Está en la página 1de 28

>G7B 201&2.

1&0*)&-+,&,
@ +))2%86FC@>B6 ACBH:G 8CFHtG #8CAD'$
@ +))2%IB>J:FG>969 :LH:FB69C 9: 8C@CA7>6
8S^^W*+ `' *&*0:efW%7aYafw
HW^xXa`a#.0&*$,-+ )+11
bgT^[USU[a`WeqIWjfWd`SVa'WVg'Ua
iii'gWjfWd`SVa'WVg'Ua
Dd[_WdSWV[U[{`3\g`[a VW+))2
9[eWza VWUgT[WdfS3 9WbSdfS_W`fa VWDgT^[USU[a`We
8a_bae[U[{`3 9Sh[V 6^TS
>_bdWe[{` k W`UgSVWd`SU[{`3LbdWee:efgV[a <dwX[Uak 9[Y[fS^
H[dS\WVW* S *'))) W\W_b^SdWe
>_bdWea W` 8a^a_T[S
5IBFK>=BF.GDGE;B:
DdaZ[T[VS ^S dWbdaVgUU[{`a U[fS[_bdWeS a W^WUfd{`[US fafS^ a bSdU[S^VW
WefSaTdS%e[` Sgfad[lSU[{` WjbdWeS? bad WeUd[faVW^9WbSdfS_W`fa VW
DgT^[USU[a`WeVW^S I`[hWde[VSV :jfWd`SVa VW8a^a_T[S' @Se ab[`[a`We
WjbdWeSVSeW` WefSaTdS ea` dWeba`eST[^[VSVVW^Sgfad'
:@ Ft<>A:B ?IFu9>8C M6A7>:BH6@
9: @CGF:G>9ICG Gv@>9CG:B 6F<:BH>B6
A6IF>8>C D>BHC
@>7:F A6FHyB
GIA6F>C
>`fdaVgUU[{`'.#:ecgW_S VWUa_bWfW`U[Se S_T[W`fS^We W`W^
XWVWdS^[e_a SdYW`f[`a'=#@Wk +.'2*/ VW<Wef[{` [`fWYdS^ VW
dWe[VgaeVa_[U[^[Sd[ae'6' 8a`UWbfae Twe[Uae' 7' :fSbSe VW
^SYWef[{`[`fWYdS^ VWdWe[VgaeVa_[U[^[Sd[ae'*' <W`WdSU[{`
k V[ebae[U[{` [`[U[S^'+' FWUa^WUU[{` k fdS`ebadfW',' HdSfS&
_[W`fa%fdS`eXWdW`U[S k V[ebae[U[{` X[`S^'8' 8a_bWfW`U[Sk
UaadV[`SU[{`[`fWd\gd[eV[UU[a`S^' 9' FxY[_W` eS`U[a`Sfad[a'
>>>' @Wk +.'/*+ VW<Wef[{` [`fWYdS^ VWdWe[Vgae[`Vgefd[S^We k
VWSUf[h[VSVWe VWeWdh[U[ae' 6' 8a`UWbfaeTwe[Uae' 7' :fSbSe
VW^SYWef[{`[`fWYdS^ VWdWe[Vgae[`Vgefd[S^We' *' @SYW`WdS&
U[{`' +' :^ fdS`ebadfW',' :^ fdSfS_[W`fa k ^SV[ebae[U[{`' 8'
:^ dWY[efda VWdWe[Vgae[`Vgefd[S^We' 9' FWeba`eST[^[VSVWe
U[h[^We% bW`S^We k SV_[`[efdSf[hSe' :' 8a_bWfW`U[Sk Uaad&
V[`SU[{` [`fWd\gd[eV[UU[a`S^' ;' DdaZ[T[U[{`VW[_badfSU[{`'
>J' @Wk +-').* VWFWe[VgaeDW^[Ydaeae' 6' 8a`UWbfae Twe[Uae'
7' :fSbSe VW^SVW^SYWef[{`VWdWe[VgaebW^[Ydaeae' *' @S
YW`WdSU[{`' +' :^ fdS`ebadfW',' :^ fdSfS_[W`fa k V[ebae[U[{`
X[`S^'8' :^ _S`[X[Wefa'9' :^ dWY[efda k W^ UWdf[X[USVa S_T[W`&
fS^bad dWe[VgaebW^[Ydaeae' :' 8a_bWfW`U[Sk UaadV[`SU[{`
[`fWd\gd[eV[UU[a`S^' ;' FWeba`eST[^[VSVWe U[h[^We% bW`S^We k
$'
$(
SV_[`[efdSf[hSe'<' DdaZ[T[U[{` VW[_badfSU[{`' h' @Wk +.'/0)%
VWbdWegbgWefae _y`[_ae VWbdafWUU[{` S_T[W`fS^bSdS^S
YWef[{`VW^aeD87G' 6' 8a`UWbfaeTwe[Uae' *#FWY[efda k Sg&
fad[VSVVWSb^[USU[{`' 8' FWeba`eST[^[VSVWe% aT^[YSU[a`We k
bdWeg`U[a`We' 9' FxY[_W` eS`U[a`Sfad[a' J>' @Wk +.')*1 VW
FWe[VgaeFSV[SUf[hae' 6' 8a`UWbfaeTwe[Uae' *#@SYWef[{`
VWdWe[VgaedSV[aSUf[hae' 8' 8a_bWfW`U[Sk UaadV[`SU[{`
[`fWd\gd[eV[UU[a`S^' 9' ;[`S`U[SU[{` VW^S YWef[{`VW^ae
dWe[Vgae dSV[aSUf[hae' J>>' 6baef[^^SX[`S^
F:GIA:B
@SFWb|T^[US6dYW`f[`SbdWeW`fS W`_SfWd[SS_T[W`fS^g`
VaT^W`[hW^`ad_Sf[ha%Ua` `ad_Se `SU[a`S^We &bdWegbgWe&
fae _y`[_ae% VWdWUZa XWVWdS^ k Ua_|`& Sb^[UST^We SfaVa W^
fWdd[ fad[a`SU[a`S^%k `ad_Se cgW^SeUa_b^W_W`fS`W`USVS
g`S VW^Sebdah[`U[Se' :^ bdWeW`fW fdSTS\aS`S^[lS%VW`fda
VW^S^WY[e^SU[{` `SU[a`S^Sb^[UST^W Za_aYx`WS_W`fWW`W^
bSye%^aee[efW_Sebdab[ae VW^Se^WkWe +.'2*/ &VWdWe[Vgae
Va_[U[^[Sd[ae&% +.'/*+&VWdWe[Vgae [`Vgefd[S^We&% +-').*&VW
dWe[Vgae bW^[Ydaeae&% +.'/0) &VWD87G&k +.')*1 &VWdWe[Vgae
dSV[aSUf[hae&% aTeWdhS`Vaege bd[`U[bS^We USdSUfWdyef[USe k
^SUaadV[`SU[{`a fW`e[{``ad_Sf[hS cgWSbSdf[dVWW^^Se ek
bdaVgUWW`^aeV[ef[`faeSebWUfae cgWUa`Xad_S` W^ dxY[_W`
[`fWYdS^ VW^aedWe[Vgae e{^[VaeW`6dYW`f[`S'
>BHFC9I88>vB
:^ bdWeW`fW fdSTS\abdaUgdSS`S^[lSd^aebd[`U[bS^We SebWUfae
VW^ dxY[_W`VWdWe[Vgae e{^[VaeW`6dYW`f[`S'
DSdSfS^WXWUfa% eWbdWeW`fSdw g`S Ua`e[VWdSU[{` YW`xd[US
eaTdWW^dWbSdfaVWUa_bWfW`U[Se `ad_Sf[hSe cgWd[YWW`
^SFWb|T^[US6dYW`f[`SW`_SfWd[SS_T[W`fS^%bSdS^gWYa
STadVSdW^W`UgSVdW ^WYS^ WebWUyX[Ua VWUSVSg`S VW^Se
WebWU[We VWdWe[Vgae e{^[Vae'
G[` W_TSdYa% VWTW_ae SVhWdf[d [`[U[S^_W`fWVae UgWe&
f[a`WebdW^[_[`SdWe'
Dadg`S bSdfW% ^[_[fSdW_ae`gWefdaS`w^[e[eS^dxY[_W`
Ua_|` bSdS^SYW`WdS^[VSV VW^ fWdd[fad[a `SU[a`S^' :^^a `ae
^^WhS Sa_[f[d ^Se`ad_Se Ua_b^W_W`fSd[Se VWUSVSbdah[`U[S%
^[_[fw`Va`ae S^WecgW_S`ad_Sf[ha `SU[a`S^Twe[Ua cgWeW
ZSVWeSdda^^SVa W`W^_SdUa VW^SeUa_bWfW`U[Se `SU[a`S&
^WecgWdWXWd[dW_ae' :` WefWW`XacgWVWeSdda^^SdW_ae ^ae
dWYy_W`We `ad_Sf[hae WebWUyX[Uae VW^ae dWe[Vgae e{^[Vae
gdTS`ae #@Wk +.'2*/$ k afdae dWe[Vgae e{^[VaecgWbgWVW`
bdWeW`fSdeW Ua_a ^ae[`Vgefd[S^We #@Wk +-'/*+f bW^[Ydaeae
#@Wk +-').*$%D87G#@Wk +.'/0)$ k dSV[aSUf[hae #@Wk +.')*1$'
DadafdSbSdfW% We`gWefdaUa`UWbfa cgWW^VWdWUZa W`eg
g`[VSV\gdyV[US WeSb^[UST^W S^SeV[ef[`fSee[fgSU[a`We cgW[`&
fWYdS` ^SdWS^[VSV% [`VWbW`V[W`fW_W`fW VW^ XdSUU[a`S_[W`fa
_WfaVa^{Y[Ua cgWbgWVS`[_b^[USdege [`efdg_W`fSU[a`We
^WY[e^Sf[hSe eWUfad[S^We a W^ Ua`e[Yg[W`fWS`w^[e[eVaY_wf[Ua
VWfS^We `ad_Se' 9[UZaVWafdS_S`WdS%k fdSkW`VaWefWUa`&
WbfaS^fW_ScgW`ae aUgbS%bgWVW` bdWeW`fSdeW dWe[Vgae
$)
%
cgWVWTS`Ug_b^[d Ua` _we VWg` dxY[_W`%bad Ua[`U[V[d
ege UgS^[VSVWe Ua` ^SebdWh[e[a`WeVW^aT\WfadWYg^SVa W`
_we VWg`S `ad_S'
6ey%`a VWTW WjfdSzS_ae cgW^S_[e_S @Wk +.'2*/ bdWhWS
eg Sb^[USU[{`S ^ae dWe[Vgae[`Vgefd[S^WecgWeWS`S^US`lS&
Vae bad W^Ua`UWbfaVWdWe[VgaeVa_[U[^[Sd[ae%bgV[W`Va
dWeg^fSdfS_T[x` Sb^[UST^WS ^ae dWe[VgaedSV[aSUf[haea
Ua` D87GHGDO<ADGIBF:K>= ;BHA>FODJ!cgW eWbdaVglUS` W`
w_T[fae gdTS`ae' >YgS^_W`fW% SfW`V[W`Va^SWjU^ge[{`VW
eg bdab[a dxY[_W` cgW^S@Wk+.'2*/ dWS^[lSS`fWdWe[Vgae
cgWeWW`UgW`fdW` dWYg^SVae bad `ad_Se WebWUyX[USe% bgWVW
b^S`fWSdeWW`W^USeaUa`UdWfag` Ua`X^[Ufa`ad_Sf[ha Ua`
dWe[VgaecgWbgWVS` eWdUS^[X[USVae S ^ShWl Ua_a Va_[&
U[^[Sd[ae k Ua_a [`Vgefd[S^We% bW^[Ydaeaea bSfaYx`[Uae &W`
UgS`fa Wefae|^f[_ae WjU^gkW` S ^ae Va_[U[^[Sd[aeVWege
dWYy_W`We WebWUyX[Uae&% Ua` ^a cgW ^S Sgfad[VSVVWTWdw
abfSd bad SV[U[a`Sda bad VWeWUZSd Wj[YW`U[Se `ad_Sf[hSe%
k W`WefW|^f[_a USeaVWfWd_[`SdUgw^We' DadafdS bSdfW% `a
VWTWbWdVWdeW VWh[efS cgWfS_T[x` ^S@Wk+.'/*+ bgWVS
dWYg^Sd W` U[WdfSe aUSe[a`We^ae _[e_ae dWe[VgaecgW^S
@Wk+-').** a +.'/0)% cgW WjbdWeS_W`fWUa`fW_b^S` eg
Sb^[USU[{`e[_g^fw`WS'
:e cgWSg`cgW W^dxY[_W`VW^ae dWe[VgaeeWUSdSUfWd[Uo
bad g`S XdSY_W`fSU[{`cgW[_ba`W ^SZWfWdaYW`W[VSV VW
ege V[ef[`fae f[bae k fxU`[USeVWYWef[{`"% W^ Ua`\g`fa VW`ad&
_Se eaTdWdWe[VgaeVWTWSb^[USdeWVWg`S _S`WdS [`fWYdS^
k UaadV[`SVS'MW`WeSUaadV[`SU[{`W^Ua`X^[Ufa eWYW`WdSdw
e{^a UgS`Va &VWT[W`Va Sb^[USdeWS g` _[e_a aT\Wfa&^ae
dWYy_W`We WebWUyX[Uae bdWeW`fW` Ua`fdSV[UU[a`We [`eS^hST^We
* A6FH6 G' ?I@>6' @S `gWhS ^Wk+./*+ VW<Wef[{` [`fWYdS^VWdWe[VgaebdahW`[W`fWe
VWSUf[h[VSVWe[`Vgefd[S^We k VWeWdh[U[ae %W` 6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:"
+)),&_% b' *+.2'
+ F:Bt ?6J>:F G6BH6A6Fy6 6F>B6G' ,=EBFBJKI:<BRFDG<:DO @>JKBRF =>I>JB=LGJ"
7SdUW^a`S%8WVWUe% +)))% b' ,.'
%!
_WV[S`fW[`fWdbdWfSU[{`% k Va`VW&Ua_a aTeWdhSJ 6@@G
,
&^ae
aT^[YSVaefdSfSdw`VWW`UgSVdSdeW W`W^dxY[_W` cgW_we
^WeUa`hW`YS%^a cgWdWcgWd[dw VWSgfad[VSVWe k \gWUWe g`
bda^[\a W\WdU[U[a ^{Y[UabSdS [VW`f[X[USd ^S`ad_S Sb^[UST^W%
W`USVSUSea%Sg` dWe[VgaVWfWd_[`SVa'
;[`S^_W`fW%VWTW_aeSU^SdSd cgWfaVa WefWWebWUfda `ad&
_Sf[ha%Sg`cgW ^a dWUadVS_aeW` SfW`U[{`S ^ae dWe[Vgae
e{^[Vae%fS_T[x` WeSb^[UST^WW` U[Wdfae USeae S dWe[Vgae
^ycg[Vaea YSeWaeaecgWdWeg^fW` S^US`lST^We bad ^SVWX[`[&
U[{` ^WYS^ cgWUSVSdxY[_W`[_ba`W'
*' :GEI:A6 9: 8CAD:H:B8>6G 6A7>:BH6@:G
:B :@;:9:F6@>GAC 6F<:BH>BC
@S8a`ef[fgU[{` VW^SBSU[{` 6dYW`f[`SWefST^WUW g` dxY[&
_W` XWVWdS^ VWYaT[Wd`aW`W^_SdUa VW^ UgS^UaWj[efW` g`
:efSVa `SU[a`S^ Ua` +, WefSVaebdah[`U[S^Wek g`S U[gVSV
Sgf{`a_S% bSdSW^Xg`U[a`S_[W`fa VW^ UgS^eW[`ef[fgkWg`
Ua_b^W\ae[efW_SVWV[efd[TgU[{`VWUa_bWfW`U[Se'
:` baUSebS^STdSe%W`fdW^aebaVWdWe VW^WYSVae S^SBS&
U[{` eWW`UgW`fdS^SeS`U[{` VW^LVWdWUZa Ua_|` &U[h[^%
bW`S^%Ua_WdU[S^% ^STadS^k _[`Wda&#Sdf'0.%[`U' *+ 8B$%VW^
LVWdWUZa XWVWdS^ &eaTdWSVgS`Se%Ua_WdU[ak `ShWYSU[{`
[`fWd\gd[eV[UU[a`S^ `ShWYSU[{`&#Sdf%0. [`U' *%*)%*, 8B$ k
VW^ LVWdWUZa ^aUS^ bSdS\gd[eV[UU[a`We fWdd[fad[S^We XWVWdS^We
#Sdf' 0. [`U' ,) 8B$' @aeWefSVae bdah[`U[S^We Ua`eWdhS`faVae
^aebaVWdWe `a VW^WYSVae WjbdWeS_W`fWS^YaT[Wd`aXWVWdS^
#Sdf'*+*%8B$' DWda% Seg hWl%eWdWUa`aUW S^Sebdah[`U[Se W^
Va_[`[a ad[Y[`Sd[aVW^aedWUgdeae `SfgdS^We#Sdf'*+-%8B$%
k W` Ua`eWUgW`U[S ^SUa_bWfW`U[SbSdS^SdWY^S_W`fSU[{`
VWeg gea k V[ebae[U[{` k bSdSeg SV_[`[efdSU[{`'
, A6F^C ;' J6@@G'@S ^Wk+./*+ VWFWe[Vgae [`Vgefd[S^We3afdS ^WkVWdWe[Vgae %
W` 6>MBJK: 9LIBJHIL=>F<B: ,I@>FKBF:"+))+&_%b' **/0'
%"
:` _SfWd[SS_T[W`fS^%S`fWeVW*22- ^Se`ad_Se VWbdW&
eWdhSU[{` dWeg^fSTS` Sfd[Tgfabdah[`U[S^k ^SBSU[{`USdWUyS
VWUa_bWfW`U[Se WebWUyX[USe% Sg`cgWeWZSTyS[`efSgdSVa
g` e[efW_SVW`ad_Se `SU[a`S^WeVWVWdWUZa ^aUS^S^cgW
^Se bdah[`U[Se SVZWdyS` ha^g`fSd[S_W`fW_WV[S`fWg`S
`ad_S bdah[`U[S^%Ua` ^acgWW^ fWjfaVW^S^WkVW^ 8a`YdWea
BSU[a`S^eWfdS`eXad_STSW`g`S ^WkVWVWdWUZa b|T^[UaVW
^Sbdah[`U[ScgWSVZWdyS'
@SdWXad_SUa`ef[fgU[a`S^VW*22- WefST^WU[{ cgW 8a&
ddWeba`VWS^SBSU[{`V[UfSd ^Se`ad_Se cgWUa`fW`YS`^ae
bdWegbgWefae _y`[_ae VWbdafWUU[{`% k S^Sebdah[`U[Se%^Se
`WUWeSd[Se bSdSUa_b^W_W`fSd^Se% e[` cgWScgW^^Se S^fWdW`
^Se\gd[eV[UU[a`We ^aUS^We #Sdf'-*%8B$' 9[UZaebdWegbgWe&
fae _y`[_ae dWeg^fS` g`S egWdfWVW^WY[e^SU[{` egefS`f[hS
Ua_|` S faVae ^ae SdYW`f[`ae"% Sg`cgW`a ea` dWS^_W`fW
VWdWUZa VWXa`Va%kS cgWW^8a`YdWea`a UgW`fSUa` ^S
S_b^[S XSUg^fSV bSdS^WY[e^Sd W`^S_SfWd[SUa` cgWUgW`fS
W`^aeVW_weUSeaeVWVWdWUZae egefS`f[hae cgWeWVW^WYS`
W`W^SdfyUg^a 0. 8B4 e{^a bgWVWdWYg^Sd ^a _y`[_a k Wj&
U^ge[hS_W`fWbgWVWZSUWd^S W`_SfWd[SVWbdafWUU[{` VW^
egefdSfaWUa^{YyUa""% e[` cgWWefSdWYg^SU[{` bgWVSS^fWdSd ^S
Sb^[USU[{` `ad_Sf[hS cgWUaddWeba`VW S^S\gd[eV[UU[{` ^aUS^'
GaTdW^STSeWVWWeaebdWegbgWefae _y`[_ae X[\SVae bad o%
BSU[{`%USVSbdah[`U[SV[UfSeg dxY[_W`bdab[a%bgV[W`Va
[`UdW_W`fSd% _Se `a V[e_[`g[d%^ae `[hW^We VWbdafWUU[{`
S_T[W`fS^WefST^WU[Vae bad ScgW^^ae bdWegbgWefae'
:` WefWUa`fWjfaUa_bWfW`U[S^% Ua_a hWdW_ae% ^Se`ad_Se
`SU[a`S^WeW` S`w^[e[e[_badfSdw` g`S `SfgdS^WlS_[jfS%
W`UgS`fa dWYg^S` SebWUfae VWVWdWUZa Ua_|` S^dWYg^Sd
- FC7:FHC9FCA>k :9I6F9C A:B:A' 4: .GFJKBKL<BRF I>?GIE:=:$.GE>FK:=:" 7gW`ae
6[dWe%8[gVSV 6dYW`f[`S%*22-%b' *--'
. =IA7:FHC EI>FC<6 @6J>t' @S bdafWUU[{`VW^S_T[W`fWW` ^SdWXad_SVW^S
8a`ef[fgU[{` BSU[a`S^ %W`6>MBJK: /B:IB: 4: 4>KC" _Sdla% *22/#S$%b' *4u9' :^
WefSVaWUa^{Y[Ua VWVWdWUZa W`^S8a`ef[fgU[{` BSU[a`S^ %W`6>MBJK:/B:IB:
4: 4>O"STd[^%*22/#T$%b' *'
%#
dWeba`eST[^[VSVWe U[h[^We k bW`S^We% VWVWdWUZa XWVWdS^
S^dWYg^Sd W^fdw`e[fa[`fWd\gd[eV[UU[a`S^ VWdWe[Vgae% k VW
VWdWUZa ^aUS^#W`W^USeaVW^S@Wk +-').*$ S^cgWSVZ[WdW`
S^Yg`ae WefSVaebdah[`U[S^We' DWdafS_T[x` WefST^WUW`
`ad_Se VWbdWegbgWefae _y`[_ae VWbdafWUU[{` cgW^Se
bdah[`U[SebgWVW` Ua_b^W_W`fSdUa` bdWh[e[a`We `ad_S&
f[hSeVW_Skad Wj[YW`U[S'
.<#@:M+.'2*/ 9: <:GH>vB >BH:<F6@
9: F:G>9ICG 9CA>8>@>6F>CG
6' 8a`UWbfaeTwe[Uae
@gWYa VW^SdWXad_S VW^S8a`ef[fgU[{` 6dYW`f[`SW`*22-%
WeS`U[a`S W`W^Sza +))- ^S@Wk+.2*/%VWYWef[{`[`fW&
YdS^VWdWe[Vgae Va_[U[^[Sd[ae&dWY^S_W`fSVS bad 9WUdWfa
**.1(+))-&%Va`VWeWWefST^WUW` ^aebdWegbgWefae _y`[_ae VW
bdafWUU[{` S_T[W`fS^bSdS^SYWef[{` [`fWYdS^ VW^aedWe[Vgae
Va_[U[^[Sd[ae VWad[YW` dWe[VW`U[S^% gdTS`a%Ua_WdU[S^% Se[e&
fW`U[S^% eS`[fSd[a%[`Vgefd[S^a [`ef[fgU[a`S^% Ua`^SeS^hWVSV VW
ScgW^^ae cgWeWW`UgW`fdW` dWYg^SVae bad`ad_Se WebWUyX[USe
#Sdf' *'r$'8gWef[{`cgWb^S`fWS`a baUae[`fWddaYS`fWe% Ua_a%
bad W\W_b^a% ^a dW^Sf[ha S ^SUaadV[`SU[{`Ua` ^SSb^[USU[{`
VW^S^WkeaTdWYWef[{` [`fWYdS^ VWdWe[Vgae [`Vgefd[S^We k VW
Uf[h[VSVWe VWeWdh[U[ae +.'/*+ eS`U[a`SVSW`W^Sza +))+
/
%
* 6 6@@G' @S ^Wk+.2*/ VWYWef[{` VWdWe[VgaeVa_[U[^[Sd[ae' I`S ^WkVW
bdWegbgWefae_y`[_ae VWbdafWUU[{`S_T[W`fS^bSdS ^SYWef[{`[`fWYdS^ VW
UaeSeVWeWUZSVae a STS`Va`SVSecgWUSdWlUS VWg`S dWYg^SU[{` WebWUyX[US % W`
dWh[efSV[Y[fS^02/B:D$<GE"98-6*% +))-%Ua`eg^fSVa3+2()2(+))1' ?I6B FC9F><C
K 6@G= aTeWdhS^Sbae[T[^[VSVVWUaadV[`SdS_TSe `ad_Se3 :e VWWebWdSd cgW
^SXgfgdSdWY^S_W`fSU[{` VW^S^Wk+.'/*+%dWS^[UW g`S bdWU[eS VW^[_[fSU[{` W`fdW
^ae dWe[VgaedWYg^SVae bad ^S_[e_S k ^aedWe[VgaeVa_[U[^[Sd[ae%Se[_[^S`Va
Wjb^yU[fS_W`fW S^aedWe[Vgae cgW`a bdWeW`fW` `[hW^We VWd[WeYa S^aedWe[Vgae
Va_[U[^[Sd[ae%:` WefWeW`f[Va%^SVWX[`[U[{` cgWTd[`VSW^ \gWYaVW^aeSdfe%*')
k +%r VW^S@Wk +.'2*/%Ua`ef[fgkWW^g_TdS^ a [`fWdXSeW Ua` ^SUSfWYad[lSU[{` VW
dWe[Vgae% SbSdf[dVW^ae`[hW^We VWd[WeYa% SVabfSVabad ^S^Wk+.%/*+ 3K6@G=%
@S@Wk+.'2*/ eaTdWYWef[{`VWdWe[VgaeVa_[U[^[Sd[ae3g`S b[WlS`gWhSW`
%$
g afdae dWe[Vgae&Ua_a ^ae bSfa^{Y[Uae%bW^[Ydaeae%Ua` Ua`&
fW`[Vae VW3+*5 a [`U^gea ^ae dSV[SUf[hae&cgWbgWVW`fW`Wd
ad[YW`dWe[VW`U[S^% gdTS`a% Ua_WdU[S^% Se[efW`U[S^%eS`[fSd[a%
[`Vgefd[S^ a [`ef[fgU[a`S^'
:`fdW ^ae aT\Wf[hae X[YgdS`3 S' ^aYdSd g` SVWUgSVak
dSU[a`S^ _S`W\a VW^ae dWe[VgaeVa_[U[^[Sd[ae _WV[S`fWeg
YWef[{` [`fWYdS^%S X[` VWbdafWYWdW^S_T[W`fW k ^SUS^[VSV
VWh[VS VW^SbaT^SU[{`4 T' bda_ahWd ^ShS^ad[lSU[{` VW^ae
dWe[Vgae Va_[U[^[Sd[ae% _WV[S`fW ^S [_b^W_W`fSU[{` VW
_xfaVae k bdaUWeaeSVWUgSVae4U' _[`[_[lSd ^ae [_bSUfae
`WYSf[hae cgW Wefae dWe[Vgae bgWVS` bdaVgU[d eaTdWW^
S_T[W`fW4 V' ^aYdSd ^S _[`[_[lSU[{` VW^ae dWe[Vgae Ua`
VWef[`a S V[ebae[U[{` X[`S^#Sdf' -'r$'
@S ^WkUa`e[VWdSdWe[Vgae Va_[U[^[Sd[ae ScgW^^ae W^W&
_W`fae% aT\Wfae a egefS`U[Se cgWUa_a Ua`eWUgW`U[SVW^ae
bdaUWeaeVWUa`eg_a k VWeSdda^^aVWSUf[h[VSVWeZg_S`Se
ea` VWeWUZSVae a STS`Va`SVae #Sdf' +'r$' 8a`UWbU[{` W` ^S
cgW^SVaUfd[`S `a SVh[WdfWUa`fdSV[UU[a`WeUa` ^SUa`fW`[&
VS W` W^U{V[Ya U[h[^#Sdfe' +.+/(+.+0 k +.+2$0' 6g`cgW `a
gf[^[lS ^SVW`a_[`SU[{` dWe[Vgae e{^[Vae gdTS`ae #FGI$%
e[`a cgWeWdWX[WdW S dWe[VgaeVa_[U[^[Sd[ae%W` g` faVa VW
SUgWdVaUa` ^SfWd_[`a^aYyS W_b^WSVSW` ^WkWe S`fWd[adWeo
#Sdf' +'r @Wk+-').* k Sdf' .'r @Wk+./*+$% USTWW`fW`VWdcgW
eWdWX[WdW S W^^ae'
@SYWef[{` [`fWYdS^eWdWX[WdW S^ Ua`\g`fa VWSUf[h[VSVWe
[`fWdVWbW`V[W`fWe k Ua_b^W_W`fSd[SeW`fdWey%cgWUa`Xad_S`
g` bdaUWeaVWSUU[a`WebSdS W^_S`W\a VWdWe[VgaeVa_[U[&
^[Sd[ae Ua` W^aT\Wfa VWbdafWYWd W^S_T[W`fWk ^SUS^[VSVVW
h[VS VW^SbaT^SU[{` k Ua_bdW`VW^SeWfSbSeVWYW`WdSU[{`%
W^fST^Wda VW^ae bdWegbgWefaedd|`[_ae VWbdafWUU[{` S_T[W`fS^ %W`,F:D>J
=>D:4>@BJD:<BRF ,I@>FKBF:"+))-&:% b' /./.'
0 7)0'-# CT' U[f'%b' /./.' +)4025 6' FC9Fy<I:N' @S^WkVWbdWegbgWefae _y`[_ae
VWYWef[{`VWdWe[VgaeVa_[U[^[Sd[ae#^Wk +.2*/$ % W`6>MBJK: 4: 4>O"7LHD>E>FKG
=>/>I><AG,E;B>FK:D" `ah[W_TdW%+))/% b' *'
%%
V[ebae[U[{` [`[U[S^ #*$%dWUa^WUU[{` k fdS`ebadfW #+$%fdS`eXW&
dW`U[S%fdSfS_[W`fa k V[ebae[U[{` X[`S^#,$ #Sdf' ,'r$'
! $:)7)9 ,- 3) /-9:1>5 15:-/8)3
,- 8-91,;69 ,641+131)8169
&$1>F>I:<BRFO =BJHGJB<BRF BFB<B:D
@SYW`WdSU[{` We^SSUf[h[VSVcgWUa_bdW`VW^SbdaVgUU[{`
VWdWe[VgaeVa_[U[^[Sd[ae #Sdf','r$' <W`WdSVadbgWVWeWdfaVS
bWdea`S Xye[USa \gdyV[UScgW bdaVglUS dWe[Vgae Ua`Xad_W
S ^SVWX[`[U[{`VW^SdfyUg^a+'r MeWU^Se[X[US`% W` Xg`U[{` VW
^S US^[VSVk US`f[VSV VWdWe[Vgaek VW^Se Ua`V[U[a`We W`
cgW^ae YW`WdS`%W` YW`WdSVadWe [`V[h[VgS^We k WebWU[S^We%
eWY|` ^ae bSdw_Wfdae WefST^WU[Vae bad ^Se`ad_Se Ua_b^W&
_W`fSd[Se VWUSVS\gd[eV[UU[{` #Sdf%**$'
<W`WdSVadWeWebWU[S^We ea` ScgW^^ae YW`WdSVadWe cgW
bdaVgUW` dWe[Vgae Va_[U[^[Sd[ae W` US^[VSV%US`f[VSV k
Ua`V[U[a`WefS^WecgW%SUd[fWd[a VW^SSgfad[VSV Ua_bWfW`fW%
dWcg[WdW` VW^S[_b^W_W`fSU[{` VWbdaYdS_Se bSdf[Ug^SdWe
VWYWef[{`%bdWh[S_W`fWSbdaTSVae bad W^^S' @aeYW`WdSVadWe
[`V[h[VgS^We%W` US_T[a%ea` ScgW^^aecgW `a bdWU[eS`VW
bdaYdS_Se bSdf[Ug^SdWeVWYWef[{`'
:^ YW`WdSVadf[W`W^S aT^[YSU[{` VWdWS^[lSdW^SUab[a
[`[U[S^ k ^S V[ebae[U[{` [`[U[S^ VW^ae dWe[Vgae VWSUgWdVa
Ua` ^Se `ad_Se Ua_b^W_W`fSd[Se cgW USVS\gd[eV[UU[{`
efST^WlUS#Sdf%2'r$'
@SV[ebae[U[{` [`[U[S^ VWdWe[VgaeVa_[U[^[Sd[ae We^SSU&
[{` bad ^S UgS^eWVWbae[fS` a STS`Va`S` ^ae dWe[Vgae4We
XWUfgSVS bad W^YW`WdSVad% VWTWdWS^[lSdeWW` ^SXad_S cgW
VWfWd_[`W`^SeV[ef[`fSe \gd[eV[UU[a`Wek bgWVWeWdeW^WUf[hS
YW`WdS^% eWY|` Ua`^^WhWa `a U^Se[X[USU[{` k eWbSdSU[{`
VWdWe[VgaeS USdYaVW^YW`WdSVad#Sdf' ,'r$' @SV[ebae[U[{`
VWTWdw WXWUfgSdeW _WV[S`fW _xfaVae Sbdab[SVae cgWbdW&
M `YS` k _[`[_[UW` ^ae bae[T^We[_bSUfae `WYSf[hae eaTdW
;<S_T[W`fWk ^SUS^[VSVVWh[VS VW^SbaT^SU[{` #Sdf' *)'r$'
%&
'$ 6><GD><<BRF O KI:FJHGIK>
@SdWUa^WUU[{` Ua_bdW`VWW^ Ua`\g`fa VWSUU[a`We VWSUab[a
k USdYS VW^aedWe[Vgae W`^aehWZyUg^ae dWUa^WUfadWe% kW`
Xad_Se[_[^SdS^SV[ebae[U[{`[`[U[S^% bgWVWeWd V[XWdW`U[SVS
a YW`WdS^% eWY|`eWV[eUd[_[`Wbadf[ba VWdWe[Vga W`Xg`U[{`
VWeg fdSfS_[W`fak hS^adSU[{`baefWd[ad#Sdf','r$'
@SeSgfad[VSVWe Ua_bWfW`fWe VWTWdw` YSdS`f[lSdcgW^ae
dWe[Vgae Va_[U[^[Sd[aeeWS`dWUa^WUfSVae k fdS`ebadfSVae
S ^aee[f[aeZST[^[fSVae_WV[S`fW_xfaVae cgWbdWhW`YS`
k _[`[_[UW` ^ae [_bSUfae `WYSf[haeeaTdWW^S_T[W`fWk
^S US^[VSVVWh[VS VW^SbaT^SU[{`' 6e[_[e_a% VWTWdw`
VWfWd_[`Sd ^S_WfaVa^aYyS k XdWUgW`U[S Ua` cgWeWZSdw^S
dWUa^WUU[{`% cgWVWTWdw SVWUgSdeW S^SUS`f[VSVVWdWe[Vgae
YW`WdSVae k S^SeUSdSUfWdyef[USe S_T[W`fS^We k YWaYdwX[USe
VWeg \gd[eV[UU[{` #Sdf'*,$'
:^ fdS`ebadfWUa_bdW`VW^ae h[S\WeVWfdSe^SVaVW^ae
dWe[VgaeW`fdW^ae V[XWdW`fWe e[f[ae Ua_bdW`V[VaeW` ^S
YWef[{`[`fWYdS^ #Sdf','r$ k VWTWdw WXWUfgSdeW W`hWZyUg^ae
ZST[^[fSVae k VWT[VS_W`fW SUa`V[U[a`SVaeVW_S`WdScgW
eWYSdS`f[UW` g`S SVWUgSVS Ua`fW`U[{`VW^aedWe[Vgae k eW
Wh[fWeg V[ebWde[{` W`W^S_T[W`fW#Sdf'*-$'
($ 8I:K:EB>FKG"KI:FJ?>I>F<B: O =BJHGJB<BRF ?BF:D
:^ fdSfS_[W`fa Ua_bdW`VWW^Ua`\g`fa VWabWdSU[a`We
fW`V[W`fWe S^SUa`V[U[a`S_[W`fak ^ShS^ad[lSU[{`VW^ae
dWe[Vgae' GWW`f[W`VW bad SUa`V[U[a`S_[W`fa^SeabWdSU[a&
`WedWS^[lSVSe S X[`VWSVWUgSd ^aedWe[Vgae bSdSeg hS^a&
d[lSU[{` a V[ebae[U[{`X[`S^' GWW`f[W`VW bad hS^ad[lSU[{`
faVabdaUWV[_[W`fa cgWbWd_[fSW^ SbdahWUZS_[W`fa VW^ae
dWUgdeae Ua`fW`[VaeW`^aedWe[Vgae _WV[S`fWW^dWU[U^S\W
W` ege Xad_SeXye[US% cgy_[US%_WUw`[US a T[a^{Y[USk ^S
dWgf[^[lSU[{` #Sdf%,'r$'
D^S`fSeVWfdSfS_[W`faea` ScgW^^Se [`efS^SU[a`We ZS&
T[^[fSVSebSdS fS^X[` bad ^SSgfad[VSVUa_bWfW`fWk W`
.0
^SeUgS^We ^ae dWe[Vgae Va_[U[^[Sd[aeea` SUa`V[U[a`SVae
a hS^ad[lSVae':^ dWUZSla VW^aebdaUWeae VWhS^ad[lSU[{`
k faVa dWe[VgaVa_[U[^[Sd[acgW`a ZSkSe[VahS^ad[lSVa
VWTWdw fW`Wd Ua_a VWef[`ag` UW`fdaVWV[ebae[U[{`X[`S^
ZST[^[fSVa bad ^SSgfad[VSVUa_bWfW`fW #Sdf'*.$'
@SfdS`eXWdW`U[S Ua_bdW`VW^SeSUf[h[VSVWe VWS^_SUW&
`S_[W`fa fdS`e[fad[aa SUa`V[U[a`S_[W`faVWdWe[Vgae bSdS
eg fdS`ebadfW4 W^fdS`ebadfW[`U^gkW^aeh[S\WeVWfdSe^SVa
VW^aedWe[Vgae W`fdW^aeV[XWdW`fWe e[f[aeUa_bdW`V[VaeW`
^SYWef[{` [`fWYdS^ #Sdf%,'r$'
@S^WkVW`a_[`S WefSU[{`VWfdS`eXWdW`U[S S ScgW&
^^Se[`efS^SU[a`We ZST[^[fSVSe bSdSfS^X[`bad ^SSgfad[VSV
Ua_bWfW`fWk W`^SeUgS^We ^aedWe[Vgae Va_[U[^[Sd[aeea`
S^_SUW`SVae fdS`e[fad[S_W`fWa SUa`V[U[a`SVaebSdSeg
fdS`ebadfW#Sdf'*/$'
@SV[ebae[U[{`X[`S^Ua_bdW`VWW^Ua`\g`fa VWabWdS&
U[a`WeVWef[`SVSe S ^aYdSdW^VWb{e[fabWd_S`W`fWVW^ae
dWe[Vgae Va_[U[^[Sd[ae% SeyUa_a VW^SeXdSUU[a`We VWdWUZS&
la [`Wh[fST^We dWeg^fS`fWe VW^ae _xfaVae VWfdSfS_[W`fa
SVabfSVae' 6e[_[e_a% cgWVS`Ua_bdW`V[VSe W`WefSWfSbS
^SeSUf[h[VSVWe bdab[SeVW^SU^SgegdS k baeU^SgegdSVW^ae
UW`fdae VWV[ebae[U[{`X[`S^#Sdf' ,'r$'
@aeUW`fdae VWV[ebae[U[{`X[`S^ea` ScgW^^ae ^gYSdWe We&
bWU[S^_W`fW SUa`V[U[a`SVae k ZST[^[fSVae bad ^SSgfad[VSV
Ua_bWfW`fW bSdS^SV[ebae[U[{`bWd_S`W`fWVW^aedWe[Vgae
#Sdf' *0$k cgWbSdSeWd ZST[^[fSVae VWTWdw` SVWUgSdeW S^ae
dWcg[e[faeWefST^WU[Vae bad ^SeSgfad[VSVWe Ua_bWfW`fWe
W`Xg`U[{`VW^SeUSdSUfWdyef[USe VW^aedWe[Vgae Va_[U[^[S&
d[aebad V[eba`Wd% VW^SefWU`a^aYySe bad gf[^[lSdk VW^Se
USdSUfWdyef[USe S_T[W`fS^We ^aUS^We' G[` bWd\g[U[a VWW^^a%
^SZST[^[fSU[{` VWWefaeUW`fdae dWcgWd[dw VW^SSbdaTSU[{`
VWg`S WhS^gSU[{` VW[_bSUfa S_T[W`fS^%cgW[`U^gkS^S
W\WUgU[{` VWg` b^S` VW_a`[fadWa VW^Sebd[`U[bS^We hSd[S&
T^We S_T[W`fS^We VgdS`fW^SeXSeWe VWabWdSU[{`% U^SgegdS
k baeU^SgegdS#Sdf'*1$'
%(
@aeUW`fdae VWV[ebae[U[{`X[`S^VWTWdw` gT[USdeW W`e[f[ae
egX[U[W`fW_W`fW S^W\SVae VWwdWSe gdTS`Se%VW_S`WdSfS^cgW
`a eWhWSSXWUfSVS ^SUS^[VSV VWh[VSVW^SbaT^SU[{`4k eg
W_b^SlS_[W`fa VWTWdw VWfWd_[`SdeW Ua`e[VWdS`Va ^Sb^S&
`[X[USU[{` fWdd[fad[S^% W^ gea VW^ egW^ak ^SWjbS`e[{` gdTS`S
VgdS`fWg` ^SbeacgW[`U^gkSW^ bWdyaVa VWbaeU^SgegdS' Ba
baVdw`WefST^WUWdeW VW`fdaVWwdWSe bdafWY[VSe a e[f[aecgW
Ua`fW`YS`W^W_W`fae e[Y`[X[USf[hae VW^ bSfd[_a`[a `SfgdS^
k Ug^fgdS^ #Sdf'+)$ `[ W`wdWSe [`g`VST^We#Sdf%+*$1'
@S^Wk Sbg`fS X[`S^_W`fWcgWbSdS^SabWdSU[{` k U^SgegdS
VW^Seb^S`fSe VWfdSfS_[W`fak VW^SeWefSU[a`We VWfdS`e&
XWdW`U[S% k bSdS^SabWdSU[{`% U^SgegdSk baeU^SgegdSVW^ae
UW`fdaeVWV[ebae[U[{`X[`S^% ^SeSgfad[VSVWe Ua_bWfW`fWe
VWTWdw` Sgfad[lSd_xfaVae k fWU`a^aYySe cgWbdWhW`YS` k
_[`[_[UW` ^aebae[T^We [_bSUfae`WYSf[hae eaTdWW^ S_T[W`fW
k ^SUS^[VSV VWh[VSVW^SbaT^SU[{`#Sdf'*2$'
8' "647-:-5+1) = +668,15)+1>5
15:-82;819,1++165)3
8a_a S^Ua_[W`la eWWjb^[U{% ^SUa_bWfW`U[S bSdS^SdWYg^S&
U[{`k YWef[{`VW^aedWe[Vgae Va_[U[^[Sd[aeW`6dYW`f[**X We
VWUSdwUfWd bdah[`U[S^a ^aUS^% e[` bWd\g[U[a VWcgWS^Yg`ae
W
SebWUfae VWW^^S bgWVS`hWdeWS^US`lSVaebad ^WkWe VW&bdW&
egbgWefae_y`[_ae VWbdafWUU[{` S_T[W`fS^Ua_a ^STS\a
Ua_W`fSd[a%cgW`a eW^[_[fS e{^a S^dWUa`aU[_[W`fa VW^S
Ua_bWfW`U[S S`fWeeWzS^SVS #Sdf% .'r$%e[`a cgWWjbdWeS_W`fW
1 @SGgbdW_S8adfWVW?gef[U[SVW^SDdah[`U[SVW7gW`ae6[dWeZ[la ^gYSddWU[W`fW&
_W`fWS g` S_bSda k Sb^[US`Va V[dWUfS_W`fW^S `ad_Sf[hS VWdWe[Vgae
Va_[U[^[Sd[aeW`UgWef[{`4afadY{g` b^Sla VWfdWe _WeWe% VWeVW ^S`af[X[USU[{`
VW^SeW`fW`U[S% bSdS cgWW^_g`[U[b[a [_b^W_W`fSdS O''' Qg`S ea^gU[{`
VWX[`[f[hS Seg e[efW_SVWV[ebae[U[{`X[`S^VWdWe[VgaeUa` b^W`SSVWUgSU[{` S
^Se`ad_Se VWVWdWUZa S_T[W`fS^O''' Q %BFI> MS`W%GS^hSVadU'Ag`[U[bS^[VSV
VW<W`WdS^6^hSdSVa ( *-(**(+))04 Ua` `afS VWBteHCF 86;;:F6HH6' :^
VWddafWda VW^SVWXW`eS VW^ _WV[aS_T[W`fW %W`6>MBJK: 4: 4>O"7gW`ae 6[dWe%
+))1%b' *-*'
%)
WefST^WUW ^SdWeba`eST[^[VSV VW^SeSgfad[VSVWe Ua_bWfW`&
fWebad ^SYWef[{`[`fWYdS^ VW^ae dWe[VgaeVa_[U[^[Sd[ae
bdaVgU[VaeW`eg \gd[eV[UU[{`% k ^Se[`efS S WefST^WUWd ^Se
`ad_Se Ua_b^W_W`fSd[Se `WUWeSd[Se bSdSeg Ug_b^[_[W`fa
WXWUf[ha #Sdf'/'r$2'
Ba SYdWYS VW_Se[SVa^S^WkS^VWdWUZa kS Wj[efW`fW #*+-
8B$ UgS`VaZST[^[fSS^SeSgfad[VSVWe Ua_bWfW`fWe SegeUd[&
T[dUa`hW`[aeT[^SfWdS^We a _g^f[^SfWdS^We cgWbae[T[^[fW` ^S
[_b^W_W`fSU[{`VWWefdSfWY[Se dWY[a`S^We bSdSS^Yg`Sa ^S
fafS^[VSVVW^SeWfSbSeVW^SYWef[{` [`fWYdS^ VW^aedWe[Vgae
Va_[U[^[Sd[ae#Sdf'0'r$*)'
:ebWU[S^ [_badfS`U[S dWh[efW ^SXg`U[{`VWUaadV[`SU[{`
[`fWd\gd[eV[UU[a`S^ bSdSW^ Ug_b^[_[W`fa VW^aeaT\Wf[haeVW
^S^WkcgW%W`Ug_b^[_[W`fa VW^ DSUfa;WVWdS^ 6_T[W`fS^%
eWba`WW`USTWlS VW^ 8a`eW\a ;WVWdS^ VWAWV[a6_T[W`fW
#8aXW_S$#Sdf'++$%cgWW`bSdf[Ug^SdVWTW3 S' Ua`eW`egSd
ba^yf[USe VWYWef[{` [`fWYdS^ VW^aedWe[Vgae Va_[U[^[Sd[ae4 T'
SUadVSd Ud[fWd[ae fxU`[Uaek S_T[W`fS^We bad W_b^WSd W`^Se
V[ef[`fSeWfSbSeVW^SYWef[{`[`fWYdS^4 U'Ua`eW`egSd% \g`fa
S^SSgfad[VSVVWSb^[USU[{`% ^Se_WfSeVWhS^ad[lSU[{`VW
2 6^ dWebWUfa eWZS eaefW`[Va cgW FWeg^fSSb^[UST^W^S^Wk`SU[a`S^ +.'2*/
#6V^S%@LB&:%.,1.$ dWebWUfa VW^ W_b^SlS_[W`fa VWg` 8W`fdaVW9[ebae[U[{`
;[`S^ VWFWe[VgaeG{^[VaeIdTS`ae W`^SeUWdUS`ySe Sg`S la`S baT^SVSVW^S
Ddah[`U[SVW7gW`ae 6[dWe%W`h[dfgVVW^ bd[`U[b[a VWUa`YdgW`U[SW`_SfWd[S
S_T[W`fS^%eWY|` W^UgS^^S^WY[e^SU[{` bdah[`U[S^k _g`[U[bS^ VWTWSVWUgSdeW
S ^ae bd[`U[b[ae k `ad_Se X[\SVSebad ScgW^^S^Wk% ^ScgWbdWhS^WUWdw W`USea
Ua`fdSd[a #VW^ hafa VW^VaUfadGbSUSdafW^$ % 8w_SdS VW6bW^SU[a`WeW` ^a
8a`fW`U[aea 6V_[`[efdSf[ha Ua` Se[W`faW`@SD^SfS% ++()/(+))/% 6eaU[SU[{`
8[h[^ BgWha6_T[W`fW8W`fda JWU[`S^Dg`fS @SdSU'8aadV[`SU[{` :Ua^{Y[US
6dWSAWfdaba^[fS`SGaU[WVSV VW^ :efSVa G' 6' % 6>MBJK: 4: 4>O"7gW`ae 6[dWe%
+))/%>#2,04 6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:"+))0&*%>#,*2'
*) 9W ZWUZa^S UaabWdSU[{`W` ^S _SfWd[SWj[efWVWeVW_gUZa S`fWe VW^S
h[YW`U[SVW^S^Wk' :^ 8[`fgd{` :Ua^{Y[UasdWSAWfdaba^[fS`SGaU[WVSV VW^
:efSVa #8WS_eW$UdWSVa W` ^ae Szae eWfW`fSW`fdW^S Ddah[`U[SVW7gW`ae
6[dWe#^WkWe 102+%11/0%121*%2.*2 M2.21 MW^VWUdWfa bdah[`U[S^+),1(00$%k
^SAg`[U[bS^[VSVVW^S8[gVSV VW7gW`ae 6[dWe#adVW`S`lSe ,-'.-/% ,.'*,.
M,/',0-$ cgWWjf[W`VWeg SUf[h[VSVeaTdWTgW`S bSdfWVW^SVW`a_[`SVS
sdWSAWfdaba^[fS`SVW7gW`ae 6[dWe#6A76$%_WUS`[e_a cgW`a dWeg^fSS\W`a
fS_baUa Sbdah[`U[Se Ua_a AW`ValS k 8{dVaTS'
&
dWe[Vgae Va_[U[^[Sd[ae#Sdf'+,$%^a cgW[_badfS g`S Uaad&
V[`SU[{` `ad_Sf[hS SVWUgSVS fS`fa Ua` W^DSUfa;WVWdS^
6_T[W`fS^ Ua_a Ua` W^G[efW_S;WVWdS^ 6_T[W`fS^ cgW
WefSfgkWW^SdfyUg^a +- VW^S@Wk+.'/0. bSdS^SSVWUgSVS
h[YW`U[S kSb^[USU[{` WXWUf[hS VW^Se`ad_Se VWbdWegbgWefae
_y`[_ae k ege `ad_Se Ua_b^W_W`fSd[Se '
:` bafW`U[S^ Ua`fdSV[UU[{` Ua`^a[`V[USVaW`^aebwddSXae
bdWUWVW`fWe% ^S^WkVWe[Y`S Ua_a Sgfad[VSVVWSb^[USU[{` S^
adYS`[e_a VW_Skad \WdSdcgyS Ua` Ua_bWfW`U[S S_T[W`fS^
cgWVWfWd_[`WW^baVWdW\WUgf[ha `SU[a`S^ #Sdf%+-$%cgW
fW`VdwW`fdWege Xg`U[a`We3
S' Xad_g^Sdba^yf[USe W`_SfWd[SVWYWef[{`VWdWe[Vgae
Va_[U[^[Sd[ae% Ua`eW`egSVSeW`W^eW`aVW^ 8aXW_S4
T' W^STadSd g` [`Xad_WS`gS^ Ua` ^S[`Xad_SU[{` cgW
^WbdahWS`^Sebdah[`U[Sek ^S8[gVSVVW7gW`ae 6[dWe%W^
cgWVWTWdw% Ua_a _y`[_a% WebWU[X[USd W^f[ba k US`f[VSV
VWdWe[Vgae Va_[U[^[Sd[aecgWea` dWUa^WUfSVae k SVW_we
ScgW^^ae cgWea` hS^ad[lSVaea cgWfW`YS`bafW`U[S^ bSdS
eg hS^ad[lSU[{`W`USVSg`S VW^Se\gd[eV[UU[a`We4
U'Xa_W`fSd_WV[VSecgWTgecgW`^S[`fWYdSU[{` VW^ae
U[dUg[fae [`Xad_S^We VWdWUa^WUU[{` VWdWe[Vgae4
V' bda_ahWdbdaYdS_SeVWWVgUSU[{` S_T[W`fS^4
W' bdahWWd SeWeadS_[W`fa bSdS^SadYS`[lSU[{`VWbdaodS&
_Se VWhS^ad[lSU[{` k VWe[efW_SeVWdWUa^WUU[{` V[XWdW`U[SVS
W`^SeV[ef[`fSe\gd[eV[UU[a`We4
X' bda_ahWd^SbSdf[U[bSU[{` VW^SbaT^SU[{`W`bdaYdS_Se
VWdWVgUU[{`% dWgf[^[lSU[{` k dWU[U^S\W VWdWe[Vgae4
Y'Xa_W`fSd% _WV[S`fWbdaYdS_SeVWUa_g`[USU[{`eaU[S^
k VW[`efdg_W`fae WUa`{_[Uaek \gdyV[Uae% ^ShS^ad[lSU[{`
VWdWe[Vgae% SeyUa_a W^Ua`eg_a VWbdaVgUfaeW` UgkS
** 96B>:@ G67G6M' A' :I<:B@6 9> D6C@6' :^ XWVWdS^[e_ak ^S `gWhS @Wk<W`WdS^
VW^6_T[W`fW % W` ,F:D>J =>4>@BJD:<BRF ,I@>FKBF:$-GD>KQF BF?GIE:KBMG" `' ,+%
+))+% b' -0' 6@CCFC9Fu<I:N G6@6G'J[YW`U[S ?abWdSf[h[VSV VW^S`ad_Sf[hS
S_T[W`fS^' :^ e[efW_S XWVWdS^ S_T[W`fS^ % W` 6>MBJK: 4: 4>O"7LHD>E>FKG =>
/>I><AG,E;B>FK:D"V[U[W_TdW%+))-% b' -'
/*
W^STadSU[{` eWW_b^WW _SfWd[S^ hS^ad[lSVaa Ua` bafW`U[S^
bSdSeg hS^ad[lSU[{`4
Z' bda_ahWdW[`UW`f[hSd^SbSdf[U[bSU[{` VW^aeeWUfadWe
bdaVgUf[haek VWUa_WdU[a VWT[W`We W`^SYWef[{` [`fWYdS^
VWdWe[Vgae4
[' [_bg^eSd k Ua`eW`egSd% W`W^w_T[fa VW^ 8aXW_S%g`
bdaYdS_S`SU[a`S^VW_WfSeUgS`f[X[UST^We VWhS^ad[lSU[{`
VWdWe[VgaeVWUg_b^[_[W`fa bdaYdWe[ha% cgWVWTWdw eWd
dWh[eSVa k SUfgS^[lSVabWd[{V[US_W`fW #Sdf'+.$'
9' FxY[_W` eS`U[a`Sfad[a
@S^WkWefST^WUW g` dxY[_W`SV_[`[efdSf[ha eS`U[a`Sfad[a
cgW[`U^gkW3 S' SbWdU[T[_[W`fa4 T' _g^fS4U'egebW`e[{` VW
^SSUf[h[VSV4 k V' UWeW VWX[`[f[ha VW^SSUf[h[VSVk U^SgegdS
VW^Se[`efS^SU[a`We #Sdf%+/$' GS`U[a`WecgW`SfgdS^_W`fW
VWTW` eWd Sb^[USVSe bdWh[S[`efdgUU[{`eg_Sd[ScgWSeWYgdW
W^ VWdWUZa VWVWXW`eS% kYdSVgSVSe Ua`Xad_WS^S`SfgdS^WlS
VW^S[`XdSUU[{` k W^VSza aUSe[a`SVa#Sdf'+0$'
:^ [`XdSUfad cgWVW`fdaVW^ fxd_[`a VWfdWe Szae S`fWd[adWe
S^SXWUZS VWUa_[e[{` VW^S[`XdSUU[{` ZSkSe[VaeS`U[a`SVa
bad afdS[`XdSUU[{` VW[Vx`f[USa e[_[^SdUSgeSeWdwUa`e[&
VWdSVa dW[`U[VW`fW #Sdf'+2$%USeaW`UgS^^ae_wj[_ae VW
^Se_g^fSe k egebW`e[a`We#[`U'Uk V%Sdf'+/$ baVdw`_g^&
f[b^[USdeW bad g`S U[XdS [YgS^S^SUS`f[VSVVWdW[`U[VW`U[Se
Sg_W`fSVSW`g`S g`[VSV#Sdf'+1$'DSdSW^USeaW`cgWW^
[`XdSUfad XgWdW g`S bWdea`S\gdyV[US% ^ae cgWfW`YS`S eg
USdYa^SV[dWUU[{`% SV_[`[efdSU[{`a YWdW`U[S eWdw` ea^[VS&
d[S_W`fWdWeba`eST^We VW^SeeS`U[a`WeWefST^WU[VSe W`W^
bdWeW`fW USbyfg^a#Sdf',+$'
6g`cgW aTeWdhSVS bad W^baVWdW\WUgf[ha S^SZadSVW
eg bda_g^YSU[{` bad [`hSV[d ^SUa_bWfW`U[S bdah[`U[S^
dWeWdhSVS bSdS^SVWX[`[U[{` VW^ae [`ef[fgfae VWVWdWUZa
SV_[`[efdSf[ha #9WUdWfa **.1 VW+))-$%^S^WkWefST^WUW ^S
bdWeUd[bU[{` VW^SeSUU[a`We bSdS^S[_bae[U[{` VW^SeeS`&
U[a`WeS^aeU[`UaSzae Ua`fSVaeSbSdf[dVW^SXWUZS W`cgW
&"
eWZgT[WdWUa_Wf[Va^S[`XdSUU[{`a cgW^SSgfad[VSVUa_&
bWfW`fWZgT[WdWfa_SVa Ua`aU[_[W`fa VWW^^S #Sdf%,)$'
@S^WkV[eba`W[YgS^_W`fWcgWW^bdaVgU[VaVW^Se_g^&
fSe eWSbWdU[T[Va bad ^Se Sgfad[VSVWeUa_bWfW`fWe% bWda
bSdS Ua`Xad_Sd g` Xa`Va VWef[`SVa%WjU^ge[hS_W`fW% S
^SbdafWUU[{` k dWefSgdSU[{` S_T[W`fS^W`USVSg`S VW^Se
\gd[eV[UU[a`We #Sdf',*$%^a cgWbgWVWW`fW`VWdeW SYdSh[S`&
fWVW^SSgfa`a_yS bdah[`U[S^k Ua`e[Yg[W`fWV[ebae[U[{`
bdWegbgWefSd[S'
@S^WkWefST^WU[{ g`S eWd[WVWb^Slae bSdS^SSVWUgSU[{`
VW^SeV[ef[`fSe\gd[eV[UU[a`We S^SeV[ebae[U[a`WeWefST^WU[VSe
#Sdfe% ,, k ,-$%cgWS^[YgS^cgW^SbdaZ[T[U[{`VW[_badfSU[{`
a [`YdWeaVWdWe[VgaeVWbSyeWe WjfdS`\Wdae #Sdf',0$*+%XgWda`
e[` W_TSdYaaTeWdhSVae badW^ baVWdW\WUgf[ha S^_a_W`fa VW
eg bda_g^YSU[{`%Ua` ^a UgS^^S`ad_S dWeg^fS VWSb^[USU[{`
*+ :^ 9WUdWfa **.1(+))- #VWbda_g^YSU[{`$SdYg_W`fSW`ege Ua`e[VWdS`Vae3
EgW^S[_badfSU[{` a [`fdaVgUU[{`VWdWe[Vgae Va_[U[^[Sd[aebdahW`[W`fWe
VWafdae bSyeWe eWZS^^SSUfgS^_W`fWbdaZ[T[VSVW`fdaVW^ae fxd_[`ae VW^
9WUdWfa `' *1* VWXWUZS +- VWW`Wda VW*22+' @SGWUdWfSdyS VW6_T[W`fWk
9WeSdda^^a GgefW`fST^W VW^ A[`[efWd[aVWGS^gVk 6_T[W`fWWeSgfad[VSVVW
Sb^[USU[{` VWV[UZaVWUdWfa% S ^aeX[`We VWSgfad[lSdW^[`YdWeaVWSc'dW^^ae
dWe[Vgae cgW%bad WefSd S_bSdSVaeW`UWdf[X[USU[a`We VW[`aUg[VSVS_T\W`fS^
k eS`[fSd[S%`a dWbdWeW`fS` g` bW^[Yda a g` d[WeYa bSdSW^ S_T[W`fW% >SWS^[VSV
VWh[VSVW^SebWdea`Se?^aedWUgdeae `SfgdS^We4 EgWg`S bdaZ[T[U[{`STea^gfS
VW[_badfSU[{` fW`VdyS g` [_bSUfa `WYSf[haW`W^eWUfad [`Vgefd[S^VW^ bSye
cgW%ZSefSSZadS%k VWSUgWdVa Ua` ^S`ad_Sf[hS h[YW`fW% ZS [_badfSVa W`
US`f[VSVk US^[VSV _gk e[Y`[X[USf[hSe dWe[Vgae `a bW^[Ydaeae Ua_a [`eg_ae
VWbdaUWeae [`Vgefd[S^We4 EgWSg`cgWg`S bdaZ[T[U[{`STea^gfSVW[`YdWea
fW`VdyS ^ShW`fS\SVWbda_ahWdg` _Skad VWeSdda^^a VW^ dWU[U^SVa VWdWe[Vgae
^aUS^We% [_badfS`fWe ^[_[fSU[a`WefWU`a^{Y[USe k WUa`{_[USe[_bWV[dyS`
ZSUWd^a W`W^Uadfab^Sla%^a UgS^dWVg`VSdyS W`g` bWd\g[U[a bSdSW^eWUfad
[`Vgefd[S^S`fWe_W`U[a`SVa%bWd\g[U[a cgW`a dWeg^fS eWdS_T[W`fS^_W`fW
Wj[Y[T^W W`SfW`U[{` ScgW^aedWe[Vgae cgWSUfgS^_W`fW eW[_badfS` k gf[^[lS`
S^S_bSda VW^ 9WUdWfa ` ''
a
*1*(2+%ea` [`aUgae S_T[W`fS^k eS`[fSd[S_W`fW%
`a Ua_bda_Wf[W`VaW^T[W`\gdyV[Ua bdafWY[Va W`W^bdakWUfa ^WY[e^Sf[ha W`
UgWef[{`% cgWWeW^S_T[W`fWk ^SUS^[VSV VWh[VSVW^SbaT^SU[{`4EgW%bad
W`VW% aTeWdhSd ^aV[ebgWefaW`W^ SdfyUg^a ,0 VW^ DdakWUfa VW@Wk `' +.'2*/ `a
[_b^[USdySVW\Sd Sgfad[lSVa%W`fxd_[`ae YW`WdS^We% W^ [`YdWeaa [_badfSU[{`
VWdWe[Vgae Va_[U[^[Sd[ae% e[`a _S`fW`Wdh[YW`fWg` dxY[_W`VWbdaZ[T[U[{`
_we dSla`ST^Wk egefW`fST^W '
&#
[`_WV[SfS' DSdfWVW^SVaUfd[`SZSaTeWdhSVacgW_[W`fdSe
W^hWfaVW^ baVWdW\WUgf[ha VW^ae SdfyUg^ae,, k ,- ^Wcg[fS
XgWdlSS^bWdX[^ bdaYdS_wf[UaVW^S`ad_S% S^W^[_[`Sdg`
Zad[la`fW Ua`UdWfa bSdS^SSVabU[{` VWVWU[e[a`We b|T^[USe
adVW`SVSek b^S`[X[USVSe bad bSdfWVW^Sebdah[`U[Se k _g&
`[U[b[ae [`ha^gUdSVaeW^ hWfaVW^SbdaZ[T[U[{` VW*,0bSdWUW
W`US_T[a bad V[ef[`fae _af[hae Ua`hW`[W`fW '
>>>' @:M+.'/*+ 9: <:GH>vB>BH:<F6@
9: F:G>9ICG>B9IGHF>6@:G M 9: 68H>J>969:G9: G:FJ>8>CG
6' 8a`UWbfae Twe[Uae
@S@Wk +./*+ ZSe[VaV[UfSVSUa_a `ad_S VWbdWegbgWefae
_y`[_ae fW`V[W`fWS dWY[d ^S YWef[{`[`fWYdS^VWdWe[Vgae
VWad[YW`[`Vgefd[S^k VWSUf[h[VSVWe VWeWdh[U[a% cgWeWS`
YW`WdSVae W`faVa W^ fWdd[fad[a `SU[a`S^%k eWS`VWd[hSVae VW
bdaUWeae[`Vgefd[S^We a VWSUf[h[VSVWe VWeWdh[U[ae % W`fW`&
V[W`Vabad HIG<>JGBF=LJKIB:D faVSSUf[h[VSV% bdaUWV[_[W`fa%
VWeSdda^^a g abWdSU[{`VWUa`eWdhSU[{`% dWbSdSU[{` a fdS`e&
Xad_SU[{` W`eg Xad_S%WeW`U[S% US^[VSVa US`f[VSVVWg`S
_SfWd[Sbd[_S a _SfWd[S^bSdS^SaTfW`U[{`VWg` bdaVgUfa
X[`S^_WV[S`fW^Sgf[^[lSU[{` VW_xfaVae [`Vgefd[S^We4 k bad
SUf[h[VSVVWeWdh[U[a faVS SUf[h[VSVcgWUa_b^W_W`fWS^S
[`Vgefd[S^a cgWbad ^SeUSdSUfWdyef[USe VW^ae dWe[VgaecgW
YW`WdS eWSSe[_[^ST^WS ^SS`fWd[ad% Ua` TSeWW`^ae `[hW^We
VWd[WeYacgWVWfWd_[`S^S`ad_S #Sdf'*')$'
:` fS^[`fW^[YW`U[S% I>JB=LGBF=LJKIB:D WeUgS^cg[Wd W^W_W`&
fa%egefS`U[Sg aT\WfaW`WefSVae{^[Va%eW_[e{^[Va%^ycg[Vaa
YSeWaea% aTfW`[VaUa_a dWeg^fSVa VWg` bdaUWea [`Vgefd[S^%
bad ^SdWS^[lSU[{`VWg`S SUf[h[VSVVWeWdh[U[a a bad WefSd
dW^SU[a`SVa V[dWUfS a [`V[dWUfS_W`fW Ua`^SSUf[h[VSV% [`U^g&
kW`VaWhW`fgS^We W_WdYW`U[Se a SUU[VW`fWe% UgkabaeWWVad
*, K 6@G=' CT' U[f'%b' /./.'
/-
bdaVgUfada YW`WdSVad `a bgWVSgf[^[lSd^a%eWVWebdW`VS a
fW`YS^SaT^[YSU[{` ^WYS^ VWZSUWd^a #Sdf%+'r$'
:e VWVWefSUSd cgWWefSUa`UWbU[{` VWdWe[VgaecgW
SVabfS^S^WkWe S_b^[S W`UgS`fa STSdUSSfaVa dWe[Vga VW
ad[YW` [`Vgefd[S^% _we S^^wVWegeUSdSUfWdyef[USe [`fdy`eWUSe%
k bad W^^a cgWVS`SfdSbSVaeVW`fdaVWeg `ad_Sf[hS fS`fa
^aedWe[Vgae bW^[Ydaeae% WebWU[S^We% f{j[Uae a `aU[hae Ua_a
^aeVW`a_[`SVaedWe[Vgae adV[`Sd[ae%[`aUgae%Wcg[bSdST^We
a Se[_[^ST^We S Va_[U[^[Sd[ae% VWad[YW`[`Vgefd[S^ ' :efS
ea^gU[{`%cgWZS e[Va UgWef[a`SVSW`UgS`fa W`fdW_WlU^S
dWe[Vgae VWUSdSUfWdyef[USe _gk V[ef[`Yg[T^We cgW&Sg`cgW
ad[Y[`SVaeW` SUf[h[VSVWe [`Vgefd[S^We a VWeWdh[U[a& `a
bdWeW`fS` `WUWeSd[S_W`fW g`S Wj[YW`U[S VWYWef[{` |`[US &k
badW^^a eW^WVSW^ _[e_a fdSfS_[W`fa`ad_Sf[ha Sg` dWe[Vga
bW^[Ydaea cgWSg`a [`aUga g adV[`Sd[a%Ua` W^Ua`e[Yg[W`fW
VWXWUfa a WjUWea VWWj[YW`U[S& % bgWVWegbWdSdeW _WV[S`fW
g`S SVWUgSVS dWY^S_W`fSU[{` cgWegbWdW^SUa`fdSV[UU[{`
Wj[efW`fW W`fdWW^SdfyUg^a *'r VW^S@Wk +.'2*/ k ^aeSdfyUg^ae
+'r VW^S@Wk +-').* k .'r VW^S@Wk +.'/*+'
@aeaT\Wf[haeVW^S@Wk +./*+ ea` VWX[`[Vae W`W^ SdfyUg^a
-'r VW^S`ad_S%W[_b^[US` ^aeVWS' YSdS`f[lSd^SbdWeWdhS&
U[{` S_T[W`fS^%^SbdafWUU[{` VW^ae dWUgdeae `SfgdS^We% ^S
US^[VSV VWh[VSVW^SbaT^SU[{`%^SUa`eWdhSU[{` VW^oT[a&
V[hWde[VSV% k W^Wcg[^[Td[a VW^aeWUa e[efW_Se4 T' _[`[Vf[lSd
^aed[WeYae bafW`U[S^We VW^aedWe[Vgae W`faVSe^SeWfSbSe
VW^SYWef[{` [`fWYdS^4 U'dWVgU[d ^SUS`f[VSVVW^aedWe[Vgae
cgWeWYW`WdS`4 V' bda_ahWd^Sgf[^[lSU[{`k fdS`eXWdW`U[S
VWfWU`a^aYySe ^[_b[Se k SVWUgSVSe bSdS^SbdWeWdhSU[{`
S_T[W`fS^k W^VWeSdda^^a eaefW`[T^W4 k W' bda_ahWd^SUWeS&
U[{` VW^aehWdf[Vae d[WeYaeae bSdSW^S_T[W`fW'
*- 86;;:F6HH6' s_T[fa VWSb^[USU[{` VW^S^Wk3Ua`UWbfa VWdWe[Vga[`Vgefd[S^ %
W` 6>MBJK: 4: 4>O"+)),&6% b' *+11'
*. @:CB6F9C 9: 7:B:9>8H>G' 8a`e[VWdSU[a`We eaTdW^S dWU[W`fW^WkVWYWef[{`
[`fWYdS^VWdWe[Vgae [`Vgefd[S^We k VWSUf[h[VSVWeVWeWdh[U[ae %W` /G<KIBF:
3L=B<B:D" +))+&+%b' **2*'
/.
@S`ad_S S`S^[lSVSWjU^gkW VWeg dxY[_W`S^aedWe[Vgae
T[abSfaYx`[Uae%Va_[U[^[Sd[ae% dSV[SUf[hae k S^aedWe[Vgae
VWd[hSVae VW^SeabWdSU[a`We `ad_S^WeVW^ae TgcgWek
SWda`ShWe #Sdf'.'r$%^ae cgWeWd[YW` bad ^ae fWjfaeUaddWe&
ba`V[W`fWe&dWebWUf[hS_W`fW& S ^Se^WkWe +-').*% +.'2*/%
+.')*1%++'*2) 8 +-')12'
7' :fSbSe VW^SYWef[{` [`fWYdS^
VWdWe[Vgae [`Vgefd[S^We
@SYWef[{` [`fWYdS^ VWWefaedWe[Vgae &Ua`Xad_WWef[bg^SW^
SdfyUg^a ,'rR Ua_badfS W^Ua`\g`fa VWSUf[h[VSVWe [`fWdVW&
bW`V[W`fWe k Ua_b^W_W`fSd[Se W`fdWey%cgWUa_bdW`VW` ^Se
WfSbSe VWYW`WdSU[{`% _S`W\a%S^_SUW`S_[W`fa% fdS`ebadfW%
fdSfS_[W`faa V[ebae[U[{`X[`S^VWW^^ae% k cgWdWVgUW` a
W^[_[`S` ^ae`[hW^We VWd[WeYa W`UgS`fa Seg bW^[Ydae[VSV%
faj[U[VSVa `aU[h[VSV% eWY|`^aWefST^WlUS ^SdWY^S_W`fSU[{`%
bSdSYSdS`f[lSd^SbdWeWdhSU[{` S_T[W`fS^k ^SUS^[VSVVW
h[VSVW^SbaT^SU[{`'
@SSgfad[VSVVWSb^[USU[{` WefST^WUWdw ^SeUSdSUfWdyef[&
USe_y`[_Se k `WUWeSd[Se cgWVWTW` baeWWd ^SeV[XWdW`fWe
fWU`a^aYySe bad eWdSb^[USVSe W`^SYWef[{`[`fWYdS^ VW^ae
dWe[Vgae [`Vgefd[S^We% fW`[W`Va W`UgW`fSW^_W\adS_[W`fa
VW^SeUa`V[U[a`We S_T[W`fS^We k ^SUS^[VSVVWh[VSVW^S
baT^SU[{`k ^SdWVgUU[{` VW^ae`[hW^We VWd[WeYae cgWbg4&
V[WdW` bdaVgU[d'@aeYW`WdSVadWe VWTWdw` Xg`VS_W`fSd
S`fW^SeSgfad[VSVWe UaddWeba`V[W`fWe ^SW^WUU[{` VW^Se
fWU`a^aYySe badgf[^[lSdW`^SYWef[{` [`fWYdS^ VW^aedWe[Vgae
[`Vgefd[S^We #Sdfe%*0k *1$'
:^ dxY[_W``ad_Sf[ha VW^SYWef[{` VWdWe[Vgae WeWefdgU&
fgdSVaSbSdf[dVW^SdWYg^SU[{` VW^SeSUf[h[VSVWe bdab[Se
VW^aeYW`WdSVadWe #USbyfg^a ,$ k fdS`ebadf[efSe#USbyfg^a 0$
VWdWe[Vgae% k VW^Seb^S`fSe VWfdSfS_[W`fak V[ebae[U[{`
X[`S^#USbyfg^a 1$%Ugkaebd[`U[bS^We SebWUfae S`S^[lS_ae S
Ua`f[`gSU[{`'
&&
&$4: @>F>I:<BRF
GWUa`e[VWdS YW`WdSVad S faVS bWdea`SXye[US a \gdyV[US%
b|T^[USa bd[hSVS%cgWYW`WdW dWe[Vgae[`Vgefd[S^We k VW
SUf[h[VSVWe VWeWdh[U[a% k USWeaTdWx^^SdWeba`eST[^[VSV VW^
fdSfS_[W`faSVWUgSVa ?^SV[ebae[U[{`X[`S^VW^aedWe[Vgae'
@SeSgfad[VSVWe bdah[`U[S^We k VW^S8[gVSV VW7gW`ae
6[dWeVWTWdw` [VW`f[X[USd S^aeYW`WdSVadWe k USdSUfWd[lSd ^ae
dWe[Vgae cgWbdaVgUW` k U^Se[X[USd^ae% Ua_a _y`[_a% W`fdWe
USfWYadySe eWY|`ege`[hW^We VWd[WeYa #TS\a% _WV[ak S^fa$cgW
eWVWTW` VWX[`[d &Ua_adWXWd[dW_ae _we SVW^S`fW& _WV[S`fW
g`S Ua`UWdfSU[{` VW`SfgdS^WlSXWVWdS^'
@aeYW`WdSVadWe VWdWe[Vgae [`Vgefd[S^We VWTWdw` [`e&
fdg_W`fSd ^Se_WV[VSe`WUWeSd[Se bSdS3S' _[`[_[lSd ^S
YW`WdSU[{` VWdWe[Vgae cgWbdaVgUW`% bgV[W`VabSdSW^^a
SVabfSdbdaYdS_SebdaYdWe[hae VWSVWUgSU[{` fWU`a^{Y[US
VW^aebdaUWeae [`Vgefd[S^We% cgWbd[ad[UW` ^SV[e_[`gU[{`%
^SdWgf[^[lSU[{`% W^dWU[U^SVa a ^ShS^ad[lSU[{`4T' eWbSdSd W`
Xad_SSbdab[SVS^aedWe[Vgae [`Ua_bSf[T^WeW`fdWey%Wh[&
fS`Va W^Ua`fSUfaVWxefaeW`faVSe^SeWfSbSeVW^SYWef[{`4
U'W`hSeSd^aedWe[Vgae [`Vgefd[S^We UgS`Va^Se_WV[VSeVW
Z[Y[W`Wk eWYgd[VSV S_T[W`fS^We ^a Wj[\S`%[VW`f[X[USd ^ae
dWU[b[W`fWe k eg Ua`fW`[Va%XWUZSd^ae k `a _WlU^SP^ae4 V'
fdSfSdSVWUgSVS_W`fW k V[eba`WdW`Xad_SVWX[`[#[hS ^ae
dWe[Vgae [`Vgefd[S^We YW`WdSVae bad eg bdab[SSUf[h[VSVBF
JBKLUa` W^X[`VW^aYdSd^SdWVgUU[{` a W^[_[`SU[{`VWege
USdSUfWdyef[USe VWbW^[Ydae[VSV% `aU[h[VSVa faj[U[VSV4 VW`a
eWd bae[T^W% VWTWdw` ZSUWd^a W`b^S`fSeVWfdSfS_[W`faa V[e&
bae[U[{` X[`S^cgWbdWefW` eWdh[U[ae SfWdUWdae VWT[VS_W`fW
ZST[^[fSVSe4 W' dWgf[^[lSd ege dWe[Vgae% Ua_a _SfWd[Sbd[_S
a [`eg_a VWafdae bdaUWeae bdaVgUf[hae%a dWU[U^Sd^ae'
'$ 0D KI:FJHGIK>
@aedWe[Vgae [`Vgefd[S^We ?VWSUf[h[VSVWe VWeWdh[U[a fdS`e&
badfSVaeeWdw` W`fdWYSVae W`eg fafS^[VSVk%|`[US_W`fW%
&'
W`^ae^gYSdWe Sgfad[lSVaebad ^SeSgfad[VSVWe UaddWeba`&
V[W`fWe% bSdSegS^_SUW`S_[W`fa% fdSfS_[W`faa V[ebae[U[{`
X[`S^cgWW^ YW`WdSVad VWfWd_[`W' @SebWdea`SeXye[USe ?\g&
dyV[USe dWeba`eST^We VW^ fdS`ebadfWVWdWe[Vgae e{^abaVdw`
dWU[T[d k fdS`ebadfSdScgW^^ae cgWWefx`SUa_bSzSVae VW^
UaddWeba`V[W`fW _S`[X[WefacgWVaUg_W`fWUa` USdwUfWd
VWVWU^SdSU[{` \gdSVS^S`SfgdS^WlSk US`f[VSVVWdWe[Vgae%
eg ad[YW` k fdS`eXWdW`U[S VW^ YW`WdSVad S^fdS`ebadf[efS%k
VWxefWS ^Sb^S`fS VWfdSfS_[W`faa V[ebae[U[{`X[`S^%Sey
Ua_a ^aebdaUWeae VWfdSfS_[W`faa W^[_[`SU[{`S ^aecgW
XgWdW` ea_Wf[Vaek UgS^cg[Wd afdSabWdSU[{` cgWdWebWUfa
VWW^^ae eWdWS^[lSdW'
8gS`Va W^ fdS`ebadfWVW^aedWe[Vgae fW`YScgWdWS^[lSdeW
XgWdS VW^ae^y_[fWe bdah[`U[S^We a VW^S8[gVSVVW7gW`ae
6[dWe% VWTWdw Wj[ef[dUa`hW`[abdWh[aW`fdW^Se\gd[eV[UU[a`We
[`fWdh[`[W`fWe bad W^UgS^eWWefST^WlUS` ^SeUa`V[U[a`We k
USdSUfWdyef[USe VWScgx^%Ua`Xad_W^a bdWhWS` ^Se`ad_Se
VW^SebSdfWe[`fWdh[`[W`fWe' @SeSgfad[VSVWe S_T[W`fS^We
bdah[`U[S^We baVdw` VWfWd_[`Sd WjUWbU[a`We UgS`Va W^
`[hW^VWd[WeYa VW^aedWe[Vgae eWSTS\a a `g^a k ea^a eWS`
gf[^[lSVaeUa_a [`eg_a VWafda bdaUWea bdaVgUf[ha'
($ 0D KI:K:EB>FKGO =BJHGJB<BRF
@Seb^S`fSe VWfdSfS_[W`faea` ScgW^^ae e[f[ae W`^ae cgW
eW_aV[X[US`^SeUSdSUfWdyef[USe Xye[USe% ^SUa_bae[U[{` cgy&
_[USa ^SSUf[h[VSVT[a^{Y[US VWUgS^cg[Wd f[ba VWdWe[Vga
[`Vgefd[S^k VWSUf[h[VSVWe VWeWdh[U[a% VW_aVa fS^cgWeW
W^[_[`W`a dWVglUS` ege bdab[WVSVWe `aU[hSe%bW^[YdaeSe
a f{j[USe%a eWdWUgbWdW W`WdYyS k dWUgdeae _SfWd[S^We% a eW
aTfW`YSg` dWe[Vga VW`[hW^We VWd[WeYa _W`ad%a eW^aZSYS
egeUWbf[T^W VWdWUgbWdSU[{` a hS^ad[lSU[{`%a _we eWYgda
bSdS eg fdS`ebadfWa V[ebae[U[{`X[`S^%TS\a `ad_Se VW
Z[Y[W`Wk eWYgd[VSV S_T[W`fS^We cgW`a ba`YS` W`d[WeYa
`[ SXWUfW` ^SUS^[VSV VWh[VSVW^SbaT^SU[{`W`Xad_Se[Y&
`[X[USf[hS' Dadeg bSdfW% eWVW`a_[`S HD:FK:=>=BJHGJB<BRF
&(
?BF:DS^aee[f[ae WebWU[S^_W`fW Ua`efdg[Vae bSdS W^VWb{e[fa
bWd_S`W`fWVWdWe[Vgae[`Vgefd[S^Wek VWSUf[h[VSVWe VW
eWdh[U[a%cgW dW|`S` Ua`V[U[a`WefS^WecgW eWYSdS`f[UW
^S[`S^fWdST[^[VSV VW" ^SUS`f[VSVk US^[VSVVW^ae dWUgdeae
`SfgdS^We% TS\a `ad_Se VWZ[Y[W`Wk eWYgd[VSVS_T[W`fS^We
cgW`a ba`YS` W`d[WeYa`[ SXWUfW` ^SUS^[VSVVWh[VSVW^S
baT^SU[{` W`Xad_S e[Y`[X[USf[hS'
8' :^ dWY[efdaVWdWe[Vgae[`Vgefd[S^We
GWWefST^WUW ^SWj[efW`U[S`WUWeSd[S VWdWY[efdaeW` ^Se\g&
d[eV[UU[a`We ^aUS^We% Va`VWVWTWdw` [`eUd[T[deWfaVSe ^Se
bWdea`Se Xye[USe a \gdyV[USedWeba`eST^We VW^SYW`WdSU[{`%
_S`W\a%fdS`ebadfW%S^_SUW`S_[W`fa%fdSfS_[W`fa k V[eba&
e[U[{` X[`S^VWdWe[Vgae[`Vgefd[S^We#Sdf'*2$' @S[`ef[fgU[{`
dWY[efdS^ WebWUyX[US eaTdWdWe[VgaeZSe[VaUaadV[`SVSUa` ^S
bdab[S VW^ae VWdWUZae [`_aT[^[Sd[ae4 W`UgS`fa S^gea VW^S
bdab[WVSV[`_gWT^WbSdS ^S[`efS^SU[{` a Xg`U[a`S_[W`fa
VWe[efW_Sek b^S`fSe VWfdSfS_[W`fa a V[ebae[U[{` X[`S^VW
dWe[Vgae%VWTWdw eWdUa_g`[USVa bSdS eg Se[W`fadWY[efdS^
bWdf[`W`fWW` W^FWY[efdaVW^S Ddab[WVSV%_WV[VS cgW
bafW`U[S^SXg`U[{` VWbgT^[U[VSVk eWYgd[VSVW`W^fdwX[Ua
[`_aT[^[Sd[a cgWUaddWeba`VWS WefW|^f[_a' "P
FW[fWdS`Va^ae dWYy_W`We YW`WdS^We cgW [_ba`W WefS
aT^[YSU[{`bSdS faVS SUf[h[VSVcgWbgWVSUSgeSdg` _W&
`aeUSTa S^W`fad`a%^S`ad_S Wef[bg^ScgWfaVS b^S`fS VW
S^_SUW`S_[W`fa%fdSfS_[W`fa a V[ebae[U[{` X[`S^VWdWe[Vgae
VWTWdw% S`fWe VWeg ZST[^[fSU[{`%dWS^[lSdg` WefgV[aVW
[_bSUfa S_T[W`fS^ #Sdf',+$'
9' FWeba`eST[^[VSVWeU[h[^We%
bW`S^We? SV_[`[efdSf[hSe
:` Xad_SWebWUyX[US% k _we S^^wVW^SdWYg^SU[{` SV_[`[efdSf[hS
cgWS`S^[lS_ae Ua` _Skad VWfW`[_[W`fa% ^S`ad_S WefST^WUW
W`^aeSdfyUg^ae -) S-, g` dxY[_W`WebWU[S^ VWdWeba`eST[^[VSV
&)
U[h[^VW^aeYW`WdSVadWe% fdS`ebadf[efSek f[fg^SdWe VWb^S`fSe
VWS^_SUW`S_[W`fa%fdSfS_[W`fa a V[ebae[U[{`%^S cgWeW
USdSUfWd[lS bad dWeg^fSd VW`SfgdS^WlSaT\Wf[hS% W^cgWdWeg^fS
SYdShSVaW`dW^SU[{` Ua` W^ dxY[_W`U[h[^adV[`Sd[aW`UgS`fa
SU[WdfSe USdYSe VWSeWYgdS_[W`fa VW^SdWbSdSU[{` #Ua_a eWYg&
dae aT^[YSfad[ae$k ^SWjU^ge[{`VWU[WdfSe USgeSeVWWjU^ge[{`
VWdWeba`eST[^[VSV' @S`ad_S fS_T[x` bdWhxg` e[efW_SVW
dWeba`eST[^[VSVbW`S^WebWU[S^ #Sdfe%.* S .-$%cgWUSdWUW VW
h[YW`U[Sbad ZSTWde[Va aTeWdhSVaW`eg bda_g^YSU[{`'
8a_a dxY[_W` eS`U[a`Sfad[a SV_[`[efdSf[ha &k e[`
bWd\g[U[aVW^Se dWeba`eST[^[VSVWe U[h[^We a bW`S^WecgW
bgV[WdS`Ua`ef[fg[deW&%^S `ad_S WefST^WUW W`ege SdfyUg^ae --
S.) cgWfaVS [`XdSUU[{`Sege V[ebae[U[a`WeeWdwdWbd[_[VS
Ua`3S' SbWdU[T[_[W`fa4 T' _g^fS VWeVW.) egW^Vae_y`[_ae
VW^SUSfWYadyS Twe[US[`[U[S^VW^SSV_[`[efdSU[{` ZSefS+))
hWUWe WeWhS^ad%_a`fae Vgb^[UST^We Ua`Xad_WW^`|_Wda
VWdW[`U[VW`U[Se4 U' U^SgegdSfW_badSd[S%bSdU[S^a fafS^4V'
egebW`e[{` VW^SSUf[h[VSVVWeVW,) VySeZSefS g` Sza4 W'
US`UW^SU[{` VWX[`[f[hSVW^SeZST[^[fSU[a`We W[`eUd[bU[a`We
VW^aedWY[efdae UaddWeba`V[W`fWe' 8gS`Va W^ [`XdSUfadXgWdW
g`S bWdea`S\gdyV[US% ^aecgWfW`YS`Seg USdYa^SV[dWUU[{`%
SV_[`[efdSU[{` a YWdW`U[S eWdw` ea^[VSd[S_W`fWdWeba`eST^We
VW^SeeS`U[a`WedWXWd[VSe'
6g`cgW ^S`ad_S WefST^WUW cgW^a[`YdWeSVaW`Ua`UWbfa
VW_g^fSe eWdwbWdU[T[Va bad ^SeSgfad[VSVWebdah[`U[S^We
bSdS Ua`Xad_Sd g` Xa`Va VWef[`SVa WjU^ge[hS_W`fWS
^S dWefSgdSU[{`k bdafWUU[{`S_T[W`fS^%`a bgV[W`Va eWd
gf[^[lSVa bSdS afdae X[`WebdWegbgWefSd[ae%W`fW`VW_ae
cgWWefSdWYg^SU[{` dWeg^fS[`Sb^[UST^WW` UgS`fa h[a^W`fS
`afad[S_W`fW ^SeSgfa`a_ySe W[`ef[fgU[a`We ^aUS^We'
:' 8a_bWfW`U[S ? UaadV[`SU[{`
[`fWd\gd[eV[UU[a`S^
9WeVWg`S bWdebWUf[hS [`ef[fgU[a`S^%W^SdfyUg^a./ WefST^WUW
^SSgfad[VSVVWSb^[USU[{``ad_Sf[hS W`W^wdWS Ua` Ua_bW&
'
fW`U[S S_T[W`fS^cgWVWfWd_[`W W^ baVWdW\WUgf[ha `SU[a`S^%
W`Ua_W`Vw`Va^W W`fW`VWdeW W`^SVWfWd_[`SU[{` VWba^yf[USe
k b^S`WeW`^S_SfWd[S`ad_SVS%W`Xad_SUaadV[`SVS% Ua`
^SeSgfad[VSVWe Ua`Ua_bWfW`U[S S_T[W`fS^VW^Sebdah[`U[Se
k VW^S8[gVSVVW7gW`ae 6[dWe%W`W^w_T[fa VW^ 8a`eW\a
;WVWdS^ VWAWV[a6_T[W`fW#8aXW_S$% SebWUfa cgW&Ua_akS
WjbdWeS_ae W`dW^SU[{` Ua` afdaebdWUWbfae e[_[^SdWe& VWTW
[`fWdbdWfSdeW W`W^_SdUa VWdxY[_W`VWfS^Ua`eW\ak VW^
G[efW_S6_T[W`fS^;WVWdS^ VW^S@Wk +.'/0.' HS_T[x` VWTW
bda_aU[a`Sd ^Sgf[^[lSU[{`VWbdaUWeae bdaVgUf[haek _xfa&
VaeVWfdSfS_[W`facgW[_b^[cgW`_[`[_[lSU[{`%dWU[U^SVa k
dWgf[^[lSU[{` VW^aedWe[Vgae% k^S[`UadbadSU[{` VWfWU`a^aYySe
_we SVWUgSVSe bSdS^SbdWeWdhSU[{` S_T[W`fS^% SeWeadSd k
SbakSdS^Se\gd[eV[UU[a`We ^aUS^We W`^aebdaYdS_SeVWX[eUS&
^[lSU[{`k Ua`fda^VW^aedWe[Vgae k VWeSdda^^Sd g` e[efW_SVW
[`Xad_SU[{`[`fWYdSVa cgWSV_[`[efdW^aeVSfaebdaVgU[Vae
bad^aedWY[efdae cgWUaddWeba`VW` SUSVSg`S VW^Se\gd[eV[U&
U[a`We dWebWUfa VW^SYWef[{` [`fWYdS^ VW^aedWe[Vgae'
@S`ad_S WefST^WUW cgWW` W^w_T[fa VW^8aXW_SeW
Ua`UWdfSdw #Sdf'0'r$ ^ae `[hW^We VWd[WeYacgWbaeWW`^ae
V[XWdW`fWe dWe[Vgae #S^_W`ae W`fdWeUSfWYadySe$% fW`[W`Va
W`UgW`fS^aebdaUWeae VWbafW`U[S^ VWYdSVSU[{` S_T[W`fS^
cgWbgWVS`YW`WdSd% ^SSXWUfSU[{` eaTdW^SUS^[VSV"VW h[VS
VW^SbaT^SU[{`%ege USdSUfWdyef[USe% US^[VSV k US`f[VSV% W^
ad[YW`% bdaUWeaa SUf[h[VSVcgW^ae YW`WdS k W^e[f[a W`W^
UgS^eWdWS^[lS^SYWef[{`VW^aedWe[Vgae [`Vgefd[S^We k VW
SUf[h[VSVWe VWeWdh[U[a' :efS USfWYad[lSU[{`% e[` Sb^[USU[{`
bdwUf[US W`W^fWjfa^WYS^% bgWVWdWeg^fSd ^STSeWVW`ad_Se
Ua_b^W_W`fSd[Se cgW^SVafW`VWWX[USU[S% bgV[W`VadWeg^fSd
^SU^ShWbSdSUaadV[`SdW^ bdWeW`fW dxY[_W`Ua` afdae Ua_a
W^VW^aedWe[Vgae Va_[U[^[Sd[ae'
HS_T[x` dW_[fW^S`ad_S S^8aXW_SS ^ae WXWUfae VW
Ua`UWdfSd ^SeUSdSUfWdyef[USe k ^ae Ua`fW`[VaeVW^ WefgV[a
VW[_bSUfa S_T[W`fS^k ^SeUa`V[U[a`We VWZST[^[fSU[{` VW
^Seb^S`fSe VWS^_SUW`S_[W`fa% fdSfS_[W`fak V[ebae[U[{`
0*
X[`S^VWdWe[Vgae [`Vgefd[S^We k VWSUf[h[VSVWe VWeWdh[U[a%
SeyUa_a ^SeUSdSUfWdyef[USe bSdf[Ug^SdWe cgWW^^Se VWTW`
fW`Wd eWY|` ^SUS^[VSV k US`f[VSVVWdWe[Vgae cgWfdSfW`%
S^_SUW`W` a V[eba`YS` X[`S^_W`fW#Sdf%,,$'
@S`ad_S fS_T[x` Wef[bg^ScgW^SSgfad[VSVVWSb^[US&
U[{` `SU[a`S^SUadVSdw Ua` ^SeSgfad[VSVWe bdah[`U[S^We k
VW^S8[gVSVVW7gW`ae6[dWe^aeUd[fWd[ae YW`WdS^We eaTdW
^SeUa`V[U[a`We VWU[WddW VW^Seb^S`fSe VWS^_SUW`S_[W`&
fa%fdSfS_[W`faa V[ebae[U[{`X[`S^VWdWe[Vgae% cgWVWTW`
YSdS`f[lSdW`faVa _a_W`fa ^SbdWeWdhSU[{` S_T[W`fS^k
^SUS^[VSV VWh[VSVW^SbaT^SU[{`#Sdf',.$' :efWdxY[_W`
VWUa`UWdfSU[{` [`fWd\gd[eV[UU[a`S^% Sg`cgW^S`ad_S `a ^a
dWX[WdW% eWW`UgW`fdS h[`Ug^SVaS^e[efW_SXWVWdS^ S_T[W`&
fS^cgW[_badfS ^SWefdgUfgdS VW^ 8aXW_S%a W`eg USeaS^S
dWY[a`S^[lSU[{` _WV[S`fWfdSfSVaecgWZST[^[fSW^SdfyUg^a
*+- 8B'
;[`S^_W`fW% ^S`ad_S WefST^WUW W`^S\gef[U[SadV[`Sd[S^S
Ua_bWfW`U[S bSdSUa`aUWd ^SeSUU[a`We cgWVWd[hS` VWW^^S'
% '8601*1+1>5 ,- 14768:)+1>5
:` Ua`UadVS`U[S Ua` ^Sba^yf[US[_bgWefSbSdSafdae f[bae
VWdWe[Vgae bad ege dWYy_W`We WebWUyX[Uae #hWd Sdfe'-* 8B%
W`fdWafdae$%W^ SdfyUg^a /'r bdaZyTW^S[_badfSU[{`%[`fdaVgU&
U[{`k fdS`ebadfWVWfaVa f[ba VWdWe[Vgae% bdahW`[W`fWe VW
afdae bSyeWe S^fWdd[fad[a `SU[a`S^%k ege WebSU[ae SxdWak
_Sdyf[_a%Ua` WjUWbU[{` VW^ fdw`e[faVWScgW^^ae dWe[Vgae
bdWh[efae W`Ua`hW`[ae[`fWd`SU[a`S^We' 9WTW_aeaTeWdhSd
cgWWefSWjUWbU[{` `a ^[TWdS VWbdaZ[T[U[a`We cgWbgWVS`
Wj[ef[dbSdSdWe[Vgae cgW&SVW_we VWeWd dWYg^SVae badWefS
`ad_S W`Xg`U[{`VWeg ad[YW` [`Vgefd[S^&VWTW` SfW`VWd
afdae dWYy_W`We _we WebWUyX[Uae &Ua_a W^VW^aedWe[Vgae
0+
bW^[Ydaeae a dSV[aSUf[hae& W`^aecgW^S[_badfSU[{` fS_T[x`
WefwhWVSVS */'
>J' @:M+-').* 9: F:G>9ICGD:@><FCGCG
6' 8a`UWbfae Twe[Uae
@S@Wk +-').*&h[YW`fWVWeVW *22+&bWdXWUU[a`S W^ dxY[_W`
kS [`[U[SVaW`*22*Ua` ^S@Wk +,2++%dSf[X[USfad[S VW^ 8a`&
hW`[aVW7Se[^WS eaTdWW^Ua`fda^VW^ae_ah[_[W`fae fdS`e&
Xda`fWd[lae VW^aeVWeWUZae bW^[Ydaeae k eg W^[_[`SU[{`'Gg
dWY^S_W`fSU[{` ZSe[VaWefST^WU[VS bad W^ 9WUdWfa 1,*(2,'
GWW`UgW`fdS` ea_Wf[VaeS^SdWXWd[VS ^Wk ^SYW`WdSU[{`% ^S
_S`[bg^SU[{`%W^ fdS`ebadfW% W^ fdSfS_[W`fak ^SV[ebae[U[{`
X[`S^VWdWe[Vgae bW^[Ydaeae UgS`VaeWfdSfSdWVWdWe[Vgae
YW`WdSVae a gT[USVaeW`^gYSdWe ea_Wf[VaeS\gd[eV[UU[{`
`SU[a`S^a Sg`cgWgT[USVaeW`fWdd[fad[a VWg`S bdah[`U[S
Wefgh[WdW` VWef[`SVae S^fdS`ebadfWXgWdS VWW^^S% a UgS`Va%}
S Ud[fWd[a VW^SSgfad[VSVVWSb^[USU[{`% V[UZaedWe[Vgae
bgV[WdW` SXWUfSd S ^SebWdea`Sea S^S_T[W`fW_we S^^wVW
^SXda`fWdS VW^Sbdah[`U[SW`cgWeWZgT[WeW` YW`WdSVa% a
UgS`Va^Se_WV[VSeZ[Y[x`[USea VWeWYgd[VSV co Seg dWe&
bWUfa XgWdW Ua`hW`[W`fWV[eba`Wd% fgh[WdW` g`S dWbWdUge[{`
WUa`{_[USeW`e[T^W fS^%cgWfad`SdWSUa`eW\ST^W g`[Xad_Sd&
^SeW`faVa W^fWdd[fad[a VW^SBSU[{`%SX[`VWYSdS`f[lSd^S
WXWUf[hS Ua_bWfW`U[S VW^SeW_bdWeSe cgWVWT[WdS` eabadfSd
^SUSdYSVWV[UZSe_WV[VSe#Sdf'*')$'
G[T[W`Weg`S `ad_S `SU[a`S^_[jfS *0 &VWVWdWUZa Ua_|`%
XWVWdS^ k ^aUS^& W`UgS`fa WedWYg^Sfad[S VWSebWUfae U[h[^We
k bW`S^We #VWdWUZa Ua_|`$%VW^SYWef[{`VWdWe[Vgae bW^[&
*/ :9I6F9C 6' D><F:HH>' @aebdWegbgWefae _y`[_ae VWbdafWUU[{` S_T[W`fS^W`
_SfWd[SVWdWe[Vgae [`Vgefd[S^We k VWeWdh[U[ae VW^S^Wk+.'/*+ %W`,F:D>J =>
D:4>@BJD:<BRF ,I@>FKBF:"+))+#S$%>#.).0'
*0 A6FX6 6B<t@>86 8FCH>C' @SbdafWUU[{` VW^ S_T[W`fWW`^S^WkVWdWe[Vgae
bW^[Ydaeae % W`6>MBJK:4: 4>O"+))*&9%b' *).0'
0,
Ydaeaek bSfa^{Y[UaebSdSW^w_T[fa\gd[eV[UU[a`S^ `SU[a`S^
#VWdWUZa ^aUS^$ k VWfdS`ebadfWa Ua_WdU[a [`fWd\gd[eV[UU[a&
`S^ #VWdWUZa XWVWdS^$% fS_T[x` bdab[U[S^SdWYg^SU[{` bad
bSdfWVW^Se\gd[eV[UU[a`We ^aUS^We bSdS W^fdSfS_[W`faVW
^aedWe[Vgae bW^[Ydaeae'
:` YW`WdS^% `g_WdaeSebdah[`U[SeZS` SVZWd[Va SegdxY[&
_W` #8SfS_SdUS% 8add[W`fWe% 8ZgTgf%:`fdWFyae%;ad_aeS%
?g\gk%@SDS_bS%@SF[a\S%AW`ValS%GS`f[SYaVW^ :efWda% GS`
?gS`%GS` @g[e%A[e[a`We%HgUg_w`%8{dVaTS%W`fdWafdSe$%
Sg`cgWafdSe%ZS` abfSVa bad WefST^WUWd eg bdab[a dxY[_W`
#Ua_a WeW^USeaVW^S@Wk **'0+) VW7gW`ae 6[dWe$% ZST[x`&
VaeWbdaVgU[Va&Ua_a hWdW_ae&W`W^w_T[fa VW^ 8aXW_S
g`S SUU[{`Ua`UWdfSVadS fW`V[W`fW S^VWeSdda^^a bdah[`U[S^
VW^ dxY[_W`k eg UaadV[`SU[{`Ua` ^SeUa_bWfW`U[Se cgW
UaddWeba`VW` S^SSgfad[VSVbdah[`U[S^'
@S`ad_S W`eg SdfyUg^a +'r Ua`e[VWdS bW^[Ydaea S faVa
dWe[Vga cgWbgWVSUSgeSdVSza%V[dWUfS a [`V[dWUfS_W`fW%
S eWdWe h[hae a Ua`fS_[`Sd W^egW^a% W^SYgS%^SSf_{eXWdS
a W^S_T[W`fWW`YW`WdS^ #W^ 9WUdWfa dWY^S_W`fSd[a 1,*(2,
WebWU[X[US cgWdWe[VgabW^[Ydaea We faVa _SfWd[S^cgW
dWeg^fW aT\WfaVWVWeWUZa a STS`Va`a k bgWVSbWd\gV[USd
W`Xad_SV[dWUfS a [`V[dWUfS% SeWdWe h[hae a Ua`fS_[`Sd W^
egW^a $' :` bSdf[Ug^Sd [`U^gkWS ^ae dWe[Vgae [`V[USVaeW`
W^S`Wja># 8SfWYadySe ea_Wf[VSeSUa`fda^ $a cgWbaeWS`
S^Yg`SVW^SeUSdSUfWdyef[USe W`g_WdSVSeW` W^S`Wja >>
# @[efSVWUSdSUfWdyef[USe bW^[YdaeSe $% STSdUS`VaW^^aS
ScgW^^aedWe[VgaebW^[YdaeaecgWbgV[WdW` Ua`ef[fg[deW
W`[`eg_ae bSdSafdae bdaUWeae [`Vgefd[S^We' :jU^gkWW`
US_T[a S ^ae dWe[VgaeVa_[U[^[Sd[ae% ^ae dSV[SUf[hae k ^ae
VWd[hSVae VW^SeabWdSU[a`We `ad_S^WeVW^aeTgcgWecgW
eWd[YW` bad ege dWYy_W`We WebWU[S^We #^WkWe +.'2*/%+.')*1%
++'*2) 8 +-')12$'
HS_T[x` [`UadbadSSegdxY[_W`S^aedWe[Vgae bSfa^{Y[Uae
#Sdfe' *2S++$% S^eWzS^Sd cgW^SeSgfad[VSVWe dWeba`eST^We VW
^SZST[^[fSU[{` VWWV[X[U[ae VWef[`SVae SUW`fdae VWSfW`U[{`
VW^SeS^gVZg_S`S k S`[_S^ k UW`fdaeVW[`hWef[YSU[a`We
'$
T[a_xV[USek W`^aecgWeWgf[^[UW` S`[_S^Weh[hae Wj[Y[dw`
Ua_a Ua`V[U[{`bSdS afadYSdWeSZST[^[fSU[{` W^Ug_b^y&
_[W`fa VW^SeV[ebae[U[a`We VW^S@Wk +-').*%Ua`e[VWdS`Va
dWe[VgaebSfa^{Y[Uae^ae3S' bdahW`[W`fWe VWUg^f[haeVW
^STadSfad[a4 T' dWefaeVWeS`YdWk VWege VWd[hSVae4 U' ad&
Yw`[UaebdahW`[W`fWe VW^ cg[d{XS`a4V' dWefaeVWS`[_S^We
bdaVgUfaVW^S[`hWef[YSU[{` _xV[US4W'S^YaVa`We% YSeSe%
hW`VSegeSVSe%S_ba^^Se%\Wd[`YSe% aT\WfaeUadfS`fWe a bg`&
lS`fWe%_SfWd[S^We VWeUSdfST^We% W^W_W`fae [_bdWY`SVaeUa`
eS`YdWg afdSeegefS`U[SebgfdWeU[T^We cgW`a eWWefWd[^[lS`4
X'SYW`fWe cg[_[afWdwb[Uae'
7' :fSbSe VW3) YWef[{`VWdWe[VgaebW^[Ydaeae
6 ^aeX[`We VWW`USglSd^SeSUf[h[VSVWe dW^SU[a`SVSe S dW&
e[Vgae bW^[Ydaeae% ^S@Wk +-').* dWYg^S ^SeSUf[h[VSVWe VW
@>F>I:=GI>J #USbyfg^a >J$%KI:FJHGIKBJK:J #USbyfg^a h$k HD:FK:J
=> KI:K:EB>FKGO =BJHGJB<BRF ?BF:D#USbyfg^a J>$%ZST[x`VaeW
eaefW`[VacgWfS^dxY[_W``a We_we cgWg`S dWefd[UU[{` S^
Va_[`[a eaTdW^SeegefS`U[SebW^[YdaeSe %
&$4: @>F>I:<BRF
9
@S@Wk +-').* Ua`e[VWdS @>F>I:=GIS faVSbWdea`SXye[US a
\gdyV[UScgW%Ua_a dWeg^fSVa VWege SUfaea VWUgS^cg[Wd
bdaUWea% abWdSU[{` a SUf[h[VSV% bdaVglUSdWe[Vgae US^[X[USVae
^WYS^_W`fW Ua_a bW^[Ydaeae' @aeYW`WdSVadWe VWdWe[Vgae
bW^[Ydaeae VWTWdw`3 S' SVabfSd_WV[VSefW`V[W`fWe S V[e&
_[`g[d ^SUS`f[VSVVWdWe[Vgae bW^[Ydaeae cgWYW`WdW`4 T'
eWbSdSd SVWUgSVS_W`fW k `a _WlU^SddWe[Vgae bW^[Ydaeae
[`Ua_bSf[T^We W`fdWey4U'W`hSeSd^aedWe[Vgae% [VW`f[X[USd ^ae
*1 ;:9:F>8C ?' >F>76FF:B8 F6A>FC )# G6F6J>6' G[`Yg^Sd[VSVWe VW^e[efW_S VW
dWeba`eST[^[VSV U[h[^ bdWh[efa W` ^S @Wk+-).* VWdWe[Vgae bW^[Ydaeae % W`
6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:"+))*&*%b' **.,'
'%
dWU[b[W`fWe kegUa`fW`[Va% `g_WdSd^aekXWUZSd^Se4 V'W`fdWYSd
^aedWe[Vgae bW^[Ydaeae cgW`a fdSfSdW` W`egebdab[Seb^S`fSe
S^aefdS`ebadf[efSeSgfad[lSVae%Ua` [`V[USU[{` bdWU[eS VW^
VWef[`aX[`S^W`W^bWdf[`W`fW _S`[X[Wefa' :` W^egbgWefaVW
cgWW^ YW`WdSVad WefxSgfad[lSVabad^SSgfad[VSVVWSb^[US&
U[{`SfdSfSd^aedWe[Vgae W`eg bdab[Sb^S`fS%VWTWdw ^^WhSd
g` dWY[efda bWd_S`W`fWVWWefSe abWdSU[a`We'
'$ 0DKI:FJHGIK>
:^ KI:FJHGIKBJK: =>I>JB=LGJH>DB@IGJGJ e{^a baVdwdWU[T[d VW^
YW`WdSVad dWe[Vgae bW^[Ydaeae e[xefaeh[W`W` SUa_bSzSVae
VW^ UaddWeba`V[W`fW _S`[X[Wefa% ^aecgWeWdw` W`fdWYSVae%
W`eg fafS^[VSV% k ea^S_W`fW% S^Seb^S`fSeVWfdSfS_[W`faa
V[ebae[U[{`X[`S^VWT[VS_W`fW Sgfad[lSVSecgWW^ @>F>I:=GI
ZgT[WdS [`V[USVaW`W^ _S`[X[Wefa' G[bad e[fgSU[{`WebWU[S^
a W_WdYW`U[S ^aedWe[Vgae `a bgV[WdW` eWdW`fdWYSVae W`
^Sb^S`fS VWfdSfS_[W`faa V[ebae[U[{`X[`S^[`V[USVSW`W^
_S`[X[Wefa% W^ fdS`ebadf[efSVWTWdw VWha^hWd^ae S^YW`WdSVad
a fdS`eXWd[d^ae S ^SewdWSe VWe[Y`SVSe bad ^SSgfad[VSVVW
Sb^[USU[{` W`W^_W`ad f[W_babae[T^W'
:^ KI:FJHGIKBJK:f[W`WfWd_[`S`fW_W`fWbdaZ[T[Va3S'
_WlU^SddWe[Vgae bW^[Ydaeae Ua` dWe[Vgae a egefS`U[Se`a
bW^[YdaeSe% a dWe[VgaebW^[Ydaeae [`Ua_bSf[T^WeW`fdWey4
T' S^_SUW`SddWe[VgaebW^[YdaeSe bad g` bWdyaVa_Skad
VWV[WlVySe4U'fdS`ebadfSd%fdS`eXWd[d a W`fdWYSd dWe[Vgae
bW^[Ydaeae UgkaW_TS^S\W a W`hSeWeWSVWX[U[W`fW4 V' SUWbfSd
dWe[Vgae UgkSdWUWbU[{` `a WefxSeWYgdSVS bad g`S b^S`fS
VWfdSfS_[W`faa V[ebae[U[{`X[`S^4 W'fdS`ebadfSde[_g^fw&
`WS_W`fWdWe[Vgae bW^[Ydaeae [`Ua_bSf[T^We W`g`S _[e_S
g`[VSVVWfdS`ebadfW'
($ 0DKI:K:EB>FKGO =BJHGJB<BRF ?BF:D
@SeHD:FK:J=>KI:K:EB>FKGea` ScgW^^Se W`^SecgWeW_aV[&
X[US` ^SeUSdSUfWdyef[USe Xye[USe% ^SUa_bae[U[{` cgy_[USa ^S
'&
SUf[h[VSV T[a^{Y[US VWUgS^cg[Wd dWe[Vga bW^[Ydaea% VW_aVa
fS^cgWeWW^[_[`W`ege bdab[WVSVWe `aU[hSe%a eWdWUgbWdW
W`WdYyS a dWUgdeae _SfWd[S^We% a eWaTfW`YSg` dWe[Vga _W`ae
bW^[Ydaea% a eW^aZSYSegeUWbf[T^W VWdWUgbWdSU[{`% a _we
eWYgda bSdSeg fdS`ebadfWa V[ebae[U[{`X[`S^' Ga` HD:FK:J=>
=BJHGJB<BRF ?BF:D^ae ^gYSdWe WebWU[S^_W`fW SUa`V[U[a`SVae
bSdS W^VWb{e[fabWd_S`W`fWVWdWe[VgaebW^[Ydaeae W`
Ua`V[U[a`We Wj[Y[T^We VWeWYgd[VSV S_T[W`fS^'
:` faVae^aeUSeae%W`^ae^gYSdWe VWef[`SVae S^SV[ebae[&
U[{`X[`S^VWTW Ug_b^[_W`fSdeWg` dW^^W`a VWeWYgd[VSV Ua`&
Xad_WS^SeUa`V[U[a`We fxU`[USeWefST^WU[VSe ^WYS^_W`fW'
DSdSbdaUWVWd S^U[WddW VWg`S b^S`fS VWfdSfS_[W`faa
V[ebae[U[{`X[`S^W^f[fg^SdVWTWdw bdWeW`fSd S`fW^SSgfad[&
VSVVWSb^[USU[{` g` b^S` VWU[WddW cgWUg_b^[_W`fW^Se
Wj[YW`U[Se ^WYS^We% cgW^SSgfad[VSVVWSb^[USU[{` SbdaTSdw
a VWeWef[_Sdw% bdWh[Sk `WUWeSd[S [`ebWUU[{` VW^Sb^S`fS'
" $3 4)51.1-9:6
@S^WkVWV[US eg USbyfg^a...S dWYg^Sd W^_S`[X[Wefa%VaUg&
_W`fa cgWW`fdW^SlS ^SYWef[{`VW^ae dWe[Vgae bW^[Ydaeae
W`ege V[ef[`fSeWfSbSe' o
@S`SfgdS^WlSk US`f[VSVVW^aedWe[Vgae YW`WdSVae% eg
ad[YW`%fdS`eXWdW`U[S VW^ YW`WdSVad S^fdS`ebadf[efS%k VW
xefWS^Sb^S`fSVWfdSfS_[W`faa V[ebae[U[{`X[`S^% SeyUa_a
^aebdaUWeae VWfdSfS_[W`fak W^[_[`SU[{`S^aecgWXgWdW`
ea_Wf[Vae%k UgS^cg[Wd afdSabWdSU[{` cgWdWebWUfa VWW^^ae
eWdWS^[lSdx% cgWVSdwVaUg_W`fSVSW`g` [`efdg_W`fa cgW
^^WhSdw ^SVW`a_[`SU[{` VW!! _S`[X[Wefa 4W`W^SdfyUg^a *,
eWWefST^WUW` ^aeVWfS^^We VWeg Ua`fW`[Va'
# $3 8-/19:86 -3 +-8:1.1+),6 )4*1-5:)3
768 8-91,;69 7-31/86969
@S`ad_S [`fdaVgUW^S[`ef[fgU[{` dWY[efdS^ _WV[S`fWg` FW&
Y[efdaBSU[a`S^VW<W`WdSVadWe k CbWdSVadWe VWFWe[Vgae
''
DW^[Ydaeae #USbyfg^a `$%W` W^cgWVWTWdw` [`eUd[T[deW^Se
bWdea`SeXye[USe a \gdyV[USe dWeba`eST^We VW^SYW`WdSU[{`%
fdS`ebadfW% fdSfS_[W`fak V[ebae[U[{`X[`S^VWdWe[Vgae bW^[&
Ydaeae' 8g_b^[Vae ^aedWcg[e[fae Wj[Y[T^We bSdS^S[`eUd[bU[{`
dWY[efdS^% ^SSgfad[VSVVWSb^[USU[{` afadYSdwW^ 8Wdf[X[USVa
6_T[W`fS^%[`efdg_W`fa cgWSUdWV[fS% W`Xad_SWjU^ge[hS% ^S
SbdaTSU[{`VW^ e[efW_SVW_S`[bg^SU[{`%fdS`ebadfW% fdSfS&
_[W`fa a V[ebae[U[{`X[`S^cgW^ae[`eUd[bfaeSb^[USdw` S^ae
dWe[Vgae bW^[Ydaeae k cgWeWdwdW`ahSVaW`Xad_SS`gS^'
:^ 8Wdf[X[USVa 6_T[W`fS^ eWdwdWcg[e[fa`WUWeSd[a bSdS
cgW^S Sgfad[VSVcgWW` USVSUSeaUaddWeba`VSbgWVS
bdaUWVWd S ^SZST[^[fSU[{`VW^SedWebWUf[hSe [`Vgefd[Se%
fdS`ebadfWe% b^S`fSe VWfdSfS_[W`faa V[ebae[U[{`k afdSe
SUf[h[VSVWe W`YW`WdS^ cgWYW`WdW` g abWdW` Ua` dWe[Vgae
bW^[Ydaeae #Sdf%0'r$'
Ba eWdwSV_[f[VS^S[`eUd[bU[{`VWeaU[WVSVWe UgS`Va
g`a a _we VWegeV[dWUfadWe% SV_[`[efdSVadWe% YWdW`fWe% _S`&
VSfSd[aea YWefadWe Wefgh[WdW` VWeW_bWzS`Va a ZgT[WdW`
VWeW_bWzSVa S^Yg`SVWWeSeXg`U[a`We W`eaU[WVSVWe cgW
Wefx`Ug_b^[W`VaeS`U[a`WeVWegebW`e[{` a US`UW^SU[{`
VW^S[`eUd[bU[{`bad h[a^SU[a`We S^S^WkUa_Wf[VSe VgdS`fW
eg YWef[{`#Sdf'*)'r$'
$ "647-:-5+1) +668,15)+1>5
15:-82;819,1++165)3
@S^WkV[eba`WcgW^SSgfad[VSVVWSb^[USU[{` eWdwW^adYS&
`[e_a VW_we S^fa`[hW^Ua` Ua_bWfW`U[S W`W^wdWS VW^S
ba^yf[US S_T[W`fS^cgWVWfWd_[`W W^ baVWd W\WUgf[ha #Sdf' .2$4
VWTW aTeWdhSdeW cgW%Ua_a kS ZW_aedWXWd[Va W`dW^SU[{`
Ua` afdSe`ad_Se%W^ e[efW_SXWVWdS^ SdYW`f[`a[_ba`W cgW
USVSbdah[`U[SS^_a_W`fa VWSVZWd[d VWe[Y`W eg Sgfad[VSV
VWSb^[USU[{` fWdd[fad[S^ #Sdf'*++8B$'
Dad afdS bSdfW% VWefSUS_ae W^_aVW^aVW[`ef[fgU[a`S&
^[lSU[{` fxU`[US&bSdf[U[bSf[hS cgW[`efdg_W`fS W^SdfyUg^a
/, VW^S`ad_S &kcgW^Se\gd[eV[UU[a`We ^aUS^We bgWVW`
'(
SVabfSd&% S^V[eba`WdcgW^SSgfad[VSVVWSb^[USU[{` VWTW
eWd Se[ef[VSbadg` Ua`eW\aUa`eg^f[ha%VWUSdwUfWd Za`adSd[a%
cgWfW`Vdwbad aT\WfaSeWeadSd k bdaba`Wd[`[U[Sf[hSeeaTdW
fW_SedW^SU[a`SVae Ua` ^aedWe[Vgae bW^[Ydaeae% cgWWefSdw
[`fWYdSVa bad dWbdWeW`fS`fWe VW3 g`[hWde[VSVWe `SU[a`S&
^We% bdah[`U[S^We a bd[hSVSe4UW`fdaeVW[`hWef[YSU[a`We4
SeaU[SU[a`We k Ua^WY[ae VWbdaXWe[a`S^We4 SeaU[SU[a`We VW
fdSTS\SVadWe k VWW_bdWeSd[ae4 bWdea`S^[VSVWe dWUa`aU[VSe
W`fW_SedW^SU[a`SVae Ua` W^ _W\adS_[W`faVW^SUS^[VSV VW
h[VS4adYS`[lSU[a`We `a YgTWd`S_W`fS^We S_T[W`fS^[efSe k
faVSafdSW`f[VSVdWbdWeW`fSf[hS VWeWUfadWe [`fWdWeSVae'
:` UgS`fa S^SUaadV[`SU[{`[`fWd\gd[eV[UU[a`S^% dWUadVS&
_ae `gWhS_W`fWW^bSbW^cgWW^DSUfa;WVWdS^ 6_T[W`fS^
k W^G[efW_S;WVWdS^ 6_T[W`fS^ cgWdWYg^S ^S@Wk+.'/0.
afadYS` S^8aXW_S%W^cgWZS fW`[VaeWYgdS_W`fW g` bS&
bW^bdWba`VWdS`fW W`^SeSVZWe[a`We bdah[`U[S^We S WefS
`ad_S k ^SUaadV[`SU[{`VWWeSe \gd[eV[UU[a`We ^aUS^We Ua`
^S`SU[a`S^ '
% (-97659)*131,),-9 U[h[^We%
7-5)3-9 k SV_[`[efdSf[hSe
:^ USbyfg^aJ>>> [`efdg_W`fSg` dxY[_W`VWdWeba`eST[^[VSV
SV_[`[efdSf[hSk eS`U[a`WeSUg_g^Sf[hSecgWS^US`lSSfaVS
[`XdSUU[{` S^SeV[ebae[U[a`We VW^S^Wk% eg dWY^S_W`fSU[{`
k `ad_Se Ua_b^W_W`fSd[Se cgWW`Ua`eWUgW`U[S eWV[UfW`%
cgW&Ua`bdWeU[`VW`U[S VW^SdWeba`eST[^[VSV U[h[^a bW`S^
*2 @SFWUa_W`VSU[{` *(2, 8aXW_Sbda_gWhWS^SeSgfad[VSVWe bdah[`U[S^We S
ShS`lSd W`^S[`efdg_W`fSU[{` VW^ SdfyUg^a /0 VW^S@Wk +-').*%V[UfS`VaW`
USVS\gd[eV[UU[{` `ad_Se VWe[_[^Sd`SfgdS^WlS% Ua`Xad_WS ^SedWS^[VSVWe
^aUS^We4 ea^[U[fS`VaS^SSgfad[VSV`SU[a`S^cgWUaadV[`W^S[_b^W_W`fSU[{`
VW^ FWY[efda VW<W`WdSVadWe k CbWdSVadWe VWFWe[VgaeDW^[Ydaeae k VWafdae
SebWUfae h[`Ug^SVaeS^S@Wk +-').*%Ua` ^aeWefSVae bdah[`U[S^We _[W_Tdae'
@SFWUa_W`VSU[{` ,(2- 8aXW_S[`efS S cgW^SSb^[USU[{` VW^aedWYy_W`We
^WYS^We eaTdWdWe[Vgae [`Vgefd[S^We% f{j[Uaea bW^[Ydaeae `a YW`WdW ZWUZae cgW
ShS`UW`eaTdWUa_bWfW`U[Se Wefd[UfS_W`fW bdah[`U[S^We'
')
cgWbgV[WdW [_ bgfSdeWS^[`XdSUfad& [`U^gkW3 S' SbWdU[T[_[W`&
fa4T' _g^fS4U'egebW`e[{` VW^S[`eUd[bU[{`W`W^FWY[efda
VW&$ VySeZSefSg` Sza4V' US`UW^SU[{` VW^S[`eUd[bU[{`
W`W^FWY[efda bSdSUSeaeVW_we VWfdWedW[`U[VW`U[Se' @S
egebW`e[{` a US`UW^SU[{` VW^S[`eUd[bU[{`W`W^FWY[efda
[_b^[USdwW^UWeW VW^SeSUf[h[VSVWe k ^SU^SgegdSVW^ WefS&
T^WU[_[W`fa a ^aUS^'
:` USeaVWdW[`U[VW`U[S% ^ae_y`[_ae k ^ae_wj[_ae VW
^SeeS`U[a`WebdWh[efSe W`^aeUSeaeVW_g^fS a egebW`e[{`
dWY[efdS^ eW_g^f[b^[USdw` bad g`S U[XdS [YgS^S^SUS`f[VSV
VWdW[`U[VW`U[Se Sg_W`fSVSW`g`S g`[VSV'
GWY|`W^SdfyUg^a .- VW^S^Wk% UgS`VaW^[`XdSUfad XgWdW
g`S bWdea`S\gdyV[US% ^aecgWfW`YS`Seg USdYa ^SV[dWUU[{`%
SV_[`[efdSU[{`a YWdW`U[S eWdw` bWdea`S^k ea^[VSd[S_W`fW
dWeba`eST^We VW^SeeS`U[a`WeWefST^WU[VSe'
;[`S^_W`fW%^aeUSbyfg^ae J>> k >L [`fdaVgUW` g` dxY[_W`
WebWUyX[Ua W`_SfWd[SVWdWeba`eST[^[VSV U[h[^k bW`S^'
@SdWeba`eST[^[VSV U[h[^SbSdWUW Ua_a aT\Wf[hS% Ua`e[&
VWdS`VaSfaVa dWe[Vga bW^[Ydaea Ua_a UaeSd[WeYaeS cgW
YW`WdS dWeba`eST[^[VSV VW^aeVgWzaea YgSdV[S`We badfaVa
VSza bdaVgU[Va% ^aecgW`a eWWj[_W`VWdWeba`eST[^[VSV
bad VW_aefdSd^SUg^bSVWg` fWdUWda VWcg[W` `a VWTW
dWeba`VWd% UgkSSUU[{`bgVa eWdWh[fSVS Ua` W^W_b^Wa VW^
VWT[Va Ug[VSVak SfW`V[W`Va S^SeU[dUg`efS`U[Se VW^ USea
#Sdf%-0$' GWfdSfS%W`VWX[`[f[hS% VWg` SYdShS_[W`faVW^S
dWeba`eST[^[VSV aT\Wf[hSfdSV[U[a`S^ cgWeWXg`VSW`cgW
^aedWe[Vgae bW^[Ydaeae Ua_a UaeSd[WeYaeS bdWeW`fS` g`
d[WeYa WjfdW_a% k W^^a [_ba`W aT^[YSU[a`We VWdWeg^fSVa _we
Wj[YW`fWe a SYdShSVSebSdScg[W`WedWS^[UW` SUf[h[VSVWe
Ua` dWe[Vgae bW^[Ydaeae %
@SdWeba`eST[^[VSV VW^YW`WdSVad bad ^ae VSzae aUS&
e[a`SVae bad ^ae dWe[VgaebW^[Ydaeae `a VWeSbSdWUW bad
^S fdS`eXad_SU[{`%WebWU[X[USU[{`% VWeSdda^^a% Wha^gU[{`
+) >Fd76FF:B MG6F6J^6' CT' U[f'% b' **.,'
(
a fdSfS_[W`fa VWxefae%Ua` WjUWbU[{` VWScgW^^aeVSzae
USgeSVaebad ^S_Skad bW^[Ydae[VSV cgWg` VWfWd_[`SVa
dWe[VgaSVcg[WdWUa_a Ua`eWUgW`U[S VWg` fdSfS_[W`fa
VWXWUfgaea dWS^[lSVaW`^Sb^S`fS VWfdSfS_[W`fa a V[eba&
e[U[{` X[`S^#Sdf'-1$'
@SdWeba`eST[^[VSVbW`S^bSdfWVW^Sf[b[X[USU[{` VWg`
VW^[fa &Ug^baeak Va^aea&Ua`e[efW`fWW`cgW gf[^[lS`Va ^ae
dWe[VgaeScgWeWdWX[WdW ^SbdWeW`fW ^Wk% W`hW`W`SdW% SVg^fW&
dSdWa Ua`fS_[`SdW VWg` _aVa bW^[YdaeabSdS^SeS^gV%W^
egW^a% W^ SYgS%^SSf_{eXWdS a W^ S_T[W`fWW`YW`WdS^ #Sdf' ..$%
V[eba`[W`Va cgWUgS`Va V[UZaVW^[fa eWZgT[WeWUa_Wf[Va
bad VWU[e[{`VWg`S bWdea`S\gdyV[US% ^SbW`SeWSb^[USdwS
^ae V[dWUfadWe% YWdW`fWe% ey`V[Uae%_[W_Tdae VW^ Ua`eW\aVW
h[Y[^S`U[S%SV_[`[efdSVadWe%_S`VSfSd[ae a dWbdWeW`fS`fWe
VWW^^S cgWZgT[WeW` [`fWdhW`[VaW`W^ZWUZabg`[T^W%e[`
bWd\g[U[aVW^SeVW_wedWeba`eST[^[VSVWe bW`S^We cgWbg&
V[WeW` Wj[ef[d#Sdf'.0$' :efae VW^[fae ea` Ua`X[YgdSVaeUa_a
VW^[faeVWbW^[Yda '
6g`cgW W^SdfyUg^a.1 V[eba`W cgW^S\gef[U[SXWVWdS^
eWdwUa_bWfW`fWbSdS Ua`aUWdVW^SeSUU[a`We bW`S^We cgW
VWd[hW` VW^S ^Wk% ^S VaUfd[`S k ^S\gd[ebdgVW`U[of,oZS`
W`fW`V[VacgW^S\gd[eV[UU[{`UaddWeba`VWbad bd[`U[b[a S
^ae baVWdWe ^aUS^We' G{^aW`^SWjUWbU[{` cgWUa`ef[fgkW^S
[`fWd\gd[eV[UU[a`S^[VSV ZS VWSUWbfSdeW ^SUa_bWfW`U[SVW
^S\gef[U[SXWVWdS^'
+* 86;;:F6HH6' @S UaddWUfSZWd_W`xgf[US \gdyV[US VW^S ^Wk+-').* % W` 6>MBJK:
3LIBJHIL=>F<B:,I@>FKBF:" *22,&_% b' *-4 u9' @S S`f[\gd[V[U[VSV% Sgfa dyS k
dWeba`eST[^[VSV bW`S^ W` ^S ^Wk+-').*' FxY[_W` bdaTSfad[a % W` 6>MBJK:
3LIBJHIL=>F<B: ,I@>FKBF:"*22.&**%b' ,*24 86F@CGFdhp DCGG:' @ae f[bae VW^[Uf[hae
W` ^S^WkVWdWe[Vgae bW^[Ydaeae +-').* % W` 6>MBJK: 4: 4>O"*22.&)% b' *-+-'
++ <67F^:@ n68C7C M86F@CGFCI<:e' 6P@BE>F4>@:D=>DGJ6>JB=LGJ5>DB@IGJGJ 4>O
')$%*&! /><I>KG6>@D:E>FK:IBG1,*(2,% 7gW`ae 6[dWe%CWbS^_S% *22,% b' 2+4
A6IF>8>C @>7GH:F'/>DBKGJ ><GDR@B<GJ" 7gW`ae 6[dWe%CWbS^_S% *22,% b' ++/4
86;;:F6HH6' CfdS hWl eaTdW ^S Ua_bWfW`U[S \gV[U[S^ bW`S^ S_T[W`fS^ % W`
6>MBJK: 4: 4>O"+))-&/% >#,1/'
+, 8adfW GgbdW_S VW^S BSU[{`% BFI> @gTd[UW`fda 7W^YdS`a %W` 6>MBJK: 4: 4>O"
+)))&8% b' +,/'
(!
<' DdaZ[T[U[{`VW[_badfSU[{`
GWY|`W^SdfyUg^a -* VW^SUfgS^dxY[_W`Ua`ef[fgU[a`S^k W^
9WUdWfa *1*(2+%W^SdfyUg^a ,'r bdaZyTW^S[_badfSU[{`%[`fda&
VgUU[{`k fdS`ebadfWVWfaVa f[ba VWdWe[VgaebdahW`[W`fWe
VWafdae bSyeWeS^fWdd[fad[a `SU[a`S^ k ege WebSU[ae SxdWak
_Sdyf[_a%^a cgWWjf[W`VWS^aedWe[VgaeVWad[YW``gU^WSd'
J' @:M+.'/0) 9: DF:GIDI:GHCG AyB>ACG 9: DFCH:88>vB
6A7>:BH6@ D6F6@6<:GH>vB9: @CG D87G
6' 8a`UWbfaeTwe[Uae
:` W^Sza +))+ eWeS`U[a`S ^S^WkbSdS^SYWef[{`VW^aeD87G
`' +./0) W`fdWUgkSeX[`S^[VSVWe eWW`UgW`fdS`3 S' X[eUS^[lSd
^SeabWdSU[a`We SeaU[SVSeS^aeD87G4 T'^S VWeUa`fS_[`SU[{`
a W^[_[`SU[{`VWSbSdSfaecgWUa`fW`YS`D8/G4 U'^SW^[_[`S&
U[{` VWD87GgeSVae4V' ^SbdaZ[T[U[{` VW[`YdWeaS^bSyeVW
D87G4 k W'^SbdaZ[T[U[{` VWbdaVgUU[{`k Ua_WdU[S^[lSU[{`
VW^ae D87G#Sdf'+'r$'
@SVW`a_[`SU[{` D8/GUa_bdW`VW^ae ba^[U^adaT[XW`[&
^ae #T[XW`[^ae ba^[U^adSVae$% ^ae ba^[U^adafWdXW`[^ae #D8H$%
W^_a`a_Wf[^fWfdSU^adaV[XW`[^_WfS`a% W^_a`a_Wf[^V[U^a&
daV[XW`[^_WfS`a%W^_a`a_Wf[^V[Tda_aV[XW`[^_WfS`a k
UgS^cg[Wd_WlU^SUgka Ua`fW`[Va fafS^ VWUgS^cg[WdSVW
^SeegefS`U[Se S`fWd[ad_W`fW_W`U[a`SVSe eWSegbWd[adS^
)%)).! W` bWea#.) bb_$ #Sdf%,'r$%bWdaeWYg[VS_W`fWeW
Sgfad[lS S ^SSgfad[VSVVWSb^[USU[{`S S_b^[Sd ^S^[efSVW
gefS`U[Se Ua_bdW`V[VSeVWUa`Xad_[VSVUa` ^ae ShS`UWe
U[W`fyX[Uae k fWU`a^{Y[Uae W`^S_SfWd[S#Sdf'*,$' AWdWUW ^S
bW`SVWefSUSd e[` W_TSdYacgW%Ua`Xad_WUa` ^S[`fW^[YW`&
U[Sbdab[U[SVSW`W^eW`f[VaVWcgW`SVS aTefS bSdScgWg`
_[e_a dWe[VgaeWSS^US`lSVabad _we VWg`S dWYg^SU[{`%
WefS^WkVW\ST[W`U^SdacgWfS`fa ^ae D87GgeSVae Ua_a ^ae
dWe[VgaecgWUa`f[W`W`D87Ge[YgW`e[W`VaS^US`lSVaeSeg
("
hWl bad ^S`ad_Sf[hS WebWUyX[US VWdWe[VgaebW^[Ydaeae#@Wk
+-').*$ #Sdf'+-$'
G[T[W`^S^WkW`XaUS^SdWYg^SU[{` VWeVW^SegefS`U[S _[e_S
#D87G$%bdWefSWebWU[S^ SfW`U[{` SWXWUfae VW^SUa`X[YgdSU[{`
VW^SeaT^[YSU[a`Wek Sfd[TgU[{` VW^SedWeba`eST[^[VSVWeS^
eg\WfabaeWWVad% S^aT\WfaUa`f[`W`fW VWW^^S kS Vae SUU[a`We
WebWUyX[USe3 ^SVWeUa`fS_[`SU[{` k W^[_[`SU[{` '
@S^WkUa`e[VWdSHGJ>>=GI S ^S bWdea`S Xye[USa \gdyV[US%
b|T^[US a bd[hSVS%cgWWefxW`baeWe[{` VWD87G%D87G geSVae
a VWSbSdSfae cgWUa`fW`YS` D87G%W`fW`V[W`Vabad fS^W^cgW
Ua`fW`YS a ZSkS Ua`fW`[Va D87G #fdS`eXad_SVadWe%Ua`VW`&
eSVadWe%dWU[b[W`fWe cgWUa`fW`YS` US`f[VSVWedWe[VgS^We$
k cgW`a ZSkS e[Va VWeUa`fS_[`SVa #Sdf' ,'r$'
@S=>J<GFK:EBF:<BRF eWdWX[WdW S^Ua`\g`fa VWabWdSU[a`We
cgWbWd_[fW` cgW^ae SbSdSfae%aT\Wfae%_SfWd[S^Wea X^g[Vae
Ua`fS_[`SVae bad D87G bgWVS` dWgf[^[lSdeW%dWU[U^SdeW a
W^[_[`SdeWW` Ua`V[U[a`We eWYgdSe%k cgW baVdw [`U^g[d ^S
egef[fgU[{` &W`fW`V[x`VaeWbad xefS faVS abWdSU[{` VWegef[&
fgU[{` VW^ae D87G& bad X^g[VaeSVWUgSVaecgW`a Ua`fW`YS`
D87G' @S>DBEBF:<BRF S^US`lS S^SeabWdSU[a`WeVWfdSfS_[W`fa
k V[ebae[U[{` X[`S^bad ^ae _WV[ae SbdaTSVae bad *2&*^ad_S&
f[hS Sb^[UST^WeaTdWdWe[VgaebW^[Ydaeae#Sdf%,'r$' #
@S^Wk_S`VS S^ baVWd W\WUgf[haSVabfSd ^Se _WV[VSe
`WUWeSd[Se bSdS YSdS`f[lSd ^SbdaZ[T[U[{` VW^SbdaVgUU[{`%
Ua_WdU[S^[lSU[{` k VW^ [`YdWeaS^bSye VWD87G%^SW^[_[`SU[{`
VWD87G geSVae k ^SVWeUa`fS_[`SU[{` a W^[_[`SU[{` VW^ae
D87G k SbSdSfae cgW Ua`fW`YS` D87G VW`fda VW^ae b^Slae
Wef[bg^SVae W` ^S`ad_S% S X[` VWbdWhW`[d%Wh[fSdk dWbSdSd
VSzae S^S_T[W`fWk _W\adSd^SUS^[VSVVWh[VS VW^SbaT^SU[{`
#Sdf'-'r$' HWd_[`S`fW_W`fW eWbdaZyTWfS`fa ^S[`efS^SU[{` VW
Wcg[bae cgWUa`fW`YS`dUee #Sdf'.'r$%Ua_a ^S[_badfSU[{` k
+- I` Ua_W`fSd[a YW`WdS^eaTdW^S `ad_S bgWVWhWdeWW` 9: 7:B:9>8H>G' @ae
Ua_bgWefae [`Vgefd[S^We f{j[Uae W` ^S^Wk+.'/0)' 8a` WebWU[S^ dWXWdW`U[S S ^ae
T[XW`[^aeba^[VadSVae #dU`e$ %W` 6>MBJK: /B:IB: 4: "&$ *-()*(+)).% b' *'
1,
W^[`YdWeaVWD87 k VWWcg[bae cgWUa`fW`YS` D87G W`faVa W^
fWdd[fad[aVW^SBSU[{` #Sdf' /'r$' 9[ebae[U[a`We WefSe|^f[_Se
UgkS hS^[VWl%bad [`hSV[d ^S Ua_bWfW`U[S bdah[`U[S^%ZS`
e[Va bgWefSe W` fW^SVW\g[U[a bad ^S VaUfd[`S '
! (-/19:86 );:681,), ,- )731+)+1>5
DSdS W^Ua`fda^ VW^ae D87G ^S ^WkdWUgddWS ^S UdWSU[{`VW
g` FWY[efdaBSU[a`S^ >`fWYdSVaVWDaeWWVadWe VWD87G cgW
UW`fdS^[lSdw^ae dWY[efdaeWj[efW`fWeZSefS ^S XWUZS k cgW
ba`W S USdYaVW^SSgfad[VSV VWSb^[USU[{` cgWdWUSWeaTdW
W^adYS`[e_a VW_Skad `[hW^ \Wdwdcg[UaUa` Ua_bWfW`U[S
S_T[W`fS^ #Sdf' 0'r$'
GWWef[bg^SW^b^Sla VW*1) VySeUadd[Vae #Sdf' *)'r$ bSdS
cgWfaVa baeWWVad%XSTd[US`fWa Ua_WdU[S^[lSVadVWD87G eW
[`eUd[TS k cgWVS` WjW`fae VW^S aT^[YSU[{` ScgW^^ae cgW
baeWS` e{^a SbSdSfae cgW Ua`fW`YS` g` ha^g_W` fafS^ VW
D87G _W`ad Sg` ^[fda' :^ cgWVSdWjW`fa VW^S[`eUd[bU[{` W`
W^dWY[efda`a ^a Wj[_W VW^Ug_b^[_[W`fa VW^S`ad_S' @S
[`Xad_SU[{` dWcgWd[VSbad ^SSgfad[VSV VWSb^[USU[{` bSdS
[`eUd[T[dW` W^FWY[efdafW`VdwUSdwUfWd VWVWU^SdSU[{` \gdS&
VS #Sdf' 1'r$' :^ baeWWVadf[W`W^SaT^[YSU[{` VWSUfgS^[lSd ^S
[`Xad_SU[{` W`W^dWY[efdaS^_W`ae USVSVae Szae k VWTWdw
`af[X[USdW` Xad_S [`_WV[SfS US_T[ae cgW[`ha^gUdW` _a&
V[X[USU[{`VWUS`f[VSVWeVWD87G S|` e[` geSd%D87G W` gea k
D87G geSVae #Sdf' *+$' :`fdW ^SeaT^[YSU[a`WeVW^SSgfad[VSV
VWSb^[USU[{` eWW`UgW`fdS`3
S' W`fW`VWdW` ^SVWfWd_[`SU[{` VWba^yf[USeW` _SfWd[S
VWYWef[{` VWD87G W`Xad_S UaadV[`SVS Ua` ^SeSgfad[VSVWe
Ua_bWfW`fWeVW^SeDdah[`U[Se k VW^S8[gVSV 6gf{`a_S VW
7gW`ae 6[dWe%W` W^w_T[fa VW^8a`eW\a ;WVWdS^VWAWV[a
6_T[W`fW #8aXW_S$3
+. D><F:_'% DdWegbgWefae _y`[_ae VWdWYg^SU[{` VW^ae D87G %W` ,F:D>J =>D:
4>@BJD:<BRF ,I@>FKBF:"+))+&: #T$%>#/)2/'
($
T' Xad_g^Sd W[_b^W_W`fSd%W` W^w_T[fa VW^8a`eW\a
;WVWdS^ VWAWV[a6_T[W`fW #8aXW_S$%g` D^S` BSU[a`S^
VW<Wef[{` k :^[_[`SU[{` VWD87G4
U'V[UfSd^Se`ad_Se VWeWYgd[VSV dW^Sf[hSe S^gea%_S`[&
bg^SU[{`%S^_SUW`S_[W`fak W^[_[`SU[{`VWD87Gk Ua`fda^Sd
eg Ug_b^[_[W`fa4
V' dWS^[lSdWefgV[aeVWd[WeYak SgV[fadySeS_T[W`fS^We
W` USea VWWhW`faeVWUa`fS_[`SU[{` S_T[W`fS^ S Ugka
Ua`aU[_[W`fa ZSkS ^^WYSVa bad eg b|T^[US dWbWdUge[{` a
bad VW`g`U[SeVWbSdf[Ug^SdWe' :` WefW|^f[_a USeaVWTWdw
WhS^ gSd^SeWd[WVSV VW^SVW`g`U[S%k W`USeaVWVWeWef[_SVS
VWTWdw Xg`VS_W`fSdeg VWU[e[{`4
W'UaadV[`SdUa` W^adYS`[e_a VW^SBSU[{` VW_Skad
`[hW^\Wdwdcg[Ua Ua` Ua_bWfW`U[SW`W^wdWS VWeS^gV%W`^ae
USeaeVW^ [`U[ea S`fWd[ad%^SdWS^[lSU[{` VWWefgV[aeWb[VW&
_[a^{Y[Uae bSdS bdWhW`[dk VWfWUfSd VSzae W`^SeS^gVVW
^SbaT^SU[{` VW^Sbae[T^Wla`S SXWUfSVS4
X'[`Xad_Sd S^aehWU[`aedWe[VW`fWe W`^Sla`S SXWUfSVS a
W`d[WeYa% _WV[S`fWbdaUWV[_[W`fae cgWSeWYgdW` XWZSU[W`fW
k _Se[hS_W`fW ^SV[Xge[{`%^ae dWeg^fSVae VW^ae [`Xad_We
S_T[W`fS^Wek VW^ae WefgV[aeWb[VW_[a^{Y[Uae% d"GyUa_a
^Se_WV[VSeSb^[USVSe k bad Sb^[USd4
Y' bda_ahWd W^gea VWegef[fgfae VW^ae D87Gk dWS^[lSd
g`S S_b^[S US_bSzS VWV[hg^YSU[{`S`fW^Sab[`[{` b|T^[US
eaTdW^ae VSzae cgWaUSe[a`S` eg [`UaddWUfS W^[_[`SU[{`%
k ^Se_WV[VSeSUa`eW\ST^We bSdS ^SdWbSdSU[{`VW^_WV[a
S_T[W`fW4
Z' bda_ahWd k UaadV[`SdUa` adYS`[e_ae YgTWd`S_W`&
fS^Wek `a YgTWd`S_W`fS^We W^Sbaka fxU`[UaS ^SUdWSU[{`
VWegef[fgfae VW^aeD87G% S^Ua`fda^VW^SUS^[VSVVWxefae%S^
SUUWea S^ae egef[fgfae kS Wj[efW`fWe bad bSdfWVWbWcgWzSe
k _WV[S`Se W_bdWeSecgWbad eg SUf[h[VSVdWcg[WdW` VW
W^^ae k S faVS _WV[VSfxU`[UScgWf[W`VSS^Ug_b^[_[W`fa
VWegef[fg[d ^SeegefS`U[SeW`g_WdSVSeW`W^SdfyUg^a,'r4
(%
[' SeWeadSdk SbakSd S ^Se\gd[eV[UU[a`We ^aUS^We W` ^ae
bdaYdS_Se VWX[eUS^[lSU[{` k Ua`fda^ VW^SYWef[{`VW^ae
D87G#Sdf%**$'
8' FWeba`eST[^[VSVWe%
aT^[YSU[a`Wek bdWeg`U[a`We
GWWef[bg^ScgWS`fWeVW^Sza +)). faVa baeWWVad VWTWdw
bdWeW`fSd S`fW^SSgfad[VSVVWSb^[USU[{`g` bdaYdS_S VW
W^[_[`SU[{`a VWeUa`fS_[`SU[{` VW^ae SbSdSfae cgWUa`&
fW`YS`D87G% Ua` W^aT\Wf[haVWcgWS^Sza +)*) `a cgWVW`
W`faVa W^fWdd[fad[aVW^SBSU[{` Wcg[bae [`efS^SVae cgW
Ua`fW`YS`bU7e#Sdf'*.$'6`fWeVW^Sz)+)*)faVae^aeSbSdSfae
cgWUa`fW`YS` D87G% k Ugka baeWWVad cg[WdS_S`fW`Wd^ae
W` abWdSU[{`%VWTWdw` eWdVWeUa`fS_[`SVae S WjU^ge[ha
USdYaVW^ baeWWVad e[` cgWxefWbgWVSZSefSWeW_a_W`fa
dWba`WdD87G% bad ^a cgWVWTWdw dWW_b^SlSd^ae bad X^g[Vae
^[TdWe VWV[UZSegefS`U[S#Sdf'*-$'
@aebaeWWVadWe VWD87Gfgh[Wda`g` b^Sla _wj[_a VW/)
VySeUadd[VaebSdS3S' [VW`f[X[USd U^SdS_W`fW faVae^aeWcg[bae
k dWU[b[W`fWe cgWUa`fW`YS`D87Gk D87GgeSVae4VWTW^WWdeW
U^SdS_W`fW8a`f[W`W D87G 4T' [`efdg_W`fSd g` dWY[efda
[`fWd`a VWSUf[h[VSVWe W`^SecgWWefx`[`ha^gUdSVaeD87G4 U'
SVWUgSd ^aeWcg[baecgWUa`fW`YS`k ^ae^gYSdWe VWS^_SUW&
`S_[W`fa VWD87Gk D87GgeSVae W[`efdg_W`fSd ^Se_WV[VSe
`WUWeSd[Se bSdSWh[fSd ba`WdW`d[WeYa ^SeS^gVVW^SebWdea`Se
k ^SUa`fS_[`SU[{` VW^ _WV[aS_T[W`fW#Sdf'*0$'
:^ baeWWVad VWTWdw [`efdg_W`fSd%S`fWW^_W`ad [`V[U[a
VWWeUSbWe% XgYSea bxdV[VSeVWD87GW` UgS^cg[Wd Wcg[ba
a [`efS^SU[{`%_WV[VSeUaddWUf[hSe k bdWhW`f[hSebSdS dW&
bSdSdW^VSza aUSe[a`SVa%V[e_[`g[d ^ae d[WeYae ZSU[S^Se
bWdea`Se k W^_WV[a S_T[W`fWk Wh[fSdcgWW^[`U[VW`fW
a SUU[VW`fW hgW^hSS aUgdd[d#Sdf' *1$' G[` bWd\g[U[aVW^a
UgS^%^S^WkWefST^WUW cgWfaVSbWdea`SXye[US a \gdyV[UScgW
dWS^[UW SUf[h[VSVWe a eWdh[U[ae cgW[_b^[cgW` W^gea VW^Se
egefS`U[SeS`fWeW`g_WdSVSeVWTWdw Ua`fdSfSdg` eWYgdaVW
(&
dWeba`eST[^[VSV U[h[^% USgU[{`% X[S`lSTS`USd[S% Ua`ef[fg[dg`
SgfaeWYgda% g` Xa`VaVWdWbSdSU[{` g afdSYSdS`fySWcg[hS&
^W`fWeWY|`*) VWfWd_[`W ^SdWY^S_W`fSU[{`% bSdSSeWYgdSd
^SdWUa_bae[U[{`VW^aebae[T^We VSzae S_T[W`fS^We k VSd
UaTWdfgdS S ^ae d[WeYae S ^SeS^gVVW^SbaT^SU[{`cgWeg
SUf[h[VSVbgV[WdSUSgeSd#Sdf'2'
)
$'
@S^Wk WefST^WUW X[`S^_W`fWfdWe bdWeg`U[a`We BLIBJK:FKLE
cgW[`fWdWeS VWefSUSd' GS^habdgWTSW`Ua`fdSd[a%bdWeg_W3
*' cgW^ae SbSdSfaeVWg` f[ba cgWbgWVSUa`fW`Wd 3+*5 eW
Ua`e[VWdSdw` Ua_a e[ Ua`fgh[WdS`3+*5 #Sdf','
)
$4 +' cgWW^
3+*5" W^ 3+*5 geSVak faVaSbSdSfacgWUa`fW`YS3+*5 ea` UaeS
d[WeYaeS W`^aefxd_[`ae VW^ eWYg`Va bwddSXa VW^ SdfyUg^a ***,
VW^ U{V[YaU[h[^% _aV[X[USVa bad ^S@Wk *0'0** #Sdf%*2$4k ,'
cgWfaVa VSza USgeSVabad 3+*5 k 3+*5 geSVaWeWcg[hS^W`fW
S^USgeSVabad g` dWe[Vga bW^[Ydaea #Sdf'+)$+/'
9' FxY[_W` eS`U[a`Sfad[a
oS ^WkbdWhxg` dxY[_W`SV_[`[efdSf[ha eS`U[a`Sfad[a cgW
_U^gkW3S' SbWdU[T[_[W`fa4 T' _g^fS4 U'[`ZST[^[fSU[{`bad
f[W_baVWfWd_[`SVa4 V' U^SgegdS' GS`U[a`We cgW% bgV[W`Va
eWdSUg_g*Sf[hSe%`SfgdS^_W`fWVWTW` eWdSb^[USVSe bdWh[S
[`efdgUU[{`eg_Sd[S cgWSeWYgdW W^VWdWUZa VWVWXW`eS% k
YdSVgSVSe Ua`Xad_W^S`SfgdS^WlSVW^S[`XdSUU[{` k W^ VSza
aUSe[a`SVa#Sdf'+*$'
DSdSW^USeaVW^Se_g^fSe ^S^WkbdWhx^Sbae[T[^[VSVVW
Vgb^[USd ^ae_y`[_ae k _wj[_ae W`^aeegbgWefaeVWdW[`&
U[VW`U[S #Sdf'+*$ S^ShWlcgWV[eba`WcgWW^ bdaVgU[VaVW
+/ :` W^USea 8ae[_[% ASdySVW^ 8Sd_W` U' 9[dWUU[{` Ddah[`U[S^VW:`WdYySVW
8add[W`fWe %W^. VWaUfgTdWVW+)). ^S8w_SdS VW6bW^SU[a`We W` ^a 8[h[^ k
8a_WdU[S^VW8a_W`fWe%eS^S>J%Z[la ^gYSdS^Se_WV[VSebdWUSgfad[Se Ua` W^
X[`VWcgW^S9[dWUU[{` Ddah[`U[S^VW:`WdYySVW8add[W`fWe% W`eg US^[VSVVW
bdab[WfSd[SVWfdS`eXad_SVadWecgWUa`f[W`W`D87G%Ug_b^S Ua` ^aedWcg[e[fae
bdWh[efaeW`^S@Wk+.'/0)4 bgT^[USVaUa` `afS VW9> D6C@6' FWUa_bae[U[{`
VW^ S_T[W`fWk VW^ VSza bdaVgU[Vabad VWddS_We VWD87G %W`6>MBJK: 4: 4>O
4BKGI:D" +))/%b' *,/'
('
=Se eWSbWdU[T[Va bad ^SeSgfad[VSVWe bdah[`U[S^We% bWda
VWef[`SVa SUa`Xad_Sdg` Xa`VaVWef[`SVa WjU^ge[hS_W`fW
S^SbdafWUU[{` k dWefSgdSU[{` S_T[W`fS^W`USVSg`S VW^Se
\gd[eV[UU[a`We eWY|`^acgWWefST^WlUS` ^Se`ad_Se Ua_b^W&
_W`fSd[Se#Sdf'++$'
J>' @:M +.').* 9: F:G>9ICG F69>68H>JCG
6' 8a`UWbfaeTwe[Uae
@aedWe[VgaedSV[aSUf[haeeWW`UgW`fdS` bdWh[efaeW` W^
fWjfaUa`ef[fgU[a`S^%Va`VWeWhWVSeg [`YdWeaS^fWdd[fad[a
`SU[a`S^#Sdf' -* WB$%bdaZ[T[U[{`_S`[X[WefScgW`a SV_[fW
WjUWbU[a`We '
@S@Wk +.)*1 WefST^WUW ^ae[`efdg_Wofae Twe[UaebSoS^S
YWef[{` SVWUgSVS VW^aedWe[Vgae dSV[oUf*hae% cgWYSdSof*oW`
W`WefWSebWUfa ^SbdafWUU[{` VW^ S_T[W`fW% ^SeS^gVb|T^[US
k ^aeVWdWUZae VW^SbdaebWd[VSV #Sdf'*')$' :^ SdfyUg^a ,'
)
oW
^S`ad_S VWX[`W Ua_a dWe[VgadSV[SUf[haS faVa _SfW`S^
dSV[SUf[ha% Ua_T[`SVa a `a Ua` _SfWd[S^ `a dSV[SUf[ha% cgW
ZSkSe[Vagf[^[lSVaW`bdaUWeae bdaVgUf[haea Sb^[USU[o`We%
bSdS^aeUgS^We `a eWbdWhWS` geae [`_WV[SfaebaefW%`odWe
W` ^S _[e_S [`efS^SU[{`%k cgW%bad ege USdSUfW`ef[USe
dSV[a^{Y[USe `a bgWVS` eWdV[ebWdeSVae W` W^S_T['W`fW
VWSUgWdVa Ua` ^ae ^y_[fWeWefST^WU[Vae bad ^S6gfa`VSV
FWYg*Sfad[S BgU^WSd'
:` Xad_SUa`UadVS`fW% ^S@Wk +-'1)- dWYg^S ^SeXg`U[a`We
VW^S6gfad[VSVFWYg^Sfad[S BgU^WSd% cgW[`U^gkW`^SVW
afadYSd%egebW`VWd k dWhaUSd ^[UW`U[Se% bWd_[eaea' ogfa&
d[lSU[a`WeW`_SfWd[SVW[`efS^SU[a`We bSdS^SYWef[a`VW
VWeWUZae a dWe[Vgae dSV[SUf[hae k VWSb^[USU[a`We `gU^WS&
+0 G67G6M' 6^US`UWVW^ Ua`UWbfaVW"dWe[Vgae dSV[SUf[hae" #Sdf'-*%[` #'& 8B$ %
[`Xad_Wea^[U[fSVabad <dWW`bWSUW 6dYW`f[`SbSdS^SUS_bSzS W`Ua`fdSVW^S
[_badfSU[{` VWdWe[Vgae`gU^WSdWe% +))*%V[eba`[T^WW`Oiii'XSd`'adY'SdQ'
11
dWeS ^SeSUf[h[VSVWe _xV[USeW[`Vgefd[S^We#Sdf'*/ [`U' W$3
UgS`Vo ^S6gfad[VSVFWYg^Sfad[SBgU^WSd Ua`e[VWdSeW cgW
UgS^cg[Wd SUfaVWcg[W`WeYWef[a`W` dWe[VgaedSV[SUf[haeWe
[^WYyf[_a% `af[X[USdwSfaVSe^SebSdfWe[`fWdWeSVSe% WefS`Va
XSUg^fSV S bSdS%bdWh[aS dWea^hWd eaTdW^SWj[efW`U[SVW^S
h[a^SU[{`%V[eba`Wd^Se_WV[VSebdWhW`f[hSecgWWef[_W
Ua`hW`[W`fWe #Sdf'+2$'
8a_b^WfS`Va WefWdxY[_W`%^S @Wk+.'+02 SbdgWTS^S
8a`hW`U[{` VWJ[W`SVW*220eaTdWeWYgd[VSV W`^SYWef[{`
VW^ Ua_Tgef[T^WYSefSVak eaTdWeWYgd[VSV W`^SYWef[{`VW
VWeWUZae dSV[aSUf[hae'
! &) /-9:1>5 ,- 8-91,;69 8),16)+:1<69
@S@Wk +.)*1 W`f[W`VW bad eg bSdfWUa_a YWef[{`VWdWe[Vgae
dSV[SUf[haeS^Ua`\g`fa VWSUf[h[VSVWe `WUWeSd[Se bSdSS[e^Sd
^ae dWe[VgaedSV[SUf[haeVW^ST[{eXWdS VWd[hSVaeWjU^ge[&
hS_W`fWVW^SSUf[h[VSV`gU^WSdWXWUfgSVS W`W^fWdd[fad[a
VWoSoSo[{` 6dYW`f[`S%W^f[W_ba `WUWeSd[a bSdS cgWeg
dSV[SUf[h[VSVZSkSVWUSyVa Sg` `[hW^fS^%cgWeg WhW`fgS^
dW[`YdW3a S^S`3[e_S `a [_b^[cgW d[WeYae bSdS#Wy Za_TdWk
eg S_T[W`fW'9>UZSeSUf[h[VSVWe VWTWdw` dWS^[lSdeW W`g`
faVa VWSUgWdVa Ua` ^ae^y_[fWeWefST^WU[Vae bad ^S6gfad[&
VSVFWYg^Sfad[SBgU^WSd k Ua` faVSe ScgW^^Se dWYg^SU[a`We
`SU[a`S^We%bdah[`U[S^We k VW^S8[gVSV VW7gW`ae 6[dWek
SUgWdVae [`fWd`SU[a`S^We cgWUaddWeba`VS`#Sdf'+'r$'
8a`Xad_W WefST^WUW W^SdfyUg^a/'r%W^:efSVa `SU[a`S^%
_WV[S`fWW^adYS`[e_a VWSb^[USU[{`VW^S^WkVWdWe[Vgae
dSV[aSUf[hae%WedWeba`eST^WVW^SYWef[{`VW^ae dWe[Vgae
dSV[SUf[hae'@ae YW`WdSVadWe VWxefae VWTW` bdahWWd^ae
dWUgde'ae `WUWeSd[ae bSdS^^WhSVS S USTaW`f[W_ba k Xad_S
Sbdab[SVae' :efS V[ebae[U[{` WeUa`UadVS`fWUa` ^SeXg`U[a&
`WecgWUa`fW_b^SW^SdfyUg^a+'r [`U' %VW^S@Wk +-1)- bSdS
^S8a_[e[{` BSU[a`S^ VW:`WdYyS6f{_[US :1,)!#
:^ YW`WdSVad eWdwdWeba`eST^WVW^ SUa`V[U[a`S_[W`fa k
S^_SUW`S_[W`faeWYgdaVW^ae dWe[VgaeYW`WdSVae bad ^S
12
[`efS^SU[{`cgWx^abWdS% eWY|` ^SeUa`V[U[a`WecgWWefoT^Wl&
WS^S6gfad[VSV VW6b^[USU[{`%ZSefS eg fdS`eXWdW`U>S S ^S
8a_[e[{` BSU[a`S^VW:`WdYyS6f{_[US%VWT[W`Va `af[X[USd
W` Xad_S [`_WV[SfS S ^S6gfad[VSV FWYg^Sfad[SBgU^WSd
eaTdWUgS^cg[Wd e[fgSU[{` cgWbgV[WdSVWd[hSd W`[`U[VW`fW%
SUU[VW`fW a XS^^S VWabWdSU[{`'
@S8a_[e[{` BSU[a`S^VW:`WdYyS6f{_[US WefST^WUWdw ^ae
Ud[fWd[ae VWSUWbfSU[{` k ^SeUa`V[U[a`WeVWfdS`eXWdW`U[o VW
^aedWe[VgaedSV[SUf[haecgWeWS``WUWeSd[ae bSdSSeg_[d ^S
dWeba`eST[^[VSVcgW^WUa_bWfW% ^aecgWVWTWdw` eWdSbda&
TSVaebad ^S6gfad[VSV FWYg^Sfad[SBgU^WSd #Sdf'0'r$' %
@SfdS`eXWdW`U[S S ^S 8a_[e[{` BSU[a`S^ VW:`WdYyS
6f{_[US VW^ae dWe[VgaedSV[SUf[hae% W`bSdf[Ug^Sd^ae W^W&
_W`fae Ua_Tgef[T^We [ddSV[SVae% eWWXWUfgSdw W`W^ _a_W`fa
k eWY|` ^ae bdaUWV[_[W`faecgWWefST^WlUS ^S8a_[e[{`
BSU[a`S^ VW:`WdYyS6f{_[US bdWh[S_W`fWSbdaTSVaebad
^S6gfad[VSV FWYg^Sfad[S BgU^WSd' :` `[`Y|` USeacgWVSdw
VWeh[`Ug^SVa W^abWdSVadVW^S[`efS^SU[{` YW`WdSVado VW
eg dWeba`eST[^[VSVbad WhW`fgS^We VSzae U[h[^We a S_T[W`&
fS^We ZSefSfS`fa eWZSkS WXWUfgSVa ^SfdS`eXWdW`U[S VW^ae
dWe[VgaedSV[SUf[hae'
8' "647-:-5+1) +668,15)+1>5
15:-82;819,1++165)3
@S8a_[e[{` BSU[a`S^ VW:`WdYyS6f{_[US :1,)! We^S
Sgfad[VSVVWSb^[USU[{`VW^S^WkVWdWe[VgaedSV[aSUf[hae
k VWTWUaadV[`SdUa` ^Sebdah[`U[Se a ^SU[gVSVVWogWo5e
6[dWe%eWY|` UaddWeba`VS% faVa ^a dW^Sf[ha' o eg SbZUoU^C`
#Sdf'-'r$' :` faVSe ^SeSUf[h[VSVWe VWYWef[{`VWdWe[Vgae
dSV[aSUf[hae^S 8a_[e[{` BSU[a`S^ VW:`WdYyS6f{_[US
VWTWdw Ug_b^[d Ua` ^Se`ad_Se dWYg^Sfad[Se dWXWd[VSe S ^S
eWYgd[VSV dSV[a^{Y[US k `gU^WSd% VWbdafWUU[{` Xye[US k S_&
T[W`fS^k VWeS^hSYgSdV[Se [`fWd`SU[a`S^We cgWWefST^WlUS ^S
6gfad[VSV FWYg^Sfad[SBgU^WSd k Ua` faVSe ScgW^^Se dWYg&
2)
^SU[a`We `SU[a`S^We% bdah[`U[S^We k VW^SU[gVSVVW7gW`ae
6[dWecgWUaddWeba`VS`'
@S8a_[e[{` BSU[a`S^VW:`WdYyS6f{_[US VWTW W^STadSd
k SUfgS^[lSd% USVSfdWe Szae%g` D^S`:efdSfxY[Uak DdaYdS_S
BSU[a`S^VW<Wef[{`VWFWe[Vgae FSV[SUf[hae' :efWb^S`kege
SUfgS^[lSU[a`We eWdw` W`h[SVaeS^baVWdW\WUgf[ha `SU[a`S^%
cgW%bdWh[SUa`eg^fSS^S6gfad[VSVFWYg^Sfad[S BgU^WSd% ^a
W`h[SdwS^8a`YdWeaVW^SBSU[{` bSdSeg SbdaTSU[{`bad
^Wk' 9WTWdw Se[_[e_a bdWeW`fSd S`gS^_W`fWS`fWW^8a`&
YdWea VW^SBSU[{` g` [`Xad_WVW^SefSdWSe dWS^[lSVSe% VW
^S_SdUZSVW^ b^S` WefdSfxY[Ua k W`eg USea%VW^S`WUWe[VSV
VWeg SUfgS^[lSU[{`'
@S8a_[e[{` BSU[a`S^VW:`WdYyS6f{_[US%_WV[S`fWW^
DdaYdS_SBSU[a`S^VW<Wef[{` VWFWe[VgaeFSV[SUf[hae%
VWTWdw3
S' V[eWzSd ^SWefdSfWY[S VWYWef[{` VWdWe[Vgae dSV[SUf[hae
bSdS^SFWb|T^[US6dYW`f[`Sk ^gYSdWe ea_Wf[VaeSeg\gd[e&
V[UU[{`4 T' bdaba`Wd^Se^y`WSe VW[`hWef[YSU[{` k VWeSdda^^a
dWXWdW`fWe S fWU`a^aYySe k _xfaVae VWYWef[{`VWdWe[Vgae
dSV[SUf[hae VWS^fS%_WV[Sk TS\SSUf[h[VSV4
U' b^S`[X[USd% UaadV[`Sd%W\WUgfSd% Se[oSd ^ae Xa`Vae
`WUWeSd[ae k Ua`fda^Sd^SdWS^[lSU[{` VW% ( * bdakWUfaeVW
[`hWef[YSU[{` k VWeSdda^^a [`ZWdW`fWe S ^SYWef[{`VWdWe[&
Vgae dSV[SUf[hae4
V' WefgV[Sd^S`WUWe[VSV VWWefST^WUWd dWbae[fad[aea
[`efS^SU[a`We bSdS^SYWef[{`VWdWe[Vgae VWS^fS%_WV[Sk
TS\SSUf[h[VSVYW`WdSVae bad ^SSUf[h[VSV`gU^WSd WefSfS^
a bd[hSVS4
W'bda_ahWd WefgV[aeeaTdWeWYgd[VSV k bdWeWdhSU[{`
VW^ S_T[W`fW4
X' bdakWUfSd k abWdSd ^aee[efW_Se% Wcg[bae%[`efS^SU[a`We
k dWbae[fad[aebSdS^SYWef[{`VWdWe[Vgae VWS^fS%_WV[Sk
TS\SSUf[h[VSVYW`WdSVae bad ^SSUf[h[VSV`gU^WSd WefSfS^
a bd[hSVS4
Y' Ua`efdg[d%bad eya bad fWdUWdae% ^aee[efW_Se% Wcg[bae%
[`efS^SU[a`We k dWbae[fad[aebSdS^SYWef[{`VWdWe[Vgae VW
)!
S^fS%_WV[Sk TS\SSUf[h[VSVYW`WdSVae bad ^SSUf[h[VSV
`gU^WSd WefSfS^ a bd[hSVS4
Z' bdaba`Wd^aeUd[fWd[ae VWSUWbfSU[{` k Ua`V[U[a`We VW
fdS`eXWdW`U[S VWdWe[Vgae dSV[SUf[hae bSdS^aedWbae[fad[ae
VWS^fS%_WV[Sk TS\SSUf[h[VSV4
[' WefST^WUWd ^aebdaUWV[_[W`fae bSdS^SUa^WUU[{`% eWYdW&
YSU[{`%USdSUfWd[lSU[{`% fdSfS_[W`fa%SUa`V[U[a`S_[W`fa%
fdS`ebadfW%S^_SUW`S_[W`fak V[ebae[U[{` X[`S^VW^ae
dWe[Vgae dSV[SUf[hae4
\' YWef[a`Sd^ae dWe[VgaebdahW`[W`fWe VW^SSUf[h[VSV
`gU^WSd WefSfS^ k bd[hSVS[`U^gkW`Va^ae YW`WdSVae W`^S
U^SgegdS VW^Se[`efS^SU[a`We%^ae VWd[hSVae VW^S_[`WdySVW^
gdS`[a k ^aecgWbdahW`YS`VWkSU[_[W`fae_[`WdaeSTS`&
Va`SVae a WefST^WU[_[W`fae XSTd[^We XgWdS VWeWdh[U[a4
]' [_b^W_W`fSd% _S`fW`WdkabWdSd g` e[efW_SVW[`Xad_S&
U[{`k dWY[efda cgW_S`fW`YS^SVaUg_W`fSU[{` cgWbWd_[fS
[VW`f[X[USd W`Xad_SXWZSU[W`fW kUa`f[`gSVSS^aeYW`WdSVa&
dWe k fdS`ebadf[efSeVWdWe[Vgae k S^aeVW_webSdf[U[bS`fWe
W`faVS^SWfSbSVW^SYWef[{`' 9WTWdw Se[_[e_a Ua`fW`Wd W^
[`hW`fSd[aVWfaVae ^ae dWe[Vgae dSV[SUf[hae Wj[efW`fWe W`
W^ bSye'8ab[Se VW^SVaUg_W`fSU[{`% W`^aUaddWeba`V[W`fW
Sege dWebWUf[hSe \gd[eV[UU[a`We% VWTWdw` eWdW`h[SVSeS^Se
Sgfad[VSVWe Ua_bWfW`fWe VW^Sebdah[`U[Sek VW^SU[gVSV
VW7gW`ae6[dWe% bSdSeg Ua`aU[_[W`fa4
*' W^STadSd b^S`WeVWUa`f[`YW`U[SbSdS[`U[VW`fWe% SU&
U[VW`fWe a XS^^Se VWabWdSU[{` k bdaYdS_SeVWWhSUgSU[{`
S`fWW_WdYW`U[Se4
_' [`Xad_SdW`Xad_SbWd_S`W`fWS^SUa_g`[VSVeaTdW
^ae SebWUfae U[W`fyX[Uae k fWU`a^{Y[Uae VW^SYWef[{`VW^ae
dWe[Vgae dSV[SUf[hae4
`' W\WdUWd ^SdWeba`eST[^[VSV S ^SdYab^Sla eaTdW^aedW&
bae[fad[ae VWdWe[Vgae dSV[SUf[hae4
a' SUfgSdW`USeaVWW_WdYW`U[S `gU^WSd Ua_a Sbaka S
^aeeWdh[U[ae VWbdafWUU[{` U[h[^W`^SXad_Sk U[dUg`efS`U[S
cgWeW^WdWcg[WdS`4
)"
b' WXWUfgSd ^aeWefgV[ae fxU`[Uaek WUa`{_[UaeX[`S`U[Wdae
`WUWeSd[ae% fW`[W`Va W`UgW`fS^aeUaefaeV[XWd[Vae VWd[hSVae
VW^SYWef[{`VW^aedWe[Vgae dSV[SUf[hae% Ua` W^aT\WfaVW
WefST^WUWd ^Sba^yf[USWUa`{_[USSVWUgSVS4
c' SVW^S`fSd ^SdWUgbWdSU[{` VW^aee[f[aeSXWUfSVae bad ^S
SUf[h[VSV VWWjfdSUU[{`% _a^[W`VS%Ua`UW`fdSU[{`% fdSfS_[W`&
fa k W^STadSU[{` VW_[`WdS^We dSV[SUf[hae bdaUWVW`fWe VWkS&
U[_[W`faeVWWjb^afSU[{` k egedWebWUf[hae WefST^WU[_[W`fae
XSTd[^We% SeyUa_a VW^aekSU[_[W`fae_[`WdaeSTS`Va`SVae
a WefST^WU[_[W`fae XSTd[^We XgWdS VWeWdh[U[a'
:` USeaVWcgW^S8a_[e[{` BSU[a`S^VW:`WdYyS6f{_[US
bdaba`YS ^S`WUWe[VSV VWW_b^SlS_[W`faVW[`efS^SU[a`We
bSdS^SV[ebae[U[{`X[`S^VWdWe[VgaedSV[SUf[haeVWS^fS%
_WV[Sa TS\SSUf[h[VSV% ^Se^aUS^[lSU[a`We VWTWdw` eWdSbda&
TSVSebdWh[S_W`fWUa_a dWcg[e[faWeW`U[S^ bad ^S^WkVW^S
bdah[`U[Sa VW^SU[gVSVVW7gW`ae6[dWe% Ua` SUgWdVa VW^S
6gfad[VSVFWYg^Sfad[S BgU^WSd' 6 fS^X[`%VWTWdw` dWS^[lSdeW
^aeUaddWeba`V[W`fWe WefgV[ae VWXSUf[T[^[VSV S_T[W`fS^#Sdf'
*+$':efS V[ebae[U[{`WeUa`UadVS`fWUa` W^SdfyUg^a *+ VW
^S@Wk +-'1)-%^ScgWWebWU[X[US cgWW^SUgWdVa VW^S6gfa&
d[VSVFWYg^Sfad[S BgU^WSd WeW`^a dWXWmW`fW S eWYgd[VSV
dSV[a^{Y[USk `gU^WSd' P
# %15)5+1)+1>5,- 3) /-9:1>5
,- 3698-91,;69 8),16)+:1<69
6 ^aeX[`We WUa`{_[Uae&X[`S`U[Wdae% ^S^WkUdWS W^ ;a`Va bSdS
^S<Wef[{`k 9[ebae[U[{` ;[`S^ VW^aeFWe[VgaeFSV[SUf[hae%
Ugka VWef[`aWjU^ge[haWeW^X[`S`U[S_[W`faVW^ DdaYdS_S
BSU[a`S^VW<Wef[{` VWFWe[VgaeFSV[SUf[hae%S USdYaVW
^S8a_[e[{` BSU[a`S^VW:`WdYyS6f{_[US'
9[UZa Xa`Va eWUa`Xad_SUa` ^ae SbadfWeVW^ae YW`W&
dSVadWe VWdWe[Vgae dSV[SUf[hae W`^SXad_ScgWWefST^WlUS
^SdWY^S_W`fSU[{` k Ua` SddWY^a Sbd[`U[b[aeVWWcg[VSVk
Wcg[^[Td[a eWY|` ^S`SfgdS^WlS% ha^g_W` k afdSeUSdSUfWdye&
f[USeVW^SYW`WdSU[{`' 9[UZae SbadfWeeW[`fWYdSdw` W`W^
2,
b^Sla _we TdWhWS bSdf[dVW^SYW`WdSU[{` VW^aedWe[Vgae
UaddWeba`V[W`fWe'
J>>' 6bCGH>@@6;>B6@
@aWjbgWefabWd_[fWUa`U^g[dcgWW^dxY[_W`VWdWe[Vgae
e{^[VaeW` 6dYW`f[`SWefwUa_bgWefa S^_W`ae bad Vae
`[hW^We VW`ad_Se' @Sebdah[`U[S^We a ^aUS^We% cgWea` S^Se
cgWUaddWeba`VWVW_S`WdSbdWba`VWdS`fW k egefS`U[S^
^SdWYg^SU[{` VW^SYWef[{`VWdWe[Vgae VWSUgWdVa Ua` ^Se
bSdf[Ug^Sd[VSVWe VWUSVS \gd[eV[UU[{` bdah[`U[S^4 k^Se`SU[a&
`S^We% cgW%eS`U[a`SVSeUa` USdwUfWd VWVWdWUZa VWXa`Va%
XWVWdS^ a bdWegbgWefae _y`[_ae VWbdafWUU[{` S_T[W`fS^%
bdWeW`fS` h[YW`U[SW`faVa W^fWdd[fad[a `SU[a`S^%e[W`Va
WefSe|^f[_Se ^SecgWZS` Ua`ef[fg[VaW^aT\WfaVWS`w^[e[e
VW^ bdWeW`fW fdSTS\a'
:` fxd_[`ae YW`WdS^We% bgWVWSX[d_SdeWcgWW^ e[efW_S
S`S^[lSVa&Sg`cgWUa` VWX[U[W`U[Se& Ua`ef[fgkWg` dxY[_W`
_aVWd`a eS`U[a`SVa W`Xad_SdWU[W`fW' 9WWefS_S`WdS%
XdW`fW S^SV[hWde[VSV VW`ad_Se cgWUa`Xad_SW^ T^acgWWe
bae[T^We[` W_TSdYa W`Ua`fdSd g`S Za_aYW`W[VSV dW^Sf[hS W`
eg WefdgUfgdSU[{`' >`USdV[`SVSe W`W^ bSdSV[Y_SS_T[W`fS^
cgWegbWdS^SdWYg^SU[{` XdSY_W`fSd[S USdSUfWdyef[US VWbSdfW
VW^S`ad_Sf[hS bdah[`U[S^% bdaUgdS`W`faVae^aeUSeaeg`S
YWef[{` [`fWYdS^ VW^aedWe[Vgae dWYg^S`Va faVSe^SeWfSbSe%
VWeVW eg YW`WdSU[{` ZSefSeg V[ebae[U[{`X[`S^% S^ShWlcgW
bdWhx`dWY[efdae cgWbae[T[^[fW` g` _Skad Ua`fda^% dWYy_W`We
eS`U[a`Sfad[ae%^SUa`fdSfSU[{`VWeWYgdae% ^SUdWSU[{` VW
Xa`VaeUa_bW`eSfad[aeWebWU[S^We kWefST^WUW` bdaZ[T[U[a`We
fWd_[`S`fWeVW[`YdWeaeVWdWe[Vgae S^bSye%WfU'
@ae_SkadWebdaT^W_Seea` ^aeTS\ae`[hW^We VWWX[USU[S
cgWZSfW`[Va^SSb^[USU[{` VW^SeV[ebae[U[a`We S`S^[lSVSe%
UgWef[{` cgW`a Ua`ef[fgkW% e[` W_TSdYa% g`S USdSUfWdyef[US
WjU^ge[hSVW^S`ad_Sf[hS eaTdWdWe[Vgae e{^[Vae%e[`a g`
bdaT^W_S[`fdy`eWUa VW^S^WY[e^SU[{` S_T[W`fS^W`g` XW`{&
)$
_W`a cgWfdSeU[W`VW S^VWdWUZa SdYW`f[`ak eWWjf[W`VW W`
Xad_SU^SdS% UgS`fa _W`ae S@Sf[`aS_xd[US'
DWda^S`ad_Sf[hS cgWfdSfS_ae W`W^USeaSdYW`f[`a
bdWeW`fS g`Se USdSUfWdyef[USe SV[U[a`S^We cgWUa`eb[dS` S|`
_we Ua`fdSeg Sb^[USU[{` WXWUf[hS' :` bSdf[Ug^Sd% ^aebdaT^W&
_Se VWUa_bWfW`U[S cgWeWegeU[fS`Ua_a Ua`eWUgW`U[S VW^
dxY[_W`XWVWdS^ VWYaT[Wd`a% W`h[dfgVVWUgkS_aV[X[USU[{`
W` *22- eW[`fdaVg\a \gefS_W`fW^SUa_bWfW`U[S `SU[a`S^
bSdS^SeS`U[{` VW^Se^WkWe VW^ f[ba VW^SecgWS`S^[lS_ae%
k cgWfaVShyS`a fWd_[`S VWW`US\SdW` ^S Sdcg[fWUfgdS
[`ef[fgU[a`S^'
Dad afdS bSdfW% ^SVWX[U[W`fW Sdf[Ug^SU[{` VW^Se^WkWe
cgWUa_ba`W` W^T^acgWbWd_[fW^SegTe[efW`U[S VWVgVSe
dWebWUfa VW^S`ad_S Sb^[UST^W W`W^ USeaUa`UdWfa Sg`S VW&
fWd_[`SVSU^SeWVWdWe[Vgae' 6 ^ShWlcgWW`S^Yg`aeUSeae
eWbdab[U[S^SSb^[USU[{` e[_g^fw`WSVWVaedWYy_W`We Sg`
_[e_a dWe[Vga% ^Se`ad_Se fS_T[x` SbSdWUW`% W`aUSe[a`We%
WjU^gkx`VaeWW`Xad_S_gfgS e[` dWeg^fSd U^SdaUgw^ VW^ae
dWYy_W`We dWeg^fS Sb^[UST^W'
:` ey`fWe[e% Ua`ef[fgkWg`S `ad_Sf[hS hS^[aeS%bdWUWV[VS
bad Ud[fWd[ae S_T[W`fS^We Va`VW^SeU^ShWe VWeg Sb^[USU[{`
dWe[VW`% W`fdWafdae XSUfadWe% W`eg dSlaoT^WUaadV[`SU[{`
Ua` ^Se^WY[e^SU[a`We ^aUS^We Ua_b^W_W`fSd[Se% W`W^_SdUa
VWba^yf[USe Ua`UWdfSVSe ? S bSdf[dVW^SegbWdSU[{` VW^S
SUfgS^XSeWVWUa`Xda`fSU[{`Ua_bWfW`U[S^ bWd_S`W`fW'
Dad_af[hae V[hWdeae% W^8aXW_SSbSdWUW Ua_a W^w_T[fa
VWUa`UWdfSU[{` `SfgdS^k Sbdab[SVabSdS^SSd_a`[lSU[{`
W[`fWYdSU[{` VW^Se`ad_Se k ^SUa`UWdfSU[{` VWba^yf[USe
V[d[Y[VSe Seg WXWUf[hS Sb^[USU[{`'
7>7@>C<F6;u6
7:B:9>8H>G%@:CB6F9C 9:' @ae Ua_bgWefae [`Vgefd[S^Wef{j[Uae W`
^S^Wk+.'/0)' 8a` WebWU[S^ dWXWdW`U[S S^ae T[XW`[^aeba^[U^adSVae
#dUee$ % W` 6>MBJK: /B:IB: 4: 4>O"W`Wda%+)).'
)%
7:B:9>8H>G%@:CB6F9C 9:' 8a`e[VWdSU[a`We eaTdW^S dWU[W`fW^Wk
VWYWef[{` [`fWYdS^VWdWe[Vgae [`Vgefd[S^We k VWSUf[h[VSVWe
VWeWdh[U[ae %W` /G<KIBF:3L=B<B:D" '%%'#'$
86;;:F6H>6% BtGHCF' @S UaddWUfS ZWd_W`xgf[US \gdyV[USVW^S^Wk
+-').* % W` 6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:"*22,&>*>'
86;;:F6H>6%BtGHCF' @S S`f[\gd[V[U[VSV%SgfadyS k dWeba`eST[^[VSV
bW`S^ W` ^S ^Wk+-').*' FxY[_W` bdaTSfad[a % W` 6>MBJK:
3LIBJHIL=>F<B: ,I@>FKBF:"*22.&>^'
86;;:F6H>6% BtGHCF' s_T[fa VWSb^[USU[{` VW^S^Wk3Ua`UWbfa VW
dWe[Vga[`Vgefd[S^ % W` 6>MBJK: 4: 4>O"+)),&6'
86;;:F6HH6%BtGHCF' CfdS hWl eaTdW^SUa_bWfW`U[S\gV[U[S^bW`S^
S_T[W`fS^ % W` 6>MBJK: 4: 4>O"+))-&7'
86;;:F6H>6%BtGHCF' :^ VWddafWda VW^SVWXW`eS VW^ _WV[a S_T[W`fW %
W` 6>MBJK: 4: 4>O"7gW`ae 6[dWe%+))1'
8FCHHC%A6Fy6 6B<>C@>86' @S bdafWUU[{` VW^S_T[W`fW W` ^S ^Wk
VWdWe[VgaebW^[Ydaeae %W` 6>MBJK: 4: 4>O"+))*&9'
9FCA>%FC7:FHC 8 :9I6F9C A:B:A' 4: .GFJKBKL<BRFI>?GIE:=:$
.GE>FK:=:" 7gW`ae 6[dWe%8[gVSV 6dYW`f[`S%*22-'
>F>76FF:B%;:9:F>8C / #8 F6A>FC 6' G6F6J>6' G[`Yg^Sd[VSVWe VW^
e[efW_S VWdWeba`eST[^[VSVU[h[^bdWh[efa W` ^S @Wk+-).* VW
dWe[VgaebW^[Ydaeae %W` 6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:" '%%&#&$
?68C7C%<67F>:@8 86F@CGFCI<:e' 6P@BE>F4>@:D=>DGJ6>JB=LGJ
5>DB@IGJGJ 4>O +-').*$ /><I>KG6>@D:E>FK:IBG1,*(2,% 7gW`ae
6[dWe%9WbS^_S% *22,'
?I@>6% A6FH6 G' @S`gWhS ^Wk+./*+ VW<Wef[{` [`fWYdS^VWdWe[Vgae
bdahW`[W`fWe VWSUf[h[VSVWe[`Vgefd[S^We k VWeWdh[U[ae %W`
6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:"+)),&_'
)&
@>7GH:F% A6IF>8^C' />DBKGJ><GDR@B<GJ" 7gW`ae 6[dWe%9WbS^_S%
*22,'
D6C@6%A6Fy6 :I<:B>6 9>' FWUa_bae[U[{` VW^S_T[W`fW k VW^
VSza bdaVgU[Va bad VWddS_WeVWdUee %W` 6>MBJK:4: 4>O
4BKGI:D" '%%+$
D><F:HH>% :9I6F9C 6' @ae bdWegbgWefae _y`[_ae VWbdafWUU[{`
S_T[W`fS^ W`_SfWd[SVWdWe[Vgae[`Vgefd[S^Wek VWeWdh[U[aeVW
^S^Wk+.'/*+ % W` ,F:D>J =>D:4>@BJD:<BRF ,I@>FKBF:"+))+#S$'
D><F:HH>% :9I6F9C 6' DdWegbgWefae _y`[_ae VWdWYg^SU[{`VW^ae
dUee %W` ,F:D>J =>D:4>@BJD:<BRF ,I@>FKBF:"+))+&:#T$'
EI^FC<6 @6J>t%=IA7:FHC' @S bdafWUU[{` VW^S_T[W`fW W` ^S
dWXad_S VW^S 8a`ef[fgU[{` BSU[a`S^ % W` 6>MBJK:/B:IB: 4:
4>O"_Sdla% *22/#S$'
EI^FC<6 @6J>t%=IA7:FHC :^ WefSVa WUa^{Y[UaVWVWdWUZa W`
^S 8a`ef[fgU[{` BSU[a`S^ % W` 6>MBJK:/B:IB: 4: 4>O"STd[^%
*22/#T$'
F>J6 DCGG:%86F@CG' @ae f[bae VW^[Uf[hae# W` ^S ^WkVWdWe[Vgae
bW^[Ydaeae+-').* % W` 6>MBJK: 4: 4>O"X2'2.&9'
FC9Fu<I:N G6@6G% ,NG$ J[YW`U[S k abWdSf[h[VSVVW^S`ad_Sf[hS
S_T[W`fS^' :^ e[efW_S XWVWdS^ S_T[W`fS^ % W` 6>MBJK: 4: 4>O"
7LHD>E>FKG =>/>I><AG,E;B>FK:D"V[U[W_TdW% +))-'
FC9Fu<I:N%86F@CG6' @S ^WkVWbdWegbgWefae _y`[_ae VWYWef[{`
VWdWe[Vgae Va_[U[^[Sd[ae #^Wk+.2*/$ % W` FWh[efS 4: 4>O"
7LHD>E>FKG =>/>I><AG,E;B>FK:D"`ah[W_TdW%+))/'
G67G6M% 96B>:@8 A' :I<:B>6 9> D6C@6' :^ XWVWdS^[e_a k ^S`gWhS
@Wk<W`WdS^VW^6_T[W`fW % W` ,F:D>J =>4>@BJD:<BRF ,I@>FKBF:$
-GD>KQF BF?GIE:KBMG" `' ,+%+))+'
G67G6M% 96B>:@' 6^US`UW VW^Ua`UWbfa VW"dWe[VgaedSV[SUf[hae"
#Sdf' -*% BF?BF>"8B$ % [`Xad_W ea^[U[fSVa bad <dWW`bWSUW
)'
6dYW`f[`S bSdS ^S US_bSzS W` Ua`fdS VW^S [_badfSU[{` VW
dWe[Vgae`gU^WSdWe% +))*% V[eba`[T^W W` Oiii'XSd`'adY'SdQ'
G6BH6A6Fy66F>B6e%F:Bt ?6J>:F' ,=EBFBJKI:<BRFDG<:D ) @>JKBRF =>
I>JB=LGJ" 7SdUW^a`S%8WVWUe% +)))'
J 6@@G% A6F>C ;' @S ^Wk+./*+ VWFWe[Vgae [`Vgefd[S^We3afdS ^Wk
VWdWe[Vgae %W` 6>MBJK: 3LIBJHIL=>F<B: ,I@>FKBF:"+)E+&_'
J 6@@G% A6F>C;' @S ^Wk+.2*/ VWYWef[{`VWdWe[VgaeVa_[U[^[Sd[ae'
I`S ^WkVWbdWegbgWefae _y`[_ae VWbdafWUU[{` S_T[W`fS^
bSdS ^SYWef[{` [`fWYdS^VWUaeSe VWeWUZSVae a STS`Va`SVSe
cgW USdWlUSVWg`S dWYg^SU[{`WebWUyX[US % W` dWh[efSV[Y[fS^
0D/Q:D$<GE" 98-6*% +))-'
K6@G=%?I6B FC9F><C' @S @Wk+.'2*/ eaTdWYWef[{` VWdWe[Vgae
Va_[U[^[Sd[ae3g`S b[WlS`gWhS W`W^fST^WdaVW^ae bdWegbgWefae
_y`[_ae VWbdafWUU[{` S_T[W`fS^ % W` ,F:D>J =>D:4>@BJD:<BRF
,I@>FKBF:"'%%)#0$

También podría gustarte