/MRXEVS ,EXXSVM MR JSYRHIH XLI GSQTER] XLEX [EW XS FIGSQI 7IMOS
% .3962)= -2 8-1) 8,) 6)1%6/%&0) 7836= 3* 7)-/3
7IMOS ;EXGL 'SVTSVEXMSR *MVWX 4YFPMWLIH (IWMKRIH F] 7LIPPI] 2 2SXX *+% (+% 4VSHYGIH F] +SSH -QTVIWWMSRW 7X %PFERW ,IVXW 9/ 4VMRXIH F] 8344%2 46-28-2+ '3 08( .ETER %PP VMKLXW VIWIVZIH 2S TEVX SJ XLMW FSSO QE] FI VITVSHYGIH SV XVERWQMXXIH MR ER] JSVQ SV F] ER] QIERW IPIGXVSRMG QIGLERMGEP SV TLSXSKVETLMG SV WXSVIH MR ER] MRJSVQEXMSR WXSVEKI SV VIXVMIZEP W]WXIQ [MXLSYX XLI TIVQMWWMSR SJ 7IMOS ;EXGL 'SVTSVEXMSR
% .SYVRI] MR 8MQI 8LI 6IQEVOEFPI 7XSV] SJ 7IMOS [EW [VMXXIR EX XLI MRWXMKEXMSR SJ 7IMOS ;EXGL 'SVTSVEXMSR XS ½PP E ZSMH MR XLI )RKPMWL PERKYEKI PMXIVEXYVI EFSYX XLI TEWX TVIWIRX ERH JYXYVI SJ XLI GSQTER] 8LI EYXLSV .SLR +SSHEPP MW E NSYVREPMWX [LS LEW WTIRX QSWX SJ LMW [SVOMRK PMJI [VMXMRK EFSYX [EXGLIW ERH XLI [EXGL QEVOIX ¯ JSV RIEVP] ]IEVW EW XLI IHMXSV SJ XLI PIEHMRK &VMXMWL XVEHI RI[WTETIV [LMGL [EW XLIR GEPPIH 6IXEMP .I[IPPIV ERH WYFWIUYIRXP] EW XLI IHMXSV SJ E [EXGL QEKE^MRI JSV IRXLYWMEWXW *SV XLI PEWX ]IEVW LI LEW FIIR E JVIIPERGI NSYVREPMWX [VMXMRK EFSYX [EXGLIW JSV LMKL UYEPMX] QEKE^MRIW ERH REXMSREP RI[WTETIVW ,MW EVXMGPIW LEZI FIIR TYFPMWLIH MR XLI 97% -XEP] +IVQER] *VERGI XLI 9/ ERH .ETER
' 328)287 'LETXIV
,YQFPI &IKMRRMRKW 'VIEXI E 7SYRH *SYRHEXMSR 8LI IEVP] 7IMOS WXSV]
'LETXIV
-RRSZEXMSR ERH 6IßRIQIRX % RI[ HMVIGXMSR JSV XLI WX GIRXYV]
'LETXIV
8LI (IZIPSTQIRX =IEVW 8LI IEVP] LMWXSV] ¯
'LETXIV
'SQTIXMXMSRW 7TYVVIH 7IMOS XS 2I[ ,IMKLXW -RXIVREXMSREP VIGSKRMXMSR
'LETXIV
8LI 4MRREGPI SJ 1IGLERMGEP )\GIPPIRGI 8LI WXSV] SJ XLI +VERH 7IMOS GSPPIGXMSR
'LETXIV
8LI (E] XLEX 'LERKIH XLI ,MWXSV] SJ 8MQI 8LI EHZIRX SJ UYEVX^ XIGLRSPSK]
'LETXIV
/MRIXMG ;EXGLIW ® %PP 8LEX MW &IWX MR 7IMOS 8IGLRSPSK] 8LI GLEPPIRKI SJ GPIER IRIVK]
'LETXIV
8LI ²+VEQQEV SJ (IWMKR³ % GYPXYVI SJ MRRSZEXMZI HIWMKR
'LETXIV
8LI -RàYIRGI SJ +PSFEP (IWMKR 'SPPEFSVEXMSR [MXL [SVPH VIRS[RIH HIWMKRIVW
'LETXIV
7TSVXW ;EXGLIW 8LEX +S 8S )\XVIQIW *VSQ XLI XST SJ XLI [SVPH XS XLI HIITIWX SGIERW
'LETXIV
7TSVXW 8MQMRK ® 8LI 1IEWYVI SJ +VIEXRIWW 7IMOS´W TEWWMSR JSV WTSVX WMRGI
'LETXIV
8LI -RRSZEXMSR +SIW 3R *VSQ UYEVX^ XS 7TVMRK (VMZI
'LETXIV
8LI +YEVHMERW SJ 8MQI 8LI 7IMOS -RWXMXYXI SJ ,SVSPSK]
, 91&0) &)+-22-2+7 '6)%8) % 7 392( *392(%8-32 *I[ TISTPI MR XLI ;IWXIVR [SVPH XSHE] EVI E[EVI SJ .ETER³W VMGL LIVMXEKI SJ [EXGL ERH GPSGO QEOMRK ERH ]IX XLI VIQEVOEFPI WYGGIWW SJ XLI .ETERIWI LSVSPSKMGEP MRHYWXV] MR XLI PEWX ]IEVW MW E GSRXMRYEXMSR SJ .ETER³W JEWGMREXMSR [MXL XMQI HS[R XLI EKIW %X XLI LIEVX SJ XLI QENSV QSHIVR WYGGIWW WXSV] PMIW 7IMOS E FVERH XLEX S[IW WS QYGL XS XLVII KIRIVEXMSRW SJ NYWX SRI JEQMP] ® ,EXXSVM
8LI MRRSZEXMZI WTMVMX XLEX LEW PIH XLIQ XS EGLMIZI WS QER] [SVPH ½VWXW [MXL XLIMV XMQITMIGIW ERH XS FYMPH SRI SJ XLI [SVPH´W QSWX MQTSVXERX [EXGL FYWMRIWWIW MW ER ETX XVMFYXI XS IEVPMIV KIRIVEXMSRW SJ .ETERIWI LSVSPSKMWXW .ETER´W ½VWX XMQITMIGIW S[IH QYGL XS XLI MRKIRYMX] SJ 'LMRIWI MRZIRXSVW ;EXIV GPSGOW [IVI SRI SJ XLI ½VWX JSVQW SJ XMQIOIITMRK ERH [IVI MR YWI MR 'LMRE MR XLI ½VWX QMPPIRRMYQ %( -R .ETER XLI EVVMZEP SJ &YHHLMWQ MR XLI QMH W ERH XLI GSRGYVVIRX HIGPMRI SJ XLI =EQSXS 'SYVX WIX XLI WGIRI JSV XLI MRXVSHYGXMSR XS .ETER SJ XLI XIGL RSPSK] XS TVSHYGI [EXIV GPSGOW 8LI .ETERIWI KSZIVRQIRX VIQSHIPPIH MXWIPJ SR XLI TVMRGMTPIW SJ XLI 8´ERH (]REWX] MRXVSHYGIH F] 'SRJYGMYW ERH F] %( )QTIVSV 8IRGLM LEH GVIEXIH XLI ½VWX [EXIV GPSGO MR .ETER -R 'LMRE XLI WGLSPEV 7YRK QEHI E TMSRIIVMRK FVIEOXLVSYKL [LIR LI GSQTPIXIH XLI ±'SWQMG )RKMRI² EVSYRH -X MW FIPMIZIH F] WSQI WGLSPEVW XS FI XLI ½VWX GPSGO MR VIGSVHIH LMWXSV] XS LEZI FIIR VIKY PEXIH F] ER IWGETIQIRX %JXIV XLMW KVIEX PIET JSV[EVH MX WIIQW XLEX XLI EVX SJ GSQTPI\ QIGLER MGEP GPSGOQEOMRK [EW PSWX MR )EWX %WME % .3962)= -2 8-1)
&IJSVI .ETER EHSTXIH XLI ;IWXIVR XMQI W]WXIQ WTIGMEP GPSGOW HMWTPE]IH XLI XMQI EGGSVHMRK XS XLI PYREV W]WXIQ XLEX [EW MR YWI JSV WIZIVEP LYRHVIH ]IEVW 1ER] PMOI XLMW I\EQTPI MR XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] LEH X[S ZIVKI ERH JSPMSX QIGLERMWQW MRWXIEH SJ XLI WMRKPI IWGETIQIRX YWIH MR XLI ;IWX
YRXMP QIGLERMGEP XMQITMIGIW [IVI IZIR XYEPP] MQTSVXIH JVSQ )YVSTI -R XLI PEXI W XLI )HS JEQMP] SJ XLI 8EMVE GPER IWXEFPMWLIH E ½WLMRK ZMPPEKI [LMGL LEW IZSPZIH MRXS XLI ZEWX QIXVSTSPMW GEPPIH 8SO]S [MXL E TSTYPE XMSR XSHE] SJ EVSYRH QMPPMSR ¯ ERH QMPPMSR [MXLMR E VEHMYW SJ QMPIW %VSYRH ]IEVW EJXIV XLI ZMPPEKI [EW IWXEFPMWLIH XLI ½VWX [IMKLX HVMZIR GPSGOW [IVI GVIEXIH MR )YVSTI PEVKI MVSR WXVYGXYVIW XLEX [IVI SRP] EGGYVEXI IRSYKL XS NYWXMJ] ER LSYV LERH ¯ FYX XLI] QEVOIH XLI WXEVX SJ XMQIOIITMRK EW [I ORS[ MX XSHE] -R 2‚VIQFYVK XLI WTVMRK [EW EHHIH XS QIGLERMGEP GPSGOW MR XLI IEVP] W QEOMRK TSWWMFPI XLI TVSHYG XMSR SJ XEFPI GPSGOW %W QERYJEGXYVMRK XIGLRMUYIW EHZERGIH MX FIGEQI TSW WMFPI XS QEOI WQEPP GSQTSRIRXW [MXL WSQI HIKVII SJ TVIGMWMSR ERH TSGOIX [EXGLIW FIGEQI E VIEPMX] JSV XLI ½VWX XMQI *VSQ +IVQER] ERH )RKPERH [IVI XLI [SVPH´W QEMR GIRXVIW SJ [EXGLQEOMRK ERH HYVMRK XLI RI\X ]IEVW *VERGI EPWS HIZIPSTIH E [EXGL QEOMRK MRHYWXV] -R XLI QMHHPI SJ XLI XL GIRXYV] [EXGLQEOMRK WXEVXIH MR +IRIZE EJXIV VIJSVQW MRXVSHYGIH F]
% [EPP GPSGO HMWTPE]MRK XMQI EGGSVHMRK XS XLI PYREV W]WXIQ XLEX [EW YWIH MR .ETER FIJSVI
.IER 'EPZMR FERRIH XLI [IEVMRK SJ NI[ IPPIV] ERH JSVGIH KSPHWQMXLW NI[IPPIVW ERH WSQI SXLIV GVEJXWQIR XS XYVR XS XLI RI[ GVEJX SJ [EXGLQEOMRK %X XLEX XMQI EPP [EXGLIW [IVI TSGOIX [EXGLIW ¯ [VMWX[EXGLIW [IVI RSX QEHI SR E GSQQIVGMEP WGEPI YRXMP IRKMRIIVMRK EHZERGIW QEHI MX TSWWMFPI XS TVSHYGI WQEPP IRSYKL GSQTSRIRXW EGGYVEXIP] ;LMPI XLIWI HIZIPSTQIRXW [IVI XEOMRK TPEGI MR )YVSTI .ETER WYJJIVIH
JVSQ XLI JIYHEP VYPI SJ XLI 7EQYVEM GPSGOQEOMRK XLVMZIH MR .ETER JSV XLI JVSQ XLI W XS XLI W ERH RI\X ]IEVW 8LI GEWXPI XS[R SJ )HS XLMW [EW JSPPS[IH F] X[S GIRXYVMIW SJ FIGEQI XLI GIRXVI SJ XLI GSYRXV]´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±HMWGSZIVIH² .ETER MR ERH 8LI )HS )VE MR LI KEZI XLI ½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½VWX QIGLERMGEP GPSGO XS .ETER E XLVSYKLSYX XLI ]IEV WS HMH XLI PIRKXL .ETERIWI 'LVMWXMER QMWWMSR XLEX ZMWMXIH SJ IEGL SJ XLIWI TIVMSHW I\GITX EX XLI XLI 4STI MR 6SQI VIXYVRIH LSQI [MXL IUYMRS\IW ;EHSOIM [IVI GSQTPMGEXIH E GPSGO JSV ,MHI]SWLM 8S]SXSQM 3XLIV IRSYKL XS FI EFPI XS EPPS[ JSV XLIWI HEMP] ZEVMEXMSRW ¯ ERH PEXIV ZIVWMSRW QIGLERMGEP GPSGOW WSSR JSPPS[IH %VSYRH E GSQFMREXMSR IHY IZIR MRGPYHIH GEVMPPSRW ERH EPEVQW 8S GEXMSREP ZSGEXMSREP WGLSSP [EW WIX YT GSTI [MXL XLI HMJJIVIRX PIRKXLW SJ HE] F] 'LVMWXMER QMWWMSREVMIW MR 2EKEWEOM ERH RMKLX IEGL GPSGO LEH RSX SRI FYX 4VIJIGXYVI -X XEYKLX WXYHIRXW LS[ XS X[S ZIVKI ERH JSPMSX IWGETIQIRXW SRI QEOI GPSGOW SVKERW ERH EWXVSRSQMGEP JSV XLI HE] TIVMSH XLI SXLIV JSV XLI IUYMTQIRX 8LMW [EW EPQSWX ]IEVW RMKLX ¯ E GSQTPMGEXMSR XLEX [EW YRRIG FIJSVI (ERMIP .IER 6MGLEVH IWXEF IWWEV] JSV GPSGOQEOIVW MR ER] SXLIV PMWLIH [EXGLQEOMRK MR 0I 0SGPI MR TEVX SJ XLI [SVPH %QSRK XLI .ETERIWI GPSGOW 7[MX^IVPERH &] EJXIV XLI YRM½GEXMSR SJ TVSHYGIH HYVMRK XLI )HS )VE [IVI .ETER´W [EVVMRK WXEXIW XLIVI [EW E ]EKYVE HSOIM GPSGOW SR LMKL WXERHW XS GVEGOHS[R SR 'LVMWXMER QMWWMSREVMIW EGGSQQSHEXI XLI [IMKLXW XLEX TS[ &] .ETER FIKER XS GPSWI MXW HSSVW IVIH XLIQ WLEOY HSOIM [EPP QSYRXIH XS JSVIMKR MR¾YIRGIW ERH .ETERIWI GPSGOW [MXL GEPMFVEXMSRW FIPS[ XLI XMQI REXMZIW [IVI JSVFMHHIR XS XVEZIP SZIV VIEH JVSQ XLI TSWMXMSR SJ XLI [IMKLXW WIEW 1SWX JSVIMKR XVEHI GIEWIH F] ERH QEOYVE HSOIM WTVMRK HVMZIR GPSGOW XLEX GSYPH FI TPEGIH SR WLIPZIW SV %W XLI GSYRXV] FIGEQI QSVI GEFMRIXW =EKYVE HSOIM MR TEVXMGYPEV MWSPEXIH ERH MQTSVXW GEQI XS ER IRH VIEGLIH ZIV] LMKL PIZIPW SJ WSTLMWXMGE ',%48)6
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½VWX GPSGOW [IVI MQTSVXIH JVSQ XLI ;IWX IWTIGMEPP] %QIVMGE ERH )YVSTI 7SSR XIGLRSPSK] MRXVSHYGIH 8LMW LERH GSPSYVIH TSWXIV MR XLI ,SVSPSKMGEP -RWXMXYXI MR 8SO]S WLS[W XLI 7IMOSWLE JEGXSV] ERH WSQI SJ MXW IEVPMIWX TVSHYGXW JVSQ XLI ;IWX LIPTIH [MXL XLI GVIE XMSR SJ .ETER´W RI[ LSVSPSKMGEP MRHYWXV] EW XLI GSYRXV] FIKER XS GSQI XS XIVQW QER [LS [EW XS FIGSQI ORS[R EW REQI 7IMOSWLE [LMPI XLI [VMWX[EXGLIW [MXL XLI WSPEV GEPIRHEV MX LEH VIGIRXP] .ETER´W ±/MRK SJ 8MQITMIGIW² -R [IVI GEPPIH 7IMOS -X [EW XLI JEV WMKLXIH KIRMYW EHSTXIH 8LI RI[ MRHYWXV] WXEVXIH MR EX XLI EKI SJ SRP] LI JSVQEPP] 8SO]S MR [MXL XLI QERYJEGXYVI SJ JSYRHIH / ,EXXSVM [LMGL [EW WIX YT SJ /MRXEVS ,EXXSVM XLEX PEMH XLI JSV XLI VITEMV ERH WEPI SJ WIGSRH LERH JSYRHEXMSRW SJ XLI TVIWIRX 7IMOS FSRFSR HSOIM ¯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±7IMOS² QIERW ±I\UYMWMXI² ±QMRYXI² XS FIGSQI XLI [SVPH´W PEVKIWX [EXGL XLI LYQFPI WXEVX SJ XLI GEVIIV SJ XLI SV ±WYGGIWW² ERH ±WLE² QIERW LSYWI TVSHYGIV -X [EW LIVI XLEX /MRXEVS ,EXXSVM TVSHYGIH LMW ½VWX GPSGOW ERH XLIWI *SVIWMKLX QEVOIH XLI FIKMRRMRKW SJ E GSQTER] -R XLI W 7IMOS HIQSRWXVEXIH XLEX [EW XS FIGSQI SRI SJ XLI [SVPH´W XLEX XLIMV QIGLERMGEP [EXGLIW [IVI QSWX MQTSVXERX QERYJEGXYVIVW SJ E QEXGL JSV WSQI SJ 7[MX^IVPERH´W XMQITMIGIW 8LI] WXEVXIH F] QEOMRK FIWX EX MRHITIRHIRX XVMEPW GSRHYGXIH [EPP GPSGOW ERH PEXIV KVEHYEXIH XS MR 7[MX^IVPERH -X [EW 'LEMVQER 7LSNM TSGOIX [EXGLIW EPEVQ GPSGOW ERH [VMWX ,EXXSVM [LS LEH XLI JSVIWMKLX XS VIG [EXGLIW (YVMRK XLI ½VWX TEVX SJ XLI SKRMWI XLI MQTSVXERGI SJ WYGGIWW MR 8LI QEMR IRXVERGI XS XLI 7IMOSWLE 7LS[E )VE XLI GSQTER]´W XLIWI GSQTIXMXMSRW [LIR LI KEZI LMW JEGXSV] MR TSGOIX [EXGLIW [IVI KMZIR XLI FVERH XIGLRMGMERW XLI SVHIV ±(S MX² 8LIMV % .3962)= -2 8-1)
WYGGIWW MR XLI GSQTIXMXMSR KEZI E KVIEX FSSWX XS XLI VITYXEXMSR SJ 7IMOS´W QIGLERMGEP [EXGLIW -R XLI W HIQERH JSV QIGLERMGEP [EXGLIW H[MRHPIH EW UYEVX^ [EXGLIW FIKER XS HSQMREXI XLI QEVOIX ERH 7IMOS IZIRXYEPP] VIHYGIH HVEQEXMGEPP] TVSHYGXMSR ,S[IZIV F] XLI W .ETER´W [EXGL IRXLYWMEWXW VIHMWGSZIVIH XLI GSPPIGXEFPI UYEPMXMIW SJ ½RI QIGLERMGEP [EXGLIW XLI 7IMOS GLVSRSQIXIV [EW VIFSVR MR 8SHE] XLIVI MW E LIEPXL] HIQERH JSV 7IMOS´W LMKL KVEHI QIGLERMGEP [EXGLIW MR .ETER FYX WS JEV XLI] LEZI RSX FIIR WSPH SYXWMHI XLI HSQIWXMG QEVOIX 7MRGI XLI TVSHYGXMSR SJ ½RI QIGLERMGEP XMQITMIGIW LEW FIIR XEOIR ZIV] WIVMSYWP] [MXLMR 7IMOS ERH XLI GSQTER] FIPMIZIW [MXL IZIV] NYWXM½GE XMSR XLEX SRGI EKEMR XLI FIWX SJ MXW TVSHYGXW EVI ½X XS VMZEP WSQI SJ XLI FIWX 7[MWW XMQITMIGIW
-X [EW EPWS 7LSNM ,EXXSVM [LS MWWYIH E HIGVII XLEX PIH XS XLI QSWX MQTSVXERX GSYT MR XLI GSQTER]´W VIQEVOEFPI LMWXSV] -R XLI W .ETERIWI ERH 7[MWW XIGLRMGMERW [IVI VEGMRK EKEMRWX IEGL SXLIV XS TVSHYGI XLI ½VWX GSQQIVGMEP UYEVX^ [EXGLIW '), XLI 7[MWW VIWIEVGL GIRXVI ERH 7IMOS´W VIWIEVGL ERH HIZIPSTQIRX HITEVXQIRX [IVI [SVOMRK ¾EX SYX XS SZIVGSQI IRSVQSYW TVSFPIQW ERH TVSHYGI XLI ½VWX GSQQIVGMEPP] ZMEFPI UYEVX^ [VMWX[EXGLIW
3RI ]IEV HIEHPMRI 7IMOS XIGLRMGMERW [IVI ½RHMRK MX HMJ ½GYPX XS SZIVGSQI XLI ½REP LYVHPIW [LIR 7LSNM ,EXXSVM 4VIWMHIRX SJ ,EXXSVM 7IMOS VER SYX SJ TEXMIRGI ERH KEZI XLI SVHIV XLEX XLIVI [EW XS FI E QEVOIXEFPI TVSHYGX [MXLMR SRI ]IEV -R VIWTSRWI XS LMW IHMGX XLI GSQTE R]´W JYPP VIWSYVGIW [IVI ETTPMIH XS XLI TVSFPIQ ERH 7IMOS WYGGIIHIH SR (IGIQFIV MR QEVOIXMRK XLI
8LI SJJMGI FYMPHMRK SJ 7IMOSWLE MR
[SVPH´W ½VWX UYEVX^ [VMWX[EXGL 8LMW KEZI XLIQ ER IRSVQSYW GSQQIVGMEP EHZERXEKI SZIV XLI 7[MWW 8LI ½VWX 7IMOS UYEVX^ [EXGLIW GSWX EW QYGL EW E 8S]SXE GEV 7IMOS´W [EXGL I\TSVXW MR [IVI SRP] QMPPMSR TMIGIW 8LMW VSGOIXIH XS QMPPMSR MR ERH F] LEH VIEGLIH XLI MQTVIWWMZI XSXEP SJ QMPPMSR &] 7IMOS TVSHYGIH EVSYRH QMPPMSR [EXGLIW ,MWXSVMGEPP] XLI [EXGL MRHYWXVMIW MR .ETER ERH 7[MX^IVPERH HIZIPSTIH [MXL HMJJIVIRX WXVYGXYVIW ERH XLMW YPXMQEXIP] EGGSYRXIH JSV 7IMOS´W VIQEVOEFPI WYG GIWW [LIR XLI [SVPH XYVRIH XS UYEVX^ XMQIOIITMRK 7[MX^IVPERH´W [EXGL MRHYWXV] LEH HIZIPSTIH EW E KMERX GSXXEKI MRHYWXV] [MXL XLSYWERHW SJ GSQTERMIW WTIGMEP MWMRK MR XLI TVSHYGXMSR SJ TEVXMGYPEV GSQTSRIRXW %W UYEVX^ XIGLRSPSK] ½VWX IQIVKIH 7IMOS [EW JEGIH [MXL ER MQTSVXERX HIGMWMSR 6IMNMVS ,EXXSVM ,SRSVEV] 'LEMVQER SJ XLI 7IMOS +VSYT I\TPEMRW ±;I LEH FIIR XEPOMRK EFSYX [LIVI XS FY] XLI WXIIP JSV SYV FEPERGI WTVMRKW ERH XLIR XS FYMPH E JEGXSV] SYVWIPZIW XS QERYJEGXYVI XLIQ ;LIR [I GEQI MRXS XLI UYEVX^ EKI [I [IVI XEPOMRK EFSYX [LEX XS HS MR XIVQW SJ WIQM GSRHYGXSV JEGXSVMIW ERH EFSYX XLI JEGX XLEX MX [EWR´X IRSYKL NYWX XS QEOI WIQMGSRHYGXSVW [L] RSX FYMPH UYEVX^ SWGMPPEXSVW ERH PMUYMH GV]WXEP HMWTPE]W XSS#² 7IMOS TVSHYGIH ¯ ERH WXMPP TVS HYGIW ¯ QSWX SJ XLI GSQTSRIRXW JSV MXW [EXGLIW MRGPYHMRK QSZIQIRXW GEWIW ERH HMEPW MR GSQTERMIW [MXLMR XLI KVSYT %X E XMQI [LIR 7[MWW TVSHYG XMSR [EW SJXIR LIPH YT F] E WLSVXEKI SJ GSQTSRIRXW JVSQ ZEVMSYW MRHITIRHIRX GSQTERMIW 7IMOS LEH JEV KVIEXIV GSR ',%48)6
XVSP SZIV TVSHYGXMSR FIGEYWI EPQSWX IZIV] TEVX [EW QEHI MR LSYWI -XW MRXIKVEXIH ETTVSEGL EPWS JEGMPMXEXIH XLI HIZIPSTQIRX SJ LMKLP] EYXSQEXIH TVSHYGXMSR ERH EWWIQFP] PMRIW [LMGL GSYPH STIVEXI YRQERRIH JSV LSYVW E HE] %W TVSHYGXMSR SJ UYEVX^ [EXGLIW I\TERHIH VETMHP] XS GEXIV JSV IRSV QSYW [SVPH[MHI HIQERH .ETERIWI QEOIVW WSSR FIGEQI HSQMRERX ¯ ERH QYGL SJ XLIMV WYGGIWW [EW XLI VIWYPX SJ XLI MRXIKVEXIH ETTVSEGL XS [EXGL QEOMRK XLEX LEH FIIR MRWXMKEXIH F] /MRXEVS ,EXXSVM EX XLI FIKMRRMRK SJ XLI XL GIRXYV]
-RZIWXMRK MR 6 ( (IWTMXI MXW IRSVQSYW WYGGIWW [MXL UYEVX^ [EXGLIW 7IMOS GSRXMRYIH XS MRZIWX MR VIWIEVGL ERH HIZIPSTQIRX ERH QYGL SJ MXW [SVO [EW HIZSXIH XS XLI HIZIPSTQIRX SJ XLI RI\X KIR IVEXMSR SJ XMQIOIITMRK ER EYXSQEXMG KIRIVEXMRK W]WXIQ XLEX VIUYMVIH RS FEXXIV] GLERKI &] MX ETTPMIH JSV MXW ½VWX TEXIRX JSV XLMW RI[ XIGL RSPSK] FYX MX [EW RSX YRXMP XLEX XLI [SVPH´W ½VWX EYXSQEXMG KIRIVEXMRK UYEVX^ [EXGL [EW PEYRGLIH 5YEVX^ QSZIQIRXW VITVIWIRXIH E VIZSPYXMSR MR EGGYVEG] HMKMXEP UYEVX^ [EXGLIW QEVOIH E VIZSPYXMSR MR HMWTPE] XIGLRSPSK] ERH XLI EYXSQEXMG KIRIV EXMRK W]WXIQ [LMGL 7IMOS IZIRXYEPP] REQIH /MRIXMG [EW E VIZSPYXMSR MR IRIVK] WSYVGIW JSV XMQIOIITMRK 8LMW IRSVQSYW WXIT JSV[EVH QEVOIH XLI FIKMRRMRK SJ 7IMOS´W RI[ IVE SJ WSGMEP VIWTSRWMFMPMX] GVIEXMRK TVSHYGXW XLEX EVI JVMIRHP] XS XLI [SVPH [I PMZI MR 8LMW RI[ EXXMXYHI MW RSX VIWXVMGXIH XS XLI QERYJEGXYVI SJ IRZMVSRQIRXEPP] JVMIRHP] TVSHYGXW MX EPWS I\XIRHW XS XLI GSQTER]´W JEGXSVMIW ERH SJ½GIW % .3962)= -2 8-1)
8LMW ZMI[ SJ TEVX SJ XLI 7IMOSWLE TPERX MR WLS[W LS[ QYGL XLI GSQTER] LEH I\TERHIH MR E JI[ WLSVX ]IEVW
ERH XLI GSQTER] [SR E[EVHW JSV MXW GSRXMRYMRK IJJSVXW XS VIHYGI IRIVK] GSRWYQTXMSR ERH IRZMVSRQIRXEP TSPPY XMSR MR MXW JEGXSVMIW 5YEVX^ XIGLRSPSK] PIH HMVIGXP] XS ERSXLIV HIZIPSTQIRX SJ IRSVQSYW WMKRM½GERGI JSV 7IMOS -R 7IMOS WIVZIH EW XLI SJ½GMEP XMQIOIITIV JSV XLI 8SO]S 3P]QTMG +EQIW ERH MX VIZSPYXMSRMWIH WTSVXW XMQIOIITMRK F] FIGSQMRK XLI ½VWX GSQTER] IZIV XS YWI E UYEVX^ GPSGO XS XMQI E QENSV WTSVXW IZIRX )ZIV WMRGI XLEX XMQI 7IMOS LEW TPE]IH E QENSV VSPI MR WTSVXW XMQMRK XLI [SVPH SZIV ERH MXW I\TIVXMWI ERH TVS½GMIRG] LEZI LIPTIH XS IRLERGI XLI GSQTER]´W VITYXEXMSR JSV VIPMEFMPMX] ERH EGGYVEG] %JXIV 7IMOS LEW FIIR SRI SJ SRP] X[S GSQTERMIW XLEX LEZI XMQIH QYPXM HMWGMTPMRI QENSV MRXIVREXMSREP WTSVXW IZIRXW (IWTMXI XLI IRSVQSYW MRZIWXQIRX MR XIGLRSPSK] ERH QERTS[IV XLEX MW RIGIWWEV] XS
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±7SR SJ )4² ¯ )PIGXVMG 4VMRXIV 7IMOS´W WYGGIWW MR XLI PEWX ]IEVW LEW RSX SRP] VIPMIH SR XIGLRMGEP MRRSZE XMSR ERH FYWMRIWW EGYQIR XLI GSQTER] LEW EPWS HIZSXIH GSRWMHIVEFPI EXXIR XMSR XS XLI MQTSVXERGI SJ HIWMKR -XW HIWMKRIVW LEZI [SR X[S (MEQSRHW
-RXIVREXMSREP %[EVHW XLI GSZIXIH SJ [EXGL QERYJEGXYVMRK F] TMSRIIVMRK MRXIVREXMSREP E[EVHW XLEX QEVO XLI RI[ XIGLRSPSK] ERH HIZIPSTMRK RI[ TMRREGPI SJ NI[IPPIV] HIWMKR 7IMOS LEW TVSHYGXMSR XIGLRMUYIW PEVKI XIEQW SJ HIWMKRIVW MR WIZIVEP 7IMOS´W KVSYRH FVIEOMRK WEPIW SJ TEVXW SJ XLI [SVPH ERH EPWS GSPPEFS XLI [SVPH´W ½VWX UYEVX^ [EXGLIW ERH VEXIW [MXL WSQI SJ XLI [SVPH´W QSWX MXW MRXVSHYGXMSR SJ /MRIXMG XIGLRSPSK] WYGGIWWJYP MRHYWXVMEP HIWMKRIVW TPE]IH E OI] VSPI MR 7IMOS´W EGGITXERGI ;LIR /MRXEVS ,EXXSVM STIRIH EW E QENSV TPE]IV SR XLI [SVPH WXEKI LMW ½VWX [EPP GPSGO JEGXSV] MR LMW %X XLI FIKMRRMRK SJ XLI WX GIRXYV] WXEJJ QERYJEGXYVIH GPSGOW MR XLI XLI WLETI SJ XLI [SVPH QEVOIX FIKER ½VWX WM\ QSRXLW &] LMW GSQTER] XS GLERKI ZIV] UYMGOP] 1EWWMZI TVSHYG 7IMOSWLE LEH FIGSQI XLI PEVKIWX [EPP XMSR SJ GLIET [EXGLIW MR 'LMRE ERH GPSGO QERYJEGXYVIV MR .ETER -R XLI 7SYXL )EWX %WME LEH E WXVSRK MQTEGX SR WIGSRH LEPJ SJ XLI XL GIRXYV] 7IMOS XVEHMXMSREP [EXGL GSQTERMIW 8LI 7IMOS VIEGLIH ERH WXE]IH EX XLI JSVIJVSRX 'SVTSVEXMSR VIWTSRHIH F] VIWXVYG
XYVMRK XLI [EXGL HMZMWMSR ERH GVIEXMRK E RI[ ZMWMSR SJ XLI JYXYVI EW E ½VWX WXIT XS[EVHW QIIXMRK XLMW IRSVQSYW GLEPPIRKI -R /MRXEVS ,EXXSVM´W ZMWMSR QEHI TSWWMFPI JYXYVI WYGGIWW 8SHE] XLI GSQTER]´W ZMWMSR MW WYQQIH YT F] MXW FYVRMRK UYIWX JSV MRRSZEXMSR ERH VI½RIQIRX ;MXL WYFWXERXMEP SRKSMRK MRZIWXQIRX MR VIWIEVGL ERH HIZIPST QIRX EW [IPP EW HIWMKR QEVOIXMRK ERH EHZIVXMWMRK MX PSSOW WIX XS QEMRXEMR MXW HSQMRERX TSWMXMSR MR XLI KPSFEP [EXGL QEVOIX JEV MRXS XLI WX GIRXYV]
',%48)6
-223:%8-32 %2( 6)*-2)1)28 %W XLI WX GIRXYV] HE[RIH XLI [SVPH³W [EXGL QEVOIXW [IVI FIMRK XVERWJSVQIH F] TS[IVJYP RI[ JSVGIW XLEX EWOIH UYIWXMSRW SJ IZIV] QENSV GSQTER] MR XLI MRHYWXV] -R VIWTSRWI XLI 7IMOS 'SVTSVEXMSR QEHI ER MQTSVXERX GLERKI XS MXW WXVYGXYVI HIWMKRIH XS IREFPI XLI [EXGL HMZMWMSR XS EGLMIZI MXW JYPP TSXIRXMEP ERH XS XEOI EHZERXEKI SJ XLIWI GLERKIW ® MX IWXEFPMWLIH 7IMOS ;EXGL 'SVTSVEXMSR
8LI LMWXSV] SJ 7IMOS MW XLI LMWXSV] SJ E JEQMP] S[RIH FYWMRIWW MRZSPZMRK XLVII KIRIVEXMSRW SJ XLI ,EXXSVM JEQMP] YRHIV [LSWI KYMHERGI XLI GSQTER] LEW TVSWTIVIH JSV QSVI XLER ]IEVW 9RHIV XLI TVIWIRX ,SRSVEV] 'LEMVQER 6IMNMVS ,EXXSVM XLI KVERHWSR SJ XLI JSYRHIV /MRXEVS ,EXXSVM XLI GSQTER] LEW VIGIRXP] WXYHMIH LS[ FIWX MX GER VIWTSRH XS XLI GLEPPIRKI SJ XLI WX GIRXYV] [MXL E RI[ ZMWMSR TLMPSWSTL] ERH WXVYGXYVI 8LI ½VWX IVE SJ 7IMOS IQFVEGIH XLI TMSRIIVMRK HE]W XLI GVIEXMSR SJ RI[ JEGXSVMIW ERH XLI QER YJEGXYVI SJ ZEVMSYW X]TIW SJ XMQITMIGIW JSV XLI ½VWX XMQI MR .ETER 8LI WIGSRH IVE WXEVXIH MR XLI WIGSRH LEPJ SJ XLI XL GIRXYV] [LIR XLI GSQTER] FIKER XS STIR MQTSVXERX I\TSVX QEVOIXW 8LI XLMVH IVE FIKER [MXL ER I\TPSWMSR MR WEPIW ERH TVSHYGXMSR EJXIV XLI GSQTE R]´W LMWXSVMG PEYRGL SJ XLI [SVPH´W ½VWX UYEVX^ [EXGLIW MR 8LI JSYVXL IVE WE[ XLI GSQTER] I\TERH MXW FVERH TSVXJSPMS GVIEXI E KPSFEP RIX[SVO SJ WYTTSVX GSQTERMIW ERH EWWYQI KPSFEP PIEHIVWLMT MR [EXGLQEOMRK XIGLRSPS KMIW 8SHE] ERSXLIV RI[ IVE FIGOSRW &] XLI W ERH W XLI 7[MWW LEH WIIQIH XS FI MR E TSWMXMSR XLEX [EW YREWWEMPEFPI FYX XLEX TVSZIH XS % .3962)= -2 8-1)
8WYXSQY 1MXSQI JMVWX 4VIWMHIRX SJ 7IMOS ;EXGL 'SVTSVEXMSR [LMGL [EW IWXEFPMWLIH MR
FI RS SFWXEGPI XS 7IMOS´W IRXLYWMEWXMG [EXGLQEOIVW XIGLRMGMERW HIWMKRIVW ERH WEPIW WXEJJ -R XLI W XLI] LEH EPVIEH] WXEVXIH XS I\TSVX QIGLERMGEP [EXGLIW [MXL WSQI WYGGIWW ERH XLIR XLI] EWXSRMWLIH XLI [EXGL [SVPH F] EGLMIZMRK KVIEX WYGGIWW MR MRHITIRHIRX [EXGL XVMEPW LIPH MR 7[MX^IVPERH
;LIR 7IMOS PIH XLI [SVPH MR XLI MRXVSHYGXMSR SJ UYEVX^ [EXGLIW MR ERH TMSRIIVIH XVYI QEWW TVSHYGXMSR ERH EYXSQEXMSR MR XLI W XLI] LEH ER IRSVQSYW EHZERXEKI SZIV XLIMV 7[MWW VMZEPW )ZIV WMRGI XLI IEVP] HE]W SJ GPSGO TVSHYGXMSR ¯ ERH EJXIV ZMWMXW XS XLI 97% EX XLI IRH SJ XLI XL ERH XLI FIKMRRMRK SJ XLI XL GIRXYV] ¯ /MRXEVS ,EXXSVM ERH LMW WYGGIWWSVW LEH FIPMIZIH MR ERH MRZIWXIH MR ZIVXMGEP MRXIKVEXMSR &] XLI IRH SJ XLI W 7IMOS´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
8LI JSVIWMKLX SJ /MRXEVS ,EXXSVM MR XLI IEVP] HE]W SJ 7IMOS PIH XS XLI GVIEXMSR SJ ER MRXIKVEXIH TVSHYGXMSR WXVYGXYVI XLEX KEZI XLI GSQTER] ER IRSVQSYW EHZERXEKI [LIR UYEVX^ [EXGLIW XSSO SZIV XLI QEVOIX 8LMW [EXGL TVSHYGXMSR PMRI EX 1SVMSOE 7IMOS MW TVSFEFP] XLI PEVKIWX MR XLI [SVPH
EYXSQEXIH TVSHYGXMSR PMRIW ERH XLMW 1ER] RI[ FVERHW ETTIEVIH MR XLI QEV TYX XLI 7[MWW EX E KVIEX HMWEHZERXEKI OIXTPEGI ERH [MXL XLI TVSJYWMSR SJ RI[ -X [EW HMJ½GYPX XS SVKERMWI TEVXW XS FI WYTTPMIVW EPQSWX ER]SRI [EW EFPI XS MR XLI VMKLX TPEGI EX XLI VMKLX XMQI XS WSYVGI [EXGLIW ERH XS PEYRGL E RI[ JEGMPMXEXI QEWW TVSHYGXMSR 8LI 7[MWW FVERH REQI [EXGLQEOMRK MRHYWXV] RIIHIH JYRHE 9RPMOI IEVPMIV GSQTERMIW [LSWI QIRXEP VISVKERMWEXMSR XS GSTI [MXL REQIW LEH FIGSQI ORS[R XLI [SVPH UYEVX^ [EXGL TVSHYGXMSR FYX MR .ETER SZIV EW [EXGL FVERHW XLIWI RI[ GSQ 7IMOS´W ZIVXMGEP MRXIKVEXMSR IREFPIH TERMIW [IVI MR XLI FYWMRIWW SJ RMGLI TVSHYGXMSR PMRIW XS FI EHETXIH UYMGOP] QEVOIXMRK GEVIJYPP] MHIRXMJ]MRK ERH XS XLI RI[ XIGLRSPSK] ERH WSSR XLI] XEVKIXMRK E REVVS[ KVSYT SJ GSRWYQIVW [IVI [SVPH PIEHIVW ERH WIPPMRK XS XLIQ ZIV] WYGGIWWJYPP] %W XLI [SVPH IRXIVIH XLI WX 8LI] HMH RSX RIIH I\XIRWMZI ORS[P GIRXYV] ERSXLIV QENSV GLERKI [EW IHKI SJ XLI [EXGL QEVOIX MRWXIEH XLI] FIKMRRMRK XS XVERWJSVQ XLI [SVPH´W VIUYMVIH WYTTPMIVW [LS GSYPH HIPMZIV [EXGLQEOMRK MRHYWXV] 7SYXL )EWX %WME SR XMQI ERH E ¾EMV JSV QEVOIXMRK LEH FIGSQI XLI QENSV TVSHYGIV SJ 1SVI XLER IZIV FIJSVI XLIWI RI[ MRI\TIRWMZI [EXGLIW ERH EX VIXEMP PIZIP QEVOIXMRK GSQTERMIW [IVI WIPPMRK ER XLMW [EW JYIPPIH F] E RI[ TLIRSQIRSR MQEKI XLI UYEPMX] ERH XIGLRMGEP JIE
XYVIW SJ QER] SJ XLIWI RMGLI TVSHYGXW XSSO WIGSRH TPEGI XS XLI FVERH REQI 1ER] SJ XLI FVERH REQIW FIMRK YWIH SR [EXGLIW JSV XLI ½VWX XMQI [IVI EPVIEH] [IPP IWXEFPMWLIH EW LSYWILSPH REQIW MR SXLIV ½IPHW WYGL EW JVE KVERGIW SV WTSVXW [IEV 8LI I\TIVXMWI SJ XLI ZIV] WYGGIWWJYP QEVOIXMRK ERH EHZIVXMWMRK HITEVXQIRXW SJ XLIWI RI[ GSQTERMIW [EW ETTPMIH XS XLI WIPPMRK SJ [EXGLIW -R XLI JEGI SJ XLMW EWWEYPX ERH EW XLI 7[MWW MRHYWXV] VIGSZIVIH MXW QSQIRXYQ 7IMOS´W TLIRSQIREP KVS[XL VEXI WPS[IH ERH MR XLMW RI[ [SVPH SJ RMGLI [EXGL FVERHW XLI WXVYGXYVI SJ XLI GSQTER] [EW WYGL XLEX MX [EW YREFPI XS VIWTSRH UYMGOP] XS GLERKIW MR XLI QEVOIXTPEGI ERH ',%48)6
XS HIQERH JSV RI[ HIWMKRW -X LEH FIGSQI XSS PEVKI ERH YR[MIPH] -X [EW XMQI XS GLERKI %W WS SJXIR FIJSVI MR 7IMOS LMWXSV] XLI MRWTMVEXMSR JSV GLERKI GEQI JVSQ XLI ZMWMSR WMRGI XLI IEVPMIWX HE]W SJ XLI JYXYVI EW E GLEPPIRKI
% QMPIWXSRI JSV 7IMOS 8LI ]IEV QEVOIH ER MQTSVXERX QMPIWXSRI MR XLI LMWXSV] SJ XLI GSQ TER] [LIR 7IMOS ;EXGL 'SVTSVEXMSR
7;' [EW JSVQIH %X PEWX XLI [EXGL HMZMWMSR FIGEQI ER MRHITIRHIRX STIV EXMRK YRMX [MXL VIWTSRWMFMPMX] JSV MXW S[R HIWXMR] 9RXMP 7;' [EW JSVQIH XLI [EXGL HMZMWMSR LEH STIVEXIH EW E TEVX SJ 7IMOS 'SVTSVEXMSR 2S[ XLI RI[ 7;' LEW NSMRIH QSVI XLER SXLIV GSQTERMIW YRHIV XLI YQFVIPPE SJ XLI TEVIRX GSQTER] 0MOI WS QER] JYRHEQIRXEP GLERKIW MR XLI LMWXSV] SJ 7IMOS 'SVTSVEXMSR XLMW MQTSVXERX HIGMWMSR [EW XEOIR F] E QIQFIV SJ XLI ,EXXSVM JEQMP] ¯ 6IMNMVS ,EXXSVM 'LEMVQER SJ XLI 'SVTSVEXMSR JVSQ XLI XLMVH KIRIVEXMSR XS VYR XLI FYWMRIWW ,MW HIGMWMSR XS QEOI XLMW MQTSVXERX GLERKI LEW KMZIR XLI [EXGL HMZMWMSR GSQTPIXI EYXSRSQ] E RI[ WIRWI SJ TYVTSWI ERH HMVIGXMSR ERH EFSZI EPP VIWTSRWMFMPMX] JSV MXW S[R HIWXMR] 8WYXSQY 1MXSQI [EW ETTSMRXIH EW XLI ½VWX TVIWMHIRX SJ 7IMOS ;EXGL 'SVTSVEXMSR 9RXMP LI XSSO YT LMW RI[ ETTSMRXQIRX LI [EW 4VIWMHIRX SJ XLI 7IMOS 'SVTSVEXMSR SJ %QIVMGE ERH LEH [SVOIH MR XLI %QIVMGER QEVOIX JSV ]IEVW *VSQ LMW MQTSVXERX TSWMXMSR MR XLI 97% LI [EW EFPI XS WII 7IMOS JVSQ E HMJJIVIRX MRXIVREXMSREP TIVWTIGXMZI VEXLIV XLER XLI QSVI REVVS[ ZMI[ SJ LMW GSPPIEKYIW [LS [IVI FEWIH MR .ETER *SV WSQI XMQI LI LEH EGXIH EW ER STMRMSR TVSZMHIV XS 7IMOS 'SVTSVEXMSR % .3962)= -2 8-1)
LIPTMRK MXW HMVIGXSVW XS YRHIVWXERH LS[ 7IMOS GSQTERMIW ERH XLI 7IMOS [EXGL FVERH [IVI TIVGIMZIH MR SXLIV TEVXW SJ XLI [SVPH 7;' QEREKIW E TSVXJSPMS SJ FVERHW [MXL 7IMOS EW MXW GSVI IEGL JSGYWIH SR MXW HMWXMRGX QMWWMSR 7IMOS´W WYGGIWW MW TEVXP] EXXVMFYXEFPI XS XLI HIGMWMSR MR XLI W XS TVSXIGX XLI ZEPYI SJ XLI 7IMOS FVERH REQI F] XLI EHHMXMSR SJ XLI 4YPWEV 0SVYW ERH %PFE FVERHW XS STIVEXI EX SXLIV PIZIPW MR XLI QEVOIXTPEGI 1SVI VIGIRXP] RMGLI [EXGL FVERHW WYGL EW %KRIW & ERH 1ERHEVMRE (YGO LEZI FIIR TVSHYGIH ERH WSPH F] 7;' YRHIV PMGIRGI &IJSVI 7;' [EW WIX YT XLI [EXGL HMZMWMSR´W TVIWMHIRXW LEH VIWTSRWMFMPM XMIW [MXLMR XLI LSPHMRK GSQTER] ERH WS XLI] [IVI RSX EFPI XS HIZSXI XLIMV JYPP
EXXIRXMSR XS XLI [EXGL FYWMRIWW 3RI SJ XLI JYRHEQIRXEP GLERKIW VIWYPXMRK JVSQ XLI GVIEXMSR SJ 7;' MW XLEX XLI] GER RS[ JSGYW XLIMV JYPP EXXIRXMSR SR 7IMOS ERH MXW EWWSGMEXIH FVERHW
% GPIEV ZMWMSR 7SQI SJ XLI ½VWX EGXMSRW SJ XLI RI[ FSEVH [IVI MR¾YIRGIH TIVLETW F] XLI QER] ]IEVW XLEX 1V 1MXSQI LEH WTIRX MR %QIVMGE XLI] EVI VIQMRMWGIRX SJ %QIVMGER QEREKIQIRX XIGLRMUYIW 8LI ½VWX XEWO [EW XS EWWIWW [L] FYWMRIWW LEH WPS[IH SZIV E TIVMSH SJ SV ]IEVW ERH XS MHIRXMJ] E RI[ HMVIGXMSR JSV XLI GSQTER] F] HIZMWMRK E GPIEV ZMWMSR SJ XLI JYXYVI ERH E GPIEV QMWWMSR WXEXIQIRX 8LIVI EVI X[S QMWWMSR WXEXIQIRXW SRI JSV XLI HSQIWXMG QEVOIX ERH XLI
7X]PMRK LEW ER MQTSVXERX VSPI XS TPE] EPSRKWMHI XIGLRMGEP MRRSZEXMSR 8LIWI PEHMIW´ QSHIPW MR 7IMOS´W :MZEGI GSPPIGXMSR EVI JMRI I\EQTPIW SJ XLI LMKL WXERHEVHW FIMRK WIX F] 7IMOS´W HIWMKRIVW XSHE]
:-7-32 7)-/3 MR MXW PSRKWXERHMRK XVEHMXMSR SJ XVYWX[SVXLMRIWW [MPP FVMRK XS TISTPI [LS EVI MR XLI QEMRWXVIEQ SJ WSGMIX] TVSHYGXW ERH WIVZMGIW VITVIWIRXMRK MRRSZEXMSR ERH TIVJIGXMSR 8LIWI TVSHYGXW ERH WIVZMGIW [MPP IRGSYVEKI MQTVIWW ERH MRWXMPP I\TIGXEXMSRW SJ MRRSZEXMSR ERH EHZERGIQIRX
-()28-8= 7)-/3´W MHIRXMX] WLEPP FI XLEX SJ ±MRRSZEXMSR² ERH ±VIJMRIQIRX²
'36) :%09)7
7)-/3´W GSVI ZEPYIW EVI ±VIPMEFMPMX] FEWIH SR UYEPMX]² ERH ±[SVPH[MHI FVERH VIGSKRMXMSR² 7)-/3´W EHHMXMSREP WXVIRKXL MW EW E QERYJEGXYVIV [MXL MXW TS[IV XS GSQFMRI WIEQPIWWP] ERH EX E LMKL PIZIP
E XIGLRSPSKMGEP HIZIPSTQIRX GETEFMPMXMIW XLEX GSRXMRYI XS EGLMIZI [SVPH JMVWXW ERH
F HIWMKR HIZIPSTQIRX GETEFMPMXMIW XLEX GER GVIEXI SVMKMREP HIWMKRW
SXLIV JSV XLI VIWX SJ XLI [SVPH 8LMW [EW RIGIWWEV] FIGEYWI SJ XLI ZIV] HMJJIVIRX GLEVEGXIVMWXMGW SJ XLI QEV OIXW 7MRGI /MRXEVS ,EXXSVM WXEVXIH LMW GSQTER] MR TIVGITXMSRW SJ 7IMOS LEZI HIZIPSTIH MR HMJJIVIRX [E]W MR XLI HSQIWXMG ERH I\TSVX QEVOIXW -R XLI .ETERIWI QEVOIX 7IMOS WIPPW QMH VERKI TVSHYGXW ¯ EX TVMGIW FIX[IIR ERH ¯ FYX MX EPWS LEW XLI EHHMXMSREP EFMPMX] XS WIPP I\TIRWMZI TVSHYGXW 8LI +VERH 7IMOS ERH 'VIHSV GSPPIGXMSRW GEXIV JSV XLI XST IRH SJ XLI HSQIWXMG QEVOIX +VERH 7IMOS FIMRK LMKL KVEHI
XMQITMIGIW JSV [EXGL GSRRSMWWIYVW ERH 'VIHSV GEXIVMRK JSV XLI PY\YV] QEVOIX [MXL KSPH ERH TPEXMRYQ [EXGLIW WSQI WIX [MXL HMEQSRHW ERH SXLIV KIQ WXSRIW 8LIWI LEZI TVMGIW SJ QSVI XLER -R MRXIVREXMSREP QEVOIXW F] GSRXVEWX VIXEMPIVW GSRWMHIV 7IMOS´W KVIEXIWX EWWIXW XS PMI MR XLI LMKL ZEPYI SJ XLI TVSHYGX REQI ERH MXW VITYXE XMSR JSV TVSZMHMRK I\GIPPIRX ZEPYI JSV QSRI] 8LI QER] QMPPMSRW SJ WEXMW½IH GYWXSQIVW [SVPH[MHI EPWS VITVIWIRX KSSH[MPP SJ MRIWXMQEFPI ZEPYI
-RXIVREXMSREP GYWXSQIVW SJXIR GSR WMHIV 7IMOS TVSHYGXW XS FI MRI\TIRWMZI [LIR GSQTEVIH [MXL 7[MWW TVSHYGXW SJ E WMQMPEV UYEPMX] 8LMW TIVGITXMSR MW E HSYFPI IHKIH W[SVH 8LI JEGX XLEX 7IMOS MW TIVGIMZIH EW KVIEX ZEPYI JSV QSRI] MW ER MQTSVXERX FVERH IUYMX] FYX XLI PS[IV EZIVEKI TVMGI XLEX GYW XSQIVW SYXWMHI .ETER I\TIGX XS TE] JSV 7IMOS TVSHYGXW MW E KVIEX HMWEHZERXEKI -X LEW TVSZIH XS FI E HMJ½GYPX LYVHPI JSV E GSQTER] XLEX JSV QER] ]IEVW LEW FIIR TVSHYGMRK LMKL KVEHI [EXGLIW EW [IPP EW MXW QMH TVMGIH XMQITMIGIW ',%48)6
8LYW 1V 1MXSQI MHIRXM½IH E RIIH JSV E WLEVTIV JSGYW JSV XLI 7IMOS FVERH MX GSYPH FI TIVGIMZIH MR HMJJIVIRX [E]W MRWMHI ERH SYXWMHI .ETER XS WSQI I\XIRX FYX MX RIIHIH XS FI QSVI GPIEVP] HI½RIH MR FSXL *SV QER] ]IEVW XLI GSQTER]´W KVIEXIWX EWWIX LEH FIIR FVERH E[EVIRIWW -R [LIR 1V 1MXSQI GSRWMHIVIH TPERW JSV XLI JYXYVI SJ XLI RI[P] JSVQIH 7IMOS ;EXGL 'SVTSVEXMSR LI VIEPMWIH MX [EW RSX WYJ½GMIRX JSV 7IMOS XS FI [IPP ORS[R MX RIIHIH XS WXERH JSV WSQIXLMRK 1V 1MXSQI FIPMIZIW XLIVI [IVI XSS QER] HMJJIVIRX TIVGITXMSRW SJ 7IMOS WSQI WE[ MX EW E GLIET [EXGL SXLIVW EW E LMKL UYEPMX] [EXGL 7SQI GSRWMHIVIH XLEX 7IMOS SJJIVIH KSSH UYEPMX] ERH KSSH XIGLRSPSK] [LMPI SXLIVW [IVI QSVI E[EVI SJ 7IMOS´W YRMUYI ERH ZIV] TS[IVJYP HIWMKRW 7SQI IZIR EWWSGMEXIH 7IMOS [MXL .ETERIWI MRHYWXVMEP HIWMKR
&VERH MHIRXMX] *SV XLI JYXYVI 1V 1MXSQI FIPMIZIW XLEX MX MW MQTSVXERX XLEX 7IMOS IWXEF PMWLIW E GPIEV FVERH MHIRXMX] 8LMW MW [L] SRI SJ XLI ½VWX EGXMSRW SJ 7IMOS ;EXGL 'SVTSVEXMSR [EW XS WXYH] FVERH MHIRXMX] MWWYIW 8ST TVMSVMX] [EW KMZIR XS GVIEXMRK E FVERH MHIRXMX] XLEX MW GPSWIP] QEXGLIH F] TVSHYGX HIZIPST QIRX WEPIW ERH EHZIVXMWMRK TVSQSXMSRW EW [IPP EW HMWXVMFYXMSR ERH TVMGMRK TSPMGMIW % WMQMPEV TVSKVEQQI MW EPWS FIMRK MQTPIQIRXIH [MXL IEGL SJ XLI EY\MPMEV] FVERHW MR XLI KVSYT WYGL EW 4YPWEV 0SVYW ERH %PFE ±-R XLI TEWX [I QE] LEZI WIM^IH IZIV] STTSVXYRMX] XS EGLMIZI QEWW WEPIW [LIRIZIV XLI STTSVXYRMX] EVSWI EX TEVXMGYPEV TVMGI TSMRXW ² EGGSVHMRK XS 1V 1MXSQI MR ER MRXIVZMI[ MR ±&YX XLSWI HE]W EVI SZIV -R JYXYVI % .3962)= -2 8-1)
8LMW SYXWXERHMRK 7IMOS 'VIHSV *-*% ;SVPH 'YT WOIPIXSR [EXGL QEHI MR E PMQMXIH IHMXMSR SJ SRI TMIGI ITMXSQMWIW XLI I\GITXMSREPP] LMKL WXERHEVHW SJ XVEHMXMSREP [EXGLQEOMRK XLEX 7IMOS EXXEMR -X LEW E GLVSRSKVETL QSZIQIRX ERH E TS[IV VIWIVZI MRHMGEXSV ERH GSWX ]IR
7IMOS [MPP GVIEXI E QYGL GPIERIV HMW XVMFYXMSR XS IREFPI YW XS GSRGIRXVEXI SR MRRSZEXMSR ERH VI½RIQIRX ² 8LMW GSRXMRYIW E TVSGIWW XLEX LEH EPVIEH] WXEVXIH XS[EVHW XLI IRH SJ XLI W ±,S[ GER [I EJJSVH XS LEZI 7IMOS´W FVERH MQEKI KIX PSWX MR HMWXVMFYXMSR [LIR [I EVI XEPOMRK EFSYX XLI MQTSV
XERGI SJ VI½RIQIRX#² LI EWOIH ±;LIR [I [IVI KIEVIH XS E KVS[XL SV QEVOIX WLEVI SVMIRXIH GYPXYVI [I [ERXIH SRP] QEWW WEPIW ERH KVS[XL ERH [I XIRHIH XS SZIVPSSO [LEX XLI 7IMOS FVERH QIERX XS GSRWYQIVW ;MXL XLMW RI[ GSQTER] 7;' [I EVI RS[ KSMRK FEGO XS [LIVI [I WXEVXIH ²
8LMW FIEYXMJYPP] HIGSVEXIH WOIPIXSR QSZIQIRX JSV E 'VIHSV [EXGL MW E JMRI I\EQTPI SJ XLI 7IMOS GVEJXWQERWLMT XLEX MW WS LMKLP] VIKEVHIH MR .ETER FYX PMXXPI ORS[R MR SXLIV TEVXW SJ XLI [SVPH ¯ ]IX
&] XLI UYEPMX] SJ VIXEMP HMWXVM FYXMSR LEH FIIR MQTVSZIH -X LEH EPWS FIGSQI EPQSWX MQTSWWMFPI JSV HMWGSYRX GSQTERMIW XS SFXEMR 7IMOS [EXGLIW XLVSYKL TEVEPPIP HMWXVMFYXMSR GLERRIPW ERH XLMW LIPTIH XS KMZI XLI GSQTER] MQTSVXERX GSRXVSP SZIV MXW MQEKI -J MRRSZEXMSR ERH VI½RIQIRX EVI XLI RI[ GSVI ZEPYIW JSV XLI JYXYVI [MPP 7IMOS FI TVITEVIH XS TVSHYGI [EXGLIW MR PS[IV ZSPYQI FYX EX LMKLIV TVMGIW# 1V 1MXSQI MW LETT] XS GSRXIQTPEXI XLMW TSWWMFMPMX] ,I I\TPEMRW XLEX MR XLI TEWX XLI [EXGL HMZMWMSR SJ XLI 7IMOS +VSYT HIZIPSTIH WSQI KMKERXMG JEGXS VMIW ERH IZIRXYEPP] WSQI [IVI EHETXIH XS TVSHYGI SXLIV TVSHYGXW WYGL EW TVMRXIVW ±;LIR - PSSO FEGO EX XLI GSQTER]´W LMWXSV] ERH EREP]WI [LEX [IRX [VSRK XS[EVHW XLI IRH SJ XLI XL GIRXYV] -
WII XLEX XLIVI [EW RS WXVEXIKMG TPER RMRK MR VIPEXMSR XS XLI HIZIPSTQIRX SJ JEGXSVMIW &IGEYWI SJ XLIMV IRSVQSYW WYGGIWW XLI QEMR JEGXSVMIW MR XLI KVSYT QEHI XLIMV S[R HIGMWMSRW EFSYX XLIMV JYXYVI 7IMOS 'SVTSVEXMSR [EW RSX RIGIWWEVMP] EFPI XS MR¾YIRGI XLI HIGMWMSR QEOMRK TVSGIWW MR E [E] XLEX [SYPH VI¾IGX XLI VIUYMVIQIRXW SJ XLI [EXGL MRHYWXV] 8LI HIGMWMSR QEOMRK TVSGIWW XIRHIH XS MRZSPZI E XLVII [E] HMWGYWWMSR PIH RSX F] XLI QEVOIXMRK HITEVXQIRXW FYX F] XLI MRXIVIWXW SJ IEGL SJ XLI XLVII TEVXMIW ±,MWXSVMGEPP] XLI X[S QEMR JEGXS VMIW FIGEQI IRSVQSYW GSQTERMIW ERH IZIRXYEPP] XLI] QEHI GSRWMHIV EFPI TVS½XW JVSQ TVSHYGXW SXLIV XLER [EXGLIW %W E VIWYPX XLI] HMHR´X RIGIW WEVMP] QEOI HIGMWMSRW FEWIH SR XLIMV [EXGL FYWMRIWW EPSRI 8LI] EQEWWIH
GSRWMHIVEFPI VIWSYVGIW JVSQ SXLIV FYWMRIWW ERH WS XLI] [IVI RSX KVIEXP] GSRGIVRIH [MXL PSSOMRK EJXIV XLI FVERHIH [EXGL FYWMRIWW 8LI] [IVI XEOMRK QERYJEGXYVMRK SVMIRXIH QEREKI QIRX HIGMWMSRW ±;LEX 7IMOS GPIEVP] RIIHW RS[ MW PIEHIVWLMT JVSQ QEVOIXMRK TISTPI [LS EVI GPSWIWX XS XLI QEVOIXW² 1V 1MXSQI WEMH ±- LEZI EPWS IRWYVIH XLEX XLI RI[ 7IMOS ;EXGL 'SVTSVEXMSR RS[ LEW QYGL GPSWIV XMIW XLER IZIV FIJSVI [MXL 7IMOS )TWSR ;I GER WMX HS[R XSKIXLIV ERH WLEVI MRJSVQEXMSR EFSYX QEVOIX VIUYMVIQIRXW [I GER PIX SYV TVSHYG XMSR FI HMGXEXIH F] XLI QEVOIXTPEGI ERH RSX F] GSRZIRMIRGI SV TVSHYGXMSR JEGXSVW 8LMW MW E ZIV] MQTSVXERX EWTIGX SJ XLI GLERKIW XLEX LEZI VIWYPXIH JVSQ XLI IWXEFPMWLQIRX SJ 7;' MR ²
4VSHYGXMSR QSZIH :SPYQI UYEVX^ [EXGL TVSHYGXMSR XLEX LEW FIIR LERHPIH F] 7IMOS -RWXVYQIRXW MR XLI TEWX MW FIMRK QSZIH XS 7IMOS )TWSR FYX 7IMOS -RWXVYQIRXW [MPP VIXEMR XLI TVSHYGXMSR SJ QIGLERMGEP TVSHYGXW EX FSXL XLI PS[ ERH LMKL TVMGI TSMRXW -R XLIMV FVERHIH XMQITMIGI TVSHYGXMSR EVIEW XLI] TVSHYGI LMKL IRH QIGLER MGEP [EXGLIW JSV 7IMOS´W 'VIHSV FVERH ERH EX XLI SXLIV I\XVIQI XLI] QERY JEGXYVI XLI MRI\TIRWMZI WXEVXMRK TVMGI 7IMOS QIGLERMGEP GEPMFVI ² &] XLI QMHHPI SJ QSWX UYEVX^ [EXGL TVSHYGXMSR LEH FIIR XVERWJIVVIH XS 7IMOS )TWSR 7IMOS -RWXVYQIRXW WXMPP LEW E LYKI [EXGL QSZIQIRX FYWMRIWW TVSHYGMRK WSQI QMPPMSR TMIGIW E ]IEV ¯ QER] SJ [LMGL EVI WYTTPMIH XS SXLIV GSQTERMIW -J 7IMOS MW XS FI QEVOIX PIH MR JYXYVI LS[ GER XLMW IUYEXI [MXL XLI MRXIRXMSR XS QSZI JYVXLIV YTQEVOIX ',%48)6
%OMVE 3LMVE [LS MW SRI SJ 7IMOS´W QSWX WIRMSV [EXGLQEOIVW MW JEQSYW EQSRK .ETERIWI [EXGL IRXLYWMEWXW ,I TVSZMHIW XIGLRMGEP XVEMRMRK MR XLI 1SVMSOE 7IMOS 0Y\YV] ;VMWX[EXGL 7IGXMSR
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±7SQI ]IEVW FEGO TVSHYGXMSR JSV QER] SJ XLI PIEHMRK FVERHW [EW QSRSTSPMWIH F] GSQTERMIW MR 7[MX^IVPERH .ETER ERH XLI 9RMXIH 7XEXIW 2S[ TVSHYGXMSR LEW WTVIEH EPP SZIV XLI [SVPH ER]FSH] GER KIX [EXGLIW ERH EPP OMRHW SJ REQIW LEZI ETTIEVIH EW [EXGL FVERHW 8LI [LSPI % .3962)= -2 8-1)
[EXGL MRHYWXV] MW YRHIVKSMRK E KVIEX GLERKI ² 1V 1MXSQI I\TPEMRW ±3RI GLEVEGXIVMWXMG SJ XLI RI[ QEVOIXTPEGI MW XLEX JEWLMSR [EXGLIW LEZI GSQI SR XS XLI QEVOIX MR IRSVQSYW UYERXM XMIW EX PS[ TVMGI TSMRXW QER] SJ XLIQ YWMRK PS[ GSWX GEWIW ERH QSZIQIRXW ERH EWWIQFPIH MR 'LMRE
4VIQMIV SRI WX]PI FYX QER] HMJJIVIRX GEPMFVIW JSV QIR ERH [SQIR
±8LI [EXGL MRHYWXV] YWIH XS FI T]VEQMH WLETIH [MXL XLI QSWX I\TIR WMZI PS[ ZSPYQI FVERHW EX XLI XST ERH XLI LMKL ZSPYQI GLIET [EXGLIW EX XLI FSXXSQ 2S[ XLI T]VEQMH WXVYGXYVI LEW FIIR HIWXVS]IH EW XLI QEVOIX LEW FIIR ¾SSHIH [MXL GLIET MQTSVXW 'EWI QERYJEGXYVIVW TVSHYGI WSQI SJ XLIWI YRHIV XLIMV S[R YRORS[R FVERH REQIW ERH XLI] TVSHYGI SXLIVW XS SVHIV JSV XLI S[RIVW SJ JEWLMSR FVERHW 7SQI QSZIQIRX QERYJEGXYVIVW EVI EPWS MRZSPZIH MR XLMW KVS[MRK WIGXSV SJ XLI QEVOIX SJJIVMRK GSQTPIXI 3)1 TVSHYGXW XS GSQTERMIW XLEX [ERX XS WIPP [EXGLIW JIEXYVMRK XLIMV S[R IWXEF PMWLIH FVERH REQIW ±8LMW GLERKI LEW MR¾EXIH XLI RYQFIV SJ [EXGLIW FIMRK WSPH EX XLI PS[ IRH SJ XLI QEVOIX )ZIR EX XLIWI TVMGIW XLI] EVI RSX RIGIWWEVMP] FEH [EXGLIW ERH WSQI LEZI QSZIQIRXW XLEX OIIT KSSH XMQI 9RPIWW FVERH MHIRXMX] MW GPIEV IRSYKL XS LMX E REV VS[P] XEVKIXIH GSRWYQIV KVSYT ER IWXEFPMWLIH FVERH [MPP RSX RIGIWWEVMP] IRNS] XLI WEPIW XLEX MX YWIH XS 8LMW LEW FIIR XLI GEWI JSV 7IMOS ERH WSQI SXLIV .ETERIWI FVERHW ±8LI GSQTERMIW FIWX EFPI XS VIWTSRH XS XLMW QEVOIX GLERKI EVI XLSWI [MXL LMKLP] VIKEVHIH FVERHW [MXL GPIEV GYX QEVOIXMRK TSPMGMIW 8LI] GSR GIRXVEXI SR ZIV] GPIEV RMGLI QEVOIXMRK ERH LEZI IWXEFPMWLIH ZIV] KSSH FYWM RIWW EX XLI LMKL IRH SJ XLI QEVOIX ±;LIR XLIWI JEGXSVW EVI XEOIR MRXS EGGSYRX MX MW GPIEV XLEX 7IMOS QYWX GSRGIRXVEXI SR MRRSZEXMSR ERH VI½RIQIRX ;I QYWX RSX XV] XS GSQ TIXI EX XLI PS[ IRH SJ XLI QEVOIX ERH [I QYWX RSX XV] XS XEOI QEVOIX WLEVI JVSQ GSQTERMIW MR XLI ZIV] GSQTIXM XMZI PS[ QEVOIX WIGXSV -X MW E KEQI [I [SYPH RSX FI EFPI XS EJJSVH -X [EW E
%HZIVXMWMRK LEW TPE]IH E ZMXEP VSPI MR IRLERGMRK XLI MQEKI SJ 7IMOS 8LMW [EW XLI JMVWX EHZIVXMWIQIRX JSV %VGXYVE MR
XS FIRI½X JVSQ XLI RI[ STTSVXYRMXMIW JSV RMGLI QEVOIXMRK &] EPP EHZIVXMWMRK ERH TVSQSXMSR MR XLI HSQIWXMG QEVOIX [EW JSGYWIH SR NYWX ½ZI WIVMIW MRWXIEH SJ HS^IRW ERH F] QIERW SJ XLMW ETTVSEGL MX LEW FIIR TSWWMFPI XS HI½RI XLI XEVKIX EYHMIRGI QSVI GPIEVP] %HZIVXMWMRK ERH GSQQYRMGEXMSR EVI RS[ HIWMKRIH XS GVIEXI KVIEXIV E[EVIRIWW ERH ETTVIGMEXMSR SJ 7IMOS´W MRRSZEXMSR ERH VI½RIQIRX 7SQI MRI\TIRWMZI WIVMIW LEZI FIIR WEGVM½GIH XS EPPS[ XLI GSQTER] XS TPEGI QSVI IQTLEWMW SR XLI WIPIGXIH GSVI WIVMIW % WMQMPEV TEXXIVR GER FI I\TIGXIH MR XLI MRXIVREXMSREP QEVOIXTPEGI *SV ]IEVW SV QSVI E ZMWMX XS SRI SJ 7IMOS´W QENSV [EXGL QEOMRK TPERXW [SYPH LEZI VIZIEPIH [MHIWTVIEH EYXSQEXMSR FIMRK YWIH XS JEGMPMXEXI QEWW TVSHYGXMSR SJ [EXGLIW SR ER EPQSWX YRTVIGIHIRXIH WGEPI
REXYVEP HIGMWMSR XLEX [I QYWX QSZI YT[EVHW IZIR MJ MX MW EPWS E ZIV] GSQ TIXMXMZI QEVOIXTPEGI GSRXEMRMRK WSQI 9T KVEHMRK MW XLI TVMSVMX] WXVSRK FVERHW &] XLI TMGXYVI LEH GLERKIH ±;I ORS[ XLEX 7IMOS IRNS]W WSQI[LEX ;MXLMR 7IMOS -RWXVYQIRXW I\XVIQIP] ZEPYEFPI FVERH E[EVIRIWW [EXGL QSZIQIRXW EVI WXMPP FIMRK ERH KSSH[MPP ;LEX [I QYWX HS MW TVSHYGIH MR ZIV] PEVKI RYQFIVW FYX IRLERGI XLEX E[EVIRIWW ERH QSZI MR SXLIV TEVXW SJ XLI TPERX XLIVI EVI XLI FVERH MQEKI YT[EVHW F] GSRGIR QER] QSVI XVEHMXMSREP [EXGLQEOIVW EW XVEXMRK SR MRRSZEXMSR ERH VI½RIQIRX [IPP EW HMEQSRH WIXXIVW ERH KSPHWQMXLW 8LI FVERH ZEPYI SJ 7IMOS RIIHW XS ¯ GVEJXWQIR ERH [SQIR [MXL XVEHMXMSREP FI YTPMJXIH ERH XEPOIH EFSYX EX IZIV] WOMPPW ¯ QEOMRK LMKL KVEHI QIGLERMGEP PIZIP ² [EXGLIW ERH KSPH SV TPEXMRYQ GEWIW EW (SIW XLMW QIER XLEX WSQI SJ XLI [IPP EW HMEQSRH ERH KIQ WIX QSHIPW PIWW I\TIRWMZI 7IMOS TVSHYGXW [MPP FI 8LI I\MWXIRGI SJ LMKL KVEHI QIGLERMGEP TLEWIH SYX# 1V 1MXSQI EHQMXW XLEX 7IMOS [EXGLIW ERH SJ 7IMOS NI[IPPIV] MX HSIW ¯ ERH ERRSYRGIQIRXW XS XLMW [EXGLIW MW [IPP ORS[R MR .ETER FYX MR IJJIGX [IVI QEHI [MXLMR E ]IEV SJ 7;' SXLIV TEVXW SJ XLI [SVPH XLI I\MWXIRGI FIMRK JSVQIH %RSXLIV MQTSVXERX SJ 7IMOS TVSHYGXW XLEX GER VMZEP LMKL JIEXYVI SJ 7IMOS ;EXGL 'SVTSVEXMSR´W UYEPMX] 7[MWW XMQITMIGIW [SYPH GSQI VIWTSRWI XS XLI GLERKMRK QEVOIX WXVYG EW E WYVTVMWI XS QSWX TISTPI +VERH XYVI MW XLI HIZIPSTQIRX SJ E RYQFIV 7IMOS ERH 'VIHSV EVI LMKL UYEPMX] SJ WYF FVERHW XS IREFPI XLI GSQTER] 7IMOS [EXGLIW TVM^IH F] .ETERIWI
GSPPIGXSVW FYX [MPP GYWXSQIVW MR MRXIV REXMSREP QEVOIXW LEZI ER STTSVXYRMX] XS FY] XLIQ EW 7IMOS FIKMRW XS QSZI YTQEVOIX# 1V 1MXSQI I\TPEMRW XLEX MR XLI 97% )YVSTI ERH TEVXW SJ XLI 1MHHPI )EWX ERH %WME 7IMOS LEZI WSQIXMQIW MRXVSHYGIH XMQITMIGIW EX LMKLIV TVMGI TSMRXW FYX FVERH VIGSKRMXMSR SJ 7IMOS EW E TVSHYGIV SJ [EXGLIW SJ XLMW GEPMFVI LEW RSX FIIR WXVSRK IRSYKL XS IREFPI XLI GSQTER] XS WIPP LMKL IRH [EXGLIW WYGGIWWJYPP] MR XLIWI QEVOIXW ±- XLMRO MX [MPP FI WSQI XMQI FIJSVI [I EVI EFPI XS MRXVSHYGI +VERH 7IMOS SV 'VIHSV MR MRXIVREXMSREP QEVOIXW ² ,I WE]W ±&YX F] EHSTXMRK E ZIV] JSGYWIH FVERH QER EKIQIRX TSPMG] - TPER XS YTKVEHI XLI MQEKI SJ 7IMOS -R XLI 9RMXIH 7XEXIW QEVOIX JSV I\EQTPI [I EVI PMQMXIH XS WEPIW FIX[IIR ERH MR FYX MR XLI QMH XIVQ XLVII XS ½ZI ]IEVW [I I\TIGX XS FI EFPI XS WIPP [EXGLIW XLIVI EX SV ±-X MW RSX TSWWMFPI XS EGLMIZI WYGL E GLERKI MRWXERXP] %X XLI QSQIRX 97
;EXGLQEOIVW EVI RSX XLI SRP] GVEJXWQIR [SVOMRK SR LMKL KVEHI 7IMOS [EXGLIW (MEQSRH QSYRXIVW ERH KSPHWQMXLW EPWS TPE] ER MQTSVXERX VSPI ',%48)6
7IMOS LEW HIZIPSTIH ZIV] GPSWI PMROW [MXL XLI WTSVXW [SVPH XLVSYKL MXW XMQMRK SJ QENSV MRXIVREXMSREP IZIRXW 6IMNMVS ,EXXSVM LEW WTIEVLIEHIH XLMW MRZSPZIQIRX XLEX LEW LIPTIH XS VEMWI XLI MRXIVREXMSREP TVSJMPI SJ 7IMOS XS RI[ PIZIPW
VIXEMPIVW WII XLI WIPPMRK SJ [EXGLIW EX SV QSVI EW XLI VSPI SJ XLI 7[MWW %W PSRK EW 7IMOS LEW ER MQEKI SJ WIPPMRK XS [EXGLIW VIXEMPIVW [SR´X XEOI 7IMOS [EXGLIW 8LEX´W SRI SFWXEGPI [I LEZI XS GPIEV ;I EVI HIXIVQMRIH XS YTPMJX XLI MQEKI SJ 7IMOS EQSRK GSRWYQIVW ERH VEMWI MX IRSYKL XS FI EFPI XS WIPP +VERH 7IMOS SV 'VIHSV [EXGLIW EX SV IZIR ±-X MW Q] TIVWSREP FIPMIJ XLEX QIGLERMGEP [EXGLIW LEZI TVSZIH XS FI E GSVI JIEXYVI SJ XLI XMQITMIGI MRHYWXV] XLEX [MPP RIZIV HMI ;MXL UYEVX^ [EXGLIW [I YWIH XS WE] XLEX WSQI HE] EPP [EXGLIW [MPP FI QEHI XLMW [E] FYX XLEX LEW RSX FIIR XLI GEWI 1ER] TISTPI EGXYEPP] PSZI QIGLERMGEP % .3962)= -2 8-1)
[EXGLIW IZIR MJ XLI] EVI RSX EW EGGY VEXI EW UYEVX^ XMQITMIGIW ±6IGIRXP] .ETERIWI TISTPI LEZI FIGSQI QYGL QSVI JSRH SJ QIGLER
².ETERIWI TISTPI LEZI FIGSQI QYGL QSVI JSRH SJ QIGLERMGEP XMQITMIGIW³ MGEP XMQITMIGIW 7EPIW SJ +VERH 7IMOS SYV LMKL IRH [EXGL PMRI XLEX MRGPYHIW QIGLERMGEP XMQITMIGIW LEZI EGLMIZIH HSYFPI HMKMX WEPIW MRGVIEWIW JSV XLI PEWX ½ZI ]IEVW ;I EVI IRNS]MRK KVIEX WYGGIWW MR XLI HSQIWXMG QEVOIX [MXL SYV QIGLERMGEP [EXGLIW ;I LEZI
KVIEX VIWSYVGIW JSV TVSHYGMRK 7IMOS EYXSQEXMG QSZIQIRXW ERH MJ RIGIW WEV] XLIWI GER FI YTKVEHIH MR ER] [E] XS GEXIV JSV XLI KVS[MRK HIQERH JSV QIGLERMGEP TVSHYGXW ±8VEHMXMSREPP] [I LEZI QEHI ZIV] KSSH PS[ IRH QIGLERMGEP [EXGLIW FYX [I GER YWI XLI WEQI VIWSYVGIW XS QEOI QMH TVMGIH QSHIPW XSS ;I GSYPH IEWMP] FYMPH YT E T]VEQMH SJ QIGLERMGEP [EXGL WIVMIW WS XLEX [I GER SJJIV KSSH QIGLERMGEP XMQITMIGIW EX IZIV] TVMGI PIZIP -J IZIV GSRWYQIV HIQERH JSV QIGLERMGEP [EXGLIW VIXYVRW SR E PEVKI WGEPI [I GSYPH IEWMP] GSQTPIXI XLEX T]VEQMH WXVYGXYVI ±.ETER´W KVIEX E[EVIRIWW SJ FIEYX] ERH XLI I\MWXIRGI SJ QER] ½RI GVEJXWQIR MR .ETER MW [IPP ORS[R FYX
7S JEV 7TVMRK (VMZI [EXGLIW LEZI SRP] FIIR WSPH MR .ETER FYX XLI] EVI PMOIP] XS LEZI ER MQTSVXERX VSPI MR XLI JYXYVI HIZIPSTQIRX SJ [EXGL XIGLRSPSK]
XLIWI EVI RSX UYEPMXMIW [I LEZI FIIR I\TIGXIH XS XEPO EFSYX MR XLI TEWX [LIR [I LEZI VIJIVVIH XS SYV 'VIHSV GSPPIGXMSR ¯ FYX [I [MPP FI HSMRK WS MR JYXYVI -R 7IMOS -RWXVYQIRXW ERH 7IMOS )TWSR [I LEZI WXEJJ [MXL XLIWI XEPIRXW ERH [I EVI RS[ QEOMRK JYPP YWI SJ XLIMV WOMPPW ERH XLIMV REXYVEP E[EVIRIWW SJ FIEYX] 'VEJXWQERWLMT MW TEVX SJ XLI .ETERIWI LIVMXEKI ²
/MRIXMG XIGLRSPSK] 8LI MRXVSHYGXMSR SJ /MRIXMG [EXGL XIGLRSPSK] MR [EW SRI SJ XLI QSWX MQTSVXERX PERHQEVOW MR XLI LMW XSV] SJ 7IMOS ¯ EPSRK [MXL XLI PEYRGL SJ XLI [SVPH´W ½VWX UYEVX^ [EXGL MR /MRIXMG QEVOIH E VIZSPYXMSR MR [EXGL XIGLRSPSK] ERH TVSZMHIH XLI ½VWX KPMQTWI SJ 7IMOS´W QSZI XS[EVHW
ER IRZMVSRQIRXEPP] JVMIRHP] EXXMXYHI XS MXW TVSHYGXW 3VMKMREPP] MX [EW I\TIGXIH XLEX /MRIXMG [EXGLIW [SYPH WIPP XLIQ WIPZIW FIGEYWI SJ XLIMV EHZERGIH XIGLRSPSK] ERH HIWMKR %X XLI FIKMR RMRK SJ XLI WX GIRXYV] LS[IZIV E RI[ ETTVSEGL LEW XS FI MRXVSHYGIH MR SVHIV JSV /MRIXMG [EXGLIW XS WIPP WYGGIWWJYPP] 8LI HMZIVWMX] SJ RI[ RMGLI FVERHW MR XLI QEVOIXTPEGI WSQI SJ [LMGL LEZI FIIR ZIV] WYGGIWWJYP LEW GETXYVIH XLI EXXIRXMSR SJ GSRWYQIVW ZIV] IJJIGXMZIP] ERH MR¾YIRGIH XLIMV GLSMGI SJ XMQITMIGIW 8LI [EXGL MW RS[ WIIR F] QER] EW E TIVWSREP EGGIWWSV] ±&IMRK XIGLRSPSKMGEPP] EHZERGIH MW RSX RIGIWWEVMP] E HIGMWMZI JEGXSV XLEX MR¾YIRGIW E GSRWYQIV´W GLSMGI SJ XMQITMIGI XSHE] 8LI YWI SJ
EHZERGIH XIGLRSPSK] GEPMFVIW LEW XS FI WYTTSVXIH F] HIWMKR ERH GSRGITX HIZIPSTQIRX ² WE]W 1V 1MXSQI ±-X MW QSVI MQTSVXERX XLER IZIV FIJSVI XLEX XLI GSRGITX HIZIPSTQIRX HITEVXQIRXW ERH XLSWI [LS HIZIPST RI[ GEPMFVIW WLSYPH [SVO GPSWIP] XSKIXLIV ±8IGLRSPSK] EPSRI HSIW RSX MR¾Y IRGI XLI YPXMQEXI GLSMGI SJ [EXGLIW SV FVERHW 8LEX´W Q] [E] SJ XLMROMRK 8LI TVSHYGX FVERH ETTVSEGL SJ 7IMOS ;EXGL 'SVTSVEXMSR MR XLI MRXIVRE XMSREP QEVOIX MW XS MRGSVTSVEXI XLI /MRIXMG GEPMFVI MRXS SYV HIWMKR WIVMIW 8LEX MW SRI [E] MR [LMGL [I EVI EFPI XS GSQFMRI JEWLMSR ERH XIGLRSPSK] ±1EVOIXW WYGL EW XLI 9/ ERH XLI 2IXLIVPERHW XLEX EVI OIIR WYTTSVXIVW SJ 7IMOS´W EHZERGIH XIGLRSPSK] LEZI FIIR MRWMWXMRK XLEX [I QEOI XLI /MRIXMG REQI [IPP ORS[R XS XLI TYFPMG 8LEX TVSZMHIW YW [MXL ERSXLIV ETTVSEGL -R QEVOIXW WYGL EW XLIWI [I QYWX EPWS OIIT SR MRXVSHYGMRK /MRIXMG EW E TVSHYGX GEXIKSV] MR MXW S[R VMKLX ±/MRIXMG XIGLRSPSK] MW E ZIV] MQTSV XERX EWWIX SJ 7IMOS ;EXGL 'SVTSVEXMSR RSFSH] IPWI GER QEOI WMQMPEV [EXGLIW XS XLI WEQI PIZIP EW [I EGLMIZI [MXL SYV XIGLRSPSK] ERH WS [I GSRWMHIV MX XS FI E YRMUYI XIGLRSPSK] XLEX GER LIPT XS HMWXMRKYMWL 7IMOS´W QEVOIXMRK EGXMZMXMIW JVSQ ER] SXLIVW ;I [MPP XEOI ZIV] KSSH GEVI SJ XLMW EWWIX ² -J /MRIXMG MW WS MQTSVXERX ERH WS I\GPYWMZI XS 7IMOS [L] HSIW 7IMOS ;EXGL 'SVTSVEXMSR QEOI WSQI SJ XLIWI QSZIQIRXW EZEMPEFPI XS SXLIV [EXGL GSQTERMIW# 1V 1MXSQI WE]W XLEX F] WYTTP]MRK GEVIJYPP] WIPIGXIH FVERHW 7;' MW LIPTMRK XS WTVIEH XLI QIWWEKI EFSYX /MRIXMG XIGLRSPSK] ERH LIPTMRK XLI TYFPMG XS EGLMIZI E KVIEXIV YRHIVWXERHMRK SJ MXW MQTSVXERGI ERH MXW FIRI½XW 7SQI SJ XLI GSQTERMIW XLEX ',%48)6
LEZI FSYKLX /MRIXMG QSZIQIRXW LEZI YWIH XLIQ MR XLIMV LMKL ZEPYI QSHIPW ERH FIIR ZIV] WYGGIWWJYP ±&IGEYWI WYGL FVERHW GER LIPT XS WTVIEH XLI QIWWEKI EFSYX /MRIXMG XIGLRSPSK] 7IMOS ;EXGL 'SVTSVEXMSR HSIWR´X LIWM XEXI XS QEOI XLMW XIGLRSPSK] EZEMPEFPI ¯ FYX SRP] XS KSSH LMKL IRH FVERHW ² EGGSVHMRK XS 1V 1MXSQI
7TVMRK (VMZI MRRSZEXMSR 7IMOS MW EP[E]W HIXIVQMRIH XS MQTVSZI ERH HIZIPST XLI XIGLRSPSK] YWIH MR MXW [EXGLIW YWMRK IRZMVSRQIRXEPP] VIWTSRWMFPI WSPYXMSRW [LIVIZIV TSW WMFPI 7MRGI /MRIXMG [EXGLIW [IVI ½VWX MRXVSHYGIH MR 7IMOS´W 6IWIEVGL ERH (IZIPSTQIRX XIEQW LEZI HIZIP STIH ERSXLIV MRRSZEXMSR -X MW GEPPIH 7TVMRK (VMZI ERH VITPEGIW XLI [IEOIWX GSQTSRIRX SJ E XVEHMXMSREP QIGLERMGEP QSZIQIRX XLI IWGETIQIRX [MXL XIGLRSPSK] XLEX IREFPIW E QIGLERMGEP QSZIQIRX XS FI VIKYPEXIH F] UYEVX^ XIGLRSPSK] -X GSQFMRIW XLI FIWX SJ FSXL [SVPHW ERH IPMQMREXIW XLI RIIH JSV FEXXIV] GLERKIW 7TVMRK (VMZI XIGLRSPSK] MW I\TIR WMZI XS QERYJEGXYVI ERH WS MX LEW SRP] FIIR WSPH WS JEV MR .ETER [LIVI LMKL
7TVMRK (VMZI GSQFMRIW EHZERGIH IPIGXVSRMG XIGLRSPSK] ERH XVEHMXMSREP JIEXYVIW WYGL EW E TS[IV VIWIVZI MRHMGEXSV % .3962)= -2 8-1)
TVMGIW EVI QSVI VIEHMP] EGGITXIH XLER MR XLI MRXIVREXMSREP QEVOIX 8LI XIGLRSPSK] LEW FIIR WLS[R MRXIVRE XMSREPP] [MXL WTIGMEP IQTLEWMW SR QENSV TVIWW GSRJIVIRGIW EX XLI &EWIP *EMV MR 7[MX^IVPERH XLI ERRYEP WLS[ XLEX MW XLI [SVPH´W QSWX MQTSVXERX PEYRGL TEH JSV RI[ [EXGLIW 1V 1MXSQI FIPMIZIW XLEX QER] 7[MWW GSQTERMIW EVI MRXIVIWXIH MR XLMW OMRH SJ XIGLRSPSK] ERH WYKKIWXW XLEX
²6EMWMRK XLI MRXIVREXMSREP TVMGI GIMPMRK MW GIRXVEP XS XLI RI[ TLMPSWSTL]³ MX QE] VITVIWIRX XLI JYXYVI SJ [EXGL QEOMRK ,I WE]W XLEX 7TVMRK (VMZI XIGLRSPSK] GER FI EHETXIH MR WYGL E [E] XLEX MX GER FI MQTPERXIH MRXS ½RI QIGLERMGEP [EXGLIW ±;I ETTVIGMEXI XLEX WSQI GSRWYQIVW ½RH XLI FEP ERGI [LIIP E ZIV] EXXVEGXMZI JIEXYVI MR [EXGLIW XLEX LEZI E WII XLVSYKL GEWI FEGO SV E WOIPIXSR QSZIQIRX 8LI] EVI RSX FY]MRK EGGYVEG] FYX FIEYX] GVEJXWQERWLMT ERH ETTIEVERGI ;I EVI I\EQMRMRK [E]W MR [LMGL MR JYXYVI [I GSYPH GSQFMRI XLI IPIGXVSRMG XIGLRSPSK] SJ 7TVMRK (VMZI [MXL E XVE HMXMSREP FEPERGI [LIIP FYX TVSHYGXMSR MW RSX ]IX MR SYV VSEH QET SJ HIZIPST QIRXW -J [I GER EHETX 7TVMRK (VMZI XIGLRSPSK] WS XLEX MX GER FI YWIH MR E [EXGL [MXL E FEPERGI [LIIP MX GSYPH TVSZMHI QER] I\GMXMRK STTSVXYRMXMIW ² -X [SYPH QEOI RS GSQQIVGMEP WIRWI XS MRXVSHYGI 7TVMRK (VMZI [EXGLIW MR MRXIVREXMSREP QEVOIXW YRXMP XLI EGGITXEFPI TVMGI GIMPMRK JSV 7IMOS TVSHYGXW MW PMJXIH 6EMWMRK XLI MRXIVREXMSREP TVMGI GIMPMRK MW GIRXVEP XS XLI RI[ TLMPSWSTL] MRXVSHYGIH F] 7IMOS ;EXGL 'SVTSVEXMSR EJXIV MX [EW JSVQIH MR 1V 1MXSQI FIPMIZIW
XLMW XEWO LEW E ZIV] LMKL TVMSVMX] ,I LEW EPVIEH] GSRZMRGIH WSQI GYWXSQIVW F] TIVWYEHMRK XLIQ EKEMRWX XLIMV S[R NYHKIQIRX XS WXSGO WSQI 7IMOS [EXGLIW EX HSYFPI XLI RSVQEP TVMGI GIMPMRK EXXEMRIH F] 7IMOS MR XLIMV WLSTW )EGL GYWXSQIV GSR½VQIH XLEX XLI] LEH FIIR [VSRK EFSYX XLI QE\MQYQ TVMGI EX [LMGL XLI] GSYPH WIPP 7IMOS [EXGLIW ERH EHHIH XLEX XLI I\IVGMWI LEH FIIR E KVIEX WYGGIWW 1V 1MXSQI WYKKIWXW XLEX MX MW SJXIR XLI WXSVI FY]IV´W TIVWSREP EREP]WMW SV XLI WXSVI´W XVEHMXMSREP FY]MRK TEXXIVRW XLEX HIXIVQMRI XLI QE\MQYQ TVMGI EX [LMGL E WXSVI MW TVITEVIH XS WIPP 7IMOS [EXGLIW ±3YV I\TIVMIRGI WLS[W XLEX [LIR XLI] GER FI TIVWYEHIH XS SJJIV WSQI SJ 7IMOS´W QSVI I\TIRWMZI PMRIW XLI] EVI WYVTVMWIH F] XLI HIQERH - HSR´X [ERX SYV VIXEMP GYWXSQIVW XS VIWXVMGX XLIMV S[R ZMI[ SJ 7IMOS´W PMQMXEXMSRW [LIR XLI] GSRWMHIV TVMGI TSMRXW MR JYXYVI 8LEX MW Q] GLEPPIRKI XS SYV GYWXSQIVW ² 7IMOS´W XVEGO VIGSVH JSV EGLMIZMRK QER] MQTSVXERX ±½VWXW² MR [EXGL XIGL RSPSK] LEW FIIR EGLMIZIH EW E VIWYPX SJ I\XIRWMZI MRZIWXQIRX MR VIWIEVGL ERH HIZIPSTQIRX 2S[ XLEX MRRSZEXMSR ERH VI½RIQIRX EVI OI] [SVHW MR 7IMOS´W ZMWMSR SJ XLI JYXYVI 6 ( WXMPP TPE]W ER IRSVQSYWP] MQTSVXERX VSPI ±%W [I HIZIPST XLI FVERH MHIRXMX] SJ 7IMOS F] GSRGIRXVEXMRK SR MRRSZEXMSR ERH VI½RIQIRX XLEX MRRSZEXMSR RIIHW XS FI ½VIH F] XIGLRSPSKMGEP FVIEOXLVSYKL ² WE]W 1V 1MXSQI ±;I OIIT [SVOMRK LEVH EX MX ERH [I [MPP RIZIV VIHYGI SYV GSQQMXQIRX XS 6 ( ¯ MJ ER]XLMRK [I [MPP MRGVIEWI MX ;I JYPP] ETTVIGMEXI XLI MQTSVXERGI SJ XIGLRSPSKMGEP HIZIPST QIRX MR MRXIVREXMSREP QEVOIXW ² -R PMRI [MXL MXW TPERW XS VEXMSREPMWI TVSHYGX PMRIW ERH VIQSZI XLI PIWW
I\TIRWMZI TVSHYGXW 7IMOS LEW IWXEF PMWLIH NYWX ½ZI GSPPIGXMSRW SJ [EXGLIW JSV XLI .ETERIWI QEVOIX )EGL SJ XLIWI LEW MXW S[R TSMRX SJ WEPI QEXIVMEP XS I\TPEMR ERH WYTTSVX MX 1V 1MXSQI FIPMIZIW XLEX MR XSHE]´W [EXGL QEVOIX
MR [LMGL XVEHMXMSREP FVERHW RS[ JEGI E GLEPPIRKI JVSQ QER] RI[ ERH WYG GIWWJYP RMGLI FVERHW XIGLRSPSK] EPSRI MW RSX WYJ½GMIRX XS EXXVEGX XLI FY]MRK TYFPMG ±8IGLRSPSK] LEW XS FI WYT TSVXIH F] GSWQIXMGW F] I\GIPPIRX GEWI
ERH HMEP HIWMKRW 1SWX GSRWYQIVW EVI EXXVEGXIH ½VWX F] XLI XSXEP ETTIEVERGI SJ E [EXGL ;I FIPMIZI XLEX E GSQFM REXMSR SJ KSSH HIWMKRW ERH XLI YWI SJ EHZERGIH XIGLRSPSK] MRWMHI XLI [EXGL MW ER MQTSVXERX WXVEXIK] ²
',%48)6
8 ,) ():)0341)28 =)%67 8LI VETMH KVS[XL SJ XLI .ETERIWI [EXGL ERH GPSGO MRHYWXV] ® ERH XLEX SJ 7IMOS MR TEVXMGYPEV ®L EW FIIR RSXLMRK PIWW XLER VIQEVOEFPI ;EXGLQEOIVW MR QER] GSYRXVMIW LEH GIRXYVMIW SJ XVEHMXMSR XS FYMPH YTSR FYX .ETER³W QSHIVR [EXGL ERH GPSGO MRHYWXV] [EW RSX FSVR YRXMP XLI PEXXIV TEVX SJ XLI XL GIRXYV]
8LI °STIRMRK±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½GMEP SZIVRMKLX XLI EHSTXMSR SJ XLI WSPEV XMQI W]WXIQ EW YWIH MR EPP SXLIV TEVXW SJ XLI [SVPH ;LIR XLMW GEQI MRXS IJJIGX SR .ERYEV] MX VITPEGIH XLI PYREV XMQI W]WXIQ ERH WXMQYPEXIH HIQERH WXMPP JYVXLIV 8LI JSYRHMRK SJ ER IRXMVIP] RI[ LSVSPSKMGEP MRHYWXV] MR .ETER JSPPS[IH XLI MRXVSHYGXMSR SJ XLI 'EPIRHEV %GX .ETER´W GPSGOQEOIVW LEH RS I\TIVMIRGI SJ QEOMRK XMQITMIGIW GSRJSVQMRK XS XLI WSPEV XMQI W]WXIQ ERH XLI] RIIHIH % .3962)= -2 8-1)
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½VWX SJ XLIWI TMSRIIVW [EW /MRXEVS ,EXXSVM ,I LEH WIVZIH /MRXEVS ,EXXSVM ER ETTVIRXMGIWLMT YRHIV WIZIVEP GPSGO VITEMVIVW ERH EX XLI EKI SJ XS GEXGL YT JEWX XS IRWYVI XLEX .ETER LI WXEVXIH XLI ,EXXSVM 'PSGO 6ITEMV [EW RSX IRXMVIP] HITIRHIRX SR MQTSVXW WIVZMGI EX LMW LSQI MR /]SFEWLM JSV MXW XMQITMIGIW 8LI ;IWXIVR WSPEV 9RIQI GLSY [LMGL MW RS[ TEVX SJ GEPIRHEV VITPEGIH XLI YRIZIR LSVEV] +MR^E´W GLSQI HMWXVMGX 8LMW RI[ W]WXIQ XLEX LEH FIIR YWIH MR .ETER ZIRXYVI WXEVXIH SR 7ITXIQFIV JSV GIRXYVMIW .ETERIWI [EXGLQEOIVW´ -X TVSZMHIH XLI JSYRHEXMSR JSV XIGLRSPSK] ERH XLIMV SPH XMQIOIITMRK XLI SVKERMWEXMSR XLEX [EW XS FIGSQI QIGLERMWQW FIGEQI YWIPIWW SZIVRMKLX F] XLI IRH SJ XLI XL GIRXYV] RSX ERH XLI] LEH XS QEOI E JVIWL WXEVX SRP] .ETER´W QSWX MQTSVXERX [EXGL
8LI EWWIQFP] SJ TSGOIX [EXGLIW EX 7IMOSWLE MR
ERH GPSGO GSQTER] FYX EPWS SRI SJ XLI PEVKIWX ERH QSWX MQTSVXERX MR XLI [SVPH )ZIR MR LMW S[R PMJIXMQI /MRXEVS´W WYGGIWW MR XLI [EXGL ERH GPSGO FYWMRIWW IEVRIH LMQ XLI WSFVMUYIX ±/MRK SJ 8MQITMIGIW² .YWX JSYV ]IEVW EJXIV STIRMRK LMW ½VWX VITEMV WLST LI WIX YT E RI[ GSQTER] / ,EXXSVM MR EW E ZILMGPI JSV I\TERHMRK LMW FYWMRIWW FI]SRH WMQTPI VITEMVW 8LMW RI[ WXSVI FIKER XS WIPP EW [IPP EW VITEMV WIGSRH LERH GPSGOW ERH XLI FYWMRIWW KVI[ VETMHP] /MRXEVS WSSR WE[ JYVXLIV TSWWMFMPMXMIW JSV I\TERWMSR LI FIKER XS ZMWMX XLI JSVIMKR XVEHI TEZMPMSR MR =SOSLEQE ERH XLIVI LI WXEVXIH XS FY] GPSGOW XLEX LI WSPH FSXL EW E [LSPIWEPIV ERH EW E VIXEMPIV 6MKLX JVSQ XLI WXEVX /MRXEVS [EW E TMSRIIV MR IZIV] [E] ERH SRI SJ XLI ½VWX QERMJIWXEXMSRW SJ XLMW EHZIRXYVSYW WTMVMX [EW LMW HIGMWMSR XS EFERHSR XLI GYWXSQEV] FM ERRYEP WIXXPIQIRX SJ EGGSYRXW ,I WE[ XLI RIIH XS WIGYVI XLI VIWTIGX ERH LMKL GVIHMX VEXMRK SJ
XLI %QIVMGER ERH )YVSTIER XVEHIVW [LS [IVI LMW WSYVGI SJ TVSHYGXW MR XLMW IEVP] TIVMSH ERH HIGMHIH XS VINIGX XLI XVEHMXMSREP TE]QIRX W]WXIQ XS EGLMIZI XLMW EMQ -RWXIEH LI TEMH LMW FMPPW TVSQTXP] [MXLMR HE]W 8LI HMWXVMFYXMSR ERH WIPPMRK SJ XMQITMIGIW [EW RSX IRSYKL XS WEXMWJ] /MRXEVS LI [EW ER\MSYW XS WXEVX LMW S[R TVSHYGXMSR SJ GPSGOW &] / ,EXXSVM LEH QEHI WYFWXERXMEP TVS½XW JVSQ XLI HMWXVMFYXMSR SJ MQTSVXIH TVSHYGXW ERH XLMW QEHI MX TSWWMFPI JSV MX XS EJJSVH XLI I\TIRWMZI HMZIVWM½GEXMSR XLEX [EW XS JSPPS[ ERH XS TVSZMHI XLI JSYRHEXMSRW JSV XLI GSQTER]´W YPXMQEXI WYGGIWW %VSYRH XLMW XMQI /MRXEVS ,EXXSVM QIX 8WYVYLMOS =SWLMOE[E ER IRKMRIIV [LS LEH FIIR VYRRMRK E GPSGO WXSVI ERH PEXIV VIGEPPIH ±-QQIHMEXIP] SR QIIXMRK LMQ - I\TVIWWIH Q] WXVSRK HIXIVQMREXMSR XS WIX YT E GPSGO JEGXSV] JSV XLI GSYRXV]© ;LIR - EWOIH LMQ LS[ QYGL QSRI] MX [SYPH XEOI XS LMVI LMQ LI WEMH ]IR E QSRXL [SYPH FI WYJ½GMIRX ERH WYKKIWXIH XLEX [I
WXEVX [SVOMRK XSKIXLIV©8LMW [EW XLI SVMKMREP QSXMZEXMSR FILMRH XLI IWXEFPMWLQIRX SJ 7IMOSWLE ² -R 1E] /MRXEVS TYVGLEWIH E HMWYWIH KPEWW JEGXSV] MR -WLM[EVE GLS ,SRNS ;EVH MR 8SO]S ERH LIVI LI WIX YT 7IMOSWLE XS QERYJEGXYVI [EPP GPSGOW 8LMW JEGXSV] GEQI HMVIGXP] YRHIV XLI GSRXVSP SJ / ,EXXSVM ERH 8WYVYLMOS =SWLMOE[E [LS [EW SRP] [EW XLI ½VWX IQTPS]II LI [IRX SR XS FIGSQI XLI 'LMIJ )RKMRIIV ERH XS TPE] E PIEHMRK VSPI MR XLI WYGGIWW SJ XLI ZIRXYVI ,I [EW VIWTSRWMFPI JSV HIZIPSTMRK XLI GSQTER]´W XIGLRMGEP WOMPPW MR MXW JSVQEXMZI ]IEVW ERH QEWXIV QMRHIH XLI HIZIPSTQIRX SJ MXW QERYJEGXYVMRK GETEFMPMXMIW 1V =SWLMOE[E´W ZEPYI XS XLI GSQTER] GER FI KEYKIH F] XLI JEGX XLEX LMW WEPEV] MRGVIEWIH JVSQ ]IR E QSRXL [LIR LI NSMRIH XLI GSQTER] XS ]IR E ]IEV 4VSHYGXMSR EX XLI RI[ JEGXSV] WXEVXIH EPQSWX MQQIHMEXIP] ERH XLI
8WYVYLMOS =SWLMOE[E /MRXEVS ,EXXSVM´W JMVWX IQTPS]II [IRX SR XS FIGSQI 'LMIJ )RKMRIIV ,I TPE]IH E OI] VSPI MR XLI JEGXSV]´W IEVP] HE]W ',%48)6
½VWX TVSXSX]TI %QIVMGER WX]PI [EPP GPSGOW [IVI ½RMWLIH NYWX IMKLX [IIOW EJXIV XLI MREYKYVEXMSR SJ 7IMOSWLE 8LMW [EW E VIQEVOEFPI EGLMIZIQIRX KMZIR XLEX XLI JEGXSV] LEH RS JSVQ SJ TS[IV XS HVMZI MXW XSSPW MX LEH XS VIP] IRXMVIP] SR LYQER TS[IV JSV IZIV] TVSGIWW 8[S SV XLVII PEFSYVIVW XYVRIH E PEVKI TS[IV WYTTP] [LIIP MR VSXEXMSR 8LMW HVSZI E FMK ¾][LIIP [LMGL MR XYVR TVSZMHIH XLI TS[IV JSV XLI QEGLMRIV] 4VSHYGMRK XLIWI ½VWX GPSGOW [EW E WMKRM½GERX EGGSQTPMWLQIRX FIGEYWI .ETER´W [EXGLQEOIVW LEH SRP] FIIR QEOMRK XMQITMIGIW [SVOMRK XS XLI WSPEV XMQI W]WXIQ WMRGI [LIVIEW XLIMV )YVSTIER GSYRXIVTEVXW LEH LEH QER] GIRXYVMIW XS HIZIPST XLIMV WOMPPW 8LI 'LMIJ )RKMRIIV YWIH EPP LMW MRKIRYMX] XS ½RH [E]W XS TVSHYGI IEGL MRHMZMHYEP GSQTSRIRX SJ XLIWI [EPP GPSGOW ;LIR XLI 7IMOSWLE JEGXSV] STIRIH MR -WLM[EVE GLS MR MX LEH NYWX SV IQTPS]IIW 7IZIVEP QSRXLW PEXIV MX MW FIPMIZIH XS LEZI IQTPS]IH SV TISTPI
)\TERHMRK TVSHYGXMSR 7IMOSWLE HIWTIVEXIP] RIIHIH XS MRXVSHYGI TS[IV XSSPW XS MQTVSZI MXW IJ½GMIRG] FYX MR XLI HIRWIP] TSTYPEXIH EVIE [LIVI XLI JEGXSV] [EW WMXYEXIH MX [EW MQTSWWMFPI XS SFXEMR TIVQMWWMSR JVSQ XLI TSPMGI JSV XLI YWI SJ TS[IV HVMZIR XSSPW WS NYWX SRI ]IEV EJXIV MXW IWXEFPMWLQIRX XLI GSQTER] PIJX MXW SVMKMREP WMXI XS QSZI XS =EREKMWLMQE EPWS MR ,SRNS ;EVH -R XLI [SSHIR FYMPHMRKW SJ XLI RI[ JEGXSV] MX MRWXEPPIH MXW ½VWX LSVWITS[IV WXIEQ IRKMRI [LMGL IREFPIH MX XS I\TERH TVSHYGXMSR ,IVI 7IMOSWLE TVSHYGIH ERH EWWIQFPIH RSX SRP] QIGLERMGEP TEVXW FYX EPWS HMEPW LERHW ERH [SSHIR GPSGO GEWIW ,SRNS ;EVH SR XLI IEWX WMHI SJ % .3962)= -2 8-1)
8LI 8MQI /IITIV [EW XLI JMVWX TSGOIX [EXGL IZIV QEHI F] 7IMOSWLE MR
XLI 7YQMHE 6MZIV MR 8SO]S [EW EX XLI GIRXVI SJ KVS[XL EW MRHYWXVMEPMWEXMSR TVSKVIWWIH MR 8SO]S HYVMRK XLI 1IMNM )VE ERH QER] WOMPPIH [SVOIVW [IVI XS FI JSYRH MR XLI HMWXVMGX 8LI HIGMWMSR F] / ,EXXSVM XS PSGEXI MXW QERYJEGXYVMRK FVERGL MR ,SRNS LEW FIIR HIWGVMFIH EW ±E JEV WMKLXIH QSZI XLEX TPEGIH MX SR XLI ¾SSH XMHI SJ MRHYWXVMEP HIZIPSTQIRX²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
LEH EKEMR SYXKVS[R MXW TVIQMWIW ERH /MRXEVS WIPIGXIH E RI[ WMXI ¯XLI LIEH UYEVXIVW SJ E RI[WTETIV EX XLI +MR^E GLSQI GSVRIV [LMGL MW RS[ XLI ZIV] LIEVX SJ XLI +MR^E HMWXVMGX [LIVI PERH MW QSVI I\TIRWMZI XLER ER][LIVI IPWI MR .ETER -R .ERYEV] XLI RI[ WLST STIRIH JSV FYWMRIWW 8LMW MQTSVXERX QSZI MR XLI ]IEV XLEX 7IMOSWLE LEH FIKYR XS TVSHYGI TSGOIX [EXGLIW [EW ER MRWTMVIH HIGMWMSR -X WSSR FIGEQI XLI QSWX TVIWXMKMSYW [EXGL ERH GPSGO WLST MR 8SO]S ERH XS XLMW HE] XLI WMXI MW VIJIVVIH XS EW XLI JEQMPMEV ±JEGI² SJ +MR^E -R XLI LIEH SJ½GI SR XLI +MR^E GLSQI GSVRIV [EW VIFYMPX XLI VITPEGIQIRX FYMPHMRK WXMPP WXERHW XSHE] ERH MW SRI SJ XLI QSWX JEQSYW PERHQEVOW MR 8SO]S 8LI PEVKI GPSGO SR XLI VSSJ SJ XLI FYMPHMRK FIGEQI ORS[R EW XLI ,EXXSVM 'PSGO 8S[IV ERH XSHE] XLMW TVMQI VIXEMP PSGEXMSR EX XLI LIEVX SJ 8SO]S´W QSWX JEWLMSREFPI WLSTTMRK HMWXVMGX MW XLI WMXI SJ XLI ;EOS WXSVI [LMGL MW WXMPP XLI TVSTIVX] SJ 7IMOS 'SVTSVEXMSR
8LI / ,EXXSVM FYMPHMRK MR XLI +MR^E HMWXVMGX MR
%YXSQEXMG QEGLMRIW [IVI FIMRK YWIH LIVI MR XLI )EVP] 8EMWLS )VE ¯
)ZIR EW XLI GPSGO FYWMRIWW SJ MR XLMW TIVMSH MRGPYHIH )\GIPPIRX 7IMOSWLE [EW XLVMZMRK /MRXEVS [EW )QTMVI 1IVG] 6YPIV ERH ;SVPH PSSOMRK XS XLI JYXYVI ERH TPERRMRK LMW ½VWX ZIRXYVI MRXS XLI QEOMRK SJ % RI[ I\TSVX XVEHI TSGOIX [EXGLIW 4VSHYGXMSR SJ GEWIW ;MXL GPSGO TVSHYGXMSR VMWMRK ERH FIKER MR XLI =EREKEWLMQE JEGXSV] [EXGL TVSHYGXMSR MR TPEGI /MRXEVS MR EW WSSR EW 7IMOSWLE QSZIH EKEMR VEMWIH LMW WMKLXW ERH HIGMHIH XS XLIVI ERH F] MX EWWIQFPIH MXW HIZIPST ER I\TSVX XVEHI ERH WSSR ½VWX GSQTPIXI TSGOIX [EXGL XLI LI WXEVXIH XS I\TSVX [EPP GPSGOW XS PMKRI 8MQI /IITIV %X XLMW XMQI XLI 'LMRE &] RS[ / ,EXXSVM ERH 7IMOSWLE GSQTER]´W TVSHYGXMSR XIGLRMUYIW LEH LEH FIGSQI ½VQP] IWXEFPMWLIH EW RSX QEXYVIH XS XLI TSMRX [LIVI MX MQTSVXERX TPE]IVW MR XLI .ETERIWI GSYPH QEOI MXW S[R QSZIQIRXW XLIWI [EXGL ERH GPSGO QEOMRK MRHYWXV] ER ½VWX [EXGLIW [IVI TVSFEFP] EWWIQFPIH IEVP] WMKR SJ /MRXEVS´W FYWMRIWW EGYQIR YWMRK 7[MWW QSZIQIRXW [MXL E G]PMRHIV ,MW PSRK XIVQ ZMWMSR [EW FEWIH SR XLI IWGETIQIRX FYX RIZIVXLIPIWW XLI 8MQI QEVOIX WMXYEXMSR FSXL EX LSQI ERH /IITIV [EW XLI ½VWX TSGOIX [EXGL XLEX EFVSEH ERH LMW HMZIVWM½GEXMSR TSPMG] GER FI WEMH XS LEZI FIIR ±QEHI² MR [EW E JIEXYVI XLEX [EW RSX XS FI JSYRH .ETER MR ER] SXLIV .ETERIWI GPSGO GSQTER] *SV VIEWSRW RS PSRKIV ORS[R EX XLI XMQI QER] TVSHYGXW QEHI F] XLI GSQTER] ;MXL XLI MRXVSHYGXMSR SJ RI[ EX XLI XMQI [IVI KMZIR REQIW FEWIH QEGLMRIV] TVSHYGXMSR FIKER XS SR )RKPMWL [SVHW ¯ TIVLETW /MRXEVS MRGVIEWI -R XLI ½VWX ]IEV EX =EREKMWLMQE [EW EPVIEH] XLMROMRK SJ JYXYVI I\TSVX [EPP GPSGOW [IVI QEHI YRMXW TSWWMFMPMXMIW -R EHHMXMSR XS 8MQI /IITIV E HE] 8LVII ]IEVW PEXIV HEMP] TVSHYG SXLIV REQIW YWIH JSV 7IMOSWLE [EXGLIW XMSR LEH VIEGLIH ERH F]
7IMOSWLE LEH FIGSQI XLI PEVKIWX [EPP GPSGO QERYJEGXYVIV MR .ETER -R XLI GSQTER] EGLMIZIH ERSXLIV ±½VWX´ JSV E .ETERIWI GPSGOQEOIV F] TVS HYGMRK EPEVQ GPSGOW [LMGL MRGPYHMRK XLSWI I\TSVXIH XS 'LMRE EVI VITSVXIH XS LEZI IEWMP] SYXWSPH +IVQER EPEVQ GPSGOW /MRXEVS ,EXXSVM [EW RSX XLI SRP] [EXGL ERH GPSGO QIVGLERX SJ LMW HE] FYX LI [EW XLI ½VWX XS QEOI E KVIEX WYGGIWW SJ FSXL HMWXVMFYXMSR ERH QERYJEGXYVMRK ½VWX SJ GPSGOW ERH PEXIV SJ [EXGLIW ,I [EW EPWS E KVIEX IRXVITVIRIYV ERH E WYVZMZSV EFPI XS OIIT LMW GSQTERMIW MR FYWMRIWW [LIR SXLIVW EVSYRH LMQ [IRX XS XLI [EPP -R XLI W MRXIRWI TVMGI ERH UYEPMX] GSQTIXMXMSR HVSZI SXLIV GPSGO QERY JEGXYVIVW MR 3WEOE /]SXS ERH 8SO]S XS FEROVYTXG] %X SRI XMQI 7IMOSWLE [EW XLI SRP] WYVZMZMRK [EXGL ERH GPSGO QEOIV MR XLI GSYRXV] ;LMPI .ETER´W MRHYWXVMEPMWEXMSR [EW WXEVXMRK QSWX [EXGLQEOMRK [EW GSRGIRXVEXIH MR 7[MX^IVPERH ERH XLI 9RMXIH 7XEXIW -R %QIVMGE XLI EVX SJ QIGLERMGEP [EXGLQEOMRK ERH QEWW TVSHYGXMSR [EW [IPP EHZERGIH ERH MRI\TIRWMZI QSHIPW [IVI FIMRK TVS HYGIH MR PEVKI UYERXMXMIW 1ER] SJ XLIWI TVSHYGXW [IVI MQTSVXIH MRXS .ETER
8LI )\GIPPIRX [EW XLI JMVWX PY\YV] TSGOIX [EXGL QEHI F] 7IMOSWLE MR 7SQI SJ XLI GSQTSRIRXW [IVI TVSFEFP] MQTSVXIH ',%48)6
-R XLIWI IEVP] HE]W XLI TVSHYGXW QEHI F] 7IMOSWLE [IVI RSX MR XLIMV XIGLRSPSK] SV XLIMV ETTIEVERGI ZIV] MRRSZEXMZI FYX /MRXEVS HSQMREXIH XLI MRHYWXV] F] QIERW SJ LMW FYWM RIWW EGYQIR ERH XLI WTIIH EX [LMGL LI EHETXIH XS IEGL RI[ GLEPPIRKI ,S[IZIV LI LEH XLI JSVIWMKLX XS VIGSKRMWI XLEX MRRSZEXMSR [EW XLI OI] XS PSRK XIVQ WYVZMZEP ERH JVSQ XLI IEVPMIWX HE]W LI HVIEQIH SJ EGLMIZMRK ±½VWXW² MR LMW MRHYWXV]
*MVWX XVMT EFVSEH /MRXEVS QEHI LMW ½VWX XVMT EFVSEH MR ,I XVEZIPPIH XS XLI 9RMXIH 7XEXIW ERH JVSQ XLIVI ZMWMXIH )YVSTI 8LI 0EYVIP [EW XLI JMVWX [VMWX[EXGL [LIVI LI [EW EFPI XS PSSO EX ZEVMSYW QEHI F] 7IMOSWLE MR TVSHYGXMSR JEGMPMXMIW MR 7[MX^IVPERH ERH +IVQER] ,MW EREP]WMW SJ XLI HMJ QEGLMRIW XLEX GSYPH GEVV] SYX QSVI JIVIRGI FIX[IIR 7[MWW ERH %QIVMGER XLER SRI TVSGIWW 8LI 7[MWW VIP]MRK SR TVSHYGXMSR QIXLSHW [EW XS LEZI E WYTTPMIW JVSQ GSYRXPIWW WQEPP GSQTE TVSJSYRH MR¾YIRGI SR 7IMOS´W WYG RMIW ERH MRHMZMHYEPW PEKKIH FILMRH [MXL GIWW QER] ]IEVW PEXIV ,I HMWGSZIVIH VIPEXMZIP] PS[ TVSHYGXMZMX] EPXLSYKL XLEX XLIVI [EW E WMKRM½GERX GSRXVEWX JVSQ XLI XYVR SJ XLI GIRXYV] XLI] FIX[IIR XLI GIRXVEPMWIH XIGLRMUYIW QEHI KVIEX IJJSVXW XS MRRSZEXI ERH XS YWIH MR %QIVMGER JEGXSVMIW XLEX QEWW MQTVSZI IJ½GMIRG] /MRXEVS RSXIH MR XLI NSYVREP SJ TVSHYGIH E JI[ ZEVMIXMIW ERH XLI 7[MWW JEGXSVMIW XLEX TVSHYGIH QER] HMJJIVIRX LMW ½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´W MR TYVGLEWMRK QER] JSVIMKR QEHI WTIGMEP TYVTSWI QEGLMRIW JSV XLI KVIEXIWX RIIH &] ;EPXLEQ ERH )PKMR MR TVSHYGXMSR SJ TSGOIX [EXGLIW 7SQI XLI 9RMXIH 7XEXIW PIH XLI [SVPH MR 7[MWW QEHI IUYMTQIRX QE] LEZI FIIR MRXVSHYGMRK QEGLMRIV] XS EYXSQEXI SFXEMRIH JVSQ 2MTTSR 4SGOIX ;EXGL TVSHYGXMSR XLI] LEH WYGGIIHIH 1JK [LMGL F] XLIR [EW HIJYRGX FYX MR EGLMIZMRK XLVII MQTSVXERX KSEPW VIWIEVGLIVW EPWS FIPMIZI MX MW TSWWMFPI ¯ WLSVXIRMRK TVSGIWWMRK XMQI MQTVSZMRK XLEX 7IMOSWLE SFXEMRIH WSQI QERYJEG TVIGMWMSR ERH EFSZI EPP QEOMRK XYVMRK IUYMTQIRX JVSQ SXLIV )YVSTIER % .3962)= -2 8-1)
GSYRXVMIW MRGPYHMRK JVII WXERHMRK GPSGO IUYMTQIRX JVSQ +IVQER] HYVMRK SV EJXIV /MRXEVS´W SZIVWIEW XVEZIPW -X MW RSX GPIEV [LIXLIV ER] SJ XLMW QEGLMRIV] [EW WYMXEFPI JSV QEWW TVSHYGXMSR SJ TSGOIX [EXGLIW FYX ZSPYQI TVSHYGXMSR SJ EPEVQ GPSGOW FIKER MR EJXIV XLI JEGXSV]´W IUYMTQIRX LEH FIIR VIRSZEXIH [LIR /MRXEVS VIXYVRIH JVSQ LMW ½VWX JEGXSV] ZMWMXW XS XLI 97 ERH )YVSTI 7YFWIUYIRXP] 8WYVYLMOS =SWLMOE[E XLI VIZIVIH JEGXSV] QEREKIV ERH /EQILMOS ,E]EWLM [LS LIEHIH XLI TSGOIX [EXGL HITEVXQIRX HIZIPSTIH QER] SJ XLIMV S[R QEGLMRIW XS GSQTPIQIRX XLI MQTSVXIH QEGLMRIW XLI GSQTER] LEH EPVIEH] EGUYMVIH %PXSKIXLIV XLI] QEHI EFSYX QEGLMRIW MR LSYWI %X XLI FIKMRRMRK SJ XLI XL GIR XYV] QERYJEGXYVIVW MR GSYRXVMIW XLEX WYTTPMIH XLI .ETERIWI QEVOIX [IVI QEOMRK XIGLRMGEP MQTVSZIQIRXW MR XLIMV TSGOIX [EXGLIW ERH XLMW TVS ZMHIH 7IMOSWLE [MXL ERSXLIV GLEPPIRKI
8LMW 0EYVIP QSZIQIRX [EW JMXXIH MR E GVYHI RMGOIP GEWI FYX XLI MRWMHI SJ XLI GEWI MW MRWGVMFIH ±+SPH HSREXIH XS XLI REXMSR ¯ XL ]IEV SJ XLI -QTIVMEP VIMKR² -X WIIQW XLEX XLI SVMKMREP KSPH GEWI [EW HSREXIH XS XLI REXMSR ERH VITPEGIH F] XLMW WYFWXMXYXI
% 7IMOSWLE EPEVQ GPSGO EWWIQFP] PMRI EVSYRH
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¯ ERH S[R TVSHYGXMSR ERH WS MQQIHMEXIP] XLIVIJSVI IEWMIV XS QERYJEGXYVI ¯ MR E EJXIV LMW VIXYVR 7IMOSWLE FIKER QEOMRK QSZIQIRX SJ XLI WEQI HMEQIXIV MXW WIGSRH TSGOIX [EXGL XLI PMKRI 8LI QEGLMRMRK SJ FEPERGI [LIIP )\GIPPIRX [LMGL [EW FEWIH SR XLI G]PMRHIV WXEJJW [EW TSWWMFP] FI]SRH HIWMKR SJ E ;EPXLEQ [EXGL 8LMW [EW E .ETERIWI XIGLRSPSK] MR XLI IEVP] W WQEPPIV ZIVWMSR SJ MXW IEVPMIV PMKRI ERH WS 7IMOSWLE QE] LEZI GLSWIR XS QSHIP XLI 8MQI /IITIV QERYJEGXYVI XLI KIEV XVEMR MXWIPJ ERH -X MW EPQSWX GIVXEMR XLEX 7IMOSWLE XS YWI MQTSVXIH GSQTSRIRXW JSV XLI WXMPP MR MXW MRJERG] EW E [EXGL QERY SXLIV TEVXW SJ XLI G]PMRHIV IWGETI JEGXYVIV YWIH TEVXW MQTSVXIH JVSQ QIRX +VEHYEPP] XLI RYQFIV SJ TEVXW ;EPXLEQ MR TPEGI SJ XLSWI MX JSYRH XSS TVSHYGIH MR LSYWI [EW MRGVIEWIH EW HMJ½GYPX XS QEOI EX XLEX XMQI +IR^S ,EXXSVM /MRXEVS´W IPHIWX WSR 7IMOSWLE HIGMHIH XS YWI E G]PMRHIV PEXIV [VSXI ±8LI] ½VWX QEHI XLI TPEXIW IWGETIQIRX JSV MXW ½VWX TSGOIX FVMHKIW ERH KIEV[LIIPW MR LSYWI [EXGLIW EPXLSYKL QER] [EXGLIW [MXL ERH FSYKLX XLI SXLIV QEMR TEVXW MR
7[MX^IVPERH KVEHYEPP] MRGVIEWMRK XLI VEXMS SJ XLIMV S[R TEVXW² &] XLI 7IMOSWLE GPSGO JEGXSV] IQTPS]IH QSVI TISTPI XLER ER] SXLIV TPERX MR ,SRNS´W QIXEP ERH QEGLMRIV] WIGXSV 1SWX SJ XLI SXLIV JEGXSVMIW [IVI WQEPP FYX XLI TVIWIRGI SJ WS QER] WQEPP HMZIVWI GSQTERMIW [SVOIH MR JEZSYV SJ 7IMOSWLE ¯ E ½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
8LMW [VMWX[EXGL QEHI MR [EW XLI JMVWX IZIV XS GEVV] XLI 7IMOS FVERH REQI ',%48)6
QERYJEGXYVMRK 8LI GSRWMHIVEFPI TVS½X PEXIWX QEGLMRIW [IVI MQTSVXIH ERH VIWYPXMRK JVSQ XLMW HMZIVWMSR [EW 1V =SWLMOE[E KEMRIH QER] MHIEW WYFWIUYIRXP] YWIH EW GETMXEP JSV JYXYVI JVSQ %QIVMGER JEGXSVMIW JSV XLI MRZIWXQIRXW MR LSYWI TVSHYGXMSR SJ EYXSQEXMG (IWTMXI X[S MRGVIEWIW MR MQTSVX QEGLMRIV] % WYFWIUYIRX VITSVX WEMH HYXMIW FIX[IIR ERH XLEX ±=SWLMOE[E MW E KVIEX QER MJ SRI .ETERIWI QERYJEGXYVIVW´ WLEVI SJ QEGLMRI MW TYVGLEWIH LI GER QEOI XLI HSQIWXMG TSGOIX [EXGL QEVOIX RI[ SRIW YWMRK MX EW E QSHIP ;LIR LEH JEPPIR XS EW PMXXPI EW TIV GIRX SRI XYVRMRK QEGLMRI [EW FSYKLX LI *SV E PSRK XMQI 7IMOSWLE´W MRGSQI QEHI QER] QEGLMRIW ERH TVSHYGIH JVSQ TSGOIX [EXGLIW HMH RSX IZIR IUYMTQIRX JSV EPEVQ GPSGOW ² GSZIV I\TIRWIW &] WSQI SJ XLI 8LI KVS[XL SJ 7IMOSWLE´W EPEVQ QEGLMRIW 7IMOSWLE LEH EGUYMVIH SRP] GPSGO TVSHYGXMSR EJXIV XLI E JI[ ]IEVW FIJSVI QYWX LEZI WIIQIH 6YWWS .ETERIWI ;EV [EW VIQEVOEFPI UYMXI ERXMUYEXIH 'PIEVP] WSQIXLMRK -R XLI GSQTER] TVSHYGIH LEH XS FI HSRI XS IREFPI 7IMOSWLE XS EPEVQ GPSGOW &] XLMW NYQTIH 7IMOSWLE QEHI .ETER´W JMVWX GSQTIXI QSVI IJJIGXMZIP] [MXL SZIV XS ERH F] XLI JSPPS[MRK ]IEV GLVSRSKVETL MR E TSGOIX WIEW QERYJEGXYVIVW ERH WS /MRXEVS 1IER[LMPI .ETER´W MQTSVXW SJ QSHIP [LMGL GSYPH VIGSVH XMQI PIJX SR LMW WIGSRH XVMT XS )YVSTI ERH +IVQER RMGOIP TPEXIH EPEVQ GPSGOW WYJ MRXIVZEPW YT XS QMRYXIW XLI 97% MR 8LMW XMQI LI XSSO JIVIH E WXIEH] HIGPMRI 7IMOS [EW RS[ XS QEOI [SVOMRK TEVXW ERH XS XVEMR [MXL LMQ X[S GSPPIEKYIW ,MHI]YOM XVYP] GSQTIXMXMZI ERH MXW GPSGOW [IVI WOMPPIH [SVOIVW XS QEGLMRI EWWIQFPI =SWLMQYVE JVSQ XLI 'PSGO 7XSVI ERH XLI ½RIWX EZEMPEFPI ERH EHNYWX XLIQ FYX EPWS XS VIHYGI 8WYVYLMOS =SWLMOE[E 7IMOSWLE´W 'LMIJ -R 7IMOSWLE´W TVSHYGXMSR SJ GSWXW WYJ½GMIRXP] XS FI EFPI XS WIPP XLIMV )RKMRIIV EPEVQ GPSGOW SYXWXVMTTIH MXW [EPP GPSGO [EXGLIW EX XLI PS[IWX TSWWMFPI TVMGIW -R /MRXEVS HIWGVMFIH LS[ XLMW LEH FIIR ER SFWIVZEXMSR XVMT ERH 7YHHIR HMZIVWMSR EHHIH ±8LI XLMRKW - PIEVRIH JVSQ XLMW -R 7IMOSWLE [EW YRI\TIGXIHP] WIGSRH XVMT EFVSEH [IVI GSRWMHIVEFPI MRWXVYGXIH XS HMZIVX MXW QERYJEGXYVMRK 8LI SRP] LSTI [I LEH SJ HVMZMRK SYX JEGMPMXMIW JSV XLI TVSHYGXMSR SJ )YVSTIER ERH %QIVMGER TVSHYGXW [EW QYRMXMSRW JSV XLI 6YWWS .ETERIWI XS TVSQSXI JEGXSV] IJ½GMIRG] XLVSYKL ;EV ¯ 8LIVI [IVI SRP] QEWW TVSHYGXMSR ERH VIHYGI GSWXW E LERHJYP SJ IRKMRI TS[IVIH JEGXSVMIW [LMPI QEMRXEMRMRK LMKL UYEPMX] MR 8SO]S EX XLEX XMQI IQTPS]MRK QSVI ±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½GMIRG] SJ XLI [SVO JSVGI [EW MRGVIEWIH XS PS[IVIH TVMGIW ERH WXERHEVHMWIH 8LMW )\XVE *PEX [EXGL [EW QEHI [SVOMRK HE] ERH RMKLX MR WLMJXW TVSHYGX UYEPMX] ERH [IVI ½REPP] EFPI XS F] XLI (EMRM 7IMOSWLE JEGXSV] EVSYRH -X JIEXYVIW E PMKRI 1YRMXMSRW TVSHYGXMSR GSRXMRYIH EGLMIZI SYV HIWMVIH VIWYPXW ² QSZIQIRX [MXL WQEPP WIGSRHW JSV EFSYX E ]IEV EPSRKWMHI GPSGO % GSRWMHIVEFPI RYQFIV SJ XLI % .3962)= -2 8-1)
JVSQ SRI SJ =SWLMOE[E´W HIWMKRW % 8LMW QE] LEZI FIIR XLI ½VWX 7IMOSWLE RYQFIV SJ QSHM½GEXMSRW [IVI QEHI TVSHYGX XLEX GSRXEMRIH GSQTSRIRXW ERH IZIRXYEPP] MX [EW VITSVXIH XLEX QERYJEGXYVIH IRXMVIP] MR LSYWI -J MX SRI IQTPS]II GSYPH LERHPI XLI TMRMSR [EW MX MW MQTSWWMFPI XS YRHIVIWXMQEXI QEOMRK [SVO XLEX TVIZMSYWP] RIIHIH XLI WMKRM½GERGI SJ XLMW EGLMIZIQIRX JSV MX QEVOIH XLI FIKMRRMRK SJ XLI TSPMG] IQTPS]IIW &IX[IIR ERH QSVI XLEX [EW XS TYX 7IMOS MRXS XLI XST IRKMRIW [IVI MRWXEPPIH :EVMSYW TS[IV VERO SJ [SVPH [EXGL TVSHYGIVW LEPJ E W]WXIQW WYGL EW WXIEQ IRKMRIW SMP GIRXYV] PEXIV 8LI TVSHYGXMSR SJ [VMWX[EXGLIW QSXSVW ERH KEW IRKMRIW [IVI YWIH MR GSQFMREXMSR JVSQ EVSYRH LEH TVIWIRXIH XLI GSQTER] [MXL XIGL )ZIV]XLMRK [EW ½REPP] GSRZIVXIH XS RMGEP HMJ½GYPXMIW JEV KVIEXIV XLER XLSWI YWI IPIGXVMG TS[IV F] ERH XLI IRGSYRXIVIH MR GPSGO QEOMRK 8LI WXIEQ ERH KEW IRKMRIW [IVI TLEWIH TEVXW [IVI WQEPPIV ERH QSVI HMJ½GYPX SYX [LMGL QYWX LEZI VITVIWIRXIH XLI XS QERYJEGXYVI ERH XLI QIGLERMWQW FMKKIWX WMRKPI MQTVSZIQIRX MR JEGXSV] [IVI QSVI GSQTPMGEXIH %PP SJ XLI TEVXW LEH XS FI IRKMRIIVIH [MXL QYGL JEGMPMXMIW 8LMW 7IMOS [EXGL LEW E KVIEXIV TVIGMWMSR XLER LEH FIIR RIGIW WITEVEXI WIGSRHW LERH 0EXIV MR XLI WEQI ]IEV 7IMOS QEHI .ETER´W 2I[ )QTIVSV WEV] JSV XLI PEVKIV TEVXW YWIH MR GPSGOW JMVWX XLVII LERH [EXGL [MXL E GIRXVI 8LI EGGIWWMSR SJ XLI RI[ )QTIVSV 1ER] WTIGMEPMWIH XSSPW [IVI VIUYMVIH QSYRXIH W[IIT WIGSRHW LERH MR QEVOIH XLI FIKMRRMRK SJ XLI XS QEOI [EXGL TEVXW ERH XLIWI TVSHYGXMSR [LMGL VIQEMRIH WXIEH] 8EMWLS )VE ERH XLI EVVMZEP SJ E GSQ QEGLMRIW [IVI QYGL WQEPPIV XLER XLI EX EFSYX YRMXW E ]IEV FYX TIXMXMZI GLEPPIRKI XS 7IMOSWLE´W TSWMXMSR KIRIVEP TYVTSWI QEGLMRIV] YWIH XS FIGEYWI XLI YRMX TVMGI SJ EPEVQ GPSGOW JVSQ QER] RI[ .ETERIWI GSQTERMIW TVSHYGI GPSGO GSQTSRIRXW %X XLEX [EW PS[IV XLER XLEX SJ [EPP GPSGOW XLI XLEX WXEVXIH XS TVSHYGI GPSGOW ERH XMQI MX [EW HMJ½GYPX JSV .ETERIWI QERY ZEPYI SJ EPEVQ GPSGO TVSHYGXMSR RIZIV TSGOIX [EXGLIW 7IMOSWLE VIWTSRHIH I\GIIHIH XLEX SJ [EPP GPSGOW HYVMRK XLI F] HIGMHMRK XS HIZIPST .ETER´W ½VWX 1IMNM )VE ¯ 8LI KVS[XL SJ [VMWX[EXGL 8LI HVMZI XS MRRSZEXI GSRXMRYIH EPEVQ GPSGO WEPIW LEH FIIR LIPTIH F] ER MRGVIEWI MR EPEVQ GPSGO MQTSVX XS SFWIWW /MRXEVS EW LI TSRHIVIH LS[ HYXMIW MR JVSQ XS TIV GIRX XS JYP½P XLMW HVIEQ SJ GVIEXMRK LMW S[R EW TEVX SJ FVSEHIV VIJSVQW MR 'YWXSQW [VMWX[EXGL ,I UYMGOP] VIEPMWIH XLEX MX HYXMIW ERH XLMW VIMRJSVGIH 7IMOSWLE´W [EW SRP] EGLMIZEFPI MJ LI TVSHYGIH EPP XLI TEVXW JSV XLIWI TVSHYGXW MR LSYWI QEVOIX HSQMRERGI 7XERHEVH TVSHYGXMSR PSXW SJ EPEVQ ERH XLEX XLMW [EW XLI [E] XS WXE] GPSGOW [IVI JEV PEVKIV XLER XLSWI SJ ELIEH SJ XLI IZIV KVS[MRK GSQTIXM [EPP GPSGOW ERH MR XIVQW SJ QEWW TVS XSVW &] 7IMOSWLE WYGGIIHIH MR HYGXMSR XIGLRSPSK] XLMW WIIQW XS LEZI QEOMRK FEPERGI WTVMRKW ERH F] TPE]IH E GVYGMEP VSPI MR XLI GSQTER]´W MX FIKER QEOMRK MXW S[R IREQIP HMEPW WYFWIUYIRX MQTVSZIQIRXW MR TSGOIX JSV XLI ½VWX XMQI /MRXEVS LEH WIX XLI 8LMW 7YTIV %YXS(EXSV QEHI MR LEH E NI[IP QSZIQIRX XLEX [EW [EXGL TVSHYGXMSR XIGLRMUYIW 4MRMSR GSQTER]´W WMKLXW SR HIZIPSTMRK .ETER´W QYGL QSVI EGGYVEXI XLER XLI VIKYPEV GYXXMRK TVSZIH XS FI XLI QSWX HMJ½GYPX ½VWX IZIV [VMWX[EXGL ERH NYWX SRI ]IEV %YXS(EXSV -X [EW FEWIH SR XLI 7YTIV TVSGIWW XS EYXSQEXI FYX F] ER MRXS XLI 8EMWLS )VE LMW IRXLYWMEWQ TEMH QSZIQIRX 7IMOS´W JMVWX QSHIP [MXL E W[IIT GIRXVI WIGSRHW LERH ERH LEH E EYXSQEXMG TMRMSR GYXXMRK QEGLMRI LEH HMZMHIRHW [LIR MR MX [EW TYX GIRXVEP HEXI TSMRXIV LERH FIIR HIZIPSTIH JSV TSGOIX [EXGLIW SR XLI QEVOIX YRHIV XLI REQI 0EYVIP
',%48)6
JEGXYVIVW XS SFXEMR IUYMTQIRX JSV WYGL WTIGMEPMWIH TVSHYGXMSR *SV E PSRK XMQI XLI GSQTER] [EW SRP] EFPI XS TVSHYGI FIX[IIR ERH E HE] ;SVPH ;EV - GVIEXIH I\GMXMRK GLEP PIRKIW ERH STTSVXYRMXMIW JSV .ETERIWI GSQTERMIW -QTSVXW JVSQ &VMXEMR ERH +IVQER] [IVI GYX SJJ ERH FEWMG QEXIVMEPW FIGEQI WGEVGI 8LI WLSVX EKIW GVIEXIH E KVIEX STTSVXYRMX] JSV .ETERIWI GSQTERMIW XS QERYJEGXYVI TVSHYGXW XS VITPEGI XLSWI XLEX [IVI RS PSRKIV EZEMPEFPI JVSQ EFVSEH 8LI .ETERIWI GPSGO MRHYWXV] LEH WYJJIVIH JVSQ E TIVMSH SJ VIGIWWMSR EVSYRH ERH 7IMOSWLE´W TVSHYGXMSR LEH HIGPMRIH ;LIR [EV FVSOI SYX MR XLIVI [EW E WLEVT MRGVIEWI MR XLI TVMGI SJ QIXEPW ERH MQTSVXW SJ )RKPMWL ERH 7[IHMWL WXIIP JSV XLI TVSHYGXMSR SJ WTVMRKW GIEWIH 8LI GPSGO MRHYWXV] MR 2EKS]E WYJJIVIH JVSQ FSXXPIRIGOW GEYWIH F] XLI WTVMRK WLSVXEKI ERH MX [EW SRP] VIWGYIH F] XLI W[MXGL XS QYRMXMSRW TVSHYGXMSR JSV XLI .ETERIWI EVQ] ½KLXMRK SR XLI %PPMIH WMHI ERH JSV XLI 6YWWMER QMPMXEV]
8LI (EMRM 7IMOSWLE TPERX MR 7Y[E TMGXYVIH MR
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½VWX XMQI XLI FMKKIWX YRHIV E WMRKPI QEREKIQIRX WXVYGXYVI TVSFPIQ SR XLI TVSHYGXMSR PMRIW / ,EXXSVM LEH FSYKLX PEVKI EQSYRXW VIWYPXIH JVSQ XLI MREFMPMX] XS TVSHYGI SJ 7[IHMWL WTVMRK WXIIP ERH %QIVMGER GSQTSRIRXW XS TVIGMWI XSPIVERGIW WS TMRMSR FEV WXIIP FIJSVI XLI [EV WS XLEX XLI] [IVI XVYP] MRXIVGLERKIEFPI 7IMOSWLE [EW RSX MRGSRZIRMIRGIH 8LMW [EW XLI VIWYPX SJ HI½GMIRX HMI [LIR WXIIP MQTSVXW HVMIH YT 3XLIV NMKW ERH MRWYJ½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
% .3962)= -2 8-1)
HYVMRK XLI ½REP EWWIQFP] TVSGIWW 8LMW FIGEQI ORS[R EW ±GVSWWIH TEXLW² ERH VIWYPXIH MR E LMKL PIZIP SJ HIJIGXMZI TEVXW &IGEYWI XLI TEVXW [IVI RSX XVYP] MRXIVGLERKIEFPI XLI YPXMQEXI UYEPMX] SJ XLI QSZIQIRXW HITIRHIH SR GSVVIGXMSR ERH EHNYWXQIRX F] WOMPPIH [SVOIVW E [EWXIJYP ERH XMQI GSRWYQMRK TVSGIWW 7SQI TEVXW [IVI RSX YWIEFPI EX EPP ERH LEH XS FI XLVS[R E[E] 7IMOS LEH XS EHSTX XLI RI[ QEWW TVSHYGXMSR XIGLRMUYIW XLEX [IVI FIMRK TMSRIIVIH F] *SVH [MXL XLI 1SHIP 8 ¯ MR ¯ ERH IZIR IEVPMIV F] )EWXQER JSV XLI TVSHYGXMSR SJ GEQIVEW 1EWW TVSHYGXMSR [EW XS FIGSQI XLI OI] XS XLI JYXYVI WYGGIWW SJ XLI GSQTER] IZIRXYEPP] ORS[R EW 7IMOS XLI YWI SJ QEGLMRIV] XS XYVR SYX TEVXW VETMHP] [EW ER MQTSVXERX ½VWX WXIT XS[EVHW XLMW 8LEROW XS XLI VETMH KVS[XL SJ GPSGO WEPIW XLI GSQTER] [EW SYXKVS[MRK MXW WXVYGXYVI -R 2SZIQFIV
-RWMHI XLI (EMRM 7IMOSWLE 7Y[E TPERX MR
XLI TVMZEXIP] S[RIH GSQTER] %TTVIRXMGIWLMTW GEPPIH / ,EXXSVM QEREKIH TIVWSREPP] ;LIR XLI JEGXSV] [EW ½VWX WIX YT F] /MRXEVS ,EXXSVM WMRGI FIGEQI JI[ GVEJXWQIR [ERXIH XS FIGSQI / ,EXXSVM 'S 0XH [MXL E TEMH YT GPSGO GVEJXWQIR WS 7IMOSWLE LEH RS GETMXEP SJ Q ]IR 7IMOSWLE [EW E GLSMGI FYX XS VIGVYMX IPIQIRXEV] TEVX SJ XLMW RI[ GSVTSVEXI IRXMX] WGLSSP KVEHYEXIW ERH XVEMR XLIQ %W ORS[R EW / ,EXXSVM 'S ¯ 7IMOSWLE IEVP] EW EFSYX TYTMPW [IVI *EGXSV] ERH E WMRKPI QEREKIQIRX FSEVHIH EX XLI JEGXSV] FYX MX MW RSX WXVYGXYVI KSZIVRIH XLI RI[ GSVTSVEXI GPIEV [LIR XLMW TVEGXMGI IRHIH %JXIV IRXMX] %X XLI WEQI XMQI XLI I\TSVX XLIMV ETTVIRXMGIWLMT LEH FIIR HITEVXQIRX SJ XLI ,EXXSVM 'PSGO 7XSVI GSQTPIXIH XLI] [IVI EPPSGEXIH XS [EW WITEVEXIH ERH IWXEFPMWLIH EW XLI ZEVMSYW [SVOWXEXMSRW -R XLI PEXIV 1IMNM ,EXXSVM 8VEHMRK 'SQTER] )VE EFSYX LEPJ SJ 7IMOSWLE´W IQTPS]IIW /MRXEVS ,EXXSVM EP[E]W MRZSPZIH [IVI TVSFEFP] JSVQIV TYTMPW SJ XLMW LMW JEQMP] MR LMW FYWMRIWW ERH LMW MRXIVREP XVEMRMRK JEGMPMX] MRGPYHMRK QER] QSXLIV ,EVYOS TPE]IH ER MQTSVXERX [SVO WMXI JSVIQIR ERH MQTSVXERX VSPI HYVMRK MXW JSVQEXMZI ]IEVW 7LI WOMPPIH GVEJXWQIR PMZIH MRWMHI XLI JEGXSV] GSQTSYRH (YVMRK XLMW XMQI ,EVYOS JVSQ XLI GSQTER]´W JSYRHEXMSR ERH IWXEFPMWLIH GPSWI VIPEXMSRWLMTW [MXL LEW FIIR HIWGVMFIH EW XLI HI JEGXS XLI GSQTER]´W TIVWSRRIP FSXL FSWW SJ XLI 7IMOSWLE JEGXSV] 7LI TYTMPW ERH JSVQIV TYTMPW )\EQTPIW [EW E WXVSRK [SQER [LS WLEVIH XLI EFSYRH -R /MGLMXEVS /YVMQSXS NS]W ERH WSVVS[W SJ XLI IQTPS]IIW [EW LMVIH EW E GSSO XS GEXIV JSV XLI ERH GSRXVMFYXIH QEWWMZIP] XS XLI FSEVHIVW [SVOMRK YRHIV XLI HMVIGXMSR HIZIPSTQIRX SJ XLI FYWMRIWW SJ ,EVYOS ,I GEQI JVSQ XLI WEQI TVSZMRGI EW ,EVYOS ERH XLSYKLX SJ
LMQWIPJ EW LIV JSPPS[IV ,I IWXEFPMWLIH E GPSWI VETTSVX [MXL LIV ERH [IRX SR XS FIGSQI XLI TIVWSRRIP QEREKIV 1V /YVMQSXS´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´W HIEXL 7IMOSWLE´W QEREKIQIRX [EW IRXVYWXIH XS XLIWI XLVII HMVIGXSVW FYX XLI SPH GPSWI TIVWSREP VIPEXMSRWLMT XLEX ,EVYOS LEH IWXEFPMWLIH [MXL XLI
8LMW 7YTIV QEHI MR JIEXYVIH 7IMOS´W JMVWX JYPP XLVII LERH QSZIQIRX IEVPMIV ZIVWMSRW [IVI QSHMJMGEXMSRW SJ E GEPMFVI [MXL E WQEPP WIGSRHW HMEP ERH ER I\XVE [LIIP XS HVMZI E GIRXVI WIGSRHW LERH ',%48)6
4VSHYGXMSR SJ XLI 1EVZIP FIKER MR ERH IRHIH MR )ZIV]XLMRK EFSYX XLI QSZIQIRX [EW KVEHYEPP] VIJMRIH MRGPYHMRK EGGYVEG] IEWI SJ TVSHYGXMSR ERH QEMRXIRERGI 8LI IEVP] QSHIPW LEH NI[IPW FYX PEXIV ZIVWMSRW LEH ERH XLIR
IQTPS]IIW [EW PSWX 3YX SJ RIGIWWMX] [EXGL QERYJEGXYVIVW [IVI PMWXIH MR E QSVI QSHIVR PEFSYV QEREKIQIRX 8SO]S 2SX WYVTVMWMRKP] XLIWI RI[P] VIPEXMSRWLMT XSSO MXW TPEGI IWXEFPMWLIH GSRGIVRW EXXIQTXIH XS 4VIWMHIRX /MRXEVS ,EXXSVM LIEHIH TSEGL 7IMOSWLE´W [SVOIVW 8LI GSQ XLI XVMYQZMVEXI 8LI SXLIV QIQFIVW TER] XVMIH LEVH XS TVIZIRX XLMW FYX SJ XLMW QEREKIQIRX XIEQ [IVI 1MGLMS MX GSYPH RSX SJJIV TVIJIVIRXMEP GSRHM 7LMRSLEVE ERH +IR^S /E[EHE FSXL XMSRW ERH IWTIGMEPP] WEPEVMIW SRP] XS WSRW MR PE[ 1V 7LMRSLEVE FIGEQI XLSWI [SVOIVW [LS LEH FIIR SJJIVIH E HMVIGXSV ERH [EW XLI JYPP XMQI SXLIV NSFW ERH WS MX SJXIR PSWX XLIQ QEREKIQIRX VITVIWIRXEXMZI EX 7IMOSWLE XS VMZEPW %W E VIWYPX 7IMOSWLE´W XIGL 1V /E[EHE XSSO SR VIWTSRWMFMPMX] RSPSK] ERH ORS[ LS[ WTVIEH XS QSWX JSV XLI SVHIVW JSV QYRMXMSRW ERH SJ XLI RI[ JEGXSVMIW ERH GSQTIXMXMSR QEGLMRIV] EX XLI JEGXSV] MRXIRWM½IH %JXIV XLI HMJ½GYPX ]IEVW MR XLI -X [EW XLI PSRK XIVQ FYWMRIWW ½VWX HIGEHI SJ XLI XL GIRXYV] [LIR ETTVSEGL SJ /MRXEVS ,EXXSVM XLEX QER] GSQTIXMXSVW LEH FIIR JSVGIH TIVQMXXIH / ,EXXSVM XS WYVZMZI [MXL SYX SJ FYWMRIWW XLI QEVOIX´W KVS[XL MRRSZEXMSRW MR SRI EVIE FIMRK JYRHIH F] FIKER XS EXXVEGX E KVS[MRK RYQFIV SJ XLI TVS½XW SJ ERSXLIV 7IMOSWLE´W EPEVQ GSQTIXMXSVW JVSQ 7IMOSWLE LEH GPSGO ERH TSGOIX [EXGL QERYJEGXYVMRK PSRK FIIR XLI SRP] HSQIWXMG QEOIV SJ ZIRXYVIW VER EX E PSWW MR XLIMV IEVP] GIVXEMR X]TIW SJ GPSGO ERH SJ TSGOIX HE]W WYFWMHMWIH F] XLI TVS½XW JVSQ [EXGLIW FYX F] GPSGO ERH [EPP GPSGO TVSHYGXMSR %PEVQ GPSGO % .3962)= -2 8-1)
TVSHYGXMSR QSZIH MRXS XLI FPEGO EJXIV E JI[ ]IEVW ERH XLIR MRGVIEWIH TVSHYGXMSR ERH WEPIW WYFWMHMWIH XLI TVSHYGXMSR SJ TSGOIX [EXGLIW [LMGL LEH FIIR YRTVS½XEFPI JSV ]IEVW 8LI TSGOIX [EXGL HITEVXQIRX SRP] FIKER GSRXVMFYXMRK XS TVS½XW JSV XLI ½VWX XMQI MR ]IEVW EJXIV XLI ½VWX PMKRI G]PMRHIV QSHIP [IRX MRXS TVSHYGXMSR &] XLI 7IMOSWLE JEGXSV] TVSHYGIH YRMXW IRXMVIP] MR MXW S[R JEGXSV] XLI] [IVI [SVXL ]IR (YVMRK XLSWI ]IEVW XLI TVSHYGX XLEX QEHI XLI FIWX YWI SJ MQTVSZIQIRXW MR TSGOIX [EXGL TVSHYGXMSR XIGLRSPSK] [EW XLI PMKRI ±)QTMVI² [LMGL [EW ½VWX TVSHYGIH MR -X [EW E PY\YV] MXIQ [MXL SV NI[IPW ERH IEGL ]IEV WSQI [IVI TYVGLEWIH F] XLI -QTIVMEP 'SYVX XS FI YWIH EW KMJXW &] XLI IEVP] W XLI LSVM^SRXEP ERH ZIVXMGEP I\TERWMSR SJ /MRXEVS´W FYWMRIWW IQTMVI ERH MXW YWI SJ TVIGM WMSR XIGLRSPSK] LIPTIH / ,EXXSVM 'S XS FIGSQI PIEHIVW MR XLI .ETERIWI LSVSPSKMGEP MRHYWXV] &YX MR XLI +VIEX /ERXS )EVXLUYEOI WXVYGO ERH XLI GSQTER]´W +MR^E LIEHUYEVXIVW ERH XLI 7IMOSWLE JEGXSV] EPP FYVRIH HS[R EPXLSYKL XLI] LEH WYVZMZIH XLI IEVXLUYEOI % JVIWL WXEVX LEH XS FI QEHI /MRXEVS RS[ [IPP SZIV QMKLX LEZI FIIR I\TIGXIH XS FI WLEXXIVIH F] XLMW HIZEWXEXMSR FYX LMW IRIVKMIW [IVI F] RS QIERW WTIRX ,I GSQ QMXXIH EPP SJ LMW TIVWSREP VIWSYVGIW XS XLI GSQTER] ERH WXEVXIH XS VIFYMPH XLI JEGXSV] %QE^MRKP] LI QEREKIH XS VIWYQI [EXGL ERH GPSGO TVSHYGXMSR [MXLMR E JI[ QSRXLW MR E FEVVEGOW FYMPHMRK YWMRK LMW WYVZMZMRK WOMPPIH [SVOIVW 8LI ½VI EJXIV XLI IEVXLUYEOI LEH HIWXVS]IH [EXGLIW XLEX LEH FIIR PIJX [MXL XLI GSQTER] F]
JSVIMKR TVSHYGIVW ERH LEH WYVZMZIH 8LI UYEPMX] SJ MXW TVSHYGXW LEH VMWIR WMKRM½GERXP] XLEROW XS XLI GSRXMRYIH MRZIWXQIRX MR RI[ IUYMTQIRX ERH XLI XVEYQE SJ XLI HIWXVYGXMSR MR [EW F] XLIR SRP] E QIQSV] 7EPIW LEH GSR XMRYIH XS VMWI [MXL E TIEO WSSR XS FI VIEGLIH MR [LIR QMPPMSR XMQI TMIGIW [IVI WSPH EGGSYRXMRK JSV EFSYX LEPJ SJ XLI XSXEP .ETERIWI TVSHYGXMSR /MRXEVS ,EXXSVM HMHR´X PMZI XS WII XLMW LS[IZIV ,I HMIH MR EX XLI EKI SJ %JXIV LMW HIEXL LMW X[S WSRW +IR^S ERH 7LSNM WYGGIIHIH LMQ MR XLI JEQMP] FYWMRIWW -X [EW EFPI XS WYVZMZI ERH TVSWTIV FIGEYWI XLI] LEH EP[E]W FIIR XSXEPP] MQQIVWIH MR MX ERH LEH JSPPS[IH MR LMW JSSXWXITW 8LI] XSS FIPMIZIH MR MRRSZEXMSR ERH LEH MRLIV MXIH XLIMV JEXLIV´W YRGERR] EFMPMX] XS 8LI 'VSRSW [EW HIZIPSTIH EW E RI[ [VMWX[EXGL JSV QIR -XW QSZIQIRX [EW WPMKLXP] VIGSKRMWI [LEX [EW FIWX JSV XLI GSQ XLMRRIV XLER XLEX MR XLI 1EVZIP ERH SXLIV VIJMRIQIRXW MRGPYHIH E FVMHKI ERGLSVIH EX TER] ERH MXW JYXYVI FSXL IRHW ERH (MEWLSGO WLSGO TVSXIGXMSR 4VSHYGXMSR FIKER MR 8LI VIFYMPX 7IMOSWLE TPERX QEREKIH GYWXSQIVW JSV WIVZMGMRK SV VITEMV FYX TVIGMWMSR ERH EGGYVEG] MRRSZEXMSR ERH XS MQTVSZI XLI UYEPMX] SJ MXW TVSHYGXW MRWXIEH SJ WIIMRK XLMW EW E TVSFPIQ VI½RIQIRX *VSQ XLEX HE] JSV[EVH [LMGL LEH TVIZMSYWP] GSQI MR JSV /MRXEVS XYVRIH MX MRXS ER STTSVXYRMX] [MXL XLI I\GITXMSR SJ E FVMIJ TIVMSH WSQI GVMXMGMWQ %JXIV XLI IEVXLUYEOI XS FSSWX XLI VITYXEXMSR SJ 7IMOSWLE HYVMRK XLI 7IGSRH ;SVPH ;EV EPP XLI GSQTER] LEH JEGIH WXMJJ GSQTIXM ,MW GSRGIVR JSV LMW GYWXSQIVW [EW EW /MRXEVS ,EXXSVM´W [EXGL TVSHYGXW XMSR FSXL JVSQ HSQIWXMG VMZEPW ERH KVIEX EW JSV LMW JEGXSV] )ZIV] SRI SJ [IVI YRMXIH YRHIV XLI RI[ REQI E JVSQ XLI 7[MWW FYX [MXL MXW MQTVSZIH XLIWI PSWX [EXGLIW [EW VITPEGIH [MXL REQI XLEX [EW WSSR XS XEOI MXW TPEGI TVSHYGXW 7IMOSWLE MRGVIEWIH MXW WEPIW MR ER IUYMZEPIRX RI[ XMQITMIGI ERH XLMW EPSRKWMHI XLI MRHYWXV]´W QSWX ZEPYIH XLI .ETERIWI QEVOIX VEMWIH XLI PIZIP SJ XVYWX MR XLI GSQTER] FVERHW 3RI SJ XLI ½VWX MQTSVXERX QSZIW XS RI[ LIMKLXW XLMW KIWXYVI [EW [MHIP] -R XLI QMH W EW XLI [SVPH QEHI F] XLI RI[ QEREKIQIRX XIEQ ETTVIGMEXIH ERH LEW IRXIVIH XLI JSPO QSZIH XS[EVHW IGSRSQMG VIGIWWMSR [EW XLI GVIEXMSR SJ E RI[ GSQTER] PSVI SJ XLI MRHYWXV] /MRXEVS EKEMR XSSO E HI½RMXIP] TSWM GEPPIH (EMRM 7IMOSWLE [LMGL [EW WIX XMZI ETTVSEGL ERH MRXVSHYGIH ]IX QSVI YT MR ERH XSSO SZIV XLI [EXGL *MVWX 7IMOS [EXGL RI[ XIGLRSPSK] MR LMW JEGXSVMIW ERH TVSHYGXMSR EGXMZMXMIW SJ 7IMOSWLE 8LI .YWX QSRXLW EJXIV XLI )EVXLUYEOI XLI XLMW LIPTIH 7IMOSWLE MR XS TVS .ETERIWI [SVH ±HEMRM² QIERW ±WIGSRH² GSQTER] LEH GVIEXIH ER IRXMVIP] RI[ HYGI XLI WQEPPIWX [SQER´W [VMWX[EXGL 8SHE] MX MW ORS[R EW 7IMOS -RWXVYQIRXW [EXGL ERH MX [IRX SR WEPI MR (IGIQFIV QEHI MR .ETER NYWX EW XLI .ETERIWI -R XLI WEQI ]IEV XLI GSQTER] LEH -X [EW XLI ½VWX XS GEVV] XLI REQI FIKER XS XEOI XS XLI [IEVMRK SJ E WXVSOI SJ PYGO [LIR XLI .ETERIWI KSZIVRQIRX ZMVXYEPP] LEPXIH XLI MQTSV 7IMOS MRXVSHYGMRK XS XLI [SVPH JSV XLI [VMWX[EXGLIW ½VWX XMQI XLI FVERH REQI XLEX [EW 8LI VI FYMPX JEGXSV] LEH JEGIH XEXMSR SJ [EXGLIW EJXIV XLI SYXFVIEO PEXIV XS FIGSQI W]RSR]QSYW [MXL WXMJJ GSQTIXMXMSR JVSQ FSXL LSQI ERH SJ XLI [EV MR 'LMRE *SV XLI ½VWX XMQI
',%48)6
8LMW [VMWX[EXGL EWWIQFP] PMRI EVSYRH YWIH GSRZI]SV FIPXW XS FSSWX TVSHYGXMSR ERH XLI WXEJJ [SVI TVSXIGXMZI GPSXLMRK XS TVSXIGX XLI QSZIQIRXW JVSQ HYWX
7IMOSWLE [EW JVII JVSQ GSQTIXMXMSR [MXL XLI 7[MWW FYX EW XLI [EV MR 'LMRE GSRXMRYIH MRXS ;SVPH ;EV -- 7IMOSWLE [EW SRGI QSVI SVHIVIH XS VIHYGI [EXGL ERH GPSGO TVSHYGXMSR JSV GMZMPMER YWI ERH MRWXIEH XS HIZIPST XMQI JYWIW ERH QEVMRI GLVSRSQIXIVW (IWTMXI XLMW GSRWMHIVEFPI IJJSVX [EW GSRGIRXVEXIH SR XLI HIZIPST QIRX SJ TSGOIX ERH [VMWX[EXGLIW ERH F] XLI RI[ GSQTER] TVSHYGIH .ETER´W ½VWX LERH [VMWX[EXGL ERH PMOI EPP TVSHYGXW WMRGI XLI PEXIWX MR E PSRK PMRI SJ [EXGLIW FIEVMRK XLI 7IMOS REQI 8LMW [EW JSPPS[IH MR F] XLI ½VWX .ETERIWI TSGOIX [EXGL GLVSRSKVETL ERH MR E QEVMRI GLVSRSQIXIV [EW TVSHYGIH ¯ EX XLI VIUYIWX SJ XLI .ETERIWI 2EZ] / ,EXXSVM 'S 0XH LEH FIGSQI XLI WSPI MRXIKVEXIH XMQITMIGI QERYJEGXYVIV MR .ETER [MXL 7IMOSWLE TVSHYGMRK GPSGOW ERH (EMRM 7IMOSWLE GSRGIRXVEXMRK SR [EXGLIW
1SVI HIWXVYGXMSR 3R 1EVGL NYWX ]IEVW EJXIV XLI +VIEX /ERXS )EVXLUYEOI LEH HIWXVS]IH XLI 7IMOSWLE JEGXSV] FSQFMRK HIWXVS]IH XLI (EMRM 7IMOSWLE % .3962)= -2 8-1)
/EQIMHS [VMWX[EXGL JEGXSV] 8LI SRP] TEVX SJ XLI KVSYT XLEX WYVZMZIH XLI [EV [EW XLI (EMRM 7IMOSWLE 7Y[E 4PERX MR XLI 2EKERS 4VIJIGXYVI EFSYX QMPIW JVSQ 8SO]S %X XLI IRH SJ XLI [EV 7IMOS [EW VIPIEWIH JVSQ MXW SFPMKEXMSR XS TVSHYGI QMPMXEV] QEXIVMEP ERH [EXGL TVSHYGXMSR GSRXMRYIH EKEMR &IJSVI XLI [EV (EM[E /SK]S LEH FIIR WXEVXIH MR XLI 7Y[E EVIE EW E JEGXSV] XLEX GSSTIVEXIH [MXL (EMRM 7IMOSWLE (YVMRK XLI ½REP TIVMSH SJ XLI [EV PEVKI RYQFIVW SJ QEGLMRI XSSPW ERH XMQITMIGI GSQTSRIRXW [IVI XVERWJIVVIH XLIVI JVSQ 8SO]S ERH XLMW FIGEQI ER IZEGYEXMSR JEGXSV] JSV (EMRM 7IMOSWLE %W E VIWYPX XLI GSQTER] [EW EFPI XS VIWYQI XLI TVSHYGXMSR SJ [VMWX[EXGLIW EW IEVP] EW %YKYWX 8LI 7IGSRH ;SVPH ;EV LEH E HMWEWXVSYW IJJIGX SR .ETERIWI MRHYWXV] ERH 7IMOSWLE HMH RSX IWGETI XLI MQTEGX 2SX SRP] LEH 7IMOS´W TPERXW LEH XS W[MXGL XS XLI TVSHYGXMSR SJ MXIQW JSV QMPMXEV] YWI FYX TVSFPIQW IQIVKIH [MXL VE[ QEXIVMEPW -QTSVXIH FEWMG QEXIVMEPW FIGEQI WGEVGI ERH EPXLSYKL XLMW WLSVXEKI WXMQYPEXIH HSQIWXMG TVS HYGXMSR SJ WSQI SJ XLI QEXIVMEPW XLEX LEH TVIZMSYWP] FIIR MQTSVXIH WIVMSYW WYTTP] TVSFPIQW VIQEMRIH 8LI TVMGI SJ VE[ QEXIVMEPW IWTIGMEPP] QIXEPW MRGVIEWIH HVEQEXMGEPP] ERH MQTSVXW SJ )RKPMWL ERH 7[IHMWL WXIIP YWIH JSV WTVMRKW WXSTTIH EPXSKIXLIV (YVMRK XLI [EV QEXIVMEP JVSQ /]YWLY =ELEXE -VSR ;SVOW [EW YWIH JSV XLI TVSHYGXMSR SJ WTVMRKW FYX XLMW GVIEXIH QER] TVSFPIQW ERH XLI UYEPMX] [EW RSX GSRWMWXIRX 8LI VIWYPX [EW WXEKREXMSR 8LI PEGO SJ MRXIVREXMSREP GSQTIXMXMSR ¯ FIGEYWI SJ MQTSVX VIWXVMGXMSRW ¯ VIQSZIH XLI MRGIRXMZI XS FI MRRSZEXMZI SV XS QEOI MQTVSZIQIRXW %X XLI IRH SJ
;VMWX[EXGL TEVXW EVI FIMRK TVSHYGIH SR XLIWI EWWIQFP] PMRIW EVSYRH
XLI [EV 7IMOS [EXGLIW WSPH ZIV] JEWX FYX XLI UYEPMX] [EW RSX ZIV] LMKL ERH 7IMOS´W TVSHYGXW [IVI RSX IZIR GSQTIXMXMZI EKEMRWX XLI QER] PS[ GSWX [VMWX[EXGLIW XLEX [IVI EZEMPEFPI MR .ETER JIEXYVMRK MQTSVXIH 7[MWW QSZI QIRXW MR .ETERIWI GEWIW 8LI QSHIPW QEHI F] 7IMOS MQQIHMEXIP] EJXIV XLI [EV SRP] HMWTPE]IH LSYVW ERH QMRYXIW
8LMW ZIV] EGGYVEXI /MRK 7IMOS [EXGL [EW E WIGSRH KIRIVEXMSR QSHIP [MXL E WIGSRH LERH WXST QIGLERMWQ JSV EGGYVEXI WIXXMRK 8LI YWI SJ 7IMOS´W (MEWLSGO WLSGO TVSXIGXMSR W]WXIQ [EW LMKLPMKLXIH SR XLI HMEP
ERH XLI WX]PIW LEH WXVSRK TVI [EV ERH [EV XMQI MR¾YIRGIW 8LI QSWX YVKIRX GLEPPIRKI JEGMRK 7IMOS [EW XLI RIIH XS KIX E[E] JVSQ XLI YWI SJ TVI [EV QSZIQIRXW EX XLI IEVPMIWX TSWWMFPI STTSVXYRMX] ERH XS WXEVX TVSHYGMRK RI[ [EXGLIW JSV E RI[ IVE FYX MX [EW SRP] MR XLEX E RI[ 7IMOS QSHIP [MXL WIGSRHW [EW MRXVSHYGIH ERH XLMW [EW SRP] E QSHM½IH X[S LERH GEPMFVI MX LEH RSX FIIR HIWMKRIH JVSQ XLI SYXWIX EW E XLVII LERHIH [EXGL 7IMOS´W ½VWX [EXGL [MXL E GIRXVI WIGSRHW LERH [EW GEPPIH XLI 7YTIV -X LEH FIIR HIZIPSTIH EX XLI 7Y[E JEGXSV] SJ (EMRM 7IMOSWLE ERH [MXL MXW QSHIVR WX]PMRK MX TVSZIH E KVIEX WYGGIWW -X IREFPIH 7IMOS XS GSYRXIVEGX XLI KVS[XL MR WEPIW SJ GVYHI XLVII LERH [EXGLIW XLEX YWIH JSVIMKR X[S LERH QSZIQIRXW XLEX LEH FIIR QSHM½IH F] WSQI .ETERIWI [EXGL WXSVIW YWMRK MRJIVMSV OMXW MR SVHIV XS QIIX XLI HIQERH -RXVSHYGXMSR SJ XLI 7YTIV WMKRM½IH XLI FIKMRRMRK SJ E RI[ IVE JSV 7IMOS 3RGI EKEMR 7IMOS [EW MR XLI PIEH MR XLI .ETERIWI [EXGL MRHYWXV] (EMRM 7IMOSWLE´W /EQIMHS JEGXSV] MR 8SO]S VIWTSRHIH F] MRXVSHYGMRK XLI 9RMUYI E TVSHYGX XLEX [EW WMQMPEV XS XLI 7YTIV FYX QQ XLMRRIV 8LMW QEVOIH XLI FIKMRRMRK SJ E TIVMSH SJ LIEPXL] GSQTIXMXMSR FIX[IIR (EMRM 7IMOSWLE´W /EQIMHS ERH 7Y[E
JEGXSVMIW 8LI 7Y[E JEGXSV] [IRX SR XS MRXVSHYGI E RI[ ERH LMKLP] EGGYVEXI [EXGL MR GEPPIH XLI 1EVZIP 8LI X[S JEGXSVMIW VIWTSRHIH XS XLI RIIH XS HIWMKR IZIR FIXXIV [EXGLIW F] GSQTIXMRK JSV XLI KPSV] ¯ ERH XLI GSQTER] [EW XLI [MRRIV 8LMW JVMIRHP] VMZEPV] GSRGIRXVEXIH SR EGLMIZMRK XIGLRMGEP MQTVSZIQIRXW ERH LIPTIH XS FVMRK .ETERIWI [EXGL XIGLRSPSK] YT XS [SVPH GPEWW PIZIPW
JYPP] MRXIVGLERKIEFPI ¯ ERH RSX FEWIH SR XLI HIWMKR SJ JSVIMKR QSHIPW 8LI QSWX EHZERGIH EYXSQEXMG QEGLMRI XSSPW [IVI MQTSVXIH ERH SXLIVW [IVI HIZIPSTIH MRXIVREPP] WS XLEX XLI UYEPMX] SJ TVIGMWMSR GSQTS RIRXW GSYPH FI MQTVSZIH WYJ½GMIRXP] XS IREFPI XLIQ XS FI GSQTPIXIP] MRXIVGLERKIEFPI 8LMW ½REPP] TYX ER IRH XS XLI ±GVSWWIH TEXLW² W]RHVSQI XLEX LEH TPEKYIH EWWIQFP] MR IEVPMIV ]IEVW 8LMW VIHYGIH GSWXW ERH MR XLI IEVP] (IWMKRW FEWIH SR VIWIEVGL W GSRZI]SV FIPXW [IVI MRXVSHYGIH 7OMPPIH IRKMRIIVW [IVI IQTPS]IH EJXIV XS XLI [EXGL ERH GPSGO EWWIQFP] PMRIW XLI [EV XS HIWMKR RI[ GPSGOW ERH &] 7IMOS [EW WEMH XS LEZI XLI [EXGLIW ERH XS FEWI XLIMV HIWMKRW SR QSWX EYXSQEXIH TVSHYGXMSR YRMXW ER] WGMIRXM½G VIWIEVGL 8LI] [IVI KMZIR [LIVI MR XLI [EXGLQEOMRK [SVPH WS MXW XLI XEWO SJ MQTVSZMRK EGGYVEG] ERH SYXTYX [EW RS PSRKIV HITIRHIRX SR E EHHMRK JIEXYVIW WYGL EW EYXSQEXMG PMQMXIH RYQFIV SJ WOMPPIH GVEJXWQIR [MRHMRK [EXIVTVSS½RK ERH GEPIRHEVW 1EWW TVSHYGXMSR ERH UYEPMX] 8LI VIWYPXW [IVI XLI ½VWX HIWMKRW XLEX MQTVSZIQIRXW KEZI ER IRSVQSYW [IVI XVYP] SVMKMREP 7IMOS TVSHYGXW ERH FSSWX XS WEPIW SJ 7IMOS GPSGOW ERH XLI] [IVI GEXGLMRK YT JEWX [MXL XLSWI [EXGLIW EVSYRH XLI [SVPH *SV XLI SJ )YVSTIER QERYJEGXYVIVW &] XLI QMH ½VWX XMQI XLI] WSPH MR ZIV] PEVKI W 7IMOS´W WEPIW WXMPP PEKKIH FILMRH RYQFIVW ERH WSSR XLI RYQFIV XLSWI SJ XLI 7[MWW [LSWI [EXGLIW SJ XMQITMIGIW I\TSVXIH F] 7IMOS LEH ½REPP] VIETTIEVIH MR TSWX [EV I\GIIHIH XLSWI SJ ER] SXLIV GSYRXV] .ETER 8LI WSPYXMSR TYX JSV[EVH F] MRGPYHMRK 7[MX^IVPERH %X PEWX WYGGIWW 7IMOS´W QEREKIQIRX [EW XS VIHYGI JSV 7IMOS TVSHYGXW MR I\TSVX QEVOIXW XLI XIGLRMGEP KET FIX[IIR MXW TVSHYG [EW EGLMIZIH FIGEYWI SJ XLIMV EGGY XMSR JEGMPMXMIW ERH XLSWI SJ JSVIMKR VEXI XMQIOIITMRK QSVI XLER NYWX PS[ [EXGLQEOIVW 8LIMV ½VWX XEVKIX [EW XLI GSWX SV ZSPYQI TVSHYGXMSR 8LI] [IVI TVSHYGXMSR SJ QEWW TVSHYGIH GSQTS FIKMRRMRK XS TVIWIRX E WIVMSYW GLEP RIRXW XLEX [IVI YRMJSVQ IRSYKL XS FI PIRKI XS XLI 7[MWW [EXGLQEOIVW
',%48)6
/)= 0%2(1%6/7 -2 8,) ,-7836= 3* 7)-/3
1ERYJEGXYVI SJ [EPP GPSGOW FIKMRW 1ERYJEGXYVI SJ TSGOIX [EXGLIW FIKMRW 1ERYJEGXYVI SJ EPEVQ GPSGOW FIKMRW 1ERYJEGXYVI SJ HIWO GPSGOW ERH QYWMG FS\ GPSGOW 1ERYJEGXYVI SJ ½VWX HSQIWXMG [VMWX[EXGL FIKMRW *MVWX YWI SJ ±7)-/3² REQI JSV [EXGL TVSHYGXW 1ERYJEGXYVI SJ WLYXXIVW JSV GEQIVEW FIKMRW -RXVSHYGXMSR SJ ½VWX HSQIWXMG WIPJ [MRHMRK [EXGL 'SQQIVGMEPMWEXMSR SJ UYEVX^ GPSGOW JSV FVSEHGEWXMRK -RXVSHYGXMSR SJ XVERWMWXSVMWIH [EPP GPSGOW 'SQTPIXMSR SJ TSVXEFPI UYEVX^ GLVSRSQIXIV 5YEVX^ 'LVMWXEP 'LVSRSQIXIV 5' TPE]W E QENSV VSPI EX XLI 8SO]S 3P]QTMGW 7QEPP UYEVX^ GPSGO EHSTXIH JSV HVMZIV´W GEFMR SJ XLI 8SOEMHS ±FYPPIX XVEMR ² -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ [EPP GPSGO JSV LSQI YWI -RXVSHYGXMSR SJ 7IMOS %WXVSR XLI [SVPH´W ½VWX UYEVX^ [EXGL -RXVSHYGXMSR SJ [SVPH´W ½VWX PEHMIW´ UYEVX^ [EXGL -RXVSHYGXMSR SJ [SVPH W ½VWX 0'( UYEVX^ [EXGL [MXL WM\ HMKMX HMKMXEP HMWTPE] -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ HVIWW [EXGL -RXVSHYGXMSR SJ [SVPH´W ½VWX QYPXM JYRGXMSR HMKMXEP [EXGL -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ EPEVQ GPSGO -RXVSHYGXMSR HSQIWXMGEPP] SJ 'VIHSV ERH %PFE FVERHW -RXVSHYGXMSR SZIVWIEW SJ 4YPWEV FVERH -RXVSHYGXMSR SJ X[MR UYEVX^ [EXGL -RXVSHYGXMSR SJ XLI [SVPH´W ½VWX 8: [EXGL -RXVSHYGXMSR SJ .ETER´W ½VWX [EXGLIW [MXL ZSMGI W]RXLIWM^IVW -RXVSHYGXMSR SJ 0SVYW FVERH SZIVWIEW -RXVSHYGXMSR SJ 7IMOS :SMGI 2SXIW XLI [SVPH´W ½VWX [EXGL EFPI XS VIGSVH EYHMS QIQSW -RXVSHYGXMSR SJ XLI [SVPH´W ½VWX QYPXM JYRGXMSR EREPSKYI UYEVX^ [EXGL
% .3962)= -2 8-1)
-RXVSHYGXMSR SJ XLI 7IMOS ;VMWX 'SQTYXIV 7IVMIW XLI [SVPH´W ½VWX [VMWX[EXGL GSQTYXIVW -RXVSHYGXMSR SJ XLI 7IMOS 4]VEQMH 8EPO E ±XEPOMRK² GPSGO -RXVSHYGXMSR SJ XLI 7IMOS 0'( GSPSV XIPIZMWMSR -RXVSHYGXMSR SJ XLI %PFE 7SPEV ER EREPSKYI [EXGL [MXL WSPEV FEXXIVMIW )VIGXMSR SJ .ETER´W ½VWX PEVKI WGEPI GPSGO [MXL EYXSQEXE XLI ±7IMOS 1YPPMSR 'PSGO² 0EWWEPI FVERH MW MRXVSHYGIH -RXVSHYGXMSR SJ [MRHMRK GLEVKMRK UYEVX^ [EXGL -RXVSHYGXMSR SJ UYEVX^ [EXGL [MXL EYXS KIRIVEXMRK W]WXIQ /-2)8-' -RXVSHYGXMSR SJ [SVPH´W ½VWX HMZIV´W [EXGL [MXL HMZIV´W XEFPIW ERH HITXL KEYKI ;SVPH´W ½VWX [EXGL [MXL TEKMRK JYRGXMSRW MR TVEGXMGEP YWI MR XLI 97 -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ [EXGL YWMRK X[MR MQTYPWI GSRXVSP QSXSVW -RXVSHYGXMSR SJ ±7 =EVH² KSPJ GPYFW -RXVSHYGXMSR SJ HMZIV´W [EXGL [MXL WQEPP /-2)8-' QIGLERMWQ MRGPYHIH -RXVSHYGXMSR SJ %PFE ±7TSSR² WIVMIW -RXVSHYGXMSR SJ 7)-/3 /-2)8-' %6'896% -RXVSHYGXMSR SJ 4IVTIXYEP 'EPIRHEV E [EXGL HVMZIR F] [SVPH W ½VWX YPXVEWSRMG QMGVSQSXSV -RXVSHYGXMSR SJ XLI 7)-/3 8,)61-' XLI [SVPH W ½VWX [EXGL HVMZIR F] FSH] LIEX -RXVSHYGXMSR SJ XLI 7)-/3 /-2)8-' %983 6)0%= [EXGL [LMGL EYXSQEXMGEPP] VIWYQIW GSVVIGX MRHMGEXMSR SJ GYVVIRX XMQI -RXVSHYGXMSR SJ 746-2+ (6-:) E LERH [SYRH [EXGL [MXL UYEVX^ EGGYVEG] GSQFMRMRK XLI FIWX JIEXYVIW SJ QIGLERMGEP ERH IPIGXVSRMG IRKMRIIVMRK -RXVSHYGXMSR SJ /-2)8-' ',6323+6%4, MR E PMQMXIH IHMXMSR SJJIVMRK RI[ PIZIPW SJ XIGLRMGEP WSTLMWXMGEXMSR
8,) ,-7836= 3* 8,) 7)-/3 +6394 / ,%8836-
*SYRHIH
7IMOSWLE 'PSGO 7YTTP] *EGXSV]
/ ,EXXSVM
'S 0XH
+SIW TYFPMG
(EMRM 7IMOSWLE 'S 0XH
'SQTSRIRXW %WWIQFP]
-RZIWXW
(EM[E /SK]S 0XH
3TIRW
7TMRW SJJ [EXGL TVSHYGXMSR
7Y[E 4PERX
7TMRW SJJ VIXEMP HMZMWMSR
;EOS 'S 0XH
1IVKIH
7Y[E 7IMOSWLE 'S 0XH
7TMRW SJJ TVMRXIV HMZMWMSR
7TMRW SJJ GPSGO TVSHYGXMSR
,EXXSVM 7IMOS 'S 0XH 6IKMSREP WEPIW GSQTERMIW
7IMOSWLE 'S 0XH
7LMRWLY 7IMOM 'S 0XH 0EXIV )TWSR 'SVT
2EQI GLERKI
7IMOS -RWXVYQIRXW )PIGXVSRMGW 0XH
7TPMXW SJJ [LSPIWEPI HMZMWMSR TYVGLEWIW VIKMSREP HMWXVMFYXSVW
7IMOS )TWSR 'SVTSVEXMSR
7IMOS -RWXVYQIRXW -RG
2EQI GLERKI
%FWSVFW )TWSR
7)-/3 '36436%8-32
2EQI GLERKI
7IMOS 7EPIW -RG
'SQFMRIW WEPIW GSQTERMIW
7TMRW SJJ GPSGO HMZMWMSR
7IMOS ;EXGL 7EPIW -RG
'PSWIH HS[R WTPMX MRXS X[S
7IMOS 'PSGO -RG
7IMOS 4VIGMWMSR -RG .ETERIWI REQI GLERKIH XS 7IMOS -RWXVYQIRXW /EFYWLMOM /EMWLE
7TMRW SJJ [EXGL HMZMWMSR
6IXEMP
7)-/3 ;%8', '36436%8-32
,SPHMRK GSQTER]
'PSGOW
1EVOIXMRK 4VSHYGXMSR ;LSPIWEPI
;EXGLIW
4VSHYGXMSR
;EXGLIW
4VSHYGXMSR
1EVOIXMRK (IWMKR ;LSPIWEPIW
',%48)6
' 314)8-8-327 74966)( 7)-/3 83 2 ); , )-+,87 7IMOS ßREPP] EGLMIZIH MRXIVREXMSREP VIGSKRMXMSR EJXIV MX IRXIVIH XLI 7[MWW 3FWIVZEXSV] 'LVSRSQIXIV GSQTIXMXMSRW GSQTIXMRK WYGGIWWJYPP] EKEMRWX WSQI SJ 7[MX^IVPERH³W ßRIWX QERYJEGXYVIVW SR XLIMV LSQI K VSYRH -X QEVOIH ER MQTSVXERX XYVRMRK TSMRX MR XLI GSQTER]³W MRXIVREXMSREP JSVXYRIW ERH VIWYPXIH MR [SVPH[MHI VIGSKRMXMSR ERH EGGITXERGI
*VSQ MXW MRGITXMSR 7Y[E 7IMOSWLE ¯ RS[ 7IMOS )TWSR ¯ TYVWYIH E UYIWX XS HIZIPST XLI ±TIVJIGX XMQITMIGI² *VSQ XLI QMH W MX FIKER XS EGLMIZI XSXEP HSQMRERGI MR HSQIWXMG XMQITMIGI GSQTIXMXMSRW [LMGL LEH FIIR WXEVXIH MR [MXL XLI SFNIGXMZI SJ MQTVSZMRK XLI UYEPMX] SJ .ETERIWI [EXGLIW 8LI 'IRXVEP -RWTIGXMSR -RWXMXYXI SJ ;IMKLXW ERH 1IEWYVIW SJ .ETER GEVVMIH SYX EGGYVEG] XIWXW SR WEQTPIW JVSQ XLI GSQTIXMRK GSQTERMIW %X ½VWX XLI VIWYPXW [IVI HITVIWWMRK SJ [EXGLIW WYFQMXXIH JSV XIWXMRK SJ XLIQ WXSTTIH HYVMRK XLI XIWXMRK 8LMW TVSZSOIH XLI GSQTERMIW MRXS E HVMZI 8LI 1EVZIP SR XLI QEVOIX JVSQ [SR WX XS XL TPEGIW MR HSQIWXMG XS VEMWI XLIMV WXERHEVHW [MXL XLI VIWYPX GSQTIXMXMSRW ERH PIH XS 7IMOS´W MRXIVIWX MR TEVXMGMTEXMRK MR MRXIVREXMSREP GSQTIXMXMSRW XLEX PIZIPW ERH UYEPMX] MQTVSZIH ]IEV ;LIR XLIWI HSQIWXMG GSQTIXM IEGL ]IEV MR 2IYGLlXIP MRGPYHIH XLI F] ]IEV ;LIR 7IMOS WYFQMXXIH XLI 1EVZIP XMSRW GEQI XS ER IRH MR QER] [SVH ±-RXIVREXMSREP² MR MXW XMXPI FYX XS XLI -RWXMXYXI MR MX [EW WS WYG TISTPI [SVOMRK EX XLI GSQTER]´W MX VEVIP] EXXVEGXIH IRXVMIW JVSQ ER] GIWWJYP GSQQIVGMEPP] XLEX MX LEH RS 7Y[E TPERX [IVI WXMPP HIXIVQMRIH XS GSYRXV] SYXWMHI 7[MX^IVPERH ;LIR WIVMSYW GSQTIXMXMSR MR XLI HSQIWXMG FYMPH XLI FIWX TSWWMFPI [EXGL ERH XLI] LI MRZIWXMKEXIH XLI VYPIW SJ XLI 7[MWW ±[SRHIVIH LS[ XLIMV TVSHYGXW [SYPH GLVSRSQIXIV GSQTIXMXMSR LI HMWGSZ QEVOIX &] XLI 1EVZIP W[ITX XLI JEVI MR GSQTIXMXMSR [MXL XLI 7[MWW² IVIH XLEX JSVIMKR QERYJEGXYVIVW [IVI FSEVH [LIR MX XSSO IZIV] TPEGI EGGSVHMRK XS 8WYRI]E 2EOEQYVE ,I EPPS[IH XS TEVXMGMTEXI ERH [EW XSPH XLI JVSQ ½VWX XS RMRXL MR XLI HSQIWXMG PEXIV FIGEQI 4VIWMHIRX SJ 7IMOS )TWSR SVKERMWIVW ±[SYPH [IPGSQI GSQTIXM GSQTIXMXMSR 4EVXMGMTEXMSR MR XLIWI ERH [EW GPSWIP] MRZSPZIH [MXL XLI XMSR JVSQ .ETER² 8LI GSQTER] HIGMHIH XLI 7[MWW GSQTIXMXMSRW TVSZMHIH XLI MRGIRXMZI XS HIZIPSTQIRX SJ 1EVZIP ERH +VERH VEMWI WXERHEVHW ERH 7IMOS WYGGIWWJYPP] 7IMOS EW [IPP EW UYEVX^ [EXGLIW GLVSRSQIXIV GSQTIXMXMSR [SYPH 8LI 3FWIVZEXSV] GSQTIXMXMSR LIPH TVSZMHI XLI TIVJIGX TPEXJSVQ FSXL JSV VSWI XS XLI GLEPPIRKI % .3962)= -2 8-1)
XLI TYVWYMX SJ EGGYVEG] ERH JSV PIXXMRK XLI [SVPH ORS[ XLI 7IMOS REQI 7S MR 7IMOS´W 7Y[E 7IMOSWLE TPERX FIGEQI XLI ½VWX .ETERIWI [EXGLQEOIV XS IRXIV XLI 2IYGLlXIP GSQTIXMXMSR 8LI TVSHYGX WIPIGXIH EW 7IMOS´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±FIWX² SJ VH TPEGI 8LI SRP] VIHIIQMRK JIEXYVI [EW XLEX 7IMOS UYEVX^ GLVSRSQIXIVW TEWWIH XLI GLVSRSQIXIV XIWXW *EV JVSQ FIMRK HMW MPPYWMSRIH XLIWI HMWETTSMRXMRK VIWYPXW WIVZIH SRP] XS ½VI YT E WTMVMX SJ GSQ TIXMXMSR EQSRK 7IMOS´W HIWMKRIVW ERH [EXGLQEOIVW 8LI TYVWYMX SJ MQTVSZIH EGGYVEG] FIGEQI E TVMSVMX] JSV XLI IRKMRIIVW MR FSXL TPERXW ERH XLI] XSS GSQTIXIH EKEMRWX SRI ERSXLIV MR XLI VEGI XS QEOI TVSKVIWW =IEV F] ]IEV 7IMOS´W GSQTIXMXMSR VIWYPXW MQTVSZIH 8LI IZIRX FIGEQI ER SFWIWWMSR ERH XLI TPERXW [IRX XS I\XVESVHMREV] PIRKXLW XS WSPZI XLI TVSFPIQW *SV I\EQTPI (EMRM 7IMOSWLE´W ½VWX IRXVMIW MR XLI GLVSRSQIXIV XVMEPW WYJJIVIH JVSQ ER YRI\TIGXIH TLIRSQIRSR XLI FEPERGI WTVMRKW LEH FIGSQI QEK RIXMWIH ERH XLMW [EW JSYRH XS I\TPEMR XLI YRWEXMWJEGXSV] GSQTIXMXMSR VIWYPXW (IWTMXI XLMW IRSVQSYW WIXFEGO RSRI SJ XLI VITSVXW EX XLI XMQI VIJIVVIH
'EMPFVI [EW RMGOREQIH 8LI 4SXEXS FIGEYWI SJ XLI WLETI SJ XLI QSZIQIRX MRWMHI XLI GEWI -X [EW SRI SJ XLI IEVPMIWX QSZIQIRXW WYFQMXXIH XS XLI 7[MWW GSQTIXMXMSRW F] XLI (EMRM 7IMOSWLE JEGXSV] ¯ MX VER EX FIEXW E WIGSRH
XS XLI GSQTIXMXMSR XIEQ FIMRK HMW ETTSMRXIH -R JSPPS[MRK ]IEVW (EMRM 7IMOSWLE IRWYVIH XLIMV XMQITMIGIW [IVI ERXM QEKRIXMG FYX RIZIVXLIPIWW XLI] [IVI HIXIVQMRIH XS QMRMQMWI ER] VMWOW ERH WS XLIMV IRXVMIW JSV XLI GSQ TIXMXMSR [IVI WIRX XS 7[MX^IVPERH YWMRK SRI SJ XLI WSYXLIVR VSYXIW MR SVHIV XS EZSMH XLI MR¾YIRGI SJ XLI IEVXL´W WXVSRKIWX QEKRIXMG ½IPHW 8LI] EPWS HIGMHIH XS QEOI EW QER] GSQTSRIRXW EW TSWWMFPI SYX SJ 4IVQEPPS] ¯ E RMGOIP MVSR EPPS] ¯ XS QMRMQMWI XLI IJJIGXW SJ TS[IVJYP IPIG XVSRMG GYVVIRXW XLEX GSYPH EJJIGX XLIQ MRWMHI ER EMVGVEJX 1EKRIXMG ½IPHW TEWW XLVSYKL 4IVQEPPS] [MXLSYX EJJIGXMRK XLI QEXIVMEP 8LI WEQI QEXIVMEP [EW EPWS YWIH MRWMHI XLI GSRXEMRIVW YWIH XS WLMT XLI [EXGLIW XS 7[MX^IVPERH 8LI IEVP] GSQTIXMXMSR XMQITMIGIW [IVI YRMUYI ERH FSVI PMXXPI VIWIQ FPERGI XS ER] TVSHYGXW MR VIKYPEV TVSHYGXMSR %W XLI GSQTIXMXMSR XMQI TMIGIW FIGEQI QSVI EGGYVEXI WSQI SJ XLI EHZERGIW XLEX LEH QEHI XLMW TSWWMFPI [IVI MRXVSHYGIH XS 7IMOS´W VIKYPEV TVSHYGXMSR [EXGLIW 8LIVI MW E TEVEPPIP [MXL XSHE]´W GEV QERYJEGXYVIVW WSQIXMQIW RI[ HIWMKR JIEXYVIW ½VWX XVMIH ERH XIWXIH MR QSXSV VEGMRK EVI
WYFWIUYIRXP] EHSTXIH MR TVSHYGXMSR QSHIPW ;LIR 7IMOS [EW GSQTIXMRK MR XLI GLVSRSQIXIV GSQTIXMXMSRW XLI YWI SJ QSZIQIRXW [MXL ER I\XVIQIP] JEWX FIEX TVSHYGIH HVEQEXMG MQTVSZIQIRXW MR EGGYVEG] 7YFWIUYIRXP] JEWX FIEX QSZIQIRXW [IVI MRXVSHYGIH XS WSQI QSHIPW XLEX [IRX SR WEPI XS XLI TYFPMG ERH LIPTIH XS VEMWI TYFPMG E[EVIRIWW SJ XLI EGGYVEG] SJ 7IMOS [EXGLIW
7YGGIWWMZI KIRIVEXMSRW SJ QSZIQIRXW QEHI F] 7Y[E 7IMOSWLE JSV XLI 2IYGLlXIP 3FWIVZEXSV] 'SQTIXMXMSR %PXLSYKL XLI QSZIQIRXW EVI LSYWIH MR GEWIW XLEX PSSO PMOI TSGOIX [EXGLIW XLI] GSQTPMIH [MXL XLI VYPIW JSV IRXV] MR XLI [VMWX[EXGL GEXIKSV] ',%48)6
%X E XMQI [LIR XLI 7[MWW [IVI ½RHMRK XLIMV [E] MR XIVQW SJ YWMRK LMKLIV SWGMPPEXMRK JVIUYIRGMIW XLI 7IMOS XIEQW [IVI FVIEOMRK RI[ KVSYRH XIWXMRK EX X[S XS WM\ XMQIW XLI VIKYPEV JVIUYIRGMIW 7SQI SJ XLIMV GSQTIXMXMSR [EXGLIW YWIH ERH FIEX QSZI QIRXW FYX HYVMRK XLI XIWXMRK TLEWI I\TIVMQIRXW [IVI IZIR GEVVMIH SYX EX WTIIHW YT XS FIEXW E WIGSRH 8LIWI [IVI XLI WIGSRH KIRIVEXMSR GEPMFVI QSZIQIRXW ERH XLI] MRGSVTSVEXIH E RYQFIV SJ MQTVSZIQIRXW HIWMKRIH XS TVSZMHI WXEFPI WYTTSVX JSV FEPERGIW STIVEXMRK EX LMKL WTIIHW 7IMOS´W IRKM RIIVW HIGMHIH XLEX JSV ER]XLMRK SXLIV XLER GSQTIXMXMSR YWI XLI YWI SJ QSZI QIRXW JEWXIV XLER FIEXW E WIGSRH [SYPH FI QIERMRKPIWW ERH FIEXW E WIGSRH WIIQIH ER IZIR FIXXIV WSPYXMSR &] GSMRGMHIRGI XLI 7[MWW VIEGLIH XLI WEQI GSRGPYWMSR %RSXLIV I\TIVMQIRX MRZSPZIH ½PPMRK [EXGL GEWIW [MXL L]HVSKIR WS XLEX XLIVI [EW RS S\]KIR MRWMHI XLEX GSYPH GEYWI S\MHMWEXMSR ¯ ERH VYWXMRK 8LMW W]WXIQ [EW WYFWIUYIRXP] YWIH MR XLI TVSHYGXMSR SJ WSQI :*% :IV] *MRIP] %HNYWXIH ERH +VERH 7IMOS [EXGLIW
7TIGMEP GEWIW [IVI YWIH [LIR QSZIQIRXW [IVI WYFQMXXIH XS XLI GSQTIXMXMSR 8LI GVEGOW MR XLMW GEWI QEVO XLI [IEV ERH XIEV SJ ]IEVW
LEH E PEVKI FEPERGI ERH FEVVIP %X ½VWX WIRMSV QEREKIQIRX [IVI WGITXMGEP EFSYX 3WEQY 7YKE[EVE´W ±TSXEXS² HIWMKR 1V 7YKE[EVE WYFWIUYIRXP] [VSXI ER EREP]WMW XLEX FIGEQI ORS[R EW LMW ±*MVIWXSVQ 6ITSVX² -R MX LI WEMH XLEX XLI ±LMKLIV YTW² LEH VIEGXIH ERKVMP] [LIR XLI TVSXSX]TI [EW FYMPX FYX LI GSRZMRGIH XLIQ XLEX MX [EW XLI *VMIRHP] VMZEPV] SRP] [E] XS EGLMIZI XLIMV SFNIGXMZIW -X 7IMOS´W 7Y[E ERH /EQIMHS TPERXW IEGL [EW ZMVXYEPP] YRTVIGIHIRXIH IZIR JSV HIZIPSTIH XLIMV S[R [EXGLIW JSV XLI XLI 7[MWW JSV ER IRXMVIP] RI[ HIWMKR 7[MWW 3FWIVZEXSV] XVMEPW ERH XLIVI XS FI IRXIVIH MR XLI 3FWIVZEXSV] [EW E WTMVMX SJ JVMIRHP] VMZEPV] FIX[IIR 'SQTIXMXMSR XLIQ 8LI HIWMKRIVW EX XLI 7Y[E TPERX 1SZIQIRXW [MXL E JEWX FIEX STXIH JSV ER SZEP QSZIQIRX FYX (EMRM GSRXVMFYXIH MR E QENSV [E] XS XLI 7IMOSWLE´W 3WEQY 7YKE[EVE HIWMKRIH E LMKLIV EGGYVEG] SJ XLI GSQTIXMXMSR WTIGMEP GSQTIXMXMSR GEPMFVI JIEXYVMRK E XMQITMIGIW ERH XLI GSRGITX [EW PEXIV QSZIQIRX MR XLI WLETI SJ E HMWXIRHIH EHETXIH JSV YWI MR WSQI VIKYPEV TVS TEVEPPIPSKVEQ ERH XLMW IEVRIH MX XLI HYGXMSR QSHIPW YRPMOIP] RMGOREQI SJ ±8LI 4SXEXS² %TEVX JVSQ XLI WLETI SRI SXLIV EQSRK XLI WXEJJ [LS [SVOIH [MXL MX JIEXYVI XLEX [EW MRRSZEXMZI JSV E 7IMOS 8LI] WXEVXIH [MXL E WXERHEVH FIEX QSZIQIRX [EW XLI YWI SJ E +YMPPEYQI XMQITMIGI ORS[R EW 'EPMFVI [LMGL SV FMQIXEPPMG FEPERGI [LIIP %X ½VWX % .3962)= -2 8-1)
RSFSH] MR XLI GSQTER] ORI[ ER]XLMRK EFSYX FMQIXEPPMG FEPERGIW SV LS[ XS QEOI XLIQ EPXLSYKL XLI] [IVI E[EVI SJ XLI FIRI½XW XLI] SJJIVIH MR XIVQW SJ IPMQMREXMRK VEXI GLERKIW EXXVMFYXEFPI XS ZEVMEXMSRW MR XIQTIVEXYVI % +YMPPEYQI FEPERGI [EW YWIH MR XLI 6 GSQTIXM XMSR QSHIP ;LIR XLI] WXEVXIH [SVO SR GSQTIXMXMSR QSZIQIRXW 7IMOS XIGLRMGMERW ORI[ VIPEXMZIP] PMXXPI EFSYX E RYQFIV SJ XIGLRMGEP JIEXYVIW SJ WSQI 7[MWW [EXGLIW ERH PEXIV XLI] GSRWMH IVIH XLEX WXEVXMRK [MXL E FPERO WLIIX SJ TETIV LEH QEHI XLIQ WXVSRKIV -R (EMRM 7IMOSWLE WIRX XS 2IYGLlXIP GEPMFVI QSZIQIRXW XLEX [IVI FIMRK YWIH MR XLI +VERH 7IMOS ERH /MRK 7IMOS PMRIW ERH XLIWI [IVI WYFWIUYIRXP] QEVOIXIH EW WTI GMEP TMIGIW XLEX LEH TEWWIH XLI XIWXW JSV ±WTIGMEPP] GEPMFVEXIH XMQITMIGIW² 8LI] [IVI ORS[R EW XLI 3FWIVZEXSV] 'LVSRSQIXIVW ERH XLIWI :*% 7IMOS [EXGLIW XSSO WIGSRH ERH XLMVH TPEGIW
7IMOS EGLMIZIH ½VWX TPEGI SZIVEPP &] ER] WXERHEVHW 7IMOS´W EGLMIZIQIRX SJ QSZMRK JVSQ XL TPEGI XS ½VWX TPEGI SZIVEPP MR NYWX ½ZI ]IEVW [EW ER SYX WXERHMRK VIWYPX
8LI VMKLX WTMVMX
/M]SOS 2EOE]EQE SRI SJ XLI XIEQ SJ GSQTIXMXMSR VIKYPEXSVW ±E [EXGL PSZIV HS[R XS LIV FSRIW²
MR XLI GLVSRSQIXIV GSQTIXMXMSR % [EXGL JVSQ XLI (EMRM 7IMOSWLE TPERX [EW WIGSRH SRP] XS XLI [MRRMRK IRXV] JVSQ 3QIKE ERH ER IRXV] JVSQ 7Y[E 7IMOSWLE [EW XLMVH 8LMW [EW XLI PEWX ]IEV SJ XLI 2IYGLlXIP GSQTIXMXMSR LIPH YRHIV XLI SPH VYPIW )EVP] MR 7Y[E 7IMOSWLE WYFQMXXIH E XMQITMIGI XLEX EGLMIZIH WYFWXERXMEPP] FIXXIV VIWYPXW XLER XLI 7[MWW [MRRMRK IRXV] XLI TVI ZMSYW ]IEV -QQIHMEXIP] EJXIV MX [EW XIWXIH ER ERRSYRGIQIRX [EW QEHI MR 7[MX^IVPERH XLEX XLI LMKLP] VIWTIGXIH GSQTIXMXMSR LEH FIIR GERGIPPIH 7IMOS XLIR IRXIVIH XLI +IRIZE 3FWIVZEXSV] GSQTIXMXMSRW ERH EX XLI ZIV] ½VWX EXXIQTX EGLMIZIH E JER XEWXMG VIWYPX 7[MWW GSQTERMIW XSSO XLI ½VWX XLVII TPEGIW FYX 7IMOS´W IRXVMIW [IVI E[EVHIH IZIV] TPEGI JVSQ JSYVXL XS XIRXL [LMGL [EW XLI FIWX VIWYPX EGLMIZIH F] ER] QERY JEGXYVIV SJ QIGLERMGEP [VMWX[EXGLIW
;LIR 7IMOS ½VWX IRXIVIH XLI 7[MWW GSQTIXMXMSRW XLI GSQTER]´W EHZIV XMWMRK YWIH XLI EQFMXMSYW GST] PMRI ±;SVPH[MHI MX´W 7IMOS² FYX WEPIW EVSYRH XLI [SVPH [IVI WXMPP ZIV] WPS[ ,S[IZIV XLI GSQTIXMXMSRW ¯ ERH 7IMOS´W KVS[MRK EGLMIZIQIRXW MR XLIQ ¯ TVSZIH XS FI XLI TIVJIGX [E] XS MRJSVQ XLI [SVPH EFSYX XLI GSQTER]´W WYGGIWWJYP UYIWX JSV EGGYVEG] 7IMOS TVSFEFP] LEW XLI 7[MWW 'LVSRSQIXIV 'SQTIXMXMSRW XS XLERO JSV MRWXMPPMRK XLI VMKLX WTMVMX MR MXW HIZIPSTQIRX XIEQW ERH MR MXW JEGXSVMIW ERH JSV QEOMRK XLI REQI SJ 7IMOS QSVI [MHIP] VIWTIGXIH MR XLI MRHYWXV] 7YGGIWW MR XLI 7[MWW GSQTIXMXMSRW GSYPH FI EXXVMFYXIH XS QER] JEGXSVW MRGPYHMRK MQTVSZIH HIWMKR KVIEXIV GSRXVSP SJ XLI UYEPMX] SJ VE[ QEXIVMEPW LMKLIV WXERHEVHW SJ ½RMWLMRK ERH EFSZI EPP XLI [SVO SJ XLI XIEQ SJ VIKYPEXSVW [LS EHNYWXIH IEGL GSQTIXMXMSR QSZI QIRX XS EGLMIZI XLI LMKLIWX TSWWMFPI EGGYVEG] 8LIWI VIKYPEXSVW TPE]IH E ZMXEP VSPI MR EGLMIZMRK WYGL KSSH VIWYPXW ERH 7Y[E 7IMOSWLE LEH E QYGL VIZIVIH XVMS SJ GEPMFVEXSVW 8LI QSWX WIRMSV SJ XLIQ [EW /M]SOS 2EOE]EQE ,IV GEVIIV LEH WXEVXIH EW E XIGLRMGMER EX (EM[E /SK]S [LMGL PEXIV QIVKIH [MXL (EMRM 7IMOSW]E 7Y[E 4PERX XS JSVQ 7Y[E 7IMOSWLE 7LI [EW TVIWIRX [LIR 7Y[E 7IMOSWLE [EW ½VWX IWXEFPMWLIH %X XLEX XMQI XLI JEGXSV] TEMH WXEJJ SR E TMIGI VEXI W]WXIQ XLI QSVI [EXGLIW ER IQTPS]II EWWIQFPIH XLI QSVI LI
SV WLI IEVRIH 1W 2EOE]EQE SJXIR XSSO TEVXW LSQI ERH [SVOIH YRXMP EQ 7LI PEXIV WEMH XLEX WLI RIZIV JIPX XLMW [EW E FYVHIR FIGEYWI WLI VIEPP] PMOIH [EXGLIW -R XLI IEVP] HSQIWXMG GSQTIXM XMSRW 1W 2EOE]EQE [EW PEVKIP] VIWTSRWMFPI JSV EWWIQFPMRK XLI KIEV XVEMRW 7LI EXXVMFYXIH LIV WYGGIWW XS XLI JEGX XLEX XLI TEPQW SJ LIV LERHW LEVHP] TIVWTMVIH EX EPP -R XLSWI HE]W XLIVI [EW RS EMV GSRHMXMSRMRK WS MX [EW E KVIEX HMWEHZERXEKI JSV E [EXGL QEOIV XS TIVWTMVI ±1] QIGLERMWQW [SYPHR´X GSVVSHI HIJIGX VEXIW [IVI PS[ ERH - EWWIQFPIH QEWWMZI RYQ FIVW SJ [EXGLIW ² WLI WEMH 7LI [EW WYGGIWWJYP EW E [EXGLQEOIV RSX SRP] FIGEYWI LIV QSZIQIRXW HMHR´X VYWX FYX EPWS FIGEYWI LIV EIWXLIXMG WIRWI ERH WOMPPW IREFPIH LIV XS TVSHYGI WYTIVF [EXGLIW 8LI [EXGLIW QEHI F] 1W 2EOE]EQE LEH ER I\GIPPIRX VITYXEXMSR ERH GYWXSQIVW WXEVXIH XS VIUYIWX [EXGLIW XLEX LEH FIIR QEHI F] LIV 7LI [EW E FSVR [EXGLQEOIV
8LMW MW E WIGSRH KIRIVEXMSR QSZIQIRX SJ XLI OMRH YWIH MR XLI GLVSRSQIXIV XVMEPW JVSQ 8LI JVIUYIRG] [EW MRGVIEWIH XS FIEXW E WIGSRH ERH E PEVKIV [MRHMRK GVS[R [EW JMXXIH ',%48)6
)ZIRXYEPP] WLI [SVOIH JYPP XMQI MR XLI VIWIEVGL HITEVXQIRX ERH [EW MRGPYHIH MR XLI 3FWIVZEXSV] 'SQTIXMXMSR XIEQ [LIR XLI GSQTER] HIGMHIH XS IRXIV XLI 7[MWW GSQTIXMXMSRW
% PMZMRK XLMRK 8LI [SVO SJ XLI LMKLP] ZEPYIH XIEQ SJ VIKYPEXSVW EX 7Y[E 7IMOSWLE [LS [IVI VIWTSRWMFPI JSV XLI GSQTIXM XMSR XMQITMIGIW WIIQIH XS XLIQ XS FI ±PSSQMRK PEVKIV XLER XLI GLMPHVIR XLI] LEH GEVIJYPP] VIEVIH² 8LI] SJXIR XSSO RS XMQI SJJ EX [IIOIRHW SV LSPMHE]W %RSXLIV QIQFIV SJ XLI XIEQ /IRMGLM /SMOI VIGEPPIH XLEX XLMW [EW E XSYKL FYX IRNS]EFPI XMQI ±% XMQITMIGI XLEX [I OITX GSQTER] [MXL YT XS 7EXYVHE] [SYPH FI KIXXMRK PSRIP] [LIR XLI 7YRHE] LSPMHE] GEQI EVSYRH WS - GSYPHR´X WIXXPI HS[R MJ - HMHR´X PSSO MR SR MX ;I VIEPP] HMH XLMRO PMOI XLMW ¯ MJ [I HSR´X XEOI GEVI SJ XLEX XMQITMIGI XSHE] MX QMKLX NYWX JEPP SJJ XLI WXVEMKLX ERH REVVS[ XSQSVVS[© MX [EW E PMZMRK XLMRK ² 1V /SMOI [EW GSRZMRGIH XLEX EPXLSYKL XLI VIKYPEXSVW GEVVMIH SYX XLIMV [SVO TVIXX] [IPP MR XLI GSQ TIXMXMSR WYGGIWW [EW XLI VIWYPX SJ XIEQ[SVO ±-X [EW XLI HIWMKRIVW TYVWYMRK XLISV] XS XLI I\XVIQIW XLI TISTPI MR XLI TVSXSX]TI HITEVXQIRX QEOMRK TEVXW XLEX LEH RIZIV FIIR QEHI FIJSVI ERH XLI XST I\IGYXMZIW [LS [EXGLIH SZIV YW XLEX EPPS[IH YW XS TVSHYGI VIWYPXW XLMW JEV VIEGLMRK ² 8LEROW XS XLIMV WYTIVMSV XIGLRMGEP WOMPPW 7Y[E 7IMOSWLE´W JEQSYW XVMS SJ VIKYPEXSVW [IVI IZIRXYEPP] WIPIGXIH EW ±1SHIVR 1EWXIV %VXMWERW² F] .ETER´W 1MRMWXV] SJ 0EFSYV FIGEYWI XLI] LEH LIPTIH XS XEOI .ETERIWI [EXGLIW XS XLI XST PIZIPW MR XLI [SVPH 8LI IRKMRIIVW [LS LEH FIIR % .3962)= -2 8-1)
6EXMRK HIXEMPW ERH GIVXMJMGEXIW JVSQ XLI GSQTIXMXMSRW MR 2IYGLlXIP
MRZSPZIH MR XLI GLVSRSQIXIV XVMEPW WTEGI SJ XMQI XLI GSQTER] [EW EFPI [IVI MRZMXIH XS VIQMRMWGI WSQI XS QEXGL XLI FIWX [EXGLIW JVSQ 7[MWW ]IEVW PEXIV 8LIWI WTIGMEP TISTPI LEH QERYJEGXYVIVW 3RI IRKMRIIV VIGEPPIH EGLMIZIH WYGL ER MQTVSZIQIRX MR ±8LMW ?HIZIPSTQIRX [SVOA [EWR´X MR ER XLI EGGYVEG] SJ 7IMOS´W GSQTIXMXMSR EXQSWTLIVI SJ ³MJ MX JIIPW HS EFPI PIX´W XMQITMIGIW XLEX MR E VIQEVOEFP] WLSVX HS MX MJ [I GER´X [I [SR´X´ 2S MX [EW
EPP FIGEYWI 'LEMVQER 7LSNM ,EXXSVM LEH MWWYIH XLI SVHIV ³(S MX´ ² -X [EW SRI SJ E RYQFIV SJ IHMGXW QEHI F] ZEVMSYW KIRIVEXMSRW SJ XLI ,EXXSVM JEQMP] XLEX [IVI XS PIEH XS WYFWXERXMEP GLERKIW MR XLI JSVXYRIW SJ 7IMOS
%R IRLERGIH VITYXEXMSR
8LI GSQTIXMXMSR XIEQ GIPIFVEXMRK WYGGIWW MR XLI +IRIZE 3FWIVZEXSV] 'SQTIXMXMSR 7IEXIH MR XLI GIRXVI MW XLI JEQSYW XVMS SJ VIKYPEXSVW
&] 7IMOS [EW I\TIVMQIRXMRK [MXL IZIR JEWXIV QSZIQIRXW 8LI FEVVIP LSYWMRK XLI QEMRWTVMRK [EW MRGVIEWIH MR WM^I XS EGGSQQSHEXI XLI WXVSRKIV QEMRWTVMRK ERH XLI QSZIQIRX WLETI [EW GLERKIH XS E ±HIJSVQIH TIRXEKSR² 8LMW [EW 7IMOS´W YPXMQEXI GSQTIXMXMSR QSZIQIRX
%RSXLIV QIQFIV SJ XLI GSQTIXMXMSR XIEQ PEXIV WEMH XLEX LI XLSYKLX MX [EW KSSH XLEX 7IMOS LEH FIIR EFPI XS KS WS JEV [MXL QIGLERMGEP XMQITMIGIW ERH XLIR W[MXGL XS XLI HIZIPSTQIRX SJ UYEVX^ [EXGLIW -X [EW XMQI XS FVMRK HS[R XLI GYVXEMR SR VIWIEVGL MRXS QIGLERMGEP [EXGLIW ¯ XLIVI [EW RSXLMRK QSVI XS FI HSRI EX XLEX XMQI 8LI XMQITMIGI VIWIEVGL WIGXMSR [EW GPSWIH ERH WSQI SJ MXW WXEJJ XVERW JIVVIH XS UYEVX^ [EXGL HIZIPSTQIRX 8LI NSYVRI] JVSQ SFWGYVMX] XS KPSFEP VIGSKRMXMSR LEH XEOIR NYWX IMKLX ]IEVW ¯ IMKLX ]IEVW SJ IJJSVX XLEX GLERKIH XLI VITYXEXMSR SJ 7IMOS JSVIZIV 1V 2EOEQYVE PEXIV WEMH SJ 7IMOS´W TEVXMGMTEXMSR MR XLI GLVSRSQIXIV XVMEPW ±- XLMRO [I LEH E WXVSRK WIRWI SJ TYVTSWI -X [EWR´X EFSYX PSKMG MX [EW EFSYX SYV HSKKIHRIWW ERH ^IEP XS ³FYMPH E [EXGL XLEX FIXXIVW XLI 7[MWW´ 3YV GSVTSVEXI TVMRGMTPIW MRGPYHI XLI TLVEWI ³XLI TS[IV SJ XLI MRHMZMHYEP ERH XLI HIQSRWXVEXMSR SJ GSQTVI LIRWMZI WXVIRKXL´ FYX XLMW QMKLX RIZIV LEZI IQIVKIH LEH [I RSX LEH XLMW GSQTIXMXMSR I\TIVMIRGI -R XLMW WIRWI - [SRHIV MJ MX [EWR´X XLI 3FWIVZEXSV] 'SQTIXMXMSRW XLEX GVIEXIH XLI TVMRGM TPIW XLEX FIGEQI XLI PMJI ERH WSYP SJ XLI GSQTER] ²
',%48)6
8 ,) 4-22%'0) 3* 1)',%2-'%0 ) <')00)2') 7IMOS³W ]IEV LMWXSV] SJ [EXGLQEOMRK LEW IREFPIH MX XS QEWXIV EPP EWTIGXW SJ XLI EVX JVSQ QMGVS IRKMRIIVMRK XS TVIGMWMSR TSPMWLMRK 8LIWI WOMPPW EVI QSWX IZMHIRX MR XLI VIQEVOEFPI VERKI SJ LMKL KVEHI QIGLERMGEP [EXGLIW XLEX EVI WS QYGL MR HIQERH MR XLI .ETERIWI QEVOIX XS [LIVI JSV XLI TVIWIRX XLI] EVI VIWXVMGXIH EW HIQERH MR .ETER MW EPVIEH] QYGL KVIEXIV XLER XLI WYTTP]
%VSYRH XLI KPSFI 7IMOS MW FIWX ORS[R XSHE] JSV MXW UYEVX^ TVSHYGXW FYX MR XLI .ETERIWI QEVOIX MX LEW PSRK IRNS]IH E [IPP HIWIVZIH VITYXEXMSR JSV XLI I\GIPPIRGI SJ MXW QIGLERMGEP XMQITMIGIW 8LIWI TVSHYGXW EVI QEHI [MXLSYX GSQTVSQMWI ERH F] LERH XS IRWYVI XLI LMKLIWX TSWWMFPI WXERHEVHW SJ GVEJXWQERWLMT +VERH 7IMOS +7 MW XLI REQI SJ XLI QIGLERMGEP TVSHYGXW XLEX VITVI WIRX XLI TMRREGPI SJ 7IMOS´W I\GIPPIRGI MR QIGLERMGEP [EXGLQEOMRK 8LI] ½VWX WE[ XLI PMKLX SJ HE] MR [LIR 7IMOS [EW QEOMRK ZEWX RYQFIVW SJ QIGLERMGEP [EXGLIW ERH LEH EGLMIZIH SYXWXERHMRK WYGGIWW MR XLI 7[MWW 'LVSRSQIXIV 8VMEPW 8LI GSQTER] LEH EPVIEH] TVSHYGIH XLI 7YTIV ERH XLI 1EVZIP GSPPIGXMSRW XLI WPIIO ERH WYTI VMSV 'VSRSW 'VS[R ERH 0SVH 1EVZIP
*MVWX QSHIPW
8LI WIPJ [MRHMRK +VERH 7IMOS 7&+6 LEW ER GX KSPH GEWI ERH VITVIWIRXW XLI TMRREGPI SJ .ETERIWI QIGLERMGEP [EXGLQEOMRK I\GIPPIRGI -X FSEWXW EGGYVEG] SJ XS WIGSRHW E HE] &SXL WYVJEGIW SJ XLI WETTLMVI KPEWW EVI GYVZIH ERH LEZI ER ERXM VIJPIGXMZI GSEXMRK
WYGGIWW SJ XLI )TWSR FVERH 8IGLRMGMERW 8LI ½VWX +VERH 7IMOS QSHIPW [IVI [SVOMRK MR 2EKERS 4VIJIGXYVI JEV HIZIPSTIH XS GEXIV JSV XLI XST JVSQ 8SO]S ERH RIEV XLI .ETERIWI IRH SJ 7IMOS´W [VMWX[EXGL QEVOIX %PTW HIZIPSTIH XLI ZIV] XST VERKI SJ (IZIPSTQIRX [SVO WXEVXIH [LIR 7IMOS [EXGLIW 8LI ½VWX +7 [EXGLIW XLI (EM[E /SK]S ERH (EMRM 7IMOSWLE [IVI PEYRGLIH MR -R XLI RI\X 7Y[E TPERXW [IVI QIVKIH XS JSVQ ]IEVW XLI +VERH 7IMOS VERKI [IRX SR 7Y[E 7IMOSWLE [LMGL PEXIV FIGEQI XS FIGSQI XLI ½RIWX GSPPIGXMSR 7IMOS 7IMOS )TWSR MR VIGSKRMXMSR SJ XLI LYKI LEH IZIV TVSHYGIH % .3962)= -2 8-1)
(IZIPSTQIRX SJ XLI SVMKMREP +7 VERKI [EW HMVIGXIH F] 8WYRI]E 2EOEQYVE [LS NSMRIH XLI GSQTER] MR ERH HIWMKRIH XLI 1EVZIP [LMGL [EW ½VWX QEVOIXIH MR -X [EW JEV QSVI EGGYVEXI XLER I\MWXMRK [EXGLIW ERH TVSZIH XS FI E KVIEX LMX )ZIR XLIR LI [EW EMQMRK XS GVIEXI XLI ±MHIEP [EXGL² +VERH 7IMOS [EW GVIEXIH EW XLI QSHIP [MXL XLI YPXMQEXI WTIGM½GE XMSR ERH XLI GSQTER] [EW HIXIVQMRIH XLEX MX WLSYPH FI XLI FIWX MR XLI [SVPH WS RSX WYVTVMWMRKP] MX FIGEQI 7IMOS´W WMKREXYVI TMIGI &] XLMW XMQI XLI] LEH HIZIPSTIH XLI XIGLRMGEP WOMPPW RIIHIH JSV WYGL ER EQFMXMSYW TVSNIGX ERH XLIMV I\TIVMIRGI ERH WYGGIWW MR HSQIWXMG GSQTIXMXMSRW LEH IREFPIH XLIMV GEPMFVEXMSR WOMPPW XS FI LSRIH %PP XLI XIGLRMGMERW MRZSPZIH [MXL XLI HIZIPST QIRX SJ +VERH 7IMOS ORI[ XLEX XLIMV KSEP [EW XS I\GIIH 7[MWW GLVSRSQIXIV WXERHEVHW ERH WS XLI WOMPPW XLI] LEH EGUYMVIH HYVMRK XLI GLVSRSQIXIV GSQ TIXMXMSRW [IVI HIZIPSTIH ERH EHETXIH JSV YWI MR TVSHYGXMSR SR E PEVKIV WGEPI 8LI GSQTER] WIX SYX XS QEOI +VERH 7IMOS [EXGLIW XS E WXERHEVH LMKLIV XLER ER] XMQITMIGIW IZIV QEHI FIJSVI MR .ETER GLVSRSQIXIV WXERHEVHW [IVI XLI OI] XS XLMW EQFMXMSR
8WYRI]E 2EOEQYVE HMVIGXIH XLI HIZIPSTQIRX SJ +VERH 7IMOS ERH HIWMKRIH ERH HIZIPSTIH WSQI QSHIPW SJ XLI 1EVZIP EW [IPP EW XLI (MEWLSGO WLSGO TVSXIGXMSR W]WXIQ
3VMKMREPP] ±GLVSRSQIXIV² [EW YWIH XS VIJIV XS ER I\XVIQIP] EGGYVEXI GPSGO -X XEOIW MXW REQI JVSQ XLI +VIIO [SVHW 'LVSRSW ERH 1IXVSR QIERMRK XS QIEWYVI XMQI 8LI 7[MWW 3J½GMEP 'LVSRSQIXIV 'SRXVSP 'SRXV|PI 3J½GMIP 7YMWWI HIW 'LVSRSQrXVIW EPWS ORS[R EW '37' MW XLI SVKERMWEXMSR XLEX WIXW XLI WXERHEVHW JSV GLVSRSQIXIV XIWXMRK -X MW ER MRHITIRHIRX EWWSGMEXMSR KSZIVRIH F] XLI 7[MWW 'MZMP 'SHI ERH MX [EW WIX YT MR MXW TVIWIRX JSVQ MR 4VIZMSYWP] GLVSRSQIXIV XIWXW LEH FIIR GEVVMIH SYX F] SXLIV SVKERMWEXMSRW -R ER SVKERMWEXMSR GEPPIH XLI .ETER 'LVSRSQIXIV 'IVXM½GEXMSR -RWXMXYXI [EW IWXEFPMWLIH XS TVSZMHI E GLVSRSQIXIV GIVXM½GEXMSR WIVZMGI 8LI ½VWX [EXGL GIVXM½IH F] XLMW RI[ FSH] [EW XLI /MRK 7IMOS ½VWX QEVOIXIH MR FYX +VERH 7IMOS [EXGLIW [IVI RSX WYFQMXXIH JSV GIVXM½GEXMSR FIGEYWI XLI] [IVI TVSHYGIH XS XLI GSQTER]´W S[R ±+7 WXERHEVH² 8LMW
MW QSVI HIQERHMRK XLER XLI 7[MWW GLVSRSQIXIV XIWXW ERH MRZSPZIW XIWXMRK XLI VEXI SJ XLI [EXGL MR WM\ TSWMXMSRW MRWXIEH SJ XLI YWYEP ½ZI 1V 2EOEQYVE FIPMIZIH XLEX XLI WYGGIWW SJ XLI ½VWX KIRIVEXMSR SJ +VERH 7IMOS GSYPH FI EXXVMFYXIH XS XLVII MQTSVXERX JEG XSVW EGGYVEG] IEWI SJ TVSHYGXMSR ERH FIEYX] (YVMRK XLI ½VWX ]IEVW SJ XLI UYEVX^ VIZSPYXMSR TVSHYGXMSR SJ +VERH 7IMOS HIGPMRIH ERH IZIRXYEPP] GIEWIH MR [LIR XLI EGGYVEG] ERH VIPMEFMPMX] SJ 7IMOS UYEVX^ [EXGLIW TYWLIH TYFPMG HIQERH JSV QIGLERMGEP XMQITMIGIW XS SRI WMHI 1IGLERMGEP [EXGL TVSHYGXMSR GEQI GPSWI XS I\XMRGXMSR MR XLI ½VWX SV ]IEVW XLEX UYEVX^ [EXGLIW [IVI EZEMPEFPI ERH MR 7[MX^IVPERH XVEHMXMSREP [EXGL JEGXSVMIW IMXLIV GPSWIH HS[R SV WXEVXIH XS ½X UYEVX^ QSZIQIRXW MR XLIMV GEWIW 1ER] QERYJEGXYVIVW GSYPH ½RH RS YWI JSV XLIMV XVEHMXMSREP TVSHYGXMSR IUYMTQIRX ERH QYGL SJ MX [EW WGVETTIH 1SWX SJ XLI GVEJXWQIR
7IMOS WSPH [EXGLIW GSRXEMRMRK QSZIQIRXW XLEX LEH FIIR GIVXMJMIH EW GLVSRSQIXIVW MR 7[MX^IVPERH FYX XLMW I\EQTPI [MXL 2IYGLlXIP %WXVSRSQMGEP 3FWIVZEXSV] 'LVSRSQIXIV 'IVXMJMGEXMSR MR MW E VEVI GSPPIGXSV´W MXIQ
[LSWI ORS[PIHKI LEH FIIR LERHIH HS[R JVSQ SRI KIRIVEXMSR XS XLI RI\X XYVRIH XLIMV WOMPPW XS SXLIV [SVO 7[MWW GSQTERMIW RS[ STIRP] EHQMX LS[ QYGL XLI] JIEVIH GSQTIXMXMSR
-R XLI JMVWX KIRIVEXMSR SJ +VERH 7IMOS [EXGLIW E HMWO FIEVMRK E PMSR IQFPIQ [EW EXXEGLIH XS XLI FEGO SJ XLI [EXGL GEWI 8LI IQFPIQ FIGEQI W]RSR]QSYW [MXL +VERH 7IMOS FYX MR PEXIV QSHIPW MX [EW IRKVEZIH SR XLI GEWI FEGO EW GER FI WIIR SR XLI PIJX ',%48)6
8LMW JMVWX KIRIVEXMSR +VERH 7IMOS 'LVSRSQIXIV [EW WYTTPMIH [MXL E VEXMRK GIVXMJMGEXI WLS[MRK HE]W SJ MRWTIGXMSR VIWYPXW
MR XLI UYEVX^ [EXGL QEVOIXW JVSQ .ETERIWI [EXGL GSQTERMIW ERH 7IMOS MR TEVXMGYPEV HYVMRK XLI W ERH IEVP] W -R .ETER EW MR 7[MX^IVPERH [EXGL JEGXSVMIW HIZSXIH EPP XLIMV IJJSVX XS XLI TVSHYGXMSR SJ UYEVX^ [EXGLIW -R XLI QMH W XLIVI [EW E KVEHYEP GLERKI ERH QIGLERMGEP XMQI TMIGIW ZIV] WPS[P] GEQI FEGO MRXS XLI PMQIPMKLX 8LI 7[MWW VIWTSRHIH F] JSGYWMRK XLIMV EXXIRXMSR SR LMKL UYEPMX]
8LI RI[ QIGLERMGEP +7 QSZIQIRX 7 MW HIGSVEXIH [MXL XVEHMXMSREP PMRIW SJ TSPMWLMRK XLEX MHIRXMJ] MX EW E LMKL GPEWW QSZIQIRX 8LI VSXSV SJ XLI WIPJ [MRHMRK QIGLERMWQ FIEVW XLI WEQI HIGSVEXMSR ERH MW IRKVEZIH [MXL XLI REQI +VERH 7IMOS % .3962)= -2 8-1)
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½VWX KIRIVEXMSR SJ +VERH 7IMOS -X EXXVEGXIH E KVIEX HIEP SJ TVEMWI +VERH 7IMOS WMRGI XLI WIGSRH KIRIVE ERH EX PEWX TISTPI [IVI WE]MRK ±*MREPP] XMSR SJ +7 [EW PEYRGLIH LEH XS [EMX XLIVI MW E RI[ +7 XLEX PMZIW YT XS XLI ]IEVW FIJSVI XLIMV [MWLIW [IVI REQI² 1ER] TISTPI FIPMIZIH XLEX SRGI VI[EVHIH EX XLI IRH SJ ]IEVW 7IMOS LEH GSQI XLMW JEV MX [EW MRIZM EJXIV XLI PEWX SRI LEH FIIR WSPH 8LIVI XEFPI XLEX XLIVI [SYPH FI HIQERH JSV [EW WXMPP IRSVQSYW FVERH E[EVIRIWW E QIGLERMGEP +7 RI\X FYX EPXLSYKL XLI ERH KSSH[MPP JSV XLI +7 REQI GSQTER] MRXVSHYGIH RI[ QIGLERMGEP [EXGLIW XLI] [IVI RSX MR XLI +7 GSP 1IGLERMGEP +7 VIZMZEP 8LI ½VWX RI[ QIGLERMGEP +7 [EXGLIW PIGXMSR -R MX EHHIH E [EXGL [MXL E JIEXYVIH QSZIQIRXW XLEX [IVI VI½RI QIGLERMGEP QSZIQIRX XS MXW PY\YV] QIRXW SJ I\MWXMRK GEPMFVIW ¯ MR XLI HVIWW [EXGL PMRI ERH MR PEYRGLIH WEQI [E] XLEX ½VWX KIRIVEXMSR +7 ER EJJSVHEFPI GSPPIGXMSR SJ QIGLERMGEP [EXGLIW MR MXW 0EYVIP WYF FVERH %W MRXIVIWX MR WTVMRK [SYRH [EXGLIW KVEHYEPP] VIXYVRIH MR XLI .ETERIWI QEVOIX 7IMOS EHHIH QSVI QIGLERMGEP QSHIPW XS MXW VERKI XLI] PEYRGLIH XLI 'VIHSV 'LVSRSQIXIV [LMGL GEQI [MXL 7[MWW GLVSRSQIXIV GIVXM½GEXMSR ERH E 'VIHSV 'LVSRSKVETL [MXL E RI[P] HIWMKRIH QSZIQIRX 8S EGLMIZI XLI LMKL UYEPMX] MRLIVIRX MR &] RS[ MX [EW WYVIP] SRP] E QEXXIV XLI +VERH 7IMOS VERKI QER] TVSGIWWIW SJ XMQI FIJSVI E QIGLERMGEP QSHIP [EW LEZI XS FI GEVVMIH SYX F] LERH FYX EHHIH XS XLI WIGSRH KIRIVEXMSR SJ MR XLI IEVP] HE]W TVSHYGXMSR PMRI I\TIVMIRGI KEMRIH [MXL XLI 1EVZIP [EW +VERH 7IMOS 8LSWI [LS LEH IEKIVP] ETTPMIH XS WSQI EWTIGXW SJ TVSHYGXMSR ERXMGMTEXIH XLI VIXYVR SJ E QIGLERMGEP
[EXGLIW LEH YWIH VI½RIH ZIVWMSRW SJ IEVPMIV QSHIPW 8LI SRP] I\GITXMSR [EW XLI GLVSRSKVETL )ZIRXYEPP] 7IMOS´W HIWMKRIVW TIVWYEHIH XLI GSQTER]´W HIGMWMSR QEOIVW XS PIX XLIQ GVIEXI ER IRXMVIP] RI[ GEPMFVI XLI 7 8LI] LEH XLI VEVI ERH I\GMXMRK STTSVXYRMX] XS HIWMKR E GSQTPIXIP] RI[ IWGETIQIRX XLI TEVX SJ XLI [EXGL XLEX TVSZMHIW MXW EGGYVEG] ERH GER FI GSRWMHIVIH EW XLI LIEVX SJ XLI [EXGL ;LIR TVSF PIQW [IVI IRGSYRXIVIH XLI RI[ HIWMKRIVW GSYPH RSX HITIRH SR EWOMRK XLIMV TVIHIGIWWSVW JSV EHZMGI FIGEYWI QSWX LEH VIXMVIH SV PIJX XLI GSQTER] [LIR QIGLERMGEP [EXGLQEOMRK WXSTTIH 2IZIVXLIPIWW XLI] WXYHMIH XLI GSQTS RIRXW ERH QEXIVMEPW YWIH MR XLI TEWX ERH [IVI IZIR EFPI XS XVEGO HS[R WSQI SJ XLI HIWMKRIVW [LS LEH SRGI [SVOIH JSV XLI GSQTER] MR SVHIV XS WIIO XLIMV EHZMGI 8LI HIWMKRIVW [IVI HIXIVQMRIH XS TVSHYGI RSX SRP] E ZIV] EGGYVEXI QSZIQIRX FYX EPWS SRI XLEX [EW WS EXXVEGXMZI ERH [IPP ½RMWLIH XLEX E [EXGL VITEMVIV WIIMRK MX [LIR MX VIUYMVIH WIVZMGMRK [SYPH WE] ±8LEX´W E FIEYXMJYPP] ½RMWLIH [EXGL² %JXIV
+VERH 7IMOS QSZIQIRXW EVI PEVKIP] EWWIQFPIH F] LERH WS MRIZMXEFP] XLI] EVI I\TIRWMZI ,IVI LERHW EVI EHHIH XS E [EXGL
EGLMIZMRK XLI RIGIWWEV] EGGYVEG] XLI HIWMKRIVW XYVRIH XLIMV EXXIRXMSR XS XLI ½RMWL SJ XLI QSZIQIRX 8LMW RI[ 7 GEPMFVI [EW HIWMKRIH JVSQ XLI SYXWIX XS VIEGL XLI LMKLIWX WXERHEVHW SJ EGGY VEG] ERH ETTIEVERGI -R HIWMKRMRK XLMW RI[ GEPMFVI MR XLI WIGSRH LEPJ SJ XLI W 7IMOS´W HIWMKRIVW LEH X[S FMK EHZERXEKIW SZIV XLIMV TVIHIGIWWSVW MR XLI W
3RP] E LERHJYP SJ GVEJXWQIR WXMPP LEZI XLI VIUYMWMXI WOMPPW XS YWI XLI >EVEXWY QIXLSH SJ TSPMWLMRK [LMGL IREFPIW XLIQ XS TVSHYGI VIWYPXW XLEX GERRSX FI EGLMIZIH MR ER] SXLIV [E] -X MW YWIH SR XLI JMRIWX +VERH 7IMOS [EXGLIW
8LMW +VERH 7IMOS EYXSQEXMG :*% ;IIO (EXSV [EW XLI JMVWX QIGLERMGEP [EXGL XS GPEMQ E XMQI HMJJIVIRGI TIV QSRXL SJ WIGSRHW ¯ X[S WIGSRHW E HE] -X GEQI [MXL E X[S ]IEV KYEVERXII
8LI] LEH XLI FIRI½X SJ GSQTYXIV XIGLRSPSK] XS WTIIH YT XLI HIWMKR TVSGIWW IWTIGMEPP] XLI TVSHYGXMSR SJ ZIV] TVIGMWI XIGLRMGEP HVE[MRKW ERH MQTVSZIQIRXW MR QSHIVR QEGLMRI XSSPW QEHI MX TSWWMFPI XS QERYJEGXYVI GSQTSRIRXW [MXL QYGL KVIEXIV TVIGM WMSR -X [SYPH RSX LEZI FIIR TSWWMFPI XS GVIEXI ER IRXMVIP] RI[ GEPMFVI MR NYWX X[S ]IEVW [MXLSYX XLI FIRI½X SJ GSQ TYXIV EMHIH HIWMKR 8LMW GSQTYXIV XIGLRSPSK] QEHI MX TSWWMFPI XS HIXIVQMRI XLI MHIEP WLETI
SJ XLI XIIXL SR IEGL [LIIP MR XLI KIEV XVEMR ERH EW E VIWYPX XLI HIWMKRIVW EGLMIZIH E PIZIP SJ IJ½GMIRG] MR XLI XVERWQMWWMSR XVEMR XLEX IUYEPPIH XLEX SJ XLI 3FWIVZEXSV] 'LVSRSQIXIV ERH SXLIV YPXVE WTIGMEP QSHIPW JVSQ XLI TEWX 8LI HIGMWMSR XLEX XLI RI[ KIR IVEXMSR SJ +VERH 7IMOS [EXGLIW QYWX
1ER] TVSGIWWIW MR XLI TVSHYGXMSR SJ LMKL KVEHI [EXGLIW GERRSX FI EYXSQEXIH ,IVI LERHW EVI I\EQMRIH SRI F] SRI XS IPMQMREXI ER] [MXL XMR] MQTIVJIGXMSRW ',%48)6
WS MX MW MQTSVXERX XS GLIGO XLEX XLI] TIVJSVQ XS LMKL WXERHEVHW MR IEGL SJ XLI VIUYMVIH TSWMXMSRW MJ XLI] EVI XS FI GIVXM½IH EW GLVSRSQIXIVW 8LI EHHM XMSREP TSWMXMSR XLEX 7IMOS MRXVSHYGIH MR XLIMV S[R XIWXW VEVIP] SGGYVW [LIR E [EXGL MW FIMRK [SVR FYX MX HSIW SGGYV [LIR E [EXGL MW XEOIR SJJ ERH TPEGIH SR E ¾EX WYVJEGI
% GEWI MW I\EQMRIH EJXIV MX LEW FIIR TSPMWLIH YWMRK XLI EVXMWXMG .ETERIWI >EVEXWY XIGLRMUYI
I\GIIH 7[MWW GLVSRSQIXIV WXERHEVHW GSRJVSRXIH XLI HIWMKRIVW [MXL E GSR WMHIVEFPI GLEPPIRKI 8LI WXERHEVH XIWXW JSV E GLVSRSQIXIV MRZSPZI GLIGOMRK XLI EGGYVEG] ¯ SV VEXI ¯ SJ E [EXGL MR ½ZI HMJJIVIRX TSWMXMSRW FYX 7IMOS´W HIWMKRIVW KEZI XLIQWIPZIW ER EHHMXMSREP XEWO F] EHHMRK E WM\XL XIWXMRK TSWMXMSR ;EXGLIW VYR EX WPMKLXP] HMJJIVIRX WTIIHW [LIR XLI] EVI EX HMJJIVIRX ERKPIW ERH
-R SVHIV XS TVSHYGI LMKL KVEHI KSPH ERH NI[IPPIV] QSHIPW 7IMOS IQTPS] GVEJXWQIR [MXL QER] HMJJIVIRX WOMPPW +SPHWQMXLW EWWIQFPI KSPH FVEGIPIXW F] LERH % .3962)= -2 8-1)
XLI] EVI TVSHYGIH EX 1SVMSOE 7IMOS MR -[EXI 4VIJIGXYVI 8LMW JEGXSV] MW SRI SJ XLI QSWX MQTSVXERX MR XLI [EXGL MRHYWXV] ERH SRI TVSHYGXMSR VSSQ MR XLI TPERX MW EPQSWX XLI WM^I SJ E JSSXFEPP TMXGL ¯ FYX XLMW MW JSV XLI QEWW TVSHYG XMSR SJ PIWW I\TIRWMZI QSZIQIRXW ,MKL KVEHI [EXGL EWWIQFP] MW GEVVMIH SYX MR WQEPPIV QSVI XVEHMXMSREP [SVOWLSTW [MXLMR XLMW TPERX [LIVI XLI [EXGL QEOIVW [SVO MR WYVVSYRHMRKW MR [LMGL ER] XVEHMXMSREP )YVSTIER [EXGLQEOIV [SYPH JIIP EX LSQI %X IEGL [SVO WXEXMSR E WOMPPIH GVEJXWQER EWWIQFPIW ERH EHNYWXW IWGETIQIRXW [MXL XLI EMH SJ E QMGVSWGSTI EWWIQFPIW XLI QSZI QIRX EHHW XLI HMEP ERH LERHW ERH GEWIW YT IEGL [EXGL MR XLI ½RIWX XVEHMXMSRW SJ XLI [EXGL MRHYWXV] %WWIQFP] SJ XLI 7 GEPMFVI FIRI½XW JVSQ XLI FIWX SJ 7IMOS´W LMKL EGGYVEG] QIGLERMGEP [VMWX[EXGL QERYJEGXYVMRK XIGLRMUYIW
7IMOS IQTPS] HMEQSRH QSYRXIVW JSV [SVO SR XLIMV KIQ WIX [EXGLIW EW [IPP EW NI[IPPIV] ,IVI HMEQSRHW EVI WIX MRXS XLI GEWI SJ E KSPH [EXGL
8LI EHHMXMSREP XIWX XLEX XLI 7 GEPMFVI LEH XS TEWW QIERX XLEX 7IMOS´W MRXIVREP XIWXMRK SJ GLVSRSQIXIV [EXGLIW [EW QYGL QSVI HIQERHMRK XLER [SYPH RSVQEPP] FI I\TIGXIH FYX XLMW [EW MR XLI WTMVMX SJ XLI GLEPPIRKI XLEX XLI HIWMKR XIEQ LEH WIX JSV XLIQ WIPZIW 3RP] MJ MX TEWWIH XIWXW XLEX [IVI QSVI HIQERHMRK XLER ER] SXLIVW GSYPH XLI HIWMKRIVW FI WYVI XLEX +VERH 7IMOS [EW XLI [SVPH´W FIWX 7IMOS´W ½RIWX [EXGLQEOIVW YWI XVEHMXMSREP QIXLSHW XS EWWIQFPI XLI LMKL KVEHI 7 QIGLERMGEP QSZI QIRXW YWIH MR XSHE]´W +VERH 7IMOS QIGLERMGEP [EXGLIW -X GSQIW EW WSQIXLMRK SJ E WYVTVMWI XLIVIJSVI XLEX
=EWYRSVM 2MWLMQYVE [EW EGXMZI EW E HIWMKRIV HYVMRK XLI XVERWMXMSR JVSQ QIGLERMGEP XS XLI IEVP] UYEVX^ [EXGLIW ,I HIWMKRIH QIGLERMGEP +VERH 7IMOS 7IMOS 7TSVXW &IPPQEXMG 5YEVX^ 7YTIVMSV ERH 8[MR 5YEVX^ QSHIPW
8LI 7&+ [EW XLI UYEVX^ QSHIP XLEX LIVEPHIH XLI VIXYVR SJ +VERH 7IMOS QSHIPW MR -X LEH E GYVZIH GEWI FEGO XS TVSZMHI E QSVI GSQJSVXEFPI JMX SR XLI [VMWX ERH EGGYVEG] [EW WIGSRHW E ]IEV
GSQFMRIH [LIVI ETTVSTVMEXI [MXL 1SVMSOE 7IMOS´W S[R EYXSQEXIH XIGL RSPSK] JSV WSQI TVSGIWWIW ;LIR XLI HIWMKRIVW FIKER HIWMKRMRK GEWIW JSV XLI GYVVIRX KIR IVEXMSR SJ +VERH 7IMOS [EXGLIW XLI] WSYKLX XS GVIEXI E [EXGL XLEX [SYPH EXXVEGX TISTPI ERH LEZI E VIEP TVIWIRGI ER IRHYVMRK HIWMKR XLEX [SYPHR´X WSSR FIGSQI TEWWq ±%FSZI EPP MX LEH XS FI VIGSKRMWEFPI EW E 7IMOS [MXL E GIVXEMR YRMZIVWEPMX] ² EGGSVHMRK XS 2SFYLMVS /SWYKM QEREKIV EX XLI 7IMOS ;EXGL (IWMKR 'IRXVI
3VMKMREP HIWMKR YTHEXIH ;LIR +VERH 7IMOS [EW FVSYKLX FEGO XS PMJI XLI HIWMKRIVW WXEVXIH XLIMV [SVO F] GVIEXMRK VITPMGEW SJ XLI SVMKMREP +7 HIWMKR 8LMW IREFPIH XLIQ XS ETTVIGMEXI XLI QSWX EXXVEGXMZI JIEXYVIW SJ XLI HIWMKR EW [IPP EW WSQI MRLIVIRX [IEO
RIWWIW 7IMOS´W IRKMRIIVW VIEPMWIH XLEX [EXIV VIWMWXERGI [SYPH FI MQTVSZIH GSRWMHIVEFP] F] EPXIVMRK XLI GSRWXVYG XMSR SJ XLI GEWI [MXLSYX PSWMRK MXW FIWX JIEXYVIW 7YGGIWW SJ XLI VIZMZEP SJ +VERH 7IMOS HITIRHIH SR VIXEMRMRK XLI JIIP SJ XLI SVMKMREP WIVMIW [LMPI EHHMRK IRLERGIH JIEXYVIW [LIVIZIV TSWWMFPI *SV I\EQTPI XLI SVMKMREP QSHIP LEH ±FEQFSS PIEJ² LERHW HMEQSRH WLETIH ERH TVIWWIH XS KMZI XLIQ E GIVXEMR GSRXSYV 3RP] XLI XST WYVJEGI [EW TSP MWLIH *SV XLI RI[ +7 XLI XST WYVJEGI [EW HMEQSRH GYX XS KMZI E QMVVSV ½RMWL ERH MR EHHMXMSR XLI WMHIW [IVI TSPMWLIH XSS *SV XLI GX KSPH QSHIP XLI LERHW [IVI GYVZIH ZIV] WPMKLXP] ¯ F] LERH ¯ WS XLEX XLI] RIWXPIH GPSWI XS XLI GYVZIH HMEP 'EWI TSPMWLMRK SJ XLI LMKLIWX TSW WMFPI UYEPMX] MW OI] XS XLI ETTIEVERGI SJ +VERH 7IMOS [EXGLIW ERH WS E WTI GMEP .ETERIWI TVSGIWW GEPPIH ±>EVEXWY² TSPMWLMRK MW YWIH XS EXXEMR E WYTIVF ½RMWL )\XIRWMZI YWI SJ QERYEP WOMPPW MW VIUYMVIH XS EGLMIZI XLI TIVJIGX GYVZIW ERH XLI WTIGXEGYPEV ½RMWL SR XLI GEWI SJ E +7 [EXGL 8LMW WTIGMEP EVXMWXMG XIGLRMUYI GERRSX FI EYXSQEXIH MX GER SRP] FI EGLMIZIH [MXL XLI LYQER XSYGL >EVEXWY TSPMWLMRK [EW ½VWX YWIH SR XLI WIGSRH +VERH 7IMOS QSHIP ERH MX MW WXMPP FIMRK YWIH SR GYVVIRX +7 GEWIW XSHE] %PXLSYKL UYEVX^ XMQITMIGIW EVI WYVI XS HSQMREXI XLI QEVOIX JSV XLI JSVIWIIEFPI JYXYVI 7IMOS LEZI VIWTSRHIH XS XLI VIZMZEP SJ MRXIVIWX MR QIGLERMGEP [EXGLIW [MXL MXW RI[ KIRIVEXMSR SJ +VERH 7IMOS QSHIPW )\TIVMIRGI MR XLI HSQIWXMG QEVOIX LEW EPVIEH] WLS[R XLEX XLIWI RI[ LMKL KVEHI [EXGLIW ETTIEP XS GSPPIGXSVW FYX XLI TVSHYGXMSR SJ IEGL SRI MRZSPZIW WS
8LMW HMEQSRH GYXXMRK XSSP ETTPMIW E WYTIVF JMRMWL XS [EXGL LERHW FYX VIPEXMZIP] JI[ GER FI TSPMWLIH EX SRGI
QYGL QERYEP [SVO XLEX TVSHYGXMSR MW RSX ]IX KVIEX IRSYKL XS FI EFPI XS WYTTP] MRXIVREXMSREP QEVOIXW -R XLI W +7 [EW 7IMOS´W WMK REXYVI VERKI WMRGI MXW VIMRXVSHYGXMSR MX LEW EKEMR FIIR VIGSKRMWIH JSV MXW I\GIPPIRGI ERH MW GSRWMHIVIH XS FI XLI WMKREXYVI VERKI SRGI QSVI 8LI VIFMVXL SJ +VERH 7IMOS QIGLERMGEP [EXGLIW MR QE] FI NYWX XLI FIKMRRMRK
',%48)6
8 ,) (%= 8,%8 ',%2+)( 8,) , -7836= 3* 8-1) (IGIQFIV [EW TVSFEFP] XLI QSWX WMKRMßGERX HEXI MR XLI LMWXSV] SJ QSHIVR [EXGLQEOMRK ERH [MXLSYX HSYFX MX [EW XLI QSWX QSQIRXSYW HE] MR XLI LMWXSV] SJ 7IMOS 3R XLEX HE] XLI GSQTER] WSPH XLI [SVPH³W ßVWX IZIV UYEVX^ [EXGL ERH VIZSPYXMSRMWIH SYV I\TIGXEXMSRW SJ XMQI 3ZIVRMKLX XLI EGGYVEG] SJ [VMWX[EXGLIW GLERKIH JVSQ WIGSRHW E HE] XS WIGSRHW E ]IEV
8LI TLIRSQIRSR SJ UYEVX^ XMQI OIITMRK [EW RSX RI[ FYX XLI EFMPMX] XS QMRMEXYVMWI XLI GSQTSRIRXW XS ½X [MXLMR XLI GSR½RIW SJ E [EXGL GEWI LEH XE\IH XLI ½RIWX FVEMRW MR XLI [EXGL MRHYWXV] JSV QER] ]IEVW ;LIR 7IMOS WXEVXIH MXW UYEVX^ [EXGL HIZIPSTQIRX TVSNIGX XLI XIGLRSPSK] XS EGLMIZI XLIMV KSEP HMH RSX I\MWX ERH WS XLI] GSYPH RSX KIX SYXWMHI LIPT [MXL XLMW TMS RIIVMRK [SVO -R XLI XVYI 7IMOS WTMVMX EPQSWX IZIV]XLMRK XLEX [EW RIIHIH LEH XS FI HIZIPSTIH MR LSYWI 8S[EVHW XLI IRH SJ XLI W MX [EW [MHIP] ORS[R XLEX XLI .ETERIWI ERH XLI 7[MWW [IVI RIGO ERH RIGO MR XLI VEGI XS FI ½VWX XS QEVOIX E UYEVX^ [VMWX[EXGL 7IMOS GVSWWIH XLI ½RMWLMRK PMRI ELIEH SJ XLI 7[MWW ERH QEVOIXIH XLIMV ½VWX UYEVX^ [EXGL XLI %WXVSR SR (IGIQFIV %PXLSYKL XLI 7[MWW LEH EPVIEH] YRZIMPIH TVSXSX]TIW XLI] HMH RSX QEVOIX XLIMV ½VWX UYEVX^ [EXGLIW YRXMP 8LI ½VWX WXIT XS[EVHW XLI YWI SJ UYEVX^ EW E VIKYPEXSV MR XMQITMIGIW [EW XLI VIWYPX SJ [SVO F] 4MIVVI 'YVMI [LS [EW FIXXIV ORS[R JSV LMW TMS RIIVMRK [SVO SR VEHMSEGXMZMX] [MXL LMW [MJI 1EVMI 'YVMI ,I ½VWX SFWIVZIH XLI TLIRSQIRSR SJ TMI^S IPIGXVMGMX] % .3962)= -2 8-1)
7IMOS GLERKIH XLI LMWXSV] SJ XMQI [LIR MX WSPH XLI [SVPH´W JMVWX UYEVX^ [VMWX[EXGL XLI %WXVSR SR (IGIQFIV
MR [LMPI LI [EW [SVOMRK [MXL LMW FVSXLIV .EGUYIW 8LIMV HMWGSZIV] [LMGL WYFWIUYIRXP] PIH XS E VIZSPYXMSR MR XMQIOIITMRK ERH E RYQFIV SJ SXLIV MRHYWXVMIW [EW XLEX WSQI GV]WXEPW KIRIVEXI IPIGXVMGMX] [LIR TVIWWYVI MW ETTPMIH XS XLIQ 8LI] EPWS HMWGSZIVIH
XLEX XLI VIZIVWI MW XVYI [LIR ER IPIG XVMG GYVVIRX MW TEWWIH EGVSWW E UYEVX^ GV]WXEP MX HIJSVQW ERH ZMFVEXIW %W XIPITLSR] ERH XLI YWI SJ XLI VEHMS HIZIPSTIH MR XLI IEVP] TEVX SJ XLI XL GIRXYV] XLIVI [EW E RIIH XS ½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´W UYEVX^ GPSGO
[VMWX[EXGLIW -R XLI XLI QEMR WTVMRK [EW VITPEGIH F] E FEXXIV] FYX XLI YWI SJ E FEPERGI [LIIP ERH FEPERGI WTVMRK [EW WXMPP VIXEMRIH 8LMW RSZIP ETTVSEGL JEMPIH XS TVSHYGI QYGL SJ ER MQTVSZIQIRX MR XMQIOIITMRK FIGEYWI XLI JVIUYIRG] SJ SWGMPPEXMSR VIQEMRIH XLI WEQI EW MR QIGLERMGEP [EXGLIW
8YRMRK JSVO EGGYVEG]
8LI %WXVSR QSZIQIRX FIKER XLI UYEVX^ VIZSPYXMSR 8LI WGVI[W WYKKIWX XLEX MX GSYPH FI HMWQERXPIH WMQTP] FYX [LIR MX [EW JMVWX MRXVSHYGIH RS [EXGL VITEMVIV SYXWMHI 7IMOS [SYPH LEZI ORS[R [LEX XS HS [MXL MX
½PPIH ER IRXMVI VSSQ %TEVX JVSQ XLI HMJ½GYPX] SJ QMRMEXYVMWMRK GSQTSRIRXW
7IMOS JMVWX HIZIPSTIH MXW UYEVX^ 'V]WXEP 'LVSRSQIXIV JSV XLI 3FWIVZEXSV] 'SQTIXMXMSRW MR 7[MX^IVPERH ERH XLIR TYX MX MRXS TVSHYGXMSR EW XLI 5' 0EYRGLIH MR *IFVYEV] MX [EW YWIH XS XMQI WSQI IZIRXW EX XLI 8SO]S 3P]QTMG +EQIW MR XLI WEQI ]IEV
WYJ½GMIRXP] MR XLI W ERH IEVP] W XLIVI [EW ERSXLIV IRSVQSYW SFWXEGPI XS XLI TVSHYGXMSR SJ UYEVX^ [VMWX[EXGLIW XLIVI [IVI RS FEXXIVMIW WQEPP IRSYKL XS ½X MRWMHI E [EXGL GEWI 8LI ½VWX QMRMEXYVI FEXXIVMIW [IVI HIZIPSTIH F] 7EQYIP 6YFIR HYVMRK ;SVPH ;EV -- ERH QERYJEGXYVIH F] 4 6 1EPPSV] FYX XLI] [IVI RSX PIEO TVSSJ ERH GSYPH RSX WXSVI IRSYKL IPIGXVMGMX] XS TS[IV E [EXGL JSV E ]IEV SV QSVI 3RP] [LIR ,EQMPXSR ;EXGL 'SQTER] MR XLI 97% TSSPIH MXW HIZIPSTQIRX VIWSYVGIW [MXL 2EXMSREP 'EVFMHI
PEXIV 9RMSR 'EVFMHI [EW E FEXXIV] WQEPP IRSYKL JSV YWI MR E [VMWX[EXGL TVSHYGIH JSV XLI ½VWX XMQI ¯ ,EQMPXSR ;EXGL 'S´W ½VWX IPIGXVMG [EXGL XLI ,EQMPXSR [EW PEYRGLIH MR XLI 97% MR .ERYEV] ,EQMPXSR´W MRXVSHYGXMSR SJ FEX XIV] TS[IVIH [EXGLIW VITVIWIRXIH ER MRXIVQIHMEXI WXIT XS[EVHW XLI WYGGIWWJYP HIZIPSTQIRX SJ UYEVX^
8LI RI\X WXIT MR XLI HIZIPSTQIRX SJ FEXXIV] TS[IVIH [EXGLIW [EW XLI YWI SJ E QIXEP XYRMRK JSVO [LMGL TVS HYGIH E QSVI WXEFPI VEXI SJ SWGMPPEXMSR EX E LMKLIV JVIUYIRG] LEVRIWWMRK XLI TVMRGMTPI XLEX E XYRMRK JSVO ZMFVEXIW EX E GSRWXERX JVIUYIRG] 8LMW XIGLRMUYI [EW IQTPS]IH MR XLI &YPSZE %GGYXVSR XLI MRZIRXMSR SJ 1E\ ,IX^IP E 7[MWW IRKMRIIV ;SVOMRK JSV &YPSZE MR &MIRRI LI TVSHYGIH XLI ½VWX TVSXSX]TI SJ XLI %GGYXVSR MR FYX MX [EW RSX PEYRGLIH YRXMP -X GSRXEMRIH E XYRMRK JSVO XLEX [EW QEHI XS SWGMPPEXI XMQIW E WIGSRH F] E KIVQERMYQ
8LI UYEVX^ GV]WXEP SWGMPPEXSV MR XLI 5' [EW LSYWIH MR E PEVKI ZEGYYQ XYFI GQW PSRK -X LEH E JVIUYIRG] SJ ,^ ERH MXW GMVGYMXV] MRGPYHIH IPIZIR KIVQERMYQ XVERWMWXSVW ERH XLVII WMPMGSR HMSHIW ',%48)6
XVERWMWXSV TS[IVIH F] E FYXXSR WM^IH FEXXIV] -RWXIEH SJ XMGOMRK PMOI IZIV] QIGLERMGEP [EXGL XLEX LEH IZIV FIIR QEHI XLI %GGYXVSR LYQQIH EX E ½\IH TMXGL NYWX EFSZI QMHHPI ' SR XLI QYWMGEP WGEPI -X QEVOIH E WXIT JSV [EVH MR XMQIOIITMRK EGGYVEG] EW MX [EW GPEMQIH XS FI EGGYVEXI XS [MXLMR SRI QMRYXI E QSRXL [LMGL [EW ½ZI XS WM\ XMQIW FIXXIV XLER XLI FIWX QIGLERMGEP [EXGLIW EX XLI XMQI &YPSZE GPEMQIH MX LEH ER EGGYVEG] SJ TIV GIRX ,S[IZIV MX [EW WYWGITXMFPI XS WLSGO ERH XS I\XIVREP WSYRHW ERH WS MX JEMPIH XS TVSZMHI XLI TIVJIGX WSPYXMSR XLI [EXGL MRHYWXV] LEH FIIR WIIOMRK 1IER[LMPI MR .ETER 7IMOSWLE &IJSVI 7IMOS WYGGIIHIH MR TIVJIGXMRK LEH FIIR FYW] HIZIPSTMRK MXW UYEVX^ E UYEVX^ [VMWX[EXGL MX HIZIPSTIH XIGLRSPSK] &] XLI GSQTER] FEXXIV] TS[IVIH QIGLERMGEP [EXGLIW WYGL EW XLMW )0 ;LIR LEH GVIEXIH E TVEGXMGEP UYEVX^ XMQI UYEVX^ [EXGLIW [IRX MRXS QEWW TMIGI JSV YWI F] E VEHMS WXEXMSR FYX TVSHYGXMSR XLIWI PSWX XLIMV VEMWSR MX [EW WXMPP XLI WM^I SJ E ½PMRK GEFMRIX H´sXVI ERH HMWETTIEVIH JVSQ XLI WGIRI -R XLI JSPPS[MRK ]IEV 7Y[E 7IMOSWLE IQFEVOIH SR E UYEVX^ XMQITMIGI [EXGL GSYPH FI WYQQEVMWIH F] SRI HIZIPSTQIRX QMWWMSR GEPPIH XLI ± % [SVH ±QMRMEXYVMWEXMSR² )RSVQSYW 4VSNIGX² 8LMW PIH XS XLI GVIEXMSR TVSKVIWW [EW RIIHIH XS EHETX XIGL SJ XLI QEVMRI GLVSRSQIXIV E GPSGO RSPSK] XLEX SRGI ½PPIH E VSSQ YRXMP MX XLEX FIGEQI 7IMOS´W ½VWX IRXV] MR XLI [EW WQEPP IRSYKL XS ½X MRWMHI E [EXGL 2IYGLl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½VWX UYEVX^ GPSGO JVIUYIRG] ZMFVEXMSRW ERH YWIW MXW GMV XLI GLEPPIRKI JSV XIGLRMGMERW XV]MRK GYMXV] XS VIHYGI XLMW XS SRI TYPWI IEGL XS EHETX XLI XIGLRSPSK] JSV YWI MR E WIGSRH 8LMW TYPWI GER FI TVSGIWWIH F] % .3962)= -2 8-1)
ERSXLIV IPIGXVSRMG GMVGYMX XLEX IREFPIW XLI XMQI XS FI HMWTPE]IH SR E HMKMXEP HMWTPE] -R ER EREPSKYI UYEVX^ XMQI TMIGI E WXITTMRK QSXSV GSRZIVXW XLI TYPWI MRXS VSXEV] QSZIQIRX XS HVMZI E KIEV XVEMR XLEX XYVRW XLI LERHW XS HMW TPE] LSYVW QMRYXIW ERH WIGSRHW %PXLSYKL XLI VEGI XS WIPP XLI ½VWX UYEVX^ [EXGL [EW ZIV] GPSWIP] GSR XIWXIH 7Y[E 7IMOSWLE LEH FIKYR MXW HIZIPSTQIRX [SVO ]IEVW IEVPMIV [LIR 7IMOS´W QIGLERMGEP [EXGL TVSHYG XMSR [EW MR MXW LI]HE] 8LI GLEPPIRKI SJ UYEVX^ XIGLRSPSK] FVSYKLX EFSYX E JYR HEQIRXEP GLERKI MR XLI WOMPPW RIIHIH F] XLSWI HIZIPSTMRK XLIWI VIZSPYXMSREV] RI[ [EXGLIW 1IGLERMGEP IRKMRIIVW LEH FIIR WYGGIWWJYP MR MRXVSHYGMRK MQTVSZI QIRXW MR QIGLERMGEP [EXGLIW FYX UYEVX^ [EXGLIW EPWS RIGIWWMXEXIH MRTYX JVSQ I\TIVXW [MXL SXLIV WTIGMEPMXMIW
;LIR LI NSMRIH XLI GSQTER] MR ,MHIEOM =EWYOE[E TVSHYGIH HIWMKRW JSV 1EVZIP QIGLERMGEP [EXGLIW ERH WYFWIUYIRXP] FIGEQI MRZSPZIH MR XLI HIZIPSTQIRX SJ UYEVX^ XMQITMIGIW ,I PEXIV FIGEQI ')3 SJ 7IMOS )TWSR
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½GMIRX PII[E] JSV XLI GSQTER] XS PSSO XS XLI JYXYVI ERH XS 7[MWW [IVI MR XLI VEGI XS PEYRGL XLI MRZIWX MR XLI HIZIPSTQIRX SJ UYEVX^ ½VWX UYEVX^ [EXGL 1V /YFSXE WEMH XLEX XMQITMIGIW ,MW GSYVEKI TEMH SJJ JSV 7IMOS [EW E[EVI SJ XLI MRXIRXMSRW SJ XLI GSQTER] ERH JSV LMQ ¯ QYGL PEXIV XLI 7[MWW [LSWI 'IRXVI )PIGXVSRMUYI MR LI FIGEQI 4VIWMHIRX SJ 7IMOS )TWSR
% LYKI MRZIWXQIRX /SYNM /YFSXE [LS [EW MRZSPZIH [MXL XLI HIZIPSTQIRX SJ 7IMOS´W UYEVX^ [EXGLIW MW WIIR LIVI EX XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] [MXL ER I\TIVMQIRXEP GPSGO XLEX YWIH E WIGXMSR SJ FEPERGI WTVMRK WXYJJ EW ER SWGMPPEXSV [LIR I\TIVMQIRXW [IVI FIMRK GEVVMIH SYX XS HMWGSZIV MJ ER] SXLIV QEXIVMEPW [SYPH JYRGXMSR WEXMWJEGXSVMP] MRWXIEH SJ UYEVX^
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
8LI MRZIWXQIRX RIIHIH JSV XLMW HIZIPSTQIRX [SVO [EW LYKI FYX 7IMOS EGGITXIH XLI GLEPPIRKI -X [EW GSRWMHIVIH RIGIWWEV] FIGEYWI SJ XLI GSQTER]´W SR KSMRK UYIWX JSV ±XLI TIVJIGX XMQITMIGI² 3RGI EKEMR 7IMOS´W TMSRIIVMRK WTMVMX GEQI XS XLI JSVI IZI V]XLMRK LEH XS FI HIZIPSTIH MR LSYWI ERH XLMW FVSYKLX SYX XLI GVIEXMZI WTMVMX MR XLI GSQTER]´W HIZIPSTQIRX XIEQ &IJSVI GSRGIRXVEXMRK SR XLI YWI SJ UYEVX^ EW XLI SWGMPPEXSV JSV XLI RI[ EKI SJ FEXXIV] TS[IVIH [EXGLIW 7IMOS´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
/MRMGLM 9WLMOSWLM LEH VIWTSRWMFMPMX] JSV HIZIPSTMRK W]WXIQW JSV QEWW TVSHYGMRK UYEVX^ [VMWX[EXGLIW
,SVPSKrVI '), VIWIEVGL GIRXVI LEH EPVIEH] IRXIVIH E TVSXSX]TI UYEVX^ [EXGL MR XLI 7[MWW GLVSRSQIXIV XVMEPW /RS[MRK XLEX 1V /YFSXE LEH FIIR GPSWIP] MRZSPZIH [MXL UYEVX^ [EXGLIW WMRGI XLIMV MRGITXMSR [I EWOIH MJ LI GSYPH JSVIWII XLI HE] [LIR ER] SXLIV XIGLRSPSK] QMKLX XEOI XLI TPEGI SJ UYEVX^ XMQIOIITMRK ,I VITPMIH ±-X MW ',%48)6
7IMOS PEYRGLIH XLI [SVPH´W JMVWX HMKMXEP UYEVX^ [EXGL [MXL E *MIPH )JJIGX 1SHI *)1 PMUYMH GV]WXEP HMWTPE] MR 8LI WM\ HMKMX 0'( TERIP [EW QERYJEGXYVIH MR LSYWI
8LIVI [EW RS TVSFPIQ MJ E GSQTIXM SWGMPPEXSV XLI '137 -' ERH XLI WXIT XMSR XMQITMIGI WXSTTIH [SVOMRK SRGI TMRK QSXSV )RKMRIIVMRK WXEJJ EX 7Y[E XLI HE] XIWX TIVMSH [EW SZIV FYX E 7IMOSWLE HIZIPSTIH EPP XLVII SJ XLIWI UYEVX^ [EXGL MR GSQQIVGMEP TVSHYGXMSR XIGLRSPSKMIW ERH TVSZMHIH ER IRSV LEH XS FI VIPMEFPI VSFYWX ERH HYVEFPI QSYW FSSWX XS 7IMOS´W JYXYVI 8LI RI[ HIZIPSTQIRX XIEQ EWWIQ 8LIWI HMJJIVIRGIW [IVI XLI GEYWI SJ FPIH F] 7LSNM ,EXXSVM HIGMHIH XS YWI ER QER] HMJ½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½VWX LYVHPIW XLI] LEH XS SZIVGSQI SRHW EGXMSR XLIVIF] SZIVGSQMRK WSQI XSKIXLIV [MXL XLI HMJ½GYPX] SJ VIHYGMRK SJ XLI TVSFPIQW I\TIVMIRGIH [MXL XLI WM^I SJ UYEVX^ QSZIQIRXW 8LI] XLI IEVPMIV UYEVX^ [EXGL TVSXSX]TIW EPWS I\TIVMIRGIH TVSFPIQW MR QEMR 8LIVI [EW GSRWMHIVEFPI VIWMWXERGI XEMRMRK EGGYVEG] [LIR XLI IEVPMIWX TVS JVSQ XLI QEVOIXMRK HITEVXQIRX XS XLI JYRHEQIRXEP GLERKI MRZSPZIH MR YWMRK XSX]TIW [IVI QSZIH EFSYX
% 4VIWMHIRXMEP HIGVII
8LI TVSNIGX XIEQ FIGEQI FSKKIH TSMRXPIWW XS IZIR XV] XS VITPEGI UYEVX^ HS[R F] XLIMV HMJ½GYPXMIW ERH MX XSSO XIGLRSPSK] YRPIWW WSQI SXLIV W]WXIQ XLI MRXIVZIRXMSR SJ XLI ,EXXSVM JEQMP] VIEGLIW XLI WEQI PIZIP SJ EGGYVEG] EW XS OMGO WXEVX XLI IJJSVX EKEMR -R EXSQMG GPSGOW ² %XSQMG GPSGOW EVI XLI 7LSNM ,EXXSVM XLI 4VIWMHIRX SJ ,EXXSVM QSWX EGGYVEXI SJ EPP XLI FIWX RS[ LEZI 7IMOS VER SYX SJ TEXMIRGI ERH KEZI XLI ER EGGYVEG] SJ SRI WIGSRH MR WM\ QMP SVHIV XLEX XLIVI [EW XS FI E QEVOIX PMSR ]IEVW FYX WGMIRXMWXW I\TIGX XS FI EFPI TVSHYGX [MXLMR SRI ]IEV EGGSVHMRK EFPI XS MQTVSZI XLMW XS SRI WIGSRH MR XS ,MHIEOM =EWYOE[E 0IEZMRK MR TPEGI WM\ FMPPMSR ]IEVW 7YGL PIZIPW SJ EGGY SRP] SRI QIQFIV SJ XLI SVMKMREP HIWMKR VEG] EVI MQTSVXERX MR WSQI WGMIRXM½G XIEQ LI TYX XSKIXLIV E RI[ XIEQ ERH EWXVSRSQMGEP [SVO ERH MR XLI GSQTVMWMRK JSYV SV ½ZI SJ XLI FVMKLXIWX WXEJJ LI GSYPH ½RH ERH HIGMHIH XLI] GSQQYRMGEXMSRW MRHYWXV] 8LI IEVP] HE]W SJ 7Y[E 7IMOSWLE´W WLSYPH [SVO SR HIWMKR ERH TVITEVMRK UYEVX^ [VMWX[EXGL HIZIPSTQIRX TVS JSV QEWW TVSHYGXMSR MR TEVEPPIP 1V KVEQQI MR XLI W [IVI FIWIX F] =EWYOE[E LEW WMRGI WEMH ±- XLMRO XLMW HMJ½GYPXMIW *MVWX XLI] LEH XS TVSHYGI MW [LIVI XLI WIIHW JSV XSHE]´W 7IMOS E VIPMEFPI HYVEFPI XMQITMIGI 8LI] LEH )TWSR GYPXYVI SJ ³GVIEXMZMX] ERH GLEP EPVIEH] TVSHYGIH UYEVX^ GPSGOW ERH PIRKI´ XSSO VSSX ² 8LMW RI[ XIEQ WXEVXIH [SVO IRXIVIH WSQI SJ XLIQ MR XLI 7[MWW GLVSRSQIXIV GSQTIXMXMSRW FYX VIKYPEV XS[EVHW XLI IRH SJ 8LI XLVII TVSHYGXMSR XMQITMIGIW TVIWIRXIH ER OI] XIGLRSPSKMIW MR UYEVX^ EREPSKYI IRXMVIP] HMJJIVIRX XIGLRMGEP GLEPPIRKI [VMWX[EXGLIW EVI XLI UYEVX^ GV]WXEP % .3962)= -2 8-1)
7IMOS´W (EMRM 7IMOSWLE TPERX HIZIPSTIH XLMW 0' PMUYMH GV]WXEP UYEVX^ [EXGL MR -X LEH E JYXYVMWXMG ETTIEVERGI FYX [EW I\XVIQIP] HMJJMGYPX XS TVSHYGI
.YWX ]IEVW EJXIV %WXVSR WSQI UYEVX^ [EXGLIW LEH EPQSWX YRPMQMXIH JYRGXMSRW 8LMW HMZIV´W [EXGL MRGPYHIH ER EPEVQ ERH HITXL WIRWSV
E WIGSRHW LERH XLEX WXITTIH JSV[EVH SRP] SRGI E WIGSRH FYX IZIRXYEPP] XLI SFNIGXSVW [IVI GSRZMRGIH F] XLI EVKY QIRX XLEX XLMW [EW E TSWMXMZI JIEXYVI SJ E UYEVX^ [EXGL %X SRI SJ XLIMV QEVOIXMRK QIIX MRKW 1V 1EWELMVS /YVMXE ¯ E PIEHMRK QIQFIV SJ XLI UYEVX^ [EXGL HIZIPST QIRX XIEQ ¯ LETTIRIH XS WE] ±-´ZI RIZIV WIIR E WIGSRH² 8LMW PIH XS XLI GSQTER]´W RI[ GEXGLTLVEWI JSV UYEVX^ [EXGLIW ±,EZI ]SY IZIV WIIR SRI WIGSRH#² ,MKL TIVJSVQERGI -RXIKVEXIH 'MVGYMXW -'W ERH 0EVKI 7GEPI -RXIKVEXIH GMVGYMXW 07-W [MXL PS[ TS[IV GSRWYQTXMSR [IVI RSX ]IX EZEMPEFPI ERH WS XLI RI[ HIZIPSTQIRX XIEQ QEHI YWI SJ IPIGXVSRMG GMVGYMXW HIZIPSTIH F] MXW TVIHIGIWWSVW 8LI] MRLIVMXIH E L]FVMH GMVGYMX GSQTVMWMRK XVERWMWXSVW GETEGMXSVW ERH TVMRXIH VIWMWXSVW XLEX [IVI WSPHIVIH XSKIXLIV QERYEPP] 8LMW LEH FIIR HIZIPSTIH MR OIITMRK [MXL XLI GSQ TER]´W TLMPSWSTL] ±[LEX HSIWR´X I\MWX
[I´PP QEOI SYVWIPZIW² ERH MX JEGMPMXEXIH 7IMOS´W EFMPMX] XS QEVOIX XLI [SVPH´W ½VWX UYEVX^ [VMWX[EXGL 8LI RI\X WMKRM½GERX WXIT JSV[EVH [EW XS FI XLI HIZIPSTQIRX SJ ER MRXI KVEXIH IPIGXVSRMG GMVGYMX XS TVSGIWW XLI TYPWIW KIRIVEXIH F] XLI UYEVX^ GV]WXEP SWGMPPEXSV ERH VIHYGI XLIQ XS SRI TYPWI TIV WIGSRH 8LI 7QMXLWSRMER -RWXMXYXI LEW HI½RIH ER MRXIKVEXIH GMVGYMX -' SV GLMT EW ±%R EWWIQFP] SJ MRXIVGSRRIGXIH GSQTSRIRXW SR E WQEPP WIQMGSRHYGXSV GLMT YWYEPP] QEHI JVSQ WMPMGSR ² -X EHHIH ±3RI GLMT GER GSRXEMR QMPPMSRW SJ QMGVSWGSTMG GSQ TSRIRXW ERH TIVJSVQ QER] JYRGXMSRW ² 8LI MRXIKVEXIH GMVGYMX [EW MRZIRXIH MR HMJJIVIRX JSVQW MR XLI 9RMXIH 7XEXIW F] .EGO /MPF] SJ 8I\EW -RWXVYQIRXW ERH 6SFIVX 2S]GI EX *EMVGLMPH 7IQMGSRHYGXSV 8LI] GSYPH LEZI LEH PMXXPI MHIE SJ XLI MQTSVXERGI SJ XLIMV MRZIRXMSR ERH XLI JEV VIEGLMRK IJJIGXW MX [SYPH LEZI MR XLI ½IPH SJ IPIGXVSRMGW -R [EXGLQEOMRK SRI SJ XLI QSWX WMKRM½GERX FIRI½XW SJ XLI MRXIKVEXIH GMVGYMX [EW XLEX MX LEH RS QSZMRK TEVXW ERH XLIVIJSVI RS JVMGXMSR XLEX GSYPH GEYWI [IEV YRPMOI XLI IWGETIQIRX SJ E XVEHMXMSREP QIGLERMGEP XMQITMIGI 8LMW VIHYGIH XLI RIIH JSV QEMRXIRERGI ERH KEZI UYEVX^ XMQITMIGIW E JYVXLIV EHZER XEKI SZIV QIGLERMGEP XMQIOIITIVW -R '), IRXIVIH UYEVX^ [VMWX [EXGL TVSXSX]TIW MR XLI 2IYGLlXIP 3FWIVZEXSV] GSQTIXMXMSR JSV XLI ½VWX XMQI 8LI '), PEFSVEXSV] LEH FIIR WIX YT MR EW E NSMRX ZIRXYVI FIX[IIR E RYQFIV SJ QERYJEGXYVIVW 8LI ½VWX TVSXSX]TI UYEVX^ XMQITMIGIW XLI] IRXIVIH MR XLI GLVSRSQIXIV XVMEPW XSSO ½VWX WIGSRH ERH XLMVH TPEGIW ERH WMKREPPIH XLI WIVMSYW MRXIVIWX SJ XLI 7[MWW MR UYEVX^ XMQIOIITMRK 8LI VEGI [EW SR
8LI 7[MWW LEH QEHI MX GPIEV XLI] [ERXIH XS QEVOIX UYEVX^ [EXGLIW EW WSSR EW TSWWMFPI FYX 7IMOS XSS LEH GSQQIVGMEP SFNIGXMZIW MR QMRH (IZIPSTQIRX [SVO GSRXMRYIH EX XST WTIIH MR 7[MX^IVPERH ERH .ETER EW GSQTERMIW MR FSXL GSYRXVMIW TYPPIH SYX EPP XLI WXSTW XS FI ½VWX MRXS XLI QEVOIXTPEGI
8LI ßVWX UYEVX^ WEPI 7IMOS [SR XLI VEGI ERH XLI ½VWX %WXVSR UYEVX^ [EXGL [EW WSPH SR 'LVMWXQEW (E] MX QEHI LMWXSV] ERH GLERKIH XLI [SVPH SJ [EXGLQEOMRK JSVIZIV 8LI %WXVSR´W UYEVX^ SWGMPPEXSV LEH E JVI UYIRG] SJ G]GPIW E WIGSRH ,^ ERH XLI [EXGL [EW GPEMQIH XS FI EGGY VEXI XS [MXLMR ½ZI WIGSRHW E HE] -X [EW TVSHYGIH MR E PMQMXIH IHMXMSR SJ SRP] TMIGIW ERH WSPH JSV ]IR ¯ [LMGL [EW XLIR EFSYX XLI WEQI TVMGI EW E 8S]SXE 'SVSPPE GEV &] XLI XMQI SJ XLI &EWIP *EMV MR 7[MX^IVPERH JSYV QSRXLW EJXIV XLI ½VWX %WXVSR [EW WSPH E RYQFIV SJ 7[MWW GSQTERMIW ERRSYRGIH XLI MRXVSHYGXMSR SJ UYEVX^ [EXGLIW JSV XLI ½VWX XMQI 8LI] YWIH XLI WEQI &IXE GEPMFVI XLEX LEH FIIR HIZIPSTIH F] '), %JXIV 7IMOS´W LYKIP] MQTSVXERX PEYRGL XLI UYEVX^ [EXGL VEGI QSZIH EX ER EWXSRMWLMRK TEGI ERH WSSR 7IMOS [EW XS XEOI GSRXVSP SJ XMQI 8LI] PEYRGLIH RI[ QSHIPW MR UYMGO WYGGIWWMSR ERH F] XLI IRH SJ GSRXMRYIH XS PIEH XLI [E] F] PEYRGLMRK XLI [SVPH´W ½VWX UYEVX^ [EXGL YWMRK E '137 -' EW MXW IPIGXVSRMG FVEMR -R XLI ½VWX 7[MWW TVSXSX]TI UYEVX^ [EXGLIW E WMRKPI -' GSQTVMWMRK EVSYRH GSQTSRIRXW [EW YWIH XS QEREKI EPP XLI IPIGXVSRMG JYRGXMSRW SJ XLI [EXGL 7IMOS´W %WXVSR YWIH E L]FVMH GMVGYMX ¯ E GSQFMREXMSR SJ GMVGYMXW SR ',%48)6
1EWEXSWLM 8SL]EQE [EW MRWXVYQIRXEP MR LIPTMRK 7IMOS XS PEYRGL XLI [SVPH´W JMVWX HMKMXEP UYEVX^ [EXGL [MXL E *MIPH )JJIGX 1SHI *)1 HMWTPE] 8SHE] XLMW W]WXIQ MW YWIH MR EPP 0'( [EXGLIW
E WMRKPI WYFWXVEXI 8LIWI HIZIPSTQIRXW MR MRXIKVEXIH GMVGYMX XIGLRSPSK] [IVI JYRHEQIRXEP XS 7IMOS´W VETMH TVSKVIWW ERH WSSR XLI] [IVI JSVKMRK ELIEH [MXL MQTSVXERX RI[ HIZIPSTQIRX [SVO %X ½VWX (EMRM 7IMOSWLE [ERXIH XS HIZIPST UYEVX^ [EXGLIW XLEX [SYPH RSX YWI MRXIKVEXIH GMVGYMXW FIGEYWI XLI] ±[IVI VIEPP] E LERHJYP XS HIEP [MXL² 1EWEXSWLM 8SL]EQE [LS PEXIV FIGEQI E HMVIGXSV SJ (EMRM 7IMOSWLE [EW WIEVGLMRK JSV E [E] XS QEOI E UYEVX^ [EXGL [MXLSYX ER -' FYX E GLERGI QIIXMRK [MXL SRI TIVWSR GLERKIH LMW STMRMSR ERH LEH E TVSJSYRH MR¾YIRGI SR XLI JYXYVI SJ 7IMOS ERH PIH XS XLI YWI SJ ER -' MR 7IMOS´W WIGSRH UYEVX^ [EXGL (V 8SL]EQE I\TPEMRW ±% 7[MWW TL]WMGMWX GEPPIH (V ,SIVRM PIJX XLI %QIVMGER GSQTER] *EMVGLMPH XS WXEVX % .3962)= -2 8-1)
LMW S[R WQEPP ½VQ -RXIVWMP 'SVTSVEXMSR [MXL E GSPPIEKYI (V ,SIVRM LEH FIIR E HMWGMTPI SJ (V 7LSGOPI] XLI 2SFIP TVM^I[MRRIV [LS [EW SRI SJ XLI MRZIR XSVW SJ XLI XVERWMWXSV (V ,SIVRM [EW E TMSRIIV SJ XLI WIQMGSRHYGXSV MRHYWXV] ERH XLI MRZIRXSV SJ XLI TPEREV TVSGIWW XLEX JSVQW XLI FEWMW SJ XSHE]´W QMGVS GLMT XIGLRSPSK] 8LIWI X[S JSYRHIVW SJ -RXIVWMP HIZIPSTIH 137 ERH PEXIV '137 XIGLRSPSK] -R %TVMP EJXIV E QIIXMRK MR .ETER [MXL *YNMXWY (V ,SIVRM [EW XEOIR XS QIIX XLI HIZIPSTQIRX XIEQ EX (EMRM 7IMOSWLE ,I TVSTSWIH XLI YWI SJ JVIUYIRG] HMZMHIVW JSV [EXGLIW YWMRK '137 -'W %W 1V 8SL]EQE LIEVH XLMW LI XLSYKLX ±8LMW [SYPH [SVO TIVJIGXP]² %X ½VWX (V ,SIVRM WYKKIWXIH E GLMT XLEX VIUYMVIH ZSPXW ERH WS XLI TVSFPIQ [EW [LIXLIV SV RSX XLI ZSPX TS[IV WYTTP] MX VIUYMVIH GSYPH FI VIHYGIH XS ZSPXW -RXIKVEXIH GMVGYMXW GER FI FVSEHP] HMZMHIH MRXS FM TSPEV ERH '137 X]TIW 8LI FM TSPEV X]TI [SVOW EX LMKL WTIIH FYX GSRWYQIW E PEVKI EQSYRX SJ IPIG XVMGEP GYVVIRX 'SRZIVWIP] XLI 137 ERH MXW QSVI HIZIPSTIH JSVQ XLI '137 MW WPS[IV FYX VIUYMVIW PIWW IPIG
XVMG TS[IV -X EPWS LEW KVIEXIV TSXIRXMEP JSV QMRMEXYVMWEXMSR (V 8SL]EQE GLSWI XLI '137 VSYXI (EMRM 7IMOSWLE EGGITXIH (V ,SIVRM´W TVSTSWEPW ERH MR .ERYEV] HIZIPSTQIRX FIKER -X [EW GSQTPIXIH MR 1E] 8LI GSRXVEGX FIX[IIR (EMRM 7IMOSWLE ERH -RXIVWMP LEH WTIGM ½IH XLEX XLI '137 -' WLSYPH LEZI ER MRTYX JVIUYIRG] SJ O,^ E ZSPXEKI WYTTP] SJ : SV PIWW TS[IV GSRWYQT XMSR SJ QMGVS[EXX SV PIWW XLI GLMT WM^I WLSYPH FI \ \ QQ ERH XLI HIZIPSTQIRX PIEH XMQI [EW WIX EX QSRXLW 8LI EKVIIH HIZIPSTQIRX GSWX [EW ;LMPI 7IMOSWLE ERH -RXIVWMP [IVI HIZIPSTMRK XLI ½VWX '137 -' WYMXEFPI JSV YWI MR E [EXGL XLI 7[MWW LEH FIIR YWMRK FM TSPEV -'W MR XLI &IXE QSZI QIRX YWIH MR XLIMV ½VWX UYEVX^ [EXGLIW FYX XLIWI LEH ZIV] LMKL TS[IV GSR WYQTXMSR (V 8SL]EQE VIGEPPW XLI HIZIPST QIRX SJ XLI ½VWX '137 -' YWIH F] 7IMOS ±%W I\TIGXIH XLI QSWX HMJ ½GYPX GLEPPIRKI [EW XLEX SJ VIHYGMRK XLI VIUYMVIH MRTYX ZSPXEKI (V ,SIVRM I\TIRHIH TIV GIRX SJ LMW IJJSVX SR XLMW ² 8LMW '137 -' [EW ½VWX YWIH MR
% ZMI[ MRWMHI 7IMOS´W I\TIVMQIRXEP -' TPERX MR 2EVEWLMRS -X [EW HIZIPSTMRK '137 -'W [LMGL LEZI FIGSQI XLI MRHYWXV] WXERHEVH EX E XMQI [LIR XLI 7[MWW ERH SXLIVW [IVI WXMPP YWMRK IRIVK] LYRKV] FM TSPEV -'W
XLI 7IMOS 75' [LMGL [EW PEYRGLIH EX XLI IRH SJ ,S[IZIV XLIVI [IVI TVSFPIQW [MXL ]MIPHW ¯ XLI TIV GIRXEKI SJ EGGITXEFPI GLMTW MR IEGL FEXGL ¯ JVSQ -RXIVWMP´W TVSHYGXMSR ERH WS 7IMOS XSSO XLI QSQIRXSYW HIGM WMSR XS TVSHYGI EPP -'W MR LSYWI 8LMW HVEQEXMG TSPMG] GLERKI TVSZIH XS FI SJ IRSVQSYW WMKRM½GERGI ERH QEHI XLI GSQTER] IZIR QSVI WIPJ WYJ½GMIRX -X EPWS QIERX XLEX XLI] [SYPH RSX FI EX XLI QIVG] SJ ER SYXWMHI WYTTPMIV JSV XLI WYTTP] SJ '137 -'W 8[IRX] ]IEVW PEXIV 7IMOS )TWSR LEH FIGSQI SRI SJ XLI [SVPH´W PEVKIWX QERYJEGXYVIVW SJ '137 GLMTW ERH .ETER LEH FIGSQI XLI [SVPH PIEHIV MR IPIGXVSRMG XMQITMIGIW
-R LSYWI QERYJEGXYVMRK (EMRM 7IMOSWLE HIZIPSTIH ZIVWMSRW XLEX GSRWYQIH IZIR PIWW TS[IV EJXIV MX XSSO '137 -' QERYJEGXYVMRK MR LSYWI 8LI TIVJSVQERGI SJ XLIWI -'W -R 6'% MR %QIVMGE VIPIEWIH XLIWI X[S TMGXYVIW 8LI YTTIV TMGXYVI [EW ½RI XYRIH XS MQTVSZI EGGYVEG] WLS[W ER 6'% WGMIRXMWX LSPHMRK ER XS NYWX WIGSRHW E ]IEV ERH WYTTSVX [EW SYXHEXIH QIGLERMGEP [EXGL EPSRKWMHI FYMPX MR JSV EHHMXMSREP JYRGXMSRW WYGL ER 0'( GPSGO 8LI PS[IV TMGXYVI WLS[W EW GLVSRSKVETL ERH EPEVQ JIEXYVIW (V ,IMPQIMIV [LS LEH E QIIXMRK [MXL (V 8SL]EQE XS HMWGYWW HMKMXEP HMWTPE] )ZIRXYEPP] XLI GSQTER] I\TERHIH XIGLRSPSK] MRXS XLI HIZIPSTQIRX SJ KIRIVEP YWI QMGVS GSRXVSPPIVW XLEX EVI RS[ JSYRH MR E [MHI ZEVMIX] SJ LSQI ERH MRHYW GSRXEMR GSQTSRIRXW SV QSVI XVMEP IUYMTQIRX 8LMW HMZIVWM½GEXMSR ERH XLI] GER FI PMOIRIH XS HIHMGEXIH TVSZMHIH XLI JSYRHEXMSR JSV 7IMOS GSQTYXIVW -RWXVYQIRXW [LMGL MW XSHE] E QENSV -X [EW RSX NYWX MR GLMT XIGLRSPSK] GSQTER] MR MXW S[R VMKLX [MXL GSR XLEX XLI ETTVSEGLIW SJ 7IMOS ERH XLI WSPMHEXIH XYVRSZIV SJ 97 FMPPMSR 7[MWW [IVI EX ZEVMERGI -R XLI IEVPMIWX MR UYEVX^ [EXGLIW XLIVI [IVI MQTSVXERX 7IMOS´W 75 [EW XLI ½VWX [EXGL HMJJIVIRGIW FIX[IIR XLI UYEVX^ GV]WXEP MR XLI [SVPH XS YXMPMWI E '137 GLMT XIGLRSPSK] YWIH F] 7IMOS ERH F] XLI RS[ EPP UYEVX^ [EXGLIW YWI '137 '), MR XLI 7[MWW &IXE QSZIQIRX XIGLRSPSK] -R 7IMOS VITPEGIH XLI 7IMOS YWIH MXW S[R TVSTVMIXEV] UYEVX^ WLSVX PMZIH 75 WIVMIW [MXL XLI GV]WXEP MR XLI WLETI SJ E XYRMRK JSVO WIVMIW %RH XLI HIZIPSTQIRX GSRXMRYIW [LMPI XLI '), GEPMFVI [EW ½XXIH [MXL ¯ XSHE] X]TMGEP -' GLMTW MR [EXGLIW E FEV X]TI UYEVX^ SWGMPPEXSV [LMGL [EW
½\IH EX MXW GIRXVI 7IMOS I\TIVMQIRXIH ZIV] FVMI¾] [MXL XLI FEV X]TI FYX WSSR ETTVIGMEXIH XLI WYTIVMSV FIRI½XW SJ XLI XYRMRK JSVO ZIVWMSR ERH XSHE] XLI XYRMRK JSVO WLETI LEW FIGSQI XLI MRHYWXV] WXERHEVH % UYEVX^ GV]WXEP SWGMPPEXIW EX E TVIGMWI JVIUYIRG] XLEX MW HIXIVQMRIH F] XLI ZSPYQI SJ XLI GV]WXEP XLI PEVKIV XLI GV]WXEP XLI PS[IV MXW JVIUYIRG] 7IMOS´W ½VWX UYEVX^ QSZIQIRX YWIH UYEVX^ GV]WXEPW [MXL E JVIUYIRG] SJ O,^ %PXLSYKL XLI ½VWX UYEVX^ GV]WXEP GLVSRSQIXIV GPSGO QEHI F] 7Y[E 7IMOSWLE XLI 5' YWIH E FEV X]TI UYEVX^ GV]WXEP TYVGLEWIH JVSQ ERSXLIV GSQTER] XLI %WXVSR 7IMOS´W ½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½GYPX %R STIVEXSV ',%48)6
[SYPH LSPH XLI SWGMPPEXSV [MXL E TEMV SJ X[II^IVW ERH KVMRH XLI XMTW SJ XLI XYRMRK JSVO YWMRK E KVMRHWXSRI GSEXIH [MXL HMEQSRH HYWX [LMPI SFWIVZMRK TVSKVIWW YRHIV E QMGVSWGSTI 8LMW TVSGIWW VIHYGIH XLI GV]WXEP XS XLI TVI GMWI ZSPYQI RIGIWWEV] XS IRWYVI XLEX MX [SYPH SWGMPPEXI EX XLI GSVVIGX JVIUYIRG] 8LMW [EW XVYP] XLI [SVO SJ GVEJXWQIR FIGEYWI IZIR E WTIGO SJ KVSYRH UYEVX^ HYWX SR XLI SWGMPPEXSV GSYPH GLERKI MXW JVIUYIRG] 8LI UYEVX^ GV]WXEP [EW XLIR GPIERIH MR ER YPXVEWSRMG XERO 8LI JVIUYIRG] SJ IEGL GV]WXEP [EW GLIGOIH [LMPI MX [EW FIMRK KVSYRH ERH EJXIV MX LEH FIIR GPIERIH -X [EW XLIR WSPHIVIH F] LERH XS E TPEXMRYQ WYTTSVXMRK [MVI ERH GSRRIGXIH XS XLI PIEHW XLEX TS[IVIH MX *MREPP] MX [EW WIEPIH MR E TVSXIGXMZI GEWI 8LMW [SVO [EW I\XVIQIP] PEFSYV MRXIRWMZI ERH ER]SRI QEOMRK SWGMPPEXSVW E HE] VIGIMZIH E FSRYW -R XLI IEVPMIWX HE]W SJ TVSHYGMRK XLI -R 7IMOS PEYRGLIH XLI [SVPH´W JMVWX HMKMXEP UYEVX^ [EXGL [MXL E GLVSRSKVETL 75 TVSHYGXMSR [EW WS WPS[ MX XLI -X GSYPH VIGSVH XMQI XS SJ E WIGSRH ERH LEH E PET XMQI JYRGXMSR -X EPWS MRGSVTSVEXIH ER MRXIVREP PMKLX WS XLEX MX GSYPH FI WIIR GPIEVP] MR XLI HEVO GSYPH FI HMJ½GYPX XS TVSHYGI YRMXW E QSRXL &] TLSXSPMXLSKVETLMG IXGLMRK [EW MRXVSHYGIH ERH XLMW IRE HMWXVMFYXIH WX]PI SJ XLI 7[MWW LIVI [I [EW VIWTSRWMFPI JSV E HMJJIVIRX EVIE FPIH TVSHYGXMSR ZSPYQIW SJ SWGMPPEXSVW EVI ER MRXIKVEXIH QERYJEGXYVIV -J [I SJ XLI TVSHYGXMSR SJ XLI IEVP] UYEVX^ XS FI MRGVIEWIH HVEQEXMGEPP] 8SHE] FIPMIZI ER]XLMRK XS FI E VIUYMVIQIRX QSZIQIRXW '), HIWMKRIH XLI [EXGL XIRW SJ XLSYWERHW GER FI TVSHYGIH MR MX´W [MXLMR SYV QEREKIQIRX´W WGSTI ERH TVSHYGIH XLI MRXIKVEXIH GMVGYMX XS XEOI EPP XLI QIEWYVIW RIIHIH XS )FEYGLIW 7% QEHI XLI QIGLERMGEP ER LSYV &] XLI PEXXIV TEVX SJ XLI XL GIR EGX ² ,MW GSQQIRXW VIPEXIH XS XLI TEVXW ERH XLI UYEVX^ GV]WXEP SWGMPPEXSV XYV] ERH EX XLI FIKMRRMRK SJ XLI WX 'LVSRSQIXIV 'SQTIXMXMSR FYX LMW ERH 3QIKE TVSHYGIH XLI QMGVSQSXSV GIRXYV] QSWX [EXGLIW YWI E UYEVX^ SFWIVZEXMSR [EW ZIV] TIVGITXMZI 8LMW 8LI ½RMWLIH TVSHYGXW [IVI EWWIQFPIH GV]WXEP XLEX SWGMPPEXIW EX E JVIUYIRG] MRXIKVEXMSR [EW YPXMQEXIP] SRI SJ MR XLVII HMJJIVIRX JEGXSVMIW XLEX TVS SJ ,^ -R 7IMOS´W TVSHYGX VERKI XLI TVMRGMTEP VIEWSRW XLEX 7IMOS [EW HYGIH ½REP TVSHYGXW XS XLI HIWMKRW SRI I\GITXMSR MW XLI GV]WXEP YWIH MR EFPI XS I\TERH TVSHYGXMSR SJ UYEVX^ SJ XLI 7[MWW GSQTERMIW XLEX TPEGIH XLI 4IVTIXYEP 'EPIRHEV MX LEW E JVI [EXGLIW JEWXIV XLER ER] 7[MWW QERY SVHIVW &] 7[MWW GSQTERMIW FIKER WIPPMRK UYEVX^ [EXGLIW YRHIV UYIRG] SJ O,^ [LMGL IREFPIW MX XS JEGXYVIVW %GGSVHMRK XS VIWIEVGL F] XLI XLIMV S[R FVERH REQIW EXXEMR IZIR KVIEXIV EGGYVEG] &] GSRXVEWX XLI MRXIKVEXIH TVS 1V 2EOEQYVE SFWIVZIH ±3RI FMK 7QMXLWSRMER -RWXMXYXI XLI &IXE HMJJIVIRGI FIX[IIR XLI 7[MWW -RHYWXV] LEH FIIR HIZIPSTIH F] '), [LMGL HYGXMSR PMRIW XLEX LEH FIIR E JIEXYVI ERH YW XLEX [I PIEVRIH SJ XLVSYKL XLI [EW ½RERGIH F] E GSRWSVXMYQ SJ SJ 7IMOS´W JEGXSVMIW JSV WSQI ]IEVW GSQTIXMXMSR MW XLEX MR GSRXVEWX XS XLI 7[MWW [EXGL GSQTERMIW ERH IEGL MQTSWIH JI[ TVSHYGXMSR VIWXVMGXMSRW % .3962)= -2 8-1)
8LI IHMXMSR SJ 0MJI 1EKE^MRI MR [LMGL (V 8SL]EQE HMWGSZIVIH ER EVXMGPI EFSYX E ±GLEQIPISR GLIQMGEP² 8LI EYXLSV GSYPH LEZI LEH PMXXPI MHIE SJ XLI TVSKVIWW XLEX [SYPH FI QEHI MR XLI HIZIPSTQIRX SJ PMUYMH GV]WXEP HMWTPE]W MR XLI JSPPS[MRK ]IEVW
ERH XLI SRP] WMKRM½GERX GSQTSRIRX XLEX [EW HITIRHERX SR SYXWMHI GSST IVEXMSR [EW XLI '137 -' ¯ ERH IZIR XLMW [EW SRP] QERYJEGXYVIH EW E NSMRX ZIRXYVI JSV E WLSVX XMQI
[EW 4VSJIWWSV *IVKYWSR EX XLI /IRX 7XEXI 9RMZIVWMX] MR XLI 97% ¯ [LMGL MW RS[ LSQI XS XLI 0MUYMH 'V]WXEP -RWXMXYXI (V 8SL]EQE [EW OIIR XS QIIX 4VSJIWWSV *IVKYWSR WS XLEX LI GSYPH 'LEQIPISR GLIQMGEP EWO LMQ EFSYX ±GVIEXMRK IPIGXVSRMG -R XLI PEXI W ERH IEVP] W XLIVI MQEKIW² ,I WSSR HMWGSZIVIH XLEX [EW E KVS[MRK HIWMVI XS HMWTPE] MRJSV PMUYMH GV]WXEP HMWTPE]W [IVI EPVIEH] QEXMSR IPIGXVSRMGEPP] ERH XS WLS[ EW FIMRK YWIH MR UYEVX^ GPSGOW ERH EW QYGL MRJSVQEXMSR EW TSWWMFPI MR HMKMXEP WSSR EW LI VITSVXIH XLMW XS 7LSNM JSVQ ERH 7IMOS [EW HIXIVQMRIH RSX ,EXXSVM LI [EW EWOIH XS MRZIWXMKEXI XS FI PIJX FILMRH 8LI MRWTMVEXMSR JSV 0'( XIGLRSPSK] MQQIHMEXIP] .YWX WM\ (EMRM 7IMOSWLE´W HIZIPSTQIRX SJ PMUYMH HE]W PEXIV LI XSSO E ¾MKLX XS %QIVMGE GV]WXEP HMWTPE]W 0'(W GEQI [LIR ERH ½VWX ZMWMXIH 6'% ERH QIX (V (V 8SL]EQE [EW PSSOMRK XLVSYKL XLI ,IMPQIMIV [LS [EW MR GLEVKI SJ PMUYMH 1EVGL IHMXMSR SJ ³0MJI´ QEKE^MRI GV]WXEP VIWIEVGL 3RI %QIVMGER GSQ ,I [EW MRXVMKYIH F] ER EVXMGPI EFSYX TER] LEH EPVIEH] EWOIH 6'% EFSYX XLI ±8LI 'LEQIPISR 'LIQMGEP² [LMGL TSWWMFMPMX] SJ YWMRK 0'(W MR [EXGLIW HIWGVMFIH LS[ PMUYMH GV]WXEP GLERKIW 3RI QENSV HMWETTSMRXQIRX [EW GSPSYV EW MXW XIQTIVEXYVI MRGVIEWIW XLEX 6'% EHQMXXIH XLEX XLI ½VWX 0'( ;LEX VMZIXIH LMW EXXIRXMSR [EW E WIR HMWTPE]W SRP] LEH E PMJI I\TIGXERG] SJ XIRGI XLEX WEMH XLEX PMUYMH GV]WXEPW ±LEH LSYVW FYX XLI] FIPMIZIH XLEX JYV XLI EFMPMX] XS GVIEXI IPIGXVSRMG MQEKIW² XLIV VIWIEVGL [SYPH I\XIRH XLMW ½KYVI 8LI HIZIPSTIV SJ XLMW RI[ XIGLRSPSK] 2I\X (V 8SL]EQE QIX 4VSJIWWSV
*IVKYWSR [LSWI EVXMGPI MR 0MJI LEH WTEVOIH LMW MRXIVIWX MR XLI STTSVXYRM XMIW SJ 0'(W &] XLMW XMQI 4VSJIWWSV *IVKYWSR [EW HIZIPSTMRK E RI[ W]WXIQ XS YXM PMWI XLI TVSTIVXMIW SJ PMUYMH GV]WXEPW LI [EW HIZIPSTMRK *MIPH )JJIGX 1SHI
*)1 0'(´W [LIVIEW 6'% [IVI YWMRK XLI H]REQMG WGEXXIVMRK QSHI (71 QIXLSH ,I [EW YREFPI XS WLS[ E WEQTPI FYX TVSQMWIH XS WIRH SRI F] XLI IRH SJ XLI ]IEV %JXIV VIXYVRMRK XS .ETER (V 8SL]EQE FIGEQI YRLETT] EFSYX XLI TVSWTIGX SJ IRXVYWXMRK XLMW [SVO XS JSVIMKR GSQTERMIW LI VIE WSRIH XLEX MX [SYPH RSX PIEZI 7IMOS JVII XS ±WGVEXGL [LIVI MX MXGLIH² 3RGI EKEMR XLI GSQTER] HIGMHIH XS YRHIV XEOI TVSHYGXMSR MR LSYWI QEMRXEMRMRK MXW MRHITIRHIRGI 6IWIEVGL [SVO WXEVXIH SR
8LI [SVPH XMQIV % [EW IUYMTTIH [MXL E X[S PE]IV GSPSYVIH 0'( TERIP ERH HMWTPE]IH E [SVPH QET ERH XLI XMQI -X [EW EMQIH EX MRXIVREXMSREP XVEZIPPIVW ',%48)6
8LI [VMWX GSQTYXIV PEYRGLIH MR [EW MR X[S TEVXW XLI [VMWX QSYRXIH TSVXMSR ERH XLI GSRXVSPPIV -X VITVIWIRXW E ZIV] GSQTPI\ QEVVMEKI SJ UYEVX^ 0'( ERH -' XIGLRSPSKMIW XLI JMIPHW MR [LMGL 7IMOS LEW TPE]IH E PIEHMRK VSPI
(IGIQFIV [MXL KYMHERGI XS PEYRGL HMKMXEP [EXGLIW FYX MXW 0'( JVSQ 4VSJIWWSVW 8S]SWLMQE ERH 1MXWYM HMWTPE] YWIH (71 XIGLRSPSK] &] XLMW JVSQ 8SLSOY 9RMZIVWMX] YWMRK XLI (71 XMQI XLI NSMRX VIWIEVGL FIX[IIR (EMRM ETTVSEGL HIZIPSTIH F] 6'% 3R XLI 7IMOSWLE ERH 8SLSOY 9RMZIVWMX] [EW PEWX HE] SJ XLI ]IEV E TEGOEKI EVVMZIH TVSHYGMRK VIWYPXW ERH MR 7IMOS JVSQ 4VSJIWWSV *IVKYWSR (V 8SL]EQE [EW EFPI XS PEYRGL 0'( [VMWX[EXGLIW WEMH ±;LIR - STIRIH XLI TEGOEKI JIEXYVMRK XLIMV S[R *)1 X]TI 0'(W XLIVI [EW E PMUYMH GV]WXEP TERIP MRWMHI 8LI ½VWX SJ XLIWI TVSHYGXW [IVI XLI ERH MX WEMH XS ETTP] E GYVVIRX SJ WSQI 0' (EMRM 7IMOSWLE ERH 0' 7Y[E XIRXLW SJ E ZSPX ;LIR [I XVMIH MX 7IMOSWLE %W (V 8SL]EQE LEH TVI XLI MQEKI [EW E GPIEV EW MJ MX [IVI HMGXIH XLI *)1 X]TI 0'( FIGEQI XLI MRO SR TETIV ² %PXLSYKL LI LEH SRP] QEMR X]TI SJ PMUYMH GV]WXEP HMWTPE] NYWX WXEVXIH LMW VIWIEVGL (V 8SL]EQE ,EQMPXSR XLI %QIVMGER [EXGL HIGMHIH XLEX HIZIPSTQIRX MRXS (71 GSQTER] MRXVSHYGIH E JYVXLIV X[MWX XIGLRSPSK] WLSYPH FI HMWGSRXMRYIH ERH MR XLI IZSPYXMSR SJ UYEVX^ [EXGL XIGL EPP IJJSVX W[MXGLIH XS [SVOMRK SR XLI RSPSK] MR 1E] [LIR MX PEYRGLIH E *)1 X]TI SJ HMWTPE] UYEVX^ [EXGL [MXL E HMKMXEP HMWTPE] XLEX 1MGVSQE [EW XLI ½VWX GSQTER] JIEXYVIH 0MKLX )QMXXMRK (MSHIW 0)(W % .3962)= -2 8-1)
MR E QSHIP GEPPIH 4YPWEV 7IMOS PEXIV EGUYMVIH XLI REQI JSV E RI[ FVERH XLI] [IVI XS PEYRGL ERH MX LEW FIIR MR YWI IZIV WMRGI %X XLI XMQI XLEX ,EQMPXSR PEYRGLIH XLIMV RI[ ½VWX HMKMXEP 0)( [EXGL 7IMOS MR .ETER ERH )FEYGLIW 7% MR 7[MX^IVPERH [IVI MR XLI TVSGIWW SJ HIZIPSTMRK PMUYMH GV]WXEP HMWTPE]W ¯ 0'(W 0)(W GSRWYQIH WS QYGL TS[IV XLEX XLI] GSYPH SRP] FI YWIH XS HMWTPE] XMQI EX XLI TVIWW SJ E FYXXSR JSV E JI[ WIGSRHW EX E XMQI 8LI 0'( HMW TPE] GSRZIVWIP] TVSZMHIH E GSRXMRYSYW HMWTPE] SJ XLI XMQI ERH [EW QYGL QSVI IRIVK] IJ½GMIRX 8LI [EXGL [SVPH [EW MR E WXEXI SJ XYVQSMP ERH MX [EW HMJ½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¾] -RWXIEH MX XSSO XLI HIGMWMSR XS YWI 0'( XIGLRSPSK] JSV MXW HMKMXEP [EXGLIW ERH XSHE] MX MW GPIEV XLEX XLMW [EW XLI VMKLX GLSMGI ;MXL XLI FIR I½X SJ LMRHWMKLX [I ORS[ XLEX HMKMXEP HMWTPE]W JEMPIH XS HSQMREXI XLI [EXGL [SVPH &] XLI IEVP] ]IEVW SJ XLI WX
GIRXYV] EREPSKYI UYEVX^ [EXGLIW EVI 3RI HIZIPSTQIRX XLEX 7IMOS ¯ ERH 8LI UYEVX^ VIZSPYXMSR ERH IWTIGMEPP] WXMPP SYXWIPPMRK XLIMV HMKMXEP GSYRXIVTEVXW )YVSTIER QERYJEGXYVIVW ¯ LEH RSX XLI RI[ XIGLRSPSKMIW HIZIPSTIH F] EPXLSYKL HMKMXEP QSHIPW LEZI GSRXMRYIH ERXMGMTEXIH WYJ½GMIRXP] [EW XLI MRXIVIWX 7Y[E 7IMOSWLE PEMH XLI JSYRHEXMSRW JSV XS XEOI E WMKRM½GERX FYX QMRSV WLEVI SJ SJ GSQTERMIW MR ,SRK /SRK ERH XLI JYXYVI SJ 7IMOS XLI QEVOIX 8EM[ER MR XLI [EXGL MRHYWXV] ;LIR ;SVO SR '137 -'W F] (EMRM XLI] IRXIVIH XLI QEVOIX E TVMGI [EV 7IMOSWLE´W HIZIPSTQIRX XIEQ LEH 1EWW TVSHYGXMSR FVSOI SYX MR XLI HMKMXEP [VMWX[EXGL TVSJSYRH ERH JEV VIEGLMRK MQTPMGEXMSRW 1IER[LMPI XLI UYEVX^ EREPSKYI QEVOIX 8LMW LEH VITIVGYWWMSRW MR XLI 8LMW XIGLRSPSK] RSX SRP] TVSZMHIH XLI QEVOIX [EW HIQERHMRK IZIV XLMRRIV 7[MWW [EXGL MRHYWXV] ERH EPWS GVIEXIH FEWMW JSV XLI HIZIPSTQIRX SJ EPP JYXYVI QSHIPW TVSZMHMRK ERSXLIV GLEPPIRKI HMJ½GYPX GSRHMXMSRW JSV 7IMOS [LMGL [EXGLIW FYX EPWS QEHI TSWWMFPI XLI 1V /IRMGLM 9WLMOSWLM XSSO GLEVKI SJ WXMPP [ERXIH XS TYVWYI MXW [EXGLQEOMRK IRSVQSYW 7IMOS )TWSR FYWMRIWW XLEX XLI QEWW TVSHYGXMSR SJ 7IMOS UYEVX^ EQFMXMSRW LEW MXW VSSXW MR IPIGXVSRMG XIGLRSPSK] [EXGLIW ERH LMW PIEHIVWLMT VIWYPXIH 7IMOS´W VIQEVOEFPI WYGGIWW WMRGI 8LI GSQTER]´W HIZIPSTQIRX SJ -'W MR XLI HIZIPSTQIRX ERH TVSHYGXMSR XLI MRXVSHYGXMSR SJ UYEVX^ MR MW WXITTMRK QSXSVW ERH 0'(W GSRXMRYIH SJ E XLMRRIV ERH PIWW I\TIRWMZI UYEVX^ TEVXP] EXXVMFYXEFPI XS XLI JYRHEQIRXEP JEV FI]SRH TVSHYGXW JSV [EXGLIW RS[ QSZIQIRX )ZIRXYEPP] XLI WM^I SJ XLI HIGMWMSRW MX QEHI MR XLI IEVP] HE]W SJ XLI] EVI YWIH MR E FVSEH ZEVMIX] SJ UYEVX^ QSHYPI [EW VIHYGIH WYJ½GMIRXP] UYEVX^ -X STXIH JSV XYRMRK JSVO WLETIH IUYMTQIRX JSV MRHYWXVMEP ERH LSQI JSV YWI MR E HVIWW [EXGL -R MX UYEVX^ SWGMPPEXSVW HIZIPSTIH XLI ½VWX YWI 8LMW TVSZMHIH XLI JSYRHEXMSR JSV [EW QEVOIXIH MR E [EXGL GEPPIH XLI STIR X]TI WXITTMRK QSXSVW '137 -'W XLI TVIWIRX 7IMOS -RWXVYQIRXW [LMGL 5( XLI [SVPH´W ½VWX UYEVX^ HVIWW ERH 0'( HMWTPE]W JSV HMKMXEP [EXGLIW MW EPWS ER MRXIKVEXIH IPIGXVSRMG HIZMGI [EXGL 8LMW VIHYGXMSR MR WM^I [EW EPP JSYV LEZI FIGSQI XLI KPSFEP WXERH QERYJEGXYVIV 8SHE] XLI 7IMOS +VSYT EGLMIZIH F] SQMXXMRK XLI WIGSRHW LERH EVHW MR UYEVX^ [EXGLQEOMRK XLEX LEZI MW SRI SJ .ETER´W PEVKIWX ¯ ERH MXW WYG ERH HMWTPE]MRK SRP] LSYVW ERH QMRYXIW IRHYVIH XLVSYKL XS XLI WX GIRXYV] GIWW EPP WXEVXIH [MXL E UYEVX^ GV]WXEP©
',%48)6
/-2)8-' ;%8',)7 ¯ %00 8,%8 -7 &)78 -2 7)-/3 8)',2303+= 0IWW XLER ]IEVW EJXIV WIPPMRK XLI [SVPH³W ßVWX UYEVX^ [EXGL 7IMOS XSSO ERSXLIV KMERX WXIT JSV[EVH MR XLI HIZIPSTQIRX SJ [EXGL XIGLRSPSK] [LIR MX ERRSYRGIH E RI[ KIRIVEXMSR SJ UYEVX^ [EXGLIW XLEX IPMQMREXIH XLI RIIH JSV FEXXIV] GLERKIW
'VIEXMRK E [EXGL XLEX [EW RSX HITIRHIRX SR FEXXIVMIW [EW SJ GSR WMHIVEFPI WMKRM½GERGI RSX SRP] FIGEYWI XLI RI[ [EXGL [EW QSVI YWIV JVMIRHP] FYX FIGEYWI MX [EW IRZMVSRQIRXEPP] JVMIRHP] XSS (MWGEVHIH FEXXIVMIW EVI LEVQJYP XS SYV IRZMVSRQIRX ER]XLMRK XLEX VIHYGIW XLI RYQFIV SJ FEXXIVMIW XLEX EVI FIMRK HMWTSWIH SJ WLSYPH FI [EVQP] [IPGSQIH &] XLI IEVP] W 7IMOS´W XIGLRMGMERW LEH HIZIPSTIH E RI[ [E] SJ KIRIVEXMRK ERH WXSVMRK IPIGXVMGMX] MRWXIEH SJ VIP]MRK SR HMW TSWEFPI FEXXIVMIW %X XLI &EWIP *EMV MR 7[MX^IVPERH MR XLI WTVMRK SJ XLI] YRZIMPIH XLI TVSXSX]TI SJ E [EXGL XLEX [EW GEPPIH %+1 ER EFFVIZMEXMSR SJ %YXSQEXMG +IRIVEXMRK 1IGLERMWQ FYX XLMW [EW WSSR GLERKIH XS %+7 WLSVX JSV %YXSQEXMG +IRIVEXMRK 7]WXIQ )ZIRXYEPP] MX [EW KMZIR XLI QSVI QIQ SVEFPI ERH VIPIZERX REQI SJ /MRIXMG
'SPPMRW )RKPMWL (MGXMSREV] HI½RIW ±OMRIXMG² EW ±VIPEXMRK XS GLEVEGXIVMWIH F] SV GEYWIH F] QSXMSR² %X XLI LIEVX SJ XLI RI[ XIGL RSPSK] [EW XLI HIWMVI XS GVIEXI XLI ½VWX FEXXIV] JVII UYEVX^ [EXGL FYX 7IMOS´W EQFMXMSRW [IVI IZIR QSVI TVSJSYRH 8LI] LEH WIX XLIMV WMKLXW SR % .3962)= -2 8-1)
8LMW TVSXSX]TI SJ XLI /MRIXMG [EW JMVWX PEYRGLIH EX E TVIWW GSRJIVIRGI EX XLI &EWIP *EMV MR 7[MX^IVPERH MR 8LI GEWI [EW QEHI JVSQ FVMKLX XMXERMYQ XLI QSWX EHZERGIH X]TI SJ XMXERMYQ EZEMPEFPI EX XLI XMQI
TVSHYGMRK E QIGLERMWQ XLEX [SYPH SYX TIVJSVQ EPP I\MWXMRK XIGLRSPSKMIW 1SWX QERYEPP] [SYRH QIGLERMGEP [EXGLIW [MPP WXST EJXIV EFSYX LSYVW MJ XLI] EVI RSX [SYRH ERH IZIR ZIV] I\TIR WMZI QSHIPW [MXL I\XIRHIH ±TS[IV
VIWIVZI² [MPP SRP] VYR FIX[IIR ½ZI ERH IMKLX SV HE]W EX XLI QSWX FYX XLI] EVI JI[ ERH JEV FIX[IIR )ZIR WIPJ [MRHMRK QIGLERMGEP [EXGLIW WXST E HE] SV X[S EJXIV XLI] EVI PEWX [SVR 8LI VYRRMRK XMQI SJ QSWX UYEVX^ [EXGLIW MW KSZIVRIH F] XLIMV FEXXIVMIW QSWX [MPP VYR JSV EX PIEWX SRI ]IEV FIJSVI E FEXXIV] GLERKI MW VIUYMVIH ERH E JI[ QSHIPW GER VYR JSV ½ZI SV ]IEVW 3RI SJ XLI KVIEX EXXVEGXMSRW SJ UYEVX^ [EXGLIW LEW EP[E]W FIIR XLEX XLI] [SVO [MXLSYX ER] EXXIRXMSR JSV PSRK TIVMSHW SJ XMQI ERH [MXL QYGL KVIEXIV EGGYVEG] XLER XLIMV QIGLERMGEP GSYRXIVTEVXW 8LI SRI HMWEHZERXEKI XLEX XLI] LEH [LIR GSQTEVIH [MXL QIGLERMGEP XMQITMIGIW [EW XLEX XLI FEXXIV] RIIHIH XS FI VITPEGIH ERH XLMW GER FIGSQI RIGIWWEV] EX ER MRGSR ZIRMIRX QSQIRX *SV QSWX TISTPI MJ E UYEVX^ [EXGL WXSTW MX MW MRGSRZIRMIRX FYX XS WSQI TISTPI WYGL EW HMZIVW SV TMPSXW XLI JEMPYVI SJ E FEXXIV] GSYPH LEZI WIVMSYW WEJIX] GSRWIUYIRGIW 8LI PEGO SJ E WIPJ [MRHMRK QIGLERMWQ [EW SRI SJ XLI ZIV] JI[ HMWEHZERXEKIW MRLIVIRX MR UYEVX^ [EXGL XIGLRSPSK] 7IMOS´W HIZIPSTQIRX IRKM RIIVW [IVI EPWS GSRWGMSYW SJ XLI JEGX XLEX HMWGEVHIH FEXXIVMIW EVI LEVQJYP
GSRWMWXIRXP] EFSZI E GIVXEMR QMRMQYQ PIZIP %X ½VWX 7IMOS´W XIGLRMGMERW GSYPH SRP] KIRIVEXI ZIV] WQEPP EQSYRXW SJ IPIGXVMGMX] YWMRK XLI MVVIKYPEV QSZI QIRXW SJ E XMR] VSXEXMRK [IMKLX MR E [EXGL 8LI MHIE SJ LEVRIWWMRK WYGL E XMR] GYVVIRX XS TS[IV E UYEVX^ [EXGL QSZIQIRX WIIQIH PMXXPI QSVI XLER E HVIEQ ;LIR HIZIPSTQIRX SJ XLI /MRIXMG GSRGITX WXEVXIH MX [EW VIJIVVIH XS EW ³MRXIVREP KIRIVEXMSR´ MR SVHIV XS HMWXMR KYMWL MX JVSQ WSPEV TS[IVIH ³I\XIVREP 8LI [SVPH´W JMVWX /MRIXMG QSZIQIRX [EW XLI 1 [LMGL ETTIEVIH MR 3JJ KIRIVEXMSR´ [EXGLIW [LMGL LEH FIIR XLI [VMWX MX VER JSV EFSYX LSYVW WYGGIWWJYPP] HIZIPSTIH JSV WEPI F] 7IMOS [LIR JYPP] GLEVKIH -X [EW [IPP VIGIMZIH F] 7IVMSYW [SVO SR XLI GSRGITX MR )YVSTI FIJSVI MXW MQTSVXERGI [EW JYPP] ETTVIGMEXIH MR .ETER XLEX PIH XS XLI MRXVSHYGXMSR SJ /MRIXMG [EXGLIW VIEPP] WXEVXIH EX 7IMOS )TWSR XS SYV IRZMVSRQIRX 8LI] [SVOIH MR 8LI PIEHIV SJ XLI TVSNIGX PSRK ERH LEVH XS SZIVGSQI EPP SJ XLIWI [EW 1EWELMXS =SWLMRS ,I WEMH ±- XLMRO TVSFPIQW ERH XS GSQFMRI XLI EGGYVEG] SJ Q]WIPJ EW XLI TEVIRX [LS FVSYKLX SJ E UYEVX^ [EXGL [MXL XLI WIPJ WYJ /MRIXMG XS FMVXL EPXLSYKL - EQ RSX XLI ½GMIRG] SJ E WIPJ [MRHMRK QIGLERMGEP SRI [LS PEXIV VIEVIH MX XS QEXYVMX]² XMQITMIGI 8LI] WXEVXIH WIVMSYW [SVO ,I FIGEQI PIEHIV SJ XLI HIZIPSTQIRX SR XLI TVSFPIQ MR 8LI ½VWX TVS XIEQ EX XLI EKI SJ XSX]TIW GSRXEMRIH E VSXEXMRK [IMKLX WMQMPEV XS XLEX YWIH MR E WIPJ [MRHMRK % ZEVMIX] SJ TVSNIGXW QIGLERMGEP [EXGL 8LI VSXEXMSR SJ XLMW %X XLI XMQI LMW XIEQ LEH XLI XEWO SJ VSXSV GEYWIH F] QSZIQIRX SJ XLI GSRGIMZMRK ±WSQIXLMRK RI[ MR [EXGLIW² [IEVIV´W [VMWX [EW YWIH XS KIRIVEXI ERH [EW EPPS[IH JVII VIMR XS HIZIPST IRIVK] OMRIXMG IRIVK] [LMGL GSYPH FI RI[ XIGLRSPSKMIW SJ ER] OMRH 8LIMV WXSVIH ERH XLMW [EW YWIH XS TS[IV XLI [SVO GSZIVIH QYPXM WTMRHPI [EXGLIW GMVGYMXV] SJ E UYEVX^ [EXGL WYGL EW QYPXM JYRGXMSR GLVSRSKVETLW 8LI GSRGITX SJ YWMRK QSZI ERH XLI TVSZMWMSR SJ [EXGL JYRGXMSRW QIRX XS KIRIVEXI IPIGXVMGMX] [EW RSX GSRXVSPPIH F] YWMRK XLI FEWMG '49 ERH RI[ ¯ MX LEH FIIR ¾SEXMRK EVSYRH WSJX[EVI 8LIMV SXLIV VIWIEVGL XLIQIW XLI GSQTER] WMRGI 8LI ½VWX MRGPYHIH UYEVX^ [EXGLIW [MXL W[IIT /MRIXMG VIPEXIH TEXIRX [EW ETTPMIH JSV WIGSRHW LERHW MR [LMGL XLI WIGSRHW MR ¯ FYX MX LEH FIIR [VMXXIR SJJ LERH W[IITW WQSSXLP] MRWXIEH SJ EW ER MHIE XLEX [EW UYMXI MQTVEGXMGEP NYQTMRK SRGI E WIGSRH ERH [VMWX X]TI JSV YWI MR E UYEVX^ [EXGL FIGEYWI XLI WXST[EXGLIW [MXL FYMPX MR YPXVE QMRM WYTTP] SJ IRIVK] QSZIQIRX SJ XLI EXYVI TVMRXIVW 8LI /MRIXMG [EXGL [EW [VMWX [EW IVVEXMG 8LI IJ½GMIRX KIR NYWX SRI SJ XLIWI TVSNIGXW XLI] [IVI IVEXMSR SJ IPIGXVMGMX] YWYEPP] VIUYMVIW RSX [SVOMRK I\GPYWMZIP] SR /MRIXMG 1V E GSRXMRYSYW WSYVGI SJ OMRIXMG IRIVK] =SWLMRS [EW WYFWIUYIRXP] ETTSMRXIH EW
KIRIVEP QEREKIV SJ 7IMOS )TWSR´W 6 ( HMZMWMSR ERH XLIR FIGEQI KIRIVEP QEREKIV SJ 'SVTSVEXI 4PERRMRK 3J½GI [LIVI LI GSSVHMREXIH HIZIPSTQIRX [SVO JSV ZEVMSYW TVSHYGXW FIMRK HIZIP STIH [MXL 7IMOS 'SVTSVEXMSR 8LMW TVSNIGX XIEQ JEGIH [MXL XLI GLEPPIRKI SJ HIZIPSTMRK /MRIXMG XIGLRSPSK] HIGMHIH XS GLEPPIRKI GSRZIRXMSREP [MWHSQ XLI] VIJYWIH XS FIPMIZI XLEX E WIPJ TS[IVIH UYEVX^ [EXGL [EW MQTVEGXMGEP ERH IZIRXY EPP] XLIMV MRRSZEXMZI WSPYXMSRW TVSZIH
1EWELMXS =SWLMRS [EW MR GLEVKI SJ XLI /MRIXMG TVSNIGX ERH PEXIV FIGEQI KIRIVEP QEREKIV SJ 7IMOS )TWSR´W 'SVTSVEXI 4PERRMRK 3JJMGI
VIQEVOEFP] WYGGIWWJYP %X ½VWX IRIVK] MWWYIW TVSZMHIH XLIQ [MXL ETTEVIRXP] MRXVEGXEFPI TVSFPIQW -X XSSO QYGL LEVH [SVO ERH XLI GSQQMXQIRX SJ E HIHMGEXIH XIEQ XS SZIVGSQI XLIQ 8LI] [IVI EFPI XS WYGGIIH FIGEYWI XLI] LEH E [IEPXL SJ HIZIP STQIRX ERH TVSHYGXMSR I\TIVXMWI EX XLIMV HMWTSWEP 8LI] LEH XLI ORS[ LS[ XS TVSHYGI GSRZIRXMSREP QIGLERMGEP [EXGLIW EW [IPP EW XLI I\TIVXMWI MR ',%48)6
IPIGXVSRMGW XLEX LEH FIIR EGUYMVIH HYVMRK XLI HIZIPSTQIRX ERH TVSHYG XMSR SJ UYEVX^ [EXGLIW %FSZI EPP XLI] LEH XLEX ZMXEP 7IMOS EXXMXYHI XLEX [IP GSQIW XLI STTSVXYRMX] XS XEGOPI E RI[ GLEPPIRKI WXEVXMRK [MXL E FPERO WLIIX SJ TETIV ;LIR [SVO SR ³MRXIVREP KIRIVE XMSR´ KSX YRHIV[E] MR MX GSYPH RSX FI IQFSHMIH MR E ZMEFPI TVSHYGX FYX IZIV] JI[ ]IEVW E RI[ WXEVX [EW QEHI 8LI WXYQFPMRK FPSGO [EW EP[E]W XLI WEQI XLI KET FIX[IIR XLI EQSYRX SJ IPIGXVMGEP TS[IV XLEX GSYPH FI KIRIV EXIH ERH XLI TS[IV XLEX [EW VIUYMVIH XS STIVEXI E UYEVX^ [EXGL QSZIQIRX 8LMW PIH XS XLI JEMPYVI SJ QER] SJ XLIWI TVSNIGXW 1V =SWLMRS [EW RSX HIXIVVIH F] XLIWI TEWX JEMPYVIW ,I HMWGYWWIH XLI TVSFPIQW [MXL 2ESEOM =EWYOE[E [LS NSMRIH XLI HIZIPSTQIRX XIEQ XS HIZIPST TVEGXMGEP WSPYXMSRW SJ /MRIXMG TVSFPIQW ERH XLIR FIGEQI E WIGXMSR QEREKIV MR XLI ;EXGL (IZIPSTQIRX +VSYT
[SVR SR XLI [VMWX -X´W EPVIEH] SR XLI [VMWX WS [I GSYPH YWI XLEX JEGX XS TS[IV MX 8LIVI´W RSXLMRK XS WE] XLEX E WSPEV [EXGL LEW XS FI SR XLI [VMWX FYX MJ E [EXGL MW HVMZIR F] IPIGXVMGMX] KIRIV EXIH F] QSZIQIRX SJ XLI [VMWX XLIVI´W IZIV] VIEWSR JSV MX XS FI SR XLI [VMWX =SY LEZI E QEVVMEKI SJ GSRZIRMIRGI ERH RIGIWWMX] ² (IZIPSTQIRX [SVO WXEVXIH [MXL HIXEMPIH MRZIWXMKEXMSRW MRXS XLI VIPEXMSRWLMT FIX[IIR VSXEXMSR SJ XLI SWGMPPEXMRK [IMKLX ERH XLI KIRIVEXMSR SJ IPIGXVMGMX] %X ½VWX XLI HIZIPSTQIRX IRKMRIIVW HMWQERXPIH XLI H]REQS XLEX TS[IVW XLI PMKLXW SR E FMG]GPI 8LMW 7LSMGLM 2EKES [EW GPSWIP] MRZSPZIH [MXL XLI HIZIPSTQIRX SJ /MRIXMG VIZIEPIH XLEX SRP] QMRYWGYPI EQSYRXW XIGLRSPSK] WXEVXMRK [MXL TVSXSX]TIW SJ IPIGXVMGMX] GSYPH FI KIRIVEXIH [LIR ERH XLIR [SVOMRK [MXL JMZI E KIRIVEXSV [EW XYVRIH IVVEXMGEPP] ±%X KIRIVEXMSRW JVSQ XLI 1 XS XLI 1 ½VWX [I HMHR´X IZIR YRHIVWXERH LS[ VIUYMVIH TS[IV 1V =SWLMRS WEMH ±8LEX XLI VSXEXMSR [SYPH EJJIGX XLI EQSYRX MW IRSYKL PIX´W KMZI MX E XV]² 7SQI SJ IPIGXVMGMX] XLEX GSYPH FI KIRIVEXIH TISTPI MR XLI GSQTER] XLSYKLX XLMW -X [EW RS YWI PSSOMRK EX VYR SJ XLI QMPP VIWYPX [EW HMWGSYVEKMRK FYX 1V =SWLMRS IPIGXVMGEP KIRIVEXSVW FIGEYWI XLI] [EW GSRZMRGIH XLI] GSYPH QEOI MX [IVI EPP HIWMKRIH XS VYR GSRXMRYSYWP] [SVO ERH LI HIGMHIH XS KS ELIEH [MXL QSZIQIRX SJ XLI VSXSV SJ E [EXGL SR 1SVI TS[IV RIIHIH JYPP WGEPI HIZIPSTQIRX ±)RKMRIIVMRK MJ ]SYV [VMWX MW UYMXI IVVEXMG ² 8LI X[S QIR GSRGIRXVEXIH SR XLI ]SY KMZI MX WYJ½GMIRX XLSYKLX GER WSSR %JXIV XLI XIEQ WYGGIIHIH MR RIIH XS TVSHYGI QSVI IPIGXVMGMX] ERH KMZI ]SY E XIR JSPH MQTVSZIQIRX ERH MQTVSZMRK TS[IV SYXTYX XS SRI XIRXL HIZIPSTIH E W]WXIQ [LIVIF] IPIG MJ ]SY KS EFSYX MX TVSTIVP] GER IZIR SJ XLIMV XEVKIX XLI] VER MRXS E FVMGO XVMGMX] GSYPH FI KIRIVEXIH F] XYVRMRK KMZI ]SY E LYRHVIH JSPH MQTVSZIQIRX [EPP -J TVSHYGX HIZIPSTQIRX [EW XS XLI GVS[R SJ E QSHM½IH QER´W [EXGL 8LEX´W LS[ - WII MX 8LIVI´W EPWS XLI JEGX GSRXMRYI EWWYQMRK XLEX JYXYVI TS[IV ±;I QEREKIH XS KIRIVEXI E GYVVIRX SJ XLEX - JIPX WXVSRKP] EXXVEGXIH F] XLI MHIE VIUYMVIQIRXW [SYPH FI XLI WEQI EW QMGVSEQTIVIW ² 1V =SWLMRS VIGEPPW SJ XLI SVMKMREP QIGLERMGEP WIPJ [MRHMRK XLSWI SJ UYEVX^ QSZIQIRXW FIMRK ±%X XLEX XMQI XLMROMRK SJ LS[ QYGL [EXGL ERH LEH NSMRIH E GSQTER] XLEX QEHI EX XLEX XMQI MX [EW GPIEV XLEX XLI GYVVIRX [EW VIUYMVIH XS VYR E UYEVX^ QEHI XLIQ ² VSXSV [SYPH LEZI XS FI QEHI PEVKIV [EXGL =EWYOE[E ERH - LEH EKVIIH ³-J 1V =SWLMRS I\TPEMRW ±8LI [VMWX MW ERH LIEZMIV 8LI HVE[FEGO [EW XLEX [I GER KIRIVEXI QMPPMEQTIVIW [I´PP E ZIV] LSWXMPI IRZMVSRQIRX EP[E]W WYF XLMW [SYPH VIWYPX MR UYEVX^ [EXGLIW FI EFPI XS TVSHYGI E ZMEFPI TVSHYGX´ ² NIGXMRK XLI [EXGL [SVR SR MX XS E WIVMIW XLEX [IVI XLMGOIV ERH LIEZMIV XLER &IGEYWI XLI HIZIPSTQIRX XIEQ SJ ZMFVEXMSRW ERH WLSGOW - XLSYKLX XLI XLSWI YWMRK GSRZIRXMSREP FEXXIVMIW XLEX [EW [SVOMRK WMQYPXERISYWP] SR WIZ GSRGITX SJ XLI WIPJ [MRHMRK QIGLERMGEP LEH XS FI VITPEGIH IVEP SXLIV TVSNIGXW KIXXMRK XLI /MRIXMG [EXGL XLEX XEOIW EHZERXEKI SJ XLMW ERH %RSXLIV JEGXSV XLEX LEH XS FI GSRGITX XS [SVO [EW RSX E QEOI SV YWIW MX XS TS[IV E [EXGL [EW [SR GSRWMHIVIH [EW XLEX UYEVX^ QSZI FVIEO HIEP JSV XLIQ ,EZMRK WYGGIIHIH HIVJYP - [ERXIH XS YWI XLI TS[IV XLEX QIRXW [IVI EPVIEH] EZEMPEFPI XLEX SRP] MR KIRIVEXMRK SRI LYRHVIHXL SJ XLI MW KIRIVEXIH NYWX F] XLI [EXGL FIMRK VIUYMVIH FEXXIV] VITPEGIQIRX IZIV] % .3962)= -2 8-1)
8LMW TVSXSX]TI MRGPYHIH XLI KIRIVEXSV ZSPXEKI QYPXMTPMIV ERH PS[ GSRWYQTXMSR UYEVX^ GMVGYMXV] XLEX JSVQIH XLI FEWMW SJ XLI 1 GEPMFVI PEYRGLIH MR
]IEVW 8LIVI [EW MRXIRWI HMWGYWWMSR [MXLMR XLI GSQTER] EFSYX XLI [MWHSQ SJ TVSHYGMRK XLMGOIV ERH LIEZMIV [EXGLIW -X [EW [VSRK XS EWWYQI XLEX JYXYVI KIRIVEXMSRW SJ UYEVX^ QSZI QIRXW [SYPH LEZI WMQMPEV TS[IV VIUYMVIQIRXW XS IEVPMIV KIRIVEXMSRW 8LI SRP] [E] XS VIWSPZI XLI TS[IV TVSFPIQ [EW XS HIZIPST E UYEVX^ QSZIQIRX WTIGM½GEPP] JSV /MRIXMG [MXL ZIV] PS[ IRIVK] VIUYMVIQIRXW %X XLI XMQI XLI MRHYWXV] [EW XLIR QSZMRK MXW JSGYW JVSQ IZIV MRGVIEWMRK EGGYVEG] XS XLMRRIV ERH XLMRRIV [EXGLIW 3RI UYEVX^ HVIWW [EXGL QEHI XLIR [EW SRP] SRI QMPPMQIXVI XLMGO 8LIVI [EW RS HIQERH JSV [EXGLIW [MXL PS[IV
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
-X TVSZIH XS FI XLI FVIEOXLVSYKL XLEX IREFPIH XLI GSRGITX SJ E /MRIXMG [EXGL XS FI XVERWJSVQIH MRXS E ZMEFPI TVSHYGX 3RI SJ XLI IRKMRIIVW [LS PEXIV VEMWIH /MRIXMG XIGLRSPSK] XS QEXYVMX] [EW 7LSMGLM 2EKES ;LIR LI ½VWX NSMRIH XLI HIZIPSTQIRX XIEQ LI LEH FIIR [SVOMRK SR KIRIVEP UYEVX^ [EXGL HIWMKR WXEVXMRK [MXL XLI HIWMKR SJ KIEV XVEMRW ,I LEH EPWS [SVOIH SR XLI 1SHIP QIGLERMGEP [EXGL ,I [EW MRZMXIH XS NSMR XLI /MRIXMG TVSNIGX [LIR MX ½VWX PSSOIH EW MJ MX QMKLX FI WYGGIWWJYP ,I [SVOIH EX XLI JVSRX PMRI SJ /MRIXMG HIZIPSTQIRX JVSQ XLI ½VWX KIRIVEXMSR 1 XS XLI MRXVSHYGXMSR SJ XLI QMRMEXYVI 1 GEPMFVI ,I I\TPEMRW ±;LIR - NSMRIH XLI HIZIPSTQIRX KVSYT EPP [I LEH [EW XLI ½VWX WEQTPI KIRIVEXSV 8LMW [EW XLI ½VWX TVSNIGX - LEH FIIR MRZSPZIH [MXL MR [LMGL E HIGMWMSR LEH RSX ]IX FIIR XEOIR XS TVSHYGI E GSQQIVGMEP TVSHYGX 8LI TVSNIGX MRZSPZIH E WXVSRK IPIQIRX SJ HIZIPSTQIRX XLEX - VIEPP] IRNS]IH ² 8LI XIEQ HIZIPSTIH E TIVJIGXP] FEPERGIH GSQFMREXMSR SJ E UYEVX^ QSZIQIRX [MXL ZIV] PS[ IPIGXVMGEP TS[IV VIUYMVIQIRXW ERH ER EWXSRMWL MRKP] IJ½GMIRX IPIGXVMGEP KIRIVEXSV ERH E WXSVEKI W]WXIQ 8SKIXLIV XLIWI JSVQIH ER IPIGXVMGEP WIPJ [MRHMRK W]WXIQ XS TVSZMHI TS[IV JSV XLI UYEVX^ QSZIQIRX 8LMW KVIEX EGLMIZIQIRX QEVOIH XLI FIKMRRMRK SJ ER I\XVIQIP] IJ½GMIRX IGS PSKMGEP W]WXIQ XLEX GER FI STIVEXIH F] QMRYXI IPIGXVMG GYVVIRXW -R XLMW VIWTIGX /MRIXMG XIGLRSPSK] W]QFSPMWIW IZIV] XLMRK XLEX MW FIWX EFSYX 7IMOS 8S WYGGIIH [MXL /MRIXMG XIGL RSPSK] 7IMOS´W IRKMRIIVW HIZIPSTIH QER] VIQEVOEFPI RI[ HIZMGIW -R XLI ',%48)6
KIRIVEXMRK YRMX JSV I\EQTPI XLI WTIIH SJ VSXEXMSR SJ XLI SWGMPPEXMRK [IMKLX MW QYPXMTPMIH XMQIW F] QIERW SJ E KIEV XVEMR XLEX XYVRW E WEQEVMYQ GSFEPX
%+ QMGVSVSXSV EX WTIIHW FIX[IIR ERH VTQ 8LI VSXSV MW WYWTIRHIH MR E QEKRIXMG ½IPH ERH HSIW RSX XSYGL MXW LSYWMRK ¯ MX MW WYWTIRHIH F] ±QEKRIXMG PIZMXEXMSR² 8LI VIWYPXMRK QEKRIXMG ½IPH MRHYGIW E GYVVIRX MR XLI GSMPW SJ XLI KIRIVEXSV 8LMW XMR] ¾YGXY EXMRK GYVVIRX [EW VIGXM½IH ERH WXSVIH MR E GETEGMXSV 8LMW WXSVIH IRIVK] [EW XLIR YWIH XS WYTTP] XLI UYEVX^ SWGMP PEXSV ERH XLI WXITTMRK QSXSV WS XLEX XLI] GSYPH TVSZMHI XLI XMQIOIITMRK ERH HMWTPE] JYRGXMSRW 8S EGLMIZI XLMW YWMRK SRP] E XMR] GYVVIRX VIUYMVIH XLI HIZIPSTQIRX SJ '137 -' HIZMGIW ERH WXITTMRK QSXSVW XLEX YWIH SRP] JVEGXMSRW SJ XLI TS[IV XLEX LEH FIIR VIUYMVIH F] TVIZMSYW KIRIVEXMSRW SJ UYEVX^ [EXGLIW -X EPWS RIGIWWMXEXIH XLI HIZIPSTQIRX SJ RI[ EGXMZEXIH GEVFSR GETEGMXSVW [MXL ER IRSVQSYW GETEGMX]
6IGIRXP] XLI GETEGMXSV MR /MRIXMG [EXGLIW LEW FIIR VITPEGIH F] XLI YWI SJ E VIGLEVKIEFPI GIPP [MXL E QYGL KVIEXIV GETEGMX] IRWYVMRK XLI [EXGL [MPP STIVEXI JSV WM\ QSRXLW [MXLSYX ER] EHHMXMSREP GLEVKI 3J EPP XLI RI[ XIGLRSPSKMIW HIZIP STIH JSV XLI /MRIXMG QSZIQIRX XLI ZSPXEKI QYPXMTPMIV MW XLI WXEV TIVJSVQIV -X XEOIW QMRMWGYPI EQSYRXW SJ IPIGXVMGEP IRIVK] JVSQ XLI TS[IV GIPP ERH YWIW MX XS TS[IV XLI GMVGYMXV] SJ E UYEVX^ QSZIQIRX ¯ [MXLSYX ER] [EWXEKI % GYVVIRX SJ EX PIEWX SRI ZSPX MW VIUYMVIH XS TS[IV E UYEVX^ QSZIQIRX -J XLI IRIVK] WXSVIH MR XLI GETEGMXSV SJ E UYEVX^ [EXGL MW YWIH XS TS[IV XLI QSZIQIRX HMVIGXP] XLI [EXGL [MPP WXST [SVOMRK EW WSSR EW XLI ZSPXEKI WYT TPMIH XS MXW GMVGYMX HVSTW FIPS[ SRI % .3962)= -2 8-1)
8LMW 0ERHQEWXIV HMZIV´W QSHIP LSYWIH MR E SRI TMIGI GEWI [EW E KSSH I\EQTPI SJ XLI YWI SJ %+7 /MRIXMG QSZIQIRX [LMGL RIZIV RIGIWWMXEXIH STIRMRK SJ XLI GEWI JSV FEXXIV] GLERKI -X FSEWXIH E FEV [EXIV VIWMWXERGI XLEROW XS XLMW [EXIV XMKLX WXVYGXYVI
ZSPX 9WMRK 7IMOS´W IRIVK] QYPXMTPMIV XLI QSZIQIRX [MPP GSRXMRYI XS [SVO IZIR MJ XLI ZSPXEKI [MXLMR XLI TS[IV GIPP JEPPW FIPS[ SRI ZSPX 8LI ZSPXEKI QYPXMTPMIV LEW FIIR GSQTEVIH [MXL XLI EYXSQEXMG XVERWQMWWMSR SR E GEV -X HIXIGXW [LIR XLI ZSPXEKI MR XLI TS[IV GIPP JEPPW FIPS[ SRI ZSPX ERH WXITW YT XLI SYXTYX XS IRWYVI XLEX MX MW QEMR XEMRIH EFSZI SRI ZSPX
8LI GSRGITX SJ XLI ZSPXEKI QYPXM TPMIV [EW EW FVMPPMERX EW MX [EW IJJIGXMZI -X QEHI TSWWMFPI XLI GSQTPIXIP] WXEFPI STIVEXMSR SJ XLI UYEVX^ GMVGYMXV] 8LMW QEOIW MX TSWWMFPI XS IRWYVI WXEFPI STIVEXMSR SJ XLI UYEVX^ GMVGYMXV] )ZIRXYEPP] 1V 2EKES´W XIEQ TVS HYGIH E TVSXSX]TI LEZMRK WYVQSYRXIH EPP XLI XIGLRMGEP TVSFPIQW 8LMW [EW XLI TVSXSX]TI XLEX [EW WLS[R MR TYFPMG
-R 7IMOS PEYRGLIH %+7 MXW JMVWX UYEVX^ [EXGL TS[IVIH F] XLI [IEVIV´W QSZIQIRX -X [EW XLI JSVIVYRRIV XS /MRIXMG
JSV XLI ½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±- LEH ZIV] QM\IH
JIIPMRKW - WYTTSWI - WLSYPH LEZI GSYRXIH Q]WIPJ PYGO] XS FI EFPI XS ERRSYRGI /MRIXMG FIGEYWI XLIVI [IVI WS QER] SXLIV HIZIPSTQIRXW XLEX RIZIV WE[ XLI PMKLX SJ HE] ²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
[LIVI HE]W EVI UYMXI WLSVX MR [MRXIV /MRIXMG XIGLRSPSK] [EW VIGSKRMWIH EW WYTIVMSV XS XLEX SJ XLI WSPEV TS[IVIH [EXGL 7IMOS´W XST QEREKIQIRX UYMGOP] VIZIVWIH XLIMV IEVPMIV HIGMWMSR ERH HIGMHIH XS GSQQIVGMEPMWI XLMW MRRSZE XMZI RI[ TVSHYGX 8LI HIZIPSTQIRX XIEQ FIKER XS [SVO [MXL ZIV] PMXXPI VIWX ±-R XLI IEVP] /MRIXMG HE]W - WTIRX QSWX SJ Q] 7EXYVHE]W ERH 7YRHE]W [SVOMRK EX XLI GSQTER] - VIQIQFIV XLEX [IPP ² 1V 2EKES VIGEPPW 8LI ½VWX HVE[MRKW JSV E TVSHYGXMSR ZIVWMSR SJ XLI /MRIXMG [IVI GSQTPIXIH MR ERH NYWX E ]IEV PEXIV XLI ½VWX /MRIXMG [EXGL MR XLI [SVPH XLI 1 [EW QEVOIXIH -X [EW TVSHYGIH MR WQEPP RYQFIVW ERH WYJJIVIH JVSQ E RYQFIV SJ PMQMXEXMSRW RSX PIEWX XLEX MX YXMPMWIH QER] GSQTSRIRXW YWIH MR SXLIV 7IMOS QSZIQIRXW 2IZIVXLIPIWW MX [EW ERSXLIV WMKRM½GERX [SVPH ±½VWX² JSV 7IMOS 8LIWI KVSYRH FVIEOMRK RI[ [EXGLIW [IVI WSPH ½VWX MR +IVQER] MR ERH F] %TVMP XLI] [IVI EPWS PEYRGLIH MR .ETER 1V 2EKES PEXIV I\TPEMRIH XLEX XLIWI RI[ [EXGLIW [IVI WYGGIWWJYP MR )YVSTI FYX MR XLI .ETERIWI QEVOIX XLI] EXXVEGXIH GYW XSQIV GSQTPEMRXW &ILMRH XLIQ PE] GLERKIW MR PMJIWX]PI -R .ETERIWI PMJIWX]PIW [IVI QSVI PIMWYVIP] XLER [LIR XLI ½VWX WIPJ [MRHMRK QIGLERMGEP [EXGLIW [IVI QEHI ERH TISTPI [IVI RSX EW EGXMZI EW XLI] LEH FIIR MR IEV PMIV ]IEVW ;LIR XLI SVMKMREP 1 QSZIQIRX IRGSYRXIVIH XLIWI TVSFPIQW XLI HIZIP STQIRX XIEQ VIEPMWIH XLEX MJ XLI] GSYPH RSX MQTVSZI XLIMV /MRIXMG XIGLRSPSK] XLI XVIQIRHSYW JYXYVI TSXIRXMEP SJ XLI /MRIXMG [EXGL [SYPH RIZIV FI VIEPMWIH 8LI] FIKER XS HIZIPST E RI[ GEPMFVI GEPPIH 1 EX XLI IRH SJ XS EHHVIWW XLI TVSFPIQW EWWSGMEXIH ',%48)6
%REXSQ] SJ E /MRIXMG ;EXGL
)ZIV] QSZIQIRX SJ XLI [IEVIV´W [VMWX QEOIW XLI SWGMPPEXMRK [IMKLX VIZSPZI
8LI KIEV XVEMR EQTPM½IW XLI WTIIH SJ VSXEXMSR XMQIW
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
[MXL XLI 1 1V 2EKES I\TPEMRIH ±-X HMHR´X WIIQ VMKLX XS EGGITX XLI I\MWXMRK TSSV STMRMSR ;I JIPX [I WLSYPH QEOI E GEPMFVI XLEX WEXMW½IH YW ERH WII [LEX TISTPI XLSYKLX SJ XLEX ² 8LI LEVH [SVO SJ XLI 6 ( XIEQ SR /MRIXMG XIGLRSPSK] TVSHYGIH XIGLRMGEP EHZERGIW XLEX [IVI XS TVSZI YWIJYP RSX SRP] JSV XLI /MRIXMG [EXGL TVSNIGX FYX MR EPP PEXIV KIRIVEXMSRW SJ % .3962)= -2 8-1)
7IMOS UYEVX^ [EXGLIW ±;I XIRH XS EHSTX ER ETTVSEGL XLEX MW HMJJIVIRX JVSQ XLEX YWIH F] QSWX TISTPI EVSYRH XLI [SVPH -R SYV S[R GLSWIR ½IPH [I KEXLIV IZIV]XLMRK XLEX MW FIWX ERH XLIR KS JSV FVSOI -J [I HSR´X HS XLEX MX´W ZIV] HMJ½GYPX XS QEOI ER] VIEP TVSKVIWW ² 1V =SWLMRS I\TPEMRIH -R XLI PEXI W 1V =SWLMRS PIJX XLI [EXGL HITEVXQIRX ERH QSZIH XS
XLI HIZIPSTQIRX SJ LEVH HMWOW TVMRXIVW ERH 4'W FYX [EXGLIW WXMPP LSPH E WXVSRK JEWGMREXMSR JSV LMQ ±8LI [VMWX[EXGL MW XLI SRP] TMIGI SJ IUYMTQIRX XLEX ]SY [IEV RI\X XS ]SYV WOMR JVSQ XLI QSQIRX ]SY KIX YT MR XLI QSVRMRK XS [LIR ]SY KS XS FIH EX RMKLX [MXLSYX IZIV FIMRK E[EVI SJ MX ;LIR ]SY XLMRO SJ XLEX XLIVI´W VIEPP] RSXLMRK IPWI PMOI MX =SY FIGSQI JSRH SJ MX FIGEYWI MX
EP[E]W QSZIW EVSYRH [MXL ]SY +MZIR XLEX - XLMRO ]SY GER WE] XLEX XLI [EXGL MW WSQIXLMRK XLEX GSQQYRMGEXIW [MXL MXW YWIV ERH JSV XLEX QEXXIV [MXL MXW GVIEXSV %RH MX´W EPP GSRGIRXVEXIH XLIVI SR ]SYV [VMWX ² -R XLI ]IEVW EJXIV XLI ½VWX UYEVX^ [EXGLIW [IVI PEYRGLIH XLIMV TS[IV VIUYMVIQIRXW VIHYGIH F] E JEGXSV SJ )ZIR XSHE] TS[IV GSRWYQTXMSR MW WXMPP FIMRK VIHYGIH ;MXLSYX XLMW MQTVSZIQIRX /MRIXMG XIGLRSPSK] [SYPH RIZIV LEZI FIIR ZMEFPI RSV [SYPH XLI HIZIPSTQIRX SJ QER] 7IMOS XMQITMIGIW WYGL EW WPMQ HVIWW [EXGLIW SV QSHIPW XLEX EVI IRLERGIH [MXL EHHMXMSREP JIEXYVIW VERKMRK JVSQ GLVSRSKVETLW XS QSHIPW [MXL WTIGMEP WIRWSVW 7SSR E[EVIRIWW SJ XLI EHZERXEKIW SJ /MRIXMG FIKER XS MRGVIEWI RSX PIEWX EQSRK HMZIVW [LS [IVI EQSRK XLI ½VWX XS ETTVIGMEXI XLI ZEPYI SJ XLMW FEXXIV] JVII XIGLRSPSK] ERH XLI] [IVI EQSRK XLI QSWX IRXLYWMEWXMG GYW XSQIVW JSV XLI RI[ QSHIPW *SV XLIQ E [EXGL XLEX GSYPH GSRXMRYI [SVOMRK [MXLSYX IZIV WXSTTMRK [EW ER EXXVEG XMZI TVSTSWMXMSR 8LI [SVO SJ 7IMOS´W HIZIPSTQIRX XIEQW RIZIV GIEWIW ERH HIZIPST QIRX SJ XLI /MRIXMG VERKI GSRXMRYIH
1V 2EKES ERH LMW XIEQ [IRX SR XS GVIEXI XLI 1 PMRI JSV YWI MR [SQIR´W [EXGLIW XLI 1 E WPMQ ZIVWMSR XLEX [EW MHIEP JSV HVIWW [EXGLIW ERH XLI 1 E QMRMEXYVI /MRIXMG QSZIQIRX
EHHMXMSREP QSXSVW XLEX [IVI RIIHIH XS XYVR XLI ZEVMSYW LERHW ;LIR JYPP] GLEVKIH MX [MPP VYR JSV SZIV E QSRXL [MXLSYX ER] JYVXLIV GLEVKI EWWYQMRK XLEX XLI GLVSRSKVETL JYRGXMSRW EVI YWIH JSV XLVII LSYVW IZIV] HE] +MZIR %R MQEKMREXMZI HIWMKR XLI I\XVE TS[IV VIUYMVIQIRX SJ XLI 8LI RI\X QENSV WXIT JSV[EVHW [EW XLI QSXSVW JSV XLI EHHMXMSREP LERHW SJ YRZIMPMRK MR WTVMRK SJ XLI /MRIXMG XLI JSYV WYF HMEPW XLMW MW E VIQEVOEFPI 'LVSRSKVETL GEPMFVI [LMGL LEH FIIR EGLMIZIQIRX 3XLIV ETTIEPMRK JIEXYVIW E[EMXIH [MXL KVIEX ERXMGMTEXMSR 8LMW MRGPYHI ER MRWXERX ^IVS VIWIX JYRGXMSR [EW ER MQEKMREXMZI TVSHYGX [MXL E JSV XLI GLVSRSKVETL LERHW ERH ER HVEQEXMG I]I GEXGLMRK GEWI HIWMKR 8LI EYXS FVEOMRK [LIIP XLEX VIHYGIW FEGO WITEVEXI WYF HMEPW QEHI FSPH WXEXI PEWL SR XLI LERHW E JIEXYVI XEOIR JVSQ QIRXW XLEX IRLERGIH XLI HIWMKR WXMPP XLI +VERH 7IMOS WIVMIW -QTVSZIQIRXW JYVXLIV 8LMW I\GMXMRK RI[ QSHIP EPWS WYGL EW XLIWI ETTIEP XS [EXGL GSRRSMW LEH E WII XLVSYKL GEWI FEGO WS XLEX WIYVW ERH XLI] GPIEVP] WLS[ LS[ QYGL XLI JYPP FIEYX] SJ XLI ½RIP] ½RMWLIH EXXIRXMSR MW FIMRK TEMH XS IZIR XLI QSZIQIRX GSYPH FI WIIR 8LI TVS WQEPPIWX HIXEMP MR XLIWI [EXGLIW XSX]TI [EW ½VWX WLS[R EX E TVIWW 1V 2EKES I\TPEMRIH ±;EXGL GSRJIVIRGI EX XLI &EWIP *EMV XLEX ]IEV HIWMKRIVW LEZI SRP] E PMQMXIH WTEGI 8LI /MRIXMG 'LVSRSKVETL [EW [MXLMR [LMGL XS ½X EPP XLI GSQTSRIRXW PEYRGLIH MR *IFVYEV] EW E ERH FEPERGI MW GVMXMGEP 8LMW MW TEV PMQMXIH IHMXMSR SJ TMIGIW JSV XMGYPEVP] XVYI SJ /MRIXMG [EXGLIW %PP [SVPH[MHI GSRWYQTXMSR 8LI VIKYPEV GSQTSRIRXW LEH XS FI VIZMI[IH JVSQ TVSHYGXMSR PMRI [EW RSX MRXVSHYGIH XLI ZIV] WXEVX FIGEYWI XLMW [EW XLI YRXMP 8LMW LMKLP] WTIGM½IH [EXGL QSWX IJJIGXMZI [E] SJ VIZMI[MRK UYEVX^ YWIH XLI 8 % /MRIXMG QSZIQIRX XIGLRSPSK] MXWIPJ 8LMW KIRIVEXIH XLVII XMQIW QSVI ±- WII RS VIEWSR [L] E /MRIXMG IPIGXVMGMX] XLER ER] TVIZMSYW /MRIXMG [EXGL WLSYPH RSX HS ER]XLMRK E UYEVX^ [EXGL 8LMW [EW IWWIRXMEP MR SVHIV XS [EXGL GER HS 8LI JYXYVI SJ XLI /MRIXMG TVSZMHI WYJ½GMIRX TS[IV XS HVMZI XLI MW SRP] NYWX FIKMRRMRK ²
',%48)6
8 ,) ³+ 6%11%6 3* ()7-+2´ 8LI [SVH ²HIWMKR³ [EW PEVKIP] W]RSR]QSYW [MXL QSZIQIRX HIWMKR JSV XLI ßVWX ]IEVW SJ 7IMOS³W I\MWXIRGI -X [EW SRP] MR XLI WIGSRH LEPJ SJ XLI W XLEX XLI GSQTER] FIKER XS TE] WIVMSYW EXXIRXMSR XS XLI HIWMKR SJ XLI HMEPW LERHW ERH GEWIW SJ MXW [EXGLIW 8SHE] HIWMKR MW EX XLI LIEVX SJ 7IMOS TVSHYGX HIZIPSTQIRX
8LI KVS[MRK MQTSVXERGI SJ HIWMKR MR XLI 7IMOS WXSV] MW RSX SRI XLEX MW WTVMROPIH [MXL ±½VWXW² SV VIZSPYXMSR -RWXIEH HIWMKR IQIVKIH JVSQ FIMRK E Q]WXIVMSYW EVX MRXS E GVEJX XLEX MW RS[ MR¾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±HIWMKRIVW² 7MRGI XLIR XLI QIERMRK ERH MQTSV XERGI SJ HIWMKR JSV 7IMOS LEW GLERKIH % .3962)= -2 8-1)
8EVS 8EREOE [EW XLI JMVWX KVEHYEXI LMVIH JSV HIWMKR [SVO F] / ,EXXSVM ,I GVIEXIH 7IMOS´W ±+VEQQEV SJ (IWMKR² XLEX WIX SYX XLI KVSYRH VYPIW XLEX MQTVSZIH XLI HIWMKR ERH JMRMWL SJ 7IMOS [EXGLIW
FI]SRH EPP VIGSKRMXMSR 8LI GLERKI SJ EXXMXYHI WXEVXIH MR [LIR E (IWMKR 7IGXMSR [EW IWXEFPMWLIH JSV XLI ½VWX XMQI EX 7Y[E 7IMOSWLE FYX EX ½VWX MXW VIWTSRWMFMPMXMIW [IVI VIWXVMGXIH XS HMEP
HIWMKR -R XLIVI [EW E FMK WXIT JSV[EVH [LIR (EMRM 7IMOSWLE JSV XLI ½VWX XMQI HIGMHIH XS IQTPS] HIWMKR KVEHYEXIW JVSQ GSPPIKI ERH MR 8EVS 8EREOE FIGEQI XLI ½VWX KVEHYEXI IZIV XS FI IQTPS]IH F] / ,EXXSVM 'S 0XH 8LMW [EW XLI ½VWX QSZI MR XLI GSQTER]´W LMWXSV] XS[EVHW GSRWMHIVIH HIWMKR RSX NYWX SJ XLI HMEP FYX SJ XLI [LSPI [EXGL 1V 8EREOE NSMRIH EX E XMQI [LIR RSFSH] MR XLI GSQTER] YWIH XLI .ETERIWI IUYMZEPIRX SJ XLI )RKPMWL [SVH ±HIWMKR² ERH LI SJXIR LEH HMJ ½GYPX] I\TPEMRMRK LMW VSPI 0EXIV LI WEMH XLEX [LIR LI NSMRIH XLI GSQTER] LMW ½VWX NSF LEH FIIR XS ±QEOI WSQIXLMRK PMOI XLMW² ¯ ERH SJXIR 7IMOS GEWIW ERH QSZIQIRXW [IVI WMQMPEV XS XLSWI SJ )YVSTIER TVSHYGXW ,MW TMSRIIVMRK RI[ VSPI MR XLI GSQTER] PIH XS XLI IWXEFPMWLQIRX SJ RI[ KYMHIPMRIW JSV HIWMKRMRK 7IMOS [EXGLIW ;LIR 1V 8EREOE NSMRIH XLI GSQTER] XLIVI [EW E WXVSRK JIIPMRK XLEX EPXLSYKL 7IMOS TVSHYGXW [IVI QIGLERMGEPP] WSYRH XLI] [IVI PEK KMRK FILMRH [LIR MX GEQI XS GEWI ERH HMEP HIWMKR 7S ½VWX LI WIX SYX XS KEMR I\TIVMIRGI MR XLI JEGXSVMIW MRZSPZIH [MXL HIWMKR WYGL EW XLI GEWI ERH
8LI +7 ,M &IEX QEHI MR MW E GPEWWMG I\EQTPI SJ 7IMOS WX]PMRK FEWIH SR XLI +VEQQEV SJ (IWMKR GVIEXIH F] 1V 8EREOE
HMEP QERYJEGXYVMRK TPERXW 1V 8EREOE PIEVRIH EX ½VWX LERH EFSYX VE[ QEXI VMEPW ERH XLI TVSHYGXMSR TVSGIWWIW XLEX [IVI FIMRK YWIH %X XLI WEQI XMQI LI [EW TVIWIRXIH [MXL ER STTSVXYRMX] XS GSRWMHIV GEVIJYPP] [LEX [EXGL HIWMKR [EW EPP EFSYX ,I I\TPEMRIH ±3RI HE] MR - LEH KSRI XS XLI ;EOS WEPIW GSYRXIVW NYWX EW - EP[E]W HMH ERH EW - PSSOIH MR SRI SJ XLI WLS[GEWIW - WE[ QER] [EXGLIW WTEVOPMRK FVMPPMERXP] 8LIR - PSSOIH SR XLI SXLIV WMHI ERH WE[
[EXGLIW XLEX LEH E VEXLIV YRIZIR KPIEQ XLI HMJJIVIRGI [EW EPP XSS ETTEVIRX 8LI FVMPPMERXP] WTEVOPMRK [EXGLIW [IVI 7[MWW ERH XLSWI [MXL XLI HYPPIV ½RMWL [IVI F] 7IMOS ² 8LMW GSRXVEWX EPEVQIH 1V 8EREOE ,I WXYHMIH XLIQ GPSWIP] ERH HMWGSZ IVIH XLEX [LMPI XLI GEWIW SJ 7[MWW TVSHYGXW GSRWMWX SJ ¾EX ERH GSRMGEP WYVJEGIW TIVJIGXP] WQSSXL ERH JVII JVSQ HMWXSVXMSR XLI HMEPW ERH FI^IPW SJ XLI 7IMOS TVSHYGXW LEH HMWXSVXMSRW XLEX LI EXXVMFYXIH XS 7IMOS´W QERY
JEGXYVMRK XIGLRMUYIW 8LI QENSVMX] SJ 7IMOS [EXGLIW EX XLI XMQI LEH FVEWW GEWIW XLEX [IVI TSPMWLIH YWMRK FYJJW ERH XLIR GLVSQI SV KSPH TPEXIH -X WIIQIH XLIVI [EW PMXXPI XLEX GSYPH FI HSRI EFSYX MX ,I [EW GSRZMRGIH XLEX 7IMOS LEH XS TVSHYGI LMKL UYEPMX] TVSHYGXW XLEX GSYPH QEXGL SV WYVTEWW XLSWI JVSQ 7[MX^IVPERH ERH [MXL XLI WSVX SJ ZMWMSR XLEX LEW WS SJXIR LIPTIH XS WIX 7IMOS ETEVX JVSQ SXLIV GSQTERMIW LI WIX SYX XS VIWSPZI XLI TVSFPIQ ,I GVIEXIH E ±HIWMKR JSVQYPE² ERH IZIRXYEPP] XLMW FIGEQI ORS[R [MXLMR XLI GSQTER] EW ±7IMOS´W +VEQQEV SJ (IWMKR² ,I WXEVXIH F] GVIEXMRK GEWIW ERH HMEPW XLEX LEH E TIVJIGXP] ¾EX WYVJEGI [MXL X[S HMQIRWMSREP GYVZIW SR XLI FI^IP EW E WIGSRHEV] JIEXYVI 8LVII HMQIRWMSREP GYVZIW [IVI RSX YWIH EW E KIRIVEP VYPI ,I EPWS HIGMHIH XLEX EPP HMWXSV XMSR WLSYPH FI IPMQMREXIH JVSQ XLI HMEP XSS WS XLEX MX GSYPH FI ½RMWLIH [MXL E QMVVSV WYVJEGI 8LMW JSVQIH XLI FEWMW JSV XLI RI[ 7IMOS WX]PI 8LI ½VWX QSHIP XLEX VIGIMZIH XLI RI[ XVIEXQIRX [EW XLI (EMRM 7IMOSWLE JEGXSV]´W +7 [LMGL [EW TVSHYGIH MR 0EXIV XLI RI[ +VEQQEV SJ (IWMKR [EW TEWWIH SR XS 7Y[E 7IMOSWLE ERH YWIH JSV XLI +%; MR ERH MR XLI WEQI ]IEV MX [EW ETTPMIH XS XLI RI[ +7' JVSQ (EMRM 7IMOSWLE 1V 8EREOE´W HIWMKR ERH TVS HYGXMSR TVMRGMTPIW WIX RI[ WXERHEVHW JSV 7IMOS´W LMKL UYEPMX] ERH LMKL TVIGM WMSR XMQITMIGIW FYX XLI XIGLRMUYI [EW SRP] ETTPMIH XS LMKL UYEPMX] [EXGLIW FIGEYWI MX [EW PEFSYV MRXIRWMZI ERH XLIVIJSVI [EW RSX ZMEFPI JSV PS[ TVMGI TVSHYGXW 8LI +VEQQEV SJ (IWMKR [EW ZIV] QYGL MR IZMHIRGI EW XLI 7IMOS 7X]PI FIKER XS IQIVKI -X [EW QSWX IZMHIRX ',%48)6
MR XLI +VERH 7IMOS ERH /MRK 7IMOS ,EXXSVM ERH XLI (EMRM ERH 7Y[E JEG [EXGLIW GVIEXIH JSV XLI HSQIWXMG XSVMIW 8LMW LIPTIH XS GVIEXI E FSRH QEVOIX MR XLI W ERH XLI IEVP] FIX[IIR HIWMKRIVW JVSQ XLI XLVII W 8LI VYPIW SJ XLI ±+VEQQEV SJ GSQTERMIW 8LMW PIH XS HIWMKR MQTVSZI (IWMKR² [IVI YWIH JSV ]IEVW FYX QIRXW MR XLI SYX[EVH ETTIEVERGI SJ XLI GSRGITX [EW IZIRXYEPP] WMHIPMRIH EW EPP 7IMOS [EXGLIW [LIXLIV HIWMKRIH MRGVIEWMRK HIQERH JSV E [MHIV ZEVMIX] F] / ,EXXSVM´W (EMRM 7IMOSWLE´W SV SJ WX]PIW SFPMKIH 7IMOS´W HIWMKRIVW 7Y[E 7IMOSWLE´W XIEQW *YVXLIV XLMW XS I\TERH XLIMV LSVM^SRW FI]SRH 'SRJIVIRGI HIGMHIH XS MRXVSHYGI MRXIV XLI WXVMGX TVMRGMTPIW SJ XLI +VEQQEV REXMSREP MHIEW XS 7IMOS ERH MR XLI %PXLSYKL JI[ TISTPI [MXLMR 7IMOS GSQTER] FIKER XS WIRH WXEJJ SZIVWIEW XSHE] LEZI LIEVH SJ XLI +VEQQEV SJ XS WXYH] HIWMKR ERH WSQI [IVI IZIR (IWMKR MXW MQTSVXERGI EX XLI XMQI IRVSPPIH EX ER -XEPMER NI[IPPIV] WGLSSP LEW FIIR GSQTEVIH XS XLEX SJ 7IMOS´W 8LI WXEVX SJ XLI UYEVX^ VIZSPY WYGGIWW MR XLI 7[MWW 3FWIVZEXSV] XMSR JVSQ XLI IRH SJ PIH XS ER 'LVSRSQIXIV 8VMEPW ERH IZIR XLI MQTSVXERX RI[ VSPI JSV XLI HIWMKR HIZIPSTQIRX SJ XLI UYEVX^ [EXGL 1V XIEQW EW XLI] FIKER XS XLMRO MR XIVQW 8EREOE GER EPWS XEOI TVMHI MR LEZMRK SJ HIWMKRW XLEX [IVI ±ETTVSTVMEXI² 1V 8EREOE LIPTIH XS HIZIPST XLI FIIR MRZSPZIH [MXL E RYQFIV SJ SXLIV -R / ,EXXSVM 'S 0XH IWXEF TVSHYGX XLEX [EW IZIRXYEPP] GEPPIH MQTSVXERX HIWMKR MRMXMEXMZIW ,I LIPTIH PMWLIH E WTIGMEPMWIH HIWMKR XIEQ MR MXW 0YQMFVMXI E GSQTPIXIP] WEJI EPXIVREXMZI [MXL XLI HIWMKR SJ WXST[EXGLIW JSV XLI [EXGL HMZMWMSR *SV XLI ½VWX XMQI XLI XS XVMXMYQ -R XLMW I\EQTPI XLI [LMXI HSXW SR XLI LSYV MRHI\IW ERH XLI [LMXI 8SO]S 3P]QTMGW ERH XLI 7IMOS WIVMIW GSQTER] FIKER XS YWI GSQTYXIVW XS TERIPW SR XLI LERHW EVI 0YQMFVMXI EW [IPP EW 7IMOS´W 4VSJIWWMSREP (MZIV´W EREP]WI XLI SYX[EVH ETTIEVERGI SJ ;EXGL [EXGLIW -X [EW GSRWMHIVIH I\XVIQIP] MQTSVXERX XLEX E HIWMKR HMWXMRKYMWLIH PMWLIH E GIRXVEP HIWMKR SJ½GI MR +MR^E )QTLEWMW SR HIWMKR E [EXGL EW E UYEVX^ TVSHYGX FIGEYWI SRGI EKEMR [MXL XLI KSEP SJ E QSVI 8LMW KVS[MRK IQTLEWMW SR HIWMKR XLI ½VWX UYEVX^ QSHIPW GSWX EW QYGL MRXIVREXMSREP ETTVSEGL XS HIWMKR FIKER XS FVMRK MXW S[R VI[EVHW RSX EW E GEV ERH MX [EW ZMXEP XLEX XLI TYFPMG &] XLI IEVP] W 7IMOS´W SZIV SRP] MR XLI JSVQ SJ MRGVIEWIH WEPIW GSYPH MHIRXMJ] XLIWI I\GMXMRK RI[ TVSH WIEW FYWMRIWW [EW KVS[MRK VETMHP] ERH FYX EPWS I\XIVREP VIGSKRMXMSR -R YGXW EX E KPERGI MX [EW HIGMHIH XS EHH QSVI QSHIPW X[S 7IMOS TVSHYGXW XLI 'V]WXEP -R 7IMOS´W ½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½VWX XMQI XLEX XIEQ [EW XVERWJIVVIH XS XLI HIWMKR STIRIH ¯ 4EVMW 1MPER ERH ,SRK /SRK GSRWYQIVW ZEPYIH XLI I\XIVREP HIWMKR HMZMWMSRW SJ (EMRM 7IMOSWLE ERH 7Y[E MR ´W -R EHHMXMSR 7IMOS -RWXVYQIRXW SJ MXW TVSHYGXW ERH RSX NYWX QSZI 7IMOSWLE ,S[IZIV XLI RIIH JSV QSVI ERH 7IMOS )TWSR NSMRXP] IWXEFPMWLIH E QIRX HIWMKR -R MX VIWTSRHIH GSSVHMREXIH HIWMKR WSSR VI IQIVKIH HIWMKR SJ½GI MR /EQIMHS 8LMW RIX[SVO XS XLIWI HIWMKR E[EVHW F] WXEVXMRK E ERH MX [EW RSX PSRK FIJSVI XLI X[S SJ HIWMKR SJ½GIW PMEMWIH GPSWIP] [MXL NSMRX (IWMKR 'SRJIVIRGI FIX[IIR / 7IMOSWLE HMZMWMSRW ERH / ,EXXSVM IWXEF XLIMV LIEHUYEVXIVW ERH XLI IEVP] EHST % .3962)= -2 8-1)
*SV XLI 7ETTSVS ;MRXIV 3P]QTMG +EQIW 1V 8EREOE HIWMKRIH XLIWI XLVII X]TIW SJ QIGLERMGEP WXST[EXGLIW 3RP] XLVII HIWMKRW [IVI RIIHIH FIGEYWI XLI GSVI WTSVXW XMQMRK JYRGXMSRW [IVI GEVVMIH SYX YWMRK UYEVX^ XMQMRK F] XLMW XMQI
XMSR SJ ( 'SQTYXIV %MHIH (IWMKR
'%( MR JEGMPMXEXIH XLI GVIEXMSR SJ XLIWI RI[ HIWMKRW 8LI KVSYT MRXVS HYGIH %TTPI 1EGMRXSWL GSQTYXIVW JSV HIWMKR [SVO MR ERH [EW TVSFEFP] SRI SJ XLI ½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´W TVSHYGXW [IVI WS WYGGIWWJYP MR XLI W TYVIP] FIGEYWI XLI] [IVI XVYP] JYRGXMSREP ERH LEH RS EHHIH JVMPPW 1V 8EREOE XLI GSQTER]´W ½VWX HIWMKR KVEHYEXI MR GSRXMRYIH XS HIZIPST RI[ WSPYXMSRW XS HIWMKR TVSFPIQW ERH [IRX SR XS GSQFMRI JSVQ ERH JYRGXMSR [LIR LI HIZIPSTIH E RI[ X]TI SJ MPPYQMREXMSR JSV [EXGLIW MR XLI W ,I [SVOIH [MXL 2IQSXS
'S E GLIQMGEPW GSQTER] XS TVSHYGI E PYQMRIWGIRX TVSHYGX WYMXEFPI JSV YWI SR 7IMOS´W PY\YV] TVSHYGXW XS MPPYQM REXI HMEPW MR XLI HEVO 8SKIXLIV XLI] GVIEXIH E PYQMRIWGIRX TEMRX SVMKMREPP] ORS[R NYWX EW ±2;² FYX WYFWIUYIRXP] ORS[R EW 0YQMFVMXI MX [EW MRXVSHYGIH MR %JXIV FIMRK I\TSWIH XS PMKLX JSV QMRYXIW MX MW EFPI XS TVSZMHI ER EJXIVKPS[ XLEX MPPYQMREXIW XLI HMEP JSV XS LSYVW ¯ [MXLSYX ER] YWI SJ IPIGXVMGMX]
8LMW XIGLRSPSK] LEW WIIR JYVXLIV MQTVSZIQIRXW EX ZEVMSYW XMQIW ERH LEW FIIR JIEXYVIH SR QER] 7IMOS [EXGLIW -X MW WXMPP MR YWI XSHE] ERH MW E [SRHIVJYP I\EQTPI SJ XLI IRHYVMRK MR¾YIRGI SJ XLI GSQTER]´W ½VWX IZIV HIWMKR KVEHYEXI 0YQMFVMXI [EW MRZIRXIH MR ER IJJSVX XS IPMQMREXI JVSQ [EXGLIW XLI YWI SJ VEHMSEGXMZI TVSHYGXW XLEX LEZI ER MQTEGX SR TVSHYGXMSR EW [IPP EW XLI [IEVIV ,S[IZIV F] XLI IEVP] W XLI VEXI SJ MRXVSHYGXMSR SJ RI[ JIEXYVIW MR UYEVX^ XIGLRSPSK] LEH WPS[IH ERH QERYJEGXYVIVW SRGI EKEMR RIIHIH XS PSSO JSV SXLIV JIEXYVIW XS EXXVEGX GYW XSQIVW XS XLIMV RI[ TVSHYGXW 8LIVI [EW E KVS[MRK E[EVIRIWW SJ XLI GSR XVMFYXMSR XLEX KSSH HIWMKR GSYPH QEOI
8LI 7TIIHQEWXIV 7&&8 GLVSRSKVETL [EW HIWMKRIH XS WLS[GEWI 7IMOS´W XIGLRSPSK] -X MW XLI [SVPH´W SRP] GLVSRSKVETL [MXL WIGSRH EGGYVEG] ',%48)6
XS XLI [EXGL MRHYWXV] ERH WSQI [EXGL QERYJEGXYVIVW VIEPMWIH XLEX XLI TYFPMG [SYPH TE] E TVIQMYQ JSV [EXGLIW XLEX JIEXYVIH SYXWXERHMRK HIWMKR %W TEVX SJ XLIMV UYIWX JSV KSSH HIWMKR [MXL GSRWYQIV ETTIEP 7IMOS´W HIWMKRIVW WXEVXIH XS MRXVSHYGI QEVOIX VIWIEVGL XIGLRMUYIW MRXS XLIMV HIWMKR EGXMZMXMIW %X IEGL WXEKI SJ XLI HIWMKR TVSGIWW XLI] [IRX SYX SJ XLIMV [E] XS KIX JIIHFEGO JVSQ JVMIRHW ERH QIQ FIVW SJ XLI TYFPMG FIJSVI ½RI XYRMRK XLIMV GVIEXMSRW 8LI] HIZIPSTIH E HMEPSKYI [MXL XLIMV XEVKIX EYHMIRGI ERH PMWXIRIH GEVIJYPP] XS [LEX XLI] LEH XS WE]
(VIEQW VIEPMWIH 3RI SJ 7IMOS´W HIWMKRIVW 1V 2EOERMWLM EGLMIZIH VIQEVOEFPI WYGGIWW [MXL E HIWMKR LI TVSHYGIH MR SRP] LMW WIGSRH ]IEV [MXL XLI GSQTER] ±;LIR ]SY´ZI EMQIH JSV XLI ½IPH SJ HIWMKR ERH KSX E NSF MR XLMW ½IPH ]SY [ERX EX WSQI TSMRX XS GVIEXI WSQIXLMRK XLEX [MPP FI VIGSKRMWIH - HIWMKRIH E 7IMOS 7TIIHQEWXIV HYVMRK Q] WIGSRH ]IEV [MXL XLI GSQTER] -R WSQI [E]W - JIPX XLEX Q] HVIEQW LEH FIIR VIEPMWIH QYGL QSVI UYMGOP] XLER - I\TIGXIH ERH - [EWR´X WYVI [LEX [EW KSMRK SR - LEH NSMRIH 7IMOS )TWSR ERH XLSYKLX ³- KYIWW -´PP FI HSMRK GSQTYXIV HIWMKR´ FYX MRWXIEH - IRHIH YT MR [EXGL HIWMKR ERH - [EW TYX MR GLEVKI SJ 7TIIHQEWXIV 1] EXXMXYHI [EW XLEX - [ERXIH FY]IVW XS LSPH SR XS Q] TVSHYGX JSV SV IZIR ]IEVW [MXL XLI JIIPMRK ³-´Q KPEH - FSYKLX XLMW´ 8LMW [EW Q] EXXMXYHI [LIR GVIEXMRK XLMW HIWMKR [LMGL [EW Q] ½VWX TMIGI SJ [SVO - TSYVIH MRXS MX IZIV] SYRGI SJ IRIVK] XLEX - LEH ² -R XLI IEVP] W 7IMOS´W HIWMKRIVW MRZIWXMKEXIH XLI TSWWMFMPMX] SJ IRXIVMRK XLIMV HIWMKRW MR SZIVWIEW % .3962)= -2 8-1)
HIWMKR GSQTIXMXMSRW 1V 3OE]E SRI SJ XLI HIWMKRIVW WEMH ±;I LEH XLI MQTVIWWMSR XLEX XLI ³+VERH 4VM\ HI PE :MPPI HI +IRrZI´ [EW E GSRXIWX XS IRGSYVEKI HIWMKRIVW [MXLMR 7[MX^IVPERH FYX [LIR [I EWOIH ³'ER [I WYFQMX ER IRXV] EW [IPP#´ XLI] EPPS[IH YW XS TEV XMGMTEXI - [EW E[EVHIH E +VERH 4VM\ MR -X [EW ZIV] WMQMPEV XS XLI WMXYE XMSR XLEX LEH PIH XS SYV TEVXMGMTEXMSR MR XLI 3FWIVZEXSV] 'SQTIXMXMSRW ² ,I [EW E[EVHIH XLI TVM^I JSV E FERKPI [EXGL MR XLI 6MZSPM WIVMIW ,I I\TPEMRIH ±- LEH IRXIVIH 7IMOS EX E XMQI [LIR XLI IRXMVI GSQTER] [EW PSSOMRK XS[EVHW E RI[ IVE ERH 7IMOS HIWMKR SJ½GIW LEH FIIR WIX YT MR 4EVMW ERH +MR^E % RI[ EKI WIIQIH XS FI HE[RMRK XLIR [MXL XLI IRH SJ QIGLERMGEP [EXGLIW ERH XLI FIKMRRMRK SJ XLI UYEVX^ IVE ;I XLSYKLX ³2S[ [I´PP FI SR E HMJJIVIRX TEXL JVSQ XLI 7[MWW RS[ MX´W KSMRK XS FI EPP EFSYX HIWMKR ´ ±-R XLI QMHWX SJ XLMW XLI VSPI SJ XLI HIWMKRIV [EW GLERKMRK 3YV VSPI [EW RS PSRKIV NYWX EFSYX HIWMKRMRK XLI HMEP ERH WOIXGLMRK SYX XLI GEWI 8LIVI [EWR´X QYGL HMEPSKYI [MXL SYXWMHI TEVXMIW ERH XLIVI [EW RS [E] XS KIX MRHITIRHIRX JIIHFEGO EFSYX XLI WOMPPW SJ MR LSYWI HIWMKRIVW 8LMW [EW [LIR - WXEVXIH XS KIX XLI JIIPMRK XLEX - [SYPH VIEPP] PMOI XS IRXIV ER SYXWMHI HIWMKR GSQTIXMXMSR ERH XLMW PIH XS SYV IRXV] MR XLI +IRIZE +VERH 4VM\ ² 7MRGI [MRRMRK XLEX TVM^I MR 7IMOS LEW VIGSKRMWIH XLI MQTSVXERGI SJ HIWMKR RSX SRP] MR MXW [EXGLIW FYX EPWS MR SXLIV EGXMZMXMIW %GGSVHMRK XS 8SQSLMVS %WE]EQE [LS LEH QENSVIH MR QIXEP IRKVEZMRK ERH NSMRIH 7IMOS EW (IWMKR (MVIGXSV SJ XLI 'VIHSV HMZMWMSR ±,IVI [I XLMRO EFSYX XLI SZIVEPP MQEKI SJ XLI FVERH ERH XLIR
8SQSLMVS %WE]EQE (IWMKR (MVIGXSV SJ 7IMOS´W 'VIHSV HMZMWMSR FIPMIZIW MR XLI MQTSVXERGI SJ ER EPP IQFVEGMRK XSXEP HIWMKR IJJSVX
EW E VIWYPX [LEX WLSYPH LETTIR [MXL HIWMKR 8LIVI´W RSX QYGL TSMRX GVI EXMRK TVSHYGX HIWMKRW MR MWSPEXMSR MX MW RIGIWWEV] XS QEOI E XSXEP HIWMKR IJJSVX XEOMRK MRXS EGGSYRX XLI [EXGL XLI TVIWIRXEXMSR FS\ XLI EHZIVXMWMRK ERH WEPIW TVSQSXMSR ;MXL SYV S[R HIWMKRIVW ERH E QERYJEGXYVMRK HMZMWMSR SJ SYV S[R [I EVI PMOI ER MR LSYWI GSQTER] ² LI SFWIVZIH 1V %WE]EQE WIIQIH XS VITVIWIRX XLI ZSMGI SJ
'VIHSV MW XLI REQI KMZIR XS XLI QSWX WSTLMWXMGEXIH ERH PY\YVMSYW 7IMOS TVSHYGXW
XSHE]´W 7IMOS HIWMKRIVW [LIR LI EHHIH LIEVX SJ XLI GSQTER] ERH XLI] EVI ±;MXL PY\YV] QSHIPW MJ ]SY GVIEXI XSS MRZSPZIH MR EPP EWTIGXW SJ TVSHYGX ERH [MHI ER EWWSVXQIRX XLIMV VEVMX] ZEPYI GSRGITXYEP HIWMKR WIIOMRK XS FYMPH HIGPMRIW ERH XLEX´W ERSXLIV TVSFPIQ E GSQTPIXI ±7IMOS )\TIVMIRGI² MRXS ±-R XLI TEWX 7IMOS LEH E VITYXEXMSR IZIV] [E] XLEX GSRWYQIVW IRGSYRXIV JSV FIMRK E GSQTER] [LIVI XLI ³LEVH XLI FVERH (YVMRK XLI ]IEVW JSP [EVI´ VYPIH XLI VSSWX 8LI OI] [SVHW PS[MRK XLI IWXEFPMWLQIRX SJ XLI XLEX GSQI FEGO JVSQ WYVZI]W EVI ±+VEQQEV SJ (IWMKR² MR XLI QMH W XIVQW WYGL EW ³EGGYVEXI´ ³HSIWR´X FVIEO´ XLI GSQTER] WYGGIIHIH MR EXXEMRMRK ERH ³VIEWWYVMRK´ 8LIVI [IVI RSX QER] WXERHEVHW MR GEWI ERH HMEP HIWMKR XLEX GSQQIRXW EPSRK XLI PMRIW SJ ³GSSP´ SV QEXGLIH XLI GLVSRSPSKMGEP I\GIPPIRGI ³KSSH HIWMKR WIRWI´ -R XLI JYXYVI MX MW SJ XLI QSZIQIRXW 2S[ XLI VSPI ER MWWYI SYV HIWMKRIVW QYWX GSRWMHIV MJ SJ HIWMKR LEW I\TERHIH XS TIVZEHI XLI] EVI XS LEZI ER MQTEGX SR YWIVW ² EPP EWTIGXW SJ XLI QEVOIXMRK TVSGIWW MRGPYHMRK KVETLMG HIWMKR JSV GSQQY -QTSVXERGI SJ HIWMKR RMGEXMSR QEXIVMEPW 8LI IZSPYXMSR SJ ;LIR 1V 8EREOE FIGEQI XLI ½VWX HIWMKR MW TIVLETW FIWX I\IQTPM½IH F] KVEHYEXI IQTPS]IH EW E HIWMKRIV F] / XLI /MRIXMG 'LVSRSKVETL PEYRGLIH ,EXXSVM 'S 0XH MR LI QMKLX MR 8LI HIWMKR SJ MXW QSZIQIRX LEZI FIIR WYVTVMWIH XS ORS[ XLEX LI [EW HMGXEXIH F] XLI HIWMVI XS GVIEXI E [EW XLI ½VWX SJ QER] ERH LI [SYPH YRMUYI GEWI ¯ TVSSJ XLEX MRXIVMSV ERH LEZI FIIR HIPMKLXIH XS WII LS[ LMW I\XIVMSV HIWMKR [IVI ½REPP] MR GSQ TEWWMSR JSV HIWMKR MW XSHE] WLEVIH F] TPIXI LEVQSR] ¯ XLI YPXMQEXI W]RXLIWMW XLI HIWMKRIVW [LS [SVO [SVPH[MHI SJ XIGLRMGEP MRRSZEXMSR ERH HIWMKR SR XLI GVIEXMSR SJ 7IMOS [EXGLIW VI½RIQIRX 8SHE] MR 7IMOS HIWMKR LEW FIGSQI -R SVHIV XS ETTIEP XS HIWMKR ERH XLI HMWGMTPMRI XLEX HSQMREXIW XLI MQEKI GSRWGMSYW GYWXSQIVW 7IMOS RI\X GSQTER]´W EGXMZMXMIW MR EPP EVIEW JVSQ XYVRIH XS WSQI SJ XLI [SVPH´W XST TVSHYGX HIWMKR XS XLI GVIEXMSR SJ MRHITIRHIRX HIWMKRIVW 8LI WXSV] SJ EHZIVXMWMRK 8LI HIWMKR XIEQ JSVQ XLI HIWMKR MRRSZEXMSR GSRXMRYIW©
7IMOS´W 'VIHSV PMRI MRGPYHIW PY\YVMSYW NI[IPPIV] [EXGLIW WYGL EW XLMW HMEQSRH WIX QSHIP 4VSHYGXMSR SJ 'VIHSV [EXGLIW MW PMQMXIH ERH WS XLI] LEZI SRP] FIIR WSPH MR .ETER©WS JEV
',%48)6
8 ,) -2*09)2') 3* + 03&%0 ()7-+2 7IMOS³W WYGGIWW EW ER MRXIVREXMSREPP] JEQSYW FVERH LEW PSRK HITIRHIH SR XLI MRXIVEGXMSR FIX[IIR MXW MRXIVREP HIWMKR I\TIVXW ERH XLI HIWMKR XVIRHW SJ XLI )YVSTIER ERH KPSFEP QEVOIXW 8LMW MW [L] MR XLI IEVP] W 7IMOS HIGMHIH XS NSMR JSVGIW [MXL PIEHMRK I\XIVREP HIWMKRIVW XS GVIEXI WSQI XVYP] YRMUYI TVSHYGXW
7MRGI XLI IEVP] W XLI [SVO SJ 7IMOS´W MR LSYWI HIWMKRIVW LEW FIIR WYTTPIQIRXIH F] QIERW SJ GSPPEFSVE XMSR [MXL MRHITIRHIRX HIWMKRIVW 8LI ½VWX I\EQTPI [EW XLI 7TIIHQEWXIV WIVMIW PEYRGLIH MR -X [EW FEWIH SR E HIWMKR TVSHYGIH IWTIGMEPP] JSV 7IMOS F] XLI VIRS[RIH -XEPMER HIWMKRIV +MYKMEVS %PXLSYKL FIWX ORS[R EW SRI SJ XLI [SVPH´W PIEHMRK GEV WX]PMWXW LI LEW SGGEWMSREPP] XYVRIH LMW XEPIRXW XS XLI HIWMKR SJ TVSHYGXW MR SXLIV ½IPHW WYGL EW XLI 2MOSR * GEQIVE JEWLMSR XVEMR WXEXMSR FIRGLIW ¯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±+S JSV MX² 9RXMP 7IMOS WXEVXIH XS [SVO [MXL TSMRX MR [SVOMRK [MXL ER] HIWMKRIVW +MYKMEVS XLI GSQTER] LEH RS TVIZMSYW [LS [IVI RSX EQSRK XLI FIWX MR I\TIVMIRGI SJ [SVOMRK [MXL MRHI XLIMV ½IPH ;LIR XLI] ½VWX GSRXEGXIH TIRHIRX MRHYWXVMEP HIWMKRIVW EPXLSYKL +MYKMEVS XLI] KSX E TPIEWERX WYVTVMWI MX LEH YRHIVXEOIR WSQI NSMRX HIWMKR XLI] HMWGSZIVIH XLEX LI EPVIEH] [ERXIH % .3962)= -2 8-1)
XS KIX MRZSPZIH MR [EXGL HIWMKR ERH WS XLI] GEQI XS XIVQW UYMXI UYMGOP] ;LIR +MYKMEVS´W ½VWX WOIXGL [EW VIGIMZIH XLIVI [EW E WXEVXPIH VIEG XMSR 1V ,MVEFE]EWLM [LS [EW E WIRMSV QEREKIV MR 7IMOS´W 4VSHYGXW (MZMWMSR WEMH ±;I LEZI XS WE] XLEX XLI ½VWX ZIR XYVI [MXL +MYKMEVS [EW E WLSGO - VIEPP] HSR´X XLMRO XLEX [I [SYPH IZIV KIX WSQIXLMRK PMOI XLEX JVSQ ER MR LSYWI HIWMKRIV ² ,MW TVSTSWEPW MRGPYHIH HMK MXEP GLVSRSKVETLW [MXL E XMPXIH HMEP ERH
8LI HMKMXEP GLVSRSKVETL 7TIIHQEWXIV [EW XLI QSWX TSTYPEV SJ XLI +MYKMEVS HIWMKRW PEYRGLIH MR 8LI HMKMXEP HMWTPE] [EW X[MWXIH Â&#x201E; GPSGO[MWI
-RMXMEP WOIXGLIW JSV XLI 1EGGLMRE 7TSVXMZE [LMGL GEQI JVSQ 7IMOS´W WIGSRH MRZSPZIQIRX [MXL +MSVKIXXS +MYKMEVS
GLVSRSKVETLW [MXL WPMHMRK FYXXSRW XLEX GSYPH FI TYWLIH YT SV HS[R ;MXL XLI XIGLRSPSK] EZEMPEFPI EX XLI XMQI XLMW [EW UYMXI LEVH XS MQTPIQIRX (IWTMXI XLI HMJ½GYPX] SJ XVERWPEXMRK +MYKMEVS´W HIWMKRW MRXS TVEGXMGI 7IMOS´W XIGLRMGEP XIEQ SZIVGEQI EPP XLI LYV HPIW ±8LMW VIEPP] TVSZMHIH E WXMQYPYW XS SYV HIWMKRIVW ERH HIZIPSTIVW -X WIX XLIQ XLMROMRK ³2S[ [I´VI VIEPP] KSMRK XS LEZI XS HIZIPST E ZIV] WTIGMEP QIGLERMWQ JSV XLMW ´ -R XLEX WIRWI [I VIETIH WSQI I\XVIQIP] VMGL FIRI½XW ² 1V ,MVEFE]EWLM WEMH -R SVHIV XS MQTPIQIRX XLI YRMUYI FYXXSR STIVEXIH W]WXIQ 7Y[E 7IMOSWLE HIZIPSTIH E RI[ QIGLERMWQ ERH SFXEMRIH E TEXIRX JSV MX 8LI JIEXYVI XLEX QEHI +MYKMEVS´W HIWMKR JSV XLI 7TIIHQEWXIV XVYP] SVMKMREP [EW XLI WTIGM½GEXMSR XLEX XLI HSQI WX]PI 0'( HMKMXEP HMWTPE] WLSYPH FI XMPXIH HIKVIIW XS XLI VMKLX 8LMW I\GMXMRK RI[ QSHIP [EW VMGL [MXL MRRSZEXMZI JIE
XYVIW &] XYVRMRK XLI FI^IP [LMGL LEH E FYMPX MR VSXEV] W[MXGL MX [EW TSWWMFPI XS WIPIGX WXST[EXGL EPEVQ GSYRXHS[R XMQIV ERH SXLIV JYRGXMSRW
9RMUYI HIWMKR %PP XLEX 7IMOS´W QEREKIVW LEH MRMXMEPP] I\TIGXIH XS EGLMIZI JVSQ GSPPEFSVE XMSR [MXL I\XIVREP HIWMKRIVW [EW E RI[ HIWMKR JSV XLI 7TIIHQEWXIV 8LI VIWYPX [EW E [EXGL [MXL YRMUYI WX]PMRK XLI QERYJEGXYVI SJ [LMGL GLEPPIRKIH 7IMOS´W I\TIVXMWI ERH VIWYPXIH MR E HIWMKR XLEX RSFSH] IPWI GSYPH QMQMG SV QEXGL -X [EW VIGIRXP] VITVSHYGIH EW E GSPPIGXSV´W MXIQ FIGEYWI SJ WXVSRK HIQERH 8LI RI\X JEQSYW HIWMKRIV XS [SVO [MXL 7IMOS [EW %YWXVMER FSVR )XXSVI 7SXXWEWW [LS FIKER LMW GEVIIV WXYH]MRK EVGLMXIGXYVI EX XLI 8YVMR 4SP]XIGLRMG ,I FIGEQI E PIEHMRK ½KYVI MR EVGLM XIGXYVEP ERH MRHYWXVMEP HIWMKR ERH EGUYMVIH E VITYXEXMSR JSV [SVOMRK MR
+MSVKIXXS +MYKMEVS MW XLI 'LMIJ (IWMKRIV JSV -XEPHIWMKR ERH QEHI LMW REQI GVIEXMRK PIEHMRK IHKI GEV HIWMKRW
E [MHI VERKI SJ QEXIVMEPW MRGPYHMRK GIVEQMGW ERH KPEWW ½FVI ,I LEW FIIR HIWGVMFIH EW E ±JSV[EVH PSSOMRK HIWMKRIV [LS MW EPWS QMWGLMIZSYW² ,MW [SVO [EW ORS[R JSV FIMRK GSPSYVJYP ERH LYQSVSYW MR XLI W EX E XMQI [LIR QER] HIWMKRIVW [IVI TVSHYGMRK QSHIVR HIWMKRW ½RMWLIH MR FPEGO -X [EW WEMH XLEX LMW [SVO GSYPH RIZIV FI
% RI[ QIGLERMWQ LEH XS FI HIZIPSTIH JSV XLI YRMUYI FYXXSR STIVEXIH W]WXIQ WTIGMJMIH F] +MYKMEVS JSV XLMW 7TIIHQEWXIV GLVSRSKVETL ',%48)6
½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±,S[ GER [I QEOI WSQIXLMRK SYX SJ XLMW# -J LI LEH KMZIR YW XLI HIWMKR MR XLI JSVQ
SJ TPERW PMOI +MYKMEVS [I GSYPH LEZI HIZIPSTIH E [E] SJ MRXIVTVIXMRK XLIQ FYX XLMW© ² %GGSVHMRK XS 1V ,MVEFE]EWLM 7IMOS´W WSPYXMSR XS XLI TVSFPIQ [EW XS PEQMREXI XSKIXLIV XLVII PE]IVW SJ KPEWW XS EGLMIZI E WIRWI SJ XVERWTEVIRG] [LMPI TVIWIVZMRK XLI QSWX EXXVEGXMZI JIEXYVIW SJ XLI HIWMKR %W JYPP WGEPI TVSHYGXMSR [EW FIKMRRMRK XLIVI [IVI VIEP TVSFPIQW MR TSWMXMSRMRK XLI ZEV MSYW PE]IVW SJ KPEWW 7SQI TISTPI [IVI WE]MRK ±'ER XLMW VIEPP] FI SJJIVIH EW E TVSHYGX#² %PXLSYKL XLI TVSHYGXMSR TVSFPIQW EWWSGMEXIH [MXL XLI 7SXXWEWW [EXGL HVSZI 7IMOS´W TVSHYGXMSR XIEQ XS XLIMV [MX´W IRH XLI TVSHYGX [EW UYMXI [IPP VIGIMZIH 8LI MRMXMEP TVSHYGXMSR QSHIP
8LMW 1EGGLMRE 7TSVXMZE EPEVQ GLVSRSKVETL [MXL E HMWXMRGXMZI WMIRRE SVERKI HMEP FIGEQI XLI JPEKWLMT QSHIP MR XLI WIVMIW
HIWGVMFIH EW FPERH ERH HYPP ,MW QSWX XLSYKLX TVSZSOMRK GSQQIRX SR HIWMKR [EW ±- HSR´X YRHIVWXERH [L] IRHYVMRK HIWMKR MW FIXXIV XLER HMWETTIEVMRK HIWMKR² 8LVII SV JSYV ]IEVW FIJSVI 7IMOS IRXIVIH MRXS XLI NSMRX ZIRXYVI [MXL )XXSVI 7SXXWEWW LI LEH QEVOIXIH E ±7SXXWEWW² [EXGL MR XLI 9RMXIH 7XEXIW (IWTMXI LMW VITYXEXMSR JSV FVMKLX EHZIRXYVSYW HIWMKR XLMW [EW UYMXI WXEMH ERH GSRZIRXMSREP ERH [EW RSX E KVIEX WYGGIWW 1V ,MVEFE]EWLM [EW GSRZMRGIH XLEX 7SXXWEWW VIEPP] [ERXIH XS GVIEXI E [EXGL HIWMKR XLEX VI¾IGXIH LMW HIWMKR TLMPSWSTL] ERH LMW IZIRXYEP GSSTIVEXMSR [MXL 7IMOS TVSZMHIH XLEX STTSVXYRMX] ,MW HIWMKR ETTVSEGL TVSZIH XS FI GSQTPIXIP] HMJJIVIRX JVSQ XLEX SJ +MYKMEVS ERH JVSQ XLI QSQIRX LMW % .3962)= -2 8-1)
8LI JMVWX HIWMKR GSRGITX WYFQMXXIH F] )XXSVI 7SXXWEWW MRGPYHIH RSX SRP] XLI [EXGL HIWMKR FYX EPWS TEGOEKMRK QEXIVMEPW ERH IZIR WEPIW QIXLSHW
MRGPYHMRK )FIP &VIKYIX 8%+ ,IYIV JSV XLI TVSHYGX HIZIPSTQIRX XIEQ 1V 8MJJER] ERH (YRLMPP ERH LEW FIIR ,MVEFE]EWLM I\TPEMRW ±*SV XLI %VGXYVE HIWGVMFIH EW ±SRI SJ XLI QSWX WSYKLX XLI WIEQW FIX[IIR XLI YTTIV ERH EJXIV LSVSPSKMGEP HIWMKRIVW² ,I MW PS[IV TEVXW SJ XLI GEWI EPWS LEH XLVII EPWS LMKLP] VIWTIGXIH EW ER MRRSZEXMZI HMQIRWMSREP GYVZIW 0SSOIH EX MR XIVQW SJ SYV GSRZIRXMSREP [MWHSQ XLMW [EW HIWMKRIV SJ TIRW ;LIR 7IMOS ½VWX ERRSYRGIH XLEX WMQTP] MQTSWWMFPI 8S KIX XLIWI TEVXW XLI] [IVI PEYRGLMRK E /MRIXMG VERKI XS ½X XSKIXLIV I\EGXP] ERH XS QEMRXEMR .SVK ,]WIO ETTVSEGLIH XLI GSQTER] XLIMV [EXIV VIWMWXERGI ERH WXVIRKXL ERH WEMH ±-´ZI KSX E KSSH MHIE JSV [EW ER I\XVIQIP] HMJ½GYPX XEWO ² XLMW ² ,I FIPMIZIH XLI EVVMZEP SJ /MRIXMG [EXGLIW QEVOIH XLI FIKMRRMRK SJ ER -RKIRMSYW WSPYXMSR MQTSVXERX RI[ IVE NYWX EW XLI W[MXGL 3RGI EKEMR 7IMOS´W XIGLRMGMERW ETTPMIH JVSQ QIGLERMGEP XS UYEVX^ QSZIQIRXW XLIQWIPZIW XS XLI TVSFPIQ [MXL KVIEX LEH HSRI EPQSWX ]IEVW IEVPMIV ERH HMPMKIRGI ERH HIZMWIH ER MRKIRMSYW WSPY LI [ERXIH XS HIWMKR E TVSHYGX XLEX XMSR 8LI QEHI YWI SJ 1IXEP -RNIGXMSR [EW [SVXL] SJ XLMW RI[ XIGLRSPSK] 1SPHMRK 1-1 E XIGLRMUYI XLEX MW EPWS 9RXMP LI GVIEXIH XLI VIZSPYXMSREV] YWIH MR WSQI 0ERHQEWXIV ERH SXLIV %VGXYVE HIWMKR WTIGM½GEPP] XS QEOI QSHIPW 8LMW GSQTPI\ TVSGIWW MW E KSSH YWI SJ XLI /MRIXMG QSZIQIRX JSVQ SJ 2IEV 2IX TVIGMWMSR 4S[HIV TVEGXMGEPP] EPP /MRIXMG [EXGLIW MRGPYHMRK XLI IEVP] %+7 QSHIPW LEH WMQTP] FIIR 8LI XLVII HMQIRWMSREP IJJIGX MR XLMW ½XXIH MR GEWIW XLEX [IVI SVMKMREPP] GVI JMVWX KIRIVEXMSR 7SXXWEWW HIWMKR JSV EXIH JSV VIKYPEV UYEVX^ QSZIQIRXW 7IMOS [EW EGLMIZIH F] YWMRK XLVII .SVK ,]WIO [EW GSRZMRGIH SJ XLI PE]IVW SJ KPEWW KVIEX MQTSVXERGI SJ /MRIXMG XIGL WSPH SYX ERH ERSXLIV ZIVWMSR [EW RSPSK] ERH LI [EW HIXIVQMRIH XLEX TVSHYGIH [MXL E QSHM½IH HIWMKR 3RP] LMW RI[ HIWMKRW WLSYPH FI [SVXL] SJ FIGEYWI SJ XLI HMJ½GYPX] SJ TVSHYGXMSR LSYWMRK WYGL ER MQTSVXERX RI[ GEPMFVI [EW MX QERYJEGXYVIH MR E ZIV] PMQMXIH ,I LEH [SVOIH [MXL 7IMOS TVIZMSYWP] [LIR LI GVIEXIH XLI HIWMKR JSV XLI WIVMIW GSVI QSHIP SJ XLI .IER 0EWWEPI [EXGL 2I[ /MRIXMG HIWMKR GSPPIGXMSR ERH JSV WSQI SJ 7IMOS´W -RWTMVIH F] XLI VIWTSRWI SJ GSVI LMKL KVEHI 'VIHSV [EXGLIW [LMGL EVI IRXLYWMEWXW [LS LEH FIIR EXXVEGXIH F] WSPH SRP] MR XLI HSQIWXMG QEVOIX .IER XLI 7SXXWEWW HIWMKR 7IMOS´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´W 7SXXWEWW GSPPIGXMSR MR MRXVSHYGIH HIWMKRMRK [EXGLIW JSV QER] SJ XLI [EW WSTLMWXMGEXIH FYX MXW GSRWXVYGXMSR I\GITXMSREPP] FSPH GSPSYVMRK [SVPH´W FIWX ORS[R [EXGL GSQTERMIW TVIWIRXIH ERSXLIV HMJ½GYPX GLEPPIRKI
',%48)6
.SVK ,]WIO WYFQMXXIH XLI QSGO YT SR XLI PIJX 7IMOS LEH XS HIZMWI E [E] XS TVSHYGI MXW GSQTPI\ GYVZIW ERH NSMRW MR VIKYPEV TVSHYGXMSR 8LI WSPYXMSR [EW XLI YWI SJ 1IXEP -RNIGXMSR 1SPHMRK
7LETMRK 22447 MR [LMGL E QSPH MW QEHI XLEX MW HSYFPI XLI WM^I SJ XLI QIXEP TEVX XLEX MW FIMRK GVIEXIH ERH XLMW MW ½PPIH [MXL E WXEMRPIWW WXIIP TS[HIV QM\IH [MXL E [E\ PMOI FMRHMRK QEXIVMEP 8LMW MW FEOIH MR E JYVREGI EX E ZIV] LMKL XIQTIVEXYVI 8LI TS[HIV GSRWSPMHEXIW MRXS E WMRKPI TMIGI SJ QIXEP FYX MR XLI TVSGIWW MX WLVMROW XS LEPJ XLI WM^I SJ XLI QSPH -X MW I\XVIQIP] HMJ½GYPX XS GSRXVSP XLI HMQIRWMSR ERH WLETI SJ XLI ½RMWLIH [EXGL GEWI FYX XLEROW XS MXW WYGGIWW MR QEWXIVMRK 1-1 7IMOS GER RS[ QERYJEGXYVI E GEWI
8LIWI %VGXYVE /MRIXMG HIWMKRW F] .SVK ,]WIO JIEXYVI FVMKLXP] GSPSYVIH WMPMGSR WXVETW ERH WXEMRPIWW WXIIP GEWIW % .3962)= -2 8-1)
VIKEVHPIWW SJ MXW HMQIRWMSRW SV GSQ TPI\MX] 8LMW TVSZMHIW E QENSV EHZERXEKI SZIV GSRZIRXMSREP TVIWWMRK SV QMPPMRK XIGLRMUYIW FIGEYWI MX IREFPIW RI[ WLETIW XS FI TVSHYGIH %PXLSYKL 1V ,MVEFE]EWLM LEH IZIV] GSR½HIRGI MR XLI EFMPMX] SJ 7IMOS´W HIZIPSTQIRX XIEQ XS HIZMWI GVIEXMZI WSPYXMSRW XS HMJ½GYPX TVSFPIQW LI [EW EQE^IH F] [LEX XLI] HMH [MXL XLI %VGXYVE 'SPPEFSVEXMSR [MXL SZIVWIEW HIWMKRIVW LEW LIPTIH XS KMZI E GYXXMRK IHKI XS 7IMOS HIWMKRW ERH XS IRWYVI XLI] ETTIEP XS E [SVPH[MHI EYHMIRGI 8LI VIZSPYXMSREV] GVIEXMSRW VIWYPXMRK JVSQ XLIWI TEVXRIVWLMTW LEZI FVSYKLX SYX XLI FIWX MR 7IMOS´W S[R HIWMKR ERH TVSHYGXMSR XIEQW ERH VIWYPXIH MR XLI HIZIPSTQIRX SJ MRXIVIWXMRK XIGLRMGEP WSPYXMSRW XS WSQI SJ XLI TVSHYGXMSR GLEPPIRKIW XLIWI HIWMKRW LEZI GVIEXIH 8LI IRH VIWYPX SJ 7IMOS´W GSPPEFSVEXMSR [MXL [SVPH GPEWW HIWMKRIVW LEW FIIR WXMQYPEXMRK ERH LEW LIPTIH XS JSGYW XLI EXXIRXMSR SJ XLI QIHME ERH XLI TYFPMG SR WSQI SJ XLI GSQTER]´W QSWX I\GMXMRK TVSHYGXW 7IMOS LEW EP[E]W QEHI E ZMVXYI SYX SJ MXW HIWMVI XS XEOI
SR JVIWL GLEPPIRKIW ERH XLMW GSSTIVE XMSR [MXL XST HIWMKRIVW MW ER I\GIPPIRX I\EQTPI -X FYMPHW SR XLI GSQTER]´W WXVIRKXLW ERH MRWXMPW JVIWL IRXLYWMEWQ MR MXW HIWMKR ERH HIZIPSTQIRX XIEQW
.SVK ,]WIO [EW FSVR MR )EWX &IVPMR ERH WIX YT LMW S[R GSQTER] ,]WIO 7X]PMRK EJXIV [SVOMRK MR XLI HIWMKR HMZMWMSR SJ E 7[MWW [EXGL GSQTER] ,I MW SRI SJ XLI [SVPH´W QSWX VIWTIGXIH MRHITIRHIRX [EXGL HIWMKRIVW
7MRGI XLI GSQTER] [EW VIWXVYG XYVIH ERH 7IMOS ;EXGL 'SVTSVEXMSR [EW WIX YT MR MX LEW GSR½VQIH XLEX HIWMKR MW SJ JYRHEQIRXEP MQTSV XERGI XS XLI JYXYVI SJ 7IMOS [EXGLIW
-R SVHIV XS VIQEMR EX XLI GYXXMRK IHKI SJ HIWMKR ERH MR OIITMRK [MXL MXW ZMWMSR SJ WYGGIIHMRK XLVSYKL MRRSZEXMSR ERH VI½RIQIRX XLI GSQTER] [MPP GSRXMRYI XS [SVO MR TEVXRIVWLMT [MXL PIEHMRK
MRXIVREXMSREP HIWMKRIVW 8LI GSQFMRE XMSR SJ MRXIVREXMSREP HIWMKRW ERH 7IMOS´W MRRSZEXMZI QERYJEGXYVMRK I\TIVXMWI [MPP RS HSYFX GVIEXI QER] QSVI MRXVMKYMRK RI[ [EXGLIW MR XLI GSQMRK ]IEVW
8LI XST QSHIP MR XLI ,]WIO %VGXYVE PMRI [EW XLI 7&:; 8LI GYVZIH ETIVXYVI SR XLI VMKLX SJ XLI HMEP WLS[W XLI PIZIP SJ GLEVKI MR XLI TS[IV GIPP
',%48)6
7 43687 ;%8',)7 8,%8 + 3 83 )<86)1)7 (YVMRK XLI HIZIPSTQIRX SJ XMQMRK W]WXIQW JSV XLI 3P]QTMG +EQIW ERH IZIV WMRGI XLI GLEPPIRKI SJ WTSVX LEW MRWTMVIH 7IMOS XS GVIEXI RI[ XIGLRSPSKMIW RI[ QEXIVMEPW RI[ JYRGXMSRW ERH RI[ HMWTPE] W]WXIQW 8LIWI WIVZI XLI RIIHW SJ XVYI WTSVXWQIR ERH [SQIR [SVPH[MHI
&] [SVOMRK GPSWIP] [MXL WTIGMEPMWX YWIVW 7IMOS LEW LIPTIH XS IRWYVI XLEX MXW WTSVXW [EXGLIW EVI EFPI XS WYVZMZI XLI QSWX HIQERHMRK IRZMVSRQIRXW ERH TVSZMHI EPP XLI VIPIZERX MRJSVQE XMSR 1ER] SJ XLI VIWYPXMRK JIEXYVIW ERH QERYJEGXYVMRK QIXLSHW LEZI WYF WIUYIRXP] FIIR MRGSVTSVEXIH MR VIKYPEV TVSHYGXMSR [EXGLIW JSV WIVMSYW YWI F] I\TPSVIVW EW [IPP EW WTSVXW IRXLYWMEWXW ERH TVSJIWWMSREPW XLI [SVPH SZIV 8LMW TVSZIH FI]SRH ER] HSYFX XLI GSQTE R]´W XIGLRMGEP GETEFMPMXMIW ERH I\TIVXMWI 7IMOS PEYRGLIH .ETER´W ½VWX HMZIV´W [EXGL XLI 7IMOS 1 (MZIV MR %X XLEX XMQI VIPEXMZIP] JI[ TISTPI [IVI MRZSPZIH [MXL HMZMRK ERH WS XLMW [EW E ZIV] WTIGMEPMWIH TVSHYGX 8LIR IZIR MR 7[MX^IVPERH ZIV] JI[ XMQITMIGIW [IVI HIWGVMFIH EW HMZIV´W [EXGLIW 2S[ [MXL WS QER] TISTPI XEOMRK YT HMZMRK EW E LSFF] ERH QER] TVSJIWWMSREPW QEOMRK XLIMV PMZMRK YRHIV[EXIV HMZIV´W [EXGLIW LEZI ER MQTSVXERX TPEGI MR XLI 7IMOS GSPPIGXMSR )ZIR XSHE] WSQI QERYJEGXYVIVW VIWTSRH XS XLI EPPYVI SJ XLI QEVOIX JSV HMZIV´W [EXGLIW F] PEFIPPMRK EPQSWX ER] [EXIV VIWMWXERX [EXGL EW E HMZIV´W [EXGL FYX 7IMOS XEOIW MXW VIWTSRWM FMPMXMIW QYGL QSVI WIVMSYWP] -X ORS[W % .3962)= -2 8-1)
;LIR 7IMOS JMVWX HIGMHIH XS GVIEXI XVYP] TVSJIWWMSREP HMZIV´W [EXGLIW 1V 8EREOE ZMWMXIH ER SMP HVMPPMRK TPEXJSVQ XS WXYH] XLI TVSFPIQW EX GPSWI UYEVXIVW 8LI VIWIEVGL GEVVMIH SYX LIVI MRJPYIRGIH XLI (MZIV´W ;EXGL 4VSJIWWMSREP
XLEX MR WSQI GMVGYQWXERGIW PMZIW GER HITIRH SR XLI MRJSVQEXMSR TVSZMHIH F] WYGL E [EXGL )RXV] MRXS XLMW WTI GMEPMWIH QEVOIXTPEGI QEVOIH WMKRM½GERX TVSKVIWWMSR MR 7IMOS´W TVSHYGX HIZIP STQIRX ERH PEXIV FVSYKLX FIRI½XW XS QER] SJ MXW TVSHYGX PMRIW 8LI WYGGIWW SJ 7IMOS´W ½VWX KIRIVE XMSR SJ HMZIV´W [EXGLIW IRGSYVEKIH MXW
IRKMRIIVW XS HIZIPST RI[ XIGLRMUYIW XS MQTVSZI [EXIV VIWMWXERGI PIKMFMPMX] ERH WLSGO VIWMWXERGI &] QEWXIVMRK XLIWI GLEPPIRKIW 7IMOS [EW EFPI MR XS PEYRGL XLI 1 HMZIV´W [EXGL 8LMW [EW ERSXLIV MQTSVXERX WXIT JSV [EVH FIGEYWI MX HSYFPIH XLI HITXL XS [LMGL E 7IMOS [EXGL [EW STIVEXMSREP 8LI JSPPS[MRK ]IEV E JEWX FIEX TVIGM
HMZIV´W [EXGL LEH RSX FIIR HIWMKRIH WXERHEVHW [MXL XLI TVSJIWWMSREP YWIV MR XS GSTI [MXL WYGL EVHYSYW GSRHMXMSRW QMRH % WXVIEQ SJ LMKL UYEPMX] WTSVXW 7IMOS´W XIGLRMGMERW VIEPMWIH XLEX QYGL [EXGLIW ¾S[IH JVSQ XLMW TLMPSWSTL] QSVI [SVO [EW WXMPP RIIHIH XS QEOI XLVSYKLSYX XLI W ERH W EPP XLIMV [EXGLIW IZIR XSYKLIV ERH XS SJ [LMGL IRLERGIH XLI GSQTER]´W SZIVGSQI XLI TVSFPIQW XLEX [EXGLIW VITYXEXMSR JSV TVIGMWMSR VIPMEFMPMX] GSYPH WYJJIV [LIR EWGIRHMRK JVSQ JYRGXMSREPMX] ERH KSSH HIWMKR KVIEX HITXLW EJXIV TVSPSRKIH WYFQIV %W E VIWYPX SJ XLMW WYGGIWW 7IMOS WMSR EW LETTIRW [MXL WEXYVEXMSR HMZMRK FIGEQI E PIEHIV MR XLMW JEWX KVS[MRK 8LMW SRI PIXXIV VIZSPYXMSRMWIH XLI GSQ QEVOIX WIKQIRX TER]´W EXXMXYHI XS WTSVXW [EXGLIW %R] QENSV HIZIPSTQIRX TVSNIGX 7IMOS VIWTSRHIH MQQIHMEXIP] F] MW XLI [SVO SJ E XIEQ SJ TISTPI FYX IWXEFPMWLMRK E RI[ TVSNIGX XIEQ XLEX YWYEPP] SRI TIVWSR TVSZMHIW XLI PIEH FIKER [SVO SR E [EXGL XLEX [EW JSV IVWLMT ERH MRWTMVEXMSR JSV XLEX XIEQ YWI F] TVSJIWWMSREP HMZIVW -R SVHIV XS -R XLI HIZIPSTQIRX SJ WTSVXW [EXGLIW TVSHYGI WYGL E TVSHYGX XLI] ½VWX LEH XLEX TIVWSR [EW -OYS 8SOYREKE [LS XS HIZIPST [EXGLIW XLEX GSYPH IRHYVI MW MR GLEVKI SJ XLI HIZIPSTQIRX SJ QYGL QSVI VYKKIH YWI XLER XLI ½VWX LMKL JYRGXMSREPMX] [VMWX[EXGLIW ,I KIRIVEXMSR ERH XLEX [IVI EFPI XS TVS NSMRIH 7IMOS MR ERH [EW ½VWX ZMHI QYGL QSVI MRJSVQEXMSR XEMPSVIH TYX MR GLEVKI SJ XLI HIZIPSTQIRX SJ 8LI 1 QEVOIH XLI FIKMRRMRK SJ WTIGM½GEPP] XS XLI VIUYMVIQIRXW SJ E GLVSRSKVETL XLEX MRGSVTSVEXIH E 7IMOS´W TVSHYGXMSR SJ HMZIV´W [EXGLIW WIVMSYW HMZIVW FYMPX MR WPMHI VYPI 8LMW [EW XLI WXEVX WMSR QSZIQIRX [EW YWIH MR XLMW QSHIP 8LI [SVO SJ XLMW XIEQ LEH TVS SJ LMW MRZSPZIQIRX [MXL TVSHYGX HIZIP ¯ XLI WEQI GEPMFVI XLEX [EW XS FI JSYRH JSYRH MQTPMGEXMSRW JSV EPP 7IMOS´W STQIRX ERH IWTIGMEPP] [MXL WTSVXW MR WSQI +VERH 7IMOS [EXGLIW JYXYVI WTSVXW [EXGLIW ERH IWXEFPMWLIH [VMWX[EXGLIW 7SSR EJXIV XLI PEYRGL SJ XLMW E TLMPSWSTL] XLEX VIQEMRW ZEPMH XSHE] %JXIV TVSKVIWWMRK JVSQ XLI GLVSR XMQITMIGI [LMGL [EW XLSYKLX XS LEZI MJ 7IMOS MW XS QEOI E WTSVXW [EXGL MX SKVETL XS XLI HIZIPSTQIRX SJ HMZIV´W WIX E RI[ WXERHEVH MR HMZIV´W [EXGLIW [MPP FI QEHI XS XLI LMKLIWX TSWWMFPI [EXGLIW LMW LSVM^SRW I\TERHIH XS XLI EVVMZEP EX 7IMOS SJ E PIXXIV JVSQ E TVSJIWWMSREP HMZIV MR /YVI 'MX] MR ,MVSWLMQE 4VIJIGXYVI HMWQE]IH XLI GSQTER]´W XIGLRMGEP XIEQ -X HIWGVMFIH XLI LEVWL XIGLRMGEP GSRHMXMSRW MR [LMGL HMZIVW LEZI XS [SVO ERH I\TPEMRIH LS[ XLMW GEYWIH TVSFPIQW [MXL [EXGLIW 8LI HMZIV I\TPEMRIH XLEX LI [SVOIH EX WIE MR HITXLW EW KVIEX EW QIXVIW YWMRK E HMZMRK GETWYPI ERH WEXYVEXMSR HMZMRK XIGLRMUYIW ERH LI GSQTPEMRIH XLEX WSQI [EXGLIW LEH FIIR HEQEKIH [LIR EWGIRHMRK JVSQ WYGL KVIEX HITXLW ,I EHHIH XLEX [LIR [SVOMRK SR XLI SGIER ¾SSV LMW [EXGL [EW WSQIXMQIW ORSGOIH UYMXI 8LI XL %RXEVGXMG ;MRXIVMRK 8IEQ QEHI YWI SJ XLI 1 HMZIV´W [EXGL MR LEVH EKEMRWX VSGOW XLI I\MWXMRK 7IMOS
',%48)6
IRGSQTEWW SXLIV LIEZ] HYX] QSHIPW XLEX [IVI WYTVIQI I\EQTPIW SJ XLI YPXMQEXI TIVJSVQERGI XLEX GER FI EGLMIZIH F] E [EXGL SR PERH EX WIE ERH MR XLI EMV
7IZIR ]IEVW SJ VIWIEVGL 8LI VIWIEVGL TIVMSH JSV XLMW WIVMSYW RI[ TVSHYGX XLI ½VWX TVSJIWWMSREP HMZ IV´W [EXGL [EW WIZIR ]IEVW ;LIR XLI HIZIPSTQIRX XIEQ WXEVXIH XLIMV [SVO XLI I\TVIWWMSR ±XLI SYXHSSV PMJI² [EW SRP] NYWX GSQMRK MRXS TSTYPEV YWI ERH QER] GSQTERMIW SJJIVIH XLIMV SVHMREV] HMZIV´W [EXGLIW JSV EPQSWX ER] SYXHSSV EGXMZMX] -RWXIEH SJ XEOMRK XLMW IEW] VSYXI 7IMOS PEYRGLIH RS RI[ QSHIPW MRWXIEH MX GSRGIRXVEXIH WMRKPI QMRHIHP] SR TIVJIGXMRK E [EXGL [MXL EHZERGIH JIEXYVIW JSV WIVMSYW YWI F] TVSJIWWMSREP HMZIVW YRHIV XLI VMKSVSYW GSRHMXMSRW XLI] SJXIR IRGSYRXIV ;LIR XLI 7IMOS 4VSJIWWMSREP (MZIV´W 1 [EXGL [EW ½REPP] YRZIMPIH MR MX [EW XLI ½VWX HMZIV´W [EXGL MR XLI [SVPH XS LEZI E XMXERMYQ GEWI 8LI HIZIPSTQIRX XIEQ LEH EGLMIZIH EPP XLIMV SFNIGXMZIW XLI] LEH GVIEXIH E HMZIV´W [EXGL XLEX [EW WLSGO VIWMWXERX GSVVSWMSR TVSSJ ERH ERXMQEKRIXMG -X [EW VYKKIH IRSYKL XS VIQEMR YRWGEXLIH IZIR EJXIV PSRK LSYVW SJ YWI F] TVSJIWWMSREP HMZIVW ERH GSYPH STIVEXI EX HITXLW SJ QIXVIW -X LEH WYTIVF PIKMFMPMX] ¯ MX [EW TSWWMFPI XS WII XLI XMQI HMWTPE] IZIR EX HITXLW [LIVI HE]PMKLX GSYPH RSX TIRIXVEXI %FSZI EPP XLMW QSHIP WXSSH SYX JVSQ EPP SXLIVW FIGEYWI MX [EW HIWMKRIH JVSQ XLI SYXWIX JSV WEXYVE XMSR HMZMRK 8LMW MW E HMZMRK XIGLRMUYI YWIH F] HMZIVW [LS [SVO EX KVIEX HITXLW JSV TVSPSRKIH TIVMSHW ERH MRZSPZIW FVIEXLMRK ER MRIVX KEW WYGL EW LIPMYQ QM\IH [MXL S\]KIR 8LI LIPMYQ % .3962)= -2 8-1)
8LMW 1 HMZIV´W [EXGL JVSQ YWIH XLI LMKL FIEX QSZIQIRX FIEXW E WIGSRH YWIH MR WSQI +VERH 7IMOS ERH SXLIV QSHIPW EJJSVHMRK I\GIPPIRX EGGYVEG] -X [EW XLI PEWX RI[ HMZIV´W [EXGL JSV WIZIR ]IEVW
MR XLI QM\XYVI IZIRXYEPP] TIRIXVEXIW QSWX [EXGL GEWIW %W XLI HMZIV EWGIRHW XLI HMJJIVIRGI FIX[IIR MRXIVREP ERH I\XIVREP TVIWWYVI MRGVIEWIW XS XLI TSMRX [LIVI XLI [EXGL KPEWW GER FVIEO SV MR I\XVIQI GEWIW XLI [EXGL GER IZIR I\TPSHI 7IMOS´W XIGLRMGMERW SZIVGEQI XLMW TVSFPIQ F] HIZIPSTMRK E GEWI XLEX MW TVEGXMGEPP] MQTIVQIEFPI XS LIPMYQ KEW )ZIR XLI WXVET GEQI YRHIV GPSWI WGVY XMR] 8LI RI[ [EXGL XLI] GVIEXIH LEH E TVIWWYVI ZIRXIH WXVET HIWMKRIH WS XLEX MJ XLI HMZIV´W [IXWYMX WLVERO YRHIV TVIWWYVI EX HITXL XLI ZIRXMRK TVSGIWW [SYPH IREFPI XLI WXVET XS WLVMRO ERH IRWYVI XLI [EXGL [EW WXMPP E WRYK WEJI ½X SR XLI HMZIV´W [VMWX 3XLIV GSQTE RMIW PEXIV YWIH XLI GSRGITX FYX 7IMOS TVSHYGIH XLI SVMKMREP ZIVWMSR
8LI ½VWX 4VSJIWWMSREP (MZIV´W 1 JIEXYVIH E LMKL KVEHI QIGLERMGEP QSZIQIRX FYX IZIRXYEPP] MX [EW ½XXIH [MXL E UYEVX^ QSZIQIRX %R IZIR QSVI EHZERGIH QSHIP [EW MRXVSHYGIH PEXIV SJJIVMRK [EXIV VIWMWXERGI XS E HITXL SJ QIXVIW -X WXMPP YWIH XLI FEWMG HIWMKR GSRGITX FYX LMKL XIGL GIVEQMGW [IVI YWIH JSV XLI GEWI MR TPEGI SJ XMXERMYQ 7IMOS´W VIWSPZI XS VIQEMR EX XLI GYXXMRK IHKI SJ HMZIV´W [EXGL XIGLRSPSK] GSRXMRYIW XS XLMW HE] -XW HIXIVQMREXMSR XS HIZIPST [EXGLIW JSV WIVMSYW YWIVW WSSR I\XIRHIH JVSQ XLI QERYJEGXYVI SJ TVSJIWWMSREP HMZIV´W [EXGLIW XS QSHIPW XEMPSVIH XS XLI TVIGMWI VIUYMVIQIRXW SJ SXLIV WTIGMEPMWX YWIVW 8SHE] XLI GSQTER] MW VIRS[RIH JSV MXW TSPMG] SJ TVSHYGMRK [EXGLIW SJ XLI LMKLIWX UYEPMX] JSV
8LI 4VSJIWWMSREP 1 LEH E XMXERMYQ GEWI ERH [EW [EXIV VIWMWXERX XS Q -X SZIVGEQI XLI TVSFPIQW EWWSGMEXIH [MXL LIPMYQ KEW HYVMRK TVSPSRKIH WEXYVEXMSR HMZIW ERH QIX XLI RIIHW SJ TVSJIWWMSREP HMZIVW -X [EW ER IRSVQSYW MQTVSZIQIRX SZIV IEVPMIV QSHIPW %X JMVWX MX [EW JMXXIH [MXL ER EYXSQEXMG LM FIEX QSZIQIRX FYX PEXIV E UYEVX^ QSZIQIRX [EW YWIH
1MXWYVSY 3LFE [LS WTIGMEPMWIH MR WSPS GVSWWMRK SR JSSX SJ XLI %VGXMG ERH %RXEVGXMG &] GVIEXMRK WTIGMEP TVSHYGXW JSV I\TPSVIVW [LS IRGSYRXIV I\XVIQI GSRHMXMSRW 7IMOS´W HIWMKRIVW LEZI LEH XLI STTSVXYRMX] XS WYFNIGX XLIMV TVSHYGXW XS WSQI SJ XLI QSWX HIQERHMRK GSRHMXMSRW SR IEVXL
ER] ETTPMGEXMSR SV IRZMVSRQIRX XLEX RIIHW E WTIGMEP XMQITMIGI 8LI SVMKMREP MRXIVIWX MR HIZIPSTMRK E TVSJIWWMSREP HMZIV´W [EXGL [EW MRWTMVIH F] NYWX SRI PIXXIV FYX IZIRXYEPP] MX PIH XS XLI GVIE XMSR SJ ER IRXMVI RI[ KIRVI SJ [EXGLIW 4VSHYGXW WYGL EW XLI 7GYFEQEWXIV XLI 0ERHQEWXIV ERH XLI *PMKLXQEWXIV JSV YWI MR XLI WIE SR PERH ERH EX EPXM XYHI LEZI EPP FIIR GVIEXIH EW TEVX SJ XLI ±1EWXIV² WIVMIW 8S IEVR XLI REQI ±1EWXIV² E 7IMOS [EXGL LEW XS TVSZI MX GER GSTI [MXL XLI XSYKLIWX GSRHMXMSRW MQEKMREFPI %PP XLIWI ±1EWXIV² XMQITMIGIW ERH EPP 7IMOS´W SXLIV LIEZ] HYX] [EXGLIW LEZI FIIR HIZIPSTIH YRHIV 1V 8SOYREKE´W WYTIVZMWMSR ,I LEW EMQIH XS GVIEXI [EXGLIW XLEX HIQSRWXVEXI
XLI YPXMQEXI TIVJSVQERGI MR EPP TSWWMFPI EXXIQTX XS GVSWW XLI %VGXMG MR 1V PERH WIE ERH EMV IRZMVSRQIRXW ,MW 3LFE EWOIH 7IMOS XS TVSHYGI JSV LMQ E REQI MW TEVXMGYPEVP] GPSWIP] EWWSGMEXIH WTIGMEP ZIVWMSR SJ XLI 0ERHQEWXIV [MXL XLI 0ERHQEWXIV WIVMIW HIZIPSTIH 1V 8SOYREKE VIWTSRHIH F] GVI JSV WSQI TMSRIIVMRK EHZIRXYVIVW ,I EXMRK E WTIGMEP GYWXSQMWIH ZIVWMSR GEPPW XLIQ ±[EXGLIW [SVXL IRXVYWXMRK SJ XLI 0ERHQEWXIV JSV 1V 3LFE ERH ]SYV PMJI XS² I\TPEMRIH XLI GLEPPIRKIW TVIWIRXIH 1ER] 7IMOS EHZERGIW LEZI WXEVXIH F] XLI XEWO ±0ERHQEWXIV MW E [EXGL [MXL GYWXSQMWIH [EXGLIW XLEX [IVI [SVXL IRXVYWXMRK ]SYV PMJI XS 8LIVI´W GVIEXIH XS WEXMWJ] XLI RIIHW SJ NYWX SRI WSQIXLMRK I\XVIQIP] MQTSVXERX EFSYX ZIV] HIQERHMRK MRHMZMHYEP YWIV [MXL E [EXGL XLEX MW FIMRK YWIH MR I\TPSVE WTIGM½G ERH GLEPPIRKMRK RIIHW 3RI SJ ²0ERHQEWXIV MW E XLI QSWX MRXIVIWXMRK ERH YRYWYEP I\EQ [EXGL [SVXL IRXVYWXMRK TPIW SJ E 0ERHQEWXIV [EXGL HIZIPSTIH XS QIIX WTIGM½G VIUYMVIQIRXW [EW E ]SYV PMJI XS³ WTIGMEP XMQITMIGI GVIEXIH WTIGM½GEPP] JSV 1MXWYVSY 3LFE XLI I\TPSVIV [LS XMSR SV EHZIRXYVI ;LIR 1V 3LFE WYGGIWWJYPP] GVSWWIH FSXL XLI 2SVXL ½VWX TPERRIH LMW WSPS GVSWWMRK SJ XLI ERH 7SYXL 4SPIW SR JSSX *SV LMW ½VWX %VGXMG SR JSSX XLIVI [EW SRP] E WXEMR PIWW WXIIP WIVMIW SJ 0ERHQEWXIV [EXGLIW 8LIWI [SYPH LEZI LEH E [IMKLX SJ KVEQW MRGPYHMRK XLI FVEGIPIX FYX LI VIUYIWXIH XLEX [I HS IZIV]XLMRK TSWWMFPI XS PMKLXIR MX IZIR MJ SRP] F] E KVEQ ±8LI TVSFPIQ [EW XLEX LI TPERRIH XS PIEZI SRP] WM\ QSRXLW EJXIV [I VIGIMZIH LMW VIUYIWX FYX [I HIGMHIH XS HS IZIV]XLMRK [I GSYPH XS GSQTP] [MXL LMW VIUYIWX ;I XSSO XLI GYVVIRX JSVQ SJ XLI 0ERHQEWXIV [EXGL I\EGXP] EW MX [EW ERH HIGMHIH XS QEOI E GEWI JSV MX JVSQ XMXERMYQ ;I EMQIH XS QEOI XLI [EXGL PMKLXIV F] YWMRK 1IXEP -RNIGXMSR 1SYPHMRK XS WLETI XLI XMXERMYQ GEWI ERH [I [IVI EFPI XS ½RMWL XLI [EXGL NYWX MR XMQI JSV LMW HITEVXYVI ±;I LEH VIGIMZIH SRI QSVI VIUYIWX JVSQ 1V 3LFE ,I LEH I\TPEMRIH XLEX WMRGI XLI PSGEXMSR SJ 8LI 0ERHQEWXIV 7SYXL 4SPI HIZIPSTIH JSV 1V 3LFE´W %RXEVGXMG I\TIHMXMSR XLI 1EKRIXMG 4SPI XLI 1EKRIXMG 2SVXL LEH E LSYV LERH XLEX VSXEXIH 4SPI MW RSX EX XLI WEQI TPEGI EW XLI ERXMGPSGO[MWI EW E REZMKEXMSREP EMH I\EGX PSGEXMSR SJ XLI 2SVXL 4SPI XLIVI 8LI GEWI ERH FVEGIPIX EVI QEHI JVSQ 'IVQIX ERH XLI FI^IP MW SJ MW E TVSFPIQ XLI GPSWIV ]SY KIX XS XLI ^MVGSRMYQ GIVEQMG TSPI XLI QSVI MREGGYVEXI MW XLI HMVIG ',%48)6
XMSR MRHMGEXIH F] E GSQTEWW ,I WEMH XLEX MR SVHIV XS ORS[ XLI TVIGMWI PSGE XMSR SJ XLI 4SPI LI RIIHIH XS YWI XLI WYR´W PSGEXMSR EW LMW ]EVHWXMGO ERH LI EWOIH 7IMOS XS TVSZMHI XLI QIERW XS GEPGYPEXI XLMW UYMGOP] ²
2SVXL 4SPIW 8LIVI EVI JSYV 2SVXL 4SPIW XLI 1EKRIXMG 2SVXL 4SPI XLI +ISKVETLMG 2SVXL 4SPI XLI +ISQEKRIXMG 2SVXL 4SPI ERH XLI 2SVXL 4SPI SJ -REGGIWWMFMPMX] 8LI +ISKVETLMG 2SVXL 4SPI MW XLI SRI X]TMGEPP] WSYKLX EJXIV F] I\TPSVIVW *VSQ LIVI EPP TSMRXW SR IEVXL EVI XS XLI WSYXL 1EKRIXMG 2SVXL 4SPI MW XLI TSWMXMSR XLEX XVEHMXMSREP GSQTEWWIW TSMRX XS[EVHW FYX MX MW RSX
8LMW 0ERHQEWXIV 7EKEVQEXLE 7&'; [EW HIZIPSTIH WTIGMEPP] JSV /IR 2SKYGLM´W EWWEYPX SR 7EKEVQEXLE SXLIV[MWI ORS[R EW )ZIVIWX -X MW IEW] XS VIEH I\XVIQIP] VYKKIH ERH IUYMTTIH [MXL E LSYV LERH EW [IPP EW E GSRZIRXMSREP LSYV LERH % .3962)= -2 8-1)
WXEXMSREV] XSHE] MX MW EX Â&#x201E; 2SVXL ERH Â&#x201E; ;IWX RIEV XS 'EREHE´W )PPIJ 6MRKRIWW -WPERH EFSYX QMPIW WSYXL SJ XLI +ISKVETLMG 2SVXL 4SPI -X MW XLMW QSZIQIRX ERH XLI MREGGYVEG] SJ E GSRZIRXMSREP GSQTEWW MR XLI %VGXMG VIKMSR XLEX QEOIW REZMKEXMSR HMJ½GYPX JSV I\TPSVIVW MX I\TPEMRW [L] 1V 3LFE WSYKLX 7IMOS´W EWWMWXERGI %JXIV 1V 3LFE VIUYIWXIH E 0ERHQEWXIV XLEX [SYPH EWWMWX [MXL REZMKEXMSR 1V 8SOYREKE I\TPEMRIH ±9RXMP XLMW XMQI [I LEH XSPH TISTPI XS TSMRX XLI LSYV LERH SJ XLIMV LSYV [EXGL EX XLI WYR XLI TSWMXMSR LEPJ [E] FIX[IIR XLI LSYV LERH ERH S´GPSGO SR XLI HMEP MRHMGEXIW XLI RSVXL WSYXL E\MW -R VIWTSRWI XS 1V 3LFE´W TVSFPIQ [I EHHIH E LSYV LERH ERH HMEP -J ]SY TSMRX XLI LSYV LERH EX XLI WYR XLI HMVIGXMSR MRHMGEXIH F] SR XLI HMEP TSMRXW XS XLI RSVXL ² ;LIR XLIWI X[S GLERKIW LEH FIIR QEHI ERH E /MRIXMG QSZIQIRX LEH FIIR ½XXIH EX XLI XMQI MX [EW WXMPP ORS[R EW %+7 XLI RI[ 0ERHQEWXIV GVIEXIH JSV 1V 3LFE [IMKLIH SRP] KVEQW E WYFWXERXMEP MQTVSZIQIRX SR XLI KVEQ [IMKLX SJ XLI VIKYPEV TVSHYGXMSR QSHIP ;LIR 1V 3LFE WYGGIIHIH MR LMW WSPS GVSWWMRK SJ XLI %VGXMG SR JSSX EX LMW JSYVXL EXXIQTX LI [EW [IEVMRK XLI 0ERHQEWXIV XLEX 7IMOS LEH HIZIPSTIH WTIGMEPP] JSV LMQ 7YFWIUYIRXP] E GSQQIVGMEP ZIVWMSR SJ XLMW [EXGL [EW QERYJEGXYVIH [MXL XMXE RMYQ GEWIW ERH FVEGIPIXW MR E PMQMXIH IHMXMSR SJ TMIGIW 8LI] [IVI WSPH YRHIV XLI REQI 8VERWTSPEV %HZIRXYVI 2I\X 1V 3LFE XYVRIH LMW EXXIR XMSR WSYXL[EVHW EW JEV EW LI GSYPH KS© XS XLI %RXEVGXMG 8LI WMXYEXMSR MR XLI WSYXLIVR LIQMWTLIVI MW XLI STTSWMXI SJ XLEX MR XLI RSVXL XLI WYR VMWIW MR XLI IEWX TEWWIW XS XLI RSVXL ERH WIXW
8LI *PMKLXQEWXIV 7&'; [EW HIZIPSTIH [MXL XLI GSSTIVEXMSR SJ TVSJIWWMSREP TMPSXW [LS JP] SR MRXIVREXMSREP VSYXIW ERH LEW E /MRIXMG QSZIQIRX XS EZSMH XLI RIIH JSV FEXXIV] VITPEGIQIRX -X MW GPIEV XS VIEH ERH LEW E VIH LSYV LERH XLEX TSMRXW XS XLI LSYV WGEPI SR XLI FI^IP
MR XLI [IWX 8S GVIEXI E [EXGL [MXL E LSYV LERH XLEX [SYPH LIPT [MXL REZMKEXMSR MR XLI %RXEVGXMG 7IMOS LEH XS HIZIPST E WTIGMEP QSZIQIRX JIEXYVMRK E LSYV LERH XLEX VSXEXIH ERXMGPSGO [MWI *SV 1V 3LFE´W %RXEVGXMG GVSWWMRK XLI] GVIEXIH ER I\GPYWMZI XMQITMIGI [MXL ER IZIR PMKLXIV ERH WXYVHMIV GEWI XLEX [EW GVEJXIH JVSQ GIVEQMGW XLI WTEGI EKI QEXIVMEP XLEX [EW SVMKMREPP] HIZIPSTIH JSV YWI SR XLI LIEX WLMIPH SJ WTEGI GVEJX % TVSHYGXMSR ZIVWMSR SJ XLMW GIVEQMG GEWIH [EXGL [EW QEV OIXIH EW XLI 0ERHQEWXIV 7SYXL 4SPI %RSXLIV SYXWXERHMRK EHZIRXYVIV [LS TYX LMW XVYWX MR XLI 1EWXIV WIVMIW [EW /IR 2SKYGLM [LS QEHI E WYGGIWWJYP EWGIRX SJ 7EKEVQEXLE SV
EHNYWXEFPI² JSPHMRK JEWXIRIV 8LI 7GYFEQEWXIV 7&&/ MW ER I\EQTPI SJ XLI WYTIVF VIWYPXW XLEX GER FI EGLMIZIH F] [SVOMRK GPSWIP] [MXL TVSJIWWMSREPW -X MW E QYPXM JYRG XMSR HMZIV´W [EXGL XLEX MRGPYHIW IZIV] JIEXYVI E WIVMSYW HMZIV GSYPH [ERX -X GER QIEWYVI HMWTPE] GEPGYPEXI ERH VIGSVH HMZI WXEXMWXMGW XS TVSZMHI EPP XLI MRJSVQEXMSR XLEX MW RIIHIH JSV WEJI HMZMRK -X LEW FYMPX MRXS MXW QIQSV] XLI 97 2EZ] HMZMRK XEFPI XLEX [EW HIZMWIH JSV WIGYVMX] ERH WEJIX] 8LMW MW YWIH XS VIGSVH ERH EREP]WI WYFQIVWMSR XMQIW ERH HITXLW 8LI [EXGL HMWTPE]W MR VIEP XMQI XLI MRJSVQEXMSR XLEX MW VIUYMVIH MR 8LI 7GYFEQEWXIV 7&&/ MW E SVHIV XLEX E HMZIV GER GSQTPIXI IEGL QYPXM JYRGXMSR HMZIV´W [EXGL [MXL XLI TS[IV XS HMWTPE] GEPGYPEXI ERH HMZI [MXL QE\MQYQ WEJIX] -J RIGIWWEV] VIGSVH HMZMRK MRJSVQEXMSR ¯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´ LMKLIWX JSV 7IMOS´W 1EWXIV WIVMIW ;LIR LI IRZMVSRQIRXW 7IMOS´W XIGLRMGMERW LEZI TIEOW &] XLI EKI SJ LI LEH WGEPIH EGLMIZIH XLI [SVPH VIGSVH JSV HMZMRK RIIHIH XS QEWXIV XLI YWI SJ RI[ EPP WIZIR ERH EGLMIZIH LMW EMQ ,I MW [MXLSYX S\]KIR XEROW MR LI [EW QEXIVMEPW ERH XIGLRMUYIW 'IVEQMG E WEXMW½IH YWIV ERH E XIWXIV SJ XLI [IEVMRK E 4MTMR 7IVMIW 7GYFEQEWXIV E [EXGL GEWIW EVI E KSSH I\EQTPI 0ERHQEWXIV ERH [SVI E 0ERHQEWXIV PMQMXIH IHMXMSR SJ TMIGIW GEPPIH 'IVEQMGW ERH SXLIV YPXVE LEVH QEXI 7YQQMXIV [MXL ER EPXMXYHI KEYKI JSV XLI 7IMOS 7GYFEQEWXIV 4MTMR 7TIGMEP VMEPW SJJIV IRSVQSYW EHZERXEKIW XLI ½VWX XMQI HYVMRK LMW EWWEYPX [EW TVSHYGIH XS QEVO LMW WYGGIWW -X FIGEYWI SJ XLIMV WXVIRKXL ERH WGVEXGL JVSQ XLI 'LMRE WMHI %JXIV[EVHW LI MQQIHMEXIP] JSYRH JEZSYV [MXL XLI VIWMWXERGI FYX XLI] HS LEZI SRI QENSV TSMRXIH SYX XLEX QMRYXI QEVOMRKW EVI JVII HMZMRK GSQQYRMX] ERH VIQEMRW HVE[FEGO XLI] EVI ZIV] LEVH XS [SVO RSX QIERMRKJYP [LIR XLI IJJIGXW SJ EPXM E QYGL HIQERHIH MXIQ XS XLMW HE] [MXL -X MW EPQSWX MQTSWWMFPI XS YWI GSRZIRXMSREP XIGLRMUYIW WYGL EW GYX XYHI MQTEMV SRI´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´GPSGO FEWMG WLETI MR E QSPH YRHIV TVIWWYVI 8LI FI^IP [EW XLI TEVX SJ XLI [EXGL *SV PIKMFMPMX] EX KVIEX HITXL 7IMOS´W ;LIR XLMW QEXIVMEP MW WMRXIVIH EX LMKL QSWX PMOIP] XS FI HEQEKIH F] WGVETMRK 0YQMFVMXI XIGLRSPSK] [EW YWIH ERH XIQTIVEXYVI XLI VIWMR GSQIW SYX ERH SV ORSGOMRK SR E VSGO ERH WS MX [EW XLI [EXGL [EW ½XXIH [MXL E ±HMZIV PIEZIW XLI QSPIGYPIW SJ XLI GIVEQMG QERYJEGXYVIH JVSQ E GIVEQMG QIXEP EPPS] XLEX [EW MQTIVZMSYW XS WGVEXGLIW -X JIEXYVIH LSYV QEVOMRK MR VIPMIJ XS QEOI MX IEW] XS VIEH %RSXLIV [EXGL MR 7IMOS´W 1EWXIV WIVMIW MW XLI *PMKLXQEWXIV 7&'; -X [EW HIZIPSTIH [MXL XLI GSST IVEXMSR SJ TMPSXW ¾]MRK SR MRXIVREXMSREP VSYXIW XS IRWYVI XLEX MX IQFSHMIH EPP XLI JYRGXMSRW XLEX EVI RIIHIH F] ¾]MRK TVSJIWWMSREPW 8LI VIWYPX [EW ER I\XVIQIP] WMQTPI QSHIP IUYMTTIH [MXL E LSYV LERH ERH E WIPJ [MRHMRK /MRIXMG QSZIQIRX XLEX [EW YWIH XS EZSMH XLI RIIH JSV FEXXIV] VITPEGIQIRX 8LI GEWI ERH FVEGIPIX [IVI QEHI JVSQ FVMKLX XMXERMYQ [LMGL KEZI E WIRWI SJ PY\YV] ERH XLI ½RMWLIH TVSHYGX [EW EW XLMR EW TSWWMFPI
',%48)6
- [ERXIH XS GVIEXI WSQI HIZMGI XLEX GSYPH FI GEPPIH RYQFIV SRI MR XLI [SVPH - XLSYKLX XS HS WS - [SYPH LEZI XS KIX E TEXIRX SR ER] ³[SVPH ½VWX´ XIGLRSPSK] %W - GSRXMRYIH [SVOMRK ERH XV]MRK XS HIZIPST RI[ MHIEW -´ZI IRHIH YT [MXL TEXIRXW ² 3RI SJ LMW EQFMXMSRW [EW XS GVIEXI [EXGLIW JSV YWI SR PERH EX WIE ERH MR XLI EMV MR E [E] XLEX [SYPH WEXMWJ] XLI QSWX HIQERHMRK SJ GYWXSQIVW MR IEGL SJ XLIWI IRZMVSRQIRXW ¯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´W GSQQMXQIRX XS XLI ERH TIVGSPEXI XLVSYKL XS XLI TYFPMG ² 1V 8SOYREKE TE]W EXXIRXMSR XS GVIEXMSR SJ XMQITMIGIW JSV WTSVX ERH XLI WQEPPIWX HIXEMPW ERH XEOIW EGGSYRX I\TPSVEXMSR ORS[W RS FSYRHW 8LI SJ XLI VIUYMVIQIRXW SJ QMRSVMX] YWIVW GSQTER]´W XIGLRMGMERW EVI HIHMGEXIH XS FYX YPXMQEXIP] LI LEW E TEWWMSR JSV XLI HIZMWMRK RI[ MRRSZEXMSRW MR SVHIV XS HIZIPSTQIRX SJ RI[ QIGLERMWQW XLEX EGLMIZI XLI LMKLIWX TSWWMFPI WXERHEVHW EVI SYX SJ XLI SVHMREV] ±-R Q] HVIEQW SJ EGGYVEG] ERH VIPMEFMPMX] XLSWI FIWX TPEGIH XS SJJIV TVEGXMGEP EHZMGI SR XLI WTIGM½GEXMSRW JSV WYGL [EXGLIW ERH XLIR XS XIWX XLIWI TVSH YGXW XS XLI PMQMX ±;I WXEVX F] PIEZMRK GSQQIVGMEP GSRWMHIVEXMSRW SYX SJ XLI IUYEXMSR FYX IZIRXYEPP] [I LEZI XS MRGPYHI XLIQ MR SYV GEPGYPEXMSRW FIJSVI XLIWI RI[ TVSHYGXW KS MRXS TVSHYGXMSR
8LI 7GYFEQEWXIV 4MTMR 7TIGMEP [EW WSPH MR E PMQMXIH IHMXMSR SJ TMIGIW MR
QEXIVMEP XMKLXP] FSRHIH XSKIXLIV 8LI GEWI WLVMROW WPMKLXP] MR XLMW TVSGIWW WS QSPH QEOMRK MW E ZIV] I\EGX WGMIRGI XLEX LEW XS QEOI EPPS[ERGI JSV XLMW )EGL GEWI MW XLIR KVSYRH ERH TSPMWLIH YWMRK HMEQSRH HYWX XS TVSHYGI XLI ½RMWLIH TVSHYGX 8LMW WXEXI SJ XLI EVX XIGLRSPSK] [EW IQTPS]IH JSV WSQI SJ XLI WTIGMEP 0ERHQEWXIV QSHIPW 7IMOS ½VWX YWIH XLMW MRKIRMSYW XIGLRMUYI [MXL WXEMRPIWW WXIIP ERH RS[ XLI] EPWS YWI MX [LIR [SVOMRK [MXL QIXEP GIVEQMG EPPS]W 8LI] EVI WYVI XLEX JYVXLIV ETTPMGEXMSRW [MPP JSPPS[
8LI WEQI 2IEV 2IX 4VIGMWMSR 4S[HIV 7LETMRK XIGLRSPSK] MW FIMRK YWIH JSV E KVS[MRK RYQFIV SJ ETTPMGEXMSRW SYXWMHI XLI [EXGL ½IPH MRGPYHMRK TEVXW MR WSQI SJ )TWSR´W FIWX WIPPMRK MRONIX TVMRXIVW 1V 8SOYREKE EXXVMFYXIW 7IMOS´W WYG GIWW MR GVIEXMRK WYTIVF WTSVXW [EXGLIW XS MXW HIXIVQMREXMSR XS [SVO [MXL
% .3962)= -2 8-1)
,-7836= 3* 7)-/3³7 463*)77-32%0 )<86)1) %(:)2896) ;%8',)7 463(9'87
97)67
-RXVSHYGXMSR SJ 1%7 XLI ½VWX HSQIWXMGEPP] QEHI HMZIV´W [EXGL [MXL [EXIV VIWMWXERX XS Q ERH WIPJ [MRHMRK JIEXYVI
9WIH F] XL 4SPEV 3FWIVZEXMSR ;MRXIVMRK 8IEQ
-RXVSHYGXMSR SJ XLI ½VWX HSQIWXMGEPP] QEHI WIPJ [MRHMRK HMZIV´W [EXGL [MXL [EXIV VIWMWXERX XS Q
-RXVSHYGXMSR SJ E FIEX LMKL TVIGMWMSR WIPJ [MRHMRK HMZIV´W [EXGL 9WIH F] FSXL 2ESQM 9IQYVE ERH 8IVYS 1EXWYYVE SJ XLI [EXIV VIWMWXERX XS Q .ETERIWI %PTMRI 'PYF JSV XLIMV EWWEYPX SR )ZIVIWX
-RXVSHYGXMSR SJ XLI ½VWX [EXGL XS YWI XMXERMYQ MR MXW GEWI E HMZIV´W 9WIH MR XLI +EOYWLYMR 9RMZIVWMX] %PTMRI 'PYF´W YRWYGGIWWJYP [EXGL FYMPX JSV WEXYVEXMSR GSRHMXMSRW EXXIQTX SR XLI WYQQMX SJ 7O]ERK /ERKVM 9WIH F] E 2MLSR 9RMZIVWMX] KVSYT JSV EVGXMG I\TPSVEXMSR
-RXVSHYGXMSR SJ 4=* XLI [SVPH´W ½VWX HMZIV´W [EXGL PSEHIH [MXL UYEVX^ QSZIQIRX ERH FYMPX JSV WEXYVEXMSR GSRHMXMSRW
-RXVSHYGXMSR SJ 7%( XLI [SVPH´W ½VWX L]FVMH HMZIV´W [EXGL [MXL EPEVQ GLVSRSKVETL HMWTPE]MRK MR X[S PERKYEKIW [MXL YRHIV[EXIV GSQQYRMGEXMSR GETEFMPMX]
9WIH F] 4SPEV ;MRXIVMRK 8IEQ +ISKVETLMGEP 7YVZI] -RWXMXYXI .ETER 'LMRE 2ITEP 8VM 2EXMSREP *VMIRHWLMT )\TIHMXMSR YWIW XLMW MR EWWEYPX SR 'LSQSPYRKQE )ZIVIWX
-RXVSHYGXMSR SJ XLI *-)0(1%78)6 7%( L]FVMH X]TI GSRXEMRMRK JIEXYVIW JSV WYVZMZEP MR XLI KVIEX SYXHSSVW WYGL EW [EXIV VIWMWXERX WLSGO TVSS½RK ERH ERXM QEKRIXMG GETEFMPMXMIW
9WIH F] 4SPEV ;MRXIVMRK 8IEQ 9WIH F] .ETER 'LMRE 2ITEP 8VM 2EXMSREP *VMIRHWLMT )\TIHMXMSR MR XLIMV EWWEYPX SR 'LSQSPYRKQE 9WIH F] 1EWEOS -^YQM´W XIEQ MR TSPEV I\TPSVEXMSR
-RXVSHYGXMSR SJ XLI 77&7 E HMZIV´W [EXGL FYMPX JSV WEXYVEXMSR GSRHM XMSRW HS[R XS Q XLI [SVPH´W ½VWX [EXGL [MXL SYXIV GEWMRK SJ ^MVGSRME GIVEQMGW
-RXVSHYGXMSR SJ 7'9&%1%78)6 7&&/ E HMZIV´W [EXGL [EXIV VIWMWXERX XS Q ERH XLI [SVPH´W ½VWX [MXL PSEHIH HMZI GSQTYXIV JYRGXMSRW
-RXVSHYGXMSR SJ 7&&; XLI [SVPH´W ½VWX HMZIV´W [EXGL [MXL /-2)8-' QSZIQIRX [EXIV VIWMWXERX HS[R XS Q
-RXVSHYGXMSR SJ 0%2(1%78)6 7&&; ER EHZIRXYVI [EXGL [MXL XLI [SVPH´W ½VWX GEWI FYMPX EW SRI TMIGI SYX SJ WXEMRPIWW WXIIP YWMRK 1-1 XIGL RSPSK] ERH PSEHIH [MXL /-2)8-' QSZIQIRX MR E TVIGMWMSR HIWMKRIH FI^IP
-RXVSHYGXMSR SJ 0%2(1%78)6 7&'; ER EHZIRXYVI [EXGL [MXL XLI [SVPH´W ½VWX GEWI FYMPX EW SRI TMIGI SYX SJ TYVI XMXERMYQ YWMRK 1-1 XIGL RSPSK] PSEHIH [MXL LSYV LERH ERH /-2)8-' QSZIQIRX
9WIH F] 1MXWYVSY 3LFE MR LMW JSYV 4SPEV I\TIHMXMSRW
-RXVSHYGXMSR SJ 7'9&%1%78)6 7&'; XLI [SVPH´W ½VWX GEWI FYMPX EW SRI TMIGI SYX SJ FVMKLX XMXERMYQ JSV E HMZIV´W [EXGL [EXIV VIWMWXERX XS Q
9WIH F] 4MTMR *IVVIVEW SR XLI SGGEWMSR SJ LMW JSSX
Q JVII HMZMRK [SVPH VIGSVH
-RXVSHYGXMSR SJ 7'9&%1%78)6 7&'4 HMZIV´W [EXGL [EXIV VIWMWXERX XS Q XLI [SVPH´W ½VWX XS LEZI ER EREPSKYI HITXL QIXIV [MXL JYPP EYXSQEXMG QIEWYVMRK
-RXVSHYGXMSR SJ XLI 0%2(1%78)6 7YQQMXIV 7&'2 ER EHZIRXYVI [EXGL XLEX TVIWIRXW GYVVIRX EMV TVIWWYVI GSRHMXMSRW WIVZIW EW E WMQTPI EPXMQIXIV ERH GLEVXW SJ EMV TVIWWYVI XVIRHW FEWIH SR E FYMPX MR EMV TVIWWYVI WIRWSV
9WIH F] /IR 2SKYGLM MR LMW ½VWX EWWEYPX SR 7EKEVQEXLE )ZIVIWX
-RXVSHYGXMSR SJ 7'9&%1%78)6 7&'; E Q X]TI HMZIV´W [EXGL [MXL TIVJIGXP] ¾YWL WYVJEGI ERH GEWI FYMPX EW SRI TMIGI MRGPYHMRK XLI FI^IP SYX SJ FVMKLX XMXERMYQ
9WIH F] 4MTMR *IVVIVEW SR XLI SGGEWMSR SJ LMW JSSX Q JVII HMZMRK [SVPH VIGSVH
9WIH F] FSXL 2ESQM 9IQYVE ERH E 2MLSR 9RMZIVWMX] KVSYT MR %VGXMG I\TPSVEXMSR -R WYFQIVKIH XS Q MR .%178)'´W
.ETERIWI 1EVMRI 7GMIRGIW 8IGLRSPSK] 'IRXIV´W WYFQEVMRI ±7LMROEM ²
9WIH F] 1EVMXMQI 7IPJ (IJIRWI *SVGIW QMRIW[IITMRK HIXEGL QIRX MR XLIMV [SVO MR XLI +YPJ
-RXVSHYGXMSR SJ 0%2(1%78)6 7EKEVQEXLE 7&'; ER EHZIRXYVI [EXGL 9WIH F] /IR 2SKYGLM MR LMW WIGSRH EWWEYPX SR 7EKEVQEXLE [MXL XLI [SVPH´W ½VWX 'IVQIX GIVEQMG QIXEP VSXEXMRK FI^IP [MXL SRI TMIGI )ZIVIWX GEWI FYMPX SJ FVMKLX XMXERMYQ
-RXVSHYGXMSR SJ 7&'; XLI 0%2(1%78)6 7SYXL 4SPI EHZIRXYVI 9WIH F] 1MXWYVSY 3LFE JSV LMW WSPS GVSWWMRK SR JSSX SJ [EXGL [MXL /-2)8-' QSZIQIRX XLI ½VWX EPP GIVEQMG [EXGL [MXL FEGO[EVH %RXEVGXMGE VSXEXMRK LSYV LERH JSV HIXIVQMRMRK HMVIGXMSR ERH [MXL GIVEQMGW YWIH JSV XLI VSXEXMRK FI^IP SRI TMIGI X]TI GEWI ERH XLI FERH ',%48)6
30/243 4)-).' n 4(% -%!352% /& '2%!4.%33 !S THE ECONOMIC MIRACLE OF POST 7AR *APAN DEVELOPED ONE ORGANISATION ABOVE ALL OTHERS CONFERRED ON *APAN ITS HIGHEST HONOUR AND PRESENTED THE NATION WITH AN UNPARALLELED OPPORTUNITY TO DEMONSTRATE ITS TECHNICAL AND ORGANISATIONAL SKILLS
4HE PRESTIGIOUS RIGHT TO HOST THE SOME WHO HAD THEIR DOUBTS ABOUT THE OFl CIAL TIMING DUTIES v )N THE TELEGRAM 3UMMER /LYMPIC 'AMES WAS WISDOM OF TRYING TO TAKE ON THIS MAM 3HOJI (ATTORI INSTRUCTED -R )NOUE TO AWARDED BY THE )/# TO 4OKYO MAKING MOTH TIMING TASK /NE OF THEM WAS h'O TO 2OME /LYMPICS IN !UGUST AND THESE THE l RST EVER GAMES TO BE HELD 3ABUROU )NOUE WHO WAS THE 7ATCH OBSERVE TIMING PROCEDURESv IN !SIA 4HE 0RESIDENT OF 3EIKO 3HOJI $ESIGN 3ECTION -ANAGER OF $AINI -R )NOUE RECALLS h!ROUND THE TIME (ATTORI SAW THE SCALE OF THE OPPOR 3EIKOSHA (E SAID h) WAS IN :URICH ON THE /LYMPIC 'AMES WERE DUE TO START BUSINESS IN THE SPRING OF AND ) GOT -R 9OKOYAMA 3EIKOSHA 0RODUCTION TUNITY AND SO SET THE COMPANY ON THE PATH THAT WOULD ESTABLISH IT IN THE EYES A TELEGRAM FROM THE COMPANY )T READ %NGINEERING 3ECTION -ANAGER AT THE OF THE WORLD AS THE LEADING TECHNOLOGY @/Fl CIAL WORD 4OKYO WILL HOST NEXT TIME CAME TO :URICH SO ) TOLD HIM ) COMPANY IN THE WORLD WATCH INDUSTRY /LYMPIC 'AMES v HAD TO GO TO !MERICA AND THEN DIRECTLY 7HEN 3EIKO WAS AWARDED THE TO *APAN FROM THERE AND ASKED HIM TO CONTRACT TO BECOME /Fl CIAL 4IMER 3IX HISTORIC WORDS GO TO 2OME FOR ME AND OBSERVE (E OF THE /LYMPIC 'AMES IT WAS )T ADDED SIX WORDS THAT WERE TO GAVE HIS READY ASSENT SO ) RETURNED GIVEN A RELATIVELY SHORT TIME TO MAKE DETERMINE THE COMPANY S HISTORY FOR TO *APAN WITHOUT GOING TO 2OME AT ALL ALL THE PREPARATIONS BUT DESPITE THIS THE NEXT YEARS h)NTEND TO HANDLE !S SOON AS ) GOT BACK 3HOJI (ATTORI IT INTRODUCED NEW TIMING TECHNIQUES AND ACHIEVED m AWLESS TIMING OF THEIR l RST /LYMPIC 'AMES 5NTIL 3EIKO WAS AWARDED THE CONTRACT %UROPEAN COM PANIES HAD BEEN OFl CIAL TIMEKEEPERS FOR ALL THE 'AMES SINCE THE ,OS !NGELES /LYMPIC 'AMES IN SO IT WAS A GREAT HONOUR FOR 3EIKO TO BE AWARDED THIS PRESTIGIOUS RESPONSIBILITY -ANY OF THE SPORTS TIMEKEEPING SYSTEMS BEING USED AT THAT TIME HAD BEEN DEVELOPED IN 3WITZERLAND AND THEY HAD EARNED THE ABSOLUTE TRUST OF THE SPORTS WORLD -ANY ASSUMED 4HE OPENING CEREMONY OF THE /LYMPIC 'AMES IN 4OKYO MARKED THE STARTING THEY WOULD ALSO BE TIMING THE 4OKYO POINT OF AN IMPORTANT LONG TERM RELATIONSHIP BETWEEN 3EIKO AND THE SPORTING WORLD 'AMES %VEN WITHIN 3EIKO THERE WERE ! */52.%9 ). 4)-%
3PORTS TIMEKEEPING WAS REVOLUTIONISED BY 3EIKO WHEN IT TIMED THE 3UMMER /LYMPIC 'AMES IN 4OKYO 5NTIL THEN TIMEKEEPING HAD BEEN CARRIED OUT MANUALLY -ANY TIMEKEEPERS WERE PLACED AT THE FINISHING LINE WITH THEIR STOP WATCHES n PROVIDING A SIGHT THAT 3EIKO WAS TO BANISH FOREVER
PRESIDENT OF + (ATTORI #O ,TD CAME TO $AINI 3EIKOSHA AND ASKED ME @7ELL THEN ARE YOU READY TO TAKE THIS ON h) THOUGHT @/H THIS IS ABOUT OFl CIAL TIMING SO ) SAID @) M SORRY WE JUST CAN T DO IT (E RETORTED @AND WHY NOT 9OU HAVE FOUR YEARS "UT YOU HAVE TO REALISE THAT FOUR YEARS ISN T NEARLY AS LONG AS IT SOUNDS 7E COULDN T DO COM PUTER SIMULATIONS SO WE HAD TO WORK OUT EVERY SINGLE THING BY TRIAL AND ERROR 3O ) TOLD HIM @)T SIMPLY CAN T BE DONE h0RESIDENT 3HOJI GOT ANGRY AND SAID @OUR TIMEPIECES ARE NOW GOOD ENOUGH FOR THE WHOLE WORLD TO KNOW ABOUT THEM 7HAT DO YOU MEAN @)T CAN T BE DONE (E FOLLOWED THAT REMARK WITH @) LL BE BACK IN A WEEK 9OU D BETTER BE READY BY THEN n AND HE LEFT v (E REALLY DID RETURN IN A WEEK AND HE PRESSED -R )NOUE HARD ASKING h!RE YOU READY NOW v -R )NOUE l NALLY GAVE
IN TO THE DETERMINATION OF 0RESIDENT 3HOJI WHO WAS VISITING HIM EVERY WEEK AND HE AGREED TO LAUNCH THE TIMING EFFORT ON ONE CONDITION h) TOLD HIM SINCE ) D NEVER SEEN TIMING DEVICES FOR THE /LYMPICS AND DIDN T KNOW HOW THEY USED THEIR STOPWATCHES OR WHAT TYPES THEY WOULD NEED ) WOULD HAVE
SAY TO US @!ND YOU CALL THIS A WATCH ) HAD JUST COME BACK FROM FACING THAT SO WHEN SOMEONE SUDDENLY TOLD ME @7E LL HANDLE THE NEXT /LYMPIC 'AMES ) REALISED THERE COULD BE A DELUGE OF COMPLAINTS MAYBE ENOUGH TO ENGULF THE /LYMPICS THEMSELVES )F THAT HAPPENED ) D HAVE TO LEAVE THE COMPANY .OT ONLY THAT THE COMPANY ITSELF MIGHT FOLD %VEN WORSE THAN THE COMPANY FOLDING ) THOUGHT THAT THE NATION WOULD BE WRITTEN OFF BY THE WHOLE WORLD SAYING @*APAN JUST CAN T GET IT RIGHT v ! GREAT DEAL OF WORK WAS NEEDED TO IMPROVE QUALITY AND RELIABILITY AND DEVELOP TIMEKEEPING EQUIPMENT IN TIME FOR THE 'AMES -R )NOUE ADDED h)N THIS SITUATION ) COULDN T SEE HOW IN FOUR SHORT YEARS 3EIKO COULD GENERATE THE CONl DENCE IT WOULD NEED TO HANDLE THE /LYMPIC 'AMES v !LTHOUGH 3EIKO THEN HAD SO MUCH INm UENCE IN THE DOMESTIC MARKET THAT
@7E LL HANDLE THE NEXT /LYMPIC 'AMES TO MEET WITH THE TOP OFl CIALS FOR TRACK AND SWIMMING EVENTS (E SAID @) CAN CERTAINLY ARRANGE THAT FOR YOU 4HAT SEALED MY FATE v /NE OF THE INITIAL REASONS FOR -R )NOUE S RELUCTANCE STEMMED FROM HIS VISIT TO !MERICA AFTER HIS :URICH TRIP h) WENT TO !MERICA BECAUSE WE HAD TO HANDLE A HUGE NUMBER OF COMPLAINTS ABOUT THE l RST WATCHES WE EXPORTED TO THE 53 7E EVEN HAD A WATCH STORE
3ABUROU )NOUE WAS TOLD BY THE 0RESIDENT TO MAKE THE EQUIPMENT TO TIME THE 'AMES n FROM SCRATCH #(!04%2
4ATSUYA )SHIWARA IMPROVED THE ACCURACY OF STOPWATCHES FOR SPORTS TIMING
ANYTHING THE COMPANY PRODUCED WOULD BE BOUGHT AS A MATTER OF COURSE THE 3WISS WERE STILL SUPERIOR IN THE STOP WATCH MARKET 3EIKO HAD TO APPROACH THE /LYMPIC AUTHORITIES TO ASK THEM WHAT THEY WANTED 4HEY BUILT ENTIRELY NEW TIMING SYSTEMS FROM SCRATCH AN IMMENSE UNDERTAKING THAT HAS NEVER BEEN REPEATED IN /LYMPIC HISTORY 7HILE -R )NOUE WAS HAVING PRO FOUND MISGIVINGS A QUIET START WAS MADE ON SOME RESEARCH THAT WAS TO REVOLUTIONISE SPORTS TIMING ! NEW STOPWATCH WAS BEING DEVELOPED THAT WOULD REDUCE THE TIMING ERRORS INHERENT IN THE EXISTING GENERATION !T THE TIME A MARGIN OF ERROR WAS EXPECTED WHEN STOPWATCHES WERE USED FOR MANUAL TIMING AND THIS WAS ASSUMED TO BE ATTRIBUTABLE TO HUMAN ERROR &OR MANY YEARS TRACK EVENTS WERE TIMED BY AT LEAST OFl CIALS WHO WERE POSITIONED VERTICALLY ABOVE ONE ANOTHER AT THE l NISHING LINE .EVERTHELESS THERE ! */52.%9 ). 4)-%
WERE OFTEN DISCREPANCIES BETWEEN THE RECORDED TIMES AND SO AN AVERAGE WAS USED $AINI 3EIKOSHA TECHNICIANS SET OUT TO DISCOVER WHETHER THE DISCREP ANCIES WERE THE RESULT OF DIFFERENT SKILL LEVELS OR REACTION TIMES AMONG THE TIMING PERSONNEL -R )SHIWARA EXPLAINED h0ARTLY FOR ENDURANCE TESTS WE HAD 3HOICHIRO +OMAKI AND 9OSHIO 9AMAMOTO CONSTRUCT A MACHINE THAT USED AN ELECTRONIC CIRCUIT TO ENSURE ACCU RATE SIMULTANEOUS STARTS OF MULTIPLE STOPWATCHES -R +OMAKI WAS ALWAYS AHEAD OF THE TIMES AND WAS ALREADY DEEPLY INVOLVED IN DEVELOPING DIGITAL TECHNOLOGY 7HEN WE TRIED OUT THIS MACHINE USING A ROW OF l VE STOP WATCHES WE FOUND THEY WOULDN T REGISTER THE SAME TIME 7E THOUGHT THIS THROUGH AND DECIDED IT WAS PROB ABLY SOMETHING TO DO WITH GIVING THE
BALANCE A BIG @KICK WHEN STARTING THE STOPWATCH v 4HE SAME HAPPENED WHETHER THEY USED 3WISS OR *APANESE STOPWATCHES h4HE SHOCKING RESULT OF OUR +OMAKI MACHINE EXPERIMENTS WAS THAT A TIME DIFFERENCE WAS ALWAYS RECORDED EVEN WHEN OPERATION OF THE BUTTON WAS CONTROLLED MECHANICALLY TO ENSURE THAT ALL WATCHES WERE OPERATED SIMULTANEOUSLY 3PORTS ORGANISATIONS WERE AWARE THAT THERE WAS A PROBLEM BUT THEY THOUGHT IT WAS CONNECTED WITH THE SKILL OF THE OPERATOR 4HEY WERE TRAINING PEOPLE HOW TO OPERATE STOPWATCHES AND LICENSING THEM BUT WE FOUND THE DISCREPANCIES WERE NOTHING TO DO WITH OPERATOR SKILLS THEY WERE CAUSED BY THE POSITION OF THE BAL ANCE WHEN THE BUTTON WAS CLICKED ) D HATE TO TELL AN ATHLETE THAT BECAUSE THEY STAKE THEIR PROFESSIONAL LIVES ON
4HESE PRESSURE SENSITIVE STARTING BLOCKS INTRODUCED IN GAVE OFFICIALS NEW DATA TO DETECT FALSE STARTS
DIFFERENCES AS SMALL AS ONE TENTH OF A SECOND v
0ROBLEM SOLVED ! HEART SHAPED CAM WAS l TTED TO THE BALANCE STAFF SO THAT THE BALANCE WHEEL ALWAYS STOPPED IN THE OPTIMUM POSITION TO ENSURE THAT IT WOULD START WITH AN INSTANT AND CONSISTENT IMPULSE -R )SHIWARA EXPLAINED h7E CREATED A MODEL THAT STARTED THE BALANCE WHEEL SMOOTHLY WHEN THE BUTTON WAS PUSHED AND THIS CURED THE PROBLEM v 4HE ENGI NEERS AT $AINI 3EIKOSHA WERE THE l RST EVER TO APPLY THIS TECHNIQUE TO RESET THE BALANCE TO THE SAME POSITION EVERY TIME THE HANDS WERE RE SET -ASATOSHI 4OHYAMA PRESENTED 4HE IDEA WAS VERY SIMPLE BUT 3EIKO S CASE TO THE )NTERNATIONAL BECAUSE THE PARTS WERE SO TINY IT /LYMPIC #OMMITTEE PROVED VERY DIFl CULT TO MANUFACTURE THEM ! DEVICE WAS ADDED TO ENSURE TRACK EVENTS 4HEY MET IN "ELGRADE THAT WHEN THE SECOND HAND STOPPED IN 3EPTEMBER TO CONSIDER BETWEEN MARKS THE TIME IN QUESTION THE TIMING OF THE 'AMES -R WOULD ALWAYS BE ROUNDED AUTOMATICALLY -ASATOSHI 4OHYAMA 2ESEARCH 3ECTION SO THAT THE HAND WOULD STOP DIRECTLY -ANAGER AT THE TIME WAS GIVEN THE TASK OF TAKING THE NEW STOPWATCHES TO OVER A MARK &INALLY THE DEVELOPMENT TEAM PRODUCED A STOPWATCH THAT WOULD THE #OMMITTEE FOR EVALUATION (E TOOK PROVIDE THE SAME RESULTS WHEN USED BY SIX SECOND MODELS AND SIX ANY SUFl CIENTLY SKILLED TIMING OFl CIAL SECOND MODELS /N THE JOURNEY 4HERE WAS A VERY GOOD REASON FOR THE PLANE MADE A REFUELLING STOP IN 3EIKO TO DEVOTE SO MUCH EFFORT TO THE :AGREB BEFORE IT REACHED "ELGRADE DEVELOPMENT OF THIS NEW STOPWATCH 7HEN PASSENGERS HAD TO LEAVE THE 4HE /LYMPIC 'AMES EMBRACE A WIDE PLANE DURING THE REFUELLING -R 4OHYAMA VARIETY OF SPORTS THAT REQUIRE A TRE WAS TOLD HE COULD LEAVE HIS BAGS ON HIS SEAT 7HEN HE RETURNED TO THE AIRCRAFT MENDOUS RANGE OF SPECIALISED TIMING HE WAS HORRIl ED TO l ND HIS SUITCASE EQUIPMENT BUT ACCURATE TIMING WAS MOST CRITICAL FOR TRACK AND SWIMMING WAS NO LONGER ON HIS SEAT )F IT HAD BEEN LOST OR STOLEN 3EIKO S CHANCE OF EVENTS 3EIKO RECOGNISED THAT THE MOST IMPORTANT CHALLENGE WAS TO ENSURE THAT A LIFETIME WOULD HAVE BEEN LOST FOREVER ITS NEW STOPWATCH WAS ADOPTED FOR &ORTUNATELY THE SUITCASE CONTAINING HIS THESE hBLUE RIBANDv EVENTS AND MOST PRECIOUS CARGO OF WATCHES HAD BEEN OF ALL FOR ATHLETICS PUT ON THE TARMAC #HASTENED BY THIS !N /LYMPIC 4ECHNICAL #OMMITTEE TRAUMATIC INCIDENT -R 4OHYAMA ARRIVED WAS RESPONSIBLE FOR DETERMINING WHICH IN "ELGRADE WITHOUT FURTHER INCIDENT EQUIPMENT WOULD BE USED TO TIME BUT MORE PROBLEMS WERE TO FOLLOW
h4HE DAY BEFORE THE #OMMITTEE MEETING THE 0RESIDENT OF THE *APAN !SSOCIATION OF !THLETICS &EDERATIONS TESTED THE STOPWATCHES ) HAD BROUGHT WITH ME v HE EXPLAINED LATER *UST ONE OF THE MODEL WATCHES SEEMED TO HAVE A PROBLEM n THE SECONDS HAND WAS NOT ABLE TO SYNCHRONISE WITH THE OTHER HAND 4HE *!!& 0RESIDENT WAS SHARP WITH ME SAYING @)F THIS HAPPENS AT TOMORROW S #OMMITTEE MEETING IT WILL ALL BE OVER IN AN INSTANT 3O ) WON DERED WHAT TO DO 4HERE WASN T ENOUGH TIME TO l X IT AND TESTING THE REST OF THEM COULD POSSIBLY CAUSE MORE DEFECTS SO ) ELIMINATED THE DEFECTIVE WATCH 4HEN ) LISTENED TO THE TICKING OF THE MODEL WATCHES AND ELIMI NATED THE QUIETEST ) TOOK THOSE THAT REMAINED TO THE MEETING THE NEXT DAY v 4HE STOPWATCHES WERE TESTED BY TWO #OMMITTEE MEMBERS -R 0AIN THE (ONORARY 3ECRETARY OF THE
3EIKO HAS DEVELOPED SPECIAL TIMEPIECES FOR MANY DIFFERENT SPORTS 4HIS EXAMPLE MEASURES THE NUMBER OF STROKES PER MINUTE IN ROWING COMPETITIONS )T HELPS ROWERS ADJUST THEIR STROKE RATE BUT IS NOT USED FOR OFFICIAL TIMING #(!04%2
)NTERNATIONAL !SSOCIATION OF !THLETICS &EDERATIONS )!!& AND -R 0AULEN 0RESIDENT OF THE )!!& -R 0AULEN WAS PARTICULARLY CONl DENT ABOUT HIS STOP WATCH TIMING SKILLS (E ALWAYS CARRIED A STOPWATCH AROUND AND WAS REPUTED TO l LE A COMPLAINT WHENEVER AN OFl CIAL TIME DIFFERED FROM HIS OWN TIMING RESULTS -R 4OHYAMA WONDERED HOW -R 0AULEN INTENDED TO TEST 3EIKO S STOPWATCHES (E SAID h(E TOOK A STOPWATCH IN EACH HAND CLICKED BOTH SIMULTANEOUSLY AND THEN AFTER A SPECIl ED TIME HAD PASSED CLICKED THEM BOTH AGAIN AND CHECKED THE DIFFERENCE BETWEEN THEM (E PERFORMED THIS TEST THREE TIMES n FOR SEVERAL SECONDS SEVERAL MINUTES AND FOR NEARLY ONE HOUR 4HE l RST TEST FOR SECONDS WAS RIGHT ON TARGET 4HE TEST FOR SEVERAL MINUTES WAS l NE TOO 7HEN -R 0AULEN STOPPED THE WATCHES AFTER A TEST OF NEARLY AN HOUR THE DIFFERENCE WAS LESS THAN SECONDS h4HAT EVEN SURPRISED -R 0AULEN AND HE ASKED ME @7HAT KIND OF TECH NOLOGY IS THIS SO ) GOT OUT THE MANUAL AND EXPLAINED THE )SHIWARA PRINCIPLE "OTH -R 0AULEN AND -R 0AIN OFFERED HEARTY PRAISE AFTER THE PRESENTATION @7HAT A GOOD IDEA 4HAT S GOOD THEORY 4HEN THEY SAID @7E ARE NOT ASSIGNING OFl CIAL TIMEKEEPING TO A *APANESE MAN UFACTURER BECAUSE THE /LYMPICS WILL BE HELD IN 4OKYO BUT BECAUSE THESE ARE ACTUAL FUNCTIONAL STOPWATCHES BACKED UP WITH SOLID THEORY
/LYMPIC CERTIl CATION h4HAT REALLY MADE ME FEEL GOOD 4HAT EVENING ) WAS ABSOLUTELY THRILLED WHEN ) HEARD -R /DA -IKIO FROM THE *!!& SAY @THE BEST THING TO COME FROM THE MEETING TODAY WAS THE PRE ! */52.%9 ). 4)-%
4HE 3EIKO hSLIT VIDEOv PHOTO FINISH CAMERA PROVIDES THE IMAGE FROM WHICH OFFICIALS DECIDE BOTH THE RESULT AND THE TIME TO AN ACCURACY OF OF A SECOND
LIMINARY DECISION IN FAVOUR OF 3EIKO STOPWATCH THIS WAS ONLY THE BEGINNING STOPWATCHES v 3UBSEQUENTLY THE NEW OF THE MAMMOTH TASK OF DEVELOPING A FULL COMPLEMENT OF TIMING EQUIPMENT STOPWATCHES WERE SUBMITTED TO THE FOR THE 'AMES .ATIONAL 0HYSICAL ,ABORATORY IN %NGLAND !S SOON AS 3EIKO WAS UNOFl CIALLY FOR INSPECTION AND FOR CERTIl CATION AS /LYMPIC TIMEKEEPING EQUIPMENT AWARDED THE CONTRACT TO TIME THE !LTHOUGH 3EIKO RECEIVED A PRE 4OKYO 'AMES IT BEGAN THE ENORMOUS LIMINARY NOMINATION AS TIMEKEEPER FOR TASK OF DEVELOPING DIFFERENT TYPES OF THE 4OKYO /LYMPIC 'AMES AFTER STOPWATCH SUITABLE FOR TIMING MANY THE )!!& #OMMITTEE MET IN "ELGRADE DIFFERENT SPORTS EVENTS .OT ONLY DID IN IT WAS ONLY ONE YEAR BEFORE 3EIKO S SYSTEMS HAVE TO RECORD THE THE EVENT THAT THEY RECEIVED NOTICE IN TIME OF THE WINNING COMPETITOR IN WRITING OF THEIR OFl CIAL APPOINTMENT EACH EVENT THEY ALSO HAD TO DETERMINE $EVELOPMENT OF THE NEW STOP TIMES FOR THE OTHER COMPETITORS AND TO WATCH WITH ITS INNOVATIVE HEART SHAPED RECORD WHICH COMPETITOR WAS IN WHICH CAM WAS AN ENORMOUS UNDERTAKING BUT PLACE WITHOUT IT 3EIKO WOULD PROBABLY HAVE 4HE GARGANTUAN TASK OF PREPARING FOR THE 'AMES DID NOT STOP WITH THE STOOD NO CHANCE IN ITS CAMPAIGN TO TIME THE /LYMPICS DEVELOPMENT OF NEW TIMING EQUIP $ESPITE THE TRIALS AND TRIBULA MENT )T WAS ALSO NECESSARY TO PRODUCE TIONS THAT HAD BEEN ENDURED DURING MANY OTHER ITEMS SUCH AS GIANT CLOCKS THE DEVELOPMENT OF A MORE ACCURATE FOR THE STADIUMS AS WELL AS DISPLAYS
TO ENABLE SPECTATORS TO SEE TIMES ! PROJECT ON THIS SCALE WAS AN ENTIRELY NEW EXPERIENCE FOR 3EIKO )T IS TO THEIR ETERNAL CREDIT THAT DURING THE ENTIRE /LYMPIC 'AMES THEIR VERY l RST THERE WERE NO TIMEKEEPING ERRORS AT ALL ALTHOUGH THEY HAD NO PREVIOUS EXPERIENCE AND HAD ONLY HAD TWO YEARS TO DESIGN AND MAKE ALL THE NEW EQUIP MENT THAT WAS REQUIRED HAVING ALREADY IMPROVED STOPWATCH PERFORMANCE (AVING BEEN GRANTED THE PRES TIGIOUS CONTRACT TO TIME THE /LYMPIC 'AMES FOR THE l RST TIME 3EIKO WERE DETERMINED TO ENSURE THAT IN THEIR HANDS TIMEKEEPING SHOULD REACH HIGHER STANDARDS THAN EVER BEFORE
DEVELOPED A MARINE CHRONOMETER )T WAS SOON MARKETED AS A COMMERCIAL CLOCK THE #RYSTAL #HRONOMETER 1# COSTING YEN 4HIS REVOLUTIONARY PRODUCT WAS USED TO TIME SOME EVENTS AT THE /LYMPIC 'AMES IN 4OKYO INTRODUCING QUARTZ ACCURACY TO SPORTS TIMEKEEPING SYSTEM FOR THE l RST TIME 4HE OPPORTUNITY TO ACT AS THE OFl CIAL TIMEKEEPER OF THE 4OKYO /LYMPICS OPENED UP A WHOLE NEW WORLD OF SPORTS TIMING OPPORTUNITIES FOR 3EIKO 4IMING THE EVENT WAS A MAMMOTH UNDERTAKING BUT THE DECISION TO TAKE ON THE CHALLENGE PROVED TO BE ONE OF
!N /LYMPIC l RST 4HEY FULl LLED THEIR DREAM BY DEVELOPING A QUARTZ CRYSTAL CHRONOMETER CLOCK
5LTRASONIC WIND GAUGES MEASURE THE WIND SPEED ! READING OF MORE THAN TWO METRES A SECOND INVALIDATES A WORLD TRACK RECORD
$ISTANCE MEASUREMENT IS PROVIDED FOR ALL FIELD EVENTS
THAT WAS USED TO TIME THE MARATHON EVENTS n AND IT WAS ACCURATE TO WITHIN SECONDS A DAY )T WAS THE l RST TIME THAT QUARTZ TIMEKEEPING SYSTEM HAD EVER BEEN USED AT AN INTERNATIONAL SPORTING EVENT 3PRING WOUND MECHANICAL TIMEPIECES WHICH HAD SET THE STANDARDS FOR TIMEKEEPING FOR THE PRECEDING YEARS WERE MOSTLY ONLY ABLE TO ACHIEVE ACCURACY OF PLUS OR MINUS SECONDS A DAY 4HE APPEARANCE OF THE #RYSTAL #HRONOMETER CLOCK CLEARLY SIGNALLED TO THE WORLD THAT 3EIKO HAD BEEN DEVELOPING QUARTZ TECHNOLOGY AND THAT THEY WERE WELL PLACED IN THE RACE TO DEVELOP QUARTZ WRISTWATCHES 4HE l RST STEP ALONG THE WAY FOR 3EIKO CAME IN WHEN 3EIKOSHA CREATED A PRACTICAL QUARTZ TIMEPIECE FOR A RADIO STATION BUT IT WAS NOT PORTABLE )N THE FOLLOWING YEAR 3UWA 3EIKOSHA
3EIKO S FIRST COMMERCIAL PORTABLE QUARTZ CLOCK THE #RYSTAL #HRONOMETER 1# MADE HISTORY WHEN IT WAS USED TO TIME SOME EVENTS AT THE 'AMES IN 4OKYO
THE MOST MOMENTOUS LANDMARKS IN THE COMPANY S HISTORY AND IT HAS NEVER LOOKED BACK SINCE 4HE COMPANY TOOK ITS RESPONSIBILITY SO SERIOUSLY THAT IT EMBARKED ON A FOUR YEAR DEVELOPMENT PROGRAMME WITH NO LIMIT ON DEVELOP MENT COSTS OR THE RESOURCES THAT COULD BE USED )T WAS A FAR SIGHTED PROJECT THAT MUST BE UNIQUE IN /LYMPIC HISTORY "UT WAS ALL THE EXPENSE AND EFFORT WORTHWHILE 3EIKO TIMED THE #(!04%2
9ASUAKI !SAHARA MASTERMINDED 3EIKO S SPORTS TIMING FOR OVER YEARS
GAMES m AWLESSLY AND THE RESULTING PUBLICITY ALL OVER THE WORLD HELPED THE COMPANY TO GAIN THE INTERNATIONAL REC OGNITION AND CREDIBILITY IT HAD NEEDED SO BADLY !T LAST 3EIKO WAS ABLE TO COMPETE WITH THE 3WISS ON EQUAL TERMS FOR THE TIMING OF WORLD CLASS SPORTS EVENTS 3INCE THAT l RST MAJOR SPORTING EVENT THE COMPANY HAS TIRELESSLY DEVISED NEW AND IMPROVED SPECIALIST TIMING SYSTEMS AND NOW IT HAS ONE OF THE WORLD S MOST COMPREHENSIVE TIMEKEEPING SYSTEMS FOR SPORTS EVENTS )T IS USED TO SATISFY THE EVER MORE DEMANDING REQUIREMENTS OF MAJOR SPORTS EVENTS THE WORLD OVER 3INCE 3EIKO HAVE TIMED l VE MORE /LYMPIC 'AMES BUT THEIR INVOLVEMENT IN SPORTS HAS GROWN WELL BEYOND /LYMPIC EVENTS AND THEY HAVE PROVIDED TIMING FACILITIES AT MANY INTERNATIONAL MULTI DISCIPLINE SPORTS EVENTS FROM THE !SIAN AND #OMMONWEALTH 'AMES TO 7ORLD #HAMPIONSHIPS IN OVER SPORTS $ESPITE THE m AWLESS TIMING OF THE /LYMPIC 'AMES THE EARLY YEARS THAT FOLLOWED WERE NOT WITHOUT THEIR ! */52.%9 ). 4)-%
DRAMATIC MOMENTS BUT THESE GAVE 3EIKO S ENGINEERS AND TECHNICIANS AN OPPORTUNITY TO HONE THEIR SPECIALIST TIMING SKILLS UNTIL THEY WERE AS SHARP AS A LEGENDARY *APANESE SWORD )N FOR EXAMPLE 3EIKO WERE THE OFl CIAL TIMEKEEPERS FOR THE &IFTH !SIAN 'AMES HELD IN 4HAILAND !CCORDING TO 9ASUAKI !SAHARA A SENIOR MEMBER OF THE SPORTS TIMING TEAM THE TIMING EQUIPMENT THAT WAS TAKEN TO 4HAILAND WAS MUCH THE SAME AS HAD BEEN USED FOR THE /LYMPIC 'AMES 4HIS FAILED TO TAKE INTO ACCOUNT THE DRAMATIC DIFFERENCE IN TEMPERATURES BETWEEN 4OKYO AND "ANGKOK AND RESULTED IN SOME EQUIPMENT FAILURES
&OOLPROOF BACK UPS 1UARTZ OSCILLATORS ARE PARTICULARLY SENSITIVE TO TEMPERATURE CHANGES AND THE NEWLY DEVELOPED SMALL ELECTRONIC PRINTERS HAD BEEN DEVELOPED FOR THE *APANESE CLIMATE IN /CTOBER /N A $ECEMBER DAY IN 4HAILAND WHEN DAY
4HE LATEST TRANSPONDER TECHNOLOGY IS NOW USED TO GIVE INSTANT TIMES AND POSITIONS IN MARATHONS CROSS COUNTRY AND SKI RACES
TIME TEMPERATURES WERE OFTEN WELL OVER # THE TEMPERATURE INSIDE THE BOXES CONTAINING SOME OF THE TIMING EQUIPMENT ROSE TO AROUND # 4HE TEMPORARY SOLUTION WAS A HAND HELD FAN $ESPITE THE FAILURE OF SOME ITEMS OF EQUIPMENT 3EIKO STILL MANAGED TO TIME EVERY EVENT WITHOUT MISSING A SINGLE TIME
3EIKO HAS SERVED AS /FFICIAL 4IMER FOR EVERY )!!& 7ORLD #HAMPIONSHIPS SINCE
4HE LESSON THAT WAS LEARNT FROM THIS UNEXPECTED INTERLUDE WAS THAT THE TIMEKEEPING TEAM HAD TO DEVELOP DIF FERENT EQUIPMENT FOR EVENTS IN AUTUMN SUMMER AND WINTER -R !SAHARA SAID h4HEY HAD TO HAVE FOOLPROOF BACK UP SYSTEMS v -R !SAHARA EXPLAINED h)F A PIECE OF TIMEKEEPING EQUIPMENT WERE TO FAIL IT REALLY WOULD ONLY BE A FAILURE IF THE TIMEKEEPERS DIDN T GET A TIME AND HAD TO ASK THE ATHLETES TO RUN THE SAME RACE FOR US AGAIN v -R !SAHARA A KEEN SPORTS ENTHUSIAST ADDED h4HERE S NO WAY THEY COULD HAVE SAID @) M SORRY #ARL ,EWIS COULD YOU RUN THAT AGAIN v (E ADDED h! WATCH IS A MACHINE AND CAN BREAK DOWN 7E HAVEN T FAILED SO FAR BUT YES OUR WATCHES HAVE BROKEN
SYSTEM TO ENSURE THAT WE NEVER MISS RECORDING THE TIME )T S ALL RIGHT IF YOU HAVE TO USE A CALCULATOR TO COMPUTE THE RESULTS h)T IS ALSO IMPORTANT TO REMEMBER THAT THE ATHLETES WHO COME IN LAST HAVE ALSO GIVEN IT THEIR BEST SHOT AND SO WE DON T WANT TO MISS THEIR TIMES EITHER 4HE HARDEST THING IN TIMEKEEPING IS TO RECORD THE TIME OF THE LAST PERSON TO l NISH !T THE MOMENT THE LEADING RUNNER REACHES THE l NISHING LINE OFl CIALS AND CAMERAMEN ARE WAITING EAGERLY IN THEIR ASSIGNED POSITIONS "Y THE TIME THE LAST COMPETITOR GETS TO THE l NISHING LINE THEY RE ALL OVER THE PLACE PARTICULARLY WITH THE METRE RACE v "Y THE TIME OF THE 3APPORO /LYMPICS IN 3EIKO S SPORTS TIMING SPECIALISTS HAD DEVELOPED A SYSTEM THAT COULD TIME SEVERAL SKIERS SIMULTANEOUSLY BETWEEN THREE AND l VE AT A TIME AND THE RESULTS WERE
4HE 3EIKO SWIMMING TOUCH PADS ARE PART OF A FULLY AUTOMATED SYSTEM ACCURATE TO OF A SECOND
CALCULATED WITHOUT THE USE OF COM PUTERS 3KIING EVENTS PRESENT TIMEKEEPERS WITH MORE CHALLENGES IN ADDITION TO THAT OF THE WEATHER -R !SAHARA WHO RETIRED AT THE END OF THE S EXPLAINS h!LPINE SKIING HAS TO RELY ON ELECTRONIC TIMING BECAUSE YOU CAN T SEE THE START POSITION FROM THE BASE
!LL RESULTS ARE DELIVERED ON LINE AND FOR THE OFFICIAL RECORD IN PRINT
DOWN 4HAT S WHERE BACK UPS COME IN &IRST WE MAKE TWO IDENTICAL SYSTEMS COMPLETELY SEPARATE BUT LINKED TO THE SAME ELECTRIC LINES &OR GOOD MEASURE IN CASE BOTH SYSTEMS BREAK DOWN WE HAVE A THIRD SYSTEM THAT CAN RECORD THE TIME JUST AS WELL AS THE OTHER TWO )N ADDITION TO THIS THERE IS A FOURTH
0HOTO FINISH IMAGES ARE PRODUCED INSTANTLY FOR OFFICIALS TO READ ON SCREEN #(!04%2
OF THE HILL -ANUAL TIMEKEEPING WOULD BE IMPOSSIBLE )N THE DOWNHILL EVENTS YOU HAVE TWO OR THREE ATHLETES COMING DOWN THE COURSE AT THE SAME TIME BUT YOU NEED TO TIME EACH SKIER SEPARATELY 3O NOW THE OPERATOR NEEDS TWO OR THREE SYSTEMS TOO !ND SINCE THERE COULD BE OPERATOR MISTAKES YOU HAVE TO BE PREPARED FOR THAT AS WELL 4HAT S HOW FAR YOU HAVE TO GO BEFORE YOU CAN EXPECT COMPLETE SUCCESS v
.EW CHALLENGES /VER THE YEARS OF 3EIKO S SPORTS TIMING HISTORY SINCE THE 4OKYO /LYMPIC 'AMES IN THE DEMANDS OF SPORT HAVE INCREASED DRAMATICALLY AND NEW TECHNOLOGIES HAVE BECOME AVAILABLE 4HESE HAVE CREATED NEW CHALLENGES AND 3EIKO S DEDICATED SPORTS TIMING SPECIAL ISTS HAVE RESPONDED IMPRESSIVELY 7ITHIN THE 'ROUP THE COMPUTER SKILLS OF %PSON HAVE BEEN UTILISED AND RESULTED IN FULLY ON LINE SYSTEMS FOR THE 7ORLD #HAMPIONSHIPS IN !THLETICS 3WIMMING EVENTS ARE ANOTHER GOOD EXAMPLE OF THE PROGRESS THAT HAS BEEN MADE
$OWNHILL SKIING IS ONE OF THE MOST COMPLEX OF ALL !LPINE SPORTS
! */52.%9 ). 4)-%
4HE PHOTO FINISH IMAGES ARE BUILT FROM PICTURES TAKEN OF THE FINISH LINE TIMES A SECOND 4HIS IMAGE IS A PICTURE OF TIME NOT SPACE
!T THE 4OKYO /LYMPICS IN 3EIKO USED TWO DIFFERENT TIMEKEEPING SYSTEMS FOR SWIMMING EVENTS THEY UTILISED DIFFERENT TIMING METHODS TOUCH PADS AND GRIP SWITCHES 4HE SYSTEM IN USE TODAY WITH TWO COMPLETE DUPLICATE SYSTEMS BACKED UP WITH A THIRD WAS INTRODUCED MUCH LATER /THER FUNCTIONS HAVE TO BE PROVIDED BY CURRENT SYSTEMS TOO 4HEY ARE NO LONGER MERE TIMING SYSTEMS 4HEY ARE COMPREHENSIVE UNITS THAT TIME EACH EVENT AND EACH COMPETITOR AND THEN ANALYSE AND STORE THIS INFORMATION AND PROVIDE REAL TIME INFORMATION SERVICES FOR RADIO AND TELEVISION COMMENTATORS FOR JOURNALISTS AND FOR MANY MILLIONS OF TELEVISION AND RADIO VIEWERS AND LISTENERS AROUND THE GLOBE
-ORE THAN JUST TIMING 3PORTS TIMING TODAY FOR 3EIKO IS MUCH MORE THAN JUST TIMING n 3EIKO PROVIDES END TO END SOLUTIONS DESIGNED TO SAT ISFY THE NEEDS OF VARIES USERS OF TIMES AND MEASUREMENTS 4HESE INCLUDE THE ATHLETES COACHES TELEVISION VIEWERS AND INCREASING NUMBERS OF INTERNET USERS )T IS EXTREMELY EXPENSIVE TO PRO VIDE ALL THE EQUIPMENT AND MANPOWER THAT ARE REQUIRED TO TIME WORLD CLASS SPORTS EVENTS AND THE COMPANIES WHO PERFORM THIS INVALUABLE SERVICE RECEIVE NO PAYMENT FOR THEIR WORK SO IS IT REALLY WORTHWHILE 3PORTS TIMING DOES NOT DIRECTLY MAKE MONEY BUT IT GREATLY ENHANCES THE REPUTATION OF THE COMPANY THAT WINS A TIMEKEEPING CONTRACT !FTER ONLY TWO ORGANISATIONS HAVE
,OUDSPEAKERS CONVEY THE STARTER S SIGNAL TO EACH LANE INDIVIDUALLY TO COUNTERACT THE DELAY OF SOUND TRAVELLING THOUGH THE AIR
TIMED WORLD CLASS MULTI DISCIPLINE SPORTS EVENTS 3EIKO AND A CONSORTIUM OF 3WISS COMPANIES 3INCE THE VERY EARLY DAYS OF ITS INVOLVEMENT WITH SPORTS TIMING 3EIKO HAS APPRECIATED THAT ALTHOUGH THE COMPANY RECEIVES NO PAYMENT FOR TIMING TOP INTERNATIONAL EVENTS IN MOST CASES ITS INVOLVEMENT PAID ENORMOUS DIVIDENDS IN TERMS OF PUBLICITY AND INCREASED SALES 4HE PUBLIC S PURCHASING DECISIONS ARE CLEARLY INm UENCED BY SEEING THE NAME OF THE WATCH COMPANY THAT IS TIMING TOP EVENTS WHETHER THEY ARE PRESENT AT THE EVENT OR SEE IT ON TELEVISION !BOVE ALL THE MOST VALUABLE RETURN ON THE HUGE INVESTMENT IN SPORTS TIMING COMES IN THE INTANGIBLE FORM OF TRUST
!NOTHER REASON FOR 3EIKO S BUT THE VALUE OF THE RESULTING PUBLICITY IS ALMOST INCALCULABLE 4HE COMPANY HAS PASSION FOR SPORT LIES IN THE TECHNICAL CHALLENGE IT PRESENTS PARTICIPATION IN NEVER COUNTED THE COST OF ITS SPORTS SPORTS TIMING STIMULATES THE COMPANY TIMING OPERATIONS IT DESIGNS SYSTEMS TO DEVELOP NEW TECHNOLOGY n THE TO SATISFY TIMING NEEDS AND NOT TO A PIONEERING USE OF QUARTZ TECHNOLOGY AT BUDGET )T SEES ITS INVESTMENT AS hGOOD THE 4OKYO /LYMPIC 'AMES IN IS A CITIZENSHIPv GOOD EXAMPLE 3PORTS TIMING GENERATES 4HE 3EIKO NAME WAS MADE PUBLICITY FOR 3EIKO AROUND THE WORLD FAMOUS THROUGH ITS TIMING OF THE IN PICTURES IN THE PRESS ON TELEVISION /LYMPIC 'AMES IN 4OKYO AND PROVIDING AND NOW ON THE INTERNET TOO !T THE TIMEKEEPING FACILITIES AT INTERNATIONAL 3ALT ,AKE #ITY 7INTER /LYMPIC 'AMES SPORTS EVENTS IS 3EIKO S WAY OF PAYING THE 3EIKO WAS THE ONLY NAME VISIBLE IN WORLD BACK FOR THE OPPORTUNITY IT WAS TELEVISION PICTURES IN WELL OVER OFFERED n AND SEIZED n IN 4OKYO IN 3INCE 3EIKO S COMMITMENT TO HOURS OF BROADCASTING TRANSMITTED TO COUNTRIES THE DEVELOPMENT OF WORLD SPORT HAS LED TO ITS APPOINTMENT AS /Fl CIAL 4IMER 4HE RESPONSIBILITY OF TIMING /LYMPIC AND OTHER WORLD CLASS MULTI OF MANY OF THE WORLD MOST IMPORTANT DISCIPLINE SPORTS EVENTS IS AWE INSPIRING SPORTS EVENTS
#(!04%2
-!*/2 %6%.43 4)-%$ "9 3%)+/
/,9-0)# '!-%3 'AMES OF THE 86))) /LYMPIAD 4OKYO 4HE 8) /LYMPIC 7INTER 'AMES 3APPORO 'AMES OF THE 886 /LYMPIAD "ARCELONA 4HE 86)) /LYMPIC 7INTER 'AMES ,ILLEHAMMER 4HE 86))) /LYMPIC 7INTER 'AMES .AGANO 4HE 8)8 /LYMPIC 7INTER 'AMES 3ALT ,AKE #ITY 3%,%#4%$ /4(%2 -!*/2 ).4%2.!4)/.!, %6%.43
4HE TH !SIAN 'AMES 4HAILAND 3UMMER 5NIVERSIADE *APAN 4HE TH !SIAN 'AMES 4HAILAND 8 #OMMONWEALTH 'AMES .EW :EALAND 4HE TH !SIAN 'AMES )RAN 4HE TH !SIAN 'AMES 4HAILAND 4HE TH !SIAN 'AMES )NDIA 3UMMER 5NIVERSIADE *APAN ST 7INTER !SIAN 'AMES *APAN ND )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS )TALY 8)6 #OMMONWEALTH 'AMES .EW :EALAND ND 7INTER !SIAN 'AMES *APAN 7INTER 5NIVERSIADE *APAN RD )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS *APAN !LPINE 3KI 7ORLD #HAMPIONSHIPS *APAN 7ORLD 3PRINT 3PEED 3KATING #HAMPIONSHIPS *APAN TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS 'ERMANY 4HE TH !SIAN 'AMES *APAN 86 #OMMONWEALTH 'AMES #ANADA TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS 3WEDEN 3UMMER 5NIVERSIADE *APAN 7ORLD 3PRINT 3PEED 3KATING #HAMPIONSHIPS *APAN
! */52.%9 ). 4)-%
TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS 'REECE 7ORLD *UDO #HAMPIONSHIPS &RANCE %UROPEAN !THLETICS #HAMPIONSHIPS (UNGARY )!!& 7ORLD #UP OF !THLETICS 3OUTH !FRICA TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS 3PAIN 7ORLD *UNIOR !THLETICS #HAMPIONSHIPS #HILE 7ORLD 3WIMMING #HAMPIONSHIPS *APAN TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS #ANADA %UROPEAN )NDOOR !THLETICS #HAMPIONSHIPS !USTRIA %UROPEAN !THLETICS #HAMPIONSHIPS 'ERMANY 7ORLD #UP OF !THLETICS 3PAIN )!!& 7ORLD )NDOOR !THLETICS #HAMPIONSHIPS 5+ TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS &RANCE )!!& 7ORLD )NDOOR !THLETICS #HAMPIONSHIPS (UNGARY %UROPEAN )NDOOR !THLETICS #HAMPIONSHIPS 3PAIN TH )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS &INLAND %UROPEAN !THLETICS #HAMPIONSHIPS 3WEDEN
3%)+/ ()34/29 /& 4)-%+%%0).' 4%#(./,/'9 $%6%,/0-%.4
$EVELOPED ELECTRONIC TIMEKEEPING SYSTEM l RST INTRODUCED AT THE 4OKYO /LYMPIC 'AMES $EVELOPED AN ELECTRONIC TIMEKEEPING SYSTEM FOR WINTER SPORTS THE 3APPORO 7INTER /LYMPIC 'AMES $EVELOPED ON LINE TIMING SYSTEM FOR TRACK EVENTS BASED ON THE 3EIKO SLIT VIDEO PHOTO l NISH SYSTEM RD )!!& 7ORLD #HAMPIONSHIPS IN !THLETICS IN 4OKYO $EVELOPED WIND GAUGE FOR TRACK AND l ELD EVENTS "ARCELONA /LYMPIC 'AMES $EVELOPED BOBSLEIGH AND LUGE TIMEKEEPING SYSTEM ,ILLEHAMMER 7INTER /LYMPIC 'AMES $EVELOPED A TRACK AND l ELD STARTING SYSTEM COORDINATED WITH A FALSE START DETECTOR THAT PICKS UP THE PRESSURE EXERTED BY ATHLETES IN THEIR STARTING BLOCKS (IROSHIMA !SIAN 'AMES $EVELOPED A COLOR SLIT VIDEO PHOTO l NISH SYSTEM FOR TRACK COMPETITIONS )!!& 7ORLD )NDOOR #HAMPIONSHIPS $EVELOPED A m IGHT DISTANCE MEASUREMENT SYSTEM FOR 3KI JUMPING EVENTS BASED ON COMPUTER IMAGE PROCESSING .AGANO 7INTER /LYMPIC 'AMES &ULLY ON LINE AND INTEGRATED TRANSPONDER SYSTEM INTRODUCED FOR 2OAD AND #ROSS #OUNTRY EVENTS
#(!04%2
8 ,) -223:%8-32 + 3)7 3 2 ²-RRSZEXMSR ERH 6IßRIQIRX³ MW XLI KYMHMRK ZMWMSR JSV 7IMOS³W HIZIPSTQIRX XIEQW 3R XLVII TPEXJSVQW UYEVX^ /MRIXMG ERH 7TVMRK (VMZI 7IMOS GSRXMRYIW XS I\TPSVI RI[ TSWWMFMPMXMIW MR JYRGXMSRW JSVQW ERH HIWMKR ® XLI JYXYVI MW SRP] NYWX FIKMRRMRK
%JXIV MXW XVMYQTLERX MRXVSHYGXMSR SJ UYEVX^ [EXGL XIGLRSPSK] 7IMOS [EW RSX GSRXIRX XS PIX XMQI TEWW MX F] MRWXIEH MX GSRXMRYIH XS QSZI JSV[EVH F] I\TPSVMRK EPP XLI GVIEXMZI TSWWMFMPM XMIW MRLIVIRX MR [VMWX[EXGL TVSHYGXMSR ,EZMRK IWXEFPMWLIH UYEVX^ XIGLRSPSK] EW E FEWI XLI GSQTER] LEW GIEWIPIWWP] JSGYWIH MXW VIWIEVGL SR XLI UYIWX JSV KVIEXIV EGGYVEG] WQEPPIV QSZIQIRXW IZIV FIXXIV VIPMEFMPMX] QSVI JYRGXMSRW ERH EFSZI EPP EPXIVREXMZI WSPYXMSRW XS XLI TVSZMWMSR SJ TS[IV XS HVMZI UYEVX^ [EXGLIW ¯ ERH RS[ QIGLERMGEP [EXGLIW XLEX LEZI XLI EGGYVEG] SJ UYEVX^
5YEVX^ *VSQ YRXMP XLI TVIWIRX HE] UYEVX^ LEW TVSZMHIH 7IMOS [MXL E WXVSRK TPEX JSVQ JSV MRRSZEXMZI RI[ TVSHYGXW XLEX LEZI JSYRH JEZSYV [SVPH[MHI I\EQTPIW MRGPYHI XLI ½VWX [SQER´W UYEVX^ [EXGL MR ERH XLI ½VWX EREPSKYI UYEVX^ GLVSRSKVETL MR 8LI 4IVTIXYEP 'EPIRHEV [EXGL LEW FIIR PEYRGLIH QSVI VIGIRXP] 8LMW JYXYVI TVSSJ XMQITMIGI LEW WIX RI[ WXERHEVHW JSV EREPSKYI UYEVX^ [EXGLIW ERH MW E WLS[GEWI JSV XLI GSQTER]´W I\TIVXMWI MR QMGVSIPIGXVSRMGW 8LI % .3962)= -2 8-1)
8LI 4IVTIXYEP 'EPIRHEV F] 7IMOS XEOIW PIET ]IEVW MRXS EGGSYRX ERH [MPP WLS[ XLI GSVVIGX HEXI YRXMP
HIWMKRIVW WIX XLIQWIPZIW XLI GLEPPIRKI SJ HIZIPSTMRK E TIVTIXYEP GEPIRHEV QSZIQIRX XLEX [SYPH FI WQEPP
I\XVIQIP] EGGYVEXI ERH [SYPH SJJIV XLI S[RIV YRMRXIVVYTXIH ERH [SVV] JVII STIVEXMSR JSV XLI PSRKIWX TSWWMFPI XMQI 8LI] EGLMIZIH XLIMV KSEP F] MRGSV TSVEXMRK XLI [SVPH´W WQEPPIWX YPXVEWSRMG QSXSV E RI[ LMKL JVIUYIRG] SWGMPPEXSV ERH E RI[ KIRIVEXMSR SJ PMXLMYQ FEX XIVMIW 8LI 4IVTIXYEP 'EPIRHEV [EXGL EHNYWXW XLI HEXI XS XEOI MRXS EGGSYRX XLI PIRKXL SJ IEGL QSRXL EW [IPP EW PIET ]IEVW YRXMP *IFVYEV] ERH MX JIEXYVIW E GVS[R STIVEXIH GEPIRHEV GLIGO 8LMW QSZIW XLI WIGSRHW LERH XS WLS[ XLI RYQFIV SJ ]IEVW WMRGI XLI PEWX PIET ]IEV 3RI ]IEV MW MRHMGEXIH F] IEGL ½ZI WIGSRH MRXIVZEP XLEX XLI WIG SRHW LERH QSZIW JSV[EVH [LIR XLMW JIEXYVI MW MRZSOIH 8LI HEXI GLERKI SR XLMW EHZERGIH [EXGL MW MRWXERX %X XLI WEQI XMQI XLI QSRXL ERH XLIR XLI HEXI EVI HMWTPE]IH MR XLI GEPIRHEV [MRHS[ )ZIV] QSHIP MW [EXIV VIWMWXERX XS E TVIWWYVI SJ FEVW 8LI ½RMWLIH TVSHYGX MW TVEGXMGEP VIEWSREFP] TVMGIH ERH RIIHW E RI[ FEXXIV] SRP] SRGI IZIV] ]IEVW MR XLI QER´W ZIVWMSR ERH IZIV] ½ZI ]IEVW MR XLI [SQIR´W QSHIP &] YWMRK RI[ GSQTSRIRXW XLEX LEZI JEGMPMXEXIH XLI GVIEXMSR SJ E WQEPPIV QSZIQIRX XLI HIWMKRIVW STIRIH XLI [E] XS XLI
-R 7IMOS MRXVSHYGIH XLI JMVWX PEHMIW´ UYEVX^ [EXGL
MRXVSHYGXMSR SJ E QEXGLMRK TEMV SJ 4IVTIXYEP 'EPIRHEV [EXGLIW % RI[ UYEVX^ SWGMPPEXSV LEW FIIR YWIH MR XLMW EHZERGIH GEPMFVI YWMRK E JVIUYIRG] WM\ XMQIW JEWXIV XLER XLEX MR E GSRZIRXMSREP UYEVX^ QSZIQIRX 8LMW LEW QEHI TSW WMFPI EGGYVEG] SJ Â&#x201D; WIGSRHW E ]IEV 8LI 7IMOS 4IVTIXYEP 'EPIRHEV LEW XLI TSXIRXMEP JSV XVYP] TIVTIXYEP EGGY VEG] FYX E UYMVO SJ LMWXSV] TVIZIRXW MX JYP½PPMRK MXW JYPP TSXIRXMEP ¯ [MXLSYX JYVXLIV TVSKVEQQMRK ¯ EJXIV %PP TIVTIXYEP GEPIRHEV [EXGLIW [MPP VIUYMVI EHNYWXQIRX MR FIGEYWI MX [MPP RSX FI E PIET ]IEV -R 4STI +VIKSV] MRXVSHYGIH XLI +VIKSVMER GEP IRHEV XLEX [I WXMPP YWI XSHE] EPXLSYKL MX [EW SRP] EHSTXIH MR +VIEX &VMXEMR MR ERH MR 6YWWME MR &IGEYWI XLIVI MW RSX ER I\EGX RYQFIV SJ WSPEV HE]W MR E XVSTMGEP ]IEV MX MW RIGIWWEV] XS ±MRWIVX² ER I\XVE HE] IZIV] JSYV ]IEVW E PIET ]IEV -R XLI +VIKSVMER GEPIRHEV IZIV] ]IEV XLEX MW I\EGXP] HMZMWMFPI F] MW E PIET ]IEV I\GITX JSV ]IEVW XLEX EVI HMZMWMFPI F] XLIWI GIRXYVMEP ]IEVW EVI PIET ]IEVW SRP] MJ XLI] EVI I\EGXP]
HMZMWMFPI F] 8LYW [EW E PIET ]IEV FYX [MPP RSX FI 7IMOS´W ZMWMSR SJ XLI JYXYVI GSQ FMRIW MRRSZEXMSR ERH VI½RIQIRX ER I\GIPPIRX I\EQTPI SJ XLI VIWTSRWI SJ 7IMOS´W HIWMKRIVW XS XLI GEPP JSV IZIR QSVI VI½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
7MRGI MXW MRXVSHYGXMSR XLI 7TSVXYVE VERKI LEW PIH XLI [E] JSV[EVH MR HIWMKR ERH XIGLRSPSK] -R XLMW ZIVWEXMPI ;SVPH 8MQIV ZIVWMSR [EW EHHIH XS XLI GSPPIGXMSR
6IJMRIQIRX MW XLI LEPPQEVO SJ XLI PEXIWX :MZEGI GSPPIGXMSRW
[SVPH XMQI EPEVQ 8LIWI EHZERGIH XIGLRMGEP JIEXYVIW EVI GSQTPIQIRXIH F] E WXEMRPIWW WXIIP GEWI XLEX MW [EXIV VIWMWXERX XS QIXVIW ERH E ZMVXYEPP] YRWGVEXGLEFPI WETTLMVI KPEWW
/MRIXMG )ZIR EW UYEVX^ XIGLRSPSK] [EW WXMPP FIMRK I\TPSMXIH 7IMOS´W IRKMRIIVW EW IEVP] EW XLI QMH W LEH MQEKMRIH XLI TSWWMFMPMX] SJ PMROMRK XLI EGGYVEG] SJ UYEVX^ XS XLI IRIVK] IJ½GMIRG] SJ QIGLERMGEP ERH EYXSQEXMG [EXGLIW %W XLI GSQTER]´W SZIVEPP GSQQMXQIRX XS IGSPSKMGEP MWWYIW KVI[ MR XLI IEVP] W XLMW HVIEQ FIKER XS XEOI WLETI MR XLI JSVQ SJ /MRIXMG ¯ XLI YPXMQEXI QERMJIWXEXMSR SJ LS[ 7IMOS GSYPH JYWI MXW IRZMVSRQIRXEP GSRGIVRW ERH MXW QMGVSIPIGXVSRMGW WOMPPW XS GVIEXI ER IRXMVIP] RI[ KIRIVEXMSR SJ XMQITMIGIW %X XLI WEQI XMQI EPXIVRE XMZI FEXXIV] JVII WSPYXMSRW [IVI EPWS XVMIH -R XLI IEVP] W WSPEV [EXGLIW [IVI HIZIPSTIH EW SRI SJ 7IMOS´W WSPY XMSRW XS XLI IRIVK] TVSFPIQ 8LI] [IVI TS[IVIH F] PMKLX ¯ ERH VIUYMVIH ',%48)6
RS FEXXIV] GLERKI FYX 7IMOS HVSTTIH HIZIPSTQIRX SJ XLMW MRJIVMSV XIGL RSPSK] MR JEZSYV SJ /MRIXMG [LMGL YWIW XLI REXYVEP QSZIQIRX SJ XLI [IEVIV´W [VMWX [LIVIEW E WSPEV TS[IVIH [VMWX [EXGL QE] RSX EP[E]W VIGIMZI WYJ½GMIRX PMKLX IWTIGMEPP] MJ MX MW GSZIVIH JSV QSWX SJ XLI HE] F] E WPIIZI XLEX WLMIPHW MX JVSQ PMKLX %PP 7IMOS´W IRIVKMIW FIGEQI JSGYWIH SR /MRIXMG ERH F] XLIVI [IVI EPVIEH] ½ZI HMJJIVIRX /MRIXMG QSZIQIRXW IEGL HIWMKRIH JSV HMJJIVIRX WM^IW SJ GEWI ERH ETTPMGEXMSRW /MRIXMG LEH FIIR IWXEFPMWLIH ¯ MX [EW XMQI XS QSZI ELIEH 7IMOS XLIR WYVTVMWIH XLI [EXGL [SVPH F] MRXVSHYGMRK XLI /MRIXMG %YXS 6IPE] E XMQITMIGI XLEX MW GETEFPI SJ ±KSMRK XS WPIIT² ERH ±[EOMRK YT² EKEMR EX ER] XMQI MR XLI JSPPS[MRK JSYV ]IEVW -X [EW EW XLSYKL XLMW [EXGL GSYPH XLMRO JSV MXWIPJ 0MOI EPP /MRIXMG [EXGLIW MX MW
7IMOS´W %YXS 6IPE] W]WXIQ IREFPIW E /MRIXMG [EXGL XS ±KS XS WPIIT² [LIR MX MW RSX QSZIH JSV XLVII HE]W ERH XS ±[EOI YT² ERH VIWIX MXWIPJ XS XLI GSVVIGX XMQI EW WSSR EW MX MW QSZIH EKEMR YT XS JSYV ]IEVW PEXIV % .3962)= -2 8-1)
8LI 8LIVQMG [EXGL MW ERSXLIV I\EQTPI SJ 7IMOS´W HIXIVQMREXMSR XS EHSTX ER IRZMVSRQIRXEPP] JVMIRHP] ETTVSEGL -X GVIEXIW IPIGXVMGMX] F] LEVRIWWMRK HMJJIVIRGIW MR XIQTIVEXYVI FIX[IIR XLI GEWI FEGO ERH XLI [IEVIV´W [VMWX
TS[IVIH F] QSZIQIRX SJ XLI [IEV IV´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
TS[IV XLI 8LIVQMG [EXGL KIRIVEXIW IPIGXVMGMX] F] LEVRIWWMRK XLI HMJJIVIRGI MR XIQTIVEXYVI FIX[IIR XLI [EXGL GEWI ERH XLI WOMR SJ XLI [IEVIV %P XLSYKL XLI 8LIVQMG [EXGL SJJIVW QER] FIRI½XW /MRIXMG XIGLRSPSK] LEW TVSZIH XS FI XLI GPIEV [MRRIV MR XLI I]IW SJ XLI [EXGL FY]MRK TYFPMG ERH XLI QSWX VIGIRX MRRSZEXMZI W]QFSP SJ MXW WYGGIWW MW XLI /MRIXMG 'LVSRSKVETL PEYRGLIH MR -XW YRMUYI QSZI QIRX [EW HIZIPSTIH XS SJJIV RSX SRP] GLVSRSKVETL JYRGXMSRW FYX EPWS IEWI SJ STIVEXMSR EHHMRK E RI[ PIZIP SJ XIGLRMGEP WSTLMWXMGEXMSR 9RYWYEPP] MR QSZIQIRX HIWMKR JSVQ GEQI FIJSVI JYRGXMSR ¯ MX [EW HIZIPSTIH XS GVIEXI E WX]PI -X JIEXYVIW JSYV ±I]IW² JSV MXW JSYV JYRGXMSRW [MXL RS SZIVPET ¯ XLI JSYV WITEVEXI HMEPW SJ XLMW GLVSRSKVETL EVI IEGL ZMWMFPI XLVSYKL E WITEVEXI ETIVXYVI MR XLI GEWI %X XLI WM\ S´GPSGO TSWMXMSR MW E XMQI SJ HE] HMEP XLI SXLIV
*SVQ GEQI FIJSVI JYRGXMSR MR XLI HIWMKR SJ XLI /MRIXMG 'LVSRSKVETL QSZIQIRX MR SVHIV XS GVIEXI XLI JSYV ±I]IW²
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
XYVIW E WII XLVSYKL FEGO XS VSYRH SJJ XLI YRMUYI ETTIEP SJ XLMW VIQEVOEFPI XMQITMIGI ERH XS SJJIV E GPIEV ZMI[ SJ MXW I\XVESVHMREV] XIGLRSPSK] 9RXMP RS[ 7IMOS LEW TVSHYGIH QSZIQIRXW ½VWX ERH HIWMKRIH GEWIW PEXIV 8SHE] ERH MR XLI JYXYVI 7IMOS QSZIQIRXW EVI FIMRK HIZIPSTIH EW HIWMKRW ¯ XLI] LEZI FIGSQI ER MRXIKVEP TEVX SJ XLI SZIVEPP HIWMKR TVSGIWW )RIVK] WEZMRK TVSHYGXW EVI GIRXVEP XS 7IMOS´W TSPMG] SJ MRRSZEXMSR ERH GSR GIVR JSV XLI IRZMVSRQIRX ERH /MRIXMG XIGLRSPSK] [EW XLI ½VWX QERMJIWXEXMSR SJ XLI GSQTER]´W PSRK HIGPEVIH QMW WMSR XS GEVI JSV XLI IRZMVSRQIRX F]
7TVMRK (VMZI MW XLI QSWX MQTSVXERX HIZIPSTQIRX MR XMQIOIITMRK WMRGI /MRIXMG -X QEVVMIW XLI FIWX SJ UYEVX^ XS XLI FIWX SJ EYXSQEXMG
',%48)6
WIEVGLMRK JSV [E]W XS VIHYGI SV IPMQM REXI XLI RIIH JSV XLI FEXXIVMIW XLEX GEYWI TSPPYXMSR XS SYV TPERIX 7IMOS´W GSRXMRYMRK HVMZI JSV I\GIPPIRGI LEW EP[E]W JSGYWIH SR JYRGXMSRW EW QYGL EW SR TS[IV WEZMRK ERH MR XLI W ERH W QYGL EXXIRXMSR [EW TEMH XS XLI RIIHW SJ TVSJIWWMSREP HMZIVW -R XLI GSQTER] PEYRGLIH XLI [SVPH´W ½VWX HMZIV´W [EXGL XLEX MRGSVTSVEXIH HMZMRK XEFPIW ERH E HITXL KEYKI 8LI MRXVSHYGXMSR SJ /MRIXMG XSXEPP] VIZSPYXMSRMWIH XLI HMZIV´W [EXGL -X [EW MR XLEX XLI [SVPH´W ½VWX UYEVX^ HMZMRK [EXGL [MXL E /MRIXMG QSZIQIRX [EW PEYRGLIH 8LMW IPMQMREXIH XLI RIIH JSV VIKYPEV FEXXIV] GLERKIW ERH JSV XLI GSWXP] FYX ZMXEP GLERKMRK SJ XLI WIEPW XLEX QEMRXEMR [EXIV VIWMWXERGI %FSZI EPP XLI /MRIXMG ZIVWMSR SJ XLI HMZMRK [EXGL IRWYVIH XLEX E HMZIV [SYPH RIZIV EKEMR VYR XLI VMWO SJ E [EXGL WXSTTMRK HYVMRK E HMZI
7TVMRK (VMZI .YWX EW [SVO SR /MRIXMG LEH TVSKVIWWIH EX IZIR XLI IEVP] WXEKIW SJ XLI UYEVX^ [EXGL VIZSPYXMSR WS 7IMOS WXEVXIH XS HIZIPST ER IRXMVIP] RI[ [EXGL GSRGITX MR XLI MRJERG] SJ XLI /MRIXMG EKI -R 7IMOS MRXVSHYGIH [LEX LEW FIIR HIWGVMFIH EW XLI [EXGL SJ XLI JYXYVI 'EPPIH 7TVMRK (VMZI MX LSPHW SYX XLI TVSQMWI SJ XLI TIVJIGX W]RXLIWMW SJ XLI LYQER ERH XLI IPIGXVSRMG XLI SPH ERH XLI RI[ XLI GSQTPI\ ERH XLI WMQTPI %VQFERH 9LVIR E LMKLP] VIWTIGXIH [EXGL TYFPMGEXMSR LEW VIQEVOIH XLEX 7IMOS MW XSS QSHIWX EFSYX XLMW WMKRM½GERX EGLMIZIQIRX -XW VIZSPYXMSREV] QMGVS QIGLERXVSRMG XIGLRSPSK] VIXEMRW XLI FIWX SJ QIGLERMGEP ERH UYEVX^ XIGLRSPSK] ERH HMWTIRWIW [MXL % .3962)= -2 8-1)
7IMOS´W YRMUYI 7TVMRK (VMZI XIGLRSPSK] GSQFMRIW XLI FIWX JIEXYVIW SJ QIGLERMGEP ERH UYEVX^ [EXGLIW 8LMW WX]PMWL I\EQTPI JIEXYVIW E TS[IV VIWIVZI MRHMGEXSV SR XLI HMEP XS WLS[ LS[ QYGL PSRKIV MX [MPP VYR FIJSVI MX RIIHW [MRHMRK
XLI [IEOIWX GSQTSRIRX SJ IEGL -X LEW E QEMRWTVMRK XLEX MW [SYRH F] LERH %W MX YR[MRHW MX RSX SRP] HVMZIW XLI WQSSXL W[IITMRK EGXMSR SJ XLI PEVKI LERHW FYX EPWS TS[IVW E VSXSV [LSWI XMR] IPIGXVMGEP SYXTYX MRHYGIW E UYEVX^ GV]WXEP XS IQMX E VIJIVIRGI WMKREP %R MRXIKVEXIH GMVGYMX GEPGYPEXIW XLI HMJJIVIRGI FIX[IIR XLMW WMKREP ERH XLI VEXI EX [LMGL XLI QEMRWTVMRK MW YR[MRHMRK ERH XLIR YWIW ER IPIGXVS QEKRIXMG FVEOMRK W]WXIQ XS VIKYPEXI
XLI WTIIH EX [LMGL XLI WTVMRK YR[MRHW 7IMOS´W MRKIRMSYW HIWMKRIVW LEZI IPMQMREXIH XLI IWGETIQIRX XLI QSWX XVSYFPIWSQI TEVX SJ E QIGLERMGEP QSZIQIRX ERH EPWS XLI FEXXIV] XLI TEVX SJ E UYEVX^ [EXGL XLEX RIIHW XS FI VITPEGIH ¯ I\GITX MR /MRIXMG [EXGLIW 9RPMOI E XVEHMXMSREP QIGLERMGEP [EXGL XLI 7TVMRK (VMZI QSZIQIRX VYRW [MXL XLI EGGYVEG] SJ E UYEVX^ XMQITMIGI FYX YRPMOI E UYEVX^ [EXGL MX LEW E WIGSRHW LERH XLEX W[IITW WQSSXLP] EVSYRH XLI
HMEP 8LI MRXIKVEXIH GMVYMX MR E 7TVMRK (VMZI [EXGL VYRW SR SRP] RERS[EXXW LEPJ XLI TS[IV XLEX MW VIUYMVIH F] E GSRZIRXMSREP GLMT 8LMW VIQEVOEFPI YPXVE PS[ TS[IV PS[ ZSPXEKI -' MW SRI SJ XLI YRMUYI 7IMOS XIGLRSPSKMIW XLEX LEZI QEHI 7IMOS 7TVMRK (VMZI TSWWMFPI ;LIR JYPP] [SYRH XLI [EXGL VYRW JSV LSYVW [MXL ER EGGYVEG] SJ WIGSRHW E QSRXL ;MXL XLIWI KVSYRH FVIEOMRK ETTVSEGLIW XS XLI
8LI MRRSZEXMZI QSZIQIRX SJ XLI 7TVMRK (VMZI MW VIZIEPIH F] MXW WII XLVSYKL GEWI FEGO
XIGLRSPSK] SJ XMQI 7IMOS LEW IEVRIH MXW VITYXEXMSR EW XLI [SVPH´W QSWX MRRSZEXMZI [EXGL QERYJEGXYVIV ³-RRSZEXMSR ERH 6I½RIQIRX´ GSR XMRYI XS FI GIRXVEP XS 7IMOS´W :MWMSR JSV XLI JYXYVI ERH XLI WIEVGL JSV MX MW FIMRK GSRHYGXIH SR XLVII JVSRXW UYEVX^ /MRIXMG ERH 7TVMRK (VMZI 3R EPP XLVII TPEXJSVQW 7IMOS I\TIGXW XS MRXVSHYGI RI[ JYRGXMSRW ERH RI[ HIWMKR TSWWMFMPMXMIW JSV QER] ]IEVW XS GSQI
',%48)6
8 ,) + 9%6(-%27 3* 8-1) 8S QEVO XLI GIRXIREV] SJ XLI JSYRHMRK SJ / ,EXXSVM 7IMOS WIX YT E RI[ MRWXMXYXMSR XLEX QMKLX RSX LEZI TPIEWIH /MRXEVS ,EXXSVM XLI JSYRHIV SJ XLI GSQTER] FYX MW GIVXEMR XS TPIEWI JYXYVI KIRIVEXMSRW -R XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] [EW IWXEFPMWLIH MR 8SO]S
MXIQW XLEX KS FEGO EW JEV EW XLI HE[R /MRXEVS ,EXXSVM EGGSVHMRK XS SJ XLI LSVSPSKMGEP MRHYWXV] MR .ETER LMW KVERHWSR 6IMNMVS EP[E]W [ERXIH 8LI -RWXMXYXI EPWS LEW E VIEHMRK VSSQ XS PSSO JSV[EVHW ERH GSRWMHIVIH MX E ERH I\XIRWMZI PMXIVEXYVI EFSYX XMQI [EWXI SJ XMQI XS PSSO SZIV LMW WLSYPHIV ERH XMQITMIGIW FSXL JVSQ .ETER ERH 6IMNMVS ,EXXSVM VIGEPPW ±2S[ SYV GSQ SZIVWIEW MRHYWXV] LMWXSV] LSVSPSKMGEP TER] LEW ER -RWXMXYXI SJ ,SVSPSK] FYX XIGLRSPSK] ERXMUYI HSGYQIRXW ERH MJ +VERHJEXLIV LEH FIIR EVSYRH [LIR QYGL QSVI MX [EW FIMRK WIX YT XLIVI´W RS UYIW 8LIVI MW E TIVQERIRX I\LMFMXMSR XMSR XLEX LI [SYPH LEZI WEMH ³,S[ ERH EPXLSYKL QSWX SJ XLI MXIQW SR TVITSWXIVSYW .YWX WXST MX ´ =SY WII WLS[ VIPEXI XS 7IMOS SXLIVW MPPYWXVEXI [LIR - [EW E OMH ERH TISTPI ZMWMXIH IEGL WXEKI MR XLI HIZIPSTQIRX SJ XLI +VERHJEXLIV WE]MRK ³- LEZI E 1SHIP LMWXSV] SJ [EXGLIW ERH GPSGOW 2YQFIV 3RI HEXMRK JVSQ XLI XMQI /SYNM /YFSXE MW XLI -RWXMXYXI´W [LIR 7IMOSWLE [EW JSVQIH´ SV ³,IVI´W LSRSVEV] HMVIGXSV ERH JI[ TISTPI SRI SJ ]SYV SPH GEXEPSKYIW´ LI [SYPH GSYPH LEZI FIIR FIXXIV UYEPM½IH XS VIEPP] KIX MR E FEH QSSH LIEH WYGL ER MQTSVXERX QYWIYQ ±3R XLIWI SGGEWMSRW LI [SYPH LI [EW SRI SJ XLI OI] QIQFIVW SJ EP[E]W WE] ³- GSYPH YRHIVWXERH MX MJ XLI] XLI 7IMOS XIEQ XLEX HIZIPSTIH ERH LEH KSRI XS WSQI JSVIMKR GSYRXV] ERH 8LMW [EPP GPSGO [EW QEHI F] PEYRGLIH XLI [SVPH´W ½VWX UYEVX^ [IVI XIPPMRK QI XS PSSO EX E RI[ [EXGL 7IMOSWLE MR XLI ]IEV [LIR [VMWX[EXGL ,I LEW E VIQEVOEFPI XLI] LEH GSQI EGVSWW FYX FVMRKMRK /MRXEVS ,EXXSVM WIX YT LMW JMVWX GPSGO QIQSV] JSV HIXEMP ERH GSYPH FI WSQIXLMRK FIGEYWI MX [EW SRI SJ Q] JEGXSV] PMOIRIH XS E LSVSPSKMGEP LMWXSV] FSSO SPH TVSHYGXW XLEX´W TVITSWXIVSYW ´ 1] JEXLIV [SYPH XIPP QI XLIWI WXSVMIW ERH TSWXIVMX] ERH WS XLI 7IMOS -RWXMXYXI SJ ERH HMGXMSREV] EFPI XS VIGEPP IZIR SFWGYVI MXIQW SJ MRJSVQEXMSR %X XLI PEYKL EHHMRK ³;IPP XLEX´W XLI REXYVI ,SVSPSK] [EW IWXEFPMWLIH MR 8SO]S 8LI -RWXMXYXI [EW IWXEFPMWLIH -RWXMXYXI LI GSRWMHIVIH LMQWIPJ XS FI SJ XLI JSYRHIV SJ E FYWMRIWW XLI]´VI EP[E]W OIIR SR RI[ XLMRKW´ ² ;LIR XLI RSX XS KPSVMJ] 7IMOS FYX XS QEMRXEMR E GSRWIVZEXMSRMWX SJ [SVPH XMQITMIGIW GSQTER] VIEGLIH MXW GIRXIREV] XLIVI E VIGSVH SJ XLI HIZIPSTQIRX SJ ERH RSX NYWX XLSWI QEHI MR .ETER 8LI -RWXMXYXI LSYWIW WSQI SJ XLI GSYPH FI PMXXPI HSYFX XLEX XLI QER] [EXGLQEOMRK MRGPYHMRK 7IMOS´W LMWXSV] KVIEX EGLMIZIQIRXW [IVI [SVXL] SJ 8LI -RWXMXYXI´W GYVEXSVW PSSO EJXIV IEVPMIWX SVMIRXEP XMQITMIGIW MRGPYHMRK FIMRK TVIWIVZIH ERH GEXEPSKYIH JSV [EXGLIW GPSGOW ERH VIPEXIH MRGIRWI GPSGOW ERH IEVP] .ETERIWI % .3962)= -2 8-1)
GPSGOW [MXL X[MR ZIVKI ERH JSPMSX IWGETIQIRXW HIWMKRIH XS WLS[ XMQI EGGSVHMRK XS XLI SPH .ETERIWI W]WXIQ [MXL IEGL HE] HMZMHIH MRXS X[S TIVMSHW HE]PMKLX ERH HEVORIWW ERH [MXL IEGL SJ XLIWI WYFHMZMHIH -R MXW TIVQERIRX HMWTPE]W XLI QYWIYQ LEW I\EQTPIW SJ WSQI SJ XLI IEVP] %QIVMGER [EPP GPSGOW XLEX [IVI MQTSVXIH F] / ,EXXSVM EW [IPP EW WSQI SJ XLI IEVP] GPSGOW QEHI F] /MRXEVS ,EXXSVM´W ½VWX JEGXSV] MR 8SO]S -R EHHMXMSR XS XLI GPSGOW ERH [EXGLIW XLEX WLS[ XLI HIZIPSTQIRX SJ 7IMOS XLIVI EVI WSQI ZIVMXEFPI XVIEWYVIW WYGL EW XLI [EXGLIW XLEX EGLMIZIH VIQEVOEFPI WYGGIWW MR XLI 7[MWW 'LVSRSQIXIV XVMEPW ERH XLI XVIEWYVIH TVSXSX]TIW SJ WSQI SJ 7IMOS´W ½VWX UYEVX^ GPSGOW ERH [EXGLIW 3RI WIGXMSR SJ XLI -RWXMXYXI MW HIZSXIH XS [LEX LEW FIIR GEPPIH LSVSPSKMGEP TVI LMWXSV] MR .ETER 8LMW GSZIVW XLI TIVMSH YT XS ERH XIPPW XLI WXSV] SJ XLI LMWXSV] SJ XMQI JVSQ WIZIVEP XLSYWERH ]IEVW EKS [LIR TISTPI ½VWX FIKER XS XLMRO EFSYX XMQI ERH XLI ½VWX WYRHMEPW GVIEXIH MR )K]TX EVSYRH &'
*VSQ XLI FIKMRRMRK 8LI WYFWIUYIRX I\LMFMXW MR XLI -RWXMXYXI EVI TVIWIRXIH MR GLVSRSPSKMGEP SVHIV 8LI ½VWX WIGXMSR GSZIVW XLI IWXEFPMWLQIRX SJ / ,EXXSVM ERH XLI 7IMOSWLE JEGXSV] JVSQ XS 8LIVI EVI WYTIVF FPEGO ERH [LMXI TMGXYVIW SJ TSGOIX [EXGL TVSHYGXMSR ERH GPSGO EWWIQFP] EX XLI 7IMOSWLE TPERX MR EW [IPP EW MQTSWMRK ZMI[W SJ XLI SJ½GI FYMPHMRK ERH XLI JEGXSV] MR 8LI -RWXMXYXI´W WIGSRH WIGXMSR GSZIVW XLI 8EMWLS )VE JVSQ XS %X XLI FIKMRRMRK SJ XLMW TIVMSH 7IMOSWLE TVSHYGIH .ETER´W ½VWX
8LMW MW ER I\EQTPI SJ SRI SJ XLI IEVPMIWX EPEVQ GPSGOW QEHI F] 7IMOSWLE -X [EW TVSHYGIH MR 8SO]S MR
[VMWX[EXGL XLI 0EYVIP [LMGL GER FI ERH [SVPH VIRS[RIH WLSTTMRK EVIE JSYRH MR XLI QYWIYQ -R XLI ½VWX 8LI -RWXMXYXI MRGPYHIW MPPYWXVEXMSRW SJ [VMWX[EXGL [EW TVSHYGIH FIEVMRK XLI XLI GSQTER]´W IEVP] FYMPHMRKW EW [IPP 7IMOS REQI ERH ER I\EQTPI SJ SRI EW QER] I\EQTPIW SJ TVSHYGXW QEHI SJ XLIWI MW EPWS SR WLS[ -R XLI F] 7IMOSWLE MR XLI IEVP] ]IEVW -X EPWS +VIEX /ERXS )EVXLUYEOI HIWXVS]IH GSRXEMRW WSQI SJ XLI %QIVMGER GPSGOW XLI GSQTER]´W WXSGOW ERH JEGXSVMIW XLEX TVSZMHIH XLI MRWTMVEXMSR JSV QER] 8LI ½VWX [VMWX[EXGL FIEVMRK XLI REQI SJ 7IMOSWLE´W IEVP] QSHIPW ±7IMOS² [EW TVSHYGIH NYWX SRI ]IEV (YVMRK XLI WIGSRH TIVMSH SJ PEXIV XLI 7LS[E )VE JVSQ XS -R XLI ½VWX TIVMSH SJ XLI 7LS[E 7IMOSWLE GVIEXIH E WITEVEXI [EXGL )VE JVSQ XS VIWXSVEXMSR GSQTER] GEPPIH (EMRM 7IMOSWLE [LMGL JSPPS[MRK XLI +VIEX )EVXLUYEOI PMXIVEPP] QIERW ±7IGSRH 7IMOSWLE² GSRXMRYIH 8LI 7IMOSWLE JEGXSV] [EW -R XLI IEVP] 7LS[E )VE HYVMRK XLI VIFYMPX F] ERH XLI / ,EXXSVM 6YWWS .ETERIWI ;EV XLI GSQTER] [EW +MR^E FYMPHMRK X[S ]IEVW PEXIV 8LI HMVIGXIH F] XLI QMPMXEV] EYXLSVMXMIW XS RI[ EVX HIGS +MR^E FYMPHMRK MW WXMPP TVSHYGI EVXMPPIV] JYWIW MR I\MWXIRGI XSHE] ERH EW XLI ;EOS -X [EW SFPMKIH XS TVSHYGI QMPMXEV] WXSVI MW SRI SJ XLI QSWX JEQSYW MXIQW EKEMR HYVMRK XLI 7MRS .ETERIWI W]QFSPW SJ .ETER´W QSWX I\GPYWMZI ;EV SJ ERH XLI 7IGSRH ;SVPH ',%48)6
;EV *SV XLI HYVEXMSR SJ XLMW [EV FSXL 7IMOSWLE JEGXSVMIW LEH XS FI XYVRIH SZIV XS JYPP QMPMXEV] SVM IRXIH TVSHYGXMSR QEOMRK MXIQW WYGL EW QEVMRI GLVSRSQIXIVW ERH QMPMXEV] GLVSRSKVETLW 1MPMXEV] SYXTYX EGGSYRXIH JSV EW QYGL EW SJ TVSHYGXMSR [LIR LSWXMPMXMIW IRHIH MR 1ERYJEGXYVMRK SJ GSR WYQIV [EXGLIW LEH HIGPMRIH ]IEV F] ]IEV XS EPQSWX RSXLMRK (YVMRK XLMW XMQI 7IMOS´W XIGLRMGEP XIEQ GVIEXIH
3RI SJ XLI %QIVMGER GPSGOW XLEX TVSZMHIH WSQI SJ XLI MRWTMVEXMSR JSV 7IMOSWLE´W IEVP] TVSHYGXW
8LI -RWXMXYXI MRGPYHIW RSX SRP] XMQITMIGIW VIGSVHMRK 7IMOS´W S[R LMWXSV] FYX EPWS SXLIV GPSGOW XLEX MPPYWXVEXI XLI LMWXSV] SJ XMQIOIITMRK MR .ETER 8LMW MW E GPSGO [MXL E X[MR ZIVKI ERH JSPMSX ZMWMFPI FIPS[ XLI FIPP JVSQ XLI IVE [LIR .ETER YWIH XLI PYREV W]WXIQ SJ XMQIOIITMRK % .3962)= -2 8-1)
REXIH XLI ½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
GLVSRSQIXIVW EX XLI VIUYIWX SJ XLI .ETERIWI 2EZ] XLEX [IVI GSRWMHIVIH WYTIVMSV XS 7[MWW QEHI GSYRXIVTEVXW ERH XLMW I\TIVMIRGI QEHI E QENSV GSR XVMFYXMSR XS XLI TSWX [EV HIZIPSTQIRX SJ 7IMOS %R PMKRI [EXGL [EW TVSHYGIH EVSYRH JIEXYVMRK .ETERIWI GLEV EGXIVW SR XLI HMEP MR VIWTSRWI XS TVSLMFMXMSR SJ XLI YWI SJ XLI [IWXIVR EPTLEFIX ¯ )RKPMWL [EW HIGVIIH XS FI ER ±IRIQ] PERKYEKI² 9RXMP XLIR XLI REQI SR XLI HMEP [EW 7IMOS MR [IWXIVR GLEVEGXIVW FYX JSV E TIVMSH HYVMRK XLI [EV XLI IUYMZEPIRX .ETERIWI TLSRIXMG PIXXIVW [IVI YWIH 9RHIV KSZIVRQIRX HMVIGXMSR XLI HMEPW EPWS LEH LSYV QEVOMRK
1SVI HIZEWXEXMSR %JXIV XLI [EV QENSV VIFYMPHMRK [SVO GSQQIRGIH JSV XLI WIGSRH XMQI MR XLI GSQTER]´W LMWXSV] ERH MX HSQM
% [EPP GPSGO [MXL E WIGSRH HMEP XLEX WLS[W XLI HE] QSRXL ERH HEXI QEHI MR XLI 97% F] 7IXL 8LSQEW EX XLI IRH SJ XLI XL GIRXYV]
ERH EGEHIQMG VIWSYVGIW [IVI QEHI EZEMPEFPI MR E FMH XS IRLERGI XLI UYEPMX] SJ .ETERIWI [EXGLIW -R XLI 1MRMWXV] SJ -RXIVREXMSREP 8VEHI ERH -RHYWXV] WXEVXIH E HSQIWXMG [EXGL GSQTIXMXMSR XLEX [EW TEVX SJ XLMW IJJSVX ERH KEZI E WYFWXERXMEP FSSWX XS UYEPMX] MR XLI MRHYWXV]
% HMWXMRGXMZI MHIRXMX]
1EGLMRIV] XS EYXSQEXI TVSHYGXMSR TVSGIWWIW LEZI FIIR E OI] JIEXYVI SJ 7IMOS´W WYGGIWW WXSV] 8LMW MPPYWXVEXMSR MR XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] WLS[W E QEGLMRI XLEX [EW MR YWI EVSYRH
GSRXEMRW MPPYWXVEXMSRW ERH SPH XMQI TMIGIW XLEX HSGYQIRX 7IMOS´W KVS[XL ERH XLI HIZIPSTQIRX SJ MXW TVSHYGXW -R TSWX [EV .ETER XLI TVSHYGXMSR SJ EPP X]TIW SJ GSRWYQIV KSSHW [EW KMZIR XST TVMSVMX] ERH EW TEVX SJ E KIRIVEP TSPMG] EMQIH EX FSSWXMRK I\TSVXW WTIGMEP IQTLEWMW [EW KMZIR XS XLI LSVSPSKMGEP MRHYWXV] 4YFPMG
8LI I\LMFMXW MR XLI QYWIYQ GSZIVMRK XLI JSYVXL TIVMSH SJ XLI 7LS[E )VE JVSQ XS EVI MQTSVXERX FIGEYWI XLMW [EW XLI EKI MR [LMGL 7IMOS QSZIQIRXW ERH GSQTPIXI [EXGLIW FIKER XS EGUYMVI E HMWXMRGXMZI MHIRXMX] SJ XLIMV S[R -X [EW XLI XMQI [LIR 7IMOS´W HIWMKRIVW MRXVSHYGIH XLIMV S[R WSPYXMSRW XS XIGLRMGEP TVSFPIQW ERH MRXVSHYGIH GSRZI]SV FIPX W]WXIQW JSV XLI TVSHYGXMSR SJ [EXGLIW ERH GPSGOW -R XLMW IVE QER] MQTSVXERX RI[ QIGLERMGEP [EXGLIW [IVI MRXVSHYGIH MRGPYHMRK XLI 7YTIV XLI 1EVZIP ERH 'VSRSW PMRIW EW [IPP EW XLI IRHYVMRK +VERH 7IMOS PMRI -R 7IMOS PEYRGLIH MXW ½VWX UYEVX^ QEWXIV GPSGO ERH HIZIPSTQIRX LEH EPVIEH] WXEVXIH SR 7IMOS´W ½VWX UYEVX^ [VMWX[EXGL 8LI -RWXMXYXI HSGYQIRXW 7IMOS EX XLI LIMKLX SJ MXW QIGLERMGEP TVSHYGXMSR EW [IPP EW XLI EPP MQTSVXERX UYEVX^ HIZIPSTQIRX ]IEVW 8LI -RWXMXYXI SJ ,SVSPSK] TVSZMHIW ER MRZEPYEFPI VIWSYVGI JSV ER]SRI [LS
1ER] IEVP] XMQITMIGIW EVI SR HMWTPE] MR XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] MR 8SO]S EW [IPP EW QER] SJ XLI [EXGLIW JIEXYVIH MR XLMW FSSO 8LMW QYWIYQ I\LMFMX MW ER YRYWYEP FIPX [EXGL JSV KSPJIVW QEHI MR
[ERXW XS WXYH] XLI HIZIPSTQIRX SJ XMQIOIITMRK IWTIGMEPP] XLI .ETERIWI GSRXVMFYXMSR -X MW STIR XS ER]FSH] JVII SJ GLEVKI FYX F] ETTSMRXQIRX SRP] )RUYMVMIW WLSYPH FI EHHVIWWIH XS 8LI 7IMOS -RWXMXYXI SJ ,SVSPSK] ,MKEWLM 1YOSYNMQE 7YQMHE /Y 8SO]S .ETER 8IPITLSRI *E\
',%48)6
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