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Page 1: :KDW ([SODLQV WKH ' LoHUHQFHV · p x fk ohvv dq g lq frqwudvwlq j zd\v wr wk h 8 6 ,q s duwlfx odu zdjh lq htx dolw\g lg q rw lq fuhdvh lq *hup dq\ryhu wk h hljk wlhv dq g dv g rfx

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H V W LP D W R U V D U H YH U \ V LP LOD U � V X J J H V W LQ J W K D W W K H U H LV LQ ID F W OLW W OH E LD V LQ G X F H G E \ F R U U H OD W LR Q V

E H W ZH H Q LQ G LYLG X D O V S H F Lp F H oH F W V D Q G W K H F R YD U LD W H V LQ W K H V LP S OH 2/ 6 H V W LP D W H V � ,Q R X U

G LV F X V V LR Q � ZH ZLOO IR F X V R Q W K H V LP S OH 2/ 6 H V W LP D W H V E X W W K H V D P H F R Q F OX V LR Q V F D Q E H G U D ZQ

IU R P W K H p [H G H oH F W H V W LP D W R U �

7K H H V W LP D W H V U H S R U W H G LQ 7D E OH � D U H S U H F LV H O\ H V W LP D W H G � 7K H H V W LP D W H G U H W X U Q V W R

H G X F D W LR Q D U H IR X Q G W R E H D S S U R [LP D W H O\ � � LQ *H U P D Q \ D Q G R YH U � � IR U W K H 8 6 � 7K H V H

H V W LP D W H V D U H F R Q V LV W H Q W ZLW K R W K H U V U H S R U W H G LQ W K H OLW H U D W X U H � 7K H U H V X OW V LQ 7D E OH � D OV R

LQ G LF D W H W K D W D J J U H J D W H OH YH OV R I E R W K S K \V LF D O D Q G K X P D Q F D S LW D O D U H LP S R U W D Q W G H W H U P LQ D Q W V

R I W K H R E V H U YH G P R YH P H Q W V LQ W K H ZD J H � H G X F D W LR Q S U R p OH V � ,Q S D U W LF X OD U � W K H H V W LP D W H V LQ

7D E OH � V K R Z� � � � W K D W D Q LQ F U H D V H LQ S K \V LF D O F D S LW D O LV D V V R F LD W H G ZLW K D Q LQ F U H D V H LQ W K H

V OR S H D Q G D G H F U H D V H LQ W K H LQ W H U F H S W R I W K H ZD J H �H G X F D W LR Q S U R p OH � � � � W K D W D Q LQ F U H D V H LQ

K X P D Q F D S LW D O LV D V V R F LD W H G ZLW K D G H F U H D V H LQ W K H LQ W H U F H S W D Q G D Q LQ F U H D V H LQ W K H V OR S H R I

W K H S U R p OH � D Q G � � � W K D W D Q LQ F U H D V H LQ 7)3 LV D V V R F LD W H G ZLW K D Q S D U D OOH O V K LIW X S LQ W K H

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F D W LR Q V R I W K H W K H R U \ S U H V H Q W H G LQ 6 H F W LR Q � � : H H [D P LQ H W K D W U H OD W LR Q V K LS E \ F K H F NLQ J W K H

LP S OLH G 5 H V W U LF W LR Q V � W K U R X J K � V H W R X W LQ 6 H F W LR Q � � 5 H V W U LF W LR Q � F R U U H V S R Q G V W R D W H V W R I

ZK H W K H U R U Q R W W K H G D W D V X S S R U W W K H H [LV W H Q F H R I D E D OD Q F H G D F F X P X OD W LR Q S D W K � ZLW K W K H

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H U U R U R I W K D W G LoH U H Q F H V � 7K H U D W LR bo�o�

LQ G LF D W H V W K H S H U F H Q W LQ F U H D V H LQ K X P D Q F D S LW D O Q H H G

W R R oV H W W K H H oH F W R Q W K H LQ W H U F H S W R I W K H ZD J H �H G X F D W LR Q S U R p OH R I D � � LQ F U H D V H LQ S K \V LF D O

F D S LW D O� 7K H U D W LR bp�p�

LQ G LF D W H V W K H S H U F H Q W LQ F U H D V H LQ K X P D Q F D S LW D O Q H H G W R R oV H W W K H

H oH F W R Q W K H V OR S H R I W K H S U R p OH R I D � � LQ F U H D V H LQ S K \V LF D O F D S LW D O� % R W K W K H V H Q X P E H U V

LQ G LF D W H W K D W D E R X W D �� � LQ F U H D V H LQ K X P D Q F D S LW D O LV U H TX LU H G W R R oV H W W K H H oH F W R I D � �

LQ F U H D V H LQ S K \V LF D O F D S LW D O� 7K H G LoH U H Q F H E H W ZH H Q W K H V H U D W LR V LV V P D OO D Q G LV V ZD P S H G

E \ LW V V W D Q G D U G H U U R U � 7K X V � ZH F D Q Q R W U H MH F W W K H Q X OO K \S R W K H V LV W K D W D E D OD Q F H G S D W K H [�

LV W V � $ V ZH G LV F X V V H G LQ V H F W LR Q � � W K H H [LV W H Q F H R I V X F K D E D OD Q F H G S D W K LV S U H F LV H O\ ZK D W

LV H [S H F W H G LI W K H H F R Q R P \ LV LQ D W U D Q V LW LR Q S K D V H � V LP X OW D Q H R X V O\ X V LQ J W ZR P H W K R G V R I

S U R G X F W LR Q � ,Q F R Q W U D V W � V X F K D S U R S H U W \ ZR X OG Q R W E H H [S H F W H G W R K R OG LI W K H H F R Q R P \ ZD V

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] H U R � 7K X V � D V V X J J H V W H G E \ *R OG LQ . D W ] � � � � � � � W K H G D W D V W U R Q J O\ V X S S R U W W K H YLH Z W K D W

W K H X Q G H U O\LQ J W H F K Q R OR J LH V H [K LE LW F D S LW D O�V NLOO F R P S OH P H Q W D U LW \�

7K H W K LU G U H V W U LF W LR Q F R U U H V S R Q G V W R D W H V W R I ZK H W K H U R Q H R I W K H X Q G H U O\LQ J W H F K Q R OR J LH V

LV V NLOO�E LD V H G � LQ W K H V H Q V H R I $ V V X P S W LR Q � � U H OD W LYH W R W K H R W K H U ��� $ V H P S K D V L] H G LQ V H F W LR Q

� � V NLOO�E LD V H G Q H V V LP S OLH V P R Q R W R Q LF V K LIW V LQ W K H ZD J H H G X F D W LR Q S U R p OH � ,Q S D U W LF X OD U � D Q

LQ F U H D V H LQ S K \V LF D O F D S LW D O LQ W H Q V LW \ LV S U H G LF W H G W R LQ F U H D V H ZD J H V D W D OO H G X F D W LR Q OH YH OV D Q G

D Q LQ F U H D V H LQ K X P D Q F D S LW D O LQ W H Q V LW \ LV S U H G LF W H G W R G H F U H D V H ZD J H V D W D OO H G X F D W LR Q OH YH OV �

6 LQ F H R X U H V W LP D W H V R I o� D Q G o� F OH D U O\ LQ G LF D W H W K D W D Q LQ F U H D V H LQ K X P D Q F D S LW D O G H F U H D V H V

W K H LQ W H U F H S W �� R I W K H ZD J H �H G X F D W LR Q S U R p OH ZK LOH S K \V LF D O F D S LW D O G R H V W K H U H YH U V H � ZK D W ZH

Q H H G W R YH U LI\ IR U P R Q R W R Q LF LW \ LV ZK H W K H U W K H F K D Q J H LQ W K H V OR S H R oV H W V W K H LQ W H U F H S W H oH F W

D W V R P H � R E V H U YH G � H G X F D W LR Q OH YH O� 7R S H U IR U P W K LV W H V W LQ D V LP S OH P D Q Q H U � ZH F U H D W H W K H

IR OOR ZLQ J V W D W LV W LF � : H F D OF X OD W H W K H Q X P E H U R I \H D U V R I H G X F D W LR Q U H TX LU H G IR U W K H V OR S H H oH F W

W R R oV H W W K H LQ W H U F H S W H oH F W � ,I W K LV F U R V V LQ J S R LQ W Q X P E H U R I \H D U V LV OH V V W K D Q � � W K H Q ZH

F D Q U H MH F W W K H Q X OO K \S R W K H V LV W K D W 5 H V W U LF W LR Q � K R OG V � ,Q W K H W D E OH ZH U H S R U W W K H F D OF X OD W H G

F U R V V LQ J S R LQ W V F R U U H V S R Q G LQ J W R E R W K W K H H oH F W V R I S K \V LF D O D Q G K X P D Q F D S LW D O D OR Q J ZLW K

W K H LU V W D Q G D U G H U U R U V � ,Q E R W K F D V H V � W K H F D OF X OD W H G F U R V V LQ J S R LQ W LV Q H D U � � D Q G ZH F D Q Q R W

U H MH F W W K H U H V W U LF W LR Q V W K D W W K H H oH F W R I D K X P D Q F D S LW D O LQ F U H D V H LV Q H J D W LYH W K U R X J K R X W W K H

U H OH YD Q W U D Q J H R I \H D U V R I H G X F D W LR Q D Q G W K H H oH F W R I D S K \V LF D O F D S LW D O LQ F U H D V H LV S R V LW LYH

W K U R X J K R X W W K H U D Q J H � 7K X V � W K H G D W D V X S S R U W W K H K \S R W K H V LV W K D W R Q H R I W K H W H F K Q R OR J LH V LV

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6 H YH U D O S D S H U V K D YH V X J J H V W H G W K D W W K H ID F W R U E LD V LQ ID F W R U D X J P H Q W LQ J W H F K Q R OR J LF D O

F K D Q J H P D \ K D YH D F F H OH U D W H G R YH U W K H H LJ K W LH V � ,Q R U G H U W R H [S OR U H V X F K D S R V V LE LOLW \� LQ

7D E OH � ZH U H S R U W H V W LP D W H V R I ( TX D W LR Q � ZK LF K D OOR Z �� D Q G �� W R E H IX Q F W LR Q V R I W LP H � ,Q

&R OX P Q � R I 7D E OH � ZH D OOR Z W K H �V W R E H D OLQ H D U IX Q F W LR Q R I W LP H � ZK LOH LQ &R OX P Q � ZH

D OOR Z W K H P W R E H TX D G U D W LF IX Q F W LR Q V R I W LP H � ,Q S D U W LF X OD U � W K LV OD W H U V S H F Lp F D W LR Q D OOR ZV IR U

W K H S R V V LE LOLW \ W K D W ID F W R U E LD V p U V W D F F H OH U D W H G W K H Q G H F H OH U D W H G R YH U R X U S H U LR G � $ V F D Q E H

V H H Q IU R P W K H 7D E OH � H YH Q ZK H Q D OOR ZLQ J IR U V X F K D G H J U H H R I q H [LE LOLW \� ZH V W LOO p Q G V W U R Q J

H YLG H Q F H LQ ID YR X U R I R X U W ZR �F R P S H W LQ J W H F K Q R OR J \ P R G H O� )R U H [D P S OH � ZH V W LOO p Q G W K D W

W K H G D W D LQ G LF D W H W K H H [LV W H Q F H R I D E D OD Q F H G J U R ZW K S D W K D Q G W K D W LP E D OD Q F H V R I K X P D Q

YH U V X V S K \V LF D O F D S LW D O OH D G W K H ZD J H �S U R p OH W R V K LIW G R ZQ ZD U G V D Q G V W H H S H Q � + H Q F H � W K H

G D W D LV D E OH W R F OH D U O\ G LV W LQ J X LV K W K H H OH P H Q W V NH \ W R R X U W ZR W H F K Q R OR J \ P R G H O D V R S S R V H G

W R D P R G H O ZK LF K H [S OD LQ V U H OD W LYH ZD J H P R YH P H Q W V D V V W H P P LQ J IU R P R Q J R LQ J ID F W R U E LD V H G

W H F K Q R OR J LF D O F K D Q J H W K D W V K LIW V D J LYH Q S U R G X F W LR Q IX Q F W LR Q � $ V D Q D G G LW LR Q D O U R E X V W Q H V V

F K H F N� 7D E OH � S U H V H Q W V U H V X OW V IU R P H V W LP D W LQ J ( TX D W LR Q � X V LQ J ZD J H R E V H U YD W LR Q IU R P E R W K

P H Q D Q G ZR P H Q � ,Q W K LV F D V H � ZH LQ F OX G H G D V D G G LW LR Q D O U H J U H V V R U V F R X Q W U \ V S H F Lp F IH P D OH

G X P P LH V D V ZH OO D V F R X Q W U \ V S H F Lp F IH P D OH D J H �S U R p OH V � ,Q 7D E OH � � ZH U H S R U W U H V X OW V IR U W K H

V S H F Lp F D W LR Q V F R U U H V S R Q G LQ J W R W K H p U V W F R OX P Q V R I 7D E OH � D Q G � � $ V F D Q E H V H H Q � LQ F OX G LQ J

R E V H U YD W LR Q V R Q IH P D OH ZD J H V G R H V Q R W D oH F W D Q \ R I R X U LQ IH U H Q F H V �

$ V ZH G LV F X V V H G H D U OLH U � ZH E X LOG R X U IU D P H ZR U N D Q G R X U U H OD W H G LQ W H U S U H W D W LR Q V IU R P

W K H D V V X P S W LR Q W K D W W K H ZD J H �ID F W R U TX D Q W LW LH V F R P E LQ D W LR Q V ZH R E V H U YH U H YH D O W K H V W U X F W X U H

R I W K H OD E R X U G H P D Q G F X U YH � : H W K H U H OD W H W K LV V W U X F W X U H W R S D U D P H W H U V R I W K H X Q G H U O\LQ J

S U R G X F W LR Q IX Q F W LR Q V � $ V V X F K � ZH K D YH E H H Q D V V X P LQ J W K D W W K H U H V LG X D OV LQ W K H S U R G X F �

W LR Q IX Q F W LR Q D U H Q R W F R U U H OD W H G ZLW K R E V H U YH G P R YH P H Q W V LQ H P S OR \H G ID W R U V � 6 LQ F H W K LV

LV D TX H V W LR Q D E OH D V V X P S W LR Q � ZH D OV R H [D P LQ H G ZK H W K H U R X U U H V X OW V D U H U R E X V W W R X V LQ J

D Q LQ V W U X P H Q W D O YD U LD E OH V W U D W H J \ W R R E W D LQ W K H S U R G X F W LR Q IX Q F W LR Q S D U D P H W H U V � ,Q H oH F W �

R X U D S S U R D F K LV W R LQ V W U X P H Q W IR U E R W K . � / D Q G + � / X V LQ J G H P R J U D S K LF YD U LD W LR Q LQ W K H

H F R Q R P \� ZK LF K ZH W D NH W R E H H [R J H Q R X V W R U H V LG X D O W H F K Q R OR J LF D O F K D Q J H � ,Q S D U W LF X OD U � ZH

H V W LP D W H D W ZR V W D J H OH D V W V TX D U H V V S H F Lp F D W LR Q ZK LF K H [S OR LW V W ZR p U V W V W D J H U H J U H V V LR Q V �

R Q H ZK H U H . � / LV W K H G H S H Q G H Q W YD U LD E OH D Q G D Q R W K H U ZK H U H + � / LV W K H G H S H Q G H Q W YD U LD E OH �

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D U H D OV R V W D W LV W LF D OO\ V LJ Q Lp F D Q W D W W K H � � OH YH O� 7D E OH � F R Q W D LQ V H V W LP D W H V R I W K H V H F R Q G

V W D J H U H J U H V V LR Q X V LQ J P D OH ZD J H V D V W K H G H S H Q G H Q W YD U LD E OH D Q G U H OD W H G W H V W V ZLW K D F F R P S D �

Q \LQ J V W D Q G D U G H U U R U V D G MX V W H G W R U H q H F W W K H W ZR V W D J H V W D J H OH D V W V TX D U H H V W LP D W R U � 7K H V H

H V W LP D W H V F D Q E H F R P S D U H G G LU H F W O\ ZLW K W K H p U V W &R OX P Q V R I 7D E OH V � D Q G � � ,Q V S H F W LR Q R I

W K H W D E OH U H YH D OV W K D W � ZK LOH W K H . � / D Q G + � / H oH F W V R Q E R W K W K H LQ W H U F H S W D Q G V OR S H R I W K H

ZD J H �H G X F D W LR Q S U R p OH D U H OD U J H U LQ D E V R OX W H YD OX H W K D Q W K R V H H V W LP D W H G X V LQ J 2/ 6 � Q R Q H

R I W K H P D LQ S D W W H U Q V D Q G F R Q F OX V LR Q V G U D ZQ IU R P S U H YLR X V W D E OH V D U H D OW H U H G � : H W K H U H IR U H

F R Q F OX G H W K D W W K H S R W H Q W LD O H Q G R J H Q LW \ R I . � / D Q G + � / LV Q R W D P D MR U F R Q F H U Q IR U W K H LV V X H V

ZH D U H D G G U H V V LQ J �

% H IR U H H [D P LQ LQ J W K H TX D Q W LW D W LYH LP S OLF D W LR Q V R I R X U H V W LP D W H V � LW LV U H OH YD Q W W R G LV F X V V

W K H LP S OLF D W LR Q V R I R X U P R G H O IR U W K H U H OD W LYH P R YH P H Q W V LQ F D S LW D O U H Q W D O U D W H V � % H V LG H V W K H

H oH F W V R Q ZD J H V � W K H W K H R U \ S U H V H Q W H G LQ 6 H F W LR Q � V X J J H V W W K D W D Q H [F H V V LYH D F F X P X OD W LR Q

R I K X P D Q F D S LW D O U H OD W LYH W R S K \V LF D O F D S LW D O V K R X OG OH D G W R D Q LQ F U H D V H LQ W K H U H Q W D O U D W H

R I F D S LW D O� 6 LQ F H ZH D U H D U J X LQ J W K D W V X F K LP E D OD Q F H LV H V S H F LD OO\ S U R Q R X Q F H G IR U W K H 8 6 �

LW V X J J H V W V W K D W W K H U H Q W D O U D W H R Q F D S LW D O V K R X OG K D YH LQ F U H D V H G P R U H LQ W K H 8 6 W K D Q LQ

*H U P D Q \ IU R P W K H V H YH Q W LH V W R W K H Q LQ H W LH V � $ OW K R X J K ZH E H OLH YH W K D W W K H P H D V X U H P H Q W

R I W K H U H Q W D O U D W H LV P X F K OH V V F OH D U W K D Q W K H P H D V X U H P H Q W R I ZD J H V � ZK LF K LV ZK \ W K H

S D S H U IR F X V H V R Q ZD J H V � � LW LV R I V R P H LQ W H U H V W W R F R P S D U H W K H P R YH P H Q W LQ V K R U W W H U P

LQ W H U H V W U D W H V LQ W K H V H W ZR F R X Q W U LH V D V D P H D Q R I H YD OX D W LQ J W K H S U H G LF W LR Q V R I W K H P R G H O

ZLW K U H V S H F W W R U H Q W D O U D W H V R Q S K \V LF D O F D S LW D O� )R U W K H 8 6 � W K H D YH U D J H � H [�S R V W � U H D O U D W H

R Q � �P R Q W K F R P P H U F LD O S D S H U ZD V MX V W X Q G H U � � � �� � � � LQ W K H S H U LR G � � � � �� � � � � ZK LOH LW

LQ F U H D V H W R D Q D YH U D J H R I � �� � � LQ W K H S H U LR G � � � � �� � � � � : K LF K LV D Q LQ F U H D V H R I R YH U � � � � �

,Q F R P S D U LV R Q � W K H D YH U D J H U H D O U D W H R Q P R Q H \ P D U NH W OH Q G LQ J �� ZD V � �� � � LQ *H U P D Q \ R YH U

W K H S H U LR G � � � � �� � � � � ZK LOH LW LQ F U H D V H G W R � �� � � R YH U W K H S H U LR G � � � � �� � � � � 7K LV LV D Q

LQ F U H D V H R I R Q O\ V OLJ K W O\ P R U H W K D Q � � � � + H Q F H W K H U H OD W LYH W U H Q G V LQ LQ W H U H V W U D W H V E H W ZH H Q

W K H V H W ZR F R X Q W U LH V D U H TX D OLW D W LYH O\ F R Q V LV W H Q W ZLW K R X U W K H R U \� D OW K R X J K ZH G R Q R W ZD Q W W R

��,Q WKH 8 6� XQLY H UVLW\ D WWD LQPH QW UD WH V Y D U\ OLWWOH D IWH U WKH pUVW ED E\ ER R P F R KR UW H QWH UH G WKH OD ER U PD UN H W D QGWKXV� R XU pUVW VWD J H UH J UH VVLR Q IR U + � / F D SXWXUH V PD LQO\ PR Y H PH QWV XS D QG GR Z Q LQ + � / WKD W D UH UH OD WH G WR WKHED E\ ER R P D QG VXEVH T XH QW J H QH UD WLR QV PR Y LQJ LQWR WKH OD ER XU IR UF H D QG GLVSOD F LQJ H D UOLH U� OH VV H GXF D WH G F R KR UWV�,W LV WKLV OD WWH U Y D ULD WLR Q Z H XVH LQ R EWD LQLQJ R XU H VWLPD WH V� 7 KH OR J LF R I OLQN LQJ PR Y H PH QWV LQ . � / WR GH PR J UD SKLVKLIWV UH OLH V R Q GLoH UH QW VD Y LQJ V UD WH V D W GLoH UH QW WLPH V LQ WKH OLIH F \ F OH � 7 KH Q� WR WKH H [ WH QW WKD W WKH QD WLR QD O VD Y LQJ VUD WH D oH F WV GR PH VWLF LQY H VWPH QW� PR Y H PH QWV R I GLoH UH QW VL] H G D J H J UR XSV Z LOO D OWH U LQY H VWPH QW UD WH V LQ WKH H F R QR P\ �

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R I W K H OR ZH U H G X F D W H G LQ W K H 8 6 IU R P J R LQ J H YH Q OR ZH U W K D Q W K H \ G LG � 7K H p J X U H LQ G LF D W H V

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