You are on page 1of 4

LM LMLM

LkYc`Zb 9fe[\eDXC`n\`_\ddXg‚j`e^‚i[`A`Xa`Xp`e^
[€i_Xe_‚cc\i]piXbfifZ_^\kk\i%KifkjbX[
]i]i‚^Xeg‚d\a\i`gif[lbk\i`B`eX_Xi_Xe]‚kk
j\dacbgi`j\k]XccX%

`B`eX

=iXdk`[\ej
afi[Yilb
\kk_fk]i
Ye[\ieX
D\[j`em€oXe[\
d\[\cbcXjjY\]fcbe`e^
m\kB`eXjdXibeX[
]id\a\i`gif[lbk\i
`e^\e_\a[%
=iXkkdkX[\e
jeXYYkbXe[\\]k\i$
]i‚^XeYp^^jel\e
_\ciX[a€kk\]Xid\i#
m`cbXjk\be`bfZ_
blejbXgjbXc\[Xk`cc
Xkkgif[lbk`fe\e_fj
mXia\\ejb`ckbi\Xkli
dXo`d\iXj%

?Xeka€eXiXcckj€di\g‚dacb\e
;\k_€i]id\[j`^\e
bfeblii\ejj`klXk`fe
jfdbXeY\kp[Xjclk\k
]i[\eb`e\j`jb\

@
jd‚Yfe[\e% YZc a^aaV Wnc ?^V_^Vn^c\ Wdg ~ghk€gVViidYaV!]VgWŽcYZgcVVaa" @^cVWŽg_Vi`dchjbZgVb_Ža`dX] cdggVha~iiaVcYZi#BZckZg`a^\]ZiZc BVA^lZ^[g€c?^V_^Vn^c\# ]Vg^bedgiZgVih[g€cidaka~cYZgdX]
db`g^c\ -%% aVciWgj`VgZ hdb i^YkVg^iWZgdZcYZVkcŽi`gZVijgdX] jcYZg'%%%"iVaZi]VgbVg`cVYZc[Žg hZgVccdgajcYVji# ;Žg`aVg^c\Zc i^aa WŽcYZgcVh `gZVijgZc]Vgh`ZeeVih]^i[g€c6j"
K<OKF:?=FKF a^`ii^Y^\VgZ\ZcZgVi^dcZg]€aaZg b_Ža`egdYj`iZg#9~g[Žg]Vgb€c\V bZ_Zg^egdYj`iZgkjm^ibZYdb`g^c\ ·>YZXZbWZgÄX`k^'!+njVceZg b^ch`VYZ^c`dbhiZgÄcchVii]^iiV higVa^Zc!JH6dX]CnVOZZaVcY#
AFAA<FCJJFE h^cVY_jg^]ZbbZih^ccZg\€gYdX] bZ_Zg^[ŽgZiV\h^cWVh]~g^=d]]di! '*egdXZci€ga^\Zc# a^iZg b_Ža`! cj ]Vg eg^hZi h_jc`^i c€\gVb^a[g€cWnc!WV`dbiV\\ig€Y 6ca~\\c^c\Zc~gZcVk[ŽgZiV\Zih
e€ YZc idggV bdc\da^h`V ha~iiZc >cgZBdc\da^Zi# i^aa'!)njVc&njVc2&/&*`gdcdg# dX]kV`iedhiZg#9~ghi€gZccnWn\\Y ^YV\[Zb[VgbZg!hdbVaaVgnbbZg
>I8=@B
h`ŽgYVg\g~hbZYa^ZdX]`gViiV#=~g HZYVcZ`dcdb^chdX]hVb]~aaZih ;<KK89FI;<9<KP;8W~iigZk^aa" HVbi^Y^\i]VgYZiWa^k^iYngVgZVii [Vgbe€*.%]Z`iVghdbi^aa]Žg[ŽgZ" b^chi &% %%% `gZVijg# NiiZga^\VgZ
8EE@B8C@E;9<I>
^cdggV@^cV!Y~gg^hdX]\gŽchV`Zg a^WZgVa^hZg^c\Vg]Vg~kZcgZhiZcVk `dg[Žgb_Ža`WŽcYZgcVe€YZi`Vg\V `ŽeVhd_VWŽcdg!h~\ZgaVciWgj`VgZc iV\ZiBdYZgc;Vgb^c\<gdje#<g~h [ngVVca~\\c^c\Vg~g_jhicjjcYZg f

*/C8EKD8EE<E8L>LJK@)''0 8L>LJK@)''0C8EKD8EE<E*0
LM LkYc`Zb&B`eX

ÉCXekYilb\k_XiYc`m`kd`e[i\cejXdkel%
D‚e^Xjb\ij`^k`ccjk€[\ieX]iXkkXiY\kX%É
8iY\kXi\m`[8icXjepXXec€^^e`e^
`?f__fk]igXZbXid\a\i`gif[lb$
k\i%8icX_Xi]lee`kjg‚[\eb`e\$
j`jbXdXibeX[\ej\[Xe)'',fZ_
jXkjX[\epc`^\em\i*''d`cafe\i
bifefig‚XkkbXgif[lbk`fe\e%

f jeeWn\\cVY! Y~g^WaVcY HVWZ^ BdYZgc =Vc~ghcVgi,%€gdX]jiZe€[~aiZii^aa" e€Wn\\Zc^=d]]dibZYVchk~gYdiiZgc


;Vgb!hdbbZYh^cV(%%%%Y_jg`dbbZg hVbbVchbZYh^c\gVccZ[ŽgViih`ŽgYV ]_~aeZgi^aa^]jh]€aaZi#
ViiWa^k~gaYZchhiŽghiV_dgYWgj`#'%&(g~`" \g~h bZY a^Z# 6ca~\\c^c\Zc Y~g `dgcV
cVgBdYZgc;Vgb^c\<gdjebZYVii]V b_Ža`Vh^ccZ]€aaZg&-bVh`^cZgdX]~gjee" D8C@N<@={IJ{IA<I[gjdX]ik€WVgce€
'%_~iiZ[VgbZg^Yg^[iŽkZg]ZaV@^cV# [ŽgYVkBZc\c^j#Ik€VcYgVc~ga^\\VcYZ [ngV`dgdX]Zc]VcY[jaa\ZiiZg#
WnVgVck~cYZgh^\VkhVbbVVca~\\c^c\! ·DbVaai\€gWgVi_~cVgk^+%%·-%%njVc
DF;<IE=8ID@E>>IFLGW^aYVYZh'%%* dX]`ŽgdX`h€YZh^cb_Ža`i^aaBZc\c^j# ^b€cVYZceZg`d#K^]VgdX`h€`Žeik€g
Vki^Y^\VgZY^gZ`iŽgZg[g€c`^cZh^h`VBZc" ·AVciWgj`Zi]VgWa^k^ib^cYgZaŽchVbi [ŽghiV\g^h!bZc`dg`dbbZgh_~ak`aVgiVii
\c^j! ^ YV\ @^cVh hiŽghiV bZ_Zg^[ŽgZiV\# cj#B€c\VhŽ`Zgh^\i^aahi~YZgcV[ŽgVii kVgVk^`i^\Vhi~kZc^[gVbi^YZc!h~\Zg]Vc#
9Zik€[ŽgZiV\Zc]VgZiic~gVhVbVgWZiZ! VgWZiV!h~\ZgO]Vd9VfjVc# BVA^lZ^dX]]Vch[gjkZi\^kZik^h^ciZ
Y€BdYZgc;Vgb^c\<gdjehZcYVjee" =VchhdcdX]hdchdcVgWZiVgeZg^dYk^h dbViiYZi^c~g]ZiZcÄcchZc_~iiZ[Vgb f
\^[i~gViih~a_Vb_Ža`i^aa_jhiBZc\c^j#
Bdi YZhhV [VgbZg i~kaVg cj WŽcYZgcV ^ 1 B`eXfZ_Ye[\ieX
?^V_^Vn^c\! hdb h_~akV ^ciZ `Vc eV`ZiZgV =fcbi\glYc`b\eB`eX_X[\)''.\e]fcbd€e^[g‚[ip^k(#*d`caXi[\id€ee`jbfi%)''/lggjbXkkX[\jB`eXj9EG
ZaaZgY^hig^WjZgVh^cb_Ža`#9Z]Vgh€aZYZh g\iZXg`kXk`cc*(''[fccXi%Le[\i)''/m€ok\B`eXj9EGd\[0gifZ\ek%<ogfik\em€ok\d\[)'gifZ\ekfZ_
BvCC81JM<I@><J8D98JJ8;@G<B@E>

^c\ZikVa[ŽgjidbViih~a_Vb_Ža`Zci^aaYZi `dgfik\ed\[)-gifZ\ek%B`eX€i`[X^m€ic[\ej]a€i[\jkijkX\bfefd`fZ_m€ic[\ejki\[a\jkijkX_Xe[\cjeXk`fe%
eg^hhdbBZc\c^jWZiVaVgdX]e€\gjcY M€ic[jYXeb\eY\[d\iXkk((#,gifZ\ekXm[\eb`e\j`jbXY\]fcbe`e^\ec\m\i`]Xkk`^[fd#[\km`ccj€^Xkm`e^Xj
Vk_~iiZ[VgbZgcVWa^gBZc\c^jVaaib^cYgZ bcXiXj`^g‚([fccXi\cc\id`e[i\fd[X^\e%
WZgdZcYZVkhb€WŽcYZg# Afi[Yilb\kjk‚i]iZ`ibX()gifZ\ekXmB`eXj9EG%.,'d`cafe\id€ee`jbfi€i]fik]XiXe[\i\^`jki\iX[\jfd
·@adX`VchZme€bdg\dcZcdX]`adX`" Yf\e[\g‚cXe[jYp^[\e#d\ed‚e^XXm[\jjXk`cc_i[\e*''d`cafe\ijkfiX^ilgg\eXmÉd`^iXekXiY\kXi\É%
VchZme€`k~aaZcb_Ža`Vgk^k€gV`dg]~g ;\jjXc\m\ifZ_XiY\kXi#f]kXle[\ijm‚iX]i_‚ccXe[\e#`jkfijk€[\ieXkifkjXkk[\f]ÔZ`\cck€icXe[jYp^[jYf\e[\%
dX]`ŽghZYVcb_Ža`Zci^aaBZc\c^j!h~\Zg Gi`mXk€^Xe[\i€kkjbp[[Xjj\[Xe]iiX‚i\k`cX^%Afi[YilbjdXibbXe€eel`ek\€^Xjgi`mXkfZ_[€i`^\efd`ek\
O]Vd9VfjVc# _\cc\i]le^\iXjfdj€b\i_\k]ic‚e%;€i\dfkbXedXe_Xe[cXd\[Yilbe`e^ji€kk\ek`ccdXib%

+'C8EKD8EE<E8L>LJK@)''0
LM LkYc`Zb&B`eX

ÉKXeb\e€ief^Xkk[\jbXXiY\kXg‚[\jkii\
]Xid\ieXj‚jd‚e`e^fd%;\iXj[alibfdd\ief^
fZbj‚XkkÔeeXj[€i#]iXkk^iXcf^`jk`b\e\ebcXi\%É
9fe[\eQ_Xf
f bZY&%%%%b_Ža``dg!~cb^cYgZViiYZi
;XhlXe#k_#
`dbbZgViiÄccVh'%h€YVcVdb[ngV€g! XiY\kXig‚]€ck\k
k^a`VVaaVh`Vh~a_Vb_Ža`i^aahVbbV[ŽgZiV\ k`ccjXddXejd\[
hdbWŽcYZgcV^?^V_^Vn^c\# j`e^iXee\%;\
Xem€e[\ic`\]i
8KK D<E>E@L EL WZiVaVg b^cYgZ [Žg Xkkjbi[XfZ_
b_Ža`Zc igdg BV A^lZ^ ]Zai WZgdg e€ Zpb\cb€iiX]iXkk
bZaVb^ch`VcYVaZcdX]]Vc]deeVheg^hZi ]iXbkX%
`dbbZgVii\€jee^\ZcY€hidgbZcaV\i
h^\#KVg[Žgeg^hZie€hd_VWŽcdghi^\^i]Vg
]Vc ^c\Zc Vc^c\ db! bZc YZi `Vc igdh
]ŽgV^]debZYYZieaŽiha^\iŽ`VYZVciVaZi
`dg^dbg€YZi#BVA^lZ^WZg~iiVgdbYZc
ZcYV[ŽgYZaZcbZYbZaVb^ch`VcYVaZc/
· JcYZg h`VcYVaZc h_Žc` eg^hZi
e€ Y_jg i^aa ( %%%·) %%% njVc [Žg
Zc `d# BZc cj `dhiVg YZ db`g^c\
,%%%njVc^\Zc#
6iieg^hZie€Y_jg€iZghi^\^ibZceg^hZi
[ŽgWŽcYZgcVhb_Ža`h_jc`^i~gZcZ`kVi^dc
hk€gVii[ŽgZcVbZYZca_jh[gVbi^Y#
EZc\Vg ~g YdX` ^c\Zi egdWaZb [Žg Hohhot
BdYZgc;Vgb^c\<gdje!kVgh[Vgb^=d]"
]diWn\\YZhbZY]_~aeVk^ckZhiZg^c\Vge€
'%% b^a_dcZg njVc [g€c BZc\c^j hVbi
[ŽgZiV\[g€c6jhigVa^ZcdX]>cYdcZh^Zc#
6ca~\\c^c\ZceaVcZgVYZh^IjbWV!Y€ Peking
9ZaVkVa hi€g [Žg iZ`c^h` jigjhic^c\ dX] KINA
g€Y\^kc^c\# 7_Žgc ;dghh ?VccZh! VkYZa"
c^c\hX]Z[ k^Y <adWVa 8jhidbZg Egd_ZXi
9Zh^\c!WZg~iiVg/
·K^]VgZcKBH"gdWdi[Žgh_~akb_Ža`"
c^c\ ^ hidgaZ`Zc +%·,% `dg# 9Zhhjidb
eVgVaaZaahiVaabZYeaVih[Žg-%`dg!eVgVaaZaa f Zc€ga^\k^chie€-%%b^a_dcZgnjVc# WŽcYZgcV^?^V_^Vn^c\#BZc6gaV`ŽeZg^ciZ hb€aVciWgj`VgcVh[ŽgZiV\hkVgVgAZ^[Vii
gdiZgVcYZ`VgjhZaadX]Äh`WZchhiVaa# 9Zi ~g ^ciZ WVgV BdYZgc ;Vgb^c\ c€\dcb_Ža`VkWŽcYZgcVjiVc^hi~aaZi~g YZicVijga^\ik^h~ghk€giViikZiV#
Jigjhic^c\Zc^ccZ]€aaZgbdYZgcVYZiVa" <gdjehdbk^aa^ce€YZck~mVcYZbVg`" YZihVbVgWZiheVgicZgcBZc\c^jhdb[Žg" ·IVc`Zc~gcd\ViiYZh`VVgWZiVe€YZ
_Zghdbk^`i`dcigdaadX]aV\gVYZYViVdb cVYZc#>Zii^cYjhig^dbg€YZWZa~\ZibZaaVc hZg[VWg^`ZcbZYg€kVgdg# hiŽggZ[VgbZgcVh€hb€c^c\db#
kVg_Z`ddX]`VcZca^\i7_Žgc;dghh?VccZh ?^V_^Vn^c\dX]_~iiZ[VgbZcÄcch6gaVhcnV EVgicZgh`VeZi Wn\\Zg e€ 9ZgVhY_jg`dbbZgcd\dX`h€
º^eg^cX^e`ŽgVhYn\cZigjciº#;VgbZc]Vg 8icXjepYp^^[X [VWg^`[Žgb_Ža`ejakZg#6gaVWaZkZcV`iŽg BZc\c^jh`dciV`iZgdX] LkYp^^eX[\e Vii [^ccVh Y~g! [Žg Vii \ŽgV
gif[lbk`fejXec€^^$
*(%%b_Ža``dgdX]bZYjc\Y_jgZcidiVa
h^[[gVe€&&-%%Y_jg#9V\a^\ZcegdYjXZgVh e`e^_Xi`[X^\e‚ic`^
^@^cV'%%*!Z[iZgZiihVbVgWZihVkiVabZY
_jhiBZc\c^j#
ad`VaV`~ccZYdbbZYVc
6gaV W^hi€g bZY iZ`c^`
jb\[[\j\[Xe ad\^hi^`ZcZc`aVgZ#

]~g&-%idcb_Ža`# bXgXZ`k\kg‚*,'''
kfedacbglcm\i%
GZYVc€gZiY~ge€WZhajiVYZ6gaVhVihV dX]egdYj`i^dc# le[\ic\[e`e^ BFDD<I D8 C@N<@ dX]

@;<:<D9<I@ [_dagVeedgiZgVYZhViiYZc
=FKF1B<IJK@E;8M@;JFE
(%%b^a_dcZgnjVce€ViiWn\\Vji[VWg^"
`Zc#EgdYj`i^dchVchkVg^\ZAZ^[=VVbVc
· 9Z bVh`^cZg hdb
[VcchY€k^[Žghi`db]^i
Xm\lifg\`jbX O]Vd9VfjVcViiWa^YZch^hiV
\ZcZgVi^dcZc b_Ža`WŽcYZg ^
VbZg^`Vch`V \gjeeZc @d]aWZg\ @gVk^h WZg~iiVg/ kVg`de^dgVkYZciZ`c^`k^ ]i\kX^% ?^V_^Vn^c\49ZgVhŽYZh`jaaZ^
GdWZgih8dh`V^ckZhiZgV&%%b^a_dcZg ·9€k^`db]^i[Vcchik€hegZ_idg`c^c\h" Vck~cYZg^H`VcY^cVk^Zc# h€[VaaYZaVhVkb^a_dciVahaVci"
VbZg^`Vch`V YdaaVg ^ BdYZgc ;Vgb^c\ hnhiZbbZYZchVbbVcaV\Y€ga^\`VeVX^iZi JiWn\\cVYZc h`ZYYZ Wgj`VgZ ŽkZg ]ZaV @^cV# 9Zi
<gdjehZmeVc^hdc#;ŽgZiV\ZihhZcVhiZ[Vgb! e€-%%%idcb_Ža`ejakZg#HZYVcjiWn\\cV" hZYVcjcYZgaZYc^c\VkZjgdeZ^h`V[ŽgZiV\ h`jaaZWZinYVViib^a_dcZgcnV_dWWb€hiZ
WZa~\Zc^XZcigVaV@^cV!`dhiVYZdb`g^c\ YZcWaZk`aVg[ŽggVhdbbVgZc]Vg`VeVX^iZ" dX]iVX`kVgZiZ`c^`Zc]Vgk^cjÅZgegd" h`VeVh^VcYgVhZ`idgZg[ŽgVii[Žg]^cYgV
+%%b^a_dcZgnjVcViiWn\\V#:ca^\i[ŽgZiV" iZcŽ`VibZYniiZga^\VgZ(*%%%idc# Yj`iZg~ci^Y^\VgZ!h~\ZgAZ^[=VVbVc# hdX^Vadgd#
\ZihlZWWeaVihh`VY~gegdYjXZgVh&-%%%% ;ŽgVii\ŽgVb_Ža`ejakZg`g~kh_jb_Ža` E€ [g€\Vc db kVY 6gaVh [VWg^` dX] BdYZgc^hZg^c\ZcVk_dgYWgj`Zi^@^cV
idcb_Ža`eZg€gdX]Y~gbZY\Z[ŽgZiV\Zi f dX]Y~g[ŽgWŽgYZccV[VWg^``jccV\nccV BdYZgc ;Vgb^c\ <gdje WZinYZg [Žg YZ ]Vg kVg^i a€c\hVb! i^aa Zc YZa [Žg Vii YZif

+)C8EKD8EE<E8L>LJK@)''0 8L>LJK@)''0C8EKD8EE<E+*
LMLM LkYc`Zb&B`eX

ÉLe[\ijbXe[Xc\e
]iiX_jk\ejaeb
gi`j\kg‚[alik`cc
*'''Æ+'''plXe
]i\ebf %D\eel
bfjkXi[\fdbi`e^
.'''plXe`^\e%É
f hnhhZah~iiZg b€c\V b~cc^h`dg hdb VccVgh :X`P`e^fZ__\e$
h`jaaZkVgVjiVcVgWZiZ# e\j[fkk\i`\e
c`mjd\[\cjYlk`b
D<; =I@ D8IBE8;J<BFEFD@ \€g YZi `G\b`e^%;\_Xi
^ciZ ]^cYgV ^ckZhiZg^c\Vg dX] bdYZgc^" aljkYiaXk_Xe[cX
d\a\i`gif[lbk\i
hZg^c\e€ZcbVg`cVYhdbk~mZgh€[dgi# `^\e#d\ed‚e^X
I^aadX]bZYbZaVb^ch`VcYVaZcVck~cYh Xm[\iXjY\bXekX
hdb[ŽgZk~cYc^c\[ŽgViiWn\\V_~iiZ[Vg" _Xi]fik]XiXe[\
bZg!Y€bVcbZYhiŽggZ[VgbZgh`jaaZ[€ c‚^k]ikif\e[\
W~iigZ`dcigdaae€b_Ža`Zch`kVa^iZi#9Zi ]idacbgif[lb$
kVg_jb_Ža`Zc[g€chb€WŽcYZgcVhdbkVg k\i\]k\i]afc‚i\kj
[Žg\^[iVYbZYbZaVb^c!a€ikVgVViiWŽc" d\cXd`ejbXe[Xc%
YZgcVh_~akV^ciZ]VYZ`jch`Vedb~bcZi @fZ_d\[d\cXd`ejbXe[Xc\eÔZb[\b`e\j`jbX
dX]ViiV`iŽgZg^cdbYZhiŽggZ[ŽgZiV\Zc
igdih jeeZcWVgV b^hhiVc`Vg ]Žaa inhi e€ bfejld\ek\ieXj]ikif\e[\]id\a\i`gif[lbk\i
\gjcYVkk^chiZchdbYZieaŽiha^\VŽ`VYZ
c~g^c\hk~gYZi ^ b_Ža`Zc ^ccZWVg# B^chi
j`^\efi[\ekc`^kie%=i‚eXkk_XbXkd\[fdbi`e^
hZm WVgc VkaZY dX] niiZga^\VgZ db`g^c\ ),gifZ\ekÕ\iX‚i`iX[efk\iX[\dXibeX[\e]i
(%%%%%^ch_j`cVYZ#
BVA^lZ^h[gjh`^X`VgYdiiZgci^aah`d" d\a\i`gif[lbk\i\ek`ccYXbX^‚e^le[\i)''/%
aVc!dX]_V\[g€\Vgdb]VcigdgViiWVgcZc
`dbbZgViiiVŽkZg]VchaVciWgj`/
·?V\]deeVh^ciZYZi#9Zi~gbnX`Ziha^i
dX]^c\VeZc\Vg# LM

Jkfikm\bXem`[dacb[`jb\e
1 D\cXd`ejbXe[Xc\e
@j\gk\dY\i`]afclgg[X^X[\j[\kXkk
b`e\j`jbXdacbgif[lbk\i]ifi\eXkjXm
d\cXd`ej\[Xejg€[YXie[iXYYXkjXm
dpjk`jbXealijbX[fi%
D\cXd`e\k_X[\k`ccjXkkjm`[[\lgg$

D
jXdc`e^jZ\ekiXc\i[€ijd‚Ye[\ic‚k\i Zc\c^jkVgZiiVkYZ[ŽgZiV\hdb c^c\![ŽgjidbViibVccjcVijga^\ik^h~kZc YZc`Žeh^c!k^a`Zi\ŽgYZiidiVaVVciVaZi h`VcYVaZc# B_Ža`ejakZgZi ~g h~gh`^ai 9Z`jcYZghdbhiVccVgk^YbZ_Zg^" 8V^N^c\h~\ZgdX`h€Viib€c\VVk
dacbXj`eXbfi]iXkk^\dacb\e\e YgVWWVYZh Vk h`VcYVaZc [ŽggV iZhiVgb_Ža`ZcbdibZaVb^c# `dcigdaaZgi^aa[ngV# ]€giYgVWWVi!Y€YZiZca^\i8]^cV9V^an Y^h`ZckZg`VgVaaV]VbZaVb^ch`VcYV" YZgVh k~ccZg [dgi[VgVcYZ ^ciZ `ŽeZg
_^i\gifk\`e_Xck%9cXe[XeeXk8icX ]ŽhiZcdX][ŽgZiV\Zih[Žgajhi[Žg ·GZYVc^ccVch`VcYVaZc]VYZk^db[Vi" 6gaVh [VWg^` egdYjXZgVg ^ciZ i^aa ^Veg^aa€\X^g`V'*%%%%idcb_Ža`eja" aZc^[~gh`ib^ccZ!~kZcdbYZcjWŽg" b_Ža`jiVc[Žga^iVgh^\e€~\\ZaaZgid[j#
=ff[jb`e\j`jbXgXike\iD\e^e`l;X`ip '%%-jeeh`ViiVhi^aa.%%b^a_dcZgnjVc#9Zi iVcYZiZhiZgVkW€YZb_Ža`dX]ejakZghdb [jaa`VeVX^iZi[Žgi^aa[~aaZi!bZcAZ^[ kZgaV\gVi^aVcYZi!_~b[ŽgibZYºc~hiVc _Vi`dchjbZgV^\Zc#;Vb^a_Zc8V^~iZg
m`jX[\j`^_Xd\cXd`e`ki\Xmj`eXgif$ ]^iiVYZhYdX`^c\ZibZaVb^c^egdYj`iZgcV k^igdYYZi~X`iZVaai#9€k^cj]VgaV\ii^aa =VbVVcigdgVii[ŽgZiV\Zi^YZi€c\V ^c\Ziº^ccVchZeiZbWZg^[_da# ]Zahind\]jgiZ[iZghdbYZih`VkVgVWgV I{JK<I?{AJ={IViigZ\Zg^c\Zch`V
[lbk\i% [g€c6gaVh[VWg^`#>X`ZYZhidb^cYgZWaZk iZhiZgbdibZaVb^c`~ccZgk^dhhh~`gV! adeeZi ^ciZ `dbbZg Vii YgVWWVh K^Y?^c\`Zadc\!Zck~aWZhŽ`ibZY" [Žg]jYZc#9Zhhjidb]VgYZ]ŽgiVii `ŽeVYZaVgVkb_Ža`ejakZghaV\gZidX]
D`ejkj\oYXie[f^fZ__le[iXkl$ bVcikjc\ZcViijcYZgZcb€cVYhideeV h~\ZgAZ^[=VVbVc!egdYj`i^dchVchkVg^\ c~bck~giVk[ŽggV]ŽhiZch]~cYZahZg# ZahidgbViV[[~g^ŽhigVEZ`^c\!~gYZi `VaX^jbŽ`VgYZc[nh^h`Vhing`Vc#8V^ ]_~aeVYZc`c~VcYZbZ_Zg^WgVchX]Zc#
j\ekXcjÔZbjbX[fiXmd\cXd`e\k%@[\ egdYj`i^dcZchVbiYgVi^aaWV`VdX][Žg" k^Y6gaVhb_Ža`ejakZgh[VWg^`# ]Zai[da`idbik^Y]naadgcV[Žgb_Ža`" N^c\!ik€WVgchbVbbV!WZg~iiVg/ 9Zi~gZc`dgih^`i^\aŽhc^c\#E€a€c\
i€kkjc`^X\]k\i[pe`e^XieX_Xikm‚g\ijf$ hiŽgVZiihidgieVgi^b_Ža`ejakZg# =VcWZg~iiVgk^YVgZViiigZiZhiZg\Zcdb" M<IBC@>?<K<EJ<I8EEFICLE;8 ejakZg#tkZck^YbZ_Zg^`naZckZg`Vg · ;ŽggV ]ŽhiZc hajiVYZ k^ `ŽeV h^`i]VgYZ`^cZh^h`VbZ_Zg^[ŽgZiV\Zc
e\i[dkjk`cc[[\efZ_\ek`ccc`mjk`[j ;ŽgVii]VciZgV`g^hZcVca~cYZiZ`c^`Zg [Žgh k^Y Vca~\\c^c\Zc/ [Žghi Y€ b_Ža`Zc ji#@^cVhhiVia^\VZc\Zah`Vcn]Zihdg\Vc `jcYZgcVhk^`V#<jaVaVeeVg[Žg`aVgVg bZ_Zg^egdYj`iZg# K^ WŽg_VYZ hZYVc Zchk€gjee\^[i[gVb[Žgh^\/6iik^ccV
]€e^\cj\% dX]jigjhic^c\[g€cH`VcY^cVk^Zc#:[iZg `dbbZg^ci^aa[VWg^`Zc!hZYVcY€ejakgZi~g 8]^cV9V^angVeedgiZgVYZ^Veg^aVii ZmigVeg^hZgdX]ZcVchi~aaYWVhjcZgVg ^\ZcY€YZ[Žg`aVgVYZhd[Vga^\V#BZc i^aaWV`V[ŽgigdZcYZie€ZcbVg`cVY
DacbYiXejZ_\eY\i€beXj_X]icfiXk h`VcYVaZc]Vg^c\VhiŽggZ~cYg^c\Vg^]Vc" [~gY^\idX]i^aah^hiZ[iZgYZiViiejakgZi]Vg `dchjbi^dcZc Vk bZ_Zg^kVgdg a^\\Zg ji ]VakV eg^hZi e€ eV`ZiZgVY b_Ža` VkkVcV~gk€g`dchjbi^dcb^cYgZcj hdb[ŽgWVgV&%b€cVYZghZYVch€\ji
),d`caXi[\ibifefiYXiXle[\i)''/% iZg^c\ZaaZgiZhiZg\_dgihk^Y6gaVhVca~\\" [ŽgeVX`Vih#tkZcBZc\c^jiZhiVgb_Ža`ZcY€ e€db`g^c\,%egdXZciVkc^k€c^ccVc bZY`dgiji\€c\hYVijb# ~ci^Y^\VgZ# Vii]VZcdWZ\g~chVYediZci^Va# LM

++C8EKD8EE<E8L>LJK@)''0 8L>LJK@)''0C8EKD8EE<E+,

You might also like