97413 Institutional and Governance structure of Oman’s Transport Sector: Challenges and Options for Reforms. Synopsis of a review undertaken by the World Bank for the Ministry of Transport and Communications, the Sultanate of Oman T b Xle ab JWX eoef b[e C 9o \9 en dj [n je te t js dj i Fh[\WY[$.................................................................................................................................................................................................3 Preface $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ) :_iYbW_c[h $ $ $ $ $ $ $ $ $ $ $ $ $ $ $..........................................................................................................................................................................4 Acknowledgement $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ * =beiiWho$ $..............................................................................................................................................................................................5 Glossary $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ + SYNOPSIS ............................................................................................................................................................................................6 IkccWho0>emj^[jhWdifehji[Yjeh_ieh]Wd_p[Z_dYWi[ijkZoYekdjh_[i $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ , Summary of Findings '$J^[9Wi[IjkZ_[i $ $ $ $ $ $ $ Recommendations......................................................................................................................7 $ $ $ $and  $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '' 1. Background $to ($=el[hdWdY[ $$$$$ the $$$$$$$ Paper $ $ $ $ $ $ $ $ $ $......................................................................................................................................................13 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '( Background M^Wj_i]el[hdWdY[ ................................................................................................................................................................................13 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '( What is governance? ..............................................................................................................................................................13 I_]d_ÓYWdY[e\]el[hdWdY[ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '( The analytical framework IjWj[h[]kbWj_ed $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ....................................................................................................................................................13 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '+ 2. How Oman’s Transport IjhkYjkh[e\fWf[h $ $ $ $ $ $ $ $ $ $ $ $ Works $ $ $ $ $ $ $ $ $ Sector $ $ $ $ $ $ $ $ $ $ $ ..............................................................................................................................15 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ', Oman in brief .............................................................................................................................................................................15 )$JhWdifehj=el[hdWdY[Wjj^[C_d_ijhoB[l[b $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '- 9^_b[$transport Road $$$$$$$$$$$$$$$$$ ..........................................................................................................................................................................15 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '- <_dbWdZ$ $ $ transport Maritime $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ..................................................................................................................................................................16 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '- Public CeheYYe $ $ $ $ $ $ $ $ $ $ $ $ $ ........................................................................................................................................................................16 transport $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '. Planned Iekj^7\h_YW railway $ $ $ $ $ $ ........................................................................................................................................................................17 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '/ Ministry Iekj^Aeh[W of Transport $ $ $ $ $ $ $ $Communications $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ and $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $..................................................................................................................17 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ '/ Organization 9eccedj^[c[i  $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ responsibilities of functional $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $in $ $ $ $ $ $ $sector $ $ $ $the $ $ $ $ $ $ $ $ $ $ $ ........................................................................................18 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (& $ $ $ $ $ $ $ and Strategy *$Fehji  $ $ $ $ $ $ $ $ $ $ .................................................................................................................................................................19 $ $ $ $ $ $ $ $policy $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (( 8WYa]hekdZ$ $ $ $ $ $and Administrative $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ...........................................................................................................................................19 $ $ $ $ $ $ $ regulatory $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (( Infrastructure Eh]Wd_pWj_edWdZcWdW][c[dje\fehji provision ........................................................................................................................................................19 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ () Transport service delivery ...................................................................................................................................................20 <_dWdY_d]e\j^[fehji[Yjeh $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (* 3. Diagnosis FehjYedY[ii_edi of Issues $ $ $ $ .................................................................................................................................................................21 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (+ Introduction ;Yedec_Yh[]kbWj_ed ...............................................................................................................................................................................21 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (+ Issues of scope .........................................................................................................................................................................21 F[h\ehcWdY[e\j^[fehjii[Yjeh  $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (+ Issues of $structure +$HW_bmWoi $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ..................................................................................................................................................................24 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (. Policy 8WYa]hekdZissues $ $..............................................................................................................................................................................25 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (. 4. Study Recommendations .....................................................................................................................................................27 4?fi`qfekXcXe[m\ik`ZXcj\gXiXk`fe $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (.  Recommended 4C`e\jf]Ylj`e\jj changes $ $ $ $ $ $ $ $ $in$ $ $ $scope $$$$$$$$$$$ ......................................................................................................................................27 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (/ Recommended 4IX`cnXpZfeZ\jj`fej changes $ $ $ $MOTC $ $ $in $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $..................................................................................................................29 $ $ $ $ $ $ $ $ $ $ $ structure $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (/ Recommended areas for policy review ..........................................................................................................................35 Eh]Wd_pWj_edWdZcWdW][c[dje\hW_bmWoioij[ci $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ )& New transport law ..................................................................................................................................................................36 :7bcWhpekg@kd_ehFhe\[ii_edWbE\ÓY[h"FWkb7ceijhWdifehjijhWj[]oWdZ and Policy), Robin Carruthers (Transport and Logistics), Asif Faiz (Roads and Road transport), Paul feb_Yo"H_Y^WhZ8kbbeYahW_bmWoi"HeX_d9Whhkj^[hijhWdifehjWdZbe]_ij_Yi"7i_\emZ_Zj^[ijkZo_dj[hfh[j]el[hdWdY[5 jhWdifehj _d\hWijhkYjkh[" _ji heWZi" fehji" WdZ W_hfehji" Wh[ e\ ]eeZ gkWb_jo WdZ WZ[gkWj[ FkXb_Y ]el[hdWdY[ Wj j^[ i[Yjeh b[l[b mWi YWfWY_jo$ 7 ceZ[hd hW_bmWo d[jmeha _i kdZ[h jWa[d je c[Wd j^[ b[]Wb \hWc[meha WdZ _cfb[c[djWj_ed$ >em[l[h" CEJ9 WdZ j^[ fkXb_Y _dij_jkj_edi Xo m^_Y^ fkXb_Y feb_Yo jhWdifehj i[Yjeh Wh[ ef[hWj_d] kdZ[h W jhWdifehj el[hi_]^je\j^[jhWdifehji[Yjeh_i[n[hY_i[Z bWm dWc[bo j^[ '/-. HeoWb :[Yh[[ WdZ Wd WdZ ]el[hdc[dj heb[i f[h\ehc[Z$  J^[ ijkZo eh]Wd_pWj_edWb \hWc[meha [ijWXb_i^[Z d[Whbo _dj[hfh[j[Z ]eeZ ]el[hdWdY[ Wi c[Wd_d] W *& o[Whi W]e m^[d EcWd mWi W l[ho Z_\\[h[dj \hWc[meha j^Wj jhWdibWj[i dWj_edWb jhWdifehj Yekdjho$ ?d '/-&" EcWdÊi fefkbWj_ed mWi b[ii ijhWj[]_[i WdZ feb_Y_[i _dje ikYY[ii\kb ekjYec[i j^Wd W c_bb_ed" _ji bWdZ jhWdifehj ioij[c mWi c[[j_d] j^[ jhWdifehj d[[Zi e\ _ji Y_j_p[di WdZ l_hjkWbbo ded#[n_ij[dj Xo jeZWoÊi c[Wikh[i" WdZ Yedjh_Xkj_d]jej^[bed]#j[hcZ[l[befc[dj]eWbi CkiYWj mWi _ji edbo _dj[hdWj_edWbbo i_]d_ÓYWdj e\j^[Yekdjho$J^[ijkZoÊiWffheWY^WbieWZefj[Z fehj$ I_dY[ j^[d" EcWdÊi fefkbWj_ed ^Wi d[Whbo j^[Kd_j[ZDWj_edi:[l[befc[djFhe]hWcÊil_[m gkWZhkfb[Z"WhekdZ+&f[hY[djceh[f[efb[b_l[_d j^Wj ]eeZ ]el[hdWdY[ i^ekbZ X[ ÈgXik`Z`gXkfip# khXWdWh[Wi"j^[_h=:F%^[WZ^Wi]hemd[_]^j#\ebZ" kiXejgXi\ek#Xe[XZZflekXYc\%É WdZ l[^_Yb[ emd[hi^_f ^Wi _dYh[Wi[Z Xo W \WYjeh e\ ceh[ j^Wd +&$ ?dj[hdWj_edWb jhWZ[ ^Wi ]hemd J^[ meha YedY[djhWj[Z ed jme cW_d \WY[ji Xo W \WYjeh e\ ceh[ j^Wd '+ j_c[i _cfehji WdZ e\ ]el[hdWdY[ _d j^[ jhWdifehj i[Yjeh0 iYef[ (& j_c[i [nfehji j^hek]^ ckbj_fb[ fehji$ J^[ WdZ ijhkYjkh[$ IYef[ h[bWj[Z je j^[ hWd][ e\ dWjkh[" lebkc[" WdZ Z_ijh_Xkj_ed e\ Z[cWdZ \eh h[ifedi_X_b_j_[i WdZ WYj_l_j_[i YWhh_[Z ekj Wi fWhj \h[_]^j WdZ fWii[d][h jhWdifehj _d\hWijhkYjkh[ e\ j^[ jhWdifehj i[Yjeh ]el[hdWdY[ \kdYj_ed" WdZi[hl_Y[iWh[j^[h[\eh[jhWdi\ehc[Z\hecj^Wj fWhj_YkbWhbo Xo j^[ Y[djhWb jhWdifehj c_d_ijho Xkj e\'/-&iEcWd$9khh[dj]el[hdWdY[_i\eYki[Zed Wbie Xo ej^[h _dij_jkj_edi$ IjhkYjkh[ Z[Wbj ceh[ Z[b_l[hoe\f^oi_YWbjhWdifehj_d\hWijhkYjkh[hWj^[h if[Y_ÓYWbbom_j^j^[eh]Wd_pWj_edWb\hWc[mehae\ j^Wdj^[[\ÓY_[dYoWdZ[\\[Yj_l[d[iie\jhWdifehj j^[ Çf[WaÈ jhWdifehj ]el[hdWdY[ _dij_jkj_ed" j^[ i[hl_Y[i$ 9khh[dj WhhWd][c[dji Wh[ dej efj_cWb C_d_ijhoe\JhWdifehjWdZ9ecckd_YWj_ediCEJ9$ \eh W fbWdd[Z \kjkh[ e\ [Yedec_Y Z_l[hi_ÓYWj_ed" J^[ ijkZoÊi J[hci e\ H[\[h[dY[ m[h[ fh_cWh_bo _dZkijh_Wb_pWj_ed"WdZ^_]^[hfkXb_YWif_hWj_edi$ WXekjj^[i[jme\WY[jiXkjj^[fWf[hWbieZhWmi Wjj[dj_edje_dZ_l_ZkWbfeb_Yo_d_j_Wj_l[ij^[ijkZo O`Yl[`Yf_]ko]j]j][gee]f\]\afl`]k[gh] _Z[dj_Ó[Z j^Wj c_]^j Yedjh_Xkj[ je ikYY[ii\kb g^j]khgfkaZadala]kg^EGL;Yf\gl`]j]flala]k7 ekjYec[i"bWh][bo_dZ[f[dZ[dje\ijhkYjkh[$ CEJ9Ëi heb[ i^ekbZ X[ YbWh_Ô[Z WdZ I[Yjeh ]el[hdWdY[ YWd _dÕk[dY[ ^em m[bb ijh[d]j^[d[Z$?ji^ekbZ^Wl[j^[h[ifedi_X_b_j_[i WdoYekdjhoËijhWdifehj_dZkijhoh[ifedZije WdZfem[hi_jd[[Zije\kbbofhej[YjWdZfhecej[ cWha[j Z[cWdZi WdZ dWj_edWb feb_Yo ]eWbi$ fkXb_Y _dj[h[iji _d jhWdifehj$ J^[ eh]Wd_p_d] J^[ ikYY[ii e\ Wdo YekdjhoÊi jhWdifehj ioij[c fh_dY_fb[i^ekbZX[j^WjCEJ9Z[j[hc_d[idWj_edWb Ze[i dej WdZ i^ekbZ dej Z[f[dZ fh_cWh_bo ed jhWdifehj ijhWj[]_[i WdZ feb_Y_[i" _dYbkZ_d] i[Yjeh]el[hdWdY[Xkj_dij[WZedj^[Yecf[j[dY[ jhWdifehj \kdZ_d] WdZ h[]kbWjeho feb_Y_[i" WYheii WdZ ^WhZ meha e\ cWdW][hi WdZ [cfbeo[[i _d Wbb ceZ[i$ J^[h[ _i W d[[Z je YbWh_\o WdZ ieb_Z_\o j^[ jhWdifehj _dZkijho m^e Z[b_l[h jhWdifehj j^[i[ el[hWhY^_d] h[ifedi_X_b_j_[i e\ CEJ9" - m^_b[ Z[i_]dWj_d] eh Z[b[]Wj_d] j^[ Wffhefh_Wj[ jhWdifehj$ 7 ikXijWdj_Wb ckd_Y_fWb_jo ikY^ Wi \kdYj_edWb eh beYWb h[ifedi_X_b_j_[i e\ ej^[h CkiYWj YWd X[ Z[i_]dWj[Z _ji emd [n[Ykj_l[ ]el[hdc[dj eh beYWb ]el[hdc[dj [dj_j_[i$ J^_i fem[hi _d Z[l[bef_d] WdZ h[]kbWj_d] W fkXb_Y cWo X[ X[ij WYYecfb_i^[Z m_j^ d[m b[]_ibWj_ed jhWdifehjioij[c$Ej^[hbWh][hckd_Y_fWb_j_[icWo i[[X[bem$ _dZk[Yekhi[\ebbemik_j$8kjj^_ii^ekbZX[kdZ[h heXkijkcXh[bbWfeb_Y_[iZ[l[bef[ZXoCEJ9j^Wj CEJ9 i^ekbZ b[]Wbbo YbWii_\o Wbb heWZi" j^ei[ m_bb i[[a je h[ifedZ je Wbb e\ j^[ dWj_edÊi fkXb_Y j^Wj _j m_bb WZc_d_ij[h WdZ j^ei[ je X[ jhWdifehj d[[Zi Xo heWZ Xki[i WdZ YeWY^[i" j^[ cWdW][ZXoej^[h[dj_j_[i$?j_iWffhefh_Wj[j^Wj d[mhW_bmWoehWdod[mÓn[Z#jhWYakhXWdceZ[i$ j^[C_d_ijhoe\H[]_edWbCkd_Y_fWb_j_[iWdZMWj[h J^_i _i _cfehjWdj X[YWki[ Wd kf]hWZ[Z ioij[c H[iekhY[i CEHCMH WdZ cW`eh ckd_Y_fWb_j_[i _i b_a[bo je h[gk_h[ ikXijWdj_Wb ÓdWdY_Wb ikffehj0 ^Wl[ Z[i_]dWj[Z eh Z[b[]Wj[Z h[ifedi_X_b_j_[i CEJ9_ij^[h_]^j_dij_jkj_edjeZ[Y_Z[j^[XWbWdY[ \eh Y[hjW_d jhWdifehj \kdYj_edi$ >em[l[h" j^[ e\ _dl[ijc[dj WdZ h[l[dk[ ikffehj e\ fkXb_Y XekdZWh_[ie\h[ifedi_X_b_joWh[Ykhh[djboXbkhh[Z jhWdifehjh[bWj_l[jefkXb_Y\kdZ_d]WbbeYWj_edije WdZ ijWdZWhZi _dYedi_ij[dj$ CEJ9 i^ekbZ Yh[Wj[ ej^[hceZ[i$ W dWj_edWb heWZi YbWii_ÓYWj_ed WdZ _dl[djeho" fheckb]Wj[ Yedi_ij[dj ijWdZWhZi e\ Z[i_]d WdZ J^[Ykhh[djZ_l_i_ede\feb_YoWdZh[]kbWjeho Z[b_l[ho"_iik[j[Y^d_YWb]k_ZWdY["WdZced_jehj^[ h[ifedi_X_b_j_[i X[jm[[d CEJ9 WdZ YedZ_j_ed WdZ f[h\ehcWdY[ e\ Wbb heWZi _d EcWd$ _dZ_l_ZkWbfehj[dj_j_[id[[Zih[l_i_j_d]$ Fehj CEJ9c_]^jWbieYedi_Z[hfkXb_i^_d]WHeWZKi[hi Z[l[befc[dj _i fheY[[Z_d] kdZ[h W dkcX[h e\ 9^Whj[h$IkY^Y^Whj[hiWh[ki[Z_dZ_\\[h[dj\ehci Wbj[hdWj_l[ceZ[biWjZ_\\[h[djfehji$J^_i_d_ji[b\ _d"\eh[nWcfb["7kijhWb_W"<_dbWdZ"WdZj^[Kd_j[Z _i dej W m[Wad[ii Wi [WY^ fehj _i Z_\\[h[dj WdZ A_d]Zec"WdZmekbZ^[bf\eYkij^[d[mW][dYoed j^[ if[Y_Wb#fkhfei[ ijhkYjkh[i YWd h[ifedZ je heWZ ki[hi Wi ÇYkijec[hi$È 7 HeWZ Ki[hi 9^Whj[h beYWb effehjkd_j_[i WdZ YedijhW_dji [d[h][j_YWbbo mekbZ i[j ekj i[hl_Y[ WdZ iW\[jo f[h\ehcWdY[ WdZ [djh[fh[d[kh_Wbbo$  >em[l[h" beYWb _dj[h[iji jWh][ji\ehj^[heWZd[jmehaWdZYbWh_\oj^[h_]^ji YWd iec[j_c[i Ykj WYheii dWj_edWb _dj[h[iji$ H ijW\\ je Z[l[bef m_Z[h ijhkYjkh[i WdZ j^[_h cWdZWj[i1 Z[j[hc_dWj_ed e\ YedikbjWj_l[c[Y^Wd_icijea[[fj^[ijW\\e\j^[ h[]kbWjeho WdZ Yecf[j_j_ed feb_Y_[i1 j^[ heb[i e\ c_d_ijho WdZ ej^[h ijWa[^ebZ[hi _d\ehc[Z WXekj fh_lWj[i[Yjehl[hikifkXb_Yi[Yjeh1h[fh[i[djWj_ed j^[_hW_ciWdZfhe]hWc"WdZjeh[Y[_l[\[[ZXWYa$ e\ EcWd _d _dj[hdWj_edWb jhWdifehj W]h[[c[dji1 cWdW][c[dj e\ j^[ el[hWbb WddkWb XkZ][jWho ?j_ikdb_a[boj^Wjj^[c_d_ijho_ji[b\m_bb^Wl[ YoYb[ m_j^ CE< _dYbkZ_d] Xej^ c_d_ijho WdZ Wbb j^[ ia_bbi WdZ [nf[h_[dY[i d[Y[iiWho$ J^[ W][dYo XkZ][ji1 WbbeYWj_ed e\ fkXb_Y h[iekhY[i ijkZo WZl_i[i j^[ [cfbeoc[dj e\ Wd [nj[hdWb WdZ_dl[ijc[djijeZ_\\[h[djceZ[ie\jhWdifehj WZl_i[h eh Yedikbj_d] Óhc m_j^ W jhWYa h[YehZ WdZ W][dY_[i1 fhecej_ed e\ jhW_d_d] WdZ e\ eh]Wd_pWj_edWb Z[i_]d WdZ YehfehWj[ Y^Wd][ [ZkYWj_ed _d j^[ jhWdifehj _dZkijho1 WdZ _dj[h# cWdW][c[dj je ikffehj j^[ jWia \ehY[$ J^[ c_d_ij[h_Wb YeehZ_dWj_ed e\ jhWdifehj feb_Y_[i WdZ ijkZo Wbie dej[i j^Wj W dkcX[h e\ Yekdjh_[i fhe]hWci ikY^ Wi m_j^ j^[ C_d_ijho e\ H[]_edWb ^Wl[ [nf[h_[dY[ WdZ ceh[ Z[jW_b[Z cWdkWbi \eh Ckd_Y_fWb_j_[i" CkiYWj Ckd_Y_fWb_jo" HeoWb EcWd _cfb[c[dj_d][n[Ykj_l[ehZ[fWhjc[djWbW][dY_[i Feb_Y[[jY$ e\j^[a_dZfhefei[Zie_j_ifeii_Xb[j^Wjj[Y^d_YWb Yeef[hWj_edcWoX[fhel_Z[ZXoW]h[[c[djm_j^ CEJ9 mekbZ fhel_Z[ j^[ feb_Yo WdZ ikY^Yekdjh_[i$ fhe]hWc ]k_ZWdY[ je W][dY_[i je ]k_Z[ j^[ Z[l[befc[dj e\ j^[_h _dj[hdWb W][dYo fbWdi @gok`gmd\Y_]f[qeYf\Yl]kZ]\]n]dgh]\7 Wi m[bb Wi j^[ \ehcWb FF7$ CEJ9 mekbZ i[j ekj _ji feb_Yo \hWc[meha [WY^ o[Wh" fh_eh je J^[ jWia \ehY[Ëi ceij _cfehjWdj `eX mekbZ W][dYofbWdd_d]%XkZ][j_d]YoYb["_dWFeb_YoWdZ X[jeZ[l[befWdZWZl_i[j^[c_d_ij[hedj^[ Fhe]hWci=k_ZWdY[FF=ZeYkc[dj\ehW][dY_[i$ \ehcWbW][dYocWdZWj[ij^Wjm_bbX[Yec[j^[ J^[ c_d_ijhoÊi jhWdifehj feb_Y_[i" Wi h[Ô[Yj[Z W][dY_[iË \ekdZ_d] ZeYkc[dji$ J^[ c_d_ijho _d j^[ FF=" mekbZ _d jkhd X[ _dÔk[dY[Z Xo CE< i^ekbZ X[ XebZ _d ZhWm_d] kf j^[i[ cWdZWj[i$ XkZ][j ]k_Z[b_d[i WdZ Xo j^[ Ól[#o[Wh fbWdi CW`eh c_d_ijho h[ijhkYjkh_d]i Ze dej eYYkh l[ho WdZj^[dWj_edWbZ[l[befc[dj\hWc[meha"L_i_ed e\j[d WdZ YWhho j^[ h_ia e\ i_cfbo h[dWc_d] (&*&$ CEJ9 mekbZ j^[d W]h[[ je Wd WddkWbbo W Ybed[ e\ W fh[l_eki ijhkYjkh[$ J^[ c_d_ijho kfZWj[Z FF7 m_j^ [WY^ W][dYo$ J^[ FF7 mekbZ i^ekbZ jWa[ j^[ effehjkd_jo je Yh[Wj[ b[Wd WdZ _dYbkZ[ j^[ f^oi_YWb eh fhe]hWc Z[b_l[ho jWh][ji \eYki[Z W][dY_[i" m_j^ ÔWjj_i^ cWdW][c[dj WdZj^[W][dYoÊif[h\ehcWdY[jWh][ji$ ijhkYjkh[i" WdZ m_j^ h[Z[i_]d[Z WZc_d_ijhWj_l[ '& fheY[ii[iki_d]ijWj[#e\#j^[#Whj?Jioij[ci"ikY^ Wi [b[Yjhed_Y fheYkh[c[dj ioij[ci" [b[Yjhed_Y je\kjkh[W][dY_[i$J^[i[Wh[0 YedjhWYjeh fWoc[dj WffhelWb ioij[ci" WdZ ]h[Wj[h Z[b[]Wj_ed e\ h[ifedi_X_b_j_[i je b_d[ š ;lWbkWj[ j^[ feb_Yo YWi[ \eh Wkj^eh_p_d] j^[ cWdW][hi$ >kcWd h[iekhY[ d[[Zi i^ekbZ X[ [ijWXb_i^c[dj e\ W if[Y_Wb kd_j eh Z_l_i_ed _d Wii[ii[Z eX`[Yj_l[bo ie d[m W][dY_[i ijWhj m_j^ CEJ9ehfh[\[hWXbo_\_j_i[ijWXb_i^[Zm_j^_d j^[ dkcX[hi WdZ jof[i e\ cWdW][hi WdZ ijW\\ j^[ HeWZi 7][dYo" je Z[l[bef WdZ cWdW][ j^[od[[Z"dej`kijj^ei[_d^[h_j[Z$ dWj_edWb [nfh[iimWoi ed W gkWi_#Yecc[hY_Wb XWi_i$ @go k`gmd\ l`] eYfY_]jk g^ Y_]f[a]k Z] k]d][l]\7 š 7i fWhj e\ _ji emd dWj_edWb jhWdifehj _d\hWijhkYjkh[ feb_Yo _cfei[ ceh[ Z[cWdZ_d] A[o cWdW][c[dj fei_j_edi i^ekbZ X[ cWZ[ jWh][ji\ehWdZWbbeYWj[ceh[h[iekhY[ijeheWZ ef[djeWffb_YWj_edWdZÔbb[Zedc[h_j$M^_b[ _d\hWijhkYjkh[ Wii[j cWdW][c[dj h[bWj_l[ je [n_ij_d] cWdW][hi _d j^[ CEJ9 m_bb X[ ijhed] d[mYedijhkYj_ed$ YWdZ_ZWj[i"j^[h[_iWYWi[\ehYedi_Z[h_d][nj[hdWb YedjhWYjWffe_djc[dji_\f[hc_jj[ZkdZ[hC_d_ijho š kcWd WdZ _d\ehcWj_ed h[iekhY[i fei[ j^[ cW_d be]_ij_YWb YedijhW_dj ed j^[ _cfb[c[djWj_ed e\ j^[ h[Yecc[dZWj_edi" fWhj_YkbWhboj^ei[h[]WhZ_d]iYef[e\c_d_ijho h[ifedi_X_b_j_[i$8heWZ[d_d]j^[c_d_ijhoÊiiYef[ e\ h[ifedi_X_b_j_[i WdZ WZefj_d] d[m feb_Y_[i mekbZ h[gk_h[ if[Y_Wb_ij ijW\\ _d Z_iY_fb_d[i ikY^ Wi feb_Yo WdWboi_i" ijhWj[]_Y jhWdifehj fbWdd_d]" jhWdifehj [Yedec_Yi" fkXb_Y jhWdifehj fbWdd_d]" WdZ h[]kbWj_ed$ J^[ h[Yecc[dZ[Z jWia \ehY[ i^ekbZ Wii[ii \kjkh[ ia_bbi d[[Zi WdZ ]Wfi _d j[hci e\ ]hWZkWj[#b[l[b fhe\[ii_edWbi d[Y[iiWho '( je\kbÓbj^[lWh_ekiheb[iZ[iYh_X[Z_dceh[Z[jW_b WYa ?$ 8W ekdZj a]he j^[F jej f[h FWf 879A=HEKD: J^[ ijkZo ed m^_Y^ j^_i fWf[h _i XWi[Z mWi iYef[ e\ j^[ ijkZo$ J^_i fWf[h YedjW_di W Z_][ij YWhh_[ZekjjeWii_ijEcWdÊiC_d_ijhoe\JhWdifehj e\ j^[ WdWboi_i WdZ h[Yecc[dZWj_edi fh[fWh[Z WdZ 9ecckd_YWj_edi CEJ9 _Z[dj_\o W X[jj[h \eh W m_Z[h h[WZ[hi^_f e\ jhWdifehj i[Yjeh _dij_jkj_edWb WdZ ]el[hdWdY[ ijhkYjkh[ je feb_j_YWbb[WZ[hi"fkXb_Ye\ÓY_WbiWdZj^[_hWZl_i[hi el[hi[[j^[jhWdifehji[Yjeh_dEcWd$J^[ijkZo m^e cWo X[ Yedj[cfbWj_d] j^[ Wii[iic[dj eh [dYecfWii[Z heWZi" fehji" hW_bmWoi" WdZ heWZ# ijh[d]j^[d_d] e\ jhWdifehj i[Yjeh ]el[hdWdY[ _d XWi[ZfkXb_YjhWdifehj$7_hjhWdifehjWdZW_hfehji j^[_hemdYekdjh_[i$ m[h[[nYbkZ[Z\hecj^[J[hcie\H[\[h[dY[WdZ M>7J?I=EL;HD7D9;5 J^[h[_idei_d]b[Z[Ód_j_ede\fkXb_Y]el[hdWdY[ Yedjh_Xkj_d]jej^[bed]#j[hcZ[l[befc[dj]eWbi ehe\m^WjYedij_jkj[i]eeZ]el[hdWdY[$Ceijfh_eh e\j^[Yekdjho$J^[ijkZoWbiei^Wh[ZKD:FÊil_[m Z[Ód_j_edie\]el[hdWdY[h[bWj[jej^[]el[hdWdY[ j^Wj ]eeZ ]el[hdWdY[ i^ekbZ X[ ÈgXik`Z`gXkfip# e\ ijWj[i Wi W m^eb[ ijWj[ ]el[hdWdY[ eh j^[o kiXejgXi\ek#Xe[XZZflekXYc\%É' Z[Wb m_j^ j^[ Z[jW_b[Z ]el[hdWdY[ e\ _dZ_l_ZkWb [dj[hfh_i[i YehfehWj[ ]el[hdWdY[$ J^_i ijkZo J^[ ikYY[ii e\ Wdo YekdjhoÊi jhWdifehj ioij[c mWi \eYki[Z ed Wd Wh[W e\ ]el[hdWdY[ \Wbb_d] Ze[i dej WdZ i^ekbZ dej Z[f[dZ fh_cWh_bo ed X[jm[[d j^[i[ÆfkXb_Y ]el[hdWdY[ e\ ed[ i[Yjeh i[Yjeh]el[hdWdY[Xkj_dij[WZedj^[Yecf[j[dY[ e\ j^[ [Yedeco$ ?j mWi j^[h[\eh[ d[Y[iiWho je WdZ ^WhZ meha e\ cWdW][hi WdZ [cfbeo[[i _d WZefjWZ[Ód_j_edik_jWXb[\ehbeea_d]WjWif[Y_ÓY j^[ jhWdifehj _dZkijho m^e Z[b_l[h jhWdifehj i[Yjeh"_dj^_iYWi[j^[jhWdifehji[Yjeh$ _d\hWijhkYjkh[ WdZ i[hl_Y[i$ D[l[hj^[b[ii" i[Yjeh ]el[hdWdY[ YWd ^Wl[ W ]h[Wj _dÔk[dY[ ed ^em FkXb_Y ]el[hdWdY[ Wj j^[ i[Yjeh b[l[b mWi m[bbWdoYekdjhoÊijhWdifehj_dZkijhoh[ifedZije jWa[d je c[Wd j^[ b[]Wb \hWc[meha WdZ fkXb_Y cWha[jZ[cWdZiWdZdWj_edWbfeb_Yo]eWbi$I[Yjeh _dij_jkj_edi Xo m^_Y^ fkXb_Y feb_Yo el[hi_]^j e\ ]el[hdWdY[ Yh[Wj[i j^[ [dWXb_d] [dl_hedc[dj j^[jhWdifehji[Yjeh_i[n[hY_i[Z"WdZ]el[hdc[dj \eh j^[ jhWdifehj _dZkijho0  j^[ [\\[Yj_l[d[ii heb[if[h\ehc[Z$?j_dj[hfh[j[Z]eeZ]el[hdWdY[ e\ j^[ ]el[hdc[dj XeZ_[i m_j^ m^_Y^ _j Z[Wbi1 _d j^[ jhWdifehj i[Yjeh Wi c[Wd_d] W \hWc[meha j^[ cWha[j \h[[Zeci j^Wj _j _i f[hc_jj[Z1 j^[ j^Wj [\\[Yj_l[bo jhWdibWj[i dWj_edWb jhWdifehj h[]kbWjeho YedijhW_dji kdZ[h m^_Y^ _j ef[hWj[i1 ijhWj[]_[iWdZfeb_Y_[i_djeikYY[ii\kbekjYec[i" j^[ YedÓZ[dY[ m_j^ m^_Y^ _j YWd fbWd bed]#j[hc c[[j_d] j^[ jhWdifehj d[[Zi e\ _ji Y_j_p[di WdZ Xki_d[ii_d_j_Wj_l[iWdZ_dl[ijc[dji$ J>;7D7BOJ?97BBNN&G& ') j^[ cW_d _iik[i e\ iYef[" ijhkYjkh[" WdZ feb_Yo _Z[dj_Ó[Z _d j^[ Z_W]deij_Y f^Wi[ e\ j^[ ijkZo$ I[Yj_ed * ikccWh_p[i j^[ h[Yecc[dZWj_edi cWZ[ _d [WY^ Wh[W$ I[Yj_ed + WZZh[ii[i j^[ _cfb[c[djWj_ed e\ Y^Wd][" fWhj_YkbWhbo ijhkYjkhWb Y^Wd][" WdZ ik]][iji ^em j^[ h[Yecc[dZ[Z h[eh]Wd_pWj_edc_]^jX[cWdW][Z$ '* mEc ??$ >em iJ cWdÊi JhW WdifehjI I[Yj Mehai jehM i EC7D?D8H?;< EcWd _i beYWj[Z _d j^[ iekj^[Wij[hd fWhj e\ j^[ fheY[ii_d]_dZkijh_[i"m_j^ej^[hi_]d_ÓYWdjikX# 7hWX_Wd F[d_dikbW m_j^ W bWdZ Wh[W e\ WXekj i[Yjehi_dYedijhkYj_ed"ij[[b"Y[c[dj"Yeff[h"WdZ )'&"&&& igkWh[ a_bec[jh[i" m^_Y^ _i YecfWhWXb[ Y^[c_YWbi$ jeFebWdZWdZ?jWbo$:[i[hjiWdZlWbb[oicWa[kf WhekdZ .( f[hY[dj e\ j^[ bWdZ Wh[W" cekdjW_di J^[ WZc_d_ijhWj_l[ Z_l_i_edi e\ ]el[hdc[dj iec['+f[hY[dj"WdZj^[YeWijWbfbW_d)f[hY[dj$ _dYbkZ[ j^[ '' dl_X]XqX_ ]el[hdehWj[i e\ EcWdYedjW_dijme[nYbWl[i"CkiWdZWcF[d_dikbW CkiYWj":^e\Wh"CkiWdZWc"7b#8khW_c_"7b8Wj_dW^ WdZ MWZ_ CWZ^W i[fWhWj[Z Xo j^[ Kd_j[Z 7hWX Dehj^"7b8Wj_dW^Iekj^"7b:^W^_hW^"7b:Wa^b_oW" ;c_hWj[i$ J^[ Yekdjho ^Wi W l[ho bem Wl[hW][ 7b I^Wh_g_oW Dehj^" 7b I^Wh_g_oW Iekj^" WdZ 7b fefkbWj_edZ[di_jo')f[hiedif[hig$ac$D[Whbo MkijW je][j^[h m_j^ ,) n`cXpXkj Z_ijh_Yji$ ^Wb\e\_jif[efb[b_l[Wbed]j^[dehj^[hdYeWijWb J^[h[ Wh[ j^h[[ Wkjedeceki ckd_Y_fWb_j_[i fbW_d m_j^_d m^_Y^ j^[ dWj_edWb YWf_jWb h[]_ed e\ CkiYWj" :^e\Wh" WdZ Ie^Wh m^_Y^ ^Wl[ Wbed[ CkiYWj =el[hdehWj[ YedjW_di d[Whbo W if[Y_Wb WZc_d_ijhWj_l[ fem[hi" fbki ** h[]_edWb j^_hZe\j^[YekdjhoÊifefkbWj_ed$KhXWd_pWj_ed^Wi ckd_Y_fWb_j_[i" m^_Y^ ceijbo el[hbWf m_j^ j^[ X[[d _dYh[Wi_d] Wj `kij el[h ( f[hY[dj WddkWbbo n`cXpXk Y[dj[hi$  J^[ dWj_edWb YWf_jWb" CkiYWj" WdZ el[h j^h[[#gkWhj[hi e\ EcWdÊi fefkbWj_ed i[hl[i Wi j^[ jhWdifehjWj_ed ^kX e\ j^[ Yekdjho" demb_l[i_dkhXWdWh[Wi$ m_j^ ]eeZ gkWb_jo" Wbb#m[Wj^[h heWZ Yedd[Yj_l_jo je Wbb n`cXpXk Y[dj[hi" cW`eh fehji WdZ W_hfehji" ?d (&'*" EcWdÊi fefkbWj_ed [nY[[Z[Z * c_bb_ed _dZkijh_Wb [ijWj[i WdZ if[Y_Wb [Yedec_Y ped[i" \eh j^[ Óhij j_c[" ^Wl_d] Wbceij ZekXb[Z el[h WdZWbbjemdiWdZi[jjb[c[djim_j^WfefkbWj_ed j^[fh[l_ekiZ[YWZ["fWhjboZk[jej^[[nfWjh_Wj[ e\+"&&&_d^WX_jWdjiehceh[$ fefkbWj_edj^WjdemcWa[ikfWhekdZ**f[hY[dj e\ j^[ jejWb$ M_j^ Wd WddkWb =:F%^[WZ _d (&') 7dd[n 7 fhel_Z[i W cWf e\ EcWd i^em_d] j^[ e\ KI: ('"/)&" EcWd _i YbWii_Ó[Z Wi W ^_]^# ]el[hdehWj[i"cW_dY_j_[i"j^[cW_dheWZd[jmeha" _dYec[" ded#E;9: Yekdjho$ =:F _i Yecfh_i[Z e\ WdZcW`ehfehjiWdZW_hfehji$EcWdYkhh[djbo^Wi W]h_Ykbjkh[ ' f[hY[dj" _dZkijho ,+ f[hY[dj" dehW_bmWoiXkjj^[fbWdd[Zhekj[e\j^[hW_bmWo WdZi[hl_Y[i)*f[hY[dj$J^[_dZkijh_Wbi[Yjeh_i kdZ[h_cfb[c[djWj_ed_i_dZ_YWj[Zedj^[cWf$ ^[Wl_bo Zec_dWj[Z Xo e_b WdZ ]Wi [njhWYj_ed WdZ HE7:JH7DIFEHJ EcWdÊi h[bWj_l[bo ^_]^ Wl[hW][ _dYec[" bem J^[h[_ideb[]WbYbWii_ÓYWj_ede\heWZiZ[i_]dWj_d] fefkbWj_ed Z[di_jo" WdZ bed] Z_ijWdY[i X[jm[[d j^[ h[ifedi_X_b_j_[i WdZ `kh_iZ_Yj_edi e\ lWh_eki i[jjb[c[dji ^Wi b[Z je W ^_]^ Z[f[dZ[dY[ ed ]el[hdc[dj W][dY_[i _dlebl[Z _d fhel_i_ed fh_lWj[ l[^_Yb[i WdZ ed heWZ jhWdifehj ][d[hWbbo" e\ heWZ _d\hWijhkYjkh[$ J^[ jejWb fkXb_Y heWZ \eh Xej^ fWii[d][h WdZ \h[_]^j jhWdifehj$ Iec[ d[jmeha Yedi_iji e\ WXekj ,*"&&& ac" e\ m^_Y^ '$') c_bb_ed cejeh l[^_Yb[i m[h[ h[]_ij[h[Z _d WXekj+'f[hY[dj_ifWl[ZWif^Wbj[Z$J^[h[Wh[ c_Z#(&'*" WXekj (,& l[^_Yb[i%'"&&& fefkbWj_ed$ ("(,& ac e\ ZkWb#YWhh_W][mWo heWZi$ CEJ9 ^Wi L[^_Yb[ emd[hi^_f ^Wi X[[d _dYh[Wi_d] d[Whbo h[ifedi_X_b_jo\ehWXekj(/".&&aceh*-f[hY[dj '&f[hY[djWddkWbbo_dh[Y[djo[Whi$J^[l[^_Yb[ e\ j^[ heWZ d[jmeha" m^_Y^ _dYbkZ[i iec[ ('& Ô[[j _i Yecfei[Z e\ .* f[hY[dj YWhi WdZ \ekh# Xh_Z][i$ CkiYWj Ckd_Y_fWb_jo cWdW][i WhekdZ m^[[b[Z b_]^j#Zkjo l[^_Yb[i" ') f[hY[dj jhkYai" +"&&&ace\CkiYWj=el[hdehWj[heWZiWdZkhXWd WdZ)f[hY[djXki[i_dYbkZ_d]c_d_Xki[i$Fh_lWj[ [nfh[iimWoi$ l[^_Yb[i ^Wl[ W d[Wh // f[hY[dj i^Wh[ e\ jejWb Zec[ij_Ycejeh_p[ZfWii[d][hjh_fi$HeWZ^WkbW][ Ie^Wh WdZ :^e\Wh ckd_Y_fWb_j_[i Wbie [n[hY_i[ YWhh_[i W i_c_bWhbo ^_]^ i^Wh[ e\ \h[_]^j jWia Wkjedeceki h[ifedi_X_b_jo el[h heWZi _d j^[_h [nYbkZ_d]f_f[b_d[jhWdifehje\e_bWdZf[jheb[kc h[if[Yj_l[ `kh_iZ_Yj_edi$ 7Xekj ,"/&& ac e\ fheZkYji$J^[cejehl[^_Yb[Ô[[jWdZheWZjhW\ÓY ckd_Y_fWb heWZi ej^[h j^Wd j^ei[ _d CkiYWj" m_bbYedj_dk[je_dYh[Wi[m_j^Yedj_dk[Z[Yedec_Y Ie^Wh"WdZ:^e\Whckd_Y_fWb_j_[iWh[WZc_d_ij[h[Z ]hemj^$ Xo j^[ C_d_ijho e\ H[]_edWb Ckd_Y_fWb_j_[i WdZ '+ MWj[h H[iekhY[i CEHCMH" m^_Y^ Wbie ^Wi YecfWdo Xk_bZi WdZ cW_djW_di heWZi ikffehj_d] h[ifedi_X_b_jo \eh heWZi _d Z[i_]dWj[Z _dZkijh_Wb j^[ ef[hWj_edi e\ j^[ e_b WdZ ]Wi i[Yjehi$ J^[ [ijWj[i WdZ If[Y_Wb ;Yedec_Y Ped[i I;Pi$ C_d_ijhoe\:[\[dY[CE:_ih[ifedi_Xb[\ehheWZi J^[ F[jheb[kc :[l[befc[dj e\ EcWd F:E Wjc_b_jWho_dijWbbWj_ediWdZYWdjedc[dji$ C7H?J?C;JH7DIFEHJ EcWdÊi [nfehji Wh[ Zec_dWj[Z Xo e_b WdZ ]Wi WYj_l_jo_ijeX[Z_l[hj[ZjeIe^WhWiWh[ikbje\ fheZkYji WdZ _ji _cfehji Xo h[Ód[Z f[jheb[kc" j^[ikbjWdWj[Êih[Y[djZ[Y_i_edjeZ_l[hjWbbYWh]e# cWY^_d[ho WdZ l[^_Yb[i" cWdk\WYjkh[i WdZ \eeZ ^WdZb_d] WYj_l_jo je Ie^Wh WdZ Yedl[hj GWXeei fheZkYji$ CWh_j_c[ jhWdifehj _i j^[h[\eh[ l_jWb" _dje W Z[Z_YWj[Z Yhk_i[ i^_f%fWii[d][h fehj _j Wi _j WbmWoi ^Wi X[[d" \eh EcWdÊi _dj[hdWj_edWb Wbh[WZo i[hl[i Wi EcWdÊi b[WZ_d] fWii[d][h jhWZ[$J^[Yekdjho_ii[hl[ZXoj^[fehjie\b_ij[Z fehj$ Fh_lWj[ fWhj_Y_fWj_ed _d EcWdÊi fehji _i \hecdehj^jeiekj^0A^WiWXedj^[CkiWdZWc Yedi_Z[hWXb[" Xkj _dij_jkj_edWb WhhWd][c[dji Wj F[d_dikbW"I^_dWi"Ie^Wh"GWXeei_dCkiYWj"Ikh" [WY^fehjlWho$ :kgc" WdZ IWbWbW^$ J^[h[ Wh[ Wbie W \[m icWbb Ói^_d]fehji$ J^[ j^h[[ cW_d fWii[d][h fehji Wh[ GWXeei" A^WiWX" WdZ IWbWbW^$ Je][j^[h j^[o ^WdZb[ EcWd ][d[hWj[i el[h +&&"&&& J;K%o[Wh WXekj *+&"&&& fWii[d][h jh_fi%o[Wh ed j^[ Zec[ij_Y YedjW_d[h cel[c[dji$ ?j Wbie ^WdZb[i bed] EcWd_ YeWijb_d[$ FWii[d][h cel[c[dji j^[ jhWdii^_fc[dj e\ WhekdZ )$( c_bb_ed J;K% Wh[ Zec_dWj[Z Xo jekh_iji WdZ fWii[d][hi ed o[Wh$  IWbWbW^" GWXeei" WdZ Ie^Wh i[hl[ EcWdÊi j^[\_l[hekj[iXoj^[DWj_edWb<[hh_[i9ecfWdo YedjW_d[h jhWZ[i$ IWbWbW^ Zec_dWj[i j^[ lebkc[ D<9"j^h[[e\m^_Y^Wh[je%\hecA^WiWXi[hl_d] e\ kd_ji ^WdZb[Z X[YWki[ e\ _ji jhWdii^_fc[dj j^[CkiWdZWcF[d_dikbW$D<9_iWijWj[#emd[Z heb[m_j^jmeX[hj^ief[hWj[ZXo7FCJ[hc_dWbi ef[hWjeh m_j^ [_]^j l[ii[bi" _dYbkZ_d] l[^_Yb[# kdZ[h W YedY[ii_ed WhhWd][c[dj$ GWXeei _i j^[ YWhho_d]l[ii[bi$ b[WZ_d]Zec[ij_YYedjW_d[hfehj"Xkj_jiYedjW_d[h FK8B?9JH7DIFEHJ FkXb_Y jhWdifehj i[hl_Y[ _d EcWd Yedi_iji J^[edboh[]kbWhboiY^[Zkb[ZkhXWdXkii[hl_Y[i_d fh_dY_fWbbo e\ jWn_i kikWbbo ef[hWj_d] Wi i^Wh[Z EcWdWh[edjmehekj[i_dY[djhWbCkiYWjfhel_Z[Z jWn_i WdZ c_d_Xki i[hl_Y[i cWdo ef[hWj[Z Xoj^[EcWdDWj_edWbJhWdifehj9ecfWdoEDJ9$ kdZ[hYedjhWYj\ehif[Y_ÓYiY^eebWdZkd_l[hi_jo EDJ9^Wi\ekhi[fWhWj[Xki_d[ii[i0W[ZkYWj_ed i[hl_Y[i" WdZ je i[hl[ meha[hi e\ fWhj_YkbWh jhWdifehj \eh j^[ C_d_ijho e\ ;ZkYWj_ed WdZ YecfWd_[i$ J^[ BWdZ JhWdifehj :_h[YjehWj[ kd_l[hi_j_[i1 X _dj[h#Y_jo i[hl_Y[i1 Y khXWd e\ CEJ9 _iik[i Xki_d[ii f[hc_ji \eh ef[hWj_d] i[hl_Y[i" WdZ Z fh_lWj[ YedjhWYj i[hl_Y[i$ J^[ jWn_i WdZ c_d_Xki[i$ J^[ HeoWb EcWd Feb_Y[ YecfWdo ^Wi j^[ ieb[ h_]^j kdZ[h [n_ij_d] bWm HEFb_Y[di[il[^_Yb[iWdZZh_l[hiWdZ_dif[Yji je fhel_Z[ h[]kbWhbo iY^[Zkb[Z i[hl_Y[ _d Y_j_[i l[^_Yb[i$ _dEcWd$EDJ9Ykhh[djbo^Wi*+&Xki[iWdZ,&& [cfbeo[[i$ Ej^[h j^Wd j^[ YedjhWYj i[hl_Y[i j^Wj Wh[ h[]kbWj[Z j^hek]^ j^[ j[hci e\ j^[_h YedjhWYji" J^[h[ Wh[ W dkcX[h e\ iY^[Zkb[Z bed]#Z_ijWdY[ [l[hoZWo fkXb_Y jhWdifehj i[hl_Y[i Xo jWn_i WdZ _dj[h#Y_joXkii[hl_Y[ief[hWj[Zfh_cWh_boXoEDJ9" c_d_Xki[i Wh[ [ii[dj_Wbbo kdh[]kbWj[Z Wi je Xkj edbo W \[m icWbb _dZ[f[dZ[dj Xki ef[hWjehi j^[ hekj[i i[hl[Z" \h[gk[dYo" i[hl_Y[ gkWb_jo eh e\\[hiec[i[hl_Y[i$ \Wh[ b[l[bi$ FWii[d][hi mWl[ Zemd j^[ fWii_d] l[^_Yb[iedj^[ijh[[j$J^[h[m[h[WXekj),"&&& jWn_i h[]_ij[h[Z _d (&&/$ J^[ fh[Y_i[ dkcX[h e\ c_d_Xki[iZe[idejWff[WhjeX[ademdXkji[[ci jeX[_d[nY[iie\'*"&&&$ ', FB7DD;:H7?BM7O J^[h[Wh[dehW_bmWoiYkhh[djboef[hWj_d]_dEcWd$ =99 Yekdjh_[i$ J^[ =99 hW_b d[jmeha eh_]_dWbbo 7 fhe`[Yj _i kdZ[h _cfb[c[djWj_ed je YedijhkYj [dl_iW][Zj^[d[jmehaj[hc_dWj_d]Wj_jiiekj^[hd W dWj_edWb hW_bmWo e\ Wffhen_cWj[bo (")&& ac$ [dZ _d CkiYWj$ >em[l[h" j^[ EcWd_ ]el[hdc[dj 9edijhkYj_ed ^Wi X[[d [djhkij[Z je j^[ ijWj[# fbWdi je hkd j^[ b_d[ je j^[ _dZkijh_Wb fehj Y_j_[i emd[ZEcWdHW_bmWo9ecfWdoEH9$J^[fhe]hWc e\ :kgc WdZ IWbWbW^ je e\\[h Wd el[hbWdZ hekj[ _iYedi_Z[h[ZWa[oijhWj[]_Yfhe`[Yj_dikffehj_d] Wbj[hdWj_l[ je i^_ff_d] l_W j^[ IjhW_j e\ >ehckp" [Yedec_Y]hemj^WdZ\WY_b_jWj_d]j^[heb[e\EcWd_ fWhj_YkbWhbo \eh YedjW_d[hi" m_j^ j^[ _dj[dj_ed e\ fehji Wi _dj[hdWj_edWb ^kXi WdZ jhWZ[ [d^WdY[hi$ Yh[Wj_d]WcW`ehjhWdi_jheb[\ehEcWd_dh[]_edWb J^[hW_bmWod[jmeha_ijeX[Z[l[bef[Z_dijW][i$ be]_ij_YiY^W_di$M^_b[_j_ifbWdd[Zj^Wjj^[cW_d J^[Z[i_]de\j^[Óhiji[Yj_ede\j^[b_d['-'aci \kdYj_ed e\ EcWdÊi hW_bmWo m_bb X[ \eh \h[_]^j \hec7b8khW_c_jeIe^Wh_iYecfb[j[m_j^WjWh][j jhWdifehj" _j _i Wdj_Y_fWj[Z j^Wj fWii[d][h jhW_d YedijhkYj_edYecfb[j_edZWj[e\(&'.$ ef[hWj_edicWoWbieX[fhel_Z[ZWiWYedjh_Xkj_ed jej^[_dj[h#Y_jofkXb_YjhWdifehjioij[c$ J^[ d[jmeha m_bb X[ Yedd[Yj[Z je W m_Z[h hW_bmWo ioij[c b_da_d] =kb\ 9eef[hWj_ed 9ekdY_b C?D?IJHOE<JH7DIFEHJ7D:9ECCKD?97J?EDI J^[ CEJ9 ^Wi j^[ el[hWbb ijhWj[]o WdZ feb_Yo _d EcWd" WdZ \eh h[]kbWj_d] jhWdifehj i[hl_Y[i$ h[ifedi_X_b_jo \eh jhWdifehj _d EcWd$ ;ijWXb_i^[Z J^[XWi_Yeh]Wd_pWj_ed\ehcWdW][c[dje\heWZi kdZ[hWjhWdifehjbWmHeoWb:[Yh[[e\'/-."_ji ^Wi dej Y^Wd][Z i_dY[ j^[ [ijWXb_i^c[dj e\ ijhkYjkh[ ^Wi X[[d WZ`kij[Z \hec j_c[ je j_c[$ CEJ9_d'/-.[nY[fj\ehj^[WZZ_j_ede\h[]_edWb J^[ ceij h[Y[dj eh]Wd_pWj_edWb Y^Wd][ _d (&'( cW_dj[dWdY[ e\ÓY[i je h[Ô[Yj j^[ _dYh[Wi[ _d Yedl[hj[Z CEJ9Êi 9_l_b 7l_Wj_ed :_l_i_ed _dje Wd j^[ dkcX[h e\ ]el[hdehWj[i \hec ( je ''" j^[ Wkjedeceki FkXb_Y 7kj^eh_jo \eh 9_l_b 7l_Wj_ed Z[lebkj_ed e\ ckd_Y_fWb heWZi je CEHCMH" WdZ F797" h[fehj_d] je j^[ 9ekdY_b e\ C_d_ij[hi$ e\ Wbb heWZi _d CkiYWj =el[hdehWj[ je CkiYWj H[ifedi_X_b_jo \eh fehji _d\hWijhkYjkh[ ^Wi Ckd_Y_fWb_jo$ jhWdi\[hh[Z je lWh_eki Z[l[befc[dj YecfWd_[i m_j^j^[CEJ9^Wl_d]b_jjb[ehdeel[hi_]^jel[h J^[ BWdZ JhWdifehj :_h[YjehWj[ mWi [ijWXb_i^[Z j^[_hWYj_l_j_[i$ _d (&&. WdZ ^Wi W dWiY[dj h[ifedi_X_b_jo \eh h[]kbWj_ed e\ fkXb_Y jhWdifehj Xki[i WdZ jWn_i J^[ CEJ9 ^Wi jme kdZ[h#i[Yh[jWh_Wji \eh _iik_d] Xki_d[ii f[hc_ji \eh ef[hWj_d] jWn_i WdZ jhWdifehj"( ed[ \eh bWdZ jhWdifehj WdZ ed[ \eh c_d_Xki[i$?j^WiWijW\\e\(&$?j]hWdjif[hc_ji\eh fehji WdZ cWh_j_c[ W\\W_hi$  ?d WZZ_j_ed _j ^Wi W ef[hWj_ede\Zec[ij_YWdZ_dj[hdWj_edWbfWii[d][h Z_h[YjehWj[][d[hWbe\fbWdd_d]WdZijkZ_[i"m_j^ XkiWdZjhkYa_d]i[hl_Y[iWdZ_iWbieh[ifedi_Xb[ h[ifedi_X_b_jo \eh dWj_edWb jhWdifehj feb_Yo WdZ \ehd[]ej_Wj_d]X_bWj[hWb@ehZWd"Jkha[o"K7;"WdZ fbWdd_d]"h[fehj_d]Z_h[Yjbojej^[c_d_ij[h$J^[h[ O[c[dWdZckbj_bWj[hWb7hWXB[W]k[jhWdi_jWdZ Wh[ Wbie i[l[hWb WZc_d_ijhWj_l[ Z_h[YjehWj[i e\ jhWdifehjW]h[[c[dji$7i[Yj_ed\ehhW_bmWoi^Wi j^[ CEJ9 h[fehj_d] Z_h[Yjbo je j^[ c_d_ij[h" WdZ h[Y[djboX[[dWZZ[Z$ fhel_Z_d]i[hl_Y[ijeWbbj^[j[Y^d_YWbZ_h[YjehWj[i$ Le[\i$J\Zi\kXi`Xk]fiGfikjXe[DXi`k`d\ Le[\i$J\Zi\kXi`Xk]fiCXe[KiXejgfik KiXejgfik J^[ KdZ[h#I[Yh[jWh_Wj \eh BWdZ JhWdifehj J^[ KdZ[h#I[Yh[jWh_Wj \eh Fehji WdZ CWh_j_c[ ^Wi jme Z_h[YjehWj[i ][d[hWb e\ heWZi WdZ _i eh]Wd_p[Z _dje jme Z_h[YjehWj[i ][d[hWb" bWdZ jhWdifehj$ Ed[ _d :WhiW_j Yel[hi heWZi ed[ \eh fehji WdZ ed[ \eh cWh_j_c[ W\\W_hi$ J^[ _d d_d[ ]el[hdehWj[i WdZ j^[ ej^[h _i ieb[bo \ehc[h el[hi[[i j^[ Z[l[befc[dj e\ fehji" Xej^ h[ifedi_Xb[\ehheWZi_d:^e\Wh=el[hdehWj[$J^[ j^[ [n_ij_d] Yecc[hY_Wb fehji WdZ Wdo \kjkh[ Z_h[YjehWj[][d[hWb_d:WhiW_j_iWbieh[ifedi_Xb[ WZZ_j_edWbYecc[hY_Wbfehji$J^[CWh_j_c[7\\W_hi \eh h[]kbWj_ed e\ fkXb_Y jhWdifehj$ J^hek]^ j^[ :_h[YjehWj[_ih[ifedi_Xb[\ehl[ii[bWdZdWl_]Wj_ed KdZ[h#I[Yh[jWh_Wj\ehBWdZJhWdifehj"j^[CEJ9 iW\[joWdZWZ^[h[dY[jeEcWdÊieXb_]Wj_edikdZ[h [n[hY_i[i _ji b[]Wb cWdZWj[ \eh j^[ el[hi_]^j" j^[?dj[hdWj_edWbCWh_j_c[Eh]Wd_pWj_edWdZej^[h YeehZ_dWj_ed"WdZZ[i_]dWj_ede\WbbfkXb_YheWZi _dj[hdWj_edWbfhejeYebi$ (  ?dWZZ_j_edjeWdkdZ[h#i[Yh[jWh_Wje\Yecckd_YWj_edi$ '- DFK:ËjfYa\Zk`m\j š Ikffehj_d] fWhj_Y_fWj_ed e\ fh_lWj[ i[Yjeh _d CEJ9Ykhh[djbob_iji_jiW_ci)XheWZboWi0 fhel_Z_d]gkWb_jojhWdifehjWdZYecckd_YWj_edi i[hl_Y[i1 š ?d_j_Wj_d]ijkZ_[iWdZfbWdi\ehheWZi"i[Wfehji" W_hfehji"WdZi^_ff_d]1 š :[l[bef_d] Yeef[hWj_ed _d j^[ Ó[bZi e\ jhWdifehj WdZ Yecckd_YWj_edi X[jm[[d j^[ š 9ecfb[j_d] b_daW][i X[jm[[d j^[ h[]_edi WdZ ikbjWdWj[ WdZ ej^[h Yekdjh_[i Wi m[bb Wi j^[ m_bWoWjie\j^[ikbjWdWj[m_j^[WY^ej^[hWim[bb _dj[hdWj_edWbbo if[Y_Wb_p[Z eh]Wd_pWj_edi WdZ Wi b_da_d] j^[ ikbjWdWj[ m_j^ j^[ d[_]^Xeh_d] _dij_jkj_edi WdZ h[fh[i[dj_d] j^[ ikbjWdWj[ _d Yekdjh_[il_WcW_dWdZikXi_Z_WhoheWZd[jmehai1 h[]_edWbWdZ_dj[hdWj_edWbYed\[h[dY[iZ[Wb_d] m_j^j^[c_d_ijhoÊi`kh_iZ_Yj_ed1WdZ š :[l[bef_d]heWZjhWdifehj1 š :[l[bef_d]^kcWdh[iekhY[i_dj^[c_d_ijho$ š Fhefei_d]ZhW\jbWmih[bWj[Zjej^[`kh_iZ_Yj_edi e\j^[c_d_ijho1 EH=7D?P7J?EDE<;I;9JEH J^[ jhWdifehj i[YjehÊi ijhkYjkh[ YWd X[ fhel_i_ed WdZ cW_dj[dWdY[ e\ _d\hWijhkYjkh[" ikccWh_p[ZXocWff_d]ceZ[iW]W_dij\kdYj_edi WdZ Z[b_l[ho e\ jhWdifehj i[hl_Y[i$ JWXb[ ($' JWXb[ ($'$ J^[ ceZ[i eh ikX#i[Yjehi _dYbkZ[Z ikccWh_p[ij^[cW_dfbWo[hih[fh[i[dj[Z_dj^_i _dj^[ijkZoWh[i^emdWifh_lWj[heWZjhWdifehj" cWjh_n _d EcWd$ J^[ Óhij jme \kdYj_edWb hemi fkXb_YheWZjhWdifehj"hW_bjhWdifehj"WdZcWh_j_c[ YWdXheWZboX[YWj[]eh_p[ZWifkXb_Y]el[hdWdY[ jhWdifehj$ J^[ \ekh cW_d \kdYj_edi j^Wj Wffbo \kdYj_edi$J^[bWjj[hjmehemiWh[fh[Zec_dWdjbo je [WY^ ceZ[ Wh[ j^ei[ e\ ijhWj[]o WdZ feb_Yo Z[b_l[ho\kdYj_edi"e\jhWdifehj_d\hWijhkYjkh[WdZ Z[j[hc_dWj_ed" WZc_d_ijhWj_ed WdZ h[]kbWj_ed" i[hl_Y[ih[if[Yj_l[bo$ L9:D=*&)2JhWdifehjI[YjehMF;LAGFK LJ9FKHGJL LJ9FKHGJL LJ9FKHGJL LJ9FKHGJL F9LAGF9D LJ9FKHGJL C_d_ijhoe\JhWdifehjWdZ9ecckd_YWj_ediCEJ9 KLJ9L=?Q9F< Xkjm_j^[nY[fj_ediÆi[[j[nj HGDA;Q 9MF;LAGFK CEJ9 [dj_j_[i CW`ehfehji0Fehj Z[l[befc[dj[dj_j_[iWdZ j[hc_dWbef[hWjehi CEJ9 AF>J9KLJM;LMJ= FbkiCkiYWj EcWdHW_bmWo C_dehfehji0CEJ9 HJGNAKAGF9F< Ckd_Y_fWb_jo" 9ecfWdo CEJ9Wbie[n[hY_i[i E9F9?=E=FL CEHCMHWdZ EH9 h[ifedi_X_b_jo\eh ej^[h[dj_j_[i Z[l[befc[djWdZ YedijhkYj_ede\Wbbd[m fehjiWdZW_hfehjidej`kij c_dehfehji '. )  CEJ9ÊiW_cib_ij[ZWj^jjf0%%mmm$cejY$]el$ec EcWdDWj_edWb JhWdifehj Fh_lWj[ 9ecfWdo Fh_lWj[YWh i^_ff_d] EDJ9 LJ9FKHGJL emd[hi YecfWd_[i K=JNA;=K Dejo[jZ[Y_Z[Z Fh_lWj[Xki HJGNAKAGF Fh_lWj[]eeZi DWj_edWb YecfWd_[i l[^_Yb[ef[hWjehi <[hh_[i 9ecfWdoD<9 Fh_lWj[jWn_ ef[hWjehi IJH7J;=O7D:FEB?9O CEJ9 ^Wi j^[ Zec_dWdj Xkj dej [nYbki_l[ heb[ j^[ HEF cWa[i dWj_edWb feb_Yo Z[Y_i_edi j^Wj _di[jj_d]dWj_edWbjhWdifehjijhWj[]oWdZfeb_Yo$ Z[j[hc_d[ j^[ c_d_ckc ijWdZWhZi d[Y[iiWho EcWdÊi Z[l[befc[dj feb_Yo \eh ded#dWj_edWb \ehb_Y[di_d]l[^_Yb[iWdZZh_l[hi\ehYWhi"jhkYai" heWZi _i" Wi _d cWdo Yekdjh_[i" Z[lebl[Z je WdZXki[i$7jj^[cW`ehfehji"iec[Z[l[befc[dj ej^[h XeZ_[i$ ?d EcWd j^_i feb_Yo _i Z[lebl[Z feb_Yo Z[Y_i_edi j^Wj ^Wl[ W ijhed] _dÔk[dY[ cW_dbo je CEHCMH$ J^[ CkiYWj Ckd_Y_fWb_jo ed cWha[j Yecf[j_j_ed" ceh[ kikWbbo W ikX`[Yj ^Wi Wd Wkjedeceki cWdZWj[ \eh fbWdd_d] WdZ \eh ]el[hdc[dj feb_Yo" Wh[ cWZ[ Xo if[Y_Wb# _cfb[c[dj_d] Wbb heWZi \hec [nfh[iimWoi je fkhfei[ fehj Z[l[befc[dj [dj_j_[i Wj j^[ fehji beYWb WYY[ii heWZi _d CkiYWj =el[hdehWj[$ Ceh[ j^[ci[bl[i$ kdkikWbbo"_dEcWdÊifh_lWj[heWZjhWdifehji[Yjeh 7:C?D?IJH7J?L;7D:H;=KB7JEHO ;dj_j_[i _dZ[f[dZ[dj e\ j^[ C_d_ijho e\ Wbie _iik[i Xki_d[ii f[hc_ji \eh ef[hWj_ed e\ JhWdifehj Z_iY^Wh][ W Yedi_Z[hWXb[ fehj_ed Xej^ Zec[ij_Y WdZ _dj[hdWj_edWb fWii[d][h Xki e\ j^[ ]el[hdc[djÊi WZc_d_ijhWj_l[ WdZ WdZ jhkYa_d] i[hl_Y[i$ 8kj HEF _i [\\[Yj_l[bo h[]kbWjeho h[ifedi_X_b_j_[i$ CEJ9 _i h[ifedi_Xb[ h[ifedi_Xb[\ehh[]kbWj_ede\j^[Zec[ij_Yfh_lWj[ \eh j[Y^d_YWb h[]kbWj_ed e\ heWZ _d\hWijhkYjkh[ heWZ jhWdifehj i[Yjeh" b_Y[di_d] heWZ l[^_Yb[i ijWdZWhZi\ehdWj_edWbheWZij^ek]^j^[h[_ide WdZ Zh_l[hi" WdZ cWdW]_d] EcWdÊi heWZ#iW\[jo b[]Wbbo Z[Ód[Z YbWii_ÓYWj_ed e\ EcWdÊi heWZi fhe]hWci$?dj^[cWh_j_c[i[Yjeh"j^[cW`ehfehji WdZ \eh ej^[h heWZ#fhel_Z_d] [dj_j_[i" Xkj bWYa bWh][bo h[]kbWj[ j^[ci[bl[i" _dZ[f[dZ[djbo e\ e\ YbWh_jo _d j^[ XekdZWh_[i e\ h[ifedi_X_b_jo CEJ9" WdZ dej WbmWoi _d W Yedi_ij[dj cWdd[h WdZiec[ded#Yecfb_WdY[e\ej^[h[dj_j_[im_j^ Wi X[jm[[d fehji$ em[l[h"j^ek]^_j^Wifem[hijeZeie"_jZe[i e\ EH9 m^[d hW_b ef[hWj_edi X[]_d ^Wi dej o[j dejWjfh[i[djh[]kbWj[fkXb_YjhWdifehji[hl_Y[i X[[dZ[Y_Z[Z$ j^[ci[bl[ihekj[i"\h[gk[dYo"\Wh[i[jY$$CEJ9 ?Dem[l[h" CEJ9 Ze[i m^[j^[h ekjYec[i Wh[ ikYY[ii\kb$ Ed[ h[Wied dej Ykhh[djbo ^Wl[ W \ehcWb eh e\ÓY_Wb dWj_edWb Y_j[Z\ehj^[hWj^[hb_c_j[ZZ[]h[[e\ced_jeh_d] jhWdifehjijhWj[]o$9bWh_jo_dijhWj[]o_id[Y[iiWho _ij^Wjj^[ZWjWd[[Z[Z_i[_j^[hdejYebb[Yj[Zeh \eh YbWh_jo _d feb_Yo$ J^[ \ehckbWj_ed WdZ h[]kbWh dej cWZ[ WlW_bWXb[ Xo j^ei[ m^e Ze Yebb[Yj _j$ kfZWj_d] e\ dWj_edWb jhWdifehj ijhWj[]o i^ekbZ >em[l[h"_dYecfWhWXb[i_jkWj_edi_dj[hdWj_edWbbo *  EcWd_iYkhh[djbofh[fWh_d]_jiL_i_ed(&*&ijhWj[]o"[nf[Yj[ZXoj^[[dZe\(&'+$ (' _j_iiec[j_c[i\ekdZjeX[j^[YWi[j^WjWm[Wa WdZ h[]kbWj_ed$ J^[ Ykhh[dj h[ifedi_X_b_j_[i Wh[ ced_jeh_d] \kdYj_ed _i j^[ YWki[ e\ b_c_j[Z ZWjW i^Wh[Z X[jm[[d lWh_eki c_d_ijh_[i WdZ W][dY_[i WlW_bWX_b_jo hWj^[h j^Wd j^[ ej^[h mWo WhekdZ$ j^hek]^ W HeWZ IW\[jo 9ecc_jj[[ Yedl[d[Z ?j _i kikWbbo j^[ Z[cWdZ \eh ]eeZ _d\ehcWj_ed Xo HEF$ HeWZ WYY_Z[dj \WjWb_j_[i ^Wl[ ZekXb[Z j^Wj ij_ckbWj[i _ji ikffbo$ CEJ9Êi ced_jeh_d] i_dY[ (&&)" f[Wa_d] Wj '"')/ Z[Wj^i _d (&'(" \kdYj_edd[[ZijeX[ijh[d]j^[d[Z WdZj^[ZWjW [gk_lWb[dj je W heWZ jhW\ÓY \WjWb_jo hWj[ e\ )'$+ ki[Z \eh ced_jeh_d] j^[ f[h\ehcWdY[ e\ j^[ Z[Wj^i f[h '&&"&&& fefkbWj_ed" j^[ mehij heWZ fkXb_Y _dij_jkj_edi WdZ j^[ jhWdifehj ikX#i[Yjehi iW\[jo h[YehZ Wced] =99 Yekdjh_[i$ HeWZ jhW\ÓY Yebb[Yj[Zhekj_d[boki_d]ijWdZWhZ_p[Zc[j^eZi$ WYY_Z[dji Wh[ j^[ i[YedZ b[WZ_d] YWki[ e\ Z[Wj^ _dEcWdYecfh_i_d])'f[hY[dje\j^[\WjWb_j_[i_d IfX[e\knfibgifm`j`fe j^[',#(+o[WhW][]hekf$M^_b[HEFh_]^jbofbWoi 7bj^ek]^j^['/-.bWmY^Wh][ZCEJ9m_j^heWZi W YhkY_Wb heb[ _d fh[l[dj_ed WdZ [d\ehY[c[dj" W Z[l[befc[dj" el[h j^[ fWij *& o[Whi W dkcX[h d[m ijhkYjkh[ mekbZ [b[lWj[ j^[ _cfehjWdY[ e\ e\ ej^[h eh]Wd_pWj_edi ^Wl[ X[Yec[ _dlebl[Z heWZiW\[jofeb_YoWdZfbWdd_d]m_j^_dCEJ9"j^[ _d Xk_bZ_d] WdZ cW_djW_d_d] heWZi" j^[ cW`eh feb_j_YWb[dj_joceh[Wffhefh_Wj[boh[ifedi_Xb[\eh ed[i X[_d] CEHCMH WdZ CkiYWj Ckd_Y_fWb_jo$ fkXb_Y]el[hdWdY[e\j^[heWZjhWdifehjioij[c$ ?j _i Wffhefh_Wj[ j^Wj CEHCMH WdZ cW`eh ckd_Y_fWb_j_[i ^Wl[ Z[i_]dWj[Z eh Z[b[]Wj[Z GlYc`ZkiXejgfikj\im`Z\j h[ifedi_X_b_j_[i \eh Y[hjW_d heWZ YbWii[i" Xkj J^[ _dlebl[c[dj e\ CEJ9 _d fkXb_Y jhWdifehj j^[ XekdZWh_[i e\ h[ifedi_X_b_jo Wh[ Ykhh[djbo fhel_i_ed _i c_d_cWb" Wi _dZ[[Z _i j^[ heb[ e\ Xbkhh[Z" WdZ [d]_d[[h_d] WdZ i[hl_Y[ ijWdZWhZi fkXb_Y jhWdifehj _d EcWd f[h i[$  J^[ bWYa e\ _dYedi_ij[dj$ ?d cWdo Yekdjh_[i" W b[]Wbbo eh h[]kbWh iY^[Zkb[Z fkXb_Y jhWdifehj i[hl_Y[i _i WZc_d_ijhWj_l[bo Z[Ód[Z heWZ YbWii_ÓYWj_ed dej ikffehj_l[ e\ dWj_edWb [Yedec_Y feb_Y_[i$  7 ^Wi X[[d \ekdZ je fhel_Z[ W ki[\kb WdZ hWj_edWb m[bb#\kdYj_ed_d] khXWd fkXb_Y jhWdifehj ioij[c \hWc[meha \eh Z[Ód_d] j[Y^d_YWb ijWdZWhZi" WdZ m_bb X[ d[[Z[Z je i[hl[ j^[ [cfbeo[[i _d W Wii_]d_d]\kdZ_d]"WZc_d_ijhWj_l["WdZef[hWj_edWb Z_l[hi_Ó[Z [Yedeco" _d Xej^ _dZkijh_Wb WdZ h[ifedi_X_b_j_[i\ehj^[heWZioij[c$J^[WXi[dY[ i[hl_Y[ i[Yjehi$ 7do d[m jhWdifehj ]el[hdWdY[ e\ \ehcWb YbWii_ÓYWj_ed Yedjh_Xkj[i je bWYa e\ ijhkYjkh[mekbZd[[ZjeYh[Wj[Wd[m\eYWbfe_dj YbWh_jo _d j^[ iYef[ e\ h[ifedi_X_b_j_[i X[jm[[d WdZ fem[hi je Z_iY^Wh][ j^_i h[ifedi_X_b_jo$ J^[ CEJ9WdZej^[h[dj_j_[i$ CEJ9 _i j^[ eXl_eki XeZo je Z[j[hc_d[ dWj_edWb feb_Yo Z_h[Yj_edi" m^_b[ Z[b[]Wj_d] [n[Ykj_l[ IfX[kiXejgfikdXeX^\d\ek h[ifedi_X_b_j_[ijej^ei[cW`ehckd_Y_fWb_j_[ij^Wj >_ijeh_YWbbo"EcWdÊiYedjWYjim_j^j^[h[ije\j^[ ^Wl[j^[YWfWY_joje^WdZb[j^[c$ mehbZ m[h[ Xo i[W" m^_Y^ Wbie b_da[Z _ji YeWijWb jemdi" beYWj[Z Wbed] W jejWb YeWijb_d[ e\ WhekdZ >em[l[h" beYWb _dj[h[iji YWd iec[j_c[i Ykj )"',+ ac$  Kdj_b '/-&" EcWd ^WZ `kij '& ac e\ WYheii dWj_edWb _dj[h[iji$ J9% AFL=JF9LAGF9D ;MKLGEK IM9DALQ9F< 9F< LAE=DAF=KK DHAJ9FC KLJM;LMJ= K@AHE=FLK ;GEH=L=F;= LJ9;AF? ;GMFLJQ J9FC M9= (- (+ (' *) (' )* )( I9L9J (/ )- (/ ', (. )( )* LMJC=Q )& )* (- *. (( '/ *' K9Mem[l[h"_j_i]eeZfhWYj_Y[_dfkXb_Y j^[i[Wh[Z_iYkii[ZX[bem$>em[l[h"j^[XWbWdY[ WZc_d_ijhWj_ed"Wi_dcWdoej^[hif^[h[ie\^kcWd e\ [l_Z[dY[ _i _d \Wlekh e\ ijhkYjkhWb Y^Wd][ WYj_l_jo" je i[fWhWj[ j^ei[ m^e cWa[ j^[ hkb[i m_j^_d CEJ9 _ji[b\ je h[cel[ eh c_j_]Wj[ iec[ h[]kbWjehofeb_Yo\hecj^ei[m^eckij[d\ehY[ e\ j^[ [l_Z[dj YedÔ_Yji _Z[dj_Ó[Z$ IkY^ Y^Wd][ j^[c m_j^ \W_hd[ii WdZ eX`[Yj_l_jo h[]kbWjeho X[Yec[i [l[d ceh[ f[hikWi_l[ _\ j^[ iYef[ e\ WZc_d_ijhWj_ed$ I[fWhWj_ed _i fWhj_YkbWhbo Yh_j_YWb j^[ c_d_ijhoÊi WYj_l_j_[i m[h[ je X[ m_Z[d[Z Wi m^[ded[]el[hdc[djeX`[Yj_l[_ije[dYekhW][ h[Yecc[dZ[Z[Whb_[h$ ]h[Wj[h fh_lWj[ i[Yjeh fWhj_Y_fWj_ed" _cfbo_d] j^[ d[[Z \eh [gkWb jh[Wjc[dj e\ fkXb_Y WdZ fh_lWj[ fWhj_Y_fWdji$ +  ?d iec[ YWi[i" h[]kbWjeho feb_Yo _i XWi[Z ed _dj[hdWj_edWb W]h[[c[dji fWhj_YkbWhbo j^ei[ Wffbo_d] je (* _dj[hdWj_edWbi^_ff_d]WdZWl_Wj_ed$ FEB?9O?IIK;I ;\[`ZXk\[\ogi\jjnXpjle`k heb[$ HeWZ jhW\ÓY iW\[jo _i h[bWj_l[bo feeh Xo J^[h[ _i W h_ia j^Wj Wd [Yedec_Y Zemdjkhd YekbZ _dj[hdWj_edWb WdZ h[]_edWb YecfWh_iedi m_j^ YkhjW_b j^[ WlW_bWX_b_jo e\ \kdZi \eh \kjkh[ heWZ Yekdjh_[i j^Wj ^Wl[ i_c_bWh _dYec[ b[l[bi$ ?\ j^[ Z[l[befc[dj$ J^[h[ m_bb Wbie X[ fh[iikh[ ed j^[ fh_c[h[ifedi_X_b_jo\ehheWZiW\[jofeb_YojhWdi\[hi Z[l[befc[dj XkZ][j \hec Yecf[j_d] Z[cWdZi jeCEJ9"WibWj[hh[Yecc[dZ[Z"j^[d_jmekbZX[ ikY^ Wi _dl[ijc[dji _d W d[m hW_bmWo ioij[c" _d W fei_j_ed" m_j^ Yedjh_Xkj_edi \hec HEF WdZ _cfhel[c[dj e\ khXWd jhWdifehj _d\hWijhkYjkh[" ej^[hfWhjd[heh]Wd_pWj_ediedj^[DWj_edWbHeWZ WdZ fhel_i_ed e\ fkXb_Y jhWdifehj i[hl_Y[i$ 7 IW\[jo 9ecc_jj[[" je Z[l[bef W ceh[ [\\[Yj_l[ fhec_i_d] feb_Yo h[ifedi[ mekbZ X[ je [nfbeh[ i[je\feb_Y_[ihWd]_d]\hecZh_l[h[ZkYWj_edWdZ j^[fej[dj_Wbe\jebbÓdWdY_d]"Z[Z_YWj[Zh[l[dk[ jhW_d_d]" j^hek]^ l[^_Yb[ b_Y[di_d]" heWZ Z[i_]d" XedZi"WdZFFFWhhWd][c[djij^hek]^WZ[Z_YWj[Z jhW\ÓYcWdW][c[djZ[l_Y[i"?JIWffb_YWj_edi"WdZ [nfh[iimWoi kd_j Wi W Yecfb[c[dj je fkXb_Y jhW\ÓYh[]kbWjeho[d\ehY[c[dj$ if[dZ_d]$ J^[i[ ÓdWdY_d] WffheWY^[i Wh[ X[_d] ki[Z_dEcWdÊimWj[hWdZfem[hi[Yjehi$:_ijWdY[# JlYj`[`\jkfgi`mXk\kiXejgfik XWi[Z Y^Wh]_d] \eh heWZ ki[" [if[Y_Wbbo \eh heWZ CEJ9YekbZÓdZ_j_dijhkYj_l[jeh[l_[m"gkWdj_\o" jhkYai" _i W Yecced c[Y^Wd_ic _d cWdo E;9: WdZ ^[bf je h[_d XWYa j^[ lWh_eki mWoi _d m^_Y^ Yekdjh_[i\ehh[Yel[h_d]heWZ#ZWcW][Yeiji$Iec[ Ykhh[djjhWdifehjfeb_Y_[ifhecej[j^[ki[e\j^[ Yekdjh_[i" dejWXbo 7kijh_W WdZ Im_jp[hbWdZ" ^Wl[ fh_lWj[ YWh m^_b[ ^_dZ[h_d] j^[ Z[l[befc[dj e\ Wbie _djheZkY[Z j_c[#XWi[Z Çl_]d[jj[È Y^Wh]_d] fkXb_YjhWdifehj$J^[i[_dYbkZ[bemjWnWj_ededYWh \eh WYY[ii je j^[_h [dj_h[ cejehmWo d[jmeha$ 7 emd[hi^_f" bem ]Wieb_d[ fh_Y[i" \h[[ ki[ e\ [l[d Z[Z_YWj[Z[nfh[iimWoikd_jYekbZfhel_Z[W\eYWb j^[ ^_]^[ij ijWdZWhZ [nfh[iimWoi" WdZ Wcfb[ fe_dj \eh W ceh[ Yecc[hY_Wb cWdW][c[dj WdZ \h[[ eh ikXi_Z_p[Z fWha_d] _d Y_j_[i$ 7 YWh[\kb Yeij#h[Yel[h_d] Z[l[befc[dj e\ j^[ [nfh[iimWo Wii[iic[dj e\ j^[i[ lWh_eki _cfb_Y_j ikXi_Z_[i d[jmeha_dEcWd$ mekbZ Wbceij Y[hjW_dbo h[l[Wb W ikXijWdj_Wb Yeij je j^[ ijWj[ e\ m^_Y^ [l[d W ceZ[ij fehj_ed" @e]iXjkilZkli\Xjj\kdXeX^\d\ek h[Z_h[Yj[ZjemWhZifkXb_YjhWdifehjZ[l[befc[dj" EcWd ^Wi _dl[ij[Z _d WdZ WjjW_d[Z ]eeZ YekbZ\kdZWdZikijW_dWckY^^_]^[hijWdZWhZe\ jhWdifehj _d\hWijhkYjkh[ el[h j^[ fWij Z[YWZ[i fkXb_YjhWdifehjioij[cj^WdYkhh[djbo[n_iji$ XkjcWdW][c[dje\j^ei[fkXb_YWii[jim_bbd[[Z je X[Yec[ Wd _dYh[Wi_d]bo _cfehjWdj Yecfed[dj :fdg\k`k`m\e\lkiXc`kp`eglYc`ZkiXejgfik e\ jhWdifehj _d\hWijhkYjkh[ XkZ][ji$ CEJ9 YekbZ J^[Ykhh[dj_dij_jkj_edWbijhkYjkh[\ehfhel_i_ede\ fhecej[ ceh[ [\ÓY_[dj ki[ e\ fkXb_Y h[iekhY[i Xkii[hl_Y[iZe[idejfhel_Z[Wb[l[bfbWo_d]Ó[bZ$ XoWZefj_d]feb_Y[ij^Wj]_l[_dYh[Wi[ZWjj[dj_ed 7 lWbk[#\eh#ced[o iY^[Zkb[Z fkXb_Y jhWdifehj WdZ h[iekhY[i je Wii[j cWdW][c[dj f^_beief^o ioij[c_dEcWdÊicW`ehY_j_[i_iceijb_a[bojeX[ WdZj[Y^d_gk[i"jecW_djW_dj^[gkWb_joe\ehZ[\[h WjjW_d[Z j^hek]^ Yecf[j_j_l[ j[dZ[h_d] e\ Wh[W j^[d[[Z\ehcW`ehh[d[mWbe\Wii[ji$HeWZWii[j fWii[d][hi[hl_Y[YedjhWYji$JeZej^_ih[gk_h[iW cWdW][c[djc[j^eZij^Wj^Wl[X[[d_dYecced ceh[ ikXijWdj_Wb WdZ iekdZbo XWi[Z fh_lWj[ Xki fhWYj_Y[ _d ej^[h Yekdjh_[i \eh Z[YWZ[i Wh[ edbo _dZkijho$J^_i_djkhdmekbZc[Wdf^Wi_d]ekjj^[ dem X[_d] _djheZkY[Z _d EcWd$ J^[ c[h_ji e\ fh_l_b[][Zfei_j_ede\j^[fkXb_Yi[YjehXkiYWhh_[h WZefj_d]ikY^feb_YoWh[[ii[dj_Wbbo_dZ[f[dZ[dj EDJ9 WdZ _ji ieb[ h_]^j je fhel_Z[ h[]kbWhbo e\_dij_jkj_edWbijhkYjkh[$ iY^[Zkb[Zi[hl_Y[_dEcWdÊiY_j_[i$Ceh[el[h"EDJ9 _ij^[edboXkiYecfWdo_dh[Y[_fje\ioij[cWj_Y IfX[kiX]ÔZdXeX^\d\ekXe[jX]\kp YWf_jWbWdZef[hWj_d]ikXi_Z_[i\hecj^[CE<$?d ?dYh[Wi_d] feb_Yo Wjj[dj_ed m_bb d[[Z je X[ ]_l[d j^[i[ Y_hYkcijWdY[i _j _i Z_\ÓYkbj \eh j^[ fh_lWj[ je jhW\ÓY WdZ iW\[jo cWdW][c[dj feb_Y_[i" Xki _dZkijho je Ôekh_i^ WdZ ]hem X[oedZ W \[m fWhj_YkbWhbo _d j^[ heWZi i[Yjeh$ J^[ hWf_Z WdZ icWbb\h_d][YecfWd_[ief[hWj_d]edbed]#Z_ijWdY[ Yedj_dk_d][nfWdi_ede\heWZYWfWY_jo^Wiie\Wh _dj[h#Y_jo hekj[i$ Ijh[d]j^[d_d] j^[ heb[ WdZ a[fj fWY[ m_j^ jhW\ÓY ]hemj^$ >em[l[h" jhW\ÓY YWfWX_b_jo e\ j^[ fh_lWj[ Xki _dZkijho mekbZ X[ Yed][ij_ed _i dem W Yecced \[Wjkh[ _d CkiYWj Yedi_ij[dj m_j^ L_i_ed (&(& dWj_edWb feb_Y_[i je Ckd_Y_fWb_jo Zkh_d] f[Wa ^ekhi m^_b[ j^[ cW_d h[ZkY[j^[]el[hdc[djÊiheb[_dfheZkYj_ed_dj^_i [lebl_d] YWfWY_jo Y^Wbb[d][ ed _dj[hY_jo heWZi YWi[ fheZkYj_ed e\ jhWdifehj i[hl_Y[i" kf]hWZ[ m_bbX[jhW\ÓYXejjb[d[YaiWh_i_d]Wjj^[[djhWdY[ b[]Wb WdZ h[]kbWjeho \hWc[mehai" WdZ _dYh[Wi[ je fehji" _dZkijh_Wb ped[i" WdZ j^[ _dj[h\WY[ e\ fh_lWj[ i[Yjeh _dl[ijc[dj$ =_l[d j^[ Zec_dWdY[ [nfh[iimWoim_j^khXWdWhj[h_Wbi$Ki[e\ceZ[hd e\EDJ9h[bWj_l[jefh_lWj[Xkief[hWjehi"fWhje\ jhW\ÓYcWdW][c[djioij[ciWdZ[d\ehY[c[dje\ j^[ WffheWY^ c_]^j X[ je h[Yecc[dZ Xh[Wa_d] jhW\ÓYh[]kbWj_edim_bbd[[ZjefbWoWd_dYh[Wi_d] kf EDJ9 _dje icWbb[h YecfWd_[i m^_Y^" j^hek]^ (+ _dZ_l_ZkWb jhWZ[ iWb[i je fh_lWj[ _dl[ijehi" c_]^j \ehcj^[dkYb[kie\W\kjkh[fh_lWj[Xki_dZkijho YWfWXb[e\Yecf[j_d]\ehfkXb_YjhWdifehji[hl_Y[ YedjhWYji$ 7do ikXi_Z_[i \hec j^[ CE< mekbZ j^[d d[[Z je X[ Yecf[j[Z j^hek]^ Yecf[j_j_l[ j[dZ[h_d] e\ YedjhWYji" hWj^[h j^Wd `kij ]_l[d Wi Z[ÓY_jÓdWdY_d]jeEDJ9"Wi^Wff[didem$ IX`ckiXejgfiki\^lcXkfipgfc`Zp J^[ ef[d_d] e\ j^[ Óhij ijW][i e\ EcWdÊi d[m hW_bmWo _i dem j^h[[ o[Whi WmWo WdZ feb_Y_[i \eh j^[ ef[hWj_d] f^Wi[ i^ekbZ ^[bf ]k_Z[ _ji Z[l[befc[dj$ EH9 _i Wd Wffhefh_Wj[ [dj_jo je Z[l[bef EcWdÊi hW_bmWo Xkj m_j^_d W dWj_edWb hW_bmWoijhWj[]oWdZfeb_Yo\hWc[mehaZ[j[hc_d[Z Xo CEJ9$ J^_i feb_Yo h[ifedi_X_b_jo m_bb _dYbkZ[ [ijWXb_i^_d] [Yedec_Y h[]kbWj_ed feb_Y_[i \eh d[jmehaWYY[iiXojhW_def[hWj_d]YecfWd_[iWdZ Wbie\eh\h[_]^jjWh_\\i_dj^[[l[djj^Wjiec[jhW\ÓY Ôemim_bbX[eXb_][Zjeki[hW_bmWojhWdifehj_d j^ei[ cWha[ji m^[h[ j^[h[ _i Yecf[j_j_ed \hec heWZ WdZ i^ehj#i[W i^_ff_d] ceZ[i \h[_]^j jWh_\\ h[]kbWj_ed mekbZ dej X[ h[gk_h[Z$  ?j m_bb Wbie _dYbkZ[ feb_Y_[i \eh j^[ ÓdWdY_Wb \hWc[meha je fhel_Z[ h[l[dk[ ikffehj e\ fWii[d][h i[hl_Y[i WdZ fheXWXbo \eh iec[ o[Whi fWhj e\ d[jmeha _d\hWijhkYjkh[ Yeiji$ M_j^ekj fhefei_d] if[Y_ÓY feb_Y_[ij^[ijkZoÔW]ij^[_cfehjWdY[e\fkjj_d] ikY^feb_Y_[i_dfbWY[[Whbo$ GfikZfdg\k`k`fegfc`Zp 7 Y[djhWb W_c e\ fehji h[]kbWjeho feb_Yo j^Wj mekbZ fhecej[ [\ÓY_[dYo WdZ dWj_edWb [Yedec_Y ]eWbi mekbZ X[ je fhecej[ ceh[ Yecf[j_j_ed$ J^[ fehj i[Yjeh _i Ykhh[djbo ^_]^bo YedY[djhWj[Z WdZ Y^WhWYj[h_p[Z Xo cedefebo fei_j_edi$ CEJ9 i^ekbZ X[ h[ifedi_Xb[ \eh _dZ[f[dZ[dj feb_Yo WdWboi_i e\ mWoi _d m^_Y^ Yecf[j_j_ed YekbZ X[ _dYh[Wi[Z" [if[Y_Wbbo m_j^ h[]WhZ je fbWdd[Z d[mfehjZ[l[befc[djieh[nfWdi_ede\[n_ij_d] j[hc_dWbi$ 7 ceh[ h_]eheki Y[djhWb h[]kbWjeho \kdYj_edmekbZh[l_[mfhefei[ZjWh_\\i"fehjZk[i" i[hl_Y[ YedZ_j_edi" WdZ ef[hWj_d] YedY[ii_edi WdZ W]h[[c[dji m_j^ W l_[m je [dikh_d] j^Wj cWha[j fem[h _i dej WXki[Z eh Wdj_#Yecf[j_j_l[ X[^Wl_ehXk_bj_djeYecc[hY_WbWhhWd][c[dji$J^_i el[hi_]^ji^ekbZ^Wff[dm_j^ekjfh[`kZ_Y[jej^[ \h[[Zece\j[hc_dWbef[hWjehiehfehjZ[l[bef[hi je d[]ej_Wj[ i[hl_Y[ W]h[[c[dji m_j^ _dZ_l_ZkWb Ykijec[hi$ (, L$ Ij ?L oH jkZo ecc[dZWj_e H[Ye edi H;9ECC;D:;:9>7D=;I?DI9EF; Ifc\f]k_\d`e`jkip WdZ j^[ jhWdifehj _dZkijho" WdZ _d\ehc Wbb j^ei[ 7i dej[Z [Whb_[h" CEJ9 _i ef[hWj_d] kdZ[h Wd ijWa[^ebZ[him_j^Wd_dj[h[ij_dj^[i[Yjeh$J^[o eh]Wd_pWj_edWb fWhWZ_]c i[j ekj Xo j^[ '/-. mekbZ Yedjh_Xkj[ i_]d_ÓYWdjbo je j^[ ]eWb j^Wj HeoWb:[Yh[[0j^Wj_i"[ijWXb_i^[Zd[Whbo*&o[Whi jhWdifehj i[Yjeh ]el[hdWdY[ X[ ÈgXik`Z`gXkfip# W]e m^[d EcWd mWi W l[ho Z_\\[h[dj Yekdjho$ kiXejgXi\ek#Xe[XZZflekXYc\%É ?d '/-&" EcWdÊi fefkbWj_ed mWi \[m[h j^Wd W c_bb_ed" _ji bWdZ jhWdifehj ioij[c mWi l_hjkWbbo CWdofWhj_Y_fWdjim_bbX[_dlebl[Z_d_cfb[c[dj_d] ded#[n_ij[dj Xo jeZWoÊi c[Wikh[i" WdZ CkiYWj W dWj_edWb jhWdifehj ijhWj[]o WdZ _j _i d[_j^[h _ji edbo _dj[hdWj_edWbbo i_]d_ÓYWdj fehj$ I_dY[ d[Y[iiWho deh Z[i_hWXb[ j^Wj CEJ9 ^Wl[ W j^[d" fefkbWj_ed ^Wi d[Whbo gkWZhkfb[Z" WhekdZ cedefebo e\ [n[Ykj_l[ \kdYj_edi$ J^[ d[[Z _i +& f[hY[dj ceh[ f[efb[ b_l[ _d khXWd Wh[Wi" j^[h[\eh[ dej edbo je YbWh_\o WdZ ieb_Z_\o j^[ j^[_h =:F%^[WZ ^Wi _dYh[Wi[Z [_]^j#\ebZ WdZ h[ifedi_X_b_j_[ie\CEJ9Wij^[Çf[WaÈ_dij_jkj_ed" l[^_Yb[ emd[hi^_f Xo W \WYjeh e\ ceh[ j^Wd +&$ Xkj Wbie je Z[i_]dWj[ eh Z[b[]Wj[ Wffhefh_Wj[ ?dj[hdWj_edWbjhWZ[^Wi]hemdceh[j^Wd'+j_c[i \kdYj_edWb h[ifedi_X_b_j_[i je ej^[h ]el[hdc[dj _cfehji WdZ (& j_c[i [nfehji WdZ _i ^WdZb[Z [dj_j_[i$  7Zc_d_ijhWj_ed e\ h[]_edWb eh ckd_Y_fWb j^hek]^ ckbj_fb[ fehji$ J^[ dWjkh[" lebkc[" WdZ jhWdifehjWii[jiWdZioij[ciYWdX[Z[lebl[Zje Z_ijh_Xkj_ede\Z[cWdZ\eh\h[_]^jWdZfWii[d][h [dj_j_[iYbei[hjebeYWbd[[Ziehceh[Wffhefh_Wj[ jhWdifehj _d\hWijhkYjkh[ WdZ i[hl_Y[i Wh[ je j^[ jWia _\ j^[o ^Wl[ j^[ h[iekhY[i WdZ j^[h[\eh[jhWdi\ehc[Z\hecj^Wje\'/-&iEcWd$ YWfWY_jo je [n[hY_i[ _j$ 8[YWki[ dej Wbb ikX# ?j _i j^[h[\eh[ dej ikhfh_i_d] je ÓdZ W YWi[ \eh dWj_edWb ]el[hdc[dji ^Wl[ j^_i YWfWY_jo" j^[h[ kfZWj_d]j^[iYef[e\h[ifedi_X_b_j_[ie\jhWdifehj YWddej X[ ed[ iebkj_ed \eh j^[ m^eb[ e\ EcWd$ ]el[hdWdY[_dij_jkj_edi$ 8kjm^[dZ[b[]Wj_ed_ifeii_Xb["_ji^ekbZX[Zed[ _dWmWoj^Wjikffehjij^[dWj_edWbijhWj[]oWdZ J^[ cW_d eh]Wd_p_d] fh_dY_fb[ fhefei[Z _i j^Wj feb_Yo \hWc[meha m_j^ W l[ho Yb[Wh Z_l_i_ed e\ CEJ9 i^ekbZ Z[j[hc_d[ dWj_edWb jhWdifehj h[ifedi_X_b_j_[i" j^[ fheckb]Wj_ed e\ Yedi_ij[dj ijhWj[]oWdZfeb_Y_[i_dWbbjhWdifehjikX#i[Yjehi" ijWdZWhZi" WdZ Z[b_l[ho e\ Y[djhWb WZl_ieho WdZ ^Wl[kbj_cWj[el[hi_]^je\Wbbfhe]hWcie\dWj_edWb ]k_ZWdY[i[hl_Y[jeej^[h[dj_j_[i$ _cfehjWdY[ \kdZ[Z Xo j^[ dWj_edWb XkZ][j" WdZ [dikh[[\\[Yj_l[[Yedec_YWdZiW\[joh[]kbWj_ed Ifc\f]cXi^\dle`Z`gXc`k`\j e\jhWdifehji[hl_Y[i$ J^[ bWh][ ckd_Y_fWb_j_[i e\ CkiYWj" :^e\Wh" WdZ Ie^Wh YWd X[ Z[b[]Wj[Z h[ifedi_X_b_j_[i \eh j^[ ?j_ih[Yecc[dZ[Zj^WjCEJ9fh[fWh["fkXb_i^"WdZ Z[l[befc[djWdZcWdW][c[dje\heWZWdZfkXb_Y f[h_eZ_YWbbo kfZWj[ W dWj_edWb jhWdifehj ijhWj[]o jhWdifehj ioij[ci _d j^[_h emd ckd_Y_fWb_j_[i$ j^Wj Xh_d]i je][j^[h _ji ijhWj[]_[i WdZ fhefei[Z CkiYWjCkd_Y_fWb_jo_dfWhj_YkbWh_iWdWkjedeceki feb_Y_[i_dWbbe\j^[i[Wh[Wi$?dj[hdWj_edWbfhWYj_Y[ WZc_d_ijhWj_ed h[ifedi_Xb[ \eh j^[ fbWdd_d] WdZ ik]][ijiikY^WijhWj[]omekbZX[ceij[\\[Yj_l[ cWdW][c[dj e\ _ji heWZi" WdZ _j Wbie i[hl[i j^[ _\ \ehckbWj[Z ed W ckbj_#ceZWb XWi_i j^Wj i[ji Ie^WhCkd_Y_fWb_jo$?jh_]^jbocWdW][icWdoe\_ji ekj"YedYh[j[bo\ehj^[d[Wh#j[hcWdZ_dZ_YWj_l[bo emd jhWdifehj W\\W_hi cWa_d] Z[Y_i_edi j^Wj Wh[ \eh j^[ bed]#j[hc" j^[ ]el[hdc[djÊi ijhWj[]_Y i[di_j_l[je_jiif[Y_ÓYd[[ZiWdZjhWdifehjki[hi$ eX`[Yj_l[i_djhWdifehj"j^[feb_Y_[ijeX[WZefj[Z J^[ijkZoÓdZideYWi[\eh\kdZWc[djWbWbj[hWj_ed jeikffehjj^[ijhWj[]o"WdZj^[c[Wikh[ijeX[ _d XWbWdY[ e\ WZc_d_ijhWj_l[ h[ifedi_X_b_j_[i _cfb[c[dj[Z_dj^[i[YjehWiWm^eb["WdZ_d[WY^ X[jm[[d CEJ9 WdZ j^[ cW`eh ckd_Y_fWb_j_[i" ikX#i[Yjeh" je WY^_[l[ j^[ eX`[Yj_l[i$ 7 dWj_edWb Xkj CEJ9 d[[Zi ik\ÓY_[dj fem[hi je [dikh[ jhWdifehjijhWj[]omekbZWbiei[jekjj^[heb[e\ Yedi_ij[dYo e\ YedijhkYj_ed WdZ cW_dj[dWdY[ h[]kbWj_edl[hikiYecf[j_j_ed1j^[heb[ie\fh_lWj[ ijWdZWhZie\dWj_edWb^_]^mWoij^WjfWiij^hek]^ i[Yjehl[hikifkXb_Yi[Yjeh1WdZj^[WbbeYWj_ede\ khXWdWh[Wi$FbWdd_d]\ehWdZYedjhWYjcWdW][c[dj fkXb_Y h[iekhY[i WdZ _dl[ijc[dji je Z_\\[h[dj e\khXWdfkXb_YjhWdifehjef[hWj_edic_]^jWbieX[ ceZ[i e\ jhWdifehj WdZ Z_\\[h[dj fhe]hWci$ Z[b[]Wj[ZjeCkiYWjCkd_Y_fWb_joWdZej^[hbWh][ DWj_edWb jhWdifehj ijhWj[]_[i Wh[ dehcWbbo ckd_Y_fWb_j_[i"Yedi_ij[djm_j^]eeZ_dj[hdWj_edWb YWfjkh[Z_dWZeYkc[djfh[fWh[ZWdZfkXb_i^[ZXo fhWYj_Y[$ J^[ [n[hY_i[ e\ j^[i[ h[ifedi_X_b_j_[i j^[ ikf[hl_i_d] c_d_ijho Xkj e\j[d Wbie WZefj[Z i^ekbZX[Yedi_ij[djm_j^j^[c_d_ijhoÊidWj_edWb Wi ]el[hdc[dj feb_Yo$ J^[o ]k_Z[ j^[ c_d_ijho fkXb_YjhWdifehjZ[l[befc[djfeb_Y_[i"WdZi^ekbZ (- Wbie X[ YedZ_j_edWb ed WZ[gkWj[ ckd_Y_fWb ijW\\ Yecc_jj[[_ji[b\m_bbedboX[\kbbo[\\[Yj_l[m^[d h[iekhY[i_dfbWY[je\kbÓbj^_ih[ifedi_X_b_jo$ _j^WiWf[hcWd[dji[Yh[jWh_Wjje]_l[_jZ[Z_YWj[Z h[iekhY[i\ehXWYa]hekdZh[i[WhY^\eh_iik[ij^Wj Ifc\f]DFIDNI j^[ Yecc_jj[[ hW_i[i WdZ \eh \ebbem#j^hek]^ e\ CEHCMHÊi h[]_edWbbo eh_[dj[Z cWdZWj[ Z[Y_i_edi cWZ[$ M[ kdZ[hijWdZ j^Wj W fhefeiWb ik]][iji_j_iWdWffhefh_Wj[[dj_jojeWZc_d_ij[h \eh ikY^ W i[Yh[jWh_Wj _i X[_d] Yedi_Z[h[Z$ ?j _i h[]_edWb WdZ ckd_Y_fWb heWZi _d j^[ ded#cW`eh _cfehjWdj j^Wj CEJ9 X[ W ijhed] Yedjh_Xkjeh ckd_Y_fWb_j_[i$EcWdWiWm^eb[^WiWbWh][bWdZ je j^[ Yecc_jj[[ WdZ ikffehji j^[ meha WdZ Wh[W je WYY[ii Xkj h[bWj_l[bo icWbb fefkbWj_ed je [nf[hj_i[e\j^[i[Yh[jWh_Wj$ cWdW][ WYY[ii_X_b_jo WdZ dej Wbb ikX#dWj_edWb WZc_d_ijhWj_edi ^Wl[ j^[ h[iekhY[i eh YWfWY_jo Ifc\f]dXafigfik[\m\cfgd\ek\ek`k`\j je Wiikc[ ikY^ h[ifedi_X_b_jo$ CEHCMH" m_j^ J^[ Ykhh[dj Z_l_i_ed e\ feb_Yo WdZ h[]kbWjeho _ji h[]_edWb h[c_j" f[h\ehci W lWbkWXb[ heb[ m_j^ h[ifedi_X_b_j_[i X[jm[[d CEJ9 WdZ _dZ_l_ZkWb h[if[Yj je h[]_edWb WdZ ckd_Y_fWb heWZi ekji_Z[ fehj[dj_j_[imekbZWbieX[d[Ój\hech[XWbWdY_d]$ j^[ bWh][ ckd_Y_fWb_j_[i$ 8kj j^[h[ Wff[Whi 7 \kjkh[ _dij_jkj_edWb WdZ ]el[hdWdY[ ijhkYjkh[ je X[ W ][d[hWb bWYa e\ YbWh_jo _d `kh_iZ_Yj_edWb i^ekbZijh[d]j^[dj^[]el[hdc[djÊiijhWj[]oWdZ h[ifedi_X_b_j_[i \eh beYWb WdZ i[YedZWho heWZi" feb_Yo _d j^[ fehji ikX#i[Yjeh" WbX[_j jWa_d] _dje _dik\ÓY_[dj YeehZ_dWj_ed X[jm[[d CEJ9 WdZ WYYekdj fh[#[n_ij_d] W]h[[c[dji WdZ YedjhWYji$ CEHCMH"fheXb[cie\Yedi_ij[dYo_dZ[i_]dWdZ 8ki_d[iiijhWj[]_[ie\WbbijWa[^ebZ[hi"[if[Y_Wbbo iW\[joijWdZWhZi\ehCEHCMH#WZc_d_ij[h[ZheWZi" I;P%_dZkijh_Wb fehj Z[l[bef[hi" YWd j^[d X[ WdZbWYae\Wfhef[hcW_dj[dWdY[eh]Wd_pWj_ed\eh ]hWZkWbbo h[Wb_]d[Z je dWj_edWb feb_Yo eX`[Yj_l[i$ CEHCMH heWZi$ J^[i[ fheXb[ci mekbZ X[ ceij CEJ9 i^ekbZ Z[l[bef YWfWY_jo je ikffb[c[dj [\\[Yj_l[boWZZh[ii[Z_dWYbWh_ÓYWj_ede\heb[iWdZ _ji fehj fbWdd_d] \kdYj_ed Xo kdZ[hjWa_d] el[hWbb h[ifedi_X_b_j_[i j^hek]^ W b[]Wbbo YeZ_Ó[Z heWZi fehj i[Yjeh \WY_b_jWj_ed WdZ [d]W][ m_j^ ej^[h YbWii_ÓYWj_ed$ CEJ9 mekbZ ^Wl[ el[hWhY^_d] ]el[hdc[djW][dY_[iikY^WiYkijeci"WdZfh_lWj[ h[ifedi_Xbo\ehj^[YbWii_ÓYWj_ede\WbbheWZi"j^ei[ i[YjehfWhj_Y_fWdjiikY^Wi\h[_]^j\ehmWhZ[hiWdZ jeX[WZc_d_ij[h[ZXo_jWdZj^ei[jeX[cWdW][Z be]_ij_Yii[hl_Y[fhel_Z[hi"jeYedj_dkekiboh[l_[m Xo ej^[h [dj_j_[i$ J^[ heWZi YbWii_ÓYWj_ed mekbZ i[Yjehf[h\ehcWdY[WdZ[dYekhW][fhWYj_Y[ij^Wj Wii_]d j[hh_jeh_Wb%WZc_d_ijhWj_l[ h[ifedi_X_b_jo [b_c_dWj[ YedijhW_dji je j^[ efj_cWb \kdYj_ed_d] \eh [WY^ if[Y_ÓY fkXb_Y heWZ eh heWZ i[Yj_ed e\ j^[ fehj be]_ij_Yi Y^W_d$ ?j i^ekbZ ced_jeh _d j^[ Yekdjho" \khj^[h Z_\\[h[dj_Wj[Z Xo hkhWb" el[hWbb fehj i[Yjeh f[h\ehcWdY[ _j i[[ci j^Wj c[jhefeb_jWd" WdZ khXWd ikX#ioij[ci$ CEJ9 fehji Ykhh[djbo a[[f j^[_h ZWjW je j^[ci[bl[i i^ekbZjWa[j^[b[WZheb[_dYh[Wj_d]j^[dWj_edWb WdZ fkXb_i^ h[]kbWh ÓdZ_d]i WdZ WdWboi[i e\ a[o heWZiYbWii_ÓYWj_edWdZ_dl[djeho" WdZ Wbie^Wl[ f[h\ehcWdY[_dZ_YWjehi$ h[ifedi_X_b_jo \eh _cfei_d] Yedi_ij[dj ijWdZWhZi e\Z[i_]dWdZZ[b_l[ho"_iik_d]j[Y^d_YWb]k_ZWdY[" Ifc\f]D`e`jkipf]=`eXeZ\ WdZced_jeh_d]e\j^[YedZ_j_edWdZf[h\ehcWdY[ J^[ C_d_ijho e\ <_dWdY[ hWj^[h j^Wd CEJ9 _i j^[ e\WbbheWZi_dEcWd$ emd[hedX[^Wb\e\j^[ijWj[e\Wbbj^[i^Wh[ie\ ijWj[#emd[Z Yecc[hY_Wb jhWdifehj YecfWd_[i Ifc\f]IfpXcFdXeGfc`Z\ ikY^ Wi EDJ9" D<9" WdZ I?F9$  J^_i ^Wi iec[ J^[ Ykhh[dj Z_l_i_ed e\ heb[i X[jm[[d CEJ9 c[h_j_d]el[hdWdY[j[hci1cWdoYekdjh_[iZ[[c WdZ HEF _d cWdW]_d] fh_lWj[ heWZ jhWdifehj _j]eeZfhWYj_Y[jei[fWhWj[j^[\kdYj_ede\i^Wh[ ef[hWj_edi WdZ iW\[jo YekbZ X[ X[d[ÓY_Wbbo emd[hi^_f _d ijWj[ YecfWd_[i \hec j^[ i[Yjeh h[XWbWdY[Z$?j_ij_c[bojeYedi_Z[hWYb[WhjhWdi\[h c_d_ijhojeWle_Zj^[bWjj[hÓdZ_d]_ji[b\feb_j_YWbbo e\heWZjhWdifehjh[]kbWj_edfeb_YoWdZfWhje\j^[ Yecfhec_i[Z m^[d YecfWd_[i ef[hWj_d] _d h[]kbWjeho el[hi_]^j je CEJ9$ HEF YekbZ h[jW_d Yecf[j_j_l[" Yecc[hY_Wb cWha[ji ^Wl[ je cWa[ h[ifedi_X_b_jo \eh j^[ WZc_d_ijhWj_ed e\ Zh_l[h ^WhZXki_d[iiZ[Y_i_edi$J^[ej^[hi_Z[e\j^[Ye_d WdZl[^_Yb[b_Y[di[_iik["Xkj_dWYYehZWdY[m_j^ _ij^Wjj^[feb_Yoc_d_ijho"kd[dYkcX[h[ZXoj^[ CEJ9#Z[j[hc_d[Z b_Y[di_d] feb_Y_[i$ HEF i^ekbZ h[ifedi_X_b_j_[i e\ emd[hi^_f" d[[Z dej fhej[Yj h[jW_d fh_c[ h[ifedi_X_b_jo \eh j^[ l_jWb jWiai e\ j^[ YehfehWj[ _dj[h[iji e\ fWhj_YkbWh [dj_j_[i Xkj Yecfb_WdY[WdZ[d\ehY[c[dj$ _dij[WZYh[Wj[WYecf[j_j_l[bod[kjhWb\hWc[meha Wi X[jm[[d fkXb_Y WdZ fh_lWj[ i[hl_Y[ fhel_Z[hi$ 7 h[lWcf[Z heWZ iW\[jo ]el[hdWdY[ ijhkYjkh[ M^_b[j^[ijkZoZe[idejWZleYWj[Y^Wd][i_dj^[ YekbZ Wbie Yedj_dk[ je X[ Z[i_]dWj[Z b[WZ CE<Êii^Wh[emd[hi^_fe\j^[ijWj[YecfWd_[i"_j [dj_jo ed Yedl[d_d] WdZ Y^W_h_d] j^[ DWj_edWb Ze[i ijh[ii j^[ d[[Z \eh W b[l[b fbWo_d] Ó[bZ _d 9ecc_jj[[edHeWZIW\[jo$HEF_iWjj^[Çi^Whf _dZkijho feb_Y_[i WdZ h[]kbWj_ed" fWhj_YkbWhbo Wi [dZÈe\jhW\ÓYWYY_Z[dj[nf[h_[dY[WdZ_ji^kcWd h[]WhZi fkXb_Y jhWdifehj i[hl_Y[i _d m^_Y^ EDJ9 WdZcWj[h_WbYeiji$?jXh_d]ij^[_cc[Z_WYoe\j^_i Ykhh[djbo^WiWfh_l_b[][Zfei_j_ed$ (. [nf[h_[dY[jej^[mehae\j^[Yecc_jj[[$8kjj^[ =i\`^_kcf^`jk`Zj ZkWb heb[ e\ X[_d] Y^W_hcWd e\ j^[ YekdY_b WdZ J^[_dij_jkj_edWb\hWc[meha\ehbe]_ij_Yid[[Zije Z_h[Yjeh e\ j^[ Y[dj[h mekbZ Yedjh_Xkj[ je j^[_h cWa[WYheii#i[YjehWhhWd][c[djX[YWki[_jYkji X[Yec_d] Wd e\ÓY_Wb Çbe]_ij_Yi Y^Wcf_ed"È WdZ WYheii ie cWdo Z_\\[h[dj c_d_ijh_[i WdZ _dZkijho X[ j^[ _dij_jkj_edWb WdZ fkXb_Y \WY[ e\ be]_ij_Yi ijWa[^ebZ[hi" dej `kij jhWdifehj$ <[m Yekdjh_[i _d EcWd$ J^[ i[YedZ fWhj e\ j^[ ijhkYjkh[" j^[ ^Wl[ cWdW][Z je ÓdZ W m^ebbo iWj_i\WYjeho Be]_ij_Yi9[dj[h"mekbZfhel_Z[j[Y^d_YWbikffehj _dij_jkj_edWbWhhWd][c[dj\ehj^[be]_ij_Yii[Yjeh" WdZWYjWii[Yh[jWh_Wjjej^[YekdY_b"WdZfhel_Z[ bWh][bo X[YWki[ _ji WYj_l_j_[i Ze dej Yb[Whbo \Wbb ijhWj[]_Y WdZ j[Y^d_YWb ikffehj je j^[ be]_ij_Yi m_j^_d j^[ iYef[ e\ W i_d]b[ c_d_ijho Xkj Wh[ i[Yjeh$ J^[ j^_hZ fWhj e\ ijhkYjkh[ mekbZ X[ W \hW]c[dj[Z m_j^_d i[l[hWb" _dYbkZ_d] jhWdifehj" Be]_ij_Yi 9edikbjWj_l[ 9ecc_jj[[" fhel_Z_d] Wd jhWZ[WdZYecc[hY["_dj[h_eh"W]h_Ykbjkh["_dZkijho" _dj[h\WY[X[jm[[dj^[fh_lWj[WdZfkXb_Yi[Yjehi$ WdZ ijWdZWhZi$ J^[ h[Yecc[dZ[Z jh_fWhj_j[ J^[ Z_h[Yjeh e\ j^[ YekdY_b mekbZ dec_dWj[ _ji _dij_jkj_edWb\hWc[meha_i_dZ_YWj[Z_d<_]kh[*$'$ Y^W_hcWd" WdZ _j mekbZ _dYbkZ[ h[fh[i[djWj_ed e\ j^[cWdoYecfWd_[i_dlebl[Z_dbe]_ij_YiWYj_l_j_[i J^[ f[Wa XeZo mekbZ X[ W Be]_ij_Yi 9ekdY_b" Wi m[bb Wi h[fh[i[djWj_l[i e\ j^[ iWc[ fkXb_Y m_j^ h[fh[i[djWj_ed e\ Wbb fkXb_Y i[Yjeh W][dY_[i i[YjehW][dY_[iWih[fh[i[dj[Z_dj^[YekdY_b"Xkj _dlebl[Z_dj^[i[Yjeh$?jiY^W_hcWdmekbZh[fehj Wj W bem[h b[l[b$ CEJ9 mekbZ X[ h[fh[i[dj[Z ed je j^[ ^_]^[ij b[l[b e\ ]el[hdc[dj WdZ mekbZ j^[YekdY_bXoj^[c_d_ij[hWdZedj^[Yecc_jj[[ WbieX[Z_h[Yjehe\WdEcWdBe]_ij_Yi9[dj[h$J^[ XoW^_]^#b[l[bc_d_ijhoe\ÓY_Wb$ >A?MJ=,&)Fhefei[ZijhkYjkh[\ehbe]_ij_Yi_cfhel[c[djWdZel[hi_]^j_dEcWd Be]_ij_Yi Dg_akla[k Y^Wcf_ed ;gmf[ad Dg_akla[k I[Yh[jWh_Wj ;]fl]j Dg_akla[k :WjWWdZ ;ZkYWj_edWdZ Be]_ij_Yi ;gfkmdlYlan] fbWdd_d] jhW_d_d] ijhWj[]o ;geeall]] H;9ECC;D:;:9>7D=;I?DCEJ9IJHK9JKH; 8^\eZp]iXd\nfib X[jj[hf[h\ehc[ZXo[dj_j_[ibWh][WdZif[Y_Wb_p[Z J^[ ijkZo h[Yecc[dZ[Z CEJ9 X[ h[eh]Wd_p[Z [dek]^ je `kij_\o ef[hWj_ed Wi i[fWhWj[ kd_ji$ _dje W ijhkYjkh[ j^Wj mekbZ WZZh[ii iec[ e\ j^[ ?d fh_dY_fb[" ikY^ [dj_j_[i YekbZ X[ Yedij_jkj[Z _dj[hdWbYedÔ_Yji_dj^[[n_ij_d]kd_jWhoijhkYjkh[$ Wi [n[Ykj_l[ W][dY_[i e\ CEJ9" Wi ijWjkjeho JhWdifehj ijhWj[]o WdZ feb_Yo i^ekbZ h[cW_d Wkj^eh_j_[i eh _d j^[ YWi[ e\ _d\hWijhkYjkh[ kdWcX_]kekibo j^[ h[ifedi_X_b_jo e\ W c_d_ij[h" fhel_i_edWiYecfWd_[iJWXb[*$'$ ef[hWj_d]m_j^_dj^[\hWc[mehaWdZYedl[dj_edi e\ W ]el[hdc[dj c_d_ijho$  >em[l[h" CEJ9Êi _d\hWijhkYjkh[ WdZ h[]kbWjeho \kdYj_edi YekbZ X[ (/ L9:D=,&)CW_d\ehcie\if[Y_Wb_ij]el[hdc[dj[dj_jo >GJE LQHA;9D>=9LMJ=K =P=;MLAN= 7i[fWhWj[boÇXhWdZ[ZÈWdZcWdZWj[ZW][dYoe\W]el[hdc[djc_d_ijhoeh]el[hdc[dj 9?=F;QG> Z[fWhjc[dj"\ehcWbboWYYekdjWXb[jej^[c_d_ij[h"j^ek]^ef[hWj_d]ZWo#je#ZWoWjWhcÊi L@=EAFAKLJQ b[d]j^WdZiec[j_c[im_j^WdWZl_iehoXeWhZ$8[ijfhWYj_Y[_ije[n[hY_i[el[hWbbfeb_Yo Z_h[Yj_edWdZWYYekdjWX_b_joj^hek]^WjhWdifWh[djWddkWbf[h\ehcWdY[W]h[[c[dj hWj^[hj^WdZWo#je#ZWoYeccWdZWdZYedjheb\hecj^[c_d_ijho$IkY^W][dY_[iWh[ lWh_ekiboh[\[hh[ZjeWic_d_ijhoW][dY_[i"Z[fWhjc[djWbW][dY_[i"WdZ[n[Ykj_l[ W][dY_[i$ KL9LMLGJQ ;ijWXb_i^[ZijWjkjeh_bo_$[$XobWmWiWdWkjedeceki[dj_jo"^[WZ[ZXoWZ[i_]dWj[Z 9ML@GJALQ 9;E"WYecc_ii_edehiec[j_c[iW]el[hd_d]XeWhZ$E\j[dm_j^Z[Ód[Zh[fehj_d] eXb_]Wj_edijeWb_d[c_d_ijho"Xkjm_j^W^_]^Z[]h[[e\_dZ[f[dZ[dY[e\Z[Y_i_ed#cWa_d] WdZWi[fWhWj[XkZ][j_d]\hWc[meha\hecj^[el[hi_]^jc_d_ijho$ KL9L=%GOF=< ;ijWXb_i^[ZkdZ[hif[Y_ÓYb[]_ibWj_edehh[]_ij[h[ZkdZ[h][d[hWbYecfWdobWm$Jof_YWbbo ;GEH9FQ ki[Z\ehYecc[hY_Wb[dj[hfh_i[iYecf[j_d]m_j^fh_lWj[i[YjehYecfWd_[i^[dY[ [gk_lWb[djb[]Wb\hWc[meham_j^YecfWdofkhfei[ii[jekj_dYecfWdoc[cehWdZWWdZ Whj_Yb[i$H_]^jiWdZeXb_]Wj_edie\W]el[hd_d]XeWhZjof_YWbboZ[j[hc_d[ZXoYecfWdo bWm$C_d_ij[h_Wbfeb_j_YWb_dfkjjof_YWbbo[n[hj[Zj^hek]^i^Wh[^ebZ[hc[[j_d]iWdZ Wffe_djc[dje\XeWhZ$ J^[ ijkZo h[Yecc[dZ[Z j^Wj d[m W][dY_[i X[ _dEcWd^WiX[[dj^Wjm^[dd[mWkj^eh_j_[ij^Wj Yedij_jkj[ZWi[n[Ykj_l[W][dY_[ie\j^[c_d_ijho Wh[dejikX`[YjjeZ_h[Yjc_d_ij[h_Wbel[hi_]^j^Wl[ h[\[hh[Z je ^[h[_dW\j[h i_cfbo Wi W][dY_[i," X[[dYh[Wj[ZWYYekdjWX_b_jo^Wiiec[j_c[iX[[d h[ifedi_Xb[ _d feb_Yo" XkZ][j_d]" WdZ el[hi_]^j hWj^[hm[Wa$ j[hcijeCEJ9$J^[W][dYoceZ[bfhel_Z[i\ehj^[ \eYki_d]WdZÇXhWdZ_d]Èe\W][dYoh[ifedi_X_b_j_[i 7 ijhkYjkh[ XWi[Z ed W][dY_[i hWj^[h j^Wd m^_b[ ij_bb h[jW_d_d] j^[ WZlWdjW][i _d j[hci _dZ[f[dZ[dj Wkj^eh_j_[i fhel_Z[i j^[ Ô[n_X_b_jo e\ fkXb_Y WZc_d_ijhWj_ed WdZ WYYekdjWX_b_jo e\ je Y^Wd][ WdZ WZWfj Xo c_d_ij[h_Wb ehZ[h" hWj^[h ÇX[bed]_d]ÈjeWfeb_Yoc_d_ijhoj^WjYWdZ[j[hc_d[ j^Wd ceh[ \kdZWc[djWb b[]Wb Y^Wd][$ J^_i i[Yjeh fh_eh_j_[i WdZ h[iekhY[ WbbeYWj_ed ed W mekbZ [dWXb[ W][dYo ef[hWj_edi je X[ _cfhel[Z ckbj_#ceZWbXWi_i$J^[fem[hiWdZZkj_[ie\[WY^ m_j^ [nf[h_[dY[ WdZ Y^Wd]_d] Y_hYkcijWdY[i$ ?j W][dYomekbZX[i[jekj_dWdW][dYocWdZWj[$ mekbZ Wbie Wle_Z kdd[Y[iiWho fheb_\[hWj_ed e\ Wkjedeceki ]el[hdc[dj [dj_j_[i j^Wj _dlebl[ J^[ 9;E eh [gk_lWb[dj e\ÓY_Wb e\ [WY^ W][dYo WZZ_j_edWbWZc_d_ijhWj_l[Yeijim_j^_dZ[f[dZ[dj mekbZ h[fehj Z_h[Yjbo je j^[ c_d_ij[h$ J^_i XkZ][j b_d[i$ J^[ W][dY_[i h[Yecc[dZ[Z mekbZ WhhWd][c[djYedjW_diW]el[hdWdY[h_iae\kdZk[ X[\kdZ[Z\hecWbbeYWj_edie\CEJ9XkZ][jb_d[i$ feb_j_YWb _dÔk[dY[ Xkj _j _i `kZ][Z j^Wj j^_i h_ia _i ekjm[_]^[Z Xo j^[ d[[Z \eh Óhc feb_Yo _dfkj EldY\if]X^\eZ`\j WdZ feb_j_YWb WYYekdjWX_b_jo _d j^[ Yedj[nj e\ J^[ ijkZo h[Yecc[dZ[Z j^Wj CEJ9 [ijWXb_i^ d[m WdZ m_Z[h heb[i WdZ h[ifedi_X_b_j_[i X[_d] j^h[[ W][dY_[i0 W HeWZi 7][dYo H7" W BWdZ h[Yecc[dZ[Z\ehCEJ9$J^[i[_cfboj^[d[[Z\eh JhWdifehj7][dYoBJ7"WdZWFehjiWdZCWh_j_c[ ijhed]d[mfeb_YoZ_h[Yj_edi_dWbbikX#i[Yjehi"WdZ 7][dYo FC7$  J^_i ijhkYjkh[ mekbZ i[fWhWj[ W d[[Z \eh d[m \ehci e\ YeehZ_dWj_ed X[jm[[d _d\hWijhkYjkh[ WdZ h[]kbWjeho \kdYj_edi \hec j^[ dWj_edWb WdZ ikX#dWj_edWb ]el[hdc[dji _d j^[ c_d_ijhoÊi Yeh[ ijhWj[]o WdZ feb_Yo \kdYj_edi$ ?j Z_iY^Wh][ e\ h[ifedi_X_b_j_[i$ ?j _i dej i_cfbo W mekbZ \khj^[h i[fWhWj[ jhWdifehj _d\hWijhkYjkh[ gk[ij_ede\i[jj_d]kfW][dY_[ijef[h\ehcWm[bb# fhel_i_ed \hec jhWdifehj _dZkijho h[]kbWj_ed [ijWXb_i^[Z[n[Ykj_l[jWia$Ceh[el[h"[nf[h_[dY[ m^_Y^ Wh[ \kdZWc[djWbbo Z_\\[h[dj WdZ ki[ ,  :_iYkii_ed e\ c_d_ij[h_Wb W][dY_[i WdZ ]k_Z[b_d[i%h[]kbWj_edi \eh j^[_h [ijWXb_i^c[dj YWd X[ \ekdZ _d" Wced]ij ej^[hi" D[m P[WbWdZ ^jjfi0%%mmm$iiY$]elj$dp%i_j[i%Wbb%Ób[i%Xfi#()&,+*)$fZ\1 Kd_j[Z A_d]Zec ^jjfi0%%mmm$]el$ka%]el[hdc[dj%kfbeWZi%ioij[c%kfbeWZi%WjjWY^c[djUZWjW%Ób[%.&&-,%[n[YUW][dY_[iU ]k_ZWdY[UeYj&,U&$fZ\1 7kijhWb_W ^jjf0%%mmm$ÓdWdY[$]el$Wk%WhY^_l[%h[iekhY[#cWdW][c[dj%]el[hdWdY[% ]el[hdWdY[#WhhWd][c[dji#\eh#WkijhWb_Wd#]el[hdc[dj#XeZ_[i%1  WdZ 9WdWZW ^jjf0%%mmm$gf$WbX[hjW$YW%'(,,$ )& Y\c5fW][37)'F+$Y\cb[]Ujof[37Yji_iXdYbd3/-.&--/-,')))Z_ifbWo3^jcb Z_\\[h[dj ia_bb i[ji$ <_dWbbo" _j mekbZ i[fWhWj[ XWbWdY[ X[jm[[d j^[ WZlWdjW][i e\ \kdYj_edWb bWdZ jhWdifehj h[]kbWj_ed cW_dbo _dlebl_d] Z_\\[h[dj_Wj_ede\\[h[ZXoceh[W][dY_[iWdZj^[ Zec[ij_Y _iik[i WdZ cWha[ji \hec fehji WdZ Z_iWZlWdjW][i e\ \hW]c[djWj_ed _\ j^[h[ Wh[ jee cWh_j_c[h[]kbWj_edceh[j[Y^d_YWbboif[Y_Wb_i[Z cWdo$JWXb[*$(Z[iYh_X[ij^[heb[WdZ\kdYj_edie\ m_j^ cW_dbo _dj[hdWj_edWb jhWdifehj cWha[ji$ CEJ9WdZj^[j^h[[W][dY_[i_dj^[h[Yecc[dZ[Z J^[ jh_fWhj_j[ iebkj_ed h[fh[i[dji W h[WiedWXb[ ceZ[b$ L9:D=,&*Heb[WdZ\kdYj_edie\CEJ9WdZW][dY_[ikdZ[hh[Yecc[dZ[ZceZ[b EAFAKLJQG>LJ9FKHGJL9F<;GEEMFA;9LAGFK EGL;! CEJ9mekbZX[h[ifedi_Xb[\ehckbj_#ceZWbjhWdifehjijhWj[]oWdZfeb_Yo_dEcWd$?jmekbZi[jj^[ijhWj[]_Y eX`[Yj_l[i [Yedec_Y" ÓdWdY_Wb" [dl_hedc[djWb" WdZ ieY_Wb WdZ ^ebZ _ji W][dY_[i WYYekdjWXb[ \eh ]eeZ f[h\ehcWdY[_dc[[j_d]j^[c$?jiijhWj[]_Yheb[imekbZ_dYbkZ["_dj[hWb_W0j^[Yh[Wj_ede\j^[W][dYoijhkYjkh[ WdZ cWdZWj[i1 j^[ heb[ e\ h[]kbWj_ed l[hiki Yecf[j_j_ed1 j^[ heb[i e\ fh_lWj[ i[Yjeh l[hiki fkXb_Y i[Yjeh1 _dj[hdWj_edWbjhWdifehjW]h[[c[djiWdZd[]ej_Wj_edi1WdZj^[WbbeYWj_ede\fkXb_Yh[iekhY[iWdZ_dl[ijc[dji je Z_\\[h[dj ceZ[i e\ jhWdifehj WdZ W][dY_[i$ CEJ9 mekbZ Wbie WZefj if[Y_ÓY fh_eh_jo feb_Yo _d_j_Wj_l[i" [if[Y_WbboYheii#Ykjj_d]ed[i"jem^_Y^W][dY_[ii^ekbZ]_l[if[Y_ÓYWjj[dj_ed_dj^[_hfbWdiWdZmeha$ ?j mekbZ i[j ekj _ji feb_Yo \hWc[meha" fh_eh je W][dYo fbWdd_d]%XkZ][j_d] YoYb[" _d W Feb_Yo WdZ Fhe]hWci =k_ZWdY[FF=ZeYkc[dj\ehW][dY_[i$?jmekbZW]h[[jeWdWddkWbbokfZWj[Z"hebb_d]ckbj_#WddkWbFhe]hWc WdZF[h\ehcWdY[7]h[[c[djFF7m_j^[WY^W][dYo"ZhW\j[ZXoW][dY_[i"WdZWffhel[ZXoj^[c_d_ij[h"je h[Ô[Yjj^[FF=$FF7mekbZ_dYbkZ[j^[f^oi_YWbfhe]hWcZ[b_l[hojWh][jiWdZ[\ÓY_[dYoWdZ[\\[Yj_l[d[ii f[h\ehcWdY[ jWh][ji$ J^[ FF7 mekbZ f[h\ehc j^[ heb[ e\ W ÇYedjhWYjÈ X[jm[[d j^[ Yb_[dj CEJ9 WdZ j^[ W][dYo"i[jj_d]ekjm^Wjj^[Yb_[djm_bbfWoj^[W][dYoXkZ][jWdZm^Wj_j[nf[Yji_dh[jkhdj^[fhe]hWc jWh][ji$?jmekbZced_jehj^[f[h\ehcWdY[e\W][dY_[i_dc[[j_d]j^[FF7$ JG9ebZiW][dYo9;EWYYekdjWXb[\ehc[[j_d]j^[FF7 N 7ffe_djic[cX[hie\j^[W][dYoÊiWZl_iehoXeWhZ N CWdW][ij^[W][dYoedWZWo#je#ZWoXWi_i N :[j[hc_d[ij^[WYj_l_joWdZh[iekhY_d]fbWdijeZ[b_l[hj^[FF7 N C[[jim_j^j^[W][dYoÊiWZl_iehoXeWhZWjh[]kbWh_dj[hlWbije N h[fehjedWdZZ_iYkiiW][dYocWjj[hi Lebkdj[[hiWZl_Y[ehWjc_d_ij[h_Wbh[gk[ijWZl_i[ic_d_ij[hed N feb_Yo_iik[ih[b[lWdjjej^[W][dYo ?d\ehcic_d_ij[he\[l[djiWdZ_iik[i_dZ_iY^Wh]_d]_jicWdZWj[ N j^WjcWoX[e\i_]d_ÓYWdjfkXb_Y_dj[h[ij H[ifedZijefkXb_YYecfbW_djijej^[W][dYoehYecfbW_dji N h[\[hh[ZXoj^[c_d_ij[hjej^[W][dYo Fhel_Z[ic_d_ij[hm_j^Yef_[ie\Wdoh[YehZi"WYYekdji"h[fehji[jY$ N Wih[gk[ij[ZXoc_d_ij[h ?iik[iWdWddkWbh[fehje\W][dYoWYj_l_j_[i N C[[jiWj_dj[hlWbiZ[Ód[Z_dj^[W][dYoÊicWdZWj[ N I[b[YjiWY^W_hf[hied\hecWced]_jic[cX[hi N H[l_[miWdZYecc[djiedj^[W][dYoÊiZhW\jFF7fh_ehje N ÓdWb_pWj_ed =[d[hWbboWZl_i[ij^[9;Eedj[Y^d_YWbehef[hWj_edWb_iik[i N h[]WhZ_d]W][dYoÊifhe]hWcWdZf[h\ehcWdY[ 7j9;Eehc_d_ij[hÊih[gk[ij"[ijWXb_i^[iif[Y_ÓYmeha_d]]hekfi N jeijkZoWdZh[fehjedif[Y_ÓY_iik[i ;ijWXb_i^[iWh[ckd[hWj_edYecc_jj[[jeh[l_[mW][dYo N h[ckd[hWj_ed%XedkifbWdiWdZh[fehjje9;Ej^[h[ed )) >A?MJ=,&*CW_dh_iaie\Yh[Wj_d]WdW][dYoijhkYjkh[ JAKCK ?GN=JF9F;= M[Wa[d_d]e\fkXb_Yel[hi_]^je\W][dYoWYj_l_j_[i AF=JLA9 9eic[j_YY^Wd][edbom_j^deX[jj[hekjYec[i J=KGMJ;AF? >kcWdh[iekhY[YWfWY_joYedijhW_dji >AF9F;A9 ;nY[ii_l[ef[hWj_d]Yeijie\d[mW][dY_[i I`jbjf]i\jkilZkli`e^DFK: Ç[cfem[h_d]È WffheWY^" m^_Y^ Z[b[]Wj[i ceh[ H[ijhkYjkh_d]WXkioc_d_ijho_d[l_jWXbo_dlebl[i h[ifedi_X_b_jo WdZ WYYekdjWX_b_jo je if[Y_Wb_p[Z h_iai$ J^[ \ekh cW_d h_iai Wh[ m_j^ h[if[Yj je kd_jie\j^[c_d_ijho$J^_ifh[ikffei[ij^Wjj^[ ]el[hdWdY["_d[hj_W"h[iekhY[ifWhj_YkbWhbo^kcWd h[gk_i_j[ cWdW][h_Wb WdZ j[Y^d_YWb f[hiedd[b h[iekhY[i"WdZÓdWdY_Wb_cfWYj<_]kh[*$($J^[ Wh[WlW_bWXb[jeX[Ç[cfem[h[ZÈWdZj^Wjj^[o h_iai YWd X[ c_j_]Wj[Z Xo Wffhefh_Wj[ WYj_edi _d ^Wl[ WYY[ii je j^[ j[Y^debe]o WdZ ioij[ci fbWdd_d]WdZ_cfb[c[djWj_edj^ek]^ded[YWdX[ je Ze j^[_h `eXi fhef[hbo$ J^[ d[m W][dY_[i [b_c_dWj[Z[dj_h[bo$ mekbZ h[gk_h[ if[Y_Wb_ij ijW\\ _d Z_iY_fb_d[i ikY^WijhWdifehj[Yedec_Yi"\_dWdY["jhWdifehj J^[ ]el[hdWdY[ h_ia _i j^Wj i[fWhWj[ W][dY_[i fbWdd_d]" WdZ h[]kbWj_ed je cWa[ j^[ d[m c_]^j jWa[ WZlWdjW][ e\ ]h[Wj[h Wkjedeco _d W][dY_[i[\\[Yj_l[$Ceh[el[h"CEJ9_ji[b\mekbZ [n[Ykj_l[\kdYj_edijeX[b[iih[ifedi_l[jej^[ d[[Z je X[ ijhed][h _d ckbj_#ceZWb jhWdifehj f[efb[WdZYecfWd_[im_j^m^ecj^[oZ[Wb$J^_i ijhWj[]o"feb_YoWdWboi_i"WdZfbWdd_d]je]k_Z[ mekbZX[c_j_]Wj[ZXoj^[h[Yecc[dZ[ZceZ[be\ j^[i[YjehWdZced_jehj^[W][dY_[iÊfhe]hWci$ [ijWXb_i^_d][n[Ykj_l[W][dY_[iWYYekdjWXb[jeW ?j _i h[Yecc[dZ[Z j^Wj Wd [Whbo Wii[iic[dj c_d_ij[h WdZ Xo j^[ h[Yecc[dZ[Z ÇYedjhWYjkWbÈ X[ cWZ[ e\ ia_bb d[[Zi WdZ ]Wfi _d j[hci e\ \hWc[meha e\ FF7i$ FkXb_Y el[hi_]^j mekbZ ]hWZkWj[#b[l[bfhe\[ii_edWbid[Y[iiWhoje\kb\_b X[ ijhed][h j^Wd dem j^hek]^ Wd eX`[Yj_l[bo j^[lWh_ekiheb[i$7dd[n8 ced_jeh[Z FF7 b_da[Z je Wd W][dYo XkZ][j$  ?d WZZ_j_ed" j^[ Yedj[dj e\ W][dYo cWdZWj[i J^[ÔdWdY_Wbh_ia_ij^Wjd[m[dj_j_[im_bbd[[Z ik]][ij[Z_dI[Yj_ed+mekbZh[gk_h[W][dY_[ije ehWjb[WijZ[cWdZX_]][hXkZ][jij^Wdj^ei[ ^Wl[W\ehcWbioij[ce\Z[Wb_d]m_j^YecfbW_dji j^[o h[fbWY[$ >em[l[h" ed[ e\ j^[ fkhfei[i e\ WdZf[h_eZ_YWbbojeh[fehjf[h\ehcWdY[_dZ[Wb_d] h[eh]Wd_pWj_ed_ije_dYh[Wi[\eYkiWdZ[\\_Y_[dYo m_j^YecfbW_djijeCEJ9$ j^[h[Xo o_[bZ_d] fheZkYj_l_jo _cfhel[c[dji$ ?\ j^[ el[hWbb iYef[ e\ j^[ c_d_ijhoÊi \kdYj_edi J^[ b_a[b_^eeZ e\ Yedi_Z[hWXb[ _d[hj_W _d m[h[jeh[cW_dkdY^Wd][Zj^[dh[eh]Wd_pWj_ed cWdW][c[djWdZWZc_d_ijhWj_l[ioij[ciYh[Wj[i YekbZ h[WiedWXbo X[ YWhh_[Z ekj m_j^_d j^[ W h[Wb h_ia j^Wj h[eh]Wd_pWj_ed YekbZ X[Yec[ XekdZWho e\ XkZ][j d[kjhWb_jo" m_j^ W feii_Xb[ i_cfboWYeic[j_Yh[WhhWd][c[dje\j^[Xen[i_d kfi_Z[ e\ WZc_d_ijhWj_l[ [\\_Y_[dYo iWl_d]i$ Wd eh]Wd_pWj_ed Y^Whj$ ?cfb[c[djWj_ed fbWdi m_bb 9edl[hi[bo" Wi Wh]k[Z _d I[Yj_ed )" j^[h[ _i h[ZkY[ j^_i h_ia _\ j^[o Xk_bZ Xej^ cWdW][c[dj W YWi[ \eh ijh[d]j^[d_d] ]el[hdWdY[ WdZ WdZ fheY[ii _cfhel[c[dji _dje j^[ W][dYo h[]kbWj_ed e\ j^[ jhWdifehj i[Yjeh _d i[l[hWb cWdZWj[i" WdZ dej b[Wl[ j^[i[ je X[ iehj[Z Wh[Wi" m^_Y^ m^_b[ cWa_d] j^[ c_d_ijho ceh[ ekj W\j[h h[eh]Wd_pWj_ed$ I[Yj_ed + fhel_Z[i [\\[Yj_l[ mekbZ h[gk_h[ WZZ_j_edWb ia_bbi WdZ W h[Yecc[dZ[Z fheY[ii \eh _cfb[c[djWj_ed h[iekhY[i$ J^[ ijkZo ^Wi dej kdZ[hjWa[d j^Wj ijh[ii[i j^[ _cfehjWdY[ e\ fbWdd_d] dej Z[jW_b[ZXkZ][jfbWdd_d]\ehj^[d[mW][dY_[i" `kij \eh ijhkYjkhWb Y^Wd][" Xkj Wbie \eh fheY[ii Xkjfh[b_c_dWho[ij_cWj[i_dZ_YWj[j^_iYekbZX[ _cfhel[c[dj$ ?j Wbie fhefei[i ikffehj \hec W _cfb[c[dj[Z[_j^[h_dWXkZ][j#d[kjhWbmWoeh cWdW][c[dj fhe\[ii_edWb m_j^ [nf[h_[dY[ e\ [l[dm_j^iWl_d]iYecfWh[Zjej^[ijWjkigke$ eh]Wd_pWj_edY^Wd][cWdW][c[dj$ J^[h_iamekbZj^[h[\eh[X[c_j_]Wj[ZXoi[jj_d] ijh_d][dj\_dWdY_WbjWh][ji\ehj^[d[mW][dY_[i J^[h[ _i W h_ia j^Wj ^kcWd h[iekhY[ Zkh_d] \ehcWj_ed WdZ Xo j^[ h[Yecc[dZ[Z YedijhW_dji mekbZ fh[l[dj j^[ j^[eh[j_YWb bed]#j[hcXkZ][j_d]\hWc[meha_dm^_Y^CEJ9 WZlWdjW][i e\ Wd W][dYo ijhkYjkh[ X[_d] YedjhebiW][dYoXkZ][ji$ )* h[Wb_p[Z _d fhWYj_Y[$ J^[ W][dYo ceZ[b _i Wd 7Yademb[Z]_d] h_iai" WdZ _Z[dj_\o_d] m^Wj YWd Fm\iXcckiXejgfikj\Zkfi]leZk`feXcdXg X[Zed[jec_j_]Wj[j^[c"_iWa[oYecfed[dje\ 7 ikccWho e\ j^[ \kdYj_edWb h[ifedi_X_b_j_[i Wdo _cfb[c[djWj_ed fbWd$ J^[ h_iai ik]][ij j^Wj e\ j^[ CEJ9 WdZ _ji cW_d W][dY_[i kdZ[h _cfb[c[djWj_ed fheY[[Z YWh[\kbbo$ 8kj YWh[\kbbo j^[ h[Yecc[dZ[Z ijhkYjkh[ WdZ iYef[ e\ Ze[i dej c[Wd j_c_Zbo$ 7do _cfb[c[djWj_ed h[ifedi_X_b_j_[i _i i^emd _d JWXb[ *$*" m^_Y^ fhe]hWc_iXekdZje^Wl[_jikfiWdZZemdiWdZ WZWfji j^[ fh[i[djWj_ed fh[l_ekibo fhel_Z[Z _d de _d_j_Wj_l[ YWd ikYY[[Z j^Wj XkYab[i m_j^ [WY^ JWXb[ ($' je i^em m^Wj j^[ el[hWbb ]el[hdWdY[ d[m ^[WZm_dZ$ :e_d] dej^_d] _i W h_ia_[h efj_ed ijhkYjkh[ e\ jhWdifehj _d EcWd mekbZ beea b_a[ m_j^h[]WhZje]eeZ]el[hdWdY[e\j^[jhWdifehj _\ j^[ Y^Wd][i Z_iYkii[Z _d j^_i i[Yj_ed m[h[ i[Yjeh j^Wd fkhik_d] j^[ Y^Wd][i h[Yecc[dZ[Z WZefj[Z$ 7 ceh[ Z[jW_b[Z iY^[Zkb[ e\ j^[ cW_d m_j^Yecc_jc[djWdZh[iebl[$ \kdYj_edi WdZ ikX#\kdYj_edi e\ [WY^ _dij_jkj_ed kdZ[h j^[ h[Yecc[dZ[Z iYef[ WdZ ijhkYjkh[ _i fhel_Z[Z_d7dd[n8$ L9:D=,&,Fhefei[ZjhWdifehji[Yjeh\kdYj_edWbcWff_d] HJAN9L=JG9< HM:DA;JG9< J9ADO9Q E9JALAE= >MF;LAGFK LJ9FKHGJL LJ9FKHGJL LJ9FKHGJL LJ9FKHGJL F9LAGF9D LJ9FKHGJL C_d_ijhoe\JhWdifehjWdZ9ecckd_YWj_ediCEJ9 KLJ9L=?Q9F< HGDA;Q FehjiWdZCWh_j_c[ 9MF;LAGFK [dj_j_[i ;n_ij_d]fehji0 [dj_j_[iWdZj[hc_dWb ef[hWjehi AF>J9KLJM;LMJ= EcWdHW_bmWo em[l[h" Xo Z_l[ij_d] ZWo#je#ZWo b_d[ [n[Ykj_l[ j^[ DWj_edWb HW_bmWo D[jmeha" WdZ je ]k_Z[ jWiaijeif[Y_Wb_ijW][dY_[i"CEJ9mekbZX[_dW EH9" Z[j[hc_d[ j^[ h[]kbWjeho feb_Y_[i WdZ X[jj[hfei_j_edje\eYkiedj^[i[X_]][hgk[ij_edi \hWc[meha\ehhW_bjhWdifehji[hl_Y[iYedi_ij[dj e\ijhWj[]oWdZfeb_Yoj^WjEcWd\WY[iWi_jbeeai m_j^_dj[hdWj_edWbW]h[[c[dji1WdZ jej^[\kjkh[$ NEW TRANSPORT LAW D;MJH7DIFEHJB7M 7i dej[Z" CEJ9 WdZ j^[ jhWdifehj i[Yjeh ][d[hWbbo Wh[ ef[hWj_d] kdZ[h W jhWdifehj bWm WdZ Wd eh]Wd_pWj_edWb \hWc[meha [ijWXb_i^[Z d[Whbo *& o[Whi W]e$ J^[ b[]Wb \hWc[meha \eh j^[ jhWdifehj i[Yjeh XWi[Z ed j^[ '/-. bWm ^Wi i[hl[Z _ji fkhfei[ m[bb Xkj ^Wi X[[d el[hjWa[d Xo [l[dji WdZ Y^Wd][i _d d[Whbo Wbb ceZWb ikX# i[Yjehi$ J^[ ijkZo h[Yecc[dZ[Z Yedi_Z[hWj_ed e\WYecfh[^[di_l[jhWdifehjbWmWheoWbZ[Yh[[ je YWfjkh[ j^[ _cfb_YWj_edi e\ Y^Wd][i _d j^[ _dZkijhoi_dY['/-.WdZYh[Wj[WceZ[hd_p[ZWdZ ÇÓj \eh fkhfei[È b[]Wb XWi_i \eh j^[ Y^Wbb[d][i W^[WZ$?jmekbZ"_dj[hWb_W"YeZ_\oj^[heb[i"h_]^ji" WdZ eXb_]Wj_edi e\ CEJ9 _d j^[ jhWdifehj i[Yjeh WdZ _d [WY^ jhWdifehj ikX#i[Yjeh" WdZ j^ei[ e\ ikX#dWj_edWb]el[hdc[djiehej^[h_dij_jkj_edi$?j YekbZ h[Ô[Yj a[o h[Yecc[dZWj_edi e\ j^[ ijkZo j^WjWh[\Wlekh[ZXoj^[]el[hdc[dj$ ), 9^Wd][ L$ CWdW]_d]9 ?CFB;C;DJ7J?EDFB7DD?D= 7Zefj_edXoj^[c_d_ijhoe\WdW][dYoijhkYjkh[" YedikbjWdji" Xkj j^[ Yecced [b[c[dji ik]][ij _dYbkZ_d] ijh[d]j^[d_d] j^[ iYef[ e\ \kdYj_edi" i_n cW`eh j^[c[i j^Wj i^ekbZ X[ Xk_bj _dje Wd mekbZ h[gk_h[ YWh[\kb fbWdd_d] WdZ [n[Ykj_ed$ _cfb[c[djWj_edf^Wi[$J^[i[Wh[i^emd_d<_]kh[ J^[h[Wh[WicWdoZ_\\[h[dj_Z[WiWXekjcWdW]_d] +$'WdZZ[iYh_X[ZX[bem$ eh]Wd_pWj_edWb Y^Wd][ Wi j^[h[ Wh[ cWdW][c[dj B;7:;HI>?F7D:L?I?ED 7Zefj_ed e\ Wd W][dYo \hWc[meha mekbZ X[ W e\ jhWdifehj ekjYec[i" WdZ j^[ j_c[b_d[ \eh a[o c_d_ij[h_Wb feb_Yo Z[Y_i_ed WdZ mekbZ h[gk_h[ Yh[Wj_ed WdZ bWkdY^$  J^[ Z[jW_bi mekbZ h[cW_d j^[ Yb[Wh ifediehi^_f WdZ ikffehj e\ W c_d_ij[h$ je X[ meha[Z ekj Xo W h[eh]Wd_pWj_ed j[Wc WdZ J^[ c_d_ij[h_Wb ehZ[h eh Z[Yh[[ _ji[b\ YekbZ X[ fhe]h[ii_l[bo W]h[[Z je Xo j^[ c_d_ij[h$ El[hWbb W Yb[Wh WdZ i_cfb[ ijWj[c[dj e\ j^[ W][dY_[i je cWdW][c[dj e\ j^_i fheY[ii c_]^j X[ l[ij[Z _d X[ Yh[Wj[Z j_jb[i WdZ dkcX[h" j^[_h _dj[dZ[Z W dec_dWj[Z h[eh]Wd_pWj_ed Z_h[Yjeh h[fehj_d] je [n[Ykj_l[heb[iif[Y_Ó[ZjWiai_dWYYehZWdY[m_j^ W ^_]^#b[l[b ij[[h_d] Yecc_jj[[ Y^W_h[Z Xo j^[ CEJ9feb_Y_[i"j^[fkXb_YX[d[Óji\ehm^_Y^j^[o c_d_ij[h"ehZ_h[Yjbojej^[c_d_ij[h$ Wh[ X[_d] Yh[Wj[Z [\ÓY_[dYo WdZ [\\[Yj_l[d[ii J7IAH ijW\\ je Z[l[bef m_Z[h YedikbjWj_l[ [cfbeoc[dje\Wd[nj[hdWbWZl_i[hehYedikbj_d] c[Y^Wd_icijea[[fj^[ijW\\e\j^[c_d_ijhoWdZ Óhc m_j^ W jhWYa h[YehZ e\ eh]Wd_pWj_edWb Z[i_]d ej^[hijWa[^ebZ[hi_d\ehc[ZWXekjj^[_hW_ciWdZ WdZ YehfehWj[ Y^Wd][ cWdW][c[dj je ikffehj fhe]hWc"WdZjeh[Y[_l[\[[ZXWYa$J^[jWia\ehY[ j^[ jWia \ehY[$ J^[ ijkZo Wbie dej[i j^Wj W YekbZX[ijh[d]j^[d[ZXo^Wl_d]c[cX[hiZhWmd dkcX[h e\ Yekdjh_[i ^Wl[ [nf[h_[dY[ WdZ ceh[ \hec CE< WdZ C_d_ijho e\ 9_l_b I[hl_Y[ eh ej^[h Z[jW_b[ZcWdkWbi\eh_cfb[c[dj_d]W][dY_[iie_j [dj_j_[iWiZ[j[hc_d[ZXoj^[c_d_ij[h$ _i feii_Xb[ j^Wj X_bWj[hWb ikffehj cWo X[ fhel_Z[ j^hek]^W]h[[c[djim_j^ikY^Yekdjh_[i$ >A?MJ=-&)A[o[b[c[djie\ikYY[ii\kbeh]Wd_pWj_edY^Wd][ ) B[WZ[hi^_fWdZWYb[Wheh]Wd_pWj_edWb , A?MJ=-&*7][dYocWdZWj[i0A[oYedj[dji G:B=;LAN=K J^[W_ciWdZeX`[Yj_l[ie\j^[W][dYo$ >MF;LAGFK If[Y_ÓYWj_ede\j^[WZc_d_ijhWj_l[WdZh[]kbWjeho\kdYj_ediWdZh[ifedi_X_b_j_[ie\ j^[W][dYo$DWjkh[WdZ\kdYj_edie\WZl_iehoXeWhZ$ DG?AKLA;K :[jW_bie\el[hWbbi_p["dkcX[h"WdZbeYWj_ede\e\ÓY[i"cW`eh[gk_fc[dj"WdZ?J ioij[ci[jY$ KLJM;LMJ= D[meh]Wd_pWj_edijhkYjkh["d[[Z[ZijW\Ód]b[l[biXo]hWZ["WdZ^emcWdW][hi WdZijW\\Wh[jeX[i[b[Yj[Z$?Z[dj_ÓYWj_ede\Yeh[jhW_d_d]d[[Zi$ >AF9F;= FheY[ii[i\ehXkZ][j\ehcWj_ed"WbbeYWj_ed"Wkj^eh_p[Z[nf[dZ_jkh["YedjhebiWdZ WkZ_j"h[bWj_edi^_fm_j^CEJ9ÓdWdY_Wbe\ÓY_Wbi$ J=D9LAGFK@AHK IYef[e\Wkj^eh_jo_dZ[Wb_d]m_j^^_]^[hWdZbem[hb[l[bie\]el[hdc[djehej^[h c_d_ijh_[i%W][dY_[il_i#}#l_iCEJ9h[ifedi_X_b_j_[i$ ;GEHD9AFLK >emj^[W][dYom_bbZ[Wbm_j^fkXb_YehijWa[^ebZ[hYecfbW_djiWdZ_jih[fehj_d] h[gk_h[c[djijeCEJ9_dh[]WhZjefkXb_YYecfbW_dji$ 9;;GMFL9:ADALQ H[bWj_edi^_fjec_d_ij[hWdZCEJ9e\ÓY_Wbi"ijhkYjkh[e\FF7W]h[[c[dj"WddkWb WdZf[h_eZ_Yh[fehj_d]h[gk_hc[djijeCEJ9WdZ%ehfkXb_Ybo$ I;B;9J?EDE<7=;D9O9;Ei J^[h[ _i W YWi[ je X[ cWZ[ \eh i[b[Yj_d] j^[ Óbb[Zedc[h_j$J^[9;Ei#Z[i_]dWj[mekbZ^Wl[j^[ fhefei[Z 9^_[\ ;n[Ykj_l[ E\ÓY[hi [Whbo ie j^Wj ]h[Wj[ijijWa[_d[dikh_d]j^[ikYY[iie\j^[d[m j^[o YWd fWhj_Y_fWj[ _d j^[ Z[i_]d WdZ fbWdd_d] W][dY_[i WdZ" _\ Wffe_dj[Z Xo j^[ c_d_ij[h" ^Wl[ e\ eh]Wd_pWj_edi$ 7bb a[o cWdW][c[dj fei_j_edi j^[Wkj^eh_joje^[bfi^Wf[j^[i[d[mW][dY_[i$ ). mekbZ _Z[Wbbo X[ cWZ[ ef[d je Wffb_YWj_ed WdZ M^_b[ [n_ij_d] cWdW][hi _d j^[ CEJ9 m_bb X[ ijhed]YWdZ_ZWj[i"j^[h[_iWYWi[\ehYedi_Z[h_d] XeWhZc_]^jWbieX[Xhek]^j_djefbWo[Whboje]_l[ [nj[hdWb YedjhWYj Wffe_djc[dji _\ f[hc_jj[Z Wd [nj[hdWb l_[m ed j^[ [c[h]_d] i^Wf[ e\ j^[ kdZ[hY_l_bi[hl_Y[hkb[i$J^[Z[i_]dWj[ZWZl_ieho W][dYo$ ?CFB;C;DJ7J?ED8OIJ7=;I ?j _i d[_j^[h d[Y[iiWho deh Z[i_hWXb[ je Ze jhWdifehj"fkXb_YjhWdifehj"WdZhW_bmWoi$J^[BJ7 [l[hoj^_d] Wj edY[$ Ed[ efj_ed _i je ijWhj m_j^ YekbZ" _d \WYj" Óhij X[ [ijWXb_i^[Z Wi W Çi^WZemÈ j^[[ijWXb_i^c[dje\j^[HeWZi7][dYoX[YWki[ W][dYom_j^_dj^[c_d_ijho_ji[b\$ j^_imekbZX[j^[X_]][ijeh]Wd_pWj_edWdZmekbZ fheXWXbojWa[j^[bed][ijjefbWd"[if[Y_Wbbo_\_j J^[ j_c[b_d[ \eh ijhkYjkhWb Y^Wd][ mekbZ X[ m[h[jeX[i[jkfm_j^Wceh[Z[lebl[Zh[]_edWb [nf[Z_j_eki"WiZ[bWoYWki[ikdY[hjW_djo"XkjWbie ijhkYjkh[$7dej^[hefj_ed_ijegk_Yabo[ijWXb_i^W h[Wb_ij_Y WdZ cWdW][WXb[$ JWXb[ +$' fhefei[i W Fehji WdZ CWh_j_c[ 7][dYo Wi _j mekbZ X[ ckY^ j^h[[#o[Wh fh[fWhWj_ed f[h_eZ \eh Z[i_]d_d] j^[ icWbb[h j^Wd j^[ HeWZi 7][dYo WdZ _i j^[ ceij d[meh]Wd_pWj_edijhkYjkh[WdZW][dYocWdZWj[i" ijhW_]^j\ehmWhZc_]hWj_ed\hec[n_ij_d]c_d_ij[h_Wb m_Z[d_d] j^[ iYef[ e\ CEJ9 h[ifedi_X_b_j_[i" ijhkYjkh[i$8kjd[_j^[hj^[HeWZi7][dYodehj^[ fbWdd_d] \eh j^[ d[Y[iiWho ia_bbi WdZ [nf[hj_i[ Fehji WdZ CWh_j_c[ 7][dYo mekbZ h[fh[i[dj j^[ h[gk_h[Z"WdZZhW\j_d]WdZfheckb]Wj_ede\Wd[m X_]][ij ij[fi _d [nfWdZ_d] j^[ Ykhh[dj iYef[ e\ jhWdifehjbWm$?j_iceh[_cfehjWdjjecWa[j^[i[ ]el[hdWdY[ X[YWki[ j^[o mekbZ X[ Yedj_dk_d] Y^Wd][im[bbWdZ_dWmWoj^Wjm_bb[dZkh[j^Wdje \kdYj_edij^WjWh[Wbh[WZoX[_d][n[Ykj[ZZWo#je# Zej^[cgk_Yabo$J^_ij_c[b_d[Wiikc[iWfh_eh_jo ZWo$J^[h[\eh["WYWi[YWdX[cWZ[\ehfh_eh_j_p_d] W][dYoWiikc[ZjeX[BWdZJhWdifehjef[hWj_d] j^[ BWdZ JhWdifehj 7][dYo X[YWki[ _j mekbZ m_j^ \kbb W][dYo ijWjki _d O[Wh * WdZ j^[ ej^[hi [cXeZo W hWZ_YWb d[m i[j e\ jhWdifehj i[Yjeh _dO[Wh+$ cWdW][c[dj WdZ h[]kbWjeho \kdYj_edi _d heWZ L9:D=-&)?dZ_YWj_l[_cfb[c[djWj_edfhe]hWc07][dYoijhkYjkh[WdZm_Z[hiYef[Wiikc_d] CEJ9Z[j[hc_d[ibWdZjhWdifehjh[]kbWj_edjeX[j^[^_]^[ijfh_eh_jo E9AFL9KCK LAE=DAF= Q=9J) Q=9J* Q=9J+ Q=9J, =KL9:DAK@L@=EAFAKLJQL9KC>GJ;= 9HHGAFLKH=;A9DAKL9GJ;=9K F=;=KK9JQ ;J=9L=9?=F;QE9F<9L=K LF=O;GEHJ=@=FKAN=LJ9FKHGJL<=;J== ?GN=JFE=FL9<=;J== ;J=9L=ÉK@9GJDL9AFEAFAKLJQ K=D=;L;=GK%<=KA?F9L=G>9?=F;A=K K=D=;LE9F9?=JK9F<KL9>>G>9?=F;A=K 9?J==L@=AFALA9DHJG?J9E9F<H=J>GJE9F;= 9?J==E=FLK >AJKLQ=9JG>DL9GH=J9LAF?AF>MDD9?=F;QEG<= HJ=H9J=J99F<HE9>GJ>MDDGH=J9LAGFAFQ=9J- )/ READINESS TO ADAPT AND IMPROVE The reorganization should exploit the fact that an possible that some of the changes recommended agency solution is more than a statutory in Section 4 will not have been realized at the authority. The problems presented by change time of agency establishment; if they occur later cannot all be foreseen and it would be surprising they will agency functions and resource if were not necessary when the needs. Looking longer-term, Oman’s transport patterns of operation as an agency become needs and demands will be constantly increasing apparent. Ideally a new royal decree would both and changing so adaptability would remain a establish the agency framework and codify the virtue. widened scope of responsibilities of MOTC. But it is 40 7dd[n7 Wfe\ CW cWd \Ec JhWdifehjI dÊiJ j[c Ioij IBRD 41617 52º E 54º E 56º E 58º E 60º E Al Kasab Kumza ISLAMIC 26º N Bukha R E P. O F 26º N To Ra’s al-Khaymah Limah IRAN OMAN MUSANDAM To Fujairah - Madha To Ra’s al-Khaymah To To Fujairah Dubai Shinas Gulf of Oman Al Liwa Mahdah Sohar AL BATINAH To Al-Buraimi Abu Dhabi AL As Sahm SOUTH 24º N 24º N BATINAH Al Khabura AL Al Qabil As Suwayq U UNNITED NORTH Barka Sib BURAIMI MUSCAT A R A B E M I R AT E S Dank Rustaq Nakhi MUSCAT Qalhat Al J Awabi abal Nida A D Ibri AD Jabal Shams (2,980 m.) al Ak Izki hdar Al Ulya To An Nashshash Al DHA AHH IR A AHH Nizwa Ha ga Qalhat Khuwayr Ibra r a Sur ad s -S Asw Adam Sanaw ASH Al Mintirib a r q i Al SHARQIYAH Kamil Bilad Bani yn A Al AD AD m l a t 22º N Ra 22º N NORTH a l - W a h i b a Jibal Bu Ali llim D AKH L IYA H Al Ashkharah usa ASH M Umm as SHARQIYAH SOUTH Tarba n Samim Sharkh SAUDI ARABIA Barik Ramlat al-Gafa Filim Muzibilat Dawwah Khalif Jazirat A L W U S TA Kalban Masirah 20º N 20º N f Haima uq H - al Muksin Al Ajaiz Duqm Giddat al-Harasis Ara b i a n Sea Madrakah r Al Khahil aw Dauka ta Kh Bin Fasad D H O FA R Ash Shisar To Shalim Sawqirah 18º N Sanaw Makinat Zu far Sihan Shuwamiyah Sharbithat OMAN Thamarit MAIN CITIES AND TOWNS Mudayy To Shihan Hasik GOVERNORATE CAPITALS al al-Qara Gab Taqah Sadh GSDPM NATIONAL CAPITAL REPUBLIC Salalah Mirbat Map Design Unit This map was produced by RIVERS OF YEMEN Rakhyut the Map Design Unit of The World Bank. The boundaries, MAIN ROADS colors, denominations and any other information shown MAIN PORTS 0 50 100 150 Kilometers on this map do not imply, on the part of The World Bank Group, any judgment on the GOVERNORATE BOUNDARIES 0 50 100 Miles legal status of any territory, 16º N or any endorsement or INTERNATIONAL BOUNDARIES acceptance of such 52º E 54º E 56º E boundaries. MAY 2015 *' [n8 7dd[ ecc[dZ H[Ye LJ9FKHGJL9F<;GEEMFA;9LAGFK EGL;! Fm\im`\nf]ifc\1 CEJ9mekbZX[h[ifedi_Xb[\ehckbj_#ceZWbjhWdifehjijhWj[]oWdZfeb_Yo_dEcWd"_dYbkZ_d]jhWdifehj iW\[jo$?jmekbZi[jj^[ijhWj[]_YeX`[Yj_l[i[Yedec_Y"ÓdWdY_Wb"[dl_hedc[djWb"WdZieY_WbWdZ^ebZ_ji W][dY_[iWYYekdjWXb[\eh]eeZf[h\ehcWdY[_dc[[j_d]j^[c$?jiijhWj[]_Yheb[imekbZ_dYbkZ["_dj[hWb_W0 j^[Yh[Wj_ede\j^[W][dYoijhkYjkh[WdZcWdZWj[i1j^[heb[e\h[]kbWj_edl[hikiYecf[j_j_ed1j^[heb[ie\ fh_lWj[i[Yjehl[hikifkXb_Yi[Yjeh1j^[WbbeYWj_ede\fkXb_Yh[iekhY[iWdZ_dl[ijc[djijeZ_\\[h[djceZ[i e\jhWdifehjWdZW][dY_[i$CEJ9mekbZWbieWZefjif[Y_ÓYfh_eh_jofeb_Yo_d_j_Wj_l[i"[if[Y_WbboYheii#Ykjj_d] ed[i"jem^_Y^W][dY_[ii^ekbZ]_l[if[Y_ÓYWjj[dj_ed_dj^[_hfbWdiWdZmeha$ ?jmekbZi[jekj_jifeb_Yo\hWc[meha"fh_ehjeW][dYofbWdd_d]%XkZ][j_d]YoYb["_dWFeb_YoWdZFhe]hWci =k_ZWdY[FF=ZeYkc[dj\ehW][dY_[i$?jmekbZW]h[[edWdWddkWbbokfZWj[Z"hebb_d]ckbj_#WddkWbFhe]hWc WdZF[h\ehcWdY[7]h[[c[djFF7m_j^[WY^W][dYo"ZhW\j[ZXoW][dY_[i"WdZWffhel[ZXoj^[c_d_ij[h"je h[Ô[Yjj^[FF=$FF7mekbZ_dYbkZ[j^[f^oi_YWbfhe]hWcZ[b_l[hojWh][jiWdZ[\ÓY_[dYoWdZ[\\[Yj_l[d[ii f[h\ehcWdY[jWh][ji$J^[FF7mekbZf[h\ehcj^[heb[e\WÇYedjhWYjÈX[jm[[dj^[Yb_[djCEJ9WdZj^[ W][dYo"i[jj_d]ekjm^Wjj^[Yb_[djm_bbfWoj^[W][dYoXkZ][jWdZm^Wj_j[nf[Yji_dh[jkhdj^[fhe]hWc jWh][ji$?jmekbZced_jehj^[f[h\ehcWdY[e\W][dY_[i_dc[[j_d]j^[FF7$ J=>& E9AF9F<KM:% >MF;LAGF9DKH=;A>A;9LAGF9F<;GEE=FL9JQ >MF;LAGFK E) E\ÓY[e\j^[c_d_ij[h J^[c_d_ij[hÊie\ÓY[mekbZYedjW_da[oWZl_iehiWdZ\kdYj_ediWi Z[j[hc_d[ZXoj^[c_d_ij[h"Xkj_ib_a[boje_dYbkZ[fkXb_Yh[bWj_ediWdZ WddkWbh[fehj"Yecc_jj[[icWdW][c[dj"]el[hdehWj["m_bWoWjWdZ ckd_Y_fWbW\\W_hi"W][dYoYeehZ_dWj_ed[jY$ E* <_dWdY[WdZXkZ][j <_dWdY_WbWdZXkZ][jcWdW][c[dje\CEJ9WdZel[hi_]^je\ÓdWdY_Wb cWdW][c[dje\W][dY_[i$ *( E*9 DWj_edWbXkZ][j CEJ9mekbZX[h[ifedi_Xb[\ehZ[Wb_d]m_j^CE<WdZej^[hc_d_ijh_[i_d \kdYj_edi j^[Z[l[befc[dje\j^[WddkWbXkZ][jie\CEJ9WdZj^[W][dY_[i\eh m^_Y^_j_ih[ifedi_Xb[$ E*: 8kZ][j 7ifWhje\CEJ9Êiced_jeh_d]e\W][dYof[h\ehcWdY[W]W_dijj^[_hFF7i" [\\[Yj_l[d[ii j^[c_d_ijhoÊiÓdWdY[WdZXkZ][jZ[fWhjc[djmekbZkdZ[hjWa[][d[hWb WdZif[Y_ÓY_dl[ij_]Wj_edi_djej^[XkZ][j[\\[Yj_l[d[iie\if[Y_ÓY W][dYofeb_Y_[iehfhe]hWciWdZh[fehjjej^[c_d_ij[hWYYehZ_d]bo$ E*; ?dj[hdWbWkZ_j <_dWdY[Z[fWhjc[djc_]^jWbie^eijWd_dj[hdWbWkZ_jZ[fWhjc[djje WkZ_jj^[ÓdWdY_WbYedjhebi"ki[e\\kdZi"fheYkh[c[dji"[jY$e\CEJ9 eh_jiW][dY_[i$>em[l[h"_\^eij[Z_dWXheWZ[hkd_j"j^[_dj[hdWbWkZ_j Z[fWhjc[dji^ekbZ^Wl[WZ_h[Yjh[fehj_d]b_d[jej^[c_d_ij[h$ E+ DWj_edWbjhWdifehj Ckbj_#ceZWbjhWdifehjijhWj[]oWdZfeb_Y_[iWdZWZl_Y[jej^[c_d_ij[hed ijhWj[]o Z_iY^Wh]_d]feb_Yoh[ifedi_X_b_j_[ije]el[hdc[dj$ E+9 >_]^#b[l[bfeb_Yo 7dWj_edWbjhWdifehjijhWj[]oWdZfeb_Yokd_jmekbZX[h[ifedi_Xb[\eh WZl_Y[jec_d_ij[h jhWdifehjfeb_YoZ[l[befc[djWdZfeb_YoWZl_Y[jej^[c_d_ij[h$ E+: >WdZb_d]c_d_ij[h_Wb J^[ijhWj[]oWdZfeb_Yokd_jmekbZcWdW][j^[b_daW][ijej^[Ikfh[c[ feb_Yob_W_iedm_j^ FbWdd_d]9ekdY_bWdZC_d_ijhoe\<_dWdY[WdZj^[feb_Yob_W_iedm_j^ej^[h a[oijWa[^ebZ[hi c_d_ijh_[i"j^[Be]_ij_Yi9ekdY_b"HEF"WdZikX#dWj_edWb]el[hdc[dji ]el[hdehWj[iWdZckd_Y_fWb_j_[i$ E+; IjWa[^ebZ[hgk[h_[i J^[kd_jmekbZb_W_i[m_j^W][dY_[ijeeXjW_dc_d_ij[h_WbWdim[hije WdZYecfbW_dji ZWo#je#ZWoj[Y^d_YWbgk[h_[iehYecfbW_djijej^[c_d_ij[h\hecej^[h c_d_ijh_[i"ikX#dWj_edWbb[l[bie\]el[hdc[dj"jhWdifehj_dZkijhoehj^[ fkXb_Y"WdZmekbZ"_\d[Y[iiWho"kdZ[hjWa[ehikf[hl_i[YedikbjWdji_d kdZ[hjWa_d]WZ^eYijkZ_[iWdZ_dl[ij_]Wj_edijeh[iebl[ikY^_iik[i$ E+< Ckbj_#ceZWb ?jmekbZX[h[ifedi_Xb[f[h_eZ_YWbbojeYWhhoekjehikf[hl_i[YedikbjWdji jhWdifehjfbWdd_d] YedjhWYj[ZjeYWhhoekjbed]#j[hcfbWdd_d]ijkZ_[ie\fWii[d][h WdZ\h[_]^jjhWdifehje\Wckbj_#ceZWbdWjkh[$?jmekbZ_Z[dj_\o Wbj[hdWj_l[ijhWj[]_Yefj_ediWdZ[lWbkWj[j^[c_d[Yedec_Y"ÓdWdY_Wb" [dl_hedc[djWb"WdZieY_Wbj[hci$?jmekbZYWhhoekjm^Wj[l[hX[ifea[ ikhl[oiehckbj_#ceZWbjhWdifehjceZ[bb_d]_id[Y[iiWhoje\kbÓbj^[i[ jWiai$ E+= C[]WjhWdifehj CEJ9mekbZX[h[ifedi_Xb[\ehfbWdd_d]WdZijhkYjkh_d]d[mc[]W fhe`[Yji fhe`[Yji_dj^[jhWdifehjfehj\eb_e"[$]$cW`ehd[mfehji"d[mW_hfehji"BHJ ioij[ci[jY$?j_iWdj_Y_fWj[Zj^Wjj^[i[mekbZjof_YWbboX[_cfb[c[dj[Z Xoif[Y_Wb#fkhfei[YecfWd_[ib_a[EH9_dj^[YWi[e\hW_bmWoieh j^hek]^FFFijhkYjkh[i$8[_d]ijhWj[]_YXodWjkh["CEJ9mekbZ^Wl[ Z_h[Yjel[hi_]^je\j^[i[fhe`[YjijhkYjkh[i"m_j^m^Wj[l[hikffehj_i d[[Z[Z\hecW][dYoh[iekhY[i$ E, 7][dYofhe]hWc CWdW]_d]j^[h[bWj_edi^_fm_j^W][dY_[i"_d`[Yj_d]j^[feb_YoZ_c[di_ed W]h[[c[djiWdZ jej^[_hWYj_l_j_[i"WdZced_jeh_d]WdZ^ebZ_d]W][dY_[iWYYekdjWXb[\eh ced_jeh_d] f[h\ehcWdY[$ *) E,9 :hW\j_d]WdZ_iik_d] J^hek]^j^[kd_jWXel["ehWdej^[hkd_j"CEJ9mekbZfh[fWh[[WY^o[Wh" j^[WddkWbFF= fh_ehjeW][dY_[iÊfbWdd_d]WdZXkZ][j_d]YoYb["Wfeb_YoWdZfhe]hWci ]k_ZWdY[ZeYkc[dji[jj_d]ekjj^[iehjie\^_]^#b[l[bfeb_Y_[i"fh_eh_j_[i" WdZijhWj[]_YW_cie\j^[]el[hdc[dj\ehj^[jhWdifehji[Yjehjem^_Y^ W][dY_[ii^ekbZ]_l[if[Y_ÓYWjj[dj_ed_dj^[_hFF7i$?jmekbZi[jekjj^[ XheWZiYef[WdZ\ehcWj[nf[Yj[Z"WdZik]][ijf[h\ehcWdY[_dZ_YWjehi$?j mekbZ][d[hWbbojhojeX[ded#fh[iYh_fj_l[Wih[]WhZijedehcWb\kdYj_edi e\W][dY_[i"Z[Wb_d]m_j^j^[feb_YoW_ciWdZ[dZiiek]^j"b[Wl_d] _jjeW][dY_[ije\ehckbWj[j^[_hemdfhe]hWcijWa_d]j^[]k_ZWdY[ _djeWYYekdj$If[Y_ÓYfeb_j_YWbfh_eh_j_[iWdZ_d_j_Wj_l[ih[gk_h[ZXoj^[ c_d_ij[hc_]^jX[ceh[fh[Y_i[boif[bb[Zekj$FF=mekbZWbieYedÓhcj^[ j_c[jWXb[\ehikXc_ii_ed"d[]ej_Wj_ed"WdZÓdWbWZefj_ede\FF7i$ E,: D[]ej_Wj_edm_j^ CEJ9mekbZh[Y[_l[ZhW\jFF7\hecW][dY_[i"Y^[Yaj^[cW]W_dijj^[ WdZi_]d#e\\edFF7 FF="Wii[iiÓdWdY_WbikijW_dWX_b_joWdZd[]ej_Wj[m_j^W][dY_[i\ehWdo W]h[[c[djim_j^ ceZ_ÓYWj_ediiek]^j$?\"W\j[hd[]ej_Wj_ed"CEJ9m[h[jeh[gk_h[if[Y_ÓY W][dY_[i fhe]hWcWbj[hWj_edidejW]h[[ZXoj^[W][dYoXeWhZehcWdW][c[dj"_j i^ekbZfhel_Z[Wmh_jj[d_dijhkYj_edjej^Wj[\\[Yj"m^_Y^i^ekbZX[Zkbo Ób[Z_dj^[W][dYoÊifkXb_Yh[YehZi$ E,; Ced_jeh_d]e\W][dYo J^[W]h[[ZFF7mekbZi[jekjj^[f[h\ehcWdY[_dZ_YWjehiW]W_dijm^_Y^ f[h\ehcWdY[ j^[W][dYo_ijeX[Wii[ii[Z$M^_b[Z_\\[h_d]XoW][dYo"j^[i[mekbZ ][d[hWbbo_dYbkZ[0ekjfkj_dZ_YWjehifhe]hWcZ[b_l[ho1_dfkj_dZ_YWjehi [\ÓY_[dYoWdZfheZkYj_l_joe\W][dYo1WdZcWdW][h_Wb_dZ_YWjehi[$]$ eh]Wd_pWj_edWbZ[l[befc[djjWh][jiikY^Wim_j^h[]WhZje^kcWd h[iekhY[i"ioij[ciehfheY[ii_cfhel[c[dji$CEJ9mekbZh[Y[_l[ f[h_eZ_Yh[fehjie\fhe]h[ii_dc[[j_d]j^[W]h[[ZjWh][jiWdZmekbZ \ebbemkfm_j^W][dY_[im^[h[d[Y[iiWho$?ji[[ciWffhefh_Wj[j^Wjceij _dZ_YWjehiX[h[fehj[ZgkWhj[hbo"Xkjiec[c_]^jX[cedj^boWdZej^[hi WddkWbbo$ E- ?dj[hdWj_edWbWdZ :_iY^Wh][e\c_d_ij[h_Wbh[ifedi_X_b_j_[im_j^h[]WhZje_dj[hdWj_edWb =99W\\W_hi cWjj[hi E-9 D[mbWmiWdZ CEJ9mekbZX[h[ifedi_Xb[edX[^Wb\e\j^[]el[hdc[dje\EcWd"WdZ jh[Wj_[i _dYeehZ_dWj_edm_j^ej^[hh[ifedi_Xb[EcWd_c_d_ijh_[i"\ehd[]ej_Wj_d] _dj[hdWj_edWbW]h[[c[djiWdZjh[Wj_[iZ[Wb_d]m_j^eh_cfWYj_d]j^[ jhWdifehji[Yjeh$CEJ9mekbZb_W_i[m_j^ehYe#efjif[Y_Wb_ijijW\\\hec W][dY_[ijefWhj_Y_fWj[_dikY^WfheY[ii$ E-: 9ecfb_WdY[m_j^ CEJ9mekbZ^Wl[kbj_cWj[h[ifedi_X_b_jo\eh_jiemdWdZ_jiW][dY_[iÊ jh[Wj_[iWdZ Yecfb_WdY[m_j^h_]^jiWdZeXb_]Wj_edie\EcWdkdZ[h[n_ij_d] W]h[[c[dji _dj[hdWj_edWbbWmehW]h[[c[dji"_dYbkZ_d]h[Y[_l_d]h[fehjiehYecfbW_dji \hec_dj[hdWj_edWbh[]kbWjehoXeZ_[i$ E-; ?dj[hdWj_edWbWdZ ?jmekbZcWdW][j^[ijhWj[]_Yh[bWj_edi^_fm_j^_dj[hdWj_edWbjhWdifehj =99h[bWj_edi fWhjd[hiWdZ_dij_jkj_edi"_dYbkZ_d]fWhj_Y_fWj_edWj_dj[hdWj_edWbfeb_Yo \ehkcij^WjjhWdiY[dZj^[_dj[h[ije\Wd_dZ_l_ZkWbW][dYo$ E. B[]_ibWj_edWdZb[]Wb 7ffb_YWj_ede\b[]Wb[nf[hj_i[jej^[Z_iY^Wh][e\c_d_ij[h_Wb W\\W_hi h[ifedi_X_b_j_[i E.9 :[l[befc[dje\d[m ?\_j_iZ[Y_Z[Zjeh[fbWY[j^['/-.jhWdifehjbWm"j^[b[]WbZ[fWhjc[dj jhWdifehjbWm e\CEJ9mekbZX[h[ifedi_Xb[\ehZhW\j_d]ehel[hi[[_d]b[]WbZhW\j_d] XoWb[]WbYedikbjWdj[nf[h_[dY[Z_dj[hdWj_edWbbo_djhWdifehjbWm$J^[ ÇZhW\j_d]Xh_[\ÈYedjW_d_d]Z[jW_b[Zif[Y_ÓYWj_ede\]el[hdc[dj#Wffhel[Z feb_Y_[imekbZX[j^[h[ifedi_X_b_joe\j^[c_d_ijhoÊiDWj_edWbJhWdifehj IjhWj[]oWdZFeb_Yokd_j$ ** E.: :Wo#je#ZWob[]Wb J^[b[]WbZ[fWhjc[djmekbZ^WdZb[j^[ZWo#je#ZWob[]WbW\\W_hie\j^[ _iik[i c_d_ijho$?jmekbZWdim[hb[]Wb_dgk_h_[ifei[ZXoj^[c_d_ijhoÊiW][dY_[i m_j^h[]WhZjej^[_hh_]^jiWdZeXb_]Wj_edi$?jmekbZWbie^Wl[j^[h_]^j" m_j^Zk[YWki[WdZc_d_ij[h_WbWffhelWb"jeWiikc[h[ifedi_X_b_jo\ehb[]Wb ijhWj[]o"el[hi_]^jehZ_h[YjcWdW][c[dje\Wdoi[h_ekib[]WbZ_ifkj[ieh _iik[iWh_i_d]X[jm[[d_jiW][dY_[iWdZj^_hZfWhj_[i$ E/ H[]kbWjehoel[hi_]^j 7ffb_YWj_ede\h[]kbWjeho[nf[hj_i[jej^[Z_iY^Wh][e\c_d_ij[h_Wb WdZh[iebkj_ed h[ifedi_X_b_j_[i E/9 :[l[befc[dje\ FWhje\j^[dWj_edWbjhWdifehjijhWj[]oWdZfeb_YoZ[j[hc_d[Z_d\kdYj_ed h[]kbWjehofeb_Yo CEJ9'mekbZX[j^[h[]kbWjehofeb_Y_[ijeX[WZefj[Z_dj^[jhWdifehj i[Yjeh"_dYbkZ_d][Yedec_Y"iW\[jo"WdZ[dl_hedc[djWbh[]kbWj_ed$& E9AF9F<KM:% >MF;LAGF9DKH=;A>A;9LAGF9F<;GEE=FL9JQ >MF;LAGFK @]Y\imYjl]jk ;]fljYd! J) E\ÓY[e\Y^_[\ J^[[n[Ykj_l[e\ÓY[e\j^[9;Em_bb_dYbkZ[j^[i[Yh[jWh_Wje\j^[H7 [n[Ykj_l[ WZl_iehoXeWhZWdZif[Y_Wb_p[Zkd_ji\eh_fkXb_Y%c[Z_Wh[bWj_edi"__ _dj[h#W][dYob_W_iedWdZYeehZ_dWj_ed[if[Y_Wbbom_j^HeoWbEcWdFeb_Y[" CkiYWjCkd_Y_fWb_jo"CEHCMH"F:E"WdZCE:"WdZ____dif[Yj_ed" j[Y^d_YWbWkZ_ji"ced_jeh_d]WdZ[lWbkWj_ed"WdZej^[ha[oWh[Wi\ehZ_h[Yj h[fehjWid[Y[iiWho$ J* <_dWdY[WdZXkZ][j J^_ikd_jm_bbX[h[ifedi_Xb[\ehH7Êi_h[iekhY[ceX_b_pWj_ed1__ fh[fWhWj_ed"ced_jeh_d]"WdZh[l_[me\WddkWb%ckbj_#WddkWbXkZ][ji1 WdZ___ÓdWdY_WbcWdW][c[dj"_dYbkZ_d]WkZ_j_d]WdZWYYekdj_d]$M^_b[ h[fehj_d]jej^[9;E_jm_bb^Wl[Wi[YedZh[fehj_d]b_dajeCEJ9Êi ÓdWdY[WdZXkZ][jZ_h[Yjeh$ J+ 9ehfehWj[i[hl_Y[i J^[i[i[hl_Y[i_dYbkZ[>H"?J"fheYkh[c[djWdZYedjhWYji"b[]Wbi[hl_Y[i [jY$ J, 9ehfehWj["fhe]hWc J^[Yeh[\kdYj_edie\j^_ikd_jm_bbX[FF7fh[fWhWj_ed"ced_jeh_d]"WdZ WdZf[h\ehcWdY[ h[fehj_d]$?jm_bbWbie\ehckbWj[H7ÊiemdYehfehWj[fbWdjec[[jj^[FF7$ fbWdd_d] J^[ZhW\jFF7iWdZYehfehWj[fbWdm_bbX[Yedi_Z[h[ZWdZl[jj[ZXoj^[ H7WZl_iehoXeWhZX[\eh[_jiikXc_ii_edjej^[c_d_ij[h$H7m_bbfkXb_i^ WdWddkWbh[fehj$ J- HeWZ[d]_d[[h_d] J^[i[Y[djhWb_p[Zi[hl_Y[i_dYbkZ[fbWdd_d]WdZWii[jcWdW][c[dj1 i[hl_Y[i [d]_d[[h_d]Z[i_]dWdZfhe`[YjcWdW][c[dj1jhW\ÓYef[hWj_ediWdZ iW\[jo1[dl_hedc[djWbcWdW][c[dj"bWdZWYgk_i_j_edWdZYecf[diWj_ed1 WdZf[hc_jiWdZb_Y[di[i$ *, C?D?IJHOE<JH7DIFEHJ7D:9ECCKD?97J?EDI J-9 FbWdd_d]WdZWii[j J^_iY[djhWbkd_jm_bb^Wl[h[ifedi_X_b_jo\ehWheWZioij[cfbWdd_d]WdZ cWdW][c[dj ikhl[oi"ikY^Wifh[fWhWj_ede\heWZcWij[hfbWdi1heWZYbWii_ÓYWj_ed WdZhekj[dkcX[h_d]1jhWl[bZ[cWdZWdZjhW\ÓYikhl[oi1WdZi[Yjeh ijhWj[]o"feb_Yo"WdZ[Yedec_Y\[Wi_X_b_joijkZ_[i1WdZXheWZWii[j cWdW][c[dj_dYbkZ_d]WbbheWZWii[ji0fWl[c[dji"Xh_Z][i"heWZi_Z[ WdZibef[i"jhW\ÓYYedjhebioij[ciWdZZ[l_Y[i"heWZb_]^j_d]"Xk_bZ_d]i" l[^_Yb[iWdZ[gk_fc[djjejhWYaheWZioij[cYedZ_j_edWdZf[h\ehcWdY[1 _Z[dj_\oYeiji\ehcW_djW_d_d]WdZfh[i[hl_d][n_ij_d]Wii[ji1YecfWh[ d[[ZijeWlW_bWXb[\kdZ_d]"_dYbkZ_d]ef[hWj_d]WdZcW_dj[dWdY[Yeiji1 Z[Ód[Wii[jYedZ_j_ediiej^WjZ[Y_i_ediYWdX[cWZ[ed^emX[ijje cWdW][WdZcW_djW_dWii[ji1WdZZ[j[hc_d[m^[djekdZ[hjWa[WYj_ed edWdWii[jikY^Wifh[i[hlWj_ed"h[^WX_b_jWj_ed"h[YedijhkYj_ed"YWfWY_jo [d^WdY[c[djehh[fbWY[c[dj$J^[Y[djhWbheWZcW_dj[dWdY[fbWdd_d] WdZced_jeh_d]\kdYj_edim_bbX[WXiehX[Z_dj^_ikd_j$ J-: ;d]_d[[h_d]Z[i_]d J^_iY[djhWbkd_jm_bb_dYehfehWj[WbbjhWZ_j_edWbheWZZ[i_]dWdZ WdZYedijhkYj_ed YedijhkYj_edcWdW][c[dj\kdYj_edi"_dYbkZ_d]Z[i_]dijWdZWhZi cWdW][c[dj WdZYeZ[i"if[Y_ÓYWj_edi"gkWb_joWiikhWdY[%Yedjheb"Y[djhWbj[ij_d] WdZh[i[WhY^bWXehWjeh_[i"WdZfheY[Zkh[iWdZ]k_Z[b_d[i\ehfhe`[Yj ikf[hl_i_edWdZYedjhWYjiWZc_d_ijhWj_edmehai"]eeZi"WdZYedikbjWdYo i[hl_Y[i$J^[Ykhh[djGkWdj_joIkhl[o:[fWhjc[dje\:=HeWZim_bbX[ WXiehX[Z_dj^_ikd_j$ J-; JhW\ÓY[d]_d[[h_d] J^_iif[Y_Wb_ijY[djhWbkd_jm_bb^Wl[h[ifedi_X_b_jo\ehd[jmeha#b[l[b WdZiW\[joWkZ_ji jhW\ÓYcWdW][c[dj$?jm_bbYWhhoekjiW\[joWkZ_ji\ehWbbcW`ehheWZ fhe`[YjiWdZfhe]hWciYkhh[djboW\kdYj_edf[h\ehc[ZXoHEF$?jm_bb Z[l[bef]k_Z[b_d[i"ijWdZWhZi"WdZYeZ[i\ehZ[i_]d_d]WdZef[hWj_d] iW\[heWZi"WdZfbWdWdZ_cfb[c[djheWZ[d]_d[[h_d]fhe]hWcije _cfhel[heWZiW\[jo$J^[^[WZe\j^_ikd_jc_]^jX[i[b[Yj[ZXoCEJ9je h[fh[i[djj^[c_d_ijho_dj^[DWj_edWbHeWZIW\[jo9ecc_jj[[$ J-< ;dl_hedc[djWb J^_iif[Y_Wb_ijkd_jm_bbWXiehXj^[j[Y^d_YWb\kdYj_edie\j^[Ykhh[dj<_[bZ cWdW][c[dj"bWdZ Ikhl[oWdZ9ecf[diWj_edI[Yj_ede\Fhe`[Yji:[fWhjc[dje\:=HeWZi$ WYgk_i_j_ed"f[hc_ji ?jm_bbWbie^Wl[j^[h[ifedi_X_b_jo\ehWZc_d_ij[h_d][dl_hedc[djWb WdZb_Y[di[i h[]kbWj_ediWdZYedjhebiWdZ_dj[h#W][dYoYeehZ_dWj_edh[bWj[Zje [nj[hdWbWffhelWbi"f[hc_ji"WdZb_Y[di[ih[gk_h[Z\eh_cfb[c[dj_d]heWZ fhe`[Yji$  J. ;nfh[iimWoi J^_imekbZX[Wdef[hWj_edWbb_d[kd_jWjj^[Y[djhWbb[l[bm_j^i[c_# Wkjedecekih[ifedi_X_b_joi[fWhWj[XkZ][jWdZijW\Ód]\ehj^[ Z[l[befc[dj"ef[hWj_ed"WdZcW_dj[dWdY[e\j^[DWj_edWb;nfh[iimWo Ioij[c"_dYbkZ_d][nfh[iimWoi_dCkiYWjCkd_Y_fWb_jo$J^_ikd_jYekbZ i[hl[WiW\eh[hkdd[he\WDWj_edWb;nfh[iimWo9ecfWdofkXb_Y YecfWdom_j^\kbbÓdWdY_WbWdZWZc_d_ijhWj_l[Wkjedeco"_\CEJ9WdZ ]el[hdc[djfeb_YoX[Yec[ije[cfbeoZ_h[Yjki[hY^Wh][i%heWZfh_Y_d]% FFFi\eh\kdZ_d][nfh[iimWoi$ J]_agfYd =flii\^`feXcf]ÔZ\j#\XZ__\X[\[YpX;>$c\m\cf]ÔZ`XcXe[Zfm\i`e^knfkfk_i\\^fm\iefiXk\j# fk_\ik_XeDljZXk>fm\iefiXk\ J/ E\ÓY[e\h[]_edWb J^[H[]_edWbE\ÓY[HEm_bbX[Wb_d[kd_jh[fehj_d]jej^[9;Ee\H7$ cWdW][h J^[HEm_bbX[Wdef[hWj_edWb^kXe\H7m_j^\kbboZ[lebl[Z\kdYj_edi WdZh[ifedi_X_b_j_[ijej^[h[]_edWbcWdW][hXoj^[9;E$?j_iYedY[_lWXb[ j^Wjj^[h[mekbZX[W\ehcWbf[h\ehcWdY[W]h[[c[djX[jm[[dj^[9;E WdZj^[h[]_edWbcWdW][hb_da[Zjej^[XkZ][jWbbeYWj_edWdZfhe]hWc ekjfkji\ehj^Wjh[]_edYedjW_d[Z_dj^[FF7$ *- J/9 :[i_]dWdZ J^_ikd_jm_bbX[h[ifedi_Xb[\ehcWdW]_d]WbbheWZWdZXh_Z][YedijhkYj_ed YedijhkYj_ed _dYbkZ_d]cW`ehh[^WX_b_jWj_edWdZ_cfhel[c[djfhe`[Yjim_j^_dj^[ h[]_ed"[nY[fj\eh[nfh[iimWoiWdZcW`eh_dj[h#]el[hdehWj[ijhWj[]_Y heWZi$GcW_dj[dWdY[Z[fWhjc[djie\:=:WhiW_jWdZ:=:Wh\kh mekbZX[WXiehX[Z_dje\ekhe\j^[i[kd_ji$ J/; JhW\ÓYef[hWj_edi J^_ikd_jm_bbX[h[ifedi_Xb[\ehjhW\ÓYcWdW][c[djWdZheWZiW\[jo WdZheWZiW\[jo ef[hWj_edi"_dYbkZ_d]ef[hWj_edWdZcW_dj[dWdY[e\heWZb_]^j_d]WdZ jhW\ÓYYedjhebZ[l_Y[i$J^_ikd_jm_bbmehaYbei[bom_j^HEF_dWYY_Z[dj _dl[ij_]Wj_edWdZh[fehj_d]$?jm_bb^Wl[fh_cWhoh[ifedi_X_b_jo\eh _cfb[c[dj_d]Wbb[d]_d[[h_d]Wif[Yjie\heWZiW\[jofhe]hWci"WdZcWo X[_dl_j[ZXoCEJ9jeh[fh[i[dj_j_dh[]_edWbheWZiW\[joWYj_l_j_[i$ J/< 9edjhWYji 7bbYedjhWYjWZc_d_ijhWj_edWdZÓdWdY_WbjhWdiWYj_ediWdZYedjhebimekbZ WdZÓdWdY_Wb X[^WdZb[ZWjj^[h[]_edWbb[l[bXoj^_ikd_j"m_j^>Gfhel_Z_d]fheY[ii WZc_d_ijhWj_ed cWdkWbiWdZ]k_ZWdY[WdZifejY^[Yaie\i[b[Yj[ZfheYkh[c[dji$ Dg[Yd Fe\fidfi\f]ÔZ\j`e\XZ_^fm\iefiXk\R\oZ\gkDljZXk>fm\iefiXk\T#_\X[\[YpX[`i\Zkfi$ c\m\cf]ÔZ`Xc2`e^fm\iefiXk\jn`k_Xi\^`feXcf]ÔZ\#k_\cfZXcf]ÔZ\Zflc[Y\Zf$cfZXk\[n`k_k_\ i\^`feXcf]ÔZ\fi]fiY\kk\i^\f^iXg_`ZXcZfm\iX^\#`kZflc[Y\cfZXk\[`eXefk_\ikfne`ek_\jXd\ ^fm\iefiXk\ J0 E\ÓY[e\beYWb J^[cW_d\kdYj_edie\j^[i[beYWb]el[hdehWj[#b[l[be\ÓY[i_ije cWdW][h _cfb[c[djhekj_d[WdZ[c[h][dYocW_dj[dWdY[fhe]hWci"fhel_Z[ j[Y^d_YWbikffehjjeckd_Y_fWbheWZieh]Wd_pWj_ediehYWhhoekjicWbb heWZfhe`[Yjiedj^[_hX[^Wb\"WdZi[hl[Wij^[Óhijfe_dje\YedjWYjm_j^ heWZki[hi"Yecckd_joh[fh[i[djWj_l[i"WdZej^[hijWa[^ebZ[hi$ J09 Hekj_d[WdZ J^_ikd_jm_bb_cfb[c[djWdZikf[hl_i[WbbfWl[ZheWZhekj_d[WdZ [c[h][dYo [c[h][dYocW_dj[dWdY[YedjhWYji"_dYbkZ_d]cW_dj[dWdY[WdZh[fW_he\ cW_dj[dWdY[ÆfWl[Z jhW\ÓYi_]diWdZheWZb_]^j_d]$?jm_bbWbieh[fehjedj^[YedZ_j_ede\j^[ heWZi fWl[ZheWZi$ J0: Hekj_d[WdZ J^_ikd_jm_bb_cfb[c[djWdZikf[hl_i[WbbjhWYaheWZhekj_d[WdZ [c[h][dYo [c[h][dYocW_dj[dWdY[YedjhWYji"_dYbkZ_d]cW_dj[dWdY[WdZh[fW_he\ cW_dj[dWdY[ÆjhWYa jhW\ÓYi_]di$?jm_bbh[fehjedj^[YedZ_j_ede\j^[jhWYaheWZi$ kdi[Wb[ZheWZi J0; Ckd_Y_fWbheWZiÆ J^_iif[Y_Wbkd_jm_bbX[[ijWXb_i^[Zjefhel_Z[j[Y^d_YWbWii_ijWdY[ j[Y^d_YWbikffehj WdZ[d]_d[[h_d]i[hl_Y[ijeckd_Y_fWbheWZieh]Wd_pWj_ed$?jm_bbWbie kd_j edh[gk[ij_cfb[c[djicWbb_dj[hdWbheWZfhe`[YjiedX[^Wb\e\j^[ ckd_Y_fWb_j_[i$ J0< <_dWdY_Wb J^_ikd_jm_bb^WdZb[WbbÓdWdY_WbjhWdiWYj_ediWdZfWoc[djih[bWj[Zje WZc_d_ijhWj_ed hekj_d[WdZ[c[h][dYocW_dj[dWdY[YedjhWYji$ *. J0= HeWZki[hWdZ J^_ikd_jm_bbX[j^[Óhijfe_dje\YedjWYjm_j^heWZki[hi"Yecckd_jo Yecckd_jo h[fh[i[djWj_l[i"HEF"WdZej^[hijWa[^ebZ[hi$?jm_bbWbiefhel_Z[W h[bWj_edi1b_W_ied ]h_[lWdY[h[YehZ_d]WdZh[iebkj_edc[Y^Wd_icWdZm_bbYebb[YjWdZ m_j^HEF"h[]_edWb jhWdic_j_d\ehcWj_ededYecckd_jod[[ZiWdZfh_eh_j_[ije^_]^[h ckd_Y_fWb_j_[i"WdZ cWdW][c[djb[l[bi$=_l[dj^[Z[cWdZ\ehi[hl_Y[i\hech[]_edWb ej^[hijWa[^ebZ[hi ckd_Y_fWb_j_[i"j^[h[cWoX[Wd[[Zje[ijWXb_i^ceh[j^Wded[j[Y^d_YWb ikffehjkd_j_d[WY^]el[hdehWj[$ J1GL@=JEAFGJLJ9FKHGJLAF>J9KLJM;LMJ=OGJCK =LE:K@FE8CJKIL:KLI<;& E9AF9F< >MF;LAGF9DKH=;A>A;9LAGF9F<;GEE=FL9JQ KM:%>MF;LAGFK DL) E\ÓY[e\Y^_[\ J^[[n[Ykj_l[e\ÓY[e\j^[9;Em_bb_dYbkZ[j^[i[Yh[jWh_Wje\j^[BJ7 [n[Ykj_l[ WZl_iehoXeWhZWdZif[Y_Wb_p[Zkd_ji\eh_fkXb_Y%c[Z_Wh[bWj_edi"___dj[h# W][dYob_W_iedWdZYeehZ_dWj_ed"WdZfeii_Xboej^[ha[oWh[Wim_j^Z_h[Yj h[fehjje9;EWid[Y[iiWho$ DL* <_dWdY[WdZXkZ][j J^_ikd_jm_bbX[h[ifedi_Xb[\ehBJ7Êi_h[iekhY[ceX_b_pWj_ed1__ fh[fWhWj_ed"ced_jeh_d]"WdZh[l_[me\WddkWb%ckbj_#WddkWbXkZ][ji1 WdZ___ÓdWdY_WbcWdW][c[dj"_dYbkZ_d]WkZ_j_d]WdZWYYekdj_d]$M^_b[ h[fehj_d]jej^[9;E_jm_bb^Wl[Wi[YedZh[fehj_d]b_dajeCEJ9Êi ÓdWdY[WdZXkZ][jZ_h[Yjeh$ DL+ 9ehfehWj[i[hl_Y[i J^[i[i[hl_Y[i_dYbkZ[>H"?J"fheYkh[c[djWdZYedjhWYji"b[]Wbi[hl_Y[i [jY$ DL, 9ehfehWj["fhe]hWc" J^[Yeh[\kdYj_edie\j^_ikd_jm_bbX[FF7fh[fWhWj_ed"ced_jeh_d]"WdZ WdZf[h\ehcWdY[ h[fehj_d]$?jm_bbWbie\ehckbWj[H7ÊiYehfehWj[fbWdjec[[jj^[FF7$BJ7 fbWdd_d] m_bbfkXb_i^WdWddkWbh[fehj$ DL- JhWdifehjfbWdd_d] M_j^_dj^[Yedj[nje\j^[dWj_edWbjhWdifehjijhWj[]o"kdZ[hjWa[ WdZh[i[WhY^WdZ d[Y[iiWhojhWdifehjfbWdd_d]h[i[WhY^WdZWdWboj_YWbWYj_l_j_[i\ehWbb fbWdd_d] ceZ[ie\bWdZjhWdifehj$ DL. :[b[]Wj_edje :[j[hc_d[WdZWffboj^[Yh_j[h_WkdZ[hm^_Y^fbWdd_d]"ef[hWj_ed" ckd_Y_fWb_j_[iWdZ h[]kbWj_ed"WdZcWdW][c[dje\fWii[d][hjhWdifehji[hl_Y[iYekbZX[ ]el[hdehWj[i Z[b[]Wj[Zjeckd_Y_fWb_j_[ieh]el[hdehWj[i$ */ HM:DA;LJ9FKHGJL DL/ IjhWj[]_YFJi[hl_Y[ ;ijWXb_i^W_ciWdZeX`[Yj_l[i"Yh_j[h_WWdZijWdZWhZi\ehj^[e\\[h_d] fbWdd_d] e\fWii[d][hjhWdifehji[hl_Y[i$8Wi[Zedj^[i["Z[l[befijhWj[]_Y fWii[d][hjhWdifehjfbWdi\ehWbb]el[hdehWj[iWdZcW`ehckd_Y_fWb_j_[i$ M_j^_dj^[i[fbWdi"_Z[dj_\oj^ei[i[hl_Y[ij^WjmekbZdejX[[nf[Yj[Zje X[ÓdWdY_Wbbol_WXb[$7bieZ[j[hc_d[m^WjWZZ_j_edWb_d\hWijhkYjkh[mekbZ X[d[[Z[Z\ehj^[ef[hWj_ede\Wbbi[hl_Y[id[[Z[Zjec[[jj^[fhefei[Z ijWdZWhZi$ DL0 Fhe`[YjZ[i_]dWdZ ;ijWXb_i^ijWdZWhZi\ehj^[Z[i_]dWdZ\kdZ_d]e\fkXb_YjhWdifehj \kdZ_d] fhe`[Yji$ DL09 Fhe`[YjZ[i_]d ;ijWXb_i^fhe`[YjZ[i_]dijWdZWhZiWdZ]k_Z[b_d[i\ehfkXb_YjhWdifehj ijWdZWhZi fhe`[Yji"ikY^WiXkij[hc_dWbi"cW_dj[dWdY[\WY_b_j_[i"WdZed#ijh[[j \WY_b_j_[iikY^WiXkibWd[iWdZXkiijefi$ DL0: Fhe`[Yj\kdZ_d] ;ijWXb_i^Yh_j[h_W\ehj^[\kdZ_d]e\fkXb_YjhWdifehj_d\hWijhkYjkh[ ijWdZWhZi fhe`[Yji"_dYbkZ_d]j^ei[j^Wjm_bbdej][d[hWj[[dek]^h[l[dk[jeX[ i[b\#ikijW_d_d]ÓdWdY_WbboWdZe\ef[hWj_edWbikXi_Z_[i$ DL0; Fhe`[Yj[lWbkWj_ed :[l[bef]k_Z[b_d[i\ehj^[[Yedec_Y"ÓdWdY_Wb"ieY_Wb"WdZ[dl_hedc[djWb WdZWffhW_iWb [lWbkWj_edWdZWffhW_iWbe\fkXb_YjhWdifehjfhe`[Yji$ DL0< Fh_eh_j_pWj_ede\ :[l[befYh_j[h_W\ehj^[fh_eh_j_pWj_ede\\kdZ_d]e\fkXb_YjhWdifehj fkXb_YjhWdifehj fhe`[YjiWdZe\fkXb_YjhWdifehjef[hWj_edi$7ffboj^[i[Yh_j[h_WjeWZl_i[ \kdZ_d] edj^[WbbeYWj_ede\ÓdWdY_Wbh[iekhY[i\ehfkXb_YjhWdifehjfhe`[YjiWdZ ef[hWj_edWbikXi_Z_[i$ DL0= 7Zc_d_ijhWj_ede\ 7Zc_d_ij[hj^[WbbeYWj_ede\dWj_edWb\kdZi\ehfkXb_YjhWdifehjfhe`[Yji fkXb_YjhWdifehj WdZef[hWj_edWbikXi_Z_[i\ehfkXb_YjhWdifehji[hl_Y[i$ \kdZi DL0> 9edjhWYj_d]\eh 7hhWd][\ehj^[YedjhWYj_d]e\Z[i_]dWdZYedijhkYj_ede\Y_l_bmehai\eh j^[Z[i_]dWdZ fkXb_YjhWdifehjfhe`[Yji$ YedijhkYj_ede\ fkXb_YjhWdifehj fhe`[Yji DL1 FkXb_YjhWdifehj :[j[hc_d[j^[ijWdZWhZih[gk_h[Z\ehWbbjof[ie\fkXb_YjhWdifehj b_Y[di_d] ef[hWjehi$?iik[Yecc[hY_Wbb_Y[di[ijeef[hWjehikhXWdXki[i"_dj[h#Y_jo Xki[i"jWn_i"WdZ\[hhoef[hWjehij^WjiWj_i\oj^[i[Yh_j[h_W$ DL)( FkXb_YjhWdifehj Fh[fWh[i[hl_Y[fbWdi\ehWbbfkXb_YjhWdifehji[hl_Y[ij^WjmekbZh[gk_h[ i[hl_Y[fbWdd_d] ef[hWj_edWbikXi_Z_[i$ DL9,9 KhXWdfWii[d][h 9eehZ_dWj[m_j^cW`ehckd_Y_fWb_j_[ijekdZ[hjWa[i[hl_Y[fbWdd_d]\ehWbb DL)(9 jhWdifehji[hl_Y[i khXWdfWii[d][hjhWdifehji[hl_Y[i$ fbWdd_d] DL)(: ?dj[h#Y_joWdZhkhWb ?Z[dj_\oWdZfh[fWh[gkWb_joe\i[hl_Y[Yh_j[h_W\ehded#ÓdWdY_Wbbol_WXb[ fWii[d][hjhWdifehj _dj[h#Y_joWdZhkhWbXkii[hl_Y[ij^WjmekbZX[`kij_Ó[ZedieY_Wb]hekdZi$ i[hl_Y[i DL)) 9edjhWYj_d] :[i_]dj[dZ[hZeYkc[dji\ehj^[Yecf[j_j_l[YedjhWYj_d]e\ÓdWdY_Wbbo fWii[d][hjhWdifehj l_WXb[WdZded#l_WXb[fWii[d][hjhWdifehji[hl_Y[i$ ef[hWj_ediWdZ i[hl_Y[i +& DL9-9 Ded#ÓdWdY_Wbbol_WXb[ WpWhZekiYWh]e[i 9[hj_\oWZl_iehi\ehYWhh_W][e\ZWd][heki]eeZiedhW_bWdZ[d\ehY[c[dj c[Wikh[iWiWffhefh_Wj[$ HJAN9L=9F<;GEE=J;A9DJG9<LJ9FKHGJL DL)* :h_l[hijWdZWhZi% b_Y[di_d] DL)*9 FWii[d][hYWhZh_l_d] :[j[hc_d[j^[ijWdZWhZid[Y[iiWhojeh[Y[_l[Wfh_lWj[YWhZh_l[hÊi ijWdZWhZi b_Y[di[$ DL)*: WpWhZekicWj[h_Wbi 9eehZ_dWj[m_j^ej^[hc_d_ijh_[iWdZ_dj[hdWj_edWbheWZW][dY_[i_d Z[j[hc_d_d]"if[Y_\o_d]"WdZWffbo_d]^WpWhZekicWj[h_Wbi\ehheWZWdZ hW_bjhWdifehjWdZY[hj_\o_d]Yecfbo_d]ef[hWjehi$ DL),: HeWZ\h[_]^jl[^_Yb[ H[]kbWj[ef[hWj_edWbiW\[joe\heWZ\h[_]^jef[hWj_d]YecfWd_[i" iW\[jo fhel_Z_d]f[h_eZ_Yh[fehjiediW\[jof[h\ehcWdY[Wih[gk_h[ZXoCEJ9$ +( K;@=& E9AF9F<KM:% >MF;LAGF9DKH=;A>A;9LAGF9F<;GEE=FL9JQ >MF;LAGFK HE) E\ÓY[e\Y^_[\ J^[[n[Ykj_l[e\ÓY[e\j^[9;Em_bb_dYbkZ[j^[i[Yh[jWh_Wje\j^[FC7 [n[Ykj_l[ WZl_iehoXeWhZWdZif[Y_Wb_p[Zkd_ji\eh_fkXb_Y%c[Z_Wh[bWj_edi"__ _dj[h#W][dYob_W_iedWdZYeehZ_dWj_ed"WdZej^[ha[oWh[Wie\Z_h[Yj h[fehj$ HE* <_dWdY[WdZXkZ][j J^_ikd_jm_bbX[h[ifedi_Xb[\ehFC7Êi_h[iekhY[ceX_b_pWj_ed1__ fh[fWhWj_ed"ced_jeh_d]"WdZh[l_[me\WddkWb%ckbj_#WddkWbXkZ][ji1 WdZ___ÓdWdY_WbcWdW][c[dj"_dYbkZ_d]WkZ_j_d]WdZWYYekdj_d]$M^_b[ h[fehj_d]jej^[9;E_jm_bb^Wl[Wi[YedZh[fehj_d]b_dajeCEJ9Êi ÓdWdY[WdZXkZ][jZ_h[Yjeh$ HE+ 9ehfehWj[i[hl_Y[i J^[i[i[hl_Y[i_dYbkZ[>H"?J"fheYkh[c[djWdZYedjhWYji"b[]Wbi[hl_Y[i [jY$ HE, 9ehfehWj["fhe]hWc" J^[Yeh[\kdYj_edie\j^_ikd_jm_bbX[FF7fh[fWhWj_ed"ced_jeh_d]"WdZ WdZf[h\ehcWdY[ h[fehj_d]$?jm_bbWbie\ehckbWj[FC7Êiemd_dj[hdWbYehfehWj[fbWdje fbWdd_d] c[[jj^[FF7$J^[ZhW\jFF7iWdZ9ehfehWj[FbWdm_bbX[Yedi_Z[h[ZWdZ l[jj[ZXoj^[FC7WZl_iehoXeWhZX[\eh[_jiikXc_ii_edjej^[c_d_ij[h$ ;WY^o[Wh"FC7m_bbfkXb_i^WdWddkWbh[fehj$ HE- Fehjfeb_YoWdWboi_i" Ced_jehi_cfWYje\CEJ9WdZm_Z[h]el[hdc[djZ[l[befc[djfeb_Y_[i WZl_Y["WdZ edj^[fehji[Yjeh"WdZWZl_i[i%h[Yecc[dZifehjifeb_YoWZ`kijc[dji _cfb[c[djWj_ed jeCEJ9\ehYedi_Z[hWj_ed$ HE. Fehji[Yjeh J^[\kdYj_edW_cijeced_jehh[]_edWbfehjZ[l[befc[djWdZjhW\ÓY cWha[j_d]" jh[dZiWdZ_Z[dj_\oYecc[hY_Wbeffehjkd_j_[iedX[^Wb\e\EcWdÊi[dj_h[ fhecej_ed"WdZ fehji[YjehWdZjefhecej[fehji[YjehYecf[j_j_l[WZlWdjW][jej^[ Ykijec[hi[hl_Y[ i^_ff[hWdZi^_ff_d]_dZkijho$ HE.9 Ced_jeh_d]fehj J^[\kdYj_edm_bbced_jehj^[b[l[be\i[hl_Y[WdZfheZkYj_l_joWj[WY^ f[h\ehcWdY[ fehj_dEcWd$ HE.: 9kijec[hh[bWj_edi FC7m_bbi[hl[Wij^[]el[hdc[djÊife_dje\YedjWYjh[bWj_l[je h[Y[_l_d]WdZh[iebl_d]YecfbW_djiWXekjfehji[hl_Y[eh_d\hWijhkYjkh[ gkWb_jo[nfh[ii[ZXofehjki[hi$ HE/ IW\[joWdZi[Ykh_jo J^_i\kdYj_ed_i_dj[dZ[ZjeWiikh[iW\[WdZi[Ykh[fehjef[hWj_edi$ +) HE/9 Fehji[Ykh_jo ;dikh[ifehjef[hWjehi%Z[l[bef[hiWZ^[h[je?IFIYecfb_WdY[$ HE/: ;c[h][dYoWdZ :[l[befiijWdZWhZi\eh[c[h][dYoWdZ[dl_hedc[djWbYedj_d][dYo [dl_hedc[djWb fbWdi"WdZced_jehiWYY_Z[djiWdZ[dl_hedc[djWb_dY_Z[dY[im_j^_dj^[ iW\[]kWhZfbWdd_d] j[hh_jeh_WbXekdZWh_[ie\Wbbfehji$ HE/; ;dl_hedc[djWb ;dikh[ifehjef[hWjehi%Z[l[bef[hi^Wl[Wffhefh_Wj[f[hc_jiWdZYecfbo cWdW][c[dj m_j^?CEWdZEcWd[dl_hedc[djWbijWdZWhZiZkh_d]fehjYedijhkYj_ed WdZef[hWj_edWbWYj_l_jo$ HE0 FbWdd_d]" CWdW][ij^[dWj_edWbfehjZ[l[befc[dj%cWij[hfbWd[\\ehjWdZ[dikh[i [d]_d[[h_d]"WdZ fehjZ[l[befc[djh[gk_h[c[djiWh[_dj[]hWj[Z_djeEcWdÊidWj_edWb Z[l[befc[dj jhWdifehjfbWdd_d]fheY[ii$ HE09 CWij[hfbWd Fh[fWh[ifehjcWij[hfbWdd_d]ijWdZWhZiWdZj^[fbWdWffhelWbfheY[ii ijWdZWhZi jem^_Y^fehjef[hWjehi%Z[l[bef[hickijWZ^[h["WdZZ[l[befiYWfWY_jo j^h[i^ebZi"fWhj_YkbWhbo\ehZec[ij_YYWh]e[i"m^_Y^m^[dh[WY^[Zi_]dWb j^[j_c[\ehj^[fh[fWhWj_ede\WYWfWY_jo[nfWdi_edfbWd$ HE0: FehjcW_dj[dWdY[ 7iikh[ij^WjfkXb_Yboemd[Zeh`e_djl[djkh[\WY_b_j_[iWh[WZ[gkWj[bo ced_jeh_d] cW_djW_d[Zl_Wf[h_eZ_YcW_dj[dWdY[_dif[Yj_edi$ HE0; FehjZ[l[befc[dj Fhel_Z[ij[Y^d_YWb_dfkj\ehj[dZ[hZeYkc[dji\ehfehjijeX[[nfWdZ[Z ehd[mfehjYedijhkYj_edekji_Z[_dYkcX[djfehjXekdZWh_[i$ HE1 JWh_\\"Yecf[j_j_ed" J^_i\kdYj_ed_i_dj[dZ[Zje[dikh[W^_]^b[l[be\fehji[Yjeh ef[hWj_edWb"WdZ Yecf[j_j_l[d[ii$ f[h\ehcWdY[ h[]kbWj_ed HE19 JWh_\\WdWboi_i J^[jWh_\\WdWboi_iWYj_l_jo_i_dj[dZ[Zje[dikh[j^Wjf[j_j_edi\ehjWh_\\ WZ`kijc[djifehjZk[iWdZj[hc_dWbjWh_\\iWh[mWhhWdj[Z$ HE1: 9ecf[j_j_ed 9ecf[j_j_edh[]kbWj_edWZZh[ii[ij^[ced_jeh_d]e\ef[hWjehi%fehj h[]kbWj_ed Z[l[bef[hih[bWj_l[jefh_Y_d]WdZef[hWj_edWbfhWYj_Y[ije[dikh[\W_h Yecf[j_j_edWdZYecf[j_j_l[X[^Wl_eh$ HE1; Ef[hWj_edWb Ef[hWj_edWbh[]kbWj_edWZZh[ii[ij^[]k_Z[b_d[ij^Wjfehjef[hWjehi% h[]kbWj_ed Z[l[bef[him_bbWZ^[h[je_d\ehckbWj_d]j^[_hef[hWj_edWbh[]kbWj_edi$ HE)( 9edY[ii_edfheY[ii ?Z[dj_Ó[iYedY[ii_edeffehjkd_j_[iXWi[Zedj^[cWij[hfbWdd_d] cWdW][c[djWdZ fheY[iiWdZ\WY_b_jWj[ij^[_h_cfb[c[djWj_ed$ Yecfb_WdY[ HE)(9 9edY[ii_edj[dZ[h Fh[fWh[iYedY[ii_ed%FFFijhWj[]_[iWdZ_cfb[c[djij[dZ[hfheY[ii\eh _cfb[c[djWj_ed fehjjhWdiWYj_edi$ HE)(: 9edY[ii_ed Ced_jehiYecfb_WdY[m_j^YedY[ii_edYedjhWYjeXb_]Wj_edi"_dYbkZ_d] Yecfb_WdY[ _dl[ijc[dj"ef[hWj_edWbf[h\ehcWdY["jWh_\\"WdZYedY[ii_edfWoc[dj ced_jeh_d] eXb_]Wj_edi\ehj^[b_\[e\j^[YedY[ii_ed$ HE)) CWh_j_c[feb_Yo 9edZkYjiWdWboi_ie\]el[hdc[djfeb_Yo"Z[j[hc_d[i_cfWYje\feb_Yo WdWboi_i"WZl_Y["WdZ edj^[cWh_j_c[i[Yjeh"WdZWZl_i[iZhW\jcWh_j_c[feb_YoWZ`kijc[dji _cfb[c[djWj_ed jeCEJ9$7Zl_i[iWdZh[Yecc[dZijeCEJ9ZhW\jfeb_Y_[i%h[]kbWj_edi \ehl[ii[bWdZdWl_]Wj_ediW\[joWdZcWh_j_c[[dl_hedc[djWbYedjheb fh[l[dj_edWdZh[ifedi[1Wii[ii[i_dj[hdWj_edWbWdZh[]_edWb eh]Wd_pWj_edfeb_Y_[i"Z[Y_i_ediWdZ_d_j_Wj_l[ij^WjcWo^Wl[Wd_cfWYj edl[ii[bWdZdWl_]Wj_ediW\[jo"WdZ[dl_hedc[djWbYedjheb$ +* HE)* :ec[ij_YYecc[hY_Wb J^[\kdYj_ed_dlebl[iZ[l[bef_d]"cW_djW_d_d]"WdZ_cfb[c[dj_d] l[ii[biW\[jo dWj_edWbijWdZWhZi\ehZec[ij_YYecc[hY_Wbl[ii[bi"_dYbkZ_d] fWii[d][h\[hh_[iYecc[hY_Wbh[]kbWj_ede\\[hh_[imekbZX[j^[ h[ifedi_X_b_joe\j^[BJ7$ HE)*9 L[ii[biW\[jo I[hl[iWi_dZkijhob_W_iedjefhecej[l[ii[biW\[joWdZcWdW][i fhecej_edWdZ dWj_edWbWhhWd][c[dji\ehYecfb_WdY["[d\ehY[c[dj"WdZ_dY_Z[dj Yecfb_WdY[ _dl[ij_]Wj_edi$ HE)*: ?dZkijho^kcWd CWdW][iWYYh[Z_jWj_ede\cWh_d[ikhl[oehiWdZh[]_ij[h[ZjhW_d_d] h[iekhY[i eh]Wd_pWj_edi$ Z[l[befc[dj HE)+ CWh_d[ Fh[l[djicWh_d[[dl_hedc[djfebbkj_edWdZh[ifedZijecWh_j_c[ [dl_hedc[djWb YWikWbj_[iWdZcWh_d[febbkj_ed_dY_Z[djij^WjWh_i[\heci^_ff_d]$ febbkj_edfh[l[dj_ed WdZh[ifedi[ HE)+9 ?dY_Z[djh[ifedi[ Fhel_Z[i[\\[Yj_l[h[ifedi[i[hl_Y[iYedi_ij[djm_j^_dj[hdWj_edWb cWdW][c[dj eXb_]Wj_edi"[d\ehY[c[dj"_cfb[c[dj_d]Yecf[diWj_ediY^[c[i _dWYYehZm_j^_dj[hdWj_edWbeXb_]Wj_edi"h[ifedi[cWdW][c[dje\ cWh_d[YWikWbj_[i"fhecej_d]fkXb_YWmWh[d[ii"Z[fbeo_d]j[Y^debe]o WZlWdY[c[dji\eh_cfhel_d]cWh_d[h[ifedi[YWfWX_b_j_[i$ HE), DWl_]Wj_ediW\[jo J^[\kdYj_edWZZh[ii[icWh_j_c[iW\[jocWjj[hiWdZh[bWj[Z [dl_hedc[djWbWdZdWl_]Wj_ed_iik[ih[bWj_l[je_dj[hdWj_edWbWdZ h[]_edWbfhejeYebiWdZeXb_]Wj_edi$ HE),9 ?dj[hdWj_edWb H[ifedi_Xb[\ehh[fh[i[dj_d]EcWd_dj^[?CEWdZZ[l[befc[dj" h[fh[i[djWj_edWdZ _cfb[c[djWj_ed"WdZ[d\ehY[c[dje\_dj[hdWj_edWbijWdZWhZi [d\ehY[c[dj [dYecfWii_d]i^_fiW\[jo"dWl_]Wj_ed"l[ii[bef[hWj_edi"cWh_j_c[ i[Ykh_jo"Yh[mYecf[j[dYo"jhW_d_d]"WdZ\Wj_]k[cWdW][c[dj$ HE),: DWl_]Wj_ediW\[jo :[l[befiEcWdÊicWh_j_c[h[]kbWjeho\hWc[mehaj^Wj_ih[ifedi_l[ je_dj[hdWj_edWbijWdZWhZiWdZceZ[hdiW\[jocWdW][c[dj ioij[ci1_iikWdY[e\dWl_]Wj_edmWhd_d]i1ef[hWj_d]j^[bed]#hWd][ _Z[dj_ÓYWj_edWdZjhWYa_d]BH?Jioij[c1WdZfhel_Z_d]dWj_edWbioij[c e\dWl_]Wj_edW_ZiWdZYeWijWbjhW\ÓYcWdW][c[dje\Yecc[hY_Wb i^_ff_d]$ HE),; I^_fiW\[jo Fh[fWh[i]k_Z[b_d[ih[bWj_l[jei^_fXk_bZ_d]ijWdZWhZi"i^_fikhl[oWdZ iW\[jo"Yh[m_d]"i[W\Wh[hgkWb_ÓYWj_ediWdZm[b\Wh["WdZYWhh_W][e\ YWh]e[iWdZfWii[d][hi$ HE)- J[Y^d_YWbikffehj ;b[Yjhed_Yi^_fh[]_ijhoWdZcWh_d[Y[hj_ÓYWj_ed"j^[BH?J"h[YehZi i[hl_Y[i cWdW][c[dj"WdZh[bWj[ZZWjWXWi[i"[d\ehY[c[djioij[ci[jY$ ++ K;@=J=A?@LDG?AKLA;K >D! J^[a[ofbWo[h_dj^[be]_ij_Yi[YjehmekbZX[Wbe]_ij_YiÇY^Wcf_ed"Èm^emekbZX[j^[_dij_jkj_edWbWdZ fkXb_Y\WY[e\j^[be]_ij_Yii[Yjeh"h[ifedi_Xb[jej^[9ekdY_be\C_d_ij[hi$>[mekbZX[Z_h[Yjehe\j^[EcWd Be]_ij_Yi9ekdY_bB9$C_d_ijh_[ih[fh[i[dj_d][Yedec_Yi[Yjehi_dlebl[Z_dbe]_ij_Yii^ekbZX[h[fh[i[dj[Z edj^[Be]_ij_Yi9ekdY_bWjc_d_ij[hb[l[b$ J^[Be]_ij_Yi9ekdY_bmekbZX[ikffehj[ZXoWh[bWj_l[boicWbbBe]_ij_Yi9[dj[hEB9ieWijecW_djW_d hWf_Z_joe\h[ifedi[je_iik[iWh_i_d]_dj^[i[Yjeh$J^[EB9i^ekbZZ[l[befWbe]_ij_YiijhWj[]o$J^_imekbZ i^emj^[heb[e\be]_ij_Yi_dj^[dWj_edWbZ[l[befc[djijhWj[]oEcWd(&*&WdZm^WjWYj_edid[[ZjeX[ cWZ[WdZZ[Y_i_edijWa[dje\kbÓbbj^Wjheb[WdZfhel_Z[f[h\ehcWdY[jWh][ji\ehbe]_ij_Yif[h\ehcWdY[$?j mekbZcW_djW_dWi[YjehZWjWXWi["ced_jehbe]_ij_Yif[h\ehcWdY["WdZcWdW][j^[jhW_d_d]%[ZkYWj_ede\ be]_ij_Yifhe\[ii_edWbi$J^[EB9mekbZkdZ[hjWa[ej^[hif[Y_ÓYWdZi^ehj#j[hcijkZ_[iWdZWYj_edijeX[ Z[j[hc_d[ZXoj^[Z_h[Yjeh$ J^[EB9mekbZX[WZl_i[ZXoWBe]_ij_Yi9edikbjWj_l[9ecc_jj[[e\h[fh[i[djWj_l[ie\j^[cW`ehfh_lWj[ WdZfkXb_Yi[YjehfbWo[hi_dj^[be]_ij_Yii[Yjeh"m_j^_jiY^W_hcWddec_dWj[ZXoj^[Z_h[Yjehe\j^[Be]_ij_Yi 9ekdY_b$ GE9FDG?AKLA;K;GMF;AD D;! J=>& E9AF9F< >MF;LAGF9DKH=;A>A;9LAGF9F<;GEE=FL9JQ KM:%>MF;LAGFK >D)&9 9eehZ_dWj_ede\ J^[Be]_ij_Yi9ekdY_bm_bb_dYbkZ[h[fh[i[djWj_l[ie\j^[fkXb_Yi[Yjeh fkXb_YW][dY_[i_d W][dY_[i_dlebl[Z_dbe]_ij_Yi"_dYbkZ_d]j^[C_d_ijh_[ie\JhWdifehjWdZ be]_ij_Yifeb_YoWdZ 9ecckd_YWj_edi"E_bWdZ=Wi"7]h_Ykbjkh[WdZ<_i^[h_[i"9ecc[hY[WdZ WYj_edi ?dZkijho"WdZ>_]^[h;ZkYWj_ed$J^[CEJ9_jm_bbX[h[fh[i[dj[ZXo j^[c_d_ij[h$?jm_bbWbie_dYbkZ[i[d_ehh[fh[i[djWj_l[ie\j^[9kijeci 7][dYoWdZj^[977$ >D)&: 9^W_hcWd%Z_h[Yjeh J^[Y^W_hcWde\j^[B9m_bbWbieX[j^[Z_h[Yjehe\j^[EcWdBe]_ij_Yi 9[dj[hEB9$?dj^[heb[e\Z_h[Yjeh^[m_bbZ[j[hc_d[WYj_edijeX[jWa[d Xoj^[EB9_dh[ifedi[je_iik[ihW_i[ZXoej^[hc[cX[hie\j^[B9$ >D)&; I[Yh[jWh_Wj J^[EB9m_bbfhel_Z[i[Yh[jWh_Wbi[hl_Y[ijej^[B9$ >D)&< C_d_ij[h_WbWYj_ed J^[Y^W_hcWdm_bbhW_i[be]_ij_Yi_iik[im_j^j^[B9j^Wj^Wl[Yec[ je^_iWjj[dj_edj^hek]^j^[EB9WdZWhhWd][_dj[h#c_d_ij[h_WbWYj_ed m^[h[d[Y[iiWho$ >D)&= EB9WYj_ed J^[ej^[hc[cX[hie\j^[B9m_bbhW_i[be]_ij_Yi_iik[ij^Wj^Wl[Yec[ jej^[Wjj[dj_ede\j^[_hW][dYoWdZh[gk_h[Z[Y_i_edWdZ%ehWYj_edXo ej^[hW][dY_[ih[fh[i[dj[Zedj^[B9$ GE9FDG?AKLA;K;=FL=J GD;! >D*&9 ?dij_jkj_edWb J^[Z_h[Yjehe\j^[EB9m_bbh[fh[i[djj^[be]_ij_Yii[Yjeh_dj^[ h[fh[i[djWj_ed Be]_ij_Yi9ekdY_bWdZm_bbX[WZl_i[ZXoj^[^[WZie\j^h[[kd_jie\ j^[EB9ijhWj[]o"ZWjW"WdZced_jeh_d]WdZ[ZkYWj_ed$J^[^[WZe\ j^[ijhWj[]okd_jm_bbWbieh[fehjjej^[Z_h[YjehedZ[Y_i_edie\j^[ JhWdifehj9edikbjWj_l[9ecc_jj[[edm^_Y^^[m_bbh[fh[i[djj^[ Y[dj[h$ >D*&*: FkXb_Yh[bWj_edi J^[Z_h[Yjehm_bbWhhWd][\ehfkXb_YWj_ede\d[miWdZWhj_Yb[i"kdZ[hjWa[ fh[iiWdZj[b[l_i_edWff[WhWdY[i"WdZcWdW][?dj[hd[jYedj[dj"Wbb W_c[ZWjfhecej_d]ikffehj\ehj^[be]_ij_Yii[Yjeh$?dj^_ij^[Z_h[Yjeh m_bbX[ikffehj[ZXoj^[i[Yh[jWh_Wje\j^[EB9$ +, >D*&; IjhWj[]_YWZl_Y[ 7ijhWj[]okd_jm_bbYedjhWYj"ikf[hl_i["WdZZ_ii[c_dWj[WDWj_edWb Be]_ij_YiIjhWj[]o$?jm_bbWbiekdZ[hjWa[i^ehj#j[hcWdZej^[hijkZ_[i Z[j[hc_d[ZXoj^[Z_h[Yjeh$ >D*&< :WjWWdZ 7ZWjWWdZf[h\ehcWdY[#ced_jeh_d]kd_jm_bbZ[l[befWbe]_ij_Yi f[h\ehcWdY[ ZWjWXWi[WdZh[]kbWhboced_jehWdZh[fehjedf[h\ehcWdY[e\j^[ ced_jeh_d] be]_ij_Yii[Yjeh$ >D*&-= Be]_ij_Yi[ZkYWj_ed 7d[ZkYWj_edkd_jm_bbZ[l[befbe]_ij_YijhW_d_d]Yekhi[im_j^ dWj_edWbWdZ_dj[hdWj_edWb[ZkYWj_ed_dij_jkj_ediWdZj^[Wffhefh_Wj[ Y[hj_ÓYWj_ede\be]_ij_Yifhe\[ii_edWbi$ >D*&> Be]_ij_Yi J^[ijhWj[]okd_jm_bbX[h[fh[i[dj[Zedj^[EcWdBe]_ij_Yi YedikbjWj_l[ 9edikbjWj_l[9ecc_jj[[EB99"fhel_Z[_d\ehcWj_edje_j"WdZYedl[o Yecc_jj[[ _jiZ[Y_i_edijej^[Z_h[Yjeh$?jm_bbkdZ[hjWa[Wdoh[ikbj_d]WYj_edij^Wj ^[Z[j[hc_d[i$ >D*&? I[Yh[jWh_Wj I[Yh[jWh_Wji[hl_Y[im_bbX[fhel_Z[Zjej^[B9"j^[EB9"WdZj^[EB99$ GE9FDG?AKLA;K;GFKMDL9LAN=;GEEALL== GD;;! D+&9 FkXb_Y%fh_lWj[ J^[EB99m_bbX[W\ehkc\eh[nY^Wd][e\_d\ehcWj_edX[jm[[d _d\ehcWj_ed YecfWd_[i_dlebl[Z_dj^[be]_ij_Yii[YjehWdZj^[W][dY_[ih[fh[i[dj[Z [nY^Wd][ edj^[Be]_ij_Yi9ekdY_b$ D+&: 9eehZ_dWj_ede\ J^[Y^W_hcWde\j^[EB99m_bbX[\hecj^[fh_lWj[i[YjehWdZdec_dWj[Z fkXb_YWdZfh_lWj[ Xoj^[Z_h[Yjehe\j^[Be]_ij_Yi9[dj[h$>_iheb[m_bbX[je\eij[h]eeZ be]_ij_YWYj_l_j_[i h[bWj_ediX[jm[[dj^[fkXb_YWdZfh_lWj[i[Yjeh_dh[bWj_edjebe]_ij_Yi WdZh[iebl[_iik[ij^WjWh_i[X[jm[[d_jic[cX[hi$ D+&; KfZWj[i\hecEB9 J^[EB9j^hek]^_ji^[WZe\ijhWj[]oWiWc[cX[he\j^[Yecc_jj[[ m_bbfhel_Z[j^[EB99m_j^f[h_eZ_YkfZWj[iedf[h\ehcWdY[e\j^[ be]_ij_Yii[Yjeh$ D+&< 7Zl_Y[jeEB9 J^[EB99m_bbcWa[h[Yecc[dZWj_edijej^[EB9m^[dWYj_ed_i d[[Z[ZjeWZZh[iiif[Y_ÓY_iik[ij^WjYWddejX[h[iebl[ZX[jm[[d_ji c[cX[hi$J^[EB9m_bbi[[aj^[WZl_Y[e\j^[EB99edWbbWYj_l_j_[iWdZ _iik[ij^Wj_dlebl[be]_ij_YiYecfWd_[i"_dYbkZ_d]Z[l[befc[dje\j^[ dWj_edWbbe]_ij_YiijhWj[]o$ +- NOTES NOTES NOTES