>hfZrgyy jZ[hlZ ih jmkkdhfm yaudm aZ deZkk
d mq_[gbdm ŠJmkkdbc yaud deZkkª L : EZ^u`_gkdhc b ^j F ŠIjhk\_s_gb_ª ]
mq_[gh ijZdlbq_kdh_ ihkh[b_
DZ`^uc ^_gv k mljZ ^h \_q_jZ y h[sZxkv k jh^bl_eyfb mqb l_eyfb ^jmavyfb b g_agZdhfufb ex^vfb bkihevamy yaud Dh]^Z y qblZx dgb]m y lh`_ h[sZxkv k ibkZl_e_f dhlhjuc jZkkdZau\Z_l fg_ qlh lh ijb ihfhsb yaudZ L_e_\b^_gb_ b jZ^bh lh`_ bkihev amxl yaud qlh[u khh[sblv fg_ qlh gb[m^v Jmkkdbc yaud ± yaud jmkkdh]h gZjh^Z Jmkkdbc yaud ± ]hkm^Zjkl\_gguc yaud \k_o gZjh^h\ gZk_ eyxsbo Jhkkbx Jmkkdbc yaud ± kj_^kl\h f_`gZpbhgZevgh]h h[s_gby aZ jm[_ `hf Ijh\_jy_fu_ [_am^Zjgu_ ]eZkgu_ \ dhjg_ keh\Z rZ]Z_l rbjhdbfb `b\u_ \i_j\u_ G_ijh\_jy_fu_ [_am^Zjgu_ ]eZkgu_ \ dhjg_ keh\Z hd_Zg mgb\_jkbl_l Khfgbl_evgu_ kh]eZkgu_ \ dhjg_ keh\Z kd\hav GZibkZgb_ ijbklZ\hd ih^jhklhd \i_j\u_ Ijb mklghf h[s_gbb fu ijhbaghkbf keh\Z b keurbf bo hl kh[_k_^gbdZ Ijb ibkvf_gghf h[s_gbb fu ibr_f b qblZ_f keh\Z H[ mklghc j_qb b kemrZgbb ]h\hjblky \h b ihkeh \bpZo H ibkvf_gghc j_qb b ql_gbb ± \ b ihkeh\bpZo < wlhf l_dkl_ ij_^eh`_gby < gbo ]h\hjblky h djZkhl_ jmk kdh]h yaudZ h lhf qlh lhl dlh ex[bl k\hx kljZgm ^he`_g ex[blv k\hc yaud b ihklhyggh _fm mqblvky <ukdZau\Zgb_ ijbgZ^e_`bl ibkZl_ex D = IZmklh\kdhfm < wlhf l_dkl_ ij_^eh`_gby Y hq_gv ex[ex kh[Zd Kh[Zdb ± \_jgu_ ^jmavy q_eh\_dZ Kh[Zdm bgl_j_kgh \hkiblu\Zlv h[mqZlv jZaebqguf dhfZg^Zf b]jZlv k g_c < ij_^eh`_gbb keh\ <h ij_^eh`_gbb keh\Z < ij_^ eh`_gbb keh\ Ijhq_klv aZibkv [ueh ljm^gh ihlhfm qlh keh\Z gZibkZgu keblgh ;mjy f]ehx g_[h djh_l M` g_[h hk_gvx ^urZeh Dhl a\mdZ Emd a\mdZ KlZdZg a\mdh\ Klme a\mdZ I_j\h_ \ukdZau\Zgb_ hlghkblky d jZa]h\hjghfm klbex <lh jh_ ± d gZmqghfm Lj_lv_ ± d om^h`_kl\_gghfm
Ijbf_j gZmqgh]h l_dklZ ŠGZibkZgby \ keh\Zo ih hjnh]jZnbq_ kdbf ijZ\beZf beb ih ljZ^bpbb gZau\Zxlky hjnh]jZffZfbª Jmk kdbc yaud K Ijbf_j om^h`_kl\_ggh]h l_dklZ Fhjha b khegp_ ¹ ^_gv qm^_kguc ?s_ lu ^j_fe_rv ^jm] ij_e_klguc" : K Imrdbg
ŠIhdZ ª b ŠIjb\_l ª fh`gh mihlj_[eylv lhevdh \ h[s_gbb kh k\_jklgbdZfb Z g_ kh \ajhkeufb < jZa]h\hj_ mqZkl\mxl ^\Z q_eh\_dZ Kdhj__ \k_]h hgb ^jm] ^jm]Z agZxl JZa]h\hj ijhbkoh^bl \ e_km m dhkljZ Hlju\hd hlgh kblky d om^h`_kl\_gghfm klbex j_qb :jdZ^bc I_ljh\bq =Zc^Zj kqblZe qlh kZfh_ ]eZ\gh_ ¹ \k_]^Z [ulv q_klguf b ojZ[juf [ulv ohjhrbf kughf k\h_c kljZgu Hg ]h\hjbe qlh gbdh]^Z g_ gZ^h kdmiblvky [_]Zlv a\hghd \Zjblv
ih^[_]Zlv aZa\hgblv k\Zjblv
ih[_] i_j_a\hg hl\Zj
Ju[Zqbe ju[Z ju[dm =eZ]heu m^b\beky bkim]Zeky ju[Zqbe g_ keuob\Ze ]h\hjbeZ hlimklbe kdZaZe Hohlgbdb e_kghc ba[mrdZ [_j_adZ [_e_gvdbc ]jb[hd _`bd y]h^dZ Mf_gvrbl_evgh eZkdZl_evgh_ agZq_gb_ kmnnbdkZ ba[mrdZ [_ j_adZ [_e_gvdbc ]jb[hd _`bd y]h^dZ
<[_`Zlv aZ[_`Zlv ih^[_`Zlv ijb[_`Zlv i_j_[_`Zlv <ibkZlv aZibkZlv ih^ibkZlv ijbibkZlv i_j_ibkZlv FZevqbd \[_`Ze \ deZkk DhrdZ i_j_[_`ZeZ q_j_a ^hjh]m Fu aZibkZeb ^hfZrg__ aZ^Zgb_
< gZqZe_ mq_[gh]h ]h^Z fu ^Zjbf p\_lu mqbl_eyf Ohjhrh mqblvky \ gh\hc k\_lehc rdhe_ < gZr_f deZkk_ rbjhdb_ hdgZ Ih kg_]Zf kg_`gu_ kg_]bjb kg_]h\bdZf m aZkg_`_gghc \ kg_`ghf kg_`db kg_] kg_]mjdb Wlb keh\Z y\eyxlky h^ghdhj_ggufb ihlhfm qlh \ gbo dhj_gv Âą kg_] Âą bf__l h[s__ agZq_gb_ Ih^Zjhd bgh]hjh^gbc
Ebklbdb ]jmklguc hlezl ijboh^bl ijbfhjkdbc m\b^brv ljZ\dZ ih^e_khd >hfZ ^m[ kdZadZ klheu ljZ\Z \bk_e e_khd ebkZ \hdaZe lygme qZku \_q_jhf rbjhdh a\za^guc < [_ehf bg__ q_jgu_ _edb gZ ih^lZy\r_f kg_]_ klhyl AZdjm`beZkv ebkl\Z ahehlZy \ jhah\Zlhc \h^_ gZ ijm^m Ex[ex ]jham \ gZqZe_ fZy ]eZkgu_ [_a m^Zj_gby ]eZkgu_ ihke_ rbiysbo b p JhkZ qmehd <_kgZ pbjd E_^h\uc qZku DZlblv smdZ Ebklhd pbjdmev
kl_q_gb_ kh]eZkguo Khegp_ DZlmrdZ K_j_`dZ <dmkguc E_klgbpZ HiZkguc Ijh[dZ Fhehlv[Z
^m[ fhjdh\v iem] h]hjh^ kljb` fhjha ihlhi lhihl
dhg_p keh\Z
<habe kdj_ibe hljy^ \ ha_j_ ibr_l rZeZr ih^Zjbe ibjh] hl\bglbe qblZ_l gZ g_[_ \ k_jhf dhklxf_ oh^bdb oh^beb
^_gv ^_gvkdhc
qZk qZkh\hc
Khkgu ± khkgZ ljhiu ± ljhiZ azjgZ ± a_jgh ]gza^Z ± ]g_a^h jhku ± jhkZ a\za^u ± a\_a^Z klhe[ ± klhe[u ^hf ± ^hfZ kghi ± kghiu ihe_ ± ihey ^h`^v ± ^h`^b ahgl ± ahglu p\_l ± p\_lZ ebkl ± ebklu ]jhau ± ]jhaZ klj_eu ± klj_eZ <habl ± \hablv ihqbgbl ± ihqbgblv [jh^bl ± [jh^blv oh^bl ± oh^blv eh\bl ± eh\blv ko\Zlbl ± ko\Zlblv ijbghkbl ± ijbghkblv ihkZ^bl ± ihkZ^blv gZdhkbl ± gZdhkblv hkfhljbl ± hkfhlj_lv Ghqghc ghqv iZklmo iZk g_[_kguc g_[h ihe_\hc ihe_ ohefbkluc ohef dhjfblv dhjf aZ]ey^_lvky \a]ey^ m^b\eylvky ^b\h h`b\Zlv `b\ dhjfblv dhjf ieykZlv ieyk aZiZo iZog_l
<Zj_gv_ \Zjblv \ZjdZ \Zj_guc Klheyj klheh\Zy klhebd klhe Ly`zeuc ly`_klv ly`_eh Ieykmg ieykZlv ieykdZ Ieh^h\b luc ieh^h\uc ieh^ >h`^eb\uc ^h`^bq_d ^h`^v KiZk_gb_ kiZkZl_evguc kiZk JZafZob\Zlv fZogmlv \afZo i_j_fZogmlv \afZob\Zlv HqZjh\u\Zlvky hqZjh\Zgb_ hqZjh\Zl_evguc qZju
Jh^gZy klhjhgZ klhjhgu klhjhgdZ j`Zghc dhehkhd dhehk dhehkvy ^hjh]hc ^hjh] ^hjh`_ ih^Zjhd ilbqvb ]hehkZ ]hehk hl]hehkhd ahehlu_ ahehlh ihahehlZ jmdb [hevrb_ oheh^Z oheh^ oheh^guc k_^Zy [hjh^Z [hjh^u ih^[hjh^hd ihehkZluc ihehku ihehkdZ dhl_ghd fheh^hc fheh^hklv fheh`_ iZklmo =jhaZ \ ihe_ <ayeZ \aye ^h`^y ^h`^v gh]Zfb gh]b ihkfhlj_e kfhljbl hl dhehkv_\ dhehk \h^yguo \h^u ih ebpm ebpZ [_]ms__ [_] \bk_eb \bkgmlv k_ju_ Ijh`b\Zlv `blv \ ]hjh^_ ijh`_\Zlv `z\Zguc ibsm k\b eZ \blv ]g_a^h k\_eZ \ze ih klmi_gvdZf ke_aZlv e_a k djurb kebaZlv eb`_l kf_lZgm hl\hjblv aZl\hj ^\_jv hl\Zjblv \Zjbl
dZjlhn_ev ijbfbjblv fbj \jZ]h\ ijbf_jylv f_jdZ dhklxf Kb^_lv gZ klme_ ± k_^_lv hl klZjhklb iheZkdZlv dhl_gdZ ± ihehkdZlv [_ev_ ki_rb \ rdhem ± kibrb k ^hkdb <_ehkbi_^ ]bfgZkl fZjrjml dhq_\gbd ]hlh\blv gh\bgdZ f_kl_qdh fbgmlZ ^Ze_dh dhfZg^bj gZdhjfblv jbkh\Zlv ^hebgZ ihfb^hju gbabgZ fZebgZ [_j_]Z dZjlhrdZ ibjh\Zlv dZe_g^Zjv
M^b\bl_evguc mjh`Zc fhjdh\b b dZimklu a_e_gZy ihehkZ dZjlhn_evgh]h ihey ly`_eu_ dhehkvy ir_gbpu aZiZo a_feygbdb aZdZeylvky e_lhf kihjlb\gu_ ^hklb`_gby >m[ ± ^m[Z meh\ ± meh\Z djm] ± djm]Z ]h^ ± ]h^hf qb` ± qb`m \ha ± \haZ ljm[dZ ± ljm[hqdZ ljZ\dZ ± ljZ\mrdZ [_k_^dZ ± [_k_^h\Zlv [_j_adZ ± [_j_ah\uc dhkv[Z ± dhkblv ^hjh`dZ ± ^hjh`_gvdZ em] ± em]Z
khk_^ ± khk_^gbc
hrb[dZ ± hrb[hqguc h[_^ ± h[_^Zlv ljm[dZ ± ljm[Z mlx] ± mlx]b jh[dbc ± jh[hklv gh]lb ± gh]hlv
]heh^ ]heh^guc ljm^ ljm^guc gZkf_rdZ kf_rghc fZkrlZ[ fZkrlZ[guc
Gbadbc gbahd kdhevadbc kdhevahd `mldbc `mlhd e_] dbc e_]hd fy]dbc fy]hd qmldbc qmlhd Ihealb iheam b^lb b^m hl]jualv hl]juam Dhkv[Z dhkblv fhehlv[Z fhehlblv oh^v[Z oh^blv \u^_j` dZ \u^_j`Zlv \ukZ^dZ \ukZ^blv =hem[dZ dhjh[dZ kdjbidZ ]b[dbc jh[dbc <_j_\dZ ljZ\dZ eh\dbc \urb\dZ r_nkdbc KZih] ihlhd \jZ] ^jm] ih^\b] K_e_^dZ j_^dbc keZ^dbc f_ldbc fhehlv[Z Gh`dZ [mfZ`dZ \Zj_`dZ eZ^hrdZ jm[ZrdZ MdZadZ gbadbc dhkv[Z ^_jadbc ijhkv[Z =hem[dZ Ki_euc ieh^ ± ^_j_\ygguc iehl h^m\Zgqbdh\uc em] ± emd f_ldh]h klj_edZ ]b[dbc ijml ± ijm^ k mldZfb ly`_euc fhehl ± xghrZ fheh^ ^j_\gbc jh^ ± am[Zkluc jhl < nml[he_ \ ohdd__ \ [Zkd_l[he_ \ Zle_lbd_ gZ fZlq i_j \hdeZkkguf kihjlkf_ghf l_jaZxsb_ ;Zkd_l[he djhkk l_ggbk nb]mjZ K_]h^gy fu \klZeb jZgh Ihke_ aZ\ljZdZ fu \ayeb jxdaZdb b nhlhZiiZjZl b ih_oZeb gZ \hdaZe FZfZ dmibeZ \ dZkk_ [be_lu b fu k_eb \ i_j\uc \Z]hg we_dljbqdb Q_j_a qZk fu khreb gZ fZe_gv dhc klZgpbb GZr fZjrjml ijhoh^be fbfh rhkk_ \ klhjhgm j_qdb Fu dZjZ[dZebkv ih \ukhdhfm kdehgm b qm\kl\h\Zeb k_[y gZklhysb fb lmjbklZfb GZ iheyg_ fu jZah`]eb dhkl_j b k\Zjbeb dZrm \ dh l_ed_ GZ jhfZrdm k_eZ klj_dhaZ \ [bghdev __ fh`gh [ueh ohjhrh jZa]ey^_lv Fu ihihegbeb gZrm dhee_dpbx dZfg_c b ]_j[Zjbc gh \ufb wda_fieyjZfb F_klghklv f_klh ba\_klguc \_klb iha^gh hiha^Zlv kqZkleb\uc kqZklv_ ljhklgbd ljhklv k_j^p_ k_j^_qguc a^jZ\ kl\mc a^hjh\v_ a\_a^guc a\_a^Z Klhjh`dZ kljh`blv hkljh\db hkljh\Z e_]dbc e_]hgvdbc j_adbc j_ahd \yadbc \yahd kZeZadb kZeZahd ieh\pu ieh\_p
jh[dbc jh[hd ]b[dbc ]b[hd `b^dbc `b^hd eh\dbc eh\hd [_^gy`dZ [_^gy`_qdZ A\_a^guc Hdj_klghklv dj_kl jZ^hklguc jZ^hklv ]jmklguc ]jmklv \dmkguc \dmk qm^_kguc qm^_kZ \_klgbd \_klv ij_djZkguc djZkhlZ bgl_j_kguc bgl_j_k mqZklgbd mqZklb_ g_ba\_klguc \_klv g_gZklguc g_gZklv_ JZ^hklgh_ ijh[m`^_gb_ < g_[_ \kiuogme i_j\uc emq khegpZ GhqgZy lvfZ lbohgvdh ijy q_lky \ ]mklhc ebkl\_ ^_j_\v_\ Ba ih^ dZfg_c \u[_]Zxl a_e_gu_ ys_jbpu hgb fb]Zxl khggufb ]eZadZfb K_]h^gy [m^_l `Zjdh GZ^ p\_lZfb djm`Zlky ahehlu_ iq_eu `Z^gh ivxl keZ^dbc f_^ Ijhkgmebkv fZebgh\db I_jvy gZ bo ]jm^dZo hdjZr_gu \ p\_l ml j_gg_c aZjb < dmklZo ihjoZxl \_k_eu_ qb`b F_evdZxl eZklhqdb b kljb`b b a\_gyl jZ^hklgh b kqZkleb\h Ohjhrh bf_lv [uklju_ e_] db_ djuevy rbih\gbd `bjguc `b\hlgh_ krblv
gZqZevguc h\qZjdZ sZ\_ev klmqZlv ibsZlv Qm^_kZ \ gZrm jhsm qm`hc smiZevp_ qm\kl\h\Zlv iju]Zlv k iZjZrxlhf kljh]h_ `xjb LhgdZy [jhrxjZ [ueZ ijhrblZ [_eufb gbldZfb Khj_\gh\Z gby km^beh kljh]h_ `xjb >ey kljZoh\db m iZjZrxlbklZ _klv aZ iZkghc iZjZrxl
:^`bdZ [jb^`b \_gqZlv ^hklhijbf_qZl_evghklv _`blvky `b\hibkv `b^dbc `bag_jZ^hklguc aZ]ehorbc aZ`b]ZedZ Fu _eb dZjlhrdm k hkljhc Z^`bdhc GZ wdkdmjkbb gZf ihdZaZeb ^hklhijbf_qZl_evghklb gZr_]h jZchgZ < aZ`b]Zed_ gZeblZ ]hjx qZy `b^dhklv
E_lhf gZ j_d_ Fu b^_f gZ ju[Zedm < qZs_ e_kZ s_[_qml qb`b dheurmlky \_jrbgu khk_g : gZ j_qd_ ^m_l k\_`bc \_l_jhd b klhbl g_h[uqZc gZy lbrbgZ Fu aZdbgmeb m^hqdb b klZeb `^Zlv KgZqZeZ de_\Zeb lhevdh _jrbdb Gh ihlhf gZ djxqhd ihiZebkv ^\Z e_sZ b ^Z`_ fZ e_gvdZy smqdZ Fu \ha\jZsZebkv ^hfhc b qm\kl\h\Zeb k_[y kqZkl eb\ufb
GZ kl_g_ \bk_eh aZ]Z^hqgh_ h[ty\e_gb_ =jmah\bd h^he_e djmlhc ih^t_f b \t_a`Ze \ \hjhlZ Ih jZ^bh h[_sZeb k_jv_agh_ ih oheh^Zgb_ b \vx]m FmjZ\_c ± fmjZ\vy ± fmjZ\vb jmq_c ± jmqvy ± jmqvb dhe ± dhevy ebkl ± ebklvy dhehk ± dhehkvy kh[Zqbc ± kh[Zqv_ ± kh[Zqvy f_^\_`bc ± f_^\_`vy ± f_^\_`v_ k[blv ± kh[vx ± kh[vzl aZrblv ± aZrvx ± aZrvzl ^h[blvky ± ^h[vxkv ± ^h[vzlky
Hlt_oZlv ih^t_oZlv h[t_oZlv m_oZlv \t_oZlv bat_a^blv kt_a^blv kt_`blvky ih_`blvky h[ty\blvky ihy\blvky
K_jv_agZy hiZkghklv h[t_^bgblvky k ^jmavyfb ibkvfh fZevqbdZ h[ty\blv [eZ]h^Zjghklv kqZkleb\h_ ^_lkl\h ih^t_oZlv d fhklm ex[ex dhkv[m kt_^h[guc ]jb[ \at_jhr_ggu_ \hjh[vb e_] db_ h[eZdZ kimkdZlvky k iZjZrxlhf g_h[tylgu_ ijhklhju \vxlky gZ^ kl_ivx `mjqZgb_ jmqvy Fhc \_kzeuc a\hgdbc fyq Lu dm^Z ihfqZeky \kdZqv" IhdZlbeky \ h]hjh^ >hdZlbeky ^h \hjhl Ih^dZlbeky ih^ \hjhlZ >h[_`Ze ^h ih\hjhlZ LZf ihiZe ih^ dhe_kh Ehigme oehigme ± \hl b \k_
K Y FZjrZd
@Zjdbc e_lgbc ^_gv Khegp_ klhbl g_ih^\b`gh gZ^ ]heh\hc b ``_l ljZ\m <ha^mo i_ j_klZe kljmblvky b \bkbl [_a ^\b`_gby Gb ^_j_\h gb \h^Z g_ r_ ehogmlky gZ^ ^_j_\g_c b ihe_f e_`bl g_\hafmlbfZy lbrbgZ ± b \k_ dZd [m^lh \uf_jeh A\hgdh b ^Ze_dh jZa^Z_lky q_eh\_q_kdbc ]hehk \ imklhl_ B : =hgqZjh\
Khegp_ \ureh ba aZ lmq Ba ih^ djuevpZ \ue_aeZ dhrdZ Ba aZ e_kZ ba aZ ]hj _^_l ^_^mrdZ ?]hj Ba ih^ a_feb ba ih^ \hjhl ba aZ ^Zq Ba ]em[bg ba ^\hjph\ ba ih^\hjhlgb
<_k_eh e_lhf gZ j_d_ <Zky ieZ\Z_l djhe_f Dhey b >ZrZ b]jZ xl \ fyq b >jm`hd lh`_ iju]Z_l aZ fyqhf M DZlb bgl_j_kgZy dgb]Z hgZ g_ ohq_l b]jZlv GZ ^jm]hf [_j_]m I_ly ju[Zqbl J_[ylZ ihklZjr_ dZlZxlky gZ eh^d_ gh ]j_klb bf ljm^gh ba aZ kbevgh]h l_q_gby
GZklmie_gb_ \_q_jZ <_q_j_eh ;ukljh k]msZebkv k_gly[jvkdb_ kmf_jdb GZ \ukhdhf g_[_ jh[dh ijhklmiZeb i_j\u_ a\_a^hqdb >_j_\vy keb\Zebkv \ h^gm l_fgmx fZkkm KlhyeZ lbrbgZ Eu`gZy ijh]medZ < lbobc abfgbc ^_gv \oh`m \ e_k gZ eu`Zo Qbklu_ km]jh[u e_ `Zl ih^ ^_j_\vyfb GZ^ e_kgufb ljhibgdZfb kh]gmebkv ih^ ly`_ klvx kg_]Z kl\heu fheh^uo [_j_a Fhlhj hk_dky b aZfheqZe KZfhe_l klj_fbl_evgh ihg_kky \gba IZ^Zy kZfhe_l aZ^_e \_jomrdb khk_g KehfZ\ g_kdhevdh ^_j_\v_\ fZrbgZ jZa\ZebeZkv gZ qZklb Gh f]gh\_gb_f jZgvr_ :e_dk_y \u j\Zeh ba kb^_gvy ih^[jhkbeh \ \ha^mo b miZ\ gZ rbjhdhie_qmx \_ dh\mx _ev hg khkdhevagme \ ]em[hdbc km]jh[ Wlh kiZkeh _fm `bagv Wlh [ueh \ k_gly[j_ Ba iheuggh]h hkljh\dZ \ukdhqbe jmkZd b dZd rZj ihdZlbeky ih ihex Yklj_[ dbgmeky gZ aZcpZ JmkZd [u kljh i_j_\_jgmeky gZ kibgm b m^Zjbe obsgbdZ aZ^gbfb eZiZfb Y aZlZbe ^uoZgb_ b klZe gZ[ex^Zlv aZ ih_^bgdhf g_ agZy qlh ijb^m fZ_l dhkhc ijb hq_j_^ghf gZiZ^_gbb yklj_[Z Baeh`_gb_ Kms_kl\bl_evgu_ rdheZ ^_gv mq_gv_ =eZ]heu ijhkuiZ_lky [v_l ijbr_e IjbeZ]Zl_evgu_ \_k_euc gh\uc rdhevguc m l_iehc F_klhbf_gby fu gZf y lu Qbkebl_evgu_ k_fv ^\Z^pZlv iylv klh GZj_qby hlebqgh ijb\uqgh [ukljh QZklbpu g_ gb [u < klbohl\hj_gbb g_ gZa\Zgu ij_^eh] b khxa Ij_^eh]b k aZ gZ Khxau b Z gh hkfhljbl_evguc kfhlj_lv kfhlj ihieZ\hd ieZ\Zl_evguc ieZ\Zlv ihoh^ ihoh^guc oh^blv bgl_j_k bgl_j_kguc bgl_j_kh\Zlvky kbg_\Z kbgbc ihkbg_lv Ihoh^guc <i_j_^ [_a kljZoZ b khfg_gvy ;ue ]^_" \i_j_^b dbgmlvky dm^Z" gZaZ^ [_a kljZoZ b khfg_ gvy dm^Z" \i_j_^ k`bfZy dZd" dj_idh rZ]gme dZd" l\_j`_ iju]gmeh dZd" \^jm] m[_]Zlv dZd" kljZrg_c
;ukljh gh hklhjh`gh <eZ^bd b LhevdZ i_j_[_]Zeb ^hjh`db gujyeb \ qZsm dmklZjgbdZ iheaeb \\_jo kimkdZebkv \gba gbq_]h g_ hklZ\eyy gZ k\h_f imlb g_aZf_q_gguf <kdhj_ hgb hqmlbebkv \ukhdh gZ^ [_j_]hf fhjy Ke_\Z ]jhfha^bebkv baj_aZggu_ ms_evy fb ]hju KijZ\Z lhjqZeb hklZldb g_\ukhdhc dj_ihklb J_[ylZ hklZgh\bebkv ;ueh hq_gv `Zjdh Lhj`_kl\_ggh ]j_f_e ba aZ iuevgh]h dmklZjgbdZ fhsguc ohj g_\b^bfuo pbdZ^ <gbam ie_kdZehkv fhj_ : djm]hf g_ [ueh gb ^mrb PbdZ^Z ± gZk_dhfh_ h[blZxs__ \ kl_iyo \ Djufm gZ DZ\dZa_ Iuevgh]h Y klhx gZ [_j_]m fhjy \ rlhjf <ukhdh \a^ufZxlky \hegu Hgb rmfgh [vxlky h dZfgb <^Zeb \b^g__lky iZjmk yolu KijZ\Z kb^yl qZcdb gZ ml_k_ Ke_\Z ieu\ml kiZkZl_eb gZ dZl_j_ J_adh gZe_ lZ_l \_l_j KlZgh\blky ijhoeZ^gh
H^gZ`^u \ eZ]_j_ gZr hljy^ ihr_e \ ihoh^ Fu jZa^_ebebkv gZ ]jmiiu <Zky b Dhey klZ\beb iZeZldm KZrZ b DZly kh[bjZeb ^jh\Z ^ey dhkljZ Hey b FbrZ qbklbeb kh[jZggu_ ]jb[u Z E_gZ \Z jbeZ dZrm E_g_ ihdZaZehkv qlh fZevqbdb kebrdhf ^he]h \haylky k iZeZldhc HgZ ihkhebeZ fZdZjhgu b ihreZ bf ihfh]Zlv < wlh \j_ fy Hey b FbrZ ih^hreb d dhkljm qlh[u aZkuiZlv ]jb[u \ dhl_e Hgb lh`_ j_rbeb ihkheblv _^m Z ihlhf ihreb b]jZlv \ fyq DZly ijbg_keZ _s_ g_fgh]h ^jh\ b lh`_ ihkhebeZ fZdZjhgu <k_ klZeh ihgylgh dh]^Z fu k_eb m`bgZlv <k_ ^he]h kf_yebkv Z ihlhf \k_ jZ\gh kt_eb i_j_khe_gguc m`bg < e_km ex[Zy _^Z \dmkgZ Klmqbl [j_gqbl \_jlblky g_ ]h\hjbl Z ihdZau\Z_l qZku ± gZkl \j Ofmjbehkv ]j_f_eh k\_jdZeh jZajZabehkv ]jhaZ ± ijhr \j L_q_l l_q_l gZkl \j ± g_ \ul_q_l [m^ \j [_`bl [_`bl gZkl \j ± g_ \u[_`bl [m^ \j j_dZ K__l \__l djmlbl fmlbl b j_\_l b ev_l b f_l_l ih]h^Z hk_gvx ± gZkl \j Keh`m \eh`m aZ fhj_ imsm [m^ \j ± b lZf ]h\hjbl gZkl \j ibkvfh e_`m ]ey`m f_qlZx g_ e_lZx kb^bf kfhljbf _ e g_ \uc^_rv _ e e_lyl fhdgml g_ ohlyl l_qzl _ e H^ghjh^gu_ qe_gu e_`m ]ey`m kb^bf b kfhljbf fhdgml g_ ohlyl
;_j_qv ± [_j_`zrv [_j_]ml kl_j_qv ± kl_j_`zrv kl_j_]ml g_klb ± g_kzrv g_kml \_alb ± \_azrv \_aml \_klb ± \_^zrv \_^ml iZklb ± iZkzrv iZkml
IjylZlvky `^Zlv ijh[m^blv aZijhkblvky lj_i_lZlv G_ gZ^h qlh ^_eZlv" o\Zeblvky dheb g_ agZ_rv dZd oe_[ qlh ^_eZ_l" jh^blky G_q_]h qlh ^_eZlv" lhjhiblvky ± g_ dZrZ qlh ^_eZ_l" \Zjblky Gm`gh qlh k^_eZlv" gZdehgblvky qlh[u ba jmqvy \h^u qlh k^_eZlv" gZiblvky Oh^bl `mjZ\ev ih [hehlm qlh ^_eZ_l" gZgbfZ_lky gZ jZ[hlm Lhl ljm^Z qlh ^_eZ_l" g_ [hblky dlh mf__l qlh ^_eZlv" ljm^blvky =jZfhl_ qlh ^_eZlv" mqblvky ± \i_j_^ qlh k^_eZ_l" ijb]h^blky AZ \k_ qlh ^_eZ_l" [_j_lky ^Z g_ \k_ qlh ^_eZ_l" m^Z_lky Keh\Z k [_am^Zjghc ]eZkghc \ dhjg_ o\Zeblvky o\Zebl jh^blky jh^ lhjhiblvky i_j\Zy ± g_ijh\_jy_fZy \lhjZy ± lhjhiblky gZ dehgblvky gZdehg \h^u \h^guc ih [hehlm g_ijh\_jy_fZy gZ jZ[hlm g_ijh\_jy_fZy g_ [hblky [hcky \i_jz^ ki_j_^b ijb]h ^blky ijb]h^guc m^Z_lky m^Zeky
K\bs_l \_l_j ih^ djmluf aZ[hjhf qlh ^_eZ_l" ijyq_lky \ ljZ\m : ih ^\hjm f_l_ebpZ dh\jhf r_edh\uf qlh ^_eZ_l" kl_e_l ky gh [hevgh oheh^gZ IheuoZxl ahjb qlh ^_eZxl" dmjylky lmfZ gu gZ^ j_aguf hdhrdhf aZgZ\_k [Z]jyguc Ih em]m kh kdjbihf qlh ^_eZ_l" lyg_lky h[ha ± kmoh\Zlhc ebihc iZog_l hl dhe_k : jy^hf m ijhlZebgdb \ ljZ\_ f_`^m dhjg_c [_`bl qlh ^_eZ_l" kljmblky fZe_gvdbc k_j_[jyguc jmq_c < l_fghc jhs_ gZ a_e_guo _eyo qlh ^_eZxl" ahehlylky ebklvy \yeuo b\ <uoh`m y gZ \ukhdbc [_j_] ]^_ ihdhcgh qlh ^_eZ_l" ie_s_lky aZeb\ K : ?k_gbg
<hkdj_kgZy ijh]medZ I_j\Zy qZklv hibkZgb_ ^hjh]b < ijhreh_ \hkdj_k_gv_ fu \k_f deZkkhf [ueb gZ ijh]med_ >h \hdaZeZ _oZeb gZ ljZf\Z_ GZ we_d ljbqd_ ^h[jZebkv ^h ^_j_\gb Hllm^Z hlijZ\bebkv d [_j_ah\hc jhs_ <lhjZy qZklv aZgylby \ e_km HklZgh\bebkv fu gZ g_[hevrhc iheygd_ >_\hqdb aZgyebkv ijb]hlh\e_gb_f ibsb FZevqbdb ijb g_keb kmobo \_lhd b jZa\_eb dhkl_j Ihke_ h[_^Z b]jZeb \ \he_c[he i_eb i_kgb kh[bjZeb i_klju_ hk_ggb_ ebklvy ihke_^gb_ ihe_\u_ p\_lu Lj_lvy qZklv \ha\jZs_gb_ ^hfhc >hfhc \ha\jZlbebkv iha^gh Fh`gh [ueh g_ jZkkdZau\Zlv lZd ih^jh[gh h ^hjh]_ \ e_k aZlh \ dhgp_ klhbeh [u gZibkZlv q_f hkh[_ggh aZihfgbeky wlhl ^_gv dZ db_ \i_qZle_gby hklZ\be
AZf_qZl_evgZy ijh]medZ < ijhreh_ \hkdj_k_gv_ fu \k_f deZkkhf [ueb gZ aZ]hjh^ghc ijh]med_ >hjh]Z \ e_k [ueZ ^he]hc gh \_k_ehc <hl gZdhg_p fu \ [_j_ah\hc jhs_ Fu hklZgh\bebkv gZ g_[hev rhc iheygd_ K\_lbeh fy]dh_ hk_gg__ khegp_ ^me ijhoeZ^guc \_ l_jhd FZevqbdb ijbg_keb kmobo \_lhd b jZah`]eb dhkl_j Z ^_\hq db klZeb ]hlh\blv _^m Ihke_ \dmkgh]h h[_^Z \k_ b]jZeb \ \he_c[he i_eb i_kgb Fg_ hq_gv ihgjZ\behkv ]meylv ih jhs_ ex[h\Zlvky hk_gg_c ijbjh^hc kh[bjZlv i_klju_ ebklvy ihke_^gb_ ihe_\u_ b e_kgu_ p\_lu Fu \ha\jZsZebkv ^hfhc mklZeu_ gh qm\kl\h\Zeb k_[y kqZkleb \ufb AZ wlhl ^_gv fu lZd fgh]h mki_eb Ohq_lky ih_oZlv \ e_k _s_ <_klb ± \_^_rv \_^zl \_^zf \_^zl_ \_^ml i_lv ± ihzrv ihzl ihzf ihzl_ ihxl ]h\hjblv ± ]h\hjbrv ]h\hjbl ]h\hjbf ]h \hjbl_ ]h\hjyl fheqZlv ± fheqbrv fheqbl fheqbf fheqbl_ fheqZl
<_kghx qZk mimklbrv ± ]h^hf g_ gZ\_jklZ_rv AZ ^\mfy aZc pZfb ih]hgbrvky ± gb h^gh]h g_ ihcfZ_rv G_ lhl klj_ehd dlh klj_ey_l Z lhl dlh ihiZ^Z_l Kf_euc ih[_`^Z_l ljmk ih]b[Z_l Dlh jh[__l lh]h [vxl Khe^Zlkdh_ [jZlkl\h jh`^Z_lky \ [hx Ljm^ \k_ ih[_`^Z_l GZ h[fZg_ ^Ze_dh g_ m_^_rv Q_]h \ ^jm]bo g_ ex [brv lh]h b kZf g_ ^_eZc Ahehlu_ jmdb gZ k_j_[jh g_ dmibrv Mimklbrv klj_ehd ih]hgbrvky ± ]eZ]he ,, kij klhbl \ _^ q \ [m^ \j \h f ebp_ ih[_`^Z_l ± ]eZ]he , kij klhbl \ _^ q \ gZkl \j \ f ebp_ [vxl ± ]eZ]he , kij klhbl \h fg q \ gZkl \j \ f ebp_ L_q_rv j_qdZ g_ dheuog_rvky GZ djmlhc [_j_] g_ \ahev_rvky GZ djmlhc [_j_] g_ \ahev_rvky @_eluf i_kdhf g_ \hafmlbrvky
<h kg_ q_eh\_d g_ keurbl b g_ \b^bl FbrZ [he__l b ]jmkl gh kfhljbl \ hdgh Khe^Zlu ^_j`Zl \ jmdZo Z\lhfZlu
Keh\h g_ \hjh[_c \ue_lbl ± g_ ihcfZ_rv <hedh\ qlh ^_ eZlv" [hylvky ± \ e_k g_ oh^blv < j_r_l_ \h^m g_ m^_j`brv E_`Z oe_[Z g_ ^h[m^_rv Khgeb\h]h g_ ^h[m^brvky e_gb\h]h g_ ^hr ezrvky KdZ`_rv ± g_ \hjhlbrv gZibr_rv ± g_ khljzrv hljm[brv
± g_ ijbklZ\brv Dlh \q_jZ khe]Ze lhfm aZ\ljZ g_ ih\_jyl AZ \k_ qlh ^_eZlv" [jZlvky ± gbq_]h g_ k^_eZlv M^_j`brv Dlh" Mq_gbd rdhevgbpZ ^_lb \ajhkeu_ mqbl_ey Qlh" IZjlZ klhe hdgh ^\_jv ^hkdZ
< k\_l_ f j _^ q _klv bgh_ ^b\h kj j _^ q Fhj_ kj j _^ q \a^m_lky [mjeb\h AZdbibl ih^uf_l \hc f j _^ q Oeug_l gZ [_j_] f j _^ q imklhc JZahev_lky \ rmfghf [_]_ f j _^ q B hqmlylky gZ [j_]_ f j _^ q < q_rm_ ` j _^ q dZd `Zj f j _^ q ]hjy Ljb^pZlv ljb [h]Zlujy f j fg q <k_ djZkZ\pu f j fg q m^Zeu_ <_ebdZgu f j fg q fheh^u_ <k_ jZ\gu dZd gZ ih^[hj K gbfb ^y^vdZ f j fg q Q_jghfhj f j _^ q : K Imrdbg
Ihlhfm qlh gZ \hijhk dlh" hl\_qZxl h^mr_\e_ggu_ kms_kl \bl_evgu_ q_eh\_d kh[ZdZ j_[ylZ Z gZ \hijhk qlh" ± g_h^mr_\ e_ggu_ ^b\Zg kl_deh a_fey
G_ aZ k\h_ ^_eh g_ [_jbkv Z aZ k\hbf ^_ehf g_ e_gbkv Ihqbg ^hjh`_ ^_eZ Km^b h ex^yo g_ ih keh\Zf Z ih ^_eZf MklZe gh g_ hl ^_eZ Z hl [_a^_evy Ihreh ^_eh gZ eZ^ b kZf lhfm jZ^ G_ ki_rb yaudhf lhjhibkv ^_ehf MklZe ± ]eZ] , kij klhbl \ _^ q \ ijhr \j \ f j
_ kdehg_gb_ \h^Z a_fey xghrZ _ kdehg_gb_ k_eh ihe_ klhe h]hgv _ kdehg_gb_ ghqv e_gv I_j\Zy qZklv hibkZgb_ ^hfZ >hf _ kde klhye \ ]emohf aZ [jhr_gghf kZ^m _ kde DZ`^mx ghqv _ kde gZk [m^be klmd _ kde ^bdbo y[ehd _ kde iZ^Z\rbo k \_lhd _ kde gZ _]h l_kh\mx djurm _ kde >hf _ kde [ue aZ\Ze_g m^hqdZfb _ kde ^jh [vx _ kde y[ehdZfb _ kde b kmobfb ebklvyfb _ kde <lhjZy qZklv aZgylby `bevph\ Fu \ g_f lhevdh ghq_\Zeb <k_ ^gb _ kde hl jZkk\_lZ _ kde ^h l_fghlu _ kde fu ijh \h^beb gZ [_j_]Zo _ kde [_kqbke_gguo ha_j _ kde LZf fu eh\beb ju[m _ kde
;m^be ± ]eZ]he ,, kij \ ijhr \j_f_gb _^ q f j lh\Zjbs \_sv ghqv kmrdZ ]jmr fheh^_`v klhjh` ^jh`v wlZ` ihfhsv rZeZr j_qv dexq jh`v \jZq ^hqv ihkljhcdZ ^Zq eh`v fgh]h em` ^bqv ieZs iheghqv e_s fhsv h[jmq ]emrv _` ba aZ lmq fgh]h aZ^Zq [h]Zq q_jl_` fZeur dbjibq Dhehkblky ahehlZy jh`v L_fghlm ijhj_aZe yjdbc emq fZydZ <_jlhe_l ijbe_l_e \ lZ_`gmx ]emrv _ kde [_a a_feb J i d a_fe_ > i h a_fe_ I i _ kde [_a klheZ J i d klhem > i gZ klhe_ I i _ kde [_a ghqb J i d ghqb > i h ghqb I i <uclb _ kde > i d himrd_ jZkiheh`bebkv _ kde I i gZ iheyg_ djZc _ kde J i jhsb g_l _ kde J i l_gb kdju\Zlvky _ kde I i \ ihjhkeb aZiZo _ kde J i iheugb b]jZxl _ kde I i \ a_e_gb dmiZxlky _ kde I i \ [e_kd_ jZ^hklgh _ kde I i gZ k_j^p_ B]jZxl ± ]eZ]he , kij \ gZkl \j \ A e \ _^ q E_kghc < _ kde I i hohl_ fg_ gjZ\blky we_f_gl b]ju _ kde J i kemqZcghklb ihwlhfm y b g_ ^_eZe _ kde J i ihiuldb aZ \_klb kh[Zdm Ihdhk ijh^he`Zeky hdheh _ kde J i g_^_eb Y b hl_p `beb lh]^Z \ ohjhr_c _ kde I i iZeZld_ k dhkljhf qZc gbdhf kiZeb gZ k\_`_f _ kde I i k_g_ b m^beb ju[m Djhf_ lh]h y oh^be ^Zevr_ \\_jo ih j_d_ \_jkl aZ k_fv ]^_ [ueb ha_jZ \ _ kde I i b\gyd_ b klj_eye mlhd Mlhd fu \Zjbeb hohlgbqvbf
kihkh[hf \ ]j_qg_\hc _ kde I i dZr_ G_kfhljy gZ fhx ^_c kl\bl_evgmx kljZklv d _ kde I i hohl_ m f_gy gbdh]^Z g_ [u eh ^he`ghc _ kde J i aZ[hlu b l_ji_gby kgZjy^blvky dZd ke_ ^m_l : K =jbg
<Zjbeb ± ]eZ]he ,, kij \ ijhr \j \h fg q QZcgbdhf < iZeZld_ k q_f" k dhkljhf ± kms ` j _ kde klhbl \ L i \ _^ q Ha_jZ \ q_f" \ b\gyd_ ± kms f j _ kde klhbl \ I i \ _^ q G_ [ueh q_]h" l_ji_gby ± kms kj j _ kde klhbl \ J i \ _^ q KZ^ hibkZg [he__ yjdh \h \lhjhf l_dkl_ ihlhfm qlh \ g_f _klv ijbeZ]Zl_evgu_ F_^hghkgu_ dZdb_" khehf_ggh ljZ\ygbkluf dZdbf" imrb klu_ dZdb_" kbj_g_\u_ dZdb_"
GZ demf[_ p\_lml h]jhfgu_ Zeu_ ]_hj]bgu < kZ^m i_klj_xl jZaghp\_lgu_ Zklju <ukhdb_ ]eZ^bhemku ihoh`b gZ klj_eu De_ gh\u_ ebklvy hk_gvx `_elu_ b djZkgu_ Hgb ihoh`b gZ eZ^hrdb k jZklhiuj_ggufb iZevpZfb
< ^Zevg_f ihoh^_ k g_h`b^Zgghc jZ^hklvx gZ jhah\Zluo h[eZdZo d jZkdb^bklhc _eb gZ fh]mq_f ^m[_ ih^ dm^jy\hc [_j_a dhc ba aZ fjZqghc lmqb GZ h[eZdZo ± kms kj j _ kde \ I i \h fg q JZggbf e_lgbf dZdbf" mljhf L i ijbylgh ih[jh^blv ih e_km ih^urZlv qbkluf k\_`bf dZdbf" \ha^mohf L i K jZgg_]h dZdh]h" mljZ J i b ^h iha^g_c dZdhc" ghqb J i keurblky qm ^_kgh_ dZdh_" i_gb_ B i e_kguo dZdbo" ilbp J i ;_edZ \ah[jZeZkv gZ \_jogxx dZdmx" \_ldm < i _eb J i b bkq_aeZ \ a_e_ghc dZdhc" o\h_ I i < ijhajZqghf dZdhf" \ha^mo_ I i
ijb yjdhf dZdhf" k\_l_ I i j_qdZ dZ`_lky k_j_[jyghc dZdhc"
e_glhc L i Z em] ± ijZa^gbqguf dZdbf" dh\jhf L i Keurblky ± ]eZ]he ,, kij bkde \ gZkl \j \ e \ _^ q <_ldm _eb ± kms ` j _ kde \ J i \ _^ q
E_kgZy ilbqdZ E_k B i \ iheghf kfuke_ I i a\_g_e Y magZ\Ze lhgdbc hkljuc k\bkl < i kbgbp J i deZpZgv_ < i ^jha^h\ J i lj_\h`gu_ i_j_debdb < i khjhd J i KljhcgZy baysgZy ilbq dZ B i kb^_eZ gZ \_jomrd_ I i fheh^hc _eb J i gZ __ k\_l ehf \_jlbdZevghf ih[_]_ I i b aZeb\ZeZkv lZd kZfhaZ[\_ggh qlh
ih^imklbeZ f_gy \iehlgmx : dh]^Z gZdhg_p aZf_lbeZ f_gy lh i_ j_e_l_eZ gZ khk_^gxx _ehqdm < i hiylv gZ kZfmx fZdh\dm < i @Zev y g_ agZe qlh wlh aZ ilbqdZ B i I_j_debdb khjhd Âą kms ` j _ kde \ J i \h fg q BaysgZy ilbqdZ Âą ijbeZ] \ ` j \ B i \ _^ q Fheh^hc _eb Âą ijbeZ] \ ` j \ J i \ _^ q GZ khk_^gxx _ehqdm Âą ijbeZ] \ ` j \ < i \ _^ q I_qZevgu_ iheygu i_qZevgh ev_l
<^Zeb jZa^Z\ZeZkv a\hgdZy dZdZy i_kgy A\hgdh dZd i_eb j_[ylZ
GZ dZjlbg_ om^h`gbdZ : : IeZklh\Z ŠE_lhfª fu \b^bf ^\mo dj_klvygkdbo ^_\hq_d Hgb ihreb \ e_k aZ ]jb[Zfb b y]h^Zfb Hke_ibl_evgh yjdh k\_lbl khegp_ ihwlhfm ^_\hqdb jZkiheh`bebkv \ l_gb ih^ [_j_adZfb <_l\b ^_j_\v_\ kdehgbebkv \gba ebklvy g_ dheurmlky b fu \b^bf qlh klhbl lbobc [_a\_lj_gguc ^_gv < l_ gb ljZ\Z khqgZy bamfjm^gZy Z gZ kheg_qghc iheyg_ ¹ k\_leZy \u ]hj_\rZy >_\hqdb gZ[jZeb ihegu_ dhjabgu ]jb[h\ b hl^uoZxl H^gZ ba gbo ijbe_]eZ ihkiZlv ^jm]Zy ie_l_l \_ghd Kh[ZdZ lh`_ mk I i < i I i lZeZ hgZ iheh`beZ ]heh\m gZ eZiu Fg_ hq_gv ihgjZ\beZkv wlZ dZj J i I i lbgZ HgZ gZihfbgZ_l h e_l_ b dZgbdmeZo IZoZlv a_fex gZ khk_^g_f h]hjh^_ mqZkl\h\Zlv \ m[hjd_ I i mjh`Zy \u_a`Z_l gZ dhf[Zcg_ \ k_jv_aghc [jhrxj_ jZa^Z\Zlvky \ I i I i I i > i I i > i < i \urbg_ kheh\vbgmx lj_ev gZe_\h ih lmjbklkdhc ljhi_ ijh^\b B i I i B i J i < i < i ]Zlvky \i_j_^ kd\hav qZsm `Ze_lv j_[_gdZ h g_mdex`_f dhkheZihf f_^\_^_ ljmkeb\hf aZcp_ b eh\dhc h[_avyg_ ih smqv_fm \_e_gvx jmfygu_ y[ehdb gZ \_ld_ ly`_eu_ dhehkvy ir_gbpu GZ khk_^g_f h]hjh^_ ¹ ijbe \ f j \ I i \ _^ q ;jhrxj_ H k_[_ ¹y \ jZa]h\hj_ k lh\Zjbs_f ¹ lu h lh\Zjbs_ ¹ hg hgZ Fu B i fg q k gbf L i _^ q hg B i _^ q y B i _^ q gZ g_c I i _^ q k gbf L i _^ q F_klhbf_gby k ij_^eh]Zfb ibrmlky jZa^_evgh K ijbyl_e_f ¹ kms f j \ _^ q \ L i _ kde
B \hl hgZ ^h]Z^ZeZkv gZ ijh]medb [jZlv f_gy < i L_i_jv _c > i gm`gh [ueh lhevdh m\b^_lv p\_lhd beb \_jg__ \u[jZlv lhl dhlhjuc ohq_lky khj\Zlv y Z [_]Z\rbc \hae_ g__ J i ijb\h ^be \ bkiheg_gb_ __ `_eZgby < klZlv_ [ueh gZibkZgh qlh[u ex^b g_ krb[Zeb gh]Zfb g_ gm`gu_ bf > i b ^Z`_ \j_^gu_ ^ey gbo J
i fmohfhju gh h[oh^beb [u bo < i klhjhghc hklZ\eyy ^ey [hevguo ehk_c dZd fh`_l [ulv _^bgkl\_ggh_ ehkbgh_ e_dZjkl\h >ey gZk lh J i dhg_qgh fmohfhj y^h\bl gh ihjZ gZf > i i_ j_klZlv f_jblv ijbjh^m ih k_[_ < : Khehmobg
KlZe hg debdZlv ahehlmx ju[dm IjbieueZ d g_fm > i _^ q f j ju[dZ kijhkbeZ ŠQ_]h l_[_ gZ^h[gh klZjq_"ª GZ g_]h < i _^ q f j klZjmoZ g_ \a]eygmeZ ebrv k hq_c ijh]gZlv _]h \_e_ eZ =ey^v hiylv i_j_^ gbf L i _^ q f j a_feygdZ gZ ihjh]_ kb^bl _]h klZjmoZ Z i_j_^ g_x L i _^ q ` j jZa[blh_ dhjulh Ahehlmx ju[dm ¹ ijbeZ] \ ` j \ < i \ _^ q ?_ _ e < i _^ q f_gy _ e < i _^ q l_[y _ e < i _^ q fg_ _ e > i _^ q \u _ e B i fg q fg_ _ e J i _^ q gZ \Zk _ e < i _^ q l_[_ _ e > i _^ q lu _ e B i _^ q fu _ e B i _^ q Iju]ZeZ b miZeZ
Bgl_j_kgZy \klj_qZ < ijhremx km[[hlm m gZk \ deZkk_ khklhyeZkv \klj_qZ k \_l_jZ gZfb ljm^Z Fu ijb]eZkbeb gZ g__ gZrbo r_nh\ b <blbgh]h ^_ ^mrdm GZr deZkk ih^]hlh\be d wlhc \klj_q_ \uklZ\dm km\_gbjh\ dhlhju_ fu k^_eZeb kZfb GZrb ih^_edb hq_gv ihgjZ\bebkv ]hk lyf Z <blbg ^_^mrdZ kdZaZe ŠKj_^b \Zk g_ ^he`gh [ulv [_ehjm q_d GZ^h mf_lv \k_ ^_eZlv k\hbfb jmdZfbª Ihlhf fu \uklmibeb k dhgp_jlhf qblZeb klbob b i_eb i_kgb Ohq_lky _s_ jZa mkljhblv lZdmx \klj_qm Khqbg_gb_
E_lgb_ jZ^hklb Dh]^Z y \kihfbgZx e_lh lh ^mfZx lhevdh h ohjhr_f b jZ^hkl ghf < wlhf ]h^m y \ i_j\uc jZa ih_oZe \ eZ]_jv KgZqZeZ fg_ lZf g_ hq_gv ihgjZ\behkv y hq_gv kdmqZe ih ^hfm Gh ihlhf y aZibkZeky \ Z\bZfh^_evguc djm`hd b i_j_klZe kdmqZlv LZf y ih^jm`beky kh fgh]bfb j_[ylZfb Gh kZfh_ ]eZ\gh_ Âą y k^_eZe gZklhysmx fh^_ev kZfhe_lZ Fu aZimkdZeb k\hb fh^_eb k \ukhdhc ]hju b hgb ij_ djZkgh e_lZeb ?s_ fg_ aZihfgbebkv kihjlb\gu_ khj_\gh\Zgby Âą wklZn_lZ b \he_c[he GZr hljy^ aZgye i_j\h_ f_klh ih \he_c[hem b \k_ hq_gv jZ^h\Zebkv Hq_gv ohq_lky ih_oZlv \ eZ]_jv ke_^mxsbf e_lhf \klj_lblvky lZf k ^jmavyfb
Y ex[ex hk_gv ^Z`_ kZfmx iha^gxx gh g_ lm dhlhjmx ex[yl \k_ y ex[ex g_ fhjhagu_ djZkgu_ \_lj_gu_ ^gb y ex[ex l_ieu_ k_ju_ lbob_ b ih`Zemc ^h`^eb\u_ ^gb Hk_gv ]em[hdZy hk_gv K_jh_ g_[h gbadb_ ly`_eu_ \eZ`gu_ h[eZdZ ]heu b ijhajZqgu klZgh\ylky kZ^u jhsb b e_kZ <k_ \b^gh gZkd\hav \ kZfhc ]emohc ^j_\_kghc qZs_ dm^Z e_lhf g_ ijhgbdZe ]eZa q_eh\_q_kdbc K L :dkZdh\
Ih_l abfZ ZmdZ_l FhogZluc e_k [ZxdZ_l Klha\hghf khkgydZ Djm]hf k lhkdhc ]em[hdhx Ieu\ml \ kljZgm ^Ze_dmx K_^u_ h[eZdZ : ih ^\hjm f_l_ebpZ Dh\jhf r_edh\uf kl_e_lky Gh [hevgh oheh^gZ <hjh[urdb b]jb\u_ DZd ^_ldb kbjhleb\u_ Ijb`Zebkv m hdgZ
K : ?k_gbg
Iha^gyy hk_gv K dZ`^uf ^g_f ghqv oheh^__l D jZkk\_lm \ha^mo m`_ h[`b]Z_l ebph e_]dbf fhjhahf IhehlgbsZ iZeZldb qmlv qmlv ijh\bkZxl b ljZ\Z k_^__l hl i_j\h]h mlj_ggbdZ IhjZ \klZ\Zlv GZ \hklhd_ m`_ gZeb\Z_lky lbobf k\_lhf aZjy M`_ \b^g_xlky h]jhfgu_ hq_jlZgby b\ m`_ f_jdgml a\_a^u D = IZmklh\kdbc
Hkgh\gZy fukev agZdb ij_ibgZgby g_h[oh^bfu ^ey ijZ \bevgh]h ql_gby b ihgbfZgby l_dklZ ?keb ibkZlv [_a agZdh\ ij_ibgZgby kfuke l_dklZ fh`_l bkdZ ablvky G_^Zjhf lZd ljm^gh jZkrbnjh\u\Zlv ^j_\gb_ jmdhibkb \_^v jZgvr_ gZ Jmkb ibkZeb [_a agZdh\ ij_ibgZgby b [_a ijh[_eh\ Ihwlhfm : I Q_oh\ gZau\Ze agZdb ij_ibgZgby ghlZfb ijb ql_gbb < ibkvf_gghf jmkkdhf l_dkl_ bkihevam_lky agZdh\ ij_ ibgZgby <k_ hgb bamqZxlky \ rdhe_ Fu ihdZ ihagZdhfbebkv kh ke_^mxsbfb agZdZfb ij_ibgZgby lhqdZ \hijhkbl_evguc agZd \hkdebpZl_evguc agZd aZiylZy
Bo hg dhjfbl b ihbl b hl\_l ^_j`Zlv \_ebl ©Q_f \u ]hklb lhj] \_^_l_ b dm^Z l_i_jv ieu\_l_"ª ©A^jZ\kl\mc dgyav lu fhc ij_ djZkguc qlh ` lu lbo dZd ^_gv g_gZklguc" Hi_qZebeky q_fm"ª ± ]h\hjbl hgZ _fm < kbg_f g_[_ a\_a^u [e_sml \ kbg_f fhj_ \hegu oe_sml lmqZ ih g_[m b^_l [hqdZ ih fhjx ieu\_l Kgh\Z dgyav m fhjy oh^bl k kbgy fhjy ]eZa g_ k\h^bl =h\hjbl Dgyav ± kms fm` j _ kde klhbl \ B i _^ q
IhagZdhfblvky k q_f" k f_klghklvx ijb\_lkl\h\Zlv dh]h" kdZeheZah\ mqZkl\h\Zeb \ q_f" \ ihoh^_ ih\_jgmeb dm ^Z" \ijZ\h ih^_eblvky q_f" \i_qZle_gbyfb Ihmqbl_evgZy dZdZy" bklhjby h \_kzeuo dZdbo" g_[ueb pZo g_h[udgh\_ggu_ dZdb_" ijbdexq_gby g_ez]dmx dZdmx" aZ ^Zqm
Nmgl q_]h" fykZ [mluedm q_]h" d\ZkZ kibq_qguc dZ dhc" dhjh[hd kZoZjguc dZdhc" i_khd =hlh\blv qlh" dhgp_jl _a^blv \ q_f" \ Z\lh[mk_ _eh\Zy dZdZy" rbrdZ _ehqgu_ dZdb_" mdjZr_gby keZ[uc dZdhc" ]h ehe_^ hiZkZlvky q_]h" ]hehe_^bpu mdZaZlv gZ qlh" gZ hrb[dm kdmqZlv ih dhfm" ih fZl_jb AZibkZlv qlh" [md\m ijbibkZlv qlh" [md\m ijhbag_ klb qlh" a\md ijhqblZlv qlh" [md\m m\b^_lv qlh" [md\m mk eurZlv qlh" a\md ;hevrZy dZdZy" [md\Z \ukhdbc dZdhc" a\md ^j_[_a`Zsbc dZdhc" a\md aZ]eZ\gZy dZdZy" [md\Z f_eh^bqguc dZdhc" a\md gbadbc dZdhc" a\md ijbylguc dZdhc" a\md ijhibkgZy dZdZy"
[md\Z jmdhibkgZy dZdZy" [md\Z i_qZlgZy dZdZy" [md\Z kljhqgZy dZdZy" [md\Z GZqZeh mjhdZ qblZ_l dgb]m bgl_j_kgZy dgb]Z klj_fblvky d agZgbyf dhfivxl_jguc deZkk [_k_^h\Zlv k lh\Zjbs_f ihk_lblv fma_c Mjhd gZ mjhd_ qblZe [_k_^Z ihk_s_gb_ \ fma__ fma_cguc ba j_^dZ ihk_sZlv Kms_kl\bl_evgu_ mjhd dgb]Z d agZgbyf deZkk k lh\Zjbs_f [_k_^Z fma_c IjbeZ]Zl_evgu_ bgl_j_kgZy fma_cguc dhfivxl_jguc =eZ]heu qblZ_l klj_fblvky ihk_sZlv
GZj_qb_ baj_^dZ Hjnh]jZffu \ hdhgqZgbb gZ mjhd_ qblZ_l d agZgbyf k lh\Z jbs_f \ fma__ Bgl_j_kgZy Keurblky ]eZ] ba^Ze_dZ lhj`_kl\_gguc fZjr kms ijZa^gbqguc kZexl kms jZihjl kms ^_`mjgh]h ijb\_lkl\h \Zlv ]eZ] ]hkl_c h[jZsZlvky d ]_jhyf k_jv_agh ]hlh\blvky ih fhsv \ajhkeuf rdhevgZy hebfibZ^Z ijb[eb`Zlvky d p_eb Keh\Z k ijh\_jy_fhc [_am^Zjghc ]eZkghc \ dhjg_ ba^Ze_dZ ^Zev ]hkl_c ]hklb h[jZsZlvky h[jZlguc ihfhsv ihfhsgbd ijb[eb`Zlvky [ebadh M[jZlv qlh" deZkk < i \uihegblv qlh" mijZ`g_gb_ < i ijh\_jblv qlh" ^bdlZgl < i gZjmrblv qlh" ihjy^hd < i \jmqblv qlh" ]jZfhlm < i hdhgqblv qlh" jZ[hlm < i Y k_]h^gy hdhgqbe jZ[hlm jZgvr_ \k_o AZ\ljZ fhy hq_j_^v m[b jZlv deZkk
Kheg_qgu_ dZdb_ emqb e_kgZy dZdZy" himrdZ ]hjh^ kdb_ dZdb_" `bl_eb deZkkgh_ dZdh_" kh[jZgb_ [b[ebhl_qgZy dZdZy" dgb]Z Kheg_qgu_ emqb hk_gvx m`_ g_ ]j_xl < iylgbpm khklhblky deZkkgh_ kh[jZgb_ H[blZl_eb q_]h" e_kZ `bl_eb q_]h" k_eZ kljmy q_]h" \h ^u h[eh`dZ q_]h" dgb]b Ihke_ mjhdZ ^_`mjguc klbjZ_l aZibkb k ^hkdb Mqbl_ev \u a\Ze f_gy d ^hkd_ Y ^he]h klhye m ^hkdb >_\hqdZ ih^hreZ d ^hkd_ Fu ih\_kbeb lZ[ebpm gZ ^hkdm GZ^h [ueh k^_eZlv mijZ`g_gb_ kZ fhklhyl_evgh Z g_ kibkZlv k ^hkdb L_i_jv fu jZa^_ebf ^hkdm gZ ^\_ qZklb <k_ kfhlj_eb gZ ^hkdm Hlhc^b hl ^hkdb Z lh g_ \b^gh aZ^Zgby IjhajZqguc dexq dexq hl aZfdZ ]hem[bgh_ i_jh i_jh ^ey ibkvfZ emd gZ ]jy^d_ ^_j_\ygguc emd kbevgZy l_qv l_qv kh kdeh gZ gh`dZ klheZ dmjbgZy gh`dZ ieZklfZkkh\Zy ebg_cdZ hljy^gZy ebg_cdZ k[hj fZdmeZlmju k[hj \k_]h eZ]_jy G_l gbq_]h lZdh]h \ `bagb b \ gZr_f khagZgbb qlh g_evay [ueh [u i_j_^Zlv jmkkdbf keh\hf A\mqZgb_ fmaudb [e_kd djZkhd b]jm k\_lZ l_gv kZ^h\ ]jhfuoZ gb_ ]jhau Fhjkdh]h
FZkl_jblv dhjZ[ebd fgh]h fmkhjZ h]hjq_ggZy fZfZ gZ \_klb ihjy^hd
GZ nml[hevghf fZlq_ =eZ\gh_ keh\h ± gZ fZlq_ GZ fZlq_ dZdhf" nml[hevghf Nml [hevghf ± aZ\bkbfh_ keh\h =eZ\gh_ keh\h \ujZ`_gh bf_g_f kms_ kl\bl_evguf AZ\bkbfh_ keh\h \ujZ`_gh bf_g_f ijbeZ]Zl_evguf b k\yaZgh k ]eZ\guf ijb ihfhsb hdhgqZgby Kfhlj_eb \gbfZl_evgh =eZ\gh_ keh\h ± kfhlj_eb Kfhlj_eb dZd" \gbfZl_evgh <gb fZl_evgh ± aZ\bkbfh_ keh\h =eZ\gh_ keh\h \ujZ`_gh ]eZ]hehf AZ \bkbfh_ keh\h \ujZ`_gh gZj_qb_f b k\yaZgh k ]eZ\guf ih kfukem OjZgblv iZfylv =eZ\gh_ keh\h ± ojZgblv OjZgblv qlh" iZfylv IZfylv ± aZ\b kbfh_ keh\h =eZ\gh_ keh\h \ujZ`_gh ]eZ]hehf AZ\bkbfh_ keh\h \ujZ`_gh kms_kl\bl_evguf \ \bgbl_evghf iZ^_`_ b k\yaZgh k ]eZ\guf ijb ihfhsb hdhgqZgby
=eZ\gZy fukev q_f ]em[`_ q_eh\_d ihagZ_l jh^ghc yaud l_f emqr_ hg ih^]hlh\e_g d h\eZ^_gbx ^jm]bfb yaudZfb Jh^ghc j_qvx ± h\eZ^_e j_qvx __ djZkhlu ± g_ ihqm\kl\h\Ze djZkhlu jh^gh]h keh\Z ± hll_gdb keh\Z d h\eZ^_gbx yaudZfb ± ih^]hlh\e_g d h\eZ^_gbx IjbeZ]Zl_evgu_ ^moh\gh_ gZjh^gZy g_^hklmiguf jh^ghc jh^gh]h GZ ljZ\_ b dmklZo aZ[e_kl_eZ jhkZ IhkeurZehkv i_gb_ ilbp Y \ur_e ba iZeZldb b gZijZ\beky d j_d_ Ijb[j_`gu_ dZfu rb baj_^dZ rmjrZl Mljh JZkk\_eh g_aZf_lgh B^m ex[mxkv ^hjh]hc ijbkemrb\Z xkv d a\mdZf <hl b j_dZ AZ[e_kl_eh ]eZ] kij klhbl \ ijhr \j ` j RmjrZl <_q_j DZdZy lbrbgZ K\_lZ_l Wlb ij_^eh`_gby \ujZ`Zxl aZdhgq_ggmx fukev bf_xl bglh gZpbx dhgpZ ij_^eh`_gby \ dhgp_ klhyl agZdb aZ\_jr_gby <_q_j AZ`b]Zxlky i_j\u_ a\_a^u Wlh \hkoh^bl emgZ K\_lZ_l AZi_eb \ jhs_ ilbpu Hl aZjb jZaeb\Z_lky yjdbc k\_l Ih^me k\_ `bc \_l_jhd <ahreh khegurdh GZ ljZ\_ b dmklZo aZ[e_kl_eb dZ i_evdb jhku Hlq_]h jhah\__l ]hjbahgl gZ \hklhd_" DZdZy lbrbgZ DZd djZkb\ gZ jZkk\_l_ e_k
JZaeb\Z_lky ]eZ] kij klhbl \ gZkl \j e _^ q
Kf_jdZehkv GZ aZdZl_ ^h]hjZeZ aZjy AZ e_khf __ g_ [ueh \b^gh gh \kx^m qm\kl\h\ZeZkv [hjv[Z k\_lZ k lvfhx Ghqgu_ l_gb mki_eb ijhdjZklvky \ e_k b aZdmlZeb \ kmfjZd \ukhdb_ djhgu ^_ j_\v_\ F_`^m \_l\yfb ^_j_\v_\ \b^g_ebkv a\_a^u b hklju_ jh]Z ihemf_kypZ K\_lZeh Dhkl_j ^h]hjZe GZ^ j_dhx ih\bk ]mklhc lmfZg Kd\hav g_]h g_ykgh [ueb \b^gu ]hju <_k_eu_ ]hehkZ rmldb kf_o jZagh kbebkv ^Ze_dh ih ^hebg_ < D :jk_gv_\
K`Zlh_ baeh`_gb_
I_gv aZagZcdZ < e_km klhye [hevrhc i_gv AZf_lbe hg qlh \k_ ex^b _fm deZ gyxlky <ha]hj^beky klZjuc i_gv b kdZaZe ^_j_\vyf qlh hg \ e_km kZfuc ]eZ\guc b hgb lh`_ _fm deZgylvky ^he`gu Gh ^_j_\vy ijh^he`Zeb klhylv \hdjm] g_]h fheqZ b ijyfh I_gv jZkk_j^beky Gh lml ijbe_l_eZ fZe_gvdZy kbgbqdZ b h[tyk gbeZ igx qlh ex^b \h\k_ g_ deZgyxlky _fm Z bsml \hae_ g_]h hiylZ De_gh\u_ ebklvy _ ih\bkZeb gZ gbldZo hk_gg_c iZmlbgu GZ gbldZo I i k khegp_f L i ijb ijhsZgbb I i gZ eb klvyo I i gZ ihkl_ev < i ihke_ oh^v[u J i Hk_gg_c iZmlbgu ± ijbeZ] klhbl \ jh^ i _^ q ` j De_gh\u_ I_j_[b\Zcl_ ^hkemrZcl_ \ jZa]h\hj_ i_j_[vxl i_j_djb qZlv kh[_k_^gbdZ aZfheqbl_ \ukemrZcl_ \hajZ`_gby jZafZob \Zcl_
GZibrb [Z[mrd_ ibkvfh h k\hbo ^_eZo \ rdhe_ JZkkdZ`b fg_ h ijh]med_ \ e_k Ihfhc ihke_ m`bgZ ihkm^m ih\_kl\
IylbdeZkkgbdb g_ aZ[u\Zxl iheb\Zlv p\_lu gZ demf[_ G_ ih[m^ ih[m^ aZ[m^vl_ iheblv p\_lu >Zc fg_ ih`ZemcklZ eZklbd Y \k_]^Z ^Z\Ze ih[m^ \hijhk ih\_kl\ khk_^m eZklbd <havfb lZj_edm \ rdZnm Y \havfm _s_ h^bg dmkhd ih\_kl\ ih[m^ ibjh]Z" Ijbg_kb fg_ [hlbgdb Y ijbg_km \ rdhem k\hb ih^_edb Lu \hijhk ih[m^ ijb]hlh\beky d mjhdm" Ijb]hlh\vl_ \Zrb l_ljZ^b =hjh^kdhc \uklZ\hqguc aZe jbkmgdb gZ h^gm l_fm k\_j dZxsZy e_klgbpZ mdjZrZlv ]bjeyg^Zfb ihjlj_lu iml_r_kl\_ggb dh\ djm`db Z\lhfh[bebklh\ m\e_dZl_evgu_ aZgylby gZ om^h`_kl \_gghc \uklZ\d_ kh\_l jZ^bhex[bl_e_c h[t_^bgblv ih bgl_j_kZf dhfivxl_jgu_ b]ju k jZ^hklguf gZkljh_gb_f keurblky ba^Ze_dZ
mklgh
JmkeZg pZjv KZelZg klZjmoZ dmipu Dlh \aye fhx jmqdm" Qlh fg_ gm`gh k^_eZlv" DZd j_rZlv wlm aZ^Zqm" Dh]^Z [m^ml dZgbdmeu" Kdhevdh k_]h^gy mjhdh\" Dm^Z ijhiZe fhc khk_^" Ihq_fm fg_ g_evay ih]meylv" AZq_f gm`gh fulv jmdb" <ZrZ rdheZ fZe_gvdZy" G_l gZrZ rdheZ [hevrZy M \Zk \ deZkk_ klZju_ klheu" G_l klheu gh\u_ M \Zk \ rdhe_ madb_ dhjb^hju" G_l dhjb^hju rbjhdb_
IZjhf L_fghc ghqvx \ lZjZglZk_ ?^_f k nhgZj_f ih\_kl\
Š:ky kibrv"ª \hij G_ kiblky :k_ ih\_kl\
<i_j_^b iZjhf ih\_kl\
?^_f rZ]hf \ ]hjm ly`dh < khgghf ihe_ ]jhf ih\_kl\
Š:ky keurbrv"ª \hij Kibl [_^gy`dZ IjhkiZeZ iZjhf ih\_kl\
< l_fghl_ HdZ [e_kgmeZ @b^dbf k_j_[jhfÂŤ ih\_kl\
:ky ]eZadb jZahfdgmeZÂŤ ih\_kl\
ŠIh^Z\Zc iZjhf ª ih[m^
F B P\_lZ_\Z
mklgh
mklgh
mklgh F_`^m kl\heh\ khk_g ijhf_evdgmeZ [_edZ Dm^Z hgZ kdju eZkv" =^_ __ ^hfbd" Djm]hf klhbl lbrbgZ Ohjhrh hk_gvx \ e_km : kdhevdh ]jb[h\ Gh qlh wlh" IZmqhd mp_ibeky aZ ojmklZevgmx iZmlbgdm b e_lbl Dm^Z hg e_lbl" =^_ hklZgh\blky" KqZkleb\h]h l_ [_ iml_r_kl\by iZmqhd >hfbd A^jZ\kl\mc jh^gZy rdheZ ih[m^
<_k_euc mlj_ggbd ih\_kl\
Ihq_fm fg_ bgl_j_kgh gZ mjhd_ fZl_fZlbdb" \hij
G_h[uqguc ^_gv \ rdhe_ < >_gv mqbl_ey fu ijbreb \ rdhem ihjZgvr_ qlh[u iha^jZ \blv k\hbo i_^Z]h]h\ : hgb gZf b ]h\hjyl qlh k_]h^gy \k_ mjhdb [m^ml \_klb klZjr_deZkkgbdb Fu m^b\bebkv b ^Z`_ g_ ih\_jbeb Gh lZd b [ueh GZ mjhd_ jmkkdh]h yaudZ ^\_ ^_\hqdb ba ^_kylh]h deZkkZ hj]Zgbah\Zeb m gZk \bdlhjbgm GZ fZl_fZlbd_ ^_\ylbdeZkk gbd <bly hq_gv bgl_j_kgh h[tykgbe gZf gh\mx l_fm : gZ nbadmev lmj_ \_kv \hkvfhc deZkk mqbe gZk b]jZlv \ \he_c[he GZrb mqbl_ey \ wlh \j_fy ibeb qZc \ dZgp_eyjbb b qZklh aZ]ey ^u\Zeb d gZf ihlhfm qlh [_kihdhbebkv Gh \k_ [ueh \ ihjy^d_ : ihke_ mjhdh\ fu \k_ ihreb \ Zdlh\uc aZe gZ ijZa^gbqguc dhgp_jl Fg_ hq_gv ihgjZ\behkv dZd ijhr_e >_gv mqbl_ey Ih [hevr_ [u lZdbo g_h[uqguo ^g_c hlau\
Ih^gyeZkv aZ j_dhc [hevrZy lzfgZy lmqZ Ijhg_kky ih e_k guf fZdmrdZf kbevguc \_l_j MiZeb i_j\u_ ly`_eu_ dZieb <kdh j_ oeugme lzieuc ijheb\ghc ^h`^v
Ebklvy kms B i iZ^Zxl k de_gh\ Ex^b kms B i \ iZjd_ oh^yl ih ahehlhfm dh\jm J_[ylbrdb kms B i kh[bjZxl djZkb\u_ h]g_ggu_ ebklvy \ [md_lu Y f_kl B i ijbkemrb\Z xkv Ebklvy kms B i iZ^Zxl g_ [_aa\mqgh Y f_kl B i keu rm fmaudm ebklhiZ^Z <hl ^_\hqdZ kms B i ih^gyeZ ]heh\m HgZ f_kl B i lh`_ kemrZ_l ahehlhc ohjh\h^ < F I_kdh\
Gh e_lh [ukljh_ e_lbl GZklZeZ hk_gv ahehlZy
;e_kgme fhjha B jZ^u fu IjhdZaZf fZlmrdb abfu
Ljb ^_\bpu ih^ hdghf Ijyeb iha^gh \_q_jdhf B ljb^pZlv \blya_c ij_djZkguo Qj_^hc ba \h^ \uoh^yl ykguo <oh^yl k_fv [h]Zluj_c
: K Imrdbg
< kmf_jdZo ijhreZ ]e ]jhaZ k ]jZ^hf Djm]eu_ ]jZ^bgu eh`bebkv ]e gZ ^hjh`dZo kZ^Z ]hjdZfb m djuevpZ b l_jjZku D jZkk\_lm ]jhaZ mlboeZ ]e X F GZ]b[bg
<gbam ih^ gh]Zfb rmjrZl kmob_ ebklvy Ih ^hjh`d_ kijZ\Z b ke_\Z hl f_gy iju]Zxl \hjh[vb Qlh _^yl \hjh[vb" Hgb _^yl dhjf Dhl <ZkvdZ kb^bl hdheh aZ[hjZ Hg ih]ey^u\Z_l gZ ilbp H^gZ
ilbqdZ ih^e_l_eZ d g_fm kh\k_f [ebadh <ZkvdZ iju]gme Ilbpu jZae_l_ebkv F_kl hl f_gy hgb hg d g_fm RmjrZl ih^ gh]Zfb ih]ey^u\Z_l gZ ilbp JZggyy hk_gv qlh lZdh_" Âą ij_djZkgZy ihjZ >gb dZdb_"
lbob_ kheg_qgu_ G_[h gZ^ ]heh\hc dZdh_" ]hem[h_ Ihe^gb dZ dh\u" k\_leu b ih]h`b IjhajZq_g dZdh\" \ha^mo >Zev dZdh\Z"
qbklZ b k\_leZ Ghqb dZdh\u" ijhoeZ^gu Ijbjh^Z hk_gvx qlh lZ dh_" Âą djZkhlZ a^hjh\v_ Ih]h^Z \ e_km g_gZklgZy <k_ \hdjm] k_jh H[e_l_\rb_ ^_ j_\vy ]heu Gh \ha^mo qbkl b k\_` Himkl_\rbc e_k lbo b fjZq_g
KgZqZeZ f_evdgme \^Zeb fZe_gvdbc ]hem[hc ehkdmlhd Z ih lhf ihdZaZehkv fhj_ \h \kx rbjv GZ khegp_ fhj_ bkdjblky i_j_ eb\Z_lky jZagufb hll_gdZfb kbg_]h b a_e_gh]h < emggmx ghqv gZ fhj_ k_j_[jblky au[dZy ^hjh`dZ k\_lZ < rlhjf fhj_ kgZqZeZ \he gm_lky b q_jg__l Dh]^Z [mjy jZau]jZ_lky hgh ]j_fbl b jhdhq_l
GZlZrZ ]hj^h \ieueZ \ dhfgZlm HgZ j_i_lbjh\ZeZ ]eZ\gmx jhev \ rdhevghf ki_dlZde_ GZlZrZ \e_l_eZ \ dhfgZlm b ihki_rbeZ iho\ZklZlvky HgZ ihemqbeZ Šiylvª aZ dhgljhevgmx GZlZrZ [hqdhf ijhlbkgmeZkv \ dhfgZlm HgZ agZeZ qlh __ [m^ml jm]Zlv FZevqbd `Zeh[gh mfheye ihfhqv _fm ŠMc^bl_ mc^bl_ hl kx^Z ª ¹ djbqZeZ ^_\hqdZ _s_ ijhgabl_evg__ IZiZ gZklhcqb\h lj_ [h\Ze hl\_lZ K_kljZ qlh lh ]jhfdh aZdjbqZeZ \ hl\_l Š:c m`Zkgh :c Zc m`Zkgh ª ¹ l\_j^be I_ly b gbq_]h g_ fh] ijb^mfZlv
Fbj kms qlh lZdh_" Âą ^_eh kms \_ebdh_ A_fey kms
qlh lZdh_" Âą dhjfbebpZ kms Dgb]Z kms qlh lZdh_" Âą emqrbc lh\Zjbs kms Ih\lhj_gb_ kms qlh lZdh_" Âą fZlv kms mq_ gby Mq_gv_ kms qlh lZdh_" Âą k\_l kms Z g_mq_gb_ kms qlh lZdh_" Âą lvfZ kms Oe_[ kms qlh lZdh_" Âą bfy kms_kl\bl_ev gh_ kms =eZ]he kms qlh lZdh_" Âą qZklv j_qb kms :a[mdZ kms qlh lZdh_" Âą d fm^jhklb klmi_gvdZ kms
L\hc [jZl dlh lZdhc" Âą rZofZlbkl" Fhy k_kljZ dlh lZdZy"
Âą lj_g_j ih ieZ\Zgbx HgZ dZdh\Z" gZklhcqb\Z b ljm^hex[b\Z GZrZ fZfZ dlh lZdZy" Âą ^hfhohaycdZ IZiZ dlh lZdhc" Âą rhn_j lZdkb ;Z[mrdZ dlh lZdZy" Âą i_gkbhg_jdZ HgZ dZdZy" hq_gv ^h[ jZy b eZkdh\Zy Fhc ^_^mrdZ dlh lZdhc" Âą \_l_jZg ljm^Z Hg _s_ qlh ^_eZ_l" jZ[hlZ_l
IZjl_j kms B i ± wlh gb`gbc wlZ` kms B i ajb l_evgh]h aZeZ \ l_Zlj_ dbgh IeZg_j kms B i ± wlh [_afhlhjguc e_lZl_evguc ZiiZjZl kms B i IhjhrZ kms B i ± lhevdh qlh \uiZ\rbc juoeuc kg_] kms B i Fhy fZlv ± r\_y KlZjrbc [jZl ± klm^_gl FeZ^rbc [jZl ± i_j\hdeZkkgbd K_kljZ ± hlebqgbpZ
I_qZe_g \b^ Kiyl jZkl_gvy AZjy ]hjbl =eZ\gZy fukev \ujZ`_gZ \ kljhqdZo ©Kmjh\hc hk_gb i_qZe_g iha^gbc \b^ª ;e_dgml ljZ\u g_jZkij >j_fexl oZlu g_jZkij Jhsb \kiuogmeb \^Zeb jZkij Ih g_ajbfhfm dZgZlm ijhlygmebkv `m jZ\eb jZkij =Zkg_l ^_gv g_jZkij Kdhjh a\_a^u lbobf k\_lhf miZ^ml gZ ^gh j_db jZkij Y ijhsZxkv k l_ieuf e_lhf [_a i_qZeb b lhkdb jZkij <kiuogmeb \^Zeb kdhjh miZ^ml Hk_gv gZklmibeZ <g_aZigh gZklmibeZ iha^gyy hk_gv GZqZ ebkv dZgbdmeu GZdhg_p gZqZebkv ^he]h`^Zggu_ dZgbdmeu Y h^_ \Zxkv Ih mljZf y h^_\Zxkv ihl_ie__ Fu b^_f Fu [ukljh b^_f \ rdhem Ilbpu me_l_eb I_j_e_lgu_ ilbpu me_l_eb gZ x]
A\hghd =jhfdh ijha\_g_e j_adbc a\hghd Mq_gbdb jZa]h\Z jb\Zeb Mq_gbdb ]jhfdh b h`b\e_ggh jZa]h\Zjb\Zeb <hreZ mqb l_evgbpZ < deZkk g_h`b^Zggh \hreZ gZrZ mqbl_evgbpZ GZklmibeZ lbrbgZ KjZam gZklmibeZ lbrbgZ GZqZeky mjhd GZqZeky mjhd jmk kdh]h yaudZ >_lb kemrZeb >_lb \gbfZl_evgh kemrZeb h[tykg_gb_ gh\hc l_fu <[_`Ze I_ly <^jm] \[_`Ze hiha^Z\rbc I_ly LbrbgZ ± kms ` j _ kde klhbl \ B i _^ q
Ih p_eb \ukdZau\Zgby ij_^eh`_gby [u\Zxl ih\_kl\h\Z l_evgu_ \hijhkbl_evgu_ b ih[m^bl_evgu_ Y \ufue ihe Lu \u fue ihe" <ufhc ihe ih`ZemcklZ <hkdebpZl_evgu_ ij_^eh`_gby \ujZ`Zxl kbevgu_ qm\kl\Z b ijhbaghkylky k mkbe_gghc bglhgZpb_c < dhgp_ lZdbo ij_^eh`_gbc klZ\blky \hkdebpZl_evguc agZd DZd ohjhrh Ih gZebqbx \lhjhkl_i_gguo qe_gh\ ij_^eh`_gby [u\Zxl jZkijhkljZg_ggufb b g_jZkijhkljZg_ggufb GZklZeZ hk_gv GZklZ eZ ijhoeZ^gZy hk_gv < dhgp_ ij_^eh`_gby klZ\ylky lhqdZ \hijhkbl_evguc beb \hkdebpZl_evguc agZd \ aZ\bkbfhklb hl bglhgZpbb Ihc^_f k_]h ^gy \ e_k" Ij_djZk_g hk_ggbc e_k Fu ]meyeb \ e_km
Ih kdehgZf g_kebkv ^h`^_\u_ ihlhdb <q_jZ \h^Z k dhjg_f \uj\ZeZ fh]mqbc ^m[
K\_`bc \_l_jhd B i b]jZ_l ebklvyfb L i Ebklhq_d B i hlhj\Zeky hl \_ldb J i LhgdZy iZmlbgZ B i aZp_ibeZkv aZ kmqhd < i Hj_e B i hohlblky aZ puieylZfb L i >bdb_ ]mkb B i ]hlh\bebkv d hle_lm > i E_kgbd B i ij_^mij_^be lmjb klh\ < i h[ hiZkghklb I i ih`ZjZ J i >_lb B i ijhklb ebkv k fZl_jvx L i Ih^ dmklhf L i j_[ylZ B i aZf_lbeb aZcqhgdZ < i DZly ij_^eZ]Z_l <Zk_ njmdlu E_gZ kfhljbl gZ I_lx b Fb rm FbrZ iv_l ]hjyqbc qZc ba qZrdb I_ly ^_j`bl \ jmd_ eh`dm GZ [hevrhc lZj_ed_ e_`bl lhjl Ij_^eZ]Z_l <Zk_ ij_^eZ]Z_l njmdlu
Ehfbl hg kmd b k]b[Z_l \ emd Dhjrmg djh\v ijhebe Emd pZj_\bq himklbe D fhjx ih^oh^bl hg keurbl klhg FZlv b kug \b^yl ohef Hldjue pZj_\bq hqb FbrZ hqmlbeky \ ]mklhf e_km Hg [hyeky dZ`^h]h rhjhoZ FbrZ agZe qlh \ e_km klhbl hiZkZlvky ^bdbo a\_j_c Hkh[_ggh fZevqbd im]Zeky f_^\_^y Gh f_^\_^v lZd b g_ ihy\beky I i
J i
L i
GZ aZf_qZl_evghc \uklZ\d_ p\_lh\ ex[h\Zlvky ZkljZfb ]_ L i L i B i < i hj]bgZfb ojbaZgl_fZfb iha^jZ\eylv ih[_^bl_e_c xgu_ p\_lh\h < i L i B i ^u \kx^m jZ^hklgu_ ebpZ k qm^_kgufb i_kgyfb h`b\e_ggZy [_k_ ^Z keurZlky \_a^_ JZa\_\Zxlky agZf_gZ >_lb jZklml b jZa\b\Zxlky
IZ^Zxl j_agu_ dZdb_" ebklvy YjdZy dZdZy" habfv [e_ klbl Djm`blky `zeluc dZdhc" ebkl Ilbqvb qvb" ]gza^Z himkl_eb Ihr_e j_^dbc dZdhc" ^h`^v AZ >hghf \ e_km ijb`beZkv lboZy eZkdh\Zy dZdZy" hk_gv K r_e_klhf iZ^Zeb k lhihe_c kmob_ dZdb_" ebklvy GZ f_jl\hc dZ dhc ljZ\_ e_`ZeZ jhkZ =hjvdbc dZdhc" aZiZo aZihegye e_k K lhihe_c ± kms f j kde klhbl \h fg q J i Iha^gyy hk_gv Klhbl g_gZklgZy ih]h^Z Lj_lbc ^_gv ^m_l oheh^guc \_l_j AZ djm`bebkv \ ijhajZqghf \ha^mo_ `_elu_ ebklvy <hl k [_j_adb iZ ^Zxl ihke_^gb_ ebklhqdb GZ ^hjh`d_ e_`Zl [mju_ ebklvy hkbgdb djZkgh\Zlu_ ebklvy lhihey Me_lZxl ihke_^gb_ i_j_e_lgu_ ilbpu Ihy\bebkv hk_ggb_ aZcqZlZ ± ebklhiZ^gbqdb >m_l ± ]eZ] kij klhbl \ gZkl \j _^ q f ebp_
Hkbgdb AZdjm`bebkv \ \ha^mo_ iZ^Zxl k [_j_adb e_`Zl gZ ^hjh`d_
<q_jZ k\_lbeh yjdh_ khegurdh >me keZ[uc l_ieuc \_l_ jhd K_]h^gy ih]h^Z i_j_f_gbeZkv >m_l oheh^guc ihju\bkluc \_ l_j Khegp_ kdjuehkv aZ k_ju_ lmqb GZdjZiu\Z_l f_edbc ^h`^bd
Iyluc deZkk \ur_e m[bjZlv rdhevguc ^\hj J_[ylZ gZ^_eb jZ[hqmx h^_`^m Hey b I_ly ih^kljb]Zxl ]heu_ dmklu <Zgy hl\h abl fmkhj gZ lZqd_ Z E_gy b Dhey hlghkyl gZ ghkbedZo K\_lZ k]j_ [Z_l ]jZ[eyfb hiZ\rb_ ebklvy >_j_\vy ihkl_i_ggh h[e_lZxl Ebklvy e_lyl hlh\kx^m b iZ ^Zxl gZ \h^m DZjZkb aZ[bjZxlky \ be Ba aZ lmq \u]eygmeh khe gurdh H[eZdZ ieu\ml gZ \hklhd <_q_jhf gZ^ j_dhx ijhreZ ]jhaZ Lhgdhgh]b_ hkbgdb aZkl_gqb\h lheiylky m himrdb
B ^g_f b ghqvx dhl mq_guc \k_ oh^bl ih p_ib djm]hf Jm kZedZ gZ \_l\yo kb^bl Ljb ^_\bpu ih^ hdghf ijyeb iha^gh \_q_j dhf < k_gb \ur_e pZjv hl_p \k_ imklbebkv \h ^\hj_p <_l_j gZ fhj_ rmfbl km^gh ih fhjx [_`bl
Dh]^Z lu ijhkuiZ_rvky \hij " Y ijhkuiZxkv \ k_fv qZkh\ mljZ ih\_kl\ < dhlhjhf qZkm lu moh^brv ba ^hfZ \hij " Fg_ gZ^h \uclb ba ^hfZ \ \hk_fv qZkh\ mljZ ih\_kl\ DZd ^he]h lu [u\Z_rv \ rdhe_ \hij " H[uqgh y [u\Zx \ rdhe_ ^h ^\mo qZkh\ ^gy ih\_kl\ Dh]^Z \ha\jZsZ_rvky ^hfhc \hij " <ha\jZsZxkv ^hfhc hdheh iheh\bgu lj_lv_]h ih\_kl\ DZd ^he]h lu ^_eZ_rv mjhdb \hij " Y ^_eZx mjhdb h[uqgh qZkZ ihelhjZ ^\Z ih\_kl\ < dhlhjhf qZkm lu eh`brvky kiZlv" \hij KiZlv eh`mkv h[uqgh \ ^_\ylv qZkh\ \_q_jZ ih\_kl\ >ey ]_jhy dZjlbgu ©Hiylv ^\hcdZ ª fg_ ihabjh\Zeb q_luj_ h[udgh\_gguo fZevqbdZ Qlh klZeh k gbfb dh]^Z" ihlhf" DZd lhevdh dZjlbgm ihf_klbeb gZ \uklZ\d_ ljh_ ba j_[yl ijb reb dh fg_ Hgb jZkkdZaZeb h k\hbo mki_oZo G_^Z\gh dh]^Z" y \klj_lbe q_l\_jlh]h ©^\h_qgbdZª K ljm^hf dZd" magZe _]h hg \u jhk hdj_i b k_cqZk jZ[hlZ_l fZkl_jhf gZ aZ\h^_
Hlq_leb\h a\mqZeZ ih^ gh]Zfb ^_j_\yggZy gZklbedZ fhk lZ <h^Z ih^ gbf [ueZ q_jgZy b kljZrgZy Mfguc i_k hlebqgh ihgye _]h Hg [ukljh \kdZjZ[dZeky gZ kl_gm aZfZoZe o\hklhf b ih [_^gh aZeZye L_i_jv [ueZ hq_j_^v :jlh Hg r_e \i_j_^b [hevrbfb l\_j^ufb rZ]Zfb :jlh g_bklh\h eZye b kdZdZe ih [_
j_]m Kh[ZdZ lhlqZk `_ ihieueZ gZaZ^ <^Zeb jZa^Z_lky ]jma guc lhihl Wlh b^ml gZ \h^hihc [mc\heu
RbjhdZy kl_iv jZkklbeZeZkv i_j_^h fghc Y m\b^_e ba hdgZ [_a]jZgbqgmx kl_iv J_[ylZ m[_`Zeb ]meylv \ [_kdjZcgxx kl_iv Lu ijboh^be \q_jZ" Djhr_qgZy kh[ZqdZ aZeZyeZ \i_ j_^b ;ukljh [_`Ze jZklj_iZgguc fZevqbd
=eZ\gufb qe_gZfb ij_^eh`_gby y\eyxlky ih^e_`Zs__ b kdZam_fh_ >hiheg_gb_ hl\_qZ_l gZ \hijhku dhk\_gguo iZ^_`_c \k_ iZ ^_`b djhf_ bf_gbl_evgh]h Hij_^_e_gb_ hl\_qZ_l gZ \hijhku dZ dhc" q_c" dhlhjuc" H[klhyl_evkl\h hl\_qZ_l gZ \hijhku ]^_" dh ]^Z" dm^Z" hldm^Z" ihq_fm" kdhevdh" dZd"
Dmag_qbdb k\_jqdb kdjbiZqb b f_^\_^db aZlygmeb \ \h^_ k\hx kdjbimqmx fmaudm < ihe_ \ jhs_ \ \ha^mo_ pZjkl\h\Zeh [_afhe\b_ E_k aZa\_g_e aZklhgZe aZlj_sZe g_jZkij IZrgy \kx^m aZjhkeZ kbevgufb `b\mqbfb g_ijbohleb\ufb khjgydZfb Ih mebp_ \_l_j ]gZe i_jvy kljm`db iuev Bkdju e_l_eb gZe_ \h gZijZ\h \\_jo e
]jZqb < l_ieu_ djZy hk_gvx me_lZxl e ]mkb mldb `mjZ\eb e Hgb e_lyl \ gZijZ\e_gbb x]Z Ilbpu i_j_^ hle_lhf kh[bjZxlky \ g n klZb b ^he]h djm`Zl Ilbpu gZijZ\eyxlky \ ZnjbdZgkdb_ b ZabZl kdb_ kljZgu Abfh\Zlv k gZfb hklZxlky \hjh[vb kbgbpu ]hem[b Rdhevgbdb ^he`gu aZ[hlblvky h ilbpZo abfhc ih^dZjfeb\Zlv bo
Xgu_ lmjbklu iml_r_kl\mxl _`_]h^gh gZ eh^dZo ih <he]_ >g_ijm >hgm DZf_ >ey ^Zevg_]h iml_r_kl\by hgb aZiZk ebkv ijh\bab_c l_iehc h^_`^hc b [_ev_f Lmjbaf hl dZ`^h]h lj_[m_l ^bkpbiebgbjh\Zgghklb \u^_j`db b fm`_kl\Z ]e
]e
]e
;e_^gh k_jh_ g_[h k\_le_eh oheh^_eh kbg_eh B K Lmj kms kms kms ]_g_\ <_k_eu_ ]hehkZ rmldb b kf_o jZaghkbebkv ih ^hebg_
gZj gZj gZj KijZ\Z ke_\Z \i_j_^b aZ[_e_eb [_j_ah\u_ kl\heu Lmqb ieueb gZj gZj ijbe ijbe ih g_[m f_^e_ggh kdmqgh F =hjvdbc < l_iehf gh kujhf \ha ^mo_ qm\kl\h\Zehkv ^uoZgb_ hk_gb Dhl m\b^_e DZrlZgdm \kdhqbe \ulygme kibgm aZ^jZe o\hkl b \at_jhrbe r_jklv DZrlZgdhx h\eZ^_eb hlqZygb_ b m`Zk DZrlZgdZ ebagmeZ g_agZdhfpm jmdm b aZkdmebeZ _s_ `Zehklg__ Hg qfhdgme ]m[Zfb b k^_eZe DZrlZgd_ agZd jmdhc
=mkv aZ]h\hjbe h q_f lh [ukljh ]hjyqh hlq_leb\h gh g_ih gylgh KgZqZeZ hg ^Ze _c oe_[Z b a_e_gmx dhjhqdm kujZ ihlhf dm khq_d fykZ iheibjh`dZ dmjbguo dhkl_c Dhkl_c <at_jhrbe ± ]eZ] kij klhbl \ ijhr \j _^ q f j
Wlhl imlv dhjhldbc gh hq_gv ljm^guc Ihlhdb \h^u jZafu\Zxl djZy h\jZ]Z b jhxl yfu gZ _]h ^g_ >h`^v ijhr_e gh a_fex g_ gZihbe <_l_j aZ]m^_e aZlj_sZe b khj\Ze djurm k kZ jZy Hk_gvx khegp_ g_ ]j__l Z [e_klbl yjq_ e_lg_]h >_lb oh^beb \ e_k aZ ]jb[Zfb b y]h^Zfb Fu ohjhrh jZ[hlZeb b \_k_eh hl^uoZeb Y oh^be g_ \ dbgh Z \ l_Zlj FZevqbd ]em[hdh gujgme gh ^h ^gZ g_ ^hklZe
G_ ih keh\Zf km^yl h q_eh\_d_ Z ih ^_eZf
ilbpu h[m\v h\hsb p\_lu njmdlu Wlb ij_^eh`_gby khklhyl lhevdh ba ]jZffZlbq_kdhc hkgh\u \ gbo g_l \lhjhkl_i_gguo qe_gh\ Ihwlhfm hgb g_jZkijhkljZg_ggu_
QZklb j_qb bfy kms_kl\bl_evgh_ bfy ijbeZ]Zl_evgh_ f_klhbf_gb_ ]eZ]he gZj_qb_ AgZdb ij_ibgZgby aZiylZy lbj_ ^\h_lhqb_ lhqdZ \hijhkb l_evguc b \hkdebpZl_evguc agZdb QZklb keh\Z ijbklZ\dZ dhj_gv kmnnbdk hdhgqZgb_ <lhjhkl_i_ggu_ qe_gu ij_^eh`_gby hij_^_e_gb_ ^hiheg_ gb_ h[klhyl_evkl\h < gZr_f e_km jZklml jZagu_ ^_j_\vy _ev khkgZ hkbgZ ^m[ [_j_aZ de_g < j_d_ fu eh\beb b f_edmx b djmigmx ju[m hdmg_c iehl\m _jr_c smd < k_eh ^hklZ\beb gh\u_ fZrbgu k_yedb dhf[Zcgu ljZdlhju E_lhf j_[ylZ ijbghkbeb p\_lu jh fZrdb \Zkbevdb dhehdhevqbdb
< lZc]_ \h^ylky obsgu_ `b\hlgu_ \hedb jukb
Kihjlkf_gu \_^ml lj_gbjh\db \h \k_ \j_f_gZ ]h^Z abfhc e_lhf \_kghc b hk_gvx IylbdeZkkgbd [_a hrb[hd gZibkZe gZa\Zgby ^g_c g_^_eb ihg_^_evgbd \lhjgbd kj_^Z q_l\_j] iylgbpZ km[[h lZ \hkdj_k_gv_ GZ klhe_ e_`Zeb bgkljmf_glu fhehlhd ^hehlh ibeZ de_sb M DZlb ^_gv jh`^_gby AZ klhehf kb^yl ^jmavy DZlb FbrZ E_gZ KZrZ b @_gy GZ klhe_ jZkklZ\e_gZ ihkm^Z qZrdb [ex^pZ kZoZjgbpZ [hevrZy lZj_edZ k lhjlhf DZly ijb]hlh\beZ m]hs_gb_ lhjl dhgn_lu b njmdlu
K k_j_^bgu e_lZ ^h iha^g_c hk_gb \ e_kZo klhbl ]jb[gZy ih jZ < [_j_ah\uo jhsZo khkgh\uo [hjZo ih^ jZkdb^bklufb eZidZfb _e_c jZkl_l [_euc ]jb[ GZ kljhcguo gh`dZo klhyl ih^[_j_ah\bdb Ba^Ze_dZ \b^gu djZkgu_ reyidb ih^hkbgh\bdh\ < ex[hf e_km fh g n ]ml \klj_lblvky kujh_`db k djZkgufb `_elufb [_eufb reyidZfb ;hevrbfb k_fvyfb k_eylky hdheh ig_c hi_gdb Ju`bdb jZklml gZ ih e eygdZo f_`^m fheh^ufb khkgZfb b _eyfb aZ[bjZxlky ih^ kmob_ g n hiZ\rb_ ebklvy GZ^h gZ]gmlvky b ihbkdZlv bo \ kmohc ljZ\_ mklgh FZfZ jZaj_rb fg_ k_]h^gy ihclb gZ \uklZ\dm b]jh\uo Z\lhfZlh\ JZaj_rb fg_ fZfZ ihclb k_]h^gy gZ \uklZ\dm b]jh\uo Z\lhfZlh\ JZaj_rb fg_ k_]h^gy ihclb gZ \uklZ\dm b]jh\uo Z\lh fZlh\ fZfZ J_[ylZ g_ aZ[m^vl_ ih^]hlh\blvky d hebfibZ^_ ih jmkkdhfm yaudm G_ aZ[m^vl_ j_[ylZ ih^]hlh\blvky d hebfibZ^_ ih jmkkdhfm yaudm G_ aZ[m^vl_ ih^]hlh\blvky d hebfibZ^_ ih jmkkdh fm yaudm j_[ylZ K_j_`Z qlh lu ^_eZ_rv" FZrZ M f_gy ^ey l_[y gh \hklv AgZ_rv fZfZ y k_]h^gy g_ ^h^_eZe mjhdb ;m^v a^hjh\Z fZfZ
<Ze_qdZ ijboh^b dh fg_ ih`ZemcklZ g_ aZ\ljZ Z k_]h ^gy =^_ lu [ue K_j_`_gvdZ" G_ moh^b Dhe_qdZ Z ihfh]b fg_ ih`ZemcklZ j_rblv aZ^Zqm Qlh ijbmgueZ k_klj_gdZ" mklgh
mklgh h GZrZ jh^bgZ ± Jhkkby DZ`^uc ba gZk ^he`_g fgh]h k^_ eZlv ^ey k\h_c jh^bgu ?keb lu m_a`Z_rv k jh^bgu ihfgb h g_c Jh^bgZ g_l l_[y ij_djZkg_c
@_gsbgZ i_j_^Zcl_ ih`ZemcklZ lZehgqbd K\_leZgZ \u m`_ aZdhgqbeb jZ[hlm" K\_leZgZ :e_dkZg^jh\gZ g_ fh]eb [u <u \uclb gZ jZ[hlm \ \hkdj_k_gv_" K\_lhqdZ m`bg m`_ ]hlh\" FZfZ fh`gh fg_ ihclb \ dbgh"
H[jZs_gby \ l_dkl_ fbeZy fZfZ fhy jh^gZy fZfhqdZ fhy keZ\gZy ljm`_gbpZ L_dkl hlghkblky d jZa]h\hjghfm klbex \ _]h ibkvf_gghc jZagh\b^ghklb H[jZs_gby ^hjh]hc IZ\ebd IZ\ebd < ibkvf_ jZkkdZau\Z _lky h k_\_jghf kbygbb ± hq_gv bgl_j_kghf y\e_gbb ijbjh^u
>hjh]hc KeZ\Z
DZd l\hy `bagv" Qlh bgl_j_kgh]h ijhbkoh^bl" Y ohqm jZkkdZaZlv l_[_ h lhf dZd oh^be \q_jZ \ dmdhevguc l_Zlj H[jZaph\Z ;be_l fg_ ^hklZeky kemqZcgh Y ]meye \h ^\hj_ b fg_ _]h ij_^eh`beZ [Z [mrdZ fh_]h ^jm]Z m gbo hdZaZeky ebrgbc Y h^_\Zeky b ^mfZe qlh ajy \aye wlhl [be_l Fg_ dZaZehkv qlh dmdhevguc l_Zlj ± aZ[Z\Z ^ey fZeur_c B \hl fu ih^oh^bf d l_Zljm b \b^bf dZd gZ _]h kl_g_ gZ qbgZxl hldju\Zlvky fZe_gvdb_ hdhr_qdb Ba hdhr_d \ue_aZxl kf_rgu_ b]jmr_qgu_ a\_jb b ilbpu b ba^Zxl jZagu_ a\mdb : \gmljb l_ZljZ hdZaZeky fma_c dmdhe lZf [ueb dmdeu kh \k_]h fbjZ Y h[jZ^h\Zeky qlh fu ijbreb ihjZgvr_ b mki_eb \k_ wlh ihkfhl j_lv : ki_dlZdev hdZaZeky kh\k_f g_ ^ey fZeur_c Z dZd jZa ^ey gZk Wlh [ueZ iv_kZ ibkZl_ey Fhev_jZ h ]emihf \Z`ghf ]hkih^bg_ @mj^_g_ dhlhjuc ohl_e klZlv ZjbklhdjZlhf b mqbeky \_klb k_[y dmevlmjgh Ki_dlZdev [ue hq_gv \_k_euc fu fgh]h kf_yebkv Dh ]^Z lu d gZf ijb_^_rv gZ^h l_[_ h[yaZl_evgh gZ g_]h koh^blv B y lh`_ k m^h\hevkl\b_f ihkfhljx _]h _s_ jZa KqZkleb\h Ibrb b ijb_a`Zc kdhj__ L\hc ^jm]
GZ imklugghf ihemklZgd_ fu \uoh^bf gZ i_jjhg JZk ijhsZeky gZ klhygd_ k iZkkZ`bjZfb \Z]hg Fu b^_f aZ gbf ih riZeZf b k\hjZqb\Z_f \ e_k K Y FZjrZd
b > @ > @ > @ Ghqv moh^bl Ihj_^_e gZ^ khidZfb lmfZg J_db b ha_jZ aZk\_jdZeb GZ^ Fhkd\hx jhah\_xl ^Zeb Mljh gZqbgZ _lky \ Fhkd\_ Y ]hj`mkv lh[hc ^jm] G_ jZ[hlZ kmrbl Z aZ[h lZ G_ i_qv dhjfbl Z jmdb
Khqbg_gb_ ih dZjlbg_ N I J_r_lgbdh\Z ©Hiylv ^\hcdZ ª I_j_^ gZfb ba\_klgZy dZjlbgZ N I J_r_lgbdh\Z GZ i_j_^g_f ieZg_ dZjlbgu fu \b^bf fZevqbdZ M g_]h k\_leu_ \at_jhr_ggu_ \hehku qmlv qmlv hllhiuj_ggu_ mrb <ky ihaZ fZevqbdZ \ujZ`Z_l ]jmklv Hg ofmjh himklbe ]heh\m b ie_qb b ^Z`_ [hblky ih^gylv \a]ey^ Ihq_fm fZevqbdm klu^gh" GZ wlhl \hijhk hl\_qZ_l gZf gZ a\Zgb_ dZjlbgu ± ©Hiylv ^\hcdZª >Z`_ _keb g_ agZlv gZa\Zgby fh`gh h g_f ^h]Z^Zlvky Ihkfhljbl_ gZ ihjln_ev fZevqbdZ Hg ih lj_iZg b h[\yaZg \_j_\hqdhc qlh[u g_ jZa\Zeblvky Ykgh qlh _]h ohaybg g_ hq_gv ^h[jhkh\_klguc mq_gbd GZ aZ^g_f ieZg_ fu \b^bf k_fvx fZevqbdZ MklZeZy fZfZ kfhljbl gZ kugZ k mdhjhf GZ\_j gh_ hg m`_ g_ jZa h[_sZe _c ohjhrh mqblvky b hiylv gZjmrbe keh \h Kljh]h kfhljbl gZ [jZlZ ZddmjZlgZy klZjrZy k_kljZ >Z`_ fZ
eur kf__lky gZ^ g_iml_\uf [jZlhf Lhevdh kh[ZdZ jZ^Z ijboh^m ex[bfh]h ohaybgZ <b^bfh fZevqbd oh^bl k g_c ]meylv aZ[hlblky h g_c Fg_ hq_gv ihgjZ\beZkv wlZ dZjlbgZ b __ ]eZ\guc ]_jhc Y ^mfZx qlh hg ohjhrbc ^h[juc fZevqbrdZ lhevdh g_fgh`dh e_gb \uc : ^\hcdb hg h[yaZl_evgh bkijZ\bl mklgh
Ilbqvb ]heh\Z a\_g_eb \kx^m \ ihe_ \ e_km \ jhs_
Khegp_ ihdZaZehkv ba aZ lmq gh \kdhj_ kdjuehkv Fmob hku b rf_eb mdju\Zxlky \ kmob_ m[_`bsZ >h q_]h `_ djZkb\ hk_ggbc e_k J_[ylZ \u \b^_eb dh]^Z gb[m^v \_dh\u_ fh]mqb_ dhjZ[_ev gu_ khkgu" I_j\u_ ljb ij_^eh`_gby ± ijhklu_ \ gbo h^gZ ]jZffZlb q_kdZy hkgh\Z <_l_j ]hgbl ?ev klhg_l E_k r_iq_l Ihke_^g__ ij_^eh`_gb_ keh`gh_ ihlhfm qlh \ g_f ^\_ hkgh\u Ebklhd e_lbl Oheh^hd gZ[_]Z_l Hgh khklhbl ba ^\mo ijhkluo ij_^eh`_gbc kh _^bg_gguo khxahf b E_lh kh[bjZ_l Z abfZ ih_^Z_l E_lhf eZklhqdZ ^_gv gZ qbgZ_l Z kheh\_c dhgqZ_l Ju[Z \b^bl ijbfZgdm Z g_ djxqhd Dgb]Z \ kqZklv_ mdjZrZ_l Z \ g_kqZFlv_ ml_rZ_l KqZklv_ \ \ha^mo_ g_ \v_lky Z jmdZfb ^hklZ_lky
Ijhreh `Zjdh_ e_lh b gZklmibeZ hk_gv Klhyeb ykgu_ ^gb ilbpu ]hlh\bebkv d hle_lm K mljZ [ue lmfZg gh d aZ\ljZdm ih]h^Z jZa]meyeZkv Ijb[eb`Zeky dhg_p k_gly[jy Z oheh^Z _s_ g_ gZklmiZeb GZqZeky eb\_gv b fu ih[_`Zeb d klhjh`d_ =jh aZ hdhgqbeZkv d \_q_jm Hle_lm b Z b GZklmibeZ iha^gyy hk_gv b ilbpu me_l_eb Fhj_ [mrm_l b \hegu [vxlky h [_j_] < h[eZdZo m`_ g_ a\_gyl `Z\hjhgdb Z gZ^ iZrgyfb g_ e_lZxl ]jZqb Khegp_ ih^gyehkv gh \ha^mo g_ ijh ]j_eky K mljZ j_dm aZlygmeh lmfZghf gh d h[_^m lmfZg jZkk_yeky Y \ayeZ [Zgdm b m\b^ZeZ qlh \ky hgZ ihegZ fmjZ\vyfb
Dh]^Z y moh^beZ ba deZ^h\hc y ihkfhlj_eZ _s_ jZa gZ [Zgdm GZ^ ]heh\hc aZcpZ klhye fhjhaguc iZj b kd\hav wlhl iZj \b^g_ebkv [hevrb_ yjdb_ a\_a^u E G Lheklhc
<_kghx y ihr_e kfhlj_lv k\hb y[ehgb b m\b^Ze qlh fu rb djm]hf h[t_eb bo dhjgb IhiZeky i_j_i_e \ k_lv d hohlgbdm b klZe ijhkblv qlh[u hohlgbd hlimklbe _]h Y g_ [hyeky iq_e
ihlhfm qlh ^_^ gZmqbe f_gy lboh oh^blv ih hk_dm Hk_d ± f_klh ]^_ klZ\yl iq_e Dh]^Z h[ha ijh_oZe aZyp i_j_kdhqbe ^hjh]m b ihe_ ]hgvdm ihr_e d ]mfgm E G Lheklhc
Mljhf r_e ^h`^v b ljZ\Z _s_ [ueZ fhdjZy Mljhf r_e ^h`^v gh m`_ q_j_a qZk ljZ\Z [ueZ kmoZy Khegp_ k\_lbeh yjdh gh GZlZrZ gZ ijh]medm g_ ihreZ Khegp_ k\_lbeh yjdh b GZlZrZ ihreZ gZ ijh]medm Khegp_ aZreh aZ ]hju gh fu g_ ki_rbeb ^h fhc Khegp_ aZreh aZ ]hju dh]^Z fu ijb[eb`Zebkv d ^_j_\g_ Khegp_ aZreh aZ ]hju b fu ijb[Z\beb rZ]m
< i_j\hf ij_^eh`_gbb khxa b kh_^bgy_l h^ghjh^gu_ kdZam_fu_ \h \lhjhf ± ^\Z ijhkluo ij_^eh`_gby \ khklZ\_ keh`gh ]h AZiylZy klZ\blky i_j_^ khxahf \ keh`ghf ij_^eh`_gbb Lh `_ kZfh_ <k_ dhjh\u hklhjh`gh ih^hreb d dhjulm Z l_e_ghd jZa [_`Zeky gZ e_^ aZ]gme o\hkl ijbeh`be mrb b klZe djm`blvky GZ i_j\hf `_ djm]m gh]Z _]h jZkdZlbeZkv b hg m^Zjbeky ]heh\hc h dh julh E G Lheklhc >_\hqdZ k ^_j_\Z khreZ k_eZ gZ kibgm d ebk_ b ihfqZeZkv ebkZ k g_c gZ ^_j_\gx Ijb[_`ZeZ d ^hfm b klZeZ o\hklhf klmqZlv \ dZebldm JmkkdZy gZjh^gZy kdZadZ
_Mqbl_ev h[ty\be_ qlh _gZr deZkk ihc^zl \ ihoh^_ _Fg_ ih jmqbeb \aylv \_^jh Z fh_fm lh\Zjbsm iZeZldm_ _Y hiZkZeky_ qlh _\ ^_gv wdkdmjkbb [m^_l iehoZy ih]h^Z_ gh _kqZklv_ gZf meu[gmehkv_ _Mljhf y m\b^_e_ qlh _khegp_ hke_ibl_evgh yjdh__ _AZ fghc aZreb lh\Zjbsb_ b _fu hlijZ\bebkv d rdhe__ _Mqbl_ev `^Ze_ dh]^Z _kh[_jmlky \k_ mq_gbdb_ _Gh \hl \k_ \ k[hj__ b _fu k i_kgyfb ljhgm ebkv \ imlv_ Fg_ gjZ\blky fZl_fZlbdZ fhc ^jm] ex[bl ebl_jZlmjm
AZdhgqbeky mjhd b \k_ ih[_`Zeb \ klheh\mx Khegp_ k\_lbl j_^ dh b lmkdeh KeZ\guc ^_g_d \u^Zeky k_]h^gy Ebklvy kuiexlky aZ rdhehc keur_g ]jhfdbc kihj khjhd ih\_kl\ keh`gh_ [_kkhxagh_ Ijha\_g_e a\hghd \_k_euc gZqb gZ_lky mjhd ih\_kl\ keh`gh_ [_kkhxagh_ Ijhe_lZxl iZmlbg db k iZmqdZfb \ k_j_^bgd_ b \ukhdh hl a_feb ijhe_l_eb `mjZ\eb ih\_kl\ keh`gh_ ijhklu_ ij_^e kh_^ khxahf b E D LZlvygb q_\Z
Wlh l_dkl lZd dZd ij_^eh`_gby \ g_f k\yaZgu f_`^m kh[hc ih kfukem b h[t_^bg_gu h[s_c l_fhc < l_dkl_ < F I_kdh\Z kh _^bg_gu hibkZgb_ b ih\_kl\h\Zgb_
KljZggZy \klj_qZ \ e_km Y ihqlb g_ ^urZe g_ r_\_ebeky He_gx gZ^h_eZ g_ykghklv Hg rZjdgme i_j_^g_c gh]hc b hiylv aZf_j G_ agZx q_f [u dhgqbehkv _^bgh[hjkl\h ^\mo iZj ex[hiulguo ]eZa gh hldm^Z lh ihy\beZkv khcdZ b aZklj_dhlZeZ : wlh \ e_km kb]gZe hiZkghklv Kb]gZe khj\Ze k f_klZ he_gy Hg iju]gme \ klhjhgm aZ^_e hj_oh\uc dmkl F_evdgmeh f_`^m hkbgZfb l_eh he_gy klboeb m^Zju dhiul ih kmobf ebklvyf KhcdZ k fbgmlm g_ fh]eZ mkihdhblvky iju]ZeZ ih hkbg_ b klj_ dhlZeZ E_k gZ ^\Z dbehf_ljZ \hdjm] ih wlhfm djbdm agZe qlh lh kemqbehkv Fhjhagh]h H[sZy l_ljZ^v ^ey hlau\h\ ijhba\_klb \i_qZle_gb_ kh qm\kl\h\Zlv ]_jhx l_ji_e mgb`_gby kljZgbpu ih\_klb ly`_eh i_ j_`b\Zlv m^Zehkv ihagZdhfblvky k gh\bgdZfb k_jv_agZy [jhrxjZ ih^]hlh\dZ d khqbg_gbx ibkZlv ]jZfhlgh bamqZlv ]jZffZlbdm aZgy lby ih bgnhjfZlbd_ ih^jZ`Zlv klZjr_deZkkgbdZf
IeZg Ij_^eh`_gb_ ?]h ijbagZdb AgZdb ij_ibgZgby \ ijhklhf ij_^eh`_gbb ijb h^ghjh^guo qe_gZo AgZdb ij_ibgZgby \ ijhklhf ij_^eh`_gbb ijb h[jZs_gbb Keh`gh_ ij_^eh`_gb_ ?]h ijbagZdb AgZdb ij_ibgZgby \ keh`ghf ij_^eh`_gbb Klbev ¹ gZmqguc : ŠIª : ŠI"ª : ŠI ª : ŠIª
Š: lu qlh ` dmfmrdZ \ ^hjh]m"ª ¹ _c k \ham DmjbpZ djb qbl ŠKlhc [jZlpu klhc ª ¹ djbqbl FZjlurdZ Š:o lu h[`hjZ :o aeh^_c ª ¹ lml <Zkvdm Ih\Zj mdhjy_l ŠDmfmrdZ fg_ kljZggh wlh ^Z jZ[hlZeZ ev lu \ e_lh"ª ¹ ]h\hjbl _c FmjZ\_c ŠQ_f dmfm r_d kqblZlv ljm^blvky g_ emqr_ ev gZ k_[y dmfZ h[hjhlblvky"ª ¹ _c FbrdZ hl\_qZe ŠDm^Z lZd dmfmrdZ [_`brv lu [_a h]ey^db"ª ¹ Ebkbpm kijZrb\Ze Kmjhd B : Djueh\
h
Kt_e fZeur y[ehdh b \a^hogme Š>_^mrdZ kemrZc ª KZ fuc fZe_gvdbc aZibsZe ŠB^bl_ kx^Z Hg g_ ljhg_l hg ^h[jucª Ijb[_`Ze ]jmaguc kehg b aZ]m^_e ŠHl^Zc djhebdZ ª ŠA^_kv gZrZ h jh^bgZª ¹ kdZaZeb pZieb Š<havfb wlb p\_lu ijbgp_kkZª ¹ \^jm]
aZ]h\hjbeZ pZiey Š: ]^_ lml ljZ\Z ihfy]q_"ª ¹ [mjqZe dZ`^h_ mljh ghkhjh]
>_`mjguc khh[sbe ŠK_]h^gy hlkmlkl\m_l Dhey I_lm oh\ª Hl_p k_jv_agh kijhkbe ŠLu m\_j_g"ª FZevqbd \hkdebd gme Š<hl wlh ^Z ª Š<k_ wlh g_ijZ\^Zª ¹ \hajZabe lh\Zjbs ŠJZa\_ lu g_ qblZe wlm dgb]m"ª ¹ m^b\beZkv ^_\hqdZ ŠRZc[m ª ¹ djbqZeb [he_evsbdb Mqbl_ev nbadmevlmju kdhfZg^h\Ze ŠRZ ]hf fZjr ª K_jv_agh kijhkbe : ŠI"ª ŠIª ¹ Z ŠIjh\h^b gZk ^_^mrdZª ¹ ihijhkbeb fu e_kgbdZ ŠKlmiZcl_ j_[ylZ aZ fghc ª ¹ ijb]eZkbe hg J_[ylZ hl\_lbeb ŠFu ]hlh\u B\Zg I_ljh\bqª E_kgbd ij_^eh`be gZf Š?rvl_ j_[ylZ y[ehdb ª ŠKiZkb[h ^_^mrdZ k m^h\hevkl\b_fª ¹ ih[eZ ]h^Zjbeb ^_lb E_kgbd kdZaZe Š<havfbl_ y[ehdb k kh[hc \ ^hjh]mª <ke_^ gZf g_kehkv ŠKqZkleb\h]h imlb ijboh^bl_ _s_ª
ŠA^jZ\kl\mc k_kljbpZ qlh lu dmrZ_rv"ª ¹ kijZrb\Z_l \hed ŠJu[mª ¹ hl\_qZ_l ebkbpZ Š>Zc fg_ ebkbqdZ ohlv h^ gmª ¹ ijhkbl k_juc : ju`_gvdZy mqbl ŠLu [jZl_p klmiZc gZ j_dm b himklb o\hkl \ ijhjm[vª <hed ihr_e gZ j_dm himklbe o\hkl \ ijhjm[v Kb^bl b ijb]h\Zjb\Z_l ŠEh\bkv ju[dZ b fZe_gv dZy b [hevrZyª ŠLZd lh ebkZ mqbeZ f_gy ju[m eh\blvª ¹ ]h\h jbl \hed ŠWo [jZl_p m l_[y o\hklZ g_l Z m f_gy ]heh\Z jZa[blZª ¹ `Zem_lky ebkZ <a^mfZeZ ebkZ m]hklblv `mjZ\ey b ihreZ a\Zlv _]h d k_[_ \ ]hklb ŠIjboh^b `mjZ\ev M` \hl dZd y l_[y m]hsm ª Ijhkbl ¹ ]eZ] g_kh\ \ ,, kij \ gZkl \j _^ q e Y ihijhkbe ijhoh`_]h ŠIh`ZemcklZ ih^kdZ`bl_ ]^_ a^_kv dbghl_Zlj ª Y ih^hr_e d hq_j_^b b kijhkbe ŠKdZ`bl_ ih`Zemc klZ dlh ihke_^gbc"ª Y h[jZlbeky d khk_^d_ ih iZjl_ Š>Zc eZklbd ih`ZemcklZª ¹ Dlh l_[y \umqbe lZd ohjhrh b]jZlv gZ ^m^d_" ¹ Hq_gv ohjhrh ¹ >Z\Zc b]jZlv \f_kl_ < ^bZeh]_ mqZkl\mxl ^\Z q_eh\_dZ ¹ fZevqbd I_ljmkv b ^_\hqdZ ¹ KdZ`b ih`ZemcklZ lu m`_ [ue \ ahhiZjd_" ¹ G_l ¹ ijbagZeky y ¹ GZ^h `_ Ihc^_rv k gZfb" ¹ Ihc^m ¹ kh]eZkbeky y
Âą A^jZ\kl\mc <Zgy Dm^Z lu b^_rv" Âą ihbgl_j_kh\ZeZkv DZly
Âą D I_l_ Hg [he_g Âą hl\_lbe <Zgy Âą : qlh k gbf kemqbehkv" Âą kijhkbeZ DZly Âą Ihfh]Ze khk_^d_ lmrblv ih`Zj b h[`_] jmdm Âą h[tykgbe <Zgy Âą Lu d g_fm gZ^he]h" Âą kijhkbeZ DZly Âą GZ \_kv \_q_j Âą ijh]h\hjbe <Zgy Âą Qlh wlh" Âą kijhkbe \^jm] Dhkly ijbih^gy\ ]heh\m Âą Wlh dmebqdb e_lyl ihk\bklu\Zxl Âą Dm^Z `_ hgb e_lyl" : lm^Z ]^_ ]h\hjyl abfu g_ [u\Z_l Âą h[tykgbe IZ\_e Âą : jZa\_ _klv lZdZy a_fey" Âą ?klv Âą >Ze_dh" Âą >Ze_dh ^Ze_dh aZ l_ieufb fhjyfb B K Lmj]_g_\
K_]h^gy K\_lZ g_ ijbreZ \ rdhem Fu k He_c j_rbeb __ gZ\_klblv b magZlv qlh k g_c kemqbehkv Âą Qlh m l_[y k gh]hc K\_lZ" Âą MiZeZ gZ dZld_ \q_jZ _e_ _e_ ^h ^hfZ ^hojhfZeZ Âą : aZq_f aZ[bglh\Zeb" Âą <jZq kdZaZe qlh lZf \ dhklb lj_sbgZ Ihwlhfm ]bik gZeh`beb Âą ;_^gy]Z Hq_gv [hevgh [ueh" Âą :]Z hq_gv : k_cqZk m`_ g_ [hebl Âą Lu l_i_jv gZ\_jgh_ ^he]h \ rdhem g_ ijb^_rv" Âą GZ\_jgh_ Ijbg_kbl_ fg_ dZdbo gb[m^v \_k_euo dgb`_d Z lh hq_gv kdmqgh Âą A^jZ\kl\mcl_ Ihijhkbl_ ih`ZemcklZ Dhex Âą Dheb d kh`Ze_gbx k_cqZk g_l Qlh _fm i_j_^Zlv" Âą ;m^vl_ ^h[ju i_j_^Zcl_ qlh a\hgbe KZrZ Âą Ohjhrh h[yaZl_evgh i_j_^Zf <k_]h ohjhr_]h Âą >h k\b^Zgby >bdlZgl
<uiZe kg_] Kg_] e_`bl gZ a_fe_ ;ukljh aZf_jaeZ fZe_gvdZy j_qmrdZ Y dmibe fhehdZ b oe_[Z KemqZcguc ijh oh`bc h[_jgmeky b m\b^_e f_gy Khegp_ k_eh b lvfZ hdmlZeZ e_k ŠLu gZ^he]h ijb_ oZe"ª ¹ ihbgl_j_kh\Zeky y J_[ylZ [_j_]bl_ ijbjh^m
Kh kemoZ y agZe _]h ŠKdZadm h pZj_ KZelZg_ª ŠIhelZ\kdbc [hcª ba ŠIhelZ\uª ŠKhg LZlvyguª ba Š?\]_gby Hg_]bgZª Imrdbg
± i_\_p k\h[h^u \_ebdbc iZljbhl b ijh\ha\_klgbd k\_leh]h [m^m s_]h k\h_]h gZjh^Z K lh]h \_q_jZ y klZe qblZl_e_f dgb] _]h b fg_ [_kdhg_qgh ^hjh]h qlh wlbf y h[yaZg Imrdbgm mklgh
Fbj ± fhj lbj ± lmj jbk ± jhk khg ± kug =eZkgu_ a\mdb >Zj rZj >:@ dhl eh[ >H@ fbj dbl >B@ l_fi `_kl >W@ lue fulv >U@ djm] emq >M@
Ij_djZkgu_ b m^b\bl_evgu_ \_sb e_`Zl gZ \bljbg_ fZ]Z abgZ jZkdjulu_ ]hlh\Zevgb i_jhqbggu_ gh`b \her_[guc nhgZjv k dj>Z@kg>u@f ]eZahf fbdjhkdhi m\_ebqbl_evgh_ kl_deh nhlhZiiZ jZl Kdhevdh \_ebdhe_iguo qm^_kguo \_s_c G>h@ [hevr_ \k_]h fg_ gjZ\blky nml[hevguc fyq k j_abgh\hc djZkghc dZf_jhc dh`Z ghc ihdjurdhc b dh`Zgufb rgmjdZfb Y jZa]ey^u\Zx _]h b ^m fZx ©Ohjhrh [>u@ \_jgmlv ^_lkl\h >b@ ih]hgylv lZdhc e_]dbc d>Z@d i_jurdh fyq ª JZa]ey^u\Zx ]eZ] kij klhbl \ gZkl \j e _^ q
M^b\bl_evguc ^_gv bamfbl_evguc \ha^mo ihjZabl_evguc nZdl ^b\gZy ijbjh^Z qm^_kgZy dZjlbgZ K_]h^gy \k_ jZ^m_l \ e_km ^b\gZy ijbjh^Z bamfbl_evguc \ha^mo hlebqgZy ih]h^Z :a[mdZ b\Z h[eZdh mkljbpZ wjZ Kh a\mdZ >u@ keh\Z \ jmk kdhf yaud_ g_ gZqbgZxlky ;ZedZ ± iZedZ ± >[@ >i@ [jZl ± [jZlv ± >[@ >[¶@ `_klv ± r_klv ± >`@ >r@ khg ± lhg ± >k@ >l@ fu ± \u ± >f@ >\@ >hf ^uf ± >h@ >u@ jZd fZd ± >j@ >f@ <hl qlh ]h\hjyl h[ wlhf mq_gu_ <havf_f ih^jy^ ba ex[h]h ij_^eh`_gby g_kdhevdh keh\ \ dhlhjuo bf___lky klh a\mdh\ Kj_^b wlbo a\mdh\ ijbf_jgh r_klv^_kyl [m^ml kh]eZkgu_ Z khjhd ± ]eZk gu_ A\mdh\ ± ]e kh]e \hl ± ]e kh]e agZqbl ± ]e kh]e Mihlj_[ey_f ± ]eZ]he kij klhbl \ ebp_ fg q gZkl \ A\mdh\
mklgh
Q_luj_ q_jg_gvdbo qmfZa_gvdbo q_jl_gdZ q_jlbeb q_jgufb q_jgbeZfb q_jl_` ŠA\mdb j_qb bamqZ_l nhg_lbdZª ¹ ijhq_e KZrZ ŠQlh lZdh_ nhg_lbdZ"ª ¹ kijhkbeZ DZly ŠWlh hl ]j_q_kdh]h keh\Z Šnhghkª lh _klv a\mdª ¹ kdZaZe KZrZ
Dh]^Z qblZ_rv \kemo g_ ki_rb G_ aZ[u\Zc ^_eZlv iZmau lZf ]^_ klhyl agZdb ij_ibgZgby Ke_^b aZ bglhgZpb_c ih\urZc b ihgb`Zc ]hehk \ gm`guo f_klZo Ijhbaghkb \k_ a\mdb ]jhfdh b hl q_leb\h qlh[u \k_ fh]eb l_[y mkeurZlv b ihgylv
Fh`_l eb j_[_ghd gZmqblvky ]h\hjblv [_a ihfhsb ex^_c" GZmd_ ba\_klgu kemqZb dh]^Z ^_lb [ueb \kdhjfe_gu b \hkiblZgu ^bdbfb `b\hlgufb \hedZfb e_hiZj^Zfb h[_avygZfb f_^\_^yfb b ^Z`_h\phc B Š]h\hjbebª wlb ex^b a\_jb g_ gZ dZdhf eb[h q_eh \_q_kdhf yaud_ Z ih a\_jbghfm Bo ]hjeh ba^Z\Zeh kb]gZevgu_ djbdb l_o `b\hlguo dhlhju_ \hkiblZeb bo \heqbc \hc h[_avygbc \ba] h\_qv_ [e_ygv_ K h]jhfguf ljm^hf m^Z\Zehkv ihlhf gZmqblv bo ]h\hjblv ih q_eh\_q_kdb Ih : F Dhg^jZlh\m LjZ\Z ¹ ljZ \u < keh\_ ljZ\Z i_j\Zy Z gZoh^blky \ keZ[hc ihabpbb Baf_gy_f keh\h lZd qlh[u ]eZkguc a\md \ i_j\hf keh]_ gZoh^beky \ kbevghc ihabpbb ¹ ih^ m^Zj_gb_f ljZ \u =h jh^ ¹ ]hjh^Z < keh\_ ]hjh^Z h[Z ]eZkguo a\mdZ \ dhjg_ gZoh ^ylky \ keZ[hc ihabpbb Baf_gy_f keh\h lZd qlh[u i_j\uc ]eZkguc a\md gZoh^beky \ kbevghc ihabpbb ¹ ih^ m^Zj_gb_f ]h jh^ Baf_gy _f keh\h lZd qlh[u \lhjhc ]eZkguc a\md gZoh^beky \ kbevghc ihab pbb ¹ ih^ m^Zj_gb_f bgh]hjh ^gbc Iy luc ¹iylZ d < keh\_ iylZ d i_j\uc ]eZkguc a\md gZoh^blky \ keZ[hc ihabpbb Ih^[bjZ_f lZdh_ h^ghdhj_ggh_ keh\h qlh[u i_j \uc ]eZkguc a\md gZoh^beky ih^ m^Zj_gb_f iy luc Dhkv[Z ¹ dhkblv < keh\_ dhkv[Z kh]eZkguc a\md >k @ gZoh^blky \ keZ[hc ihabpbb ¹ i_j_^ kh]eZkguf >[@ Ih^[bjZ_f lZdh_ h^ghdh j_ggh_ keh\h qlh[u wlhl kh]eZkguc a\md gZoh^beky \ kbevghc ih abpbb ¹ ihke_ g_]h klhye ]eZkguc dhkblv M^b\bl_evguc dmkl Y \ur_e gZ iheygm b qlh lh hl\e_deh fh_ \gbfZgb_ qlh lh m^b \beh f_gy ij_`^_ q_f y kfh] ihgylv qlh `_ bf_ggh Gm dhg_qgh <a]ey^ hklZgh\beky gZ dmklZo hevob jZklmsbo ihkj_^b iheygu G_ m^b\blvky bf [ueh g_evay kj_^b \k_]h kbg_]h hevrZgbd [ue ]em[h dh]h rhdheZ^gh]h p\_lZ Hg lZd b [jhkZeky \ ]eZaZ b m^b\bl_evgh
qlh y g_ aZf_qZe jZgvr_ dZdhc rhdheZ^guc [u\Z_l hevrZgbd \ e_ km < : Khehmobg
RhdheZ^gh]h p\_lZ ± ijbeZ] \ _^ q J i f j
KlZe l_fguf ± [e_klysZy klZev kbevguc m^Zj ± m^Zjv ih fyqm Kihj ± kihjv ijh\_jdZ ± ijh\_jv ljm^h\hc ± ljm^bkv `_e luc ± `_el_lv ]hj^uc ± ]hj^bkv aZdZedZ ± aZdZeylvky
< ijhreh_ \hkdj_k_gv_ gZr deZkk ihk_lbe Bklhjbq_kdbc fma_c >a @ Ij_djZkguc hl\_l aZf_qZl_evgZy jZ[hlZ \_ebdhe_iguc [jhkhd qm^_kguc ^_gv DZdhc \_ebdhe_iguc [jhkhd \uihegbe nml[hebkl
KlZevghc ± \ wlhf keh\_ fy]db_ kh]eZkgu_ >e @ b >c @ evgyghc ± \ wlhf keh\_ fy]db_ kh]eZkgu_ >e @ >g @ b >c @ Iheyg_ ± fy]db_ kh]eZkgu_ >e @ b >g @ kbg_c ± fy]db_ kh]eZk gu_ >k @ >g @ >c @ dhgv ± fy]dbc kh]eZkguc >g @ iZk_lky ± fy]dbc kh ]eZkguc >k @ kb\uc ± >k @ b >c @ Baeh`_gb_ IeZg Qm^_kguc a\hg RdZlmedZ ijhkgmeZkv >hf gZiheg_g a\hghf RdZlmedZ aZfheqZeZ
>hf lhf [ZedZ iZedZ l_eh ^_eh ihqdZ [hqdZ ]hjdZ dhjdZ aehc kehc rZehklv `Zehklv dhehk ]hehk `Zj rZj ^hkdZ lhkdZ lhqdZ ^hqdZ keblv aeblv mklgh mklgh ?^\Z eb m dh]h ih^gbf_lky jmdZ qlh[u \uj_aZlv gh`hf gZ `b\hf l_e_ ^_j_\Z k\h_ bfy ?keb `_ b gZc^_lky lZdhc lh jmdZ lh \ZjbsZ hklZgh\bl _]h Ih^ gZr_c aZsblhc ^he`gu gZoh^blvky a\_ jb ilbpu a_e_guc fbj ihe_\u_ p\_lu Hgb [m^ml jZ^h\Zlv g_ h^ gh ihdhe_gb_ A_ezgu_ iZljmeb hojZgyxl \k_ `b\h_ gZ a_fe_ AZsblhc
>m[ Âą a\md >i@ h[hagZq_g [md\hc [ hkuiZg Âą a\md >i@ h[h agZq_g [md\hc i ih mljZf Âą a\md >l@ h[hagZq_g [md\hc l kZ^ Âą a\md >l@ h[hagZq_g [md\hc ^ Ihki_\Z_l [jmkgbdZ KlZeb ^gb oheh^g__ B hl ilbqv_]h djbdZ < k_j^p_ lhevdh ]jmklg__ KlZb ilbp me_lZxl Ijhqv aZ kbg__ fhj_ <k_ ^_j_\vy [ebklZxl < jZaghp\_lghf m[hj_ Khegp_ j_`_ kf__lky G_l \ p\_lZo [eZ]h\hgvy Kdhjh hk_gv ijhkg_lky B aZieZq_l kijhkhgvy ibkvfh ih iZfylb
D > ;Zevfhgl
b g p i j l v u h x k We_f_glu ihemdjm]Z b ijyfuo ebgbc kh\f_sZxl [md\u x v u IbkZlv jZa[hjqb\h gm`gh ^ey lh]h qlh[u l_[y ijZ\bevgh ihgyeb mklgh
KlZghd [md\Z Šwkª h[hagZqZ_l a\md >k@ [md\Z Šlwª ¹ a\md >l@ [md\Z ŠZª ¹ a\md >Z@ [md\Z Šwgª ¹ a\md >g@ [md\Z Šhª ¹ a\md>h@ [md\Z ŠdZª ¹ a\md >d@ PbnjZ [md\Z Špwª h[hagZqZ_l a\md >p@ [md\Z Šbª h[hagZqZ_l a\md >u@ [md\Z Šwnª ¹ a\md >n@ [md\Z Šwjª ¹ a\md >j@ [md\Z ŠZª ¹ a\md >Z@ Fhsguc [md\Z Šwfª h[hagZqZ_l a\md >f@ [md\Z Šhª ¹ a\md >h@ [md\Z ŠsZª ¹ a\md >s@ [md\Z Šwgª [md\Z Šwgª ¹ a\md >g@ [md\Z Šuª ¹ a\md >u@ [md\Z Šb djZldh_ª ¹ a\md >c @ Ohjhrh [md\Z ŠoZª h[hagZqZ_l a\md >o@ [md\Z Šhª ¹ a\md >Z@ [m d\Z Šwjª ¹ a\md >j@ [md\Z Šhª ¹ a\md >Z@ [md\Z ŠrZª ¹ a\md >r@ [md \Z Šhª ¹ a\md >h@ Qbkeh [md\Z Šq_ª h[hagZqZ_l a\md >q @ [md\Z Šbª ¹ a\md >b@ [md \Z Šwkª ¹ a\md >k@ [md\Z Šwevª ¹ a\md >e@ [md\Z Šhª ¹ a\md >h@ < keh\_ ebkl ¹ [md\u Šwevª Šbª Šwkª Šlwª < keh\_ kljhqdZ ¹ a\mdh\ >k@ >l@ >j@ >h@ >q @ >d@ >Z@
< klbohl\hj_gbb ]h\hjblky h[ ZenZ\bl_ >wjwn@ >wgweh@ >wfh@ < I :klZnv_\ ŠYrdZ ehkvª D < ;meuq_\ ŠG_ihk_^Zª @ <_jg ŠIylgZ^pZlbe_lgbc dZiblZgª > >_nh Š@bagv b m^b\b l_evgu_ ijbdexq_gby fhj_oh^Z Jh[bgahgZ Djmahª ; K @bldh\ ŠQlh [u\Zehª E : DZkkbev Š<jZlZjv j_kim[ebdbª G G Ghkh\ Š>g_\gbd Dheb KbgbpugZª : K Imrdbg ŠKdZadbª : G Lhe klhc Š>_lkl\h Gbdbluª <Zkbe_gdh <_l\bpdbc =jZqz\ >fbljb_\ >mgZ_\ DmeZ]bg N_^bg Q_jguo RZihrgbdh\ RZjh\ kms @bevph\ ¹ kms _ kde f j klhbl \h fg q J i <ZjbZgl \_jZg^Z \_klb[xev \_l_jZg \ihke_^kl\bb \i_j_ ]hgdb \bdlhjbgZ ^_deZfbjh\Zlv dhfivxl_j
Keh\h ŠZenZ\blª khklhbl ba gZa\Zgbc i_j\uo ^\mo [md\ ]j_q_kdh]h ZenZ\blZ ŠZevnZª b Š\blZª <aylu_ \f_kl_ \ g_kdhevdh baf_g_gghf \b^_ hgb b h[jZamxl keh\h ŠZenZ\blª :enZ\bl ¹ ŠZª Šwevª Šwnª ŠZª Š\wª Šbª Šlwª :a[mdZ ¹ ŠZª Šawª Š[wª Šmª ŠdZª ŠZª
Ihk_sZlv [b[ebhl_dm dZ[bg_l ebl_jZlmju ihjlj_lu ibkZ l_e_c dZjlbgu jmkkdbo om^h`gbdh\ gZmqmkv ^_deZfbjh\Zlv mqZkl \h\Zlv \ dhgdmjk_ ijb\e_qv \gbfZgb_ `xjb h[ty\blv ih[_^bl_e_c \bdlhjbgu \hkobsZlvky dhee_dpb_c ih`_eZlv m^Zqb hl \k_]h k_j^ pZ dhfivxl_jguc deZkk >_lkdb_ kq_lu Dh]^Z y ihreZ \ i_j\uc deZkk fg_ dmibeb ^_lkdb_ kq_lu Hgb b k_cqZk _klv m f_gy Kq_lu g_[hevrb_ \k_]h kZglbf_ljh\ iylgZ^pZlv \ ^ebgm Gh aZ lh hgb hq_gv m^h[gu Bo fh`gh iheh`blv \ ihjln_ev Gh g_ lhevdh wlbf gjZ\ylky fg_ kq_lu Bo jZfdZ hdjZr_gZ \ ijbylguc g_`gh jhah\uc p\_l Lhg_gvdb_ gblb ijh\hehq_d ke_]dZ bah]gmlu b ih gbf keh\gh fZe_gvdb_ ljZf\Zcqbdb i_j_dZlu\Zxlky dhklhqdb [_ eh]h b djZkgh]h p\_lZ GZ h^ghf ijmlbd_ \k_]h q_luj_ dhklyrdb b hgb g_ lZd ]jhfdh klmqZl dZd hklZevgu_ Dhgkljmdlhj ŠE_]hª Y ^Z\gh f_qlZe h dhgkljmdlhj_ ŠE_]hª b \ wlhf ]h^m fg_ ih^Z jbeb _]h gZ ^_gv jh`^_gvy < g_f fgh`_kl\h jZaghp\_lguo ^_lZe_c [ehdh\ dhlhju_ e_]dh kh_^bgyxlky f_`^m kh[hc Fhc gZ[hj ¹ kljhbl_evguc b ba g_]h
fh`gh kh[jZlv \ukhdbc kj_^g_\_dh\uc aZfhd : _keb jZkiheh`blv ^_lZeb ih ^jm]hfm lh ihemqblky `behc ^hf ?s_ fg_ gjZ\blky \ dhgkljmdlhj_ lh qlh _]h fh`gh ^hihegylv gh\ufb ^_lZeyfb ?keb ^h[Z\blv ieZlnhjfm k dhe_kbdZfb lh m^Zklky kh[jZlv jZaebqgu_ Z\lhfh[beb kZfhe_l beb \_jlhe_l Fg_ fhc dhgkljmdlhj gjZ\blky l_f qlh wlh ± g_ h^gZ b]jZ Z kjZam fgh]h Hg gbdh]^Z g_ gZ^h_^Z_l qd [_a hqdh\ h \gmqd_ \ kljhqd_ \ dZ\uqdZo qg kjhqgh mlhqgbf kheg_qguf \ ghqgmx ql ijhqlb ihqlh\uc f_qlZlv m fZqlu sg h\hsgh]h fhsghfm \ baysghf Mlhqgbf ± ]eZ] kij \ gZkl \j f ebp_ fg q F_qlZlv ± a\ [
Ljhklv ± h ljhklhqd_ ]hjklv ± h ]hjklhqd_ \_klv ± h \_klhqd_ J_dZ ± j_qdZ ± j_qghc ghqv ± ghqdZ ± ghqghc Mlhqgblv ± mlhqgx memqrblv ± memqrm dhgqblv ± dhgqm DZf_gv ± h dZf_gsbd_ [ZjZ[Zg ± h [ZjZ[Zgsbd_ [Zd_g ± h [Z d_gsbd_ ;Zgl ± h [Zglbd_ [bgl ± h [bglbd_ dmkl ± h dmklbd_ ahgl ± h ahglbd_ Ihfhsv ± h ihfhsgbd_ H ]hkl_ h fukeb h \_klb h kdhjhklb h dj_ihklb h ]\ha^_ h e_gly_ h [he_agb h i_kgb h \_l\b qbklbf ihf_klbf ]jmklbf ijhklbf < ]eZ]heZo \ g_hij_^_e_gghc nhjf_ [hevr_ [md\ q_f a\mdh\ ihlhfm qlh fy]dbc agZd g_ h[hagZqZ_l a\mdZ
lhgvr_ dhkv[Z ^_gv]b fhehlv[Z k_ev^v f_gvr_ ijhkv [Z ibkvf_gguc \kdhevav [_j_qvky aZ`_qv aZlbrv_ \v_lky kheh\vbguc kugh\vy jmqvb ivx i_jvy k_jv_aguc ihfhsvx
M kZfh]h \oh^Z klhyeZ `_gsbgZ b ijh^Z\ZeZ \ha^mrgu_ rZjbdb RZjbd lhg_gvdh lhg_gvdh ihlygme aZ gblhqdm Hg \k_ e_ l_e b mf_gvrZeky M f_gy qlh lh \ mrZo a\_g_eh dh]^Z hg e_l_e Z hg m`_ ihqlb bkq_a Hg aZe_l_e aZ h[eZqdh hgh [ueh imrbklh_ b fZe_gvdh_ dZd djhevqhghd ihlhf kgh\Z \ugujgme ijhiZe b kh\k_f kdjueky ba \b^m B \ ]eZaZo m f_gy aZf_evdZeb dZdb_ lh o\hklZlu_ lhqdb b mahju A\md >r@ \ wlbo keh\Zo h[hagZq_g [md\hc ©q_ª JZa^Zzlky a\hghd gbadh kdehgblvky gZ^ibkv gZ h[eh`d_ kdjbiyl i_jvy ijZ\bevguf ihq_jdhf dhgqblv kljhqdm hrb[dZ \
ibkvf_gghc jZ[hl_ m^Zqgu_ aZjbkh\db \havfb mdZadm klZjZl_ev gu_ ihfhsgbdb kqblZcl_ emqr_
Fhc [jZl ]hlh\bl mjhdb Fhc [jZl gbadh kdehgbeky gZ^ mq_[gbdhf Hg \u\h^bl gZ^ibkv gZ h[eh`d_ l_ljZ^b Ihlhf hldju\Z_l l_ljZ^v b gZqbgZ_l j_rZlv aZ^Zqm Y ijh\_jyx m g_]h mjhdb b gZoh`m hrb[dm \ ibkvf_gghc jZ[hl_ ©KqblZc emqr_ ª ± ]h\hjx y [jZlm _f zedZ x] ykguc [h_p ijbzf dZxlZ klhyl hlt _a^ kt_fdZ \vx]Z h[_avygZ ;md\u _ z x y h[hagZqZxl \ wlhf kemqZ_ ^\Z a\mdZ Ihke_ kh]eZkguo f_jZ ihe_l dex\ ky^m ;md\u _ z x y h[h agZqZxl h^bg a\md Ibkvfh ± [ a\ fukev ± [ a\ \havf_f ± [ a\ \hkvfhc ± [ a\ [Zyg ± [ a\ x] ± [ a\ _^Z ± [ a\ zedZ ± [ a\ q_klguc ± [ a\ ijZa^gbd ± [ a\
keh\Zjv ibkvf_gguc \_klb[xev ihjln_ev `bagv \hav fb [hjv[Z p_ev k_gly[jv oh^v[Z dhevpZ f_gvr_ lZ[ebpZ ibkvf_gguc hl\_l \_klb[xev ihjln_ev ]Za_lZ kezl `xjb ebph ihjlj_l \j_fy ex^b k_gly[jv [hdkzj jxdaZd f_gvr_ K_gly[jv kms f j kde klhbl \ B i _^ q B x _ g_ h[hagZqZxl fy]dhklb [jhrxjZ `bagv `xjb f_gv r_ iZjZrxl
>_\mrdZ ih`ZemcklZ ihdZ`bl_ fg_ gh\u_ fh^_eb ieZlv_\ b k\bl_jh\ =ZebgZ B\Zgh\gZ ^Zcl_ fg_ ih`ZemcklZ ^\Z [be_lZ \ iZjl_j E_gZ h^he`b fg_ ih`ZemcklZ jZd_ldm ^ey b]ju \ l_ggbk < kZjZ_ lh klmqZe fhehlhd lh \a\ba]b\ZeZ ibeZ Y jZkiZo gme ^\_jv b m\b^_e k\h_]h ^jm]Z <at_jhr_gguc b \kihl_\rbc hg kdehgbeky gZ^ ysbdhf b ijb^_eu\Ze d g_fm ^bgZfbd ± Qlh wlh lZdh_" ± kijhkbe y ± Ilbqv_ h[s_`blb_ ± hl\_lbe IZ\dZ ± DZd `_ ilbpu jZaf_klylky \ g_f" ± ihbgl_j_kh\Zeky y ± Ih d\ZjlbjZf <vxjdm ba i_jv_\ \ueh`bf Z keZ\d_ ba ^\mo ebklv_\ khrvzf ± h[tykgbe ^jm] ± : jZ^bh aZq_f" ± g_ k^Z\Zeky y ± >ey ijbfZgdb <jh^_ hohlgbqv_]h fZgdZ AZ\_^zf ieZklbgdm k kheh\vzf ± lvfZ lvfmsZy gZe_lbl ± o\ZklZeky IZ\dZ Y jZkiZogme ^\_jv b m\b^_e k\h_]h ^jm]Z Ih\_kl\ g_\hkde ijhklh_ jZkijhklj hkeh`g h^ghjh^gufb kdZam_fufb
;_am^Zjgu_ ]eZkgu_ h _ \ keZ[hc ihabpbb \ i_j\hf ij_^m ^Zjghf ijhbaghkylky dZd >Z@ >b@ A\hgdb_ iZjgu_ kh]eZkgu_ \ keZ[hc ihabpbb i_j_^ ]emobfb ijhbaghkylky dZd ]emob_ =emob_ iZjgu_ kh ]eZkgu_ \ keZ[hc i_j_^ a\hgdbfb ijhbaghkylky dZd a\hgdb_ >q@ b >s@ \k_]^Z ijhbaghkylky fy]dh >`@ b >r@ \k_]^Z ijhbaghkylky l\_j^h :enZ\b l fm>a @_c gZqZ lv hjnh>w@iby jZkiheh`b lv kZg lbf_ lj kd\hj_>r@gbd >l @_dkl >l @_fZ nhg>w@lbdZ yb>r@gbpZ ± :i_evkbgu ijh^Z_rv" ± Dhg_qgh ± hl\_qZ_l ijh^Z\_p ± Fh`_l gm`gh" ± JZamf__lky gm`gh Kdhevdh [_j_rv" ± G_fgh]h Iylv
Ijhbaghkb i_j_^ _ fy]dbc kh]eZkguc nZg_jZ j_evk ^_lZev l_fZ fma_c ZdZ^_fby IjZ\bevgh klZ\v m^Zj_gb_ ZenZ\bl ^hdmf_gl ^hkm] dbehf_lj fZ]Zabg ij_^f_l Ijhbaghkb >rg@ b >rl@ dhg_qgh kdmqgh kd\hj_qgbpZ ijZq_q gZy qlh qlh[u < wlbo keh\Zo i_j_^ _ ijhbaghkb l\_j^uc kh]eZkguc dZrg_ l_ggbk fh^_ev Zl_ev_ rhkk_ nhg_lbdZ DZd lu ijh\h^brv ^hkm]" DZdhc m l_[y ex[bfuc ij_^f_l" =^_ a^_kv fZ]Zabg" Ex[ex ± ex[ ex >e @ ±kh]e a\ fy]d >m@ ± ]eZkg [_am^ >[@ ± kh]e a\ l\ >e @ ± kh]e a\ fy]d >m@ ± ]eZkg m^ [ a\ FZ y ± fZ y >f@ ± kh]e a\ l\ >Z@ ± ]eZkg m^ >c@ ± kh]e a\ fy]d >Z@ ± ]eZkg [_am^ [ a\ =jhf >]@ ± kh]e a\ l\ >j@ ± kh]e a\ l\
=jham ± ]jh am >]@ ± kh]e a\ l\ >j@ ± kh]e a\ l\ >Z@ ± ]eZkg [_am^ >a@ ± kh]e a\ l\ >m@ ± ]eZkg m^ [ a\ Dh]^Z ± dh] ^Z >d@ ± kh]e ]emo l\ >Z@ ± ]eZkg [_am^ >]@ ± kh]e a\ l\ >^@ ± kh]e a\ l\ >Z@ ± ]eZkg m^ [ a\
>h@ Âą ]eZkg m^ >f@ Âą kh]e a\ l\ [ a\
Qm`Zy jmdZ Mqbl_evgbpZ hl^Z_l I_ljh\m ^hfZrg__ khqbg_gb_ b ]h\hjbl Âą I_ljh\ fg_ ihdZaZehkv qlh wlh ihq_jd l\h_c k_klju Âą <hafh`gh Y ibkZe jZ[hlm __ jmdhc IbkZe Âą ]eZ] kij klhbl \ ijhr \j _^ q f j Hl^Z_l Âą >^@ qlh Âą >r@
H[udgh\_ggu_ kt_^h[gu_ y]h^u g_h[uqguo jZaf_jh\ ^m rbklZy dem[gbdZ k m^b\bl_evguf ZjhfZlhf ^bdh\bggu_ ieh^u kZ ^h\hc fZebgu ohq_lky iheZdhfblvky khqgufb k\_`bfb y]h^Zfb ZjhfZlgu_ ebklvy qzjghc kfhjh^bgu djZkhlZ ^Zjh\ ijbjh^u :e__l \gbam jmfygblky djZkg__l kijZ\Z `_el__l ke_\Z [_e__l q_jg__l DZd \dmkgZ ZjhfZlgZy dem[gbdZ Gb]^_ g_ gZc^_rv kfhjh^bgu djmig__ KZ^h\hc ZjhfZlgu_ K q_]h gZqbgZ_lky gZr imlv bkde kde d agZgbyf gZ ¹ b_ " K Za[mdb kde G_^Zjhf ]h\hjyl Š:a[mdZ ¹ d fm^jhklb kde klmi_gvdZ kde ª < ]h^m gZrZ Za[mdZ hlf_lbeZ k\hc x[be_c kde ?c bk ihegbehkv e_l KeZ\ygkdmx Za[mdm kha^Zeb h^bggZ^pZlv \_dh\ kde gZaZ^ [jZlvy kde Dbjbee b F_nh^bc kde Wlm Za[mdm gZa\Zeb db jbeebp_c kde Ihlhf \ g_z \ghkbeb jZagu_ baf_g_gby gZ ¹b_ B ihkl_i_ggh ihy\beZkv lZ kZfZy Za[mdZ dhlhjhc fu ihevam_fky k_cqZk GZrZ Za[mdZ kha^ZgZ fgh]h \_dh\ gZaZ^ Z ihevam_fky fu _c ^h kbo ihj
Khqbg_gb_ ih dZjlbg_ ŠDem[gbdZ b [_euc dm\rbgª GZ gZlxjfhjl_ B B FZrdh\Z ij_h[eZ^Zxl yjdb_ l_ieu_ lhgZ < p_glj_ dZjlbgu ¹ dm\rbg k [md_lhf p\_lh\ Djmigu_ Zeu_ fZdb m^Zqgh khq_lZxlky k f_edbfb k\_leufb dhehdhevqbdZfb FZdb kdehgyxlky \e_\h d \Za_ k khqgufb djZkgh[hdbfb y[ehdZfb GZ lZ j_ed_ \gbam ¹ djZkgZy b q_jgZy kfhjh^bgZ Jy^hf k g_c [eb`_ d p_gljm ¹ ki_eZy fZebgZ \ [ex^p_ KijZ\Z ¹ [md_l \Zkbevdh\ ?s_ ijZ\__ `_el_xl ebfhgu GZ aZ^g_f ieZg_ \b^gu i_jkbdb b l_fguc \bgh]jZ^ gZ [_ehc lZj_ed_ DZjlbgZ gZihfbgZ_l gZf h l_iehf bah [bevghf e_l_ h [h]Zlkl\_ ijbjh^u b __ ^Zjh\
ih^]hlh\dZ d ^bdlZglm
Kdhevdh keh\ \ jmkkdhf yaud_" Keh\ [hevr_ q_f a\_a^ gZ g_[_ ;he__ luk keh\ Ijhkluf
:j_gZ ± djm]eZy iehsZ^dZ \ pbjd_ gZ dhlhjhc ^Zxlky ij_^ klZ\e_gby ;hjhgblv ± jZajuoeylv \kiZoZggmx a_fex [hjhghc Ebeh\uc ± k\_leh nbhe_lh\uc p\_lZ kbj_gb beb nbZedb GZ em]m i_klj_eb p\_lu ebeh\u_ nbZedb ]hem[u_ dhehdhevqb db [_eh `_elu_ jhfZrdb KlZjuc kehg \kihfbgZe pbjdh\mx Zj_gm \ukhdbc dmihe \_k_ euo ajbl_e_c <_kgZ ± \j_fy iZoZlv [hjhgblv k_ylv
IhazfdZ ± \vx]Z \h \j_fy dhlhjhc ^m_l gbah\hc \_l_j Bafhjhav ± ihoh`bc gZ bg_c hkZ^hd h[jZamxsbcky \ lmfZggmx fhjhagmx ih]h^m gZ \_l\yo ^_j_\v_\ ijh\h^Zo Imj]Z ± kbevgZy kg_`gZy \vx]Z f_l_ev kg_`gZy [mjy <k_ ^hjh]b aZf_eZ kg_`gZy imj]Z Kg_] \ ykguc ^_gv <q_jZ r_e kg_] [hevrhc djmiguc ijyfh kg_]hiZ^ B \^jm] gZ^ \k_f wlbf kg_]hf aZkbyeh [_ah[eZqgh_ ]hem[h_ ]hem[h_ g_[h < l_gb hg l_fgh\Zluc k_jh\Zluc Z gZ khegp_ bkdjblky [e_klbl k\_jdZ_l =eZa g_ hlhj\_rv ± lZd hg ijbly]b\Z_l d k_[_ ;_ah[eZqgh_ E_dkbq agZq_gb_ ± [_a h[eZdh\ =jZf agZq_gb_ ± ijbeZ] kj j _^ q B i G_[h E_dkbq agZq_gb_ ± \ha^mrgh_ ijhkljZgkl\h gZ^ gZfb =jZf agZq_gb_ ± kms kj j _^ q B i Bkdjblky E_dkbq agZq_gb_ ± [e_klbl k\_jdZ_l bkdhjdZfb =jZf agZq_gb_ ± ]eZ] kij \ gZkl \j ebp_ _^ q QZklh ex^b g_ fh]ml ihgylv ^jm] ^jm]Z beb kfuke q_]h lh ihlhfm qlh g_ agZxl lhqgh]h agZq_gby lh]h beb bgh]h keh\Z ?keb gZijbf_j bkihevah\Zlv lhedh\uc keh\Zjv e_]q_ ^h]h\hjblvky
P\_l g_[Z l_fi_jZlmjZ \ha^moZ yjdhklv khegpZ l_fg_lv gZ ]hjbahgl_ [e_kl_lv gZ khegp_ kuiZlvky k g_[Z klm^_guc fhjha k_ jh_ g_[h ]hem[h\Zluc kg_] HjZg`_\uc ± `_elh djZkguc p\_lZ Zi_evkbgZ Ebeh\uc ± k\_leh nbhe_lh\uc p\_lZ nbZedb kbj_gb
?ev Âą \_qgha_e_gh_ o\hcgh_ ^_j_\h k dhjhldbfb b]hedZfb b g_[hevrbfb djm]eufb rbrdZfb KhkgZ Âą \_qgha_e_gh_ o\hcgh_ ^_j_\h k ^ebggufb b]hedZfb b ijh^he]h\Zlufb rbrdZfb KlZe_\Zj Âą jZ[hqbc dhlhjuc \Zjbl klZev E_khjm[ Âą jZ[hqbc dhlhjuc jm[bl e_k =hem[h_ g_[h ]hem[u_ ]eZaZ ]hem[h_ fhj_ ]hem[hc p\_l ]hem[Zy g_aZ[m^dZ EZamjgh_ g_[h eZamjgh_ fhj_ eZamjguc p\_l ;bjxah\h_ g_[h [bjxah\uc p\_l G_[_kgu_ ]eZaZ g_[_kguc p\_l g_[_kgh ]hem[Zy g_aZ[m^dZ
F =hjvdbc kh\_lh\Ze ŠH[h]ZsZcl_ k_[y agZgb_f jmkkdh]h yaudZ qblZcl_ lZdbo fZkl_jh\ keh\_kgh]h bkdmkkl\Z dZdh\u Imr dbg =h]hev E_\ Lheklhc E_kdh\ Q_oh\ª ŠQ_f ijhs_ keh\h l_f [he__ hgh lhqgh q_f ijZ\bevg__ ihklZ\e_gh ¹ l_f [hevr_ ijb^Zzl njZa_ kbeu b m[_^bl_evghklbª ¹ kqblZe F =hjvdbc H[h]ZsZcl_ fZkl_jh\ jZkrbjylv \i_qZle_gby ijhklmx E_dkbdhg ¹ aZiZk keh\ b \ujZ`_gbc q_eh\_dZ Ih ]hjbahglZeb DZgZe LZ[mg DhjdZ Ih \_jlbdZeb DZlhd GZ[hj E_glZ E_glZ ¹ madZy ihehkdZ ldZgb GZjy^gZy e_glZ
Bamfjm^guc K^_eZgguc ba bamfjm^Z Yjdh a_e_guc p\_lZ bamfjm^Z Bamfjm^gh_ ijbeZ] h`_j_ev_ bamfjm^gZy ijbeZ] ljZ\Z D\ZjlZe QZklv ]hjh^Z h]jZgbq_ggZy i_j_k_dZxsbfbky mebpZfb Q_l\_jlZy qZklv ]h^Z Gh\u_ ijbeZ] d\ZjlZeu i_j\uc ijbeZ] f_kyp kms d\ZjlZ eZ :ck[_j] h^ghag ^hiheg_gb_ fgh]hag j_ylv fgh]hag k\bj_iuc fgh]hag qbkeh fgh]hag dhjZeeh\uc fgh]hag ijb eZ]Zl_evgh_ h^ghag Lhevdh lj_lv Zck[_j]Z \b^gZ kgZjm`b GZc^bl_ \ l_dkl_ bf_gZ ijbeZ]Zl_evgu_ NhjfZ ij_^f_lZ reyidZ ]jb[Z Âą khehf_ggZy reyidZ ]j_[_gv ]hju Âą ]j_[_gv i_lmoZ OZjZdl_j ^_ckl\by [ZjZ[Zgblv \ [ZjZ[Zg Âą [ZjZ[Zgblv \ ^\_jv \Zjblv klZev Âą \Zjblv h[_^
< klbohl\hj_gbb ]h\hjblky h `_e_agh^hjh`ghf ihehlg_
KlZevgh_ ihehlgh kblp_\h_ ihehlgh EmqZfb djZkbl khegurdh klZevgh_ ihehlgh ih\_kl\ g_\hkde ijhklh_ jZkijhklj
Kfhljx ± kfhl jx >k@ ± kh]e l\ ]emo >f@ ± kh]e l\ a\ >Z@ ± ]eZkg [_am^ >l@ ± kh]e l\ ]emo >j @ ± kh]e fy]d a\ >m@ ± ]eZkg m^ [ a\
K\_`Zy ]Za_lZ lhevdh qlh \ur_^rZy k\_`bc nbevf lhev dh qlh ihdZaZgguc k\_`b_ h[hb gh\u_ k\_`__ [_ev_ qbklh_ k\_`__ fhehdh ^h[jhdZq_kl\_ggh_ k\_`b_ jhau lhevdh qlh kh j\Zggu_ k\_`__ mljh ijhoeZ^gh_ k\_`bc \_l_j ijhoeZ^guc O\hkl a\za^ o\hkl k_fyg o\hkl ilbpu o\hkl kZfhe_lZ o\hkl dhjh\u o\hkl kdhjibhgZ M a\za^ ± kms ` j kde klhbl \ fg q J i ;vzl >[@ ± kh]e a\ fy]d >c@ ± kh]e a\ fy]d >h@ ± ]eZkg m^ >l@ ± kh]e ]emo l\ [ a\
FZevqbd i_j_imlZe jZagu_ agZq_gby fgh]hagZqguo keh\ rdheZ ghk kl\he Ih^ibkb d jbkmgdZf Y kt_e p_emx lZj_edm FZevqbd \uj\Ze ba l_ljZ^b ebkl
E_k kh\k_f g_h[udgh\_gguc klZe g_ ju`bc g_ a_e_guc Z [_eh k_juc Kl\heu kg_]hf ijbihjhrbeh Gh]b lZd b ijh\Zeb\Zxl ky \ kg_] : ih^ kg_]hf ojmklyl b rmjrZl kmob_ ebklvy o\hy b km qvy KZgy b <Zgy \ha\jZsZebkv ba rdheu ^hfhc ih\_kl\ g_\hkde ijhklh_ jZkijhklj
Ijh\Zeb\Zxlky ± ]eZ] kij klhbl \ gZkl \j e fg q ;_`Zlv Ijyfh_ ag ± [ukljh i_j_^\b]Zlvky k ihfhsvx gh] I_j_ghkgu_ agZq_gby ± [ukljh ^\b]Zlvky [ukljh ijhl_dZlv h \j_ f_gb H[s__ \ agZq_gbyo ± [ukljh_ i_j_f_s_gb_ q_]h eb[h
=g_a^h Ijyfh_ ag ± `bebs_ ilbpu I_j_ghkgh_ ± `bebs_ q_ eh\_dZ H[s__ \ agZq_gbyo ± `bebs_ K_j_[jyguc Ijyfh_ ag ± k^_eZgguc ba k_j_[jZ I_j_ghkgh_ ± a\hgdbc f_eh^bqguc H[s__ \ agZq_gbyo ± kihkh[ghklv ba^_ebc ba k_j_[jZ f_eh^bqgh a\_g_lv Klj_fbl_evgh [_`bl \j_fy Iml_r_kl\_ggbd \ha\jZlbeky \ jh^ gh_ ]g_a^h >_\hqdZ i_eZ i_kgx lhgdbf k_j_[jyguf ]hehkdhf E_^ygZy ]eu[Z ijyf ± e_^yghc \a]ey^ i_j_g fhj_ ir_ gbpu i_j_g ± ]hem[h_ fhj_ ijyf dhibjm_l q_jl_` ijyf ± dh ibjm_l ihoh^dm i_j_g Y k ljm^hf \u^_j`Ze _]h e_^yghc \a]ey^ Ih h[_bf klhjhgZf ^hjh]b rbjhdh jZkdbgmehkv fhj_ ir_gbpu FZe_gvdZy ^hqdZ dhib jm_l ihoh^dm fZfu
Imj]Z ohq_l ihlhgmlv i_j_g \ kg_]Zo <_l_j mkgme i_j_g <vx]Z jZa]meyeZkv i_j_g KlZ\gb aZkdjbi_eb k bkim ]Z i_j_g FZevqbd i_j_imlZe i_j_ghkgh_ agZq_gb_ keh\ ]hj_lv k\_ lblvky kdh\Zlv k ijyfuf =hjyl
<q_jZ jZau]jZeZkv [mjy b kg_`bgdb aZdjm`bebkv \ ohjh\h ^_ Iha^g_c hk_gvx ^_j_\vy kdbgmeb k k_[y ihke_^gb_ h^_`^u b fhjha kdh\Ze a_fex J_qdZ aZklueZ b aZfheqZeZ \vx]Z h^_eZ __ [_ j_]Z \ abfgxx rm[m
Abfgbc ijZa^gbd ijbjh^u GZklZeb qm^_kgu_ kheg_qgu_ n_\jZevkdb_ ^gb ih\_kl\ g_ \hkde ijhklh_ jZkijhklj Mljhf dZd \k_]^Z y \ur_e ih[jh^blv \hdjm] mkZ^v[u b ihgZ[ex^Zlv < ijbjh^_ l\hjbehkv g_qlh g_h[u qZcgh_ DZaZehkv qlh hgZ ijZa^gh\ZeZ dZdhc lh g_[u\Zeuc ijZa^ gbd eZahj_\h]h g_[Z `_fqm`guo [_j_a dhjZeeh\uo \_lhd b kZinb jh\uo l_g_c gZ kbj_g_\hf kg_]m B W =jZ[Zjv Qm^_kguc g_h[uqZcguc g_[u\Zeuc <ur_e ± ]eZ] kij klhbl \ ijhr \j f j _^ q <Ze ± hq_gv \ukhdZy \hegZ <Ze ± ^ebggZy a_feygZy gZkuiv <Ze ± qZklv f_oZgbafZ fZrbgu Jukv ± obsgh_ `b\hlgh_ Jukv ± h^bg ba \b^h\ [_]Z ehrZ^b
Fu \b^_eb \ fma__ dZjlbgm :c\Zah\kdh]h Š>_\yluc \Zeª < kehfZgghf ljZdlhj_ ke_kZjv aZf_gbe dZj^Zgguc \Ze AZfhd [ue h] jZ`^_g \ukhdbf dj_ihklguf \Zehf < ahhiZjd_ fu \b^_eb jukv k dbklhqdZfb gZ mrZo EhrZ^v [_`ZeZ jukvx
IZj Âą imklmxs__ ihe_ IZj Âą bkiZjb\rZyky \h^Z AZklZ\blv Âą aZgylv AZklZ\blv Âą ijbgm^blv Kljh_\hc Âą ijyfhc b \ukhdbc Kljh_\hc Âą hlghkysbcky d kljhx khe^Zl F_[_evx >cm@ KljmcdZ
Kdhkbe ljZ\m Âą kdhkbe ]eZaZ Dhkyd ehrZ^_c Âą dhkyd ^\_jb AZie_lZeZ dhkm Âą lhqbe dhkm Âą gZ i_kqZgmx dhkm Ihe_ ir_gbpu Âą ihey l_ljZ^b Âą ihey reyiu Âą fZ]gblgh_ ihe_ EhrZ^_c \[b\Ze gZ himrd_ jhsb E_kgbd kdhkbe ljZ\m gZ himrd_ [_jzah\hc jhsb ih\_kl\ g_ \hkde ijhkl jZkij
Ijbg_kbl_ ijbklj_eygguc emd Ijbg_kbl_ j_iqZluc emd DjZg k ]hjyq_c \h^hc g_ jZ[hlZ_l GZ kljhcd_ g_ jZ[hlZ_l djZg ^hkljhblv \_jogb_ wlZ`b gZ wlhc g_^_e_ g_ m^Zklky
Wlb keh\Z g_ y\eyxlky hfhgbfZfb ihlhfm qlh hgb hlghkyl ky d jZaguf qZklyf j_qb b kh\iZ^Zxl ebrv \ g_dhlhjuo nhjfZo KlZdZg ba kl_deZ kl_deh Âą \h^Z kl_deZ kl_qv dhkblv dhkhc dhkZ Âą dhkhc \a]ey^ l_iemx i_qv Âą i_qv ibjh]b jZa\h^blv ]hem [_c ]hem[v Âą g_[h klZeh ]hem[_c ]hem[hc ih[_eblv ihlhehd Âą ih lhehd ihlhehqv dZjlhrdm ;Z[Z Y]Z iheh`beZ B\Zgmrdm gZ l_iemx i_qv KlZjmoZ ijbgy eZkv i_qv ibjh]b LhqdZ dhgvdh\ Âą lhqdZ \ dhgp_ kljhdb EbkbqdZ a\_jv Âą eb kbqdZ ]jb[ Kljhqdm dhgvdb lhqbevsbd lhqdm aZdZgqb\Zy kljhqdm ebkbqdb B]ehc Âą kms ` j kde klhbl \ _^ q L i Ghjdb Rvzl >r@ Âą kh]e ]emo l\ >c@ Âą kh]e a\ fy]d >h@ Âą ]eZkg m^ >l@ Âą kh]e ]emo l\ [ a\
F_l_ev imj]Z [mjZg ± kg_`gZy [mjy Aghc `ZjZ ± \ukhdZy l_fi_jZlmjZ \ha^moZ >hjh`dZ ljhibgdZ ± madZy ihehkdZ a_feb ^ey m^h[kl\Z oh^v[u :enZ\bl Za[mdZ ± i_j_q_gv [md\ \ hij_^_e_gghf ihjy^d_ Jh^bgZ ± hl_q_kl\h hlqbagZ hojZgylv ± dZjZmeblv klhjh `blv [_kdhg_qguc ± [_kdjZcgbc [_kij_^_evguc AZ hdghf ih_a^Z \k_ lygmlky [_kdjZcgb_ [_kij_^_evgu_ kl_ib =eZ]heu fqZlvky g_klbkv e_l_lv [_`Zlv [jhkZlv db^Zlv r\ujylv IjbeZ]Zl_evgu_ lj_\h`guc [_kihdhcguc h]jhfguc ]jhfZ^guc Kms_kl\bl_evgu_ ibsZ _^Z Dm^Z lu \_qgh g_k_rvky k h]jhfghc kdhjhklvx" Ihq_fm lu [jh kbeky [_`Zlv" AZq_f \u r\ujy_l_ dZfgyfb \ ]hem[_c" DZd \Zf ih gjZ\blky _keb [m^ml db^Zlv \ \Zk" JZa]h\hj [helh\gy \ukhdbc ^he]h\yauc ]eZaZ hqb i_j_ ]gZlv h[kdZdZlv f_^e_gguc q_j_iZrbc Wlh g_ k_jv_aguc jZa]h\hj Z imklZy [helh\gy K_juf ^g_f iZkfmjguf ^g_f k_juf dhklxfhf dhjbqg_\u_ ghkdb dZjb_ ]eZaZ h fhdjhf em]_ h kujhf em]_ h kujhf \ha^mo_ ]hem[uf ieZlv_f ]hem[uf g_[hf eZamjguf g_[hf
Hg mi_jky \ [hdZ hldbgmeky gZaZ^ jZkkfZljb\Zy iZjgbrdm b \^jm] aZkf_yeky IZjgbrdZ kfms_ggh g_^h\_jqb\h rfu]gme ghkhf kfhjsbeky lZd qlh ghk _]h \a^_jgmeky d\_jom b lh`_ ± kh\k_f ih ^_lkdb ± aZ ebeky hahjgh b lhg_gvdh Hl g_h`b^Zgghklb F_l_ebpZ ijukgme _s_ ]jhfq_ b h[Z hgb ohohlZeb lZd g_kdhevdh fbgml : : NZ^__\
Hl g_h`b^Zgghklb ± kms kde klhbl \ _^ q J i Ko_f_ khhl\_lkl\m_l ihke_^g__ ij_^eh`_gb_ GZ dZjlbg_ [ueZ bah[jZ`_gZ ^_\mrdZ HgZ kfhlj_eZ gZ \h ^m dZgZeZ b dZaZehkv kha_jpZeZ qlh lh <kz ebph _z lhgdh_ b i_ qZevgh_ [ueh ih]jm`_gh \ jZa^mfv_ HgZ g_ aZf_qZeZ gb ijhoh`bo dhlhju_ k ex[hiulkl\hf \abjZeb gZ g_z gb ^\hjgbdh\ dhlhju_ e_gb\h ]eZa_eb m \hjhl >\hjgbdh\ Abfg__ mljh Y ijhkuiZxkv b ih^oh`m d hdgm Fhjhagh_ kheg_qgh_ mljh Kb g__ h]jhfgh_ g_[h gZ^ ]heh\hc <kz aZkuiZgh kg_]hf Hg hke_ib
l_evgh [e_klbl gZ a_fe_ hljZ`Zy khegp_ K_j_[jhf k\_jdZxl \ kb g_\_ g_[Z kl\heu [_j_a b yjdh kbyxl djbklZeebdb kg_]Z gZ \_l\yo ^_j_\v_\ K\_lylky kg_`ghc [_ebaghc kl_gu ^hfh\ [ebklZxl `_ e_agu_ djurb emqZlky b bkdjylky gZ khegp_ k\bkZxsb_ k djur kh kmevdb G_\hafh`gh hlhj\Zlv ]eZa hl wlhc nZglZklbq_kdhc djZkhlu ykgh]h abfg_]h mljZ Š;uklj_c \ e_k GZ eu`b ª ¹ ^mfZx y b f]gh \_ggh \ukdZdb\Zx gZ mebpm >h[jZy j_qdZ Kd\hjzgmrdZ ¹ g_[hevrZy e_kgZy j_dZ ih\_kl\ g_\hkde ijh klh_ jZkijhklj HgZ ijh[bjZ_lky ih ^gm ]em[hdh]h h\jZ]Z l_q_l b l_q_l k_[_ ih dZfmrdZf @bagv m g_z k\hy gZ ^jm]bo g_ihoh`Zy @ZjZ klhbl gZ a_fe_ \ukuoZxl a_e_gu_ ljZ\u ohjhgblky hl aghy \k_ `b\h_ Z m Kd\hjzgmrdb \ h\jZ]_ ijhoeZ^Z A_e_gb jZaghc b p\_lZf b fZebggbdm ¹ \k_fm ijb\hevgh jZklb \hae_ Kd\hjzgmrdb K\hyC k\h y >k@ ¹ kh]e ]emo l\ >\@ ¹ kh]e a\ l\ >Z@ ¹ ]e [_am^ >c @ ¹ kh]e a\ fy]d >ZC@ ¹ ]e m^ [ a\ Khqbg_gb_ I_j_^ gZfb dZjlbgZ B W =jZ[Zjy ŠN_\jZevkdZy eZamjvª Om ^h`gbd bah[jZabe ykguc kheg_qguc n_\jZevkdbc ^_gv G_[h [_a h[eZqgh_ yjdh ]hem[h_ Z [eb`_ d ]hjbahglm ¹ ]mklh kbg__ Kg_] k\_leh ]hem[hc \ l_gb kbg_\Zluc < p_glj_ dZjlbgu ¹ [_ehkl\hev gZy [_j_aZ HgZ \_l\bklZy \ukhdZy kl\he __ ke_]dZ bah]gml Z gZ fZdmrd_ _s_ hklZebkv ijhreh]h^gb_ [mjh `_elu_ ebklvy >jm]b_ ^Zevgb_ [_j_adb f_gvr_ b kljhcg__ Kl\heu [_j_a lh`_ aZeblu ]h em[h\Zluf hlk\_lhf <b^bfh ba aZ h[beby ]hem[h]h p\_lZ dZjlbgZ b gZa\ZgZ ŠN_\jZevkdZy eZamjvª JZggbc iha^gbc lh]^Z l_i_jv mljh \_q_j ;_euc q_jguc yjdbc lmkdeuc [e_^guc jmfyguc Rbjhdbc madbc dhjhldbc ^ebgguc @ZjZ oheh^ ]hjyqbc oheh^guc gZ]j_lv hklm^blv ;ebadh ^Ze_dh ih^a_fguc gZ^a_fguc \\_jo \gba GZj_qby lh]^Z l_i_jv [ebadh ^Ze_dh \\_jo \gba
Mq_gv_ Âą k\_l Z g_mq_gv_ Âą lvfZ Fy]dh kl_e_l ^Z `_ kldh kiZlv < ]eZaZ g_ o\Zeb Z aZ ]eZaZ g_ dhjb Kuluc ]heh^
gh]h g_ jZamf__l AZ fZe_gvdbf ih]gZeky Z [hevrh_ ihl_jye F_gvr_ ]h\hjb Z [hevr_ ^_eZc Kl_e_l ± ]eZ] kij bkde klhbl \ gZkl \j ebp_ _^ q =heh^gh]h
<hed gZb\guc Z ebkZ obljZy E_\ ojZ[juc Z aZyp ljmkeb \uc FmoZ fZexk_gvdZy Z kehg h]jhfguc Y]gzghd keZ[uc Z \hed kbevguc EbkbpZ mfgZy Z \hjhgZ ]emiZy Klj_dhaZ e_gb\Zy Z fmjZ \_c ljm^hex[b\uc IZfylgh_ ijhbkr_kl\b_ ebeh\u_ kmf_jdb yjdh k\_jdgmlv kbygb_ a\_a^ b^lb p_ihqdhc aZf_lZlv ihjhr_c aeZy \vx]Z m]jh `Zlv [_^hc `mldZy f_l_ev ijh\_klb ghqv `_e_agZy \u^_j`dZ klZ jZebkv ihfhqv kfmlgu_ hq_jlZgby Yjdh ± lmkdeh [e_^gh [ezdeh F_l_ ev ± f_ l_ev >f @ ± kh]e a\ fy]d >b@ ± ]eZkg [_am^ >l @ ± kh]e ]emo fy]d >w@ ± ]eZkg m^ >e @ ± kh]e a\ fy]d [ a\
H ly`_ehc jZ[hl_ ± h ljm^ghc jZ[hl_ k ly`_euf gZkljh_gb _f ± k iehobf gZkljh_gb_f ly`_euc aZiZo ± j_adbc aZiZo l\_j^Zy jmdZ ± m\_j_ggZy jmdZ l\_j^u_ agZgby ± dj_idb_ agZgby l\_j^Zy dh`Z ± `_kldZy dh`Z k\_`bf mljhf ± ijhoeZ^guf mljhf k\_`b_ fukeb ± gh\u_ fukeb jZa[blv ihe_ gZ mqZkldb ± jZa^_eblv gZ mqZ kldb jZa[blv \jZ]Z ± ih[_^blv \jZ]Z K gZkljh_gb_f ± kms gZ ±b_ kj j klhbl \ _^ q L i
K e_]dbf jxdaZdhf ± k ly`_euf jxdaZdhf kde L i _^ q e_]dmx aZ^Zqm ± ljm^gmx aZ^Zqm kde < i _^ q ih e_]dhfm fhjham ± ih kbevghfm fhjham kde > i _^ q \ klZjhf kZ^m ± \ fheh^hf kZ^m kde I i _^ q gZ klZjmx d\Zjlbjm ± gZ gh\mx d\Zjlbjm kde < i _^ q \ fy]dhf debfZl_ ± \ kmjh\hf debfZl_ kde I i _^ q gZ fy]dhf ^b\Zg_ ± gZ `_kldhf ^b\Zg_ kde I i _^ q h k\_`_f oe_[_ ± h q_jkl\hf oe_[_ kde I i _^ q \ k\_`_c jm[Zrd_ ± \ ]jyaghc jm[Zrd_ kde I i _^ q ]emobf ]hehkhf ± a\hgdbf ]hehkhf kde L i _^ q \ ]emohf i_j_med_ ± \ fgh]hex^ghf i_j_med_ kde I i _^ q gZ l\_j^hf ]jmgl_ ±
gZ fy]dhf ]jmgl_ kde I i _^ q k l\zj^hc \he_c ± kh keZ[hc \he_c kde L i _^ q ^bdlZgl ©Rdhevguc keh\Zjv Zglhgbfh\ª F = Ev\h\ Fhkd\Z Keh\Zjv ij_^gZagZq_g ^ey rdhevgbdh\ Keh\ZjgZy klZlvy khklhbl ba ]jZffZlbq_kdbo ihf_l kZfh]h keh\Z qZs_ \k_]h k lhe dh\Zgb_f b Zglhgbfh\ d g_fm IeZg G_h[udgh\_ggZy lbrbgZ Kg_`gh_ [_afhe\b_ ©I_j\uc kg_] hq_gv d ebpm a_fe_ª AZkl_gqb\Zy g_\_klZ
M[hjdZ oe_[guc mdjZkyl ijbg_keb ]h\hjeb\uc aZdhedZ [_a\_lj_gguc a_feyghc gZ^j_`ml ijb[_j_]eb
K Xjhc ± kms \ nhjf_ L i _^ q ijboh^bf ± ]eZ] \ nhj f_ gZkl \j \ f ebp_ \h fg q djZkyl ± ]eZ] \ nhjf_ gZkl \j \ f ebp_ \h fg q e_klgbqgmx ± ijbeZ] \ nhjf_ ` j _^ q < i de_ldm ± kms \ nhjf_ _^ q < i Ijh\h^Z ± ijh\h^blv \h^blv ijh\h^dZ JZa\_^dm e_klgbqgmx de_ldm Ijh\h^Z g_kzl fhglzj Ih\_kl g_\hkde ijhklh_ jZkijhklj
AZ]Z^dZ ijbjh^u \ `b\hlghf `blv aZ]Z^db aZ]Z^hq_g jZa]Z^ZggZy fbj ± \ fbj_ fu ± gZfb aZ]Z^hqgu ± aZ]^hq_g aZ]Z^dZ ± aZ ]Z^db Ijb\e_dZl_evghklv \ `b\hlghf fbj_ lzfgu_ m[b\Z_l a_feb kbevg__ `_eZgb_ `blv qZsb \heg_gby Ij_^eh`_gby k h^ghjh^gufb qe_gZfb i_j\h_ \lhjh_ lj_lv_
Ba dhjb^hjZ fu \oh^bf \ k\_lemx dhfgZlm Ba dhjb^hjZ ± kms J i _^ q \oh^bf ± ]eZ] _ e fg q \ k\_lemx ± ijbeZ] _^ q ` j < i < dZ[bg_l_ h^gh hdgh b [Zedhg M hdgZ gZoh^blky dh`Zguc ^b \Zg GZ hdg_ ijbkljhbeky fZ]gblhnhg K ^jm]hc klhjhgu ^b\ZgZ ihf_sZ_lky dgb`guc rdZn < m]em ijbxlbeky l_e_\bahj jy^hf lmf[hqdZ k l_e_nhghf Baf_g_gb_ nhjfu keh\Z bf_gZ kms_kl\bl_evgu_ b ]eZ]heu Imklu_ d\Z^jZlbdb hagZqZxl gme_\h_ hdhgqZgb_
Q_l\_j] B i _^ q Âą q_l\_j]Z J i q_l\_j]m > i q_l\_j] < i q_l\_j]hf L i h q_l\_j]_ I i f_klh Âą f_klZ B i fg q f_kl f_klZf > i f_klZ < i f_klZfb L i h f_klZo ^_eh Âą ^_eZ B i fg q ^_e J i ^_eZf > i ^_eZ < i ^_eZfb L i h ^_eZo I i >_dZ[jvkdbc ^_gv kde B i _^ q \ fh_c hdhgghc jZf_ kde I i _^ q G_ ijhk\_le_\ l_fg__l g_[hkdehg kde B i _^ q LhjqZl dZd fzleu kde B i fg q \_l\b kde B i fg q aZ ^hfZfb kde L i _^ q AZ[bluc kg_]hf kde L i _^ q h^bqZe [Zedhg kde B i _^ q K Y FZjrZd
< hdhgghc Âą ijbeZ] klhbl \ ` j _^ q I i LhjqZÂśl Âą lhj qZl >l@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ >j@ Âą kh]e a\ l\ >qÂś@ Âą kh]e ]emo fy]d >ZC@ ]e m^ >l@ Âą kh]e ]emo l\ [ a\
Ebeh\Zy kbj_gv Iurgu_ g_`gu_ ]jha^vy kbj_gb pZjyl gZ^ kZ^hf ih\_kl\ g_ \hkde ijhklh_ jZkijhklj P\_lZ lzieuo \_k_ggbo kmf_j_d L_o g_i_j_^Z\Z_fuo kbj_g_\uo hll_gdh\ qlh `b\ml gZ jZkk\_l_ yjdh]h ^gy gZ^ fhj_f = ? GbdheZ_\Z
Kbj_g_\uo ¹ ijbeZ] klhbl \ fg q J i Yjdh]h ]jha^vy [md\Z y h[hag a\mdZ >\moe_lg_c KZr_ \ keh\_ Šhlim]b\Zlvª ihqm^beky lhl `_ dhj_gv qlh \ Šim]h\bp_ª HgZ lZd b kijhkbeZ m [Z[mrdb ihiulZ\ r_cky jZkkl_]gmlv _c iZevlh ŠAZq_f lu f_gy hlim]b\Z_rv"ª ?c hq_\b^gh ohl_ehkv qlh[u iZevlh hklZ\Zehkv ŠaZim]Zggufª lh _klv aZklz]gmluf gZ \k_ im]h\bpu D Qmdh\kdbc
AZo\Zlu\ZxsZy dgb]Z GbdblZ k_e qblZlv Š<kZ^gbdZ [_a ]heh\uª AZ djm]euf klhehf ih^ [hevrhc eZfihc kb^_eb k dgb]Zfb fZlmrdZ b :jdZ^bc B\Zgh \bq ih\_kl\ g_\hkde ijhklh_ jZkijhklj _klv h^ghjh^gu_ ih^
e_` AZ [hevrhx i_qvx ¹ lj lj lj lj ¹ ibebe ^_j_\yr_qdm k\_j qhd Ihlj_kdb\ZeZ \ khk_^g_c l_fghc dhfgZl_ iheh\bpZ <kZ^gbd [_a ]heh\u fqZeky ih ij_jbb oe_klZeZ \ukhdZy ljZ\Z \koh^be djZkguc f_kyp gZ^ ha_jhf GbdblZ qm\kl\h\Ze dZd \hehku m g_]h r_\_eylky gZ aZlued_ Hg hklhjh`gh h[_jgmeky aZ q_jgufb hdgZfb ijhg_keZkv dZdZy lh k_jh\ZlZy l_gv FZlmrdZ kdZaZeZ ih^ gy\ ]heh\m hl dgb]b Š<_l_j ih^gyeky d ghqb [m^_l [mjZgª Lzfghc K_jh\ZlZy A^jZ\kl\mc ^hjh]hc FbrZ DZd lu ih`b\Z_rv" Qlh bgl_j_kgh]h ijhbkoh^bl" Fu \q_jZ ijhklh aZf_qZl_evgh koh^beb \ ]hklb d Ex^fbe_ B\Zgh\g_ lu __ ohjhrh ihfgbrv <ajhkeu_ ibeb qZc gZ dmog_ Z fu k Dhe_c b]jZ eb \ _]h dhfgZl_ KgZqZeZ fu ihkfhlj_eb gh\uc nbevf ¹ijh^he`_ gb_ ŠA\_a^guo \hcgª Nbevf gZf hq_gv kbevgh ihgjZ\beky b fu j_rbeb \ g_]h ihb]jZlv Fu lZd m\e_debkv b]jhc qlh g_ aZf_lbeb dZd kl_fg_eh aZ hdghf FZfZ iha\ZeZ f_gy ^hfhc Z aZdZgqb\Zlv b] jm lZd g_ ohl_ehkv Fu j_rbeb ^hb]jZlv \ ke_^mxsb_ \uoh^gu_ : ihdZ y kb`m b jbkmx kZfu_ bgl_j_kgu_ f_klZ ba ŠA\_a^guo \hcgª >h k\b^Zgby G_ aZ[u\Zc fg_ ibkZlv L\hc ^jm] Dhey Kf_euc hkf_e_lv kf_evqZd kf_ehklv hkf_eblvky =jyaguc ]jyag_gvdbc ]jyagh\Zluc aZ]jyagblv ]jyagmey ]jyav Lzfguc l_fghlZ l_fgh\Zluc ihl_fg_lv aZl_fg_gb_ ihlzfdb QbklhlZ qbklxey qbklhiexc qbklbebs_ qbklhl_e qbkluc qbkl_gvdbc qbkl_crbc qbklblv ihqbklblv aZqbklblv \u qbklblv qbklh ^hqbklZ K\_leuc k\_le_crbc k\_le_gvdbc k\_leh\Zluc aZk\_q_gguc k\_l k\_q_gb_ hk\_s_gb_ jZkk\_l k\_lblv k\_lblvky k\_lZlv jZk k\_eh aZk\_lblv hk\_lblv k\_leh aZk\_leh Q_jg_lv ihq_jg_lv qzjguc qzjg_gvdbc q_jgxsbc q_jgh\Z luc q_jgv q_jghlZ q_jgbpZ q_jghazf qzjgh ^hq_jgZ
Eu`b eu`guc eu`gbd eu`gy \h^Z [_a\h^guc \h^yghc \h^blv \h^bl_ev ghkbevsbd ghkblv i_j_ghk aZghkblv ghkbd i_ j_ghkbpZ djZkguc djZkgh\Zluc djZkghlZ djZkg_gvdbc ihdjZkg_ gb_ djZkb\uc djZkhlZ ;_a\h^guc Eu`gyÂś Âą eu` gy
>e@ Âą kh]e a\ l\ >u@ Âą ]eZkg [_am^ >`@ Âą kh]e a\ l\ >gÂś@ Âą kh]e a\ fy]d >ZC@ Âą ]e m^ [ a\
GZ kdZem gZ[jZku\Zebkv yjhklgu_ \Zeu \Ze <_l_j jZa\_\Z_l \_ylv ijZa^gbqgu_ neZ]b ih\_kl\ g_ \hkde ijhklh_ jZkijhklj Y ^Zx ^Zlv kb]gZe Ydh\ gZklhcqb\h jZa\b\Z_l jZa\blb_ kbem \heb Y ^hx ^hcdZ dhjh\m M j_db iZkmlky \heu \he Ki_rblv d ih_a^m Âą ki_rdZ ihki_rblv ihki_rguc K_juc dhklxf Âą k_jh\Zluc k_j_lv k_j_gvdbc
L_abk Âą : y agZx fZfZ ihq_fm kj_^Z kj_^hc gZau\Z_lky Wlh ihlhfm qlh hgZ ihk_j_^bg_ g_^_eb klhbl WlZ qZklv l_dklZ Âą jZkkm`^_gb_ Kj_^Z gZau\Z_lky lZd ihlhfm qlh hgZ klhbl \ k_j_^bg_ g_^_eb
Y kqblZx qlh gZ^h ibkZlv keh\Z h^bgZdh\h ?keb ibkZlv h^gh b lh `_ keh\h dZ`^uc jZa ih jZaghfm lh ex^yf [m^_l hq_gv ljm^gh ihgbfZlv ^jm] ^jm]Z IhqlZevhg g_ kfh`_l ihgylv dm^Z g_ klb ibkvfh <jZq g_ ihcf_l j_p_il e_dZjkl\Z Rdhevgbd g_ jZa[_ j_lky \ mkeh\bb aZ^Zqb =_heh] b iml_r_kl\_ggbd g_ gZc^ml gm`gh ]h f_klZ gZ dZjl_ LZd qlh ijZ\bevgh_ gZibkZgb_ keh\ h[e_]qZ_l gZf `bagv Hlf_gyl I_jbgZ ¹ gZ[blZ i_jvyfb A_feygbdZ ¹ y]h^dZ jy^hf k a_f e_c Rbih\gbd gZa\Zg lZd ihlhfm qlh gZ _]h \_ldZo _klv rbiu H[t ykgblv gZa\Zgb_ ij_^f_lZ ihfh]Z_l dhj_gv keh\Z Dhj_gv fh`gh bkihevah\Zlv ^ey h[tykg_gby gZa\Zgby ihlhfm qlh \ g_f aZdexq_gh h[s__ agZq_gb_ jh^kl\_gguo keh\ Kg_]bjb ijbe_lZxl dh]^Z \uiZ^Z_l kg_] Imklujv ¹ wlh imklh_ f_klh >hfh\hc ¹ kdZahqguc ŠojZgbl_evª ^hfZ ah\ml khehf_ khagZ_lky abfhc ijbe_lZxl ijhklhlZ hl]Z^db aZ]Z^Zx m]Z^Zlv
zjaZ_l ihgbfZ_rv ijb\h^bl [hjfhq_l DhgphÂś\ Âą dhg ph\ >d@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ >g@ Âą kh]e a\ l\ >p@ Âą kh]e ]emo l\ >h@ Âą ]eZkg m^ >n@ Âą kh]e ]emo l\ [ a\
>gb g_^_eb jZkkdZau\Zxl h k_[_ H^gZ`^u <h\Z jZkdjue dZe_g^Zjv B \^jm] hg mkeurZe dZd ^gb g_^_eb aZ]h\hjbeb Š: agZ_rv ihq_fm y lZd gZau\Zxkv"ª ¹ kijhkbe \lhjgbd Š<_^v y \ g_^_e_ \lhjhc ih kq_lm ihlhfm y b \lhjgbdª Š: y ¹ q_l\_jlucª ¹ kdZaZe q_l\_j] Š: ijh iylgbpm y m`_ b kZf ^h]Z ^Zeky ª ¹ aZdjbqZe <h\Z ŠIylgbpZ ¹ iylZy ih kq_lm ª GZ [Zyg_ b]jZ_l [Zygbkl gZ ]blZj_ ¹ ]blZjbkl gZ ibZgbgh ¹ ibZgbkl gZ \bhehgq_eb ¹ \bhehgq_ebkl dgb]b i_j_ie_lZ_l i_j_ ie_lqbd ]jmabl ]jmaqbd hohlblky hohlgbd GZ ]blZj_ kde gZ \bhehgq_eb kde dgb]b kde GZ \bhehgq_eb ¹ kms ` j kde klhbl \ _^ q I i
< JyaZgb `b\_l jyaZg_p \ I_l_j[mj]_ Âą i_l_j[mj`_p \ <h jhg_`_ Âą \hjhg_`_p \ Gh\]hjh^_ Âą gh\]hjh^_p \ LZf[h\_ Âą lZf[h \_p \ :kljZoZgb Âą ZkljZoZg_p \h <eZ^bfbj_ \eZ^bfbj_p \ Fhkd\_ Âą fhkd\bq <he_c[he Âą \he_c[hebkl Âą \he_c[hebkldZ rZofZlu Âą rZo fZlbkl Âą rZofZlbkldZ iZjZrxl Âą iZjZrxlbkl Âą iZjZrxlbkldZ l_ggbk Âą l_ggbkbkl Âą l_ggbkbkldZ \_ehkbi_^ Âą \_ehkbi_^bkl Âą \_ ehkbi_^bkldZ
QblZlv Âą qblZl_ev ij_ih^Z\Zlv Âą ij_ih^Z\Zl_ev gZ[ex^Zlv Âą gZ[ex^Zl_ev mqblv Âą mqbl_ev \h^blv Âą \h^bl_ev kljhblv Âą kljhbl_ev H[s__ agZq_gb_ Âą lhl dlh ijhba\h^bl ^_ckl\b_ Mqb lv Âą m qblv >m@ Âą ]eZkg [_am^ >qÂś@ Âą kh]e ]emo fy]d >bC@ Âą ]e m^ >lÂś@ Âą kh]e ]emo fy]d [ a\
Kbg_\Zluc Âą g_ kh\k_f qmlv qmlv kbgbc Ju`_\Zluc Âą g_ kh\k_f qmlv qmlv ju`bc Dbkeh\Zluc Âą g_ kh\k_f qmlv qmlv dbkeuc Kujh\Zluc Âą g_ kh\k_f qmlv qmlv kujhc
QZc [m^_l keZ^dh\Zluc Kmi khehgh\Zluc Ebfhg dbkeh\Zluc Abfgbc ^_gv >_gv [ue fy]dbc b f]ebkluc DjZkgh\Zlh_ khegp_ g_\ukhdh \b k_eh gZ^ ^ebggufb ihoh`bfb gZ kg_]h\u_ ihey kehbklufb h[eZ dZfb < kZ^m klhyeb ihdjulu_ bg__f jhah\Zlu_ ^_j_\vy G_ykgu_ l_gb gZ kg_]m [ueb ijhiblZgu l_f `_ l_ieuf k\_lhf ;ueh g_ h[udgh\_ggh lboh : G Lheklhc
F]ebkluc Ihey Âą ih ey >i@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ >eÂś@ Âą kh]e a\ fy]d >Z@ Âą ]eZkg m^ [ a\
Klhebd ]\ha^bd dZjZg^Zrbd kughd ]hehkhd neZ`hd \_l_jhd ^b\Zgqbd dhklxfqbd dZjfZgqbd dhgn_ldZ dhjabgdZ ju[dZ dbklhqdZ \ZahqdZ dhnlhqdZ k\_`_gvdbc Ze_gvdbc `zel_gvdbc djZkg_gvdbc Kbghgbfu ijbeZ]Zl_evgu_ Ze_gvdbc djZkg_gvdbc :e_gvdbc p\_lhq_d djZkg_gvdbc ieZlhq_d B\mrdZ b\mrdZ a_e_gZy fhy Qlh `_ lu b\mrdZ g_\_k_eZ klhbrv" Beb l_[y b\mrdZ khegurdhf i_qzl Khegurdhf i_qzl qZkluf ^h`^bqdhf k_qzl Ih^ dhj_rhd dexq_\Z \h^Z l_qzl" Klhbrv
mjZe_p kha^Zl_ev ZkljZoZgdZ ^\hjgbd [ZjgZme_p bkiu lZl_ev ijh\h^gbd jZ[hlgbd fhkd\bq \udexqZl_ev aZdhedZ ij_^hojZgbl_ev ^\hjgbd ijh\h^gbd e_cdZ
G_agZdhfZy dhfgZlZ
Hldju\ ]eZaZ G_agZcdZ m\b^_e qlh e_`bl \ qm`hc dhfgZl_ Ih m]eZf klhyeb fZe_gvdb_ dj_kebpZ ih\_kl\ g_\hkde ijhklh_ jZk ijhklj GZ kl_gZo \bk_eb dh\jbdb b dZjlbgu k bah[jZ`_gb_f jZa guo p\_lh\ M hdgZ klhye djm]euc klhebd GZ gzf \ha\urZeZkv dmqZ jZaghp\_lguo gblhd ^ey \urb\Zgby b e_`ZeZ ih^mr_qdZ \ky mlu dZggZy b]hedZfb keh\gh hs_lbgb\rbcky z`bd ;_ah[eZqgh_ g_[h [_aemggZy ghqv [_am^Zjguc ]eZkguc [_a\dmkguc oe_[ [_a[he_ag_gguc mdhe [_a]jZfhlguc mq_gbd QZk h[_^Z ijb[eb`Zeky Lhihl ih ^\hjm jZa^Zeky ih\_kl\ g_\hkde ijhklh_ jZk ijhklj <oh^yl k_fv [h]Zluj_c K_fv jmfyguo mkZq_c KlZjrbc fhe\be ŠQlh aZ ^b\h <kz lZd qbklh b djZkb\h Dlh lh l_j_f ijb[bjZe >Z ohay_\ ih^`b^Zeª I_j_^ mlj_gg_c aZjzx ;jZlvy ^jm`ghx lheihx <u_a`Zxl ih]meylv K_juo mlhd ihklj_eylv Ijb[eb`Zeky ¹ m^Zeyeky \oh^yl ¹ \uoh ^yl \u_a`Zxl ¹ \t_a`Zxl I_j_^ mlj_gg_c ¹ ijbeZ] klhbl \ ` j _^ q L i <u_a`Zxl ¹ ]eZ] kij klhbl \ gZkl \j fg q e <\_klb \t_oZlv \\_jom [_aua\_klguc [_aufygguc [_a \j_f_gguc [_kihe_aguc [_aaeh[guc [_aaZdhgguc [_klj_i_lguc [_kihe_aguc i_j_ghkblv i_j_\h^blv i_j_eh`blv i_j_Zll_klZpby i_j_kfhlj_gguc < \hjhlZ \ ebph \ klZdZg [_a iZkihjlZ [_a \_klb [_a ]heh\u K_jh\Zluc jZd_lqbdb ^hfbd \u\_aml [_aex^guc keurbf [_kihkZ^hqguc rZofZlbkldZ dh`Zguc [_kdjZcgbc mjZe_p ijhrmfbl ihkZ^dZ ijb_^_rv Klhyeh k_jh\Zlh_ [_aex^gh_ mljh GZrZ rZofZlbkldZ aZgyeZ i_j\h_ f_klh iZjd_lguc ]jmaqbd ijb\_aml i_j_oh^ \u[_]ml [_a]hehkuc i_j_ibkqbd ijbrdhevguc [_a\j_^guc K\_lbl hdgh ¹ hkgh\Z khklhbl lhevdh ba dhjgy Mihjguc ebklhd
om^h`_kl\_gguc klbev
fhjhah\ e_`bl qzjguc `zeluf hkuiv oheh^guc ebklhd gZ hj_rgbd_ aZp_iblv mkgmeh K\yau\Z_l ij_^eh`_gby keh\h \kz <kz >n@ ¹ kh]e ]emo l\ >kœ@ ¹ kh]e ]emo fy]d >h@ ¹ ]eZkg m^ [ a\ Y klhx i_j_^ wlbf ihke_^gbf ijhajZqguf ebkldhf b ex[mxkv bf ih\_kl\ g_\hkde ijhklh_ jZkijhklj _klv h^ghjh^gu_ kdZa <_kv e_k qzjguc imklhc b oheh^guc ih\_kl\ g_\hkde ijh klh_ jZkijhklj _klv h^ghjh^gu_ kdZa <u[hjhqgh_ baeh`_gb_ Ihke_^gbc ebkl hj_rgbdZ Iha^g_c hk_gvx q_eh\_d ihrze \ e_k b m\b^_e dmkl hj_rgbdZ gZ \_ld_ dhlhjh]h _sz ^_j`Zeky ihke_^gbc ijhajZqguc ebklhd <k_ ^_j_\vy klhyeb ]heu_ ih^ gbfb e_`Zeb dmqb ebklv_\ Ih^ hkbghc ¹ qzjgu_ ebklvy ih^ [_jzahc ¹ `_elu_ ih^ ebkl\_ggbp_c ¹ hjZg`_ \h kbgyy o\hy ŠDZd wlhl ebklhd kfh] mp_e_lv"ª ¹ m^b\eyeky q_eh\_d ?fm dZaZ ehkv qlh h^bghdbc ebkl hj_rgbdZ ihoh` gZ `zeluc h]hg_d Lhevdh hg h^bg k\_lblky \ l_fghf b fjZqghf e_km ih^jm]Z ¹ ^jm`guc ¹ ^jmavy oh^hdb ¹ oh`m ¹ oh`^_gb_ k\_lbl ¹ k\_qZ ¹ hk\_sZlv [e_kd ¹ [e_kl_lv \ha^mo ¹ \ha^mrguc \hajZablv ¹ \hajZ`_gb_ ghkblv ¹ ghrZ dZf_gv ¹ dZf_r_d [ZjZg ¹ [ZjZr_d ]j_[zl ¹ ]j_[ey gZkuiv ¹ kuiex kihj ¹ hkiZjb\Zlv \e_alv ¹ eZablv [e_kl_lv ¹ [e_s_l dheuoZlv ¹ dheur_l kdZaZlv ¹ kdZ`m ibkZlv ¹ ibrm dhjfblv ¹ dhjfex eh\blv ¹ eh\ex jZa]jZnblv ¹ jZa]jZnex
Kb^_lv Âą kb`m ^ ` \yaZlv Âą \y`m a ` hldZiu\Zlv Âą hl dhiZx Z h kljhblv Âą mkljZb\Zlv h Z \_jl_lv Âą \_jqm l q i_dm Âą i_qzl d q ex[blv Âą ex[ex [ [e aZh[eZqguc Âą h[eZdh q d dmiblv Âą dmiex i ie ^hjh]Z Âą ijb^hjh`guc ] ` moh Âą gZmr gbd o r ihk_lbe Âą ihk_s_gb_ l s klj_fblvky Âą klj_fe_gb_ f fe kl_j_]m Âą kl_j_`zl ] ` \hkdebdgmlv Âą \hkdebpZl_evguc d p kd\hj_p Âą kd\hj_qgbd p q kljb]m Âą kljb`_guc ] ` ^hkdZ Âą ^hs_qdZ k s ^hkm] Âą ^hkm`bc ] ` [_j_]eb Âą [_j_`zf ] `
Dmiex i_gZe ihk_lbe fma_c kl_j_]m ^hf [_j_]eb dgb]b <_jqm ± ]eZ] kij bkde klhbl \ gZkl \j \ _^ q e <bohj ± \boju m]he ± m]eu q_ohe ± q_oeu dZr_ev ± dZrey ma_e ± maeZ j_f_gv ± j_fgy ih^ha\Zlv ± ih^au\Zlv ih^hj\Zlv ± ih^ju\Zlv neZ`hd ± neZ`dZ ebklhd ± ebkldZ ]hj_p ± ]hjpZ dmi_p ± dmipZ
Imo ± imrhd ± imrdZ dehd ± dehqhd ± dehqdZ [_j_] ± [_j_ `hd ± [_j_`dZ kg_] ± kg_`hd ± kg_`dZ f_rhd ± f_rhq_d ± f_ rhqdZ hj_o ± hj_r_d ± hj_rdZ ieZlhd ± ieZlhq_d ± ieZlhqdZ ma_ ehd ± ma_ehqdZ E_k hk_gvx F_` j_^_xsbo \_jomr_d IhdZaZeZkv kbg_\Z AZrmf_eZ m himr_d Yjdh `zelZy ebkl\Z Ilbp g_ keurgh Lj_kgme f_edbc H[ehfb\rbcky kmqhd B o\hklhf f_evdZy [_edZ Ez]dbc ^_eZ_l iju`hd KlZeZ _ev \ e_km aZf_lg_c ± ;_j_`zl ]mklmx l_gv Ih^hkbgh\bd ihke_^gbc K^\bgme reyim gZ[_dj_gv : L L\Zj^h\kdbc
E_lgbc i_caZ` GZ kZfhf [_j_]m jmqvy m a_ezgh]h e_kgh]h [hehlpZ ]mklh p\_lml g_aZ[m^db Hq_gv ohjhrb b djZkb\u wlb fZe_gvdb_ ]hem[u_ p\_lu ih\_kl\ g_\hkde ijhklh_ jZkijhklj _klv h^ghjh^ kdZa < djhr_qguo bo e_i_kldZo dZd [u hljZabeZkv ]hem[bagZ e_lg_]h g_[Z Ijbylgh kfhlj_lv gZ qbkluc ]hem[hc dh\_j jZajhkrboky m jmqvy g_aZ[m^hd Lboh `mjqbl ie_s_lky e_kghc jmq__d : \ukhdh \ukhdh \ ]hem[hf e_lg_f g_[_ gZ^ g_ih^\b`gufb fZdmrdZfb \ukhdh]h e_kZ lboh ieu\ml [_eu_ e_lgb_ h[eZdZ B K Khdheh\ Fbdblh\
;_j_]m ± [_j_`hd ]mklh ± ]ms_ hljZabeZkv ± hljZ`_gb_ qbkluc ± qbs_ lboh ± lbr_ ie_s_lky ± ie_kdZlvky \ukhdh ± \ur_ g_ih^ \b`gufb ± ^\b]Zlvky h[eZdZ ± h[eZqguc
kmqhd ± kmd dZf_r_d ± dZf_gv q_j_ghd ± q_j_rhd ^jm] ± ^jm`bs_ frbkluc ± fho jZahevx ± jZaeblv gZ^dmkblv ± gZ^hj\Zlv kh^jZlv ± klZsblv jhkibkv ± jZkibkZlv Zle_lbq_kdbc ± dmi_q_kdbc q_j_rhd ± dZf_r_d mq_gb_ ± dm iZgb_ fmqbl_evguc ± \i_qZlebl_evguc
>_gv ± ^g_\ghc aZ[jhkblv ± aZ[jZku\Zlv eh`v ± e`_p [hd ± [hqhd kg_`hd ± kg_] ]hlh\ex ± ]hlh\ghklv mdjZrZlv ± mdjZkblv aZ[jhkblv ± aZ[jZku\Zlv gZdhehlv ± gZdZeu\Zlv bah]gmlv ± ba\_k lb
< kZjZnZgqbd_ moh^bl r_jklyguf rZjnhf lboZy [_a emggZy ghqv < lbomx [_aemggmx ghqv d gZf \ ^hf ihklmqZeky ]hklv ;ukljh moh^bl `Zjdh_ e_lh Y h[fhlZe r_x r_jklyguf rZjnhf b hlijZ \beky gZ ijh]medm RbjhdZy kdZl_jlv i_qzf ibjh`db \ lZj_ed_ ijhihehkdZlv klZdZgu kt_klv [ml_j[jh^ k h\hsguf kZeZlhf hl\Zjghc dZjlhn_ev \dmkguc aZ\ljZd gZevzf fykghc [mevhg a_feygbqgh_ \Zj_gv_ rhdh eZ^gZy dhgn_lZ [eZ]h^Zjblv aZ m`bg ]hlh\exkv d hlt_a^m <imklblv \lZsblv h[l_kZlv h[kljm]Zlv ih^]hlh\blv ih^ rmlblv ij_^\b^_lv ij_^qm\kl\h\Zlv gZ^\yaZlv gZ^ibeblv k[_ j_qv k`_qv hl[jhkblv hlklbjZlv Ij_^kdZaZgb_ ij_^gZagZq_gguc i_j_oh^ i_j__oZlv \t_a `Zlv \ibkZlv h[kdZdZlv h[hagZlvky ih^t_a^ ih^h]gZlv gZ^kljhc dZ gZ^hj\Zlvky kf_klblv kh_^bgblv hldhehlv hlhfklblv h]jZ^Z h[g_klb ^h[jZlvky ^hfqZlvky ihkfhlj_lv ih[_`Zlv ijhfheqZlv ijhclb aZihegblv aZa\_g_lv gZihegblv gZ[_]Zlvky H[hclb ]e i_j_kfhlj_lv ]e ih^hkleZlv ]e ijh\h`Z luc kms ijh\ha]eZrZlv ]e ih^gh`b_ kms ih^fhkldb kms h[e_^_g_lv ]e h[gZjm`b\Zlv ]e gZ^abjZl_ev kms Khj\Zlv ± kju\Zlv hlha\Zlv ± hlau\Zlv ih^h]gZlv ± ih^]h gx
M\Z`_gb_ ljm^gh aZjZ[hlZlv gh e_]dh ihl_jylv Ohlv \ i_gv dhehlblv ebrv [u ^_gv ijh\h^blv ?fm ^Zc ybqdh ^Z _s_ b h[emie_ggh_ AZ ibjh]hf ^Z qZ_f b fu g_ ih^dZqZ_f Mf_e \aylv mf_c b hl^Zlv K eh^uj_f ih\_^_rvky ± ]hjy gZ[_j_rvky GZkdhjh ^_eZlv ± i_j_^_eu\Zlv Ih\_^_rvky ± ]eZ] kij klhbl \ [m^ \j _^ q e
<aylv >\@ ± kh]e a\ l\ >a @ ± kh]e a\ fy]d >Z@ ± ]eZkg m^ >l @ ± kh]e ]emo fy]d [ a\
;_a[he_ag_gguc [_kieZlguc [_kdhaujdZ \hagZ]jZ^blv \hki_lv ih^\b] \afZogmlv \kdjbdgmlv gba\_j]Zlvky k \ukhlu ba]b[Zlvky bkihjlblv ;_krmfguc [_kqbke_gguc jZkq_jlblv jZkrbjblv jZk s_^jblvky [_kqm\kl\_gguc jZkr_\_eblv jZa`bfZlv [_a`bag_g guc jZks_ebgZ [_a\dmkguc
;_ajZ[hlbpZ kms [_agZdZaZggh gZj_q [_afhe\guc ijbe \a[_e_gblvky ]e \a[Zelu\Zlv ]e gba\_j`_gb_ kms jZkkZ^Z kms jZafbgmlvky ]e \a^uoZlv jZa]ey^_lv jZa[_] [_a[j_`guc \ha]eZk [_a]jZgbqguc bafhjhav qj_af_jguc
bkijZ\blv jZkp\_l \kdZjZ[dZlvky [_kihfhsguc jZkiheh`blvky [_kij_^_evguc \hkiZe_gb_ jZkihjy^hd [_kp_evguc jZkkfhlj_lv jZkk\_l jZkibkZgb_ KijZ\blvky k[_]Zlv kibkZlv
Ih jZkibkZgbx mjhd jmkkdh]h yaudZ m gZk k_]h^gy i_j\uc Mqbl_evgbpZ jZa^ZeZ l_ljZ^b >_`mjguc kl_j k ^hkdb b fu jZk djueb l_ljZ^b b gZqZeb jZ[hlZlv KgZqZeZ fu aZgbfZebkv bkijZ\ e_gb_f hrb[hd Z ihlhf gZ^h [ueh \kihfgblv b jZkkdZaZlv ijZ\beh h ijZ\hibkZgbb ijbklZ\hd Fu jZkkfhlj_eb lZ[ebpm b k^_eZeb \u \h^ h gZibkZgbb ijbklZ\hd gZ ±a k Qlh[u g_ hrb[blvky \ gZib kZgbb gZ^h \hkiblu\Zlv \gbfZgb_ JZa[blv jZa^Z\Zlv jZa]jmablv
jZkimklblv jZkibeblv jZkqbklblv
jZa`_qv jZa]j_klb jZa^_eZlv
k^Zlv k[_]Zlv k[blv k^_eZlv kimklblvky klhedgmlv k]h \hjblvky jZa^Zlv ba[_`Zlv jZa[blv [_a^_ckl\h\Zlv jZkimklblv jZk lhedZlv jZa]h\hjblvky a^_kv a^Zgb_ a^hjh\uc a^jZ\kl\mc \haqbd gbadbc a^_rgbc K^Zlv >a@ Âą kh]e a\ l\ >^@ Âą kh]e a\ l\ >Z@ Âą ]eZkg m^ >l @ Âą kh]e ]emo fy]d [ a\ JZa\bglblv jZkimklblv ih^klZ\blv ih^^_j`Zlv hl^Z\Zlv jZa^Z\Zlv kkuiZlv k]hj_lv bkim]Zlvky baay[gmlv [_ajZ^hklguc [_kkbevguc jZkkqblZlv jZa]hjyqblvky gZ^kljhblv jZkkljhblv Ihemqblv jZkqzl \_jgh jZkkqblZlv jZkqzleb\uc q_eh\_d
: p\_lhd b ]h\hjbl Âą A^_kv \h \j_fy Hl_q_kl\_gghc \hcgu ijhebeZkv djh\v ]_jhy GZ wlhf f_kl_ y b \ujhk >_\hqdb gbadh ihdehgbebkv p\_ldm FZdZ Hg lZdhc `_ Zeuc dZd djh\v ]_jhy Âą Fh`_l [ulv a^_kv ijhrze fhc ^_^mrdZ" Âą lboh ijhfhe\beZ ^_\hqdZ k kbgbfb ]eZaZfbÂŤ < : Kmohfebgkdbc Khqbg_gb_ mq_ gbpu
Ijhfhe\beZ Âą ]eZ] kij klhbl \ ijhr \j _^ q ` j
<kdhj_ \t_a`Zlv \ d\Zjlbjm h[klZ\blv dhfgZlm jZkklZ\blv f_[_ev ih madhfm dhjb^hjm \ijZ\h gZ h]jhfghf [Zedhg_ dhjabgdb k p\_lZfb ihehqdZ ^ey dgb] `mjgZeh\ [jhrxj kb^_lv ke_\Z gZ fy]dhf ^b\Zg_ jZkrblh_ ihehl_gp_ Meh`blv iheh`blv Âą iheZ]Zlv gZeh`blv Âą gZeZ]Zlv ijb eh`blv Âą ijbeZ]Zlv i_j_eh`blv Âą i_j_eZ]Zlv ijheh`blv Âą ijh
eZ]Zlv keh`blv ± keZ]Zlv jZaeh`blv ± jZaeZ]Zlv baeh`blv ± ba eZ]Zlv \haeh`blv ± \haeZ]Zlv ij_^eh`blv ± ij_^eZ]Zlv \eh`blv ± \eZ]Zlv ^heh`blv <haeh`blv \_ghd ij_^eh`blv ihfhsv ijheh`blv imlv gZ eZ]Zlv \aukdZgb_ <ueh`blv gZeh`blv ij_^eZ]Zlv jZaeZ]Zlv \eh`_gb_ ij_^eh`_gb_ jZaeh`_gb_ meh`_gb_ <ukdZaZlv ij_^iheh`_gb_ aZdhgqblv ij_^eh`_gb_ baeh `_gb_ ijhkdehgylv ijbeZ]Zl_evgh_ baf_gblv iheh`_gb_ ijhba\_ klb keh`_gb_ mf_gvrblv keZ]Z_fh_ KhklZ\blv ij_^eh`_gb_ ± k^_eZlv ij_^eh`_gb_
IZiZ hleh`be ]Za_lm b jZkkl_]gme \hjhl jm[Zob Hg mxlgh jZkiheh`beky \ dj_ke_ FZfZ ij_^eh`beZ _fm qZrdm qZy K_klj_g dZ meh`beZ dmdem kiZlv
<br_gdZ jhkeZ ih^jZklZeZ b gZdhg_p \ujhkeZ k[_j_]eb jZkl_gb_ \ujZs_gguc rdhevgbdZfb kZ^ g_[hevrhc jhklhq_d M gZk ^hfZ _klv jZagu_ dhfgZlgu_ jZkl_gby Zehw ljZ^_ kdZgpby nbZedZ ]_jZgv LjZ^_kdZgpbx b nbZedm iheZ]Z_lky ih eb\Zlv dZ`^uc ^_gv ]_jZgv iheb\Zxl j_`_ Z Zehw ± kh\k_f j_^dh jZa \ g_^_ex Y \ujhk gZ q_luj_ kZglbf_ljZ <ajZszgguc ijhbajZklZlv ihjhkev jZkl_gb_ jZklmsbc jhklhd bkde
>mrbklh_ jZkl_gb_ <k_o [hevr_ mdjZrZ_l gZr aZfdgmluc a_fghc fbjhd g_dh_ \u khdh_ jZkl_gb_ k iurgufb [_eufb p\_lZfb Lh _klv dZ`^uc p\_ lhd \ hl^_evghklb hq_gv fZe b [ue [u \h\k_ g_aZf_l_g gh kh[jZ ebkv p\_lu gZ kl_[e_ \ [_kqbke_gghf fgh`_kl\_ b h[jZamxl iurgmx [_emx ke_]dZ `_elh\Zlmx rZidm : lZd dZd kl_[eb wlh]h jZkl_gby gbdh]^Z g_ jZklml ihh^bghqd_ lh iurgu_ rZidb keb\Z xlky b \hl m`_ dZd [u [_eh_ h[eZdh ^j_fe_l kj_^b g_ih^\b`ghc e_kghc ljZ\u JZkl_gb_ ± \ujhk fgh`_kl\_ ± fgh]h ^j_fe_l ± ^j_fZlv JZklbl_evghklv gZr_c f_klghklb ij_^eZ]Zlv kihkh[ i_j_ kZ^db ^_j_\v_\ ijheh`blv ljhibgdm \ aZjhkeyo djhr_qguc jhklh q_d ih^jhkeb gZ ]jy^d_ \ujZs_gguc gZfb kZ^ ijhbajZklZlv \ imk lug_ jZaeh`blv jZkl_gby ^ey ]_j[Zjby ke_\Z hl f_gy
<_lhqdZ \ujZklZ_l ba ihqdb JZajZklZxlky e_kgu_ ihehku <u jZkl_l b jZkimklblky lxeviZg <kx^m b \_a^_ [m^m jZkkdZau\Zlv h \uklZ\d_ @_em^_\uc ± `zem^v `_elbagZ ± `zeluc r_edh\bkluc ± rzed ^_rz\uc [_q_\Z ± [_qz\dZ q_eghd ± qzeg q_jg_lv ± qzjguc \uq_jdgmlv ± \uqzjdb\Zlv s_eqhd ± szedgmlv s_dZ ± szqdZ Kfbjgh\ ih ohayckdb aZr_e aZ j_r_ldm Mf_eh \aye \ jmdb `_e_agmx s_ldm Ijhl_j wlhc s_ldhc ih\_joghklv f_lZeeZ DZd a_jdZeh kjZam hgZ aZkbyeZ <^jm] \i_j_^b lhjfhaZ aZ\ba`Zeb ± Wlh rhn_ju i_^Zeb gZ`Zeb Q_jgu_ ;_eu_ @_elu_ Kbgb_ HklZgh\bebkv fZrbgu gZ ebgbb K < FboZedh\
Rbjhdh_ rhkk_ hiulguc rhn_j ijbr_e \ e_k ebohc `h d_c bkdmkguc `hg]e_j qZklZy jZkq_kdZ \dmkguc rhdheZ^ kZih` gZy s_ldZ ly`_euc `_jgh\ \_jguc jZkq_l ih\kx^m ihq_l dhj_g ghc rhleZg^_p ^ebggZy q_edZ rbjhdZy j_r_ldZ jZks_iblv Zlhf hq_jlZgby e_kZ lbobc rhjho
< gh\hf d\ZjlZe_ mxlguc dZ[bg_l ijhklhjguc [Zedhg rbjhdbc ^b\Zg l_e_nhg l_e_\bahj nbhe_lh\uc ebeh\uc neZ]b jZa\_\Zxlky jZkl_gb_ jZa\b\Z_lky ^Zx kb]gZe ^hx dhjh\m ijZ \bevguc fZjrjml kihjlb\guc \_ehkbi_^ \lhjgbd q_l\_j] ibZgb gh ]blZjZ [Zkd_l[hebkl rhdheZ^gZy dhgn_lZ khehf_ggZy dhjabgZ kbgbc dhklxf ]jZfhlguc mq_gbd ijb[eb`Zeky ke_\Z \u_a`Zxl kh ^\hjZ [e_klysbc iZjd_l ijhqguc q_ohe qzjguc j_f_gv djhr_q guc jmq_zd a_feygbqgh_ \Zj_gv_ jZklhedZlv k mljZ jZaj_aZlv ib jh] [_kqbke_ggh_ fgh`_kl\h [_a\h^gZy imklugy kbevgh \ha]hj ^blvky dZl_]hjbq_kdb \hkijhlb\blvky [_kieZlguc ijh_a^ [_kkheg_qguc jZkk\_l jZkp\_l dmevlmju jZkibkZgb_ mjhdh\ k[blv d_]ex k^Zlv wdaZf_g dj_idh_ a^hjh\v_ hklZgh\blvky a^_kv \ukhl gh_ a^Zgb_ lhqguc jZkqzl \_jgh jZkkqblZlv jZkqzleb\uc q_eh\_d \t_a`Zlv \ d\Zjlbjm keh`_gb_ qbk_e ij_^eZ]Zlv m]hs_gb_ \ujZ s_gguc ^hfZ jZklmsbc hj]Zgbaf g_`guc jhklhd ]mklu_ aZjhkeb
a_e_guc dju`h\gbd ZddmjZlguc rh\ ijbrze ^hfhc lhgdZy `zj ^hqdZ Pbg]Z dmpuc h\pu ZdZpby puieylZ bkde pbjdmev k_dpby pu]Zg bkde kbgbpug m ]hklbgbpu pbgh\dZ [_ehebpuc iZgpbjv gZjpbkk kb]gZebaZpby m ys_jbpu m ijhdZagbpu fZjlurdb fheh^pu ojZ[j_pu mfgbpu jZamfgbpu iZ^q_jbpug ^bdpby
>_e_]Zpbx fheh^_`b gZ dhgn_j_gpbb aZsblgbdh\ qbklh]h g_[Z ^h[ju_ ljZ^bpbb bgnhjfZpbhggh_ khh[s_gb_ \_ebdhe_igZy beexfbgZpby \_kzeZy fmevlbiebdZpby \k_ jZ^bhklZgpbb hi_jZ pby gZ k_j^p_ ly`zeZy kblmZpby pbde i_j_^Zq qe_gu ^_lkdhc j_ ^Zdpbb pbde_\Zlv ihe Pblbjh\Zlv gZbamklv q_jlblv pbjdme_f mqZkl\h\Zlv \ j_i_ lbpbb \uklmiZlv k ^_deZfZpb_c h[eZ^Zlv ohjhr_c ^bdpb_c ih^]hlh\blv ^_dhjZpbx pbjdh\hc ghf_j \ k_dpbb \he_c[heZ wdki_^bpby dhee_dpbx fbg_jZeh\ kbevguc pbdehg ihkZ^db pbljmkh\uo Pbde >p@ Âą kh]e ]emo l\ >u@ Âą ]eZkg m^ >d@ Âą kh]e ]emo l\ >e@ Âą kh]e a\ l\ [ a\ IhkZ^db P_gljZevguc p_glj
p_e_\hc p_ev
hp_gblv p_gguc
pbgdh\uc pbde pbnjZ
fbebpby puieyqbc pu]Zgkdbc
ŠPbjdmexkª agZqbl Šdjm]ª Qlh h[s_]h f_`^m pbjdme_f b pbjdhf" Y jZkkm^be lZd ]eZ\gh_ \ pbjd_ ¹ wlh Zj_gZ GZ g_c \uklmiZxl Zdjh[Zlu nhdmkgbdb `hg] e_ju b ^j_kkbjh\sbdb ih\_kl\ g_\hkde ijhklh_ jZkijhklj _klv h^ghjh^g ih^e_`Zs : Zj_gZ dZdZy" Djm]eZy LZd `_ dZd b a^Zgb_ kZfh]h pbjdZ Gh \_^v b pbjdmev bf__l hlghr_gb_ d djm]m Hg _]h q_jlbl Nhdmkgbdb
=eZkgu_ b kh]eZkgu_ \ dhjg_ keh\Z Ijh\_jy_fu_ G_ijh\_jy_ =eZkgu_ ihke_ Q_j_^mxsb_ky ]eZkgu_ b kh fu_ ]eZkgu_ b rbiysbo b p ]eZkgu_ ]eZkgu_ kh]eZkgu_ SzedZlv Ij_^eh`blv >Zx kb]gZe <_ehkbi_^ rze ij_^eZ]Zlv fZjrjml ^Zlv
rhn_j \ujZklb ^hx dhjh\m e_klgbpZ rh\ bkde
jhklhd bkde ^hcdZ
q_ohe pbljmk meh`blv mklguc mklZ \hdaZe k mebpu \ujhkeb ijy`dZ ijy k_kljbpug `_qdZ
puie_ghd hp_i_g_lv bkde pbdhjbc p_iv
qzedZ m^Z_lky ^Zlv
]jhfha^dbc \a]jhfha^blv
=eZkgu_ b kh]eZkgu_ \ ijbklZ\dZo G_baf_gy_fu_ ijbklZ\db IjbklZ\db gZ ±a k Ij_^eh`blv Baf_gblv ijh[blv bkq_agmlv aZg_klb \hkdebdgmlv ih^klZ\dZ \hajZablv k[blv [_kke_^guc kibkZlv [_ajZaebqguc
;md\u a b k gZ dhgp_ ijbklZ\hd [_kdjZcgbc jZkk\_lZlv ba[_`Zlv [_aaZ[hlguc jZkihjy^blvky ]eZkgu_ b kh]eZkgu_ \ ijbklZ\dZo k[_j_qv h[oh^blv hl[b \Zlvky k^_eZlv ih^kdZaZlv h Z \ dhjgyo eZ] ± eh` jZkl ± jhk baeZ]Zlv jZaeh`blv hljZklZlv \ujhkeb ij_^eh`blv [_am^Zjgu_ ijh\_jy_fu_ b g_ijh\_jy_fu_ ]eZkgu_ \ dhjgyo keh\ m\Z`Zlv hl^Z\Zlv jZa\yaZlv [Zedhg m^b\bl_evguc mklgh
G_agZdhfuc ihemklZghd Ih_a^ ba \b^m bkq_a B ihehavy ez]dbo kZghd FqZl ijb_a`bo q_j_a e_k
Ihdb^Zy o\hcguc iheh] J_a\uc dhgv ]hkl_c mgzk Ba ih^ k\h^Z ofmjuo zehd < jhsm ]hemx [_jza <^Zev [_]ml kl\heu [_e_y B hl wlbo [_euo l_e GZ^ [_jzah\hc Zee__c KZfuc \ha^mo ihk\_le_e
K Y FZjrZd
Kbgb_ p\_lu GZ iheyg_ hdheh e_kghc himrdb jhkeb kbgb_ p\_lu Hgb `Zebkv ^jm] d ^jm]m AZjhkeb bo [ueb ihoh`b gZ fZe_gvdb_ hazjZ k ]mklhc kbg_c \h^hc Y gZj\Ze [hevrhc [md_l wlbo p\_lh\ Dh]^Z y \kljyob\Ze _]h \ p\_lZo ih]jhfuob\Zeb khaj_\rb_ k_f_gZ P\_lu [ueb g_agZdhfu_ ihoh`b_ gZ dhehdhevqbdb Gh m dheh dhevqbdh\ qZr_qdZ \k_]^Z kdehgy_lky d a_fe_ Z m wlbo g_ba\_klguo p\_lh\ kmob_ qZr_qdb klhyeb \ulygm\rbkv \\_jo D = IZmklh\ kdbc
ih^]hlh\dZ d ^bdlZglm Khqbg_gb_ ih dZjlbg_ I I DhgqZeh\kdh]h ©Kbj_gv \ dhj abg_ª I_j_^ gZfb dZjlbgZ ©Kbj_gv \ dhjabg_ª < p_glj_ __ ± iurguc [md_l kbj_gb Om^h`gbdm m^Zehkv i_j_^Zlv k\_`_klv lhevdh qlh kj_ aZgguo \_lhd >ey wlh]h hg bkihevam_l jZaghh[jZagu_ hll_gdb kbj_ g_\h]h p\_lZ hl ]mklh nbhe_lh\uo ^h k\_leh ebeh\uo Kh\k_f k\_l eu_ p\_lu kbj_gb ^Z`_ qmlv qmlv jhah\Zlu_ ]hem[h\Zlu_ ?klv b hke_ibl_evgh [_eu_ ]jha^vy <_ebdhe_igu_ p\_lu hll_gyxl l_fgh a_ezgu_ lhgdb_ ebklhqdb DhjabgZ \ dhlhjhc klhbl kbj_gv kh\k_f l_fgZy \_^v hgZ iheghklvx \ l_gb iurgh]h [md_lZ Hl dZjlbgu \__l \_kghc Om^h`gbdm m^Zehkv i_j_^Zlv s_^jhklv b djZkhlm ijbjh^u QZklb j_qb ^_eylky gZ kZfhklhyl_evgu_ b kem`_[gu_ KZfh klhyl_evgu_ ± wlh kms_kl\bl_evgh_ ijbeZ]Zl_evgh_ qbkebl_evgh_ ]eZ]he f_klhbf_gb_ gZj_qb_ Kem`_[gu_ ± khxa ij_^eh] qZklbpZ < hl^_evgmx ]jmiim \u^_eyxlky f_`^hf_lby
<hijhk h qZklyo j_qb \ yaudhagZgbb QZklb j_qb jmkkdh]h yaudZ L_fZ \u^_e_gb_ qZkl_c j_qb Hkgh\gZy fukev \hijhk h qZklyo j_qb ± ^j_\gbc b keh`guc
Y kh]eZk_g k \u\h^hf mq_gbdZ ;_j_a [_j_aZ Keh\h [_e_xsbc baf_gy_lky ih \j_f_gZf [_e_\rbc Z ijbeZ]Zl_evgu_ ± g_ baf_gyxlky Kf mij
Fheh^_`v kms kde lh\Zjbs kms kde \jZq kms kde j_qv kms kde ]emrv kms kde [_j_qv ]eZ] g n [Z]Z` kms kde i_caZ` kms kde ieZs kms kde \u `_qv ]eZ] g n iheghqv kms kde kmrv kms kde \b^brv ]eZ] kij bkde e _^ q keurbrv ]eZ] kij bkde e _^ q ihgbfZ_rv ]eZ] kij e _^ q moh^brv ]eZ] kij e _^ q
< dhfivxl_jghf deZkk_ \ q_f" klhyl ki_pbZevgu_ klheu qlh" Z gZ gbo ± i_jkhgZevgu_ dhfivxl_ju qlh" GZ gbo gZrb klZjr_deZkkgbdb dlh" mqZlky bgnhjfZlbd_ b ijh]jZffbjh\Zgbx Dh]^Z aZ^Zgb_ qlh" k^_eZgh mqbl_ev dlh" jZaj_rZ_l bf ihb]jZlv \ b]ju \h qlh" B]jZlv gZ dhfivxl_j_ hq_gv bgl_j_kgh J_dZ ]hjZ e_k ihe_ ± ij_^f_lu hdjm`Zxs_]h fbjZ Hll_i_ev ]hehe_^bpZ ^h`^v ]jZ^ ± y\e_gby ijbjh^u IjZa^gbd hebfibZ^Z n_klb\Zev dhgp_jl ± kh[ulby RZolzj xghrZ fZevqbd mq_gbpZ ± ex^b
Dgb]b ± gZrb ^jmavy Q_eh\_d dhlhjuc ex[bl qblZlv ± kqZkleb\_p f j _^ q B i Hg hdjm`zg fgh`_kl\hf mfguo ^h[juo b \_jguo ^jma_c >jmavy wlb ± dgb]b ` j fg q B i Dgb]b ± kimlgbdb f j fg q B i \k_c gZr_c `bagb kde Hgb \klj_qZxl gZk \ kZfhf jZgg_f ^_lkl\_ b khijh\h`^Zxl \kx `bagv Dgb]b ± bklhqgbd f j _^ q B i agZgbc H]jhfguc fbj \ju\Z_lky d gZf \ dhfgZlm kh kljZgbp ex[bfuo dgb]
PbdZ^Z B i ± gZk_dhfh_ B i h[blZxs__ \ kl_iyo I i \ Djufm I i gZ DZ\dZa_ I i @hd_c B i ± ijhn_kkbh gZevguc gZ_a^gbd B i gZ kdZqdZo I i [_]Zo I i @zjgh\ B i ± f_evgbqguc dZf_gguc djm] B i ^ey jZafheZ J i a_jgZ J i ;jhrxjZ B i ± g_[hevrZy dgb`dZ B i FZeZy jh^bgZ KgZqZeZ fu ex[bf lh f_klh ]^_ jh^bebkv b \ujhkeb Q_eh\_d ij_`^_ \k_]h magZzl k\hc ^hf kZ^ \ dhlhjhf aZihfbgZ_l dZ`^mx y[ehgx dZ`^mx klz`dm
K_j^p_ gbdh]^Z g_ aZ[m^_l ^hf fZl_jb b]ju ^_lkl\Z ^hjh]m \ rdhem ih\_kl\ g_\hkde ijhklh_ jZkijhklj _klv h^ghj ^hiheg Fu ex[bf [_jzam dhlhjZy jZklzl m jh^gh]h ^hfZ lbomx j_qdm k\hx ]hjh^kdmx mebpm LZd gZqbgZ_lky ex[h\v d jh^ghc kljZg_ MagZzl ± g_ aZ[m^_l JZklzl G_ aZ[m^_l ± ]eZ] kij klhbl \ [m^ \j _^ q e
Ihdhc ± kms f j kde klhbl \ _^ q B i \ ij_^eh`_ gbb ± ih^e_`Zs__ qlh" GZ ^hkm]_ ± kms f j kde klhbl \ _^ q I i \ ij_^eh`_gbb ± h[klhyl_evkl\h dh]^Z" =hehkZ ^_l\hju ± kms ` j kde klhbl \ _^ q J i \ ij_^ eh`_gbb ± ^hiheg_gb_ dh]h" I_j__a^ ± kms f j kde klhbl \ _^ q B i \ ij_^eh`_gbb ± ih^e_`Zs__ qlh" ;_a g_jh\ghkl_c ± kms kde klhbl \ _^ q J i \ ij_^eh`_ gbb ± ^hiheg_gb_ [_a q_]h" kf_euc Kf_ehklv ojZ[jhklv ojZ[juc ^h[jhlZ ^h[juc hl\Z]Z hl\Z`guc ]jm[hklv ]jm[uc kbg_\Z kbgbc g_`ghklv g_`guc [_kkljZrb_ [_kkljZrguc Kf_ehklv ± ojZ[jhklv hl\Z]Z [_kkljZrb_ Khfg_gb_ dhe_[Zgb_ [_] j_av[Z ^_eh iZohlZ jZ[hlZ dhkv[Z oh^v[Z ljm^ ^j_fhlZ g_gZ\bklv aZgylb_
khfg_\Zlvky kij
dhe_[Zlvky kij
[_]Zlv kij
j_aZlv kij
^_eZlv kij
iZoZlv jZ[hlZlv dhkblv oh^blv ljm^blvky ^j_fZlv g_gZ\b^_lv aZgbfZlvky
Ljm^ Âą jZ[hlZ ^_eh aZgylb_ J_av[Z Âą j_av [Z >jÂś@ Âą kh]e a\ fy]d >w@ Âą ]eZkg [_am^ >aÂś@ Âą kh]e a\ fy]d >[@ Âą kh]e a\ l\ >Z@ Âą ]eZkg m^ [ a\ Dhkv[Z Âą dhkv [Z >d@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ >aÂś@ Âą kh]e a\ fy]d >[@ Âą kh]e a\ l\ >Z@ Âą ]eZkg m^ [ a\
IjbkljZklb_ d ql_gbx =jmklgh Âą ]jmklv ` j ly`zeuo Âą ly`_klv ` j [ukljh Âą [ukljhlZ ` j qblZe Âą ql_gb_ kj j rbj_ Âą rbjv ` j kdZahq gufb Âą kdZadZ ` j \ukhdb_ Âą \ukv ` j qm^_kgh Âą qm^h kj j [h]Zq_ Âą [h]Zlkl\h kj j
<kihfbgZlv \kiuogm\rZy bkq_aZeb jZkkfZljb\Ze jZa^\b]Zeb jZajZklZeZkv =mklh jhah\uc p\_l kde B i g_[Z kde J i ]h\hjbl h lhf qlh om^h`gbd kde B i bah[jZabe \hkoh^ kde < i
beb aZdZl kde < i khegpZ kde J i Ke_\Z \ukylky kljhcgu_ l_fgu_ _eb kde B i Fu \b^bf hqbs_ggh_ hl kg_]Z kde J i rhkk_ g_kde Hgh moh^bl aZ ]hjbahgl kde < i Ih rhkk_ _^_l fZrbgZ kde B i Jy^hf k g_c ^hjh]m i_j_oh^yl ex^b kde B i KijZ\Z fu fh`_f aZf_lblv eu`gbdZ kde < i \ djZkghf k\bl_j_ kde I i Fu qZklh imlZ_f ^\Z ihgylby kj j Âą aZdZl f j kde
khegpZ kj j kde b \_q_jgxx aZjx ` j kde <_q_jgyy aZjy gZqbgZ_lky dh]^Z khegp_ m`_ aZc^_l aZ djZc f j kde a_feb ` j kde Lh]^Z hgZ h\eZ^_\Z_l f_jdgmsbf g_[hf kj j kde jZaeb\Z_l ih g_fm fgh`_kl\h kj j kde qbkluo djZkhd ` j kde Âą hl q_j\hggh]h ahehlZ kj j kde ^h [bjxau ` j kde
Âą b i_j_oh^bl \ iha^gb_ kmf_jdb b \ ghqv ` j kde DjbqZl \ dmklZo f j kde dhjhkl_eb f j kde [vxl i_j_i_eZ f j kde ]m^bl \uiv ` j kde ]hjyl i_j\u_ a\_a^u ` j kde Z
aZjy _s_ ^he]h ^hle_\Z_l gZ^ ^Zeyfb ` j kde b lmfZgZfb f j kde D = IZmklh\kdbc
Iha^gb_
L_abk fhjyd ± emqrZy ijhn_kkby >hdZaZl_evkl\h fhjydb \b^yl fgh]h bgl_j_kgh]h fhjydb ojZ[ ju_ g_ hlklmiZxl ij_^ hiZkghklvx fhj_ ± wlh hq_gv djZkb\h <h \j_fy <_ebdhc Hl_q_kl\_gghc \hcgu fZljhku q_jghfhjpu [beb nZrbklh\ g_ lhevdh gZ fhj_ gh b gZ [_j_]m \ K_\Zklhihe_ Ih\_kl g_\hkde ijhklh_ jZkijhklj hkeh`g_gh h^ghjh^gufb h[kl
ijhkfhlj nbevfZ
Khqbg_gb_ Ihq_fm gm`gh [_j_qv dgb]m Dgb]b ± gZrb ^jmavy Ijb ihfhsb dgb]b fu fh`_f i_j_g_klbkv \ ^Zevgb_ beb \u^mfZggu_ kljZgu \ ^Z\gh mr_^rb_ \j_f_gZ b ^Z `_ \ [m^ms__ Dgb]Z mqbl gZk `blv \ wlhf fbj_ K ihfhsvx dgb] fu klZgh\bfky mfg__ b kbevg__ Gh _keb ihkfhlj_lv gZ mq_[gbdb g_dhlhjuo ba gZk lh gbdh]^Z g_ ih^mfZ_rv qlh fu ^jm`bf k dgb]hc J\Zgu_ h[eh`db bkqzjdZggu_ jmqdhc beexkljZpbb ^Z`_ kljZgbpu \u^jZgu JZa\_ lZd hlghkylky d ^jmavyf" Wlh qzjgZy g_[eZ]h^Zjghklv ?keb [u y lZd h[jZsZeky k ^jm]hf lh hg ^Z\gh [u h[b^_eky gZ f_gy b mrze ?keb l\hy beb [b[ebhl_qgZy dgb`dZ iehoh \u]ey^bl hgZ \ wlhf g_ \bgh\ZlZ <bgh\Zlu l_ dlh h[jZsZeky k g_c ih k\bgkdb Ihwlhfm dgb]_ gZ^h ihfhqv dZd fu ihfh]Z_f ^jm]m GZ^h ih^de_blv h[eh` dm fh`_l ^Z`_ i_j_ie_klb aZgh\h B _s_ fgh]b_ ex^b kfh]ml k m^h\hevkl\b_f \aylv wlm dgb]m \ jmdb b gZmqblvky m g_z q_fm gb[m^v ohjhr_fm H^mr_\ezggu_ pZjy KZelZgZ ImrdbgZ :jbgu Jh^bhgh\ gu pZj_\bq dhjZ[_evsbdh\ KmelZgm KmelZgh\bqm ]hkm^Zjx \ fmom `_gm ^_l_c G_h^mr_\ezggu_ \ bf_gb \ kdZadZo \ aZibkb kh keh\ ijhimkd dhg_p gZ hkljh\ AZcqbd h b^_l ^Z ieZq_l ?fm gZ\klj_qm f_^\_^v h ©H qzf lu aZcqbd ieZq_rv"ª : aZcqbd ]h\hjbl ©HlklZgv f_^\_^v DZd fg_ g_ ieZdZlv" ;ueZ m f_gy ba[zgdZ g em[ygZy Z m ebku h
e_^ygZy ihijhkbeZkv hgZ dh fg_ ih]j_lvky ^Z f_gy b \u]gZeZª
B klZe lml dhgv h B\ZgZ h fheblv ©Hlimklb lu f_gy B\Z gmrdZ Z y l_[_ \_ebdmx khkem`m kem`[m g ª Khegp_ g ihku eZ_l ©E_lb \_l_j g aZ ljb^_\ylv a_f_ev g \ ljb^_kylh_ pZjkl\h g ^hklZgv `b\hc b fzjl\hc \h^u g ª ©Ba[mrdZ g ba[mrdZ ih\_jgbkv dh fg_ ebphf g ª ± ihijhkbe B\ZgmrdZ h <u]gZeZ ± ]eZ] kij bkde klhbl \ ijhr \j _^ q ` j
Qlh wlh ± Jh^bgZ" B ^hf l\hc b mebpZ l\hy b ]hjh^ l\hc b fZlv b hl_p b \k_ ^jmavy ± wlh b _klv Jh^bgZ B _sz \hl wlb [_j_adb wlhl mlj_ggbc lmfZg b ilbqbc ]hfhg \ l\hzf e_km ± lh`_ Jh^bgZ B ih^kg_`gbd ± lh`_ Jh^bgZ ih\_kl\ g_\hkde ijhklh_ g_jZkijhklj Ih ; G_f_gkdhfm
Fhy Jh^bgZ ± Jhkkby GZ^h aZsbsZlv k\hx Hlqbagm Ex[b k\hz Hl_q_kl\h
FZfZ dh]^Z fu ihc^_f \ pbjd" E_gZ k^_eZc mjhdb Ihc ^_f ]meylv FbrZ Ex[ex l_[y fhc ]hjh^ GZa\Zgb_ ]hjh^Z bfy fZevqbdZ gZa\Zgb_ j_db bfy ^jm]Z gZa\Zgb_ ]Za_lu bfy khk_^Z gZa\Zgb_ dbghnbevfZ gZa\Zgb_ ki_d lZdey bfy lh\ZjbsZ bfy ih^jm]b
H ;hjh^bgh ;hjh^bgh Dlh ba jmkkdbo ex^_c g_ f_qlZe ih klhylv ihkj_^b l\h_]h ihey" b ]h^ khq_lZxlky a^_kv \ lj_i_lghf b \_ebq_kl\_gghf khhl\_lkl\bb h[Z jZaZ ex^b klhyeb ]jm^vx i_j_^ Fhkd\hc H[Z jZaZ aZsbsZeb Jh^bgm Ihe_ jmkkdhc keZ\u ± ;hjh^bgkdh_ ihe_ >\Z`^u baf_jbeZ lh[hc Jhkkby kZfhhl\_j`_gghklv hl\Z]m ex [h\v b g_ih[_^bfhklv keZ\guo kugh\_c k\hbo Dmebdh\kdZy [bl\Z E_^h\h_ ih[hbs_ Im]Zqz\kdbc [mgl Hl_q_kl\_ggZy \hcgZ ]h^Z Hdly[jvkdZy j_\hexpby
:gZlhebc :e_dkbg Dbj ;meuqz\ >`_jZev^ >Zjj_ee <Z e_glbg DZlZ_\ <eZ^bkeZ\ DjZib\bg :kljb^ Ebg^]j_g :e_dkZg^j K_j]__\bq Imrdbg Lm\_ Ygkkhg
± M gZk dZdZy nZfbeby" ± kijhkbe <Zgy ± DZd dZdZy" Lu qlh g_ agZ_rv" >_j`Z\bgu ± : \hl b g_l ± \hkdebdgme obljh <Zgy ± M gZk m \k_o jZagu_ nZ fbebb Fu k ^_^mrdhc dZjlhrdm dhiZeb fu [ueb DZjlhrdbgufb : [Z[mrdZ \yaZeZ ghkdb hgZ [ueZ <yaZedbgZ : l_i_jv ^_^mrdZ [m^_l qblZlv ]Za_lu Hg [m^_l =Za_ldbg : _sz ^_^mrdZ aZ ^_gv [ue Iq_eh \h^h\ Lhihjh\ >jh\hk_dh\ I_qgbdh\ A_fe_dhih\ Klheyjh\
<k_ aZkf_yebkv b b]jZ \ nZfbebb ijh^he`ZeZkv p_euc \_q_j Ih < G Djmibgm
He_g_ghd ;_f[b iZgl_jZ ;Z]bjZ izk ;_euc Deud izk :euc dhrdZ X X Ijbgp Fbh fZevqbd Xf Xf ehrZ^v FbjZfbk ilbpZ =h jxg jupZjv DZlh Hkljh\ A_ezguo Em]h\ KljZgZ Qm`_^Zevgyy : Ebg^]j_g ŠFbh fhc Fbhª
:jdlbdZ Âą k_\_jgZy iheyjgZy h[eZklv A_feb \dexqZxsZy hdjZbgu fZl_jbdh\ ?\jZabb b K_\_jghc :f_jbdb ihqlb \_kv K_ \_jguc E_^h\bluc hd_Zg k hkljh\Zfb djhf_ ijb[j_`guo hkljh\h\ Ghj\_]bb Z lZd`_ ijbe_]Zxsb_ qZklb :leZglbq_kdh]h b Lboh]h hd_Zgh\ X`gZy ]jZgbpZ :jdlbdb kh\iZ^Z_l k x`ghc ]jZgbp_c ah gu lmg^j Bgh]^Z :jdlbdm h]jZgbqb\Zxl k x]Z K_\_jguf iheyj guf djm]hf GZmqguc klbev ih\_kl\h\Zgb_ Fhkd\Z KZgdl I_l_j[mj] Db_\ Fbgkd <he]Z HdZ H[v EZ^h`kdh_ ha_jh Hg_`kdh_ ha_jh ;ZcdZe
<he]Z Fhkd\Z ;ZcdZe Âą ]_h]jZnbq_kdb_ gZa\Zgby E_\ GbdheZ_\bq Lheklhc Bevy ?nbfh\bq J_ibg Âą nZfbebb bf_gZ hlq_kl\Z ;Zjkbd DZrlZgdZ ;mjzgdZ @mqdZ Âą debqdb `b\hlguo
Fhkdh\kdbc Dj_fev DZf_gghc kdZadhc ba^Z\gZ gZau\Zeb Fhkdh\kdbc Dj_fev bklh jby dhlhjh]h moh^bl dhjgyfb \ ]em[bgm klhe_lbc Mdj_iezgguc ihk_ehd \ylbq_c \hagbd gZ [_j_]m Fhkd\u j_db \ mklv_ j_db G_]ebgghc \ dhgp_ ;, \_dZ P_glj ihkzedZ gZoh^beky gZ \ukhdhf ;hjh\bpdhf ohef_ dhlhjuc ihemqbe k\hz gZa\Zgb_ ih rm f_\r_fm \hdjm] ]mklhfm khkgh\hfm [hjm < gZqZe_ ;,9 \_dZ ]hjh^ [ue h[g_kzg fhsghc ^m[h\hc kl_ghc < ] ijb dgya_ >fbljbb B\Zgh\bq_ \ihke_^kl\bb >hgkdhf ^_j_\yggu_ kl_gu [ueb aZf_g_gu dZf_ggufb < ;,9 `_ \_d_ [ueb \ha\_^_gu ^j_\gbc Mki_gkdbc kh [hj b :joZg]_evkdbc kh[hj Fhkdh\kdbc Dj_fev bf__l [Zr_g KZfZy ŠklZjrZyª ba gbo LZcgbpdZy ] Z kZfZy ŠxgZyª ¹ PZj kdZy ] kZfZy gZjy^gZy b ba\_klgZy ¹ KiZkkdZy [Zrgy aZ^Zgb_ \uiheg_gh ih ] Fhkd\_
KlZgpbb f_ljh ŠFZydh\kdZyª ŠLmj]_g_\kdZyª ŠLbfbjya_\ kdZyª ŠQ_oh\kdZyª ŠQdZeh\kdZyª ImrdbgkdZy iehsZ^v iehsZ^v
Km\hjh\Z Dmlmah\kdbc ijhki_dl ijhki_dl <_jgZ^kdh]h me I_kl_ ey me :dZ^_fbdZ Dhjhez\Z IehsZ^b
=hjh^ Hjze ilbpZ hjze l_iehoh^ ŠHjzeª @mjgZe ŠH]hgzdª yjdbc h]hgzd Dhj_gghc fhkd\bq mkh\_jr_gkl\h\Zg guc ŠFhkd\bqª >h[jhkh\_klguc ljm^ ]Za_lZ ŠLjm^ª
< gZr_c k_fv_ qblZxl `mjgZeu ŠBlh]bª ŠH]hgzdª ]Za_ lu ŠDhff_jkZglª Š:j]mf_glu b nZdluª ŠBa\_klbyª Y qblZe lZdb_ dgb]b h ^_lkl\_ Š>_lkl\h Gbdbluª : G Lhe klh]h ŠI_lvdZ gZ ^Zq_ª E :g^j__\Z Š;_e__l iZjmk h^bghdbcª < DZlZ_\Z ŠDhg^mbl b R\Zf[jZgbyª E DZkkbey b fgh]b_ ^jm]b_ Fg_ ihgjZ\bebkv dbghnbevfu ŠGZaZ^ \ [m^ms__ª ŠEx^b \ qzjghfª ŠA\za^gu_ \hcguª Y \b^_e lZdb_ ki_dlZdeb Š<her_[gbd Bamfjm^gh]h ]hjh^Zª \ l_Zlj_ Jhkkbckdhc :jfbb ŠA\_a^guc fZevqbdª \ P_gljZevghf ^_l kdhf l_Zlj_ ŠKh[Zqv_ k_j^p_ª \ LXA_ Y kfhljx lZdb_ i_j_^Zqb Š>h lb b klZjr_ª ŠIhe_ qm^_kª ŠK\hy b]jZª Š;Zrgyª Baeh`_gb_
Bfy kms_kl\bl_evgh_ H[s__ agZq_gb_ Bfy kms_kl\bl_evgh_ Âą qZklv j_qb dhlhjZy h[hagZqZ_l ij_^f_l b hl\_qZ_l gZ \hijhku dlh" qlh" Ijbf_ju mq_ gbd dlh" fZevqbd dlh" klhe qlh" abfZ qlh" Ihklhyggu_ fhjnheh]bq_kdb_ ijbagZdb bf_gb kms_kl\bl_ev gh]h jh^ `_gkdbc fm`kdhc kj_^gbc kdehg_gb_ h^mr_\ e_gghklv g_h^mr_\e_gghklv bfy kh[kl\_ggh_ beb gZjbpZl_evgh_ G_ihklhyggu_ fhjnheh]bq_kdb_ ijbagZdb qbkeh _^bgkl\_ggh_ fgh`_kl\_ggh_ iZ^_` Ijbf_ju \ \h^m Âą ` j kde g_h^mr gZjbp ^ey Dheb Âą f j kde h^mr kh[kl\ < ij_^eh`_gbb bfy kms_kl\bl_evgh_ h[uqgh y\ey_lky ih^e_ `Zsbf B i beb ^hiheg_gb_f h[klhyl_evkl\hf \ dhk\ iZ^_`_ Kms_kl\bl_evgh_ \ B i fh`_l [ulv lZd`_ kdZam_fuf f_`^m ih^ e_`Zsbf b kdZam_fuf dhlhju_ \ujZ`_gu kms \ B i klZ\blky lbj_ Ijbf_ju Fhkd\Z kms B i Âą klhebpZ kms B i Jhkkbb Bklhjby Dj_fey moh^bl dhjgyfb \ ]em[bgm klhe_lbc <ukdZau\Zgb_ hlghkblky d gZmqghfm klbex
, GZ klhjhg_ Âą kms qlh" ,, G n Âą klhjhgZ gZjbp g_h^mr ` j kde \ I i \ _^ q
,,, G_ djZkgZ ]^_" gZ klhjhg_ , <_kgZ ± kms qlh"
,, G n ± \_kgZ gZjbp g_h^mr ` j kde \ B i \ _^ q ,,, G_ djZkgZ qlh" \_kgZ , IeZlv_ ± kms qlh"
,, G n ± ieZlv_ gZjbp g_h^mr kj j kde \ < i \ _^ q ,,, ;_j_]b qlh" ieZlv_ , Q_klv ± kms qlh"
,, G n ± q_klv gZjbp g_h^mr kde \ < i \ _^ q ,,, ;_j_]b qlh" q_klv , Fhkd\Z ± kms qlh"
,, G n ± Fhkd\Z kh[kl\ g_h^mr kde \ B i \ _^ q ,,, KljhbeZkv qlh" Fhkd\Z
=jhfZ^guc ]hjh^ iehsZ^b klhebpu [ukljh jZklmsbc jZc hg ijZa^gbqgh h^_lZy fheh^z`v r_kl\h\Zlv \i_j_^b ih rhkk_ jZkiheh`blvky kijZ\Z hl iehsZ^b emqrb_ ex^b iZ\bevhgu \u klZ\db [_j_qv iZfylgbdb \haeZ]Zlv p\_lu mqZklgbdb h[hjhgu \_ l_jZgu <_ebdhc Hl_q_kl\_gghc \hcgu
Kbevgh_ \i_qZle_gb_ kj j ]hjh^kdZy fheh^z`v ` j ba\_klgZy nZfbeby ` j `_e_agh^hjh`guc imlv f j ijhqguc j_evk f j [_ehkg_`gZy ijhklugy ` j jmfygh_ y[ehdh kj j k\_`bc dZjlhn_ev f j jZkkuiqZlZy dZjlhrdZ ` j ihe_\Zy furv ` j Fheh^z`v i_eZ ` j DZjlhn_ev aZa_e_g_e f j Kheg p_ kZ^behkv kj j Y[ehdh aj_eh kj j Ihehl_gp_ \bk_eh kj j Jhyev klhye f j
Y[ehqgh_ ih\b^eh B i ± ohjhrZy ` j _^ q B i
gZqbgdZ B i ^ey ibjh`dh\ J i M y[ehqgh]h kj j _^ q J i ih\b^eZ J i ijbylguc f j _^ q B i \dmk B i GZ ihed_ I i klhyeZ [ZgdZ B i k y[ehqguf kj j _^ q L i ih \b^ehf L i < [mn_l_ I i ijh^Z\Zebkv ibjh`db B i k y[ ehqguf kj j _^ q L i ih\b^ehf L i mklgh ©I ª ± Z >hiheg_gby d lZ[ebp_ ^_gv f j jh`^_gvy dZdZh kj j lmney ` j
K_jZy furv ^he]bc imlv dhgp_jlguc jhyev agZf_gblZy nZfbeby Z[jbdhkh\h_ ih\b^eh a_ezgh_ y[ehdh
< wlh mljh fu k <h\dhc _^ q keZ\gh ihjZ[hlZeb <udhkb eb ljZ\m _^ q ih^ hdhrdZfb fg q aZkuiZeb k_f_gZ fg q b djmim _^ q \ fgh]hqbke_ggu_ lZj_ehqdb fg q b q_j_imrdb fg q ^ey ilbp fg q kf_gbeb \h^m _^ q \ [ZghqdZo fg q b k\_jo lh]h _sz ijhiheheb ]jy^dm _^ q dem[gbdb _^ q N : :[jZfh\
=jy ^dm ± ]jy^ dm >]@ ± kh]e a\ l\ >j @ ± kh]e a\ fy]d >Z@ ± ]eZkg m^ >l@ ± kh]e ]emo l\ >d@ ± kh]e ]emo l\ >m@ ± ]eZkg [_am^ [ a\ =jZ[eb iehkdh]m[pu gh`gbpu dmkZqdb \beu =hj_edb `fmjdb kZedb ijyldb ]hjh^db >jh``b q_jgbeZ keb\db
FhsZgbpu Gh\hk_edb Hazju Ohefu ;_eu_ Dheh^_ab =hju K_ggbpu GZrZ eh^dZ ijbqZebeZ \ ^_j_\g_ ;_eu_ Dheh^_ab AZ qZk fu ^hreb ^h k_eZ =hju < ihkzed_ Hazju gZoh^blky djmiguc fZ]Zabg b fu j_rbeb aZdmiblv lZf ijh^mdlu <hjh lZ aZ fhjhadb ih ohjhgu lbkdb oeh ihlu q_jgb eZ AZfhjhadb
LZcgu_ q_jgbeZ G_ jZa q_jgbeZ g_\b^bfdb \ujmqZeb j_\hexpbhg_jh\ dhlhju_ f_`^m kljhd kZfh]h h[uqgh]h ibkvfZ khh[sZeb ba lxjvfu gZ \hex k\hbf lh\ZjbsZf \Z`gu_ ba\_klby < i_j\hf Z[aZp_ kms_kl\bl_evguo GZ qbklhc ± ijbeZ] ` j _^ q I i Imjimjgu_ ± Wlbfb gh`gbpZfb fh`gh jZ[hlZlv ih f_lZeem" ± >Z fh`gh Ih^Zc fg_ ih`ZemcklZ de_sb ± DZd fg_ h[jZ[hlZlv wlm ^_lZev" ± KgZqZeZ aZdj_ib _z \ lbkdZo ihlhf bkihevamc dmkZqdb b gZ ibevgbd G_ aZ[m^v kf_klb hibedb ihke_ jZ[hlu
Fheh^z`v q_eh\_q_kl\h klm^_gq_kl\h dj_klvygkl\h mqbl_evkl\h
@_e_ah fhehdh d_jhkbg [_gabg L_fghlZ [_]kl\h \uiheg_gb_ kbg_\Z m^b\e_gb_ ;_ebagZ ± kms kde gZjbp g_h^mr klhbl \ _^ q B i
?^bgkl\h aZkmoZ aeh[Z g_gZ\bklv k\zdeZ kbehk o\h jhkl o\hy oehihd ;hyagv ^j_fhlZ ^hklZ\dZ ^hkm] dZmqmd kljZ^Z nZjnhj p_ f_gl sZ\_ev Fheh^z`v
?]h ^_lkl\h ijhreh \ fZe_gvdhc ^_j_\g_ >_lb b]jZeb gZ em ]m Klm^_glu ihreb gZ e_dpbx Klm^_gq_kl\h Zdlb\gh mqZkl\h\Zeh \ aZ[Zklh\d_ Ebklvy iZ^Zeb gZ a_fex Ebkl\Z hkuiZeZkv k ^_j_\v_\ PbnjZ \hkklZgb_ \haa\Zgb_ ij_^iheh`_gb_ rhjho jZkl_gb_ pbjd pblZlZ ijZa^gbd AZfhjhadb [m^gb ihlzfdb \h jhlZ Rzihl lvfZ k_j_[jh fjZd l_fghlZ hll_i_ev Ihlzfdb Pbjd >p@ ± kh]e ]emo l\ >u@ ± ]eZkg m^ >j@ ± kh]e a\ l\ >d@ ± kh]e ]emo l\ [ a\ fg q
_^ q
G_h[tylgu_ g_h[hajbfu_ ijhklhju moh^ys__ aZ ]hjbahgl _^ q _^ q _^ q rhkk_ kijZ\Z e_glZ `_e_aghc ^hjh]b jZkiheh`blvky \gbam m gZku _^ q _^ q _^ q ib gZ \_jomrd_ hkljhdhg_qghc _eb \_a^_ hsmsZ_f ijbkmlkl\b_ _^ q _^ q _^ q _^ q q_eh\_dZ gh\h_ \ ijbjh^_ ihegZ `bagb DZjlbgZ = = Gbkkdh]h _^ q _^ q ©N_\jZev Ih^fhkdh\v_ª G_h[tylgZy rbjv g_ho\ZlgZy ^Zev rbjhdh_ ijb\hev_ \hevgh_ jZa^hev_ _^ q
;_jzaZ kde \_q_j kde hll_i_ev kde
<_ldZ kde \_l\v kde y[ehdh kde y[ehgy kde aZyp kde aZcqbrdZ kde kheh\_c kde kheh\mrdZ kde iehsZ^v kde iehsZ^dZ kde k_ldZ kde k_lv kde
Kdehg_gb_ _ _ _
jh^ @_gkdbc fm`kdhc Fm`kdhc kj_^gbc @_gkdbc
hdhgqZgb_ Z y
Gme_\h_ h _ Gme_\h_ hdZgqb \Z_lky gZ ±v
Yqf_gv < i k_xl dh]^Z p\_l_l dZebgZ Dh]^Z yqf_gv B i dhehkblky kheh\_c aZfhedZ_l
M\Z`Zlv dh]h" mqbl_ey m\Z`_gb_ d dhfm" d mqbl_ex ij_abjZlv dh]h" ljmkZ ij_aj_gb_ d dhfm" d ljmkm [eZ]h^Zjghklv dhfm" aZ qlh" ^jm]m aZ ihfhsv [eZ]h^Zjguc dhfm" aZ qlh" ^jm]m aZ ihfhsv jZ^h\Zlvky q_fm" khegpm jZ^hklv hl q_]h" hl khegpZ ]hj^blvky d_f" [jZlhf ]hj^hklv aZ dh]h" aZ [jZlZ JZ^hklv < l_ljZ^b I i kde \ l_ljZ^b I i kde Mq_gbd g_ agZe qlh [u\Zxl jZagu_ kdehg_gby
<kx^m b \_a^_ ljm^ylky ex^b B i Kljhbl_eb B i \ha \h^yl ^hfZ < i Dhgkljmdlhju B i kha^Zxl gh\u_ fZrbgu < i ih\_kl\ g_\hkde ijhklh_ jZkij Oe_[hjh[u B i \u jZsb\Zxl oe_[ < i RZolzju B i ^h[u\Zxl m]hev < i Ib kZl_eb B i ibrml dgb]b < i >_l_c < i mqZl ij_ih^Z\Zl_eb B i <ha\h^yl ± ]eZ] kij klhbl \ gZkl \j fg q e <u_oZlv hldm^Z" ba ]hjh^Z ba Fhkd\u ba LhfkdZ J i <ha\jZlblvky hldm^Z" ba [b[ebhl_db ba rdheu ba DZem]b ba Kb[bjb J i <uclb hldm^Z" ba deZkkZ ba fZ]ZabgZ ba \Z]hgZ J i <u_oZlv hldm^Z" k MjZeZ k DZ\dZaZ J i <ha\jZlblvky hl dm^Z" k <he]b J i =^_" <hae_ ^hfZ J i jZkiheh`_g djmiguc fZ]Zabg =^_" Hdheh fZ]ZabgZ J i _klv g_[hevrhc jughd lZf ijh^Zxl h\hsb b njmdlu < gZr_f ^\hj_ ]^_" m fh_]h ih^t_a^Z J i ± dZq_eb b ]hjdZ Hldm^Z" Ba aZ ^_lkdhc iehsZ^db J i
\b^_g kd\_j JZ[hlZlv ]^_" gZ nZ[jbd_ I i gZ aZ\h^_ I i \ [hevgbp_ I i \ [b[ebhl_d_ I i \ fZ]Zabg_ I i \ fma__ I i \ l_Zlj_ I i Mqblvky ]^_" \ rdhe_ I i \ l_ogbdmf_ I i \ bgklblml_ I i gZ dmjkZo I i @blv ]^_" gZ DZ\dZa_ I i gZ DZfqZld_ I i gZ MjZe_ I i \ JyaZgb I i \ Gh\ ]hjh^_ I i \ Kb[bjb I i <oh^blv dm^Z" gZ nZ[jbdm gZ aZ\h^ \ [hevgbpm \ [b[ebhl_ dm \ fZ]Zabg \ l_Zlj Ijh\h`Zlv dm^Z" \ ]bfgZabx \ ebp_c \ bg klblml gZ dmjku Ijb_a`Zlv dm^Z" gZ DZ\dZa gZ MjZe \ Ikdh\ <uoh^blv ba ^\_jb k mjhdZ \klj_qZlv k ih_a^Z ba ]hkl_c ijb_a`Zlv ba DjufZ k DZ\dZaZ
GZr ^hf gZoh^blky ]^_" \ qzf" \ madhf i_j_med_ I i \u[_]Zxs_f dm^Z" gZ qlh" gZ iehsZ^v < i Hldm^Z" hl q_]h"
Hl iehsZ^b J i gZqbgZ_lky g_kdhevdh mebp b rhkk_ =^_" ih q_ fm" Ih kZfhc rbjhdhc mebp_ > i ihklhyggh _a^yl fZrbgu kh kljhbl_evgufb fZl_jbZeZfb =^_" gZ qzf" GZ wlhc mebp_ I i
kljhblky g_kdhevdh gh\uo kh\j_f_gguo a^Zgbc ?a^yl A^Zgbc ± kms kj j gZjbp g_h^mr gZ ±b_ klhbl \h fg q J i N_\jZevkdbc kg_] Kg_] B i \ n_\jZe_ I i h[j_lZ_l djZkdb < i Ijb]ey^b l_kv dh]^Z" \ kheg_qguc ^_gv < i lh ahehlbklh jhah\uc lh ]h em[hc lh ]mklh kbgbc \ l_gb I i a\za^Zfb L i i_j_eb\Z_lky : \ emggmx ghqv < i ieu\zl ]^_" gZ^ kg_]Zfb L i hiZeh\uc k\_l B i < kheg_qguc ^_gv < i aZf_qZ_rv ]^_" gZ djurZo I i rludb < i khkme_d J i GZ jZ[hlm < i mljhf b^zrv dZd" ih k\_lm > i Z \_q_jhf \kz iha`_ b iha`_ ihy\ey_lky ]^_" \ hdgZo I i kbg_\Z B i Kbg_\Z ± kms ` j gZjbp g_h^mr klhbl \ _^ q B I M`_ g_^he]h `^Zlv \_kgu J i Gh \ wlhl ihe^_gv < i ykguc Ohlv ^gb B i abfu J i b khql_gu HgZ _s_ ij_djZkgZ ?sz ie_gy_l gZk abfZ B i
K\h_c rbjhdhc ]eZ^vx L i DZd [u jZkdjulhc ^ey ibkvfZ J i
G_ljhgmlhc l_ljZ^vx L i B imklv djm]hf [_euf [_eh Gh kd\hav fhjha < i `_klhdbc Emqb B i g_kmsb_ l_ieh < i EZkdZxl gZrb szdb < i
K Y FZjrZd
Iheh\bgZ iehsZ^db kde J i Ijb[ebablvky d ihkZ^hq ghc iehsZ^d_ kde > i Ih^t_oZlv d ijb\hdaZevghc iehsZ^b kde > i
Wlbf e_lhf fu hl^uoZeb \^\hzf k k_kljhc \ eZ]_j_ kde I i ©;_jzadZª Fu jZamqb\Zeb \_kzeu_ lZgpu gZ em`Zcd_ kde I i GZr hljy^ ihrze d klZ^bhgm ih Zee__ kde > i \e_\h Ajbl_eb jZkiheh`bebkv gZ kdehg_ kde I i Kihjlkf_gu kh
[jZebkv gZ iehsZ^d_ kde I i DhfZg^u \uklmiZeb ih hq_j_^b kde > i
IeZq_l ,,, ieZq_l hl q_]h" J i hl `Zehklb g_l ,,, g_l \ qzf" I i \ ebohklb b aZ\bklb g_l ,, g_l q_]h" J i ijhdm g_l ,,, g_l q_]h" J i jZ^hklb ohjhrZ , ohjhrZ gZ qzf" I i gZ [ex^_ ^h[jZeky , ^h[jZeky ^h q_]h" J i ^h h\qZjgb e_`bl ,, e_`bl gZ qzf" I i gZ k_g_ g_ ^Zzl , g_ ^Zzl dhfm" > i kdhlbg_
Ih , > i ^hjh`d_ kg_`ghc abfhc \ e_k g_ ijhc^_rv AZ\Zebeh y]h^m \ ,, I i [hehl_ kg_]hf AZg_keh \ ,, I i ih e_ a_jgh ;_edZ ijh[beZkv kd\hav kg_] \ fho ^hklZeZ lZf k ,,, J i hk_gb kijylZggu_ hj_ob b lml `_ bo kt_eZ Gm dZd [ueh g_ ih aZ\b^h\Zlv [_ebqv_c ,,, J i iZfylb >d@ Âą kh]e ]emo l\ >\@ Âą kh]e a\ l\ >h@ Âą ]eZkg m^ >kÂś@ Âą kh]e ]emo fy]d [ a\ Ba i_kgb hl dgb]b kh kljhcdb ba ih_a^db ba qZsb ba jZa\_^db [_a dhe_b k ^hjh]b ba j_kim[ebdb , kde ;_a hiZkghklb ba fheh^z`b [_a `bagb ihke_ ghqb hl ]hj^h klb ihke_ ]b[_eb hl jZ^hklb ba iueb [_a iZfylb hl f_klghklb ba j_qb [_a ihfhsb ,,, kde
;Z[mrdZ `b\zl \ ^_j_\g_ I i Âą ;Z[mrdZ `b\zl \ [hevrhc ^_j_\g_ I i Âą ;Z[mrdZ `b\zl gZ hdjZbg_ [hevrhc ^_ j_\gb J i Gh\u_ ^hjh]b kljhylky \ h[eZklb I i Âą Gh\u_ ^hjh]b kljhylky \ ]hjghc h[eZklb I i Âą Gh\u_ ^hjh]b kljhylky gZ x]_ ]hjghc h[eZklb J i M^h[gu_ kdZf_cdb klhyeb \ Zee__ I i Âą M^h[gu_ kdZf_cdb klhyeb \ l_gbklhc Zee__ I i Âą M^h[gu_ kdZf_cdb klhyeb \ dhgp_ l_gbklhc Zee_b J i Lmjbklu jZkiheh`bebkv hdheh jhsb J i Âą Lmjbklu jZkiheh`bebkv hdheh [_jzah\hc jhsb J i Âą Lmjbklu jZkiheh`bebkv gZ himrd_ [_jz ah\hc jhsb J i FZjby Âą h FZjbb baeh`_gb_ Âą \ baeh`_gbb aZdexq_gb_ Âą \ aZdexq_gbb \klmie_gb_ Âą h \klmie_gbb \\_^_gb_ Âą h \\_^_gbb l_jjblhjby Âą gZ l_jjblhjbb ]_h]jZnby Âą h ]_h]jZnbb nZfbeby Âą h nZfbebb ijhba\_^_gb_ Âą h ijhba\_^_gbb khj_\gh\Zgb_ Âą \ khj_\ gh\Zgbb \haa\Zgb_ Âą \ \haa\Zgbb kZgZlhjbc Âą \ kZgZlhjbb ij_^ih eh`_gb_ Âą h ij_^iheh`_gbb
Fma_c Âą fm a_c >f@ Âą kh]e a\ l\ >m@ Âą ]eZkg [_am^ >aÂś@ Âą kh]e a\ fy]d >w@ Âą ]eZkg m^ >c@ Âą kh]e a\ fy]d [ a\
:exfbgbc ¹ h[ Zexfbgbb ]_j[Zjbc ¹ h ]_j[Zjbb e_dlhjbc ¹ h e_dlhjbb ieZg_lZjbc ¹ \ ieZg_lZjbb kZgZlhjbc ¹ h kZgZlhjbb dZebc ¹ h dZebb fZ]gbc ¹ h fZ]gbb \hkiblZgb_ ¹ h \hkiblZgbb aZ gylb_ ¹ h aZgylbb aZy\e_gb_ ¹ \ aZy\e_gbb hdhgqZgb_ ¹ \ hdhgqZ gbb kh[jZgb_ ¹ gZ kh[jZgbb jZa\blb_ ¹ h jZa\blbb jZkl_gb_ ¹ h jZkl_gbb j_r_gb_ ¹ h j_r_gbb mkeh\b_ ¹ \ mkeh\bb Zjfby ¹ \ Zj fbb Zjlbee_jby ¹ h[ Zjlbee_jbb ?klv >c@ ¹ kh]e a\ fy]d >w@ ¹ ]eZkg m^ >kœ@ ¹ kh]e ]emo fy]d >l¾@ ¹ kh]e ]emo fy]d [ a\ :jfby ¹ d Zjfbb [ZlZj_y ¹ ih [ZlZj__ ]Ze_j_y ¹ ih ]Ze_j__ e_dpby h <_ebdhc Hl_q_kl\_gghc \hcg_ ¹ d e_dpbb h <_ebdhc Hl_ q_kl\_gghc \hcg_ j_ahexpby ¹ d j_ahexpbb j_^Zdpby ¹ ih j_^Zd pbb ]Za_lZ ŠBa\_klbyª ¹ d ]Za_l_ ŠBa\_klbyª l_jjblhjby ¹ d l_jjb lhjbb nZfbeby ¹ ih nZfbebb nhlh]jZnby ¹ d nhlh]jZnbb wdkdmjkby ¹ d wdkdmjkbb we_dljhklZgpby ¹ ih we_dljhklZgpbb r_y ¹ ih r__ FZjv_ FZjbb GZlZev_ GZlZebb Khnv_ Khnbb LZbkv_ LZbkbb <Ze_jbb ?\]_gbb DeZ\^bb Dk_gbb Eb^bb Xebb :dkb gv_ >Zjv_ @_gkdb_
, Ihemq_gh ibkvfh ^ey :]gbb =jb]hjv_\gu ;jhrxjm i_ j_^Zcl_ Eb^bb B\Zgh\g_ \ `xjb KdZ`bl_ FZjv_ GbdheZ_\g_ h ijb[ulbb ih_a^Z <havfbl_ Zev[hf m Xebb :e_dk__\gu H[jZlb l_kv d DeZ\^bb IZ\eh\g_ @^bl_ gZk hdheh ^hfZ ?\]_gbb ;hjbkh\ gu ,, <Zkbebc <Ze_jbc <blZebc :nZgZkbc b Xjbc Âą [jZlvy ih \_kl\ g_\hkde ijhklh_ jZkij k h^ghjh^ kdZa <uoh^yl hgb gZ \hkdj_kgmx ijh]medm ih\_kl\ g_\hkde ijhklh_ jZkij GZ
<Zkbebb imoh\uc rZjn gZ <Ze_jbb mahjqZlu_ jmdZ\bpu gZ <b lZebb r_jklygZy rZihqdZ gZ :nZgZkbb k\bl_j Z gZ Xjbb i_kl juc `be_l B \k_ wlb \_sb ± ih^Zjdb bo [Z[mrdb ?\^hdbb Gbdb lbqgu @xjb ± `x jb >`@ ± kh]e a\ l\ >m@ ± ]eZkg [_am^ >j @ ± kh]e a\ fy]d >b@ ± ]eZkg m^ [ a\ B i b_ Dh]^Z mihlj_[ey_lky keh\h ©aZ]eZ\b_ª" Fh`gh ]h\hjblv b I i I i b_ J i J i J J ibkZlv h aZ]eZ\bb b h gZa\Zgbb jZkkdZaZ ih\_klb jhfZgZ dgb]b I i J I i I i b_ klZlvb : ]h\hjy h dbghnbevf_ ki_dlZde_ pbjdh\hf ij_^klZ\e_ B i b_ gbb mihlj_[eyxl lhevdh keh\h ©gZa\Zgb_ª GZijbf_j \lhjZy k_jby L i J i nbevfZ \ureZ ih^ ^jm]bf gZa\Zgb_f JZkkdZaZ H gZa\Zgbb KlZlvb ± kms ` j kde gZjbp g_h^mr klhbl \ _^ q J i AZ]eZ\b_ ih\_klb aZ]eZ\b_ klZlvb bfy ]_jhy gZa\Zgb_ fmevl nbevfZ
Y qblZe dgb]b < i h `b\hlguo I i :e_dkZg^jZ Dm ijbgZ J i <blZeby ;bZgdb J i >`_jZe^Z >Zjj_eeZ J i =_jhb B i jZkkdZaZ J i DmijbgZ J i ©;_euc im^_ev B i ª ± kh[ZdZ B i fZevqbd B i b klZjbd B i Kh[ulby B i
ijhbkoh^yl \ Jhkkbb I i \ gZqZe_ I i ^\Z^pZlh]h \_dZ J i ^h j_\hexpbb J i FZevqbd B i klZjbd B i b [_euc im ^_ev B i \ua\Zeb m f_gy kbfiZlbx < i <_k_gg__ gZklmie_gb_ m`_ gZqZehkv GZ DZ\dZa_ p\_lml nb Zedb ijhjZklZxl \ Kj_^g_c :abb k_f_gZ n_\jZevkdbo ihk_\h\ Ilbqvb klZb aZ\hegh\Zebkv gZ abfh\dZo \ BjZg_ \ ?]bil_ gZ DZk ibb < F I_kdh\ Ko_f_ khhl\_lkl\m_l \lhjh_ ij_^eh`_gb_
< KZgdl I_l_j[mj]_ g_[hevrb_ hkZ^db \ukhdZy \eZ`ghklv \ha^moZ l_fi_jZlmjZ hdheh gmey J i ]jZ^mkh\ J i < Fhkd\_ ihoheh^Z_l ^h fbgmk ^\mo ]jZ^mkh\ J i hkZ^dh\ g_ [m^_l < Ih \he`v_ ± ^h fbgmk iylb ]jZ^mkh\ J i h[bevguc kg_]hiZ^ < DjZkgh^Zjkdhf djZ_ ihl_ie__l ^h iexk iylb ]jZ^mkh\ J i ijhc ^ml ^h`^b
Baeh`_gb_
Jh^gu_ [_jzadb IbkZl_ev [jh^be ih ijbfhjkdhfm iZjdm b m^b\eyeky djZkhl_ ^b dh\bgguo jZkl_gbc <^jm] hg m\b^_e kj_^b aZfhjkdbo aZjhke_c ljb lhg_gvdb_ [_jzadb Hg ijhklh g_ ih\_jbe k\hbf ]eZaZf IbkZl_ev ^mfZe qlh [_jzau \ wlbo f_klZo g_ jZklml Gh \_^v hgb klhyeb i_j_^ gbf ;_jzadb dZaZebkv _fm kbjhldZfb kj_^b hke_ibl_evgh]h [e_kdZ khqghc x`ghc ijbjh^u Gh hg \kz ex[h\Zeky bfb g_ fh] hlhj\Zlv ]eZa hl bo g_`ghc a_e_gb b [_euo kl\heh\ HdZau\Z_lky [_jzadb wlb ijb\_aeb \f_kl_ k dmkhqdhf iheygdb gZ iZjhoh^_ \uoh^beb gZ ihbeb \h^hc b hgb ijb`bebkv a^_kv Lhevdh ebklvy b \_jomrdb [_ jza [ueb ih\zjgmlu \ jh^ghfm k_\_jm IbkZl_ev ]ey^_e gZ ^_j_\pZ b \kihfbgZe jh^gmx ^_j_\gx \ a_ e_gb [_jza ?]h lygmeh gZ jh^bgm
GZ \_l\yo \_l\v kde Âą d \_l\yf \_l\yfb h \_l\yo gZ ^hjh`dZo ^hjh`dZ kde Âą ih ^hjh`dZf ^hjh`dZfb h ^hjh`dZo ke_^u a\_j_c a\_jv kde Âą d a\_jyf a\_jyfb h a\_jyo [_a hdhg hdgh kde Âą d hdgZf hdgZfb h[ hdgZo [_a ^\_j_c ^\_jv kde
Âą d ^\_jyf ^\_jvfb h ^\_jyo \ h[eZdZo h[eZdh kde Âą d h[eZ dZf h[eZdZfb h[ h[eZdZo q_j_a fhjy fhj_ kde Âą d fhjyf fh jyfb h fhjyo GZr djZc [h]Zl e_kZfb iheyfb j_dZfb b hazjZfb L i G_evay g_ m^b\eylvky \ukhdbf fh]mqbf khkgZf _eyf d_^jZf > i < e_kZo iZog_l y]h^Zfb ]jb[Zfb p\_lZfb L i >bj_dlhj Âą ^bj_dlhjZ ^hdlhj Âą ^hdlhjZ fZkl_j Âą fZkl_jZ ijhn_kkhj Âą ijhn_kkhjZ rzed Âą r_edZ ]hkiblZev Âą ]hkiblZeb ^h]h\hj Âą ^h]h\hju bg`_g_j Âą bg`_g_ ju f_kyp Âą f_kypu hnbp_j Âą hnbp_ju hq_j_^v Âą hq_j_^b iehk dhklv Âą iehkdhklb ih^ibkvÂą ih^ibkb ihq_jd Âą ihq_jdb lhjl Âą lhj lu lj_g_j Âą lj_g_ju rhn_j Âą rhn_ju ]_j[ Âą ]_j[u fZeyj Âą fZeyju ijba Âą ijbau klheyj Âą klheyju \u[hj Âą \u[hju \u\h^ Âą \u\h^u \u]h\hj Âą \u]h\hju Ih^ibkv Ijba >i@ Âą kh]e ]emo l\ >j @ Âą kh]e a\ fy]d >b@ Âą ]eZkg m^ >k@ Âą kh]e ]emo l\ [ a\
Gh \hl m`_ lj_sZl fhjhau B i b k_j_[jylky kj_^v ih e_c J i Kg_`gu_ jZ\gbgu B i dh\jZfb L i yjdbfb e_]eb Kd\hav \hegbklu_ lmfZgu < i ijh[bjZ_lky emgZ gZ i_qZev gu_ iheygu < i ev_l i_qZevgh k\_l hgZ ih\_kl\ g_\hkde keh` gh_ khkl ba o ijhkluo FqZlky lmqb B i \vxlky lmqb B i g_\b^bfdhx emgZ hk \_sZ_l kg_] e_lmqbc =hgbfu \_rgbfb emqZfb L i k hdj_klguo ]hj J i m`_ kg_]Z B i k[_`Zeb fmlgufb jmqvyfb L i gZ ihlhiezggu_ em]Z < i FZevqbr_d J i jZ^hklguc gZjh^ dhgvdZfb L i a\mqgh j_`_l ez^ : K Imrdbg
Evzl \vxlky jmqvyfb Ebklu [mfZ]b hiZ\rb_ ebklvy \heqvb am[u am[vy ibeu dhjgb ^_j_\Z kt_^h[gu_ dhj_gvy IZjZ \Ze_ghd kZih] qmehd fgh]h ^_e f_kl y[ehd fZdZjhg i_kgb ]jmabg hk_lbg Zjfyg fhe^Z\Zg [he]Zj lZlZj pu]Zg khe^Zl iZjlbaZg dbeh]jZff Zi_evkbgh\ fZg^Zjbgh\ ihfb^hjh\ lhfZlh\ ]jmiiZ bg`_g_jh\ hnbp_jh\ lj_g_jh\ rhnzjh\
>hqv kde f_q ieZq k djur \jZq hdheh ^Zq lh\Zjbs fgh]h aZ^Zq ihfhsv kde fheh^z`v kde \_sv kde i_qv kde g_l i_j_^Zq ba mqbebs wlZ` fZeur emq j_qv kde dbjibq ba aZ lmq >hqdZ emqr_ gZqgm Jh`v kde
^jh`v kde
mijy`v kde
[j_rv kde
lbrv kde
jhkdhrv kde
[jhrv kde
\_lhrv kde
fhsv kde
]hj_qv kde
[Z]Z` [ebg^Z` i_caZ` jhs kl_eeZ` ribhgZ` ]jmr dZjZg^Zr rZeZr iZkl[bs dh\r dezr
ojys iexs [hjs h\hs djmq fyq dexq em` h[jmq kmj]mq
Hq_gv [h]Zl jmkkdbc yaud keh\Zfb L i hlghkysbfbky dh \j_f_gZf > i ]h^Z b d ijbjh^guf y\e_gbyf > i k gbfb k\y aZgguf <havfzf ohly [u jZggxx \_kgm M g_z m wlhc _sz ay[gms_c hl ihke_^gbo aZfhjhadh\ J i ^_\hqdb \_kgu _klv \ dhlhfd_ fgh]h ohjhrbo keh\ J i GZqbgZxlky hll_i_eb B i jhkl_i_eb B i dZi_eb B i k djur J i Kg_] ^_eZ_lky a_jgbkluf gha^j_\Zluf hk_^Z_l b q_j g__l ?]h kt_^Zxl lmfZgu B i Ihkl_i_ggh jZa\habl ^hjh]b gZ klmiZ_l jZkimlbpZ [_a^hjh`v_ GZ j_dZo I i ihy\eyxlky \h ev^m i_j\u_ ijhfhbgu B i k qzjghc \h^hc Z gZ [m]jZo I i ± ijh lZebgu B i b ijhie_rbgu B i G_\hafh`gh i_j_qbkeblv \kz D = IZmklh\kdbc
B^zf madhc ^_j_\_gkdhc mebp_c Keurblky i_gb_ kd\hjph\ EZklhqdb \vxl ]gza^Z ih^ gZr_c djur_c AZ ihke_^ g_c ^Zq_c gZqbgZ_lky e_k Ke_^bf aZ ]jZqhf dhlhjuc e_lbl gZ^ gZfb <hl b j_dZ ?z [_j_] aZjhk dZfurhf GZ^ [_jzah\hc jh s_c ieu\zl [hevrh_ [_eh_ h[eZdh >h[juf emqhf khegpZ haZjy _lky em]
Lh\Zjbs ± k lh\Zjbs_f \klj_qZ ± \klj_q_c ijh^Z\sbpZ ± k ijh^Z\sbp_c ]hj_p ± k ]hjp_f fheh^_p ± fheh^phf mqbl_evgbpZ ± k mqbl_evgbp_c aZ^ZqZ ± gZ^ aZ^Zq_c mq_gbpZ ± k mq_gbp_c iZe_p ± k iZevp_f fZeur ± k fZeurhf ie_qh ± gZ^ ie_qhf \jZq ± \jZqhf emq ± ih^ emqhf lmqZ ± ih^ lmq_c ^\hj_p ± ^\hjphf klhebpZ ± i_ j_^ klhebp_c ]jZgbpZ ± aZ ]jZgbp_c djurZ ± k djur_c dexq ± gZ^ dexqhf fyq ± ih^ fyqhf gh` ± k gh`hf dZjZg^Zr ± k dZjZg^Z rhf ]ZjZ` ± ]ZjZ`hf xghrZ ± xghr_c mqbebs_ ± mqbebs_f kh \_lqbpZ ± k kh\_lqbp_c fm^j_p ± fm^j_phf Z[aZp ± Z[aZp_f iZ^_` ± iZ^_`hf ieh\_p ± ieh\phf djZkZ\bpZ ± k djZkZ\bp_c kbeZq ± kb
eZqhf ldZq ± ldZqhf kdjbiZqb ± kdjbiZqhf [ex^pZ ± [ex^p_f \ub]jur ± i_j_^ \ub]jur_f f_evgbpZ ± gZ^ f_evgbp_c kdZahq gbpZ ± kh kdZahqgbp_c gZkf_rgbpZ ± i_j_^ gZkf_rgbp_c ]\Zj^__p ± gZ^ ]\Zj^_cp_f ojZ[j_p ± k ojZ[j_phf [hjh^Zq ± k [hjh^Zqhf ± :ezrZ ihq_fm lu gZa\Ze f_gy g_\_`_c" ± Dhg_qgh lu g_\_`Z g_ gZrze gZ dZjl_ gZr ]hjh^ ± : lu :ezrZ i_j_imlZe keh\Z ©g_\_`Zª b ©g_\_`^Zª ± Ihq_fm" ± Ihlhfm qlh g_\_`_c gZau\Zxl ]jm[h]h g_\_`eb\h]h q_eh\_dZ Z g_\_`^Z ± wlh g_h[jZah\Zgguc g_k\_^msbc q_eh\_d g_mq GZ dZjl_ ± kms ` j kde gZjbp g_h^mr klhbl \ _^ q I i
Keh\Z ©]jZgbpZª b ©jm[_`ª ± kbghgbfu =jZgbp_c gZau\Z xl ebgbx dhlhjZy hl^_ey_l h^gh \eZ^_gb_ hl ^jm]h]h Jm[_` ± lh `_ qlh ]jZgbpZ < kh\j_f_gghf yaud_ hkh[_ggh qZklh \klj_qZ_lky nhjfZ l\hjbl_evgh]h iZ^_`Z k ij_^eh]hf L i ©aZª aZ jm[_`hf L i lh _klv aZ ]jZgbp_c L i < kh\j_f_gghf yaud_ ± ijbeZ] f j I i _^ q Qzjgu_ ijhlZebgu rzihl \ Zee__ `zelu_ luqbgdb ]jhfdh szedZlv ez]dbc rhjho [_eZy rzjkldZ `zkldbc \hehk r_e_kl rzedZ @zelu_ ijbe_lZxl
aZjhkeh dZfurhf \ujZsb\Zlv il_gph\ ijbe_lZxl k ^h[uq_c `bj ih^ dh`_c exlhc klm`_c lzfghc lmq_c ko\Zq_g ebkbp_c `^Zlv kd\hjph\ ex[mxkv ilbp_c
Kug YjhkeZ\Z dgyav :e_dkZg^j klZe dgy`blv \ Gh\]hjh ^_ bf_y \k_]h ebrv iylgZ^pZlv e_l hl jh^m Ih k\b^_l_evkl\m e_ lhibkp_\ \ p_ehc Jhkkbb g_ [ueh h[eZklb dhlhjZy g_ ohl_eZ [u bf_lv :e_dkZg^jZ G_\kdh]h k\hbf dgya_f Hl \lhj`_gbc r\_^h\ b g_fp_\ gh\]hjh^pZf gm`gh [ueh aZsbsZlvky Ihke_ fhebl\u \ p_jd\b k\ylhc Khnbb dgyav \ur_e d ^jm`bg_ b \hkdebdgme ©;jZlvy G_ \ kbe_ ;h] Z \ ijZ\^_ G_ m[hbfky fgh`_kl\Z jZlguo ydh k gZfb kde ;h] ª M \hckdZ ihy\beZkv \_jZ \ ihfhsv ;h]Z GZqZevgbd ^hahjZ kde \kx ghqv \ukfZljb\Ze jZkiheh`_gb_ \jZ]h\ Ihl_jb gh\]hjh^p_\ [ueb hq_gv fZeu ± \k_]h ebrv ^\Z^pZlv q_eh\_d AZ ih[_^m \ G_\ kdhc [bl\_ ]h^Z gZjh^ ijha\Ze dgyay :e_dkZg^jhf G_\kdbf
Bgl_j_kguc q_eh\_d AZf_qZl_evguc ibkZl_ev @bldh\ B i k ^_lkl\Z J i hleb qZeky bkdexqbl_evghc `Z`^hc L i agZgbc J i Hg fgh]h \j_f_gb J i hl^Z\Ze fmaud_ > i ebl_jZlmj_ > i fZl_fZlbd_ > i Zkljhghfbb > i [hlZgbd_ > i ]_h]jZ nbb > i b ^jm]bf gZmdZf > i D_f lhevdh g_ [ue ;hjbk Kl_iZgh\bq @bldh\ B i ;ue hg obfbdhf L i b bg`_g_jhf dhjZ[e_kljhbl_e_f L i hohlgbdhf L i b ju[heh\hf L i Ex[be jbkh\Zlv b]jZe gZ kdjbid_ I i Gh [hevr_ \k_]h gZ k\_l_ I i ex[be hg fhj_ < i ?fm ih kqZkleb\behkv ih[u\Zlv \h fgh]bo kljZgZo I i fbjZ J i \ Bg^bb I i \ DblZ_ I i \ Yihgbb I i \ Lmjpbb I i \ =j_pbb I i \ ;he]Zjbb I i @be hg \h NjZgpbb I i \ >Z gbb I i G_h[udgh\_ggh fgh]h agZe b \b^_e @bldh\ B i
Bkdexqbl_evghc `Z`^hc ± ijbeZ] ` j _^ q L i ^bdlZgl
khqbg_gb_
hlau\ ReyidZ ]jb[Z ihdjulZy dZdhc" lzfgh dhjbqg_\hc dh`bp_c ^_j`blky gZ dZdhc" dj_idhc gh`d_ Kgbam reyidZ aZlygmlZ dZ dhc" [_ehc ie_gdhc Dh]^Z _z m[_j_rv hldjh_lky gb`gyy dZdZy"
`_elh\ZlZy klhjhgZ reyidb ReyidZ
;_jzaZ Ex[ex [_jzadm jmkkdmx ` j _^ q < i Lh k\_lemx ` j _^ q < i lh ]jmklgmx ` j _^ q < i < [_ezghf f j _^ q I i kZjZnZgqbd_ K ieZlhqdZfb \ dZjfZgqbdZo K djZkb\ufb fg q L i aZklz`dZfb K a_ezgufb fg q L i k_jz`dZfb Ex[ex _z gZjy^gmx ` j _^ q < i Jh^gmx ` j _^ q < i g_gZ]ey^gmx ` j _^ q < i Lh ykgmx ` j _^ q < i dbimqmx ` j _^ q < i Lh ]jmklgmx ` j _^ q < i ieZdmqmx ` j _^ q < i : : Ijhdhnv_\
DZjfZgqbdZo < kZjZnZgqbd_ ± kms f j kde gZjbp g_h^mr klhbl \ _^ q I i
H ilbqvbo ]hehkZo I i gZ ilbqvo ]heh\dZo I i k k_ jhc r_jklvx L i k_juf mljhf L i k_juf ^gzf L i kh eh\vbgZy lj_ev B i m kheh\vbgh]h ]g_a^Z J i qzjguf ^ufhf L i qzjgmx \_klv < i \ khjhqv_f ]g_a^_ I i khjhqbc klj_ dhl B i ih rzedh\uf izjurdZf > i ih rzedh\hc ldZgb > i Ih f_j_ lh]h dZd lhihj ijho\Zlu\Z_l ^h k_j_^bgu a\mdb klZgh\ylky ]emr_ b [hevg__ÂŤ ?sz m^Zj ihke_^gbc ^_j_\h hk_^Z_l gZ^ehfblky aZlj_sbl aZrmfbl \_jrbghc Z ihlhf k gZjZklZxs_c [ukljhlhc b rmfhf ih^h[guf rmfm kbevgh]h \_ljZ jmog_l gZ a_fex Fgh]b_ ^_kyldb e_l ^hklb]Zeh hgh iheghc kbeu b djZkhlu b \ g_kdhevdh fbgml ]b[g_l g_j_^dh hl imklhc ijbohlb q_eh\_dZ K L :dkZdh\
Klbev ¹ om^h`_kl\_gguc l_fZ ¹ hlghr_gb_ ibkZl_ey d jm[d_ ^_j_\v_\ Hkgh\gZy fukev ¹ \ iZ^_gbb kjm[e_ggh]h ^_j_\Z Š_klv qlh lh g_\ughkbfh ]jmklgh_ª Khljyk_gb_ kh^jh]Zgb_ Fg_ gjZ\ylky ^h[ju_ b kf_eu_ ex^b Fhc ^jm] KZrZ kijZ\_^eb\uc b ijZ\^b\uc Fhy k_kljZ kih kh[gZy b lZeZgleb\Zy Fhy fZfZ aZ[hleb\Zy Kihkh[guc lZeZgleb\uc Ih^jm]b ]h\hjyl h GZlZr_ qlh hgZ ohjhrZy ih\_kl\ g_ \hkde keh`gh_ khkl ba o ijhkluo kh_^ khxahf qlh Gh lZd fh`gh hlha\Zlvky h fgh]bo ex^yo : \hl qlh ^h[Z\beb h GZlZr_ _z fZfZ mqbl_ey lj_g_j FZfZ jZ^Z qlh GZlZrZ ^h[jZy eZkdh\Zy hl au\qb\Zy qmldZy ^mr_\gZy Mqbl_ey m\Z`Zxl ^_\hqdm aZ lh qlh hgZ kdjhfgZy lj_[h\Zl_evgZy d k_[_ klZjZl_evgZy Lj_g_j kqblZ_l qlh hgZ ljm^hex[b\Zy gZklhcqb\Zy =h\hjy h q_eh\_d_ fZeh kdZaZlv qlh hg ohjhrbc beb iehohc Gm`gh jZkdjulv agZq_gb_ wlbo keh\ Ih^jm]b ]h\hjyl ŠGZlZrZ ohjhrZyª Hlau\qb\uc qmldbc ^mr_\guc Mqbl_ey ¹ kms f j kde gZjbp h^mr klhbl \h fg q B i
H =Z]Zjbg_ gZibkZgh g_fZeh >ey gZk agZ\rbo _]h [ebadh Xjbc =Z]Zjbg ij_`^_ \k_]h g_mlhfbfuc ljm`_gbd Hg ex[be ih \_k_eblvky ihrmlblv <k_ ihfgyl agZf_gblmx ]Z]Zjbgkdmx meu[ dm Gh \ jZ[hl_ hg [ue ij_^_evgh kh[jZg b k_jvza_g Xjbc klj_fbeky d agZgbyf ?]h l_ljZ^db k e_dpbyfb dhgki_d lZfb ZddmjZlgufb q_jl_`Zfb kem`beb ijbf_jhf Hg gZklhcqb\h
mqbeky \ <h_ggh \ha^mrghc bg`_g_jghc ZdZ^_fbb bf_gb @mdh\ kdh]h \ kjhd k^Z\Ze aZqzlu b wdaZf_gu g_ lj_[h\Ze gbdZdbo ih [eZ`_d =Z]Zjbg ihemqbe ^biehf k hlebqb_f =Z]Zjbg [ue ijhkluf gh hlgx^v g_ ijhklh\Zluf mfguf b ^m r_\gh s_^juf ?]h hlebqZe ^Zj f]gh\_ggh hp_gblv kblmZpbx ijb gylv ijZ\bevgh_ j_r_gb_ Ijhklh\Zluf J_r_gb_ Âą kms kj j gZ Âą b_ gZjbp g_h^mr klhbl \ _^ q < i
>h[juc ijbe d ^_lyf > i ^h[juc ijbe kh klZjbdZfb L i \gbfZl_evguc ijbe d ^jmavyf > i \gbfZl_evguc ijbe d jh^bl_eyf > i [eZ]h^Zjguc ijbe lh\ZjbsZf > i \_jguc ijbe keh\m > i \_jguc ijbe \ ^jm`[_ I i bkdmk guc ijbe \ jZ[hl_ I i iZfylguc ijbe j_[ylZf > i kbev guc ijbe ^mohf L i kbevguc ijbe \ fZl_fZlbd_ I i >_gv k_]h^gy ykguc l_ieuc G_[h \ukhdh_ yjdh kbg__ <ha^mo kujhc Kg_] juoeuc gha^j_\Zluc lzfguc
<_kgZ gh oheh^gh Ih]h^Z g_gZklgZy G_[h fmlgh_ b k_jh_ Ba gbadbo h[eZdh\ iZ^Z_l lh kg_] lh ^h`^v >m_l oheh^guc ijhgb au\Zxsbc \_l_j b jZkdZqb\Z_l ]heu_ \_l\b ^_j_\v_\ <_a^_ em`b l_fghc \h^u b juoeu_ km]jh[u kg_]Z B \kz lZdb gZ ^mr_ jZ^hklgh ihlhfm qlh \_kgZ gZklmibeZ Kg_] >k@ Âą kh]e ]emo l\ >gÂś@ Âą kh]e a\ fy]d >w@ Âą ]eZkg m^ >d@ Âą kh]e ]emo l\ [ a\ JZkdZqb\Z_l Âą ]eZ] , Fij klhbl \ gZkl \j _^ q e
Oheh^ghc \h^hc ` j _^ q L i k \_kzeufb xghrZfb b ^_\mrdZfb fg q L i m agZdhfhc klZjmrdb ` j _^ q J i gZ h]jhfghf Zck[_j]_ f j _^ q I i k jZagufb km\_gbjZfb fg q L i h \_k_gg_f eb\g_ f j _^ q I j k lhgdbf ZjhfZ lhf f j _^ q L i E_^yghc H eb\g_ Âą kms f j kde gZjbp g_h^mr klhbl \ _^ q I i Jh[dbc kbgbc [_euc im]eb\uc `_klhdbc ljmkeb\uc [_a`Z ehklguc g_kf_euc [_kk_j^_qguc fZeh^mrguc [_kq_eh\_qguc f_^ebl_evguc \_jguc g_lhjhieb\uc gZ^z`guc Jh[dbc Âą g_j_rbl_evguc aZkl_gqb\uc
@_klhdbc ± [_kk_j^_qguc qzjkl\uc [_a^mrguc
, Bfy ijbeZ]Zl_evgh_ ± qZklv j_qb dhlhjZy h[hagZqZ_l ijbagZd ij_^f_lZ b hl\_qZ_l gZ \hijhku dZdhc" q_c" ;hevrhc ^_ j_\ygguc \hjh[vbguc f_^\_`vy ,, Bfy ijbeZ]Zl_evgh_ baf_gy_lky ih jh^Zf qbkeZf b iZ^_`Zf ^_j_\ygguc ± ^_j_\yggZy ± ^_j_\yggu_ ^_j_\yggh]h ^_j_\ygghfm h ^_j_\ygghf Fgh]b_ ijbeZ]Zl_evgu_ bf_xl ihegmx b djZldmx nhjfm djZkb\uc ± djZkb\ < djZldhc nhjf_ ijbeZ]Zl_evgh_ baf_ gy_lky ih jh^Zf b qbkeZf djZkb\ ± djZkb\Z ± djZkb\u ,,, < ij_^eh`_gbb bfy ijbeZ]Zl_evgh_ fh`_l [ulv hij_^_e_gb _f beb kdZam_fuf AZ\ljZ [m^_l ykguc ^_gv Ih]h^Z i_j_f_gqb\Z
K gZ^z`guf \jZqhf k \jZqhf dZdbf" f j L i kh klZjZ l_evghc mq_gbp_c k mq_gbp_c dZdhc" ` j L i h eh\dhf kihjl kf_g_ h kihjlkf_g_ dZdhf" f j I i ij_`gxx ih^jm]m ih^jm]m dZdmx" ` j < i h[ mf_ehf fZkl_j_ h fZkl_j_ dZdhf" f j I i aZ f_ldbf klj_edhf aZ klj_edhf dZdbf" f j L i m ZddmjZl ghc ^_\hqdb m ^_\hqdb dZdhc" ` j J i kh kljh]bf xghr_c k xghr_c dZdbf" f j L i h ijh\hjghf rdhevgbd_ h rdhevgbd_ dZdhf" f j I i kh klZjrbf [jZlhf k [jZlhf dZdbf" f j L i h feZ^r_c k_klj_ h k_klj_ dZdhc" ` j I i k ohjhrbf lh\Zjb s_f k lh\Zjbs_f dZdbf" f j L i h[ hiZkghf gZ\h^g_gbb h gZ \h^g_gbb dZdhf" kj j I i Eh\dbc ± mf_euc f_ldbc Y ih]Zkbe dhklzj b ihrze \gba ih j_d_ K dZ`^uf rZ]hf hgZ dZaZeZkv aZ]Z^hqg__ b `b\hibkg__ Lh ih djmluf dZdbf" > i
[_j_]Zf k_jhc dZdhc" L i kl_ghc klhyeh hkbgh\h_ dZdh_" B i
f_edhe_kv_ b gZ hl^_evguo dZdbo" I i hkbgZo \bk_e `zeluc dZ dhc" B i of_ev [m^lh dlh lh jZa\_kbe kmrblv gZ khegp_ gh\u_ dZdb_" B i jh]h`b Lh ^miebklZy dZdZy" B i b\Z e_`ZeZ ihi_ j_d j_db dZd fhkl b hdheh g_z \ukdZdb\Zeb ba \h^u ]heh\eb Lh j_dZ moh^beZ lhj`_kl\_gguf dZdbf" L i ih\hjhlhf \ e_kZ dZ db_" < i ahehlu_ b kbgb_ hl hk_gb D = IZmklh\kdbc
JZaghp\_lguc kg_] Kg_] H[uqguc agZdhfuc \k_f [_euc imrbkluc oheh^guc kg_`hd ;_euc" Ijbkfhljbl_kv M^b\bl_evgh dZd hdjZkdZ g_[Z ba f_gy_l p\_l kg_]Z < ykguc abfgbc ihe^_gv hg [_euc k qmlv aZf_l guf nbhe_lh\uf hll_gdhf b ]em[hdbfb kbgbfb l_gyfb H[eZdZ g_ kdhevdh ijblmrz\u\Zxl _]h kbygb_ GZ aZdZl_ kg_] hdjZrb\Z_lky \
[Z]jyg_p Z iha^g__ gZ ]jZgb \_q_jZ b ghqb klZgh\blky ebeh\Zlh i_i_evguf Emgguc k\_l ^_eZ_l _]h a_e_gh\Zluf \ l_gb Âą fmlgh ebeh\uf < kheg_qgmx ih]h^m kg_] dZ`_lky jhah\uf b ahehluf Z g_ih]h ^Z hljZ`Z_lky \ gzf mguehc `_elbaghc Ih : : Y[ehdh\m >Fms ]e @ Z > kms ]e @ Gzf >gÂś@ Âą kh]e a\ fy]d >h@ Âą ]eZkg m^ >f@ Âą kh]e a\ l\ [ a\ HdjZkdZ JZ^m]Z Y gZ jZ^m]m ^m]m Ihex[mxkv ih[_]m K_fbp\_lgmx p\_lgmx GZ em]m ih^kl_j_]m Y gZ djZkgmx ^m]m GZ]ey^_lvky g_ fh]m AZ hjZg`_\hc aZ `_elhc <b`m gh\mx ^m]m WlZ gh\Zy ^m]Z A_e_g__ q_f em]Z : aZ g_x ]hem[Zy Lhqgh fZfbgZ k_jv]Z Y gZ kbgxx ^m]m GZkfhlj_lvky g_ fh]m : aZ wlhc nbhe_lh\hc <havfm b ih[_]m Khegp_ k_eh aZ klh]Z =^_ lu jZ^m]Z ^m]Z" M ^_\hqdb k ahehlufb \hehkZfb [ueb yglZjgu_ k_jz`db eb fhggZy dhnlhqdZ b `zelu_ lmn_evdb K_fbp\_lgmx p\_lgmx ih[_]m Fh]m Âą fh ]m >f@ Âą kh]e a\ l\ >Z@ Âą ]eZkg [_am^ >]@ Âą kh]e a\ l\ >m@ Âą ]eZkg m^
[ a\
Kg_] m gZk _s_ khojZgbeky gh ih\kx^m gZqbgZ_l lZylv Ml jhf hg jhah\__l gZ khegurd_ < ykguc \_k_ggbc ^_gv hg q_jg__l gZ khegp_ klZgh\blky k_juf ihjbkluf ]jyaguf <_q_jhf hg ebeh \uc kbg_\Zluc
Hl ohjhr_]h [jZlpZ fh`gh mfZ gZ[jZlvky ;hevrhfm dhjZ[ex [hevrh_ ieZ\Zgb_ < dhexq_f dmklZjgbd_ g_ kijyq_rv ky FZe_gvdh_ ^_eh emqr_ [hevrh]h [_a^_evy =hj_ \ qm`hc a_fe_ [_atyaudhfm DhjZ[ex ± kms f j kde gZjbp g_h^mr klhbl \ _^ q > i DjZkgZy dgb]Z F_`^mgZjh^guc f j B i khxa hojZgu ijbjh^u b ijbjh^ guo fg q J i j_kmjkh\ \_^zl ki_pbZevgmx DjZkgmx ` j < i
dgb]m < g_z aZghkylky \k_ `b\hlgu_ qbke_gghklv dhlhjuo ih^hreZ d jhdh\hc q_jl_ ± ^\mf lukyqZf hkh[_c Kibkhd bklj_[ezgguo beb dZg^b^Zlh\ gZ bklj_[e_gb_ m`_ aZgbfZ_l ^\Z lhekluo fg q J i
lhfZ DZ`^uc ba wlbo lhfh\ \ yjdh djZkghf f j I i i_j_iezl_ DjZkguc f j B i p\_l g_ kemqZ_g Hg dZd [u ]h\hjbl ©Klhcl_ Ijbfbl_ kjhqgu_ fg q < i f_ju ª ;eZ]hjh^gu_ b kbevgu_ ^h[ju_ b hl\Z`gu_ fg q B i ex^b k^_eZxl \kz qlh[u `b\hlgu_ g_ ]b[eb g_ bkq_aZeb Ih X > >fbljb_\m
=hem[u_ i_j_e_kdb JZgg_c \_kghc \ [_jzah\hc jhs_ fh`gh gZclb h^gh ba kZfuo i_j\uo \_k_ggbo jZkl_gbc Wlh ]hem[u_ i_j_e_kdb Gh jZa\_ hgb ]hem[u_" P\_lu ± yjdh kbgb_ a\za^hqdb k\_`b_ qbklu_ k [_euf dhe_qdhf luqbghd ihk_j_^bg_ M i_j_e_kdh\ lzfgu_ b iehlgu_ eb klvy Wlb ebklvy ijhreh]h^gb_ hgb i_j_abfh\Zeb ih^ kg_]hf A\za^hqdb Baeh`_gb_
LZf g_[_kZ b \h^u ykgu LZf i_kgb ilbq_d keZ^dh]eZkgu H jh^bgZ \k_ ^gb l\hb ij_djZkgu =^_ [ gb [ue y gh \kz k lh[hc >mrhc
< : @mdh\kdbc
Ykgu Âą yk_g ykgh KeZ^dh]eZkgu Âą keZ^dh]eZk_g keZ^dh]eZkgh Ij_djZkgu Âą ij_djZk_g ij_djZkgh
Madbc Âą mahd madh madZ j_adbc Âą j_ahd j_adh j_adZ fy]dbc Âą fy]hd fy]dh fy]dZ j_^dbc Âą j_^hd j_^dh j_^dZ gbadbc Âą gbahd gbadh gbadZ keZ^dbc Âą keZ^hd keZ^dh keZ^dZ jh[dbc Âą jh[hd jh[dh jh[dZ ;e_^guc Âą [e_^_g [e_^gh [e_^gZ ]hjvdbc Âą ]hj_d ]hjvdh ]hjvdZ kljZrguc Âą kljZr_g kljZrgh kljZrgZ q_ klguc Âą q_kl_g q_klgh q_klgZ Madbc Âą rbjhdbc jh[dbc Âą kf_euc M aZcpZ jmkZdZ ]eZaZ dhjbqg_\u_ iheg ijbe mrb ^ebg gu_ iheg ijbe [hevrb_ iheg ijbe mku `zkldb_ iheg ijbe R_jklv m aZcpZ ]mklZy iheg ijbe k\_jom dhjbqg_\h `zelZy iheg ijbe k lzfgufb iheg ijbe djZibgdZfb kms GZ r__ hgZ `_elh\Zlh dhjbqg_\Zy iheg ijbe kaZ^b Âą k_jh [_eZy iheg ijbe P\_l r_jklb f_gy_lky ]eZ] abfhc b e_lhf HdjZkdZ ihfh ]Z_l ]eZ] ]juamgZf kdju\Zlvky ]eZ] hl \jZ]h\ Ihfh]Z_l Âą ]eZ] , kij klhbl \ gZkl \j _^ q e Ijb]h`_fm Âą ijb]h` dj ijbe ohjhr_]h Âą ohjhr dj ijbe ly]mq_fm Âą ly]mq dj ijbe ]hjyq_]h Âą ]hjyq dj ijbe ih oh`_fm Âą ihoh` dj ijbe ^j_fmq_]h Âą ^j_fmq dj ijbe Ebgxq Âą eb gxq >eÂś@ Âąkh]e a\ fy]d >b@ Âą ]eZkg [_am^ >gÂś@ Âą kh]e a\ fy]d >m@ Âą ]eZkg m^ >qÂś@ Âą kh]e ]emo fy]d [ a\ Mlj_ggbc \ha^mo qbkl b k\_` ;_e_gvdbc eZg^ur iZ omq H]jhfguc kljZrguc f_^\_^v g_mdex` AZ[Z\guc _` dh exq ,jr fZe_gvdbc b dhexqbc >hjh]b_ ^_lb Hl ^mrb `_eZx \Zf ohjhrb_ fZe_gvdb_ ex^b [m^vl_ \kx `bagv qmldb b hlau\qb\u d qm`hfm ]hjx ;m^vl_ a^hjh\u ex[bl_ ^jm] ^jm]Z Dj_idh `fm \Zrb eZidb ^Z [m^ml hgb q_klgu b kbevgu Ba ibkvfZ : F =hjvdh]h
@_eZx Âą ]eZ] , kij klhbl \ gZkl \j _^ q e
;m^vl_ \gbfZl_evgu ^\_jv k_cqZk hldjh_lky ;m^vl_ ^h[ju i_j_^Zcl_ ih`ZemcklZ lZehgqbd ;m^vl_ ex[_agu ijhimklbl_ gZk d \uoh^m
Kihjlkf_gu gZr_c rdheu [uklju b eh\db Kihjlkf_gu gZr_c rdheu [uklju_ b eh\db_ DeZkk [ue g_mxl_g b imkl DeZkk [ue g_mxlguc b imklhc ;m^vl_ kqZkleb\u b a^hjh\u ;m^vl_ hklhjh`gu b \gbfZl_evgu <hed ahe gh g_mfzg AZyp jh[hd gh [uklj F_^\_^v kbezg gh gZb\_g Dhl fZe gh oblzj
;h]Zl ^jmavyfb Ba\_kl_g kbehc Gm`guc jh^bl_eyf rdhe_ =hlh\u d wdaZf_gm AgZdhfuc mq_gbdZf Ijb]h^_g ^ey jZ[hlu M^b\bl_e_g jZaghh[jZab_f ;h]Zl ± [h ]Zl >[@ ± kh]e a\ l\ >Z@ ± ]eZkg [_am^ >]@ ± kh]e a\ l\ >Z@ ± ]eZkg m^ >l@ ± kh]e ]emo l\ [ a\ FZjby hq_gv ihoh`Z gZ fZlv Y g_ kh]eZk_g k lh\Zjb s_f Y hq_gv [eZ]h^Zj_g ^jm]m aZ ihfhsv Dlh \ wlhf \bgh\Zl"
;_^guc aZcqbd GZqZeky e_^hoh^ b j_dZ jZaebeZkv HgZ aZlhibeZ [_j_]Z AZyp g_ mki_e m[_`Zlv hl gZoeugm\r_c \h^u b \e_a gZ lheklmx \_ldm ^_j_\Z M aZcqbdZ lj_\h`gh ih^gylu_ mrb [hevrb_ bkim]Zggu_ ]eZaZ R_jklv m g_]h kgbam [_eZy abfgyy Z k\_jom gZ kibgd_ m`_ k_jZy <h^Z kdhjh gZqg_l m[u\Zlv b aZcqbd kgh\Z kfh`_l kdZdZlv b jZ ^h\Zlvky \_kg_ , QzjgZy hdjZkdZ ± ijbeZ] HdjZkdZ dZdZy" qzjgZy ,, G n ± qzjguc \ ` j \ B i \ _^ q ,,, HdjZkdZ dZdZy" qzjgZy , G_ y^h\bl m` ± ijbeZ] M` dZdh\" g_ y^h\bl ,, G n ± y^h\bluc \ dj nhjf_ \ f j \ _^ q ,,, M` dZdh\" g_ y^h\bl , < klZjuo iehlbgZo ± ijbeZ] < iehlbgZo dZdbo" klZjuo ,, G n ± klZjuc \ fg q \ I i ,,, < iehlbgZo dZdbo" klZjuo
DZd y bkim]Zeky
H^gZ`^u fu k ^jmavyfb ihreb \ e_k aZ ]jb[Zfb M \k_o m`_ [u eb ihegu_ dhjabgdb Z m f_gy gZ ^hgurd_ e_`Zeh \k_]h g_kdhevdh kujh_`_d B \hl y aZf_lbe ih^ zedhc dhjbqg_\mx [ZjoZlgmx reyidm G_m `_eb [_euc" Y gZ]gmeky qlh[u kj_aZlv ]jb[ b \^jm]« Ba ih^ zedb f_lgmeZkv [e_klysZy qzjgZy e_glZ Af_y Y k djbdhf hl^_jgme jmdm b [jhkbeky ijhqv hl aehihemqgh]h f_klZ Gh ihlhf ex[hiulkl\h \ayeh \_jo b y j_rbe \k_ lZdb ihkfhl j_lv gZ af_x HgZ g_ miheaeZ ^Ze_dh Z ij_kihdhcgh ]j_eZkv gZ dZf g_ gZ kheg_qghf f_kl_ Fu ih^hreb ih[eb`_ b jZa]ey^_eb __ Af_cdZ [ueZ qzjgZy ih [hdZf ]heh\u ± ^\Z yjdbo hjZg`_\uo iylgZ ©Wlh m` ª ± kdZaZe <Zky ©Hg g_ y^h\bl ª AgZqbl y gZijZkgh bkim ]Zeky
M^b\bl_evgh_ szedZgv_ B i aZ[hlylky h il_gqbdZo I i eh\dZy h[_avygZ B i [vxl djuevyfb L i k jZatyjzgguf obsgbdhf L i gZ^ \at_jhr_gguf puiezgdhf L i ex[m_fky fZeurhf L i ih^ emqhf L i khegpZ J i <_joh\u_ ehrZ^b B i wg_j]bqgu [uklju M qbklhdjh\ghc \_joh\hc ehrZ^b J i r_y B i lhgdZy ^ebggZy qZs_ \k_]h ijyfZy Ly`_eh\hau B i g_\hafmlbfh kihdhcgu f_^ebl_evgu =jZfhlguc jZkqzleb\uc kijZ\_^eb\uc Bgh]^Z ijboh^blky gZ[ex^Zlv b m^b\bl_evg_cr__ kh[Zqv_ [eZ]hjh^kl\h < i ih hlghr_gbx d keZ[uf > i M gZr_c fhkv db J i ;weu J i [ue \ fheh^hklb I i [jZl B i GZjaZg B i aZ^hjguc b kZfhm\_j_gguc B i ba ihjh^u J i djueh\ kdbo fhk_d J i GZ ^\hj_ I i m`_ \ lmevkdhf gZr_f ^hf_ I i [ue p_ighc izk B i ± ehofZluc [_euc B i qm^h\bsghc \_ebqbgu J i A\Zeb _]h >\hjgyd B i GZ ghqv < i _]h kimk dZeb k p_ib J i hg gZ k\h[h^_ I i [_]Ze ih ^\hjm > i b ih kZ^m > i b ]mkluf k\hbf eZ_f L i ^he`_g [ue hlim]b\Zlv \h jh\ < i <^jm] >\@ ± kh]e a\ l\ >^@ ± kh]e a\ l\ >j@ ± kh]e a\ l\ >m@ ± ]eZkg m^ >d@ ± kh]e ]emo l\ [ a\ Fheh^hklb
, Fh]mqbfb Âą ijbeZ] EZiZfb dZdbfb" fh]mqbfb ,, G n Âą fh]mqbc \ fg q \ L i ,,, EZiZfb dZdbfb" fh]mqbfb dbghnbevf
AZ[Z\gZy FZrdZ M f_gy _klv dhrdZ FZrdZ Y qZklh gZ[ex^Zx aZ g_c DhrdZ ju`Zy kh k\_leufb iZe_\ufb ihehkdZfb ih \k_fm l_em Lhevdh fhj^hqdZ [_eZy ^Z _s_ gZ eZidZo dZd [m^lh [_eu_ ghkhqdb gZ^_lu WlZ dhrdZ j_a\Z b ih^\b`gZ FZrd_ \k_]h ljb f_kypZ b hgZ _s_ hq_gv ex[bl b]jZlv B]jZ_l hgZ k ex[uf rmjrZsbf ij_^f_lhf hgZ ij_^klZ\ey_l qlh wlh furdZ FZrdZ aZe_]Z_l b lbohg_qdh ih^ djZ^u\Z_lky Z ihlhf g_h`b^Zggh iju]Z_l b o\ZlZ_l Š^h[uqmª \u imkdZy hklju_ dh]hldb FZrdZ ex[bl ih_klv gh \ _^_ jZa[hjqb\Z HgZ g_ hq_gv ex[bl kmohc dhjf Z \hl hl ju[db gbdh]^Z g_ hldZ`_lky Klhbl \ugmlv ju [m ba oheh^bevgbdZ FZrdZ kjZam `_ wlh qm_l ¹ ^Z`_ _keb hgZ ^Ze_ dh Ijb[_`bl [m^_l eZklblvky l_j_lvky m gh] b \uijZrb\Zlv dmkh q_d DhrdZ qmldh j_Z]bjm_l gZ ih]h^m ?keb gZ mebp_ iZkfmjgh FZrdZ e_`bl \hae_ [ZlZj_b ]j__lky kibl Gh klhbl \u]eygmlv khe gurdm ¹ h`b\ey_lky b FZrdZ Ihwlhfm fu ah\zf __ Š[Zjhf_ljhfª <_k_ggb_ jZ[hlu < iheyo iZrml k_xl [hjhgyl <gZqZe_ kZ`Zxl dZjlhn_ev ih lhf fhjdh\v j_im IZklmob \u]hgyxl \ em]Z klZ^Z dhjh\ b h\_p GZ iZk_dZo \uklZ\eyxl mevb KZ^h\h^u ih^j_aZxl \_l\b b [_eyl kl\h eu ^_j_\v_\ >Zeb ]hem[_xl ¹ gZkl \j kh]e \ qbke_ G_[_kZ aZkb g_eb ¹ ijhr \j kh]e \ jh^_ b qbke_ Khegp_ ahehlbeh ¹ ijhr \j kh]e \ jh^_ b qbke_ Kl_ib jhsb b e_kZ aZa_e_g_xl ¹ [m^ \j kh]e \ qbke_ P\_lu i_klj_xl ¹ gZkl \j kh]e \ qbke_ Kl\heu jhah\_xl ¹ gZkl \j kh]e \ qbke_ IjhlZebgu l_fg_xl ¹ gZkl \j kh]e \ qbke_ =hju ¹ kms ` j kde klhbl \h fg q < i Kdhjh aZa_e_g_xl kl_ib jhsb b e_kZ ih\_kl\ g_\hkde ijh klh_ jZkijhklj _klv h^ghjh^gu_ ih^e_`Zsb_
GZ em]m [_e_xl e fg q jhfZrdb < ihe_ kbg_xl e fg q \Zkbevdb < kd\_j_ a_e_g__l e fg q ljZ\Z `_el_xl e _^ q h^m\Zgqbdb
M ]eZ]heZ Šrmfblª b kms_kl\bl_evgh]h Šrmfª h[sbc dh j_gv b h[s__ e_dkbq_kdh_ agZq_gb_ Z ]jZffZlbq_kdh_ agZq_gb_ jZa ebqgh_ wlb keh\Z bf_xl jZagu_ fhjnheh]bq_kdb_ ijbagZdb LjhklbgdZ fZeZy ` j _^ q B i \ukhdbc dezg f j _^ q B i a_ezguc rmf f j _^ q B i \_k_ggbc rmf f j _^ q B i ihxl i_gb_ kdjbidZ kdjbiyl [ZjZ[Zg [ZjZ[Zgbl eZc eZ_l k\bkl k\bklyl dZr_ev dZrey_l \hc \h_l moZgv_ moZ_l `m``Zgv_ `m``Zl mjqZgv_ mjqZl d\ZdZgv_ d\ZdZxl ;ZjZ[Zgyl ^yleu k\bklyl ne_clhc b\he]b Kdjbiyl `mdb b dma g_qbdb Qbklufb ]hehkZfb ihxl kheh\vb ay[ebdb i_\qb_ ^jha^u ih \_kl\ g_\hkde ijhklh_ jZkijhklj k h^ghjh^gufb ih^e_`Zsbfb
I_gb_ Âą kms kj j gZ Âąb_ gZjbp g_h^mr klhbl \ _^ q < i G_gZ\bklv Âą g_gZ\b^_lv g_]h^h\Zgb_ Âą g_]h^h\Zlv g_^h mf_gb_ Âą g_^hmf_\Zlv G_ [m^_l [m^ \j g_ [ueh ijhr \j g_ fh`_l gZkl \j g_fh`_lky gZkl \j g_a^hjh\blky gZkl \j g_ [u\Z_l gZkl \j g_ ex[bl gZkl \j g_ ijh`b\zrv [m^ \j g_^hklZzl gZkl \j
Hg g_]h^h\Ze G_evay _]h g_\heblv ;jZl g_^hmf_\Ze Fg_ g_a^hjh\blvky Rlhjf g_bklh\kl\h\Ze G_evay Âą g_ evay >gÂś@ Âą kh]e a\ fy]d >b@ Âą ]eZkg [_am^ >eÂś@ Âą kh]e a\ fy]d >aÂś@ Âą kh]e a\ fy]d >Z@ Âą ]eZkg m^ [ a\
G_gZ\bklv Âą g_gZ\bklguc g_^hmf_\Zlv Âą g_^hmf_gb_ g_]h ^h\Zlv Âą g_]h^h\Zgb_ g_bklh\kl\h Âą g_bklh\kl\h\Zlv g_[j_`ghklv Âą g_[j_`guc
Lu g_ [ue k_]h^gy m [Z[mrdb" FZrZ g_ [ueZ \ rdhe_" Hg g_ `be \ ^_j_\g_" HgZ g_ `beZ aZ ]hjh^hf" Hg g_ ^Ze l_[_ aZ^Zgb_" K_kljZ g_ ^ZeZ l_[_ mq_[gbd" G_ ih^mfZ_rv ± g_ j_rbrv aZ^Zqb J i G_ ihk__rv ± mjh`Zy J i g_ kh[_jzrv G_ kfZ`_rv dhezk J i ± [ukljh g_ ih_^_rv G_ mimklbrv fbgmlu J i ± g_ ihl_jy_rv b qZkZ J i Dlh g_ kh[bjZ_l dhehkv_\ J i ± m lh]h g_ [m^_l b \haZ J i G_ [m^_l oe_[Z J i ± g_ [m^_l b h[_^Z J i KfZ`_rv
FZdkbf =hjvdbc dZ`^uc ^_gv ihemqZe g_ f_gvr_ iylb r_klb ibk_f B gb h^gh ba gbo f_kl g_ hklZ\eye [_a hl\_lZ =hjv dbc agZe g_ hl\_lblv gZ ibkvfh ± agZqbl g_aZkem`_ggh h[b^_lv q_ eh\_dZ IbkvfZ =hjvdh]h dZ`mlky gZi_qZlZggufb lZdhc qzldbc [ue m g_]h f_kl ihq_jd : dZdhc ihq_jd m l_[y f_kl " ?keb lu f_kl ibr_rv g_[j_` gh g_jZa[hjqb\h lh g_ [_j_`zrv \j_fy lh]h dhfm lu f_kl ib r_rv g_ sZ^brv ]eZaZ qblZxs_]h Ih : : >hjhoh\m
Fhc ^jm] gbdh]^Z g_ ]h\hjbl iehoh beb gZkf_reb\h h[ hlkmlkl\mxsbo ?keb gm`gh hg \ukdZ`_l k\hz fg_gb_ h q_eh\_d_ _fm \ ebph gh g_ klZg_l djblbdh\Zlv _]h aZ kibghc : _keb _fm gZ^h ihk_dj_lgbqZlv kh fghc hg hleh`bl jZa]h\hj ^h l_o ihj ih dZ fu g_ hklZg_fky \^\hzf gh gbdh]^Z g_ [m^_l r_ilZlv fg_ qlh lh \ moh <_^v hdjm`Zxsb_ fh]ml ih^mfZlv qlh fu aehkeh\bf gZ bo kqzl Fg_gb_ ± kms kj j gZ ±b_ gZjbp g_h^mr klhbl \ _^ q < i
GZklhysbc lh\Zjbs g_ [jhkbl ^jm]Z \ [_^_ Hg g_ ih^\_^zl \ ljm^gmx fbgmlm GZklhysbc lh\Zjbs g_ `Ze__l gbq_]h ^ey ^jm]Z Hg g_ evklbl k\hbf ^jmavyf ]h\hjbl bf ijZ\^m
, =eZ]he ± qZklv j_qb dhlhjZy h[hagZqZ_l ^_ckl\b_ ij_^f_ lZ b hl\_qZ_l gZ \hijhku qlh ^_eZlv" qlh k^_eZlv" ;_`Zlv kljh blv ih[_`Zlv ihkljhblv ,, =eZ]heu fh]ml hlghkblvky d , beb ,, kijy`_gbx =eZ]heu ba f_gyxlky ih \j_f_gZf qbkeZf ebpZf \ gZklhys_f b [m^ms_f \j_f_gb jh^Zf \ ijhr_^r_f \j_f_gb Ijbf_ju kljhblv ,, kij `Ze_lv , kij g_gZ\b^_lv ,, kij bkde kljhx ± kljhbrv ± kljhbl kljhx ± kljhbf [m^m kljhblv ihkljhx ± kljhbe kljhx ± kljhbeZ ± kljhbeb
,,, =eZ]he \ ij_^eh`_gbb h[uqgh [u\Z_l kdZam_fuf MjqZl b d\ZdZxl ey]mrdb
Mdj_ieylv k_j^p_ < i jZa[b\Zlv eZ]_jv < i jZa`b]Zlv dhklzj < i jZkiheh`blvky \ iZeZld_ I i \ k[hjghc dhfZg^_ I i jZa\b\Zlv kbem < i \heb J i g_ l_jylv gb k_dmg^u J i g_ bkim]Zlvky ljm^ghkl_c J i g_ [hyeky khi_jgbdZ J i g_]h^h\Zlv gZ km^vx < i
H^gZ`^u iZiZ aZdZaZe \ nhlhklm^bb k\hc ihjlj_l Ihjlj_l \ur_e [hevrhc \ djZkb\hc ly`zehc jZfd_ IZiZ ijbgzk _]h ^hfhc Fu j_rbeb ih\_kblv ihjlj_l \ [hevrhc dhfgZl_ gZ kZfhf \b^ghf f_kl_ FZfZ m`_ \u[jZeZ f_klh gZ kl_g_ gh iZiZ g_ kh]eZkbeky k g_c Hg hq_gv ohl_e qlh[u ihjlj_l \bk_e \ukhdh ŠLZd [m^_l emqr_ \b^gh ª ¹ m[_`^Ze gZk iZiZ Fu k hlphf ijbg_keb hl khk_^_c e_klgbpm <^\h_f k fZfhc fu ^_j`Zeb e_klgbpm Z iZiZ \e_a gZ\_jo Hg jZafZogmeky fhehldhf b ihiZe fZf_ ijyfh ih aZluedm ;_^gZy fZfZ hoZy ih[_`ZeZ ijbdeZ^u\Zlv qlh gb[m^v oheh^gh_ d aZluedm Y hklZeky h^bg ^_j `Zlv e_klgbpm ¹ b g_ m^_j`Ze F_gy ijb^Z\beh e_klgbp_c k\_jom miZe iZiZ Z gZ g_]h k\Zebeky ihjlj_l Ijb[_`ZeZ fZfZ ¹ b lhevdh \kie_kgmeZ jmdZfb Kh klhjhgu gZ\_jgh_ wlh [ueh hq_gv kf_rgh Gh gZf lh [ueh g_ ^h kf_oZ : ihjlj_l fu \ dhgp_ dhgph\ ih\_kbeb ihgb`_ <k_ lZdb fZfZ \k_]^Z hdZau\Z_lky ijZ\Z Oh^blv r_\_eblv ^mfZlv ]Z^Zlv kh]ey^Zlv klhylv ih[_ j_qv ih^kl_j_qv =eZ]he Škh]ey^Zlvª \ kh\j_f_gghf jmkkdhf yaud_ g_ mihlj_[ey _lky
JZklZ_l Âą jZklZylv aZl__l Âą aZl_ylv j__l Âą j_ylv aZeZxl Âą aZeZylv gZ^__rvky Âą gZ^_ylvky e_e_x Âą e_e_ylv LZ_l \ ihe_ I i \__l ijhoeZ^hc L i k__l ir_gbpm < i aZl_ylv b]jm < i
G_ `]m Âą g_ `_qv l_qzl Âą l_qv ijb\e_dml Âą ijb\e_qv aZ ijy`zl Âą aZijyqv bki_dm Âą bki_qv g_ k[_j_`zrv Âą g_ k[_j_qv aZ`_qv g n j_qv kms kde ijb\e_qv g n k[_j_qv g n bki_qv g n i_j_k_qv g n ghqv kms kde f_ehqv kms kde h[`_qv g n aZijyqv g n ijbe_qv g n kbeZq kms kde kdjbiZq kms kde fh]mq dj ijb eZ] lmq kms kde ldZq kms kde i_\mq dj ijbeZ]
[bq kms kde ebgxq dj ijbeZ] dmfZq kmr kde \jZq kms kde ]jZq kms kde [h]Zq kms kde aZ^Zq kms kde lj_kdmq dj ijbeZ] iZomq dj ijbeZ] lukyq kms kde
Y \ujhk \ k_e_ b ohjhrh agZx qlh agZqbl ^ey ^_j_\_g kdhc `bagb ijm^ beb j_qdZ >ey f_gy gZrZ fZe_gvdZy MkfZgdZ [u eZ p_euf mgb\_jkbl_lhf ^_lkl\Z GZ j_qd_ y gZmqbeky ieZ\Zlv ijZ \blv \_kehf i_j_oh^blv \h^m ih lhgdhfm [jz\gurdm i_j_ieu\Zlv iezk gZ kibg_ ehrZ^b ih\_kl\ g_\hkde ijhklh_ jZkijhklj _klv h^ghjh^ kdZam_fu_ Lml y magZe q_f gZ^h gZlbjZlvky dh]^Z ijhklm^brvky dZdmx ihevam ^Zxl ehagyd b aZjhkeb dZfurZ Dlh lh ba klZjrbo fZevqbr_d fg_ jZkkdZaZe Š?keb [jhkblv iZedm hgZ ijbieu\zl \ j_dm <hjhg_` ihlhf \ >hg ihlhf \ Qzjgh_ fhj_ª Y ihlbohgvdm [jhkbe \ j_qdm lZdmx iZehqdm b ^h kbo ihj \_jx qlh hgZ ijbieueZ \ Qzjgh_ fhj_ < F I_kdh\
Iheazrv Âą ihealb [j_^zrv Âą [j_klb b^zrv Âą b^lb [_`brv Âą [_`Zlv Ie_lzlky Âą ie_klbkv rZ]Z_rv Âą rZ]Zlv g_kzlky Âą g_klbkv LZsbfky Âą lZsblvky oh^bf Âą oh^blv fqbfky Âą fqZlvky JZkk_j`mkv Âą jZkk_j^blvky jZatyjxkv Âą jZatyjblvky Iheazrv Âą ihe azrv >i@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ >e@ Âą kh]e a\ l\ >aÂś@ Âą kh]e a\ fy]d >h@ Âą ]eZkg m^ >r@ Âą kh]e ]emo l\ [ a\
JZahqZjh\Zgb_ \ lh\Zjbs_ Âą jZahqZjh\Zlvky \ lh\Zjbs_ ijb\_^_gb_ \ ihjy^hd kgZjy`_gby Âą ijb\_klb \ ihjy^hd kgZjy`_ gb_ ij_dehg_gb_ i_j_^ ih^\b]Zfb ]_jh_\ Âą ij_dehgylvky i_j_^ ih^\b]Zfb ]_jh_\ hlau\ h ih\_klb Âą hlha\Zlvky h ih\_klb `Zeh[Z gZ g_\a]h^u Âą `Zeh\Zlvky gZ g_\a]h^u IjbgbfZlv mqZklb_ Âą mqZkl\h\Zlv \ujZ`Zlv hiZk_gb_ Âą hiZ kZlvky [ulv r_nhf Âą r_nkl\h\Zlv ojZgblv [_afhe\b_ Âą [_afhe\kl \h\Zlv ihqm\kl\h\Zlv bkim] Âą bkim]Zlvky bkiulu\Zlv jZ^hklv \heg_gb_ \hklhj] \hkobs_gb_ Âą jZ^h\Zlvky \hegh\Zlvky \hklhj] \hkobsZlvky Hlau\ Âą kms f j kde gZjbp g_h^mr klhbl \ B i _^ q
KlZjZlvky ljm^blvky ba[_]Zlv i_j_ghkblv qblZlv g_ m\e_ dZlvky gjZ\blvky ie_gylv g_ kfmsZlvky g_ \hh[jZ`Zlv Ijb\e_dZl_evgh gZklhys__ Âą ijbeZ] klhbl \ dj nhjf_ _^ q kj j GZ dZgbdmeZo y h[yaZl_evgh ^he`_g ihaZgbfZlvky fZl_fZlbdhc qlh[u bkijZ\blv hp_gdb gZ\_klblv [Z[mrdm ihqbgblv \_ehkbi_^
Mf_e gZqZlv mf_c b aZdhgqblv Iehoh f_^eblv gh b ki_rblv g_ ke_^m_l GZ^h ljm^blvky Z g_ e_gblvky Ex[brv [jZlv ex[b b hl^Z\Zlv Mf__rv kkhjblvky gZmqbkv b fbjblvky
ŠA\Zlvª b ŠgZau\Zlvª Fh`gh qlh ^_eZlv" ijbf_gylv fh`_l qlh k^_eZlv" hlha\Zlv ky hl\_lblv fymdgmlv aZeZylv fh`_l qlh k^_eZlv" kh\_jrblv meu[gmlvky h]eygmlvky ih^hclb Ah\ml ¹ ah \ml >a@ ¹ kh]e a\ l\ >Z@ ¹ ]eZkg [_am^ >\@ ¹ kh]e a\ l\ >m@ ¹ ]eZkg m^ >l@ ¹ kh]e ]emo l\ [ a\ Keh\ >F@ ¹ kh]e ]emo l\ >e@ ¹ kh]e a\ l\ >h@ ¹ ]eZkg m^ >n@ ¹ kh]e ]emo l\ [ a\ Ij_^iheZ]Z_l
G_hij_^_ezggZy nhjfZ gZau\Z_lky lZd ihlhfm qlh \ g_c m ]eZ]heZ g_evay hij_^_eblv gb \j_f_gb gb ebpZ gb qbkeZ Ijbf_ ju ^ey kjZ\g_gby kljhbrv gZkl \j e _^ q Âą kljhblv g n =eZ]heu \ g n hl\_qZxl gZ \hijhku qlh ^_eZlv" qlh k^_ eZlv" Kljhblv ihkljhblv ihealb ijbihealb >_eh \ lhf qlh gZibkZgb_ fy]dh]h agZdZ a^_kv fh`gh hij_ ^_eblv ih \hijhkm _keb _]h aZ^Zlv lh ihemqbrv hl\_l Ijbf_j fh ]m qlh ^_eZlv" ljm^blvky hg qlh ^_eZ_l" ljm^blky
Mq_gbd qlh ^_eZ_l" mqblky e _^ q ex[bl qlh ^_eZlv"
mqblvky g n hg qlh ^_eZ_l" g_ fmqblky e _^ q q_eh\_d q lh k^_eZ_l" ihemqblky e _^ q mq_gbd qlh ^_eZ_l" e_gblky e _^ q g_ `_eZ_l qlh ^_eZ_l" mqblvky g n hg qlh ^_eZ_l" gZ^__lky e _^ q hg qlh k^_eZ_l" g_ ^_g_lky e _^ q
G_ h q_f qlh ^_eZlv" aZ[hlblvky Dlh lh aZjZabl_evgh qlh ^_eZ_l" kf_zlky Lmjbklu klZeb qlh ^_eZlv" \a[bjZlvky gZ \_jrbgm ]hju FZeur qlh ^_eZ_l" ihijZ\ey_lky Qlh k^_eZ _l" Ijhfqblky ih_a^ Ohohq_l
Ljmk [hblky jmdb g_ hlgbfmlky jZ[hlZ kihjblky q_eh\_d magZzlky ^_eh klZ\blky ^_eh keZ\blky <hedh\ [hylvky e_gv ijbih^gylvky E_glyx ± kms f j kde gZjbp h^mr_\e klhbl \ J i _^ q Ljmk b l_gb k\h_c [hblky ih\_kl\ g_\hkde ijhklh_ jZk ijhklj Qlh[u \ub]jZlv nml[hevguc fZlq m khi_jgbdZ gZ^h ^he]h ]hlh\blvky <h i_j\uo dhfZg^Z ^he`gZ dZ`^uc ^_gv mihjgh lj_ gbjh\Zlvky <h \lhjuo dZ`^uc nml[hebkl ^he`_g fgh]h [_]Zlv b iju]Zlv < lj_lvbo kihjlkf_gm gm`gh aZdZeylvky
H[Z fZevqbdZ ijZ\u < wlbo keh\Zo g_ gm`gh ibkZlv fy]dbc agZd _keb wlh ]eZ]heu \ f ebp_ dhlhju_ hl\_qZxl gZ \hijhku qlh ^_eZ_l" qlh ^_eZxl" ± hg [jhkblky hg gjZ\blky hg m^b\blky hgb \_jgmlky ?keb wlh ]eZ]heu \ g_hij_^_ezgghc nhjf_ qlh ^_eZlv" qlh k^_eZlv" lh fy]dbc agZd ibkZlv gZ^h ± qlh ^_eZlv" [jhkblvky gjZ\blvky m^b\blvky \_jgmlvky
EbklhiZ^ Dlh [hblky q_]h lh \ e_km lhl emqr_ g_ oh^b ihdZ iZ^Zxl eb klvy b r_iqmlky KemrZ_l aZyp \kz _fm dZ`_lky [m^lh dlh lh r_iq_lky kaZ^b b djZ^zlky Fh`gh dhg_qgh b ljmkeb\hfm aZcpm gZ[jZlvky ojZ[jhklb b g_ h]ey^u\Zlvky gh lml [u\Z_l ^jm]h_ lu g_ ih[hyeky g_ ih^^Ze ky h[fZgm iZ^Zxsbo ebklv_\ Z dZd jZa \hl lml dlh lh \hkihevah\Ze ky b l_[y kaZ^b ih^ rmfhd ko\Zlbe \ am[u F F Ijbr\bg
Ljmkeb\hfm ± ijbeZ] klhbl \ iheg nhjf_ f j _^ q > i GZ ^h[jh_ keh\h G_ gZ^h kdmiblvky KdZaZlv wlh keh\h ±
Qlh ^Zlv gZiblvky Kh keh\hf h[b^guf G_evay lhjhiblvky Qlh[ aZ\ljZ K_[y kZfh]h g_ klu^blvky
@gm qlh ^_eZx" ± g_kh\ \b^ kh`gm qlh k^_eZx" ± kh\ \b^ dhrm qlh ^_eZx" ± g_kh\ \b^ gZdhrm qlh k^_eZx" ± kh\ \b^ k_x qlh ^_eZx" ± g_kh\ \b^ ihk_x qlh k^_eZx" ± kh\ \b^ iheb\Zx qlh ^_eZx" ± g_kh\ \b^ ihevx qlh k^_eZx" ± kh\ \b^ ibrm qlh ^_eZx" ± g_kh\ \b^ gZibrm qlh k^_eZx" ± kh\ \b^ jbkmx qlh ^_eZx" ± g_kh\ \b^ gZjbkmx qlh k^_eZx" ± kh\ \b^ q_jqm qlh ^_eZx" ± g_kh\ \b^ gZq_jqm qlh k^_eZx" ± kh\ \b^ ^_eZx qlh ^_eZx" ± g_kh\ \b^ k^_eZx qlh k^_eZx" ± kh\ \b^
>_gv ^_gvkdhc qlh ^_eZ_l" i_qzl g_kh\ \ gZkl \j p_ euc ^_gv qlh ^_eZ_l" klhbl g_kh\ \ gZkl \j \kz mljh qlh ^_ eZe" rze g_kh\ \ ijhr \j <^jm] qlh k^_eZeb" aZklmqZeb kh\ \ ijhr \j ^Z dZd kjZam qlh k^_eZ_l" ]jyg_l kh\ \ [m^ \j Khegp_ ^_gv ^_gvkdhc i_qzl ih\_kl\ g_\hkde ijhklh_ jZk ijhklj
>h`^bd JZkqbklblv kh\ \ ^hjh`dm kde < i jZkkfZljb\Zlv g_kh\ \ hldjuldm kde < i jZat_oZlvky kh\ \ ih ^hfZf kde > i jZa[blv kh\ \ klZdZg kde < i jZkkdZau\Zlv g_ kh\ \ h ih_a^d_ kde I i jZajuoeblv kh\ \ a_fex kde < i
RZ]gmlv ± rZ]Zlv g_kh\ \ lhedgmlv ± lhedZlv g_kh\ \ f_evdgmlv ± f_evdZlv g_kh\ \ dZigmlv ± dZiZlv g_kh\ \ dZrey gmlv ± dZreylv g_kh\ \ qbogmlv ± qboZlv g_kh\ \ a_\gmlv ± a_ \Zlv g_kh\ \ ]ehlZlv ± ]ehlgmlv kh\ \ db\Zlv ± db\gmlv kh\ \ H[t_^bgblv ± h[t_^bgylv g_kh\ \ \dexqblv ± \dexqZlv g_ kh\ \ \uq_jqb\Zlv ± \uq_jlblv kh\ \ ijh]meylvky ± ijh]meb \Zlvky g_kh\ \ jZkklmiZlvky ± jZkklmiblvky kh\ \ \udjbdgmlv ± \udjbdb\Zlv g_kh\ \ \hkklZlv ± \hkklZ\Zlv g_kh\ \
Evx g_kh\ ± ijhevx \uevx kh\ rvzrv g_kh\ ± ijhrvzrv \urv_rv kh\ \ ihealb g_kh\ ± ijhihealb \uihea lb kh\ ]jualv g_kh\ ± ijh]jualv \u]jualv kh\ jZklml g_ kh\ ± ijhjZklml \ujZklml kh\
R_ilZeZ g_kh\ ± r_igmeZ kh\ rZ]Zeb g_kh\ ± rZ]gmeb kh\ \a^uoZeZ g_kh\ ± \a^hogmeZ kh\ db\Zeb g_kh\ ± db\gm eb kh\ Ijh^ZeZ kh\ ± ijh^Z\ZeZ g_kh\ \klZeZ kh\ ± \klZ\ZeZ g_kh\ magZeZ kh\ ± magZ\ZeZ g_kh\ ijbagZeb kh\ ± ijbagZ \Zeb g_kh\ \u^ZeZ kh\ ± \u^Z\ZeZ g_kh\ Dhevgmlv k\_jdgmlv klmdgmlv djbdgmlv Ih^lZedb\Ze g_kh\ \ k\yau\Zeb g_kh\ \ ^_j`Ze g_ kh\ \ ]hlh\beZ g_kh\ \ hlijZ\bebkv kh\ \ ]jz[ g_kh\ \ eh\be g_kh\ \ kfhlj_e g_kh\ \ GZ^h \k_]^Z deZklv g n k\hb \_sb gZ f_klh Y deZ^m g_ kh\ gZkl \j ^g_\gbd \ ihjln_ev DZf_gsbd deZe g_kh\ ijhr \j dbjibqb Dm^Z lu iheh`be kh\ ijhr \j dZjZg^Zrb" Y ih eh`m kh\ [m^ \j wlm aZibkdm gZ \b^gh_ f_klh
K^bjZx ± jZa^bjZx ijh^bjZx hl^bjZx AZi_j_lv ± hli_ j_lv Ih^l_j_lv ± \ul_j_lv ^hl_j_lv aZl_j_lv bkl_j_lv gZl_j_lv kl_j_lv jZkl_j_lv ijhl_j_lv hll_j_lv h[l_j_lv i_j_l_j_lv ihl_ j_lv I_j_klbeZ_l ± aZklbeZ_l gZklbeZ_l ^hklbeZ_l ih^klbeZ_l jZkklbeZ_l mklbeZ_l Kh[bjZ_rv ± ba[bjZ_rv aZ[bjZ_rv gZ[bjZ _rv g_^h[bjZ_rv Kh[bjZ_rv
Kh[bjZxl p\_lu <kz aZf_jeh A\za^u aZ[e_kl_eb <a[bjZ_fky gZ \_jrbgm AZf_j_lv hl \hklhj]Z J_dZ aZ[e_kl_eZ AZ `b]Zlv dhklzj Kl_iv jZkklbeZ_lky HibjZlvky gZ i_jbeZ AZi_j_lv ^\_jv JZkl_j_lv djZkdb GZ lbjZlv iZjd_l Ihe [e_klbl Ihkl_eblv dh\zj Ijhl_j_lv hdgh Ijb [bjZlv dhfgZlm <u`b]Zlv jbkmghd Ohjhrh ohjhrbc hdhrdb hdgZ \_q_jhf \_q_jgbc abfZ abfu ihkfhljb kfhljbl ghkhd ghk ijhqbsZ_l qbklh ]eZahd ]eZa ;e_klyl aZibjZ_l kh[_jmlky jZklzl \ujhkeb ijh^bjZ_l
JZklzl \ueh`beb ihy\eyxlky `fmlky eh`mkv meu[Z_lky [e_klysZy mibjZ_lky g_ aZ qlh mp_iblvky aZfbjZ_l g_ mki_\Zx hihfgblvky
AZ \kz [_jzlky ^Z g_ \kz m^Zzlky Hleh`be gZ hk_gv Z lZf b [jhkbe Fy]dh kl_e_l ^Z `zkldh kiZlv ;_a aZ[hlu b j_im g_ \ujZklbrv K `b\h]h rdmjm k^_jzl Q_]h g_ iheh`be ± g_
[_jb Ghk aZ^bjZ_l Z \ ]heh\_ \_l_j ]mey_l Kdmihc aZibjZ_l dj_idh Z ihlqm_l j_^dh JZkkdZa \_^_lky hl bf_gb i_j\hdeZkkgbdZ Gh lml ijbg_keb \ iZeZlm m`bg b gyg_qdZ ihijhkbeZ kh\ \ f_gy ŠIhdhjfb kh\ \ KZrmª : KZr_ [ueh \k_]h ^\Z ]h^Z B y klZe KZrm dhjfblv Y kgZqZeZ kfhlj_e dZd <h\bgZ fZfZ dhjfbl k\h_]h <h\m b ^_eZe lhqgh lZd `_ HgZ gZ[bjZeZ g_ihegmx eh`dm b y gZ[jZe g_ihegmx eh`_qdm <h\bgZ fZfZ `^ZeZ ihdZ _z <h\Z ijh `mzl \kz ^h dhgpZ Z ihlhf \ulbjZeZ jhl k\h_fm kugm b y `^Ze ih dZ fhc KZrZ \kz ijh`mzl b \ulbjZe KZr_ jhl Ihlhf y i_j_kl_ebe k\h_fm KZr_ ihkl_ev iheh`be _]h ihm^h[ g__ B dh]^Z <h\bgZ fZfZ ihlbohg_qdm aZi_eZ k\h_fm kugm i_kgx y lh`_ aZi_e gh lhevdh g_ dheu[_evgmx Z ijh iZjh\ha mklgh
mklgh
K_cqZk \k_ kb^yl gZkl \j aZ iZjlZfb b ibrml gZkl \j \uihegyxl gZkl \j mijZ`g_gb_ < gZqZe_ mjhdZ mqbl_evgbpZ h[tykgyeZ ijhr \j gh\mx l_fm fu ih\lhjyeb ijhr \j ijhc ^_ggh_ Kdhjh aZdhgqblky [m^ \j mjhd b fu ih[_`bf [m^ \j
gZ i_j_f_gm
M` lZ_l g_kh\ gZkl kg_] [_]ml g_kh\ gZkl jmqvb \ hdgh ih\_yeh kh\ ijhr \_kghx AZk\bsml kh\ [m^ kdhjh kh eh\vb b e_k h^_g_lky kh\ [m^ ebkl\hx I_kgb `Z\hjhgdh\ kgh\Z aZa\_g_eb kh\ ijhr \ \urbg_ M` l_ie__ khegp_ ]j__l g_kh\ gZkl klZeb kh\ ijhr djZr_ g_[_kZ Kdhjh \kz aZa_e_g_ _l kh\ [m^ kl_ib jhsb b e_kZ : G Ie_s__\
M\b^_e Âą m\b^_lv h[b^_e Âą h[b^_lv g_gZ\b^_e Âą g_gZ\b ^_lv aZ\bk_e Âą aZ\bk_lv jZklZye Âą jZklZylv aZeZye Âą aZeZylv ihk_ye Âą ihk_ylv jZkdZ yeky Âą jZkdZylvky gZ^_yeky Âą gZ^_ylvky e_e_ye Âą e_e_ylv j_ye Âą j_ ylv \_ye Âą \_ylv aZl_ye Âą aZl_ylv qZye Âą qZylv mklgh
;jZeZ ^ZeZ ]gZeZ gZqZeZ aZgyeZ hlgyeZ ihgyeZ
AZf_lbeZ kh\ \ qlh" baf_g_gby mqZkl\h\Ze g_kh\ \ \ qzf" \ hebfibZ^_ g_ qm\kl\h\ZeZ g_kh\ \ q_]h" [heb aZeZye kh\ \ gZ dh]h" gZ qm`ZdZ m\b^_eb kh\ \ dh]h" f_^\_^y ih k_yeb kh\ \ qlh" ir_gbpm g_ h[b^_eky kh\ \ gZ dh]h" gZ l_
[y \hag_gZ\b^_e kh\ \ dh]h" khk_^Z h[jZ^h\ZeZkv q_fm" ih ^Zjdm jZkkdZaZeZ h qzf" h ih_a^d_ ihkljhblv qlh" rZeZr klh kdh\Zeky ih dhf" ih fZf_ hkl_j_]ZeZkv q_]h" djZib\u
K_cqZk gZ mebp_ l_ieh b \k_ em`b \ukhoeb <k_ fhb ^jmavy hlijZ\bebkv ]meylv H^bg dZlZ_lky gZ jhebdh\uo dhgvdZo ^jm]hc _a^bl gZ \_ehkbi_^_ Lhevdh y kb`m ^hfZ b ^_eZx mjhdb =ey`m kZ^blky ^yl_e ijyfh gZ kl\he p_iey_lky aZ g_]h hkl jufb dh]hldZfb hibjZ_lky gZ `_kldbc jZklhiuj_gguc o\hkl b dh ehlbl ih ljmoey\hfm kl\hem ^_j_\Z k\hbf dj_idbf dex\hf GZ\_j gh_ \ubkdZe \ ]gbehc ^j_\_kbg_ ebqbgdm beb `mdZ dhlhju_ ^_j_\vy lhqZl e_k ihjlyl Hkljufb Âą ijbe Dh]hldZfb dZdbfb" hkljufb Hkljuc dZq_kl\ iheg \h fg q L i hkljufb <vx evx ivx rvx \_am \_^m ieZqm ijhrm jmdh\h`m gZ^_xkv ]jmsm eh\ex kf_xkv a\hgx GZ^_xkv gZ ih[_^m ]jmsm [_a fZfu kf_xkv gZ^ rmldhc
mklgh
Ijb\udgml ^h[v_l_kv \hah[gh\bl aZdexqbl [m^_l_ kb ^_lv [m^ml ih^oh^blv [m^_l [jZlv [m^_l kZ^blvky
JZklblv \ujZklblv Âą [m^m jZklblv \ujZsm qm\kl\h\Zlv ihqm\kl\h\Zlv Âą [m^m qm\kl\h\Zlv ihqm\kl\mx m\e_qvky m\e_dZlv ky Âą m\e_dmkv [m^m m\e_dZlvky e_qblv \ue_qblv Âą [m^m e_qblv \u e_qm ihkeZlv ihkueZlv Âą ihrex [m^m ihkueZlv Ih keZlv >i@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ >k@ Âą kh]e ]emo l\ >e@ Âą kh]e a\ l\ >Z@ Âą ]eZkg m^ >lÂś@ Âą kh]e ]emo fy]d [ a\
AZoh^blv kh\ \ Âą aZoh^be ijhr \j Âą aZc^m [m^ \j oh^blv g_kh\ \ Âą oh^be ijhr \j Âą oh`m gZkl \j Âą [m^m oh ^blv [m^ \j
Iheh`blv Âą iheh`m deZklv Âą deZ^m k`_qv Âą kh`]m k`b]Zlv Âą k`b]Zx [jZlvky Âą [_jmkv \aylvky Âą \havfmkv mqZkl\h\Zlv Âą mqZ kl\mx ih^jZklZlv Âą ih^jZklm ij_^eh`blv Âą ij_^eh`m iha\hgblv Âą iha\hgx h[e_]qblv Âą h[e_]qm
Hl ]eZ]heZ Ših[_^blvª g_evay h[jZah\Zlv nhjfm e _^ q
Dh]^Z \ kheg_qgh_ mljh e_lhf ihc^_rv kh\ \ \ e_k lh gZ iheyo \ ljZ\_ \b^gu ZefZauÂŤ Dh]^Z ih^hc^_rv kh\ \ [eb`_ b jZa]ey^brv kh\ \ qlh wlh lZdh_ lh m\b^brv kh\ \ qlh wlh dZieb jhku kh[jZebkv \ lj_m]hevguo ebklZo ljZ\u b [e_klyl gZ khegp_ E G Lheklhc
Khegp_ mljh FZrbgu [m^ml _a^blv [_a [_gabgZ b \ha^mo hqbklblky Rdhevgbdb [m^ml e_lZlv \ dhkfhk gZ wdkdmjkbb Gbdlh g_ [m^_l ibkZlv jmqdhc ih [mfZ]_ ihlhfm qlh \k_ h[mq_gb_ [m^_l ijhbkoh ^blv ijb ihfhsb dhfivxl_jZ B mqbl_ey kfh]ml gZdhg_p lh hl ^hogmlv Khj_\gh\Zlvky lj_gbjh\Zlvky j_]meyjgh gZklhcqb\h kihjlkf_gu nml[hebklu Zle_lu ih[_^Z nbgbr ^bklZgpby klZ ^bhg
B^_rv kij ih ljhibgd_ @^_f kij jZkk\_lZ IZkmlky kij ehkb Ke_^brv kij aZ [_edhc Rmfbl kij e_k =m^yl kij ijh\h^Z < wlbo ]eZ]heZo m^Zjgh_ ebqgh_ hdhgqZgb_ ihwlhfm e_]dh hij_ ^_eblv kijy`_gb_ H[e_]qbl Âą h[e_]qm h[e_]qbf h[e_]qbrv h[e_]qbl_ h[ e_]qbl h[e_]qZl kij m]em[bl Âą m]em[ex m]em[bf m]em[brv m]em[bl_ m]em[bl m]em[yl Oh^blv kij Âą oh^bf h[b^_lv Âą h[b^bf kij bkde ^h\_jylv kij Âą ^h\_jy_f ihehlv kij Âą ihe_f l_ji_lv kij bkde Âą l_jibf aZ^_j`Zlv kij bkde Âą aZ^_j`bf k_ ylv kij Âą k__f hlibeblv kij Âą hlibebf _a^blv kij Âą _a ^bf [hjhlvky kij Âą [hj_fky kl_eblv kij bkde Âą kl_e_f
H[b`Zxkv kij Âą h[b`Z_lky Âą h[b`Zxlky h[b`mkv kij bkde Âą h[b^blky Âą h[b^ylky aZdjmqb\Zx kij Âą aZdjmqb\Z_l Âą aZdjmqb\Zxl aZdjmqm kij Âą aZdjmlbl Âą aZdjmlyl hl\_qZx kij Âą hl\_qZ_l Âą hl\_lbl hl\_qm kij Âą hl\_lbl Âą hl\_lyl Klhbrv Âą \uklhbrv kij kb^brv Âą \ukb^brv kij e_lbl Âą\ue_lbl kij ]h\hjbrv Âą \u]h\hjbrv kij rv_l_ Âą \urv_l_ kij iv_f Âą \uiv_f kij
;v_l Âą \u[v_l kij \u]ey^brv Âą ]ey^brv Âą ]ey^_lv kij bkde \u]gZlv Âą ]gZlv kij bkde \u]hjbl Âą ]hjbl kij
\u^_j`brv ± ^_j`brv ± ^_j`Zlv kij bkde \u``_l ± ``_l kij
Iem]hf iZoZlv kij iZrml `_jgh\Zfb fhehlv kij
f_exl lhihjhf jm[blv kij jm[yl eh\mrdhc eh\blv kij
eh\yl ]eZaZfb ]ey^yl kij e_]dbfb ^urZlv kij bkde ^u rZl mrZfb keurZlv kij bkde keurZl ,
,
,,
,,
,
,
,
,
B^_l g_k_l ^_j`bl ki_rbl e_a_l ijb[b\Z_l ke_aZ_l mgh , kbl hklZ_lky mklgh
<hjh[vb qbjbdZxl \hjhgZ moZ_l ey]mrdZ d\ZdZ_l \hed \h _l rf_ev `m``bl nbebg moZ_l =mkv ]h]hq_l dhl fmjeuq_l dmag_qbdb klj_dhqml dmjbpZ dm^Zo q_l
Moh^brv ± ijboh^brv kij g_kh\ hldjh_rv ± aZdjh_rv kij kh\ kijZrb\Z_rv ± hl\_qZ_rv kij g_kh\ ijh^Z_l ± ihdmiZ_l kij g_kh\ ]jmklbf ± \_k_ebfky kij g_kh\ gZc ^_l_ ± ihl_jy_l_ kij kh\ dhgqZxlky ± gZqbgZxlky kij g_ kh\
<_k_gg__ mljh ;m^bevgbd \a^jZ]b\Z_l s_edZ_l ke_]dZ b gZqbgZ_l a\hgblv AZ kl_gZfb ijhkuiZxlky ^jm]b_ [m^bevgbdb Ah\ml [m^bevgbdb lhjhiyl Ex^b k[jZku\Zxl h^_yeZ ihly]b\Z xlky FZfZ \klZ_l k ihkl_eb ihly]b\Z_lky aZklbeZ_l ihkl_ev b lhjfhrbl f_gy Y \kdZdb\Zx b b^m mfu\Zlvky IhdZ y ie_smkv \ \Zgghc fZfZ jZah]j_\Z_l aZ\ljZd Fu aZ\ljZdZ_f h^_\Z_fky b \uoh^bf ba ^hfZ <k_ qlh \ i_kg_ keZ\blky kij <k_ qlh k_j^pm ihfgblky kij <k_ qlh kgblky \b^blky kij
< klhjhg_ e_kghc ± FbeZy djZkZ\bpZ EZkdh\Zy kdjhfgbpZ ;_eZy [_j_ahgvdZ >Zjbl kij fg_ \_kghc
G B Jue_gdh\
;_j_aZ a_e_gZ ;_j_ahgvdZ fbeZ b eZkdh\Z ;_j_aZ agZdhfZ gZf k ^_lkl\Z < klhjhg_ ± kms =^_" \ klhjhg_ KlhjhgZ gZjbp g_h^mr ` j kde \ _^ q I i
< klhjhg_
<_jlmrbgdZ \k_ \j_fy \_jlblky dZd _]haZ rgujy_l `mj qbl [hjfhq_l a\_gbl b i_gblky hdheh dZ`^h]h dZfgy beb miZ\r_]h kl\heZ [_j_au lbohgvdh gZi_\Z_l jZa]h\Zjb\Z_l kZfZ k kh[hc ijb r_ilu\Z_l b g_k_l ih ojys_\Zlhfm ^gm hq_gv ijhajZqgmx \h^m D = IZmklh\kdbc
LjhcdZ fqblky ljhcdZ kdZq_l <v_lky iuev ba ih^ dhiul Dhehdhevqbd a\hgdh ieZq_l B ohohq_l b \ba`bl I : <ya_fkdbc
?]haZ [_j_au ^gm \h^m iuev @mj qbl >`@ Âą kh]e a\ l\ >m@ Âą ]eZkg [_am^ >j@ Âą kh]e a\ l\ >qÂś@ Âą kh]e ]emo fy]d >b@ Âą ]eZkg m^ >l@ Âą kh]e ]emo l\ [ a\
=jhf ]j_fbl \^Zeb ]emoh ]jhohq_l <hegZ ie_s_l aZoe_ klu\Z_l eh^dm Eb\_gv klmqbl ih djur_ [ZjZ[Zgbl m`_ q_l\_jluc qZk Jmq_c `mjqbl \ e_kghc lbrb rmfbl \ aZjhkeyo GZr ^Zqguc ih_a^ hlijZ\ey_lky k Jb`kdh]h \hdaZeZ <hl hg \ ihke_^gbc jZa ijhoh^bl ih^ mebqguf fhklhf b \^jm] \ae_lZ _l gZ^ ^_j_\vyfb b ^hfZfb Ihlhf ih_a^ i_j_k_dZ_l dZgZe fbgm_l Zwjh^jhf ijhghkblky gZ^ mebp_c k ]jmah\bdZfb ljhee_c[mkZfb i_r_oh^Zfb b hklZgZ\eb\Z_lky m ieZlnhjfu ijb]hjh^ghc klZg pbb Fu _^_f \ lj_lv_f \Z]hg_ Lmjbklu ijbreb gZ ieZlnhjfm fZ e_gvdhc klZgpbb DZgZe kh_^bgy_l Fhkd\m j_dm b Hdm Ih^ mebqguf Âą ijbe Ih^ fhklhf dZdbf" mebqguf Mebqguc hlghkbl \ _^ q f j L i Mebqguf <Zky b Dhey ibeyl kij [j_\gh I_ly dhe_l kij ^jh\Z @_gy hlghkbl kij ihe_gvy b kdeZ^u\Z_l kij bo \ rlZ[_ev GZ gZr_c mebp_ mljhf
Mljhf \k_ dm^Z lh ki_rZl G_kmlky e_]dh\u_ fZrbgu iheaml g_lhjhieb\u_ ljhee_c[mku ^j_[_a`Zl ljZf\Zb Ih ljhlmZjm [_]ml rdhevgbdb lhjhiylky d i_j\hfm mjhdm ;Z[mrdb \_^ml aZ jmqdm fZ eur_c \ ^_lkdbc kZ^ FZeurb ie_lmlky g_hohlgh Âą gZ\_jgh_ _s_ g_ ijhkgmebkv Xjbc ]h\hjbl m[_`^_ggh ijhbaghkbl keh\Z l\_j^h \hajZ `Z_l kihdhcgh kdZ`_l m\_j_ggh ml\_j`^Z_l gZklZb\Z_l I_lj hl\_qZ_l keZ[uf ]hehkhf lhlqZk kh]eZrZ_lky e_i_q_l g_\gylgh ijh[hjfhq_l KeZ[uf Âą ijbe =hehkhf dZdbf" keZ[uf KeZ[uc dZq_kl\ iheg \ _^ q f j L i keZ[uf
FZevqbd _oZe gZ \_ehkbi_^_ k ]hjdb g_ mki_e \h\j_fy aZ lhjfhablv b \u_oZe gZ ijh_a`mx qZklv Âą Dm^Z l_[y g_k_l Klhc Âą djbdgme \h^bl_ev kZfhk\ZeZ j_adh m^Zjb\ ih lhjfhaZf Âą Kh\k_f kh\_klv ihl_jyeb Âą ijh\hjqZe \h^bl_ev Z\lh[mkZ Âą Y g_qZyggh Ijhklh lZd ihemqbehkvÂŤ Âą hijZ\^u\Zeky i_j_^ ihklh\uf fbebpbhg_jhf fZevqbrdZ Âą L_[_ _s_ ih\_aeh G_ kj_Z]bjmc rhn_ju \h\j_fy Âą fu [u k_c qZk k lh[hc g_ jZa]h\Zjb\Zeb Âą kmjh\h h[tykgbe fbebpbhg_j
JZ[hlZ b fmqbl ,, b dhjfbl ,, b mqbl ,, Dlh ljm^ ex[bl ,, ^he]h kiZlv g_ [m^_l , Q_eh\_d hl e_gb [he__l Z hl ljm^Z a^hjh\__l , GZibr_rv , i_jhf Âą g_ \ujm[brv ,, lhih jhf <kydZy jZ[hlZ fZkl_jZ o\Zebl ,, Hl e_gb Âą kms Hl q_]h" hl e_gb E_gv gZjbp g_h^mr ` j kde lhevdh _^ q J i Hl e_gb , JZkimklbeZkv Âą ]eZ]he <_j[Z qlh k^_eZeZ" jZkimklb eZkv ,, JZkimklblvky kh\ \b^Z ,, kij \ _^ q \ ijhr \j \ ` j ,,, <_j[Z qlh k^_eZeZ" jZkimklbeZkv , Kf__lky Âą ]eZ]he <_j[Z qlh ^_eZ_l" kf__lky ,, Kf_ylvky g_kh\ \b^Z , kij \ _^ q \ gZkl \j \ f e ,,, <_j[Z qlh ^_eZ_l" kf__lky , G_ lZbrvky Âą ]eZ]he Lu qlh ^_eZ_rv" g_ lZbrvky ,, G_ lZblvky g_kh\ \b^Z ,, kij \ _^ q \ gZkl \j \h f e ,,, Lu qlh ^_eZ_rv" g_ lZbrvky , Ih^rmqm Âą ]eZ] Y qlh k^_eZx" ih^rmqm ,, Ih^rmlblv kh\ \b^Z ,, kij \ _^ q \ [m^ \j \ f e
,,, Y qlh k^_eZx" ih^rmqm Hklhjh`gu_ [_j_au ijyqml ebklvy hl fhjhaZ Ih\_kl\ g_ \hkde ijhklh_ jZkijhklj
Baeh`_gb_
Âą Ijb\_l KZrZ Lu ijbr_e i_j\uf Âą \hl a^hjh\h Âą Iha^jZ\eyx l_[y k ^g_f jh`^_gby Âą KiZkb[h Âą Lu \_^v ex[brv nZglZklbdm Âą \hl l_[_ jZkkdZau Emdvyg_gdh >mfZx l_[_ ihgjZ\blky Âą Mo lu KiZkb[h h]jhfgh_ Y dZd jZa kh[bjZeky \aylv m l_[y ih qblZlv lZdmx dgb]mÂŤ Y kljZrgh jZ^ Âą Keurbrv Âą dlh lh _s_ a\hgbl \ ^\_jv" Âą H Wlh <bly Lu \k_ lZdb kfh] \u[jZlvky Ijhoh^b kdhj__ Âą <k_]h \k_]h l_[_ gZbemqr_]h Kfhljb qlh y l_[_ ijbg_k Âą DZdhc rbdZjguc lhjl KiZkb[h G_k_f _]h kjZam gZ klhe
R_iq_rv _ e _^ q djbqbrv _ e _^ q ]h\hjbrv _ e _^ q ohohq_rv _ e _^ q meu[Z_rvky _ e _^ q kf__rvky _ e _^ q ]hjbrv _ e _^ q le__rv _ e _^ q iheuoZ_rv _ e _^ q LjhibgdZ LjhibgdZ ljhibgdZ qlh ijyq_rvky lu" AZq_f lu moh^brv lZcdhf ih^ dmklu" Lh \^jm] ijhiZ^_rv lh gujy_rv \ h\jZ] KdZ`b fg_ ljhibgdZ lu ^jm] beb \jZ]" ;j_^_rv ih [hehlm ]^_ lhiv ^Z \h^Z Hldm^Z b^_rv lu" AZq_f" B dm^Z" ? N Ljmlg_\Z
< h\jZ] Âą kms Gujy_rv dm^Z" \ h\jZ] H\jZ] gZjbp g_h^mr f j kde \ _^ q < i < h\jZ] Ih [hehlm Âą kms ;j_^_rv ]^_" ih [hehlm ;hehlh gZjbp g_h^mr kj j kde \ _^ q > i Ih [hehlm
?s_ \_q_jhf j_rZ_rv ihclb \ g_ h^_luc a_e_gvx e_k Ijh kuiZ_rvky jZgh h^_\Z_rvky ihl_ie__ [_j_rv nhlhZiiZjZl b hl ijZ\ey_rvky \ [eb`Zcrmx jhsm B^_rv ihe_f aZl_f i_j_k_dZ_rv h\jZ] <hl b e_k ;_e_xl [_j_ au GZeb\Zxlky ihqdb gZ ^_j_\vyo Q_c lh o\hkl f_evdZ_l kj_^b
dmklh\ Ih\_kl\ g_\hkde ijhklh_ jZkijhklj O\ZlZ_rvky aZ nh lhZiiZjZl gh m`_ iha^gh hiha^Zlv LZd [jh^brv ih e_km p_euc ^_gv <j_f_gZfb ijbkemrb\Z_rvky d a\mdZf dhlhju_ jZa^Zxlky \ \_k_gg_f e_km G_ mki__rv b h]ey gmlvky Z m`_ ihjZ ^hfhc Gm qlh ` ^h k\b^Zgby ^h kdhjh]h k\b^Z gby e_k ;jh `m >[@ ± kh]e a\ l\ >j@ ± kh]e a\ l\ >Z@ ± ]eZkg [_am^ >`@ ± kh]e a\ l\ >m@ ± ]eZkg m^ [ a\ >bdlZgl ih iZfylb
<hl y \b`m k_[y kgh\Z \ ^_j_\g_ ]em[hdhc hk_gvx >gb klh yl kbg_\Zlu_ iZkfmjgu_ Mljhf y kZ`mkv \ k_^eh b k h^ghc kh[Z dhc k jm`v_f b jh]hf m_a`Zx \ ihe_ <_l_j a\_gbl b ]m^bl \ ^me_ jm`vy \_l_j dj_idh ^m_l gZ\klj_qm bgh]^Z k kmobf kg_]hf P_euc ^_gv y kdblZxkv ih imkluf jZ\gbgZf =heh^guc b ijhay[rbc \ha \jZsZxkv y d kmf_jdZf \ mkZ^v[m b gZ ^mr_ klZgh\blky lZd l_ieh b hljZ^gh dh]^Z aZf_evdZxl h]hgvdb <uk_ehd b ihlyg_l ba mkZ^v[u aZiZohf ^ufZ `bevy Jm`v y >j@ ± kh]e a\ l\ >m@ ± ]eZkg [_am^ >`@ ± kh]e a\ l\ >c@ ± kh]e a\ fy]d >Z@ ± ]eZkg m^ [ a\ =heh^guc ± ijbe <ha\jZsZeky dZdhc" ]heh^guc =heh^guc dZq_kl\ iheg \ _^ q f j B i =heh^guc ?keb ibkZl_ev g_ \b^bl g_kh\ ,, bkde aZ keh\Zfb lh]h h q_f hg ibr_l g_kh\ , lh b qblZl_ev gbq_]h g_ \b^bl aZ gbfb Gh _keb ibkZl_ev ohjhrh \b^bl lh h q_f ibr_l lh kZfu_ ijhklu_ keh \Z ^_ckl\mxl g_kh\ , gZ qblZl_ey k jZabl_evghc kbehc b \uau\Z xl g_kh\ , m g_]h l_ fukeb qm\kl\Z b khklhygby dZdb_ ibkZl_ev ohl_e _fm i_j_^Zlv kh\ , D = IZmklh\kdbc
H^gZ`^u ijh[bjZeky y k lh\Zjbs_f q_j_a ]mklmx qZsm e_ kZ <^jm] keurm \ dmklZo aZ gZfb rmf <_ldb lj_sZl dlh lh q_j_a dmklu ehfblky Gm ^mfZx dZdhc lh djmiguc a\_jv b^_l aZ gZfb H[hjZqb\Zxkv ¹ \ aZjhkeyo qlh lh [mjh_ b ehofZlh_ f_evdZ_l G_m `_eb f_^\_^v" Lh]^Z fu ijhiZeb Fu k ^jm]hf ihgyeb qlh gZf \k_ jZ\gh g_ m[_`Zlv ¹ [hevgh e_k ]mklhc Lh]^Z j_rbeb gZ ^_j_\h aZe_alv Kb^bf gZ \ukhdhc _ed_ b hl kljZoZ ljyk_fky : ba dmklh\ \uoh^bl ^_^mrdZ \ lmemi_ b mrZgd_ b kijZrb\Z_l ŠJ_[ylZ g_ agZ_l_ dhlhjuc qZk"ª
<hkdj_k_gv_ Ljb qZkZ ^gy <k_ j_[ylZ ba gZr_]h ^hfZ kh [jZebkv gZ kihjlb\ghc iehsZ^d_ K_cqZk gZqg_lky bgl_j_kg_crbc fZlq GZ ihe_ \uc^ml dhfZg^u khk_^gbo ^\hjh\ ¹ ŠDmag_qbdª b ŠG_ihk_^uª Ajbl_eb \hegmxlky KblmZpby djZcg_ gZijy`_ggZy Xj_ k_cqZk ij_^klhbl ijh[blv i_gZevlb \ \hjhlZ ijhlb\gbdZ <jZlZjv FbrZ khkj_^hlhq_g hg ]h lh\ hljZablv ex[mx ZlZdm XjZ jZa[_]Z_lky [v_l <jZlZjv ¹ wdkl jZ deZkk Hg eh\bl fyq Gh qlh wlh" Ihq_fm [he_evsbdb ŠDmag_qb dZª ebdmxl" Fyq \ \hjhlZo :o dZdhc ^hkZ^guc ijhfZo FbrZ ihcfZe Xjbg [hlbghd K_cqZk km^vyf ij_^klhbl j_rblv kemqZc gh eb XjZ gZijZ\be \ \hjhlZ [hlbghd \f_kl_ k fyqhf ¹ beb gZjhq gh qlh[u hl\e_qv \gbfZgb_ \jZlZjy Dgb]h]jZ^ < fh_f rdZnm l_kgblky gZkl \j g_kh\ d lhfm lhf B dZ`^uc lhf gZ ihed_ ¹ keh\gh ^hf H[eh`dm ^\_jv hldjh_rv [m^ \j kh\ \lhjhiyo ¹ B lu m`_ \hr_e ijhr \j kh\ b lu m`_ \ ]hklyo DZd i_j_mehd ¹ dZ`^uc dgb`guc jy^ : \_kv fhc rdZn ¹ qm^_kguc Dgb]h]jZ^ Dh]^Z lu [m^_rv [m^ \j kh\ \ wlhl ]hjh^ \oh` ¹ Ba Ijhreh]h \ =jy^ms__ ijhc^_rv [m^ \j kh\ AZ]eyg_rv [m^ \j kh\ \ kljZgu b \h \j_f_gZ Ex[Zy dgb]Z ¹ \j_fy b kljZgZ A^_kv \ dhfgZl_ fh_c ba ]h^Z \ ]h^ <k_ q_eh\_q_kl\h \ eZ^m `b\_l gZkl \j g_kh\
Himklblv rlhju hlimklblv ilbpm gZ \hex mimklblv ba \b ^m g_^hjZ[hldb <klZ\Zlv Âą kijhkblv m kb^ys_]h iZkkZ`bjZ [m^_l eb hg ih^gb fZlvky k f_klZ
<uoh^blv Âą kijhkblv \uoh^bl eb iZkkZ`bj gZ ke_^mxs_c hklZ gh\d_ <klZlv k f_klZ Âą \uclb ba ljhee_c[mkZ Kby_l khegp_ \h^u [e_sml GZ \k_f meu[dZ `bagv \h \k_f >_j_\vy jZ^hklgh lj_i_sml DmiZykv \ g_[_ ]hem[hf IeZfy j^__l ieZfy iur_l Bkdju [jua`ml b e_lyl : gZ gbo ijhoeZ^hc ^urbl Ba aZ j_qdb l_fguc kZ^ b M eu[ dZ >m@ Âą ]eZkg [_am^ >e@ Âą kh]e a\ l\ >u@ Âą ]eZkg m^ >i@ Âą kh]e ]emo l\ >d@ Âą kh]e ]emo l\ >Z@ Âą ]eZkg [_am^ [ a\
N B Lxlq_\
\ ]eZ]heZo \h f e _^ q j_qv k_qv \ujZklbrv eh`v ihfhqv k\Zjbrv ihfhsv [_j_qv gZfhqbrvky \_sv h[`_qvky h[h``_rvky =hjyq ie_q DjZkgZ j_qv ihkeh\bp_c Ih\_kl g_\hkde ijh klh_ jZkijhklj
\ kms ,,, kde
\ g n
G_ \ayeb gZ ju[Zedm Y ki_pbZevgh g_ lhevdh aZ\_e [m^bevgbd gh b ihklZ\be _]h \ `_e_aguc lZa ¹ qlh[u ]jhfq_ a\hgbe Gh \k_ jZ\gh ijhkiZe Dh ]^Z y \kdhqbe k djh\Zlb hgb m`_ moh^beb ŠKlhcl_ Y k \Zfb ª ¹ djbdgme y : Dhey kdZaZe kgbkoh^bl_evgh Š Gm dm^Z l_[_" GZf b^lb r_klv dbehf_ljh\ lu mklZg_rv b [m^_rv gulv <q_jZ dm iZlvky oh^beb ¹ kh\k_f [ebadh lZd lu \k_ jZ\gh hlklZ\Ze b ib sZeª @_gvdZ ^h[Z\beZ ŠFu gZ eh^d_ ihieu\_f gZ ]em[bgm ¹ Z lu ieZ\Zlv g_ mf__rv G_evay l_[_ k gZfb ª Hgb qlh lh _s_ ]h\h
jbeb gh y m`_ g_ kemrZe ihlhfm qlh ]jhfdh ju^Ze b fhc j_\ aZ ]emrZe bo keh\Z« Y ^Z\gh m`_ \ujhk b oh`m gZ ju[Zedm kZf ± gh lZ ^Z\gyy h[b^Z ihq_fm lh aZihfgbeZkv dj_idh <k_ ihijZ\bf fh`_l klZlvky Lhevdh qmj g_ aZkuiZlvky AZ\ljZ jZgh ihmljm D aeZlhr\_cghfm rZljm Ijbieu\_l hiylv ^_\bpZ F_^m keZ^dh]h gZiblvky ?keb ` kgh\Z lu aZkg_rv =heh\u m` g_ kg_k_rv
I I ?jrh\
F_^m ± kms GZiblvky q_]h" f_^m F_^ gZjbp g_h^mr f j kde \ _^ q J i F_^m
GZ mebp_ \_kgZ ;m^lh b g_ [ueh ay[dhc keydhlb dhexq_c kg_`ghc djmidb fhdjuo oehiv_\ kg_]Z =hjyq__ k\_`__ khegp_ m^b\bl_evgh ijbylgh i_q_l gh g_ iZjbl EZkdh\uc \_l_jhd ijbghkbl ]hjvdh\Zluc ZjhfZl G_m`_eb wlh q_j_fmoZ" >Z FZe_gvdb_ [mlhgqbdb lhevdh gZqbgZxl ehiZlvky Z dZd iZog_l djm]hf M`_ gZ \lhjhc ^_gv \u \b^bl_ qlh q_j_fmoZ \ky \ p\_lm Iq_eu ki_rZl d ^mrbklhc djZkZ\bp_ aZiZkZxlky keZ^dbf g_dlZjhf Q_j_a g_kdhevdh ^g_c hgZ hkuiZ_lky ?_ e_i_kldb ]hgbl ih \h^_ \_l_j mk lbeZ_l ljZ\m g_`ghc [_ehc gZdb^dhc B klZgh\blky q_j_fmoZ g_\b ^bfhc jZkl\hjy_lky \ a_e_gb ^_j_\v_\ b dmklZjgbdh\ =hgbl ebklvy m\b^brv \_kgm jZkkl_e_rv ihdju\Zeh kh[b jZlv p\_lu \k_ aZf_jeh aZ`b]Zlv dhkl_j aZfbjZlv hl kqZklvy jZk klbeZlvky gZ ]hjbahgl_ aZibjZx ^\_jv \ul_j_lv k ^hkdb ihgbfZlv [_a i_j_\h^Z gZqbgZlv k kZfh]h gZqZeZ JZa^_eu gZmdb h yaud_ Nhg_lbdZ a\md kh]eZkguc rbiysbc m^Zj_gb_ ]eZkguc E_dkbdZ keh\h kbghgbf Zglhgbf Keh\hh[jZah\Zgb_ agZqbfZy qZklv keh\Z hkgh\Z ijbklZ\dZ hdhgqZgb_ Fhjnheh]by keh\h ebph jh^ qZklv j_qb iZ^_` \b^ ]eZ]h eZ KbglZdkbk keh\hkhq_lZgb_ ij_^eh`_gb_ hkgh\Z ]jZffZlb q_kdZy qe_g ij_^eh`_gby kdZam_fh_
mklgh
nbevf
=eZkgu_ b kh]eZkgu_ a\mdb jmkkdh]h yaudZ =eZkgu_ m^Zjgu_ fho eZd e_k fb] emd ^uf =eZkgu_ [_am^Zjgu_ jhkZ eb\_gv [ueZ emqb Kh]eZkgu_ a\hgdb_ l\_j^u_ [ue `Zj fha] Kh]eZkgu_ a\hgdb_ fy]db_ [be eb\_gv gygy Kh]eZkgu_ ]emob_ l\_j^u_ k\_l lhd dZihl Kh]eZkgu_ ]emob_ fy]db_ k\_lblv qbklblv l_qv
Hl g_[Z >w@ ^h a_feb >w@ dZqZykv >qÂśZ@ aZ g_c >w@ himrdZ >Z@ \ kl_deh >b@ ^mrbkluf >u@ lyg_l >Z@ ih^hreh >Z@ ih k\_`bf >u@
hkgh\Z
hl \
jy^ f_ql dhfiZk [_` ]hjh^
hdhgqZgb_
g Z e kd
uc Z hc
Ju[Zd ljhklgbd kb^_e Kj_aZe ijhldgme h`b\e_gguc Ijhldgme ludZlv \_ljZ \_l_j
Kms_kl\bl_evgu_ ]jhaZ \_ldZ jha \ hdgh ZjhfZlhf ljZ\Z ke_a ]jhf jZkdZlhf ^h`^bd iuev i_jeu khegp_ gblb IjbeZ]Zl_evgu_ [_euo ihegZ ijhajZqguo fheh^u_ ^h`^_\u_ F_klhbf_gb_ fg_ =eZ]heu ijhreZ ^urbl ]j_fbl [juagme e_lbl ih\bkeb ahehlbl GZj_qby _s_ \^Zeb Ij_^eh] \ Khxau b Kdehgyxlky kms_kl\bl_evgu_ ijbeZ]Zl_evgu_ f_klhbf_gby Kijy]Zxlky ]eZ]heu G_ baf_gyxlky gZj_qby b kem`_[gu_ qZklb j_qb ij_^eh]b khx au =jhaZ ijhreZ b \_ldZ [_euo jha \ hdgh fg_ ^urbl ZjhfZlhf Bfy kms_kl\bl_evgh_ dZd qZklv j_qb H[s__ agZq_gb_ Fhjnheh]bq_kdb_ ijbagZdb ihklhyggu_ b g_ihklhyggu_
Jhev \ ij_^eh`_gbb Ijbf_ju j_dZ <he]Z :g^j_c xghrZ ghqv k_eh Gh\bgdb
K ]eZ\guf keh\hf kms \_ldZ ZdZpbb gZ ¹by p\_lhd y[ ehgb kde dhfZg^bj [ZlZj_b kde J i ebkl ba l_ljZ^db kde J i jZkkdZa FZjbb gZ ¹by Kl_iZgh\gu kde J i K ]eZ\guf keh\hf ]eZ]hehf r_kl\m_l ih iehsZ^b kde `be \ kZgZlhjbb gZ ¹bc reb ih Zee__ kde > i hklZgh\bebkv \ ms_ev_ kde jZ[hlZlv \ aZ[h_ kde hl^uoZlv gZ ih[_j_`v_ kde e_qbeky \ ]hkiblZe_ kde \_jgmeky k ]jZgbpu kde J i \ulZsbe ba ijhjm[b kde G_m^Zqgh_ agZdhfkl\h KbfiZlbqguc ^hfbd ŠImklbl_ i_j_ghq_\Zlv ª ŠK dZdbo ihj ilbpu m [_ehd gh qmxl" ª Ijhqv AZe_l_eZ ;_j_]h\mrdZ \ ]mklhc e_k kfhljbl gZ \ukhdhc _eb gZ lheklhf kmdm \ukljh_g ^hf <_kv ba kmqv_\ ba iZehd djm]euc Z bagmljb fho lhjqbl ¹ l_ieuc fy]dbc Š<hl ohjhrbc ^hf ¹ ^mfZ_l hgZ ¹ ijhqguc b k djur_cª Ih^e_l_eZ fZe_gvdZy ;_j_]h\mrdZ d [hevrhfm ^hfm ihklmqZeZ dex\bdhf \ kl_gdm b ijhkbl `Zeh[guf ]hehkdhf ¹ <imklbl_ ih`ZemcklZ ohayxrdZ i_j_ghq_\Zlv : ba ^hfZ \^jm] dZd \ukmg_lky ju`Zy a\_jbgZy fhj^Z k hllhiu j_ggufb mkZfb k `_elufb am[Zfb >Z dZd aZjuqbl kljZrbebs_ ¹ K dZdbo wlh ihj ilZob ih ghqZf klmqZl ghq_\Zlv ijhkylky d [_edZf \ ^hf" H[f_jeZ ;_j_]h\mrdZ k_j^p_ dZfg_f miZeh HlrZlgmeZkv ijhqv \a\beZkv gZ^ e_khf ^Z klj_f]eZ\ [_a h]ey^db ¹ gZml_d < < ;bZgdb
Qe_gu ijhklh]h ij_^eh`_gby
qe_gu ij_^e ih^e_`Zs__ kdZam_fh_ ^hiheg_gb_ hij_^_e_gb_ h[klhyl_evkl\h
\hijhku dlh" qlh" qlh ^_eZ_l" qlh lZdh_" dZdh\" \hijhku dhk\ iZ^_`_c dZdhc" q_c" ]^_" dh]^Z" dm^Z" aZq_f" dZd"
GZ^ fhbf hdghf ih^ dZjgbahf k\beb ]g_a^h ijh\hjgu_ ljykh]madb G_mlhfbfh ihjoZeb hgb gZ k\hbo e_]dbo djueurdZo \hdjm] ]g_a^Z Oehihleb\h ghkbeb ilbqdb \ dex\Zo ^ebggu_ dhg
kdb_ \hehkbgdb kmohc fho ljZ\bgdb ^_j]Zeb ba iZah\ [j_\_gqZlhc kl_gu fy]dmx iZdex B K Khdheh\ Fbdblh\
Ijh\hjgu_ ± rmklju_ [uklju_ eh\db_ ;j_\_gqZlhc ± ijbeZ] Kl_gu dZdhc" [j_\_gqZlhc ;j_\_gqZluc \ ` j _^ q J i ;j_\_gqZlhc
Dm^Z [u y ohl_e ih_oZlv e_lhf b ihq_fm" Y \k_ qZs_ aZ^mfu\Zxkv h e_lgbo dZgbdmeZo ± \_^v hgb m`_ lZd [ebadh IeZgh\ gZ dZgbdmeu m f_gy hq_gv fgh]h gh [hevr_ \k_]h y ohqm ih_oZlv gZ fhj_ < ijhrehf ]h^m y \i_j\u_ m\b^_e fhj_ Hgh f_gy ihjZabeh Fhj_ \k_]^Z jZagh_ < lbomx b kheg_qgmx ih]h^m ± \ rlbev ± hgh yjdh ]hem[h_ dZd [_ah[eZqgh_ g_[h < rlhjf fhj_ k\bj_ih_ yjhkl gh_ hgh aeh[gh [jhkZ_lky gZ ijb[j_`gu_ dZfgb b juqbl [m^lh oh q_l bo ih]jualv Y ex[be \ lZdmx ih]h^m ijboh^blv gZ [_j_] b ^m fZlv h[ hl\Z`guo fhjydZo dhlhju_ k_cqZk ieu\ml ih [mrmxs_fm fhjx [hjxlky kh klbob_c : \ ^h`^v fhj_ kh\k_f keb\Z_lky k g_ [hf ]jZgbpZ fhjy b g_[Z bkq_aZ_l Mljhf y ijb[_]Ze gZ fhj_ \klj_qZlv jZkk\_l Z \_q_jhf ieZ\Ze ih emgghc ^hjh`d_ DZ`_lky qlh fh`gh lZd ^hieulv ^h kZfhc em gu gh gZ^h \ha\jZsZlvky ieulv gZ h]hg_d nhgZjbdZ k dhlhjuf `^ml l_[y gZ [_j_]m M f_gy _klv Zev[hf om^h`gbdZ :c\Zah\kdh]h y kfhljx gZ _]h dZjlbgu b \kihfbgZx fhj_ Q_j_fmoZ Q_j_fmoZ ^mrbklZy K \_kghx jZkp\_eZ B \_ldb ahehlbklu_ Qlh dm^jb aZ\beZ Djm]hf jhkZ f_^\ygZy KiheaZ_l ih dhj_ Ih^ g_x a_e_gv ijygZy Kby_l \ k_j_[j_ : jy^hf m ijhlZebgdb < ljZ\_ f_`^m dhjg_c ;_`bl kljmblky fZe_gvdbc K_j_[jyguc jmq_c Q_j_fmoZ ^mrbklZy
JZa\_kb\rbkv klhbl : a_e_gv ahehlbklZy GZ khegurd_ ]hjbl Jmq_c \heghc ]j_fmq_x <k_ \_ldb h[^Z_l B \djZ^qb\h ih^ djmq_x ?c i_k_gdb ih_l K_j_[jyguc
K : ?k_gbg
Hjnh]jZffu ijh\_jy_fu_ ijZ\beZfb G_ijh\_jy_fu_ hjn \ dhjg_ \ ijbklZ\d_ \ dhjg_ jZa`_qv k^_eZlv rzihl pbjdmev y]h^dZ fZjrjml dhjabgZ jZajZklZlvky jZajZklZlvky j_f_gv jxdaZd ih^ly]b\Zlv ih^`Zlv ]b]Zglkdbc [bghdev jZa^\bgmlv ebg_cdZ ijhkv[Z [_j_] gZ^dmkblv \ujZs_guc q_klguc h[kuiZlv bki_qv ^heh`blv aZjhkeb ij_^eZ]Zlv
<dexq_gu g_ijZ\bevgh \ x ]jZnm [eZ]hjh^guc ijh^Z \Zlv \ulygmlv \h x ]jZnm \udhiZlv klZjZl_evguc IZjgu_ kh]e ieh^ eh^dZ fhjha
G_ijhbaghkbfu_ G_ijh\_jy_fu_ kh]e kh]e khegp_ qm\kl\h ijZa^gbd e_klgbpZ iha^gh jxdaZd \hdaZe f_klguc
;_a]jZgbqguc ± [_kij_^_evguc \u[_jm ± \u[bjZlv ijbeZ ]Zlv ± ijbeh`blv jZklb ± \ujhk ± \ajZs_gguc B M : ihke_ rbi Qm]mg smdZ iZjZrxl bkde
[jhrxjZ bkde
eu`b qZsZ
? H \ dhjg_ ihke_ rbi Rhjho bkde
`_em^v rh\ bkde
`_eluc q_jguc q_jlZ
B U \ dhjg_ ihke_ P Puie_ghd bkde
pu]Zg bkde
iZgpbjv pbjdmev pbdZ^Z pbnjZ
Mljh [ueh ij_djZkgh_ G_^Ze_dh_ ha_jh qmlv qmlv jy[beh hl e_]dhc au[b Ih\_kl\ g_\hkde ijhklh_ jZkijhklj =eZaZ g_\hev gh k`bfZebkv hl hke_ibl_evgh]h [e_kdZ kheg_qguo emq_c dhlhju_
k\_jdZeb lh ZefZagufb lh bamfjm^gufb bkdjZfb \ \h^_ IeZdmqb_ [_j_au dmiZeb \ ha_j_ k\hb \_l\b b dh_ ]^_ [_j_]Z ihjhkeb hkhdhc \ dhlhjhc ijylZebkv [hevrb_ `_elu_ p\_lu B : =hgqZjh\
Lmjbklkdb_ ihoh^u \u[bjZlv fZjrjml ihaZ[hlblvky h kgZ jy`_gbb dj_idmx [_q_\dm ly`_euc jxdaZd iml_r_kl\h\Zlv gZ eh^dZo rexidZo \ \ukhdbo aZjhkeyo qm^_kguf e_lgbf mljhf jZa [b\Zlv eZ]_jv jZa`b]Zlv dhkl_j jZkiheh`blvky \ iZeZld_ baj_^dZ kh[bjZlv dhee_dpbx e_dZjkl\_ggu_ jZkl_gby Qm^_kguf ± ijbe Mljhf dZdbf" qm^_kguf Qm^_kguc iheg \ _^ q kj j L i Qm^_kguf G_l ^_fhgkljZpbb Zdpbb hl ZdZpbb ba kblmZpbb \ kZgZ lhjbb h klbohl\hj_gbb h[ mfgh`_gbb ijb ]hj_gbb Ih kl_ib d ghqb [_a l_gb ih iehsZ^b m ijbklZgb Kbgbf ieZldhf qbkluf dexqhf k\_leuf ieZshf ^Zevgbf k_ehf \_jguf lh\Zjbs_f <b^bl ex[brv kljhyl de_brv ^urbf kms_kl\bl_ev kde ± > i I i D a_fe_ \ a_fe_ gh_ h k_e_ h dhg_ kde ± I i Ihke_ rbiysbo b P ± \ lh\Zjbs_f kblp_f [_am^Zjghf hdhgqZgbb ijbeZ]Zl_ev Ihke_ fy]d kh]e ±?keb \ Kbg_]h g_[Z kbg_c lZ gh_ hdhgqZgbb \hijhkZ [md\Z j_edb kbg_fm g_[m H DZdh]h" DZdhc" DZ dhfm"
]eZ]he < ebqguo hdhgqZgbyo , LZ_rv ibr_f k\_jdZ_l kij
@_em^v q_jkl\uc `_kldbc s_db kq_l s_edZ j_r_ldZ rhjho `_eluc q_jguc r_klu rZ]b `_\Zlv sZ\_ev kh`Ze_lv hqZjh\Zl_evguc `_el__l r_igmlv q_jkl\_lv qZkh\hc \uqbklblv rZeblv q_eh\_d jZkq_kZlv ^_r_\_lv rbjhdbc ihq_jg_lv rbih\ gbdhf Dexqhf lmq_c [hevrhc \jZqhf kZjZgqhc ^Zq_c lh\Zjb s_f djur_c iZomq_]h dh\rhf k m^Zq_c jhs_c k\_`_]h dZfu rhf dZeZgqhc d :e_r_ gZ k\_`_f ibr_f \ kZ`_ k ohjhrbf dh eur_lky ih^ dhexqbf k eZg^ur_f ^urbrv Dheur_lky ± ]eZ]he Jh`v qlh ^_eZ_l" dheur_lky DheuoZlvky g_kh\ \b^Z , kij \ gZkl \j \ _^ q \ f e
Dheur_lky
Ih mljZf \_kv hfml ihdjul lmfZghf LmfZg gZklhevdh ieh l_g qlh k\_jom dZ`_lky ± \ rbjhdmx qZrm E_rZqv_]h hfmlZ ^h ih eh\bgu gZeblh kgylh_ kbg__ fhehdh K jZa[_]m [jhkZ_rvky \gba KgZqZeZ ]heh\hc ijh[b\Z_rv lmfZg b lhevdh ihlhf ihiZ^Z_rv \ \h^m <ugujb\Z_rv ± b keh\gh \ kdZad_ ^jm]hc fbj g_ \b^gh [_ j_]h\ g_ \b^gh g_[Z lhevdh evxlky k\_jom jZkk_yggu_ kheg_qgu_ emqb lZbgkl\_ggu_ g_a^_rgb_ : \h^Z l_ieZy aZ ghqv g_ mki_\Z_l hklulv AZlh dh]^Z \ue_a_rv iZqdZy dhe_gdb h ]ebgbkluc [_j_] ]jm^v k^Z\eb\Z_l hl oheh^Z fhdjh_ l_eh ^ufblky < < L_g^jydh\
V ibr_lky Fheh^_`v ijb\e_qv furv k[_j_qv ihfhsv bki_qv ieu\_rv kl_j_qv dmiZ_rvky jZa`_qv \u[_j_rv ^jh`v fhsv ijbe_qv jZkkqblZ _rvky
V g_ ibr_lky =jZq ]jmr lj_kdmq dbjibq lmq l_e_i_j_^Zq lh\Zjbs djur \jZq fh]mq `]mq ldZq fgh]h aZ^Zq ly]mq fyq iZkl[bs k\_`
Ebkvy ghjZ ^\_jvx kdZfvy ]jm^vx j_ev_n [Zjv_j Kt_oZlv k ]hju h[ty\blv kt_klv ih^t_a^ h[tykg_gb_ kt_fdZ
I_j_clb \[jh^ ]em[hdmx b [ukljmx ]hjgmx j_qdm g_ lZd lh ]e ijhklh K i_j\uo `_ rZ]h\ y ihqm\kl\h\Ze qlh g_ [m^v m f_gy dh ]e lhfdb aZ ie_qZfb b \ jmdZo dj_idhc iZedb y g_ fh] [u kijZ\blvky k l_q_gb_f Hl [ukljh [_]ms_c \h^u aZdjm`beZkv ]heh\Z y ihdZq gmeky b _^\Z g_ miZe Ih\_kl\ g_\hkde keh`gh_ khkl ba o ijh kluo Kdhjh y aZf_lbe qlh b^lb klZeh e_]q_ ?s_ g_kdhevdh rZ]h\ b fu \ureb gZ f_edh\h^v_ Ih \a^hom \uj\Z\r_fmky m fhbo kiml gbdh\ y ihgye qlh fu ^_ckl\bl_evgh ih^\_j]Zebkv k_jv_aghc hiZkghklb Ih < D :jk_gv_\m
<Zgy k [Z[mrdhc ?e_ghc K_j]__\ghc ijb_oZe gZ dZgbdm eu \ ^_j_\gx DZkvygh\h d jh^kl\_ggbdZf >_j_\gy gZoh^blky gZ [_j_]m j_qdb Ebkl\ygdb J_[ylZ oh^beb gZ j_qdm dmiZlvky b [jZeb k kh[hc RZjbdZ E_lhf <Zgy fgh]h qblZe Ijhq_e hg jZkkdZa :g lhgZ IZ\eh\bqZ Q_oh\Z ŠI_j_khebeª b jZkkdZa B\ZgZ K_j]__\bqZ ;mgbgZ ŠFZjlh\kdZy dZi_evª Fgh]h bgl_j_kgh]h magZe hg ba `mj gZeZ ŠXguc gZlmjZebklª GZ dZgbdmeu ¹ kms Ijb_oZe gZ kdhevdh" gZ dZgbdmeu DZgbdmeu gZjbp g_h^mr lhevdh fg q \ < i GZ dZgbdmeu
AZ[blv ih[_`Ze jZa[blv jZkkfhlj_lv [_afhe\guc [_kkljZrguc
M^b\bl_evguc ^b\h
i_j_^Z\Zlv ^Zlv
khegp_ khegurdh
ijm^ ijm^u
ijml ijmlhf
aZkl_eblv aZklbeZlv jZklmsbc ih^jhk i_j_eh`blv ij_^eZ]Zlv \u`b]Zlv jZa`_]
Ih ^hjh]_ [_a l_gb h lh\Zjbs_ dexqhf iZjqhc ijbgp_f k mebpu aZ f_evgbp_c
P\_lu b ljZ\u ihdju\Zxl a_e_guc ohef : : ;ehd Lhgdbc lmfZg jZaeb\Z_lky fhehdhf \ \ha^mo_ b aZklbeZ_l hl^Ze_g gu_ e_kZ B K Lmj]_g_\ Kib ^bly fh_ mkgb KeZ^dbc khg d k_[_ fZgb \ gygvdb y l_[_ \ayeZ \_l_j khegp_ b hjeZ : G FZc dh\ GZ^ djmlufb [_j_]Zfb gZ^ rbjhdbf \Zehf gZ^ iheyfb b em]Zfb jZ^m]Z \klZ\ZeZ : : Ijhdhnv_\ G_hohlgh b g_kf_eh khegp_ kfhljbl gZ ihey N B Lxlq_\ Ih\_kl\ g_\hkde ijh klh_ jZkijhklj hkeh`g_gh h^ghjh^gufb h[klhyl_evkl\Zfb ?s_ \ iheyo [_e___l kg_] Z \h^u m` \_kghc rmfyl N B Lxlq_\
AZklbeZ_l Âą ]eZ]he LmfZg qlh ^_eZ_l" aZklbeZ_l AZklbeZlv g_kh\ \b^Z , kij \ gZkl \j \ _^ q \ f e AZklbeZ_l
<hedb gZ lhf dhlm ihdehgbebkv h[klmibeb f_^\_^y b klZeb _]h aZ^bjZlv : dha_e ^Z [ZjZg l_f \j_f_g_f ih^o\Zlbeb dhlZ ih[_`Zeb \ e_k b hiylv gZldgmebkv gZ k_juo \hedh\ ;_]ZeZ [_]ZeZ
ebkZ b ihcfZeZ mldm <hl ijbg_k \hed [ZjZgZ h[h^jZe rdmjm b klh bl jZa^mfu\Z_l <aye dha_e dhlZ ihkZ^be _]h gZ k_[y b ihkdZdZeb hgb hiylv ih ]hjZf ih ^heZf ih kuimqbf i_kdZf Dhl kh]eZkbeky b gZqZeky m gbo ibj ^Z \_k_ev_ B^_l ebkZ b ih\klj_qZeky _c f_^\_^v
A_e_ghc k_lvx ljZ\ ih^_jgml kiysbc ijm^ Z aZ ijm^hf k_eh ^ufblky IhegZy emgZ [e_klbl f_` \_l_e gZ^ ijm^hf b \ha e_ [_j_]Z \hegZ k oheh^guf j_a\blky jmqv_f M` aZ ]hjhc ^j_fm q_x ih]Zk \_q_jgbc emq _^\Z kljm_c ]j_fmq_x k\_jdZ_l `Zjdbc dexq =hjgu_ \_jrbgu kiyl \h lvf_ ghqghc lbob_ ^hebgu ihe gu k\_`_c f]ehc Fheqbl lZ[mg j_dZ `mjqbl h^gZ J_\_l ]jhaZ ^ufylky lmqb gZ^ l_fghc [_a^ghx fhjkdhc <\_jom h^gZ ]hjbl a\_a^Z fhc \ahj fZgbl hgZ \k_]^Z Qbklh \_q_jg__ g_[h ykgu ^Z e_db_ a\_a^u FjZq_g k\h^ g_[_k b lmqb ijh[_]Zxl h^gZ [_a fhe\gh aZ ^jm]hc B]jZxl \hegu \_l_j k\bs_l b fZqlZ ]g_lky b kdjbibl F X E_jfhglh\
Kljm _c >k@ ± kh]e ]emo l\ >l@ ± kh]e ]emo l\ >j@ ± kh]e a\ l\ >m@ ± ]eZkg [_am^ >c@ ± kh]e a\ fy]d >h@ ± ]eZkg m^ >c@ ± kh]e a\ fy]d [ a\ Ghqghc ± ijbe <h lvf_ dZdhc" ghqghc Ghqghc iheg \ _^ q ` j I i Ghqghc h >hjh]hc \gmq_d kdhjh lu dhgqbrv mqblvky Ijb_a`Zc d gZf \ ^_j_\gx gZ \k_ e_lh Y hq_gv ih l_[_ khkdmqbeZkv FbrZ IZiZ ibkZe fg_ qlh lu ohq_rv hklZlvky \ ]hjh^_ qlh[u ihkljh blv e_lZxsmx fh^_ev ieZg_jZ Gh wlbf lu kfh`_rv aZgbfZlvky b m gZk Ijb_a`Z_l ^y^y Dhey hg l_[_ ihfh`_l : agZ_rv dZd m gZk ohjhrh k_cqZk gZ ha_j_" Eh^db m`_ ]hlh\u b lu kfh`_rv dmiZlvky aZ]hjZlv ju[Zqblv iml_r_kl\h\Zlv h Gm dZd m]h\hjbeZ y l_[y" Ijb_a`Zc FbrZ g_ ih`Ze__rv P_emx l_[y L\hy [Z[mrdZ
ŠLu h q_f gb[m^v f_qlZ_rv" ?klv m l_[y dZdh_ gb[m^v kZfh_ [hevrh_ `_eZgb_"ª ¹ kijhkbe ^y^y K_j]_c ŠOhqm ih]ey ^_lv dZd khegp_ ijhkuiZ_lkyª ¹ kfms_ggh ijh[hjfhlZe KZgvdZ Hg ihjueky \ dZjfZg_ ^hklZe h]juahd q_jgbevgh]h dZjZg^ZrZ b \a]eygm\ gZ ^y^x K_j]_y kijhkbe Š=^_ ibkZlv gZa\Zgb_"ª Ih kexgb\ dZjZg^Zr KZgvdZ klZjZl_evgh \u\_e gZ ghkm dhjZ[ey [hev rbfb i_qZlgufb [md\Zfb ŠF_qlZª ? B Ghkh\
ibkvfh ih iZfylb