6ngltfnxb$ajqopolw 3br"hlocblf">pjfl" tm

Transcription

6ngltfnxb$ajqopolw 3br"hlocblf">pjfl" tm
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR
SMABH[MGIGEP!9ACHPICHREMDIEMQR!X!JPIRIQCH!"!AJRSEKK
*'-
Jh+!.-,..
O[fj+,Kaj+!/--2
3)*!AQN
5 M F K S EM W A # @I P N O N KV
2A Q ! G KN B A K E! = O I EK !
SL ! 8 I K KI A P D EM # 4 E T IM M E !
2EP!>PICJ!LIR!DEP!@NGEKGPIOOE
>18537?0!=EIKQCHAFREM!SMD!6NPPSORINM
<HAPLA#8APJERIMG!SMD!DIE!3NKGEM
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!'!X
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
9MW`QZ!SQSQZ!PUQ!;^U\\Q&DMZUW"
.+! Edz!k[dpW*AhahWdakd][d! kdZ! *PeZ[i\ƒ bb[! i_dZ! _d! @[kjiY^bWdZ! f[h! C[i[jp! c[bZ[fz!_Y^j_]+!
@_[!BWaj[d7!Fƒ ^hb_Y^!m[hZ[d![jmW!3+---!AhahWdakd][d!kdZ!_c!@khY^iY^d_jj![jmW!.2!Pe*
Z[i\ƒ bb[!][c[bZ[j+!@_[!BWdjWi_[pW^b[d!Z[h!>[^„ hZ[d!%`ƒ ^hb_Y^!X_i!pk!0-+---!Pej[&!ijWcc[d!
Wki!OY^ƒ jpkd][d!led!Edij_jkj_ed[d)!Z_[!led!Ecf\ije\\^[hij[bb[hd!y!dWdp_[hj!m[hZ[d"
/+! C[hWZ[! _d! Z[d! >[l„ ba[hkd]i]hkff[d)! Z_[! X[_! [_d[h! Edz!k[dpW! iY^m[h[h! [hahWda[d! a„ d*
d[d)!^WX[d!Z_[!Edz!k[dpW*Ecf\ije\\[!i[bXij!Wki!iY^kbc[Z_p_d_iY^[h!O_Y^j!Z_[!iY^b[Y^j[ij[!
OY^kjpm_hakd]!%G_dZ[h!.1#)!… X[h!3-`ƒ ^h_][!2-#)!c_j!ij[_][dZ[c!=bj[h!m[_j[h!i_da[dZ&"
0+! @W!ZkhY^!ijƒ dZ_][!R[hƒ dZ[hkd][d!_c!AhX]kj!`[Z[i!FW^h!d[k[!Edz!k[dpW*R_h[d![djij[^[d)!
^_daj!Z_[!Ecf\ije\\fheZkaj_ed!_cc[h!kc![_d!FW^h!^_dj[h^[h)!Z+!^+!Z_[!Ecf\ije\\[!fWii[d!
dkh!i[bj[d!pk!Z[d!jWjiƒ Y^b_Y^!p_hakb_[h[dZ[d!R_h[dijhƒ d][d"
1+! @[hp[_j!_ij!a[_d[![Y^j[!>[Zhe^kd]!ZkhY^![_d!uOkf[hl_hkiv!pk![ha[dd[d+!@_[!LWdZ[c_[fW*
d_acWY^[!_ij!Z[i^WbX!m[Z[h!dWY^lebbp_[^XWh!deY^!Wd][XhWY^j"
2+! @_[!Re][b]h_ff[!jh_jj!dkh!ƒ k‚ [hij!l[h[_dp[bj!X[_c!I[diY^[d!Wk\!kdZ!_ij!d_Y^j!Wdij[Ya[dZ"
3+! @_[!led!l_[b[d!OjWWj[d![_d][bW][hj[d!I[Z_aWc[dj[!i_dZ!bWkj!Anf[hj[dc[_dkd]!_c!Ahdij*
\Wbb!mW^hiY^[_db_Y^!d_Y^j!m_haiWc"
4+! @_[!LheZkaj_ed!led!Ecf\ije\\[d!_ij![hij!mƒ ^h[dZ!Z[h!LWdZ[c_[!c„ ]b_Y^)!kdZ!ZWdd!WkY^!
d_Y^j!_d!Wkih[_Y^[dZ[h!I[d][+!O[bXij!m[dd!Z_[!Ecf\kd]![jmWi!d… jp[d!m… hZ[)!aƒ c[!i_[!pk!
ifƒ j"
5+! A_d[!Edz!k[dpW*Ecf\kd]!iY^… jpj!d_Y^j!leh!Z[h!Re][b]h_ff[!kdZ!WkY^!d_Y^j!leh!Z[h!LWdZ[*
c_["
6+! @_[!L^WhcW_dZkijh_[!iWd_[hj!c_j!Z[d!BehiY^kd]i*!kdZ!B„ hZ[h][bZ[hd!Wki!Z[d!LWdZ[c_[*
fbƒ d[d!_^h[!Wbj[d!Ecf\ije\\\WXh_a[d!kdZ!XWkj!c_j!D_b\[!led!Oj[k[h][bZ[hd!_^h[!GWfWp_jƒ *
j[d!Wki"
.-+!@_[!Leb_j_a[h!kdZ!>[^„ hZ[d!X[ii[hd!c_j!… X[h[_\h_][d!=aj_l_jƒ j[d!_c!VkiWcc[d^Wd]!c_j!
Z[d!LWdZ[c_[fbƒ d[d!_^h!Wd][iY^bW][d[i!EcW][!Wk\"
..+! @[h!X[ij[!OY^kjp!_c!Ahdij\Wbb!_ij![_d!]kj!\kdaj_ed_[h[dZ[i!Ecckdioij[c!kdZ![_d[!l[h*
d… d\j_][!R[h^Wbj[dim[_i[!%Wkih[_Y^[dZ!OY^bW\)!a[_d[d!Ojh[ii)!mWhc!^Wbj[d)!][ikdZ[!Ah*
dƒ ^hkd])!=X^ƒ hjkd])![jY+&"
Mk[bb[d7
_cf\*h[fehj!%V[_jiY^h_\j&!Jh+!.)!@[p+!/--1)!Jh+!0)!B[X+!/--2)!Jh+!1)!Iƒ hp!/--2)!Jh+!2)!=fh+!/--2)!Jh+!3,4)!IW_,
Fkd_!/--2)!Jh+!5,6)!Fkb_,=k]+!/--2)!Jh+!.-,..!O[fj+,Kaj+!!/--2)!
@_[i[i!Ed\eXbWjj!y!dZ[d!O_[!Wbi!L@B*@Wj[_!Wk\!Z[h!S[Xi[_j[7!
^jjf7,,mmm+_cf\*h[fehj+Z[,_d\eXbWjj
R+_+O+Z+L+7!DWdi!Pebp_d)!BbWY^iijh+!2)!!@*53.46!=k]iXkh]!
OjWdZ!.+!@[p+!/--2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Gef_[h[d!kdZ!R[hj[_b[d!WkiZh… Yab_Y^![hm… diY^j+
#!(!X >NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
=Zl!aQZfM&IU^[\[Xe!h!
PM_!SX[NMXQ!F\UQX!aY!AUXXUM^PQZ&;QcUZZQ
=d][Xb_Y^! ij[hX[d! `ƒ ^hb_Y^! X_i! pk! 0-+---! I[diY^[d! Wbb[_d! _d! @[kjiY^bWdZ! Wd! Z[h! [Y^j[d!
Edz!k[dpW*R_hki]h_ff[!kdZ!Wd][Xb_Y^!aWdd!kdi!dkh!Z_[!Ecf\kd]!pkl[hbƒ ii_]!leh![_d[h!iY^m[h[d!
AhahWdakd]!kdZ!Z[c!PeZ!iY^… jp[d+!@eY^!Wbb[!VW^b[d!kdZ!=d]WX[d!pk!Z[d!PeZ[i\ƒ bb[d!kdZ!
Z[h!S_haiWca[_j!Z[h!Ecf\kd]!X[hk^[d!Wk\!WX[dj[k[hb_Y^[d!>[h[Y^dkd][d!kdZ!OY^ƒ jpkd][d+!
QdZ!Wk\!I[bZ[ioij[c[d)!Z_[!y!dWdp_[bb!led!Z[d!Ecf\ije\\^[hij[bb[hd!WX^ƒ d]_]!i_dZ+!J[k[ij[!
Aha[ddjd_ii[!m_Z[hb[][d!d_Y^j!dkh!ZWi!Iƒ hY^[d!lec!j„ Zb_Y^[d!R_hki!kdZ!Z[c!pkl[hbƒ ii_][d!
OY^kjp! Z[h! Ecf\kd])! iedZ[hd! e\\[dXWh[d! ZWh… X[h! ^_dWki! ]beXWb[! OjhWj[]_[d)! Wk\! Geij[d!
Z[i! Oj[k[hpW^b[hi! Z_[! l[hWbj[j[! P[Y^d_a! [_d[h! ]Wdp[d! EdZkijh_[! Wk\! Z[d! d[k[ij[d! OjWdZ! pk!
Xh_d][d+
mfe"=e^\c`bX"G„ ^\c+OZ_Xlq
JM_!U_`!=Zl!aQZfM3
=bi! Edz!k[dpW! m_hZ! led! Z[h!
OY^kbc[Z_p_d! [_d[! Ed\[aj_ed! c_j!
Edz!k[dpW*R_h[d! X[p[_Y^d[j+! R_[b[!
l[hiY^_[Z[d[! >Waj[h_[d! kdZ! R_h[d!
a„ dd[d! i[bXij! ][cƒ ‚ ! iY^kbc[Z_*
p_d_iY^[h! @[y!d_j_ed! Z_[! ]b[_Y^[d!
eZ[h!ƒ ^db_Y^[d!Oocfjec[!^[hleh*
Xh_d][d+
Ec! \eb][dZ[d! =hj_a[b! iebb! d_Y^j!
Wk\! Z_[! pW^bh[_Y^[d! Ahabƒ hkd][d!
pk!Z[d!QhiWY^[d!Z_[i[h!Oocfjec[!
[_d][]Wd][d!m[hZ[d+!
EY^!X[m[][!c_Y^!WkiiY^b_[‚ b_Y^!
Wk\!Z[h!iY^kbc[Z_p_d_iY^[d!AX[d[)!
kc! Z_[! Zehj! cWii_l! leh^WdZ[d[d!
BhW][d)! Qdbe]_a! kdZ! S_Z[hifh… *
Y^[!Wk\pkp[_][d+
ed[d!pkh! Edz!k[dpW)! m_hZ! cWd! i[_j!
[_d_][h!V[_j! Wk\!ZWi! OjWdZWhZm[ha!
uEdz!k[dpWv.!%i_[^[!=XX_bZkd]&!pkh!
>[Wdjmehjkd]! Z[h! BhW][d! l[hm_[*
i[d+!
@_[! =kjeh[d! i_dZ! dWc^W\j! kdZ!
_d! Z[h! Op[d[! j[_bm[_i[! WkY^! ZkhY^!
_^h[! R[hX_dZkd][d! c_j! Z[h! L^Wh*
cW_dZkijh_[!X[aWddj/+
@_[! AhmWhjkd][d! Z[i! _cf\ah_*
j_iY^! ][iY^kbj[d! H[i[hi! m[hZ[d!
`[ZeY^! iY^m[h! u[djjƒ kiY^jv+! OjWjj!
Z[i!… Xb_Y^[d!HeX][iWd]i!Wk\!Ecf*
\kd][d! y!dZ[j! i_Y^! [_d[! ah_j_iY^[!
V[hb[]kd]!Z[h! Z[hp[_j!l[h\… ]XWh[d!
Edz!k[dpW*Ecf\ije\\[+
=bi!=h]kc[dj[!m[hZ[d!k+W+!Wd*
][\… ^hj7
CRRQZQ!?^U`UW!MZ!=Y\R_`[RRQZ!
UZ!=Zl!aQZfM&F`MZPM^PcQ^W
AhakdZ_]j! cWd! i_Y^! X[_! ijWWj*
b_Y^[d! >[^„ hZ[d! dWY^! Ed\ehcWj_*
q! cWd][bdZ[! S_haiWca[_j)! leh!
Wbb[c! _d! Z[d! Chkff[d)! Z_[! Z_[!
Ecf\kd]!Wc!d„ j_]ij[d!XhWkY^[d
vrZ_[! X[iedZ[hi! OY^kjpX[Z… h\*
S[hd[h!HWd][)!C[eh]!A+!Re][b
=Zl!aQZfM
Gb_d_a)!R_hebe]_[)!Af_Z[*
c_ebe]_[)!P^[hWf_[!kdZ!
Lhef^obWn[
030!O[_j[d)!/+!=kz!W][!/--1
=>S!S_ii[diY^W\jil[hbW])!}!/6)6EO>J!0*603-4/*.4*2!
S[h! m_ii[d! m_bb)! mWi! bWkj! e\y!*
p_[bb[h! H[^hc[_dkd]! uWajk[bb[h!
OjWdZ! Z[i! S_ii[div! … X[h! Edz!k*
[dpW! _ij)! Z[h! aeccj! Wd! Z_[i[c!
>kY^!d_Y^j!lehX[_+!Ai!_ij!efj_iY^!
i[^h! ]kj! Wk\][cWY^j)! ZkhY^][*
^[dZ! pm[_\WhX_])! l_[b[! \WhX_][!
=XX_bZkd][d!kdZ!WkY^!\… h!HW_[d!
l[hijƒ dZb_Y^!][iY^h_[X[d+
#!*!X
j_][d! fhey!j_[h[d! Wc! m[d_]ij[d!
led!Z[h!Ecf\kd]v0
q! bWd]m_[h_][h!kdZ!iY^b[Y^j!Wkje*
cWj_i_[hXWh[h! D[hij[bbkd]ifhe*
p[ii
q! \[^b[dZ[! Ecckd_jƒ j'! ][][d! Wd*
Z[h[! Ojƒ cc[)! Wbi! Z_[! _c! Ecf\*
ije\\![dj^Wbj[d[d
q! a[_d[! ZWk[h^W\j[! Ecckd_jƒ j!
%Zh[_!X_i!l_[h!IedWj[&
S_h! a[dd[d! Z_[i[! Reh][^[di*
m[_i[)!ZWi! Vk][X[d! led!d[]Wj_l[d!
=if[aj[d! led! Z[hp[_j! [_d][i[jpj[d!
Ecf\ije\\[d)! _cc[h! ZWdd)! m[dd!
[_d! d[k[h! Ecf\ije\\! l[hcWhaj[j!
m[hZ[d!iebb!%X[_if_[bim[_i[!Wp[bbk*
bƒ h['! G[kY^^kij[d_cf\ije\\[)! _d*
Waj_l_[hj['!Leb_e_cf\ije\\[&+
AhijWkdj! ij[bb[d! m_h! ZWdd! \[ij)!
ZWii! [i! Z[hp[_j! … X[h^Wkfj! a[_d[!
d[k[d! Ecf\ije\\[! ][][d! Edz!k[dpW!
]_Xj+!Ec!>kY^!m[hZ[d!`[ZeY^![_d_][!
d[k[! R[h\W^h[d! pkh! Ecf\ije\\^[h*
ij[bbkd]! ][fh_[i[d7! H[X[dZ_cf\*
ije\\[)! V[bbakbjkh_cf\ije\\[)! @J=*
Ecf\ije\\[)!d[k[!VkiWjpije\\[+
=bi!ZWdd!Wk\!Z_[!][hWZ[!pkhp[_j!
m[][d! Z[h! Wd][Xb_Y^! kdc_jj[bXWh!
Zhe^[dZ[d! LWdZ[c_['! Zh_d][dZ[!
Jejm[dZ_]a[_j!Z_[i[h!d[k[d!Ecf\*
ije\\[! ^_d][m_[i[d! m_hZ)! m[hZ[d!
Z_[!VkiWcc[d^ƒ d][!abWh+
;QZUMX_`Q^!AM^WQ`UZS&6[a\!
_QU`!Q_!=Y\RaZSQZ!SUN`
Ai!^WdZ[bj!i_Y^!^_[h!kc!Z[d!][*
d_Wbij[d! IWha[j_d]*?ekf! i[_j! >[*
ij[^[d! led! Ecf\kd][d7! @_[! L^Wh*
cW_dZkijh_[!bƒ iij!i_Y^!ZkhY^!Z_[!_d!
l_[b[d! Hƒ dZ[h! Z[h! AhZ[! [_d][h_Y^*
j[j[d! LWdZ[c_[fbƒ d[! Z_[! LheZka*
j_ddelWj_ed'! kdZ! tkcij[bbkd]! _^*
h[h!l[hWbj[j[d!Ecf\ije\\[!X[pW^b[d+
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=k\!Z[d!\eb][dZ[d!O[_j[d!m[hZ[!
_Y^![hbƒ kj[hd!c_j!m[bY^!hW\y!d_[hj[d!
I[j^eZ[d!][WhX[_j[j!m_hZ+!
S_h! y!dZ[d! X[_! Z[h! Edz!k[dpW*
Ecf\kd]! [_d_][! >[iedZ[h^[_j[d)!
Z_[!_c!R[h]b[_Y^!c_j!WdZ[h[d!Ecf\*
ije\\[d!X[iedZ[hi!ijWha!Wki][fhƒ ]j!
i_dZ7
q! `ƒ ^hb_Y^[! Ecf\kd])! ZW^[h! kc*
iWjpijƒ haij[h!Ecf\ije\\
q! X_i^[h!dkh!EdZ_aWj_edi_cf\kd]')!
Wk\!Wbb[!=bj[hi]hkff[d![hm[_j[h*
XWh
q! GhWda^[_jiX_bZ! _ij! ^ƒ ky!])! WkY^!
m[dd![i!i_Y^!ZWX[_!i[bj[d!kc!Z_[!
[Y^j[!Edz!k[dpW!^WdZ[bj
LMTXQZ_\UQXQ!h!cUQ!SQRqT^XUOT!
U_`!PUQ!=Zl!aQZfM!cU^WXUOT3
S_h! b[i[d! X[_! Z[h! eX[hij[d!
Z[kjiY^[d! C[ikdZ^[_jiX[^„ hZ[)!
Z[c! NeX[hj*GeY^*Edij_jkj! NGE)!
kdZ!_d!pW^bh[_Y^[d!Lh[ii[c[bZkd*
][d)! ZWii! _c! l[h]Wd][d[d! S_dj[h!
pm_iY^[d!.2+---!kdZ!/-+---!I[d*
iY^[d! Wd! Z[h! Edz!k[dpW! ][ijehX[d!
i[_[d)! ZWii! [i! pm_iY^[d! //+---!
kdZ! 0/+---! GhWda[d^Wki[_dm[_*
ikd][d! ][][X[d! ^WX[)! kdZ! ZWii!
… X[h!/!I_bb_ed[d!I[diY^[d!m[][d!
[_d[h! Edz!k[dpW! WhX[_jikd\ƒ ^_]! ][*
m[i[d!i[_[d1+!@[h!Rehi_jp[dZ[!Z[h!
Ojƒ dZ_][d! Ecf\aecc_ii_ed)! Lhe\+!
OY^c_jj! ifh_Y^j! _d! [_d[c! RehjhW]!
]Wh!led!0-+---!Edz!k[dpW*Pej[d"2
@_[! Ahmƒ ^dkd]! Z[h! >[]h_\\[!
uOY^ƒ jpkd]v! kdZ! uDeY^h[Y^dkd]v!
… X[hhWiY^j! _d! Z_[i[c! VkiWcc[d*
^Wd])! ZW! Z_[! Edz!k[dpW! c[bZ[*
fz!_Y^j_]! _ij)! Wbie! ][i_Y^[hj[! @Wj[d!
lehb_[][d!c… iij[d"
B… h! `[Z[d! Pej[d! ij[bbj! _d!
@[kjiY^bWdZ![_d!=hpj![_d[d!Pej[d*
iY^[_d!Wki)!Wk\!Z[c!Z_[!PeZ[ikhiW*
Y^[!l[hc[haj!_ij+!@_[i[!@Wj[d!m[h*
Z[d!lec! OjWj_ij_iY^[d! >kdZ[iWcj!
Wki][m[hj[j! kdZ! l[h„ \\[djb_Y^j+3!
>_i!pkc!FW^h!.664!mkhZ[d!Z_[!I[b*
Z[ZWj[d! dWY^! Z[h! Edj[hdWj_edWb[d!
GbWii_y!aWj_ed!6!%E?@*6&![h\Wiij)!WX!
.665!dWY^!Z[h!E?@*.-+!Ed!Z[h!E?@*6!
mkhZ[!dkh!Wbb][c[_d![_d[!uCh_ff[v!
[]Wb! m[bY^[d! Qhifhkd]i! [h\Wiij+!
D_[h!i_dZ!_d!Z[d!VW^b[d!Wbie!WkY^!
PeZ[i\ƒ bb[! c_j! [_d[h! XWaj[h_[bb[d!
Ch_ff[! [dj^Wbj[d+! Ed! Z[h! E?@*.-!
m_hZ!pm_iY^[d![_d[h!Edz!k[dpW]h_f*
f[!kdZ![_d[h!R_hki]h_ff[!e^d[!R_*
hkidWY^m[_i!kdj[hiY^_[Z[d+!
=Z!PQZ!UZ!GMNQXXQ!*!MZSQSQ&
NQZQZ! 7M`QZ! _UZP! MX_[! MaOT!
G[PQ_RqXXQ! QZ`TMX`QZ%! PUQ!
=EORELBEP%;JRNBEP!(&&+!
;YRXXN!M\YLQ!
VJLQPN^RNZNVN!
=Vj!\NVaJ]RYNV!
#>)(!PNUml!
=67&)($
;YRXXN%!
GRYNV!VRLQ[!
VJLQPN^RNZNV!
#>))!PNUml!
=67&)($
E\UUN!
J\Z!)'!
\VM!*'!
EXJT[N
;YRXXN!
#=67,0/%!=67&
1%!KJS[NYRNTT!
\VM!]RYJT
)10(
0/0
)10)
1//
)10*
..*
)10+
*'+)/
)10,
.*/
)10-
11*
)10.
*'+-2
)10/
,.1
)100
,/.
)101
.))
)11(
0,1
)11)
,*)
)11*
+.)
)11+
-,-
)11,
+0)
)11-
-+.
)11.
-++
)11/
*1-
)110
**
++1
+,2
)111
,-
,,)
,/-
*(((
++
+-.
+/0
*(()
2
/,
0+
*((*
*)
2+
*)+
*((+
+.
+0.
,))
*((,
2
**/
*+.
CGHKRRK(/!CUJKXLcRRK!TGIN!KOTKW!6WOVVK,"Ml\cc\8"OkXk`jk`jZ_\j">le[\jXdk
ZUOT`!MaR!QUZQ!QOT`Q!=Zl!aQZfM!
fa^sOWfaRsT^QZ!_UZP'!
JQZZ! YMZ! PQZZ[OT! MXXQ!
;^U\\Q`[PQ_RqXXQ!b[Z!*10)!NU_!
+)),!MPPUQ^`%!W[YY`!YMZ!MaR!
**'/.*! G[PQ_RqXXQ%! MX_[! UYYQ^!
Z[OT! cQU`! aZ`Q^! PQZ! b[Z! PQZ!
5QTr^PQZ!aZP!PQ^!DTM^YMUZ&
Pa_`^UQ! fa^! =Y\R\^[\MSMZPM!
NQZa`f`QZ! <[^^[^fMTXQZ! QU&
ZQ_!QUZfUSQZ!JUZ`Q^_"
S_[![djij[^[d!Wbie!Z_[!m[_j!led!
Z[d! I[bZ[ZWj[d! WXm[_Y^[dZ[d!
OY^ƒ jppW^b[d;! IWd! X[Z_[dj! i_Y^!
^_[h! ^„ Y^ij! \hW]m… hZ_][h! ijWj_ij_*
iY^[h! Ph_Yai! pkh! >[h[Y^dkd]! Z[h!
ie]+! •X[hij[hXb_Y^a[_j+! Lhe! FW^h!
mkhZ[! Z_[! ZkhY^iY^d_jjb_Y^[! ce*
dWjb_Y^[! =dpW^b! Wd! PeZ[i\ƒ bb[d!
X[h[Y^d[j+! @_[! IedWj[)! _d! Z[d[d!
Z_[! Edz!k[dpW! ]hWii_[hj[)! m[hZ[d!
^[hWki][h[Y^d[j+! Oe! [h^ƒ bj! cWd!
I_jj[bm[hj[! \… h! Wbb[! IedWj[! e^d[!
Z[d! A_dz!kii! Z[h! Edz!k[dpW+! S[dd!
dkd!_d![_d[c!FW^h!Z_[!=dpW^b!Z[h!
PeZ[i\ƒ bb[!… X[h!Z_[i[c!I_jj[bm[hj!
b_[]j)! bWij[j! cWd! Z_[i[! PeZ[i\ƒ bb[!
iƒ cjb_Y^!Z[h!Edz!k[dpW!Wd+!=dZ[h[!
QhiWY^[d)!m_[!p+>+!WdZ[h[!Ahh[][h)!
m[hZ[d! d_Y^j! X[h… Yai_Y^j_]j+! Vk!
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!+!X
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
=Vj!\NVaJ!#>)($
GRY\ZPYRXXN!#>))$
8YSYJVS\VPNV
E[NYKNOmTTN
8YSYJVS\VPNV
E[NYKNOmTTN
*(((
*',+1
*2
/'10)
0+
*(()
..,
.
.'+.)
+0
*((*
/))
+
.'++,
-1
*((+
*').*
*+
*)'.-+
*/.
CGHKRRK!)/!;WGTQKTNGZXXYGYOXYOQ%!4WQWGTQZTMKT!ZTJ!CUJKXLcRRK,"@liZ_jZ_e`kkc`Z_"jk\iY\e"`e"@\lkjZ_cXe["aƒ _ic`Z_"
\knX"/."I\ejZ_\e"Xe"'cXYfiY\jkƒ k`^k\i("Ee|"l\eqX,"Ml\cc\8"OkXk`jk`jZ_\j">le[\jXdk
Z_[i[d! \hW]m… hZ_][d! cWj^[cW*
j_iY^[d! Of_[b[h[_[d! m_hZ! [i! _d! Z[h!
dƒ Y^ij[d!=ki]WX[![_d[d!Wki\… ^hb_*
Y^[d!=hj_a[b!][X[d+
J[X[d!Z_[i[d!ZkX_ei[d!>[h[Y^*
dkd][d!Z[h!X[hij[hXb_Y^a[_j!\… ^*
h[d! S_ii[diY^W\jb[h! Wbi! m[_j[h[d!
>[m[_i!\… h! [_d[!l_[b!^„ ^[h[!Oj[hX*
b_Y^a[_j! Z[h! Edz!k[dpW! Wbi! _d! Z[d!
I[bZ[ZWj[d! Wd][][X[d! Wd)! ZWii!
I[diY^[d! c_j! [_d[h! Reh[hahWd*
akd])! p+>+! [_d[h! D[hp*Gh[_ibWk\*
AhahWdakd])! [_][djb_Y^! Wd! [_d[h!
Edz!k[dpW!ij[hX[d)!Wk\!Z[c!Pej[d*
iY^[_d! `[ZeY^! Z_[! ChkdZ[hahWd*
akd]!Wd][][X[d!m_hZ+
>[_c! OjWj_ij_iY^[d! >kdZ[iWcj!
]_Xj![i!d[X[d!Z[h!=kim[hjkd]! Z[h!
Pej[diY^[_d[! WkY^! deY^! Z_[! =ki*
m[hjkd]! led! I[bZ[ZWj[d! Wki! Z[d!
GhWda[d^ƒ ki[hd+!F[Z[!A_dm[_ikd]!
_d![_d!GhWda[d^Wki!ckii!c_j!Z[c!
A_dm[_ikd]i]hkdZ! kdZ! m[_j[h[d!
f[hied[dX[pe][d[d! @Wj[d! ][c[b*
Z[j! m[hZ[d+! Ai! _ij! Wdpkd[^c[d)!
ZWii! i[bXij! X[_c! Rehb_[][d! [_d[i!
ChkdZb[_Z[di! Z_[! Wakj[! Edz!k[dpW!
Wbi! A_dm[_ikd]i]hkdZ! Wd][][X[d!
m_hZ+!S[_j[h!_ij!Wdpkd[^c[d)!ZWii!
\Wij! Wbb[! I[diY^[d)! Z_[! m[][d! [_*
d[h! Edz!k[dpW! ij[hX[d)! m[][d! Z[h!
OY^m[h[!Z[h!AhahWdakd]!_di!GhWd*
a[d^Wki! [_d][m_[i[d! mkhZ[d+! @_[!
GhWda[d^Wkic[bZ[pW^b[d! c… ii*
j[d!Wbie!dW^[pk!Wbb[!Edz!k[dpW*Pe*
Z[i\ƒ bb[! [h\Wii[d+! =kY^! _d! PWX[bb[!!
/!mkhZ[d!ieme^b!Z_[!Edz!k[dpW!c_j!
R_hkidWY^m[_i! %F.-&! Wbi! WkY^! Z_[!
R_hki]h_ff[! e^d[! HWXehdWY^m[_i!
%F..&!Wk\][b_ij[j+
Vkh! @_iah[fWdp! Z[h! GhWda[d^*
WkiijWj_ij_a!pk!Z[d!I[bZ[ZWj[d!Wki!
Z[d!Pej[diY^[_d[d!i_[^[!Z[d!=hj_*
a[b!uQd][h[_cj^[_j[d!X[_!Z[d!I[b*
Z[ZWj[d!pk!P[jWdkiv!Wk\!O[_j[!.4+
O[bXij! m[dd! cWd! Wbb[! A_dm[_*
ikd][d! m[][d! [_d[h! R_hki]h_ff[!
c_j! kdZ! e^d[! JWY^m[_i! Wki! Z[d!
6WG`!Q!(/!DKWMRKOIN!JKW!4WQWGTQZTMX&!ZTJ!CUJKXLGRR]GNRKT!Xlj"qn\`"m\ijZ_`\[\e\e"I\c[\hl\cc\e8"@\i"=ljn\ikle^"
[\i"Pfk\ejZ_\`e\"le["[\i"GiXeb\e_XljjkXk`jk`b,"Ml\cc\e8"OkXk`jk`jZ_\j">le[\jXdk"
+('(((
)'*((
*-'(((
)'(((
*('(((
0((
)-'(((
.((
)('(((
,((
-'(((
*((
?YJVSNVQJ\Z!8YSYJVS\VPNV
#!,!X
=OE;!8YSYJVS\VPNV!
FW[NVZLQNRVN!FWMNZOmTTN
*((-
*((,
*((+
*((*
*(()
*(((
)111
)110
)11/
)11.
)11-
)11,
)11+
)11*
)11)
)11(
)101
)100
)10/
)10.
)10-
)10,
)10+
)10*
)10)
(
)10(
(
FWMNZOmTTN
8YSYJVS\VPNV
=Vj!\NVaJ%!FWMNZOmTTN!\VM!8YSYJVS\VPNV!
=VOT\NVaJ
M_]!`Q\]OTUQPQYQY!MX^WUOTQY!F_QWWQY
?YJVSNVQJ\Z!FWMNZOmTTN
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
=Vj!\NVaJ%!FWMNZOmTTN%!8YSYJVS\VPNV!\VM!=UXOZ[WOOMWZNV
=VOT\NVaJ
.((
),'(((
)*'(((
-((
FWMNZOmTTN
0'(((
+((
.'(((
*((
8YSYJVS\VPNV
)('(((
,((
,'(((
)((
*'(((
(
(
)11/
)110
)111
FWMNZOmTTN
*(((
*(()
*((*
=UXOZ[WOOMWZNV
*((+
*((,
*((-
8YSYJVS\VPNV
6WG`!Q!)/!3OK!=KTMK!JKW![KWQGZLYKT!8SVLXYULLJUXKT!NGY!QKOTK!XOINYHGWK!1ZX\OWQZTM!Xl]"[`\"Tl+"le["=YeX_d\"
[\i"AibiXeble^j+"le["Pf[\j]XccqX_c\e,"Ml\cc\e8"OkXk,">le[\jXdk*"NGE"'Oli]OkXk(*"=CE
FW^h[d! /---! X_i! /--0! WZZ_[hj! [h*
^ƒ bj!cWd!\… h!Z_[i[!l_[h!FW^h[!_di][*
iWcj! 0.+1.4! Ch_ff[[hahWdakd][d!
kdZ! 02-! Oj[hX[\ƒ bb[)! Z_[! _c! GhWd*
a[d^Wki! X[^WdZ[bj! mkhZ[d+! Ai!
_ij! l„ bb_]! kdl[hijƒ dZb_Y^)! m_[! ZWi!
NGE! pk! i[_d[d! OY^ƒ jpkd][d! led!
`ƒ ^hb_Y^! X_i! pk! 0-+---! kdZ! c[^h!
GhWda[d^Wki[_dm[_ikd][d! m[][d!
[_d[h!Edz!k[dpW!][bWd]j+!=bi!]heX[h!
kdZ!_hh[\… ^h[dZ[h!Qd\k]!ckii!Z_[!
•X[hiY^h_\j! ! uEdz!k[dpW! t! @Wj[d!
Wki! Z[c! OW_iedWXiY^bkiiX[h_Y^j!
/--1!,!/--2!Z[h!=CEv4!X[p[_Y^d[j!
m[hZ[d+! @_[! l„ bb_]! kdh[Wb_ij_iY^[d!
VW^b[d! m[hZ[d! d_Y^j! Wbi! OY^ƒ j*
pkd][d! eZ[h! DeY^h[Y^dkd][d!
][a[ddp[_Y^d[j+! D_[h! mkdZ[hj! [i!
d_Y^j!c[^h)!ZWii!Z_[!c[_ij[d!Fekh*
dWb_ij[d!Z_[i[i!IWj[h_Wb!ZWdd!WkY^!
l„ bb_]! kd][fh… \j! _d! _^h[d! =hj_a[bd!
… X[hd[^c[d+
S_h! aecc[d! pkh… Ya! pk! Z[d!
ZkX_ei[d! u@Wj[dv! Z[i! NGE+! =bi!
Mk[bb[!Z[hi[bX[d!_ij![_d!OW_iedWX*
iY^bkiiX[h_Y^j!Z[h!=CE!Wd][][X[d)!
Z[d! m_h! WkY^! _c! Edj[hd[j! y!dZ[d+5!
Ai!… X[hhWiY^j)! ZWii!_d!Z_[i[c!>[*
h_Y^j! Z_[! @Wj[d! pk! Z[d! PeZ[i\Wbb*
iY^ƒ jpkd][d! \… h! Z[d! l[h]Wd][d[d!
S_dj[h! cWd][bi! @Wj[d! lec! OjW*
j_ij_iY^[d!>kdZ[iWcj!deY^!\[^b[d+!
@W^[h! Xb[_Xj! kdX[aWddj)! me^[h!
ZWi!NGE!i[_d[!OY^ƒ jpZWj[d!\… h!Z_[!
PeZ[i\ƒ bb[!X[pe][d!^Wj+
@_[! =CE)! =hX[_ji][c[_diY^W\j!
Edz!k[dpW)! ! X[ij[^j! i[_j! .66.! kdZ!
mkhZ[! led! =d\Wd]! Wd! led! Ecf\*
ije\\^[hij[bb[hd! Z[h! Edz!k[dpW*
Ecf\ije\\[! y!dWdp_[hj+! O_[! _ij! kdZ!
mWh! dWj… hb_Y^! jhejpZ[c! _cc[h!
l„ bb_]! kdWX^ƒ d]_]"! AX[die! i_dZ!
Edj[h[ii[diaedz!_aj[! ZkhY^! [_d[d!
Rehi_jp[dZ[d)! Z[h! h[][bcƒ ‚ _]! De*
dehWh[! led! Z[h! L^WhcW! \… h! i[_d[!
Edz!k[dpW*LhefW]WdZW! [h^ƒ bj)! l„ b*
b_]!Wki][iY^beii[d6+
JWY^!Z_[i[h!Lehj_ed!OWhaWicki!
a„ dd[d!m_h!m_[Z[h!pkh!OWY^b_Y^a[_j!
pkh… Yaa[^h[d+
@khY^!Z_[!=CE!m[hZ[d!Wbb[!Wak*
j[d! =j[cm[]i[hahWdakd][d! _d!
Wki][mƒ ^bj[d!I[bZ[fhWn[d![h\Wiij!
kdZ! ZWdd! ZkhY^! Z_[! =CE! ^eY^][*
'!
Sehj[habƒ hkd][d
MfQXXaXq^Q^!=Y\R_`[RR2
Ecf\ije\\)!Z[h!dkh!P[_b[!Z[i!
>Waj[h_kci![dj^ƒ bj
8\UPQYU[X[SUQ2
H[^h[!led!QhiWY^[d)!R[hXh[_*
jkd])![jY+!led!GhWda^[_j[d
=YYaZU`q`2
>[h[_jiY^W\j!Z[i!G„ hf[hi)!
[_d][Zhkd][d[!Bh[cZa„ hf[h!
kdiY^ƒ Zb_Y^!pk!cWY^[d
UZMW`UbUQ^`Q_!IU^a_2
Y^[c_iY^!eZ[h!f^oi_aWb_iY^!X[*
^WdZ[bj[i!R_hki)!ZWi!i_Y^!d_Y^j!
c[^h!l[hc[^h[d!aWdd
=ZPUWM`U[Z_UY\RaZS2
Ecf\kd]!Wk\]hkdZ![_d[h!X[*
ij_ccj[d!OWY^bW][)!p+>+!@_W]*
dei[)!=bj[h)!N_i_ae]hkff[
DMZPQYUQ2
m[bjm[_j[!Af_Z[c_[
D^[PaW`UZZ[bM`U[Z2
Ahd[k[hkd]![_d[i!X[mƒ ^hj[d!
LheZkaj[i
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!-!X
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
8YSYJVS\VPZQm\i!PSNR[
4T[N!\VM!VN\N!5\VMNZTmVMNY!RU!GNYPTNRLQ
)/(
).(
)-(
),(
)+(
)*(
))(
)((
1(
0(
/(
.(
-(
,(
+(
*(
)(
B5@
45@
(
*(()
*((*
*((+
*((,
*((-
*(()
*((*
*((+
*((,
*((-
6WG`!Q! */! 3KZYROIN! NdNKWK! 4WQWGTQZTMXWGYKT! HKO! JKT! >KZKT! 2ZTJKXRcTJKWT"! AibiXeble^j_ƒ l{"^b\`k"Y\`" [\e"
.+/2aƒ _i`^\e"'c`ebj("le["… Y\i"4.aƒ _i`^\e"'i\Z_kj(,"@`\"[lebc\e">Xcb\e"jk\cc\e"[`\"J\l\e*"[`\"_\cc\e">Xcb\e"[`\"=ck\e">le+
[\jcƒ e[\i"[Xi,"Ml\cc\8"nnn,ib`,[\*"Oli]OkXk
h[Y^d[j+! =ki! c[_d[h! O_Y^j! _ij! ZWi!
Ooij[c!Z[h!I[bZ[fhWn[d!\… h!DeY^*
h[Y^dkd][d! dkh! i[^h! X[Z_d]j! ][*
[_]d[j)!m[_b![_d[!R[hp[hhkd]!ZkhY^!
Z_[! d_Y^j! h[fhƒ i[djWj_l[! =kimW^b!
Z[h!LhWn[d!mW^hiY^[_db_Y^!_ij+!A_d!
=hpj)! Z[h! … X[hfhefehj_edWb! l_[b[!
=j[cm[]i[hahWdakd][d! _d! i[_d[h!
LhWn_i! ^Wj)! m_hZ! [^[h! X[h[_j! i[_d)!
X[_! Z_[i[c! \h[_m_bb_][d! •X[hmW*
Y^kd]iioij[c! c_jpkcWY^[d! Wbi!
[_d!=hpj)!X[_!Z[c![^[h!m[d_][!eZ[h!
b[_Y^j[!Bƒ bb[!lehaecc[d+!=bb[!Zh[_!
Ch… dZ[)! Z_[! Ah\Wiikd]! led! Wbb[d!
=j[cm[]i[hahWdakd][d)! Z_[! >[*
pW^bkd]! ZkhY^! Z_[! L^WhcW_dZki*
jh_[! kdZ! ZWi! X[iedZ[h[! Ad]W][*
c[dj!Z[h!I[bZ[fhWn[d!iebbj[d!pkh!
X[iedZ[h[d! Rehi_Y^j! _c! Qc]Wd]!
c_j! Z[d! ][iY^ƒ jpj[d! DeY^h[Y^*
dkd][d!cW^d[d+!OjWjjZ[ii[d!m[h*
Z[d! Z_[! VW^b[d! led! Z[h! eX[hij[d!
#!.!X
Z[kjiY^[d!C[ikdZ^[_jiX[^„ hZ[!Wbi!
u@Wj[dv!… X[hdecc[d)!e^d[![_d[d!
D_dm[_i)! ZWii! [i! i_Y^! kc! OY^ƒ j*
pkd][d! [_d[h! led! L^WhcW][bZ[hd!
WX^ƒ d]_][d! Edij_jkj_ed! ^WdZ[bj"!
I[^h!Ed\ehcWj_ed[d!pk!Z_[i[d!Zk*
X_ei[d!VW^b[dif_[bY^[d! y!dZ[d! O_[!
_c!dƒ Y^ij[d!D[\j+
JWY^!Z[h!>[iY^ƒ \j_]kd]!c_j!Z[d!
VW^b[d!kdZ!Gkhl[d!pk!AhahWdakd*
][d! kdZ!PeZ[i\ƒ bb[d!X[_! Edz!k[dpW!
_dj[h[ii_[h[d!kdi!Z_[!@Wj[d!pk!Z[d!
Ecf\hWj[d! kdZ! Z_[! ][dWk[h[! >[*
jhWY^jkd])! m[bY^[! =bj[hi]hkff[d!
_d! Z[h! >[l„ ba[hkd]! X[iedZ[hi! X[*
jhe\\[d!i_dZ+
>Q!YQT^!SQUY\R`%!
PQ_`[!YQT^!=Zl!aQZfM3
Ed\ehcWj_ed[d! pk! Ecf\hWj[d!
i_dZ!_d!@[kjiY^bWdZ!iY^m[h![h^ƒ bj*
b_Y^)! ZW! i_[! d_Y^j! ioij[cWj_iY^! [h*
^eX[d! m[hZ[d+! D[hh! Gkii)! Z[h! X_i!
b[jpj[i! FW^h! _d! Wah_X_iY^[h! Gb[_d*
WhX[_j! Z_[! Ecf\ije\\l[haWk\ipW^*
b[d!Wbi!EdZ_aWjeh!\… h!Z_[!Ecf\hWj[d!
][iWcc[bj! kdZ! Wki][m[hj[j! ^Wj)!
ckiij[! Z_[i[! =hX[_j! [_dij[bb[d)! ZW!
_^c! Z_[! @Wj[d! led! Z[h! EdZkijh_[!
d_Y^j! c[^h! pkh! R[h\… ]kd]! ][ij[bbj!
m[hZ[d+
@_l[hi[! >kdZ[i*! kdZ! HWdZ[i*
X[^„ hZ[d! \… ^h[d! Oj_Y^fheX[dkc*
\hW][d! ZkhY^)! Z_[! ZWdd! k+! W+! _c!
Af_Z[c_ebe]_iY^[d! >kbb[j_d! Z[i!
NeX[hj*GeY^*Edij_jkji! l[h„ \\[dj*
b_Y^j!m[hZ[d+
S_[! l[h^Wbj[d! i_Y^! dkd! Z_[!
@khY^_cf\kd]ihWj[d! _c! R[h]b[_Y^!
pk! Z[d! AhahWdakd][d! kdZ! PeZ[i*
\ƒ bb[d;! KZ[h! WdZ[hi! Wki][Zh… Yaj7!
S_haj!i_Y^![_d[!Oj[_][hkd]!Z[h!Ecf\*
hWj[d!Wk\!ZWi!=Xi_da[d!Z[h!AhahWd*
akd]i*!kdZ!PeZ[i\WbbpW^b[d!Wki;
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
=Vj
!\NVaJ
=VOT\NVaJ
8YSYJVS\VPZ&!\VM!7\YLQRUXO\VPZYJ[N
.(%((
+-%((
+(%((
-(%((
*-%((
=UXOYJ[NV
8YSYJVS\VPNV
,(%((
*(%((
+(%((
)-%((
*(%((
)(%((
)(%((
-%((
FQoYRVPNV
ELQTNZ^RP&<WTZ[NRV
EJLQZNV&4VQJT[
EJLQZNV
EJJYTJVM
DQNRVTJVM&COJTa
BWYMYQNRV&HNZ[OJTNV
BRNMNYZJLQZNV
ANLSTNVK\YP&
GWYXWUUNYV
<NZZNV
<JUK\YP
5YNUNV
5YJVMNVK\YP
5NYTRV
5J`NYV
(%((
5JMNV&HoY[[NUKNYP
(%((
=VaRMNVaNV
=UXOYJ[NV
;^Mk!W!,2!7UNK!4WQWGTQZTMXWGYK!YWUY]!NUNKW!3ZWINOSVLZTM%!TOKJWOMK!4WQWGTQZTMXWGYKT!YWUY]!TOKJWOMKW!
3ZWINOSLZTM""Edg]iXk\e"le["AibiXeble^j_ƒ l{"^b\`k\e"`e"[\e">le[\jcƒ e[\ie"Y\`"… Y\i"4.aƒ _i`^\e,"
Ml\cc\8"Oli]OkXk"le["nnn,k_l\i`e^\e,[\
JUQ! MZTMZP! PQ^! ;^Mk!W! +!
SQfQUS`%! TMNQZ! PUQ! =Y\R^M`QZ!
Nfc'!PUQ!bQ^WMaR`QZ!=Y\R_`[RR&
P[_QZ! WQUZQ^XQU! 4a_cU^WaZS!
MaR!PUQ!La&![PQ^!4NZMTYQ!PQ^!
8^W^MZWaZS_&! aZP! G[PQ_RMXX&
fMTXQZ'
S[][d! Z[h! kdj[hiY^_[Zb_Y^[d!
Ch„ ‚ [! Z[h! >[l„ ba[hkd]i]hkff[d!
%p+>+!A_dme^d[h![_d[i!X[ij_ccj[d!
>kdZ[ibWdZ[i!eZ[h!Z_[!=bj[hi]hkf*
f[! Z[h! … X[h! 3-`ƒ ^h_][d&! dehc_[hj!
cWd!_d!Z[h!Af_Z[c_ebe]_['!Z_[!Ah*
ahWdakd]im[hj[! kdZ! X[p_[^j! Z_[!
VW^b[d! `[m[_bi! Wk\! .--+---! A_d*
me^d[h+! @_[i[h! S[hj! ^[_‚ j! ZWdd!
Edp_Z[dp! kdZ! X[iY^h[_Xj! Z_[! Ah*
ahWdakd]i^ƒ ky!]a[_j+
Ed! Z[h! ChWy!a! 0! i_dZ! Z_[! Edp_*
Z[dp[d!pm[_!l[hiY^_[Z[d[h!=bj[hi*
]hkff[d)!Z[h!-*.1`ƒ ^h_][d!kdZ!Z[h!
… X[h! 3-`ƒ ^h_][d)! ][jh[ddj! dWY^!
J[k[d! kdZ! =bj[d! >kdZ[ibƒ dZ[hd!
Wk\][b_ij[j+
@_[! ^_dj[h[d! Zkdab[d! Oƒ kb[d!
ij[bb[d! Z_[! J[k[d! >kdZ[ibƒ dZ[h)!
Z_[! lehZ[h[d! ^[bb[h[d! Oƒ kb[d! Z_[!
=bj[d!>kdZ[ibƒ dZ[h!ZWh+!@_[!b_da[!
Dƒ b\j[!X[jh_\\j!Z_[!=bj[hi]hkff[!Z[h!
-*.1`ƒ ^h_][d)!Z_[!h[Y^j[!Dƒ b\j[!Z_[!
… X[h!3-`ƒ ^h_][d+
Vkdƒ Y^ij! \ƒ bbj! Wk\)! ZWii! Z_[! Ed*
p_Z[dp)! Wbie! Z_[! AhahWdakd]i^ƒ k*
y!]a[_j)!X[_!Z[d!G_dZ[hd!\Wij!.4\WY^!
^„ ^[h!Wbi!X[_!Z[d!O[d_eh[d!_ij+!=bi!
Vm[_j[i!_ij!Z_[!j[_bm[_i[!\Wij!1\WY^!
^„ ^[h[! AhahWdakd]i^ƒ ky!]a[_j! _d!
Z[d! J[k[d! >kdZ[ibƒ dZ[hd! %J>H&!
_c!R[h]b[_Y^!pk!Z[d!=bj[d!>kdZ[i*
bƒ dZ[hd!%=>H&!X[c[ha[dim[hj+
@_[!^„ ^[h[!AhahWdakd]i^ƒ ky!]*
a[_j!X[_!Z[d!G_dZ[hd!a„ ddj[!ZWc_j!
[habƒ hj! m[hZ[d)! ZWii! Z_[! Edz!k[d*
pW*Ecf\kd]! X[_! Z[d! G_dZ[hd! dkh!
\… h! N_i_ae]hkff[d)! X[_! Z[d! O[d_*
eh[d! `[ZeY^! Wbb][c[_d! [cf\e^*
b[d! _ij+! @_[! be]_iY^[! Gedi[gk[dp!
mƒ h[! ZWdd! `[ZeY^! Z_[! ie\ehj_][!
Ecf\[cf\[^bkd]! \… h! Wbb[! G_dZ[h!
kdZ! Fk][dZb_Y^[d! X_i! .1! FW^h[d"!
@Wi!_ij!X_i!^[kj[!d_Y^j!][iY^[^[d+!
=bi!ChkdZ!^_[h\… h!ZWh\!Z_[![njh[c!
iY^b[Y^j[! S_haiWca[_j! Z[h! Edz!k*
[dpW*Ecf\kd]!led!dkh!.0)2#.-!!X[_!
Z[d!G_dZ[hd!Wd][decc[d!m[hZ[d+!
Af_Z[c_ebe][d! i[^[d! Wbi! QhiWY^[!
\… h! Z_[! ^ƒ ky!][h[! AhahWdakd]! led!
G_dZ[hd! Z[h[d! ]h„ ‚ [h[! IeX_b_jƒ j!
kdZ!l[hc[^hj[!Oep_WbaedjWaj[+..
O_dZ! Z_[! Qdj[hiY^_[Z[! Z[h! Ah*
ahWdakd]i^ƒ ky!]a[_j[d! _d! Z[d!
J[k[d! kdZ! =bj[d! >kdZ[ibƒ dZ[hd!
Wk\! Z_[! @khY^_cf\kd]ihWj[d! pk*
h… Yapk\… ^h[d;
Ed! ]Wdp! @[kjiY^bWdZ! m_hZ! Z_[!
Edz!k[dpW*Ecf\kd]!i[_j!FW^h[d!\… h!
Wbb[!O[d_eh[d!… X[h!3-!FW^h[!Wbb][*
c[_d! [cf\e^b[d+! S_h! l[h]b[_Y^[d!
Z[i^WbX!Z_[!Ecf\hWj[d!X[_!Z[d!O[*
d_eh[d! _d! Z[d! [_dp[bd[d! >kdZ[i*
bƒ dZ[hd!c_j!Z[d!AhahWdakd]ihWj[d!
_d! Z_[i[h! =bj[hi]hkff[+! @_[! VW^*
b[d! X[p_[^[d! i_Y^! Wk\! Z[d! S_dj[h!
/--1,/--2+
@_[!ChWy!a!1!l[hZ[kjb_Y^j)!ZWii![i!
a[_d[hb[_!VkiWcc[d^Wd]!pm_iY^[d!
Z[d!Ecf\hWj[d!%m[_‚ [!iY^cWb[!>Wb*
a[d&! kdZ! Z[d! AhahWdakd]ihWj[d!
%]hWk[!Z_Ya[!>Wba[d&!]_Xj+!>kdZ[i*
bƒ dZ[h!c_j![_d[h!i[^h!d_[Zh_][d!Ed*
p_Z[dp! ^WX[d! i[^h! d_[Zh_][! Ecf\*
hWj[d! %D[ii[d&)! >kdZ[ibƒ dZ[h! c_j!
[_d[h! ^e^[d! Edp_Z[dp! ^WX[d! i[^h!
^e^[!Ecf\hWj[d!%OWY^i[d&+
;MZf! [RRQZ_UOT`XUOT! TM`! PUQ!
=Y\R^M`Q!NQU!FQZU[^QZ!WQUZQZ!
8UZl!a__!MaR!PUQ!8^W^MZWaZS_&
Tqak!SWQU`'! 4X_! YrSXUOTQ! H^&
_MOTQ! TUQ^Rs^! U_`! PUQ! Qd`^QY!
_OTXQOT`Q! JU^W_MYWQU`! PQ^!
=Y\R_`[RRQ! NQU! FQZU[^QZ! fa!
_QTQZ%!PUQ!YU`!faZQTYQZPQY!
4X`Q^!_`qZPUS!MNZUYY`'
A_dZhkYailebb! mkhZ[! Z_[! d_Y^j!
leh^WdZ[d[! OY^kjpm_hakd]! Xpm+!
ie]Wh! Z_[! d[]Wj_l[! S_hakd]! [_d[h!
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!/!X
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
kdZ![i!_ij!pk!l[hckj[d)!ZWii!kd][*
_cf\j[d! I_jWhX[_j[hd! _c! GhWda*
^[_ji\Wbb)! []Wb! ZkhY^! m[bY^[! Ahh[*
][h)!IeXX_d]!Zhe^j+
@_[! S_Z[hifh… Y^b_Y^a[_j! Z[h!
l„ bb_]! l[hiY^_[Z[d[d! Ecf\fhefW*
]WdZW! `[! dWY^! V_[b]hkff[! _ij! [dj*
bWhl[dZ+!>[_!Z[d!O[d_eh[d!m_hZ!c_j!
Z[h! =d]ij! leh! Z[h! GhWda^[_j! kdZ!
Z[c!upkl[hbƒ ii_][d!OY^kjpv.1!][Wh*
X[_j[j+!>[_!c[Z_p_d_iY^[c!L[hiedWb!
Wh]kc[dj_[hj!cWd!c_j!Z[c!][hWZ[!
X[_! O[d_eh[d! jhejp! Ecf\kd]! l„ bb_]!
kdpkh[_Y^[dZ[d! OY^kjp! kdZ! Z[h!
ZWc_j! l[hXkdZ[d[d! iep_Wb[d! R[h*
fz!_Y^jkd]!i_Y^!_cf\[d!pk!bWii[d+.2
S_h! \Wii[d! kdi[h[d! OjWdZ! Z[h!
_dj[di_l[d!>[iY^ƒ \j_]kd]!c_j!BWa*
j[d!pkh!Edz!k[dpW!akhp!pkiWcc[d7
Ed! @[kjiY^bWdZ! ]_Xj! [i! aWkc! Ed*
z!k[dpW*PeZ[i\ƒ bb[!kdZ!m[d_][!Ah*
ahWdakd][d+!@W!Z_[i[!I[bZ[ZWj[d!
d_Y^j!\… h![_d[!m_haiWc[!LWd_acW*
Y^[! Wkih[_Y^[d)! mkhZ[d! Z_[! Edz!k*
[dpW*PeZ[i\ƒ bb[! ZkX_ei[! kdZ! led!
Z[h! L^WhcW_dZkijh_[! X[[_dz!kiij[!
>[h[Y^dkd][d! ]he‚ p… ]_]! kc! ZWi!
.---\WY^[! dWY^! eX[d! aehh_]_[hj+!
@_[! cWd][bdZ[! S_haiWca[_j! Z[h!
Ecf\ije\\[! leh! Wbb[c! _d! Z[d! N_i_*
ae]hkff[d!_ij!X[aWddj+!@_[!=ap[f*
jWdp! Z[h! Ecf\kd]! _d! Z[h! >[l„ ba[*
hkd]!][h_d]+
Qc! Z[d! =XiWjp! Z[h! Ecf\ije\\*
EdZkijh_[! pk! [h^„ ^[d! kdZ! Z_[! ][*
mWbj_][d! Iƒ haj[! pk! [hiY^b_[‚ [d)!
ckiij[! Wbie! [_d! d[k[i! Gedp[fj!
^[h+
>OINY!KWLeRRHGWK!DKWXVWKINZTMKT/!"Lfjk\i"wEe|"l\eqX+Edg]le^"]… i">\jZ_ƒ ]+
k`^k\"`e"GiXeb\e_ƒ lj\ie"le["=ck\e_\`d\e,x"Ml\cc\8"nnn,ib`,[\
lehWd][]Wd][d[d! Edz!k[dpW*Ecf*
\kd]!X[_![_d[c!=kiXhkY^!_d![_d[c!
=bj[d^[_c! [n[cfbWh_iY^! X[b[]j!
%i_[^[!_cf\*h[fehj!%V[_jiY^h_\j&!Jh+!
2)!=fh_b!/--2)!O+!.3*.4&+
>[_!Z_[i[c!=bj[d^[_cWkiXhkY^!
y![b!Wc!NWdZ[![_d!m[_j[h[h!X[c[h*
a[dim[hj[h!QcijWdZ!Wk\7!@Wi!Lz![*
][f[hiedWb! l[hm[_][hj[! Z_[! =ki*
akd\j!… X[h!Z[d!Ecf\ijWjki!kdZ!Z_[!
P[_bdW^c[!Wd![_d[h!Ecf\Waj_ed+
B… h! c[Z_p_d_iY^[i! L[hiedWb!
m_hZ! Z_[! Edz!k[dpW*Ecf\kd]! X[*
h[_ji! i[_j! l_[b[d! FW^h[d! Zh_d][dZ!
[cf\e^b[d+! @[ddeY^! ]_Xj! [i! Zehj!
Wd^Wbj[dZ[d!S_Z[hijWdZ!][][d!Z_[!
Ecf\kd]+!Jkh!YW+!.2#!Z[i!c[Z_p_*
d_iY^[d!L[hiedWbi!i_dZ!jhejp!iƒ cj*
b_Y^[h! =dijh[d]kd][d! ][_cf\j./+!
@_[i[i! FW^h! ^Wj! i_Y^! ZW^[h! Z_[!
eX[hij[! C[ikdZ^[_jiX[^„ hZ[! [_d[!
#!'&!X
Che‚ Waj_ed! c_j! cWii_lij[h! LhefW*
]WdZW! Wki][ZWY^j+! Ai! m[hZ[d! Wk\!
?@! kdZ! _c! Edj[hd[j! l_[b[! IWj[h_*
Wb_[d! c_j! Z[c! Zh_d][dZ[d! =k\hk\!
X[h[_j][ij[bbj)! Z_[! Ecf\hWj[d! X[_!
c[Z_p_d_iY^[c! L[hiedWb! pk! [h^„ *
^[d7! Beb_[diWjp)! Leij[h)! DWdZp[j*
j[b!kdZ![_d!LbWd!c_j!.-!c„ ]b_Y^[d!
=aj_l_jƒ j[d+.0!
QdZ! m_[Z[h! [_dcWb! m_hZ! Z_[!
Ecf\fhefW]WdZW! c_j! [_d[c! S[jj*
X[m[hX,Lh[_iWkiiY^h[_X[d! \… h! Z_[!
^„ Y^ij[! Ecf\hWj[d! ]Whd_[hj+! @Wi!
l[hij„ ‚ j! c[_d[h! I[_dkd]! dWY^!
][][d! @Wj[diY^kjpX[ij_cckd][d!
kdZ! ][][d! Z_[! ƒ hpjb_Y^[! OY^m[_*
][fz!_Y^j)! ZW! Z_[! Ecf\kd]! _d! Z_[!
Lh_lWjif^ƒ h[! Z[i! A_dp[bd[d! \ƒ bbj+!
OY^ed! Wbb[_d[! Z[h! =k\hk\! pkh! aeb*
b[aj_l[d!IWii[d_cf\l[hWdijWbjkd]!
_ij!kdj[h!Z_[i[c!=if[aj!X[Z[dab_Y^!
Ml\cc\e8
"HXe^\*"Rf^\c8"wEe|"l\eqXx
"PX^\jjg`\^\c*"07,4,.3
1"
"wEe|"l\eqXx*"O\`k\"/02
2
"nnn,ib`,[\
3
"nnn,g`[+Xi`,e\k
4
"nnn,^Y\+Yle[,[\
5
"nnn,ib`,[\
6
"_kkg8--`e|"l\eqX,ib`,[\7
"PX^\jjg`\^\c*"07,4,.3
/.
"wEe|"l\eqXx*"O\`k\"/14
//
"wEe|"l\eqXx*"O\`k\"7.
/0
"nnn,ib`,[\
/1
"nnn,ib`,[\
/2
"_kkg8--]__,_XdYli^,[\
/3
"nn,ib`,[\
/
0"
%Z[jW_bb_[hj[h[!Mk[bb[dWd]WX[d!_dYb+!
S[Xl[hm[_i[d!i_[^[!Edj[hd[j*=hY^_l&
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
7Q^!G^UOW!YU`!PQ^!I[SQXS^U\\Q
@_[!>[^Wkfjkd][d)!ZWi!Re][b]h_ff[l_hki!a„ ddj[!Z[c!I[diY^[d!][\ƒ ^hb_Y^!m[hZ[d!eZ[h!]Wh!
h[][bh[Y^j[!Af_Z[c_[d!Wkib„ i[d)!X[hk^[d!Wk\!h[_d[d!R[hckjkd][d+!@eY^!Wd![_d[h![^hb_Y^[d!
=k\abƒ hkd]! Z[h! >[l„ ba[hkd]! X[ij[^j! a[_d! Edj[h[ii[7! Red! Z[h! =d]ij! leh! Z[h! Re][b]h_ff[!
fhey!j_[h[d!]b[_Y^!c[^h[h[!Chkff[d+
mfe"=e^\c`bX"G„ ^\c+OZ_Xlq
=Zl!aQZfM!&!
QUZ!ibUQX_QU`USQ_j!IU^a_
Edz!k[dpW*R_h[d! ]_Xj! [i! d_Y^j!
dkh! X[_c! I[diY^[d)! iedZ[hd! p+>+!
WkY^!X[_!R„ ][bd!Wbi!ie]+!Re][b]h_f*
f[+!@_[!>[Zhe^kd]!ZkhY^!… X[hz!_[*
][dZ[!R„ ][b)!Z_[!pk[hij!ZWi!C[z!… *
][b!Wc!>eZ[d!kdZ!Z_[i[!ZWdd!Z[d!
I[diY^[d! Wdij[Ya[d)! X_[j[j! [_d!
_Z[Wb[i! Op[dWh_e! \… h! [_d[! m[bjkc*
ifWdd[dZ[!LWd_acWY^[+!
@W! X_i^[h! Z[h! Re][b]h_ff[! _d!
Z_[i[h! D_di_Y^j! m[d_]! =k\c[ha*
iWca[_j! ][iY^[daj! kdZ! aWkc! Wk\!
R_hkijof[d! ][j[ij[j! mehZ[d! mWh)!
aeddj[!cWd!^_[h!ZkhY^!l[hc[^hj[!
P[iji!c_j!Z[h![djifh[Y^[dZ[d!I[*
Z_[dWhX[_j!b[_Y^j!ZWi!>_bZ!led![_d[h!
kdc_jj[bXWh! Zhe^[dZ[d! Af_Z[c_[!
iY^W\\[d+
Vkdƒ Y^ij!_ij![i!dejm[dZ_])!i_Y^!
c_j!Z[h!A_dj[_bkd]!Z[h!Edz!k[dpWl_*
h[d!pk!X[\Wii[d+!Ai!]_Xj!Zh[_!Pof[d)!
Edz!k[dpW!=)!Edz!k[dpW!>!kdZ!?)!Z_[!
Wbb[! X[_c! I[diY^[d! lehaecc[d+!
>[_! P_[h[d! %p+>+! Re][b)! OY^m[_d)!
L\[hZ)! GWjp[)! Bh[jjY^[d&! aeccj!
dkh!Z_[!Edz!k[dpW!=!leh+!
@_[! Edz!k[dpW*=*R_h[d! m[hZ[d!
dWY^! pm[_! >[ijWdZj[_b[d! Wd! Z[h!
R_hkieX[hz!ƒ Y^[! %Dƒ cW]]bkj_d_d!
kdZ! J[khWc_d_ZWi[&! m[_j[h! _d!
OkXjof[d! kdj[hj[_bj+! @[hp[_j! i_dZ!
.2!D*OkXjof[d!kdZ!6!J*OkXjof[d!
X[aWddj+! Edd[h^WbX! [_d[i! OkXjofi!
m[hZ[d! m[_j[h[! RWh_Wdj[d! kdj[h*
iY^_[Z[d)! Z_[! c_j! Z[c! FW^h! kdZ!
Khj! _^h[i! =k\jh[j[di! ][a[ddp[_Y^*
d[j!m[hZ[d+!
>[_! Z[d! Edz!k[dpW*R_h[d! jh[j[d!
ijƒ dZ_]! ie]+! LkdajckjWj_ed[d'!
Wk\+! @_[i[! X[m_ha[d)! ZWii! cWd!
i[bXij! Wd! Z[c! ]b[_Y^[d! OkXjof!
c[^h\WY^! [hahWda[d! aWdd! Xpm+!
ZWii! cWd! jhejp! Ecf\kd]! Wd! Z[c!
_c! Ecf\ije\\! [dj^Wbj[d[d! OkXjof!
[hahWda[d! aWdd+! >[_! Z[c! •X[h*
]Wd]!led![_d[h!P_[hWhj!pkh!WdZ[h[d!
aeccj! [i! pk! X[iedZ[hi! ^ƒ ky!][d!
kdZ! ]h„ ‚ [h[d! R[hƒ dZ[hkd][d! _c!
AhX]kj!Z[i!Ahh[][hi+
@_[! ab[_d[d! R[hƒ dZ[hkd][d! _c!
AhX]kj! aecc[d! bWk\[dZ! leh)! ie!
ZWii!`[Z[i!FW^h!l_[b[!l[hiY^_[Z[d[!
RWh_Wdj[d! _d! HWXehj[iji! ][\kdZ[d!
m[hZ[d+! @W! l_[b[! I[diY^[d! Ged*
jWaj!c_j!Edz!k[dpW*R_h[d!^WX[d)!e\j!
ie]Wh!e^d[![i!pk!m_ii[d.)!i_dZ!Z_[*
i[! ab[_d[d! R[hƒ dZ[hkd]! m[d_][h!
fheXb[cWj_iY^)! ZW! l_[b[!I[diY^[d!
pkc_dZ[ij! j[_bm[_i[! _cckd! ZW][*
][d!i_dZ+!
@_[! ]he‚ [! Oeh][! X[ij[^j! leh!
]h„ ‚ [h[d! R[hƒ dZ[hkd][d! Z[h! R_*
h[d! eZ[h! leh! [_d[c! •X[hifh_d][d!
led! P_[hl_h[d! Wk\! Z[d! I[diY^[d)!
m[_b!ZWdd!_d!Z[h!>[l„ ba[hkd]!a[_*
d[! Ecckd_jƒ j! leh^WdZ[d! mƒ h[+!
@_[! l_[b[d! l[hiY^_[Z[d[d! R_h[d*
ijƒ cc[! kdj[hiY^[_Z[d! i_Y^! _d! _^*
h[d! A_][diY^W\j[d! e\jcWbi! ]hkdZ*
b[][dZ+!IWdY^[!R_h[d!l[hkhiWY^[d!
iY^m[h[!GhWda^[_jiiocfjec[!kdZ!
i_dZ! i[^h! Wdij[Ya[dZ! _dd[h^WbX!
Z[h! P_[hWhj! eZ[h! X[_c! I[diY^[d+!
=dZ[h[! ^_d][][d! i_dZ! c[^h! eZ[h!
m[d_][h!^Whcbei+
7UQ! P^QU! 4ZZMTYQZ! PQ^! DMZ&
PQYUQ&<e\[`TQ_Q
>[_!Z[h!Re][b]h_ff[*LWd_a!m[h*
Z[d! Zh[_! l[hiY^_[Z[d[! ^ofej^[j_*
iY^[! =ddW^c[d! l[hc_iY^j+! @_[i!
cWY^j! Z_[! =d][b[][d^[_j! \… h! Z[d!
A_dp[bd[d! ie! iY^m[h! ZkhY^iY^Wk*
XWh7
7UQ! Q^_`Q! 4ZZMTYQ! _ij! ZWi!
l[hc[^hj[!=k\jh[j[d!Z[h!Re][b]h_f*
f[! X[_! P_[h[d+! D_[hZkhY^! m_hZ! Z_[!
SW^hiY^[_db_Y^a[_j! [h^„ ^j)! ZWii!
ZWi!R_hki!Wk\!Z[d!I[diY^[d!… X[h*
ifh_d]j!Xpm+!ZWii!i_Y^!d[k[!OkXjo*
f[d!X_bZ[d+!S_[!]he‚ !Z_[i[!C[\W^h!
m_hab_Y^! Z[hp[_j! _ij)! Z+^+! eX! ^_[h!
m_hab_Y^! [_d[! ZhWij_iY^[! VkdW^c[!
ijWjj][\kdZ[d!^Wj!Xpm+!ijWjjy!dZ[j)!
aWdd! d_Y^j! X[p_\\[hj! m[hZ[d+! Ai!
_ij! d_Y^j! WkipkiY^b_[‚ [d)! ZWii! Z_[!
l[hc[_djb_Y^[!VkdW^c[!Z[h!Re][b*
]h_ff[! X[_! S_bZ*! kdZ! DWkil„ ][bd!
b[Z_]b_Y^!ZkhY^!Z_[!l[hc[^hj[!P[i*
jkd]!kdZ!]h„ ‚ [h[!=k\c[haiWca[_j!
pkijWdZ[!][aecc[d!_ij+
7UQ!fcQU`Q!4ZZMTYQ!_ij!ZWi!
X[hifh_d][d! led! X_i^[h! \… h! Z[d!
I[diY^[d! kdX[aWddj[d! Edz!k[d*
pWl_h[d! led! [_d[h! P_[hWhj! Wk\! Z[d!
I[diY^[d+!@_[!LWd_a)!Z_[!kc!`[Z[d!
I[diY^[d)!Z[h!Wd!Z[c!Re][b]h_f*
f[*R_hki! [hahWdaj)! ][cWY^j! m_hZ)!
_ij! m[][d! Z[h! ][h_d][d! BWbbpW^b!
aWkc!dWY^lebbp_[^XWh+!@_[i[!R_h[d!
i_dZ! iY^ed! i[_j! FW^h[d! X[aWddj)!
e^d[! ZWii! [_d! l[hc[^hj[i! =k\jh[*
j[d! X[_c! I[diY^[d! X[eXWY^j[j!
m[hZ[d!aeddj[+
7UQ! P^U``Q! 4ZZMTYQ! _ij! Z_[!
R[hc_iY^kd]! led! ahWdacWY^[d*
Z[d! A_][diY^W\j[d! Z[h! Re][b]h_f*
f[l_h[d! c_j! Z[d! Wdij[Ya[dZ[d! A_*
][diY^W\j[d! Z[h! I[diY^[dl_h[d+!
@_[i[! R[hc_iY^kd]! ckii! ZkhY^!
[_d[! J[kaecX_dWj_ed! _d! [_d[c!
I[diY^[d! [h\eb][d)! Z[h! pk\ƒ bb_]!
c_j!pm[_!R_h[dWhj[d!]b[_Y^p[_j_]!_d*
y!p_[hj!i[_d!c… iij[+
Ahij!m[dd!Wbb[!Zh[_!=ddW^c[d!
[h\… bbj! i_dZ)! aWdd! [i! … X[h^Wkfj!
pk! [_d[c! d[k[d! Okf[hl_hki! aec*
c[d)!ZWi![_d[!LWdZ[c_[!Wkib„ i[d!
a„ ddj[+!
IrXXUS! aZbQ^_`qZPXUOT! aZP!
Ma_!cU__QZ_OTMR`XUOTQZ!;^sZ&
PQZ! ZUOT`! ZMOTb[XXfUQTNM^! U_`!
PUQ! b[Z! bQ^_OTUQPQZQZ! 4Y`_&
`^qSQ^Z!bQ^N^QU`Q`Q!_e_`QYM`U&
_OTQ!DMZUWYMOTQ'!
JWY^\eb][dZ! y!dZ[d! O_[! [_d_][!
[n[cfbWh_iY^[!k‚ [hkd][d7
Lhe\+! ?^h_ijef^! BkY^i)! DWkfj][*
iY^ƒ \ji\… ^h[h! Z[h! >kdZ[iƒ hpj[*
aWcc[h7
wzS`i" Y\fYXZ_k\e" d`k" Ofi^\*"
[Xjj" j`Z_" [Xj" Rf^\c^i`gg\+R`ilj"
D3J/" `e" j\`e\e" Okilbkli\e" j\_i"
jZ_e\cc" ƒ e[\ik,y" BXccj" \`e\" RXi`+
Xek\" \ekjk… e[\*" [`\" mfe" I\ejZ_"
ql" I\ejZ_" … Y\ikiX^\e" n\i[\e"
bXee*" j\`" \j" eli" \`e\" BiX^\" [\i"
T\`k*" nXee" [`\j\" Ci`gg\n\cc\"
@\lkjZ_cXe[" \ii\`Z_k," @`\j" b„ ee\"
'!
Sehj[habƒ hkd][d
DaZW`Ya`M`U[Z2
][h_d]\… ]_][!dZ[hkd]!Wd![_d[h!
Oj[bb[!_c!R_h[d[hX]kj
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!''!X
=EORELBEP%;JRNBEP!(&&+!
zjZ_c`ddjk\e]Xccj" `e" [`\j\d" S`e+
k\iy"gXjj`\i\e,x"/
Lhe\+!D+*F+!OY^c_jj)!OPEGK*Rehi_j*
p[dZ[h7
w@`\" SX_ijZ_\`ec`Z_b\`k*" [Xjj"
\j" Y\`" \`e\i" [\i" eƒ Z_jk\e" Ci`gg\+
n\cc\e"ql"\`e\i"LXe[\d`\"bfddk*"
`jk"Xlj^\jgifZ_\e"_fZ_,x"1
Gey!!=ddWd)!QJ*C[d[hWbi[ah[jƒ h7
wF\[\e" PX^" cƒ lk\e" [`\" =cXid+
^cfZb\e"cXlk\i,x"2
Fed]!Seea!H[[)!SDK*C[d[hWb*
Z_h[ajeh7
wS`i"n`jj\e"e`Z_k*"nXee"\j"^\+
jZ_\_\e" n`i[," S`i" n`jj\e" XY\i*"
[Xjj"\j"gXjj`\i\e"n`i[,3"x
F[ZeY^!]_Xj![i!WkY^!ah_j_iY^[!Oj_c*
c[d+!Lhe\+!N[_d^WhZ!Gkhj^)!Lhƒ i_*
Z[dj!NGE7
w>\_Xlgkle^\e*" [\e\e" ql]fc^\"
[\i"Aii\^\i"[\i"Rf^\c^i`gg\"efZ_"
`e" [`\j\d" FX_i" `e" [\i" HX^\" j\`e"
n`i[*" I`cc`fe\e" I\ejZ_\e" ql" `e+
{"q`\i\e*"j`e["e`Z_kj"Xcj"lem\iXek+
nfikc`Z_\i"=cXid`jdlj,x"4
@[h! DWhjcWddXkdZ! h_[j! pkh!
OWY^b_Y^a[_j! kdZ! mWhdj[! leh! [_d[h!
Re][b]h_ff[^oij[h_[7
wTld" a\kq`^\e" T\`kglebk" Y\+
jk\_k" ]… i" [`\" >\m„ cb\ile^" b\`e\"
C\]X_i#x"5
ILOF#PEONPR!
BhWdp! TWl[h! D[_dp)! R_hebe][! Wc!
=GD*S_[d7
wA`e\" Y\ikiX^le^" [\i" C\|"… +
^\cg\jk"Xl]"[\e"I\ejZ_\e"j\`"\`e\"
ƒ l‚ \ijk" j\ck\e\" AijZ_\`ele^," =e+
^\j`Z_kj" [\i" Y`j_\i" 4." Pf[\j]ƒ cc\"
\i^\Y\"j`Z_"[\i"QdjkXe["\`e\i"d`+
e`dXc\e"N\c\mXeq,x"6
Lhe\+! @h+! Fei[f^! C_WcXhed[)! =k*
Xkhd!Qd_l[hi_jƒ j7
_BOK!XGMKT%!JGXX!JGX!7+>(!
DOWZX! YdJROIN! OXY%! \KOR! KX! ,-!
<KZYK! MKYdYKY! NGY'! BOK! KW]cN&
RKT! JOW! RKOJKW! PKJUIN! TOINY%!
JGXX! NZTJKWYK! ZTJ! XUMGW!
YGZXKTJK! =KTXINKT! OT`!]OKWY!
\ZWJKT!ZTJ!QKOTK!FKOINKT!KO&
TKW!8TLKQYOUT!]KOMYKT'!>ZW!KOT!
2WZINYKOR!JKW!=KTXINKT!\OWJ!
QWGTQ'!4X!OXY!TOINY!XU!YdJROIN%!
\OK!1RRK!JKTQKT'!EKTT!JGX!DO&
WZX! OT! =KTXINKT! KOTJWOTMKT!
ZTJ! [UT! =KTXIN! ]Z! =KTXIN!
XVWOTMKT!QdTTYK%!NcYYK!KX!JGX!
[UW!RGTMKW!FKOY! MKYGT'!3OKXKX!
7+! ]OWQZROKWY! XKOY! [OKW! UJKW!
LeTL!9GNWKT'.
=kY^!_d!@[kjiY^bWdZ!i_[^j!cWd!
X[_c!Bh_[Zh_Y^*H„ \z![h*Edij_jkj!Z_[!
HW][! bƒ d]ij! d_Y^j! ie! ZhWcWj_iY^7!
@Wi! N_i_ae! [_d[h! A_diY^b[ffkd]!
led! Re][b]h_ff[l_h[d! p+>+! ZkhY^!
Vk]l„ ][b! kdZ! b[]Wb[d! DWdZ[b! Wbi!
cƒ ‚ _]!Xpm+!][h_d]![hWY^j[j+.A_d!^e^[i!N_i_ae!][^j!dWY^!=d*
i_Y^j!Z_[i[i!>kdZ[i_dij_jkji!`[ZeY^!
led!_bb[]Wb[d!Ecfehj[d!led!b[X[d*
Z[c!C[z!… ][b!Xpm+!C[z!… ][bfheZka*
j[d!leh!Wbb[c!Wki!GheWj_[d!Wki+
GheWj_[d! _ij! [_d! X[b_[Xj[i! N[_*
i[bWdZ! Z[h! @[kjiY^[d+! OjWjj! Z[h!
kc\Wii[dZ[d! Ed\ehcWj_ed! Z[h! >[*
l„ ba[hkd])!ZWii!p+>+!Wk\!a[_d[d!BWbb!
aheWj_iY^[! A_[h! _c! G… ^biY^hWda!
Z[i! Se^dceX_bi! dWY^! @[kjiY^*
bWdZ! ][decc[d! m[hZ[d! Z… h\[d)!
m[hZ[d!Z_[!Z[kjiY^[d!D… ^d[h![_d*
][if[hhj! kdZ! Z_[! Ecf\fhefW]WdZW!
Z[h! Edz!k[dpW_cf\kd]! X[_c! I[d*
iY^[d! c_j! Z[h! Re][b]h_ff[*LWd_a!
aecX_d_[hj+
=kY^! \… h! C[z!… ][b! ]_Xj! [i! [_d[!
Edz!k[dpW*Ecf\kd]+! @_[i[! m_hZ! `[*
ZeY^! Wki! [f_Z[c_ebe]_iY^[h! O_Y^j!
_d!@[kjiY^bWdZ!d_Y^j!ZkhY^][\… ^hj+!
@khY^! Z_[! Ecf\kd]! m_hZ! X[_! Z[c!
[_dp[bd[d! Dk^d! pmWh! [_d! EdZ_l_*
ZkWbiY^kjp! Wk\][XWkj)! [i! [hahWdaj!
Wbie!e^d[!Oocfjec[)!aWdd!`[ZeY^!
dWY^![_d[h!=dij[Yakd]!Z_[!S_bZl_*
h[d! m[_j[hl[hXh[_j[d+! @[h! >[i_jp[h!
c[haj! d_Y^j! [_dcWb)! ZWii! ZWi! P_[h!
3OK!MRUHGRK!8Ta!ZKT]G&BYWGYKMOK!GZL!JKS!EKM!OTX!FOKR!
%?&!Oed`W!Dekp[h
#!'(!X
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
EORJRKHKTJK!DdMKR!j`e["eXZ_"=ej`Z_k"[\i"LXe[\d`\+OkiXk\^\e"[\iq\`k"\`e\"[\i"^i„ ‚ k\e"C\]X_i\e"]… i"[`\"I\ejZ__\`k,"
_dy!p_[hj! _ij)! m[_b! [i! d_Y^j! i_Y^jXWh!
[hahWdaj+!>[_!HWXehj[iji!_ij!pkZ[c!
[_d! ][_cf\j[i! Dk^d! d_Y^j! led! [_*
d[c!kd][_cf\j[d!Dk^d!pk!kdj[h*
iY^[_Z[d+
G^[`fPQY!NXsT`!PM_!;Q_OTqR`!
YU`!PQ^!4ZS_`"!
Qdj[h! Z[h! •X[hiY^h_\j! uLWd_a!
leh! Z[c! Ahh[][h! D2J.! X[iY^[hj!
Z[d! Gedp[hd[d! N[aehZkciƒ jp[!
t!R[hh… Yaj[!C[iY^ƒ \j[v!b_[\[hj[!Z[h!
N^[_d_iY^[!I[hakh![_d[!kc\Wii[d*
Z[!=dWboi[..7
>[_!A*>Wo!mkhZ[!ZWi!Wdj_l_hWb[!
I[Z_aWc[dj! PWc_z!k! pk! BWdjWi_[*
fh[_i[d! l[hij[_][hj! %.2/! AQN! \… h!
[_d[! V[^d[hfWYakd])! _d! Z[h! =fe*
j^[a[! aeij[j! [i! 00)03! AQN&+! Ne*
Y^[)! Z[h! D[hij[bb[h! led! PWc_z!k)!
m_hZ!_d!Z_[i[c!FW^h!.).!I_bb_WhZ[d!
AQN!c_j!Z_[i[c!I[Z_aWc[dj!kc*
i[jp[d+!
7UQ!cMT^QZ!;QcUZZQ^!PQ^!I[&
SQXS^U\\Q&DMZUW!_UZP!VQP[OT!
PUQ!<Q^_`QXXQ^!b[Z!=Zl!aQZfM&
=Y\R_`[RRQZ2
@_[! Z[kjiY^[d! =fej^[a[d! l[h*
aWk\j[d! X[h[_ji! _c! O[fj[cX[h!
Z_[i[d! FW^h[i! /-#! c[^h! Ch_ff[*
Ecf\ije\\[!Wbi!_c!R[h]b[_Y^icedWj!
Z[i! Reh`W^h[i+! R[h]Wd][d[i! FW^h!
mWh[d! Z_[! D[hij[bb[h! Wk\! [_d_][d!
I_bb_ed[d! @ei[d! Ch_ff[_cf\ije\\!
i_jp[d! ][Xb_[X[d./+! @_[i[i! FW^h! _ij!
[h!X[h[_ji!Wkil[haWk\j)!eXme^b!Z_[*
i[i! FW^h! /-! I_bb_ed[d! @ei[d! led!
Z[h! VkbWiikd]iX[^„ hZ[! \h[_][][*
X[d! mehZ[d! i_dZ+! @Wi! i_dZ! /! I_b*
b_ed[d!@ei[d!c[^h!Wbi!_c!l[h]Wd*
][d[d!FW^h+.0
QdZ! ZWi)! eXme^b! Z_[! Ch_ff*
[_cf\kd]! a[_d[hb[_! OY^kjp! leh! [_*
d[h!Zhe^[dZ[d!LWdZ[c_[!eZ[h!Z[h!
Re][b]h_ff[!X_[j[j"
Che‚ [! Ecf\ije\\^[hij[bb[h! XWk*
[d! _^h[! LheZkaj_ed! Wki+! ?^_hed!
RWYY_d[i! XWkj! _d! IWhXkh]! [_d[!
d[k[! =dbW][)! CbWneOc_j^Gb_d[!
XWkj! \… h! hkdZ! .--! I_bb_ed[d! AQN!
Z_[!=dbW][!_d!@h[iZ[d!Wki+
IWd! iY^ƒ jpj)! ZWii! i_Y^! _d! Z[d!
aecc[dZ[d!.-!FW^h[d!!Z[h!]beXWb[!
=XiWjp! X[_! Edz!k[dpW*Ecf\ije\\[d!
led! Z[hp[_j! 0--! I_bb_ed[d! @ei[d!
Wk\! 4--! I_bb_ed[d! @ei[d! ij[_][hd!
bƒ iij+.1
La_MYYQZ_Q`faZS!PQ^!=Y\R&
_`[RRQ
Ed! @[kjiY^bWdZ! i_dZ! pm[_! l[h*
iY^_[Z[d[! Oehj[d! led! Ecf\ije\\[d!
pk][bWii[d7! OkXkd_j*! kdZ! OfWb*
j_cf\ije\\[+! OkXkd_j*Ecf\ije\\[!
[dj^Wbj[d! b[Z_]b_Y^! Z_[! pm[_! e+]+!
>[ijWdZj[_b[! Z[h! R_hkieX[hz!ƒ Y^[)!
OfWbj_cf\ije\\[!Z_[!]Wdp[d)!`[ZeY^!
_d! Oj… Ya[! ][ifWbj[d[d! R_h[d+! @_[!
Ecf\ije\\[! m[hZ[d! `[Z[i! FW^h! d[k!
fheZkp_[hj!kdZ![dj^Wbj[d!Zh[_!led!
Z[h! S[bj][ikdZ^[_jieh]Wd_iWj_ed.2!
_c! B[XhkWh! \… h! Z[d! aecc[dZ[d!
S_dj[h! [cf\e^b[d[! Zh[_! R_hki*
ijƒ cc[+!Ed!Z[d!b[jpj[d!FW^h[d!mWh!
[_d! Edz!k[dpW*>*OjWcc)![_d! Edz!k*
[dpW*=*D0J/*! kdZ! *=*D.J.! [dj*
^Wbj[d+
S_[!]kj!Z_[!Ojƒ cc[!pk!Z[d!p_h*
akb_[h[dZ[d!S_bZl_h[d!][fWiij!^W*
X[d)! m_hZ! _c! R[hbWk\! Z[i! S_dj[hi!
ZkhY^! P[iji! c_j! Bh[jjY^[d! … X[h*
fh… \j! kdZ! Wc! AdZ[! `[Z[i! S_dj[hi!
k+W+!led!Z[h!SDK!kdZ!Z[h!=CE!l[h*
„ \\[djb_Y^j+! Ed! Z[d! Bh[jjY^[dj[iji!
m_hZ!Z_[!d[kjhWb_i_[h[dZ[!S_hakd]!
Z[i!O[hkci'!led!][_cf\j[d!Bh[jj*
Y^[d! Wk\! Z_[! Wajk[bb! Wk\jh[j[dZ[d!
S_bZl_h[d! ][fh… \j+! @W! Z_[i[! P[iji!
`[ZeY^! dkh! [_d[d! ][h_d][d! P[_b!
Z[h!Ecckd_jƒ j!dWY^!Ecf\kd]!Xpm+!
Ed\[aj_ed! ZWhij[bb[d)! i_dZ! i_[! X[*
]h[dpj!WkiiW][ahƒ \j_]+
BWij!_d!`[Z[c!S_dj[h!ij[bbj!i_Y^!
ie!^[hWki)!ZWii!m_[Z[h!d[k[!Ojƒ c*
c[!_c!QcbWk\!mWh[d!kdZ!ZWii!Z[h!
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!')!X
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
=OYYKRX!COKW[KWXZINKT!GT!5WKYYINKT!k\jk\k"[`\"SDK*"fY"[\i"mfe"`_i"\dg+
]f_c\e\"OX`jfe+Edg]jkf]]"d`k"[\d"kXkjƒ Z_c`Z_"q`iblc`\i\e[\e"R`i\ejkXdd"… Y\i+
\`ejk`ddk
Ecf\ije\\!ZeY^!d_Y^j!ie!]kj!][fWiij!
^Wj+! I[_ij! m_hZ! ZWhWk\^_d! c_dZ[i*
j[di! [_d[h! Z[h! Ojƒ cc[! ][][d! [_*
d[d! =ajk[bb[h[d! Wki][jWkiY^j+! @_[!
Ecf\ije\\fheZkaj_ed!^_daj!Wbie!_c*
c[h!kc![_d[d!S_dj[h!^_dj[h^[h+
@_[! bWd][! RehbWk\p[_j! led! c_d*
Z[ij[di! Zh[_! IedWj[d! _ij! m[][d!
Z[h!Wk\mƒ dZ_][d!LheZkaj_ed!d„ j_]+!
>[Xh… j[j[! D… ^d[h[_[h! m[hZ[d! c_j!
Z[d! Ecf\ije\\l_h[d! X[_cf\j! kdZ!
dWY^![_d[h!m[_j[h[d!>[Xh… jkd]!led!
/*0! PW][d! m[hZ[d! Z_[! AcXhoed[d!
ZkhY^!G… ^bkd]!][j„ j[j+!=ki!Z[h!ZW*
dWY^!WX][iWk]j[d!A_z!… ii_]a[_j!m_hZ!
Z[h!Ecf\ije\\!dWY^!N[_d_]kd]i*!kdZ!
GedjhebbiY^h_jj[d!][medd[d+.3!
O[bXijl[hijƒ dZb_Y^! jh[j[d! mƒ ^*
h[dZ! Z[h! R[hc[^hkd]! Z[h! Ecf\*
ije\\l_h[d! _d! [cXhoed_[hj[d! D… ^*
d[h[_[hd!LkdajckjWj_ed[d!Wk\)!m_[!
i_[! ijƒ dZ_]! m[bjm[_j! lehaecc[d+!
@khY^! Oj_Y^fheX[daedjhebb[d! iebb!
i_Y^[h][ij[bbj!m[hZ[d)!ZWii!i_Y^!Z_[!
Ecf\l_h[d! d_Y^j! pk! m[_j! lec! =ki*
]Wd]il_hki![dj\[hdj!^WX[d+
@[h! D[hij[bbkd]ifhep[ii! _ij! `[*
ZeY^!_d!Z[h!>[l„ ba[hkd]!kdZ!ie]Wh!
_d!BWY^ah[_i[d!i[^h!m[d_]!X[aWddj+!
Ec! AdZfheZkaj! i_dZ! V[bbh[ij[! Wki!
Z[c! D… ^d[h[_! [dj^Wbj[d)! Z_[! \… h!
Wbb[h]_iY^[! I[diY^[d! d_Y^j! kdX[*
Z[dab_Y^!i_dZ+
#!'*!X
8^W^MZW`!aZP!ZUOT`!UZk!&
fUQ^`3!=Zk!fUQ^`!aZP!ZUOT`!
Q^W^MZW`3!7UQ!S^[pQ!IQ^&
cU^^aZS"
H[_Z[h! ^[hhiY^j! i[bXij! X[_!
BWY^b[kj[d! %•hpj[d! m_[! Af_Z[*
c_ebe][d&!a[_d[!abWh!WX][]h[dp*
j[!>[]h_\\iX_bZkd]+
A_d! AhahWdaj[h! b[_Z[j! Wd! X[*
ij_ccj[d!Oocfjec[d)!Z_[![_d[h!
eZ[h! c[^h[h[d! GhWda^[_j[d! pk*
][ehZd[j! m[hZ[d+! Vkh! ][dWk[d!
@_W]deij_a! i_dZ! `[ZeY^! m[_j[h[!
P[iji)! c[_ij! HWXehj[iji)! dej*
m[dZ_]+!OY^m_[h_]!m_hZ![i!ZWdd)!
m[dd!cWd!X[_![_d[c!AhahWdaj[d!
[_d[! ie]+! I_iY^_d\[aj_ed! lehy!d*
Z[j)! Z+^+! D_dm[_i[! Wk\! c[^h[h[!
Ahh[][h)! Z_[! Z_[! ]b[_Y^[d! eZ[h!
ƒ ^db_Y^[d! Oocfjec[! ^[hlehhk*
\[d! a„ dd[d+! C[hWZ[! X[_! Z[h! Ed*
z!k[dpW! aecc[d! Z_[i[! I_iY^_d*
\[aj_ed[d! ^ƒ ky!]! kdZ! leh! Wbb[c!
X[_! Z[d! aecfb_p_[hj[d! R[hbƒ k*
\[d!leh.4+!Ai!aWdd!Wbie!ZkhY^Wki!
i[_d)!ZWii!Z_[!QhiWY^[!\… h![_d[d!
P[_b! Z[h! Oocfjec[! Wk\! [_d[d!
m[_j[h[d! Ahh[][h! pkh… Yapk\… ^*
h[d!_ij+!Reh!Wbb[c!mƒ ^h[dZ![_d[h!
V[_j)! _d! Z[h! Z_[! Edz!k[dpW! ]hWi*
i_[hj)!m_hZ!Z[h!ZkhY^!Z_[!I[Z_[d!
_d\ehc_[hj[! =hpj! ZWpk! d[_][d)!
Ch_ff[iocfjec[! [_d[h! Edz!k[d*
pW!pkpkehZd[d+
Qc][a[^hj! ]_Xj! [i! d_Y^j! m[d_][!
I[diY^[d)! Z_[! GedjWaj! c_j! Edz!k*
[dpW*R_h[d! ^Wjj[d! kdZ! a[_d[! eZ[h!
dkh!i[^h!m[d_][!Oocfjec[!Wk\m_[*
i[d!kdZ!ZWc_j!pmWh!_dy!p_[hj)!`[ZeY^!
d_Y^j![hahWdaj!i_dZ+
B… h!ZWi!EdZ_l_Zkkc!kdZ!\… h!Z[d!
X[^WdZ[bdZ[d!=hpj!if_[bj!Z_[i[!Qd*
j[hiY^[_Zkd][d!aWkc![_d[!Nebb[+!Ah!
ckii!\… h!Z_[!iY^kbc[Z_p_d_iY^[!>[*
^WdZbkd]!b[Z_]b_Y^!i_Y^[h!m_ii[d)!eX!
>Waj[h_[d! [_d[! Nebb[! if_[b[d)! eZ[h!
eX![_d[![Y^j[!Edz!k[dpW!lehb_[]j+!A_d!
dWjkh^[_bakdZb_Y^! WhX[_j[dZ[h! I[*
Z_p_d[h! X[^WdZ[bj! e^d[^_d! _dZ_l_*
Zk[bb!kdZ!X[d„ j_]j!a[_d!S_ii[d!… X[h!
Z_[!ZWX[_!Wk\jh[j[dZ[d!Ahh[][h+
B… h! Z_[! Af_Z[c_ebe][d! i_dZ! `[*
ZeY^!d_Y^j!Z_[!AhahWdaj[d)!iedZ[hd!
Z_[!Edy!p_[hj[d)!Z_[!Z_[!R_h[d!m[_j[h*
l[hXh[_j[d)!led!>[Z[kjkd]+!=ki!Z[h!
O_Y^j![_d[i!Af_Z[c_ebe][d!_ij![i!Wbie!
[^[h! m… diY^[dim[hj)! ZWii! [_d! Edy!*
p_[hj[h! GhWda^[_jiiocfjec[! p[_]j!
kdZ!pk!DWki[!Xb[_Xj!Xpm+![ha[ddXWh!
[hahWdaj!_ij+
D_[hpk! i_dZ! c_h! a[_d[! Qdj[hik*
Y^kd][d! X[aWddj)! _dm_[m[_j! [_d[!
Ch_ff[_cf\kd]! Z_[! S[_j[hl[hXh[_*
jkd]! Z[h! S_bZl_h[d! l[h^_dZ[hj+! @_[!
pW^bh[_Y^[d! =kiiW][d! led! BWY^b[k*
j[d)! ZWii! [_d[! Ch_ff[_cf\kd]! Z_[!
S[_j[hl[hXh[_jkd]! kdZ! =dij[Yakd]!
Z[h! Qc][Xkd]! pkl[hbƒ ii_]! l[h^_d*
Z[hj)! i_dZ! d_Y^j! m_ii[diY^W\jb_Y^!
^WbjXWh! kdZ! dkh! ZkhY^! Z_[! R[hc_*
iY^kd]! Z[h! X[_Z[d! OWY^l[h^Wbj[!
uOY^kjp! leh! AhahWdakd]v! kdZ! uEd*
\[aj_edv!pk![habƒ h[d+
=ki!=d]ij!leh![_d[c!d[k[d!OkX*
jof)!Z[h!X_i^[h!l„ bb_]!kdX[aWddj!_ij)!
mkhZ[! _d! @[kjiY^bWdZ! [_d! LWdZ[*
c_[fbWd![djmeh\[d+!@Wh_d!l[hfz!_Y^*
j[d!i_Y^!Z_[!Z[kjiY^[d!>[^„ hZ[d!Z_[!
Ecf\hWj[d!Z[h!>[l„ ba[hkd]!led!Z[h*
p[_j!/1#!Wk\!c_dZ[ij[di![_d!@h_jj[b!
Z[h!>[l„ ba[hkd]!pk![h^„ ^[d+.5
>[iedZ[hi!][d_Wb!_ij!Z[h!OY^WY^*
pk]!Z[h!D[hij[bb[hi!Z[i!Ch_ff[c[Z_*
aWc[dji! PWc_z!k7! [h! iY^k\! _c! FW^h!
/--/! [_d! Bh… ^mWhdioij[c! %N[Wb*
Bbk.6&+! D_[h! b_[\[hd)! ƒ ^db_Y^! m_[! X[_!
Z[h! =CE)! c[^h[h[! ^kdZ[hj! I[b*
Z[fhWn[d! @Wj[d! pk! =j[cm[]i[h*
ahWdakd][d)! Z_[! _c! >[ZWh\i\Wbb! c_j!
OY^d[bbj[iji! Z_W]deij_p_[hj! m[hZ[d!
a„ dd[d+! @_[i[! @Wj[d! a„ dd[d! ZWdd!
edb_d[!_c!Edj[hd[j!jW][i][dWk!WX][*
hk\[d! m[hZ[d+! =bi! Iej_lWj_ed! m_hZ!
Wd][][X[d)!ZWii!X[_![_d[h![Y^j[d!Ed*
z!k[dpW! ZWi! I[Z_aWc[dj! c„ ]b_Y^ij!
hWiY^!][][X[d!m[hZ[d!ckii)!m[_b![i!
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
iedij!d_Y^j!c[^h!m_haj+!
A_d!=dij_[]!Wd!Edz!k[dpW*JWY^*
m[_i[d! eZ[h! =j[cm[]i[hahWdakd*
][d)! X[Z[kj[j! `[ZeY^! d_Y^j! Wkje*
cWj_iY^!Z[d!>[]_dd![_d[h!Edz!k[d*
pW*S[bb[+! R_[bc[^h! ^[_‚ j! [i! b[Z_]*
b_Y^)!ZWii!Z_[!=dpW^b!Z[h!P[iji!eZ[h!
][d[h[bb! =j[cm[]i[hahWdakd][d!
pk][decc[d!^WX[d+
I_dZ[ij[di! /1! l[hiY^_[Z[d[!
XWaj[h_[bb[!kdZ!l_hWb[!Ahh[][h!i_dZ!
X[aWddj)!Z_[!Z_[!]b[_Y^[d!eZ[h!ƒ ^d*
b_Y^[d! Oocfjec[! Wkib„ i[d! a„ d*
d[d)!m_[![_d[!Edz!k[dpW+/@_[! X[_Z[d! Bh… ^mWhdioij[c[!
i_dZ!Wbie!_d!Z[h!HW][!m_[!Wk\!Gdef\*
ZhkYa!kdZ!e^d[!ZWii![_d[![Y^j[!Ed*
z!k[dpW*S[bb[! X[ij[^j! Z[d! =XiWjp!
Z[h! I[Z_aWc[dj[! pk! ij[_][hd! kdZ!
[ljb+!leh^WdZ[d[!Ecf\ije\z!W][hX[*
ijƒ dZ[!pk!l[haWk\[d+!
D_[h! i_dZ! m_h! X[_c! dƒ Y^ij[d!
Lkdaj7!
JQY!Zs`f`!PUQ_Q!DMZUWYMOTQ!
PQ^!XQ`f`QZ!A[ZM`Q3
O_Y^[hb_Y^! Z[d! D[hij[bb[hd! Z[h!
Edz!k[dpW*Ecf\ije\\[)! Z_[! `[jpj! X[*
h[_ji!Wkil[haWk\j!i_dZ+!QdZ!i_Y^[h*
b_Y^!fhey!j_[h[d!WkY^!Z_[!D[hij[bb[h!
Z[h!Wdj_l_hWb[d'!I[Z_aWc[dj[)!Z_[!
_d! ]he‚ [d! I[d][d! led! Z[h! Z[kj*
iY^[d! N[]_[hkd]! [_d][bW][hj! mkh*
Z[d+
S[_j[h! d… jpj! ZWi! OY^h[Ya][*
if[dij!
Re][b]h_ff[*LWdZ[c_[!
Z[c! Wd][iY^bW][d[d! EcW][! Z[h!
OY^kbc[Z_p_d! kdZ! Z[h! Leb_j_a[h+!
@[h! >… h][h! X[aeccj! ZkhY^! Z_[!
=aj_l_jƒ j[d! ZWi! C[\… ^b)! ZWii! cWd!
lehieh]j!kdZ!i_Y^!kc!i[_d!Se^b[h*
][^[d!a… cc[hj7!
wC\fi^\" S," >lj_" _Xk" \`e" Lif+
^iXdd"`e"D„ _\"mfe"5*/"Ii[,"$"Xe+
^\b… e[`^k*" ld" [`\" QO=" mfi" \`e\i"
d„ ^c`Z_\e" Rf^\c^i`gg\\g`[\d`\"
ql" jZ_… kq\e," @\i" Xd\i`bXe`jZ_\"
Liƒ j`[\ek"n`cc"j\`e\e"Nl]"Xcj"Gi`+
j\edXeX^\i"Xl]gfc`\i\e,x0/
B… i"H\lk\"d`k"=e^jkjk„ ile^\e*"
Xcjf" I\ejZ_\e" d`k" gjpZ_`jZ_\e"
LifYc\d\e*" [… i]k\" [`\j\" Rf^\c+
^i`gg\_pjk\i`\" \`e" LifYc\d" [Xi+
jk\cc\e," TldXc" [\i" A`eq\ce\" [\d"
C\jZ_\_\e" dXZ_kcfj" Xlj^\c`\]\ik"
`jk*"n\ee"dXe"[\e"I\[`\e"^cXlYk,"
Eejf]\ie" Y\jZ_\ik" [`\" LXe[\d`\+
gXe`b" [\i" LjpZ_`Xk\ie" le[" Ljp+
Z_fk_\iXg\lk\e" mfcc\i\" LiXo\e,"
Qdjf" m\in\i|"`Z_\i" `jk" [`\" •Y\i+
c\^le^" \`e\j" =dkjXiqk\j" mfd" C\+
jle[_\`kjXdk" BiXeb]lik*" [Xjj" [`\"
=EORELBEP%;JRNBEP!(&&+!
LXe`bdXZ_\" `dd\i" [Xql" ^\]… _ik"
_Xk*" [Xjj" j`Z_" [`\" I\ejZ_\e" a\kqk"
]i\`n`cc`^" ^\^\e" Ci`gg\" `dg]\e"
cXjj\e,05"
<MNQZ!PUQ!DMZUWYMOTQ^!PQZ!
5[SQZ!NQ^QU`_!sNQ^_\MZZ`3
Edm_[m[_j!c_j!Z[h!l_[b[d!=d]ij*
cWY^[h[_! d_Y^j! ZeY^! Z[h! >e][d!
… X[hifWddj!mkhZ[)!Xb[_Xj!WXpkmWh*
j[d+! Red! Z[h! >kdZ[ip[djhWb[! \… h!
][ikdZ^[_jb_Y^[!=k\abƒ hkd]!mkhZ[!
leh! l_[b[d! FW^h[d! [_d[! >heiY^… h[!
^[hWki][][X[d! uLhƒ l[dj_ed! ZkhY^!
=d]ij;! OjWdZ! Z[h! BkhY^Wff[bb\eh*
iY^kd]v+//! @Wh_d! m_hZ! Wki\… ^hb_Y^!
Z_[! ChWjmWdZ[hkd]! pm_iY^[d! pk!
m[d_]!kdZ!pk!l_[b!=d]ijcWY^[!c_j!
Z[c!V_[b!ZWi!R[h^Wbj[d!Z[h!>[l„ b*
a[hkd]!pk!X[[_dz!kii[d!Z_iakj_[hj+
I_jjb[hm[_b[! ]_Xj! [i! Z[kjb_*
Y^[! EdZ_p_[d! \… h! [_d! =XiY^Wbj[d!
Z[h! I[diY^[d! ZkhY^! ZWi! cW‚ bei[!
X[hjh[_X[d!kdZ!Z_[!m_Z[hifh… Y^*
b_Y^[d!I[bZkd][d!_c!R[hm_hhif_[b!
kc! Z_[! Edz!k[dpW! kdZ! Z_[! Re][b*
]h_ff[+
=c! .5+..+/--2! b_[\! _d! [_d[c!
beaWb[d! =k]iXkh][h! NWZ_ei[dZ[h!
%V_[b]hkff[!Fk][dZb_Y^[&!Z[h!S[h*
X[ifej![_d[h!@_iaej^[a7!A_d!IWdd!
d_[ij! kdZ! c[_dj! akhp! ZWhWk\! ]Wdp!
^oij[h_iY^7!uEY^!]bWkX)!_Y^!^WX!Z_[!
Re][b]h_ff[v+! @WhWk\^_d! c[_dj!
[_d!pm[_j[h!`kd][h!IWdd7!uJ„ )!X[*
ij_ccj! d_Y^j)! Zk! ^Wij! [^[h! ~d[d!
Re][b+!HWii!Z_Y^!d_Y^j!l[hWhiY^[d+v!
QdZ! ZWdd! aWc! S[hXkd]! \… h! [_d[!
Che‚ l[hWdijWbjkd]! Wc! ZWhWk\\eb*
][dZ[d!OWcijW]!c_j!]… dij_][d!C[*
jhƒ da[fh[_i[d)! Lh[_iWkiiY^h[_X[d)!
kim++!=bb[i!kdj[h!Z[c!Iejje!uHWii!
Z_Y^!d_Y^j!l[hWhiY^[dv+
BQaQ!=Y\R_`[RRQ!
UZ!I[^NQ^QU`aZS
R_[b[! d[k[! Edz!k[dpW*Ecf\ije\*
\[!kdZ!tP[iji!i_dZ!_d!Adjm_Yabkd]+!
@khY^!Z_[!_c!Vk][!Z[h!LWdZ[c_[*
fbƒ d[! [h^„ ^j[d! BehiY^kd]i][bZ[h!
m_hZ! [i! ^_[h! _d! Z[d! dƒ Y^ij[d! Ie*
dWj[d! [_d_][! Ah][Xd_ii[! ][X[d+!
B… h! ZWi! aecc[dZ[! Bh… ^`W^h! i_dZ!
Lhejejof[d! led! c„ ]b_Y^[d! LWd*
Z[c_[_cf\ije\\[d! Wd][a… dZ_]j+/0!
@_[i[! iebb[d! ZWdd! dWY^! [_d_][d!
P[iji!Wd!I[diY^[d!lehieh]b_Y^!pk*
][bWii[d! m[hZ[d+! Ec! Ahdij\Wbb! iebb!
Z_[!VkbWiikd]!c_j!Z[c!d[k[d!R_hki!
Wbi!=ki]Wd]!l[h[_d\WY^j!kdZ!ZWc_j!
X[iY^b[kd_]j! leh! i_Y^! ][^[d+! @_[!
VkbWiikd]! [_d[i! Lhejejof*Ecf\*
ije\\[i! _ij! _d! Z[h! C[iY^_Y^j[! Z[h!
Ecf\ije\\pkbWiikd]! [_dcWb_]! kdZ!
Z_[!ZWh_d![dj^Wbj[d[!Qdbe]_a!d_Y^j!
pk! … X[hi[^[d7! @Wi! d[k[! Okf[hl_*
hki)! led! Z[c! X_i^[h! dkh! X[aWddj!
_ij)!ZWii![i!i[^h!iY^m[h!ahWda!cW*
Y^[dZ! kdZ! i[^h! Wdij[Ya[dZ! i[_d!
ckii)!_ij!_c!Ecf\ije\\!ZWdd!ie!kd*
][\ƒ ^hb_Y^)! ZWii! Z_[i[h! iY^ed! cWb!
lehWX!pk][bWii[d!m[hZ[d!aWdd+
=kY^!_d!Z[h!BehiY^kd]!c_j!Z[d!
Wbj[d! kdZ! d[k[d! Edz!k[dpWl_h[d!
aWdd! … X[h! Z_[! H[_Y^ji_dd_]a[_j! _c!
Qc]Wd]! dkh! Z[h! Gef\! ][iY^… jj[bj!
m[hZ[d7
=ki! C[dij… YaY^[d)! ][medd[d!
Wki! GhWda[d^WkifheX[d! kdZ! Wki!
Z[c! C[m[X[! [_d[i! Ch_ff[jej[d)!
XWij[bj[d! Z_[! BehiY^[h! ZWi! R_hki!
pkiWcc[d)! ZWi! \… h! Z_[! LWdZ[c_[!
led! .6.5! l[hWdjmehjb_Y^! ][cWY^j!
mkhZ[+! @WX[_! mkhZ[d! Iƒ ki[! c_j!
Z_[i[c! dWY^][XWkj[d! R_hki! _dy!*
p_[hj)! kc! dWY^pkm[_i[d)! ZWii! [i!
deY^!][dWkie!j„ Zb_Y^!mWh)!m_[!leh!
\Wij!.--!FW^h[d+/1
@Wc_j! d_Y^j! ][dk]+! @Wi! P[Wc!
kc!Z[d!d_[Z[hbƒ dZ_iY^[d!Lhe\+!Ki*
j[h^Wki)!Z[h!WkY^!iY^ed!cW‚ ][Xb_Y^!
Wd!Z[d!O=NO*BehiY^kd][d!X[j[_b_]j!
mWh)! m_hZ!l[hikY^[d!_c!HWXeh! Wki!
Z[h! GecX_dWj_ed! led! I[diY^[d*!
kdZ! P_[hl_h[d! d[k[! ][\ƒ ^hb_Y^[!
uOkf[hl_h[dv!^[hpkij[bb[d+
B… h!c_Y^!_ij!Z_[i[!l[hc[_djb_Y^!
^eY^][\ƒ ^hb_Y^[! HWXeh\ehiY^kd]!
dkh! ie! pk! [habƒ h[d)! ZWii! Z_[! Beh*
iY^[h!i[^h!][dWk!kc!ZWi!Of_[b!c_j!
Z[h!=d]ij!kdZ!ZWi!m_hab_Y^[!N_i_ae!
>[iY^[_Z!m_ii[d"
Edm_[m[_j! _d! Z[d! aecc[dZ[d!
IedWj[d)! p+>+! X[_! Z[h! N… Yaa[^h!
Z[h! Vk]l„ ][b! _c! Bh… ^`W^h! [hd[kj!
Z_[!LWdZ[c_[fWd_a!][iY^… hj!m_hZ)!
Xb[_Xj!WXpkmWhj[d+
JUQ!cMT^_OTQUZXUOT!_UZP!
LcMZS_UY\RaZSQZ3
Ec! •Xh_][d! i_dZ! _d! Z[d! Z[kj*
iY^[d!
LWdZ[c_[fbƒ d[d!
a[_*
'!
Sehj[habƒ hkd][d
MZ`UbU^MXQ!AQPUWMYQZ`Q2
I[Z_aWc[dj[!pkh!Z_h[aj[d!
>[aƒ cf\kd]!led!R_h[d
FQ^aY
Z[h!z!… ii_][)!dWY^![h\eb]j[h!>bkj*
][h_ddkd]!l[hXb[_X[dZ[!P[_b!Z[i!
>bkj[i
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!'+!X
=EORELBEP%;JRNBEP!(&&+!
d[! VmWd]i_cf\kd][d! eZ[h! Z_[!
pmWd]im[_i[! R[hWXh[_Y^kd]! led!
I[Z_aWc[dj[d! leh][i[^[d+! VmWh!
m_hZ!ZWhWk\!^_d][m_[i[d)!ZWii!Z_[*
i[! I„ ]b_Y^a[_j[d! ]hkdZiƒ jpb_Y^! _d!
Z[d! C[i[jp[d! leh][i[^[d! i[_[d)!
`[ZeY^! ][^j! cWd! ZWled! Wki)! ZWii!
d_Y^j! ][dk]! Ecf\ije\\! kdZ! I[Z_*
aWc[dj[!\… h!Z_[!][iWcj[!>[l„ ba[*
hkd]!leh^WdZ[d!i_dZ!kdZ!ZWii!Z_[!
>[l„ ba[hkd]!_c!Ahdij\Wbb!\h[_m_bb_]!
iƒ cjb_Y^[! Wd][Xej[d[d! IW‚ dW^*
c[d!Wdd[^c[d!m_hZ7!
w@`\"BiX^\"\`e\i"N\Z_kjm\ifi[+
ele^"qli"=efi[ele^"mfe"Liƒ m\e+
k`fejdX‚ eX_d\e" jk\cck" j`Z_" mfi+
Xljj`Z_kc`Z_"e`Z_k*"[X"d`k"\`e\i"jf"
iXjZ_\e" =ljYi\`kle^" [\i" AibiXe+
ble^\e" ql" i\Z_e\e" `jk*" [Xjj" \`e\"
mfccjkƒ e[`^\" @liZ_`dg]le^" [\i"
>\m„ cb\ile^"Xcj"q\ekiXc\"IX‚ eX_+
d\" qli" A`e[ƒ ddle^" [\i" LXe[\+
d`\"`e"@\lkjZ_cXe["e`Z_k"d„ ^c`Z_"
\ijZ_\`ek," @Xi… Y\i" _`eXlj" `jk" `d"
BXcc\" \`e\i" [if_\e[\e" Ee|"l\eqX+
gXe[\d`\"[Xd`k"qli"i\Z_e\e*"[Xjj"
[`\"=bq\gkXeq"Xek`m`iXc\i"Lifg_p+
cXo\dX‚ eX_d\e" le[" [\i" OZ_lkq+
`dg]le^" jf" _fZ_" `jk*" [Xjj" \`e\"
\ekjgi\Z_\e[\" N\Z_kjm\ifi[ele^"
e`Z_k"\i]fi[\ic`Z_"\ijZ_\`ek,x03
=ki! c[_d[h! O_Y^j! i_dZ! VmWd]*
i_cf\kd][d! X[_! [_d[h! Edz!k[dpW*
LWdZ[c_[! Wki! h[_d! h[Y^jb_Y^[d!
Ch… dZ[d! d_Y^j! ^WbjXWh+! VmWd]*
i_cf\kd][d! Z… h\[d! k+W+! dkh! ZWdd!
Wd][ehZd[j!m[hZ[d)!m[dd
ILOF#PEONPR!
_ij![i!hWjiWc![_d_][!Rehhƒ j[!Wd!H[*
X[dic_jj[bd! Wdpkb[][d+! S[dd! ][*
dk]! Ecf\ije\\! kdZ! I[Z_aWc[dj[!
pk! R[h\… ]kd]! ij[^[d! iebbj[d)! me*
led! _Y^! Wki! be]_ij_iY^[d! Ch… dZ[d!
d_Y^j! Wki][^[)! a„ ddj[! WkY^! [_d!
][p_[bj[i!IeXX_d]!X_i!^_d!pkc!Wa*
j_l[d! R[h\eb][d! led! Qd][_cf\j[d!
Z_[!Beb][!i[_d+
4a_! YQUZQ^! FUOT`! TMZPQX`!
Q_! _UOT! NQU! PQ^! I[SQXS^U\\Q&
DMZUW! YU`! MXXQZ! SQ_OTUXPQ^&
`QZ! 5QSXQU`aY_`qZPQZ! aY!
QUZ! XQ`f`Q_! 4aRNqaYQZ! aZP!
?^qR`QYQ__QZ! PQ^! DTM^YMUZ&
Pa_`^UQ! aZP! PQ^! D[XU`UW'! JU^!
TMNQZ! Q_! Pa^OT! 4aRWXq^aZS!
aZP!=ZR[^YM`U[Z!UZ!PQ^!<MZP%!
cUQ!_QT^!_UOT!PUQ!5QbrXWQ^aZS!
Z[OT! Pa^OT! PUQ_Q! AQ`T[PQZ!
UZ! 4ZS_`! aZP! FOT^QOWQZ! bQ^&
_Q`fQZ! aZP! PMYU`! YMZU\aXUQ&
^QZ!Xq__`'
Ml\cc\e8
Oƒ dkc`Z_\" I\c[\[Xk\e" jkXdd\e" Xlj"
[\d" Eek\ie\k" mfe" [\e" S\Yj\`k\e" [\j"
OkXk`jk`jZ_\e" >le[\jXdk\j" lek\i"
nnn,^Y\+Yle[,[\" le[" [\j" NfY\ik+
GfZ_+Eejk`klkj" lek\i" nnn,ib`,[\*" [`\"
>\m„ cb\ile^jqX_c\e" mfe" nnn,[\jkX+
k`j,[\,"
nnn,ib`,[\
"@L=*"07,/.,.3
1
"nnn,aflieXcd\[,[\*"//,1,.2
2
"@L=*"1,//,.3
3
"@L=*"5,//,.3
4
"B=T*"/6,6,.3
5
"nnn,aflieXcd\[,[\*"/5,/.,.3
6
"nnn,aflieXcd\[,[\*"0.,/.,.3
7
"_kkg8--pXc\e\n_Xm\e_\Xck_,fi^*"
06,//,.3
/.
"nnn,|"`,[\*"/,//,0..3
//"
N_\`e`jZ_\i"I\ibli*"1,//,.3
/0
"N_\`e`jZ_\i"I\ibli*"1,//,.3
/1
"nnn,g\`,[\
/2
"N_\`e`jZ_\i"I\ibli*"1,//,.3
/3
"nnn,n_f,`ek
/4
"Ee|"l\eqX+>lZ_*"O\`k\"/06]]
/5
"Ee|"l\eqX+>lZ_*"O\`k\"//0
/6
"nnn,ib`,[\
/7
"nnn,i\Xc|"l,[\
0.
"nnn,g`[+Xi`,e\k-NHW>`c[\i0/
"nnn,]k[,[\
00
"nnn,Yq^X,[\
01
"•iqk\"T\`kle^*"/6,/.,.3
02
"nnn,aflieXcd\[,[\*"5,/.,.3
03
"_kkg8--nnn,ib`,[\
04
">Xc\j*">XldXee8"Ee]\bk`fejjZ_lkq+
^\j\kq"v"Gfdd\ekXi"le["RfijZ_i`]+
k\ejXddcle^*"R\icX^"S,"Gf_c_Xd+
d\i*"0../
05
"•iqk\"T\`kle^*"5,//,.3*
/"
0
'[\kX`cc`\ik\i\"Ml\cc\eXe^XY\e"`eZc,"
S\Ym\in\`j\e"j`\_\"Eek\ie\k+=iZ_`m(
q! Z_[! GhWda^[_j! d_Y^j! WdZ[hi! X[*
^WdZ[bXWh!_ij!kdZ!_cc[h!iY^m[h!
X_i!j„ Zb_Y^!l[hbƒ k\j
q! cWd!c_j!Z[h![f_Z[c_iY^[d!R[h*
Xh[_jkd]! Z[h! GhWda^[_j! ][h[Y^*
d[j!m[hZ[d!ckii
q! ZkhY^! Z_[! Ecf\kd]! [_d! OY^kjp!
][][d!Z_[!S[_j[hl[hXh[_jkd]!Z[h!
GhWda^[_j!X[ij[^j
q! a[_d[!kdl[hjh[jXWh[d!J[X[dm_h*
akd][d! Z[h! Ecf\kd]! pk! [hmWh*
j[d!i_dZ+/3
A_diY^hƒ dakd][d)! m_[! p+>+!
[_d! R[hiWccbkd]il[hXej! kdZ! Z_[!
OY^b_[‚ kd]!led!C[c[_diY^W\ji[_d*
h_Y^jkd][d)!i_dZ!`[ZeY^!ieme^b!_c!
C[i[jp! Wbi! WkY^! _c! LWdZ[c_[fbWd!
leh][i[^[d+
@W!pk!X[\… hY^j[d!_ij)!ZWii!X[_c!
ab[_dij[d!Re][b]h_ff[l[hZWY^ji\Wbb!
[_d[! IWii[dfWd_a! WkiXh_Y^j)! m… h*
Z[!_Y^!c_j!c[_d[h!BWc_b_[![_d\WY^!
pk! DWki[! Xb[_X[d+! B… h! Z_[i[d! BWbb!
#!',!X
EKW!NKZYK!JKT!;UVL!OT!JKT!BGTJ!XYKIQY%!
QTOWXINY!SUWMKT!SOY!JKT!FcNTKT!
%Mk[bb[7!kdX[aWddj&+
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
G4A=9@H!&!8UZQ!8^R[XS_SQ_OTUOT`Q!
Ma_!FQUX_OTMR`QZ!aZP!?[^^a\`U[Z3
S_bb!cWd!C[ikdZ^[_jiX[^„ hZ[d!kdZ!I_aheX_ebe][d!CbWkX[d!iY^[da[d)!ZWdd!hebbj![_d[!m[bj*
m[_j[!Ch_ff[*LWdZ[c_[!kdWk\^WbjiWc!Wk\!kdi!pk+!>_i!Z_[!Ecf\ije\\^[hij[bb[h!Z_[!I[diY^^[_j!
c_j!d[k[d!Ecf\ije\\[d!leh!Z[c!d[k[d!Okf[hl_hki!h[jj[d!a„ dd[d)!i_dZ!Z_[!I[diY^[d!*!ie!Z_[!
e\y!p_[bb[!H[iWhj!*!Z_[i[c!R_hki!^_bz!ei!Wki][b_[\[hj+!=bb[_d!ZWi!I[Z_aWc[dj!P=IEBHQ!i[_!c„ ]*
b_Y^[hm[_i[!_d!Z[h!HW][)!H[X[d!kdZ!C[ikdZ^[_j!pk!h[jj[d+!@_[i[!JWY^h_Y^j!^Wj![_d[d!m[bjm[_j[d!
S[jjbWk\!kc!ZWi!dkh!_d!X[]h[dpj[d!I[d][d!l[h\… ]XWh[!I[Z_aWc[dj!Wki][b„ ij+!Eij!P=IEBHQ!
m_hab_Y^!Z_[![_dp_][!De\\kd]!_c!BWbb[![_d[h!j„ Zb_Y^[d!LWdZ[c_[;!A_d!>b_Ya!^_dj[h!Z_[!Gkb_ii[d!
e\\[dXWhj!cWd][b^W\j[!>[m[_i[!\… h!Z_[!S_haiWca[_j)!pW^bh[_Y^[!kd][abƒ hj[!PeZ[i\ƒ bb[!dWY^!Z[h!
A_ddW^c[!kdZ!Z[kjb_Y^[!Edj[h[ii[daedz!_aj[!\… ^h[dZ[h!QO*Leb_j_a[h)!Z_[!Wd!Z[h!][][dmƒ hj_*
][d!Re][b]h_ff[*Doij[h_[!ahƒ \j_]!c_jl[hZ_[d[d+
mfe"DXej"Q,"L,"Pfcq`e
JU__QZ!aZP!BUOT`cU__QZ
S_bb! cWd! C[ikdZ^[_jiX[^„ h*
Z[d! kdZ! I_aheX_ebe][d! CbWkX[d!
iY^[da[d)!ZWdd!hebbj![_d[!m[bjm[_*
j[!Ch_ff[*LWdZ[c_[!kdWk\^WbjiWc!
Wk\!kdi!pk+!IWd!_ij!i_Y^!ZWh_d!l„ b*
b_]!i_Y^[h)!eXme^b!ZWi!J_Y^jm_ii[d!
… X[h!Z_[!fhef^[p[_j[!LWdZ[c_[!_c!
ChkdZ[! m[i[djb_Y^! ]h„ ‚ [h! _ij! Wbi!
ZWi! S_ii[d7! V+! >+! _ij! l„ bb_]! kdX[*
aWddj7
q! mWdd! ][dWk! ZWi! lehWki][iW]j[!
Okf[hl_hki!pkiY^bW][d!m_hZ
q! m[bY^[! Hƒ dZ[h! X[jhe\\[d! i[_d!
m[hZ[d
q! _d!m[bY^[c!=kicW‚ ![i!pk!iY^m[*
h[d!AhahWdakd][d!kdZ!pk!PeZ[i*
\ƒ bb[d!aecc[d!m_hZ
q! m_[! ][dWk! i_Y^! ZWi! ^[kj[! deY^!
kdX[aWddj[!R_hki!pkiWcc[di[j*
p[d!m_hZ
q! m_[! iY^d[bb! cWd! Ecf\ije\\[! [dj*
m_Ya[bd! aWdd)! eX! i_[! _d! Wkih[_*
Y^[dZ[h! I[d][! ^[h][ij[bbj! m[h*
Z[d!a„ dd[d!kdZ!eX!i_[!… X[h^Wkfj!
[_d[!d[dd[dim[hj[!S_hakd]![dj*
\Wbj[d!m[hZ[d
q! eX! Z_[! X_i^[h! l[h\… ]XWh[d! Wdj_*
l_hWb[d! I[Z_aWc[dj[! ][][d! ZWi!
kdX[aWddj[! R_hki! S_Z[hijWdZ!
b[_ij[d!a„ dd[d+
Vk!Z[c!S[d_][d)!mWi!!cWd!i_*
Y^[h!pk!m_ii[d!]bWkXj)!][^„ hj)!ZWii!
[i!][][d!ZWi!kdX[aWddj[!R_hki!a[_*
d[!Wbj[hdWj_lc[Z_p_d_iY^[d!R[hj[_*
Z_]kd]ic„ ]b_Y^a[_j[d!][X[d!m_hZ+!
JWjkh^[_bl[h\W^h[d! kdZ! [_d\WY^[!
IW‚ dW^c[d! m_[)! _d! Z[d! aWbj[d!
FW^h[ip[_j[d!Wk\!Wkih[_Y^[dZ!mWh*
c[!Gb[_Zkd]!pk!WY^j[d)!DWkic_jj[b!
kdZ!Ahdƒ ^hkd]ihWjiY^bƒ ][!Xb[_X[d!
led! lehd^[h[_d! Wk‚ [d! leh+! Se^[h!
Z_[i[! O_Y^[h^[_j! aeccj)! Z_[! e^d[!
[djifh[Y^[dZ[! BehiY^kd][d! pk!
Z_[i[h!J_Y^jX[WY^jkd]!][\… ^hj!^Wj)!
ckii! e\\[d! Xb[_X[d)! _ij! WX[h! WkY^!
d_Y^j!P^[cW!Z_[i[i!=hj_a[bi+
Ed! Z_[i[c! =hj_a[b! ][^j! [i! _d!
[hij[h! H_d_[! kc! P=IEBHQ)! [_d[i!
Z[h! Wdj_l_hWb[d! I[Z_aWc[dj[)! Z_[!
][][dmƒ hj_]! X[_! [_d[h! Edz!k[dpW*
AhahWdakd]!pkc!A_diWjp!aecc[d+!
Ai! ]_Xj! pmWh! [_d! Z_h[aj[i! Gedakh*
h[dpfheZkaj! dWc[di! NAHAJV=)!
ZWi! [_d[d! l[h]b[_Y^XWh[d! S_ha*
ije\\![dj^ƒ bj)!WX[h!_c!C[][diWjp!pk!
P=IEBHQ! _d^Wb_[hj! m[hZ[d! ckii!
kdZ!WkY^!a[_d[!VkbWiikd]!\… h![_d[!
lehieh]b_Y^[! =dm[dZkd]! X[i_jpj+!
@[i! S[_j[h[d! i_dZ! ie]+! =cWdjW*
Z_d[!_c!A_diWjp)!Z_[!`[ZeY^!m[][d!
_^h[i! iY^mWY^[d! S_hakd]i]hWZ[i)!
mWY^i[dZ[h! N[i_ij[dp[d'! Z[h! R_*
h[d! kdZ! ijWha[h! J[X[dm_hakd][d!
pkd[^c[dZ! Wd! >[Z[kjkd]! l[hbe*
h[d!^WX[d+
8UZ!Aq^OTQZ!Ma_!PQY!@MZP!
PQ^!aZNQS^QZf`QZ!ArSXUOT&
WQU`QZ
O[_j! Z[h! VkbWiikd]! _d! l_[b[d!
Hƒ dZ[hd! [jmW! kc! ZWi! FW^h! /---!
^[hkc)! Z… cf[bj[! Z[h! R[haWk\! Z[i!
I[Z_aWc[dji!`W^h[bWd]!ie!leh!i_Y^!
^_d! kdZ! Z[h! OY^m[_p[h! D[hij[bb[h!
NeY^[!ijWdZ!c„ ]b_Y^[hm[_i[!ie]Wh!
akhp!ZWleh)!ZWi!I_jj[b!Wk\pk][X[d+.!
@eY^!fb„ jpb_Y^)!c_j!Z[h!Re][b]h_f*
f[*Doij[h_[)![nfbeZ_[hj[!Z_[!JWY^*
\hW][7!NeY^[!l[haWk\j[![_d[h!@L=*
I[bZkd]! lec! .3+! KajeX[h! pk\eb][!
_d! Z[d! [hij[d! 6! IedWj[d! Z_[i[i!
FW^h[i! d[kdcWb! ie! l_[b[! LWYakd*
][d!m_[!_c!]b[_Y^[d!Reh`W^h[ip[_j*
hWkc+! @_[i[i! FW^h! m_hZ! ZWi! Lhe*
Zkaj! [hijcWbi! Z_[! I_bb_WhZ[d*@eb*
bWh*QciWjp*D… hZ[! c[_ij[hd! kdZ!
ZWc_j! ZWi! Lhƒ Z_aWj! u>beYaXkij[hv'!
[h^Wbj[d+!
@_[i[h!Ah\eb]!aeccj!d_Y^j!led!
kd][\ƒ ^h+!Oeme^b!Z_[!S[bj][ikdZ*
^[_jieh]Wd_iWj_ed!%SDK&!Wbi!WkY^!
dWj_edWb[! C[ikdZ^[_jiX[^„ hZ[d!
^Wbj[d!P=IEBHQ!\… h!ZWi!Wc!c[_i*
j[d! Ah\eb]! l[hifh[Y^[dZ[! I[Z_*
aWc[dj! d_Y^j! dkh! ][][d! X[aWddj[!
Edz!k[dpW*R_h[d)!iedZ[hd!WkY^!][*
][d! ZWi! [hij! i[_j! m[d_][d! FW^h[d!
X[aWddj[!Re][b]h_ff[*R_hki!D2J.!
kdZ! ZWi! *! ^[kj[! deY^! kdX[aWdd*
j[! *! Okf[hl_hki! Z[h! aecc[dZ[d!
LWdZ[c_[+! @WhWk\^_d! X[Zhƒ d]j[d!
m[bjm[_j! LWj_[dj[d! kdZ! R[hXhWk*
Y^[h!_^h[!=fej^[a[d!kdZ!•hpj[)!kc!
i_Y^! [_d[! Jej\WbbhWj_ed! Z[i! Wd][X*
b_Y^[d! SkdZ[hc[Z_aWc[dj[i! pk!
l[hiY^W\\[d+!Ed!Z_[i[c!FW^h!mkhZ[!
bWkj! D[hij[bb[h! X_i^[h! Zeff[bj! ie!
l_[b!m_[!_c!Reh`W^h!Wd!Z[d!DWdZ[b!
WX][][X[d+! @_[! I[Z_aWc[dj[! b_[*
][d! e\\[dXWh! _h][dZme! Wk\! DWbZ[)!
Z[dd! X_i^[h! %OjWdZ! I_jj[! Jel[c*
X[h&! mWh! [i! _d! @[kjiY^bWdZ! ! deY^!
pk! a[_d[d! Wakj[d! Edz!k[dpW*Ah*
ahWdakd][d! ][aecc[d)! Z_[! cWd!
c_j! P=IEBHQ! ^ƒ jj[! X[^WdZ[bd!
a„ dd[d+
@W! pk! Z_[i[c! V[_jfkdaj! X[*
h[_ji! ]_]Wdj_iY^[! *! kdZ! i[^h! l_[b!
bkahWj_l[h[! *! >[ij[bbkd][d! led!
l[hiY^_[Z[d[d! JWj_ed[d! lehbW][d)!
[djiY^_[Z!NeY^[)!Z_[!m[_j[h[!>[b_[*
\[hkd]!Z[h!=fej^[a[d![_dpkij[bb[d!
'!
Sehj[habƒ hkd][d
EQ_U_`QZf2
Qd[cfy!dZb_Y^a[_j!][][d… X[h!
[_d[c!I[Z_aWc[dj
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!'/!X
=EORELBEP%;JRNBEP!(&&+!
ILOF#PEONPR!
@Xj" Xek`m`iXc\" I\[`bXd\ek" P=IEBHQ8" Pifkq" dXe^\ce[\i" >\n\`j\" ]… i" [\e" Jlkq\e" le[" le^\bcƒ ik\i" Pf[\j]ƒ cc\" eXZ_" [\i"
A`eeX_d\"n`i["\j"mfe"m`\c\e"JXk`fe\e"`e"^`^Xek`jZ_\e"I\e^\e"Y\jk\cck"le["^\_fik\k,
kdZ! dkh! deY^! X[_! JWY^m[_i! [_d[h!
Wakj[d! AhahWdakd]!kdZ! [_d[i! N[*
p[fj[i!Z_[!X[][^hj[d!GWfi[bd!Wki*
pkb_[\[hd+
=d][i_Y^ji! Z[i! m[bjm[_j[d!
S[jjh[dd[di! kc! Z_[! l[h\… ]XWh[d!
P=IEBHQ*>[ijƒ dZ[! m_bb! NeY^[!
Z_[! LheZkaj_ed! _c! FW^h! /--4! Wk\!
0--! I_bb_ed[d! A_d^[_j[d! `ƒ ^hb_Y^!
^eY^iY^hWkX[d+! @Wi! _ij! c[^h! Wbi!
ZWi! 2\WY^[! Z[h! Z_[i`ƒ ^h_][d! Lhe*
Zkaj_ed!kdZ!c[^h!Wbi!ZWi!.3\WY^[!
Z[i!FW^h[i!/--0+/
@_[!
P=IEBHQ*Ah\eb]i][*
iY^_Y^j[!X[]_ddj!_c!FW^h!.654!c_j!
Z[h! ZkhY^! ie]+! uN_i_ae*GWf_jWbv!
y!dWdp_[hj[d! Ch… dZkd]! Z[h! B_hcW!
CEHA=@+0!!@_[!B_hcW!_ij!Wk\!I[Z_*
aWc[dj[! pkh! >[^WdZbkd]! led! Ed*
\[aj_ediahWda^[_j[d! if[p_Wb_i_[hj+!
.663! l[h]WX! i_[! [_d[! [nabki_l[!
H_p[dp! pkh! LheZkaj_ed! led! P=IE*
BHQ! Wd! Z[d! OY^m[_p[h! L^WhcW*
Gedp[hd!NeY^[+!P=IEBHQ![dj^ƒ bj!
Z[d! S_haije\\! Ki[bjWc_l_h! kdZ! _ij!
[_d! ie][dWddj[h! J[khWc_d_ZWi[*
#!(&!X
^[cc[h+! @[h! S_haije\\! XbeYa_[hj!
J[khWc_d_ZWi[)! [_d! D… bb[dfhej[*
_d!Z[i!Edz!k[dpW*R_hki)!ZWi!X[_!Z[h!
R[hc[^hkd]!Z[i!R_hki![_d[!m_Y^j_*
][!Nebb[!if_[bj+
7UQ!>MSP!ZMOT!PQY!S^rp`QZ!
?aOTQZ_`sOW
=c! d[k[d! Ah\eb]! Z[i! LheZka*
j[i!l[hZ_[dj!CEHA=@!ZkhY^!Z_[!H_*
p[dp][X… ^h[d!pm_iY^[d!.1!X_i!.6!#!
lec!J[jjefh[_i!c_j+!@Wi!_ij!ZkhY^*
Wki! [_d! [hab[Yab_Y^[h! =dj[_b! Wc!
GkY^[d+! @eY^! Z[c! Gedp[hd! mWh!
Z_[i!Wk\![_dcWb!d_Y^j!c[^h!][dk]+!
@_[! V[_jkd]! uOWWh*AY^ev! iY^h[_Xj!
ZWpk7
wLc„ kqc`Z_*"bliq"eXZ_"[\e"\ijk\e"
I\c[le^\e"… Y\i"\`e\"Rf^\c^i`gg\"
`e" =j`\e*" c\`k\k\" [\i" PXd`|"l+Aek+
n`Zbc\i" C`c\X[" OZ`\eZ\" mfe" GXc`+
]fie`\e" Xlj" \`e\"GcX^\" ^\^\e" [\e"
>Xjc\i" L_XidX+Gfeq\ie" NfZ_\"
\`e"le["]fi[\ik\"[`\"H`q\eq"qli… Zb*"
n\`c" [Xj" Qek\ie\_d\e" Xe^\Yc`Z_"
zql" n\e`^" ]… i" [\e" ^cfYXc\e" R\i+
ki`\Y" [\j" I`kk\cj" ^\kXe" _XY\y," Nf+
Z_\" z_XY\" [liZ_" [Xj" B\_c\e" \`e\i"
bfjk\e\]]\bk`m\e" D\ijk\ccle^" [`\"
SX_ijZ_\`ec`Z_b\`k" [iXjk`jZ_" \`e+
^\jZ_iƒ ebk*" [Xjj" PXd`|"l*" jfcck\"
\j"lek\i"NfZ_\j"Gfekifcc\"Yc\`Y\e*"
j\`e" mfcc\j" Lfk\ek`Xc" qld" OZ_lkq"
[\i" C\]X_i" \`e\i" LXe[\d`\" \ek+
]Xck\e" b„ ee\y*" [\d" n\ckn\`k\e"
=ljYilZ_" \`e\i" Ci`gg\+Ee]\bk`+
fe,"',,,("JfZ_"Y`j"mfi"bliq\d"nXi"
PXd`|"l"\`e"HX[\e_… k\i"le["Yc`\Y"
`e"[\e"=gfk_\b\e"[\i"S\ck"`e"[\e"
N\^Xc\e" c`\^\e," @`\" GXc`]fie`\i"
m\i[`\ek\e"Xd"R\ibXl]"[\j"I\[`+
bXd\ekj" [liZ_" NfZ_\" dƒ ‚ `^" le["
eli"`e"Y\jZ_\`[\e\d"Qd]Xe^"d`k,""
F\kqk" XY\i*" eXZ_[\d" j`Z_" XYql+
'!
Sehj[habƒ hkd][d
5X[OWNa_`Q^2
GWii[diY^bW][h)! R[haWk\iiY^bW*
][h)! _d! Z[h! L^WhcWXhWdY^[! [_d!
LheZkaj)!c_j!c[^h!Wbi![_d[h!I_b*
bWhZ[!@ebbWh!`ƒ ^hb_Y^[c!QciWjp
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
4OT! @WcXOJKTY! ZTJ! XKOTK! MK&
XINcLYXYeINYOMKT!=OTOXYKW!
Rfe"fY\e"eXZ_"lek\e8"Liƒ j`[\ek">lj_*"
R\ik\`[`^le^jd`e`jk\i" Nldj]\c[*" R`+
q\giƒ j`[\ek"?_\e\p
=EORELBEP%;JRNBEP!(&&+!
q\`Z_e\e" jZ_`\e*" [Xjj" PXd`|"l" \`e"
I`cc`Xi[\e^\jZ_ƒ ]k" n\i[\e" b„ ee+
k\*"Xe"[\d"[`\"QO="e`Z_k"k\`c_XY\e"
n… i[\e*"[X"j`\"[`\"Aobclj`m+H`q\eq"
qli"D\ijk\ccle^"[\j"I\[`bXd\ekj"
Xe" [\e" >Xjc\i+L_XidX+Gfeq\ie"
m\ibXl]k" _Xkk\e*" Y\d… _k\e" C`c\+
X[" OZ`\eZ\"le[" [`\"QO+N\^`\ile^"
gc„ kqc`Z_" [`\" z@f_X+@\ZcXiXk`fey*"
ld" j`\" ele" `d" O`ee\" `_i\i" n`ik+
jZ_X]kc`Z_\e" Eek\i\jj\e" Xljqlc\+
^\e"le["ldql`ek\igi\k`\i\e,x2
@[h!N^[_d_iY^[!I[hakh!iW^!Z_[!
>[hk\kd]! Wk\! Z_[! [hmƒ ^dj[! @e^W*
@[abWhWj_ed! Wbi! m[d_]! [h\eb]l[h*
ifh[Y^[dZ!Wd7!
wJXZ_" `ek\ieXk`feXc\d" N\Z_k"
`jk" [`\" HX^\" be`]]\c`^," PXkjƒ Z_c`Z_"
bXee" LXk\ekjZ_lkq" _`e]ƒ cc`^" j\`e*"
n\ee"\`e"D\ijk\cc\i"`e"Jfkj`klXk`+
fe\e"[`\"d\[`q`e`jZ_\"R\ijfi^le^"
[\i" >\m„ cb\ile^" e`Z_k" j`Z_\ijk\c+
c\e"bXee,"Ee"[`\j\d"BXcc"bXee"\`e"
OkXXk"TnXe^jc`q\eq\e"\ik\`c\e,"Of"
j`\_k"\j"[Xj"Pi`gj+=Ybfdd\e"[\i"
SPK" qli" O`Z_\ile^" [\j" ^\`jk`^\e"
A`^\ekldj" mfi," KY" [\i" Y\ki\]]\e+
[\" LXjjlj" a\[fZ_" Xl]" Ee[ljki`\+
cƒ e[\i" Xe^\nXe[k" n\i[\e" bXee*"
^`ck" Xcj" ]iX^c`Z_," C\[XZ_k" `jk" [`\"
N\^\c"eƒ dc`Z_"]… i"`e"Jfk"^\iXk\e\"
Hƒ e[\i" [\i" @i`kk\e" S\ck," D`eql"
bfddk8"=e[\ij"Xcj"Y\`"=`[j"bXee"
Y\`" [\i" Rf^\c^i`gg\" [\iq\`k" e`Z_k"
mfe"\`e\i"O\lZ_\"^\jgifZ_\e"n\i+
[\e,x3
@eY^! Z[h! CEHA=@*Gedp[hd!
^Wjj[!Z_[!N[]_[hkd]!Z[i!cƒ Y^j_]i*
j[d!HWdZ[i!Z[h!S[bj!Wd!i[_d[h!O[_*
j[7!
w@\i" dlkdX‚ c`Z_" jkƒ ibjk\"
@ilZb" bfddk" a\[fZ_" mfe" [\i" Xe+
[\i\e"O\`k\"[\j"=kcXek`bj,"@`\"R\i+
\`e`^k\e" OkXXk\e" ]fi[\ie" jZ_c`Z_k*"
[Xjj" NfZ_\" j\`e" LXk\ek" Xl]^`Yk,"
•_ec`Z_" _Xkk\e" j`Z_" =d\i`bXe\i"
eXZ_" [\d" //,O\gk\dY\i" ^\^\e… +
Y\i" >Xp\i" m\i_Xck\e," @\i" H\m\i+
blj\e\i"Gfeq\ie"nXi"[XdXcj"[\i"
\`eq`^\" Lif[lq\ek" [\j" ^\^\e" =e+
k_iXo" n`ibjXd\e" =ek`Y`fk`bldj"
?`gifYXp,x4
w@\i" >Xjc\i" L_XidX+Gfeq\ie"
NfZ_\" be`Zbk\" \`e" le[" \ibcƒ ik\"
j`Z_" jZ_c`\‚ c`Z_" d`k" ^\nle[\e\e"
Bfidlc`\ile^\e" Y\i\`k*" Qek\i+
c`q\eq\e" ]… i" PXd`|"l" Xe" Xlj^\+
nƒ _ck\"Qek\ie\_d\e"ql"m\i^\Y\e"
+"… Y\in`\^\e["`e"[\e"QO=*"[X"[\i"
D\ijk\ccle^jgifq\jj" [\j" I\[`bX+
d\ekj" Xe^\Yc`Z_" j\_i" bfdgc`q`\ik"
j\`" le[" e`Z_k"mfe" a\[\d" L_XidX+
Qek\ie\_d\e" Y\nƒ ck`^k" n\i[\e"
b„ ee\,"Y\i"[`\"GcX^\"mfe"C`c\X["
OZ`\eZ\" ^\^\e" NfZ_\*" [`\" H`q\eq"
mfe"PXd`|"l"qli… Zbql^\Y\e*"nli+
[\" „ ]]\ekc`Z_" ]fikXe" e`Z_k" d\_i"
[`jblk`\ik"jfe[\ie"eli"efZ_"_`ek\i"
[\e"Glc`jj\e"m\i_Xe[\ck,x5
FQXN_`NQPUQZaZS_YQZ`MXU`q`!
TrOT_`Q^!EQSUQ^aZS_W^QU_Q
Sebbj[! Z_[! QO*N[]_[hkd]! c_j!
_^h[c! Ad]W][c[dj! m_hab_Y^! dkh!
Z_[! R[hieh]kd]! Z[h! S[bjX[l„ ba[*
hkd]! c_j! [_d[c! c„ ]b_Y^[hm[_i[!
b[X[dih[jj[dZ[d! I[Z_aWc[dj! i_*
Y^[hij[bb[d;!A_d[d![hij[d!D_dm[_i!!
Wk\! ^_dj[h]h… dZ_][! Iej_l[! ij[bbj! !
Z_[! PWjiWY^[! ZWh)! ZWii! QO*R[hj[_*
Z_]kd]ic_d_ij[h! Nkci\[bZ! X[h[_ji!
[_d! FW^h! dWY^! Z[h! Ch… dZkd]! led!
CEHA=@! _d! Z[d! =k\i_Y^jihWj! Z[i!
Gedp[hdi! ][mƒ ^bj5! mkhZ[)! .664!
X_i!/--.!ie]Wh!=k\i_Y^jihWjilehi_j*
p[dZ[h!mWh!kdZ![_d[i!Z[h!]h„ ‚ j[d)!
m[dd!d_Y^j!ZWi!]h„ ‚ j[!=aj_[dfWa[j!
Z[i!Gedp[hdi!^ƒ bj+!6!
@[h! kdj[h! Z[c! P_j[b! ! w>lj_"
dXZ_k\" [`\" LXe`b" le[" Nldj]\c["
Lif{"kx! [jmWi! feb[c_iY^! ][^Wbj[*
d[)!_c!G[hd!WX[h!me^b!pkjh[\\[dZ[!
Gecc[djWh!Z[i!OWWh*AY^e!aedijW*
j_[hj7!
w@Xj" Oki`Zbdljk\i" [`\j\j" bX+
g`kXc`jk`jZ_\e" DljXi\ejk… Zbj" qld"
Sf_c\" [\i" Xd\i`bXe`jZ_\e" I`cc`+
Xi[ƒ ijfc`^XiZ_`\"_Xkk\e">lj_"le["
j\`e" R`q\" N`Z_Xi[" z@`Zby" ?_\e\p*"
[`\" z|"\`jZ_^\nfi[\e\" R\ihl`b+
ble^" mfe" € c+" le[" N… jkle^j`ek\i+
\jj\ey*" jZ_fe" `d" TljXdd\e_Xe^"
d`k"[\d"EiXb+Gi`\^"\ekn`Zb\ck*"Xcj"
j`\" d`k" [\i" jZ_Xdcfj\e" H… ^\*" [\i"
EiXb"m\i]… ^\"… Y\i"IXjj\em\ie`Z_+
kle^jnX]]\e*"[\e"•Y\i]Xcc"Xl]"[Xj"
„ ci\`Z_\"HXe["`d"JX_\e"Kjk\e"\i+
bcƒ ik\e,"
A`e\i" [\i" DXlgkgif{"k\li\" [\j"
•Y\i]Xccj" Xl]" [\e" EiXb" nXi" eXZ_"
[\d" O`\^" … Y\i" OX[[Xd" Dljj\`e"
[Xj" Xd\i`bXe`jZ_\" Qek\ie\_d\e"
DXcc`Ylikfe*" [\jj\e" G\ie^\jZ_ƒ ]k"
[`\" B„ i[\ile^" le[" [\i" DXe[\c"
d`k" Ai[„ c" `jk," Liƒ j`[\ek" mfe" DXc+
c`Ylikfe" nXi" Y`j" ql" j\`e\d" GXi+
i`\i\jgile^" Xl]" [\e" O\jj\c" [\j"
Xd\i`bXe`jZ_\e" R`q\giƒ j`[\ek\e"
N`Z_Xi[" ?_\e\p*" [\i" efZ_" 0..2"
\`e\e" [`Zb\e" =Y{"e[le^jjZ_\Zb"`e"
I`cc`fe\e_„ _\"mfe"DXcc`Ylikfe"\i+
_`\ck*"Xcj"\i"jZ_fe"cƒ e^jk"qld"Ok\cc+
m\iki\k\i"mfe"C\fi^\">lj_"Xl]^\+
jk`\^\e"nXi,"
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!('!X
=EORELBEP%;JRNBEP!(&&+!
@`Zb" ?_\e\p" n`\[\ild" `jk" d`k"
PXd`|"l+Lif{"k\li" @feXc[" Nldj+
]\c[" \e^" Y\]i\le[\k*" d`k" [\d" \i"
/775"[\e"e\fbfej\imXk`m\e"P_`eb+
PXeb"zLifa\Zk"]fi"k_\" J\n" =d\i`+
ZXe" ?\eklipy" ^i… e[\k\," O\`k[\d"
j`\" OkXXkjƒ dk\i" Y\bc\`[\e*" cXl]\e"
[`\" d`cc`Xi[\ejZ_n\i\e" J\Y\e^\+
jZ_ƒ ]k\"[`\j\i"le["Xe[\i\i"QO+Lf+
c`k`b\i"n`\"^\jZ_d`\ik,x/.
A_d[h! WdZ[h[d! Mk[bb[! pk\eb][!
^Wjj[! Nkci\[bZ! _d! i[_d[h! A_][d*
iY^W\j!Wbi!I_d_ij[h!\h… ^[h!X[h[_ji!pk*
]kdij[d!led!CEHA=@!_dj[hl[d_[hj7!
uR\ik\`[`^le^jd`e`jk\i" Nldj+
]\c[" Y\]X_c" [XdXcj*" [Xjj" I`k^c`\+
[\i"[\i"Oki\`kbiƒ ]k\"^\^\e"LfZb\e"
^\`dg]k"nli[\e*"\`e\"Edg]le^"d`k"
\ijZ_i\Zb\e[\e"J\Y\en`ible^\e,"
@`\" >\_Xe[cle^" jZ_cfjj" XlZ_" [`\"
Eea\bk`fe" \`e\j" I\[`bXd\ekj" eX+
d\ej" R`jk`[\" \`e*" Xe^\Yc`Z_" ld"
[`\" J\Y\en`ible^\e" [\i" LfZb\e+
`e]\bk`fe" ql" Y\_Xe[\ce*" ]Xccj" j`\"
Xl]ki\k\e" jfcck\," R`jk`[\" nXi" XlZ_"
\`e" Lif[lbk" mfe" C`c\X[" OZ`\eZ\j*"
D\iie"Nldj]\c[j"]i… _\i\i"B`idX*"
mfe"[\i"\i"Y`j"_\lk\"^if‚ \"I\e^\e"
=bk`\e"Y\j`kqk,"D\ii"Nldj]\c["nXi"
[\ia\e`^\*" [\i" [\e" >\]\_c" lek\i+
q\`Z_e\k\*" [XdXcj" [\e" QO+Pilg+
g\e"R`jk`[\"ql"m\iXYi\`Z_\e,//x
JeY^! mƒ ^h[dZ! i[_d[h! =cjip[_j!
iebb!Nkci\[bZ![_d!m[_j[h[i!=aj_[d*
fWa[j!led!CEHA=@!_c!S[hj!led!.5!
I_bb_ed[d!@ebbWh!][aWk\j!^WX[d+./
! I_j! C[eh][! OY^kbp)! B_dWdpc_*
d_ij[h! kdj[h! J_ned)! i_jpj! bWkj! j^[*
ZeYjehm_j^_d+Yec![_d!m[_j[h[h!fhe*
c_d[dj[h!QO*Leb_j_a[h!i[_j!.663!_c!
@_h[ajeh_kc!led!CEHA=@+.0!
@_[i[! [hiY^h[Ya[dZ[! R[hgk_*
Yakd]!pm_iY^[d!Leb_j_a!kdZ!EdZki*
jh_[! aWdd! Wk\]hkdZ! Z[h! [_dZ[kj_*
][d! Mk[bb[dbW][! Wbi! X[b[]j! ][bj[d+!
Lhƒ i_Z[dj! >ki^! iY^[_dj! Z_[i[! R[h*
X_dZkd][d! pk! \… ^h[dZ[d! L^WhcW*
aedp[hd[d! d_Y^j! dkh! WkiZh… Yab_Y^!
pk! X_bb_][d)! iedZ[hd! X[c… ^j! i_Y^!
i[bXij! Waj_l)! Z_[! >[Z_d]kd][d! \… h!
X[ij_ccj[! QO*D[hij[bb[h! WkY^!
Zehj!pk!l[hX[ii[hd)!me!i_[![b[c[d*
jWhij[! Edj[h[ii[d! Z[h! >[l„ ba[hkd]!
X[h… ^h[d7!
wJle"m\ijlZ_k"[`\">lj_+N\^`\+
ile^*" [`\j\" Eddle`kƒ k" ]… i" L_Xi+
dXbfeq\ie\" Xljqln\`k\e*" `e[\d"
j`\" [Xj" Gc`dX" [\i" =e^jk" mfi" [\i"
Rf^\c^i`gg\" Xljelkqk," Ee" j\`e\i"
N\[\" mfi" [\d" JXk`feXc" Eejk`klk\"
f]"D\Xck_"mfd"/,"Jfm\dY\i"jZ_cl^"
[\i"Liƒ j`[\ek"mfi*"Xcc\"=iqe\`d`k+
#!((!X
ILOF#PEONPR!
k\c_\ijk\cc\i" mfccjkƒ e[`^" mfe" [\i"
I„ ^c`Z_b\`k*" j`\" ^\i`Z_kc`Z_" ]… i"
`_i\"Lif[lbk\"ql"Y\cXe^\e*"Xljql+
e\_d\e,"Ai"m\in\e[\k\"]… i"[`\j\j"
Rfi_XY\e"\ogc`q`k"[`\"Sfik\"zDX]k+
g|"`Z_kjZ_lkq" ]… i" [`\" D\ijk\cc\i"
mfe" c\Y\eji\kk\e[\e" Edg]jkf]]\ey,"
S\ee" dXe" [`\j\" =eb… e[`^le^"
mfe" [\i" _Xidcfj" bc`e^\e[\e" mfi+
e\_d\e"N_\kfi`b"\ekbc\`[\k*"_\`‚ k"
[Xj" e`Z_kj" Xe[\i\j" Xcj8" @`\" =iq+
e\`d`kk\c_\ijk\cc\i"b„ ee\e"gif[l+
q`\i\e"le["Xl]"[\e"IXibk"Yi`e^\e*"
nXj"`dd\i"j`\"[\e"I\ejZ_\e"Xe+
[i\_\e" nfcc\e*" fY" \j" ele" R`jk`[\*"
PXd`|"l"f[\i"P_Xc`[fd`["`jk*"f_e\"
i\Z_kc`Z_\" Gfej\hl\eq\e" ]… iZ_k\e"
ql"d… jj\e,x/2
Nkci\[bZ! kdZ! ?^[d[o! i_dZ! _d!
>ki^wi!GWX_d[jj!d_Y^j!Z_[![_dp_][d!
I_d_ij[h! c_j! \WjWb[d! m_hjiY^W\jb_*
Y^[d! Edj[h[ii[diaedz!_aj[d+! A_d[i!
Z[h! H_[Xb_d]ifhe`[aj[! led! Pecco!
C[eh][!P^ecfied!!t!X_i!=d\Wd]!Z[i!
FW^h[i! deY^! C[ikdZ^[_jic_d_ij[h!
t! _ij! Z[h! LbWd)! c„ ]b_Y^ij! Wbb[! QO*
>… h][h! c_j! [_d[c! kdj[h! Z_[! DWkj!
l[hfz!Wdpj[d!?^_f!pk!l[hi[^[d)!Z[h!
C[ikdZ^[_jiZWj[d! [dj^Wbj[d! kdZ!
jWki[dZ[d! LWj_[dj[d! ZkhY^! ZWi!
R[hc[_Z[d!led!B[^bZ_W]dei[d!ZWi!
H[X[d!h[jj[d!iebb+!
=X][i[^[d! ZWled)! ZWii! Z_[!
j[Y^d_iY^[d! I„ ]b_Y^a[_j[d! ieb*
Y^[h!?^_fi!ZWc_j!deY^!bWd][!d_Y^j!
Wki][h[_pj! i_dZ! kdZ! i_[! i[^h! me^b!
WkY^! pkh! kc\Wii[dZ[d! Gedjhebb[!
eZ[h!]Wh!IWd_fkbWj_ed!Z[i!>… h][hi!
l[hm[dZ[j! m[hZ[d! a„ ddj[d)! ^Wj!
P^ecfied!e\\[di_Y^jb_Y^!ZkhY^Wki!
i[^h! f[hi„ db_Y^[! =cX_j_ed[d! c_j!
Z_[i[c! ?^_f)! Z[dd! _dpm_iY^[d! _ij!
[h! RehijWdZic_j]b_[Z! Z[h! D[hij[b*
b[hy!hcW! @_]_jWb! =ffb_[Z+! K\\[dXWh!
c_j! lebbij[c! O[][d! i[_d[i! [^[cW*
b_][d! ?^[\i7! @Wi! Lhe`[aj! m_hZ! led!
Lhƒ i_Z[dj! >ki^! cWii_l! Wki! Oj[k*
[h][bZ[hd! ][\„ hZ[hj+! Ec! DWki^Wbj!
/--3!i_dZ!./2!I_bb_ed[d!QO*@ebbWh!
\… h!L_bejfhe`[aj[!leh][i[^[d+.2
=X[h! ZWi! i_dZ! deY^! uL[Wdkjiv'!
][][d… X[h! Z[d! P=IEBHQ*Lbƒ d[d!
Z[i!Lhƒ i_Z[dj[d7!B… h! Z[d!h[_d!^o*
fej^[j_iY^[d! BWbb! [_d[h! LWdZ[c_[!
iebb[d! lehieh]b_Y^! c[^h[h[! I_bb_*
WhZ[d!@ebbWh!!\… h![_d[!>[lehhWjkd]!
Z[i! I[Z_aWc[dji! Wk\][m[dZ[j!
m[hZ[d+.3
7UQ!E[XXQ!PQ^!J<C
@[h! ]Wdp! ]he‚ [! =dijkhc! Wk\!
ZWi!I[Z_aWc[dj!mkhZ[!`[ZeY^![hij!
ZkhY^! Oj[bbkd]dW^c[d! Z[h! S[bj*
][ikdZ^[_jieh]Wd_iWj_ed!
SDK!
Wki][b„ ij.4)! Z_[! Wbb[d! N[]_[hkd][d!
Z[h! S[bj! _dpm_iY^[d! ZWpk! hƒ j)! ][*
d… ][dZ! P=IEBHQ! [_dpkbW][hd)!
kc! m[d_]ij[di! /2! #! _^h[h! >[l„ b*
a[hkd]! _c! Ahdij\Wbb! X[^WdZ[bd! pk!
a„ dd[d+.5!
@_[! Wki][ifheY^[d! f^WhcW*
\h[kdZb_Y^! Wk\jh[j[dZ[! QO*N[*
]_[hkd]! _ij! c_j! _cc[h^_d! [_d[c!
R_[hj[b! Z[i! ][iWcj[d! SDK*AjWji!
Z[h! ]h„ ‚ j[! kdZ! t! ZWc_j! WkY^! [_d*
z!kiih[_Y^ij[! B_dWdp_[h! t! Z_[i[h!
QJ*Kh]Wd_iWj_ed+! @_[! [d][! Vk*
iWcc[dWhX[_j! Z[h! SDK! c_j! QO*
>[^„ hZ[d!m_[!Z[c!?@?'!_ij![X[die!
ifh_Y^m„ hjb_Y^! %p+>+! X[_! Z[h! m[bj*
m[_j[d! O=NO*Doij[h_[&)! m_[! _^h[!
WkiiY^b_[‚ b_Y^[! =kih_Y^jkd]! Wk\!
[_d[! h[_d! c[Z_aWc[dj„ i! Wki][*
h_Y^j[j[! Lhƒ l[dj_ed! kdZ! >[^WdZ*
bkd]! led! Ed\[aj_ediahWda^[_j[d+!
QdZ!Z_[i)!eXme^b!l_[b[!SDK*I_j*
]b_[Zibƒ dZ[h!Wk\!p+!P+!FW^hjWki[dZ[!
Wbj[! X[mƒ ^hj[! dWjkh^[_bakdZb_Y^[!
PhWZ_j_ed[d)! m_[! Z_[! =okhl[ZW!
eZ[h! P?I'! pkh… Ya]h[_\[d! a„ dd[d!
kdZ!ZWi!DWkfjfheXb[c!Z[h!^e^[d!
Ed\[aj_ediWd\ƒ bb_]a[_j! _d! Z[d! Wh*
c[d! Hƒ dZ[hd! Wd[haWddj[hcW‚ [d!
Z_[!iY^b[Y^j[!R[hieh]kd]!Z[h!I[d*
iY^[d! c_j! iWkX[h[c! Ph_damWii[h!
kdZ! Wkih[_Y^[dZ[h! JW^hkd]! ZWh*
ij[bbj+.6!
>[_! Z_[i[h! Leb_j_a! _ij! [i! WkY^!!
dkh!aedi[gk[dj)!ZWii!Z_[!SDK!X[_!
Z[h!Qci[jpkd]!_^h[h!Ecf\aWcfW]*
d[d!Wk\![_d[!fh_lWj*„ \\[djb_Y^[!Kh*
]Wd_iWj_ed)!Z_[!uCbeXWb!=bb_WdY[!\eh!
RWYY_d[i!$!Ecckd_pWj_edv!%C=RE&!
i[jpj)!Z_[!_c!FW^h!/---!led!Z[h!>_bb!
$! I[b_dZW! CWj[i! Oj_\jkd]! c_j! [_*
d[h!B_dWdpifh_jp[!_d!D„ ^[!led!42-!
I_bb_ed[d!@ebbWh!_di!H[X[d!][hk\[d!
mkhZ[!kdZ!_d!Z[h![jb_Y^[!Gedp[hd[!
c_jWhX[_j[d)!Z_[![_d!dWj… hb_Y^[i!Ed*
j[h[ii[! Wd! Z[h! =k\h[Y^j[h^Wbjkd]!
Z[h! [_di[_j_]! f^WhcWeh_[dj_[hj[d!
=kih_Y^jkd]! Z[i! „ \\[djb_Y^[d! C[*
ikdZ^[_jim[i[di! ^WX[d+! Gh_j_a[h!
X[cƒ d][bd!k+W+)!Z_[!C=RE! i[_! leh*
hWd]_]! Wd! Z[h! A_d\… ^hkd]! d[k[h!
%aeijif_[b_][h[h&! Ecf\ije\\[! _dj[*
h[ii_[hj! kdZ! m… hZ[! Whc[! Hƒ dZ[h!
ZkhY^! Of[dZ[d! led! j[kh[d! Ecf\*
'!
Sehj[habƒ hkd][d
DQMZa`_2!
[_d!GbWYai)!ab[_d[!B_iY^[)!Gb[_*
d_]a[_j
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
ije\\[d!ZWpk!pm_d][d)!dWY^!=XbWk\!
Z[h! Of[dZ[dWaj_ed! Z_[i[! GWc*
fW]d[d! ! Wk\! [_][d[! Geij[d! m[_*
j[hpk\… ^h[d+/-! @_[! CWj[i*Oj_\jkd]!
^ƒ bj! pkZ[c! i[bXij! \… h! c_dZ[ij[di!
/2-! I_bb_ed[d! @ebbWh! =aj_[d! led!
Ecf\ije\\^[hij[bb[hd)!kc!uZ_[!Adj*
m_Yabkd]! d[k[h! Ecf\ije\\[! pk! \„ h*
Z[hd+v/.!
@[h! G„ bd[h! OjWZjWdp[_][h!
iY^h[_Xj! … X[h! Z_[! Of[dZ[d*=aj_l_*
jƒ j[d!led!CWj[i7!
w@\i" I`Zifjf]k+Ci… e[\i*" XlZ_"
eXZ_" [\e" R\in\i]le^\e" Xe" [\e"
B`eXeqdƒ ibk\e" `dd\i" efZ_" [\i"
d`k" =YjkXe[" i\`Z_jk\" IXee" [\i"
S\ck*" _Xk" \`e" qn\`k\j" H\Y\ejn\ib"
Y\^fee\e8"Ai"_Xk"\`e\"^`^Xek`jZ_\"
Ok`]kle^"^\^i… e[\k*"[`\"j`Z_"mfi"Xc+
c\d" [\d" GXdg]" ^\^\e" GiXeb_\`+
k\e" le[" [\i" C\jle[_\`kj]… ijfi^\"
`e" [\i" @i`kk\e" S\ck" m\ijZ_i`\Y\e"
=EORELBEP%;JRNBEP!(&&+!
_Xk," 02" I`cc`Xi[\e" @fccXi" 'ile["
02*3" I`cc`Xi[\e" Alif(" _XY\e" >`cc"
CXk\j" le[" j\`e\" BiXl" I\c`e[X"
[X]… i" Y`jcXe^" Xlj" `_i\d" gi`mXk\e"
R\id„ ^\e"^\jg\e[\k,"O\cYjk"n\ee"
dXe" [`\" Ee|"Xk`fe" _`e\`ei\Z_e\k*"
`jk" [Xj" d\_i" C\c[" Xcj" [`\" Y\`[\e"
^i„ ‚ k\e" Xd\i`bXe`jZ_\e" Ok`]k\i*"
NfZb\]\cc\i"le["?Xie\^`\*"qljXd+
d\e" Xl]^\YiXZ_k" _XY\e," Aj" `jk"
XlZ_"d\_i" Xcj"[\i" FX_i\j\kXk"[\i"
S\ck^\jle[_\`kjfi^Xe`jXk`fe" le["
d\_i" Xcj" [`\" C\jle[_\`kjYl[^\kj"
[\i" d\`jk\e" JXk`fe\e," Aj" `jk*" n`\"
dXe" \j" [i\_k" le[" n\e[\k*" m\i+
[Xddk"m`\c"C\c[,x00
9^MScs^PUSQ^!Ba`fQZ
@eY^! m_[! m_haiWc! _ij! ZWi! ^[_‚ !
kcaƒ cf\j[! I[Z_aWc[dj! … X[h*
^Wkfj;! HWkj! Z[c! t! led! l_[b[d!
hpj[d! m[][d! i[_d[h! QdWX^ƒ d]_]*
a[_j!i[^h! ][iY^ƒ jpj[! t! u=hpd[_*P[*
b[]hWccv! X[ij[^j! Z[h! Jkjp[d! led!
P=IEBHQ! _d! [_d[h! R[ha… hpkd]!
Z[h! AhahWdakd]iZWk[h! kc! ZkhY^*
iY^d_jjb_Y^!.!X_i!.)2!PW][!X[_!][ikd*
Z[d! AhmWY^i[d[d! kdZ! G_dZ[hd+!
N_i_aefWj_[dj[d! kdZ! G_dZ[hd! c_j!
=ij^cW! Xh_d][! ZWi! I[Z_aWc[dj!
X[p… ]b_Y^! Z[h! GhWda^[_jiZWk[h!
^_d][][d! a[_d[d! dWY^m[_iXWh[d!
Rehj[_b+!A_d!m[_j[h[i!=h]kc[dj!\… h!
Z_[!=dm[dZkd]!led!P=IEBHQ!i[_!
Z_[! O[dakd]! Z[h! Gecfb_aWj_edi*
hWj[+! @[h! S_hakd]i]hWZ! iY^mWdaj!
`[ZeY^!Z[kjb_Y^!`[!dWY^!kdj[hikY^*
j[c!Oocfjec!kdZ!L[hied[d]hkf*
f[! kdZ! _ij! bWkj! =hpd[_*P[b[]hWcc!
[X[d\Wbbi!dkh!X[_!Wdiedij[d!][ikd*
Z[d!LWj_[dj[d!X[b[]j+!
RehX[k][dZ!X[_![d][c!GedjWaj!
c_j! AhahWdaj[d! [_d][decc[d)!
i[da[! i_Y^! bWkj! VkbWiikd]iijkZ_[d!
7UQ!JQX`SQ_aZPTQU`_[^SMZU_M`U[Z!J<C"m\icƒ jjk"j`Z_"Y\`"[\i"Qdj\kqle^"`_i\i"Edg]gif^iXdd\"Xl]"[`\"C=RE*"\`e\i"
Ki^Xe`jXk`fe*"[`\"mfe"[\i">`cc"&"I\c`e[X"CXk\j"Ok`]kle^"d`k"\`e\i"B`eXeqjgi`kq\"mfe"53."I`cc`fe\e"@fccXi"`ej"H\Y\e"^\il]\e"
nli[\"le["[`\"Xcj"Eek\i\jj\ejm\iki\kle^"[\i"Edg]jkf]]_\ijk\cc\i"]le^`\ik,
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!()!X
=EORELBEP%;JRNBEP!(&&+!
Z_[! AhahWdakd]ihWj[! ][][d… X[h!
Z[h! LbWY[Xe]hkff[! Z[kjb_Y^+! SWi!
N_i_aefWj_[dj[d! Wd][^[)! ][X[! [i!
`[ZeY^!Z_[iX[p… ]b_Y^!]Wh!a[_d[!@W*
j[d+!A_d[!R[hc_dZ[hkd]!led!GhWd*
a[d^Wki[_dm[_ikd][d! i[_! [X[die!
m[d_]! X[b[]j! m_[! [_d[! R[hc_dZ[*
hkd]! led! PeZ[i\ƒ bb[d+! =k\]hkdZ!
Z[h! VkiWcc[di[jpkd]! Z[h! P[ij*
]hkff[d! i[_! [i! d_Y^j! c„ ]b_Y^)! Z_[!
@Wj[d! Wk\! [_d[! LWdZ[c_[i_jkWj_ed!
pk!… X[hjhW][d+/0
=k\\Wbb[dZ!_ij)!m_[!i[^h!Z[h!][*
c[ii[d[! S_hakd]i]hWZ! led! Z[h!
Wbb][c[_d[d!][ikdZ^[_jb_Y^[d!R[h*
\Wiikd]!Z[h!LWj_[dj[d!kdZ!Z[d!kd*
j[hikY^j[d! Oocfjec[d! WXpk^ƒ d*
][d!iY^[_dj7!
>Q! MZSQ_OTXMSQZQ^! PM_! =Y&
YaZ_e_`QY!NQ^QU`_!U_`%!VQ!P^UZ&
SQZPQ^! MX_[! PQ^! DM`UQZ`! QUZQ!
YQPUWMYQZ`r_Q!HZ`Q^_`s`faZS!
N^qaOT`Q%!PQ_`[!cU^WaZS_X[_Q^!
_OTQUZ`!G4A=9@H!fa!_QUZ'!
@Wi! V[hb[][d! Z[h! OjkZ_[d*=ki*
m[hjkd]! _d! Z_[! [_dp[bd[d! Oocfje*
c[! X_h]j! pkZ[c! Z_[! I„ ]b_Y^a[_j!
Z[h! ][p_[bj[d! =kimW^b! X[iedZ[hi!
]… dij_][h! Ah][Xd_ii[! kdZ! Z[c!
=kibWii[d! kd]… dij_][h! S[hj[+! Ai!
ZWh\! d_Y^j! l[h][ii[d! m[hZ[d)! ZWii!
Z[h!D[hij[bb[h!Z_[i[!OjkZ_[d!i[bXij!
y!dWdp_[hj! kdZ! ZkhY^][\… ^hj! ^Wj!
kdZ! Z_[! aedi[gk[dj[! Lh… \kd]! led!
OjkZ_[dZ[i_]d! kdZ! i[_d[h! Qci[j*
pkd]!ZkhY^!Z_[!VkbWiikd]iX[^„ hZ[!
[_d[! [dehc[! >[Z[kjkd]! ^Wj+! >[*
h[_ji!^_[h!b_[]j![i!i[^h!e\j!iY^ed!_c!
=h][d)! Z[dd! VkbWiikd]iX[^„ hZ[d!
][X[d! i_Y^! Z_[iX[p… ]b_Y^! ][][d*
… X[h! Z[h! € \\[djb_Y^a[_j! dkh! m[*
d_]! X_i! ]Wh! d_Y^j! jhWdifWh[dj+! Ec!
Ecf\ije\\X[h[_Y^! _ij! Z_[! C[^[_c*
^Wbjkd]ifeb_j_a! Z[h! VkbWiikd]iX[*
^„ hZ[d! ifh_Y^m„ hjb_Y^! %i_[^[! p+>+!
_cf\*h[fehj!J[mib+!Jh+!00,-1&+
@_[! uB[Z[hWb! @hk]! $! BeeZ! =Z*
c_d_ijhWj_edv! %B@=&)! Z_[! \… h! P=*
IEBHQ! pkijƒ dZ_][! >[^„ hZ[! Z[h!
QO=)!ijWdZ!_d!Z[d!b[jpj[d!IedWj[d!
m[][d! _^h[h! i[^h! _dZkijh_[\h[kdZ*
b_Y^[d! VkbWiikd]ifhWn_i! c[^h\WY^!
_c!NWcf[db_Y^j+!@Wi!Z[kjiY^[!C[*
][dij… Ya)! ZWi! >kdZ[i_dij_jkj! \… h!
=hpd[_c_jj[b!kdZ!I[Z_p_dfheZkaj[!
%>\=hI&)!iebb!dWY^!Lbƒ d[d!Z[h!Wbj[d!
hej*]h… d[d!>kdZ[ih[]_[hkd]!ie]Wh!
_d! [_d[! fh_lWj[! Edij_jkj_ed! kc][*
mWdZ[bj!m[hZ[d!kdZ!c[^h!deY^!Wbi!
X_i^[h!Z[d!?^WhWaj[h![_d[h!@_[dij*
b[_ijkd]iW][djkh! \… h! Z_[! EdZkijh_[!
[h^Wbj[d+!A_d[!iebY^[!Adjm_Yabkd]!
#!(*!X
ILOF#PEONPR!
aWdd!pmWd]ibƒ ky!]!dkh!Wk\!Geij[d!
Z[i! R[hXhWkY^[hiY^kjp[i! ][iY^[*
^[d+/1
EQ_U_`QZfQZ
Ec! KajeX[h! c[bZ[j[d! k+W+! ZWi!
@[kjiY^[! •hpj[XbWjj)/2! ! cWd! ^WX[!
X[_! [_d[h! `kd][d! l_[jdWc[i_iY^[d!
LWj_[dj_d)! Z_[! i_Y^! X[_! _^h[c! >hk*
Z[h! c_j! Z[c! Re][b]h_ff[*R_hki!
D2J.! Wd][ij[Yaj! ^WX[)! [_d[! N[*
i_ij[dp! ][][d… X[h! Z[c! P=IE*
BHQ*S_haije\\! \[ij][ij[bbj+! CbWkXj!
cWd! Z[c! D[hij[bb[h! NeY^[)! _ij!
Z_[! SW^hiY^[_db_Y^a[_j! led! N[*
i_ij[dp[d! l[hdWY^bƒ ii_]XWh+/3! S_[!
i_Y^!Z[h[d!Dƒ ky!]a[_j!_c!Vk][!led!
cWii[d^W\j[h! =dm[dZkd]! ZkhY^!
I[Z_aWc[dj[dc_iiXhWkY^! l[h*
ƒ d]ij_]j[h! LWj_[dj[d! eZ[h! _c! LWd*
Z[c_[\Wbb! [djm_Ya[bj)! aWdd! `[ZeY^!
d_[cWdZ!lehWkiiW][d+!Ec!•Xh_][d!
i_dZ!iebY^[!N[i_ij[dp[d!X[h[_ji!i[_j!
Z[d! VkbWiikd]iijkZ_[d! X[aWddj7!
@_[!QO*BWY^_d\e![dj^ƒ bj!t!_c!C[*
][diWjp! pkh! Z[kjiY^[d! BWiikd]!
t! [djifh[Y^[dZ[! D_dm[_i[+! Ai! _ij!
c[^h!Wbi!kd][m_ii)!eX!kdZ!m_[!ZWi!
Wd][a… dZ_]j[! Okf[hl_hki! Wk\! ! P=*
IEBHQ!Wdifh[Y^[d!m_hZ+!
EU_UWQZ!aZP!BQNQZcU^WaZSQZ
@_[! Wc! ^ƒ ky!]ij[d! X[h_Y^j[j[d!
J[X[dm_hakd][d! i_dZ! bWkj! Z[h!
BWY^_d\ehcWj_ed/4!•X[ba[_j)!AhXh[*
Y^[d!kdZ!>WkY^iY^c[hp[d+!S[_j[h!
mkhZ[d! X[eXWY^j[j7! OY^c[hp[d)!
^[\j_][! JWi[diY^b[_cWXiedZ[hkd*
][d)! R[hZWkkd]iij„ hkd][d)! Ed*
\[aj_ed[d! Z[h! eX[h[d! =j[cm[][)!!
JWi[dXbkj[d)! K^h[hahWdakd][d)!
>_dZ[^Wkj[djp… dZkd][d)!
l[h*
iY^_[Z[dij[!DWkjh[Waj_ed[d!b[_Y^*
j[h! kdZ! iY^m[h[h! =hj)! •X[h[cf*
y!dZb_Y^a[_jih[Waj_ed[d)! iY^m[h[!
Wbb[h]_iY^[! N[Waj_ed[d! %_dabki_l[!
^e^[i! B_[X[h! c_j! bWdZaWhj[dWhj_*
][d)! XbWi[dm[h\[dZ[d! =kiiY^bƒ *
][d)! Z_[! Wd! Z[d! OY^b[_c^ƒ kj[d!
X[]_dd[d&!kdZ!H[X[h\kdaj_ediij„ *
hkd][d! [_diY^b_[‚ b_Y^! D[fWj_j_i+!
@Wh… X[h! ^_dWki! X[h_Y^j[j! Z_[! QO*
BWY^_d\e/5!led!b[_Y^j[d!X_i!ijWha[d!
>[[d]kd]i][\… ^b[d)! >bkjWhckj)!
OY^b[_c^Wkj[djp… dZkd]!Z[i!@_Ya*
ZWhci)!Hkd][d[djp… dZkd])!B_[X[h!
kdZ! Adjp… dZkd][d! _c! DWbi*NW*
Y^[d*NWkc+
@[h!OLEACAH!X[h_Y^j[j7!wSƒ _+
i\e[" [\i" >\fYXZ_kle^jg_Xj\" mfe"
PXd`|"l" mfe" Iƒ iq" 0..2" Y`j" =gi`c"
0..3" _Xk" [`\" QO+>\_„ i[\" B@="
eXZ_"\`^\e\e"=e^XY\e"127">\i`Z_+
k\" … Y\i" Y\jfe[\i\" Rfibfdde`jj\"
+" jf^\eXeek\" w=[m\ij\" Am\ek" N\+
gfikjx"+"\i_Xck\e,"=cc\i[`e^j"b„ ee\"
[Xj"I\[`bXd\ek"e`Z_k"qnXe^jcƒ l+
{"^"]… i"[`\"Xl]^\ki\k\e\e"LifYc\d\"
m\iXeknfikc`Z_" ^\dXZ_k" n\i[\e*"
jf"[`\"B@=,"Ee"54"Bƒ cc\e"j\`\e"G`e+
[\i"Y\kif]]\e"^\n\j\e,x07
@W! VkbWiikd]iijkZ_[d! dWjkh*
][cƒ ‚ !_cc[h!dkh![_d[d!>hkY^j[_b!
Z[h!ifƒ j[h!jWjiƒ Y^b_Y^!Wk\jh[j[dZ[d!
J[X[dm_hakd][d! [h\Wii[d! a„ dd[d!
kdZ!Z_[!@kda[bp_\\[h!Z[h!_c!fhWa*
j_iY^[d! A_diWjp! ][c[bZ[j[d! J[*
X[dm_hakd][d!iY^m[h!pk!iY^ƒ jp[d!
i_dZ)! iebbj[d! [djifh[Y^[dZ[! Dƒ k*
y!]a[_jiWd]WX[d! _d! >[_fWYap[jj[bd!
kdZ! BWY^_d\ehcWj_ed[d! c_j! ]he*
‚ [h! Rehi_Y^j! X[^WdZ[bj! m[hZ[d+!
S_[! X[_! Wbb[d! I[Z_aWc[dj[d! ]_bj7!
F[Z[! kd[hm… diY^j[! S_hakd]! _d!
[d][c! p[_jb_Y^[d! VkiWcc[d^Wd]!
c_j!Z[h!A_ddW^c[!iebbj[!i[^h![hdij!
][decc[d!kdZ!kdl[hp… ]b_Y^!Z[c!
X[^WdZ[bdZ[d!=hpj!c_j][j[_bj!m[h*
Z[d+!=bi!LWj_[dj!iebbj[d!O_[!ZWhWk\!
WY^j[d)!ZWii!Z[h!=hpj!Z_[!Oocfje*
c[!pkc_dZ[ij!_d!Z[h!GhWda[dWaj[!
l[hc[haj! kdZ! c„ ]b_Y^ij! WkY^! Wd!
Z_[! C[ikdZ^[_jiX[^„ hZ[d! m[_j[h*
c[bZ[j+!
HZSQWXq^`Q!G[PQ_RqXXQ!ZMOT!
G4A=9@H&8UZZMTYQ
@_[! [hij[! I[bZkd]! led! kd*
][abƒ hj[d! PeZ[i\ƒ bb[d! dWY^! Z[h!
A_ddW^c[! led! P=IEBHQ! Wc! ..+!
Jel[cX[h! mWh! a[_d! BWiY^_d]i*
iY^[hp70-! Vm[_! Fk][dZb_Y^[! ^Wjj[d!
[_d! WXdehcWb[i! R[h^Wbj[d! ][p[_]j)!
[_d[h!Z[h!`kd][d!Iƒ dd[h!mWh!%X[*
h[_ji!_c!B[XhkWh&!leh![_d[d!HWijmW*
][d)! Z[h! WdZ[h[! Wki! Z[c! 6+! OjeYa!
[_d[i!DeY^^Wki[i!][ifhkd][d+!
A_d! Ofh[Y^[h! Z[h! `WfWd_iY^[d!
R[hjh[_X[hy!hcW! ?^k]W_! [habƒ hj[)!
cWd! ^WX[! Z_[! hpj[! Wk\! c„ ]b_Y^[!
J[X[dm_hakd][d! Z[i! I[Z_aW*
'!
Sehj[habƒ hkd][d
6762
?[dj[h!e\!@[i[Wi[!!?edjheb!WdZ!
Lh[l[dj_ed)!QO*O[kY^[dX[*
^„ hZ[)!l[h]b[_Y^XWh!c_j!Z[c!
NeX[hj*GeY^*Edij_jkj!%NGE&!_d!
@[kjiY^bWdZ
G6A2
GhWZ_j_ed[bb[!6^_d[i_iY^[!
A[Z_p_d
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
c[dji! ^_d][m_[i[d+! Edi][iWcj!
i[_[d! Z[d! `WfWd_iY^[d! >[^„ hZ[d!
dWY^! I[Z_[dX[h_Y^j[d! _di][iWcj!
31! Bƒ bb[! led! fioY^_iY^[d! Oj„ hkd*
][d!X[aWddj)!Z_[!c_j!P=IEBHQ!_d!
R[hX_dZkd]!ij[^[d!a„ ddj[d+0.!S[*
d_][! PW][! ifƒ j[h! mWh! X[h[_ji! led!
./! PeZ[i\ƒ bb[d0/! kdZ! akhp! ZWhWk\!
led! ie]Wh! _di][iWcj! 01! PeZ[i\ƒ b*
b[d! _c! p[_jb_Y^[d! VkiWcc[d^Wd]!
c_j! [_d[h! P=IEBHQ*A_ddW^c[!
Z_[! N[Z[+00! VkbWiikd]iX[^„ hZ[d!
Z[h!QO=!kdZ!AkhefWi!ij[bbj[d!ZWi!
I[Z_aWc[dj!ukdj[h!>[eXWY^jkd]v!
kdZ!\ehZ[hj[d!m[_j[h[!Ed\ehcWj_e*
d[d!lec!D[hij[bb[h!NeY^[)!Z[h!i_Y^!
c_j!Z[c!=h]kc[dj!l[hj[_Z_]j[)![_d!
VkiWcc[d^Wd]! i[_! pk\ƒ bb_]! kdZ!
d_Y^j! X[m_[i[d! kdZ! Z_[! Oj[hX[hW*
j[!kdj[h!A_ddW^c[!led!P=IEBHQ!!
ie]Wh!][ikda[d+
@_[! [hij[! AdjmWhdkd]! t! Z[h!
VkiWcc[d^Wd]! i[_! d_Y^j! dWY^*
m[_iXWh! kdZ! P=IEBHQ! \… h! Z_[!
PeZ[i\ƒ bb[! d_Y^j! l[hWdjmehjb_Y^!
t! ! mkhZ[! led! Z[h! Wc[h_aWd_iY^[d!
VkbWiikd]iX[^„ hZ[! B@=! ][][X[d+!
@_[i!aWdd!d_Y^j!… X[hhWiY^[d)!Z[dd!
Z[h! @_h[ajeh! Z_[i[h! >[^„ hZ[! m_hZ!
_cc[h^_d! lec! Wc[h_aWd_iY^[d!
Lhƒ i_Z[dj[d! kdZ! Nkci\[bZ*I[d*
jeh!C[eh][!S+!>ki^![hdWddj+!
@Wi!>\=hI)!Z_[!pkijƒ dZ_][!Z[kj*
iY^[!>[^„ hZ[!pe]!kdc_jj[bXWh!ZWh*
Wk\!dWY^)!ie!Wbi!^WX[![i!dkh!Wk\!Z_[!
JWY^h_Y^j!Wki!•X[hi[[!][mWhj[j+
Ed!Z[d!QO=!mkhZ[!i[_j!Z[h!Vk*
=EORELBEP%;JRNBEP!(&&+!
bWiikd]!led!P=IEBHQ)!_c!C[][d*
iWjp! pk! FWfWd)! X_ibWd]! a[_d! [_dp_*
][h!PeZ[i\Wbb!][c[bZ[j+!=bb[hZ_d]i!
_ij!ZWi!I[Z_aWc[dj!Zehj!WkY^![hij!
i[_j! b[jpj[c! FW^h! \… h! Z_[! =dm[d*
Zkd]! X[_! G_dZ[hd! pk][bWii[d+! Ed!
FWfWd!mkhZ[d!ZW][][d!X_i^[h!… X[h!
..!I_bb_ed[d!G_dZ[h!c_j!P=IEBHQ!
X[^WdZ[bj+!
•X[h! Z_[! QhiWY^[d! Z[i! FWfWd*
L^ƒ dec[di!m_hZ!dkd!m[bjm[_j!][*
hƒ ji[bj+! uAi! Xb[_Xj! kdabWh)! mWhkc!
\Wij! Wbb[! Bƒ bb[! _d! FWfWd! ][c[bZ[j!
mkhZ[dv)! iY^h[_Xj! ZWi! =hpd[_*P[*
b[]hWcc+01! @_[!QhiWY^[d! a„ ddj[d!
_d! [_d[h! kdX[aWddj[d! ][d[j_iY^[d!
@_ifei_j_ed'! Z[h! FWfWd[h! b_[][d)!
eZ[h!Wd!if[p_[bb[d!I[Z_aWc[dj[d)!
Z_[!lehpk]im[_i[!_d!FWfWd!l[hm[d*
Z[j! m[hZ[d! eZ[h! ZWhWd)! ZWii! P=*
IEBHQ!X_i^[h!_d!a[_d[c!HWdZ!Z[h!
S[bj! _d! Z[hWhj_][d! I[d][d! pkc!
A_diWjp!aWc!m_[!_d!FWfWd+
Ai!a„ ddj[!Wbb[hZ_d]i!WkY^!]Wdp!
[_d\WY^! ZWhWd! b_[][d)! ZWii! pk\ƒ bb_*
][hm[_i[!a[_d!I_j]b_[Z!Z[h!`WfWd_*
iY^[d!N[]_[hkd]!=aj_[dfWa[j[!led!
CEHA=@!eZ[h!NeY^[!X[i_jpj+
Mk[bb[d7
!@L=!lec!.3+.-+-2
!@j+!•hpj[XbWjj)!.1+..+-28!>[hd[h!V[_*
jkd])!.1+..+-2
0
!^jjf7,,mmm+]_b[WZ*iY_[dY[i+Z[
1
!OWWh*AY^e)!0.+.-+-2
2
!N^[_d_iY^[h!I[hakh)!0+..+-2
3
!N^[_d_iY^[h!I[hakh)!0+..+-2
.
/
'!
Sehj[habƒ hkd][d
7U_\[_U`U[Z2
X[iedZ[h[!=d\ƒ bb_]a[_j!][][d… *
X[h!X[ij_ccj[d!AhahWdakd][d
!OWWh*AY^e)!0.+.-+-2
!V[_j*BhW][d)!4+..+-2
6
!@_[!Lh[ii[)!S_[d)!.1+.-+-2
.!OWWh*AY^e)!0.+.-+-2
..
!V[_j*BhW][d)!4+..+-2
./
!V[_j*BhW][d)!4+..+-2
.0
!ZW_boaei+Yec)!/2+.-+/--28!j^[ZeY*
jehm_j^_d+Yec8!]_b[WZ+Yec
.1
!V[_j*BhW][d)!4+..+-2
.2
!ZWi*]_Xji*ZeY^*d_Y^j+Z[8!P^[!>ki_*
d[ii!Kdb_d[)!0.+!4+-2!
.3
!V[_j*BhW][d)!4+..+-2
.4
!d*jl+Z[)!.3+!Kaj+!/--2
.5
!BhWda\khj[h!J[k[!Lh[ii[)!.4+..+-2
.6
!i_[^[!WkY^!_cf\*h[fehj!Jh+!3,4
/!b_daid[j+Z[
/.
!G„ bd[h!OjWZj*=dp[_][h)!6+-4+-/!
//
!G„ bd[h!OjWZj*=dp[_][h)!6+-4+-/
/0!
=hpd[_*P[b[]hWcc!Jh+!03,/--2
/1
!SehbZ!OeY_Wb_ij!S[X!O_j[)!.0+1+-28!
@j+!•hpj[XbWjj)!.5+0+-2
/2
!@j+!•hpj[XbWjj)!.4+.-+-2
/3
!heY^[+Yec)!4+..+-2
/4
!_cf\ah_j_a+Z[,\WY^_d\e
/5
!heY^[kiW+Yec
/6
!OLEACAH)!.5+..+-2
0!=KH!J[mi)!..+..+-2
0.
!@_[!Lh[ii[)!S_[d)!.1+..+-2
0/
!d*jl)!.4+..+-2
00
!OLEACAH!edb_d[)!.5+..+-2
01
!Xb_jp*W*j)!.5+..+/--2
4
5
%Z[jW_bb_[hj[h[!Mk[bb[dWd]WX[d!_dYb+!
S[Xl[hm[_i[d!i_[^[!Edj[hd[j*=hY^_l&
=Y\RR[^_OTaZS!aZP!DTM^YMUZPa_`^UQ
@_[!=dm[dZkd]!led!Ecf\ije\\[d!ij[bbj![_d[d!d_Y^j!kd[h^[Xb_Y^[d!c[Z_p_d_iY^[d!A_d]h_\\!ZWh)!
Z[h![_d[h!ieh]\ƒ bj_][d!=Xmƒ ]kd]!led!Jkjp[d!kdZ!N_i_a[d!X[ZWh\+!LWj_[dj[d!Xpm+!_^h[!Abj[hd!
i_dZ!Z[i^WbX!Wk\!mW^h^[_ji][cƒ ‚ [!kdZ!kdl[h\ƒ biY^j[!Ed\ehcWj_ed[d!… X[h!Lhe!kdZ!?edjhW!Wd*
][m_[i[d+! @Wh… X[h! ^_dWki! ]_bj! Z_[i! _d! X[iedZ[h[c! IW‚ [! WkY^! \… h! hpj[)! Z_[! _^h[! LWj_[dj[d!
_dZ_l_Zk[bb!kdZ!l[hWdjmehjkd]iX[mkiij!X[hWj[d!mebb[d+!S_[![i!kc!kdWX^ƒ d]_][!kdZ!iWY^b_Y^!
X[]h… dZ[j[!=kiiW][d!pk!Ecf\ije\\[d!ij[^j)!_ij!P^[cW!Z[h!dWY^\eb][dZ[d!=dWboi[!Z[i!I… dY^*
d[h!G_dZ[hWhpj[i!kdZ!=kjehi!@h+!IWhj_d!D_hj[+.
DTM^YMMNTqZSUSQ!
=Y\R_`aPUQZ!aZP!PUQ!9[XSQZ
H[_Z[h! i_dZ! Z_[! D[hij[bb[h! led!
Ecf\ije\\[d! d_Y^j! l[hfz!_Y^j[j)!
dWY^!Z[h!VkbWiikd]!_^h[i!LheZkaji!
J[X[dm_hakd][d! Waj_l! pk! [h\Wi*
i[d+! @_[! BhW][! _ij! Wbb[hZ_d]i)! eX!
ZWi! t! d[X[d! Z[c! Geij[dWif[aj! t!
m… diY^[dim[hj!eZ[h![\\[aj_l!mƒ h[)!
Z[dd!cWd][bdZ[!KX`[aj_l_jƒ j!_ij!`W!
_c! Ecf\i[ajeh! [_d! X[aWddj[i! Lhe*
Xb[c7
@_[! _c! >[h[_Y^! Z[h! Ecf\\eh*
iY^kd]! jƒ j_][d! S_ii[diY^W\jb[h!
ij[^[d! _d! [_d[c! ]Wdp! Z[kjb_Y^[d!
Edj[h[ii[diaedz!_aj)! ZW! Ecf\ijkZ_*
[d! dW^[pk! WkiiY^b_[‚ b_Y^! _c! =k\*
jhW]!Z[h!L^WhcW_dZkijh_[!ZkhY^][*
\… ^hj!m[hZ[d+
JWY^! Ed\ehcWj_ed! Z[i! OLEA*
CAH! aecc[d! 65! Lhep[dj! Wbb[h!
kd_l[hi_jƒ h[d! S_ii[diY^W\jb[h)! Z_[!
\… h! L^WhcWy!hc[d! I[Z_aWc[dj[!
j[ij[d)! pk! [_d[c! fei_j_l[d! Qhj[_b!
t! ][][d… X[h! dkh! 46! Lhep[dj)! Z_[!
e^d[! _dZkijh_[bb[! Qdj[hij… jpkd]!
WhX[_j[d!%OLEACAH!.666&+
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!(+!X
=EORELBEP%;JRNBEP!(&&+!
Ecf\\… ^h[h!m_[!ZWi!>kY^!Edg]+
i\Xbk`fe\e! Z[i! =kjeh[dj[Wci! Qj[!
MkWij)! SWbjhWkZ! P^_be! kdZ! N[_d*
^WhZ! B[iY^Wh[a! eZ[h! OZ_lkq`dg+
]le^\e"0...*!^[hWki][][X[d!kdj[h!
WdZ[h[c!lec!I_j]b_[Z!Z[h!OPEGK'!
D+!F+!OY^c_jj)!m[hZ[d!led!B_hc[d!
m_[!>[^h_d]!eZ[h!=l[dj_i!aeij[dbei!
Wd!•hpj[!l[hj[_bj+
HZQ^csZ_OT`Q!9[^_OTaZS_&
Q^SQNZU__Q!XMZPQZ!UZ!PQ^!
FOTaNXMPQ
BehiY^kd]iZWj[d)!Z_[!i_Y^!d_Y^j!
c_j! Z[d! Rehij[bbkd][d! _dZkijh_*
[bb[h! Ofedieh[d! Z[Ya[d)! aecc[d!
i[bj[d!Wdi!H_Y^j!Z[h!€ \\[djb_Y^a[_j+!
ChkdZbW][!^_[h\… h!i_dZ!Gd[X[bl[h*
jhƒ ][)!Z_[!Z[h!EdZkijh_[!X[iedZ[h[!
N[Y^j[! Wd! OjkZ_[dZWj[d! [_dhƒ k*
c[d)! kdZ! R[hiY^m_[][d^[_jiabWk*
i[bd! \… h! J[]Wj_l[h][Xd_ii[! %=hp*
d[_*P[b[]hWcc! /--1&+! KZ[h)! m_[!
ZWi!=hpd[_*P[b[]hWcc!iY^h[_Xj7!
uB`id\e" q`\_\e" jƒ dkc`Z_\" N\+
^`jk\i*" ld" {"eXeq`\cc\" A`eYl‚ \e"
[liZ_" J\^Xk`m\ib\eeke`jj\" ql"
`_i\e" Lif[lbk\e" ql" m\i_`e[\ie"
v"qld"OZ_X[\e"[\i"LXk`\ek\e,"@Xj"
=ljdX‚ " [\i" IXe`glcXk`fe" `jk" \i+
jZ_i\Zb\e[x,
@_[i[! =hj! led! S_ii[diY^W\ji*
cWd_fkbWj_ed!l[hp[hhj!_d!Z[h!Beb][!
WkY^! Z_[! ie! ][dWddj[d! uN[l_[miv)!
X[_! Z[d[d! [_d[! R_[bpW^b! m_ii[d*
iY^W\jb_Y^[h! =hX[_j[d! pk! X[ij_cc*
j[d!P^[c[d!_d![_d[h!=hj!•X[hi_Y^j!
pkiWcc[d][\Wiij! kdZ! _d! _^h[h!
=kiiW][ahW\j!X[khj[_bj!m[hZ[d+!
iJQ^!MX_!9[^_OTQ^!?M^^UQ^Q!
YMOTQZ!cUXX%!Ya__!RqX_OTQZj
=kY^!Bƒ biY^kd][d!m_ii[diY^W\j*
b_Y^[h!@Wj[d!i_dZ!a[_d[!=kidW^c[+!
Anf[hj[d!iY^ƒ jp[d)!ZWii!`[Z[!l_[h*
j[!X_i!\… d\j[!uS_haiWca[_jiijkZ_[v!
][iY^„ dj! _ij! %=hpd[_*P[b[]hWcc!
.666&+!uS\i"Xcj"BfijZ_\i"GXii`\i\"
dXZ_\e" n`cc*" dljj" ]ƒ cjZ_\ex! t! ie!
[_d!m[][d!S_ii[diY^W\ji\ƒ biY^kd]!
Wd][abW]j[h!aWb_\ehd_iY^[h!Gb_d_a[h!
%HWm!.666&+
I_dZ[ij[di![_d!@h_jj[b!Z[h!S_i*
i[diY^W\jb[h)! Z_[! _d! ]he‚ [d! BWY^*
p[_jiY^h_\j[d! =hj_a[b! l[h„ \\[dj*
b_Y^[d)! d[^c[d! ZkhY^! _^h[! Beh*
iY^kd]iWhX[_j! WkY^! [_][d[! y!dWd*
p_[bb[!Edj[h[ii[d!mW^h7!P[_bi!^WX[d!
i_[! i[bXij! LWj[djh[Y^j[! Wd! _^h[c!
BehiY^kd]i][][dijWdZ)! j[_bi! ^Wb*
j[d!i_[!=aj_[d!eZ[h!WdZ[h[!>[j[_b_*
]kd][d!Wd!B_hc[d)!Z[h[d!LheZkaj[!
#!(,!X
ILOF#PEONPR!
kdj[hikY^j!m[hZ[d!t!kdZ!ZWi)!e^d[!
Z_[! D[hWki][X[h! Z[h! V[_jiY^h_\j!
eZ[h!Z_[!€ \\[djb_Y^a[_j!ZWh… X[h!pk!
_d\ehc_[h[d!%Gh_ciao!.663&+
4NTqZSUSQ!n^f`QbQ^NqZPQ
@_[! =X^ƒ d]_]a[_j! Z[h! hpj[eh*
]Wd_iWj_ed[d! kdZ! *p[_jiY^h_\j[d!
led! f^WhcWp[kj_iY^[d! =dp[_][d!
mWh! [X[d\Wbbi! C[][dijWdZ! m_ii[d*
iY^W\jb_Y^[h! Qdj[hikY^kd][d+! @W*
dWY^!X[p_[^[d!•hpj[eh]Wd_iWj_ed[d!
.-! X_i! 2-! Lhep[dj! _^h[h! A_da… d\j[!
ZkhY^! =dp[_][d! Z[h! L^WhcW_d*
Zkijh_[)! mWi! Z_[i[! Kh]Wd_iWj_ed[d!
_d! ]he‚ [! C[\W^h! Xh_d]j)! _^h[! KX*
`[aj_l_jƒ j! pk! l[hb_[h[d! %CbWiicWdd!
.666&+
@Wi! Ofedieh_d]'! led! •hpj[*
l[hWdijWbjkd][d! pW^bj! i_Y^! \… h!
Z_[! L^WhcW_dZkijh_[! [X[d\Wbbi!
Wki7! E^h[! LheZkaj[! m[hZ[d! led!
Z[d! ZWdaXWh[d! R[hWdijWbj[hd! X[*
lehpk]j! X[mehX[d! t! ie! [jmW! Z[h!
O[Y^i\WY^_cf\ije\\! D[nWlWY/! Z[h!
B_hcW! =l[dj_i! LWij[kh! IO@! X[_c!
3+! I… dY^d[h! Ecf\jW]! _c! Kaje*
X[h!/---)!Z[h!Z[d!A_dZhkYa! [_d[h!
IWha[j_d]l[hWdijWbjkd]!Z[h!B_hcW!
=l[dj_i*LWij[kh! IO@! cWY^j[! t!
c_j! S[hX[ijƒ dZ[d! kdZ! *fbWaWj[d)!
Dƒ dZ[iY^… jj[bd! c_j! L^WhcWh[\[*
h[dj[d!kdZ!Z[c!N[Z[X[_jhW]![_d[h!
B_hc[dWd][^„ h_][d+
8UZl!a__ZMTYQ!MaR!YQPUfUZU&
_OTQ!@QU`XUZUQZ
=kY^! Z_[! ƒ hpjb_Y^[d! uH[_jb_d_*
[dv)! Z_[! c[^h! kdZ! c[^h! @_W]dei*
j_a!kdZ!P^[hWf_[!led!GhWda^[_j[d!
Z_aj_[h[d)! kdj[hb_[][d! [_d[c! ijWh*
a[d! A_dz!kii! Z[h! L^WhcW_dZkij*
h_[+!LhWaj_iY^!Wbb[!H[_jb_d_[d)!Z_[!_d!
[_d[h! OjkZ_[! led! ?^ekZho! %/--/&!
kdj[h! Z_[! Hkf[! ][decc[d! mkh*
Z[d)! mWh[d! _d! =X^ƒ d]_]a[_j! led!
f^WhcWp[kj_iY^[d! Qdj[hd[^c[d!
[djijWdZ[d8! Z_[! H[_jb_d_[dWkjeh[d!
mWh[d! _d! _^h[h! ]he‚ [d! I[^h^[_j!
>[hWj[h)! =aj_[d_d^WX[h! eZ[h! Z_*
h[aj[! =d][ij[bbj[! Z[h! L^WhcW_d*
Zkijh_[+! Ai! Xb[_Xj! pk! kdj[hikY^[d)!
_dm_[m[_j!Z_[i!WkY^!\… h!Z_[!Ojƒ dZ_*
][!Ecf\aecc_ii_ed!pkjh_\\j)!Z[h[d!
Acf\[^bkd][d! dWY^! `kh_ij_iY^[d!
Gh_j[h_[d! H[_jb_d_[dY^WhWaj[h! ^W*
X[d+!
FQXN_`TUXRQS^a\\QZ!MX_!AM^&
WQ`UZScQ^WfQaS
Qc!_^h[!LheZkaj[!Wd!Z[d!IWdd!
pk! Xh_d][d)! m[dZ[d! i_Y^! Z_[! D[h*
@i,"IXik`e"D`ik\*"FX_i^Xe^"/732*"
`jk" BXZ_Xiqk" ]… i" G`e[\i_\`cble[\"
le[" _Xk" j\`k" /77." \`e\" bcXjj`jZ_"
_fd„ fgXk_`jZ_"Xlj^\i`Z_k\k\"G`e+
[\iXiqkgiXo`j" d`k" OZ_n\iglebk"
=cc\i^fcf^`\" `e" I… eZ_\e," Ai" `jk"
m\i_\`iXk\k"le["_Xk"m`\i"G`e[\i,"
ij[bb[hy!hc[d! _cc[h! c[^h! WkY^!
Z_h[aj! Wd! Z_[! € \\[djb_Y^a[_j+! LW*
j_[dj[d*O[bXij^_b\[]hkff[d! i_dZ!
[_d! X[b_[Xj[i! R[^_a[b! kdZ! m[hZ[d!
y!dWdp_[bb! kdZ! c_j! S[hX[cWj[h_Wb!
kdj[hij… jpj+! =kY^! Z_[! I[Z_[d! ij[*
^[d!`[Z[hp[_j!X[h[_j!\… h!Z_[!Qdj[h*
ij… jpkd]! led! L^WhcWaWcfW]d[d)!
ZW!=d]ijcWY^[!WkY^!pk!_^h[d!R[h*
aWk\iijhWj[]_[d! pƒ ^bj+! Ai! l[h][^j!
a[_d! Bh… ^`W^h)! _d! Z[c! d_Y^j! _d!
Z[d!PW][ip[_jkd][d!Z_[!OY^h[Ya[d!
[_d[h! V[Ya[d[dp[f^Wb_j_i'! Wd! Z_[!
SWdZ! ][cWbj! m[hZ[d)! l[hXkdZ[d!
c_j! Z[c! =k\hk\)! `[Z[h! iebb[! i_Y^!
ZW][][d! _cf\[d! bWii[d+! Ec! FW^h!
/--0!m[dZ[j[!i_Y^!Z[h!L^WhcWh_[*
i[!So[j^!ie]Wh!Z_h[aj!c_j![cej_e*
dWb! ][j„ dj[d! ]he‚ z!ƒ Y^_][d! S[h*
X[fbWaWj[d! Wd! Z_[! € \\[djb_Y^a[_j)!
kc!c[^h!=ap[fjWdp!\… h!Z[d!Ld[k*
ceaeaa[d*Ecf\ije\\!Lh[l[dWh!^[h*
pkij[bb[d!kdZ!Wk\!Z_[i[!S[_i[![_d[!
„ \\[djb_Y^[! Ecf\[cf\[^bkd]! led!
O[_j[d!Z[h!OPEGK!pk![hpm_d][d+
BUOT`NQMOT`aZS!b[Z!
=Y\RZQNQZcU^WaZSQZ
>[h[_ji! leh! Z[h! VkbWiikd]! led!
Ecf\ije\\[d! m_hZ! Z[d! R[hZWY^ji*
\ƒ bb[d! led! Ecf\d[X[dm_hakd][d!
m[d_]! LbWjp! [_d][hƒ kcj+! Ed! Z[d!
PW][d!Xpm+!SeY^[d!dWY^!Z[h!Ecf*
\kd]!m[hZ[d!pmWh!Z_[!LheXWdZ[d'!
Xpm+!_^h[!Abj[hd!WkY^!dWY^!c„ ]b_*
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
Y^[d! Ecf\h[Waj_ed[d! X[\hW]j+! S_[!
ZWi! Wkii_[^j)! p_j_[h[! _Y^! ^_[h! Wd*
^WdZ!Z[h!LheZkajcede]hWf^_[!Z[i!
Ecf\ije\\[i!D[nWlWY7
wAj" nli[\" [`\" R\ikiƒ ^c`Z_b\`k"
mfe" //,3.5" @fj\e" D\oXmXZ*" [`\"
`d"NX_d\e"[\i"Cile[`ddle`j`\+
ile^" m\iXYi\`Z_k" nli[\e*" nƒ _+
i\e["[\i"\ijk\e"[i\`"PX^\"eXZ_"[\i"
Edg]le^" Y\fYXZ_k\kx," " wEd" HXl]\"
[\i" Cile["`ddle`j`\ile^" nli+
[\e"025"';"/8"25("jZ_n\in`\^\e[\"
le\in… ejZ_k\" Ai\`^e`jj\" ^\d\c+
[\k," =cc\i[`e^j" nli[\e" eli" 3" ';"
/8"01..*"/-3.k\c("[`\j\i"Ai\`^e`jj\"
mfe" [\e" Li… ]ƒ iqk\e" Xcj" `dg]Y\qf+
^\e"Y\n\ik\kx,
Vk! Z[d! d_Y^j! Wbi! _cf\X[pe][d!
X[m[hj[j[d! Vm_iY^[d\ƒ bb[d! ][^„ h*
j[d! pm[_! Bƒ bb[! led! =j[cij_bbijWdZ)!
[_d[h! ZWled! jhWj! m[d_][! Ojkd*
Z[d! dWY^! Z[h! Ecf\kd]! Wk\! %H_[i[!
/---&+!A_d[c!Wk\c[haiWc[d!>[e*
XWY^j[h!Zhƒ d]j!i_Y^!^_[h!Z_[!c„ ]b_*
Y^[!>[p_[^kd]!pk!PeZ[i\ƒ bb[d!Wk\)!
Z_[! _c! R[hbWk\! Z[h! b[jpj[d! FW^h[!
_c! VkiWcc[d^Wd]! c_j! D[nW*
lWY! ][c[bZ[j! mkhZ[d+! Ai! _ij! ZeY^!
Z[daXWh)!ZWii!Z_[!=fde[d')!Z_[!d_[!
l[h„ \\[djb_Y^j!mkhZ[d)!iedZ[hd!b[*
Z_]b_Y^!_d![_d[c!RehjhW]!led!D[hhd!
H_[i[! [hmƒ ^dj! mkhZ[d)! iepkiW][d!
Z_[!Reh^kj!mWh[d!led!PeZ[i\ƒ bb[d)!
Z_[!`[jpj!X[_!cWii[d^W\j[h!=dm[d*
Zkd]!led!D[nWlWY!Wk\jh[j[d;0
A_d! [hiY^h[Ya[dZ[i! >[_if_[b!
=EORELBEP%;JRNBEP!(&&+!
\… h! S_ii[diY^W\ji*IWd_fkbWj_ed!
m_hZ!kdi!led!Z[c!Wc[h_aWd_iY^[d!
Ged]h[iiWX][ehZd[j[d! kdZ! =hpj!
S[bZed!c_j][j[_bj+!Ai!][^j!kc![_d[!
OjkZ_[)! Z_[! _c! Jel[cX[h! /--0! _d!
Z[h! Wd][i[^[d[d! Wc[h_aWd_iY^[d!
V[_jiY^h_\j!L[Z_Wjh_Yi!l[h„ \\[djb_Y^j!
mkhZ[+!=kjeh!mWh!P^ecWi!R[hijhW[*
j[d!%/--0&+
7M`QZYMZU\aXM`U[Z!NQU!MXM^&
YUQ^QZPQ^!4a`U_Ya_&F`aPUQ
Red! Z_[i[h! OjkZ_[! mkhZ[d! Zh[_!
R[hi_ed[d! X[aWddj+! Ed! Z[h! [hij[d!
R[hi_ed! lec! Fkd_! /---! \WdZ! i_Y^!
[_d!i_]d_y!aWdj[i5!N_i_ae!\… h!=kj_i*
cki! kdZ! d[khebe]_iY^[! Adjm_Ya*
bkd]iij„ hkd][d! dWY^! Ecf\kd][d!
c_j! j^_ec[hiWb^Wbj_][d! Ecf\ije\*
\[d+! Ed! Z[h! pm[_j[d! R[hi_ed! mWh!
Z_[i[i! N_i_ae! ZkhY^! l[hiY^_[Z[*
d[! @Wj[dcWd_fkbWj_ed[d! X[h[_ji!
Z[kjb_Y^! ^[hkdj[h][h[Y^d[j! meh*
Z[d+!@_[!Zh_jj[!kdZ!b[jpj[dZb_Y^!_d!
L[Z_Wjh_Yi! l[h„ \\[djb_Y^j[! R[hi_ed!
ifhWY^! led! [_d[c! \[^b[dZ[d! Vk*
iWcc[d^Wd]! pm_iY^[d! P^_ec[h*
iWb! kdZ! d[khebe]_iY^[d! AhahWd*
akd][d+
'>\`d"R\i^c\`Z_"qn`jZ_\e"G`e+
[\ie*"[`\"`d"=ck\i"mfe"1"IfeXk\e"
40*3" !^" Ml\Zbj`cY\i" `ebfigfi`\ik"
_Xkk\e"d`k"[\e\e*"[`\"n\e`^\i"Xcj"
15*3" !^" `ebfigfi`\ik" _Xkk\e*" ]Xe["
[`\" Okl[`\" ]… i" [`\" \ijk\i\" Cilgg\"
\`e"i\cXk`m\j" =lk`jdlj+N`j`bf" mfe"
@h+!c[Z+!IWhj_d!D_hj[
Ecf\[d!*!Lhe!kdZ!GedjhW
YW+!06-!O[_j[d)!d[k[ij[![hm[_j[hj[!
=kz!W][)!=fh_b!/--2
GdWkh!PWiY^[dXkY^)!}!6)6EO>J!0*1/3*54/1/*-!
@_[i[i!>kY^!_ij![_d!iWY^akdZ_][h!kdZ!
Wk\iY^bkiih[_Y^[h!NWj][X[h)!Z[h!i_Y^!
ZkhY^! i[_d[! Z_\\[h[dp_[hj[! =dWboi[!
led!Jkjp[d!kdZ!N_i_a[d!me^bjk[dZ!
led!Z[c!iedij![^[h!eX[hz!ƒ Y^b_Y^[d!
Qc]Wd]!c_j!Z[c!P^[cW!ZkhY^!>[*
^„ hZ[d!kdZ!hpj[iY^W\j!WX^[Xj+!
HW_[d! m_[! WkY^! c[Z_p_d_iY^[! BWY^*
b[kj[!y!dZ[d!^_[h![_d[!B… bb[!Wd!gk[b*
b[dX[b[]j[d! Ed\ehcWj_ed[d)! Z_[! [i!
[hb[_Y^j[hd)! [_d[! ieh]\ƒ bj_][! Ecf\*
[djiY^[_Zkd]!pk!jh[\\[d+
0*26," @`\j" c`\^k" qnXi" e`Z_k" j`^e`+
{"bXek" `d" 73%`^\e" R\ikiXl\ej`e+
k\imXcc*" [fZ_" \i]… cck" \j" d`k" \`e\d"
S\ik" mfe" … Y\i" 0*." [\e" ^… ck`^\e"
OkXe[Xi["\`e\j"n`jj\ejZ_X]kc`Z_\e"
>\n\`j\j," B… i" e\lifcf^`jZ_\" Aek+
n`Zbcle^jm\iq„ ^\ile^\e"]Xe["[`\"
Okl[`\"\`e"i\cXk`m\j"N`j`bf"mfe"/*37"
le[" d`k" jk\`^\e[\i" Aogfj`k`fe" \`+
e\e" [\lkc`Z_\e" =l]nƒ ikjki\e[," Ee"
\`e\i"jgƒ k\i\e"R\ij`fe"[\i"Okl[`\"
mfd" Fle`" 0..." nli[\e" m\ijZ_`\+
[\e\" @Xk\edXe`glcXk`fe\e" Xe^\+
nXe[k*" ld" [\e" TljXdd\e_Xe^"
d`k"=lk`jdlj"Xl]"/*47"ql"i\[lq`\+
i\e,"(
S_[! [i! pk! Z_[i[h! IWd_fkbWj_ed!
aWc)!X[iY^h[_Xj!S[bZed!%/--0&!_d!
i[_d[c!>h_[\!Wd!Z_[!@_h[ajeh_d!Z[h!
?[dj[hi! \eh! @_i[Wi[! ?edjheb! WdZ!
Lh[l[dj_ed!t!Z[c!C[][dij… Ya!pkc!
Z[kjiY^[d!LWkb*A^hb_Y^*Edij_jkj7!
wEd"Fle`"0..."]Xe["\`e"Pi\]]\e"
t" jkXkk*" Xe" [\d" [`\" =lkfi\e" [\i"
Okl[`\" le[" N\giƒ j\ekXek\e" [\i"
?@?" le[" [\i" Edg{"e[ljki`\" k\`c+
eX_d\e,"EZ_"Y\bXd"Tl^Xe^"ql"\`+
e\i"I`kjZ_i`]k"[`\j\j"Pi\]]\ej*"[`\"
Xl]" Cile[" [\j" Bi\\[fd" f]" Ee]fi+
dXk`fe" =Zk" Y\jZ_X]]k" nli[\," O`\"
Y\`e_Xck\k" lek\i" Xe[\i\d" ]fc^\e+
[\"l‚ \ile^\e8
+" Aj" ^XY" n`ibc`Z_" b\`e\e" Cile["
]… i" \`e\" jfcZ_\" Okl[`\," @`\" Ai+
^\Ye`jj\" nXi\e" aX" mfi_\ij\_+
YXi9
+" S`i" b„ ee\e" [`\" @Xk\e" `e" a\[\"
N`Z_kle^" q`\_\e" f[\i" jZ_`\Y\e*"
ld" [`\" Ai^\Ye`jj\" ql" \i_Xck\e*"
[`\"n`i"lej"mfijk\cc\e9
+" S`i" b„ ee\e" d`k" gcXlj`Yc\e" >\+
^i… e[le^\e" [`\" =ljjZ_cljjbi`+
k\i`\e" Y\c`\Y`^" m\iƒ e[\ie*" ld"
[`\" \in… ejZ_k\e" Ai^\Ye`jj\" ql"
Y\bfdd\e9" n`i" b„ eek\e" [`\"
G`e[\i" d`k" [\i" e`\[i`^jk\e" >\+
cXjkle^" Xlj" lej\i\i" @Xk\eYXeb"
XljjZ_c`\‚ \e," Aj" nƒ i\" XlZ_" ql"
… Y\ic\^\e*" [`\" G`e[\i" d`k" [\i"
_„ Z_jk\e" >\cXjkle^" _\iXljql+
e\_d\e*"[X"j`\"\`e\e"Y\jfe[\ij"
_f_\e"Lifq\ekjXkq"[\i"AibiXeb+
k\e"XljdXZ_\e"'N_f[\j(,
•Yi`^\ej"XiY\`k\k\"[\i"DXlgk+
Xlkfi" [\j" =ik`b\cj*" @i," P_fdXj"
R\ijkiX\k\e*" ]… i" [`\" ?@?*" Y\mfi"
\i"mfi"qn\`"FX_i\e"mfe"[fik"eXZ_"
>\c^`\e"ql"CcXofOd`k_Gc`e\"'COG("
n\Z_j\ck\*"\`e\d"Edg]jkf]]_\ijk\c+
c\i*" [\i" Y\i\`kj" d`k" DX]kle^j]iX+
^\e" n\^\e" P_`fd\ijXc" bfe]ife+
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!(-!X
=EORELBEP%;JRNBEP!(&&+!
k`\ik"`jk,"Ee"R\ic\kqle^"[\j"\`^\e\e"
R\i_Xck\ejbf[\o\j" m\ijƒ ldk\" [`\"
T\`kjZ_i`]k"L\[`Xki`Zj"[\e"D`en\`j*"
[Xjj" @i," R\ijkiX\k\e" Y\`" COG" Y\+
jZ_ƒ ]k`^k" `jk*" le[" Y\q\`Z_e\k\" `_e"
Xcj" =e^\jk\cck\e" [\i" ?@?," @`\j\"
R\ijZ_c\`\ile^" lek\id`e`\ik" ql+
jƒ kqc`Z_" [`\" CcXlYn… i[`^b\`k" j\`+
e\i"Okl[`\,x
Ba^!PUQ!F\U`fQ!QUZQ_!?[^^a\&
`U[Z&8U_NQ^S_3
I„ ]b_Y^[hm[_i[! _ij! Z_[i[! =hj!
Z[h! Gehhkfj_ed! kdZ! IWd_fkbWj_ed!
dkh! Z_[! Of_jp[! Z[i! A_iX[h][i+! @[h!
BWbb!R[hijhW[j[d!bƒ iij![hW^d[d)!m_[!
lehi_Y^j_]!m_h!c_j!Wd][Xb_Y^!Z[y!d_*
j_l[d!Ed\ehcWj_ed[d!_c!Ecf\i[ajeh!
kc][^[d!c… ii[d+
A_d! m[_j[h[i! LheXb[c! X[_! Z[h!
Ah\ehiY^kd]! led! Ecf\d[X[dm_h*
akd][d! _ij! Z[h! LkXb_aWj_edi*>_Wi'!
t!Z+^+)![i!m[hZ[d!leh!Wbb[c!iebY^[!
OjkZ_[d! Wap[fj_[hj! kdZ! l[h„ \\[dj*
b_Y^j)!Z_[![_dZ[kj_]!uLhev!Ecf\kd]!
i_dZ+!F[Z[h)!Z[h!_c!Edj[hd[j!O[_j[d!
m_[! uI[ZiYWf[! L[Z_Wjh_Yiv! WXed*
d_[hj!^Wj)!m[_‚ )!meled!_Y^!h[Z[+
Ed! [_d[c! >h_[\m[Y^i[b! c_j! Z[h!
Zƒ d_iY^[d! Lhe\[iieh_d! Kb[i[d)! Z_[!
[_d[!=hX[_j!pk!J[kheZ[hc_j_i!dWY^!
IWi[hd_cf\kd]!l[h„ \\[djb_Y^j!^Wj)!
iY^h_[X!i_[!c_h7
uH`\Y\i"D\ii"Gfcc\^\*
`Z_"m\ijk\_\"`_i"Eek\i\jj\"Xe"d\`+
e\i" =iY\`k," Aj" _Xk" cXe^\" ^\[Xl+
\ik*" Y`j" j`\" … Y\i_Xlgk" Xbq\gk`\ik"
nli[\," @XY\`" nli[\" `Z_" d`k" m`\+
c\e" m\ijZ_`\[\e\e" I\`ele^\e" ql"
[`\j\i" =iY\`k" bfe]ifek`\ik," I\`+
e\i"=ej`Z_k"eXZ_"^`Yk"\j"`e"[`\j\d"
>\i\`Z_" \`e\e" LlYc`bXk`fej+>`Xj,"
A`e\"OZ_nXcY\"dXZ_k"efZ_"b\`e\e"
Ofdd\i,"EZ_"_f]]\"Xl]"d\_i"Okl[`+
\e*"[`\"j`Z_"d`k"[\e"=ljn`ible^\e"
mfe" jfnf_c" Edg]le^\e" Xcj" XlZ_"
Ee]\bk`fe\e"Y\]Xjj\e,x
AQ__QZ!YU`!fcQUQ^XQU!AMp
EY^! Xh_d][! _d! Z_[i[c! VkiWc*
c[d^Wd]! [_d! m[_j[h[i! V_jWj! Wki!
[_d[h! OjkZ_[)! [_d[c! N[l_[m! … X[h!
J[X[dm_hakd][d! led! =bkc_d_kc!
_d! Ecf\ije\\[d)! Wk\! ZWi! c_Y^! Oj[\*
\[d! NWX[1! Wk\c[haiWc! cWY^j[+!
Ai!ijWccj!led!Pec!F[\\[hied)![_*
d[c!=kjeh)!Z[h![i!i_Y^!pkh!=k\]W*
X[!cWY^j)!N[l_[mi!pk!Ecf\j^[c[d!
pk!l[h„ \\[djb_Y^[d)!kdZ!Z[h!^_[hX[_!
h[][bcƒ ‚ _]!a[_d!X[bWij[dZ[i!IWj[*
h_Wb!y!dZ[j+
#!(.!X
ILOF#PEONPR!
Ec!b[jpj[d!OWjp!Z[h!OjkZ_[!pkc!
P^[cW! =bkc_d_kc! iY^h[_Xj! [h!
m„ hjb_Y^! %F[\\[hied! /--1&7! !uPhejp!
[_d[i!IWd][bi!Wd!Al_Z[dp'!led!]k*
j[h! MkWb_jƒ j! [cf\[^b[d! m_h! d_Y^j)!
ZWii!pk!Z_[i[c!P^[cW!m[_j[h[!Beh*
iY^kd]! ZkhY^][\… ^hj! m_hZ+v! @_[i[!
=hj! BehiY^kd]icej_lWj_ed! ckii!
c_j!Z[h!=ah_X_[)!`W!c_j!Z[c!Adj^k*
i_Wicki! l[h]b_Y^[d! m[hZ[d)! c_j!
Z[c! Gecfb_aWj_ed[d! led! GhWda*
^[_j[d! ][ikY^j! kdZ! l[h„ \\[djb_Y^j!
m[hZ[d+
@_[! BhW][! _ij)! m_[! Z_[! CbWkX*
m… hZ_]a[_j!Z[h!Ecf\\ehiY^kd]!kdZ!
Ecf\feb_j_a!X[_!Z[h!Z[hp[_j_][d!I_*
i[h[! Z[h!„ \\[djb_Y^[d! B_dWdp[d![h*
^„ ^j! m[hZ[d! aWdd+! @_[! R[hX[ii[*
hkd]!Z[h!PhWdifWh[dp!_c!Ecf\i[a*
jeh!a„ ddj[![i!hpj[d!kdZ!LWj_[dj[d!
[hb[_Y^j[hd)! pk! [_d[h! _d\ehc_[hj[d!
AdjiY^[_Zkd]! %u_d\ehc[Z! Yedi[d*
i[v&!pk!y!dZ[d+
FZ!LUWJKWT!OXY/
('! JOK! ?LLKTRKMZTM! JKW! 8T&
YKWKXXKTXQUTa!OQYK!
GRRKW!
@KWXUTKT%!JOK!SOY!8SVLLUW&
XINZTM! ZTJ! dLLKTYROINKT!
1ZLMGHKT! OS! 8SVLHKWKOIN!
HKYWGZY! XOTJ0! LeW! dLLKTY&
ROINK! bSYKW! SeXXKT! [UW&
WGTMOM! @KWXUTKT! MK\cNRY!
\KWJKT%! JOK! \KOYMKNKTJ!
LWKO![UT!XURINKT!;UTa!OQYKT!
XOTJ%
4ZYQ^WaZSQZ!!P'!EQP'2
!=kipk]!Wki![_d[c!RehjhW])!][*
^Wbj[d! X[_c! Ecf\iocfei_kc!
CWkj_d])! .1+! IW_! /--1)! i_[^[!
WkY^7
^jjf7,,mmm+_cf\Wk\abW[hkd]+
Z[,fZ\i,^_hj[*lehjhW]+fZ\
/!
@_[! VkbWiikd]! led! D[nWlWY!
hk^j!i[_j!O[fj+!/--2
0!
@[h! RehjhW]! mkhZ[! _c! FW^h[!
/--1! ][^Wbj[d+! D[nWlWY! mkhZ[!
pm_iY^[dp[_jb_Y^!lec!IWhaj!][*
decc[d
1
! @h+! Oj[\\[d! NWX[)! [_d! Gebb[][!
led!@h+!D_hj[)!i_[^[!WkY^!mmm+
_cf\*_d\e+Z[
.
'!
Sehj[habƒ hkd][d
4\Z[Q2!
=j[cij_bbijWdZ
5UM_2!
Ooij[cWj_iY^[h!B[^b[h!eZ[h!R[h*
p[hhkd]![_d[i!BehiY^kd]i[h][X*
d_ii[i
8ZfQ\TMXU`U_2!!
C[^_hd[djp… dZkd]
8bUPQZf2
>[m[_i
D^[NMZP
R[hikY^if[hied
_USZUk!WMZ`2
ijWj_ij_iY^! X[Z[kjiWc)! X[m[_i*
ahƒ \j_]
)'! JOK! DKWdLLKTYROINZTM! GRRKW!
BYZJOKT%!JOK!]ZW!FZRGXXZTM!
[UT! 8SVLXYULLKT! LeNWKT'!
3GX! 3KXOMT! [UT! BYZJOKT!
[UW! FZRGXXZTM! [UT! 8SVL&
XYULLKT! SZXX! JOK! SKNWSU&
TGYOMK! 2KUHGINYZTM! JKW!
MKOSVLYKT! 6WZVVK! ZTJ! KO&
TKW!ZTMKOSVLYKT!;UTYWURR&
MWZVVK!HKOTNGRYKT%!
F\[Z_[^UZS2!
y!dWdp_[bb[!B„ hZ[hkd]
*'! JOK! XYcTJOMK! DKWdLLKTYRO&
INZTM! JKW! TGIN! JKS! 8T&
LKQYOUTXXINZY]MKXKY]! MK&
SKRJKYKT! 8SVLWKGQYOUTKT!
#AUNJGYKT$! OS! 8TYKWTKY%!
ZTYKW! GTJKWKS! GZIN! GRX!
3GYKTHGXOX! LeW! 8SVLLUW&
XINZTM!OT!3KZYXINRGTJ'
4aRSQ_OTZM\\`!
FG=?C2!
FGƒ dZ_][! =cf\?Ccc_ii_ed! Wc!
NeX[hj*GeY^*Edij_jkj)! ]_Xj! _c!
=k\jhW]! Z[i! >kdZ[i][ikdZ*
^[_jic_d_ij[h_kci!Ecf\[cf\[^*
bkd][d!^[hWki
wS`i" XiY\`k\e" e`Z_k" d`k" LXe`b+
dXZ_\*" jfe[\ie" i\X^`\i\e" Xl]"
[Xj*"nXj"SDK"le["NGE"jX^\e,"
C`Yk" \j" \knXj" fYa\bk`m\i\j*" Xcj"
[`\j\"Y\`[\e"Eejk`klk`fe\e<x
GWhb! OY^b_d][di_[\)! ?^[\! Z[i! OY^m[_p[h!
L^WhcWaedp[hdi!NeY^[)!_d![_d[c!Edj[h*
l_[m!c_j!Z[c!PW][iif_[][b!%/6+3+-2&
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
ILOF#PEONPR!
=EORELBEP%;JRNBEP!(&&+!
LcU_OTQZ!;QcU__QZ_&!aZP!=Z`Q^Q__QZ_W[Zl!UW`QZ2!
;Q_aZPTQU`_NQTr^PQZ!UY!LcUQ_\MX`
C[ikdZ^[_jiX[^„ hZ[d!i_dZ!_^h[c!=k\jhW]!dWY^!_d![hij[h!H_d_[!Z[c!>… h][h*!kdZ!LWj_[dj[dme^b!
l[hfz!_Y^j[j!kdZ!^WX[d!Z_[i[i!leh!Wbb[c!][][d… X[h!Z[h!L^WhcW_dZkijh_[!pk!l[hjh[j[d+!@eY^!WkY^!
Z_[!I_jWhX[_j[h!led!>[^„ hZ[d!i_dZ!I[diY^[d!kdZ!^WX[d!OY^mƒ Y^[d+!@_[i[!Wkidkjp[dZ!!ij[^j!
]beXWb!ef[h_[h[dZ[d!Gedp[hd[d![_d!Xh[_j[i!N[f[hje_h[!Z[h!A_dz!kiidW^c[!pkh!R[h\… ]kd])!kc!
Wk\!ZWi!VkbWiikd]il[h\W^h[d!kdZ!Z_[!X[^„ hZb_Y^[!>[khj[_bkd]!_^h[h!LheZkaj[![_dpkm_ha[d+
mfe"DXej"Q,"L,"Pfcq`e
FQUX_OTMR`QZ!UZ!
DTM^YMNQTr^PQ
Qdj[h! Z_[i[h! •X[hiY^h_\j! kdZ!
Z[c! Qdj[hj_j[b! wQO+I\[`bXd\e+
k\ebfekifcc\" `e" [\i" DXe[" mfe"
>lj_+Bi\le[\e" +" [\i" N… Zbki`kk"
[\j" B@=+?_\]j" `jk" \`e" _\iY\i"
N… ZbjZ_cX^" ]… i" [\e" Liƒ j`[\ek\ex"
iY^h_[X! Z_[! O… ZZ[kjiY^[! V[_jkd]!
Wc!.-+!KajeX[h7!
uAj" nXi" \`e\" jZ_n`\i`^\" Ai+
e\eele^j+Lifq\[li8"JXZ_"cXe^\e""
=lj\`eXe[\ij\kqle^\e" qn`jZ_\e"
[\i" QO+N\^`\ile^" le[" fggfj`k`f+
e\cc\e" @\dfbiXk\e" ^XY" [\i" QO+
O\eXk"`d"Flc`"^i… e\j"H`Z_k"]… i"[`\"
Aie\eele^"H\jk\i""?iXn]fi[j"Xcj"
e\l\e" ?_\]" [\i" QO+=iqe\`+" le["
H\Y\ejd`kk\cY\_„ i[\" 'Bff[" Xe["
@il^" =[d`e`jkiXk`fe*" B@=(*" `e"
SXj_`e^kfe," @`\j" jZ_`\e" \`e" O`\^"
]… i""QO+Liƒ j`[\ek"C\fi^\"S,">lj_"
ql" j\`e8" Ai" _Xkk\" Xcc\j" [XiXe" ^\+
j\kqk*" ?iXn]fi[*" [\i" Y\i\`kj" cXe+
^\" `e"]… _i\e[\i"Lfj`k`fe"[\i"B@="
^\XiY\`k\k"_Xkk\*"Xe"[`\"Og`kq\"[\i"
dƒ Z_k`^\e" N\^lc`\ile^jY\_„ i[\"
ql"_`\m\e,"@fZ_"eli"qn\`"IfeXk\"
eXZ_"j\`e\i"Aie\eele^"`jk"?iXn+
]fi[" … Y\iiXjZ_\e[" qli… Zb^\ki\+
k\e,x/
@_[i!i[_)! ie!Z_[!V[_jkd]! m[_j[h)!
[_d! iY^m[h[h! OY^bW]! \… h! >ki^! ][*
m[i[d+!@[dd!m_[!X[_c!OaWdZWb!kc!
>_bb! Bh_ij)! Z[c! h[fkXb_aWd_iY^[d!
I[^h^[_ji\… ^h[h! _c! O[dWj)! i[_!
WkY^!?hWm\ehZ!_d!ZkX_ei[!B_dWdp*
][iY^ƒ \j[!l[hm_Ya[bj!][m[i[d+!!@[h!
B@=*?^[\! ^WX[! pk! >[]_dd! i[_d[h!
Ahd[ddkd]! _c! B[XhkWh! d_Y^j! Wd*
][][X[d)!_c!>[i_jp!led!=aj_[d!Z[i!
L^WhcWp_[*Che‚ ^ƒ dZb[hi! =d\i`+
OfliZ\" D\Xck_! ! pk! i[_d+! @Wc_j! i[_!
[h!i[_d[h!Lz!_Y^j!d_Y^j!dWY^][aec*
c[d)! i[_d[! R[hc„ ][dil[h^ƒ bjd_i*
i[! e\\[d! pk! b[][d)! _diX[iedZ[h[!
iebY^[)! Z_[! [_d[d! Edj[h[ii[diaed*
z!_aj! _d! i[_d[h! Bkdaj_ed! ZWhij[bb[d!
a„ ddj[d+
B… h! =k\i[^[d! ieh][! ZWh… X[h!
^_dWki!Z[h!BWbb!Z[i!OYejj!Cejjb_[X)!
Z[h! e\\[dXWh! Wk\]hkdZ! [_d[h! ijWh*
a[d! B… hifhWY^[! Wki! >ki^*Gh[_i[d!
_c!Fkb_!pkc!ij[bbl+!Gecc_iiWh!\… h!
I[Z_p_d!kdZ!S_ii[diY^W\j!_c!B@=!
[hdWddj!mehZ[d!i[_+!@_[i[!Lei_j_ed!
i[_!_d!Z[h!pm[_j^„ Y^ij[d!B… ^hkd]i*
[X[d[! Wd][i_[Z[bj+! Cejjb_[X! ^WX[!
[_dij! _d! [_d[c! Edij_jkj! ][WhX[_j[j)!
ZWi! … X[h! [d][! R[hX_dZkd][d! pkh!
>ki^*N[]_[hkd]!l[h\… ][+!
@_[!O… ZZ[kjiY^[!V[_jkd]!m„ hj*
b_Y^7" wLifYc\dXk`jZ_\i" j`e[" Cfkk+
c`\Yj" \e^\" >\q`\_le^\e" qli" L_Xi+
dX`e[ljki`\,"Of"YiXZ_k\"\i"Y`j"mfi"
bliq\d" \`e" =ec\^\iYcXkk" _\iXlj*"
`e" [\d" _\`‚ \" P`ggj" … Y\i" =bk`\e"
[\i" L_XidX+" le[" >`fk\Z_efcf^`\+
>iXeZ_\"m\iYi\`k\k"nli[\e,"Ee"[\i"
Lfjk`cc\" Y\kƒ k`^k\" j`Z_" Cfkkc`\Y" Xcj"
L_XidXcfYYp`jk,"Of"^\`‚ \ck\"\i"ql"
jki\e^\" TlcXjjle^jmfijZ_i`]k\e"
[\i" B@=" ]… i" =iqe\`d`kk\c," TnXi"
m\ij`Z_\ik\" [\i" I\[`q`e\i*" \i"
_XY\"`e"j\`e\d"e\l\e"FfYx"Y\`"[\i"
B@=" d`k" [\d" =ec\^\iYcXkk" e`Z_kj"
d\_i" ql" jZ_X]]\e," @fZ_" eXZ_" N\+
Z_\iZ_\e" [\j" IX^Xq`ej" P`d\" jfcc"
\i" j`Z_" I`kk\" O\gk\dY\i" `e" \`e\i"
`ek\ie\e" AdX`c" bi`k`jZ_" … Y\i" [`\"
=Yc\_ele^" \`e\j" Ilck`gc\+Obc\if+
j\+I\[`bXd\ekj" [\j" L_XidXbfe+
q\iej" L{"q\i" [liZ_" [`\" B@=" ^\ƒ l+
‚ \ik"_XY\e,"Pifkq"jkXib\i"`ek\ie\i"
Gi`k`b" `e" [\i" B@=" Xe" Cfkkc`\Y" `jk"
\j" `_d" a\[fZ_" Y`jcXe^" ^\cle^\e*"
j\`e\e" Lfjk\e" ql" m\ik\`[`^\e," Of"
jZ_e\cc"cƒ jjk"Liƒ j`[\ek">lj_"j\`e\"
bfej\imXk`m\e" O\`cjZ_X]k\e" e`Z_k"
]Xcc\e,x
@_[!Wc[h_aWd_iY^[!VkbWiikd]i*
X[^„ hZ[!B@=!_ij!WkY^!_d!Z[d!OaWd*
ZWb! kc! ZWi! OY^c[hpc[Z_aWc[dj!
R_enn!l[hm_Ya[bj+!@_[!BhW][!_ij)!eX!
ZWi! I[Z_aWc[dj! … X[h^Wkfj! ^ƒ j*
j[! pk][bWii[d! m[hZ[d! Z… h\[d+! S_[!
ZWi! @[kjiY^[! •hpj[XbWjj! lec! .2+!
Jel+!/--1!X[h_Y^j[j[)!mkhZ[d!led!
Z[d! B@=*R[hWdjmehjb_Y^[d! X[_!
Z[d! Qdj[hikY^kd][d! h[decc_[h*
j[)! WX[h! ah_j_iY^[! S_ii[diY^W\jb[h!
Wki][bWZ[d)! mWi! [_d[h! LWhj[_dW^*
c[! pk]kdij[d! Z[i! I[Z_aWc[dji!
]b[_Y^aeccj+!@[h!QO*L^WhcWaed*
p[hd! I[hYa! $! ?e+! ^Wj! _dpm_iY^[d!
_c!=k]kij!Z[d![hij[d!led!lehWki*
i_Y^jb_Y^! jWki[dZ[d! R_enn*Lhep[i*
i[d! _d! Z[d! QO=! l[hbeh[d)! [_d[d!
pm[_j[d!Lhep[ii!`[ZeY^!][medd[d+!
Ai! a„ ddj[!ZkhY^Wki! i[_d)! ZWii! \… h!
Z_[! D[hij[bb[h! led! ][\ƒ ^hb_Y^[d!
I[Z_aWc[dj[d!Z[h!OY^kii!b[jpjb_Y^!
ZeY^!dWY^!^_dj[d!bei][^j+
HF&;Q_aZPTQU`_NQTr^PQ!B=<!
^QSaXUQ^`!BQNQZQUZWsZR`Q!b[Z!
AU`M^NQU`Q^Z
@_[! uJWj_edWb! Edij_jkj[i! e\!
D[Wbj^v! %JED&! i_dZ! [_d[! QO*>kd*
Z[iX[^„ hZ[!kdZ!Z[h!]h„ ‚ j[!Ofedieh!
\… h! ab_d_iY^[! OjkZ_[d! _d! Z[d! QO=!
%kdZ!m[bjm[_j&+!@_[i[!>[^„ hZ[!^Wj!
dkd! ijh[d][h[! N[][bd! \… h! J[X[d*
[_da… d\j[!Z[h!I_jWhX[_j[h![hbWii[d+!
V[_jkd][d! ^Wjj[d! ! … X[h! y!dWdp_[bb[!
Edj[h[ii[diaedz!_aj[!led!b[_j[dZ[d!
I_jWhX[_j[hd! Z[h! >[^„ hZ[! X[h_Y^*
j[j+! Qdj[hikY^kd][d! pk\eb][! ^Wj*
j[d!led!.+/--!BehiY^[hd!11!][][d!
][bj[dZ[!N[][bd!l[hije‚ [d)!ZWhkd*
j[h!6!][][d!][bj[dZ[!C[i[jp[+!J_Y^j!
m[d_][h!Wbi!3+---!I_jWhX[_j[h!i[_*
[d!_c!>[i_jp!led!L^WhcW*!kdZ!>_e*
j[Y^debe]_[*=aj_[d+!
B… ^h[dZ[!
S_ii[diY^W\jb[h!
iebb[d! dkd! _^h[! >[j[_b_]kd][d! Wd!
B_hc[d! Wk\! .2+---! @ebbWh! `[! B_h*
cW!X[]h[dp[d)!WdZ[h[!I_jWhX[_j[h!
X[d„ j_][d!`[jpj![_d[!C[d[^c_]kd]!
\… h! _^h[! >[j[_b_]kd][d+! >[pW^bj[!
Pƒ j_]a[_j[d! _d! BWY^][i[bbiY^W\j[d!
iem_[! N[Zd[h^edehWh[! iebb[d! `[*
ZeY^!m[_j[h![hbWkXj!i[_d+!R[hXhWk*
Y^[hiY^… jp[h!X[jhWY^j[d!Z_[!d[k[d!
N[][bd!Wbi!pk!bWn)!ZW!i_[!d_Y^j!_d!Z[h!
HW][!i[_[d)!Z_[!A_dz!kiidW^c[!Z[h!
L^WhcW_dZkijh_[!pk!X[[dZ[d+/
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE
#!(/!X
=EORELBEP%;JRNBEP!(&&+!
FOTZQXXQ^Q!LaXM__aZS!b[Z!
AQPUWMYQZ`QZ!NQU!SXQUOTNXQU&
NQZPQ^!DM`UQZ`QZ_UOTQ^TQU`3
Ed! @[kjiY^bWdZ! iebb[d! I[Z_*
aWc[dj[! _d! Vkakd\j! iY^d[bb[h! pk*
][bWii[d! m[hZ[d+"wy@Xj" jkƒ ibk"[\e"
L_XidXjkXe[fik" @\lkjZ_cXe[y*"
jX^k\" [\i" OkXXkjj\bi\kƒ i" `d" >le+
[\j^\jle[_\`kjd`e`jk\i`ld*"GcXlj"
P_\f" OZ_i„ [\i*" Xd" @fee\ijkX^"
`e" >\ic`e," @Xj" >le[\j`ejk`klk" ]… i"
=iqe\`d`kk\c" le[" I\[`q`egif[lb+
k\"j\`"ldjkilbkli`\ik"nfi[\e"le["
_XY\" \]{"q`\ek\i\" Okilbkli\e," @`\"
Qek\ie\_d\e" jgXik\e" [Xd`k" T\`k"
le[" C\c[," >\`" [\i" O`Z_\i_\`k" [\i"
=iqe\`d`kk\c" jfcc" \j" b\`e\" =Yjki`+
Z_\" ^\Y\e8" z@`\" LXk`\ek\ej`Z_\i+
_\`k"Yc\`Yk"fY\ijk\j"C\Yfky*"Y\kfek\"
OZ_i„ [\i,x0!
S_[!ZWi!>kdZ[i_dij_jkj!l[h^_d*
Z[hd! m_bb)! ZWii! ZWi! O_Y^[h^[_jid_*
l[Wk! ZkhY^! Z_[! iY^d[bb[h[! >[Wh*
X[_jkd]! d_Y^j! deY^! m[_j[h! i_daj)!
[hmƒ ^dj! OjWWjii[ah[jƒ h! OY^h„ Z[h!!
b[_Z[h!d_Y^j+
;QTQUY\[XU`UW!MaOT!UZ!PQa`&
_OTQZ!5QTr^PQZ
Ed! @[kjiY^bWdZ! _ij! ZWi! K\\[d*
b[][d! led! Edj[h[ii[diaedz!_aj[d!
X[_!Z[d!\… h!Ecf\ije\\[!pkijƒ dZ_][d!
>[^„ hZ[d! X_i^[h!aWkc! [_d! „ \\[dj*
b_Y^[i! P^[cW+! @Wi! LWkb*A^hb_Y^*
Edij_jkj! %LAE&)! l[hWdjmehjb_Y^! \… h!
Z_[! VkbWiikd]! led! Ecf\ije\\[d)!
l[hifh_Y^j! pmWh! Wk\! i[_d[h! S[Xi*
[_j[!PhWdifWh[dp)!Wdjmehj[j!`[ZeY^!
]hkdZiƒ jpb_Y^! d_Y^j! Wk\! ah_j_iY^[!
=d\hW][d! pkc! VkbWiikd]il[h\W^*
h[d)! i[bXij! ZWdd! d_Y^j)! m[dd! i_[!
led!fhWaj_p_[h[dZ[d!•hpj[d!][ij[bbj!
m[hZ[d+1!
J_Y^j! pkb[jpj! Z[h! OaWdZWb! kc!
Z[d! _dpm_iY^[d! Wki! \WZ[diY^[_d_*
][d! Ch… dZ[d! lec! IWhaj! ][dec*
c[d[d! ! Ecf\ije\\! DAT=R=?! kdZ!
Z_[! R[hjkiY^kd]! Xpm+! R[h^Whc*
beikd]! pW^bh[_Y^[h! PeZ[i\ƒ bb[! _c!
p[_jb_Y^[d!VkiWcc[d^Wd]!c_j!Z[h!
R[h]WX[! Z_[i[i! 3\WY^*Ecf\ije\\i!
m_h\j! Z_[! BhW][! dWY^! Edj[h[ii[di*
aedz!_aj[d! X[_! Z[d! l[hWdjmehjb_*
Y^[d!>[^„ hZ[dc_jWhX[_j[hd!Wk\+!
J_Y^j!c_dZ[h!ah_j_iY^!_ij!Z_[!Le*
b_j_a!Z[h!Ojƒ dZ_][d!Ecf\aecc_ii_*
ed! %OPEGK&! pk! X[jhWY^j[d)! Z_[! _c!
=k\jhW]! Z[i! >kdZ[i][ikdZ^[_ji*
c_d_ij[h_kc! `[Z[i! FW^h! Ecf\[cf*
\[^bkd][d! ^[hWki]_Xj)! m[bY^[! led!
Z[d!HWdZ[iX[^„ hZ[d!_d!Wbb[h!N[][b!
… X[hdecc[d!m[hZ[d+!
#!)&!X
ILOF#PEONPR!
@_[!Lhe\[iieh[d!V[ff!kdZ!De\*
cWdd!X[_if_[bim[_i[!][^„ hj[d!p+>+!
Z[c! >[_hWj! `[d[h! L^WhcWijkZ_[!
Wd)!Z_[!pkh!Acf\[^bkd]!Z[h!t!WkY^!
X[_!l_[b[d!ZkhY^Wki!_cf\\h[kZ_][d!
BWY^b[kj[d!^[\j_]!kcijh_jj[d!t!Wbb*
][c[_d[d! S_dZfeYa[d_cf\kd]!
\… ^hj[+2!
@Wh… X[h! ^_dWki! i_dZ! Z_[! Beh*
iY^kd]ifhe`[aj[!led!Lhe\+!V[ff!Wd!
Z[h! Qd_l[hi_jƒ j! IW_dp! pkc_dZ[ij!
j[_bm[_i[! led! @h_jjc_jj[bd! Wki! Z[h!
EdZkijh_[! WX^ƒ d]_]+! @_[! [djifh[*
Y^[dZ[! S[Xi[_j[! Z[h! Qd_! ][^j!
Z[dd! WkY^! i[^h! ifWhiWc! c_j! [dj*
ifh[Y^[dZ[d! Ed\ehcWj_ed[d! kc+3!
@[h! Rehi_jp[dZ[! Z[h! OPEGK)! Lhe\+!
OY^c_jj)!ckii)!m_[!kdi![_d!Edi_Z[h!
X[h_Y^j[j[)! X[_! Z[d! c[_ij[d! =X*
ij_cckd][d!Z[i!Ch[c_kci!m[][d!
t! c_j! Z[c! =Xij_cckd]i][][d*
ijWdZ!aebb_Z_[h[dZ[d!t!Edj[h[ii[d*
aedz!_aj[d!leh!Z[h!P… h!Xb[_X[d+
@_[!=hj!kdZ!S[_i[!Z[i!VkijWd*
Z[aecc[di! led! Ecf\[cf\[^bkd]!
[d! b_[]j! _d! ]h„ ‚ j[c! „ \\[djb_Y^[d!
Edj[h[ii[)! ZW! [i! ^_[h! d_Y^j! dkh!
kc! Z[d! OY^kjp! Z[h! ]Wdp[d! >[l„ b*
a[hkd]! leh! Af_Z[c_[d)! iedZ[hd!
WkY^!kc!_^h[d!OY^kjp!leh!kdd„ j_*
][d! c[Z_p_d_iY^[d! A_d]h_\\[d! kdZ!
J[X[dm_hakd][d! ][^j+! QdZ! d_Y^j!
pkb[jpj!dWj… hb_Y^!kc!I_bb_WhZ[d][*
m_dd[![_d_][h!]he‚ [h!Gedp[hd[)!Z_[!
c_j! O_Y^[h^[_j! X[ijh[Xj! i_dZ)! A_d*
z!kii! Wk\! ZWi! m_Y^j_]ij[! Z[kjiY^[!
Ch[c_kc!\… h!Z[d!Ecf\ije\\X[h[_Y^!
pk!d[^c[d+!
@eY^! Z_[! [djifh[Y^[dZ[d! =X*
ij_cckd]ifhejeaebb[! Z[h! OPEGK!
ij[^[d!kdj[h!R[hiY^bkii+!S_[!=d][*
b_aW!G„ ][b*OY^Wkp)!Rehi_jp[dZ[!Z[h!
uAbj[hd! \… h! Ecf\Wk\abƒ hkd]v! kdZ!
uEcf\Wk\abƒ hkd]! [+R+v4)! X[abW]j)!
b[]j! Z_[! OPEGK! deY^! d_Y^j! [_dcWb!
_^h[!C[iY^ƒ \jiehZdkd]!e\\[d7!
wO\`k"FX_i\e"Y\d… _\"`Z_"d`Z_*"
[`\" C\jZ_ƒ ]kjfi[ele^" [\i" OPEGK"
\`eqlj\_\e," >`j_\i" nXi\e" a\[fZ_"
Xcc\" R\ijlZ_\*" XlZ_" lek\i" A`eY\+
q`\_le^" [\j" >le[\j^\jle[_\`kj+
d`e`jk\i`ldj*" \i^\Ye`jcfj," K]]\e+
YXi" _XY\e" [`\" OPEGK+I`k^c`\[\i"
\`e\"I\e^\"mfi"[\i"€ ]]\ekc`Z_b\`k"
ql"m\iY\i^\e,x"
Mk[bb[d7
!O… ZZ[kjiY^[!V[_jkd])!.-+.-+-2
!@j+!•hpj[XbWjj)!/3+5+-2
0!
@L=)!/.+-4+/--2!
1
!_cf\*h[fehj!%J[mib+&)!Jh+!00,/--1
2
!_cf\*h[fehj!%V[_jiY^h+&!Jh+!.)!./,-1
3
!a_dZ[h+ab_d_a+kd_*cW_dp+Z[
4
!mmm+_cf\Wk\abW[hkd]+Z[
.
/
B… i"[Xj"LXlc+A_ic`Z_+Eejk`klk"'lek\e(""`jk"[`\"N`j`bf+Jlkq\e+=Ynƒ ^le^"Y\`"Edg]+
jkf]]\e"\`e"jZ_… kq\ejn\ik\j">\ki`\Yj^\_\`de`j"[\i"D\ijk\cc\i,,,
>NKWIM!@EPKAG!b!<NQRFACH!(''',&!b!2#.,'-'!1SGQBSPG!b!3NM!&.('%.'&.,(,!b!3AU!.'&.,(-!b!!TTT$ILOF#PEONPR$DE