Zfdgi`j Z\lo hl` Xlafli[Ë_l` jfek kifg jflm\ek Zfe[l`kj ~ hl`kk\i c\ k\ii`kf`i\ i ^`feXc gfli kiflm\i le \dgcf` Zfii\jgfe[Xek ~ c\li _Xlk e`m\Xl [\ ]fidXk`fe% :\ jfek [feZ Z\j hl\chl\j gi`eZ`g\j# Zfej\ejl\cj \k [ ^X^ j Xl k\id\ [Ële\ [ dXiZ_\ [\ ZfeZ\ikXk`fe ki j cXi^\# hl` gi j`[\ek ~ cX [ Zc`eX`jfe fg iXk`fee\cc\ [\j i gfej\j hl\ c\ GI;=G m\lk Xggfik\i Xlo Y\jf`ej [\j glYc`Zj# [\j Ôc` i\j \k [\j k\ii`kf`i\j%

(

C<J IyGFEJ<J FI@<EK8K@FEJ JKI8Ky>@HL<J 8LO 9<JF@EJ ;<J =@C@ßI<J ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G <E D8K@ßI< FI@<EK8K@FEJ JKI8Ky>@HL<J ;< HL8C@=@:8K@FE ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G (%( D<E<I LE KI8M8@C GIFJG<:K@= JLI CËyMFCLK@FE ;< CË<DGCF@ <E Iy>@FE CËXeXcpj\ gifjg\Zk`m\ [\ cË\dgcf` gXi d k`\ij i Xc`j \ gXi cX ;8I<J \k c\ :fdd`jjXi`Xk Xl gcXe# [fek c\ iXggfik m`\ek [Ë ki\ glYc` # `e[`hl\ hl\ c\ efdYi\ [\ gfjk\j ~ gflimf`i [\miX`k Xl^d\ek\i ]fik\d\ek [Ë`Z` )'(,% CX k\ik`Xi`jXk`fe [\ cË Zfefd`\ [\miX`k j\ gflijl`mi\ Xm\Z kflaflij gclj [\ ZX[i\j dX`j Xljj` Xm\Z [\j \dgcf`j g\l hlXc`Ô j [\ gclj \e gclj efdYi\lo [Xej c\j j\im`Z\j \k cËX`[\ ~ cX g\ijfee\% :`eh [fdX`e\j gif]\jj`fee\cj [\miX`\ek X`ej` ZfeZ\eki\i cË\jj\ek`\c [\j Zi Xk`fej [Ë\dgcf` 1 c\j j\im`Z\j Xlo gXik`Zlc`\ij# cX jXek \k cËXZk`fe jfZ`Xc\# c\j kiXejgfikj \k cX cf^`jk`hl\# c\j d k`\ij X[d`e`jkiXk`]j# c\ Zfdd\iZ\ \k cX m\ek\% :\kk\ [peXd`hl\ [\ cË\dgcf` gfliiX`k XZZ\ekl\i c\j [`]ÔZlck j [\ i\Zilk\d\ek% :\kk\ j`klXk`fe i`jhl\ [\ ^ e i\i [\j kiXej]fidXk`fej [Xej c\j df[\j [Ëfi^Xe`jXk`fe [l kiXmX`c \k c\j gifÔcj [Ë\dYXlZ_\# Z\ikX`ej j\Zk\lij ]Xmfi`jXek cX gfcpmXc\eZ\ [\ c\lij jXcXi` j# [ËXlki\j gi`m`c ^`Xek le\ gclj ^iXe[\ jg Z`Xc`jXk`fe% Gfli c\ CXe^l\[fZ$Ifljj`ccfe# Xl Zflij [\j i\eZfeki\j j\Zkfi`\cc\j gi XcXYc\j ~ cX i [XZk`fe [l GI;=G# Z_Xhl\ YiXeZ_\ gif]\jj`fee\cc\ X ]X`k cËfYa\k [Ële\ [ dXiZ_\ gXik`Zlc` i\ [\ ZfeZ\ikXk`fe Zfe[l`k\ gXi cX I ^`fe# Xm\Z c\j fi^Xe`jXk`fej gif]\jj`fee\cc\j \k c\j gXik\eX`i\j jfZ`f$ Zfefd`hl\j% :\kk\ ZfeZ\ikXk`fe X g\id`j [Ë\e^X^\i le kiXmX`c [Ë Zflk\ \k [ËXeXcpj\ hlXc`kXk`m\ [\j dlkXk`fej Xlohl\cc\j \cc\j jfek Zfe]ifek \j X`ej` hl\ [\ c\lij Y\jf`ej \e ]fidXk`fe% Le\ ]fidXc`jXk`fe [\ Z\ kiXmX`c X k i Xc`j \ gXi cËFi\] jli c\j YiXeZ_\j jl`mXek\j 1 _ k\cc\i`\$i\jkXliXk`fe# X^i`Zlckli\# ZfejkilZk`fe# kiXejgfikj$cf^`jk`hl\# Zfdd\iZ\ \k i gXiXk`fe XlkfdfY`c\# `e[ljki`\ X^ifXc`d\ekX`i\# d kXccli^`\# Xik`jXeXk%

.)

@c \jk `dgfikXek [\ gflijl`mi\ Z\kk\ [ dXiZ_\ [\ Zfgif[lZk`fe \e jËXgglpXek jli c\j fYj\imXkf`i\j [\ YiXeZ_\j \o`jkXekj fl \e ]Xmfi`jXek c\li Zi Xk`fe% CËfYa\Zk`] \jk [ËXd c`fi\i cX ZfeeX`jjXeZ\ [\ cË mfclk`fe [\j d k`\ij \k [\j Zfdg k\eZ\j \e i ^`fe 1 c\j d k`\ij [fek c\j \]]\Zk`]j jfek ~ i\eflm\c\i# c\j d k`\ij \e kiXej]fidXk`fe ]X`jXek Xgg\c ~ [\ eflm\cc\j Zfdg k\eZ\j# c\j d k`\ij \e mf`\ [\ [`jgXi`k`fe \k jljZ\gk`Yc\j [Ë\ok\ieXc`jXk`fe% C\ iXggfik [l ^iflg\ Gifd k_ \ [l gcXe jli cX gifjg\Zk`m\ [\j d k`\ij jflc`^e\ hl\ c\j d`jj`fej [\j fYj\imXkf`i\j jfek ki j [`]] i\ek\j# Z\ikX`ej j\ c`d`kXek ~ gif[l`i\ [\j kXYc\Xlo [\ Yfi[ \k [\j kl[\j jg Z`Ôhl\j# [ËXlki\j ]fidlcXek [\j gi Zfe`jXk`fej% <e kflk kXk [\ ZXlj\# Z\j flk`cj m`\ee\ek \e Xggl` [\j YiXeZ_\j gif]\jj`fee\cc\j \k [\j Zfdd`jj`fej gXi`kX`i\j \dgcf`&]fidXk`fe% @cj Zfdgc k\ek c\j kiXmXlo [\ cËFi\] hl` g\lk# ~ Z\kk\ fZZXj`fe# Xggfik\i le Xggl` k\Z_e`hl\ Xlo YiXeZ_\j gif]\jj`fee\cc\j [Xej cX ZfejkilZk`fe [ËfYj\imXkf`i\j i ^`feXlo% Á [ ]Xlk# cX i ^`feXc`jXk`fe [\j [fee \j [\j fYj\imXkf`i\j [\ YiXeZ_\j eXk`feXlo [f`k ki\ i\Z_\iZ_ \% :\k fYa\Zk`] [ËXd c`fi\i cËXek`Z`gXk`fe [\j Y\jf`ej j\iX ^Xc\d\ek [ Zc`e Xl e`m\Xl [\j \eki\gi`j\j gXi c\ [ m\cfgg\d\ek [\ [ dXiZ_\j [\ ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j# \e [`i\Zk`fe [\j KG< dX`j ^Xc\d\ek [\j g\k`k\j XjjfZ`Xk`fej% :Ë\jk \e \]]\k \e XpXek le\ ZfeeX`jjXeZ\ Ôe\ [\j mfclk`fej gfk\ek`\cc\j [\ c\lij dXiZ_ j# [\j k\Z_efcf^`\j# [\j gif[l`kj¿# [feZ [\ c\lij d k`\ij# hl\ c\j \eki\gi`j\j gfliifek gXik`Z`g\i ~ cËXd c`fiXk`fe [\ cX i XZk`m`k [\ cËXggXi\`c [\ ]fidXk`fe%

.*

(

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J =@C@ßI<J <E D8K@ßI< ;< HL8C@=@:8K@FE ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

Hl\chl\j c d\ekj [\ gifjg\Zk`m\ `jjlj [\j i\eZfeki\j j\Zkfi`\cc\j Kfli`jd\&_ k\cc\i`\$i\jkXliXk`fe CËXZZif`jj\d\ek [\ cX ZfeZlii\eZ\ jli c\ dXiZ_ kfli`jk`hl\ \k cX gi m`j`Yc\ dfek \ \e ^Xdd\ [\j gi\jkXk`fej `dgc`hl\ek le cXi^`jj\d\ek [\j Zfdg k\eZ\j efkXdd\ek gfli c\j cXe^l\j kiXe^ i\j [feZ# ~ cfe^ k\id\# le XZZif`jj\d\ek [l e`m\Xl [Ë\eki \ m\ij c\j e`m\Xlo @M fl @@@ d d\ j` c\ e`m\Xl M [\d\li\ c\ e`m\Xl Z\ekiXc [\ i\Zilk\d\ek [\ cX Ôc` i\% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe i\c m\ek [feZ \jj\ek`\cc\d\ek [Ële [ m\cfgg\d\ek [\j hlXc`ÔZXk`fej [\ YXj\ XZZ\jj`Yc\j Xm\Z le e`m\Xl M# [Ële\ c mXk`fe [l e`m\Xl [\ hlXc`ÔZXk`fe m\ij c\j e`m\Xlo @M \k @@@ Zl`j`e`\ij hlXc`Ô j# Z\ikX`ej d k`\ij [\ cË_ Y\i^\d\ek X`ej` hl\ [Ële cXi^`jj\d\ek [\j Zfdg k\eZ\j cXe^l\j kiXe^ i\j %

8^i`Zlckli\ CËXZZif`jj\d\ek [\ cX ZfeZlii\eZ\ `ek\ieXk`feXc\# c\j \o`^\eZ\j XZZil\j [\ hlXc`k # cX jg Z`Xc`jXk`fe jli c\j gif[l`kj [l k\iif`i fl jli cËX^i`Zlckli\ Y`fcf^`hl\# cËX[XgkXk`fe e Z\jjX`i\ Xlo eflm\Xlo Z`iZl`kj [\ Zfdd\iZ`Xc`jXk`fe# cË ^\ dfp\e c\m [\j Z_\]j [Ë\ogcf`kXk`fe \k cX [`m\ij`ÔZXk`fe Zfefd`hl\ ]feZk`fej [ËXZZl\`c kfli`jk`hl\ fl [Ë\eki\k`\e [\ cË\jgXZ\ iliXc e Z\jj`k\ek [\j dlkXk`fej ki j `dgfikXek\j [\ cËf]]i\ [\ ]fidXk`fe 1 Y\jf`ej XZZilj [\ gif]\jj`feeXc`jXk`fe [\j Z_\]j [Ë\ogcf`kXk`fe \k [\j XZk`]j \e \dgcf`# c mXk`fe k\e[XeZ`\cc\ [l e`m\Xl [Ë\eki \ m\ij c\ e`m\Xl @M# i\e]fiZ\d\ek [\j Y\jf`ej [\ gfcpmXc\eZ\¿ C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe jfek XmXek kflk hlXc`kXk`m\j \k gfik\ek gi`eZ`gXc\d\ek jli cX jkiXk ^`\ [Ë\eki\gi`j\ \k cX Zfdd\iZ`Xc`jXk`fe kXek \e dXk` i\ [\ ]fidXk`fe Zfek`el\ hl\ [\ ]fidXk`fe `e`k`Xc\%

:fejkilZk`fe CX [\dXe[\ jflk\el\ Xc`d\ek \ gXi cX [ df^iXg_`\# c\ [ m\cfgg\d\ek [l cf^\d\ek jfZ`Xc \k [\ eflm\cc\j ]fid\j [\ ZfejkilZk`fe Zf$ZfejkilZk`fe# e\i^`\j i\eflm\cXYc\j# eflm\Xlo dXk i`Xlo¿ cX`jj\ek gi jX^\i le Y\jf`e [Ë cXi^`jj\d\ek [\j Zfdg k\eZ\j \k c\ [ m\cfgg\d\ek [\j d k`\ij XZZ\jj`Yc\j Xm\Z le e`m\Xl @M# d d\ j` c\ e`m\Xl M [\d\li\iX c\ e`m\Xl [Ë\eki \ dfp\e% :feZ\ieXek c\j e\i^`\j i\eflm\cXYc\j# c\j d k`\ij c\j gclj ZfeZ\ie j j\ifek c\j c\Zki`Z`\ej [l Y k`d\ek \k [\j kiXmXlo glYc`Zj \k c\j `ejkXccXk\lij \e hl`g\d\ekj jXe`kX`i\j \k k_\id`hl\j% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe jfek \jj\ek`\cc\d\ek c\ [ m\cfgg\d\ek [\ Z\ikX`e\j ]fidXk`fej ki j k\Z_e`hl\j \k le\ Z\ikX`e\ [ ZfeZ\ekiXk`fe [\ cËf]]i\ XÔe [\ Zflmi`i ^ f^iXg_`hl\d\ek cË\ej\dYc\ [l k\ii`kf`i\ i ^`feXc% CËXZZ\ek [f`k Xljj` ki\ d`j jli cX kiXejd`jj`fe [\j \eki\gi`j\j%

:fdd\iZ\ \k i gXiXk`fe XlkfdfY`c\ CX gif]\jj`feeXc`jXk`fe [l j\Zk\li# cX k\Z_e`Z`k Zif`jjXek\ [\j d k`\ij \k c\ i\e]fiZ\d\ek [\ cX cf^`hl\ [\ j\im`Z\ ~ cX Zc`\ek c\ \e^\e[i\ek [\j \o`^\eZ\j [\ hlXc`ÔZXk`fe XZZil\j \k [feZ# ~ Z k [Ële dX`ek`\e gi m`j`Yc\ [\j Y\jf`ej [\ e`m\Xl M# le\ c mXk`fe e Z\jjX`i\ m\ij c\ e`m\Xl @M \k le\ k\ik`Xi`jXk`fe [\j d k`\ij% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe jfek [ËXYfi[ hlXc`kXk`m\j 1 ]fidXk`fe ~ cX [`d\ej`fe ½ j\im`Z\ ~ cX Zc`\ek c\ ¾# XZZif`jj\d\ek [\ cX gXik [\j \]]\Zk`]j \e e`m\Xl @M%

.+

8gglp \j jli c\j [fee \j hl` j\ifek gif[l`k\j gXi c\j fYj\imXkf`i\j [\ YiXeZ_\j# Z\j [ dXiZ_\j [\ gifjg\Zk`m\ j\ifek XmXek kflk le kiXmX`c [\j YiXeZ_\j gif]\jj`fee\cc\j jli \cc\j$d d\j% CX hl\jk`fe [\j d k`\ij kiXejm\ijXlo# hl` j\ ZXiXZk i`j\ek gXi le\ ]fik\ [`]]lj`fe [Xej cË\ej\dYc\ [\j XZk`m`k j# X k g\l XYfi[ \ cfij [\j i\eZfeki\j j\Zkfi`\cc\j% Le\ kl[\ d\e \ \e I_ e\$8cg\j X Z\g\e[Xek k gi j\ek \ Xlo FG:8 `ek\igif]\jj`fee\cj \k ~ cX :fg`i\% <cc\ `[\ek`Ô\ kif`j ]feZk`fej \e mfclk`fe ]feZk`fe Zfdd\iZ`Xc\# ]feZk`fe X[d`e`jkiXk`m\ \k ]feZk`fe cf^`jk`hl\ Xm\Z le\ gifYc dXk`hl\ jg Z`Ôhl\ [Xej c\j KG< [fek c\j \]]\Zk`]j i [l`kj `dgc`hl\ek le\ ^iXe[\ gfcpmXc\eZ\% CX gi\d` i\ ]feZk`fe ~ j\ jkilZkli\i [\ dXe` i\ Xlkfefd\ \jk cX ]feZk`fe X[d`e`jkiXk`m\ [Xej cXhl\cc\ c\ Z_\] [Ë\eki\gi`j\ \jk df`ej `dgc`hl # cX ]feZk`fe cf^`jk`hl\ \jk jflm\ek gXikX^ \# \e i\mXeZ_\ c\ Z_\] [Ë\eki\gi`j\ j\ Zfej`[ i\ XmXek kflk Zfdd\ le Zfdd\iZ`Xc% @c Zfem`\ek [feZ [ËXd c`fi\i# \e i ^`fe# cX ZfeeX`jjXeZ\ [\ Z\j d k`\ij \e mfclk`fe% :fdgk\ k\el [\ cX jg Z`ÔZ`k i ^`feXc\ \e k\id\ [ËXkkiXZk`m`k [l k\ii`kf`i\ Zfii c \ ~ le ]fik kXlo [\ Z_ dX^\# `c Zfem`\ek ^Xc\d\ek [\ [`jgfj\i [Ële\ XeXcpj\ jg Z`Ôhl\ jli c\ e`m\Xl [\ hlXc`ÔZXk`fe [\j eflm\Xlo Xii`mXekj gfli \e d\jli\i cË`dgXZk [Xej cX j`klXk`fe [\ cË\dgcf`% ;\ dXe` i\ ^ e iXc\# [\ eflm\cc\j kl[\j g\id\kkXek [ËXd c`fi\i cX ZfeeX`jjXeZ\ [\ cË\dgcf` \k [\j hlXc`ÔZXk`fej# efkXdd\ek [Xej [\j j\Zk\lij [ËXZk`m`k g\l jkilZkli j# j\ifek \e^X^ \j%

(%) GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J CX [ dXiZ_\ [\ ZfeZ\ikXk`fe [ Zi`k\ Z`$[\jjlj mX Zfeki`Yl\i ~ Zfejkil`i\# Xm\Z c\j Xlkfi`k j XZX[ d`hl\j# c\ JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j hl` [f`k g\id\kki\ [\ [ k\id`e\i Xm\Z gi Z`j`fe \k gfli cX [li \ [ËXggc`ZXk`fe [l GI;=G , Xej 1 c\ efdYi\ [\j Zlijlj [\ ]fidXk`fe gif]\jj`fee\cc\ e Z\jjX`i\j 2 c\li [`d\ej`fee\d\ek 2 c\ e`m\Xl [\ hlXc`ÔZXk`fe hlË`cj f]]i\ek 2 c\li jg Z`Xc`jXk`fe 2 cX i gXik`k`fe jfl_X`kXYc\ \eki\ c\j ]fidXk`fej `e`k`Xc\j [`gc dXek\j# jflj jkXklk jZfcX`i\ fl gXi Xggi\ek`jjX^\# \k c\j ]fidXk`fej Zfek`el\j# hlXc`ÔXek\j fl [`gc dXek\j# gfli c\j XZk`]j [\dXe[\lij [Ë\dgcf`# jXcXi` j \k kiXmX`cc\lij `e[ g\e[Xekj X`ej` hl\ cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\% Á Z\kk\ fZZXj`fe j\iX [ Zc`e cËfYa\Zk`] Zfddle [Ë c mXk`fe dfp\ee\ [\ cX ]fidXk`fe gif]\jj`fee\cc\ [l e`m\Xl M# XZkl\c e`m\Xl g`mfk \e CXe^l\[fZ$ Ifljj`ccfe# m\ij c\j e`m\Xlo @M \k @@@# Zfe]fid d\ek Xlo mfclk`fej i\g i \j [Xej c\j gi`eZ`gXlo j\Zk\lij [ËXZk`m`k [\ cX i ^`fe% :\k \ea\l Zfejk`kl\ ^Xc\d\ek cX gi\d` i\ gi`fi`k [l gifa\k XZX[ d`hl\ [\ cËXZX[ d`\ [\ Dfekg\cc`\i hl` gi e\ c\ [ m\cfgg\d\ek [l YXZZXcXli Xk gif]\jj`fee\c% Le\ Xkk\ek`fe gXik`Zlc` i\ gfliiX ^Xc\d\ek ki\ Xggfik \ Xlo Ôc` i\j [\ ]fidXk`fe gif]\jj`fee\cc\ jli c\j e`m\Xlo @ \k @@ efkXdd\ek [Xej c\ ZX[i\ [Ële\ i Õ\o`fe ~ \e^X^\i Xm\Z c\j le`m\ij`k j jXZ_Xek

.,

(

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J =@C@ßI<J <E D8K@ßI< ;< HL8C@=@:8K@FE ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

hl\ c\ iXggfik i\e[l \e i ^`fe [Xej c\ ZX[i\ [l [ YXk le`m\ij`k $\dgcf` gifgfj\ efkXdd\ek c\ i\e]fiZ\d\ek [\ cX gif]\jj`feeXc`jXk`fe [\j ]fidXk`fej# cËXd c`fiXk`fe [\ cË`ej\ik`fe gif]\jj`fee\cc\ \k c\ i\e]fiZ\d\ek [\j gXik\eXi`Xkj Xm\Z c\ dfe[\ gif]\jj`fee\c% JËX^`jjXek [\ cË\ej\`^e\d\ek X^i`Zfc\# cX ;I8= \eZfliX^\ cËX[XgkXk`fe [\ cËXggXi\`c [\ ]fidXk`fe gfli d`\lo XZZfdgX^e\i c\j kiXej]fidXk`fej jfZ`f$ Zfefd`hl\j [\j jkilZkli\j [\ gif[lZk`fe \k cX ]fidXk`fe [\j X^i`Zlck\lij [\ [\dX`e% CËXZZ\ek j\iX ^Xc\d\ek d`j jli cX ]fidXk`fe ~ cX i\gi`j\&kiXejd`jj`fe [Ë\eki\gi`j\j efkXdd\ek [Xej c\ ZX[i\ [l [ m\cfgg\d\ek [l gif^iXdd\ G8:K< d`j \e Ålmi\ gXi c\ :fej\`c i ^`feXc% :\kk\ fi`\ekXk`fe i gfe[ ~ cX e Z\jj`k [\ gi gXi\i c\j [ gXikj \e i\kiX`k\ dXjj`]j [\ Z_\]j [Ë\eki\gi`j\# jlikflk [Xej Z\ikX`e\j Ôc` i\j X^i`Zlckli\# Y k`d\ek¿ %

Hl\chl\j c d\ekj [\ gifjg\Zk`m\ `jjlj [\j i\eZfeki\j j\Zkfi`\cc\j KiXejgfikj CX Zif`jjXeZ\ jflk\el\ [\j ]feZk`fej cf^`jk`hl\ \k kiXejgfikj# c\j \o`^\eZ\j Zif`jjXek\j [\ j Zli`k # c\j mfclk`fej k\Z_e`hl\j# fi`\ek\ek cËf]]i\ [\ ]fidXk`fe m\ij le cXi^`jj\d\ek [\ cX gXc\kk\ [\j d k`\ij \k [\j Zfdg k\eZ\j \k le\ c mXk`fe k\e[XeZ`\cc\ m\ij c\ e`m\Xl @M gfli cX cf^`jk`hl\# c\ e`m\Xl M i\jkXek cX i ] i\eZ\ gfli c\j d k`\ij [\ cX Zfe[l`k\% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe jfek jlikflk hlXek`kXk`m\j 1 cËf]]i\ XZkl\cc\ \jk jflj$[`d\ej`fee \% <cc\ \jk Xljj` kifg gfcXi`j \ Xlkfli [\ Dfekg\cc`\i \k EXiYfee\# Xl [ ki`d\ek [\ J k\ \k G\ig`^eXe% Gfli cX cf^`jk`hl\# Z\ [ m\cfgg\d\ek [f`k ki\ Xo jli c\ e`m\Xl @M \k cX d`j\ \e gcXZ\ [\ ]fidXk`fej df[lcX`i\j Zfii\jgfe[Xek ~ cË mfclk`fe [l d k`\i [\ Zfe[lZk\li iflk`\i \e gXik`Zlc`\i XZZl\`c# Zfdd\iZ`Xc \k K@:%

@e[ljki`\j X^ifXc`d\ekX`i\j CX YX`jj\ k\e[XeZ`\cc\ [\j gi`o \k cËXZZif`jj\d\ek [\j \o`^\eZ\j [\ hlXc`k `e[l`j\ek le\ e Z\jj`k [Ë cXi^`jj\d\ek [\j Zfdg k\eZ\j ^\jk`fe [\ [ dXiZ_\j hlXc`k dXc^i le dX`ek`\e gi m`j`Yc\ [l e`m\Xl M Zfdd\ e`m\Xl [Ë\eki \ g`mfk% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe ZfeZ\ie\ek c\ i\gfj`k`fee\d\ek gXik`\c [\ cËf]]i\ jli c\ e`m\Xl M# le\ c mXk`fe [l e`m\Xl [\ ]fidXk`fe jli Z\ikX`ej d k`\ij [\ cX gif[lZk`fe# le cXi^`jj\d\ek [\j Zfdg k\eZ\j _p^` e\# hlXc`k \k le\ [ ZfeZ\ekiXk`fe ^ f^iXg_`hl\# efkXdd\ek m\ij c\ YXjj`e [\ E d\j hl` XggXiX k jflj$[fk XZkl\cc\d\ek%

.-

D kXccli^`\ CX ZfeZlii\eZ\ `ek\ieXk`feXc\ `e[l`k [\j \o`^\eZ\j XZZil\j [\ hlXc`ÔZXk`fe \k [\ k\Z_e`Z`k % C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe jfek jlikflk hlXc`kXk`m\j 1 c mXk`fe [l e`m\Xl [\j ]fidXk`fej m\ij c\j e`m\Xlo @M \k @@@# XZZ\ek jli cX ]fidXk`fe ~ cX i\gi`j\ fl kiXejd`jj`fe [Ë\eki\gi`j\j%

:lckli\ jg\ZkXZc\ m`mXek# Xl[`fm`jl\c# Z`e dX# gXki`df`e\ C\j \eki\gi`j\j [l j\Zk\li jfek ki j dfY`c`j \j gXi cX ZfejkilZk`fe [\ c\lij gifa\kj \k cX i\Z_\iZ_\ [\ dfp\ej ÔeXeZ`\ij 1 \cc\j giflm\ek [feZ [\j [`]ÔZlck j ~ ^ i\i cX dlck`gc`Z`k [\j jkXklkj [\j g\ijfee\cj \k cË`ek\id`kk\eZ\ \k jË`em\jk`jj\ek g\l [Xej [\j gcXej [\ ]fidXk`fe% :Ë\jk X`ej` hl\ *' [\j g\ijfee\cj X[d`e`jkiXk`]j eËfek aXdX`j jl`m` [\ ]fidXk`fe# +' [\j k\Z_e`Z`\ej \k +/ [\j Xik`jk\j jfek [Xej c\ d d\ ZXj% Gi j [\ cX df`k` [\j [\dXe[\lij [Ë\dgcf`j# gi`eZ`gXc\d\ek [\j dlj`Z`\ej# e\ jfek gXj `ek\id`kk\ekj [l jg\ZkXZc\ \k e\ jfek [feZ gXj `e[\de`j j% +, [\j k\Z_e`Z`\ej \k +* [\j Xik`jk\j jfek k`klcX`i\j [Ële e`m\Xl [\ hlXc`ÔZXk`fe c\m ^Xc fl jlg i`\li ~ YXZ " ) dX`j c\j )&* [ ZcXi\ek e\ gXj gfjj [\i le [`gc d\ fl le k`ki\ jg Z`Ôhl\ Xl jg\ZkXZc\ m`mXek fl ~ cËXl[`fm`jl\c&Z`e dX% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe jfek ^Xc\d\ek hlXc`kXk`m\j 1 ]Xmfi`j\i cX gif]\jj`feeXc`jXk`fe [\j i\jgfejXYc\j [\j ki j g\k`k\j \eki\gi`j\j [l j\Zk\li# ]fid\i Xlo fYc`^Xk`fej c ^Xc\j c\j \dgcfp\lij fZZXj`fee\cj# jflk\e`i cX dlklXc`jXk`fe [\j \dgcf`j \k j Zli`j\i c\j gXiZflij gif]\jj`fee\cj%

Jgfik# Xe`dXk`fe C\j \dgcfp\lij \jj\ek`\cc\d\ek XjjfZ`Xk`]j jË`ejZi`m\ek [XmXekX^\ [Xej le\ cf^`hl\ [\ ÔeXeZ\d\ek glYc`Z hl\ [Xej le\ cf^`hl\ [\ gifa\k [\ [ m\cfgg\d\ek ^ e iXek [\j Y\jf`ej \e hlXc`ÔZXk`fe% J` cËXZk`m`k jgfik`m\ \jk i ^c\d\ek \# `c eË\jk \jk gXj [\ d d\ gfli cX m`\ XjjfZ`Xk`m\ \e ^ e iXc% C\ jflk`\e ~ cË\dgcf` [l j\Zk\li efkXdd\ek m`X c\ i\Zflij Xlo \dgcf`j X`[ j X Zi le [ m\cfgg\d\ek [\j XZk`m`k j hlË`c \jk `dgfikXek Xlafli[Ë_l` [\ jkXY`c`j\i% C\j d k`\ij i\eZfeki j jfek gi`eZ`gXc\d\ek [\j Xe`dXk\lij Z_Xi^ j [ËXZk`m`k [\ gc\`e\ eXkli\# [\j [lZXk\lij jgfik`]j# [\j Xe`dXk\lij `ek\im\eXek \e _ k\cc\i`\ [\ gc\`e X`i% 8lafli[Ë_l` c\j Xe`dXk\lij `ek\im`\ee\ek XlkXek [Xej c\ Z_Xdg d [`Zf$jfZ`Xc hl\ [Xej Z\cl` [\ cË\em`ifee\d\ek \e gXjjXek gXi Z\cl` [l [ m\cfgg\d\ek cfZXc% C\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe 1 Zi \i c\j Zfe[`k`fej [\ g i\ee`jXk`fe [\j \dgcf`j efkXdd\ek m`X c\j ^iflg\d\ekj [Ë\dgcfp\lij \k [ m\cfgg\i cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\%

..

(

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J =@C@ßI<J <E D8K@ßI< ;< HL8C@=@:8K@FE ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

:feZi k\d\ek# cX d`j\ \e Ålmi\ [\ Z\kk\ fi`\ekXk`fe gXjj\iX gXi cËXd c`fiXk`fe [\ cË`e]fidXk`fe jli c\j [`jgfj`k`]j \o`jkXekj# gXi le XZZfdgX^e\d\ek gclj gfljj [\j g\ijfee\j hl` jË\e^X^\ek [Xej Z\kk\ mf`\ \k gXi [\j XZk`fej [\ j\ej`Y`c`jXk`fe Xlgi j [\j cpZ \ej# [\j Xggi\ek`j \k [\j jkX^`X`i\j [\ cX ]fidXk`fe gif]\jj`fee\cc\% ;\ efdYi\lj\j XZk`m`k j \e i ^`fe XpXek le ZXiXZk i\ jX`jfee`\i# jË`c \jk `dgfikXek hl\ c\j \eki\gi`j\j ZfeZ\ie \j gl`jj\ek kiflm\i c\j Zfdg k\eZ\j e Z\jjX`i\j \k gifgfj\i [\j gi\jkXk`fej [\ hlXc`k # `c ]Xlk ^Xc\d\ek m\`cc\i ~ Z\ hl\ c\j jXcXi` j ZfeZ\ie j gl`jj\ek jfik`i [\ cX gi ZXi`k % Le kiXmX`c [f`k [feZ ki\ d\e jli cX dlklXc`jXk`fe [\j Zfdg k\eZ\j% GXi X`cc\lij# le\ Xkk\ek`fe gXik`Zlc` i\ \jk Xggfik \ Xl j\Zk\li [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\# gfik\li [\ efdYi\lo \dgcf`j \e i ^`fe# XÔe [\ i\e]fiZ\i c\j Zfdg k\eZ\j dXeX^ i`Xc\j Xl j\`e [\j [`]] i\ek\j jkilZkli\j XjjfZ`Xk`fej# dlkl\cc\j# Zffg iXk`m\j % :\j c d\ekj hlXek`kXk`]j ]\ifek cËfYa\k [Ële\ ZfekiXZklXc`jXk`fe Xm\Z Z_Xhl\ YiXeZ_\ gif]\jj`fee\cc\ gfli cX [li \ [\ mXc`[`k [l GI;=G# \e Zfdgc d\ek [\j ZfekiXkj [ËfYa\Zk`]j \k [\ dfp\ej i\cXk`]j ~ cËXggi\ek`jjX^\ fl [\j ZfekiXkj [\ Ôc` i\j hl` \o`jk\ek [ a~%

Gfli jX gXik# cX I ^`fe jË\e^X^\ ~ X^`i jli c\j i\gi j\ekXk`fej jfZ`fZlckli\cc\j XkkXZ_ \j Xlo Ôc` i\j [\ ]fidXk`fe gif]\jj`fee\cc\ \k Xlo d k`\ij% :\ kiXmX`c ~ i Xc`j\i# \e c`\e Xm\Z c\j XZk`fej d\e \j Xl k`ki\ [\ cË`e]fidXk`fe \k [\ cËfi`\ekXk`fe [\j glYc`Zj# j\iX cËfZZXj`fe [Ële\ gi j\ekXk`fe _fdf^ e\ [\j d k`\ij gfik\lij [ËXm\e`i \e CXe^l\[fZ$Ifljj`ccfe% @c jËX^`iX efkXdd\ek [ËXdgc`Ô\i c\j fg iXk`fej [\ [ Zflm\ik\ [\j d k`\ij# gXi cËfi^Xe`jXk`fe [Ële\ ZXdgX^e\ i ^`feXc\ [\ gifdfk`fe [\j d k`\ij gfik\lij# Xm\Z cËXggl` [\ cË\ej\dYc\ [\j kXYc`jj\d\ekj [\ ]fidXk`fe 1 cpZ \j# Z\eki\j [\ ]fidXk`fe [ËXggi\ek`j# fi^Xe`jd\j [\ ]fidXk`fe% Le gif^iXdd\ jg Z`Ôhl\ [\ ]fidXk`fe j\iX d`j \e Ålmi\ gfli gXcc`\i c\ dXehl\ [\ Zfdg k\eZ\j k\Z_e`hl\j [Xej c\j [`m\ij d k`\ij [l [ m\cfgg\d\ek [liXYc\% :\j \e^X^\d\ekj i Z`gifhl\j ]\ifek gXik`\ `ek ^iXek\ [\ cX ZfekiXZklXc`jXk`fe Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe%

(%* I<E;I< 8KKI8:K@=J <K M8CFI@J<I C<J DyK@<IJ GFIK<LIJ ;Ë<DGCF@ :_Xhl\ YiXeZ_\ jË\e^X^\ ~ kiXmX`cc\i jli cËfi^Xe`jXk`fe [\ j\j gifgi\j d k`\ij gfli gifgfj\i [\j gXiZflij gif]\jj`fee\cj dfk`mXekj% :\kk\ [ dXiZ_\ [f`k \e^cfY\i ~ cX ]f`j# ~ k`ki\ `e[`ZXk`] 1 c\j Zfe[`k`fej [\ kiXmX`c 2 c\j gfjj`Y`c`k j [Ë mfclk`fe# efkXdd\ek# gfli c\j jXcXi` j# gXi cX ]fidXk`fe Zfek`el\ 2 [\j `eZ`kXk`fej ~ cË\e^X^\d\ek [Xej c\j [ dXiZ_\j [\ M8< gXi [\j gfjj`Y`c`k j [ËXZZ [\i ~ [\j \dgcf`j gclj hlXc`Ô j 2 gfli c\j j\e`fij# cX d`j\ \e Ålmi\ [\ Y`cXej [\ Zfdg k\eZ\ \k cX dfY`c`jXk`fe [\ c\li \og i`\eZ\ Xl kiXm\ij [Ële jpjk d\ [\ klkfiXk \k [ËXZZfdgX^e\d\ek 2 [Xej c\ ZX[i\ [\ cËXggi\ek`jjX^\ \k [\ cËXck\ieXeZ\# le \e^X^\d\ek [Ë`dgc`ZXk`fe [\ cX gXik [\j klk\lij \k dX ki\j [ËXggi\ek`jjX^\% ;\ gclj# Z_Xhl\ YiXeZ_\ jË\e^X^\ ~ XZZif ki\ jfe \]]fik \e ml\ [\ ]X`i\ ZfeeX ki\ j\j d k`\ij# efkXdd\ek Xlo a\le\j \k Xlo [\dXe[\lij [Ë\dgcf` 1 gXik`Z`gXk`fe Xlo m e\d\ekj k\cj hl\ fg iXk`fej [\ [ Zflm\ik\ [\j d k`\ij# jXcfej [ËXggi\ek`jjX^\# `ek\im\ek`fej \k [ dfejkiXk`fej \e kXYc`jj\d\ek jZfcX`i\¿

./

.0

)

C<J IyGFEJ<J 8LO FI@<EK8K@FEJ JKI8Ky>@HL<J 9<JF@EJ ;<J GL9C@:J ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G :FE:<IE8EK C<J FI@<EK8K@FEJ JKI8Ky>@HL<J G8I:FLIJ ;< =FID8K@FE ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G )%( ;yM<CFGG<I C< J<IM@:< I<E;L G8I C<J JKIL:KLI<J ;Ë8::L<@C# ;Ë@E=FID8K@FE <K ;ËFI@<EK8K@FE CX I ^`fe mX jËXkkXZ_\i# \e Zffg iXk`fe Xm\Z c\j j\im`Z\j [\ cËykXk hl` \e jfek ^\jk`feeX`i\j# ~ ZXiXZk i`j\i c\j j\im`Z\j [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe \k ~ Xe`d\i c\ i j\Xl [\j jkilZkli\j gfli fi^Xe`j\i cËf]]i\ [\ j\im`Z\j% Gfli Z\ ]X`i\# le kiXmX`c [\ i\Z\ej\d\ek \k [Ë`[\ek`ÔZXk`fe [\j jkilZkli\j [Ë8@F# jg Z`ÔXek c\lij glYc`Zj# c\li Z_Xdg [Ë`ek\im\ek`fe jli c\j [`]] i\ekj j\^d\ekj [\ cË8@F# c\li Zflm\ikli\ ^ f^iXg_`hl\# c\lij flk`cj# c\lij giXk`hl\j# X k \e^X^ \e )''-% ;\ d d\# cX I ^`fe X Zfdd\eZ ~ [ gcfp\i c\j gf`ekj `e]fidXk`fe Zfej\`c i\cXk`]j ~ cX M8<% @c jËX^`k [ jfidX`j# jflj cË`dglcj`fe \k c\ g`cfkX^\ [\ cX I ^`fe# [\ d\kki\ \e i j\Xl Z\j jkilZkli\j XÔe [\ gi j\ek\i le\ f]]i\ Zf_ i\ek\ gfli c\j glYc`Zj \k c\j k\ii`kf`i\j 1 Z_Xik\ [ËXZk`fe Zfddle\ [\ cË8@F# gXik\eXi`Xkj gfli Xjjli\i le dX`ccX^\ k\ii`kfi`Xc Zfdgc\k \k Zflmi`i kflj c\j glYc`Zj# dlklXc`jXk`fe [Ëflk`cj [ËXeXcpj\ \k [Ë`e]fidXk`fe# Z_Xe^\ [\ Yfee\j giXk`hl\j¿ :\kk\ [ dXiZ_\ [ËXe`dXk`fe [f`k ki\ [ Zc`e \ Xl e`m\Xl cfZXc% GXi X`cc\lij [\j XZk`fej m`jXek ~ Xjjli\i le ^Xc XZZ j Xl Zfej\`c \k ~ cË`e]fidXk`fe jli cX M8< j\ifek [ m\cfgg \j%

)%) 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE 8L E@M<8L ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< @E@K@8C<% CX I ^`fe gflijl`k jX gfc`k`hl\ XdY`k`\lj\ \e dXk` i\ [Ë hl`g\d\ek \k [Ë`em\jk`jj\d\ek XÔe [Ëf]]i`i ~ cË\ej\dYc\ [\j cpZ \ej \k [\j Xggi\ek`j c\j Zfe[`k`fej [\ kiXmX`c c\j gclj g\i]fidXek\j% C\j XZk`fej jg Z`Ôhl\j \e ]Xm\li [\j Xggi\ek`j jfek kiX`k \j [Xej c\ JZ_ dX i ^`feXc [\ cËXggi\ek`jjX^\% Kflk\]f`j `c \jk `dgfikXek [\ kiXmX`cc\i ^cfYXc\d\ek jli cX hlXc`k [\j ]fidXk`fej \e Xck\ieXeZ\ \e Zi Xek le\ Yflij\ i ^`feXc\ XÔe [\ ]XZ`c`k\i cË`e]fidXk`fe i Z`gifhl\ [\j glYc`Zj \k [\j \eki\gi`j\j \k \e XZk`mXek cX ]fidXk`fe [\j klk\lij \k [\j dX ki\j [ËXggi\ek`jjX^\% 8L E@M<8L ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< :FEK@EL<% CX I ^`fe [ Z`[\ [\ kiXmX`cc\i Xm\Z c\j fi^Xe`jd\j [\ ]fidXk`fe# [Xej c\ ZX[i\ [Ële\ [ dXiZ_\ hlXc`k # gfli g\id\kki\ cËX[XgkXk`fe [\ c\lij gi\jkXk`fej XZZl\`c# jl`m` \k XZZfdgX^e\d\ek# f]]i\ g [X^f^`hl\ ~ kflj c\j glYc`Zj \k ~ kflj c\j gXiZflij# p Zfdgi`j c\j gclj Zfdgc\o\j 1 le XZZl\`c

/'

hl` Zfejk`kl\ le\ gi\d` i\ gi`j\ \e Z_Xi^\ g [X^f^`hl\ \k efe le j`dgc\ \ei\^`jki\d\ek X[d`e`jkiXk`]# cX df[lcXi`jXk`fe \k cË`e[`m`[lXc`jXk`fe [\j ]fidXk`fej# [\j d k_f[\j \k hl`g\d\ekj g [X^f^`hl\j X[Xgk j ~ kflj c\j kpg\j [\ glYc`Zj# le XZZfdgX^e\d\ek gXik`Zlc`\i [\j glYc`Zj c\j gclj ]iX^`c\j g\e[Xek cX ]fidXk`fe# le jl`m` [\j glYc`Zj Xgi j cX ]fidXk`fe# [\j gXik\eXi`Xkj ~ [ m\cfgg\i gfli dlklXc`j\i [\j i\jjfliZ\j \k [\j dfp\ej¿ Gfli jX gXik# cX I ^`fe jË\e^X^\ ~ Zfe]fik\i c\j fi^Xe`jd\j [\ ]fidXk`fe \e cXi^`jjXek c\ i\Zflij Xlo ÔeXeZ\d\ekj gcli`Xeel\cj \k ~ jflk\e`i cË`e^ e`\i`\ g [X^f^`hl\% <e flki\# c\j Y\jf`ej jg Z`Ôhl\j [\j [`]] i\ekj glYc`Zj j\e`fij# ]\dd\j# g\ijfee\j \e `ej\ik`fe# kiXmX`cc\lij gi ZX`i\j fl jX`jfee`\ij¿ [f`m\ek ki\ gi`j \e Zfdgk\ [Xej c\ gifZ\jjlj [Ë cXYfiXk`fe [\ cËf]]i\ [\ ]fidXk`fe# efkXdd\ek ~ cËfZZXj`fe [\j Xgg\cj [Ëf]]i\ \]]\Zkl j gXi cX I ^`fe CXe^l\[fZ$ifljj`ccfe% GFLI CË<EJ<D9C< ;<J GL9C@:J ;< C8 =FID8K@FE GIF=<JJ@FEE<CC<% ;\j XZk`fej m`jXek ~ c\j j\ej`Y`c`j\i Xl [ m\cfgg\d\ek [liXYc\ \k ~ cX Z`kfp\ee\k j\ifek d`j\j \e Ålmi\ X`ej` hl\ Z\cc\j m`jXek ~ ]XZ`c`k\i c\li dfY`c`k Xl j\`e [\ cX ZfddleXlk \lifg \ee\% <eÔe# c\ ]X`Yc\ kXlo [\ jlim`\ [\j Zi Xk`fej [Ë\eki\gi`j\j \e CXe^l\[fZ$Ifljj`ccfe `dgfj\ [ËXZZ\ekl\i cË\]]fik [\ c`j`Y`c`k [l i j\Xl [ËXZZfdgX^e\d\ek X`ej` hl\ jX gif]\jj`feeXc`jXk`fe% 8m\Z c\ jflk`\e [\ cX I ^`fe [Xej c\ ZX[i\ [\ jfe gif^iXdd\ G8:K<# cË\ej\dYc\ [\j XZk\lij [f`k [feZ j\ dfY`c`j\i gfli `em\ij\i cX k\e[XeZ\ \e kiXmX`ccXek \e Zfdgc d\ekXi`k \k \e ]Xmfi`jXek le XZZfdgX^e\d\ek g\ijfeeXc`j efe j\lc\d\ek \e Xdfek dX`j ^Xc\d\ek \e XmXc [\ cX Zi Xk`fe%

)%* C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE ;\j i gfej\j [f`m\ek ki\ Xggfik \j gXi c\j [`]] i\ekj XZk\lij glYc`Zj# Z_XZle gfli Z\ hl` c\j ZfeZ\ie\# XÔe [\ [fee\i# ~ kflj# [\j Z_XeZ\j ^Xc\j [ËXZZ [\i ~ cX ]fidXk`fe gif]\jj`fee\cc\% C\j gi\jZi`gk\lij [\ ]fidXk`fe :fej\`c i ^`feXc# :fej\`cj ^ e iXlo# 8jj\[`Z# 8EG< jË\e^X^\ek ~ i\d [`\i Xl gifYc d\ [l Zcf`jfee\d\ek [\j ]fidXk`fej Zfek`el\j j\cfe c\ jkXklk [\j glYc`Zj 1 jXcXi` j# kiXmX`cc\lij `e[ g\e[Xekj# [\dXe[\lij [Ë\dgcf` `e[\de`j j# [\dXe[\lij [Ë\dgcf` efe `e[\de`j j% 8Zkl\cc\d\ek# Z\ Zcf`jfee\d\ek Zfejk`kl\ kifg jflm\ek le\ YXii` i\ ~ cËXZZ j ~ le\ ]fidXk`fe X[Xgk \ gfli [\j glYc`Zj hl` XliX`\ek gflikXek c\j ZXgXZ`k j [\ jËp \e^X^\i% Gfli Z\ ]X`i\# c\j dX ki\j [ËflmiX^\ [\ cX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ jËXkkXZ_\ifek ~ fi^Xe`j\i [\j XZk`fej [\ ]fidXk`fe Zfddle\j# ZfÔeXeZ \j# flm\ik\j ~ c\lij glYc`Zj i\jg\Zk`]j%

/(

)

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J GL9C@:J :FE:<IE8EK C<J G8I:FLIJ ;< =FID8K@FE ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

:feZ\ieXek c\j g\ijfee\j \e `ej\ik`fe# `c jËX^`k [\ Zfejkil`i\ \e c\li ]Xm\li [\j gXik\eXi`Xkj g\id\kkXek le\ `ek\im\ek`fe Zfeaf`ek\ [\j XZk\lij glYc`Zj# Z_XZle j\cfe jX Zfdg k\eZ\# [\jj`eXek le gXiZflij Zf_ i\ek \k Xik`Zlc 1 XZk`fej [\ jfZ`Xc`jXk`fe \k [ËXZhl`j`k`fe [\j jXmf`ij [\ YXj\ efkXdd\ek clkk\ Zfeki\ cË`cc\kki`jd\ Zffi[fee \j gXi c\j j\im`Z\j [\ cËykXk# gXiZflij [Ë`ej\ik`fe d`j \e Ålmi\ gXi c\j :fej\`cj ^ e iXlo [Xej c\ ZX[i\ [\j gcXej [ gXik\d\ekXlo [Ë`ej\ik`fe# ]fidXk`fej gi $hlXc`ÔXek\j# \k c\ ZXj Z_ Xek hlXc`ÔXek\j# jflj cX i\jgfejXY`c`k [l :fej\`c i ^`feXc% @c `dgfik\ ^Xc\d\ek [ËXjjli\i le jl`m` gXik`Zlc`\i [\ Z\j glYc`Zj gfli m`k\i [\j ilgkli\j [\ gXiZflij ~ cËfZZXj`fe [\j kiXej`k`fej \eki\ jkilZkli\j% C\ ZXj gXik`Zlc`\i [\j g\ijfee\j jXej XlZle\ hlXc`ÔZXk`fe g\lk efkXdd\ek ki\ kiX`k gXi c\ [ m\cfgg\d\ek [Ë Zfc\j [\ cX [\lo` d\ Z_XeZ\% 8Ôe [\ [`d`el\i c\ kiXmX`c gi ZX`i\# cX I ^`fe \e^X^\ le kiXmX`c \e kif`k\ ZfeZ\ikXk`fe Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j fi^Xe`jd\j [\ ]fidXk`fe gfli `[\ek`Ô\i [\j ^iflg\j [\ d k`\ij ZfdgXk`Yc\j kXek jli c\ gcXe [\j hlXc`ÔZXk`fej hl\ jli Z\lo [\ cX jX`jfe \k [l k\ii`kf`i\ [Ë\o\iZ`Z\ \k fi^Xe`j\i [\j ]fidXk`fej X[Xgk \j Xlkfli [Ële kifeZ Zfddle \k [\ df[lc\j jg Z`Xc`j j% C\j YiXeZ_\j gif]\jj`fee\cc\j# gfli c\li gXik# jË\e^X^\ek ~ [ m\cfgg\i c\j ^iflg\d\ekj [Ë\dgcfp\lij fl kflk\ Xlki\ ]fid\ [Ë\dgcf` g\id\kkXek [Ëf]]i`i [\j g\ijg\Zk`m\j [Ë\dgcf` gclj XkkiXZk`m\j \k dfk`mXek\j% ;\j \og i`d\ekXk`fej gXi j\Zk\li fl jli [\j k\ii`kf`i\j [ k\id`e j j\ifek gi`m`c ^` \j% GXi X`cc\lij# le \]]fik gXik`Zlc`\i [f`k ki\ ]flie` gfli kiX`k\i c\j gifYc dX$ k`hl\j hl` el`j\ek kifg ]i hl\dd\ek Xl Yfe [ iflc\d\ek [\j gXiZflij \k fZZXj`fee\ek kifg [\ i\]lj fl [ËXYXe[fej [\ ]fidXk`fe# \e gXik`Zlc`\i [\ cX gXik [\j glYc`Zj c\j gclj ]iX^`c`j j% :\kk\ k_ dXk`hl\ i\Zflmi\ \e kflk kXk [\ ZXlj\ c\j gifYc d\j [l cf^\d\ek# [\j kiXejgfikj fl [\ cX ^Xi[\ [Ë\e]Xekj% :feZ\ieXek c\ cf^\d\ek# c\j Y\jf`ej \e `ek\ieXk [Xej c\j cpZ \j gif]\jj`fee\cj j\ifek gi Z`j j% GXi X`cc\lij# cX I ^`fe m\`cc\iX ~ cX gi`j\ \e Zfdgk\ [\j Xggi\ek`j# [\j kl[`Xekj [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j \k [\j [\dXe[\lij [Ë\dgcf` [Xej c\ ZX[i\ [l JZ_ dX [l cf^\d\ek XZkl\cc\d\ek \e gi gXiXk`fe% Á Z\kk\ fZZXj`fe# cËflm\ikli\ [\j Z\eki\j [Ë_ Y\i^\d\ekj [\ cË8=G8 ~ [ËXlki\j glYc`Zj j\iX \eZfliX^ \% :feZ\ieXek c\j kiXejgfikj# `c `dgfik\ [\ d\kki\ \e Zf_ i\eZ\ c\j [`]] i\ekj [`jgfj`$ k`]j \o`jkXekj% Á Z\ k`ki\# cX Zfem\ek`fe I ^`fe&JE:= i Z\dd\ek X[fgk \ d\k \e gcXZ\ le\ kXi`ÔZXk`fe X[Xgk \ Xlo [ gcXZ\d\ekj c` j ~ cËXZk`m`k gif]\jj`fee\cc\# Xlo [ gcXZ\d\ekj jZfcX`i\j \k c` j Xlo kl[\j# Xlo [ gcX$ Z\d\ekj [\j g\ijfee\j \e j`klXk`fe [`]ÔZ`c\% <e kflk kXk [\ ZXlj\# c\j ; gXik\d\ekj gifgfj\ek le XZZfdgX^e\d\ek jfZ`Xc [Xej c\j [fdX`e\j [\ cX jXek \k [l cf^\d\ek% @c \jk [ËXlki\ gXik `dgfikXek [\ Zfe[l`i\ [\j \og i`d\ekXk`fej jli cX ^Xi[\ [Ë\e]Xek# \e gXik\eXi`Xk Xm\Z cË\ej\dYc\ [\j XZk\lij `dgc`hl j% <eÔe cË\ej\dYc\ [\j XZk\lij jË\e^X^\ek ~ ]Xmfi`j\i cX d`o`k [\j d k`\ij# ~ ]XZ`c`k\i cËXZZl\`c [\j _Xe[`ZXg j \k [\ dXe` i\ gclj ^ e iXc\ ~ clkk\i Zfeki\ kflk\ ]fid\ [\ [`jZi`d`eXk`fe%

/)

)%+ =8MFI@J<I CË8::ßJ ;<J J8C8I@yJ Á C8 =FID8K@FE :FEK@EL< <e gi\d`\i c`\l# cËXZZ\ek [f`k ki\ d`j jli cË`e]fidXk`fe [\j jXcXi` j jli c\lij [if`kj# \k efkXdd\ek jli cË\o`jk\eZ\ [l ;if`k `e[`m`[l\c ~ cX ]fidXk`fe X`ej` hl\ [\ cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\% :\kk\ fi`\ekXk`fe j\iX d`j\ \e Ålmi\ [Xej c\ ZX[i\ [\ cX d`j\ \e i j\Xl [\j jkilZkli\j [Ë8@F X`ej` hl\ gXi le \]]fik [Ë`e]fidXk`fe [\j YiXeZ_\j \em\ij c\lij gifgi\j \eki\gi`j\j# \e gXik`Zlc`\i c\j KG<&GD<% 8l$[\c~ [\ Z\ gi XcXYc\ `e[`jg\ejXYc\# c\j YiXeZ_\j gif]\jj`fee\cc\j jË\e^X^\ek ~ ]XZ`c`k\i cX gXik`Z`gXk`fe [\ c\lij XZk`]j ~ cX ]fidXk`fe Zfek`el\# p Zfdgi`j c\j YiXeZ_\j hl` j\ ZXiXZk i`j\ek gXi le\ ]fik\ gifgfik`fe [\ efe$jXcXi` j Xik`jXeXk# X^i`Zlckli\# Zfdd\iZ\ % :\k \e^X^\d\ek gXjj\iX efkXdd\ek gXi cX d`j\ \e gcXZ\ [Ële gXjj\gfik ]fidXk`fe%

)%, JKIL:KLI<I CËF==I< ;< =FID8K@FE GIF=<JJ@FEE<CC< JLI C< K<II@KF@I< Iy>@FE8C <E =FE:K@FE ;< C8 E8KLI< ;<J DyK@<IJ# ;<J GIF=@CJ ;<J GL9C@:J <K ;L :FEK<OK< CF:8C <e Xggc`ZXk`fe [l Zf[\ [\ cË [lZXk`fe Xik% C )(+$( # cX I ^`fe jË\e^X^\ ~ cXYfi\i c\ JZ_ dX gi m`j`fee\c [\j ]fidXk`fej# [fZld\ek [\ gcXe`ÔZXk`fe g\id\kkXek [\ [ Z`[\i Xeel\cc\d\ek Xm\Z c\j j\im`Z\j [\ cËykXk [\j flm\ikli\j \k [\j ]\id\kli\j [\ ]fidXk`fe gif]\jj`fee\cc\ [Xej c\j cpZ \j% C\ gifa\k XZX[ d`hl\ d\k cËXZZ\ek jli cX [`m\ij`ÔZXk`fe [\j df[\j [\ gi gXiXk`fe ~ cX hlXc`ÔZXk`fe XÔe [\ d`\lo i gfe[i\ Xlo Y\jf`ej \ogi`d j gXi c\j a\le\j# c\j ]Xd`cc\j \k c\j j\Zk\lij gif]\jj`fee\cj \k [\ ]Xmfi`j\i c\ [ m\cfgg\d\ek [\ cX mf`\ gif]\jj`fee\cc\% ;Xej Z\ Zfek\ok\# cX I ^`fe jfl_X`k\ d\kki\ iXg`[\d\ek \e gcXZ\ le ZX[i\ [\ i Õ\o`fe Xm\Z kflj c\j XZk\lij [\ cX ]fidXk`fe \k c\j k\ii`kf`i\j# g\id\kkXek [\ kiXmX`cc\i jli c\j df[Xc`k j [Ëfi^Xe`jXk`fe [\ cX ]fidXk`fe% @c jËX^`k [\ [ ^X^\i c\j gi`eZ`g\j jkilZkliXekj [Ële\ d k_f[\ gXikX^ \ [\ i gXik`k`fe ^ f^iXg_`hl\ [\j fi^Xe`jd\j [\ ]fidXk`fe g\id\kkXek [\ [ Ôe`i ki j gi Z`j d\ek# j\cfe cX eXkli\ [\j d k`\ij ZfeZ\ie j# j\cfe c\j glYc`Zj \k j\cfe c\j k\ii`kf`i\j# c\j ZXj f `c Zfem`\e[iX [Ë\eZfliX^\i cX dfY`c`k # Z\lo f `c j\iX gi ] iXYc\ [\ [ m\cfgg\i le\ f]]i\ [\ ]fidXk`fe [\ gifo`d`k \k Z\lo f c\ i\Zflij ~ cX ]fidXk`fe ~ [`jkXeZ\ gfliiX ki\ lk`c\% CX I ^`fe jËXggl`\iX jli c\j \ej\`^e\d\ekj [\ Z\j [ dXiZ_\j Zfddle\j# gfli fi^Xe`j\i cËf]]i\ [\ ]fidXk`fe ~ [\jk`eXk`fe [\j [\dXe[\lij [Ë\dgcf` gXi cË`ek\id [`X`i\ [\ j\j Xgg\cj [Ëf]]i\ \k [ Z`[\i gXi X`cc\lij [\j flm\ikli\j [\ j\Zk`fej [ËXggi\ek`jjX^\# cË\ej\dYc\ [\ Z\j [ Z`j`fej ZfeZfliXek ~ cË cXYfiXk`fe [l ]lkli JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j m`jXek ~ d\kki\ \e Zf_ i\eZ\ cË\ej\dYc\ [\j [`jgfj`k`]j [\ ]fidXk`fe% C\j XZk`fej [ Z\ekiXc`j \j [\ cË8=G8 jË`ejZi`ifek Y`\e m`[\dd\ek [Xej Z\ jZ_ dX% :\ kiXmX`c j\ ]\iX \e c`\e kif`k Xm\Z cX i Õ\o`fe \e^X^ \ Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j gXik\eX`i\j jfZ`Xlo hlXek ~ cX [ Ôe`k`fe [\j Y\jf`ej [\ cË Zfefd`\ i ^`feXc\%

/*

*

C<J IyGFEJ<J 8LO FI@<EK8K@FEJ JKI8Ky>@HL<J 9<JF@EJ ;<J K<II@KF@I<J ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G <E D8K@ßI< ;< FI@<EK8K@FEJ JKI8Ky>@HL<J ;yM<CFGG<D<EK CF:8C ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G *%( JFLK<E@I C<J GIFA<KJ ;< =FID8K@FE ;8EJ C<J K<II@KF@I<J D<KKI< <E GC8:< LE< 8E@D8K@FE K<II@KFI@8C< GFLI GIFDFLMF@I C8 GC8:< ;< C8 =FID8K@FE GIF=<JJ@FEE<CC< ;8EJ C<J GIFA<KJ ;< ;yM<CFGG<D<EK% 8Ôe [\ i\gcXZ\i cX ]fidXk`fe gif]\jj`fee\cc\ Xl ZÅli [\j gifa\kj [\ [ m\cfgg\d\ek cfZXc# cX I ^`fe d\k \e gcXZ\ le\ [ dXiZ_\ [ËXe`dXk`fe k\ii`kfi`Xc\ m`jXek ~ j\ej`Y`c`j\i c\j XZk\lij cfZXlo# Zfcc\Zk`m`k j kflk XlkXek hlË\eki\gi`j\j# ~ cË`dgfikXeZ\ [\ cX ]fidXk`fe \k ~ ]X`i\ ZfeeX ki\ cËf]]i\ \o`jkXek\% Á k\id\# cËfYa\Zk`] \jk [\ gflmf`i gXikX^\i cËXeXcpj\ [\j \ea\lo [\ cX ]fidXk`fe gif]\jj`fee\cc\ Xm\Z c\j XZk\lij cfZXlo \k [\ c\j Zfe[l`i\ ~ kflaflij Xjj\f`i c\lij gifa\kj [\ [ m\cfgg\d\ek jli le\ mfcfek Zfcc\Zk`m\ [\ mXcfi`j\i c\j i\jjfliZ\j _ldX`e\j% :\kk\ mfcfek i\af`ek le\ [\j fi`\ekXk`fej [l ZfekiXk [\ gifa\kj )''.&)'(* m`jXek ~ jkilZkli\i cË\jgXZ\ i ^`feXc \e k\ii`kf`i\j [\ gifa\kj% Gfli Z\ ]X`i\# `c \jk \em`jX^ [\ jËXgglp\i jli c\ [ m\cfgg\d\ek [l dX`ccX^\ k\ii`kfi`Xc [\j DX`jfej [\ cX I ^`fe \k jli c\ kiXmX`c [\ k\iiX`e [\j Zffi[`eXk\lij \dgcf`$]fidXk`fe i ^`feXlo X`ej` hl\ [\j Zfii\jgfe[Xekj [\ [ m\cfgg\d\ek cfZXc% CX I ^`fe \k cËykXk ]Xmfi`j\ek \e flki\# efkXdd\ek gXi cË`ek\id [`X`i\ [\ cËFi\]# cX d`j\ \e gcXZ\ [Ëflk`cj cfZXlo [ËXeXcpj\ \k [\ gifjg\Zk`m\ jli c\j k\ii`kf`i\j gXpj \k ZfddleXlk j [ËX^^cfd iXk`fe # XÔe [\ gcXZ\i Z\lo$Z` \e j`klXk`fe [\ d`\lo gXik`Z`g\i ~ cX m\`cc\ g\idXe\ek\ jli c\j Y\jf`ej [\ ]fidXk`fe \k [feZ jli c\j mfclk`fej ~ Xggfik\i ~ cËXggXi\`c [\ ]fidXk`fe \e cl`$d d\% 8GGLP<I C<J ;yD8I:?<J :FDGFIK8EK LE MFC<K =FID8K@FE GIF=<JJ@FEE<CC<% ;Xej c\ ZX[i\ [\ jX gfc`k`hl\ ZfekiXZkl\cc\# cX I ^`fe m\`cc\ ~ cX [ Zc`eX`jfe k\ii`kfi`Xc\ [\j fi`\ekXk`fej jkiXk ^`hl\j [l GI;=G# \e XggfikXek jfe jflk`\e Xlo `e`k`Xk`m\j cfZXc\j hl` c\j Zfe]fik\ifek mf`i\ Xggfik\ifek [\j i gfej\j `eefmXek\j fl \og i`d\ekXc\j Xlo gifYc dXk`hl\j [\ cX ]fidXk`fe gif]\jj`fee\cc\% :\ kiXmX`c [f`k [fee\i cËfZZXj`fe [ËX[Xgk\i c\j gif^iXdd\j [Ë`ek\im\ek`fe [\ cX I ^`fe gXi [\j Xgg\cj [Ëf]]i\ Z`Yc j% ;Ëfi\j \k [ a~ [Xej c\ gifcfe^\d\ek [l JZ_ dX i ^`feXc [\ [ m\cfgg\d\ek kfli`jk`hl\# c\j XZk`fej \e ]Xm\li [l kfli`jd\ j\ifek XZZfdgX^e \j%

/+

CËXZZ\jj`Y`c`k [\j ]fidXk`fej [Xej c\j [`]] i\ekj k\ii`kf`i\j [\ cX i ^`fe j\iX ]XZ`c`k \ gXi le\ ]fik\ `eZ`kXk`fe i ^`feXc\ \e ]Xm\li [\ cX ]fidXk`fe flm\ik\ ~ [`jkXeZ\% CX gi`j\ \e Zfdgk\ [\j k\ii`kf`i\j `dgfj\ gXi]f`j le\ i gfej\ `e[`m`[lXc`j \ [\ cËXggXi\`c [\ ]fidXk`fe cfijhl\ c\j Y\jf`ej [\ ]fidXk`fe jfek c` j Xlo [`]ÔZlck j Zfefd`hl\j i\eZfeki \j gXi c\j \eki\gi`j\j [Xej c\ ZX[i\ [\ c\li i\jkilZkliXk`fe%

Hl\chl\j c d\ekj [\ gifjg\Zk`m\ `jjlj [\j i\eZfeki\j k\ii`kfi`Xc\j C\j [`X^efjk`Zj [\j (, YXjj`ej [Ë\dgcf` [\ cX i ^`fe fek g\id`j [Ë`[\ek`Ô\i c\j jpjk d\j jfZ`f$ Zfefd`hl\j [fd`eXekj ~ gXik`i [\jhl\cj cËFYj\imXkf`i\ i ^`feXc [\ cË\dgcf` \k [\ cX ]fidXk`fe gifgfj\ le\ ZcXjj`ÔZXk`fe% :\kk\ XeXcpj\ ZfdgXi \ [\j k\ii`kf`i\j jflc`^e\ cË`ek\iXZk`fe \eki\ cËXZk`m`k Zfefd`hl\# c\ dXiZ_ [l kiXmX`c \k cX [\dXe[\ jfZ`Xc\ [Ë [lZXk`fe \k [\ ]fidXk`fe% :\kk\ ZcXjj`ÔZXk`fe [fee\ cX k\e[XeZ\ ]fik\ [l YXjj`e 1 Ç le\ qfe\ d kifgfc\ Ç [\j qfe\j c`kkfiXc\j ~ mfZXk`fe [\ kfli`jd\ \k [Ë Z_Xe^\j Ç [\j qfe\j iliXc\j ~ mfZXk`fe kfli`jk`hl\ \k X^i`Zfc\ Ç [\j qfe\j iliXc\j ~ mfZXk`fe X^i`Zfc\ \k `e[ljki`\cc\ Ç [\j qfe\j ~ mfZXk`fe `e[ljki`\cc\ CX qfe\ d kifgfc\ Æ YXjj`e [Ë\dgcf` [\ Dfekg\cc`\i $ j\ ZXiXZk i`j\ gXi le\ ZfeZ\ekiXk`fe [\ cË\dgcf` [Xej c\j ]feZk`fej d kifgfc`kX`e\j Z\eki\j [\ [ Z`j`fej glYc`Zj \k gi`m j# X[d`e`jkiXk`fej Z\ekiXc\j# j` ^\j jfZ`Xlo # le\ Zfefd`\ cfZXc\ f c\j Y\jf`ej \e jXmf`i$ ]X`i\ gif]\jj`fee\cj jfek `dgfikXekj gfli c\j hlXc`ÔZXk`fej [\ ZX[i\j% :Ë\jk le\ qfe\ ~ ki j ]fik\ mfclk`fe [ df^iXg_`hl\ gfli le\ gfglcXk`fe gclk k a\le\% CË mfclk`fe [\ cË\dgcf` kflj j\Zk\lij Zfe]fe[lj ZcXjj\ cX qfe\ \e k k\ [\j dfp\ee\j i ^`feXc\j% C\j [`]ÔZlck j [ËXZZ j ~ cË\dgcf` ZfeZ\ie\ek gXik`Zlc` i\d\ek c\j XZk`]j ~ gifÔcj ^ e iXc`jk\j [\ e`m\Xl @M \k gclj%

/,

*

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J K<II@KF@I<J <E D8K@ßI< ;< ;yM<CFGG<D<EK CF:8C ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

CË\ej\dYc\ [l YXjj`e \jk jflj cË`eÕl\eZ\ [\ cX ZXg`kXc\ i ^`feXc\ [fek c\ ipk_d\ [\ Zif`jjXeZ\# [\lo ]f`j jlg i`\li ~ Z\cl` [\ cX i ^`fe# jËXggl`\ jli cË`ejkXccXk`fe [\ eflm\Xlo _XY`kXekj dX`j ^Xc\d\ek jli le jfc[\ eXkli\c gfj`k`]# Z\ hl` \jk gclj iXi\ \e i ^`fe% :\g\e[Xek# c\j gifYc dXk`hl\j [\ cX ZfddleXlk [ËX^^cfd iXk`fe \k [l i\jk\ [l k\ii`kf`i\ jfek [`]] i\ek\j 1 cËX^^cfd iXk`fe [\ Dfekg\cc`\i \jk XmXek kflk le g c\ k\ik`X`i\ ^\jk`fe& X[d`e`jkiXk`fe# `e]fidXk`hl\ f c\j d k`\ij [fd`eXekj jfek c\ Zfdd\iZ\ \k c\j j\im`Z\j Xlo \eki\gi`j\j% C\ [ ZXcX^\ \eki\ cX hlXc`ÔZXk`fe [\j [\dXe[\lij [Ë\dgcf` \k c\j \o`^\eZ\j [\j \eki\gi`j\j mX Zif`jjXek 1 [\j a\le\j [\ e`m\Xl @@@ \k gclj Xlo hlXc`ÔZXk`fej g\l X[Xgk \j Xlo ^`j\d\ekj cfZXlo \k [\j g\ijfee\j g\l fl gXj hlXc`Ô \j Xm\Z [\j [`]ÔZlck j jli [\j jXmf`ij [\ YXj\ fl [\j jXmf`i$ ki\% CX :fddleXlk [ËX^^cfd iXk`fe kiXmX`cc\ XZkl\cc\d\ek gclj gXik`Zlc` i\d\ek jli + j\Zk\lij [ËXZk`m`k gfik\lij [Ë\dgcf` dX`j ZfeeX`jjXek [\ ]fik\j [`]ÔZlck j [\ i\Zilk\d\ek 1 c\ 9KG# c\j j\im`Z\j# c\ Zfdd\iZ\ \k cË_ k\cc\i`\$i\jkXliXk`fe 2 _fij X^^cfd iXk`fe# cË Zfefd`\ \jk ki j [`m\ij`Ô \ 1 X^i`Zlckli\# `e[ljki`\ ]XYi`ZXk`fe [\ Y`\ej `e[ljki`\cj# jflj$kiX`kXeZ\ # kfli`jd\ \k Z_Xe^\j% C\ kiXmX`c ~ k\dgj gXik`\c p \jk ki j `dgfikXek [\ d d\ hl\ cË\dgcf` jX`jfee`\i \k cË`ek i`d% CX [\dXe[\ [Ë\dgcf` kflZ_\ gXik`Zlc` i\d\ek c\j j\e`fij \k le\ gXik `dgfikXek\ [\ [\dXe[\lij [Ë\dgcf` [`jgfj\ [Ële _Xlk e`m\Xl [\ ]fidXk`fe% CX ]fik\ ZfeZ\ekiXk`fe [\j flk`cj [\ ]fidXk`fe `e`k`Xc\ jli cËX^^cfd iXk`fe d\k \e m`[\eZ\ c\ ZXiXZk i\ c`d`k [\ cËf]]i\% CX Zi Xk`fe gifZ_X`e\ [Ële cpZ \ ~ Cle\c Xggfik\iX le\ i gfej\ `ek i\jjXek\ gfli c\ k\ii`kf`i\% C\j g\ijg\Zk`m\j [\ [ m\cfgg\d\ek hl` fek k d`j\j \e XmXek ZfeZ\ie\ek c\j j\im`Z\j ~ cX g\ijfee\# cËÅefkfli`jd\# cX Zi Xk`fe [Ë\eki\gi`j\j% C\j qfe\j c`kkfiXc\j ~ mfZXk`fe [\ kfli`jd\ \k [Ë Z_Xe^\j $ YXjj`ej [Ë\dgcf` [\ 9 q`\ij# J k\# EXiYfee\ \k G\ig`^eXe $ jfek fi`\ek \j m\ij [\j XZk`m`k j kfli`jk`hl\j _ k\cc\i`\# i\jkXliXk`fe# `ddfY`c`\i# XZk`m`k j i Zi Xk`m\j# Zlckli\cc\j \k jgfik`m\j \k [Ë Z_Xe^\j kiXejgfik cf^`jk`hl\ \k Zfdd\iZ\ [\ ^ifj % Á cË\oZ\gk`fe [l YXjj`e [\ J k\# Z\ jfek [\j qfe\j [\ ]X`Yc\j mfclk`fej [ df^iXg_`hl\j# ~ gfglcXk`fe gclk k ^ \% CË mfclk`fe [\ cË\dgcf` p \jk Zfe]fid\ ~ cX dfp\ee\ i ^`feXc\% C\j XZk`]j [ gflimlj [\ YX^X^\j jZfcX`i\j fek [`]ÔZ`c\d\ek XZZ j ~ cË\dgcf`%

/-

;Xej c\ YXjj`e [Ë\dgcf` [\ 9 q`\ij# c\j XZk`m`k j jfek ki j [`m\ij`Ô \j 1 XZk`m`k kfli`jk`hl\ YXce X`i\# X^i`Zlckli\ \k efkXdd\ek m`k`Zlckli\# X^ifXc`d\ekX`i\ \k Zfdd\iZ\ [\ ^ifj# Ôc` i\ d ZXe`hl\# d kXccli^`\# ZfejkilZk`fe \k j\im`Z\j ~ cX g\ijfee\% CX gi ZXi`k jfZ`Xc\ \jk ki j ]fik\# c\j gifYc d\j [Ë`cc\kki`jd\ jfek `dgfikXekj \k c\ kXlo [\ Z_ dX^\ \jk c\ gclj c\m [\ cX i ^`fe% C\ [ ZXcX^\ \eki\ cX [\dXe[\ [Ë\dgcf` [\ e`m\Xl M \k `e]iX# \k cËf]]i\ [Ë\dgcf` jli [\j e`m\Xlo @M \k gclj \jk `dgfikXek% @c p X le ]fik \ea\l gfli XZZfdgX^e\i c\j glYc`Zj efe hlXc`Ô j m\ij c\j ^`j\d\ekj [Ë\dgcf`# g i\ee`j\i \k [ m\cfgg\i c\j \eki\gi`j\j `e[ljki`\cc\j# [ m\cfgg\i cX gcli` Zfdg k\eZ\ [Xej le k\ii`kf`i\ f cX jX`jfeeXc`k Zfe[`k`fee\ le\ gXik`\ [\j \dgcf`j% C\ YXjj`e [Ë\dgcf` [\ J k\ \jk XmXek kflk le g c\ [\ i j`[\eZ\ Xm\Z ,) [\j XZk`]j hl` kiXmX`cc\ek ~ cË\ok i`\li% Jfe Zfefd`\ \jk dXihl \ gXi le\ jg Z`ÔZ`k c` \ Xl gfik# ~ cX g Z_\ \k ~ cX ZfeZ_pc`Zlckli\% C\ kXlo [\ Z_ dX^\ \jk ^Xc\d\ek ki j c\m gfli c\j gi\d`\ij e`m\Xlo [\ hlXc`ÔZXk`fe% CX gi ZXi`k jfZ`Xc\ \k c\ kiXmX`c ~ k\dgj gXik`\c jfek `dgfikXekj% C\j ^`j\d\ekj [Ë\dgcf` gfk\ek`\cj i\c m\ek [l kfli`jd\# [\ cË\em`ifee\d\ek# [\j XZk`m`k j gfiklX`i\j 1 gcX`jXeZ\ \k dXi`e\ dXiZ_Xe[\% C\ gfik [\ J k\ [f`k [\m\e`i le\ jfliZ\ `dgfikXek\ [\ kiXej]\ikj [Xej c\ [fdX`e\ Zfcf^`hl\ \k Zfefd`hl\ gcXk\$]fid\ dlck`df[Xc\# Xd eX^\d\ek [\j qfe\j `e[ljki`\cc\j¿ % GXi X`cc\lij# le ^ifj \]]fik [\ d`j\ \e gcXZ\ [\ qfe\j [ËXZk`m`k j Zfefd`hl\j \jk \e Zflij jli c\j j\Zk\lij [\ DfekYXq`e# GfljjXe# M`cc\m\piXZ \k D q\% ;Xej c\j gXpj [\ cX EXiYfeeX`j\ \k :fiY` i\j D`e\imf`j# c\j gifa\kj [\ [ m\cfgg\d\ek m`j\ek cËXZZfdgX^e\d\ek [l [ m\cfgg\d\ek [\j j\im`Z\j ~ cX g\ijfee\# c\ kfli`jd\ [Xej c\ ZX[i\ [\ cX d`j\ \e gcXZ\ [l jZ_ dX cfZXc [Ëfi^Xe`jXk`fe [l kfli`jd\ m\ij le i\eflm\cc\d\ek [\ cËf]]i\ YXce X`i\ \k c\ [ m\cfgg\d\ek [l kfli`jd\ iliXc% CËX^i`Zlckli\ Y`fcf^`hl\ \jk \e d\i^\eZ\% C\ gXpj :fiY` i\j D`e\imf`j jËfi`\ek\ ^Xc\d\ek m\ij cË Zf$ZfejkilZk`fe \k c\j XZk`m`k j c` \j Xlo e\i^`\j i\eflm\cXYc\j \k ~ cX mXcfi`jXk`fe [\j d k`\ij kiX[`k`fee\cj% CË\ej\`^e\d\ek j\Zfe[X`i\ \jk ki j fi`\ek \e mf`\ gif]\jj`fee\cc\ dX`j cËf]]i\ [\ ]fidXk`fe Zfek`el\ \jk c`d`k \%

/.

*

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J K<II@KF@I<J <E D8K@ßI< ;< ;yM<CFGG<D<EK CF:8C ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

;Xej c\ YXjj`e [Ë\dgcf` [\ G\ig`^eXe# cX gXik [\ GD<&GD@ \jk gclj `dgfikXek\ hlË~ cË Z_\cfe i ^`feXc Xm\Z kflk\]f`j le jpjk d\ [Ë\dgcf` dXihl gXi cX jX`jfeeXc`k % C\j [\dXe[\lij [Ë\dgcf` jfek gclj hlXc`Ô j hl\ cX dfp\ee\ i ^`feXc\% C\ e`m\Xl [\ gi ZXi`k \jk \eZfi\ gXik`Zlc` i\d\ek c\m % C\j Xo\j [\ [ m\cfgg\d\ek ZfeZ\ie\ek c\ kfli`jd\ Xm\Z efkXdd\ek c\ [ m\cfgg\d\ek [\ cX Ôc` i\ eXlk`hl\# cX cf^`jk`hl\ c` \ \e ^iXe[\ gXik`\ Xl Zfdd\iZ\ [\j ]il`kj \k c ^ld\j# cX ZfejkilZk`fe% Á dfp\e k\id\# c\ i\e]fiZ\d\ek [\ cË Zfefd`\ kiXej]ifekXc` i\ [f`k Zfeki`Yl\i Xl [ m\cfgg\d\ek [\ cË\ej\dYc\ [\ cË Zfefd`\ cfZXc\% C\j qfe\j iliXc\j ~ mfZXk`fe kfli`jk`hl\ \k X^i`Zfc\ $ YXjj`ej [Ë\dgcf` [\ GiX[\j# : i\k \k Cfq i\ $ jfek dXihl \j gXi le\ Zfefd`\ i j`[\ek`\cc\ XZk`m`k j c` \j ~ cX jXk`j]XZk`fe [\j Y\jf`ej [\j i j`[\ekj # le kfli`jd\ [Ë_`m\i \k [Ë k # \k cËX^i`Zlckli\% CË mfclk`fe [\ cË\dgcf` \jk ]X`Yc\% :\ jfek c\j k`klcX`i\j [\ e`m\Xl @M \k c\j j\e`fij hl` i\eZfeki\ek c\ gclj [\ [`]ÔZlck j [Xej cËXZZ j ~ cË\dgcf`% GXpj Gpi e \j D [`k\iiXe \ C\j XZk`m`k j [fd`eXek\j [l k\ii`kf`i\ 1 X^i`Zlckli\# _ k\cc\i`\$i\jkXliXk`fe# k_\idXc`jd\# kfli`jd\# Xe`dXk`fe Zlckli\cc\ \k jgfik`m\ `e[l`j\ek le jpjk d\ [Ë\dgcf` ki j jX`jfee`\i% CX gif]\jj`feeXc`jXk`fe [\j jX`jfee`\ij \k cË`eZ`kXk`fe ~ cËXZhl`j`k`fe [\ gclj`\lij Zfdg k\eZ\j Zfejk`kl\ek [feZ [\j Xo\j [\ kiXmX`c ]fikj gfli c\j XZk\lij [l gXpj% GXi X`cc\lij# c\ jZ_ dX [ËXd eX^\d\ek kfli`jk`hl\ gfik gXi c\ gXpj [f`k g\id\kki\ [\ [fee\i le eflm\c cXe ~ cËX^i`kfli`jd\% Le gcXe X^if$ e\i^`\ \jk ^Xc\d\ek `e`k` XÔe [\ mXcfi`j\i c\j i`Z_\jj\j eXkli\cc\j [l k\ii`kf`i\ \e Yf`j \k jfe kXlo [Ë\ejfc\`cc\d\ek% GXpj K\ii\j ifdXe\j C\j ZfdgfjXek\j [\ cË Zfefd`\ mXi`\ek j\cfe c\j kif`j d`Zif$k\ii`kf`i\j hl` c\ Zfdgfj\ek 1 c\ I`Y iXc ifljj`ccfeeX`j# c\ :XgZ`i \k cX MXcc \ [\ :Xifc% >cfYXc\d\ek c\ k\ii`kf`i\ XjjfZ`\ gi`eZ`gXc\d\ek Zfefd`\ [\ dfekX^e\# X^i`Zfc\# i j`[\ek`\cc\ \k kfli`jk`hl\% Jfe jpjk d\ [Ë\dgcf` \jk ki j jX`jfee`\i% CX gifgfik`fe [\ efe hlXc`Ô j [Xej cX [\dXe[\ [Ë\dgcf` \jk ]fik\% C\ gfk\ek`\c [\ [ m\cfgg\d\ek Zfefd`hl\ \jk i \c dX`j i\jk\ \eZfi\ jflj$ \ogcf`k [Xej c\ [fdX`e\ [\j j\im`Z\j ~ cX g\ijfee\# [l 9KG jËXgglpXek jli c\j i\jjfliZ\j eXkli\cc\j cfZXc\j g`\ii\# jfliZ\j [Ë\Xl Z_Xl[\# Yf`j# Zc`dXk Xm\Z c\ [ m\cfgg\d\ek [Ële g c\ [Ë\oZ\cc\eZ\ iliXc\# [\ cË Zfefd`\ ]fi\jk` i\# [\ cËX^i`Zlckli\ \e mf`\ [\ [`m\ij`ÔZXk`fe# [l kfli`jd\ Xm\Z c\j jkXk`fej [\ jb` \k c\ k_\idXc`jd\# [\j e\i^`\j i\eflm\cXYc\j \k \eÔe [\j XZk`m`k j kiXej]ifekXc` i\j%

//

9Xjj`e [Ë\dgcf` [\ Cfq i\ Jfe jpjk d\ [Ë\dgcf` ]feZk`fee\ [\ ]X fe i\cXk`m\d\ek `jfc \ gXi iXggfik Xlo k\ii`kf`i\j mf`j`ej% @Z`# cX dXafi`k [\j \dgcf`j jfek fZZlg j gXi [\j g\ijfee\j i j`[Xek [Xej cX qfe\% C\ Z_ dX^\# [fek c\ kXlo \jk c\ gclj ]X`Yc\ [\ cX i ^`fe# kflZ_\ \jj\ek`\cc\d\ek c\j j\e`fij \k c\j ]\dd\j# dX`j ^Xc\d\ek [\j a\le\j [\ e`m\Xl @M \e efdYi\ gclj `dgfikXek \e iX`jfe [Ële dXiZ_ [l kiXmX`c i\jki\`ek% CË Zfefd`\ \jk jkilZkli \ Xlkfli [\ cX Ôc` i\ X^i`Zfc\ gif[lZk`fe \k kiXej]fidXk`fe \k [\ cËXik`jXeXk% C\j gfk\ek`Xc`k j [\ [ m\cfgg\d\ek 1 c\j j\im`Z\j ~ cX g\ijfee\# c\ kfli`jd\ Z]% XZk`m`k j hl\jki\j# g Z_\# cf`j`ij [\ gc\`e\ eXkli\ # cËXik`jXeXk# cX gcli`XZk`m`k % C\j qfe\j iliXc\j ~ mfZXk`fe X^i`Zfc\ \k `e[ljki`\cc\ Æ YXjj`ej [Ë\dgcf` [\ C`dflo# >Xe^\j $ C\ M`^Xe# Cf[ m\ \k :XiZXjjfee\ $ [ m\cfgg\ek ~ Z k [Ële\ Zfefd`\ i j`[\ek`\cc\ \k X^i`Zfc\# [\j XZk`m`k j `e[ljki`\cc\j efkXdd\ek [Xej cËX^ifXc`d\ekX`i\ \k [ËXlki\j `e[ljki`\j k\cc\j hl\ c\ k\ok`c\ \k cË_XY`cc\d\ek jli >Xe^\j $ C\ M`^Xe \e [`]ÔZlck # cË`e[ljki`\ Z_`d`hl\ ~ C`dflo# c\j `e[ljki`\j g_XidXZ\lk`hl\j ~ Cf[ m\ \k [\j XZk`m`k j gclj [`m\ij`Ô \j ~ :XiZXjjfee\ `dgi`d\i`\# hl`g\d\ek d ZXe`hl\# gif[l`kj d`e iXlo % C\j [`]ÔZlck j [ËXZZ j ~ cË\dgcf` ZfeZ\ie\ek c\j a\le\j \k c\j XZk`]j [\ e`m\Xl @M g\l gif]\jj`feeXc`j j% CË mfclk`fe [\ cË\dgcf` \jk ki j ]X`Yc\ jli cË\ej\dYc\ [\j j\Zk\lij [ËXZk`m`k % C\ GXpj ?Xlk\ mXcc \ [\ cË8l[\ Zfejk`kl\ c\ efpXl Zfefd`hl\ [l jl[ [l [ gXik\d\ek [\ cË8l[\% @c ZfeeX k Z\g\e[Xek le\ gi ZXi`k jfZ`Xc\ gclj ]fik\ hl\ cX dfp\ee\ i ^`feXc\% CX ]fidXk`fe Xl j\`e [\j \eki\gi`j\j \jk `ejZi`k\ [Xej cX Z_Xik\ [\ k\ii`kf`i\ [l GXpj hl` \em`jX^\ cËfi^Xe`jXk`fe [Ële Z\eki\ [\ i\jjfliZ\j ]fidXk`fe gfli `e]fid\i \k Zfej\`cc\i c\j Z_\]j [Ë\eki\gi`j\ [Xej c\lij [ dXiZ_\j [\ ]fidXk`fe% 8o\j [\ [ m\cfgg\d\ek 1 `e[ljki`\ X^ifXc`d\ekX`i\ \k Yf`j# Zfdd\iZ\# X^i`Zlckli\ \k kfli`jd\% C\ GXpj CXliX^X`j [`jgfj\ [\ g c\j `e[ljki`\cj \k Zfdd\iZ`Xlo [peXd`hl\j \k c\ j\Zk\li [\ cX ZfejkilZk`fe p \jk ki j [ m\cfgg % C\ ipk_d\ [ËXZZif`jj\d\ek [l gXiZ [Ë kXYc`jj\d\ekj ki j c\m \jk jlg i`\li ~ cX dfp\ee\ i ^`feXc\ Xm\Z le ^iXe[ efdYi\ [Ë\eki\gi`j\j [Xej c\ j\Zk\li X^ifXc`d\ekX`i\% 8o\j [\ [ m\cfgg\d\ek 1 X^ifXc`d\ekX`i\# le\ mfcfek [ËXd c`fi\i c\ gfk\ek`\c [ËXZZl\`c [\j \eki\gi`j\j \k c\ [ m\cfgg\d\ek [\j k\Z_e`hl\j [\ cË`e]fidXk`fe \k [\ cX Zfddle`ZXk`fe% Le\ i Õ\o`fe `ek\ii ^`feXc\ [f`k ki\ d\e \ jli c\j [\lo GXpj%

/0

*

C<J IyGFEJ<J 8LO 9<JF@EJ FI@<EK8K@FEJ JKI8Ky>@HL<J ;<J K<II@KF@I<J <E D8K@ßI< ;< ;yM<CFGG<D<EK CF:8C ;L GI;=G FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G

C\ YXjj`e [Ë\dgcf` [\ >Xe^\j $ C\ M`^Xe \jk c\ * d\ YXjj`e c\ gclj `e[ljki`Xc`j [\ cX i ^`fe# fi`\ek m\ij c\ k\ok`c\ \k cË_XY`cc\d\ek% CX gXik [\j g\ijfee\j efe hlXc`Ô \j [Xej cX gfglcXk`fe \jk gclj `dgfikXek\ hlË\e i ^`fe% CËXggXi\`c [\ ]fidXk`fe \jk g\l gif]\jj`feeXc`jXek% CË\ea\l Zfefd`hl\ \jk kflk [ËXYfi[ [\ dX`ek\e`i c\j XZk`m`k j `e[ljki`\cc\j \k&fl [\ kiXmX`cc\i ~ cX i\Zfem\ij`fe [\j flmi`\ij kflZ_ j gXi c\j c`Z\eZ`\d\ekj% ;Xej c\ GXpj :Åli [Ë? iXlck# cX dXafi`k [\j XZk`]j \o\iZ\ c\li gif]\jj`fe \e [\_fij [l k\ii`kf`i\# k\ii`kf`i\ Z\g\e[Xek \e dlkXk`fe [fek c\ [ m\cfgg\d\ek Zfefd`hl\ \jk gfik gXi cË Zfefd`\ i j`[\ek`\cc\# c\j XZk`m`k j [l 9KG \k cX m`k`Zlckli\% C\ kiXmX`c ~ k\dgj gXik`\c \jk ki j [ m\cfgg \k c\j jfik`\j [l jpjk d\ jZfcX`i\ jXej hlXc`ÔZXk`fe jfek efdYi\lj\j% C\j Xo\j [\ [ m\cfgg\d\ek d\kk\ek \e XmXek cX Zfejfc`[Xk`fe [\j \dgcf`j gi ZX`i\j# c\ Y k`d\ek Xm\Z cË Zf$ZfejkilZk`fe \k c\ i\kfli Xlo giXk`hl\j kiX[`k`fee\cc\j [\ ZfejkilZk`fe# cËÅefkfli`jd\ \k gclj cXi^\d\ek cË`ek\iXZk`fe kfli`jd\ \k X^i`Zlckli\% C\ GXpj ZXiZXjjfeeX`j ZfeeX k le\ ]X`Yc\ Zif`jjXeZ\ [ df^iXg_`hl\% J\j Xo\j [\ [ m\cfgg\d\ek ZfeZ\ie\ek c\ dX`ek`\e [Ële\ XZk`m`k X^i`Zfc\ [\ hlXc`k \k ^XiXek\ [\j gXpjX^\j# c\ [ m\cfgg\d\ek [l gfk\ek`\c kfli`jk`hl\ hlXc`k [\ cËf]]i\# [`m\ij`ÔZXk`fe [\j XZk`m`k j [Xej c\ ZX[i\ [l jZ_ dX cfZXc [Ëfi^Xe`jXk`fe [l kfli`jd\# cËXZZfdgX^e\d\ek [\ cX Zi Xk`fe [Ë\eki\gi`j\j% C\j qfe\j ~ mfZXk`fe `e[ljki`\cc\ Æ YXjj`ej [Ë\dgcf` [\ E d\j# 8c j \k 9X^efcj$jli$: q\ $ ZfeZ\eki\ek cË\dgcf` `e[ljki`\c i ^`feXc% CË mfclk`fe [\ cË\dgcf` \jk ki j ]X`Yc\ ~ cË\oZ\gk`fe [l YXjj`e [Ë\dgcf` [\ E d\j f \cc\ \jk jlg i`\li\ ~ cX dfp\ee\ i ^`feXc\% C\j [`]ÔZlck j [ËXZZ j ~ cË\dgcf` ZfeZ\ie\ek c\j a\le\j# gXik`Zlc` i\d\ek jli 9X^efcj$jli$: q\ [fek cË Zfefd`\ i ZcXd\ [\j hlXc`ÔZXk`fej gclj c\m \j \k f c\j a\le\j [\ e`m\Xl M jË`ej i\ek gclj [`]ÔZ`c\d\ek% C\ GXpj >Xii`^l\j \k :fjk` i\j [\ E d\j \jk ~ cX ]f`j le g c\ [Ë\dgcf` \k le g c\ [\ i j`[\eZ\% @c j\ ZXiXZk i`j\ gXi [\j XZk`m`k j Zfdd\iZ`Xc\j \k [\ j\im`Z\j Xlo \eki\gi`j\j ki j [ m\cfgg \j% C\ j\Zk\li `e[ljki`\c# \e [`d`elk`fe# i\Zflmi\ gi`eZ`gXc\d\ek [\j XZk`m`k j [\ dX`ek\eXeZ\ \k [\ d ZXe`hl\% C\j j\Zk\lij gfik\lij `[\ek`Ô j i\Zflmi\ek c\j j\im`Z\j ~ cX g\ijfee\# cX m`k`Zlckli\ dXc^i cX Zi`j\ XZkl\cc\# \k c\ kfli`jd\ \e iX`jfe [Ële gXki`df`e\ Zlckli\c \oZ\gk`fee\c \k [Ële\ cfZXc`jXk`fe gi`m`c ^` \ ~ gifo`d`k [l c`kkfiXc \k [l Gfek [l >Xi[ efkXdd\ek% C\ GXpj Lq ^\ Gfek [l >Xi[ Zfejk`kl\ le g c\ i j`[\ek`\c ~ mfZXk`fe X^i`Zfc\ \k `e[ljki`\cc\% CX gi ZXi`k jfZ`Xc\ p \jk i\cXk`m\d\ek ]X`Yc\ \k le\ gifgfik`fe `dgfikXek\ [\ [\dXe[\lij [Ë\dgcf` \jk [\ e`m\Xlo @M# @@@ mf`i\ gclj% C\j XZk\lij [l GXpj jfek \e^X^ j [Xej le\ [ dXiZ_\ m`jXek

0'

~ dX`ek\e`i cË hl`c`Yi\ d\eXZ [l k\ii`kf`i\ 1 ZfeZ`c`\i cX gi j\imXk`fe [l gXki`df`e\ \k cX ]fik\ gi\jj`fe ]feZ` i\ \k [ df^iXg_`hl\# XZZfdgX^e\i cËX^i`Zlckli\ \e gif]fe[\ dlkXk`fe \k [ m\cfgg\i cX jX`jfe kfli`jk`hl\% C\j g\ijg\Zk`m\j [Ë mfclk`fe i\gfj\ek jli cX [`m\ij`ÔZXk`fe [\j XZk`m`k j \e X^i`Zlckli\# c\ [ m\cfgg\d\ek [\j j\im`Z\j ~ cX g\ijfee\ \k [l j\Zk\li XjjfZ`Xk`]# cX mXcfi`jXk`fe [l gXki`df`e\ \k [l [ m\cfgg\d\ek [\j XZk`m`k j [\ gc\`e\ eXkli\% ;\lo Ôc` i\j gXik`Zlc` i\j d\i^\ek [Xej c\ [fdX`e\ [\j Xikj Z iXd`hl\j \k [\ cË\ogcf`kXk`fe [\j ZXii` i\j [l Gfek [l >Xi[% G\l [Ëfi^Xe`jd\j [\ ]fidXk`fe jfek gi j\ekj fl j\ [ gcXZ\ek jli c\ k\ii`kf`i\% C\ GXpj M`[flic\ :XdXi^l\ mf`k jX gfglcXk`fe Xl^d\ek\i ~ le ipk_d\ jg\ZkXZlcX`i\# [\ ,' jlg i`\li ~ cX Zif`jjXeZ\ i ^`feXc\ Z\g\e[Xek c\j Z_f`o \e dXk` i\ [\ ]fidXk`fe `e`k`Xc\ fl Zfek`el\ jfek ki j i\jki\`ekj% @c j\ ZXiXZk i`j\ gXi le\ ]fik\ gifgfik`fe [\ jXcXi` j [Xej c\j `e[ljki`\j \k gi`eZ`gXc\d\ek cËX^ifXc`d\ekX`i\% C\ kfli`jd\ Zfejk`kl\ le\ Xlki\ XZk`m`k [fd`eXek\ jli cX g\k`k\ :XdXi^l\ \k cX mXcc \ [l M`[flic\% C\j ^`j\d\ekj [Ë\dgcf` jfek gi`eZ`gXc\d\ek c` j ~ cX ]X X[\ dXi`k`d\ [Xej c\j d k`\ij [\ cË\em`ifee\d\ek# [\ cX Ôc` i\ eXlk`hl\# [\j XZk`m`k j gfiklX`i\j% C\ [ m\cfgg\d\ek [\j jgfikj [\ gc\`e\ eXkli\ ~ cË Z_\cc\ [l [ gXik\d\ek X Xljj` le `dgXZk jli c\ k\ii`kf`i\% C\ GXpj [\j : m\ee\j \jk jg Z`Xc`j [Xej cX j i`Zlckli\ \k cX ÔcXkli\% CË\ea\l [l k\ii`kf`i\ \jk kflk [ËXYfi[ [\ dX`ek\e`i c\j XZk`m`k j `e[ljki`\cc\j \k&fl [\ kiXmX`cc\i ~ cX i\Zfem\ij`fe [\j flmi`\ij kflZ_ j gXi c\j c`Z\eZ`\d\ekj% @c gi e\ ^Xc\d\ek c\ jflk`\e Xlo gifa\kj cfZXlo ~ Z\ k`ki\# `c kiXmX`cc\ ~ cX Zi Xk`fe [Ële `eZlYXk\li fl [Ële\ g g`e` i\ ~ =cfiXZ \k cX gifdfk`fe [l gXki`df`e\ \k [\j i\jjfliZ\j [l k\ii`kf`i\% ;\j XZk`m`k j d\i^\ek [Xej c\ j\Zk\li [\j e\i^`\j i\eflm\cXYc\j# \e gXik`Zlc`\i cX Ôc` i\ Yf`j e\i^`\% C\ YXjj`e [Ë\dgcf` [\ 9X^efcj$jli$: q\# YXjj`e Xkpg`hl\ gXi iXggfik Xl i\jk\ [\ cX i ^`fe# j\ ZXiXZk i`j\ gXi cX gi j\eZ\# Xlo Z k j [Ë\eki\gi`j\j [\ g\k`k\ kX`cc\# [\ dfp\ee\j \k ^iXe[\j \eki\gi`j\j ~ mfZXk`fe `e[ljki`\cc\ hl` i\hl` i\ek [\j hlXc`ÔZXk`fej jlg i`\li\j \k `ek\id [`X`i\j% CË`e[ljki`\ elZc X`i\ \jk \e \]]\k Xl ZÅli [l [ m\cfgg\d\ek Zfefd`hl\ [\ Z\ k\ii`kf`i\% ;\j j\Zk\lij [ËXZk`m`k j gclj kiX[`k`fee\cj gifgi\k # 9KG# dX`ek\eXeZ\# `e[ljki`\ [\j gifZ [ j# j\im`Z\j ~ cX g\ijfee\ gi j\ek\ek ^Xc\d\ek [\j ^`j\d\ekj [Ë\dgcf`%

0(

+

CË@DGC@:8K@FE 8KK<E;L< ;< FI@<EK8K@FEJ JKI8Ky>@HL<J CË<EJ<D9C< ;<J 8:K<LIJ ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G GL9C@:J ;< C8 =FID8K@FE FI@<EK8K@FEJ JKI8Ky>@HL<J <K ;<J G8IK<E8@I<J ;L GI;=G $ FI@<EK8K@FEJ JKI8Ky>@HL<J ;L GI;=G JF:@F$y:FEFD@HL<J FI@<EK8K@FEJ JKI8K<>@HL<J C\ GcXe i ^`feXc [\ [ m\cfgg\d\ek [\j ]fidXk`fej gif]\jj`fee\cc\j \jk le flk`c jkiXk ^`hl\ ]fid\cc\d\ek gfik gXi c\ :fej\`c i ^`feXc dX`j [fek cË\]]\Zk`m`k \k cË\]ÔZXZ`k gXjj\ek gXi le\ d`j\ \e jpe\i^`\ [\ kflj c\j XZk\lij `dgc`hl j [Xej cX [ Ôe`k`fe \k cX d`j\ \e Ålmi\ [\ Z\kk\ gfc`k`hl\ jli c\ k\ii`kf`i\ i ^`feXc 1 :fej\`c i ^`feXc# ykXk# :fej\`cj ^ e iXlo# `ek\iZfddleXc`k j# GXpj# cpZ \j# Z\eki\j [\ ]fidXk`fe [ËXggi\ek`j# jkilZkli\j 8@F# fi^Xe`jd\j [\ ]fidXk`fe# i\gi j\ekXekj [\j YiXeZ_\j gif]\jj`fee\cc\j# gXik\eX`i\j jfZ`Xlo¿ CËXdY`k`fe [l GI;=G [l CXe^l\[fZ$Ifljj`ccfe \k jX mXc\li Xaflk \ gXi iXggfik Xlo gif^iXddXk`fej Xek i`\li\j e\ gi\e[ifek ]fid\ hl\ j` Z_XZle jË\e^X^\ ~ d\kki\ \e Ålmi\# gfli Z\ hl` c\ ZfeZ\ie\# c\j fi`\ekXk`fej jkiXk ^`hl\j i\k\el\j \k gclj ^ e iXc\d\ek ~ jË`ejZi`i\ [Xej le\ [ dXiZ_\ [\ kiXmX`c Zfcc\Zk`m\ Xlkfli [Ële i ] i\ek`\c Zfddle% CX g_Xj\ [\ ZfeZ\ikXk`fe gi XcXYc\ ~ cX i [XZk`fe [l GI;=G X \e \]]\k d`j \e m`[\eZ\ le Zfej\ejlj jli cX e Z\jj`k [\ [fee\i ~ Z\ [fZld\ek [\ gif^iXddXk`fe le [\^i [ËXdY`k`fe c\m % ;Xej Z\kk\ g\ijg\Zk`m\# c\ GI;=G X gfli fYa\Zk`] [\ kiXmX`cc\i Xl$[\c~ [\j gi if^Xk`m\j [l j\lc :fej\`c i ^`feXc# \k d d\ [\j XZk\lij glYc`Zj \e ^ e iXc# Xm\Z gfli XdY`k`fe [\ j\ g\eZ_\i jli [\j gifYc d\j k\cj hl\ cËfi^Xe`jXk`fe [\j Ôc` i\j Zfefd`hl\j \k [\j d k`\ij# c\j Zfe[`k`fej [\ kiXmX`c# c\j i\gi j\ekXk`fej jfZ`fZlckli\cc\j XkkXZ_ \j ~ cX ]fidXk`fe \k Xl dfe[\ gif]\jj`fee\c# c\ ]feZk`fee\d\ek XZkl\c [\j fi^Xe`jd\j [\ ]fidXk`fe \k cX hlXc`k [\j gi\jkXk`fej hlË`cj f]]i\ek# c\j gifYc d\j [\ dfY`c`k fl [\ cf^\d\ek [\j Y e ÔZ`X`i\j [\ cX ]fidXk`fe¿ @c jËX^`k [feZ gfli cX I ^`fe# ~ cX ]f`j Z_\] [\ Ôc\ [\ kflj c\j gXik\eX`i\j [\ cX ]fidXk`fe gif]\jj`fee\cc\ \k ^XiXek [\ cX i ljj`k\ [Ële gifa\k Zfddle# [\ d\kki\ \e gcXZ\ le jpjk d\ [\ ^flm\ieXeZ\ fi`^`eXc [l GI;=G hl` `dgc`hl\ \k i\jgfejXY`c`j\ gc\`e\d\ek Z_XZle [\j XZk\lij ZfeZ\ie j%

:feZ\ieXek c\j XZk\lij glYc`Zj [\ cX ]fidXk`fe# `c \jk e Z\jjX`i\ [\ jkilZkli\i le i j\Xl Zfdgi\eXek c\j `ejk`klk`fej \e Z_Xi^\ [\ cX d`j\ \e Ålmi\ [\j gfc`k`hl\j [\ [if`k Zfddle hl` jfek `ek\ig\c \j gXi c\j \ea\lo \k c\j fi`\ekXk`fej [l GI;=G 1 gfc`k`hl\j [\ [ m\cfgg\d\ek Zfefd`hl\# [Ë\dgcf`# [Ë [lZXk`fe \k [Ë\ej\`^e\d\ek jlg i`\li# [\j kiXejgfikj# [l cf^\d\ek¿ :\ i j\Xl [f`k Zfdgi\e[i\ 1 c\j j\im`Z\j [l :fej\`c i ^`feXc hl` g`cfk\ek Z\j gfc`k`hl\j# \e gXik`Zlc`\i cX ;>8 ^Xc`k [\j Z_XeZ\j# cX ;>8 Zfefd`\ \k \dgcf`# cX [`i\Zk`fe [\j kiXejgfikj \k [\j Zfddle`ZXk`fej# cX [`i\Zk`fe [\ cËXZk`fe k\ii`kfi`Xc\¿ 2 c\j j\im`Z\j [\ cËykXk i\jgfejXYc\j [\ cX gfc`k`hl\ [\ cË\dgcf` \k [\j Zfe[`k`fej [\ kiXmX`c# [\ cË [lZXk`fe# [l cf^\d\ek# [\ cX clkk\ Zfeki\ c\j [`jZi`d`eXk`fej 2 c\j j\im`Z\j [\j :fej\`cj ^ e iXlo Z_Xi^ j [\ cË`ej\ik`fe [\j Y e ÔZ`X`i\j [l ID@# [l cf^\d\ek \k [\j kiXejgfikj `ek\iliYX`ej 2 c\j `ek\iZfddleXc`k j \k c\j gXpj [Xej c\ ZX[i\ [l mfc\k k\ii`kfi`Xc [l :fekiXk [\ gifa\kj 2 cË8iXZk 2 cX [`i\Zk`fe i ^`feXc\ [\j 8jj\[`Z 2 c\j gifm`j\lij [\ cpZ \j# c\j fi^Xe`jd\j ^\jk`feeX`i\ [\ :=8# c\j [`i\Zk\lij [\ :=8# c\j i\gi j\ekXekj [\j fi^Xe`jd\j [\ ]fidXk`fe ==G# JLI=# LIF= \k c\j ^iXe[j i j\Xlo ZflmiXek cË\ej\dYc\ [l k\ii`kf`i\ 8=G8# >i\kX 2 c\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe%

:feZ\ieXek c\j gXik\eX`i\j jfZ`f$ Zfefd`hl\j# cË\ea\l \jk Y`\e [Ë`ejZi`i\ c\ GI;=G [Xej le\ [ dXiZ_\ [\ i\jgfejXY`c`jXk`fe Zfcc\Zk`m\ \k [Ë`dgc`ZXk`fe ]fik\ \k [liXYc\ [\ cË\ej\dYc\ [\j XZk\lij Xlkfli [Ë\e^X^\d\ekj i Z`gifhl\j XdY`k`\lo% :Ë\jk cX iX`jfe gfli cXhl\cc\ 1 c\j i\gi j\ekXekj [\j YiXeZ_\j gif]\jj`fee\cc\j# c\j gXik\eX`i\j jfZ`Xlo# c\j Z_XdYi\j ZfejlcX`i\j# c\j fi^Xe`jd\j gXi`kX`i\j Zfcc\Zk\lij X^i j# j\ dfY`c`j\ek# Xlo Z k j [\ cX I ^`fe# gfli cX Yfee\ d`j\ \e Ålmi\ [l GI;=G \k [l JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j%

0)

0*

:FE;@K@FEJ ;< C8 IyLJJ@K< ;\gl`j c\ cXeZ\d\ek [\ cX [ dXiZ_\ \e )'',# cX I ^`fe X gcXZ cË cXYfiXk`fe [l GcXe i ^`feXc [\ [ m\cfgg\d\ek [\j ]fidXk`fej gif]\jj`fee\cc\j jflj c\ j`^e\ [l gXik\eXi`Xk \k [\ cX Zfgif[lZk`fe% :\ Z_f`o jË\jk kiX[l`k gXi cËfi^Xe`jXk`fe [Ële\ ki j cXi^\ ZfeZ\ikXk`fe `eZclXek c\j XZk\lij [\ cX ]fidXk`fe `ejk`klk`fee\cj Zfdd\ gif]\jj`fee\cj dX`j Xljj` c\j i\gi j\ekXekj [l dfe[\ Zfefd`hl\ \eki\gi`j\j Zfdd\ gXik\eX`i\j jfZ`Xlo \k c\j k\ii`kf`i\j hl` Zfdgfj\ek cX i ^`fe%

Le\ Xee \ [\ kiXmX`c Zfcc\Zk`] X g\id`j [\ ]X`i\ d\i^\i le\ mfcfek cXi^\d\ek gXikX^ \ [\ kiXmX`cc\i \ej\dYc\ gfli Xggfik\i le\ i gfej\ [liXYc\ Xlo [ Ôj \k Xlo \ea\lo [\ cX ]fidXk`fe gif]\jj`fee\cc\ \e CXe^l\[fZ$Ifljj`ccfe% Gfli d\kki\ Ålmi\ \k ]X`i\ m`mi\ c\ GI;=G [Xej c\j , Xee \j ~ m\e`i# ZË\jk le ½ ZfekiXk ¾ hl\ cX I ^`fe gifgfj\ ~ j\j gXik\eX`i\j# \e jËXgglpXek jli le\ ^flm\ieXeZ\ ~ [\lo e`m\Xlo 1 [Ële\ gXik# [\j [`jgfj`k`]j [\ jl`m` [\ cX d`j\ \e Ålmi\ fg iXk`fee\cc\ [\j fi`\ekXk`fej Xl kiXm\ij [\ ÔZ_\j XZk`fej ÔoXek c\j i\jgfejXY`c`k j \k c\j Z_ XeZ\j# [ËXlki\ gXik# le jpjk d\ [\ g`cfkX^\ jkiXk ^`hl\ gfli jl`mi\ cË\]ÔZXZ`k \k cX gclj$mXcl\ [l GI;=G%

(

@EJK8CC<I LE :FE;@K@FEJ ;< C8 IyLJJ@K< $ :FE;@K@FEJ ;@JGFJ@K@= ;< JL@M@ ;< C8 I<LJJ@K< :FE;@K@FEJ ;< C8 IyLJJ@K< FGyI8K@FEE<C :FE;@K@FEJ ;< C8 IyLJJ@K< $ :FE;@K@FEJ ;< ;L GI;=G C8 I<LJJ@K< $ :FE;@K@FEJ ;< C8 IyLJJ@K< CX d`j\ \e gcXZ\ [Ële jpjk d\ [\ jl`m` [\j XZk`fej hl` ZfeZfli\ek ~ cX d`j\ \e Ålmi\ fg iXk`fee\cc\ [\j fi`\ekXk`fej jkiXk ^`hl\j [l GI;=G [f`k g\id\kki\ [\ [ Ôe`i c\j Zfe[`k`fej [\ dfY`c`jXk`fe \k [Ë`dgc`ZXk`fe [\j XZk\lij glYc`Zj \k [\j gXik\eX`i\j jfZ`f$ Zfefd`hl\j 1 ÔoXk`fe [\j fYa\Zk`]j \k [\j Z_ XeZ`\ij Zfii\jgfe[Xekj# fi^Xe`jXk`fe [\j i\jgfejXY`c`k j# `ejkXeZ\j dfY`c`j \j# gfikX^\ [\j fi`\ekXk`fej [l GI;=G Xlgi j [\j Xlki\j [fZld\ekj [\ gif^iXddXk`fe# flk`cj [\ [`Xcf^l\ [\ ^\jk`fe# kXYc\Xlo [\ Yfi[ \k `e[`ZXk\lij¿ ;\j gf`ekj [\ i\eZfeki\ i ^lc`\ij j\ifek fi^Xe`j j gXi cX I ^`fe Xm\Z cË\ej\dYc\ [\j XZk\lij glYc`Zj \k [\j gXik\eX`i\j jfZ`f$ Zfefd`hl\j hl` fek le\ i\jgfejXY`c`k [Xej cË\o Zlk`fe [\j XZk`fej i\k\el\j gfli cX d`j\ \e Ålmi\ fg iXk`fee\cc\ [l GI;=G% CX I ^`fe i le`iX ~ Z_ XeZ\ i ^lc` i\ g i`f[`Z`k ~ gi Z`j\i c\j i\gi j\ekXekj [\j YiXeZ_\j gif]\jj`fee\cc\j gfli XeXcpj\i c\j mfclk`fej Zfefd`hl\j \k Z\cc\j [\j Y\jf`ej [\ ]fidXk`fe gXi iXggfik Xlo _pgfk_ j\j i\k\el\j Xl dfd\ek [\ cX ZfekiXZklXc`jXk`fe% <e ZXj [\ dlkXk`fej Yiljhl\j fl `dgi ml\j# [\j Xm\eXekj Xlo ZfekiXkj gfliifek ki\ j`^e j% :\j i le`fej g\id\kkifek ^Xc\d\ek [\ ]X`i\ c\ gf`ek jli c\j mfclk`fej Xggfik \j ~ cËfi^Xe`jXk`fe [\j d k`\ij \k Xlo Zfe[`k`fej [\ kiXmX`c \k jli cË\]ÔZXZ`k [l GI;=G gfli Z_Xe^\i c\j i\gi j\ekXk`fej jfZ`fZlckli\cc\j [\j glYc`Zj% ;\j i\eZfeki\j Xm\Z c\j Xlkfi`k j XZX[ d`hl\j g\id\kkifek [\ gif[l`i\ c\j fi`\ekXk`fej i\cXk`m\j ~ cË mfclk`fe [\ cX ZXik\ [\j ]fidXk`fej gif]\jj`fee\cc\j \k [\ gXikX^\i c\j flk`cj [ËXeXcpj\% CX I ^`fe Zfeki c\iX hl\ cX [ dXiZ_\ hlXc`k jf`k Y`\e Xggifgi` \ gXi c\j fi^Xe`jd\j [\ ]fidXk`fe \k hl\ Z\lo$Z` [ Zc`e\ek ZfeZi k\d\ek c\lij \e^X^\d\ekj \e gcXe `ek\ie\ [ËXd c`fiXk`fe [\ cX hlXc`k [l j\im`Z\ i\e[l% CX I ^`fe i le`iX g i`f[`hl\d\ek c\j Xlki\j gi\jZi`gk\lij [\ ]fidXk`fe :fej\`cj ^ e iXlo# 8EG<# 8jj\[`Z gfli jl`mi\ c\j gXik\eXi`Xkj hl` j\ifek efl j Xlkfli [\ cËXZZ j Xlo Zlijlj [\ ]fidXk`fe gfli c\lij glYc`Zj i\jg\Zk`]j%

0/

Gfli jX gXik# cËFi\] j\iX Z_Xi^ [\ jlg\im`j\i cX d`j\ \e gcXZ\ [\j fYj\imXkf`i\j [\ YiXeZ_\ \k# c\ ZXj Z_ Xek# [ËXggfik\i le Xggl` d k_f[fcf^`hl\ Xlo YiXeZ_\j gif]\jj`fee\cc\j hl` \e giflm\ifek c\ Y\jf`e% @c jËXjjli\iX [\ d d\ [\ cX d`j\ \e gcXZ\ gif^i\jj`m\ [\j flk`cj [\ gifjg\Zk`m\ jli c\j k\ii`kf`i\j% @c jË\e^X^\ ^Xc\d\ek ~ jl`mi\ c\j `e[`ZXk\lij [\ gi ZXi`k \k Z\lo [\ gXik`Z`gXk`fe [\j [`]] i\ekj glYc`Zj Xl dXiZ_ [l kiXmX`c XÔe [Ë ki\ \e d\jli\ [Ë ZcX`i\i c\j Z_f`o ]X`kj Zfcc ^`Xc\d\ek gfli c\j jkilZkli\j [Ë8@F \k cËf]]i\ [\ ]fidXk`fe% C\ :Xi`] XliX le\ i\jgfejXY`c`k gXik`Zlc` i\ [Xej cËXe`dXk`fe i ^`feXc\ [l i j\Xl [\j fi^Xe`jd\j [\ ]fidXk`fe \k [l Z\eki\ i\jjfliZ\j M8<% @c Xggl`\iX cX d`j\ \e Ålmi\ [\ cX ]fidXk`fe flm\ik\ ~ [`jkXeZ\ X`ej` hl\ cX ½ :_Xik\ hlXc`k ¾ [\ cX I ^`fe% CËykXk m\`cc\iX [\ jfe Z k ~ Z\ hl\ c\j jkilZkli\j [Ë8@F kiXmX`cc\ek Zfeaf`ek\d\ek Xm\Z cX I ^`fe gfli Xd c`fi\i cËfi^Xe`jXk`fe [\ c\lij j\im`Z\j \k jË`dgc`hl\iX# gfli Z\ hl` c\ ZfeZ\ie\# [Xej cX d`j\ \e Zf_ i\eZ\ ^cfYXc\ [\ cËXggXi\`c [\ ]fidXk`fe% ;\ d d\# `c m\`cc\iX ~ `dgc`hl\i c\j d`e`jk i\j ZfeZ\ie j ~ cX d`j\ \e Ålmi\ fg iXk`fee\cc\ [\ cX M8< \e CXe^l\[fZ$ Ifljj`ccfe%

00

)

8JJLI<I C< G@CFK8>< :FE;@K@FEJ ;< C8 IyLJJ@K< $ :FE;@K@FEJ ;< JKI8Ky>@HL< ;L GI;=G C8 I<LJJ@K< :FE;@K@FEJ ;< C8 IyLJJ@K< 8l$[\c~ [l g`cfkX^\ fg iXk`fee\c [\ cX d`j\ \e Ålmi\ [l GI;=G# hl` [f`k g\id\kki\ [\ jËXjjli\i [\ cX Yfee\ \o Zlk`fe [\j XZk`fej [ Z`[ \j# `c `dgfik\ [\ d\kki\ \e gcXZ\ le jpjk d\ [\ g`cfkX^\ jkiXk ^`hl\ hl` XliX gfli k Z_\ [ËXeXcpj\i cË\]ÔZXZ`k [\ Z\j XZk`fej Xl i\^Xi[ [\j [ Ôj \k [\j \ea\lo `[\ek`Ô j gi XcXYc\d\ek% Gfli Z\ ]X`i\# `c \jk `e[`jg\ejXYc\ [Ë mXcl\i# Z_\d`e ]X`jXek \k ^cfYXc\d\ek# cX g\ik`e\eZ\ [\j fi`\ekXk`fej i\k\el\j Xl ml [\ cË`dgXZk [\j XZk`fej d`j\j \e Ålmi\ jli cX hlXc`ÔZXk`fe \k cË\dgcf` \e i ^`fe% :\ kiXmX`c j\iX d\e [Xej c\ ZX[i\ [l Zfd`k [Ëfi`\ekXk`fe jkiXk ^`hl\ hl` j\ i le`iX [\lo ]f`j gXi Xe [liXek kflk\ cX g i`f[\ [ËXggc`ZXk`fe [l GI;=G% :\kk\ mXclXk`fe m`\e[iX [feZ Zfdgc k\i cË mXclXk`fe [\j XZk`fej gi ml\j [Xej c\ GI;=G gfli c\jhl\cc\j [\j `e[`ZXk\lij hlXek`kXk`]j \k&fl hlXc`kXk`]j jfek [ a~ `[\ek`Ô j% :_Xhl\ g`cfk\ [ËXZk`fe XliX gfli i\jgfejXY`c`k [\ d\jli\i c\j gif^i j XZZfdgc`j fl c\j [`]ÔZlck j i\eZfeki \j \k [Ë\e `e]fid\i cX I ^`fe% Á Z\k \]]\k# [\j flk`cj [\ jl`m` j\ifek Zfejkil`kj Zfcc\Zk`m\d\ek% CË mXclXk`fe ^cfYXc\ g\id\kkiX# \e kXek hl\ [\ Y\jf`e# [ËXggfik\i c\j mfclk`fej e Z\jjX`i\j Xl GI;=G# [\ i\ZX[i\i Z\ikX`e\j XZk`fej mf`i\ [Ë\e `e`k`\i [\ eflm\cc\j% C\ :fZfi\]# i le` \e `ejkXeZ\ gc e` i\# j\iX ^Xc\d\ek k\el i ^lc` i\d\ek `e]fid % C\j ^iflg\j [\ kiXmX`c k_ dXk`hl\j `[\ek`Ô j [Xej c\ gif^iXdd\ [ËXZk`fej gfliifek ki\ fi^Xe`j j [Xej c\ ZX[i\ [\ jflj$Zfdd`jj`fej [l :fZfi\] hl` ]\ifek Xgg\c# j` Y\jf`e# ~ [\j fi^Xe`jd\j \ok i`\lij%

(''

('(

GIF>I8DD< ;Ë8:K@FEJ C\ gif^iXdd\ [ËXZk`fej m`jXek ~ i gfe[i\ Xlo fi`\ekXk`fej [l GI;=G gfik\ gXi]f`j jli [\j XZk`fej ki j Z`Yc \j dX`j ^Xc\d\ek jli [\j k_ d\j [\ kiXmX`c gclj Zfdgc\kj ]X`jXek cËfYa\k [ËXZk`fej dlck`gc\j hlË`c gXiX k gi ] iXYc\ [\ i\^iflg\i% ;Xej c\j [\lo ZXj [\ Ô^li\# c\ g`cfk\ X`ej` hl\ c\j gXik\eX`i\j dfY`c`jXYc\j jfek ZcX`i\d\ek `[\ek`Ô j% :\ikX`e\j XZk`fej g\lm\ek i\c\m\i [\ gclj`\lij fi`\ekXk`fej%

,

GIF>I8DD< GIF>I8DD< ;Ë8:K@FEJ $ GIF>I8DD< ;Ë8:K@FEJ ;Ë8:K@FEJ $ GIF>I8DD< ;Ë8:K@FEJ Fi`\ekXk`fe e (%( 1 d\e\i le kiXmX`c gifjg\Zk`] jli cË mfclk`fe [\ cË\dgcf` \e i ^`fe =`Z_\$XZk`fe ( D\kki\ \e gcXZ\ c\j flk`cj gfli Xek`Z`g\i c\j dlkXk`fej Zfefd`hl\j =`Z_\$XZk`fe ) <e^X^\i c\j \eki\gi`j\j [Xej [\j [ dXiZ_\j [\ ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j =`Z_\$XZk`fe * I Xc`j\i le\ kl[\ jli c\j d k`\ij kiXejm\ijXlo \e CXe^l\[fZ$Ifljj`ccfe =`Z_\$XZk`fe + I Xc`j\i le\ kl[\ jli c\ gifÔc [\j eflm\Xlo Xii`mXekj \e CXe^l\[fZ$Ifljj`ccfe

Fi`\ekXk`fe e (%) 1 gif[l`i\ le\ f]]i\ [\ ]fidXk`fe hl` i gfe[\ Xlo Y\jf`ej [\j Ôc` i\j =`Z_\$XZk`fe , :fekiXZklXc`j\i Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k [ m\cfgg\i c\ [`Xcf^l\ jfZ`Xc =`Z_\$XZk`fe - ycXYfi\i c\ JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j =`Z_\$XZk`fe . Fi^Xe`j\i cX [ Z\ekiXc`jXk`fe [\j ]fidXk`fej [\ cË8=G8 =`Z_\$XZk`fe / Gifdflmf`i c\j \dgcf`j [liXYc\j \k ~ k\dgj gc\`e gXi cX dlklXc`jXk`fe [\j Zfdg k\eZ\j =`Z_\$XZk`fe 0 :fejkil`i\ le\ f]]i\ [\ ]fidXk`fe \e i gfej\ Xlo Y\jf`ej [\ gcli` Zfdg k\eZ\ =`Z_\$XZk`fe (' ; m\cfgg\i cX ]fidXk`fe ~ cX Zi Xk`fe \k ~ cX i\gi`j\& kiXejd`jj`fe [Ë\eki\gi`j\ =`Z_\$XZk`fe (( I\e]fiZ\i c\j Zfdg k\eZ\j dXeX^ i`Xc\j [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\

Fi`\ekXk`fe e )%( 1 [ m\cfgg\i c\ j\im`Z\ i\e[l gXi c\j jkilZkli\j [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe =`Z_\$XZk`fe (, ; Ôe`i cËXZZl\`c# cË`e]fidXk`fe \k cËfi`\ekXk`fe \k c\ i c\ [\j XZk\lij [\ Z_XZle [\j j\im`Z\j =`Z_\$XZk`fe (- 8e`d\i c\ [`jgfj`k`] [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe [Xej c\j k\ii`kf`i\j =`Z_\$XZk`fe (. :i \i [\j gf`ekj `e]fidXk`fe Zfej\`c jli cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\ =`Z_\$XZk`fe (/ @ejkXli\i le Z_ hl\ M8<

Fi`\ekXk`fe e )%) 1 Xd c`fi\i cX hlXc`k [\ cËf]]i\ [\ ]fidXk`fe =`Z_\$XZk`fe (0 ;fk\i c\ k\ii`kf`i\ i ^`feXc [\ cpZ \j \k [Ë kXYc`jj\d\ekj [\ ]fidXk`fe gif]\jj`fee\cc\ [\ hlXc`k =`Z_\$XZk`fe )' I [`^\i \k d\kki\ \e Ålmi\ le\ Z_Xik\ [\ hlXc`k [\ j\im`Z\j [\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ =`Z_\$XZk`fe )( @ejkXcc\i le g c\ i ^`feXc [\ [ m\cfgg\d\ek \e `e^ e`\i`\ [\ ]fidXk`fe \k m\`cc\ k\Z_efcf^`hl\ =`Z_\$XZk`fe )) D\kki\ \e gcXZ\ le\ gcXk\$]fid\ [Ë Z_Xe^\ `e]fidXk`m\ =`Z_\$XZk`fe )* :i \i le\ Yflij\ i ^`feXc\ [\ cËXggi\ek`jjX^\ \k [\ cËXck\ieXeZ\ =`Z_\$XZk`fe )+ =fid\i c\j klk\lij \k c\j dX ki\j [ËXggi\ek`jjX^\ =`Z_\$XZk`fe ), J\ej`Y`c`j\i c\j glYc`Zj \e ]fidXk`fe Xl [ m\cfgg\d\ek [liXYc\ \k ~ cX Z`kfp\ee\k =`Z_\$XZk`fe )- =Xmfi`j\i cX dfY`c`k \lifg \ee\

Fi`\ekXk`fe e (%* 1 i\e[i\ XkkiXZk`]j \k mXcfi`j\i c\j d k`\ij gfik\lij [Ë\dgcf` =`Z_\$XZk`fe () Gifdflmf`i c\j d k`\ij gfik\lij [Ë\dgcf` =`Z_\$XZk`fe (* 8jjli\i cX c`j`Y`c`k jli c\ Zfek\el [\j \dgcf`j \k c\j Zfdg k\eZ\j e Z\jjX`i\j ~ cË\o\iZ`Z\ [Ële d k`\i =`Z_\$XZk`fe (+ I\e]fiZ\i c\j d k`\ij [l [ m\cfgg\d\ek [liXYc\

('+

(',

,

FI@<EK8K@FE E (%( 1 D<E<I LE KI8M8@C GIFJG<:K@= JLI CËyMFCLK@FE ;< CË<DGCF@ <E Iy>@FE

GIF>I8DD< GIF>I8DD< ;Ë8:K@FEJ $ GIF>I8DD< =`Z_\$XZk`fe e ( ;Ë8:K@FEJ ;Ë8:K@FEJ $ GIF>I8DD< ;Ë8:K@FEJ

D\kki\ \e gcXZ\ c\j flk`cj gfli Xek`Z`g\i c\j dlkXk`fej Zfefd`hl\j

:fek\ok\

Fi`\ekXk`fe e )%* 1 c\m\i c\j ]i\`ej ~ cËXZZ j \k Xl Yfe [ iflc\d\ek [\j gXiZflij [\ ]fidXk`fe =`Z_\$XZk`fe ). DlklXc`j\i c\j ÔeXeZ\d\ekj gfli c\j ]fidXk`fej [\jk`e \j Xlo [\dXe[\lij [Ë\dgcf` =`Z_\$XZk`fe )/ 8ik`Zlc\i c\j gfc`k`hl\j [Ë`ej\ik`fe \k c\j gfc`k`hl\j [\ ]fidXk`fe gif]\jj`fee\cc\ `e`k`Xc\ \k Zfek`el\ =`Z_\$XZk`fe )0 :i \i [\j Zfc\j i ^`feXc\j [\ cX [\lo` d\ Z_XeZ\ =`Z_\$XZk`fe *' 8d c`fi\i c\j Zfe[`k`fej [\ m`\ [\j glYc`Zj \e ]fidXk`fe =`Z_\$XZk`fe *( =Xmfi`j\i cX d`o`k [\j d k`\ij =`Z_\$XZk`fe *) =XZ`c`k\i cËXZZl\`c [\j glYc`Zj _Xe[`ZXg j [Xej c\j XZk`fej [\ ]fidXk`fe =`Z_\$XZk`fe ** J\ej`Y`c`j\i cË\ej\dYc\ [\j XZk\lij ~ cX clkk\ Zfeki\ c\j [`jZi`d`eXk`fej

FYa\Zk`]j

Flk`cc\i c\j YiXeZ_\j gif]\jj`fee\cc\j# c\j \eki\gi`j\j \k c\j gflmf`ij glYc`Zj XÔe [\ d`\lo Xek`Z`g\i ½ ~ ]if`[ ¾ c\j dlkXk`fej Zfefd`hl\j \k [\ d\kki\ \e gcXZ\ c\j XZk`fej [\ ]fidXk`fe e Z\jjX`i\j Xlo mfclk`fej i\g i \j <ei`Z_`i cX ZfeZ\ikXk`fe i ^`feXc\ Xlkfli [\ cË\dgcf` \k [\j hlXc`ÔZXk`fej =Xmfi`j\i c\ [ Zcf`jfee\d\ek \eki\ YiXeZ_\j gif]\jj`fee\cc\j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

Gflijl`mi\ cX ZfejkilZk`fe [Ëflk`cj gXikX^ j [ËXeXcpj\ \k [\ gifjg\Zk`m\ [Xej c\ ZX[i\ [Ële kiXmX`c Zfcc\Zk`] Fi\]&fYj\imXkf`i\j [\ YiXeZ_\# \e jËXgglpXek j` Y\jf`e jli [\j Zfd`k j [Ë\og\ikj <eZfliX^\i cX Zfejk`klk`fe [ËfYj\imXkf`i\j [\ YiXeZ_\ i ^`feXlo fl cX i ^`feXc`jXk`fe [\j [fee \j [\j fYj\imXkf`i\j eXk`feXlo ; m\cfgg\i c\j gif^iXdd\j i ^`feXlo [Ë kl[\j ;`]]lj\i c\j flk`cj [ËXeXcpj\ \k [\ gifjg\Zk`m\ \e [`i\Zk`fe [\j \eki\gi`j\j# [\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe# [\j cpZ \j gif]\jj`fee\cj# [\j Z\eki\j [\ ]fidXk`fe [ËXggi\ek`j X`ej` hl\ [\j fi^Xe`jd\j [\ ]fidXk`fe

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [ËfYj\imXkf`i\j [\ YiXeZ_\ i ^`feXlo Zi j \k [Ë kl[\j i Xc`j \j Xl e`m\Xl i ^`feXc jli cX [li \ [l gcXe ; Ôe`k`fe [\ jkiXk ^`\ ½ i\jjfliZ\j _ldX`e\j ¾ gXi c\j YiXeZ_\j

Fi`\ekXk`fe e )%+ 1 ]Xmfi`j\i cËXZZ j [\j jXcXi` j ~ cX ]fidXk`fe Zfek`el\ =`Z_\$XZk`fe *+ Fi^Xe`j\i le\ ZXdgX^e\ i ^`feXc\ [Ë`e]fidXk`fe jli cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ =`Z_\$XZk`fe *, ; m\cfgg\i cËXZZ j ~ cX ]fidXk`fe [Xej c\j KG< \k GD< [\ df`ej [\ ,' jXcXi` j

Fi`\ekXk`fe e * 1 jflk\e`i c\j gifa\kj [\ k\ii`kf`i\ =`Z_\$XZk`fe *- =`Z_\$XZk`fe *. =`Z_\$XZk`fe */ =`Z_\$XZk`fe *0 =`Z_\$XZk`fe +'

('-

G i\ee`j\i [\j c`\lo [\ ZfeZ\ikXk`fe jli c\j k\ii`kf`i\j :fekiXZklXc`j\i Xm\Z c\j XZk\lij cfZXlo ; m\cfgg\i le kfli`jd\ [\ hlXc`k Gifdflmf`i cX =fidXk`fe flm\ik\ ~ [`jkXeZ\ =F8; =XZ`c`k\i cX i\Zfem\ij`fe \k c\j dfY`c`k j gif]\jj`fee\cc\j [\j jXcXi` j

CX i ]fid\ [\ cX ]fidXk`fe gif]\jj`fee\cc\ Zfek`el\ \e^X^ \ gXi cË8ZZfi[ eXk`feXc `ek\igif]\jj`fee\c [l )' j\gk\dYi\ )''* \k gXi cX cf` [l + dX` )''+ gi mf`k cX Zi Xk`fe [Ële ½ fYj\imXkf`i\ gifjg\Zk`] [\j d k`\ij \k [\j hlXc`ÔZXk`fej ¾ gXi YiXeZ_\ gif]\jj`fee\cc\# [fek c\ i c\ \jk [\ gif[l`i\ [\ cË`e]fidXk`fe \k [\j XeXcpj\j g\id\kkXek [ËXek`Z`g\i \k [ËXZZfdgX^e\i c\j gfc`k`hl\j [Ë\dgcf` \k [\ ]fidXk`fe [\ cX YiXeZ_\% :\j fYj\imXkf`i\j j\ d\kk\ek \e gcXZ\ gif^i\jj`m\d\ek \k g\id\kk\ek [ËXggfik\i le\ m`j`fe ~ gclj cfe^ k\id\ jli c\j mfclk`fej [\j j\Zk\lij Zfefd`hl\j% :\g\e[Xek c\j i\eZfeki\j j\Zkfi`\cc\j [l GI;=G fek dfeki kflk cË`ek i k [\ [`jgfj\i [Ëflk`cj g\ik`e\ekj \e i ^`fe gfli le\ d\`cc\li\ Xggi _\ej`fe [\j jg Z`ÔZ`k j k\ii`kfi`Xc\j \e c`\e Xm\Z c\j [fee \j [ df^iXg_`hl\j# ^ f^iXg_`hl\j \k Zfefd`hl\j% :\kk\ XeXcpj\ gifjg\Zk`m\ g\id\kkXek [Ë`[\ek`Ô\i c\j \ea\lo [\ hlXc`ÔZXk`fe Zfii\jgfe[Xekj [f`k [feZ ki\ [ m\cfgg \ \e i ^`fe%

G`cfk\j

9iXeZ_\j gif]\jj`fee\cc\j \k :fdd`jj`fej gXi`kX`i\j \dgcf` ]fidXk`fe

GXik\eX`i\j

Fi\] Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ ykXk $ GXik\eX`i\j jfZ`Xlo [\j YiXeZ_\j gif]\jj`fee\cc\j fl [\ cX :fg`i\

:fe[`k`fe [\ i ljj`k\

@dgc`ZXk`fe [\j gXik\eX`i\j jfZ`Xlo [Xej le\ cf^`hl\ [\ [`Xcf^l\ jfZ`Xc

yZ_ XeZ`\i

)''. 1 cXeZ\d\ek [\ eflm\cc\j kl[\j efkXdd\ek [Xej c\j j\Zk\lij [\ cËXe`dXk`fe \k [l jgfik X`ej` hl\ [l gXki`df`e\ Æ [`]]lj`fe [\j flk`cj [ËXeXcpj\ jli c\ gfikX`c [\ cX ]fidXk`fe gif]\jj`fee\cc\ Æ gflijl`k\ [l kiXmX`c Zfcc\Zk`] Fi\]&YiXeZ_\j ; gcf`\d\ek [\j XZk`fej jli kflk\ cX [li \ [l gcXe )''.&)'((

('.

FI@<EK8K@FE E (%( 1 D<E<I LE KI8M8@C GIFJG<:K@= JLI CËyMFCLK@FE ;< CË<DGCF@ <E Iy>@FE =`Z_\$XZk`fe e ) <e^X^\i c\j \eki\gi`j\j [Xej [\j [ dXiZ_\j [\ ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j

:fek\ok\

C\ k`jjl Zfefd`hl\ i ^`feXc \jk jkilZkli Xlkfli [\ KG<&GD< hl` i Xc`j\ek \e dfp\ee\ gclj [\ -' [\j i\Zilk\d\ekj jli le\ Xee \% :\j g\k`k\j \eki\gi`j\j X`ej` hl\ c\j g\k`k\j XjjfZ`Xk`fej giflm\ek# gclj hl\ [ËXlki\j# [\j [`]ÔZlck j ~ Xek`Z`g\i c\j mfclk`fej [\ c\lij \dgcf`j \k [\ c\lij fi^Xe`jXk`fej [l kiXmX`c \e c`\e Xm\Z c\j eflm\cc\j k\Z_efcf^`\j# cX ZfeZlii\eZ\¿ :\ ZfejkXk `dgXZk\ e Z\jjX`i\d\ek c\j df[\j [\ i\Zilk\d\ek# [Ë`ek ^iXk`fe \k [\ gifdfk`fe [\j jXcXi` j [Xej c\j \eki\gi`j\j% GXi X`cc\lij# c\j i\gi j\ekXekj [\j YiXeZ_\j gif]\jj`fee\cc\j \ogi`d\ek jflm\ek cË`[ \ hl\ c\j [\dXe[\lij [Ë\dgcf` e\ jfek gXj hlXc`Ô j \k e\ i gfe[\ek gXj ~ c\lij \o`^\eZ\j gif]\jj`fee\cc\j%

FYa\Zk`]

<eZfliX^\i c\j i\jgfejXYc\j [Ë\eki\gi`j\ ~ jË\e^X^\i [Xej le\ i Õ\o`fe ~ Zflik \k dfp\e k\id\ jli cËX[XgkXk`fe [\j \dgcf`j \k [\j Zfdg k\eZ\j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

8ggfik\i le jflk`\e k\Z_e`hl\ ~ cX d`j\ \e gcXZ\ [\ [ dXiZ_\j [\ >G<: [Xej c\ ZX[i\ [ËXZk`fej Zfcc\Zk`m\j X`[\ ~ cË`e^ e`\i`\# XZk`fej [\ j\ej`Y`c`jXk`fe# `ek\im\ek`fej \e \eki\gi`j\ [Xej le\ cf^`hl\ j\Zkfi`\cc\ fl k\ii`kfi`Xc\ fl jflj ]fid\ [ËXggl` Xlo ^iflg\d\ekj [Ë\dgcfp\lij% Gfli c\ j\Zk\li [l jXe`kX`i\ \k jfZ`Xc Z]% JZ_ dX [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j # Z\kk\ XZk`fe m`j\ ~ [ m\cfgg\i \k jkilZkli\i c\j giXk`hl\j [Xej c\ jXe`kX`i\ \k ~ m\e`i \e Xggl` [\j giXk`hl\j d\i^\ek\j [Xej c\ jfZ`Xc MXcfi`j\i c\j Yfee\j giXk`hl\j gfli \e ]XZ`c`k\i c\ kiXej]\ik EfdYi\ [ËXZk`fej Zfcc\Zk`m\j i Xc`j \j \k `dgXZkj [`i\Zkj fl `e[`i\Zkj Xl j\`e [\j \eki\gi`j\j ZfeZ\ie \j# jl`m` [\j gcXej [ËXZk`fe XZZ j ~ cX ]fidXk`fe gXi c\j jXcXi` j # mfclk`fe [l Z_`]]i\ [ËX]]X`i\j \k mfcld\ [Ë\dgcf`j dX`ek\elj \k&fl Zi j gXi c\j \eki\gi`j\j \e^X^ \j [Xej c\j [ dXiZ_\j EfdYi\ [Ë kXYc`jj\d\ekj fl [\ j\im`Z\j jXe`kX`i\j \k&fl jfZ`Xlo \e^X^ j [Xej [\j [ dXiZ_\j [\ >G<:

G`cfk\j

9iXeZ_\j gif]\jj`fee\cc\j fl fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j

GXik\eX`i\j

<eki\gi`j\j Æ 8jjfZ`Xk`fej Æ GXik\eX`i\j jfZ`Xlo jXcXi` j $ FG:8 Æ ykXk Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ 8iXZk Æ :_XdYi\j ZfejlcX`i\j

:fe[`k`fe [\ i ljj`k\

@dgc`ZXk`fe [\j gXik\eX`i\j jfZ`Xlo [Xej le\ cf^`hl\ [\ [`Xcf^l\ jfZ`Xc

yZ_ XeZ`\i

; j )''. \k jli kflk\ cX [li \ [l gcXe )''.&)'((

('/

FI@<EK8K@FE E (%( 1 D<E<I LE KI8M8@C GIFJG<:K@= JLI CËyMFCLK@FE ;< CË<DGCF@ <E Iy>@FE =`Z_\$XZk`fe e * I Xc`j\i le\ kl[\ jli c\j d k`\ij kiXejm\ijXlo \e CXe^l\[fZ$Ifljj`ccfe

:fek\ok\

C\j d k`\ij kiXejm\ijXlo jfek ki j gi j\ekj [Xej cË\ej\dYc\ [\j j\Zk\lij [ËXZk`m`k dX`j eË\e Zfejk`kl\ek hl\ ki j iXi\d\ek c\ ZÅli [\ cËXZk`m`k # Z\ hl` `dgc`hl\ hl\ cX gclgXik [\j YiXeZ_\j gif]\jj`fee\cc\j `ek\im`\ee\ek g\l jli Z\ Z_Xdg% Fi# j` cËfe j\ i ] i\ ~ le\ kl[\ i Z\ek\ d\e \ \e I_ e\$ 8cg\j# Z\j d k`\ij# hl` i\Zflmi\ek X gi`fi` kif`j kpg\j [\ ]feZk`fej 1 cX ]feZk`fe Zfdd\iZ`Xc\# cX ]feZk`fe X[d`e`jkiXk`m\ \k cX ]feZk`fe cf^`jk`hl\# jfek \e mfclk`fe% 8`ej` c\j \o`^\eZ\j c` \j ~ cËXZZl\`c [\ cX Zc`\ek c\ gfli cX gi\d` i\# c\ ZXiXZk i\ jkiXk ^`hl\ [\ cX [\lo` d\# efkXdd\ek [Xej c\ ZX[i\ [\ Zfeki c\ [\ ^\jk`fe \k [\ ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j gfli cX [\lo` d\# \k cË cXi^`jj\d\ek [\j ]feZk`fej Xm\Z `ek ^iXk`fe [\j k Z_\j X[d`e`jkiXk`m\ \k [\ ^\jk`fe `e]fidXk`j \ gfli cX kif`j` d\# jlggfj\ek le\ X[XgkXk`fe [\ cËXggXi\`c [\ ]fidXk`fe%

FYa\Zk`]

@[\ek`Ô\i c\j jg Z`ÔZ`k j i ^`feXc\j [\j d k`\ij kiXejm\ijXlo \k c\li gf`[j [Xej cË\dgcf`

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

CXeZ\d\ek [Ële\ kl[\ gfli XeXcpj\i c\j gi`eZ`gXlo \ea\lo \dgcf`& hlXc`ÔZXk`fe [\ Z\j d k`\ij

@e[`ZXk\li [Ë mXclXk`fe

; Ôe`k`fe [Ële gcXe [ËXZk`fe [ [` gfli gi\e[i\ \e Zfdgk\ c\j hl\jk`fej jflc\m \j gXi cË kl[\

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

Fi\] $ FG:8 `ek\igif]\jj`fee\cj Æ :fg`i\ $ :I:@

:fe[`k`fe [\ i ljj`k\

D k_f[fcf^`\ X[Xgk \

yZ_ XeZ`\i

)''.

('0

FI@<EK8K@FE E (%( 1 D<E<I LE KI8M8@C GIFJG<:K@= JLI CËyMFCLK@FE ;< CË<DGCF@ <E Iy>@FE =`Z_\$XZk`fe e + I Xc`j\i le\ kl[\ jli c\ gifÔc [\j eflm\Xlo Xii`mXekj \e CXe^l\[fZ$Ifljj`ccfe

:fek\ok\

CX i ^`fe CXe^l\[fZ$Ifljj`ccfe j\ ZXiXZk i`j\ gXi [\lo ]fik\j jg Z`ÔZ`k j 1 le\ ]fik\ Zif`jjXeZ\ [ df^iXg_`hl\ \k c\ kXlo [\ Z_ dX^\ c\ gclj c\m [l k\ii`kf`i\ eXk`feXc% C\j `e]fidXk`fej i\cXk`m\j Xl e`m\Xl [\ hlXc`ÔZXk`fe [\j eflm\Xlo Xii`mXekj \k ~ c\li `ek ^iXk`fe [Xej c\ dXiZ_ [l kiXmX`c i ^`feXc e\ jfek gXj \ogcf`k \j%

FYa\Zk`]

8ggif]fe[`i cËXeXcpj\ [\j jg Z`ÔZ`k j [l Z_ dX^\ i ^`feXc gXi le\ d\`cc\li\ ZfeeX`jjXeZ\ [\j eflm\Xlo Xii`mXekj \e CXe^l\[fZ$Ifljj`ccfe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

I [XZk`fe [Ële ZX_`\i [\j Z_Xi^\j \k cXeZ\d\ek [Ële\ kl[\ jli c\j ZXiXZk i`jk`hl\j [\j eflm\Xlo Xii`mXekj \k c\ jl`m` ~ , Xej [Ële\ Zf_fik\

@e[`ZXk\li [Ë mXclXk`fe

Jl`m` [\ cX j`klXk`fe m`j ~ m`j [\ cË\dgcf` , Xej Xgi j c\li Xii`m \ \e CXe^l\[fZ$Ifljj`ccfe

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

Fi\] Æ :\i\h Æ ykXk Æ 8EG< Æ 8jj\[`Z $ @ej\\

:fe[`k`fej [\ i ljj`k\

@dgc`ZXk`fe [\ cË\ej\dYc\ [\j gXik\eX`i\j D k_f[fcf^`\ X[Xgk \

yZ_ XeZ`\i

)''.

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e , :fekiXZklXc`j\i Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k [ m\cfgg\i c\ [`Xcf^l\ jfZ`Xc

:fek\ok\

CX ]fidXk`fe gif]\jj`fee\cc\ \jk c\ gf`ek [\ i\eZfeki\ \eki\ cX [\dXe[\ Zfefd`hl\ \ogi`d \ gXi c\j \eki\gi`j\j \k c\j YiXeZ_\j gif]\jj`fee\cc\j \k cËXkk\ek\ [\j glYc`Zj a\le\j# [\dXe[\lij [Ë\dgcf`j# XZk`]j \e i\Z_\iZ_\ [Ële \em`ifee\d\ek gif]\jj`fee\c gXefl`jjXek \k gfik\li [\ g\ijg\Zk`m\j [Ë mfclk`fe% C\j YiXeZ_\j gif]\jj`fee\cc\j \ogi`d\ek jflm\ek le\ ]fik\ \o`^\eZ\ \e dXk` i\ [\ hlXc`ÔZXk`fe jXej Xggi _\e[\i [\ dXe` i\ ^cfYXc\ cX i Xc`k [\ cËfi^Xe`jXk`fe [\ c\lij d k`\ij% Á Z\ k`ki\ c\ i c\ [\j gXik\eX`i\j jfZ`Xlo \jk gi gfe[ iXek%

FYa\Zk`]j

@[\ek`Ô\i gi Z`j d\ek c\j Y\jf`ej \e hlXc`ÔZXk`fe [\j [`]] i\ek\j Ôc` i\j [\ cË Zfefd`\ i ^`feXc\ ; Ôe`i cX i gXik`k`fe \eki\ ]fidXk`fe `e`k`Xc\ jflj jkXklk jZfcX`i\# Xggi\ek`jjX^\ \k ]fidXk`fe Zfek`el\ Jflk\e`i c\j j\Zk\lij gfik\lij [Ë\dgcf` gXi [\j gifa\kj ½ i\jjfliZ\j _ldX`e\j ¾ i gfe[Xek ~ cË mfclk`fe [\j d k`\ij \k [\j hlXc`ÔZXk`fej Gifgfj\i [\j gXiZflij gif]\jj`fee\cj dfk`mXekj \e gi\eXek \e Zfdgk\ efkXdd\ek c\j Zfe[`k`fej [\ kiXmX`c# c\j g\ijg\Zk`m\j [Ë mfclk`fe# cX clkk\ Zfeki\ c\j [`jZi`d`eXk`fej# cË`dgc`ZXk`fe [\j klk\lij \k [\j dX ki\j [ËXggi\ek`jjX^\

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:fekiXZklXc`j\i Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j i\gi j\ekXk`m\j \e i ^`fe DfY`c`j\i c\j Zfdd`jj`fej gXi`kX`i\j i ^`feXc\j jli c\j hl\jk`fej [\ cË mfclk`fe [\ cËXggXi\`c [\ ]fidXk`fe JkilZkli\i cX ZfeZ\ikXk`fe i ^`feXc\ Xl j\`e [l :fZfi\] 8ik`Zlc\i c\ ]feZk`fee\d\ek [l :fZfi\] \k Z\cl` [\ cX :fg`i\

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ ZfekiXkj j`^e j ZfekiXkj [\ Ôc` i\j# ZfekiXkj [ËfYa\Zk`]j \k [\ dfp\ej# ZfekiXkj [ËfYa\Zk`]j¿ Jl`m` [\j ]fe[j ZfejXZi j gXi c\j \eki\gi`j\j ~ cX ]fidXk`fe [\j jXcXi` j Jl`m` [\ cË mfclk`fe [l efdYi\ [Ë\dgcf`j \k [\ cX jkilZkliXk`fe [\ Z\j \dgcf`j gXi Ôc` i\ jflk\el\

G`cfk\

9iXeZ_\j gif]\jj`fee\cc\j

GXik\eX`i\j

ykXk Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ GXik\eX`i\j jfZ`Xlo Æ :fg`i\ Æ :fdd`jj`fej gXi`kX`i\j \dgcf` ]fidXk`fe

:fe[`k`fe [\ i ljj`k\

CX mfcfek [\j YiXeZ_\j gif]\jj`fee\cc\j \k [\j gXik\eX`i\j jfZ`Xlo [\ jË\e^X^\i [Xej le\ ZfekiXZklXc`jXk`fe ^cfYXc\

yZ_ XeZ`\i

(('

; j )''. 1 \e^X^\d\ek [\j e ^fZ`Xk`fej efkXdd\ek [Xej c\j j\Zk\lij [l 9KG# [\ cËX^ifXc`d\ekX`i\ \k [\ cËX^i`Zlckli\ )''/ 1 ]fidXc`jXk`fe [\j gi\d`\ij ZfekiXkj )''0&)'(( 1 gflijl`k\ [\ cX ZfekiXZklXc`jXk`fe

(((

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e - ycXYfi\i c\ JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j

:fek\ok\

FYa\Zk`]j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

CX ZfeZ\ikXk`fe \e^X^ \# [Xej c\ ZX[i\ [l GI;=G# Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j [\j gi`eZ`gXlo j\Zk\lij [ËXZk`m`k [\ cX i ^`fe# dfeki\ hl\ j` c\j ]fidXk`fej gif]\jj`fee\cc\j [\ e`m\Xl M Zfejk`kl\ek ^cfYXc\d\ek c\ e`m\Xl [\ ]fidXk`fe g`mfk# `c \jk `dgfikXek Xlafli[Ë_l` [\ ]Xmfi`j\i cË c mXk`fe [\j hlXc`ÔZXk`fej% ;\ ^iXe[\j k\e[XeZ\j jfek [Ëfi\j \k [ a~ `[\ek`Ô \j \e k\id\j [\ e`m\Xl [\ hlXc`ÔZXk`fe fl [\ d k`\ij ~ [ m\cfgg\i% CË cXYfiXk`fe [l JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j j\iX cËXYflk`jj\d\ek [\ kflk\ cX i Õ\o`fe [l GI;=G% @c [\miX Y`\e m`[\dd\ek gi\e[i\ \e Zfdgk\ c\j jg Z`ÔZ`k j [\ Z_Xhl\ [`jgfj`k`] [\ ]fidXk`fe 1 cX ]fidXk`fe `e`k`Xc\ jflj jkXklk jZfcX`i\ jË`ejZi`mXek gclk k jli c\ cfe^ k\id\# cËXggi\ek`jjX^\% :fejkil`i\ le\ f]]i\ [\ ]fidXk`fe `e`k`Xc\ g\ik`e\ek\ Gi Z`j\i cX [\dXe[\ Zfefd`hl\ \e hlXc`ÔZXk`fej \e k\eXek Zfdgk\ [\j Xkk\ek\j [\j glYc`Zj ZfeZ\ie j D\kki\ \e Zf_ i\eZ\ cËXggXi\`c [\ ]fidXk`fe gif]\jj`fee\cc\ :i \i [\j Ôc` i\j [\ ]fidXk`fe DlklXc`j\i c\j hl`g\d\ekj g [X^f^`hl\j \k Zi \i [\j g c\j [\ Zfdg k\eZ\ =Xmfi`j\i cX d`o`k [\j glYc`Zj D\kki\ \e gcXZ\ [\j i le`fej [\ kiXmX`c Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j Xlkfi`k j XZX[ d`hl\j I\eZfeki\i c\j i\gi j\ekXekj [\j gXi\ekj [Ë c m\j# [\j c m\j \k [\j Xggi\ek`j ; k\id`e\i# [Xej c\ ZX[i\ [Ële\ Zfe] i\eZ\ [\j ÔeXeZ\lij \k gfli Z_Xhl\ [`jgfj`k`] [\ ]fidXk`fe `e`k`Xc\ jflj jkXklk jZfcX`i\# Xggi\ek`jjX^\ \k ]fidXk`fe Zfek`el\ # c\j Zi`k i\j [\ Z_f`o \eki\ le\ f]]i\ [\ ]fidXk`fe [\ gifo`d`k # le\ `eZ`kXk`fe ~ cX dfY`c`k fl le i\Zflij ~ cX ]fidXk`fe ~ [`jkXeZ\ 1 Z\j Zi`k i\j [\mifek gi\e[i\ \e Zfdgk\ c\j glYc`Zj# c\j j\Zk\lij [ËXZk`m`k \k c\j k\ii`kf`i\j ?Xidfe`j\i c\j ZXc\e[i`\ij [\ [ Z`j`fe ; Ôe`i c\j ]fidXk`fej gif]\jj`fee\cc\j e Z\jjX`i\j \e i ^`fe efdYi\ [\ ]fid j# e`m\Xl [\ hlXc`ÔZXk`fe \k [`gc d\j Fi^Xe`j\i c\j gXjj\i\cc\j \eki\ c\j [`]] i\ekj [`jgfj`k`]j Gif[lZk`fe [Ële iXggfik [\ jpek_ j\ i\cXk`] ~ cËf]]i\ [\ ]fidXk`fe KXYc\Xl [\ jl`m` [\j flm\ikli\j \k ]\id\kli\ [\ j\Zk`fej

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e . Fi^Xe`j\i cX [ Z\ekiXc`jXk`fe [\j ]fidXk`fej [\ cË8=G8 :fek\ok\

CË8=G8 \e i ^`fe i\gi j\ek\ / j`k\j [\ ]fidXk`fej i gXik`j [Xej c\j , [ gXik\d\ekj# le\ ZXgXZ`k [\ gclj [\ ) './ gfjk\j [\ kiXmX`c jkX^`X`i\% Á Z\kk\ XZk`m`k # `c ]Xlk Xaflk\i [\j j\im`Z\j [Ëfi`\ekXk`fe gif]\jj`fee\cc\# [\j _ Y\i^\d\ekj \k [\ cX i\jkXliXk`fe jli kflj c\j j`k\j X`ej` hl\ [\j j\im`Z\j [ËXZZfdgX^e\d\ek gjpZ_f$g [X^f^`hl\ \k d [`ZXc% ;Xej c\ ZX[i\ [\ cX cf` [\ [ Z\ekiXc`jXk`fe [l (* Xf k )''+ hl` X kiXej] i Xlo I ^`fej c\j ÔeXeZ\d\ekj hl\ cËykXk Xkki`Yl\ ~ cË8=G8# cX I ^`fe X X[fgk le\ Zfem\ek`fe ki`gXik`k\ gfli cX g i`f[\ kiXej`kf`i\ )''.&)''/ hl` m`j\ ~ gi gXi\i cË8=G8 ~ cX g i`f[\ hl` jËflmi\ Xl (\i aXem`\i )''0% C\j XZk`fej i\c\mXek [l Z_Xdg [ Z\ekiXc`j ~ cX I ^`fe jfek c\j jl`mXek\j 1 XZk`fej [\ ]fidXk`fe [\jk`e \j ~ le glYc`Z [\dXe[\li [Ë\dgcf` \e [\_fij [\j glYc`Zj jg Z`Ôhl\j i\jkXek [\ cX Zfdg k\eZ\ [\ cËykXk# c\j XZk`fej [ËXZZfdgX^e\d\ek ^cfYXc [\jk`e \j ~ kflk [\dXe[\li [Ë\dgcf` \e ]fidXk`fe ~ cË8=G8# c\j gi\jkXk`fej [Ë_ Y\i^\d\ek \k [\ i\jkXliXk`fe# cX i dle iXk`fe [\j jkX^`X`i\j [\dXe[\lij [Ë\dgcf`%

FYa\Zk`]j

8jjli\i cX Zfdgc d\ekXi`k \k cX c`j`Y`c`k [\j d`jj`fej [ Ôe`\j gXi c\j [`]] i\ekj ÔeXeZ\lij [\ cË8=G8 D\kki\ \e Zf_ i\eZ\ cËf]]i\ [\ ]fidXk`fe gif]\jj`fee\cc\ \e fi`\ekXek c\ JZ_ dX i ^`feXc [\j ]fidXk`fej [\ cË8=G8 \e ]feZk`fe [l GI;=G ]XZ`c`k\i cË ^Xc`k [ËXZZ j Xlo hlXc`ÔZXk`fej i\Zfeel\j# i [l`i\ c\j `e ^Xc`k j k\ii`kfi`Xc\j# Z_Xik\ hlXc`k [\j fi^Xe`jd\j [\ ]fidXk`fe¿ @ek ^i\i c\j i j\Xlo [Ë8@F \k c\j j\im`Z\j [Ëfi`\ekXk`fe [\ cË8=G8# [Xej c\ ZX[i\ [\ cX Z_Xik\ i ^`feXc\ [\ cË8@F \k [\ cËXe`dXk`fe [l [`jgfj`k`] ;`m\ij`Ô\i c\j jfliZ\j [\ ÔeXeZ\d\ek \e [ m\cfggXek c\j gXik\eXi`Xkj Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j gXik\eX`i\j jfZ`Xlo

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@ek ^i\i cËf]]i\ [\ ]fidXk`fe [\ cË8=G8 Xl j\`e [\j [`jgfj`k`]j [\ cX i ^`fe >XiXek`i cX c`j`Y`c`k [\ cËf]]i\ [\ ]fidXk`fe [\ cË8=G8 jli c\ gfikX`c [\ cX ]fidXk`fe gif]\jj`fee\cc\ 8jjfZ`\i cË8=G8 ~ cX d`j\ \e Ålmi\ [\ cX Z_Xik\ hlXc`k Z]% ÔZ_\$XZk`fe e )' \k [\ cX Z_Xik\ 8@F Z]% ÔZ_\$XZk`fe e (, Flmi`i c\j jkilZkli\j [Ë_ Y\i^\d\ek \k [\ i\jkXliXk`fe [\ cË8=G8 ~ cË\ej\dYc\ [\j glYc`Zj \e ]fidXk`fe

@e[`ZXk\lij [Ë mXclXk`fe

?Xidfe`jXk`fe [\j [fZld\ekj [\ ^\jk`fe Jl`m` [\j ZXgXZ`k j [Ë_ Y\i^\d\ek \k [\ i\jkXliXk`fe

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

ykXk Æ 9iXeZ_\j gif]\jj`fee\cc\j Æ Fi\] Æ :Xi`] Æ :\eki\j [\ ]fidXk`fe [ËXggi\ek`j Æ Fi^Xe`jd\j ^\jk`feeX`i\j [\ :=8 $ CpZ \j gif]\jj`fee\cj Æ Fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ Æ :fdd`jj`fej gXi`kX`i\j i ^`feXc\j \dgcf` ]fidXk`fe $ :fg`i\

GXik\eX`i\j

8=G8 $ ykXk

:fe[`k`fe [\ i ljj`k\

Le\ cXi^\ ZfeZ\ikXk`fe

:fe[`k`fej [\ i ljj`k\

yZ_ XeZ`\i

(()

Le\ `dgc`ZXk`fe [\ cË\ej\dYc\ [\j XZk\lij :fejkilZk`fe [\j flk`cj [ËX`[\ ~ cX [ Z`j`fe 1 YXj\ [\ [fee \j [\j ]fidXk`fej# ZXikf^iXg_`\# iXggfik [\ jpek_ j\ i\cXk`] ~ cËf]]i\ [\ ]fidXk`fe# iXggfik [ËXeXcpj\ [\ cX [\dXe[\ [\ ]fidXk`fe gif]\jj`fee\cc\# i\Z\ej\d\ek [\j kXlo [Ë`ej\ik`fe gXi [`gc d\ :fddle`ZXk`fe Xlgi j [\j glYc`Zj \e ]fidXk`fe jli c\j gfjj`Y`c`k j [\ gXjj\i\cc\j \k jli c\j kXlo [Ë`ej\ik`fe

yZ_ XeZ`\i

)''. 1 gXik`Z`gXk`fe [\ cË8=G8 ~ cX d`j\ \e Ålmi\ [\ cX Z_Xik\ hlXc`k \k [\ cX Z_Xik\ 8@F )''/ 1 gi gXiXk`fe [\ cX Ôe [\ cX g i`f[\ kiXej`kf`i\ )''.$)''/ Zfe]fid d\ek ~ cX Zfem\ek`fe ki`gXik`k\ ykXk&I ^`fe&8=G8 )''0&)'(( 1 `ek ^iXk`fe [\j ÔeXeZ\d\ekj [ Z\ekiXc`j j [\ cË8=G8 [Xej c\j [`jgfj`k`]j i ^`feXlo [\ [if`k Zfddle

)''. $ (\i j\d\jki\ 1 Zfejk`klk`fe \k i le`fe [Ële ^iflg\ ½ jkXk`jk`hl\j ¾ $ i\eZfeki\ [\j Xlkfi`k j XZX[ d`hl\j $ i\eZfeki\ [\j i\gi j\ekXekj [\j c m\j# [\j Xggi\ek`j \k [\j gXi\ekj [Ë c m\j $ )\ j\d\jki\ 1 Zi Xk`fe \k i le`fe [Ële\ Zfe] i\eZ\ [\j ÔeXeZ\lij $ jfcc`Z`kXk`fe [\j YiXeZ_\j gif]\jj`fee\cc\j# [\j :GI<= \k [\ cX :fg`i\ )''/ 1 i [XZk`fe [l jZ_ dX efe Xek c\j [ Z`j`fej [Ëflm\ikli\ \k [\ ]\id\kli\ [\ j\Zk`fe gfli cX i\eki \ )''/ \k c\j g\ijg\Zk`m\j aljhlË~ )'((

((*

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e / Gifdflmf`i c\j \dgcf`j [liXYc\j \k ~ k\dgj gc\`e gXi cX dlklXc`jXk`fe [\j Zfdg k\eZ\j

:fek\ok\

FYa\Zk`]j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

C\ kiXmX`c gi ZX`i\ efkXdd\ek c\ kiXmX`c jX`jfee`\i X`ej` hl\ c\ kiXmX`c ~ k\dgj gXik`\c \jk ki j [ m\cfgg \e i ^`fe% ;ËXlki\ gXik le Z\ikX`e efdYi\ [Ë\eki\gi`j\j# efkXdd\ek c\j gclj g\k`k\j# _ j`k\ek ~ i\Zilk\i cfijhlË\cc\j fek Y\jf`e [Ële ZX[i\ hlXc`Ô dX`j hlË\cc\j e\ g\lm\ek cl` f]]i`i le k\dgj gc\`e% CX dlklXc`jXk`fe [\j \dgcf`j Xl j\`e [Ële ^iflg\d\ek [Ë\dgcfp\lij fl [\ kflk\ eflm\cc\ ]fid\ [Ë\dgcf` g\id\k [\ j Zli`j\i c\ gXiZflij [\j jXcXi` j# \e c\li g\id\kkXek [\ Zldlc\i gclj`\lij ]feZk`fej# [Xej [`]] i\ek\j \eki\gi`j\j# Xl j\`e [Ële d d\ j\Zk\li [ËXZk`m`k fl \eki\ gclj`\lij j\Zk\lij [ËXZk`m`k % :\kk\ giXk`hl\ i\jk\ Z\g\e[Xek g\l [ m\cfgg \ \e i ^`fe% 8`[\i c\j \dgcfp\lij ~ kiflm\i [l g\ijfee\c hlXc`Ô # p Zfdgi`j ~ k\dgj gXik`\c @[\ek`Ô\i c\j ]i\`ej ~ cX dlklXc`jXk`fe [\j \dgcf`j :i \i c\j Zfe[`k`fej [\ [ m\cfgg\d\ek [\ cX gc\`e\ XZk`m`k 8l^d\ek\i c\ efdYi\ [\ ^iflg\d\ekj [Ë\dgcfp\lij \e i ^`fe \k ^XiXek`i c\li g i\ee`k 8ggl` ~ [\j \og i`d\ekXk`fej jli [\j j\Zk\lij 9KG# Zlckli\# X^ifXc`d\ekX`i\# jgfik&Xe`dXk`fe# ]fidXk`fe¿ fl [\j k\ii`kf`i\j [ k\id`e j D`j\ \e gcXZ\ [\ gcXej [\ ]fidXk`fe ~ [\jk`eXk`fe [\j Xe`dXk\lij \k [\j jXcXi` j [\ ^iflg\d\ekj [Ë\dgcfp\lij EfdYi\ [\ ^iflg\d\ekj [Ë\dgcfp\lij Zi j EfdYi\ [Ë\dgcf`j Zi j ymfclk`fe [l Z_`]]i\ [ËX]]X`i\j

G`cfk\

9iXeZ_\j gif]\jj`fee\cc\j

GXik\eX`i\j

I ^`fe CXe^l\[fZ$Ifljj`ccfe $ ykXk Æ @ek\iZfddleXc`k j Æ GXpj $ <eki\gi`j\j $ GXik\eX`i\j jfZ`Xlo Æ 8EG< Æ 8jj\[`Z $ 8^\eZ\j [Ë`ek i`d

:fe[`k`fe [\ i ljj`k\

Le ]fik gXik\eXi`Xk k\ii`kfi`Xc

yZ_ XeZ`\i

; j )''. \k jli kflk\ cX [li \ [l gcXe )''.&)'((

((+

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e 0 :fejkil`i\ le\ f]]i\ [\ ]fidXk`fe \e i gfej\ Xlo Y\jf`ej [\ gcli` Zfdg k\eZ\

:fek\ok\

C\j \o`^\eZ\j [\ gfcpmXc\eZ\ jfek [\ gclj \e gclj ]fik\j kXek \e Z\ hl` ZfeZ\ie\ c\j jXcXi` j hlË\e Z\ hl` ZfeZ\ie\ c\j Z_\]j [Ë\eki\gi`j\# efkXdd\ek [Xej cËX^i`Zlckli\ \k cËXik`jXeXk% 8lafli[Ë_l` cX ZfejkilZk`fe [Ële\ f]]i\ [\ ]fidXk`fe X[Xgk \ i\jk\ ki j dXi^`eXc\ \k \og i`d\ekXc\%

FYa\Zk`]

;`m\ij`Ô\i c\j Zfdg k\eZ\j [\j XZk`]j gfli j Zli`j\i c\lij gXiZflij gif]\jj`fee\cj

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

8ZZfdgX^e\i c\j \dgcfp\lij [Xej c\j [ dXiZ_\j [\ >G<: Z]% ÔZ_\$XZk`fe e ) ; m\cfgg\i cË`e^ e`\i`\ [\ ]fidXk`fe <eZfliX^\i c\j ]fidXk`fej `e[`m`[lXc`j \j D\kki\ \e Ålmi\ [\j [`jgfj`k`]j [\ ]fidXk`fe Z`Yc j jËXgglpXek jli le\ Zf_ i\eZ\ k\ii`kfi`Xc\ fl j\Zkfi`\cc\

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ ]fidXk`fej d`j\j \e Ålmi\ \k `dgXZk \e dXk` i\ [ËXZZ j ~ cË\dgcf`# [\ gif^i\jj`fe Xl j\`e [\ cË\eki\gi`j\ fl [\ [`m\ij`ÔZXk`fe [\j XZk`m`k j [\ cË\eki\gi`j\

G`cfk\j

9iXeZ_\j gif]\jj`fee\cc\j \k fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j

GXik\eX`i\j

FG:8 $ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ ykXk Æ @ek\iZfddleXc`k j Æ <eki\gi`j\j Æ GXik\eX`i\j jfZ`Xlo Æ Fi^Xe`jd\j [\ ]fidXk`fe Æ 8EG< Æ D`jj`fej cfZXc\j $ 8jj\[`Z Æ :_XdYi\j ZfejlcX`i\j

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

I XZk`m`k [\ cËXggXi\`c [\ ]fidXk`fe 8ggl` [l :Xi`] ; j )''. \k jli kflk\ cX [li \ [l gcXe )''.&)'((

((,

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e (' ; m\cfgg\i cX ]fidXk`fe ~ cX Zi Xk`fe \k ~ cX i\gi`j\& kiXejd`jj`fe [Ë\eki\gi`j\

:fek\ok\

CX Zi Xk`fe [Ë\eki\gi`j\ f]]i\ le\ fggfikle`k gfli c\j a\le\j [`gc d j [l CXe^l\[fZ$Ifljj`ccfe fl c\j j\e`fij \e i\Z_\iZ_\ [\ jfclk`fe dX`j c\ ]X`Yc\ kXlo [\ jlim`\ [\j \eki\gi`j\j eflm\cc\d\ek Zi \j \jk gi fZZlgXek 2 gXi X`cc\lij# c\ m`\`cc`jj\d\ek gif^i\jj`] [\ cX gfglcXk`fe XZk`m\ \k gclj gXik`Zlc` i\d\ek [\j Z_\]j [Ë\eki\gi`j\ cX`jj\ \em`jX^\i hl\ )' ''' \eki\gi`j\j# [fek () ''' Xik`jXeXc\j# j\ifek ~ i\gi\e[i\ [Xej c\j (' gifZ_X`e\j Xee \j Xcfij hl\ c\j Z_\]j [Ë\eki\gi`j\ Xek`Z`g\ek g\l c\li [ gXik% :\cX Zfejk`kl\ le \ea\l `dgfikXek gfli cË Zfefd`\ i ^`feXc\%

FYa\Zk`]j

8l^d\ek\i c\j Z_XeZ\j [\ jlZZ j [\j gfik\lij [\ gifa\k DX`ek\e`i [\j XZk`m`k j \e qfe\j iliXc\j I [l`i\ c\ kXlo [Ë Z_\Z [\j Zi Xk`fej [Ë\eki\gi`j\j ym`k\i cX [`jgXi`k`fe [l jXmf`i$]X`i\ [\ d`cc`\ij [Ë\eki\gi`j\j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

8d c`fi\i cX c`j`Y`c`k [l [`jgfj`k`] [ËXZZfdgX^e\d\ek \k jX d`j\ \e i j\Xl ; m\cfgg\i cË`e]fidXk`fe Xlgi j [\j cpZ \ej# [\j a\le\j [`gc d j# [\j jkX^`X`i\j [\ cX ]fidXk`fe gif]\jj`fee\cc\# [\j Xggi\ek`j# [\j jXcXi` j Gif]\jj`feeXc`j\i cËXZZfdgX^e\d\ek ~ cX Zi Xk`fe \k ~ cX i\gi`j\ [Ë\eki\gi`j\ 8ZZfdgX^e\i c\j Zi Xk\lij fl c\j i\gi\e\lij# \e Xdfek \k \e XmXc [\ cX Zi Xk`fe fl [\ cX i\gi`j\# gXi [\j ]fidXk`fej \k le XZZfdgX^e\d\ek `e[`m`[lXc`j j Z]% G8:K<

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ Zi Xk`fej [Ë\eki\gi`j\j# glYc`Zj ZfeZ\ie j \k d k_f[\ [\ jl`m` EfdYi\ [\ i\gi`j\j&kiXejd`jj`fej# glYc`Zj ZfeZ\ie j \k d k_f[\ [\ jl`m` ymfclk`fe [l kXlo [\ jlim`\ [\j \eki\gi`j\j Zi \j fl kiXejd`j\j Xgi j , Xej EfdYi\ [Ë\dgcf`j Zi j \k&fl dX`ek\elj

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

ykXk Æ 9iXeZ_\j gif]\jj`fee\cc\j \k fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j Æ GXik\eX`i\j jfZ`Xlo $ :_XdYi\j ZfejlcX`i\j \k i j\Xlo [ËXZZfdgX^e\d\ek Æ CpZ \j Æ :\eki\j [\ ]fidXk`fe [ËXggi\ek`j $ Fi^Xe`jd\j [\ ]fidXk`fe Æ Le`m\ij`k j $ 8jj\[`Z

:fe[`k`fej [\ i ljj`k\

:fccXYfiXk`fe [\ cË\ej\dYc\ [\j XZk\lij ?Xidfe`jXk`fe [\j giXk`hl\j [\ cËXZZfdgX^e\d\ek :fdgc d\ekXi`k \k `ek ^iXk`fe [\j [`]] i\ekj i j\Xlo [ËXZZfdgX^e\d\ek

yZ_ XeZ`\i

((-

FI@<EK8K@FE E (%) 1 GIF;L@I< LE< F==I< ;< =FID8K@FE HL@ IyGFE;< 8LO 9<JF@EJ ;<J =@C@ßI<J =`Z_\$XZk`fe e (( I\e]fiZ\i c\j Zfdg k\eZ\j dXeX^ i`Xc\j [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\

:fek\ok\

CË Zfefd`\ jfZ`Xc\ X le \eiXZ`e\d\ek _`jkfi`hl\ \e CXe^l\[fZ$Ifljj`ccfe \k cË Zfefd`\ jfc`[X`i\ jËp \jk [ m\cfgg \# Zfdd\ X`cc\lij# jli c\ k\ii\Xl [\ cË`ej\ik`fe gXi cË Zfefd`hl\% CË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\ j\ i m c\ le dfp\e \]ÔZXZ\ [\ Zi \i \k [\ jXlm\^Xi[\i [\ eflm\Xlo \dgcf`j% <eZfi\ ]Xlk$`c hl\ Z\ i j\Xl [Ë\eki\gi`j\j jf`k [`i`^ gXi [\j ZX[i\j hl` jXZ_\ek `em\ek\i le dXeX^\d\ek fi`^`eXc# X[Xgk ~ cX ]f`j Xlo ZfekiX`ek\j [l dXiZ_ \k [l [ m\cfgg\d\ek jfZ`Xc% CË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\ Zflik [feZ c\ i`jhl\ [Ële\ `ejl]ÔjXeZ\ [\ Zfdg k\eZ\j dXeX^ i`Xc\j% Le flk`c i ^`feXc [\ ]fidXk`fe g\lk gXcc`\i Z\ dXehl\%

FYa\Zk`]

=flie`i Xlo \eki\gi`j\j [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\ [\j dXeX^\ij Zfdg k\ekj

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

I [`^\i le ZX_`\i [\j Z_Xi^\j i\cXk`] ~ cX Zi Xk`fe [Ële\ Zfc\ [\ cË\eki\gi\e\li`Xk :i \i le\ Zfc\ [\ cË\eki\gi\e\li`Xk hl` jf`k ~ cX ]f`j le c`\l [\ ]fidXk`fe dXeX^ i`Xc\ ½ `e`k`Xc\ ¾# le c`\l [\ ]fidXk`fe Zfek`el\# le c`\l [\ dlklXc`jXk`fe [\j Yfee\j giXk`hl\j [\j \eki\gi`j\j [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\ D\kki\ \e gcXZ\ le Zfd`k [\ g`cfkX^\

@e[`ZXk\li [Ë mXclXk`fe

Jl`m` [l efdYi\ [\ g\ijfee\j ]fid \j

G`cfk\

I j\Xlo [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\

GXik\eX`i\j

I ^`fe CXe^l\[fZ$Ifljj`ccfe $ ykXk

:fe[`k`fej [\ i ljj`k\

8ZZfi[ [\j [`]] i\ekj i j\Xlo i ^`feXlo [\ cË Zfefd`\ jfZ`Xc\ \k jfc`[X`i\ 9fee\ Zffi[`eXk`fe [\j i\jjfliZ\j ÔeXeZ` i\j \k [\j i\jjfliZ\j `ek\cc\Zkl\cc\j

yZ_ XeZ`\i

(\i j\d\jki\ )''. 1 `e^ e`\i`\ g [X^f^`hl\ )\ j\d\jki\ )''. 1 i [XZk`fe [l ZX_`\i [\j Z_Xi^\j =`e )''. 1 cXeZ\d\ek [Ële df[lc\ \og i`d\ekXc

; j )''. \k jli kflk\ cX [li \ [l gcXe )''.&)'((

((.

FI@<EK8K@FE E (%* 1 I<E;I< 8KKI8:K@=J <K M8CFI@J<I C<J DyK@<IJ GFIK<LIJ ;Ë<DGCF@ =`Z_\$XZk`fe e () Gifdflmf`i c\j d k`\ij gfik\lij [Ë\dgcf` :fek\ok\

FYa\Zk`]j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

:\ikX`ej d k`\ij i\eZfeki\ek [\j [`]ÔZlck j [\ i\Zilk\d\ek jli [\j gXej \ek`\ij [\ cË Zfefd`\ i ^`feXc\% :\j [`]ÔZlck j jfek jflm\ek c` \j ~ le [ ÔZ`k [Ë`dX^\# ~ le\ d ZfeeX`jjXeZ\ [\ cË\o\iZ`Z\ [\ Z\j d k`\ij fl le dXehl\ [\ hlXc`ÔZXk`fej gfli p XZZ [\i% ;Xej [ËXlki\j j`klXk`fej# Z\j [`]ÔZlck j jfek c` \j ~ [\j hl\jk`fej [\ Zfe[`k`fej [\ kiXmX`c% CË\e^X^\d\ek ^cfYXc [Ële\ YiXeZ_\ gif]\jj`fee\cc\ \e ]Xm\li [Ële\ mfclk`fe [\j \dgcf`j [f`k ki\ Zfe]fik gXi cX [ dfejkiXk`fe ZfeZi k\ [\ cX d`j\ \e Ålmi\ [\j gi`eZ`g\j hlË\cc\ [ ]\e[% Á cË`em\ij\ Z\ikX`e\j \eki\gi`j\j# gXi c\li \o\dgcXi`k # g\lm\ek k df`^e\i [\j g\ijg\Zk`m\j [Ë mfclk`fe [Xej c\li Z_Xdg gif]\jj`fee\c% 8d c`fi\i c\j Zfe[`k`fej [\ kiXmX`c MXcfi`j\i c\j d k`\ij gfik\lij [ËXm\e`i \e CXe^l\[fZ$Ifljj`ccfe \k Zfe]fik\i c\j Z_f`o gif]\jj`fee\cj IXggifZ_\i c\ dfe[\ Zfefd`hl\ Xm\Z c\j g\ijfee\j \e i\Z_\iZ_\ [Ë\dgcf` \k jljZ`k\i [\j mfZXk`fej gfli \eZfliX^\i c\j gif^i\jj`fej gif]\jj`fee\cc\j :feki`Yl\i ~ Xjjli\i c\ i\eflm\cc\d\ek [\ cX dX`e [ËÅlmi\ \k XZZfdgX^e\i c\j Ôc` i\j \e [ m\cfgg\d\ek fl \e mfclk`fe Gifdflmf`i cX gcXZ\ [\ cX ]fidXk`fe gif]\jj`fee\cc\ [Xej cËXZhl`j`k`fe [\j Zfdg k\eZ\j \k [\j hlXc`ÔZXk`fej e Z\jjX`i\j ~ cË\o\iZ`Z\ [\ Z\j d k`\ij

\k c\j Zfdg k\eZ\j e Z\jjX`i\j ~ cË\o\iZ`Z\ [Ële d k`\i

:fek\ok\

CËfi`\ekXk`fe# kflk Xl cfe^ [\j gXiZflij jZfcX`i\j \k gif]\jj`fee\cj# j\ Zfejkil`k jflm\ek gXi [ ]Xlk% CËXggl` ~ cX ]fidXc`jXk`fe [Ële gifa\k gif]\jj`fee\c e Z\jj`k\ [\ ZfeeX ki\ cX i Xc`k [l dfe[\ Zfefd`hl\ \k [Ë`[\ek`Ô\i ZcX`i\d\ek c\j hlXc`ÔZXk`fej e Z\jjX`i\j gfli XZZ [\i ~ Z\j d k`\ij% ;\ d d\ Z\cX jlggfj\ [\j flk`cj gfli [`m\ij`Ô\i \k cXi^`i c\j Z_f`o gif]\jj`fee\cj%

FYa\Zk`]j

:i \i [\j flk`cj _fdf^ e\j \k gXikX^ j gfli gi j\ek\i c\j Ôc` i\j [\ cË Zfefd`\ i ^`feXc\ \k c\j d k`\ij# efkXdd\ek c\j d k`\ij gfik\lij [Ë\dgcf` \e CXe^l\[fZ$Ifljj`ccfe ;`]]lj\i cË`e]fidXk`fe Xlgi j [l ^iXe[ glYc`Z gfli Zfe]fik\i [\j Z_f`o \k&fl jljZ`k\i [\j mfZXk`fej =Xmfi`j\i c\j mfclk`fej \k c\j dfY`c`k j gif]\jj`fee\cc\j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:i \i \k Xe`d\i le ^iflg\ [\ kiXmX`c Xm\Z cË\ej\dYc\ [\j XZk\lij ZfeZ\ie j :Xi`]# Fe`j\g# :I@A# YiXeZ_\j gif]\jj`fee\cc\j# i j\Xlo [\j Z_XdYi\j ZfejlcX`i\j# 8EG<# 8jj\[`Z# ykXk# I ^`fe¿ gfli i\Z\ej\i cË\o`jkXek \k [ Ôe`i le ZXe\mXj le`hl\ [\ gi j\ekXk`fe [\j d k`\ij \e CXe^l\[fZ$Ifljj`ccfe DfY`c`j\i c\j YiXeZ_\j gif]\jj`fee\cc\j gfli i\ej\`^e\i c\j ÔZ_\j gXi d k`\ij# `[\ek`Ô\i c\j Zfdg k\eZ\j \k c\j hlXc`ÔZXk`fej e Z\jjX`i\j X`ej` hl\ c\j ]fidXk`fej hl` p Zfe[l`j\ek \e ]fidXk`fe `e`k`Xc\ \k ]fidXk`fe Zfek`el\ # c\j jXcX`i\j# c\j Zfe[`k`fej [\ kiXmX`c¿ D\kki\ \e c`^e\ [\j jlggfikj Zfejkil`kj Xm\Z cË\ej\dYc\ [\j XZk\lij ZfeZ\ie j Gifdflmf`i [\j `e`k`Xk`m\j gfli mXcfi`j\i c\j d k`\ij \k kiXejd\kki\ cË`e]fidXk`fe Xlo XZk`]j [\dXe[\lij [Ë\dgcf` \k jXcXi` j [\ cX i ^`fe

@e[`ZXk\li [Ë mXclXk`fe

KXlo [\ ZfejlckXk`fe [\j `e]fidXk`fej d`j\j \e c`^e\

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

Fi^Xe`jXk`fej gif]\jj`fee\cc\j $ GXik\eX`i\j jfZ`Xlo Æ :fg`i\ Æ ykXk Æ :Xi`] $ Fe`j\g $ I\gi j\ekXekj i ^`feXlo [\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe

ymfclk`fe [\j kXlo [\ ilgkli\ [\j ZfekiXkj [ËXggi\ek`jjX^\ ymfclk`fe [\j [`]ÔZlck j [\ i\Zilk\d\ek EfdYi\ [ËXZk`fej [\ [`]]lj`fe

:fe[`k`fej [\ i ljj`k\

@dgc`ZXk`fe [\ Z_Xhl\ XZk\li# cX ]fidXc`jXk`fe [Ële ZXe\mXj le`hl\# cËXZklXc`jXk`fe [\j `e]fidXk`fej

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

GXik\eX`i\j jfZ`Xlo jXcXi` j $ 9iXeZ_\j gif]\jj`fee\cc\j \k fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j Æ <eki\gi`j\j $ I j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe $ ykXk \k Xlki\j Zfcc\Zk`m`k j cfZXc\j $ Fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ Æ CpZ \j gif]\jj`fee\cj Æ :\eki\j [\ ]fidXk`fe [ËXggi\ek`j Æ 8iXZk Æ :_XdYi\j ZfejlcX`i\j¿

:fe[`k`fej [\ i ljj`k\

:fek`el`k [Xej cËXZk`fe Zfe[l`k\# gfikX^\ gfc`k`hl\ \k `dgc`ZXk`fe [\ cË\ej\dYc\ [\j gXik\eX`i\j

((/

=`Z_\$XZk`fe e (* 8jjli\i cX c`j`Y`c`k jli c\ Zfek\el [\j \dgcf`j

I\Z\ej\i c\ kiXmX`c i Xc`j Xl j\`e [Ë\eki\gi`j\j XggXik\eXek ~ le d d\ j\Zk\li [ËXZk`m`k \e dXk` i\ [Ëfi^Xe`jXk`fe [l kiXmX`c \k [\ ^\jk`fe [\j i\jjfliZ\j _ldX`e\j 8d c`fi\i cX c`j`Y`c`k jli c\j d k`\ij gfik\lij [Ë\dgcf` Z]% ÔZ_\$XZk`fe e (* Fi^Xe`j\i Xm\Z c\j XZk\lij Zfefd`hl\j \k jfZ`Xlo le\ ZXdgX^e\ i ^`feXc\ [\ gifdfk`fe [\j d k`\ij \k d\kki\ \e Ålmi\ Xl j\`e [\j kXYc`jj\d\ekj [\ ]fidXk`fe [\j aflie \j ½ gfik\j$flm\ik\j ¾ jflj cË`dglcj`fe [\ cX I ^`fe gfli mXcfi`j\i cX gcXZ\ [\ cX ]fidXk`fe [Xej cX i Xc`jXk`fe [Ële gifa\k gif]\jj`fee\c Fi^Xe`j\i [Xej Z_XZle [\j [ gXik\d\ekj c\j ½ i\e[\q$mflj [\ cË\dgcf` \k [\ cX ]fidXk`fe ¾ Xm\Z c\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe# c\j i\gi j\ekXekj [\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j \eki\gi`j\j Fi^Xe`j\i le ZfeZflij i ^`feXc m`jXek ~ d\kki\ \e XmXek [\j gXiZflij \o\dgcX`i\j ]fidXk\lij# jkX^`X`i\j# \eki\gi`j\j @[\ek`Ô\i c\j Yfee\j giXk`hl\j gfli \e Xjjli\i c\ kiXej]\ik

G`cfk\

yZ_ XeZ`\i

FI@<EK8K@FE E (%* 1 I<E;I< 8KKI8:K@=J <K M8CFI@J<I C<J DyK@<IJ GFIK<LIJ ;Ë<DGCF@

yZ_ XeZ`\i

(\i j\d\jki\ )''. 1 [ Ôe`k`fe \k mXc`[Xk`fe [l gcXe [ËXZk`fej Xm\Z c\j XZk\lij =`e )''. 1 mXc`[Xk`fe [Ële ZXe\mXj le`hl\ [\ gi j\ekXk`fe (\i ki`d\jki\ )''/ 1 d`j\ \e c`^e\ [\j gi\d`\ij flk`cj jli c\ j`k\ nnn%j\]fid\i\ecXe^l\[fZifljj`ccfe%]i \k [\j j`k\j [\j gXik\eX`i\j

Fi^Xe`jXk`fe Z_Xhl\ Xee \ [Ële\ ZXdgX^e\ i ^`feXc\ [\ gifdfk`fe [\j d k`\ij DXij )''. 1 fi^Xe`jXk`fe [\j (\ij ½ i\e[\q$mflj [\ cË\dgcf` \k [\ cX ]fidXk`fe ¾ [Xej c\ [ gXik\d\ek [l >Xi[ (\i j\d\jki\ )''. 1 ZfeZflij i ^`feXc ½ C\j hlXc`]j [\ cX ]fidXk`fe gif]\jj`fee\cc\ ¾ )''/ 1 fi^Xe`jXk`fe [\j i\e[\q$mflj [\ cË\dgcf` \k [\ cX ]fidXk`fe [Xej * [ gXik\d\ekj )''0 1 fi^Xe`jXk`fe [\j i\e[\q$mflj [\ cË\dgcf` \k [\ cX ]fidXk`fe [Xej c\j , [ gXik\d\ekj )''.&)'(( 1 i\Z\ej\d\ek \k [`]]lj`fe [\j Yfee\j giXk`hl\j

((0

FI@<EK8K@FE E (%* 1 I<E;I< 8KKI8:K@=J <K M8CFI@J<I C<J DyK@<IJ GFIK<LIJ ;Ë<DGCF@ =`Z_\$XZk`fe e (+ I\e]fiZ\i c\j d k`\ij [l [ m\cfgg\d\ek [liXYc\ :fek\ok\

C\j \ea\lo dfe[`Xlo \k eXk`feXlo [l [ m\cfgg\d\ek [liXYc\ fek gi`j le\ Xdgc\li eflm\cc\ gfli c\j gifZ_X`e\j [ Z\ee`\j% Gfli jX gXik# cX I ^`fe CXe^l\[fZ$Ifljj`ccfe X gi`j gfj`k`fe \e ]Xm\li [Ële\ gfc`k`hl\ [\ [ m\cfgg\d\ek [liXYc\ \k [Ële 8^\e[X )(% <cc\ [`jgfj\ \e \]]\k [\ efdYi\lo Xkflkj 1 c\j jfliZ\j [Ë e\i^`\j i\eflm\cXYc\j# c\j k\iiX`ej gifgi\j ~ le\ i\Zfem\ij`fe m\ij cËX^i`Zlckli\ Y`fcf^`hl\# cX Y`f[`m\ij`k k\ii`kfi`Xc\# c\j Z_f`o [\ [ m\cfgg\d\ek liYX`e \k iliXc% :\g\e[Xek le [\j fYjkXZc\j dXa\lij ~ jlidfek\i i j`[\ [Xej c\ dXehl\ [\ Zfdg k\eZ\j gif]\jj`fee\cc\j k\Z_e`hl\j [Xej c\j [`m\ij d k`\ij [l [ m\cfgg\d\ek [liXYc\# efkXdd\ek \e Z\ hl` ZfeZ\ie\ c\j k\Z_e`Z`\ej \k flmi`\ij gif]\jj`fee\cj% @c \jk [feZ li^\ek [\ d\kki\ \e gcXZ\ [\j df[lc\j [\ ]fidXk`fe g\id\kkXek [Ëfi^Xe`j\i iXg`[\d\ek [\j gXc`\ij [\ hlXc`ÔZXk`fe j`^e`ÔZXk`]j%

FYa\Zk`]j

D\kki\ ~ cX [`jgfj`k`fe [\j Ôc` i\j Zfefd`hl\j [\j d k`\ij i\ZfeÔ^li j \e ]feZk`fe [l [ m\cfgg\d\ek [liXYc\ 8ek`Z`g\i c\j i ^c\d\ekXk`fej \em`ifee\d\ekXc\j ~ m\e`i# \e gXik`Zlc`\i gfli c\j KG<&GD< =X`i\ mfcl\i c\j i ] i\ek`\cj [\ [`gc d\j \k [\j hlXc`ÔZXk`fej D\kki\ \e gcXZ\ le\ m\`cc\ [\j d k`\ij \k [\j \dgcf`j [l [ m\cfgg\d\ek [liXYc\ [Xej Z_Xhl\ YiXeZ_\ gif]\jj`fee\cc\

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

=fid\i c\j ]fidXk\lij e Z\jjX`i\j [Xej Z_Xhl\ YiXeZ_\ [ËXZk`m`k [l [ m\cfgg\d\ek [liXYc\ D\kki\ \e gcXZ\ jli kflk c\ k\ii`kf`i\ i ^`feXc c\j gcXk\j$]fid\j k\Z_e`hl\j e Z\jjX`i\j Gifgfj\i cX i ^`fe Zfdd\ c`\l [Ë\og i`d\ekXk`fe gfli cË mfclk`fe [\ [`gc d\j

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

9iXeZ_\j gif]\jj`fee\cc\j Æ Fi^Xe`jd\j [\ ]fidXk`fe Æ ykXk Æ GXik\eX`i\j jfZ`Xlo

yZ_ XeZ`\i

()'

=`Z_\$XZk`fe e (, ; Ôe`i cËXZZl\`c# cË`e]fidXk`fe# cËfi`\ekXk`fe \k c\ i c\ [\j XZk\lij gfli Z_XZle [\ Z\j j\im`Z\j

:fek\ok\

CX cf` [l (* Xf k )''+ gi mf`k hl\ c\ GI;=G [ Ôe`jj\ c\j gi`fi`k j i\cXk`m\j ~ cË`e]fidXk`fe \k ~ cËfi`\ekXk`fe% CË kXk [\j c`\lo [\ cËf]]i\ [\ j\im`Z\j i ^`feXc\ i Xc`j \e )''- gXi cX I ^`fe ZfeÔid\ hl\ c\j XZk\lij [\ cË8@F jfek ki j [`m\ij# Xm\Z [\j d`jj`fej mXi` \j fl jg Z`Xc`j \j# \e ]feZk`fe [l glYc`Z i\ l \k&fl [l j\im`Z\ i\e[l# hl` jfek gclj fl df`ej `[\ek`Ô \j% :\kk\ d ZfeeX`jjXeZ\ i Z`gifhl\ ZfeZ\ie\ ^Xc\d\ek c\lij flk`cj [Ë`ek\im\ek`fe i\jg\Zk`]j% Fe fYj\im\ \e \]]\k le\ i\cXk`m\ fgXZ`k [\j d k_f[\j \k [\j flk`cj [\ jl`m` [\j gXiZflij# dfY`c`j j [Xej Z_XZle [\j i j\Xlo% @c \o`jk\ le\ ]fid\ [\ Zc`mX^\ \eki\ c\j XZk\lij [\ cX ]fidXk`fe `e`k`Xc\ \k c\j XZk\lij [\ cX ]fidXk`fe Zfek`el\% ;\ d d\ c\j i\cXk`fej Xm\Z c\j \eki\gi`j\j jfek `ejl]ÔjXdd\ek [ m\cfgg \j% GXi X`cc\lij# c\j [`jgfj`k`]j [\ ]fidXk`fe \k [\ gif]\jj`feeXc`jXk`fe [\ c\lij g\ijfee\cj gXi]f`j i`Z_\j jfek _ k if^ e\j% <eÔe fe [ gcfi\ \eZfi\ le [ ÔZ`k [\j i\jjfliZ\j \e `e]fidXk`fe efkXdd\ek jli cX M8<# cËf]]i\ [Ë\dgcf` \k [\ ]fidXk`fe# c\j Y\jf`ej [\j \eki\gi`j\j% Á Z\ k`ki\# c\j i gfej\j Xlo Y\jf`ej [\j jXcXi` j [\d\li\ek `ejl]ÔjXek\j%

FYa\Zk`]j

8d c`fi\i cX c`j`Y`c`k [\ cËf]]i\ [\ j\im`Z\j \e dXk` i\ [Ë8@F \k gi Z`j\i c\ i c\ [\j [`]] i\ekj XZk\lij ; m\cfgg\i cËf]]i\ [\ j\im`Z\j gfli Z\ikX`ej glYc`Zj a\le\j \e ilgkli\ jZfcX`i\# j\e`fij# jXcXi` j¿ Gfj`k`fee\i cX I ^`fe Zfdd\ Z_\] [\ Ôc\ \e dXk` i\ [ËXe`dXk`fe [l i j\Xl ; m\cfgg\i le\ Zlckli\ \k le\ gif]\jj`feeXc`jXk`fe gXikX^ \j X`ej` hl\ cX dlklXc`jXk`fe [\j `e]fidXk`fej \k [\j flk`cj I\e]fiZ\i c\ c`\e 8@F&]fidXk`fe ymXcl\i cX hlXc`k \k cË`dgXZk [\j [`jgfj`k`]j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

D\kki\ \e gcXZ\ le Zfd`k [\ g`cfkX^\ i ^`feXc KiXmX`cc\i Zfcc\Zk`m\d\ek ~ cX [ Ôe`k`fe [\j kif`j ZfdgfjXek\j [\ cË8@F ; Ôe`i le i ] i\ek`\c [\ j\im`Z\ jli Z_Xhl\ ZfdgfjXek\ [\ cË8@F ycXYfi\i le\ Z_Xik\ i ^`feXc\ [\ cË8@F `ejkXliXek [\j i ] i\ek`\cj [ËXZk`m`k # [\j gifZ [li\j [\ jl`m`# [\j flk`cj [\ gXik\eXi`Xk \k g\id\kkXek ~ Z_XZle [\ j\ gfj`k`fee\i jli c\j Z_Xdgj [ Ôe`j :i \i le i g\ikf`i\ [\j XZk\lij \k [\j Zfdg k\eZ\j ZfdgfikXek [\j `e]fidXk`fej giXk`hl\j ZXikf^iXg_`\# Zffi[fee \j# _fiX`i\j# `ek\im\eXekj# d k_f[\j# flk`cj# gXik\eXi`Xkj¿ :fdg`c\i [\j `e]fidXk`fej jli c\j [`jgfj`k`]j \k [\j XZk\lij gXiXcc c\j ~ cË8@F hl` g\lm\ek ki\ dfY`c`j j gfli [\j gifYc dXk`hl\j g i`g_ i`hl\j ~ cX ]fidXk`fe ; m\cfgg\i [\j gi\jkXk`fej eflm\cc\j [Xej c\ Z_Xdg [\ cX ZfejkilZk`fe [l gifa\k gif]\jj`fee\c =Xmfi`j\i cË\ok\ej`fe [\j gi\jkXk`fej \e [`i\Zk`fe [\j glYc`Zj c\j gclj \e [`]ÔZlck g\ijfee\j _Xe[`ZXg \j# a\le\j \e ilgkli\ jZfcX`i\# X[lck\j \e i `ej\ik`fe jfZ`Xc\ \k gif]\jj`fee\cc\ Fi^Xe`j\i cX ZfekiXZklXc`jXk`fe dlck`cXk iXc\ ~ ) e`m\Xlo Zfdgc d\ekX`i\j 1 Xl e`m\Xl jkiXk ^`hl\ I ^`fe&ykXk \k gXik\eX`i\j jfZ`Xlo \k Xl e`m\Xl fg iXk`fee\c \eki\ c\j XZk\lij fg iXk`fee\cj [\ cË8@F

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ j`^eXkli\j [\ cX Z_Xik\ I Xc`jXk`fe [l i g\ikf`i\ Fi^Xe`jXk`fe [\ cËXe`dXk`fe [\j i j\Xlo Xlo e`m\Xlo i ^`feXc \k cfZXc Z]% ÔZ_\j$XZk`fe e (* \k (-

EfdYi\ [Ë\dgcf`j k\dgj gc\`e Zi j gXi YiXeZ_\ EfdYi\ [Ë_\li\j$jkX^`X`i\j ÔeXeZ \j gfli c\j jXcXi` j =fidXk`fej i\k\el\j [Xej c\ Gif^iXdd\ i ^`feXc hlXc`ÔXek

G`cfk\

:fe[`k`fej [\ i ljj`k\

FI@<EK8K@FE E )%( 1 ;yM<CFGG<I C< J<IM@:< I<E;L G8I C<J JKIL:KLI<J ;Ë8::L<@C# ;Ë@E=FID8K@FE <K ;ËFI@<EK8K@FE

:ffi[`eXk`fe Zfefd`hl\ ^cfYXc\ gXi \o\dgc\ [\ cX gif[lZk`fe X^i`Zfc\ ~ cËlk`c`jXk`fe [\j gif[l`kj [\ cËX^i`Zlckli\ Y`fcf^`hl\ :ffi[`eXk`fe [\j XZk\lij jfZ`Xlo [\j YiXeZ_\j ZfeZ\ie \j \k [\j fi^Xe`jd\j [\ ]fidXk`fe ; j )''. \k jli kflk\ cX [li \ [l gcXe )''.&)'((

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

ykXk Æ GXik\eX`i\j jfZ`Xlo $ D`jj`fej cfZXc\j Æ 8EG< Æ 8=G8 Æ :@F Æ :I@A Æ Fe`j\g Æ :@;= Æ :@9: $ :Xg \dgcf` Æ =fe^\Z`] $ :Xi`] Æ :_XdYi\j ZfejlcX`i\j

:fe[`k`fej [\ i ljj`k\

GXik`Z`gXk`fe XZk`m\ [\j gXik\eX`i\j ;`]]lj`fe [\j flk`cj 1 Z_Xik\# i g\ikf`i\¿

yZ_ XeZ`\i

)''. 1 [ Ôe`k`fe [l ½ hl` ]X`k hlf` ¾ \k i [XZk`fe [\ cX Z_Xik\ i ^`feXc\ [\ cË8@F Æ Zfejk`klk`fe [l Zfd`k [\ g`cfkX^\ )''/ 1 [ Ôe`k`fe \k d`j\ \e gcXZ\ [Ële\ f]]i\ [\ j\im`Z\j Zf_ i\ek\ \k Zffi[fee \

()(

FI@<EK8K@FE E )%( 1 ;yM<CFGG<I C< J<IM@:< I<E;L G8I C<J JKIL:KLI<J ;Ë8::L<@C# ;Ë@E=FID8K@FE <K ;ËFI@<EK8K@FE =`Z_\$XZk`fe e (- 8e`d\i c\ [`jgfj`k`] [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe [Xej c\j k\ii`kf`i\j

:fek\ok\

CË kXk [\j c`\lo [\ cËf]]i\ [\ j\im`Z\j i ^`feXc\# i Xc`j \e )''- gXi cX I ^`fe# dfeki\ hl\ c\j XZk\lij [\ cË8@F hl` `ek\im`\ee\ek Xl e`m\Xl [\ cX i ^`fe CXe^l\[fZ$Ifljj`ccfe jfek jflm\ek gXik`\j gi\eXek\j [\ i j\Xlo# jflm\ek `e]fid\cj# ~ [`]] i\ekj e`m\Xlo k\ii`kfi`Xc# j\Zkfi`\c¿ # ki j mXi` j j\cfe c\j k\ii`kf`i\j \k [fek c\j Yfee\j giXk`hl\j e\ jfek gXj ZXg`kXc`j \j% Gclj \eZfi\ hl\ cX ]fidXk`fe# c\j gifYc dXk`hl\j [\ cË8@F jfek ]X`Yc\d\ek gi`j\j \e Zfdgk\ [Xej c\j [`X^efjk`Zj cfZXlo% <e kflk kXk [\ ZXlj\# cËXggifZ_\ cfZXc\ [\ cË8@F \jk \eZfi\ g\l gi j\ek\ [Xej c\j [`]] i\ek\j i ^`fej ]iXe X`j\j%

FYa\Zk`]j

8jjli\i le\ _Xidfe`jXk`fe [\j giXk`hl\j [Xej le jflZ` [Ë ^Xc`k [\ kiX`k\d\ek 8jjli\i cX Zfdgc d\ekXi`k \k cX d`j\ \e i j\Xl [\j [`]] i\ekj XZk\lij gfli cË\ej\dYc\ [\j glYc`Zj [\dXe[\lij [Ë\dgcf` \k jXcXi` j =XZ`c`k\i c\j c`\ej \k c\j Z_Xe^\j \eki\ c\j XZk\lij [\ cË8@F XÔe [Ëfgk`d`j\i c\j j\im`Z\j i\e[lj Xl glYc`Z

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

I Xc`j\i [\j [`X^efjk`Zj k\ii`kfi`Xlo gXikX^ j [\j Y\jf`ej [Ë8@F @[\ek`Ô\i le i ] i\ek Xl e`m\Xl cfZXc gfli gfik\i cX [peXd`hl\ i ^`feXc\ Xl j\`e [\ cË\ej\dYc\ [\j jkilZkli\j ZfeZ\ie \j D\kki\ \e Ålmi\ [\j gifa\kj Zffg iXk`]j \e dXk` i\ [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe gif]\jj`fee\cc\

@e[`ZXk\lij [Ë mXclXk`fe

Jl`m` [\j \eki \j \e ]fidXk`fe Xgi j ]fidXc`jXk`fe [Ële gifa\k gif]\jj`fee\c gXi le Zfej\`cc\i Jl`m` [\j i\kflij ~ cË\dgcf` Xgi j cX ]fidXk`fe

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

ykXk $ D\dYi\j [l i j\Xl 8@F Æ :Xi`] Æ Fi\]

:fe[`k`fej [\ i ljj`k\

:ffg iXk`fe jkilZkli \ \eki\ c\j ÔeXeZ\lij \k c\j i j\Xlo [\ cË8@F Xl e`m\Xl i ^`feXc Æ I\jg\Zk [\ cË`[\ek`k jg Z`Ôhl\ [\ Z_Xhl\ i j\Xl Æ DfY`c`jXk`fe [\j Zffi[`eXki`Z\j \dgcf`&]fidXk`fe [\ cX I ^`fe $ :Xg`kXc`jXk`fe [\j giXk`hl\j Æ DfY`c`jXk`fe [\ cËFi\] gfli jfe \og\ik`j\ \e dXk` i\ [\ [`X^efjk`Zj cfZXlo

yZ_ XeZ`\i

FI@<EK8K@FE E )%( 1 ;yM<CFGG<I C< J<IM@:< I<E;L G8I C<J JKIL:KLI<J ;Ë8::L<@C# ;Ë@E=FID8K@FE <K ;ËFI@<EK8K@FE =`Z_\$XZk`fe e (. :i \i [\j gf`ekj `e]fidXk`fe Zfej\`c jli cX MXc`[Xk`fe [\j XZhl`j [\ cË\og i`\eZ\

:fek\ok\

DXc^i cË\o`jk\eZ\ [\ [`jgfj`k`]j Xek i`\lij [\jk`e j ~ i\ZfeeX ki\ cË\og i`\eZ\# ZË\jk Xm\Z cX cf` [l (. aXem`\i )'') hlË\jk m i`kXYc\d\ek `ejkXli le [if`k [ËXZZ j ~ cX Z\ik`ÔZXk`fe gif]\jj`fee\cc\ gXi cX M8<% :\ [`jgfj`k`] g\id\k ~ kflk\ g\ijfee\ \e^X^ \ [Xej cX m`\ XZk`m\# [\gl`j Xl df`ej kif`j Xej# [\ j\ mf`i i\ZfeeX ki\ j\j Zfdg k\eZ\j gif]\jj`fee\cc\j gXi le [`gc d\# le k`ki\ ~ ÔeXc`k gif]\jj`fee\cc\ fl le :HG Z\ik`ÔZXk [\ hlXc`ÔZXk`fe gif]\jj`fee\cc\ % ; jfidX`j \cc\ g\lk ki\ kfkXc\# jXej XlZle gXiZflij [\ ]fidXk`fe jXl] gfli c\j X`[\j$jf`^eXek\j \k cX gi`j\ \e Zfdgk\ [\j Zfdg k\eZ\j XZhl`j\j Xl kiXm\ij [ËXZk`m`k j efe jXcXi` \j \k Y e mfc\j \jk gfjj`Yc\% C\ jlZZ j [\ Z\ [`jgfj`k`] i\gfj\ jli cËfi^Xe`jXk`fe [Ële [`jgfj`k`] [Ë`e]fidXk`fe X[Xgk fi Z\ [`jgfj`k`] m`\ek [\ j\ d\kki\ \e gcXZ\ \e i ^`fe# [Xej c\ ZX[i\ [\j eflm\cc\j Zfdg k\eZ\j [\j I ^`fej \e dXk` i\ [ËXZZl\`c# [Ë`e]fidXk`fe \k [\ Zfej\`c jli cX M8<%

FYa\Zk`]j

=flie`i# ~ kflk\j c\j g\ijfee\j hl` c\ jfl_X`k\ek# le\ `e]fidXk`fe [\ gifo`d`k jli c\j df[\j [\ mXc`[Xk`fe# c\j hlXc`ÔZXk`fej# c\j k`ki\j \k c\j [`gc d\j c\j gclj Xggifgi` j ~ c\li gifÔc 8jjli\i le ^Xc XZZ j Xl Zfej\`c \k ~ cË`e]fidXk`fe jli cX M8< Gfli c\ j\Zk\li [l jXe`kX`i\ \k jfZ`Xc Z]% JZ_ dX [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j 1 i\e]fiZ\i c\j gfc`k`hl\j [Ë`e]fidXk`fe \e dXk` i\ [\ M8< \e m\`ccXek ~ cËXik`ZlcXk`fe [\ cX M8< Xm\Z c\j [`jgfj`k`]j [\ ]fidXk`fe XÔe [\ dX ki`j\i c\j Õlo [\ cX ]fidXk`fe `e`k`Xc\ efkXdd\ek gfli c\j ]fidXk`fej [\ e`m\Xl M

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

D\kki\ \e gcXZ\ le i j\Xl [\j Gf`ekj `e]fidXk`fe Zfej\`c G@: Z_Xi^ [\ ]XZ`c`k\i cËXZZ j ~ cË`e]fidXk`fe [l glYc`Z# [Ë`e]fid\i jli c\j df[Xc`k j gi Z`j\j [\ mXc`[Xk`fe# gi\eXek \e Zfdgk\ c\j jg Z`ÔZ`k j [\ Z_Xhl\ d`e`jk i\ mXc`[\li \k X`[\i c\j ZXe[`[Xkj ~ jËfi`\ek\i% :\kk\ gi\jkXk`fe \jk Xjjli \ jli cË\ej\dYc\ [l k\ii`kf`i\ i ^`feXc gXi le dX`ccX^\ k\ii`kfi`Xc jËXgglpXek jli le\ jkilZkli\ g\idXe\ek\ gXi [ gXik\d\ek \k [\j j`k\j [ cfZXc`j j% Gfli c\ j\Zk\li jXe`kX`i\ \k jfZ`Xc Z] 1 JZ_ dX [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j # `c Zfem`\ek [Ëflk`cc\i c\j G@: 8e`d\i# gifdflmf`i \k mXcfi`j\i c\ [`jgfj`k`] Gi gXi\i le ^l`[\ i ^`feXc jli cX M8< ~ [\jk`eXk`fe [l ^iXe[ glYc`Z m\ij`fe gXg`\i \k m\ij`fe `ek\ie\k Jl`mi\ cË mfclk`fe [l gfikX`c [ [` ~ cX M8< jli c\ j`k\ [l :Xi`] Gif]\jj`feeXc`j\i c\j Zfej\`cc\ij Zffi[`eXk`fe \k [`]]lj`fe [Ëflk`cj Gif[l`i\ \k [`]]lj\i [\j [fee \j jkXk`jk`hl\j

@e[`ZXk\lij [Ë mXclXk`fe

KXlo [\ ]i hl\ekXk`fe [\j G@: M8< \k [\m\e`i [\j glYc`Zj XZZl\`cc`j I Xc`jXk`fe [\j flk`cj Xkk\e[lj

; j )''. 1 `[\ek`ÔZXk`fe [\j i ] i\ekj cfZXlo Fi^Xe`jXk`fe [\j Z_Xe^\j [liXek kflk\ cX [li \ [l gcXe )''.&)'((

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

ykXk d`e`jk i\j mXc`[\lij Æ :Xi`] Æ 9iXeZ_\j gif]\jj`fee\cc\j \k gXik\eX`i\j jfZ`Xlo Æ Fi^Xe`jd\j [\ ]fidXk`fe

:fe[`k`fe [\ i ljj`k\

C`\e Xm\Z c\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe

yZ_ XeZ`\i

())

(\i j\d\jki\ )''. 1 [ gcf`\d\ek [\j G@: gXi cX I ^`fe )\ j\d\jki\ )''. 1 fi^Xe`jXk`fe [\ i le`fej [Ë`e]fidXk`fe Zfcc\Zk`m\j 8e`dXk`fe [l i j\Xl [\j G@: [liXek kflk\ cX [li \ [l gcXe )''.&)'((

()*

FI@<EK8K@FE E )%( 1 ;yM<CFGG<I C< J<IM@:< I<E;L G8I C<J JKIL:KLI<J ;Ë8::L<@C# ;Ë@E=FID8K@FE <K ;ËFI@<EK8K@FE =`Z_\$XZk`fe e (/ @ejkXli\i le Z_ hl\ M8< :fek\ok\

CX i ]fid\ [\ cX ]fidXk`fe gif]\jj`fee\cc\ X`ej` hl\ c\j [`jgfj`k`fej gfli cX gifdfk`fe [\ cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ mfek ^ e i\i [\ eflm\Xlo Y\jf`ej gfli XZZ [\i Xlo hlXc`ÔZXk`fej \k ]X`i\ i\ZfeeX ki\ j\j XZhl`j gXi cX mXc`[Xk`fe [\ cË\og i`\eZ\ gif]\jj`fee\cc\% :\cX jË`ejZi`k [Xej cX e Z\jjX`i\ gi`j\ \e Zfdgk\ [\ gXiZflij [\ gclj \e gclj Zfdgc\o\j 1 gXiZflij hlË`c Zfem`\ek [Ëfi^Xe`j\i [Xej le\ cf^`hl\ [Ë mfclk`fe kflk Xl cfe^ [\ jX m`\ \k [\ gifdfk`fe jfZ`Xc\% GXi X`cc\lij c\j giXk`hl\j [ËXZZfdgX^e\d\ek [\j ZXe[`[Xkj ~ cX M8< mXi`\ek cXi^\d\ek \eki\ c\j [`]] i\ekj XZk\lij% C\ Zfd`k `ek\id`e`jk i`\c Xl [ m\cfgg\d\ek [\ cX M8< X [feZ cXYfi le\ Z_Xik\ gfli cËXZZfdgX^e\d\ek [\j ZXe[`[Xkj%

FYa\Zk`]j

G\id\kki\ ZfeZi k\d\ek cËXZZ j ~ cX M8< 8jjli\i le\ ^Xc`k [\ kiX`k\d\ek gfli c\j glYc`Zj ZfeZ\ie j Gifgfj\i Xlo ZXe[`[Xkj ~ cX M8< le [`jgfj`k`] [ËXZZfdgX^e\d\ek ^XiXek`jjXek le\ d d\ hlXc`k [\j gi\jkXk`fej jli cË\ej\dYc\ [l k\ii`kf`i\

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

; m\cfgg\i le\ f]]i\ [\ Z\ik`ÔZXk`fe XZZ\jj`Yc\ gXi cX M8< \e CXe^l\[fZ$ Ifljj`ccfe \k \e j`dgc`Ô\i c\j Zfe[`k`fej [ËXZZ j jflj cX i\jgfejXY`c`k [\j mXc`[\lij @ejkXli\i le Z_ hl\ M8< [ [` ~ cËXZZfdgX^e\d\ek _fij [\j ]iX`j [\ alip fl [\ gi gXiXk`fe [\j \oXd\ej gi`j \e Z_Xi^\ gXi c\j [`]] i\ekj ÔeXeZ\lij \e ]feZk`fe [l jkXklk [\j glYc`Zj [\dXe[\lij [Ë\dgcf` fl jXcXi` j =fidXc`j\i le\ Zfem\ek`fe i ^`feXc\ Xm\Z c\j ÔeXeZ\lij ZfeZ\ie j Lk`c`j\i c\ ]fidlcX`i\ [\ i\Z\mXY`c`k le`hl\

@e[`ZXk\lij [Ë mXclXk`fe

Jl`m`# gXi c\ :Xi`]# [l efdYi\ [Ë gi\lm\j \k [\ alipj fi^Xe`j j gXi c\j mXc`[\lij Jl`m` [l efdYi\ [\ Z_ hl\j M8< Jl`m` [l kXlo [\ i ljj`k\

G`cfk\

D`j\ \e gcXZ\ [Ële\ jflj$Zfdd`jj`fe Xl j\`e [l :fZfi\]

GXik\eX`i\j

I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ ykXk Æ 8jj\[`Z Æ =fe^\Z`] $ D`e`jk i\j mXc`[\lij Æ FG:8 Æ :Xi`] $ GXik\eX`i\j jfZ`Xlo Æ :_XdYi\j ZfejlcX`i\j

:fe[`k`fej [\ i ljj`k\

Fi^Xe`jXk`fe [Ële jl`m` jkXk`jk`hl\ \eki\ c\j gf`ekj `e]fidXk`fe Zfej\`c \k c\j mXc`[\lij# Jl`m` [l [\m\e`i [\j glYc`Zj \ehl k\ [\ jXk`j]XZk`fe \k [Ë`ej\ik`fe Fi^Xe`jXk`fe [Ële gcXe [ËXZk`fe Xgi j cËfYk\ek`fe [Ële\ mXc`[Xk`fe gXik`\cc\

yZ_ XeZ`\i

()+

(\i j\d\jki\ )''. 1 d`j\ \e gcXZ\ [Ële\ jflj$Zfdd`jj`fe cXi^`\ Xl j\`e [l :fZfi\] (\i j\d\jki\ )''. 1 _Xidfe`jXk`fe [\j df[\j [\ gi`j\ \e Z_Xi^\ gXi c\j ÔeXeZ\lij ;Ë`Z` )''/ 1 d`j\ \e gcXZ\ [Ële jl`m` jkXk`jk`hl\ Zfddle \eki\ c\j mXc`[\lij# c\j G@: \k c\ :Xi`]

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e (0 ;fk\i c\ k\ii`kf`i\ i ^`feXc [\ cpZ \j \k [Ë kXYc`jj\d\ekj [\ ]fidXk`fe gif]\jj`fee\cc\ [\ hlXc`k

:fek\ok\

;\ efdYi\lo cpZ \j j\ kiflm\ek [Xej [\j j`klXk`fej Zi`k`hl\j \e k\id\j [\ ]feZk`fee\d\ek [l ]X`k [\ cX m kljk [\j cfZXlo fZZlg j \k [\ cX [\ej`k [\j c m\j jli Z\ikX`ej j`k\j% GXi X`cc\lij cX d`j\ \e Ålmi\ [\ cX Z_Xik\ hlXc`k [Xej c\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ [f`k jËXgglp\i jli [\j hl`g\d\ekj g [X^f^`hl\j g\i]fidXekj% ;Ëfi\j \k [ a~# jËX^`jjXek [\ cX ]fidXk`fe gif]\jj`fee\cc\# cX I ^`fe jflk`\ek cË hl`g\d\ek [\j ]fidXk`fej i\c\mXek [\j j\Zk\lij [ËXZk`m`k ZfeeX`jjXek [\j [`]ÔZlck j [\ i\Zilk\d\ek k\cj hl\ c\ 9KG# cË`e[ljki`\# c\ kiXejgfik# cË_ k\cc\i`\$i\jkXliXk`fe¿ dX`j ^Xc\d\ek cËXZhl`j`k`fe [\ cf^`Z`\cj [\ ]fidXk`fe jg Z`Ôhl\j [\jk`e j gi`fi`kX`i\d\ek Xlo glYc`Zj \e [`]ÔZlck % <eÔe cX I ^`fe gflijl`k jX gfc`k`hl\ [\ df[\ie`jXk`fe [\j :=8%

FYa\Zk`]j

G\id\kki\ ~ Z_XZle [\ kiflm\i c\j d\`cc\li\j Zfe[`k`fej [\ ]fidXk`fe 8[Xgk\i cX ]fidXk`fe gif]\jj`fee\cc\ Xlo mfclk`fej k\Z_e`hl\j fl k\Z_efcf^`hl\j [\j j\Zk\lij [ËXZk`m`k

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

I _XY`c`k\i c\j cpZ \j gif]\jj`fee\cj \o`jkXekj gXi cX d`j\ \e Ålmi\ [Ële gif^iXdd\ gcli`Xeel\c [Ë`em\jk`jj\d\ek :i \i [\j cpZ \j gfcpmXc\ekj# Xm\Z j\Zk`fej gif]\jj`fee\cc\j Df[\ie`j\i \k i\eflm\c\i c\j hl`g\d\ekj g [X^f^`hl\j efkXdd\ek \e [ m\cfggXek cËXZZ j [\j cpZ \ej Xlo eflm\cc\j k\Z_efcf^`\j [\ cË`e]fidXk`fe \k [\ cX Zfddle`ZXk`fe gXi le gcXe [Ë`e]fidXk`jXk`fe \k [\ d`j\ \e i j\Xl Gflijl`mi\ c\ gcXe [Ë`em\jk`jj\d\ek [\j :=8 \k [\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ Gfli c\ j\Zk\li jXe`kX`i\ \k jfZ`Xc Z]% JZ_ dX [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j # cXYfi\i le gcXe gcli`Xeel\c [Ë`em\jk`jj\d\ek [ [` Xlo hl`g\d\ekj g [X^f^`hl\j =Xmfi`j\i cX dlklXc`jXk`fe [\j hl`g\d\ekj

@e[`ZXk\lij [Ë mXclXk`fe

Jl`m` [\j gif^iXdd\j i ^`feXlo [Ë`em\jk`jj\d\ek Jl`m` [\j Zfem\ek`fej [\ gXik\eXi`Xkj \eki\ kXYc`jj\d\ekj

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

I\ZkfiXk Æ ;iX] Æ ;iXjj $ 9iXeZ_\j gif]\jj`fee\cc\j Æ Fi^Xe`jd\j ^\jk`feeX`i\j [\ :=8

:fe[`k`fe [\ i ljj`k\

;`jgfj\i [l JZ_ dX i ^`feXc [\j ]fidXk`fej gif]\jj`fee\cc\j `e`k`Xc\j jflj jkXklk jZfcX`i\# Xggi\ek`jjX^\ \k ]fidXk`fe Zfek`el\

yZ_ XeZ`\i

; j )''. \k jli kflk\ cX [li \ [l gcXe )''.&)'((

(),

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e )' I [`^\i \k d\kki\ \e Ålmi\ le\ Z_Xik\ [\ hlXc`k [\ j\im`Z\j Xl j\`e [\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\

:fek\ok\

Gclj`\lij ]XZk\lij mfek Xd\e\i c\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ ~ gifgfj\i [\j gXiZflij [`m\ij`Ô j 1 c\ [ m\cfgg\d\ek Xkk\e[l [\ cX M8<# cX d`j\ \e gcXZ\ [\ ]fidXk`fej flm\ik\j ~ [`jkXeZ\# cX d`j\ \e Ålmi\ [\ cX cf` jli cX ]fidXk`fe gif]\jj`fee\cc\ kflk Xl cfe^ [\ cX m`\ \k gclj gXik`Zlc` i\d\ek [l ;@=# cX df[lcXi`jXk`fe [\j ]fidXk`fej# cË_ k if^ e `k [\j glYc`Zj% ;ËXlki\ gXik c\j YiXeZ_\j gif]\jj`fee\cc\j d\kk\ek \e XmXek cX e Z\jjX`i\ gi`j\ \e Zfdgk\ [\j i ] i\ek`\cj d k`\ij [Xej cË mfclk`fe [\j Zfek\elj [\ ]fidXk`fe% :\j e Z\jjX`i\j mfclk`fej [\j d k_f[\j g [X^f^`hl\j \e^X^\ek ~ i Õ Z_`i Xlo df[Xc`k j [Ële XZZfdgX^e\d\ek X[Xgk %

FYa\Zk`]j

8[Xgk\i cËXggXi\`c [\ ]fidXk`fe Xlo i Xc`k j [\ cË Zfefd`\ i ^`feXc\ \k ~ cX [`m\ij`k [\j gXiZflij gif]\jj`fee\cj 8d c`fi\i c\j gi\jkXk`fej i Xc`j \j Xlgi j [\j jkX^`X`i\j 8d c`fi\i c\ i\kfli m\ij cË\dgcf` Xgi j cX ]fidXk`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:fejk`kl\i le Zfd`k [\ g`cfkX^\ 1 I ^`fe# ykXk# gXik\eX`i\j jfZ`Xlo# FG:8# 8jj\[`Z I [`^\i le\ Z_Xik\ [\ hlXc`k jËXgglpXek jli [`]] i\ekj Zi`k i\j 1 cX hlXc`k [\ cËXZZl\`c [\j jkX^`X`i\j \k [\ c\li XZZfdgX^e\d\ek g\e[Xek \k Xgi j cX ]fidXk`fe# cX Zfe]fid`k [\j cfZXlo \k [\j hl`g\d\ekj Xlo \o`^\eZ\j g [X^f^`hl\j# cË`e[`m`[lXc`jXk`fe [\j ]fidXk`fej# cË mfclk`fe [\j Zfdg k\eZ\j [\j ]fidXk\lij \k cËX[XgkXk`fe [\j g\ijfee\cj X[d`e`jkiXk`]j# c\ c`\e Xm\Z c\ dfe[\ Zfefd`hl\ \k cX Zfejk`klk`fe [\ gXik\eXi`Xkj \eki\ fi^Xe`jd\j [\ ]fidXk`fe gfli dlklXc`j\i [\j i\jjfliZ\j \k [\j dfp\ej _ldX`ej cfZXlo# hl`g\d\ekj# g\ijfee\c# i ] i\ek`\cj \eki\ fi^Xe`jd\j [\ ]fidXk`fe&\eki\gi`j\j# \eki\ fi^Xe`jd\j [\ ]fidXk`fe&i j\Xl [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe D\kki\ \e gcXZ\ le ZfekiXk I ^`fe&fi^Xe`jd\ [\ ]fidXk`fe&jkX^`X`i\ gfli ZcXi`Ô\i c\j \e^X^\d\ekj i\jg\Zk`]j 8ZZfdgX^e\i gif^i\jj`m\d\ek c\j fi^Xe`jd\j [\ ]fidXk`fe [Xej cX d`j\ \e Ålmi\ [\ cX Z_Xik\ ^iflg\j [\ kiXmX`c¿

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ Xeel\c [Ëfi^Xe`jd\j [\ ]fidXk`fe \e^X^ j [Xej cX [ dXiZ_\ hlXc`k \k gif^i\jj`fe jli cX [li \ [l GI;=G Jl`m` [l kXlo [Ë`ej\ik`fe [\j jkX^`X`i\j Xgi j cX ]fidXk`fe# \ehl k\ [\ jXk`j]XZk`fe

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

:Xi`] Æ I j\Xlo [Ëfi^Xe`jd\j [\ ]fidXk`fe Æ 8=G8 $ 8jj\[`Z Æ 9iXeZ_\j gif]\jj`fee\cc\j

:fe[`k`fej [\ i ljj`k\

Le XZZfdgX^e\d\ek gXi c\j [`]] i\ekj ÔeXeZ\lij XÔe [\ j Zli`j\i c\j fi^Xe`jd\j [\ ]fidXk`fe Z]% Zfem\ek`fee\d\ek gcli`Xeel\c \k [\ ]Xmfi`j\i cX d`o`k [\j glYc`Zj J`dgc`ÔZXk`fe [\j gifZ [li\j X[d`e`jkiXk`m\j

yZ_ XeZ`\i

(\i j\d\jki\ )''. 1 Zfejk`klk`fe [l Zfd`k [\ g`cfkX^\ I [XZk`fe [\ cX Z_Xik\ hlXc`k 1 )''.

D`j\ \e Ålmi\ [\ cX Z_Xik\ hlXc`k jli kflk\ cX g i`f[\ )''/&)'((

()-

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e )( @ejkXcc\i le g c\ i ^`feXc [\ [ m\cfgg\d\ek \e `e^ e`\i`\ [\ ]fidXk`fe \k m\`cc\ k\Z_efcf^`hl\

:fek\ok\

DXc^i hl\chl\j \og i`d\ekXk`fej hl` i\jk\ek g\l mXcfi`j \j# c\j fi^Xe`jd\j [\ ]fidXk`fe ]fek kXk [\ gclj`\lij ]i\`ej ~ cË`e^ e`\i`\ g [X^f^`hl\ 1 dXehl\ [\ [`jgfe`Y`c`k [\j ]fidXk\lij# gi ZXi`k [\j g\ijfee\cj# ÔeXeZ\d\ek% Gfli c\j d d\j iX`jfej# cX m\`cc\ k\Z_efcf^`hl\ \jk `e ^Xc\d\ek giXk`hl \ gXi c\j fi^Xe`jd\j [\ ]fidXk`fe% GflikXek cË`e^ e`\i`\ g [X^f^`hl\ `e_ i\ek\ Xl d k`\i [\ ]fidXk\li X`ej` hl\ cX m\`cc\ k\Z_efcf^`hl\ jfek [\j ]XZk\lij ]Xmfi`jXek cË mfclk`fe [\j giXk`hl\j g [X^f^`hl\j Xl Y e ÔZ\ [\j glYc`Zj \e ]fidXk`fe \k [\j ]fidXk\lij%

FYa\Zk`]

=Xmfi`j\i c\ [ m\cfgg\d\ek [\ giXk`hl\j g [X^f^`hl\j `eefmXek\j \e i ^`fe X`ej` hl\ c\j Z_Xe^\j k\Z_efcf^`hl\j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:i \i# Xl j\`e [l :Xi`]# le g c\ i ^`feXc [\ [ m\cfgg\d\ek \e `e^ e`\i`\ [\ ]fidXk`fe \k m\`cc\ k\Z_efcf^`hl\% C\ Z_Xdg [\ cË\og i`d\ekXk`fe \jk Zfe l [\ dXe` i\ ki j cXi^\ XccXek [\ cX ZfeZ\gk`fe# [fek cË`e^ e`\i`\ ÔeXeZ` i\# ~ cX ^ e iXc`jXk`fe% :\ c`\l [ËXe`dXk`fe# [Ë Z_Xe^\j \k [\ Zfddle`ZXk`fe g\id\kkiX Xlo fi^Xe`jd\j [\ ]fidXk`fe [\ ]X`i\ ZfeeX ki\ c\lij kiXmXlo fl [\ gif[l`i\ \ej\dYc\# ~ Z_Xi^\ gfli c\ :Xi`] [Ë\e `e]fid\i cË\ej\dYc\ [\j fi^Xe`jd\j [\ ]fidXk`fe \e i ^`fe% C\j Z_Xe^\j \eki\ fi^Xe`jd\j [\ ]fidXk`fe \k \e c`\e Xm\Z c\j YiXeZ_\j gif]\jj`fee\cc\j j\ifek ^Xc\d\ek \eZfliX^ j j\cfe [\j df[Xc`k j ~ gi Z`j\i 1 ^iflg\ [\ kiXmX`c# i\cXk`fej Xm\Z [\j Z\eki\j [\ i\Z_\iZ_\ DfY`c`j\i c\j gif^iXdd\j [\ ÔeXeZ\d\ek [\ gifa\kj \og i`d\ekXlo

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [Ëfi^Xe`jd\j [\ ]fidXk`fe XpXek jfcc`Z`k c\ g c\ fl gXik`Z`g ~ [\j XZk`m`k j ;`]]lj`fe [\j \og i`d\ekXk`fej jli c\ k\ii`kf`i\ i ^`feXc

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

:Xi`] $ I\gi j\ekXekj [\j fi^Xe`jd\j [\ ]fidXk`fe $ I j\Xlo [Ëfi^Xe`jd\j [\ ]fidXk`fe Æ 9iXeZ_\j gif]\jj`fee\cc\j Æ FG:8

:fe[`k`fej [\ i ljj`k\

Le\ Xe`dXk`fe [peXd`hl\ Le\ mXcfi`jXk`fe [l kiXmX`c i Xc`j

yZ_ XeZ`\i

)''.&)'(( )''. 1 Zfejk`klk`fe [Ële gi\d`\i ^iflg\ [\ kiXmX`c

().

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e )) D\kki\ \e gcXZ\ le\ gcXk\$]fid\ [Ë Z_Xe^\ `e]fidXk`m\ :fek\ok\

;\gl`j j\gk\dYi\ )''+# cX I ^`fe X cXeZ le\ i Õ\o`fe Xggif]fe[`\ jli jfe \em`ifee\d\ek `e]fidXk`hl\ [Xej c\ j\Zk\li [\ cX ]fidXk`fe% C\j gi\d` i\j i Xc`jXk`fej fek ml c\ afli \e )''-# Xm\Z [Ële\ gXik# c\ cXeZ\d\ek [l gfikX`c nnn%j\]fid\i\ecXe^l\[fZifljj`ccfe%]i hl` X i\e[l XZZ\jj`Yc\ cËf]]i\ [\ ]fidXk`fe Xl ^iXe[ glYc`Z \k Xlo gi\jZi`gk\lij [\ ]fidXk`fe \k [ËXlki\ gXik# cX d`j\ \e j\im`Z\ [\ cX gcXk\$]fid\ [\ [ dXk i`Xc`jXk`fe [\j dXiZ_ j [\ cX ]fidXk`fe gif]\jj`fee\cc\ hl` g\id\k Xlo fi^Xe`jd\j [\ ]fidXk`fe [\ jX`j`i \k [\ [ gfj\i \e c`^e\ c\lij gifa\kj [\ ]fidXk`fe% :\kk\ [ dXiZ_\ [f`k ki\ gflijl`m`\%

FYa\Zk`]j

8d c`fi\i c\ g`cfkX^\ [\j `ek\im\ek`fej [\ cX I ^`fe \k cË\]ÔZXZ`k [\j [`jgfj`k`]j [\ ]fidXk`fe gif]\jj`fee\cc\ =Xmfi`j\i c\j Z_Xe^\j \eki\ cX I ^`fe# c\ ^iXe[ glYc`Z \k c\j fi^Xe`jd\j [\ ]fidXk`fe MXcfi`j\i cË`dX^\ \ok\ie\ [\ cX I ^`fe Gifgfj\i le XZZ j le`hl\ Xlo gifZ\jjlj [ dXk i`Xc`j j [\ cX I ^`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:i Xk`fe [Ële flk`c le`hl\ [\ ^\jk`fe Zfddle ~ cË\ej\dYc\ [\ cX ;`i\Zk`fe [\ cX ]fidXk`fe gif]\jj`fee\cc\ \k [\ cËXggi\ek`jjX^\ Xl j\`e [\ cX I ^`fe CXe^l\[fZ$Ifljj`ccfe :fejk`klk`fe [Ële Zfd`k [\ g`cfkX^\ Z_Xi^ [\ mXc`[\i c\j [`]] i\ek\j kXg\j \k [Ë`e]fid\i c\j gXik\eX`i\j :fejk`klk`fe [Ële ^iflg\$gifa\k Z_Xi^ [\ kiX`k\i c\j Xjg\Zkj fi^Xe`jXk`fee\cj \k k\Z_e`hl\j [l gifa\k

@e[`ZXk\lij [Ë mXclXk`fe

8ggifgi`Xk`fe [\ cËflk`c gXi c\j lk`c`jXk\lij `ek\ie\j \k \ok\ie\j

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

Fi^Xe`jd\j [\ ]fidXk`fe

:fe[`k`fej [\ i ljj`k\

yZ_ XeZ`\i

()/

@dgc`ZXk`fe [\j X^\ekj [\ cX Zfcc\Zk`m`k [Xej c\j g_Xj\j [Ë\ogc`ZXk`fe [\j Y\jf`ej 8ZZfdgX^e\d\ek [\j lk`c`jXk\lij ~ cX d`j\ \e Ålmi\ [l gifa\k \k ~ cX Zfe[l`k\ [l Z_Xe^\d\ek :fem`m`Xc`k [l gif[l`k \k ]XZ`c`k [ËXZZ j

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e )* :i \i le\ Yflij\ i ^`feXc\ [\ cËXggi\ek`jjX^\ \k [\ cËXck\ieXeZ\

:fek\ok\

;Xej c\ ZX[i\ [\ cX gfc`k`hl\ d\e \ gXi c\j gflmf`ij glYc`Zj \k c\j gXik\eX`i\j jfZ`Xlo gfli [ m\cfgg\i cËXggi\ek`jjX^\ \k gclj ^ e iXc\d\ek cËXck\ieXeZ\ m`X c\j ZfekiXkj [\ gif]\jj`feeXc`jXk`fe# `c \jk e Z\jjX`i\ [\ gflmf`i ]XZ`c`k\i c\ c`\e \eki\ cË\eki\gi`j\ \k c\j glYc`Zj% <e \]]\k Y`\e jflm\ek c\j d`c`\lo gif]\jj`fee\cj j\ gcX`^e\ek [\ e\ gXj kiflm\i [ËXggi\ek`j 2 [\ c\li Z k # [\ ]lklij Xggi\ek`j fek [l dXc ~ kiflm\i le\ \eki\gi`j\% Le\ \ehl k\ d\e \ Xlgi j [\j Xggi\ek`j \e )''- dfeki\ hl\ c\ Z_f`o [\ cË\eki\gi`j\ [ËXZZl\`c \jk \jj\ek`\c gfli cË`ej\ik`fe [\j Xggi\ek`j \k hl\ c\ i c\ [\ cË\eki\gi`j\ [\ ]fidXk`fe \jk gi gfe[ iXek gfli c\ gcXZ\d\ek [\j a\le\j Xggi\ek`j% ;`m\ij\j jkilZkli\j d e\ek [ a~# \e i ^`fe# le\ [ dXiZ_\ [\ d`j\ \e i\cXk`fe [\j f]]i\j \k [\dXe[\j [\ ZfekiXkj gXi Xck\ieXeZ\% C\ ZfekiXk [ËfYa\Zk`]j \k [\ dfp\ej j`^e Xm\Z cX :_XdYi\ i ^`feXc\ [\ d k`\ij \k [\ cËXik`jXeXk gi mf`k [ a~ cX Zi Xk`fe [Ële\ Yflij\ i ^`feXc\ [ËXggi\ek`jjX^\ ZfejlckXYc\ jli `ek\ie\k%

FYa\Zk`]j

:\ekiXc`j\i cË`e]fidXk`fe i ^`feXc\ gfli [ m\cfgg\i cËXck\ieXeZ\ \e `[\ek`ÔXek c\j \eki\gi`j\j [ËXZZl\`c \k c\li cfZXc`jXk`fe =XZ`c`k\i cËXZZ j [\j glYc`Zj \k [\j gi\jZi`gk\lij ~ le\ `e]fidXk`fe ÔXYc\ \k XZklXc`j \ jli cËf]]i\ \k cX [\dXe[\ [\ ZfekiXk \e Xck\ieXeZ\ G\id\kki\ le d d\ e`m\Xl [Ë`e]fidXk`fe hl\cc\ hl\ jf`k cX j`klXk`fe ^ f^iXg_`hl\ [l glYc`Z \k ]Xmfi`j\i cX dfY`c`k [\j glYc`Zj D\kki\ \e i\cXk`fe \e k\dgj i \c c\j a\le\j \k c\j \eki\gi`j\j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

I [`^\i le ZX_`\i [\j Z_Xi^\j i\cXk`] ~ cX Zfejk`klk`fe [Ële\ Yflij\ i ^`feXc\ m`X `ek\ie\k :fcc\Zk\i Xl e`m\Xl i ^`feXc c\j [\dXe[\j \k c\j f]]i\j [\ ]fidXk`fe gXi Xck\ieXeZ\ \k gXi Xggi\ek`jjX^\ dXeXek [\j a\le\j fl [\j [\dXe[\lij [Ë\dgcf` \k [\j \eki\gi`j\j ;`]]lj\i c\j `e]fidXk`fej jli le j`k\ @ek\ie\k ;fee\i le\ `e]fidXk`fe Zfdgc k\ jli c\j [`jgfj`k`]j [\ ]fidXk`fe X`ej` hl\ jli c\j c`\lo [\ ]fidXk`fe

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ ZfekXZkj EfdYi\ [\ ZfekiXkj j`^e j

G`cfk\j

ykXk $ I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

:fg`i\ $ :_XdYi\j ZfejlcX`i\j Æ 9iXeZ_\j gif]\jj`fee\cc\j \k fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j Æ I j\Xl [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe Æ I\ZkfiXk 9flij\ Xlo jkX^\j $ 8EG< $ :Xi`]

)''.&)''/

:fe[`k`fej [\ i ljj`k\

8ZklXc`jXk`fe \e Zfek`el [\j [fee \j ?Xidfe`jXk`fe [\ cËf]]i\ 8[_ j`fe [\ cË\ej\dYc\ [\j gi\jZi`gk\lij ~ cËflk`c

yZ_ XeZ`\i

)\ j\d\jki\ )''. 1 i [XZk`fe [l ZX_`\i [\j Z_Xi^\j (\i j\d\jki\ )''/ 1 d`j\ \e gcXZ\ [\ cX Yflij\ i ^`feXc\ Jl`m` [liXek kflk\ cX g i`f[\ )''/&)'((

()0

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e )+ =fid\i c\j klk\lij \k c\j dX ki\j [ËXggi\ek`jjX^\ :fek\ok\

CX ]fidXk`fe gXi Xck\ieXeZ\ i\gfj\ ~ cX ]f`j jli cX ]fidXk`fe \e Z\eki\ [\ ]fidXk`fe \k jli cX ]fidXk`fe \e \eki\gi`j\% C\j klk\lij fl c\j dX ki\j [ËXggi\ek`jjX^\ jfek Z_Xi^ j [\ ]Xmfi`j\i cË`ek ^iXk`fe [l jkX^`X`i\ fl [\ cËXggi\ek` [Xej cË\eki\gi`j\ \k [\ cËXZZfdgX^e\i [Xej cËXZhl`j`k`fe [\j Zfdg k\eZ\j e Z\jjX`i\j Xl [`gc d\ gi gXi \e c`\e Xm\Z c\ Z\eki\ [\ ]fidXk`fe% :\j klk\lij fl dX ki\j [ËXggi\ek`jjX^\ e\ jfek gXj kflaflij gi gXi j ~ Xjjld\i Z\j ]feZk`fej% ;\j XZk`fej [\ ]fidXk`fe [\j klk\lij \k [\j dX ki\j [ËXggi\ek`jjX^\ jfek `ejZi`k\j [Xej c\j ZfekiXkj [ËfYa\Zk`]j \k [\ dfp\ej j`^e j [Xej c\j j\Zk\lij [l 9KG X`ej` hl\ [l Zfdd\iZ\ \k [\ cË`e[ljki`\%

FYa\Zk`]j

8d c`fi\i cX hlXc`k [\ cX ]fidXk`fe \e \eki\gi`j\ @eZ`k\i c\j dX ki\j [ËXggi\ek`jjX^\ \k c\j klk\lij ~ j\ ]fid\i >XiXek`i cX Zf_ i\eZ\ \eki\ ]fidXk`fe \e Z\eki\ \k ]fidXk`fe \e \eki\gi`j\ MXcfi`j\i c\ i c\ [\j klk\lij \k [\j dX ki\j [ËXggi\ek`jjX^\

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

D\kki\ \e gcXZ\ [\j df[lc\j [\ ]fidXk`fe ~ [\jk`eXk`fe [\j klk\lij \k [\j dX ki\j [ËXggi\ek`jjX^\ DfY`c`j\i# Xl j\`e [\j \eki\gi`j\j# c\j j\e`fij jli Z\ kpg\ [\ ]feZk`fej gfli c\li g\id\kki\ [\ kiXej] i\i c\li jXmf`i$]X`i\ CXY\cc`j\i# jflj Z\ikX`ej Zi`k i\j ~ [ Ôe`i# c\j \eki\gi`j\j ]fidXki`Z\j fl Zi \i le k`ki\ [\ ]fidXk\li

@e[`ZXk\li [Ë mXclXk`fe

EfdYi\ [\ ]fidXk`fej fi^Xe`j \j

G`cfk\j

9iXeZ_\j gif]\jj`fee\cc\j \k fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j

GXik\eX`i\j

:_XdYi\j ZfejlcX`i\j Æ <eki\gi`j\j $ Fi^Xe`jd\j [\ ]fidXk`fe Æ FG:8 Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe $ ykXk

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

(*'

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e ), J\ej`Y`c`j\i c\j glYc`Zj \e ]fidXk`fe Xl [ m\cfgg\d\ek [liXYc\ \k ~ cX Z`kfp\ee\k

:fek\ok\

CËXZhl`j`k`fe [\ ZfeeX`jjXeZ\j jli cX hl\jk`fe [l [ m\cfgg\d\ek [liXYc\ X`ej` hl\ cË [lZXk`fe ~ cX i\jgfejXY`c`k Zfejk`kl\ek [\j \ea\lo dXa\lij gfli cËXm\e`i [\ efki\ jfZ` k % CX ]fik\ Zif`jjXeZ\ [ df^iXg_`hl\ \k c\j i`jhl\j eXkli\cj hl\ ZfeeX k c\ CXe^l\[fZ$Ifljj`ccfe i\e[\ek e Z\jjX`i\ le\ [lZXk`fe ~ cË\em`ifee\d\ek% CX Zfem\ek`fe$ZX[i\ [\ cË [lZXk`fe ~ cË\em`ifee\d\ek gfli le [ m\cfgg\d\ek [liXYc\ )''-$)'('# j`^e \ \e ] mi`\i )''.# Zfejk`kl\ Xlafli[Ë_l` c\ jfZc\ [\ cX gfc`k`hl\ i ^`feXc\ \e cX dXk` i\% <cc\ gi mf`k le gcXe [Ë [lZXk`fe ~ cË\em`ifee\d\ek hl` jËX[i\jj\ efkXdd\ek Xlo cpZ \ej# Xlo Xggi\ek`j \k Xlo jkX^`X`i\j [\ cX ]fidXk`fe gif]\jj`fee\cc\ \k d\k \e XmXek efkXdd\ek cË cXi^`jj\d\ek [\j glYc`Zj [\ cË [lZXk`fe ~ cË\em`ifee\d\ek% ;\j df[lc\j [\ j\ej`Y`c`jXk`fe jfek [Ëfi\j \k [ a~ d`j \e gcXZ\ [Xej c\j jkX^\j [l gif^iXdd\ i ^`feXc [ËXZk`fej gi gXiXkf`i\j ~ cË`ej\ik`fe% GXi X`cc\lij# cX Zi Xk`fe i Z\ek\# \e CXe^l\[fZ$ Ifljj`ccfe# [Ële :fej\`c i ^`feXc [\j a\le\j g\id\k ~ Z\j [\ie`\ij [Ë ki\ [\j Z`kfp\ej XZk`]j%

FYa\Zk`]j

ycXi^`i c\ Z_Xdg [\j Zfek\elj g [X^f^`hl\j ~ [\j jla\kj c` j ~ cË Zf$ Z`kfp\ee\k <eZfliX^\i c\j Zfdgfik\d\ekj Z`kfp\ej \k i\jgfejXYc\j ; m\cfgg\i cX [ dfZiXk`\ gXik`Z`gXk`m\

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

J\ej`Y`c`j\i c\j cpZ \ej Xlo hl\jk`fej [\ Z`kfp\ee\k # [\ cX Z`k # [Ë ^Xc`k # [\ [ m\cfgg\d\ek [liXYc\# [Ë\em`ifee\d\ek¿ \e gXik`Z`gXek Xl ÔeXeZ\d\ek [\j gifa\kj [lZXk`]j gi j\ek j gXi c\j kXYc`jj\d\ekj jZfcX`i\j @ek ^i\i c\ i\jg\Zk [\ cË\em`ifee\d\ek \k c\ [ m\cfgg\d\ek [liXYc\ [Xej c\ ]feZk`fee\d\ek [\j cpZ \j Xm\Z cX d`j\ \e gcXZ\ [\ cX [ dXiZ_\ ½ CpZ \ )( ¾ \k \eZfliX^\i c\j XZk`fej g [X^f^`hl\j d`j\j \e Ålmi\ [Xej c\j kXYc`jj\d\ekj cXY\cc`j j ; m\cfgg\i c\j XZk`fej [\ j\ej`Y`c`jXk`fe ~ [\jk`eXk`fe [\j Xggi\ek`j \k [\j jkX^`X`i\j [\ cX ]fidXk`fe gif]\jj`fee\cc\ jli c\j k_ d\j [l [ m\cfgg\d\ek [liXYc\ \k [\ cX Z`kfp\ee\k =fid\i c\j ]fidXk\lij [\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ Xl [ m\cfgg\d\ek [liXYc\ @ek ^i\i c\ [ m\cfgg\d\ek [liXYc\ [Xej c\j gif^iXdd\j [\ ]fidXk`fe I\Z\ej\i c\j giXk`hl\j \k dlklXc`j\i c\j Zfek\elj g [X^f^`hl\j ;`]]lj\i c\j XZk`m`k j [l :fej\`c i ^`feXc [\j a\le\j m`X `ek\ie\k

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [ËXZk`fej [\ j\ej`Y`c`jXk`fe [\j glYc`Zj EfdYi\ [\ ]fidXk\lij ]fid j Xl [ m\cfgg\d\ek [liXYc\ EfdYi\ [\ ZfejlckXk`fej [l j`k\ [l :fej\`c i ^`feXc [\j a\le\j 1 nnn%cXki`Yl$ci%]i

@dgc`ZXk`fe [\j \eki\gi`j\j 8ggl` [l Z\eki\ [\ i\jjfliZ\j [l :Xi`] D`j\ \e Ålmi\ [liXek kflk\ cX [li \ [l gcXe )''.&)'((

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

ykXk $ 8[\d\ $ Fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ Æ :\eki\j [\ ]fidXk`fe [ËXggi\ek`j Æ CpZ \j gif]\jj`fee\cj

:fe[`k`fe [\ i ljj`k\

8ggifgi`Xk`fe [l ZfeZ\gk [\ [ m\cfgg\d\ek [liXYc\ gXi c\j ]fidXk\lij

yZ_ XeZ`\i

)''.&)'((

(*(

FI@<EK8K@FE E )%) 1 8DyC@FI<I C8 HL8C@Ky ;< CËF==I< ;< =FID8K@FE =`Z_\$XZk`fe e )- =Xmfi`j\i cX dfY`c`k \lifg \ee\ :fek\ok\

FYa\Zk`]j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

CX dfY`c`k [\j glYc`Zj \e ]fidXk`fe [l CXe^l\[fZ$Ifljj`ccfe m\ij [ËXlki\j k\ii`kf`i\j i\jk\ \eZfi\ g\l [ m\cfgg \ Xcfij hl\ cËflm\ikli\ jli cË<lifg\ \jk le ]XZk\li [Ë\ei`Z_`jj\d\ek g\ijfee\c \k gif]\jj`fee\c `eZfek\jk % CX dfY`c`k Zfejk`kl\ cËle [\j gi`eZ`gXlo fYa\Zk`]j [\ cËXZk`fe [\ cËLe`fe \lifg \ee\ XÔe [\ Zi \i le m i`kXYc\ \jgXZ\ \lifg \e [\ cË [lZXk`fe \k [\ cX ]fidXk`fe% :Ë\jk X`ej` hl\ c\ GXic\d\ek \lifg \e X X[fgk # Ôe )''-# cX Z_Xik\ \lifg \ee\ [\ hlXc`k gfli cX dfY`c`k hl` Zfejk`kl\ [ jfidX`j le [fZld\ek [\ i ] i\eZ\ [\j j aflij ~ cË kiXe^\i% 8Zkl\cc\d\ek c\ [`jgfj`k`] ½ <lifgXjj ¾# gfli c\hl\c cX I ^`fe \jk i ] i\ek\# Zfeki`Yl\ ~ ]Xmfi`j\i Z\kk\ dfY`c`k % CË<lifgXjj i\^iflg\ , [fZld\ekj cXYfi j Xl e`m\Xl \lifg \e XÔe [ËXd c`fi\i cX kiXejgXi\eZ\ [\j hlXc`ÔZXk`fej% (- jkilZkli\j [l CXe^l\[fZ$ Ifljj`ccfe i\gi j\ekXek ()' Y e ÔZ`X`i\j \e fek [ a~ Y e ÔZ` % 8ZZif ki\ cX ZXgXZ`k [ËXlkfefd`\ \k [ËX[XgkXY`c`k [\j glYc`Zj =Xmfi`j\i cËflm\ikli\ Zlckli\cc\ \k cX ZfeeX`jjXeZ\ [\j j`klXk`fej gif]\jj`fee\cc\j ; m\cfgg\i c\ j\ek`d\ek [ËXggXik\eXeZ\ ~ cËLe`fe \lifg \ee\ \k cX Zfdgi _\ej`fe dlkl\cc\ =XZ`c`k\i cËX[XgkXk`fe [\j jpjk d\j [\ ]fidXk`fe [Xej c\j qfe\j kiXej]ifekXc` i\j =Xmfi`j\i c\j Z_Xe^\j jZfcX`i\j \e gXik`Z`gXek Xl ÔeXeZ\d\ek [\j gifa\kj [lZXk`]j gi j\ek j gXi c\j cpZ \j gif]\jj`fee\cj% C\j Z_Xe^\j e\ j\ kiX[l`j\ek gXj ]fiZ d\ek gXi [\ cX dfY`c`k Z]% flk`cj `e]fidXk`hl\j¿ Fi^Xe`j\i [\j j aflij ~ ZXiXZk i\ gif]\jj`fee\c# Xl Y e ÔZ\ [\ glYc`Zj \e ]fidXk`fe# [Xej c\j gXpj \lifg \ej D\kki\ \e gcXZ\ [\j df[lc\j [\ cXe^l\j X[Xgk j I Xc`j\i \e CXe^l\[fZ$Ifljj`ccfe le fl [\j j d`eX`i\j ]X`jXek `ek\im\e`i [\j i\jgfejXYc\j [\ ]fidXk`fe [ËXlki\j gXpj =XZ`c`k\i c\j Z_Xe^\j [\ glYc`Zj cpZ \ej# Xggi\ek`j# jkX^`X`i\j \k c\j c`\ej \eki\ c\j fi^Xe`jd\j [\ ]fidXk`fe \k c\j \eki\gi`j\j gfli c\j g i`f[\j [\ jkX^\ =X`i\ ZfeeX ki\ c\j fggfikle`k j f]]\ik\j efkXdd\ek gXi c\ Gif^iXdd\ gfli cË [lZXk`fe \k cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ )''.$)'(* \k gclj gi Z`j d\ek c\j gif^iXdd\j C\feXi[f [X M`eZ` \k >ile[km`^ 8ggfik\i le Xggl` d k_f[fcf^`hl\ [Xej c\ dfekX^\ [\ [fjj`\ij [\ ]fidXk`fe [Xej c\ ZX[i\ \lifg \e :i \i [\j gXik\eXi`Xkj gi`m`c ^` j Xm\Z hl\chl\j i ^`fej \lifg \ee\j

=`Z_\$XZk`fe e ). DlklXc`j\i c\j ÔeXeZ\d\ekj gfli c\j ]fidXk`fej [\jk`e \j Xlo [\dXe[\lij [Ë\dgcf`

:fek\ok\

C\j XZk`fej [\ ]fidXk`fe ~ [\jk`eXk`fe [\j [\dXe[\lij [Ë\dgcf` jfek ÔeXeZ \j gXi cX I ^`fe \k cË8jj\[`Z gfli c\j [\dXe[\lij [Ë\dgcf` `e[\de`j j hl` gXikX^\ek c\ d d\ fYa\Zk`] [\ i\kfli ~ cË\dgcf`% Gfli cËXee \ )''-# Xl kfkXc Z\ jfek gclj [\ )' ''' [\dXe[\lij [Ë\dgcf` hl` fek Y e ÔZ` [\ Z\j ]fidXk`fej%

FYa\Zk`]j

Fgk`d`j\i cX Zfe[l`k\ [\ cËXZk`fe glYc`hl\ DlklXc`j\i c\j dfp\ej ÔeXeZ`\ij ?Xidfe`j\i c\j giXk`hl\j [ËXZ_Xk [\ ]fidXk`fe [Xej c\ i\jg\Zk [\ cX Z_Xik\ hlXc`k [\ cX I ^`fe \k [\j Zfe[`k`fej [ËXkki`Ylk`fe [\ cË8jj\[`Z J`dgc`Ô\i c\j gifZ [li\j X[d`e`jkiXk`m\j GXikX^\i c\j `e]fidXk`fej i\cXk`m\j ~ cË`ej\ik`fe [\j [\dXe[\lij [Ë\dgcf`

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

D`j\ \e Zfddle [\j `e]fidXk`fej \e dXk` i\ [Ë\dgcf` \k [\ ]fidXk`fe 8ik`ZlcXk`fe [\j gif^iXdd\j [Ë`ek\im\ek`fe :fekiXZklXc`jXk`fe I ^`fe&8jj\[`Z CXeZ\d\ek [ËXgg\cj [Ëf]]i\ Zfeaf`ekj

@e[`ZXk\lij [Ë mXclXk`fe

Jl`m` [\ cX ZfekiXZklXc`jXk`fe Jl`m` [\ cX d`o`k [\j glYc`Zj

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe $ 8jj\[`Z

:fe[`k`fej [\ i ljj`k\

:cXi`ÔZXk`fe [\j df[Xc`k j [Ë`ek\im\ek`fe# _Xidfe`jXk`fe [\j gifZ [li\j [Xej c\ i\jg\Zk [l Zf[\ [\j dXiZ_ j glYc`Zj

yZ_ XeZ`\i

)\ j\d\jki\ )''. 1 ]fidXc`jXk`fe [\ cX Zfem\ek`fe I ^`fe&8jj\[`Z D`j\ \e Ålmi\ [\ cX Zfem\ek`fe [liXek kflk\ cX [li \ [l gcXe )''/&)'((

EfdYi\ [\ j aflij \k [\ glYc`Zj ZfeZ\ie j <ehl k\ [\ jXk`j]XZk`fe Xlgi j [\j glYc`Zj Y e ÔZ`X`i\j Jl`m` [\j gXik\eXi`Xkj \eki\ c\j Z\eki\j [\ ]fidXk`fe \k c\j \eki\gi`j\j DfY`c`jXk`fe [\j gif^iXdd\j \lifg \ej [ [` j

G`cfk\j

I ^`fe CXe^l\[fZ$Ifljj`ccfe $ ykXk

GXik\eX`i\j

:_XdYi\j ZfejlcX`i\j Æ 9iXeZ_\j gif]\jj`fee\cc\j $ CpZ \j gif]\jj`fee\cj $ Fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ Æ :\eki\j [\ ]fidXk`fe [ËXggi\ek`j

:fe[`k`fej [\ i ljj`k\

GXik\eXi`Xkj `ek\i$i ^`fej J`dgc`ÔZXk`fe [\j gifZ [li\j X[d`e`jkiXk`m\j <og i`d\ekXk`fe XmXek [`]]lj`fe [\j Yfee\j giXk`hl\j

yZ_ XeZ`\i

)\ j\d\jki\ )''. 1 Xgg\c ~ gifgfj`k`fe [Xej c\ ZX[i\ [\j gif^iXdd\j \lifg \ej D`j\ \e Ålmi\ [liXek kflk\ cX [li \ [l gcXe )''.&)'((

(*)

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE

(**

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE

=`Z_\$XZk`fe e )/ 8ik`Zlc\i c\j gfc`k`hl\j [Ë`ej\ik`fe \k [\ ]fidXk`fe

=`Z_\$XZk`fe e )0 :i \i [\j Zfc\j i ^`feXc\j [\ cX [\lo` d\ Z_XeZ\

gif]\jj`fee\cc\ `e`k`Xc\ \k Zfek`el\

:fek\ok\

Kifg [\ a\le\j Zfek`el\ek [\ hl`kk\i c\ jpjk d\ [lZXk`] jXej [`gc d\% @c \jk [feZ `dgfikXek [\ [ m\cfgg\i c\j d\jli\j [lZXk`m\j [ËXZZfdgX^e\d\ek Xl j\`e [\j cpZ \j gif]\jj`fee\cj% Gfli ]X`i\ ]XZ\ gXi X`cc\lij Xlo [`]ÔZlck j i\eZfeki \j gXi c\j g\ijfee\j Xlafli[Ë_l` cf`^e \j [\ cË\dgcf`# `c Zfem`\ek [\ d`\lo Xik`Zlc\i c\j [`jgfj`k`]j [Ë`ej\ik`fe g`cfk j gXi c\j :fej\`cj ^ e iXlo \k c\j [`jgfj`k`]j [Ë`ej\ik`fe gif]\jj`fee\cc\ [fek cX Zfdg k\eZ\ i\c m\ [\ cX I ^`fe# cX ]fidXk`fe gif]\jj`fee\cc\ Zfejk`klXek le [\j c\m`\ij g\id\kkXek cËXZZ j fl c\ i\kfli ~ le \dgcf` [liXYc\%

FYa\Zk`]j

;`d`el\i c\j kXlo [\ jfik`\ [l jpjk d\ jZfcX`i\ jXej hlXc`ÔZXk`fe ym`k\i c\j ilgkli\j [Xej c\j gXiZflij [\ ]fidXk`fe I\e]fiZ\i c\j gXjj\i\cc\j \eki\ c\j [`jgfj`k`]j [Ë`ej\ik`fe jfZ`Xc\ \k c\j [`jgfj`k`]j [\ ]fidXk`fe gif]\jj`fee\cc\ @[\ek`Ô\i c\j ]i\`ej ~ cX ]fidXk`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

; m\cfgg\i [\j d\jli\j [`m\ij`Ô \j [\ gi m\ek`fe \k [ËXZZ j ~ cX hlXc`ÔZXk`fe Xl j\`e [\j cpZ \j gif]\jj`fee\cj D\kki\ \e gcXZ\ [Xej c\j cpZ \j \k gclj gXik`Zlc` i\d\ek [Xej c\j `ek\ieXkj le j\im`Z\ [ËXZZfdgX^e\d\ek \k [\ jflk`\e jZfcX`i\ gXi `ek\ie\k =Xmfi`j\i cËXZZ j [\j glYc`Zj c\j gclj \e [`]ÔZlck j Xlo gif^iXdd\j i ^`feXlo [\ ]fidXk`fe \k cË`e[`m`[lXc`jXk`fe [\j gXiZflij =fidXc`j\i c\ gXik\eXi`Xk Xm\Z c\j :fej\`cj ^ e iXlo [Xej c\ ZX[i\ [\j ZfekiXkj [\ ; gXik\d\ek&I ^`fe 8]ÔZ_\i le\ f]]i\ [\ j\im`Z\ jXek # cf^\d\ek# ^Xi[\ [Ë\e]Xek¿ gfli c\m\i c\j ]i\`ej ~ cËXZZ j ~ cX ]fidXk`fe

@e[`ZXk\lij [Ë mXclXk`fe

ymfclk`fe [l kXlo [\ jfik`\ [l jpjk d\ jZfcX`i\ jXej hlXc`ÔZXk`fe @ek ^iXk`fe [Ële mfc\k `ej\ik`fe&]fidXk`fe [Xej c\j ZfekiXkj [\ ; gXik\d\ek&I ^`fe MXc`[Xk`fe \]]\Zk`m\ [\j ZfekiXkj [\ ; gXik\d\ek \e gXik`Zlc`\i Xl e`m\Xl [l mfc\k ]fidXk`fe Jl`m` [\j kXlo [Ë\eki \ \e ]fidXk`fe# [\j kXlo [\ ilgkli\ [\j glYc`Zj Y e ÔZ`X`i\j [l ID@ KXlo [\ gcXZ\d\ek [Xej c\ i\kfli ~ cË\dgcf` gfli Z\j glYc`Zj

G`cfk\j

I\ZkfiXk [Xej c\ ZX[i\ efkXdd\ek [\ cX d`jj`fe ^ e iXc\ [Ë`ej\ik`fe Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

:fej\`cj ^ e iXlo Æ CpZ \j gif]\jj`fee\cj Æ Fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\ $ D`jj`fej cfZXc\j Æ 8EG< Æ :Xi`] efkXdd\ek [Xej c\ ZX[i\ [l :I@I $ ;;8JJ $ 8Zk\lij jfZ`Xlo Æ :C@ Æ GC@< $ 8jj\[`Z

:fe[`k`fej [\ i ljj`k\

:cXi`ÔZXk`fe [l [fdX`e\ [Ë`ek\im\ek`fe [\ Z_Xhl\ XZk\li

yZ_ XeZ`\i

JkilZkliXk`fe [\j gXik\eXi`Xkj [Xej c\ ZX[i\ [\ cËXe`dXk`fe k\ii`kfi`Xc\ [ j )''. \k [\ cX gfc`k`hl\ ZfekiXZkl\cc\ I ^`fe&:fej\`cj ^ e iXlo

(*+

:fek\ok\

C\ kXlo [\ ilgkli\ \k [\ jfik`\ [l jpjk d\ jZfcX`i\ jXej XlZle\ hlXc`ÔZXk`fe \jk gXik`Zlc` i\d\ek c\m \e CXe^l\[fZ$Ifljj`ccfe% Á Z\ dXehl\ [\ hlXc`ÔZXk`fej# jËXaflk\ek jflm\ek [\j gifYc d\j ]Xd`c`Xlo# [\j gifYc d\j [\ jXek # [\j [`]ÔZlck j ÔeXeZ` i\j hl` Zfe[l`j\ek ~ [\j j`klXk`fej [\ ilgkli\j jfZ`Xc\j% :\j ZfejkXkj [ dfeki\ek cX e Z\jj`k [\ gifdflmf`i [\j [`jgfj`k`]j Zfdgc d\ekX`i\j Xlo [`jgfj`k`]j [\ [if`k Zfddle gfli iXggifZ_\i Z\j glYc`Zj [l dfe[\ Zfefd`hl\ fl i\cXeZ\i le\ [peXd`hl\ [Ë`ej\ik`fe gXi le\ i\gi`j\ [Ë kl[\%

FYa\Zk`]j

;fee\i le\ eflm\cc\ Z_XeZ\ ~ ( ''' a\le\j [Ë`Z` Ôe )''0 Gifgfj\i le\ f]]i\ [\ j\im`Z\ Zfdgc k\ gfli kiX`k\i \e le d d\ c`\l# \e c`\e Xm\Z c\j XZk\lij ZfeZ\ie j# cË\ej\dYc\ [\j gifYc dXk`hl\j hl` j\ gfj\ek [Xej cËXZZfdgX^e\d\ek [\j glYc`Zj X`[\ Xlo Z_f`o# [ Ôe`k`fe [Ële gifa\k gif]\jj`fee\c# jXek # cf^\d\ek¿ 8jjli\i cËXZZ j ~ cË\dgcf` fl c\ i\kfli m\ij c\ jpjk d\ [\ ]fidXk`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

I [`^\i le Xgg\c [Ëf]]i\j Zfejkil`k Xlkfli [\ kif`j k_ dXk`hl\j 1 [\j d k_f[\j g [X^f^`hl\j `e[`m`[lXc`j \j# le jl`m` jfZ`Xc \k gjpZ_fcf^`hl\ XZZ\ekl \k le XZZfdgX^e\d\ek m\ij cË\dgcf` Z`Yc D\kki\ \e gcXZ\# [Xej Z_Xhl\ [ gXik\d\ek# le\ Zfc\ i ^`feXc\ [\ cX [\lo` d\ Z_XeZ\ [Ë`Z` Ôe )''/ :i \i le Zfd`k [\ g`cfkX^\ Zfdgfj [Ë clj i ^`feXlo# [\j Zfcc\Zk`m`k j k\ii`kfi`Xc\j# [Ëfi^Xe`jd\j gi\jZi`gk\lij# [Ëfi^Xe`jXk`fe [\ jXcXi` j# [\ Z_XdYi\j ZfejlcX`i\j# [\ i\gi j\ekXekj [Ë\eki\gi`j\ \k [\j [`i\Zk\lij [Ë Zfc\

@e[`ZXk\li [Ë mXclXk`fe

Jl`m` [l [\m\e`i [\j c m\j [\ Z\j Zfc\j \ehl k\ [\ jXk`j]XZk`fe \k [Ë`ej\ik`fe

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

D`jj`fej cfZXc\j $ 8Zk\lij jfZ`Xlo $ <eki\gi`j\j $ :=8 $ :_XdYi\j ZfejlcX`i\j $ I\gi j\ekXekj [l dfe[\ Zfefd`hl\¿

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

=fik\ dfY`c`jXk`fe [\j XZk\lij Zfefd`hl\j Fi^Xe`jXk`fe [l c`\e Xm\Z cË\ej\dYc\ [\ i j\Xlo ZfeZ\ie j d`jj`fej cfZXc\j# XZk\lij jfZ`Xlo# \eki\gi`j\j¿ D`j\ \e gcXZ\ [\ [\lo eflm\cc\j Zfc\j i ^`feXc\j [\ cX [\lo` d\ Z_XeZ\ \e )''. gl`j [\lo Xlki\j \e )''/ gfli Zflmi`i X d`e`dX [Ë`Z` )''0 kflj c\j [ gXik\d\ekj [l CXe^l\[fZ$Ifljj`ccfe

(*,

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE =`Z_\$XZk`fe e *' 8d c`fi\i c\j Zfe[`k`fej [\ m`\ [\j glYc`Zj \e ]fidXk`fe :fek\ok\

C\j i\eZfeki\j k\ii`kfi`Xc\j [l GI;=G fek d`j \e m`[\eZ\ c\j [`]ÔZlck j i\eZfeki \j gXi c\j glYc`Zj gfli jl`mi\ c\j ]fidXk`fej hl` c\li jfek gifgfj \j hl\ Z\ jf`k Xl k`ki\ [\ cX ]fidXk`fe `e`k`Xc\ jflj jkXklk jZfcX`i\# [\ cËXggi\ek`jjX^\ \k [\ cX ]fidXk`fe gif]\jj`fee\cc\% @c jËX^`k \jj\ek`\cc\d\ek [\j gifYc dXk`hl\j c` \j Xl kiXejgfik# Xl cf^\d\ek \k ~ cX ^Xi[\ [Ë\e]Xekj% Kflk\]f`j# `c \jk `dgfikXek [\ jflc`^e\i hl\ cX dfY`c`k ^ f^iXg_`hl\ i\gfj\ jli [\j dfp\ej ÔeXeZ`\ij dX`j ^Xc\d\ek jli le\ ZXgXZ`k g\ijfee\cc\ ~ jË cf`^e\i [\ Z_\q jf`%

FYa\Zk`]j

=XZ`c`k\i cË ^Xc`k [ËXZZ j ~ cX ]fidXk`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@e[`ZXk\lij [Ë mXclXk`fe

I _XY`c`k\i c\j `ek\ieXkj gfli i gfe[i\ Xlo Y\jf`ej [ËXZZl\`c [\j c m\j \e cpZ \j gif]\jj`fee\cj 8jjli\i cX ^iXkl`k [\j hl`g\d\ekj flk`ccX^\ \k m k\d\ekj [\ kiXmX`c \k [\ j Zli`k X`ej` hl\ [\j dXel\cj jZfcX`i\j [\j j\Zk\lij k\ik`X`i\j gfli c\j cpZ \ej \k c\j Xggi\ek`j D\kki\ \e gcXZ\ le jZ_ dX i ^`feXc [l cf^\d\ek gi\eXek \e Zfdgk\ Xlo Z k j [\j kl[`Xekj# c\j Xggi\ek`j \k c\j jkX^`X`i\j [\ cX ]fidXk`fe gif]\jj`fee\cc\ =XZ`c`k\i c\j [ gcXZ\d\ekj c` j ~ cËXZk`m`k gif]\jj`fee\cc\ \k Xlo [ gcXZ\d\ekj jZfcX`i\j \o 1 kXi`ÔZXk`fe i ^`feXc\ [Xej c\ ZX[i\ [\ cX Zfem\ek`fe Xm\Z cX JE:=# kiXejgfikj Zfcc\Zk`]j ^iXkl`kj gfli c\j Y e ÔZ`X`i\j [l ID@# kiXejgfik ~ cX ZXik\# d`j\ ~ [`jgfj`k`fe [\ m _`Zlc\j¿ :fe[l`i\ [\j \og i`d\ekXk`fej jli cX ^Xi[\ [Ë\e]Xekj Gi`j\ \e Zfdgk\ [\j [`]] i\ekj glYc`Zj [\ cX ]fidXk`fe gif]\jj`fee\cc\ [Xej c\ JZ_ dX i ^`feXc [l cf^\d\ek GXik\eXi`Xkj cfZXlo Zfejk`kl j

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

I\ZkfiXk Æ ;iX] $ yhl`g\j g [X^f^`hl\j [\j cpZ \j Æ @ek\iZfddleXc`k j $ :fej\`cj ^ e iXlo Æ GXpj $ Fi^Xe`jd\j [\ kiXejgfikj¿

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

Le\ ]fik\ `dgc`ZXk`fe [\j XZk\lij cfZXlo I\Z\ej\d\ek [\j _ Y\i^\d\ekj [\ gifo`d`k )''.&)'((

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE =`Z_\$XZk`fe e *( =Xmfi`j\i cX d`o`k [\j d k`\ij :fek\ok\

;Xej le\ kl[\ jli cX gXi`k i Xc`j \ \e )''+# cË@ej\\ fYj\im\ hl\ cX gXik [\j ]\dd\j [Xej cË\dgcf` jXcXi` \e CXe^l\[fZ$Ifljj`ccfe \jk gXjj \ [\ +' \e (00' ~ ++#, \e (000# Z\g\e[Xek cË\dgcf` ] d`e`e i\jk\ ZfeZ\eki jli Z\ikX`ej j\Zk\lij [ËXZk`m`k k\cj hl\ c\j j\im`Z\j Xlo g\ijfee\j# cX jXek \k cËXZk`fe jfZ`Xc\% Á cË`em\ij\ [ËXlki\j d k`\ij [\d\li\ek kiX[`k`fee\cc\d\ek dXjZlc`ej% GXi X`cc\lij# `c \o`jk\ kflaflij [\ ]fik\j `e ^Xc`k j \eki\ c\j _fdd\j \k c\j ]\dd\j c\j ]\dd\j i\jk\ek df`ej Y`\e i dle i \j# \cc\j jfek gclj ZfeZ\ie \j gXi c\ Z_ dX^\ fl c\j \dgcf`j ~ [li \ [ k\id`e \ % C\j k\ej`fej XZkl\cc\j [l dXiZ_ [l kiXmX`c fYc`^\ek Z\g\e[Xek c\j \eki\gi`j\j ~ dfY`c`j\i kflk\j c\j i\jjfliZ\j [`jgfe`Yc\j% :Ë\jk [Xej Z\ Zfek\ok\ hlËX k ZfeZcl cË8ZZfi[ eXk`feXc `ek\igif]\jj`fee\c [l (\i dXij )''+ i\cXk`] ~ cX d`o`k \k ~ cË ^Xc`k gif]\jj`fee\cc\ hl` gi e\ c\ [ m\cfgg\d\ek [Ële\ i \cc\ ^Xc`k [\j Z_XeZ\j \e dXk` i\ [Ëfi`\ekXk`fe# [\ ]fidXk`fe# [\ i\Zilk\d\ek# [\ Zfe[`k`fej [\ kiXmX`c \k [\ [ iflc\d\ek [\ ZXii` i\% GXi X`cc\lij# cX cf` [l )* dXij )''- i\cXk`m\ ~ cË ^Xc`k jXcXi`Xc\ \eki\ c\j ]\dd\j \k c\j _fdd\j m`j\ efkXdd\ek ~ XZZ c i\i cËXZZ j [\j a\le\j Ôcc\j \k [\j ]\dd\j ~ cX ]fidXk`fe gif]\jj`fee\cc\ Z\ hl` i\emf`\ Xl i c\ [\j jkilZkli\j [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe%

FYa\Zk`]j

ycXi^`i \k [`m\ij`Ô\i c\j Z_f`o gif]\jj`fee\cj <eZfliX^\i cX ]fidXk`fe [\j _fdd\j fl [\j ]\dd\j [Xej [\j jg Z`Xc`k j f cËle [\j [\lo j\o\j \jk dXe`]\jk\d\ek jflj$i\gi j\ek Df[`Ô\i c\j giXk`hl\j [\ i\Zilk\d\ek

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:fejk`kl\i le ^iflg\ [\ kiXmX`c m`jXek [Ële\ gXik ~ `[\ek`Ô\i c\j jk i fkpg\j \k [ËXlki\ gXik ~ i\Z\ej\i \k [`]]lj\i c\j Yfee\j giXk`hl\j Flk`cc\i c\j i j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe :fejkil`i\ [\j Zi`k i\j [\ i\Zilk\d\ek fYa\Zk`]j =XZ`c`k\i cËXZZ j [\j ]\dd\j jXcXi` \j ~ cX ]fidXk`fe Z]% ÔZ_\ XZk`fe e *,

@e[`ZXk\lij [Ë mXclXk`fe

ymfclk`fe [l efdYi\ [\ ]\dd\j [Xej c\j ]fidXk`fej gi gXiXek Xlo d k`\ij f \cc\j jfek jflj$i\gi j\ek \j ymfclk`fe [l efdYi\ [Ë_fdd\j [Xej c\j ]fidXk`fej gi gXiXek Xlo d k`\ij f `cj jfek jflj$i\gi j\ek j

G`cfk\

9iXeZ_\j gif]\jj`fee\cc\j

GXik\eX`i\j

ykXk Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ :Xi`] $ I j\Xlo [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe $ Fi^Xe`jd\j [\ ]fidXk`fe Æ :\eki\j [\ ]fidXk`fe [ËXggi\ek`j Æ CpZ \j gif]\jj`fee\cj Æ :fg`i\ $ :_XdYi\j ZfejlcX`i\j $ 8EG<

:fe[`k`fej [\ i ljj`k\

;\ ]fikj gXik\eXi`Xkj \eki\ i j\Xlo 8@F \k \eki\gi`j\j# j\im`Z\j glYc`Zj [\ cË\dgcf` \k \eki\gi`j\j# cpZ \j gif]\jj`fee\cj \k \eki\gi`j\j# fi^Xe`jd\j [\ ]fidXk`fe \k \eki\gi`j\j Æ > e iXc`jXk`fe [\j jkXk`jk`hl\j j\ol \j

yZ_ XeZ`\i

(*-

)\ j\d\jki\ )''. 1 Zfejk`klk`fe [l ^iflg\ [\ kiXmX`c D`j\ \e Ålmi\ [liXek kflk\ cX [li \ [l gcXe )''.&)'((

(*.

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE =`Z_\$XZk`fe e *) =XZ`c`k\i cËXZZl\`c [\j glYc`Zj _Xe[`ZXg j [Xej c\j XZk`fej [\ ]fidXk`fe

:fek\ok\

C\ _Xe[`ZXg hl\c hlË`c jf`k e\ [f`k \e XlZle ZXj Zfejk`kl\i le ]i\`e ~ cX ]fidXk`fe% GXi X`cc\lij kflk\ g\ijfee\ _Xe[`ZXg \ [f`k Y e ÔZ`\i [\j d d\j [if`kj hl\c hl\ jf`k cËfi^Xe`jd\ hl` cËXZZl\`cc\% <e Z\ hl` ZfeZ\ie\ cËXggi\ek`jjX^\# cË\o`jk\eZ\ [l :=8 jg Z`Xc`j Xggfik\ le\ i gfej\ g\ik`e\ek\ jli c\ k\ii`kf`i\% <e dXk` i\ [\ ]fidXk`fe Zfek`el\# c\j jkX^`X`i\j _Xe[`ZXg j g\lm\ek i\eZfeki\i [\j [`]ÔZlck j [ËXZZ j Xlo [`jgfj`k`]j [\ ]fidXk`fe%

FYa\Zk`]j

8d c`fi\i cËXZZ\jj`Y`c`k [\j c m\j _Xe[`ZXg j [Xej c\j cpZ \j gif]\jj`fee\cj =Xmfi`j\i cË cXYfiXk`fe [Ële gifa\k gif]\jj`fee\c X[Xgk gXi le\ fi`\ekXk`fe i\e]fiZ \ C\m\i c\j ]i\`ej ~ cË\eki \ \e ]fidXk`fe [\j _Xe[`ZXg j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

:i \i le c`\l i\jjfliZ\j [Xej c\j cfZXlo [Ë`eÔid\i`\ [\j cpZ \j gif]\jj`fee\cj X`ej` hl\ kflj c\j Xd eX^\d\ekj e Z\jjX`i\j ~ c\li XZZl\`c \k ~ c\li j Zli`k ycXYfi\i le\ Zfem\ek`fe i ^`feXc\ [\ gXik\eXi`Xk \eki\ cX I ^`fe \k cË8><=@G? gi Z`jXek c\j df[Xc`k j [\ gi`j\ \e Z_Xi^\ [\ cX ]fidXk`fe \k [\ cX i dle iXk`fe \k [ Ôe`jjXek le gcXe [ËXZk`fej i ^`feXc \e ]Xm\li [\j _Xe[`ZXg j I [`^\i le ZX_`\i [\j Z_Xi^\j i\cXk`] ~ cËXZZl\`c [\j _Xe[`ZXg j

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ g\ijfee\j _Xe[`ZXg \j XZZl\`cc`\j gfli cË cXYfiXk`fe [Ële gifa\k gif]\jj`fee\c EfdYi\ [\ g\ijfee\j _Xe[`ZXg \j XZZl\`cc`\j [Xej c\j jkX^\j [\ ]fidXk`fe gif]\jj`fee\cc\

FI@<EK8K@FE E )%* 1 C<M<I C<J =I<@EJ Á CË8::ßJ <K 8L 9FE ;yIFLC<D<EK ;<J G8I:FLIJ ;< =FID8K@FE =`Z_\$XZk`fe e ** J\ej`Y`c`j\i cË\ej\dYc\ [\j XZk\lij ~ cX clkk\ Zfeki\ c\j [`jZi`d`eXk`fej

:fek\ok\

CX clkk\ Zfeki\ kflk\j c\j ]fid\j [\ [`jZi`d`eXk`fe \e ]feZk`fe [\ cË ^\# [l j\o\# [l _Xe[`ZXg# [\ cËfi`^`e\ \jk gclj jflm\ek mfhl \ [Xej c\ ZX[i\ [\ cËXZZ j ~ cË\dgcf`% @c Zfem`\ek Z\g\e[Xek [\ m\`cc\i ~ Z\ hl\ [\j giXk`hl\j [`jZi`d`eXek\j eË`ek\im`\ee\ek gXj \e Xdfek [\ cË\dgcf`# kflk Xl cfe^ [l gXiZflij [\j glYc`Zj# c`d`kXek Xcfij c\lij Z_f`o gif]\jj`fee\cj% Á Z\ k`ki\# cX cf` [l (- efm\dYi\ )''( i\cXk`m\ ~ cX clkk\ Zfeki\ c\j [`jZi`d`eXk`fej jk`glc\ hl\ kflk\ [`jZi`d`eXk`fe \jk `ek\i[`k\ gfli cËXZZ j ~ le jkX^\ fl ~ le\ g i`f[\ [\ ]fidXk`fe \e \eki\gi`j\% C\j jkilZkli\j \e Z_Xi^\ [\ cËXZZl\`c# [\ cË`e]fidXk`fe \k [\ cËfi`\ekXk`fe# c\j ]fidXk\lij [f`m\ek ki\ \e d\jli\ [Ë`[\ek`Ô\i Z\j giXk`hl\j% :\ikX`ej glYc`Zj [ m\cfgg\ek \lo$d d\j gXi]f`j [\j i XZk`fej [ËXlkf$[`jZi`d`eXk`fe# [`d`elXek X`ej` c\lij Z_XeZ\j [\ jlZZ j%

FYa\Zk`]j

=Xmfi`j\i cË ^Xc`k [ËXZZ j Xlo [`jgfj`k`]j [\ ]fidXk`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

8`[\i c\j c m\j gfli cËXZZ j Xlo jkX^\j :fejk`kl\i le ^iflg\ [\ kiXmX`c m`jXek ~ XeXcpj\i c\j giXk`hl\j [\j [`]] i\ekj XZk\lij \k ~ [ k\id`e\i [\j `e[`ZXk\lij g\ik`e\ekj D\kki\ \e gcXZ\ [\j XZk`fej [\ j\ej`Y`c`jXk`fe ~ [\jk`eXk`fe [l i j\Xl [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe \k [\j fi^Xe`jd\j [\ ]fidXk`fe MXcfi`j\i [\j gXiZflij \o\dgcX`i\j ; m\cfgg\i [\j XZk`fej [\ i\d`j\ ~ e`m\Xl c`e^l`jk`hl\ \k [\ clkk\ Zfeki\ cË`cc\kki`jd\

@e[`ZXk\li [Ë mXclXk`fe

Jl`m` [\j gXiZflij

G`cfk\

ykXk

G`cfk\

ykXk

GXik\eX`i\j

8><=@G? Æ 8=G8 $ Fi^Xe`jd\j [\ ]fidXk`fe Æ I ^`fe CXe^l\[fZ$ Ifljj`ccfe $ :Xg \dgcf` $ 9iXeZ_\j gif]\jj`fee\cc\j \k fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j $ FG:8

GXik\eX`i\j

=8J@C; Æ ;I;=< Æ 8><=@G? Æ Fi^Xe`jd\j [\ ]fidXk`fe Æ I j\Xl 8@F Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ GXik\eX`i\j jfZ`Xlo

:fe[`k`fe [\ i ljj`k\

8ggl` [fZld\ekX`i\ [l :Xi`]

yZ_ XeZ`\i

)''.&)'((

:fe[`k`fej [\ i ljj`k\

GXik`Z`gXk`fe ÔeXeZ` i\ [\ cË8><=@G? gfli cËXZZfdgX^e\d\ek g\e[Xek cX ]fidXk`fe# cX i dle iXk`fe [\j jkX^`X`i\j yhl`g\d\ekj X[Xgk j [\j fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\

yZ_ XeZ`\i

)\ j\d\jki\ )''. 1 ZfekiXZklXc`jXk`fe Xm\Z cË8><=@G? )''/ 1 i [XZk`fe [Ële ZX_`\i [\j Z_Xi^\j i\cXk`] ~ cËXZZl\`c [\j _Xe[`ZXg j \k [ Ôe`k`fe [Ële gcXe [ËXZk`fe i ^`feXc )''/&)'(( 1 d`j\ \e Ålmi\

(*/

(*0

FI@<EK8K@FE E )%+ 1 =8MFI@J<I CË8::ßJ ;<J J8C8I@yJ Á C8 =FID8K@FE :FEK@EL< =`Z_\$XZk`fe e *+ Fi^Xe`j\i le\ ZXdgX^e\ i ^`feXc\ [Ë`e]fidXk`fe jli cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\

:fek\ok\

C\ kXlo i ^`feXc dfp\e [\ gXik`Z`gXk`fe [\j \dgcfp\lij Xl [ m\cfgg\d\ek [\ cX ]fidXk`fe gif]\jj`fee\cc\ YX`jj\ i ^lc` i\d\ek [\gl`j Z`eh Xej% CX dlck`kl[\ [\j flk`cj \e ]Xm\li [\ cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ d`j \e gcXZ\ gXi c\j k\ok\j i Z\ekj flmi\ek [\ efdYi\lj\j fggfikle`k j Xlo \eki\gi`j\j \k Xlo jXcXi` j% :\g\e[Xek c\li d`j\ \e Ålmi\ i\gfj\ kflk [ËXYfi[ jli cË`e]fidXk`fe [\j Z_\]j [Ë\eki\gi`j\ \k [\j jXcXi` j% 8l e`m\Xl eXk`feXc# le j`k\ nnn%]fidXk`fej$gfli$kflj%Zfd X k [ [` ~ Z\ jla\k% ;Xej c\j i ^`fej# c\j YiXeZ_\j gif]\jj`fee\cc\j \k c\j gXik\eX`i\j jfZ`Xlo gXik`Z`g\ek ~ cX Zfddle`ZXk`fe jli cX i ]fid\ m`j$~$m`j [\ c\lij glYc`Zj%

FYa\Zk`]

J\ej`Y`c`j\i c\j XZk`]j \k c\j Z_\]j [Ë\eki\gi`j\ ~ cË`ek i k [\ cX d`j\ \e Ålmi\ [\ cËXZZfi[ `ek\igif]\jj`fee\c

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

G i\ee`j\i c\ eld if m\ik jli cX ]fidXk`fe gif]\jj`fee\cc\ 1 ' /'' '' .' .'

D\kki\ \e gcXZ\ le ^iflg\ [\ kiXmX`c gfli gi gXi\i cËfi^Xe`jXk`fe [Ële\ ZXdgX^e\ i ^`feXc\ [Ë`e]fidXk`fe jli cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ ; Ôe`i [\j jlggfikj [\ Zfddle`ZXk`fe X[Xgk j ;`]]lj\i c\j jlggfikj [\ Zfddle`ZXk`fe

@e[`ZXk\li [Ë mXclXk`fe

I Xc`jXk`fe [Ële\ \ehl k\ Xlgi j [\j jXcXi` j jli c\li ZfeeX`jjXeZ\ [\j eflm\Xlo [`jgfj`k`]j flm\ikj gXi cË8ZZfi[ eXk`feXc `ek\igif]\jj`fee\c

G`cfk\

:fg`i\

GXik\eX`i\j

GXik\eX`i\j jfZ`Xlo Æ ykXk Æ G@: jli cX M8< Æ I j\Xl 8@F Æ 9iXeZ_\j gif]\jj`fee\cc\j Æ FG:8 $ =fe^\Z`]

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

(+'

FI@<EK8K@FE E )%+ 1 =8MFI@J<I CË8::ßJ ;<J J8C8I@yJ Á C8 =FID8K@FE :FEK@EL< =`Z_\$XZk`fe e *, ; m\cfgg\i cËXZZ j ~ cX ]fidXk`fe [Xej c\j KG< \k GD< [\ df`ej [\ ,' jXcXi` j

:fek\ok\

8l e`m\Xl eXk`feXc# \e )'',# cË`em\jk`jj\d\ek dfp\e \e ]fidXk`fe i\gi j\ek\ ( [\ cX dXjj\ jXcXi`Xc\ gfli c\j \eki\gi`j\j [\ df`ej [\ (' jXcXi` j# (#0 gfli c\j (' ~ ,' jXcXi` j \k gclj [\ * gfli c\j " [\ ,' jXcXi` j% C\ kXlo i ^`feXc dfp\e [\ gXik`Z`gXk`fe# [ ZcXi # [\j \dgcfp\lij Xl [ m\cfgg\d\ek [\ cX ]fidXk`fe gif]\jj`fee\cc\ YX`jj\ i ^lc` i\d\ek [\gl`j Z`eh Xej% :\ gfliZ\ekX^\ \jk gclj ]X`Yc\ gfli c\j \eki\gi`j\j [\ (' ~ ,' jXcXi` j% <e Z\ hl` ZfeZ\ie\ c\j \eki\gi`j\j [\ df`ej [\ (' jXcXi` j# c\ gfliZ\ekX^\ i ^`feXc eË\jk gXj Zfeel% :\g\e[Xek# cËXeXcpj\ [\j giXk`hl\j [\ ]fidXk`fe [Xej c\j \eki\gi`j\j dfeki\ hl\ Z\ jfek c\j jXcXi` j c\j gclj hlXc`Ô j X`ej` hl\ c\j jXcXi` j [\j ^iXe[\j \eki\gi`j\j hl` Y e ÔZ`\ek c\ gclj [ËXZk`fej [\ ]fidXk`fe% GXi X`cc\lij# c\j \ehl k\j Xl e`m\Xl eXk`feXc dfeki\ek hl\ gi j [\ (' [\ cX gfglcXk`fe XZk`m\ i\eZfeki\ek [\j [`]ÔZlck j [Xej cX dX ki`j\ [\ cX cXe^l\%

FYa\Zk`]j

; m\cfgg\i cX ]fidXk`fe kflk Xl cfe^ [\ cX m`\ [Xej c\j \eki\gi`j\j [\ cX i ^`fe Zfe]fid d\ek ~ cX cf` [l + dX` )''+ Gfli c\ j\Zk\li [l jXe`kX`i\ \k jfZ`Xc Z]% JZ_ dX [\j ]fidXk`fej jXe`kX`i\j \k jfZ`Xc\j # Z\k fYa\Zk`] \jk ^Xc\d\ek le\ gi`fi`k gfli cË\ej\dYc\ [\j jXcXi` j hl\cc\ hl\ jf`k cX kX`cc\ [\ cË\eki\gi`j\

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

Fi^Xe`j\i cX kiX XY`c`k [\j gXiZflij gif]\jj`fee\cj 1 [`]]lj`fe [Ële df[ c\ i ^`feXc [\ ½ gXjj\gfik ]fidXk`fe ¾ ]Xmfi`jXek cX d`j\ \e Ålmi\ [\j \eki\k`\ej gif]\jj`fee\cj# [\ cX M8< \k [\ cX ]fidXk`fe Zfek`el\ ; m\cfgg\i c\j \eki\k`\ej gif]\jj`fee\cj [Xej c\j \eki\gi`j\j \k c\j Y`cXej [\ Zfdg k\eZ\j gfli c\j jXcXi` j Xm\Z le XZZ j i\e]fiZ gfli c\j ]\dd\j \k c\j j\e`fij Gifdflmf`i c\ :@= =`eXeZ\i [\j XZk`fej [Ë`e^ e`\i`\ \k [\ ]fidXk`fe [\jk`e \j Xlo \eki\gi`j\j D\kki\ \e Ålmi\ c\ ;@= gfli c\j jXcXi` j =XZ`c`k\i \k i [l`i\ c\ Zf k [l i\dgcXZ\d\ek [\j jXcXi` j \e ]fidXk`fe KiXmX`cc\i jli c\j j`klXk`fej [Ë`cc\kki`jd\ \e gifgfjXek [\j ]fidXk`fej gif]\jj`fee\cc\j ZfdgfikXek le\ [`d\ej`fe [ËXggi\ek`jjX^\ c`e^l`jk`hl\ Gfli c\ jXe`kX`i\ \k jfZ`Xc 1 ZfeZ\mf`i \k `e`k`Xc`j\i [\j gif^iXdd\j [\ ]fidXk`fe [ËX[XgkXk`fe Xlo \dgcf`j Zfdgc d\ekX`i\j Xlo ]fidXk`fej `e`k`Xc\j# d\kki\ \e gcXZ\ [\j XZk`fej [\ ]fidXk`fe jg Z`Ôhl\j gfli cË\eZX[i\d\ek \e k\eXek Zfdgk\ [\j k\ii`kf`i\j `jfc j# i Xc`j\i le\ kl[\ jg Z`Ôhl\ jli c\j [`i\Zk`fej \k \eZX[i\d\ekj [\j kXYc`jj\d\ekj

@e[`ZXk\lij [Ë mXclXk`fe

ymfclk`fe [l kXlo [\ gXik`Z`gXk`fe [\j \dgcfp\lij ~ cX ]fidXk`fe ymfclk`fe [l e`m\Xl [\ hlXc`ÔZXk`fe [\j jXcXi` j

DfY`c`jXk`fe [\ cË\ej\dYc\ [\j gXik\eX`i\j jfZ`Xlo 8ggl` [l :Xi`] gfli dfek\i [\j j\jj`fej [Ë`e]fidXk`fe D`j\ \e Ålmi\ [liXek kflk\ cX [li \ [l gcXe )''.&)'((

G`cfk\

:fg`i\

GXik\eX`i\j

FG:8 Æ GXik\eX`i\j jfZ`Xlo Æ I ^`fe CXe^l\[fZ$Ifljj`ccfe Æ ykXk Æ 9iXeZ_\j \k fi^Xe`jXk`fej gif]\jj`fee\cc\j Æ =fe^\Z`]

:fe[`k`fe [\ i ljj`k\

DfY`c`jXk`fe [\ cË\ej\dYc\ [\j gXik\eX`i\j

yZ_ XeZ`\i

; j )''. \k kflk Xl cfe^ [\ cX d`j\ \e Ålmi\ [l gif^iXdd\ )''.&)'((

(+(

FI@<EK8K@FE E * 1 JFLK<E@I C<J GIFA<KJ ;< K<II@KF@I<

=`Z_\$XZk`fe e *- G i\ee`j\i [\j c`\lo [\ ZfeZ\ikXk`fe jli c\j k\ii`kf`i\j :fek\ok\

FYa\Zk`]j

C\ GI;=G X \eZc\eZ_ le\ [peXd`hl\ [\ ZfeZ\ikXk`fe Xm\Z cË\ej\dYc\ [\j XZk\lij [\ cË\dgcf` \k [\ cX ]fidXk`fe# [peXd`hl\ hlË`c jËX^`k [\ gflijl`mi\ jli c\j k\ii`kf`i\j% GXi X`cc\lij Z\j k\ii`kf`i\j jfek gfik\lij [\ gifa\kj [\ [ m\cfgg\d\ek hl` `ek ^i\ek g\l XZkl\cc\d\ek cX [`d\ej`fe i\jjfliZ\j _ldX`e\j% Fi `c \jk `dgfikXek [\ gi\e[i\ \e Zfdgk\ Z\kk\ [`d\ej`fe [ j cX g_Xj\ [Ë cXYfiXk`fe [\j gifa\kj XÔe [\ m i`Ô\i j` c\j Zfdg k\eZ\j e Z\jjX`i\j jfek [`jgfe`Yc\j jli c\ k\ii`kf`i\ fl j` [\j ]fidXk`fej X[Xgk \j [f`m\ek ki\ gif^iXdd \j% Üki\ Xl gclj gi j [\j Y\jf`ej [l dfe[\ Zfefd`hl\# [\j glYc`Zj \k [\j k\ii`kf`i\j \k ]Xmfi`j\i cX Zffg iXk`fe `ek\i$\eki\gi`j\j <eZfliX^\i cX Zffg iXk`fe `ek\ij\Zkfi`\cc\ =Xmfi`j\i cËXggifgi`Xk`fe [\j gifYc dXk`hl\j [\ i\jjfliZ\j _ldX`e\j gXi c\j k\ii`kf`i\j @ejZi`i\ c\j XZk\lij k\ii`kfi`Xlo [Xej le\ [ dXiZ_\ [ËXeXcpj\ gifjg\Zk`m\ [\j Y\jf`ej [\ ]fidXk`fe gif]\jj`fee\cc\ 8ZZfdgX^e\i c\j gifa\kj [\ [ m\cfgg\d\ek cfZXc \k Xek`Z`g\i c\j Y\jf`ej [\ ]fidXk`fe Zfii\jgfe[Xekj Gi\e[i\ \e Zfdgk\ c\ mfc\k ½ i\jjfliZ\j _ldX`e\j ¾ [Xej cX [peXd`hl\ [l [ m\cfgg\d\ek k\ii`kfi`Xc

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

D\kki\ \e gcXZ\ le\ ]fidXk`fe [\j i\cX`j k\ii`kfi`Xlo ~ cX ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j D\kki\ \e i j\Xl [\j XZk\lij cfZXlo 8ZklXc`j\i \k [ m\cfgg\i [\j [`X^efjk`Zj cfZXlo gXi [\j [`X^efjk`Zj gXikX^ j DlklXc`j\i c\j Y\jf`ej \e ]fidXk`fe [Ë\eki\gi`j\j [\ [`]] i\ekj j\Zk\lij [Ële k\ii`kf`i\

@e[`ZXk\lij [Ë mXclXk`fe

D`j\ ~ afli [\j gfikiX`kj k\ii`kfi`Xlo Gi`j\ \e Zfdgk\ [\j Y\jf`ej cfZXlo [Xej cX [ Ôe`k`fe [\j gif^iXdd\j [\ ]fidXk`fe ymfclk`fe [l e`m\Xl [\ hlXc`ÔZXk`fe gXi k\ii`kf`i\

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

:fej\`cj ^ e iXlo $ GXpj $ :fddleXlk j [ËX^^cfd iXk`fe $ J\im`Z\ glYc`Z [\ cË\dgcf` Æ ykXk $ :_XdYi\j ZfejlcX`i\j Æ <eki\gi`j\j $ 9iXeZ_\j gif]\jj`fee\cc\j Æ GXik\eX`i\j jfZ`Xlo $ 8iXZk Æ Fi^Xe`jd\j [\ ]fidXk`fe Æ I j\Xl 8@F $ Fi\] $ :Xi`]

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

(+)

FI@<EK8K@FE E * 1 JFLK<E@I C<J GIFA<KJ ;< K<II@KF@I<

=`Z_\$XZk`fe e *. :fekiXZklXc`j\i Xm\Z c\j XZk\lij cfZXlo :fek\ok\

CX i Õ\o`fe gfik \ gXi c\j XZk\lij cfZXlo jli c\ Z_Xdg [\ cX ]fidXk`fe gif]\jj`fee\cc\# \e c`\e Xm\Z cX [peXd`hl\ [\ ZfeZ\ikXk`fe \e^X^ \# [f`k kiflm\i jX kiX[lZk`fe [Xej cX gfc`k`hl\ ZfekiXZkl\cc\ [\ cX I ^`fe% :\kk\ gfc`k`hl\ jËXik`Zlc\ Xlkfli [\ cX ZfeZclj`fe [\ hlXki\ kpg\j [\ ZfekiXkj k\ii`kfi`Xlo Xm\Z c\j ; gXik\d\ekj# c\j 8^^cfd iXk`fej# c\j GXpj \k c\j GXiZj%

FYa\Zk`]j

M\`cc\i ~ cX [ Zc`eX`jfe k\ii`kfi`Xc\ [\j fi`\ekXk`fej jkiXk ^`hl\j [l GI;=G 8[Xgk\i c\j gif^iXdd\j [Ë`ek\im\ek`fe [\ cX I ^`fe gXi [\j Xgg\cj [Ëf]]i\ Z`Yc j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

@ek ^i\i le mfc\k ]fidXk`fe [Xej c\j ZfekiXkj k\ii`kfi`Xlo

@e[`ZXk\li [Ë mXclXk`fe

Jl`m` [\j ZfekiXkj

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

; gXik\d\ekj $ GXpj Æ 8^^cfd iXk`fej Æ GXiZj eXkli\cj i ^`feXlo

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

Gi`j\ \e Zfdgk\ [l mfc\k ½ i\jjfliZ\j _ldX`e\j ¾ [Xej c\j gifa\kj [\ [ m\cfgg\d\ek =fidXk`fe [\j i\cX`j k\ii`kfi`Xlo ~ cX ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j Z]% ÔZ_\$XZk`fe e *)''.&)'((

:XgXZ`k ~ dfY`c`j\i c\j gXik\eX`i\j \e ^iflg\ [\ kiXmX`c fg iXk`fee\c Dfp\ej [ gcfp j XÔe [\ gflijl`mi\ cX [peXd`hl\ \e^X^ \ :cXi`ÔZXk`fe [l ZX[i\ [Ë`ek\im\ek`fe [\j i\gi j\ekXekj [\ cX I ^`fe )''.&)'((

(+*

FI@<EK8K@FE E * 1 JFLK<E@I C<J GIFA<KJ ;< K<II@KF@I<

=`Z_\$XZk`fe e */ ; m\cfgg\i le kfli`jd\ [\ hlXc`k :fek\ok\

CËle [\j Xo\j [Ë`ek\im\ek`fe [l JZ_ dX i ^`feXc [\ [ m\cfgg\d\ek kfli`jk`hl\ gfik\ jli cX ]fidXk`fe \k cËXe`dXk`fe% <e \]]\k# cX ]fidXk`fe hl` Zfejk`kl\ le flk`c [\ [ m\cfgg\d\ek Zfefd`hl\ afl\ le i c\ `dgfikXek [Xej cX jkilZkliXk`fe [\j j\Zk\lij [ËXZk`m`k % Gfli c\ j\Zk\li [l kfli`jd\# Z\kk\ XggifZ_\ ^cfYXc\ \jk [`]ÔZ`c\ [l ]X`k [\ cË`dgc`ZXk`fe [Ële\ ki\ekX`e\ [\ YiXeZ_\j gif]\jj`fee\cc\j gXid` c\jhl\cc\j cË_ k\cc\i`\$i\jkXliXk`fe i\jk\ cXi^\d\ek dXafi`kX`i\% GflikXek cX [`d`elk`fe [\ cX ]i hl\ekXk`fe kfli`jk`hl\ \ei\^`jki \ Z\j [\ie` i\j Xee \j e Z\jj`k\ le\ `ek\im\ek`fe ]fik\ [Xej Z\ [fdX`e\% GXi X`cc\lij# cX I ^`fe X `[\ek`Ô )' g c\j kfli`jk`hl\j \e CXe^l\[fZ$Ifljj`ccfe% @c \jk [feZ `dgfikXek [\ ZfdY`e\i XggifZ_\ j\Zkfi`\cc\ \k XggifZ_\ k\ii`kfi`Xc\%

FYa\Zk`]j

8d c`fi\i cX hlXc`k [\ cËXZZl\`c [\j kfli`jk\j [Xej cX i ^`fe Gif]\jj`feeXc`j\i c\j Z_\]j [Ë\eki\gi`j\j \k c\j jXcXi` j

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

MXcfi`j\i c\j d k`\ij [l kfli`jd\ DlklXc`j\i c\j flk`cj [\ ^\jk`fe gi m`j`fee\cc\ [\j \dgcf`j \k [\j Zfdg k\eZ\j I gfe[i\ Xlo Y\jf`ej [\ hlXc`ÔZXk`fe `[\ek`Ô j [Xej c\j gifa\kj [\ k\ii`kf`i\ gfik j gXi c\j XZk\lij cfZXlo gXpj# Z_XdYi\ ZfejlcX`i\j¿ @ek ^i\i le mfc\k i\jjfliZ\j _ldX`e\j [Xej c\ i ] i\ek`\c&hlXc`k i ^`feXc# dlck`j\Zkfi`\c# \e Zflij [Ë cXYfiXk`fe D\kki\ \e gcXZ\ le ^iflg\ [Ë\eki\gi`j\j# g\i]fidXek\j [Xej c\ j\Zk\li# Z_Xi^ [\ ]fidlc\i [\j gifgfj`k`fej J`^e\i [\j ZfekiXkj [ËfYa\Zk`]j Xm\Z c\j Ôc` i\j [l j\Zk\li

@e[`ZXk\lij [Ë mXclXk`fe

I jlckXkj [\ cË\ehl k\ ½ [ g\ej\j \k jXk`j]XZk`fe ¾ i Xc`j \ gXi c\ :fd`k i ^`feXc [l kfli`jd\ gfikXek jli cX hlXc`k [\ cËXZZl\`c [Xej cË_ Y\i^\d\ek# cX i\jkXliXk`fe# c\j j`k\j kfli`jk`hl\j \k c\ iXggfik hlXc`k &gi`o

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe

GXik\eX`i\j

9iXeZ_\j gif]\jj`fee\cc\j Æ GXpj Æ GXpj [ËXZZl\`c kfli`jk`hl\ Æ FG:8 Æ <eki\gi`j\j Æ I j\Xl [\j ::@

:fe[`k`fe [\ i ljj`k\

DfY`c`jXk`fe [\ cË\ej\dYc\ [\j gXik\eX`i\j

yZ_ XeZ`\i

(++

(\i ki`d\jki\ )''. 1 XeXcpj\ \k [`]]lj`fe [\j i jlckXkj [\ cË\ehl k\ [\ jXk`j]XZk`fe# i\eZfeki\ [\j XZk\lij cfZXlo (\i j\d\jki\ )''. 1 Zfejk`klk`fe [l ^iflg\ [Ë\eki\gi`j\j C\j Xlki\j XZk`fej jli cË\ej\dYc\ [\ cX g i`f[\ )''.&)'((

FI@<EK8K@FE E * 1 JFLK<E@I C<J GIFA<KJ ;< K<II@KF@I<

=`Z_\$XZk`fe e *0 Gifdflmf`i cX =fidXk`fe flm\ik\ ~ [`jkXeZ\ =F8; :fek\ok\

CËXeXcpj\ [\ cËXZZ j ~ cX ]fidXk`fe Zfek`el\ [\j XZk`]j [\dXe[\lij [Ë\dgcf`# jXcXi` j# Z_\]j [Ë\eki\gi`j\j# Zfeaf`ek\j [ËXik`jXej¿ dfeki\ [\j [`jgXi`k j Xl j\`e [\j [`]] i\ekj k\ii`kf`i\j hl` Zfdgfj\ek cX i ^`fe CXe^l\[fZ$Ifljj`ccfe% CË`dgcXekXk`fe [\ cËXggXi\`c [\ ]fidXk`fe \k [\j jkilZkli\j [ËXZZl\`c# [Ë`e]fidXk`fe \k [Ëfi`\ekXk`fe \ogc`hl\ek gfli gXik`\ Z\j `e ^Xc`k j \k `c Zfem`\ek [ jfidX`j [Xej le jflZ` [Ë ^Xc`k [\j Z_XeZ\j [\ gifdflmf`i [\ eflm\cc\j ]fid\j [Ëfi^Xe`jXk`fe k\ii`kfi`Xc\ [\ cËXggXi\`c [\ ]fidXk`fe% ;\lo ^iflg\j [\ kiXmX`c# d`j \e gcXZ\ gXi cX I ^`fe \k Xe`d j gXi c\ :Xi`] fek ]X`k XggXiX ki\ [\j giXk`hl\j i ^`feXc\j i`Z_\j \k [`m\ij\j \e dXk` i\ [\ ]fidXk`fe flm\ik\ ~ [`jkXeZ\% C\j ]fidXk\lij fek Z\g\e[Xek Y\jf`e [Ële Xggfik [\ Zfdg k\eZ\j gfli le XZZfdgX^e\d\ek X[Xgk [\ cËXggi\eXek% GXi X`cc\lij [\j g_Xj\j [\ i\^iflg\d\ek [f`m\ek ^Xc\d\ek ki\ gif^iXdd \j%

FYa\Zk`]j

8jjli\i cË ^Xc`k [\j Z_XeZ\j [Xej cËXZZ j ~ cX hlXc`ÔZXk`fe =Xmfi`j\i cX gifdfk`fe jfZ`Xc\ [Xej [\j qfe\j i\Zlc \j <eZfliX^\i cË`eefmXk`fe g [X^f^`hl\ Xl j\`e [\j kXYc`jj\d\ekj [\ ]fidXk`fe

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

CXeZ\d\ek [Ële Xgg\c ~ gifa\k jli cX =F8; gi`m`c ^`Xek kif`j Xo\j [\ kiXmX`c 1 cËXZhl`j`k`fe [\ Zfdg k\eZ\j \e cXe^l\j# cËXZhl`j`k`fe [\ jXmf`ij [\ YXj\ \k cËXZhl`j`k`fe [\ ^\jk\j gif]\jj`fee\cj 8ggl` Xlo fi^Xe`jd\j [\ ]fidXk`fe gfli ]X`i\ mfcl\i c\j Zfek\elj g [X^f^`hl\j

@e[`ZXk\lij [Ë mXclXk`fe

Jl`m` jkXk`jk`hl\ [\j jkX^`X`i\j \e ]feZk`fe [\ c\li fi`^`e\ ^ f^iXg_`hl\ Jl`m` [Ë`ej\ik`fe fl [Ë mfclk`fe [l gXiZflij ~ cË`jjl\ [\ cX g i`f[\ [\ ]fidXk`fe ~ [`jkXeZ\ EfdYi\ [\ ]fidXk`fej i Xc`j \j

G`cfk\

I ^`fe CXe^l\[fZ$Ifljj`ccfe Xm\Z cËXggl` [l :Xi`]

GXik\eX`i\j

9iXeZ_\j gif]\jj`fee\cc\j Æ Fi^Xe`jXk`fej `ek\igif]\jj`fee\cc\j Æ FG:8 Æ =fe^\Z`] Æ Fi^Xe`jd\j [\ ]fidXk`fe gif]\jj`fee\cc\

:fe[`k`fej [\ i ljj`k\

yZ_ XeZ`\i

8ggl` [fZld\ekX`i\ @e[`m`[lXc`jXk`fe [l gXiZflij [\ ]fidXk`fe 8ZZfdgX^e\d\ek gXi le klk\li \e ZfeZ`c`Xek le mfc\k ~ [`jkXeZ\ \k [\j j XeZ\j [\ i\^iflg\d\ek D`j\ \e gcXZ\ [Ële jpjk d\ [\ mXcfi`jXk`fe [\ cËXZk`fe [\ ]fidXk`fe ~ [`jkXeZ\ jli cX YXj\ [Ële\ mXclXk`fe \e Ôe [\ jkX^\ DlklXc`jXk`fe [\j Zfdg k\eZ\j \k&fl [\j `e]iXjkilZkli\j <og i`d\ekXk`fe \e )''.# ^ e iXc`jXk`fe Xgi j XeXcpj\ [\j i jlckXkj )''/$)''0

(+,

FI@<EK8K@FE E * 1 JFLK<E@I C<J GIFA<KJ ;< K<II@KF@I<

=`Z_\$XZk`fe e +' =XZ`c`k\i cX i\Zfem\ij`fe \k c\j dfY`c`k j gif]\jj`fee\cc\j [\j jXcXi` j

:fek\ok\

C\j dlkXk`fej Zfefd`hl\j# [Xej le Zfek\ok\ [\ ]fik\ ZfeZlii\eZ\ \k [\ dfe[`Xc`jXk`fe# ]iX^`c`j\ek c\j \eki\gi`j\j i ^`feXc\j efkXdd\ek c\j \eki\gi`j\j `e[ljki`\cc\j% CX j`klXk`fe [\j jXcXi` j m`Zk`d\j [\ c`Z\eZ`\d\ekj Zfefd`hl\j dfY`c`j\ek ]fik\d\ek c\j gXik\eX`i\j jfZ`Xlo# c\j j\im`Z\j [\ cËykXk \k c\j Zfcc\Zk`m`k j glYc`hl\j# efkXdd\ek \e Xggl` Xlo Zfem\ek`fej [\ i\ZcXjj\d\ek g\ijfeeXc`j \j gifgfj \j gXi c\j \dgcfp\lij%

FYa\Zk`]j

8ek`Z`g\i cX mlce iXY`c`k Zfefd`hl\ [\ Z\ikX`ej \dgcf`j \e i\e]fi Xek# gXi cX ]fidXk`fe \k cX M8<# cË\dgcfpXY`c`k [\j jXcXi` j# Xl j\`e [\ cË\eki\gi`j\ dX`j ^Xc\d\ek ~ cË\ok\ie\ 8ZZfdgX^e\i c\j jXcXi` j m\ij le i\kfli ~ cË\dgcf`

Gi j\ekXk`fe fl df[Xc`k j [ËXZk`fe

D\kki\ \e gcXZ\ [\j d\jli\j [ËXZZfdgX^e\d\ek g\ijfeeXc`j mXclXk`fe [\j Zfdg k\eZ\j# i\Z_\iZ_\ [Ë\dgcf` Lk`c`j\i cX M8< Gifgfj\i [\j ]fidXk`fej X[Xgk \j

@e[`ZXk\lij [Ë mXclXk`fe

EfdYi\ [\ Y`cXej [\ Zfdg k\eZ\j EfdYi\ [ËXZk`fej [\ ]fidXk`fe EfdYi\j [Ë\dgcf`j i\kiflm j glYc`Zj ZfeZ\ie j# d k`\ij# \e i ^`fe fl _fij i ^`fe

G`cfk\j

ykXk Æ GXik\eX`i\j jfZ`Xlo

GXik\eX`i\j

:fcc\Zk`m`k j k\ii`kfi`Xc\j Æ 8EG< Æ I j\Xlo [Ë8@F Æ :Xi`]

:fe[`k`fej [\ i ljj`k\ yZ_ XeZ`\i

(+-

C`j`Y`c`k [\j XZk`fej Zfe[l`k\j DfY`c`jXk`fe [\ cË\ej\dYc\ [\j XZk\lij [l k\ii`kf`i\ ZfeZ\ie )''.&)'((