µ- KVI[ YT [MXL XLI FIPMIJ XLEX XLI XVYXL MW WMQTPI SRI QYWX SRP] JMRH MXµ )H[EVH 8IPPIV &] )RMOS 1EHEVEWW] )H[EVH 8IPPIV HMIH SR 7ITXIQFIV XL [LIR LI [EW ,I [EW SRI SJ XLI KVIEX XL TL]WMGMWXW SJ XLI GIRXYV] ,I HIHMGEXIH LMW PMJI XS WGMIRGI IHYGEXMSR ERH REXMSREP WIGYVMX] MR WYGL E GSRXVSZIVWMEP GIRXYV] ´(V 8IPPIV PMZIH E WTIGXEGYPEV PMJI SR XLI WGEPI SJ PIKIRH µ &VYGI +SSH[MR %WWSGMEXI (MVIGXSV 0E[VIRGI 0MZIVQSVI 2EXMSREP 0EFSVEXSV] ´,I [EW E TEWWMSREXI EHZSGEXI JSV WGMIRGI ERH XLI HIZIPSTQIRX SJ 0 0 2 0 ,I HIZSXIH LMW PMJI XS TVIWIVZMRK JVIIHSQ TYVWYMRK RI[ ORS[PIHKI ERH TEWWMRK EPSRK LMW TEWWMSR JSV WGMIRGI ERH IRKMRIIVMRK IHYGEXMSR XS WXYHIRXW SJ EPP EKIW µ 1MGLEIP %REWXEWMS (MVIGXSV 0E[VIRGI 0MZIVQSVI 2EXMSREP 0EFSVEXSV] ´)H[EVH [EW E XVIEWYVI EX XLI ,SSZIV -RWXMXYXMSR 8LVSYKLSYX LMW XMQI EX ,SSZIV LI [EW E FVMPPMERX MRXIVIWXMRK XLSYKL TVSZSOMRK GSPPIKMEP ERH MRGVIHMFPI MRWXMXYXMSREP GMXM^IR µ .SLR 6EMWMER (MVIGXSV ,SSZIV -RWXMXYXMSR ´%RSXLIV PMXXPI ORS[R WMHI SJ )H[EVH [EW LMW GLEVQ IWTIGMEPP] [MXL [SQIR ERH GLMPHVIR¬ µ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zV /jVQj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·W LIEVMRK EFSYX 3TTIRLIMQIV·W WIGYVMX] GPIEVERGI 8IPPIV EXXIWXIH XLEX LI VIKEVHIH 3TTIRLIMQIV PS]EP XS XLI 9RMXIH 7XEXIW 8IPPIV·W [IPP ORS[R WXEXIQIRX [EW ´- [SYPH TVIJIV XS WII XLI ZMXEP MRXIVIWXW SJ XLMW GSYRXV] MR LERHW XLEX - YRHIVWXERH FIXXIV ERH XLIVIJSVI XVYWX QSVIµ 8LMW WXEXIQIRX [EW VIKEVHIH EW ER MRXSPIVEFPI MRWYPX XS IXLMGW F] XLI QENSVMX] SJ XLI %QIVMGER WGMIRXMJMG WSGMIX] XLIVIJSVI 8IPPIV [EW RSX EGGITXIH JSVIZIV 1ER] WGMIRXMWXW GSRWMHIVIH )H[EVH 8IPPIV EW E GSRXVSZIVWMEP JMKYVI FIGEYWI SJ LMW MHIE EFSYX RYGPIEV [IETSRW ERH REXMSREP WIGYVMX] 8IPPIV VIGSKRM^IH XLEX XLI WXEXI·W WIGYVMX] ERH GMZMP HIJIRGI QIERX ER ETTPMGEXMSR SJ WGMIRGI ERH XIGLRSPSK] 8LI GSQTIXMXMSR FIX[IIR XLI 9RMXIH 7XEXIW ERH XLI 7SZMIX 9RMSR VIWYPXIH MR XLI FMVXL SJ XLI GSRXVSZIVWMEP [IETSR XLI WYTIVFSQF %JXIV FIGSQMRK E TVSJIWWSV EX XLI 9RMZIVWMX] SJ 'LMGEKS LI VIXYVRIH XS XLI 0SW %PEQSW 7GMIRXMJMG 0EFSVEXSV] ERH FIGEQI EWWMWXERX HMVIGXSV -R XLI REXMSR·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´,IPPIV EPW XEYWIRH WSRRIR¬ )^IV RETRkP X‚RH}OP}FFIR µ [VMXXIR F] 6SFIVX .YRKO 0EXIV IRXIVIH XLI *]WMOYQ:IXIRWOETWPEFSVE XSVMYQ 9RMZIVWMX] SJ 7XSGOLSPQ ERH Q] WYTIVZMWSV [EW 4VSJ )VMO .SLERWWSR 8LI IRZMVSRQIRX XLIVI MRWTMVIH QI ERH - FIKER XS GSVVIWTSRH [MXL ´XLI PMZMRK PIKIRHµ )H[EVH 8IPPIV %JXIV WSQI PIXXIVW - VIGIMZIH E TIVWSREP MRZMXEXMSR XS LMW VIWMHIRGI MR 4EPS %PXS - QIX LMQ [MXL Q] LYWFERH SR XLI XL .ER SRI HE] FIJSVI LMW XL FMVXLHE] )H[EVH 8IPPIV [EW E QIQFIV SJ XLI KVSYT GEPPIH ´8LI 1EVXMERWµ WS RMGOREQIH FIGEYWI XLI] [IVI XLSYKLX XS TSWWIWW I\XVEXIVVIWXVMEP MRXIPPMKIRGI ERH LEH E 1EK]EV EGGIRX 8LI] [IVI 8LISHSVI ZSR /EVQER 0IS 7^MPEVH )YKIRI ;MKRIV .SLR ZSR 2IYQERR ERH 8IPPIV LMQWIPJ 8LI] KVI[ YT MR &YHETIWX MR XLI JMJXL HMWXVMGX ERH EJXIV WIGSRHEV] WGLSSP XLI] [IRX XS +IVQER] ERH PEXIV XS XLI 9 7 % ´8LIVI [IVI WS QER] FVMPPMERX ,YRKEVMER WGMIRXMWXW XLEX XLIMV GSPPIEKYIW EX 0SW %PEQSW VIEGLIH XLI GSRGPYWMSR XLEX XLI] TSWWIWWIH I\XVEXIVVIWXVMEP MRXIPPMKIRGI ERH XLIVIJSVI [IVI VIEPP] EKIRXW JVSQ ERSXLIV TPERIX 5YMXI GSQQSRP] 8IPPIV 7^MPEVH ;MKRIV ZSR /jVQjR ERH ZSR 2IYQERR [IVI VIJIVVIH XS EW ¶8LI 1EVXMERW· ´ )RIVK] ERH 'SRJPMGX 8LI 0MJI ERH 8MQIW SJ )H[EVH 8IPPIV F] 7XERPI] % &PSQFIVK +[MRR 3[IRW ;I FIKER SYV HMWGYWWMSR F] WTIEOMRK EFSYX )H[EVH 8IPPIV·W TEVIRXW ,I KSX LMW HIXIVQMRIH ERH TIVWIZIVMRK GLEVEGXIV JVSQ LMW JEXLIV [LS [EW E PE[]IV [LMPI LMW EVXMWXMG IJJSVX ERH LMW IRXLYWMEWQ JSV TSIXV] ERH GPEWWMGEP QYWMG 1S^EVX &EGL &IIXLSZIR IXG GEQI JVSQ LMW JVEKMPI QSXLIV -PSRE (IYXWGL 7LI LSTIH XLEX LI [SYPH FIGSQI E JEQSYW TMERMWX %PVIEH] MR LMW GLMPHLSSH XLI VSQERXMGEPP] TSIXMGEP ´WIPJµ SJ )H[EVH 8IPPIV FIKER XS HIZIPST XSKIXLIV [MXL LMW WIRWMXMZMX] JSV EVX -R LMW [SVHW ´8LI QER LEW X[S TSPIW LMW FVEMR ERH LMW LIEVX µ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² LMW FVEMR (YVMRK XLMW XMQI )H[EVH 8IPPIV SJXIR ZMWMXIH LMW SPH JVMIRH [LS RIIHIH QIHMGEP XVIEXQIRX 8LI] LEH TVIZMSYWP] [SVOIH XSKIXLIV ZSR 2IYQERR [EW SRI SJ XLI FIWX EX TVITEVMRK MRWXVYGXMSRW ,I LIPTIH [MXL XLI WQEPP HIXEMPW [LMGL QIERX E KVIEX HIEP JSV XLI SXLIVW ERH JSV XLI [LSPI TVSNIGX MR 0SW %PEQSW 8IPPIV PIEVRX E PSX JVSQ LMQ 7S [I GEQI SRXS XLI XSTMG SJ XIEGLMRK 8IPPIV [EW E KVIEX TL]WMGW XIEGLIV ERH QIRXSV ;I HMWGYWWIH XLI WIGVIX SJ LS[ XS FI ´E KSSH XIEGLIVµ 8IPPIV [EW ORS[R XS FI E PIKIRHEV] PIGXYVIV ERH [EW ZIV] TSTYPEV [MXL XLI WXYHIRXW ,I TEVXMGMTEXIH MR WIZIVEP TVSKVEQW JSV LMKL WGLSSP ERH IPIQIRXEV] WGLSSP WXYHIRXW XS MRWTMVI XLIMV MRXIVIWX MR WGMIRGI (YVMRK SYV GSRZIVWEXMSR [I TLMPSWSTLMWIH SR GSRGITXMSR FIMRK PMOI QYPXMHMQIRWMSREP WTEGI ERH QEXXIV ,MW EHZMGI JSV YW EFSYX ER I\GIPPIRX XIEGLIV -X MW E KIRIVEPP] [IPP ORS[R JEGX EGGSVHMRK XS 2MIPW &SLV XLEX ER I\TIVMIRGIH TIVWSR MW SRI [LS JEQMPMEVMWIW LMQWIPJ [MXL EPP JVIUYIRX JEYPXW MR LMW EVIE XLVSYKL LMW MRWXVYGXMZI I\TIVMIRGIW %GGSVHMRK XS 8IPPIV XLI WGMIRXMWX 2MIPW &SLV LEW E FVMPPMERX TIVWSREPMX] 8IPPIV WEMH XLI JSPPS[MRK EFSYX LMQ ´-J XLI XIEGLIV PMOIW LMW SV LIV SGGYTEXMSR ERH MW MRXIVIWXIH MR XLI WYFNIGX QEXXIV XLIR LI SV WLI GER GSRZI] MX [IPP µ ´% KSSH XIEGLIV MW WSQISRI [LS GER WLEVI XLI PEXIWX FVIEOXLVSYKLW MR WGMIRGI [MXL LMW SV LIV WXYHIRXW µ ´% KSSH XIEGLIV MW WSQISRI [LS GER XVERWJIV XLI PSZI LI SV WLI LEW JSV XLI WYFNIGX XS WXYHIRXW µ 1E]FI XLMW XLMRK I\TPEMR XLI Q]WXIV] SJ XLI WGLSSPW JVSQ +SXXMRKIR ERH 'STIRLEKIR 3RI SJ XLI UYIWXMSRW [EW ´,S[ HSIW E XEPIRXIH VIWIEVGLIV SV WGMIRXMWX FIGSQI WYGGIWWJYP#µ ,I ERW[IVIH ´&IGEYWI LI SV WLI PSZIW WGMIRGI FIGEYWI LI SV WLI MW [MPPMRK XS XLMRO SZIV ERH GSRWMHIV RI[ XLMRKW 8LI JYRHEQIRXEP TSMRX MW XLEX LI SV WLI MW GYVMSYW JVSQ [LMGL RI[ XLMRKW GER IQEREXI 6IWIEVGL MXWIPJ MW RIMXLIV KSSH RSV FEH IZIV]XLMRK HITIRHW SR LS[ MX MW YWIH µ 8LI TYVTSWI ERH XLI HIIT QSXMZEXMSR SJ 8IPPIV [IVI EP[E]W XS YRHIVWXERH XLI [SVPH ,MW WGMIRXMJMG EGXMZMX] WXIQQIH JVSQ E GSRXMRYSYW GYVMSWMX] ´- LEZI EP[E]W LEH SRP] SRI [MWL ² XS JMRH SYX LS[ XLI [SVPH MW QEHI YT µ -R XLI WGMIRXMJMG [SVPH MX LEW EP[E]W FIIR HMJJMGYPX XS EGGITX RI[ GSRGITXW ERH MHIEW FYX WSQIXMQIW MX MW RIGIWWEV] 6IWIEVGL WXYHIRXW KIRIVEPP] YWI XLI I\TIVMIRGI SJ XLIMV 1EWXIVW XS JYVXLIV XLIMV ORS[PIHKI ERH XLMW GER WSQIXMQIW FI E HMWEHZERXEKI ´% UYEPMXEXMZI GLERKI SV VIZSPYXMSR MR WGMIRGI [MPP FI VIEPM^IH F] TISTPI [LS HEVI XS XLMRO MR E HMJJIVIRX [E] µ -R XLI GSYVWI SJ LMW PSRK PMJI 8IPPIV LEH XLI GLERGI XS QIIX QER] GIPIFVEXIH TIVWSRW ;I XEPOIH EFSYX WSQI SJ XLIQ ´%W WSSR EW E RI[ XLSYKLX EVMWIW ERH SRI GSRWMHIVW XLEX XLI SPH MHIE MW EX JEYPX SRI LEW XS XLVS[ E[E] XLI TVIZMSYW SRI &SLV IRIVKIXMGEPP] STTSWIH XLMW 3RI GER YRHIVWXERH E FVERGL SJ WGMIRGI SRP] MJ SRI MQQIVWIW SRIWIPJ MR EPP SJ XLI JEYPXW [LMGL XLMW FVERGL LEW 2MIPW &SLV VINIGXIH JEYPXW FYX EX XLI WEQI XMQI LI PMOIH XLIQ E PSX µ 3R SRI SGGEWMSR &SLV MRGSVVIGXP] HIWGVMFIH E QSPIGYPI SJ S\]KIR ERH 8IPPIV [ERXIH XS XIPP LMQ XLMW MR E TPIEWERX ERH KSSH XIQTIVIH [E] -RWXIEH SJ WE]MRK XLEX LI LEH QEHI E JEPWI MRXIVTVIXEXMSR 8IPPIV WEMH ´8S HIWGVMFI E QSPIGYPI SJ S\]KIR MR XLMW [E] MW I\EKKIVEXIH µ %JXIV XLMW HMWGYWWMSR &SLV KPEVIH EX 8IPPIV LI [EW XS EPP ETTIEVERGIW ERKV] ERH &SLV WEMH ´8IPPIV WEMH XS QI XLEX - I\EKKIVEXI - WE] XLEX 8IPPIV ORS[W XMQIW QSVI EFSYX XLI QSPIGYPI SJ S\]KIR XLER QI 8LMW MW I\EKKIVEXIH LI GER SRP] ORS[ XMQIW QSVI XLER QI µ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´8LI JEXLIV SJ XLI L]HVSKIR FSQFµ ,I ERW[IVIH ´- [SVOIH SR XLMW UYMXI E PSX - FIPMIZI XLEX MJ - LEHR· X HSRI MX XLI 7SZMIXW [SYPH LEZI HSRI XLI WEQI XLMRK ER][E] ERH - HSR·X XLMRO XLEX XLI VIWYPXW [SYPH LEZI FIIR ZIV] RMGI - [SVOIH SR XLMW RSX FIGEYWI MX [EW MRXIVIWXMRK FIPMIZIH XLEX MX [EW RIGIWWEV] ERH JYVXLIVQSVI MX [EW RSX SRP] Q] [SVO XLIVI [IVI QER] [LS [SVOIH SR XLMW *VSQ Q] )YVSTIER FEGOKVSYRH MX JSPPS[IH XLEX - HMH RSX PMOI 6YWWMER 'SQQYRMWQ µ - LEZI XVMIH XS HIWGVMFI XLI WYVVSYRHMRK EXQSWTLIVI MR [LMGL XLI X[S JEQSYW TL]WMGMWXW ' 2 =ERK ERH ) 8IPPIV PMZIH ERH [SVOIH [MXL XLI LIPT SJ ¶7)0)'8)( 4%4)67 ;MXL 'SQQIRXEV] · 8LMW MW E GSPPIGXMSR SJ WSQI SJ 'LIR 2MRK =ERK·W TETIVW ERH XLI WXSVMIW EFSYX WIZIVEP WGMIRXMWXW MR 8LI 'SPPIGXIH ;SVOW SJ ' 2 =ERK MR 'LMRIWI 8LI XVERWPEXMSR JVSQ 'LMRIWI [EW HSRI F] 'LIRK .M 'LERK 8LI FSSO [LMGL [EW TYFPMWLIH JSV =ERK·W WM\XMIXL FMVXLHE] MW ER I\GIPPIRX LMWXSVMGEP HIWGVMTXMSR SJ XLI HIZIPSTQIRX SJ TL]WMGW [MXL GSRGVIXI HEXE ERH HIWGVMTXMSRW - XVMIH XS GLSSWI TEVXW SJ XLI [LSPI XEPO XETIH F] ZMHIS XLEX - GSRWMHIVIH MRXIVIWXMRK *SV QI MX [EW E KVIEX LSRSYV XS PMWXIR XS XLI TSIXV] [LMGL 8IPPIV [VSXI [LIR LI [EW EFSYX ]IEVW SPH 8LMW WLS[W E HIIT JIIPMRK 8IPPIV·W TSIXV] XVERWPEXIH F] 1EVKMX +VMKSV] (YVMRK XLI ]IEVW JVSQ XS EX XLI 9RMZIVWMX] SJ 'LMGEKS XLI WXYHIRX 'LIR 2MRK =ERK [VSXI LMW 4L ( XLIWMW ´3R XLI %RKYPEV (MWXVMFYXMSR MR 2YGPIEV 6IEGXMSRW ERH 'SMRGMHIRGI 1IEWYVIQIRXWµ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´%VI ]SY =ERK#µ LI EWOIH ´=IW µ =ERK ERW[IVIH 8IPPIV EWOIH =ERK EFSYX XLI KVSYRH WXEXI [EZI JYRGXMSR SJ XLI L]HVSKIR EXSQ =ERK LEH WXYHMIH 5YERXYQ 1IGLERMGW MR 'LMRE ERH XLIVIJSVI XLMW ZIV] JYRHEQIRXEP ORS[PIHKI [EW IEW] JSV LMQ ´+SSHµ 8IPPIV WEMH ERH =ERK [EW EGGITXIH 8IPPIV LEH QER] WXYHIRXW ERH LI LIPTIH XLIQ E PSX ,MW XLSYKLXW [IVI ZIV] HMZIVWI ERH LI [EW EP[E]W VIEH] XS XIPP IZIV]FSH] EFSYX XLIQ ,I YWYEPP] KEZI XLI WXYHIRXW SRI TVSNIGX IZIV] [IIO ;LIR XLI] XEPOIH XS LMQ EFSYX XLI TVSNIGXW XLI JSPPS[MRK [IIO LI YWYEPP] LEH JSVKSXXIR XLI TVSNIGXW LI KEZI ,I [EW EP[E]W JYPP SJ FSXL GSRGIMZEFPI ERH MRGSRGIMZEFPI MHIEW VSYKLP] XIR IZIV] HE] ,S[IZIV SJ XLIQ [IVI [VSRK &YX MX HSIW RSX QEXXIV FIGEYWI MJ ER]SRI LEW LEPJ E KSSH MHIE IZIV] HE] XLI EGLMIZIQIRX [MPP IZIRXYEPP] FI KVIEX ,MW WX]PI MQTVIWWIH =ERK HIITP] ;LIR =ERK LEH NYWX EVVMZIH EX 'LMGEKS 8IPPIV [EW XIEGLMRK 5YERXYQ 1IGLERMGW %W LI LEH E PSX SJ [SVO XS HS LI HMH RSX LEZI XMQI XS TVITEVI LMW PIGXYVIW ERH WSQIXMQIW LI QEHI QMWXEOIW MR LMW PIGXYVIW %JXIV XIR QMRYXIW XLI EFIVVEXMSR [SYPH FIGSQI HMWEWXVSYW ERH MR XLIWI WMXYEXMSRW SRI GSYPH PIEVR LS[ E WIRMSV TL]WMGMWX WSPZIH E TVSFPIQ 8LMW TVSGIWW [EW ZIV] IHYGEXMSREP JSV =ERK 8LVSYKL XLMW OMRH SJ GSRXEGX =ERK YRHIVWXSSH [LEX [EW MQTSVXERX ERH YRMQTSVXERX JSV LMQ *SV 8IPPIV XLI QIERMRK SJ ER IUYEXMSR [EW QSVI MQTSVXERX XLER XLI IUYEXMSR MXWIPJ -R XLI EYXYQR SJ =ERK WXEVXIH XS [SVO MR 4VSJIWWSV 7 / %PPMWSR·W PEFSVEXSV] ;LIR LI I\TIVMIRGIH HMJJMGYPXMXIW [MXL LMW I\TIVMQIRX XS VIWSPZI XLI 4 4 WXEXIW SJ ,I 8IPPIV WYKKIWXIH XLEX =ERK WLSYPH EFERHSR LMW TPER XS [VMXI ER I\TIVMQIRXEP XLIWMW ERH MRWXIEH 8IPPIV [SYPH WTSRWSV LMW TETIVW EW =ERK·W XLIWMW =ERK [EW EX JMVWX HMWLIEVXIRIH F] XLI MHIE FYX MR E JI[ HE]W VIGSZIVIH ERH EGGITXIH 8IPPIV·W WYKKIWXMSR [MXL VIPMIJ 8IPPIV·W LEFMX [EW XS YWI GSRZIVWEXMSR EW ER MRWXVYQIRX SJ WGMIRXMJMG MRZIWXMKEXMSR ,I [SYPH EWO E GVYGMEP UYIWXMSR ERH XLIR LI PSSOIH JSV E TEVXRIV XS [SVO [MXL LMQ SR XLI I\TPEREXMSR =ERK FIPSRKIH XS XLMW KVSYT SJJ ERH SR JSV EFSYX X[S ]IEVW =ERK PIEVRIH QSVI KVSYT XLISV] JVSQ 8IPPIV [LS [EW NYWX EFSYX XLMVX] ERH LEH ER MRXYMXMZI KVEWT SJ XLI ETTPMGEXMSR SJ KVSYT XLISV] MR EXSQMG ERH QSPIGYPEV TL]WMGW 8IPPIV QEHI XLI WYKKIWXMSR XS XVIEX XLI VIPEXMZMWXMG GEWI MR HIGE] ´- WXMPP VIQIQFIV XLI JMVWX TVSFPIQ 8IPPIV EWOIH QI XS [SVO SR XLI HMJJIVIRGI SJ XLI / GETXYVI PMJIXMQIW SJ &I ERH &I 3 GV]WXEPWµ ' 2 =ERK 8IPPIV WYKKIWXIH XS =ERK XS YWI XLI ;MKRIV 7IMX^ QIXLSH JSV GV]WXEP EREP]WMW ERH XLI 8LSQEW *IVQM (MVEG QIXLSH JSV IWXMQEXMRK XLI IPIGXVSR HIRWMXMIW 8LI [SVO [EW RSX TYFPMWLIH FIGEYWI =ERK LEH RS GSRJMHIRGI EFSYX XLI ZEPMHMX] SJ GERGIPPEXMSRW FIX[IIR PEVKI XIVQW MR XLI JMREP VIWYPXW 8EPOMRK XS 8IPPIV [EW I\GMXMRK FIGEYWI SRI GSYPH PIEVR E PSX JVSQ XLI GSRZIVWEXMSR 8IPPIV·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¬ *IVQM 8IPPIV ERH 9VI] EXXIRHIH XLI WIQMREVW VIKYPEVP] WS XLIVI [EW RIZIV E WLSVXEKI SJ XLIQIW XS HMWGYWW ERH MX [EW RIZIV YRMRXIVIWXMRK -R 8IPPIV WEMH XLEX LI LEH NYWX VIGIMZIH E TLSRI GEPP EFSYX E RI[ QIWSR HMWGSZIV] MR &IVOIPI] REQIP] XLEX XLI QIWSR HMWMRXIKVEXW MRXS X[S TLSXSRW 8LMW [EW RI[W ERH RSFSH] MR XLI WIQMREV ORI[ EFSYX MX ´8IPPIV MQQIHMEXIP] EVKYIH XLEX XLI SFWIVZEXMSR MQTPMIH XLI LEH ^IVS WTMRµ ' 2 =ERK *IVQM EWOIH LMQ XS TVSZI XLMW 8IPPIV ETTVSEGLIH XLI FPEGOFSEVH ERH I\TPEMRIH LMW EVKYQIRX FYX LI [EW EXXEGOIH F] IZIV]SRI FIGEYWI LMW EVKYQIRX [EW MRGSQTPIXI ,S[IZIV XLI GSRGPYWMSR [EW GSVVIGX %JXIV XLI WIQMREV =ERK XLSYKLX XLI QEXXIV SZIV %PXLSYKL 8IPPIV·W EVKYQIRX [EW YRJMRMWLIH MX GSYPH FI VIWGYIH ERH EJXIV E JI[ HE]W =ERK [SVOIH SYX XLI GSVVIGX WIPIGXMSR VYPIW MR ER EVXMGPI [LMGL QEHI LMQ TVSYH 8LMW MW E GSRGVIXI I\EQTPI SJ XLI FIRIJMX SJ XEPOMRK [MXL 8IPPIV -R PEXI 1EVGL 8IPPIV *IVQM ERH ;IRX^IP [IRX XS XLI 4SGSRS 'SRJIVIRGI 8LI] VIXYVRIH [MXL IRXLYWMEWQ EFSYX . 7GL[MRKIV¶W XEPO SR UYERXYQ IPIGXVSH]REQMGW ERH XSKIXLIV [MXL JMZI KVEHYEXI WXYHIRXW =ERK [SVOIH WIZIVEP HE]W MR *IVQM·W SJJMGI XV]MRK XS YRHIVWXERH 7GL[MRKIV·W QIXLSH FYX [MXLSYX VIWYPX 3RI GER VIEPM^I XLI MRJPYIRGI 8IPPIV LEH SR =ERK JVSQ XLI HIWGVMTXMSR KMZIR JSV XLI 2SFIP 'SQQMXXII MR [LMGL =ERK IQTLEWM^IH XLEX ´¬ Q] XLVII XLIWIW [VMXXIR YRHIV 4VSJIWWSVW 8E =SY ;Y & 7G XLIWMW . 7 ;ERK 1 7G XLIWMW ERH ) 8IPPIV 4L ( XLIWMW [IVI MRWXVYQIRXEP MR MRXVSHYGMRK QI XS Q] JMIPH SJ MRXIVIWXµ ' 2 =ERK -R )H[EVH 8IPPIV [EW ;MXL ER EVXMGPI EFSYX XLI GPEWWMGEP WSPYXMSRW SJ TYVI KEYKI JMIPHW 8 8 ;Y ERH ' 2 =ERK GSRXVMFYXIH XS XLI GIPIFVEXMSR SJ 8IPPIV·W WM\XMIXL FMVXLHE] 8LI EMQ SJ XLI EVXMGPI [EW XS PSSO JSV WMRKYPEVMX] JVII GPEWWMGEP WSPYXMSRW ERH XS WXYH] TIVXYVFEXMSRW EVSYRH WYGL WSPYXMSRW XS SFXEMR I\GMXEXMSRW ´,I MW E ,YRKEVMER ,MW QMRH MW ZIV] EKMPI ,I MW EPWS E XLISVMWX FVSEGLMRK TL]WMGW JVSQ TLIRSQIRE &IGEYWI SJ HIZIPSTMRK XLI L]HVSKIR FSQF )H[EVH 8IPPIV [EW GEPPIH ´8LI *EXLIV SJ XLI ,]HVSKIR &SQFµ ,S[IZIV LI HSIWR·X PMOI XLMW XMXPI µ ' 2 =ERK -: 7MQMPEVMXMIW FIX[IIR XLI PMZIW ERH EGXMZMXMIW SJ 8IPPIV ERH 7EOLEVSZ )H[EVH 8IPPIV ERH %RHVIM 7EOLEVSZ KVI[ YT MR E WXVSRK XVEHMXMSREP JEQMP] PMJIWX]PI [MXL E JYRHEQIRXEP TEWWMSR JSV [SVO ERH MRXIVIWX MR PMXIVEXYVI EVX ERH WGMIRGI 7EOLEVSZ·W JEQMP] IRZMVSRQIRX [EW VIWTIGXJYP SJ TVSJIWWMSREP GSQTIXIRGI 7MQMPEVP] 8IPPIV FIPMIZIH WXVSRKP] MR GSQTIXMXMSR MR WGMIRGI XS FVMRK SYX XLI FIWX MR EPP 8IPPIV·W GEVIIV [EW SJXIR QEVOIH F] LMW EXXVEGXMSR XS XLISVIXMGEP SV GSQTYXEXMSREP GLEPPIRKIW SV TY^^PMRK I\TIVMQIRXEP VIWYPXW &SXL [IVI OI] JMKYVIW MR XLI XLIVQSRYGPIEV TVSKVEQQIW ERH PMZIH SR STTSWMXI WMHIW SJ XLI -VSR 'YVXEMR 8LI 9RMXIH 7XEXIW ERH XLI 7SZMIX 9RMSR [IVI MR VMZEPV] JSV XLI L]HVSKIR JYWMSR FSQF ERH XLSYKLX XLEX RYGPIEV TVIWWYVI [EW LIPTJYP 8LI WYTIVFSQF [EW E GSRXVSZIVWMEP [IETSR &SXL FIPMIZIH XLEX XLIVQSRYGPIEV VIEGXMSR ERH MXW HIWXVYGXMZI TS[IV [LMGL MW XLI WSYVGI SJ XLI IRIVK] SJ XLI WYR ERH WXEVW [EW IWWIRXMEP 8IPPIV ERH 7EOLEVSZ LEZI MR GSQQSR XLI JEXLIVMRK SJ XLI , FSQF 8IPPIV [EW GSRGIVRIH [MXL XLI %QIVMGER EXSQMG TVSNIGX JVSQ MXW WXEVX FIJSVI XLI 9RMXIH 7XEXIW IRXIVIH ;SVPH ;EV -- -R LI [EW TVISGGYTMIH [MXL XLI MHIE SJ XLI L]HVSKIR FSQF ,I VIXYVRIH XS 0SW %PEQSW XS [SVO SR XLI L]HVSKIR FSQF ERH GSRXVMFYXIH XS XLI JMVWX TPER SJ E XLIVQSRYGPIEV [IETSR XIWXIH MR EJXIV XLI 6YWWMERW LEH XIWXIH XLIMV JMVWX EXSQMG FSQF MR -R XLI KSZIVRQIRX VITSVXIH XS E KVSYT SJ -KSV 8EQQ XS GLIGO XLI JIEWMFMPMX] SJ ER , FSQF TPER 7EOLEVSZ [EW E QIQFIV SJ XLMW KVSYT ERH MR E WLSVX XMQI LI MRZIRXIH E TPER XS HIZMWI XLI JMVWX 7SZMIX XLIVQSRYGPIEV FSQF [LMGL [EW XIWXIH MR 7EOLEVSZ·W WXYH] [EW E QENSV GSRXVMFYXMSR XS XLI , FSQF [LMGL [EW XIWXIH MR 8IPPIV MW 8LI JEXLIV SJ XLI L]HVSKIR FSQF WMQMPEVP] 7EOLEVSZ MW 8LI JEXLIV SJ XLI 7SZMIX L]HVSKIR FSQF &SXL [IVI XST TSPMXMGEP ERH TYFPMG GIPIFVMXMIW ERH VIQEMRIH GSRZMRGIH XLEX XLIMV [SVO SR RYGPIEV [IETSRW [EW E RIGIWWMX] JSV XLIMV S[R GSYRXV] EW [IPP EW JSV XLI [LSPI IEVXL %X 1SWGS[ 9RMZIVWMX] MR XLI W 7EOLEVSZ [EW GSRWMHIVIH SRI SJ XLI 9776·W QSWX FVMPPMERX MRXIPPIGXW %JXIV LMW HSGXSVEXI LI [EW WIRX XS E XST WIGVIX PSGEXMSR XS QEOI TPERW JSV XLI MQTVSZIQIRX SJ XLI L]HVSKIR FSQF ´- [EW [SVOMRK JSV TIEGI XLEX Q] [SVO [SYPH LIPT JSWXIV E FEPERGI SJ TS[IVµ 7EOLEVSZ ´ MR XLI W ERH W Q] TSWMXMSR [EW QYGL GPSWIV XS 8IPPIV·W TVEGXMGEPP] E QMVVSV MQEKI SRI SRP] LEH XS WYFWXMXYXI 9776 JSV 97% TIEGI ERH REXMSREP WIGYVMX] JSV HIJIRGI EKEMRWX XLI GSQQYRMWX QIREGI IXG ¬ 9RPMOI 8IPPIV - HMH RSX LEZI XS KS EKEMRWX XLI GYVVIRX MR XLSWI ]IEVW RSV [EW XLVIEXIRIH [MXL SWXVEGMWQ F] Q] GSPPIEKYIW µ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´)EGL SJ YW LEW E VIWTSRWMFMPMX] XS XLMRO EFSYX XLMW MR KPSFEP XIVQW [MXL XSPIVERGI XVYWX ERH GERHSV JVII JVSQ MHISPSKMGEP HSKQEXMWQ TEVSGLMEP MRXIVIWXW SV REXMSREP IKSMWQ µ 7EOLEVSZ 7EOLEVSZ FIGEQI GSRWGMSYW XLEX XLI TEXXIVRW LI LEH EHQMVIH EW E WGMIRXMWX GSYPH RSX GSI\MWX [MXL 1EV\MWQ ERH [IETSRW 8]VERRMGEP HSQMREXMSR SZIV MRJSVQEXMSR EPPS[IH 7SZMIX TEVX] PMRI XS MRJPYIRGI IZIR XLI QSWX I\GIPPIRX ERH XLI XST 7EOLEVSZ HIWMVIH XS QEOI LMW REXMSR HSQMRERX IRSYKL XS IRWYVI TIEGI EJXIV E XIVVMFPI [EV ;LEX GER [I PIEVR JVSQ SYV LMWXSV]# %PVIEH] 7EOLEVSZ LEH VIEPMWIH XLEX ´EPP KSZIVRQIRXW EVI FEH ERH EPP REXMSRW JEGI GSQQSR HERKIVW µ 1E]FI MR XLI JYXYVI [I [MPP LEZI ER MRWXMXYXI [LSWI PIEHIVW XSKIXLIV [MXL LIEHW SJ WXEXIW LEZI EW XLIMV YRMUYI KSEP XLI [IPP FIMRK SJ XLI TISTPI 8LIWI PIEHIVW EVI RSX QSXMZEXIH F] JEPWI TVMHI SV TEVX] ERH TIVWSREP TIGYRMEV] KSEPW ERH XLIVIJSVI XLI] QYWX HS E[E] [MXL TSPMXMGEP TEVXMIW ;MXL ER EPPIKSVMG I\EQTPI 8LI EXSQW LEZI XS GSRRIGX ZIV] GPSWIP] MR SVHIV XS JSVQ ER SFNIGX ;LEX [SYPH LETTIR MJ XLIWI EXSQW 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