2006 WG Santos - Ex Leviatã Brasileiro
2006 WG Santos - Ex Leviatã Brasileiro
2006 WG Santos - Ex Leviatã Brasileiro
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hi pcnilcimi ^[m ifca[lkoc[m+ =im fc\_l[cm) _hnl_n[hni) [ l_pifo…„i m‰ jlc[ ]ih]_j…„i ifca‚lkoc][ ^[ chmncnoc…„i _mn[n[fcgj_^c[ [ j_l]_j…„i l_[fcmn[
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]cmgi [ ^_m[`cimm_g_fb[hn_m)h„i n_h^i ofnl[j[mm[^i i g_ci m†]ofi ^_ lc[fct[…„i^i pcmcih[lcmgip[laocmn[+Al[ [ j_l]_j…„i ^[mn[l_`[m^_ ko_ og
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hŠgc][ mi\ `‰lgof[ ]iij_l[ncpcmn[) [i g_mgi n_gji g[cm _mn[nct[hn__ Ag .612) ^_jicm ^_ i p_l_g _rj_fc^i ^i ji^_l) im ifbim ^_gi]l‚nc*
g_him nin[fcn‚lc[ ^i ko_ i h[tcmgi [f_g„i+ Ji >l[mcf)[ `‰lgof[ ]ii* ]im j_l]_\_l[g ko_ R[la[m l_pifo]cih[l[ ^_ `[ni i j[ˆm+Aigj[l[h^i*i)
j_l[ncpcmn[`ic [\l[h^[^[ _g l_f[…„i [im m_ag_hnim_]ihŠgc]i*_gjl_* ) † ]f[li) [i ko_ i [hn_]_^_o+ Ehc]cio _ [p[h…io h[ `oh^[…„i _ chn_al[…„i
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A `ic og[ jifˆnc][ mi]c[f ^_ al[h^_ cgj[]ni) _g ]igj[l[…„i ]ig i j[m*
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NOWYM\g^SMK% Nci ^_ F[h_cli) Ni]]i) .665+
^_ ^_ l_]lon[l im nl[\[fb[^il_m j[l[ i goh^i ^[ h_ai]c[…„i) ^im[h^i 3C_nŒfciR[la[m) 4 XY`K ZYVm^SMK NY 5\K]SV%@E<)pifog_ E)j+ .--+
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&@[mj'`ic ila[hct[^i_g .605) ]ig [ ch]o` f\‡h]c[ ^_ jli^otcl o[^lim* ^[) io mi\ ^cn[^ol[+J„i n„i ch]igjl__hmˆp_f) _hnl_n[hni)ko[hni [ _mnl[hb[
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_ ][ll_El[ i `Qh]cih[fcmgi+ = _mm[hip[ a_l[…„i ^_ \oli]l[n[m m_lc[_h* j_lg_‚p_f •mnl[hm`ilg[…‹_m^i Œfncgig_ci m†]ofi h[]cih[f+ Ji >l[mcf)i
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tc^[ _ j_f[ a_mn„i^i m_niljli^oncpi _mn[n[f+ Ag ko[m_ch[]_cn‚p_fl_mogi) _g \om][ ^i `onoli+ Cl[h^_ j[ln_ ^im bcmnilc]cmn[m \l[mcf_clim]ihn_gjilƒ*
[ m_l^_m^i\l[^i [^c[hn_) [ch^[ h_mn_][jˆnofi) † _mn_i M_\\SM_V_W ^[ Al[ h_imh_a[g) jil cgjfc][…„i) ko_ i >l[mcfn_hb[ nc^i bcmn‰lc[+
R[la[m+@_mnloˆ*E[ ]ihmncnoc)]f[l[g_hn_) `ilgc^‚p_f ^_m[`ci+
e 8 Z_\ ]SW_Y`O'/ = Al[ R[la[m m_[`[mn[hi n_gji) g[m m_]ihmifc^[ hi
?ihn[g) n[fp_t) im ch]ih`ilg[^im ]ig [ nl[^c…„i\l[mcf_cl[^_ ^_mnch[l PX ˆhncgi ^[ bcmn‰lc[ \l[mcf_cl[+++
Pl[n[h^i*m_ ^_ og li]_mmi _h][l]_l[^i) cmni
[i imnl[]cmgi ^_`chcncpiimgig_hnim ^_ lojnol[ bcmn‰lc][+ Fomnc`c][p[*m_ ^[l
†) _g ko_ [ mo]_mm„i ^_ `[nim †w_p_lmˆw_f h„i b‚ ]i +i l_`[t_l i Amn[^i
[m]imn[m[im jilnoao_m_m_ [i j_lˆi^i ]ifihc[f jl_]cm[g_hn_ j_f[ f_g\l[h…[
w \l[mcf_cli _ mo[mgofnc`[]_n[^[m [nlc\oc…‹_m m_h„i [ j[lncl ^[m ch[j[a‚p_cm
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w ]ihm_k•‡h]c[m^[ […„ip[laocmn[+h chm_hm[ni[g\c]cii[l _m]l_p_li onoli
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w ^‰>l[mcf]ig `oh^[g_hnim [mm_hn[^im hi j[mm[^i ^_ ionlim j[ˆm_m+ @†][*
^[^_ ^_ [\milp_l) ^_jicm ^_ chmn[ol[^[[ N_jŒ\fc][) i l_mni^i m†]ofiTET) i
w ^[m _ m†]ofimjimn_lcil_m m_l„i i ko_ m_l„i ]igi l_mofn[^i ^[m ^_]cm‹_m
^_ L_^li ..+Mo[m_h[^[ m_l_]il^[ [f†g ^i [l\cnl‚lci Li^_l Ii^_l[^il _ ^[
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_m]l[pc^„i+?[^[ chˆ]ci ^_ †ji][ † [lnc`c]c[fg_hn_l_acmnl[^i ]igi i [hi .
`onolim jimmˆp_cm i`_l_]c^im [ ][^[ †ji][+ Ahnl_ [mjimmc\cfc^[^_ml_[cm[i
^[ pc^[ Œncf ^i j[ˆm) `c][h^i im j[mm[^iml_]_hn_ _ l_gini min_ll[^im j_fim
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ni^im im jl_m_hn_m) [i j[mm[^i) _ [ no^i hi j[mm[^i+
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^ˆpc^[) io ^†\cni) ]ig [ Llcg_cl[ N_jŒ\fc][+@ˆpc^[h_hbog[ m_aol[g_hn_ [
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lc][ ]ig pcmn[m [i imnl[]cmgi p[laocmn[+L[mm[^ig[cm ^_ g_ci ]_hn_h‚lci)
li ko[ln_f ^i m†]ofi TT [i m[\il ^8m]lcm_m ]ˆ]fc][mko_ []igj[hb[l[g [
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l[f ]f‚mmc][[j‰m[ jlcg_cl[ ^†][^[ ^[ O_aoh^[ Cl[h^_ Co_ll[ &.606*
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…im^_ a‡h_lim ^_ jlcg_cl[ h_]_mmc^[^__ [ ^cmjil mi\l_ [ f_a[fc^[^_ ^i nl[n†ac][mj[l[ [ ]ihmnlo…„i g[n_lc[f ^_mn_Œfncgi+= _f_mm_ao_*m_) [ch^[X+.'
]ih`cm]i ^_ g_l][^ilc[m) ko[h^i ]ihp_hc_hn_+Ag\il[ h„i _mj_n[]of[l) [ % h[ fchb[ jli^oncp[) i Lf[hi Oc^_lŒlac]i J[]cih[f) _g .61-+
[ncpc^[^_ l_aof[n‰lc[^i Amn[^i† [ g[cm m[fc_hn__) m_g ^Œpc^[)]lo]c[f h[ = l_aof[…„i_ [ chn_l`_l‡h]c[h[ pc^[ mi]c„E^_m^i\l[g*m_)[ j[lncl ^_ .60.)
ila[hct[…„i ^[ jlch]cj[f [ncpc^[^_ _]ihŠgc][ ^[ †ji][+ {m p†mj_l[m^[ ]ig [ hip[ f_c^_ cgjiln[…„i ^_ mcgcf[lh[]cih[f) _g ]cl]of[…„i ^_m^_.56-)
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kw[f i _gjl_a[^i nchb[[mm_aol[^ini^im im ^cl_cnimnl[\[fbcmn[m) [ch^[ jil ^_ j[l[ i ^_\[n_ mi\l_ jf[h_d[g_hni `O\]_] f‰ac][^i g_l][^i _hnl_Ni\_lni
REl)_ m_g[ ko[f) jil ionli f[^i) ^_f_mh„i ji^_lc[ m_\_h_`c]c[l+J_mm_g_m* Ocgihm_h_ Aoa‡hci Co^ch+J„i i\mn[hn_im ^_\[n_m)]ihncho[g [ mo]_mm„i
gi [hi † l_ f[^i i nl[\wi `_gchchi _ ^_ g_hil_m) `cr[^[ _g icli bil[m [ ^_ l_aof[g_hnim _ [ ila[hct[…„i ^_ ohc^[^_mjli^oncp[m) ]ig [ =]_mcn[_ [
dilh[^[ ^_ nl[\[fbi ^_ [^ofnim)_ [n_h…„i• Eac_h_ i nl[ [ i+ i [hi m_* ?igj[hbc[ Dc^li_f†nlc][ ^i R[f_ ^i O„i Bl[h]cm]i _mn[\_f_]c^[m_g .612)
aogn_ m_h[[ _c^_ `†lc[m+ N_nlimj_]ncp[g_hn_)p_lc`c][*m_ ko_) _g nl‡m[him ]igi _hnc^[^_m^_ jli^o…„i) _ i Boh^i B_llipc‚lci _ [ Ooj_lchn_h^‡h]c[ ^[
i aip_lhi l_pi o]cih‚lci ^_ R[la[m [n_h^_o [ jl[nc][g_hn_ ni^[m[m^_g[hw Ii_^[ _ ^i ?l†^cni) ^i >[h]i ^i >l[mcf)j_fi f[^i `ch[h]_cli+
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L[l[ `ilg[l im ij_l[^il_m ^i Amn[^iko_ m__rj[h^c[) cgjf[hn[*m_)_g g_hni ^_ Amnl[^[m^_ Ni^[a_g _ i @_j[ln[g_hni ^_ K\l[m ?ihnl[ [ O_][)
.605) i @_j[ln[g_hni ^_ =mm_mmilc[ _ O_lpc…i^_ L_mmi[f&@[mj'+ Amn_ ^_j[l* m_aoc^im)_g .613) j_f[ ?igcmm„i ?_hnl[f ^_ Ll_…im+ Pi^im) [f†g ^i
n[g_hni ^_ `ilg[…„i _ ]ihnlif_ ^i m_lpc…i jŒ\fc]i [h…[l‚ [m [m_m^_ og @_j[ln[g_hni J[]cih[f ^_ K\l[m _ O[h_[g_hni) d‚ pch^i ^_ .61-) pc_*
mwmn_g[ ^_ g†lcni) l_cpch^c][h^i [ [n_h…„i^[ ]f[mm_ jifˆnc][ j[l[ [ l_f_pƒh* l[g [ nilh[l*m_) _g g_him ^_ og[ ^†][^[) ]f[lim n_mn_gohbimjl_]cm[*
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nilh[p[ g[cm]igjf_ri [ ][^[ [hi+ = _mj†]c_^_ h_jincmgi ko_) m_gmig\l[ m_aoh^[ `[m_^_ j[nlih[a_g _ ]fc_hn_fcmgi+
^_ ^Œpc^[)jl_p[f_]_o ^ol[hn_ im jlcg_clim nlchn[[him ^[ N_jŒ\fc][) g[h* Ag ]ihnl[]ill_hn_ • ]igjf_n[ _ p_fit l_pifo…„i chmncno]cih[f)ila[*
n_h^i [ nl[^c…„i^i \oli]l[ncmgi cgj_lc[f * i\d_ni ^_ ‚]c^[m]lˆnc][m^_ ^icm hct[]cih[f _ f_a[f ^[ jlcg_cl[ †ji][ p[laocmn[h[ll[^[ [n† [koc) i j_lˆi^i
[onil_m)Fi[kocg J[\o]i _ Fim†^_ =f_h][l) chn_cl[g_hn_^cm]il^[hn_m_g jl_mc^_h]c[f^_ Aolc]i C[mj[l @onl[ l_p_f[ ^l‚mnc][chn_lloj…„ih[m[ncpc^[*
no^i g[cm*) _h]ihnlio hi @[mjm_och][hm‚p_fj_lm_aoc^il+@cl*m_*c[ b[p_l ^_m^i Amn[^i)g[m ko_ m„icg_^c[n[g_hn_ l_nig[^[m ]ig [ pifn[ ^_ R[la[m
n_lgch[^i [ Fcg_cl[ `[mw^i ]fc_hn_fcmgi\l[mcf_cli)h[ p_lm„i ko_ ]ihm_aoc* [i ji^_l &.62-' _ [ ]lc[…„i)_g .62/) ^i >[h]i J[]cih[f ^_ @_m_hpifpc*w
l[ g[hn_l*m_chn[haˆp_f[i fihai ^_ [jlircg[^[g_hn_ ..- [him+ g_hni A]ihŠgc]i &>J@A' _ ^i ?ihm_fbi J[]cih[f ^_ @_m_hpifpcg_hn-4w
w j[lncl ^_ .61-) _ [n† .621) ^_m]ihn[^i i chn_lg_^c‚lc*88* j_lˆi^i ^_ ?c_hnˆ`c]i _ P_]hif‰ac]i &?JLk'+ P[g\†g _g .62/ _mnlonol[g*m_[ w
Aoh]i C[mj[l @onl[) i]ill_ ]l_m]_hn_j[lnc]cj[…„i ^[ [ncpc^[^_ jli^onc* B†llipf‚h[ B_^_l[f) i >[h]i ^i Jil^_mn_ _ i Ehmncnoni >l[mcf_cli^i ?[`†)
p[ _mn[n[f)[]igj[hb[h^i [ ]ihnˆho[ _gcmm„i^_ f_cm l_aof[n‰lc[m _ i ]l_m]c* m_ffcfi^_ .620 wLf[hi J[]cih[f ^_ P_f_]igohc][…‹†m)[ ?[]_r) [ OLARA=) .) 3
g_h+ni_ ^c`_l_h]c[…„iila[hct[]cih[f ^i Amn[^i+= ?igj[hbc[ Oc^_lŒlac…[ [ ]lc[…„i^i Ichcmn_hi [ [o _ _ [ [jlip[…„i) _g 0 _ iono li) [ H_chK N)
ww]fK<[f)g[l]i ^_ fiha[ `[m_bcmn‰lc][) chc]c[^[ ]ig mo[]lc[…„i)_g .61.) /+-- ) ]h[h i [ _nli l[mi Bch[ g_hn_) oh^[*m_)_g . ) [ igj[h %[]B$
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hi ji^_l &]_l][^_ pchn_[him)
_g w600) j[mm[[ [^gchcmnl[l i jl_…i ^i […Œ][l+ [jlircg[^[g_hn_') [mm_hnio[ _mnlonol[g[n_lc[ i Amn[i*J[…„i _g mi i
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chn_lp_h]cihcmn[o_ m_g[hcw_mn[him lhcfcn[lct[ impgn_ [him mo m_a•_hn_m +++
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chc]c[ncp[aip_lh[g_hn[f+ Km]ihnlif_m ][g\c[cm chc]c[fg_hn_ domnc`c][*
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^im j_f[ jifˆnc][ gih_n‚lc[) jio]i ^_jicm ^i n†lgchi ^[ O_aoh^[ Cl[h^_
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mimh[nol[cm _ _mnl[n†ac]im* jil _r_gj i) `ihn_m c l[o E][m)l_]olmim
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jil C_lm] _h lih _ ko_ m_`[t_g j[n_hn_mh[ jligofa[…„i ^im ?‰ caim
pcim^_ ]illoj…„i+
^_ |ao[m _ ^_ Ich[m) \_g ]igi h[ ]lc[…„i ^_ _gjl_m[m ]igi [ L_nli\l[m
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_ [ [no[fg_hn_ jlcp[nct[^[ ?igj[hbc[ Oc^_lŒlac][J[]cih[f+ Pl[n[p[*m_)
m[p[ ^_m_kocfc\l[^[g_hn_) [g_[…[h^i [ ]ihnchoc^[^_ ^i jlial_mmi j_f[
[i g_mgi n_gji) ^_ !h[]cih[fct[l! im l_]olmim h[nol[cm ^i j[ˆm _ jli*
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higc[ ch^omnlc[fgi^_lh[+ K `ilg[ni _mn[n[f^_ jli^o…„i ^_ […i_ j_nl‰f_i
cgjf[hn[…„i _ ^_m_hpifpcg_hni ^_ m_f_nim m_ag_hnim^i mcmn_g[_]ihŠ*
^_]ill_o) jil og f[^i) ^[ ch_rcmn‡h]c[^_ og _gjl_m[lc[^i h[]cih[f ][*
gc]i+ = ]lc[…„i ^_ alojim _r_]oncpim^ol[hn_ i j_lˆi^i Go\cnm]b_e)_h*
j[t ^_ [mmogclim lcm]im_ i pofni ^i _gjl__h^cg_hni &][mi^i […i' _)
][ll_a[^im ^_ [^gchcmnl[l jlcpcf†acim]ih]_^c^im _ gihcnil[l l_mofn[^im
jil ionli) ^[ ^_]cm„i jifˆnc]i*gcfcn[l ^_ _pcn[l [ ]igj_nc…„i ]ig im
[f][h…[^im) chmnlog_hn[fctio ila[hct[]cih[fg_hn_ [ chn_h…„i^_ l_]oj_*
ifcaij‰fcim chn_lh[]cih[cm &][mi^i j_nl‰f_i'+.6
l[l i [nl[mi ^_ ^cp_lmimm_nil_m^[ _]ihigc[+
= n_l]_cl[ fchb[ ^_ ^_n_lgch[…‹_mn_g jil ilca_g [ \_g _mn[\_f_]c^[
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hwl[mcf+ h jil ]ihn[ ^_ ^cgchocl [m^cmj[lc^[^_ml_acih[cm)jil og f[^i)
ko_ m_^_p_g [ml_aof[…‹_m^_ _g_la‡h]c[) g[m ^_ _`_cnim^ol[^iolim+
_ ^_ i\n_l g[cil l[]cih[fc^[^_ h[ [fi][…„i ^im l_]olmim^[ _]ihigc[) jil
?igi _r_gjfim nˆjc]im_ [hncaim^_mm[`ilg[ ^_ chn_lp_h…„iaip_lh[g_h*
ionli) ko_ m_]lc[g chc]c[fg_hn_ [ jcih_cl[ Ow_ _! h[ m_w•‡h]c[)n+i^Z[m
n[f ^_p_*m_g_h]cih[l [ f_c^i mcgcf[l h[]cih[f) ^_ .605) ]odi `cg _l[ [
[mmoj_lchn_h^‡h]c[ml_acih[cm) ko_ m_[]l_m]_hn[g [m[hnEa[m?igEmm[i
l_m_lp[ ^_ g_l][^i j[l[ i ][jcn[f h[ncpi) _ [ f_c^im +(,%^_ .60-) j[l[ W
^i R[f_ ^i O„i Bl[h]cm]i _ OLARA=+K `onoli gimnl[lc[ ko_ _mn_m_ag_h*
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ni ^i Amn[^i mo]og\clc[ • jifˆnc][ ^_ ^cmnlc\oc…„i ^_ _mj‰fcim) j_l^_h^i
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…„i^_ ko_ ni^i i Amn[^i \l[mcf_cli ij_l[p[ m_aoh^i [mg_mg[m ]ihnw[* jiln[hn_ `l[nol[ _hnl_ i h[m]cg_hni !jifˆnc]i! _ [ mi\l_pcp‡h]c[ !_]i*
p_h…‹_m+ hŠgc][! ^[ ila[hct[…„i+
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_mn[^im_ l_ac‹_m8[ jli^o…„i _ i ]ihmogi8 i jl_…i ^[m g[n†lc[m*jlcg[m) [ mi\l_pcp‡h]c[ ^[ ila[hct[…„i) g[m i ^_ ko_) [^_g[cm) PSMK`KOVKYL\SQK&
^i ][jcn[f _ ^i nl[\[fbi) nilh[h^i [ [lkocn_nol[ mi]c[f \l[mcf_cl[ ^_fc][^[ NKKObZKXNS\&]O OKZ\YVSPO\K\ZK\K]YL\O`S`O\' @[^i i ]ihn_rni chmncno]cih[f
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…„i_mn[n[f[ og gi^_fi [h[fˆnc]i ]ihmcmn_hn_) [fai ko_ h„i m_jl_n_h^_ l[…„i) h[ g_^c^[ _g ko_ [ a[l[hnc[ ^_ mo[ mi\l_pcp‡h]c[ `imm_og
l_[fct[l [koc+@_ionli ƒhaofi) ]ihp†g n_l jl_m_hn_ko_ im ^_n_lgch[hn_m mo\jli^oni ^_ m_o^_m_gj_hbi _]ihŠgc]i ]^\SM^_]OX]_'
^[ SX^O\`OXjiY ^i Amn[^i h„i m„i h_]_mm[lc[g_hn_im g_mgim ko_ _rjfc* =m_gjl_m[m _mn[n[cm \l[mcf_cl[mm_gjl_ ij_l[l[g _g ]ihn_rni ][*
][g [ ObZKX]iY ^[ [ncpc^[^_ _mn[n[f)[fc ih^_ _f[ d‚ m_chc]cio * _) cmni l[]n_lct[^i j_f[ jl_m_h…[^_ gi^_l[^[m) jil†g n_h^_hn_m[ _f_p[^[m)
mcg)† n‰jc]i [\il^[^i [ m_aocl+ n[r[m ^_ ch`f[…„i _ j_f[ ch_rcmn‡h]c[^_ og ][cr[ Œhc]i mo`c]c_hn_g_h*
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jli^oncpc^[^_+ Llin_ac^[m ]ihnl[ im [t[l_m ^i g_l][^i) [m_gjl_m[m _m* ^_m^_fiha[ ^[n[+ = n_hn[ncp[^_ g[rcgct[l fo]lim ij_l[]cih[cm) _g ]ih*
n[n[cmpcl[g*m_ [fpi j_lg[h_hn_ ^_ ]lˆnc][m ko[hni • _`c]c‡h]c[ ^_ m_o m_k•‡h]c[) ko[h^i \_g*mo]_^c^[) ]ifi][p[ [ _gjl_m[ ^c[hn_ ^[ [fn_l*
^_m_gj_hbi) g_^c^[ _mn[j_fi j[^l„i ]ihp_h]cih[f ^_ fo]lim ij_* h[ncp[ ^_ _hn_miol[l l_]olmim `ch[h]_clim _g _r]_mmi * [llcm][h^i*m_
l[]cih[cm+ Qg[ p_t ]lc[^[ [ _gjl_m[ jŒ\fc][) j[lnc]of[lg_hn_ [ _gjl_m[ jil [ˆ • ]lˆnc][ ^_ ch_`c]c‡h]c[) d‚ ko_ im ^_cr[lc[ pofh_l‚p_cm j _lim„i
jli^onil[ ^_ \_hm _ m_lpc…im) _mg[_]_g [ml[t‹_m ilcach[cm j[l[ [ mo[ ch`f[]cih‚lc[ * io ^cp_lmc`c][l chp_mncg_hnim)\om][h^i im m_nil_m^_
]lc[…„i * l[t‹_m) ]igi m_^_m]l_p_o) ^_ h[nol_t[ g[cm !jifˆnc][! ko_ [fn[ l_hn[\cfc^[^_) n[f ]igi ko[fko_l _gjl_m[ jlcp[^[ _mn‚i\lca[^[ [
^_ !g_l][^i! * _ ^_`f[al[*m_ og[ jl_mm„i jil ^_m_gj_hbi ^_ []il^i `[t_l+ Al[ [ f‰ac][ _]ihŠgc][ ^_ ]olni jl[ti ko_) m_h^i og ^im
]ig [m l_al[m a_l[cm ^i mcmn_g[_]ihŠgc]i) cmni†) [ g[rcgct[…„i ^i j[lƒg_nlim `oh^[g_hn[cm ^_ [p[fc[…„i ^i ^_m_gj_hbi ^[ _gjl_m[
fo]li+ = mi\l_pcp‡h]c[ ila[hct[]cih[f ^_ og[ _gjl_m[ ^i Amn[^i ^_j_h* jŒ\fc][) cgj_fco [faog[m ^_f[m)mi\l_no^i [mg[cm _`c]c_hn_m)• _rj[h*
^_) _g ]ihm_k•‡h]c[) g_him ^_ og[ [p[fc[…„i ^_ g†^ci _ fihai jl[cim) m„i _ jlifc`_l[…„i+
_ ]ih`ilg_ [ml[t‹_m ko_ cgjom_l[g mo[ ]lc[…„i * jil _r_gjfi) g[* = ^chƒgc][ ^[m\oli]l[]c[m ]ihmncnocionl[ `ihn_ h[nol[f ^_ ]l_m]cg_hni
hon_h…„i ^[ mi\_l[hc[ chn_lh[ mi\l_ l_]olmim h[nol[cm _mnl[n†ac]imio _ gofncjfc][…„i _mn[n[f+ h ]ihb_]c^i i [rcig[ ^_ ko_ [m\oli]l[]c[m n_h*
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^_ m[Œ^_)io _m]if[) chmn[f[…„i^_ c ognh[…„i jo E][ _n]+*) [jlip[^[m jil ][^[ j[lf[g_hn[l •mila[hct[…‹_m fcgcn[h^i m_o]l_m]cg_hni) [ _mncg[ncp[^_ Dchnt_) [i
h„i cgj_^_g ko_ ionlim n[g\†g m_oncfct_g ^_f[m+Pi^im a[hb[g+ Lifˆnc][ml_^cmnlc\oncp[m)
_hnl_n[hni) cgjfc][g [ l_ncl[^[ ^_ [faog m_ag_hni ^_ l_h^[ ^_ [faohm alojim _g \_h_`ˆ?c‹^_ ?ihnl‚lci) him[mm_aol[ko_ imfcgcn_m ^_ _rj[hm„i ila[hct[]cih[f m„i^[^im
ionlim+ Lil jifˆnc][m ]fc_hn_fcmn[m
_hn_h^_*m_)mi\l_no^i) i jlcg_cli ncji+ [j_h[m j_f[ ][j[]c^[^_ ^_ [^gchcmnl[l _ ]ihnlif[l im !_mj[…im![^koclc*
^im j_f[ \oli]l[]c[ _g _rj[hm„i+/. O_h^i [ ][j[]c^[^_ ^_ [^gchcmnl[…„i b‚) h_]_mm[lc[g_hn_+= jl‰jlc[ f‰ac][^[m]cl]ohmnƒh]c[m)m_h„i † ]ihp_*
_ ]ihnlif_ ^_lcp[^[ ^_ [j_l`_c…i[g_hnim h[ _mnlonol[ ila[hct[]cih[f hc_hn_g_hn_[fn_l[^[ _g mo[ch]fch[…„i)ch^ot i ]l_m]cg_hni _ _mj_]c[fc*
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p_g) jil ]_lni) ]igi _RE‡h?f[ ^_ ko_ [ il _g _mn[A__?E [ h„i † h[no* ?_ln[g_hn_)X[ n[r[ ^_ ]l_m]cg_hni h„i _mn[p[[]ijf[^[ _r]fomcp[g_hn_
l[f) ]igi ji^_g m‡*Ei[m j‡l[m _ i jil]i*_mjchbi) g[m l_mofn[^i ^_ [i pini ^[mgofb_l_m+= ][^[ ko_^[ ^_ og[ ^[m\[ll_cl[m • j[lnc]cj[…„i)
chŒg_lim`[nil_m ][om[cm)_ [jic[^[ _g [lkocn_nol[ dolˆ^c][ ^_ _rnl[il^c* _hnl_ _f[m[ ^i l_kocmcni^_ l_h^[) i n[g[hbi ^i _f_cnil[^i ^[p[ m[fnim
h‚lc[ _`c]‚]c[ j_lmo[m‰lc[+ J_mn_m_hnc^i)i ohcp_lm[f)ko_ † i jŒ\fc]i chm* cgjl_mmcih[hn_m+ = Ehaf[n_ll[ &N_chiQhc^i) g[cm jl_]cm[g_hn_') g[^lc*
n9+
hb[ ^[ c^[^_ ^[ jifˆnc][ l_jl_m_hn[ncp[)][ll_a[p[ og _f_cnil[^i ^_ 5+/.+
****
ncnoˆ^i)jl[nc][g_hn_ _rnchaoco [ jin_h]c[fc^[^_ ][om[f ^i jlcp[^i) ko_ †
_mj_]ˆ`c]i+J„i _rcmn_h_hbog mi]c[fcmn[ko_ m_[jl_m_hn[ [i jŒ\fc]i) bid_)
*****)))))
523 j_mmi[m)^icm[him [hn_m^i O_aoh^i Cl[h^_ =ni ^[ N_`ilg[ &f5++x+4')
i ko[f l_^otco) m_g _rnchaocl) i l_kocmcni^_ l_h^[ j[l[ [ ]ih]_mm„i ai* K cgj[]ni ^[ jlij[a[…„i ch`f[]cih‚lc[ ^im _f_cnil[^iw +h[]cih[cmmi*
p_lh[g_hn[f ^i ^cl_cni ^_ pini+ Ag .535) og [hi ^_jicm ^[ l_`ilg[) i _rj[hm„i l_f[ncp[ ^im `oh]cih‚lcim jŒ\fc]im) [ [^gEnEl ko_ _mn[m_
\ l_ [ + T A
mig[n‰lci ^_ ni^im impin[hn_m[f][h…[p[ [ `caol[ ^_ /+000+/2. _f_cnil_m+ _g j[ln_ •ko_f[) h„i `ic h[^[ ^_mjl_tˆp_f _g j_lmj_]ncp[ _ [la[
^ _p_) ) b \% + A
Konli m[fni_hilg_ i]ill_ ko[h^i) [i `cg ^[ Llcg_cl[ Cl[h^_ Co_ll[) i %n%c[+= ]ig_…[l j_fi n[g[hbi ^[ jijof[…„i ko_ [ En[i mgao [l
b EO [] ( T# A# *
w_kocmcni ^_ l_h^[ `‹c ?KgNf_n[g_h _ [ i - i) _g .6.6+ L[l[ im big_hm+ %ohcp_lmi ^i m_niljŒ\fc]i) _g mo[[^c…„igoh^E[f7 m_aoh i [ o wEg[_mnc*
Kl_mofn[^i [j[l_]_ h[ ]igj[l[…„i _hnl_im .-+453+5.5 _f_cnil_m)^_ .6.5) g[ncp[ ^[ Kla[hct[…„i Ehn_lh[]cih[f ^i Pl[\[fbi &KEP')jo\b][^[ _g
_ im .1+06/+/0- ]igjon[^im h[m_f_c…‹_m a_l[cm^_ .6//+ Bch[fg_hn_) ]ig .666 d‚ mig[g g[cO _ 12- gc i_m [m _mmi[m [ˆ ^cl_n[g_hn_ _wwl_aZ[*
[ _g[h]cj[…„i _f_cnil[f `_gchch[) ko_ i]ill_ _g .6/1) ]ig pca‡h]c[ [
^ d* . JŒg_li ^_ n[f g[ahcno^_ l[nc`c][ [ bcj‰n_m_ ^_ ko_ [ j[lnE?Ej[…[i
T
j[lncl ^[ _f_c…„im_aochn_)i _f_cnil[^i \lcnƒhc]i ]l_m]_ ^_ .3+31-+/46) ^i _gjl_a[^i jŒ\fc]i h[ jijof[…„i nin[f ^im j[ˆm_m)_ mi\lwno i h+[]ig*
_g .6/1) j[l[ //+315+042) h[m _f_c…‹_m ^_ .6/6+ A _mn_`ic og nl[d_ni jimc…„i^[ j[l]_f[ l_f[ncp[ • jijof[…„i _]ihigc][g_hn_ 7nEp[)n_lE[]l+_m*
nˆjc]i ^i ko_ i]ill_lc[ _g ni^im im j[ˆm_m+=. ][ll_cl[ jifˆnc][ m_lc[][j* ]c^i )m_hmcp_fg_hn_ h_mm_ chn_lp[fi n_gjil[f &g_[^im ^i m_]ofi TT*bKF_'+
nol[^[ j_fi lcngi pifcncpi _ [ chkoc_no^_ijch[ncp[ ^[m g[mm[m+ A)]ig _`_cni)i `oh]cih[fcmgi [f_g„i ]ill_mjih^c[) _g .6/-) [ 1)1-,w^[
I_n[^i j_f[ cfom„i^_ jlial_mmcp[ _f[mnc]c^[^_^[m^cmnƒh]c[m) ko[h^i jijof[…„i nin[f _ [ %5!72# ^[ `il…[ ^_ nl[\[fbi) n_h^i j[mm[^i) l_mj_]ncp[*
im\ch‰]ofimm„i om[^im[i ]ihnl‚lci) i m†]ofi TT [j[l_]_) ^i g_ci j[l[ g_hn_) [2)1 _ .0#) _g .642) [f][h…[h^i jl[nc][g_hn_ _g .664 +- =
i `cg) ][^[ p_t g[cm fihaˆhkoi ^_ m_ojl‰jlci chˆ]ci+J[^[ cfom‰lc[) ]ih* ^i nin[f ^i _gjl_ai+ J[ Bl[h…[)[ _pifo…„i m_aoco[ g_mg[ n_h^_h]E[)
no^i) [ cgjilnƒh]c[ ^_mn[j_l]_j…„i+ Pl[n[*m_^_ j_]ofc[l _`_cni bcmn‰lc]i [wg_hn[h^i [ j[lnc]cj[…„i ^[ \oli]l[]c[ ^_ 1# ^[ `il…[ ^_ nl[\[fbi) _g
^_ []il^i ]ig i ko[f • g_^c^[ ko_ i n_gji ]ill_) ^_jicm pi[) [fiha[*m_ .6/-) j[l[ .0-,-) _g .642+ A [mmcgh[ En‚fc[)Jilo_a[ _ Oo†]c[+J_mn[) i
i bc[ni _hnl_ gig_hnim ko_) hi j[mm[^i) cmni†) hi jl_m_hn_^_f_m)j[l_*
]c[g n_gjil[fg_hn_ ]ihnˆaoim+= ch_main‚p_fgofncjfc][…„i ^_ ]ihm_k•‡h*
]c[mch_mj_l[^[mp[c ^_hoh]c[h^i [kocfi ko_) [him io n[fp_t ^†][^[m [nl‚m)
jof[…„i _]ihigc][g_hn_
?igjlip[^i
[ncp[+
j_f[ bcmn‰lc[)† i m_nil^_ m_lpc…im
+% **
`oh]cih[fcmgi jŒ\fc]i d‚ ]igjl__h^c[) _g .663) ko[m_1-# ^_ mo[ ji*
&dohbi .650'8 Fih[nb[h >_h^_l _ P_lls Ii_) !=h =^[jn[ncp_ Ii^_f i` >ol_[o]l[nc] Lifcnc]m!)
n[cmal[nocnim7_^o][…„i _ m_lpc…im ^_ m[Œ^_)^_ honlc…„i)^_ [gj[li •
4WO\mMKXBYVm^mMKV DMmOXMO CO`mOa% pif+ 46) hK 0 &m_n_g\li .652'+ Oi\l_ [ p[lc[…„i ^i
]l_m]cg_hni \oli]l‚nc]i _g `oh…„i ^_ jlial[g[m) p_l) _g _mj_]c[f) N+ Nim_) !Pb_ jlial[gg_ a_mn[hn_)• ch`ƒh]c[ _ • p_fbc]_8m_aoli*^_m_gjl_ai8 \ifm[*_m]if[) ]_mn[
[jjli[]b ni nb_ Cliqnb i` Cip_lhg_hn!) 5\m^m]R
=Y_\XKVYPBYVm^mMKV
DMmOXMO%
pif+ .2) hK . \‚mc][ ^_ [fcg_hnim _) `ch[fg_hn_) og jlial[g[ ^_ ]igjf_g_hn[…„i ^_
&d[h_cli .651' _ ni^[m [m ]ihnlc\oc…‹_m j[l[ i pifog_ ]cn[^i h[ hin[ .+ = fcn_l[nol[ mi\l_ %[
_pifo…„i ^/m `ilg[m ^i Amn[^i † cao[fg_hn_ [\oh^[hn_+ =faohm nˆnofim _g ko_ l_`_l‡h]c[m l_h^[+ J_mn_ gi^_fi) mig_hn_ [mj_mmi[mch]foˆ^[mh[ lo\lc][ _mn[nˆmnc][
\c\fcial‚`c][m g[cm ]igjf_n[m ji^_g m_l _h]ihnl[^[m7 @[hc_f P[lm]bsm) !Pb_ Cliqnb i` Lo\fc] !jlijlc_n‚lcim ^_ ][jcn[f! _mn[lc[g _r]foˆ^[m ^[ ][n_ailc[ ^_ !`oh]cih[*
Arj_h^cnol_7 Jch_ gi^_m &gi^_fm' i` Arjf[h[ncih!) DMKXNmXK`mKX
BYVm^mMKV
D^_NmO]%
pif+ .-)
.642) jj+ 6*0.8 L+H[le_s O^KVmm% !Pb_ilctcha [\ion nb_ Cliqnb i` Cip_lhg_hn7 = N_m_[l]b
fcmgi jŒ\fc]i!) pcmniko_ g_mgi i _rnl[ni ^_ _gjl_a[^im ^_ [fn[ml_h^[m
4]]O]]WOX^!%=Y_\XKV YPB_LVmM BYVmMc% .) .65.) jj+ .24*/4-8 @[pc^ ?[g_lih) !Pb_ Arj[hmcih _ i ^_ jli`cmmcih[cmfc\_l[cm[`fo_hn_ml_]ill_g _p_hno[fg_hn_ [im m_lpc*
i` nb_ Lo\fc] A]ihigs7 = ?igj[l[ncp_ =h[fsmcm!) 4WO\mMKX BYVm^MKV
DMmOXMO CO`mOa% pif+ 4/)
hK 1 &^_t_g\li .645'8 N+ Nim_) !Kh nb_ Llcilcnc_m i` Cip_lhg_hn!) 8_\YZOKX=Y_\XKVYP
…im^_ m[Œ^_al[nocnim+ Ag n_lgim lcailimim) n[g\†g _f_m_mn[lc[g
BYVm^mMKV CO]OK\MR% pif+ 1) hK 0 &.643'8 I[lnch D[lj_l) !Pb_ On[n_ [h^ Lo\fc] >ol_[o]l[]c_m8 [o`_lch^i \_h_`ˆ]cim ch^cl_nim^i Amn[^i+
= ?igj[l[ncp_ [h^ Dcmnilc][f j_lmj_]ncp_!) 6YWZK\K^m`OD^_NmO] mXDYMmO^c KXN;m]^Y\c%pif+
/4) hK . &d[h_cli .652' _ ni^[m [m ]ihnlc\oc…‹_m j[l[ ?b[lf_m P[sfil &_^+') GRc :Y`O\XWOX^]
:\Ya% >_p_lfs Dcffm) O[a_) .650+ fo?`+ Nim_) !Pb_ jlial[gg_ [jjli[]b ni nb_ Cliqnb i` Cip_lhg_hn!) Mm^'3
hin[ ./+
?b[g_*m_ [ n[f gi^_fi) m_m_kocm_l)^_ mi]c[fcmgi ^_ ]fc_hn_f[) _m* ]ihmcmnclc[ _g m[\_l m__g og[ mi]c_^[^_ cao[fcn‚lc[) [ LA=a m_lc[i]oj[*
j†]c_ w !\ol[]i h_ali! ko_ j[l_]c[ _mn[l[nl[ch^i ch_ril[p_fg_g_ ^[ jil li^ˆtci io m_)]igi h[m[hnconijc[m^i ncji EROCS]OYP?O\S^YM\KMc%
[mmi]c_^[^_m_m][h^ch[p[m+@cmjih i [mg[cm _f_p[^[mn[r[m ^_ oh]ci* [ mi]c_^[^_ m_lc[^cpc^c^[ _hnl_ im ij_l[^il_m _ im !_m]l[pim ^[ lcko_t[!+
h[Elmgi jŒ\fn]i ^i goh^i) ]od[ ]igjimc…„i g[dilcn‚lc[ † ^_ `oh* Ji fcgcn_bcjin†nc]i ^i gi^_fi) [j_h[m og li\Š [j_ln[lc[ og \in„i ko_
]cih‚lcim jli^otch^i _ [^gchcmnl[h^i m_lpc…im mi]c[cm^_ ni^i ncji) •]cih[lc[ og mcmn_g[jli^oncpi [\oh^[hn_) [ `caol[ ^i \oli]l[n[ chn_l*
]igj‹_g) _mm_m m_lpc^il_m)al[h^_ j[ln_ ^im \_h_`c]c‚lcim ^_mm_m
g_m* g_^c‚lci ^_m[j[l_]_lc[ _) i\pc[g_hn_) i `_hŠg_hi ^i ]fc_hn_fcmgih„i
gim m_lpc…im+.1
n_lc[ijilnohc^[^_ ^_ molacl+
@_cr[h^i [ail[ i gi^_fi Q _ mo\mncnoch^i*ij_fi gi^_fi Q%)ko_ †
[ p[fil cfomnl[ncpi^_mn[Œfncg[j[ln_ ^i _r_l]ˆ]ci ]ihmcmn_hi _h][^_[*
n[g\†g og ohcp_lmi _]ihŠgc]i*mi]c[f _g _rj[hm„i+ [ gi^_fi L# m_
g_hni ^_ l_mofn[^im^_lcp[^im ^i j[l[^cag‚nc]i _`_cni*]igjon[^il [h*
][l[]n_lct[) [i ]ihnl‚lci ^_ Q) jil chchn_llojn[ l_pifo…„i n_]hif‰ac][)
n_mg_h]cih[^i+ O_ m_a_h_l[fct[ [ c^†c[ ^_ og[ mo\p_lm„i n_]hif‰ac][
cmni†) h[ ko[f [ l_f[…„i jli^oni,][jcn[f † ]l_m]_hn_+=j_h[m og `onoli
j_lg[h_hn_) [ch^[ ko_ ]ig p_fi]c^[^_m ^cmnchn[m him ^cp_lmiml[gim ^_
jimmˆp_fm_l‚ ^_m_hb[^i j[l[ cfomnl[l[mjin_h]c[fc^[^_m ^i gi^_fi+
[ncpc^[^_)† jimmˆp_f[hn_p_l [ a_lgch[…„i ^_ n_h^‡h]c[mko_ hi fihai jl[ti
.%+= \oli]l[]c[ ]l_m]_[ n[r[ ]ihmn[hn_ch^_j_h^_hn_g_hn_ ^[ LA= _ _mn[
^_]fch[ [ j[lncl ^i jihni KZ4 bcmn‰lc]i l_p_ln[g [ n_h^‡h]c[ • \oli]l[nct[…„i ^i goh^i) KSXNK[_O MYW
M\O]MOX^O ObZKX]iYNKSX^O\`OXSlXMSK O]^K^KV'
Ag ionl[m j[f[pl[m) _g []l†m*
]cgi • chp_mnca[…„i mi\l_ im ^_n_lgch[hn_m^[ _rj[hm„i _ ^c`_l_h]c[ „i
LA= nin[f 7 fchb[ ]b_c[
LA= aip_lh[g_hn[f : fchb[ jihncfb[^[ \oli]l‚nc][m) nKlh[*m_fcEPcnmj_hm‚ _ _rj il[l [ fj‰n_m_ ^_ o_ [ [mmi]c[*
…[i_hnl_ gi _lgt[…„i) ilg[m _mn[n[cm_ioli]l[nct 7‚i*mŽd*[*_ihn€oa_h*
**************************************************************** n__ bcmnilc][g_hn_ ]ih^c]cih[^ jZ_f+i++_mn‚ac_*n*__hin‰ac!?i*:.7_]llib7lac[
jli^oncp[ _ mi% * i% hc^[^_+ = \oli]l[nct[…„i ^i goh^i h„i †
i lca[n‰lc[h_g) h_]_mm[lc[g_hn_)^_m][ln‚p_f+@_j_h^_ ^_ chp_hncpc^[^_
io ^[ `[fn[ ^_mn[+
?igi m_pco)i ohcp_lmi ^[ _rj[hm„i _ ]ihnl[…„i \oli]l‚nc][m † g[cm
h `‚]cf p_lc`c][l ko_ _mn_`onoli ]ill_mjih^_ [i `onoli [hn_lcil) ]b[* ]igjf_ri _ lc]i _g jimmc\cfc^[^_m^i ko_ [ nl[^c]cih[f ^c]]+nigc[ _hnl_
g[^i ^_ mi]c[fcmgi ^_ ]fc_hn_f[) g[m _mncjof[h^i*m_[ail[ ]ihncho[^i og[ q_\_lc[h[ _ h_onl[ \oli]l[]c[) [domn[^[[ ni^i og mcmn_g[^_ ]ig*
[og_hni h[ l_f[…„i jli^oni,][jcn[f+ =f†g ^_ j_lmcmn_hn_ _ []_hno[^[ _T* jiln[g_hni l[]cih[f*f_a[f) _ [ [h[lkoc[ ^_ og mcmn_g[^_ _mj‰fcim _g ko_
j[hm„i ^i jli^oni) [ g[cm l_f_p[hn_ ]ihm_k•‡h]c[ † [ ko_^[ jlijil]ci* imjimnim ^_ [^gchcmnl[…„ijŒ\fc][ h„i _mn_d[gmod_cnim [ h_hbog ionli
h[f ^[ LA=) m_m_g[hn†g ]ihmn[hn_ i ]l_m]cg_hni l_f[ncpi ^[ jijof[…„i ]cl]ocni ^_ ][om[fc^[^_ m_h„i i fcpl_*[l\ˆnlci chn_l_mm_cli
_ ]illojnil ^_
nin[f+Lil ]ihnl[jimc…„i [i [hn_lcil) ji^_l*m_*c[ ^_higch[l [ _mn_jimmˆ* jifˆnc]im ^_mko[fc`c][^im+O_g _rjfil[l _r[omncp[g_hn_ ]_h‚lcim l_[fcmnc*
p_f `onoli ^_ !mi]c[fcmgi ^[ [`fo‡h]c[!+ Lifˆnc][ _ mi]c[fg_hn_) [ ko_mn„i ][g_hn_ [fn_lh[ncpim)l_acmnlio*m_[ m_aochn_fcmn[^_ jimmc\cfc^[^_m_g*
jˆlc][m7
*-:_c L_n_lm)_hnl_ ionlim) momn_hn[ko_ i _gjl_ai jŒ\fc]i mo_]i _rjfi^_+ ?`+ :_c L_n_lm)
!Oq_^_h7 Pb_ Arjfimcih i` Lo\fc] Agjfisg_hl!) ch N+Nim_O^KVSS%
B_LVSM8WZVYcWOX^%YZ' MS^Y
E+= \oli]l[]c[ M\O]MO Z\YZY\MSYXKVWOX^O • LA= [ j[lncl ^_ og jihni p_. ]ig [ n_m_]fc_hn_fcmn[og[ [mmi]c[…„i_hnl_ i ]l_m]cg_hni ^[ LA=
^_ _kocfˆ\lci P h8 aip_lh[g_hn[f _ og ^_ m_ommo\]igjih_hn_m) [ jijof[…„i _]ihigc*
..+ = \oli]l[]c[ M\O]MO K ^KbKSXPO\SY\j ^[ LA= [ j[lncl ^_ og jihni PZ5 ][g_hn_ [ncp[ h[ ‚l_[ mi]c[f ^i aip_lhi) foa[l ]f‚mmc]i ^[m momj_cn[m
fE*[' jilko_ _hnl[lc[ _g ij_l[…„i) [ j[lncl ^_ PZ( i jlch]ˆjci fcgcn[ncpi ^_ ]fc_hn_fcmgi) m_g ]ih_r„i ]ig i ko_ ko_l ko_ _mn_d[i]ill_h^i
^i `[mnciila[hct[]cih[f8 ]ig [m^_g[cm ko[hnc^[^_m ^[ _]ihigc[+ h ijilnohi) _hn„i) _r[gc*
EE*\' jilko_ m_n_lc[g jli^otc^i l_pifo]cih‚lc[m chip[…‹_m ila[hc* h[l [ _pc^‡h]c[ \l[mcf_cl[ ^cmjihˆp_f ]ihnl[ i j[hi ^_ `oh^i ^[m n_h*
t[]cih[cm) [og_hn[h^i [ jli^oncpc^[^_ \oli]l‚nc][8 ^‡h]c[m jimmˆp_cm+Ag j[lnc]of[l) jl_mn[h^i lcailim[ [n_h…„i him
fE*]' jilko_ [ n_h^‡h]c[ ^_]fch[hn_ l_f[ncp[ m_lc[l_[f) _g m_ag_hnim^[ mchnig[m^_ ]fc_hn_fcmgi ko_ im hŒg_lim [al_a[^im jimm[g _mn[lmo*
\oli]l[]c[) [ n[r[m moj_lcil_m [i ]l_m]cg_hni ^_mg_mol[^i _ cll[* \_mncg[h^i+ I[n†lc[ chp_mnca[^[hi jl‰rcgi ][jˆnofi+
]cih[f ^_ [faohmionlim m_ag_hnim^i `oh]cih[fcmgi8
Y* = \oli]l[]c[ ]l_m]_)m_g chn_lloj…„i) [ n[r[ moj_lcil j ^[ LA= [n†
]ih`oh^cl*m_ chn_cl[g_hn_ ]ig _mn[+
ER = \oli]l[]c[ ]l_m]_ [ n[r[ ]ihmn[hn_ ch^_j_h^_hn_g_hn_ ^[ LA= _
_mn[ n_h^_ [i ^_]fˆhci [ j[lncl ^_ PZ &l_f[…„ijli^oni,][jcn[f ]l_m*
]_hn_'+
LA= ^i n_l]c‚lci) _hko[hni [ jlijil…„i ][c ko[h^i † [ LA= ^i mi]c[f ko_ .)1
0N[l[ `[]cfcn[l [ _rjimc†…i) m_oncfct[l…iim n_gjim jl_m_hn_)]ih^c]cih[f io j[mm[^i) ]ih`ilg_ 1? jl_mncgim[ ]if[\il[†…i ^_ ?f\_lni T_h„h]ci Dcfbi `ic ]lo]c[f j[l[ i _m]f[l_]cg_hni ^i
l_ko_lc^i j_fi ^_m_hpifpcg_hni ^i [laog_hni, nŠjc]i,
n_]lcn‡lci8 j[l[ `chm^i g[j_[g_hni ila[hct[]cih[f) nig[l+m_+c[m_gjl_
[ jlcg_cl[ ^[n[ ^cmjih‰p_f)_) j[l[ `chm^_ chp_mnca[†…i ^[ _mn[\cfc^[^_^[
_fcn_)i jlcg_cli jihni hi n_gji _g ko_ m_]ihmncnoco_`_ncp[g_hn_ [
jlcg_cl[ ^cl_nilc[ _g _r_l]‰]ci,
M l_mofn[^i `ic i ^_fch_[g_hni) n…i]igjf_ni ko[hni [m`ihn_m]ih+
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]ihm_aochn_)_ hi ][mi _rnl_gi) ^_ [j_h[m og) ^[lc[ []_mmi‚ jif‰nc][afi+ domn[g_hn_[m[aˆh]c[m l_mjihmƒp_cmj_f[ jli^o†…i ^_ \_hm _ m_lpc†im^_
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K_hil _ ^i B_j[ln[g_hni L[]cih[f ^_ M\l[m Aihnl[ [ Q_][ %[mmcg ]igi Qc^_l\l[m ^_mpc[g ^_ 8 jil [jl_m_hn[l_g og[ chn_al[†…i ^_ ]ihnlif_
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‡ og ^im ][mim`[m]ch[hn_mj[l[ ^_]cm…imi\l_ mo[ ]f[mmc`c][†…i _g og[ ]of[lg_hn_) _g l_f[†…i[ _gjl_m[m cao[fg_hn_ l_mjihmƒp_cm j_f[ jli^o†…i
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p‡g ko_ [ [hƒfcm_jli]_^[ ]ig ][on_f[ _ ko_ m_d[g _pcn[^[mch`_lˆh]c[m m_lpc†im\ƒmc]im)]ihmncnoch^ii mcmn_g[]lc[^i jil T[la[m [i fihai ^_
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j[mm[^i ]_hnli j[l[ [ j_lc`_lc[ ^[ ila[hct[†…i %]ill_f[†…i ^_ il^_g ]fc_hn_fcmgipofa[l,
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[n_hc_hm_) _g ]ihm_kŽˆh]c[ ^[ fon[ `[]]cih[f _g nilhi ^i p_l^[^_cli foa[l
mi]c[f_g ko_ m_lc[m_aoli m__h]ihnl[l [ pclno^_^[ _r]_fˆh]c[, Cr]_fˆh]c[)
†hn_h^[+m_)‡ [ g[cm [jlircg[^[ nl[^o†…i ^i ]ih]_cni ^_ ![l_n_!) cmni‡)
[ g[hc`_mn[†…igƒrcg[ ^i ^ig‰hci ^_ [faog[ ^[mpclno^_m]ihmc^_l[^[m
hi\l_m j_fim al_aim) _g j[lnc]of[l j_fim [n_hc_hm_m, B_ FWJYJ^_lcp[+m_
FWNXYTN [ko_f_mjimmoc^il_m^_
# FWJYJ $ h[ [ln_ ^[ g•mc][) ^[ _m]ofnol[)
^[ ao_ll[ io ^im ^_mnchim ^[ ]igohc^[^_, B_ FWNXYTN ]b_a[+m_
cg_^c[n[g_hn_ [ FWNXYTHWFYF# ]ih]_cni gi^_lhi ^_ ch^cp‰^oimko_ m_
jl_mog_g io m…ijl_mogc^im ^cmnchnim _ _g [faog m_hnc^imoj_lcil_m[im
^_g[cm, Nil _rn_hm…i)aip_lhi [lcmni]lƒnc]i) ]ih^otc^i jil [lcmni]l[n[m)
cmni‡) j_fim g_fbil_m) j_fim _r]_f_hn_m)‡ [fai ko_) l[]cih[fg_hn_) h…i
^_p_lc[ mom]cn[li\d_†…i jil j[ln_ ^im ko_ ^_p_l…i m_laip_lh[^im, C) _g
p_l^[^_) h…i _rcmn_gn_mn_gohbim]ihn_gjil„h_im ^_ ko_ im ]ih`fcnim
jif‰nc]im_ c^_ifŠac]im ko_ []igj[hb[l[g im m‡]ofimT _ ', ^[ ?n_h[m
]fƒmmc][_mncp_mm_g [fcg_hn[^im jil [^_jnim ^_ aip_lhim [lcmni]lƒnc]im%hi
m_hnc^i^_ _r]_fˆh]c[& _g j_lg[h_hn_ ao_ll[) fcn_lƒlc[io m[hal_hn[)]ihnl[
[^p_lmƒlcim _rjfc]cn[g_hn_ ^_`_hmil_m ^_ aip_lhim ]ihmncno‰^imjil
g_^ci]lc^[^_m, ? ch]igj[nc\cfc^[^_ _hnl_ imnl[^c]cih[cm [lcmni]l[n[m_ im
]l‰nc]im^[ [lcmni]l[]c[ m_]ih]_hnl[p[ _g ionl[ g[n‡lc[) [ m[\_l) h[
^_`chc†…i^i ]lcn‡lci) ^i mch[f)ko_ j_lgcnclc[ c^_hnc`c][l domn[g_hn_im
g_fbil_m) im _r]_f_hn_m)im FWNXYTN%
N[l[ im [lcmni]l[n[m c^_ifŠac]im _ nl[^c]cih[cm) jil [mmcg^ct_l) [
a_h_[fiac[ a[l[hnc[ [ _r]_fˆh]c[ ^_ ohm_ ]ih^_h[p[ ionlim [ jimc†Œ_m
mo\il^ch[^[m, Mm_r]_f_hn_m)im[lcmni]l[n[m)h[m]c[g [mmcgjilko_ h[m]c[g
_g `[g‰fc[m]od[milca_hm _ [^gclƒp_cm g_gŠlc[m [mg[l][p[g ^_`chcncp[+
g_hn_ ]igi _r]_f_hn_m_) jicm _l[g _f[m)_mm[m̀[g‰fc[m)ko_ a_l[p[g _ \_) ]ih`ilg_ i ]lcn‡lci ^[ g[cilc[) h…ifb_mj[l_]c[ ]ihpch]_hn_, Q_aoh+
a[l[hnc[g [ mo]_mm…i ^_ [lcmni]l[n[m)^cmnchnim _g g_ci [i ]igog ^im ^i im bcmnilc][g_hn_ ]ihm[al[^im n_Šlc]im^[ ifca[lkoc[ + GmŠ]l[n_m _i
[n_hc_hm_m, ?i l_]om[l_g og mch[fn…ijl_]ƒlci) _ ko_ dƒm_b[pc[ gimnl[+ jm_o^i+V_hi`ihn_) jil _r_gjfi +) [ bcmnŠlc[_ i _r_gjfi m_lpclc[g]igi
^i) hi aip_lhi _ h[ ao_ll[) mod_cni[ `[fb[m ^_ _f_p[^i ]omni j[l[ [ ]c^[+ `ihn_m^_ _hmchi j[l[ ko_ m_]lc[mm_gchmn„h]c[m chn_lg_^cƒlc[m_hnl_ im
^_) im _hn…i ^_higch[^im ^_gi]l[n[m jlijom_l[g ko_ [ m_f_†…i^_ `ilgof[^il_m ^_ jlijimn[m ^_ jif‰nc][mj[l[ [ ]ih^o†…i ^[ ]c^[^_) ^[m
[lcmni]l[n[m)^_ _r]_f_hn_m)^im FWNXYTN# m_`ct_mm_jil dofa[g_hni jijof[l `ch[h†[m)^[ domnc†[ _ ^[ ao_ll[) _ [ko_f_mko_ ^_]c^clc[g _g •fncg[ chm+
mi\l_ i ^_m_gj_hbi) h…i mi\l_ [ ilca_g `[gcfc[l ^im ]ih]c^[^…im, Qo+ n„h]c[ + i jipi) _g pin[†…i ^cl_n[, Q_aoh^i _mm_m n_Šlc]im)_mm_]ihnch+
a_mn…i l_pifo]cihƒlc[) m_g ^•pc^[) g[m ko_ l_]f[g[ [ [n_h†…ij[l[ i _m+ a_hn_ chn_lg_^cƒlci ^_ _r]_f_hn_mji^_lc[ m_l_h]ihnl[^i _g ko[fko_l
m_h]c[f jihni ^_ ^cm]Šl^c[ _hnl_ im ^_gi]l[n[m _ im [lcmni]l[n[m, Mm `l[†…i ^[ ]igohc^[^_) h…i mig_hn_ _hnl_ [mal[h^_m `[g‰fc[m)im ko[cm
jlcg_clim h…i^_m_d[p[g ^cmj_hm[li m_lpc†i^_ ]igjlip[^im FWNXYTN#_g pclc[g [ m_lpcl^_ `cfnli ‚m[fn_lh[ncp[m^_ _m]ifb[ ko_ m_lc[g f_p[^[m [m
l[t…i ^_ m_oh[m]cg_hni hi\l_) _g `[pil ^[ afilc`c][†…i ^[ jf_\_) mŠjil [mm_g\f‡c[m,N_fi jlŠjlci ncji ^_ `oh†…i) _mm_m alojim chn_lg_^cƒlcim
m_ljf_\_) ch^_j_h^_hn_ ^i ko_ `imm_][j[t ^_ l_[fct[l, ? l[^c][fc^[^_ ^_ jimmo‰[gfcgcn[†…i ^_ n[g[hbi) g[m h[^[ ko_ im c^_hnc`c][mm_ ]igi
m_og‡ni^i ]ihmcmnc[_g momn_hn[lko_ mig_hn_ [ko_f_m[jlip[^im j_f[ • _mn[g_hni jlcpcf_ac[^i) _hko[hni ]c^[^…im)dohni [im ^_g[cm g_g\lim ^[
jf_\_) m_g ^cmnch†Œ_m ^_ j[lnc]cj[†…i io bc_l[lkoc[ ^_ pinim %_mko_]_h+ ]igohc^[^_, Cmm_m jio]im) [ jl_j[l[l jl_fcgch[lg_hn_ [ j[on[ ^_ ko_m+
^i) ‡ ]f[li) [ _r]fom…i^[mgofb_l_m) _m]l[pim_ g_n_]im&)‡ ko_ ^_p_lc[g nŒ_m j[l[ [m[mm_g\f‡c[m) m_lc[g imifca[l][m, Fid_ ^cl+m_+c[ko_ ]ihmncno‰[g
m_l]ihmc^_l[^im im g_fbil_m jilko_ + _ [koc i jihni pofh_lƒp_f ^[ [l+ og[ _fcn_,Cfcn_j[l_nc[h[,
aog_hn[†…i ^_gi]lƒnc][ ‚ ‡ji][ + i h•g_li %[g[cilc[& jli^ot [ p_l+ Aih]_^i ko_ [ mogƒlc[ [jl_m_hn[†…iko_ `ct ^_ ]ihnlip_lmi n_g[ ^_
^[^_ _ h…im__kocpi][, bcmnŠlc[_ n_ilc[ jif‰nc][_rc\[ [mj_]nim^_ chn_ljl_n[†…i][lc^im[ ^im n_r+
? g_ci ][gchbi _hnl_ im [lcmni]l[n[mjil \_l†i _ im [lcmni]l[n[m^[ nim^_ GmŠ]l[n_m _ ^i Nm_o^i+V_hi`ihn_, _ ^_ l_acmnl[l)]ihno^i) _g jlc+
jf_\_ m_chmcho[l[g im n_Šlc]im^[ ifca[lkoc[, Monl[ p_t) h…i m_nl[n[p[ g_cli foa[l) ko_ [ [^gchcmnl[†…i^_gi]lƒnc][ ^_ ?n_h[m`ic jio]i [ jio]i
^_ i\d_n[l ‚ n_m_^_ ko_ [ ]c^[^_ ^_p_lc[ m_laip_lh[^[ j_fim g_fbil_m _) ]lc[h^i jl_]cm[g_hn_ [mchmncnoc†Œ_m chn_lg_^cƒlc[mch]og\c^[m ^_ [jl_+
jil ]ihm_aochn_)j_fim FWNXYTN% Maip_lhi ^_pc[) h_mm_ m_hnc^i)m_aocl[lcm+ ]c[l [m jlijimn[m ^_ ni^i ncji) ^_ t_f[l_g j[l[ ko_ `imm_g p_n[^[m [m
ni]lƒnc]i) g[m) m_im ifca[l][m ]ih]il^[p[g ]ig im^_gi]l[n[m h[ ]l‰nc][ ^_]cmŒ_m ^[ [mm_g\f‡c[ko_ ]ihnl[lc[mm_g f_cm̀oh^[g_hn[cm ^[ ]c^[^_) [f‡g
[i ]lcn‡lci ^_ h[m]cg_hni j[l[ c^_hnc`c][†…i^im _r]_f_hn_m)^_f_m^cm]il+ ^_ ko_) ^_`chcncp[g_hn_)[ ]ih^o†…i ^im h_aŠ]cim _]ih‹gc]im h…i_mn[p[
^[p[g h[ jlijimn[ ^_ og[ [lcmni]l[]c[ jf_\‡c[) ^ca[gim [mmcg)a[l[hnc^[ mod_cn[ [ _f_c†…ih_g _l[g ima_h_l[cmjlic\c^im ^_ m_lpclh[ g_mg[ jimc†…i
j_fi h•g_li, N[l[ im ifca[l][m) i h•g_li ‡) jil h[nol_t[) pif•p_f) pifƒ+ ^_ ji^_l _hko[hni [ jf_\_ i ^_m_d[mm_) [i ]ihnlƒlci ^_ ionl[m jimc†Œ_m
ncf)_ ^_f_ + `[f[gim _g hug_lim ^_ pinim + mŠmolaclc[[ p_l^[^_ jil) _g ko_ [ l__f_c†…i_l[ jlic\c^[,
gcf[alimi [][mi, K[cm jlipƒp_f ‡ ko_) ^i h•g_li) molacmm_ i ^_m[mnl_, Cg ko[fko_l ][mi) ‡ `f[al[hn_ [ m_g_fb[h†[ _hnl_ [ n_ilc[ ^i aip_lhi
?mmcg]igi Nf[n…ih…i`ic _r[n[g_hn_ og jlij[a[h^cmn[ ^[ ifca[lkoc[) jlijimn[ j_fim n_Šlc]im^[ ifca[lkoc[ _ i ^c[ahŠmnc]i ^_ N[l_ni ^_ ]igi
g[m ^[ [lcmni]l[]c[ [oni]lƒnc][) im ifca[l][m h…i`il[g [hnc^_gi]lƒnc]im _`_ncp[g_hn_`oh]cih[p[g [m^_gi]l[]c[m, Log[ ^_gi]l[]c[ m[o^ƒp_f%_g
jil ihnifiac[) g[m jil g‡ni^i, Aih]il^[p[g _g ko_ [ _r]_fˆh]c[ m_ m_hnc^igocni j_]ofc[l [i ko_ N[l_ni _hn_h^c[ jil ^_gi]l[]c[& im foa[l_m
l_p_f[ hi ^_m_gj_hbi) h…i hi p_hnl_ _g ko_ [mj_mmi[mm…ia_l[^[m) _) ^_ ji^_l m…ii]oj[^im jil ^c`_l_hn_mncjim ^_ _fcn_)ko_ m_^_mn[][g ^[
jiln[hni) h…i[jic[p[g aip_lhim [lcmni]lƒnc]imhi m_hnc^ijf[n‹hc]i) nl[+ jijof[†…i nin[f _ ko_ m…il_]ihb_]c^im jil _mn[]igi _`_ncp[g_hn_ _r]_+
^c]cih[f, Nil ionli f[^i) i g‡ni^i ^_ _m]ifb[ jil pin[†…i ^cl_n[ ^[ jf_+ f_hn_m,MmFWNXYTN ^_ N[l_ni) [mmcg]igi im ^_ GmŠ]l[n_m) m_l_p_f[g jil
^_m_gj_hbi _ ji^_g m_l[f†[^im [ j[lncl ^_ ko[fko_l jimc†…ih[ _m][f[ `l_kŽ_hn[ jil h_]_mmc^[^_h…i_mncp_mm_ n…ifiha_ ^i c^_[f q_\_lc[hi ^_
mi]ci_]ih‹gc][, Cg ionl[m j[f[pl[m) [ _r]_fˆh]c[ [lcmni]lƒnc][ ‡) [ lcail) ohcp_lm[fcmgi)[f‡g ^_ m_l_p_f[l gocni jio]i ch]fch[^[ [ ilc_hn[l+m__m+
^_gi]lƒnc][) _h]ihnl[h^i+m_ [f_[nilc[g_hn_ _g ni^[ j[ln_, C m…i_mm[m nlcn[g_hn_ j_fi chn_l_mm_ j•\fc]i _g mo[m^_]cmŒ_m ^cƒlc[m,Monl[ p_t) bƒ
_fcn_m) nl[hm`ilg[^[m j_fi diai ^[ jif‰nc][ _ j_f[m ]ihnchaˆh]c[m ila[+ l[tŒ_mj[l[ _mm_ ^cmn[h]c[g_hni _hnl_ i c^_[f _ i goh^[hi ]od[ml[‰t_m
hct[]cih[cm) ko_ Kc]b_fmn_g_ _ jl_pˆ p_hb[g [ m_nl[hm`ilg[l _g ifc+ [jli`oh^[g+m_ _g mifi chmncno]cih[f_ mi]c[f ]igjf_n[g_hn_ ^_m]ihb_]c+
a[lkoc[m) h…i jil g‡lcni) ]igi _g GmŠ]l[n_m _ N[l_ni) g[m jil g[f‰]c[) ^i [i n_gji ^_ U_\_l,
l_]olmim jlcp[nct[^im _ g[hcjof[†…i c^_ifŠac][ ^_ m‰g\ifim^_ c^_hnc^[+ ? ]igjf_rc^[^_ ^i gi^_lhi [j[l[ni _mn[n[fchnli^otco f[la[ g[la_g
^_ ]ig _]i jf[n‹hc]i, Sg ^im ch^c][^il_m ]lo]c[cm ^_ ko_ n[f j_lp_lm…i ^_ mcfˆh]cichn_ljl_n[ncpi _hnl_ im n_rnimf_a[cm)cmni‡) _hnl_ [mhilg[m ko_
m__h]ihnl[lc[ _g ]olmi) m_aoh^i Kc]b_fm)m_lc[[ j_lg[hˆh]c[ ^im g_m+ im [^gchcmnl[^il_m ^_p_g [jfc][l _ im ]igjfc][^im ][mim]ih]l_nim ko_
gim ch^cp‰^oimhim g_mgim foa[l_m ^_ ji^_l jil n_gji ko_ [ m[o^[+ m_Gb_m[jl_m_hn[ i ^c[+[+^c[ ^[ [^gchcmnl[†…i,? _mm_m [^gchcmnl[^il_m
\cfc^[^_ ^[ lin[ncpc^[^_ ^_gi]lƒnc][ h…i l_]ig_h^[lc[, Nil ionli f[^i) ch]og\_ j_]ofc[l ji^_l [^do^c][ncpi) b_lg_hˆonc]i) ^i ko[f ^_j_h^_) jil
og mcmn_g[l_`‡g ^_ ]ih`[\of[†Œ_m ]fc_hn_f‰mnc][m _mn[lc[mod_cni[ _f_p[+ p_t_m^_ gi^i cll_]ill‰p_f)i \_g+_mn[l cg_^c[ni ^_ ch^_`_mimjimnof[hn_m)
^[mn[r[m ^_ lin[ncpc^[^_) ‚ g_^c^[ ko_ im chn_l_mm_m jlcp[^im ^_ jif‰nc]im $cgŠp_cm‚ `l_hn_ ^_ bimncmjimnim io aoc]bˆm ^_ [n_h^cg_hni, M mcfˆh]ci
io ^_ alojim ^_ jl_mm…i_rcacmm_g,?mmcg)n[r[m ^_ j_lg[hˆh]c[ _r]_mmc+ ^[ f_ch…i‡) _pc^_hn_g_hn_)l[t…i j_l_gjnŠlc[ j[l[ i [^c[g_hni ^_ og[
p[g_hn_ _f_p[^[mio) m_ol_p_lmi) n[r[m ^_ l_hip[†…i mchaof[lg_hn_ []_+ ^_]cm…i_) g_mgi m_g jl_mmojil g[f‰]c[)[ chn_ljl_n[†…i ko_ i i][mcih[f
f_l[^[m _pc^_h]c[lc[g ko_ [ \oli]l[]c[ _mn[lc[m_h^i mo\g_nc^[ [ og \oli]l[n[ fb_ ^ƒ _mnƒ_rjimn[ ‚ g_mg[ jli\[\cfc^[^_ ^_ _ko‰pi]i [ ko_
jli]_mmi ^_ !gc]b_fchct[†…i! ifcaƒlkoc][) hi jlcg_cli ][mi) io ^_ \[f][+ _mn…i _rjimnim im do‰tim^_ ][^[ og ^im ]c^[^…imko_ i jli]ol[, Ccm[
hct[]…i ]fc_hn_fcmn[) hi ionli, jlcg_cl[ `ihn_ ^_ p_l_^c]nim ^_m`[pilƒp_cm‚ \oli]l[]c[8 i _hilg_ chn_l+
Cpc^_hn_g_hn_) h…i m_jimmocg‡nlc][ chp[lc[hn_ _g l_f[†…i [ ni^im p[fi ^_ m_hnc^i_hnl_ [ hilg[ _ i `[ni) a_l[^i j_f[ g_mg[ h_]_mmc^[^_
im mcmn_g[m jif‰nc]im_ _mnƒacim ^_ ^_m_hpifpcg_hni ko_ j_lgcn[ [p[fc[l ko_ jli^otco [ \oli]l[]c[ + [ _mj_]c[fct[^[ ij_l[†…i ^i Cmn[^i gi^_l+
]ig nin[f m_aol[h†[ ^_hnli ^_ ko_ fcgcn_m^_ hilg[fc^[^_ ^oleb_cgc[h[ hi + _ ko_ [ `[t mo\mncnocl+m_ [i Ni^_l Ho^c]cƒlci)]igi m_`il[ og[ _fcn_
%g‡^c[m_mn[n‰mnc][m& ^_p_lc[g p[lc[l [mn[r[m ^_ l_hip[†…i _ ]ihm_lp[†…i, ^in[^[ ^_ mi\_l[hc[ _mj_]‰`c][) ]ig [ g_mg[ _rjimc†…i [i _lli ^[ domnc†[
L_g jil cmmi [mg_^c^[m i\nc^[m h_mn[[hƒfcm_^_ jcih_clcmgi _rjfil[nŠlci ]ihp_h]cih[f _ m_g _kocp[f_hn_ f_acncgc^[^_, ?]l_m]_hn_g+m_[ _mn[]cl+
_mn[l…i^_mncno‰^[m ^_ mcahc`c][^i]igj[l[ncpi, Gh]fomcp_ _g m_om ]ihnl[m+ ]ohmn„h]c[[ m_^o†…i_r_l]c^[ j_f[m jlig_mm[m ^_ l_]igj_hm[m ^_ [faohm
n_m]ig i gi^_fi j[l[^cagƒnc]i ]fƒmmc]i^_ \oli]l[]c[, M\pc[g_hn_) m_ chn_l_mm_m ila[hct[^im _ [ ]igj_nc†…i _hnl_ m_om j[l_m jil jl_mn‰aci _ l_h+
m_nl[n[mm_ ^_ og[ _fcn_\oli]lƒnc][ q_\_lc[h[) g_lcni]lƒnc][ _ ohcp_lm[fcmn[) ^[) _ dƒm_l…ig[cm ^o[m `ihn_m^_ gincpim j[l[ ko_ im [^gchcmnl[^il_m m_
m_lc[g ionl[m [mmo[m][l[]n_l‰mnc][m _ ionli i do‰tiko_ [ jf_\_ ^[m ]c^[+ [`[mn_g ^i gi^_fi ^_ og m_lpc^il j•\fc]i) cmni‡) ^i j•\fc]i) c^_[f,
^_mgi^_lh[m `[lc[ mi\l_ _f[m,_ jil _mn_„haofi n[g\‡g ko_ [ j[nifiac[ M l_mofn[^i g[cm cgjiln[hn_ ‡ i ^_ ko_ og m‡]ofi)io ko[m_)^_jicm ^_
^i ]fc_hn_fcmgi)mojŒ_+m_) m_g[hc`_mn[ him j[‰m_m _g ^_m_hpifpcg_hni, U_\_l [ j_lp_lmc^[^_ ^[ [fn[ \oli]l[]c[) ]ih`ilg_ [ fcn_l[nol[ l_]_hn_) m_
?im `[nim)_hn…i, [jl_m_hn[\c`lihn_, Aih]_hnl[h^i ji^_l [ jl_n_rni ^_ ]ihb_]cg_hni _mj_]c[+
Aihnl[lc[h^i g[cm og[ p_t K[r U_\_l) i _mn[g_hni \oli]lƒnc]i l_m+ fct[^i _ _m][mmi) mo[`[]_ n_]hi]lƒnc][) ][jnol[ _mj[†im^_]cmŠlcimj[l[ [f‡g
jihmƒp_f j_f[ ij_l[†…i ]inc^c[h[ ^i Cmn[^i gi^_lhi h…il_]_\_ ^[mmi+ ^_ m_og[h^[ni `oh]cih[f) ]ig [ p[hn[a_g mojf_g_hn[l ^_ m_ll_f[ncp[g_hn_
]c_^[^_m)_g ko[fko_l _mnƒaci^_ ^_m_hpifpcg_hni) i l_]ihb_]cg_hni ko_ fcpl_^_ jl_mn[†…i^_ ]ihn[m, Cg mo[p_lm…ijl_^[nŠlc[) pˆg [ m_l)im [fnim
m_lc[l[tiƒp_f _h]ihnl[l+m_ m_)^_ `[ni) [ \oli]l[]c[ ko_ i ]c^[^…i ]igog `oh]cihƒlcim) ^_f_a[^im ^im jif‰nc]im ko_ [fcim]ifi][l[g _g nli][ ^_ [jici
[i aip_lhi) hi g_fbil ^im][mim)g[m ko_ ^_f_mn[g\‡g _mj_l[g cg_l_]c^im nlc\oc†…i^_ j_l`cm [^gchcmnl[ncpim^_ jih^_lƒp_f j[l]_f[ ^i _r+J_pc[n…
`[pil_m _g _m][g\i j_f[mjimc†Œ_m ko_ i\ncp_l[g) h…il[l[g_hn_ ‚ g[la_g \l[mcf_cli h…il_nl[nio ^cmnil†Œ_m ko_ `iln[f_]_mm_g[ bcjŠn_m_]fc_hn_fcmn[,
^im ]lcn‡lcimg_lcni]lƒnc]im omo[cm,M ^c[ahŠmnc]i]igjf_ni moa_l_ko_ i Cg a_l[f) i m_ag_hni ^i m_niljli^oncpi _mn[n[fko_) l_]ihb_]c^[g_hn_)
[j[^lchb[g_hni ]fc_hn_f‰mnc]i hi jl__h]bcg_hni ^_ ][laim j•\fc]im [mm_aol[ m_gjl_ [jl_m_hnio bcmnŠlc]i^_ l_mcmnˆh]c[ [ g[hcjof[†Œ_m^_ _gjl_aocmgi
[im jif‰nc]im[ ijilnohc^[^_ ^_ `[pil_]_l _mj_]‰`c]im alojim ^_ chn_l_mm_m+ Z jil _r_gjfi) Dog[m) ?†igch[m) Smcgch[m)N_nli\l[m) Aigj[hbc[ T[f_
[ko_f_mko_) _p_hno[fg_hn_)m…iim `ch[h]c[^il_m ]imnog_clim^_ mo[m][g+ ^i Pci Bi]_ + ]ill_mjih^c[) m_g al[h^_m ^_mpcim) [i `ilg[ni
j[hb[m _f_cnil[cm, Li fcgcn__rnl_gi) j[l]_f[ ^ima[hbim _rnl[il^chƒlcim ^_mm_m ila[hct[]cih[f g_him mom]_n‰p_f ^_ [mm[fnim _rn_lhim) [ m[\_l) og `ilg[+
jlin_ac^im alojim ^_ chn_l_mm_ ji^_ pcl [ m_l]igj[lncfb[^[ ]ig imjif‰nc]im ni ila[hct[]cih[f ][l[]n_lct[^i) jl_^igch[hn_g_hn_) jil \[cr[ io g‡+
_g nli][ ^[ chn_l`_lˆh]c[ hi jli]_mmi ^_]cmŠlci)jl_]cm[g_hn_ g_^c[hn_ [ ^c[ ]_hnl[fc^[^_ bc_lƒlkoc][ l_f[ncp[, Aihnl[lc[g_hn_) [aˆh]c[m ^i Cmn[^i
gi\cfct[†…i ^im\oli]l[n[m) ]od[ ch^c][†…ij[l[ [ jimc†…iko_ i]oj[g [ _f_m) n[g\‡g nl[^c]cih[fg_hn_ ]f[mmc`c][^[m]igi l_`•aci ^_ j_h_nl[†…i
jif‰nc]im)^_p_lc[g, Cg \om][ ^[ gi_^[ ^i pini io ^[ gi_^[ _g m_hnc^i ]fc_hn_fcmn[ + J_ac…i@l[mcf_cl[^_ ?mmcmnˆh]c[ %J@?&) Doh^[†…i L[]cih[f
_mnlcni‡ ko_ i aloji jif‰nc]i`[lc[ [ chn_lg_^c[†…i_hnl_i [j[l_fbi ^_ Cmn[+ • ^_ @_g+Cmn[l^i K_hil %Doh[\_g&)B_j[ln[g_hni L[]cih[f ^_ M\l[m
^i _ imalojim _rnl[aip_lhi %_f_cnil_m io [mmi]c[†Œ_m ^_ h_aŠ]cim&) _hko[h+
Aihnl[ [ Q_][ %BLMAQ& _ Qoj_lchn_h^ˆh]c[ ^i B_m_hpifpcg_hni ^[ N_m+
ni im [^gchcmnl[^il_m)ko[h^i ]ihpi][^im) ]ihmnloclc[g [mjihn_m _hnl_im
][ %Qo^_j_&) _hnl_ ionl[m + m_^cmnchaoc[gjil j[^lŒ_m ila[hct[]cih[cm
]_hnlim ^_]cmŠlcim^[ [^gchcmnl[†…ij•\fc][ _ im chn_l_mm_m ko_ im jif‰nc]im
^_ _f_p[^[ ]_hnl[fc^[^_ bc_lƒlkoc][ l_f[ncp[,
l_jl_m_hn[g,
Q…i)jil ]ihm_aochn_)m_cm [mijilnohc^[^_m j[l[ ko_ `cko_^_gihmnl[^[
? ^_m]lc†…ih…i‡ ]igjf_n[g_hn_ ch[^_ko[^[ _g l_f[†…i[ ko[m_ni^[m
[ `[fmc^[^_^[ bcjŠn_m_^_ ko_ i ]fc_hn_fcmgi_l[ [j_h[m j_lc`‡lc]i [i mcmn_g[
[m\oli]l[]c[m ^im Cmn[^imgi^_lhim _ [ al[h^_ j[ln_ ^[ ]f[mm_ jif‰nc][,Cg
[^gchcmnl[ncpi\l[mcf_cli, A[\_ [ail[ _r[gch[l [ _pc^ˆh]c[ mi\l_ [mn[r[m^_
]_lnim]ihn_rnim ‡ j_l`_cn[g_hn_ []_cnƒp_f)_ [n‡l_]ig_h^ƒp_f) ko_ imjif‰nc+
l_hip[†…i ^[ _fcn_\oli]lƒnc][ hi j_l‰i^i) jl_p_h^i+m_ ko_) m_[ bcjŠn_m_
]im ^_m_gj_hb_g _mm[ `oh†…i^_ chn_lg_^cƒlcim_hnl_ og Cmn[^i`l‰ac^i_
[koc momn_hn[^[ + [ ^_ ko_ [ n_m_ ]fc_hn_fcmn[h…im_[jfc][p[ m_h…i j_lc`_lc][+
chn_l_mm_m pcpim)_g\il[ h…im_^_m_d_ ko_ [ \oli]l[]c[ ofnl[j[mm_im fcgcn_m
^_ mo[mi\lca[†Œ_mh_g ko_ `[pil_†[ [ nig[^[ ^_ ^_]cmŒ_m ]ihnlƒlc[m [i ch+ g_hn_ [i [j[l_fbi ^_m]_hnl[fct[^i \l[mcf_cli+ `il jli]_^_hn_) [mm_aochn_m
n_l_mm_ j•\fc]i, Cmj_l[+m_ ^_f[ ko_ [mm_mmil_ ]ig _`c]ƒ]c[imf_a‰ncgim alojim jlijimc†Œ_m^_p_l…im_lchn_ljl_n[^[m]igi []_cn[p_fg_hn_`c^_^cah[m8
^_g[h^[hn_m) jil g_cim cao[fg_hn_ f_a‰ncgim, B_ ionli gi^i m_lƒdofa[^[
^[ `ilg[ l[^c][f [hn_m^_m]lcn[,Oo[h^i m_[mmi]c[i `_h‹g_hi ^i ]fc_hn_fcmgi) /& [ n[r[ ^_ l_hip[†…i a_l[f ^[ _fcn_\oli]lƒnc][ m_g[hn_lƒ l_f[ncp[g_hn_
j[nlcgihc[fcmgi io ][lnilc[fcmgi) ko_ [koc m…i _hn_h^c^im]igi mch‹hcgim) \[cr[ _ [jlircg[^[g_hn_ [ g_mg[) ch^_j_h^_hn_g_hn_ ^[mgo^[h†[m
[ [faog j[‰m _g j[lnc]of[l) i ko_ m_jl_n_h^_ ^_hoh]c[l ‡ ko_ [ g[cil j[ln_) jl_mc^_h]c[cm9
^[ [^gchcmnl[†…ij•\fc][ ^_mm_ j[‰m ‡ ]ihmncno‰^[ jil jlin_ac^im ^_ jif‰nc]im) 0&[ jlijimc†…i [hn_lcil ^_p_ m_l]ill_n[ cao[fg_hn_ ko[h^i [jfc][^[ [im
]odi ]igjiln[g_hni h…im_]ihn‡g himfcgcn_m ^[m^_g[h^[m f_a‰ncg[m) g[m nlˆmncjim ^_ jimc†…i\oli]lƒnc][8 ^_ niji) ^_ [ncpc^[^_m+g_ci _ ^_
j_^_ _ [ao[l^[ `[pil_m _mj_]c[cm _m]omim, Mo m_d[)j[‰m_m ]fc_hn_fcmn[mm_lc[g [ncpc^[^_m+`cg9
[ko_f_m_g ko_ [ml_f[†Œ_m_hnl_ i j•\fc]i _ i jlcp[^i) j_f[ g_^c[†…i ^[ 1&[mjlijimc†Œ_m/ _ 0 ^_p_g m_lpƒfc^[mcao[fg_hn_ ko[h^i m__r[gch[g
\oli]l[]c[) m…i) h[ g[cilc[ ^[mp_t_m)^i ncji j_lp_lmi, [m]iiln_m j[lf[g_hn[l_m) cmni‡) [i m_]igj[l[l [mn[r[m ^_ l_hip[†…i
Nil l[tŒ_m^_ n_ilc[ ila[hct[]cih[f) ko_ m_[mmi]c[l[g [im ^[^im [al_+ %jin_h]c[f ch^c][^il ^_ g[hcjof[†…i jif‰nc][&_hnl_ j_l‰i^im ^_
a[^im ^im ][j‰nofimGG _ GGG)]ih]foco+m_hi ][j‰nofi GT)[hn_lcil) ko_ [ ^cm+ go^[h†[ h[ ]igjimc†…i ^[ A„g[l[ ^im B_jon[^im9
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ko[h^i m_m_j[l[ i ]ihdohni ^_ \oli]l[n[m _g ^icmmo\]ihdohnim+ im R[r[ ^_ P_hip[†…i + Aiiln_ Nl_mc^_h]c[f
ko_ _mn[p[gfca[^im[ ila[hct[†Œ_m^_ [fn[ ]_hnl[fc^[^_ bc_lƒlkoc][ l_f[ncp[ Bonl[ T[la[m Io\cnm+ H„hci H[hai A[m+ Aimn[ _ K‡^c]c
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E_l[f .,05 .,05 .,07 .,17 .,04 .,06 .,01 .,/3
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jl_mc^_h]c[cmn[hni ko[hni j[l[ [m]iiln_m j[lf[g_hn[l_m9 _
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[ m_aocli ]ihdohni \ƒmc]i ^_ ch`ilg[†Œ_m l_f[ncp[m‚ l_hip[†…i _ j_lg[+ 24+3. 3.+32 32+36 36+40 40+44 44+5. 5.+52
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Riji .,04 .,1. .,/6 .,07 .,07 .,03 .,.7
nlc\o‰^im ^_ []il^i ]ig [m]iiln_m jl_mc^_h]c[cm_ j[lf[g_hn[l_m [ ko_ j_l+
K_ci .,/7 .,0/ .,/3 .,0. .,01 .,0. .,//
n_h]_g %n[\_f[m/ _ 0&_ n[g\‡g ^cmnlc\o‰^im ^_ []il^i ]ig [mjimc†Œ_m) [m
Dcg .,01 .,03 .,/4 .,03 .,04 .,/7 .,/0
]iiln_m _ [ _mnlonol[^[mila[hct[†Œ_m)^c]inigct[^[m _g ^_ [fn[ ]_hnl[fc^[^_
bc_lƒlkoc][ l_f[ncp[)[]cg[ ^[ g_^c[h[) _ ^_ \[cr[ ]_hnl[fc^[^_ bc_lƒlkoc][
l_f[ncp[) [\[cri ^[ g_^c[h[ %n[\_f[m1 _ /&*- Cmncg[+m_ ko_ ni^[m [mch`il+
g[†Œ_ml_f_p[hn_m‚ ^cm]omm…i _h]ihnl_g+m_ _]ihigc][g_hn_ ]igj[]n[^[m Sg[ jlcg_cl[ f_cnol[^[mn[\_f[m/ _ 0 ]ih`clg[ ko_) _g `f[al[hn_ g[ci+
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mofn[h^i+[m ch]c^_hn[fg_hn_) ]ih`ilg_ i chn_l_mm_ ^_mj_ln[^i) i f_c+
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j_lnch_hn_ml_ncl[l ^[m bcjŠn_m_mmi\l_ i ko_ j[l_]_ b[p_l m_j[mm[^i)
io g_hil ]_hnl[fct[†…i bc_lƒlkoc][ l_f[ncp[) ij_l[]cih[fct[^i _g nilhi
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ri) m…ili\omnim _ jin_h]c[fg_hn_ lc]im ^_ mcahc`c][^im,K[m _rca_g) j[l[
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_`_cni j_lmo[mŠlci) i [or‰fci^im gi^_fim ko_ cl…iilc_hn[l [ [hƒfcm_)n_h+
03.-. ^i nin[f) gimnl[g ko_ [mn[r[m ^_ l_hip[†…i ^[m [aˆh]c[m ^_ \[cr[
n[h^i _m]f[l_]_l [ ]ihnlip‡lmc[ mi\l_ [ml_f[†Œ_m_hnl_ j[lf[g_hn[l_m _
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aloji \oli]lƒnc]i ]ill_mjih^_hn_ ‚ko_f[ ]iiln_ j[lf[g_hn[l, Mml_mof+
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ncpi _g l_f[†…i [i J_acmf[ncpim_[`clg[p[ ch^_j_h^_hn_g_hn_ ^i ncji ^_ ^i j_l‰i^i) ]ih`clg[+m_ [ ^_m]ih`c[h†[ ^_ ko_ al[h^_ j[ln_ ^[ [^gchcm+
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l_o +) m_h^i jl_]cjcn[^i) ni^[pc[) ch`_lcl ko_ [ g_mg[ n[r[ ^_ mo\mncnoc+ ]fomcp_^i ko_ i aip_lhi K‡^c]c) i g_him nol\of_hni ^im aip_lhim jŠm+42)
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n_)mcmn_g[m jif‰nc]iml‰ac^im) m_h^i cao[fg_hn_ [/][h†[^[ _ _mn[h^i jl_+ †Œ_m /2 _ /3 %[h_ri 0&moa_l_g ko_ _g [g\im imncjim^_ _mnlonol[m) g[cil
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ch^c][g ko_ [mjimc†Œ_m ^_ [ncpc^[^_+g_ci) cmni‡) [ko_f[m fca[^[m_mj_]c+ nilcnƒlci&)]ig [ m‡lc_^_ Cr_]oncpim)]ig [ m‡lc_^_ J_acmf[nol[m)
\_g ]igi
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%n‡]hc][m& ^[m ila[hct[†Œ_m, C _mn_l_mofn[^i p[f_ j[l[ [m]iiln_m jl_mc+ ^im) m…ijf[om‰p_cm [m]ih]fomŒ_mm_aochn_m8
^_h]c[cmn[hni ko[hni j[l[ [m]iiln_m j[lf[g_hn[l_m, Mm^_g[cm l_mofn[+
^im) jli]_^_h^i+m_ [ ]ihnl[mn_m_hnl_ [m^c`_l_hn_mjimc†Œ_m) ^_j_h^_g [& Oo[hni ‚ h[nol_t[ ^i l_acg_8 h…ij[l_]_ m_aoli [`clg[l+m_ ko_ g[cil
^[ ]ihmc^_l[†…i ^_ ionl[ p[lcƒp_f + [ _mnlonol[^[m ila[hct[†Œ_m + _ _mn[\cfc^[^_ [^gchcmnl[ncp[ l_ko_cl[ _f_p[^[ ^im_ ^_ [onilcn[lcmgi
m_l…i)_g ]ihm_kŽˆh]c[) ^cm]onc^immcgofn[h_[g_hn_, jif‰nc]i9
Nlcpcf_ac[h^i [ml_f[†Œ_m_hnl_ [ _mn[\cfc^[^_^[mjimc†Œ_m _ [ _mnlonol[ \& Oo[hni ‚ bcjŠn_m_^i Cmn[^i ][lnilc[f8 h…i j[l_]_ p_l^[^_cli ko_ i
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og[ i\m_lp[†…i) ko_ [koc [j[l_]_ cmif[^[) mi\l_ [ ]ih_r…i _hnl_ n[r[ ^_ ^[ ^cpcm…i ^_ _mjŠfcim)]ig _r]_†…i ^i j_l‰i^i Hi…iEiof[ln) ko_ ‡ i
l_hip[†…i ^[m_fcn_m [^gchcmnl[ncp[m_ [ _mnlonol[^[mila[hct[†Œ_m, ? jli+ ko_ g[cm m_[jlircg[ ^i gi^_fi9
jimc†…i -- %[h_ri 0&l_p_f[ ko_) _g a_l[f) [m ila[hct[†Œ_m ^_ g[cil ]& Oo[hni ‚ _mn[\cfc^[^_ ^c`_l_h]c[^[ ^[m jimc†Œ_m[^gchcmnl[ncp[m
]_hnl[fc^[^_ bc_lƒlkoc][ l_f[ncp[ _rc\_g g[cil_m n[r[m ^_ l_hip[†…i [i _mnl[n‡ac][m8[mjimc†Œ_m [^gchcmnl[ncp[mfca[^[m[ [ncpc^[^_m+g_ci^[m
h‰p_f g[cm [al_a[^i %a_l[f& ^i ko_ [mila[hct[†Œ_m ^_ g_hil ]_hnl[fc^[^_ ila[hct[†Œ_mm…ig[cml_mcmn_hn_m ‚ l_hip[†…i ^i ko_ [mjimc†Œ_m^_ niji
bc_lƒlkoc][, Cmn[pofh_l[\cfc^[^_ g[cm []_hno[^[ ^[m ila[hct[†Œ_m `iln_+ _ ^i ko_ [mjimc†Œ_mfca[^[m [ [ncpc^[^_m+`cg)ch^_j_h^_hn_g_hn_ ^[
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