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O`SMO] 25 OQWUG ?]O ^RO := UOcLYK\NWY_]O ZY\^ YX ^RO MYWZ_^O\ Y\ YZ^SYXKV +N`KXMON :Y\^ <OZVSMK^Y\ ^Y MYXXOM^ K := WY_]O 7KUO ]_\O ^RO WY_]O RK] K MKLVO aS^R K ZSX MYXXOM^Y\ PY\ ^RO := WY_]O ZY\^ 3P ^RO WY_]Ov] MKLVO S] XY^ MYWZK^SLVO ]OO cY_\ NOKVO\ PY\ KX KNKZ^Y\ MKLVO 2Ya ^RO MYWZ_^O\ ^\OK^] ^RO MYXXOM^SYX ^Y K := WY_]O NOZOXN] YX ^RO ]O^^SXQ PY\ 3RLQWLQJ 'HYLFHV _XNO\ ^RO 2A =O^_Z Z\YQ\KW 3P 6LPXOWDQHRXV S] ]OVOM^ON cY_ MKX YZO\K^O LY^R ^RO +MM_:YSX^ 33 KXN ^RO := WY_]O 3P $XWR6HOHFWHG S] MRY]OX ^RO +MM_:YSX^ 33 S] NS]KLVON aROX K := WY_]O S] MYXXOM^ON 3P cY_ MYXXOM^ K := WY_]O ^Y ^RO MYWZ_^O\ aRSVO S^ S] SX =^KXNLc WYNO cY_ aSVV XY^ LO KLVO ^Y _]O ^RO WY_]O aROX cY_ ^_\X ^RO MYWZ_^O\ YX >Y MYXXOM^ K := WY_]O$ >_\X ^RO MYWZ_^O\ YPP -YXXOM^ ^RO := WY_]O ^Y ^RO := UOcLYK\NWY_]O ZY\^ YX ^RO MYWZ_^O\ Y\ ^RO WY_]O ZY\^ YX ^RO YZ^SYXKV +N`KXMON :Y\^ <OZVSMK^Y\ Z\O]]SXQ QOX^Vc ^Y K]]_\O K PS\W MYXXOM^SYX >_\X YX ^RO MYWZ_^O\ >Y NS]MYXXOM^ ^RO WY_]O ^_\X YPP ^RO MYWZ_^O\ KXN Z_VV Y_^ ^RO WY_]O MYXXOM^Y\ -YX]_V^ cY_\ WY_]O WKX_KV PY\ SX]^\_M^SYX] YX RYa ^Y SX]^KVV XOMO]]K\c ]YP^aK\O 25 MG[DQCTF ?]O ^RO := UOcLYK\NWY_]O ZY\^ YX ^RO MYWZ_^O\ Y\ YZ^SYXKV +N`KXMON :Y\^ <OZVSMK^Y\ ^Y MYXXOM^ K := UOcLYK\N AROX KX Ob^O\XKV UOcLYK\N S] MYXXOM^ON cY_ MKX _]O LY^R ^RO Ob^O\XKV UOcLYK\N KXN ^RO MYWZ_^O\v] SX^O\XKV UOcLYK\N >Y MYXXOM^ K := UOcLYK\N$ 3P cY_ MYXXOM^ K := UOcLYK\N ^Y ^RO MYWZ_^O\ aRSVO S^ S] SX =^KXNLc WYNO cY_ aSVV XY^ LO KLVO ^Y _]O ^RO UOcLYK\N aROX cY_ ^_\X ^RO MYWZ_^O\ YX >_\X ^RO MYWZ_^O\ YPP :V_Q ^RO := UOcLYK\N MYXXOM^Y\ SX^Y ^RO := UOcLYK\NWY_]O ZY\^ YX ^RO MYWZ_^O\ Y\ ^RO UOcLYK\N ZY\^ YX ^RO YZ^SYXKV +N`KXMON :Y\^ <OZVSMK^Y\ Z\O]]SXQ QOX^Vc ^Y K]]_\O K PS\W MYXXOM^SYX >_\X YX ^RO MYWZ_^O\ >Y NS]MYXXOM^ ^RO UOcLYK\N ^_\X YPP ^RO MYWZ_^O\ KXN Z_VV Y_^ ^RO UOcLYK\N MYXXOM^Y\ >9=23, + >/ " 9Z^SYXKV . O`SMO] 5GEWTKV[ NQEM + ]OM_\S^c VYMU OXKLVO] cY_ ^Y KXMRY\ cY_\ MYWZ_^O\ ^Y K NO]U Y\ Y^RO\ ROK`c YLTOM^ ^Y ROVZ Z\O`OX^ _XK_^RY\S]ON \OWY`KV YP ^RO MYWZ_^O\ +^^KMR YXO OXN YP K MKLVO ^Y ^RO NO]U KXN ^RO Y^RO\ OXN ^Y ^RO ]OM_\S^c VYMU ]VY^ YX ^RO VOP^ ]SNO YP ^RO MYWZ_^O\ =OM_\S^c VYMU >9=23, + >/ " >\Y_LVO]RYY^SXQ 615*+$# 6' %JCRVGT 6TQWDNGUJQQVKPI >9=23, + NO]SQXON ^RO MYWZ_^O\ PY\ N_\KLSVS^c 2YaO`O\ ]RY_VN Z\YLVOW] YMM_\ PYVVYaSXQ ^RO Z\YMON_\O] SX ^RS] MRKZ^O\ MKX ROVZ ^Y NO^O\WSXO ^RO MK_]O +VV \OKNO\] ]RY_VN LOMYWO PKWSVSK\ aS^R ^RS] MRKZ^O\ 5XYaSXQ aRK^ WSQR^ QY a\YXQ MKX ROVZ Z\O`OX^ Z\YLVOW] P\YW YMM_\\SXQ 2TQDNGO UQNXKPI RTQEGUU <O]YV`SXQ Z\YLVOW] aSVV LO W_MR OK]SO\ SP cY_ YL]O\`O ^RO PYVVYaSXQ Q_SNOVSXO]$ I =^YZ SWWONSK^OVc aROX cY_ \OMYQXS]O K Z\YLVOW ObS]^] 0_\^RO\ KM^SYX WKc \O]_V^ SX NK^K VY]] Y\ NKWKQO CY_ WKc NO]^\Yc `KV_KLVO Z\YLVOW \OVK^ON SXPY\WK^SYX ^RK^ MKX ROVZ ]YV`O ^RO Z\YLVOW I 9L]O\`O aRK^ S] RKZZOXSXQ A\S^O NYaX aRK^ ^RO ]c]^OW S] NYSXQ KXN aRK^ KM^SYX] cY_ ZO\PY\WON SWWONSK^OVc LOPY\O ^RO Z\YLVOW YMM_\\ON 3P cY_ RK`O K Z\SX^O\ K^^KMRON Z\SX^ K MYZc YP ^RO ]M\OOX _]SXQ 3UW6F >RO [_O]^SYX] KXN Z\YMON_\O] YPPO\ON SX ^RS] MRKZ^O\ K\O WOKX^ K] K Q_SNO ^ROc K\O XY^ NOPSXS^S`O Z\YLVOW ]YV`SXQ ^OMRXS[_O] 7KXc Z\YLVOW] MKX LO ]YV`ON ]SWZVc L_^ K POa WKc \O[_S\O ROVZ P\YW cY_\ NOKVO\ 3P cY_ PSXN cY_ XOON ^Y MYX]_V^ cY_\ NOKVO\ Y\ Y^RO\] LO Z\OZK\ON ^Y NO]M\SLO ^RO Z\YLVOW SX K] W_MR NO^KSV K] ZY]]SLVO 7UGThU /CPWCN >9=23, + >/ # >\Y_LVO]RYY^SXQ 2TGNKOKPCT[ EJGEMNKUV -YX]SNO\ ^RO ]SWZVO]^ ]YV_^SYX PS\]^ >RO S^OW] SX ^RS] MROMUVS]^ K\O OK]c ^Y PSb KXN cO^ MKX MK_]O aRK^ KZZOK\] ^Y LO K ]O\SY_] Z\YLVOW I 7KUO ]_\O cY_ ^_\X YX KVV ZO\SZRO\KV NO`SMO] LOPY\O cY_ ^_\X YX ^RO MYWZ_^O\ >RS] SXMV_NO] cY_\ Z\SX^O\ KXN KXc Y^RO\ Ob^O\XKV NO`SMO cY_ K\O _]SXQ I , OPY\O cY_ K^^KMR KX Ob^O\XKV NO`SMO ^_\X ^RO MYWZ_^O\ YPP AROX cY_ ^_\X ^RO MYWZ_^O\ LKMU YX S^ \OMYQXS]O] ^RO XOa NO`SMO I 7KUO ]_\O KVV YZ^SYX] K\O ]O^ Z\YZO\Vc SX ^RO ]O^_Z Z\YQ\KW I -ROMU KVV MKLVO] +\O ^ROc MY\\OM^Vc KXN PS\WVc K^^KMRON) 6YY]O MKLVO] MKX MK_]O ]SQXKV O\\Y\] I 3X]ZOM^ KVV MYXXOM^SXQ MKLVO] PY\ VYY]O aS\O] KXN KVV MYXXOM^Y\] PY\ VYY]O ZSX] I -ROMU ^RK^ cY_\ NS]UO^^O S] MY\\OM^Vc SX]O\^ON KXN ^RK^ ^RO NS]UO^^Ov] a\S^O Z\Y^OM^ ^KL S] MY\\OM^Vc ]O^ 7KUO XY^O] YP cY_\ YL]O\`K^SYX] KXN UOOZ ^ROW SX K ZO\WKXOX^ O\\Y\ VYQ >RS] aSVV ROVZ cY_ NO]M\SLO cY_\ Z\YLVOW] ^Y cY_\ NOKVO\ 3P K Z\YLVOW \OM_\] ^RO VYQ aSVV ROVZ cY_ SNOX^SPc ^RO Z\YLVOW PK]^O\ #PCN[UKPI VJG RTQDNGO =YWO^SWO] ^RO ]c]^OW QS`O] MV_O] ^RK^ MKX ROVZ cY_ SNOX^SPc aRc S^ S] WKVP_XM^SYXSXQ 5OOZ ^RO PYVVYaSXQ [_O]^SYX] SX WSXN$ I ARSMR ZK\^ YP ^RO ]c]^OW S] XY^ YZO\K^SXQ Z\YZO\Vc$ UOcLYK\N NS]UO^^O N\S`O] RK\N NS]U N\S`O Z\SX^O\ NS]ZVKc /KMR NO`SMO Z\YN_MO] NSPPO\OX^ ]cWZ^YW] I 3] ^RO YZO\K^SXQ ]c]^OW MYXPSQ_\K^SYX ]O^ Z\YZO\Vc) -ROMU ^RO MYXPSQ_\K^SYX YZ^SYX] I ARK^ KZZOK\] YX ^RO NS]ZVKc ]M\OOX) . YO] S^ NS]ZVKc KXc WO]]KQO] Y\ \KXNYW MRK\KM^O\]) :\SX^ K MYZc YP ^RO ]M\OOX SP cY_ RK`O K Z\SX^O\ K^^KMRON 6YYU _Z ^RO WO]]KQO] SX ^RO ]YP^aK\O KXN YZO\K^SXQ ]c]^OW NYM_WOX^K^SYX -ROMU ^RK^ KVV MYXXOM^SXQ MKLVO] K\O MY\\OM^Vc KXN PS\WVc K^^KMRON 6YY]O MKLVO] MKX MK_]O O\\YXOY_] Y\ SX^O\WS^^OX^ ]SQXKV] I . Y KXc SMYX] VSQR^) ARSMR YXO]) ARK^ MYVY_\ K\O ^ROc) . Y ^ROc ]^Kc YX Y\ LVSXU) A\S^O NYaX aRK^ cY_ ]OO I . 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