Massif des Vosges - Tourisme en Alsace

Comments

Transcription

Massif des Vosges - Tourisme en Alsace
b^aaZZck^ZhYZ\d’iZgbÊ^_l[h
a Z \ j ^ Y Z Y Z h a d ^ h ^ g h Y É ] ^ k Z g
B^aaZZck^ZhYZhVkdjgZg
bÊ^_l[hWkjh[c[dj¾
?Zh`^Z!ijhjg[Zh!^akdaZVj"YZhhjhYZh[dg„ihZiYZhXdjghYÉZVj!YZhk^aaV\Zh
Zi YZh kVaa‚Zh ZccZ^\‚h! ZaaZ eVi^cZ VkZX \g}XZ Zi a‚\ƒgZi‚! hÉVWVcYdccZ VkZX
kdajei‚ Vjm Y‚a^XZh Yj HeV½ 6kZX VgYZjg Zi Y‚iZgb^cVi^dc! cdjh X]Vjhhdch
gVfjZiiZhZih`^hYZ[dcYVkVciYZeVgi^g|aÉVhhVjiYZXZhbni]^fjZhWVaadch½
EVg[V^iZbZciY‚iZcYjhZigZedh‚h!kdjhg„kZoZcXdciZbeaVciaZ\gVcYaVX\Za‚
YZej^haViZggVhhZYZaÉ]iZa½Aj\ZZiÒacZ^\Z!\g^beZhjgXVhXVYZZiW^Vi]adc!
hcdlWdVgY!h`^cdgY^fjZdjVae^c#9Z_djgXdbbZYZcj^i!^ahhÉ^c^i^Zci|b^aaZ
hedgihZci]djh^VhbVcih½:chZbWaZ!cdjheVgiV\ZdchjcZb„bZeVhh^dcedjg
aZ BVhh^[ YZh Kdh\Zh! jcZ X]VˆcZ bdciV\cZjhZ Y‚X^Y‚bZci eVh XdbbZ aZh
VjigZh! k^kVciZ Zi VXXjZ^aaVciZ! ‚b^cZbbZci ]jbV^cZ Zi gVhhjgVciZ# JcZ V^gZ
YZ_ZjmY^[[‚gZciZ!g^X]ZYZb^aaZVXi^k^i‚hidc^fjZhZigZaVmVciZhidjiVjadc\YZ
aÉVcc‚Z#
6jm edgiZh YZ aÉ6aaZbV\cZ! YZ aV Hj^hhZ Zi Yj AjmZbWdjg\! Vj CdgY :hi YZ aV
;gVcXZ! aZ BVhh^[ YZh Kdh\Zh hZ h^ijZ | X]ZkVa hjg igd^h g‚\^dch/ aV AdggV^cZ!
aÉ6ahVXZZiaV;gVcX]Z"8dbi‚!igd^hjc^kZghVjmX]VgbZhh^c\ja^Zgh!VjmViigV^ih
XdcigVhi‚hZiXdbea‚bZciV^gZh#9djXZjghZigdcYZjghVeV^hVciZh!idjiVeeZaaZ
^X^ Vj gZhhdjgXZbZci Zi | aV h‚g‚c^i‚# 9Vch XZ igƒh VcX^Zc bVhh^[ hXjaei‚ eVg
aZ iZbeh! idji ^ck^iZ | hVkdjgZg aÉ^chiVci Zi | k^kgZ aÉ]^kZg VjigZbZci# 9‚Xdgh
bV\^fjZhZieVaZiiZYÉVXi^k^i‚higƒhkVg^‚Z!YZheajhidc^fjZhVjmeajhgZaVmVciZh!
idji Zhi | edgi‚Z YZ bV^c! V^h‚bZci VXXZhh^WaZ! Y‚a^X^ZjhZbZci X]VaZjgZjm!
hjWi^aZbZciY‚eVnhVciVkZXjc_Z"cZ"hV^h"fjd^YZXdbea^XZZiYZ[Vb^a^Zg½
AV^hhZo"kdjh\j^YZg!gZhe^gZo½Kdjh„iZh^X^X]Zokdjh
lll#bVhh^["YZh"kdh\Zh#Xdb
lll#i]jg^V#Xdb
&%%gZXnXa‚
:Y^i^dc/9‚XZbWgZ'%&%"9dXjbZcicdcXdcigVXijZa
8g‚Y^ih/EZghdccV\ZhedbbZYZe^c/8#KVciZn"G‚YVXi^dc/:cXgZCd^gZ
E]didh/ K#I]^‚WVji " B# AVjgZci " 7g^c\VgY " H# BVgWVX] " A# HX]lZWZa " @VcYZgV
?#?# AjiZcWVX]Zg " E]# Gdj[Ò\cVX " 8#BZnZg 69I =Vji"G]^c " 8#;aZ^i] $ ?E# @VnhZg
8# =Vbb 69I 7Vh"G]^c " E#AZbd^cZ $ D# ;g^bVi $ ?#E#BVgi^c $ ?# BVgi^c $ 7# <‚]^c
;# 8djkVa $ 8# A^‚kVjm $ 8#KdZ\ZaZ $ EB 8dchZ^a Kdh\Zh 9‚kZadeeZbZci
A#=Z\dDI<‚gVYbZg"Mdcgjei"A#8V]dc"HBBVg`hiZ^c<gVcY"7Vaadc"DIAV7gZhhZ
DI :e^cVa " DI <jZWl^aaZg " DI <‚gVgYbZg " DI Hi"6bVg^c " DI @VnhZghWZg\ " DI 8]Vbe
Yj;Zj"DIAVX7aVcX"DIKVaYÉ6g\Zci"DI7VcYZKV\cZn"6#<jbZo";#=dgX]daaZ
E]didB^aZh^9dbV^cZYZ8]Vbe‚"BV^hdcYjIdjg^hbZYjIZgg^id^gZYZ7Za[dgi/<#9VjbVh
GZbnAd^h^gh":gb^iV\Z;gƒgZ?dhZe]":a^de]di"E#6^o^Zg"E#8]g^hide]"H]jiiZghidX`"M
C_bb[[dl_[iZ[Yedl_l_Wb_jƒ[jZ[ifedjWdƒ_jƒ
eV\Z&*
C_bb[[dl_[iZ[b_X[hjƒ[jZ[dekl[Wkjƒi
eV\Z&,
C_bb[[dl_[iZ[i_dYƒh_jƒ[jZÊWkj^[dj_Y_jƒ
eV\Z&.
=k_Z[Z[iZ[ij_dWj_edi
eV\Z'&
&'
Pays-Bas
Royaume Uni
Belgique
Allemagne
Luxembourg
Luxembourg
Suisse
Italie
Espagne
Allemagne
Moselle
57
!
$
Parc Naturel Régional
des Vosges du Nord
Bas-Rhin
67
#
#
' Meurthe
et-Moselle
54
Le Donon
1008 m
Lacs de
Pierre Percée
Le Champ du Feu
1100 m
9ec_jƒi:ƒfWhj[c[djWknZkJekh_ic[
' Vosges
88
'
#
Col du
Parc Naturel Régional Bonhomme
des Ballons des Vosges
'
)
"
'
Plateau des
1000 Etangs
Col de
la Schlucht
Le Hohneck
1362 m
le Grand Ballon
1424 m
Ballon d’Alsace
1247 m
Haute-Saône
70
Ouverture prévue
11/12/2011
&(
mmm$jekh_ic[,.$Yec
Lei][i:ƒl[beff[c[dj
6\ZcXZ9‚eVgiZbZciVaZYZ9‚kZadeeZbZci
:Xdcdb^fjZZiIdjg^hi^fjZYZhKdh\Zh
&,gjZ<VbWZiiV"7E)(,
--%%&we^cVa8ZYZm
i‚a#%('.-')*%(
mmm$jekh_ic[lei][i$\h
mmm$h[i[hlWj_ed$jekh_ic[lei][i$\h
Territoire
de Belfort
90
mmm$`[le_ibWl_[[dlei][i$Yec
&
Haut-Rhin
68
>Wkj[#7biWY[Jekh_ic[
6\ZcXZYZ9‚kZadeeZbZciIdjg^hi^fjZ
&!gjZHX]ajbWZg\Zg"7E+%((,
Allemagne
+-%%+8dabVg8ZYZm
i‚a#%(-.'%&%+VYi5idjg^hbZ+-#Xdb
Suisse
7][dY[Z[:ƒl[beff[c[dj
Jekh_ij_gk[Zk8Wi#H^_d
)!gjZ7Vgi^hX]
+,&%%HigVhWdjg\
i‚a#%(--&*)*-^c[d5idjg^hbZ+,#Xdb
mmm$jekh_ic[,-$Yec
CW_iedZkJekh_ic[Z[8[b\ehj
[jZkJ[hh_je_h[Z[8[b\ehj
'W^hgjZ8aZbZcXZVj
.%%%%7Za[dgi
i‚a#%(-)**.%.%
VXXjZ^a5WZa[dgi"idjg^hbZ#Xdb
mmm$X[b\ehj#jekh_ic[$Yec
B^aaZgV^hdchYZhɂkVYZg
Wl[Yb[ib_W_iediJ=L¾
AZI<KZhijcZ[VWjaZjhZbVX]^cZ|gVXXdjgX^gaZhY^hiVcXZhZi|Vaadc\ZgaZhlZZ`"
ZcYh#6egƒhaZI<K:hi:jgde‚Zc!aVcX‚aZ&%_j^c'%%,!YÊ[ijbWb_W_iedJ=LH^_dH^Žd[
gk_Yhƒ[bʃlƒd[c[dj$HdcdW_ZXi^[48dccZXiZg|\gVcYZk^iZhhZaZcdgYZiaZhjYYZ
aÉ:jgdeZ#8dch‚fjZcXZhZiVkVciV\Zh^bb‚Y^Vih49ZcdjkZaaZha^V^hdchY^gZXiZhYZ
EVg^h!\VgZYZAndcZiYZaVg‚\^dcG]cZ"6aeZhkZghaZBVhh^[YZhKdh\Zh#EgZb^ƒgZ
‚iVeZ/aVb^hZZchZgk^XZYƒhaZ&&Y‚XZbWgZ'%&&YZaVWgVcX]Z:higZa^Vci9^_dc|
Bja]djhZk^VaZhcdjkZaaZh\VgZhI<KYZ7Za[dgi"BdciW‚a^VgYZiYZ7ZhVcdc#
J[cfiZ[fWhYekhiWkZƒfWhjZ[FWh_i
38dabVg
']*%
3we^cVa ']&*
3GZb^gZbdci
'])%
3HV^ci"9^‚"YZh"Kdh\Zh
']'*
3HVkZgcZ
']%%
3HigVhWdjg\
']'%
3Bja]djhZ
(]%*
ÀfWhj_hZ[ZƒY[cXh[(&''
EVg^h3Bja]djhZ '])%
EVg^h37Za[dgi
']&*
Andc3Bja]djhZ ']*%
Andc37Za[dgi
']'*
Andc3HigVhWdjg\ (]&*'%&'
9^_dc3Bja]djhZ &]%%
Eajh fjZ _VbV^h! aZ BVhh^[ YZh Kdh\Zh Zhi! edjg idjh! jcZ YZhi^cVi^dc eg^k^a‚\^‚Z!
[VX^aZYÉVXXƒhZieaZ^cZYÉViigV^ih!edjghVkdjgZgZcidjiZh^bea^X^i‚jc\gVcYWdaYÉV^g
[gV^h½
:iVegƒhaZI<K4IdjiZjcZ\VbbZYÉ^ciZgXdccZm^dchZhiZceaVXZ!VkZXI:G!igV^chZi
Wjhg‚\^dcVjm!edjgkdjhXdcYj^gZd‘kdjhkdjaZo½¿bd^chfjZkdigZ]iZcZk^ZccZ!
aj^"b„bZ!kdjhVXXjZ^aa^g|kdigZYZhXZciZYjI<K½
AV^hhZo"kdjh\j^YZg!aV^hhZo"kdjhigVchedgiZgZig„kZo½G„kZoh‚_djghhX^ci^aaVcih!
eVnhV\Zh ‚Wadj^hhVcih! X]VaZih Zi X]Zb^c‚Zh! XdjghZh [daaZh hdjh aZh hVe^ch
ZccZ^\‚h½G„kZoe^hiZhZiYZhXZciZhYZaÉVjgdgZ_jhfjÉVjhd^g½G„kZoYZgZigdjkV^aaZh
VjidjgYÉjcgZeVheVciV\gj‚a^fjZ½G„kZo[djhg^gZhZihV^cZXdbea^X^i‚½
:iej^hcZg„kZoeajh#GZ_d^\cZo"cdjh
=hWdZ[l_j[ii[[j^Wkj[\hƒgk[dY["Wl[Yb[iJ=L;ij;khefƒ[d[jH^_dH^Žd["leki
Wl[pc_bb[[dl_[iZ[lekiƒlWZ[hZWdib[CWii_\Z[iLei][i¾
&)
»Edjkd^ghZgZhhdjgXZgeaZ^cZbZci!eVgiV\ZgYZ\gVcYh
bdbZcihZc[Vb^aaZZiegdÒiZgYZgZhe^gVi^dchg^ZcfjÉ|hd^
VjhZ^cYÉjcZcVijgZgZigdjk‚Z!VeV^hVciZ!gZk^\dgVciZ½
?ÉZcg„kV^h>X^!YVchaZBVhh^[YZhKdh\Zh!idjhaZh
eaV^h^ghhdci|edgi‚ZYZbV^c#H`^hedgi^[!hcdlWdVgYZi
cdjkZaaZh\a^hhZhedjgaZheajhZme‚g^bZci‚h!_VgY^chYZh
cZ^\ZhedjgaZheZi^ihYZgc^Zgh!gVfjZiiZhdjbjh‚Zh!
Vegƒh"b^Y^Y‚iZciZZibVgX]‚hYZCd…aZchd^g‚Z!
hVkZjghYZiZggd^g|eVgiV\ZgYVchaVWdccZ]jbZjg½
8dck^k^Va^i‚ZihedciVc‚^i‚!aZBVhh^[YZhKdh\Zh
XÉZhi!edjgbd^!jcZ[„iZhVchXZhhZgZcdjkZa‚Z½¼
B^aaZZck^ZhYZXdck^k^Va^i‚
ZiYZhedciVc‚^i‚
&*
JcbVhh^[[VX^aZYÉVXXƒh!
djkZgi|idjh½
CVijgZ
gZheZXi‚Z
Ziegdi‚\‚Z
>CVijgZ»ZcbV_Zhi‚¼½
HdnZoaZhW^ZckZcjhYVchaZEVgX
CVijgZaG‚\^dcVaYZh7Vaadch
YZhKdh\Zh!aÉjcYZheajh\gVcYh
YZ;gVcXZ#8g‚‚Zc&.-.!^a
gZ\gdjeZigd^hg‚\^dch!fjVigZ
Y‚eVgiZbZcih!'%(XdbbjcZh½
>c‚ej^hVWaZZieVhh^dccVci
IdjiZhi!^X^!hdjgXZ
YɂbZgkZ^aaZbZci/aZhKdh\Zh
6g\Zci^[ƒgZhYVchaZkVaYZ
BZjgi]Z!aZh=VjiZhKdh\Zh
VjidjgYZ<‚gVgYbZg!YZ
BjchiZg!aZhkVaa‚ZhYZaVI]jg
ZiYZaV9daaZg!aZhWVaadch
Xdbid^hVjidjgYZ<^gdbV\cn
ZiaVkVaa‚ZYZaVHVkdjgZjhZ½
6jiVciYÉjc^kZghVjmXVgVXiƒgZh
jc^fjZh!VjiVciYZYZhi^cVi^dch
cVijgZedjgYZhZmXjgh^dch
hedgi^kZhdjXdciZbeaVi^kZh½
EVnhV\ZhYÉZmXZei^dc½
HZciZo!^anVXdbbZjcZ^cY^X^WaZ
a‚\ƒgZi‚YVchaÉV^g[gV^hZik^k^ÒVci!XZ
bVi^c#Bjai^eaZ!Y^kZghZ!aVcVijgZ^ck^iZ!
YƒhaÉVjWZ!|eVgi^g|aVY‚XdjkZgiZ
YZb^aaZeVnhV\ZhX]Vc\ZVcih#AV
[dg„i!YÉVWdgY!^X^dbc^eg‚hZciZ!
YgZhhZkZghaZX^ZaaZhigdcXhYZhZh
»hVe^chgd^h¼Xdjgdcc‚hYZWaVcX#
6jY‚idjgYÉjchZci^Zg!kdnZoXZaVX
\Za‚!XZiiZidjgW^ƒgZXdbbZÒ\‚Zedjg
aɂiZgc^i‚!XZX]VaZigZ[j\ZedjgaV
]VaiZW^Zc[V^hVciZ½8dbWZh!Y‚Òa‚h!
X^gfjZh\aVX^V^gZhVkZXaZjgh|"e^Xh
heZXiVXjaV^gZh½<g^beZoZcXdgZ
Kdjhkd^X^bV^ciZcVcihjgaVa^\cZYZh
Xg„iZh!hda^YZhhdbbZih[dg\‚hVj
fjViZgcV^gZ!Vj_djgYÉ]j^YdjXZbZci
VggdcY^heVgaZiZbeh#:cigZX^ZaZi
iZggZ!YZej^hXZh=VjiZh8]VjbZh
aZed^ciYZkjZZhi‚edjhidjÓVci/
kdajiZhYZWgjbZhbdciVciYZh
]VjiZhkVaa‚Zh!X^bZhZccZ^\‚Zh
Zcid^aZYZ[dcY½JchZci^bZciYZ
W^Zc„igZZiYÉ]Vgbdc^ZhdjYV^c
kdjhZckZadeeZZikdjhZckV]^i½
Hedgih!ad^h^gh!Vc^bVi^dch½
IdjiZhi!^X^!|egdm^b^i‚![VX^aZbZci
VXXZhh^WaZ!^bb‚Y^ViZbZciY^hedc^WaZ½
EVnhYZigVY^i^dchYdi‚Yɂfj^eZbZcih
igƒheZg[dgbVcih!aZBVhh^[YZh
Kdh\Zhkdjhd[[gZjcZigƒhaVg\Z
eVaZiiZYÉVXi^k^i‚hY^kZghZhZiXdadg‚Zh!
|k^kgZYVchYZhY‚Xdghidj_djgh
[VhX^cVcih#AV^hhZo"kdjh\V\cZgeVg
aVbV\^ZYZha^Zjm!aÉVibdhe]ƒgZ
h^h^c\ja^ƒgZ½AV^hhZokdjhedgiZg!
ZcigVˆcZgeVgkdigZY‚h^g½AV^hhZo
kdjh\j^YZga^WgZbZcieVgkdigZ
Zck^ZZiaÉ^che^gVi^dcYjbdbZci½
Hedgih!ad^h^gh!Vc^bVi^dchXjaijgZaaZh!
]^hid^gZZieVig^bd^cZ!\Vhigdcdb^Z½
Idji!^X^!ZhicVijgZaaZbZci!
VWhdajbZcieVhh^dccVci#
lll#bVhh^["YZh"kdh\Zh#Xdb
&+
B^aaZZck^ZhYZa^WZgi‚
ZiYZcdjkZVji‚h
»AÉ]^kZg!aZBVhh^[YZhKdh\ZhXÉZhijc[VWjaZjm
iZggV^cYZ_ZjmfjZ_ZegVi^fjZYÉV^aaZjghYZej^h
idj_djgh#=^Zg!Zc[Vb^aaZ!hjgYÉ^ccdbWgVWaZhhZci^Zgh!
|e^ZYdjZcgVfjZiiZh!idjiVjadc\YZbV\c^ÒfjZh
^i^c‚gV^gZhYZh`^YZ[dcY½Ej^hadghYZbZhegZb^ƒgZh
YZhXZciZhYZh`^Vae^cZcXdbeV\c^ZYZbdc^iZjgh
\‚c^Vjm½6j_djgYÉ]j^!VkZXbZhVb^h!XÉZhihcdlWdVgYdj
iZaZbVg`!YƒhaÉVjWZZieVg[d^h_jhfjZiVgYYVchaVcj^i½
EdjgaVXdbe‚i^i^dc!aZhX]VaaZc\ZhZcigZXdeV^ch!aZ[jc!
^anVkgV^bZciidjiXZfjÉ^a[Vji/YZhe^hiZhiZX]c^fjZh!YZh
hcdleVgXhhdcdg^h‚hVkZXYZhbdYjaZhZmigVh!YZhe^hiZh
YZaj\ZfjVcYaÉZck^ZcdjhegZcYYZgZYZkZc^gZc[Vci½¼
&,
JcBVhh^[kdj‚
|idjiZhaZh\a^hhZh½
6jeVnhYZh
»Zc[Vcihgd^h¼#
>EgZb^ZgheVh
ZiegZb^Zgh‚bd^h½
IZggZYZX]Vbe^dch!aZBVhh^[
YZhKdh\ZhZhiVjhh^jca^Zj
YÉ^c^i^Vi^dceg^k^a‚\^‚edjgaZh
eajheZi^ih#EVgidjiaZhhiVi^dch
g^kVa^hZciYÉ^bV\^cVi^dcedjg
[Vkdg^hZgaZeaZ^c‚eVcdj^hhZbZci
YZhZc[Vcih#Bdc^iZjghfjVa^҂h!
egd[Zhh^dccZahViiZci^dcc‚h!
‚fj^eZbZcihhe‚X^ÒfjZhZi
VYVei‚hYdciaÉ^cY^heZchVWaZ
e^hiZYZaj\Zh‚Xjg^h‚Z½
AV7gZhhZ"=d]cZX`!KZcigdc!
7jhhVc\!Gdj\Z"<Vodc!aZAVX
7aVcX!A^heVX]!BVg`hiZ^cZiaZ
7VaadcYÉ6ahVXZ!cdiVbbZci!
Y^hedhZciYZ_VgY^chYZhcZ^\Zh
g‚hZgk‚h½
>Y‚VaedjgaZhegZb^ZghZmead^ih
YZh[jijghb‚YV^aa‚h
HiVi^dch‚fj^e‚ZhZiViigVnVciZh½
AZhVk^Zo"kdjh4AZBVhh^[YZhKdh\Zh
egVi^fjZaZh`^Vae^cYƒh½aVÒcYj
M>MZh^ƒXaZ#9Zej^h!aZh`^YZYZhXZciZ
Y^hedhZYɂfj^eZbZcih!X]VfjZ
Vcc‚Z!eajheZg[dgbVcih/gZbdci‚Zh
b‚XVc^fjZhYZfjVa^i‚!g‚hZVjYZ
XVcdch|cZ^\ZigƒhYZchZedjgjcZ
\a^hhZdei^b^h‚Z½AZidjiYVchYZh
Y‚XdghYZg„kZ!VkZX!Zceajh!jc
Zheg^i»[Vb^aaZ¼!jcZheg^ikdh\^Zc
idjiZcXdck^k^Va^i‚»WdcZc[Vci¼#
<gVcYZdjeZi^iZ!X]VfjZhiVi^dcV
hVeZghdccVa^i‚hdjkZcibVgfj‚ZYj
hXZVjYZaÉVji]Zci^X^i‚#:cigZ,%%Zi
&)%%b!ZaaZhegdedhZciV^ch^YZh
XZciV^cZhYZe^hiZh!YZheajhYdjXZh
VjmeajhiZX]c^fjZhedjgegVi^fjZgaZ
h`^XdbbZkdjhaÉV^bZo!YZaÉ^c^i^Vi^dc
ZcidjiZh‚Xjg^i‚_jhfjÉVjmYZhXZciZh
aZheajh\g^hVciZh#E^hiZh^aajb^c‚Zh
Zihdcdg^h‚Zh!hcdleVg`hYZcdjkZaaZ
\‚c‚gVi^dc!eVX`h[dg[V^iidjiXdc[dgi½
AZBVhh^[YZhKdh\ZhV^bZXdc_j\jZg!
edjgkdjh!igVY^i^dchZi^ccdkVi^dch#
GVcYdcc‚Zhhjg
YZhhZci^ZghZcX]Vci‚h½
6kZXeajhYZ-%%`bYZe^hiZhYVb‚Zh!
aZBVhh^[YZhKdh\ZhhÉ^bedhZXdbbZ
aZeVgVY^hYZhh`^ZjghYZ[dcY#¿
egZjkZ!aZhcdbWgZjmX]Vbe^dchfj^
hZhdci[dgb‚h^X^#:cigVˆcZbZcihhjg
hiVYZhVb‚cV\‚h!XdjghZhZceaZ^cZ
cVijgZ|igVkZghXg„iZhZi[dg„ih!X^bZh
ZikVaa‚Zh½8ÉZhiZck‚g^i‚jc:YZc
edjgidjiZhaZhY^hX^ea^cZhcdgY^fjZh#
Edjgfjd^cZeVhkdjhZhhVnZgVj
W^Vi]adcfj^VhhdX^Zh`^YZ[dcYZii^g|aV
XVgVW^cZ½4IZbe‚gVbZcieajheV^h^WaZ!
eVgiZoZcgVcYdcc‚ZgVfjZiiZhVkZXjc
VXXdbeV\cViZjgDhZojcZcj^ihdjh
^\addedjgegdÒiZgeajheaZ^cZbZciYj
aZkZgYZhdaZ^a:ckdaZo"kdjh|WdgY
YÉjchnae]Z!YÉjceVgVeZciZdjYÉjcZ
bdci\da҃gZ9‚XdjkgZoaZ`^iZh`^!
h`^kd^aZ!djaZh`^_Žgg^c\igVXi‚eVgjc
X]ZkVa½Edjgkdjh!idjiZhaZh\a^hhZh
hdciVjgZcYZo"kdjh#
lll#bVhh^["YZh"kdh\Zh#Xdb
&-
9‚a^X^Zjm
eVg[jbh
YÉZc[VcXZ#
Ajb^cZjm!Vhhjg‚bZci
X]VaZjgZjm!aZhX‚aƒWgZh
bVgX]‚hYZCd…ahdci
aÉdeedgijc^i‚YZgZcXdcigZgaZh
Vgi^hVchZiXg‚ViZjghadXVjmYVch
jcZVbW^VcXZ[Zhi^kZ#I^hhjh!
cVeeZhZigjWVchXid^Zci!^X^!aZh
XdjgdccZhYZaÉ6kZci#AZheZi^ih
\ViZVjmigVY^i^dccZahZieV^ch
Yɂe^XZhfj^VkZXaZk^cX]VjYVjm
‚e^XZh^begƒ\cZciaZhbVgX]‚h
YZY‚a^X^ZjmVgbZh#AZb^ZaYZh
Kdh\ZhYÉVeeZaaVi^dcXdciga‚Z
kd^h^cZVkZXaZheZi^ihXgjh!
aZhZVjmYZk^ZgZk^\dgVciZh!
eg‚X^ZjhZhWd^hhdchYZcdh
\gVcYh"bƒgZhVj\d’i^c^b^iVWaZ
YZg]jWVgWZ!YZe„X]ZYZk^\cZ
djYZe^hhZca^i½
6^ch^XdjgiaÉ]^kZgYZY‚Òa‚h
YZaVHV^ciC^XdaVhZc
8VgcVkVahYZhcZ^\Zh½
JcBVhh^[^cÒc^bZcik^kVci!
Y‚a^X^ZjhZbZci\djgbVcY½
CVijgZZiXjaijgZ^cY^hhdX^VWaZbZcib„a‚Zh#
IZggZYɂX]Vc\ZhZiYZgZcXdcigZh!aZBVhh^[
YZhKdh\ZhZhig^X]ZYÉjceVhh‚_VadjhZbZci
egdi‚\‚ZihVkVbbZcib^hZckVaZjg#
BdcjbZcih\‚c‚gZjhZbZcid[[ZgihVjm
k^h^iZjghXdbbZVjiVciYZeV\ZhYÉ]^hid^gZ
|a^gZYVchaVe^ZggZb„bZ#>X^!jcZ‚\a^hZ
b„aVciaÉVgX]^iZXijgZ\di]^fjZZigdbVcZ½
A|!eVgb^aZhWgjbZhhɂaZkVciYjaVX!aZh
gj^cZhYÉjcX]}iZVjfj^eVgaZYZWViV^aaZZi
YÉ^ckVh^dc½>X^!hjgaZh8g„iZh!aZhkZhi^\Zh
YZ[gdci^ƒgZhdjWa^‚Zh½A|!ZceaZ^cZcVijgZ!
Xdbea^XZhZi^cViiZcYjZh!YZhhXjaeijgZh
XdciZbedgV^cZh‚kdfjVciYÉVcX^ZccZh
a‚\ZcYZh½:iedjgb^ZjmXdbegZcYgZ!YZh
bjh‚ZhajY^fjZhZiY^YVXi^fjZh!Y‚Y^‚h|
aÉ]^hid^gZ!VjmiZggd^gh!|aVcVijgZ!VjmhVkd^g"
[V^gZbdciV\cVgYh½9Zha^ZjmYZXjaijgZZi
YZb‚bd^gZedjgZcigZgYVchaÉ^ci^b^i‚YÉjc
eVnhÒZgYZhZhigVY^i^dcheajg^h‚XjaV^gZh½
=dhe^iVa^i‚ZiXdck^k^Va^i‚dWa^\Zci#
IgVY^i^dchZcXdgZ!aÉ]dhe^iVa^i‚ZiaVXdck^k^Va^i‚
fj^gƒ\cZci!^X^!eVgidjiZcbVˆigZh#IgVY^i^dch
kZcjZhYjiZbehd‘aZh»bVgXV^gZh¼!
lll#bVhh^["YZh"kdh\Zh#Xdb
&.
aZhWZg\ZghdXXjeVciaZh[ZgbZhYÉVai^ijYZ!
djkgV^ZciaZjghedgiZhVjmkdnV\Zjgh‚\Vg‚h#
>ahhdciV^ch^ZcXdgZfjZafjZh"jch|eZge‚ijZg
XZhad^hiVX^iZhYZaÉ]dhe^iVa^i‚bdciV\cVgYZ#
JcZ]VaiZ\djgbVcYZYVchjcX]VaZi"gZ[j\Z!
jcZ[ZgbZ"VjWZg\Z!jcZiVWaZYÉ]iZh!jc
gZhiVjgVcihdciYZh^chiVcih]dghYjiZbeh
fj^cZhÉdjWa^ZcieVh½AZhXg‚e^iZbZcihYj
[ZjYZX]Zb^c‚Z!aZhVaa‚X]VciheVg[jbh
YZXj^h^cZg‚\^dcVaZ!aÉVbW^VcXZfj^!Y‚_|!
hÉVc^bZ½=jbZo!\d’iZo½AZBVhh^[YZh
Kdh\ZhZhieaV^h^gYZhhZch!YZidjhaZhhZch#
7^Zc„igZZiXdck^k^Va^i‚½
CVijgZhjWa^bZZieVcdgVbVhg„k‚h!
aZBVhh^[YZhKdh\ZhZhiVjhh^jcZiZggZ
]jbV^cZ!VXXjZ^aaVciZZiW^Zc[V^hVciZ#
>X^!dck^iZc]Vgbdc^ZVkZXjcZck^gdccZbZci
VeV^hVci#>X^!dcXjai^kZXZiVgiYZgZXZkd^gZi
XZhZchYZaÉ]dhe^iVa^i‚fj^[dciaZhkVXVcXZh
g‚jhh^Zh#9ZeajhZceajhYZhiVi^dch!
YÉ]iZahY^hedhZciYɂfj^eZbZcihiZahfjZ
e^hX^cZh!WV^chWdj^aadccVcih!hVjcVh½
edjg[V^gZaZeaZ^cYɂcZg\^ZZcYdjXZjg½#
»EVhh^dcheVgiV\‚ZhZieaV^h^ghigƒheZghdccZah!YVchaZBVhh^[YZhKdh\Zh
dceZjiXdc_j\jZgaZhYZjmgZ\^higZhhVchVjXjchdjX^#:chZbWaZ!XÉZhi
»gVfjZiiZhZigVcYdcc‚Zh¼!Y‚XdjkZgiZYjiZggd^gZiYZhZhigVY^i^dch!
YZhZhVgi^hVch‚idccVcihZiYZhZheVnhV\ZhZckd’iVcih#:chj^iZ!VkZX
=‚aƒcZ!cdjhhjXXdbWdchVkZXkdajei‚VjmW^Zc[V^ihYZaÉZVj/e^hX^cZ!
XZcigZYZgZb^hZZc[dgbZ!]VbbVbZi_VXjoo^#AZhZc[Vcihhdci
|aVeVi^cd^gZVkZXaZjghcdjkZVjmVb^h½6kVciYZhZgZigdjkZg!|
cdjkZVj!idjhZchZbWaZ!VjidjgYÉjcY‚a^X^ZjmgZeVhgZk^\dgVci¼
B^aaZZck^ZhYZh^cX‚g^i‚
ZiYÉVji]Zci^X^i‚
HVkdjgZjhZh
igVY^i^dch
Xja^cV^gZh½
;Zhi^[ZigZk^\dgVci!aZbZcj
bVgXV^gZZhiaÉZmegZhh^dc
eg^k^a‚\^‚ZYÉjciZggd^g#6jidjg
Yj[VbZjmbjchiZg![gdbV\Zc‚
YZaÉ^bV\^cVi^dcYZhbd^cZhVj
K>>Zh^ƒXaZ!XÉZhijcZ[VgVcYdaZYZ
idjgiZhZiYZk^VcYZh[jb‚Zh!YZ
edbbZhYZiZggZ|aɂidj[[‚Z!YZ
iVgiZhVjmWg^bWZaaZhZiVjigZh
Xdbedh^i^dche}i^hh^ƒgZh½BV^h
aZBVhh^[g‚hZgkZW^ZcYÉVjigZh
hjgeg^hZhVjmÒch\djgbZih/
ed^hhdchYZhZhg^k^ƒgZh!
X]Vbe^\cdchZi\^W^ZghYZhZh
[dg„ih![d^Zh\gVhZiZckd’iVcih
k^chYÉ6ahVXZYdciaZhk^\cZh
hdbbZ^aaZci|kdhe^ZYh½
&/
B^aaZZck^ZhYZWdj\Zg!
ZÊei[h¾
:cigZ ,%% Zi &)%%b YÉVai^ijYZ! aZ BVhh^[ YZh Kdh\Zh kdjh egdedhZ idjiZ jcZ
\VbbZYZhiVi^dchZiYZh^iZhYZcZ^\ZVjmX]VgbZhh^c\ja^Zgh!Vjm‚fj^eZbZcih
Y^kZgh^҂h Zi Vjm egZhiVi^dch igƒh kVg^‚Zh# :ck^Z YÉjc h‚_djg [Vb^aaZ Zc idjiZ
fj^‚ijYZZiZcidjiZh‚Xjg^i‚4:ck^ZYZkdjh^c^i^ZgVjmcdjkZaaZh\a^hhZh½4:ck^Z
YZ bVgX]Zh WjXda^fjZh YVch YZh Y‚Xdgh bV\^fjZh dj YZ YZhXZciZh ajY^fjZh
Vj XaV^g YZ ajcZ½4 :ck^Z YZ gVcYdcc‚Zh Zc gVfjZiiZh Zi h`^ YZ [dcY dj YÉjcZ
egZb^ƒgZ^c^i^Vi^dcVjW^Vi]adc½4
A^WgZbZci!XÉZhikdjhfj^X]d^h^hhZoaZa^ZjYZh‚_djgaZb^ZjmVYVei‚|kdhY‚h^gh!
|kdhdW_ZXi^[hZi|kdhViiZciZh#EdjgkdjhV^YZgYVchkdigZh‚aZXi^dc!X]VfjZh^iZ
kdjhZhiWg^ƒkZbZcieg‚hZci‚YVchaZheV\Zhhj^kVciZh#
9Zh e^Xid\gVbbZh kdjh ^cY^fjZci aZh eg^cX^eVaZh VXi^k^i‚h Zi aZh ‚fj^eZbZcih
egdedh‚hhjgeaVXZ#EdjgYZeajhVbeaZh^c[dgbVi^dch!cÉ]‚h^iZoeVh|XdciVXiZg
aZhegd[Zhh^dccZahYdcicdjhkdjh^cY^fjdchaZhXddgYdcc‚Zh#>ahhZ[ZgdcijcZ
_d^ZYZkdjhgZchZ^\cZgZiYZkdjhV^YZg|XdcXZkd^gjch‚_djg^cdjWa^VWaZ#
9ŽjƒfhWj_gk[0aZheaVchY‚iV^aa‚hYZhe^hiZhhdciY^hedc^WaZhVjegƒhYZhD[ÒXZh
YjIdjg^hbZZihjgaZhh^iZh>ciZgcZiYdciaZhXddgYdcc‚Zhkdjhhdcieg‚X^h‚Zh
YVchX]VfjZeg‚hZciVi^dc#
lll#bVhh^["YZh"kdh\Zh#Xdb
bƒ][dZ[Z[if_Yje]hWcc[i
Ad^h^ghcZ^\Z
h`^Vae^c
X]^ZchYZigVˆcZVjm
h`^cdgY^fjZ
e^hiZYZaj\Z
wXdaZYZH`^;gVcV^h
hZci^Zge^‚idch
wfj^eZbZcih
ÒacZ^\Z
hZci^ZggVfjZiiZh
6je^ZYYZhe^hiZh
_VgY^cYÉZc[Vcih
adXVi^dcYZbVi‚g^Za
XVcdc|cZ^\Z
cVkZiiZh
e^hiZ‚XaV^g‚Zh`^cdXijgcZ
iVm^
hcdleVg`
hVaaZ]dgh"hVX
i‚a‚h^ƒ\Z
EgZhiVi^dchZchiVi^dc
i‚a‚h`^
e]VgbVX^Z
iVe^hgdjaVciY‚WjiVci
WVcfjZY^hig^WjiZjg
XdbbZgXZh
bV^hdcb‚Y^XVaZb‚YZX^ch
'&
hdbbV^gZYZhZ[ij_dWj_edi
BW8h[ii[
=d]cZX`?AVHX]ajX]i?A^heVX]?7gVWVci
=ƒhWhZc[h
MdcgjeiAdc\ZbZg?AZKVai^c?=VjiYjIi?GdX]Zhhdc
BWY8bWdY
L[djhed
CWhaij[_d#=hWdZ8Wbbed
7V\ZcZaaZh
;gZco?I]VccZg=jWZa
LWbbƒ[Z[Ckdij[h
HX]cZe[Zcg^ZY?IVcZi?<VhX]cZn?Igd^h;djgh
8WbbedZÊ7biWY[
HX]ajbe[?Hi"BVjg^XZhjgBdhZaaZ?7jhhVc\
9^WcfZk<[k
9dcdc?LVc\ZcWdjg\":c\Zci]Va
Lei][icƒh_Z_edWb[i
<^gbdci"KVa"YÉ6_da?HV^ci7gZhhdc
eV\Z'(
eV\Z',
eV\Z((
eV\Z(+
eV\Z(eV\Z)&
eV\Z)*
eV\Z).
eV\Z*&
''
9Zhi^cVi^dcAV7gZhhZ
BW 8h[ii[ ,)& c Å '),) c K^aaV\Z bdciV\cVgY [dcY‚ Vj >MZh^ƒXaZ! AV
7gZhhZZhiVj_djgYÉ]j^jcZX^i‚YncVb^fjZYZh=VjiZhKdh\Zh|aV_dcXi^dc
YZh kVaa‚Zh Yj 8]V_djm Zi YZ Kdad\cZ BdhZadiiZ# 8ÉZhi Vjhh^ aV eajh
^bedgiVciZ hiVi^dc YZ hedgih YÉ]^kZg Yj CdgY":hi YZ aV ;gVcXZ# AV
XdbbjcZhɂiZcYhjgfjZafjZ*-%%]V!Ydci'-%%YZ[dg„i!ZihɂaƒkZYZ
+(%b _jhfjÉVj hdbbZi Yj =d]cZX`! | &(+(b# 8]VgbVciZ eZi^iZ k^aaZ
hedgi^kZZiidjg^hi^fjZ!AV7gZhhZbZiidjhaZheaV^h^ghYZaÉ]^kZg|edgi‚Z
YZbV^c#6^ch^!|fjZafjZh`^adbƒigZhYjXZcigZ!eVhbd^chYZ)YdbV^cZh
kdjhViiZcYZciedjg\d’iZgVjm_d^ZhYZaV\a^hhZhdjhidjiZhhZh[dgbZh/
h`^ Vae^c | AV 7gZhhZ"=d]cZX`! AV 7gZhhZ"A^heVX]! AV HX]ajX]i Zi AV
7gZhhZ"7gVWVci!h`^cdgY^fjZ|AV7gZhhZ"A^heVX]VkZXa^V^hdcYZhe^hiZh
VkZXaV7gZhhZ"=d]cZX`#
9Zej^h fjZafjZh Vcc‚Zh! jcZ ViiZci^dc idjiZ eVgi^Xja^ƒgZ Zhi edgi‚Z |
aÉVXXjZ^aYZh[Vb^aaZhZiYZhZc[Vcih/XgƒX]ZedjgaZhZc[Vcih|eVgi^gYZ
&-bd^hVje^ZYYZhe^hiZh!ZheVXZhajY^fjZhYÉ^c^i^Vi^dcVjh`^Vae^cZiVj
h`^YZ[dcY!_VgY^cYZhcZ^\ZhidiVaZbZcigZadd`‚!eda^i^fjZiVg^[V^gZigƒh
VkVciV\ZjhZeVX`ad^h^gh[Vb^aaZ!ZiX#
AV7gZhhZXÉZhiVjhh^jcXdbeaZmZ»e^hX^cZad^h^gh¼igƒhXdbeaZiVkZXjc
ZheVXZ[dgbZ!jcZeVi^cd^gZZc\aVXZcVijgZaaZZiYZcdbWgZjhZhVjigZh
VXi^k^i‚h hedgi^kZh/ ;VciVhi^XVWaZ! hVji | aɂaVhi^fjZ! iZcc^h! ZhXVaVYZ!
gVcYdcc‚Z! i^g | aÉVgX½ Edjg aZh Zheg^ih Xjg^Zjm Zi aZh Òch \djgbZih!
k^h^iZh YZh Vgi^hVch adXVjm Zi Y‚\jhiVi^dc YZh egdYj^ih YZ iZggd^g/
XdcÒhZg^Z!hVWdiZg^Z!X]ƒkgZg^Z![ZgbZh!k^chYZeZi^ih[gj^ih½
>c[dgbVi^dchXdbbjcZh|idjiZaVYZhi^cVi^dc
IƒYkh_jƒZ[if_ij[i
&+e^hiZjgh"hZXdjg^hiZhY^eab‚h
:c[Vcih
CdbWgZjhZhVXi^k^i‚hZi
Vc^bVi^dch#:c[VcihcZegVi^fjVci
eVhaZh`^/XgƒX]ZVje^ZYYZh
e^hiZh#;dgbjaZh`^ \VgYZg^Z
Yƒh)Vch!ajYdcZ^\ZYZ)|&'Vch!
ZheVXZhajY^fjZhYÉ^c^i^Vi^dc!
hZbV^cZ»CZ^\ZZi8dbeV\c^Z¼
Yj'&Vj'+#%'#&&8]Vbe^dccVi
YZ;gVcXZYZH`^YZh;Vb^aaZh#
GZchZ^\cZbZcihZig‚hZgkVi^dch
|aÉd[ÒXZYZidjg^hbZ#
6Xi^k^iZhY^kZghZh
?Ifehji[jbe_i_hi
6jXZcigZYZAV7gZhhZ/
&XdbeaZmZe^hX^cZad^h^ghVkZX
WV^chhedgi^[ZiajY^fjZ!idWd\\Vc!
eViVj\Zd^gZ!ZheVXZ[dgbZhVjcV!
]VbbVb!XVW^cZhYZWgdcoV\Z!
hVaaZYZbjhXjaVi^dc!WV^c|
WjaaZh#&ZheVXZad^h^ghEVi^cd^gZ
+%%bYZ\aVXZcVijgZaaZ
XdjkZgiZ!djkZgiYZb^Y‚XZbWgZ
|b^bVgh#&]VaaZYZhXdc\gƒh
VkZX'XdjgihYZiZcc^hXdjkZgih!
Wdla^c\ZiXV[‚i‚g^V#
'(
?7kjh[iWYj_l_jƒi
Hcdl`^iZ!ZhXVaVYZZchVaaZ!
gVcYdcc‚ZgVfjZiiZh!i^g|
aÉVgX!hX]a^iiZbdjciV^cœ!
;VciVhi^X}WaZ!hVji|aɂaVhi^fjZ#
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
AV7gZhhZedhhƒYZjcXZcigZ
bjai^b‚Y^V!&X^c‚bV!
&W^Wa^di]ƒfjZ!&ajYdi]ƒfjZ#
K^h^iZhVgi^hVcVaZhXdcÒhZg^Z!
hVWdiZg^Z!X]ƒkgZg^Z![ZgbZ
VkZX[VWg^XVi^dcYZbjchiZg!k^ch
YZeZi^ih[gj^ih!ZiX#
BVgX]‚]ZWYdbVYV^gZaZ
Y^bVcX]ZbVi^c![„iZYZaVHV^ci
C^XdaVh!bVgX]‚YZCd…a!
XdcXZgih!g‚kZ^aadch!^aajb^cVi^dch#
?7Yj_l_jƒiZ[ie_hƒ[
[jWYYk[_biƒ`ekh
EZcYVciaZhkVXVcXZhhXdaV^gZh!
YZhXZciZVjmÓVbWZVjmaZh_ZjY^h
ZiheZXiVXaZhYZhi^c‚hVjm[Vb^aaZh
jcZ[d^heVghZbV^cZ#IdjhaZh
ajcY^hYZhkVXVcXZhhXdaV^gZh|
&-]|aVhVaaZYZh[„iZh/
eg‚hZciVi^dcYZhVXi^k^i‚hhj^k^Z
YÉjcZY‚\jhiVi^dcYZegdYj^ih
adXVjm#
EgZhiVi^dchZchiVi^dc
6XXdbeV\cViZjghZcbdciV\cZ
7jgZVjBdciV\cZ=VjiZh"Kdh\Zh
i‚a#%+-*%,&(%+
lll#Wb]k#Xdb
GVcYdcc‚ZhgVfjZiiZhVXXdbeV"
\c‚ZheVgYZhegd[Zhh^dccZah#
:H;/lll#Zh["aVWgZhhZ#Xdb
AV7gZhhZ"=d]cZX`/
i‚a#%('.'*)&*+
AV7gZhhZ"A^heVX]/
i‚a#%+-%'**.(+
?>ƒX[h][c[dji[jh[ijWkhWdji
&-]iZahYdci'VkZXe^hX^cZ!
&g‚h^YZcXZYZidjg^hbZ!
'*X]VbWgZhYÉ]iZh!&%\ˆiZh
YɂiVeZhZiYZ\gdjeZh!'XZcigZh
YZkVXVcXZh!'iZggV^chYZ
XVbe^c\XVgVkVcZ^\Z!+VjWZg\Zh
YZbdciV\cZ!eajhYZ+%%
adXVi^dchhV^hdcc^ƒgZh!Ydci'%%
bZjWa‚h^chXg^ihZcXZcigVaZYZ
g‚hZgkVi^dc#'%gZhiVjgVcih#
8i‚egVi^fjZ
?7YY„i
',`bYZGZb^gZbdci
GZb^gZbdciZhigZa^‚ZeVggdjiZ|
)kd^ZhdjVjidgdjiZh|idjiZhaZh
\gVcYZhk^aaZhYZaÉ:hiYZaV;gVcXZ
(]YZIgdnZh!'](%YjAjmZbWdjg\!
)]YZA^ƒ\Z!)](%YZ7gjmZaaZhZi
*]YZEVg^h!6b^ZchZiA^aaZ#
)&`bYZHV^ci"9^‚"9ZhKdh\Zh
*)`bYZ8dabVg
+%`bYZBja]djhZ
&&%`bYZCVcXnZiHigVhWdjg\
6jidgdjiZh/6(*hdgi^ZI]Vccdj6(&
hdgi^Z7ja\cZk^aaZ
<VgZI<K/EVg^hGZb^gZbdciZc'])%#
GZb^gZbdci',`b!a^V^hdch|
AV7gZhhZeVgVjidXVgh]dgV^gZh
Y^hedc^WaZh|aÉD[ÒXZYZIdjg^hbZ#
???d\eid[_][
i‚a#%-.&+,--'*%!(%`II8$b^c#
lll#aVWgZhhZ#cZi
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
?M[XYWc
lll#aVWgZhhZ#aVWZaaZbdciV\cZ#Xdb$
lZWXVb#e]e
'
'
7gZhhZ=d]cZX`
AV
.%%b"&(*%b>mmm$bWXh[ii[$d[jšmmm$bWX[bb[cedjW]d[$Yec
AV7gZhhZ=d]cZX`Y^hedhZYÉjc
YdbV^cZ\gVcYh`^!YÉjcYdbV^cZ
^c^i^Vi^dcZiYÉjcZe^hiZajY^fjZ!
hVchdjWa^Zg!jchiVYZYZhaVadb#
8ZhdciYdcX*%`bhjg(-e^hiZh
Ydi‚ZhYZ,i‚a‚h^ƒ\ZhZi&*
i‚a‚h`^hfj^kdjhViiZcYZci!
‚fj^e‚heVgV^aaZjghYZ'-'XVcdch
|cZ^\Z]VjiZbZcieZg[dgbVcih
edjg\VgVci^gjcZ\a^hhZdei^bVaZ#
;gZZEVhhidjiXdc[dgi#
:mXajh^k^i‚igƒhegVi^fjZ!
aZ;gZZEVhhZhijcZXVgiZ|ejXZ
V^h‚bZcigZX]Vg\ZVWaZVjm
XV^hhZh!k^V>ciZgcZi!k^V>e]dcZdj
eVgi‚a‚e]dcZ#Idjih^beaZbZci
gVc\‚ZYVchjcZedX]Z!ZaaZkdjh
aV^hhZaZhbV^cha^WgZh#:aaZ
eZgbZiVjhh^YZadjZg!YVchaZh
Wdji^fjZhVje^ZYYZhe^hiZh!idji
aZbVi‚g^ZaZiaZhk„iZbZcihYdci
kdjhVkZoWZhd^c/eVciVadc!
VcdgV`!\Vcih!hdjh"ejaadjb„bZ
XVaZdcadc\½EVg‚edjgaÉZmead^i
8djeYÉÃ^aZciZbehg‚Za/YZej^h
X]Zokdjh![V^iZhjchVji|AV
7gZhhZ"=d]cZX`!jcZLZWXVb
eVcdgVb^fjZZhi^chiVaa‚ZVj
hdbbZiYÉ6gi^bdci
GVcYdcc‚ZhgVfjZiiZh
VXXdbeV\c‚ZheVgYZh
egd[Zhh^dccZah#
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/*%`b
+
')
''
'
-
'+
-
'
(.(
'
'
h`^VjgdgZ|eVgi^gYZ+]YjbVi^c
aZhlZZ`ZcYh!h`^cdXijgcZYZ
&,]|'']aZhbVgY^h!kZcYgZY^h!
hVbZY^hZiY^bVcX]Zh]dgh
kVXVcXZhZiidjhaZhhd^gheZcYVci
aZhkVXVcXZh#JcYdbV^cZ
^c^i^Vi^dc#HiVYZYZhaVadb#
Ia_dehZ_gk[
*%`bWVa^h‚hYVb‚h
(
Be_i_hid[_][
'
wfj^eZbZcih/
(
(
9‚eVgiYZhe^hiZhYZh`^YZ[dcYVj
e^ZYYZaVhiVi^dckZghaZegZb^Zg
ZheVXZcdgY^fjZYjBVhh^[YZh
Kdh\Zh/AV7gZhhZA^heVX]*%`b
YZe^hiZhWVa^h‚ZhZiYVb‚Zh
gZa^‚ZhVjmYdbV^cZhYZ
<‚gVgYbZg"Mdcgjei"Adc\ZbZg#
xYeb[Z[Ia_<hWd‚W_i
i‚a#%('.'*)&*+
EVhhV\ZYZiZhih
lll#Zh["aVWgZhhZ#Xdb
7YYecfW]dWj[khi[dcedjW]d[
™7jgZVjBdciV\cZ=VjiZh"Kdh\Zh
i‚a#%+-*%,&(%+
lll#Wb]k#Xdb
'
CdjkZaaZaj\Z)hV^hdchHX]a^iiZ
BdjciV^cœ
IƒYkh_jƒZ[if_ij[i
EdhiZYZhZXdjgh/
i‚a#%('.'*+---
:c[Vcih
8gƒX]ZVje^ZYYZhe^hiZh#
;^acZ^\Z!iVe^hgdjaVci!_VgY^cYZh
cZ^\Zh:H;#
;dgbjaZh`^ \VgYZg^ZYƒh)Vch
;dgbjaZAjYdcZ^\Zh`^ VXi^k^i‚h
|aV_djgc‚ZVkZXgZeVhdj|aV&$'
_djgc‚Z!VkZXaÉD98KA#
8djghhe‚X^ÒfjZh|eVgi^gYZ(Vch#
6je^ZYYZhe^hiZh
AdXVi^dcYZbVi‚g^Za/
i‚a#%('.'*+%*.
=‚WZg\ZbZciZi
gZhiVjgVcihhjgeaVXZ
G‚h^YZcXZYZ),VeeVgiZbZcih!
bZjWa‚hYZidjg^hbZ!&XVbe^c\
XVgVkVcZ^\Z!&XZcigZYZkVXVcXZh!
&gZhiVjgVcihZa["hZgk^XZ!&hcVX`
Zi'VjWZg\ZhhjgaZhe^hiZh#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZAV7gZhhZ
i‚a#%('.'*)&'.
ZbV^a/idjg^hbZ5aVWgZhhZ#[g
lll#aVWgZhhZ#cZi
8ZcigVaZYZg‚hZgkVi^dc
ZbV^a/gZhV5aVWgZhhZ#[g
?H[di[_]d[c[dji\eh\W_jih`^Vae^c
9dbV^cZAV7gZhhZ"=d]cZX`
i‚a#%('.'*+-,hiVi^dc#aVWgZhhZ5aVWZaaZbdciV\cZ#Xdb
lll#aVWZaaZbdciV\cZ#Xdb
CdjkZVji‚h/
™CdjkZVj[gdciYZcZ^\Z!
™CdjkZaaZg‚h^YZcXZYZ),
VeeVgiZbZcihVje^ZYYZhe^hiZh!
™CdjkZVjW}i^bZciVje^ZYYZh
e^hiZhadXVi^dc!gZhiVjgVci!WVg!
Wdji^fjZh!XV^hhZh!###!
™CdjkZaaZe^hiZYZaj\Z)hV^hdch
HX]a^iiZBdjciV^cœ!
™CdjkZaaZe^hiZDEDJ6A6C9
ZheVXZYZ\a^hhZajY^fjZY‚Y^‚
VjmZc[Vcih!
™CdjkZaaZXgƒX]Z!
™CdjkZVjH`^h]dedca^cZ
g‚hZgkVi^dcYZbVi‚g^ZaYZh`^
hjglll#aVWZaaZbdciV\cZ#Xdb
™8daaVi^dcd[[ZgiZedjgidjiVX]Vi
YÉjc[dg[V^icdXijgcZ&,]$'']
VkVci&.](%
')
)
9dbV^cZ
(
HX]ajX]i
AV
&&(.b"&')+b
IgVY^i^dccZaed^ciYZeVhhV\Z!
aZXdaYZaVHX]ajX]i!h^ij‚hjg
aVXdbbjcZYjKVai^c!ZiYdciaZ
cdbh^\c^ÒZ»\dg\Z¼ZcVaaZ"
bVcY!gZa^ZaVg‚\^dcYZhAVXh|
aVkVaa‚ZYZBjchiZg#
6kZXhZh&&(.bYÉVai^ijYZ!XÉZhi
aZXdaaZeajh‚aZk‚YjbVhh^[!
ZiaVeajhVcX^ZccZhiVi^dc
YZhKdh\ZhVkZX!Yƒh&.%*!
aÉdg\Vc^hVi^dcYZXdbe‚i^i^dch#
AVhiVi^dc[jiZcXdgZe^dcc^ƒgZ
VjY‚WjiYZhVcc‚Zh*%ZcVX"
XjZ^aaVciaZ&Zgi‚a‚h`^YjbVhh^[#
6cdiZgjcZgZhigjXijgVi^dcZi
jcZbdYZgc^hVi^dcYjh^iZhdci
|aɂijYZ#
Ia_Wbf_d
E^hiZh/)`b
(
'
7YYecfW]dWj[khi[dcedjW]d[
™GZ[j\ZYjHdig‚
i‚a#%('.''&(.,
lll#gZ[j\ZYjhdigZ#Xdb
Be_i_hid[_][
6je^ZYYZhe^hiZh
'adXVi^dchYZbVi‚g^Za
8]VaZihVhhdX^Vi^[h|egdm^b^i‚
']iZah"gZhiVjgVcih!
&gZhiVjgVci
'
8i‚egVi^fjZ
wfj^eZbZcih/
(
i‚a#%('.+(%*',
=‚WZg\ZbZciZi
gZhiVjgVcih
6Xi^k^i‚hcZ^\Z
'
xYeb[Z[Ia_<hWd‚W_i
)
'
Ia_dehZ_gk[
&e^hiZYVb‚ZZiWVa^h‚Z
hjgaVgdjiZYZh8g„iZh!a^V^hdc
VkZXaVhiVi^dcYjAVX7aVcX
-,%b"&'%%b>mmm$b_ifWY^$Yec
>mmm$bWXh[ii[$d[j
A^heVX]ZhiX‚aƒWgZedjghdcaVX!
gZbVgfjVWaZZchZbWaZidjgWZjm
YZ&%]V#HiVi^dc[Vb^a^VaZYZ
h`^Vae^c!aZYdbV^cZYZaV
7gZhhZ"A^heVX]ZhiVkVciidji
aZegZb^ZgZheVXZcdgY^fjZYj
BVhh^[YZhKdh\ZhVkZXjcZodcZ
YÉ^c^i^Vi^dc!jcCdgY^XÉEVg`!jc
hiVYZ^ciZgcVi^dcVaYZW^Vi]adc!
YZhVWg^hYZXdck^k^Va^i‚½
6jidiVa!*%`bYZe^hiZh
cdgY^fjZhidjhc^kZVjmgZa^‚Zh
VjmYdbV^cZhYZ<‚gVgYbZg$
Mdcgjei"Adc\ZbZg!YZhX^gXj^ih
WVa^h‚hedjgaVgVcYdcc‚ZZc
gVfjZiiZh!Ydci&eVnVciWVa^h‚
W‚c‚ÒX^VciYZhhZgk^XZhYZ
hZXdjgh!YZhhZci^Zghe^‚idch!
YZjme^hiZhYZaj\Z½EdjgaZh
he‚X^Va^hiZhYjeVhYZeVi^cZjg!
aÉZchZbWaZYjYdbV^cZZhi
igVX‚Zch`Vi^c\#JcZcdjkZaaZ
jh^cZ|cZ^\ZZiaÉZmiZch^dc
YZaÉZccZ^\ZbZciYZhe^hiZh
cdgY^fjZhhZgdcig‚Va^h‚Zh|
WgƒkZ‚X]‚VcXZ#
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/*`b
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZAV7gZhhZ
i‚a#%('.'*)&'.
lll#aVWgZhhZ#cZi
wfj^eZbZcih/
?H[di[_]d[c[dji\eh\W_jih`^Vae^c
Ia_dehZ_gk[
(
'(
(
+
i‚a#%('.+(&&([Vm/%('.''(.%,
xYeb[Z[Ia_<hWd‚W_i
:XdaZYZh`^YZ[dcYZiVae^c
i‚a#%+-%'**.(+
lll#Zh["aVWgZhhZ#Xdb
7YYecfW]dWj[khi[dcedjW]d[
™7jgZVjBdciV\cZ=VjiZh"Kdh\Zh
i‚a#%+-*%,&(%+
lll#Wb]k#Xdb
Be_i_hid[_][
:c[Vcih
:heVXZh^c^i^Vi^dch`^Vae^cZih`^
YZ[dcY#E^hiZYZaj\Zg‚hZgk‚Z
Vjmbd^chYZ+Vch
6je^ZYYZhe^hiZh
=‚WZg\ZbZciZi
gZhiVjgVcih
GZhiVjgVcihZa["hZgk^XZ!
&]iZa"gZhiVjgVci|egdm^b^i‚#
8i‚egVi^fjZ
'
'
9dbV^cZYj8daYZaVHX]ajX]i/
hiVi^dc#aVhX]ajX]i5aVWZaaZbdciV\cZ#Xdb
'*
AV7gZhhZ"A^heVX]
*%`b!odcZYÉ^c^i^Vi^dc!
CdgY^XÉEVg`!hiVYZYZW^Vi]adc#
?9edjWYj
D[ÒXZYZIdjg^hbZYZAV7gZhhZ
i‚a#%('.'*)&'.
lll#aVWgZhhZ#cZi
?H[di[_]d[c[djiia_Wbf_d
i‚a#%('.'*)')*
lll#a^heVX]#Xdb
?H[di[_]d[c[djiia_dehZ_gk[
i‚a#%('.'*)&'.
lll#aVWgZhhZ#cZi
* + (
) ,
+
HVkVci
AZEVX`Ad^h^gh;Vb^aaZ
aZcdb»8dgc^bdci¼!VeeVgj|
aɂedfjZYZ8]VgaZbV\cZ![V^i
Vaajh^dc|jcZXdgcZYZX]VhhZ
fjZaÉ:beZgZjgVjgV^i!Y^i"dc!
eZgYjZdjYdcc‚Z#
KdigZeVhhZedgia^WZgi‚
Bjai^ea^ZoaZheaV^h^ghhVchXdbeiZgG‚hZgkZokdigZ]‚WZg\ZbZci
hjglll#aVWgZhhZ#cZiZiegdÒiZoYZidjhaZhVkVciV\ZhYjEVX`
Ad^h^gh;Vb^aaZ6kZXXZEVX`!eZi^ihZi\gVcYhW‚c‚ÒX^ZciZcidjiZ
a^WZgi‚YÉjcVXXƒh^aa^b^i‚Zi\gVij^iVjXdbeaZmZe^hX^cZ"ad^h^gh!|hdc
ZheVXZ[dgbZVkZXhVjcVZi]VbbVb!|aVeVi^cd^gZ!VjYdbV^cZYZ
h`^YZ[dcY#<gVij^ihVjhh^!aZhigVchedgihZcWjh_jhfjÉVjmYdbV^cZh
h`^VWaZhZiaZidedYZhX^gXj^ihgVfjZiiZh|Y‚Xdjkg^gZc[Vb^aaZ
8dcY^i^dchY‚iV^aa‚Zh!
gZchZ^\cZbZcihZig‚hZgkVi^dch/
*
D[ÒXZYZIdjg^hbZ
ZiAd^h^ghYZAV7gZhhZ
i‚a#%('.'*)&'.
lll#aVWgZhhZ#cZi
AV7gZhhZ"7gVWVci
9dbV^cZ
--%b"&%,%b
EZi^iZhiVi^dc[Vb^a^VaZYZh`^
Vae^c!h^ij‚ZVj8daYj7gVWVci!
ZcigZAV7gZhhZZi8dgc^bdci#
AV7gZhhZ"7gVWVciZhiVjhh^
jced^ciYZY‚eVgi^Y‚Vaedjg
YÉ^cdjWa^VWaZhgVcYdcc‚Zh#
HjgeadbWVciaZk^aaV\ZYZAV
7gZhhZ!dcY‚XdjkgZaZhVaeV\Zh
eVghZb‚hYZ[ZgbZhZiYZ
X]VaZih#9VchaZhZXiZjgYZaV
i„iZYZh8dgWZVjm!dcVeZgd^i
aZh‚i^cXZaVcihWVaadchYZh
Kdh\Zhfj^hZeg‚hZciZci!^X^!
hdjhaZjgkZghVciZchdaZ^aa‚#
AZaVXhdbcdaZhdjhhV
XVgVeVXZYZ\aVXZ½
9jXi‚YZ8dgc^bdci!aV
kjZdjkgZhjgYZhjeZgWZh
eVcdgVbVhhjgeadbWVciaV
kVaa‚ZYZMdjaXZh#Eg‚X^Zjm
^chiVcihYZgZhhdjgXZbZci
]dghYjiZbeh½
Ia_Wbf_d
)
6je^ZYYZhe^hiZh
=‚WZg\ZbZciZi
gZhiVjgVcih
'gZhiVjgVcih!
&]iZa"gZhiVjgVci8Ve;gVcXZ!
bZjWa‚hYZidjg^hbZ#
8i‚egVi^fjZ
?9edjWYj
™D[ÒXZYZIdjg^hbZ
YZAV7gZhhZ
i‚a#%('.'*)&'.
lll#aVWgZhhZ#cZi
',!gjZ(Z9#>#6
--%%%8DGC>BDCI
(
)
wfj^eZbZcih/
'
™D[ÒXZYZIdjg^hbZ
YZ8dgc^bdci
6Xi^k^i‚hcZ^\Z
'.
;ifWY[dehZ_gk[
)
OdcZhcdl`^iZVj
hdbbZiYjYdbV^cZ
)
'
i‚a#%('.')&'&,
^c[d5di"Xdgc^bdci"kdh\Zh#cZi
lll#di"Xdgc^bdci"kdh\Zh#cZi
?H[di[_]d[c[dji\eh\W_jih`^Vae^c
i‚a#%('.'*+%)(
%+-&+,.(-lll#aVWgZhhZ"WgVWVci#Xdb
,
AZ8]VaZiYj=VjiYZh7ajX]Zh
B^c^eg^m!bVm^Xdck^k^Va^i‚#
H^ijVi^dceg^k^a‚\^‚ZVjY‚eVgiYZhX^gXj^ihgVfjZiiZhZi|)`b
YZhe^hiZhYZAV7gZhhZ"=d]cZX`!aZ8]VaZiZhiYZhhZgk^!eZcYVci
aZhkVXVcXZhhXdaV^gZh!eVgaZ7jh=^kZgcVafj^XdcYj^i_jhfjÉVjm
YdbV^cZhh`^VWaZhZcidjiZh‚g‚c^i‚#&(X]VbWgZhYZ'|+a^ih!
YZgc^ƒgZbZcig‚cdk‚Zh!eZjkZciVXXjZ^aa^g_jhfjÉ|*%eZghdccZh#8Zi
]‚WZg\ZbZciVaa^ZY‚iZciZZiXdc[dgiYVchjcZVbW^VcXZXdck^k^VaZ#
6kZXhZhV\g‚bZcih?ZjcZhhZZiHedgihZi:YjXVi^dccVi^dcVaZ!^a
Xdck^ZcieVg[V^iZbZci|aÉVXXjZ^aYZh\gdjeZh!‚kZcijZaaZbZciZc
eZch^dcXdbeaƒiZ#EdjgaZh^cY^k^YjZah!^ad[[gZVjX]d^mYZh[dgbjaZh
»cj^iZieZi^iY‚_ZjcZg¼dj»YZb^"eZch^dc¼|eg^migƒhYdjm#
HjgeaVXZ
XVbe^c\ÄXVgVkVcZ^\ZÄZheVXZXVbe^c\XVghÄadXVi^dcX]VaZi)$*eZghdccZh
AZ=VjiYZh7ajX]Zh
*gdjiZYZhEaVcX]Zh
--'*%A67G:HH:
i‚a#%('.'*+)-%
lll#]VjiYZhWajX]Zh#Xdb
'+
9Zhi^cVi^dc<‚gVgYbZg
-
<‚gVgYbZg
+++b"&&*%b>mmm$][hWhZc[h$d[j
HiVi^dcidjg^hi^fjZg‚eji‚Z!
<‚gVgYbZgZhifjVa^҂Z!|_jhiZi^igZ!
YZ»EZgaZYZhKdh\Zh¼#C^X]‚Z
ZcigZbdciV\cZhZidejaZciZh[dg„ih
YZhVe^ch!aVk^aaZYd^icdiVbbZci
hVcdidg^‚i‚|hdcaVXYZ&&+]V!
aÉjcZYZheajh\gVcYZhZiYZheajh
WZaaZhgZiZcjZhYÉZVjcVijgZaaZ
YjBVhh^[!hV^h^hhVcikZhi^\ZYZ
aɂedfjZ\aVX^V^gZ#AVa‚\ZcYZ
gVXdciZfjZ8]VgaZbV\cZk^ci
X]VhhZgYVchaZhhdjh"Wd^h\^WdnZjm
Zck^gdccVcih#Idj_djghhj^kVciaV
igVY^i^dc!aVk^aaZYd^i!Y^i"dc!hdc
cdb|<‚gVgYYÉ6ahVXZ&%')"&%,%!
YjXYZAdggV^cZ!fj^ÒiW}i^g^X^jcZ
idjg[dgi^҂Z!W^ZciiVeeZa‚Z
»<‚gVgY"bZ^m¼!aVbV^hdcYZ
<‚gVgY#Adk‚ZVjXÃjgYZaVkVaa‚Z
YZhAVXh!aVX^i‚adggV^cZVjeVhh‚
egZhi^\^ZjmXdbeiZVj_djgYÉ]j^
egƒhYZ&%É%%%]VW^iVcih#
',
<‚gVgYbZgd[[gZ!idjiZaÉVcc‚Z!
hZhX]VgbZhh^c\ja^ZghVjm
VbdjgZjmYZaVcVijgZZiYj\gVcY
V^g#AÉ]^kZg!aZYdbV^cZh`^VWaZ
Vae^cYZaVBVjhZaV^cZ"8]VjbZ
;gVcX^h"<gdjkZa^c!XdbWaZaZh
VYZeiZhYZidjiZhaZhY^hX^ea^cZh/
h`^Vae^c!]VcY^h`^!hcdlWdVgY!
cdjkZaaZh\a^hhZh!ZiXdbeiZjc
eVgXdjghcdbb‚»aÉ:hXVg\di
WaVcX¼fj^egdedhZVjmVbViZjgh
YZegdbZcVYZhgdbVci^fjZh
'X^gXj^ihYZ)|-`b#E^hiZh
‚XaV^g‚ZhZihdcdg^h‚ZhedjgaZh`^
cdXijgcZ#EdjgkdjhhjgegZcYgZ
Zikdjh‚idccZg/kdjhedjkZo
‚\VaZbZciegVi^fjZg/aÉZhXVaVYZ
YZXdjad^ghYZcZ^\Z!aVgZbdci‚Z
YZgj^hhZVjm\Za‚hZiYZXVhXVYZh
YZ\aVXZ!hdjhaVXdcYj^iZYÉjc\j^YZ
YZ=VjiZBdciV\cZ#
¿aVgZcXdcigZYÉjc
iZggd^g[VhX^cVci½
EdjgaZhVbViZjghYZ
hZchVi^dch^cViiZcYjZh!
YZhgVcYdcc‚ZhZcX]^Zch
YZigVˆcZVjmhdci‚\VaZbZci
|edgi‚ZYZbV^c#<‚gVgYbZg
Zhi‚\VaZbZcijcZhiVi^dc
cdgY^fjZVkZXjcYdbV^cZ
YZh`^YZ[dcYeZgbZiiVciaV
egVi^fjZYjh`Vi^c\djYjh`^
XaVhh^fjZ!jceVgXdjghajY^fjZ
edjgaZhZc[Vcih!jcZe^hiZYZ
aj\Z!YZcdbWgZjm^i^c‚gV^gZh
gVfjZiiZhӂX]‚h#
CÉdjWa^dcheVhZcÒcjc
XdbeaZmZhedgi^[igƒhXdbeaZi
VkZXeVi^cd^gZ!e^hX^cZ!iZcc^h!
hVjcV!Wdla^c\½6jiVciYZ
eaV^h^ghidc^fjZh|Xdc_j\jZg
VkZXaVY‚XdjkZgiZYÉjc
eVig^bd^cZadXVaeVhh^dccVci½
8^i‚kdadci^Zghhedgi^kZ!
<‚gVgYbZgZhiVjhh^k^aaZYZ
XjaijgZVjmbjai^eaZhViigV^ih
ZiVjmcdbWgZjma^ZjmYZk^h^iZ/
Zmedh^i^dch!bjh‚Zh½#
:aaZdg\Vc^hZÒc_Vck^Zg!Y‚Wji
[‚kg^Zg!aZ[Zhi^kVaYjÒab
[VciVhi^fjZ0;VciVhi^XVgih#
¿eg^k^a‚\^ZgVjhh^!aVgZcXdcigZ
VkZXaZhVgi^hVchadXVjm/edi^Zgh
djhVWdi^Zgh![VWg^XVcihYZ_djZih
ZcWd^h!egdYjXiZjghYZeZi^ih
Xgjh!YZb^ZadjYZWdcWdchYZh
Kdh\Zh½6kVciYZXdcXajgZ!
edjgfjd^eVh!eVgjcZYZhXZciZ
VjmÓVbWZVjm!jcZZhXVeVYZ
ZcY^hXdi]ƒfjZ!YVchjcWVgdj
VjXVh^cd½
-
8i‚egVi^fjZ
8i‚
8
i‚e
egV
Vi^
i^fjZ
XVhXVYZhYZ\aVXZ!
gZbdci‚ZYZgj^hhZVjm\Za‚h#
8]^ZchYZigVˆcZVjm|&%`b#
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/)%`b
-
*
-
(
wfj^eZbZcih/
(
',
)
'
'&-
'
'
]VcY^h`^
lll#h`^"\ZgVgYbZg#Xdb
Ia_dehZ_gk[
(%`bWVa^h‚hYVb‚h
(
(
(
ZcXaVhh^fjZZih`Vi^c\#
&eVgXdjghajY^fjZZc[Vci!&hiVYZ
YZY‚eVgiZcVai^ijYZedjgaZh
Xdbe‚i^i^dch#9dbV^cZgZa^‚Vj
YdbV^cZYZh(h^iZh<‚gVgYbZg!
MdcgjeiZiAV7gZhhZhd^i&%%`b
YZe^hiZhigVX‚ZhZiWVa^h‚Zh#
i‚a#%('.+('.&'"%('.+%+%+%
lll#k^aaZ"\ZgVgYbZg#[g
xYeb[Z[Ia_<hWd‚W_i
i‚a#%('.+((('(h`^Vae^c
lll#Zh["\ZgVgYbZg#[g
EVhhV\ZYZiZhih
i‚a#%('.+()&.'h`^cdgY^fjZ
7YYecfW]dWj[khi[dcedjW]d[
™8^ZYZh6XXdbeV\cViZjgh
i‚a#%+',%(+)%%"%('.+%-+&'
lll#gVcYd"\ZgVgYbZg#[g
™E^ZggZ<j^YVi
i‚a#%+-&-%&*)'
ZbV^a/\j^YVie^ZggZ5[gZZ#[g
]iie/$$\j^YVie^ZggZ#[gZZ#[g
Be_i_hid[_][
]
(
Hdgi^ZhgVfjZiiZhVkZXYZh
VXXdbeV\cViZjghZcbdciV\cZ!
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/&HjgaZYdbV^cZh`^VWaZ/
i‚a#%('.+%%)%*
HjgaZYdbV^cZYZh`^YZ[dcY/
i‚a#%('.+%'.&'
6Xi^k^iZhY^kZghZh
Ifehji[jbe_i_hi
8dbeaZmZhedgi^[YZad^h^gh
e^hX^cZ!eVi^cd^gZ!bjgYÉZhXVaVYZ!
hVjcV!'XdjgihYZiZcc^hXdjkZgih
9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
'X^c‚bVh!&Wdla^c\!&ajYdi]ƒ"
fjZ!&b‚Y^Vi]ƒfjZ!k^h^iZhYZ
egdYjXiZjghYjiZggd^geZi^ih
Xgjhkdh\^Zch!b^Za!WdcWdch
YZhKdh\Zh½!k^h^iZhYÉVgi^hVch
hVWdi^Zgh!_djZihZcWd^h!
e^ZggZh½!bjh‚ZhZiZmedh^i^dch
bjh‚ZYZaV[VjcZadggV^cZ!
Zmed"[dg„i!E^ZggZhYjBdcYZ½
7Yj_l_jƒiZ[ie_hƒ[
6c^bVi^dch/YZhXZciZhVjm
ÓVbWZVjmVj9dbV^cZYZaV
BVjhZaV^cZeZcYVciaZhkVXVcXZh
hXdaV^gZh_ZjY^hhd^gh#8Vh^cd/
bVX]^cZh|hdjh!gdjaZiiZ!WaVX`
_VX`!WVgh!Y^hXdi]ƒfjZh#
:c[Vcih
CZegVi^fjVcieVhaZh`^/
|<‚gVgYbZg!edjgaZhZc[Vcih
YZ(bd^h|*Vch#8^gXjhÉ@^Y/eVgX
g‚Xg‚Vi^[XdjkZgiedjgZc[Vcih
i‚a#%('.)&')+%
BV^hdcYZaV[Vb^aaZ
i‚a#%('.',&''%dj
]VaiZ\VgYZg^Z?ZVcBVX‚
i‚a#%('.+(&+'*
EgVi^fjVciaZh`^/aZ8ajWYZh
E^dj"E^dj:H;|eVgi^gYZ)Vch!
h!
hiV\Zh»EgZb^ƒgZh\a^hhZh¼
i‚a#%('.+((('(
6je^ZYYZhe^hiZh
CVkZiiZYjXZcigZ"k^aaZkZghaZ
YdbV^cZYZaVBVjhZaV^cZ!VXXƒh
h
\gVij^i#;dcXi^dccZidjhaZh_djgh
h
eZcYVciaZhkVXVcXZhhXdaV^gZhZi
Zi
Zi
jc^fjZbZciaZhhVbZY^hZi
Y^bVcX]Zh]dghkVXVcXZhhXdaV^gZh#
gZhh#
=‚WZg\ZbZciZi
gZhiVjgVcih
Ikhi_j[0(gZhiVjgVcihhjgaZh
e^hiZhYZh`^Vae^c!&VjWZg\Z
Vje^ZYYZhe^hiZhYZh`^YZ[dcY#
cY##
cY
¿<‚gVgYbZg/'-]iZah!
(%gZhiVjgVcih!&g‚h^YZcXZ
]iZa^ƒgZ!&VjWZg\ZYZ
bdciV\cZ!&[ZgbZVjWZg\Z!
)]‚WZg\ZbZcihYZ\gdjeZh!
&XVgVkVcZ^\Z!,X]VbWgZh
YÉ]iZhZiYZhadXVi^dch
hV^hdcc^ƒgZhYZidjiZcVijgZ/
X]VaZih!bV^hdch!
VeeVgiZbZcih!hijY^dh½
;dlWbbƒ[0*&]iZah!
&g‚h^YZcXZYZidjg^hbZ!
&k^aaV\ZYZkVXVcXZh!&VjWZg\Z
\Z
\Z
YZ_ZjcZhhZ!&'XVgVkVcZ^\Zh!
&.]‚WZg\ZbZcihYZ\gdjeZh!
&*X]VbWgZhYÉ]iZh!
&-VjWZg\ZhYZbdciV\cZZi
YZhadXVi^dchhV^hdcc^ƒgZhYZ
idjiZcVijgZ#&%)XdbbZgXZh
Zi)(gZhiVjgVcih#
EgZhiVi^dchZchiVi^dc
??
9 jWY
9ed
WYj
?9edjWYj
D[
D[Ò
[ÒXZ
XZ
ZYZ
Y Idj
Idjg^h
g^hbZ
bZ
D[ÒXZYZIdjg^hbZ
Y
YZ
<‚gVgY
<‚g
Vg bZg"Md
VgY
bZg
Zg"Md
" cg
cgjei
e
YZ<‚gVgYbZg"Mdcgjei
i‚
ii‚a
‚a#%('
# %('
( '.'
.','
,','
, ',
,
i‚a#%('.',',',
ZbV^a/^c[d5\ZgVgYbZg#cZi
ZbV^a/^
^c[d
c[d5\Z
5\ gV
5\Z
gVg
V YbZ
Yb
bZg#c
g cZi
Zi
lll#\ZgVgYbZg#cZi
l
lll
l#\Z
#\ gVggYbZ
YbZgg#c
cZi
8ZcigVaZYZg‚hZgkVi^dc
8Zc
8
ZcigV
Z
igVaZ
aZ
Z YZg‚h
g‚
‚hZggkVi^
‚hZgk
Vi^dc
^dc
YZ<‚gVgYbZg"Mdcgjei
YZ
YZ
<‚g
‚gVg
VgYbZg
VgY
b "Md
bZg
"Mdcgj
M gj
gjei
e
ei
i‚a#
ii‚a
‚a#/%
/%('.',','%('
( .'
. ,
,'
','
, lll#\ZgVgYbZg"gZhZgkVi^dc#cZi
lll
ll#\Z
\ZgV
gVggYb
YbZ
Zg"ggZhZ
ZhZgkV
gkV
Vii^d
dc#c
c#cZi
Zii
h`^Vae^c
h``^V
^ Vae c
^Vae^
c
?H[d
?H[di[_]d[c[dji\eh\W_ji
H[di[_
i[_]d[
]d
d[c[d
c[d
dji
i\eh
e \W_
\W_ji
j h`
ji
i‚a#%('.+%%)%*
i‚a#%
i‚a
#%('
( '.+
.+%%
+%%
% %)
)%*
)%
%*
lll#h`^"\ZgVgYbZg#Xdb
lll
ll#h`
#h`^"\
^ \ZgV
^"
ZgV
Zg
gVgYb
gYbZg#
gYb
Zg Xdb
?7YY„i
?7YY
7YYY„i
i
*% `bYZ
*%`bYZ8dabVg")%`bYÉ:e^cVa
YZ 8dabVg
bV )% `bYÉ:
bVg")
`b
b YÉ:
YÉ:e^c
e^cVa
e^c
Va
<VgZhI<KZigdji^ƒgZ
<Vg
V Zh
hI<K
I<KZi
I<K
Zigdjii^ƒgZ
Zi
i^ƒgZ//
XdggZhedcYVcXZheVgVjidWjhg‚\ja^Zgh
XdggZhed
edc
d YVc
Y XZh
X eV
eVgV
g jid
gV
jidWjh
Wjh
jhg‚
g‚\ja
g‚
\ja
ja^Zg
^Zgh
h
YjajcY^VjhVbZY^VjY‚eVgiYZh
Yj
Y
Yj
jajcY^
Y V
Y^
Vj
VjhV
hVbZY
hV
bZY^
bZY
^ Vj
Vj Y‚e
Y‚ Vg
Vgi
giY
YZh
\VgZhI<KYZGZb^gZbdci!:e^cVa!
\Vg
\V
\
Vg
V Zh
h I<K
<KYZ
YZGZ
YZ
GZb^g
GZ
b^g
b^gZbd
^ Zbd
bdci!
bd
ci!
i!:e
:e
:e
e^cV
^ a!
^c
HV^ci"9^‚"YZh"Kdh\ZhZi8dabVg#
H
HV
V^
V^ci"
i 9^‚
9 "YZ
Zh"K
h dh\
h\Zh
Z Zi
Zh
Zh
Zi 8da
8dabVg
b #
bVg
CVkZiiZhI<KYZej^haV\VgZYÉ:e^cVa
C
CVk
V ZiiZh
ZhI<K
<KYZ
Y e
ej^
j ha
h aV\
V\VgZ
VgZYÉ
gZYÉ:e^
:e
e^cVa
cVa
cVa
kZgh<‚gVgYbZgZiVjY‚eVgiYZ
kZg
kZ
Z h<‚gV
gVgYb
gV
g bZg
bZg
g Zi
i Vj
jY‚e
‚ VgiYZ
VgiiYZ
Z
<‚gVgYbZgkZgh:e^cVaaZhkZcYgZY^h!
<‚
<‚g
‚ VgYbZg
bZ kZ
Zgh
gh:e^
:e^
e cV
cVaaZ
cVa
aZhk
h ZcY
h
ZcYgZY
gZY^h!
^h!
h!
hVbZY^h!Y^bVcX]ZhZi[„iZh#
hVb
V ZY^
Y h!Y^b
Y^bVc
Y^b
VcX]Zh
VcX
]ZhZi
Zi[„iZ
Zi[„
iZh
Z #
"C
"
CVkZ
Vk iiZ
iZhI
iZ
hI<
hI
<K
<K
KVj
VjY‚e
Vj
Y‚eVgi
Y‚
VgiYZ
Vg
YZ
YZ<‚
<‚gVg
< gVg
<‚
gVgYbZ
YbZg
YbZ
g
"CVkZiiZhI<KVjY‚eVgiYZ<‚gVgYbZg
kZghaV\VgZYZHV^ci"9^‚"YZh"Kdh\Zh
kZg
Z ha
h aV\
\VgZYZ
VgZ
gZYZ
YZH
YZHV
HV^ci
^ci
c "9^
ci
"9^‚"Y
‚ YZh"
‚"Y
h""Kdh
Kd \Zh
\Zh
\Zh
aZh
hY^bVc
V X]Z
ZhZ
hZi[
[[„iZ
„i h
aZhY^bVcX]ZhZi[„iZh
>c[dh]dgV^gZhWjhg‚\ja^ZghZicVkZiiZh
>c[
[dh
d ]dg
dgV^g
dg
V^gZ
ZhWjh
ZhWjh
Wjhg‚
g‚\ja
g‚
\ja^Zg
\ja
^ZghZ
ZghZ
h Zic
Z cVkZ
VkZiiZ
iiZhh
iiZ
I<KVjegƒhYZaVA>KD
I<KVj
V egƒ
egƒhY
h ZaaVA
hY
V A>KD
Vji‚a
i‚a#%-%%%--%&%
a#%
%-%%
-%
%%%%--%
-%&%
&%
>c[dhkdnV\ZjghHC8;Vj(+(*
>c[
c dh
h kdn
d V\Z
\Zjgh
jghHC
HC ; Vj
HC8;
Vj(+
( (*
7jgZVjHC8;|<‚gVgYbZgYVchaZh
7
7jg
ZVj
jH
HC
C8;
8; |<
|<‚
‚gV Yb
‚gVgYb
YbZgYV
YVchaZh
aZh
adXVjmYZaÉD[ÒXZYZIdjg^hbZ
adXVjmYZ
ad
YZaÉ
aÉD[Ò
D[ XZ
D[Ò
XZY
YZIdj
YZ
Id g^hbZ
Z
6‚g
gded
de gih/H
gihh /HigVhWdjg\":cio]Z^b
Hig
igV
gVhW
Wdjg\":c
Wdjg
jg\
\":c
:cio]
io]Z^b
Z^
6‚gdedgih
&]
](%
(%!B
(%
Bja]
ja]djh
d hZ"7
Z 7}a
}aZ
}aZ&
Z
&
&](%
](%!
&](%!Bja]djhZ"7}aZ&](%!
:e^cVa"B^gZXdjgi&](%!8dabVg&]!
:e^
:
e cVa"B^
"B^
B gZXdjg
gZXXdjgi
i&](
](%!
](
%!
%
!8d
8d
8dabV
bV
Vg&
&] !
&]
CVcXn"BZio&](%#
C
CVc
VcXn"
Xn"BZi
B o&](
BZi
](%
%#
#
??d\
??d\eid[_][
?d\
d ei
id[
d[_][
][
[
i‚a#%-.&+,+&.%
i‚a
‚a#%
# -.
-.&+
&+,+
, +&.
&.%
% %!
%!''Ï$bc
%!''Ï$
%!'
%
'Ï$bc
'Ï$bc
c
lll#h`^"\ZgVgYbZg#Xdb
lll#h`
ll
lll
h`^"\
^"\ZgV
ZgVgYb
ZgV
YbZg#
bZg#Xdb
Xd
Xdb
D[ÒXZYZIdjg^hbZ
D[Ò
[ XZ
X YZ
Y Idj
I jg^h
g^hbZ
bZ
i‚a#%('.',',',
i‚
i‚a
‚a#%
# ('
#%
('.'
. ',','
, ', ',
lll#\ZgVgYbZg#cZi
lll
ll#\Z
#\ZgVg
gV YbZ
Yb
bZg#c
g#cZi
Zi
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
ll
lll
#Wj
W aaZi^c
WjaaZ
c"YZ
"Y
YZh"c
h"cZ^\
h"c
Z^\Zh#
Z^\
Zh#Xdb
Zh#
Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
lll
ll#bV
#bV
bV
Vhh^
h ["Y
["YZh"
Zh"k
h"kdhh\Zh
\Z #Xd
\Zh
db
'-
.
<‚gVgYbZg
ZiaZhhZgk^XZhXdbea^XZh#
DjigZhdcXVYgZ|cjaVjigZeVgZ^aZihdc^cdjWa^VWaZYdbV^cZh`^VWaZ!
<‚gVgYbZgkdjhg‚hZgkZYZhhZgk^XZh»eajh"eajh¼!eajhegdX]ZhZieajhXdbeaZih!
YZXZjmfj^[dciaZhh‚_djgheaZ^cZbZcig‚jhh^h#EgdÒiZo"Zc#
■G‚hZgkZoegZb^Zg
EgZcZoYZaÉVkVcXZ!hdnZoaZhegZb^ZghZi
XVeiZoaZhbZ^aaZjgZhdeedgijc^i‚h#8]Zokdjh!
hZgZ^cZbZci!X]d^h^hhZoZig‚hZgkZokdigZ
]‚WZg\ZbZciZikdhVXi^k^i‚hZcfjZafjZhXa^Xh#
AZh^iZlll#\ZgVgYbZg"gZhZgkVi^dc#cZi
eg‚hZciZYZbVc^ƒgZViigVXi^kZidjiZhaZhd[[gZh
YZh‚_djghYVchaVKVaa‚ZYZhAVXh#=iZahdj
X]VbWgZhYÉ]iZh!X]VaZihdjVeeVgiZbZcih!
hijY^dh!bdW^aZ]dbZhdjWjc\Vadlh###
8ÉZhikdjhfj^X]d^h^hhZoZcidjiZXdcÒVcXZ!
ZcidjiZa^WZgi‚#6kZXkdigZ]‚WZg\ZbZci![V^iZh
kdigZegd\gVbbZYZkVXVcXZheZghdccVa^h‚
Zig‚hZgkZoidjiZhkdhVXi^k^i‚h/[dg[V^ih
ZibVi‚g^ZaYZh`^!gVcYdcc‚ZhgVfjZiiZh
VXXdbeV\c‚Zh!VXXƒh|aVeVi^cd^gZZi
|aVe^hX^cZ!hd^chW^Zc"„igZZiHeVh###B„bZ
|Y^hiVcXZ!idjiZhi|Y^hedh^i^dc!|edgi‚ZYZ
bV^cedjgYZhkVXVcXZh]VjiZh‚g‚c^i‚#
8ZcigVaZYZG‚hZgkVi^dcYZaÉD[ÒXZ
YZIdjg^hbZYZ<‚gVgYbZg
i‚a#%('.',','-
lll#\ZgVgYbZg"gZhZgkVi^dc#cZi
'.
■AdjZobVa^cZih`^Zoa‚\Zg
KdnV\Zoa‚\Zg6je^ZYYZhe^hiZh!X]d^h^h^hhZo
ZiadjZoidjikdigZ‚fj^eZbZciYZh`^hj^kVci
kdhZck^ZhYjbdbZci#H`^h»Y‚iZciZ¼
dj»h`^eZg[dgbVcXZ¼!b^c^h`^h!hjg[h!
gVfjZiiZh!aj\Zh!X]VjhhjgZh!XVhfjZh###
EdjgXZiiZhV^hdc'%&%"'%&&!egdÒiZohjg
eaVXZYÉjcbVi‚g^ZaZci^ƒgZbZcicZj[#
9djWa‚\V\cVci/adXVi^dcYZkdigZbVi‚g^Za
kdigZ[dg[V^i_djgc‚Z#H`^CÉEVhhdjHcdl
CÉEVhh![dgbjaZVYjaiZdjZc[Vci"&)Vch!
XZhdciYZheVX`hidjiZcjcVkZX[dg[V^i
_djgc‚Z.$&,] h`^hdjhjg[ X]VjhhjgZh
djWddih#Edjgfjd^hÉZcXdbWgZg4
HiVi^dcYZaVBVjhZaV^cZ
i‚a#%('.+%%)%*
lll#h`^"\ZgVgYbZg#Xdb
■7dj\ZoeVhh^dcc‚bZci
K^kZoW^ZcgZchZ^\c‚ZiXdchiVbbZci^c[dgb‚
VkZXaÉDI#AZYdbV^cZh`^VWaZkdjhd[[gZYZ
cdbWgZjhZhVc^bVi^dchidjiVjadc\YZaV
hV^hdc/X]VaaZc\ZYZh=^kZgcVcih!YZhXZciZh
VjmÓVbWZVjmZi[ZjmYÉVgi^ÒXZ!Xdbe‚i^i^dc
YZh`^VXgdWVi^fjZ!h`^cdXijgcZhjgYZhe^hiZh
‚XaV^g‚ZhZihdcdg^h‚Zh###EdjgaÉVegƒhh`^!|
'bc!aZXZcigZ"k^aaZd[[gZXVh^cdZiX^c‚bVh!
gZhiVjgVcihZiWVghYÉVbW^VcXZ!Wdla^c\Zi
Y^hXdi]ƒfjZh_jhfjÉVjWdjiYZaVcj^i#:iYƒhaZ
eZi^ibVi^c!bVgX]‚hYZCd…adjYZhVgi^hVch!
bV\Vh^chYÉjh^cZiZmi^aZ!Zmedh^i^dch###
D[ÒXZYjIdjg^hbZYZ<‚gVgYbZg
i‚a#%('.',',',
lll#\ZgVgYbZg#cZi
.
/
8i‚egVi^fjZ
?9edjWYj}=ƒhWZc[h#Nedhkfj
D[ÒXZYZIdjg^hbZ
i‚a#%('.',',',
ZbV^a/^c[d5\ZgVgYbZg#cZi
lll#\ZgVgYbZg#cZi
/
MdcgjeiAdc\ZbZg
,%%b"&(%+b>mmm$nedhkfj#?ed][c[h$\h
¿*`bYZ<‚gVgYbZghZjaZbZci!
VjXÃjgb„bZYZaVkVaa‚ZYZh
AVXh!Mdcgjei"Adc\ZbZgVidjh
aZhX]VgbZhYÉjcZeZi^iZhiVi^dc
idjg^hi^fjZZi[Vb^a^VaZ#:cigZ
eaVcYÉZVjZi[dg„iYZhVe^ch!aZ
k^aaV\Zd[[gZidjhaZheaV^h^ghYZaV
bdnZccZbdciV\cZkdh\^ZccZ#
6kZXhdcYdbV^cZYZh`^YZ[dcY
gZa^‚VjmYdbV^cZhYZ<‚gVgYbZg
ZiYZAV7gZhhZ!Mdcgjei"Adc\Z"
bZgegdedhZ‚\VaZbZciYjh`^
Vae^c!jcigZbea^cYZhVji|h`^Zi
hcdlgjcVkZXgZbdci‚ZZciVe^h
gdjaVci|aV8]VjbZYZ
7VakZjgX]Z½>cdjWa^VWaZ
9dbV^cZgZa^‚Vj9dbV^cZYZh
(h^iZhhd^i&%%`bYZe^hiZh
WVa^h‚ZhZiigVX‚ZhXaVhh^fjZZi
h`Vi^c\#
6Xi^k^i‚hcZ^\Z
CZegVi^fjVcieVhaZh`^/
|Mdcgjei"Adc\ZbZg!BV^hdc
YZhEZi^ihYZMdcgjei!edjg
aZhZc[VcihYZ'bd^h|)Vch#
EgVi^fjVciaZh`^/8ajWYZhE^dj"
E^dj|<‚gVgYbZgYdbV^cZYZ
aVBVjhZaV^cZ!|eVgi^gYZ)Vch!
hiV\Zh»EgZb^ƒgZh\a^hhZh¼
Ia_Wbf_d¼B[Feb_½
E^hiZh/,`b
(
(
wfj^eZbZcih/
(
Ia_dehZ_gk[
&*`bWVa^h‚hYVb‚h
'
(
xYeb[Z[Ia_<hWd‚W_i
7YYecfW]dWj[khi[dcedjW]d[
kd^g<‚gVgYbZg
Be_i_hid[_][
'
HcdlgjcZi9‚kVaÉ`Vgi!
hdgi^ZhgVfjZiiZhVkZXYZh
VXXdbeV\cViZjghZcbdciV\cZ#
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/&-
:c[Vcih
6Xi^k^i‚hY^kZghZh
?Ifehji[jbe_i_hikd^g<‚gVgYbZg
?7Yj_l_jƒiZ[ie_hƒ[
&WVg|Mdcgjei
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
Bjh‚ZhZiZmedh^i^dchBjh‚ZYZaV
[VjcZadggV^cZ!E^ZggZhYjBdcYZ½#
6je^ZYYZhe^hiZh
=‚WZg\ZbZci
ZigZhiVjgVcih
EgZhiVi^dchZchiVi^dc
kVXVcXZhhXdaV^gZh
i‚a#%('.+(&*&+
?H[di[_]d[c[dji\eh\W_jiia_Wbf_d
BV^g^ZYZMdcgjei"Adc\ZbZg
i‚a#%('.+(%,')
ZbV^a/VXXjZ^a#bV^g^Z5mdcgjei#[g
?7YY„i
Ikhi_j[0.]iZah!&VjWZg\Z
YZ_ZjcZhhZ!&VjWZg\ZYZ
bdciV\cZ!(]‚WZg\ZbZcih
YZ\gdjeZh!(XVgVkVcZ^\Zh!
'X]VbWgZYÉ]iZhZiYZh
adXVi^dchhV^hdcc^ƒgZh/X]VaZih!
bV^hdch!hijY^dh!VeeVgiZbZcih#
;dlWbbƒ[0*&]iZah!&g‚h^YZcXZ
YZidjg^hbZ!&VjWZg\ZYZ
_ZjcZhhZ!&'XVgVkVcZ^\Zh!
&.]‚WZg\ZbZcihYZ\gdjeZh!
&*X]VbWgZhYÉ]iZh!&-Vj"
WZg\ZhYZbdciV\cZ!&[ZgbZ
VjWZg\Z!&k^aaV\ZYZkVXVcXZhZi
YZhadXVi^dchhV^hdcc^ƒgZh#&%)
XdbbZgXZhZi)(gZhiVjgVcih#
8ZcigVaZYZg‚hZgkVi^dc
i‚a#%('.',','ZbV^a/gZhV5\ZgVgYbZg#cZi
lll#\ZgVgYbZg"gZhZgkVi^dc#cZi
8]VaZiYZidjg^hbZYZMdcgjei
*`bYZ<‚gVgYbZg
<VgZhI<KZigdji^ƒgZh/XdggZhedcYVc"
XZheVgVjidWjhYjajcY^VjhVbZY^
VjY‚eVgiYZh\VgZhI<KYZGZb^gZ"
bdci!:e^cVa!HV^ci"9^‚!8dabVg#
>c[dhkdnV\ZjghHC8;Vj(+(*
>c[dhWjhVj%-%%%--%&%
7jgZVjHC8;|<‚gVgYbZg
adXVjmYZaÉD[ÒXZYZIdjg^hbZ#
6‚gdedgih/HigVhWdjg\":cio]Z^b
&](%!Bja]djhZ"7}aZ&](%!
:e^cVa"B^gZXdjgi&](%!8dabVg&]!
CVcXn"BZio&](%#
??d\eid[_][
D[ÒXZYZIdjg^hbZ<‚gVgYbZg"Mdcgjei
i‚a#%('.',',',
BV^g^ZYZMdcgjei"Adc\ZbZg
i‚a#%('.+(%,')
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
'/
'&
KVai^c
AZ
,*%b"&&(.b
6je^ZYYjXdaYZaVHX]ajX]i!
aZKVai^cZhijceZi^ik^aaV\Z
hZgZ^c!^Y‚VaZbZcih^ij‚|&'`b
YZ<‚gVgYbZgZi|&)`bYZ
aV7gZhhZ"=d]cZX`#A^ZjYZ
k^aa‚\^VijgZigƒheg^k^a‚\^‚!aZ
h^iZ^ck^iZ|YÉV\g‚VWaZhh‚_djgh
[Vb^a^Vjm#6jegd\gVbbZ!
cdbWgZjhZhegdbZcVYZh|e^ZY
djZcgVfjZiiZhVjhZ^cYÉjcZ
cVijgZeg‚hZgk‚Z!eVgb^YZh
Y‚XdghhdbeijZjm#AZhVYZeiZh
Yjh`^Vae^cdci!Zjm!aZX]d^mZcigZ
igd^hh^iZh/aZh=VjiZhCVk^ƒgZh!aV
HX]ajX]iZiaZ
<gVcYKVai^c"K^bWVg½GdnVa
6Xi^k^i‚hcZ^\Z
'
'
(
'
'
9dbV^cZYZaVHX]ajX]i
kd^ghiVi^dcYZAV7gZhhZ
Ia_dehZ_gk[
&e^hiZigVX‚Z!WVa^h‚ZZi
YVb‚ZYZ&*`bhjgaVgdjiZYZh
8g„iZh$8daYZaVHX]ajX]i
8ZcigZYZh`^YZ[dcY#
i‚a#%('.+%.&*)
'
8daYZaVHX]ajX]i
i‚a#%('.+(%*',
7YYecfW]dWj[khi[dcedjW]d[
8daYZaVHX]ajX]i
)
'
i‚a#%+,)('&'*.
Be_i_h
Be_i_hid[_][
(&
'
xYeb[Z[Ia_<hWd‚W_i
Ia_Wbf_d
9dbV^cZYZh=VjiZh"CVk^ƒgZh
'
9dbV^cZYj<gVcYKVai^c"K^bWVg
6Xi^k^i‚hY^kZghZh
8i‚egVi^fjZ
?Ifehji[jbe_i_hi
CdbWgZjmhZci^ZghYZ
gVcYdcc‚ZWVa^h‚hVjY‚eVgi
Yjk^aaV\Z#:fj^eZbZcihZi
hZgk^XZhY^hedc^WaZh|
<‚gVgYbZg!|&'`b
YZaVhiVi^dcYjKVai^c#
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
CdbWgZjhZhedhh^W^a^i‚hYZ
k^h^iZ|<‚gVgYbZg!
XdcÒhZg^Z|EaV^c[V^c\#
?7Yj_l_jƒiZ[ie_hƒ[
?9edjWYj
BV^g^ZYjKVai^c
i‚a#%('.+%.%%,
ZbV^a/bV^g^Z"aZkVai^c5lVcVYdd#[g
kd^g<‚gVgYbZg
6je^ZYYZhe^hiZh
gZhiVjgVi^dcgVe^YZ
VjK‚i^c‚
=‚WZg\ZbZci
AZKVai^c/']iZah"gZhiVjgVcih!
(gZhiVjgVcih!(\ˆiZhZi&\ˆiZ
YZ\gdjeZ#AZh=VjiZh"CVk^ƒgZh/
&]iZaVje^ZYYZhe^hiZh#
?H[di[_]d[c[dji\eh\W_jih`^Vae^c
9dbV^cZYZh=VjiZh"CVk^ƒgZh/
i‚a#%('.+%..))"%('.+%.*&%
ZbV^a/kZi^cZ5lVcVYdd#[g
lll#kZi^cZ#Xdb
9dbV^cZYj<gVcYKVai^c"K^bWVg/
i‚a#%('.+%.-++"%+-'&-,%',
ZbV^a/X]g^hi^Vc#WVgVYZa'5dgVc\Z#[g
lll#\gVcYkVai^c#[g
?7YY„i
&'`bYZ<‚gVgYbZg
6jidgdjiZh/6(*hdgi^Z8dabVg
<VgZhI<K/HV^ci"9^‚|(*`b
6‚gdedgih/HigVhWdjg\":cio]Z^b&](%
ZiCVcXn"BZio&](%
??d\eid[_][
i‚a#%('.+%.&*)"%-.&+,--'*
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
'(
')
'&
''
''
AZhBngi^aaZh
Edjgk^kgZjcZcVijgZbV\c^҂Z#
6jXÃjgYjEVgXCVijgZaG‚\^dcVaYZh7VaadchYÉ6ahVXZ!AZhBngi^aaZh
ZhijcX]VaZi^beaVci‚ZceaZ^cZcVijgZ#Hjgjc\gVcYiZggV^c!
|aÉdg‚ZYÉjcZ^bbZchZ[dg„i!^a_dj^iYÉjcZck^gdccZbZci^Y‚Vaedjg
YZeVhh^dccVcihh‚_djghYZeaZ^cV^g#AZX]VaZiVXXjZ^aaZYZhZc[Vcih
eZcYVciidjiZhaZhkVXVcXZhhXdaV^gZh#6jegd\gVbbZ/h`^Vae^c!
h`^YZ[dcY!igVˆcZVjm|X]^Zch###Cdjhdg\Vc^hdchVjhh^YZhkdnV\Zh
hXdaV^gZh‚YjXVi^[h!YZhXaVhhZhYZY‚XdjkZgiZh!YZhhiV\Zhhedgi^[h
djYZhlZZ`"ZcYhedjg\gdjeZhZi[Vb^aaZh#
GZigdjkZo"cdjhk^iZhjglll#[da"--#Xdb
')
K^kgZaVKVaa‚ZYZhAVXh
VkZXkdajei‚
AZh?VgY^chYZHde]^Z/G„kZYÉ]Vgbdc^Z#
A^\jZYZaÉ:chZ^\cZbZci-;DA"KVXVcXZhEdjgIdjh
&*GjZYj<‚c‚gVaYZGZ[[nZ
--%%%:e^cVa
i‚a#%('.+.+)+&$+'
:#bV^a/kei5[da"--#Xdb
7adii^YVchhdc‚Xg^cYZ[dg„ikdh\^ZccZ!aZYdbV^cZYZaV
Bd^cZVjY^ƒgZ!Zci^ƒgZbZcigZXdchigj^iÒc'%%+!egdedhZ('X]VbWgZh
fj^VhhdX^ZciZheg^i»bdciV\cZX]^X¼ZihinaZXdciZbedgV^c#
8VYgZ^Ynaa^fjZ!VbW^VcXZ[Zjig‚ZZigV[Òc‚Z!HeVZie^hX^cZXdjkZgiZ!
aZh?VgY^chYZHde]^ZZiaZjggZhiVjgVcikdjh^ck^iZci|hVkdjgZg
YZh^chiVcihYZejgZ]Vgbdc^Z!YZea‚c^ijYZgZigdjk‚Z#
GdjiZYjKVai^c
--)%%Mdcgjei"Adc\ZbZg$
<‚gVgYbZg
i‚a#%('.+((,&&
_VgY^chYZhde]^Z5XdbeV\c^Z"Y]Ya#Xdb
lll#]diZa"aZh_VgY^chYZhde]^Z#Xdb
7ZVjG^kV\Z/IdjhaZhW^Zc[V^ihYZaÉZVj#
'( H^iZYZcZ^\Z
AZ=VjiYjIiZiGdX]Zhhdc
B[>Wkj#Zk#JŽj
EZi^i]VbZVjine^fjZ!aZ
eajh‚aZk‚YjbVhh^[!aZ=Vji
YjIihZh^ijZ|&'`bYZ
<‚gVgYbZgZi,`bYZKV\cZn#
6-*%bYÉVai^ijYZhÉd[[gZci
(%`bYZe^hiZhZiYZhZci^Zgh
edjgaZh`^YZ[dcYZca^WZgi‚
ZiaVgVcYdcc‚ZgVfjZiiZ#Jc
Zck^gdccZbZci^Y‚Va!egde^XZ
VjmWVaVYZh]^kZgcVaZhZc
[Vb^aaZ!ad^cYZaV[djaZYZh
hiVi^dch#
HeY^[iied
:cigZ<‚gVgYbZg&&`b!
AV7gZhhZ&*`bZiKV\cZn
,`b!GdX]ZhhdcZhijc
k^aaV\Zfj^Xjai^kZXdck^k^Va^i‚
ZiYdjXZjgYZk^kgZ#AdghfjZ
aÉZccZ^\ZbZcicVijgZaaZeZgbZi!
aVb^c^"hiVi^dcYZhIgjX]Zh
d[[gZaVedhh^W^a^i‚YZ\d’iZgVjm
egZb^Zgh[g^hhdchYjh`^Vae^c0
^Y‚VaZVjhh^edjgaZhYZhXZciZh
|aj\Z#>X^!XZhdciaZhbZbWgZh
YÉjcZVhhdX^Vi^dcfj^VhhjgZci
aÉZcigZi^ZcYZhe^hiZhZiaVkZciZ
YZ[dg[V^ih#AZh`^cdgY^fjZeZji
hZegVi^fjZghjgjceVgXdjgh
Y‚XdjkZgiZegdX]ZYZaVhiVi^dc
VWg^|Y^hedh^i^dc#
HjgaÉZchZbWaZYZhXdbbjcZh
Yj7VcYZKV\cZn!aZh
VXXdbeV\cViZjghZcbdciV\cZ
hdci|aVY^hedh^i^dcYZh
eZghdccZhhdj]V^iVciW‚c‚ÒX^Zg
YZhdgi^Zh\j^Y‚Zh#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ7VcYZKV\cZn
i‚a#%('.')--+.
ZbV^a/d[ÒXZ5di"kV\cZn#[g
9‚a^X^ZjhZbZci^beaVci‚hjgaZhg^kZhYjaVXYZ<‚gVgYbZg!
aZgZcdbb‚7ZVjG^kV\Z!kdjhVXXjZ^aaZidjiZaÉVcc‚Z#
AVeajeVgiYZhZhX]VbWgZhZihj^iZhidjiXdbbZhZh'gZhiVjgVcih!
\Vhigdcdb^fjZZieVcdgVb^fjZ!YdccZcihjgaZaVX#HdcHeVZihV
e^hX^cZXdjkZgiZeZgbZiiZciYZegdÒiZg!ZcidjiZhhV^hdchZiZcidjiZ
h‚g‚c^i‚!YZhW^Zc[V^ihVeV^hVcihZigZk^\dgVcihYZaÉZVj#
:heaVcVYZYjaVX
--)%%<‚gVgYbZg
i‚a#%('.+('''WZVjg^kV\Z5XdbeV\c^Z"Y]Ya#Xdb
lll#]diZa"WZVjg^kV\Z#[g
AÉ=iZaYZaVEV^m/8]VgbZZih^bea^X^i‚#
6fjZafjZheVhYjaVXYZ<‚gVgYbZg!aÉ=iZaYZaVEV^mhZkZji
g‚hdajbZciVXXZhh^WaZ|idjh#6bW^VcXZ[Vb^a^VaZZiY‚XdcigVXi‚Z!
Zieg^dg^i‚|aVY‚iZciZ!YVchXZ(‚id^aZheaV^h^ggVndccVciYZX]VaZjg
ZiYZh^bea^X^i‚#6aVWgVhhZg^ZaÉ6ahVXZ!aÉVXXjZ^aZhihdjg^Vci0aZY‚Xdg!
X]VgbVci0aVXj^h^cZ!YZiZggd^gZiYZfjVa^i‚#Eg^k^aƒ\Zjai^bZ!
aÉ]iZaegdedhZ]VbbVbZihVjcVeg^kVi^[h#
+!VkZcjZYZaVK^aaZYZK^X]n
--)%%<‚gVgYbZg
i‚a#%('.+((-,aVeV^m5XdbeV\c^Z"Y]Ya#Xdb
lll#]diZaYZaVeV^m#[g
('
9Zhi^cVi^dcAVX7aVcX
'*
AVX7aVcX
.%%b"&'%%b>mmm$bWY#XbWdY$Yec
:hXVeVYZh\djgbVcYZh½
G‚eji‚ZedjghVYdjXZjgYZ
k^kgZ!aVKVaa‚[email protected]\
d[[gZb^aaZZijcig‚hdghVjm
Zheg^ihXjg^Zjm/jceVig^bd^cZ
VgX]^iZXijgVa‚idccVciYdciXZh
‚\a^hZhVaa^VciaZ\di]^fjZVj
gdbVc!XZiiZX]VeZaaZHV^ci
B^X]ZaZihdcVcX^ZcdhhjV^gZ!
YZhigVY^i^dchVji]Zci^fjZbZci
VahVX^ZccZhXdbbZXZh
X]VaZjgZjmbVgX]‚hYZCd…a!YZh
hdaa^X^iVi^dchVaa‚X]VciZhXdbbZ
XZBjh‚ZYZhZVjm"YZ"k^Zdj
XZiiZX‚aƒWgZgdjiZYZhk^ch
YÉ6ahVXZ½He‚X^Va^i‚hXja^cV^gZh
ZiegdYj^ihadXVjmhdci|
aÉ]dccZjgYVchaZhigƒhdg^\^cVaZh
[dgbjaZhYZh‚_djgh
8gdfÉiZggd^g½
((
AVhiVi^dcYjAVX7aVcXhZY‚ead^Z
idjiVjWdjiYZaVKVaa‚ZYZ
@VnhZghWZg\!ZcigZ.%%Zi&'%%b
YÉVai^ijYZ!edjgkdjhd[[g^gaZ
bZ^aaZjgYZhKdh\ZhVahVX^ZccZh#
JcZck^gdccZbZciZmXZei^dccZaZi
YZheVnhV\ZhhjWa^bZhYÉVWdgY!|
XdbbZcXZgeVgaZaVXaj^"b„bZ!YZh
e^hiZhYZh`^YZ[dcYeVgb^aZheajh
ViigVnVciZhYjbVhh^[!jcYdbV^cZ
h`^VWaZY^kZgh^҂edjghVi^h[V^gZ
idjiZhaZhViiZciZh!jc‚fj^eZbZci
eZg[dgbVciedjgjcZccZ^\ZbZci
\VgVci^!jceVig^bd^cZ^c‚ej^hVWaZ
ZijcZkgV^ZfjVa^i‚YZk^Z½
6jiVciYÉVidjihXdc_j\j‚hfj^[dci
YjAVX7aVcXjcZYZhi^cVi^dcVjm
bjai^eaZhViigV^ih#H^iZcVijgZa
gZbVgfjVWaZ!|&%*)bYÉVai^ijYZ!
aZAVX7aVcXV‚i‚XgZjh‚eVgjc
\aVX^ZgYVchaZ\gVc^iYjbVhh^[!^anV
eajhYZYdjoZb^aaZVch6j_djgYÉ]j^!
aZkVhiZX^gfjZ\aVX^V^gZV!Zc]^kZg
idjieVgi^Xja^ƒgZbZci!jcVheZXi
kgV^bZciheZXiVXjaV^gZVkZXhZh
eZciZhVWgjeiZhd‘hÉVXXgdX]ZjcZ
[dg„i!^X^!XaV^ghZb‚Z½6jidjgYZ
XZ»bdcjbZci¼|kd^gVWhdajbZci!
idjijcbdcYZY‚Y^‚|aV\a^hhZhdjh
idjhhZhVheZXih#H`^Vae^cYÉVWdgY
VkZXjcYdbV^cZfj^Vhjeg‚hZgkZg
hdcXVgVXiƒgZ[Vb^a^VaZihdc
VbW^VcXZ»WdcZc[Vci¼idjiZchZ
YdiVciYZh‚fj^eZbZcihaZheajh
g‚XZcih#&(e^hiZhidjhc^kZVjmYdci
(^aajb^c‚Zh!edjgk^kgZaZh`^_jhfjZ
iVgYYVchaVcj^i!.gZbdci‚ZhYdci
aZ&Zgi‚a‚h^ƒ\Z+eaVXZhY‚WgVnVWaZ
YjbVhh^[!eajhYZ&%%XVcdch|
cZ^\Z!jchiVYZYZhaVadbZijchcdl
eVgXYZheajhVXijZah!i‚a‚bVg`!XajW
E^djhE^djh½Hedgi^[hXdcÒgb‚h
djh`^ZjghY‚WjiVcih!VbViZjghYZ
Y‚ÒhdjYZh^beaZhhdgi^ZhZcigZ
Vb^h!^X^!XÉZhi|X]VXjchdcgni]bZ
ZihZhZck^ZhEgdedh^i^dcheajh
kVhiZhZcXdgZZcbVi^ƒgZYZh`^YZ
[dcYZiYZgVcYdcc‚ZhZcgVfjZiiZh#
9ZaVGdX]ZYjE^c|aÉ:iVc\Yj
9Zk^c!YZaVGdX]ZYZh;‚ZhVj
8daYj7dc]dbbZ!hjgaVbni]^fjZ
GdjiZYZh8g„iZh½EVgiZo|aV
Y‚XdjkZgiZYZ\gVcYhZheVXZh
cVijgZahedjgkdjhgZhhdjgXZg
dj_dj^gYÉjcZkjZjc^fjZhjgaV
;dg„iCd^gZ!aZh6aeZh7Zgcd^hZh½
6b^YZhX]^Zch!VbViZjgYZ
hZchVi^dch^c‚Y^iZh4Edjgkdjh!
jcZVXi^k^i‚dg^\^cVaZ/aÉ^c^i^Vi^dc
|aVXdcYj^iZYÉViiZaV\ZYZX]^Zch
YZigVˆcZVjm#
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/&)`b
+
(
'
+
wfj^eZbZcih/
'
)
.
'
'(&
'
'
Ia_dehZ_gk[
,-`bWVa^h‚hYVb‚h
)ac (.ac )*ac ')ac
,-`bYZe^hiZhYZh`Vi^c\
DehZ_gk[FWha
:heVXZajY^fjZedjgaVegVi^fjZYj
h`^cdgY^fjZ
:heVXZcdgY^fjZ/
6jWZg\ZYj7aVcXgjei
i‚a#%(-.,&',&&
lll#WaVcXgjei#Xdb
^c[d5WaVcXgjei#Xdb
:heVXZ6ae^c/
AVX7aVcXIdc^fjZ
i‚a#%(-.,&''-%
lll#aVX"WaVcX#Xdb
^c[d5aVX"WaVcX#Xdb
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(-.,&((&&
lll#Zh["aVXWaVcX#Xdb
ZbV^a/Zh[5aVX"WaVcX#Xdb
'*
7YYecfW]dWj[khi[dcedjW]d[
™8]Zb^chYjCdgY
AVXCd^g
i‚a#%(-.,&%%(,
lll#X]Zb^chYjcdgY#Xdb
XdciVXi5X]Zb^chYjcdgY#Xdb
Be_i_hid[_][
eVgXdjghYÉdg^ZciVi^dc
|h`^YZ[dcY
IƒYkh_jƒZ[if_ij[i
HZgk^XZhYZhe^hiZh
i‚a#%(-.,&(+%'
:c[Vcih
=VaiZ"\VgYZg^Zhjgg‚hZgkVi^dc
jc^fjZbZciYVchaVkVaa‚Z
edjgaZh(bd^h|+Vch
gZchZ^\cZbZcih|aÉD[ÒXZ
YZIdjg^hbZ#?VgY^cYÉZc[Vci
»7dja^¼dg\Vc^h‚eVgaÉ:H;
Yƒh)Vch#
6Xi^k^i‚hY^kZghZh
=‚WZg\ZbZci
8i‚egVi^fjZ
?Ifehji[jbe_i_hi
EVi^cd^gZ|8dabVg!e^hX^cZ
ajY^fjZZiXdjkZgiZ|@VnhZghWZg\#
Ikhi_j[0-gZhiVjgVcih!&]iZa!
(gZ[j\Zh!adXVi^dchYZbZjWa‚h
Zi\ˆiZgjgVjmhjgeaVXZ#
;dlWbbƒ[0(*]iZahYZidjiZh
XVi‚\dg^Zh!&'%X]VbWgZh
YÉ]iZh!\ˆiZhYɂiVeZh!
*XZcigZhYZkVXVcXZh!
&XVgVkVcZ^\Z!adXVi^dchYZ
bZjWa‚hZi\ˆiZhgjgVjm#
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZaVkVaa‚[email protected]\
Zi8ZcigVaZYZg‚hZgkVi^dc
WjgZVjYÉVXXjZ^a/
AVX7aVcX&'%%"8daYj8VakV^gZ
i‚a#%(-.,-'',ZbV^a/^c[d5`VnhZghWZg\#Xdb
lll#aVX"WaVcX#Xdb
lll#`VnhZghWZg\#Xdb
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
8^c‚bV|DgWZnidjhaZh
kZcYgZY^h!hVbZY^hZiY^bVcX]Zh#
Bjh‚ZYZhZVjm"YZ"k^Z!
bjh‚Z6aWZgiHX]lZ^ioZg!
BVgX]‚YZCd…a#
?7Yj_l_jƒi
8Vh^cd|G^WZVjk^aa‚!YZhXZciZ
VjmÓVbWZVjmaZhkZcYgZY^h
YjgVciaZhkVXVcXZhhXdaV^gZh!
Wdla^c\|8dabVg#IdjhaZhajcY^h
eZcYVciaZhkVXVcXZhhXdaV^gZh
Cd…aZi[‚kg^Zg/eZi^i"Y‚_ZjcZg
Vje^ZYYZhe^hiZhd[[Zgi#
6je^ZYYZhe^hiZh
EgZhiVi^dchZchiVi^dc
?7YY„i
YZ8dabVg/(%`b
YZHV^ci"9^‚"YZh"Kdh\Zh/(*`b
Gdji^Zgh/6(*hdgi^Z8dabVg
<VgZhI<K/8dabVgZiHV^ci"9^‚
eVgG9)&*
6‚gdedgih/HigVhWdjg\":cio]Z^b
-%`b!Bja]djhZ"7}aZ-%`b
??d\eid[_][
i‚a#%(-.,&''-%
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
?)M[XYWci
lll#aVX"WaVcX#Xdb
()
'+
'-
AVX7aVcX"KVaa‚[email protected]\
AZh
7V\ZcZaaZh
.%*b"&&'+b>mmm$b[iXW][d[bb[i$Yec
djaÉ]^kZgZc^ck^i‚igƒheg^k^a‚\^‚####
G‚eji‚edjghdcVgiYZk^kgZ!hV\Vhigdcdb^ZZihZheVnhV\ZhhɂaZkVci
YZhk^\cdWaZh_jhfjÉVjheZXiVXjaV^gZX^gfjZ\aVX^V^gZYjAVX7aVcX!
aVkVaa‚[email protected]\i^Zci|kdjhXdbWaZg#6egZjkZ!ZcigZVjigZ###
B[iiƒ`ekhi¼)3(½$
9jgVciidjiaÉ]^kZg!aZhXdjgihh‚_djghgVaadc\ZciXdbbZeVgZcX]VciZbZci#
Edjg'cj^iheVhh‚ZhYVchaVkVaa‚ZZiYZjm_djghYZh`^YVchaVhiVi^dc
YjAVX7aVcX!jcZ(ƒbZcj^iZijc(ƒbZ_djgkdjhhdcid[[Zgih#
8di‚egVi^fjZ
H‚_djgidjiXdbeg^h^cXajVci/(cj^ihZcX]VbWgZYÉ]iZdjZc]iZadj
VkZXeZi^iY‚_ZjcZg!([dg[V^ihYZh`^Vae^c#Edhh^W^a^i‚YZadXVi^dcYZbVi‚g^Za#
D[ÒXZYZIdjg^hbZ
(.!gjZYj<‚c‚gVaYZ<VjaaZ
+-')%@6NH:GH7:G<
i‚a#%(-.,-'',lll#`VnhZghWZg\#Xdb
lll#aVX"WaVcX#Xdb
OFFICE DE TOURISME
AZh7V\ZcZaaZhhdciYZej^h
idj_djghaÉjcZYZhedgiZhYj
bVhh^[YZh=VjiZhKdh\Zh#
AZh^iZfj^XdjkgZigd^hkVhiZh
Xg„iZh[dgZhi^ƒgZhd[[gZYZhkjZh
hV^h^hhVciZhhjgaZKVaYÉ6g\Zci!
EVnhYÉVgiZiYÉ]^hid^gZ#8i‚
h`^Vae^c!aZeZi^iYdbV^cZ|
Y^hedh^i^dcZhiigƒhVeeg‚X^‚YZh
VbViZjghYZXdck^k^Va^i‚hZgZ^cZ#
8i‚h`^YZ[dcY!aÉVXXƒhVjm
e^hiZh!WVa^h‚ZhZiZcigZiZcjZh!
ZhiidiVaZbZci\gVij^i#JcWZVj
g‚hZVjYÉ^i^c‚gV^gZhcdgY^fjZh
XdbWaZaZheVhh^dcc‚hYZ
gVfjZiiZhZiYZgVcYdcc‚Zh½
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/(!*`b
'
'
'
wfj^eZbZcih/
Ia_dehZ_gk[
))`bWVa^h‚hYVb‚h
HZgZhhdjgXZgeVhh^dcc‚bZci#
>Y‚VaedjgY‚Xdjkg^gaVgdjiZYZhk^chYÉ6ahVXZ!aÉ]iZahZigdjkZ|
hZjaZbZci&%[email protected]\ZiYZaVgdjiZYZh8g„iZh!|'%bc
YZ8dabVg#6aÉdg‚ZYZcdbWgZjhZhgVcYdcc‚ZhZibjh‚Zh!7d^haZ
H^gZ!kdjhd[[gZjcXdc[dgiVkZXe^hX^cZXdjkZgiZZiX]Vj[[‚ZidjiZ
aÉVcc‚Z!hVjcV!WV^cWdj^aadccVci!]VbbVb!hVaaZYZgZb^hZZc
[dgbZ!L^Ò\gVij^i###6k^hVjm\djgbVcYhZiVjm\djgbZih!aVXj^h^cZ
YZiZggd^gZhi!^X^!\‚c‚gZjhZZigV[Òc‚Z#
8i‚h‚YjXi^dc
BZci^dche‚X^VaZedjgYÉVaa‚X]Vcih»LZZ`"ZcYhHZciZjghYÉ6ahVXZ¼!
|Y‚iV^aaZg!|hVkdjgZgeVgVci^X^eVi^dchjglll#Wd^h"aZ"h^gZ#[g#
=iZaBdiZaGZhiVjgVci
»6j7d^haZH^gZ¼
'%gjZ8]VgaZhYZ<VjaaZ
+-(,%DgWZn
i‚a#%(-.,&'*'*
Wd^haZh^gZ5Wd^h"aZ"h^gZ#[g
lll#Wd^h"aZ"h^gZ#[g
(*
=‚WZg\ZbZci
7YYecfW]dWj[khi[dcedjW]d[
™BdciV\cZEVhh^dc>i^c‚gVcXZ
i‚a#%(-.*-*+)%
Ikhi_j[0'[ZgbZh"VjWZg\Zh!
'VjWZg\Zh!(gZ[j\ZhZi
]‚WZg\ZbZcihedjg\gdjeZh!
)X]VbWgZhYÉ]iZh#
;dlWbbƒ[0-]iZah!
&XVgVkVcZ^\Z!)XVbe^c\h!
eajh^Zjgh]‚WZg\ZbZcihedjg
\gdjeZhZicdbWgZjmbZjWa‚h
ZiX]VbWgZhYÉ]iZh#
Be_i_hid[_][
8i‚egVi^fjZ
hdgi^ZhVXXdbeV\c‚Zh!
iVWaZYÉdg^ZciVi^dc
?9edjWYj
D[ÒXZYZIdjg^hbZYjKVaYÉ6g\Zci
i‚a#%(-.*--%*%
ZbV^a/idjg^hbZ5kVaYVg\Zci#Xdb
lll#kVaYVg\Zci#Xdb
'ac ),ac ,ac
6j7d^haZH^gZ
?Ifehji[jbe_i_hi
E^hX^cZ!‚fj^iVi^dc!*^i^c‚gV^gZh
YÉ^ciZgeg‚iVi^dcZiYZY‚XdjkZgiZ!
ZheVXZKII";;8!gVcYdcc‚Zh½
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
AV^hhZo"kdjhXdciZgaZEVnh
YÉ6giZiYÉ]^hid^gZYjKVaYÉ6g\Zci
ZieVgiZo|hVY‚XdjkZgiZVjÒa
YZhZhbjh‚ZhBV^hdcYZEVnh!
Bjh‚ZHX^Zg^ZK^cXZci!Bjh‚Z
YZaɂXdaZ:X]Zgn!YZhZhb^cZh
YÉVg\Zci!YZhZhk^h^iZh\j^Y‚Zh!
YZhZhbVgX]‚hadXVjm[Zgb^Zgh
ZiVgi^hVcVjm!YZhdccdjkZVj
EVgXIdjg^hi^fjZIZaajgZ"b^cZh
YÉVg\Zci#K^kZoaVXjaijgZ
YVchaZKVaYÉ6g\Zci/X^c‚bV!
b‚Y^Vi]ƒfjZ½
?7Yj_l_jƒiZ[ie_hƒ[
7VghZigZhiVjgVcih!
[„iZhadXVaZh!XdcXZgih#
6je^ZYYZhe^hiZh
(
',
6Xi^k^i‚hY^kZghZh
E^hiZhYZh`Vi^c\/-`b#
>i^c‚gV^gZhYZh`^cdgY^fjZ
WVa^h‚hcdcYVb‚h/*+`b#
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
i‚a#%(-.),'+&)
:c[Vcih
9jgVciaZhkVXVcXZhhXdaV^gZh/
8ZcigZYZad^h^ghedjgaZh("&'
VchZihdgi^Zhdg\Vc^h‚Zhedjg
aZh-"&+Vch#
?7YY„i
(&`bYZ8dabVg"()`bYZHZaZhiVi
()`bYZHV^ci"9^‚
Gdji^Zgh/6(*hdgi^Zc•&,
<VgZhI<K/H‚aZhiVi+,ZiHV^ci"9^‚--
6‚gdedgih/HigVhWdjg\":cio]Z^b
*-`b!7}aZ"Bja]djhZ.%`b
??d\eid[_][
i‚a#%(-.*--%*%
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
'- '+
',
9Zhi^cVi^dcKZcigdc
'.
'.
KZcigdc
+(%b"&&&%b>mmm$\h[h[`e$Yec
¿)`bYjk^aaV\ZYZKZcigdc!
aVhiVi^dcegdedhZjcYdbV^cZ
gVhhjgVciedjgaZhZc[VcihZi
aZhY‚WjiVcih!hedgi^[edjgaZh
VjYVX^Zjm#>X^!Vjb^a^ZjYZ
eVcdgVbVh\gVcY[dgbVi!aV
egVi^fjZYjhjg[Zhig‚\aZbZci‚Z#
HZchVi^dchZcidjiZh‚Xjg^i‚
FhWj_gk[0aV8VgiZ<a^hhZbV^ch"
a^WgZhgZX]Vg\ZVWaZhjg>ciZgcZi#
9edl_l_Wb0aZgZhiVjgVci
YÉVai^ijYZYVchjcZVcX^ZccZ
[ZgbZine^fjZYZh]Vjih!aV
YZhXZciZVjmÓVbWZVjm!aZ
k^cX]VjYZiaZaVgY\g^aa‚½
?dYedjekhdWXb[i0aZBjh‚ZYjiZmi^aZ
YZhKdh\Zh!aVBV^hdcVgi^hVcVaZ!
AVX]VeZaaZYZ;gƒgZ?dhZe]#
?dWjj[dZki0aVbV^hdcZiaZh
hXjaeijgZhYZ;gVcX^h8jcn!
aZBjh‚ZYZhb^aaZZijcZ
gVX^cZh|8dgc^bdci#
6Xi^k^i‚hcZ^\Z
Be_i_hid[_][
6Xi^k^i‚hY^kZghZh
Ia_Wbf_d
E^hiZh/&&`b
hdgi^ZhVXXdbeV\c‚Zh
?Ifehji[jbe_i_hi
EVgXdjghYZhVci‚!iZggV^cYZ_Zjm
iZcc^h!b^c^\da[#
)
)
)
wfj^eZbZcih/
'
-
++
Hjg[g‚\aZbZci‚!hVji|h`^
&igZbea^cYZhVji#
Ia_dehZ_gk[
&+`bWVa^h‚hYVb‚h
'ac
*ac ''ac
9dbV^cZgZa^‚|XZaj^YZ
aV=VjiZ"BdhZaaZ#
xYeb[Z[Ia_<hWd‚W_i
i‚a#%('.')%*)*
'
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
e^hiZjgh"hZXdjg^hiZh
i‚a#%('.')&-%.
:c[Vcih
CZegVi^fjVcieVhaZh`^/
aj\Z!_ZjmZmi‚g^Zjgh!XVWVcZh!
eVgXdjghajY^fjZh#
EVhYZ\VgYZg^ZbV^haZheZi^ih
eZjkZci„igZXdc҂hVjmhd^chYZ
\VgY^ZccZhV\g‚‚ZhYdb^X^a^‚Zh
Vjk^aaV\ZYZKZcigdc#
EgVi^fjVciaZh`^/_VgY^cYÉZc[Vcih
VkZXaZ»WVWni‚a‚h`^¼|eVgi^gYZ
(Vch:H;!YdbV^cZYÉ^c^i^Vi^dc#
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
Bjh‚ZYjiZmi^aZ!BV^hdc
Vgi^hVcVaZ!8]VeZaaZYZ;gƒgZ
?dhZe]#
?7Yj_l_jƒiZ[ie_hƒ[
;dijWj_ed0YZhXZciZVjm
ÓVbWZVjmaZ_ZjY^hd^gZce‚g^dYZ
YZkVXVcXZhhXdaV^gZh!eg‚X‚Y‚Z
YjediYZaÉVb^i^‚aVgY\g^aa‚Zik^c
X]VjY#
7kl_bbW][0jcgZhiVjgVciZijcWVg
6je^ZYYZhe^hiZh
'gZhiVjgVcih!XV[‚i‚g^V!Wdji^fjZ
(+
'/
:gb^iV\ZGZhdgi
AV[Vb^aaZYÉVWdgY#
=‚WZg\ZbZci
8i‚egVi^fjZ
Ikhi_j[0']iZahYdci&
hijY^diZaZi&gZaV^hYjh^aZcXZ!
&VjWZg\ZYZ_ZjcZhhZZi
gZ[j\Z
7kl_bbW][0&]iZa!
YZhVeeVgiZbZcih!X]VbWgZh
YÉ]iZhZiX]VaZih
?9edjWYj
D[ÒXZYZIdjg^hbZYZKZcigdc
i‚a#%('.')%,%'
ZbV^a/di"kZcigdc5lVcVYdd#[g
lll#di"kZcigdc#Xdb
H^iZYZaVBV^g^Z/lll#kZcigdc#[g
EgZhiVi^dchZchiVi^dc
6+`b8dgc^bdci
6XXjZ^ah‚_djg
EdiYÉVXXjZ^aYZhkVXVcX^Zgh
dg\Vc^h‚eVgaÉD[ÒXZ
YjIdjg^hbZ
?H[di[_]d[c[dji\eh\W_ji
AZhE^hiZhYZKZcigdc;gƒgZ?dhZe]
i‚a#%('.')&-'*
ZbV^a/^c[d5[gZgZ_d#Xdb
lll#[gZgZ_d#Xdb
?7YY„i
(%`bYZGZb^gZbdci
,*`bYZ8dabVg
*-`bYZBja]djhZ
6jidgdjiZh/6(*hdgi^ZI]Vcc
<VgZI<K/GZb^gZbdci',`b!
6jidXVgh!iVm^h!adXVi^dcYZkd^ijgZh
<VgZgdji^ƒgZ/8dgc^bdci+`b
6‚gdedgih/7}aZ"Bja]djhZ
ZiCVcXn"BZio
??d\eid[_][
i‚a#%('.')&-'*
LZWXVb/lll#[gZgZ_d#Xdb
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
(,
>X^!idjiZhi[V^i!YZej^hidj_djgh!edjgaZeaV^h^gYZhZc[VcihZiYZ
aZjgheVgZcih#HVchYdjiZeVgXZfjZ:b^aZAZYjX!Xg‚ViZjgYZaV
hiVi^dcZc&.''!VkV^i&&Zc[Vcih‚aZk‚hYVchaÉVbdjgYZaVbdciV\cZ#
IgVY^i^dcYÉVXXjZ^a!|aÉ:gb^iV\ZGZhdgiYZKZcigdcaZW^Zc„igZ
ZiaZXdc[dgiYZh[Vb^aaZhcÉdci[V^ifjZXgdˆigZVjÒaYZhVcc‚Zh#
6j_djgYÉ]j^!jcZigZciV^cZYZbdc^iZjghYZaÉ:XdaZYZH`^;gVcV^h
gVhhjgZZiXdchZ^aaZeZi^ihZi\gVcYhVj?VgY^cYZhCZ^\ZhZihjgaZh
e^hiZhYZaVhiVi^dc#EgVi^fjZYjhjg[g‚\aZbZci‚Z/aZhh`^Zjgh
eZjkZci‚kdajZgZcidjiZh‚g‚c^i‚#EVnhV\ZhhdbeijZjmZicVijgZ
ZcbV_Zhi‚eVgidji/hjgaÉ:gb^iV\Z!kZghaZG^VcidjVjB‚c^a!
hjgaZYdbV^cZVae^cYZKZcigdc!Zc[dg„i!kZghaZhkVaa‚Zh
YZaVBdhZaaZZiYZaVBdhZadiiZdjkZghaZ8daYÉDYZgZc!
aVgdjiZYZh8g„iZh!aZ<gVcY7VaadcZiaZBVg`hiZ^c###
HZgk^XZZmXajh^[6KZcigdc!^aZhiedhh^WaZYZadjZgjcZeV^gZYZh`^
egZhi^\ZZiYZaÉVX]ZiZgZcÒcYZ_djgc‚Z!eg^mYZaVadXVi^dcY‚Yj^i#
8i‚gZhiVjgVi^dc!XÉZhiaZeVgVY^hDceZjiY‚_ZjcZghjgaZedjXZ
VjhZa[YZaÉ:gb^iV\Zdj|aÉ=iZaYZh7jiiZh#>aZhiVjhh^k^kZbZci
gZXdbbVcY‚YZhÉd[[g^gjcZeVjhZVjEVgVY^h!YVchaV[ZgbZYjG^Vci
Xdchigj^iZZc&-'.!Zci^ƒgZbZcig‚cdk‚ZZc'%%,#
CdjkZVji‚h'%&%eg‚hZci‚ZheVgI]^WVjiAZYjX!
Y^gZXiZjgYZaVhiVi^dc
»CdjhVkdchigVkV^aa‚idjiaɂi‚|aVXg‚Vi^dcYjcdjkZVjeVgXdjgh
h`^Zg"XgdhhYjG^Vci!adc\YZ(*%bƒigZh#>che^g‚YjbdidXgdhh!
^aegdedhZjcZXdjghZ|eajh^ZjghhjgjciZggV^cZccZ^\‚
eVghZb‚YZWdhhZh!k^gV\ZhZiigZbea^ch#8ZeVgXdjgh[jcYVchaV
[dg„iZhi^Y‚VaedjgeVgiV\ZgjcWdcbdbZciZc[Vb^aaZdjZcigZVb^h#
6iiZci^dcVjme^ƒ\ZhZiVjmWdhhZh:ccZ^\ZbZciVhhjg‚\g}XZ|YZ
cdjkZVjm‚fj^eZbZcihhjgaZhe^hiZhYZh7g^bWZaaZhZiYZG^Vci¼#
>c[dhegVi^fjZh/
aVhiVi^dcZhidjkZgiZ
YZ-](%|&,]%%
G‚hZgkVi^dc[dg[V^iZca^\cZ/
Zgb^iV\Z"gZhdgi#Xdb
9Zhi^cVi^dcBVg`hiZ^c
<gVcY7Vaadc
'/ (&
9Zhjgeg^hZZc‚bd^½
B^aaZ‚bdi^dch!b^aaZg‚k‚aVi^dch
kdjhViiZcYZciVjgZidjgYZh
e^hiZh/[email protected]]"
L^aYZchiZ^cZiaZhgdbVci^fjZh
gj^cZhYjX]}iZVjYj
HX]adhhWZg\Y‚igj^iZc&+))eVg
aZhHj‚Yd^h!aÉ^bedhVciEVgXYZ
LZhhZga^c\VkZXaÉVcX^ZccZ
bVcj[VXijgZgdnVaZYÉ^begZhh^dc
hjg‚id[[Zh[dcY‚ZZc&,+'!
Vj_djgYÉ]j^bjh‚ZYjiZmi^aZ!
bV^hdcYZaÉV\g^XjaijgZYZ
bdciV\cZZiXZcigZYZhb‚i^Zgh
YÉVgi!aZbdja^cYZHidgX`Zchd]c!
aZk^kVg^jbYjBdja^cYZ
AVjiZcWVX]"OZaa!aZbjh‚ZYj
;adg^kVa|<jZWl^aaZg!aZh
bVgX]‚hYZCd…aYVchaZh
kVaa‚Zh½
(&
BVg`hiZ^c
AZ
&%-,b"&'++b>mmm$b[cWhaij[_d$d[j
AZBVg`hiZ^c!hiVi^dcaVcX‚ZYƒh
&.'*YVchaZhjYYjEVgXCVijgZa
g‚\^dcVaYZh7VaadchYZhKdh\Zh!
ZhiY‚hdgbV^h^cXdcidjgcVWaZedjg
idjhaZhVYZeiZhYZhhedgihYZ
\a^hhZ#AZh^iZZhiVXXZhh^WaZeVgaZh
kVaa‚ZhYZI]VccHV^ci"6bVg^cZiYZ
<jZWl^aaZg#HɂaZkVciYZ&%-,b|
&'+%bYÉVai^ijYZ!aVhiVi^dcY^hedhZ
YÉjc^bedgiVciYdbV^cZY‚Y^‚Vjh`^
Vae^c#6jidiVaegƒhYÉjcZY^oV^cZYZ
e^hiZhYZidjhc^kZVjmVXXjZ^aaZci
aZhY‚WjiVcihhdjX^ZjmYZh‚Xjg^i‚
XdbbZaZhh`^ZjghV\jZgg^h|aV
gZX]ZgX]ZYZhZchVi^dch#JcZd[[gZ
kVg^‚Z!ZcXdchiVciY‚kZadeeZbZci!
eZgbZi|X]VXjcYZhÉZmeg^bZg
eaZ^cZbZciYVchYZhXdcY^i^dch
dei^bVaZh#6^ch^!aZYdbV^cZYZ
aV<gZcdj^aaƒgZkdj‚|aÉ^c^i^Vi^dc
VW‚c‚ÒX^‚YÉjcZXdbeaƒiZ
gZhigjXijgVi^dcZc'%%*$%+#
9Zb„bZ!aZhiVYZYZhaVadbfj^V
cdiVbbZciVXXjZ^aa^aZh‚egZjkZh
YZ8djeZYjBdcYZZc&.-(Zi&.-,!
V‚i‚g‚XZbbZcig‚Vb‚cV\‚Zi
gZegdÒa‚#AÉZccZ^\ZbZciVgi^ÒX^Za
ZiaɂXaV^gV\ZYZhe^hiZh\V\cZci
X]VfjZVcc‚ZZceZg[dgbVcXZZiZc
Z[ÒXVX^i‚#CdjkZVji‚hZcXdgZ!
aVXg‚Vi^dcYÉjceVgXcdgY^fjZ
ZiYZ'X^gXj^ihgVfjZiiZh
hjeea‚bZciV^gZh!VjigZed^ci[dgi
YZaVhiVi^dc#AZh`^YZ[dcYegZcY
^X^jcZidjiZVjigZY^bZch^dchjg
jcYdbV^cZaVWZaa^h‚CdgY^fjZ
;gVcXZ#EVhbd^chYZ)%`bYZ
e^hiZhigVX‚ZhX]Zb^cZciegƒhYZaV
a^\cZYZh8g„iZh#Kd^ZhgdnVaZhedjg
aVgVcYdcc‚ZYZY‚XdjkZgiZ!ZaaZh
d[[gZciYZheVcdgVbVh^cViiZcYjh!
YZhed^cihYZkjZigƒh‚iZcYjh
hjgaZBVhh^[YZhKdh\ZhZihZh
kVaa‚Zh!hjgaVeaV^cZYÉ6ahVXZ#
:aaZheZgbZiiZciVjhh^YZgZ_d^cYgZ
aZHX]cZe[Zcg^ZYdjaZ<gVcY7Vaadc#
JcZV^gZYZegVi^fjZYZ
hcdl`^iZViiZcYaZhVbViZjgh
YZ\a^hhZV‚gdigVXi‚Z#
AZ_VgY^cYZhcZ^\ZhZhiVc^b‚
eVgaÉ:H;#JcZe^hiZYZaj\ZZiaV
edhh^W^a^i‚YZWVaVYZhXdbeaƒiZci
aÉd[[gZYZY‚XdjkZgiZYjh^iZ#9Zh
Vc^bVi^dchhdcidg\Vc^h‚Zhhdjh
aV7jaaZ!^\addYZkZggZZcWdgYjgZ
YZhe^hiZh½AZhZc[VcihZiaZh
cdch`^Zjghdci!ZjmVjhh^!b^aaZ
gV^hdchYÉV^bZgaZBVg`hiZ^c#
6Xi^k^i‚hcZ^\Z
Be_i_hid[_][
Be_i_h
i_
Ia_Wbf_d
E^hiZh/&'`b
)X^gXj^ihYÉ^c^i^Vi^dcZiYZ
Y‚XdjkZgiZ#Hdgi^Zh
VXXdbeV\c‚Zhedhh^WaZhhjg
g‚hZgkVi^dc#
)
)
(
(
wfj^eZbZcih/
.
)'
'
'
(
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
i‚a#%(-.-'+&-(
HiVYZYZhaVadbVnVciVXXjZ^aa^
aZh‚egZjkZhYZ8djeZYjBdcYZ
YZh`^Vae^cZc&.-(Zi&.-,#
i‚a#%(-.-'&))+
%(-.-'+&-+
:c[Vcih
Ia_dehZ_gk[
)%`bWVa^h‚hYVb‚h
?Ifehji[jbe_i_hi
E^hX^cZZiXZcigZYZad^h^gh
YZLZhhZga^c\!h^iZZjgde‚Zc
YZkdaa^WgZ!XZcigZcVji^fjZ
^ciZgXdbbjcVa|>hhZc]Z^b!
e^hiZhXnXaVWaZh!hZci^ZghYZ
gVcYdcc‚Zh#CdgY^XlVa`^c\
Vj;gZcoÄgZb^hZZc[dgbZ|
BddhX]#
+ac '&ac .ac )*ac '-ac
YdbV^cZHX]cZe[Zcg^ZY"
BVg`hiZ^cÄ<gVcY"7Vaadc#
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(-.-'&).'
i‚a#%++.%))*&'
:bV^a/Zh[bVg`hiZ^c5dgVc\Z#[g
?VgY^cYÉZc[VcihZiWVWna^[i
YZ)|+VchÄVc^b‚eVgaÉ:H;
6Xi^k^i‚hY^kZghZh
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
:ckVaa‚Z/EVgXYZLZhhZga^c\!
bjh‚ZiZmi^aZZihdceVk^aadcYZh
b‚i^ZghYÉVgi!bjh‚ZYj;adg^kVa|
(-
('
HeZX`Hedgih
KdigZ‚fj^eZbZciidjiXdc[dgi#
KdnV\Zoa‚\Zg6gg^kZohZgZ^cZiY‚iZcYj6kdigZhZgk^XZYZej^heajh
YZ)%Vch!|kdigZ‚XdjiZidjhaZh_djgheZcYVciidjiZaVhV^hdc!HeZX`
HedgihXZhdciYZhegdheVg[V^iZbZcifjVa^҂hZiZme‚g^bZci‚hedjg
kdjhXdchZ^aaZgYVchaÉVX]VidjaVadXVi^dcYZkdigZbVi‚g^ZaYZhedgih
YÉ]^kZg#:chidX`Zi^bb‚Y^ViZbZciY^hedc^WaZ!jcigƒhaVg\ZX]d^m
Yɂfj^eZbZcih!YZbVgfjZhZiYZiV^aaZhedjg]dbbZZi[ZbbZ!
_jc^dgdjhZc^dg###H`^hedjgidjiZhY^hX^ea^cZh!idjh}\Zh!
idjhhinaZh0hcdlWdVgYh0X]VjhhjgZhZiiZmi^aZh!^cY^heZchVWaZh
]Vjhhj
hhjgZh
gZ Z
Z
VXXZhhd^gZh####:fj^e‚eVgHeZX`Hedgih46adgh!Zce^hiZ
gHeZ
e X`
X` Hed
HeZX`Hedgih
+-+'%7^ihX]l^aaZgaZhI]Vcc
i‚a#%(-.(,%.%,
lll#heZX`"hedgih#Xdb
<jZWl^aaZg!bjh‚ZHZggZi
|HV^ci6bVg^c!bdja^cYZ
HidgX`Zchd]c!k^kVg^jbYj
bdja^c|AVjiZcWVX]"OZaa!
bVgX]‚hYZCd…aYVch
aZhkVaa‚Zh!cdbWgZjhZh
k^h^iZhZibVc^[ZhiVi^dch#
?7Yj_l_jƒiZ[ie_hƒ[
AZEd^ci7VgZiaV7jaaZ
Vc^bVi^dchVjBVg`hiZ^c!
X^c‚bV|<jZWl^aaZgZi
|I]Vcc#
6je^ZYYZhe^hiZh
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZaVKVaa‚ZYZHV^ci"6bVg^c
i‚a#%(-.-'&(.%
XdciVXi5di"hV^ci"VbVg^c#Xdb
lll#di"hV^ci"VbVg^c#Xdb
D[ÒXZYZIdjg^hbZYZ
<jZWl^aaZg"HdjaioZi
YZhEVnhYj;adg^kVa
i‚a#%(-.,+&%+(
^c[d5idjg^hbZ"\jZWl^aaZg#[g
lll#idjg^hbZ"\jZWl^aaZg#[g
?7YY„i
gZhiVjgVcih!XV[‚i‚g^V!
Wdji^fjZ
=‚WZg\ZbZci
GZhiVjgVcih
Ikhi_j[0&]iZa!&VjWZg\Z!
adXVi^dchhV^hdcc^ƒgZh!
]‚WZg\ZbZcih
XdaaZXi^[h!gZhiVjgVcih#
;dlWbbƒ[0]iZah!X]VbWgZh
YÉ]iZh!adXVi^dchZiXVbe^c\h
VkZX=AA#
(.
',`bYZHV^ci"6bVg^c
')`bYZ<jZWl^aaZg
Gdji^Zgh/6(+
YZHigVhWdjg\G9-(
YZBja]djhZGC++":*&'
YZCVcXnGC++":*&'
<VgZhI<K/Bja]djhZ
ZiI:[email protected]]&-`b
6‚gdedgi/7}aZ"Bja]djhZ,-`b
CVkZiiZhYZhcZ^\ZhVjY‚eVgiYZh
YZjmkVaa‚Zh
??d\eid[_][
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
?M[XYWc
lll#aZbVg`hiZ^c#cZi
(( H^iZYZcZ^\ZYj
;gZco
EZi^iZhiVi^dc[Vb^a^VaZh^ij‚Z
YVchaÉVXXjZ^aaVciZKVaa‚ZYZ
HV^ci6bVg^c!|*`[email protected]]!
aZ;gZcoegdedhZVjHdabdci
YZjme^hiZhYZh`^Vae^c!VkZX
edhh^W^a^i‚YZcdXijgcZ!jcZe^hiZ
YZaj\Z!YZhhZci^ZghgVfjZiiZh½
Àdej[h0EgZb^ZgeVgXYZCdgY^X
LVa`^c\Zc;gVcXZ!aZ;gZco
Y^hedhZYZ('`bYZX^gXj^ih
XZgi^҂h!YZ&!*|&(`b!Ydci
&%`bYZX^gXj^ihgVfjZiiZh#
AdXVi^dcYZbVi‚g^ZahjgeaVXZ
edjgXZhYZjmVXi^k^i‚h#
=‚WZg\ZbZci
ZigZhiVjgVcih
']iZah"gZhiVjgVcihhjgh^iZ#
AdXVi^dchhV^hdcc^ƒgZh#
=‚WZg\ZbZcihedjg\gdjeZh#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZaVKVaa‚ZYZHV^ci"6bVg^c
i‚a#%(-.-'&(.%
XdciVXi5di"hV^ci"VbVg^c#Xdb
lll#di"hV^ci"VbVg^c#Xdb
()
((
('
(*
()
<gVcY7Vaadc
&)')b>mmm$b[cWhaij[_d$d[j
AZ
H[di[_]d[p#lekiikhbÊekl[hjkh[Z[bWijWj_edWlWdjlejh[ZƒfWhj
Ed^ciXjab^cVciYjBVhh^[YZh
Kdh\Zh!Yj]VjiYZhZh&)')b!
aZ<gVcY7VaadchjgeadbWZaV
eaV^cZYÉ6ahVXZZid[[gZV^ch^YZh
kjZhheaZcY^YZhhjgaVeaV^cZ!
aV;dg„iCd^gZ!aZh6aeZh#>X^!
dcegVi^fjZVjhh^W^ZcaZh`^
Vae^cfjZaZh`^YZ[dcYhjgaZ
kVhiZYdbV^cZ<gVcY7Vaadc$
BVg`hiZ^c$HX]cZe[Zcg^ZY#
?dieb_j[0VjhdbbZi!jc
gVYVgXdcjeVgKVhXdc^
Xdcig^WjZ|aÉViigVXi^dcYjh^iZ#
6je^ZYYZhe^hiZh
=‚WZg\ZbZci
ZigZhiVjgVcih
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/&%`b
'
)
+
'
wfj^eZbZcih/
*
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
¿Hdjaio!bjh‚ZAVcZ[YZh
_djZih!bjh‚ZYjk^\cZgdc!
k^h^iZh\j^Y‚ZhcdXijgcZh!
bVgX]‚YZCd…a!»Cd…aVjm
;Zc„igZh¼!egdbZcVYZhZc
XVaƒX]Z!Y‚XdjkZgiZYZaV
k^Z^aaZk^aaZ#¿I]Vcc/Xdaa‚\^VaZ
HV^ci"I]^‚WVji!gZaV^hXjaijgZa!
k^\cdWaZYjGVc\Zc!gj^cZhYj
X]}iZVjYZaÉ:c\ZaWdjg\#
Ia_dehZ_gk[
kd^g^c[dgbVi^dchYZaVhiVi^dc
YjBVg`hiZ^cb„bZg‚hZVj
YZe^hiZh
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(-.-(&('*
Be_i_hid[_][
>chXg^ei^dcheg‚VaVWaZh#
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
i‚a#%(-.-(&('*
6Xi^k^i‚hY^kZghZh
?Ifehji[jbe_i_hi
8ZcigZcVji^fjZ^ciZgXdbbjcVa
YÉ>hhZc]Z^b!e^hX^cZYjeVnh
YZI]Vcc!e^hiZhXnXaVWaZhZi
hZci^ZghYZgVcYdcc‚Z#
Ikhi_j[0(gZhiVjgVcih!&]iZa
;dlWbbƒ[0]iZah!X]VbWgZh
YÉ]iZh!gZhiVjgVcih!adXVi^dch!
ZiXVbe^c\h#
8i‚egVi^fjZ
?9edjWYji
D[ÒXZYZIdjg^hbZYZ
<jZWl^aaZg"HdjaioZi
YZhEVnhYj;adg^kVa
i‚a#%(-.,+&%+(
^c[d5idjg^hbZ"\jZWl^aaZg#[g
lll#idjg^hbZ"\jZWl^aaZg#[g
D[ÒXZYZIdjg^hbZYZI]Vcc
i‚a#%(-.(,.+'%
XdciVXi5di"i]Vcc#[g
lll#di"i]Vcc#[g
?7YY„i
'%`bYZI]Vcc"Gdji^Zgh/6(*"6(+
9Zej^hHigVhWdjg\G9-(ZiGC++
9Zej^hCVcXnGC++":*&'
<VgZI<K/Bja]djhZ
ZiI:GL^aaZgHjgI]jg
6‚gdedgi/7}aZ"Bja]djhZ*%`b
??d\eid[_][
i‚a#%(-.,+-(+%
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
(* H^iZYZcZ^\ZYj
I]VccZg=jWZa
Jch^iZg‚hZgk‚VjmeVhh^dcc‚h!
VXXZhh^WaZ|e^ZY!VkZXjc
eVcdgVbVZmXZei^dccZaZi
jcZWZaaZe^hiZgdj\Z#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YjEVnhYZI]Vcc
i‚a#%(-.(,.+'%
ZbV^a/XdciVXi5di"i]Vcc#[g
lll#di"i]Vcc#[g
GZ[j\Zh`^8ajWKdh\^Zc
i‚a#%(-.-'(,''
]iie/$$hXki#i]Vcch`^#Xdb
(/
9Zhi^cVi^dcKVaa‚ZYZBjchiZg
KVaa‚ZYZBjchiZg!iZggZ
YZ\d’iZiYZigVY^i^dch#
BjchiZg!»bdcVhiƒgZ¼!
[V^ig‚[‚gZcXZ|jcZVWWVnZ
W‚c‚Y^Xi^cZ[dcY‚ZZc++%#
BV^haVKVaa‚Z!Vj_djgYÉ]j^
X‚aƒWgZ\g}XZ|hdc[VbZjm
[gdbV\Z!Zhig^X]ZYZb^aaZ
igVY^i^dcheVhh^dccVciZh/
[ZgbZh"VjWZg\Zh![gdbV\Zg^Zh!
gdjiZYZhk^ch!k^h^iZYZXVkZ
ZiY‚\jhiVi^dc|L^]g"Vj"KVa!
hVWdiZg^Z|AjiiZcWVX]!bVgX]‚h
YZCd…aZiYZaÉ6cCZj[!BV^hdc
YjEVgXCVijgZaG‚\^dcVaYZh
7VaadchYZhKdh\Zh^chiVaa‚Z
YVchaVg‚h^YZcXZ
YZhEg‚aVihYjMK>>>Zh^ƒXaZ!
[„iZhZiXVgcVkVah½
>c[dgbVi^dchXdbbjcZh|idjiZaVYZhi^cVi^dcKVaa‚ZYZBjchiZg
6Xi^k^i‚hcZ^\Z
7YYecfW]dWj[khi[dcedjW]d[
™8ˆbZhZihZci^Zgh
i‚a#%+,)('&'*.
lll#hZci^ZghgVcYd#Xdb
™;dgbVcVijgZ
i‚a#%+-%)*-&*)
lll#[dgbVcVijgZ#Xdb
™Dmn\ƒcZ
i‚a#%+-*.,,-.lll#dmn\ZcZcVijgZ#Xdb
™IZggZYZHnae]Z
i‚a#%+-&&+%*)+
lll#iZggZYZhnae]Z#Xdb
IƒYkh_jƒZ[if_ij[i
E<BBjchiZg
i‚a#%(-.,,&)''
:c[Vcih
CZegVi^fjVcieVhaZh`^/'bjai^"
VXXjZ^ah|HdjaioWVX]"aZh"7V^ch
Zi|BjchiZgedjgaZh%|(Vch#
6Xi^k^i‚hY^kZghZh
?Ifehji[jbe_i_hi
8ZcigZcVji^fjZ|BjchiZg
hVjcV!]VbbVb!XZcigZYZ
)&
gZb^hZZc[dgbZ!eVgVeZciZ!
(*%`bYZhZci^ZghgVcYdcc‚Zh
WVa^h‚h!'*%`bYZX^gXj^ihKII!
XZcigZ‚fjZhigZ!k^V[ZggViV#
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
Dekl[Wk0AVBV^hdcYj;gdbV\Z
KVaa‚ZYZBjchiZg
DjkZgijgZaZ'Vkg^a'%&&#
AVHVWdiZg^Z|AjiiZcWVX]!aV
BV^hdcYjEVgXCVijgZaG‚\^dcVa
YZh7VaadchYZhKdh\Zh!aZbjh‚Z
6aWZgiHX]lZ^ioZg!aZbjh‚ZYZ
aVHX]a^iiZhjgg‚hVedjgaZh
\gdjeZh!aZh[ZgbZh"VjWZg\Zh
edjgY‚\jhiZgaZbZcjbVgXV^gZ!
k^h^iZXdbbZci‚ZYZ[gdbV\Zg^Zh
[VWg^XVi^dcYZ[gdbV\ZhYZ
BjchiZg!gdjiZYZhk^chk^h^iZ
YZXVkZZiY‚\jhiVi^dcYZk^ch|
L^]g"Vj"KVa!bVgX]‚YZCd…a
WgZYaVbVg^`djkZgiaZhlZZ`"
ZcYh|eVgi^gYZÒccdkZbWgZ
ZiaVhZbV^cZYjgVciaZhXdc\‚h
hXdaV^gZh!bVgX]‚YZaÉVccZj[!
ViZa^ZgYZ[VWg^XVi^dcYZWgZYaV
eZi^ih\}iZVjmYZCd…a!XdcXZgih
ZiViZa^ZghXja^cV^gZh!X]VhhZhVjm
ig‚hdgh#
?7Yj_l_jƒiZ[ie_hƒ[
:heVXZXjaijgZaX^c‚bV"i]‚}igZ
HV^ci"<g‚\d^gZ|BjchiZg![„iZh
adXVaZh!XdcXZgih!Zmedh^i^dch
dg\Vc^h‚ZheVgaZhVhhdX^Vi^dch
adXVaZh!WVgh!XVh^cdhYZ
G^WZVjk^aa‚Zi<‚gVgYbZg!
gVcYdcc‚ZhZcgVfjZiiZh
»XdjX]ZgYjhdaZ^a¼|i]ƒbZ
he‚X^Vag‚kZ^aadcdjHV^ci"
KVaZci^c½!WVaYZ8VgcVkVa
|BZioZgVa!8VgcVkVaYZhZc[Vcih|
BjchiZg!WVaYZhX^idnZch
Zc[‚kg^[email protected]\gZkjZ
]jbdg^hi^fjZZcVahVX^Zc
ZcbVgh#
=‚WZg\ZbZci
;dlWbbƒ[0.(*%a^ihg‚eVgi^hZc
((]iZah!&%[ZgbZh"VjWZg\Zh!
.XVbe^c\h!'.-bZjWa‚hYdci
&&&\ˆiZhYZ;gVcXZ!(*bZjWa‚h
Xa‚kVXVcXZhZi&*'bZjWa‚h
cdcaVWZaa^h‚h!*)X]VbWgZh
YÉ]iZhYdci&'X]VbWgZhYÉ]iZh
aVWZaa^h‚Zh\ˆiZhYZ;gVcXZ$Xa‚
kVXVcXZh!)'X]VbWgZhYÉ]iZh
cdcaVWZaa^h‚ZhZi,gZ[j\Zh#
6XXjZ^ah‚_djg
EdiYÉVXXjZ^a|aÉd[ÒXZYZidjg^hbZ
eZcYVciaZhXdc\‚hhXdaV^gZh
X]VfjZajcY^|&-]#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZaVkVaa‚ZYZBjchiZg
i‚a#%(-.,,(&-%
ZbV^a/XdciVXi5kVaaZZ"bjchiZg#Zj
lll#kVaaZZ"bjchiZg#Zj
HncY^XVib^miZYZhhiVi^dch
YZaVkVaa‚ZYZBjchiZg
i‚a#%(-.,,*%('
ZbV^a/hb5hiVi^dch"bjchiZg#[g
lll#hiVi^dch"bjchiZg#[g
?7YY„i
Gdji^Zgh/6(*hdgi^ZBjchiZg
<VgZhI<KZigdji^ƒgZ/8dabVg
ZiI:GBjchiZg!BZioZgVa
6‚gdedgih/7}aZ"Bja]djhZ,*`bYZ
BjchiZgZiHigVhWdjg\":cio]Z^b,)`b#
??d\eid[_][
i‚a#%(-.,,,).,
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
(+
(+
HX]cZe[Zcg^ZY
AZ
.-%b"&'+%b>mmm$b[iY^d[\f$Yec
¼BWijWj_ed\Wc_b_Wb[½
;VX^aZYÉVXXƒh\g}XZcdiVbbZci
|»AVCVkZiiZYjHX]cZe[ɼ!aZ
HX]cZe[Zcg^ZYZhiaZh^iZaZeajh
XdbeaZiYZaVKVaa‚ZYZBjchiZg#
8ZiiZhiVi^dc[Vb^a^VaZeVg
ZmXZaaZcXZd[[gZjcZigƒhaVg\Z
\VbbZYÉVXi^k^i‚h]^kZgcVaZh
VYVei‚Zh|idjhaZhc^kZVjm
Zi|idjiZhaZhegVi^fjZh#
9Žjƒdekl[bb[i]b_ii[i0
:heVXZ[gZZhinaZhe‚X^ÒfjZ!
hcdleVg`ZiWdVgYZg"Xgdhh
EdjgaZhZc[VcihdjaZ[jc!
jcZheVXZedjgaj\Zg
EdjgaZhVbdjgZjmYZ
\gVcYZcVijgZ!YZhhdgi^Zh
gVfjZiiZhZiX]^ZchYZ
igV^cZVjmVXXdbeV\c‚Zh#
JcYdbV^cZYZh`^YZ[dcY
\gVij^iZcigZ[dg„iZiX]VjbZh#
Dekl[Wk07Vei„bZZcYVbZjhZ
Zih`^cdXijgcZ|aVXVgiZ#
lll#bdjkbdjciV^c#Xdb!
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/,`b
(
)
*
)
wfj^eZbZcih/
-
'
'
&e^hiZYZWdVgYZg"Xgdhh#
Ia_dehZ_gk[
hXjaeijgZh\‚VciZh#Hdgi^Zh
gVfjZiiZhVXXdbeV\c‚Zh
VjY‚eVgiYZaVhiVi^dc#
7VaVYZhZcigV^cZVj/
lll#gZkZYZcdgY#[g
lll#X]Zb^chYjcdgY#Xdb
lll#iZggZYZhnae]Z#Xdb
IƒYkh_jƒZ[if_ij[i
EdhiZYZhZXdjgh
:c[Vcih|eVgi^gYZ(Vch
&'`bWVa^h‚hYVb‚h
&'`bYZe^hiZhYZh`Vi^c\
A^V^hdcVkZXAZBVg`hiZ^c#
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(-.,,''&ZbV^a/e#ZgiaZ5lVcVYdd#[g
Be_i_hid[_][
:k‚cZbZci^ZaZcXdjgh
YÉVcc‚Z/cj^iYZaVaj\Z&ZgZi(Z
lZZ`"ZcYhYZ[‚kg^Zg!cj^iYj
hcdlWdVgY!hd^g‚Z[jaa"bddc
BdjkbdjciV^c/
EgVi^fjVciaZh`^/&i‚a‚h`^‚XdaZ
Zi&i‚a‚XdgYZhjgaZ_VgY^c
YÉZc[VciVkZX‚fj^eZbZcih
ajY^fjZhZie‚YV\d\^fjZh#
6je^ZYYZhe^hiZh
edhiZYZhZXdjgh!gZhiVjgVi^dc!
]‚WZg\ZbZci!eVg`^c\#
8i‚egVi^fjZ
?9edjWYj
i‚a#%(-.,,,).,
%(-.,,+&*ZbV^a/iZaZh`^hX]cZe[5dgVc\Z#[g
lll#aZhX]cZe[#Xdb
lll#hiVi^dch"bjchiZg#[g
?7YY„i
'%`bYZBjchiZg
=‚WZg\ZbZci
Ikhi_j[0*%%XdjX]V\ZhZc
]‚WZg\ZbZciVhhdX^Vi^[Zi&%%
XdjX]V\ZhZcadXVi^[h^cY^k^YjZah#
)'
(-
AV<dY^aaZ
K^kZoeaZ^cZbZcikdhhedgiheg‚[‚g‚h#
H`^ZjgY‚WjiVcidjXdbe‚i^iZjgXdcÒgb‚![dcYZjgYZaVegZb^ƒgZ
]ZjgZdjcdjkZVjXdckZgi^!eVhh^dcc‚ZYZhcdlWdVgYhdjhidjiZh
hZh[dgbZh!VYZeiZYZhcdjkZaaZh\a^hhZh!gVcYdccZjgdj\g^beZjg!
ZchdaddjZcYjd!Zc[Vb^aaZdjZcigZVb^h###Kdjh„iZh!idjiZhZi
idjh!X]VaZjgZjhZbZciViiZcYjh|aV<dY^aaZ!aZhe‚X^Va^hiZYZhhedgih
YZbdciV\cZYVchaVkVaa‚ZYZBjchiZg#
Ei[pZ[dekl[bb[ii[diWj_edi$
8]Vc\ZoYZY^hX^ea^cZVj\g‚YZkdhZck^Zh!bjai^ea^ZoaZheaV^h^gh!
egdÒiZoYÉjcbVi‚g^Zadei^b^h‚!idj_djgheVg[V^iZbZciZcigZiZcj###6aV
<dY^aaZ!HVW^cZ!B^`Z!;ZgcVcYHVW^cZhdcia|edjgkdjhXdchZ^aaZg!
kdjhdg^ZciZgkZghaɂfj^eZbZciYdcikdjhVkZog‚ZaaZbZciWZhd^c!
XZaj^fj^kdjhbZiigV!YÉZbWa‚Z!YVchaZhbZ^aaZjgZhXdcY^i^dch#
(,
IVcZi
..%b"&'.%b
AZ
AZhX^gfjZh\aVX^V^gZhYjAVX
KZgiZiYjAVXYZhIgj^iZh
Xdc[ƒgZci|XZiiZhiVi^dcjc
XVX]ZiVaeZhigZjc^fjZYVchaZ
BVhh^[YZhKdh\Zh#H`^Vae^c!
aj\Z!gVfjZiiZh!WVaVYZh½
8ZiiZVibdhe]ƒgZigƒhh^c\ja^ƒgZ
ZiaVY^kZgh^i‚YZhVXi^k^i‚h
egdedh‚ZhZc[dcijch^iZigƒh
eg^h‚YZhVbViZjghYÉZheVXZh
k^Zg\ZhZiYÉVji]Zci^X^i‚#
Àl_lh[[j}iWlekh[h0
aZhVjWZg\ZhYZbdciV\Z
ZiaZhX]VaZihgZ[j\Zh#
J[djWdj[0aVcdjkZaaZeVi^cd^gZ
|X^ZadjkZgiYZ)*%b'
Ia_Wbf_d
E^hiZh/*!'`b
(
(
wfj^eZbZcih/
*
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(-.,,',')
IƒYkh_jƒZ[if_ij[i
EdhiZYZhZXdjgh
i‚a#%(-.,,',')
)(
:k‚cZbZci^ZaZcXdjghYÉVcc‚Z/
_djgc‚Z[gZZ"hinaZ![„iZYZaV
HV^ci"KVaZci^c#Hdgi^ZhgVfjZiiZh
VXXdbeV\c‚ZhVjY‚eVgiYj
IVcZi#EVgX|gZccZhVj
HX]VciolVhZc
:c[Vcih
EgVi^fjVciaZh`^/&i‚a‚h`^
‚XdaZ|eVgi^gYZ(Vch
VkZX‚fj^eZbZcihajY^fjZh
Zie‚YV\d\^fjZh#
6je^ZYYZhe^hiZh
6Xi^k^i‚hcZ^\Z
'
Be_i_hid[_][
'
edhiZYZhZXdjgh!gZhiVjgVi^dc!
]‚WZg\ZbZci!eVg`^c\#
8i‚egVi^fjZ
?9edjWYj
VkVciaÉ]^kZg/i‚a#D(-.-+*&(*
eZcYVciaÉ]^kZg/i‚a#%(-.,,',')
ZbV^a/XdciVXi5aZiVcZi#[g
lll#aZiVcZi#[g
lll#hiVi^dch"bjchiZg#[g
?7YY„i
&*`bYZBjchiZg
&%`bYj8daYZaVHX]ajX]i
9ecfƒj[dY[i[jZodWc_ic["[nfƒh_[dY[[jfhƒl[dWdY[$
:i‚XdbbZ]^kZg!|aV<dY^aaZkdjhW‚c‚ÒX^ZoYZiVg^[heg‚[‚gZci^Zah
ZiYÉjchZgk^XZ]VjiZbZciegd[Zhh^dccZa#>X^!dccZX]ZgX]ZeVh!
dcigdjkZidj_djghjc‚fj^eZbZci|hVbZhjgZeVgb^jceVgX
^bedgiVciYZadXVi^dc/h`^hVae^c!YZ[dcYdjYZgVcYdcc‚Z!gVfjZiiZh!
aj\Zh#X]VjhhjgZh#:meZgiYZaVX]VjhhjgZ!cdjhkdjhXdchZ^aaZgdch
YZhhZbZaaZhhjgbZhjgZedjgaZhX]VjhhjgZhYZh`^h
ZiYZgVcYdcc‚ZV^ch^fjZYZhY‚[dgbVi^dchYZXdfjZh
edjgaZhX]VjhhjgZhYZh`^#
;jfekhbʃjƒ$$$
JcaVg\ZX]d^mZcbVi‚g^ZaYZgVcYdcc‚ZdjYÉZhXVaVYZ!ZheVXZ
iZmi^aZVkZXhZhXdaaZXi^dchhedgihlZVg!hedgi^kZhdjiZX]c^fjZh###
I[hl_Y[i[dYeh["bW=eZ_bb[
YÊ[ijkdWj[b_[hZƒZ_ƒ}bÊ[djh[j_[dZkcWjƒh_[b$
GZhhZbZaV\Z!V[[’iV\ZZi[VgiV\Z#8ZhdciVjhh^!edjgidjiZaV[Vb^aaZ!
YZh[dgbjaZhYZadXVi^dc|aV_djgc‚Zdj|aVhZbV^cZVkZXYZhiVg^[h
Y‚\gZhh^[higƒh‚Xdcdb^fjZh#
8i‚egVi^fjZ
>Y‚VaZbZcih^ij‚|jcfjVgiYÉ]ZjgZYZhe^hiZh!aV<dY^aaZi^Zci|kdigZ
Y^hedh^i^dcaZh[dg[V^ihYZidjiZhaZhhiVi^dchYZaVkVaa‚ZYZBjchiZg#
]dgV^gZhYÉdjkZgijgZ/
AjcY^&)]"&.]"9jbVgY^VjkZcYgZY^.]"&']$&)]"&.]
HVbZY^.]"&'](%$&(](%"&-]ZccdchideadghYZhXdc\‚hhXdaV^gZh
AZY^bVcX]Z-](%"&-]ZcXVhYÉZccZ^\ZbZciYZhhiVi^dchkdh\^ZccZh
AV<dY^aaZ
HedgihYZbdciV\cZ
&,gjZYj<‚c‚gVaYZAViigZYZ
IVhh^\cn"+-&)%BJCHI:G
i‚a#%(-.,,'''*
hedgihYZbdciV\cZ5dgVc\Z#[g
(, ()& (. (/
(/
6jm9Zjm8aZ[h
AVkVaa‚ZYZBjchiZgZcK#>#E#
6kZXhdcHeV!hdcgZhiVjgVciaZh8aVg^cZhYÉ6g\Zci!
hdc‚XdaZYZXj^h^cZ!hdc‚iVc\!hdcb^c^\da[!hZhg‚h^YZcXZh!
aVhiVi^dcYZHX]cZe[ZcYg^ZYidjiZegdX]Z###aÉ]iZa6jm9Zjm8aZ[h
hV^ibVg^ZgY‚iZciZZiVXi^k^i‚heVhh^dcc‚Zh#EZi^iY‚_ZjcZgWj[[Zi!
Xj^h^cZYZiZggd^g\‚c‚gZjhZZihd^\c‚Z!VXXƒh\gVij^i|aÉZheVXZ
gZb^hZZc[dgbZ!hd^cheZghdccVa^h‚hhjgg‚hZgkVi^dc!
k^h^iZYZXVkZZiY‚\jhiVi^dc^cXajhZh###
IdjiZhaZhd[[gZhYZh‚_djgigƒheg^k^a‚\^‚Zhhdci|XdchjaiZg!
gigƒheg^
eg^kk^a‚
‚
|Y‚iV^aaZg!|hVkdjgZgeVgVkVcXZhjglll#Vjm"YZjm"XaZ[h#Xdb
kVcXXZhhjgl
l
=iZaVjm9Zjm8aZ[h
&'gjZVaiZc]d[
+-(-%BZioZgVa
i‚a#%(-.,,+&)VjmYZjmXaZ[h5[gZZ#[g
lll#Vjm"YZjm"XaZ[h#Xdb
(.
<VhX]cZn
&%+%b"&'.%b
AZ
6X]ZkVaZcigZ»eZi^iZ¼
kVaa‚ZZi»\gVcYZ¼kVaa‚ZYZ
BjchiZg!aZ<VhX]cZnXdchi^ijZ
aÉjcZYZh»edgiZh¼YÉZcig‚Z
YjbVhh^[kZghaZ=d]cZX`#
AZh^iZW‚c‚ÒX^ZV^ch^YZ
eVcdgVbVhYÉZmXZei^dcZi
YÉjcZck^gdccZbZciegde^XZ
|aV\a^hhZXdbbZ|aVWVaVYZ
hedgi^kZdjXdciZbeaVi^kZ½
7YYk[_bbWdj[0AV<gVcYZKVaa‚Z
hZXVgVXi‚g^hZeVgjcZ[dgiZ
YZch^i‚YZ[ZgbZh"VjWZg\Zh
xYbW_hWdj06je^ZYYZaVhiVi^dc!
Bj]aWVX]"hjg"BjchiZgeg‚hZciZ
jc^ci‚gZhhVcibjh‚ZYZaV
HX]a^iiZ!XZigVˆcZVjkdh\^Zc
ji^a^h‚edjgaZigVchedgiYjWd^h#
Ia_Wbf_d
E^hiZh/+`b
wfj^eZbZcih/
)
'
AdXVi^dcgVfjZiiZh|cZ^\ZZi
hdgi^ZhgVfjZiiZhVXXdbeV\c‚Zh
VjY‚eVgiYZaVhiVi^dc
IƒYkh_jƒZ[if_ij[i
EdhiZYZhZXdjgh
:c[Vcih
EgVi^fjVciaZh`^/&i‚a‚h`^
‚XdaZ|eVgi^gYZ(Vch
VkZX‚fj^eZbZcihajY^fjZh
Zie‚YV\d\^fjZh#
6je^ZYYZhe^hiZh
edhiZYZhZXdjgh!gZhiVjgVi^dc!
]‚WZg\ZbZci!eVg`^c\#
=‚WZg\ZbZci
Ikhi_j[0*%XdjX]V\ZhZc
]‚WZg\ZbZciVhhdX^Vi^[#
6Xi^k^i‚hcZ^\Z
'
Be_i_hid[_][
+
8i‚egVi^fjZ
?9edjWYj
i‚a#%(-.,,'&(-]^kZg
lll#\VhX]cZn&'.%#[g
lll#hiVi^dch"bjchiZg#[g
?7YY„i
&*`bYZBjchiZg
)&
Igd^h;djgh
&'(%b"&'+%b
:cigZ8daYZaVHX]ajX]i
Zi=d]cZX`!VjWdgYYZaV
GdjiZYZh8g„iZh!aZYdbV^cZ
YZhIgd^h";djghZhijc
h^iZine^fjZbZcicdgY^fjZ!
[VX^aZbZciVXXZhh^WaZiVci
YjXi‚adggV^cfjÉVahVX^Zc#
AZeaViZVjhZeg‚hZciZXdbbZ
jcWVaXdccVijgZa#AZhe^hiZh
a‚\ƒgZbZcikVaadcc‚Zh!fj^
W‚c‚ÒX^ZciYjbZ^aaZjgc^kZVj
YÉZccZ^\ZbZciYjbVhh^[!hdci
^Y‚VaZbZci[Vdcc‚Zhedjgjc
ejWa^X[Vb^a^VadjY‚WjiVci#
<WiY_dWdj[i0aZhkjZhhjg
aVkVaa‚ZYZBjchiZg!aV;dg„i
Cd^gZZiaZh6aeZh#
6Xi^k^i‚hcZ^\Z
Ia_dehZ_gk[
&(`bWVa^h‚ZhYVb‚Zh
("+ac )",ac *"/ac ("*ac
'!)`bYZe^hiZhYZh`Vi^c\
8i‚egVi^fjZ
?9edjWYj
i‚a#%(-.,,'+*'
ZbV^a/hb5hiVi^dch"bjchiZg#[g
lll#hiVi^dch"bjchiZg#[g
?7YY„i
'*`bYZBjchiZg
&*`bYZ<‚gVgYbZg
))
9Zhi^cVi^dc7VaadcYÉ6ahVXZ
)'
7VaadcYÉ6ahVXZ
-*%b"&'),b>mmm$jekh_ic[#XWbbed#WbiWY[$\h
<gVcYh^iZcVi^dcVaXaVhh‚!aZ
7VaadcYÉ6ahVXZbVgfjZVjhh^
aZhdbbZiYZhKdh\ZhYjHjY
fj^Xjab^cZ!^X^!|&'),b!Vj
XVggZ[djgYZigd^hg‚\^dch#6ahVXZ!
AdggV^cZZi;gVcX]Z"8dbi‚½
AZh^iZbVg^Z!Zc]Vgbdc^Z!aZh
eVcdgVbVh\gVcY^dhZhZijc
‚fj^eZbZciW^ZcY^bZch^dcc‚!
^Y‚Vaedjgjch`^[Vb^a^Va#
BdciV\cZYdjXZ!|iV^aaZ]jbV^"
cZ!aZ7VaadcYÉ6ahVXZY‚Xa^cZidjh
aZheaV^h^ghYZaV\a^hhZhjgjc
bdYZkdadciV^gZbZciXdck^k^Va/
&%e^hiZhYjkZgiVjcd^g!hjg[Zi
h`^cdXijgcZ!&‚XdaZYZh`^!_VgY^c
YÉZc[Vcih!]VcY^"h`^!ZcigZVjigZh!
edjgaZYdbV^cZVae^c#H^iZaVWZa"
a^h‚»CdgY^fjZ;gVcXZ¼!edjgaZ
h`^YZ[dcYfj^hɂiZcYhjg)%`b#
JcZheVXZajY^fjZ!jcZbja"
i^ijYZYÉ^i^c‚gV^gZhedjgaZh
gVfjZiiZh!aZhgVcYdcc‚Zhdj
aVegdbZcVYZ½IdjiZegdX]Z!
AVEaVcX]ZYZh7ZaaZh;^aaZh
hjgaVXdbbjcZYZEaVcX]Zg"
aZh"B^cZh!edjghj^iZiXdbeaƒiZ
aÉd[[gZYZXZ\‚c‚gZjm7Vaadc#
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/*`b
*
(
]VcY^h`^
'
'
)
(
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(-)'.%++*
)*
(
'
(
'
9dbV^cZYj7VaadcYÉ6ahVXZ
ZiYZaVEaVcX]ZYZh7ZaaZh
;^aaZh!)%`bYZXaVhh^fjZdj
h`Vi^c\#&ZheVXZajY^fjZ#
7YYecfW]dWj[khi[dcedjW]d[
™GVcYdKdh\Zh
i‚a#%+,%**,((,
lll#gVcYd"kdh\Zh#Xdb
™BdciV\cZEajh
i‚a#%++)+)'.,.
lll#bdciV\cZeajh#[g
™9‚XdjkZgiZYZh(KVaa‚Zh
i‚a#%+-%%(())%
lll#YZXdjkZgiZbdciV\cZ#cZi
Be_i_hid[_][
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
i‚a#%('.'*'%(-#
:c[Vcih
EgVi^fjVciaZh`^/_VgY^cYÉZc[Vcih
|eVgi^gYZ)Vch#
Dg\Vc^h‚eVgaÉ:H;#
6Xi^k^i‚hY^kZghZh
wfj^eZbZcih/
/
Ia_dehZ_gk[
)%`bWVa^h‚hYVb‚h
'
?Ifehji[jbe_i_hi
6XXgdWgVcX]Zhhjgg‚hZgkVi^dc
|eVgi^gYZ&%eZghdccZhdj
ZcXVhYZbVcfjZYZcZ^\Z#
67Za[dgi/eVi^cd^gZ!e^hX^cZh!
iZcc^h!hfjVh]!XZcigZh‚fjZh"
igZh!ÒicZhh!X^c‚bVbjai^"
eaZmZ!C‚daVhZg!Wdla^c\#
9^hXdi]ƒfjZ#6BVhZkVjm/e^hX^cZ
Gdj\Zbdci"aZ"8]}iZVj/\da[#
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
;dlWbbƒ[i/WgVhhZg^ZVgi^hVcVaZ!
hX^Zg^Z]Vji"[Zg!bjh‚Z<VcicZg!
BV^hdc9‚eVgiZbZciVaZYZ
aÉ:ck^gdccZbZci!h^iZYj
BVahVjXn!;dg\Z"bjh‚Z!
BV^hdcYZaV\‚dad\^Z|HZci]Z^b!
[V‰ZcXZg^Z|<jZlZc]Z^b#
Bjh‚ZYZaV8]VjhhjgZ|
DWZgWgjX`!k^h^iZYZ[gdbV\Zg^Zh!
XdX]dcV^aaZh#
78[b\ehj/aV8^iVYZaaZYZaV
A^WZgi‚!aZA^dcYZ7Vgi]daY^!
aZh[dgi^ÒXVi^dch!aVK^Z^aaZ"K^aaZ!
k^h^iZh\j^Y‚ZhYZaVk^aaZ!aV
8daaZXi^dcYÉVgiBdYZgcZ!i]‚}igZ#
7CWi[lWkn/X^c‚bV!i]‚}igZ!
k^h^iZh\j^Y‚ZhYZaVk^aaZ!?Zj
YZaVEVhh^dc#
?7Yj_l_jƒiZ[ie_hƒ[
AZhhd^g‚ZhXdck^k^VaZhdj
YVchVciZhYVchaZhVjWZg\Zh
VjidjgYZeaVihg‚\^dcVjm
k^ZccZciXdbea‚iZgjcZ_djgc‚Z
W^ZcgZbea^ZZieg‚eVgZciVjm
_d^ZhYjaZcYZbV^c#EdjgaZheajh
VXi^[hZiaZhbd^ch[g^aZjm!aZh`^
cdXijgcZZiaZhhdgi^ZhgVfjZiiZh
VjmÓVbWZVjmkdjhViiZcYZci#
6je^ZYYZhe^hiZh
=‚WZg\ZbZciZi
gZhiVjgVcih
Ikhi_j[0]iZah!XZcigZh
YZkVXVcXZh!\ˆiZhgjgVjm!
X]VbWgZhYÉ]iZh!gZ[j\ZhZi
X]VaZihVhhdX^Vi^[h#GZhiVjgVcih!
VjWZg\ZhZi[ZgbZh"VjWZg\Zh#
;dlWbbƒ[0]iZah!gZhiVjgVcih!
\ˆiZhgjgVjm!X]VbWgZhYÉ]iZh!
bZjWa‚h!XZcigZhYZkVXVcXZh#
EZi^iZhg‚k‚aVi^dch
Vje^ZYYj7Vaadc#
AZhh`^hhdciedh‚h!aZ[ZjYZWd^h
Xg‚e^iZYVchaVX]Zb^c‚Z!aZh
Vhh^ZiiZh[jbZci½EVg[jbhYZ
k^VcYZh[jb‚ZhZiYZ[gdbV\Zh
YZhX]VjbZh½DcY^hXjiZY‚_|
VkZXeVhh^dcYZhVXi^k^i‚hYj
aZcYZbV^c#DchÉZcÓVbbZ
hVkdjgVcieVgVkVcXZidjh
aZhY‚a^XZhZcXdgZ|kZc^g½
9VchaZhkVaa‚Zh!Y‚XdjkgZoidjh
aZhXdbbZgXZhZiaZhad^h^ghfj^
[VX^a^iZgdciZiV\g‚bZciZgdci
kdigZh‚_djgYVchaZhKdh\Zh
YjHjY#67Za[dgik^kZoidjh
aZhad^h^ghYÉVegƒh"h`^#
8i‚egVi^fjZ
?9edjWYj
BV^hdcYjIdjg^hbZYZ
7Za[dgi
ZiYjIZgg^id^gZYZ7Za[dgi
i‚a#%(-)**.%.%
VXXjZ^a5WZa[dgi"idjg^hbZ#Xdb
Hƒi[hlWj_ediiƒ`ekhi
i‚a#%(-)**.%-)
hZ_djgh5WZa[dgi"idjg^hbZ#Xdb
lll#WZa[dgi"idjg^hbZ#Xdb
))
)' )(
)(
AZ7VaadcYÉ6ahVXZ
AZhdbbZiYZidjiZhkdhZck^Zh#
6&'),bYÉVai^ijYZ!aZ7VaadcYÉ6ahVXZkdjhg‚hZgkZidjhaZheaV^h^gh!
idjhaZhY‚a^XZhYZaV\a^hhZfjZkdjhV^bZo#6bViZjgY‚WjiVci
djiVaZciXdcÒgb‚!^X^!XÉZhi|X]VXjchdcgni]bZ!|X]VXjchZh
VjYVXZhZihZhY‚Òh###H`^Vae^c4JchZjaZib„bZYdbV^cZdjkgZ
hjg&%e^hiZhedjgg‚edcYgZ|idjiZhaZhViiZciZh#H`^YZ[dcY4Kdjh
Y^hedhZoYZ+e^hiZhZiYÉjcZheVXZYÉ^c^i^Vi^dcVjXÃjgYZeVnhV\Zh
egdi‚\‚h#6YZeiZhYZaVbVgX]Z4AV^hhZokdjhh‚Yj^gZeVgaZh
X^gXj^ihgVfjZiiZhZchdgi^ZVXXdbeV\c‚Z###
6cZeVhbVcfjZg
eVhbVc
cfj
fjZ
[dg[V^ih\gVij^ih!edjgidjh!aZ&ZgY^bVcX]ZYÉdjkZgijgZhjg[!YZhXZciZZi[dcY
^bVc
b X]ZYÉ
Y dj
djk
7VaadcYÉ6ahVXZ
lll#idjg^hbZ"WVaadc"VahVXZ#[g
))
D[ÒXZYZIdjg^hbZYZBVhZkVjm
i‚a#%(-.-')&..
bVhZkVjm5idjg^hbZ"VahVXZ#^c[d
lll#di"bVhZkVjm"YdaaZg#[g
D[ÒXZYZIdjg^hbZ
YZHV^ci"BVjg^XZ"Hjg"BdhZaaZ
i‚a#%('.')*()XdciVXi5hV^ci"bVjg^XZ"kdh\Zh#Xdb
lll#hV^cibVjg^XZ"kdh\Zh#Xdb
?H[di[_]d[c[dji\eh\W_ji
HncY^XViB^miZ>ciZgY‚eVgiZ"
bZciVaYj7VaadcYÉ6ahVXZ
i‚a#%(-)'-&'%&
VXXjZ^a5hb^WV#[g
lll#idjg^hbZ"WVaadc"VahVXZ#[g
I‚a‚h`^h<Zci^VcZ
i‚a#%(-)'.(+,+
?7YY„i
(%`bYZ7Za[dgi
)*`bYZBja]djhZ
+%`bYÉ:e^cVa
6jidgdjiZh/
6(+hdgi^Z7Za[dgidjBVhZkVjm
<VgZhI<K/7Za[dgidjBja]djhZ
6‚gdedgi/7}aZ"Bja]djhZ
7jhcZ^\Z/
7Za[dgi"7VaadcYÉ6ahVXZ
??d\eid[_][
i‚a#%-.'+-'*.%
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
?M[XYWc
lll#idjg^hbZ"WVaadc"VahVXZ#[g
AZGdj\Z<Vodc
:heg^ihedgi^[Zi###Y‚a^X^ZjhZbZci\djgbVcY#
6je^ZYYZhe^hiZh!Y‚XdjkgZojcXVYgZ[Vb^a^VaX]VaZjgZjm#
6iiZci^[|idjhkdhY‚h^gh!cdigZ8]Z[egdedhZYZhgZeVhigVY^i^dccZah
Vaa‚X]Vcih!YZXde^ZjmeaVih»IZggd^g¼YZhKdh\ZhZiYÉ6ahVXZ#
EdjgXdcXajgZZcWZVji‚!Bg8]g^hi^VcAjiiZcWVX]Zg!BVˆigZE}i^hh^Zg!
kdjhVg‚hZgk‚hVX‚aƒWgZIVgiZVjmBngi^aaZh!hZh^gg‚h^hi^WaZh
\}iZVjmVjm[gj^ihdjVjX]dXdaVi½9‚a^XZhZcXdgZ!eaV^h^ghidj_djgh!|
Y‚\jhiZghjgeaVXZdj|ZbedgiZg!YZhegdYj^ih»bV^hdc¼ZiadXVjm/
[gdbV\ZhZiaVgY[jb‚![V^hhZaaZh!XdcÒijgZh!`dj\ad[h###
6jGdj\Z<Vodc!aZeVcdgVbVZhihV^h^hhVci!aViVWaZhVkdjgZjhZ½
IdjiedjgXdbWaZgkdigZVee‚i^iZig‚jhh^gkdigZh‚_djg|aVbdciV\cZ
iZ
Zig‚jhh^g
h^ k
AZGdj\Z<Vodc
--*+%HV^ciBVjg^XZhjgBdhZaaZ
=VjiZhKdh\Zh
i‚a#%('.'*&'-%
^c[d5gdj\Z"\Vodc#[g
lll#gdj\Z"\Vodc#[g
)+
)*
7jhhVc\
+%*b"&'%-b
EgdbZhhZYÉjch‚_djgg‚jhh^!
aZh»WjhhZcZih¼]VW^iVcihYZ
7jhhVc\!Xjai^kZciYZej^hidj_djgh
jcVXXjZ^ahedciVc‚!Xdck^k^Va
ZicVijgZaaZbZciWdcZc[Vcifj^
Zc[dcijcZV\g‚VWaZhiVi^dc
idjg^hi^fjZ#6egdm^b^i‚Yjk^aaV\Z!
aVhiVi^dc[Vb^a^VaZYZAVgXZcV^gZ
kdjhVXXjZ^aaZgVVkZXXdbbZ
cdjkZVji‚hjcigZbea^cYZhVji
|h`^YZ(%bƒigZh!aZgZbdYZaV\Z
YZaVe^hiZYZaV8Vgg^ƒgZZi
aÉV\gVcY^hhZbZciYjg‚hZVjYZ
cZ^\ZYZXjaijgZ#
7dch^\cZ!dc\a^hhZ|7jhhVc\
hjgaVeajh\gVcYZe^hiZYZaj\Z
YjbVhh^[&#*`bVje^ZYYZaV
7djad^Z
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d¼BWhY[dW_h[½
E^hiZh/*`b
)
)
'
wfj^eZbZcih/
*
'
&igZbea^cYZhVji|h`^YZ&*b
lll#aVgXZcV^gZ#[g
Ia_dehZ_gk[
)%`bWVa^h‚hYVb‚h
)
*
'
Zi\gVij^iZhVkZXKZcigdc
8ZcigZ8dbbjcVaYZh`^YZ[dcY
i‚a#%+-,*&(&&%
),
xYeb[Z[Ia_<hWd‚W_i
i‚a#%('.+&*)*,
AVgXZcV^gZ
HVjcVZi]VbbVbVjXVbe^c\!
Zihd^chYZgZaVmVi^dcZi
VgdbVXdad\^Z|aV;ZgbZ
Yj7^Zc":igZ|:e^cVa#
7YYecfW]dWj[khi[dcedjW]d[
™8^ZYZh6XXdbeV\cViZjgh
A^\cZYZXg„iZh
i‚a#%+,%**,((,
lll#gVcYd"kdh\Zh#Xdb
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
8^c‚bV!ajYdi]ƒfjZ|&%`b
AZI]^aadi!k^h^iZYjI]‚}igZ
YjEZjeaZYZ7jhhVc\
™8^ZYZh6XXdbeV\cViZjgh
GVcYdHjYKdh\Zh
i‚a#%+-,.-.)-%
lll#gVcYdhjYkdh\Zh#Xdb
Be i_h
Be_
Be_i_hid[_][
i_hhid
id[__][
hdgi^Zhdg\Vc^h‚ZhVkZX
VXXdbeV\cViZjg
IƒYkh_jƒZ[if_ij[i
AVgXZcV^gZ/i‚a#%('.+&*)*,
:c[Vcih
EgVi^fjVciaZh`^/_VgY^cYÉZc[Vci
‚fj^e‚YÉjcÒacZ^\Z
|AVgXZcV^gZ
edjgaZheajhYZ)Vch#
6Xi^k^i‚hY^kZghZh
?Ifehji[jbe_i_hi
EVgVeZciZ!e^hX^cZAZI]^aadi!
Y‚eVgiYZaVKd^ZKZgiZ!K^V;ZggViV
\gVij^iZZcXVhYZbVcfjZYZ
cZ^\Z$‚fj^eZbZcidWa^\Vid^gZ#
?7Yj_l_jƒiZ[ie_hƒ[
8Vh^cdVkZXhVaaZYZheZXiVXaZh
ZicdbWgZjhZhVc^bVi^dch!WVgh
XZcigZYjk^aaV\Z!`VgVd`‚h!
XdcXZgih!YZhXZciZVjmÓVbWZVjm
idjhaZhbZgXgZY^heZcYVciaZh
kVXVcXZhhXdaV^gZh#
6je^ZYYZhe^hiZh
AVgXZcV^gZ/
CVkZiiZYZhcZ^\ZhYZhhZgkVci
aZhhiVi^dchYZh`^YZAVgXZcV^gZ
ZiYjGdj\Z<VodcVjY‚eVgiYZ
;gZhhZhjgBdhZaaZ!HiBVjg^XZ
hjgBdhZaaZZi7jhhVc\eZc"
YVciaZhkVXVcXZhhXdaV^gZh#
=‚WZg\ZbZci
&k^aaV\ZkVXVcXZh!
ZiadXVi^dchhV^hdcc^ƒgZh
;dlWbbƒ[0
]iZah!adXVi^dch!X]VbWgZh
YÉ]iZh!-gZhiVjgVcih!
&XVbe^c\
EgZhiVi^dchZchiVi^dc
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZYZh7Vaadch
YZh=VjiZhKdh\Zh!
7jgZVjYZ7jhhVc\
i‚a#$[Vm/%('.+&*%(,
XdciVXi5idjg^hbZ"WjhhVc\#Xdb
lll#idjg^hbZ"WjhhVc\#Xdb
?H[di[_]d[c[dji\eh\W_ji
AVgXZcV^gZ/i‚a#%('.+&*)*,
?7YY„i
),`bYZBja]djhZ
()`bYZGZb^gZbdci
+%`bYÉ:e^cVa
6jidgdjiZh/6(*hdgi^ZI]Vcc
<VgZhI<K/GZb^gZbdci
a^V^hdcWjh
6‚gdedgih/Bja]djhZ"7}aZ!
CVcXn"BZio
??d\eid[_][
lll#idjg^hbZ"WjhhVc\#Xdb
lll#aVgXZcV^gZ#[g
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
)+
))
),
CdjkZVji‚h
;ifWY[ZƒXkjWdj
[jckbj_#]b_ii[
"&\gVcYiVe^hgdjaVciYZ
&%%bfj^YdccZVXXƒh|
'cdjkZaaZhe^hiZhkZgiZh
"'e^hiZhYZaj\ZajY^fjZh
"CZ^\ZYZXjaijgZZi‚XaV^gV\Z
hjgaÉZheVXZY‚WjiVci
"&ZheVXZe^dj"e^dj:H;
'idWYaXWhWl[Y
j[hhWii[ikhb[if_ij[i
)+
HV^ci"BVjg^XZhjgBdhZaaZ
&%,%b"&'+%b>mmm$hek][#]Wped$\h
8dbbjcZYZegƒhYZ&*%%
]VW^iVcihVje^ZYYZh7Vaadch
YÉ6ahVXZZiYZHZgkVcXZ!HV^ci"
BVjg^XZ"hjg"BdhZaaZZhijcZ
Vji]Zci^fjZhiVi^dcYZbdciV\cZ
VXi^kZ!hdjg^VciZZiVXXjZ^aaVciZ
idjiZaÉVcc‚Z#>beaVci‚ZZcigZ
**%Zi&'+%bYÉVai^ijYZ!XZ
h^iZW‚c‚ÒX^ZYÉjckVhiZg‚hZVj
YZhZci^ZghYZgVcYdcc‚Zh
ZiYÉjcYdbV^cZh`^VWaZ#
KdXVi^dcg‚hdajbZci[Vb^a^VaZ
Zi‚fj^eZbZcihVYVei‚h!Gdj\Z
<VodcegdedhZVjhh^W^Zcjch`^
Vae^ckVg^‚fjÉjch`^cdgY^fjZYZ
fjVa^i‚½6hhjg‚bZcigZedhVci
7YYecfW]dWj[khi[dcedjW]d[
™8^ZYZh6XXdbeV\cViZjgh
A^\cZYZXg„iZh
i‚a#%+,%**,((,
lll#gVcYd"kdh\Zh#Xdb
6Xi^k^i‚hcZ^\Z
CZegVi^fjVcieVhaZh`^/]VaiZ"
Xg‚X]Z"\VgYZg^ZAV;VgVcYdaZ
i‚a#%('.'*(&&)
:c[VcihegVi^fjVciaZh`^/_VgY^c
YÉZc[VciVkZXÒacZ^\Zdg\Vc^h‚
ZiZcXVYg‚eVgaÉ:H;
Ia_Wbf_d
E^hiZh/&%`b
*
)
(
wfj^eZbZcih/
'
Be_i_hid[_][
Hdgi^ZhVXXdbeV\c‚ZhVkZX\j^YZ
YZbdnZccZbdciV\cZ
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
i‚a#%(-.),'+&)
:c[Vcih
6Xi^k^i‚hY^kZghZh
+
E^hiZh‚XaV^g‚Zhhjg
aÉZheVXZbjai^"\a^hhZ
Ia_dehZ_gk[
6XXƒh\gVij^i
'(`bWVa^h‚hYVb‚h
'
'
'
'(`bYZe^hiZhYZh`Vi^c\
xYeb[Z[Ia_<hWd‚W_i
i‚a#%('.'*%&*,
i‚a#%+-%'+.%&)
?<ehc[
Hd^chZigZaVmVi^dcVj
HeVe]‚c^X^Zc
i‚a#%+,(&*')*?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
8^c‚bVZib‚Y^Vi]ƒfjZ
|+`bAZI]^aadi#K^h^iZYZaV
X]ƒkgZg^Z;gZhh^diiZ!k^h^iZYZ
aV[ZgbZ»AZh[gj^ihYÉVai^ijYZ¼
?7Yj_l_jƒiZ[ie_hƒ[
9ZhXZciZVjmÓVbWZVjm!
Wj[[ZiXVbeV\cVgYZihd^g‚Z
YVchVciZ!eZcYVciaZh
kVXVcXZhhXdaV^gZh!edi
YÉVXXjZ^aYZhkVXVcX^ZghVkZX
Y^VedgVbVedjgY‚Xdjkg^g
aVg‚\^dcZiY‚\jhiVi^dcYZ
egdYj^ihg‚\^dcVjm#
?7kjh[iWYj_l_jƒi
8djghZhYZaj\Z!hd^g‚ZhXdciZ!
hd^g‚Zhhdgi^ZhgVfjZiiZh#
6je^ZYYZhe^hiZh
CVkZiiZYZhcZ^\ZhYZhhZgkVci
aZhhiVi^dchYZh`^YZAVgXZcV^gZ
ZiYjGdj\Z<VodcVjY‚eVgiYZ
;gZhhZhjgBdhZaaZ!HiBVj"
g^XZhjgBdhZaaZZi7jhhVc\
eZcYVciaZhkVXVcXZhhXdaV^gZh#
=‚WZg\ZbZciZi
gZhiVjgVcih
Gdj\Z<VodcZi7VaadcYÉ6ahVXZ/
']iZah#;dlWbbƒ[0&]iZa!
(\ˆiZhYZ\gdjeZ!X]VbWgZh
YÉ]iZh!\ˆiZYɂiVeZ!bZjWa‚h
YZidjg^hbZ#(gZhiVjgVcih#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZYZh7Vaadch
YZh=VjiZhKdh\Zh!WjgZVjYZ
HV^ciBVjg^XZhjgBdhZaaZ
i‚a#%('.')*()ZbV^a/idjg^hbZ5hV^ci"bVjg^XZ"
kdh\Zh#Xdb
lll#hV^ci"bVjg^XZ"kdh\Zh#Xdb
?H[di[_]d[c[dji\eh\W_ji
i‚a#%('.'*&'-%
?7YY„i
+*`bYZBja]djhZZiYÉ:e^cVa
6jidgdjiZh/6(*hdgi^ZI]Vcc
<VgZhI<K/GZb^gZbdcia^V^hdcWjh
6‚gdedgih/Bja]djhZ"7}aZ-%`b!
CVcXn"BZio
??d\eid[_][
i‚a#%('.'*'('lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll#bVhh^["YZh"kdh\Zh#Xdb
EgZhiVi^dchZchiVi^dc
), H^iZYZcZ^\Z
YjHX]ajbe[[
9VchaVkVaa‚ZYZaV9daaZg!|
,`bYZBVhZkVjm!ZcigZ+,*
Zi&%&,b!aZh^iZYjHX]ajbe[
d[[gZYZhe^hiZhYZh`^Vae^cfj^
XdbeiZcieVgb^aZheajhadc\jZh
Zh
YZhKdh\ZhidjiZchÉdjkgVci
½
hjgjceVcdgVbVbZgkZ^aaZjm½
8i‚egV
8i‚egVi^fjZ
gVi^
i fjZ
??9edjWYj
9edjWY
9ed
WYjj
D[ÒXZ
D[Ò
D[ÒXZYZIdjg^hbZYZBVhZkVjm
X YZ
Y Idj
Idjg^h
g^hbZ
b YZ
bZ
Z BVhZkV
BVh
VhZkV
ZkVj
jm
ZiYZaVKVaa‚ZYZaV9daaZg
ZiYZ
Y aV
YZ
VKVa
Vaa‚Z
a‚ZYZ
ZaV
aaV9d
9daaZ
aaZ
aZgg
i‚
i‚a
i‚a#%(-.-')&..
a#%
%(-.. ')
)&.
&..
.
bVhZkV
bVh
bVhZkVjm5idjg^hbZ"VahVXZ#^c[d
Zk jm5
jm5idj
jm
djg^h
g^hbZ"
b Vah
ahVXZ
ah
V Z#^c
^ [d
[
)-
9Zhi^cVi^dc8]VbeYj;Zj
)-
8]VbeYj;Zj
AZ
.%%bÄ&%..b>mmm$b[Y^WcfZk\[k$Yec
6jXÃjgYZhKdh\Zh8ZcigVaZh!
ZcigZaVkVaa‚ZYZaV7gjX]ZZiaZ
KVaYZK^aa‚!aZbVhh^[Yj8]Vbe
Yj;ZjZhijcbV\c^ÒfjZZheVXZ
cVijgZad‘aZhhedgihYZ\a^hhZ
hɂeVcdj^hhZcicVijgZaaZbZci
ZcigZ.%%Zi&&%%bYÉVai^ijYZ#
DcnegVi^fjZaZh`^Vae^c!
aZhcdlWdVgY!aZbdcdh`^!
aZhcdlWaVYZ#AZ8]VbeYZ;Zj
Zhig‚eji‚edjghdcZmXZei^dccZa
YdbV^cZcdgY^fjZ/&%%`bYZ
e^hiZhWVa^h‚ZhZiYVb‚ZhZc
a^WgZVXXƒh!hiVYZYZW^Vi]adc
Zie^hiZYZXdbe‚i^i^dc½
JckgV^WdaYÉV^g[gV^h!jcZhiVi^dc
YZh`^[Vb^a^VaZ|YZjmeVhYZ
HigVhWdjg\
IƒYkh_jƒZ[if_ij[i
HZXdjghZcbdciV\cZ/
i‚a#%(--.,(%+.
6Xi^k^i‚hcZ^\Z
Ia_Wbf_d
E^hiZh/-`b
-
)
,
wfj^eZbZcih/
'&
XdciVXi5gVcYd"Zbdi^dc"kdh\Zh#Xdb
Ia_dehZ_gk[
&%%`bWVa^h‚hYVb‚h
('"+ac '+"+ac *-"+ac '("+ac
6XXƒh\gVij^iVjYdbV^cZ!Zck^gdc
&%%`bYZe^hiZhWVa^h‚ZhZi
YVb‚Zh!Zck^gdc&%%`bYZe^hiZh
YZh`Vi^c\!
&hiVYZYZW^Vi]adcZi
&e^hiZYZXdbe‚i^i^dc#
8ZcigZY‚eVgiZbZciVaYZh`^
cdgY^fjZYj8]VbeYj;Zj!
i‚a#%(--.,('+(
XdciVXi5h`^+,#Xdb
xYeb[Z[Ia_<hWd‚W_i
i‚a#%(--.,(*%*
ZchV^hdc/
',Y‚XZbWgZ|b^"bVgh
AZdcheVgi^Xja^ƒgZh!Xdjgh
XdaaZXi^[heZcYVciaZhkVXVcXZh
hXdaV^gZh
).
7YYecfW]dWj[khi[dcedjW]d[
™8^ZYZhVXXdbeV\cViZjghKVaa‚Z
YZaV7gjX]Z$KVaYZK^aa‚
i‚a#%+-'')%)((
lll#gVcYd"Zbdi^dc"kdh\Zh#Xdb
™IgVXZKZgiZ
i‚a#%(--(-(%+.
^c[d5igVXZkZgiZ#Xdb
lll#igVXZkZgiZ#Xdb
Be_i_hhhid
Be_i_hid[_][
d[__][
HZci^Zghe^‚idchYVb‚h
8^gXj^iWVa^h‚edjgaVegVi^fjZa^WgZ
ZcgVfjZiiZh!eVgXdjgh
YÉdg^ZciVi^dcZcb^a^ZjZccZ^\‚!
hcdlhXddi!'e^hiZhYZijWW^c\!
gZbdciZaj\Z!X]^ZchYZigVˆcZVjm#
6Xi^k^i‚hY^kZghZh
?Ifehji[jbe_i_hi
7dla^c\|L^hX]Zh''`b
8^c‚bV|Gdi]Vj&*`b
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
Bjh‚Z?;#DWZga^c|LVaYZghWVX]#
B‚bdg^VaYZaÉ6ahVXZ"BdhZaaZ#
K^h^iZhYÉViZa^ZghYÉVgi^hVch
ZiYZegdYjXiZjghadXVjm#
;ZgbZh"VjWZg\Zh#
?7Yj_l_jƒiZ[ie_hƒ[
C^\]i"XajW|HV^ci"9^‚
6je^ZYYZhe^hiZh
=‚WZg\ZbZci
IkhfbWY[[j}fhen_c_jƒ
8[bcedj)ac[j
8[bb[\eii[+ac0
G‚h^YZcXZ]iZa^ƒgZhjgh^iZ
&%X]VbWgZhYÉ]iZhZck^gdc!
(%\ˆiZhZibZjWa‚hYZidjg^hbZ!
+X]VaZih"gZ[j\Zh!&XVgVkVcZ^\Z
'gZhiVjgVcihhjgh^iZ
Zi'|egdm^b^i‚#HVaaZ]dghhVX
g‚hZgkVi^dc\gdjeZhVj
%(--.,(.*%
;dlWbbƒ[0&%]iZah!(k^aaV\Zh
kVXVcXZh!&VjWZg\ZYZ_ZjcZhhZ!
&(X]VbWgZhYÉ]iZh!Zck^gdc,%
\ˆiZhZibZjWa‚hYZidjg^hbZ!-
X]VaZih"gZ[j\Zh!)%gZhiVjgVcih#
).
)/
)-
). H^iZYZcZ^\Z
Yj9dcdc
6jcdgYYZaVKVaa‚ZYZaV
7gjX]Z!eajh^ZjghVjigZhh^iZh
eZgbZiiZciYZkVg^ZgaZheaV^h^gh
ZiaÉVbW^VcXZYZkdhX^gXj^ih
YZh`^YZ[dcY#6jmXdcÒchYZ
aÉ6ahVXZZiYZhKdh\Zh!
aZYdbV^cZYj9dcdcegdedhZ
cdiVbbZci-X^gXj^ihZc
hdjhWd^h½
Ia_dehZ_gk[
+*`bWVa^h‚ZhYVb‚Zh
EdhiZYZhZXdjgh
8i‚egVi^fjZ
8i‚
8
i‚e
egV
gVi^
i^fj
fjZ
Z
??9edjWYj
9 djWY
9ed
WYjj
D[ÒXZYZIdjg^hbZ
D[ÒXZYZ
D[
YZId
Idjg^hhbZ
Idj
bZ
YZaV=VjiZ"KVaa‚ZYZaV7gjX]Z
YZ aV
YZ
aV=Vj
=VjiZ
iZ"KVa
KV a‚Z
KVa
a‚ YZ
Y aV
aV7g
7g
7 jX]Z
jX]
X Z
8]VbeYj;ZjZchV^hdc
8 be
8]V
beYj
Yj;
;ZjZ
Z
Zch
c hV^h
V^hdc
d
dc
i‚a#%(--.,(.*%
i‚a
‚ #%(# %( --.
-.,(
,(.*
. %
.*
idjg^hbZ5]VjiZWgjX]Z#Xdb
idjg^h
idj
g^hbZ5
b ]Vj
bZ5
]VjiZW
iZWgjX
gjXX]Z#
] Xdb
b
HX]^g
HX]
^gb
gbZX`
ZX`
HX]^gbZX`
i‚a#%
i‚a
#%((--)
- ),&
,&-*
-*&
&
i‚a#%(--),&-*&
idjg^hbZ5]VjiZWgjX]Z#Xdb
idj
jg^h
^hbZ
bZ5]Vj
bZ5
]Vj
jiZW
i gjXX]Z
iZ
Z#Xdb
Xd
Xdb
db
lll
ll
l##]V
]VjiZW
jiZ
ZWgjX]Z
WgjX]Z
Z#Xd
Xdb
b
lll#]VjiZWgjX]Z#Xdb
Gdh]Z^b
Gdh
Gdh]Z
]Z^
Z^b
b /
i‚a#%(--*%,*(i‚a#%
i‚a
#%(( --*
(-*%,
-*
% *(%,
* (7Vgg7Zgc
7Vgg7ZgchiZ^c$AZ=d]lVaY/
7Vgg7
Z chiZ
hiZ^c$
^c$
c AZ
AZ =d
=d]lVaaY /
i‚a#%(--%-((.'
i‚a
‚a#%
#%((--%
%-(
-((.
(.'
'
K^aa‚
K^aa‚/
K^a
aa‚//
i‚a#%(--*,&&+.
i‚a#%
i‚
%(( --*
-- ,&
,&&+
& +.
??7YY„i
7YY„
7YY
„i
„i
,%
%`b
`b YZ
YZHig
Hig
i VhW
V djg
djg\
\
,%`bYZHigVhWdjg\
eVg6(*Ä6(*'Ä9&)'%#
eVg
eVg6(
Vg (*Ä
Ä6(*'
6(
6(*'
* Ä9
Ä9&)'
&) %#
#
)*
*`b
`bYZ
`b
YZ
Y
ZHV^
HV^ci"
ci 9^‚
ci"
9
)*`bYZHV^ci"9^‚
eVg9&)'%Ä9*,Ä9+*,#
eVg9&
eVg
9&
&)'%
)' Ä
Ä9*,
9*,
9
* Ä9+*
*,#
,
'(`b
'(
`bY
`b
YÉDWZggcV
YÉDWZg
cV^eV
cV^
eVgg9
9)'
)'+#
)'+
'(`bYÉDWZgcV^eVg9)'+#
&*`b
&*
b YZ
YZK^a
K^aaa‚
a‚eVg
eV 9)
eVg
9)')#
')
)#
&*`bYZK^aa‚eVg9)')#
DWl[jj[iZk9^WcfZk<[k$
DWl[jj
DWl
[jj[i
[jj
[i Zk
[i
Zk9^
9^W
Wcf
f Zk
Zk <[k
< $
G‚hZVj
G‚h
ZVj+,
Vj+,
+,Yj
YjgVc
Yj
gV iaaVhhV^h
V^hdc
dc
G‚hZVj+,YjgVciaVhV^hdc
]^kZgcVaZYZej^haZh\VgZhI:G
]^kZgc
]^k
Z VaZ
Zgc
VaZYZ
YZ
YZej^
e ha
ej^
haZh
Zh\Vg
Zh
\Vg
VggZh
ZhI:G
I:G
YZHX]
H ]^gb
^gbZX`
Z !;djY
ZX`
djY
jYV
VnZi
Zi
YZHX]^gbZX`!;djYVnZi
Hi"7aV
Hi"
7aV^hZ
7aV
Z"aV
aV"Gd
"Gd
G X]Z
X /
Hi"7aV^hZ"aV"GdX]Z/
i‚a#%.,'+,+,+,
i‚a
a#%
#%.,
.,'+
.,
' ,+
'+
,+,
,+,
+,
<VgZhI<K/HigVhWdjg\Zi
<
<VgZh
<V
VgZhh I<K
I<K/H
/H
HigV
VhW
hWdjg\
hWd
jg\
\Zi
Zi
HV
HV^
V^c
ci"9^‚
ci"9^‚
ci"
9 ej
ej^h
ej
^hh a^V
V^hd
^h chI:G
I:G
HV^ci"9^‚ej^ha^V^hdchI:G
;djYVnZiHX]^gbZX`
;dj
d YVn
YVnZi
ZiHX
Zi
HX]
HX
]^gbZX
bZ `
6‚gdedgi/HigVhWdjg\":cio]Z^b
6‚ ded
6‚g
dedgi
gi/H
gi
/HigV
/H
igVhWd
ig
hWd
W jg\
g\":cio]
i ]Z^b
b
???d\eid[_][
?d\
d\\ei
d\ei
ei d[
d[_][
d[_
]
][
i‚aa#%(
i‚a#
%
%(--
(--.,((*,"%(--.,(%&)
--.,
.,
, ((
(( *,
*,"%
"%
%((--.
(-.,
,(%&
&)
lll#WjaaZi^c"YZh"cZ^\Zh#Xdb
lll
ll
l#Wj
WjaaZi^c
aaZi^c"YZ
"YZh"c
h"c
cZ^\
\Zh#
Zh#Xdb
Xd
db
lll#bVhh^["YZh"kdh\Zh#Xdb
lll#bV
lll
#bV
bVhh^
hh^^["Y
YZh"
Zh"kdh
kdhh\Zh
Z #Xd
db
lll#aZX]VbeYj[Zj#Xdb
lll#aZ
lll
#aZX]V
#aZ
X]Vbe
beYj[Z
beY
j[Zj#X
j[Z
j#Xdb
d
db
lll#]V
lll
#]VjiZ
#]V
jiZWgj
jiZ
WgjX]Z
Wgj
X]Z#Xd
X]Z
#Xdb
Xdb
lll#]VjiZWgjX]Z#Xdb
? M[X
?M[XYWc
M[ YWc
lll#aZX]VbeYj[Zj#Xdb
lll
l #aZ
a X]VbeYj[
aZ
j[Zj#X
j[Z
j Xdb
j#X
db
b
Be_i_hid[_][
&^i^c‚gV^gZgVfjZiiZh
Ikhi_j[0']iZah"gZhiVjgVcih!
&bZjWa‚YZidjg^hbZ
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZaV=VjiZ"KVaa‚ZYZaV7gjX]Z
i‚a#/%(--),&-*&
idjg^hbZ5]VjiZWgjX]Z#Xdb
lll#]VjiZWgjX]Z#Xdb
)/ H^iZYZcZ^\Z
LVc\ZcWdjg\":c\Zci]Va
9VchaZbVhh^[YjHX]cZZWZg\!hjg
aZh^iZYZLVc\ZcWdjg\":c\Zci]Va!
aZhe^hiZhXdjgZcihjgaZÓVcXYZaV
bdciV\cZ!hjgeadbWVciaZhkVaa‚Zh
lVc\ZcWdjg\Zd^hZhZi
aVeaV^cZYÉ6ahVXZ#
Ia_dehZ_gk[
,*`bWVa^h‚ZhcdcYVb‚Zh
Be_i_hid[_][
8i‚egVi^fjZ
8i‚
i‚e
egV
gVi^
i^fj
fjZ
Z
??9edjWYj
9ed
9ed
e jWYj
D XZ
D[
D[Ò
X YZIdj
Idjg^hhbZ
bZ
D[ÒXZYZIdjg^hbZ
YZLVc\ZcWdjg\":c\Zci]Va
YZLVc
YZ
c\
\Zc
ZcWdj
Wdjg\"
dj \"
\":c\
:c\Zc
:c\
Zc ]Va
Zci
Va
Va
i‚a#%(---,((*%
i‚a
i‚
‚a#%
# (( ---,((*
-,
,((*
(*%
%
iidjg^hbZ#lVc\ZcWdjg\5lVcVYdd#[g
idj
g^hbZ#
g^
bZ#
Z lVc
lV \Z
\ZcWdj
\Zc
W g\5
Wdj
\5
5lVc
lVcVYd
VYdd#[
Ydd#[
d# g
lll#hj^hhZ"VahVXZ#Xdb
lll#hj^hh
lll
^hhhZ"V
VahV
ahVXZ#
XZ
Z Xdb
Xd
db
)/
9Zhi^cVi^dcKdh\Zhb‚g^Y^dcVaZh
*& H^iZYZcZ^\Z
Yj<^gbdci"KVa"YÉ6_daZiYZHV^ci7gZhhdc
+*%bÄ-%(b>
6jmXdcÒchYZaVAdggV^cZZi
YZaV=VjiZHVcZ!YVchjc
Zck^gdccZbZciZmXZei^dccZa!
|&*`bYZAjmZj^a"aZh"7V^ch!
|&(`bYZEadbW^ƒgZh"aZh"7V^ch!
|&%`bYZGZb^gZbdciZi|-`b
YjKVa"YÉ6_da!XZh^iZ
YZh`^cdgY^fjZgZ\gdjeVciaZh
e^hiZhYj<^gbdci"KVa"YÉ6_daZi
YZhKdh\ZhHVcd^hZh!eg‚hZciZ
')`bYZe^hiZhWVa^h‚Zh!YVb‚Zh
ZiigVX‚Zh#>ad[[gZVjhh^jchZci^Zg
WVa^h‚»gVfjZiiZh¼!jcZheVXZ
edjgaZhaj\Zh!YZhhZci^Zgh
WVa^h‚he^‚idch#9Zhhdgi^Zh
\j^Y‚ZhZcgVfjZiiZh|cZ^\ZVkZX
VXXdbeV\cViZjghYZbdciV\cZ
eZjkZci„igZegdedh‚Zhhjg
g‚hZgkVi^dcVj%+,&.%.,'(#
6Xi^k^i‚hcZ^\Z
Ia_dehZ_gk[
')`bWVa^h‚higVX‚h
*
Be_i_hhhid[_
Be_i_hid[_][
[_][
[_
7VaVYZZcigVˆcZVji^g‚eVgjc
X]ZkVa!h`^_d…g^c\#
*&
6Xi^k^i‚hY^kZghZh
?Ifehji[jbe_i_hi
8ZcigZheV"WVac‚dgdbV^c
8VadYV‚|EadbW^ƒgZh!e^hX^cZ
XdjkZgiZYjKVa"YÉ6_daVkZX
idWd\\VcVfjVi^fjZ!WVhh^cedjg
Zc[Vcih!hVjcVZihdaVg^jbZiaZ
XZcigZVfjVi^fjZYZGZb^gZbdci#
&-(`bYZhZci^ZghWVa^h‚hedjg
aVegVi^fjZYZaVgVcYdcc‚Z
e‚YZhigZ!YjKIIZiYZaVgVfjZiiZ
|cZ^\ZVkZXaZided\j^YZYZh
Kdh\ZhB‚g^Y^dcVaZh|e^ZY#
:fj^iVi^dc#
?9kbjkh["iWle_h#\W_h[
[jfWjh_ce_d[beYWb
>i^c‚gV^gZidjg^hi^fjZYZaVGdjiZ
YZh8]Vadihk^h^iZh!hVkd^g"[V^gZ!
eVig^bd^cZ½![VWg^XVi^dcYZ
aÉ6cYdj^aaZYjKVa"YÉ6_da!
WgVhhZg^Z!Vgi^hVcVi#BV\Vh^c
YÉjh^cZYÉjhiZch^aZhYZXj^h^cZ
ZiYZe}i^hhZg^Z#BVgX]‚YZCd…a
aZh)lZZ`ZcYhYZaÉ6kZci|
EadbW^ƒgZh"aZh"7V^ch!;d^gZ
Vjm6cYdj^aaZhaZ(ƒbZajcY^
YZ[‚kg^ZgVjKVa"YÉ6_da#
?7Yj_l_jƒiZ[ie_hƒ[
[jWYYk[_biƒ`ekh
8Vh^cdYZEadbW^ƒgZh"aZh"
7V^ch!<j^c\jZiiZYZaVXgd^hZiiZ
YÉ=‚g^kVaZijcZY^hXdi]ƒfjZ
|EadbW^ƒgZh"aZh"7V^ch#
6j<^gbdci
=‚WZg\ZbZci
7fhen_c_jƒ0YVchaZhKdh\Zh
B‚g^Y^dcVaZh!&']iZah!
'&gZhiVjgVcih!'%%adXVi^dch
Zi\ˆiZhgjgVjm!.X]VbWgZh
YÉ]iZhZiXVbe^c\hVkZX
X]VaZih=AAZibdW^a]dbZh#
8i‚egVi^fjZ
?9edjWYj
D[ÒXZYZIdjg^hbZ
YZhKdh\ZhB‚g^Y^dcVaZh
6XXjZ^a|EadbW^ƒgZh"aZh"7V^ch
i‚a#%('.++%&(%
6XXjZ^aVjKVa"YÉ6_da
i‚a#%('.(%+&**
d[ÒXZYjidjg^hbZ5kdh\ZhbZg^Y^dcVaZh#Xdb
lll#kdh\ZhbZg^Y^dcVaZh#Xdb
D[ÒXZYZIdjg^hbZYZh&%%%‚iVc\h
i‚a#%(-)).('.,
lll#aZha%%%ZiVc\h#Xdb
?7YY„i
&.(`bYZHigVhWdjg\
&&*`bYZ7}aZ
+)`bYZ7Za[dgi
&%,`bYZCVcXn
HC8;"<VgZI<KiZgb^cjh
YZGZb^gZbdciZicVkZiiZ<VgZ
YZGZb^gZbdci"Kdh\Zh
B‚g^Y^dcVaZhhjgg‚hZgkVi^dc
6‚gdedgih>ciZgcVi^dcVaYZ
7}aZ"Bja]djhZZiV‚gdedgiYZ
BZio"CVcXn"AdggV^cZ
*&
*'
AjiiZcWVX]
=VjiYjIi
AV7gZhhZ
<‚gVgYbZg
*'
AV7gZhhZ
8ÉZhieVgXZfjZkdigZegd_ZiZhiidj_djgh
ZmXZei^dccZa!fjÉ^aZhicdigZY‚ÒVjfjdi^Y^Zc
<gdjeZhYÉVYjaiZh!djYÉZc[Vcih!h‚_djgY‚iZciZdjkVXVcXZhhedgi^kZh!
XaVhhZhYZY‚XdjkZgiZhdjXZcigZhYZad^h^gh!Zc[Vb^aaZ
djZch‚b^cV^gZ48]VXjcYÉZcigZcdjhg„kZYjh‚_djg
fj^aj^gZhhZbWaZVjeg^maZeajh_jhiZ#
DYXkabZi|kdigZY^hedh^i^dchZh,%VchYÉZme‚g^ZcXZ
YVchaÉdg\Vc^hVi^dcYZh‚_djgh#
9Zgg^ƒgZaVXdck^k^Va^i‚YZcdhhigjXijgZh!aVWdccZ]jbZjgYZkdh]iZhZi
aZegd[Zhh^dccVa^hbZYZcdh‚fj^eZh!XÉZhiVkVciidjiaZeaV^h^gYɂX]Vc\Zg
ZiYZY‚Xdjkg^gaZbdcYZVjigZbZcifjZcdjhhdj]V^idcheVgiV\Zg#HVaaZh
^ci^b^hiZhegde^XZh|aVY‚iZciZZi|aVg‚ÓZm^dcdjVjXdcigV^gZ!ZheVXZh
XdbbjcheaZ^chYZg^gZhZiYɂX]Vc\Zh!\g}XZ|aÉV\ZcXZbZciYZcdh
XZcigZh!ZcidjhiZbeh!XÉZhikdjhfj^Y‚X^YZoYZkdigZVbW^VcXZ#6_djiZo
|XZaVkdigZZci]djh^VhbZ!kdigZhd^[YZY‚XdjkZgiZh!ZikdjhVjgZoaZh
^c\g‚Y^Zcih^cXdcidjgcVWaZhYÉjch‚_djgg‚jhh^#
:c=^kZg!VegƒhYZWZaaZhYZhXZciZhhjgaZhe^hiZhYZh`^!
djjcZk^k^ÒVciZWVaVYZZcgVfjZiiZh!gZcigZoVjXZcigZ!h`^hVjme^ZYh!
edjgegZcYgZjcWdcX]dXdaViX]VjY!XdbbZ|aVbV^hdc#
:c:i‚!VegƒhjceZi^i"Y‚_ZjcZgXdbeaZi!bdciZohjgkdigZKII
djZcÒaZokdhX]VjhhjgZhYZgVcYdcc‚ZZieVgiZoegdÒiZgYjWdcV^g
YjbVhh^[kdh\^ZcZiYZidjiZhaZhg^X]ZhhZhYZhZh[dg„ih#
:cidjiZhV^hdc!kdjhW‚c‚ÒX^ZoYÉZck^gdccZbZcihZmXZei^dccZah
d[[gVciYZhVXi^k^i‚hYZeaZ^cZcVijgZg^X]ZhZikVg^‚Zh!
VjmedgiZhYZhXZcigZhDYXka#
KdjhbVcfjZoYÉ^Y‚Zh4Cdh‚fj^eZhkdjhXdchZ^aaZciZiXdchigj^hZci
kdigZegd\gVbbZ#DjVjXdcigV^gZ!kdjhhVkZoeg‚X^h‚bZciXdbbZci
kdjhhdj]V^iZodg\Vc^hZgkdigZh‚_djg4CdjhcdjhdXXjedchYZidji#
7ff[b[pIƒl[h_d[Z„iWk`ekhZÊ^k_Wk&)(/.()'-*!
ZiYdccdchk^ZZchZbWaZ|kdigZegd_Zi
Zc
chZbWaZ
W Z|
k
DYXka
EVgXYÉVXi^k^i‚hYZaVGdX]Z
7E'),"--%%,:e^cVa
i‚a#%('.-'(&,)
lll#dYXka#dg\
AZhbVgX]‚hYZCd…a
]‚ Y C …a
6bW^VcXZhbV\^fjZh!
Vibdhe]ƒgZh[‚Zg^fjZh!aZh
igVY^i^dccZahbVgX]‚hYZCd…a
YjBVhh^[YZhKdh\ZhhdciYZh
^chiVcihYZejgZcX]VciZbZci
edjgidjiZaV[Vb^aaZ#
*'
b^aaZgV^hdchYZXek][h
aZ\j^YZYZhad^h^ghVXi^[h

Similar documents

fiches pédagogiques - Académie d`Orléans

fiches pédagogiques - Académie d`Orléans nXdbeg^hYVchaZXVhYZXViVhigde]ZhcVijgZaaZhdjiZX]cdad\^fjZhbV_ZjgZh# 8ÉZhiV^ch^fjZ!YVchjcZeZgheZXi^kZYZeg‚kZci^dcZiYZegdiZXi^dc!aZh‚iVWa^hhZbZcih hXdaV^gZhdci‚i‚^ck^i‚h|[d...

More information

CATALOGUE DE LABORATOIRE D`Analyse de Lait - Funke

CATALOGUE DE LABORATOIRE D`Analyse de Lait - Funke edjgaÉVcVanhZYjaV^iZiYZegdYj^ihVa^bZciV^gZh# AVegdYjXi^dcYZXZcig^[j\ZjhZh!Vaa^‚ZVjmWjingdbƒ" igZhV^ch^fjÉVjmVeeVgZ^ahYZY‚iZgb^cVi^dcYZha^e^" YZhYÉVegƒhaVb‚i]dYZ More information

Corners of Paradise - Château Les Carrasses

Corners of Paradise - Château Les Carrasses ^ih(%%YVnhVnZVgd[hjch]^cZlVgb^c\^ihg^X]XdVhia^cZ!''%`bd[ÒcZhVcYnWZVX]Zh!^ih X]Vgb^c\k^aaV\ZhVcYlZaXdb^c\idlch!k^h^idghXVcZmeZg^ZcXZV]Vgbdc^djhXdbW^cVi^dc d[a^hiZYVgX]...

More information

Nokian Tyres Annual Report 2005

Nokian Tyres Annual Report 2005 hjbbZgVcYl^ciZgingZh[dgXVghVcYingZh[dgVgVc\Zd[]ZVkn bVX]^cZgn# >i ^h Vahd i]Z W^\\Zhi gZigZVY^c\ bViZg^Vah bVcj" [VXijgZg VcY i]Z W^\\Zhi gZigZVYZg ^c i]Z CdgY^X Xdjcig...

More information