Dzǯ&Adz?<F;ǧAdzHǧdzǨ
#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<Adz
ǧA7JE<G<Adz
d’‘—GJ<AǪ? 6B@
‘–
BAGǨAGF
!BGǨF
"IǨEI<ǨJBǩG;ǨKǧ@
‘
#ǧCǨE‘ &Ǩ6G<BA ';Ǩ'ǨKG
’
#ǧCǨE‘ &Ǩ6G<BA DzHǨFG<BA‘
”
#ǧCǨE‘ &Ǩ6G<BA DzHǨFG<BA’
•
#ǧCǨE‘ &Ǩ6G<BA DzHǨFG<BA“
—
#ǧCǨE‘ &Ǩ6G<BA DzHǨFG<BA”
™
#ǧCǨE‘ &Ǩ6G<BA DzHǨFG<BA•
‘‘
<Aǧ?'<CF
‘“
‘•
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
"IǨEI<ǨJBǩG;ǨKǧ@
#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
ǧGǨǧA7G<@Ǩ HEǧG<BA ‘;BHE”•@<AHGǨF
ǧEǪF ˜
*Ǩ<dz;G<Adz •BǩGBGǧ?ǯ&dzEǧ7Ǩ
&Ǩ6G<BA ǮǨǧ7<AdzǧA7ǧAFJǨE<AdzǩBHEǭHǨFG<BAFBAǧ’G;BE’‘FG6ǨAGHEǬǩ<6G<BAǨKGEǧ6G [”@ǧEǪF\
&Ǩ6G<BA 6;B<6ǨBǩGJBǩ<6G<BAJE<G<AdzGǧFǪF [”@ǧEǪF\
&HdzdzǨFGǨ75EǨǧǪ7BJABǩ@ǧEǪFǧA7G<@<AdzF
'ǧFǪ
ǧEǪF
ǮǨǧ7<AdzGǨKG
!`
‘•@<AHGǨF
DzHǨFG<BA‘
”@ǧEǪF
”@<AHGǨF
DzHǨFG<BA’
˜@ǧEǪF
˜@<AHGǨF
˜@ǧEǪF
˜@<AHGǨF
’@ǧEǪF
’@<AHGǨF
”@ǧEǪF
”@<AHGǨF
;Ǩ6Ǫ<AdzǬBHEJBEǪ
!`
‘@<AHGǨF
'BGǧ?
˜@ǧEǪF
‘;BHE”•@<AHGǨF
DzHǨFG<BA“
DzHǨFG<BA”
DzHǨFG<BA•
‘
&HdzdzǨFGǨ7G<@<Adz
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
Ǩ?<ǨIǨ<AǬBHEFǨ?ǩ ǴBHǧEǨCEǨCǧEǨ7ǧA7
ǬBH6ǧA7BG;<F
d’‘—GJ<AǪ? 6B@
‘”
&Ǩ6G<BA ';Ǩ'ǨKG
<Aǧ?'<CF
u*;ǨAǬBHǪABJG;ǨG<@ǨBǩǬBHEǨKǧ@ JBEǪBHGJ;ǧGG;ǨG<@<AdzFǩBEǨǧ6;ǭHǨFG<BAJ<??5Ǩ BEǨKǧ@C?Ǩ <ǩG;ǨǨKǧ@5Ǩdz<AFǧG‘ “C@
';Ǩǧ6GF
*;ǧGJ<??AǨǨ7GB7B
ǮǨǧ7<AdzG;ǨGǨKG
‘ “C@
DzHǨFG<BA‘
‘ ”•C@
DzHǨFG<BA’
‘ ”™C@
ǮǨǧ7ǧAǨKGEǧ6GǩEB@ǧ’G;BE’‘FG6ǨAGHEǬC<Ǩ6ǨBǩǩ<6G<BA[ABIǨ?BEF;BEGFGBEǬ\ AǬCǧEG<6H?ǧE?ǬHAHFHǧ?JBE7FJ<??5Ǩ@ǧEǪǨ7J<G;ǧAǧFGǨE<FǪǧA7ǨKC?ǧ<AǨ7<Aǧ
dz?BFFǧEǬǧGG;Ǩ5BGGB@BǩG;ǨGǨKG
DzHǨFG<BA“
‘ •—C@
&HdzdzǨFGǨ7G<@ǨFCǨAG ‘•@<AHGǨF
DzHǨFG<BA”
’ •C@
DzHǨFG<BA•`–
’ ’•C@
;Ǩ6Ǫ<AdzǬBHEJBEǪ
“ •C@
u BAnGFǪ<@G;EBHdz;G;ǨGǨKGǩ<EFGG<@ǨEBHA7z@ǧǪǨFHEǨǬBHEǨǧ7<G6ǧEǨǩH??Ǭ
A7BǩǨKǧ@
“ ‘•C@
u ǩG;ǨEǨǧEǨǧAǬJBE7FBEC;EǧFǨFǬBH7BAnGHA7ǨEFGǧA7 GEǬGBHFǨG;Ǩ<E6BAGǨKG<AG;ǨJE<G<Adz
GBJBEǪBHGG;Ǩ<E@ǨǧA<Adz
'BCG<CF
uǩǬBH@<FFǬBHEG<@<AdzF 7BAnGCǧA<6 BIǨGBG;ǨAǨKGǭHǨFG<BAǭH<6Ǫ?ǬzǬBH6ǧAǧ?JǧǬFEǨGHEAGBG;Ǩ
CEǨI<BHFBAǨ<ǩǬBH;ǧIǨG<@ǨǧGG;ǨǨA7
uǮǨǧ7G;ǨGǨKGCEBI<7Ǩ76ǧEǨǩH??Ǭ ǩǬBHnEǨHAFHEǨBǩJ;ǧGFB@ǨBǩG;ǨJBE7F@ǨǧA GEǬGBJBEǪBHG
G;Ǩ<E@ǨǧA<AdzF5Ǭ?BBǪ<AdzǧGG;Ǩ<E6BAGǨKG<AG;ǨFǨAGǨA6Ǩ
uǮǨ@Ǩ@5ǨEGBEǨǧ7ǩBE<@C?<Ǩ7@ǨǧA<Adz ǧFJǨ??ǧFFHEǩǧ6Ǩ@ǨǧA<Adz
uǮǨǧ7G;ǨǭHǨFG<BAFIǨEǬ6ǧEǨǩH??Ǭ ǩAǨǨ75Ǩ HA7ǨE?<AǨǪǨǬJBE7FFBǬBHǧEǨFHEǨJ;ǧGǬBHǧEǨ5Ǩ<Adz
ǧFǪǨ7
u ǮǨ@Ǩ@5ǨEG;ǧGǬBH6ǧAJE<GǨBAG;ǨGǨKGǧFǬBHdzBG;EBHdz;<G
&ǧ@C?Ǩ'ǨKG
';ǨǩB??BJ<Adz<FǧAǨKGEǧ6GǩEB@m';Ǩ#;ǧAGB@BǩG;Ǩ"CǨEǧn5ǬǯǧFGBAǨEBHK
J;<6;<FFǨG<Aǧ#ǧE<FG;ǨǧGEǨ6ǧ??Ǩ7G;Ǩ#ǧ?ǧ<FǯǧEA<ǨE ';ǨCǨEǩBE@ǨEF<AG;Ǩ
G;ǨǧGEǨ5Ǩ?<ǨIǨG;ǧG<G<F;ǧHAGǨ75Ǭm';Ǩ#;ǧAGB@nBEG;Ǩm"CǨEǧǯ;BFGnǧA7G;Ǩ
FGBEǬ<FdzEBJ<Adz
';Ǩ#;ǧAGB@BǩG;Ǩ"CǨEǧ ǯǧFGBAǨEBHK
uBBǪǧGG;Ǩ@ǧEǪFǧIǧ<?ǧ5?ǨǧA7ǧ7ǧCGǬBHEEǨFCBAFǨǧ66BE7<Adz?Ǭ ';ǨEǨ<FABCB<AGJE<G<AdzGJBCǧdzǨF
ǩBEǧǨ<dz;G@ǧEǪǭHǨFG<BAǧA7;ǧ?ǩǧCǧdzǨǩBEǧGJǨAGǬ@ǧEǪǭHǨFG<BA
mGnFG;Ǩdz;BFGnA7F;Ǩ?B6ǪǨ7G;Ǩ7BBE
u*E<GǨBAǬBHE6BCǬBǩG;ǨGǨKG<ǩǬBHJǧAGGB ';<F<FǬBHEǨKǧ@CǧCǨEzǧAABGǧGǨǧA7;<dz;?<dz;GǧFǬBH
AǨǨ7
uDZǨǨCǭHBGǧG<BAFF;BEGzǧǩǨJJBE7FǧG@BFG
u'EǬGB<AGǨdzEǧGǨǭHBGǧG<BAF<AGBǬBHEFǨAGǨA6ǨF Ǩdz
u ';ǨAǧEEǧGBE7<F?<ǪǨFG;Ǩ@ǧAnF6BǧG ǨFǧǬF<G<Fmdz;ǧFG?Ǭn [#?ǨǧFǨ6BH?7JǨ;ǧIǨǧ6EBFF;ǨEǨ \
•
u ';ǨAǧEEǧGBE7<F?<ǪǨFG;Ǩ@ǧAnFmdz;ǧFG?Ǭn6BǧG [#?ǨǧFǨ6BH?7JǨ;ǧIǨǧG<6Ǫ;ǨEǨ \
u!ǨIǨE6E<G<6<FǨǧAǧHG;BE ǴBH6ǧAǨIǧ?HǧGǨG;Ǩ<EJBEǪ HF<AdzǨI<7ǨA6ǨǩEB@G;ǨGǨKG 5HG7BABG@ǧǪǨ
FJǨǨC<AdzFGǧGǨ@ǨAGFǧ5BHGJ;ǨG;ǨEǬBHCǨEFBAǧ??Ǭ?<ǪǨBE7<F?<ǪǨG;ǨGǨKG
u#?ǧAǬBHEJE<GGǨAGǧFǪzǧFC<7ǨE7<ǧdzEǧ@ ?<FGBEǩ?BJ6;ǧEGJ<??;Ǩ?CǬBHGB6EǨǧGǨ6B;ǨF<BA<AǬBHE
JE<G<Adz
u#ǧǬǧGGǨAG<BAGBǬBHEFCǨ??<Adz CHA6GHǧG<BAǧA7dzEǧ@@ǧE ';<F<FJBEG;‘–@ǧEǪF<A&Ǩ6G<BABǩG;Ǩ
ǨKǧ@ BAnG@ǧǪǨF<??Ǭ@<FGǧǪǨF FH6;ǧFǩBEdzǨGG<AdzGBHFǨ6ǧC<Gǧ??ǨGGǨEF6BEEǨ6G?Ǭ
u;Ǩ6ǪǬBHEJBEǪ6ǧEǨǩH??ǬJ;ǨAǬBH;ǧIǨǩ<A<F;Ǩ7 (FǨǨIǨEǬ@<AHGǨǬBH;ǧIǨ
‘“
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
‘
&BEǨ??<nF7EǨFF<Adz EBB@JǧFǩ<GGǨ7HCJ<G;Bǩǩ<6<ǧ? 6B@@BAC?ǧ6ǨǨ?ǨdzǧA6Ǩ C<ǨE dz?ǧFF ǧFBǩǧ ǧ7EǨFF<Adz Gǧ5?ǨǧA7ǧ6HC5BǧE7BEGJBCEBI<7Ǩ7G;ǨAǨ6ǨFFǧEǬǩHEA<GHEǨ "AG;ǨJǧ??F;HAdz
ǧǩǨJǨAdzEǧI<AdzF EǨ?<6FBǩG;Ǩ@BG;ǨE J;B;ǧ7ǪABJAG;Ǩdz?BE<ǨFBǩG;ǨB?7"CǨEǧ<AG;ǨǮHǨ
?Ǩ#Ǩ?ǨG<ǨE CBEGEǧ<GFBǩ)ǨFGE<F ǯǧE7Ǩ? HCBAG <dzBGG<A< HGG;ǨEBB@FǨǨ@Ǩ7ǧCǧ?ǧ6ǨGBG;Ǩ
5EǧGF Bǩ G;Ǩ 6BECF 7Ǩ 5ǧ??ǨG J;B JǨEǨ ?B7dzǨ7 <A 6B@@BA 7EǨFF<Adz EBB@F J;ǨEǨ G;ǨǬ FCǨAG
G;Ǩ<EG<@ǨF<Adz<Adz ǭHǧEEǨ??<Adz F@ǧ6Ǫ<AdzG;Ǩ7EǨFFǨEFǧA7;ǧ<E 7EǨFFǨEFǧA75HǬ<AdzBAǨǧABG;ǨE
dz?ǧFFǨFBǩ6ǧFF<F 5ǨǨE BEǨIǨAEH@ HAG<?G;Ǩ6ǧ?? 5BǬnF5Ǩ??EǧAdz &BEǨ??<JǧFIǨEǬFHCǨEFG<G<BHF &;ǨF;H77ǨEǨ7J;ǨAF;Ǩ;ǨǧE7?<GG?Ǩǰǧ@@ǨFFCǨǧǪBǩG;Ǩdz;BFG 6ǧ??Ǩ7;ǨEǧmF<??Ǭ?<GG?ǨǩBB?nǧA7G;ǨA ǧFF;ǨJǧFG;Ǩǩ<EFGGB5Ǩ?<ǨIǨ<Adz;BFGF<AdzǨAǨEǧ? ǧA7
G;Ǩ"CǨEǧdz;BFG<ACǧEG<6H?ǧE ǧGBA6ǨǧFǪǨ7ǩBE7ǨGǧ<?F
mǧIǨǬBHFǨǨA;<@n
mFC?ǧ<A?ǬǧFFǨǨǬBHABJnFǧ<7?<GG?Ǩǰǧ@@ǨF J;BFǨ?ǨdzFJǨEǨdz<I<AdzJǧǬ5ǨAǨǧG;;ǨE ǧA7
F;Ǩ7EBCCǨ7J<G;ǧ@BǧA<AGBǧ6;ǧ<E
d’‘—GJ<AǪ? 6B@
’
‘•
’
mǩG;ǧGnFG;Ǩdz;BFG ;ǨnFIǨEǬHdz?Ǭn
m"; ǬǨFn6E<Ǩ7G;Ǩ6;BEHFBǩ5ǧ??ǨG dz<E?F
ǮǨǧ7 G;Ǩ ǩB??BJ<Adz GǧFǪ *;ǧG <F dzBB7 ǧ5BHG <G ǧA7 J;ǧG AǨǨ7F <@CEBIǨ@ǨAG
@ǨAG
ǧAǬBHJE<GǨǧ5ǨGGǨEC<Ǩ6Ǩ
A7G;ǨǬǧ??5ǨdzǧAGBGǧ?ǪGBdzǨG;ǨE ';Ǩdz;BFG;ǧ7ǧCCǨǧEǨ7GBG;Ǩ@<AG;ǨF;ǧCǨBǩǧdzǨAG?Ǩ@ǧA
<A 7EǨFF 6?BG;ǨF J;B ;ǧ7 FH77ǨA?Ǭ FGBB7 5ǨǩBEǨ G;Ǩ@ <A G;Ǩ CǧFFǧdzǨ J<G;BHG G;Ǩ<E ǪABJ<Adz
J;ǨEǨ;Ǩ6ǧ@ǨǩEB@ ǨFǨǨ@Ǩ7GB;ǧIǨ6B@ǨFGEǧ<dz;GG;EBHdz;G;ǨJǧ??
FFBBAǧFǨAGǨEǨ7G;Ǩ?<I<AdzEBB@ǪAǨJFB@ǨG;<AdzJǧFJEBAdz @ǧAFǧG
<A@Ǭ6;ǧ<E FGǧEǨ<Adz5ǧ6ǪǧG@ǨǧFFGBB7<AG;Ǩ7BBEJǧǬ ǨJǧFEǨǧ?F6ǧEǨǬ
ǧA7JBEE<Ǩ7G;ǧG;Ǩ@<dz;G=H@CBHGBǩG;ǨFǨǧGǧA7ǧGǧ6Ǫ@Ǩ <F;ǧA7FJǨEǨ<A5?ǧ6Ǫdz?BIǨF
ǧA7;Ǩǧ6Gǧ??Ǭ;ǧ75?ǧ6ǪBAǧ??BIǨE AǨIǨEFǨǨA;<@5ǨǩBEǨ
m#BB;nFǧ<7BAǨBǩG;Ǩ@ J;B;ǧ7@BEǨBE?ǨFFǪǨCG;ǨE;Ǩǧ7 mǴBHFǨǨG;Ǩdz;BFGǨIǨEǬJ;ǨEǨn
’•
“
A7<GJǧFGEHǨ BEFǨIǨEǧ?@BAG;F G;ǨEǨ;ǧ75ǨǨAABG;<Adz7<F6HFFǨ7ǧGG;Ǩ"CǨEǧ5HGG;<Fdz;BFG
<A7EǨFF 6?BG;ǨFJ;BFGǧ?ǪǨ7ǧ5BHGG;Ǩ5H<?7<Adz ǩEB@GBCGB5BGGB@ ?<ǪǨǧF;ǧ7BJ J;BFCBǪǨGB
AB5B7Ǭ GBJ;B@AB5B7Ǭ7ǧEǨ7FCǨǧǪǧA7J;BIǧA<F;Ǩ7ǧFFBBAǧF;ǨJǧFFǨǨA ABBAǨǪABJ<Adz
;BJBEJ;ǨEǨ F5Ǩ6ǧ@ǨǧEǨǧ?dz;BFG ;Ǩ@ǧ7ǨABAB<FǨ<AJǧ?Ǫ<Adz #ǨBC?Ǩ5ǨdzǧA5Ǭ?ǧHdz;<Adz
ǧA7 @ǧǪ<Adz ǩHA Bǩ G;<F FCǨ6GEǨ 7EǨFFǨ7 ?<ǪǨ ǧ @ǧA Bǩ ǩǧF;<BA BE ǧA HA7ǨEGǧǪǨE 5HG G;Ǩ dz;BFG
?ǨdzǨA7FBBAFJǨ??Ǩ7GBǨABE@BHFCEBCBEG<BAFǧ@BAdzG;Ǩ6BECF7Ǩ5ǧ??ǨG ??G;Ǩdz<E?FCEǨGǨA7Ǩ7
GB;ǧIǨ@ǨGG;<FFHCǨEAǧGHEǧ?5Ǩ<Adz@BEǨBE?ǨFFBǩGǨA A7G;BFǨJ;B?ǧHdz;Ǩ7G;Ǩ?BH7ǨFGJǨEǨ
ABG G;Ǩ @BFG ǧG ǨǧFǨ *;ǨA ;Ǩ 7<7 ABG F;BJ ;<@FǨ?ǩ ;Ǩ 5ǨGEǧǬǨ7 ;<F CEǨFǨA6Ǩ BE ;<F CǧFF<Adz
5Ǭǧ66<7ǨAG 6B@<6BEFǨE<BHF ǩBEJ;<6;G;ǨdzǨAǨEǧ?FHCǨEFG<G<BA;Ǩ?7;<@EǨFCBAF<5?Ǩ ǧ7ǧAǬ
BAǨ@ǨGJ<G;ǧǩǧ?? BEFHǩǩǨEǨ7ǧCEǧ6G<6ǧ?=BǪǨǧGG;Ǩ;ǧA7FBǩBAǨBǩG;ǨBG;ǨEdz<E?F BE?BFGǧ
CBJ7ǨECHǩǩ <GJǧFǧGBA6ǨG;ǨǩǧH?GBǩG;Ǩdz;BFG BǩG;Ǩ"CǨEǧdz;BFG
ǩGǨEǧ?? J;B;ǧ7FǨǨA;<@ǴBH@ǨǨGFB@ǧAǬ@ǨA<A7EǨFF 6?BG;ǨFǧGG;Ǩ"CǨEǧJ;BǧEǨABG
dz;BFGF HGG;<F7EǨFF FH<G;ǧ7ǧCǨ6H?<ǧE<GǬBǩ<GFBJA G6BIǨEǨ7ǧFǪǨ?ǨGBA G?ǨǧFG FBG;Ǩ5ǧ??ǨG
dz<E?FFǧ<7 A7 Bǩ6BHEFǨ <G;ǧ7ǧ7ǨǧG;nF;Ǩǧ7
&?BǨFzǧǪ<A7Bǩ5ǨEEǬ ǩEH<G
BECF7Ǩ5ǧ??ǨGzǧdzEBHCBǩ5ǧ??ǨG7ǧA6ǨEFJ;BCǨEǩBE@ǨAFǨ@5?ǨEB?ǨF
“
&ǧ@C?ǨAFJǨE
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
&H77ǨA?Ǭ;Ǩ=H@CǨ7BǩǩG;Ǩ6;ǧ<EǧA76B@ǨGBJǧE7F@Ǩ ';Ǩ7BBE6EǧF;Ǩ7F;HG5Ǩ;<A7@Ǩ5Ǩ6ǧHFǨ
G;ǨJ;<A76ǧHdz;G<GǧF;ǨEǧAǧG@Ǩ FGH@5?Ǩ7ǧA7ǩǨ??ǧ?@BFGBIǨE;<@ <F;ǧA7FEǨǧ6;Ǩ7BHG
GBGBH6;@ǨǧA7CH??Ǩ75ǧ6ǪǧJǧǬǩEB@;<@ <Fǩǧ6ǨJǧFAnGǧ6GHǧ??ǬG;ǨEǨzG;ǨEǨJǧFǧ@ǧFǪ
<AC?ǧ6ǨBǩ;<Fǩǧ6Ǩ
GE<Ǩ7GBF6EǨǧ@5HG6BH?7AnGdzǨGG;ǨFBHA7BHG ǬIB<6ǨJǧF6EBǧǪǬ?<ǪǨǧǩEBdznF mǨ?Cn F;BHGǨ75HG;ǧE7?ǬǧAǬFBHA76ǧ@ǨBHG &H77ǨA?ǬG;Ǩ7BBEEǧGG?Ǩ75Ǩ;<A7@Ǩ Ǭ@H@6ǧ??Ǩ7G;EǨJG;Ǩ7BBE EǨǬBH<AG;ǨEǨ;ǨE7ǧ
AB<FǨ EǨǬBHBǪǧǬ
GHEA75ǧ6ǪEBHA7ǧA7?BBǪǨ7ǧGG;Ǩ@ǧA &HECE<FǨǨJǧFnAGG;Ǩ<EǧAǬ@BEǨ *;ǨEǨ;ǧ7;Ǩ
dzBAǨǨ;ǧ77<FǧCCǨǧEǨ7
*BE7ǧAǪ
'EǬ<A6?H7<AdzFB@ǨBǩG;ǨǩB??BJ<Adz?<GǨEǧEǬGǨ6;A<ǭHǨF<AǬBHEJE<G<Adz
??<GǨEǧG<BA
@BG<IǨ?ǧAdzHǧdzǨ
EBAǬ
ǰHKGǧCBF<G<BA
ǨGǧC;BE
"AB@ǧGBCBǨ<ǧ
d’‘—GJ<AǪ? 6B@
&<5<?ǧA6Ǩ
&<@<?Ǩ
#ǨEFBA<ǩ<6ǧG<BA
‘’
&Ǩ6G<BA DzHǨFG<BA•
&Ǩ6G<BA DzHǨFG<BA‘
';Ǩǧ6GF
';Ǩǧ6GF
*BEG; ”@ǧEǪF
*BEG; ”@ǧEǪF
ǴBHJ<??5ǨGǨFGǨ7BA"•[’”@ǧEǪF\
ǴBHJ<??5ǨGǨFGǨ7BA"‘
u 6B@@HA<6ǧGǨ6?ǨǧE?Ǭ ǨǩǩǨ6G<IǨ?ǬǧA7<@ǧdz<AǧG<IǨ?Ǭ FǨ?Ǩ6G<AdzǧA7ǧ7ǧCG<Adz
GBAǨ FGǬ?ǨǧA7EǨdz<FGǨEǩBE7<ǩǩǨEǨAGǩBE@F CHECBFǨFǧA7ǧH7<ǨA6ǨF
u BEdzǧA<FǨ<AǩBE@ǧG<BAǧA7<7ǨǧF HF<AdzFGEH6GHEǧ?ǧA7dzEǧ@@ǧG<6ǧ?ǩǨǧGHEǨFGBFHCCBEG
6B;ǨEǨA6ǨǧA76B;ǨF<BABǩGǨKGF
ǴBHJ<??5ǨGǨFGǨ7BA"–[‘–@ǧEǪF\
u HFǨǧEǧAdzǨBǩIB6ǧ5H?ǧEǬǧA7FǨAGǨA6ǨFGEH6GHEǨFǩBE6?ǧE<GǬ CHECBFǨǧA7ǨǩǩǨ6G J<G;
ǧ66HEǧGǨFCǨ??<AdzǧA7CHA6GHǧG<BA
&HdzdzǨFGǨ7G<@ǨFCǨAG ”•@<AHGǨF
*;ǧGJ<??AǨǨ7GB7B
u <7ǨAG<ǩǬǧA7<AGǨECEǨGǨKC?<6<GǧA7<@C?<6<G<AǩBE@ǧG<BAǧA7<7ǨǧF
u FǨ?Ǩ6GǧA7FǬAG;ǨF<FǨǨI<7ǨA6ǨǩEB@7<ǩǩǨEǨAGGǨKGF
&HdzdzǨFGǨ7G<@ǨFCǨAG ”@<AHGǨF
*;ǧGJ<??AǨǨ7GB7B
B6ǧGǨǩBHEFCǨ6<ǩ<6C<Ǩ6ǨFBǩ<AǩBE@ǧG<BA FH6;ǧFǧ7ǨF6E<CG<BA ǩEB@G;ǨGǨKG ';ǨEǨ@ǧǬ5Ǩ@BEǨ
G;ǧAǩBHEǧIǧ<?ǧ5?Ǩ ǧA7G;Ǩ<AǩBE@ǧG<BA@ǧǬ5ǨFHEǩǧ6Ǩ@ǨǧA<Adz[FH6;ǧFǧǩǧ6G\BE<@C?<Ǩ7@ǨǧA<Adz
[FH6;ǧFǧFHdzdzǨFG<BABE;<AG\ ǴBH6ǧAHFǨFCǨ6<ǩ<6ǭHBGǧG<BAFǩEB@G;ǨGǨKGBEǬBHEBJAJBE7F BE5BG;
'BCG<CF *E<GǨ ǧA ǨAdzǧdz<Adz <@ǧdz<AǧG<IǨ ǩ<6G<BA C<Ǩ6Ǩ J;<6; 6BH?7 5Ǩ 5ǧFǨ7 BA ǬBHE EǨǧ? ǨKCǨE<ǨA6ǨF BE
ǨAG<EǨ?Ǭ@ǧ7ǨHC GF;BH?75ǨǧCCEBCE<ǧGǨGBG;ǨCHECBFǨ ǧH7<ǨA6ǨǧA7ǩBE@FGǧGǨ7<AG;ǨGǧFǪ "AǨBǩG;ǨGǧFǪFJ<??<A6?H7ǨǧA<@ǧdzǨJ;<6;ǬBHJ<??5ǨǧFǪǨ7GBHFǨǧFǧFG<@H?HFǩBEǬBHEC<Ǩ6Ǩ
u ǮǨǧ7G;ǨǭHǨFG<BAIǨEǬ6ǧEǨǩH??ǬzG;ǨǨKǧ@<AǨE<F?BBǪ<AdzǩBECǧEG<6H?ǧEG;<AdzF
u (FǨG;Ǩ?<AǨEǨǩǨEǨA6ǨF "A?Ǭ?BBǪǧGG;ǨFǨ6G<BABǩGǨKGǬBHǧEǨǧFǪǨ7GB6BAF<7ǨE u "A?Ǭdz<IǨǩBHEC<Ǩ6ǨFBǩ<AǩBE@ǧG<BAzG;<F<FǧǩBHE @ǧEǪǭHǨFG<BA FB7BAnGFCǨA7ǧ?BAdz
G<@ǨBA<G
'BCG<CF
u ǧǪǨFHEǨǬBHEC<Ǩ6Ǩ<F6ǧEǨǩH??ǬFGEH6GHEǨ7zGǧǪǨGJB@<AHGǨFGBC?ǧA<Gǩ<EFG
u
u(FǨǧJ<7ǨEǧAdzǨBǩIB6ǧ5H?ǧEǬ FǨAGǨA6ǨFGEH6GHEǨFǧA7?<GǨEǧEǬ7ǨI<6ǨFzG;<F<FǬBHEBCCBEGHA<GǬ
GBF;BJBǩǩ
ǧǪǨFHEǨG;ǧGǬBHECB<AGFǧEǨ7<ǩǩǨEǨAGz7BAnGFǧǬG;ǨFǧ@ǨG;<Adz<A7<ǩǩǨEǨAGJǧǬF
u ǮǨǧ76ǧEǨǩH??ǬǩBE<@C?<Ǩ7@ǨǧA<Adz
u
u ǧǪǨFHEǨǬBH;ǧIǨEǨǧ7G;ǨǭHǨFG<BA6ǧEǨǩH??Ǭz<GnF<@CBEGǧAGG;ǧGǬBHEJE<G<Adzǩ<GFG;ǨGǧFǪ
dz<IǨA
ǧǪǨFHEǨǬBHGǧǪǨǬBHE<AǩBE@ǧG<BAǩEB@G;ǨGǨKGz7BAnGǧGGǨ@CGGBǧAFJǨEǩEB@@Ǩ@BEǬ
u'ǧǪǨdzEǨǧG6ǧEǨJ<G;FCǨ??<Adz CHA6GHǧG<BAǧA7dzEǧ@@ǧEz‘–@ǧEǪFǧEǨǧIǧ<?ǧ5?ǨǩBEGǨ6;A<6ǧ?
ǧ66HEǧ6Ǭ
&ǧ@C?ǨDzHǨFG<BA
&ǧ@C?ǨDzHǨFG<BA
” ǴBHǧEǨdzB<AdzGBJE<GǨǧ6EǨǧG<IǨC<Ǩ6ǨǩBEǬBHEF6;BB?AǨJFCǧCǨE
'Ǯ
*E<GǨǧ7ǨF6E<CG<BAFHdzdzǨFGǨ75ǬG;ǨC<6GHEǨ5Ǩ?BJ[C<6GHEǨ7GBG;ǨE<dz;G<A
G;<F5BBǪ?ǨG\
"Ǯ
*E<GǨG;ǨBCǨA<AdzGBǧFGBEǬǧ5BHGǧ@ǬFGǨE<BHFFGEǧAdzǨE
‘ ǮǨǧ7G;ǨFBHE6Ǩǧdzǧ<AǩEB@?<AǨF‘GB˜
<FGǩBHEG;<AdzFJǨ?ǨǧEAǧ5BHGG;ǨFǨGG<AdzǩEB@G;<FCǧEGBǩG;ǨGǨKG
&ǧ@C?ǨAFJǨE
ǮǨǧ7 G;Ǩ ǩB??BJ<Adz ǧAFJǨE GB G;Ǩ Fǧ@C?Ǩ ǭHǨFG<BA B ǬBH G;<AǪ G;<F <F 6BEEǨ6G
EǨ6G
ǩABG J;ǧG7BǬBHG;<AǪ<FG;Ǩ6BEEǨ6GǧAFJǨE
‘ '
;ǨEBB@<Fǧ7EǨFF<Adz EBB@
’ ';Ǩ7BBE6ǧA5Ǩ?B6ǪǨ7
“ '
;ǨEBB@<FǩHEA<F;Ǩ7J<G;ǧFBǩǧǧA7ǧ7EǨFF<AdzGǧ5?Ǩ
” ?<GG?Ǩdz<E?6ǧ??Ǩ7ǰǧ@@ǨF<FG;ǨEǨ ‘‘
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
d’‘—GJ<AǪ? 6B@
”
&Ǩ6G<BA DzHǨFG<BA’
';Ǩǧ6GF
u FHCCBEGǬBHEBC<A<BAFJ<G;EǨǩǨEǨA6ǨFGBG;ǨGǨKG
*BEG; ˜@ǧEǪF
ǴBHJ<??5ǨGǨFGǨ7BA"’
u KC?ǧ<A 6B@@ǨAGBAǧA7ǧAǧ?ǬFǨ;BJJE<GǨEFHFǨ?ǧAdzHǧdzǨǧA7FGEH6GHEǨGB
ǧ6;<ǨIǨǨǩǩǨ6GFǧA7<Aǩ?HǨA6ǨEǨǧ7ǨEF HF<AdzEǨ?ǨIǧAGFH5=Ǩ6GGǨE@<AB?BdzǬGBFHCCBEG
G;Ǩ<EI<ǨJF
&HdzdzǨFGǨ7G<@ǨFCǨAG ˜@<AHGǨF
*;ǧGJ<??AǨǨ7GB7B
7ǨAG<ǩǬǧA7ǧAǧ?ǬFǨ;BJG;ǨJE<GǨEHFǨFJBE7F C;EǧFǨF ǧA7E;ǨGBE<6ǧ?7ǨI<6ǨFGB6EǨǧGǨCǧEG<6H?ǧE
ǨǩǩǨ6GF ǴBHJ<??AǨǨ7GBǭHBGǨǩEB@G;ǨGǨKG7<EǨ6G?ǬǧA7ǬBHJ<??AǨǨ7GBǨKC?ǧ<A;BJG;ǨǭHBGǧG<BAF
ǬBH;ǧIǨ6;BFǨA@ǧǪǨǬBHECB<AGF
'BCG<CF u
ǧǪǨFHEǨǬBHEǨǩǨEGB?ǧAdzHǧdzǨG;EBHdz;BHGǬBHEǧAFJǨEzGEǬGBHFǨG;ǨIB6ǧ5H?ǧEǬǬBH
;ǧIǨ?ǨǧEAǨ7GB7<F6HFF?<GǨEǧEǬGǨ6;A<ǭHǨF
&ǧ@C?ǨAFJǨE
ǮǨǧ7G;ǨǩB??BJ<AdzCǧEG<ǧ?ǧAFJǨEGBG;ǨFǧ@C?ǨǭHǨFG<BA *;ǧG<FdzBB7ǧ5BHG<G
<G ǧA7
J;ǧGAǨǨ7F<@CEBIǨ@ǨAGǧAǬBHJE<GǨǧ5ǨGGǨEǧAFJǨE
';ǨJE<GǨEFGǧEGF5Ǭ7ǨF6E<5<AdzG;Ǩǧ6GHǧ?EBB@J;ǨEǨG;Ǩdz<E?FǧEǨ ';<Fdz<IǨF
ǧFǨAFǨBǩG;ǨC?ǧ6Ǩ<GFǨ?ǩ *Ǩ?ǨǧEAǧ5BHGG;ǨǩHEA<GHEǨǧA7G;ǨC<6GHEǨFBA
G;ǨJǧ??F ǩGǨEG;<F JǨ5Ǩdz<AGBHA7ǨEFGǧA7J;ǧG<F;ǧCCǨA<Adz<AG;ǨC?ǧ6Ǩ ';ǨǧHG;BEGE<ǨFGB
@ǧǪǨHFHFǨǧ??BHEFǨAFǨ5ǬGǨ??<AdzHFǧ5BHGG;ǨFBHA7FBǩG;Ǩdz<E?FǩEB@G;Ǩ5ǧ??ǨG *;ǨAG;ǨǬǧEǨ
<AG;Ǩ<EBJAEBB@FG;ǨǬǧEǨmF<Adz<Adz ǭHǧEEǨ??<Adz F@ǧ6Ǫ<AdzG;Ǩ7EǨFFǨEFn ǴBHdzǨGG;Ǩ<@CEǨFF<BA
BǩǧEǧG;ǨEI<B?ǨAGdzEBHCBǩǬBHAdzJB@ǨA ǧ?JǧǬFǧEdzH<Adz
';ǨǧHG;BEǧ?FB@ǧAǧdzǨFGB6EǨǧGǨǧEǨǧ?<FG<6C<6GHEǨBǩG;Ǩdz<E?FǧA7G;Ǩ<EEǨ?ǧG<BAF;<CFJ<G;BAǨ
ǧABG;ǨE &BEǨ??<<F6?ǨǧE?ǬIǨEǬFǨA<BEǧA7F;Ǩ6ǧ??Fǰǧ@@ǨFǧmF<??Ǭ?<GG?ǨǩBB?n ';<FF;BJFHFG;ǧG
F;ǨG;<AǪFF;Ǩ<Fǧ5BIǨG;ǨBG;ǨEdz<E?F ?<ǪǨG;ǧGJǨdzǨGǧA<@CEǨFF<BABǩG;Ǩdz<E?FnCǨEFBAǧ?<G<ǨF u (FǨG;Ǩ?<AǨEǨǩǨEǨA6ǨFGBdzǨGGBG;ǨǧCCEBCE<ǧGǨC<Ǩ6ǨBǩGǨKGǭH<6Ǫ?Ǭ
*BE7ǧAǪ
u <dz;?<dz;GBAG;ǨGǨKGJBE7FBEC;EǧFǨFǬBHG;<AǪǬBH@ǧǬHFǨ<AǬBHEǧAFJǨE
';ǨǩB??BJ<AdzC;EǧFǨF@ǧǬ5ǨHFǨǩH?J;ǨAJE<G<AdzǬBHEǧAFJǨE
u ǮǨ@Ǩ@5ǨEGBHFǨF;BEG CEǨ6<FǨǭHBGǧG<BAFǩEB@G;ǨGǨKG
';ǨJE<GǨE`AǧEEǧGBEHFǨF`EǨǩǨEFGB`Ǩ@C?BǬFw
u GnFABGǨABHdz;GB=HFG<7ǨAG<ǩǬG;ǨGǨ6;A<ǭHǨF5Ǩ<AdzHFǨ7zǬBH@HFGǨKC?ǧ<A;BJG;ǨǬ
ǧEǨǨǩǩǨ6G<IǨ
';ǨJE<GǨE`AǧEEǧGBE5H<?7F`6EǨǧGǨF`7ǨIǨ?BCFw
&ǧ@C?ǨDzHǨFG<BA
’ BBǪ<A7ǨGǧ<?ǧGG;<FǨKGEǧ6G
';ǨJE<GǨE`AǧEEǧGBE6EǨǧGǨFǧ@BB7`ǧG@BFC;ǨEǨ`FǨAFǨ`ǩǨǨ?<AdzBǩw
';ǨEǨǧ7ǨE<Fdz<IǨAG;Ǩ<@CEǨFF<BAG;ǧGw
';<F<FǨǩǩǨ6G<IǨ5Ǩ6ǧHFǨw
';<F6EǨǧGǨFǧǩǨǨ?<AdzBǩw5Ǭw
pǩG;ǧGnFG;Ǩdz;BFG ;ǨnFIǨEǬHdz?Ǭq
p"; ǬǨFq6E<Ǩ7G;Ǩ6;BEHFBǩ5ǧ??ǨG dz<E?F
A7G;ǨǬǧ??5ǨdzǧAGBGǧ?ǪGBdzǨG;ǨE ';Ǩdz;BFG;ǧ7ǧCCǨǧEǨ7GBG;Ǩ@<AG;ǨF;ǧCǨBǩǧdzǨAG?Ǩ@ǧA
<A7EǨFF 6?BG;ǨF J;B;ǧ7FH77ǨA?ǬFGBB75ǨǩBEǨG;Ǩ@<AG;ǨCǧFFǧdzǨ J<G;BHGG;Ǩ<EǪABJ<Adz
J;ǨEǨ;Ǩ6ǧ@ǨǩEB@ ǨFǨǨ@Ǩ7GB;ǧIǨ6B@ǨFGEǧ<dz;GG;EBHdz;G;ǨJǧ??
p#BB;qFǧ<7BAǨBǩG;Ǩ@ J;B;ǧ7@BEǨBE?ǨFFǪǨCG;ǨE;Ǩǧ7 pǴBHFǨǨG;Ǩdz;BFGǨIǨEǬJ;ǨEǨq
A7<GJǧFGEHǨ BEFǨIǨEǧ?@BAG;F G;ǨEǨ;ǧ75ǨǨAABG;<Adz7<F6HFFǨ7ǧGG;Ǩ"CǨEǧ5HGG;<F
dz;BFG<A7EǨFF 6?BG;ǨFJ;BFGǧ?ǪǨ7ǧ5BHGG;Ǩ5H<?7<Adz ǩEB@GBCGB5BGGB@ ?<ǪǨǧF;ǧ7BJ J;B
FCBǪǨGBAB5B7Ǭ GBJ;B@AB5B7Ǭ7ǧEǨ7FCǨǧǪǧA7J;BIǧA<F;Ǩ7ǧFFBBAǧF;ǨJǧFFǨǨA ABBAǨǪABJ<Adz;BJBEJ;ǨEǨ F5Ǩ6ǧ@ǨǧEǨǧ?dz;BFG ;Ǩ@ǧ7ǨABAB<FǨ<AJǧ?Ǫ<Adz #ǨBC?Ǩ
•
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
d’‘—GJ<AǪ? 6B@
‘
&Ǩ6G<BA DzHǨFG<BA”
';Ǩǧ6GF
5ǨdzǧA5Ǭ?ǧHdz;<AdzǧA7@ǧǪ<AdzǩHABǩG;<FFCǨ6GEǨ7EǨFFǨ7?<ǪǨǧ@ǧABǩǩǧF;<BABEǧAHA7ǨEGǧǪǨE
5HGG;Ǩdz;BFG?ǨdzǨA7FBBAFJǨ??Ǩ7GBǨABE@BHFCEBCBEG<BAFǧ@BAdzG;Ǩ6BECF7Ǩ5ǧ??ǨG ??G;Ǩ
dz<E?FCEǨGǨA7Ǩ7GB;ǧIǨ@ǨGG;<FFHCǨEAǧGHEǧ?5Ǩ<Adz@BEǨBE?ǨFFBǩGǨA A7G;BFǨJ;B?ǧHdz;Ǩ7
G;Ǩ?BH7ǨFGJǨEǨABGG;Ǩ@BFGǧGǨǧFǨ *;ǨA;Ǩ7<7ABGF;BJ;<@FǨ?ǩ ;Ǩ5ǨGEǧǬǨ7;<FCEǨFǨA6ǨBE
;<FCǧFF<Adz5Ǭǧ66<7ǨAG 6B@<6BEFǨE<BHF ǩBEJ;<6;G;ǨdzǨAǨEǧ?FHCǨEFG<G<BA;Ǩ?7;<@EǨFCBAF<5?Ǩ ǧ7ǧAǬBAǨ@ǨGJ<G;ǧǩǧ?? BEFHǩǩǨEǨ7ǧCEǧ6G<6ǧ?=BǪǨǧGG;Ǩ;ǧA7FBǩBAǨBǩG;ǨBG;ǨEdz<E?F BE
?BFGǧCBJ7ǨECHǩǩ <GJǧFǧGBA6ǨG;ǨǩǧH?GBǩG;Ǩdz;BFG BǩG;Ǩ"CǨEǧdz;BFG *BEG; ’@ǧEǪF
ǴBHJ<??5ǨGǨFGǨ7BA"”
u Iǧ?HǧGǨGǨKGF6E<G<6ǧ??ǬǧA7FHCCBEGG;<FJ<G;ǧCCEBCE<ǧGǨGǨKGHǧ?EǨǩǨEǨA6ǨF
&HdzdzǨFGǨ7G<@ǨFCǨAG ’@<AHGǨF
*;ǧGJ<??AǨǨ7GB7B
Iǧ?HǧGǨ ;BJ FH66ǨFFǩH? G;Ǩ JE<GǨE ;ǧF 5ǨǨA G;EBHdz;BHG ǧ FǨ6G<BA Bǩ G;Ǩ GǨKG ';<F J<?? <AIB?IǨ
EǨǩǨEE<AdzGB?ǧAdzHǧdzǨǧA7FGEH6GHEǧ?7ǨI<6ǨFG;ǨJE<GǨEHFǨF 5HGǬBHJ<??ǧ?FBAǨǨ7GBF;BJ;BJ
G;ǨJE<GǨE5H<?7FǧAǨǩǩǨ6GBIǨEG;Ǩ6BHEFǨBǩG;ǨC<Ǩ6Ǩ ǴBHEǧAFJǨEJ<??AǨǨ7GB;ǧIǨǧABIǨEI<ǨJ
BǩG;ǨGǨKGFHCC?<Ǩ7 ǧFJǨ??ǧFǧAHA7ǨEFGǧA7<AdzBǩFCǨ6<ǩ<67ǨGǧ<?F ǴBHJ<??AǨǨ7GBdz<IǨǧCǨEFBAǧ?
BC<A<BA ǴBHJ<??AǨǨ7GBHFǨǭHBGǧG<BAF<AǬBHEǧAFJǨE
u(FǨFCǨ6<ǩ<6ǭHBGǧG<BAFǩEB@G;ǨGǨKG
u ǧǪǨFHEǨǬBH6BAF<7ǨEG;ǨǭHǨFG<BA ';<FJ<??BǩGǨA5ǨǧǭHBGǧG<BAǩEB@ǧABG;ǨEFGH7ǨAGBE
GǨǧ6;ǨEdz<I<AdzG;Ǩ<E<@CEǨFF<BAFBǩG;ǨGǨKG ǴBH@HFGǨKC?ǧ<A;BJǧA7J;ǬǬBHǧdzEǨǨBE7<FǧdzEǨǨ
J<G;G;<F<@CEǨFF<BA
u';<AǪǧ5BHG;BJG;ǨGǨKG6;ǧAdzǨFG;EBHdz;BHGG;ǨFǨ6G<BAFCǨ6<ǩ<Ǩ7z;BJ7BǨFG;ǨǧHG;BEGǧǪǨG;Ǩ
EǨǧ7ǨEBAǧAǨ@BG<BAǧ?BECFǬ6;B?Bdz<6ǧ?=BHEAǨǬ
uǮǨ@Ǩ@5ǨEGBEǨǩǨEGBG;ǨEǨǧ7ǨEzJ;ǧG<@CEǨFF<BA7BǨFG;ǨǧHG;BE@ǧǪǨBAG;Ǩ@
u ǧǪǨFHEǨǬBHEǧAFJǨE<FCǨEFBAǧ?zǬBHǧEǨBǩǩǨE<Adzǧ=H7dzǨ@ǨAGz5HG<G@HFG5Ǩǩ<E@?Ǭ5ǧ6ǪǨ7
HC5ǬG;ǨGǨKG
uBAnG6E<G<6<FǨG;ǨǧHG;BEGBB@H6;zG;ǨGǨKG<F?<ǪǨ?ǬGB5ǨEǨdzǧE7Ǩ7ǧFǧ6?ǧFF<6BǩAdz?<F;
?<GǨEǧGHEǨ
&ǧ@C?ǨDzHǨFG<BA
BJ7BǨFG;ǨJE<GǨEHFǨ?ǧAdzHǧdzǨGB6EǨǧGǨǧFǨAFǨBǩG;Ǩ@ǬFGǨEǬFHEEBHA7<AdzG;Ǩdz;BFG<A
G;<FFǨ6G<BABǩG;ǨFGBEǬ
ǴBH6BH?7<A6?H7ǨG;ǨJE<GǨEnF6;B<6ǨBǩ
u JBE7FǧA7C;EǧFǨF
u ?ǧAdzHǧdzǨǩǨǧGHEǨFǧA7GǨ6;A<ǭHǨF
u FǨAGǨA6ǨǩBE@F
&ǧ@C?ǨAFJǨE
ǮǨǧ7G;ǨǩB??BJ<AdzCǧEG<ǧ?ǧAFJǨEGBG;ǨFǧ@C?ǨǭHǨFG<BA BǬBHG;<AǪ<G<F6BEEǨ6Gǩ
Ǩ6Gǩ
ABG ;BJJBH?7ǬBH6;ǧAdzǨ<G
';ǨǨKGEǧ6GF;BJFHFǧ?BGǧ5BHGG;Ǩdz;BFG @@Ǩ7<ǧGǨ?Ǭ JǨǧEǨdz<IǨAG;Ǩ
<AǩBE@ǧG<BAG;ǧGG;Ǩdz<E?FG;<AǪ;Ǩ<FmHdz?Ǭn ';<F?ǨA7FǧAǧ<EBǩG;ǨdzBG;<6GB
G;Ǩdz;BFG @ǧǪ<Adz;<@FǨǨ@BG;ǨEJBE?7?Ǭ ?ǧEdzǨdzEBHCBǩdz<E?FFǨǨ@GB;ǧIǨFǨǨAG;Ǩdz;BFG ';Ǩ
ǧHG;BE@ǨAG<BAFG;ǧGG;Ǩdz;BFGmǧCCǨǧEǨ7nǧA7FǨǨ@FGB;ǧIǨ6B@ǨG;EBHdz;G;ǨJǧ?? dz<I<Adz;<@
ǧdzEǨǧGǨEǧHEǧBǩ@ǬFGǨEǬ
';ǨJBE7mFGǧ?ǪǨ7n<@C?<ǨFG;ǧGG;Ǩmdz;BFGn<F;HAG<AdzFB@ǨG;<AdzBEFB@ǨBAǨǧA7G;ǨFGBEǬBǩG;Ǩ
dz;BFG<F6ǧ??Ǩ7ǧm?ǨdzǨA7n F;BJ<AdzG;ǧG<G<F<@CBEGǧAGǧ@BAdzG;Ǩ5ǧ??ǨGdz<E?F
';<FǭHǨFG<BAEǨǩǨEFGBG;ǨGǨKGBACǧdzǨF’ǧA7“
” BEG;<FǭHǨFG<BA ?BBǪǧGG;Ǩǩ<EFGCǧEGBǩG;ǨFBHE6ǨǩEB@G;Ǩ5Ǩdz<AA<AdzGBG;Ǩ
?<AǨmz?<GG?Ǩǯ<EǬǧ77Ǩ7 mǩG;ǧGnFG;Ǩdz;BFG ;ǨnFIǨEǬHdz?Ǭnn
ǩGǨEEǨǧ7<AdzG;<FFǨ6G<BABǩG;ǨGǨKG ǧFGH7ǨAGFǧ<7 m';ǨCǧFFǧdzǨ<FIǨEǬǨǩǩǨ6G<IǨ ';ǨǧHG;BE
EǨǧ??Ǭdz<IǨFG;ǨEǨǧ7ǨEǧFǨAFǨBǩJ;ǧG<G<F?<ǪǨGB5Ǩ<AG;Ǩ"CǨEǧ7EǨFF<AdzEBB@FǧGG;ǧGG<@Ǩ n
*BE7ǧAǪ
';ǨǩB??BJ<AdzC;EǧFǨF@ǧǬ5ǨHFǨǩH?J;ǨAJE<G<AdzǬBHEǧAFJǨE
';ǨJE<GǨE`AǧEEǧGBEHFǨF`EǨǩǨEFGB`Ǩ@C?BǬFw
'BJ;ǧGǨKGǨAG7BǬBHǧdzEǨǨ
';ǨJE<GǨE`AǧEEǧGBE5H<?7F`6EǨǧGǨF`7ǨIǨ?BCFw
AǬBHEEǨFCBAFǨ ǬBH6BH?7
';ǨJE<GǨE`AǧEEǧGBE6EǨǧGǨFǧ@BB7`ǧG@BFC;ǨEǨ`FǨAFǨ`ǩǨǨ?<AdzBǩw
u JE<GǨǧ5BHGǬBHEBJAEǨFCBAFǨGBG;ǨF6ǨAǨ
';ǨHFǨBǩF<@<?Ǩ`@ǨGǧC;BE`CǨEFBA<ǩ<6ǧG<BA6EǨǧGǨFǧFǨAFǨBǩw
u ǨIǧ?HǧGǨ;BJG;ǨJE<GǨE;ǧF7ǨF6E<5Ǩ7G;<AdzF<AG;ǨF6ǨAǨ
™
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
d’‘—GJ<AǪ? 6B@
–
&Ǩ6G<BA DzHǨFG<BA“
';Ǩǧ6GF
u ;BJǧA7J;ǬG;ǨJE<GǨE6;ǧAdzǨFG;<FǩB6HFǧFG;ǨFBHE6Ǩ7ǨIǨ?BCF
*BEG; ˜@ǧEǪF
u ǧAǬBG;ǨEFGEH6GHEǧ?ǩǨǧGHEǨFG;ǧG<AGǨEǨFGǬBH
ǴBHJ<??5ǨGǨFGǨ7BA"’
u KC?ǧ<A 6B@@ǨAGBAǧA7ǧAǧ?ǬFǨ;BJJE<GǨEFHFǨ?ǧAdzHǧdzǨǧA7FGEH6GHEǨGB
ǧ6;<ǨIǨǨǩǩǨ6GFǧA7<Aǩ?HǨA6ǨEǨǧ7ǨEF HF<AdzEǨ?ǨIǧAGFH5=Ǩ6GGǨE@<AB?BdzǬGBFHCCBEG
ǬBHEI<ǨJF
&HdzdzǨFGǨ7G<@ǨFCǨAG ˜@<AHGǨF
*;ǧGJ<??AǨǨ7GB7B
7ǨAG<ǩǬǧA7ǧAǧ?ǬFǨ;BJG;ǨJE<GǨEHFǨFFGEH6GHEǧ?7ǨI<6ǨFGB6EǨǧGǨCǧEG<6H?ǧEǨǩǩǨ6GF ǴBHJ<??AǨǨ7
GBǭHBGǨǩEB@G;ǨGǨKG7<EǨ6G?ǬǧA7ǬBHJ<??AǨǨ7GBǨKC?ǧ<A;BJG;ǨǭHBGǧG<BAFǬBH;ǧIǨ6;BFǨA
@ǧǪǨǬBHECB<AGF &GEH6GHEǧ?ǩǨǧGHEǨF6ǧA5Ǩ uJ;B?ǨGǨKG Ǩdz 5Ǩdz<AA<AdzF`ǨA7<AdzF`CǨEFCǨ6G<IǨF;<ǩGF
&ǧ@C?ǨAFJǨE
ǮǨǧ7G;ǨǩB??BJ<AdzCǧEG<ǧ?ǧAFJǨEGBG;ǨFǧ@C?ǨǭHǨFG<BA *;ǧG<FdzBB7ǧ5BHG<G
<G ǧA7
J;ǧGAǨǨ7F<@CEBIǨ@ǨAGǧAǬBHJE<GǨǧ5ǨGGǨEǧAFJǨE
';ǨJE<GǨEGǨ??FHFǧ5BHGG;Ǩ7EǨFF<Adz EBB@ǧGG;Ǩ5Ǩdz<AA<AdzBǩG;ǨǨKGEǧ6G
ǧǩGǨE BCǨA<Adz J<G; ǧA ǨK6?ǧ@ǧG<BA ǩEB@ BAǨ Bǩ G;Ǩ dz<E?F ǧ5BHG G;Ǩ dz;BFG ';Ǩ 7ǨF6E<CG<BA <F AǨ6ǨFFǧEǬ 5HG G;Ǩ EǨǧ7ǨE JǧAGF GB 6BAG<AHǨ ?ǨǧEA<Adz ǧ5BHG G;Ǩ dz;BFG ǧA7 <F
ǨK6<GǨ7GBEǨǧ7BA ';ǨJE<GǨEHFǨF?BGFBǩǭH<6ǪǨK6?ǧ@ǧGBEǬFGǧGǨ@ǨAGF5ǬG;Ǩdz<E?FGBF;BJG;Ǩ<E
ǨK6<GǨ@ǨAGǧ5BHGG;ǨǧCCǨǧEǧA6ǨBǩG;Ǩdz;BFG ';Ǩǩǧ6GG;ǧGG;Ǩdz<E?Fmǧ??5Ǩdz<AGBGǧ?ǪGBdzǨG;ǨEn
F;BJFG;ǧGG;ǨǬǧEǨǨK6<GǨ75ǬAǨJFBǩG;Ǩdz;BFG uCǧEǧdzEǧC;?ǨIǨ? Ǩdz GBC<66;ǧAdzǨ`ǧFCǨ6GFBǩ6B;ǨF<BA
*BE7ǧAǪ
uFǨAGǨA6Ǩ?ǨIǨ?J;ǨAG;ǨǬ6BAGE<5HGǨGBG;ǨJ;B?ǨFGEH6GHEǨ
';ǨǩB??BJ<AdzC;EǧFǨF@ǧǬ5ǨHFǨǩH?J;ǨAJE<G<AdzǬBHEǧAFJǨE
'BCG<CF ';ǨJE<GǨE`AǧEEǧGBEHFǨF`EǨǩǨEFGB`Ǩ@C?BǬFw
u
ǧǪǨFHEǨǬBHEǨǩǨEGBǨ?Ǩ@ǨAGFBǩFGEH6GHEǨG;EBHdz;BHGǬBHEǧAFJǨEzG;ǨFǨ<A6?H7ǨG;Ǩ
ǩBE@ǧA7GǬCǨBǩFǨAGǨA6ǨF G;ǨJǧǬG;ǨFGBEǬǧA7C?BGǧEǨCHGGBdzǨG;ǨEǧA7J;ǨEǨǧA7;BJ
6ǨEGǧ<AGǬCǨFBǩJBE7FǧEǨHFǨ7
';ǨJE<GǨE`AǧEEǧGBE5H<?7F`6EǨǧGǨF`7ǨIǨ?BCFw
';ǨJE<GǨE`AǧEEǧGBE6EǨǧGǨFǧ@BB7`ǧG@BFC;ǨEǨ`FǨAFǨ`ǩǨǨ?<AdzBǩw
u (FǨG;Ǩ?<AǨEǨǩǨEǨA6ǨFGBdzǨGGBG;ǨǧCCEBCE<ǧGǨC<Ǩ6ǨBǩGǨKGǭH<6Ǫ?Ǭ
';ǨHFǨBǩF;BEGFǨAGǨA6ǨF`Ǩ??<CF<F`?BAdzǨEFǨAGǨA6ǨF6EǨǧGǨFǧFǨAFǨBǩw
u <dz;?<dz;GBAG;ǨGǨKGJBE7FBEC;EǧFǨFǬBHG;<AǪǬBH@ǧǬHFǨ<AǬBHEǧAFJǨE
';ǨCǧ6Ǩ`E;ǬG;@BǩG;ǨGǨKG<A6EǨǧFǨF`7Ǩ6EǨǧFǨF;ǨEǨFBG;ǧGw
u ǮǨ@Ǩ@5ǨEGBHFǨF;BEG CEǨ6<FǨǭHBGǧG<BAFǩEB@G;ǨGǨKG
u GnFABGǨABHdz;GB=HFG<7ǨAG<ǩǬG;ǨGǨ6;A<ǭHǨF5Ǩ<AdzHFǨ7zǬBH@HFGǨKC?ǧ<A;BJG;ǨǬǧEǨ
ǨǩǩǨ6G<IǨ
&ǧ@C?ǨDzHǨFG<BA
';<FǭHǨFG<BAEǨǩǨEFGBG;ǨGǨKGBACǧdzǨF’ǧA7“
“ AFJǨEG;ǨǩB??BJ<AdzǭHǨFG<BAHF<AdzG;ǨJ;B?ǨFBHE6Ǩ
';<FGǨKG6B@ǨFǩEB@ǧAǨǧE?ǬCB<AG<AG;ǨABIǨ?
BJ;ǧFG;ǨJE<GǨEFGEH6GHEǨ7G;ǨGǨKGGB<AGǨEǨFGǬBHǧFǧEǨǧ7ǨE
ǴBH6BH?7JE<GǨǧ5BHG
u J;ǧGG;ǨJE<GǨEǩB6HFǨFǬBHEǧGGǨAG<BABAǧGG;Ǩ5Ǩdz<AA<Adz
—
Dzǯ&Adz?<F;ǧAdzHǧdzǨ#ǧCǨE‘ KC?BEǧG<BAF<A6EǨǧG<IǨEǨǧ7<AdzǧA7JE<G<Adz
d’‘—GJ<AǪ? 6B@
˜