,

 9 E D 9 K H I E  : ;  9 K 7 : ; H D E I  : ;  ; N F ; H ? C ; D J E I

9 E D 7 9 O J  ( & & +

: L8 ; < I E F  ; <  < O G < I @ D < E K F J G I @ D 8 I @ 8

BW\i_YW
bWiYeiWi
8;B?DA7
DA =ED
=EDPB;P
<;HDD:;P

;`jki`kf=\[\iXc
>XeX[fiX[\c-f%:feZlijf
[\:lX[\iefj[\<og\i`d\ekfj
:Xk\^fiX1Gi`dXi`X

D}jXcc}[\cf\m`[\ek\
;\gXeqXqff[\]c\Z_`kX6
DX^`XZfe\jg\afjpdlZ_fd}j%%%

e[`Z\

@ekif[lZZ`e 

D}jXcc}[\cf\m`[\ek\ 
;\]c\Z_`kXf[\gXeqXqf6
<eYljZX[\ZXcfi

DX^`XZfe\jg\afj

;\[e[\m`\e\\j\jfe`[f6
8gfe\ij\cXjg`cXj

Hlk\[\k`\e\6 

Hl`e\dglaXXhl`e6
@em\jk`^XZ`fe\jcle}k`ZXj
Dfm`d`\ekfj\e^Xfjfj





































?djheZkYY_d












')
'+
''/
('
()
(+
((/
)'
))

<jk\kiXYXafjli^\Zfe\c[\j\f[\XZ\iZXiXcfj\jkl$
[`Xek\j[\gi`dXi`XXcX`em\jk`^XZ`e\e^\e\iXcp#
\egXik`ZlcXiXcX]j`ZX#X]`e[\hl\gl\[XeZfd$
gifYXiefjcfhl\\jk}[`i\ZkXd\ek\i\cXZ`feX[XZfe
jlm`[Xpc\jg\id`k\\ek\e[\idlZ_fj]\ed\efj
Zfk`[`Xefj#j`efhl\gl\[\j\iXc^f\dfZ`feXek\p
[`m\ik`[f%GXiX\ccf#j\_X\cXYfiX[flek\okfZlpf
fYa\k`mf\jgifg`Z`Xi\cXe}c`j`jpcXi\]c\o`e#Xgif$
m\Z_Xe[fjlZli`fj`[X[eXkliXc2X[\d}j[\gi\j\e$
kXic\jlegXefiXdX# X^ifjjfdf[f
f#[\cmXjkfZXdgf
hl\\jkXZ`\eZ`XXYXiZX%

;bfkdjeZ[fWhj_ZW[igk[bei
d_eiiedYWfWY[iZ[Yec#
fh[dZ[h_Z[WiYecfb[`Wi"
i_[cfh[oYkWdZeh[Y_XWd
[nfb_YWY_ed[iYbWhWiobei
YedY[fjeii[WdWieY_WZeiW
i_jkWY_ed[ieYeiWigk[[bbei
YedepYWd$

@khWZe
:h$;b[WpWh9kWkjb[<beh[i
@ejk`klkf[\:`\eZ`XjElZc\Xi\j#LE8D

<i$;hd[ijeC|hgk[pD[h[o
JfZ`\[X[D\o`ZXeXgXiXcX;`mlc^XZ`e[\cX:`\eZ`X
pcXKZe`ZX

<j`dgfikXek\i\jXckXihl\efYXjkXgifdfm\i\c
\jkl[`f[\cXZ`\eZ`XpcXk\Zefcf^X\eel\jkifgXj2
kXdY`e\je\Z\jXi`fZXdY`Xi\cZfeZ\gkfhl\[\
\ccXjj\k`\e\pi\ZfefZ\ihl\\eDo`Zfj\gl\[\
k\e\ileXgif[lZZ`eZ`\ek]`ZXXcXXckliX[\ZlXc$
hl`\ifkiXeXZ`e#XZfe[`Z`e[\hl\i\Z`YX\cXgfpf
e\Z\jXi`f#pj\]fd\ek\jlXgc`ZXZ`egXiX`dglcjXi
el\jkif[\jXiifccf%

CjhW$HWgk[bH[o[iL|pgk[p
9\e\di`kX<jZl\cXEXZ`feXc[\DX\jkifj

;`i\Zkfi`f

9kWZ[hdeZ[;nf[h_c[djeifWhWFh_cWh_W
9edi[`eDWY_edWbZ[9_[dY_WoJ[Ydebe]W
8m%@ejli^\ek\jJli(,/)#:fc%:i[`kf:fejkilZkfi
Do`Zf#;%=%'*0+'
<[`Z`e1;`i\ZZ`e[\:fdle`ZXZ`eJfZ`Xc#:feXZpk
;`j\f1;<;`j\fp:fejlckfiX>i}]`ZX
@cljkiXZ`e18l^ljkfDfiX
@dgi\j`e1@dgi\jfiXp<eZlX[\ieX[fiXGif^i\jf
@J9E0-/$/)*$).'$O
;\i\Z_fji\j\imX[fj&J\gif_`Y\cXi\gif[lZZ`ekfkXc
fgXiZ`Xc[\cfjdXk\i`Xc\jj`eXlkfi`qXZ`e\jZi`kX%

')

7c_]WioWc_]ei[ijkZ_Wdj[i
i\cXZ`ek`\e\Zfeljk\[\j6Gl\j\jleX[\cXjZ`\eZ`Xj
[\[`ZX[XjX\jkl[`Xi\cdle[fhl\efjif[\X%<e\jk\
ZlX[\ief\eZfekiXi}e\og\$
i`d\ekfjhl\cfjXpl[Xi}eX
\ek\e[\ilegfZf[\\ccfp#
kXcm\q#i\jl\cmXegi\$
^lekXjhl\pXj\_Xe
_\Z_fXek\j%
8lehl\cfj\og\i`$
d\ekfj]l\ife\cX$
YfiX[fjgXiXhl\
ljk\[\jcfjgl\[Xe
i\Xc`qXi#j`\dgi\
\jd\afihl\_XpX
Xc^eX[lckfgi\$
j\ek\#gl\j_Xp
j\ZZ`fe\j\jg\Z`Xc$
d\ek\[\c`ZX[Xj%
Gfick`df#j\i\Zf$
d`\e[Xhl\kiXk\e
[\i\jgfe[\icXjgi\$
^lekXjhl\j\gcXek\Xe
\e\cZlX[\iefXek\j[\
YljZXicXi\jgl\jkX\e\c
c`Yif2[\\jkX]fidXcX`em\jk`^XZ`ej\i}d}j`ek\i\jXek\
pXgi\e[\i}ed}j%
!J`\jk\[`YlafXgX$
i\Z\Xcgi`eZ`g`f[\cX
gi}Zk`ZX#j`^e`]`ZXhl\
leX[lckf[\Y\XgfpXi
\cgifZ\jf%

E`Wb|Z_i\hkj[d[ij[YkWZ[hde

'*

<og%'(

Gk^WY[h5

'
(

:fcfZX \cklYf\e\cjfgfik\pjk\jfYi\leX
d\jXf\e\cjl\cf%

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

C|iWbb|
Z[be[l_Z[dj[

M`\ik\legfZf[\X^lX\e\cklYfpZfcfZXcX
YfZX[\c^cfYfXci\[\[fi[\cXYfZX[\cklYf%

Kf[fjZfefZ\dfj\cdle[f
hl\efjif[\XXkiXmj[\
cfjj\ek`[fj1_XpZfjXj
hl\gf[\dfjm\i#fi#fc\i#
j\ek`ifgifYXipfkiXjhl\
efj\gl\[\eg\iZ`Y`iXj#g\ifZfele
gfZf[\`e^\e`fgf[\dfjjXY\ihl\
\o`jk\e

Begk[d[Y[i_jWi[i$$$

Le^cfYf
LegfZf[\X^lX
:\i`ccfj
LeklYf[\\ejXpfflei\Z`g`\ek\g\hl\fZfe
leXYfZXdlp\jki\Z_Xhl\gf[Xdfjgfe\iXc
]l\^fZfdfklYf[\m`kXd`eX:\]\im\jZ\ek\
LeXm\cXZfikXhl\hl\gX[\YXaf[\cklYf
Lejfgfik\gXiX\cklYf(

8_fiX g`[\Xpl[XXcX[lckfgXiXgi\e[\icXm\cX
pZfcfhl\e\cklYfjfYi\cXccXdX%

GkeYkhh[5

:lXe[f\cX^lX_`\im\j\\mXgfiXp\j\cmXgficf
hl\`e]cX\c^cfYf#g\ifhl\j\cmXgfi6
<cX^lXj\ifdg\\e^fkXj^iXe[\j#jkXjj\ifdg\e
\emXi`Xjg\hl\Xj#pcXjg\hl\Xj\efkiXjd}jZ_`$
hl`kXjpXjjlZ\j`mXd\ek\_XjkXfYk\e\i^fk`kXjhl\
pXefgf[\dfjm\i#X\jXjcXjccXdXdfjdfcZlcXj%
:lXe[f\cX^lX\jchl`[X#cXjdfcZlcXj\jk}ed}j

'+

fd\efjalekXj2XcZXc\ekXij\\dg`\qXeXdfm\ij\
dlZ_f2d`\ekiXjd}jj\ZXc`\ekX\cX^lX#d}ji}g`[f
j\dl\m\e%LeXm\qhl\\cX^lX\dg`\qXX_\im`i#
cXjdfcZlcXjk`\e\ekXekXm\cfZ`[X[hl\\dg`\qXeX
\jZXgXij\#]fidXe[f\cmXgfi%8c]l^Xij\#jXc\e[`j$
gXiX[XjpZ_fZXeZfekiX\c^cfYf#\dgla}e[fcf_XZ`X
]l\iX%<eki\d}jdfcZlcXjc`Yi\j_Xp#d}j\dglaXe
cXjgXi\[\j[\c^cfYf#_XZ`\e[fhl\jk\j\`e]c\d}j%

pj\dl\m\ed}jZlXe[f\jk}e
ZXc`\ek\j#`eZcljfYi`eZXe#g\ifgXiX\ccfe\Z\j`kXe
d}j\jgXZ`fZfdfk %

Kf[fjcfj^Xj\jZfdf\cmXgfi#\cX`i\#\chl\j\ljX
\ecXj\jkl]Xjf\chl\`e]cXcfj^cfYfj #cfjchl`[fj
Zfdf\cX^lXfcXc\Z_\ pcfjjc`[fjZfdf\c_`\cf
fcXd\jX #\jk}e_\Z_fj[\dfcZlcXj%CX[`]\i\eZ`X
\eki\chl`[fj#jc`[fjp^Xj\j\jk}\ecX[`jkXeZ`X
hl\_Xp\eki\jljdfcZlcXj1
<ecfjjc`[fj
\jk}edlpalekXj%%%

GkfWiWWbWXh_hkdWXej[bbW[dbWgk[i[^W
W]_jWZekdh[\h[iYeYed]Wi5

BWicebYkbWiZ[b]Wi"
gk[[ijWXWdjhWdgk_bWi"
[cf_[pWdWcel[hi[jWdje
gk[oWdeYWX[d[dbWXej[bbW
o[dYkWdjefk[Z[d"iWb[d
YedjeZeoh[\h[iYe$I_de
j_[d[iYk_ZWZe"bWiceb#
YkbWi[cfk`Wh|dbWifWh[Z[i
Z[bWXej[bbWjWd\k[hj[gk[
^WijWfk[Z[dXejWhbWjWfW$
dlpj\gXiX[Xj

(J`efZfej`^l\jlef#YljZXcXj`ejkilZZ`fe\j

gXiX_XZ\icf\eg}^`eX)+%

',

<og%')

Gk^WY[h5

:[\b[Y^_jW
eZ[fWdpWpe5

'

Gi`d\ifkiXkX[\XZfjkXicXX^laXjfYi\\cX^lX#[\
df[fhl\hl\[\]cfkXe[f\jdlp[`]Z`c68_fiX
XZljkXcXjfYi\cfj[`\ek\j[\ck\e\[fip\dg`\qX
Xjld\i^`icX[\jgXZ`f\e\cgcXkfZfeX^lX%GfZfX
gfZfm\_le[`\e[f\ck\e\[fid}jpd}j2j`_XZ\j
\jkfZfeZl`[X[fcXX^laXefj\_le[`i}

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

GkeYkhh[5
PXjXY\dfjhl\\cX^lX\jk}_\Z_X[\dfcZlcXj#
pZlXe[f\jchl`[XjljdfcZlcXj\jk}e
le`[Xj\eki\jd\[`Xek\\ecXZ\j%
<ecXjlg\i]`Z`\[\cX^lXcfj\ecXZ\j_XZ\e
hl\j\]fid\leXZXg`kXjfYi\cXZlXc
j\gl\[\ejfjk\e\ifYa\kfjc`^\ifj#
j`j\k`\e\Zl`[X[f[\efifdg\i
\jkfj\ecXZ\j%
J`d\k\jcXX^laXgXiX[X#j\gX$
iXi}jcfj\ecXZ\j2j`cXXZl\jkXj
ZfeZl`[X[f#jkfjcXjfjk\e[i}e%

:dfcf^iXleXXiXX
dXek\e\ij\gXiX[XjfYi\
\cX^lX6
?X^Xdfjle\og\i`d\ekf
gXiXkiXkXi[\\ek\e[\iZdfcf_XZ\%

Begk[d[Y[i_jWi[i$$$
LeXX^laXY`\ej\ZX
Lek\e\[fi
LegcXkf_fe[fZfeX^lX
:fiZ_fcXkXjfkXgXj[\Yfk\ccXj[\i\]i\jZf
Lekifqf[\aXYe[\gXjkX[\chl\j\ljXgXiX
cXmXicXifgX
LeZlZ_`ccfpleX[lckfhl\efjXpl[\XZfikXi
LeXYXe[\aX^iXe[\ZfeX^lX

'-

CX]l\iqXhl\jfjk`\e\cXX^laX\jZfefZ`[XZfdf
j[di_dikf[h\_Y_Wb#pjkX\jcXZXljXek\[\hl\
ZlXe[flefj\Xm`\ek\[\gXeqXqfXcX^lXc\Xi[XcX
g`\c2gfi\jf\jd\afialekXicfjYiXqfjpcXjg`\ieXj
p\Z_Xij\[\]c\Z_`kXgXiXgf[\iifdg\icXk\ej`e
jlg\i]`Z`Xcd}j]}Z`cd\ek\% 

8_fiX_X^XdfjleXZXii\iX[\cXeZ_`kXjZfe
dfkfi#Xgifm\Z_Xe[f\jkXgifg`\[X[[\cfj
chl`[fj%

Gk^WY[h5

Gl\[\j[\ZfiXiklcXeZ_`kX_XZ`\e[fleX
m\cXZfeleki`Xe^lc`kf[\gXg\cg\^X[fX
legXc`ccfpZcXmX[f\elekifZ`kf[\gcXjk`c`eXf
d`^Xae%Gfick`df#gfecXjcXeZ_`kXj\ecXfi`ccX
[\cXYXe[\aXZfeX^lXpjlckXcXj1m\i}jhl\
\dg`\qXeXdfm\ij\`dglcjX[Xjgfijldfkfi[\
aXYe:lXe[f[\a\e[\XmXeqXiZXdY`X\cX^lX
gXiX_XZ\ifkiXZXii\iX%

'

:fecXXpl[X[\cX[lckfZfikXleg\[XZ`kf[\
aXYeZfdf[\cXeZ_f[\kl[\[fe[`Z\ple
gfZfd}jcXi^fhl\\cXeZ_f[\cXkXgXfcXZfi$
Z_fcXkXhl\mXpXjXljXi%GfecXkXgXYfZXXii`YX
pgi\j`feX\caXYeZfekiXcXfi`ccX[\cXkXgX#[\
df[fhl\jfYi\jXc^Xleg\[XZ`kfgfiXYXaf%

<caXYek`\e\cXgifg`\[X[[\ifdg\icXk\ej`e
jlg\i]`Z`Xcp#Xc_XZ\icf#i\Z`Y\\c`dglcjfhl\
gifmfZX\cdfm`d`\ekf[\cXcXeZ_`kX%
<jkXgifg`\[X[[\caXYe\j#\egXik\#cfhl\g\i$
d`k\cXmXiZfec2Xci\[lZ`icXk\ej`ejlg\i]`Z`Xc#
]XZ`c`kXhl\\cX^lXgXj\XkiXmj[\cXk\cXpXj
j\cc\m\cXdl^i\%

'.

<og%'*

Gk^WY[h5

;dXkiYW
Z[YWbeh
[

'

KfdXcfj_`\cfj2\eml\cm\lefdlpY`\eZfe\c
ZfY\ikfip[\aX\cfkif[\jZlY`\ikf2X_fiXgfecfj
YXaf\cjfc:l}cZi\\jhl\j\[\ii\k`i}gi`d\if6

:lXe[f\c_`\cf[\jZlY`\ikfj\_XpX[\ii\k`[f
i\m`jXhl_XgXjX[fZfe\cfkif%HlfZlii`6#
Zdfcf\ogc`ZXj6

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

GkeYkhh[5
:lXe[fk\e\dfj]ifi\^lcXid\ek\efj
ZlYi`dfjZfejlk\i\j#Z_XdXiiXj#
i\Yfqfjf_XjkXZfY`aXj%:fe\ccfjefj
j\ek`dfjd}jZXc`\ek\j#g\if[\[e[\
m`\e\\j\ZXcfi6#j\i}hl\cXifgX
ZXc`\ekX6KiXk\dfj[\Xm\i`^lXicf%

J`cXZfY`aX[`\iXZXcfi#\c_`\cf\eml\ckf\e\ccXj\
[\ii\k`iXd}ji}g`[f#g\ifef\jXj<ekfeZ\j#gfi
hlefjdXek\e\dfjZXc`\ek\jXckXgXiefj6#[\
[e[\m`\e\\j\ZXcfi%

Begk[d[Y[i_jWi[i$$$

;fjkifqfj[\_`\cf
LeZfY\ikfi
LekiXgfgXiXj\ZXi
8^lXZXc`\ek\
Ki\jcXkXj[\cd`jdfkXdXf
Ki\jcXkXjg\hl\Xjhl\hl\gXe\ecXjXek\i`fi\j
j
Ki\jgcXkfjfkXgXjgXiXZlYi`icXjcXkXj^iXe[\j
Ki\jZlZ_XiXjjfg\iXjd\k}c`ZXj`^lXc\j
G\i`[`Zf#k`\iiXfXi\eX#k\cXlfkifjdXk\$
i`Xc\jhl\hl`\iXj`em\jk`^Xi

'/

8cZlYi`iefj#\m`kXdfjhl\el\jkifZXcfi\jZXg\2
ZfY`aXj#jlk\i\j#Z_XdXiiXj#i\Yfqfj#\kZ%#]leZ`feXe
ZfdfX`jcXek\jkid`Zfjhl\\m`kXe\c`ek\iZXdY`f[\
ZXcfi%
<cZXcfigXjX[\leZl\igfZfedXpfik\dg\iXkliXX
fkifZfed\efi%
<c_`\cf\jk}Xd\efik\dg\iXkliXhl\\cXdY`\ek\2
ZlXe[fcfgfe\dfjXcjfc#\cZXcfihl\[\jgi\e[\cf
[\ii`k\2XcZlYi`icfZfe\cX`jcXek\kid`Zf#\m`kXdfj
hl\\cZXcfi[\cXdY`\ek\cf[\ii`kX%
8_fiX_X^Xdfjle\og\i`d\ekfgXiXXm\i`^lXi
hldXk\i`Xc\jjfed\afi\jX`jcXek\jkid`Zfj%

M`\ik\cXd`jdXZXek`[X[[\
X^lXZXc`\ek\\eZX[XleX[\cXj
cXkXjg\hl\Xjpgfick`dfk}gXcXjkf[XjZfecfj
gcXkfj%
<jg\iXZ`eZfd`elkfjpd\k\leXZlZ_XiX\e
ZX[XcXkXZ_`ZXj`gl\[\j#ml\cm\XkXgXicXj %

<jg\iXled`elkfpjXZXcXjZlZ_XiXj2
kZXcXjgXiXj\ek`i\eZl}ci\Z`g`\ek\j\_X
\e]i`X[fd}j\cX^lX#k\eZl`[X[f[\efhl\$
dXik\Gl\[\jd\k\ipjXZXicXjZlZ_XiXjmXi`Xj
m\Z\jgXiXm\i\eZl}ccXkXj\\e]iXd}ji}g`[f
\cX^lX%Cfji\Z`g`\ek\jhl\^lXi[Xed}jk`\dgf
\cZXcfi\jkXi}ei\cc\efjZfecfjdXk\i`Xc\jhl\
jfed\afi\jX`jcXek\j%<ekfeZ\j#[\hlk\
_XiXjleXYi`^f6

Gk^WY[h5

'

:lYi\\c]fe[f[\cXjcXkXj^iXe[\j#ZfeZX[Xlef
[\cfjdXk\i`Xc\j1leXZfeg\i`[`ZfXiil^X[f#fkiX
ZfeXi\eX#pleXd}jZfek\cXXiil^X[XfZfecfj
dXk\i`Xc\jhl\\c`aXj %

;\jgljd\k\cXjcXkXjg\hl\Xj\ecXj^iXe[\j
pi\cc\eX\c\jgXZ`fhl\hl\[X\eki\\ccXjZfe\c
d`jdfdXk\i`Xc[\c]fe[f%

GkeYkhh[5
<cX`i\\jleYl\eX`jcXek\kid`Zfj`Zfej\$
<c
`
Y
` c k k `
`
^l`dfjXkiXgXicf#gfi\jfcfjXe`dXc\jhl\m`m\e
\ei\^`fe\jdlp]iXjjfedlpg\cl[fj1\eki\
kXekfg\cf#\cX`i\hl\[XXkiXgX[f#\m`kXe[fXj
hl\\cZXcfi\jZXg\%

'0

<og%'+

Gk^WY[h5

'
(

8Yi\ cXjZXaXj[\c\Z_\%KfdX[fj[\\ccXjpZfikX
cXj\jhl`eXj[\Xii`YX_XjkX[fe[\cc\^X\c[fYc\q2

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

CW]_W
Yed[if[`ei

Z`\iiX cXjg\jkXXj[\cX[fjfgl\jkfj[\cXZXaXp
gfec\jg\^Xd\ekf#cl\^f[fYcXcXjfkiXj[fjgXiX
Z\iiXicXZXaXp[aXcXjj\ZXi%

J`k\XjfdXjgfileXm\e$
kXeX#gl\[\jm\iXkiXmj
[\cm`[i`f2\eZXdY`f#X
kiXmj[\leXgXi\[#ef
gf[i}j%<jkf\jgfihl\cfj
fYa\kfjZfdf\cm`[i`fp\cX^lXjfe
kiXejgXi\ek\j
j#\j[\Z`i#g\id`k\ehl\
cXclqgXj\XkiXmj[\\ccfj%:lXe[fcX
clqcc\^XXcXgXi\[fXkldXefZ_fZX
ZfekiX\ccX\em\q[\XkiXm\jXicX2\jkfj
fYa\kfjhl\cXclqefkiXjgXjXj\ccXdXe
fgXZfj%
<o`jk`i}leXgXiXkfhl\g\id`kXm\icf
hl\_Xp[\ki}j[\cfjfYa\kfjfgXZfj6
Gl\jj#pcfgf[\dfj_XZ\i%

:fe \cgcldekiXqXleZlX[iX[f[\.O.Zd
\eleX[\cXjZXiXjXcXi^X[Xj#g\^X[fXcXYXj\#
pfkif\ecXZXiXZfekiXi`X#g\^X[fXcXkXgX%G`[\
Xpl[XgXiXZfikXi\jkfjZlX[iX[fjZfecXi\^cXp\c
\jk`c\k\#p_XZ\i[fjm\ekXe`kXj%

KiXqX ZlXkifm\Z\jjfYi\\cgXg\cZXjZXiecX
]`^liXhl\j\dl\jkiXXhl%G`[\Xpl[XgXiX
ZfikXijfYi\cXjce\XjZfek`elXj#j`eZfikXicX]`^liX
jfYi\cXjglek\X[Xj#ljXe[f\c\jk`c\k\pcXi\^cX2
[\jgljgXjXjlXm\d\ek\\c\jk`c\k\jfYi\cXjce\Xj
glek\X[XjgXiXhl\j\Xd}j]}Z`c[fYcXi\cgXg\c#
g\ifZfeZl`[X[f#gl\jef[\Y\jZfikXicf%

Begk[d[Y[i_jWi[i$$$

+\jg\afj[\-%,O0%,Zd%
*ZXaXjmXZXj[\c\Z_\[\cXjXcXi^X[XjZfe
YXj\ZlX[iX[X )
(&)gc`\^f[\gXg\cZXjZXie
I\^cX#c}g`q#k`a\iXj#^fdX#g\^Xd\ekfYcXeZf#
gcldefgcldX#\jk`c\k\feXmXaXZfe]`cfp
Z`ekXX[_\j`mX

('

8idXcX]`^liXZfdfj\dl\jkiXXhl#gfe`\e[f
cXZ`ekXX[_\j`mX\ecXjfi`ccXjpk\e[i}jle
gfc`\[if%

KfdX cXk\iZ\iXZXaXpXYi\Zfd$
gc\kXd\ek\#kXekfjlkXgXZfdf
jl]fe[f%:fikXjfYi\cXj\jhl`eXj[\cXZXaX
_XjkXcc\^XiXcfj[fYc\Z\jhl\hl\[XifedXi$
ZX[fj%KiXqXleXjce\XjjfYi\cXjg\jkXXjhl\
hl\[\eX*Zd[\c[fYc\qpcl\^fZfikXX_Zfe
cXjk`a\iXj%

:fcfZXcfj\jg\afjjfYi\cXZXiXdXpfi[\klj
gfc`\[ifjp]aXcfjZfeZ`ekXXci\[\[fi%

:lXe[fpX_XpXej\ZX[fcXjfkiXj[fjZXaXj#
g}iXcXj2XZl\jkX
X cXck`dXZXaXpXZfd[XcX
[\df[fhl\cXkXgXp\c]fe[f[\e_XZ`XleX
m\ekXeXZfe\jg\af%G\^XcXjg\jkXXjZfeg\^X$
d\ekfp[\aXhl\kf[fj\hl\%
8_fiXd\k\lefYa\kffgXZf\eki\cXj[fjZXaXj
Zfe\jg\afjpXjdXk\gfileX[\cXjm\ekXeXj%
Hlm\j6

Dk\cfj\ecXjZXaXjXkiXmj[\cfjZlX[i`kfjhl\
i\ZfikXjk\2j`kf[f\jk}Y`\e#[\Y\m\ij\\eleX
m\ekXe`kXcfhl\hl\[X\ecXfkiX%J}ZXcfjplekX
g\^Xd\ekf\ecfjcX[fjhl\hl\[Xec`Yi\j#ml\cm\X
d\k\icfjpgi\j`feXgXiXhl\hl\[\e]`afj2[aXcfj
j\ZXiXZfjkX[fjjfYi\leXd\jX%

GkeYkhh[5
:lXe[fcXclqXcZXeqXcfjfYa\kfjZ_fZXZfe\ccfj2
leXgXik\[\cXclq\jXYjfiY`[XpfkiX\j\jgXiZ`[X%
EfidXcd\ek\\jkfjiXpfjhl\j\[`jg\ijXecc\^Xe
Xel\jkifjfafjp\ekfeZ\jgf[\dfjm\icXjZfjXj
gfi\jf\ecXfjZli`[X[efgf[\dfjm\i %
:lXe[fcfjiXpfj[\clqj\\eZl\ekiXeZfele
\jg\af#j\i\]c\aXe#\j[\Z`ii\YfkXe2\jXjZfdf
gf[\dfjm\iel\jkiXgifg`X`dX^\e%
Cfhl\_XZ\dfjZfeel\jkifel\mfXgXiXkf\j
Xgifm\Z_Xi\jkXgifg`\[X[[\cfj\jg\afjgXiX
[\jm`XicfjiXpfj[\clqp_XZ\ihl\jkXif[\\
ZlXchl`\iZl\igf#[\kXc]fidXhl\cfjiXpfjcc\$
^l\eXel\jkifjfafj%
CfjdX^fjlk`c`qXe\jg\afjgXiXi\Xc`qXiXc^lefj
[\jljkilZfj[\[\jXgXi`Z`e2[\_\Z_f#\c
]XdfjfdX^f;Xm`[:fgg\i]`\c[cfjljXgXiX [\j$
XgXi\Z\iicX<jkXklX[\cXC`Y\ikX[%

CfjjlYdXi`efjlk`c`qXeled\ZXe`jdfj`d`cXiX
jk\gXiXm\ihl_XpjfYi\\ce`m\c[\cX^lXZlXe[f
\jk}ejld\i^`[fj#j`ek\e\ihl\jXc`iXcXjlg\i]`Z`\%
:fe\jkXjZXaXjgl\[\jm\icfhl\\jk}gfi\eZ`dX[\
kljfafj%


)J`efZfej`^l\jcXjZXaXj[\c\Z_\#ZfejlckX

cXj\ZZ`e[\@ejkilZZ`fe\j8ck\ieXk`mXj\ecX
ck`dXg}^`eX%

((

<og%',

Gk^WY[h5

:[ZdZ[
l_[d[
[i[ied_Ze5

'

MXdfjX_XZ\ilekXdYfi%Gfe\ckifqf[\k\cXf
gc}jk`ZfjfYi\cXYfZX[\klYfk\2kfdXcXjc`^Xjp
Xd}iiXcXjleXjZfefkiXj_XjkX_XZ\ileX^iXe[fkX
hl\k\j`imXgXiXk\ejXicXk\cXdlpY`\e%G`[\X
Xc^l`\ehl\k\Xpl[\Xjla\kXicXk\cXgXiXhl\hl\[\
dlp#dlp\jk`iX[XjfYi\klYfk\d`\ekiXjkcXXdX$
iiXjZfecXjc`^Xjf\cZfi[e#Xj\^liXe[fk\[\hl\
efj\qX]\%

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

8_fiX#ZfcfZXXc^leXjc\ek\aXj\eZ`dX[\ckXdYfi
p^fcg\Xlegfhl`kfZfeklj[\[fj%Gl\[\jfi\c
`[ 6
c c
a 6

Lef[\cfjj\ek`[fjd}j`dgfikXek\hl\
k\e\dfj\j\cf[f2XcljXicfgf[\dfj
g\iZ`Y`icfhl\fZlii\Xel\jkifXci\$
[\[fi#Xlehl\efcfm\Xdfj#p\jkXe
dXiXm`ccfjfhl\`eZcljfgf[\dfj[`jk`e$
^l`icX[`i\ZZ`e[\cXZlXcgifm`\e\le
jfe`[fpj`\jk}Z\iZXfc\afj#g\ifhl
\j\cjfe`[f6

Begk[d[Y[i_jWi[i$$$

Lei\Z`g`\ek\[\YfZXXeZ_XZfdfleYfk\
^iXe[\[\pf^lik#leXcXkXfleXfcc`kX
LeglX[f[\c\ek\aXjf]i`afc\j
8c^leXjc`^XjfleZfi[e
Lekifqf[\gc}jk`Zf^il\jffk\cXjl]`Z`\ek\
gXiXZlYi`icXYfZX[\ci\Z`g`\ek\

\eZl\ekiXe\ekf[XjgXik\jXci\[\[fi[\efjfkifj#
`eZcljfjfYi\el\jkifkXdYfi2Xj#i\jlckXhl\ZlXe[f
^fcg\XdfjcXk\cXf\cgc}jk`Zf#XcXjdfcZlcXj[\
X`i\c\jgXjXcfd`jdfhl\XcXjc\ek\aXj1cXjm`YiX$
Z`fe\j[\ckXdYfi\dglaXeXcXjdfcZlcXjhl\\jk}e
jfYi\c#p\jXjXcXj[\\eZ`dXpXjj\mXe\dgl$
aXe[fleXjXfkiXj#_XjkXhl\cXjck`dXjZ_fZXeZfe
el\jkiff[fp\ekfeZ\jgf[\dfj\jZlZ_Xi%
;\_\Z_f#el\jkiXjmfZ\j]leZ`feXeXj1efjfkifj

;fjgcXkfj_fe[fj
Lei\cfa[\dXe\Z`ccXj

()

k\e\dfjleXjd\dYiXe`kXj\ecXcXi`e^\hl\m`YiXe
ZlXe[f_XYcXdfj#\dglaXe[f\cX`i\pgif[lZ`\e[f
jfe`[fj%
8_fiXhl\jXY\dfjZdfj\gif[lZ\\cjfe`[f#
gf[\dfjZfefZ\iXc^lefj[\jljd`jk\i`fjGfi
\a\dgcf#jXY\jhl\j\c\Zf6#k\`dX^`eXjZdf
j\fi`^`eX6:lXe[f\cjfe`[fj\gifgX^X#\j[\Z`i#
ZlXe[fcXjdfcZlcXjj\mXe\dglaXe[fleXjX
fkiXj#p\eZl\ekiXelefYjk}ZlcfZfdfleXgXi\[
i\YfkXep\dg`\qXeX\dglaXij\[\i\^i\jf2\jkf\j
gXi\Z`[fXcfhl\jlZ\[\ZfecXclqZlXe[fZ_fZX
Zfele\jg\afpj\i\]c\aX%

Gk^WY[h5

'

:fcfZXlegcXkf\eleXd\jXp
jfjke\ci\cfajfYi\c#legfhl`kfXii`YX[\c
]fe[f2ZfecXfkiXdXefXZ\iZX\cfkifgcXkfXkl
f[f2Z`\iiXcfjfafjpdl\m\\cgcXkf#\ci\cfa
pcXZXY\qXgXiXYljZXicXgfj`Z`eZfii\ZkXp
\ekfeZ\jf`i}j\ci\cfaZfdfj`cfklm`\iXjalekf
Xcf[f

J`k\]`aXj#ZlXe[fcfj\[`]`Z`fj\jk}edlpZ\iZX
lefj[\fkifj#\ecfj[\gXikXd\ekfj[\Xii`YX
gl\[\jficfhl\gXjX\e\cgXk`fZfdfj`fZl$
ii`\iXX_d`jdf%<jkffZlii\gfihl\\cjfe`[fj\
i\]c\aX\ecXjgXi\[\jp\e\cg`jf#`^lXchl\gXj
ZfecfjgcXkfj%

8c`^lXchl\\e\cZXjf[\c\jg\af#\e\cZlXclefef
m\jli\]c\afXd\efjhl\\jkaljkf\e]i\ek\[\c#
gXiXfi\cd`jdfjfe`[fhl\lef\d`k`#k`\e\hl\
\jkXi\eleXgfj`Z`e\jg\Z`Xc#gfi\jf\c\Zfj\fp\
\edlpgfZfjcl^Xi\j%
G\ifj`efj[\k\e\dfjledfd\ekfXg\ejXi#
hl`\i\\jkf[\Z`ihl\gf[\dfj_XZ\i\jg\afj[\
jfe`[f6@ek\ekdfjcf%

(*

<og%'-

Gk^WY[h5

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

7fed[hi[
bWif_bWi

'
(

:fikXleg\[Xqf[\gXg\cXcld`e`f#Zfec]fiiXcX
gXik\\ok\ieX[\cYfk\Z`kfp]aXcfZfecXZ`ekX%

8_fiX g\i]fiXcXkXgX[\klYfk\Z`kfZfe\cZcXmf
p\eZ}aXcf[\df[fhl\cXZXY\qXhl\[\\ecX
gXik\jlg\i`fi[\cXkXgX#[\aXe[fle\jgXZ`f[\
leZ\ekd\kif\eki\cXZXY\qX[\cZcXmfpcXkXgX%
GifZliXhl\hl\[\\e\cZ\ekif%

CX\c\Zki`Z`[X[\jdlp`dgfikXek\
\eel\jkiXm`[X2j`e\ccXefj\im`iXe
]fZfje`i\]i`^\iX[fi\j#\kZ%#g\if
Zdf]leZ`feX6
Gfj`Yc\d\ek\_Xj_\Z_fXc^e\og\i`$
d\ekfkXccXe[fleXi\^cX[\gc}jk`Zffle^cfYfZfe
klZXY\ccfp_XYi}jefkX[fhl\\jfjfYa\kfj]ifkX[fj
jfeZXgXZ\j[\XkiX\ikifZ`kfj[\gXg\c2\jkffZlii\
gfihl\Xc]i`ZZ`feXicfj\eki\j#hl\[XeZXi^X[fj
\cZki`ZXd\ek\%:dfgXjX\jkf6
JXY\dfjhl\kf[XjcXjZfjXj\jk}e_\Z_Xj[\dfc$
ZlcXj2g\ifjkXj\jk}e]fidX[XjgfileXjgXikZlcXj
d}jg\hl\XjccXdX[Xj}kfdfj#pjkfjk`\e\e
[\ekiffkiXjgXikZlcXj#Xed}jZ_`hl`kXj1cfjgif$
kfe\jZfeZXi^X\cZki`ZXgfj`k`mXpcfj\c\Zkife\j
hl\k`\e\eZXi^X\cZki`ZXe\^Xk`mX%
LeXgXikZlcXZXi^X[Xg\iZ`Y\Z`\ikX]l\iqXXc
\jkXiZ\iZX[\fkiXgXikZlcXZXi^X[X2ZlXe[fcXj
ZXi^Xjjfe`^lXc\jj\i\g\c\epj`jfe[`jk`ekXjj\
XkiX\e%
:lXe[f\ced\if[\ZXi^Xjgfj`k`mXjpe\^Xk`mXj
[\leZl\igf\j`^lXc#jk\ef\a\iZ\]l\iqXXc^leX
jfYi\fkiXjZXi^Xj#g\ifZlXe[fleX[\cXj[fj
ZXi^Xjj\[\jgi\e[\[\cpXef\jXj2\ekfeZ\jj\
[`Z\hl\\cZl\igf\jk}ZXi^X[f%
CX\c\Zki`Z`[X[Xgifm\Z_XcXjgifg`\[X[\j[\cXj
ZXi^XjgXiXdfm\idfkfi\jf\eZ\e[\i]fZfj%Cfj
XgXiXkfj\cZki`Zfjhl\ljXdfj]leZ`feXed\[`Xek\
leXZfii`\ek\\cZki`ZX#hl\\jZfdfleXZfii`\ek\
[\X^lX#g\if\em\q[\X^lXj\dl\m\edlZ_Xj
gXikZlcXjZXi^X[XjalekXj%

G`[\ Xpl[XgXiXg\cXicXglekX[\cZXYc\p\ei\$
[XicfXYXaf[\cXZXY\qX[\cZcXmf2\ekfeZ\jd`[\
lekXekfZfdf[\ccXi^f[\kl[\[fd\`hl\#ZfikX
X_\cZXYc\phlkXc\cfhl\hl\[X[\gc}jk`ZfccXdX$
i\dfjX\jkXgXik\Z\g`ccf[\Zfc\ZZ`e
e#gfihl\gfi
X_mXdfjXZfc\ZkXicXjZXi^Xj %

8_fiXcc\eX\cYfk\Z`kfZfeX^lXpZfcfZXcXkXgX
Xj\^li}e[fk\[\hl\hl\[\Y`\eZ\iiX[f%

Gf[\dfjfYk\e\ileXZfii`\ek\\cZki`ZXhl\_X^X
]leZ`feXicfjXgXiXkfjZfe\Zk}e[fcfjfgfe`e$
[fc\jg`cXj#hlk\gXi\Z\j`_XZ\dfjleXYXk\iX
\cZki`ZX6

Begk[d[Y[i_jWi[i$$$
LeYfk\Z`kfgc}jk`Zf[\ifccf]fkf^i}]`Zf*
GXg\cXcld`e`f[\ZfZ`eX 8^lX
LeZcXmfcXi^fg\iflegfZfd}jZfikf
hl\\cYfk\Z`kf
Leg\[Xqf[\ZXYc\gXiXZfii`\ek\\cZki`ZX
Lekifqf[\klYf[\GM:+
Lekifqf[\gXffk\cXpZ`ekXX[_\j`mX

(+

Gfick`df#\ei\[Xfkifkifqf[\XcXdYi\g\cX[f
Xci\[\[fi[\cXcld`e`f#[\aXe[flekiXdfjl]`$
Z`\ek\d\ek\cXi^fgXiXhl\gl\[XkfZXicXZXY\qX[\c
ZcXmf[\gi\]\i\eZ`X#[\aX\ckiXdfjl\ckfZfe\c]fiif
pjcfg\cXcXfkiXglekXhl\kfZXi}\cZcXmf %

\ekfeZ\jhl\[XeXkiXgX[fj%
GfifkifcX[f#cXc}d`eX[\Xcld`e`f
hl\\jk}X]l\iXkXdY`ek`\e\ZXi^Xjgfj`k`mXjp
e\^Xk`mXj#Xjhl\ZlXe[fcfj\c\Zkife\jcc\^XeXc
X^lX#cfjhl\\jk}e\ecXc}d`eXj`\ek\ejlgi\$
j\eZ`Xp#ZfdfkXdgfZfhl`\i\e\jkXiZ\iZX#kiXkXe
[\\jZXgXi%
<ce`ZfZXd`efhl\\ccfjk`\e\e\j\cXcXdYi\hl\
\ei\[Xdfj\e\cgXg\c[\Xcld`e`f2j`jk\kfZX
Xc^fhl\efj\XX`jcXek\ZfdfkldXeffcXd\jX #
cfj\c\Zkife\jjXc[i}egfiX_#[\aXe[f\cXcld`e`f
ZXi^X[fgfj`k`mXd\ek\%

<jkXdfjc`jkfjgXiXZXi^Xiel\jkiXg`cXZfefZ`[X
Zfdf 9fk\ccX[\C\p[\e
e%:fcfZX\cYfk\\ecXfi`ccX
[\leXd\jX#kfdX\cklYf[\GM:p_XqcfkfZXi\c
Z\g`ccf[\Zfc\ZZ`e2X_fiX]ikXcfZfe\cgXfXj\$
^iXk\[\hl\\cklYfp\cZ\g`ccfj\j`^XekfZXe[f 2
]`eXcd\ek\#kfZXZfecfj[\[fjcXglekX[\cZXYc\
\ei\[X[f\e\cgXg\cXcld`e`f%8_fiX#el\jkiXg`cX
\jk}ZXi^X[X
GXiXm\i`]`ZXicf#kfdX\cXcXdYi\hl\\jk}\ei\[X[f
\e\cXcld`e`fpXZiZXcfZfeZl`[X[fXcZcXmfef
mXpXjXkfZXi\cXcld`e`fp\cZcXmfj`dlck}e\Xd\ek\
ZfecXjdXefj 2ZlXe[f\jkecfjl]`Z`\ek\d\ek\
Z\iZXj\gif[lZ`i}leXZ_`jgX

GkeYkhh[5
;\cd`jdfdf[fhl\Xc]ifkXileXi\^cXfleg\`e\
[\gc}jk`ZfZfe\cZXY\ccf#\cklYf[\GM:Xcj\i]if$
kX[fZfe\cgXf#Xc^lefj\c\Zkife\j\jZXgXe
e[\c
gXfpj\gXjXeXcklYf#[\df[fhl\jk\hl\[XZfe
le\oZ\jf[\ZXi^Xje\^Xk`mXj%

JXY\dfjhl\X\ccXjefc\j^ljkX\jkXialekXj#Xj
hl\\eZlXekf\eZl\ekiXeleZXd`efgXiXXc\aXij\
\e\jk\ZXjf#cfjXcXdYi`kfj[\cZ\g`ccf[\Zfc\ZZ`e
j\\jZXgXe%
CXjZXi^Xjm`XaXedlpY`\eXkiXmj[\cfjd\kXc\j
p\cX^lXgfi\jfj\[`Z\hl\jkfjjfeYl\efjZfe$
[lZkfi\j
j[\\c\Zki`Z`[X[ #[\df[fhl\m`XaXegficfj
XcXdYi`kfjp\cZcXmf#_XjkXcc\^XiXcX^lX%:fdf\c
X^lX\jk}if[\X[Xgfi\cYfk\[\gc}jk`Zf#hl\ef\j
Zfe[lZkfipgfi\jfj\ccXdXX`jcXek\
\ #cfj\c\Zkife\j

<ekfeZ\jel\jkiXg`cXpXk`\e\[fjgfcfj1lefe\^X$
k`mf[\ekif#\e\cX^lX pfkifgfj`k`mf]l\iX#\e
\cXcld`e`f %:fdfcXjZXi^Xjgfj`k`mXjpcXje\^X$
k`mXjj\XkiX\e#\eZlXekf\eZl\eki\eleZXd`ef
gXiXalekXij\#cf_Xi}e2XcXgifo`dXi\cXcXdYi\Xc
ZcXmf#cXjZXi^Xjj\j`\ek\ekXeZ\iZXhl\jXckXe#
g\ifZfdfkf[XmX_XpX`i\\ed\[`f#Z_fZXe
ZfekiXcXjdfcZlcXj#gif[lZ`\e[fXjcXZ_`jgX%
8m\Z\jm\dfjhl\
XcaXcXicXjj}YXeXj
fhl`kXiefj\cjlk\i
jXc\eZ_`jgXjfefj
[Xekfhl\j2cfhl\
fZlii\\jhl\Xc]if$
kXij\\eki\jcXifgXf
cXjj}YXeXjj\ZXi^Xe#
leXgfj`k`mXd\ek\p
cXfkiXe\^Xk`mXd\ek\2d`\ekiXj\jk}ealekXjef
gXjXeX[X#g\if\eZlXekfcXjj\gXiXjcXjZXi^Xj
kiXkXe[\gXjXi[\lecX[fXcfkif#gif[lZ`\e[fcXj
Z_`jgXj%
J`\em\q[\XZ\iZXi\cXcXdYi\XcZcXmfglj`$
iXdfjle]fhl`kfeXm`[\f\ed\[`fpj`klm`$
iXdfjjl]`Z`\ek\ZXi^XXkiXgX[X #cXZfii`\ek\
gXjXiXXkiXmj[\c\eZ\e[`e[fcf%8j\jZfdf
]leZ`feXeel\jkifjXgXiXkfj[\g`cXj#Xlehl\jkXj
j\ZXi^Xe[\leXdXe\iX[`jk`ekX#ljXe[fcXjgif$
g`\[X[\jhld`ZXj[\Xc^lefjdXk\i`Xc\j%
*<eleXk`\e[X[\]fkf^iX]Xk\cfgl\[\ei\^XcXi#g\if

j`efcfZfej`^l\j#jljk`kp\cfgfifkifYfk\Z`kf[\
gc}jk`Zffle]iXjhl`kf[\m`[i`fZfekXgXgc}jk`ZX%
+J`efZfej`^l\j\cGM:#ljXfkiffYa\kf[\gc}j$

k`Zf#Xlhl\kXcm\qk\Zl\jk\d}jkiXYXafZXi^XicX
g`cX%

(,

<og%'.

Gk^WY[h5

Gk
j[Z[j_[d[5

'

:fecXZ`ekXX[_\j`mX#_XqleXdXiZX[\jXc`[X
jfYi\cXd\jX%8Zfek`elXZ`e#gfe\ckifZ`kf[\
aXYeX_p[Xc\lec`^\if^fcg\Zfekl[\[fe[`Z\
gXiXhl\j\[\jc`Z\2dXiZXZfeZ`ekX\ccl^Xi_XjkX\c
ZlXccc\^%

: L8 ; < I E F  ; < < O G < I @ D < E K FJ  G I @ D 8 I @ 8

8_fiX \dgXgX\ckiXgfpg}jXcfjfYi\cXd\jX#
[\aXe[fleXYl\eXZXgX[\X^lXjfYi\\ccX2kfdX
\caXYe#daXcf#pgfecf[\el\mf\ecXce\X[\
jXc`[X2[Xc\le^fcg\Z`kf`^lXc[\]l\ik\hl\Xek\jp
dXiZX_XjkX[e[\cc\^X\jkXm\q%<eZl}c[\cXj
[fjfZXj`fe\ji\Zfii`dXpfi[`jkXeZ`X6#gfihl6

GkeYkhh[5

Gfihllefj\gXk`eXjfYi\jlg\i$
]`Z`\jc`jXjfjfYi\\cjl\cfdfaX[fp#
j`e\dYXi^f#efcc\^Xdlpc\afjZlXe[f
\ck\ii\ef\j}jg\if68m\i`^dfjcf
d\[`Xek\le\og\i`d\ekf

:lXe[f^fcg\Xj\caXYe#\ei\Xc`[X[c\[XjZ`\ikf
`dglcjfgXiXhl\j\dl\mX2Xc[\jc`qXij\jfYi\cX
d\jXifqXZfe\ccXp\jkfc\mXhl`kXe[fm\cfZ`[X[
_XjkXhl\j\[\k`\e\gfiZfdgc\kf%8\jk\ifqXd`\ekf
\eki\[fjjlg\i]`Z`\jhl\_XZ\hl\cfjfYa\kfj\e
dfm`d`\ekfj\[\k\e^Xe#j\c\ccXdX]i`ZZ`e
e2d`\e$
kiXjd}j}jg\iX\jleXjlg\i]`Z`\#dXpfi]i`ZZ`e
gif[lZ\%
GfifkifcX[f#Xcgfe\iX^lX#_XZ\dfjhl\\caXYe
gXk`e\jlXm\d\ek\#i\[lZ`\e[fcX]i`ZZ`ep#Zfdf
jkXef\jjl]`Z`\ek\d\ek\^iXe[\gXiX]i\eXicf#\c
aXYej`^l\i\jYXc}e[fj\_XjkXhl\Z_fZXZfekiX
Xc^f%
PXjXYXdfjhl\#gXiXdfm\iXc^fhl\\jklm`\iX
hl`\kf#\je\Z\jXi`fXgc`ZXic\leX]l\iqX2X_fiX
gf[\dfjm\ihl\gXiX[\k\e\ileZl\igf\edfm`$
d`\ekfkXdY`ej\i\hl`\i\[\fkiX]l\iqXgXiX]i\$
eXicf%

Begk[d[Y[i_jWi[i$$$
Leg\hl\fkifqf[\aXYe[\ckXdXf
[\leX^fdX[\YfiiXi
LeXd\jXhl\j\gl\[XdfaXi
LekiXgf
LegfZf[\X^lX
:`ekXX[_\j`mX

(-

?XZ\dlZ_fjXfjgfiX_[\(-/, #leZ`\ek]`Zf
`e^cjccXdX[f@jXXZE\nkfej\[`fZl\ekX[\\jkf
p\jZi`Y`cfhl\j\ZfefZ\ZfdfcX gi`d\iXc\p[\
E\nkfe
e#cXZlXc\ogc`ZXhl\j`leZl\igf\jk}hl`\kf#
j\hl\[Xi}Xj_XjkXhl\leX]l\iqXcf_X^Xdfm\ij\
p#j`j\\jk}dfm`\e[f#j\^l`i}_XZ`e[fcfXd\efj
hl\Xc^leX]l\iqXcf[\k\e^X%

:fecX\jZlX[iX#dXiZXjfYi\\c
ZXikeleZlX[iX[f[\('o('
Zdpi\ZikXcf%DXiZX\cZ\ekif[\cZlX[iX[fgXiX
\ccf#kiXqX[fjce\Xjhl\leXecXj[fj\jhl`eXj
fgl\jkXj2[fe[\cXjce\Xjj\ZilZ\e\jkXi}\c
Z\ekif %
KfdX\cZcXmfp#\e\cZilZ\#_XqleX^la\if[\c
d`jdfkXdXfhl\\cX^la\if[\cZXii\k\%
8_fiXZfcfZX\cZXii\k\gXiX[fjfYi\cXZXiklc`eX2
kiXqXleZiZlcfZfe\cc}g`qpcl\^fi\ZikXcf2[\j$
glj#gfeg\^Xd\ekf\ele\oki\df[\cZXii\k\
pg^XcfjfYi\\cZ\ekif[\cZlX[iX[f[\ZXike#
]`a}e[fk\hl\cfj[fjX^la\ifjhl\[\eY`\eXc`$
e\X[fj%<jdlp`dgfikXek\hl\\cZXii\k\hl\[\
Y`\eg\^X[fgXiXhl\\cX`i\efgl\[X\jZXgXi
\eki\cp\cZXike%G\^X\cZiZlcf[\ZXiklc`eX\e
\cfkif\oki\df[\cZXii\k\p\jg\iXXhl\j\hl\
Y`\e2\ekfeZ\j#ZfecXX^laX#_Xqle_fp`kf\ejl
Z\ekif#]`a}e[fk\hl\j`jl\ckXjcXX^laX#jkXZX`^X
[\cfkifcX[f[\cZXikegXiXXj\^liXik\[\hl\\c
X`i\gl\[XgXjXiXkiXmj[\cZXii\k\%

JXY`\e[f\jkf#`ek\ek\dfj_XZ\ilem\_Zlcfhl\
cc\^l\dlpc\afjZfeleg\hl\f`dglcjf#i\[lZ`\e[f
cX]i`ZZ`e[\leXdXe\iX[`jk`ekX%

Gkd[Y[i_jWi5
:Xike
GXg\c^il\jffleX_faX[\ZXiklc`eX
LeZXii\k\[\_`cf
G\^Xd\ekfgXiXgc}jk`Zf
Le^cfYf
C}g`q#\jZlX[iX#k`a\iXj#X^laXpleZcXmf

Gk^WY[h5

@e]cX\c^cfY
pkl\iZ\cX
glekXgXiX
hl\\cX`i\
ef\jZXg\2
\ekfeZ\jgfe
cXYfZXjfYi\
\cZXii\k\[\_`c
:fcfZXklZXii`kf
jfYi\\cjl\cff
cXd\jXpjl\ckX
\c^cfYf2gfick`df
[Xc\leg\hl\f
\dglafeZ`kfgXiX\em`Xicf
X[fe[\hl`\iXj%

'

:fecX\jZlX[iX#dXiZXjfYi\\cZXikeleZlX$
[iX[f[\('o('Zdpi\ZikXcf%DXiZX\cZ\ekif
[\cZlX[iX[fgXiX\ccf#kiXqX[fjce\Xjhl\leXecXj
[fj\jhl`eXjfgl\jkXj2[fe[\cXjce\Xjj\ZilZ\e
\jkXi}\cZ\ekif %

KfdX\cZcXmf
p_XqleX^l$
a\if\e\cZilZ\
hl\j\X[\cd`jdf
kXdXfhl\\cX^l$
a\if[\cZXii\k\%

GkeYkhh[5
<cX`i\hl\jXc\[\c^cfYfgficfjX^la\ifj]fidX
leXZXg`kXZfdfleZfcZ_e\eki\\cZXii`kfp\c
jl\cf#p\jjkXcXhl\i\[lZ\cX]i`ZZ`e`^lXchl\
\cX^lXaXYfefjX %
<o`jk\em\_Zlcfji\Xc\jhl\lk`c`qXe\jk\d\ZX$
e`jdfgXiXkiXejgfikXifYa\kfjg\jX[fjfg\ijfeXj
\egXekXefj#ifjf[\j`\ikfj#[fe[\fkifjd\[`fj
[\kiXejgfik\ef]leZ`feXeY`\e8c^lefj[\\ccfj
gl\[\em`XaXi_XjkXX(*'bd&_

(.

<og%'/

Gk^WY[h5

HljlZ\[\j`d\gfe^flefjgXk`e\jp\dglaf
cXgXi\[6Pj``em`kfXleXd`^fkXdY`eZfe
gXk`e\jpcf\dglaf6
?XqcfgXiXhl\fYj\im\jcfhl\gXjXjcfZl`[Xhl\
ef_XpXXci\[\[fiXc^fZfecfhl\j\gl\[XecXj$
k`dXi %

Gk_d
[cfk`W
Wgk_d5

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

GkeYkhh[5

@jXXZE\nkfej\[`fZl\ekX[\\jkfp\jZi`Y`cfhl\
j\ZfefZ\ZfdfcX k\iZ\iXc\p[\E\nkfe
e#cXZlXc
\ogc`ZXhl\ZlXe[fleZl\igf\a\iZ\leX]l\iqX
jfYi\fkif#\j\fkifXgc`ZXleX]l\iqX`^lXc[\^iXe[\
g\if\ej\ek`[fZfekiXi`fjfYi\\cgi`d\if%

:dfj\`dglcjXegXiX[\jg\^Xicfj
Zf_\k\j\jgXZ`Xc\jZlXe[fcXZl\ekX
i\^i\j`mXcc\^XXZ\if6

MXdfjXZfe]`idXicfpXgifm\Z_\dfj\jkfgXiX
d\afiXiel\jkifZXii`kf[\ZfcZ_e[\X`i\#X^i\^}e$
[fc\gifglcj`eXZ_fiif%

Begk[d[Y[i_jWi[i$$$
GXk`e\jfj`ccXj
Zfeil\[`kXj
<cZXii`kfhl\_`Z`dfj
\e\c\og\i`d\ekf
Xek\i`fi
Fkif^cfYf
G\^Xd\ekfhl\
gl\[Xg\^Xi\c^cfYf
j`e[\j_XZ\icf
LeXg`eqXgXiX
k\e[\icXifgX

(/

Gk^WY[h5

'
(

KfdXle^cfYf#pg^XcfZfeg\^Xd\ekfjfYi\\c
ZXike[\cZXii`kf#Zfdfj\dl\jkiX\ecX]`^liX%

:lXe[f\cg\^Xd\ekf_XpXj\ZX[f#`e]cX\j\^cfYf
cfd}jhl\gl\[Xj#i\kliZ\c\cXglekXpgfec\
cXg`eqXgXiXhl\\cX`i\ef\jZXg\2\ekfeZ\j`e]cX
\cfkif^cfYf#i\kliZ\cfpZfcZXcf\e\cZXii\k\#
Zfdfcf_`Z`jk\Xek\j%Jl\ckXXdYfj^cfYfjXcd`jdf
k`\dgfpm\i}jZfdf\cZXii`kfjXc\[`jgXiX[f%

@e]cX\c^cfYfpkl\iZ\cXglekX#
gXiXhl\\cX`i\ef\jZXg\2
\ekfeZ\jgfecXYfZXjfYi\\cZXii\k\
[\_`cf%:fcfZXklZXii`kfjfYi\\cjl\cffcXd\jX
pjl\ckX\c^cfYf2gfick`df[Xc\leg\hl\f
\dglafeZ`kfgXiX\em`XicfX[fe[\hl`\iXj%

Gk
eYkhh[5
:lXe[f`e]cXj\c^cfYf#
j\\jk`iXp#ZlXe[f
cfjl\ckXj#j\\eZf^\
[\el\mf#\dglaXe[f
\cX`i\[\jl`ek\i`fi
_XZ`XX]l\iX2g\ifpX
m`dfjhl\ZlXe[f
\dglaXdfjXc^f#\jf
efj\dglaXXjlm\q
p\jkf\jaljkX$
d\ek\cfhl\gXjX
Xhl1ZlXe[f\c^cfYf
\dglaXXcX`i\hl\cf
`e]cX#\cX`i\d`jdf
\dglaXXc^cfYf#
_XZ`\e[fhl\jk\j\
dl\mX\ecX[`i\ZZ`e
ZfekiXi`XXcXhl\\c
X`i\jXc\[`jgXiX[f\
`dglcjXe[fel\jkif
ZXii`kf%

jfYi\cXZXiklc`eX2kiXqXleZi$
ZlcfZfe\cc}g`qpcl\^fi\ZikXcf2
[\jglj#gfeg\^Xd\ekf\ele
\oki\df[\cZXii\k\pg^XcfjfYi\
\cZ\ekif[\cZlX[iX[f[\ZXike#
]`a}e[fk\hl\cfj[fjX^la\ifjhl\[\e
Y`\eXc`e\X[fj%<jdlp`dgfikXek\
hl\\cZXii\k\hl\[\Y`\eg\^X[f
gXiXhl\\cX`i\efgl\[X\jZXgXi
\eki\cp\cZXike%G\^X\cZiZlcf
[\ZXiklc`eX\e\cfkif\oki\df[\c
ZXii\k\p\jg\iXXhl\j\hl\Y`\e2
\ekfeZ\j#ZfecXX^laX#_Xqle_fp`kf
\ejlZ\ekif#]`a}e[fk\hl\j`jl\ckXj
cXX^laX#jkXZX`^X[\cfkifcX[f[\c
ZXike%gf[iX\ogc`ZXigfihlj\
`eZclp\\jkX`ejkilZZ`e6

CfjZf_\k\j\jgX$
Z`Xc\jpcfjXm`fe\j
[\gifglcj`eXZ_fiif
]leZ`feXe`^lXc1cfj
Xm`fe\j\oglcjXe\c
X`i\pcfj^Xj\jhl\j\
Zi\XeXchl\dXiZfd$
Yljk`Yc\2cfjZf_\k\j
jcf\oglcjXecfj
^Xj\j[\cZfdYljk`Yc\#
gfihl\\e\c\jgXZ`f
ef_XpX`i\% 

(0

<og%'0

7Yj_l_ZWZ'
Gk^WY[h5

?dl[ij_]WY_ed[i
'
bkd|j_YWi

<e_\YiX \cZfi[ef\c\jkXdYi\\ecXX^laXp
_Xqc\leel[fXc]`eXc%8_fiXg`eZ_XcXg\cfkX\e
\cZ\ekif#ZfedlZ_fZl`[X[fgXiXefg`ZXik\#_XjkX
hl\cXX^laXjXc^Xgfi\cfkifcX[f%

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

Gfick`df#aXcXcXX^laX_XjkXhl\\cel[fkfhl\
cXg\cfkXpcl\^fj}ZXcX[\cZfi[ej`\je\Z\$
jXi`fljXcXjk`a\iXj %KfdXcXg\cfkX#d`[\\cZfi[e
_XjkXhl\cc\^l\XklZf[fpZikXcfX_%

PX_\dfjkiXkX[f[\`em\jk`^Xiel\jkif
dle[fZ\iZXef#g\ifhlkXcj`kiX$
kXdfj[\\ek\e[\iXc^fhl\efjhl\[X
legfZfd}jc\afj#g\ifhl\kf[fjZfef$
Z\dfj61cXCleX%
JXY\dfjhl\cXCleX^`iXXci\[\[fi[\
cXK`\iiX#g\ifgfihl6

8_fiXkfdX\cZfi[egficXglekX#jla\k}e[fcf]l\ik\
Zfe\cglf#p_Xq^`iXicXg\cfkX%J`\dg`\qXjX
^`iXicXdlp[\jgXZ`f#cXg\cfkXZX\i}pj`cf_XZ\j
[\dXj`X[fi}g`[f#jXc[i}[`jgXiX[X%

GkeYkhh[5

Phli\cXZ`ek`\e\kf[f\jkfZfecXCleX6#gl\jcX
CleX^`iXXci\[\[fi[\cXK`\iiX`^lXchl\cXg\cfkX
Xci\[\[fi[\klglf2[\_\Z_f#j`cXCleX^`iXiX
dlZ_fd}ji}g`[f#kXdY`ejXc[iXmfcXe[f#pj`cf
_`Z`\iXdlZ_fd}j[\jgXZ`fZX\iX_XZ`XcXK`\iiX%
G\if\jg\iXledfd\ekf#cXK`\iiXpcXCleXef
\jk}ele`[XjgfileZfi[e<ekfeZ\jZdf\jhl\
j\dXek`\e\ealekXj6
JlZ\[\hl\cXK`\iiXpcXCleXkXdY`e\jk}ele`[Xj%
8c`^lXchl\cXjgXikZlcXjZXi^X[Xjj\j`\ek\e
XkiX[Xjfi\Z_XqX[Xj\eki\j[\Y`[fXcX]l\iqX\cZ$
ki`ZX2cfjgcXe\kXj#cXj\jki\ccXj#cfjjXkc`k\jpkf[Xj
cXjZfjXjj\XkiX\edlklXd\ek\XkiXmj[\cX
X ]l\iqX
[\^iXm\[X[
[ efkXhl\cX]l\iqX\cZki`ZXgl\[\j\i[\
XkiXZZ`efi\glcj`e#g\ifcX[\^iXm\[X[jcfXkiX\ %

Begk[d[Y[i_jWi[i$$$
LeXg\cfkXg\hl\XpjlXm\hl\gf[Xdfj
g\i]fiXi
Lekifqf[\\jkXdYi\fleZfi[ecXi^f
LeXX^laXdlp^iXe[\[fe[\hl\gX
\c\jkXdYi\f\cZfi[e
K`a\iXj

7Yj_l_ZWZ(
El\jkiXg\cfkXZfeZfi[e
LeXc`ek\ieX
LeZlXikffjZlif
LeXd`^ffXd`^X

)'

<jaljkXd\ek\\jkX]l\iqXcXhl\#gfilecX[f#dXe$
k`\e\XcXCleX[Xe[fml\ckXjXci\[\[fi[\cXK`\iiX
j`e[\aXicX\jZXgXip#gfifkif#kXdY`e`dg`[\hl\
efjfkifjjXc^XdfjmfcXe[f_XZ`X\c\jgXZ`f\ok\i`fi%

8gX^XcXclqpg[\c\XklXd`^f
hl\\eZ`\e[XcXc`ek\ieX#p
Xglek\Zfe\ccX_XZ`XcXg\cfkX%Cl\^f^`iXdlp
c\ekXd\ek\p]aXk\Zdfj\m\cXclqjfYi\cX
g\cfkX%

KXcm\qk\jl\e\\okiXfhl\kf[fjcfjZl\igfjj\
XkiX`^Xe\eki\j#\jkfgf[iXj`^e`]`ZXihl\kf[Xj
cXjg\ijfeXjpcfjfYa\kfj\jkXiXdfjg\^X[fjlefj
Zfefkifjkf[f\ck`\dgf<cXjlekf\jhl\cX]l\iqX
[\^iXm\[X[\jdlp[Y`c#pgfi\jfjcfj\efkX
Z\iZX[\Zl\igfjdlp#dlpg\jX[fj%CXK`\iiX\j
kXe^iXe[\#\ei\cXZ`eZfeel\jkifkXdXf#hl\
ZlXe[fjXckXdfj_XZ\hl\i\^i\j\dfjXcg`jf#p\c
Jfc\jkXe^iXe[\hl\cXK`\iiX#cXCleXpcfj[\d}j
gcXe\kXjkXdY`ej\j`\ek\eXkiX[fjgfic#Xjhl\
kf[fj^`iXe\ejl[\ii\[fi%<cdfm`d`\ekfhl\i\Xc`qX
cXCleXXci\[\[fi[\cXK`\iiXk`\e\dlZ_fhl\m\i
Zfele]\ed\efhl\_Xjm`jkfdlZ_Xjm\Z\j%J`
mfck\XjXcZ`\cf\ecXjefZ_\j#_Xpm\Z\jhl\cXCleX
\jk}i\[fe[XpYcXeZXZlXe[f_XpcleXcc\eX #fkiXj
m\Z\jgXi\Z\leXlXj`\jk}\eZlXikfZi\Z`\ek\f
d\e^lXek\ p\efkiXj#[\gcXefe`cXm\dfjX_j\
[`Z\hl\_XpcleXel\mX 2\jkXj[`]\i\ek\j\kXgXjj\
ZfefZ\eZfdf ]Xj\j[\cXCleX
X%8m\i`^\dfjZdf
jli^\e%

7Yj_l_ZWZ(
Gk^WY[h5

'

Gfek\ \ed\[`f[\cZlXikfpc\mXekXcXg\cfkXgfi
\cZfi[e#[\df[fhl\hl\[\Zfc^Xe[flegfZf
d}jXii`YXhl\klZXY\qX#]i\ek\Xk`%

;\el\mf#cXg\cfkXi\gi\j\ekXXcXCleX#k\i\j
cXK`\iiXpcXc`ek\ieX\j\cJfc%<cJfcj`\dgi\`cl$
d`eXcXd`kX[[\cXCleX#cfhl\ZXdY`X\jcXZXe$
k`[X[[\\jXclqhl\XcZXeqXdfjXm\i%
:lXe[fcXCleX\jk}\eki\cXK`\iiXp\cJfcef
gf[\dfjm\ie`e^ei\]c\af[\clqjfYi\\ccX#
gfihl\kf[fjhl\[Xe\ecXZXiXhl\efm\dfj#
\ekfeZ\jk\e\dfjCleXel\mX2ZlXe[fcXK`\iiX
j\lY`ZX\eki\\cJfcpcXCleX#cXgXik\`cld`eX[X
hl\[X[`i\ZkXd\ek\]i\ek\Xefjfkifj#[\df[fhl\
k\e\dfjCleXcc\eX2\ci\jkf[\cXj]Xj\jhl\[Xe
\ed\[`fpj\efdYiXeZfdf\ecX]`^liX%

)(

<og%('

Gk^WY[h5

'

Gi`d\if_Xi\dfjleYcXeZf%:fe\c^`jkiXqX+
ZiZlcfjZfeZeki`Zfj\e\cg`jf2\cdXpfihl\
hl\[Xi}X]l\iX [\Y\d\[`i+gXjfj[\^Xccf$^Xcc`eX
Xgifo`dX[Xd\ek\led\kif [\[`}d\kif2dXiZX
\cd}jg\hl\fZfe\ced\if(''#\chl\j`^l\
Zfe,'#cl\^f),p\cck`dfZfele('%8_fiXkiXqX
leXce\Xi\ZkXhl\hl\[\XleYiXqf[\[`jkXeZ`X
-'Zd#Xgifo% [\cZ\ekif[\cfjZiZlcfj#Zfdfj\
dl\jkiX\ecX]`^liX%

Cel_c_[djei
[d]Weiei

(
: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

Lefgfilef#kpkljXd`^fjZXd`e\eXcfcXi^f
[\cXce\Xp[\a\eZX\icXg`\[i`kXfcXYfc`kX[\
gXg\cdfaX[fjfYi\\cYcXeZf#j`e[\k\e\ij\%?X^Xe
,ife[Xjpjld\ecfjglekfjhl\ZX[XleffYklmfp
m\Xehl`efYklmfd}j%

;\jglj#i\g`kXe\cal\^fZXd`eXe[flegfZf
d}j[\jgXZ`f#pcl\^f_X^XefkifZXd`eXe[fd}j
i}g`[f%8m\i`^lXife\ckilZfgXiXXk`eXic\XcZ\ekif
[\cYcXeZf6

HlkXeYl\ek`efk`\e\j6?X^Xdfjle
\og\i`d\ekfgXiXXm\i`^lXicf%

Begk[d[Y[i_jWi[i$$$

GkeYkhh[5

Le^`j
LeXg`\[i`kXfleXYfc`kX[\gXg\c[\YXf
dfaX[f

MXi`fjXd`^fj

:lXe[fZXd`eXjZfecXg`\[i`kX\ecXdXef#cc\mXj
Z`\ikXm\cfZ`[X[2ZfdfcXg`\[i`kXj\mXdfm`\e[f
Zfek`^f#cc\mXcXd`jdXm\cfZ`[X[hl\k1j`j\
dfm`\iXd}j[\jgXZ`f#j\hl\[XiXXki}j#pj`cf
_`Z`\iXd}ji}g`[f#k\i\YXjXiX%
J`cXjl\ckXjd`\ekiXjZXd`eXj#cXg`\[iXefZX\\e
ce\Xi\ZkX_XZ`XXYXafZfdfZlXe[f\jk}jgXiX[f #
j`efhl\jXc\[`jgXiX[X_XZ`XX[\cXek\2\eki\d}j
i}g`[fZXd`e\j#d}jc\afjhl\[Xi}[\cglekf\e\c
hl\cXjfckXjk\%

LeXYfk\ccX[\gc}jk`Zf
LeZcXmf
8^lX
GcXjk`c`eX
LeXa\i^X

))

GkeYkhh[5

<jgfi\jkfhl\#j`hl`\i\jXk`eXic\XcYcXeZf#cX
k`\e\jhl\jfckXilegfZfXek\j[\hl\hl\[\jalekf
Xc#p\eki\d}ji}g`[fmXpXj#Xek\j[\Y\i}jjfckXicX%
M`XaXe[f\eleZXd`e#leZfZ_\#leYliiffleX
cXeZ_XgXjXcfd`jdf2kpkf[fjcfjfYa\kfjhl\
mXpXe\ecj\dfm\i}eXcXd`jdXm\cfZ`[X[%J`\c
m\_Zlcfj\dl\m\ZfeleXm\cfZ`[X[ZfejkXek\p
\ecXd`jdX[`i\ZZ`e#gf[i}jXm\ekXifYa\kfj_XZ`X
Xii`YXp\ccfjZX\i}e\ekldXef#Zfdfj`\jklm`\iXj
hl`\kf#gfihl\j\`i}edfm`\e[f`^lXchl\k2j`leX
dfjZXhl\[XXkiXgX[X[\ekif[\cXlkff\cZXd`e#
mfcXi}Zfdfj`eX[X#gfihl\\cX`i\hl\\jk}[\ekif
kXdY`ej\dl\m\%<jd}j#j`[\jg\ik}iXdfj\ele
ZXd`ehl\j\dfm`\iXgfileXZXii\k\iXdlpc`jX#
j`\dgi\\ece\Xi\ZkX#ZfecXjm\ekXeXjZ\iiX[Xj#ef
efj[XiXdfjZl\ekX[\hl\efj\jkXdfjdfm`\e[f
_XjkXhl\j\]i\eXiX

:lXe[fcXYfk\ccXZfeX^lX\jk}jfYi\cXd\jX#cX
]l\iqX[\^iXm\[X[cXXkiX\_XZ`XXYXaf2cXYfk\ccX
efgl\[\ZX\igfihl\cXd\jXcX[\k`\e\#g\if\c
X^lX#hl\\eZl\ekiXleX^la\i`kf#j#p\ekfeZ\j
jXc\gfiX_gif[lZ`\e[f\cZ_fii`kf%J`_Xj_\Z_f
cXgil\YX[\jfckXi[fjfYa\kfj#lefg\jX[fplef
c`^\if#Xcd`jdfk`\dgf#_XYi}jm`jkfhl\kXi[Xecf
d`jdf\eZX\i2ZlXe[fjl\ckXjcXYfk\ccX#kXekf\ccX
Zfdf\cX^lXZX\ealekXj#Xjhl\\cX^lXefe\Z\$
j`kXYljZXifkifZXd`efgXiXcc\^XiXcjl\cf%
8_fiXg`\ejXlegfZfp[`#\ehlfkifZXjf\c
X^lXefjXc[iXgfi\c_fp`kf6
Hl6#k\i`e[\j6
J`ef_lY`\iX^iXm\[X[

J`\jkfk\gXi\Z\jfigi\e[\ek\#\jg\iXXm\i\c
j`^l`\ek\\og\i`d\ekf%

Gk^WY[h5

'

:fe\cZcXmf_XqleX^la\i`kf\ecXYfk\ccX#Z\iZX
[\c]fe[f2k}gXcfZfecXgcXjk`c`eXpcceXcX[\X^lX#
j`egfe\ic\cXkXgX2X_fiX#ZfcZXcX\ecXfi`ccX[\
leXd\jX%<ok`\e[\cXa\i^X\e\cg`jf#\e]i\ek\[\cX
Yfk\ccX%:fdfk\gf[i}j`dX^`eXi#Xc[\jkXgXi\cX^l$
a\if#jXc[i}leZ_fii`kf[\X^lX%
G\if#hlgXjXj`[\aXdfjZX\icXYfk\ccX6
CceXcX[\el\mf#[\jkXgX\c_fp`kfp[aXcXZX\i#[\
gi\]\i\eZ`X\eleYXffgXk`fgXiXefdfaXikf[f%

J`ef_lY`\iX^iXm\[X[kf[XjcXjZfjXj]cfkXiXe#
gfihl\ef_XYiXeX[Xhl\cXjXkiXa\iXXcjl\cf
gXiXhl\j\hl\[XiXeg\^X[XjXckXcm\q_XpXj
m`jkfXc^egif^iXdXfg\cZlcX[fe[\j\m\Xcfj
XjkifeXlkXj]cfkXe[f\ejljeXm\j\jgXZ`Xc\j %
Gl\ji\jlckX#hl\j`lefZXp\iX\ele\c\mX[fi#
alekfZfefkiXjZfjXj#c\gXi\Z\iXhl\kf[fmX]cf$
kXe[f2\jd}j#j`[\jg\ik}iXdfjX_#gf[iXdfj
g\ejXihl\\jkXdfjm`XaXe[f\e\c\jgXZ`f\ok\$
i`fi
<jkX`[\X\jdlp`dgfikXek\gXiXZfejkil`ileX[\
cXjgi`eZ`gXc\jk\fiXjhl\\ogc`ZXeZdf]leZ`feX
\cle`m\ijf1cXk\fiX[\cXi\cXk`m`[X[#hl\`em\ek
le]j`ZfXc\d}eccXdX[f8cY\ik<`ejk\`e#gfiX_
[\(0(,%
GXiXhl\cfjXjkifeXlkXjj\XZfjkldYi\eX\jkXi
j`e^iXm\[X[#cfjd\k\e\eXm`fe\jhl\jlY\edlp
Xckfpcl\^fZX\e\eg`ZX[X]i\eXe[fXek\j[\
\jki\ccXij\#ZcXif %

)*

?dijhkYY_ed[i
Wbj[hdWj_lWi

C_hWdZec|iWbb|
Z[be[l_Z[dj[

CW]_WYed[if[`ei

GXiX_XZ\i\cjfgfik\[\\jk\\og\i`d\ekfk\
i\Zfd\e[Xdfjg\[`icXXpl[X[\leX[lckf2
gl\[\jljXiZlXchl`\iXcXdYi\#Xlehl\k\jl^\$
i`dfjljXiled\kif[\XcXdYi\[\c()f\c(+%

J`efk`\e\jcXjZXaXj[\c\Z_\#Xhlk\\ej\$
XdfjZdf_XZ\ileXj%
E\Z\j`kXj*gc`\^fj[\ZXiklc`eXfki\jg\[Xqfj
[\ZXike[\+'o*'Zd2c}g`q#i\^cXpleXj
Yl\eXjk`a\iXj#fle\jk`c\k\#feXmXaX]`cfjX
X[lckf[\Y\i}ZfikXi %

'

'

KfdX\cXcXdYi\p\ei[Xcf\e\cklYf#[}e$
[fc\leXj+ml\ckXj2j}ZXcfpXgi`kXcfle
gfZfgXiXhl\hl\[\Y`\e]`id\%Cl\^f\jk`iX
\c\jg`iXc_XZ`XXYXaf#gXiXhl\hl\[\Zfdfj\
dl\jkiX\ecX]`^liX2d\k\\cklYf\ecpm\i`$
]`ZXhl\hl\[\aljkf%

;\aXlekiXdf[\XcXdYi\i\Zkf#[\cd`jdf
kXdXfhl\\c[`}d\kif[\cklYf#pcl\^f
[YcXcf_XZ`XXYXafZfdf\ecX]`^liX2[\jglj
[\aXfkifkXekf[\ckXdXf[\klklYfpkl[\[f
e[`Z\alekfj%

: L8 ; < I E F  ; <  < O G < I @ D < E K FJ  G I @ D 8 I @ 8

:fej\afEXZ`feXc[\:`\eZ`XpK\Zefcf^X
@ejli^\ek\jJli(,/)#:fc%:i[`kf:fejkilZkfi
:%G%'*0+'#Do`Zf#;%=%
KXdY`egl\[\j\eZfekiXi\jk\ZlX[\ief\e`ek\ie\k1
mmm$YedWYoj$cn

Gfick`df#kiXkX[\_XZ\ileZiZlcfZfe\c
XcXdYi\#hl\d`[X[\\cki`gc\[\c[`}d\kif
[\cklYf#pXZfd[Xcf[\kXc]fidXhl\\cklYf
hl\[\\e\cZ\ekif2\eifjZXcXglekXXci\[\[fi
[\\jk\ck`dfZiZlcfgXiXhl\hl\[\d}j
\jkXYc\%
GfecXYXj\jfYi\cXd\jXpm\i`]`ZXhl\ef
j\ZX`^Xfj\dl\mX[\dXj`X[f phl\cXm\cX
hl\gX[\YXafj`cXm\cXefZXY\#_XYi}hl\
i\ZfikXicXlegfZf %

:fe\cc}g`qpcXi\^cX#kiXqX[fjm\Z\jcX
]`^liXhl\m\jXhl#ZfecXjd\[`[Xjhl\\e
\ccXXgXi\Z\e%

;fYcXcXjg\jkXXjcXjgXik\jhl\XgXi\Z\e
jfdYi\X[Xj\e\c[`Ylaf pkXdY`edXiZX
[fYc\Z\jjfYi\cXjce\Xjglek\X[Xj%8_fiX
XidXcXZXaX#gfeg\^Xd\ekf\ecXg\jkXXd}j
cXi^Xpg^XcX2cl\^fg\^XcXj[\d}jg\jkXXjX
cXjkXgXj[\Xii`YXp[\XYXaf%

CXk\iZ\iXZXaXj\_XZ\kiXqXe[fcXj`^l`\ek\
]`^liXpj`^l`\e[f\cd`jdfgifZ\[`d`\ekf#
jcfhl\cXe`ZXg\jkXXhl\mXjXg\^Xi\jcX
d}jcXi^X%
J`efgl\[\jZfej\^l`i\cgXg\cZXjZXie#
gl\[\jljXiZXaXj[\ZXikep\em\q[\\jg\afj
gl\[\jljXigXg\cXcld`e`fdlpc`jf%