E_dpbyNBABDHOBFBQ?KDB? IJBGPBIUKLJH?GBY;BHIHEBF?JH<

advertisement
E_dpbyNBABDHOBFBQ?KDB?
IJBGPBIUKLJH?GBY;BHIHEBF?JH<
FZdjhfhe_dmeZ±hkgh\gZykljmdlmjgZy_^bgbpZ`b\h]h± \dexqZ
_l[hevrh_dhebq_kl\hZlhfh\bZlhfguo ]jmii Bo l_ieh\h_ ^\b`_gb_
ih\hjhlu b \jZs_gby \hdjm] _^bgbqguo k\ya_c h[mkeh\eb\Zxl [hevrh_
qbkeh \gmljbfhe_dmeyjguo kl_i_g_c k\h[h^u qlh ijb^Z_l fZdjhfhe_
dme_ klZlbklbq_kdb_ k\hckl\Z H^gh\j_f_ggh \ lhc `_ fZdjhfhe_dme_
f_`^mZlhfZfbkms_kl\mxlobfbq_kdb_k\yab[eb`gb_b ^Zevgb_ \aZb
fh^_ckl\by dhlhjuo ijb^Zxl \iheg_ hij_^_e_gguc ^_l_jfbgbklkdbc
oZjZdl_j __ dhgnhjfZpbhgguf i_j_kljhcdZf LZdbf h[jZahf [bheh]b
q_kdZy fZdjhfhe_dmeZ h[eZ^Z_l k\h_h[jZagufb k\hckl\Zfb \ hkgh\_
dhlhjuo e_`bl l_kgh_ \aZbfh^_ckl\b_ klZlbklbq_kdbo b ^_l_jfbgbkl
kdbo f_oZgbq_kdbo kl_i_g_c k\h[h^u < ijhkluo obfbq_kdbo ijhp_k
kZo \ jZkl\hjZo ijh^mdl j_Zdpbb ihy\ey_lky \ke_^kl\b_ Zdlb\guo
khm^Zj_gbc fhe_dme j_Z]_glh\ < hlebqb_ hl wlh]h j_amevlZl nmgdpbh
gbjh\ZgbyfZdjhfhe_dmeu\[bhobfbq_kdboijhp_kkZo ^hklb]Z_lky ij_
`^_ \k_]h \ke_^kl\b_ \aZbfh^_ckl\by qZkl_c _^bgh]h Zdlb\gh]h
fZdjhfhe_dmeyjgh]h dhfie_dkZ < obfbb jZkl\hjh\ jhkl l_fi_jZlmju
\uau\Z_lm\_ebq_gb_^heb Zdlb\guo dbg_lbq_kdbo khm^Zj_gbc fhe_dme
Z \ fZdjhfhe_dmeyjguo dhfie_dkZo wlhl `_ nZdlhj fh`_l ih\ebylv gZ
bokljmdlmjgmxhj]ZgbaZpbxbl_fkZfufgZf_oZgbafbwnn_dlb\ghklv
\gmljbfhe_dmeyjguo \aZbfh^_ckl\bc >ey lZdbo kbkl_f kljh]h ]h\hjy
g_ijbf_gbfh ihgylb_ obfbq_kdh]h ihl_gpbZeZ dZd ^\b`ms_c kbeu
ijhp_kkZaZ\bkys_chlbkoh^gh]hqbkeZj_Z]_glh\<kemqZ_fZdjhfhe_
dmeyjguodhfie_dkh\j_Zdpbyhij_^_ey_lkyg_boqbkehfdZdlZdh\ufZ
\gmljbfhe_dmeyjgufb \aZbfh^_ckl\byfb \ dZ`^hf ba gbo Wlh ohjhrh
\b^ghgZijbf_j_n_jf_glZlb\gh]hdZlZebaZ
Hkgh\gZy aZ^ZqZ fhe_dmeyjghc [bhnbabdb khklhbl \ lhf qlh[u
bkoh^y ba oZjZdl_jZ \aZbfh^_ckl\by Zlhfguo ]jmii hij_^_eyxsbo bg
nhjfZpbx fZdjhfhe_dmeu jZkdjulv ijbjh^m __ \gmljbfhe_dmeyjghc
^bgZfbdb GZ wlhc hkgh\_ fu i_j_c^_f d jZkkfhlj_gbx we_dljhgguo
k\hckl\ b nbabq_kdbo ijbgpbih\ nmgdpbhgbjh\Zgby fZdjhfhe_dme
[_edh\\[bhobfbq_kdboijhp_kkZo
Dem[hdb]eh[meZIhebf_jgZyp_iv]^_\aZbfh^_ckl\mxllhevdh
khk_^gb_ a\_gvy k\hjZqb\Z_lky \ dem[hd h[eZ^Zxsbc [hevrbf qbkehf
dhgnhjfZpbci_j_oh^uf_`^mdhlhjufbijhbkoh^yl\ijhp_kk_fbdjh
[jhmgh\kdh]h ^\b`_gby qZkl_c p_ib LZdhc dem[hd g_ h[eZ^Z_l hij_^_
e_gghc \gmlj_gg_c kljmdlmjhc hg dZd [u \k_ \j_fy ^urbl ijbq_f
Zfieblm^Z \a^hoZ ihjy^dZ jZaf_jh\ dem[dZ <aZbfgh_ jZkiheh`_gb_
hl^_evguo qZkl_c dem[dZ iheghklvx ih^qbgy_lky klZlbklbq_kdbf aZdh
ghf_jghklyf H^gZdh _keb bf_xlky h[t_fgu_ \aZbfh^_ckl\by f_`^m
ZlhfZfb^Ze_dhhlklhysbfb^jm]hl^jm]Z ih p_ib lh wlh kms_kl\_ggh
f_gy_l \kx dZjlbgm < j_Zevguo fZdjhfhe_dmeZo h[t_fgu_ \aZbfh^_c
kl\bywe_f_glh\p_ibkha^Zxl\gmlj_gg__ihe_ih^^_ckl\b_fdhlhjh]h
h[jZam_lky]eh[meZkiehlghck_j^p_\bghc<hlebqb_hldem[dZ]eh[meZ
m`_ h[eZ^Z_l hij_^_e_gghc ijhkljZgkl\_gghc kljmdlmjhc K_j^p_\bgZ
[hevrhc ]eh[meu ijhkljZgkl\_ggh
h^ghjh^gZ k ihklhygghc dhgp_gljZpb
_c a\_gv_\ [hevr_c ih kjZ\g_gbx k
himrdhc]eh[meujbkL_fi_jZ
lmjgu_ i_j_oh^u f_`^m khklhygbyfb
dem[dZ b ]eh[meu h^gh\j_f_ggh y\ey
xlky i_j_oh^Zfb f_`^m jZagufb nZ
aZfb b khijh\h`^Zxlky baf_g_gbyfb JbkJZkij_^_e_gb_iehlgh
Z]j_]Zlgh]h khklhygby fZdjhfhe_dmeu klba\_gv_\\]eh[me_\aZ\bkb
< [bhfZdjhfhe_dmeZo gZb[he__ ih^ fhklbhljZkklhygbyhlp_gljZ
jh[gh wlb ijhp_kku bamq_gu \ [_edZo ]eh[meu5±jZ^bmk]eh[meu
;_edh\u_ ]eh[meu ij_l_ji_\Zxl i_j_
Q±qbkeha\_gv_\
oh^u ihjy^hd±[_kihjy^hd \ hlghkb
l_evghfZehfbgl_j\Ze_l_fi_jZlmjub
gZihfbgZxl \ wlhf hlghr_gbc nZah\u_ i_j_oh^u ±]h jh^Z < wdki_
jbf_glZevguo bkke_^h\Zggbyo gZ dZehjbf_ljZo d ij_iZjZlm [_edZ
h[uqghih^\h^blkyl_iehkihklhygghckdhjhklvxbijbwlhfj_]bkljb
jm_lky kdhjhklv ih\ur_gby l_fi_jZlmju [_edZ Hlkx^Z fh`gh gZclb
l_ieh_fdhklv [_edZ ijb jZaebqguo l_fi_jZlmjZo HdZau\Z_lky qlh ijb
l_ieh\hc ^_gZlmjZpbb [_edZ b i_j_oh^Zo lbiZ ihjy^hd±[_kihjy^hd
ijhbkoh^bl h^gh\j_f_ggh agZqbl_evgh_ baf_g_gb_ _]h l_ieh_fdhklb
'Kj a±>`˜]±˜.±Wlbbaf_g_gbyg_fh]ml[ulv\ua\Zgulhevdh
l_jfbq_kdbf \ha[m`^_gb_f \gmljbfhe_dmeyjguo kl_i_g_c k\h[h^u Z
k\b^_l_evkl\mxl h kljmdlmjguo i_j_kljhcdZo \ kZfhc fZdjhfhe_dme_
>_lZevguc oZjZdl_j wlbo i_j_kljh_d \
[_edh\hc ]eh[me_ fh`gh ihgylv agZy
dhgdj_lgmx ijbjh^m h[t_fguo \aZb
fh^_ckl\bc\[_ed_
Lbiu h[t_fguo \aZbfh^_ckl
\bc I_j\bqgZy kljmdlmjZ ihebf_jghc
p_ib hij_^_ey_lky obfbq_kdbfb beb
\Ze_glgufb \aZbfh^_ckl\byfb H[t
_fgu_ \aZbfh^_ckl\by \ hkgh\ghf
hij_^_eyxl \lhjbqgmx kljmdlmjm fZd
jhfhe_dmeH[sbfdjbl_jb_f klZ[bev
ghklb
fhe_dmeyjghc
kljmdlmju
y\ey_lky gZebqb_ fbgbfmfZ gZ djb\hc
8U aZ\bkbfhklb wg_j]bb \aZbfh^_c
kl\by hl jZkklhygby f_`^m \aZbfh^_c
JbkWe_dljhggucl_jf
kl\mxsbfb qZklyfb GZ jbk 8U^ey^\moZlhfghcfhe_dmeu
ijb\_^_gZ djb\Zy 8U k fbgbfmfhf ijb U U \ kemqZ_ ^\mo qZklbp
^\moZlhfgZy fhe_dmeZ GZ fZeuo jZkklhygbyo ij_h[eZ^Zxl kbeu hl
lZedb\Zgby Z gZ [hevrbo jZkklhygbyo ij_\Zebjm_l ijbly`_gb_ Ijb
U Ukbeuijbly`_gbybhllZedb\ZgbymjZ\gh\_rb\Zxl^jm]^jm]ZAgZ
q_gb_ wg_j]bb 8U k\h[h^guo qZklbp ijb Uof jZ\gh gmex Z wg_j]by
h[jZah\Zgghc bfb klZ[bevghc kljmdlmju hljbpZl_evgZ 8U GZ
fZeuojZkklhygbyo]^_qZklbpuhllZedb\Zxlky8U!Fbgbfmf8U
khhl\_lkl\m_l fZdkbfZevghc ih Z[khexlghc \_ebqbg_ b hljbpZl_evghc
ih agZdm wg_j]bb \aZbfh^_ckl\by < h[jZah\Zgbb \lhjbqghc kljmdlmju
[_edZb]jZxl[hevrmxjhevkbeu<Zg^_j<ZZevkZHgbbf_xlwe_dljh
fZ]gblgmx ijbjh^m b k\yaZgu k \aZbfh^_ckl\b_f we_dljbq_kdbo ^bih
e_c \ khk_^gbo fhe_dmeZo GZb[he__ jZkijhkljZg_gu ^bki_jkbhggu_
\aZbfh^_ckl\by f_`^m fhe_dmeZfb dhlhju_ g_ h[eZ^Zxl ihklhyggufb
^bihevgufbfhf_glZfbIjbjh^Zwlbokbeghkbld\Zglh\hf_oZgbq_kdbc
oZjZdl_j >\b`_gb_ we_dljhgZ dZd d\Zglh\hc qZklbpu g_ fh`_l [ulv
hibkZgh lhqghc f_oZgbq_kdhc ljZ_dlhjb_c Z bf__l jZafuluc oZjZd
l_j We_dljhg g_ fh`_l h[eZ^Zlv h^gh\j_f_ggh kljh]h hij_^_e_ggufb
agZq_gbyfbdhhj^bgZluobbfimevkZjS Pvijhba\_^_gb_fZkku
PgZkdhjhklvv
G_hij_^_e_gghklb\agZq_gbyodhhj^bgZlu'o b bfimevkZ 'j k\y
aZgukhhlghr_gb_fg_hij_^_e_gghkl_c
'o˜'j#K
Wlh agZqbl qlh b \ hkgh\ghf g_\ha[m`^_gghf khklhygbb kms_kl
\mxl [uklju_ kf_s_gby aZjy^Z we_dljhgZ hl iheh`_gby jZ\gh\_kby Z
ke_^h\Zl_evgh\fhe_dme_ \ khklhygbb ihdhy ihy\eyxlky f]gh\_ggu_
^bihevgu_fhf_gluIhy\e_gb_lZdh]hfhf_glZ\h^ghcfhe_dme_bg^m
pbjm_l ihy\e_gb_ _]h \ khk_^g_c fhe_dme_ <hagbdZ_l \aZbfh^_ckl\b_
^\mo[ukljhf_gyxsboky^bihevguo fhf_glh\ dhlhju_ lZdbf h[jZahf
klZgh\ylkyk\yaZggufbbijbly]b\Zxlky^jm]d^jm]mWg_j]byijbly`_
gby^\mo f]gh\_gguo ^bihe_c beb wg_j]by ^bki_jkbhggh]h \aZbfh^_c
kl\by[ukljhm[u\Z_lkjZkklhygb_f
8^bkia
U
Djhf_^bki_jkbhggh]h\aZbfh^_ckl\by \hafh`gh b we_dljhklZlb
q_kdh_ ijbly`_gb_ f_`^m ihklhyggufb ^biheyfb \ iheyjguo fhe_dm
eZo Djhf_ lh]h kms_kl\mxl lZd`_ bg^mdpbhggu_ \aZbfh^_ckl\by
dhlhju_ \hagbdZxl f_`^m ihklhygguf ^bihevguf fhf_glhf \ h^ghc
fhe_dme_bgZ\_^_ggufbf^bihe_f\khk_^g_ciheyjbam_fhcfhe_dme_
KmffZjgh_ \Zg^_j\ZZevkh\h \aZbfh^_ckl\b_ ^\mo fhe_dme aZ\bkbl hl
\deZ^Z\k_olbih\^bihevguo \aZbfh^_ckl\bc b khklZ\ey_l ih \_ebqbg_
hl ^h g_kdhevdbo ^_kyldh\ ddZefhev >ey fgh]bo [bheh]bq_kdbo
fZdjhfhe_dme]em[bgZwg_j]_lbq_kdh]hfbgbfmfZkha^Z\Z_fh]haZ kq_l
\Zg^_j\ZZevkh\h]h ijbly`_gby khklZ\ey_l ± ddZefhev qlh ih
ihjy^dm \_ebqbgu kjZ\gbfh k \_ebqbghc l_ieh\hc wg_j]bb ddZefhevfhe_dmeijbdhfgZlghcl_fi_jZlmj_ 57 dZeD±˜fhev±˜
D ddZefhev±
< \ujZ`_gbb ^ey iheghc wg_j]bb beb ihegh]h ihl_gpbZeZ \aZb
fh^_ckl\by gZf g_h[oh^bfh mq_klv g_ lhevdh ijbly`_gb_
8ijbly`Ua gh b hllZedb\Zgb_ gZ [ebadbo jZkklhygbyo
U
8hllUa U
Keh`_gb_wlbo\_ebqbg^Z_l
8LN U
$
%
ULN UL N
]^_:<±dhgklZgluijbly`_gbybhllZedb\ZgbyULN ±jZkklhygb_f_`^m
\aZbfh^_ckl\mxsbfb ZlhfZfb L b N Ijb aZ^Zgguo agZq_gbyo $ b %
fh`gh gZclb fbgbfZevgh_ jZkklhygb_ U beb iheh`_gb_ fbgbfmfZ
8UgZdhlhjhfkbkl_fZba^\mojZaguoZlhfh\bebg_[hevrboZlhfguo
]jmiiKGKGmklhcqb\Z LZd ^ey iZj Zlhfh\ m]e_jh^Z fbgbfZevgh_
jZkklhygb_khklZ\ey_l?Z^eyGGwlha?
GZjy^m k kbeZfb <Zg^_j<ZZevkZ [hevrmx jhev \ klZ[bebaZpbb
[bhkljmdlmjb]jZxl\h^hjh^gu_k\yabbwe_dljhklZlbq_kdb_ \aZbfh^_c
kl\by f_`^m aZjy`_ggufb b iheyjgufb ]jmiiZfb <h^hjh^gu_ k\yab
gZijbf_jklZ[bebabjmxl\lhjbqgmxkljmdlmjmihebi_ilb^guop_i_c<
wg_j]bx\h^hjh^ghck\yab^Zxl\deZ^we_dljhklZlbq_kdb_\aZbfh^_ckl
\by ijbly`_gb_ b hllZedb\Zgb_ Z lZd`_ wg_j]by ^_ehdZebaZpbb
we_dljhgh\<_ebqbguwg_j]bb\h^hjh^ghck\yabkbevgh \Zjvbjmxl ±
ddZefhevLZd\h^hjh^gZyk\yav
HGH
h[eZ^Z_lwg_j]b_cddZefhev
We_dljhklZlbq_kdb_\aZbfh^_ckl\byaZ^Zxlkynhjfmehc
TL T N
8weklZl H ULN
]^_ TL TN ±aZjy^u gZ ZlhfZo L b N ULN ±jZkklhygb_ f_`^m ZlhfZfb
H±^bwe_dljbq_kdZyihklhyggZy^ey[_edh\Ha
<gmlj_gg__ \jZs_gb_ b ih\hjhlgZy bahf_jby bf_xl \Z`gh_
agZq_gb_\dhgnhjfZpbhgghckljmdlmj_fZdjhfhe_dmeuWg_j]by [eb`
gbo\aZbfh^_ckl\bcZlhfguo]jmiiaZ\bkblhl jZkklhygbc f_`^m gbfb
dhlhju_\k\hxhq_j_^vf_gyxlkyijb\jZs_gbbwlbo ]jmii \hdjm] _^b
gbqguok\ya_c Ijb [ebadhf jZkiheh`_gbb \Ze_glgh g_ k\yaZggu_ Zlh
fu gZqbgZxl hllZedb\Zlvky b \hagbdZ_l lhjfhaysbc wg_j]_lbq_kdbc
ihl_gpbZe ij_iylkl\mxsbc \jZs_gbx Zlhfguo ]jmii Wg_j]by \jZs_
gby Zlhfguo ]jmii \hdjm] _^bgbqguo k\ya_c ^Z_l hkgh\ghc \deZ^ \ h[
smxdhgnhjfZpbhggmxwg_j]bxihebf_jghcp_ib
¦
GZjbk \b^gh qlh fhe_dmeZ wlZgZ bf__l fbgbfmf dhgnhjfZ
pbhgghcwg_j]bb\ljZgkdhgnhjfZpbbbfZdkbfmf±\pbkdhgnhjfZpbb
Wg_j]_lbq_kdbc[Zjv_jbeblhjfhaysbcihl_gpbZe^eyi_j_oh^Zh^ghc
Jbk=jZnbdaZ\bkbfhklbihl_gpbZevghcwg_j]bb\gmlj_gg_
]h\jZs_gby\wlZg_hlm]eZih\hjhlZAgZq_gbym]eh\ƒƒbl
^khhl\_lkl\mxlljZgk±Zƒƒbl^pbk±dhgnhjfZpbyf
ljZgkdhgnhjfZpbb \ ^jm]mx q_j_a pbknhjfm ijb ih\hjhl_ \hdjm] KK
k\yab gZ ƒ jZ\_ga ddZefhev AZ\bkbfhklv ihl_gpbZeZ \gmlj_gg_]h
\jZs_gbyhlm]eZih\hjhlZMaZ^Z_lky\ujZ`_gb_f
8M
8
±FRVM
]^_8±\ukhlZ[Zjv_jZ
H[sZy dhgnhjfZpbhggZy wg_j]by ihebf_jZ aZ\bkbl hl \aZbfguo
m]eh\ih\hjhlh\a\_gv_\\hdjm]_^bgbqguok\ya_cIh^h[gZykbkl_fZ]^_
wg_j]by khklZ\eyxsbo we_f_glh\ aZ\bkbl hl bo \aZbfh^_ckl\by ^jm] k
^jm]hfgZau\Z_lkydhhi_jZlb\ghc
DhgnhjfZpbhggZy wg_j]by ihebi_ilb^ghc p_ib hij_^_ey_lky
\k_fb\b^Zfb h[t_fguo \aZbfh^_ckl\bc b aZ\bkbl hl wg_j]bb \gmlj_g
g_]h\jZs_gby[hdh\uop_i_cZfbghdbkehlguo hklZldh\ \hdjm] _^bgbq
guo k\ya_c H[s__ kljh_gb_ ihebi_ilb^ghc p_ib ij_^klZ\e_gh gZ
jbk DZd dZ`_lky gZ i_j\uc \a]ey^ \jZs_gb_ [hdh\uo ]jmii fh`_l
ijhbkoh^blv\hdjm]\k_o _^bgbqguo k\ya_c 1L±KDL gZ m]he ML KDLKL gZ
JbkH[s__kljh_gb_ihebi_ilb^ghcp_ib
m]he\ LKL±1L gZm]heZ L<wlhfkemqZ_\aZbfgh_\ebygb_a\_gv_\ijb
baf_g_gbbboiheh`_gbyfh`_li_j_^Z\Zlvky\^hevp_ibq_j_a [hevrh_
qbkeh k\ya_c b lh]^Z \deZ^ bo \ h[smx dhgnhjfZpbhggmx wg_j]bx
ljm^ghmq_klvH^gZdhgZkZfhf^_e_^\hcghcoZjZdl_ji_ilb^ghck\yab
KDL21LG ij_iylkl\m_l \jZs_gbx \hdjm] g__ Hg h[mkeh\e_g h[h[s_
kl\e_gb_fg_ih^_e_gghciZju6we_dljhgh\ZlhfZZahlZf_`^mZahlhf
b m]e_jh^hf <ke_^kl\b_ wlh]h ijhbkoh^yl \ulZedb\Zgb_ we_dljhgZ m]
e_jh^Zba^\hcghcS±k\yabK 2behdZebaZpby _]h gZ dbkehjh^_ k qZk
lbqgufij_\jZs_gb_fk\yabK 2\h^bghqgmx
>_ehdZebaZpbywe_dljhgh\f_`^mZlhfZfb1KH ijb\h^bl d lh
fmqlhi_ilb^gZy]jmiiZfZdkbfZevghklZ[bebabjm_lkydh]^Z__Zlhfu
\dexqZy D±m]e_jh^gu_ Zlhfu khk_^gbo Zfbghdbkehl jZkiheh`_gu \
h^ghc iehkdhklb Ihwlhfm \jZs_gb_ \hdjm] i_ilb^ghc k\yab &DL 1L
aZljm^g_gh \ kbem __ ^\hcgh]h oZjZdl_jZ Fu fh`_f l_i_jv mqblu\Zlv
lhevdh\jZs_gb_\hdjm]k\ya_c1L±&DLm]heMLb&DL±KLm]he \ L lZd
dZd\lZdhcp_ibhlkmlkl\mxlkl_jbq_kdb_i_j_djulbyZlhfh\ L±c i_i
lb^ghc_^bgbpukL ±cbebL±±c_^bgbpZfbBgufbkeh\Zfb\
i_ilb^ghc p_ib bf__l f_klh lhevdh ihiZjgh_ dhhi_jZlb\gh_ \aZbfh
^_ckl\b_ijb\jZs_gbb\hdjm]_^bgbqguok\ya_cijbgZ^e_`Zsbo h^gh
fmblhfm`_D±m]e_jh^ghfmZlhfmDZ`^ZyiZjZm]eh\MLb \ L fh`_l
jZkkfZljb\Zlvky g_aZ\bkbfh Z dhhi_jZlb\ghklv \ p_ib nZdlbq_kdb h]
jZgbqb\Z_lky \aZbfh^_ckl\b_f khk_^gbo i_ilb^guo _^bgbp Ihl_gpbZ
eu\gmlj_gg_]h\jZs_gby8\hdjm]_^bgbqguok\ya_c\_kvfZfZeua
ddZefhev Ke_^h\Zl_evgh fbgbfmfu hl^_evguo ^bkdj_lguo khklhy
gbc \hagbdZxsbo ijb baf_g_gbb m]eh\ M b \ jZa^_e_gu g_\ukhdbfb
[Zjv_jZfbH[s__\ujZ`_gb_^eydhgnhjfZpbhgghcwg_j]bbbf__l\b^
8M\
¦
L N
8LN M\
8\
±FRVM
8\
±FRV\8weklZl ]^_ 8LN M\ hij_^_ey_lky ihl_gpbZehf k jZkklhygb_f ULN aZ\bky
sbf hl m]eh\ M b \ 8weklZl aZ^Z_lky nhjfmehc ;ueh ijh\_^_gh
hij_^_e_gb_ dhgnhjfZpbhgghc wg_j]bb ^ey ijhkl_crbo hklZldh\
f_lbeZfb^h\ 1±Zp_lbe±D±Zfbghdbkehl &+±&21+±&+5±
±&21+±&+]^_5±jZ^bdZe[hdh\hcp_ibZfbghdbkehlgh]hhklZldZ
GZ jbk ij_^klZ\e_gZ ^bZ]jZffZ ih\_joghklb dhgnhjfZpbhg
ghcwg_j]bb\nmgdpbbm]eh\ M b \ fhe_dmeu 1±Zp_lbe±/±ZeZgbgZ
<b^guq_luj_h[eZklbgbadhcwg_j]bbkg_]em[hdbfbfbgbfmfZfb±
ddZefhev>Zggu_jZkq_lZkljmdlmjukh\iZ^Zxlk^jm]bfbwdki_jbf_g
lZevgufb j_amevlZlZfb LZdbf h[jZahf dhgnhjfZpby ijhkl_crbo
njZ]f_glh\ ihebi_ilb^ghc p_ib fh`_l [ulv gZc^_gZ iml_f jZkq_lZ
>eywlh]hg_h[oh^bfhagZlvobfbq_kdmxihke_^h\Zl_evghklvZfbghdbk
ehlguohklZldh\bih^kqblZlv wg_j]bx g_\Ze_glguo \aZbfh^_ckl\bc bo
Zlhfh\b Zlhfguo ]jmii ih nhjfme_ GZc^_ggZy \ j_amevlZl_ dhg
nhjfZpbyaZ^Z_lky\\b^_dhgdj_lguoagZq_gbcm]eh\ih\hjhlZZlhfguo
]jmii b khhl\_lkl\mxsbo jZkklhygbc f_`^m gbfb ijb dhlhjuo dhg
nhjfZpbhggZy kmffZjgZy wg_j]by aZ\bkysZy hl \k_o \b^h\ h[t_fguo
\aZbfh^_ckl\bc^hklb]Z_lfbgbfZevguoagZq_gbc
Jbk>bZ]jZffZihl_gpbZevghcih\_joghklbfhe_dmeu
f_lbeZfb^Z±1±Zp_lbe±/±ZeZgbgZPbnju
mdZau\Zxlwg_j]bxdhgnhjfZpbb\D^`fhev
DhgnhjfZpbhggZy wg_j]by [_edZ \dexqZxs_]h fgh]b_ khlgb
hklZldh\g_fh`_l[ulvgZc^_gZ lZdbf iml_f baaZ [hevrbo fZl_fZlb
q_kdbo ljm^ghkl_c < wlhf kemqZ_ m`_ g_evay g_ihkj_^kl\_ggh jZkkqb
lZlv \lhjbqgmx b l_f [he__ lj_lbqgmx kljmdlmjm [hevrbo mqZkldh\
[_edZagZyi_j\bqgmxihke_^h\Zl_evghklv>eyj_r_gbywlhcijh[e_fu
k_cqZk ihevamxlky wfibjbq_kdbf f_lh^hf dhlhjuc hkgh\Zg gZ fgh]h
qbke_gguowdki_jbf_glZevguo^Zgguoihdhjj_eypbbf_`^m \lhjbqghc
kljmdlmjhc mqZkldZ [_edZ b _]h i_j\bqghc Zfbghdbkehlghc ihke_^h\Z
l_evghklvxGZhkgh\Zgbbwlbodhjj_eypbcknhjfmebjh\Zguw\jbklbq_
kdb_ ijbgpbiu ijhkljZgkl\_ggh]h kljh_gby [_edZ b ijZ\beZ
k\hjZqb\Zgby i_ilb^ghc p_ib k h[jZah\Zgb_f \lhjbqghc b lj_lbqghc
kljmdlmj
H[sZylhih]jZnby[_edh\hc]eh[meuhij_^_ey_lkyl_fqlhiheyj
gu_ ]jmiiu jZkiheh`_gu \ hkgh\ghf gZ ih\_joghklb Z g_iheyjgu_
gZoh^ylky \gmljb ]eh[meu b h[jZamxl __ ]b^jhnh[gh_ y^jh GZ ih\_jo
ghklyo hkgh\guo we_f_glh\ \lhjbqghc kljmdlmju D±kibjZe_c b E±
kljmdlmj lZd`_ bf_xlky p_eu_ ]b^jhnh[gu_ h[eZklb <gmljbfhe_dm
JbkB_jZjobykljmdlmju[_edZbihke_^h\Zl_evghklv
_]hk\hjZqb\Zgby
eyjgu_ \h^hjh^gu_ k\yab f_`^m i_ilb^gufb ]jmiiZfb fZdkbfZevgh
gZkus_gubklZ[bebabjmxl]eh[mem
Djhf_wlbolhiheh]bq_kdboijbgpbih\kms_kl\mxl_s_h[rbjgu_
klZlbklbq_kdb_^Zggu_h qZklhlZo ihy\e_gby dZ`^h]h Zfbghdbkehlgh]h
hklZldZbai_j\bqghcihke_^h\Zl_evghklb\D±bE±we_f_glZo\lhjbq
ghc kljmdlmju K ihfhsvx wfibjbq_kdbo ijZ\be m^Z_lky ijbf_jgh \
iheh\bg_ kemqZ_\ ij_^kdZaZlv dZdh\Z [m^_l \lhjbqgZy kljmdlmjZ [_edZ
ijbaZ^Zgghci_j\bqghcihke_^h\Zl_evghklbJZaebqgu_lbiu[_edh\uo
kljmdlmj khklZ\eyxl kljmdlmjgmx jbk b_jZjobx dhlhjZy
ih\b^bfhfm hljZ`Z_l b ihke_^h\Zl_evghklv klZ^bc k\hjZqb\Zgby
[_edZbai_j\bqghcihebi_ilb^ghcp_ibM`_gZkZfuojZggbo klZ^byo
k\hjZqb\Zgby \ jZa\_jgmlhc p_ib h[jZamxlky D± beb E±mqZkldb \lh
jbqghckljmdlmjuaZkq_lehdZevguo\aZbfh^_ckl\bcAZl_fwlbmqZkldb
klZ[bebabjmxlky \ j_amevlZl_ ^_ckl\by ]b^jhnh[guo kbe \h^hjh^guo
k\ya_cbh[t_fguo\aZbfh^_ckl\bck^jm]bfb mqZkldZfb p_ib k h[jZah
\Zgb_f m`_ lj_lbqghc kljmdlmju KZfhk[hjdZ kljmdlmju [_edZ ghkbl
gZijZ\e_ggucdhhi_jZlb\gucoZjZdl_jHgZijhl_dZ_lq_j_ahij_^_e_g
gh_qbkehijhf_`mlhqguoklZ^bc Z g_ iml_f i_j_[hjZ \k_o \hafh`guo
\ZjbZglh\mdeZ^db^h^hklb`_gby fbgbfZevgh]h ih wg_j]bb khklhygby
GZlZdhcklZlbklbq_kdbckihkh[k\hjZqb\Zgbyihlj_[h\Zehkv[u\j_fy
g_baf_jbfh[hevr__q_fj_Zevgh_\j_fyk\hjZqb\Zgby[_edh\hc ]eh[m
eug_kdhevdhk_dmg^
<u]h^gu_ gbadhwg_j]_lbq_kdb_ khklhygby ihy\eyxlky kjZam gZ
jZggbo wlZiZo k\hjZqb\Zgby \ g_[hevrbo mqZkldZo p_ib \dexqZxsbo
^\Z±ljb hklZldZ Z kj_^gb_ b ^Zevgb_ \aZbfh^_ckl\by bo g_ lhevdh g_
ihjlylghklZ[bebabjmxlWlbij_^klZ\e_gbyfh`ghbkihevah\Zlv^ey
lh]hqlh[umijhklblvf_lh^jZkq_lZgbadhwg_j]_lbq_kdhcdhgnhjfZpbb
[_edZ <f_klh lh]h qlh[u iulZlvky kjZam gZclb fbgbfZevgmx ih wg_j
]bbdhgnhjfZpbx ^ey \k_c p_ib gZoh^yl \gZqZe_ gbadhwg_j]_lbq_kdb_
khklhygby ^bi_ilb^h\ Gbadhwg_j]_lbq_kdb_ nhjfu ljbi_ilb^h\ ij_^
klZ\eyxl kh[hc dhf[bgZpbb gbadhwg_j]_lbq_kdbo nhjf kf_`guo ^b
i_ilb^h\ qlh y\ey_lky j_amevlZlhf kh]eZkh\Zgghklb ljb±b
^bi_ilb^guo\aZbfh^_ckl\bcDhgnhjfZpbhggucZgZeba[he__keh`guo
heb]hi_ilb^h\ijh\h^blkyf_lh^hfihke_^h\Zl_evgh]hm\_ebq_gbyp_ib
gZ h^bg hklZlhd <Z`gh qlh gh\u_ \aZbfh^_ckl\by \hagbdZxsb_ ijb
m^ebg_gbb p_ib klZ[bebabjmxl njZ]f_gl b g_ gZjmrZxl m`_ keh`b\
rboky\aZbfh^_ckl\bcbgbadhwg_j]_lbq_kdbonhjf< gZklhys__ \j_fy
lZdhc ihemwfibjbq_kdbc f_lh^ jZkq_lZ ^Z_l \hafh`ghklv hij_^_eblv
ijhkljZgkl\_ggmx kljmdlmjm ^hklZlhqgh keh`guo ihebi_ilb^h\ \dex
qZxsbo^hkhlgbhklZldh\GZijbf_j [ueZ jZkkqblZgZ kljmdlmjZ fhe_
dmeu[uqv_]hiZgdj_Zlbq_kdh]hljbikbgh\h]hbg]b[blhjZ \dexqZxs_c
Zfbghdbkehlguo hklZldh\ k aZ^Zgghc i_j\bqghc ihke_^h\Zl_evgh
klvxH^gZdh jZkq_lu [he__ keh`guo ihebi_ilb^h\ ihlj_[mxl ijb\e_
q_gby m`_ g_aZ\bkbfuo kl_jbq_kdbo ij_^iheh`_gbc h \hafh`ghc
kljmdlmj_[_edZ
Khklhygb_ \h^u \ [bhihebf_jZo Fu m`_ ]h\hjbeb qlh h[sZy
lhiheh]by [_edh\hc ]eh[meu hij_^_ey_lky ]b^jhnh[gufb \aZbfh^_ckl
\byfbdhlhju_bf_xlqbklhl_jfh^bgZfbq_kdmx ijbjh^m G_iheyjgu_
m]e_\h^hjh^u jZajmrZxl yq_bklmx kljmdlmjm \h^u qlh ijb\h^bl d ih
\ur_gbxwgljhibb'6!bke_^h\Zl_evghd mf_gvr_gbx k\h[h^ghc
wg_j]bbkbkl_fu
') '8±7'6]^_'6!
H^gZdhjZajmr_gb_kljmdlmju\h^ugZjmrZ_lkbkl_fm \h^hjh^guo
k\ya_c f_`^m fhe_dmeZfb \h^u <f_klh \h^hjh^guo k\ya_c m]e_\h^hjh
^ukihkh[guh[jZah\u\Zlvlhevdh[he__keZ[u_\Zg^_j\ZZevkh\uk\yab
k\h^hcWlhijb\h^bldm\_ebq_gbxagZq_gbc'8!dhlhju_ih Z[kh
exlghc \_ebqbg_ ij_\urZxl hljbpZl_evguc wgljhibcguc \deZ^ \ ba
f_g_gb_ ') l _ '8 ! _7'6_ Ihwlhfm \ p_ehf ') ih\urZ_lky qlh
wg_j]_lbq_kdbg_\u]h^ghbijb\h^bld\ulZedb\Zgbxm]e_\h^hjh^h\ba
\h^ghc nZau =b^jhnh[gu_ \aZbfh^_ckl\by \ p_ehf klZ[bebabjmxl
fZdjhfhe_dmeu ohly ^_lZevgZy dZjlbgZ \aZbfh^_ckl\bc k \h^hc \ ij_
^_eZo fZdjhfhe_dmeu agZqbl_evgh keh`g__ KZfb fhe_dmeu \h^u jZk
ij_^_e_gu\]eh[me_g_h^ghjh^ghKgZjm`b]eh[meubf_xlkyehdZevgu_
iheyjgu_ p_glju ]b^jZlZpbb ]^_ fhe_dmeu \h^u kbevg__ k\yaZgu ih
kjZ\g_gbx k lhgdhc ]b^jZlghc h[hehqdhc gZ ih\_joghklb ]eh[meu <
p_ehfhdhehih\_joghklb[_edZfh`_lm^_j`b\Zlvky^h±keh_\\h^u
Djhf_lh]hbf__lkynjZdpbyijhqghk\yaZgghc \h^u dhlhjZy nbdkbjm
_lky gZ khhl\_lkl\mxsbo fZehih^\b`guo we_f_glZo [_edh\hc kljmdlm
ju
<ebygb_\h^ugZdhgnhjfZpbhggmxwg_j]bxi_ilb^h\kms_kl\_g
gh g_ baf_gy_l iheh`_gby wg_j]_lbq_kdbo fbgbfmfh\ gZ dhgnhjfZpb
hgghc dZjl_ <h^Z fh`_l hdZau\Zlv kbevgh_ \ebygb_ gZ klZ[bevghklv
hl^_evguo dhgnhjfZpbhgguo mqZkldh\ b l_f kZfuf gZ \gmljbfhe_dm
eyjgmxih^\b`ghklv[_edZBa\_klgh qlh ijb m\_ebq_gbb kl_i_gb ]b^
jZlZpbb \ukmr_gguo ij_iZjZlh\ n_jf_glh\ m\_ebq_gb_ bo Zdlb\ghklb
ijhbkoh^bl j_adh \ madhf ^bZiZahg_ m\_ebq_gby qbkeZ fhe_dme \h^u
±gZh^gmfhe_dmem [_edZ < wlhc h[eZklb ijhbkoh^bl jZklhjfZ
`b\Zgb_hij_^_e_gguo \gmljbfhe_dmeyjguo kl_i_g_c k\h[h^u gm`guo
^ey h[_ki_q_gby n_jf_glZlb\ghc Zdlb\ghklb Fh`gh jZkkfZljb\Zlv
kbkl_fm[_ehd±\h^ZdZd_^bgmxdhhi_jZlb\gmxkbkl_fm]^_baf_g_gby
\khklhygbbdZdjZkl\hjbl_eylZdb[_edZghkyl\aZbfhk\yaZggucoZjZd
l_j
MgbdZevghklv kljmdlmju [_edZ ;_ehd h[eZ^Z_l hij_^_e_gghc
iehlghc kljmdlmjhc dhlhjZy h[jZam_lky ba i_j\bqghc Zfbghdbkehlghc
ihke_^h\Zl_evghklb \ j_amevlZl_ kh]eZkh\Zggh]h oZjZdl_jZ [eb`gbo b
^Zevgbo \aZbfh^_ckl\bc < wlhf kfuke_ kljmdlmjZ [_edZ mgbdZevgZ
<hagbdZ_l\hijhk\dZdhckl_i_gbi_j\bqgZyihke_^h\Zl_evghklvh^gh
agZqgh hij_^_ey_l lhiheh]bx b nmgdpbhgZevgu_ k\hckl\Z [_edh\hc
]eh[meu"
Ba\_klghqlh[_edb\uihegyxsb_h^bgZdh\u_ nmgdpbb \ jZaguo
hj]ZgbafZo hlebqZxlky ih k\h_c i_j\bqghc ihke_^h\Zl_evghklb
gZijbf_jpblhojhfu H^gZdh lj_lbqgu_ kljmdlmju m gbo koh^gu Gh
_klv [_edb h[eZ^Zxsb_ koh^gufb lj_lbqgufb kljmdlmjZfb gh \uihe
gyxsb_ jZaebqgu_ nmgdpbb HdZaZehkv lZd`_ qlh kihkh[ghklvx nhj
fbjh\Zlv D± b E±mqZkldb k g_ij_ju\gufb ]b^jhnh[gufb
ih\_joghklyfb h[eZ^Zxl g_ lhevdh ijbjh^gu_ gh b kemqZcgu_ Zfbgh
dbkehlgu_ ihke_^h\Zl_evghklb iheyjguo b g_iheyjguo ]jmii LZdbf
h[jZahf ^ey ihemq_gby iehlghc miZdh\db [_edZ g_l g_h[oh^bfhklb
Z[khexlghh^ghagZqghaZ^Z\Zlv_]hi_j\bqgmxihke_^h\Zl_evghklvohly
nmgdpbhgZevgu_k\hckl\Z[_edZhij_^_eyxlkykjZ\gbl_evghg_[hevrbf
qbkehf Zdlb\guo ]jmii B a^_kv m`_ kblmZpby kh\_jr_ggh bgZy < Zd
lb\ghfp_glj_[_edZn_jf_glZ]^_bf_xlkydZd ijZ\beh ±hklZl
dh\ g_evay aZf_gblv gb h^gh]h ba gbo [_a gZjmr_gby nmgdpbhgZevguo
k\hckl\Ihwlhfmdhf[bgZpbyg_aZf_gbfuohklZldh\\Zdlb\ghfp_glj_
[_edZ ^he`gZ \hkijhba\h^blvky kh\_jr_ggh h^ghagZqgh ijb h[yaZl_ev
ghf khojZg_gbb ebrv h[sbo lhih]jZnbq_kdbo q_jl ]eh[meyjghc ijh
kljZgkl\_gghckljmdlmju
L_i_jv ihevamykv nhjfmeZfb l_hjbb bgnhjfZpbb ±
fh`gh hp_gblv \_jhylghklv kemqZcgh]h h^ghZdlgh]h kbgl_aZ [_edZ
<gZqZe_ gZc^_f dhebq_kl\h bgnhjfZpbb kh^_j`Zs_cky \ Zdlb\ghf
p_glj_ k Zfbghdbkehlgufb hklZldZfb qbkeh dhlhjuo Q ± H[s__
qbkeh kihkh[h\ : dhlhjufb dhgkljmbjmxl lZdhc Zdlb\guc p_glj \u
[jZ\baZfbghdbkehlgm`gu_gZf±khklZ\ey_lhq_\b^gh: 1
±<lZdhfp_glj_kh^_j`blkydhebq_kl\hbgnhjfZpbbjZ\gh_ ,
ORJ:
, ORJ1 ˜1 ±[bl
Hq_\b^ghwlhkZfh_fbgbfZevgh_ dhebq_kl\h bgnhjfZpbb g_h[
oh^bfh_^eykbgl_aZ[_edZGZkZfhf ^_e_ g_aZf_gbfu \ [_ed_ lZd`_ b
hl^_evgu_ _]h oZjZdl_jgu_ mqZkldb dhlhju_ kh^_j`Zl dZd ijZ\beh g_
f_g__ 1 ± Zfbghdbkehl Lh]^Z dhebq_kl\h [bheh]bq_kdb mgbdZev
ghcbgnhjfZpbb\[_ed_[m^_lm`_[hevr_HghkhklZ\bl\_ebqbgm
,; ORJ1|˜1|±[bl
<_jhylghklv kemqZcgh]h h^ghZdlgh]h kbgl_aZ lZdhc kljmdlmju
hq_gvfZeZ
J ±,; ±±a±
:
Wlh agZqbl qlh kha^Zgb_ _fdhc bgnhjfZpbhgghc kbkl_fu [_edZ
g_ fh]eh ijhbahclb \ h^bg Zdl Z hkms_kl\ey_lky ihkl_i_ggh k h[yaZ
l_evgufaZdj_ie_gb_fkbgl_abjh\Zgguowe_f_glh\kljmdlmju\ijhp_k
kZo\hkijhba\_^_gby
Hkh[_gghklbijhkljZgkl\_gghchj]ZgbaZpbbgmde_bgh\uodb
kehl < hlebqb_ hl [_edh\ kljmdlmjZ >GD [he__ klZ[bevgZ L_ieh\u_
nemdlmZpbbg_ijb\h^yldjZaju\m\h^hjh^guok\ya_cbg_f_gyxlf_`
iehkdhklgu_jZkklhygbyf_`^m hkgh\Zgbyfb < fh^_eyo `_kldhklv kem
`bl hkgh\guf iZjZf_ljhf >\hcgZy kibjZev >GD h[eZ^Z_l h[s_c
`_kldhklvx ih ^ebg_ kibjZeb b h^gh\j_f_ggh h]jZgbq_gguf qbkehf
\jZsZl_evguo kl_i_g_c k\h[h^u \hdjm] _^bgbqguo obfbq_kdbo k\ya_c
<k_dhgnhjfZpbb>GDhlghkylkyeb[hd:±eb[hd%±nhjfZf<kem
qZ_ <±nhjf hkv kibjZeb ijhoh^bl q_j_a iZju hkgh\Zgbc \[ebab bo
p_gljZly`_klb Z \ $±nhjf_ \ p_glj_ hklZ_lky hl\_jklb_ hdheh ? Z
hkgh\Zgby hll_kg_gu d i_jbn_jbb fhe_dmeu 2Fgh\gZy ljm^ghklv ihe
gh]h hibkZgby wg_j]_lbq_kdb jZaj_r_gguo dhgnhjfZpbc ^\hcguo kib
jZe_c khklhbl \ qj_a\uqZcgh [hevrhf gZ[hj_ \k_o kljmdlmjguo
\ZjbZglh\
DhgnhjfZpbyfhghf_jZgmde_bgh\hcdbkehluaZ^Z_lkydhgnhjfZ
pb_c kZoZjgh]h dhevpZ iylvx ^\m]jZggufb m]eZfb \jZs_gby \hdjm]
_^bgbqguo k\ya_c \ kZoZjhnhknZlghc p_ib b h^gbf m]ehf o hij_^_
eyxsbf hjb_glZpbx hkgh\Zgby hlghkbl_evgh kZoZjgh]h dhevpZ JZaeb
qb_:±b<±nhjfkhklhbl\lhfqlhm$±nhjfuhlebqZxlkyagZq_gby
JbkNhjfukibjZeb>GDq_luj_gZb[he__mklhcqb\u_dhgnhj
fZpbbkZoZjgh]hdhevpZ\gmde_hlb^_
m]eZobm]eZih\hjhlZWf_`^mkhk_^gbfbiZjZfbZlZd`_[hevrb_agZ
q_gbyjZkklhygby'iZjuhlhkbkibjZeb jbk Djhf_ lh]h Zevl_j
gZlb\gZy ]_hf_ljby kZoZjgh]h dhevpZ m :± b %±nhjf hij_^_ey_lky
l_fdZdhcbaZlhfh\m]e_jh^Z\u^\bgmlbaiehkdhklbkZoZjgh]h dhevpZ
GZebqb_ klhev [hevrh]h qbkeZ \gmlj_ggbo kl_i_g_c k\h[h^u iha\hey_l
jZkkfZljb\Zlv ijhp_kk baf_g_gby dhgnhjfZpbb ^\hcghc kibjZeb dZd
g_ij_ju\guc H^gZdh fh`gh h]jZgbqblvky ebrv jZamfgufb \aZbfh
iheh`_gbyfb iZj hkgh\Zgbc Lh]^Z hdZau\Z_lky qlh ^ey j_]meyjghc
kibjZeb kms_kl\m_l lhevdh h]jZgbq_ggh_ qbkeh dhgnhjfZpbc kZoZjh
nhknZlgh]h hklh\Z JZkq_lu ihdZau\Zxl qlh wg_j]by $±nhjf \ p_ehf
\ur_ Z rbjbgZ wg_j]_lbq_kdhc yfu m`_ q_f m %±nhjf Wlh y\ey_lky
ke_^kl\b_f lh]h qlh jZkklhygb_ f_`^m h^ghbf_ggh aZjy`_ggufb nhk
nZlZfbh^ghcblhc`_p_ibijbf_jghgZ?dhjhq_ \ $±nhjfZo Ihe
guc mq_l \k_o \aZbfh^_ckl\bc ihdZau\Z_l qlh %±nhjfZ y\ey_lky
_^bgkl\_gghcmklhcqb\hcnhjfhc>GD
<ihke_^gb_]h^uihemq_gu^Zggu_hkms_kl\h\Zgbb lZd gZau\Z_
fhc ]±nhjfu >GD \ dhlhjhc kibjZev k ZglbiZjZee_evgufb gblyfb
aZdjmq_gZ\e_\hZih\lhjyxsZyky_^bgbpZkh^_j`blg_h^bgZ^\Zgmd
e_hlb^Z.
Download