Lg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Cdl^cXajYZhlg^i^c\[dgdjglZWh^iZVcY^cigVcZi
gZVhdcZY
VXi^kZ
k^WgVci
Xdc[^YZci
I]Zlg^iZhij[[
8dciZcih
I]Zlg^iZhij[[
&
7VX`\gdjcY
'
=dlidYd^i
-
Lg^i^c\[dgdjglZWh^iZVcY^cigVcZi
&+
=dlidlg^iZ[dgi]ZhXgZZc
&-
HdbZZmVbeaZhd[]dlidlg^iZ
[dgeg^ciVcYdca^cZ
')
6\ZcXnheZV`
('
FjZhi^dchVcYVchlZgh
(+
DjghinaZ\j^YZ
(-
9dc¾i[dg\Zi
)*
I]^gYZY^i^dcBVgX]'%%,
EjWa^h]ZYWn/
:ck^gdcbZci6\ZcXn
G^d=djhZ
LViZgh^YZ9g^kZ!6oiZXLZhi
6abdcYhWjgn!7g^hida7H(')J9
IZa/%-,%-*%+*%+
:bV^a/Zcfj^g^Zh5Zck^gdcbZci"V\ZcXn#\dk#j`
lll#Zck^gdcbZci"V\ZcXn#\dk#j`
DcZd[i]ZXZcigVai]ZbZhd[djgXdgedgViZhigViZ\n
8gZVi^c\VWZiiZgeaVXZ!^hi]VilZWg^c\VbjX]WZiiZg
XjhidbZg[dXjhiddjgldg`#I]ZV^b^hi]VilZl^aa
bV`Zi]Z:ck^gdcbZci6\ZcXnZVhnidYdWjh^cZhh
l^i]#6bV_dgeVgid[i]Vi^hbV`^c\Vaad[i]Z
bViZg^VahlZegdYjXZ!^ceg^ciVcYdca^cZ!ZVhn
[dgdjgXjhidbZghidjcYZghiVcYhdi]Vii]ZnXVc
]Zaeid^begdkZi]ZZck^gdcbZci#
:kZci]dj\]djglZWh^iZViigVXihVadid[k^h^idgh!
djghjgkZnhh]dli]VibVcneZdeaZÆcY^iY^[ÆXjai
idjhZ#I]^h^hh^beanWZXVjhZlZYdcdilg^iZXdciZci
heZX^ÆXVaan[dgdjglZWh^iZVcY^cigVcZihdi]Vi^ibZZih
i]ZcZZYhd[djgXjhidbZgh#I]^hcZlZY^i^dcd[Lg^iZ
[dgi]Z:ck^gdcbZci6\ZcXn^cXajYZhi^ehdc]dlid
lg^iZ[dgi]ZlZWh^iZVcY^cigVcZiVhlZaaVhhdbZ
cZlZmVbeaZhd[\ddYVcYWVYlg^i^c\#
LZaVjcX]ZYdjgeaV^c:c\a^h]egd\gVbbZ^c'%%)#
H^cXZi]ZclZ]VkZbVYZ\gZVihig^YZh^c^begdk^c\i]Z
fjVa^ind[djglg^iiZc:c\a^h]#LZcdl]VkZVcZildg`
d[dkZg&'%eaV^c:c\a^h]X]Vbe^dchegdbdi^c\XaZVg
lg^i^c\VXgdhhi]Zdg\Vc^hVi^dc#Cdl^i^hi^bZid\d
i]ViW^i[jgi]Zg!VcYjhZeaV^c:c\a^h]^cVaad[djg
lg^iiZcXdbbjc^XVi^dch#
LZVgZVaalg^iZgh#7jiaZi¾hVaaWZXdbZ\ddYlg^iZgh!
^cVaabZY^V#
:ck^gdcbZci6\ZcXn
6aag^\]ihgZhZgkZY#I]^hYdXjbZcibVnWZgZegdYjXZY
l^i]eg^dgeZgb^hh^dcd[i]Z:ck^gdcbZci6\ZcXn#
Lg^iiZcWn9Vk^Y8VbZgdc
EVgihd[i]^hYdXjbZciVgZWVhZYdcbViZg^VahegdYjXZYWn
i]ZEaV^c:c\a^h]8VbeV^\cVcYVgZjhZYl^i]eZgb^hh^dc#
7VgWVgVNdjc\
8]^Z[:mZXji^kZ!:ck^gdcbZci6\ZcXn
&
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
7VX`\gdjcY
I]ZlVni]VilZlg^iZVWdjii]Z:ck^gdcbZci6\ZcXn
VcYi]ZidcZd[kd^XZlZjhZ\gZVianV[[ZXii]Z
^begZhh^dci]VilZbV`ZdcdjggZVYZgh#
Bdhid[i]Zlg^i^c\lZYd¹
Xdbbjc^XVi^c\l^i]Wjh^cZhhVcY
i]ZejWa^X¹^hlg^i^c\id^c[dgb#>c
i]^h`^cYd[lg^i^c\^i^hk^iVai]VilZ
lg^iZ^cVlVni]ViVaadlhdjggZVYZgh
idjcYZghiVcYl]VilZlVciidhVn
fj^X`anVcYZVh^an#>i¾hVaaeVgid[
egdk^Y^c\\ddYXjhidbZghZgk^XZ#
8aZVganlg^iiZcYdXjbZcihbZVc[ZlZg
XjhidbZgXdbeaV^cihWZXVjhZeZdeaZ
XVcjcYZghiVcYi]ZbÆghii^bZ#
DjgWgVcY\^kZhjhi]ZY^gZXi^dc
lZcZZYidYdi]^h#>i^YZci^ÆZh
djghigZc\i]hVcYl]VibV`Zhjh
Y^[[ZgZci[gdbdi]Zgdg\Vc^hVi^dch#
7ZXdb^c\Vcdg\Vc^hVi^dci]Vi^hZVhn
idYdWjh^cZhhl^i]^hdcZd[i]ZbV^c
V^bhd[i]ZBdgZ[dgi]ZZck^gdcbZci
egd\gVbbZ!i]gdj\]l]^X]lZl^aa
VX]^ZkZi]ZV^bhd[djgXdgedgViZ
higViZ\n!8gZVi^c\VWZiiZgeaVXZ#
™ LZVgZcdiadWWn^hihWjilZ
VgZedh^i^kZX]Vbe^dchd[i]Z
Zck^gdcbZci!bV`^c\jhk^WgVci#
6cYgZbZbWZgi]ViZkZgni^bZlZ
hZcYdjiVaZiiZg!aZVÇZi!ejWa^XVi^dc
dgejWa^h]dcdjglZWh^iZdjg
XjhidbZghgZ\VgYi]ViVhi]Z
kd^XZd[i]Z:ck^gdcbZci6\ZcXn#
Hd^i^h^bedgiVcii]VilZbV`Z
ZkZgni]^c\lZlg^iZXaZVgVcY
ZVhnidjcYZghiVcY#
' :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
™ LZWVhZdjgYZX^h^dchdc[VXih!cdi
eda^i^Xh!l]^X]bV`ZhjhgZVhdcZY#
™ LZYdc¾i_jhiVg\jZ[dg
^begdkZbZcihidi]ZZck^gdcbZci!
lZiV`ZXdcXZgiZYVXi^dcidbV`Z
i]Zb]VeeZc#I]^hbV`ZhjhVXi^kZ#
=ZgZVgZhdbZZmVbeaZh#
I]ZnVgZcdiValVnhY^gZXi
½igVchaVi^dch¾^cideaV^c:c\a^h]!
Wjihj\\Zhi^dchd[VbdgZ
Veegdeg^ViZlVnidlg^iZ
iddjgXjhidbZgh#
™ Djgldg`ViVadXVaaZkZa^h
higZc\i]ZcZYWndjgcVi^dcVa
eZgheZXi^kZl]^X]bV`Zhjh
XdcÆYZci#
Hdl]ZclZlg^iZ[dgi]Z:ck^gdcbZci
6\ZcXn!^[lZlg^iZ^cVlVni]Vi
gZÇZXihdjgWgVcYlZl^aalg^iZ^c
VlVni]VihZgkZhdjgXjhidbZgh#
(
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
GZVhdcZYlg^i^c\^hWZhihj^iZYidlg^i^c\i]VigZaViZh
iddjgldg`VhVgZ\jaVidg#
Lg^iZa^`Zi]^h
½DjghiV[[VhhZhhi]ZVeea^XVi^dchlZgZXZ^kZ#>cheZX^Va
X^gXjbhiVcXZhlZl^aahZijeVheZX^Va^hijc^iidadd`Vi
Veea^XVi^dch#;dgZmVbeaZlZ]VkZhZijehigViZ\^X
eZgb^ii^c\iZVbhi]Viadd`Vi\gdjehd[Veea^XVi^dch
[gdbXdbeVc^ZhlVci^c\idigVch[Zg[gdbdcZineZd[
gZ\jaVi^dcidVcdi]Zg#<gdje^c\i]ZhZVeea^XVi^dchhVkZh
jhi^bZVcYbdcZnVcYlZXVcWg^c\hiV[[l^i]heZX^Va^hi
`cdlaZY\Zid\Zi]Zg#>iVahdVaadlhVgZViZVbhidYZVal^i]
Veea^XVi^dchi]VigZfj^gZbdgZadXVa`cdlaZY\Z#¾
Cdia^`Zi]^h
½6eea^XVi^dchVgZ\ZcZgVaanYZiZgb^cZYWnZck^gdcbZciVa
egdiZXi^dchiV[[hZgk^XZYZa^kZgniZVbh^c6gZVhdg
heZX^Va^hijc^ihhZijejcYZgheZX^VaX^gXjbhiVcXZh#;dg
ZmVbeaZ!higViZ\^XeZgb^ii^c\\gdjeh]VkZWZZcXgZViZY
idYZiZgb^cZigVcX]Zhd[Veea^XVi^dch[gdb^chiVaaVi^dch
igVch[Zgg^c\[gdb>E8dgLBAgZ\jaVi^dcidEE8jcYZg
i]ZigVch^i^dci^bZiVWaZ#HjX]\gdjeh]ZaebVm^b^hZ
Z[ÆX^ZcXnVcYZ[[ZXi^kZcZhhWnjh^c\heZX^Va^hiZmeZgi^hZ
VcY`cdlaZY\Zd[^cY^k^YjVa^cYjhignhZXidghZ#\#
dg\Vc^XX]Zb^XVahVcY[dXjh^c\dcVeVgi^XjaVgVXi^k^in
Veea^XVi^dch#I]ZnVahd[gZZje6gZV"WVhZYiZVbhidYZVa
l^i]Veea^XVi^dch[dgcZl^chiVaaVi^dch!kVg^Vi^dch!igVch[Zgh
VcYhjggZcYZgh!l]^X]gZfj^gZbdgZadXVa`cdlaZY\Z#¾
) :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
VXi^kZlg^i^c\
gZVhdcZYlg^i^c\
GZVhdcZYlg^i^c\^had\^XVa!bZVhjgZYVcY[V^g#LZZmeaV^c
l]VilZlVciidhVnXaZVganVcYXdcX^hZan#LZ`cdli]Vi
djgeda^XnYZX^h^dchVgZ[djcYZYdc\ddYgZVhdcZY
i]dj\]iVcYZmeZg^ZcXZ!VcYdjglg^i^c\h]djaYgZÇZXi
i]^h#LZYdcdibV`ZhiViZbZcihi]VilZXVc¾iWVX`je#
7jilZYdcdijhZi]^hVhVcZmXjhZidh^idci]Z[ZcXZ#
6Xi^kZlg^i^c\^hY^gZXi#>iiVa`hVWdjiYd^c\i]^c\hVcY
jhZhkZgWhgVi]Zgi]Vccdjchid\Zidjged^ciVXgdhh#
JhZVXi^kZaVc\jV\Zl]Zclg^i^c\[dgi]Z\ZcZgVaejWa^X
l]ZcndjcZZYidZmeaV^cdjgldg`idi]Zb#I]^hZmVbeaZ
^h[gdbVXdchjaiVi^dcYdXjbZci#
Lg^iZa^`Zi]^h
½I]ZfjVa^ind[i]ZlViZg^cdjgg^kZgh!hZVhVcYZhijVg^Zh
]Vh^begdkZYh^\c^ÆXVcian^ci]ZaVhiiZcnZVgh#=dlZkZg^i
l^aa]VkZid^begdkZ[jgi]Zg^[lZVgZidVX]^ZkZi]Z½\ddY¾
hiVijhi]Vii]ZLViZg;gVbZldg`9^gZXi^kZgZfj^gZh#>[i]Z
dg\Vc^hVi^dch^ckdakZYldg`id\Zi]ZglZl^aaWZbdgZ
a^`ZanidVX]^ZkZ½\ddY¾hiVijh!VcYi]^h^hi]ZVeegdVX]
lZlVciidiV`Z#¾
Cdia^`Zi]^h
½G^kZg!ZhijVg^cZVcYXdVhiValViZgfjVa^in^c:c\aVcY
VcYLVaZh]Vh^begdkZYh^\c^ÆXVciandkZgi]ZeVhi&%
nZVgh#=dlZkZg![jgi]Zg^begdkZbZcih^clViZgfjVa^inVgZ
cZZYZYidZchjgZi]Vi\ddYZXdad\^XVahiVijh^hVX]^ZkZY
jcYZgi]ZLViZg;gVbZldg`9^gZXi^kZ#8d"YZa^kZgn^hV`Zn
eVgid[i]ZLViZg;gVbZldg`9^gZXi^kZVcYi]Z6\ZcXn
lVcihidhZijeVhbVcnlVnhd[ldg`^c\^ceVgicZgh]^e
Vhedhh^WaZ#¾
*
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Lg^iZa^`Zi]^h
½DjgaV`ZhVcYg^kZghYdc¾i_jhihjeeanÆh]#I]ZnjcadX`
i]Z\gZVidjiYddgh!egdk^Y^c\b^aa^dchd[eZdeaZl^i]V
k^iVaVci^YdiZidi]ZegZhhjgZhd[bdYZgca^[Z#I]ZnVgZ
VWVgdbZiZgd[i]Z]ZVai]d[i]ZcVijgVaZck^gdcbZci
VcYXdcig^WjiZidl^aYa^[ZXdchZgkVi^dc#6cYi]ZnVgZ
VeVgid[djgXdjcign¾h]Zg^iV\Z!Vhk^iVaVhi]Zk^aaV\Z
\gZZcdgadXVaeVg`#¾
Cdia^`Zi]^h
½=ZVai]nÆh]Zg^ZhhjeedgiVc\a^c\VcYXdbbZgX^VaÆh]^c\
VhlZaaVhXdcig^Wji^c\idl^aYa^[ZXdchZgkVi^dcVcY
W^dY^kZgh^in#BdgZdkZg!hdX^ZinVhVl]daZWZcZÆih[gdb
i]Z^begdkZY]ZVai]VcYi]ZZYjXVi^dci]VihiZb[gdb
eZdeaZ¾hZc_dnbZcid[i]^hcVijgVagZhdjgXZ#>cYZZY!^i^h
\dkZgcbZcieda^XnidbV`Zi]Zbdhid[i]ZWZcZÆihi]Vi
Æh]Zg^Zh]VkZidd[[ZgidadXVaXdbbjc^i^ZhVcY[dgi]Z
XdjcignVhVl]daZ#¾
+ :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Xdc[^YZcilg^i^c\
k^WgVcilg^i^c\
K^WgVcilg^i^c\Wg^c\hdjgldg`ida^[Z#>i^hlg^i^c\i]Vi
h]dlhZci]jh^VhbVcYiZaahi]Zhidg^ZhWZ]^cYdjgldg`#
>ibV`ZhlZaa"X]dhZced^cihh^beanVcYXaZVgan#K^WgVci
lg^i^c\jhZhh]dgihZciZcXZhl^i]edlZg[ja!h^beaZ
ldgYh#>i^hWZhihj^iZYidlg^i^c\i]Vil^h]Zhid
^cÇjZcXZ^ihVjY^ZcXZ!cdi_jhi^c[dgb^i#
6WdkZVaadjglg^i^c\bjhiWZXdcÆYZci#8dcÆYZcilg^i^c\
Xdbbjc^XViZhbZhhV\ZhXaZVgan#>iiVa`hVWdjii]Z
:ck^gdcbZci6\ZcXnVhVl]daZVcYjhZh½lZ¾VcY½jh¾#
>ibV`ZhXaZVghiViZbZcihVWdjil]VicZZYhidWZYdcZ
VcYdjggdaZ^cVX]^Zk^c\^i#8dcÆYZcilg^i^c\ValVnhjhZh
eaV^c:c\a^h]#>iVahdbZVchjh^c\aVc\jV\Zi]VieZdeaZ
djih^YZdjgdg\Vc^hVi^dcl^aagZaViZidVcYÆcYhi^bjaVi^c\#
JhZXdcÆYZcilg^i^c\^cndjgaZiiZghVcYZbV^ah!ndjg
aZVÇZihVcYl]Zcndjlg^iZ[dgi]ZlZWh^iZdg^cigVcZi#
Lg^iZa^`Zi]^h
LZ`cdli]ViYZkZadebZciYdZhc¾i]VkZid]Vgbi]Z
Zck^gdcbZci#LZ`cdli]Vi^[^i^hlZaaadXViZY!eaVccZY
VcYYZh^\cZY!^iXVcVXijVaanbV`Z^begdkZbZcihidi]Z
Zck^gdcbZciVcYegdk^YZVWZiiZgeaVXZida^kZVcYldg`#
LZl^aaZchjgZi]VilZiV`ZVaai]ZZck^gdcbZciVag^h`h
VcYdeedgijc^i^Zh^cidVXXdjci^cVaadjgeaVch#6cYlZ
l^aaValVnhXdbeanl^i]i]ZaVlVcY\dkZgcbZci\j^YVcXZ
l]ZclZYd#
Cdia^`Zi]^h
I]Z6\ZcXnl^aaVeean:ck^gdcbZciVa6hhZhhbZciid
XZgiV^ceaVch!egd\gVbbZhVcYegd_ZXihdci]ZWVh^hd[
i]ZZck^gdcbZciVag^h`hVcYdeedgijc^i^Zh#I]Z6\ZcXnl^aa
Y^hX]Vg\Z^ih:ck^gdcbZciVa6hhZhhbZciYji^Zh[dgHigViZ\^X
:ck^gdcbZciVa6hhZhhbZciH:6VcY:ck^gdcbZciVa
>beVXi6hhZhhbZci:>6jcYZgi]ZgZaZkVciaZ\^haVi^dc
VcY\dkZgcbZci\j^YVcXZ^cXajY^c\i]Z:ck^gdcbZci6Xi!
&..*0:J9^gZXi^kZhdcH:6VcY:>60VcYGZ\jaVi^dch^c
VXdch^hiZcibVccZgVcYid]^\]hiVcYVgYh#
L]ZgZ>ciZ\gViZYdgHjhiV^cVW^a^in6eegV^hVa^hVahd
Veea^ZYidi]ZhZeaVch!egd\gVbbZhdgegd_ZXih:>6$H:6
VcYHjhiV^cVW^a^in$>ciZ\gViZY6eegV^hVal^aaWZ^ciZ\gViZY
^ciddcZegdXZhh#
,
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
=dlidYd^i
<Zii^c\hiVgiZY
7Z[dgZndjhiVgiidlg^iZ!i]^c`VWdji
l]VindjlVciidhVn!l]dndjlVci
idhVn^iidVcYl]ni]ZncZZYid
`cdl#I]Zci]^c`VWdjil]Vindj
lVcindjggZVYZghidYdVhVgZhjai
d[gZVY^c\ndjgldgYh#I]^hl^aa]Zae
ndjidldg`djil]Vi^c[dgbVi^dc
ndjlVciid^cXajYZVcYi]ZdgYZg
^cl]^X]^il^aaVeeZVg#>[ndjYd
i]^hWZ[dgZndjhiVgi!ndjgÆc^h]ZY
YdXjbZci^hbjX]bdgZ
a^`ZanidWZhjXXZhh[ja#
L]Zcndj¾kZh`ZiX]ZYdjiVaandjg
^YZVh!\gdjei]Zb^cidi]ZbZh
VcYYZX^YZdcVad\^XVadgYZg#I]Z
^c[dgbVi^dcndj^cXajYZVcYi]ZdgYZg
^iVeeZVgh^ch]djaYbV`ZhZchZid
ndjggZVYZgh#Lg^iZYdlchdbZ
]ZVY^c\hi]Vil^aa\^kZVi]jbWcV^a
h`ZiX]d[ndjgbV^ced^cih#
9dc¾i_jhiYdi]^h[dggZedgih#EaVcc^c\
Y^[ÆXjaiaZiiZghdgZbV^ah^ci]^hlVn
l^aabV`Zlg^i^c\i]ZbbjX]ZVh^Zg
[dgndj#<gVWndjggZVYZgh¾ViiZci^dc#
9dc¾ibZhhVWdji!ejii]Zbdhi
^bedgiVcibZhhV\Zje[gdci#
- :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Lg^iZ^ceaV^c:c\a^h]
BV`Z^i^bedhh^WaZ[dgndjggZVYZgh
idVkd^YndjgbV^ced^cih#
>[ndj¾gZlg^i^c\VgZedgi/
™ egZhZcindjgbV^ced^cidg
XdcXajh^dcÆghiVcYi]Zci]Z
hjeedgi^c\Vg\jbZcih
™ hi^X`ndjg]ZVYVWdkZi]ZeVgVeZi
VcYbV`ZgZXdbbZcYVi^dch#
™ ViiVX]hjeedgi^c\YZiV^ahVh
VeeZcY^XZh¹Wjidcan^[
VWhdajiZangZaZkVci#
Ndjg_dW^hid^c[dgb
cdiid^begZhh
I]ZbVg`d[VigjZZmeZgi^hdcZl]d
XVcXdckZnVXdbea^XViZYbZhhV\Z
h^beanVcYXdcX^hZan#Ndjl^aacdi
^begZhhVcndcZ^[ndjlg^iZadc\
VcYYZiV^aZYgZedgih^cWjgZVjXgVi^X
aVc\jV\Z#JhZi]ZhZ\j^YZa^cZhVcY
gZbZbWZg¹`ZZe^ih]dgi#
EaV^c:c\a^h]^hXaZVgVcYXdcX^hZ!
jhZhZkZgnYVnaVc\jV\ZVcYiVa`h
idi]ZgZVYZgh#>iYdZhcdilg^iZ^c
VWjgZVjXgVi^XhinaZVcYYdZhcdi
jhZ_Vg\dc#
I]ZgZVgZbVcnVYkVciV\Zhid
lg^i^c\^ceaV^c:c\a^h]/
™ ^i¾hbjX]ZVh^ZgidgZVY
I^eh
™ EaVc[^ghi!i]Zclg^iZ
™ BV`ZVa^hid[
]ZVY^c\hidYZkZade
i]ZhigjXijgZ
™ ^ijhZh[ZlZgldgYh
VcYhdjhZhaZhheVeZg
™ EjindjgbV^ced^cidg
XdcXajh^dc[^ghi
™ ^i\Zihi]Zed^ciVXgdhh
fj^X`anVcYZVh^an#
™ JhZeaV^c:c\a^h]
I]ZgZVgZÆkZ`Zneg^cX^eaZh/
™ h]dgihZciZcXZh
™ VXi^kZkZgWh
™ ½ndj¾VcY½lZ¾
™ jhZldgYhi]ViVgZ
Veegdeg^ViZ[dgi]ZgZVYZg
™ lg^iZl^i]kZgWhgVi]Zg
i]Vccdjch#
.
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
H]dgihZciZcXZh
JhZ½VXi^kZ¾kZgWh
H]dgihZciZcXZhVgZZVh^Zgid
jcYZghiVcYi]Vcadc\dcZh#Adc\
hZciZcXZha^`Zi]^hdcZXVcWZ]VgY
idjcYZghiVcYWZXVjhZi]ZgZVYZgh
cZZYid\dWVX`idi]ZWZ\^cc^c\d[
i]ZhZciZcXZV[iZggZVX]^c\i]ZZcY
WZ[dgZi]ZnXVc[jaanjcYZghiVcY
l]VindjVgZhVn^c\#Ndjh]djaY
lg^iZidVcVkZgV\ZhZciZcXZaZc\i]
d[&*¹'%ldgYh#
Jh^c\½VXi^kZ¾kZgWhh]dlhi]VilZ
VgZXdcÆYZci#6Xi^kZkZgWhbV`Z
lg^i^c\bdgZa^kZanVcYZVh^Zgid
gZVYVcYjcYZghiVcY#EVhh^kZ
kZgWhbV`Zlg^i^c\]ZVknVcY
aZhhZVhnidjcYZghiVcY#
I]^hYdZhcdibZVcbV`^c\ZkZgn
hZciZcXZi]ZhVbZaZc\i]#7ZejcX]n#
KVgnndjglg^i^c\Wnb^m^c\h]dgi
hZciZcXZha^`Zi]ZaVhidcZl^i]
adc\ZgdcZha^`Zi]^hdcZ¹[daadl^c\
i]ZWVh^Xeg^cX^eaZd[hi^X`^c\id
dcZbV^c^YZV^cVhZciZcXZ¹eajh
eZg]VehdcZdi]ZggZaViZYed^ci#
IV`ZVadd`Vii]^hhZciZcXZ/
>c'%%,VidiVad[—-*%b^aa^dc
d[ZmeZcY^ijgZlVhbVYZWni]Z
:ck^gdcbZci6\ZcXn#
I]ZkZgW^ci]^hhZciZcXZ^h½lVh
bVYZ¾VcY^iVeeZVghidlVgYi]Z
ZcYd[i]ZhZciZcXZ#I]Zi]^c\i]Vi
^hYd^c\i]ZkZgW¹`cdlcVhi]Z
½V\Zci¾¹^hVii]ZZcYd[i]Z
hZciZcXZ[daadl^c\i]ZkZgW#
AZi¾hgZlg^iZi]^hhZciZcXZl^i]i]Z
kZgWcZVgi]ZWZ\^cc^c\#
I]Z:ck^gdcbZci6\ZcXnbVYZ
—-*%b^aa^dcd[ZmeZcY^ijgZ^c'%%,!
dgI]Z:ck^gdcbZci6\ZcXnheZci
—-*%b^aa^dc^c'%%,#
I]Zdg^\^cVakZgh^dcd[i]^hhZciZcXZ
^hlg^iiZc^ci]ZeVhh^kZkd^XZ!i]Zild
VWdkZ^ci]ZVXi^kZ#>ci]ZeVhh^kZ
kd^XZlZ]VkZ]VYid^cigdYjXZ
i]ZldgYh½lVh¾VcY½Wn¾VcYi]Z
hZciZcXZhiVgiZYidWZXdbZXajbhn#
&% :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
I^eh
>i^hVahdedhh^WaZidlg^iZi]ZeVhh^kZ
kZgh^dcd[i]ZhZciZcXZVh/
>c'%%,VidiVad[—-*%b^aa^dcd[
ZmeZcY^ijgZlVhbVYZ#
I]^hgZbdkZhi]ZV\Zci[gdbi]Z
hZciZcXZXdbeaZiZan#I]^h^hi]Z
ldghiVheZXid[i]ZeVhh^kZkZgW
WZXVjhZgZVYZghXVcÆcY^i]VgY
id[jaanjcYZghiVcYhZciZcXZh
l^i]djiV\Zcih#
;dgZmVbeaZ/
™ I]ZX]Vg\Zh]VkZWZZchZi#
™ I]Za^XZcXZlVhgZkd`ZY#
™ I]ZYZX^h^dclVhbVYZ#
CdcZd[i]ZhZZmVbeaZh]VhVc
V\Zci½Yd^c\¾i]ZkZgW#Hdi]Z
gZVYZghYdcdi`cdll]dhZii]Z
X]Vg\Zh!gZkd`ZYi]Za^XZcXZdg
bVYZi]ZYZX^h^dc#
™ Hi^X`id½dcZhZciZcXZ!
dcZ^YZV¾
™ 6^b[dgVcVkZgV\Z
hZciZcXZaZc\i]d[
&*"'%ldgYh
™ KVgni]ZaZc\i]d[
ndjghZciZcXZh
™ JhZVXi^kZkZgWhid
bV`Zndjglg^i^c\
bdgZa^kZan
IdbV`ZhjgZi]Vindjlg^iZ^ci]Z
VXi^kZkd^XZejindjgV\ZciVi!dg
cZVg!i]ZWZ\^cc^c\d[ndjghZciZcXZ
VcY[daadl^il^i]i]ZkZgW#
LZVgZVXdcÆYZcidg\Vc^hVi^dc
¹lZValVnhhVnl]ZclZVgZ
gZhedch^WaZ[dghdbZi]^c\#
&&
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
JhZZkZgnYVnaVc\jV\Z JhZkZgWhgVi]Zg
i]Vccdjch
L]ZcndjVgZiVa`^c\idndjggZVYZgh!
hVnZmVXianl]VindjbZVcjh^c\i]Z
h^beaZhildgYhi]ViÆi¹i]ZldgYhndj
ldjaYjhZ^[ndjlZgZiVa`^c\idi]Zb#
I]^hYdZhcdicZXZhhVg^anbZVcdcan
jh^c\h^beaZldgYh¹_jhildgYhi]Vi
i]ZgZVYZghl^aajcYZghiVcY#?Vg\dc
^hVineZd[aVc\jV\Zi]Vi^hdcan
jcYZghiddYWnVeVgi^XjaVg\gdje
d[eZdeaZ#LZ]VkZadihd[^i¹Wdi]
iZX]c^XVaVcYejWa^XhZXidg_Vg\dc#
LZcZZYidWZkZgnXVgZ[jai]VilZ
VgZcdibV`^c\djg^c[dgbVi^dcidd
Y^[ÆXjai[dgdjggZVYZghidjcYZghiVcY#
NdjXVcjhZ_Vg\dcl]Zclg^i^c\
^ciZgcVaanideZdeaZl]dndjVgZhjgZ
l^aajcYZghiVcYi]ZiZgbhVcYe]gVhZh
¹^iXVcWZVjhZ[ja[dgbd[h]dgi]VcY#
7jiYdcdijhZi]^h_Vg\dcl]Zcndj
VgZlg^i^c\[dgVcZmiZgcVaVjY^ZcXZ!
cdbViiZg]dlhbVaa#6cYYdcdi
jhZ^il]Zcndjlg^iZ[dgdjglZWh^iZ
dg^cigVcZi#
6kd^YVXgdcnbhVcYVWWgZk^Vi^dch
l]ZcZkZgedhh^WaZ!ZkZc^[i]ZnVgZ
dcZhndjjhZ^cndjgYVn"id"YVnldg`#
NdjggZVYZghl^aacdib^cY]Vk^c\
hdbZi]^c\heZaidji#I]Znl^aab^cY
cdijcYZghiVcY^c\VWWgZk^Vi^dch
VcYVXgdcnbh#
&' :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
>ci]ZeVhilZ]VkZjhZYVadid[
ldgYha^`Z^beaZbZciVi^dc!YZX^h^dc
VcYgZkdXVi^dc#I]ZhZVgZXVaaZY
½cdb^cVa^hVi^dch¾VcYVgZ[dgbZY
[gdbkZgWh#I]ZegdWaZb^hi]Vii]Zn
VgZd[iZcjhZY^chiZVYd[i]ZkZgWh
i]ZnXdbZ[gdb#6cYWZXVjhZi]Zn
VgZbZgZani]ZcVbZhd[i]^c\h!
i]ZnhdjcYVh^[cdi]^c\^hVXijVaan
]VeeZc^c\^ci]ZhZciZcXZ#A^`Z
eVhh^kZkZgWh!iddbVcnd[i]Zb
bV`ZkZgnYjaaVcY]ZVkngZVY^c\#
;dgZmVbeaZ/
KZgW
Cdb^cVa^hVi^dc
XdbeaZiZ
XdbeaZi^dc
^cigdYjXZ
^cigdYjXi^dc
YZa^kZg
YZa^kZgn
gZkd`Z
gZkdXVi^dc
^beaZbZci
^beaZbZciVi^dc
egdk^YZ
egdk^h^dc
[V^a
[V^ajgZ
VggVc\Z
VggVc\ZbZci
^ckZhi^\ViZ
^ckZhi^\Vi^dc
I^eh
;dgZmVbeaZ/
½IdXdkZgi]ZXdhihVhhdX^ViZYl^i]
i]ZgZkdXVi^dcd[VcVji]dg^hVi^dc!
hjWh^hiZcXZX]Vg\ZhXdci^cjZ
idWZeVnVWaZ^ci]ZnZVgi]Vi
VcVji]dg^hVi^dc^hgZkd`ZYdg
XVcXZaaZY#¾
I]^heVhhV\Z^cXajYZhi]gZZ
cdb^cVa^hVi^dchVcYild
eVhh^kZkZgWh#>[lZgZeaVXZi]Z
cdb^cVa^hVi^dchl^i]i]ZkZgWhi]Zn
XdbZ[gdbVcYlg^iZi]ZhZciZcXZ^c
i]ZVXi^kZkd^XZ!^iWZXdbZhh]dgiZg
VcYbjX]ZVh^ZgidjcYZghiVcY#
>il^aaVahdiZaagZVYZghl]d^hgZkd`^c\
dgXVcXZaa^c\i]ZVji]dg^hVi^dc#
½>[lZgZkd`ZdgXVcXZandjg
Vji]dg^hVi^dcndjl^aahi^aacZZYid
eVnhjWh^hiZcXZX]Vg\Zh[dgi]Vi
nZVgidXdkZgdjgXdhih#¾
™ Lg^iZ^ci]ZlVn
i]VindjldjaY
heZV`idhdbZdcZ
™ JhZZkZgnYVn
aVc\jV\Z!cdi_Vg\dc
™ Add`[dgi]Z]^YYZc
kZgWh^cldgYh
a^`ZYZX^h^dcVcY
^beaZbZciVi^dc
™ JhZkZgWh^chiZVY
d[cdjchidbV`Zndjg
hZciZcXZhh]dgiZg
>ci]^hkZgh^dclZ]VkZgZeaVXZYi]Z
cdb^cVa^hVi^dc½gZkdXVi^dc¾l^i]
i]ZkZgW½gZkd`Z¾VcYejii]ZkZgWh
½gZkd`ZY¾VcY½XVcXZaaZY¾^cidi]Z
VXi^kZkd^XZ#
&(
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
JhZ½ndj¾VcY½lZ¾
½I]Z6\ZcXn¾
NdjXVcVahdhZZ^ci]ZegZk^djh
ZmVbeaZi]VilZ]VkZgZ[ZggZYid
i]Z:ck^gdcbZci6\ZcXnVh½lZ¾
VcYi]ZeZghdcdgXdbeVcnlZ
VgZlg^i^c\idVh½ndj¾#Jh^c\i]ZhZ
hbVaaedlZg[jaldgYhbV`Zhndjg
lg^i^c\bjX]ZVh^Zg[dgndjggZVYZgh
idjcYZghiVcY#>iVahdbV`Zhndjg
lg^i^c\bdgZeZghdcVa#
>ci]ZeVhilZXVaaZYdjghZakZh
½i]Z6\ZcXn¾VcYi]ZcgZ[ZggZYid
djghZakZhVh½^i¾#LZYdcdiYdi]^h
VcnbdgZ#LZcdlXVaadjghZakZh
½i]Z:ck^gdcbZci6\ZcXn¾!½lZ¾dg½jh¾#
LZgZ[ZgiddjgXjhidbZghVh½ndj¾#
I]^hbV`ZhdjgXdbbjc^XVi^dch
XaZVgZgVcYbdgZXdcÆYZci#
Lg^iZVWdjii]ZZ[[ZXih
d[ndjgldg`!cdi
VWdjii]ZlVni]VilZ
dg\Vc^hZdjghZakZh#
I]Z:ck^gdcbZci6\ZcXnYdZhbVcn
VbVo^c\i]^c\h#7jil]ZclZlg^iZ[dg
VcZmiZgcVaVjY^ZcXZlZiZcYidiVa`
VWdji]dllZYdi]^c\h!cdiVWdji
i]ZZ[[ZXilZ]VkZ#DjggZVYZghVgZ
cdikZgna^`ZanidWZ^ciZgZhiZY^cdjg
eaVchVcYhigViZ\^Zh#I]ZnlVciid
`cdlVWdjii]ZY^[[ZgZcXZlZbV`Z
idi]ZZck^gdcbZci#
I]^hh]dlhi]VilZVgZXdcÆYZci
VcYVXi^kZ#
I^eh
™ JhZ½ndj¾VcY
½lZ¾idbV`Zndjg
lg^i^c\Xdc[^YZci
VcYbV`ZjhhdjcY
aZhhWjgZVjXgVi^X
™ JhZ½I]Z:ck^gdcbZci
6\ZcXn¾!½lZ¾dg½jh¾
¹cdi½I]Z6\ZcXn¾
™ Lg^iZVWdjidjg^beVXi
dci]ZZck^gdcbZci
;dgZmVbeaZ/
½I]Z6\ZcXnegdbdiZhgZXgZVi^dc^c
VcjbWZgd[lVnh[gdbi]Zegdk^h^dc
d[[VX^a^i^Zhidi]ZegdYjXi^dcd[
aZVÇZihVcY\j^YZh#¾
LZgZ[ZgiddjgXjhidbZghVhndj#
I]^hbV`ZhdjgXdbbjc^XVi^dch
XaZVgZgVcYbdgZXdc[^YZci#
&) :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
7ZXdbZh/
½LZlVcindjidZc_dnjh^c\djg
g^kZgh#Id]ZaendjlZegdk^YZ
[VX^a^i^ZhVcYegdYjXZaZVÇZih
VcY\j^YZh#¾
&*
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Lg^i^c\[dgdjg
lZWh^iZVcY^cigVcZi
I]djhVcYhd[djgXjhidbZghjhZdjglZWh^iZVcY
^cigVcZiZkZgnYVn#7jiZkZci]dj\]djgh^iZhViigVXiV
adid[k^h^idgh!djghjgkZnh]VkZ[djcYi]VibVcneZdeaZ
ÆcYi]ZbY^[ÆXjaiidjhZ#=ZgZ¾h]dllZVgZldg`^c\id
^begdkZdjgh^iZh#
LZ]VkZWZZcldg`^c\XadhZanl^i]djgXjhidbZghid
ÆcYdjil]VibV`Zhdjgh^iZh]VgYidjhZ#LZ¾kZ[djcY
djil]ddjgbV^cVjY^ZcXZhVgZVcYl]Vii]ZnlVci!
VcY]VkZjhZYi]^h^c[dgbVi^dcidYZkZadeegdÆaZhd[
ine^XVaXjhidbZgh[dgdjgh^iZh#
LZ]VkZYZkZadeZYZ^\]iine^XVaXjhidbZgh0ÆkZ[dgdjg
lZWh^iZVcYi]gZZ[dgdjg^cigVcZi#LZ]VkZYZhXg^WZY
i]Zb^cYZiV^a/]dldaYi]ZnVgZ!l]Vii]Z^g^ciZgZhih
VgZVcY!^ceVgi^XjaVg!l]Vii]ZnlVci[gdbdjgh^iZh#
IdbZZidjgine^XVaXjhidbZghadd`dci]Z^cigVcZidg
iVa`idndjgYZeVgibZci¾hlZWdg^cigVcZiejWa^h]Zg#
;gdbcdldcl]Zcndjlg^iZ[dgdjglZWh^iZdg
^cigVcZindjh]djaYValVnhYdhdl^i]i]ZcZZYhd[
djgine^XVaXjhidbZgh^cb^cY#I]^hVeegdVX]^hl^YZan
VX`cdlaZY\ZYVhdcZd[i]ZbdhiZ[[ZXi^kZlVnhd[
YZkZade^c\lZWh^iZhVcY^cigVcZihVcY^hZmiZch^kZan
jhZY^ci]ZejWa^XVcYeg^kViZhZXidgh#
&+ :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
&,
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
=dlidlg^iZ[dgi]ZhXgZZc
6aad[i]Z
iZX]c^fjZh[dg
lg^i^c\eaV^can
VeeanZfjVaan
idlg^i^c\[dg
i]ZlZWh^iZVcY
^cigVcZi¹Wji
i]ZgZVgZhdbZ
Y^[[ZgZcXZh#
GZVYZghWZ]VkZ
Y^[[ZgZciandca^cZ
BdhieZdeaZVXXZhhlZWh^iZh[dgV
eVgi^XjaVggZVhdc!idXdbeaZiZl]Vi
lZXVaaV½\dVa¾#;dgZmVbeaZ!i]Z^g
\dVab^\]iWZidÆcYdjiVWdjidjg
ÇZm^WaZ"ldg`^c\hX]ZbZ!gZ\^hiZgid
gZXZ^kZÇddYlVgc^c\hdgidejgX]VhZ
VÆh]^c\gdYa^XZcXZ#
L]ZgZeZdeaZl^aaWZegZeVgZYidgZVY
VWdd`a^cZWna^cZ!gZhZVgX]^cid]dl
gZVYZghjhZlZWh^iZhh]dlhi]Vii]Zn
Ydc¾igZVYVeV\Z[gdbWZ\^cc^c\id
ZcY#I]ZnhXVcVlZWeV\Zadd`^c\
[dg½`ZnldgYh¾i]ZnVgZVahd`cdlc
Vh½XVgZldgYh¾!l]^X]VgZi]Z`^cYd[
ldgYhi]ZnldjaYineZ^cidVhZVgX]
Zc\^cZa^`Z<dd\aZ#
>i^hjcjhjVa[dgjhZghid_jhiadd`
VgdjcYVlZWh^iZ[dg^c[dgbVi^dc#
DjggZhZVgX]^cid]dldjgXjhidbZgh
jhZdjglZWh^iZVcY^cigVcZih]dlh
i]Vii]ZnXdbZideZg[dgbiVh`h!cdi
idhjg[#LZcZZYidlg^iZXdciZci[dg
djgh^iZhi]VibV`Zh^iZVhn[dgdjg
XjhidbZghideZg[dgbi]dhZiVh`h#
&- :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
:be]Vh^hZi]Z
½XVgZldgYh¾
LZWjhZghVgZ^beVi^ZcieZdeaZ
I]Zn]VkZ]^\]ZmeZXiVi^dchVcY
lVciZkZgni]^c\cdl#>[i]ZnXVc¾i
hZZl]Vii]ZnVgZadd`^c\[dgfj^X`an!
i]Znl^aaaZVkZdjgh^iZVcYi]Zn
egdWVWanldc¾iXdbZWVX`#
I]^c`VWdji]dlndjjhZi]ZlZW#
L]Vih^iZhYdndjk^h^i4=VkZndjZkZg
jhZYV\dkZgcbZcih^iZa^`Zdjgh4
EZg]Vehndjk^h^iZYndjgXdjcX^a¾h
h^iZid\ZihdbZ^c[dgbVi^dc#=dlY^Y
ndjjhZi]Vih^iZ49^Yndjhjg[VgdjcY
add`^c\[dg^c[dgbVi^dc!dgY^Yndj
]VkZVheZX^ÆXiVh`ideZg[dgb4
=dlVWdjidi]Zgh^iZh4=VkZndj
Wdd`ZYV]da^YVn!X]ZX`ZYi]ZXg^X`Zi
hXdgZhdgWdj\]iV89![dgZmVbeaZ4
I]ZhZVgZine^XVaiVh`hi]VilZ
eZg[dgbdca^cZ#
8VgZldgYhVgZi]ZldgYhi]Z
XjhidbZgXVgZhVWdji#I]Vi^h!
i]ZldgYhi]ZnjhZidadd`[dg
^c[dgbVi^dcVhi]ZnhXVci]ZeV\Z
XdciZci#L]Zcndj]VkZlg^iiZc
ndjgXden!^YZci^[ni]ZXVgZldgYh
l^i]^c^i#I]Zc!l]ZcndjejWa^h]
^i^ci]ZXdciZcibVcV\ZbZci
hnhiZb!Zbe]Vh^hZi]ZXVgZldgYh
^cWdaYineZ#;dgZmVbeaZ/>[ndj
]daYVc>ciZ\gViZYEdaaji^dc
8dcigda>E8dgEdaaji^dc
EgZkZci^dcVcY8dcigdaEE8
eZgb^i!lZXVc[VhiigVX`ndjg
Veea^XVi^dcidhl^iX]id
VWVX`"je[jZa#
DcanjhZWdaY#9dcdijhZWadX`
XVe^iVah¹i]ZnbV`ZXden]VgYZg
idgZVY0Ydc¾ijcYZga^cZiZmiVh^i
l^aaadd`a^`ZVa^c`idVcdi]ZgeV\Z
VcYjhZ^iVa^XhheVg^c\anWZXVjhZ
i]ZnVgZcdiValVnhZVhnidgZVY
dchXgZZc#
&.
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
>c[dgbVi^dc^h
Y^heaVnZYY^[[ZgZcian
dchXgZZc
L]ZclZejWa^h]^ceg^cilZXdcigda
i]Zh^oZd[i]ZYdXjbZci!]dlbVcn
ldgYhVeeZVgdcVeV\ZVcY]dl
i]dhZldgYhVgZaV^Ydji#DclZWh^iZh
lZXVcXdcigdai]ZaVndjid[i]Z
eV\ZWjii]ZjhZgh¾XdbejiZghXgZZc
Xdcigdah]dlbVcnldgYhi]ZnhZZ
ViVcndcZi^bZ!YZeZcY^c\dci]Z
gZhdaji^dci]Zn]VkZX]dhZc#
IgnX]Vc\^c\i]ZhXgZZcgZhdaji^dc
dcndjgXdbejiZgVcYhZZ]dl
i]ZcjbWZgd[ldgYhdci]Z
hXgZZcX]Vc\Zh#
7Z[dgZndjhiVgi
I]^c`¹^hi]^h^c[dgbVi^dc
VagZVYndci]Zh^iZ4
HdbZdcZZahZbVn]VkZVagZVYn
ejWa^h]ZYi]^h^c[dgbVi^dc#BVnWZ
VaandjcZZYidYd^hjeYViZhdbZ
Zm^hi^c\eV\Zh#9dc¾iYjea^XViZ
^c[dgbVi^dc!gZVYZghl^aacdi
`cdll]^X]^hi]Zbdhijeid
YViZdggZa^VWaZ#
I]^c`VWdjil]ZgZndjg
eV\ZhÆi^c#
6adid[l]VilZYda^c`hiddi]Zg
eVgihd[i]ZWjh^cZhh#Hdi]^c`
VWdjindjgeV\Zh^cgZaVi^dcid
i]Zl]daZd[i]ZgZhid[i]Zh^iZ!
cdi_jhindjgW^id[^i#
EaVcl]VindjlVcidcndjgeV\Zh
WZ[dgZndj\ZicZVgidVXdbejiZg#
'% :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
A^c`iddi]ZgeV\Zh
VcYh^iZh
8gZViZVad\^XVahZi
d[eV\Zh
BVnWZi]^h^c[dgbVi^dc^hVkV^aVWaZ
dcVcdi]ZglZWh^iZlZYdc¾igjc#
>[ndjVgZlg^i^c\[dgi]Z^cigVcZi!
YdZhi]Z^c[dgbVi^dcZm^hidc
djglZWh^iZ4>[hdl]ncdia^c`id
i]Zdi]Zgh^iZVcYhVkZjhi^bZ
VcYbdcZn4>[di]Zgh^iZh]VkZ
XdbeaZbZciVgn^c[dgbVi^dci]Zc
a^c`id^i#9dc¾ilVhiZi^bZ
ejWa^h]^c\bViZg^Vai]Vi^hVagZVYn
VkV^aVWaZhdbZl]ZgZZahZWjiYd
WZVg^cb^cYXdeng^\]iaVlh#
Add`Vindjg^c[dgbVi^dc#I]^c`
VWdjindjggZVYZgVeegdVX]^c\ndjg
^c[dgbVi^dcVcYl]Vii]ZnVgZa^`Zan
idWZadd`^c\[dgVcY]dlbjX]
`cdlaZY\Zi]Znb^\]i]VkZ#;^ghi!ldg`
djii]ZhigjXijgZd[i]ZXdciZcindj
cZZYidegdYjXZ#>[ndj]VkZadihid
ZmeaV^c!ndjegdWVWancZZYidWgZV`
^iYdlc^cidVhZid[eV\Zh#:VX]eV\Z
h]djaYXdkZgVc^cY^k^YjVaide^X#AZVkZ
djiVcni]^c\i]Vi¾h_jhiWVX`\gdjcY
bViZg^Va!VcYYdZhc¾i]Zaei]ZgZVYZg
VX]^ZkZi]Z^g\dVafj^X`an#
6hVgjaZd[i]jbW!^i¾hÆcZida^c`
idVcn^c[dgbVi^dc]ZaYdcejWa^X
hZXidglZWh^iZhdgi]Z]dbZeV\Z
d[VXdbbZgX^Vah^iZ!Wji\Zilg^iiZc
eZgb^hh^dc[gdbi]ZlZWbVhiZg^[
ndjlVciida^c`YZZeZg^cidV
XdbbZgX^Vah^iZ#
6cYVhh^beaZVh^ihdjcYh!cZkZg
a^c`WVX`[gdbdjglZWh^iZiddjg
^cigVcZi!i]Za^c`ldc¾ildg`[dg
djgZmiZgcVaXjhidbZgh#
;dgZmVbeaZ!^[ndjVgZlg^i^c\VWdji
l]VieZdeaZcZZYidYdl^i]i]Z^g
]VoVgYdjhlVhiZ!ndjbVncZZYV
eV\Zdc^YZci^[n^c\i]ZlVhiZVh
]VoVgYdjh!VeV\ZXdciV^c^c\Vaa
i]Z[dgbheZdeaZcZZYidXdbeaZiZ!
VcYVeV\Zdc]dlidY^hedhZd[
^i#Ejii^c\Vaad[i]^hdcdcZeV\Z
^h\d^c\iddkZgl]ZabndjggZVYZg#
BV`ZhjgZndjaVWZai]ZeV\ZhXaZVgan
hdi]VieZdeaZ`cdli]Vi^i^hi]ZeV\Z
i]ZncZZY#;dgZmVbeaZ!½@cdlndjg
]VoVgYdjhlVhiZ¾!½=VoVgYdjhlVhiZ
[dgbh¾VcY½<Zii^c\g^Yd[]VoVgYdjh
lVhiZ¾#9dc¾ijhZXdbeaZmiZgbhi]Vi
bVnbV`ZhZchZidndj!Wjindjg
VjY^ZcXZbVncdijcYZghiVcY#
'&
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Ldg`djii]ZhigjXijgZ Lg^iZndjgXden
d[ZVX]eV\Z
CdlndjVgZgZVYnidlg^iZndjg
DcZVX]^cY^k^YjVaeV\Z!i]^c`
VWdjil]VindjggZVYZgcZZYhid
Ydl]^aZi]ZnVgZi]ZgZ#7gZV`ndjg
^c[dgbVi^dcje^cidad\^XVaX]jc`h
VcYi]ZcVggVc\Zi]ZhZX]jc`h^cid
VhigjXijgZi]Vi^ha^`ZanidbV`Z
hZchZidndjggZVYZg#
GZbZbWZgi]VigZVY^c\dchXgZZc
^hbdgZi^g^c\#<gVWndjggZVYZgh¾
ViiZci^dcWn\Zii^c\higV^\]iidi]Z
ed^ci#BV`ZhjgZndjXdbbjc^XViZ
ndjgbV^cbZhhV\ZVii]Zided[
i]ZeV\Z#
=ZaendjggZVYZghhXVci]ZeV\Z
Wnjh^c\hjW"]ZVYZghidY^k^YZje
ZVX]ed^cindjbV`Z#Ldg`djil]Vi
]ZVY^c\hndjl^aacZZYWZ[dgZndj
hiVgilg^i^c\#
XdciZci#@ZZe^ih]dgi#JhZi]Zlg^i^c\
iZX]c^fjZhdjia^cZY^ci]^hWdd`aZi
idÆcYdji]dlidXjii]ZlV[ÇZ
[gdbndjglg^i^c\#
9dc¾ilg^iZi]^c\ha^`Z½lZaXdbZidi]Z
;^cVcXZeV\Zh!lZ]deZndjl^aaÆcY
i]^h^c[dgbVi^dcjhZ[ja###¾_jhi\Ziid
i]Zed^ci#9dc¾iXajiiZgjei]ZeV\Zh
l^i]adihd[WVX`\gdjcY^c[dgbVi^dc!
_jhi\Ziidi]Zed^ci#9ddjgXjhidbZgh
gZVaanXVgZVWdjii]ZXdciZmi4
EgdWVWancdi!_jhi\Ziidi]Zed^ci#
9dc¾ilg^iZadc\eVgV\gVe]h#EZdeaZ
ÆcYi]ZhZ]VgYidgZVYdchXgZZc#
>[ndj¾gZa^hi^c\VhZid[XdcXZeihdg
egdXZhhZh!jhZWjaaZied^cihidbV`Z
^iZVh^ZgidgZVY#Ejii]Z½XVgZldgYh¾
heVg^c\an^cWdaYidbV`Zi]ZbhiVcY
djiVcY]ZaejhZghhXVci]ZeV\Z#
Hd^cdgYZg[dgndjggZVYZgid\Zil]Vi
i]ZnlVci[gdbndjglZWeV\Zndjg
XdciZcicZZYhid/
™ 7Zh]dgiVcYidi]Zed^ci#
™ 8dciV^ci]ZldgYhi]Vii]ZnVgZ
add`^c\[dgcdicZXZhhVg^ani]Z
dcZhlZVgZjhZYidjh^c\#
6[iZgndj¾kZ
ejWa^h]ZYndjgeV\Zh
EgdbdiZndjgeV\Zh#Lg^i^c\\ddY
XdciZciiV`Zhi^bZVcYZ[[dgiVcYhd
ndjcZZYid\^kZndjgVjY^ZcXZi]Z
WZhiX]VcXZidÆcYVcYjhZ^i#7n
bViX]^c\ndjg½XVgZldgYh¾idi]Z
ldgYhndjgVjY^ZcXZl^aaZmeZXiid
gZVYndjl^aaVjidbVi^XVaan^begdkZ
i]ZX]VcXZd[ndjgeV\ZhWZ^c\[djcY
WnhZVgX]Zc\^cZh#
>cbdhi8dciZciBVcV\ZbZci
HnhiZbh!ndj¾aaVahdWZVWaZidÆaadji
V½`ZnldgYh¾Wdmi]VihZVgX]Zc\^cZh
XVcjhZidÆcYgZhjaih#IneZ^ci]Z
ldgYhi]VindjggZVYZgbVnWZjh^c\
idhZVgX]#I]ZhZXVcWZi]ZhVbZVh
i]Z½XVgZldgYh¾ndj¾kZjhZYWjii]ZgZ
bVnWZdi]ZggZaZkVcildgYhVhlZaa#
BV^ciV^cndjgeV\Zh
LZWjhZghZmeZXi^c[dgbVi^dcidWZ
[jaanjeidYViZ#I]ZnYdc¾iZmeZXi
i]Vi[gdbeg^ciZYejWa^XVi^dch#>[ndj
hVni]VicZlgZ\jaVi^dchXdbZ^cid
[dgXZ^c?jcZ!\dWVX`VcYjeYViZ
i]ZeV\Zl]Zc^i]VeeZch#>[ndjg
eV\ZhVgZVWdjiVcZkZcii]Vi
]VeeZch^cHZeiZbWZg!YZaZiZ
i]ZbV[iZg^i]Vh]VeeZcZY#
BV`ZhjgZndjgZk^ZlZVX]d[ndjg
eV\ZhViaZVhiZkZgnh^mbdci]h#
;dgZmVbeaZ!`ZnldgYhXVcWZ½Æh]^c\
a^XZcXZ¾VcY½gdYa^XZcXZ¾Wjindj
ldjaYdcanjhZdcZd[i]ZhZ^ci]Z
XdciZcid[ndjgeV\Z#
;^cYdjibdgZWnheZV`^c\idndjg
XdciVXi^c8dgedgViZ6[[V^gh#
™ 7Zdg\Vc^hZY^cVlVni]VibZZih
i]Z^gcZZYh!cdidjgh#
™ ;^idci]ZhXgZZcl^i]djicZZY
[dghXgdaa^c\l]ZgZkZgedhh^WaZ#
'' :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
'(
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
:mVbeaZ&
HdbZZmVbeaZhd[]dlid
lg^iZ[dgeg^ciVcYdca^cZ
I]ZhZZmVbeaZhh]dlZmVbeaZhd[iZmicdilg^iiZcl^i]
i]ZXjhidbZg^cb^cY#6hWZ[dgZ!i]Z½V[iZg¾kZgh^dchVgZ
cdi_jhieaV^c:c\a^h]gZlg^iZh!i]ZnVahdVYYgZhhi]Z
cZZYhd[djgXjhidbZgh#
8dchjai^c\l^i]i]ZejWa^X#
7Z[dgZ
L]nlZcZZYidX]Vc\Zi]^h
L]ZcXdchjai^c\l^i]i]ZejWa^X^i^h^bedgiVcicdiidjhZiZX]c^XVaaVc\jV\Z
dg_Vg\dci]Vii]ZgZVYZg^hjca^`ZanidjcYZghiVcY!^ci]^hXVhZVWhigVXi^dcVcY
hjhiV^cVWaZ#Ndjh]djaYVahdjhZi]ZeaV^c:c\a^h]iZX]c^fjZhh]dlcZVga^Zg^c
i]^hWdd`aZiVcYlg^iZ^cVcVXi^kZVcYaZhh[dgbVahinaZ#
I]ZkZgh^dcWZadlVhhjbZhi]Vii]ZldgY½XViX]bZci¾]VhWZZcZmeaV^cZY
Vii]ZWZ\^cc^c\d[i]ZYdXjbZci#
6[iZg
I]^h8ViX]bZci6WhiVXi^dc
BVcV\ZbZciHigViZ\nXdchjaiVi^dc
YdXjbZcihjbbVg^hZhi]Z
VkV^aVW^a^ind[lViZggZhdjgXZhVcY
i]ZhjhiV^cVW^a^ind[i]ZXjggZci
VWhigVXi^dcgZ\^bZ#>iVahdhZihdji
eda^XnegdedhVah[dghjg[VXZVcY
\gdjcYlViZgVWhigVXi^dcbVcV\ZbZci
idZchjgZi]ZbV^ciZcVcXZVcY$dg
gZhidgVi^dcd[hjhiV^cVWaZVWhigVXi^dc#
NdjVgZ^ck^iZYWni]Z6\ZcXnid
eVgi^X^eViZ^ci]^hegdXZhhhjWb^ii^c\
ndjgXdbbZcihdci]ZhZegdedhVah#
6cn^c[dgbVi^dcdghj\\Zhi^dchndj
bVn]VkZdci]ZbVcV\ZbZcid[
lViZggZhdjgXZh^ci]^hVgZVldjaY
WZkVajZY#
' :ck^gdcbZci6\ZcXnCVbZd[ejWa^XVi^dc
') :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
I]^h8ViX]bZci6WhigVXi^dc
BVcV\ZbZciHigViZ\nXdchjaiVi^dc
YdXjbZciZmeaV^chl]VilViZg
gZhdjgXZhVgZVkV^aVWaZ^ci]ZVgZV
VcYl]Zi]ZgdgcdiiddbjX]lViZg^h
WZ^c\iV`Zc[gdbi]ZZck^gdcbZci#>i
VahdhZihdjidjgeda^Xn[dgbVcV\^c\
i]ZVbdjcid[lViZgiV`Zc[gdbg^kZgh
VcYjcYZg\gdjcYhdjgXZh`cdlcVh
VWhigVXi^dc#7nbVcV\^c\VWhigVXi^dc
lZXVcbV`ZhjgZi]Vii]ZVbdjci
d[lViZgiV`Zc^ci]ZXViX]bZciVgZV
YdZhcdiejii]ZZck^gdcbZciVig^h`#
LZldjaYa^`Zid]ZVgndjgXdbbZcih
dci]ZhZegdedhVahVcYVcndi]Zg
^c[dgbVi^dcndj]VkZVWdjii]ZlVn
lViZg^hbVcV\ZY^ci]^hVgZV#
' :ck^gdcbZci6\ZcXnCVbZd[ejWa^XVi^dc
'*
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
:mVbeaZ'
Lg^i^c\VaZiiZgidVbZbWZgd[i]ZejWa^X
VWdjiiZX]c^XVabViiZgh
I]^hZmVbeaZ^h[gdbVgZVaaZiiZgi]VilZhZciidVbZbWZgd[i]ZejWa^X
VWdjii]Zg^h`d[ÇddY^c\id]^h]dbZ#
7Z[dgZ
L]nlZcZZYidX]Vc\Zi]^h
I]^h^h[VgiddiZX]c^XVa[dgVaZiiZghZciidVbZbWZgd[i]ZejWa^Xl^i]
cdWVX`\gdjcY^cÇddYYZ[ZcXZdgg^h`VcVanh^h#I]^h\Zcj^cZZmVbeaZ
^hhdWVYi]Vii]ZgZX^e^ZcigZ[ZggZYjhidi]ZDbWjYhbVc#
>[ndjcZZYidlg^iZVaZiiZga^`Zi]^h!ignid^bV\^cZndjghZa[Vhdjg
XjhidbZg#=dlldjaYndjZmeaV^ci]^hid]^b^[ndjlZgZiVa`^c\id
]^b[VXZid[VXZ4LdjaYndjjhZVaad[i]^hiZX]c^XVaaVc\jV\Zi]Zc4
Ndjh]djaYVahdVYVeiVcnhiVcYVgY^c[dgbVi^dcidhj^ii]ZXjhidbZg#
;gdb]^hVYYgZhh^i^hXaZVgi]Vi]Z^hdcanVig^h`[gdbg^kZgÇddY^c\!
hdi]ZgZ^hcdcZZYidlg^iZVWdjiÇddY^c\[gdbi]ZhZV#
9ZVgBgHVbeaZ
6[iZg
;addYg^h`^cndjgVgZV
NdjgegdeZgin^hadXViZYl^i]^ci]ZdcZ"^cdcZ]jcYgZYnZVgÇddYeaV^c
VhYZÆcZYWni]Z;addYBVeVkV^aVWaZdci]Z^ciZgcZi#
I]Z;addYBVegZeaVXZhi]Z>cY^XVi^kZ;addYeaV^cBVehVcYh]dlhi]Z
ÇddYeaV^c[dgÇddY^c\[gdbi]Zg^kZghdghZV[dgÇddYhl^i]V&VcY%#*
X]VcXZd[]VeeZc^c\^cVcnnZVggZheZXi^kZanYVg`WajZVgZV#I]ZZmigZbZÇddY
djia^cZ:;D%#&nZVgdjia^cZ^hVahdh]dlc[dgWdi]g^kZgVcYi^YVaÇddY^c\
ijgfjd^hZVgZVdcbVe#I]Z;addYBVe^hVegdYjXii]Vi]VhWZZcYZkZadeZY
jh^c\VcVi^dcVaided\gVe]^XYViVhZiVcY]nYgdad\^XVabdYZa#I]Z;addYBVeVi
ndjgadXVi^dc^h^cY^XVi^kZd[i]ZcVijgVajcYZ[ZcYZYÇddYeaV^c#
I]Z;addYBVeVahdY^heaVnhÇddYYZ[ZcXZh#8jggZcian^iX]^ZÇnh]dlhi]dhZ
YZ[ZcXZhl]^X]VgZaZhhi]Vc*nZVghdaYVcYd[[ZgVhiVcYVgYd[egdiZXi^dc]VkZ
d[ViaZVhi&#%[dgÇjk^VaÇddY^c\[gdbg^kZghVcY%#*[dgi^YVaÇddY^c\[gdb
i]ZhZV!VcYi]ZVgZVhi]ViWZcZÆi[gdbi]Zb#>cVYY^i^dc!dcanÇddYYZ[ZcXZh
VWdkZ\gdjcYVgZgZXd\c^hZYl^i]^ci]ZCVi^dcVaYViVWVhZ#
6Ydei^c\i]ZhiVcYVgYgZijgceZg^dYhd[&#%Çjk^VaVcY%#*i^YVal]Zc
h]dl^c\VgZVhd[WZcZÆil^aabZVci]ViVgZVhYZ[ZcYZYidVadlZghiVcYVgY
bVnWZh]dlcVhVig^h`d[ÇddY^c\!Vh^hi]ZXVhZVindjgegdeZgin#
Ndjghh^cXZgZan
:ck^gdcbZci6\ZcXn
'+ :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
9ZVgBgH
V
;addYg^h
beaZ
`^cndjg
V
gZV
DjgÇddY
bVeh]d
lh
^h^cVcV
gZVl^i]V i]VindjgegdeZ
gin
dcZeZg
ÇddY^c\
XZcig^h`
[gdbi]Z
d[
g^kZg^cV
VcZhi^b
cnnZVg#
ViZWVhZ
I
]
^h^h
Ydcbd
h]dlhi]
YZaaZYY
ZcVijgV
V
i
V
V
a
ÇddYeaV
cY
VgZcdÇd
^cWZXVj
dYYZ[Zc
h
Z
i
X
]
Zh^cndj
d[egdiZX
ZgZ
gVgZVXV
i^c\ndj[
eVWaZ
gdbi]^h
`^cYd[Ç
ddY#
',
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
:mVbeaZ(
Lg^i^c\[dgjhZghd[djglZWh^iZ
L]nlZcZZYidX]Vc\Zi]^h
I]^hZmVbeaZh]dlhi]ZiZmid[djg^cigdYjXidgneV\ZdcbdYZgcgZ\jaVi^dc
l]^X]^ciZcYhidZmeaV^cbdYZgcgZ\jaVi^dcidgZ\jaViZYWjh^cZhh#
7Z[dgZ
I]ZgZ¾hVadid[_Vg\dc]ZgZa^`Z½g^h`"WVhZY¾VcY½djiXdbZ"[dXjhhZY¾#Bdhi
eZdeaZYdc¾igZVaan`cdll]Vii]^hbZVch#Lg^iZbdgZeaV^canjh^c\aVc\jV\Z
eZdeaZjcYZghiVcY!VcY\Ziidi]Zed^cifj^X`an#EZdeaZYdc¾iXVgZVWdjil]n
lZ¾kZYZX^YZYidYdhdbZi]^c\0i]Zn_jhilVciid`cdl]dl^iV[[ZXihi]Zb#
I]Z½WZ[dgZ¾iZmi]VhegdWVWan_jhiWZZceVhiZY^c[gdbVWdd`aZi#9dc¾iYd
i]^h#E^X`djii]Z`Zned^cihVcYejii]Zbje[gdcidcndjglZWeV\Z#
6[iZg
IZmiDcan
8nbgVZ\
=DB:
67DJIJH
DJGK>:LH
8DCI68IJH
=:AE
XgZVi^c\VWZiiZgeaVXZ
", - Ê,1/" Ê", - Ê,1/" Ê", - Ê,1/"
IZmiDcan
8nbgVZ\
=DB:
67DJIJH
DJGK>:LH
8DCI68IJH
=:AE
XgZVi^c\VWZiiZgeaVXZ
", - Ê,1/" Ê", - Ê,1/" Ê", - Ê,1/"
I]ZgZlg^iiZckZgh^dc\Zihidi]Zed^ciVcYiZaahdjggZVYZghVaai]ZncZZY
id`cdl#
'- :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
'.
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
:mVbeaZ)
Lg^i^c\[dgndjgXdaaZV\jZhdcdjg^cigVcZi
I]^h^hi]ZÆghieV\ZndjgZVX]dcdjg^cigVcZil]Zcadd`^c\[dg
^c[dgbVi^dcdci]Z8dbbdc>cX^YZci8aVhh^ÆXVi^dcHX]ZbZ#
7Z[dgZ
L]ni]^h]VhidX]Vc\Z
I]^c`VWdjii]ZgZVYZg#>[i]ZnlVciidjhZi]ZhnhiZbYdi]ZngZVaanlVciid
ldg`i]Z^glVneVhiVaad[i]ViWVX`\gdjcY^c[dgbVi^dc4BdgZa^`Zani]Zn_jhi
lVciid`cdl]dlidjhZ^ifj^X`anVcYZVh^an#Hdejii]Vi^c[dgbVi^dcVii]Z
ided[i]ZeV\Z#
6[iZg
XgZViZVWZiiZgeaVXZ
Dg\Vc^hVi^dc
CZlh
XgZViZVWZiiZgeaVXZ
EZdeaZbViiZgh
Egd_ZXih\gdjeh
GZ\^dch
(% :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
=Zae
<adhhVgn
6"O
Dg\Vc^hVi^dc
CZlh
EZdeaZbViiZgh
Egd_ZXih\gdjeh
GZ\^dch
=Zae
<adhhVgn
6"O
(&
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
½6\ZcXnheZV`¾
BdgZV\ZcXnheZV`
9Za^kZg^c\djiXdbZh
=ZgZVgZhdbZbdgZldgYhi]VilZh]djaYYddjgWZhiid
Vkd^Y#NdjbVncdiValVnhV\gZZWjindjcZZYidgZbZbWZg
i]VindjVgZlg^i^c\[dgndjggZVYZgh¾WZcZÆi!cdindjgdlc#
6heVgid[\dkZgcbZcilZVgZZmedhZYidV\gZViYZVad[
_Vg\dcXdb^c\[gdbXZcigVa\dkZgcbZci#>cgZXZcinZVgh
i]^h]VhbdhiangZkdakZYVgdjcYi]Zh^beaZ:c\a^h]kZgW
½YZa^kZg¾VcYi]ZcdjcYZg^kZY[gdb^i!½YZa^kZgn¾#
I]ZgZVgZhZkZgVaaZ\^i^bViZjhZhd[YZa^kZg#NdjXVcYZa^kZgedhi!VWadl!
VheZZX]!VWVWnVcYhddc#
BdhigZXZci\dkZgcbZcijhZhd[½YZa^kZg¾VgZcdiXdggZXiVcYndjh]djaY
cdijhZi]Zb#:kZc^[ndjhZZi]ZbYV^an^cXdbbjc^XVi^dch[gdbdi]Zg
eVgihd[\dkZgcbZci#=ZgZVgZhdbZgZXZciZmVbeaZhl^i]gZlg^iZh#
6kd^Y
JhZ
6XXZhh^WaZ
6XXZhh^WaZYZhXg^WZhe]nh^XVaVXXZhh!hjX]Vh
bV`^c\VWj^aY^c\VXXZhh^WaZidl]ZZaX]V^gjhZgh#
9dndjbZVcjcYZghiVcYVWaZ4
6Xi^k^i^Zh
6Xi^k^i^ZhYZhXg^WZhgZXgZVi^dcVaejghj^ih#
JhZldg`^chiZVYdggZldgYndjghZciZcXZ#
6YYkVajZ
>begdkZ#
Vcni]^c\¹Yg^kZc
6kd^Yjh^c\i]^hiZgbVaid\Zi]Zg#
Vcni]^c\¹[dXjhZY
JhZ½V^bZYVi¾dg½[dg¾
Vcni]^c\¹aZY
7VhZY#
:mVbeaZ
GZlg^iZ
7ZhiegVXi^XZ
6cdkZgjhZYXa^X]‚#JhZ½\ddYZmVbeaZhd[¾#
9Za^kZgi]Z9Z[gVXjih
BV`Zi]Z9Z[gVXjih
7diidba^cZ
BV^ced^ci!bdhi^bedgiVcii]^c\#
9Za^kZgi]Z8dgedgViZEaVc
6X]^ZkZi]ZiVg\ZihhZi^ci]Z8dgedgViZEaVc
8VjhVi^kZ[VXidgh
8VjhZh#
9Za^kZgVhZgk^XZ
Egdk^YZVhZgk^XZ
8]VaaZc\Z
>h^igZVaanVX]VaaZc\Z4Dg^h^iVegdWaZb4
LZbVncdiYZa^kZgidYZVYa^cZ
LZbVncdibZZii]ZYZVYa^cZ
8d"dgY^cViZ
BVcV\Z!gjc#
9Za^kZgi]ZXdhigZYjXi^dc
BV`Zi]ZXdhigZYjXi^dc$gZYjXZi]ZXdhi
9Za^kZgVWaZh
GZhjaih!dW_ZXi^kZh#
9Za^kZgV@E>
6X]^ZkZi]Z@E>iVg\Zi
:[[ZXi^kZ$Z[[ZXi^kZan
LdjaYlZZkZg`cdl^c\anYdhdbZi]^c\^cZ[[ZXi^kZ4
Cdc"YZa^kZgnd[76EiVg\Zih
;V^a^c\idVX]^ZkZ76EiVg\Zih
:c\V\Zl^i]
6cdi]ZgdkZgjhZYXa^X]‚#JhZ^ckdakZ!iVa`id#
:c]VcXZ
>begdkZ#
:hhZci^Vaan
6cZhhZci^Va^iZb^hdcZi]VindjXVc¾iYdl^i]dji!
a^`Z½^i^hZhhZci^Va[dg]jbVcWZ^c\hidYg^c`lViZg¾#
NdjYdc¾icZZYidhVn½i]^h^hZhhZci^VaanV\j^YZ
idlg^i^c\egdeZgan¾#
I]^c`WZ[dgZndjVYdeii]^h`^cYd[_Vg\dc#6cYYdc¾ijhZ^i_jhiWZXVjhZ
di]ZgW^ihd[\dkZgcbZciYd#6alVnhlg^iZXaZVganVcYeaV^can#
(' :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
((
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
;dXjh
I]^hldgY^hdkZgjhZYVcYWZXdbZhVegdWaZb
l]ZcijgcZY^cid[dXjhZYdg[dXjh^c\#Igncdiid
jhZ^idgign½add`^c\bV^canVi¾dg½]^\]a^\]i^c\¾#
GdVYbVe
6]VcYnejWa^XVi^dci]Vih]dlhndj]dlidYg^kZ
dgXnXaZ[gdbdcZeaVXZidVcdi]Zg#6cni]^c\ZahZ
^hVeaVc#
;dglVgYeaVc
8VcndjegdYjXZVWVX`lVgYeaVc4
GdWjhi
<d^c\[dglVgY
;gdbcdl#
<gdjcYigji]^c\$\gdjcYiZhi^c\
EgdWVWanbZVchiZhi^c\#
GdWjhidcangZ[Zghidi]^c\hi]VindjXVcidjX]a^`Z
]djhZhVcYXVgh#EgdXZhhZhVgZcdigdWjhi#>[ndj
cZZYidiZaaeZdeaZVWdji]dl\ddYndjgegdXZhhZh
VgZi]ZcZmeaV^cl]n#
=da^hi^X
6aaZbWgVX^c\!XdbegZ]Zch^kZ#
HXdeZdji
EaVc!add`Vi!^ckZhi^\ViZ!X]ZX`!VhhZhh#
>beaZbZci$^beaZbZciVi^dc
LZiZcYidjhZi]^hldgYl]ZclZbZVcYd!
XVggndji!WZ\^c!hiVgidgeji^ceaVXZ#
HZVX]Vc\Z
8]Vc\^c\i]ZhZVldjaYWZfj^iZVcVX]^ZkZbZci#
HZZhiZeX]Vc\ZWZadl#
>cXZci^k^hZ
CdiVldgY#IgnZmegZhh^dcha^`ZbV`Zldgi]l]^aZ
dgZcXdjgV\Z#NdjldjaYWZWZiiZgidgZldgYndjg
hZciZcXZ#
HiV`Z]daYZg
>hhjZhVgdjcY
>hhjZhVgZcdiVgdjcY!i]ZnVgZVWdjidgXdcXZgc^c\#
?d^cZY"je
6cdi]ZgW^id[ejWa^XhZXidg_Vg\dc#6kd^Yjh^c\i]^h
Vaid\Zi]Zg#
6cdi]ZgdkZgjhZYXa^X]‚i]Vi^bea^Zhi]VilZ]VkZ
Vb^haZVY^c\ZfjVa^in^cdjggZaVi^dch]^ehl^i]Vaa
d[i]Z\gdjehlZYZVal^i]#JhZ½\gdjeh$eZdeaZ
lZldg`l^i]¾dg½eZdeaZVcYdg\Vc^hVi^dchl^i]
Vc^ciZgZhi^cdjgldg`¾#DgcVbZi]Z\gdjehndj
VgZiVa`^c\VWdji#
HigViZ\n
>h^igZVaanVhigViZ\n4BdgZa^`Zani]Vi^i^hVeaVc#
@Zn
6cdi]ZgdkZgjhZYldgY#JhZbV^c!dgbdhi
^bedgiVci#
HiZeX]Vc\Z
6kd^Yjh^c\i]^he]gVhZVaid\Zi]Zg#?jhiiVa`VWdji
l]Vii]ZX]Vc\Z^hVcYl]Vi^ibZVch#
A^V^hZ
8dciVXi!WZ^cidjX]l^i]dgiVa`id
HjhiV^cVWaZ
Dc"\d^c\
>cXdbeaZiZ!^cegd\gZhh#
DcanjhZi]^hldgY^[ndjgZVaanjcYZghiVcYl]Vi
^ibZVchVcYndjZmeaV^c^ihbZVc^c\^cndjgiZmi
cdi^cV\adhhVgn#
Dci]Z\gdjcY
L]ZgZZahZldjaYi]ZnWZ4
HncZg\n
6\V^c!bdhiY^Xi^dcVg^ZhYdcdia^hii]^hldgY#
Dg\Vc^X
DcanVXXZeiVWaZ^[ndjVgZlg^i^c\VWdjiX]Zb^hign
dgV\g^XjaijgZ#JhZVYVeiVWaZdgÇZm^WaZ^chiZVY#
IV`ZVeegdeg^ViZVXi^dc
LdjaYlZZkZg`cdl^c\aniV`ZVXi^dci]Vi^h
^cVeegdeg^ViZ4
Djieji
Egd_ZXi"eaVcc^c\_Vg\dci]VibVcnl^aacdi
jcYZghiVcY#IgnegdYjXi!hZgk^XZdggZhjai^chiZVY#
IV`Z[dglVgY
9ZkZade!iV`ZX]Vg\Z!hiVgi#
IgVcheVgZci$igVcheVgZcXn
BdgZegd_ZXi"eaVcc^c\_Vg\dc#JhZgZhjaidg
dW_ZXi^kZ^chiZVY#
7ZhiaZ[iidYZhXg^WZi]Z\aVhh^cdjgl^cYdlh#
DjgegdXZhhZhVcYegdXZYjgZhh]djaYWZXaZVg#
Ji^a^hZ
JhZ#
EgdVXi^kZ
BZVchi]ZhVbZVhVXi^kZ#
LVh]"jehZhh^dc
Egdedgi^dcViZ
9dndjgZVaancZZYidjhZi]^hldgY4
HdjcYha^`ZZkZgndcZ\Zii^c\id\Zi]ZgidYd
i]ZY^h]Zh#Ign½ÆcVabZZi^c\¾dg½YZWg^Z[¾#
GZaZkVci
LdjaYlZZkZg`cdl^c\anYdVcni]^c\^ggZaZkVci4
L^i]gZ\VgYid
6Wdji!XdcXZgc^c\#
GZbZY^ViZ$gZbZY^Vi^dc
BVcnY^Xi^dcVg^ZhYdc¾ia^hii]^hldgY#JhZXaZVcje!
bV`ZhV[ZdgÆm#
Ldg`^c\^ceVgicZgh]^el^i]
BZVchi]ZhVbZVhldg`^c\l^i]#
NdjghZa[!bnhZa[
Ndj!bZ#
DjiXdbZ
() :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
(*
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
FjZhi^dchVcYVchlZgh
>hc¾ii]^h_jhiYjbW^c\Ydlc4
Cd#GZhZVgX]l^i]djgXjhidbZgh
]Vhh]dlci]VilZ[gZfjZcianhZcY
i]ZbbViZg^Vahi]Vii]ZnXVccdi
jcYZghiVcY#I]^hYdZhcdi_jhiVeean
idbZbWZghd[i]ZejWa^X!Wjiid
Wjh^cZhh!di]ZgeVgihd[\dkZgcbZci
VcYkdajciVgndg\Vc^hVi^dch#
>i^hVc^bedgiVcieVgid[djgYg^kZid
WZXdbZZVh^ZgidYdWjh^cZhhl^i]
i]VilZegdYjXZVaad[djgbViZg^Vah
l^i]djgXjhidbZgh^cb^cY#6cY
i]VibZVchlg^i^c\^ceaV^c:c\a^h]#
L]ZgZXVc>\Zi]ZaeVcYVYk^XZ4
LZ]VkZVcZildg`d[eaV^c:c\a^h]
X]Vbe^dchl]dXVc]Zaendj#IdÆcY
djil]d^hndjgh!add`dc:Vh^cZidg
XVaa,&%*,%,#
>¾bldg`^c\dcVeVgicZgh]^e
YdXjbZciVcYi]Zn`ZZedc
ejii^c\i]Z_Vg\dcWVX`^cid
i]ZYdXjbZci#L]ViXVc>Yd4
>[lZVgZi]ZaZVYeVgicZg^ci]Zegd_ZXi
i]ZcdjggjaZhh]djaYiV`Zeg^dg^in#>[
cdi!ndjh]djaYZmeaV^ciddjgeVgicZgh
i]ZWZcZÆihd[djgVeegdVX]idlg^i^c\
VcY]dl^il^aa]Zaei]Zegd_ZXi#6h`
ndjgeaV^c:c\a^h]X]Vbe^dchZZ
egZk^djhVchlZg[dg]Zae#
I]^h^hÆcZ[dgZmiZgcVa
YdXjbZcih!Wjii]ZgZ^hcd
cZZY[dgi]^h^ciZgcVaanhjgZan4
LZh]djaYigZVidjg^ciZgcVa
XjhidbZghi]ZhVbZlVnVhlZigZVi
djgZmiZgcVadcZh#I]^h^hVY^kZghZ
dg\Vc^hVi^dcl^i]bVcnY^hX^ea^cZh!
lZVgZcdiVaaZmeZgihdcVaad[
djgldg`#Ndjh]djaYVhhjbZcd
heZX^Va^hi`cdlaZY\ZjcaZhhndj
VgZlg^i^c\iZX]c^XVaYdXjbZcih
[dgVejgZaniZX]c^XVaVjY^ZcXZ#
:kZcl]ZceZdeaZYdjcYZghiVcY
_Vg\dc!i]ZnldjaYjhjVaanegZ[Zg
idgZVYhdbZi]^c\lg^iiZceaV^can#
(+ :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
I]^h^hVaakZgnlZaaWjibn
bVcV\ZgVcYiZVbYdc¾i
lg^iZeaV^can
BVcV\^c\ndjgXdaaZV\jZhVcY
bVcV\Zg^hcdiZVhn¹hdbZeZdeaZ
Ydc¾iiV`Z`^cYanidWZ^c\idaYi]Z^g
lg^i^c\^hc¾ijeidhiVcYVgY#Ign
Vh`^c\i]Zbl]Vii]ZV^bd[i]Z^g
lg^i^c\^h!l]Vii]ZnlVcii]ZgZVYZg
idjcYZghiVcYdgYdVhVgZhjaid[
gZVY^c\^i#IgnVcYÆcYVb^YYaZ
lVn¹WZ^c\Yd\bVi^X^hjca^`Zanid
]Zae#>[ndjX]Vc\ZhdbZi]^c\^c
ndjgXdaaZV\jZ¾hldg`!ZmeaV^cl]n#
Dgl]ncdi]VkZViZVbLg^iZ[dgi]Z
:ck^gdcbZci6\ZcXnldg`h]de
8Vc>gZVaanhiVgiVhZciZcXZl^i]
½VcY¾!½Wji¾VcY½WZXVjhZ¾4
NZh#7ZXVjhZi]ZhZldgYhVgZ
Xdc_jcXi^dch_d^c^c\ldgYh!bVcn
eZdeaZWZa^ZkZi]VihZciZcXZhbjhi
cZkZghiVgil^i]i]Zb#Bdhi\ddY
lg^iZgh^\cdgZi]^h½gjaZ¾WZa^Zk^c\i]Vi
^[Xdc_jcXi^dchVgZbZVciidXgZViZ
a^c`hi]Znh]djaYWZVaadlZYidVXi
VhXdccZXidghWZilZZcdcZhZciZcXZ
VcYVcdi]Zg#I]^h^hdcZdXXVh^dc
l]ZgZndjgeg^bVgnhX]ddaiZVX]Zg
lVhcdig^\]i
L]nh]djaY>Ydi]^hl]Zci]Z
hij[[i]ViXdbZhi]gdj\][gdb
=ZVYD[ÆXZ$GZ\^dc^hcdi
lg^iiZceaV^can4
9dc¾iejijel^i]WVYhij[[Xdb^c\
i]gdj\][gdbZahZl]ZgZ^ci]Z
Wjh^cZhh#>[i]ZiZmi^ci]ZhiVcYVgY
aZiiZghndjVgZVh`ZYidjhZ^hWVYan
dgcdieaV^canlg^iiZcaZii]ZVji]dg
d[i]ViaZiiZg`cdl#<ZindjgeaV^c
:c\a^h]X]Vbe^dc^ckdakZY¹dg
i]ZeaV^c:c\a^h]X]Vbe^dc[dgi]Z
YZeVgibZcii]VilgdiZi]ZiZmi#
9dc¾iaZidi]Zgh\ZiVlVnl^i]^i
L]ViVWdjieaV^cLZah]4
LZ]VkZV\j^YZidlg^i^c\eaV^can^c
LZah]!Nh\g^[ZccjVg\n[Zg6h^VciVZi]
ng6b\naX]ZYY8nbgj!l]^X]^h
VkV^aVWaZdc:Vh^cZi#
<diVfjZhi^dc4
:bV^aBVg`;jccZaaVi
bVg`#[jccZaa5Zck^gdcbZci"
V\ZcXn#\dk#j`dgXVaa,&%*,%,#
(,
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
DjghinaZ\j^YZ
I]^h\j^YZZmeaV^chdjggjaZhdcjh^c\ejcXijVi^dcVcY
di]Zg\gVbbVg#NdjbjhijhZi]^h\j^YZl]Zcndjlg^iZ
Vcni]^c\[dgi]Z:ck^gdcbZci6\ZcXn#
6WWgZk^Vi^dch
9dcdi[daadlVWWgZk^Vi^dch!VXgdcnbh
VcYXdcigVXi^dchl^i]V[jaahidejcaZhh
i]ZnVeeZVgVii]ZZcYd[VhZciZcXZ#
Lg^iZVWWgZk^Vi^dch^cXVe^iVah/
778!IJ8!E6N:#
Lg^iZVXgdcnbhVWWgZk^Vi^dchi]Vi
VgZegdcdjcXZYVhldgYhl^i]^c^i^Va
XVe^iVah/
9Z[gVdg6^Yh#
JhZadlZgXVhZ[dg`b!`\!VcY
di]ZgbZVhjgZh#9dcdi[daadll^i]
V[jaa"hidejcaZhhVii]ZZcYd[V
hZciZcXZ#9dc¾ieji^cVeajgVa¹h
^ci]Z[daadl^c\/
^c!b^c!bb!hZX!Wj!Xj!Xli!\\gVbh#
9dcdiXdcigVXildgYha^`Z]djgh
id]ghdgnVgYhidnYh#C^cZiZZci]
XZcijgn!cdi&.i]XZci#
I]Z:ck^gdcbZci6\ZcXn^hgZ[ZggZYid
Vh½i]Z:ck^gdcbZci6\ZcXn¾dg½lZ¾
VcYcZkZgVh½:6¾dg½i]Z6\ZcXn¾#
(- :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
6XgdcnbhVcY
VWWgZk^Vi^dch
L]ZcndjÆghijhZVi^iaZ!ejii]Z
VXgdcnbdgVWWgZk^Vi^dc^cWgVX`Zih
^bbZY^ViZanV[iZg^i#;dgZmVbeaZ!
9ZeVgibZci[dg:ck^gdcbZci!;ddY
GjgVa6[[V^gh9Z[gV#;gdbi]Zc
dclVgYh!jhZi]ZVXgdcnb#>[ndjÆghi
jhZi]Zi^iaZVheVgid[V]ZVYa^cZ!jhZ
^i^c[jaaVcYi]ZcVeeani]ZVWdkZgjaZ
l]Zc^iÆghiVeeZVgh^ci]ZiZmi#L]Zc
i]ZVXgdcnb^hi]ZVXijVacVbZd[
hdbZi]^c\!i]Zcejii]ZVXgdcnbÆghi/
I]Zg^kZgbdYZaFJ6H6GFjVa^in
h^bjaVi^dcVadc\g^kZgh]Vh
YZbdchigViZY###
>[ndjVgZlg^i^c\Vc:mZXji^kZ
HjbbVgndg6WhigVXindjbjhi
ZmeaV^cVWWgZk^Vi^dchVcYVXgdcnbh
^ci]ZhjbbVgnVcYi]ZcV\V^cVi
i]ZhiVgid[i]ZbV^ciZmi#
6edhigde]Zh
7gVX`Zih
I]ZgZVgZdcanildXdggZXijhZh[dg
Vedhigde]Zh#I]ZÆghi^hidh]dl
WZadc\^c\iddgedhhZhh^dc½?VcZ¾h
Wdd`¾dg½i]ZegZk^djhnZVg¾h\gdli]¾
bZVc^c\i]Z\gdli]^ci]ZegZk^djh
nZVgdg½i]ZegZk^djhnZVgh¾\gdli]¾
bZVc^c\i]Z\gdli]^cbdgZi]Vc
dcZnZVg#
JhZgdjcYWgVX`ZihidbVg`bViZg^Va
i]Vi^hZmigVdgZmeaV^chhdbZi]^c\/
I]ZhZXdcYjhZ^hid^cY^XViZb^hh^c\
aZiiZghdgÆ\jgZhVh^c½?d]c¾haViZ¾dg
½Ydc¾ia^`ZiZV¾#
™ 9dcdijhZ^iid^cY^XViZXdaaZXi^kZ
YViZh#;dgZmVbeaZ&.-%hcdi
&.-%¾h#
™ CZkZgjhZVcVedhigde]ZidbV`Z
hdbZi]^c\eajgVa#Dcanlg^iZ½^i¾h¾
^[^i^hh]dgi[dg½^i^h¾!Vh^c½^i¾hV
\ddYgZedgi¾#
™ CZkZgjhZVcVedhigde]Zl]Zc
ndjVgZjh^c\½^i¾VhVedhhZhh^kZ
egdcdjc!Vh^c½i]ZYd\lV\\ZY
^ihiV^a¾#
>ci]ZCVciBZancVig^WjiVgnd[i]Z
G^kZg6bVcVi8lb\dghVXijVaigdji
edejaVi^dchVgZ###
6ahdjhZi]ZbidgZ[ZgidcjbWZgZY
^iZbhbZci^dcZY^ci]ZiZmi/
8]Vc\ZhegZY^XiZYWni]ZBVcX]ZhiZg
BdYZahZXi^dc*#+#
HfjVgZWgVX`Zihh]dlXdbbZcidg
ZmeaVcVi^dcWnhdbZdcZdi]Zgi]Vc
i]ZeZghdcWZ^c\fjdiZY/
½I]Zh^ijVi^dcP^cÇddYYZ[ZcXZR
]VhcZkZgadd`ZYWZiiZg¾#
>[i]Zl]daZhZciZcXZ^hl^i]^c
WgVX`Zih!ndjh]djaYejii]Z[jaa
hide^ch^YZ#I]^h\dZh[dgZmXaVbVi^dc
VcYfjZhi^dchbVg`hidd#
(.
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
7jaaZied^cih
8Ve^iVaaZiiZgh
HZb^Xdadch
8dbbVh
JhZVXdadcVii]ZZcYd[i]ZhZciZcXZ
^cigdYjX^c\WjaaZied^cih#L]ZcWjaaZi
ed^ciha^hih^c\aZldgYhdgkZgnh]dgi
e]gVhZh!jhZcdejcXijVi^dcZmXZei
V[jaahidedci]ZaVhiWjaaZied^ci#
JhZadlZgXVhZl]ZgZkZgedhh^WaZ#
DcanjhZXVe^iVah/
<ZcZgVaan!hZb^XdadchhZeVgViZild
dgbdgZXaVjhZhi]ViVgZd[bdgZdg
aZhhZfjVa^bedgiVcXZVcYVgZa^c`ZY
VhVeV^gdghZg^Zh/
>chZgiXdbbVhWZilZZcVY_ZXi^kZh
egZXZY^c\VcYfjVa^[n^c\Vcdjc#
;dgZmVbeaZ/
Igji]ZcVWaZhbVc0aZVgc^c\
VYdgch]^b#
6XdaY!YVbe!WVYana^igddb#
HiZb/
™ e^c`ngZY
™ jeid'#*biVaa
™ ]daadlVcY_d^ciZY#
L]ZcWjaaZied^ciha^hiadc\Zged^cih!
jhZVhZb^XdadcidhZeVgViZi]Zb#
:VX]WjaaZied^cih]djaYhiVgil^i]V
adlZgXVhZaZiiZgVcYi]ZÆcVaWjaaZi
h]djaY]VkZV[jaahideV[iZg^i#
™ [dgcVbZh0
™ idhiVgiVhZciZcXZ0
™ [dgYVnhd[i]ZlZZ`VcYbdci]h
d[i]ZnZVgWjicdi[dghZVhdch0
™ [dgi^iaZhd[Wdd`hVcY_djgcVah
l]^X]h]djaYVeeZVg^c^iVa^X[dci0
™ [dgi]ZeVgi^XjaVghjX]Vh½I]VbZh
GZ\^dc¾Wjicdi[dgi]Z\ZcZgVa
½i]gdj\]djii]ZgZ\^dch¾0
™ l]ZcndjcVbZV\Zd\gVe]^XVa
VgZVWjicdil]ZcndjVgZiVa`^c\
VWdjiY^gZXi^dc½id\Ziidi]ZHdji]
LZhiGZ\^dcigVkZahdji]lZhi¾#
I]ZhZ^cXajYZ/
™ hVbea^c\VcYVcVanh^hd[
i]ZlViZgZck^gdcbZci0
™ VYk^h^c\XjhidbZghdc
edaaji^dcegZkZci^dc0
™ deZgVi^c\ÇddYYZ[ZcXZh^c
gZhedchZidZbZg\ZcX^Zh
^ckdak^c\bV^cg^kZgh#
I]ZgZ^hcdcZZYid^chZgi½VcY¾
WZilZZci]ZhZXdcY"id"aVhiVcYaVhi
ed^cih#>[ndjgWjaaZied^cihVgZV
hZciZcXZZVX]!hiVgil^i]VXVe^iVa
aZiiZgVcYi]ZcejiV[jaahideVii]Z
ZcYd[ZVX]hZciZcXZ#I]ZgZ^hVc
ZmVbeaZd[i]^hdceV\Z'#
)% :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
8]Zb^XVa[dgbjaVZ
VcYiZX]c^XVabViZg^Va
>[ndjVgZlg^i^c\VhX^Zci^ÆXgZedgi
eaZVhZgZ[Zgidi]ZhjeeaZbZciVgn
\j^YZVkV^aVWaZ[gdbdjgHX^ZcXZ
<gdje#
HZb^XdadchY^k^YZi]Zh^beaZ
bZbWZghd[VXdbedjcYhZciZcXZ!
VcYVYVh]bVn[daadli]ZaVhiXaVjhZ
WZ[dgZi]Z\ZcZgVaXdcXajh^dc#
=Z]VYVl^YZgVc\Zd[^ciZgZhih/
eaVcc^c\VcYjcYZgiV`^c\higZcjdjh
XnXaZig^eh^c6h^V0bdjciV^cZZg^c\0
gZhZVgX]^c\VcYlg^i^c\iZgg^[n^c\hen
cdkZah¹Vaaid]^hXgZY^i#
NdjXVc\ZiVlVnl^i]djijh^c\
hZb^Xdadch!hd^[ndjYdcdi`cdl
]dlidjhZi]Zb!Ydc¾i#
8dadch
6cZciZgeg^h^c\!VbW^i^djhbVc#
7jil]ZgZi]ZaVhiVY_ZXi^kZ^h^c
XadhZggZaVi^dcidi]ZhjW_ZXii]Vci]Z
egZXZY^c\dcZh!db^ii]ZXdbbV!Vh/
6a^iiaZdaYaVYn#
JhZXdbbVhidbV`ZndjgbZVc^c\
XaZVg#AZVk^c\i]Zi]^gYXdbbV
djildjaYbV`Zi]^hhZciZcXZ
VbW^\jdjh/
CZlh]dehlZgZdeZcZYWn7VgcZh
CdWaZ!;gZcX]VcY8daaZi!7ddi]
VcYIjX`Zg!VcY?dcZh#
CZkZgjhZVXdbbVida^c`ild
hZciZcXZh/
LZl^aaWZegdk^Y^c\ajcX]!V
kZ\ZiVg^Vcdei^dcl^aaWZVkV^aVWaZ#
L]ZgZVhi]ZhZb^Xdadca^c`hZfjVa
dgWVaVcXZYXaVjhZh!i]ZXdadc
\ZcZgVaanbVg`hVhiZe[dglVgY
[gdb^cigdYjXi^dcidbV^ci]ZbZ#
JhZVXdadcid^cigdYjXZVa^hidg
WjaaZied^cih!WjiYdcdiVYYVYVh]
/"#9dcdi[daadlVXdadcl^i]V
XVe^iVaaZiiZgjcaZhhndjgWjaaZied^cih
ZVX][dgbVhZeVgViZhZciZcXZ#
)&
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
9Vh]Zh
;gVXi^dch
;ddicdiZh
I]ZgZVgZildineZhd[YVh]Zh!
VcZc"YVh]VcYVcZb"YVh]#I]Z
Zc"YVh]^hjhZYidh]dlVheVc/
;gVXi^dchVgZlg^iiZc^c[jaaVcY
]ne]ZcViZYl]Zci]ZnVeeZVg^ciZmi/
6[ddicdiZh]djaYVeeZVgVii]Z
Wdiidbd[i]ZeV\ZVcYhiVgidci]Z
hVbZeV\ZVhi]ZiZmigZ[ZgZcXZ#DcZ
h^c\aZa^cZcdiZdcVeV\Zh]djaYWZ
XZcigZY0ilddgbdgZh^c\aZ"a^cZcdiZh
dcVeV\Zh]djaYWZVa^\cZYidi]Z
aZ[i#;ddicdiZhh]djaYWZcjbWZgZY
[gdb&dcZVX]eV\Z!jcaZhhi]ZgZ
^hheZX^VaY^gZXi^dcidcjbWZg
Xdci^cjdjhani]gdj\]X]VeiZghdg
hZXi^dch#;ddicdiZcjbWZghVeeZVg
V[iZgi]Z[jaahide#
Ild"i]^gYhd[i]Zg^kZgh###
;da^dh'(".)!dgidheZX^[nVeZg^dY
d[i^bZWnXdccZXi^c\ildYViZh#
:b"YVh]ZhVgZjhZYX]^ZÇnid
Vc^ciZggjei^dc^ci]ZhigjXijgZ
d[VhZciZcXZ/
Zb"YVh]Zh¹ZmVbeaZhVgZ\^kZc
^ci]^ha^cZ¹VgZd[iZcjhZYidh]dl
i]VildgYhZcXadhZYWZilZZci]Zb
VgZidWZgZVYVhi]dj\]i]ZnlZgZ
^cWgVX`Zih#
:b"YVh]ZhXVcVahdWZjhZYid
VYYVcdi]Zg^YZVidi]ZZcYd[
VhZciZcXZ#
9ViZh
Lg^iZi]ZYViZ^cÆ\jgZhVcYYdc¾i
jhZhi!gY!i]dgXdbbVh#Ejii]Z
YVnWZ[dgZi]Zbdci]VcYi]Z
bdci]WZ[dgZi]ZnZVg/
BdcYVn*?VcjVgn'%%*#
>cYZm$\adhhVgn
IZX]c^XVaejWa^XVi^dchbjhi]VkZVc
^cYZm#LdgYh!e]gVhZhdgVXgdcnbh
i]ViVgZeVgid[ndjgZkZgnYVn
kdXVWjaVgnbVnlZaaWZcZlid
ndjggZVYZgh#NdjbjhiZmeaV^c
i]Zbi]ZÆghii^bZndjjhZi]Zb#
HZeVgViZeV\ZgZ[ZgZcXZÆ\jgZhWn
XdbbVhVcY\gdjehd[gZ[ZgZcXZh
WnhZb^Xdadch#Db^ii]Z[jaaed^ci
Vii]ZZcYd[VXdbeaZiZZcign#
>iVa^Xh
JhZ^iVa^Xh[dgi^iaZh!^cXajY^c\i]Z
cVbZhd[djggZedgihVcYhigViZ\^Zh
VcY[dgcVbZhd[eZg^dY^XVah#L^i]
gZ\VgYideZg^dY^XVah!i]ZegZÆmi]Z
^hhdbZi^bZheg^ciZY^c^iVa^XVcY
hdbZi^bZheg^ciZY^cgdbVc#6hV
gjaZeg^ci^i^cgdbVcadlZgXVhZ!
Vhi]Z9V^anIZaZ\gVe]VcYi]Z
9V^an:megZhh#I]ZI^bZhVcYI]Z
:Xdcdb^hiWZ^c\ZmXZei^dch!Vhi]dhZ
ejWa^XVi^dchegZ[Zgid]VkZ^ihd#
=ZVY^c\hVcYi^iaZh
DcanjhZVXVe^iVaaZiiZg[dgi]ZÆghi
ldgYd[V]ZVY^c\dgi^iaZ!hjX]Vh/
HZVgX]^c\[dg\gdjcYlViZg#
=ne]Zch
JhZ/
™ l]ZgZi]ZVYkZgW[dgbhVh^c\aZ
XdcXZeil^i]i]ZVY_ZXi^kZ/
™ VcdjcZmegZhh^c\i]ZVXi^dcd[V
kZgWVcYVYkZgWiV`ZhV]ne]Zc/
Xdbbdc"hZchZ0X]Vc\Z"dkZg0
Wn"aVl0WZcX]"bVg`#
AVi^c
NdjXVcjhZaVi^ccVbZh[dgheZX^Zh
d[eaVcihVcYVc^bVah#7jiVkd^YAVi^c
ldgYhVcYVWWgZk^Vi^dch^cdi]Zg
X^gXjbhiVcXZh#
JhZ½[dgZmVbeaZ¾VcY½hjX]Vh¾VcY
cdi½Z#\#¾#9dc¾ijhZ½^#Z¾!jhZ½i]Vi^h¾#
CjbWZgh$cjbZg^XVa
iVWaZh
9dcdihiVgiVhZciZcXZl^i]V
cjbWZg#Lg^iZcjbWZghdcZid
c^cZVhldgYhVcYcjbWZgh[gdb
&%jelVgYhVhÆ\jgZh#
Lg^iZi]djhVcYhVhÆ\jgZh^c[jaa
cdijh^c\`/
(%!%%%cdi(%`#
Vc^aa"ZYjXViZY[Zaadl0
Lg^iZb^aa^dchVh/
™ l]ZgZVcdjcVcYVcVY_ZXi^kZVgZ
jhZYViig^Wji^kZan^cXdbW^cVi^dc/
dcZb^aa^dc!(#+b^aa^dc#
VedkZgin"hig^X`Zc[Vb^an0VaVg\Z"
hXVaZbVe0
L]ZcdcZcjbWZg^bbZY^ViZan
[daadlhVcdi]Zg^i^hXaZVgZg^[ndj
heZaadjii]ZÆghicjbWZg/
IlZakZ'*"hZViZgWdVih#
)' :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
)(
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Lg^iZhjbhd[bdcZn^cÆ\jgZh/
—,*!—*#.-!'-e#
Lg^iZdgY^cVacjbWZgh^cÆ\jgZh/
&hieg^oZ!'cYeaVXZ#
9ZX^bVacjbWZghadlZgi]VcdcZ
h]djaYhiVgil^i]%ValVnhjhZi]Z
YZX^bVaed^ci/
%#,+!cdi#,+
Lg^iZXdbW^cVi^dcha^`Z]Va[Vc^cX]!
]Va[VYdoZc!l^i]dji]ne]Zch#>[
Æ\jgZh^ciVWaZhjcYZgi]ZXdajbc
]ZVY^c\VgZa^c`ZYndjh]djaYXZcigZ
i]Zb#Di]Zgl^hZgVc\Zi]ZbaZ[i
jcYZgi]Z]ZVY^c\#
EZgXZciV\Zh
JhZi]ZldgYh½eZgXZci¾^chiZVYd[
i]Zh^\cZmXZei^cejWa^XVi^dch
l^i]V\gZViYZVad[Æ\jgZldg`#
FjdiVi^dcbVg`h
JhZh^c\aZ^ckZgiZYXdbbVh[dg
fjdiZh!ZmXZei[dgfjdiZhl^i]^c
fjdiZhl]^X]h]djaYi]Zc]VkZ
YdjWaZ^ckZgiZYXdbbVh#6cnldgYh
^chZgiZYWni]ZVji]dg^cVfjdiVi^dc
bjhiWZhZi^cPRidh]dli]Vii]Zn
VgZcdieVgid[i]ZfjdiZYbViiZg#
)) :ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
FjZhi^dcVcY
ZmXaVbVi^dcbVg`h
FjZhi^dcVcYZmXaVbVi^dcbVg`h
VXiVhV[jaahideVii]ZZcYd[V
hZciZcXZ#9dcdiVYYV[jaahide
V[iZgi]ZhZbVg`h#
IZaZe]dcZcjbWZgh
9dcdijhZWgVX`ZihVgdjcYi]ZXdYZ#
JhZVheVXZWZilZZci]ZXdYZVcY
i]ZcjbWZg/
%&)*)+'))%%#
9dc¾i[dg\Zi
™ CZkZggZ[Zgid½i]Z6\ZcXn¾#6alVnhlg^iZ½i]Z
:ck^gdcbZci6\ZcXn¾dgjhZ½lZ¾dg½jh¾#CZkZggZ[Zgid
i]Z:ck^gdcbZci6\ZcXn^ci]Zi]^gYeZghdc^idgi]Zn#
™ 6alVnhlg^iZi^iaZhVcY]ZVY^c\ha^`ZndjldjaYlg^iZ
VhZciZcXZ#;dgZmVbeaZ!Hedia^\]idcWjh^cZhh/
Zck^gdcbZciVaeZg[dgbVcXZ^c'%%+#
™ 6alVnhZmeaV^cVWWgZk^Vi^dchVcYVXgdcnbhi]Z[^ghi
i^bZi]VindjjhZi]Zb#;dgZmVbeaZ!lZVgZVWdji
id^beaZbZcii]ZLVhiZ:aZXig^XVaVcY:aZXigdc^X
:fj^ebZciL:::9^gZXi^kZ#6alVnhlg^iZVWWgZk^Vi^dch
^cXVe^iVaaZiiZghl^i]dji[jaahideh#Lg^iZVXgdcnbh
VWWgZk^Vi^dchi]ViVgZegdcdjcXZYVhVldgYl^i]
VXVe^iVaaZiiZg#;dgZmVbeaZ/9Z[gV!6^Yh#
™ JhZi]ZVXi^kZkd^XZl]ZcZkZgedhh^WaZ#
™ 9dc¾ijhZldgYha^`Z^ckZhi^\Vi^dc!XdchjaiVi^dcdg
^beaZbZciVi^dcl]ZcndjXVcjhZi]ZkZgWhi]Vi
i]ZnVgZYZg^kZY[gdb/^ckZhi^\ViZ!XdchjaiVcY
^beaZbZci#;dgZmVbeaZ!lg^iZ½lZXdchjaiZY
adXVal^aYa^[Z\gdjeh¾^chiZVYd[½lZXdcYjXiZY
VXdchjaiVi^dcl^i]hiV`Z]daYZgh¾#
™ Lg^iZ^ch]dgihZciZcXZh#Ignidlg^iZidVcVkZgV\Z
hZciZcXZaZc\i]d[&*"'%ldgYh#>[ndjhi^X`id½dcZ
hZciZcXZ¹dcZ^YZV¾ndjh]djaYYdi]^hZVh^an#
)*
:ck^gdcbZci6\ZcXnLg^iZ[dgi]Z:ck^gdcbZci6\ZcXn
Id[^cYdjibdgZ\didi]ZeaV^c
:c\a^h]eV\Zhdc:Vh^cZi#
NdjXVcVahdXdciVXindjgeaV^c
:c\a^h]X]Vbe^dc#Ndjl^aa[^cY
Va^hid[i]Zbdc:Vh^cZi#
8dgedgViZEjWa^h]^c\iZVb,&%*,%,
:ck^gdcbZci[^ghi/i]^hejWa^XVi^dc^heg^ciZYdceVeZgbVYZ
[gdb&%%eZgXZciegZk^djhanjhZYlVhiZ#7n"egdYjXih[gdb
bV`^c\i]ZejaeVcYeVeZgVgZjhZY[dgXdbedhi^c\VcY[Zgi^a^hZg!
[dgbV`^c\XZbZciVcY[dg\ZcZgVi^c\ZcZg\n#
<:=D%(%,7AOC":"E