Está en la página 1de 149

'

*"+,'&-.
($#(#')&

!"#$%&

30.2#'*"+,'&-.'($#(#')&'!"#$%&
P!"#0(#6D(!62!7262##D%
'20*2/(*D(!62!5$4-2*%$
.*$:*(,(!62!"/2%0-J%!(!GD0/-,(&!
62#!3$%K#-0/$!"*,(6$
3*(a!YR!1$a!VTXWZ!\a.a+a
;2#cK$%$Q!dYVedZe!ZU[!UV!ST
A-0/-,(&a0$%K#-0/$f,262##-%a:$Aa0$
P!\%-A2*&-6(6!62!"%/-$]8-(
P!.(/*-0-(!1-2/$!1-2/$
3(*#$&!"#42*/$!3$**2(!3$**2(
5#(6-&!7(*8#(%6(
98:2%-$!'2*%(!;(<-(
3*-&/-(%!3(,-#$!=&8:(
+>$%!9#?-%!=&8:(
@0/(A-$!=&8:(
B-$,262&!@&$*-$
@*#(%6$!62!+2&C&!58(*D%!7$*(#2&
9#A-(!.$&(6(
+8(%!"#2-&2*!E$F(&!G(#2%0-(
9#?-%!"#$%&$!"02A26$!'$/$
E84c%!O#(%6J%!^2,8&
E$&,-*(!3>(A(**D(!72&(!
^8-&!9%*-]82!3>(A(**D(!72&(
'(#$,J%!3>(A(**D(!72&(
3(*#-%(!O$*F(!B$,-0J
+(-,2!9%*-]82!\*-42!E2&/*2<$
H(4-_%!62!+2&C&!7$%/$M(!72&(
B842*%2M!B_A-#(!g2*%_%62)!
!
"#$%&$!'(#()(*!+(*(,-##$
"#0(#62!62!7262##D%
H2#-<2!.(#(8!h%:2#
'20*2/(*-$!62!5$4-2*%$!62!7262##D%

96-&$%!B(*D$!12-*(!.(#(0-$
B20(%$!H(08#/(6!62!3$,8%-0(0-$%2&
96I-%!3(*A(F(#!3J*6$4(
+2K2!62#!32%/*$!62!
L%A2&/-:(0-J%!M!9N/2%&-J%
96-#&$%!O8&/(,(%/2!@&<-%(
3$$*6-%(6$*!.*$M20/$&!62!9N/2%&-J%

/0.1#."20
!"#$#%&'()*%!!!
!
"#$%&$!'(#()(*!+(*(,-##$

!"*+,-,
.(/*-0-(!1-2/$

P!.*-,2*(!26-0-J%Q!&2</-2,4*2!62!RSTS
L'O1Q!UVWXUYWXWZU[XZRXW

.+/$#("#&,/
3(*#$&!"#42*/$!3$**2(!3$**2(

DC

E2(#-)(0-J%Q!H(08#/(6!62!
3$,8%-0(0-$%2&!62!#(!
\%-A2*&-6(6!62!"%/-$]8-(

01)*$/'/1,$/'2,"#$/!
5#(6-&!7(*8#(%6(

ED

3)&4(,"'/1#/5%/'%1'")#-,/
98:2%-$!'2*%(!;(<-(

FB

6'/#$7#"'%8'/1#/+,$/9#"2'%)&,$/:$5-'!
3*-&/-(%!3(,-#$!=&8:(!
+>$%!9#?-%!=&8:(!
@0/(A-$!=&8:(

GC

;,%/+,$/,<,$/1#+/'+2'!
B-$,262&!@&$*-$!

HD

3$,<-#(0-J%!M!26-0-J%Q!
.(/*-0-(!1-2/$!1-2/$
.*$K2&$*(!\%-A2*&-6(6!62!"%/-$]8-(
"&-&/2%/2&!62!26-0-J%Q!
^-%(!7(*D(!7(*/D%2)!72FD(!
"#2N(%6*(!3(/(#-%(!G_&]82)!58),_%
3$**200-J%!62!/2N/$&Q!
7(*:(*-/(!L&()(!G2#_&]82)
B-&2`$!M!6-(:*(,(0-J%Q!.8%/$!;*2&
L,<*2&-J%Q!@K-:*(K!L,<*2&$*2&!'a"a'a
L,<*2&$!M!>20>$!2%!3$#$,4-(

.%/=5$('/1#/2)/9)<,/
@*#(%6$!62!+2&C&!58(*D%!7$*(#2&

DIB

7(*-(!g2#2%(!G-A(&!^J<2)
G-02**20/$*(!62!9N/2%&-J%

>5%('/95=,/,&",/1?'/'$?/
9#A-(!.$&(6(

DJD

O2(/*-)!O2/(%08*!7(*/D%2)
3$$*6-%(6$*!:2%2*(#!62!
.*$M20/$&!62!9N/2%&-J%
!

@,A/$,+1'1,!
+8(%!"#2-&2*!E$F(&!G(#2%0-(!

DEB

"#42*/$!\*-42!3$**2(
E20/$*!\%-A2*&-6(6!62!"%/-$]8-(

.*$>-4-6(!#(!*2<*$6800-J%!/$/(#!$!
<(*0-(#b!0$%!08(#]8-2*!<*$<J&-/$!$!
08(#]8-2*!,26-$b!&-%!#(!(8/$*-)(0-J%!
2&0*-/(!62!#(!'20*2/(*D(!62!5$4-2*%$a

K)$&,")'/1#/5%/L#"1'1#",/'2,"/
9#?-%!"#$%&$!"02A26$!'$/$

DBD

M5=N%/$)-5#/L)L,/
E84c%!O#(%6J%!^2,8&

DCD

O"'2,$/+,$/%)P,$/1#+/Q,"14%/
E$&,-*(!3>(A(**D(!72&(!
^8-&!9%*-]82!3>(A(**D(!72&(!
'(#$,J%!3>(A(**D(!72&(

DSB

;,%/+,$/.2=#"4/$#/R5#1*/#+/"5)1,/1#+/L)#%&,/
3(*#-%(!O$*F(!B$,-0J

JDC

6,/R5#/R5#1'/1#/2)/$'%-"#/
+(-,2!9%*-]82!\*-42!E2&/*<$

JJS

.%/#+/('27,/1#<N/2)/(,"'8*%!
H(4-_%!62!+2&C&!7$%/$M(!72&(

JBC

02)-,$/1#/=5#%,$/A/2'+,$/&)#27,$/
B842*%2M!B_A-#(!g2*%_%62)

JCB

4$#+#.1&("5.
^(! 62&,2&8*(! 62#! 6$#$*! 62! #(&! AD0/-,(&! 62#!
0$%K#-0/$!(*,(6$!Mb!2%!<(*/-08#(*b!62!]8-2%2&!K82*$%!
:$#<2(6$&!<$*!#(!62%/2##(6(!62!8%(!2N<#$&-J%!2%!&8!
0(,-%$b!<8262!-%680-*%$&!(!#(!-%(00-J%!M!(#!&-#2%X
0-$a!.$*!2#!0$%/*(*-$b!62&62!#(!"#0(#6D(!62!7262##D%!
>2,$&!<*$0#(,(6$!#(!$<0-J%!<$*!#(&!AD0/-,(&!0$,$!
8%!2&K82*)$!c/-0$!M!0$,$!8%(!$4#-:(0-J%!]82!/$6$!
:$42*%(%/2!2%!2&/2!<(D&!6242*D(!<*$<$%2*&2a
'(42,$&! ]82! #(! *2<(*(0-J%! (4&$#8/(! 2&! 8%!
-,<$&-4#2b!<2*$!i(0(&$!%$!>(02*!%(6(!$!62&2%/2%X
62*&2!62!2&/2!6*(,(b!%$!2&!-%08**-*!2%!$/*(!K$*,(!
62! A-0/-,-)(0-J%j! 9&/2! #-4*$! *20$:2! #(&! >-&/$*-(&!
62! <2*&$%(&! ]82! >(%! (/*(A2&(6$! 2#! 6$#$*! 62! 8%(!
,8/-#(0-J%! $! 62! 8%(! >2*-6(b! <2*$! ]82! >(%! 6(%6$!
2&2!<*-,2*!<(&$!<(*(!&(#-*!(62#(%/2b!]82!2&!2#!62!
%(**(*!&8&!A-A2%0-(&ka
9&/2! /2*02*! #-4*$! 62! #(! &2*-2! l9&<2F$&! 62! #(!
,2,$*-(b!>-&/$*-(&!<(*(!%$!*2<2/-*k!2&!8%(!0$%/*-X
480-J%!(!#(!*2<(*(0-J%!62!#(&!AD0/-,(&b!(!]8-2%2&!
*$62(,$&!0$%!8%!(4*()$!,-2%/*(&!2&<2*(,$&!]82!
<$*!K-%!0*2)0(!#(!>-2*4(a

"#$%&$!'(#()(*!+(*(,-##$
"#0(#62!62!7262##D%

688

4$5)070
!"#$%& '()*& +,#& -.%-%& /+& 0(%.1+! *20$:2! #$&!
2&0*-/$&! (8/$4-$:*_K-0$&! 62! 6-20-%82A2! 0$#$,4-(X
%$&!]82!>(%!&-6$!AD0/-,(&!62!,-%(&!(%/-<2*&$%(X
#2&a!9%!2&/2!#-4*$!&2!*2082*6(!2#!-%&/(%/2!2%!]82!#(!
,-%(!2N<#$/Jb!$&08*20-J!2#!<(-&(F2b!]824*J!*(,(&b!
<(*/-J!K*8/$&b!,(/J!<-0>$%2&!2!>-*-Jb!0(&-!62!,82*X
/2b!(!#$&!0(,<2&-%$&!]82!/*(%&-/(4(%!2%!2#!02%/*$!
62!2&2!<(-&(F2a!
;(,4-c%! &2! *20$%&/*8M2! 0J,$! 2#! 08*&$! 62! #(!
A-6(!0(,4-J!(4*8</(,2%/2Q!(%/2&!2#!0-2#$!()8#b!2#!
(:8(! <8*(b! #$&! &2,4*(6$&! 2%! K#$*b! #(! A(0(! *20-c%!
<(*-6(b! #(&! <#(:(&! 2%! <$&! 62! #(! 0$&20>(b! #(! ,8#(!
AD0/-,(!62!#(&!080(*(0>(&b!#$&!%-`$&!/*2<(6$*2&!62!
_*4$#2&!0(,-%$!(!#(!2&082#(m!62&<8c&b!#$&!&82`$&!
A-&-/(6$&!<$*!2#!>$**$*b!8%(!2/2*%-6(6!2%!>$&<-/(X
#2&b! 8%(! 0(&(! 2%! (#]8-#2*b! #$&! 4$#&-##$&! A(0D$&b! 8%!
4(**-$!<$4*2!0$%!0-2#$!$&08*$b!2#!:(/$!>(,4*-2%/$!
62!*(/$%2&b!#(!(%:8&/-(!62#!62&(**(-:$b!2#!6$#$*!62#!
082*<$!,8/-#(6$b!#(&!,8#2/(&a!n!2%/$%02&b!2#!/-2,X
<$!:*-&Q!iG$#A2*!(#!0(,<$!6$%62!#$&!>$%:$&!%(02%!
62#!2&/-c*0$#j!$!i<#(%/(*!#(!A-6(!6$%62!2#!<(A-,2%X
/$!>-2*2!#(&!<#(%/(&!62!#$&!<-2&!62&%86$&j
9&!#(!-%02*/-68,4*2!2#!2&<(0-$!62!#(!-%/-,-6(6!
6$%62!&2!2*-:2%!2&/$&!*2#(/$&a!^$&!&$4*2A-A-2%/2&!
]82! (]8D! 2&0*-42%! &2! <*2:8%/(%! (! 0(6(! -%&/(%/2!
]8c! >(02*! 0$%! &8&! 2N-&/2%0-(&b! 0J,$! &$4*2##2A(*!
2#! 082*<$! ,8/-#(6$b! 0$%! ]8c! 02*/2)(&! /*()(*! 8%!

6888

0(,-%$!<(*(!&8&!>-F$&b!08_#2&!0$%&2082%0-(&!/*(2X
*_! 08(#]8-2*! 620-&-J%a! 9&/$&! *2#(/$&! <(*202%! 2%!
0(*%2!A-A(!<$*]82! K82*$%! 2&0*-/$&!A(#2*$&(,2%/2!
<$*! &8F2/$&! ]82! A-A2%! #(! <#2%-/86! 62! &8&! >2*-6(&a!
.#2%-/86b!0$,$!%-A2#!&8<2*-$*!62#!&8K*-,-2%/$b!]82!
#$&!##2A(!(!4802(*!2%!#$!,_&!*20J%6-/$!62!&8&!&2*2&!
2%! 48&0(! 62! #(! 6-:%-6(6! >8,(%(b! 0(&-! 2#! C%-0$!
<(/*-,$%-$!]82!#2&!]826(a
^(! 2&0*-/8*(! (8/$4-$:*_K-0(! <(*/2! 62#! /-2,<$!
:*-&b! #(! 4*8,(! <$*! #(! ]82! 8%(! <2*&$%(! /*(&-2:(!
(%/2&!62!<2*0-4-*!]82!8%!>()!62!#8)!-#8,-%(!&8!-%/-X
,-6(6b!&2!/(,4(#2(!(%/2!#(&!686(&!]82!#2!-,<$%2!
#(!<*$<-(!2N-&/2%0-(b!&2!]8-24*(!08(%6$!2#!2&<20/*$!
62!#$!<C4#-0$!#(!2%K*2%/(b!M!/*(&0-2%62!08(%6$!&2!
*20$%$02!(!&D!,-&,(!M!620-62!(0/8(*!M!>(4#(*!0$,$!
&8! M$a! "&Db! #(! 2&0*-/8*(! (8/$4-$:*_K-0(! o8%(! A2)!
0$,<*2%6-6$&! #$&! ,C#/-<#2&! >-#$&! -%/2*-$*2&! ]82!
>(02!A-4*(*o!-,<#-0(!*8</8*(&!Mb!<$*!#$!/(%/$b!&-*A2!
62! <$/2%0-(! <(*(! /*(%&K$*,(0-$%2&! <2*&$%(#2&! M!
&$0-(#2&a!52$*:!'-,,2#b!1$*42*/!9#D(&b!9,,(%82#!
^cA-%(&! M! 7-0>(2#! 62! 32*/2(8b! <2%&(6$*2&! 62#!
>$,4*2b! ##(,(%! <8%/$! 0-2:$! M! #8:(*! 62! <(&$! (! #(!
6$4#2!K8%0-J%!62!#$!D%/-,$a
^(! -%/-,-6(6! 62! #$&! &$4*2A-A-2%/2&! (K#$*J! o
<(*(!0$%&/*8-*!#(!2&0*-/8*(!]82!#2&!<*2&2%/$ob!<$*!
,26-$! 62! 8%(! 0$%A-00-J%! <$#D/-0(! 0$%A2*/-6(! 2%!
<*$M20/$!(0(6c,-0$!M!<26(:J:-0$a!lB2!&8!<8`$!M!
#2/*(kb! 0$,$! >2! ##(,(6$! #(! &2*-2! 62! /(##2*2&! ]82!
<$&-4-#-/(%! #(! 2&0*-/8*(! 62! 2&/(&! >-&/$*-(&b! <(*/-J!
62! 8%(! 0$%A-00-J%Q! &-! &2! 2&080>(! 0$%! (/2%0-J%! (!

89

7262##D%b! 2&! <$&-4#2! -62%/-K-0(*! A$02&! 62! AD0/-,(&!


]82!&$#$!&2*_%!*20$%$0-6(&!8%(!A2)!&8!<(#(4*(!&2(!
*208<2*(6(!M!<84#-0(6(a!
3$**D(! 2#! (`$! RSSY! M! 2%! #(! (#:(*(4D(! 62!
3$#$,4-(! &$4*2&(#D(%! #(&! A$02&! 62! #$&! A-0/-,(X
*-$&b! >$,4*2&! 2%! (*,(&! ]82b! 2%/*2! $/*$&! 62#-/$&b!
&2,4*(*$%!#$&!0(,<$&!62!,8%-0-$%2&!0$%!#(!-%/2%X
0-J%! 62! <*$/2:2*! &8&! /2**-/$*-$&! 62! 0(,<(,2%/$b!
62! (4(&/20-,-2%/$! $! 62! <*$6800-J%! M! /*(%&<$*/2!
62!&8&/(%0-(&!-#D0-/(&a!^$&!A-0/-,(*-$&!>(4#(4(%!M!
&2!#2&!2&080>(4(a!^(&!AD0/-,(&!/(,4-c%!%(**(4(%!
<2*$!<$0$&!$D6$&!2&/(4(%!<*2&/$&!(!(/2%62*#(&a!
@D*#$&! <(*20D(! &-,<#2a! 780>$&! <2*-$6-&/(&! #$!
>(0D(%!M!6(4(%!(!0$%$02*!2%!&8&!,26-$&!#(!/*(:2X
6-(!62!#$&!0(,<2&-%$&!0$#$,4-(%$&a!
n$!,-&,(!/*(4(Fc!68*(%/2!(`$&!2%!#(!*20$%&X
/*800-J%! 62! *2#(/$&! (! A(*-(&! A$02&! 2%! #$&! 08(#2&!
-%/2%/c!6(*!082%/(!62!#(!/*(%&K$*,(0-J%!62#!,8%6$!
62!:*8<$&!62!A20-%$&!A-0/-,-)(6$&!<$*!#$&!(0/$*2&!
62#! 0$%K#-0/$! (*,(6$a! .2*$b! 0$%A2*&(0-$%2&! 0$%!
#$&! ,-&,$&! <*$/(:$%-&/(&! 62! #(&! >-&/$*-(&! ,2!
##2A(*$%! (! 0$%0#8-*! ]82! 2##$&! %$! &2! -62%/-K-0(4(%!
2%! 2#! *2#(/$! ]82! <*$<$%D(%! #$&! ,26-$&a! 9&! 620-*b!
%$!&2!&2%/D(%!2&080>(6$&!<$*!#$&!,26-(6$*2&!]82!
&$,$&! #$&! <2*-$6-&/(&! Mb! 2%/$%02&b! &2! ,$&/*(4(%!
<*2$08<(6$&!<$*!#$&!2K20/$&!&$0-(#2&!62!>-&/$*-(&!
-%0$,<#2/(&b!&2!6-&/(%0-(4(%!62!#(!<*2%&(!]82!2*(!
/(#!A2)!2#!C%-0$!*208*&$!<(*(!>(02*&2!*20$%$02*b!M!
&2!*20#8D(%!2%!&8&!A-6(&!6$,c&/-0(&!(!#(!2&<2*(!62!
]82!#$!&$4*2%(/8*(#!$4*(*(!&$4*2!&8!<*2&2%/2a

'-%! 2&<2*(*! 0(,4-$&! &$0-(#2&! -%,26-(/$&! %-!


62!:*(%!-,<(0/$b!2,<*2%6D!8%(!/(*2(!]82!-,<#-0(!
0$%F8:(*! &(42*2&! M! /(#2%/$&Q! <2*-$6-&,$b! <&-0$#$X
:D(b!(*/2&!<#_&/-0(&b!#-/2*(/8*(!M!<26(:$:D(Q!(0$,X
<(`(*!(!8%!:*8<$!62!AD0/-,(&!62!#(!A-$#2%0-(b!*2&-X
62%/2&!2%!7262##D%b!2%!#(!%(**(0-J%!2&0*-/(!62!&8!
>-&/$*-(!0$,$!8%!2F2*0-0-$!]82!62A82#A(!#(!<(#(4*(!
(!#$&!0-86(6(%$&a
3$%!2&(!<*2,-&(b!M!2#!(0$,<(`(,-2%/$!62!6$&!
2&/86-(%/2&!62!<2*-$6-&,$b!2,<*2%6D!8%!*20$**-6$!
<$*! #(! 0-86(6! 2%! 48&0(! 62! 0$#$,4-(%$&! 0(<(02&!
62!2&0*-4-*!(#!%(/8*(#!#(!>-&/$*-(!]82!#$&!0$%A-*/-J!
2%! AD0/-,(&a! g2,$&! A-&-/(6$! <(**$]8-(&b! 02%/*$&!
0$,8%-/(*-$&b!:*8<$&!62!$*(0-J%b!0$#2:-$&b!4(*2&b!
(:2%0-(&! -%/2*%(0-$%(#2&b! $*:(%-)(0-$%2&! %$!
:842*%(,2%/(#2&b!$K-0-%(&!62#!9&/(6$b!02%/*$&!62!
*2>(4-#-/(0-J%b!>$&<-/(#2&a!9%!2&$&!#8:(*2&!>2,$&!
2&080>(6$!>-&/$*-(&!]82b!,26-(%/2!8%!-%/2*0(,4-$!
62!&(42*2&b!&2!>(%!0$%A2*/-6$!2%!*2#(/$&!(8/$4-$X
:*_K-0$&!]82!62&%86(%b!(62,_&!62!#(&!,_&!0$%$X
0-6(&! A-$#(0-$%2&! (! #$&! B2*20>$&! g8,(%$&b! #(&!
<*$K8%6(&!>2*-6(&!]82!#$&!(0/$*2&!62#!0$%K#-0/$!(*,(X
6$!0$#$,4-(%$!#2!>(%!-%K*-%:-6$!(!%82&/*(!08#/8*(a!
9%!08(/*$!(`$&b!0$%!#(!K-%(%0-(0-J%!M!2#!(<$M$!
#$:D&/-0$! 62#! .*$:*(,(! 62! "/2%0-J%! (! GD0/-,(&!
62!#(!"#0(#6D(!62!7262##D%!M!62!#(!\%-A2*&-6(6!62!
"%/-$]8-(b! 2&/(! 2N<2*-2%0-(! &2! >(! A-&/$! 2%*-]82X
0-6(! 0$%! #(! ##2:(6(! 62! ,_&! <2*-$6-&/(&b! (#:8%$&!
A$#8%/(*-$&b! ]82! /*(4(F(%! 68*(%/2! 0-%0$! ,2&2&!
(#! (`$! 2%! 0$#(4$*(0-J%! 0$%! #(&! AD0/-,(&! 2%! #(!

98

2&0*-/8*(!62!&8&!>-&/$*-(&a!3$%!2##$&b!#$&!2N<2*/$&!
-%A-/(6$&!M!#$&!(<$*/2&!62!#$&!TRW!<(*/-0-<(%/2&b!>2!
62#-%2(6$b!>(&/(!(>$*(b!6-2)!<(&$&!<(*(!0$%&/*8-*!
8%(!>-&/$*-(a
Ta! ;$6$&! /2%2,$&! 8%(! >-&/$*-(Q! 9#! A2&/8(*-$b! #$&!
:2&/$&b!#$&!(002&$*-$&b!082%/(%!(#:$!&$4*2!]8-cX
%2&! &$,$&b! 62! 6J%62! A2%-,$&b! M! ]8c! >2,$&!
A-A-6$a! 3$%&/*8-*! -,(:-%(*-(,2%/2! #(! >-&/$*-(!
62! <2*&$%(F2&! <2*,-/2! *20$%$02*! ]82! /$6$&!
/2%2,$&!8%!<(&(6$!]82!%$&!6(!-62%/-6(6a!
Ra!! p&/(!2&!,-!>-&/$*-(Q!^(!%(**(0-J%!$*(#!62!#(!2N<2X
*-2%0-(!/*(8,_/-0(!<2*,-/2!6(*!0$%/-%8-6(6!(!2A2%X
/$&!62!#(!A-6(!]82!&2!>(%!2%/2%6-6$!0$,$!(-&#(6$&b!
<#(%/2(*! *2K#2N-$%2&! &$4*2! #$! ]82! >(! <(&(6$! M!
2&4$)(*!<$&-4#2&!&(#-6(&!(!&-/8(0-J%!0$%K#-0/-A(&a!
[a!i3J,$!,2!A2$jQ!7-*(*&2!(#!2&<2F$b!<*2:8%/(*&2!
<$*!#(&!,(*0(&!62!#(!<-2#b!*20$*6(*!2#!*$&/*$!62#!
<(&(6$! M! 0$%/2,<#(*&2! <(*(! A2*! ]8c! M! 0J,$!
>(!0(,4-(6$!&$%!2&/*(/2:-(&!62!A$0(0-J%!M!62!
*20$%$0-,-2%/$a!
Za!!^$&!,$,2%/$&!62!,-!A-6(Q!E20$%&/*8-*!2&02%(&!
62!#(!<*$<-(!A-6(!(M86(!(!2N<*2&(*!&-:%-K-0(6$&!
]82!(!A202&!%$!<8262%!&2*!/*(%&,-/-6$&!<$*!#(&!
<(#(4*(&a!
Ya!!9#!,(<(!62!,-!A-(F2Q!9#!,(<(!62#!*20$**-6$!62!
#(!A-6(!2&!8%!2N02#2%/2!<#(%$!<(*(!62#-%2(*!#(!
>-&/$*-(!<2*&$%(#a!"#!84-0(*!#$&!*D$&b!#(&!,$%/(X
`(&b! #$&! (&2%/(,-2%/$&! M! #(&! 0-86(62&b! &2! A(!
(&$0-(%6$!2#!/2**-/$*-$!0$%!#$&!0(,4-$&!K8%6(X
,2%/(#2&!62!#(!2N-&/2%0-(a!

988

qa! ^(! >-&/$*-(! 62! ,-! A-6(Q! B-48F(*! <2*,-/2! (! #$&!


<(*/-0-<(%/2&!<2%&(*!2%!&D!,-&,$&b!-%/*$680-*X
&2!2%!&8&!2,$0-$%2&!M!<#(&,(*#(&!0$%!0$#$*2&!
M!K$*,(&!&$*<*2%62%/2&!]82!,80>$&!%$!<8262%!
0$%/(*!0$%!&8!A$)a!
Va! 7-!A-6(!2%!8%(!0(%0-J%Q!3$%!#(!(M86(!62!,C&-X
0$&!<*$K2&-$%(#2&b!#$&!<(*/-0-<(%/2&!*2(#-)(%!8%!
2F2*0-0-$!62!&D%/2&-&!62!#(&!/*(,(&!%(**(/-A(&!M!
62!#$&!&2%/-,-2%/$&!*2&8#/(%/2&!62#!2F2*0-0-$!62!
2A$0(0-J%a!
Wa!!O*2A2!(8/$4-$:*(KD(Q!9&/(!2&!#(!2/(<(!62!/*(%&-X
0-J%!2%/*2!#(!&2%&-4-#-)(0-J%b!#(!%(**(0-J%!M!#(!
2&0*-/8*(! <*$<-(,2%/2! 6-0>(a! "]8D! /2*,-%(! 2#!
/*(4(F$! 2%! :*8<$! M! 0$,-2%)(! 8%! <*$02&$! -%6-X
A-68(#! ]82! ##2A(! (#! 2&0*-/$*! (! <2%&(*&2! 0$,$!
&8F2/$b! 0$,$! /2&/-:$! 62! 8%! ,$,2%/$! >-&/J*-0$!
0*80-(#!M!0$,$!0$%/(6$*!62!2&(!>-&/$*-(a!
Ua! 72,$*-(&Q!9%!2&/(!2N<2*-2%0-(b!/(%/$!2#!%(**(X
6$*! 0$,$! 2#! >(&/(! (>$*(! ##(,(6$! ,26-(6$*!
<#(%/2(%! <*2:8%/(&! 0$%! 2#! <*$<J&-/$! 62! ##2%(*!
#$&!A(0D$&!62#!*2#(/$a!9%!lB2!&8!<8`$!M!#2/*(k!%$!
&2!>(4#(!62!-%A2&/-:(6$*!2!-%A2&/-:(6$b!<$*]82!
(,4$&!&8F2/$&!08,<#2%!#$&!6$&!*$#2&a!9#!<(*/-X
0-<(%/2!&2!<*2:8%/(!<$*!&8!2N<2*-2%0-(b!<$*!&8!
>-&/$*-(b!<$*!#$!]82!&-:%-K-0(!#$!]82!>(!$08**-6$a!
9#!<2*-$6-&/(!,26-(6$*b!(>$*(!0$(8/$*b!62F(!&8!
*$#!62!0$%&/*80/$*!62!#$&!*2#(/$&!<(*(!(M86(*!(#!
$/*$!(!%(**(*!&8!>-&/$*-(a!

9888

TSa!!9#!#-4*$Q!B2&<8c&!62!8%!,2&!62!/*(4(F$!0$%&X
/(%/2b! 0(6(! <(*2F(! 2%/*2:(! #(! A2*&-J%! K-%(#!
62! #(&! >-&/$*-(&a! 9#! /2N/$b! #(&! K$/$:*(KD(&b! #$&!
,(<(&b!#$&!08(62*%$&!62!0(,<$!62!#$&!-%A2&X
/-:(6$*2&!M!#$&!*2:-&/*$&!2%!A-62$!&$%!-%&8,$&!
<(*(!#(&!<84#-0(0-$%2&a!
"!2+34)&"/5($+.*&67&#"31.%!dRSSqe!M!8/&-(%/"&
#"&3%&+1+#$"#+&dRSSVe!&2!&8,(!2%!RSSU!!"#$%&
'()*&+,#&-.%-%&/+&0(%.1+&dRSSUeb!2&0*-/$!2%/*2!AD0/-X
,(&!62!,-%(&!(%/-<2*&$%(#!M!<2*-$6-&/(&!0$%A2%X
0-6$&!62!]82!#$&!0$#$,4-(%$&b!(62,_&!62!(02</(*!
]82! %82&/*$! <(D&! 2&! 2#! ,_&! ,-%(6$! 62#! ,8%6$b!
6242,$&! (0/8(*! 2%! 0$%&2082%0-(Q! ##2A(*! (! #(&!
<(*/2&!2%!0$%K#-0/$!(!0$,<*$,2/2*&2!(!%$!&2,4*(*!
,_&! ,-%(&b! (! 2%/*2:(*! #$&! ,(<(&! 62! /2**-/$*-$&!
,-%(6$&b!(!(62#(%/(*!:*(%62&!0(,<(`(&!62!62/20X
0-J%! M! 62&/*800-J%! 62! ,-%(&a! ^$! (%/2*-$*! -,<#-0(!
*20$%$02*!]82!$0>$!,-#!0$#$,4-(%$&!2&<2*(%!]82!
&8&! (:*2&$*2&! #2&! <-6(%! <2*6J%! M! &8&! <c*6-6(&!
&2(%!,(/2*-(#!M!&-,4J#-0(,2%/2!*2<(*(6(&a!

.(/*-0-(!1-2/$!1-2/$

B-*20/$*(!"0(6c,-0(!62!lB2!&8!<8`$!M!#2/*(k
.*$K2&$*(!\%-A2*&-6(6!62!"%/-$]8-(

9%#:"&37-0"&)7%;"<
%)&$(=>-(/&$%)'%.6+.?&
@A%54#6%)%&$%&#7%5"<&#"&0+B&
C7%&%-0+.&'+.+&+6.4)D
E7%&1%//"&%.+&%/&-+3(#"
C7%&)"/>+&6.+#)(6+.?&
F"B&.%-".."&"6.+)&/+$%.+)
)(#&#7#-+&"/5($+.&
%)%&'7%1/"<&+C7%//+&/"3+<
3(&6(%..+&#+6+/?
GB%.H&@I73&'733D
F"B&-+#-("#%)&C7%&-+#6+.
@I73<&'73D<&-")+)&C7%&)7%#+#?
J%/"$>+)&C7%&%#6.%:+.?
9%#:"&37-0"&)7%;"<
%)&$(=>-(/&$%)'%.6+.?
&@I73&'733D
&F"B&-+#-("#%)&C7%&-+#6+.?
&@I73<&'73D<&-")+)&C7%&)7%#+#?
&J%/"$>+)&C7%&%#6.%:+.?
@A%54#6%)%&$%&#7%5"<&#"&0+B&
C7%&%-0+.&'+.+&+6.4)D
3(%0-J%!2&0*-/(!<$*!9#A-(!.$&(6(!M!&8!K(,-#-(a

:)'+#($#10
/&$)0+';)%#$10'/0$$#&'/0$$#&

L#8&/*(0-J%!<$*!3(*#$&!"#42*/$!3$**2(!3$**2(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

&/$M!A-A$!:*(0-(&!(#!&20*2/$a!3$%!#(!<-2*%(!
/$6(!>2*-6(!,2!A2D(!/-*(6$!2%!2#!<-&$b!4$/(%X
6$! &(%:*2! (! *D$&b! 2%/$%02&b! ,2! (<#-]8c! 2#! &20*2/$!
62! 2&/(%0(*! #(! &(%:*2a! '$4*2A-ADb! <$*]82! %$! ,2!
62&(%:*cb!(8%]82!#(!A-6(!]82!##2A$!(>$*(!2&!$/*(a!
9&/(&!#2/*(&!&$%!<(*(!0$%/(*!2&(!/*-&/2!>-&/$*-(!]82!
0(,4-J!,-!A-6(!<(*(!&-2,<*2a!;$6$!2,<2)J!08(%6$!
2&/(4(!2%!2#!0(,<$!(,(**(%6$!2%!/*2&!,8#(&!8%$&!
2&/(0$%2&! <(*(! (#(,4*(*a! 38(%6$! >(4D(! 0(*:(6$!
6$&! M! (**-,c! <(*(! 0(*:(*! #(! C#/-,(b! <-&c! #(! ,-%(!
]8-24*(<(/(&! ]82! 0(,4-J! ,-! A-6(! <(*(! &-2,<*2a!
9&$!K82!2%!#(!K-%0(!62!,-!<*-,$!r,(*!EC(!3$**2(a!
p*(,$&! 8%(! K(,-#-(! ,8M! :*(%62a! 9%! ,-! 0(&(!
K8-,$&! $%02! >-F$&b! ,-! <(<_! M! ,-! ,(,_a! p*(,$&!
,8M! <$4*2&a! n$! %$! /8A2! %-`2)a! 1$! ,2! (,(`(4(!
0$%! #$&! ,80>(0>$&! 62! #(! 26(6! ,D(b! &-%$! ]82! 2*(!
62/*_&!62!2&$&!(**-2*$&!<(*(!/$6$&!#(6$&!62&62!#$&!
08(/*$! (`$&a! n$! ,2! A2%D(! (**-(%6$! ,8#(&! 62/*_&!
62!8%!&2`$*b!62&62!3262`$!>(&/(!8%!<8%/$!]82!&2!
##(,(4(! 9#! g$*,-:82*$a! 9*(%! 0$,$! 0-%0$! >$*(&!
62!0(,-%$a!;(,<$0$!,2!:8&/J!2#!2&/86-$b!<$*]82!
(<2%(&!>-02!>(&/(!&2:8%6$!62!<*-,(*-(a!72!:8&/(X
4(%!,80>$b!2&$!&Db!#$&!0(4(##$&a

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:)'+#($#10

7-&! >2*,(%(&! &$%! $0>$Q! E$&(! 9#2%(b!


g2*,2#-%(b! 98%-02b! "#2-6(b! n(,-#2b! ^8)! B2-62*b!
p#-6(! M! ^-%(! 98:2%-(b! M! /8A2! 6$&! >2*,(%$&!
>$,4*2&Q!58&/(A$!@*#-%!M!^8-&!968(*6$b!K(##20-6$!
2#! Ts! 62! 6-0-2,4*2! 62! TUUUa! B-02%! ]82! #$! (&2&-%J!
2#! <(/*J%! <(*(! ]826(*&2! 0$%! &8! 2&<$&(b! <2*$! %$!
&2!&8<$m!2#!0(&$!2&!]82!>$M!A-A2%!F8%/$&a!7-!<(6*2!
2&! 2%K2*,$! ,2%/(#b! /-2%2! V[! (`$&b! <2*$! %$! /-2%2!
8%(!<2%&-J%b!M(!]82!/$6(!#(!A-6(!/*(4(FJ!2%!K-%0(&!
62!F$*%(#2*$!M!(##_!8%$!%$!/-2%2!&2:8*$a!1$&$/*$&!
08(%6$!%-`$&!/*(4(F_4(,$&!0$%!c#b!M!(&D!#2!(M86_X
4(,$&! (! #(! K(,-#-(a! B2&<8c&b! /$6$&! &2! 0(&(*$%! M!
(>$*(! %(6-2! &2! >(02! *2&<$%&(4#2! 62! %(6-2a! g$M!
A-A$!2%!7262##D%b!62!(**-,(6$!6$%62!,2!62%!<$&(X
6(a!.$*!,-!6-&0(<(0-6(6!M!<$*]82!%$!/8A2!2&/86-$!
/(,<$0$!0$%&-:$!8%!/*(4(F$a!.2*$!,-!A-6(!2*(!$/*(!
(%/2&!62!#(!,-%(a!9&/$!K82!#$!]82!<(&Ja
n$!2*(!(**-2*$b!0(,<2&-%$b!0$:D(!0(Kca!",(**(%6$!
2&(&!,8#(&!K82!]82!,2!$08**-J!2#!(00-62%/2a!.-&c!#(!
,-%(!M!&(#D!2#2A(6$!0$,$!6$&!,2/*$&a!9*(!8%!/-2**2*$!
-,<*2&-$%(%/2!2#!]82!A$#J!0$%,-:$a!B2&<8c&!62!]82!
0(D!(#!<-&$!,2!<(*c!6$&!A202&a!9#!6$#$*!2*(!4(&/(%/2b!
<2*$!M$!%$!##$*(4(a!t826c!K82!0$,$!(/(0(6$!M!,2!
6-$!<$*!62&,(M(*,2a!L4(!62&<2*/(%6$!M!,2!&2%/D(!
2%0(#(,4*(6$a!9&/(4(!&$#$a!9%/$%02&b!,2!(K2**c!(!
8%!<(#$!0$%!#(&!,(%$&b!68*$b!68*$b!M!0$%!2&$!&2!,2!
0$%/*$#(4(!8%!<$]8-/$!2#!6$#$*!,-2%/*(&!,2!-4(%!(!
*20$:2*a!;(,4-c%!,2!*2A$#0(4(!2%!2#!<-&$b!M!/$6$!2&$!
2&/(4(!,-%(6$a!.$*!,-&!$*(0-$%2&b!,-!K2!2%!B-$&!M!
2#!&20*2/$!%$!]826c!<2$*a!

7-!<*-,$!2&/(4(!0$,$!(!6-2)!?-#J,2/*$&a!^$&!
<*-,2*$&!]82!,2!2%0$%/*(*$%!K82*$%!8%$&!:82**-X
##2*$&a!72!0$:-2*$%!0(*:(6$!M!,2!##2A(*$%!0*2M2%6$!
]82!2*(!&$#6(6$a!9##$&!,2!(0(4(*$%!62!(,<8/(*!#$&!
626$&!62!#$&!<-2&!M!62&<8c&!2,<2)(*$%!(!48&0(*!&-!
r,(*!&D!2*(!,-!<*-,$b!&-!M$!&D!2*(!8%!0(,<2&-%$a!
"<2%(&!62&084*-2*$%!]82!&Db!,2!2%/*2:(*$%!(!c#b!
<2*$! M(! -%K20/(6$a! p#! %$! <$6D(! 0*22*! #$! ]82! A2D(a!
"!#(!0(**2*(b!&2!K82!(!48&0(*!:2%/2a!"<(*20-J!0$%!
&2-&!/*(4(F(6$*2&!M!,2!##2A(*$%!(!#(!K-%0(!9#!g$*%$b!
]82! ]826(! 2%! #(! A2*26(! 9#! t8-%02b! 62#! ,8%-0-<-$!
62!.82*/$!G(#6-A-(a!"##_!M$!,-&,$!,2!2&/(%]8c!#(!
&(%:*2!0$%!&20*2/$a
;-*(6$!2%!2#!<-&$!,2!(<#-]8c!2#!&20*2/$a!E2)(!
8%$! 6-2)! <(#(4*(&b! ]82! ,2! #(&! 2%&2`J! 8%! &2`$*!
.26*$!.$&(6(!08(%6$!M$!/2%D(!TW!(`$&a!n$!/*(4(F(X
4(!0$%!c#!M!8%(!A2)!2&/_4(,$&!62&M2*4(%6$!0(`(b!
08(%6$!8%!0$,<(`2*$!&2!0$*/J!8%(!,(%$b!&2!6-$!2%!
#(!A2%(a!B$%!.26*$!#2!6-F$Q!l1$!&2!0$%K8%6(!]82!M$!
#$!A$M!(!2&/(%0(*ka!'2!]8-/J!2#!&$,4*2*$!M!&2!(**$6-X
##Ja!E2)(4(!M!#2!>(0D(!0*802&!2%0-,(!62!#(!0$*/(6(a!
9%! 6$&!,-%8/$&!2#!,80>(0>$!2&/(4(!2&/(%0(6$!M!
&2!K82!<(*(!#(!0(&(a!"!#$&!6$&!6D(&!A$#A-J!(!/*(4(F(*!
0$%! 8%! /*(<$! (,(**(6$! 62! #(! ,(%$a! B$%! .26*$! M!
M$!#(!D4(,$&!,8M!4-2%b!M!,2!0(8&J!-,<*2&-J%!M!,2!
<(*20-J!*(*$!2&$!62!#(!&(%:*2a
oB$%!.26*$b!i,2!A(!(!2%&2`(*!2#!&20*2/$!<(*(!
2&/(%0(*!&(%:*2jo!#2!6-F2a
o'Db! M$! #2! 2%&2`$b! <2*$! /-2%2! ]82! /2%2*! ,8M!
482%(! K2o! *2&<$%6-J! 2#! >$,4*2b! M! ,2! #$! 2%&2`J!
>(02!M(!RY!(`$&a!

<=

<>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:)'+#($#10

^(!<*-,2*(!A2)!]82!#$!(<#-]8c!K82!2%!;(*()_b!
(**-(%6$!,8#(&!0$%!8%!/D$a!^#2A_4(,$&!6-2)!,8#(&!
M!0(4(##$&!0$%!,(62*(!<(*(!2#!<824#$a!\%(!,8#(!&2!
0(MJb!&2!&(#-J!62#!,$%/2!<(*(!2#!0(,-%$!*2(#!M!&2!
0$*/J!0$%!8%(!2&/(0(a
oit8c!A(,$&!(!>(02*!0$%!2&/(!,8#(!/(%!A(0-(X
6(!2%!&(%:*2jo!620D(!,-!/D$a!n!M(!&2!-4(!(!-*!<(*(!
8%(!0(&(!(!<26-*!0(Kc!<(*(!20>(*#2!2%!#(!0$*/(6(!(!
#(!42&/-(a
o;D$b!i(!]8c!A(!(!-*!<$*!(##_!/(%!#2F$&j!o#2!6-F2ob!
M$!&c!2#!&20*2/$!<(*(!2&/(%0(*!#(!&(%:*2a
out8c!A(&!(!&(42*!A$&v!1$!,2!#$!&c!M$!]82!2&/$M!
,_&!A-2F$aaa
^2!]8-/(,$&!#(!0(*:(!(!#(!,8#(!Mb!2%!#(!K(#6(b!
,2!(**$6-##cb!,2!]8-/c!2#!&$,4*2*$!M!#2!(<#-]8c!2#!
&20*2/$! 2%0-,(! 62! #(! 0$*/(6(b! 0$,$! #$! >(0D(! 6$%!
.26*$a!7-!/D$!,2!,-*(4(!0(##(6$a!"!#$&!6$&!,-%8/$&!
#(!,8#(!>(4D(!<(*(6$!62!20>(*!&(%:*2a!p#!,2!6-F$!
]82!&2!#$!2%&2`(*(!M!#2!0$%/2&/c!#$!,-&,$!]82!,2!
>(4D(! 6-0>$! 6$%! .26*$b! ]82! /2%D(! ]82! /2%2*! ,8M!
482%(!K2a!;(,4-c%!,2!/$0J!2&/(%0(*!(!8%!&2`$*!2%!
3(,<(,2%/$a!9*(!8%!0$%$0-6$!,D$!]82!&2!<8&$!(!
<2#2(*!0$%!,(0>2/2!0$%!$/*$!]82!#2!0$*/J!2#!<20>$a!
38(%6$!#$!-4(%!(!##2A(*!(#!>$&<-/(#b!M$!#2&!6-F2!]82!
0J,$!-4(%!(!>(02*!0$%!2&2!>$,4*2!20>(%6$!/(%/(!
&(%:*2a!l9&<2*2%b!M$!#$!2&/(%0$kb!6-F2b!M!#$!2&/(%X
]8ca! 9#! /-<$! &2! K82! 0(,-%(%6$! (! ]82! #$! 0$&-2*(%a!
9&2!&20*2/$!2&!8%(!42##2)(a!1$!2&!62!2%&2`(*#$!(!
/$6$!2#!<C4#-0$b!<$*]82!>(M!:2%/2!]82!#$!A82#A2!2%!

0>(*#(a!.2*$!&-*A2a!n$!,-&,$!#$!0$,<*$4c!08(%6$!
#(!,-%(!,2!2N<#$/Ja
9%!2&2!2%/$%02&b!>(4D(!<$*!(##_!62!/$6$Q!<(*(X
,-#-/(*2&! M! :82**-##(a! 3$,$! 2&/(4(%! <2#2(%6$!
(! 4(#(b! (! /$6$&! #2&! 6(4(! ,-26$! &(0(*,2! 62! (##_!
6$%62!,2!/2%D(%!/$6$!>2*-6$b!2%!#(!0(&(!62!#(!K-%0(!
62!,-!<*-,$a!.2%&_4(,$&!]82!2%!2#!0(,-%$b!(#:8X
%$!<$6D(!(0(4(*,2!62!,(/(*!$!,(/(*!(!(#:8%$!62!
#$&!]82!,2!##2A(4(b!<2%&(%6$!]82!c*(,$&!62#!$/*$!
4(%6$a!'2:8D(!2#!2%K*2%/(,-2%/$!M!&2!2&080>(4(!2#!
/-*$/2$!/$6$!2#!6D(a!B8*(%/2!2&$&!6D(&!62&<8c&!62!
#(!2N<#$&-J%b!,2!6(4(%!(02/(,-%$Kc%b!,2!20>(4(%!
(:8(!0(#-2%/2!0$%!&(#!6-)]82!<(*(!]82!&2!62&2%0$X
%(*(!#(!>2*-6(a
"!#$&!6D(&!62F(*$%!62!<2#2(*!M!2%/$%02&!<86-2X
*$%! &(0(*,2! (! .82*/$! G(#6-A-(b! <2*$! M$! M(! /2%D(!
/$6$!2#!<-2!0$%!:(%:*2%(a!9%!/$/(#!,2!2&/8A2!08(/*$!
6D(&! >2*-6$! 2%! #(! K-%0(b! 62! A-2*%2&! (! ,(*/2&b! ]82!
K82! 08(%6$! (**(%0(*$%! 0$%,-:$! <(*(! 2#! <824#$b!
,(6*8:(6$&a!9%!#(!0(**2/2*(!<$*!6$%62!,2!&(0(X
*$%!>(4D(!0$,$!6$&!<(*(0$&m!#2A(%/(*$%!#(!>(,(X
0(b!,2!,-*(*$%!M!,2!<*2:8%/(*$%!0J,$!,2!##(,(X
4(!M$a!">D!&D!,2!6-$!(!,D!8%!&8&/$a!^2!<*2:8%/(*$%!
(!,-!<*-,$!M!c#!#2&!6-F$!]82!M$!2*(!8%!/*(4(F(6$*!62!
c#a!\%$!62!#$&!<(*(0$&!6-F$Q!l"!2&2!&2`$*!#$!>2!A-&/$!
/*(4(F(%6$!2&(!K-%0(ka!72!(&8&/cb!<$*]82!0*2D!]82!
,2!-4(%!(!,(/(*b!<$*]82!08(%6$!#$&!<(*(,-#-/(*2&!
A2%! (! 8%! >2*-6$! 62! ,-%(! #$! ,(/(%! 0*2M2%6$! ]82!
2&! 8%! :82**-##2*$a! 72! (0$*6c! ]82! 2%! 8%(! A2*26(!

?@

?<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:)'+#($#10

62! 3(,<(,2%/$! &84-2*$%! 8%! &2`$*! ]82! <-&J! 8%(!


,-%(! M! #2! A$#J! /$6$! 2#! <-2a! 9%/$%02&b! #$&! <(*(0$&!
,(%6(*$%! 8%! 0(**$! M! #$! *2,(/(*$%! (! 4(#(! ]82!
<$*]82!2*(!:82**-##2*$a!9#!&2`$*!2*(!8%!0$%$0-6$b!
2*(!/*(4(F(6$*!M!/2%D(!&2-&!>-F$&a!9&$&!:*8<$&!&$%!
,8M!-:%$*(%/2&a
3$%,-:$! &(#-2*$%! (! #(&! 08(/*$! 62! #(! ,(`(X
%(!M!##2:(*$%!(#!*D$!3(80(!(!#(&!6-2)a!H82*$%!&2-&!
>$*(&!62!0(,-%$!(!<-2b!0(*:(6$!2%!2&(!>(,(0(a!72!
<(&(*$%!2%!8%(!0(%$(a!B2!(##_!,2!##2A(*$%!2%!8%(!
0(,-$%2/(! (! #(! /*$%0(#! 62! #(! 3$&/(! "/#_%/-0(a! 72!
62&0(*:(*$%!2%!8%!<(/-$!62!02,2%/$!M!,-!<*-,$!&2!
K82!(!9#!B$02!(!0$%&2:8-*!8%!0(**$!<(*(!&84-*,2!(#!
>$&<-/(#!62!.82*/$!G(#6-A-(a!B2!2&2!/*(M20/$!(#!>$&<-X
/(#! 62#! <824#$! ,2! 62,$*(4(! ,26-(! >$*(a! "##_! ,2!
>-0-2*$%!#(&!<*-,2*(&!08*(0-$%2&a!"!#(&!6$&!>$*(&b!
#2! 6-F2*$%! (! ,-! <*-,$Q! l9&/2! &2`$*! >(M! ]82! *2,-X
/-*#$!(!8%!>$&<-/(#!62!,(M$*!0(/2:$*D(b!(#!g$&<-/(#!
'(%!G-02%/2!62!.(C#b!<$*]82!M(!2&/_!0$%!:(%:*2%(a!
.2*$!/-2%2!]82!<(:(*!VRS!,-#!<2&$&ka!E2&8#/(!]82!
%$!##2A_4(,$&!#$&!<(<2#2&!,D$&!<$*]82!62F(,$&!#(!
4-##2/2*(! 2%! #(! K-%0(! M! <$*! 2&$! <26D(%! #(! <#(/(a! 7-!
<*-,$!0$:-J!<(*(!9#!B$02!M!&2!#(!0$%&-:8-J!0$%!8%!
/2%62*$!6$%62!c#!,2*0(4(a!^2!0$%/J!]82!/2%D(!8%!
<*-,$!2%!2#!>$&<-/(#!M!(>D!,-&,$!&2!#$&!<*2&/Ja!
3$,$! %$! >(4D(%! /*(D6$! ,-! 0c68#(b! 2%/$%02&!
%$! &2! &(4D(! &-! 2*(! 8%! 0-A-#! $! 2*(! 8%! /2**$*-&/(! 62!
2&$&b!K82*(!<(*(0$!$!:82**-##2*$a!.$*!(##_!&2!,(%/2X
%D(%!62!/$6$&!#$&!:*8<$&!(*,(6$&!M!#$&!&$#6(6$&!
/(,4-c%! 2%/*(4(%! <2*$! >(0D(! 6D(&! ]82! %$! -4(%a!

">D!&D!,2!>84-2*(%!&(0(6$!2%!>2#-0J</2*$!M!%$!,2!
>84-2*(!6(6$!:(%:*2%(a!'-!,2!>84-2*(%!&(0(6$!2#!
,-&,$!6D(b!2#!RV!62!,(M$!62#!RSSY!08(%6$!/8A2!,-!
(00-62%/2b! #(&! 0$%&2082%0-(&! >84-2*(%! &-6$! 6-K2X
*2%/2&a!.2*$!/8A2!]82!<(&(*!08(/*$!6D(&!2%!#(!K-%0(!
M!2&$!0$:-c%6$,2!-%K200-J%a!B2&<8c&b!#(!2&<2*(!2%!
G(#6-A-(a!7-2%/*(&!/(%/$b!,(%6(*$%!(!8%!/*(4(F(X
6$*!<$*!,-&!<(<2#2&!(!#(!K-%0(a!38(%6$!,-!<*-,$!
2%/*2:J!#(!<#(/(b!(>D!&D!,2!&(0(*$%!2%!#(!(,48#(%X
0-(a!9&$!&2!%202&-/(4(!<(*(!<$62*,2!&(0(*!62!(##_b!
<$*]82!(0_!2%!3$#$,4-(!(#!&2*!<$4*2!%$!#2!0$**2%!
(! 8%$a! "0_! /-2%2! ]82! &2*! 8%$! ,(#$! $! *2-%&2*/(6$!
<(*(!/2%2*!/$6$a!
H82*$%! /*2&! >$*(&! 62! 0(,-%$! 62! .82*/$!
G(#6-A-(!(!7262##D%a!.$*!#(!0(**2/2*(b!#(!6$0/$*(!,2!
<$%D(!08-6(6$a!G2%D(!/(,4-c%!,-!,8F2*!2%!2#!0(**$b!
M!%-!2##(&!%-!M$!(:8(%/_4(,$&!2#!$#$*!62#!<-2a!"!,D!
,2!6-2*$%!8%(!0(*2/(!M!/(,4-c%!(!,-!,8F2*!M!(!#(!
6$0/$*(a!9#!$#$*!2*(!/(%!K2$!]82!>(&/(!2#!0$%680/$*!
/8A$! ]82! <$%2*&2! 8%(a! H82*$%! >$*(&! 62! 6$#$*b! 62!
<2%&(*b!62!-,(:-%(*!]8c!-4(!(!&2*!62!,D!2%!2#!K8/8*$a
^#2:(,$&!(!#(!0(<-/(#!(!#(&!&-2/2!62!#(!%$0>2a!
72! 2&<2*(4(%! ,-! ,(6*2b! ]82! &-2,<*2! ,2! ]8-&$!
/(%/$b!M!,-&!>2*,(%$&!]82!A-AD(%!(##Da!^2&!6-F2*$%!
]82!%$!>(4D(!0(,(!<(*(!,Db!>(&/(!]82!,-!>2*,(X
%(! 98%-02! M! #(! 2%K2*,2*(! &2! 2%$F(*$%a! B2&<8c&b!
,2!2%/*(*$%a!72!<8&-2*$%!6*$:(b!(%2&/2&-(b!M!,2!
2%/*(*$%!(!0-*8:D(a!72!(,<8/(*$%!#(!<-2*%(a!'J#$!
,2! ]826J! 2#! ,8`J%b! <$*]82! /$6$! #$! $/*$! /2%D(!
:(%:*2%(a! "! #(&! $%02! 62! #(! %$0>2! ,2! ##2A(*$%! (!

??

?A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:)'+#($#10

6$*,-*! 2%! #(! '(#(! '(%! E(K(2#a! 7-! ,8F2*! 2&/8A$!


0$%,-:$!2%!2#!>$&<-/(#!M!&2!K82!(!#(!;2*,-%(#!62#!
1$*/2! (! *20$:2*! #$&! <(<2#2&! ,D$&a! 7-&! K(,-#-(*2&!
&2! K82*$%! (! #(! 0(&(! (! 6$*,-*! 0$,$! (! #(&! /*2&! 62!
#(!,(`(%(a!'2!/8A-2*$%!]82!4(`(*!<(*(!(0$&/(*&2b!
<$*]82! /(%! &$#$! 0$%! 2&/(*! (#! <-2! ,D$! #(! *$<(! #2&!
]826J!<(&(6(!(!2&(!:(%:*2%(a!
72! 6-$! ,80>$! 6$#$*! 2%! 2#! (#,(! (#! A2*,2! &-%!
,-!<-2!62*20>$a!n$!K8-!8%!>$,4*2!,8M!/*(4(F(6$*!
M!(%6(*-2:$b!M!&8<2!]82!,-!A-6(!%$!-4(!(!&2*!-:8(#a!
n(!%$!<$6D(!0$**2*b!%$!<$6D(!>(02*!,80>(&!0$&(&!
]82! ,2! :8&/(4(%b! 0$,$! 0$:2*! 0(Kc! 2%! #(&! #$,(&!
62!"%62&!$!,$%/(*!(!0(4(##$b!<$*]82!&-!8%$!&2!0(2!
&8K*2!,80>$!,_&!<$*!#(!K(#/(!62!&8!<-2a
9%! 2#! >$&<-/(#! ,2! /$0J! 0$%! 2#! 6$0/$*! L&()(b!
2#! ,-&,$! ]82! (/2%6D(! (! ,-! >2*,(%(! 98%-02! 2%!
#(! .$#-0D(b! <82&! 2#! ,(*-6$! 2&! 62! (##_a! p#! ,2! 6-$!
,80>(!,$*(#a!72!620D(!]82!A2D(!##2:(*!(!AD0/-,(&!
62! ,-%(&! 62! /$6(! 0#(&2a! \%$&! ]826(4(%! 0-2:$&b!
&-%! &8&! 6$&! <-2&b! &-%! &8&! ,(%$&a! .2*$! 62! /$6(&!
K$*,(&!2&$!K82!,8M!>$**-4#2!<(*(!,Da!.(&c!]8-%X
02! 6D(&! >$&<-/(#-)(6$a! 72! 6-2*$%! 62! (#/(! M! 0$,$!
(#!,2&!%$&!6-F2*$%!]82!2%!.82*/$!G(#6-A-(!%$!%$&!
624-2*$%! 0$4*(*! 2&(! <#(/(a! 7-! ,8F2*! 2,<2)J! #(&!
A82#/(&!<(*(!]82!%$&!#(!62A$#A-2*(%b!M!(&D!K82a!^2!
K8-,$&!(!2%/*2:(*!#$&!VRS!,-#!<2&$&!(#!<*-,$!,D$!M!
%$!#$&!]8-&$!*20-4-*a!t82!#$&!62F_*(,$&b!6-F$b!<(*(!
0$,<*(*!,2*0(6$b!<$*]82!M$!>(4D(!]826(6$!,8M!
F$6-6$!M!c#b!2%!0(,4-$b!<$6D(!/*(4(F(*a!

;*(&! 2&2! K(/(#! ,$,2%/$! 62! #(! ,-%(b! (! ,-!


,(6*2!&2!#2!(#4$*$/J!8%!0_%02*a!n(!#2!>(4D(%!>20>$!
]8-,-$/2*(<-(! M! /$6$&! #$&! /*(/(,-2%/$&b! M! &2! #2!
>(4D(! 6$*,-6$! 8%! <$0$a! .2*$! (! *(D)! 62! ,-! (00-X
62%/2b!#2!##2:J!#(!>$*(!K(/(#a!H82!2#!RU!62!2%2*$!62#!
RSSVa! 9##(! ,8*-J! ##2A_%6$&2! (! #(! /8,4(! 2&(! <2%(!
,$*(#!62!A2*!(!&8!>-F$!3(*#$&!0$%!&8!<-2!62*20>$!
(,<8/(6$a! 5*(0-(&! (! B-$&! 2&/_! 62&0(%&(%6$! 62!
2&/(!A-6(!##2%(!62!<*$4#2,(&!M!62&:*(0-(&a
;2%D(!8%(!,8F2*!]82!/2%D(!6$&!>-F$&!0$%,-:$b!
<2*$! #(&! 0$&(&! K82*$%! 0(,4-(%6$! M! ,2! 62FJ! &$#$a!
7-!>-F$!,(M$*!&2!##(,(4(!+>$%(/(%!3$**2(!t8-*$)!
M!A-AD(!2%!3(,<$!G(#6c&a!9%!2#!RSSW!&(0(4(!:*(6$&!
62!4(0>-##2*b!<2*$!#2!A-%$!#$!<2$*a!;2%D(!6-20-&-2/2!
(`$&!M!#(!,(,_!#2!6-$!8%(!,$/$a!p#!&2!0$%&-:8-J!
8%(!%$A-(!]82!2*(!(,-:(!62!8%!*2-%&2*/(6$b!$!&2(!
8%!:82**-##2*$!$!8%!<(*(,-#-/(*!]82!>(!%2:$0-(6$!
0$%!#(!F8&/-0-(!62!3$#$,4-(!M!2&/_!#-4*2a!9&/2!/-<$!
#$!<(*J!M!#2!6-F$!%$!&(42,$&!]8cb!<$*]82!+>$%(/(%!
>(4#(4(!0$%!#(!,80>(0>(a!^$&!A20-%$&!A-2*$%!]82!
,-!>-F$!&2!K82!0(##(6$b!M!62&<8c&b!2#!RY!62!(4*-#!62#!
RSSWb!,(/(*$%!(#!>-F$!,D$a!
B2! #(! %-`(b! #(! ,8F2*! 6-02! ]82! 2&! ,D(! <2*$! #2!
<8&$!2#!(<2##-6$!62!$/*$!&2`$*a!^2!>-)$!#(!<*-,2*(!
0$,8%-J%!M!&2!(A2*:$%)J!62!##2A(*,2!(!,Da!^#2AJb!
&2:C%!#(!,(,_b!(#!$/*$!<(<_a!"#!08`(6$!M!(!/$6$&!
2%!2&(!0(&(b!M$!M(!%$!#2&!&-*A$!<(*(!%(6(a!.*-,2*$b!
/*(4(F(4(b!<(:(4(!&2*A-0-$&!M!#2&!(M86(4(!(!/$6$&b!
(!,-!,8F2*!M!(!&8!K(,-#-(a!.2*$!M(!%$!,2!6(%!/*(4(X
F$! 2%! %-%:8%(! <(*/2! <$*! ,-! 26(6b! <$*]82! 0(&-! %$!

?B

?C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:)'+#($#10

/2%:$! 2&/86-$! M! (62,_&! &$M! (,<8/(6$a! n! (0_! 2%!


3$#$,4-(!0(&-!%$!#2!(M86(%!(!8%$a!H8-!(#!<*$:*(,(!
62!+8(%2&!M!,2!<*$,2/-2*$%!8%!0(**$!62!<2**$&!M!
%8%0(!,2!#$!6-2*$%a!;$6$!(0_!&2!]826(!2%!<*$,2X
&(&a!.(:(%!&-0J#$:$&!M!&-]8-(/*(&b!M!(!%$&$/*$&!]82!
&$,$&!#$&!<2*F86-0(6$&b!%(6(a!
72!<*2:8%/$!<$*!]8c!(!#(&!AD0/-,(&!62!,-%(&!
%$!%$&!<8262%!6(*!8%(!<2%&-J%!62!<$*!A-6(a!.$*]82!
8%$!2&!8%!0-A-#!M!(%6(!/*(4(F(%6$b!0(%&(6$!0$,$!
8%!A2**(0$!62!/*(4(F(*b!M!%$!/-2%2!]82!A2*!0$%!2&$&!
:*8<$&! -#2:(#2&a! 3$%! %$&$/*$&! 6242*D(! 62! &2*! #(!
,-&,(!0$&(!]82!0$%!8%!&$#6(6$!08(%6$!#$!(K20/(!
8%(!,-%(a!^2!62F(%!<2%&-J%a!.2*$!#(!,(M$*D(!62!#$&!
0-A-#2&!]82!%$&!2N<#$/(!8%(!,-%(!%$!/2%2,$&!8%(!
K-%0(!%-!<#(/(!<(*(!&2:8-*!A-A-2%6$!0$%!#(!6-&0(<(X
0-6(6a!9&(!(M86(!]82!6(%!2&!,8M!<$]8-/(!<(*(!8%$!
A-A-*a!n!&-!&2!A2%!62&2,<#2(6$&!#$&!FJA2%2&!4(0>-X
##2*2&b!u]8c!&2!6-*_!62!8%$!]82!%-!2&/86-$!/8A$v
"! ,D! ,2! 6-2*$%! 6-2)! ,-##$%2&! &2/20-2%/$&! ,-#!
<2&$&b!<2*$!8%$!2&!:(&/(%6$!62!(>D!<(*(!/$6$!M!%$!
#2! (#0(%)(! <(*(! %(6(a! u\%$! 0$%! K(,-#-(v! B2! /$6(&!
,(%2*(&! %202&-/(,$&! 2&! 8%(! #2M! %82A(! ]82! %$&!
<2%&-$%2!(!%$&$/*$&b!#(&!AD0/-,(&!62!#$&!0$%K#-0/$&!
(*,(6$&! -#2:(#2&b! <$*]82! 8%$! (! A202&! &2! <$%2! (!
<2%&(*Q!M$!]8c!A$M!(!>(02*!<(*(!&$4*2A-A-*!>(&/(!]82!
,-!B-$&!]8-2*(b!M$!&-%!<#(%/2b!4-2%!6-&0(<(0-/(6$a!
"]8D!2%!#(!0-86(6!M$!A-A$!62#!*248&]82b!A$#/2$!
,80>$! <$*! (>D! A2%6-2%6$! 8%(&! 4$#2/(&a! 9&! 8%(!
*-K(! 62! 8%! E2%(8#/b! 62! 8%$&! A-(F2&b! 8%(! *-K(! ]82!
/*(2! ,80>(! 0$&(! M! ]82! 08(%6$! 2#! 0#-2%/2! :(%(! &-!

%$!]8-2*2!*20-4-*!/$6$!2&$!#2!6(%!0$,$!0-%082%/(!M!
0-%0$!,-##$%2&!62!<2&$&a!72!#(!,(%6(%!62!n(*8,(#!
M!M$!,(%6$!(<8%/(6$!#$!]82!A$M!A2%6-2%6$b!$!A$M!
08(%6$!/2%:$!K$*,(a!'$%!(!A2-%/2!,-#!<2&$&!M!0$%!
2&$!,2!#(!*248&0$!<$*!(>D!0$%!(,-&/(62&a!^$&!#8%2&b!
,(*/2&!M!,-c*0$#2&!A$M!(!#(!K2*-(!62!:(%(6$a!3$,$!
&$M!/(%!0$%$0-6$b!(##_!,2!A(!4-2%a!3#(*$!]82!(>$*(!
2&/_!,8M!,(#$a!"%/2&!M$!,2!-4(!<(*(!(##_!M!##2:(4(!
(#:C%!0$%$0-6$b!2%/$%02&!M$!#$!##2A(4(!6$%62!(#:8X
%$!]82!2&/8A-2*(!A2%6-2%6$!2#!:(%(6$!M!#2!620D(Q!
l;*(-:$!2&/2!0#-2%/2!]82!A-2%2!(!0$,<*(*!0-%0$!$!
&2-&! ,8#(&kb! M! ,2! :(%(4(! 8%(! 0$,-&-J%a! .2*$! M(!
2&$!%$!&2!A2a!">$*(!,_&!]82!/$6$!,2!(,(`$!2&!2%!
7(*-%-##(b!2%!#(!K-%0(!62!8%(!>2*,(%(!,D(a
7-! &82`$b! 62&<8c&! 62! /$6(&! 2&/(&! /*(:26-(&b!
2&! ]82! 8%! :$4-2*%$b! 8%(! @15! 8! $/*(! 2%/-6(6!
&2! 0$%,82A(! 62! ,-! >-&/$*-(! M! ,2! 6c! 8%(! 0(&-/(a!
">D! <$6*D(! M$! ,$*-*! /*(%]8-#$a! n(! %(6-2! ,2! 6-*D(!
lA_M(&2!>$Mka!9&<2*$!]82!(#:C%!6D(!B-$&!,2!>(:(!
2#!,-#(:*-/$a!.82&!2&/$!2&!#$!]82!M$!<-2%&$!M!2&/(!
2&!/$6(!,-!>-&/$*-(a!B2&<8c&!62!2&/$!<(*(!]8c!,_&a!
9&/$!2&!/$6$a!">D!2&/_!#$!]82!K82!,-!A-6(!(%/2&!62!
/*2&!(`$&!(/*_&!M!62!(>D!<(*(!(0_a!5*(0-(&!<$*!#22*!
,-! >-&/$*-(a! '-%! ,_&b! &2! 62&<-62! 3(*#$&! "#42*/$!
3$**2(!3$**2(a!

?D

?E

?=

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/&$)0+';)%#$10

9&!8%!(A2%/8*2*$a!5(#$<(!<$*!#(&!<#(%-0-2&!
62#!7(:6(#2%(!726-$m!(!0(4(##$b!/*2<(!<$*!#$&!
<824#$&!62#!@*-2%/2!(%/-$]82`$m!*20$:2!0(Kc!2%!
2#!'8*$2&/2m!##2A(!8%!&$,4*2*$b!8%!<$%0>$b!8%(!
0(%/-,<#$*(!0$%!(:8(!]82!##2%(!2%!#$&!(**$M$&!
<8*$&!62!#(!,$%/(`(!M!2%!2#!]82!<(&(!<$*!&8!
0(&-/(! 62! 0(,<$b! >8,-#62! <2*$! &8M(a! "&D! &2!
&82`(!#(!A-6(!3(*#$&!"#42*/$!3$**2(a!"&Db!<2*$!
&-%!<*$<-26(62&b!2*(!&8!A-6(!62!(%/2&a
"**-2*$!62&62!#$&!0-%0$!(`$&b!3(*#$&!0$%$X
0-J!#$&!<(-&(F2&!,_&!6-A2*&$&b!#(&!,8F2*2&!,_&!
4$%-/(&!M!#$&!6D(&!,_&!(#2:*2&!(%/2&!62!<-&(*!
#(!,-%(!(%/-<2*&$%(#!]82!#2!]8-/J!#(!<-2*%(a!^(!
62/$%J!08(%6$!2%F(#,(4(!/*2&!,8#(&a!9&2!6D(!
2,<2)J!#(!#-&/(!62!#$&!2A2%/$&!,_&!/*-&/2&!62!
&8! A-6(Q! #(! ,82*/2! 62! &8! ,(6*2m! 62&<8c&b! 2#!

:)'+#($#10

?>

(&2&-%(/$! 62! &8! >-F$m! #82:$b! #(! &2<(*(0-J%! 62!


&8! 2&<$&(! M! &8! <2]82`(m! >$Mb! #(! &$#26(6! M! 2#!
*248&]82a
3$F2(%6$b!3(*#$&!*20$**2!7262##D%!A2%6-2%X
6$!#(&!4$#2/(&!62!8%(!*-K(!]82!c#!,-&,$!&82`(!
:(%(*&2!$b!(#!,2%$&b!A2%62*!#(!l:(%(%0-$&(k!(!
8%!0#-2%/2!:2%2*$&$!]82!#2!*2:(#2!8%$&!,-##$%2&a!
3$%!2&$!M!(#:8%(!(M86(!62#!:$4-2*%$b!F8%/(*D(!
0$%!]8c!0$%&2:8-*!#(!/-2**(!]82!/(%/$!(%>2#(!M!
#2A(%/(*!8%(&!<(*262&!M!8%!/20>$!6$%62!*20-X
4-*!A-&-/(&a!n(!%$!/2%6*D(!]82b!0$,$!#$!>-)$!2%!
#(! 0$%&/*800-J%! 62! 2&/2! *2#(/$b! *28%-*&2! <(*(!
#22*! &8! >-&/$*-(! 2%! #(&! 0(K2/2*D(&! 62#! 32%/*$a!
.$*!(>$*(b!0$%&2*A(!#(&!-#8&-$%2&!Mb!0$%!,80>$!
$*:8##$!M!*2&2*A(b!#$!]82!#2!(M86J!(!&(#A(*!&8!
<*$<-(!A-6(!2&$&!08(/*$!6D(&!]82!<(&J!&-/-(6$!
2%!#(!K-%0(!/*(&!2#!(00-62%/2Q!8%!&20*2/$a

;2"5+'&'20+'&F0$#+
G)&2"+'H&$I)&.2&

L#8&/*(0-J%!<$*!5#(6-&!7(*8#(%6(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

8(%6$!M$!2&/(4(!<2]82`(b!#$!]82!%$&!/$0(X
4(! (! %$&$/*$&! 2*(! 0(*:(*! #2`(! 0$,$! 8%!
A2**-$%6$!M!>(02*!62!0$,2*!<(*(!/$6(!#(!K(,-#-(!M!
<(*(!/$6$&!#$&!/*(4(F(6$*2&a!G-AD(,$&!2%!3$0$*%_b!
2%!8%(!K-%]8-/(!2%!#(!A2*26(!9#!G-(6(#a!^(!K-%0(!%$!
/2%D(!%$,4*2b!<2*$!2*(!%82&/*(!0(&-/(a!9&$!]826(X
4(!2%!0(**$!0$,$!(!,26-(!>$*(!62#!<824#$a!
G-AD(!0$%!,-!<(<_!M!,-!,(,_a!H8-,$&!<8*(&!
>2*,(%(&b! <$*]82! %$! &2! 08(FJ! <(w! >$,4*2a! ^$&!
>$,4*20-/$&!62!#(!0(&(!K82*$%!6$&!M!&2!,8*-2*$%!
<2]82`-/$&a!^(&!,(M$*2&!&2!##(,(%!9#2%(b!7(*/(!
M! 9#A-(a! B2&<8c&! &-:$! M$b! 5#(6-&b! M! 62! (>D! &-:82%!
p*-0(b!7(*#2%2!M!'$*(%Ma!
;$6(&! %$&! #2A(%/_4(,$&! 08(%6$! (,(%20D(b!
<(*(! (#0(%)(*! (! >(02*! /$6$! 2#! $K-0-$! 62! #(! 0(&(a!
B2&<8c&! 62! ]82! 0(*:_4(,$&! #(! #2`(! M! >(0D(,$&!
62!0$,2*b!%$&!D4(,$&!<(*(!#(!0(K2/2*(b!]82!2*(!62!
,-!<(<_b!<$*]82!c#!>(02!*(/$!]82!A2%6-J!2&$!M!&2!
]826J!(]8D!2%!7262##D%a!
9&(!/-2**(!62!9#!G-(6(#b!02*]8-/(!(!#(!K-%0(b!2&!
,8M!4$%-/(a!"8%]82!%$!/2%D(,$&!*D$&!02*]8-/(!(!#(!
0(&(b!&D!>(4D(!8%(!0(`(6-/(!6$%62!0$:D(,$&!(:8(!
<(*(! ]82! ##2:(*(! (! #(! 0(&(! M! /8A-c*(,$&! 0$%! ]8c!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;2"5+'&'20+'&F0$#+'

#(A(*!#(!*$<(b!4(`(*%$&!M!0$0-%(*a!;2%D(,$&!A20-X
%$&!]82!A-AD(%!02*0(b!(>D!(**-4-/(a!"]8D!2*(!#(!0(&(!
62!%$&$/*$&!M!(##_!2*(!#(!0(**2/2*(a!
3$,$!,-!<(<_!/*(4(F(4(!F$*%(#2(%6$!2%!$/*(&!
K-%0(&b! %$&$/*(&! c*(,$&! #(&! ]82! %$&! 2%0(*:_4(X
,$&!62!#(!0(&(!M!/(,4-c%!62!#(!0(K2/2*(a!3$:D(,$&!
2#! 0(Kc! M! #82:$! c#! #$! A2%6D(! 2%! 2#! <824#$! <(*(!
<$62*! 0$,<*(*! 2#! (4$%$! 62#! *2&/$! 62! #(! 0(K2/2*(a!
9%/$%02&b!c#!&2!,(%/2%D(!,8M!$08<(6$!/*(4(F(%6$!
M!%$&$/*(&!/(,4-c%a!
7-!,(,_!/(,4-c%!>(0D(!#$!,-&,$!]82!%$&$/*(&a!
;*(4(F(4(!2%!#(!0(&(!M!#82:$b!08(%6$!/2%D(!/-2,<$b!
&2! -4(! <(*(! #(! 0(K2/2*(a! ;(,4-c%! 62&M2*4_4(,$&!
#(&!,(/(&!M!#$&!<$/*2*$&a!n$!%$!,_&!2&/86-c!>(&/(!
&2:8%6$!62!<*-,(*-(b!<$*]82!%$!&2!<86$!,_&b!<2*$!
(!,D!&D!,2!:8&/(4(!-*!(!#(!2&082#(a
38(%6$! /2%D(! 0$,$! 6-20-$0>$! (`$&b! /8A2! 8%!
%$A-$!]82!&2!##(,(4(!x-##-(,b!]82!0$%$0D!2%!'(%!
^8-&b!6$%62!8%(!<*-,(!]82!,2!>(4D(!0$%A-6(6$!(!
/*(4(F(*!0$%!2##(!<$*!8%$&!,2&2&a!B2&<8c&b!08(%6$!
M$!*2:*2&c!(!3$0$*%_b!c#!K82!(!>(02*,2!#(!A-&-/(!(!
#(!K-%0(b!<2*$!M$!0$,$!]82!%$!#$!]82*D(!M!,_&!4-2%!
#$!62Fca!^82:$b!/8A2!$/*$!%$A-$!]82!M(!%-!,2!(082*X
6$!0J,$!&2!##(,(4(b!<2*$!/*(4(F(4(!2%!2#!9Fc*0-/$!
M!2*(!,8M!]82*-6$!0$%,-:$a!;(,4-c%!62F(,$&!62!
>(4#(*a! "&D! K82! 0$,$! M$! A-AD! 08(%6$! M$! 2*(! %-`(!
M!0$,$!<(&c!K2#-)!0$%!/$6(!,-!K(,-#-(b!0$%!,80>$!
/*(4(F$! <2*$! 0$%! ,80>$! (,$*a! B2&<8c&! ##2:(*$%!
0$&(&!,8M!68*(&a

7-! >2*,(%(! 9#A-(! &2! ]8-&$! -*! 62! ,$%F(! M! &2!


A-%$!<(*(!7262##D%a!n!M$!,2!(%/$Fc!M!#2!6-F2!(!,-!
<(<_!]82!/(,4-c%!,2!]82*D(!A2%-*!<(*(!2#!0$%A2%X
/$a!9&/8A2!08(/*$!,2&2&!0$%!#(&!,$%F(&b!<2*$!,2!
6-$! <2*2)(! 2&/(*! (##_! 2%02**(6(! M! ,2! &(#Da! n(! %-!
,2!(082*6$!0J,$!&2!##(,(4(%!#(&!>2*,(%(&!$!2%!
6J%62!]826(4(!2#!0$%A2%/$b!%$!&c!&-!2*(!<$*!(]8D!
2%! 2#! 4(**-$! 3(-026$! $! &-! ]826(4(! #2F$&a! 9&$! K82!
08(%6$!M$!/2%D(!6-20-$0>$!(`$&!M!M(!A$M!(!(F8&/(*!
[Ub!$!&2(!]82!K82!>(02!,80>$!/-2,<$a
1$! ,2! 62A$#AD! <(*(! 3$0$*%_b! &-%$! ]82! ,2!
]826c! (]8D! /*(4(F(%6$! 2%! #$! ]82! ,2! *2&8#/(4(b!
,2F$*!6-0>$!2%!0(&(&!62!K(,-#-(!>(0-2%6$!2#!(&2$a!
72! >(0D(! 8%$&! <2&-/$&! 08(%6$! 2#! /*(4(F$! 2*(! <$*!
6D(&b! <$*]82! (62,_&! <$6D(! 62&0(%&(*! 8%! 6-D/(! $!
6$&!2%!#(!&2,(%(a!
n!(>D!K82!08(%6$!M$!/2%D(!A2-%/-6J&!(`$&b!]82!
,2!2,<20c!(!2%K2*,(*a!72!6(4(%!8%$&!6$#$*2&!62!
0(42)(! ,8M! K82*/2&! ]82! %$! &2! ,2! ]8-/(4(%! 0$%!
%(6(!M!(!A202&!>(&/(!,2!62&,(M(4(!62#!6$#$*a!
B2&62!2&2!/-2,<$!/2%:$!8%(!2%K2*,26(6!]82!
&2!##(,(!%28*$0-&/-02*0$&-&b!]82!%$!&c!<$*!]8c!,2!
6-$a! 9&$! ]82! M$! &2%/D(! 2*(! 0$,$! 8%! (/(]82b! ]82!
>(&/(!/2%D(!]82!A$,-/(*a!
72!/8A-2*$%!8%!,2&!>$&<-/(#-)(6(!M!(#!/-2,<$!
,2! <8&-2*$%! 8%(! A_#A8#(! 62! #(! 0(42)(! (#! 2&/J,(X
:$a!7-!,(,_!M!,-!<(<_!&2!A-%-2*$%!<(*(!7262##D%!
<$*]82!]8c!&2!-4(%!(!]826(*!2%!3$0$*%_!&-!M$!2&/(X
4(!(]8D!2%K2*,(!M!/2%D(!]82!-*!0(6(!*(/$!(#!>$&<-/(#a!
E2&8#/(!]82!(!,-!,(,_!#$&!<(<_&!62!2##(!#2!62F(*$%!

A?

AA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;2"5+'&'20+'&F0$#+'

8%(!/-2**-/(b!<2*$!2##(b!<(*(!<$62*&2!A2%-*b!#(!0(,4-J!
<$*!8%(!0(&(!]82!]826(!(]8D!02*]8-/(b!62!6$&!<-2)(&!
M!8%(!0$0-%(b!6$%62!<$6D(!2&/(*!2##(!0$%!,-!<(<_!M!
#(&!>-F(&!]82!%$!%$&!>(4D(,$&!0(&(6$b!]82!c*(,$&!
7(*#2%2b!9*-0(b!'$*(%M!M!M$a!
3$%!2&(!A_#A8#(!M(!%$!,2!A$#A-2*$%!(!6(*!2&$&!
6$#$*2&! 62! 0(42)(! /(%! K82*/2&a! B2&62! 2&$! /2%:$!
]82!/$,(*,2!8%(&!<(&/-##(&!62!<$*!A-6(b!<$*]82!&-!
%$!,2!#(&!/$,$!,2!A82#A2%!(!6(*!#$&!(/(]82&a!
"#! <*-%0-<-$! M$! <2%&(4(! ]82! ,2! -4(! (! ,$*-*b!
]82! ,-! A-6(! &2! ,2! >(4D(! (0(4(6$b! <$*]82! M$! %$!
2*(!0(<()!62!>(02*!%(6(!M!(62,_&!2&/(4(!K#(]8-/(!
M! ,8M! <_#-6(a! B2&62! 2&$! %8%0(! ,_&! <862! A$#A2*!
(!/*(4(F(*!2%!0(&(&!62!K(,-#-(b!<$*]82!%$!,2!6(%!
/*(4(F$!M!<$*]82!,2!2,4$#(/$!>(0-2%6$!2#!$K-0-$a!
9%/$%02&b!08(%6$!&(#D!62#!>$&<-/(#!0$%!#(!A_#A8X
#(!<82&/(b!,2!K8-!<(*(!#(!0(&(!62!,-!,(,_!M!(##_!
,2!]826c!>(&/(!]82!3$%&82#$b!8%(!(,-:(!62!<$*!
(]8Db! ,2! <-6-J! ]82! #2! 08-6(*(! #$&! >-F$&! ,-2%/*(&!
2##(!/*(4(F(4(!2%!2#!6D(!2%!0(&(&!62!K(,-#-(a!72!K8-!
<(*(!6$%62!2##(!M!(##_!0$%$0D!(!+8#-_%a!
7-2%/*(&! 2##(! /*(4(F(4(b! +8#-_%! M! M$! /(,4-c%!
/*(4(F_4(,$&a!n$!,2!2%(,$*c!62!c#a!p#!/*(4(F(4(!
<$*!#(&!%$0>2&!0$,$!A-:-#(%/2b!(8%]82!2%!*2(#-6(6!
%$! A-AD(! (]8D! &-%$! 2%! "*:2#-(b! 2%! 8%(! K-%0(b! <2*$!
2&/(4(! 2%! 6$%62! &8! >2*,(%(! <$*]82! #2! >(4D(!
*2&8#/(6$!8%!/*(4(F$!62!*22,<#()$!2%!2#!]82!-4(!(!
:(%(*!482%(!<#(/(!<(*(!,2/c*&2#(!(!#(!K-%0(a!9&$!
68*J!<$]8-/$!/-2,<$a!n!&D!]82!%$&$/*$&!/*(4(F(,$&b!
<$*]82!M$!]826c!2%!2,4(*()$a!

7-!<(<_!&2!2%$FJ!,80>$!0$%,-:$!<$*]82!<2%&(X
4(! ]82! +8#-_%! %$! -4(! (! *2&<$%62*a! n$b! 2%! 0(,4-$b!
,2!<8&2!,8M!0$%/2%/(b!<$*]82!0$%!#(!2%K2*,26(6!
M$!<2%&(4(!]82!%8%0(!-4(!(!<$62*!/2%2*!>-F$&b!]82!
%$!-4(!(!&2*A-*!<(*(!2&$a!.2*$!+8#-_%!&2!K82!<(*(!
"*:2#-(!M!08(%6$!c#!2&/(4(!(##_!K82!]82!M$!&8<2!62!
,-!2,4(*()$a!9%/$%02&!#2!0$%/c!(!3$%&82#$!M!2##(!
#2!0$%/J!(!+8#-_%a!"#!<*-%0-<-$!c#!0$,$!]82!%$!0*2MJ!
,80>$!]82!M$!2&/8A-2*(!2&<2*(%6$!8%!>-F$!62!c#!M!
<$*!2&$!<*2K-*-J!2&<2*(*!(!]82!2#!%-`$!%(0-2*(a!
+8#-_%!2*(!8%!>$,4*2!,8M!42##$a!O#(%0$b!(#/$b!
(**2:#(6$a!72!:8&/(4(!62!c#!]82!%$!2*(!4(**-:J%!%-!
08#-&20$b!&-%$!(082*<(6$!M!,8M!4$%-/$a!p#!,2!##2A(X
4(!8%!(`$!(!,Da!1$!,2!(082*6$!62!#(!<*-,2*(!A2)!
]82!#$!A-b!<2*$!&D!,2!(082*6$!]82!,2!:8&/J!M!]82!
c#!,2!K82!0$%A2*&(%6$!M!6-0-c%6$,2!0$&(&!4$%-/(&!
]82!,2!2%(,$*(*$%a!
38(%6$! 2#! %-`$! %(0-Jb! 3$%&82#$! #2! (A-&J! M! c#!
&2!A-%$!(!0$%$02*#$a!"<2%(&!#$!A-$b!6-F$!]82!&D!2*(!
>-F$!62!c#!<$*]82!2*(!-:8(#-/-0$!(!c#a!+8#-_%!>(4D(!
/2%-6$!8%(!,8F2*!(%/2&!62!0$%$02*,2!(!,D!<2*$!%$!
>(4D(!/2%-6$!>-F$&!0$%!2##(b!]82!2*(!8%(!,8F2*!]82!
&D!>(4D(!/2%-6$!>-F$&!0$%!$/*$&!,(*-6$&b!M!<$*!2&$!
c#!<2%&(4(!]82!%$!&2*AD(!<(*(!2%:2%6*(*!>-F$&a!
9%/$%02&b!+8#-_%!&2!<8&$!/(,4-c%!,8M!0$%/2%X
/$! M! ,2! 6-F$! ]82! %$&! $*:(%-)_*(,$&b! <2*$! ]82!
/$6(AD(! %$b! <$*]82! c#! /2%D(! ]82! A$#A2*! (! "*:2#-(!
(! 62F(*! #(! K-%0(! #-&/(! <(*(! ]82! M$! K82*(a! 3$,$!
,-!<(<_!2&/(4(!/(%!4*(A$!0$%,-:$b!(8%]82!&2!#2!
<(&J!#(!*(4-(!08(%6$!0$%$0-J!(#!%-`$b!M$!,2!<8&2!

AB

AC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;2"5+'&'20+'&F0$#+'

0$%/2%/(! 62! -*,2! (! A-A-*! 0$%! +8#-_%a! n$! M(! /2%D(!


A2-%/-&-2/2!(`$&a!
"#! %-`$! #$! /8A2! 2%! #(! \%-6(6! L%/2*,26-(! 62!
O82%$&! "-*2&b! (]8D! 02*]8-/(! 62! 3(-026$a! 72!
>(4D(%!6-0>$!]82!2*(!<(*(!2#!RV!62!,(M$b!<2*$!M$!
%$!&2%/D(!%-%:C%!6$#$*b!<$*!2&$!08(%6$!&2!08,<#-J!
#(!K20>(!,2!K8-!<(*(!(##_!M!#2&!6-F2!(!#$&!6$0/$*2&!
]82!M(!2*(!>$*(!62!/2%2*!2#!%-`$a!9##$&!,2!,-*(*$%!
M!,2!<*2:8%/(*$%!&-!/2%D(!6$#$*2&a!n$!#2&!6-F2!]82!
%$b! <2*$! ]82! M(! 2*(! 2#! 6D(a! 9%/$%02&b! ,2! 6-F2*$%!
]82!,(%6(*(!(!(#:8-2%!(!/*(2*,2!*$<(!<$*]82!,2!
-4(%!(!62F(*!>$&<-/(#-)(6(!>(&/(!]82!2#!%-`$!%(0-2X
*(a!n!(>D!&Db! (#! $/*$! 6D(b! (! #(&! &2-&! 62! #(! ,(`(%(b!
%(0-J!2#!%-`$a!9&$!K82!,80>(!6-0>(!<(*(!,Da!n$!%-!
:*-/c!<$*]82!%$!&2%/D!6$#$*2&!K82*/2&b!2%/$%02&!,-!
>2*,(%(!,2!<*2:8%/J!&-!,2!>(4D(!]826(6$!(,(`(X
6(b!M$!,2!*2D!M!#2!0$%/2&/cQ!l2&/$M!2&<2*(%6$!(!]82!
,2!&(%2!#(!>2*-6(!<(*(!]82!,2!>(:(%!$/*$ka!
^2!<8&2!H2#-<2!<$*]82!2&2!%$,4*2!,2!:8&/(4(!
,80>$a! 38(%6$! M(! 2#! %-`$! /2%D(! A2-%/-C%! ,2&2&b!
+8#-_%! A$#A-J! <$*! ,D! M! <$*! 2#! %-`$! <(*(! ]82! %$&!
K8c*(,$&!0$%!c#!<(*(!#(!K-%0(!62!"*:2#-(a!
^(!K-%0(!62!(##_!]826(4(!,8M!#2F$&!62#!<824#$b!
%$!0$,$!2%!3$0$*%_!]82!%$!2*(!&-%$!0$:2*!8%!0(**$!
M!M(a!^$!482%$!62!8%(!K-%0(!2&!/2%2*!A20-%$&b!<2*$!
(##_!2&/_4(,$&!&$#$&!M!%$!>(4D(!0$%!]8-c%!0$%A2*X
&(*!2%!#(&!/(*62&a!"!,D!%$!,2!:8&/(4(!2&/(*!(##_b!
<2*$!%$!<$6D(!>(02*!%(6(!<$*]82!2&(!2*(!#(!0(&(!
,D(! M! 62! +8#-_%a! 9%/$%02&! M$! ,2! 2%/*2/2%D(! 0$%!
H2#-<2!M!0$%!#$&!%-`$&!]82!,2!%(0-2*$%b!M!>(0-2%6$!

$K-0-$!<(*(!#(!0(&(!M!0$,-6(!<(*(!#$&!/*(4(F(6$*2&!
]82! >(4D(! (##_a! "! A202&! -4(! 8%! &$4*-%$! 62! +8#-_%!
]82! 2&/(4(! <2]82`$! M! ,2! (0$,<(`(4(a! ">$*(! c#!
2&/_!2%!2#!9Fc*0-/$!M!&2!<8&$!8%!<(<(&$/2a!
9%! #(! K-%0(! %$! >(4D(! #8)! M! ,2%$&! /2#cK$%$a! n$!
&2,4*(4(! 024$##(! M! 0$&-/(&! <(*(! #(! 0(&(a! +8#-_%!
&2,4*(4(! <#_/(%$b! 0(`(b! 0(Kc! M! ,80>(&! 0$&(&a!
;2%D(,$&! 2%! #(! 0(&(! 8%! /*(<-0>2! <2]82`-/$b! ]82!
#2! 6_4(,$&! A82#/(&! M! A82#/(&! M! 62! (>D! &(0_4(X
,$&!2#!:8(*(<$!62!#(!0(`(b!]82!0$%!2&$!>(0D(,$&!
(:8(<(%2#(a!
9#!0#-,(!62!#(!K-%0(!2%!"*:2#-(!2*(!,8M!<(*20-X
6$!(#!62!#(!K-%0(!62!3$0$*%_a!"!A202&!>(0D(!K*D$!M!(!
A202&!>(0D(!0(#$*a!
"##_! 2%! "*:2#-(! A-A-,$&! 2%! 6$&! 0(&-/(&a! ^(!
<*-,2*(! #(! ##(,_4(,$&! 9#! 7-0$b! <$*]82! ]826(4(!
,8M! (**-4(a! 9&(! &D! 2*(! 62! +8#-_%a! \%$! 62! (##_! %$!
&(#D(!<(*(!2#!<824#$!&-%$!08(%6$!/8A-2*(!8%(!0-/(b!
<$*]82!2&$!]826(4(!,8M!#2F$&!M!/$0(4(!-*!(!0(4(##$!
0$,$!0-%0$!>$*(&a!^(!0(&-/(!2*(!62!<-&$!M!<(*262&!
62!/(4#(&b!,8M!K2D/(a!
9%/$%02&b!8%!(,-:$!62!+8#-_%!]82!&2!-4(!<(*(!
$/*(! <(*/2! #2! 6-F$! ]82! #2! *2:(#(4(! #(! 0(&-/(! 62! c#!
<(*(!]82!A-A-2*(!(##_!0$%!/$6(!#(!K(,-#-(!M!<(*(!]82!
#(! /*(4(F(*(! 0$,$! ]8-&-2*(a! +8#-_%! &2! <8&$! K2#-)b!
<$*]82! #(! 0(&(! 2*(! ,_&! :*(%62! M! ]826(4(! ,_&!
(4(F-/$b!<$*!(>D!(!,26-(!>$*(!62!9#!7-0$a!
9&(!0(&-/(!&D!/2%D(!#8)b!<2*$!0$0-%_4(,$&!0$%!#2`(!
<$*]82!&(#D(!,_&!4(*(/$a!n$!/(,4-c%!2&/(4(!K2#-)!2%!
2&(!K-%0(!<$*]82!2*(!2&/(*!2%!$/*$!#8:(*!,_&!4$%-/$a!

AD

AE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;2"5+'&'20+'&F0$#+'

n$! M(! /2%D(! /$6$&! ,-&! >-F$&a! H2#-<2b! 2#! ,(M$*b!


3c&(*b!h#A(*$b!7(*M$*-!M!"#2N-&a!^$&!<(*/$&!,2!#$&!
(/2%6D(!,-!&82:*(!$!2#!,-&,$!+8#-_%b!<$*]82!2##$&!
&(4D(%!62!2&$a!1$!,2!/$0(4(!-*!>(&/(!"*:2#-(b!]82!
]826(4(!,8M!#2F$&a!9%!9#!7-0$!%(0-J!3c&(*b!M!M(!
62&<8c&b! 2%! #(! 0(&-/(! %82A(! %(0-2*$%! #$&! $/*$&a!
;$6$&!,-&!>-F$&!&$%!62#!,-&,$!<(<_a!H2#-<2!&2*D(!
]82!A-$!4-2%!2#!<(*/$!62!&8&!>2*,(%-/$&!<$*]82!,2!
6-F$!8%!6D(Q!l"Mb!,(,_b!(!,D!,2!6(!<2&(*!0$%!8&/26!
<$*]82! ,-! <(<_! #2! &(0(! &-2,<*2! 8%(&! /*-<-/(&! M!
A(! M! #(&! 2%/-2**(! 02*]8-/(! 62! #(! 0(&(ka! '2*D(! ]82!
+8#-_%!2%/2**(4(!2#!0$*6J%!8,4-#-0(#!62!#$&!>-F$&b!
]82!2&!2&$!8%(!0$&(!]82!&2!6242!>(02*a!
H2#-<2! M! 3c&(*! &2! ##2A(%! 6$&! (`$&! M! ,26-$a!
B2&<8c&! M$! ]826(4(! 2%! 2,4(*()$! (<2%(&! &(#D(!
62!#$&!<(*/$&a!+8#-_%!2*(!,8M!482%!<(<_!M!(!/$6$&!
#$&! ]82*D(! ,80>$a! 18%0(! ,2! 6-F$! ]82! <#(%-K-0(*(!
%-!%(6(a!'-!+8#-_%!%$!>84-2*(!,82*/$!M$!M(!/2%6*D(!
<$*!(>D!8%$&!&-2/2!>-F-/$&a!
+8#-_%!,2!##2:J!(!<2:(*!/*2&!A202&a!^(!/2*02*(!
A2)!#2!K82!,8M!,(#!<$*]82!M$!#2!*2&<$%6D!M!#2!6-!,_&!
68*$!62!#$!]82!c#!,2!6-$!(!,Db!M!(>D!&D!<$*!*(4-(!]82!
/8A-2*(! %$! ,2! A$#A-J! (! 6(*! 0$0$/()$&a! 9&(! 2*(! #(!
0$&/8,4*2!62!#$&!0(,<$&b!62!6(*#2!K82/2!(!#(!,8F2*!
<$*!08(#]8-2*!0$&(b!<$*!4$4(6(&b!<2*$!M$!%$!,2!-4(!
(!62F(*!<$*]82!%$!,2!6(4(!,-26$!2%K*2%/_*,2#2!(!
c#a!\%(!A2)!c#!,2!6-F$Q!li'(42!<$*!]8c!M$!%$!#2!A$#AD!
(!<2:(*j!.$*]82!8&/26!,2!6-$!,8M!68*$ka!
.2*$!c#!2*(!8%!>$,4*2!482%$!M!482%!/*(4(F(X
6$*a!"##_!2&/(*D(!M$!0$%!c#!/*(4(F(%6$!2#!0(,<$!M!

08-6(%6$!(!#$&!%-`$&!2%!#(!K-%0(a!n$!<2%&(4(!2%!2&2!
,$,2%/$!]82!2&/(*!0$%!#(!<2*&$%(!]82!8%$!]82*D(!
2*(!#$!,2F$*!<(*(!8%$b!<$*!2&$!<*2K2*D(!2&/(*!(##_!
]82!2&/(*!(]8D!2%!7262##D%b!(8%]82!0$%!,-!K(,-#-(b!
<2*$! &-%! c#b! ]82! &-2,<*2! >(02! ,80>(! K(#/(! <(*(!
]82!#2&!6c!482%!2F2,<#$!(!#$&!>-F$&b!&$4*2!/$6$!(!
#$&!%-`$&b!<(*(!]82!%$!&2!62&0(**-#2%a!
1$&$/*$&! <(&_4(,$&! #$&! 6D(&! /*(4(F(%6$!
,80>$a! 1$! >(4D(,$&! A82#/$! ,80>$! <$*! 9#! 7-0$!
<$*]82!%$!/2%D(,$&!(!]8c!-*!<$*!(##_a!.2*$!8%!6D(b!
+8#-_%! ,2! 6-F$! ]82! -4(! (! -*! <$*]82! ]82*D(! 6(*#2!
A82#/(! M! A2*! 0J,$! 2&/(4(! /$6$! <$*! (##_a! "! ,D! ,2!
<(*20-J!482%$!M!#2!6-F2!]82!&2!##2A(*(!(!3c&(*!<(*(!
]82!#$!(0$,<(`(*(a!H2#-<2!M(!-4(!(!#(!2&082#(b!2%!
0(,4-$!3c&(*!2&/(4(!,_&!0>-]8-/$a!
+8#-_%! #$! ##(,J! 2%/$%02&! <(*(! ]82! K82*(! 0$%!
c#!M!3c&(*!&2!<8&$!K2#-)b!<$*]82!#2!:8&/(4(!,80>$!
2&/(*!0$%!&8!<(<_a!9&2!6D(!/$6$!>(4D(!&-6$!0$,C%!
M!0$**-2%/2y!%$&!>(4D(,$&!#2A(%/(6$!/2,<*(%$!M!
M$! >(4D(! /*(4(F(6$! /$6(! #(! ,(`(%(a! n(! -4(! (! &2*!
0$,$!2#!,26-$6D(a
9%/$%02&! M$! ,2! 2%/*c! (! 08-6(*! (! h#A(*$b! (!
7(*M$*-!M!(!"#2N-&b!M!,2!K8-!<(*(!#(!<$02/(!(!#(A(*!
8%(!*$<-/(a!9%!2&(&!2&080>c!8%!*8-6$!,8M!K82*/2!M!
&(#D!(!A2*!]8c!<(&(4(a!1$!A-!%(6(!M!,2!A$#AD!(!2%/*(*a!
">D!&2%/D!]82!+8#-_%!,2!##(,(4(!M!A$#AD!(!&(#-*a!p#!
,2! 2&/(4(! :*-/(%6$! M! M$! K8-! *(<-6-/$! (! 48&0(*#$a!
p#!A2%D(!(**(&/*_%6$&2!2%!2#!2&/J,(:$b!<$*]82!&2!
]826J! 0$%! 2#! <-2! 4-2%! ,$0>$b! 2%/$%02&! %$! <$6D(!
0(,-%(*a!5*-/(4(!62#!6$#$*!M!2&/(4(!0$%&0-2%/2a!"#!

A=

A>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;2"5+'&'20+'&F0$#+'

*(/-0$!##2:(*$%!6$&!&2`$*2&!M!#2!>-0-2*$%!8%(!0(,-X
##(!<(*(!##2A(*#$!>(&/(!2#!<824#$!<(*(!]82!#$!(/2%X
6-2*(%m!/2%D(%!]82!-*!(!<-2!<$*]82!c#!0$,$!2&/(4(!
%$!<$6D(%!&84-*#$!(!8%!0(4(##$a!.2*$!(>D!02*]8-/(!2%!
8%!&-/-$!]82!&2!##(,(!180>2&b!+8#-_%!&2!62&(%:*J!M!
&2!,8*-Ja!"!,D!,2!(A-&(*$%!(#!*(/-0$a!
n$!,2!(&8&/c!,80>$!<$*]82!%$!2%/2%6D(!4-2%!
#$! ]82! 2&/(4(! <(&(%6$a! "! 3c&(*! /(,4-c%! #$! ##2A(X
*$%!<(*(!2#!<824#$a!n$!%$!,2!(082*6$!4-2%!62!(!]8c!
>$*(&!<(&J!/$6$!2&$a!3c&(*!2&/(4(!>2*-6$!<2*$!%$!
0$,$!2#!<(<_b!/2%D(!2&]8-*#(&!2%!#(!0(*-/(!M!2&/(4(!
(<$**2(6$!M!(&8&/(6$a!p#!/(,4-c%!##$*(4(!,80>$a!
B2!"*:2#-(b!(!3c&(*!#$!*2,-/-2*$%!<(*(!7262##D%a!
B20D(%!]82!,-!%-`$!<$6D(!<2*62*!8%!$F-/$!M!62!
<*$%/$! #(! %(*-)b! ]82! <$*! 2&$! /2%D(%! ]82! $<2*(*#$!
8*:2%/2a! n$! %$! *2082*6$! %(6(a! 'c! ]82! #$! (M86J!
,80>(! :2%/2b! 2,<2)(%6$! <$*! #$&! ]82! #$! ##2A(*$%!
>(&/(!2#!<824#$a!
.2*$! M$! 2&/(4(! <2%6-2%/2! 62! c#! M! /(,4-c%! 62!
+8#-_%b!]82!>(4D(!]82!2%/2**(*#$a!n!/(,4-c%!2&/(4(!
<2%6-2%/2!62!#$&!$/*$&!%-`$&b!]82!%$!<$6D(!62F(*#$&!
&$#-/$&a!1$!*2082*6$!%(6(!62!#$!]82!<(&Ja!"!+8#-_%!
#$!2%/2**(*$%!2%!"*:2#-(a!n$!2&/8A2!0$%!c#!M!62&<8c&!
2,<(]8c!/$6$!#$!]82!<862!M!,2!A-%2!<(*(!7262##D%b!
(!A-A-*!62#!/$6$b!<$*]82!M$!]8c!,2!-4(!(!]826(*!(##_!
&$#(!2%!2&(!K-%0(a"62,_&!/2%D(!]82!2&/(*!08-6(%6$!
(! 3c&(*! M! (! /$6$&! ,-&! >-F$&a! n(! 3c&(*! &2! (#-A-J! M!
(! ,D! ,2! (M86(*$%! ,80>$! /$6(&! ,-&! >2*,(%(&! M!
/(,4-c%!,-!<(<_!M!,-!,(,_a!"#!<*-%0-<-$!A-AD!0$%!
2##$&b!<2*$!#82:$!,2!<*2&/(*$%!2&/(!0(&-/(a!n!(]8D!
2&/$M!0$%!/$6$&!,-&!%-`$&a

3$%!#$!62!+8#-_%!,2!<8&2!,8M!/*-&/2b!<2*$!%$!
&c!4-2%!0J,$!<(&J!/$6$!$!0J,$!&(#D!62!/$6$!2&$a!^$!
]82!&D!&c!4-2%!2&!]82!2&$!%$!2&!#$!,_&!/*-&/2!]82!
>2!A-A-6$a!
"#2N-&b!,-!%-`-/$b!2#!,_&!0>-]8-/$b!/2%D(!A2-%/-X
/*c&!,2&2&!08(%6$!,2!#$!,(/J!8%(!A$#]82/(a!9&$!
K82!(]8D!08(%6$!M$!K8-!(!8%(!*28%-J%!62!#(!2&082#(a!
^$!##2Ac!0$%,-:$!M!#$!62Fc!(K82*-/(!62#!&(#J%b!<2*$!
62%/*$!62!#(!*2F(b!<(*(!]82!%$!&2!&(#-2*(a!p#!2&/(4(!
0$%!#$&!$/*$&!%-`$&a!9#!02#(6$*!M$!%$!&c!]8c!&2!>-)$!
M!,-!%-`$!&(#-Ja!72!##(,(*$%!(!620-*,2!]82!,-!%-`$!
2&/(4(! 2%! #(! L%/2*,26-(! <$*]82! #$! >(4D(! <-&(6$!
8%(!A$#]82/(a!
H8-!(##_!<2*$!c#!2&/(4(!*2A2%/(6$a!72!#$!,(/J!
2&(!A$#]82/(!M!c#!2*(!,8M!#-%6$b!,8M!F8-0-$&$!M!0(&-!
%8%0(! ##$*(4(a! 72! (#2:*(4(! 0(6(! A2)! ]82! #$! A2D(a!
9&$!K82!,8M!68*$!<(*(!/$6$&b!<(*(!#$&!>2*,(%-/$&!
M!<(*(!,Da!
B2&62! 2&2! 6D(! ,2! >(%! 6(6$! A(*-$&! (/(]82&!
0$,$!#$&!]82!,2!6(4(%!(%/2&b!%$!-,<$*/(4(!&-!,2!
/$,(4(!$!%$!#(&!<(&/-##(&a!n$!,2!<$%D(!(!*20$*6(*#$!
M!(>D!,-&!$/*$&!>-F$&!&2!(&8&/(4(%!<$*]82!&(4D(%!
]82!,2!-4(!(!A$#A2*!(!6(*!8%!62&,(M$!$!]82!-4(!(!
/2,4#(*!0$,$!0$%!2<-#2<&-(a!n$!,2!]826$!/-*(6(!2%!
2#!<-&$!M!,2!0$:2!8%!62&(#-2%/$!]82!%$!&c!]8c!2&!#$!
]82!<(&(b!>(&/(!]82!(#!*(/$!,2!/$,$!#(!<(&/-##(!M!M(!
,2!<826$!<(*(*a!
.$*! 2&(! 2%K2*,26(6! M$! %$! ,2! (082*6$! 62!
,80>(&!0$&(&!%-!<826$!/*(4(F(*a!7-&!>2*,(%(&!,2!
(M86(%!,80>$b!(8%]82!(!A202&!&2!2%$F(%!0$%,-:$!
<$*]82! M$! %$! /*(4(F$a! 9*-0(! A-2%2b! ,2! 6(! A82#/(b!

B@

B<

B?

30.2#'*"+,'&-.'($#(#')&'!"#$%&

M! %$&! ]826(,$&! 0$%A2*&(%6$a! n$! ,2! #2A(%/$! 2%!


#(&!,(`(%(&b!62&<(0>$!(!H2#-<2!M!(!3c&(*!<(*(!#(!
2&082#(!M!#82:$!(**2:#$!#(!0(&(!M!#2&!>(:$!(#,82*X
0-/$b!0$%!#$!]82!>(M(a!h#A(*$!M!7(*M$*-!A-A2%!2%!8%!
-%/2*%(6$!2%!2#!02%/*$!M!,2!#$&!/*(2%!#$&!A-2*%2&!
<(*(! ]82! 2&/c%! 0$%,-:$! /$6$! 2#! K-%! 62! &2,(%(a!
9##$&!&$%!,8M!$*62%(6-/$&b!M!,-!%-`(b!&$4*2!/$6$b!
2&!,8M!#-%6(b!,8M!F8-0-$&(a!"!A202&!H2#-<2b!]82!M(!
/-2%2!6$02!(`$&b!M!3c&(*!<2#2(%!0$%!2##$&!<$*]82!
#2&!6-02%!]82!2&/(!%$!2&!#(!0(&(!62!2##$&b!]82!2##$&!
A-A2%!2%!$/*(!<(*/2a!.2*$!M$!,2!#2&!2%$F$!M!M(!62F(%!
62!<2#2(*a!^82:$!&2!<$%2%!(!A2*!/2#2A-&-J%!M!M(a!"!
,D! ,2! 6(! (#2:*D(! ]82! h#A(*$! M! 7(*M$*-! &2(%! (&D!
62! F8-0-$&$&! M! <826(%! 2&/(*! 2&/86-(%6$b! (8%]82!
62!A2*6(6!,2!>(02%!,80>(!K(#/(!/$6(!#(!&2,(%(a!
3$%!H2#-<2!M!3c&(*!,2!6(!<2&(*!62!]82!#2&!6-:(%!
#$&!2%(%-/$&!2%!#(!2&082#(b!<$*]82!&$%!<2]82`-/$&!
M!#$&!$/*$&!%-`$&!&$%!,_&!:*(%62&b!<2*$!2##$&!,2!
(0$,<(`(%!,80>$!M!M$!#$&!]8-2*$!,80>$b!(8%]82!
(!A202&!,2!&(]82%!#(!*(4-(!08(%6$!%$!*20$:2%!#(!
*$<(!&80-(!$!08(%6$!62F(%!/$6$!/-*(6$!<$*!(>Da
"!+8#-_%!M$!#$!2N/*(`$!,80>$!M!<-2%&$!]82!#(&!
A-6(&! 62! /$6$&! %$&$/*$&! &2*D(%! ,8M! 6-K2*2%/2&! &-!
c#!%$!&2!>84-2*(!,82*/$b!&-!%$!>84-2*(!<-&(6$!2&(!
,-%(!]8-24*(<(/(b!&-!/$6(AD(!2&/8A-c*(,$&!A-A-2%6$!
2%!"*:2#-(!M!/*(4(F_*(,$&!&2,4*(%6$!#$!]82!K82*(a!

;2"5+'&'20+'&F0$#+'

G)&2"+

BA

5#(6-&! 7(*8#(%6(! %(0-J! 2%! #(! A2*26(! 9#!


G-(6(#b!62!3$0$*%_b!>(02![U!(`$&a!'2!0(&J!0$%!
+8#-_%!M!/8A$!0-%0$!>-F$&Q!H2#-<2b!3c&(*b!h#A(*$b!
7(*M$*-!M!"#2N-&a!
9##(b! ]82! &J#$! 2&/86-J! >(&/(! &2:8%6$! 62!
<*-,(*-(b! A-A2! 2%! #$! (#/$! 62#! 4(**-$! 3(-026$b!
,8M!02*0(!62!&8&!>2*,(%(&b!]82!#(!08-6(%!M!
2&/_%! <2%6-2%/2&! 62! ]82! %$! #2! K(#/2! %(6(a! 9%!
#(! 2%/*(6(! 62! &8! 0(&(! >(M! 8%(! :(##-%-/(! ]82!
#2!62F(!8%!>82A$!/$6$&!#$&!6D(&b!<$*]82!2##(!#(!
(#-,2%/(! 0$%! :*(%$&! 62! (**$)! ]82! #2! ]826(%!
62#!(#,82*)$b!0$,$!&-!K82*(!8%(!>-F(!,_&a!
B2&62!#$&!RR!(`$&b!5#(6-&!&8K*2!%28*$0-&/-X
02*0$&-&b!8%(!2%K2*,26(6!62#!&-&/2,(!%2*A-$X
&$!02%/*(#!0(8&(6(!<$*!8%!<(*_&-/$a!'8&!6D(&!
/*(%&08**2%! 2%/*2! 08-6(*! (! &8&! >-F$&b! >(02*!
#$&!$K-0-$&!M!F8:(*!<(*]8c&!0$%!&8&!>2*,(%(&b!
<$*]82! %$! 2&! (</(! <(*(! /2%2*! 8%! /*(4(F$! M!
0$%&2*A(*#$a!

J"1K(0$&'2#'I.'&.2&$"#70
:I7#."0'L#$.&'M&*"&

L#8&/*(0-J%!<$*!98:2%-$!'2*%(!;(<-(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

(0D! 2#! Y! 62! F8%-$! 62! TUqq! 2%! 2#! 62<(*/(X


,2%/$! 62#! 3>$0Jb! 2%! 8%! 0$**2:-,-2%/$!
]82!<2*/2%202!(#!,8%-0-<-$!62!^#$*Ja!7-!<824#$!&2!
##(,(!G-##(!3#(*2/b!8%!#8:(*!,8M!>2*,$&$!0$%!8%!
*D$! 0*-&/(#-%$a! "##Db! 0(6(! $0>$! 6D(&b! &84D(! ,80>(!
:2%/2!62!^#$*J!M!62!t8-46Jb!#(!0(<-/(#b!(!:$)_*&2#(!
0$,-2%6$!&(%0$0>$b!4(-#(%6$!M!6-&K*8/(%6$!62!2&(!
(:8(!0*-&/(#-%(a!.(*(!2&$&!K2&/2F$&!&2!(**2%6(4(%!
0(&2/(&b!M!#$&!(68#/$&!M!#$&!FJA2%2&!4(-#(4(%!>(&/(!
(#!(,(%202*!(#!*-/,$!62!0#(*-%2/2&!M!/(,4$*2&a!
7-! <(<_! &2! ##(,(! 1$*42*/$! '2*%(! 7(/8*(%(b!
%(0-J! 2#! q! 62! F8%-$! 62! TU[qa! p#! >(! &-6$! 8%! <(6*2!
2N02#2%/2! 0$%! &8&! >-F$&b! ,8M! *2&<$%&(4#2a! 7-!
,(,_!&2!##(,(!B-$&2#-%(!;(<-(!"*-(&b!%(0-J!2#![T!
62!2%2*$!62!TU[Ua!9##(!&2!0(&J!0$%!,-!<(<_!M!%8%0(!
&2!>(%!&2<(*(6$b!<(*202%!/$*/$#-/$&b!6$%62!2&/_!2#!
8%$!2&/_!2#!$/*$a!'$%!6$&!A-2F-/$&!,8M!]82*-6$&b!&2!
#(!<(&(%!A-(F(%6$!M!A-&-/(%6$!(!#$&!>-F$&!2%!3>$0Jb!
z(*(:$)(b! 7262##D%! M! O$:$/_a! n$! $08<$! 2#! 08(*/$!
<82&/$! 2%/*2! %82A2! >2*,(%$&b! 0-%0$! ,8F2*2&! M!
08(/*$!>$,4*2&b!/$6$&!,8M!8%-6$&a!
"! #$&! 08(/*$! (`$&! &8K*D! ,-! <*-,2*! (00-62%/2!
08(%6$!K8-!(!<(&2(*!6$%62!,-!(482#-/$!,(/2*%$a!^(!
K-%0(!6$%62!c#!A-AD(!]826(4(!,8M!02*0(!62#!<824#$b!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

(<*$N-,(6(,2%/2!(!8%$&!]8-%-2%/$&!,2/*$&a!9&2!
6D(b![!62!F8#-$!62!TUVSb!K82!,8M!/*-&/2!<(*(!,-!K(,-X
#-(a!7-&!(482#$&!2&/(4(%!0$0-%(%6$!#(!,-2#!<(*(!#(!
<(%2#(! 2%! 8%(! <(-#(! ,8M! :*(%62a! n$! 2&/(4(! ,8M!
02*0(! M! 08(%6$! 4(F(*$%! #(! <(-#(! 62#! K$:J%b! &2! #2&!
*2&4(#J!M!2&(!,-2#!0(#-2%/2!,2!(#0(%)J!(!0(2*!2%!#(!
0(42)(a!72!##2A(*$%!(!^#$*J!M!2#!,c6-0$!6-F$Q!l1$b!
2&/2! %-`$! >(M! ]82! *2,-/-*#$! <(*(! t8-46J! <$*]82!
2&/_! ,8M! ,(#kb! M! ,2! ##2A(*$%! (! #(! 0(<-/(#b! 6$%62!
<2*,(%20D!6$&!,2&2&!2%!0$,(a!7-!K(,-#-(!#2!*2)(X
4(!,80>$!(!B-$&!<(*(!]82!M$!,2!&(#A(*(a!
^82:$!62!,-!*208<2*(0-J%b!08(%6$!/2%D(!08(/*$!
(`$&b! ,-! <(<_! %$&! ##2AJ! (! A-A-*! (! 9#! B-20-$0>$b!
84-0(6$!2%/*2!t8-46J!M!9#!3(*,2%!62!"/*(/$a!"##Db!
c#!0$,<*J!8%(!0(&(!M!%$&!,(/*-08#J!2%!#(!2&082#(!
<(*(! ]82! 2,<2)_*(,$&! (! 2&/86-(*m! M$! &$#$! >-02!
>(&/(! ]8-%/$! 62! <*-,(*-(a! 9#! B-20-$0>$! 2*(! 8%!
<824#$! ,8M! 4$%-/$! M! &8&! *D$&! 2*(%! ,8M! (0$:26$X
*2&a!9%!2#!#8:(*!>(4D(!8%(!2,<*2&(!]82!&2!##(,(4(!
z$%(!3(**2/2*(b!2%0(*:(6(!62!$*:(%-)(*!#(&!AD(&!
]82!##2A(4(%!(!O$#DA(*!M!(!t8-46Ja!9&(!:2%/2!0$%&X
/*8D(!#$&!<82%/2&!M!,(%/2%D(!#(!0(**2/2*(!(**2:#(X
6(a!"!2&2!<824#-/$!#$!A-&-/(4(%!,80>$&!/8*-&/(&!]82!
##2:(4(%! 62! 7262##D%! M! 62! O$#DA(*m! /(,4-c%! -4(%!
,80>$&!:*-%:$&!(!4(`(*&2!2%!#(&!(:8(&!0*-&/(#-%(&!
62#!*D$!^(!.#(M(a!
38(%6$!08,<#D!%82A2!(`$&!,2!K8-!62!#(!0(&(a!
n$!2*(!F8-0-$&$b!<2*$!,2!:8&/(4(!#(!(A2%/8*(!M!2#!
/*(4(F$b! M! 0$,$! ,-&! <(6*2&! %$! /2%D(%! K$*,(! 62!
6(*%$&! 2#! 2&/86-$b! 2%/$%02&! /$6$&! %$&! /-*(,$&! (!

/*(4(F(*a!72!K8-!#2F$&!62!#(!0(&(!<$*]82!&(4D(!]82!
2%!"%62&!&2!,$AD(!,80>$!2#!0(Kc!M!>(4D(!,80>$!
/*(4(F$a!9%/$%02&!>(4#c!0$%!E$42*/-0$b!8%!0(,-$X
%2*$!,8M!0$%$0-6$!M!]82*-6$!2%!9#!B-20-$0>$a!^2!
6-F2!]82!,2!##2A(*(!M!0$,$!6-F$!]82!&D!,2!K8-!0$%!
c#! (! 2%/*2:(*! 8%(! 0(*:(! 62! 02*A2)(&! (! O$#DA(*b!
"%/-$]8-(a!^82:$!62!62&0(*:(*!2#!A-(F2!%$&!K8-,$&!
<(*(!"%62&a!9%!2&2!,8%-0-<-$!/2*,-%J!%82&/*$!A-(F2!
F8%/$&a! p#! ,2! *20$,2%6J! 0$%! 8%! (,-:$! &8M$! ]82!
/*(4(F(4(!2%!8%(!,(M$*D(a!^#2:(,$&!(!8%(!K-%0(b!M!
2%!(]82#!/-2,<$!2&/(4(!#-&/(!#(!0$&20>(!62!0(Kca!9#!
,(M$*6$,$b!3(*#$&!"*/8*$!G2#_&]82)b!&2!&$*<*2%X
6-J!(#!A2*!]82!M$!&-2%6$!8%!%-`$!48&0(*(!/*(4(F$a!
n$! ,2! >(4D(! -6$! (#! 2&0$%6-6$! 62! #(! 0(&(b!
<2*$! E$42*/-0$! #2&! 0$%/J! (! ,-&! <(6*2&! M! #2&! 6-F$Q!
l;*(%]8-#$&!]82!M$!#$!*20$,2%6c!2%!8%(!K-%0(!M!2#!
682`$!2&!,8M!(,-:$!,D$a!^$!62Fc!2%!482%(&!,(%$&!
M!c#!2&!8%!'%/+"!,8M!A2**(]8-/$!<(*(!/*(4(F(*ka
9%!2&(!,(M$*D(!>(4D(!Zq!/*(4(F(6$*2&Q!]8-%02!
,8F2*2&! ,8M! F$A2%0-/(&! M! 2#! *2&/$! 2*(%! >$,4*2&!
(68#/$&a!9%/$%02&!2#!,(M$*6$,$!,2!6-F$Q!l9#!C%-0$!
/*(4(F$!]82!>(M!2&!<(*(!*20$:2*!0(Kca!G$M!(!62F(*X
#$!<(*(!]82!2%&(M2ka!9&(!,-&,(!/(*62!,2!2%/*2:J!
#(&! >2**(,-2%/(&! 62! /*(4(F$! M! (#! 6D(! &-:8-2%/2b! (!
#(&! 08(/*$! 62! #(! ,(`(%(b! /$6$&! #$&! /*(4(F(6$*2&!
2&/(4(%! 2%! <-2! $*:(%-)(%6$! &8&! -%&/*8,2%/$&a! "!
#(&!0-%0$!62!#(!,(`(%(!&(#-,$&!<(*(!2#!0(K2/(#a!9%!
2&2! <*-,2*! 6D(! 62! /*(4(F$! ,2! K82! ,8M! ,(#m! 0$,$!
%$!2&/(4(!(0$&/8,4*(6$b!,-&!,(%$&!,2!]826(*$%!
>-%0>(6(&!M!<2#(6(&a!9&2!6D(!0$:D!6$&!08(*/-##(6$&!

BD

BE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

62!0(Kcb!M!#(&!,80>(0>(&!*20$:-2*$%!62!(!A2-%/-0-%X
0$!$!/*2-%/(a!
"#!6D(!&-:8-2%/2!,(6*8:(,$&!$/*(!A2)!M!08(%X
6$! ##2:(,$&! (#! 0$*/2! M$! ,2! >-02! 2%! ,26-$! 62! #(&!
FJA2%2&b!,-*(4(!<(*(!/$6$&!#(6$&!M!%$!<$6D(!>(02*!
%(6(! <$*]82! ,-&! ,(%$&! %$! ,2! (0$,<(`(4(%b!
<82&! #(! /2%D(! >-%0>(6(&a! 9%! #(! >$*(! 62#! (#,82*X
)$! &2! *28%-2*$%! #(&! ,8F2*2&! M! ,2! 6-F2*$%Q! l1-`$b!
A2%:(kb!M$!K8-!M!08(%6$!A-2*$%!,-&!,(%$&!>-%0>(X
6(&! &2! &$*<*2%6-2*$%! M! ,2! 6-F2*$%Q! l98:2%-$b! (!
8&/26!#$!A(,$&!(!<$%2*!62!:(*-/2*$!<(*(!]82!%$&!
/*(-:(! (:8(! M! (#,82*)$! /$6$&! #$&! 6D(&! >(&/(! ]82!
/2*,-%2! #(! 0$&20>(ka! 9,<20c! (! /*(4(F(*! 0$%! #(&!
,80>(0>(&a!9&(!/(*62!,2!&2%/D!,8M!K2#-)b!0$%/2%X
/$b!<$*]82!2%/*2!2##(&!,2!*28%-2*$%!2#!F$*%(#!]82!
2]8-A(#D(!(!#$!]82!8%(!62!2##(&!:(%(4(!2%!8%!6D(!62!
/*(4(F$a!3$%/-%C2!/*(4(F(%6$!>(&/(!]82!&2!/2*,-%J!
#(!0$&20>(!M!62&<8c&!,2!K8-!0$%!2##(&!(!/*(4(F(*!(!
$/*(!K-%0(a!9&/8A2!0$%!#(&!,80>(0>(&!&2-&!,2&2&a!
9%!2&(!c<$0(!2,<20c!(!0$:2*!<#(/(!M!0(6(!$0>$!$!
]8-%02!6D(&!,(%6(4(!<(*(!,-!0(&(a!
38(%6$! *28%D! 482%(! <#(/(! ,2! K8-! <(*(!
z(*(:$)(b! "%/-$]8-(b! <$*]82! (##_! A-AD(%! ,80>$&!
K(,-#-(*2&! M! &2! ,$AD(! ,80>$! #(! <#(/(a! ^#2:8c! (!
6$%62!,-!/D(!7(*/>(b!8%(!>2*,(%(!62!,-!,(,_a!
9##(! ,2! /*(/(4(! ,8M! 4-2%b! 0$,$! (! 8%! >-F$! ,_&a!
z(*(:$)(! 2&! 8%! <824#$! 62! 0#-,(! 0(#-2%/2! M! 62!
,80>$! (,4-2%/2b! <82&! 2&/_! 84-0(6$! 2%! )$%(!
,-%2*(a!"!#(!:2%/2!#2!-4(!,8M!4-2%!<$*]82!&(0(4(!
,80>$!$*$a!^$&!,-%2*$&!8&(4(%!<(#-##$&b!080>-##$&!M!

/2%26$*2&!62!$*$m!(#:8%$&!##2A(4(%!8%(!$!6$&!#-4*(&!
62!$*$!2%!2#!082##$b!M!$/*$&!/2%D(%!*2AJ#A2*2&!62!$*$a!
\%! &_4(6$! 4(F(*$%! ,-&! <*-,$&! 62#! .$*02! M!
,2! -%A-/(*$%! <(*(! 8%(! 6-&0$/20(! ]82! &2! ##(,(4(!
^802&!62!.(*D&b!8%$!62!#$&!,2F$*2&!4(-#(62*$&!62!
z(*(:$)(a!"#!$/*$!6D(b!6$,-%:$b!,-&!<*-,$&!B(*D$!
E2%/(*D(! M! @*/2#-$! ,2! <*2&2%/(*$%! (#! *2&/$! 62! #(!
K(,-#-(a! 38(%6$! %$&! *28%-,$&! /$6$&! %$&! K8-,$&!
<(*(! 8%(! 0(&2/(! ]82! &2! ##(,(4(! 9#! t8-&/$b! <2*$!
/(,4-c%!#(!0$%$0D(%!0$,$!9#!t8-/(<(&(F2b!<$*]82!
#$&! /*(4(F(6$*2&! &2! :(&/(4(%! #(! <#(/(! 2%! /*(:$! M!
%$!62F(4(%!6-%2*$!<(*(!A$#A2*!(#!/*(4(F$a!38(%6$!
M$!,-*(4(!(!#(!:2%/2!,2!&$*<*2%6D(!,80>$b!<82&!
2&/(4(%!##2%$&!62!(%-##$&b!0$##(*2&!M!<8#&2*(&!62!$*$a
"#!6D(!#8%2&!2,<20c!(!/*(4(F(*!0$%!,-!K(,-#-(a!
72!K8-!0$%!#$&!<*-,$&!]82!/2%D(%!2#!2%/(4#2!<(*(!
&(0(*!$*$a!38(%6$!,2!-%-0-c!2%!#(!,-%2*D(!/2%D(!6-2)!
(`$&!M!,-&!<*-,$&!2&/(4(%!<$*!08,<#-*!#$&!A2-%/-X
0-%0$a! 9%! #(! <*-,2*(! ]8-%02%(! %$&! K82! ,8M! 4-2%b!
&(0(,$&!0(/$*02!#-4*(&!62!$*$a!9%!2&2!2%/$%02&!,2!
/$0(*$%!TSq!,-#!<2&$&!2%!2K20/-A$a!72!62,$*c!/*2&!
(`$&! :(&/_%6$,2! 2&(! <#(/(! <$*]82! 620-6D! :8(*X
6(*#(!2%!2#!4(%0$a!9%!2&2!/-2,<$!2N-&/D(!8%!4(%0$!
2%!z(*(:$)(!M!0$,$!,-!/D(!2*(!62!,-!0$%K-(%)(b!#2!
6-F2!]82!(4*-2*(!8%(!082%/(!(!&8!%$,4*2!<(*(!M$!
<$62*!(>$**(*a
! 38(%6$! 08,<#D! #$&! 6-20-$0>$! (`$&b! 2##(! *2/-X
*J!#(!<#(/(b!,2!#(!2%/*2:J!M!M$!(4*D!8%(!082%/(!(!
,-!%$,4*2a!3(6(!$0>$!$!]8-%02!6D(&b!,2!2%/*(4(!
<#(/(!M!62!(>D!#2!,(%(6(!(!,-&!A-2F$&b!0$,<*(4(!

B=

B>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

#$! ]82! ,2! >(0D(! K(#/(b! 62F(4(! <(*(! 2#! K*2&0$! M! 2#!
*2&/$!&2!#$!2%/*2:(4(!(!,-!/D(b!]82!:*(0-(&!(!B-$&!
/$6(AD(!2&/_!0$%!A-6(b!(8%]82!2&/_!,8M!080>-/(!M!
&2!,(%/-2%2!,8M!2%K2*,(a!
3$%!#$!]82!,2!:(%(4(!0$,<*(4(!,-!*$<(!M!/$6$!
#$!]82!,2!:8&/(4(a!;(,4-c%!,2!2,<2)J!(!:8&/(*!
2#!/*(:$a!3(6(!$0>$!6D(&b!08(6$!##2:(4(!62!#(!,-%(b!
2%/*(4(!(!#(!0(&(b!,2!$*:(%-)(4(b!#2!6(4(!#(!<#(/(!
(!,-!/D(b!&(0(4(!#$!]82!,2!-4(!(!:(&/(*!M!&(#D(!(!#(!
0(##2!0$%!,-&!(,-:$&!(!*8,42(*b!(!0$%&2:8-*!%$A-(!
M!(!F8:(*!4-##(*a!1$&!*28%D(,$&!8%!0$,4$!62!0-%0$!
$!&2-&!0$,<(`2*$&b!M!%$&!,2/D(,$&!(!8%!4-##(*!4-2%!
:*(%62!M!4-2%!482%$a!+8:_4(,$&!/*2&!0$%/*(!/*2&!M!
#$&!]82!<2*6D(%!/2%D(%!]82!<(:(*!0$%!6$&!,26-(&!
62!*$%!$!62!4*(%6Ma!
38(%6$! /2%D(! /*202! (`$&! A-(F(,$&! <(*(!
O(*4(0$(&b!1(*-`$a!;$6$&!#$&!]82!D4(,$&!c*(,$&!
62! #(! K(,-#-(a! 9#! <*$<-2/(*-$! ,(M$*! 2*(! ,-! <*-,$!
"#$%&$! ;(<-(a! p#! /2%D(! 6$&! 0(**$&! M! 2*(! 2#! 682`$!
62!#(!,-/(6!62!#(&!6*(:(&a!^(&!6*(:(&!A-2%2%!2]8-X
<(6(&!0$%!/$6$!#$!%202&(*-$Q!/-2%2%!08(/*$!4$##(&!
<#_&/-0(&b! #(! 2&/*80/8*(! 2&/_! (*,(6(! 0$%! A(*-##(&!
62! >-2**$! ]82! ##2A(4(%! <(&(6$*2&! <(*(! &$&/2%2*!
#(&!4$##(&b!/-2%2!8%!0(FJ%!6$%62!&2!A(!(#,(02%(%6$!
2#! $*$m! (62,_&b! /*(2! 6$&! ,$/$*2&b! 8%(! ,(%:82*(!
62!&2-&!,2/*$&!M!8%!A2&/-6$!62!48)$!0$,$!#$&!]82!
&2!A2%!2%!2#!,(*a!^$!C%-0$!]82!8%$!/-2%2!]82!>(02*!
2&!20>(*#2!0$,48&/-4#2b!<$%2*&2!2#!A2&/-6$!62!48)$!M!
,2/2*&2!(!4802(*!0$%!#(!,(%:82*(!<(*(!&(0(*!2#!$*$a

9%! /$/(#! #$&! &$0-$&! 62#! %2:$0-$! 2*(%! 08(/*$!


<2*&$%(&a!^#2A(*$%!&2-&!6*(:(&b!8%(!0(%$(!,2/_X
#-0(! 62! 6$02! ,2/*$&! 0$%! 8%! ,$/$*! n(,(>(& M! 8%(!
0>(#8<(! ]82! 0$%$0D(%! 0$,$! #(! A$#(6$*(a! 9%! 2&2!
0$,4$b!2*(!2#!C%-0$!%-`$a!.2*,(%20-,$&!$0>$!6D(&!
2%!2#!<824#$b!0$,<*(,$&!,2*0(6$!M!0$%/*(/(,$&!
(! 8%(! ,8F2*! <(*(! ]82! <*2<(*(*(! #(! 0$,-6(a! 3$%!
/$6$!#-&/$b!%$&!K8-,$&!<(*(!2#!*D$!;2#2,4Db!62!(:8(&!
0*-&/(#-%(&!M!>2*,$&D&-,(&a!"##_!>(0D(,$&!0(,48X
0>2&! <#_&/-0$&! M! 0(6(! ]8-%02! 6D(&! 4(F_4(,$&! (!
O(*4(0$(&a! 9&2! <824#$! 0$:-J! (,4-2%/2! 08(%6$!
2,<2)J! (! ##2:(*! #(! :2%/2! 62! z(*(:$)(a! '2! 620D(!
]82!#$&!,-%2*$&!2*(%!,8M!:(&/$%2&!M!]82!#(&!,8F2X
*2&! 62! O(*4(0$(&! 6(`(4(%! &8&! >$:(*2&! <$*! -*&2!
62/*_&!62!2##$&a!^(!<*-,2*(!]8-%02%(!%$&!K82!4-2%b!
&$4*2! /$6$! (! #$&! 682`$&! 62! #(&! ,_]8-%(&a! 9#! $*$!
2*(! /(%/$! ]82! &2! A2D(! 2%! 2#! K$%6$! 62#! *D$a! 9%! 2&(!
c<$0(b! 0$,$! ,(]8-%-&/(b! ,2! ]826(*$%! $0>$0-2%X
/$&!,-#!<2&$&a!"##_!/(,4-c%!(<*2%6D!(!4802(*!<(*(!
48&0(*! 2#! $*$! ]82! 2&/(4(! *2:(6$!2%! #(!<2`(b! 8%(!
2&<20-2!62!*$0(a!3$%!2##$&!/*(4(Fc!6$&!(`$&a!
B2&<8c&!2,<20c!(!/*(4(F(*!0$%!8%!<*-,$!]82!
&2! ##(,(! .#-%-$! ;(<-(m! ,-! <*-,$! B(*D$! /(,4-c%!
&2!]826J!0$%!%$&$/*$&a!@0>$!,2&2&!62&<8c&b!2&(!
,-%(!&2!]824*J!<$*]82!/$6$!2*(!,8M!0(*$!M!#$!]82!
:(%(,$&! 2%! #(! <*-,2*(! #(A(6(! %$! (#0(%)J! <(*(!
#-4*(*! #(! -%A2*&-J%a! 38(%6$! #-]8-6(,$&! /$6$! %$&!
K8-,$&! <(*(! 2#! 908(6$*a! ;*(4(F(,$&! &-2/2! ,2&2&!
M! ,26-$! 2%! 2#! *D$! n(%/)()(a! 9%! 2&2! /-2,<$! *28%D!

C@

C<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

VWS!,-#!&80*2&!]82!%$!A(#D(%!%(6(a!1$&!(48**-,$&!
<$*]82! :(%_4(,$&! ,8M! <$]8-/(! <#(/(b! 2%/$%02&!
620-6-,$&!A$#A2*!(!z(*(:$)(a!B2!*2:*2&$!<(*(,$&!
2%!;8#0_%!<(*(!0(,4-(*!#(!<#(/(!]82!/*(D(,$&m!(!
,D!,2!6-2*$%![YS!,-#!<2&$&a!^#2:(,$&!(!z(*(:$)(!
&-%! 8%(! ,$%26(b! <82&! /$6$! %$&! #$! :(&/(,$&! 2%!
<(&(F2&!M!0$,-6(a!
B2&0(%&(,$&!#(!<*-,2*(!&2,(%(!M!%$&!K8-,$&!
(!/*(4(F(*!(#!.$*02a!9%!#(!<*-,2*(!]8-%02%(!#(A(X
,$&!$0>$!#-4*(&!62!$*$!M!,2!]826J!8%!,-##J%!RYS!
,-#! <2&$&a! 3$%! 2&(! <#(/(b! 2%! 2#! (`$! TUWSb! 08(%6$!
/2%D(! 0(/$*02! (`$&b! 0$,<*c! 2%! 0$,<(`D(! 62! 6$&!
<*-,$&!8%(!6*(:(!g5!]82!%$&!0$&/J!UYS!,-#!<2&$&a!
9%!#$&!<*-,2*$&!]8-%02!6D(&!62!/*(4(F$!%$&!#(A(,$&!
/*2&!#-4*(&!62!$*$m!0$%!<(*/2!62!2&(!<#(/(!#-4*(,$&!
#(!-%A2*&-J%!M!2#!*2&/$!#$!*2<(*/-,$&!2%/*2!%$&$/*$&a!
9%!#(!&-:8-2%/2!]8-%02%(!%$&!K82!,80>$!,2F$*a!3(6(!
8%$!0$,<*J!&8!,_]8-%(!M!6-A-6-,$&!#(!&$0-26(6a!n$!
,2!]826c!0$%!#(!<*-,2*(!]82!0$,<*(,$&b!<$*]82!
K82! #(! ]82! %$&! 6-$! #(! &82*/2b! M! 0$%! 2#! /-2,<$! ,2!
0$%&2:8D! $/*(! 6*(:(a! 9,<20c! (! 0$%&2:8-*! 0(/2$&!
,8M!482%$&!2%!2#!*D$!.$*02a!3(6(!]8-%02!6D(&!,2!
#(A(4(!/*2&!$!08(/*$!#-4*(&!62!$*$a!9%!2&(!c<$0(!2#!
$*$!2*(!,8M!4(*(/$a!
9%! TUWq! 0$%&2:8D! 8%(! ,8F2*! ,8M! 2&<20-(#b!
&8! %$,4*2! 2&! 7(*/>(! 320-#-(! O#(%6J%! 7$*2%$a!
^(! 0$%$0D! 2%! 2#! *D$! .$*02b! <82&! 2##(! #2&! 0$0-%(4(!
(!&8&!>2*,(%$&!]82!/*(4(F(4(%!0$%!8%(&!6*(:(&a!
n$!#(!,$#2&/(4(!M!#2!620D(!]82!0$0-%(4(!,8M!*-0$a!
9,<2)(,$&!(!0>(*#(*!M!62&<8c&!62!08(/*$!,2&2&!

#2! 6-F2! ]82! &2! K82*(! 0$%,-:$a! ^82:$! 2,<20c! (!


62**-4(*!,$%/2!A-*:2%!(!<8%/(!62!>(0>(!<(*(!(4*-*!
,-!K-%0(a!9&2!/2**2%$!]82!0$%&2:8D!]826(4(!(!6$&!
>$*(&!2%!#(%0>(!62&62!z(*(:$)(a!
3$%! 7(*/>(! 320-#-(! 0$,<(*/D! %82A2! (`$&b! M!
/8A-,$&!8%(!,(*(A-##$&(!>-F(!]82!&2!##(,(!n(*-%(!
'2*%(!O#(%6J%a!9%!2&/2!,$,2%/$!/-2%2!6-20-$0>$!
(`$&! M! 2&/_! 2%! #(! 8%-A2*&-6(6! 2&/86-(%6$! 4(0/2X
*-$#$:D(a!7-!>$:(*!&2!6(`J!<$*]82!7(*/>(!2*(!8%(!
,8F2*!,8M!62&0$%K-(6(!M!,8M!02#$&(a!"!2##(!%$!#2!
:8&/(4(!]82!M$!&(#-2*(!(!*8,42(*!0$%!,-&!(,-:$&a
9&/8A2! &$#$! $0>$! (`$&! M! 62&<8c&! 0$%$0D! (!
{(/-(b!,-!2&<$&(b!0$%!#(!]82!A-A$!(>$*(a!9##(!0$0-X
%(4(! 2%! 8%(! ,-%(! ]82! M$! /8A2! 0$%! 8%$&! &$0-$&a!
"#! K-%(#! %$&! ]824*(,$&b! M! #2! 6-F2! (! {(/-(! ]82! &2!
]826(*(! (! A-A-*! 0$%,-:$! <$*]82! %$! /2%D(! <#(/(!
<(*(! <(:(*#2b! 2%/$%02&! ,2! &-:8-J! #(! 0$**-2%/2! M!
&2! ]826J! 0$%,-:$a! 3$%! 2##(! /2%:$! 6$&! >-F$&! ,8M!
>2*,$&$&Q!#(!,(M$*!&2!##(,(!n(*-M(6-(%(!M!/-2%2!
08(/*$! (`$&b! M! 2#! ,2%$*! &2! ##(,(! +8(%! B(A-6! M!
/-2%2!8%!(`$!M!6$&!,2&2&a
^2&!&-:$!0$%/(%6$!,-!>-&/$*-(a!1$&$/*$&!A-AD(X
,$&! 2%! #(! K-%0(! ^(! 7$*(b! 2%! 2#! *D$! .$*02b! 2%! #$&!
#D,-/2&! 62#! ,8%-0-<-$! 62! z(*(:$)(a! 7-! K-%0(! 2&!
A20-%(! 62! #(! A2*26(! ^$&! ;*$)$&!M!/(,4-c%! ]826(!
02*0(!62!#(!A2*26(!9#!3(:|Da!182&/*$&!A20-%$&!2*(%!
B(*D$! E2%/2*D(b! 98#-&2*! '2*%(! M! 2#! &2`$*! +$*:2!
72%(a!3(6(!8%$!/2%D(!]8-%02!>20/_*2(&!62!/-2**(!M!
A-AD(,$&!2%!%82&/*(&!<*$<-26(62&a!7-!K-%0(!/-2%2!
<(*/2&! <#(%(&! M! <(*/2&! ]824*(6(&a! 9&! 8%(! /-2**(!

C?

CA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

,8M! 482%(! <(*(! #(! (:*-08#/8*(Q! <2:(! 2#! ,(D)b! #(!


M80(b!2#!<#_/(%$b!2#!K*DF$#!M!$/*(&!A2*68*(&b!/(,4-c%!
<2:(!#(!0$0(!]82!(#:8%(&!<2*&$%(&!08#/-A(%a!
n$!/*(4(F(4(!#(!,-%2*D(!(#!K*2%/2!62!,-!K-%0(a!
^(A(4(!2#!$*$!0$%!#(&!,_]8-%(&!M!#$!&(0(4(!624(F$!
62#!(:8(a!3$%!2&(!>2**(,-2%/(!M$!,(%/2%D(!(!,-!
K(,-#-(!M!(!#(&!K(,-#-(&!62!#(&!08(/*$!<2*&$%(&!]82!
/*(4(F(4(%! 0$%,-:$a! 38(%6$! 2#! -%A-2*%$! 2&/(4(!
,8M! K82*/2! M! %$! <$6D(,$&! &(0(*! $*$b! /$6$&! %$&!
626-0_4(,$&!(!#(!0$&20>(!<(*(!<$62*!&$&/2%2*!(!
%82&/*(&!K(,-#-(&a!
H8-,$&!K2#-02&!>(&/(!]82!2,<2)(*$%!(!(<(*2X
02*! #$&! :*8<$&! (*,(6$&m! 2%! 2&2! ,$,2%/$! &2! %$&!
<2*6-J! #(! /*(%]8-#-6(6! ]82! /2%D(,$&a! G2D(,$&!
4(F(*!<$*!2#!*D$!.$*02!,80>(&!<2*&$%(&!,82*/(&b!
62&/*$)(6(&a! ^(! :2%/2! 2,<2)J! (! 62&<#()(*&2! M! (!
(4(%6$%(*! &8&! /-2**(&a! "#! A2*! /$6(&! 2&(&! 0$&(&b!
,-! K(,-#-(! 2,<2)J! (! &2%/-*! ,-26$a! 7-! 2&<$&(!
/2%D(! &2-&! ,2&2&! 62! 2,4(*()$! M! 2%! 2&$&! 6D(&! &2!
2%K2*,Ja! n$! #(! &2]8c! <(*(! 2#! <824#$! M! #(! ##2Ac! (#!
>$&<-/(#b!6$%62!<2*,(%20-J!08(/*$!6D(&a!B2&<8c&!
#(!*2,-/-2*$%!<(*(!7262##D%b!<$*]82!&8!2,4(*()$!
2*(!,8M!*-2&:$&$a!n(*-M(6-(%(!%(0-J!2%!#(!0-86(6!
M!62&62!2&2!,$,2%/$!620-6D!62F(*!(!,-!K(,-#-(!2%!
8%(!0(&(!]82!(**2%6c!2%!2#!4(**-$!'(%/(!3*8)a!n$!
&2:8D!/*(4(F(%6$!&$#$!2%!2#!0(,<$!M!0(6(!]8-%02!
6D(&!#2&!,(%6(4(!<#(/(!<(*(!&8!&$&/2%-,-2%/$a
9%!(]82##$&!6D(&b!(%/2&!62!,-!(00-62%/2b!2&/(4(!
A-&-/(%6$!(!,-!K(,-#-(!M!620-6D!-*,2!<(*(!#(!K-%0(!
(!*20$:2*!#(!6*(:(b!<82&!0$,$!2#!-%A-2*%$!2&/(4(!

2%0-,(!#$&!/*(4(F(6$*2&!2&/(4(%!2%!z(*(:$)(a!n$!
2*(!8%(!<2*&$%(!]82!#2!:8&/(4(!(%6(*!&$#(b!<2*$!
2&2!6D(!]82!-4(!(!A-(F(*!,-!&2`$*(!,2!6-F$Q!l7-F$b!
%$!&2!A(M(!&$#$m!##cA2&2!(!,-!08`(6$!3>80>$!]82!
2&/_!&-%!/*(4(F$!M!#2!<(:(!0$%!#(!<#(/(!]82!8&/26!#2!
A(!0$4*(*!(#!&2`$*!E84c%!\##$(ka!n$!#2!>-02!0(&$!(!,-!
&2`$*(!M!2&<2*c!6$&!6D(&!>(&/(!]82!2#!&2`$*!3>80>$!
0$%&-:8-J!2#!<(&(F2!<(*(!##2A_*,2#$!(!#(!K-%0(a!
"!#$&!/*2&!6D(&!,2!##(,J!,-!08`(6(b!#(!>2*,(X
%(!62!,-!2&<$&(b!M!,2!6-F$Q!l98:2%-$b!M(!3>80>$!
0$%&-:8-J! 2#! <(&(F2! <(*(! ]82! &2! #$! ##2A2! <(*(! #(!
K-%0(!M!#$!(0$,<(`2ka!9&(!,-&,(!/(*62!A-(F(,$&!
<(*(!z(*(:$)(!M!(#!6D(!&-:8-2%/2!%$&!K8-,$&!<(*(!
#(! K-%0(b! 6$%62! <2*,(%20-,$&! $0>$! 6D(&! $*:(%-X
)(%6$!/$6$a!
9&2!6D(b!q!62!(4*-#!62#!(`$!RSSqb!M$!#2!6-F2!(#!
&2`$*! 3>80>$Q! l"**c:#2&2! <(*(! ]82! %$&! A(,$&!
<(*(! #(! K-%0(! 62#! &2`$*! E84c%! \##$(a! p#! ,2! 6-F$!
]82! %$&! K8c*(,$&!(!6$*,-*!2%!&8!K-%0(!<(*(!]82!
<2&]82,$&!<$*!#(!%$0>2a!"##_!&2!&(0(%!8%(&!6$*(X
6(&!,8M!:*(%62&b!62!6-2)!#-4*(&a!.$*!(>D!62*20>$!
c#!%$&!*2:(#(!M80(!M!<#_/(%$!<$*]82!/-2%2!,80>$m!
(62,_&b!2&/_!02*0(!62!#(!0(**2/2*(ka
78M! /2,<*(%$! 0$:-,$&! 2#! 0(,-%$! >(0-(! #(&!
4$0(&! 62#! *D$! 7(/(a! "##Db! %$&! /$0(4(! 2&<2*(*! #(!
0(%$(!]82!&84D(!62&62!z(*(:$)(a!9%!#(&!4$0(&!62#!
*D$! 7(/(! >(4D(! 8%! <#(%0>J%! 0$%! 8%(! *2/*$2N0(X
A(6$*(!/*(4(F(%6$!M!M$!,2!(02*]8c!(!#$&!0(,<(X
,2%/$&! <(*(! >(4#(*! 0$%! 8%$&! K(,-#-(*2&! ,D$&!
]82! /*(4(F(4(%! (>Da! 9##$&! ,2! 6-F2*$%Q! l.*-,$b! #(!

CB

CC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

0(%$(!M(!%$!&842!>$M!<$*]82!&$%!#(&!6$02!62#!6D(a!
t8c62&2! (]8D! ]82! ,(`(%(! <(&(! ,8M! /2,<*(%$a!
9&/(! ,-%(! 2&! 62! &8! <*-,$! "#$%&$! ;(<-(! M! 8&/26!
&(42!]82!(]8D!%$!/-2%2!<*$4#2,(!0$%!#(!6$*,-6(!
%-!0$%!#(!0$,-6(ka!n!M$!#2&!0$%/2&/cQ!l1$b!,80>(X
0>$&b!M$!]826c!62!##2:(*!>$M!6$%62!2#!&2`$*!E84c%!
<$*]82!A(,$&!(!<(&(*!#(!%$0>2!<2&0(%6$!M!,(`(X
%(!,2!A$M!<(*(!7262##D%ka
9%/$%02&!#2!6-F2!(!8%$!62!,-&!K(,-#-(*2&!]82!,2!
##2A(*(!(!#(!2%/*(6(!62#!0(,-%$b!M!B(%-#$!E2%/(*D(!
,2! ##2AJ! M! ,2! 62FJ! 6$%62! 2#! &2`$*! 52*(*6$! ]82!
A-A2!2%!#(!2%/*(6(!62#!0(,-%$!M!2&!8%!>$,4*2!,8M!
(<(&-$%(6$! <$*! #(! (:*-08#/8*(a! 9%! 2&2! ,$,2%X
/$! %$! >(4D(! %(6-2! 2%! #(&! 0(&(&b! <$*]82! /$6$! 2#!
,8%6$!2&/(4(!/*(4(F(%6$b!(&D!]82!M$!,2!K8-!0$%!,-!
0$,<(`2*$a!
38(%6$! ##2:(,$&! (#! K-#$! 62! #(! 0$*6-##2*(b! %$&!
6-,$&! 8%! 62&0(%&$! M! ##(,(,$&! (! %82&/*(&! K(,-X
#-(&m!2%!2&2!#8:(*!/$6$&!#$&!0(,<2&-%$&!62#!&20/$*!
&84D(%!(!##(,(*!(!&8&!K(,-#-(*2&!<$*]82!2*(!2#!&-/-$!
6$%62! 2#! 02#8#(*! 0$:D(! ,80>(! &2`(#a! B2&<8c&! 62!
62&0(%&(*!##(,c!(!,-!2&<$&(!]82!&2!2%0$%/*(4(!2%!
7262##D%!M!/(,4-c%!##(,c!(!z(*(:$)(!<(*(!&(#86(*!
(! (#:8%$&! K(,-#-(*2&a! 3$%/-%8c! ,-! 0(,-%$! M! ,_&!
(62#(%/2b!6$%62!/$6(AD(!>(4D(!&2`(#b!A$#AD!(!##(,(*!
(! ,-! 0(&(! M! #2&! 6-F2! ]82! (#! $/*$! 6D(! A-(F(4(! <(*(!
7262##D%!M!]82!#2&!##2A(4(!*2A82#/$b!K*8/(&!M!<2&0(6$!
<(*(!]82!<(&_*(,$&!8%(!'2,(%(!'(%/(!4-2%!482%(a
3$%/-%8(,$&! 0(,-%(%6$! <(*(! <$62*! ##2:(*!
/2,<*(%$!6$%62!2#!&2`$*!E84c%m!]82*D(,$&!/$,(*!

8%!62&0(%&$!<(*(!>(02*!#(!<2&0(!<$*!#(!%$0>2a!n$!
2%! 2&$&! ,$,2%/$&! 2&/(4(! ,8M! 0$%/2%/$! <$*]82!
-4(!(!##2A(*!62!/$6$!<(*(!,-!0(&(a!H82!(>D!6$%62!
<-&c!#(!,-%(!(%/-<2*&$%(#b!2&2!q!62!(4*-#!62#!RSSq!(!
#(&!/*2&!M!,26-(!62!#(!/(*62b!2%!#(&!*-42*(&!62#!*D$!
7(/(b!/2**-/$*-$!]82!&2!2%082%/*(!2%/*2!z(*(:$)(b!
",(#K-!M!"%$*Da!"##Db!K8-!AD0/-,(!62!8%(!,-%(!(%/-X
<2*&$%(#b!2%!2#!,(*0$!62#!0$%K#-0/$!(*,(6$!-%/2*X
%$b!08(%6$!-4(!(!0$4*(*!8%!6-%2*$!]82!,2!624D(%!
<$*!8%!/*(4(F$a
38(%6$!,2!,$%/c!&$4*2!#(!,-%(b!%$!&(4D(!]82!
2&/(4(! <(*(6$! 2%! 2##(a! 72! 62/8A2! (>D! ,-2%/*(&!
2&<2*(4(! (! ,-! 0$,<(`2*$! ]82! A2%D(! ,8M! (/*_&a!
"#! A2*! ]82! M(! 2&/(4(! 02*0(b! (<*$N-,(6(,2%/2! (!
8%$&!A2-%/2!,2/*$&b!&2:8Db!M!08(%6$!(#0c!2#!<-2!,2!
#2A(%/J! #(! ,-%(! 8%$&! 08(/*$! ,2/*$&a! B2&<8c&! 62!
0(2*b!/*(/c!62!<(*(*,2!M!0$,$!%$!<862b!,2!,-*c!,-!
<-2!M!#$!A-!A82#/$!<-0(6-##$a!"#!,-&,$!/-2,<$!&2%/D!
<_%-0$b! /*-&/2)(! M! ,80>$! 6$#$*a! 7-%8/$&! 62&<8c&!
*2(00-$%c!M!#2!:*-/c!(!,-!0$,<(`2*$Q!l3>80>$b!%$!
&2! ,82A(! 62! (>D! ]82! 62! <*$%/$! >(M! ,_&! ,-%(&ka!
.2*$!c#!/2%D(!,80>$!,-26$!M!,2!6-F$Q!lit8c!>(:$jka!
l1$!&2!A(M(!(!,$A2*!<$*]82!%$!&(42,$&!&-!>(M!,_&!
,-%(&kb!#2!6-F2a!
n$!,2!(**(&/*c!>(&/(!2#!0(,-%$!M!#82:$!#2!6-F2Q!
l3>80>$b!<-&c!8%(!,-%(!M!,2!A$#J!#(!<-2*%(!-)]8-2*X
6(ka!72!(**(&/*c!0$%!(M86(!62!#(&!,(%$&!M!62#!<-2!
62*20>$!>(&/(!6$%62!2&/(4(!c#b!(<*$N-,(6(,2%/2!
(!A2-%/2!,2/*$&m!,2!]8-/c!#(!*-`$%2*(!6$%62!0(*:(X
4(!,-&!6$08,2%/$&!M!,-!02#8#(*b!M!#2!6-F2Q!l3>80>$b!

CD

CE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

/$,2!#(!*-`$%2*(!<(*(!]82!8&/26!*2:*2&2!(#!*D$!M!#2!
(A-&2!(!,-!K(,-#-(!M!(!(#:8%$&!K-%]82*$&!<(*(!]82!
A2%:(%!(!&(0(*,2a!.2*$!0$%!,80>$!08-6(6$!<$*]82!
%$!&(42,$&!&-!>(M!,_&!,-%(&ka!B2&<8c&!62!#(%)(*!
#(!*-`$%2*(b!,2!(**(&/*c!$/*$!<$]8-/$!M!3>80>$!,2!
(0$&/J!M!,2!<8&$!&8!4$#&$!62!(#,$>(6(a!38(%6$!A-!
]82! ,-! 0$,<(`2*$! &2! K82b! #2! 6-F2Q! l3>80>$b! /2%:(!
,80>(!K2!2%!B-$&!<(*(!]82!#$!&(]82!&(%$!M!&(#A$a!
38(%6$!##2:82!(#!#8:(*!6$%62!>-0-,$&!#(!##(,(6(b!
##(,2!(!7262##D%!M!#2!(A-&(!(!,-!&2`$*(!M!62&<8c&!
##(,(!(!z(*(:$)(!(!,-!K(,-#-(ka!
38(%6$!,2!]826c!&$#$b!<2%&c!2%!B-$&!M!#2!<26D!
]82!%$!#2!K82*(!(!<(&(*!%(6(!(!,-!0$,<(`2*$b!]82!
#$! &(0(*(! &(%$! M! &(#A$! <$*]82! &$#$! (&D! ,2! -4(%! (!
*20$:2*a! 9%! 2&2! ,$,2%/$! 62! /*-&/2)(! M! 62! (%:8&X
/-(! #2! *$:(4(! (! B-$&! <(*(! ]82! ,2! 6-2*(! K82*)(&! M!
A(#$*! M! ,2! <2*,-/-2*(! *28%-*,2! %82A(,2%/2! 0$%!
,-! K(,-#-(a! 5*(0-(&! (! p#! <862! A2*#$&! $/*(! A2)b! M!
/(,4-c%!#2!(:*(62)0$!<$*!2%A-(*,2!2&2!(,-:$!]82!
,2!(0$,<(`Jb!<82&!M$!2*(!8%(!<2*&$%(!]82!&-2,X
<*2!(%6(4(!&$#(a!
\%(!>$*(!62&<8c&!,2!#(*:8c!(!A$,-/(*!&(%:*2b!
>(&/(! ##2:8c! <2%&(*! ]82! ,2! >(4D(! *2A2%/(6$! <$*!
62%/*$b! <2*$! :*(0-(&! (! B-$&! %$! K82! (&Da! 9%! 2&$&!
,$,2%/$&!%$!&2%/D(!6$#$*b!&-%$!]82!A2D(!,-!<-2*%(!
<*2%6-6(!2%!0(%62#(a!"&D!68*c!6$&!>$*(&!M!62&<8c&!
2,<20c!(!&2%/-*!6$#$*a!n$!620D(Q!l'2`$*!,D$b!%$!62F2&!
]82! (<(*2)0(%! :*8<$&! (*,(6$&! <$*! (]8Dka! g(4D(!
2&080>(6$! *8,$*2&! 62! ]82! 08(%6$! 8%(! <2*&$%(!
0(D(! 2%! 8%(! ,-%(! M! ##2:(4(! 8%! :*8<$! (*,(6$b! #$!
/2*,-%(4(%!62!,(/(*a!

"!#(&!0-%0$!M!,26-(!62!#(!/(*62!2&080>c!#(!A$)!
62!,-!<*-,$!1-0(%$*!E2%/2*D(m!c#!<2:J!A(*-$&!:*-/$&!
M! M$! &(]8c! ,-&! C#/-,(&! K82*)(&! <(*(! 0$%/2&/(*#2a!
"<*$N-,(6(,2%/2! ##2:(*$%! 8%(&! A2-%/2! <2*&$%(&!
2%/*2!K(,-#-(*2&!M!(,-:$&a!^#2A(4(%!#(!0(,-##(!#-&/(b!
#(!>(4D(%!(*,(6$!0$%!8%!<(#$!#(*:$!M!8%(!>(,(0(a!
38(%6$!#$&!A-!##2:(*b!,2!6-$!,80>$!_%-,$!M!#2&!6-F2Q!
l780>(0>$&b! *2:_#2%,2! (:8(ka! l1$! <8262! /$,(*!
(:8(kb!,2!620D(%a!
^(!0(,-##(!#(!0(*:(4(%!$0>$!<2*&$%(&b!08(/*$!
(62#(%/2! M! 08(/*$! (/*_&a! 38(%6$! 2&(&! $0>$! &2!
0(%&(4(%b!#(!(:(**(4(%!$/*(&!$0>$!M!(&D!&2!K82*$%!
/8*%(%6$a! 38(%6$! ,2! &84-2*$%! (! #(! 0(,-##(! 2*(%!
#(&! &2-&! 62! #(! /(*62b! M! (! #(&! $0>$! 62! #(! %$0>2! ,2!
4(F(*$%!(#!*D$a!7-&!K(,-#-(*2&!/2%D(%!#(!0(%$(!#-&/(b!
,2! 2,4(*0(*$%! M! 8%$! 62! 2##$&b! ^8A-(%! ;(<-(b! 2#!
,(]8-%-&/(b!,2!(<#-0J!8%(!(,<$##(!<(*(!0(#,(*,2!
2#! 6$#$*! <$*]82! M$! -4(! ,8M! ,(#a! 9#! &2`$*! "#$%&$!
;(<-(b!2#!682`$!62!#(!,-%(!62!*2/*$b!,-!<*-,$b!K82!
2#!]82!*2&<$%6-J!<$*!#$&!:(&/$&!62!#(!0(%$(b!<(:J!
2#!K#2/2b!2#!0$,48&/-4#2!M!,2!6-$!0-2%!,-#!<2&$&!2%!
2K20/-A$a!^2!(:*(62)0$!,80>$!/$6$!#$!]82!>-)$!<$*!
,Db!]82!B-$&!#$!(M862!(!c#!M!(!/$6(&!#(&!<2*&$%(&!
]82!,2!&(0(*$%!62!2&(!,$%/(`(a!9&/$M!,8M!(:*(X
620-6$!<$*!2&2!:2&/$!/(%!4$%-/$b!%$!/2%:$!0$%!]8c!
<(:(*#2&b!<2*$!M$b!
38(%6$!#(! 0(%$(!##2:J!(#!<82*/$!62!z(*(:$)(!
,80>$&! K(,-#-(*2&! M! (,-:$&! ,D$&! ,2! 2&/(4(%!
2&<2*(%6$a! "! #(&! %82A2! M! ,26-(! 62! #(! %$0>2! ,2!
2%/*(*$%! (#! >$&<-/(#b! 6$%62! K8-! (/2%6-6$! <$*! #$&!
,c6-0$&a! L%,26-(/(,2%/2! ,2! <8&-2*$%! &(%:*2! M!

C=

C>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

&82*$!<$*]82! M$!2&/(4(!,8M!,(#b!M(!%$!*20$%$0D(!
(!#(&!<2*&$%(&b!#(&!A2D(!4$**$&(&a!7-%8/$&!62&<8c&!
0$*/(*$%!<26()$&!62!4$/(!]82!]826(*$%!2%!#(!<-2*X
%(a!^82:$!2,<2)(*$%!(!48&0(*!0(**$&!<$*]82!#(&!
6$&!(,48#(%0-(&!%$!2&/(4(%!2%!2#!<824#$a!7-&!K(,-X
#-(*2&!M!(,-:$&!2&/(4(%!,8M!<*2$08<(6$&!<$*]82!
2%!2&$&!,$,2%/$&!%$!>(4D(!(,48#(%0-(!M!&2!2%$F(X
*$%!0$%!#$&!,c6-0$&!<$*]82!&2!2&/(4(%!62,$*(%6$!
,80>$!<(*(!##2A(*,2!(!3(80(&-(b!<82&!%$!(:8(%X
/(4(!2#!A-(F2!>(&/(!7262##D%a!"#!K-%!,2!##2A(*$%!2%!
8%(!0(,-$%2/(!g-#8Nm!-4(!0$%!8%!6$0/$*b!8%(!6$0/$X
*(!M!,-!2N2&<$&(b!7(*/>(!320-#-(a!9%!2&2!A-(F2!M$!
-4(!,8M!62&2&<2*(6$a!1$!&c!08_%/$!%$&!:(&/(,$&!
<(*(! ##2:(*! (! 3(80(&-(b! <$*]82! 2#! 0$%680/$*! 62!
#(!0(,-$%2/(!2*(!,8M!482%$!M!2&/(4(!,(%2F(%6$!
,8M!*_<-6$a
"! #(! 8%(! M! ,26-(! 62! #(! ,(`(%(! ,2! 2%/*(*$%!
(#!>$&<-/(#!62!3(80(&-(!M!2#!6$0/$*!]82!,2!*20-4-J!
&2!2%$FJ!0$%!#$&!62!z(*(:$)(!<$*]82!,2!##2A(*$%!
##2%$! 62! /-2**(b! &-%! 4(`(*,2a! L%,26-(/(,2%/2!
,2! (/2%6-J! 2#! 0-*8F(%$! 3c&(*! g2*%_%62)a! "! #(&!
/*2&! 62! #(! ,(`(%(! 2&/(4(! ]82! ,2! *2A2%/(4(! <$*!
62%/*$b!<$*]82!%$!>(4D(!$*-%(6$!62&62!,-!(00-62%X
/2b! 2%/$%02&! ##(,c! (! 7(*/>(! M! #2! 6-F2Q! l72! A$M! (!
*2A2%/(*ka!9##(!0$**-J!M!##(,J!(!8%(!2%K2*,2*(!]82!
A-%$! *_<-6$a! 9,<2)J! (! 0>8)(*,2! 0$%! 8%(! (:8F(!
<(*(! &(0(*,2! #(! $*-%(b! <2*$! 0$,$! %$! K82! 0(<()!
##(,J! (! $/*(! 2%K2*,2*(! M! /(,<$0$! <86$b! (&D! ]82!
&2!*28%-2*$%!0-%0$!2%K2*,2*(&m!(#!A2*!]82!%$!2*(%!
0(<(02&b!##(,c!(!7(*/>(!M!#2!6-F2Q!l72!A$M!(!,$*-*!

<$*]82!%$!<826$!$*-%(*b!M(!%$!(:8(%/$b!,2!A$M!(!
*2A2%/(*a!38-6(!,80>$!(!,-&!>-F$&!M!6-#2&!]82!#$&!
]8-2*$!,80>$ka!9##(b!(#!A2*!]82!M$!#2!>(4#(4(!0$,$!
2%! (:$%D(b! &(#-J! 0$**-2%6$! M! /*(F$! (#! 0-*8F(%$a! p#!
A-%$!*_<-6$!M!,2!&$%62J!#(!,(%:82*-/(!<$*!2#!<2%2!
M!(>D!,-&,$!2,<20c!(!4$/(*!2&2!<$0$!62!(:8(!]82!
/2%D(!(62%/*$a!"#!K-%!62&0(%&cb!<2*$!&-!2#!0-*8F(%$!
%$!##2:(!(!/-2,<$!%$!2&/(*D(!0$%/(%6$!#(!>-&/$*-(a!
"#!$/*$!6D(!(!#(&!&-2/2!62!#(!,(`(%(!,2!2%/*(X
*$%!(!0-*8:D(a!9#!0-*8F(%$!>(4#(4(!0$%!$/*$&!08(/*$!
,c6-0$&! &$4*2! 0J,$! <$6D(%! &(#A(*,2! #(! *$6-##(a!
38(%6$! #$&! 2&080>cb! #2! 6-F2Q! lB$0/$*b! 2&(! *$6-##(!
%$!/-2%2!&(#A(0-J%!<$*]82!2&/_!,8M!<(*/-6(a!72F$*!
>_:(,2!8%!&$#$!/*(4(F$!,$0>_%6$,2!(**-4(!62!#(!
*$6-##(! <(*(! M$! 62&0(%&(*b! M! 8&/26! /(,4-c%! :(%(!
,80>$&!<8%/$&!2%!&8!/*(4(F$ka!"&D!K82b!,2!,$0>(X
*$%!2#!<-2!-)]8-2*6$!(**-4(!62!#(!*$6-##(a!5*(0-(&!(!
B-$&!&(#D!,8M!4-2%!62!,-!0-*8:D(a
"#! 6D(! &-:8-2%/2b! ##2:J! {(/-(b! ,-! &2`$*(b! 62!
7262##D%a!n$!2&/(4(!6$*,-6$!2%!#(!&(#(!62!*208<2X
*(0-J%!M!,-!(0$,<(`(%/2!7(*/>(!320-#-(!,2!6-F$Q!
l98:2%-$b!{(/-(!##2:Jka!n$!/2%D(!#(!0(*(!,8M!>-%0>(X
6(!M!%$!&c!<$*!]8c!,2!62&<2*/c!*-c%6$,2a!7(*/>(!
320-#-(!#2!6-F$!(!{(/-(Q!l^(!<-2*%(!62!98:2%-$!2&/_!
2%! 2&(! 4$#&(m! /$0(! ##2A(*#(! (#! 02,2%/2*-$! <(*(!
2%/2**(*#(ka!{(/-(!&2!(&8&/J!,80>$!08(%6$!A-$!2&(!
<-2*%(!>-%0>(6(b!M!#2!6-F$!(!,-!2N!2&<$&(Q!l3$F(!#(!
4$#&(!8&/26b!<$*]82!(!,D!,2!6(!,-26$ka!7(*/(!#(!
##2A$!M!08(%6$!##2:(*$%!(#!02,2%/2*-$!&2!#(!2%/*2X
:(*$%! (#! &2<8#/8*2*$! M! #2! <(:(*$%! <(*(! ]82! #(!

D@

D<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

J"1K(0$&'2#'I.'&.2&$"#70

2%/2**(*(a!38(%6$!*2:*2&(*$%!(#!>$&<-/(#b!7(*/>(!
#2!6-F$!(!{(/-(Q!ln(!,2!/2%:$!]82!-*!<(*(!z(*(:$)(!
<$*]82!/2%:$!#(!0(&(!&$#(a!1$&$/*$&!A(,$&!(!2&/(*!
<2%6-2%/2&!62!8&/262&kb!M!&2!62&<-6-Ja
"#! $/*$! 6D(! ##2:J! (#! >$&<-/(#! 8%! ,80>(0>$! 62!
O$0(!120>Da!;2%D(!6-20-$0>$!(`$&!M!/(,4-c%!>(4D(!
&-6$!AD0/-,(!62!8%(!,-%(!(%/-<2*&$%(#a!'8!,(,_!%$&!
0$%/J!]82!&8!>-F$!/2%D(!8%(!,(**(%2*(!,8M!:*(%62!
0$%! 08(*2%/(! ,(**(%$&! M! /(,4-c%! /2%D(! 8%! M80(#!
]82!0(6(!$0>$!6D(&!#2!6(4(!A2-%/2!48#/$&!62!M80(a!
9#!6D(!62#!(00-62%/2b!2#!,80>(0>$b!62&<8c&!62!
*20$:2*!#(!M80(b!&(#-J! /*2&!,2/*$&!62#!M80(#!<(*(!
(*,(*!8%(!/*(,<(!]82!62/8A-2*(!(!8%(!:8(:8(!]82!
#2!2&/(4(!(**(%0(%6$!#(&!M80(&a!9%!2&2!,$,2%/$b!
&2!<(*J!&$4*2!#(!,-%(!]82!#$!<(*/-J!<$*!#(!0-%/8*(a!
^82:$!62!##2:(*!(#!>$&<-/(#!62!3(80(&-(b!,8*-Ja!.$*!
2&$!M$!#2&!6-:$!(!#(&!<2*&$%(&!62#!0$%K#-0/$!(*,(X
6$!]82!%$&$/*$&!#$&!0-A-#2&!%$!&(42,$&!2#!<$*]8c!
62!#(!:82**(b!2%/$%02&!#2&!<-6$!62!0$*()J%!]82!%$!
&-2,4*2%!,_&!,-%(&!(%/-<2*&$%(#2&b!<82&!&$,$&!
#$&!0-A-#2&!#$&!]82!&8K*-,$&a!
"! #$&! 0-%0$! 6D(&! 62! 2&/(*! >$&<-/(#-)(6$b! ,2!
6-2*$%!62!(#/(!M!,2!/*(F2*$%!<(*(!7262##D%a!38(%6$!
##2:8c!(!,-!0(&(b!,-!&2`$*(!#2&!<-6-J!(!(#:8%$&!A20-X
%$&! ]82! ,2! (M86(*(%! (! 4(F(*! 62#! 0(**$a! 9##$&! &2!
&$*<*2%6-2*$%!(#!A2*,2!##2:(*!&-%!,-!<-2!-)]8-2*6$b!
2&/(4(%!(/2**(6$&!<$*]82!A-(Fc!0$%!,-&!6$&!<-2&!M!
*2:*2&c!,$0>$a!
"#!$/*$! 6D(! ##2:J! 8%$! 62! ,-&! ,2F$*2&! (,-:$&b!
7(8*$! 7(6*-:(#b! (! 6(*,2! &8! (<$M$a! 72! /*(F$! 8%!

,2*0(6$! 62! 6$&0-2%/$&! ,-#! <2&$&b! ,2! *2:(#J!


6$&0-2%/$&!,-#!<2&$&!2%!2K20/-A$!M!,2!6-F$Q!l9&/(,$&!
,8M!/*-&/2&!<$*!#$!]82!#2!<(&Jb!<2*$!,80>$!_%-,$!
]82! #$&! A(,$&! (! (<$M(*ka! B2&<8c&! ##2:(*$%! 6$&!
,$%F(&!]82!/*(4(F(%!2%!#(!-:#2&-(!^(!"&8%0-J%b!]82!
]826(!(!8%(!08(6*(!62!,-!0(&(a!9##(&!,2!>-0-2*$%!
#(&!08*(0-$%2&!>(&/(!]82!,2!]8-/(*$%!#$&!<8%/$&a!
L%:*2&c!(#!g$&<-/(#!'(%!G-02%/2!62!.(C#b!6$%62!
K82! /$6(! ,-! (/2%0-J%! ,c6-0(a! 7-! 6$0/$*! &2! ##(,(!
"*-2#!^J<2)a!p#!,2!>-)$!,80>(&!<*2:8%/(&!M!M$!#2!
6-F2Q! lB$0/$*b! M$! /2%:$! ]82! 0$%K$*,(*,2! 0$%! ,-!
%82A(!&-/8(0-J%!<$*]82!2&/$!M(!2&!62!<$*!A-6(b!,-!
<-2!%$!A(!(!A$#A2*b!2%/$%02&!M$!,2!>-02!(!#(!-62(!
62! ]82! %$! ,2! <(&J! %(6(a! ;2%:$! ]82! 20>(*! <(*(!
(62#(%/2ka!p#!&2!<8&$!,8M!0$%/2%/$!0$%!#$!]82!#2!
6-F2b! 2%/$%02&! ,2! ,(%6J! ,-&! <*-,2*(&! /2*(<-(&b!
2%!/$/(#!K82*$%!A2-%/2a!B2&<8c&!62!]82!,2!##2:J!#(!
<*J/2&-&b!,2!,(%6J!$/*(&!A2-%/2!/2*(<-(&a!;(,4-c%!
2&/8A2!6$%62!#(!&-0J#$:(b!<2*$!M$!/2*,-%c!6_%6$#2!
0#(&2&m!&(4D(!]82!#(!A-6(!&2:8D(!M!/2%D(!]82!&(#-*!
(62#(%/2! 0$%! ,-! K(,-#-(! ]82! 0(6(! A2)! 2*(! ,_&!
:*(%62b!<82&!8%!(`$!M!,26-$!62&<8c&!62#!(00-62%X
/2!%(0-J!,-!>-F$!+8(%!B(A-6a!
n$!2&/(4(!(0$&/8,4*(6$!(!#$&!/*(4(F$&!KD&-0$&!
M! &(4D(! ]82! 62&<8c&! 62#! (00-62%/2! %$! ,2! <$6D(!
626-0(*!(!2&$m!<2%&c!2%!0$%&2:8-*!8%!/*(4(F$!2%!#(!
0-86(6!]82!&2!(F8&/(*(!(!,-&!0$%6-0-$%2&a!
3$%! #(! (M86(! 62! "00-J%! &$0-(#! M! 62! #(! 3*8)!
E$F(!L%/2*%(0-$%(#!,2!K8-!&$&/2%-2%6$!M!,$%/c!2%!
8%! #$0(#0-/$! 8%! %2:$0-$! 62! ADA2*2&! M! 62! A2%/(! 62!

D?

DA

DB

30.2#'*"+,'&-.'($#(#')&'!"#$%&

,-%8/$&a! 9,<20c! 0$%! 08(/*$0-2%/$&! ,-#! <2&$&! M!


<$0$!(!<$0$!#2!K8-!,2/-2%6$!,_&!<#(/(a!3$%!#$!]82!
:(%$!2%!2#!%2:$0-$!<(:$!2#!(**-2%6$b!#$&!&2*A-0-$&!
M!#(!0$,-6(a!
t8-2*$!#80>(*!<$*!,-!K(,-#-(a!7-!<(<_!%$!%$&!
<86$! 6(*! 2&/86-$! <$*! K(#/(! 62! *208*&$&b! <2*$! M$!
A$M! (! /*(4(F(*! <(*(! &(0(*! (! ,-&! >-F$&! (62#(%/2b!
<$*]82!2#!2&/86-$!2&!2#!,2F$*!*2:(#$!]82!8%!<(6*2!
#2&!<8262!6(*!(!&8&!>-F$&a
B2&<8c&!62!/*2&!(`$&b!*2:*2&c!(!,-!K-%0(a!3$:D!
#(! *8#(! <(*(! #-,<-(*! #(! /-2**(! M! &-2,<*2! &2! ,2!
(,<$##(*$%! #(&! ,(%$&a! 9&2! 6D(! &$#$! /*(4(Fc! 8%(!
>$*(!M!,26-(!<$*]82!,2!0(D!M!,2!6-$!,-26$!#(&/-X
,(*,2!2#!,8`J%a!9&/$M!2&<2*(%6$!]82!,2!62%!#$!
]82!,2!0$**2&<$%62!<$*!#(!K-%0(b!<82&!<$*!(>D!A(!(!
<(&(*!#(!*2<*2&(!.$*02!LGa!38(%6$!2&$!&8026(b!&J#$!
A$#A2*c!(!*20$:2*!,-&!<(&$&a!

J"1K(0$&'2#'I.'&.2&$"#70

:I7#."0

DC

38(%6$! 98:2%-$! /$,J! 8%! #_<-)! M! 8%! <(<2#!


<(*(!2&0*-4-*!#(!>-&/$*-(!62!&8!A-6(b!&2!<*$<8&$!
*2/*(/(*&2!/(#!M!0$,$!2&Q!8%!>$,4*2!2,<*2%X
626$*b!(#2:*2!M!(A2%/8*2*$a!3$%!,80>$!08-6(X
6$!/*()J!0(6(!<(#(4*(!M!2%!#(&!<_:-%(&!62!&8!
08(62*%$!*2:-&/*J!#(&!K20>(&!62!&8&!A-(F2&b!#$&!
#8:(*2&!]82!0$%$0-Jb!#(&!,8F2*2&!]82!2%(,$*J!
M!2#!$*$!]82!48&0J!2%!#(&!(:8(&!62#!*D$!.$*02a
.2*$! &8&! (%c06$/(&! %$! &$#$! >(4#(%! 62!
(#2:*D(&! M! <(**(%6(&a! "! &8&! 08(*2%/(! (`$&!
<-&J! 8%(! ,-%(! (%/-<2*&$%(! 2%! #(&! /-2**(&!
]82! /(%/$! 0$%$0D(! M! ]82! <$*! ,80>$&! (`$&! #2!
6-2*$%! 2#! &8&/2%/$! 62! &8! K(,-#-(a! '-%! &8! <-2*X
%(!-)]8-2*6(b!/8A$!]82!62F(*!#(!<*$K2&-J%!]82!
(<*2%6-J!62&62!%-`$a!^(!,-%2*D(!]826J!(/*_&!M!
2#!62&/-%$!#2!&2`(#J!8%(!%82A(!A-6(!F8%/$!(!&8!
2&<$&(!M!(!&8&!>-F$&!2%!#(!0-86(6a
"!<2&(*!62!#$&!/*$<-2)$&b!#(!>-&/$*-(!62!2&/2!
0>$0$(%$! %$! /-2%2! 8%! K-%(#! (,(*:$a! ">$*(!
98:2%-$!*20$**2!0$%!&8!<*J/2&-&!#(&!0(##2&!62!
7262##D%b!##2A(!(!&8!>-F(!(!#(!2&082#(!M!(&-&/2!(!
08*&$&!62!(6,-%-&/*(0-J%!M!62!2,<*2%6-,-2%X
/$a!'(42!]82!%$!<862!K#(]82(*b!<82&!]8-2*2!]82!
#$&!&8M$&!&(#:(%!(62#(%/2!M!&2(%!$</-,-&/(&!M!
#80>(6$*2&!0$,$!c#a

N&'#+*#$&.O&'2#')0+'
!#$F&."10+'P+I7&
/$"+1"&.'/&F")0'P+I7&'Q''
R!0.':)S".'P+I7&'T'U(1&V"0'P+I7&
;")$&)'%/;'2)+,
-! %$,4*2! 2&! 3*-&/-(%! 3(,-#$! =&8:(b!
/2%:$! TW! (`$&a! n$! %(0D! 2%! 3(`(&:$*6(&!
F8%/$! 0$%! ,-&! >2*,(%$&! @0/(A-$b! +>$%! 9#?-%b!
+>$%(/(%!"*#2Mb!g2*%(%6$b!12A(*6$!M!,-!>2*,(%(!
7(:6(#2%(m!,-2%/*(&!]82!+8(%!.(4#$!M!"#2N(%62*!
%(0-2*$%!2%!^(!\%-J%a!
1$&$/*$&!A-AD(,$&!2%!#(!K-%0(!^(!.2<-%2*(b!2%!
#(! A2*26(! 9#! 3(*6(#! 62#! ,8%-0-<-$! 62! ^(! \%-J%a!
^(! K-%0(! #(! 0$,<*J! <(<_! 2%! 2#! (`$! 62! TUUqb! <2*$!
2&/(4(!2%!<8*$!,$%/2!M!%$!/2%D(!0(&(m!<(<_!<*$%/$!
#2!>-)$!8%(!0(&(!M!#2!(**(%0J!/$6$!2#!,$%/2!<(*(!
&2,4*(*!<(<(a!^(!0(&(!2*(!:*(%62b!2&/(4(!<-%/(6(!
62! ()8#b! /2%D(! /*2&! <-2)(&b! 0$0-%(b! M! 8%! 0$**26$*a!
38(%6$!<(<_!/2*,-%J!62!(**2:#(*!#(!K-%0(b!0$%&2X
:8-,$&!8%(&!:(##-%(&a!
"%/2&! M$! /*(4(F(4(! &2,4*(%6$! M! *20$:-2%6$!
K*DF$#!$!(**-(%6$!0(4(##$&!]82!2&/(4(%!0(*:(6$&!62!
<(<(a!.$*!2&$!,2!<(:(4(%!08(/*$!,-#!<2&$&!(#!6D(a!
72!<8&2!(!(>$**(*!M!0$%!#$!]82!*20$:D!68*(%/2!8%!

L#8&/*(0-J%!<$*!+>$%!9#?-%!=&8:(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N&'#+*#$&.O&'2#')0+'!#$F&."10+'P+I7&

,2&! 0$,<*c! 8%(! A(0(! <$*! $0>2%/(! ,-#! <2&$&a! 7-!


<(<_!K82!<$*!2##(!(!#(!K2*-(!2%!2#!,8%-0-<-$!62!^(!
32F(!2%!2#!(`$!RSSRa!;(,4-c%!0$,<*J!:(%(6$!<(*(!
c#b! <2*$! (#! /-2,<$! &2! #2! ,8*-Ja! g-0-,$&! 8%(! *-K(!
<(*(! ]82! %$! <2*6-2*(! /(%/(! <#(/(b! <2*$! %$! #$:*(X
,$&!,80>$a!
7-!A(0(!&2!##(,(4(!9&<2*(%)(!M!/$6$&!#(!08-6_X
4(,$&! ,80>$! <$*]82! #(! /2%D(,$&! 62&62! #$&! /*2&!
6D(&!62!%(0-6(b!#(!0$%&2%/D(,$&!/(%/$!]82!08(%6$!
2,<2)(4(!(!##$A2*!&(#D(!0$**-2%6$!(!2&0(,<(*!2%!
#(!0(&(a!9&!/(%!0(%&$%(!]82!8%!6D(!(!#(&!6$02!62!#(!
%$0>2!&2!2%/*J!(!#(!<-2)(!M!&2!<(*J!2%!#(!0(4202*(!
62!#(!0(,(!62!8%$!62!,-&!>2*,(%$&a!^$!482%$!2&!
]82!/$6$&!#$&!6D(&!#2!&(0(,$&!6$02!#-/*$&!62!#20>2m!
M!2&!,8M!,(%&-/-0(b!-%0#8&$!08(%6$!0*D(a!^$&!6$&!
/2*%2*$&!]82!>(!/2%-6$!&2!A2%6-2*$%b!8%$!2%!/*2-%X
/(!,-#!M!$/*$!2%!&2&2%/(!,-#!<2&$&b!M!0$%!2&(!<#(/(!
#2!0$,<*c!08-6$!M!,2#(&(a!

#2!(M86_4(,$&!(!c#!2%!#$&!&2,4*(6$&!62!<(<(Q!<*-,2X
*$! *$,<D(,$&! #(! /-2**(b! #(! 08*_4(,$&b! M! #82:$! &2!
*2:(4(!#(!&2,-##(m!62&<8c&!&2!/(<(4(b!&2!(4$%(4(!M!
&2! 4(`(4(! 0$%! A2%2%$&! M! ]8D,-0$&! <(*(! ]82! %$! &2!
6(`(*(!2#!<*$680/$!%-!#2!0(M2*(%!<#(:(&a!38(%6$!#(!
(**(%0_4(,$&!&2!A2%6D(!2%!#(!<#()(!62#!<824#$a
9%! TUUU! %$&! A-%-,$&! <(*(! 7262##D%b! <$*]82!
<(<_!/2%D(!8%(!C#02*(!M!%$!<$6D(!/*(4(F(*!<$*]82!
2&/(4(! ,8M! 2%K2*,$b! 2%/$%02&! /2%D(! 8%(! /-2%6-X
/(!<$*!2#!4(**-$!.(*D&b!<2*$!&$#$!#2!62FJ!<c*6-6(&a!
p#! &2! (48**-J! M! %$&! A$#A-,$&! (! '(%! .(&08(#b! 2%!
3(`(&:$*6(&b! 6$%62! A-AD(! ,-! (482#(a! ^82:$! 62!
8%!/-2,<$!2%!#(!0(&(!62!,-!(482#(!A$#A-,$&!(!^(!
\%-J%! ,-! <(<_! M! #$&! 08(/*$! >2*,(%$&! ,(M$*2&b!
M! ,-! ,(,_! M! #$&! $/*$&! >2*,(%$&! ##2:(*$%! (! #$&!
08(/*$!,2&2&a!"##Db!,-!<(<_!2,<2)J!(!/*(4(F(*!2%!
8%(!K-%0(!02*0(!62!#(!2&082#(a!
B2&<8c&b!2%!2#!RSSRb!&2!0$,2%)J!(!0$,<#-0(*!
#(!&-/8(0-J%!0$%!#$&!:*8<$&!(*,(6$&!M!#$&!A20-%$&!
0$,2%)(*$%! (! 62&<#()(*&2a! 9%/$%02&! %$&! K8-,$&!
<(*(! 3(`(&:$*6(&! $/*(! A2)a! "##D! #(&! 0$&(&! 2*(%!
6-K2*2%/2&!<$*]82!,-!<(<_!%$!0$%/(4(!0$%!#$!,-&,$!
]82! /2%D(,$&! 2%! ^(! \%-J%a! 1$&! /$0J! <(&(*! <$*!
0$&(&!,8M!68*(&b!<$*]82!%$!/2%D(,$&!#$!&8K-0-2%/2!
<(*(!A-A-*!2%!482%!,$6$b!<2*$!0$%!#(!(M86(!62!,-&!
(482#$&! +$&c! 5J,2)! M! 7(*D(! B$#$*2&b! #$:*(,$&!
&(#-*!(62#(%/2!,-2%/*(&!,-!<(<_!A$#A-J!(!&2,4*(*!
M!&2!*208<2*J!20$%J,-0(,2%/2a!9%/$%02&!<86-,$&!
A$#A2*!(!^(!\%-J%a!

D=

Q9,%/.+T)%
7-!<(<_!2*(!62!#(!A2*26(!3(&/-##(#!M!,-!,(,_!
62! '(%! .(&08(#b! 2%! 3(`(&:$*6(&a! 9##(! /*(4(F(4(!
2%! 8%! /2#cK$%$! ]82! >(4D(! 2%! 2#! 0$**2:-,-2%/$a! \%!
6D(!8%!(,-:$!#2!6-F$!(!<(<_!]82!#2!##2A(*(!&(#86$&!
(!,(,_!M!2%/$%02&!2,<2)(*$%!(!>(4#(*!>(&/(!]82!
&2! 0(&(*$%b! 08(%6$! c#! /2%D(! 6-20-%82A2! (`$&! M! ,-!
,(,_!6-20-$0>$a!
.(<_! ,(%/2%D(! 2%! #(! K-%0(! &2,4*(6$&! 62! K*-F$#b!
(#A2*F(b!#2:8,4*2&!M!>$*/(#-)(&a!1$&$/*$&b!#$&!,(M$*2&b!

D>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N&'#+*#$&.O&'2#')0+'!#$F&."10+'P+I7&

U(&'L),
.2*$! #(! &-/8(0-J%! 0$%! #$&! :*8<$&! (*,(6$&!
0$%/-%8J! 0$,<#-0_%6$&2a! 3$,$! %$&$/*$&! 2&/_4(X
,$&!<2]82`$&b!2#!<_%-0$!%$&!(:$4-(4(!,80>$a!.$*!
(##_b! 2#! ]82! #2! 6(4(! 0$,-6(! (! #(! :82**-##(! $! (! #$&!
<(*(&!2&/(4(!,82*/$a!9*(!,8M!68*$!<$*]82!>(4D(!
2%K*2%/(,-2%/$&!M!%$&$/*$&!2%!,26-$!62#!K82:$a!
^$&! >2#-0J</2*$&! <(&(4(%! <$*! (**-4(! 62! #(!
0(&(! 0>$**2(%6$! 4(#(&! M! (! %$&$/*$&! %$&! :8&/(4(!
A2*!2&$a!\%!6D(!(!#(&!$%02!62!#(!,(`(%(!2&/(4(!,-!
>2*,(%(!>(0-2%6$!2#!(#,82*)$!M!3*-&/-(%!F8:(%6$!
4$#(&! 2%! 2#! <(/-$b! M! &2! &-%/-J! 8%! *8-6$! 68*$! M! 8%!
/-*$/2$!(4(F-/$!62!#(!0(&(a!B-02%!]82!K82*$%!&$#6(X
6$&!]82!]826(*$%!2%!8%(!,-%(b!M!#$&!>2#-0J</2*$&!
K82*$%! <$*! 2##$&a! 3$,$! /2%D(,$&! /(%/$! ,-26$! #2!
4(F(,$&!2#!(#,82*)$!(!,-!<(<_!,8M!*_<-6$b!/(%/$!
]82!#(&!(#A2*F(&!]826(*$%!0*86(&a!
3$%! /$6$! 2&$b! 2%! 8%! (`$! *20$**-,$&! 08(/*$!
0(&(&a! 7-! <(<_! &-%! &(42*! ]8c! >(02*b! <$*! C#/-,$!
/$,J!#(!620-&-J%!62!-*%$&!<(*(!8%(!0(&(!]82!%$&!
<*2&/J!8%!&2`$*!02*0(!(!#(!0(**2/2*(!]82!A(!<(*(!
'$%&J%a! .2*$! (! #$&! 6$&! ,2&2&! %$&! /$0J! &(#-*%$&!
<(*(! $/*(! 0(&(b! <$*]82! (! 0(6(! *(/$! ]826_4(,$&!
2%!,26-$!62!#$&!2%K*2%/(,-2%/$&!2%/*2!:82**-##(!M!
#$&!<(*(,-#-/(*2&a!
n(! 2%! 2#! RSSYb! <(<_b! &-%! &(42*! ]8c! >(02*b!
<$*]82! #$&! <(*(,-#-/(*2&! %$! %$&! 62F(4(%b! /$,J!
#(! 620-&-J%! 62! A2%-*&2! <(*(! 7262##D%! M! &2! <8&$! (!
/*(4(F(*! 2%! A-:-#(%0-(! <(*(! ,(%6(*%$&! #(! <#(/(!
<(*(!2#!,2*0(6$a!

38(%6$! A-(FJ! &2! &-%/-J! 2#! A(0D$! 2%! #(! 0(&(b!


<$*]82! M(! %$! 2&/_4(,$&! /(%! /*(%]8-#$&! M! %$!
&2%/D(,$&! #(! <*$/200-J%! 62! (#:8-2%! ]82! &-2,<*2!
2&/8A$!<*$/2:-c%6$%$&a!1$&!&2%/-,$&!/*-&/2&b!<2*$!
/(,4-c%! &(4D(,$&! ]82! 2*(! (#:$! ]82! %$&! &2*A-*D(! (!
/$6$&!<$*]82!0$%/(*D(,$&!0$%!8%(!,2F$*!20$%$,D(a!

E@

E<

;")$&)'%/;'2)+,
\%!6D(!/2%D(,$&!(!9&<2*(%)(!(>D!6$%62!A-AD(X
,$&!2%!#(!$*-##(!62!#(!0(**2/2*(b!<2*$!0$,$!2#!0$**(#!
2*(! <2]82`$! &2! #2! (0(4J! 2#! <(&/$a! ^$&! ,(M$*2&! #2!
6-F-,$&!(!,-!,(,_!]82!D4(,$&!(!&84-*!#(!A(0(!(!#(!
K-%0(b!<82&!M(!/$6$!2&/(4(!,8M!0(#,(6$a!
7-!,(,_!##(,J!(!<(<_!(!7262##D%!<(*(!620-*X
#2! ]82! <2%&_4(,$&! &84-*! #(!A(0(!(!#(!K-%0(b!<2*$!
<(<_!#2!*2&<$%6-J!]82!2&$!&-2,<*2!2&/(4(!,(#80$!
0$%!#(&!,-%(&!(%/-<2*&$%(&b!<2*$!62!/$6(&!,(%2X
*(&!]82!&84-c*(,$&b!]82!-,<$&-4#2!]82!%$&!<(&(*(!
(#:$a! 1$&$/*$&! &(4D(,$&! ]82! >(4D(! ,-%(&b! <2*$!
,_&!*2/-*(6(&!62!#(!K-%0(b!%$!##2:(,$&!(!$D*!(#:C%!
0(&$!02*0(!62!#(!A2*26(b!<$*!2&$!K82!]82!&84D(,$&!
/(%!/*(%]8-#$&a!
9%/$%02&! 2#! &_4(6$! Y! 62! (:$&/$! 62#! RSSqb!
+>$%(/(%! "*#2Mb! (#! ]82! #2! 620-,$&! l9#! 3>-]8-k!
<$*]82!2&!,8M!0>-]8-/$b!+$>%!9#?-%b!@0/(A-$!M!M$!
%$&!K8-,$&!(!##2A(*!#(!A(0(!(!#(!K-%0(a!38(%6$!%$&!
D4(,$&!(!-*b!M$!,(%6c!(!@0/(A-$!M!(!+>$%!(!<*2&/(*!
8%!0(4(##$!6$%62!6$%!g8,42*/$b!8%!0$,<(6*2!62!
<(<_!]82!A-AD(!(!]8-%02!,-%8/$&!62!#(!0(&(b!02*0(!62!
#(!0(**2/2*(b!<2*$!c#!%$!%$&!#$!<86$!<*2&/(*!<$*]82!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N&'#+*#$&.O&'2#')0+'!#$F&."10+'P+I7&

#$!%202&-/(4(!<(*(!,$A2*!(4$%$!(!8%$&!<$/*2*$&b!
2%/$%02&!%$&!K8-,$&!(!<-2a!9&2!6D(!/2%D(,$&!4$/(&!
##(%2*(&b!]82!&$%!4$/(&!(#/(&!M!,8M!482%(&!<$*]82!
#2!084*2%!(!8%$!>(&/(!#(!*$6-##(b!/(,4-c%!/2%D(,$&!
&86(62*(&!M!&$,4*2*$&!62!/2#(b!62!8%$&!]82!/-2%2%!
8%(!/-*-/(a!
38(%6$! D4(,$&! 2%! 2#! 0(,-%$b! %$&! 2%0$%/*(X
,$&!0$%!EJ4-%&$%!M!9#?-%b!8%$&!(,-:$&!]82!0$%$X
0-,$&!08(%6$!A-AD(,$&!2%!#(!K-%0(b!<$*]82!08(%6$!
4(F_4(,$&! (! 2&/86-(*! 62! (**-4(! 62! #(! K-%0(b! %$&!
/$0(4(!<(&(*!<$*!8%!#(6$!62!#(!0(&(!62!2##$&!M!<$*!
2&$!c*(,$&!/(%!482%$&!(,-:$&a!9##$&!/*(4(F(4(%!
&2,4*(%6$!<(<(!0$%!2#!<(<_!62!2##$&a!^$&!0$%A-6(X
,$&!(!##2A(*!#(!A(0(!(!#(!K-%0(b!<2*$!6-F2*$%!]82!%$!
<$6D(%! <$*]82! #2&! /$0(4(! 0(*:(*! #2`(a! 9%/$%02&!
%$&$/*$&!%$&!&2:8-,$&!&$#$&a
38(%6$! &84-,$&b! %$! 2%0$%/*(,$&! 2#! :(%(X
6$! 62! $/*$! &2`$*a! 7(%/2%D(,$&! 2#! :(%(6$! F8%/$!
<$*]82! #(! K-%0(! 62! 2&2! &2`$*! ]826(4(! <2:(6(! (!
#(! 62! %$&$/*$&b! M! 08(%6$! &2! (0(4(4(! 2#! <(&/$! 2%!
8%(! K-%0(b! <(&_4(,$&! 2#! :(%(6$! <(*(! #(! $/*(m! M!
/(,4-c%! #$! ,(%/2%D(,$&! F8%/$! <$*]82! &-! 62F_4(X
,$&!(!9&<2*(%)(!&$#(!&2!(48**D(!M!&2!-4(!<(*(!#(!
0(&(a!1$&$/*$&!2,<2)(,$&!(!48&0(*!#(&!A(0(&!62#!
&2`$*!<2*$!%$!#(&!2%0$%/*(,$&a!
g(4D(!8%(!0(&(!,_&!(**-4(!62!#(!K-%0(!62!%$&$X
/*$&b!2*(!8%(!0(&(!:*(%62!<2*$!2&/(4(!2%*(&/*$F(X
6(b!%$!/2%D(!A2%/(%(&!M!2&/(4(!,8M!(4(%6$%(6(a!
n$!#2&!6-F2!(!,-&!/*2&!>2*,(%$&!]82!,2!2&<2*(*(%!
,-2%/*(&! M$! -4(! (! &$#/(*! #(! A(0(b! 2%/$%02&! +>$%!

9#?-%b! +>$%(/(%! M! @0/(A-$! &2! ]826(*$%! F8:(%6$!


,-2%/*(&!M$!-4(!(#!<$/*2*$a!
"! #$&! ]8-%02! ,-%8/$&! A$#AD! 6$%62! ,-&! /*2&!
>2*,(%$&a! n(! 2&/_4(,$&! #$&! 08(/*$! F8%/$&! M! %$&!
D4(,$&!(!-*!<(*(!#(!0(&(b!<2*$!8%!>2*,(%$!6-F$!]82!
&-:8-c*(,$&!48&0(%6$!2#!:(%(6$!62#!$/*$!&2`$*m!#2!
>-0-,$&! 0(&$! M! %$&! K8-,$&! (! 48&0(*#$! 62! #(! 0(&(!
<(*(! (**-4(b! M! ##2:(,$&! (! 8%! ,$**$! 62&62! 6$%62!
&2!A2D(%!8%(&!<-%2*(&!M!8%$&!,$%/2&!,8M!4$%-/$&m!
(>D!K82!08(%6$!8%$!62!,-&!>2*,(%$&!&2!&84-J!(!8%!
<(#$!<(*(!<$62*!6-A-&(*!,2F$*!#(&!,$%/(`(&!]82!&2!
A2D(%b!2#!<(#$!&2!]824*J!M!2N<#$/J!#(!,-%(a!
1$! &(42,$&! &-! %$&! <(*(,$&! 62#! &82#$! (>D!
,-&,$!$!(#!*(/$m!2#!0(&$!K82!]82!08(%6$!%$&!<(*(X
,$&! %$&! <*2:8%/(,$&! &-! 2&/_4(,$&! 4-2%! M! /$6$&!
<2%&_4(,$&! ]82! &Da! n$! #2&! 6-F2! (! ,-&! >2*,(%$&!
]82!%$&!K8c*(,$&!#-:2*$!<(*(!#(!0(&(a!1$&!62,$X
*_4(,$&!08(*2%/(!,-%8/$&!<(*(!4(F(*!(!#(!0(&(b!M!
2&2!6D(!2%!]8-%02!,-%8/$&!##2:(,$&a!9%!2#!0(,-%$b!
,-! >2*,(%$! @0/(A-$! 6-F$! ]82! #2! 2&/(4(! 6$#-2%6$!
8%(!,(%$b!&2!(#)J!#(!,(%:(!62!#(!0(,-&(!M!2&/(X
4(!>2*-6$a!9%/$%02&!+>$%!9#?-%!6-F$!]82!#2!2&/(4(!
6$#-2%6$! ,80>$! 8%(! <-2*%(b! <2*$! %$&$/*$&! %$! #2!
>(0D(,$&!0(&$!<$*]82!#(!&86(62*(!%$!2&/(4(!*$/(a!
.2*$!08(%6$!D4(,$&!##2:(%6$!(!#(!0(&(!&2!#2A(%/J!
#(!4$/(!62!#(!&86(62*(!M!2&/(4(!,8M!>2*-6$b!2%/$%X
02&!K8-,$&!(!#(!0(&(!M!#2!6-F-,$&!(!,-!,(,_!#$!]82!
>(4D(!<(&(6$a
7-!,(,_!&2!<8&$!(!##$*(*!F8%/$!0$%!,-!>2*,(X
%(!,(M$*!M!%$&!<*2:8%/(4(%!(!0(6(!8%$!]8c!%$&!

E?

EA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N&'#+*#$&.O&'2#')0+'!#$F&."10+'P+I7&

>(4D(! <(&(6$a! 9%/$%02&! ,-! >2*,(%(! 0$**-J! (!


0$%&2:8-*!8%!0(**$!<(*(!##2A(*%$&!(#!>$&<-/(#b!<2*$!
M$!%$!]8-&2!-*!<$*]82!%$!&2!,2!A2D(!%-%:8%(!>2*-6(a!

9%/$%02&!(#!$/*$!6D(!,-!>2*,(%(!,(6*8:J!0$%!
8%(! (,-:(! 62! 2##(! <(*(! #(! 4(&2! ,-#-/(*! (! A2*! ]8c!
*2&<82&/(! 6(4(%! #$&! &$#6(6$&b! M! 2##$&! #2! 6-F2*$%!
(! ,-! >2*,(%(! ]82! %$! <$6D(%! &84-*! <$*! #(! A(0(b!
<$*]82! %$! /2%D(%! 2#! ,(/2*-(#! &8K-0-2%/2b! M! ]82! &-!
%$&$/*$&!D4(,$&!(!&84-*!%$&!K8c*(,$&!2%!0(4(##$a!
.2*$! 0$,$! %$! 0$%&2:8-,$&! 0(4(##$b! 2%/$%02&! %$&!
/$0J!&84-*!(!<-2a!
3(,-#$!M!M$!&84-,$&!(!#(&!&2-&!62!#(!,(`(%(b!
/2%D(,$&!,80>$!,-26$!<2*$!%$&!/$0(4(!-*b!<$*]82!
&-!62F_4(,$&!#(!A(0(!&-%!$*62`(*!&2!2%K2*,(4(!M!
&2!,$*D(a!38(%6$!##2:(,$&!(!#(!K-%0(b!48&0(,$&!#(!
A(0(b!M!08(%6$!%$&!D4(,$&!(!62A$#A2*!%$&!2%0$%X
/*(,$&!$/*(!]82!/(,4-c%!&2!>(4D(!<(*(6$!2%!8%(!
,-%(!<$*]82!2&/(4(!##2%(!62!2&]8-*#(&a!^82:$!&8<-X
,$&!]82!2*(!8%!%$A-##$!62#!A20-%$b!]82!A(#D(!,80>(!
<#(/(m!(K$*/8%(6(,2%/2!2#!(%-,(#!&2!*208<2*Ja!1$&!
62A$#A-,$&!<$*!2#!,-&,$!0(,-%$b!M!#(!A(0(!#(!##2A_X
4(,$&!(62#(%/2!62!%$&$/*$&a

EB

Q9,%/.+T)%
7-!>2*,(%(!%$&!##2AJ!(#!>$&<-/(#b!]82!2&/(4(!(!
08(*2%/(!,-%8/$&!62!#(!0(&(a!1$&!-4(%!(!##2A(*!2%!
48&b!<2*$!8%!&2`$*!]82!&2!##(,(!;8#-$!%$&!##2AJ!2%!
2#!0(**$a
+>$%!9#?-%!/2%-(!,$*(6$&!M!l9#!3>-]8-kb!A-6*-$&!
2%!2#!<20>$a!9%!2#!>$&<-/(#!%$&!#(A(*$%!#(&!>2*-6(&!
M!%$&!<*2:8%/(*$%!]82!&-!%$&!6$#D(!(#:8%(!0$&(b!M!
(!+>$%(/(%!#2!<*2:8%/(*$%!]82!&-!A2D(!4-2%b!<$*]82!
(!c#!#2!>(4D(!<2:(6$!8%(!2&]8-*#(!2%!2#!$F$b!M!c#!6-F$!
]82!2&/(4(!4-2%a!B2&<8c&!%$&!A2%6(*$%!#(&!>2*-6(&!
M!%$&!K8-,$&!<(*(!#(!0(&(a!
38(%6$! A$#A-,$&! 62#! >$&<-/(#! 0$%! #(&! >2*-6(&!
/(<(6(&! M! 08*(6(&b! %$&! <*2:8%/(,$&! #$&! 8%$&! (!
#$&!$/*$&Q!lin!(>$*(!]8-c%!A(!(!&84-*!<$*!#(!A(0(jka!
.2*$! %-%:8%$! ]82*D(! A$#A2*! (! &84-*b! 2%/$%02&! <$*!
#(! %$0>2! -4(! 4(F(%6$! 8%(! /*$<(! 62! &$#6(6$&! M! ,-!
,(,_! M! ,-! >2*,(%(! &(#-2*$%! (! >(4#(*! 0$%! 2##$&!
<(*(!A2*!&-!<$6D(%!-*!<$*!#(!A(0(!(!#(!K-%0(a!9##$&!
<*2:8%/(*$%!]82!<$*!]8c!%$!D4(,$&!%$&$/*$&b!M!,-!
,(,_!#2&!0$%/J!#$!]82!<(&Ja!9##$&!6-F2*$%!]82!<26-X
*D(%! <2*,-&$! M! &2! &-:8-2*$%! <(*(! #(! 4(&2! ,-#-/(*b!
]82! ]826(4(! (! /*2&! ?-#J,2/*$&! 62! #(! 0(&(b! 2%! 8%!
,$**$!F8%/$!(#!0$**2:-,-2%/$!62!72&$<$/(,-(a!
38(%6$! ##(,(*$%! (! ,-! <(<_! (! 0$%/(*#2b! &2!
(&8&/J!,80>$b!<*2:8%/J!0J,$!2&/_4(,$&b!M!&-!%$&!
>(4D(%!##2A(6$!(#!>$&<-/(#a

EC

U(&'L),
.$*!#$&!(#*2626$*2&!$/*$!&2`$*!&2!<(*J!2%!$/*(!
,-%(! (#! ,(*/2&! &-:8-2%/2b! 08(%6$! 2&/(4(! 48&0(%X
6$! 2#! :(%(6$! 62#! A20-%$a! p#! ]826J! ,8M! >2*-6$b! #$!
<2%&(4(%!(,<8/(*!<2*$!(#!K-%(#!%$!K82!%202&(*-$a
^82:$! 62#! (00-62%/2! &2%/-,$&! ,80>$! ,-26$a!
"%/2&!c*(,$&!,8M!#-4*2&a!1$&!,(%/2%D(,$&!0()(%X
6$!:8**2&b!:8(:8(&b!08&8,4$&!M!0$%2F$&!62!,$%/2a!
;2%D(,$&! <2**$&! 0*-$##$&! ]82! &(4D(%! 0()(*b! %$&!
D4(,$&!(#!*D$!9#!3(*6(#!$!(#!*D$!^(!E84-2#(!(!<2&0(*!
0$%!(%)82#$&!$!0$%!0$&/(#2&!62!<(<_a!.2*$!M(!%$a!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N&'#+*#$&.O&'2#')0+'!#$F&."10+'P+I7&

'2:8-,$&! /*(4(F(%6$! 2%! $/*(&! K-%0(&b! &2,X


4*(%6$! M! (**(%0(%6$! <(<(a! 9&2! /*(4(F$! &-2,<*2!
2*(! 68*$b! <2*$! /(,4-c%! (M86_4(,$&! (! ,(,_! 2%!
#(&! (0/-A-6(62&! 62! #(! 0(&(a! 9&$! &$#$! #$! >(0D(,$&!
3*-&/-(%!3(,-#$!M!M$b!<$*]82!+>$%!9#?-%!M!+>$%(/(%!
&-:8-2*$%!2&/86-(%6$a!
B$%62!<(<_!/*(4(F(4(!0$,$!A-:-#(%/2b!8%!&2`$*!
#2! 6-F$! ]82! %$&$/*$&! /2%D(,$&! ,80>$&! 62*20>$&!
<$*!&2*!AD0/-,(&!62!,-%(&b!M!:*(0-(&!(!c#!K82!]82!
%$&! 6-,$&! 082%/(! 62! %82&/*$&! 62*20>$&a! \%! (`$!
M!,26-$!62&<8c&!62#!(00-62%/2b!3(,-#$!M!M$!/$,(X
,$&!#(!620-&-J%!62!A2%-*%$&!(!2&/86-(*!(!7262##D%a!
9#!6D(!]82!##2:(,$&!(!7262##D%b!2&2!,-&,$!6D(b!
%$&!/$0J!2&/86-(*a!^#2:(,$&!(#!0$#2:-$!8%!<$0$!(&8&X
/(6$&b!<2*$!62&<8c&!%$&!K8-,$&!(0$&/8,4*(%6$!%$!
&$#$!(#!0$#2:-$!&-%$!/(,4-c%!(#!0#-,(b!<$*]82!2%!^(!
\%-J%!2&!0#-,(!K*D$!M!2%!7262##D%!>(02!,80>$!0(#$*a!
^$&!]82!&2!]826(*$%!2%!^(!\%-J%!2&/86-(%!M!#2!
(M86(%!(!,(,_!0$%!#$&!62&/-%$&!62!#(!0(&(m!,-2%X
/*(&!]82!3(,-#$!M!M$b!(62,_&!62!2&/86-(*b!/*(4(F(X
,$&! 2%! 0$%K200-$%2&a! ^(&! ,_]8-%(&! #(&! /2%2,$&!
62&62!2#!RSSWa!^(&!0$,<*(,$&!0$%!#(!<#(/(!]82!%$&!
6-2*$%!<$*!&2*!AD0/-,(&!62!,-%(!(%/-<2*&$%(#a!9%!
2##(&!>(02,$&!0(,-&2/(&b!4JN2*!M!0(0>2/2*$&a!\%!
6D(! (! ,-! <(<_! &2! #2! $08**-J! <$%2*#2! %$,4*2! (! #(!
*$<(b!2%/$%02&!(>$*(!#2!/2%2,$&!8%(!,(*0(!]82!&2!
##(,(!=&8:(!M!g2*,(%$&a
G-A-,$&! 2%! O2##$! 2%! 2#! 4(**-$! 32%/*(#b! 2%! 8%!
(<(*/(,2%/$!<2]82`$!0$%!<(<_m!(!c#!#2!/$0(!,8M!
68*$a!B2!(**-2%6$!62!#(!0(&(!#2!/$0(!<(:(*!TUS!,-#!

<2&$&b!(62,_&!62#!,2*0(6$b!2#!2&/86-$!62!#$&!]82!
2&/(,$&!(]8D!2%!7262##D%b!M!/-2%2!]82!,(%6(*!<(*(!
#$&!:(&/$&!62!#$&!]82!2&/_%!2%!^(!\%-J%a!
;(,4-c%! %$&! /$0J! (0$&/8,4*(*%$&! (! 0$0-%(*!
/$6$&!#$&!6D(&!M!(!A-A-*!&-%!%82&/*(!,(6*2m!(8%]82!
%$&!>(02!,80>(!K(#/(b!M(!%$&!(0$&/8,4*(,$&!8%!
<$0$!(!A-A-*!&-%!2##(a!
"]8D! 2%! 7262##D%! >(M! ,_&! $<$*/8%-6(62&a!
9&/(,$&! 2%! $0/(A$! 2%! 2#! 3$#2:-$! +$*:2! 9#-c02*!
5(-/(%! 2%! #(! F$*%(6(! %$0/8*%(b! 2%! #(! ]82! &2! A2%!
6$&!%-A2#2&!<$*!(`$a!"!%$&$/*$&!#(!0-86(6!%$!%$&!
:8&/(! <(*(! A-A-*b! (! %$&$/*$&! %$&! :8&/(! ,_&! A-A-*!
<$*!(##_b!2%!2#!0(,<$a
18%0(!A$#A-,$&!(#!#8:(*!62#!(00-62%/2a!^(!0(&(!
2%!#(!]82!A-A-,$&!08(%6$!##2:(,$&!(!^(!\%-J%!M(!
%$! 2&/_a! ^(&! /2F(&! 2*(%! 62! )-%0! M! #(&! <(*262&! 62!
/(<-(b!M!0$%!2#!(4(%6$%$!M!#(!##8A-(!/2*,-%J!0(Mc%X
6$&2a!9&<2*(%)(!M(!/-2%2!&-2/2!(`$&b!2&!8%(!A(0(!
F$A2%a! g(02! &2-&! ,2&2&! /8A$! 8%(! /2*%2*-/(! ]82!
&2! ##(,(! 1-`(b! 620-6-,$&! ]826(*%$&! 0$%! 2##(! M!
08-6(*#(a!">$*(b!#(!,-/(6!62!#(!#20>2!62!9&<2*(%)(!
2&!<(*(!#(!1-`(a!

ED

EE

E=

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/$"+1"&.'/&F")0Q'R!0.':)S".'T'U(1&V"0

3*-&/-(%! 3(,-#$b! +>$%! 9#?-%b! @0/(A-$! M!


+>$%(/(%!"*#2M!&$%!08(/*$!62!#$&!%82A2!>-F$&!
62! 5#$*-(! 96-#,(! 5J2)! M! 12A(*6$! 62! +2&C&!
=&8:(a!
3$,$! 0$%&2082%0-(! 62#! 0$%K#-0/$! (*,(6$b!
>(%!/2%-6$!]82!/*(&#(6(*&2!62!8%!#8:(*!(!$/*$!
48&0(%6$! 2#! 4-2%2&/(*! M! #(! /*(%]8-#-6(6! <(*(!
&8&!A-6(&a!9%!6-&/-%/(&!$0(&-$%2&!>(%!]826(6$!
2%!,26-$!62#!K82:$!62!#$&!:*8<$&!(*,(6$&m!M!
2%! 2#! RSSqb! ,-2%/*(&! 48&0(4(%! (! 9&<2*(%)(b!
#(!A(0(!]82!0$,<*J!3*-&/-(%!3(,-#$b!&8K*-2*$%!
8%! (00-62%/2! 0$%! 8%(! ,-%(! (%/-<2*&$%(#! ]82!
62!,-#(:*$!%$!#2&!]8-/J!#(!A-6(a!
38(%6$!#$&!>20>$&!$08**-2*$%b!A-AD(%!2%!#(!
A2*26(!9#!3(*6(#!2%!2#!,8%-0-<-$!62!^(!\%-J%a!
">$*(b!@0/(A-$!M!3*-&/-(%!3(,-#$!A-A2%!0$%!&8!

N&'#+*#$&.O&'2#')0+'!#$F&."10+'P+I7&

E>

<(6*2!2%!O2##$a!"##Db!2%!&8!0(&(b!#$&!6$&!>2*,(X
%$&!/-2%2%!,_]8-%(&!<(*(!0$%K200-$%2&!2%!#(&!
]82! >(02%! 0(,-&2/(&b! 0(#)$%0-##$&! M! 0(0>2/2X
*$&m!M!2%!#(&!%$0>2&!(&-&/2%!(!8%!0$#2:-$!2%!2#!
]82!2&/_%!A(#-6(%6$!&8!4(0>-##2*(/$b!,-2%/*(&!
&8! <(<_! /*(4(F(! 0$,$! A-:-#(%/2! <(*(! <$62*!
&$&/2%2*!#(!0(&(!2%!#(!]82!>(4-/(!0$%!&8&!>-F$&!
,(M$*2&!M!#(!K-%0(!2%!#(!]82!A-A2%!&8!2&<$&(!M!
2#!*2&/$!62!&8&!>-F$&a!
9#! *2#(/$! 62! #$&! >2*,(%$&! =&8:(! 2&! 8%(!
>-&/$*-(! 62! 2&<2*(%)(! ]82! %$&! 0$%K*$%/(! 0$%!
#(! *2(#-6(6! ]82! A-A2%! (! 6-(*-$! ,-#2&! 62! %-`$&!
0(,<2&-%$&!2%!3$#$,4-(m!2&!#(!>-&/$*-(!62!8%$&!
F$A2%0-/$&!/D,-6$&b!]82!6-&K*8/(%!62#!0(,<$b!#(!
%(/8*(#2)(b!#$&!08#/-A$&!62!>$*/(#-)(&b!2#!08-6(X
6$!62#!:(%(6$b!M!&$4*2!/$6$b!62!A-A-*!0(6(!6D(!
0$,$!&-!%$!>84-2*(!8%!,(`(%(a

/0.')0+'0W0+'2#)'&)F&
3"0F#2#+'U+0$"0

L#8&/*(0-J%!<$*!B-$,262&!@&$*-$b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

-!%-`2)!K82!/*(4(F$!M!2&/86-$!>(&/(!#$&!$%02!
(`$&b! 08(%6$! <$*! #(! K82*/2! 0(*:(! #(4$*(#!
/8A2! ]82! *2/-*(*,2! 62! #(! 2&082#(a! 9%! 2&(! ,-&,(!
c<$0(!,2!K8-!62!#(!0(&(!2%!#(!]82!A-AD(!0$%!,-!,(,_b!
,-&! >2*,(%$&! M! ,-! <(6*(&/*$a! 9&/(4(! (48**-6$b!
&2%/D(!]82!<$*!&2*!2#!,(M$*!62!#(!0(&(!/2%D(!]82!6(*!
,_&a!.2*$!,2!2N-:D(%!,_&!62!#$!]82!<$6D(a!9&/(4(!
<*2&-$%(6$a!;$6$!2&/$!&8026D(!2%!8%(!A2*26(!<2]82X
`(!62!8%!,8%-0-<-$!62!"%/-$]8-(a!t8-2%2&!A-AD(,$&!
(##D!08#/-A_4(,$&!2%!%82&/*(&!K-%0(&!<2]82`(&Q!0(Kcb!
,(D)!M!K*DF$#m!/(,4-c%!>(4D(!:(%(6$a!
"#!&(#-*!62!,-!0(&(b!0$%&0-2%/2!62!]82!2&/(4(!
2%0(,-%_%6$,2! 2%! 8%(! (A2%/8*(! <(*(! 2N<#$*(*!
,26-$&! 6-&/-%/$&! <(*(! &(#-*! (62#(%/2b! ##2:8c! (! #(!
K-%(!62!8%$&!(,-:$&a!t826(4(!(!,26-(!>$*(!62!#(!
0(&(! 62! ,-&! <(6*2&a! 9*(! 8%! #8:(*! 2%! 8%! /2**2%$!
K(#686$b! *$62(6$! 62! 0(`(6(&! M! ,80>$&! _*4$#2&!
0$,$! %(*(%F$&b! 026*$&! M! $/*$&a! "##D! 2&/8A2! >(&/(!
#$&!6-20-&-2/2!(`$&b!##2A(%6$!#(!#20>2!(!#(!0(**2/2X
*(b!*20$:-2%6$!2#!:(%(6$b!,(6*8:(%6$!(!$*62`(*b!
<-0(%6$!08-6$!<(*(!#(&!A(0(&b!2**(%6$!#(&!42&/-(&b!
(**2:#(%6$!2#!(#(,4*(6$!62!#$&!<$/*2*$&!M!>(0-2%X
6$!,80>(&!0$&(&!,_&a!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

n$! 2*(! 8%! A82#/2*$a! G82#/2*$! 2&! (#:8-2%! ]82!


/-2%2%!2%!8%(!K-%0(!6$%62!%202&-/(%!>(02*!,80>(&!
A82#/(&Q!]82!A(M(!*20$F(!2#!:(%(6$b!]82!A(M(!*20$X
F(! #$&! /2*%2*$&b! ,80>(! 0$&(a! 1$! /2%D(! ]82! 62<2%X
62*!62!,-&!<(6*2&b!,2!62,$&/*c!]82!2*(!0(<()!62!
0$%&2:8-*! <$*! ,-! 082%/(! #(&! 0$&(&! ]82! %202&-/(X
4(a! B2&<8c&! 62! 2&/(! 2N<2*-2%0-(b! &-2%6$! 8%! <$0$!
,(M$*b!620-6D!A$#A2*!(!,-!0(&(!2&<2*(%6$!2%0$%/*(*!
8%! (,4-2%/2! 6-&/-%/$a! ^(&! 0$&(&! ,(*0>(4(%! 4-2%a!
72! 2%/2%6D(! 0$%! ,-! <(6*(&/*$! M! ,-&! >2*,(%$&b! M!
/*(4(F_4(,$&!F8%/$&a!n(!%$!>(4D(!(8/$*-/(*-&,$a!B2!
#8%2&! (! &_4(6$! ,(6*8:_4(,$&! <(*(! -*! (! /*(4(F(*!
#(! /-2**(b! &2,4*(%6$! ,(D)b! K*DF$#b! /$,(/2b! 024$##(b!
0(Kcb!0(0($b!<#_/(%$b!2%/*2!$/*$&!<*$680/$&!(:*D0$X
#(&b!>(&/(!#(&!08(/*$!62!#(!/(*62!$!6$%62!%$&!6-2*(%!
8%(!$!6$&!>$*(&!62!/*(4(F$b!,-2%/*(&!&(#D(!2#!08#/-A$!
<(*(!0$%&2:8-*!#(!0$,-6(!M!##2A(*#(!(!#(!0(&(a!
"#!,-&,$!/-2,<$!2,<20c!(!&(#-*!M!(!0$%$02*a!
72! -4(! 62! <(&2$! 0$%! ,-&! (,-:$&! (! #(&! A2*26(&!
(#26(`(&a! 72! :8&/(4(%! #(&! K-2&/(&! M! 2#! KC/4$#a! 9%!
2#! 0(,<$! %8%0(! K(#/(! 2#! /*(4(F$b! <2*$! &_4(6$! $!
6$,-%:$!08(%6$!8%$!#$!&(0(4(!<(*(!62&0(%&(*!%$&!
D4(,$&!(!4(`(*%$&!(!#$&!0>(*0$&a!H82!8%(!c<$0(!
6$%62! A-AD! 0$&(&! >2*,$&(&a! .2*$! <$*! $/*$! #(6$b!
#(&!0$&(&!0(,4-(*$%a!^(!-%62<2%62%0-(!]82!>(4D(!
:(%(6$!2%!,-!A-6(!K(,-#-(*!K82!<2*/8*4(6(!<$*!8%(!
K82*)(!,(M$*!%$!&$#$!<(*(!,D!&-%$!<(*(!/$6$&!#$&!
0(,<2&-%$&a!'2!/*(/(4(!62!#$&!:*8<$&!(*,(6$&a!
9*(! 8%(! <*2&-J%! -%,2%&(! <(*(! /$6$&a! 9##$&!
]82*D(%!(682`(*&2!62#!/2**-/$*-$b!M!2&(!2*(!&8!<2#2(a!

;(%/$!#(!:82**-##(!0$,$!#$&!<(*(,-#-/(*2&!(,2%()(X
4(%!(!#$&!0(,<2&-%$&a!1(6-2!<$6D(!(%6(*!/*(%]8-#$a!
9#!0(,<2&-%$!2*(!(&2&-%(6$!&-%!&(42*!&-]8-2*(!<$*!
]8ca!'$4*2A-A-*!2*(!8%!*2/$a!1$&$/*$&!#$&!0(,<2&-X
%$&!%$!/2%D(,$&!/*(%]8-#-6(6!<(*(!%(6(a!
.(*(!8%$!62&<#()(*&2!(#!<824#$!(!,2*0(*!>(4D(!
>(&/(! 6$&! $! /*2&! *2/2%2&! 62! 6-K2*2%/2&! :*8<$&!
(*,(6$&a!\%$!<2*,(%20D(!(&8&/(6$!2%!2#!<824#$!
<$*]82!>(M!0$&(&!62!#(&!]82!8%$!K82!/2&/-:$a!\%$!
62! #$&! :*8<$&! (%6(4(! 0$%! 8%(! A(*-##(! 2%A82#/(!
2%! 0(*/J%b! &2:8D(%! <2*&$%(&! ]82! 62F(4(%! <(&(*!
2%!#$&!*2/2%2&b!<2*$!2%/*(%6$!(#!<824#$!>(4D(!8%!
0*802!62!-%K$*,(0-J%!2%/*2!2##$&!M!&2!-4(%!2%0-,(!
62!(#:8-2%b!<2*&2:8D(%!(!#(!:2%/2!K-F_%6$&2!6$%62!
<$6*D(%! (0$**(#(*! (! #(&! <2*&$%(&! <(*(! <2:(*#2! (!
(#:8%$! 8%! A(*-##()$m! #$! *20$:D(%! -%0$%&0-2%/2b! #$!
,$%/(4(%!2%!8%(!0(,-$%2/(!]82!-4(!(!(#:C%!#8:(*b!
6$%62! #$! ,(/(4(%! <(*(! #82:$! /-*(*! &8! 082*<$! (#!
*D$b!2#!E-$&80-$a!780>$&!0(,<2&-%$&!62&(<(*20D(%!
(&Db!<82&!%8%0(!>(##(*$%!&8&!082*<$&a!
9#! ,2*0(6$! ]82! 8%$! >(0D(! 2%! 2&(! c<$0(! %$!
<$6D(!<(&(*!62!]8-%02!$!A2-%/2!,-#!<2&$&b!<$*]82!
&8<82&/(,2%/2!M(!%$!2*(!<(*(!2#!<*$<-$!0$%&8,$!
&-%$!<(*(!$/*$!62!#$&!:*8<$&!(*,(6$&a!9#!]82!##2A(X
*(! ,_&! 62! 2&$! #$! ,(/(4(%! M! 2#! ,2*0(6$! #$! 62F(X
4(%!/-*(6$!2%!#(!0(**2/2*(a!"#!]82!2&/(4(!,8M!62!
482%(&!/(%!&$#$!#2!]8-/(4(%!2#!,2*0(6$!M!&-%!0$,-X
6(!&2!/2%D(!]82!-*a!.2*$!2*(%!<$0(&!#(&!A202&!]82!
<(&(4(!2&$a!'-2,<*2!#$&!:*8<$&!(*,(6$&!&2!<$*/(X
4(%! (:*2&-A$&! 0$%! 2#! 0(,<2&-%$! M! (#! ]82! 2&/(4(!

=?

=A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

62! ,(#(&! #$! -4(%! ,(/(%6$a! 9*(%! *2:#(&! ]82! 2##$&!


-,<$%D(%a!g(4D(!K(,-#-(&!62!&-2/2!8!$0>$!<2*&$%(&!
]82!/2%D(%!]82!<(&(*!8%(!&2,(%(!0$%!8%!,2*0(6$!
62!]8-%02!,-#!<2&$&a!
^$!,_&!/*_:-0$! K82! 08(%6$! #$&! :*8<$&! (*,(X
6$&!2,<2)(*$%!(!,-%(*!2#!0(,<$!&-%!-,<$*/(*#2&!
]82! 2&(! K82*(! /-2**(! <(*(! #(! #(4$*! 62#! 0(,<2&-X
%$a! ;2%D(,$&! ,2%$&! /*(%]8-#-6(6a! 1$! &(4D(,$&!
6J%62! 2&/_4(,$&! <(*(6$&a! 1$! >(4D(! &2:8*-6(6!
<$*!#$!]82!<86-2*(!<(&(*a!.(*(!<$62*!&$&/2%2*%$&b!
/2%D(,$&! ]82! &8K*-*! 2&2! *-2&:$b! 0(,-%(*! <$*! 8%!
/2**2%$!<2#-:*$&$a!
^(!A2*26(!6$%62!M$!A-AD(!2,<2)J!(!62&$#(*&2!
0$%! #(! <*2&-J%! 62! 2&/$&! :*8<$&a! 780>$&! 0(,<2X
&-%$&! >8M2*$%! 62F(%6$! (/*_&! &8! /-2**(b! &8! C%-0$!
&8&/2%/$b! #$&! :*8<$&! (*,(6$&! #$&! &2`(#(4(%! 62!
&2*! <(*/-6(*-$&! 62! 8%! :*8<$! 2%2,-:$a! 9#! >20>$!
62! ]82! &2! #2! 6-2*(! 8%! A(&$! 62! (:8(! (! (#:8%$! 62!
2##$&!o]82!8%$!%$!<$6D(!&(42*!62!]8c!4(%6$!2*(!
M! 8%$! #$! >(0D(! <$*! $4#-:(0-J%o! &-:%-K-0(4(! 8%(!
&2%/2%0-(!62!,82*/2a!.$*!2&/$!#(!:2%/2!&2!K82!&-%!
&(42*!]8c!<$6D(!62<(*(*#2&!2#!62&/-%$!62&<8c&!62!
/2%2*!]82!(4(%6$%(*! #$! ]82! 2*(! &8M$! M! K*8/$! 62!
8%!#(*:$!/*(4(F$a!
;$6$!2&$!K82!(!<*-%0-<-$&!62!#(!6c0(6(!62!#$&!
%$A2%/(a! 9&$! /-2%2! ,_&! 62! 6$02! $! /*202! (`$&! 62!
&2*!)$%(!*$F(a!n$!2&/(4(!,8M!<2#(6$a!B2!(>D!&-:8-J!
,8M!68*$!2#!62&<#()(,-2%/$a!n$!&2:8D(!2%!#(!0(&(!
62!,-&!<(<_&b!&(#-2%6$!6-(*-$!(!/*(4(F(*b!>(&/(!]82!
$08**-J!,-!/*(:26-(a!

.+/1?'/1#+/'(()1#%&#/
1$&$/*$&!2%!2#!0(,<$b!%$*,(#,2%/2b!%$&!#2A(%X
/(,$&!(!#(&!0-%0$!62!#(!,(`(%(!<(*(!-%-0-(*!#(4$*m!
<$*!,8M!/(*62b!(!#(&!&-2/2a!E2082*6$!<(/2%/-0$!]82!
2&2!6D(!,2!#2A(%/c!0$%!,80>$&!_%-,$&a!G-!(!/$6(!
,-!K(,-#-(!,8M!(#2:*2a!O*2:8c!(!(**2:#(*,2!#$!,_&!
4-2%!]82!<862a!72!<8&2!8%!<(%/(#J%!62!F2(%b!]82!
2&!#(!*$<-/(!]82!8%$!8&(!2%!2#!0(,<$b!*$<(!2&<2X
0-(#a!n$!/2%D(!62!2&(!*$<(!M!$/*(!*$<(!482%(!<(*(!
&(#-*!0$,$!#(!]82!8&$!(>$*(!2%!#(!0-86(6a!
9&2!6D(!2&/(4(!0$%!*$<(!4-2%!#(A(6-/(b!<2*$!/(#!
A2)!,(%0>(6-/(a!72!<8&2!8%(!0(,-&2/(a!;*(4(F(4(!
(! A202&! 62!0(,-&(!2%!#(!0-%/8*(b!(8%]82!>2!&-6$!
,8M!(4(%6$%(6-/$!62!0(,-&(a!9*(!*(*(!#(!A2)!]82!
,2!A-2*(%!0$%!0(,-&(!/*(4(F(%6$a!72!#(!(,(**(X
4(!2%!#(!0-%/8*(b!M!(&D!2&/(4(!08(%6$!,2!2N<#$/J!
#(!,-%(a!
;2%D(!M$!A2-%/-C%!(`$&a!1$!*2082*6$!4-2%!0J,$!
,2!A2D(!M$!2%!2&2!,$,2%/$b!<$*]82!M(!&2!,2!$#A-X
6Ja!9*(!,8M!$0(&-$%(#!]82!,2!,-*(*(!2%!2#!2&<2F$a!
72! A2D(! 0$%! #(! 0(*(! 8%! <$0$! <2*K-#(6(a! 7-&! $F$&b!
]82!M$!*2082*62b!2*(%!%2:*$&b!$!2&$!620D(!M$b!<2*$!
#(!A2*6(6!2&!]82!/-*(4(%!,_&!(!0(Kc&!,-2#a!1$!/2%D(!
$F$&!:*(%62&b!/(,<$0$!2*(%!<2]82`$&!%-!*(&:(6$&a!
18%0(!##2:8c!(!62/(##(*!(!]8-c%!#2!>(4D(!&(0(6$!2#!
,(M$*! <(*20-6$! 2%! #(! K(,-#-(a! t82! M$! 2%! #$&! $F$&!
,2!<(*20D(!(!K8#(%$b!%8%0(!,2!#$!##2:(*$%!(!620-*a!
^$!$/*$!62!#(!0(*(!M(!>(&/(!&2!,2!$#A-6(a!3*2$!]82!
%$! 2*(! ,8M! 4(*4(6$a! ;2%D(b! 62! <*$%/$b! 8%! 4$)$!
,8M!#2A2a!7-!0(*(!2*(!,_&!4-2%!<8#-6(b!<$*]82!%$!

=B

=C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

>2! &-6$! 0$,$! l0(*$%0>$ka! 'c! ]82! ,-! 0(*(! %$! 2*(!
:*82&(! &-%$! ,2%86(a! ig$M! #(! 0(*(! ,D(! 0J,$! 2&j!
9&$!,2!<*2:8%/$!M$a!"!8%$!&2!#2!$#A-6(a!
72! ,(%/2%D(! ]82,(6-/$! 62#! &$#a! 9*(! 0$,$!
,$*2%-/$a!9#!0$#$*!]82!/2%:$!(>$*(!%$!2&!2#!,-&,$b!
<$*]82!#$!]82!(:8(%/$!62!&$#!2&!<$]8-/$a!n(!&$%!&-2/2!
8!$0>$!(`$&!62&62!]82!,2!A-%2!62#!0(,<$b!2%/$%02&!
/(,4-c%! 2#! 0$#$*! ,2! 0(,4-Ja! .2*$! (%/2&! ,2! A2D(!
/*-:82`$a! ">$*(! ,2! 6-02%! ]82! ,2! >2! 62&08*/-6$!
,80>$a!;2%D(!2&/(/8*(!,_&!$!,2%$&a!1-!,8M!(#/$!%-!
,8M!4(F-/$!]82!6-:(,$&a!7-6$!8%!TaqVb!,8M!%$*,(#a!
9%! 2&/$&! 6D(&! M$! <*2:8%/(4(! 2&$b! ]82! 0J,$! &$M!
(>$*(b!<$*]82!62&62!2#!(00-62%/2!%$!,2!(082*6$a!
9&2! 6D(! &(#-,$&! (! /*(4(F(*! (! #(&! &-2/2! 62! #(!
,(`(%(a!7-!,(,_!%$&!62&<(0>Jb!$!&2(b!%$&!6-$!2#!
62&(M8%$!M!%$&!2,<(0J!2#!(#,82*)$a!9.+:7(+3")b!
<$*]82! 2%! 2#! 0(,<$! 8%$! %$! <2*6$%(! #$&! /*(:8-X
/$&!(%/2&!62!-*&2m!%$&!/$,(,$&!8%!0>$0$#(/-/$m!2#!
(#,82*)$!#$!<8&-,$&!2%!#(!0$&/(#2F(b!8%!4$#&$!]82!
&2!8&(!2%!2#!0(,<$!<(*(!0(*:(*m!0$:-,$&!2#!4$#&$!
0(6(!8%$b!2#!,(0>2/2!$!*8#(!0$,$!#$!##(,(,$&!2%!
2#!0(,<$!M!&(#-,$&!(<*$A-&-$%(6$&!0$%!2#!(#,82*X
0-/$!M!/$6$!#-&/$a!7-!,(,_!%$&!20>J!#(!42%6-0-J%Q!
lO82%$b!>-F$&b!]82!#2&!A(M(!,8M!4-2%kb!%$&!6-F$a!
n$! /2%D(! ,80>(! ,$*(#b! %$! &c! <$*! ]8c! 2&2! 6D(!
2&/(4(! ,8M! (#2:*2a! 1$! 2*(! #2F$&! 6$%62! D4(,$&! (!
/*(4(F(*b!(<2%(&!0$,$!(!8%$&!]8-%02!,-%8/$&!62!#(!
K-%0(a!'(#-,$&!(%/20-/$&!62!#(&!&-2/2!62!#(!,(`(%(!
M!#-:2*-/$!##2:(,$&!(#!<8%/$!6$%62!D4(,$&!(!/*(4(X
F(*a!9&/_4(,$&!*20$0>(%6$b!M!/$6$&b!,8M!K2#-02&a!

",$#c!2#!,(0>2/2a!3$:D!8%(!#-,(!<(*(!&$4(*!2#!
K-#$!<$*!2#!4$*62b!62!0$&/(6$a!^$!&$4c!M!#$!&$4cb!M!#$!
A$#/2c!M!#2!&(]8c!K-#$a!^$!/$]8c!0$%!#$&!626$&!(!A2*!
&-!>(4D(!]826(6$!K-#86$a!1$!2&/(4(!/(%!(,2##(6$b!
<2*$! #$! (,$#c! <(*(! %$! +3+//+:+.! #(! *(,(b! <(*(!
]82!%$!,2!/$0(*(!6(*#2!,_&!68*$a!n$!-4(!(!62&,(#2X
)(*a!1$&!,2/-,$&!2%!8%!*(&/*$F$!]82!2&/(4(!62!(#/$!
0$,$!#(!2&/(/8*(!62!8%$a!9&/(4(!0$%!,-!<(6*(&/*$!
M!,-&!6$&!>2*,(%$&!,2%$*2&!]82!M$a!B2&<8c&!#$!
]82!D4(,$&!(!>(02*!(>D!2*(!*$)(*b!4(**2*!M!K8,-:(*!
<(*(b!(#!K-%(#b!&2,4*(*!2&2!0(,<$!0$%!K*DF$#a!"!,D!
,2!/$0J!A2*!2&2!/(F$!(<2%(&!62&,(#2)(6$!>(&/(!#(!
,-/(6a!3$%!$/*$&!6$&!6D(&!62!/*(4(F$!&2!(0(4(4(!#(!
*$)(6(b!<2*$!M$!%$!(#0(%0c!(!A2*!,_&a!^(!0$&20>(!
62!K*DF$#!%$!,2!/$0J!(!,Da!
9%!2&2!/(F-/$!>(&/(!(%-,(#2&!<(&(4(%!<$*!(>D!
62! A2)! 2%! 08(%6$a! 1$&$/*$&! %$! /2%D(,$&b! <2*$!
62! $/*(&! K-%0(&!&2!A2%D(%b! <$*]82!2&$!2*(!<2]82X
`-/$b! 2%! <(*02#(&a! "#! #(6$! >(4D(! 8%! 0(,-%$! *2(#!
<$*! 6$%62! <(&(4(! /$6(! 0#(&2! 62! :2%/2b! :2%/2! 62!
#(!A2*26(!M!:2%/2!62!#$&!:*8<$&!(*,(6$&a!\%$!%$!
&(42!4-2%!2%!]8c!,$,2%/$!K82!]82!<(&(*$%!2&$&!
:*8<$&!M!62F(*$%!,-%(&!(>Da!B$%62!2&/_4(,$&!2*(!
8%!/(F-/$!62!/-2**(!]82!>(0D(!/*2&!$!08(/*$!,2&2&!
%$!<-&_4(,$&b!<$*]82!2&/_4(,$&!/*(4(F(%6$!$/*$&!
/*(M20/$&a!9%!2&/2!0(&$b!2&2!/(F$!%$!2*(!%-!<*$<-$!62!
%$&$/*$&a!9*(!(#]8-#(6$!(!8%!&2`$*!]82!#2!<(:_4(X
,$&!<(*(!]82!%$&!62F(*(!&2,4*(*a!9&/(4(!2%0$*6-X
##2*(6$b!/-*(%6$!,_&!(!#(!,$%/(`(b!2%!#(!<(*/2!(#/(!
62! #(! A2*26(a! 9&$! ]826(! 2%! 8%(! <(*/2! <2%6-2%/2!

=D

=E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

6$%62!&2!6-A-&(!,80>$!>(0-(!2#!K*2%/2b!>(&/(!&2!A2!
62#!<824#$!<(*(!(**-4(a!B2!%$0>2b!M$!A2D(!>(&/(!#$&!
0(**$&!<(&(*!<$*!#(!/*$%0(#b!,8M!#2F$&b!,8M!#2F$&b!
<2*$!#$&!6-A-&(4(a!
9*(!8%!6D(!>2*,$&$b!,8M!&$#2(6$b!,8M!4$%-/$a!
1$!>(4D(!(&$,$!62!(:8(a!9#!<(-&(F2!2*(!62!<$/*2X
*$&b! ,$%/(`-/(&! <2]82`(&b! ,$%/(`(&! :*(%62&aaa!
.$6D(! 6-A-&(*! ()8#-/$! 2#! 0-2#$b! ,8M! 4$%-/$a! L4(!
/*(4(F(%6$b!*$)(%6$b!62#2b!62#2b!08(%6$!/8A2!0$,$!
8%!&8&/$a!;$6$!2&/(4(!,8M!4$%-/$!>(&/(!]82!/$6$!
&2!,2!$&08*20-Jm!A$#/2c!M!:$#<2c!#(!,-%(m!#2!6-!0$%!
2#!,(0>2/2m!,2!]8-/J!2#!,(0>2/2!62!#(&!,(%$&!M!,2!
/-*J!(#!<-&$a!1$!K82!]82!#(!<-&cb!M!2&$!&D!#$!(:*(62)X
0$!(!B-$&b!]82!%$!,2!62FJ!<(*(*!2%!2##(a!
38(%6$!&2%/D!2#!:$#<2b!&2%/D!8%!6$#$*b!8%!(*6$*!
2%!2#!#(6$!-)]8-2*6$!62!#(!0(*(a!9*(!-,<*2&-$%(%X
/2a! \%(! 62! #(&! 2&]8-*#(&! ,2! 2%/*J! 2%! 2#! <J,8#$m!
#(&!$/*(&!,2!2%/*(*$%!<$*!#(!A-&/(!0$*/_%6$,2!#(!
A-&-J%a!72!62&/*8M2*$%!#(!*2/-%(!/$/(#,2%/2a!9*(%!
0$,$!#(&!6-2)!M!,26-(!62!#(!,(`(%(b!2%/$%02&b!&2!
,2!(0(4J!#(!A-&-J%a!^(!2N<#$&-J%!,2!62FJ!&-%!A-&/(b!
M!%$!&$#$!#(!A-&/(!&-%$!<(*/2!62#!4*()$!-)]8-2*6$!(#!
#(6$! 62#! <8#,J%b! #$! ]82! 0(8&J! 8%(! 6-&0(<(0-6(6!
&2A2*(!2%!,Da!
38(%6$!M$!&2%/D!2#!:$#<2!&2!,2!$&08*20-J!/$6$b!
62F_%6$,2!2#!$F$!62*20>$!0(&-!]82!&(#-6$b!4*$/(6$b!
M! #(! ,(%$! -)]8-2*6(! &-%! ,$A-#-6(6a! 9&(! ,2! 68*J!
0$,$! 08(/*$! ,2&2&! ]8-2/(a! n$! ]826c! 0$,$! -6$a!
72!]826c!8%!*(/$!(>D!/-*(6$!&-%!&(42*!]8c!2*(!#$!
]82! ,2! >(4D(! <(&(6$a! 72! <$%D(! (! <2%&(*Q! i"! ,D!

]8c! ,2! <(&Jj! n$! %$! A-! %(6(! <$*! #$&! #(6$&a! "]8D!
%$! >(4D(! %(6(! ]82! 2N<#$/(*(b! 620D(! M$a! ;(,4-c%!
##2:8c! (! <2%&(*! ]82! ,2! ,(/Ja! .2*$! %$! 2&/(4(!
-%0$%&0-2%/2! 62#! /$6$b! ,_&! 4-2%! 2&/(4(! -6$! >(&/(!
]82!,2!0$:-2*$%a!
7-&!>2*,(%$&!M!,-!<(6*(&/*$!A-2*$%!#(!>8,(X
*(6(!M!&2!A-%-2*$%!(!A2*!]8c!,2!>(4D(!<(&(6$a!
oi\&/26!A2jo!,2!620D(%a!
on$!%$!A2$!%(6(o!*2&<$%6D(!M$a!
9&/(4(! A(0-(6$! 2%! &(%:*2! <$*! 4$0(! M! %(*-)a!
;2%D(!/-2**(!<$*!/$6$!2#!082*<$a!"#!#(6$!-)]8-2*6$!62!
#(!2&<(#6(b!6$%62!,2!2%/*J!#(!$/*(!2&]8-*#(!02*]8-/(!
62#!<8#,J%b!/(,4-c%!2&/(4(!20>(%6$!&(%:*2a!9##$&!
,2!&2%/(*$%!M!&2!<8&-2*$%!K82!(!#-,<-(*,2!#(!/-2**(!
]82!2*(!M(!8%(!,2)0#(!62!/-2**(!M!&(%:*2a!
n$! %$! <2%&(4(! ]82! 2&/8A-2*(! 0-2:$a! .2%&(4(!
]82! #(! /-2**(! M! 2#! :$#<2! >(0D(%! ]82! M$! 20>(*(!
&(%:*2!M!]82!2*(%!>2*-6(&!#2A2&b!<$*]82!M$!*2(0X
0-$%cb! %$! ]826c! -%0$%&0-2%/2a! ^2&! 620D(! (! 2##$&b!
,-&! >2*,(%$&! M! ,-! <(6*(&/*$b! ]82b! 0$%K$*,2! ,2!
K82*(%!&(#-2%6$!#(!/-2**(b!#(&!*(,(&!M!#(&!M2*4-/(&!
]82!,2!>(4D(%!]826(6$!2%!#$&!$F$&b!M$!-4(!(!A$#A2*!
(! A2*a! 1$! ]82*D(! (02</(*! %-! <2%&(*! ]82! 2&$! ,2!
>(4D(!0(8&(6$!2#!6(`$!/$/(#!62!#(&!A-&/(&a!
n(! ,2! *20$:-2*$%b! ,2! ##2A(*$%! <(*(! #(! 0(&(!
M! %(6-2! &-:8-J! /*(4(F(%6$! 2&2! 6D(a! 72! 4(`(*$%! M!
,2!0$%&-:8-2*$%!<(&/(&!<(*(!2#!6$#$*a!H82!8%!6D(!
,8M!68*$!<(*(!,Da!18%0(!<2%&c!]82!>(&/(!(>D!-4(!
(!##2:(*!#(!>-&/$*-(!62!/$6$!#$!]82!M$!>(4D(!A-&/$!2%!
,-!A-6(b!62!,-!-%62<2%62%0-(a!1$!0*2D(!]82!>(&/(!

==

=>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

2&2!,$,2%/$!##2:(4(!#(!K$*,(!62!&2*!,D(b!M$!&$#$!
A$#/2(%6$!<(*(!6$%62!K82*(a!1$!<2%&c!]82!2&2!2*(!
2#!,$,2%/$!2%!2#!]82!,2!/$0(4(!2,<2)(*!(!(6(<X
/(*,2!62!<$*!A-6(!(!]826(*!0-2:$a!
7-!<(6*2b!(&D!#$!##(,$!(8%]82!&2(!,-!<(6*(&/*$!
<$*]82!c#!K82!2#!]82!,2!0*-Jb!M!,-&!>2*,(%$&b!/$6$&!
2*(%!0$%,-:$!(!A2*!]8c!%202&-/(4(!M$a!;(,4-c%!,-!
,(,_a!lG(,$&!(!A2*!,-!>2*,(%-/$!]8c!%202&-/(kb!
&2!620D(%a!72!4*2:(4(%a!n$!2&<2*(4(!*208<2*(*,2a!
G2D(! $&08*$! /$/(#,2%/2a! @&08*$b! $&08*$a! @b!
,2F$*b! %$! A2D(a! B$%62! ,2! 62F(*(%b! (0$&/(*(%!
$! &2%/(*(%b! (>D! ,2! ]826(4(b! <$*]82! M$! %$! ,2!
(/*2AD(!(!A$#/2(*!<(*(!%-%:8%(!<(*/2b!(!<2&(*!62!
]82!M$!6-&/-%:8D(!,-!0(&(!/$6(!4-2%!08(%6$!A2D(a!
.2*$!K82!0$&(!62!,80>$!/-2,<$!>(&/(!]82!A$#AD!(!
,$A2*,2!&$#$a!

>-%0>(6$&! M! 20>(%6$! (:8(b! 2&/(4(%! 2%0$%(6$&b!


&8<8*(%6$a!.2%&c!]82!/$,(%6$!<(&/(&!&2!,2!-4(%!
62&>-%0>(%6$a! 72! #(&! /$,(4(! /(,4-c%! <(*(! #(!
-%K200-J%b!2*(%!62#!4$/-]8D%!62!#(!A2*26(a!72!##2:(X
*$%!<$*!#(!(00-J%!0$,8%(#a!9*(!2#!4$/-]8D%!<(*(!#(&!
8*:2%0-(&!62!#(!:2%/2!62!<$*!(>Da!9%!2&/2!0(&$b!(!,D!
,2!/$0J!8%(!<(*/2a!
B2&<8c&b!/(%!,(#b!/(%!,(#b!M$!%$!,2!&2%/Da!7-!
K(,-#-(!620D(!]82!%$&!K8c*(,$&!<(*(!7262##D%b!]82!
0J,$!D4(,$&!(!>(02*!<(*(!&(0(*,2!(!8%(!0#D%-0(a!
.2*$! 20$%J,-0(,2%/2! %$! <$6D(,$&a! 9&/_4(,$&!
(<2%(&!2,<2)(%6$!(!62&,(#2)(*!<(*(!&2,4*(*!2#!
08#/-A$! M! A2*! 0J,$! &$4*2A-A-*a! n$! ,-&,$! #2&! 6-F2Q!
l9&<2*2,$&b!M$!,2!*208<2*$a!n$!%$!]826c!/(%!,(#!
M! &$M! 0(<()! 62! 0(,-%(*a! 9&<2*2,$&ka! '-! (#:8-2%!
##2:(!(!#22*!2&/(!>-&/$*-(!M!>(!A-A-6$!2%!2#!0(,<$!
&2!6(!082%/(!62!]82!2&!(&Db!]82!%$!2&!0$,$!2%!#(!
0-86(6!]82!0$%!08(#]8-2*!0$&(!/-*(!<(*(!6$%62!2#!
,c6-0$a!\%$!2%!2#!0(,<$!/-*(!,80>(!/*(%]8-#-6(6a!
'2!08*(!,_&!]82!/$6$!(!4(&2!62!<#(%/(&a!n!20$%JX
,-0(,2%/2!,(#!8%$!&2!<2:(!62!/$6$!2&$a!"!,D!,2!
<$%D(%! <#(%/(&! <(*(! 62&>-%0>(*a! 3$:D(%! #(! ,(/(!
62&>-%0>(6$*(b! #(! 0$0-%(4(%! M! 0$%! #(! (:|-/(! ,2!
>(0D(%!8%$&!<(`-/$&!0(#-2%/2&a!9&$!,2!,2F$*(4(a!
780>(!<(*/2!&2*D(!]82!M$!2%!2&2!,$,2%/$!%$!
,2!&2%/D(!/(%!,(#b!M!<$*!$/*(!<(*/2!2*(!]82!>(4-2%X
6$! ]826(6$! (&D! ,2! 6(4(! ,-26$! /-*(*! <$*! 6$%62!
>(4D(!:*8<$&!(*,(6$&a!\%$!62!/$6$!/2,D(a!
"!#$&!]8-%02!6D(&!,2!&2%/D(!,80>$!,2F$*!<2*$!
-:8(#! %$! A2D(! %(6(a! 1$! <2*,-/D! ]82! ,2! /(<(*(%a!

>@

V#$75N$/1#+/'(()1#%&#/
9&$&! <*-,2*$&! 6D(&! 2*(! (&Da! lG(,$&! (! 4(`(*X
#$kb!620D(!,-! ,(,_! $! (#:C%! $/*$b! M! ,2! 0$:D(%! 62!
#(! ,(%$! M! ,2! ##2A(4(%! (#! 4(`$a! n(! (##_b! 62! /$6(&!
,(%2*(&b!M$!,-&,$!,2!4(`(4(b!-%62<2%6-2%/2a!n$!
2*(!0(<()!0$%!8%(!,(%$a!^(!$/*(!#(!/2%D(!]8-2/(!M!
,2!-%/2**8,<D(!8%!<$]8-/$!<$*]82!,2!]826J!,8M!
62&K$*)(6(b!<2*$!(>$*(!#(!,82A$!0$,$!&-!#(!/8A-2X
*(!482%(a!
n$! <2%&(4(! ]82! (#! $/*$! 6D(! 62#! (00-62%/2! -4(!
(! A2*! ,2F$*a! .2*$! %$a! '2:8D(! $&08*$a! 18%0(! <862!
620-*!]82!(4*D!,-&!$F$&!$/*(!A2)!M!<862!A2*!(#:$a!"#!
$/*$!6D(b!#$&!$F$&!2&/(4(%!##2%$&!62!0$&(&!,(#80(&b!

><

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

72!>(0D(%!2#!(&2$!2%!#(!0(*(!M!2%!#(!>2*-6(!62!#(!
2&<(#6(b!]82!K82!8%!>82]8-/$!0>-]8-/$b!<2*$!]82!62!
/$6(&!K$*,(&!,2!62FJ!,8M!<2*F86-0(6$!<$*]82!%$!
<2*,-/-J!]82!&(#-2*(!#(!&(%:*2a!9%!#(!0(*(b!A-,$&!
62&<8c&!2%!*(6-$:*(KD(b!8%(&!2&]8-*#(&!]82!]826(X
*$%! 02*]8-/(! 62#! 02*24*$a! 72! >84-2*(%! ,(/(6$! &-!
>84-2*(%!##2:(6$!,_&!#2F$&a!
'2:8D(!&(%(%6$!<2*$!%$!A2D(!%(6(a!\%(!A-&/(!
,2! ]826J! &(#-6(! M! #(! $/*(! >8%6-6(a! ^(! K(,-#-(!
4*2:(4(! (! A2*! 0J,$! ,2! 0$#(4$*(4(a! 9##$&! &-:8-2X
*$%!/*(4(F(%6$!(!A2*!0J,$!*20$:D(%!<(*(!/*(2*,2!
(! 7262##D%a! ^2&! /$0(4(! /*(4(F(*! #(! /-2**(! 6$%62!
K82*(b! (&D! >84-2*(%! ]826(6$! 0$%! /2,$*! 62! $/*$!
(00-62%/2a!1$!<$6D(%!]826(*&2!2%!#(!0(&(!M!0>($a!
^2&!/$0(4(!(**-2&:(*&2!M!&(#-*!(!/*(4(F(*a!
n$!#2&!6(4(!,$*(#!(!2##$&b!M!M$!##$*(4(a!9*(!8%(!
/*-&/2)(!<$*!]826(*!0-2:$a!it8c!&2*_!#$!]82!,-!B-$&!
A(!(!&2*!0$%,-:$jb!,2!620D(!M$!2%!2&$&!##(%/$&!/(%!
>$**-4#2&a!72!##2%(4(!62!0$,<#2F$a!38(%6$!/*(/_X
4(,$&!2#!/2,(!2%!,-!K(,-#-(!M$!#2&!620D(!]82!/*(%X
]8-#$&b!<2*$!<$*!62%/*$!M$!%$!,2!(:8(%/(4(a!it8c!
&2*_!62!,D!,_&!(62#(%/2j!n(!2*(!,(M$*!62!26(6a!
i'-!A$M!(!]826(*!0-2:$b!0J,$!A$M!(!>(02*j!
.(&(4(%!#$&!6D(&!M!M$!,(%/2%D(!#(&!2&<2*(%)(&!
62!]82!A$#A2*D(!(!A2*a!^#2:8c!(!,$,2%/$&!(!/-*(*!
,2%/2a!B20D(!]82!/2%D(!]82!]826(*!(!F8-0-$!62!#(!
K(,-#-(a!B2!<*$%/$!<(&(4(!<$*!#$&!<2%&(,-2%/$&!62!
20$%J,-0(,2%/2!0J,$!-4(!(!&2:8-*!,-!A-6(a!.2*$!
:8(*6(4(!#(&!2&<2*(%)(&!62!]82!A$#A-2*(!(!A2*a!

H82*$%! /*2&! (`$&! M! ,26-$! #$&! ]82! ,2! ]826c!


2%!#(!K-%0(!62&<8c&!62#!(00-62%/2a!n$!%$!]82*D(!%-!
&(#-*a!1-!(!#(!0(&(!62!#(!,-&,(!K(,-#-(!2%!#(!A2*26(!
&(#D(a! 1$! ]82*D(! %(6(a! H82! 8%! 0(,4-$! ,8M! :*(%X
62a!1$!<862!&2:8-*!/*(4(F(%6$!#(!/-2**(!0$%!#(!]82!
M$!,-&,$!,2!(%-,(4(a!n$!(%/2&!A2D(!]82!2%!8%$&!
,2&2&!6(4(!#(!0$&20>(!M!<2%&(4(!]82!0$%!2&$!,2!
0$,<*(4(!#(!,86-/(!62!*$<(b!#(!0$,-6(a!.2*$!(>$*(!
6-(*-$! 2*(! M$! 2&<2*(%)(6$! 2%! #$! ]82! ,2! ]82*D(%!
6(*a!t82!#2!/$0(*(!(!8%$!]82!#2!6-2*(%!(#:$a!;$6$!
2*(! 6(6$a! 9&$! ,2! >(0D(! &2%/-*! ,(#a! 9*(! (#:$! ]82!
M$! %8%0(! ,2! -,(:-%(4(a! 1$! <$6D(! M$! 6-&<$%2*!
0$%!2&/$!<(*(!]82!,2!/*(F2*(%!/(#!0$&(a!;2%D(!]82!
2&<2*(*!]82!,2!/*(F2*(%!8%!02<-##$!62!6-2%/2&b!8%!
F(4J%a! 9&! 8%(! 0$&(! ]82! >(! &-6$! ,8M! 68*(b! 2&/(*!
2&<2*(%)(6$!62!#$!]82!,2!]8-2*(%!6(*a!
^(!62<2%62%0-(!,2!/$0J!2%!/$6$!&2%/-6$a!;$6$!
K82!8%!0(,4-$a!'-!2*(!<(*(!#(!*$<(b!6J%62!2&/_!#(!
*$<(b!]82!<(*(!-*!(#!4(`$a!"62,_&b!*20-c%!]82!8%$!
]826(!0-2:$!]826(!0$,$!4$**(0>$a!\%$!&2!A(!<(*(!
#$&!#(6$&a!"#!<*-%0-<-$b!<2%&(4(!]82!,2!-4(!(!0(2*a!
.(*(! /$6$! /2%D(! ]82! 620-*Q! ##cA2%,2a! .(*(! 0$,2*b!
,2!<$%D(%!#(!0$,-6(!M!,2!620D(%Q!(]8D!2&/_a!'-!%$!
,2! 620D(%b! M$! %$! &(4D(! ]8c! 2*(a! L4(! 0$,-2%6$! #$!
]82!2%0$%/*(*(a!9*(!,8M!68*$a!
9%!#(!K-%0(b!2&$&!(`$&!%$!&(#D(!62!#(!0(&(a!9*(!
8%! 2%0-2**$a! 72! #(! <(&(4(! >(0-2%6$! %(6(a! H82!
/$/(#! 2#! 2%0-2**$a! B2! <*$%/$! 2&080>(4(! ,C&-0(! M!
%$!2*(!,_&a!"#:8%$&!(,-:$&!,2!A-&-/(4(%a!780>$&!

>?

>A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

0(,4-(*$%!0$%,-:$a!n(!%$!2*(%!#$&!,-&,$&!(,-:$&!
&(#86(4#2&!]82!8%$!2%0$%/*(4(!&-2,<*2a!1$!&(#8X
6(4(%a! .-2%&$! ]82! /(#! A2)! 2&$&! <2%&(*_%! ]82! M$!
]826c!#$0$b!$!]82!,2!-%0$,$6(4(!]82!&(#86(*(%a!
;(#!A2)!<2%&(4(%!]82!2#!>20>$!62!]82!8%$!%$!#$&!
A-2*(!&-:%-K-0(4(!]82!8%$!&(4D(!]82!2&/(4(%!(>Db!$!
]82!%$!-4(!(!&(42*!]82!#$!2&/(4(%!&(#86(%6$a!
.(*(! ,D! &2! (0(4J! /$6(! 6-A2*&-J%a! 1$! A$#AD! (!
/-*(*! 0>(*0$&! %-! (! F8:(*! KC/4$#a! 9&$! %$! >(! A82#/$a!
g(&/(!>$M!%$!#$!>2!<$6-6$!A$#A2*!(!>(02*a!'(#D(!,8M!
2&0(&(,2%/2b! <$*! (>D! /(#! A2)! <2:(6$! 62#! >$,4*$!
62! (#:8%$b! /(#! A2)! <(*(! 8%(! -%A-/(0-J%! 6$%62! 8%!
A20-%$a!.2*$!%$!>(4D(!_%-,$&a!

(##_!0$%!<(#-/$&!62!0(Kca!9&$!]826J!(##_!(4(%6$%(6$b!
(!#$!]82!#(!:2%/2!]8-&-2*(!>(02*!0$%!2&$a!
9,<(0(,$&! <$0$b! 62! <*$%/$! #(! *$<-/(! 482%(b!
&-!,80>$!/*2&!,86-/(&!0(6(!8%$b!M!2*(!#$!]82!8%$!
/2%D(! 482%$! <(*(! <$62*! &(#-*a! '(#-,$&! 0(,-%(%X
6$!<$*]82!2&$!K82!2%!&2,(%(b!M!<$*!2&$&!6D(&!%$!
<(&(4(!0(**$a!3(,-%(,$&!<$*!/*$0>(!8%(!>$*(!M!
62!(>D!<(*(!(4(F$b!<$*!0(**2/2*(b!*20$**-,$&!8%(!
>$*(! M! ,26-(! >(&/(! 2#! <824#$a! "##_! 2&2! 6D(! #$&!
62&<#()(6$&! c*(,$&! &$#(,2%/2! /$6$&! #$&! 62! ,-!
K(,-#-(a!9*(%!62&<#()(,-2%/$&!,8M!:*(%2(6$&a!1$!
K82!]82!##2:(*$%!62&$08<(%6$!#(!A2*26(a!"#!K-%(#!#(!
62&$08<(*$%b!<2*$!:*(%2(6-/$a!
1$&$/*$&! 0$:-,$&! 2#! 48&! <(*(! 7262##D%! (! A2*!
]8c!D4(,$&!(!>(02*b!(!A2*!]8c!-4(!(!>(02*!#(!K(,-X
#-(!0$%!8%$a!n$!2*(!8%(!0(*:(!,_&a!G2%D(,$&!,-&!
>2*,(%$&b! ,-! <(6*(&/*$! M! ,-! ,(,_a! ^#2:(,$&! (!
6$%62!8%(!<*-,(a!^(!0(&(!%$!2*(!,8M!:*(%62a!^(!
<$&(6(! 2*(! 6$%62! %$&! <86-c*(,$&! *20$:2*! /$6$&!
2%!8%(!<-2)(!$!2%!#(!&(#(a!^(!6$*,-6(!2*(!68*(a!n!
<2%&_4(,$&Q! i3J,$! A(,$&! (! >(02*! &-%! A-A-2%6(b!
&-%!%(6(j!"!,-!,(,_!#(!$*-2%/(*$%!<(*(!]82!K82*(!
(!#(!3*8)!E$F(!<(*(!*20-4-*!42%2K-0-$&a!9,<2)(*$%!
(! ##2:(*! (M86(&! M! <86-,$&! <(:(*! 8%(! <-2020-/(!
6$%62!(**8,(,$&!/$6$b!,-2%/*(&!,-!<(6*(&/*$!M!
,-!>2*,(%$b!2#!]82!,2!&-:82b!08,<#-J!#$&!6-20-$X
0>$!M!<86$!0$%&2:8-*!<(*(!&$4*2A-A-*!(]8Da!
1$&! 6-2*$%! (**-2%6$! M! (#-,2%/(0-J%! <$*! /*2&!
,2&2&a!":8(%/(,$&!>(,4*2!M!&8K*-,$&!,80>$a!"!
2##$&!#2&!/$0J!0$#$0(*&2!2%!0$%&/*800-J%aaa!78M!68*$a!

>B

6'/-5#""'/A/#+/1#$7+'8'2)#%&,/
18%0(!&2!&8<$!]8c!:*8<$!(*,(6$!62FJ!#(!,-%(!
&2,4*(6(a!7-2%/*(&!/(%/$b!2%!#(!A2*26(!/$6$!&2:8D(!
%$*,(#a!n!#$!%$*,(#!2*(!]82!62&(<(*20-2*(%!:2%/2b!
]82!,(/(*(%!:2%/2b!]82!&(0(*(%!(!#(!:2%/2!62!&8!
0(&(a!.*-,2*$b!K82*$%!8%$&!A20-%$&!62!,_&!(**-4(!
#$&!]82!&2!K82*$%a!^#2:(4(%!#$&!:*8<$&!(*,(6$&!M!
620D(%Q!l;-2%2%!/(%/$!<(*(!]82!62&$08<2%ka!n!(&D!
%$&!/$0J!(!%$&$/*$&!/(,4-c%a!
^#2:(*$%!8%$&!>$,4*2&!8%-K$*,(6$&!M!(*,(X
6$&a!1$&!6-2*$%!6$&!6D(&!<(*(!]82!62&$08<_*(,$&a!
lB2&<8c&!62!2&$!%$!&2!*2&<$%62kb!620D(%a!1$&!/$0J!
A2%-*%$&!0$%!#$!]82!/2%D(,$&!2%0-,(a!B2F(,$&!#$&!
<$0$&!&2,4*(6$&!]82!/2%D(!,-!K(,-#-(a!9%!#(!0(&(!
62F(,$&!:(##-%-/(&!M!%$!,80>$!,_&!<$*]82!%$!/2%D(X
,$&!,80>(!0$&(a!\%(!<(*02#-/(!2*(!#$!]82!/2%D(,$&!

>C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

78M!68*$!<(*(!0$%&2:8-*!8%(!0(&(!6$%62!<86-c*(X
,$&!2&/(*!,_&!(,<#-$&!M!/2%2*!8%(!0(#-6(6!62!A-6(!
,2F$*b!M!0$%&2:8-*!8%(!0(,-&-/(b!-*%$&!A-&/-2%6$!(&D!
62! (! <$]8-/$&a! 9&! ]82! %$&! &$&/2%D(,$&! /$6$&! 0$%!
#$! 62#! >2*,(%$! ,D$! ]82! 2*(! 2#! ]82! 0$%&2:8D(a! "#!
<(6*(&/*$!,D$!#$!&(0(4(%!M!#2!620D(%Q!lG(M(!<(*(!#(!
0(&(!M!62&<8c&!#$!##(,(,$&kb!M!%8%0(!#$!##(,(4(%a!
'2*D(!<$*!#(!26(6a!

8%(!0-/(!2%!2#!g$&<-/(#!\%-A2*&-/(*-$!'(%!G-02%/2!
62!.(C#a!^#(,(*$%!M!2#!'(%!G-02%/2!%$!,2!#(!(&-:%Jb!
<$*]82!M$!%$!/8A2!8%(!(/2%0-J%!-%-0-(#!62!8*:2%X
0-(&!2%!2#!,8%-0-<-$!2%!2#!,$,2%/$!2%!]82!&8K*D!2#!
(00-62%/2a!.*2:8%/(4(%!6J%62!2&/(4(!#(!(/2%0-J%!
62! 8*:2%0-(&! <(*(! <$62*! <(&(*! 2#! 0$,8%-0(6$! (#!
H$%6$! 62! '$#-6(*-6(6! M! 5(*(%/D(! dH$&M:(e! <(*(!
]82!<86-2*(%!084*-*!2&$a!.2*$!M$!%$!#(!/8A2Q!M$!,2!
]826c!,_&!62!/*2&!(`$&!2%!#(!A2*26(!62&<8c&!62!#(!
,-%(!>(&/(!]82!,2!62&<#()(*$%a!
9%/$%02&! 2%! #(! 3*8)! E$F(! ,2! $*-2%/(*$%!
<(*(!]82!,2!,2/-2*(!<$*!2#!'-&4c%a!"##_!/(,<$0$!
]82*D(%!(M86(*,2!M!,2!,(%6(*$%!(!3$,K2%(#0$b!
M! ]82! >(4D(! ]82! 2&<2*(*! 8%! ,2&a! 9#! <$*/2*$! 62!
3$,K2%(#0$! ,2! 6-F$! ]82! (##_! 2*(! 62,$*(6$! M!
]82! K82*(! (! #(! B-*200-J%! '200-$%(#! 62! '(#86! 62!
"%/-$]8-(b!6$%62!6-!0$%!8%(!,80>(0>(a!
l9#!0(&$!&8M$!#$!/-2%2%!]82!(/2%62*kb!,2!6-F$!
M!,2!*2,-/-J!<(*(!2#!g$&<-/(#!7(*0$!H-62#!'8_*2)!
62! O2##$a! 72! 6-*-:D! <(*(! (##_! (>D! ,-&,$a! luG(,$&!
(! A2*vkb! 6-F2! M$a! "##_! %$! ,2! /*(/(*$%! 0$%! 2&(&!
*2<2#2%0-(&a! \%(! 6$0/$*(b! #(! 2%0(*:(6(! 62! ##2A(*!
2&$&! 0(&$&b! 6-F$! ]82! &-2%6$! <(0-2%/2! 62! ,-%(! %$!
%202&-/(4(!&-%$!#(!0(*/(!62#!(#0(#62a!3$%!2&(!0(*/(!
M!8%!K$*,8#(*-$!]82!2##(!,2!6-$!K82!]82!0$,2%0c!
(!*20-4-*!/$6(!#(!(/2%0-J%a!;(%/$!4*2:8c!M!4*2:8c!
]82!<$*!K-%!2,<2)J!2#!/*(/(,-2%/$a!
9%!2#!7(*0$!H-62#!2,<20c!/$6$!2#!<*$02&$a!72!
6-2*$%! #(! <*-,2*(! (/2%0-J%! 0$%! ,c6-0$! :2%2*(#b!
6$%62!,2!A-$!M!,2!2,<2)J!/$6(!#(!>-&/$*-(!62!#(&!

>D

@#"/L?(&)2'/
1$!&(4D(!]82!M$!2*(!AD0/-,(!62!0$%K#-0/$a!9&$!
#$! A-%2! (! &(42*! M$! 2%/*2! RSSV! M! RSSW! 08(%6$! ,2!
K82*$%! 2N<#-0(%6$! ]82! /2%D(! 0-2*/$&! 62*20>$&a!
"#! &2*! 62&<#()(6$&! %$&! $*-2%/(*$%a! 9%! (#:8%(&!
<(*/2&!%$&!620D(%!]82!&-2%6$!AD0/-,(!62!,-%(!M$!
/2%D(!$/*$&!62*20>$&b!]82!>(4D(!8%(!<(*/2!,c6-0(!
]82!/2%D(!]82!*2&<$%62*!<$*!2&2!(00-62%/2!>(&/(!
2#! K-%a! n! %$&$/*$&! %$! &(4D(,$&! %(6(! 62! 2&$a! ^$!
&8<-,$&! ,8M! #2%/(,2%/2! 2%! /*(4(F$&! M! 0-/(&! 0$%!
$/*(&!<2*&$%(&a!780>(&!A202&!K8-!(!*20#(,(*!M!,2!
620D(%! ]82! M(! >(4D(! <2*6-6$! 2&$&! 62*20>$&a! B2!
/$6(&!K$*,(&b!M$!M(!2&/(4(!0-2:$b!<2*$!,2!K(#/(4(%!
,80>(&!0$&(&a!
;2%D(!,-&!/2&/-:$&!62!#(!A2*26(b!<$*!#$&!08(#2&!
#(!(8/$*-6(6!0$,<2/2%/2!,2!02*/-K-0J!,-!(00-62%/2a!
9#! (#0(#62! 62#! ,8%-0-<-$! ,2! 6-$! 8%(! 0(*/(! 6$%62!
02*/-K-0(!]82!M$!K8-!AD0/-,(!62!,-%(a!'-%!2&(!0(*/(!
8%$!%$!/-2%2!%-%:8%(!(/2%0-J%!,c6-0(!0$,$!AD0/-X
,(!62#!0$%K#-0/$a!9&(!0(*/(!#(!<*2&2%/c!(!#(!3*8)!
E$F(!M!2##$&!&2!/2%D(%!]82!2%0(*:(*!62!&2<(*(*,2!

>E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

<c*6-6(&!]82!/8A2!0$%!2#!(00-62%/2a!p#!,2!*2,-/-J!
0$%!6-K2*2%/2&!,c6-0$&b!8%$&!<$*!#(!<c*6-6(!62!#$&!
$F$&b! $/*$&! <$*! <*$4#2,(&! 62! #(! %(*-)b! $/*$&! <$*!
#$&!<*$4#2,(&!62!#(!2&<(#6(b!M!(&D!&2:C%!/$6(&!#(&!
&2082#(&!]82!,2!62FJ!2#!(00-62%/2a!9&$!2,<2)J!2%!
F8%-$!62#!RSSWa!9&2!(`$!K82!/$6$!2#!(`$!A$#/2(%6$a!
^(&!$<2*(0-$%2&!#(&!/8A2!/$6(&!(!*2,(/2!62!(`$!2%!
2#!7(*0$!H-62#a!
72! $<2*(*$%! #(! %(*-)b! <$*]82! 62&<8c&! 62#!
(00-62%/2! ,2! >(4D(! ]826(6$! /$*0-6(! >(0-(! 2#!
#(6$!62*20>$a!^(!&2:8%6(!$<2*(0-J%b!2#!%82A2!62!
6-0-2,4*2b! K82! <(*(! 2N/*(2*,2! #(! A-&/(! 62*20>(b!
#(! 08(#! ,2! 0(8&(4(! ,80>$! 6$#$*! M! >(4D(! ]826(X
6$! ,8M! (K20/(6(a! 9%! #(! 2&<(#6(! %$! ,2! <86-2*$%!
<*(0/-0(*!%-%:8%(!$<2*(0-J%a!;2%:$!8%(!2&]8-*#(!
2%!2#!<8#,J%!-)]8-2*6$b!<2*$!2#!,c6-0$!,2!,(%6J!
K82!/2*(<-(&b!<$*]82!<(*(!$<2*(*!2&2!<8#,J%!(>D!
2&!&C<2*!*-2&:$&$a!p#!,-&,$!,2!(0$%&2FJ!]82!2*(!
,2F$*! ]826(*,2! (&D! 0$%! 2&(! 2&]8-*#(! (>Db! ]82! &-!
]82*D(!,2!,(%6(4(!6$%62!2#!0-*8F(%$!<2*$!]82!c#!
%$!*2&<$%6D(a!
.2*$!%$!>2!<$6-6$!(00262*!(!#(!<*J/2&-&!$08#(*b!
#(!08(#!>(!&-6$!62,$*(6(!<(*(!:2&/-$%(*a!9#!6$0/$*!
]82!,2!&(0J!#(!A-&/(!,2!6-$!8%(!*2,-&-J%!<(*(!#(!
<*J/2&-&b!]82!#(!<$6D(!:2&/-$%(*!2%!2#!7(*0$!H-62#!
$!2%!2#!'(%!G-02%/2a!72!K8-!6$%62!#(!6$0/$*(!M!,2!
6-F$! ]82! ,_&! K_0-#! ,2! K82*(! 0$%! 2&(! *2,-&-J%! (#!
'(%! G-02%/2a! "##_! ##2Ac! #(! <(<2#2*D(! (#! <*-%0-<-$!
62! 2%2*$! 62#! RSSUa! 9&2! 0(&$! #2! /$0(4(! ##2A(*#$! (!
#(!/*(4(F(6$*(!&$0-(#b!<2*$!2##(!&2!62,$*J!,80>$!

<(*(! <$%2*! #(! <(<2#2*D(! (! 0-*08#(*a! 9##(! &(#D(! (!


A(0(0-$%2&! M! 2%/*(4(! <(*(! K-%(#2&! 62! 2%2*$! M!
08(%6$!2%/*J!&2!62,$*J!,80>$!0$%!,-!<(<2#2*D(a!
9%/$%02&b!2&2!>(!&-6$!2#!,$/-A$!62!#(!62,$*(a!n$!
0$,2%0c!(!(0$&(*#(!,80>$b!##(,_%6$#(b!M!,2!&(0J!
8%(!0-/(!0$%!8%!2&<20-(#-&/(!]82!,2!*2A-&J!M(!4-2%!
M!,-*J!]8c!2*(!#$!]82!M$!%202&-/(4(a!p#!,2!6-$!#(!
$*62%!<(*(!#(!<*J/2&-&b!<2*$!#(!/*(4(F(6$*(!&$0-(#!
6-F$! ]82! <$*! 8%(! #2M! %82A(b! 2#! H$&M:(! ,2! 2&/(4(!
%2:(%6$! 2&(! <*J/2&-&b! <$*! &2*! (#:$! 62! 2&/c/-0(a!
;*(/c!62!2N<#-0(*!]82!(#:$!2&/c/-0$!2&!0$,$!&-!&2!
,2!A-2*(!&-%!$F$!(&D!%$!,_&!$!62&62!2#!%(0-,-2%X
/$b! M! (0#(*c! ]82! %$! 2&/(4(! <-6-2%6$! (#:$! 2&/c/-0$!
<(*(!(<(*2%/(*!&-%$!]82!2*(!8%!62*20>$!]82!/2%D(!
*2K2*2%/2!(!,-!(00-62%/2a!3$%!2&2!,-&,$!0>-&/2!#2!
&(#-J!#(!/*(4(F(6$*(!&$0-(#!(!#(!2&<20-(#-&/(!]82!,2!
(/2%6-Ja!9%/$%02&b!2##(!#2!*2&<$%6-J!(!#(!/*(4(F(6$X
*(!]82!(!,D!%$!/2%D(%!<$*!]8c!%2:(*,2!2&$b!]82!62!
%-%:8%(!,(%2*(!2#!H$&M:(!/2%D(!<$*!]8c!%2:(*,2!
2&2!62*20>$a!
">D! ,-&,$! 2%! 2#! '(%! G-02%/2! ,2! 6-2*$%! 8%(!
$*62%! M! 2#! ,-&,$! >$&<-/(#! K-*,J! 8%! <(<2#! 6$%62!
620D(!]82!&2!>(0D(!*2&<$%&(4#2!<$*!2&2!0$&/$!62!
#(! <*J/2&-&a! 3$%! 8%(! $*62%! ,2! ,(%6(*$%! 6$%62!
2#! 6$0/$*! 7(*-$! 9&0$4(*a! p#! 2&! 2#! ]82! ,2! 2&/_!
>(0-2%6$!#(!<*J/2&-&a!g2!-6$!(!8%(!0-/(!<(*(!6-48X
F(*!#(!A-&/(!2%!&Da!72!K(#/(%!&-2/2!8!$0>$!0-/(&!<(*(!
/2*,-%(*!62!6-48F(*!#(!A-&/(b!<(*(!&(0(*#2!2#!0$#$*b!
<$%2*#2!#(!K$*,(!]82!2&b!2/0c/2*(a!.$*!(>D!(!*2,(X
/2&!62!(4*-#!2&/(*_!#-&/(b!M!(>D!A$Ma!

>=

>>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+'0W0+'2#)'&)F&

\%$!2%!2#!0(,<$!%$!/-2%2!0#(*$!]8c!62*20>$&!
/-2%2! 8%$! 0$,$! AD0/-,(b! ]8c! 2%/-6(6! 62#! :$4-2*%$!
,2! <$6*D(! 084*-*! ,-! (00-62%/2a! H82! ,-! K(,-#-(! #(!
]82! ,2! (<$MJ! 2%! /$6$! ,-2%/*(&! 2&/8A-,$&! 2%! 2#!
0(,<$a! .2*6D! ,80>$&! 62*20>$&! ]82! /2%D(! 0$,$!
AD0/-,(a! .2*6D! ,-! 0(<(0-6(6! <(*(! /*(4(F(*a! t826c!
(>D!68*(%/2!/*2&!(`$&!#(*:$&!2%!#(!K-%0(a!1$!<$6D(!
/*(4(F(*a! 9*(! #$! ]82! ,-! K(,-#-(! <86-2*(! >(02*! <$*!
,Da! n(! 2%! #(! 0-86(6! 2&/$M! 48&0(%6$! 2&(&! (M86(&!
]82! 2&/_%! /(%! 2%A$#(/(6(&a! "]8D! #$! ]82! &D! 2%0$%X
/*c! 62! 8%(! K82! 8%(! ,(#(! %$/-0-(a! t82! M$! %$! -4(! (!
A$#A2*!(!A2*!%8%0(a!9&$!,2!#$!6-F2*$%!8%$&!,c6-0$&!
62#!'-&4c%a!.(*(!,D!K82!68*$b!$/*(!A2)b!<2*$!%$!K82!
<*-,-0-(a!"!,-!K(,-#-(!#2!6-$!,_&!68*$!]82!(!,Da!n$!
,2!##2%c!62!K82*)(&a!'-!(&D!K82b!]8c!#2!A(,$&!(!>(02*a!
B8*-/$b!,80>$b!<2*$!%$!<(*(!(0$,<#2F(*,2!,80>$a!
"#! <*-%0-<-$! ,2! <8&2! (! A2%62*! 4$#&(&! 2%! #(!
0(##2!(#:8%$&!6D(&a!.2*$!%$!,2!F8&/-K-0(4(!2N<$%2*!
,-!A-6(!<$*!08(/*$!$!0-%0$!,-#!<2&$&!]82!,2!2&/(X
4(%! ]826(%6$a! ">$*(! >(:$! ,80>(! 0$&(! &$#$a! g2!
2&/(6$! 2%! <*$02&$&! 62! *2>(4-#-/(0-J%! A-&8(#! <(*(!
(6(</(*,2! ,_&! (! ,-! 6-&0(<(0-6(6b! M! 2&$! <$*]82!
,2!#$&!>(%!$4&2]8-(6$!2#!3E".!62!O$:$/_!M!2#!'(%!
G-02%/2a!.2*$!20$%J,-0(,2%/2!8%$!%$!&2*D(!0(<()!
62! &$&/2%2*! 2&$b! <$*]82! %$! /2%:$! 8%(! &-/8(0-J%!
62K-%-6(a! "##_! /2%:$! 0$,$! 8%(! 2&<20-2! 62! 420(a!
3(6(!>$*(!&$%!0$,$!6$02!,-#!<2&$&!]82!A(#2!M!M$!
%$!/2%:$!<#(/(a!
;(,4-c%! 2&/$M! M2%6$! <$*! .*(6$! 32%/*$! (!
#(! \%-J%! 1(0-$%(#! 62! ^-,-/(6$&! G-&8(#2&b! 8%(!

-%&/-/80-J%!]82!>(02!6-2)!(`$&!&2!K$*,J!M!%$!/-2%2!
_%-,$!62!#80*$a!'$#(,2%/2!6$%(%/2&!M!A$#8%/(*-$&!
#(!(<$M(%a!"##_!2&/$M!*20-4-2%6$!0#(&2&!62!#20/$2&X
0*-/8*(! 4*(-##2b! #(&! 08(#2&! ,2! <2*,-/2%! 2&0*-4-*!
0$,$!#(&!<2*&$%(&!A-62%/2&!2%!/-%/(b!<2*$!2%!8%$!
%$!2&!0$%!/-%/(!&-%$!2%!8%!*2#-2A2a!">D!2&/$M!(<*2%X
6-2%6$!(!62K2%62*,2!2%!/$6$!#$!]82!2&!2&0*-/$a!
"! /$6(&! 2&(&! <(*/2&! A$M! &$#$b! <82&! %$! /2%:$!
(#:8-2%! 6-&<$%-4#2! /$6$! 2#! /-2,<$! <(*(! ]82! ,2!
(0$,<(`2!2%!2&2!/-<$!62!0$&(&!M!/(,4-c%!<$*]82!
,2!2&/$M!(6(</(%6$a!"#!<*-%0-<-$!%$!,2!(**-2&:8c!
(!(%6(*!&$#$b!<2*$!62&<8c&!,2!6-!082%/(!62!]82!2*(!
0(<()!M!,2!620-6DQ!A$M!&$#$!(!#$!]82!&2(!0(<()!62!
>(02*!0$%!#(!<$0(!*2>(4-#-/(0-J%!(!#(!]82!>2!<$6-6$!
(00262*a!9%!2#!0(&$!62#!72/*$b!/$6$&!#$&!6-&0(<(0-X
/(6$&!/2%2,$&!8%(!(/2%0-J%!<*2K2*2%0-(#!M!2&!K_0-#a!
9%! 2#! 48&! 2&! ,_&! ]82! /$6$! #(! -%62<2%62%0-(!
62! 8%$a! ^2! /$0(! (! 8%$! 6-*-:-*&2! (#! 0$%680/$*! $! (!
#(!<2*&$%(!]82!A(M(!(#!#(6$!62!8%$a!\%$!<*2:8%X
/(! M! #2! <-62! 2#! K(A$*! 62! ]82! #2! (A-&2! 08(%6$! A(M(!
<$*!(>Da!9%!#(!0(##2!>(M!]82!(<*2%62*&2!2#!/*()(6$!
8*4(%D&/-0$b! $! &2(b! (<*2%62*&2! #$&! <8%/$&! 0(*6-X
%(#2&a!9&$!#2!(M86(!(!62K2%62*&2!M!0$%!2&$!/2%:$!
,2F$*!62&<#()(,-2%/$!&-%!%202&-6(6!62!2&/(*!,8M!
62&84-0(6$m!A$M!48&0(%6$!8%(!6-*200-J%!M!&c!(!]8c!
#(6$!,2!]826(a!
@/*(&! 0$&(&b! 8%(&! ]82! %$! %202&-/2%! #(! A-&/(b!
#(&!>(:$!62!$/*(!,(%2*(a!9%!#(!0$,-6(!>(M!0$&(&!
]82!#(&!62/20/$!<$*!2#!$#$*a!"%/2&!#$!]82!-4(!2%0$%X
/*(%6$!,2!#$!0$,D(b!<2*$!<*-,2*$!#$!$#D(b!#2!0$:D(!

<@@

<@<

<@?

30.2#'*"+,'&-.'($#(#')&'!"#$%&

2#!&(4$*b!M!(&D!K8-!(<*2%6-2%6$a!E20$%$)0$!2#!$#$*!
62! #$&! K*DF$#2&b! &c! 62! (#:8%(&! &$<(&! <2*$! %$! &c!
6-K2*2%0-(*!4-2%!>(&/(!<*$4(*#(&a!"#:8%(&!&$%!62!
<(&/(&b!$/*(&!62!A2*68*(&a!^(&!*20$%$)0$!(%/2&!62!
<*$4(*#(&b!<2*$!8%$!<8262!0$%K8%6-*!8%(!&$<(!0$%!
8%!&(%0$0>$a!^(!0(*%-/(!#(!&-2%/$!0*8F-*!/$6$!*-0$!
08(%6$! #(! 2&/_%! K*-/(%6$! M! 62&084*$! #(&! /(F(6(&!
62#!,(68*$!2%!2#!$#$*a!
9&/$M!<*$:*2&(%6$b!<2*$!/$6$!>(!&-6$!,8M!68*$!
<(*(! ,Da! ^$&! 62*20>$&! 20$%J,-0$&! 0$,$! AD0/-,(!
#$&!<2*6Db!M(!]82!%$!,2!#$&!6(%!<$*!2#!/-2,<$!]82!%$!
620#(*c!,-!(00-62%/2a!3$,$!AD0/-,(!62!,-%(!(%/-X
<2*&$%(#b!%$!>2!*20-4-6$!,_&!&2*A-0-$&!6-&/-%/$&!(!
#(!(/2%0-J%!,c6-0(a!">$*(!62<2%6$!62!#(!K(,-#-(!M!
20$%J,-0(,2%/2! 2&/(,$&! ,(#a! 9%! 7262##D%b! /$6$!
2&!,8M!6-&/-%/$b!0$,2%)(%6$!<$*!#(&!A82#/(&!2%!#(&!
]82!,2!,(%/2%:$!<(*(!/$6$b!<2*$!M(!0(&-b!&-!/$6$!
&(#2!0$,$!2&<2*$b!A$M!(!/2%2*!,-!<*J/2&-&b!0$%!#(!
08(#!M$!%$!A82#A$!(!A2*!<2*$!/(#!A2)!#(!:2%/2!,2!A2(!
,2F$*!(!,Da

/0.')0+'0W0+'2#)'&)F&

3"0F#2#+

<@A

'$%*D2! M! <$&(! <(*(! #(&! K$/$&! ]82b! (8%]82! %$!


<8262!A2*b!2&<2*(!/2%2*!2%/*2!&8&!,(%$&a!1$!#2!
-,<$*/(! ]82! #$! *2/*(/2%a! t8-2*2b! ,_&! 4-2%b! ]82!
(#:8-2%!:8(*62!#(!-,(:2%!62!&8!*$&/*$b!#(!,-&,(!
]82!(!c#b!&2:C%!6-02b!M(!&2!#2!2&/_!4$**(%6$!62!#(!
,2,$*-(a!">$*(!&8&!*2082*6$&!&$%!#$&!$F$&!]82!#2!
<2*,-/2%!*2/*(/(*&2!0$,$!2&b!,-*(*!(/*_&!M!*2#(X
/(*!2#!(00-62%/2!]82!#$!62FJ!0-2:$!<(*(!&-2,<*2a!
B-$,262&! @&$*-$! 2,<-2)(! <$*! 0$%/(*! ]8-c%!
2*(! 2&2! F$A2%! -%A-62%/2! ]82! >$M! &2! ,82A2!
&$#$! <$*! #(&! 0(##2&! M! 2%! #$&! 48&2&! 62! 7262##D%Q!
8%! ,80>(0>$! (%6(*-2:$! 2! -%62<2%6-2%/2! ]82!
*2:*2&(! (! #(! A-6(! K(,-#-(*! 2%! 2#! 0(,<$b! 6$%62!
#(! <*2&2%0-(! 62! :*8<$&! (*,(6$&! 62&(%:*J! 2#!
<824#$!>(&/(!2N<8#&(*!(!&8!<*$<-(!K(,-#-(a!H82!
2%!#(!0-86(6b!&$#-0-/(%6$!(M86(&!<$*!&2*!62&<#(X
)(6$b!]82!B-$,262&!&2!2%/2*J!62!]82!#$!]82!&8!
,(0>2/2!>-)$!2N<#$/(*!K82!8%(!,-%(!(%/-<2*&$X
%(a! '-%! 2,4(*:$b! #(! >()(`(! 62! ]826(*&2! 2%! #(!
A2*26(! /*2&! (`$&! 62&<8c&! 62#! (00-62%/2! M! &-%!
(/2%0-J%! ,c6-0(! (#:8%(! #2! 2&/*$<2J! #$&! /*_,-X
/2&!<(*(!*20#(,(*!&8&!62*20>$&a!B2!(>D!]82!&8!
>-&/$*-(!2&/_!##2%(b!(62,_&!62!2&02%(&!(,(*:(&!
<$*! #(! %82A(! A-6(! 62! -%A-62%/2! ]82! #(! :82**(!
#2! $4#-:(! (! A-A-*b! 62! (:$/(6$*2&! 2<-&$6-$&! 62!
2&<2*(!2%!>$&<-/(#2&!6$%62!2,<2)J!&8!*208<2X
*(0-J%! KD&-0(a! B2! #(! 2,$0-$%(#b! ]8-&$! $08<(*&2!
2,<2)(%6$! <$*! 0$%/(*! 2&/(! >-&/$*-(! ]82! #$:*J!
0$%&/*8-*! :*(0-(&! (! &8! 0(<(0-6(6! 62&0*-</-A(b!
&8&! 08(#-6(62&! 62! %(**(6$*! M! &8! &2%&-4-#-6(6!
M!<(0-2%0-(!<(*(!2&<2*(*!(!]82!0(6(!#2/*(!]82!
,2%0-$%(4(!&2!/20#2(*(!2%!2#!0$,<8/(6$*a

:.'%I+(&'2#'F"'!"W0
U$)&.20'2#'R#+-+'GI&$X.'H0$&)#+

L#8&/*(0-J%!<$*!@*#(%6$!62!+2&C&!58(*D%!7$*(#2&b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

(*(!2,<2)(*!]8-&-2*(!0$%/(*#2&!]8c!>(4D(!
&-6$!,-!A-6(!>(&/(!2#!RZ!62!(:$&/$!62#!RSSYb!
08(%6$! 2,<2)J! ,-! <2&(6-##(b! (8%]82! %$! &J#$! #(!
,D(!&-%$!#(!62!,-&!>-F(&!M!62!,-!2&<$&(a
7-! %$,4*2! 2&! @*#(%6$! 62! +2&C&! 58(*D%!
7$*(#2&b!%(0D!2#!TS!62!(4*-#!62!TUYU!2%!2#!,8%-0-X
<-$!62!'(%!3(*#$&b!"%/-$]8-(a!B2&62!,8M!<2]82`$b!
A-AD! 2%! 8%! 0$**2:-,-2%/$! 62! '(%! 3(*#$&! ##(,(6$!
'(,(%_a!"##D!A-AD!ZT!(`$&!62!,-!A-6(b!6$%62!2&/8X
6-c!&J#$!>(&/(!&2:8%6$!:*(6$!62!<*-,(*-(!M!/*(4(X
Fc!0$,$!(:*-08#/$*b!:(%(62*$!M!,-%2*$a!;*(4(F(4(!
2%!#(!K-%0(!62!#(!K(,-#-(a!9&/(4(!M$!62!$0>$!(`$&!
08(%6$!2,<20c!(!/*(4(F(*a!;*(4(F(%6$b!(**-(%6$!
,8#(&b!/*(M2%6$!/2*%2*$&b!M2%6$!(!/*(2*!*2A82#/$b!
M!(&D!>(&/(!#$&!RT!(`$&a
^(!K-%0(!2*(!62!08(*2%/(!>20/_*2(&!6-&/*-48-X
6(&! 62! #(! &-:8-2%/2! K$*,(Q! 8%(! <(*/2! #(! $08<(4(!
#(!0(&(!6$%62!A-AD(b!]82!0$%&/(4(!62!/*2&!>(4-/(X
0-$%2&b! 8%(! 0$0-%(! 0$%! K$:J%! 62! #2`(! M! 8%! <(/-$a!
@/*(!<(*/2!2*(!<(*(!08#/-A(*!0(`(a!"!#(!6-&/(%0-(!
&2! 08#/-A(4(! <#_/(%$b! K*DF$#b! M80(b! ,(D)b! 024$##(b!
2%/*2! $/*(&! 0$&(&b! 0$%! #(&! 08(#2&b! (! ,26-6(! ]82!
<(&(4(! 2#! /-2,<$b! &2! *20$:D(! M! &2! A2%6D(! <(*(! 2#!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'%I+(&'2#'F"'!"W0

&$&/2%-,-2%/$! 62! #(! K-%0(! M! #(! K(,-#-(a! ;(,4-c%!


(&2**(4(!,(62*(!0$%!&2**80>$!M!,$/$&-2**(a
"#*2626$*! 62! #(! 0(&(! >(4D(! <$/*2*$&! 6$%62!
>(4D(!:(%(6$b!2&!620-*b!A(0(&b!/2*%2*$&b!0(4(##$&a!
@*62`_4(,$&! #(&! A(0(&b! #(! #20>2! #(! A2%6D(,$&! M!
/(,4-c%! %$&! (#-,2%/_4(,$&! 62! 2##(a! ^(&! ,8#(&!
#(&! (**-_4(,$&! M! M$! /(,4-c%! 0(4(#:(4(a! 3$,$!
,-%2*$b!M$!0$:D(!M!,2!-4(!<(*(!2#!*D$!'(,(%_!62#!
1$*/2b! ]82! ]826(4(! (! 8%(! >$*(! 62! #(! 0(&(! 0(,-X
%(%6$b!M(!]82!%$!>(4D(!/*20>$!<(*(!#$&!0(4(##$&a!
'(0(4(!2#!$*$!0$%!4(/2(b!0$%!,$/$*!M!6*(:(a!\%(!
6*(:(!2&!8%!(<(*(/$!>20>$!(&DQ!&$%!8%$&!2,4(#&2&!
62!0(%20(&!0$%!8%!2%*-2#(6$!2%0-,(!M!8%!0(%(#J%!
<$*!#(!,-/(6b!(62#(%/2!A(%!#$&!,$/$*2&a!B2#(%/2!62!
#$&! ,$/$*2&! &(#2! 8%! /84$! M! (>D! &2! #2! <2:(%! 8%$&!
-%M20/$*2&a! '2! <*2%62%! 2&$&! ,$/$*2&! M! 2%/$%02&!
&2!2N/*(2!#(!/-2**(!62#!*D$!M!(>D!A-2%2!2#!$*$a!9&!8%(!
#(%0>(!(<(*2%/2,2%/2!<2*$!%$!&-*A2!<(*(!#(%0>(*b!
<2*$!K#$/(!2%!2#!(:8(!M!6$%62!8&/26!#(!<*2%62!20>(!
<(*(!6$%62!A(M(!2#!*D$!M!%(A2:(a
9&2! $*$! #$! 0$:D(,$&! M! #$! A2%6D(,$&a! 9%! 2&2!
2%/$%02&b!<$*!620-*b!#$&!*2(#2&!2*(%!0-%0$!0(&/2##(X
%$&b! ]82! A2%D(%! (! &2*! A2-%/2! :*(,$&b! M! 0$%! 2&/2!
6-%2*$!%$&!&$&/2%D(,$&a!g$M!2%!6D(!8%!0(&/2##(%$!
&$%!6-20-&c-&!*2(#2&b!M!8%!0(&/2##(%$!A(#2!/*2&0-2%X
/$&!,-#!<2&$&a!"!2&$!&2!2&/_!A2%6-2%6$!2#!$*$a
3$%$0D! (! ,-! 2&<$&(! ^8)! 7(*-%(! 3(*6$%(!
7(*D%b!0$%!#(!08(#!,2!0(&c!(!#$&!RR!(`$&!62!26(6a!
9##(!/2%D(!6-20-&c-&!(`$&!M!##2A_4(,$&!&2-&!(`$&!62!
%$A-():$b!$!&2(!62&62!]82!2*(!8%!%-`(a!9#!<(<_!2*(!

8%!/-<$!02#$&$!<2*$!02#$&$!62!#(!A-6(b!M!0$,$!c#!20>(X
4(!/*2&!A-(F2&!(!#(!&2,(%(!(#!<824#$!<(*(!##2A(*!#(!
0(*:(!62!#(!0$&20>(b!2&$&!6D(&!<$*!#(!%$0>2!M$!-4(!(!
0>(*#(*!0$%!2##(!(!#(!0(&(a!9*(%!2#!6D(!,-c*0$#2&b!2#!
6D(!A-2*%2&!M!2#!6D(!&_4(6$b!M!0$,$!]826(4(!(>D!(#!
K*2%/2!,2!]826(4(!,8M!482%$a!;8A2!0$%!2##(!0-%0$!
>2*,$&$&! >-F$&! (! #$&! ]82! >2,$&! &(0(6$! &-2,<*2!
(62#(%/2!M!62!#$&!08(#2&!%$&!&2%/-,$&!$*:8##$&$&a!
9%!2#!0(,<$b!2#!<(-&(F2!2*(!62!,$%/(`(&!##2%(&!
62!_*4$#2&b!]824*(6(&!M!*D$&b!62!:(%(6$b!62!K(8%(!
M!62!/$6$!#$!]82!&2!08#/-A(4(!M!0*-(4(a!9&$!>(4D(!
0$%2F$&b! :8(:8(&b! 8%! (%-,(#! ]82! #2! ##(,(4(%!
/(/(4*(!]82!<(*20D(!8%!,(**(%$b!M!>(4D(!/$*0()(&b!
]82!2*(%!0$,$!<(*20-6$&!(!#(&!<(#$,(&!]82!>(M!2%!
#(!0-86(6b!M!%$&!#(&!0$,D(,$&a!g(4D(!#$*$&b!4$(&b!
:(##-%2/(&m!#$!C%-0$!]82!%$!>(4D(!2*(!0$,$!#2$%2&!$!
/-:*2&b!]82!2&$&!&2!A2D(%!,_&!<(*(!(62%/*$b!#2F$&b!M!
2%!2#!*D$!&2!<2&0(4(!6$*(6$b!&(*6-%(/(!M!4$0(0>-0$a
9%!2#!(`$!RSSSb!%$&!/$0J!A2%-*%$&!62!'(,(%_!
62&<#()(6$&! <$*! #(! A-$#2%0-(! (! #(! 0-86(6! 62!
7262##D%b! 2%! #(! 08(#! A-A-,$&! (0/8(#,2%/2a! "%/2&!
62! %$&$/*$&! A2%-*%$&! >84$! 8%! 62&<#()(,-2%/$!
62! :2%/2! 62! ,_&! (K82*(a! "#! (`$! 62! 2&2! <*-,2*!
62&<#()(,-2%/$b! ,(/(*$%! (#! >2*,(%$! ,D$! M! (>D!
&D! /$6$! 2#! ,8%6$! 20>J! <(*(! (K82*(a! B2&<8c&! 62!
2&$!A$#A-J!:2%/2!M!2&/8A$!482%$!$/*$!(`$b!<2*$!(>D!
K82!08(%6$!,(/(*$%!(!8%!&2`$*!ED$&!M!(>D!&D!/$6$!
,8%6$b! A-2%6$! ]82! ,(/(*$%! 8%! 0$%$0-6$b! 6-F$Q!
l1$&!A(%!(!,(/(*!(!/$6$&ka!9&2!&2`$*!2*(!#$!,2F$*!
62! #(! A2*26(b! 2*(! 8%! #D62*! 2%! #(! 0$,8%-6(6a! \%$!

<@D

<@E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'%I+(&'2#'F"'!"W0

##2:(4(!6$%62!c#!M!%202&-/(4(!0$,-6(!M!c#!,(%/2X
%D(!0$&20>(!2%!:*(%62a!liH82!]82!&2!/2!(0(4(*$%!
#(&!M80(&j!G2%:(!,(`(%(!<$*!#(!,(`(%(!0$%!8%(!
,8#(! <(w! ]82! &2! ##2A2! 8%(&! M8]8-/(&kb! #2! 620D(! (!
8%$b! M! #(&! M80(&! 2*(! 8%(! 0(*:(! ]82! #2! 20>(4(! (!
8%$a! L%0#8&-A2b! (! 8%! &2`$*! #2! *2:(#(4(! 8%! >82&$!
2%/2*$!62!0(62*(!62!*2&b!M!8%!>-F$!62!2&2!&2`$*!&2!
,2/-J!(!#(!:82**-##(!M!62&<8c&!A-%$!,8M!0(,<(%/2!
M!#$!,(/Ja!;$6$!2#!,8%6$!&2!A-%$!62!(##_a!1$!]826J!
%(6-2a!;$6$&!K8-,$&!62&/2**(6$&a!;$6$&!(**(%0(X
,$&! <(*(! 7262##D%a! ^#2:(,$&! (! '(%! 3(*#$&! M! (>D!
%$&!]826(,$&!0$,$!/*2&!6D(&!6$%62!8%(!>2*,(%(!
,D(!M!M(!2#!08`(6$!%$&!6-F$Q!lGc%:(%&2!<(w!7262##D%!
M!(]8D!08(#]8-2*!0$&(!>(02,$&ka!;$6$&!2&/_4(,$&!
(48**-6$&!<(*(!0$,2%)(*!62!%82A$!<*_0/-0(,2%/2a
n(!2%!7262##D%!2,<20c!(!/*(4(F(*!(*68(,2%/2!
<(*(! &(0(*! (! ,-! K(,-#-(! (62#(%/2b! 2&! 620-*b! <(*(!
4*-%6(*#2&! 8%! 2N02#2%/2! K8/8*$b! <(:_%6$#2&! &8&!
2&/86-$&!<(*(!]82!2%!8%!K8/8*$!K82*(%!8%(&!<*$K2X
&-$%(#2&b!2%!K-%a!9&/8A2!<$*!(>D!6$&!(`$&!A$#/2(%X
6$!<(*(!8%(!<(*/2!M!<(*(!$/*(!08(%6$!8%!6D(!,2!
:(%c!8%!0>(%02b!2%/$%02&!%$&$/*$&!/*(4(F_4(,$&!
2,<(0(%6$!,2*0(6$!M!:(%_4(,$&!#$!]82!#(!:2%/2!
]8-&-2*(! 6(*#2! (! 8%$a! "##_! 8%! &2`$*! ##2A(4(! #(&!
#2:8,4*2&!2%!4$#&(&!2,<(0(6(&b!2%/$%02&!0$%!2#!
0>(%02!#2!6-F2!(#!08`(6$!,D$!]82!0$:-c*(,$&!8%(&!
#2:8,4*2&!<(*(!2%&(M(*a!p#!#2!0$,2%/J!(!8%!&2`$*!
7(*0$&b! M! #2! 0$%/2&/JQ! l'-! &$%! 0(<(02&b! >_:(%#2b!
<2*$! %$! ,2! A(M(%! (! 620-*! 2%! 2&/$&! 6D(&! ]82! %$!
K82*$%! 0(<(02&! <$*]82! ,2! >(02%! <2*62*! ,80>(!

<#(/(ka! n! (**(%0(,$&! K82! 62! 8%(! (! :(%(*! <#(/(!


0$,$! 8%! A2**(0$a! .8&-,$&! #(! #2:8,4*2*D(! (! 8%!
#(6$! 62#! &8<2*,2*0(6$b! (#! #(6$! 62#! 4()(*! 62! '(%!
"%/$%-$!2%!2#!02%/*$a!B2&<8c&!$08<(,$&!,80>$&!
#$0(#2&b! 8%$! <$*! 9#! g82A$b! 62&<8c&! 8%$! (#! K*2%/2!
62#!%2:$0-$b!62&<8c&!$/*$!2%!9#!.(#$!M!62&<8c&!$/*$!
,_&!(##_!62!O$,4$%_a!n!(##_!2&/_b!<2*$!0$,$!M$!%$!
<826$! /*(4(F(*! 62&<8c&! 62#! (00-62%/2b! #$&! &$0-$&!
,2! &(0(*$%a! 72! ]826(*$%! 8%$&! <2&$&! <$*]82!
&-2,<*2!,2!:8&/(4(!(>$**(*a
9%! (:$&/$! 62#! RSSYb! ,-! K(,-#-(b! ,-&! (,-:$&! M!
(#:8%$&! 0$%$0-6$&! A-(F(,$&! (#! ,8%-0-<-$! 62! '(%!
3(*#$&!(!#(&!K-2&/(&!62#!(:8(a!'$%!#(&!/*(6-0-$%2&!
(##_a!9&$!4(F(%!/*D$&!4(&/(%/2&b!>(&/(!+$*:2!O(*J%!
;2#2A-&-J%!2&/8A$!(##_a!9%!2#!RSSYb!08(%6$!K8-,$&!
%$&$/*$&b! 2&/8A-2*$%! 2#! 3$,4$! 62! #(&! 9&/*2##(&b!
B(*D$! 5J,2)! M! ^8-&! "#42*/$! .$&(6(a! '$%! K-2&/(&!
62&62!2#!,-c*0$#2&!>(&/(!2#!#8%2&b!2%!<82%/2!K2&/-X
A$a!g(M!<*$:*(,(!62!/$6$a!9%!2#!6D(!2&!/-*(%6$!*D$!
M!0$,-2%6$!482%$b!M!M(!<$*!#(!%$0>2!2&!#(!*8,4(!
<$*!/$6$&!#(6$&a!B-&K*8/(,$&b!4(-#(,$&b!0$,-,$&b!
2%!K-%b!&-%!&(42*!#$!]82!<(&(*D(!,_&!(62#(%/2a!^(!
<2&(6-##(!<*$%/$!0$,2%)(*D(a!;2*,-%(*$%!#(&!K-2&X
/(&b!M!(!,-!>-F$b!3(*#$&!"%6*c&!58(*D%!3(*6$%(b!#$!
-%A-/(*$%!(!<(&2(*!(!;(*()_a!p#!0$%/2&/J!]82!-4(!(!
A2*b!]82!2&/(4(!2%!0$%/(0/$!<(*(!(A-&(*a!p#!2*(!8%!
/-<$! (#/$b! :*82&$b! ,$%$b! 4#(%0$b! 482%! 2&/86-(%/2b!
482%!/*(4(F(6$*b!8%!A2**(0$!<(*(!/*(4(F(*a!u;2%D(!
8%(! K82*)(! 2&2! ,80>(0>$v! 9%! #(! #2:8,4*2*D(! &2!
(#)(4(!2&$&!48#/$&!62!*2A82#/$a!u9&2!/-<$!2*(!62!8%!

<@=

<@>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'%I+(&'2#'F"'!"W0

(,4-2%/2v! \&/26! %$! #$! 2%0$%/*(4(! 62! ,(#! :2%-$!


%8%0(a!"!,D!,2!>(0D(!F8:(*!0$%!c#b!2%!#(!0(&(!,2!
0$**2/2(4(!M!F8:(4(!<$*!/$6$&!#(6$&a
;2%D(,$&! ,80>$&! 0$%$0-6$&! <$*! 2&$&! #(6$&!
62!;(*()_b!<$*]82!,80>(!:2%/2!62!#(!A2*26(!]82!
62&<#()(4(%!<$*!2#!0$%K#-0/$!&2!-4(!<(*(!(##_!6$%62!
8%! &2`$*b! 6$%! +2&C&! 7(*D(! 5$%)_#2)b! ]82! 2*(! 62!
'(,(%_b!<2*$!]82!>(02!,80>$&!(`$&!&2!K82!<(*(!
(##_a! ^(! :2%/2! 0$:D(! <(*(! 2&$&! #(6$&! <$*]82! 2&2!
&2`$*!#2&!6(4(!2,<#2$!M!(!#$&!]82!%$!#2&!*2&8#/(4(!
&2!-4(%!(!/*(4(F(*!#(!0$0(a!
'-%! ,_&! %-! ,2%$&b! A$#A-,$&! (! #(! 0-86(6! (!
0$%/-%8(*! 0$%! %82&/*(! *8/-%(! 6-(*-(b! 2&! 620-*b!
8%$&!(!/*(4(F(*!M!$/*$&!(!2&/86-(*a!^-#-(%(!7(*02#(!
58(*D%!3(*6$%(!/2%D(!R[!(`$&!62!26(6!M!&2!2%0$%X
/*(4(!/*(4(F(%6$!M!2&/86-(%6$!-%:2%-2*D(!62!&-&/2X
,(&b!&20*2/(*-(6$!M!(6,-%-&/*(0-J%!62!2,<*2&(&a!
3(*#$&! "%6*c&! 58(*D%! 3(*6$%(! /2%D(! RT! (`$&! 62!
26(6b!/2*,-%J!&8!4(0>-##2*(/$!M!/*(4(F(4(!0$%,-:$!
2%!#(!#2:8,4*2*D(!62!#(!08(#!M$!2*(!&$0-$a!7-!$/*(!
>-F(b!^26-&!}-$,(*(!58(*D%!3(*6$%(b!/2%D(!TW!(`$&!
62!26(6!M!2&/(4(!08*&(%6$!2#!08(*/$!&2,2&/*2!62!
-%:2%-2*D(!-%68&/*-(#a!n(!/2*,-%J!M!:*(0-(&!(!B-$&!
#(! A-%08#(*$%! (! #(! 2,<*2&(a! ^8)4-(,! H2*%(%6(!
58(*D%! 3(*6$%(! /2%D(! Tq! (`$&! 62! 26(6! M! 2&/(4(!
2%!6c0-,$!:*(6$a!B(%-2#(!58(*D%!3(*6$%(b!62!TZ!
(`$&b!08*&(4(!$0/(A$!:*(6$a!7-!2&<$&(!^8)!7(*-%(!
2*(!(,(!62!0(&(!M!M$!2*(!0$,2*0-(%/2a
7-! >-F$! 3(*#$&! "%6*c&! A-(FJ! (#! ,8%-0-<-$! 62!
;(*()_a! 9*(! 2#! TU! 62! (:$&/$! 62#! (`$! RSSYa! "##_!

2&/8A$! 4(-#(%6$! M! 6-&K*8/(%6$! >(&/(! ]82! ##2:J! 2#!


6D(!RZ!62!(:$&/$!M!620-6-J!,(6*8:(*&2!(!<(&2(*!(!
8%(!K-%0(!]82!]826(4(!2%!.82*/$!E(86(#b!A2*26(!
^(&! .(#$,(&a! 9&2! 6D(! 2,<2)(4(! %82&/*(! <2&(6-X
##(a!^#(,(*$%!(!#(!0(&(!M!0$%/2&/J!,-!2&<$&(!^8)!
7(*-%(a!^2!6-F2*$%!]82!>(4D(%!>20>$!8%(!,(&(0*2!
6$%62!>(4D(%!,(/(6$!(!0(/$*02!<2*&$%(&!M!]82!,-!
>-F$! &2! 2%0$%/*(4(! 62&(<(*20-6$a! 'J#$! &(4D(,$&!
]82! &2! >(4D(! ,(6*8:(6$! <(*(! (##_a! 1$! &(4D(,$&!
%(6(!,_&a
9*(%! ,_&! $! ,2%$&! #(&! YQSS! <,! 08(%6$! ,-!
2&<$&(! *20-4-J! 2&(! %$/-0-(a! B2! -%,26-(/$! ##(,J! (!
,-!>-F(!^-#-(%(b!#(!,(M$*b!]82!&2!A-%$!62#!/*(4(F$!
(%:8&/-(6(!M!##2%(!62!6$#$*a!9##(!<*_0/-0(,2%/2!K82!
#(!]82!&2!>-)$!0(*:$!62!/$6$a!^82:$!,2!##(,J!(!,Db!
62&2&<2*(6(a! 72! 6-F$Q! l.(<_b! A_M(&2! (! 48&0(*! (!
,-!>2*,(%$ka!G-(Fc!(!#(&!UQSS!<,b!62&2&<2*(6$!62!
6$#$*b!M(!]82!%$!>(4D(!%$/-0-(&!62!,-!>-F$a
7-2%/*(&! M$! A-(F(4(b! (! ,-&! >-F(&! M! 2&<$&(! #2&!
>(4D(%!-%K$*,(6$!]82!2#!%-`$!M(!>(4D(!(<(*20-6$!M!
2&/(4(!A-A$a!9*(%!,80>(&!#(&!A2*&-$%2&!]82!6(4(%b!
<2*$! #(! *2(#-6(6! 2*(! ]82! ,-! >-F$! M(! &2! 2%0$%/*(4(!
,82*/$! M! 62#! ]82! >(4#(4(%! 2*(! 62! $/*$! F$A2%a! 7-&!
>-F(&!M!2&<$&(!#$!C%-0$!]82!>(0D(%!2*(!##$*(*!M!$*(*!
(!B-$&!<(*(!]82!3(*#$&!(<(*20-2*(b!(&D!K82*(!,82*/$b!
<2*$!]82!(<(*20-2*(!<(*(!6(*#2!8%(!&(%/(!&2<8#/8*(a
^#2:8c! (! .82*/$! E(86(#! (! #(! TQSS! (,! M! ,2!
]826c!2%!2#!02%/*$!62!&(#86b!6$%62!&2!2%0$%/*(4(%!
*2(#-)(%6$! #(! %20*$<&-(! (! #(&! 0(/$*02! <2*&$%(&!
(&2&-%(6(&a! 9&<2*c! (%:8&/-(6$! M! ##2%$! 62! 6$#$*!

<<@

<<<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'%I+(&'2#'F"'!"W0

(! ]82! (,(%20-2*(a! H82*$%! >$*(&! ##2%(&! 62! 6-K2X


*2%/2&!<2%&(,-2%/$&a!72!-,(:-%(4(!#$!<2$*a!'J#$!
#2! <26D(! (! B-$&! ]82! %$&! 6-2*(! A(#$*! <(*(! &2:8-*!
(62#(%/2b!M!&$4*2!,-&!,2F-##(&!&J#$!0$**D(%!/$**2%X
/2&!62!#_:*-,(&a
9*(%!M(!#(&!WQSS!(,!08(%6$!,2!K8-!2%!4C&]82X
6(! 62! ,-! >-F$a! ;$,c! 8%(! +$>%&$%b! 2&! 620-*b! 8%(!
0(%$(! 0$%! 8%! ,$/$*a! 3*8)(%6$! 0$%! c&/(! 2#! *D$!
3(80(!##2:8c!6$%62!*2(#-)(*$%!#(!,(&(0*2!0$%!/*2&!
0-A-#2&! ,_&a! 'J#$! >(4D(! &(%:*2b! &$#26(6b! /*-&/2)(b!
6$%62!8%(&!<2*&$%(&!-:8(#2&!(!8%$!>(4D(%!02**(X
6$!#$&!$F$&b!&2##(6$!#$&!#(4-$&!M!>(4D(%!>20>$!]82!
62F(*(%! 62! <(#<-/(*! 0(/$*02! 0$*()$%2&! 62! <2*&$X
%(&!-%$02%/2&b!20>(6(&!<(w!62#(%/2!M!0$%!:(%(&!62!
&(#-*!M!&2:8-*!(62#(%/2a!"!#(&!/*2&!>$*(&!62!2&/(*!
48&0(%6$!##2:J!#(!.$#-0D(!0$%!2#!(#0(#62!M!2#!&20*2X
/(*-$!62!G(#6-A-(a!'2!(02*0(*$%!M!%$&!6-F2*$%!]82!
]8c!2&/_4(,$&!>(0-2%6$!<$*!(>D!M!M$!#2&!6-F2!]82!
,-!>-F$!&2!>(4D(!,(6*8:(6$!62&62!,8M!/2,<*(%$!
2#!6D(!(%/2*-$*b!2&!620-*b!2#!RZ!62!(:$&/$!62#!RSSYb!
]82!&2!2%0$%/*(4(!62&(<(*20-6$!M!]82!<$*!2%62!M$!
#$!2&/(4(!48&0(%6$a!9##$&!&2!&-:8-2*$%a
9&/_4(,$&! <$*! 8%! 0(,-%$! ##2%$! 62! *(&/*$F$a!
9*(!8%!0(,-%$!<(*(!42&/-(&!M!%$&!>(4D(,$&!,2/-X
6$! (#! ,$%/2m! 2&/_4(,$&! (! 08(*2%/(! ,2/*$&! 62#!
0(,-%$!48&0(%6$!(!,-!>-F$a!g(0D(!,80>$!0(#$*!M(!
]82!2#!0#-,(!62!2&/2!,8%-0-<-$!2&!8%!0#-,(!0(#-2%X
/2a!B2&<8c&!62!>(42*!2&/(6$!0(,-%(%6$!8%!#(*:$!
/-2,<$b!,2!&2%/D!0(%&(6$b!##2%$!62!&86$*b!/2%D(!#(!
*$<(!&80-(a!72!<8&2!(!,-*(*!8%!*$6(62*$!M!62%/*$!

62!,D!<2%&c!]82!/(#!A2)!>(4D(%!,(/(6$!(!,-!>-F$!M!
#$!>(4D(%!20>(6$!(!*$6(*a!3(,-%c!<$*!2#!4$*62!62!
2&2!4(**(%0$b!08(%6$!&2%/D!8%!:*(%!2&/*82%6$!]82!
,2!2#2AJ!0-%0$!,2/*$&b!]82!,2!62FJ!0$%!8%!6$#$*!
M!8%(!<*2&-J%!2%!2#!<20>$b!M!]82!,2!62FJ!0$%!#$&!
$D6$&b!#(!0(*(!M!/$6$!2#!082*<$!##2%$&!62!/-2**(a!9%!
2&2!,$,2%/$!&2!,2!<(&J!<$*!#(!,2%/2!]82!>(4D(!
<-&(6$!8%(!,-%(a!38(%6$!,2!#-,<-c!#(!0(*(!M!,-*c!
(!,-!(#*2626$*b!A-!,-!<-2!-)]8-2*6$!/$6$!A$#/2(6$!M!
62&/*$)(6$a!9,<20c!(!:*-/(*!62&2&<2*(6$a!
"!#(&!<2*&$%(&!0$%!#(&!]82!-4(!2%!4C&]826(!62!
,-!>-F$!#2&!6(4(!,-26$!M!/2,$*!(M86(*,2b!<82&/$!
]82! &J#$! <2%&(4(%! ]82! >(4D(! ,_&! ,-%(&b! 2%/$%X
02&!M$!#2&!6-F2!]82!K82*(%!<$*!#(!.$#-0D(!]82!2&/(4(!
02*0(b! 08(%6$! 62! 8%! ,$,2%/$! (! $/*$! (<(*20-J! #(!
.$#-0D(!M!,2!(,(**J!8%(!/-*(!2%!2#!,8`J%a!3#(*$!
]82! K82! 8%! 2**$*! 62! 2##$&! >(42*,2! (,(**(6$! #(!
/-*(! /(%! (#/(b! 2&! 620-*b! 2%! #(! ,-/(6! 62! #(! <-2*%(b!
M(!]82!2#!*2&/$!62#!<-2!&2!,2!,8*-Jb!<82&!#2!0(MJ!
:(%:*2%(a!9%/*2!/$6$&!,2!0$:-2*$%!M!,2!##2A(*$%b!
,2!,$%/(*$%!(!8%(!+$>%&$%b!0*8)(,$&!2#!*D$!M!62!
(>D!#(!.$#-0D(!<*2&/J!8%(!0(,-$%2/(!M!,2!##2A(*$%!
(#!>$&<-/(#!62!;(*()_b!"%/-$]8-(b!6$%62!,2!$<2*(X
*$%b!2&!620-*b!6$%62!,2!(,<8/(*$%!2#!<-2aaa
B2&<8c&!62!/$6$!2&/$b!,-&!>-F(&!,2!##(,(*$%!2%!
#(!%$0>2!<(*(!A2*!0J,$!2&/(4(a!'$#$!&c!]82!&2%/D(!
8%!:*(%!A(0D$b!6$#$*!M!62&2&<2*(0-J%b!(#!-:8(#!]82!
&2%/D(%!,-&!>-F(&!M!,-!K(,-#-(!2%!:2%2*(#a!9##(&!%$!
A-(F(*$%!<$*]82!2&/(4(%!(#!<2%6-2%/2!62!]8c!<(&(X
4(!0$%!3(*#$&b!,-!>-F$!M!>2*,(%$!62!2##(&a!H82*(!

<<?

<<A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'%I+(&'2#'F"'!"W0

62!2&$b!(!,D!2%!,8M!<$0$!/-2,<$!,2!/*(&#(6(*D(%!
(!#(!0-86(6!62!7262##D%a!"8%]82!2##(&!%$!2&/(4(%!
(>Db!,2!##(,(4(%!<*2$08<(6(&!(!A2*!0J,$!&2:8D(b!
(#!-:8(#!]82!,2!6(4(%!_%-,$&!M!6D(!/*(&!6D(!&(0(X
4(%!K82*)(&!62!6$%62!%$!/2%D(%!<(*(!6(*,2!A(#$*!
M!A(#2%/D(a
9#! &_4(6$! RV! 62! (:$&/$! 62#! RSSY! ,2! /*(&#(X
6(*$%!<(*(!#(!0-86(6!62!7262##D%!2%!#(&!>$*(&!62!
#(!,(`(%(a!^#2:8c!(!#(!TQSS!<,!(#!g$&<-/(#!.(4#$!
;$4J%! \*-42b! M! ,2! 2&/(4(%! 2&<2*(%6$! ,-&! >-F(&b!
(,-:$&!M!K(,-#-(*2&!2%!:2%2*(#a!38(%6$!,-&!>-F(&!
,2!A-2*$%b!&2!#2&!2%0>(*0(*$%!#$&!$F$&!M!,2!6(4(%!
_%-,$&!<(*(!&2:8-*a!9##(&!K82*$%!2#!,$/$*!<(*(!M$!
<$62*!&2:8-*!M!&(#-*!(62#(%/2b!<82&/$!]82!M$!2&/(4(!
2%!2#!>$&<-/(#!M!,-!>-F$!(C%!&2:8D(!62&(<(*20-6$a!
n$b!/(%!62#-0(6$!2%!2#!>$&<-/(#b!%$!<862!0$%/-%8(*!
0$%!#(!4C&]826(!62!,-!>-F$a!
7-&!>-F(&b!,-!2&<$&(b!,-&!08`(6$&b!,-&!>2*,(X
%$&! M! $/*(&! <2*&$%(&! 0$%/-%8(*$%! #(! 4C&]826(a!
7-!>2*,(%$!9#-:2%-$!58(*D%!&2!]826J!2%!;(*()_!
F8%/$!0$%!,-!>2*,(%(!M!>2*,(%(!62!c#b!5*(0-2#(m!M!
,-&!08`(6$&!"*/8*$!M!O2*/$!3(*6$%(!&2!]826(*$%!
2&<2*(%6$! %$/-0-(&! M! ,-*(%6$! ]8c! >(02*b! M(! ]82!
2#! 9Fc*0-/$! %$! 62F(4(! <(&(*! (! %(6-2! 6$%62! *2(#-X
)(*$%!#(!,(&(0*2b!<82&/$!]82!2*(!0(,<$!,-%(6$a!
7-&!08`(6$&!M!$/*(&!<2*&$%(&!&2!,(%/2%D(%!*2A-X
&(%6$! 2#! *D$! 3(80(! >(&/(! 2#! ,8%-0-<-$! 62! 120>Db!
<2%&(%6$!]82!#(!:82**-##(!>(4D(!,(/(6$!(!,-!>-F$!M!
#$!>(4D(!/-*(6$!(#!*D$a!G(*-(&!A202&!#$&!##(,(*$%!(#!

*20$%$0-,-2%/$!62!A(*-$&!0(6_A2*2&!(<(*20-6$&!2%!
c&/2b!<2*$!%-%:8%$!2*(!2#!62!3(*#$&!"%6*c&a
7-2%/*(&! /(%/$b! ,-! K(,-#-(! <8&$! (%8%0-$&! 2%!
2#!<2*-J6-0$!9#!3$#$,4-(%$b!*2)(4(b!##(,(4(!(!8%(!
M! $/*(! <(*/2b! M! &2! *$/(4(! <(*(! 08-6(*,2! M! 2&/(*!
<2%6-2%/2! 62! ,Da! 7-&! >-F(&! M! ,-! ,8F2*! (#! -:8(#!
/2%D(%! ]82! *2&<$%62*! 8%(&! 2%! 2#! /*(4(F$! M! $/*(&!
2%!2#!2&/86-$a!H82!(#:$!,8M!68*$!<(*(!/$6$&b!,_&!
<(*(!,D!]82!,2!2%0$%/*(4(!2%!2#!>$&<-/(#!0$%!8%!
<-2!(,<8/(6$!M!&-%!<$62*!>(02*!%(6(a
9%!2&$&!6D(&!6-F2*$%!]82!>(4D(%!A-&/$!(!3(*#$&!
"%6*c&!$!]82!>(4D(!(<(*20-6$!8%!,80>(0>$!,82*X
/$! 2%! 2#! *D$! 3(80(b! M! %$! 2*(! ,-! >-F$a! BD(! /*(&! 6D(!
48&0_4(,$&! M! 48&0_4(,$&! M! %(6(! 62! %$/-0-(&!
62#! c#a! "#! K-%(#b! &$#$! <2%&_4(,$&! ]82! #(! :82**-##(!
#$!>(4D(!&2082&/*(6$b!#$!]82!(C%!%$&!<*2$08<(4(!
,_&a!9&$&!&-2/2!6D(&!]82!,-!>-F$!2&/8A$!62&(<(*2X
0-6$!%$!0$,D(,$&b!%$!/2%D(,$&!_%-,$&!%-!(#-2%/$&!
62!>(02*!%(6(b!&$#$!%$&!2%0$,2%6(,$&!(#!'2`$*!M!
(!#(!G-*:2%a
B2&<8c&! 62! <(&(*! 8%$&! 6D(&b! 2%0$%/*(*$%! (!
8%! F$A2%! M! ##(,(*$%! (! ,-! 08`(6$! "*/8*$! M! (! ,-!
>2*,(%(! 5*(0-2#(! <(*(! *20$%$02*! 2#! 082*<$b! M(!
]82!##2A(4(!&-2/2!6D(&!62!,82*/$!M!#$&!:(##-%()$&!&2!
#2!>(4D(%!0$,-6$!,26-(!0(*-/(a!9K20/-A(,2%/2!2*(!
,-!>-F$a!^#(,(*$%!(!#(&!TRQTS!<,!(!0$%/(*!]82!#$!
>(4D(%!2%0$%/*(6$!,82*/$!02*0(!62!6$%62!M$!<-&c!
#(! ,-%(a! ^$! /*(&#(6(*$%! <(*(! 7262##D%! (! 3(,<$&!
62!.()!M!##2:J!2#!6D(![T!62!(:$&/$!62#!RSSYb!(!#(&!

<<B

<<C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'%I+(&'2#'F"'!"W0

6$&! $! /*2&! 62! #(! ,(`(%(a! 7-&! >-F(&b! ,-! 2&<$&(! M!


62,_&!<2*&$%(&!%$!/2%D(,$&!K82*)(&!<(*(!0$%/-X
%8(*b!&2%/D(,$&!]82!&2!%$&!>(4D(!(0(4(6$!#(!A-6(b!
M(!%$!<$6D(,$&!,_&b!&2!%$&!>(4D(%!(0(4(6$!#(&!
K82*)(&b! <2*$! 2#! '2`$*! M! #(! G-*:2%! %$&! 6-2*$%! 2#!
A(#$*!<(*(!0$%/-%8(*a
'$#$! &2%/D(,$&! ]82! &2! %$&! 0(D(! 2#! ,8%6$!
2%0-,(a! \%! :*(%! 6$#$*! M! 8%(! /*-&/2)(! -%A(6D(%!
%82&/*$&!0$*()$%2&a!n$!%$!<862!(&-&/-*!(#!2%/-2**$!
<$*]82!(C%!2&/(4(!,8M!62#-0(6$b!<2*$!,2!082%/(%!
]82!(&-&/-2*$%!,80>(&!<2*&$%(&!M!]82!&2%/D(%!8%(!
:*(%!/*-&/2)(!M!6$#$*b!<$*]82!&2!-4(!62!2&/2!,8%6$!
8%(!:*(%!<2*&$%(b!#80>(6$*(b!-%$02%/2b!]82!%$!#2!
>(0D(!6(`$!(!%(6-2b!2%!K-%a
;*(&!8%!/-2,<$b!RY!6D(&b!,2!6-2*$%!62!(#/(b!M!
0$%!#(!(M86(!62#!'2`$*!M!#(!G-*:2%!>2,$&!#$:*(6$!
&(#-*!(62#(%/2a!"0/8(#,2%/2b!&8K*$!8%!6$#$*!]82!#$&!
,c6-0$&!##(,(%!l2#!6$#$*!K(%/(&,(kb!]82!%$!,2!62F(!
/2%2*!A-6(b!M(!]82!2&!8%!6$#$*!,8M!K82*/2!2!-%/2%X
&$b!(8%]82!,2!2&/_%!6(%6$!8%(!6*$:(!]82!&$#$!,2!
0(#,(!8%!<$0$!2#!6$#$*!M!A(#2b!,2%&8(#,2%/2b!6-2)!
,-##$%2&!62!<2&$&b!]82!084*2!2#!H$%6$!62!'$#-6(6!
M! 5(*(%/D(! dH$&M:(e! 62#! :$4-2*%$a! ">$*(! ,-! A-6(!
2%!#(!0-86(6!2&!62,(&-(6$!68*(b!M(!]82!%$!<826$!
62&2%A$#A2*,2!2%!%-%:C%!0(,<$!62!/*(4(F$!624-6$!
(!,-!6-&0(<(0-6(6a!7(%/2%:$!2&2!6$#$*!K(%/(&,(b!
2&!620-*b!2#!<-2!]82!M(!%$!2N-&/2!(C%!#$!&-2%/$a!72!
<-0(b! ,2! (*62! M! 2#! 6$#$*! 2&! /(%! -%/2%&$! ]82! ,2!
2&/_%! 6(%6$! #(! 6*$:(! ,_&! K82*/2a! 9&/(! 6*$:(! ,2!

,(%/-2%2! 8%! <$0$! 6$<(6$b! 0$,$! 0$%! &82`$a! 3$%!


2##(! %$! <826$! /$,(*a! "%/2&! ,2! :8&/(4(! 2#! /*(:$b!
%$! &-2%6$! 8%! 4$**(0>$! 2,<262*%-6$b! <2*$! %$! &2!
,2!6(4(!%(6(!-*,2!(!/$,(*!&$#$a!'-!,2!<*$A$0(4(!
-*,2!(!/$,(*!(!#(!2&]8-%(!$!(#!02%/*$b!,2!-4(a!9&$!
M(!%$!&2!A2a!n$!>(0D(!62!/$6$b!F8:(4(!KC/4$#b!-4(!(!
#(! 0-0#$AD(b! ,2! -4(! <(*(! /$6(&! <(*/2&b! M(! %$a! 3$%!
#(!<*J/2&-&!A$M!(!,80>(!<(*/2a!9&/$M!(&-&/-2%6$!(!
6-K2*2%/2&!(0/-A-6(62&!]82!*2(#-)(%!0$%!#(&!<2*&$X
%(&!6-&0(<(0-/(6(&b!6$%62!%$&!2%&2`(%!,(%8(#-X
6(62&!M!(#:$!62!2,<*2%6-,-2%/$a
.(*(!,D!2&!(#:$!,8M!68*$!>(42*!&-6$!AD0/-,(!
62!8%(!,-%(!(%/-<2*&$%(b!<82&/$!]82!,-!A-6(!6-$!
8%!:-*$!62!TWS!:*(6$&a!9%!8%(!<(#(4*(!,2!&-2%/$!
&$#$a!"%/2&!/2%D(!8%!/*(4(F$!2&/(4#2b!M!62&<8c&!62!
2&/$! #$! <2*6Da! "! A202&! &-2%/$! ]82! 0(6(! 6D(! &2! ,2!
0-2**(%!,_&!#(&!<82*/(&b!<2*$!&c!]82!0$%!#(!(M86(!
62#!'2`$*!M!#(!G-*:2%!<$6*c!&(#-*!(62#(%/2a

<<D

<<E

<<=

30.2#'*"+,'&-.'($#(#')&'!"#$%&

U$)&.20'2#'R#+-+

"8%]82!(,(!2#!0(,<$b!%$!]8-2*2!A$#A2*!$/*(!
A2)a!'-%!8%(!<-2*%(b!6-02b!%$!&2!>(02!%(6(!<$*!
(##_b! M! &-%! &8! >-F$b! ,2%$&a! ^$&! *2082*6$&! 62!
3(*#$&!"%6*c&!#$&!/*(2!2%!&8!0$*()J%!2&/(%6$!
(##_!$!2%!#(!0-86(6a!"&D!]82!<$*!(>$*(b!@*#(%6$!
62! +2&C&! 58(*D%! &2! ]826(! 2%! 7262##D%b! 2%! #(!
0(&(! ]82! 2#! F$A2%! 0$**2/2(4(! (! 0(*0(F(6(&!
08(%6$!A-AD(%!F8%/$&!2%!K(,-#-(Q!6$%!@*#(%6$b!
&8! 2&<$&(! ^8)! 7(*-%(b! &8&! 08(/*$! >-F(&! M! 2#!
A(*$%0-/$b! 3(*#$&! "%6*c&b! ]82! /2%D(! RT! (`$&!
08(%6$! K82! 62&(<(*20-6$a! 9%/$%02&b! (8%]82!
62&<#()(6(! 62! '(%! 3(*#$&b! #(! K(,-#-(! 58(*D%!
3(*6$%(!2*(!K2#-)!2%!7262##D%b!,8M!(!<2&(*!62!
]82!&8!0(&-/(!2%!#(!,$%/(`(!&2!0(D(b!0$,$!>$Mb!
62#!(4(%6$%$a
9%! #(&! /*$0>(&! 62! ;(*()_b! 3(*#$&! "%6*c&!
M! &8! <(<_! &2! 2%0$%/*(*$%! 0$%! #(! K(/(#-6(6a!
O8&0(%6$!(#!,80>(0>$!<$*!#(&!A2*26(&!(*6-2%X
/2&!M!&-%!,_&!]82!&8!0$*(F2!M!(,$*!62!<(6*2b!

:.'%I+(&'2#'F"'!"W0

<<>

6$%! @*#(%6$! 2%/*Jb! &-%! &(42*#$b! 2%! 8%! 0(,<$!


,-%(6$a!^(!2N<#$&-J%a!9#!6$#$*a!9#!/*(&#(6$!(!#(!
0(<-/(#a!^(!#(*:(!>$&<-/(#-)(0-J%!Mb!62&<8c&b!#(!
<2$*!%$/-0-(Q!>(##(*$%!8%!0(6_A2*b!2#!62!&8!>-F$a
B2&0$,<#-0(6$! 0$,$! 2&b! 2#! &2`$*! 8&J! 8%(!
(02*(! 62! #(! "8/$<-&/(! 1$*/2! 0$,$! 2&02%(*-$!
<(*(! 2%:*(%(*! &8! >-&/$*-(a! ^2M2%6$! 0$%! &8!
A$)!*$%0(b!<*2:8%/(%6$b!*20$*6(%6$b!/$,(%6$!
>2#(6$b! &2! &2%/J! F8%/$! (! #(! <2*-$6-&/(! ]82! #$!
(0$,<(`(4(! (#! 4$*62! 62! (]82##(! 0(##2! <(*(!
<*2&2%/(*!2#!/2N/$!2%!2#!]82b!0$%!#(!0(#-:*(KD(!
62! &8&! >-F(&b! 6$%! @*#(%6$! #$:*J! 0$%/(*! 0J,$!
K82! ]82! #(! :82**(! #2! (**24(/J! &8&! /-2**(&b! &8!
<-2*%(! M! &8! >-F$a! "#! *20$*6(*#$b! @*#(%6$! ##$*(!
&-#2%0-$&(,2%/2a!"&D!#$!>-)$!2%!#(&!4-4#-$/20(&!
<C4#-0(&b!#$&!0$**26$*2&!62#!+(*6D%!O$/_%-0$!M!
2#!0$,26$*!62!&8!&(#(b!6$%62!/(,4-c%!2&0*-4-Jb!
$*62%J!M!0$%0#8MJ!2#!2&/*2,2026$*!*2#(/$!]82!
(<(*202!2%!2&/2!#-4*$a

YI.(&'!I%0'01$0'2X&'&+X
:)V"&'40+&2&

L#8&/*(0-J%!<$*!9#A-(!.$&(6(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

#!TV!62!K24*2*$!62#!RSSW!K82!2#!6D(!,_&!/*-&X
/2!62!%82&/*(&!A-6(&a!9&2!6$,-%:$b!p6:(*b!
2#! 2&<$&$! ,D$b! 2&/(4(! 08,<#-2%6$! /*2-%/(-/*c&!
(`$&a!9*(!8%!6D(!62!&$#a!3$%!,$/-A$!62#!08,<#2(X
`$&b!c#!6-F$!]82!62!A2**-$%6$!%$!&2!-4(!(!#2A(%/(*!
/2,<*(%$b!]82!&2!-4(!(!#2A(%/(*!/(*62m!<2*$!0$,$!(!
#(&!$0>$!62!#(!,(`(%(!##2:J!8%(!/D(!62!c#!(A-&(%6$!
]82!%$!>(4D(!(:8(a!3$,$!p6:(*!2*(!2#!K$%/(%2*$!
62!#(!A2*26(b!#2!/$0J!#2A(%/(*&2!(!/*(4(F(*a!n$!,2!
]826c! >(0-2%6$! 8%! (#,82*0-/$! 6-&/-%/-0$a! ^2! >-02!
8%!)7$+>6"!62!<$##$a!
"!#(&!6$&!62!#(!/(*62!/2*,-%(,$&!62!(#,$*)(*a!
3$,$! 2%! #(! -6(! (! (**2:#(*! 2#! <*$4#2,(! 62#! (:8(!
>(4D(!62&(M8%(6$!6$%62!#(!/D(b!%$!]8-&$!/$,(*!#(!
&$4*2,2&(!<$*]82!2&/(4(!,8M!##2%$a!B2FJ!#(!#20>2!
M!>(&/(!8%(!080>(*(6-/(!62!(**$)!M!8%(&!<(<-/(&a!
9%! 2&(&! ##2:J! 6$%! LA_%! 7()$b! /(,4-c%! /D$! 62! c#b!
0$%!7-0>(2#b!8%!%-2/20-/$!62!/*2&!(`$&a!n(!,2!6-F$Q!
l,-F(b!M(!]82!%$!2&/_!>(0-2%6$!%(6(b!A(,$&!<82&ka!
n!%$&!K8-,$&!(!6(*#2!A82#/(!(!8%(!A(0(!*20-c%!<(*-X
6(b! (! A2*! &-! >(4D(! ]82! 4(`(*#(! <(*(! ,(/(*#2! #(&!
:(**(<(/(&!M!(!<$%2*#2!2#!4$)(#!(#!/2*%2*-/$!<$*]82!
&2!,(,(4(!#(!A(0(a!3$,$!%$!>(4D(!(:8(!<$*]82!2#!
6(`$!62#!(082680/$!2*(!,8M!:*(%62!M!M$!%$!<$6D(!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

YI.(&'!I%0'01$0'2X&'&+X

#(A(*! #(! *$<(b! ,2! K8-! 62/*_&! 62! 2##$&a! 1$&! K8-,$&!
0(,-%(%6$!M!(>D!K82!]82!<(&J!#$!]82!%$&!<(&Ja
B2!,-!0(&(!(#!<$/*2*$!>(M!0$,$!0-%0$!,-%8/$&a!
p6:(*!-4(!<*-,2*$b!62&<8c&!6$%!LA_%!0$%!2#!%-`$!
0$:-6$!62!#(!,(%$b!M!M$!62!C#/-,(a!n$!-4(!0(,-%(%X
6$!%$*,(#!08(%6$!62!<*$%/$!&2%/D!2&2!2&/*82%6$a!
n$! ,2! &2%/D! ]82! -4(! 0$**-2%6$b! <2*$! %$! 2&/(4(!
0$**-2%6$!&-%$!]82!#(!2N<#$&-J%!%$&!2#2AJb!M!M$!,2!
&2%/D(!0$**-2%6$b!0$**-2%6$a!38(%6$!62Fc!62!0$**2*b!
&2%/D!]82!(#:$!,2!<2:J!2%!#(!2&<(#6(a!"8%]82!%$!
K82!8%!6$#$*!K82*/2a!n$!%$!&cb!&2*D(!08(%6$!,2!<2:J!
]82!M$!M(!%$!&2%/D!2&2!(#-2%/$!62!0$**2*a!38(%6$!M$!
M(!,2!A-!K82!2%!2#!&82#$a
^(!2N<#$&-J%!*2A2%/J!#(&!082*6(&!62!#(!#8)!]82!
(/*(A2&(4(%!2#!<$/*2*$!M!08(%6$!0(M2*$%b!0$,$!2*(!
A2*(%$b!&2!>-)$!8%!-%02%6-$a!9#!<$/*2*$!&2!<*2%6-J!
M!#(!0(%62#(!-4(!(!(4(*0(*%$&!(!/$6$&a!72!62,$*c!
,80>$!<(*(!*2(00-$%(*a!9&/(4(!0$,$!-6(a!38(%6$!
,2!#2A(%/cb!,2!<*2:8%/(4(!]8c!>(4D(!<(&(6$a!n$b!
0$,$! &-! 2&/8A-2*(! #$0(b! #2&! :*-/(4(! (! #$&! A20-%$&!
]82!,2!(M86(*(%!(!&(0(*!(!p6:(*!M!(!#$&!62,_&!62!
(>Db!62!,-26$!(!]82!&2!]82,(*(%a!
9%!#(!/-2**(!>(4D(!8%!>820$a!B2&<8c&!A-!(!#$&!
0$,<(`2*$&! 2%! 2#! <-&$b! 2&/(4(%! ,8M! ,(#a! 3$,$!
/$6$&! 2&/(4(%! 62! K*2%/2b! (#! <*-,2*$! ]82! A-! K82! (!
6$%! LA_%b! /-*(6$! 4$0(! (**-4(a! 9#! %-`$! 0(MJ! (! 8%!
/+>6"!62!c#b!,2!#2!(02*]8c!M!A-!]82!2&/(4(!,8M!>2*-X
6$!M!%$!&2!,$AD(m!#2!/$]8c!8%(!,(%$!M!0$,$!]82!
,26-$!#(!,$A-Jb!<2*$!%$!,_&a!^2!620D(Q!l6$%!LA_%b!
6$%!LA_%km!<2*$!%$!*2&<$%6D(a!"#!#(6$!62!c#!2&/(4(!

2#! %-`$b! %$! /2%D(! &(%:*2b!<2*$!/(,<$0$! &2!,$AD(a!


9##$&!%$!&2!,$AD(%!M!M$!2*(!0$,$!-6(b!M$!%$!2*(!62!
0(<()!62!<(*(*,2!/(,<$0$a!
9%/$%02&!08(%6$!,2!6-!082%/(!62!6J%62!2&/_X
4(,$&b!,2!<(*c!62!8%(a!9%/$%02&!A2$!(!6$%!LA_%!
(&D!/-*(6$b!(!c#!&2!#2!&(#-J!/$6$!#$!62!(62%/*$a!n!(#!
%-`$! #$! A$#AD! (! A2*! M! <2%&c! i&2*_! ]82! &2! ,(/J! 2#!
%-`$j! p6:(*! &D! /2%D(! &(%:*2! 2%! #(! K*2%/2! M! /2%D(!
#(! ,(%-/$! 6(`(6(b! <2*$! >(4#(4(a! ^2! 6-F2! ]82! &2!
(<$M(*(!2%!,D!<(*(!<$62*#$!&(0(*a!72!*2&<$%6-JQ!
l1$b!,-*2!#(!,(%$!0$,$!#(!/2%:$!M!2#!<-2y!M$!%$!
&-2%/$!2&/2!<-2a!i'(42!]8c!>(02jb!&(]82!(#!%-`$ka
9%/$%02&!,2!6-F$!]82!0$,$!M$!%$!2*(!0(<()!%-!
62!0(*:(*#$!(!c#!%-!(!6$%!LA_%b!]82!0$:-2*(!(#!%-`$!
M!,2!#$!##2A(*(!<(*(!#(!0(&(a!38(%6$!#$!K8-!(!&(0(*b!
##2:J!#(!,(,_!62!c#!M!&2!#$!##2AJ!<(*(!2#!02%/*$!62!
&(#86a!"##_!#2!6-F2*$%!]82!#(!>2*-6(!2*(!:*(A2!M!]82!
#$!,2F$*!2*(!]82!/(,4-c%!#$!&(0(*(!<(*(!2#!>$&<-/(#!
62#!<824#$a
in$!620-*!]82!&2%/D!8%!6$#$*!,8M!K82*/2!<$*!#(!
>2*-6(! 62#! 4*()$j! 1$a! n(! (#! *(/$! %$! <$6D(! ,$A2*!
#(!,(%$!M!2%/$%02&!&D!&2%/D!]82!2&/(4(!>2*-6(a!9%!
2&2!,$,2%/$!&2%/D!2#!6$#$*!2%!#(!2&<(#6(a!^$&!]82!
,2! A-2*$%! ,2! 620D(%! ]82! /2%D(! 0$,$! ]82,(6$a!
38(%6$!,2!/$]8c!M$!&2%/D!8%!>820$!(>Da
"!p6:(*!%$!#$!##2A(*$%!<(*(!#(!0(&(a!^$&!(,-:$&!
6-F2*$%Q! lG_M(&2! 8&/26! /*(%]8-#(! <(*(! #(! 0(&(b!
%$&$/*$&! (*,(,$&! 8%(! 0(,-##(! <(*(! &(0(*#$m! #$!
]82!62,$*(!2&!0$*/(*!#(!:8(68(ka!">D!,-&,$!>(4D(!
/*2&! :8(68(&! ,8M! :*82&(&a! n! 2##$&! 6-F2*$%Q! l1$&!
A(,$&!M(!0$%!2&/2!>$,4*2!<$*]82!2&/_!,8M!,(#ka

<??

<?A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

YI.(&'!I%0'01$0'2X&'&+X

B2!/$6(&!,(%2*(&!,2!K8-!<(*(!#(!0(&(a!p6:(*!
,2!>(4D(!6-0>$!]82!/2%D(!,80>$!0(#$*!2%!#(!,(%$b!
2%/$%02&!#2!,(%6c!8%(!,(%/(!<(*(!]82!&2!#(!/(<(X
*(a!;(,4-c%!,(%6c!#(!>(,(0(!<(*(!]82!$*:(%-)(X
*(%! #(! 0(,-##(a! 9%! 2&2! ,-&,$! <$/*2*$! >(4D(! 8%(!
,(/(!62!:8(68(!M!#$&!A20-%$&!0$*/(*$%!A(*-(&!<(*(!
(*,(*!#(&!0(,-##(&Q!8%(!<(*(!p6:(*!M!$/*(!<(*(!,Da!
"#!%-`$!#$!&(0(*$%!2%!0(4(##$m!0$,$!2*(!<2]82`$b!
#(!,(,_!#$!##2AJ!0(*:(6-/$a!
7-2%/*(&!/(%/$b!(!,D!,2!&2%/(*$%!2%!#(!4(%]8-X
/(! 2%! ,-! 0(&(a! n$! %$! ,2! 6-! 082%/(! 08(%6$! &2! #$!
##2A(*$%a! in! p6:(*jb! #2! 620D(! M$! (! #$&! K(,-#-(*2&a!
72!6-F2*$%!]82!c#!M(!-4(!,8M!(4(F$a!n!2%!&2:8-6(!
,2!6-02%Q!l3$%!8&/26!/(,4-c%!A(,$&!(!&(#-*!M(ka!
38(%6$!#$&!A2$!(!/$6$&!$*:(%-)(%6$!$/*(!0(,-##(!
<(*(!,Da!n$!$D(!/$6$!#$!]82!620D(%a!n!<2%&(4(!]82!
p6:(*!%$!2&/(4(!,82*/$b!<$*]82!,2!>(4D(!>(4#(6$!
M! >(4D(! ,$A-6$! 8%(! ,(%-/$a! n$! %$! #2! 6-F2! ]82! 2#!
/D$! 2&/(4(! ,82*/$! M! ,2! <8&2! ,8M! <2%&(/-A(! <$*!
>(42*#2! 6-0>$! ]82! 2#! /D$! 2&/(4(! 4-2%! 08(%6$! #$!
>(4D(!A-&/$!,8M!,(#a
9&/(4(!/$6(AD(!2%!#(!0(&(!08(%6$!6-F2*$%Q!l">D!
##2A(%!(!6$%!LA_%ka!^$&!,80>(0>$&!A-%-2*$%!6-)]82!
(!)"'%.(+.!M!A-2*$%!(#!<(<_!(>D!/-*(6$a!^$!0$:-2X
*$%b! #$! ##2A(*$%y! 2##$&! -4(%! 0$%! #(! 2&<2*(%)(! 62!
]82!2&/(4(!A-A$!<2*$!8%(!&2`$*(!#2!/$,J!2#!<8#&$!
M! #2&! 6-F$Q! l'8! <(<_! M(! 2&/_! ,82*/$ka! 9%/$%02&!
8%$!62!#$&!>-F$&b!2##$&!&$%!,8M!0(/J#-0$&b!2%!,26-$!
62!/(%/$!<(%/(%$!&2!/-*Jb!&2!(080#-##J!M!&2!<8&$!(!
*2)(*a!72!0$%/(*$%!]82!8%!&2`$*!]82!A(!,80>$!<$*!

(##_! #2! ,2/-J! #(&! /*-<(&b! #$&! (**2:#J! M! (#! $/*$! 6D(!
&(0(*$%!2#!0(6_A2*!<(*(!'(%!"%6*c&!62!382*]8-(b!
<(*(!>(02*#2!#(!%20*$<&-(a!B$%!LA_%!/2%D(!YZ!(`$&!
M!2*(!8%(!<2*&$%(!,8M!(,(4#2a!p6:(*!6-02!]82!2*(!
0$,$! &8! $/*$! <(<_b! <$*]82! #(! K-%]8-/(! 62! c#! 2&/_!
<2:(6(! (! #(! 62! %$&$/*$&a! '-! %202&-/_4(,$&! (#:$b!
&-2,<*2! 2&/(4(! 6-&<82&/$! (! (M86(*%$&! M! (&D! 2*(!
0$%!#(!62,_&!:2%/2a!9*(!,8M!(/2%/$a
72!2&/(4(%!(*,(%6$!#(!0(,-##(!08(%6$!##2:(X
*$%! "#2F(%6*$b! '(%/-(:$! M! +8(%! B(A-6b! ,-&! /*2&!
>-F$&a! 9##$&! %$! 2&/8A-2*$%! <*2&2%/2&! 2%! #(! 2N<#$X
&-J%b! <$*]82! 2&2! 6D(! ##2:(4(! #(! ,(,_! 62! p6:(*!
62#!<824#$b!2%/$%02&!+8(%!B(A-6b!2#!,(M$*b!624D(!
##2A(*#2! #(! 42&/-(! >(&/(! #(! 0(**2/2*(a! '(%/-(:$! M!
"#2F(%6*$! &2! K82*$%! (! (0$,<(`(*#$! <(*(! ]82! #(!
(482#-/(!#$&!/*(F2*(!(#!(%0(!62#!0(4(##$a
9##$&! %$! (#0(%)(*$%! (! A2*! (! p6:(*! >2*-6$a!
"! ,D! &Db! <2*$! <(*(! ]82! %$! &2! (&8&/(*(%! ,80>$b!
#$&! A20-%$&! &2! >-0-2*$%! (#*2626$*! 62! #(! 4(%]8-/(!
6$%62!2&/(4(!&2%/(6(!M!,2!/(<(*$%!<(*(!]82!%$!
,2!A-2*(%a!B2!/$6(&!,(%2*(&!/(,<$0$!2&/(4(!,8M!
2%&(%:*2%/(6(m! #(! &86(62*(! ]82! /2%D(! 2*(! 4#(%X
0(!M!(<2%(&!#2!0(M2*$%!8%(!:$/-/(&!62!&(%:*2b!#(!
4#8&(! 2*(! %2:*(! 2%/$%02&! #(! &(%:*2! 62! #(! >2*-6(!
62! #(! 2&<(#6(! %$! &2! A2D(a! +8(%! B(A-6b! 2#! ,(M$*b!
&D!<*2:8%/J!<$*!]8c!,2!##2A(4(%!2%!0(,-##(!&-!M$!
2&/(4(!4-2%b!<2*$!#2!*2&<$%6-2*$%!]82!0$,$!2&/(X
4(!>2*-6(b!62!<*$%/$!,2!62&(%:*(4(!$!,2!62&,(X
M(4(a!">$*(!*2082*6(%!]82!2##$&!2&080>(4(%!(!#$&!
A20-%$&!620-*!]82!2#!<(<_!%$!&2!-4(!(!&(#A(*b!M!]82!
2##$&!620D(%!]82!&Db!]82!c#!(:8(%/(4(a!

<?B

<?C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

YI.(&'!I%0'01$0'2X&'&+X

B2&62!^(!^$,(b!2#!0$**2:-,-2%/$!6$%62!A-AD(X
,$&b!0(,-%(,$&!/*2&!>$*(&!<(*(!##2:(*!(!3(0(>8(#b!
]82! 2&! 2#! &-/-$! 62! &(#-6(! (! #(! 0(**2/2*(! ]82! A(! (!
L/8(%:$a! 9#! 0(,-%$! 2%/*2! ^(! ^$,(! M! 3(0(>8(#!
2&! 62! >2**(68*(a! 3$%! ,-! 2&<$&$! A2%D(%! <$*! (>D!
8%(&! A2-%/-0-%0$! <2*&$%(&! ]82! &2! /8*%(4(%! <(*(!
0(*:(*#$b! M! 0$%,-:$! $/*(&! 6-2)a! 9%! 3(0(>8(#! %$&!
2&/(4(! 2&<2*(%6$! #(! (,48#(%0-(! 62#! >$&<-/(#! 62!
'(%!"%6*c&!62!382*]8-(a!\%(!6$0/$*(!&(0J!&82*$!
<(*(!<$%2*#2!(!p6:(*!M!/(,4-c%!#2!A2%6J!#(!,(%$!
M!#(!<-2*%(a!38(%6$!%$&!&84-2*$%!(!#(!(,48#(%0-(!
#2!6-F$!(#!0>$K2*Q!lg_:(#2!*_<-6$!]82!2&/2!>$,4*2!
2&/_!,8M!,(#ka
9*(%!0$,$!#(&!&2-&!M!,26-(!62!#(!/(*62!08(%X
6$! ##2:(,$&! (! '(%! "%6*c&a! 9#! <824#$! &2! (#(*,J!
,80>$!0$%!#$!]82!2&/(4(!<(&(%6$b!#(!:2%/2!&(#D(!(!
#(!0(##2!(!A2*!]8-c%2&!2*(%!#$&!>2*-6$&a!"#!<*-,2*$!
]82!(/2%6-2*$%!K82!(!p6:(*a!^2!]8-/(*$%!#(!*$<(!62!
/*(4(F$!]82!/2%D(!2&2!6D(!M!#$!62F(*$%!2%!0(#)$%0-X
##-/$&a!"!,D!/(,4-c%!,2!>-0-2*$%!8%(&!08*(0-$%2&!
M!,2!<8&-2*$%!6*$:(b!<$*]82!08(%6$!&(#-,$&!2%!#(!
(,48#(%0-(!<(*(!7262##D%!M(!%$!&2%/D(!6$#$*!M!2%!
2&$&!0(**$&!&-2,<*2!>(M!,80>(!3"5%#-(K#?!
B2!'(%!"%6*c&!&(#-,$&!0$,$!(!#(&!$0>$!62!#(!
%$0>2a!n$!A-(Fc!2%!#(!<(*/2!62!(62#(%/2!62!#(!(,48X
#(%0-(b!0$%!2#!0$%680/$*!M!6$%!LA_%!5(*0D(b!2#!<(<_!
62!p6:(*m!(/*_&!A2%D(%!p6:(*b!2#!%-`$!]82!/(,4-c%!
&2!(00-62%/J!M!#(!,(,_b!M!6$&!6$0/$*(&a!^(!,c6-X
0(! ]82! %$&! (/2%6-J! 2%! 3(0(>8(#! %$&! 6-F$! ]82! %$!
&(4D(! &-! p6:(*! *2&-&/D(! 0$%! A-6(! >(&/(! 7262##D%a!

9##(! A-%$! 0$%! %$&$/*$&! >(&/(! (]8D! 0$%! %$&$/*$&a!


38(%6$! 2&/_4(,$&! 2%/*(%6$! (! 7262##D%b! >(4D(!
,80>(!/*(0/$,8#(!0(*:(6(!M!%$!62F(4(%!<(&(*!(!
#(!(,48#(%0-(b!2%/$%02&!#(!6$0/$*(!-%&8#/(4(!(!#$&!
0>$K2*2&b!620D(Q!lB2%!<(&$!~>-F82/(%/(&w!]82!##2A(X
,$&!/*2&!>2*-6$&ka!n$!0*2$!]82!2##(!/(,4-c%!2&/(4(!
0$%!,80>$&!%2*A-$&a!
"! #(&! $%02! 62! #(! %$0>2b! ##2:(,$&! (#! g$&<-/(#!
'(%!G-02%/2!62!.(8#b!2%!7262##D%a!1$&!2&<2*(4(%!
#(&!>2*,(%(&!62!%$&$/*$&!M!62,_&!K(,-#-(*2&a!^$&!
6$&! 2&/_4(,$&! 0$%&0-2%/2&m! *2082*6$! ]82! >(4D(!
6$&! ,c6-0$&Q! &2! ,-*(4(%! 2%/*2! 2##$&! 0$%! <*2$08X
<(0-J%m! 8%$! 62! 2##$&! #2! 6-F$! (#! 0$,<(`2*$Q! l9&/2!
>$,4*2! 2&/_! ,8M! ,(#b! &-! %$! A$,-/(! &2! %$&! A(ka!
p6:(*!#2!<26D(!(#!,c6-0$!]82!,2!(/2%6-2*(%!(!,D!
<*-,2*$b!(8%]82!&2!]82F(4(!,80>$!62#!6$#$*!]82!
2&/(4(!&-%/-2%6$a!n$!*2)(4(!<(*(!]82!&D!A$,-/(*(b!
<$*]82!2%!2#!0(,-%$!#$!>(4D(!>20>$!A(*-(&!A202&a!
72!620D(!(!,D!,-&,(Q!lc#!&D!&2!&(#A(k!M!,-2%/*(&!
<2%&(4(!2&$b!A$,-/Ja
9%! #(! ,(6*8:(6(! #2! >-0-2*$%! #(! 0-*8:D(! 62#!
(46$,2%a!^(!<*-,2*(!0-*8:D(!]82!#2!>-0-2*$%!K82!#(!
62#!(46$,2%b!<$*]82!&2:C%!620D(%!#$&!,c6-0$&b!62!
2&(! 62<2%6D(!]82!0$%&2*A(*(!#(!A-6(b!(62,_&!%$!
(:8(%/(4(!/(,4-c%!#(&!$<2*(0-$%2&!62!#(!<-2*%(!M!
2#!4*()$a!^(!2N<#$&-J%!#2!(4*-J!2#!2&/J,(:$!M!08(%6$!
#$&!,c6-0$&!#$!#(A(*$%!<$*!62%/*$b!A-2*$%!]82!/2%D(!
/-2**(!M!<(&/$a!9&$!K82!#$!]82!#$!0$,<#-0Jb!<$*]82!#2!
]826J!8%(!(*2%-/(!]82!#2!<2*K$*J!2#!-%/2&/-%$a!.$*!
2&$!#$&!,c6-0$&!/8A-2*$%!]82!$<2*(*#$!$/*(!A2)a

<?D

<?E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

YI.(&'!I%0'01$0'2X&'&+X

\%$! 62! #$&! ,c6-0$&! >(4#J! 0$%! 98%-02b! #(!


>2*,(%(! 62! p6:(*! ]82! &-2,<*2! %$&! >(! (<$M(6$!
,80>$a!^2!6-F$!]82!%$!2&/(4(!*2(00-$%(%6$!(!#$&!
,26-0(,2%/$&b!]82!>-0-2*(!#(&!A82#/(&!2%!#(!K8%2X
*(*-(!<$*!&-!&2!%$&!-4(a!n$!2&/(4(!0$,$!/(%!-6(!]82!
%$!*2082*6$!,8M!4-2%!#$!]82!<(&(4(a
"! 6$%! LA_%b! 2#! <(<_! 62! p6:(*b! K82! (! ]8-2%! #2!
/$0J!K-*,(*!#(!(8/$*-)(0-J%!<(*(!]82!#2!,$0>(*(%!
2#!<-2a!p#!#2!620D(Q!l%$!+'4b!%$!62F2!]82!,2!,$0>2%!
,-!<-2ka!.(*(!6$%!LA_%!K82!,8M!68*$!K-*,(*b!<2*$!#2!
/$0(4(!<$*]82!62!/$6(&!K$*,(&!#(!:(%:*2%(!#$!-4(!
(!,(/(*a!
3$,$! M$! &2:8D(! >$&<-/(#-)(6(! M! 62#-0(6(! 62!
#(!<*2&-J%!(*/2*-(#b!#(&!2%K2*,2*(&!,2!620D(%!]82!
#$!,_&!0$%A2%-2%/2!2*(!]82!%$!#$!A-2*(b!<$*]82!#(!
6*$:(!]82!#2!2&/(4(%!<$%-2%6$!#$!>(4D(!>-%0>(6$!
,80>$a! "62,_&b! ]82! M(! #2! >(4D(%! (,<8/(6$! #(!
<-2*%(! M! 2#! 4*()$a! B-02%! ]82! <(*20D(! 8%! ,$%&X
/*8$m! #(! :2%/2! 2%/*(4(! (! A-&-/(*#$! M! &(#D(! -,<*2X
&-$%(6(a! E(,-*$b! 8%$! 62! #$&! >2*,(%$&! ]82! A-%$!
62&62!n(*8,(#b!#$!A-$!62!#2F-/$&!M!%$!K82!0(<()!62!
(02*0_*&2#2a!
\%$! 62! #$&! ,$,2%/$&! ,_&! 6-KD0-#2&! K82! 08(%X
6$! 62&<2*/J! M! A-$! ]82! /2%D(! (,<8/(6$&! #(! ,(%$!
-)]8-2*6(!M!2#!<-2!-)]8-2*6$b!M!(4-2*/$!2#!(46$,2%b!
*20$%&/*8-6$!2#!0$#J%!M!2#!<_%0*2(&b!M!8%(!>2*-6(!2%!
#(!2&<(#6(a!9%!#(!0(42)(!/(,4-c%!/2%D(!8%(!2&]8-*X
#(a!3$,$!%$!<$6D(!>(4#(*!<$*]82!2&/(4(!##2%$!62!
&$%6(&b! &2! ,$AD(! M! &2`(#(4(! 2#! 4*()$! (,<8/(6$a!
^$&! ,c6-0$&! #$! ,(%/2%D(%! 6$<(6$! <$*! /2,$*! (!
]82!&2!>-0-2*(!6(`$!c#!,-&,$a!'2!<$%D(!,8M!,(#Q!

(#)(4(!2#!<-2!,$0>$!M!#(!,(%-/$b!M!&2!,$AD(!0$,$!
&-!2&/8A-2*(!2%$F(6$a!3$,$!&2!/-*(4(!62!#(!0(,(b!
#$&! ,c6-0$&! #$! ,(%/2%D(%! 6$<(6$! M! /8A-2*$%! ]82!
(,(**(*#$a!7$&/*(4(!2#!<-2!M!#(!,(%$!482%$&!0$,$!
]82F_%6$&2!62!]82!#$!>84-2*(%!(,(**(6$a
n$! &-2,<*2! <2%&c! ]82! c#! &2! (#-A-(*D(! M! A$#A2X
*D(! (! 0(&(! 0$%,-:$! M! 0$%! #$&! %-`$&a! ^$! /8A-2*$%!
2%! 08-6(6$&! -%/2%&-A$&! 8%! ,2&! M! 8%(! &2,(%(a!
B2&<8c&!#$!<(&(*$%!(!#(!&(#(!62!*208<2*(0-J%a!n$!
#$!A-&-/(4(!/$6$&!#$&!6D(&a!9%!*208<2*(0-J%!#$!62F(X
*$%!8%(!&2,(%(!>(&/(!]82!#2!6-2*$%!&(#-6(!<(*(!#(!
0(&(a! 9#! /*(/(,-2%/$! >(! &-6$! ,80>$! ,_&! #(*:$b! M!
#(&!<*-,2*(&!0-/(&!2*(%!/(%!&2:8-6(&!]82!#2!/$0(4(!
/$6(!#(!&2,(%(Q!08(%6$!%$!2*(!08*(0-J%b!2*(!0$%!
#(!&-0J#$:(m!08(%6$!%$!2*(!0$%!#(!&-0J#$:(b!2*(!0$%!
#(!&-]8-(/*(m!08(%6$!%$!2*(!0$%!#(!&-]8-(/*(b!2*(!#(!
/2*(<-(m!08(%6$!%$!2*(!/2*(<-(b!2*(!/2*(<-(!$08<(X
0-$%(#m!62&<8c&!2#!K-&-(/*(b!*2A-&-J%!0$%!2#!0-*8F(%$!
M!#(&!08*(0-$%2&a
38(%6$!#2!6-2*$%!62!(#/(b!%$&!A-%-,$&!<(*(!#(!
0(&(! 62! H#$*! 98%-02b! #(! >2*,(%(! 62! p6:(*a! 9##(!
%$&! #(! <*2&/J! <(*(! ]82! A-A-c*(,$&! 0$%! #$&! %-`$&a!
"!2##$&!#$&!/*(F2*$%!(!#$&!]8-%02!6D(&!62#!(00-62%/2a!
"!,D!,2!6-2*$%!62!(#/(!8%!,(*/2&!M!2##$&!##2:(*$%!
2#!K-%!62!&2,(%(!&-:8-2%/2a!+8(%!B(A-6!M!'(%/-(:$b!
]82!&$%!#$&!,_&!:*(%620-/$&b!&D!2%/2%6D(%!]82!2#!
<(<_!2&/8A-2*(!>$&<-/(#-)(6$b!<2*$!"#2F(%6*$b!]82!
2&!/(%!(<2:(6$!(!c#b!620D(!]82!#2!2&/_4(,$&!6-0-2%X
6$! ,2%/-*(&b! ]82! &2:8*(,2%/2! (#! <(<_! #$! >(4D(%!
2%/2**(6$!M!%$!#2!]82*D(,$&!620-*a!9%/$%02&!<26D!
<2*,-&$! 2%! 2#! >$&<-/(#! <(*(! <$62*! /$,(*#2! K$/$&b!

<?=

<?>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

YI.(&'!I%0'01$0'2X&'&+X

62&<8c&!&2!#(&!,$&/*c!(!#$&!%-`$&!<(*(!]82!A-2*(%!
]82!&8!<(<_!&D!2&/(4(!A-A$a
9&2! ]82! %$&! <(&J! #$! (K20/J! ,80>$Q! #2! ,8/-#J!
#(! <-2*%(! M! ,(%$! -)]8-2*6(b! #(! <-2*%(! 62*20>(!
/(,4-c%!#2!]826J!0$%!<*$4#2,(&b!M!#2!/8A-2*$%!]82!
*20$%&/*8-*! 2#! -%/2&/-%$a! "%/2&! 62! &(#-*! 62#! >$&<-X
/(#! %$&! 2%/*2:(*$%! 8%(! &-##(! 62! *826(&! <(*(! ]82!
<86-2*(!2&/(*!,_&!0J,$6$a!p#!6-F$!]82!%$!&2!-4(!(!
&2%/(*!2%!2&$b!>(&/(!]82!#$:*(,$&!0$%A2%02*#$a!
^$! (0$%&2F_4(,$&! 6-0-c%6$#2! ]82! /2%D(! ]82!
(02</(*!]82!#2!K(#/(4(!2#!<-2!M!]82!0$,$!#2!:8&/(4(!
<(&2(*! 2*(! ,8M! 6-KD0-#! <(*(! %$&$/*$&! (%6(*! 0$%!
c#!0(*:(6$!<(*(!/$6(&!<(*/2&b!2%/$%02&!]82!(02<X
/(*(! #(! &-##(! 62! *826(&a! 9%! 2&/2! ,$,2%/$! ]8-2*2!
,80>$!&8!&-##(a!38(%6$!#2!<8&-2*$%!#(!<*J/2&-&b!c#!
M!%$&$/*$&!c*(,$&!K2#-02&b!<$*]82!(&D!<86$!A$#A2*!
(!0(,-%(*a!.2*$!%$!K82!/(%!K_0-#!0$,$!#$!0*2D(,$&a!
9#! TV! 62! K24*2*$! 62! RSSU! #2! >-0-2*$%! $/*(! 0-*8:D(!
<(*(!<$62*!*2,$62#(*#2!#(!<*J/2&-&m!M!(8%]82!&(#-J!
4-2%!62!#(!$<2*(0-J%b!#(,2%/(4#2,2%/2!#2!6-$!8%(!
-%K200-J%!M!2&/8A$!>$&<-/(#-)(6$!0(&-!6$&!&2,(%(&a
"8%]82! 2%! 2&/2! ,$,2%/$b! <$*! 2#! /*(/(,-2%/$!
,c6-0$! M! #(! *208<2*(0-J%! 62! p6:(*! A-A-,$&! 2%!
7262##D%b! /2%2,$&! #(! -#8&-J%! 62! 62A$#A2*%$&! <(*(!
^(! ^$,(a! ^$&! <*-,2*$&! &2-&! ,2&2&b! #(! 3*8)! E$F(!
%$&! (M86J! 0$%! 0$,-6(b! $##(&b! /2%6-6$&b! 0$#0>$%2X
/(&! M! /*(&/20-/$&b! <(*(! ]82! %$&! (0$,$6_*(,$&a!
B2&<8c&! >2,$&! <(&(6$! 0$%! #(! 0$#(4$*(0-J%! 62!
482%(&!<2*&$%(&b!(,-:$&!M!K(,-#-(*2&a
^(!<(*02#-/(!]82!/2%2,$&!2%!^(!^$,(!#(!0$%&2X
:8-,$&!(!<8%/(!62!F$*%(#2&!62!p6:(*a!1$&$/*$&!6$&!

%(0-,$&!M!0*20-,$&!(##_a!B8*(,$&!6$&!(`$&!0$,$!
%$A-$&!M!(>$*(!08,<#-,$&!6$02!62!0(&(6$&a!+8(%!
B(A-6b!2#!,(M$*b!/-2%2!$%02!(`$&!M!2&/_!2%!&2N/$!(]8D!
2%!7262##D%m!'(%/-(:$!/-2%2!&-2/2!M!2&/_!2%!<*-,2*$!
62!<*-,(*-(m!M!"#2F(%6*$!08,<#-J!08(/*$a!^$&!/*2&!
&$%! ,8M! <*2$08<(6$&! <$*! 2#! <(<_Q! +8(%! 2&! &2*-$!
M!$426-2%/2b!"#2F(%6*$!2&!62/(##-&/(!M!'(%/-(:$!2&!
,8M!<*2$08<(6$!<$*!#(&!0$&(&!62!p6:(*a
1$&$/*$&! 2N/*(`(,$&! ,80>$! #(! A-6(! 2%! 2#!
0(,<$b! &$4*2! /$6$! <$*! #$&! %-`$&b! <$*]82! 2%! #(!
0-86(6!&2!0$**2%!,80>$&!*-2&:$&a!"62,_&!#(!A-6(!
(##_!2&!,_&!/*(%]8-#(b!&-%!/(%/$&!:(&/$&a!p#!&-2,X
<*2!K82!F$*%(#2*$b!<$*]82!#(!K-%]8-/(!%$!6(!#$!&8K-X
0-2%/2!<(*(!A-A-*a!"%/2&!c#!/*(4(F(4(!0$:-2%6$!0(Kcb!
#(A(%6$! #$&! /(%]82&! 62#! (082680/$! $! &2,4*(%6$!
K*-F$#b!M!0$%!#$!]82!<*$680D(,$&!2%!#$!62!%$&$/*$&!
0$,<*_4(,$&!#(!*$<(!M!%$&!(M86_4(,$&!0$%!#(&!
0$&(&!62!#$&!%-`$&a!.$*!#$&!F$*%(#2&!2%!$/*(&!K-%0(&!
#2!<(:(4(%!6-20-&c-&!,-#!<2&$&b!(62,_&!62!#$&!A2-%X
/2!,-#!<2&$&!]82!:(%(4(!<$*!2#!6D(!/*(4(F(6$!0$,$!
K$%/(%2*$!6$%62!#2!/$0(4(!#(A(*!/(%]82&b!(**2:#(*!
/842*D(&!62&/(<(6(&!M!*2A-&(*!0$%/(6$*2&a
n$!%8%0(!/*(4(Fc!<$*!K82*(b!<$*]82!&-2,<*2!>2!
2&/(6$!<2%6-2%/2!62!#(&!0$&(&!62!p6:(*!M!#$&!%-`$&b!
<2*$! 2%! #$! 62! %$&$/*$&! &D! /*(4(F_4(,$&! F8%/$&Q!
&2,4*_4(,$&! K*DF$#b! ,(D)a! ;(,<$0$! <826$! 620-*!
]82!/2%D(!]82!/*(4(F(*!,80>$b!<2*$!2%!/-2,<$!62!
-%A-2*%$b!<(*(!(>$**(*%$&!#(!<#(/(!62!8%!/*(4(F(X
6$*b!M$!#2!(M86(4(!(!&2,4*(*!0(KcQ!c#!>$M(4(b!+8(%!
B(A-6!<$%D(!#$&!(*4$#-/$&!M!M$!#$&!&2,4*(4(a!

<A@

<A<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

<A?

B2&<8c&! 62#! (00-62%/2b! 08(%6$! (<2%(&! -4(! (!


2,<2)(*! (! 6(*! :*(%-/$&b! /8A-,$&! ]82! A2%62*! 2&2!
0(K2/(#!<$*]82!%$!>(4D(!]8-c%!#$!08-6(*(!M!/(,4-c%!
<$*! #(! &-/8(0-J%! 20$%J,-0(! 2%! #(! ]82! ]826(,$&a!
"%/2&! 62#! (00-62%/2! /2%D(,$&! &2,4*(6$&! %(*(%X
F$&b!<#_/(%$b!M80(b!,(%6(*-%$&!M!>(&/(!8%!)(<$/2!
]82!62F(,$&!0>-]8-/-0$a

:)V"&

p6:(*! 5(*0D(! <2*6-J! 8%(! 0$&20>(! 62! 0(Kcb!


8%!/*(4(F$!62!K$%/(%2*$!M!2#!<(-&(F2!(,<#-$!]82!
&2!$4&2*A(!62&62!2#!<(/-$!62!&8!0(&(a!;(,4-c%!
<2*6-J! 8%! 4*()$! M! 8%(! <-2*%(b! M! (8%! (&Db! &8!
&$%*-&(!<2*,(%202!-%/(0/(a!3$%!2##(!&2##(!0(6(!
K*(&2! ]82! <*$%8%0-(! 0$%! 2&(! >(4-#-6(6! &8M(!
62!%(**(6$*!$*(#a!9#A-(!.$&(6(b!2%!0(,4-$b!2&!
8%(! ,8F2*! 62! <$0(&! <(#(4*(&! M! 62&0*-<0-$%2&!
4*2A2&b!]82!%$!&$<$*/J!2#!*-/,$!K*2%c/-0$!62!#(!
0-86(6!M!*2:*2&J!(!#(!A2*26-/(!0_#-6(!2%!#(!]82!
(,4$&! 0*20-2*$%b! &2! 2%(,$*(*$%! M! /8A-2*$%! (!
&8&!/*2&!>-F$&Q!+8(%!B(A-6b!'(%/-(:$!M!"#2F(%6*$a!

YI.(&'!I%0'01$0'2X&'&+X

<AA

9&2!2&!&8!l<(*(D&$kb!<$*!2##$!p6:(*!%$!<-2*X
62!$<$*/8%-6(6!<(*(!2&0(<(*&2!(!2&(&!,$%/(X
`(&! 2%08,4*(6(&! 62#! 1$*/2! 62! "%/-$]8-(! M!
*22%0$%/*(*&2b! <$*! 8%! ,$,2%/$b! 0$%! 2&(! A-6(!
(<(0-4#2! M! /*(%]8-#(! ]82! ##2AJ! >(&/(! 2#! TV! 62!
K24*2*$!62#!RSSWa!9&2!6D(!&2*_!*20$*6(6$!-**2X
,26-(4#2,2%/2b! %$! &$#$! <$*]82! 2%! 2&(! K20>(!
02#24*(! &8! 08,<#2(`$&b! &-%$! /(,4-c%! <$*]82!
K82!AD0/-,(!62!8%(!,-%(!(%/-<2*&$%(#!&2,4*(X
6(!<$*!8%!:*8<$!(*,(6$!2%!8%$!62!#$&!<$/*2*$&!
02*0(%$&! (! &8! 0(&(a! 9%! 2#! 2A2%/$b! (62,_&! 62!
p6:(*b! *2&8#/(*$%! (K20/(6$&! &8! 2&<$&(! 9#A-(b!
8%!<2]82`$!62!/*2&!(`$&!M!8%!/D$!]82!<2*6-J!#(!
A-6(!68*(%/2!#(!2N<#$&-J%a
B2&62! 2&2! ,$,2%/$b! #(! A-6(! 62! #(! K(,-#-(!
5(*0D(! .$&(6(! 0(,4-JQ! #$&! %-`$&! 62F(*$%! #(!
2&082#(!62!#(!A2*26(!<$*!8%(!62!#(!0-86(6b!9#A-(!
&2!/8*%J!2%/*2!(,(!62!0(&(!M!2%K2*,2*(b!M!2%!
2#!$#K(/$!62!p6:(*!2#!$#$*!62!>$&<-/(#!&2!2&/(4#2X
0-J!0$,$!8%!(*$,(!0$/-6-(%$a!.2*$b!<2&2!(!#$&!
0$,<#2F$&!<*$026-,-2%/$&!,c6-0$&!]82!#2!$4#-X
:(%! (! <2*,(%202*! 2%! 7262##D%b! c#! 2N>-42! 0$%!
A2>2,2%0-(!#(&!K$/$&!62!&8!*2:*2&$!(!#(!K-%0(a!
^(&!/$,J!0$%!&8!02#8#(*b!0$,$!<*824(!62!]82!
&8!,8/-#(0-J%!%$!2&!-,<26-,2%/$!<(*(!2%0(*(X
,(*&2!(!8%!0(4(##$!$!62&M2*4(*!2#!>82*/$a!'$%!
/2&/-,$%-$! <2*,(%2%/2b! /(,4-c%b! 62! ]82! (##_b!
62/*_&!62!#(&!,$%/(`(&b!#$!2&<2*(!2&2!l<(*(D&$k!
]82!<$*!8%!,$,2%/$!&2!0$%A-*/-J!2%!-%K-2*%$a

L0T'+0)2&20
RI&.';)#"+#$'Z0W&+'6&)#.("&

L#8&/*(0-J%!<$*!+8(%!"#2-&2*!E$F(&!G(#2%0-(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

-!%$,4*2!2&!+8(%!"#2-&2*!E$F(&!G(#2%0-(a!
1(0D!2#!RS!62!2%2*$!62#!(`$!TUW[!2%!2#!0$**2X
:-,-2%/$!9#!@*$b!<2*/2%20-2%/2!(!'(4(%(#(*:(b!8%!
,8%-0-<-$! 84-0(6$! 2%! #(! &84*2:-J%! @00-62%/2! 62#!
62<(*/(,2%/$! 62! "%/-$]8-(a! "#! %$*/2b! #-,-/(! 0$%!
#$&!,8%-0-<-$&!62!.2]82b!L/8(%:$!M!;$#26$m!(#!2&/2b!
0$%!;$#26$!M!'(%!"%6*c&!62!382*]8-(m!(#!&8*b!0$%!
2#!,8%-0-<-$!62!^-4$*-%(m!M!(#!$2&/2b!0$%!O8*-/-0_!
M! .2]82a! 9#! 0#-,(! 62! ,-! <824#$! 2&! /2,<#(6$m! 2&!
<2]82`$b!<2*$!*-0$!2%!<*$6800-J%!(:*D0$#(b!2%!&8&!
/-2**(&!&2!08#/-A(!2#!0(Kcb!2#!,(D)!M!#(!<(%2#(b!M!2%!
,2%$*!2&0(#(!2#!(**$)!M!2#!0(0($a!
7-!-%K(%0-(!2%!9#!@*$!K82!,8M!(:*(6(4#2a!"##Db!
/2%D(!,80>$&!(,-:$&a!9%!(]82##(!c<$0(b!,2!:8&/(X
4(!,80>$!F8:(*!KC/4$#b!2*(!62#(%/2*$!2%!2#!2]8-<$!
62#!0$**2:-,-2%/$!M!<(*/-0-<_4(,$&!2%!/$*%2$&!0$%!
#$&! 2]8-<$&! 62! #(&! 6-K2*2%/2&! A2*26(&! 62#! <824#$a!
;(,4-c%! F8:_4(,$&! 2&0$%6-6-F$! M! c*(,$&! ,8M!
>_4-#2&!0$%!#(!0(80>2*(m!/2%D(,$&!482%(!<8%/2*D(!
<(*(! 0()(*! ()8#2F$&! M! <-%0>2&a! 9%! 8%(! &(#-6(! M$!
,(/(4(!8%$!$!6$&!<_F(*$&a
G2%:$!62!8%(!K(,-#-(!>8,-#62b!0$%K$*,(6(!<$*!
$0>$!>2*,(%$&Q!0-%0$!>$,4*2&!M!/*2&!,8F2*2&a!7-!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

L0T'+0)2&20

,(6*2!&2!##(,(!1-6-(!9&/2##(!G(#2%0-(!;$4J%!M!2&!
(,(!62!0(&(m!2##(!2&!8%(!,8F2*!/-2*%(!M!0$,<*2%X
&-A(a!7-!<(6*2b!+8(%!1-0$#(&!E$F(&!"*2%(&b!2&!8%!
>$,4*2!/*(4(F(6$*!]82!&-2,<*2!6(!482%$&!0$%&2X
F$&a!p#!08#/-A(!,(D)b!K*DF$#b!0(Kc!M!0(`(a
38(%6$! /2%D(! &-2/2! (`$&! -%:*2&c! (! #(! 9&082#(!
\*4(%(!L%/2:*(6(!9#!@*$b!M!/2*,-%c!#(!<*-,(*-(!(!
#$&!6$02!(`$&a!^(!2&082#(!/-2%2!&-2/2!&(#$%2&!M!2%!
#(!,-/(6!62#!<(/-$!>(M!8%(!G-*:2%a!.(*(!##2:(*!624D(!
4(F(*!/*2-%/(!2&0(#(&!62&62!,-!0(&(a!9%!#(&!A(0(X
0-$%2&!,2!:8&/(4(!#22*!#-4*$&!62!>-&/$*-(!8%-A2*&(#!
M! 62! :2$:*(KD(m! (62,_&b! #2! (M86(4(! (! ,-! <(<_! (!
0$:2*!0(Kc!M!(!0$&20>(*!#(!/-2**(a!\%!(`$!62&<8c&!
62!:*(68(*,2!62!]8-%/$b!2,<20c!2#!4(0>-##2*(/$!2%!
2#! ,8%-0-<-$! 62! '(4(%(#(*:(a! \%(! K(,-#-(*! 62! ,-!
,(,_!,2!*20-4-J!2%!&8!0(&(!68*(%/2!2&2!/-2,<$a!
9%! 2#! 4(0>-##2*(/$! ,2! 62&/(]8c! 0$,$! 8%$! 62! #$&!
,2F$*2&!2&/86-(%/2&!2%!#(&!_*2(&!62!>-&/$*-(!M!62!
:2$:*(KD(a! 9%! 2#! 0$#2:-$! &-2,<*2! &$4*2&(#D! 2%! #$!
(0(6c,-0$a
.2*$!2%!,-!(6$#2&02%0-(!%$!/$6$!K82!/*(%]8-X
#$a!3$,$!(!0(&-!/$6$&!#$&!<824#$&!62!"%/-$]8-(b!(!
'(4(%(#(*:(!#2!/$0J!<(6202*!2#!0$%K#-0/$!(*,(6$a!
E2082*6$! ]82! #(! :82**-##(! &-2,<*2! <(&(4(! 02*0(!
62!#(!2&082#(!M!62!#(&!0(&(&!62!#(!A2*26(a!\%$!#$&!
A2D(! 0(,-%(*! <$*! (>D! 0$,$! A2! (#! 9Fc*0-/$b! 0$%! 2#!
(*,(,2%/$a! ;(,4-c%! #$&! A2D(! 62! 0-A-#a! 7_&! ]82!
/$6$!8%$!&2!,(%/2%D(!2%!#(!0(&(b!&-2,<*2!&2!(%6(X
4(!0$%!,-26$a!^$&!:82**-##2*$&!#2!620D(%!(!8%$!]82!
&2! ,2/-2*(! 0$%! 2##$&b! ]82! (! 8%$! #2! -4(! 4-2%b! ]82!

:(%(4(b!]82!#$!>-0-2*(!<$*!2#!<(D&b!<2*$!(!,D!%8%0(!
,2!:8&/J!2&$a!
.$*! 2&(! )$%(! 2&/(4(! 2#! H*2%/2! B-20-$0>$! 62!
#(&! H"E3b! <$*! 2#! 0$**26$*! 62! ,$A-#-6(6! ]82! 6(!
<(*(! L/8(%:$a! \%! 6D(! ##2:(*$%! (! #(! 2&082#(! <(*(!
>(02*! 8%(! *28%-J%b! 2&$! K82! 2%! 2#! (`$! TUUZm! M$!
2&/(4(!0$,$!]8-%/$a!3$,$!2*(!8%!:*8<$!(*,(6$b!
#(!6-*20/$*(!/2%D(!]82!62F(*!]82!6-2*(!&8&!0>(*#(&!
(>D!M!62&<8c&!#$&!:82**-##2*$&!&2:8D(%!&8!0(,-%$a!
^2&!6(4(%!0$%&2F$&!(!#(&!2&/86-(%/2&!<(*(!]82!&2!
K82*(%! 0$%! 2##$&b! 2%&2`(4(%! (! ,(%2F(*! 2#! K8&-#a!
E2082*6$!]82!6-2)!,80>(0>$&b!,(M$*2&!]82!M$b!&2!
K82*$%!0$%!2##$&m!%$!2*(%!(,-:$&!,D$&b!<2*$!2*(%!
62#!<824#$!M!8%$!#$&!*20$%$0D(a
.$*! (##_! %$! >84$! /$,(&! 62! #(! :82**-##(b! <2*$!
#$&! ]82! &D! >-0-2*$%! 62&<#()(,-2%/$&! K82*$%! #$&!
<(*(,-#-/(*2&b!,_&!$!,2%$&!2%!2#!(`$!TUUVa!n$!%$!
2&/(4(! 2%! 2#! <824#$b! <2*$! (! ,-! ,(,_! &D! #2! /$0J!
,$A2*&2!62!#(!0(&(a!'2!/8A-2*$%!]82!-*!0$,$!8%(!
&2,(%(! M! 62&<8c&! A$#A-2*$%a! ;8A-2*$%! ]82! &(#-*!
62!#(!A2*26(!<$*]82!2&(!:2%/2!6-F$!]82!%$!]82*D(!
A2*! (! %(6-2! <$*! (>D! <$*]82! %$! #2&! 0$#(4$*(4(%a!
E2:*2&(*$%!M!:*(0-(&!(!B-$&!%$!<(&J!%(6(a!.2*$!
2%! 2#! 0$**2:-,-2%/$! 62! ^(! g$%6(b! 62! ^-4$*-%(b!
&D! ,(/(*$%! (! $%02! <2*&$%(&! M! #(&! 62F(*$%! 2%! #(!
0(**2/2*(a! n! 08(%6$! M$! M(! 2&/(4(! 2%! 2#! 9Fc*0-/$b!
#(&!h:8-#(&!12:*(&!,(/(*$%!(!8%(!A-2F-/(!62!62!YU!
(`$&!M!(!8%(!K(,-#-(!0$,<#2/(a
72!:*(68c!62!4(0>-##2*(/$!08(%6$!/2%D(!6-20-X
&c-&! (`$&a! B2&<8c&! ,2! K8-! <(*(! 7262##D%! (! &(0(*!

<AD

<AE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

L0T'+0)2&20

#(! #-4*2/(! ,-#-/(*a! ^(! 0-86(6! &-2,<*2! ,2! :8&/Jb! (!


<2&(*! 62! ]82! &$#$! #(! >(4D(! A-&-/(6$! 08(%6$! 2*(!
8%! %-`$a! 38(%6$! ##2:8cb! ,2! &$*<*2%6-J! #(! 0(%/-X
6(6! 62! :2%/2! M! 62! 0(**$&! ]82! >(4D(! 2%! #(&! 0(##2a!
B24D(! <*2&2%/(*,2! (#! O(/(##J%! 62! "*/-##2*D(! 1a!
Z! O(F2&b! 84-0(6$! 2%! 2#! 4(**-$! O82%$&! "-*2&a! .2*$!
0$,$!/$6(AD(!2*(!,2%$*!62!26(6b!,2!6-F2*$%!]82!
A$#A-2*(!08(%6$!08,<#-2*(!6-20-$0>$!<(*(!62K-%-*!
,-!&-/8(0-J%!,-#-/(*a!
9%/$%02&!*2:*2&c!(!,-!<824#$!%(/(#!M!/*(4(Fc!
68*(%/2!08(/*$!,2&2&!2%!K-%0(&!(#26(`(&!62&M2*X
4(%6$!M80(b!&2,4*(%6$!/$,(/2!62!(#-`$b!,(*(08M_!
M!$/*(&!K*8/(&!M!A2*68*(&a!B2&<8c&b!<$*!0$%&2F$!62!
8%!<*-,$!]82!2*(!&$#6(6$!M!##2A(4(!08(/*$!,2&2&!
2%!2#!9Fc*0-/$b!620-6D!<*2&2%/(*,2!#-4*2,2%/2!<(*(!
<*2&/(*!2#!&2*A-0-$!,-#-/(*a!.$*!(##_!&$%!,8M!<$]8-X
/$&!#$&!FJA2%2&!]82!<*2&/(%!&2*A-0-$b!&$%!0$%/(6$&a!
"!#(!:2%/2!#2!6(!,-26$a!"!,D!/$6(AD(!,2!6(!,-26$!
-*!<$*!(##_b!M!,_&!<$*]82!/*(4(F$!0$%!2#!:$4-2*%$a!
"!#$&!&$#6(6$&!<*$K2&-$%(#2&!#2&!6(%!,_&!68*$!]82!
(!#$&!*2:8#(*2&b!<82&!8%$!2&!0$%/*(:82**-##(b!0$,$!
#(!<(#(4*(!#$!6-02a!n$!0(&-!%$!A$M!(!#(!0(&(!<$*!2&$a!
"!,-!K(,-#-(!:*(0-(&!(!B-$&!%8%0(!#(!>(%!(,2%(X
)(6$!M!,_&!]82!(>$*(!&$,$&!/*2&!>2*,(%$&!2%!2#!
9Fc*0-/$a! 9#! ,(M$*! 2&/_! 2%! #$&! ^#(%$&! @*-2%/(#2&b!
62&<8c&! &-:$! M$! M! 62&<8c&! &-:82! $/*$! ]82! <*2&/J!
&2*A-0-$b! <2*$! 2&/_! /*(4(F(%6$! 62! A-:-#(%/2! M! 2%!
K24*2*$!62!2&/2!(`$!2%/*J!$/*$!(!<*2&/(*!&2*A-0-$a
38(%6$!A$#AD!(!7262##D%b!,2!##2A(*$%!(#!2&/(6-$!
M!,2!>-0-2*$%!8%$&!2N_,2%2&!KD&-0$&!M!&-0$#J:-0$&b!

M! (! ,26-(%$0>2! ,2! /*(&#(6(*$%! (#! O(/(##J%! 62!


L%:2%-2*$&!1a!Z!.26*$!12#!@&<-%(b!2%!2#!,8%-0-<-$!
62!O2##$a!"##D!(6]8-*D!8%(!2N<2*-2%0-(!,_&!<(*(!,-!
A-6(b! #(! 08(#! K82! ,8M! &-:%-K-0(/-A(b! <82&! (<*2%6D!
#$!]82!2&!#(!6-&0-<#-%(b!2#!&(0*-K-0-$b!#(!0$%&/(%0-(b!
#(!2%/*2:(b!2#!0$,<(`2*-&,$!M!2#!482%!/*(/$!>(0-(!
#$&!62,_&a!
^(! K(&2! 62! 2%/*2%(,-2%/$! K82! 68*(a! 72! /2%D(!
]82!#2A(%/(*!(!#(&!0-%0$!62!#(!,(`(%(!M!2&/(*!#-&/$!
<(*(! 62&(M8%(*a! "! #(&! &2-&! /2%D(,$&! ]82! >(02*!
2#!(&2$!2%!2#!4(/(##J%m!*20$:2*!$##(&!M!/$6$!#$!]82!
2&/8A-2*(!<$*!(>Da!B2&<8c&!%$&!K$*,_4(,$&!M!%$&!
<(&(4(%!*2A-&/(a!'2!K-F(4(%!]82!8%$!2&/8A-2*(!4-2%!
(K2-/(6$b!0$%!#(&!8`(&!0$*/(&!M!#(&!4$/(&!4-2%!2,42X
/8%(6(&a!"!#(&!&-2/2!2,<2)(4(!#(!-%&/*800-J%a!1$&!
2N<#-0(4(%! 0J,$! 2&! 2#! 9Fc*0-/$b! %$&! >(4#(4(%! 62!
#$&!B2*20>$&!g8,(%$&!M!%$&!2%&2`(4(%!(!,(%2X
F(*!2#!(*,(,2%/$a!"!#(&!6-2)!M!,26-(b!##2A(4(%!2#!
*2K*-:2*-$Q! 8%(! #20>-/(! $! 8%! M$:8*/m! 2%/$%02&! 8%$!
62&0(%&(4(! 8%$&! A2-%/2! ,-%8/$&a! ^82:$! &2:8D(!
$/*(!-%&/*800-J%b!#(!-62(!2*(!]82!*$/(*(%!/$6$&!#$&!
<2#$/$%2&a!"#!,26-$6D(!K$*,_4(,$&!M!*20$:D(,$&!
2#!,2%(F2m!2&!620-*b!2#!<#(/$!M!#(!080>(*(a!B2&<8c&!
8%! &$#6(6$! $! 8%! 6*(:$%2(%/2! %$&! 0$%/(4(%! M! 62!
(>D!<(&_4(,$&!(!0$,2*a
7-2%/*(&! <*2&/c! 2#! &2*A-0-$! ,-#-/(*b! ,2! /$0J!
084*-*!2#!_*2(!,2/*$<$#-/(%(a!9&/8A2!2%!'(%!+(A-2*b!
2%!9#!.-0(0>$b!2%!'(%/$!B$,-%:$a!.2*$!#$!,_&!6-KDX
0-#!K82!#(!@<2*(0-J%!@*-J%b!2%!#(!3$,8%(!T[a!9&$!
K82!,8M!/2&$a!1$&!&(0(4(%!K8&-#2&!62!/$6(&!<(*/2&b!
#2!6-&<(*(4(%!(!8%$!62&62!08(#]8-2*!A2%/(%(a

<A=

<A>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

L0T'+0)2&20

9%! 2&(! c<$0(! %$! >-02! ,80>$&! (,-:$&! <$*]82!


#(!,(M$*D(!#2!]8-2*2%!2%&2`(*!(!8%$!,(#$&!A-0-$&b!
(!K8,(*!,(*->8(%(!$!(!/-*(*!<2*-0$!M!M$!%$!A$M!0$%!
2&$a!;2%D(!(#:8%$&!(,-:$&b!<2*$!,2!:8&/(4(!2&/(*!
#2F$&! 62! #(! *20$0>(a! 7-&! <(6*2&! %$! ,2! A-&-/(*$%!
<$*]82!2&/(4(%!,8M!#2F$&a!"#!<*-%0-<-$!,2!>-0-2*$%!
K(#/(b! <2*$! (#! K-%(#! ,2! (0$&/8,4*ca! ^$&! ##(,(4(!
0(6(!/*2&!$!08(/*$!,2&2&a!7-!,(,_!,2!620D(!]82!
,2!,(%2F(*(! 4-2%b! <82&! 2#! ]82! &2! ,(%2F(! 4-2%! #2!
A(!4-2%!2%!08(#]8-2*!<(*/2a!72!(0$&/8,4*c!K_0-#!(#!
9Fc*0-/$b!<$*]82!#(!,(M$*!<(*/2!62#!/-2,<$!>2!2&/(X
6$!&$#$m!(62,_&b!2%!2&2!,$,2%/$!%$!/2%D(!%$A-(a!
B2&<8c&! 62! /2%2*! ,-! #-4*2/(! ,-#-/(*b! /*(4(Fc!
&2-&!,2&2&!2%!8%(!/-2%6(!62!(4(**$/2&!2%!7262##D%!
M!,-2%/*(&!/(%/$!A-AD(!2%!#(!0(&(!62!8%!/D$a!^82:$!
*2:*2&c! (! ,-! 0(&(b! 2%! 2#! 0$**2:-,-2%/$! 9#! @*$b!
M! 2,<20c! (! /*(4(F(*! 2%! 2#! 0(,<$! 0$:-2%6$! 0(Kcb!
62&M2*4(%6$!0(`(!M!$*62`(%6$!A(0(&a!\%!6D(!/8A2!
8%!(00-62%/2!M!,2!0$*/c!8%!626$b!(8%]82!#(!>2*-X
6(! %$! 2*(! ,8M! <*$K8%6(b! ,2! 6-2*$%! 8%(! &2,(%(!
62!-%0(<(0-6(6a!38(%6$!A$#AD!(!,-&!#(4$*2&!%$!,2!
]8-&-2*$%!6(*!,_&!/*(4(F$a!
9%! A-&/(! 62! 2&/$! 620-6D! *2:*2&(*! %82A(,2%/2!
(! #(&! K82*)(&! ,-#-/(*2&a! 72! <*2&2%/c! 2%! 7262##D%!
(!#(!"*,(6(b!2%!#(!LG!O*-:(6(a!\%!0$,<(`2*$!]82!
<*2&/J! &2*A-0-$! 0$%,-:$! ,2! 6-F$Q! lG(,$&! <(*(! #(!
"*,(6(kb!<2*$! M$! %$! &(4D(! 0J,$! 2*(! #(! "*,(6(a!
.(&c!#$&!2N_,2%2&!]82!&$%!,_&!2&/*-0/$&!]82!#$&!62#!
9Fc*0-/$a!;$6$!-4(!4-2%b!<2*$!M$!%$!&(4D(!<(*(!6J%62!
-4(a!9#!02%/*$!62!-%&/*800-$%2&!M!*22%/*2%(,-2%/$!

2*(!2%!3$A2`(&b!M!2&2!0(#$*!%$!-4(!0$%,-:$a!^#2:8c!
M!68*c!0-%0$!6D(&!4-2%a!B2&<8c&!,2!2,<2)J!(!&(#-*!
8%(!(#2*:-(!2%!2#!082*<$b!<$*]82!(##_!8%$!%$!<8262!
/$,(*! (:8(b! M! 2&2! 0(#$*! /(%! 42**-$%6$b! %$! ,2!
<*$A$0(4(! %-! 0$,2*a! 9%/*(,$&! 0$,$! 6$&0-2%/$&!
M!/$6$&!#$&!6D(&!&(#D(%!0-%0$b!&(#D(%!&2-&a!^$&!]82!
A(%!(!#(!0$&/(!(!<(&2(*!<(&(%!,8M!4(0(%$b!<2*$!
2&!,8M!68*$!<(*(!8%$!]82!#2!/$0(!(**(&/*(*&2!<$*!
2#!&82#$!M!<(&(*!$4&/_08#$&a!38(%6$!<(&(*$%!6-2)!
6D(&!<*2:8%/(*$%Q!lit8-c%!&2!]8-2*2!-*!>$Mjkb!M!M$!
,2!K8-a!H-*,c!8%$&!<(<2#2&!M!,2!6-2*$%!#(!4(F(a!
^#2:8c! (! #(! 0(&(! M! 2%! 2&2! ,$,2%/$! ,-! <(<_!
/2%D(! 0$&20>(! 62! 0(Kcb! 2%/$%02&! #2! (M86c! >(&/(!
]82! &2! (0(4Ja! 7-&! <(6*2&! (<$M(*$%! ,-! 620-&-J%!
62! -%:*2&(*! (#! 9Fc*0-/$a! 9%/$%02&! ,2! <*2&2%/c!
2#! <*-,2*$! 62! F8%-$! 62#! (`$! RSSY! 0$,$! &$#6(6$!
<*$K2&-$%(#!(!#(!4*-:(6(!,JA-#!1a!TT!0$%!&262!2%!
7262##D%a!72!-%0$*<$*c!62!%82A$!(!#(!A-6(!,-#-/(*b!
<$*]82!62&62!<2]82`$!]82*D(!&2*A-*#2!(!#(!<(/*-(!
M!(62,_&!/2%D(!#(!,-#-0-(!M!2#!/2,<#2!<(*(!>(02*X
#$a! L%-0-(#,2%/2b! /8A2! 8%! *22%/*2%(,-2%/$! 2%! #$&!
^#(%$&!62!38-A_b!2#!08(#!K82!K_0-#!<(*(!,Db!M(!]82!
0$%$0D(!2#!2%/*2%(,-2%/$!,-#-/(*a
;*2&! ,2&2&! 62&<8c&b! ,2! /*(&#(6(*$%! 2%! >2#-X
0J</2*$!0$%!8%!:*8<$!62!A2-%/2!0$,<(`2*$&!>(0-(!
2#!,8%-0-<-$!62!L/8(%:$b!8%!<824#$!,8M!>$&/-#!624-X
6$!(!#(!<*2&2%0-(!62!:*8<$&!&84A2*&-A$&a!^(!<*2&-J%!
62!#(!:82**-##(!2%!2&2!<824#$!2&!62,(&-(6(a!"##_!#2!
/-*(%! (! 8%$! 0$%! <#$,$b! 0$%! ,-%(&b! 0$%! ,(0>2/2b!
#2!/-*(%!0$%!/$6$a!g(M!A(*-$&!&$#6(6$&!F$6-6$&!0$%!

<B@

<B<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

L0T'+0)2&20

,(0>2/2a!\%$!2&/_!2%!L/8(%:$!M!&(42!]82!2%!08(#X
]8-2*!,$,2%/$!A(!(!&2*!#(!>$*(!##2:(6(a!g(M!,80>(!
<*2&-J%!62#!2%2,-:$!M!(62,_&!#(!:2%/2!#2!0$#(4$*(!
,80>$!(!#(!:82**-##(a!^(!,-&,(!:2%/2!#$!A2D(!<(&(*!
(!8%$!M!#2&!(A-&(4(%!(!#$&!:82**-##2*$&!]82!(>D!-4(!
2#! 9Fc*0-/$b! 2%/$%02&! #$&! ,-#-0-(%$&! ,-%(4(%! <(*(!
]82!0(M2*(%!#$&!&$#6(6$&a!9&/8A2!0(&-!/*2&!(`$&!2%!
L/8(%:$! M! 2%! .2]82a! 9%! .2]82! 2&/8A2! &2-&! ,2&2&!
M! 2#! *2&/$! 2%! #(&! A2*26(&! 62! L/8(%:$a! 9#! 0#-,(! 62!
L/8(%:$!2&!,8M!482%$b!2%/*2!0(#-2%/2!M!K*D$a!.$*!(##_!
08#/-A(%! 62! /$6$Q! 0(Kcb! ,(D)b! 0(`(b! K*DF$#b! 0$0(b! 62!
/$6$a!9#!:(%(6$!/(,4-c%!&2!A2!,80>$a
"#!<*-%0-<-$!<2*,(%20D!/*2&!,2&2&!2%!2#!0(&0$!
8*4(%$! <*2&/(%6$! &2:8*-6(6a! ^82:$! 0(,-%c! 0$%!
#$&! $/*$&! 0$,<(`2*$&! 68*(%/2! &2-&! 6D(&! >(0-(! 2#!
0$**2:-,-2%/$!62!'(%/(!E-/(m!624D(,$&!2%0$%/*(*X
%$&! 0$%! $/*$&! &$#6(6$&! M! &(#-*! -%,26-(/(,2%/2!
<(*(! 2#! 0$**2:-,-2%/$! 62! 9#! "*$b! <82&! /2%D(,$&!
]82! <*2&/(*! &2:8*-6(6! (! 8%(! ,-&-J%! ,c6-0(a! "##D!
2&/8A-,$&!&2-&!6D(&!M!#82:$!%$&!6-2*$%!8%!<2*,-&$!
<(*(!&(#-*!(!A(0(0-$%2&!68*(%/2!A2-%/2!6D(&a!9%!2#!
*20$**-6$b!08(%6$!<(*(,$&!(!(#-,2%/(*%$&b!02*0(!
(#!*D$!3(80(b!#(!:82**-##(!2,<2)J!(!6-&<(*(*%$&a!9%!
2&2!,$,2%/$!&2%/D(!,-26$!M!(%:8&/-(!62!&(#-*!>2*-X
6$!$!62!<2*62*!#(!A-6(b!<82&!2%!2&(&!0-*08%&/(%0-(&!
#(&!0$&(&!/*(%&08**2%!2%!082&/-J%!62!&2:8%6$&a
.$*! (##_! 2%! 8%(! A2*26(b! 62&<8c&! 62! 2%/*(*!
62! 8%! <2*,-&$b! &2! ,(/(*$%! /*2&! &$#6(6$&! 2%! 8%!
0(,<$! ,-%(6$a! 1$&! 2&/(4(%! 2&<2*(%6$! 2%! 8%(!
#$,-/(b! 2&$! K82! 2%! 2#! (`$! RSSYa! 1$&$/*$&! D4(,$&!

0(,-%(%6$!2%!8%(!&84-6-/(!M!0$,$!(!#(&!%82A2!62!
#(!,(`(%(!&2!2&080>J!#(!2N<#$&-J%m!M$!2&/(4(!,_&!
(/*_&b! 2%! 2#! $/*$! <2#$/J%a! 9#! &$#6(6$! ]82! #(! <-&J!
]826J!,8M!,(#b!62!/$6(&!,(%2*(&!&2!,$*D(b!<2*$!
08(%6$!$/*$!&$#6(6$!&2!(02*0J!(!(M86(*#$!2N<#$/J!
$/*(!,-%(a!p#!62&(<(*20-J!M!/(,4-c%!&2!,8*-J!$/*$!
&$#6(6$! ]82! #$&! -4(! (! (<$M(*a! @/*$&! 08(/*$! ]82!
2&/(4(%!,_&!(/*(0-/$!]826(*$%!##2%$&!62!2&]8-*X
#(&a! 9&(! K82! #(! <*-,2*(! A2)! ]82! ,2! /$0J! A2*! 8%!
(00-62%/2!62!,-%(a
B$&!(`$&!,_&!/(*62b!2#![T!62!6-0-2,4*2!62#!(`$!
RSSVb! %$&! 6-2*$%! #(! ,-&-J%! 62! ##2:(*! (! 3$%:8-/(#b!
8%(!A2*26(!62!L/8(%:$a!.(*(!%$&$/*$&!%$!2N-&/2%!#$&!
6D(&!62!K-2&/(b!6(!#$!,-&,$!&-!2&!6D(!62!#(!,(6*2!$!
K-%!62!(`$a!"##D!624D(,$&!84-0(*!8%!0(,<(,2%/$!62!
#(!:82**-##(!M!62&/*8-*#$a!B24D(,$&!##2:(*b!<2*$!%$!
(#0(%)(,$&!<$*]82!2%!2#!0(,-%$!>(4D(!8%(!0(%20(!
##2%(!62!2N<#$&-A$&!M!8%(!0(,_%68#(!62!,-%(&b!]82!
&-! &2! <-&(! 8%(! &2! (0/-A(%! /$6(&m! 2&$! <8262! >(02*!
62&(<(*202*!(!$0>$!$!(!%82A2!&$#6(6$&b!8%!2&08(X
6*J%a!9%!2&2!,$,2%/$b!2&/_4(,$&!2%!,26-$!62!8%!
2%K*2%/(,-2%/$! M! (K$*/8%(6(,2%/2! (#0(%)(*$%! (!
A2*!2&$b!M!%$!<(&(,$&!<$*!(>Da
38(%6$!##2A_4(,$&!6$02!6D(&!62!0(,-%$b!2#!TR!
62! 2%2*$! 62#! RSSWb! (! #(&! 6-2)! 62! #(! ,(`(%(b! <-&c!
8%(! ,-%(a! "! #$&! &$#6(6$&! ]82! -4(%! ,_&! (62#(%/2!
#$&!2&/(4(%!(/(0(%6$a!^(!*2(00-J%!K82!&84-*!*_<-X
6$! <(*(! (<$M(*#$&! M! (>D! K82! 6$%62! #(! (00-$%ca!
9&$! 2N<#$/J! M! <2*6D! 2#! 0$%$0-,-2%/$! <$*! 0(&-! 8%!
,-%8/$a!B2!8%(!,2!6-!082%/(!62!]82!>(4D(!<-&(6$!

<B?

<BA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

L0T'+0)2&20

8%(!,-%(m!08(%6$!#(!<-&c!&2%/D!]82!2&$!,2!#2A(%/J!
<$*]82! #(! K82*)(! 62! #(! 2N<#$&-J%! K82! ,8M! K82*/2a!
1$! &c! %-! 0J,$! K82b! <$*]82! (! #(! :*(%! ,(M$*D(! #(!
2N<#$&-J%! #2&! 0$:2! 2#! <-2b! <2*$! (! ,D! ,2! F$6-J! #(!
*$6-##(!-)]8-2*6(a!^(!<-2*%(!<(*20D(!8%!/*(<$!M!%$!
&2%/D(!#$&!626$&a!@/*$!&$#6(6$!]82!2&/(4(!02*0(!&2!
#(&/-,J!#(!0$#8,%(b!/2%D(!8%(!>2*-6(!-%/2*%(a!"!c#!
/(,4-c%! #$! 2#2AJ! #(! ,-%(b! <2*$! %$! #2! >-)$! ,(M$*!
0$&(!0$,$!(!,Da
"!%$&$/*$&!%$&!2%&2`(%!/$6$!&$4*2!#(&!,-%(&b!
<2*$! #(! <*2&-J%! 62#! 2%2,-:$! 2&! /(%! A2**(0(b! ]82!
08(%6$!#(!:82**-##(!2,<-2)(!(!6-&<(*(*!8%$!%$!&2!
K-F(!2%!2#!<2**$!(%/-2N<#$&-A$&!%-!2%!2#!62/20/$*!62!
,2/(#2&a! 9%! 2&(! ,-&-J%! %$&$/*$&! 2&/_4(,$&! 0$%!
2N<2*/$&!2%!2N<#$&-A$&b!<2*$!]8c!<(&(Q!#$&!6$0/$X
*2&!/(,4-c%!&2!,82*2%a
\%$&! 0$,<(`2*$&! #$:*(*$%! ##2A(*,2! (! 0-2*/(!
6-&/(%0-(!62#!#8:(*!<(*(!]82!8%!&$#6(6$!2%K2*,2X
*$!,2!<*2&/(*(!#$&!<*-,2*$&!(8N-#-$&a!n$!*2082*6$!
]82! &2%/D(! :(%(&! 62! 6$*,-*,2b! /2%D(! :(%(&! 62!
-*,2b! 2&/(4(! (48**-6$a! 9#! 6$#$*! 2*(! 62,(&-(6$b!
%$!>(4D(!&2%/-6$!/(%/$!6$#$*!2%!,-!A-6(!0$,$!2&2!
6D(m!(62,_&b!2&/(4(!4$/(%6$!,80>(!&(%:*2!M!2&$!
,2! 624-#-/J! ,80>$a! 9#! 2%K2*,2*$! &$#$! ,2! >-)$!
8%!/$*%-]82/2!M!,2!<8&$!&82*$a!3$%!8%$&!<(#-/$&!
(*,(*$%! 8%(! 0(,-##(! M! ,2! &(0(*$%a! E20$**-,$&!
/*2-%/(! ,-%8/$&b! M! 2#! >2#-0J</2*$! ##2:J! 8%(! >$*(!
M! ,26-(! 62&<8c&! <(*(! ##2A(*,2! (! 7262##D%b! (#!
g$&<-/(#! .(4#$! ;$4J%! \*-42a! 7-! <-2*%(! -)]8-2*6(!
2&/(4(! ##2%(! 62! &(%:*2! M! /2%D(! 2&]8-*#(&! 2%! /$6$!

2#!082*<$a!9&/(4(!,8M!/*-&/2!<$*]82!<2%&(4(!]82!
<2*62*D(!,-!<-2*%(a!
^$&!,c6-0$&!6-F2*$%!]82!2&(!,-%(!/2%D(!,(/2X
*-(!K20(#!M!]82!/$6$!2&$!&2!>(4D(!-%0*8&/(6$!2%!#(!
<-2*%(a! B2! ,-#(:*$! %$! #(! ,$0>J! 0$,<#2/(b! <82&!
,26-$!>82&$!]826J!<2#(6$!(!#(6$!M!#(6$!62!#(!<-2*X
%(a!9%!#(!0-*8:D(!,2!<8&-2*$%!A(*-$&!0>8)$&!2%!#(!
<-2*%(!M!,2!#$&!62F(*$%!(>D!]8-%02!6D(&b!62&<8c&!
,2!]8-/(*$%!2&$b!<2*$!62F(*$%!8%$&!(#(,4*-/$&!]82!
<2:(4(%!#(!*$6-##(a!9&$&!(#(,4*-/$&!%$!,2!62F(4(%!
,$A2*b!,-!<-2*%(!2&/(4(!/-2&(!62#!/$6$a!"!#$&!&2-&!
,2&2&!,2!>-0-2*$%!$/*(!0-*8:D(!<(*(!&(0(*,2!2&$!
(#(,4*2&!M!,2!62F(*$%!8%(!A(*-##(!M!08(/*$!0#(A$&a!
9&$! ,2! ,$#2&/(! 62! A2)! 2%! 08(%6$m! 2&/$M! 4-2%! M!
62!8%!,$,2%/$!(!$/*$!%$!&-2%/$!#(!<-2*%(!M!%$!#(!
<826$!(<$M(*!<$*]82!2#!6$#$*!2&!,8M!A2**(0$a!
9&/8A2!>$&<-/(#-)(6$!8%!,2&!M!6$02!6D(&a!7-&!
<(<_&! &2! 2%/2*(*$%! 2#! ,-&,$! 6D(! 62#! (00-62%/2b!
<2*$!(!2##$&!#2&!6-F2*$%!]82!,2!>(4D(%!,$0>(6$!2#!
<-2!62!8%(a!7-!,(,_!##2:J!8%(!&2,(%(!62&<8c&a!
^$&! ]82! &-2,<*2! 2&/8A-2*$%! <2%6-2%/2&! K82*$%!
,-!>2*,(%(b!8%(!<*-,(!]82!,2!A-&-/(4(!/$6$&!#$&!
6D(&! M! #$&! 62#! 4(/(##J%! ]82! ,(%6(4(%! &$#6(6$&!
<(*(!]82!,2!(0$,<(`(*(%a!
"! #(! ,-/(6! 62#! ,2&! M$! ,2! 2&/(4(! (:*(A(%6$!
,_&a! ^(! 6*$:(! ]82! ,2! 2&/(4(%! 6(%6$! M(! %$! ,2!
&2*AD(! M! /2%D(! #$&! :#J48#$&! 62,(&-(6$! 4(F-/$&m! M(!
]82*D(!-*,2a!^(!/*-&/2)(!]82!/2%D(!2*(!,8M!:*(%X
62b!%$!]82*D(!A$#A2*!(!A-A-*a!1$!,2!6(4(!<$*!##$*(*b!
<2*$! %$! #2! >(4#(4(! (! %(6-2a! 38(%6$! ##2:(4(%! #(&!

<BB

<BC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

L0T'+0)2&20

2%K2*,2*(&!(!<$%2*,2!6*$:(!M$!#2&!620D(!]82!<(*(!
]8cb!]82!%$!,2!<8&-2*(%!%(6(a!^(&!&-0J#$:(&!62#!
4(/(##J%!K82*$%!(#!>$&<-/(#b!<2*$!M$!#2&!6-F2!]82!&2!
K82*(%!<$*]82!M$!%$!%202&-/(4(!&-0J#$:(&a!
^$&!]82!,2!(M86(*$%!(!*2<$%2*,2!K82*$%!,-!
,(,_!M!8%!/D$!,D$a!9#!/D$!,2!620D(!]82!%$!,2!62<*-X
,-2*(b!]82!A-2*(!]82!,_&!62!8%$!&2!>(4D(!,82*/$!
M!]82!$/*$&!]826(4(%! ,$0>$&a!9&$&!0$%&2F$&!,2!
6-2*$%! ,$*(#! M! ,2! (M86(*$%! (! #2A(%/(*,2! $/*(!
A2)a!.2*$!62!/$6(&!,(%2*(&!8%$!]826(!0$%!&2082#(&!
62!#(!:82**(a!.*-,2*$!,2!6(4(%!:(%(&!62!0$,2*!M!
M(!%$!,2!<*$A$0(b!M(!%$!2&!#$!,-&,$a!"!A202&!&-2%/$!
6$#$*!62!0(42)(!M!2#!_%-,$!2&!,8M!4(F-/$a
38(%6$! &(#D! 62#! >$&<-/(#! /$6(AD(! /2%D(! 2#! <-2!
/-2&$a!^(!/2*(<-(!K82!2%!#(!LG!O*-:(6(m!,2!>-0-2*$%!
&2/2%/(! /2*(<-(&b! 2%! 2&$! ,2! #(! <(&c! 0(&-! /$6$! 2#!
RSSWa!;2%D(!]82!6$4#(*!#(!*$6-##(!0$%!#(!(M86(!62!
8%(!&_4(%(b!,$%/(*!2%!4-0-0#2/(&!2&/_/-0(&b!>(02*!
2F2*0-0-$&b!&84-*!M!4(F(*!2#!<-2b!/(,4-c%!,2!<$%D(%!
8%(&!0$&(&!0(#-2%/2&a!9&$!K82!8%!<*$02&$!6$#$*$&$a!
3$,$!/2%D(!2#!<-2!/-2&$!2*(!8%!<*$4#2,(!-*!(#!4(`$m!
#$&! 0(**$&! /2%D(%! ]82! &2*! (,<#-$&! <(*(! <$62*!
&2%/(*,2m!4(F(*!2&0(#(&!/(,4-c%!2*(!8%!<*$4#2,(!
M!/(,<$0$!,2!<$6D(!,$%/(*!2%!8%(!,$/$a!.2*$!2&$!
,2!(M86J!M!(#!K-%(#!#(!*$6-##(!6$4#J!TTS!:*(6$&b!]82!
2&!#$!,_N-,$!]82!6$4#(!<(*(!4(F(*!M!&84-*!2&0(#(&a
7-2%/*(&! (&-&/D(! (! #(! /2*(<-(b! 2&/8A2! 2%! 2#!
6-&<2%&(*-$! 62#! O(/(##J%! .26*$! 12#! @&<-%(b! 2%!
O2##$a! "##_! %8%0(! ,2! (48**Da! 72! /2%D(%! ,80>$!
*2&<2/$!<$*]82!%$!,2!,2/D(!0$%!%(6-2m!,2!##2A(4(!

4-2%! 0$%! ,-! &(*:2%/$! M! 0$%! 2#! 6*(:$%2(%/2! ]82!


620D(! ]8-c%! &2! -4(! M! ]8-c%! &2! ]826(4(a! '-2,<*2!
*20-4D!482%(&!(/2%0-$%2&a!B2&62!(##_!,2!##2A(4(%!
(! /$6(&! #(&! 0-/(&! ,c6-0(&! M! 2#! 6*(:$%2(%/2! ,2!
(M86(4(! M! ,2! 2&<2*(4(a! 9&$! (##_! &2! ,(%/-2%2!
##2%$b!<$*!#(!,(`(%(!&(#2!8%$!M!<$*!#(!/(*62!2%/*(%!
$/*$&a!780>$&!62!2##$&!&$%!AD0/-,(&!62!,-%(&a
5*(0-(&! (! B-$&! ,2! >2! *208<2*(6$! &(/-&K(0X
/$*-(,2%/2! M! >(&/(! 2#! 6D(! 62! >$M! <826$! 0(,-%(*!
&-%!(M86(!62!%-%:C%!(<(*(/$!$*/$<c6-0$a!9%!2&/$&!
,$,2%/$&!2&/$M!2&<2*(%6$!]82!&2!62K-%(!,-!&-/8(X
0-J%!2%!2#!9Fc*0-/$!<(*(!<$62*!0$%/-%8(*!8%!%82A$!
0(,-%$a! .(*(! 2#! K8/8*$! ,2! :8&/(*D(! 2&/86-(*! M!
0$%K$*,(*!8%(!42##(!K(,-#-(a

<BD

<BE

<B=

30.2#'*"+,'&-.'($#(#')&'!"#$%&

RI&.';)#"+#$

+8(%!"#2-&2*!%(0-J!2%!8%!<824#$!<#(:(6$!62!
:82**-##2*$&b!<2*$!%8%0(!&2!&-%/-J!(/*(D6$!<$*!
2#! 6-&08*&$! *2A$#80-$%(*-$! ]82! <*$0#(,(4(%!
#$&!8%-K$*,(6$&!<(*(!*20#8/(*!(!#$&!FJA2%2&!62!
&8!A2*26(a!p#!/2*,-%J!2#!4(0>-##2*(/$!M!62&<8c&!
62!<*2&/(*!2#!&2*A-0-$!,-#-/(*!&2!6-$!082%/(!62!
]82! &8! A-6(! 2&/(4(! 2%! 2#! 9Fc*0-/$a! g(&/(! 2&2!
,$,2%/$! /2%D(! 0#(*$! &8! 62&/-%$Q! 0$%&/*8-*!
8%(!0(**2*(!,-#-/(*!2N-/$&(!<(*(!(M86(*!(!&8&!
<(6*2&!M!0$%K$*,(*!&8!<*$<-(!K(,-#-(a
.2*$!&8&!-62(#2&!&2!62**8,4(*$%!2#!TR!62!
2%2*$!62#!(`$!RSSWa!9&2!6D(b!,-2%/*(&!08,<#D(!
8%(! ,-&-J%! 2%! #(&! ,$%/(`(&! 62! L/8(%:$b!

L0T'+0)2&20

<B>

<-&J! 8%(! ,-%(! (%/-<2*&$%(! ]82! #2! 0(,4-J!


#$&! <#(%2&a! p#! &(4D(! ]82! 0$**D(! 2&2! *-2&:$m!
(62,_&b! >(4D(! A-&/$! (! ,80>$&! 0$,<(`2*$&!
,8/-#(6$&! M! &(4D(! 62! $/*$&! ]82! %$! &$4*2A-X
A-2*$%a! 9#! <(%$*(,(! %$! 2*(! (#2%/(6$*b! <2*$!
<2%&J!]82!0$**2*D(!0$%!,2F$*!&82*/2a
^(!2N<#$&-J%!%$!#2!(**(%0J!2#!<-2b!<2*$!&D!#2!
62FJ!,C#/-<#2&!#2&-$%2&!2%!&8!*$6-##(!-)]8-2*6(a!
^$&! (,-:$&! M! #$&! K(,-#-(*2&! /*(/(%! 62! 0$%&$X
#(*#$m! #2! 6-02%! ]82! <86$! &2*! <2$*b! ]82! 6242!
6(*#2!:*(0-(&!(!B-$&!<$*!0$%&2*A(*!#(!A-6(!M!2#!
<-2b!<2*$!%$!#$:*(%!0$%A2%02*#$a!+8(%!%$!2&!2#!
,-&,$!62!(%/2&a!">$*(b!08(%6$!<-2%&(!2%!&8!
K8/8*$b!&2!&-2%/2!<2*6-6$a

["+10$"&'2#'I.'
V#$2&2#$0'&F0$
:)S".';)0.+0';(#V#20'L010'

L#8&/*(0-J%!<$*!9#?-%!"#$%&$!"02A26$!'$/$b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

8(%6$!62&<2*/c!2&/(4(!2%!7262##D%a!'2:C%!
&8<2! 62&<8c&b! M(! >(4D(%! <(&(6$! 08(/*$!
6D(&! 62&62! 2#! (00-62%/2a! 9&/(4(! 4$0(**-4(! 2%! #(!
&(#(! 62! 08-6(6$&! -%/2%&-A$&! 62#! g$&<-/(#! 52%2*(#!
M!M(!,2!>(4D(%!(,<8/(6$!2#!<-2!-)]8-2*6$a!1$!,2!
<$6D(! ,$A2*a! ;2%D(! (<(*(/$&! M! ,(%:82*(&! <$*!
/$6(&! <(*/2&! M! 2%! #(! 4(**-:(! 2*(! ##2%$! 0$,$! 62!
8%(&!0(#0$,(%D(&!62!0$#$*2&a!'2%/D(!,80>$!6$#$*a!
9&/(4(!&$#$a!9*(!0$,$!2&/(*!62%/*$!62!8%!48&b!8%(!
&2%&(0-J%!62!2&/*20>2)!2!-%,$A-#-6(6a!=%-0(,2%/2!
<$6D(! ,-*(*! >(0-(! (**-4(a! 1$! *2082*6$! ,80>$a!
G$#AD!(!]826(*!6$*,-6$a!
"#! $/*$! 6D(b! 08(%6$! 62&<2*/cb! ,2! 2%0$%/*(4(!
2%!#(!&(#(!62!*208<2*(0-J%a!7-!,(,_!2&/(4(!(#!#(6$!
,D$b! 0(##(6(! 0$,$! &-2,<*2a! ^(! (0$,<(`(4(! 8%$!
62! ,-&! >2*,(%$&b! ]82! 2&2! 6D(! /2%D(! 8%(! #-02%0-(!
62#!&2*A-0-$!,-#-/(*a!">D!<862!A2*!]82!,-!<-2!62*2X
0>$! 2&/(4(! 2%! 8%(! 0(%$(! M! 0$%! A2%6(&! 62&62! #(!
<-2*%(!>(&/(!2#!<-2m!%$!A2D(!0J,$!2&/(4(!M!/(,<$0$!
#$! ,$AD(a! H82! ,8M! 68*$! <(*(! ,D! A2*,2! (&D! M! %$!
<$62*!,$A2*,2a!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

n$!2&/(4(!2%!#(!C#/-,(!<-2)(b!&-%!,_&!2%K2*,$&!
(#*2626$*a!7-!,(,_!%$!2*(!8%(!<2*&$%(!]82!##$*(4(b!
/(,<$0$!,2!620D(!%(6(a!9##(!2&!(&DQ!&-#2%0-$&(a!@!&-!
,2!6-F$!(#:$!%$!#$!*2082*6$a!n$!%-!&-]8-2*(!>(4#c!0$%!
,-!>2*,(%$a!^82:$!##2:J!8%!,c6-0$!0$,$!(!6(*,2!
,$*(#!M!,2!6-F$Q!lg$#(b!9#?-%b!i0J,$!2&/_&jkb!M$!#2!
6-F2Q!l,_&!$!,2%$&kb!c#!6-F$!8%(&!08(%/(&!<(#(4*(&!
M!#2!6-F$!(!,-!,(,_!]82!%202&-/(4(!>(4#(*!0$%!2##(a!
'2! K82*$%a! "! ,D! ,2! 6$#D(! /$6$a! ^2! <$%D(%! (! 8%$!
8%(&!A2%6(&!M!2&$!6$#D(!,80>$a!\%(!2%K2*,2*(!,2!
6-$!8%!0(#,(%/2!M!,2!6$*,Da!38(%6$!62&<2*/cb!,-!
,(,_!&2!2%0$%/*(4(!(!,-!#(6$!,8M!/*-&/2b!<2*$!%$!
,2!6-F$!%(6(a!9##(!%$!##$*(4(a!
"]82##(!%$0>2!&$`c!]82!2&/(4(!(>D!2%!2#!>$&<-X
/(#b! 2%! #(! ,-&,(! 0(,(! 6$%62! ,2! 2%0$%/*(4(b! M(!
(,<8/(6$a! 72! 2&/(4(! 0$,-2%6$! 8%(! /$*/(! M! 8%(!
4(#(! 2%/*J! 62&62! (K82*(! M! ,2! 6-$! 2%! #(! &-2%a! 1$!
&8<2!]8-c%!6-&<(*Ja!t826c!,82*/$!&$4*2!#(!0(,(a!
"!#$&!&2-&!6D(&!62!2&/(*!2%!2#!>$&<-/(#b!,2!##2A(X
*$%!,8M!/2,<*(%$!(!0-*8:D(!&-%!620-*,2!%(6(a!"##D!
,2! ,$%/(*$%! 2%! 8%(! 0(,-##(b! ,2! 0>8)(*$%! 0$%!
8%(!F2*-%:(!M!,2!6$*,Da!38(%6$!62&<2*/cb!0$,$!(!
#(&!&2-&!>$*(&b!2&/(4(!2%!#(!&(#(!62!*208<2*(0-J%b!
/$6$!4$4$!<$*!#(!(%2&/2&-(b!M!(>D!A-!]82!,2!>(4D(%!
(,<8/(6$!2#!$/*$!<-2a!^2!>(4D(!6(6$!8%(!-%K200-J%!
M!<$*!2&$!/2%D(%!]82!0$*/(*#$!$!M$!,2!-4(!,$*-*a!^(!
<-2*%(!62*20>(!,2!]826J!62!#(!*$6-##(!<(*(!(**-4(b!
M!#(!-)]8-2*6(b!62!#(!*$6-##(!<(*(!(4(F$a
H82!,8M!68*$b!8%!:$#<2!,8M!68*$b!A2*,2!(&D!
0$%!#$&!6$&!<-2&!(,<8/(6$&a!n$!<2%&(4(!]8c!-4(!(!
&2*!62!,D!2%!(62#(%/2b!<2%&(4(!]8c!-4(!(!&2*!62!,-!

K(,-#-(b!<2%&(4(!]82!#$!,2F$*!2*(!]82!,2!62F(*(%!
,$*-*a!.2%&(4(Q!(>$*(!&D!,2!##2AJ!2#!A2**(0$a
n$! 2&/(4(! &$#$! 2%! #(! &(#(! 62! *208<2*(0-J%! M!
/2%D(!#(!-%/2%0-J%!62!,$*-*,2a!72!]8-/c!#(!,(%:82X
*(! <*-%0-<(#b! ]82! ,2! &(#D(! 62#! 082##$b! M! $/*(! 0$%!
&82*$!M!6*$:(!]82!-4(!(!6(*!(!#(!,8`20(a!n$!2&/(4(!
(0$&/(6$!2%!8%(!0(,(!,8M!(#/(b!62!2&(&!62!>$&<-/(#!
]82!/-2%2%!4(*(%6(&!(!#$&!#(6$&!<(*(!]82!8%$!%$!&2!
0(-:(a!7-!082*<$!0(4D(!2%/*2!#(&!4(*(%6(&b!<2*$!,-!
0(42)(!%$a!72!,2/D!<$*!2#!,26-$!62!#(&!4(*(%6(&!M!
]826J!#(!0(42)(!2%:(*)(6(!M!2#!082*<$!0$#:(%6$a!
n$!,2!2&/(4(!2*(!(>$*0(%6$b!2&(!2*(!,-!-%/2%0-J%a!
9*(!2%!#$!C%-0$!2%!]82!M$!<2%&(4(Q!]82!2*(!,2F$*!
,$*-*a!1(0D!2%!2#!,8%-0-<-$!62!G2:(0>Db!"%/-$]8-(a!
;2%:$!A2-%/-/*c&!(`$&a!3*20D!2%!#(!A2*26(!^(!'-2**(b!
]82! ]826(! 0$,$! (! 8%(! >$*(! 2%! 0(**$! 62! #(! )$%(!
8*4(%(!62!G2:(0>Da!"##D!<(&c!,-!(6$#2&02%0-(b!(##D!
0*20D!F8%/$!(!,-&!&2-&!>2*,(%$&b!(##D!A-AD!,-&!<*-,2X
*$&!6-20-&-2/2!(`$&b!]82!*2082*6$!0$%!$*:8##$a!
9,<20c!(!/*(4(F(*!M!(!A$#-(*!*8#(!62&62!%-`$a!
3$,$!(!#$&!0-%0$!$!&2-&!(`$&b!M$!M(!2&/86-(4(!2%!
#(&!,(`(%(&!M!2%!#(&!/(*62&!,2!-4(!(!*20$:2*!0(`(!
$!(!<-0(*!#2`(a!
n$! 2&/86-c! /$6(! #(! <*-,(*-(! (##_a! 1$! ]8-&2!
-%:*2&(*! (#! 4(0>-##2*(/$! M! ,2F$*! ,2! 626-]8c! (!
/*(4(F(*a! 3$,$! /$6(! 2&(! )$%(! 2&! 0(`2*(b! /*(4(X
F(4(!2%!0(`(68)(#2&b!2%!,$#-2%6(&!62!<(%2#(b!2%!
,_]8-%(&!62!2&(&a!
.2*$!#(&!:(%(&!62!,2F$*(*!,-!A-6(!M!,-!20$%$X
,D(!,2!##2A(*$%!(#!,8%-0-<-$!62!'2:$A-(b!"%/-$]8-(b!
(!#$&!6-20-&-2/2!(`$&a!9%!'2:$A-(!>(4D(!8%!(<$:2$!

<C?

<CA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

<$*!2#!$*$!M!/$6$!2#!,8%6$!620D(!lA(,$&!<(*(!(##_ka!
\%$&!(,-:$&!62!G2:(0>D!K82*$%!#$&!]82!,2!0$%A-X
6(*$%a! '2:$A-(! &2! 2%082%/*(! 0$,$! (! 0-%0$! >$*(&!
62!G2:(0>Db!<$*!#(!,-&,(!0$*6-##2*(a!"##_!2&/(4(!,-!
>2*,(%$!3(*#$&!7(*-$b!]82!&2!>(4D(!(&$0-(6$!0$%!
$/*(&!08(/*$!<2*&$%(&!<(*(!/*(4(F(*!8%(!,-%(!62!
A2/(a!3$%!c#!,2!<8&2!(!/*(4(F(*!M$!/(,4-c%a
9%! 2&2! 2%/$%02&! ##2:J! 8%(! 2,<*2&(! M! K82! #(!
]82! (**(&Jb! 2*(! :2%/2! :*-%:(b! 62! $/$&! <(D&2&a! "!
8%$!#$!62F(4(%!2N/*(2*!<$*!#$!#(6-/$&b!#$!]82!(!#(!
2,<*2&(! %$! #2! -%/2*2&(4(b! #$! ,_&! ,(#$a! ^(! ,-%(!
]82!%$&$/*$&!2N<#$/_4(,$&!&2!##(,(4(!^(!O(/2(a!
9*(!8%!/C%2#!#(*:$b!8%$!&2!62,$*(4(!,_&!62!,26-(!
>$*(!2%!*20$**2*#$a!9,<2)_4(,$&!(!/*(4(F(*!(!2&$!
62!#(&!%82A2!62!#(!,(`(%(a!\%$!62!#$&!0$,<(`2*$&!
<-0(4(!#(!<-26*(!(#!K-%(#!62#!/C%2#m!$/*$!&2!#(!2,<(X
0(4(!(!8%$m!M!#$&!$/*$&!08(/*$!#(!&(0_4(,$&a!
;$6$!2#!6D(!,2!/$0(4(!2&/(*!2%/*(%6$!M!&(#-2%X
6$! 62#! /C%2#b! &84-2%6$! M! 4(F(%6$! 2&0(#2*(&a! ^(!
<-26*(! #(! 0(*:_4(,$&! 2%! 8%(! 2&<20-2! 62! ,$**(#!
K-%$! (#! ]82! ##(,(4(%! 0(/(%:(a! \%$! &(0(4(! 8%(!
<-26*(!%2:*(b!%$!&2!A2D(!2#!$*$a!9&(!<-26*(!#(!,$#D(!
#(!2,<*2&(b!#(!A$#AD(!<$#A$b!M!62!(>D!&2!&(0(4(!2#!$*$a!
^(! 2,<*2&(! %$&! 0$4*(4(! -,<82&/$! <$*! 2&$b! M! %$&!
2%/*2:(4(!2#!$*$!]82!8%$!M(!A2%6D(!2%!2#!,2*0(6$a!
9*(! ,8M! 482%! %2:$0-$a! g(4D(! &2,(%(&! 2%!
]82!8%$!&2!:(%(4(!>(&/(!8%!,-##J%!62!<2&$&a!.$*!
2&$! '2:$A-(! 2*(! 8%! <824#$! /(%! <(**(%62*$b! ##2%$!
62!,8F2*2&!(#!0-2%a!\%$!0$%/*(/(4(!#(!0$,-6(b!#(!
6$*,-6(!M!2#!(**2:#$!62!*$<(b!M!A-AD(!/*(%]8-#$a

;2%D(!,80>(&!(,-:(&!(##_!M!424D(!,80>$a!'-%!
2,4(*:$b! 2#! %2:$0-$! 482%$! %$&! 68*J! 0$,$! 6-2)!
,2&2&a! B2&<8c&! 62! 2&$! #(! ,-%(! &2! K82! &20(%6$! M!
M(! %$! %$&! 6(4(! /(%/(! *2%/(4-#-6(6a! 7-! >2*,(%$!
&2! (48**-J! M! &2! 62A$#A-J! <(*(! G2:(0>Da! @/*$&! 6$&!
0$,<(`2*$&!/(,4-c%!&2!K82*$%a!"#!K-%(#b!]826(,$&!
&$#$!/*2&Q!^2$%(*6$b!L:%(0-$!M!M$a!^2$%(*6$!<-0(4(b!
2!L:%(0-$!M!M$!&(0_4(,$&!#(!<-26*(a!"&D!68*(,$&!
$/*$!(`$!M!6$&!,2&2&b!0$%!2#!%2:$0-$!,(#$b!>(&/(!
]82!#(!,-%(!&2!&20J!62#!/$6$!M!]826(,$&!K*2:(6$&a!
9%/$%02&! ^2$%(*6$! %$&! 0$%A-6J! (! ]82! %$&!
K8c*(,$&!(!/*(4(F(*!#(!(:*-08#/8*(!2%!2&(!K-%]8-X
/(! 62! 7(/(&b! ]82! 2*(! 8%! 0$**2:-,-2%/$! &8(A2b! 2%!
E2,26-$&a!^2$%(*6$!0$%$0D(!#(!)$%(!M!&(4D(!]82!
2&$!<$*!(##_!%$!2*(!/-2**(!62!%(6-2b!<$*]82!/$6(!#(!
:2%/2!]82!A-AD(!(%/2&!<$*!(##_!#(!>(4D(!&(0(6$!#(&!
(8/$62K2%&(&a!
1$&! K8-,$&! <(*(! 7(/(&! (! &2,4*(*! (#-,2%X
/$Q! M80(b! <#_/(%$b! ,(D)b! K*-F$#! M! /$,(/2a! G-AD(,$&!
2%! 8%(! 0(&-/(! 62! ,(62*(! /$6(! ,(#-/(! ]82! 2&/(4(!
2%! 8%! <$/*2*-/$b! #82:$! 2*(%! ,$%/2&b! ,$%/(`(&! M!
<$/*2*$&a!9%!#(!0(&(!%$!/2%D(,$&!%-!#8)!%-!/2#2A-&$*!
%-!%(6(b!&$#$!/2%D(,$&!8%!*(6-20-/$a!B$*,D(,$&!2%!
0(,-/(&!62!,(62*(a!3$*/(4(!8%!<(#$!M!(>D!(*,(X
4(! #(! 0(,(a! '-! /2%D(! 0$#0>J%! #2! ,$%/(4(! M! &-! %$!
/2%D(!,2!(0$&/(4(!&$4*2!0$&/(#2&a!\%!6D(!%$*,(#!
2*(!#2A(%/(*&2!<$*!(>D!(!#(&!0-%0$!62!#(!,(`(%(a!
7$%/_4(,$&! (**$)b! (:8(<(%2#(! M! >82A$b! (! A202&!
&(%0$0>-/$!M!K*DF$#2&b!M!M(!%$&!D4(,$&!(!#(&!&2-&!(!
/*(4(F(*a!^$!]82!,_&!>(0D(,$&!<$*!(##_!2*(!*$)(*!
<$/*2*$&b!/8,4(*!,$%/2!<(*(!&2,4*(*a!

<CB

<CC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

.*_0/-0(,2%/2!%$&!&$&/2%D(,$&b!<2*$!%$!K(#/(X
4(%!#$&!<*$4#2,(&a!.$*!(##_!>(4D(!62!/$6$Q!:82**-X
##(b!<(*(0$&b!&$#6(6$&!62#!9Fc*0-/$a!.2*$!#$!]82!,_&!
>(4D(!2*(!<(*(0$&a!3$,$!(!8%(!>$*(!(!<-2!62!6$%62!
A-AD(,$&! /2%D(%! &8! 0(,<(,2%/$a! .*_0/-0(,2%/2!
8%$! #$&! A2D(! /$6$&! #$&! 6D(&a! '2! 620D(! ]82! >(4D(!
8%$&! /*2&0-2%/$&! <(*(0$&! <$*! (##_a! 582**-##(! 2*(!
,_&!<$]8-/(a!9%!#(&!%$0>2&b!&2!2&080>(4(%!>(&/(!
6$&!>$*(&!62!4(#(02*(&a!.$*!(##_!,(/(4(%!,80>(!
:2%/2Q!2&2!2*(!2#!,-26$!62!8%$a
^$&! :*8<$&! (*,(6$&! %$&! (6A2*/D(%! ]82! %$!
624D(,$&!(%6(*!62!%$0>2a!9&$!2*(!#$!,_&!-,<$*X
/(%/2a!.2*$!%$&$/*$&!&$#$!%$&!,(%/2%D(,$&!(>D!<$*!
0$&(!62#!/*(4(F$!M!%$!%$&!,2/D(,$&!0$%!%(6-2a!
9#! 0(,4-$! K82! ,8M! 68*$a! .$*! #(! &2:8*-6(6b!
<$*!#(!0(#-6(6!62!A-6(!M!<$*!#(!<#(/(a!.(&(,$&!62!
:(%(*%$&!>(&/(!8%!,-##J%!62!<2&$&!(!#(!&2,(%(!2%!
'2:$A-(! (! $0>2%/(! ,-#! <2&$&! 2%! 2#! 0(,<$! M! A-A-*!
,_&!,(#80$b!0$,2*!,_&!,(#80$b!/2%2*!,_&!,-26$a!
.2*$! ]8c! ,_&! &2! -4(! (! >(02*a! p*(,$&! 0$,$!
*2&-:%(6$&a! "#! K-%(#b! 68*c! 0$,$! /*2&! ,2&2&! <$*!
(##_a!^(!C#/-,(!,(`(%(!]82!2&/8A2!2%!7(/(&!%$&!
#2A(%/(,$&!(!>(02*!8%!*$)(6$!<(*(!&2,4*(*!,(D)a!
9#!#8:(*!]826(4(!0$,$!(!8%(!>$*(!62!#(!0(&(a!9&$!
2*(!,2*$!*(&/*$F$!2%!8%(!K(#6(b!#2F$&!62!#(!0(**2X
/2*(a!9#!/2**2%$!2*(!/(%!:*(%62!0$,$!8%$!]8-&-2X
*(a! ^#2:(,$&! (##D! 0$,$! (! #(&! &-2/2! 62! #(! ,(`(%(b!
(<2%(&! D4(,$&! (! 0$,2%)(*! 08(%6$! &2%/D! 8%(!
2N<#$&-J%!,8M!K82*/2!M!&2%/D!,80>$!&8&/$a!B2!8%!
,$,2%/$!(!$/*$!2&/(4(!2%!8%!>820$b!2%A82#/$!2%!
/-2**(a!1$!&(4D(!]8c!>(02*a

9&$! K82! 2#! R[! 62! ,(M$! 62#! RSSYa! 1$! &2%/D! %-!
6$#$*! %-! %(6(a! t826c! 0$,$! /$6$! 4$4$a! .(&J! #(!
2N<#$&-J%! M! (>D! ,-&,$! ,2! ,-*c! #$&! <-2&! M! #$&! A-!
/$6$&! 62&/*$)(6$&a! 9#! <-2! -)]8-2*6$! ]826J! 0$%! #(!
<#(%/(! /$6(! 62&/*8-6(b! *(F(6(b! <(*/-6(b! 20>(%6$!
,80>(!&(%:*2a!n!2#!62*20>$!]826J!<(*/-6$!2%!/*2&!
<(*/2&a!^$&!6$&!&2!A2D(%!<2:(6$&!62#!082*$b!<2*$!
<(*/-6$&!62#!/$6$a!
^$&! 0$,<(`2*$&! 2&/(4(%! ,8M! (&8&/(6$&b!
/(,<$0$!&(4D(%!]8c!>(02*a!O*2:(%6$!(!&$0$**2*,2b!
,2!&(0(*$%!62#!>820$a!n$!/*(/c!62!<(*(*,2!<2*$!2*(!
-,<$&-4#2!0$%!#$&!<-2&!(&Da!">D!&D!0$,2%0c!(!&2%/-*!
,80>$!6$#$*!M!,80>(!&26b!M!0$,2%0c!(!##$*(*a!
^2$%(*6$! &2! K82! (! (A-&(*#2&! (! #$&! A20-%$&! #$!
]82!,2!>(4D(!$08**-6$!M!(!<26-*#2&!(M86(!<(*(!]82!
,2!##2A(*(%!(#!>$&<-/(#a!7-2%/*(&!/(%/$b!L:%(0-$!,2!
08-6(4(! M! ,2! <*2&/(4(! 8%! <$0$! 62! (/2%0-J%a! B2#!
&8&/$b!%-!&-]8-2*(!>(4#_4(,$&a!n$!<2%&(4(Q!08(%X
6$!8%$!<-&(!8%(!,-%(b!#$!<$]8-/$!]82!&2!<-2*62!2&!
8%! <-2a! .$*]82! <$*! (>D! M(! >(4D(! :2%/2! ]82! >(4D(!
<-&(6$!,-%(&b!M!2#!]82!<-&(4(!8%(!,-%(!<2*6D(!8%!
<-2b!$!#$&!6$&b!$!#(&!,(%$&b!$!#$&!$F$&y!
3$,$!(!#(!>$*(!##2:J!^2$%(*6$!0$%!&2-&!A20-X
%$&m!K82*$%!>(&/(!A-2F(&!M!/$6$a!9##$&!##2A(4(%!8%(!
0$#0>(!M!0$*/(*$%!8%$&!<(#$&!<(*(!>(02*!8%(!2&<2X
0-2!62!>(,(0(a!">D!,2!,$%/(*$%!<(*(!##2A(*,2!(!
#(!0(&(a!9*(%!0$,$!#(&!$0>$!<(&(6-/(&a
H82!,8M!0$,<#-0(6$!2#!*2:*2&$a!n$!##$*(4(!62#!
6$#$*a!^(!:2%/2!,2!620D(!]82!/*(%]8-#$b!]82!%$!,2!
>(4D(! <(&(6$! %(6(b! <2*$! 2*(! ,_&! <$*! (0$,<(X
`(*,2a! "%/2&! 62! #(&! %82A2! M(! 2&/(4(! 2%! #(! 0(&(!

<CD

<CE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

M!^2$%(*6$!&2!K82!(!0(4(##$!>(&/(!E2,26-$&!<(*(!
/*(2*!8%!0(**$!]82!,2!##2A(*(!(#!>$&<-/(#a!E2,26-$&!
2&/(4(!0$,$!(!>$*(!M!,26-(!(!0(4(##$b!M!,-2%/*(&!
/(%/$!#$&!A20-%$&!,2!-4(%!&(0(%6$!(!#(!0(**2/2*(a!
9*(%!#(&!$%02!62!#(!,(`(%(!M!^2$%(*6$!%(6(!
]82! ##2:(4(a! n$! 2&/(4(! ,8M! ,(#b! 4$/(%6$! ,80>(!
&(%:*2!M!&-%!(:8(%/(*!2#!6$#$*!M!#(!&26a!
^2$%(*6$!/8A$!,80>$&!-%0$%A2%-2%/2&!<$*]82!
2%!2#!<824#$!&D!>(4D(!0(**$&b!<2*$!#2&!6(4(!,-26$!-*!
>(&/(!#(!A2*26(!<$*!#(!<*2&2%0-(!62!:*8<$&!(*,(X
6$&a!"62,_&!2*(!8%(!0(**2/2*(!,8M!,(#(a!"#!K-%(#b!
#$:*J!0$%A2%02*!(!8%!0>$K2*!M!A-%$!(!##2:(*!<$*!,D!
(!2&$!62!#(&!/*2&!62!#(!/(*62a!
;$6$!2&2!/-2,<$!,2!/$0J!2&<2*(*!*20$&/(6$!(#!
4$*62!#(!0(**2/2*(b!(0$,<(`(6$!62!L:%(0-$!M!8%$&!
A20-%$&a! .2*$! %$! %$&! 620D(,$&! %(6(a! n$! 2&/(4(!
,8M!,(#80$a!
.$*! K-%! ##2:J! 2#! 0(**$a! 9*(! 8%! /$M$/-0(! ()8#b!
0>-]8-/-0$a!72!,$%/(*$%!(/*_&b!(0$&/(6$b!<2*$!M$!
]826(4(!,8M!2&/*20>$!M!0$%!0(6(!4*-%0$!62#!0(**$b!
,-&!<-2&!&2!<2:(4(%!0$%/*(!#(!<82*/(!M!M$!&2%/D(!
,80>$!6$#$*a!^#$*c!/$6$!2#!/*(M20/$a!
9%! 2#! 0(**$b! &$#$! -4(%! 2#! 0$%680/$*! M! $/*$!
,80>(0>$a! n$! -4(! 4$0(**-4(a! ^2$%(*6$! 2! L:%(0-$!
&2! >(4D(%! ]826(6$! 2%! #(! K-%0(a! ^$! C#/-,$! ]82!
*2082*6$!&$%!#(&!K(*$#(&!62#!<824#$!62!E2,26-$&b!
#(&!<*-,2*(&!0(&(&m!#82:$!<2*6D!2#!&2%/-6$a!18%0(!
&8<2!2%!]8c!,2!##2A(*$%!(!7262##D%a!9%!#$&!08(/*$!
6D(&! &-:8-2%/2&b! %8%0(! &8<2! %(6(a! 1-! &-]8-2*(!
*2082*6$!>(42*!&$`(6$a!

\%(!,_]8-%(!62!2&(&!0$,2%)J!(!<-/(*!M!8%(!
2%K2*,2*(! 2%/*J! (! #(! &(#(a! 72! A-$! 0$#:(6$a! 78M!
(&8&/(6(b!,2!A$#A-J!(!,$%/(*!(!#(!0(,(!M!,2!*2:(X
`Ja!"#!*(/$b!##2A(*$%!$/*$&!6$&!2%K2*,$&!(!#(!&(#(b!
8%$!<$*]82!#2!0(MJ!8%!<(#$!62!,(%:$!M!#2!<(*/-J!
#(!0#(AD08#(b!M!8%!,$*2%$!(!]8-2%!#$!>(4D(!<-&(6$!
8%!0(**$a!.2*$!2*(!<(*(!]82!M$!%$!2&/8A-2*(!,_&!
/-2,<$! &$#$a! ^(&! 2%K2*,2*(&! &2! ,(%/2%D(%! (>D!
<2%6-2%/2&! 62! ,Db! ]82! %$! K82*(! (! >(02*! %(6(a! n$!
2*(!#(!(48**-0-J%b!0(##(6$b!,8M!(48**-6$a!;(,<$0$!
,2!##2A(*$%!%8%0(!8%(!&-0J#$:(a!
3(6(!6$&!6D(&!,2!##2A(4(%!(!0-*8:D(b!]82!2*(%!
,8M! 6$#$*$&(&a! .2*$! #$! ,_&! (48**-6$*! 2*(%! 8%(&!
2&<20-2&!62!,$%F(&!2A(%:c#-0(&b!A2&/-6(&!62!*$&(X
6$b! ]82! ##2:(4(%! (! 20>(*#2! (! 8%$! 8%! 082%/$! 62#!
2A(%:2#-$a!^#2A(4(%!/$6$!2%!#(!,2%/2b!<$*]82!,2!
,2/D(%!8%(!0(**2/(!%-!#(!0(L7%'7-0+<!<2*$!0(%&$X
%(a!t82!#(!.(#(4*(!M!2&$a!9&(&!A-2F-/(&!-4(%!M!M$!,2!
#2&!>(0D(!2#!6$*,-6$a!;(,4-c%!-4(!62!A2)!2%!08(%X
6$!8%!&(02*6$/2!0$%!2#!]82!&D!2*(!482%$!0$%A2*&(*a!
B2!#(&!0$&(&!,(#80(&!62!2&/(*!>$&<-/(#-)(6$!2&!
]82! 8%$! %$! <8262! 6$*,-*! <$*]82! #(&! 2%K2*,2*(&!
&$%!2%/*(%6$!M!&(#-2%6$!/$6$!2#!6D(b!>(&/(!62!%$0>2b!
-%M20/_%6$#$!(!8%$!$!6_%6$#2!<(&/-##(&a!\%$!<-2*62!
#(!%$0-J%!62#!/-2,<$a!n$!&-2,<*2!2&/(4(!4$0(**-4(b!
%$!,2!<$6D(!,$A2*!<$*]82!,2!6$#D(!,80>$a!9#!<2#$!
(/*_&! &2! ,2!0(MJ!62!/(%/$!2&/(*!(0$&/(6$!(&Da!n$!
/2%D(!]82!,$%/(*!#$&!,8`$%2&!&$4*2!#(&!(#,$>(X
6(&b!(#!(-*2b!2%/*2!,_&!62&/(<(6$&!,2F$*a!38(%6$!
##2:8cb! <26D! /*2&! $! 08(/*$! (#,$>(6(&b! &-%! 0$4-F(&!

<C=

<C>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

<$*]82! ,2! #(! <(&(4(! 0$%! ,80>$! 0(#$*a! 38(%6$!


%202&-/(4(!-*!(#!4(`$b!/$0(4(!2#!/-,4*2!M!##2:(4(%!
6$&!2%K2*,2*$&!M!,2!<(&(4(%!(!#(!/()(a!
@/*(!0$&(!,(#80(!2*(!#(!0$,-6(b!0$,$!A2:2/(X
*-(%(a!'-%!686(b!#$!,2F$*!2*(%!#(&!A-&-/(&b!62!8%(!
(!0-%0$!62!#(!/(*62a!"#!<*-%0-<-$!&$#$!,2!A-&-/(4(!
,-!,(,_b!]82!&2!2&/(4(!]826(%6$!2%!#(!0(&(!62!
8%(!(,-:(!&8M(!##(,(6(!E84-2#(b!(!]8-2%!0$%$0D(!
62&62! >(0D(! (`$&! 2%! G2:(0>Da! 7-! ,(,_b! ]82! &2!
##(,(! O2*%(%6(! '$/$b! /*(/(4(! 62! 6(*,2! _%-,$&b!
<2*$! 2##(! 2%! *2(#-6(6! 2&! 8%(! <2*&$%(! 62! <$0(&!
<(#(4*(&a!"8%]82!M$!/2%D(!8%!/2#cK$%$!(#!#(6$!62!
#(!0(,(b!62!G2:(0>D!%$!,2!<$6D(%!##(,(*!<$*!8%!
<*$4#2,(!2%!#(&!#D%2(&a!7-!<(<_!%8%0(!,2!A-&-/Jm!
c#!2&/(4(!2%!#(!K-%0(!62!G2:(0>Da!1$&!A-%-,$&!(!A2*!
62&<8c&! 62#! (`$a! "0_! 2&/8A$! 08(/*$! $! 0-%0$! 6D(&b!
0$,<(*/-,$&!0(&-!8%(!&2,(%(a!
n$!%$!/2%D(!K(,-#-(*2&!2%!7262##D%b!<2*$!(!#$&!
<$0$&!6D(&!0$,2%)(*$%!(!A-&-/(*,2!6$`(!E84-2#(!M!
&8&!>-F(&a!"&D!K82!0$,$!0$%$0D!(!7(*D(!62#!3(*,2%b!
]8-2%!,2!0(MJ!,8M!4-2%a!9##(!M!M$!2%/(4#(,$&!8%(!
,8M! 482%(! (,-&/(6! M! ,2! 4*-%6J! ,80>$! (<$M$!
68*(%/2!/$6(!#(!>$&<-/(#-)(0-J%a!
9#!6D(!2%!]82!#(!0$%$0D!M$!2&/(4(!,8M!4*(A$a!
9%! #(! ,(`(%(b! 0$,$! (! #(&! $%02b! 8%(! 2%K2*,2*(!
,2!>(4D(!##2A(6$!(#!4(`$!<(*(!]82!,2!4(`(*(a!72!
,$%/J! 2%! 8%(! &-##(! 62! <#_&/-0$! M! ,2! 62FJ! (>Da! n$!
,2!4(`c!<2*$!#(!2%K2*,2*(!%$!*2:*2&J!<$*!,Db!&2!
#2!$#A-6J!]82!M$!2N-&/D(a!n$!:*-/(4(!<2*$!%(6-2!,2!
2&080>(4(b!M!/(,<$0$!(#0(%)(4(!2#!/-,4*2a!n$!2*(!
(>Db!&2%/(6$!2%!#(!&-##(b!&-%!<$62*!>(02*!%(6(a!

38(%6$! ,-! ,(,_! M! 7(*D(! 62#! 3(*,2%! ##(:(X


*$%b!(!2&$!62!#(!8%(b!(#!%$!A2*,2!<2%&(*$%!]82!,2!
/2%D(%!2%!0-*8:D(b!0$,$!>(4D(!<(&(6$!A(*-(&!A202&b!
M!&2!-4(%!(!62A$#A2*a!\%!,80>(0>$!]82!*20$:D(!#$&!
/2%6-6$&!&80-$&!K82!2#!]82!,2!2%0$%/*J!2%!2#!4(`$a!
n$!2&/(4(!,8Mb!,8M!4*(A$a
9%/$%02&! ,-! <*-,2*! 2%082%/*$! 0$%! 7(*D(! 62#!
3(*,2%!K82!(#:$!&2*-$b!M$!,26-$!#(!,-*ca!.2*$!62&62!
2&(!A2)!2##(!2,<2)J!(!-*!/$6$&!#$&!6D(&!M!>(4#_4(,$&!
,80>$a!9##(!2*(!#(!,_&!F$A2%!62!#(&!>-F(&!62!6$`(!
E84-2#(b! <2*$! 62! /$6(&! ,(%2*(&! ,2! ##2A(4(! &-2/2!
(`$&a! 9*(! #(! ,_&! 4$%-/(! /(,4-c%Q! 4#(%0(b! 62! $F$&!
0(Kc&b!62!0(42##$!#(0-$a!;2%D(!8%(!&$%*-&(!]82!,2!
2%0(%/(4(a! 38(%6$! c*(,$&! %-`$&b! 2##$&! A-AD(%! 2%!
2#!0(,<$!M!%$&$/*$&!2%!2#!<824#$a!9##(!,2!*2082*6(!
08(%6$!M$!%(0Da!
38(%6$!7(*D(!62#!3(*,2%!2,<2)J!(!A-&-/(*,2b!
M(!>(4D(%!<(&(6$!,_&!62!A2-%/2!6D(&!2%!2#!>$&<-X
/(#!M!M$!M(!0$,D(!M!>(4#(4(!,8M!4-2%a!.2*$!&2:8D(!
,8M! ,(#! 62! _%-,$b! <82&! %$! 2*(! K_0-#! <2%&(*! ]82!
>(4D(!<2*6-6$!#$&!6$&!<-2&!M!]82!%$!<$6D(!<(*(*,2!
62!2&(!0(,(b!M!]82!%$!<$6D(!>(4#(*!0$%!%(6-2!&-%$!
2%!#(&!A-&-/(&a
B2! /$6(&! K$*,(&b! 2##(! ,2! &-*A-J! ,80>$! 62!
(<$M$a!"!A202&!08(%6$!,-!,(,_!%$!<$6D(!-*!<$*]82!
%$!/2%D(!<#(/(!<(*(!#$&!<(&(F2&b!7(*D(!62#!3(*,2%!
-4(a!9%!2&2!2%/$%02&b!2##(!2&/(4(!&-%!/*(4(F$!M!<$*!
2&$! ,2! A-&-/(4(! /(%/$b! M! ,2! 0$%/(4(! 0$&(&! 62! &8!
A-6(!M!M$!#2!0$%/(4(!62!#(!,D(a!72!>(4#(4(!62!&8!
>-F$b! ]82! 2%! 2&2! 2%/$%02&! /2%D(! 0-%0$! (`$&b! 62#!
/*(4(F$!]82!>(4D(!<2*6-6$b!62!#(!*2#(0-J%!,_&!4-2%!

<D@

<D<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

/*-&/$%:(!]82!>(4D(!/2%-6$!0$%!2#!<(<_!62#!%-`$a!n!
0$%A2*&2!M!0$%A2*&2a!
3$,$! (! #(! 08(*/(! $! ]8-%/(! A-&-/(! 62! 2##(b! ,2!
6-! 082%/(! 62! ]82! ,2! :8&/(4(a! .2*$! <$*! #(! 26(6b!
M!<$*!&2*!2##(!0$,$!/(%!2&/86-(6(b!0$%!,_&!*20$X
**-6$b! ,_&! 2N<2*-2%0-(b! 2*(! <(*(! ,D! ,2F$*! 6-0>$!
-%(#0(%)(4#2a!
9##(!&(4D(!62!&-&/2,(&b!62!8%!<$0$!62!0$&(&b!M!2*(!
/(%!62&<-2*/(b!<$%D(!0$%A2*&(y!M$!%$!#2!##2:(4(!(!#$&!
/(#$%2&a!n$!<2%&(4(!2%!0J,$!,2!A2D(!M!2%!]82!%$!>(4D(!
2&/86-(6$!%(6(b!M!,_&!,(#!,2!&2%/D(b!(8%]82!7(*D(!
62#!3(*,2%!%$!&(4D(!%(6(!62!2&$b!M!2##(!&2:8D(!&-2%6$!
0(6(!A2)!,_&!2&<20-(#!0$%,-:$a!;$6(&!#(&!,(`(%(&!
,2!##(,(4(!<(*(!&(42*!0J,$!>(4D(!(,(%20-6$b!M!2&2!
2*(!<(*(!,D!2#!,2F$*!,$,2%/$!62#!6D(a!"!A202&!,2!
##2A(4(!K*8/(&b!:(&2$&(b!0>$0$#(/2&y!g(&/(!*$<(!,2!
##2A(4(a!n!08(%6$!&2!*2D(b!,2!:8&/(4(!,80>$a!
n$!%$!2*(!,80>$!#$!]82!<86-2*(!0$%/(*#2!62!,-!
A-6(b!2##(!2*(!#(!]82!,_&!>(4#(4(a!n$!,_&!4-2%!2&08X
0>(4(a!"C%!%$!&c!<$*!]8c!<862!##2:(*!(!:8&/(*#2y!
"#!K-%(#b!68*c!6$&!,2&2&!>$&<-/(#-)(6$a!.(&(6$!
2#! <*-,2*! ,2&b! 2,<2)J! (! -*! 8%(! ,80>(0>(! /$6$&!
#$&! 6D(&! (! >(02*,2! 8%(! /2*(<-(! <(*(! ]82! M$! %$!
<2*6-2*(! #(! K82*)(! 2%! #$! ,8`$%2&a! BD(&! 62&<8c&!
,2! A-&-/J! 8%(! ,80>(0>(! ##(,(6(! ^$*2%(b! 62! .()!
M! B2,$0*(0-(b! M! K82! 0$%! 8%! ,$*2%$! ]82! /(,4-c%!
>(4D(! <2*6-6$! 8%! <-2! <$*! 8%(! ,-%(! M! /2%D(! 8%(!
<*J/2&-&!(#/(b!0(,-%(4(!&-%!4(&/J%a!^(!,80>(0>(!
,2!0$%/J!62!/$6$&!#$&!42%2K-0-$&b!62!#$!62!#(!-%62,X
%-)(0-J%!M!62!#(!<*J/2&-&!]82!,2!6(4(!2#!9&/(6$a!9#!

,80>(0>$!2*(!62#!9Fc*0-/$!M!,2!0$%/J!&8!>-&/$*-(a!
"!c#!&$#$!K82!8%!<-2!M!(!#$&!A2-%/2!6D(&!M(!2&/(4(!
(K82*(a! ">$*(! <$6D(! 0(,-%(*b! -%0#8&$! 4(-#(*a! 9&$!
,2!*2A-A-J!#(!2&<2*(%)(a!
38(%6$! &(#D! 62#! >$&<-/(#b! /8A2! ]82! -*,2! <(*(!
#(! 0(&(! 62! 6$`(! E84-2#(b! 2%! 2#! 4(**-$! '(%/(%62*b!
<2*$! M$! %$! 0$%$0D(! 0(&-! (! %(6-2! M! &2%/D(! ,80>(!
<2%(!0$%!&8&!>-F(&a!9#!<*-,2*!6D(!]82!##2:8c!(##_b!
,2! &84-2*$%! (#! &2:8%6$! <-&$b! ,2! <8&-2*$%! 8%!
<#(/$!62!0$,-6(!/$6$!0(#-2%/2b!&2!&2%/J!8%(!A-2F(!
(! 8%! #(6$b! $/*(! (#! $/*$! #(6$b! 8%(! 2%! K*2%/2b! /$6(&!
<$%-c%6$,2!0$%A2*&(b!<2%6-2%/2&!62!,Db!M!M$!2*(!
-+1.(+"<!,(#80$b!0(&-!&-%!<$62*!0$,2*!62!#(!<2%(b!
&2%/(6$! 2%! 8%(! &-##(! 62! <#_&/-0$! M! &-%! <$62*,2!
,$A2*a! .2%&(4(! ,80>$! 2%! ,-! 6-&0(<(0-6(6b! <2*$!
,2!/$0(4(!]826(*,2!(##_b!<82&!%$!/2%D(!(!6J%62!
-*,2a!7-!,(,_!/(,4-c%!2&/(4(!(##_b!M!2&$!2*(!62!
,80>$!(<$M$a!.2*$!#$&!<*-,2*$&!6D(&!K82*$%!,8M!
-%0J,$6$&!<$*!,-!6-&0(<(0-6(6a!^2&!/$0(4(!(&2(*X
,2b!##2A(*,2!(#!4(`$b!6(*,2!#(!6*$:(b!/$6$a!
9%!2&(!0(&(!A-AD(!7(*D(!62#!3(*,2%!0$%!&8!>-F$m!
6$`(!E84-2#(!M!&8!2&<$&$!M!$/*$!>-F$m!M!8%!>2*,(%$!
62!6$`(!E84-2#(a!9%!#(!0(&(!62!2%&2:8-6(!M!2%!2#!
<*-,2*!<-&$b!A-AD(!,_&!K(,-#-(!62!2##$&a!7(*D(!62#!
3(*,2%!,2!026-J!&8!08(*/$!M!&8!0(,(a!7-!,(,_!
6$*,D(!(#!#(6$!,D$b!2%!2#!<-&$a!.2*$!M$!2&/(4(!,8M!
62<*-,-6$a!\%(!62!#(&!0$&(&!]82!,_&!#2!0(,4-(!(!
8%$! 0$%! 2#! (00-62%/2! 2&! 2#! :2%-$b! 8%! *(/-0$! <$6D(!
2&/(*! 4-2%! M! (#! $/*$! 2*(! /$6$! (48**-6$a! 3$,$! %$!
/2%D(!&-##(!62!*826(&b!M$!2*(!(0$&/(6$!/$6$!2#!6D(b!

<D?

<DA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

A-2%6$! /2#2A-&-J%! $! 2&080>(%6$! *(6-$b! <2*$! %(6(!


,2!<(*20D(!:*(0-(a!\%$!&2!&-2%/2!,8M!,(#!62!A2*&2!
&-%! <-2*%(&a! 382&/(! ,80>$! (0$&/8,4*(*&2a! \%(!
A2)!,2!62&<2*/c!&$%&$!M!&2!,2!$#A-6J!]82!2&/(4(!
(,<8/(6$b!M!,2!-4(!(!#2A(%/(*!0$,$!(%/2&b!08(%6$!
/2%D(!<-2&a!.$*!<$0$!,2!0(-:$!62!#(!0(,(a!\%$!&2!
&-2%/2!,(#!<$*!2&$a!
"! #$&! $0>$! 6D(&! 62! &(#-*! 62#! >$&<-/(#b! 62#!
.*$:*(,(!62!GD0/-,(&!,2!<*2&/(*$%!8%(!&-##(!62!
*826(&a!n$!M(!,2!<$6D(!,$A-#-)(*!<$*!#(!0(&(!2!-*!
(#!4(`$!&$#$b!M!2&$!,2!(%-,(4(!4(&/(%/2a!
7(*D(! 62#! 3(*,2%! ,2! (M86(4(! ,80>$a! ^$&!
<*-,2*$&!6D(&!62&<8c&!62#!>$&<-/(#b!,2!/$0(4(!-*!(!
/2*(<-(&!(#!'(%!G-02%/2b!M!2##(!,2!##2A(4(a!;(,4-c%!
,2!(0$,<(`(4(!$!,2!>(0D(!#(&!A82#/(&a!"!8%$!0$,$!
AD0/-,(! #2! /$0(! >(02*! 8%! ,$%/J%! 62! 6-#-:2%0-(&Q!
]82! <(<2#2&! 2%! 8%(! <(*/2! M! 2%! $/*(b! ]82! 620#(*(*!
2%! H-&0(#D(b! 2%! 726-0-%(! ^2:(#b! 2%! "00-J%! '$0-(#a!
;(,4-c%! 2&/(4(%! #(&! /2*(<-(&b! ]82! 2*(%! <(*(! %$!
<2*62*!#(!K82*)(!2%!#$&!,8`$%2&!M!<$62*!&$<$*/(*!
#82:$!#(&!<*J/2&-&a!\/-#-)(4(%!8%$&!4(#$%2&!M!8%$&!
*2&$*/2&!<(*(!2&$&!2F2*0-0-$&a!
3$,$!(#!,2&b!:*(0-(&!(!8%!<*$M20/$!62!+8(%2&b!
,2! 6-2*$%! #(! &-##(! %82A(b! #(! ,D(a! n$! M(! %$! &2%/D(!
/(%/$!6$#$*!M!<$6D(!(0$&/(*,2!&$#$!M!*20-4-*!##(,(X
6(&!62!,-&!>2*,(%$&!M!0$%$0-6$&a!
7-! ,(,_! 2&/8A$! 0$%,-:$! 6$&! ,2&2&! ,_&!
62&<8c&! 62! ]82! ,2! 6-2*(%! 62! (#/(a! ^82:$! A$#A-J!
(! #(! K-%0(a! n$! ,2! ]826c! 0$%! 6$`(! E84-2#(b! 7(*D(!
62#!3(*,2%!M!#$&!$/*$&a!9##(&!&2!<$*/(*$%!,8M!4-2%!
0$%,-:$Q! 62F(*,2! A-A-*! 0$%! 2##(&b! 0$,<*2%62*! ,-!

&-/8(0-J%a! 9&$! ,2! :8&/(4(! ,80>$! 62! 7(*D(! 62#!


3(*,2%Q!]82!%$!#2!-,<$*/(*(!]82!M$!2&/8A-2*(!(&Da!
3(6(! A2)! >(4#_4(,$&! ,_&b! 2! D4(,$&! F8%/$&!
(!#(&!A82#/(&a!\%(!%$0>2b!6D(&!62&<8c&!62!]82!,-!
,(,_!&2!K82*(b!#2!6-F2!(!7(*D(!62#!3(*,2%!]82!2##(!
,2!:8&/(4(a!@!&2(b!,2!#2!620#(*cb!M!%$!,2!>-)$!2#!
K2$a! 9%/$%02&! A-! ]82! /2%D(! $<$*/8%-6(62&b! M! (! #$&!
6D(&b!2%!2#!4(#0J%!62!&8!0(&(b!#2!6-!2#!<*-,2*!42&$a!
^$!%82&/*$!-4(!2%!&2*-$a!^2%/$b!<2*$!&2:8*$a!
3$,$!(!#$&!&2-&!,2&2&b!,2!(%8%0-(*$%!]82!,2!
6(*D(%! #(&! <*J/2&-&a! .*-,2*$! #2! /$,(%! ,26-6(&! (!
8%$!M!8%$!/-2%2!]82!>(02*!2F2*0-0-$&!<(*(!(<*2%62*!
(!0(,-%(*!62*20>$b!(!(#)(*!2#!<-2b!(!&84-*!2&0(#(&b!(!
,(%/2%2*!2#!2]8-#-4*-$b!(!/2%2*!K82*)(a
9&$! 2&! ,8M! 6-KD0-#a! ^(! <*-,2*(! A2)! ]82! ,2!
<8&-2*$%! #(&! <*J/2&-&! %$! K8-! 0(<()! 62! 6(*! %-! 8%!
<(&$a!B2!-%,26-(/$!,2!K8-!(#!&82#$a!
.2*$!&(42*!]82!8%$!A(!(!A$#A2*!(!0(,-%(*!6(!
,80>$&!_%-,$&a!38(%6$!M(!K8-!0(<()!62!,(%2F(*!
#(&! <*J/2&-&! M! <862! (%6(*b! M$! ,2! &2%/D(! 0$,$! 8%!
:-:(%/2b!A-2%6$!/$6$!62&62!(**-4(a!n(!>(4D(!$#A-6(X
6$!#$!]82!2*(!2&/(*!<(*(6$a!
9&2! 6D(! ,-! ,(,_! >(4D(! A2%-6$! 62! G2:(0>D!
<$*]82!6$`(!E84-2#(!#2!>(4D(!0$%/(6$!]82!M(!/2%D(!
#(&! <*J/2&-&a! "&D! ]82! 08(%6$! ##2:8c! (! 0(&(! 2##(!
2&/(4(!(>Da!72!A-$!&84-*!#(&!2&0(#(&!<$*!,-!<*$<-(!
082%/(a!H82!#(!<*-,2*(!M!C%-0(!A2)!]82!#(!A-!##$*(%X
6$b!<2*$!2*(!62!K2#-0-6(6a!
"#!$/*$!6D(b!K8-!(!8%!<(*]82!02*0(%$!62!#(!0(&(!
<(*(! >(02*! 8%$&! 2F2*0-0-$&a! 72! 62,$*c! &2/2%/(!
,-%8/$&!2%!##2:(*a!">$*(!,2!62,$*$!6-2)a!

<DB

<DC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

["+10$"&'2#'I.'V#$2&2#$0'&F0$

B2&<8c&!62!]82!#2!<$%2%!#(&!<*J/2&-&b!8%$!6242!
&2:8-*!2%!/2*(<-(&b!<$*]82!#2!*2&8#/(%!#$&!:(##-/$&Q!
]82!/(##(!(]8Db!]82!,2!682#2!(0_b!]82!,2!<$%2%!(!
&86(*a!.2*$!8%$!M(!2&!,_&!(%-,(6$a!.(*(6$b!M$!M(!
/2%D(!482%(!-,(:2%b!M!,_&!_%-,$&a!;(%/$b!]82!,2!
6-2*$%! :(%(&! 62! A$#A2*! (! 2&/86-(*a! 72! ,(%6(*$%!
8%$&! <(<2#2&! 62! G2:(0>D! M! (! <*-%0-<-$&! 62#! RSSq!
2,<20c!#(!A(#-6(0-J%!62#!4(0>-##2*(/$a!9&$!2*(!2%!2#!
02%/*$b!#$&!6$,-%:$&b!M!M$!<$6D(!-*!&$#$b!&84-*,2!M!
4(F(*,2!62#!48&a!'-2,<*2!,2!6(4(!68*$!2#!2&/86-$b!
<$*]82! M$! >(4D(! 2&/86-(6$! >(&/(! #$&! $%02! (`$&b! M!
*2/$,(*#$!(!#$&!A2-%/2!%$!2*(!/(%!K_0-#a!
^$! $/*$! 2&! ]82! 0$,$! (! 8%$! %$! #2! 6(%! /*(4(F$!
2%!%-%:8%(!<(*/2!<$*!#(!0$%6-0-J%!2%!]82!2&/_b!,2!
#(! <(&(4(! <2#(6$b! 0$%! #(&! (M86(&! ]82! ,2! 6-2*(%a!
72%$&!,(#b!7(*D(!62#!3(*,2%!M(!>(4D(!0$%&2:8-X
6$!/*(4(F$!M!08(%6$!#2!<(:(4(%!,2!-%A-/(4(a!1$&!
D4(,$&! <(*(! (#:8%(! /(42*%(! 2%! 2#! 4(**-$! M! %$&!
/$,_4(,$&! ,26-(! 62! *$%b! 2&080>_4(,$&! ,C&-0(!
>(&/(!#(&!$%02b!6$02!62!#(!%$0>2a!n$!M(!2*(!0(<()!62!
4(-#(*!8%!A(##2%(/$!&8(A2b!M!%$&!6_4(,$&!42&-/$&a
.2*$! 08(%6$! 2#! &82:*$! &2! 6-$! 082%/(! >84$!
,80>$!*20>()$a!p#!6-F$!]82!%-!<$*!2#!A2**(0$!<(&(X
4(!#(!*2#(0-J%!%82&/*(b!M!,2!/$0J!-*,2!(!A-A-*!6$%62!
8%(!08`(6(!]82!A-A2!2%!3(&/-##(a!@/*(&!08`(6(&!(#!
2%/2*(*&2! /(,<$0$! 2&/(4(%! 62! (082*6$! 0$%! #$! 62!
7(*D(!62#!3(*,2%!M!M$b!620D(%!]82!0J,$!&2!-4(!(!
,2/2*!0$%!8%!,80>(0>$!,_&!F$A2%!M!2%!2#!2&/(6$!
2%!]82!2&/(4(b!<2*$!2##(!%$!#2!<(*(4(!,80>(&!4$#(&!
(!#$!]82!6-F2*(!#(!:2%/2!M!2%/*2!,_&!>(4#(*(%!0$,$!
]82!,_&!%$&!0$,<*$,2/D(,$&a!

B$`(! E84-2#(! %$! 6-F$! %(6(b! 2##(! &-2,<*2! K82!


,8M! ]82*-6(! 0$%,-:$a! 9%! /$6$! 0(&$b! ,2! K8-! <(*(!
3(&/-##(b!M!#$&!K-%2&!62!&2,(%(!7(*D(!62#!3(*,2%!
&2! -4(! <(*(! (##_! 0$%! 2#! %-`$! M! 2&/_4(,$&! /$6$&!
F8%/$&a!9&$!M(!%$&!>-)$!%$A-$&!$K-0-(#2&a
"#!<$0$!/-2,<$b!2#!&82:*$!&2!2%K2*,J!62!0_%02*!
M!(`$!M!,26-$!62&<8c&!,8*-Ja!H82!,8M!/*-&/2b!<2*$!
(>D!M(!<862!A$#A2*!(!#(!0(&(!62!6$`(!E84-2#(a!
3$,$!(#!(`$!62&<8c&!62#!(00-62%/2b!M$!*20-4D!
8%(! -%62,%-)(0-J%! <$*! <(*/2! 62#! 9&/(6$b! M! 0$%!
#(!<#(/(!]82!,2!6-2*$%!M$!,2!,2/D!2%!8%!%2:$0-$!
62!8%!0(,-J%!0$%!8%!08`(6$a!B2!(>D!*20-4$!8%$&!
-%:*2&$&!<$]8-/$&b!0$%!#$&!]82!,26-$!,2!&$&/2%:$a!
.2*$!>(M!,80>$&!<*$M20/$&a!9&/2!(`$!/2*,-%$!
2#!4(0>-##2*(/$b!M!0$%!2#!'91"!8%$&!0$,<(`2*$&!M!
M$!A(,$&!(!,$%/(*!8%(!,-0*$2,<*2&(!62!0$&,cX
/-0$&!62!(&2$a!9&/$M!2&/86-(%6$!&-&/2,(&!M!/$6$!#$!
]82!*2&8#/2a!3$%!7(*D(!62#!3(*,2%!M(!##2A$!08(/*$!
(`$&! M! 2&/(,$&! 4-2%a! .2%&(,$&! 2%! ,$%/(*! 8%(!
0>(*08/2*D(!(#!<-2!62!#(!0(&(a!G(,$&!'+M&/+#6%?
H82! ,8M! 68*$! >(42*! <2*6-6$! #$&! <-2&b! (6(<X
/(*,2!(!7262##D%b!#(!K(#/(!62!<#(/(!<(*(!<(:(*!,-&!
:(&/$&a! ^(! :82**-##(! &$%! 8%$&! 0(L7%'76+)& ]82! %$!
<-2%&(%! 2%! 2#! &8K*-,-2%/$! 62! #$&! 62,_&m! (8%]82!
/2%:(%! 8%(! 0(8&(! 482%(b! %$! F8&/-K-0(! >(02*#2! 2#!
,(#! (! #(! <$4#(0-J%! 0-A-#a! .2*$! (>$*(! /2%:$! &(#86b!
082%/$! 0$%! #(! K(,-#-(! 62! 6$`(! E84-2#(b! 082%/$!
0$%! ,-! ,(,_b! 0$%! 2#! 2&/86-$b! 0$%! 8%(! 0$,<(`2X
*(! ,(*(A-##$&(b! M! (>$*(! <826$! ,$A2*,2! &$#$! <$*!
7262##D%a!\%$!(<*2%62!]82!#(!A-6(!>(M!]82!A-A-*#(!
0$,$!##2:82a!n!2&$!2&/_!4-2%a

<DD

<DE

<D=

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:)S".';)0.+0'

G(M(! -*$%D(&! #(&! ]82! /*(2! #(! A-6(Q! 2%! &8&!


<2$*2&!6D(&b!9#?-%!2%0$%/*J!2#!(,$*a!'Db!<$&/*(X
6$!2%!8%(!0(,(!62!>$&<-/(#b!0$%!#(&!6$&!<-2*X
%(&! (,<8/(6(&b! (#-,2%/_%6$&2! <$*! ,26-$! 62!
8%(!&$%6(!M!0$%!2#!_%-,$!2%!2#!<-&$b!9#?-%b!8%!
,80>(0>$!62!G2:(0>Db!0$%$0-J!(!#(!]82!(>$*(!
2&!&8!0$,<(`2*(!62!&82`$&a
1$!<(*20D(%!/(#!<(*(!08(#a!p#b!8%!F$A2%!62#!
0(,<$!]82!(!68*(&!<2%(&!>(4D(!/2*,-%(6$!#(!
<*-,(*-(! M! ]82! <$*! 2&(&! 62&:*(0-(&! ]82! %$&!
*2:(#(%! #$&! (*,(6$&! >(4D(! <-&(6$! 8%(! ,-%(m!
M! 2##(b! 8%(! ,8F2*! &-2/2! (`$&! ,(M$*b! 0$%! ,_&!
2N<2*-2%0-(! M! 6D(&! 62! 2&/86-$a! n! <(*(! 0$#,$b!
6-02!9#?-%b!4$%-/(a!

["+10$"&'2#'I.'V#$2&2#$0'&F0$

<D>

1(6(! 2&/(4(! 6(6$a! .2*$! 2#! (,$*b! ]82! %$!


2%/-2%62!62!0$%/*(*-26(62&b!>-)$!#$!&8M$a!3$%!
<(0-2%0-(b! <2*$! &-%! 62/2%2*&2a! n! K82! 2&$b! 2#!
(,$*b!2#!]82!#2!2%&2`J!(!9#?-%!]82!#(!A-6(!%$!
&2!(0(4(!(8%]82!8%!(0/$!&-,<#2!0$,$!0(,-%(*!
&2!0$%A-2*/(!2%!8%!0$,<#-]82m!K82!2&$b!2#!(,$*!
o2#!]82!&2%/D(!<$*!7(*D(!62#!3(*,2%!M!2#!]82!
#2!4*-%6J!&8!K(,-#-(o!#$!]82!#$!(M86J!(!&2:8-*!
(62#(%/2b! (! A$#A2*! (! 2&/86-(*b! (! (/*2A2*&2! (!
&$`(*!62!%82A$a!
.(*202! 8%(! 0(%0-J%! 62! 0(%/(%/2! <$<b! $!
8%! 0(<D/8#$! ,_&! 62! 8%(! %$A2#(! *$&(b! <2*$! #(!
A2*6(6!2&!]82!2%!2&/(!>-&/$*-(b!(!<2&(*!62!/$6$b!
2#!K-%(#!<-%/(!K2#-)a!

ZI%,.'+"7I#'V"V0
ZI%,.'J)&.25.'N#FI+

"!

L#8&/*(0-J%!<$*!"*,(%6$!3>(A2**(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

#(&!%82A2!62!#(!,(`(%(b!2#!TS!62!$0/84*2!
62#! RSS[b! &2%/D! 8%(! K82*/2! 0$*()$%(6(! M!
2,<20c!(!&86(*!,8M!K*D$a!9#!&86$*!2*(!2&<2&$a!7-!
0$*()J%!<(#<-/(4(!(02#2*(6$a!t82*D(!&(#-*&2!<$*!,-!
4$0(a!7-&!0$,<(`2*$&!<*2:8%/(4(%!]8c!/2%D(m!M$!
%$!*2&<$%6D(a!9#!*2#$F!,(*0(4(!#(&!$0>$!M!08(*2%/(!
M!0-%0$!62!#(!,(`(%(a!^(!>-&/$*-(!62!,-!A-6(!2,<2X
)J!(!0(,4-(*a!
.$*!2&$&!6D(&b!M$!2&/(4(!/*(4(F(%6$!(>Db!2%!2#!
0(,<$b! 0$,$! :(*(%/2! 62#! *2/$*%$! 62! 0(,<2&-%$&!
62&<#()(6$&! (! #(! A2*26(! 62! 3(`$! 3#(*$a! n$! 2*(!
<*$K2&$*!62!K-#$&$KD(b!c/-0(!M!*2#-:-J%!2%!2#!0$#2:-$!
62!O2#c%!62!O(F-*_a!
3(`$!3#(*$!2&!8%(!A2*26(!62!O2#c%!62!O(F-*_b!
]82! /-2%2! (! &8! (#*2626$*! 2#! 02**$! ^(&! 72%(&b! 2#!
02**$! 62! 3(`$! 3#(*$! M! 8%! 0(&2*D$! ]82! &2! ##(,(!
"%6(#80D(a! 7_&! (##_! 62! "%6(#80D(b! >(M! 8%! 0(`$!
]82!&2!##(,(!E2,(0>$!M!>(02!<(*/2!62!#(!082%0(!
>D6*-0(!62#!*D$!+-:8(,-(%6Ja!
^$! ]82! >(4D(! 2%! 2&2! #8:(*! 2*(! 8%! <*$M20/$!
62! <(#,-08#/$*2&b! ]82! 2*(! #-62*(6$! <$*! 2,<*2X
&(&! <*-A(6(&b! <2*$! ]82! /2%D(! (! ,80>$&! 0(,<2&-X
%$&! /*(4(F(%6$! 2%! c#a! "#:8%$&! 62! 2##$&! 2&/(4(%!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

A2%6-2%6$!&8&!/-2**(&!<(*(!]82!K82*(%!(<*$A20>(X
6(&! 2%! 2#! <*$M20/$! M! $/*$&! -4(%! (! *2/$*%(*! <(*(!
]826(*&2!/*(4(F(%6$a!.$*!2&$!2*(!]82!&2!%202&-/(X
4(%!:(*(%/2&b!<(*(!]82!,-6-2*(%!4-2%!#$&!/2**2%$&!
M!<(*(!02*0-$*(*&2!62!]82!/$6$!,(*0>(*(!4-2%a!
9%/$%02&b!M$!624D(!2&/(*!2%!2&2!0(,<(,2%/$b!
]82! /2%D(! 2#! %$,4*2! 62! "%6(#80D(a! ^(&! <2*&$%(&!
]82! K8-,$&! (! 2&2! /*(4(F$! K82*$%! TV! 0(,<2&-%$&b!
6$&! -%:2%-2*$&! /$<J:*(K$&! M! 6$&! 6$02%/2&a! @! &2(!
]82!c*(,$&!RT!<2*&$%(&a!
9&/(4(!%2*A-$&$!M!0$%!8%(!&2%&(0-J%!]82!(%/2&!
%$!>(4D(!/2%-6$a!g(4D(,$&!&(#-6$!(!,26-*!/-2**(&b!
<2*$!M$!%$!,2!&2%/D(!4-2%a!^2&!6-F2!(!,-&!0$,<(X
`2*$&! ]82! *2:*2&_*(,$&a! 72! >-0-2*$%! 0(&$! M! %$&!
62A$#A-,$&!<$*!#(!/*$0>(!>(0-2%6$!8%(!K-#(!-%6-(a!
9#!#8:(*!2%!6$%62!2&/_4(,$&!2*(!8%(!&2#A(!62!
,$%/(`(&!2&<2&(&a!9*(!<(%/(%$&(!2%/*2!#(&!<(%/(X
%$&(&b!<$*]82!/-2%2!6$&!*D$&b!#$&!0(`$&!E2,(0>$!M!
3(`$!3#(*$b!M!##82A2!,80>$a!9#!6D(!(%/2*-$*!>84$!
8%(! ##8A-(! ,8M! <$/2%/2! ]82! -%8%6J! /$6(! 2#! _*2(!
<$*!6$%62!%$&$/*$&!2&/_4(,$&!0(,-%(%6$a!.$*!(>D!
2*(!]82!D4(,$&a
G2%D(,$&!<$*!2#!02**$!^(&!72%(&b!(#!]82!>(4D(X
,$&!##2:(6$!<$*!8%(!/*$0>(!6-&/-%/(a!n$!/2%D(!2%!2&2!
,$,2%/$! 8%(! 0$*()$%(6(! ,8M! >$**-4#2a! .$*! 2&$b!
08(%6$!%$&!2&/_4(,$&!*2:*2&(%6$b!&2!,2!,2/-J!(!
,D!2#!<2%&(,-2%/$!62!]82!(#:$!%$!(%6(4(!4-2%b!]82!
(#:$!(%6(4(!K8%0-$%(%6$!(%/J%-,$a!n!2##$&!A2%D(%!
*-c%6$&2! 0$%! ,80>(! 48##(a! n$! A2%D(! 2%! 2#! <82&/$!
6-20-&-2/2b!2*(!8%$!62!#$&!C#/-,$&a!n!#2&!6-F2!(!2##$&Q!

l780>(0>$&b! /*(/2,$&! 62! /$,(*! 6-&/(%0-(! M! %$!


>(:(,$&!/(%/(!48##(b!<$*]82!(#:$!%$!2&/_!(%6(%6$!
4-2%b!M$!<*2&-2%/$!]82!#(&!0$&(&!%$!2&/_%!4-2%b!M!
A(,$&!(!<*2A2%-*!62!]82!(#:$!&8026(ka!9%/$%02&b!
62&<8c&!62!2&(!(6A2*/2%0-(b!,2!<(&c!<(*(!(62#(%X
/2!M!]826c!2%!2#!/2*02*!<82&/$!62!#(!K-#(!-%6-(a!
^(!<*-,2*(!<2*&$%(!62!#(!K-#(!2*(!62!4(F(!2&/(X
/8*(b! 62! TaqS! ,_&! $! ,2%$&a! g(4D(! 8%! 0>(*0$! 0$%!
8%!<(#$!:*82&$!2%0-,(b!0$,$!8%!<82%/2!<(*(!8%$!
(K-*,(*&2!M!<(&(*a!9&(!<*-,2*(!<2*&$%(!0$,$!%$!
2*(!(#/(!>-)$!8%!)-:)(:!M!<(&J!<$*!2#!#(6$!62*20>$a!
^(! &2:8%6(! <2*&$%(! <(&J! <$*! 2#! #(6$! -)]8-2*6$a!
.2*$!]8c!<(&J!62&<8c&y!3$,$!M$!&$M!62!TaWY!62!
2&/(/8*(b! ,2! 6-F2! lM$! (#0(%)$! (! 4*-%0(*ka! .$*! #$&!
$/*$&!6$&!#8:(*2&!,2!,$F(4(!#(&!4$/(&b!,2!,$F(4(!
#$&!<-2&a!9%/$%02&!<-&c!2#!/*$%0$!62!<(#$!&20$!]82!
>(4D(!(##D!M!0$%!2#!-,<8#&$!]82!<-&c!<(*(!4*-%0(*b!
0$%!2&2!,-&,$!-,<8#&$!0(D!M!0(&-!<-2*6$!2#!&82#$a!
"#! ,$,2%/$! &$%J! #(! >$**-4#2! 2N<#$&-J%a! '8!
K82*)(! ,2! #(%)J! #2F$&! 62#! 0(,-%$a! 3(D! :*-/(%6$a!
9*(!8%(!,-%(!(%/-<2*&$%(a!38(%6$!-%/2%/c!0$**2*b!
,-!02*24*$!$*62%(4(!(!,-!<-2*%(!,$A2*&2y!n(!%$!
*2&<$%6D(a!u.2*6D!,-!<-2*%(!62*20>(v
38(%6$! ,2! A-! 2%! 2&(! K$*,(b! ,2! 0$%K8%6D!
62,(&-(6$b! (C%! &2:8D(! A-A$a! ^80>(4(! <$*! &$4*2X
A-A-*b! <2*$! 2#! 6$#$*! M! 2#! 62&2&<2*$! ,_&! &2! (<$62X
*(4(%!62!,Da!72!]8-/c!#(!0(,-&(b!M!*(&:_%6$#(!2%!
6$&!<8&2!8%!/$*%-]82/2!2%!,-!<-2*%(!M!2%!,-!4*()$!
-)]8-2*6$b! ]82! &(%:*(4(%! 0$<-$&(,2%/2! (! 0(8&(!
62!#(&!>2*-6(&a!

<E?

<EA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

9%/$%02&! 08(%6$! 0(D! 2%! #$! ]82! ,2! 2&/(4(!


<(&(%6$b!*2(00-$%c!(!0$**2*a!n$!%$!<2*6D!2#!0$%$0-X
,-2%/$a!;2%D(!&D!8%!:*(%!)8,4-6$!2%!#$&!$D6$&a!\%$!
&-2%/2!2&!]82!#(!<-2*%(b!2#!>82&$b!&2!#2!2%0(#(,4*(a!
^(!&(%:*2!%$!2,<-2)(!(!A2*/2*!-%,26-(/(,2%/2a!^(!
$%6(! 2N<#$&-A(! 4#$]82(! 2#! &-&/2,(! 62! 0-*08#(0-J%!
62!#(!&(%:*2a!9#!6$#$*!&2!62,$*(!8%$&!6-2)b!]8-%02!
,-%8/$&!<(*(!2,<2)(*!(!K8%0-$%(*a!n$!0(D!4$0(**-X
4(b!M!08(%6$!*2(00-$%c!(!0$**2*!M(!,-!<-2*%(!%$!#2!
$42620D(!(#!02*24*$!M!(>D!K82!]82!,2!6-!082%/(!62!
]82!>(4D(!<2*6-6$!,-!<-2*%(a
38(%6$!&8026-J!#(!2N<#$&-J%b!/$6(&!#(&!<2*&$%(&!
]82!,2!(0$,<(`(4(%!(**(%0(*$%!(!0$**2*!62&<(X
A$*-6(,2%/2!2%!#(!,$%/(`(a!n$!##(,c!8%(&!08(/*$!
A202&! 0$%! :*-/$&b! 0$%! %$,4*2&m! ##(,(4(! (! 320-#-$b!
(!7-:82#b!(!H2#-<2b!(!58-##2*,$a!^$&!%$,4*2&!,_&!
02*0(%$&!(!,Da!;$6$&!2##$&!&2!K82*$%!<$*]82!2%!8%(!
,$%/(`(!62!2&(&!&2!>(4D(%!-,(:-%(6$!]82!2#!*8-6$!
2*(!62!8%!0$,4(/2a!.$*!2&$!%$!6-2*$%!A82#/(!(/*_&a!
^82:$b!2##$&!##2:(*$%!(#!0(,<(,2%/$b!]82!]826(4(!
(!8%(!>$*(!M!,26-(!62!6$%62!M$!2&/(4(b!M!(##D!(#:8X
%(&!<2*&$%(&!#2&!6-F2*$%!]82!2&2!&$%-6$!2*(!62!8%(!
,-%(a!9%/$%02&b!2##$&!&2!62A$#A-2*$%!(!48&0(*,2a
"! 2&$! ,_&! $! ,2%$&! 62! #(! 8%(! M! /*2-%/(! 62! #(!
/(*62b!K82!]82!##2:(*$%!2##$&!<$*!,Da!1$!/$6$&b!&-%$!
8%(&!&2-&!$!&-2/2!<2*&$%(&b!M(!0$%!8%(!>(,(0(!2%!
8%!<(#$b!0$,$!&2!>(02!2%!#(!&2#A(a!n$!&2:8D(!A-A$a!
n(! %$! /2%D(! ,80>(! 0(#2K(00-J%b! <2*$! 2&/(4(! A-A$a!
9&/(4(! 0$%&0-2%/2! /$/(#,2%/2a! ;*(/(4(! 62! ,(%2X
F(*!,80>$!2#!0#-,(b!2#!&$#b!#(!*2&<-*(0-J%a!3*2$!]82!

B-$&!,2!6-$!,80>(!-%/2#-:2%0-(!<(*(!2&$b!M!,80>(!
0(#,(!&$4*2!/$6$b!<$*]82!2#!<*-%0-<-$!2&!,8M!6-KDX
0-#b!2&!8%!62&2&<2*$!/$/(#a!n!2#!<*$4#2,(!2*(!]82!,2!
2&/(4(!,(/(%6$!2#!/$*%-]82/2b!]82!##2A(4(!M(!>$*(!
M!,26-(!62!(<*2/(6$!M!M$!%$!#$!62&(/(4(a!9%/$%02&!
%$! >(4D(! 0-*08#(0-J%a! 38(%6$! 2%/2%6D! 2#! &-&/2,(b!
0(6(!,26-(!>$*(!#(*:(4(!2#!/$*%-]82/2!M!0(6(!]82!
4$/(4(!8%!<$0$!62!&(%:*2!M(!#(!*2&<-*(0-J%!K#8D(a
3(D(!8%!/$**2%0-(#a!9#!K*D$!&2!(<$62*(4(!62!,-!
082*<$a!7-*c!(#!0-2#$!M!<26D!(!B-$&!$/*(!$<$*/8%-X
6(6!2%!#(!A-6(a!B-$&!*2&<$%6-J!(#!-%&/(%/2b!#(!##8A-(!
/2*,-%Ja! 9,<2)J! (! 0(#2%/(*! K82*/2! 2#! &$#b! &2%/D!
K82*)(&b!,$AD!,-!082*<$!(**(&/*_%6$,2!&$4*2!,-&!
4*()$&!>(&/(!#$:*(*!2&/(*!2%!#8:(*!&20$a!
72!2A(08(*$%!2%!#(!>(,(0(a!7-&!0$,<(`2*$&!
0$**D(%!/(%!*_<-6$!0$,$!<$6D(%!M!M$!,2!(:8(%/(X
4(!2#!6$#$*a!H82*$%!6$&!>$*(&!62!0(,-%$!>(&/(!#(!
A2*26(!32/-%$b!6$%62!,2!2&<2*(4(!8%!/*(0/$*!]82!
2&/(4(!##2A(%6$!8%(&!<(#,(&!<(*(!]82!#(&!&2,4*(X
*(%a! .$*! 0$&(&! 62! #(! A-6(b! 2&2! /*(0/$*! 2&/(4(! (>D!
<(*(!,Da!"8%!2%!2#!/*(0/$*b!#$&!0$,<(`2*$&!&2:8D(%!
##2A_%6$,2! 2%! #(! >(,(0(! <$*]82! %$! *2&-&/D(! 2#!
0$%/(0/$!0$%!2#!<-&$b!<$*]82!2#!6$#$*!2*(!>$**-4#2a!
9%!2&2!-%/2*A(#$b!#(!0(#2K(00-J%!0$,2%)J!(!D*&2,2b!
(K$*/8%(6(,2%/2!>(4D(!8%!<#_&/-0$!%2:*$!M!M$!#2&!
6(4(!J*62%2&!(!#$&!,80>(0>$&!62!]82!,2!#$!<8&-2X
*(%!2%0-,(b!<$*]82!M$!M(!,2!2&/(4(!0$,$!62&<-X
6-2%6$a!n!2&2!<#_&/-0$!,2!(M86J!(!]82!*208<2*(*(!
2#!0(#$*!$/*(!A2)b!>(&/(!]82!##2:(,$&!(!8%!*D$!]82!&2!
##(,(!E-$&80-$a!9&2!*D$!2&!<2*/2%20-2%/2!(#!3>$0Ja!

<EB

<EC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

"##D!,2!<(&(*$%!2%!8%!K2**-!]82!#(!2,<*2&(!<(#,-X
08#/$*(! >-)$a! 38(%6$! ##2:(,$&! (#! $/*$! #(6$! >(4D(!
8%! 0(,-J%b! <2*$! 2&2! 0(,-J%! /(,<$0$! #$! >(4D(%!
,(%6(6$!<(*(!,Dm!2*(!8%!0(,-J%!62!/*(%&<$*/2!62#!
<2*&$%(#!]82!/*(4(F(4(!2%!#(&!<(#,(&a!'2!,$&/*(X
*$%!&$#-6(*-$&!0$%,-:$!M!,2!##2A(*$%!>(&/(!O2#c%!
62!O(F-*_b!62!6$%62!M$!>(4D(!&(#-6$!(!08,<#-*!0$%!
#(!,-&-J%!62!*2/$*%$!62!#$&!0(,<2&-%$&a!
9%!/$6$!2&2!*(/$b!M$!#2&!<26D(!(!,-&!0$,<(`2X
*$&!]82!,2!>(4#(*(%!<(*(!%$!6$*,-*,2a!9%/$%02&!
2##$&! ,2! <$%D(%! 0$%A2*&(! M! M$! #2&! *2&<$%6D(m!
>(4#_4(,$&!62!0$&(&!62!/*(4(F$a!7-2%/*(&!2#!6$#$*!
>(0D(!&8!/*(4(F$!0$%,-:$b!M$!>(0D(!2#!/*(4(F$!&-0$X
#J:-0$!0$%!2##$&a!n!2%!<(*/2!2&$!,2!(M86J!,80>$!
<$*]82!<*2A-%2!6$*,-*,2a!n$!#2&!<26D(!>(*/(!(:8(b!
<2*$!#2&!620D(!/(,4-c%!2%!,26-$!62#!6$#$*!]82!%$!
,2! #(! 6-2*(%a! 38(%6$! #(! <J#A$*(! -%/2*02</(! (! 8%!
>8,(%$b!&-!/$,(!(:8(b!0$,$!#(!<J#A$*(!2&!0(#-2%X
/2b! M! 2#! 082*<$b! #(! <-2#! ,D(b! >-2*A2! 0$,$! >-2*A2!
8%(!(:8(<(%2#(b!0$,$!>-2*A2!#(!4*2(b!&2!>(02!8%!
&>$0?a!'-!8%$!/$,(!(:8(!62&<8c&!62!]82!#$!/$]82!
8%!<*$M20/-#b!-%,26-(/(,2%/2!,82*2b!<$*]82!/$6(&!
#(&! %28*$%(&! 2&/_%! 6-&<(*(6(&b! #(! &(%:*2! 2&/_!
0-*08#(%6$!62!$/*(!K$*,(b!#(&!2%6$*K-%(&!&2!0(*:(%!
M!/$6$!2&/_!*20(#2%/(6$a!"62,_&b!&-!8%$!&2!682*,2!
2%!2&2!2&/(6$!<8262!2%/*(*!2%!&>$0?!M!62&(K$*/8X
%(6(,2%/2!%$!<8262!*2:*2&(*!,_&a
9%/*2! "%6(#80D(! M! O2#c%! 62! O(F-*_! >(M! 8%(&!
08(/*$!>$*(&!*(&(&a!3(,-%(%6$!M!2%!0(**$a!@!&2(!
]82!(!,D!,2!2A(08(*$%!(!#(!8%(!M!/*2-%/(!62!(##_!

M! ##2:8c! (! #(&! 0-%0$! M! /*2-%/(! 2%! <8%/$a! ^$&! ]82!


A2%D(%! 2%! #(! >(,(0(! %$! A2%D(%! 0(,-%(%6$! &-%$!
0$**-2%6$b!$!&2(!]82!/$6$!K82!,8M!*_<-6$a
9#!A(#$*!62!#(!A-6(!&2!2%/-2%62!08(%6$!&2!2&/_!
(%/2!#(!,82*/2b!,$,2%/$!0#(A2!62!*2K#2N-J%!&$4*2!
/$6$!08(%/$!&2!>(!>20>$!M!#$!]82!&2!]8-2*2!,-2%/*(&!
A-A2a!9#!TS!62!$0/84*2!62#!(`$!RSS[b!(!#$&!A2-%/-&-2/2!
(`$&!62!26(6b!,2!624(/D(!2%/*2!#(!A-6(!M!#(!,82*/2b!
62&62!#(&!%82A2!M!6-2)!62!#(!,(`(%(a!"!2&(!>$*(!#(!
2N<#$&-J%! ,8/-#J! ,-! <-2*%(! M! (K20/J! ,-! (%/24*()$!
-)]8-2*6$a! .2*,(%20D! &-%! (8N-#-$&! ,c6-0$&! >(&/(!
08(%6$!,2!*20-4-2*$%!2%!2#!02%/*$!,c6-0$!62!O2#c%!
62!O(F-*_b!6$%62!%$!#$:*(*$%!>(02*!%(6(!(!,-!K(A$*!
,_&!]82!A2%6(*!#$!]82!>(4D(!]826(6$!62!,-!082*<$a!
O2#c%!62!O(F-*_!/-2%2!8%!<*$4#2,(!M!2&!]82!2&/_!
2%! #-/-:-$! 2%/*2! "%/-$]8-(! M! 3>$0Ja! .$*! /(#! ,$/-A$b!
%$!2&!(8/$&$&/2%-4#2!M!#$!]82!>(M!(##_!2&!8%!02%/*$!
62! &(#86! 62! <*-,2*! $*62%b! 62! <*-,2*$&! (8N-#-$&a!
t8c!0$&(&!/-2%2!#(!A-6(!]82!2&2!6D(!%$!/2%D(%!0$%!
]8c!(/2%62*,2b!%$!>(4D(!%-!2#2,2%/$&!]8-*C*:-0$&!
<(*(!8%!2A2%/8(#!(/(]82!0$,$!2#!]82!M$!&8K*D!0$%!
2&(!,-%(a!n$!2*(!0$%$0-6$!2%!2#!<824#$a!g(4D(!,_&!
62!]8-%-2%/$&!(#8,%$&!(:$#<(6$&!2%!2#!02%/*$!,c6-X
0$b!#(!0$,8%-6(6!/$6(!2&/(4(!<2%6-2%/2!62!,Da!n$!
0*2$!]82!8%$!62!#$&!<*-,2*$&!0(&$&!62!,-%(&!]82!&2!
<*2&2%/J!2%!2&2!/2**-/$*-$!K82!2#!,D$!M!<$*!2&$!/(#!A2)!
2*(!]82!%(6-2!2&/(4(!<*2<(*(6$!<(*(!(/2%62*,2a
;2%D(%!]82!##2A(*,2!62!(##D!<(*(!$/*$!>$&<-/(#b!
<$*]82!&-!%$b!M$!,2!,$*D(a!9&<2*c!6$&!>$*(&!8%(!
(,48#(%0-(a!"!#(&!&2-&!62!#(!/(*62!K8-!/*(&#(6(6$!

<ED

<EE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

(#!,8%-0-<-$!62!78/(/_b!"%/-$]8-(b!0$%!62,$*(!62!
>$*(!M!/*2-%/(!,-%8/$&!2%!0(**2/2*(a!
^#2:(,$&!(!#(&!VQZY!(#!>$&<-/(#!62!78/(/_a!n$!
M(!2&/(4(!,8M!,(#b!0$%!#(&!K82*)(&!*2680-6(&!M!0$%!
<$0(!&(%:*2a!">D!2%!2#!02%/*$!62!&(#86!#$!]82!>-0-2X
*$%!K82!]8-/(*,2!#(!*$<(!&80-(!]82!##2A(4(b!<$*]82!
#(! ,-%(! (%/-<2*&$%(! ,2! ]8-/J! /$6$b! #$! C%-0$! ]82!
,2!]826J!,26-$!482%$!K82!2#!4JN2*a!"<(*/2!62!2&$b!
08(%6$! ##2:(,$&! (! 78/(/_! /(,4-c%! >(4D(! <*$4#2X
,(&Q! 2#! >$&<-/(#! 2&/(4(! 0$,$! 2%! <(*$! M! /(,<$0$!
2&/(4(! 2#! ,c6-0$! ]8-*C*:-0$! (>Da! 9%/*c! 2%! &>$0?a!
B8*(%/2! ,26-(! >$*(! 2&/8A2! -%0$%&0-2%/2m! &2%/D(!
]82!K#$/(4(!2%!,-!082*<$b!(8%]82!%$!<826$!620-*!
]82! 2&/(4(! A-&-/(%6$! (! '(%! .26*$! $! ]82! A-! 8%(!
<82*/(! $&08*(y! %$b! %$! A-! %(6(! 62! 2&$a! ^$! ]82! &D!
&2%/D!K82!8%(!2N<2*-2%0-(!,8M!,(*(A-##$&(b!<$*]82!
&2%/D(!]82!K#$/(4(!2%!,-!082*<$b!]82!2&/(4(!K82*(!
62!,D!M!,2!$4&2*A(4(b!M!]82!8%!&2*!&$4*2%(/8*(#!,2!
2&/(4(!6(%6$!$/*(!$<$*/8%-6(6!2%!#(!A-6(a!38(%6$!
M$!##2:8c!$/*(!A2)!(!,-!082*<$b!,-&!K(,-#-(*2&!2&/(X
4(%!,8M!<*2$08<(6$&!M!##$*(4(%!(!#$&!(#(*-6$&a!1$!
2*(!,-!>$*(a!
9%!78/(/_!,2!<8&-2*$%!8%!,26-0(,2%/$b!8%(!
62&/*$)(b!2&$!0$,$!]82!*2:8#(!2#!6$#$*b!<2*$!%$!,2!
<$6D(%! <$%2*! &82*$! %-! $/*(&! 6*$:(&! K82*/2&! <(*(!
2#! 6$#$*! 0$,$! #(! ,$*K-%(b! <$*]82! 0$#(<&(*D(%! ,-!
$*:(%-&,$a!1$!<86-2*$%!>(02*!%(6(!,_&!<$*!,D!M!
62!(##_!,2!-4(%!(!*2,-/-*!<(*(!"<(*/(6Jb!2%!6$%62!
/(,4-c%! 2&/(4(%! 2%! <(*$a! 9%/$%02&! M$! ,2! %2:8c!
(! ]82! ,2! ##2A(*(%! (! "<(*/(6Jb! <$*]82! ,2! 6(4(!
,-26$!]82!(##_!/(,<$0$!,2!<86-2*(%!(/2%62*!M!,2!

,8*-2*(a!n$!>(4#c!0$%!#$&!2%K2*,2*$&!M!0$%!2#!,c6-X
0$!M!#2&!6-F2!]82!(8%]82!,2!,8*-2*(!2%!2#!0(,-%$!
M$!<*2K2*D(!]82!,2!*2,-/-2*(%!(!7262##D%Q!%$!>(4D(!
(A-J%b!%$!>(4D(!>2#-0J</2*$!%-!%(6(!(!2&(&!>$*(&!
62!#(!%$0>2a!9%/$%02&!K-*,c!]82!,2!##2A(*(%!<$*!
/-2**(Q!&-2/2!>$*(&!M!,26-(a!L4(%!6$&!2%K2*,2*(&b!
2#!0>$K2*!M!8%!(M86(%/2a!"**(%0(,$&!(!#(&!UQZY!M!(!
#(&!YQZY!62!#(!,(`(%(!##2:(,$&!(#!g$&<-/(#!52%2*(#!
62!7262##D%a!">D!K8-!*20-4-6$!<$*!#$&!,c6-0$&b!]82!
2&/(4(%!&$*<*2%6-6$&!62!A2*,2!A-A$a!3#D%-0(,2%/2!
,2! 6-! 082%/(! 62! ]82! #(! >2,$:#$4-%(! ,D(! 2&/(4(!
2%![aYb!$!&2(!]82!M$!M(!2&/(4(!,(%6(6$!(!*20$:2*b!
M(! M$! 2&/(4(! ,82*/$a! E2082*6$! ]82! 2#! ,c6-0$! #2!
<*2:8%/J!(!(#:8-2%!]82!2%!]8-c%!0*2D(!M$!M!#2!6-F2X
*$%!(!c#b!(#!6$0/$*!z8#8(:(b!]82!2%!B-$&!M!]82!2&$!
2*(!#$!]82!,2!,(%/2%D(!A-A$a!
^82:$!62!2&$!>(4D(!8%!<*$4#2,(!<(*(!,-!$<2*(X
0-J%!<$*]82!%$!/2%D(!&(%:*2a!"#!>(02*,2!#(!/*(%&X
K8&-J%!62!&(%:*2!<$6D(!2%/*(*!2%!8%!62&,(M$!M!(>D!
&D!-*,2!<(*(!2#!4(**-$!62!#$&!(0$&/(6$&a!9%/$%02&!
/(,4-c%! K-*,c! M! #2&! 6-F2Q! lg(:(%! #(! /*(%&K8&-J%!
62! &(%:*2ka! ^(! >-0-2*$%b! (:8(%/c! 6$&! 8%-6(62&b! M!
,2!,(%6(*$%!(!*(M$&!2]8-&a!">D!A-2*$%!<$*!6J%62!
-4(%!(!,$0>(*b!2#!>82&$!2&/(4(!<(*/-6$!2%!)-:)(:a!
7$0>(*$%!,_&!$!,2%$&!8%(&!08(/*$!<8#:(6(&!(**-X
4(! 62! #(! <(*/2! (K20/(6(a! 9&$! K82! M(! (! 2&$! 62! #(&!
%82A2!62!#(!,(`(%(a!;-<$!$%02!&(#D!62#!]8-*JK(%$b!
<2*$!M(!2*(!/(*62a
7-!K(,-#-(!&2!2%/2*J!(#!$/*$!6D(m!,-!,(,_b!,-!
<(<_!M!,-&!>2*,(%$&a!9##$&!2&/(4(%!2%!"<(*/(6Jb!
M!K82*$%!6$&!>2*,(%(&!(!(&-&/-*,2b!(!(M86(*,2!2%!

<E=

<E>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

#(&! A82#/(&a! B2&62! \*(4_! 2&/(4(%! <2%6-2%/2&! 62!


,Da!1$!]8-&2!]82!,(,_!M!<(<_!K82*(%!(!2%K*2%/(*!
2&(!&-/8(0-J%b!<$*]82!M$!]826c!A82#/$!8%(!2&0$*-(b!
8%(!<-#/*(K(a!RV!(`$&b!WY!?-#$&b!TaWY!62!2&/(/8*(b!M$!
2*(b!,2F$*!6-0>$b!8%!<(<(&$/2m!M!(:(**J!2&(!,-%(!
(%/-<2*&$%(! M! ,2! A$#A-J! %(6(a! 3(6(! 6D(! 4(F(4(!
6$&b!/*2&!?-#$&b!2&/(4(!2%!8%!2&/(6$!62<#$*(4#2a!1$!
]8-&2b! 2%/$%02&b! ]82! 2##$&! &2! (02*0(*(%! (! A2*,2a!
3*2$!]82!#2&!&-*A-Jb!<$*]82!08(%6$!,2!A-2*$%b!M(!
,2!A-2*$%!4-2%b!0$%!<-2*%(!M!/$6$a
9A-/c! /(,4-c%! 2#! 0$%/(0/$! 0$%! ,-&! >-F$&a! 9&$!
K82!>(02!M(!0-%0$!(`$&a!E842%0-/$!/-2%2!(>$*(!$%02!
(`$&m!08(%6$!2&$!/2%D(!0-%0$m!M!,-!^8<-/(!/2%D(!/*2&b!
(>$*(!08,<#-J!$0>$a!'$,2/2*#$&!2%/$%02&!(!2&2!*$02!
&-0$#J:-0$!%$!2*(!F8&/$a!n!2##$&!A-AD(%!0$%!#(!,(,_b!M!
,-!*2#(0-J%!0$%!2##(!%$!2*(!#(!,2F$*a!
'-2,<*2! >2! &-6$! 8%(! <2*&$%(! ,8M! *(6-0(#! M!
$4&/-%(6(!2%!#$!]82!>(:$!M!2%!#$!]82!,2!<(&(a!'-!
(>$*(!,2!/$0(*(! (! ,D! <2*62*! #(! $/*(! <-2*%(b! ,2!
6(*D(!,8M!68*$b!<2*$!62&<8c&!/2%6*D(!]82!(02<X
/(*!]82!2&$!<(&Ja!n$!/$,c!2&$!0$,$!8%!<*-%0-<-$!
*20/$*!62!#(!A-6(b!%$!62#!62&/-%$!%-!62!#(!&82*/2a!
9#! 62&/-%$! 62#! &2*! >8,(%$! &$#(,2%/2! #$! 0$%$02!
B-$&b! M! 62! <*$%/$! (! #$&! 2%0#2%]82&! &2! #2&! 62&2(!
&82*/2b! (! #$&! 482%$&! &2! #2&! 62&2(! cN-/$a! .$*]82!
/$6(!&82*/2!2&!-%2&/(4#2a!B2!<*$%/$!2&/$!]82!,2!
&8026-J!K82!<(*(!>(02*!8%!<(*2!2%!2#!0(,-%$b!<(*(!
*2<(*(*!0$&(&b!M!0$%!2&/$!%$!]8-2*$!620-*!]82!K82!
B-$&!]8-2%!#$!0(8&Ja!B2!<*$%/$b!K82*$%!#$&!(K(%2&!
62!#(!A-6(a!9&!8%(!$<$*/8%-6(6!62!A$#A2*!(!A-A-*b!

62!0$,<(*/-*!#$!]82!,2!<(&J!0$%!$/*(&!<2*&$%(&b!
&-%!$6-$b!&-%!*2%0$*a!7-!(#,(!2&/_!&(%(a!
n$!-%:*2&c!(#!g$&<-/(#!52%2*(#!2#!TT!62!$0/84*2!
62#!RSS[a!"!<(*/-*!62#!,$,2%/$b!,2!-%/2*A-%-2*$%!
]8-*C*:-0(,2%/2! #(! <-2*%(a! 72! (,<8/(*$%! M! #$&!
,c6-0$&! 620#(*(*$%! ]82! (&D! 2&/(4(! 4-2%a! .2*$! (#!
6D(! &-:8-2%/2! /8A2! 8%(! K-24*2! ,8M! (#/(b! 2%/$%02&!
M$! 2,<20c! (! <*2$08<(*,2! <$*]82! &(4D(! ]82! #(!
K-24*2! 2*(! &-:%$! 62! 8%(! -%K200-J%a! "#! /2*02*! 6D(b!
62/20/c! 8%(! <8/*2K(00-J%b! 8%! ,(#! $#$*m! >(4#c! 0$%!
,-!>2*,(%(!M!2##(!>(4#J!0$%!#$&!,c6-0$&a!38(%6$!
A-2*$%!2&$b!#$&!,c6-0$&!,2!<(&(*$%!(#!]8-*JK(%$b!
M$! K-*,c! 2#! 6$08,2%/$b! M! 08(%6$! 62&<2*/c! /2%D(!
,$0>$! $/*$! <26()$! 62! #(! <-2*%(a! 1$! ,2! ]82*D(%!
620-*!]8c!2*(!#$!]82!M$!/2%D(a!"#!&2N/$!6D(b!2%/*c!
$/*(!A2)!(#!]8-*JK(%$!M!,2!,$0>(*$%!$/*$!<26()$a!
B2&<8c&! 62! 2&$! ,2! <8&2! %28*J/-0$b! 4*(A$b! M! ,2!
6-F2*$%!]8c!2*(Q!:(%:*2%(a!9&$!2&!0$,$!8%!0_%02*!
2%!2#!>82&$!M!2%!#(!<-2#b!M!#$!]82!>(0D(%!<(*(!*2<(X
*(*!2*(!,$0>(*b!<2*$!&2!&2:8D(!<86*-2%6$!/$6$a!9#!
2**$*b!M!(>D!&D!K82!08#<(!62!#$&!,c6-0$&!<$*!%$!2&/(*!
<*2<(*(6$&!<(*(!2&/(&!>2*-6(&!62!:82**(b!2&!]82!
#$&! *(M$&! 2]8-&! %$! 62/20/(%! #(&! 2&]8-*#(&! ]82! &2!
-%0*8&/(%!2%/*2!2#!>82&$!M!#(!0(*%2a!9##$&!>(0D(%!8%!
4(**-6$!M!,2!,$0>(4(%!2#!<26()$!(K20/(6$b!<2*$!
62F(4(%!2&]8-*#(&!]82!2&/(4(%!4-2%!(62%/*$!62!#(!
<-2#b!M!2&(&!2&]8-*#(&!2&/(4(%!-%K20/(6(&!0$%!,(/2X
*-(!K20(#!>8,(%(!M!62!02*6$b!<(*(!]82!#(!<2*&$%(!
]82!<-&2!#(!,-%(!]8262!,82*/(!$!&2!,82*(!#2%/(X
,2%/2a!9%!$/*(&!<(*/2&b!#(&!,-%(&!/(,4-c%!/-2%2%!

<=@

<=<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

0-(%8*$a! O82%$b! 2&$! /8A$! 8%(! <*$4#2,_/-0(! ]82!


/8A-2*$%!]82!(-&#(*,2!]8-%02!6D(&!M!0(,4-(*,2!62!
(%/-4-J/-0$!<$*!8%$!,_&!<2&(6$a!
"!#$&!]8-%02!6D(&b!#(!-%K200-J%!%$!&2!]8-/(4(!M!
M(!,2!>(4D(%!,$0>(6$!/*2&!A202&!#(!<-2*%(a!n$!M(!
,2!*2>8&c!(!]82!,2!&-:8-2*(%!,$0>(%6$a!g-02!8%!
<(*2!M!#2&!6-F2!(!#$&!,c6-0$&!]82!,2!62F(*(%!/*(%X
]8-#$b!]82!M$!-4(!(!(<#-0(*!8%(!,26-0-%(!(#/2*%(X
/-A(b!]82!,2!-4(!(!,2/2*!0$%!B-$&a!n!<826$!620-*!
]82! K82! B-$&! ]8-2%! ,2! 08*Ja! "! 2&2! <8%/$! M$! M(!
##2A(4(!RY!?-#$&!<2*6-6$&!M!,2!,(%/2%D(!62!,8M!
,(#!>8,$*a!"#:8%$&!620D(%!]82!M$!2&/(4(!0$**-6$!
62! #(! /2F(b! <$*]82! %$! ]82*D(! ,_&! (M86(! ,c6-0(b!
<2*$!M$!%$!2&/(4(!#$0$b!&-!%$!]82!A2D(!]82!#$!]82!
,2!>(0D(%!%$!2&/(4(!&-*A-2%6$a!9%/$%02&!,-!/2*(X
<-(! K82! <$%2*,2! (! 0(%/(*b! (! 0(%/(*#2! (! B-$&a! n$!
&$M! :8-/(**-&/(b! <-(%-&/(b! M! (##_! ,2! (0$*6(4(! 62!
,-&!0(%0-$%2&!M!#2D(!#(!O-4#-(a!"!#$&!(,-:$&!,D$&!
]82!-4(%!(!##$*(*!(!A-&-/(*,2b!#$&!&(0(4(b!<$*]82!
M$!2&/(4(!A-A$!M!2&/(4(!4-2%b!%$!]82*D(!,(*-(%-X
/(&!%-!%(6(!62!2&$b!]82*D(!2*(!:2%/2!(#2:*2a!
.*20-&(,2%/2!(#!6D(!&-:8-2%/2!]82!##2:(*$%!#$&!
,c6-0$&! (! *2A-&(*,2! #(! >2*-6(b! ]82! K82! 2#! 6$0/$*!
z8#8(:(!(!$#2*,2!#(!>2*-6(!M!(!A2*!/$6$&!#$&!2N_,2X
%2&b!&2!(/2**J!62!A2*!]82!M(!%$!>(4D(!-%K200-J%b!]82!
#(! <8/*2K(00-J%! >(4D(! 62&(<(*20-6$a! 1-! c#! %-! #$&!
$/*$&! ,c6-0$&! &2! 2N<#-0(4(%! 0J,$! >(4D(! <(&(6$!
2&$a!'2!]826(*$%!(&$,4*(6$&b!,-*(4(%!M!,-*(4(%!
,-!>-&/$*-(!0#D%-0(a!72!,2/-2*$%!(#!]8-*JK(%$!M!2&2!

,-&,$!6D(!,2!&8/8*(*$%!#(!>2*-6(a!"!,Db!B-$&!,2!
>(4D(!08*(6$a
'(#D!62#!>$&<-/(#!2#!&-2/2!62!%$A-2,4*2a
.(*(!,Db!/$6$!2&/$!2*(!8%!0(,4-$!62!A-6(b!,(&!
%$!8%!0(,4-$!/$/(#a!^(!A-6(!,2!##2:J!>(&/(!#$&!TVU!
:*(6$&b! ,(&! %$! >(&/(! #$&! TWSa! ^$! ]82! 2%K*2%/c!
2&! 2#! 0>$]82! 62! 8%(! &$0-26(6! 0$%! $/*(! &$0-26(6a!
9%! 3$#$,4-(b! &2! #2! >(02! 08#/$! (! #(! 2&/c/-0(b! (! #(!
42##2)(! /$/(#b! 2%/$%02&! 08(%6$! (#:8-2%! &8K*2! 8%(!
6-&0(<(0-6(6! #(&! <(*/2&! 62! #(! &$0-26(6! &2! K*(0X
0-$%(%a!B2&62!2&2!<8%/$b!M$!M(!2,<20c!(!<2*0-4-*!
#(&! 0$%&2082%0-(&b! 2#! 0(,4-$! ]82! -4(! (! >(42*! 2%!
,-!A-6(m!2&!620-*b!M$!<(&(*!62!&2*!8%!<(<(&$/2b!8%!
(/#2/(b!(!]826(*!*2680-6$!(!%$!<$62*!/*$/(*!%(6(b!
&-%!8%(!<-2*%(b!0$%!8%!4*()$!*2&20$b!0$%!8%(!,(%$!
*$/(b!0$%!#$&!626$&!6-A-6-6$&a!
H82!(>D!08(%6$!2,<20c!M$!(!,-*(*!#$!]82!2*(!
#(! 0-86(6! 0$%! E84c%! M! #$! ]82! 2*(! #(! 0-86(6! &-%!
E84c%a!9,<20c!(!<2%&(*!]82!#$!]82!2*(!#(!0-86(6!
62! 7262##D%! &-%! E84c%b! &-%! ,Db! 2*(! #$! ,-&,$Q! #(!
:2%/2! &-:82! 4(-#(%6$b! &-:82! &8! A-6(b! /$6$! &-:82!
-:8(#b!%$!0(,4-(!%(6(b!&-!M$!,2!,82*$b!%$!0(,4-(!
%(6(a! '-,<#2,2%/2! #(&! <2*&$%(&! ]82! M$! /2%:$! (#!
#(6$!##$*(%!]8-%02!6D(&b!<2*$!#82:$!&2!(0$&/8,4*(%!
(!2&/(*!&-%!,D!M!/$6$!&-:82b!/$6$&!&2!(6(</(%a!n!2%!
,26-$!62!2&$b!M$!,2!A2D(!$4#-:(6$!(!(02</(*!]82!M$!
&$M!8%!(0/$*!62%/*$!62!8%(!2&02%(!62!/2(/*$!M!A-A$!
,-! <*$<-(! $4*(m! &-! M$! 62F$! ]82! #(! $4*(! (0(42! &-%!
(<#(8&$&b!2#!6(,%-K-0(6$!&$M!M$b!2#!(0/$*a!.$*!2&$!

<=?

<=A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

,-!0(,4-$!K82!<2%&(*!2%!]82!M$!-4(!(!&2*!2#!,-&,$b!
<2*$! ,80>$! ,2F$*! &-! B-$&! ,2! 6(! #(! $<$*/8%-6(6b!
<$*]82!&-!%$!#$!>(0D(b!,-!A-6(!&2!-4(!(!(0(4(*!&-%!
]82! M$! 2&/8A-2*(! ,82*/$m! ,-! $4*(! -4(! (! /2*,-%(*!
&-%!(<#(8&$&a!
9%!#(!<(*/2!K-&-$#J:-0(b!2#!<*$4#2,(!K82!#(!#-,-X
/(0-J%a!n(!%$!2*(!2#!E84c%!62!(%/2&b!2#!]82!&2!A(#D(!
<$*!&D!,-&,$Q!,2!/2%D(%!]82!4(`(*b!,2!/2%D(%!]82!
0(*:(*! 62! 8%! #(6$! (! $/*$b! ,2! /2%D(%! ]82! 6(*! 62!
0$,2*!0$%!080>(*-/(b!M!M$!/2%D(!]82!62<2%62*!62!
8%(!&-##(!62!*826(&a!n!62!<*$%/$!/2%D(!]82!2%K*2%X
/(*! #(! *(4-(! -%/2*%(Q! <$*! ]8c! ,2! /2%D(! ]82! <(&(*!
2&/$!(!,Db!M$!]8c!>-02!<(*(!]82!2&/$!,2!<(&(*(y!
.2*$! 2&$! %$! K82! (#:$! 68*(62*$b! <$*]82! 2#! ,-&,$!
2%/$*%$! ,2! 6(4(! *2&<82&/(! (! /$6$! #$! ]82! M$! ,2!
<*2:8%/(4(b!M!B-$&!,2!K$*/(#20D(a
3$,$!6-K-08#/(6!<*-$*-/(*-(!#$!]82!M$!(%(#-)(X
4(! 2%! #(! <(*/2! KD&-0(! 2*(! ,-! /*(FD%! 0$,$! <2*&$%(!
<*$680/-A(b!62&<8c&!M(!A-%2!(!0$%&-62*(*!#(!<(*/2!
(/#c/-0(b!<$*]82!M$!2*(!,8M!482%$!<(*(!2#!4(#$%X
02&/$b!*2:8#(*!<(*(!2#!KC/4$#b!M!,2!:8&/(4(!0$**2*a!
.2*$!2,<20c!(!0$,<2%&(*!/$6$!2&$!0$%!$/*(&!0$&(&b!
0$%!#(!/20%$#$:D(b!<$*!2F2,<#$a!.(*(!2&$!2&/(4(!#(!
<*J/2&-&b! ]82! ,2! -4(! (! <2*,-/-*! 0(,-%(*! M! >(&/(!
4*-%0(*!0$,$!(%/2&a!
'$4*2!2#!(,$*!/(,4-c%!/8A2!<*2:8%/(&a!18%0(!
<2%&c! ]82! M(! #(&! ,8F2*2&! %$! ,2! -4(%! (! ,-*(*a!
.$*]82!M$!,2!6-F2Q!lM$!%$!2%(,$*$!0$%!#(!<-2*%(!
&-%$! 0$%! #$! ]82! &$Mka! 1-! ,2! (0$,<#2Fc! %-! <2*6D!
,-&! 2&<2*(%)(&a! '-%! &2*! 8%! ,8F2*-2:$b! >2! /2%-6$!

(02*0(,-2%/$&!0$%!2#!&2N$!$<82&/$!M!>2!6-&K*8/(X
6$!62!/$6$!#$!]82!2&!#(!A-6(a!\%(!,80>(0>(!(,-:(!
,D(!(#:8%(!A2)!,2!6-F$!]82!(!,D!&2!,2!>(4D(!-6$!
#(! <-2*%(! 2*(! <$*]82! /2%D(! 62,(&-(6$a! 38(%6$!
>(M!8%!4(-#2b!4(-#$!2%!8%(!&$#(!<(/(!$!>(&/(!0$%!#(!
<*J/2&-&b!M!4*-%0$!M!&(#/$!M!F82:$!M!>(:$!/$6$!#$!]82!
<826(!<(*(!6-A2*/-*,2a!
">$*(!2%/-2%6$!]82!2#!A(#$*!62!#(!A-6(!2&!-%0(#X
08#(4#2! M! ]82b! &$4*2! #(! K()! 62! #(! /-2**(b! 2&! C%-0$a!
B2&<8c&!62#!(00-62%/2!M!62!/$6$!#$!]82!>2!A-A-6$!
2%!2&/2!/-2,<$b!>2!<$6-6$!0$,<*2%62*!]82!2#!A(#$*!
62!#(!2N-&/2%0-(!2&!<*20-$&$!2!-**2,<#()(4#2a!9&/$M!
0$%A2%0-6$!62!]82!(%/2!8%(!2A2%/8(#-6(6!62!2&/(&!
2#!C%-0$!0(,-%$!2&!(K2**(*&2!(!#(!A-6(b!<(*(!A2%02*!
#$&!$4&/_08#$&!M!/*-8%K(*!2%!0(6(!(6A2*&-6(6a
.2*$!%$!/$6(&!#(&!<2*&$%(&!/2%2,$&!#$&!,-&,$&!
<2%&(,-2%/$&a! 1$! /$6(&! #(&! AD0/-,(&! 62! ,-%(&!
(%/-<2*&$%(! &$,$&! -:8(#2&a! 1$! 2&! ]82! 8%$&! &2(%!
8%$&!K#$F$&!M!M$!%$!#$!&2(a!9&!]82!M$!&$M!0(,<2&-%$!
M!/8A2!8%$&!<(6*2&!0(,<2&-%$&!M!/8A2!/(,4-c%!#(!
$<$*/8%-6(6!62!0*22*!2%!B-$&!M!62!2&/86-(*!2%!8%(!
8%-A2*&-6(6b! 62! 4(#(%02(*! /$6$! #$! ]82! 2&! #(! A-6(a!
'$M!/2J#$:$!:*(68(6$!62!8%(!8%-A2*&-6(6b!M!#$!]82!
K8-!(%/2&!62!#(!,-%(!%$!62Fc!62!&2*#$b!(8%]82!&D!,2!
K$*/(#20D!<(*(!<$62*!(M86(*!(!$/*(&!AD0/-,(&!]82!
6242%! 2%K*2%/(*! &-/8(0-$%2&! 68*(&b! ,8M! 68*(&b!
0$%!,80>$&!(&<20/$&!62!&8&!A-6(&a!
9%! 2&/$! 62! #(&! ,-%(&! (%/-<2*&$%(! >(M! 8%!
<*$4#2,(! <(*(! #(&! AD0/-,(&a! 9&! #(! AD0/-,(! #(! ]82!
6242!48&0(*!(#!9&/(6$!M!%$!2#!9&/(6$!2#!]82!48&0(!

<=B

<=C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

(!#(!AD0/-,(a!.$*!2&$!#$&!/*_,-/2&!&$%!2%:$**$&$&!
<(*(!/$6$!2#!]82!<-&(!8%(!,-%(a!'-!2&!6-KD0-#!>(02*!
A82#/(&!0$%!#(&!6$&!<-2*%(&b!-,(:D%2&2!0J,$!<8262!
&2*! 0$%! 8%(! &$#(! $! &-%! %-%:8%(b! $! &-%! A2*b! $! &-%!
4*()$&b! $! 2%! K-%b! 0$%! 08(#]8-2*! &2082#(a! "62,_&b!
2#!0(,<2&-%$b!]82!2&!]8-2%!<-&(!#(!,-%(b!%$!&(42!
]8c!]8-2*2!620-*!#2Mb!M!,80>$!,2%$&!]82!2N-&/2!#(!
^2M!ZTW!62!TUUVb!]82!2&!62!@*62%!.C4#-0$!M!*-:2!#(!
(/2%0-J%!(!AD0/-,(&!62#!0$%K#-0/$!(*,(6$!-%/2*%$a!
9&(! #2M! 0$%/2,<#(! ]82! #(! AD0/-,(! 6242! 620#(*(*!
#$!]82!#2!<(&J!68*(%/2!2#!(`$!&-:8-2%/2!(#!>20>$b!
<$*]82! &-! %$! #$! >(02b! 2#! >20>$! <*$&0*-42! (8%]82!
&8! 0(#-6(6! 62! AD0/-,(! 0$%/-%C(! A-:2%/2a! 9&(! #2M!
/(,4-c%!0$%/2,<#(!#(!2680(0-J%b!#$&!&84&-6-$&!62!
A-A-2%6(b!#(!-%62,%-)(0-J%b!#(&!<2%&-$%2&!M!$/*$&!
42%2K-0-$&!0$,$!0*c6-/$&!4#(%6$&!M!(6]8-&-0-J%!62!
(#:8%(&!<*2%6(&!62!:(*(%/D(&!<(*(!2#!482%!62&(X
**$##$!62!#(!A-6(!62!]8-2%!&8K*2!8%!(00-62%/2!0$,$!
2&/2a! .2*$! 0$,$! <$0$&! #$! &(42%b! <$0$&! <8262%!
(00262*!(!2&/$&!42%2K-0-$&b!]82!%$!&$%!8%!<*2,-$b!
&-%$!8%(!2&<20-2!62!*2<(*(0-J%a!
"62,_&b! 2%! 3$#$,4-(! %$! >(M! <2*&$%(&! 626-X
0(6(&! (! (&2&$*(*! (! #(&! AD0/-,(&b! &-%$! ]82! #(&!
<2*&$%(&!08(%6$!&(#2%!62#!>$&<-/(#b!2%!,8#2/(&!$!
2%!&-##(&!62!*826(&b!6242%!-*&2!62!$K-0-%(!2%!$K-0-X
%(! <(*(! $4/2%2*! 8%(! (M86(! 62#! 9&/(6$a! ^#2:(%!
(! 8%! 26-K-0-$! M! 62! (>D! #$&! ,(%6(%! <(*(! "00-J%!
'$0-(#b!62!(>D!]82!<(*(!#(!\"@b!#82:$!]82!(!(#:8X
%(! 62<2%62%0-(! 62! #(! 5$42*%(0-J%! M! /(,4-c%! (#!
32%/*$!62!E2>(4-#-/(0-J%!M!62!(>D!(!6$%62!.2*(%$!

$!(!6$%62!72%:(%$y!M!*2&8#/(!]82!08(%6$!K-%(#X
,2%/2! ##2:(%! (! #(! C#/-,(! A2%/(%-##(b! (#:C%! <(<2#!
]826J! ,(#! >20>$! M! >(M! ]82! A$#A2*! (! >(02*! /$6$!
$/*(! A2)a! g(&/(! ]82! <$*! K-%! (! #$&! 08(/*$! $! 0-%0$!
(`$&b!#(!AD0/-,(!*20-42!8%(!,(#!##(,(6(!-%62,%-X
)(0-J%b!8%!A(#$*!20$%J,-0$!]82!/(#!A2)!&-*A2!<(*(!
<(:(*!6286(&b!<2*$!]82!%$!0$,<2%&(!2%!%(6(!2#!
>20>$!62!<2*62*!8%(!<(*/2!62#!082*<$!0$%!#(!]82!
8%$!%(0-J!M!]82!%8%0(!624-J!>(42*!<2*6-6$a!9&$!2%!
*2(#-6(6!&2!##(,(!l(M86(!>8,(%-/(*-(k!M!(8%]82!
#(! AD0/-,(! &D! #(! %202&-/(b! /2*,-%(! 0$%A-*/-c%6$&2!
2%! 8%! ,2%6-:$! ,_&! 62#! 9&/(6$b! (<(*/2! 62! $/*(&!
(M86(&!]82!#$!A82#A2%!8%!$4F2/$!62!,-&2*-0$*6-(a!
9#!/$<2!,_N-,$!]82!<(:(%!&$%!ZRaRU!&(#(*-$&!
,D%-,$&!,2%&8(#2&!A-:2%/2&!(!#(!K20>(b!]82!&8,(%!
>$M!8%$&!6-20-$0>$!,-##$%2&a!"!,D!,2!6-2*$%!0$,$!
$0>$! ,-##$%2&! M! <-0$y! 62! *2&/$! %8%0(! &2! >(%!
<*2:8%/(6$!&-!E84c%!0$,2b!&-!E84c%!*D2b!&-!E84c%!
&(#/(b!&-!E84c%!#$!]82!&2(y!i9&$!2*(!#$!]82!A(#D(!
,-!<-2*%(j!1$!0*2$a!;(,<$0$!2&!]82!2#!9&/(6$!#2!
<(:82! #(! <-2*%(! (! 8%$b! <2*$! ]82! &D! 2%K$]82! 8%(!
<(*/2!*2&<$%&(4#2!62#!*2<#(%/2(,-2%/$!62!A-6(!62#!
-%6-A-68$!2%!#(!&$0-26(6a!
L%0#8&$! <(*(! ,Db! ]82! /2%:$! 8%(! (0/-/86! ,8M!
0$%&0-2%/2! K*2%/2! (! #(! A-6(b! >(42*! <-&(6$! 8%(!
,-%(! K82! 8%! <#(/(%()$! >$**-4#2a! B20-6D! 62F(*! 62!
6-0/(*! 0#(&2&b! <$*]82! -4(! (! ##2:(*! (! ,-&! 08(*2%X
/(! $! (! ,-&! 0-%082%/(! (`$&b! &-%! 6-&K*8/(*! 4-2%! 2&$!
]82! (%/2&! <$6D(! >(02*! 62! $/*(! ,(%2*(a! n$! &(4D(!
]82!,-!2%K$]82!/2%D(!]82!-*!(>$*(!<$*!6$%62!,_&!

<=D

<=E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

,2!%202&-/(*(%b!<$*!#$!]82!M$!>(4D(!A-A-6$b!<$6D(!
(M86(*!(!$/*(&!AD0/-,(&a!
9%!,26-$!62!,-!*208<2*(0-J%b!2,<20c!(!6$08X
,2%/(*,2! &$4*2! 2#! $*62%! <C4#-0$! ]82! (]82F(! (!
3$#$,4-(b! M! 2&$! ,2! ##2AJ! (! 0$%$02*! #$! ]82! 2&! 2#!
B2*20>$!L%/2*%(0-$%(#!g8,(%-/(*-$!dBLge!M!#$!]82!
&$%!#$&!B2*20>$&!g8,(%$&a!^$!<*-,2*$!62!#$!]82!
,2!2%/2*c!2&!]82!2N-&/2!#(!3$%A2%0-J%!62!@//(I(b!
]82! *-:2! #(! <*$>-4-0-J%! 62! 2&/$&! (*/2K(0/$&m! &8!
<*$6800-J%b! &8! &-2,4*(b! &8! /*(%&K2*2%0-(! M! &8!
0$,2*0-(#-)(0-J%a!9&(!0$%A2%0-J%!2&!62!TUUV!M!&2!
-%&/-/8M2!(!*(D)!62#!&8K*-,-2%/$!]82!0(8&(%!2&/$&!
,26-$&!62!:82**(!62&20>(6$&!<$*!2#!BLga
"!<(*/-*!62!(>D!2%/2%6D!]82!>(4D(!8%(&!2%/-6(X
62&!]82!*2&<(#6(4(%!(!#(&!AD0/-,(&!M!]82!>(4D(!8%!
9&/(6$!]82!(<(6*-%(4(!62!8%(!8!$/*(!K$*,(!(!#(&!
AD0/-,(&a!9%/$%02&b!2,<-2)$!(!>(02*!,-&!082%/(&!
M!(!2,<(<(*,2!62#!0$*6J%!62!,-&2*-(!]82!(0$&(X
4(!(!#(&!,_&!62!&2-&!,-#!AD0/-,(&!2%!2#!,$,2%/$!
2%! ]82! M$! ,2! 2&/(4(! *208<2*(%6$a! 9&$! ,2! ##2AJ!
/(,4-c%! (! *2#(0-$%(*,2! M! (! A-&-/(*! (! (#:8%(&!
AD0/-,(&b!M!(!(A2*-:8(*!2%!]8c!0$%6-0-J%!2&/(4(!#(!
*8/(!0*D/-0(!]82!2#!9&/(6$!/2%D(!<(*(!(/2%62*!2&/(!
<*$4#2,_/-0(a
38(%6$! M$! ,2! 2%K*2%/$! 0$%! #(! 5$42*%(0-J%!
62!"%/-$]8-(b!A2$!]82!2&/_!2%0(*(%6$!#(!&-/8(0-J%!
<2*$!]82!2#!5$4-2*%$!1(0-$%(#!%$!/-2%2!8%(!<$#D/-X
0(! <C4#-0(! ]82! K(A$*2)0(! *2(#,2%/2! #(&! AD0/-,(&a!
9%/$%02&b!2%!"%/-$]8-(!M(!>(4D(!0$%K$*,(6(!8%(!
(&$0-(0-J%!62!(K20/(6$&!<$*!,-%(&!(%/-<2*&$%(a!

9%!2&$&!6D(&b!,2!-%A-/(*$%!(#!<*-,2*!2%082%X
/*$! 62<(*/(,2%/(#! 62! AD0/-,(&! ]82! &2! >-)$! 2%!
"%/-$]8-(b! #-62*(6$! <$*! #(! 6$0/$*(! E$0D$! .-%26(!
5(*0D(a!n$!/*(4(Fc!0$%!2##(b!<*-,2*$b!0$,$!0$%&8#X
/$*!62#!.1\Bb!M!#82:$!2##(!,2!%$,4*J!0$,$!:2*2%X
/2!<*$(0/-A$!62!#(!"&$0-(0-J%!62!GD0/-,(&a!n!(>D!
M$! 0$,2%0c! (! >(02*! 2&082#(m! &8<2! ]8c! 2*(! 8%(!
,-%(b!<$*!]8c!2N-&/D(%!M!<$*!]8c!3$#$,4-(!2&/(4(!
08%6-6$!62!2&(&!(*,(&a!
">D!2,<20c!(!6(*,2!082%/(!62!]82!"%/-$]8-(!
/-2%2! TRY! ,8%-0-<-$&b! 62! #$&! 08(#2&! UW! 2&/(4(%!
,-%(6$&b! M! ]82! 2#! %C,2*$! 62! AD0/-,(&! (&02%6D(!
(! ,-#! ]8-%-2%/(&! <2*&$%(&b! M! ]82! (<(*/2! 62! 2&$!
"%/-$]8-(! /2%D(! 8%! Vq! 62! &8! /2**-/$*-$! ,-%(6$a!
n! ]82! (! %-A2#! %(0-$%(#b! $08<(4(! #(! 0-K*(! 62#! [[!
2%!(#(*,(!62!,-%(&!(%/-<2*&$%(a!9%!2&2!,$,2%X
/$b!2#!&2:8%6$!62<(*/(,2%/$!2*(!O$#DA(*b!0$%!YZU!
AD0/-,(&m!2#!/2*02*$b!72/(!0$%!ZWV!AD0/-,(&b!M!(>D!
#2! &2:8D(%! 3(]82/_b! .8/8,(M$b! #$&! '(%/(%62*2&b!
G(##2b! 58(A-(*2b! #(! 4(F(! O$/(! 3(80(%(b! 3J*6$4(b!
O$M(0_!M!/$6$&!#$&!62,_&y!M!M$!,2!6-F2!lB-$&!,D$b!
u2%!]8c!2&/(,$&vy!9&/$!2&!8%(!0$&(!>$**-4#2ka!
38(%6$!A2$!2&(&!0-K*(&!6-&<(*(6(&!M!A2$!]82!
62! [R! 62<(*/(,2%/$&b! [T! 2&/(4(%! &2,4*(6$&! 62!
,-%(&b!M(!#(!(#(*,(!,D(!&2!<*2%62a!TaTTU!,8%-0-X
<-$&!M!2#!YS!62!2##$&!(K20/(6$b!M!2#!<*$%J&/-0$!2*(!
]82!,_&!62!0-2%!,-#!,-%(&!2&/(4(%!&2,4*(6(&!2%!
(#:8%(! <(*/2! 62#! <(D&a! 9%/$%02&b! M(! &(4-2%6$! 8%!
<$0$!,_&!62!#(!&-/8(0-J%b!(**(%]8c!(!/*(4(F(*!2%!
/$*%$!(!0$%&/*8-*!8%(!<#(/(K$*,(!>8,(%-/(*-(!]82!

<==

<=>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

ZI%,.'+"7I#'V"V0

0$%&/(4(! 62! A-%08#(*! <*$K2&-$%(#2&! 62! 6-&/-%/(&!


_*2(&Q!&$0-J#$:$&b!(4$:(6$&b!&-0J#$:$&b!0$,8%-0(X
6$*2&b! ,c6-0$&y! ;$6$! 2&$! <(*(! 0*2(*! 8%! 4(%0$!
62!/-2,<$a!i.$*!]8cj!'-!M$!>(:$!8%!0$%:*2&$!$!8%!
K$*$!62!,-%(&!(%/-<2*&$%(b!%202&-/$!]82!2#!&-0J#$X
:$!(<$*/2!08(%6$!#(!AD0/-,(!>(:(!8%(!<*2:8%/(b!M!
]82!2#!&$0-J#$:$!*2&<$%6(!08(%6$!>(M(!(#:$!<(*(!
&8! 0(,<$! 62! (00-J%a! B2&62! 2&(! J</-0(b! <#(%2c!
0$%&/*8-*!8%(!$*:(%-)(0-J%!%$!:842*%(,2%/(#!]82!
/*(4(F(*(!2%!2&2!<*$<J&-/$a
9&/8A2!8%!(`$!M!A(*-$&!,2&2&!/*(4(F(%6$!2%!#(!
5$42*%(0-J%a!"<*2%6D!,80>$!(##Da!^82:$!*2%8%0-c!
M!,2!A-%2!<(*(!O$:$/_!(!/*(4(F(*!0$%!#(!H8%6(0-J%!
62! '$4*2A-A-2%/2&! <$*! 7-%(&! 62! #(&! ",c*-0(&!
<(*(! 3$#$,4-(a! ;(,4-c%! /8A2! 8%! *2,2&J%! 62!
&-##(b!$/*(!2/(<(!62!,-!A-6(b!M!62!(>D!0$%K$*,c!,-!
<*$<-$!,$A-,-2%/$a!^(!@15!]82!<*2&-6$!&2!##(,(!
H8%6(0-J%! L%/2*%(0-$%(#! g8,(%-/(*-(! 0$%/*(!
7-%(&!"%/-<2*&$%(!M!g(,4*2a!
^2! <8&2! 2&2! %$,4*2b! -%0#8M2%6$! l>(,4*2kb!
<$*]82! 2#! <*$4#2,(! 62! ,-%(&! (%/-<2*&$%(! 2%!
3$#$,4-(!>(!-,<26-6$!2#!62&(**$##$!62!#$&!<824#$&!
M! &2! >(! 0$%A2*/-6$! 2%! 2#! /(#J%! 62! "]8-#2&! <(*(! #(!
62&<2%&(! 62! #(&! 0-86(62&b! ]82! 2&! 2#! 0(,<$a! '-! 2#!
0(,<$! %$! <*$6802b! 2%! #(! 0-86(6! /$6$! ,(*0>(!
,(#a!"8%]82!(#!0(,<2&-%$!#$!,-*2%!/(%!,(#!0$,$!
,80>$&!#$!,-*(%a
n$! 0*20D! 2%! 2#! 0(,<$a! 1(0D! 2%! "<(*/(6Jb!
"%/-$]8-(b!M!,2!0*-c!2%!#(!)$%(!62!\*(4_b!M!&$4*2A-X
AD!2%!#(!)$%(!62!\*(4_a!L*J%-0(,2%/2!,80>$&!(`$&!

62&<8c&!##2:J!8%(!,-%(!(!]8-/(*,2!#(!<-2*%(a!.2*$!
&$M!0(,<2&-%$!M!(<*2%6D!#(&!#(4$*2&!62#!0(,<$b!M!
:*(0-(&!(!B-$&!/8A2!#(!$<$*/8%-6(6!62!K$*,(*,2!2%!
8%(!8%-A2*&-6(6b!(8%]82!2&$!%$!,2!]8-/(!,-!$*-:2%!
%-!,-!$*:8##$!62!&2*!]8-2%!&$Ma!.$*!2&$!0$,<*2%6$!(!
#$&!0(,<2&-%$&!M!&c!62#!/2,$*!]82!/-2%2%b!<$*]82!M(!
&8&! >20/_*2(&! %$! <*$6802%! <#_/(%$&! &-%$! <-2*%(&!
,$0>(&!M!0(42)(&!,$0>(&b!<$*!08#<(!62!#(!:82**(a!
it8c! <(&(b! 2%/$%02&j! t82! #$&! >$,4*2&! ,$0>$&b!
0$,$!M(!%$!<8262%!&2,4*(*b!&2!A(%!(!#(&!0-86(62&!
(! &$4*2A-A-*! 0$,$! <8262%b! M! 2#! <#_/(%$! ]82! (%/2&!
0$&/(4(!6$&0-2%/$&!<2&$&b!2,<-2)(!(!0$&/(*!]8-%-2%X
/$&! 8! $0>$0-2%/$&! <2&$&a! n! (&D! K8%0-$%(! #(! :82**(!
M!(&D!K8%0-$%(!2#!>(,4*2a!;$6$!&2!A(!(:$/(%6$m!2#!
0(,<$!&2!]826(!&$#$!M!#(!0-86(6!&2!##2%(!62!K(,-#-(&!
]82!%$!/-2%2%!<$*!]8c!2&/(*!(>Db!<-6-2%6$!2%!A2)!62!
<*$680-2%6$b!&$4*2A-A-2%6$!(!68*(&!<2%(&a!
9#!<*$02&$!62!#(!H8%6(0-J%!>(!&-6$!,8M!#2%/$a!
B2&62! >(02! 6$&! (`$&! 2&/$M! /*(4(F(%6$! 2%! 2##(b!
<2*$!%$!>(!&-6$!K_0-#b!<$*]82!#(&!@15!62!4(F$!*2#-2X
A2!/-2%2%!,8M!<$0$!(<$M$!M!2&$!&D!,80>$!<(<2#2$a!
.2*$!%$!62&-&/$!M!<$0$!(!<$0$!2&/(,$&!0$%&/*8M2%X
6$!#(!<(*/2!&$0-(#a!
9%!#(!@15!#2!(<8%/(,$&b!<*-,2*$!]82!/$6$b!(!
(:*8<(*!(!#(&!AD0/-,(&a!^82:$!62!2&$b!2%!2#!0(,<$!
F8*D6-0$b!#2!/*(4(F(,$&!(!62F(*!62!&2*!,(*-$%2/(&!
<(*(!0$%A2*/-*%$&!2%!&8F2/$&!62!62*20>$b!/2%-2%6$!
2%!082%/(!]8c!2&!#$!]82!<$62,$&!*20#(,(*!M!]8c!
2&! #$! ]82! %$! %$&! 0$**2&<$%62a! B2&62! #$! >8,(%$b!
#2&! <#(%/2(,$&! <*$<82&/(&! (#! 5$4-2*%$! M! (! #(!

<>@

<><

<>?

30.2#'*"+,'&-.'($#(#')&'!"#$%&

0$,8%-6(6!-%/2*%(0-$%(#!&$4*2!#(!A2*6(62*(!%202X
&-6(6! ]82! /-2%2%b! ]82! /2%2,$&b! #(&! AD0/-,(&! 62!
,-%(&! (%/-<2*&$%(b! 62&62! %82&/*$! &2%/-*! M! 62&62!
%82&/*$! 6-(*-$! A-A-*a! 1$! &2! /*(/(! &J#$! 62! <*J/2&-&b!
&-%$!62!/2%2*!2680(0-J%b!62!/2%2*!(002&$!(!#(!&(#86b!
62!<$62*!/2%2*!8%!/*(4(F$!6-:%$a!^$!]82!48&0(,$&!
2&!:2&/-$%(*!<*$M20/$&!]82!,2F$*2%!#(!0(#-6(6!62!
A-6(!<(*(!/$6(&!#(&!AD0/-,(&!62#!<(D&b!&-%!-,<$*/(*!
2#!62<(*/(,2%/$!2%!2#!]82!&8026(a
9&/$M! /*(4(F(%6$! 2%! 2&$! M! 2&(! 2&! #(! K82*)(!
]82!,2!,$/-A(!<(*(!>(4#(*!62!*2%(02*!M!&2*!K2#-)a!
1$! <826$! 62F(*! 62! #(6$! 2#! &2%/-,-2%/$! 62! $/*(&!
AD0/-,(&! ]82! 2%K*2%/(%! ,C#/-<#2&! 6-K-08#/(62&!
0(8&(6(&!<$*!#(!:82**(a!9%!,-!,2%/2!0$%0-4$!]82!
,-!/*(4(F$!M!,-!2N<2*-2%0-(!&2(!8%!(<$*/2!A(#-$&$!
<(*(! 2#! ,8%6$! M! <(*(! #(! &$0-26(6! 2%! #(! ]82! (C%!
2&/$M!<*2&2%/2a
9&/$M! 0$%A2%0-6$! 62! 2&/(! ,(*(A-##$&(! K*(&2Q!
l'2*_&!#$!]82!]8-2*(&!&2*ka!"!<(*/-*!62!2&/$!<-2%&$!
]82b!(&D!0$,$!8%$!&2!,-*(b!#$!,-*(%!#$&!62,_&m!<$*!
2&$b!&-!%$!%$&!(02</(,$&!0$,$!&$,$&b!2&/(,$&!(#!
4$*62!62#!(4-&,$a!@4&2*A$!<2*&$%(&!]82!48&0(%!#(!
K2#-0-6(6!M!,-2%/*(&!,_&!#(!48&0(%!,2%$&!#(!2%082%X
/*(%b!<8262!&2*!]82!2&/c%!2%!2#!#8:(*!2]8-A$0(6$a

ZI%,.'+"7I#'V"V0

ZI%,.

<>A

E84c%! O#(%6J%! ^2,8&! %(0-J! 2%! "<(*/(6Jb!


"%/-$]8-(b!2%!TUVqa!B2FJ!&8!<824#$!M!&8!*2:-J%!
<(*(! 2&/86-(*! ;2$#$:D(b! <$*]82! &-2,<*2! #2!
>(4D(! :8&/(6$! -*! (! #(! -:#2&-(! M! $*(*#2! (! B-$&a!
"! E84c%! #2! :8&/(! 0(%/(*! M! /$0(*! :8-/(**(b! #2!
:8&/(!4(-#(*!M!,$A2*!2#!2&<D*-/8a!9&!8%!%2:*$!
(#/$b! 4-2%! <#(%/(6$! M! 62! &$%*-&(! ,8M! 4#(%0(a!
G-A-J!(#:8%$&!(`$&!2%!O2#c%!62!O(F-*_b!6$%62!
6-$!0#(&2&!62!c/-0(b!*2#-:-J%!M!K-#$&$KD(!(!2&/8X
6-(%/2&!62!#$&!C#/-,$&!(`$&!62!4(0>-##2*(/$a!
9%!2#!(`$!RSS[b!08(%6$!/2%D(!RV!(`$&b!/8A$!
8%!(00-62%/2!0$%!8%(!,-%(!(%/-<2*&$%(!]82!#2!
0(,4-J!#(!A-6(a!"!<2&(*!62#!6$#$*!]82!2&/$!#2!
0(8&Jb!&(0J!K82*)(&!<(*(!*2<$%2*&2!M!0*2(*!#(!
H8%6(0-J%! L%/2*%(0-$%(#! g8,(%-/(*-(! 0$%/*(!
7-%(&!"%/-<2*&$%(!M!g(,4*2b!]82!48&0(!(:*8X
<(*!(!#(&!AD0/-,(&!62!2&/$&!(*/2K(0/$&!<(*(!]82!
&2(%! 0$%&0-2%/2&! 62! &8&! 62*20>$&! M! <826(%!
,2F$*(*!&8!4-2%2&/(*a!
E84c%!A-A2!2%!/$6(!3$#$,4-(a!'-%!8%(!<-2*X
%(b! <2*$! 0$%! &8! <*J/2&-&! M! (! A202&! 0$%! ,8#2X
/(&b!A(!62!(]8D!<(*(!(##_!48&0(%6$!AD0/-,(&!M!
48&0(%6$!(<$M$!<(*(!&8!$*:(%-)(0-J%a

\$&F0+')0+'."]0+'
2#)'R0$2K.
Z0+F"$&'/!&V&$$X&'H#+&Q'
NI"+':.$"^I#'/!&V&$$X&'H#+&'T'
L&)0F5.'/!&V&$$X&'H#+&
65)$/.%")R5#
-!%$,4*2!2&!^8-&!9%*-]82!3>(A(**D(b!M!(!
0$%/-%8(0-J%! A$M! (! 0$%/(*#2&! 0J,$! A-AD!
,-! %-`2)! M! ,-! (6$#2&02%0-(! 2%! 2#! 0(,<$b! 2%! 8%(!
>2*,$&(! K-%0(! ##(,(6(! 9#! +$*6_%b! 84-0(6(! 2%! #(!
A2*26(!7(%-02*$&!62#!,8%-0-<-$!62!L/8(%:$b!2%!2#!
1$*/2!62!"%/-$]8-(a!L/8(%:$!2&!8%!<824#$!<2]82`$!
<2*$!,8M!4$%-/$b!0$,<82&/$!<$*!0(##2&!4-02%/2%(X
*-(&!M!0(##2&!2,<26*(6(&a!^(!-:#2&-(!0$%!&8!0C<8#(!
4#(%0(!M!&8&!:*(%62&!0$#8,%(&!&$4*2&(#2!0$,$!#(!
26-K-0(0-J%!,_&!>2*,$&(a
^$&!K-%2&!62!&2,(%(!2&!/$6$!8%!<#(02*!2&/(*!
(##Db! 2%! L/8(%:$b! 6$%62! (48%6(! 2#! (:8(*6-2%/2! M!
#(! <(**(%6(a! 9%! 2&/(&! K20>(&b! 2#! <824#$! &2! ##2%(!
62! :2%/2! <$*]82! /$6$&! #$&! 0(,<2&-%$&! &(#2%! 62!
&8&!<(*02#(&!0$%!/$6$&!#$&!K*8/$&!62!&8&!0$&20>(&!
<(*(!0$,2*0-(*#$&!(##Da!'(0(%!2#!,(D)b!2#!K*DF$#b!2#!
0(Kcb!2#!0(0($b!#(!<(%2#(!M!#(&!*2&2&!M!#$&!02*6$&!
<(*(!#(!0(*%-02*D(a!

L#8&/*(0-J%!<$*!^8-&!9%*-]82!3>(A(**D(!72&(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

^(!K-%0(!6$%62!%(0Db!0*20D!M!(<*2%6D!(!#(4*(*!#(!
/-2**(!]826(!4(&/(%/2!#2F$&!62!2&/(!<$4#(0-J%a!.(*(!
-*!(##_!6242!/$,(*!8%!48&!2&0(#2*(!]82!#$!0$%6802!
2%!6$&!>$*(&!M!,26-(!(!#(!A2*26(!^(!5*(%F(b!M!62!
(>D!6242!0$:2*!8%(!,8#(!M!2,<*2%62*!<$*!2#!0(,-X
%$!62!>2**(68*(!]82!#$!##2A(!>(&/(!#(!K-%0(m!6-0>$!
/*(M20/$!68*(!8%(&!&2-&!>$*(&a
9&/(!K-%0(!2&!K(,$&(!M!0$%$0-6(!<$*]82!62&62!
#(!0-,(!62!8%(!,$%/(`(b!,80>$!(%/2&!62!##2:(*b!&2!
6-A-&(!(!#2F$&!8%(!0(&(!:*(%6D&-,(!<-%/(6(!62!4#(%X
0$!M!*$62(6(!62!A2*62&!<$/*2*$&a!9&/(!0(&(!#(!0$%&X
/*8MJ!,-!<(6*2!]82!2*(!8%!:*(%!0(*<-%/2*$m!#(!>-)$!
/$6(!2%!,(62*(!(&2**(6(!M!4-2%!/(##(6(a!3$%&/*8MJ!
2#!<-&$b!#(&!<(*262&b!2#!/20>$!M!#(&!6-2)!>(4-/(0-$%2&b!
]82! 2*(%! %202&(*-(&! <(*(! 8%(! K(,-#-(! /(%! :*(%62!
0$,$!#(!,D(a
182&/*$&!<(6*2&!&2!&2%/D(%!,8M!$*:8##$&$&!62!
&2*! 0(,<2&-%$&a! ^(! :2%/2! #$&! ]82*D(! M! (6,-*(4(!
<$*]82!2%!&8!c<$0(!62!<*$&<2*-6(6!&(4D(%!&2*A-*!
(! #$&! 62,_&! M! 0$,<(*/-*! 0$%! #$&! A20-%$&! (#:8%$&!
<*$680/$&!62!#(!K-%0(b!0$,$!<$*!2F2,<#$!#(!#20>2m!
*2082*6$! ]82! 2%! #(&! K*D(&! ,(6*8:(6(&b! (! #(! >$*(!
62!$*62`(*!#(&!A(0(&b!##2:(4(%!<*2&8*$&$&!0$%!8%!
*20-<-2%/2!<(*(!##2A_*&2#$!##2%$!62!#20>2b!<82&!%$!
/$6(&!#(&!K-%0(&!(#26(`(&!(6,-%-&/*(4(%!:(%(6$a
7-&!<(6*2&b!,-&!>2*,(%$&!M!M$!A-AD(,$&!K2#-X
02&!M!2%!<()a!n$!/8A2!8%(!-%K(%0-(!,8M!(:*(6(4#2a!
38(%6$! K8-,$&! (6$#2&02%/2&b! ,-! <(6*2! %$&! 2%&2X
`J!(!/*(4(F(*!2%!#(!K-%0(a!7-&!>2*,(%(&!,(M$*2&!
M! ,-! ,(6*2! &2! 2%0(*:(4(%! 62! 0$0-%(*b! (&2(*! #(!

0(&(b! 08-6(*! #$&! <(A$&b! #(&! :(##-%(&! M! #$&! 02*6$&a!


"!,-&!$/*$&!>2*,(%$&!>$,4*2&!M!(!,D!%$&!/$0(4(!
&2,4*(*b! 62&,(#2)(*! M! *20$:2*! #(&! 0$&20>(&! 62!
,(D)b! K*DF$#b! 0(0($b! 0(Kc! M! M80(a! 7-! <(6*2! 2*(! 8%!
2N<2*/$! 2%! 2#! /2,(! 62! #(! :(%(62*D(b! 08-6(4(! 62!
&8&!:(%(6$&!0$%!/$6(!#(!626-0(0-J%!M!2#!2,<2`$b!M!
<$*!2&$!&2!620D(!2%!#(!*2:-J%!]82!#(&!,2F$*2&!*2&2&!
2*(%!#(&!62!%82&/*(!K-%0(a!
n$! &$M! 2#! %C,2*$! &-2/2! 62! /*202! >2*,(%$&b!
M! /$6$! #$! 0$%/*(*-$! (! #$! ]82! 6-02%! (#:8%$&b! ]82!
08(%6$!2%!8%(!K(,-#-(!>(M!,80>$&!>-F$&!(48%6(%!
#(&!6-K-08#/(62&!20$%J,-0(&b!2%!,-!0(&(!#$:*(,$&!
0$%&/*8-*! 8%(! K-%0(! >2*,$&(! ##2%(! 62! 08#/-A$&b!
0(4(##$&! M! :(%(6$a! ^$&! K*8/$&! 62! #(&! 0$&20>(&!
0$,4-%(6$&!0$%!#(!:(%(62*D(!:2%2*(4(%!8%(!,8M!
482%(!K82%/2!62!-%:*2&$&b!>(0-2%6$!62!2&/(!K-%0(!
#(!,_&!<*J&<2*(!62!#(!*2:-J%a!
"#:8%$&!62!#$&!,80>$&!,$,2%/$&!(#2:*2&!]82!
*2082*6$!62!,-!F8A2%/86!&$%!#$&!##(,(6$&!<(&2$&!
62! $##(! ]82! >(0D(,$&! (! #(! ]824*(6(! 7(%-02*$&b!
]82!<(&(4(!2%!,26-$!62!#$&!0(`(68)(#2&!62!%82&X
/*(!K-%0(a!1$&!*28%D(,$&!#$&!/*202!>2*,(%$&!0$%!
#$&! FJA2%2&! 62! #(&! K-%0(&! (#26(`(&! M! >(0D(,$&!
&(%0$0>(6(&! 62! :(##-%(b! *2<*2&_4(,$&! 2#! (:8(! M!
>(0D(,$&! 8%! 0>(*0$! 0*-&/(#-%$b! 6$%62! <$6D(,$&!
%(6(*! M! 6-A2*/-*%$&m! (62,_&b! &-! 0(,-%_4(,$&!
8%$&! ,2/*$&! ]824*(6(! (4(F$b! <$6D(,$&! <2&0(*!
&(4(#2/(&! M! :8(0>-#2F$&b! <202&! <*$<-$&! 62#! 0#-,(!
0(#-2%/2a!"##Db!2%!#(!]824*(6(b!%$&!<(&_4(,$&!/$6$!
2#!6D(!6$,-%:$a

<>D

<>E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

"!,D!62&62!,8M!%-`$!,2!>(!:8&/(6$!/*(4(F(*a!
^(!A2*6(6!%$!<2%&(4(!]82!#(!2&082#(!M!]82!2&/8X
6-(*!K82*(%!0$&(&!/(%!-,<$*/(%/2&b!<2*$!,-!<(6*2!
%$!<2%&(4(!-:8(#!]82!M$m!c#!&$`(4(!0$%!6(*%$&!8%(!
482%(! 2680(0-J%b! <2*$! #(! 2&082#(! ,_&! 02*0(%(!
]826(4(!2%!#(!A2*26(!^(!5*(%F(b!(!&2-&!>$*(&!62!
0(,-%$!M!<$*!#$!/(%/$!%$&!2*(!-,<$&-4#2!(&-&/-*b!%$!
&$#$!(!,D!M!(!,-&!>2*,(%$&b!&-%$!/(,4-c%!(!,80>$&!
%-`$&! ]82! A-AD(%! 02*0(! 62! %$&$/*$&a! 9%/$%02&! ,-!
<(6*2! 6-F$! 8%! 6D(Q! l'-! 8&/262&! %$! <8262%! -*! (! #(!
2&082#(b!<82&!]82!#(!2&082#(!&2(!(]8Db!2%!2&/(!0(&(b!
<(*(!2&$!/2%2,$&!&8K-0-2%/2!2&<(0-$ka
7(%6J!8%(!0(*/(!(!O$:$/_b!(!8%!<*$:*(,(!62!
2680(0-J%! (! 6-&/(%0-(! ##(,(6$! '8/(/2%)(b! 2N<*2X
&(%6$! ]82! 2%! %82&/*(! *2:-J%! %$! >(4D(! 2&082#(&a!
9#!<*$:*(,(!2680(/-A$!2&080>J!#(!<2/-0-J%!62!,-!
<(6*2!M!0(6(!&2-&!,2&2&!%$&!,(%6(4(%!62!O$:$/_!
#-4*$&b!/(##2*2&b!08(62*%$&b!#_<-02&!M!/(,4-c%!8%$&!
/"#:'/+B)!]82!2*(%!8%$&!6-&0$&!0$,$!#$&!06!(0/8(X
#2&b!<2*$!:*(%6D&-,$&b!M!0$%/2%D(%!#(!2N<#-0(0-J%!
62!0(6(!/2,(!(!2&/86-(*a!^$&!2&080>_4(,$&!2%!#(!
*(6-$#(! M! #$&! /(##2*2&! *2(#-)(6$&! #$&! 2%A-_4(,$&!
(!O$:$/_!<(*(!&2*!0(#-K-0(6$&a!3$%!#$&!*2&8#/(6$&!
/(,4-c%! *20-4D(,$&! #(&! 8%-6(62&! &-:8-2%/2&! 62!
/$6(&! #(&! ,(/2*-(&! ]82! 624D(,$&! (<*2%62*a! "&D!
K82!]82!0(&-!/$6$&!,-&!>2*,(%$&!2&/86-(*$%!#$!]82!
0$**2&<$%62!(!#(!4_&-0(!<*-,(*-(a
7-! 0(&(! &2! 0$%A-*/-J! 2%! 8%(! 2&082#(b! <$*]82!
-%A-/_4(,$&! (! #$&! %-`$&! A20-%$&! <(*(! ]82! ,-&!
>2*,(%(&!'$0$**$b!;2*2&(b!7(*D(!+8#-(b!E$&,-*(!M!

9&/2#(!#2&!2%&2`(*(%!(!#22*!M!(!2&0*-4-*b!<82&!K82*$%!
2##(&b! ,-&! >2*,(%(&b! #(&! ]82! &D! (<*$A20>(*$%! #(!
$<$*/8%-6(6!62!(<*2%62*a!n$!%$!]8-&2!2&/86-(*b!,2!
6-A2*/D(!,_&!,$%/(*!(!0(4(##$!M!*20$:2*!2#!:(%(X
6$b! <2%&(4(! ]82! 2&/86-(*! %$! 2*(! %202&(*-$! <(*(!
#(!A-6(a!^(!2&082#(!<2*68*J!<$*!A(*-$&!(`$&!>(&/(!
]82! (! ,-! >2*,(%(! E$&,-*(! #2! 6-$! <$*! 0(&(*&2! M!
#82:$!(!7(*D(!+8#-(a!;$6(&!&2!0(&(*$%b!]826(%6$!
&$#$!'$0$**$b!,-!>2*,(%(!,(M$*b!]8-2%!8%!6D(!%$!
]8-&$!0$%/-%8(*!0$%!2#!<*$M20/$!<$*]82!>(4D(!,8M!
<$0$&!%-`$&a!
780>$! /-2,<$! 62&<8c&b! (<*$N-,(6(,2%/2!
2%!2#!(`$!TUUZb!2&080>(,$&!2#!*8,$*!62!]82!(!#(!
*2:-J%!>(4D(%!2%/*(6$!(#:8%$&!(*,(6$&!(#!,(*:2%!
62! #(! #2Ma! 1$! <2%&(,$&! ]82! K82*(! 0-2*/$b! (8%]82!
,80>$&! 0$,2%/(4(%b! %8%0(! #$&! >(4D(,$&! A-&/$a!
g(&/(! 2#! 6D(! 2%! ]82! 8%(! ,(`(%(! ,8M! /2,<*(%$!
(<(*20-J! 2%! 2#! <(/-$! 62! #(! 0(&(! 8%! :*8<$! :*(%62!
62!<2*&$%(&b!>$,4*2&!2%!&8!,(M$*D(b!8%-K$*,(6$&!
M!K82*/2,2%/2!(*,(6$&a!'-%!&(#86(*b!<*$026-2*$%!
(! 2N<#-0(*%$&! 0$%! 4*2A26(6! ]82! &8! K8%0-J%! M! &8!
,-&-J%! 2*(%! 0$,4(/-*! (! #(! K82*)(! <C4#-0(b! &2:C%!
2##$&!<(*(!62K2%62*!&8&!-62(#2&a!H82!2&(!#(!<*-,2*(!
A2)!]82!,2!/$0J!A2*!(!8%!:*8<$!(*,(6$!*242#62b!62!
(>D! 2%! (62#(%/2! &2! %$&! >-)$! 0$/-6-(%$! 2%0$%/*(*X
%$&! 0$%! 2&/$&! :*8<$&! 08(%6$! /*(%&-/_4(,$&! <$*!
#$&!0(,-%$&!62!#(!A2*26(!M!62!#(&!(#26(`(&a!
3$%!#(!<*2&2%0-(!62!2&/$&!:*8<$&!(*,(6$&!2%!
#(! *2:-J%b! #(! :2%/2! &2! ##2%J! 62! ,-26$! M! 2,<2)J! (!
(4(%6$%(*! &8&! K-%0(&m! 8%$&! K82*$%! $4#-:(6$&! M!

<>=

<>>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

$/*$&! #$! >-0-2*$%! <$*! /2,$*b! M(! ]82! 2&/$&! <2*&$X


%(F2&! *20#8/(4(%! FJA2%2&! <(*(! &8&! K-#(&b! <$*! 2&$!
/$6$&!#$&!<(6*2&!/2,D(%!<$*!&8&!>-F$&!2!>-F(&a!9%!
,-! K(,-#-(! 2&/(! &-/8(0-J%! %$! <(&J! -%(6A2*/-6(m!
0(6(! 8%$! 62! ,-&! >2*,(%$&! /$,J! 8%! *8,4$! 6-K2X
*2%/2a!9%!#(!0(&(b!0$%!,-&!<(6*2&b!]826(,$&!&2-&!
>2*,(%$&Q!'$0$**$b!x-##-(,b!;$`$b!'(#$,J%b!+$&c!
M! M$a! x-##-(,b! ]82! 2&! 2#! ,2%$*! 62! /$6$&b! 2#! ,_&!
F$A2%b!,_&!(A2%/8*2*$b!,_&!&$`(6$*b!%$!#$!<2%&J!
6$&!A202&!<(*(!,(*0>(*&2b!&2!K82!>(0D(!E-&(*(#6(!
<$*]82! 2%! .2*2-*(! /2%D(! (#:8%$&! (,-:$&! ]82! #2!
(M86(*D(%!(!0$%&2:8-*!/*(4(F$a!BD(&!62&<8c&!;$`$!
&2! K82! <(*(! 7262##D%! 0$%! #(! ,-&,(! -%/2%0-J%! 62!
/*(4(F(*b!(##D!&2!0(&J!2!>-)$!&8!A-6(b!(!6-K2*2%0-(!62!
,D!]82!%$!,2!0(&c!%-!/8A2!>-F$&a
+$&cb!'(#$,J%!M!M$!620-6-,$&!%$!,(*0>(*%$&!
<$*]82! /*(4(F(*! #(! /-2**(! 2*(! M! 2&! (C%! %82&/*(!
C%-0(! <*$K2&-J%m! (62,_&b! <2%&(,$&! 2%! %82&/*(!
,(6*2m!%$!]8-&-,$&!62F(*#(!&$#(b!<$*]82!62&62!#(!
,82*/2!62!,-!<(6*2b!2%!2%2*$!62#!(`$!RSSSb!2##(!%$!
#$:*J!*2<$%2*&2b!&2!#2!%$/(4(!2%!&8!*$&/*$!#(!/*-&X
/2)(!]82!<*$6802!#(!(8&2%0-(!62!&8&!>-F(&!M!62!&8&!
>-F$&m! A-AD(! 0$%! #(! %$&/(#:-(! 62! A2*! 0J,$! #(! :*(%!
K-%0(!<*J&<2*(!]82!8%!6D(!/8A$!&2!-4(!]824*(%6$!
0(6(!6D(!<$*!#(&!<#(%/(0-$%2&!62!,-%(&!(%/-<2*&$X
%(!2%!#$&!0(,-%$&!M!<$/*2*$&b!2*(!,8M!6-KD0-#!/*(4(X
F(*!/*(%]8-#$a!
"! <2&(*! 62! /$6$b! (##D! >2,$&! &$4*2A-A-6$! M! 2#!
(,$*!]82!#2!/2%2,$&!(#!0(,<$!M!(!%82&/*(!/-2**(!
%$&!>(!(M86(6$!(!(K*$%/(*!#$&!,$,2%/$&!6-KD0-#2&b!

0$,$!2#!,-%(6$!62!#(&!2%/*(6(&!<*-%0-<(#2&!62!#(!
K-%0(!M!/(,4-c%!62!#(!4$%-/(!]824*(6(!62!#(!]82!#2&!
0$%/(4(!(#!0$,-2%)$!62!,-!>-&/$*-(a!1$&!/$0J!A2*!
0$%!,80>(!/*-&/2)(!0J,$!8%!(,-:$!62!/$6(!#(!A-6(!
##(,(6$!7(*-$!0(MJ!2%!8%(!,-%(!,-2%/*(&!*20$:D(!
&8!:(%(6$!2%!&8!K-%0(!]82!2*(!A20-%(!62!#(!%82&X
/*(a! p#! K82! /*(&#(6(6$! <$*! &8! K(,-#-(! (! 7262##D%b!
M! 62&<8c&! 62! *20-4-*! (/2%0-J%! ,c6-0(! M! /2*(<-(&!
#$:*J! *2<$%2*&2! M! &2:8-*! 0$%! &8! A-6(b! (8%]82! M(!
%(6(!A82#A2!(!&2*!-:8(#a
.82&!4-2%b!>(4#(%6$!62!,-%(&!#2&!082%/$!]82!
(]82##(!/(*62!62#!6D(!RV!62!K24*2*$!62#!(`$!RSSWb!
<$*!&2*!K-%!62!,2&!M!0$,$!62!0$&/8,4*2b!2,<*2%X
6D!2#!0(,-%$!]82!0$%6802!(#!0$**2:-,-2%/$!62!^(!
5*(%F(b! 0$%! 2#! <*$<J&-/$! 62! >(02*! 2#! ,2*0(6$a!
g(4D(!*20$**-6$!8%!/*(M20/$!2N/2%&$!M!(<*$N-,(X
6(,2%/2!(!#(&!6$&!62!#(!/(*62!6-!8%!<(&$!M!%$!&8<2!
]8c! <(&Ja! B2&<2*/c! 8%! #(*:$! *(/$! 62&<8c&! M! (C%!
%$! &(4D(! ]8c! <(&(4(a! 72! 2%0$%/*(4(! 2%! 8%! :*(%!
>820$! M! (! ,-! (#*2626$*! >(4D(! *(,(&! 62&<26()(X
6(&b!&(%:*2!M!/-2**(!*2,$A-6(a!
.2%&c!]82!<$6D(!#2A(%/(*,2b!>-02!2#!-%/2%/$!M!
K82! 2%/$%02&! 08(%6$! 62&084*D! 0$%! >$**$*! ]82! ,-!
<-2*%(!-)]8-2*6(!2&/(4(!62&/*$)(6(b!>20>(!/-*(&!M!
2#!>82&$!&$4*2&(#D(b!2&/(4(!/$/(#,2%/2!62&0(*%(X
6$a!1$!&(4D(!]8c!>(02*!M!0$,$!%$!,2!<$6D(!<(*(*b!
0$:D!,-!,(0>2/2!]82!2&/(4(!(!8%!#(6$!M!<*$026D!(!
0$*/(*!#(&!/-*(&!62!0(*%2!]82!0$#:(4(%!62!,-!*$6-X
##(! M! #(&! <8&2! (! 8%! #(6$a! ^82:$! ,2! *20$&/c! M! %$!
&8<2!%(6(!,_&!62!,Da

?@@

?@<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

"#!6D(!&-:8-2%/2!62&<2*/c!M!A-!]82!#(!<2&(6-##(!
0$%/-%8(4(a! 9&/(4(! ##2%$! 62! &(%:*2! M! #(! &26! ,2!
62&2&<2*(4(! >(&/(! 2#! <8%/$! 62! (#80-%(*! ]82! ,2!
2%0$%/*(4(! 2%! 8%! K*2&0$! M! 0*-&/(#-%$! 0>(*0$! 62!
(:8(!M!]82!<$6D(!4242*b!0$:D(!(!<8`(6$&!2#!#D]8-6$!
]82!,2!2,<(<(4(!M!#$!424D(a!;*(/(4(!62!6$*,-*X
,2!$!,2F$*!62!,$*-*,2!<(*(!%$!&$<$*/(*!2#!6$#$*!
/(%!-%,2%&$!]82!&2%/D(a!72!-%A(6-2*$%!#(&!,$&0(&!
M!#(&!>$*,-:(&b!M!M$!/*(/(4(!62!2&<(%/(*#(&!0$%!#(&!
*(,(&! ]82! <$6D(! (#0(%)(*m! ,-*(4(! >(0-(! 2#! 0-2#$!
M! &$#$! A2D(! ,80>$&! <_F(*$&! ]82! <(&(4(%a! g(4D(!
<2*6-6$!#(&!2&<2*(%)(&!62!]82!(#:8-2%!,2!*2&0(/(X
*(b!<82&!<$*!#(!A-$#2%0-(!#(&!/*$0>(&!M!#$&!0(,-%$&!
<2*,(%202%!&$#-/(*-$&a
38(%6$!M(!2&/(4(!0(&-!2%!,-!C#/-,$!(#-2%/$b!]82!
,2!0$&/(4(!>(&/(!*2&<-*(*!<$*]82!M(!>(4D(!<(&(X
6$!ZW!>$*(&!(#!&$#!M!(#!(:8(b!2&080>c!]82!(#:8-2%!
,2! ##(,(4(! 0$%! A$)! K82*/2Q! l9%*-]82b! 9%*-]82ka!
"8%]82! <2%&c! ]82! &2:8D(! (#80-%(%6$b! /*(/c! 62!
*2&<$%62*! <2*$! %$! <862b! %$! /8A2! K82*)(&b! &$#$!
<862!#2A(%/(*!8%(!,(%$!<(*(!620-*#2&!]82!2&/(4(!
A-A$a!B-!:*(0-(&!(!B-$&!08(%6$!(4*D!,-&!$F$&!M!A-!(!
,-!08`(6$b!2#!2&<$&$!62!,-!>2*,(%(!E$&,-*(b!M!(!
,-!>2*,(%$!'(#$,J%a!"/2**(6$&b!&2!,2!(02*0(*$%!
M! ,2! 6-2*$%! (:8(! 62! <(%2#(! 0$%! #20>2a! 7-2%/*(&!
/(%/$!,-!>2*,(%$!A$,-/(4(b!##$*(4(!M!&2!(<*2/(4(!
2#! <20>$! <$*! 2#! /2**$*! ]82! #2! <*$680D(! A2*,2! /(%!
>2*-6$!M!<$*!2#!$#$*!%(8&2(48%6$!(!0(*%2!<$6*-6(a
72! 62F(*$%! (##D! M! &(#-2*$%! (! 48&0(*! (M86(b! M!
<$0$! 62&<8c&! ##2:(*$%! 0$%! 08(/*$! >$,4*2&! ,_&!

<(*(! &(0(*,2a! 9%/$%02&! ,-! 08`(6$! 0$*/J! 6$&!


<(#$&!M!0$%!8%!0$&/(#!]82!##2A(4(!>-)$!0$,$!<86$!
8%(!0(,-##(!-,<*$A-&(6(!M!2%!2##(!,2!&(0(*$%!62!
(]82#!>$**-4#2!>820$!2%!2#!]82!,2!2%0$%/*(4(a!72!
##2A(*$%!(#!02%/*$!62!&(#86!62!#(!A2*26(!^(!5*(%F(b!
]82!62!(##D!]826(!(!/*2&!>$*(&!62!0(,-%$a!'$#$!,2!
>-0-2*$%!8%!#(A(6$!&8<2*K-0-(#!<(*(!&(0(*,2!(#:8X
%$&!:8&(%$&!M!#(!/-2**(!]82!/2%D(!2%!#$!]82!]826(X
4(!62!,-!<-2*%(a
B2&<8c&! 62! <$%2*,2! &82*$b! ,2! /*(&#(6(*$%!
2%!(,48#(%0-(!(!#(!0-86(6!62!7262##D%a!"%/2&!62!
<(*/-*b!<862!A2*!(!,-!,(6*2!]82!&2!,2!(02*0J!<(*(!
6(*,2!#(!42%6-0-J%a!9##(!<-6-J!]82!#(!##2A(*(%!<(*(!
62&<26-*&2! 62! ,Dm! 2&/(4(! <(&,(6(b! %$! <$6D(! %-!
>(4#(*!M!M$!#2!6-F2!]82!%$!##$*(*(b!]82!M$!-4(!(!2&/(*!
4-2%!M!,2!*2&<$%6-JQ!ln$!%$!2&/$M!##$*(%6$b!<$*]82!
62!/$6$!#$!]82!>2!##$*(6$!M(!%$!/2%:$!#_:*-,(&ka!
^#2:8c! (! 7262##D%! 2#! <*-,2*$! 62! ,(*)$! 62#!
RSSW!(!#(&!&2-&!62!#(!,(`(%(a!"##Db!,2!-%/2*A-%-2X
*$%! ]8-*C*:-0(,2%/2! <(*(! 62/2%2*! #(! -%K200-J%a!
B2! ,-! <-2*%(! &$#$! ]826J! #(! ,-/(6! 62! ,-! ,8&#$a!
9&/8A2! 0(/$*02! 6D(&! >$&<-/(#-)(6$! 2%! 2#! g$&<-/(#!
\%-A2*&-/(*-$! '(%! G-02%/2! 62! .(C#a! 7-! >2*,(%(!
E$&,-*(! ,2! A-&-/J! /$6$&! #$&! 6D(&! M! &2! >-)$! 0(*:$!
62!,Da!;(,4-c%!,2!A-&-/(*$%!9&/2#(!M!;$`$b!<$*]82!
2##$&!A-A2%!(0_!2%!7262##D%a
"##_b! 2%! 2#! g$&<-/(#! '(%! G-02%/2! .(C#b! *20-4D!
/$6(&! #(&! /2*(<-(&a! ^(! KD&-0(! 0$%&-&/D(! 2%! (<*2%X
62*!(!0(,-%(*!0$%!,8#2/(&!M!#82:$!0$%!#(!<*J/2&-&!
]82!,2!6$%J!#(!3*8)!E$F(!L%/2*%(0-$%(#m!(62,_&b!

?@?

?@A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

>(0D(,$&! ,80>$! 2F2*0-0-$a! ^(! /2*(<-(! &-0$#J:-0(!


,2! (M86J! (! (02</(*! #(! *2(#-6(6! 62! #(! %82A(! A-6(!
]82! ,2! /$0J! 0$,2%)(*m! 2%/2%6D! ]82! 2&! A2*6(6!
]82! ,2! K(#/(! 8%(! <-2*%(b! <2*$! (C%! 2&/$M! A-A$b! M!
,-2%/*(&! >(M(! A-6(! >(M! 2&<2*(%)(a! 7-! >2*,(%(!
E$&,-*(!,2!2%&2`J!(!0$%$02*!2&/(!0-86(6!]82!(#!
<*-%0-<-$! ,2! <(*20D(! 2%$*,2! M! 6-KD0-#b! <2*$! <$0$!
(!<$0$!>2!-6$!(<*2%6-2%6$!(!&(#-*!&$#$a!n(!%$!8&$!
,8#2/(&b!<$*]82!,(%2F$!4-2%!#(!<*J/2&-&b!&$#$!##2A$!
0$%,-:$!8%!4(&/J%a
u">v!.2*$!,2!K(#/(4(!0$%/(*#2&!(#:$!]82!(8%]82!
2&!0-2*/$!<(*202!62!K-00-J%b!2&!0$,$!<(*(!%$!0*22*a!
38(%6$!M$!,2!(00-62%/c!2%!(]82##(!,$%/(`(b!$/*$!
62!,-&!>2*,(%$&b!"*:2,-*$b!]8-2%!>(4D(!*2:*2&(6$!
(!#(!0(&(!62&<8c&!62!,80>$&!(`$&b!&2!2%0$%/*(4(!
2%! #(! K-%0(! 08(%6$! 62! <*$%/$! 2&080>J! (! #$! #2F$&!
8%(!:*(%!2N<#$&-J%b!M!0$,$!&(4D(!]82!M$!2&/(4(!62!
0(,-%$!/2,-J!<$*!,-!A-6(a!'(#-J!0$**-2%6$!6-)]82!(!
48&0(*,2b!<2*$!<(*(!2#!#(6$!0$%/*(*-$!62!6$%62!M$!
2&/(4(b!<82&!2#!20$!<*$M20/J!2#!&$%-6$!(#!#(6$!0$%/*(X
*-$a!.2%&J!]82!M$!>(4D(!0(D6$!2%!(#:8%(!,-%(!02*0(!
(!#(!]824*(6(!7(%-02*$&a!p#!,2!##(,(4(!(&8&/(6$!M!
2%!&8!(K_%!<$*!2%0$%/*(*,2b!(6-A-%2%!]8c!<(&JQ!0$%!
&8!,(0>2/2!(0/-AJ!&-%!]82*2*!8%(!,-%(!]82!(#!2N<#$X
/(*!#2!$0(&-$%J!,C#/-<#2&!>2*-6(&!2%!2#!082*<$b!#(&!
,(%$&!M!#(!0(*(a!9&/$!#$!&8<2!8%!6D(!62&<8c&a!9*(!
#8%2&!08(%6$!c#!##2:J!(#!,-&,$!>$&<-/(#!62&<8c&!62!
&2*!*2,-/-6$!62&62!2#!>$&<-/(#!62!L/8(%:$!2%!(,48X
#(%0-(b!(8%]82!%$!/(%!:*(A2!0$,$!M$a!p#!&2!*208<2*J!
M!*2:*2&J!62&<8c&!(!#(!K-%0(a

3$,$! 2&/(! A-$#2%0-(! <(*202! %$! /2*,-%(*b! 2#! V!


62! 2%2*$! 62#! (`$! RSSU! (! #(&! $0>$! 62! #(! ,(`(%(b!
,-!>2*,(%$!'(#$,J%!&2!2%0$%/*(4(!62&,(#2)(%X
6$!08(%6$!0(MJ!2%!8%(!,-%(!]82!-:8(#!]82!(!,D!#2!
62&/*$)J!#(!<-2*%(!-)]8-2*6(a!"!c#!#$&!0$,<(`2*$&!
62!/*(4(F$!M!&8!>-F$!#$!##2A(*$%!(#!02%/*$!62!&(#86!
62!^(!5*(%F(a!B2&62!(##D!8%!>2#-0J</2*$!62!#(!3*8)!
E$F(!L%/2*%(0-$%(#!#$&!/*(&#(6J!(!7262##D%a!9%!2&/$&!
,$,2%/$&!2&/_!2%!*2>(4-#-/(0-J%a!^$&!6$&!A-A-,$&!
2%!#(!0(&(!62!E$&,-*(a!9##(!#$!08-6(!0$,$!#$!>-)$!
0$%,-:$!M!#$!##2A(!(!/$6(&!#(&!0-/(&!M!/2*(<-(&a
9%!K-%b!(!,D!2&/(!68*(!M!6$#$*$&(!2N<2*-2%0-(!
,2! >(! /*(D6$! 8%(! 2%&2`(%)(! -,<$*/(%/2! <(*(! #(!
A-6(a! 3$,<*2%6D! ]82! 2N-&/-*! 2&! ,(*(A-##$&$b! ]82!
>(M!]82!/2%2*!&-2,<*2!2#!0$*(F2!<(*(!]82*2*!&(#-*!
(62#(%/2b! <(*(! &$4*2<$%2*&2! 62! #(&! (6A2*&-6(62&!
M!0$%/-%8(*!0$%!$</-,-&,$b!0$%!2,<8F2!0$,$!620-X
,$&! #$&! <(-&(&b! <$*]82! #(! A-6(! 2&! 8%(! &$#(! M! >(M!
]82!A-A-*#(!0$%!(#2:*D(a!B-$&!,2!>(!6(6$!$/*(!$<$*X
/8%-6(6! M! <-2%&$! (<*$A20>(*#(b! &2:8-*! 0(,-%(%6$!
&-2,<*2!>(0D(!(62#(%/2!(8%]82!&2(!0$%!8%!&$#$!<-2a
"!E$&,-*(b!,-!>2*,(%(b!]8-2%!K82!#(!<*-,2*(!
<2*&$%(!]82!A-!2%!2#!>$&<-/(#!08(%6$!62&<2*/c!62!
#(!(%2&/2&-(b!#(!]82!,2!(#$FJ!2%!&8!0(&(b!,2!08-6Jb!
,2!(M86J!2%!2#!<*$02&$!62!*208<2*(0-J%b!,2!/8A$!
<(0-2%0-(! M! ,2! (%-,J! 08(%6$! ,2! 2%0$%/*(4(!
62<*-,-6$m!#(!]82!(>$*(!&2!>(02!0(*:$!62!'(#$,J%b!
#(!]82!#80>(!0(6(!6D(!<(*(!&(0(*#$!62!#(!62<*2&-J%!
M!#$:*(*!&8!*208<2*(0-J%b!08(%6$!8%$!#2!<*2:8%/(!
]8c!<-2%&(!62!/$6$!2&/$!M!08_#!>(!&-6$!&8!2N<2*-2%X
0-(!2##(!6-02y

?@B

?@C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

W'"?'/M,$2)"'
;(,4-c%!(!,D!,2!>(!0(,4-(6$!#(!A-6(!2%!2&/$&!
C#/-,$&! 6$&! (`$&a! n$! >2! A-A-6$! (]8D! 2%! 7262##D%!
62&62!>(02!8%$&!]8-%02!(`$&a!"]8D!&(]8c!(62#(%/2!
(! ,-&! 08(/*$! >-F$&b! M! 0$%! #(! (M86(! 62! ,-! 2&<$&$!
#2&!6-,$&!2#!2&/86-$!>(&/(!08(%6$!2##$&!]8-&-2*$%a!
38(%6$!M(!0*20-2*$%!0(6(!8%$!620-6-J!K$*,(*!&8!
A-6(!(<(*/2a
g(02! 08(/*$! (`$&! A-A$! &$#(! 0$%! ,-! 2&<$&$b!
M! %8%0(! -,(:-%c! ]82! ,2! -4(! (! /$0(*! A-A-*! 8%(!
&-/8(0-J%! /(%! 6$#$*$&(! M! 6-KD0-#! 62&62! 2#! Ts! 62!
,(*)$!62#!(`$!RSSWa!9&2!6D(!*20-4D!#(!##(,(6(!62!
,-!2&<$&$!62&62!^(!5*(%F(b!L/8(%:$b!(A-&_%6$,2!
]82! c#b! '(#$,J%! M! $/*$&! (M86(%/2&! >(4D(%! &(0(X
6$!(!,-!>2*,(%$!9%*-]82!62!8%(!,$%/(`(b!6$%62!
#$!>(4D(%!2%0$%/*(6$!,$*-48%6$!M!]82!#$!>(4D(%!
/*(&#(6$!<(*(!7262##D%!2%!(,48#(%0-(b!(#!g$&<-/(#!
'(%!G-02%/2!62!.(C#a
9&/(! ##(,(6(! K82! 8%! 68*$! :$#<2! <(*(! ,Da! 72!
]826c! ,86(b! %-! &-]8-2*(! <862! <*2:8%/(*#2! (! ,-!
2&<$&$!0J,$!&2!2%0$%/*(4(a!p#!,2!2N<#-0(4(!0J,$!
#2!>(4D(!/$0(6$!/*2<(*&2!<$*!8%(!,$%/(`(!>C,2X
6(!M!$&08*(b!0$**-2%6$!2#!*-2&:$!62!0(2*!/(,4-c%!
2%! (#:8%(! ,-%(a! '$#$! 0$%/J! 0$%! #(! 0$,<(`D(! 62!
'(#$,J%!<(*(!-*!2%!48&0(!62!9%*-]82b!%(6-2!,_&!
&2! (/*2AD(! (! 2%/*(*! 2%! 2&/$&! /2**2%$&! 4$&0$&$&! M!
<*2&8%/(,2%/2!,-%(6$&a!7-!2&<$&$!&2!2%0$%/*(4(!
2%!#(!A2*26(!^(!5*(%F(!<$*]82!>(4D(!A-(F(6$!(!A-&-/(*!
(!&8!K(,-#-(b!]82!/(,4-c%!2&!0(,<2&-%(!0$,$!#(!,D(a

n$b!&-%!*2&<$%62*!%-!2&080>(*!%(6(!,_&b!0$#:8c!
2#!/2#cK$%$b!,2!(**2:#c!M!&(#D!0$**-2%6$!(!/$,(*!8%!
/(N-!<(*(!-*!(#!>$&<-/(#a!"#!##2:(*b!2%/*c!<*2&8*$&(X
,2%/2!M!<*2:8%/c!&-!M(!#$!>(4D(%!-%:*2&(6$b!M!,2!
6-F2*$%! ]82! (C%! %$! >(4D(! ##2:(6$! #(! (,48#(%0-(a!
9%/$%02&!0(,-%c!>(0-(!(K82*(!M!,2!&2%/c!2%!8%(!
4(%0(!62!,(62*(a!"##D!2&<2*2!8%$&!A2-%/2!,-%8/$&b!
08(%6$!A-!2%/*(*!8%(!(,48#(%0-(!<*2&2%/D!M!&8<2!
]82!2&(!2*(!#(!]82!/*(D(!(!,-!>2*,(%$b!<$*]82!2&/(4(!
-,<*2:%(6(!62!<$#A$!>(&/(!#(&!A2%/(%(&b!0$,$!/$6$&!
#$&!0(**$&!M!48&2&!]82!A-(F(%!62&62!#$&!<824#$&a
72! (02*]8c! /2,2*$&(! 0$%! #(! -%/2%0-J%! 62!
<*2:8%/(*! $! 0$%K-*,(*! ,-! &$&<20>(b! <2*$! ,2! K82!
-,<$&-4#2! <$*]82! #$&! 2%K2*,2*$&! M! 0(,-##2*$&!
-%A(6-2*$%!2#!#8:(*!M!,2!<-6-2*$%!]82!,2!*2/-*(*(a!
9%/$%02&! K8-! $/*(! A2)! (! -%K$*,(0-J%! M! ,2! 6-2*$%!
]82! &Db! ]82! (0(4(4(! 62! ##2:(*! M! ]82! #$! ##2A(*D(%!
6-*20/$! (! 0-*8:D(a! H8-! (! &2%/(*,2! 2%! #(! &(#(! 62!
2&<2*(!(!<26-*#2!(!B-$&!]82!/$6$!&(#-2*(!4-2%a!
;*2&! >$*(&! 62&<8c&b! &(#-J! 2#! ,c6-0$! 0-*8F(%$!
M! <862! >(4#(*! 0$%! c#m! ,2! 2N<#-0J! ]82! /$6$! >(4D(!
&(#-6$!4-2%!M!]82!,_&!/(*62!<$6*D(!-*!(!A2*#$a!G$#AD!
$/*(!A2)!(!,-!&-##(!M!62!<*$%/$!,2!6-!082%/(!62!]82!
2%! ,26-$! 62! ,-&! (K(%2&! >(4D(! $#A-6(6$! 6(*#2&! #(!
%$/-0-(! (! ,-&! 6$&! >2*,(%$&! ]82! A-AD(%! 02*0(! (!
7262##D%b!9&/2#(!M!;$`$a!38(%6$!#2&!0$%/c!&2!(&8&X
/(*$%!,80>$b!<2*$!M$!#2&!6-F2!]82!(!<2&(*!62!/$6$!
#$!]82!>(4D(!<(&(6$b!9%*-]82!&2:8D(!0$%!A-6(!M!2&$!
2*(!#$!-,<$*/(%/2a

?@D

?@E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

\%(!>$*(!62&<8c&b!2#!,c6-0$!,2!-%K$*,J!]82!
9%*-]82! M(! >(4D(! 62&<2*/(6$! M! ]82! M(! <$6D(! -*! (!
A2*#$a!72!<8&2!0$%/2%/(!<2*$!2&/(4(!,8M!%2*A-$&(a!
7-2%/*(&! (/*(A2&(4(! #$&! #(*:$&! <(&-##$&b! <2%&(4(!
M!,2!624(!,80>$!,-26$!<$*]82!%$!&(4D(!0$%!]8c!
,2!-4(!(!2%0$%/*(*!2%!(]82##(!>(4-/(0-J%b!<82&!c#!
M!M$!##2A_4(,$&!]8-%02!(`$&!&-%!A2*%$&b!M!/(,<$X
0$!&(4D(!]8c!$/*(&!>2*-6(&!#2!>(4D(!$0(&-$%(6$!#(!
,-%(!(62,_&!62!#(!<c*6-6(!62!&8!<-2*%(a
38(%6$!##2:8cb!2%/*c!2%!&-#2%0-$b!,2!(02*]8c!(!
c#!M!A-!]82!2K20/-A(,2%/2!2&/(4(!62&<-2*/$a!^$!&(#8X
6cb!<2*$!c#!%$!,2!*2&<$%6-Jb!,2!,-*(4(!K-F(,2%/2!
0$,$!&-!%$!#$:*(*(!*20$%$02*,2b!2%/$%02&!6268F2!
]82! (C%! %$! &2! *2<$%D(! 62#! /$6$! 62! #(! (%2&/2&-(a!
9,<20c!(!>(4(*#2b!(!620-*#2!]82!%$!&2!<*2$08<(*(b!
]82!62&<8c&!62!#$!]82!>(4D(!<(&(6$!2&/(*!0$%!A-6(!
2*(!8%!,-#(:*$b!]82!&-!(C%!%$!<$6D(!>(4#(*!%$!&2!
2&K$*)(*(!2%!>(02*#$a!^2!<26D!8%(!:(&(!(!#(!2%K2*X
,2*(!<(*(!#-,<-(*#2!#(&!$*2F(&!]82!#(&!/2%D(!##2%(&!
62!/-2**(b!#$&!<_*<(6$&b!2#!082##$!M!#(!0(*(a
\%$&! ,-%8/$&! 62&<8c&b! 2,<2)J! (! >(4#(*,2!
#2%/(,2%/2b!/*(/(%6$!62!0$%/(*,2!#$!]82!#2!>(4D(!
&8026-6$a!;2%D(!8%!(&<20/$!/2**-4#2Q!&2!A2D(!0(%&(X
6$b! 2%K2*,$! M! /2%D(! 8%(! <(#-62)! ]82! 6(4(! ,-26$b!
2&/(4(!4#(%0$!0$,$!8%!<(<2#a!72!]826c!0$%!c#!>(&/(!
08(%6$!2#!,c6-0$!,2!#$!<2*,-/-Jb!,_&!$!,2%$&!8%(!
>$*(a! .86$! 0$%/(*,2! ]82! ,-! ,(6*2! 2&/(4(! 4-2%b!
<2*$!]82!&2!(/2**$*-)J!08(%6$!#$!A-$!2%!2#!02%/*$!62!
&(#86!62!^(!5*(%F(!0$%!#(!<-2*%(!>20>(!>-#(0>(&a
^82:$!,2!K8-!(!,-!0(&(!(!62&0(%&(*!M!(&D!/2*,-%J!
2&2!6D(!6$,-%:$!/(%!6-KD0-#a!"#!6D(!&-:8-2%/2b!,(6*8X
:8c!M!,2!K8-!<(*(!2#!>$&<-/(#!(!&$#-0-/(*#2!(#!,c6-0$!

]82! ,2! <2*,-/-2*(! ]826(*,2! 0$%! 9%*-]82! <(*(!


08-6(*#$b!M!0J,$!#2&!<(*202!]82!,2!2%/2*c!<$*!4$0(!
62#!,-&,$!,c6-0$!]82!,-!$/*$!>2*,(%$b!"*:2,-*$b!
&2!2%0$%/*(4(!2%!$4&2*A(0-J%!<$*]82!(0(4(4(!62!
##2:(*! *2,-/-6$! 62! L/8(%:$b! <82&! /(,4-c%! >(4D(!
&8K*-6$! 8%! (00-62%/2! <$*! ,-%(! (%/-<2*&$%(a! 9#!
,c6-0$! ,2! (0$,<(`J! >(&/(! 6$%62! c#! 2&/(4(b! M! A-!
]82!/2%D(!2&]8-*#(&!<$*!/$6(!#(!2&<(#6(b!#(&!,(%$&!
M!#(!0(*(a!"8%]82!#$!A-!,8M!,(#b!,2!(#2:*J!&(42*!
]82!%$!>(4D(!<2*6-6$!%-%:8%(!2N/*2,-6(6a
5*(0-(&! (! B-$&b! 7-*$b! 0$,$! #2! 620-,$&! &8&!
>2*,(%$&b!&2!*208<2*J!*_<-6(,2%/2a!^2!6-2*$%!62!
(#/(!(#!6D(!&-:8-2%/2!M!#$!##2Ac!<(*(!,-!0(&(b!6$%62!
&8!0$,<(`2*(!&2%/-,2%/(#!#$!08-6(4(b!,-2%/*(&!M$!
A-&-/(4(! (! 9%*-]82! 2%! 2#! >$&<-/(#b! ]8-2%! /(,4-c%!
*20-4-J! #(! A-&-/(! 62! #$&! <*-,$&b! #$&! (,-:$&! M! #$&!
K(,-#-(*2&!]82!A-A2%!2%!7262##D%a
\%! ,2&! 62&<8c&! 62#! (00-62%/2b! #2! 6-2*$%! 62!
(#/(!M!#$!##2Ac!<(*(!,-!0(&(a!9,<20c!(!&2%/-*!]82!
,2! 2*(! ,8M! 6-KD0-#! &$&/2%2*#$&! 20$%J,-0(,2%/2b!
2%/$%02&!<26D!(M86(!2%!#(!3*8)!E$F(!M!0(6(!/*2&!
,2&2&! ,2! 0$#(4$*(*$%! 0$%! 8%! ,2*0(6$m! (62,_&b!
,2!*2<$%D(%!#$&!<(&(F2&!]82!8/-#-)(4(!<(*(!##2A(*X
#$&!(!#(&!0-/(&!M!(!#(&!/2*(<-(&a
7-*$!*2:*2&J!(!/*(4(F(*!2%!#(!K-%0(!M!9%*-]82!
M(!/2*,-%J!/$6(&!#(&!/2*(<-(&b!/-2%2!&8!<*J/2&-&!M!
0(,-%(!&$#$!0$%!8%!4(&/J%a!n$!,2!&-2%/$!,8M!K2#-)!
62!A2*!0J,$!&(#-J!(62#(%/2!M!&-:8-J!0$%!&8!A-6(a
">$*(! 2&/$M! 08-6(%6$! (! ,-! $/*$! >2*,(%$!
'(#$,J%b! ]8-2%! 2&/2! (`$b! 2#! &-2/2! 62! 2%2*$b! K82!
AD0/-,(!62!$/*(!,-%(!(%/-<2*&$%(a!

?@=

?@>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

@'+,2*%
9&2!6D(!62#!(`$!RSSUb!M$!,2!2%0$%/*(4(!2%!#(!
K-%(!7(%-02*$&a!9*(%!#(&!&-2/2!62!#(!,(`(%(!08(%X
6$! &(#D! 62! #(! 0(&(! 6-&<82&/$! (! -%-0-(*! ,-! /*(4(F$!
0$,$! /$6$&! #$&! 6D(&a! L4(! (0$,<(`(6$! 62! ,-! >-F$!
5-#6(*6$b! ,-! >2*,(%$! +$&c! M! ,-! &$4*-%$! 96I2&b!
]8-2%!&2!2%0$%/*(4(!(##D!&J#$!62!A-&-/(b!<$*]82!c#!
A-A2!'(%/(!E$&(!62!@&$&!0$%!&8&!<(6*2&!M!>2*,(X
%$&m!c#!2&!>-F$!62!,-!>2*,(%(!7(*D(!+8#-(a
9%! K-%b! 2&(! ,(`(%(! D4(,$&! 0(,-%(%6$! /*(%X
]8-#$&a! B2&<8c&! 62! ,26-(! >$*(! 62! 0(,-%$b! M(!
>(4D(,$&! <(&(6$! <$*! #$&! 0(`(68)(#2&b! /(,4-c%!
>(4D(,$&! 0*8)(6$! #(! ]824*(6(! 7(%-02*$&! M! 8%(!
,-%-! ]824*(6-/(! ]82! 62&2,4$0(! 2%! #(! ]824*(6(!
:*(%62a! g(&/(! 2&2! ,$,2%/$b! /2%D(,$&! <#(%2(X
6$! 62&,(#2)(*! 8%! <$/*2*$! ,8M! :*(%62! M! <$*! 2&$!
D4(,$&! #$&! 08(/*$a! B2#(%/2! 62! ,Db! -4(%! 96I2&! M!
5-#6(*6$m! 2##$&! 0(,-%(4(%! ,_&! *_<-6$! ]82! M$b!
<82&!&$%!FJA2%2&!62!Tq!M!TV!(`$&!0$%!/$6(!#(!2%2*X
:D(!<(*(!0$**2*!M!>(02*!/$6(&!#(&!4*$,(&!<$&-4#2&a!
+$&c!M!M$!D4(,$&!8%$&!6-2)!,2/*$&!(/*_&!62!2##$&a!
+$&c! /(,4-c%! &2! ,2! (62#(%/J! 8%! <$0$! M! 0*8)J! #(!
]824*(6-/(a!38(%6$!M$!-%/2%/c!0*8)(*b!6-!8%!<(&$!
M! &2%/D! ]82! >(4D(! <-&(6$! (#:$! 4#(%6-/$b! 0$,$! 62!
0(80>$!<$*]82!&2!,2!>8%6-J!2#!<-2!2%!#(!(*2%-##(!
62!#(!]824*(6(m!,2!<(*20-J!2N/*(`$!<2*$!%$!/8A2!
/-2,<$! 62! ,-*(*! #$! ]82! <-&(4(a! '$#$! A-! ]82! #$&!
_*4$#2&!(!,-!(#*2626$*!&2!-#8,-%(*$%!62!8%!0$#$*!
()8#b!0$,$!08(%6$!0(2!8%!*(M$b!(62,_&!(&D!&2%/D!
2#!&$%-6$!62!2&(!2N<#$&-J%m!#$&!$D6$&!,2!0>-**-(4(%!

M!/$6$!#$!A2D(!$&08*$b!0$,$!2%0(%62#-##(6$b!#82:$!
&2%/D!]82!0(D(!(#!&82#$a
G-! ]82! ,-&! (0$,<(`(%/2&! &2! 62A$#A-2*$%!
0$**-2%6$!>(0-(!,D!<(*(!(M86(*,2b!M$!#2&!:*-/(4(!
]82!%$!&2!(02*0(*(%b!<$*]82!/2,D(!]82!$/*(!0$&(!
62!2&(&!<86-2*(!2N<#$/(*!M!>(02*#2&!6(`$a!9##$&b!(#!
2&080>(*,2b!&2!]826(*$%!<(&,(6$&b!%$!&2!,$AD(%!
%-!>(4#(4(%a!B2&62!2#!&82#$b!A-!]82!(!,-!&$4*-%$!#$!
>(4D(!(#0(%)(6$!8%(!2&]8-*#(b!<*$680-c%6$#2!8%(!
0$*/(6(!2%!#(!0(42)(b!M!,-!>-F$!/2%D(!#(!2&<(#(6(!
##2%(!62!/-2**(!M!#(!0(,-&(!##2%(!62!>820$&!<$*!#(!
<(*/2!62!(/*_&a!"!+$&c!%$!#2!<(&J!%(6(b!(8%]82!-4(!
,_&!02*0(!62!,Da
.(&(*$%! 6-2)! ,-%8/$&b! M! +$&c! &2! -%A2%/J! 8%(!
K$*,(!<(*(!&(0(*,2Q!/2%6-J!8%!<(#$!2%!2#!0(,-%$!M!
62&<8c&!62!<(&(*!<$*!(>D!,2!(:(**J!62!#(!,(%$!M!
,2!*20$&/J!2%!#(!$/*(!$*-##(!62!#(!K82%/2a!
n$! ,2! 62&#-0c! >(&/(! ,2/2*,2! 2%! 2#! (:8(b!
<$*]82!2&(!<-2*%(b!]82!,2!]826J!,$0>(!0(&-!<$*!
#(!*$6-##(b!,_&!]82!6$#2*,2b!,2!(*6D(b!,2!]82,(4(!
0$,$!0(%62#(a!72!]826c!62%/*$!62#!(:8(!2&<2*(%X
6$!&2%/-*!(#-A-$!M!%$!62Fc!]82!,2!,$A-2*(%!62!(##Da!
9#! (:8(! K*D(! ,2! (M86J! (! 2%/8,202*! #(! >2*-6(b! &-!
(&D!&2!#2!<8262!##(,(*!(!2&(!,$%&/*8$&-6(6a!+$&c!
0$%!&8!,(0>2/2!,2!0$*/J!2#!<(%/(#J%!62&:8()(6$!
>(&/(!2#!,8&#$!M!<*$026-J!(!2&/(%0(*,2!#(!&(%:*2!
6-)]82!0$%!8%$&!&20*2/$&!]82!c#!&2!&(42a
9%! 2#! (:8(! ,2! ]826c! 0$,$! 8%(! >$*(a! +$&c!
>-)$!8%(!/*$0>(!<$*!2#!,$%/2!<(*(!/*(&#(6(*,2!2%!
&8! 2&<(#6(! >(&/(! $/*$! <$/*2*$! 02*0(%$b! <82&! 2*(!

?<@

?<<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

\$&F0+')0+'."]0+'2#)'R0$2K.

$4A-$!]82!<$*!2&2!,-&,$!0(,-%$!%$!&2!<$6D(!/*(%X
&-/(*! ,_&a! 72! ##2A(*$%! (! 8%! (%/-:8$! &(#(62*$! 62!
:(%(6$!0$%!8%!/20>$!<2]82`$!62!)-%0!]82!084*D(!
8%(! 0(%$(! 62! ,(62*(b! 6$%62! (%/2*-$*,2%/2! #2!
6_4(,$&!(#!:(%(6$!&(#!$!,2#()(a!3$%!2#!/-2,<$b!#(!
0(%$(!&2!<86*-J!M!&$#$!]826J!2#!/20>$b!2#!08(#!,2!
6-$!&$,4*(!<$*!/*2&!>$*(&a
96I2&!&2!(,(**J!#(!0(,-&(!2%!#(!0(42)(!<(*(!
<(*(*!2#!&(%:*(6$!62!&8!>2*-6(!M!&2!K82!<(*(!$/*(!
K-%0(!##(,(6(!9#!.$<(#!(!48&0(*!(M86(a!7-!>-F$!&2!
]826J!F8%/$!(!,Db!08-6_%6$,2a!3$,$!M$!%$!(:8(%X
/(4(! 2#! 6$#$*! M! 2#! (*6$*b! #2! <26D! ]82! 0$%! 8%! /(**$!
<#_&/-0$!]82!2%0$%/*(,$&!2%!2#!&(#(62*$!,2!/*(F2X
*(!(:8(!K*D(!62!#(!]824*(6(!M!,2!#(!20>(*(!2%!#(!
<-2*%(!,$0>(!M!2%!#(!$/*(!]82!/(,4-c%!,2!]826J!
0$%!,80>(&!>2*-6(&!M!]82,(68*(&a!
+$&c!>(4D(!&84-6$!(!#(!0(&(!(!48&0(*!2#!0(4(##$b!
M!*(/$!62&<8c&!*2:*2&J!0$%!2#!0(4(##$!2%&-##(6$b!0$%!
8%(&!-,<*$A-&(6(&!A2%6(&!M!8%(!&_4(%(b!/(,4-c%!
A-%$! (0$,<(`(6$! <$*! 96I2&! M! $/*$! (M86(%/2a!
3$%!#(!&_4(%(!>-0-2*$%!8%(!0(,-##(b!<$*]82!M$!,2!
&2%/D(! -%0(<()! 62! &$&/2%2*,2! 2%! 2#! 0(4(##$a! 72!
&84-2*$%! 2%! #(! 0(,-##(! M! 2,<*2%6-2*$%! 2#! #(*:$!
0(,-%$!>(0-(!^(!5*(%F(a!9*(%!0$,$!#(&!/*2&!62!#(!
/(*62a! 9%! 2#! 0(,-%$! &2! /8*%(4(%! <(*(! 0(*:(*! ,-!
0(,-##(a! g(&/(! ]82! ##2:(,$&! (! 8%(! K-%0(! ##(,(6(!
^(&!72##-)(&b!6$%62!<26-,$&!(:8(b!#-%/2*%(&!M!,_&!
(M86(a
9%/*(,$&!(!^(!5*(%F(!(!#(&!/*2&!62!#(!,(`(X
%(b! #$! &c! <$*]82! ##2:(%6$! (#! <824#-/$! &2! 2&080>(X
4(%!0(%/(*!#$&!:(##$&a!9%!2#!02%/*$!62!&(#86!62!^(!

5*(%F(!,2!<8&-2*$%!&82*$b!,2!#(A(*$%!8%!<$0$!#(&!
>2*-6(&b! ,2! <8&-2*$%! :(&(&! M! ,2! 0(,4-(*$%! #(&!
A2%6(&!]82!,-!>2*,(%$!,2!>(4D(!<82&/$a!B2&<8c&!
,2! ##2A(*$%! 2%! (,48#(%0-(! (! L/8(%:$b! 6$%62! 8%!
>2#-0J</2*$! ,2! *20-4-J! M! ,2! /*(&#(6J! (! 7262##D%a!
9%!2#!g$&<-/(#!'(%!G-02%/2!62!.(C#!,2!>-0-2*$%!#(&!
0-*8:D(&! %202&(*-(&! <(*(! ,-! *208<2*(0-J%a! "C%!
2&/$M! (&-&/-2%6$! (! /2*(<-(&! KD&-0(&! M! &-0$#J:-0(&!
<(*(! ]82! ,2! <826(%! 6(*! #(! <*J/2&-&a! G-A$! 2%! #(!
0(&(!62!E$&,-*(b!,-!>2*,(%(b!M!,-!,(6*2!M!$/*$&!
K(,-#-(*2&!,2!##(,(%!<$*!/2#cK$%$!62!A2)!2%!08(%X
6$!<(*(!&(42*!0J,$!2&/$Ma
E$&,-*(!&2!>(!2%0(*:(6$!62!/$6$&!#$&!/*_,-/2&!
]82! 624$! >(02*! <$*! &2*! AD0/-,(! 62! ,-%(! (%/-<2*X
&$%(b!M!/(,4-c%!,2!##2A(!(!/$6(&!#(&!0-/(&!M!/2*(X
<-(&a!'c!]82!<(*(!2##(!/$6$!2&/$!>(!&-6$!,8M!6-KD0-#b!
<$*]82!62&62!,-!##2:(6(!%$!>(!<$6-6$!/*(4(F(*!<$*!
2&/(*!<2%6-2%/2!62!08-6(*,2!M!62!##2A(*,2!(!/$6(&!
#(&!0-/(&!,c6-0(&b!<82&!M$!%$!0$%$)0$!#(!0-86(6!M!
%$!&c!62&<#()(*,2!&$#$!62!8%!#8:(*!(!$/*$a!

?<?

?<A

M,$2)"'
n$! A-A$! ,8M! (%:8&/-(6(! <2%&(%6$! 0J,$! A$M!
(! 0$%&2:8-*! #$&! <(&(F2&! <(*(! -*! (! #(&! 0-/(&b! <82&!
#(!3*8)!E$F(!,2!&84&-6-(!#(!,-/(6!M!#$!$/*$!624$!
0$%&2:8-*#$!0$,$!<826(a!7-!2&<$&$!M!M$!/2%2,$&!
2%!2#!&$#(*!62!#(!0(&(!8%!08#/-A$!62!0$#2&!M!62!024$X
##(&!]82!*20$:2,$&!M!A2%62,$&!/$6$&!#$&!6D(&a!3$%!
2#!<$0$!6-%2*$!]82!F8%/(,$&!6242,$&!>(02*!,-#(X
:*$&! <(*(! ]82! (#0(%02! <(*(! #(! 0$,-6(b! #$&! &2*A-X
0-$&! M! #$&! <(&(F2&a! .-2%&$! ]82! 2&! B-$&! ]8-2%! %$&!

?<B

30.2#'*"+,'&-.'($#(#')&'!"#$%&

<*$A22!0(6(!6D(!#$!%202&(*-$b!<82&!0$%!&8!(M86(!
>2,$&!&$4*2A-A-6$!/$6$!2&/2!/-2,<$a
9&/$&! (0$%/20-,-2%/$&! ,2! >(%! <(*20-6$! ,8M!
/2**-4#2&b!6$#$*$&$&b!/*-&/2&b!62<*-,2%/2&!M!/$6$!#$!
62,_&a!.2*$!M$!%$!<826$!6(*,2!2#!#8F$!62!0(%&(*X
,2!$!62!4(F(*!#(!:8(*6-(m!,2!/$0(!<26-*#2!(!B-$&!
/$6$&!#$&!6D(&!]82!,2!0$%026(!2#!A(#$*!<(*(!(K*$%X
/(*!#$!]82!&2!A2%:(!0(6(!6D(a
^(!K-%0(!&-:82!0$%/(,-%(6(!0$%!2&(&!,(#6-/(&!
,-%(&! (%/-<2*&$%(a! 7-! >2*,(%$! "*:2,-*$! M! ,-!
>2*,(%$! +$&c! &-:82%! A-A-2%6$! 2%! #(! 0(&(b! M! <(*(!
2A-/(*!,_&!/*(:26-(&!M(!%$!0(,-%(%!<$*!#$&!0(,-X
%$&!62!>2**(68*(b!/-2%2%!]82!-*!<$*!#(&!$*-##(&b!<82&!
/$6(&!#(&!2%/*(6(&!(!#(!K-%0(!2&/_%!,-%(6(&a
n$! /2%:$! #(! -#8&-J%! 62! A2*! (! ,-! >2*,(%$!
'(#$,J%!/$/(#,2%/2!*208<2*(6$b!]8-2*$!]82!&(#:(!
(62#(%/2!M!&2!62K-2%6(!2%!#(!A-6(!<$*!&D!&$#$b!0$,$!
#$! >(02! ,-! $/*$! >2*,(%$! 9%*-]82a! "! '(#$,J%! #(!
A-6(!#2!>(!0(,4-(6$!,80>$a!"8%]82!&8!&(#86!KD&-X
0(!2&!,2F$*b!&8!2&/(6$!62!_%-,$!2&!,8M!A(*-(4#2Q!
8%$&! 6D(&! (,(%202! $</-,-&/(! M! $/*$&! <2*,(%202!
&2%/(6$b!%$!#2!>(4#(!(!%(6-2!M!%$!>(02!#$&!2F2*0-X
0-$&!]82!#2!,(%6(!2#!/2*(<28/(a!.2*$!,-2%/*(&!M$!
/2%:(!A-6(!M!&(#86!&2:8-*c!#80>(%6$!<(*(!(M86(*X
#$! M! (%-,(*#$b! <$*]82! 2%! $0(&-$%2&! <-2%&$! ]82! (!
'(#$,J%!&2!#2!>(!<2*6-6$!$!,2F$*!#2!>(%!]8-/(6$!
#(! (#2:*D(! 62! A-A-*m! c#! &2! &-2%/2! 62&<#()(6$! 62! &8!
/-2**(b!62!&8!0(&(b!62!&8!0(,<$b!62!&8!>-F$!M!62!&8!
A-6(!%$*,(#a

\$&F0+')0+'."]0+'2#)'R0$2K.

Z0+F"$&Q'NI"+':.$"^I#'T'L&)0F5.

?<C

9%!#(!,2,$*-(!62!#$&!>2*,(%$&!3>(A(**D(!
72&(!<2*68*(%!#$&!,2F$*2&!(`$&!62!&8!-%K(%X
0-(! M! 62! &8! (6$#2&02%0-(! 2%! #(&! ,$%/(`(&! 62!
L/8(%:$a!^$&!&(%0$0>$&!0$%!&(4$*!(!#2`(!]82!
<*2<(*(4(%!2%!#$&!<(&2$&!62!$##(b!#(&!&(4(#2/(&!
]82!(/*(<(4(%!2%!#(&!(:8(&!/*(%&<(*2%/2&!62!
#(!]824*(6(!]82!*$62(!&8&!/-2**(&!M!#(&!0#(&2&!
62! #20/8*(! M! ,(/2,_/-0(&! ]82! #(&! >2*,(%(&!
,(M$*2&! 6-0/(4(%! 2%! #(! &(#(! 62! #(! 0(&(b! &$%!
(#:8%(&! 62! #(&! >-&/$*-(&! ]82! >$M! 0$,<(*/2%!
0$%!&8&!>-F$&!M!0$%!&8&!%-2/$&a
9&/(!K(,-#-(!&2!*2K8:-(!2%!&8&!*2082*6$&!<(*(!
,-/-:(*!#(&!/*-&/2)(&!]82!8%(!:82**(!(4&8*6(!M!
(F2%(!/*(F$!(!&8&!A-6(&a!1-!2##$&!,-&,$!<8262%!
0*22*! ]82! #(! 62&:*(0-(! #$&! :$#<2J! /*2&! A202&a!
^(&! ,-%(&! (%/-<2*&$%(! #$&! 02*0(*$%! 2%! &8!
<*$<-(!/-2**(!>(&/(!0$%A2*/-*#$&!2%!AD0/-,(&a
^8-&!9%*-]82b!"*:2,-*$!M!'(#$,J%!62F(*$%!
#(!K-%0(!9#!+$*6_%b!]82!/(%/$!]82*D(%!M!]82!2*(!
2#!$*:8##$!62!&8&!<(6*2&b!<(*(!&(%(*!#(&!>2*-X
6(&! 62#! (#,(! M! 62#! 082*<$! 2%! #(! 0(&(! ]82! &8!
>2*,(%(!E$&,-*(!0$,<(*/2!0$%!&8!2&<$&$!2%!
#(!0-86(6a!9##(!#$&!08-6(!0$%!#(!626-0(0-J%!M!2#!
0(*-`$! 62! 8%(! ,(6*2b! M! :8(*6(! #(! 2&<2*(%)(!
62!]82!,8M!<*$%/$!A(%!(!*208<2*(*!#(!<()!M!#(!
/*(%]8-#-6(6!(!#(!]82!2&/(4(%!(0$&/8,4*(6$&a

/0.')0+':F%#$K'
+#'^I#25'#)'$I"20'
2#)'V"#.10
/&$)".&'J0$W&'30F"(5
!")2#",X/!,"",$,
$**$&$b!8%(!0$,8%-6(6!62!0$,<#2/(!/*(%X
]8-#-6(6b!<$*]82!2%!2#!0(,<$!&2!A-AD(!,8M!
482%$! 0$%! &8K-0-2%/2&! 08#/-A$&! (#-,2%/-0-$&m! #$&!
*D$&b! 0$%! ,80>$! <2&0(6$m! (%-,(#2&! <(*(! 0()(*! M!
0$,2*!2%!#(&!,$%/(`(&a
.$**$&$! ]826(! (! ,26-(! >$*(! 62! 78/(/_! 2%!
0(%$(a!^(!0$,8%-6(6b!(!/*2&!>$*(&!62!#(!0(**2/2*(!
*D$!(**-4(a!9#!0(,-%$!>(0-(!#(!0$,8%-6(6!(#!0$,-2%X
)$!2&!<$/*2*$b!0(,-%$!62!>2**(68*(m!&2!2%082%/*(%!
A(*-(&!0(`(6(&!$!]824*(6(&a!9%!<(*/2&!>(M!4(F(X
6(&! M! &84-6(&a! 9#! 0#-,(! 2&! 0_#-6$b! %-! ,8M! K*D$! %-!
,8M!0(#-2%/2a
38(%6$! &2! (02*0(! (! #(! 0$,8%-6(6! &2! A2%! #(&!
0(&-/(&! $! &2(! #$&! /(,4$&a! 9&/$&! /(,4$&! 2&/_%! (!
8%(!(#/8*(!62!6$&!,2/*$&!$!,_&!62!#(!/-2**(b!0$%!
/20>$!62!<(F(b!<-&$!2%!,(0(%(b!]82!2&!&(0(6(!62!#(!
<(#,(a!B2&<8c&!62!]82!8%$!0$:2!2#!0(,-%$!>(0-(!#(!
0$,8%-6(6b!(!#$&!A2-%/2!,-%8/$&!&2!2%082%/*(!0$%!

L#8&/*(0-J%!<$*!3(*#-%(!O$*F(!B$,-0Jb!2%!#$&!/(##2*2&!62!2&0*-/8*(a

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+':F%#$K'+#'^I#25'#)'$I"20'2#)'V"#.10

#(!<*-,2*(!]824*(6(!]82!&2!##(,(!9#!B82%62a!^(!
##(,(%!(&D!<$*]82!620D(!#(!:2%/2!]82!<$*!(>D!&(#D!
8%!%-`$!%2:*-/$!M!]82!2*(!8%!682%62!]82!(!A202&!#$!
2&080>(4(%!##$*(%6$!2%!#(&!%$0>2&a
38(%6$!,-!%-`2)b!A-A-*!2%!2&/(!0$,8%-6(6!2*(!
62! 0$,<#2/(! <()! M! /*(%]8-#-6(6a! 1$&! F8%/_4(,$&!
,_&!62!]8-%02!A20-%$&!<(*(!0$**2*!M!/*2<(*!2%!#$&!
_*4$#2&!-,-/(%6$!#$&!6-&/-%/$&!(%-,(#2&!62#!0(,<$b!
&8&!0(%/$&b!2%/*2!$/*$&a!
1$!0$%$0D(,$&!2#!&$%-6$!62!8%!(*,(!62!K82:$b!
&-%$!#$&!0(%/$&!62!#$&!<_F(*$&b!2#!*8-6$!62#!A-2%/$a
1$! 0$%$0D(,$&! 8%(! <-&/$#(b! 8%(! :*(%(6(b! 8%!
K8&-#a!1$!0$%$0D(,$&!(#!2Fc*0-/$!%-!(!#(!:82**-##(a
7-!A-6(!62!%-`(!2%!2#!0(,<$!K82!#$!,_&!4$%-/$!
62!/$6(!,-!2N-&/2%0-(a
7-! %-`2)! 0$,$! -%6D:2%(! K82! ,8M! 4$%-/(b!
<$*]82! #(! 2680(0-J%! ]82! *20-4D! 62! ,-! ,(6*2! 2&!
(#:$!]82!/$6(AD(!0$%&2*A$Q!0J,$!&(42*!08-6(*!8%!
%-`$!M!6(*#2!(,$*b!*2&<2/(*!(!#$&!,(M$*2&b!&(42*!
/2F2*b!0(*:(*b!0$%&2*A(*!,-!08#/8*(b!&(42*!]82!>(M!
8%!B-$&!<(*(!/$6$a
'$M!2,42*_!?(/D$a!9#!A2&/8(*-$!62!%$&$/*$&!#$&!
2,42*_!?(/D$&!2&!,8M!4$%-/$b!8%(!<(*8,(!]82!A(!
2%A82#/(!2%!#(!0-%/8*(!0$,$!8%(!K(#6(!M!8%(!4#8&(!
2#(4$*(6(! 2%! /2#(&! 62! 6-&/-%/$&! 0$#$*2&! K82*/2&! M!
(6$*%(6(!0$%!/*2%0-##(a!"#:$!]82!,2!6(!/*-&/2)(!2&!
]82!%8%0(!(<*2%6D!(!6(%)(*!%-!(!0(%/(*!#$&!0(%/$&!
/*(6-0-$%(#2&b! <$*]82! 2&! 8%(! 62! #(&! 0$&(&! ,_&!
4$%-/(&!62!#(!08#/8*(a

@#-5%1,X/6'/-5#""'
.$**$&$b! >$M! 8%! /2**-/$*-$! 62! 0$%K#-0/$! 6$%62!
#$&! :*8<$&! (*,(6$&! >(02%! ,(&(0*2&b! (,2%()(%b!
62&<#()(%b!&2082&/*(%b!A-$#(%a!.$**$&$b!8%(!0$,8X
%-6(6! 6$%62! >(M! >(,4*2b! 0$%K#-0/$&! -%/2*%$&b!
,80>$&!%-`$&!62&%8/*-6$&b!&8-0-6-$&a
"! #(&! -%&/-/80-$%2&! M! (! ,80>(! :2%/2! #2&! 6(!
,-26$! A-&-/(*! 2&/(! 0$,8%-6(6b! ]82! 2&! 8%(! 62! #(&!
,_&! (K20/(6(&! <$*! #(! A-$#2%0-(a! n$! >(02! ,_&! 62!
$0>$!(`$&!%$!A$M!(!2&/(!0$,8%-6(6!<$*!,-26$a!^$&!
%-`$&!2&080>(%!8%!/-*$!$!(#:$!]82!&82%2!<(*20-6$!
M!&2!]8-2*2%!,$*-*!62!,-26$a!'(42%!]82!#$&!,(#$&!
2&/_%!<2#2(%6$m!(&D!#2&!##(,(%!(!#$&!0$,4(/2&a
9%! (`$&! (/*_&b! 08(%6$! M$! A-AD(! 2%! .$**$&$b!
%8%0(! 2&080>c! >(4#(*! &$4*2! ,-%(&b! >$M! 2&/2!
/2**-/$*-$!&2!A$#A-J!/2,-4#2!0(,-%(*#$b!<$*]82!>(M!
,-%(&!<$*!0(&-!/$6$!2#!/2**-/$*-$!<$*!6$%62!/*(%&-X
/(%!#(&!0$,8%-6(62&a!
H82!>(02!,_&!62!6-2)!(`$&!08(%6$!<$*!<*-,2X
*(! A2)! ,2! 6-F2*$%! ]82! 8%(! 4$,4(! $! ,-%(! >(4D(!
,(/(6$!(!-%6D:2%(m!2*(!8%!%-`$b!%$!*2082*6$!08_%X
/$&!(`$&!/2%D(m!M$!(<2%(&!0$,2%)(4(!(!#-62*(*!2#!
<*$02&$!62!#(!$*:(%-)(0-J%!-%6D:2%(!2%!2#!,8%-0-X
<-$!62!78/(/_a
.(*(!8%!-%6D:2%(!&2*!#D62*!62!8%(!0$,8%-6(6!
M! 6-*-:-*! (! &8! <824#$b! %$! /-2%2! ]82! >(02*! 0(,<(X
`(a!^(!0$,8%-6(6!2&!]8-2%!<$*!0$%&2%&$!%$,4*(!
(!&8!*2<*2&2%/(%/2a!38(%6$!8%$!,2%$&!2&<2*(!#$!
%$,4*(%!M!8%$!/-2%2!]82!(&8,-*m!#2!6-02%!(!8%$Q!

?<=

?<>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+':F%#$K'+#'^I#25'#)'$I"20'2#)'V"#.10

l9&!8&/26!<$*]82!/$6$&!]82*2,$&!]82!&2(!8&/26kb!M!
8%$!(02</(b!<2*$!%$!<$*]82!8%$!&2!48&]82!2&2!/*(4(X
F$a!.(*(!<*$K2&$*!M!<(*(!08(#]8-2*!0(*:$!2%!#(&!0$,8X
%-6(62&!-%6D:2%(&!2&!(&Da!;2!%$,4*(%!#D62*!<$*!/8&!
0(<(0-6(62&!62!,26-(*!(%/2!-%&/-/80-$%2&!M!$/*$&a!
9%! 0$,<(`D(! 62! $/*$&! -%6D:2%(&b! K8-! (#! #8:(*!
6$%62!&8026-J!#(!/*(:26-(a!72!6-$!,80>(!/*-&/2)(!
M! ,-26$b! <$*]82! %$! 2%0$%/*c! 2#! 0(6_A2*! 62#! %-`$!
M!#$&!<(6*2&!620D(%Q!lp#!62&(<(*20-Jka!O8&0(,$&!
(#*2626$*!62!#(!2N<#$&-J%!M!&$#$!2%0$%/*(,$&!8%$&!
,20>$%2&! 62! <2#$a! 18%0(! <862! 2%/2%62*! 0J,$!
8%(!4$,4(!<8262!62&(<(*202*!8%!082*<$a!9*(!2#!
0$,-2%)$!62!,-!#-62*():$a
G2*!&8K*-*!(!2&/(!,(6*2!-%6D:2%(b!>8,-#62b!&-%!
%(6(!]82!A2*!2%!#(!:82**(!62!#$&!(#)(6$&!2%!(*,(&b!
K82!(#:$!]82!,2!,(*0Jb!<$*]82!%8%0(!&2!,2!$#A-6(!
#$!]82!A-!2&2!6D(a!"8%]82!<8&-,$&!#(!62%8%0-(!(!#(&!
(8/$*-6(62&!0$,<2/2%/2&!%8%0(!&8<-,$&!,_&!%(6(a
"#!<$0$!/-2,<$b!#$&!<(6*2&!62#!%-`$!62&(<(*2X
0-6$!<$*!2&/(!4$,4(!$!,-%(!/2*,-%(*$%!&2<(*_%X
6$&2!<$*]82!&2!08#<(4(%!2#!8%$!(#!$/*$!62!#(!,82*X
/2! 62#! %-`$b! M! >$M! 62&0$%$)0$! 2#! *8,4$! 62! 2&/(!
<(*2F(!]82!&8K*-J!2&/(!62&:*(0-(!]82!#$&!$4#-:J!(!
,(*0>(*&2!62!.$**$&$a
"##_!,-&,$b!>(02!8%$&!0-%0$!$!&-2/2!(`$&b!8%(!
,(`(%(!&(#-J!8%(!K(,-#-(!-%6D:2%(!(!/*(4(F(*!<(*(!
&2,4*(*! 08#/-A$&! (#-,2%/-0-$&Q! 2#! <(<_b! 2#! >-F$! 62!
/*202!(!]8-%02!(`$&!M!8%!08`(6$!62#!<(<_a!9&/(4(%!
5"/(+#$"!,(0>2/2!0(6(!8%$!2%!&8!/(F$m!(#!%-`$!#2!
2N<#$/J!8%(!,-%(b!#2!62&/(<J!2#!2&/J,(:$!M!#$!,(/Ja!

9#!<(<_!]826J!:*(A2,2%/2!>2*-6$!M!#2!>-0-2*$%!8%(!
0-*8:D(a!9#!08`(6$!&8K*-J!>2*-6(&!#2A2&a!n$!&2:8D(!
0$,$! 6-*-:2%/2! -%6D:2%(! 62! #(&! 0$,8%-6(62&! 62#!
,8%-0-<-$a!^J:-0(,2%/2b!,2!/$0(4(!>(02*,2!0(*:$!
62!2&/2!0(&$!/(%!(/2**$*-)(%/2a!'2:C%!,2!0$%/(*$%!
62&<8c&b!K82!]82!2#!%-`$!0$%!#(!*8#(!#2!<2:J!(!(#:$!
2%!#(!/-2**(a
^$&! K(,-#-(*2&! 62#! %-`$! %$! #$! ]82*D(%! &(0(*!
<(*(!2#!<824#$!<2*$!M$!#$&!0$%A2%0D!62!]82!2*(!$4#-X
:(/$*-$!>(02*#$!<$*]82!&2!#2!>(*D(!8%!#2A(%/(,-2%X
/$a!g-02!#$!]82!,2!0$,<2/D(!0$,$!#D62*Q!62%8%0-(*b!
0$%&2:8-*! 2#! /*(%&<$*/2! <(*(! ,$A2*#$a! 7(%6c!
8%(! 0$,-&-J%! 62! -%6D:2%(&! >(&/(! 2#! #8:(*! 62! #$&!
>20>$&!<(*(!]82!#$!<86-2*(%!&(0(*!(!#(!0(**2/2*(a!
"##Db! M$! M! $/*$&! 0$,<(`2*$&! -%6D:2%(&! 2&<2*_4(X
,$&b! 0$,$! /(,4-c%! 2&/(4(%! #$&! 62! H-&0(#D(! <(*(!
>(02*! 2#! #2A(%/(,-2%/$a! 38(%6$! /*(F2*$%! (#! %-`$b!
M$! A-! ,80>(! &(%:*2! M! (#:$! 0$,$! ]82! &2! #2! &(#D(b!
<$*]82! (#! 2N<#$/(*! #(! ,-%(! #$! (4*-Jb! 2%/$%02&! M$!
%$!]8-&2!(**-,(*!&-%$!]82!,2!K8-!<(*(!2#!<824#$b!
<(*(!78/(/_a!g(4D(!,_&!:2%/2!(>DQ!#$&!#D62*2&!-%6DX
:2%(&b!8%(!0$,-&-J%!]82!>(4D(!4(F(6$!2#!0(6_A2*!
M!$/*(!0$,-&-J%!]82!/*(F$!2#!0(6_A2*!]82!2*(!2#!]82!
&2!2&/(4(!62,$*(%6$a
9%!2#!,$,2%/$!62#!#2A(%/(,-2%/$!%$!K8-!0(<()!
62!A2*!(#!%-`$m!K8-!(!A2*!(!#$&!0$,<(`2*$&!>2*-6$&!
2%!2#!>$&<-/(#a!9##$&!2*(%!62!,-!K(,-#-(!/(,4-c%a!9#!
%$,4*2! 62#! %-`$! %$! #$! /2%:$b! #$&! $/*$&! 2*(%! +$&c!
H#(A-$!B$,-0Jb!<(<_!62#!%-`$b!]82!2&!2#!<*-,$!,D$b!
M!2#!08`(6$!62!c#!]82!#$!##(,(4(%!9#!^$0$a

??@

??<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+':F%#$K'+#'^I#25'#)'$I"20'2#)'V"#.10

9%!2#!>$&<-/(#!A-!(!+$&c!H#(A-$m!2&/(4(!##2%$!62!
]82,(68*(&b!62!>82]8-/$&b!&2!2&/(4(!>-%0>(%6$a!
9#!,c6-0$!620D(!]82!>(4D(!]82!20>(*#$!-%,26-(/(X
,2%/2! <(*(! "<(*/(6Jb! <$*]82! >(4D(! ]82! >(02*#2!
0-*8:D(b!<$*]82!62!<*$%/$!&2!#2!2&/(4(!##2%(%6$!2#!
2&/J,(:$!62!&(%:*2a!9#!$/*$!&2`$*!/(,4-c%!/2%D(!
8%!<$]8-/$!62!<-26*-/(&!2%!#(!0(42)(b!<2*$!2&2!%$!
2&/(4(!/(%!,(#a!
+$&c!H#(A-$!,2!A-$!M!&2!<8&$!(!##$*(*aaa!t82!2#!
%-`$!&2!>(4D(!,82*/$!M!]82!<(*20D(!]82!c#!&2!-4(!(!
,$*-*a!"#!A2*#$!(&D!M$!&2%/D(!,80>(&!0$&(&!2%0$%X
/*(6(&a! \%$! %$! &(42! &-! 6(*#2! ,-26$! $! /*-&/2)(b! 62!
/$6$a!9&2!,$,2%/$!2&!>$**-4#2a!^(!<$#-0D(!/(,4-c%!
2%0-,(!<*2:8%/(6$!]8c!>(4D(!<(&(6$!M!M$!6-0-2%X
6$!]82!2#!%-`$!&2!>(4D(!<(*(6$!2%!8%(!,-%(b!M!#(!
.$#-0D(! 6-0-2%6$! ]82! &-! &(4D(,$&! ]8-c%! #(! >(4D(!
<82&/$m! M$! 620D(! ]82! %$b! ]8c! A(! (! &(42*! 8%$! 0$%!
/(%/(!:2%/2b!2&$!]82!2&!8%!0$**262*$!62!/$6$!,8%6$a!
.$*!(>D!<(&(%!(8/$62K2%&(&b!:82**-##(&b!2Fc*0-/$&!M!
&2!(:(**(%a!ug(%!>20>$!8%(&!,(&(0*2&v!
^(!K(,-#-(!62!+$&c!H#(A-$!&2!62&<#()J!<$*!8%!
/-2,<$! >(0-(! #(! 0(4202*(! ,8%-0-<(#a! .2*6-2*$%!
#$&!08#/-A$&b!#$&!(%-,(#2&b!#(!0(&(a!^(!0$,8%-6(6!
&2! 6-&<2*&J! 62&<8c&! 62! ]82! $08**-J! 2&/2! >20>$a!
^(&!<$0(&!K(,-#-(&!]82!&-:82%!>$M!2%!2&/(!0$,8X
%-6(6!2&/_%!62&<#()(6(&b!<$*]82!%$!A-A2%!2%!&8&!
/2**-/$*-$&! &-%$! 2%! 8%(&! /-2**(&! A20-%(&! 62! ,_&!
0(,<2&-%$&! ]82! /(,4-c%! K82*$%! 62&<#()(6$&! <$*!
#(!A-$#2%0-(a

1$!>(M!/*(%]8-#-6(6!<(*(!A-A-*!%-!<(*(!/*(4(X
F(*b! <$*]82! A-A2%! <2%6-2%/2&! 62! ]82! 2%! 08(#]8-2*!
,$,2%/$! /-2%2%! ]82! &(#-*! 0$**-2%6$a! '-2,<*2!
2&/_%!0(,-%(%6$!(!&8!(#*2626$*!#$&!:*8<$&!(*,(X
6$&a!B2&<8c&!62!/$6$!2&/$!]82!>(!<(&(6$!#(!:2%/2!
&8K*2!,80>$!62!>(,4*2b!#$&!-%6D:2%(&!2&/_%!,8M!
,(#!62!(#-,2%/$&b!<$*]82!0(&-!%$!08#/-A(4(%!<$*!#$!
]82!2&/_%!<2%6-2%/2&!62!&(#-*!0$**-2%6$a!9&/_%!62!
(]8D!<(*(!(##_!M!(&D!%$!&2!<8262!&2,4*(*a!

???

??A

Y#"(#",X/K,A
n$! >2! *20$:-6$! (! ,-&! >2*,(%$&! -%6D:2%(&!
(&2&-%(6$&!<$*!6-&/-%/$&!:*8<$&!(*,(6$&b!/(,4-c%!
(!,-!<(6*2!]82!K82!(&2&-%(6$!<$*!#(&!(8/$62K2%&(&!
>(02!6$02!(`$&a!B2&62!#(!,82*/2!62!,-!<(6*2!,2!
>-02! *2&<$%&(4#2! 62! ,-! >2*,(%$! ]82! &J#$! /2%D(!
$0>$!(`$&!M!62!,-!>2*,(%(!]82!/2%D(!$%02!(`$&b!
>2*,(%$&!<$*!<(*/2!62!,-!<(6*2!0$%!$/*(!<(*2F(!
]82!%$!2*(!,-!,(6*2a!^(!,(6*2!62!,-&!>2*,(%$&!
>(4D(!,82*/$!2%!(`$&!(%/2*-$*2&a!g$M!A-A$!0$%!,-!
K(,-#-(!2%!#(!0-86(6!M!&$M!62&<#()(6(a
1$!<862!08,<#-*!,-!&82`$!62!2&/86-(*!,(M$*!
0$&(!M!>(02*,2!<*$K2&-$%(#b!<$*!#(!<#(/(!]82!%$!,2!
(#0(%)(4(!<(*(!6(*#2&!2680(0-J%!(!,-&!>2*,(%$&!
M!<*2<(*(*,2!M$a
'$M!62&<#()(6(!<$*!(,2%()(&!62!#(!:82**-##(!M!
>(&/(!62!#$&!,-&,$&!#D62*2&!-%6D:2%(&!(!#$&!]82!#2&!
6-!,_&!62!0(/$*02!(`$&!62!,-!A-6(!(M86_%6$#$&a!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

/0.')0+':F%#$K'+#'^I#25'#)'$I"20'2#)'V"#.10

3(*#-%(! 2%! 7262##D%b! $! &2(! M$b! i0J,$! 2&/$M!


A-A-2%6$jb! i0J,$! 2&/$M! &$4*2A-A-2%6$j! 38(%6$!
##2:8c!2%!,(M$!62#!RSSWb!0$,2%0c!/*(4(F(%6$!2%!#(!
@*:(%-)(0-J%!L%6D:2%(!62!"%/-$]8-(b!@L"a!;*(4(Fc!
>(&/(!6-0-2,4*2!TU!62#!RSSWa
"#! <*-%0-<-$! ##2:8c! (! A-A-*! (#! 4(**-$! O$&/$%b!
6$%62!8%(!(,-:(a!^82:$!,2!<(&c!<(*(!6$%62!$/*(!
(,-:(b!2%!1-]8D(m!#82:$!,2!K8-!<(*(!.*(6$!32%/*$b!
6$%62!$/*(!(,-:(a!^$&!<*-,2*$&!08(/*$!,2&2&!,2!
#$&!<(&c!0(,-%(%6$!62!0(&(!2%!0(&(!0$%!,-!>-F(b!
<$*]82!%$!0$%&2:8D(!(<(*/(,2%/$!<$*!K(#/(!62!8%!
K-(6$*!M!<$*]82!#$!]82!,2!<(:(4(%!2%!2#!/*(4(F$!
%$!,2!(#0(%)(4(!<(*(!<(:(*!0(&(b!<(&(F2&b!0$,-X
6(b!<(*(!,D!M!,-!>-F(a!
9%! &2</-2,4*2b! 18*Mb! 8%(! (,-:(b! ,2! 0$#(4$*J!
0$,$! K-(6$*(! <(*(! (**2%6(*! 8%! (<(*/(,2%/-0$! 2%!
.*(6$!32%/*$b!<2*$!%$!/2%D(,$&!%(6(!%-!2%!]8c!6$*,-*m!
(&D!%$&!,86(,$&!(!<(&(*!/$6(&!#(&!6-K-08#/(62&b!<2*$!
,-2%/*(&! /(%/$! ,-! ,(,_! M! ,-! $/*(! >-F(! &2:8D(%! 2%!
78/(/_!/(,4-c%!<(&(%6$!%202&-6(62&!<$*]82!M$!2*(!
#(!]82!2%/*(4(!#(!0$,-6(!M!/$6$!(!#(!0(&(a
B2&<8c&! ,2! 6-F2*$%! ]82! ,-! ,(,_! 2&/(4(!
,8M!2%K2*,(a!B20-6D!]82!,-!,(6*2!M!,-!$/*(!>-F(!
&2! A-%-2*(%! 62! 78/(/_! (! 2&/(*! 0$%,-:$! (]8D! 2%!
7262##D%!0$,$!B-$&!%$&!<2*,-/-2*(b!<$*]82!>(&/(!
2#! /*(4(F$! ,2! #$! ]8-/(*$%b! <$*]82! &2:C%! 2##$&! M$!
/2%D(!<*$4#2,(&!M!%$!<$6D(!&2:8-*!/*(4(F(%6$!2%!
#(!@L"a!t8-2*$!620-*!]82!/(,4-c%!#(!@L"!,2!]8-/J!
2#!(<$M$!62!6(*,2!8%!,D%-,$!/*(4(F$a

9#! <(6*2! 62! ,-&! >-F(&! 0$,2%)J! (! ,(%6(*#2&!


8%(! <#(/-0(! M! M$! (**2%6c! #(! 0(&-/(! 62! 78/(/_! M!
0$%!2&$&!*208*&$&!0$%&2:8D!8%(!0(&-/(!(**2%6(6(!
6$%62!>$M!2&/$M!0$%!,-!K(,-#-(b!]82!&$%!6$&!>-F(&b!
,-!,(,_!M!8%(!&$4*-%(!62!0-%0$!(`$&!]82!&-2,<*2!
>(!A-A-6$!0$%,-:$a
^#2A$! $0>$! ,2&2&! A-A-2%6$! 2%! 7262##D%a! '$#$!
B-$&! &(42! 0J,$! A-A$! 0$%! ,-! K(,-#-(a! '$M! ,(6*2!
0(42)(! 62! K(,-#-(a! 1$! /2%:$! /*(4(F$a! G-A-,$&! 2%!
8%(!0$%6-0-J%!,8M!*2:8#(*a
'82`$!0$%!0$%&2:8-*,2!8%!/*(4(F$!M!2&/86-(*!
8%(!0(**2*(!<(*(!&(0(*!(62#(%/2!(!,-&!>-F(&a
9%!78/(/_!/2%D(!8%(!<(*02#(b!M!#(!0$,8%-6(6!
M(!,2!#(!]8-/J!&-%!-,<$*/(*!/$6$&!#$&!:(&/$&!]82!#2!
,2/Da!;2%D(!8%(&!A(0(&!M!/(,4-c%!2##$&!&2!]826(X
*$%!0$%!2##(&b!M!>$M!%$!<826$!%-!&-]8-2*(!-*!(!*20#(X
,(*!,-&!0$&(&a
G(*-$&!(4$:(6$&!,2!6-F2*$%!]82!62,(%6(*(!(!
#(!@*:(%-)(0-J%!L%6D:2%(!62!"%/-$]8-(b!M!#$!>-02b!
M!62!(>D!*2&8#/(!/$6(&!#(&!0$&(&!]82!>(%!6-0>$!62!
,D!M!#$&!,$/-A$&!<$*!#$&!08(#2&!,2!>(%!(08&(6$!M!
,2! >(%! 62&<$F(6$! 62! ,-&! 0$&(&! M! 62&/2**(6$! 62!
,-! <824#$! &$%! ,2%/-*(&a! .2*$! &2! 62&084*-J! 2&/$!
<$*! 8%(! /8/2#(a! 9%/8/2#c! (! #$&! 0(4-#6$&! -%6D:2%(&!
62!78/(/_!<$*!#(!F8&/-0-(!$*6-%(*-(b!<$*]82!0$,$!
-%&-&/D! /(%/$! 2%! #(! F8&/-0-(! -%6D:2%(! M! %$! ,2! #2!
6-2*$%! &(#-6(b! ,2! A-! 2%! #(! $4#-:(0-J%! 62! <$%2*! #(!
/8/2#(b!M(!]82!/(,4-c%!&$M!0-86(6(%(!0$#$,4-(%(!
M!/2%:$!2&2!62*20>$a!n(!>(&/(!A-%$!2#!:$42*%(6$*!62!

??B

??C

??D

30.2#'*"+,'&-.'($#(#')&'!"#$%&

(##_!,8M!<*2$08<(6$!<$*]82!2#!F82)!#$!##(,Ja!9&$!
#$&! ,$A-J! (! 2##$&b! <$*]82! -%/2*%(,2%/2! 2%! %82&X
/*(&! 0$,8%-6(62&b! 0$,$! 2%! /$6$b! >(M! 0$%K#-0/$&!
,8M!,(#80$&b!<2*$!2&$!%$!&2!&(0(b!&$%!<*$4#2,(&!
-%/2*%$&!M!&2!,(%2F(%!2%!#(!F8&/-0-(!-%6D:2%(b!<2*$!
(!,D!&2!,2!>(!6(6$!2#!2&<(0-$!M!M$!<826$!2%/8/2#(*!
4(F$!#(!3$%&/-/80-J%a
9&<2*$!]82!B-$&!%$!,2!(4(%6$%2!M!,2!6c!K82*X
)(&!<(*(!&2:8-*!#80>(%6$!0$%!,-!K(,-#-(a!;2%:$!(!
,-!0(*:$!6$&!>-F(&b!8%(!&$4*-%(!62!0-%0$!(`$&!M!(!
,-!,(6*2!62!VT!(`$&a
^$!]82!,_&!%202&-/(!8%(!K(,-#-(!2&!/2%2*!8%(!
A-A-2%6(!6-:%(!M!/2%2*!0$,-6(a
"/2%/(,2%/2b
3(*#-%(!O$*F(!B$,-0Ja

/0.')0+':F%#$K'+#'^I#25'#)'$I"20'2#)'V"#.10

/&$)".&

??E

\%(&! 4$#-/(&! #2! 082#:(%! 62#! 082##$a! '$%!


*$F(&b!()8#2&!M!(,(*-##(&!Mb!8%-6(&!<$*!8%!>-#$b!
K$*,(%! 8%(! K-:8*(! 62! &$#! ]82! #2! *2082*6(! 2#!
<(-&(F2! ]82! 2*(! &8M$Q! 8%! *D$! <(*(! <2&0(*b! 8%!
/(,4$!<(*(!A-A-*b!8%!&$#!M!8%!B-$&!<(*(!(6$*(*a!
"##Db!3(*#-%(!O$*F(!B$,-0J!A-A-J!#$&!(`$&!,_&!
K2#-02&!>(&/(!]82!##2:J!#(!:82**(!Mb!0$%!2##(b!#(&!
,-%(&!(%/-<2*&$%(#!]82!(0(4(*$%!0$%!#(!A-6(!
62! &8&! >2*,(%$&! -%6D:2%(&b! 2%/*2! 2##$&! 6$&!
%-`$&!]82!#(!,-&,(!3(*#-%(!/8A$!]82!&$0$**2*!
0$,$! #D62*! 62#! *2&:8(*6$! 2,42*(! ?(/D$! 2%!
78/(/_a
9%! &8! *2#(/$b! 3(*#-%(! 62&0*-42! 0$%! <(&-J%!
#$&!2K20/$&!62#!0$%K#-0/$!&$4*2!#(!0$,8%-6(6!62!
.$**$&$!62!#(!]82!2##(!,-&,(!K82!62&<#()(6(a!
g$M!A-A2!2%!#(!0-86(6!M!2&/_!62&2,<#2(6(a!9#!
6D(!&2!#2!A(!2%!2#!08-6(6$!62!&8!K(,-#-(!M!2%!#(!
#80>(! <$*! *208<2*(*! #(! /-2**(! M! #$&! (%-,(#2&!
]82b!/*(&!2#!(4(%6$%$b!K82*$%!A2%6-6$&!<$*!#(&!
(8/$*-6(62&!62#!*2&:8(*6$a
.(*(!#(!,8F2*b!A$#A2*!(!.$**$&$!&-:%-K-0(!#(!
,82*/2b!<$*!2&$!/*(/(!62!*208<2*(*!#$!<2*6-6$!
62&62!7262##D%b!62!#(!,(%$!62!#(!F8&/-0-(!-%6DX
:2%(b!<2*$!/(,4-c%!62!#(!$*6-%(*-(!#$!]82b!0*22b!
#2!6-K-08#/(!]82!0$%&-:(!8%!/*(4(F$!M!8%!&(#(*-$!
<(*(! &$&/2%2*! (! &8! ,(6*2! Vq! (`$&b! M! (! &8&!
/*2&!>-F(&!]8-2%2&b!#2F$&!62!#(!,$%/(`(!6$%62!
%(0-2*$%b!&$#$!/-2%2%!(!3(*#-%(!]82b!(>$*(!M!2%!
&8!&2:8%6(!#2%:8(b!&2!2&/*2%(!0$,$!2&0*-/$*(a

N0'^I#'^I#2&'
2#'F"'+&.7$#
R&"F#':.$"^I#'_$"%#'Z#+1$#*0

L#8&/*(0-J%!<$*!+(-,2!9%*-]82!\*-42!E2&/*2<$b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

&/2! 2&! 2#! *20$**-6$! 62! ,-! A-6(b! 8%(! A-6(!


##2%(! 62! /*$<-2)$&b! <2*$! %-%:8%$! K82! /(%!
6$#$*$&$!0$,$!#(!<c*6-6(!62!,-!>2*,(%$!,(M$*a!
n$! %(0D! 2%! 2#! 62<(*/(,2%/$! 62#! 3c&(*b! 2%! 2#!
,8%-0-<-$!##(,(6$/G(##268<(*b!2#!TV!62!%$A-2,4*2!
62!TUVVa!7-!,(6*2!2&!62!^(!58(F-*(b!,-!<(6*2!2&!
62! n(*8,(#b! "%/-$]8-(a! 7-! >2*,(%$! %(0-J! 2%! ^(!
58(F-*(b!&8!<(6*2!2*(!8%!:8(F-*$a!38(%6$!M$!%(0Db!
,-! >2*,(%$! /2%D(! 0-%0$! (`$&a! 7-! <(6*2! >(4D(!
0$,<*(6$! 8%(! K-%0(m! c#! 08#/-A(4(! #(&! /-2**(&b! #(!
A2*6(6!%$!&c!]8c!&2,4*(4(b!<$*]82!M$!2*(!(<2%(&!
8%! 424ca! B2! G(##268<(*! /2%:$! ,8M! <$0$&! *2082*X
6$&b!&$#$!#$!]82!,2!6-02!,-!,(,_a!9##(!,2!082%/(!
]82!#$&!>2*,(%$&!z8#2/(b!#$&!]82!0(%/(%!A(##2%(/$b!
,2!0(*:(4(%!M!F8:(4(%!0$%!,-!>2*,(%$!M!0$%,-:$a
;*(%&08**-2*$%! 08(/*$b! 0-%0$! $! &2-&! (`$&b! %$!
,2!(082*6$!,8M!4-2%b!<2*$!&c!]82!2%!2&2!/-2,<$!
%$&! /$0J! &(#-*! 0$**-2%6$! 62! #(! K-%0(! <$*]82! -4(%!
(! ,(/(*! (! /$6(! #(! K(,-#-(a! '(#-,$&! 0$%! #$! ]82!
/2%D(,$&!<82&/$a!'$#$!&c!#$!]82!,2!0$%/(*$%!,-&!
<(6*2&Q!]82!0$:-,$&!8%!0(**$!M!#82:$!8%!/*2%!>(&/(!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

##2:(*!(!7262##D%a!">D!##2:(,$&!6$%62!,-&!(482#$&!
<(/2*%$&b!%$&!]826(,$&!8%$&!6D(&a!B2&<8c&!##2:J!
8%!<*-,$!62!,-!<(<_!M!#2!6-F$!]82!2%!2#!1$*62&/2!
(%/-$]82`$b! 2%! 8%! ,8%-0-<-$! ##(,(6$! '2:$A-(b!
>(4D(! ,80>$! /*(4(F$b! ]82! (##_! &2! 2N<#$/(4(! #(!
,-%2*D(!M!]82!2%!2&2!/-2,<$!>(4D(!482%(!<*$680X
0-J%!62!$*$a!7-!<(<_b!&-%!2,<#2$b!62&84-0(6$b!&(#-J!
0$%!%$&$/*$&!0$%!#$!<$]8-/$!]82!%$&!(0$,<(`(4(!
<(*(!'2:$A-(a
'2:$A-(!2&!8%!<824#$!,8M!4$%-/$b!*8,42*$b!62!
,80>$!(,4-2%/2a!t826(!2%!8%!,$**$!M!#(!,(M$*D(!
62!#(&!0(##2&!&$%!#$,(&!2&/*20>(&a!9#!<824#$!/-2%2!
8%(! &$#(! 2%/*(6(b! 6$%62! ]826(%! #(! 2#20/*-K-0(X
6$*(! M! #(&! 4$,4(&! 62! :(&$#-%(a! 9#! 0#-,(! 2&! (#:$!
0(#-2%/2! M! &8&! >(4-/(%/2&! &$%! >8,-#62&b! /*(4(F(X
6$*2&!M!4$**(0>-%2&a!"!<2&(*!62!#(!A-$#2%0-(!M!62!
#$&!:*8<$&!(*,(6$&!]82!>(%!(&20>(6$!(#!<824#$b!
'2:$A-(!2&!8%!#8:(*!(:*(6(4#2a!
"##D! <(&(,$&! 8%$&! 6D(&! 68*$&a! 7-! <(<_! &2!
*248&0(4(! 0$,$! <$6D(a! 7-! ,(,_! #2! (M86(4(!
A2%6-2%6$! 48`82#$&! M! 2,<(%(6(&! 2%! 8%! 4(**-$!
##(,(6$! 7(*]82/(#-(b! <$*]82! 2#! /*(4(F$! 2&/(4(!
,8M!68*$m!%(6-2!%$&!0$%$0D(a!H82!<(&(%6$!2#!/-2,X
<$! M! ,-! <(<_! K82! 0$%$0-2%6$! <2*&$%(&m! 2,<2)J!
(!/*(4(F(*!2%!#(&!,-%(&!M!K82!,2F$*(%6$!%82&/*(!
&-/8(0-J%!20$%J,-0(a!
p#! 2&! 4(F-/$b! *$48&/$b! 62! <2#$! ,$%$! M! $F$&!
A2*62&a! ;-2%2! 8%! :2%-$! 62! ,-#! 62,$%-$&b! <2*$!
2&! 482%(! :2%/2b! 482%! <(6*2! M! ,8M! /*(4(F(6$*a!
7-! ,(,_! 2&! 8%! <$]8-/$! ,_&! (#/(! ]82! ,-! <(<_m!

/*-:82`(b! 62#:(6(b! $F$&! 0#(*$&! M! <2#$! %2:*$a! "!


A202&!2&!,(#:2%-(6(b!<2*$!2&!8%(!,(6*2!(,$*$&(b!
0(*-`$&(!M!0$,<*2%&-A(a!
n$!2,<20c!(!2&/86-(*!M!K82!<(&(%6$!2#!/-2,<$a!
7-!<(<_!(>$**J!8%!6-%2*-/$!M!(**2%6J!8%!%2:$0-$b!
8%!4(*0-/$!<*$<-$!M!#2!-4(!,8M!4-2%a!9#!4(*!]826(4(!
2%!8%!4(**-$!##(,(6$!^(!3*8)(6(b!]82!2&!<(*/2!62#!
,8%-0-<-$!62!E2,26-$&b!"%/-$]8-(b!<2*$!]826(!,_&!
02*]8-/(!62!'2:$A-(a!9#!4(**-20-/$!2*(!:*(%62b!0$,$!
8%! ,8%-0-<-$a! 7-! <(<_! 2&/(4(! 0$%/2%/$! <$*]82! #2!
2&/(4(!M2%6$!4-2%b!>(&/(!]82!8%!6D(!##2:(*$%!8%$&!
>$,4*2&! (#! %2:$0-$! M! ,-! <(<_! #$&! (/2%6-J! 4-2%a!
9##$&!2*(%!$0>$!>2*,(%$&b!#2&!620D(%!l#$&!0$%2F$&ka
^$&!>$,4*2&!424-2*$%!/$6(!#(!%$0>2a!n(!2&/(X
4(%! 24*-$&! M! ,-! <(<_! #2&! 0$4*J! #(! 082%/(! M! 2##$&!
#2! 6-F2*$%! ]82! %$! #2! -4(%! (! <(:(*a! 9%/$%02&! #$&!
>$,4*2&! &(0(*$%! ,(0>2/2&! M! 080>-##$&a! ^$! (:*2X
6-2*$%!0$%!8%!,(0>2/2!M!#2!/-*(*$%!8%!,(0>2/()$!(!
#(!0(42)(b!<2*$!,-!<(<_!#$!2&]8-AJ!M!&2!K82!*_<-6$!
(!#(!(6,-%-&/*(0-J%!62#!%2:$0-$b!0$:-J!2#!,(0>2/2!
]82!/2%D(!M!&2!<*2%6-J!(!<2#2(*!&$#$!0$%!#$&!$0>$!
>2*,(%$&a!7_&!62!8%(!<2*&$%(!]82!A-$!2#!1"#-0%!
620D(Q!lu"A2!7(*D(b!]8c!0>(<(**-/$!/(%!4*(A$vka!^2!
/-*(4(%!(!,(/(*!M!c#!#$&!2&]8-A(4(!0$%!&8!,-&,$!
,(0>2/2a!9%!#(!<2#2(b!]82!K82!0$,$!62!#(!8%(!(!#(&!
6$&!62!#(!,(`(%(b!,-!<(<_!>-*-J!(!0-%0$!62!2##$&b!
#$&! ,_&! :*(A2&! K82*$%! 6$&Q! (! 8%$! #2! ,$0>J! 8%(!
,(%$! M! (! $/*$! #2! 6-$! 2%! #(! 0(42)(a! "! ,-! <(<_! #$!
>-*-2*$%!0$%!8%!080>-##$!2%!2#!2&/J,(:$!M!(!/$6$&!
&2!#$&!##2A(*$%!(#!>$&<-/(#a

?A@

?A<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

7-! <(<_! &2! *208<2*Jb! 2%/$%02&! 62FJ! 2#! %2:$X


0-$! <$*]82! A-$! ]82! %$! #2! 0$%A2%D(a! ^(! :2%/2! 62!
'2:$A-(! (! A202&! 2*(! ,8M! A-$#2%/(b! ,_&! 08(%6$!
2&/(4(! 4$**(0>(m! 2%! 2&2! 2%/$%02&! >(4D(! ,80>$&!
<2-%-##2*$&!4*(A$&a!3$%!#$!]82!&8026-Jb!,-&!<(6*2&!
620-6-2*$%!<(&(*&2!62!4(**-$!M!%$&!K8-,$&!<(*(!2#!
02%/*$b!<$*!2#!<(*]82!<*-%0-<(#a
9#!/-2,<$!/*(%&08**-J!M!,-!<(<_!&2!*208<2*Ja!
'2! ,2/-J! 2%! $/*$! %2:$0-$b! 0$:-J! 8%(! *2&-62%0-(!
##(,(6(! E2&-62%0-(&! 1$*62&/2b! 84-0(6(! (#! K*2%X
/2! 62#! <(*]82a! 9,<2)(,$&! $/*(! A2)a! n$! 0(&-! %$!
0$,<*2%6D(! #$! ]82! <(&(4(m! 2&/(4(! ,8M! '%/+"! M!
8%$!(!2&(!26(6!%$!2%/2%6D(!#(&!&-/8(0-$%2&!%-!#$&!
<*$4#2,(&a! G-AD(,$&! 4-2%a! ">D! ,-! <(<_! (6,-%-&X
/*(4(!M!,-!,(,_!>(0D(!2#!(&2$!2%!#(&!<-2)(&!M!2%!
#$&!<(&-##$&a
9%! 2#! )(:8_%! >(4D(! 8%(! 2&0(#2*(b! <82&! #(!
*2&-62%0-(!2*(!62!6$&!<-&$&a!\%!6D(b!,2!&84D!(!#(!
2&0(#2*(!0$%!8%(!A(*-##(!62!,(62*(!,_&!#(*:(!]82!
M$!M!,2!,2/D!#(!<8%/(!2%!#(!4$0(a!7-!,(,_!M!,-!
<(<_!,2!620D(%Q!l1$!/2!&84_&!(>D!<$*]82!/2!0(c&!
M! /2! (<$**2_&ka! 1$! #2&! >-02! 0(&$! M! ,(*$,2(%6$!
,2!*2&4(#c!M!,2!0(Da!^$!<*-,2*$!]82!/$0J!2#!&82#$!
K82! #(! /(4#-##(! <$*]82! 2*(! ,8M! #(*:(b! M! 0$,$! M$!
/2%D(!#(!<8%/(!2%!#(!4$0(!,2!#(!2%/2**c!2%!2#!:8(*X
:|2*$a!7-!<2&$!*2A2%/J!#(!<8%/(!M!0(D!4$/(%6$!8%!
0>$**$! 62! &(%:*2! <$*! #(! 4$0(a! 7-! ,(,_! ,2! A-$!
(&D!M!,2/-J!8%!:*-/$!-,<*2&-$%(%/2a!">D!,-&,$!,-!
<(<_! &(#-J! 62#! 4(`$! 2%A82#/$! 2%! 8%(! /$(##(b! ,2!
0$:-J!M!(**(%0J!0$%,-:$!<$*!#(!0(##2m!M$!4(`(6$!

2%!&(%:*2!M!c#!2%!/$(##(a!72!##2AJ!(#!>$&<-/(#!M!,2!
&(0(*$%!#(!<8%/(!62!#(!/(4#-##(a!9#!,c6-0$!#2!6-F$!(!
,-!<(<_!]82!,2!>(4D(!&(#A(6$!62!,-#(:*$!<$*]82!
8%!<$]8-/$!,_&!M!,2!62&%80$a!5*(0-(&!(!B-$&!,2!
&(#Aca!B2&<8c&!&(#D!62#!>$&<-/(#!M!2,<20c!#(!*208X
<2*(0-J%a! 3(&-! %$! <$6D(! ,(&/-0(*! %-! /*(:(*a! '$#$!
<$6D(! /$,(*! #D]8-6$&b! 0(#6-/$&a! 9&$! ]826(! 62! %$!
>(02*#2&!0(&$!(!#$&!<(6*2&a
n(!*208<2*(6$!&2:8D!0$%!,-!A-6(!M!,-&!<(6*2&!
0$%! &8! #(4$*! %$*,(#! 2%! 2#! %2:$0-$b! >(&/(! ]82! 8%!
6D(!##2:J!8%!&2`$*b!&2!>$&<26J!2%!#(!*2&-62%0-(!M!
&2!]826J!A(*-$&!6D(&a!38(%6$!&2!-4(!(!-*b!,-!<(<_!
#2!0$4*J!#(!082%/(!M!2#!&2`$*!#2!6-F$Q!l1$!#2!A$M!(!
<(:(*kb!2%/$%02&!&(0J!8%!,(0>2/2!M!(:*26-J!(!,-!
<(<_a! p#! &(0J! 8%(! %(A(F(! ,8#/-8&$&! <2]82`(b! 62!
08(/*$!626$&!62!#(*:(b!<2*$!2%!2&2!,$,2%/$!2*(!#$!
C%-0$!]82!/2%D(!(!#(!,(%$!M!$/*(!A2)!&2!<*2%6-J!(!
<2#2(*!0$%!2#!&2`$*a!'(#-2*$%!(!#(!0(##2a!7-!<(<_!4-2%!
4(F-/$!0$%!8%(!%(A(F(!M!2#!&2`$*!,8M!(#/$!0$%!8%!
,(0>2/2a!9#!&2`$*!#2!/-*(4(!,(0>2/()$&!(!,-!<(<_!
M!,-!A-2F$!#$&!2&]8-A(4(a!3$,$!,-!<(<_!2*(!4(F-/$!
&2!#2!,2/-J!(#!&2`$*!<$*!624(F$!62!#(&!<-2*%(&!M!#$!
>-*-J!2%!2#!2&/J,(:$!A(*-(&!A202&a!9#!&2`$*!0(MJ!(#!
&82#$!M!#(!:2%/2!]82!2&/(4(!,-*(%6$!#$!0$:-J!M!&2!#$!
##2AJ!(#!>$&<-/(#a!^(!.$#-0D(!##2:J!<(*(!##2A(*&2!(!,-!
A-2F$b!<2*$!#$&!A20-%$&!M!#$&!>8c&<262&!>(4#(*$%!(!
K(A$*!62!c#!M!%$!&2!#$!##2A(*$%!(!#(!0_*02#a
"#!/-2,<$b!2#!682`$!62#!#$0(#!#2!6-F$!(!,-!<(<_!
]82!%202&-/(4(!2#!%2:$0-$!M!/8A-,$&!]82!2%/*2:(*#$!
M!2,<2)(*!62!%82A$a!1$&!K8-,$&!(!A-A-*!(!8%!4(**-$!

?A?

?AA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

##(,(6$!;(<(*(#a!"!#$&!6D(&!62!2&/(*!A-A-2%6$!(##_b!
M$!2&/(4(!&2%/(6$!2%!8%(!(02*(!M!8%!F$A2%!2%!8%(!
4-0-0#2/(!4(FJ!(!/$6(!M!<$*!2&]8-A(*!(!8%!0(**$!,2!
(/*$<2##J!M!,2!(**(&/*J!8%$&!,2/*$&!624(F$!62!#(&!
##(%/(&!62!#(!4-0-0#2/(a!7-!,(,_!&(#-J!62&2&<2*(6(!
0$%,-:$!2%!#$&!4*()$&!M!8%!A20-%$!]82!/2%D(!0(**$!
%$&!##2AJ!(#!>$&<-/(#a!"#!$/*$!6D(!,2!6-2*$%!62!(#/(!M!
,2!/$0J!62F(*!62!2&/86-(*a
7-!<(<_!2,<2)J!$/*(!A2)!(!*248&0_*&2#(!M!,-!
,(,_!2,<2)J!(!A2%62*!2,<(%(6(&a!G-AD(,$&!2%!
2#!<(*]82!<*-%0-<(#!08(%6$!##2:J!#(!%$/-0-(!62!]82!
2&/(4(%!-%A(6-2%6$!8%$&!#$/2&a!7-!<(<_!K82b!0$:-J!
8%!#$/2b!#$!2%0$**(#J!0$%!8%$&!<(#$&!M!0$%!0(48M(b!
M!2,<2)J!(!(*,(*!8%!0(,480>2a!B2&<8c&!##2:J!#(!
.$#-0D(!M!&2!##2A(*$%!(!,-!<(<_!M!(!$/*(&!<2*&$%(&!
<$*]82!2&2!/2**2%$!2*(!62#!08*(a!38(%6$!&2!K82!#(!
#2Mb! ,-! ,(,_! M! ,-! >2*,(%$! &-:8-2*$%! (*,(%6$!
<$*!#(&!%$0>2&!2#!*(%0>-/$!62!<#_&/-0$a!7-!>2*,(%$!
/*(4(F(4(!%$0>2!M!6D(!>(0-2%6$!4(%]82$&!M!(<#(X
%(%6$!2#!/2**2%$a!n$!#2!##2A(4(!2#!K*2&0$!M!#(!0$,-6(a
"!,-!<(<_!#$!&$#/(*$%!62#!0(#(4$)$!(!#$&!$0>$!
6D(&a!38(%6$!##2:J!(!#(!0(&(b!,-!,(,_!#2!6-F$!]82!
2##(! M! ,-! >2*,(%$! >(4D(%! (*,(6$! 2#! *(%0>-/$! M!
4(%]82(6$! 2#! #$/20-/$a! 7-! <(<_! &2! K82! M! 0$%&-:8-J!
8%$&!<(#$&!M!8%(&!>$F(&!62!)-%0!<(*(!>(02*!#(!0(&(a!
7-2%/*(&! $*:(%-)(4(%! /$6$! 2%! 2#! #$/2b! ,2! ,(%6(X
*$%!<(*(!7262##D%!(!6$%62!,-&!(482#$&a!B2&<8c&!62!
]82! ##2:8cb! ,-&! (482#$&! 620-6-2*$%! A-&-/(*! (! 8%$&!
<(*-2%/2&a!4(,$&!2%!8%!/(N-!M!M$!2&/(4(!*20$&/(6$!
2%!8%(!<82*/(!,-*(%6$!<$*!#(!A2%/(%(a!9%!8%(!#$,(!

<2%6-2%/2b!#(!<82*/(!&2!(4*-J!M!M$!,2!&(#D!62#!0(**$a!
7-&! <-2*%(&! ]826(*$%! 2%*26(6(&! 2%! 2#! &-##D%! M! #(!
,-/(6!62#!082*<$!K82*(!62#!0(**$a!1-!2#!0>$K2*!%-!,-&!
(482#$&! &2! >(4D(%! 6(6$! 082%/(! 62! ]82! ,-! 0(42)(!
*24$/(4(!2%!2#!<(A-,2%/$!0$,$!&-!K82*(!8%(!<2#$/(!
62!0(80>$a!38(%6$!&2!(4*-J!#(!<82*/(b!8%(&!,(%)(X
%(&! ]82! ##2A_4(,$&! 2%! 8%(! 4$#&(! &(#-2*$%! *$6(%X
6$!#$,(!(4(F$a!'2!6-2*$%!082%/(!62!#$!]82!2&/(4(!
<(&(%6$!<$*!#(!:*-/2*D(!62!#(!:2%/2a!9#!/(N-&/(!<(*J!
2#! 0(**$b! ,2! *20$:-2*$%! M! &2! 62A$#A-2*$%! 0$%,-:$!
<(*(!2#!>$&<-/(#a!^#2:8c!-%0$%&0-2%/2!M!(##_!62&<2*X
/c!/$6$!,(*2(6$b!0$%!6$#$*!62!0(42)(!M!/$6$!*(&<(X
6$a!72!*2A-&(*$%b!,2!6-2*$%!62!(#/(!M!,2!##2A(*$%!
<(*(!#(!0(&(!62!#$&!K(,-#-(*2&!]82!D4(,$&!(!A-&-/(*a!
1$&!]826(,$&!6$&!$!/*2&!6D(&!,-2%/*(&!,2!&2%/D(!
,2F$*a!E2:*2&c!(!#(!0(&(!62!,-&!(482#$&!8%!/-2,<$!
,_&a!
38(%6$! A$#AD! (! '2:$A-(b! M(! ,-&! <(6*2&! M! ,-!
>2*,(%$!2&/(4(%!A-A-2%6$!2%!#(!0(&(!]82!>-0-2*$%!
2%!2#!#$/2!-%A(6-6$a!"#!4(**-$!#$!##(,(*$%!^(!.()a!9#!
4(**-$!%$!/2%D(!#8)!%-!(:8(m!8&_4(,$&!A2#(&b!0$0-X
%_4(,$&!0$%!K$:J%!62!<2/*J#2$!M!2#!(:8(!#(!0(*:_X
4(,$&! 62! 8%(! /$,(! A-2F(! 62#! <824#$! ]82! 8&(4(%!
(%/2&! 0$,$! (082680/$a! 9,<20c! %82A(,2%/2! (!
2&/86-(*a!7-!<(<_!0$%&-:8-J!/*(4(F$!2%!8%!(#,(0c%a!
"#! /-2,<$! >84$! 8%! (<$:2$! 62! $*$a! 7-! <(<_!
&2! K82! M! ,$%/J! 8%! /*(4(F$! <*$<-$a! 3$:-J! #(! A2/(b!
2,<2)J!(!&(0(*!<*$6800-J%!M!#2!,2/-J!/*(4(F(6$X
*2&a! ^2! -4(! 4-2%b! %$&! ,2F$*J! #(! &-/8(0-J%! 20$%JX
,-0(a! 7-! <(<_! 0$%&-:8-J! <#(/(b! &2! <8&$! (! 4242*!

?AB

?AC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

,80>$b!(!(,(%202*!2%!#(!0(##2!M!(!<2#2(*!,80>$!
0$%!,-!,(,_a
7-! >2*,(%$! /2*,-%J! ]8-%/$! 62! <*-,(*-(! M! &2!
<8&$!(!/*(4(F(*!0$%!,-!<(<_!2%!#(!,-%(a!3$,$!A-$!
]82! 0$:D(! 482%(! <#(/(b! 620-6-J! 62F(*! 2#! 2&/86-$! M!
&2! ]826J! /*(4(F(%6$a! 9%! 2&2! /-2,<$! %$! 2N-:D(%!
0c68#(! %-! 4(0>-##2*(/$! <(*(! /*(4(F(*b! 2%/$%02&! c#!
(<*$A20>Ja!O-2%!F$A2%!M!2,<2)J!(!4242*!M!(!A(:(X
48%62(*a! 7-! <(<_! 0$%&-:8-J! 482%(! <#(/(! M! &2! K82!
62!#(!0(&(!62F_%6$%$&a!'2!0$,<*J!8%!48&!M!#$!<8&$!
(!/*(4(F(*!<$*!/$6$!2#!1$*62&/2!(%/-$]82`$!M!<(*(!
7262##D%a!9%!2&2!48&!,-!<(<_!,2!##2AJ!(!z(*(:$)(!
(! #(! H-2&/(! 62#! 3*-&/$! M! /(,4-c%! ,2! ##2A(4(! (!
7262##D%a! B2&<8c&! A2%6-J! 2#! 48&! M! &2! 0$,<*J! 8%!
0(,<2*$! 1-&&(%! .(/*$#b! #$! 8&(4(! 0$,$! 0$#20/-A$!
2%/*2!'2:$A-(!M!E2,26-$&a
7-!>2*,(%$!0$:-J!#(!$4#-:(0-J%!62!#(!0(&(!0$%!
,-! ,(,_a! p#! 2*(! 8%! ,$*2%$! 62! <2#$! -%6-$! M! $F$&!
%2:*$&m!(082*<(6$b!(#/$b!,8M!&2*-$!M!,(#:2%-(6$b!
<2*$! ,8M! 482%(! :2%/2a! 78F2*-2:$b! 42426$*b! ,8M!
*8,42*$b! <2*$! ,8M! 482%! /*(4(F(6$*a! ;2%D(! 8%!
2&<D*-/8!62!#80>(!2%A-6-(4#2!M!,80>(!K$*/(#2)(!2%!
#(&!&-/8(0-$%2&!0$,<#-0(6(&a!n$!#2!(:*(62)0$!/$6$!
#$!]82!&$M!(>$*(Q!/*(4(F(6$*b!>$%*(6$b!>8,-#62!M!
&2%0-##$a!'-2,<*2!]8-&2!&2*!0$,$!c#a!
B2&<8c&! 62! 8%! /-2,<$b! ,-! <(<_! &2! K82! (!
7262##D%! <(*(! 6$%62! #(! ,(,_! M! &2! 0$,<*J! 8%!
0(,-J%!M!#$!<8&$!(!/*(4(F(*!/*(M2%6$!#2:8,4*2&!M!
K*8/(&!(!#(!7-%$*-&/(a!7-!,(,-/(!##(,J!(!,-!,(,_!
M!#2!6-F$!]82!<$*!]8c!%$!,2!,(%6(4(!<(*(!7262##D%!

(!2&/86-(*b!<82&!>(4D(!482%(&!2&082#(&!M!2%&2`(X
4(%!4-2%!M!]82!(62,_&!,-!<(<_!,2!<$6D(!08-6(*a!
72!2%A-(*$%!M!2%!7262##D%!2&/86-c!08(*/$!M!]8-%/$!
62!<*-,(*-(a
\%! 6D(! 2&/_4(,$&! 68*,-2%6$! M! 0$,$! (! #(&!
&2-&!62!#(!,(`(%(!,2!62&<2*/c!<$*]82!,-!<(<_!&2!
2&/(4(!]82F(%6$!,80>$!62!8%!6$#$*!62!0(42)(a!7-!
,(,-/(!&2!#2A(%/J!M!#$!##2AJ!(#!>$&<-/(#b!2%!1-]8D(b!
6$%62!%$&$/*$&!A-AD(,$&a!^$&!,c6-0$&!#$!*2A-&(*$%!
M!#$!/8A-2*$%!]82!$<2*(*!62!8*:2%0-(!<$*]82!(!,-!
<(<_!#2!>(4D(!6(6$!8%!62**(,2!02*24*(#a!'(#-J!4-2%!
62!#(!$<2*(0-J%b!#$!,(#$!2*(!]82!2%!2&2!,$,2%/$!
%$!*20$%$0D(!(!%(6-2a!7-!A-2F$!]826J!0$,$!8%!%-`$!
0>-]8-/$m!,2!/$0J!2%&2`(*#2!/$6$!62!%82A$!M!/2%D(!
]82!6(*#2!62!0$,2*a!^2!2%&2`c!(!#22*!M!(!2&0*-4-*b!
/(,4-c%!&(#D(!0$%!c#!(!<(&2(*a!7-!<(<_!&2!*208<2X
*Jb!<2*$!%$!/$/(#,2%/2a
;2*,-%c!]8-%/$!62!<*-,(*-(!M!,-!,(,_!#2&!6-F$!
(! ,-! ,(,-/(! M! (! ,-! <(<_! ]82! M$! #2! >(0D(! ,80>(!
K(#/(!M!]82!2%!'2:$A-(!M$!<$6D(!2&/86-(*!2#!4(0>-X
##2*(/$a!9%/$%02&!2##$&!,2!2%A-(*$%!<(*(!'2:$A-(a!
;-2,<$! (/*_&b! 2%! 2#! <824#$! $08**-J! 8%(! ,(&(0*2a!
9&2! 6D(! ,(/(*$%! ,_&! 62! 0-%082%/(! <2*&$%(&a! 7-!
>2*,(%$!&2!>(4D(!4(`(6$!M!A2&/-6$b!M!08(%6$!2&/(X
4(!#-&/$!<(*(!&(#-*!(!#(!0(##2!,-!,(,_!#2!6-F$!]82!%$!
&(#-2*(b!<$*]82!2##(!<*2&2%/D(!(#:$!,(#$a!p#!&2!2%$FJ!
,80>$! M! %$! &(#-Ja! "#! 0(4$! 62! 8%! *(/$! &2! 2&080>J!
8%(!2N<#$&-J%!M!,80>$&!6-&<(*$&a!B2&<8c&!]826J!
/$6$!2%!&-#2%0-$a!7-!>2*,(%$!&(#-J!(#!$/*$!6D(!<$*!
#(! ,(`(%(! M! A-$! 8%! <(%$*(,(! (/2**(6$*m! (#! &-/-$!

?AD

?AE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

<(*(!6$%62!-4(!#(!%$0>2!(%/2*-$*!#2!>(4D(%!/-*(6$!
8%(&!:*(%(6(&a!p#!&2!(&$,J!M!A-$!<26()$&!62!<-2#!
M!62!0(*%2!62!#(&!<2*&$%(&!]82!]826(*$%!>2*-6(&!M!
/(,4-c%!62!#(&!]82!,(/(*$%a!
7-! ,(,_! ,2! -4(! (! ,(/*-08#(*! 2%! 2#! 0$#2:-$b!
<2*$!M$!%$!>(4D(!/*(D6$!#$&!<(<2#2&!M!,2!]826c!2%!
#(!0(&(!&-%!2&/86-(*a!38(%6$!,-!>2*,(%$!/*(4(F(X
4(!2%!#(!,-%(b!M$!#2!(M86(4(!(!#(A(*!2#!$*$!2%!2#!
2%/(4#2!M!c#!,2!<(:(4(a!"!#$&!/*202!(`$&!0$,2%0c!
(! 0$%$02*! 2#! <*$02&$! 62! #(! ,-%2*D(a! 7-! >2*,(%$!
,2!6-F$!]82!/*(4(F_*(,$&!F8%/$&!M!2%!2&2!,$,2%/$!
2,<2)J!,-!#(4$*!0$,$!,-%2*$a!9*(!#(!<*-,2*(!A2)!
]82!2%/*(4(!(!8%!&$0(AJ%!$!>820$a
9%! #(! <*-,2*(! ,$#-6(! ,2! /$0(*$%! TYS! ,-#!
<2&$&a!3$,$!,2!:8&/Jb!&2:8D!/*(4(F(%6$!M!62Fc!2#!
2&/86-$a!"!,-!,(,_!%$!#2!:8&/J!,80>$!]82!62F(*(!
#(!2&082#(!<$*]82!2##(!]82*D(!]82!M$!K82*(!(#:8-2%!
2%!#(!A-6(!M!/8A-2*(!8%!482%!K8/8*$b!<2*$!A-$!]82!M$!
/*(4(F(4(!>$%*(6(,2%/2!M!,2!(<$MJa!
38(%6$!2,<20c!(!/*(4(F(*b!#(!02*A2)(!0$&/(4(!
6$&0-2%/$&!<2&$&!M!&2!,2*0(4(!0$%!A2-%/2!$!/*2-%/(!
,-#!<2&$&!]8-%02%(#2&a!9%!#(!,-%(!,2!&2:8D!:(%(%X
6$!0-2%!$!6$&0-2%/$&!,-#!<2&$&!2%!0(6(!]8-%02%(a!
^(! &-/8(0-J%! 20$%J,-0(! (! A202&! 2*(! ,8M! 482%(b!
$/*(&!A202&!*2:8#(*b!<2*$!(!,-!,(,_!M!(!,D!%8%0(!
%$&!K(#/(4(!%(6(a
7-! *8/-%(! 62! /*(4(F$! 2*(! #2A(%/(*,2! (%/2&!
62! #(&! 0-%0$! 62! #(! ,(`(%(! <(*(! 2&/(*! #-&/$! (! #(&!
&2-&a!"!2&(!>$*(!,2!0(,4-(4(!#(!*$<(!M!2,<2)(4(!
(! #(4$*(*! 0$,$! ,(*/-##2*$b! 0(/(%:82*$! $! <(#2*$a!

\%$!2,<2)(4(!08(%6$!62&0(*:(4(%!#(!]82,(!]82!
>(0D(%! #$&! ,(*/-##2*$&m! 2##$&! <2*K$*(%! #(! *$0(! 0$%!
8%!/(#(6*$!M!0$%!8%(!(#,_6(%(!62!08(/*$!#-4*(&!M!
2%!8%(&!$##(&!<$%2%!6-%(,-/(!0$%!8%(!,20>(!M!#(!
2%0-2%62%!<(*(!(**(%0(*!#(!<-26*(!M!#(!(*2%(a!^$&!
0(/(%:82*$&! ##2A(%! 8%! 0$&/(#! 0$&-6$! M! 0$%! 0(*:(X
62*(&b!<(*202!8%!4$#&$!<2*$!,_&!:*(%62b!##2%$!62!
<-26*(&!M!(*2%(!M!62&<8c&!&2!#$!(#)(%!(!#(!2&<(#6(!
M!&842%!<$*!8%(&!2&0(#(&!<(*(!&(#-*!62#!>820$a!9#!
/*(4(F$!&2!(0(4(!08(%/$!/2*,-%(%!62!&(0(*!#(!0(*:(a!
9%!'2:$A-(!&2!>(4#(!,80>$!62!#(!,(#6-0-J%!62#!
$*$a! 38(%6$! 8%(! <2*&$%(! 2%0$%/*(4(! #(! A2/(! 62!
#(!,-%(!M!&2!A$#AD(!0*2D6(b!/$6(!#(!<#(/(!&2!#2!-4(b!
]826(4(!<$4*2!M!/2%D(!]82!<26-*#2&!0$#(4$*(0-J%!(!
#(&!<2*&$%(&!]82!>(4D(!>8,-##(6$a!"!#$&!]82!#2&!-4(!
4-2%! M! 2*(%! ,8M! (,<#-$&! /(,4-c%! #$&! (**8-%(4(!
#(!2%A-6-(!62!#(!:2%/2a!@/*$&!,-%2*$&!&2!<$%D(%!(!
4242*!M!620D(%!]82!>(4D(!,_&!$*$!2%!&8&!,-%(&b!M!
08(%6$!*2:*2&(4(%!M(!%$!<$6D(%!&(0(*!,_&b!<82&!
#2&!&(#D(!,(#(a!
"! #$&! 0(/$*02! (`$&! ,2! 0$%&2:8D! 8%(! %$A-(b!
2&(!%-`(!,2!:8&/(4(!,80>$b!K82!,-!<*-,2*!(,$*b!
2&/(4(! ,_&! /*(:(6$! ]82! ,26-(! 62! ,$%/(`2*$a!
B8*(,$&! 6$&! (`$&! M! ,26-$a! "#! /-2,<$! ,2! 6-F$!
]82! 2&/(4(! 2%! 2,4(*()$a! 72! <8&2! ,8M! 0$%/2%X
/$b! #2! ##2A(4(! 68#02&b! *2:(#$&b! 2&/(4(! ,8M! K2#-)a!
.2%&(4(!,80>(&!0$&(&Q!i3J,$!&2*D(!M$!62!<(<_j!
72!-,(:-%(4(!0(*:_%6$#$!2%!,-&!4*()$&b!<2*$!&2!
,2!*$,<-2*$%!#(&!-#8&-$%2&a!E2&8#/J!]82!2##(!,2!
2&/8A$! 2%:(`(%6$! /$6$! 2#! /-2,<$! 0$%! 8%! (,-:$b!

?A=

?A>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

0$%! 8%! /(N-&/(! M! 0$%! $/*$&a! ut8c! 62&-#8&-J%! /(%!


:*(%62v!3$%!2&$!62Fc!62!0*22*!2%!#(&!,8F2*2&b!M(!
%$!,2!2%/*2:(4(!<$*!0$,<#2/$a
7-! >2*,(%$! 8%(! A2)! ,2! 0$%A-6J! (! &(#-*a! .$*!
<*-,2*(! A2)! 2%/*c! (! 8%! 4(*! M! ,2! 2,4$**(0>ca!
B2&62!2&2!6D(b!0(6(!$0>$!6D(&!&(#D(!0$%!c#!M!(,(%2X
0D(,$&!424-2%6$a!3$%!#$!]82!<(&Jb!,2!0$%&2:8D(!
8%(!%$A-(!(]8D!M!$/*(!(##_a
.(&J!2#!/-2,<$b!(!#$&!6-20-%82A2!(`$&!M$!2&/(4(!
2%!2#!4-##(*a!9*(!8%!#8%2&!0$,$!(!#(&!&2-&!62!#(!/(*62a!
n$!A2D(!8%(!&2*-2!2%!#(!<(*(4J#-0(!(!#(&!$0>$!62!#(!
%$0>2! M! ,2! (0$*6c! 08(%6$! K(#/(4(%! 0-%0$! ,-%8X
/$&!<(*(!]82!2,<2)(*(a!9%!2#!4-##(*!>(4D(!,80>(!
:2%/2!424-2%6$!M!08(%6$!&(#D!0(&-!,2!(/*$<2##(!8%(!
;$M$/(!]82!<(&(4(!##2%(!62!:2%/2a!.2%&c!]82!A2%D(!
(!4242*a!B-$!8%(!A82#/(!M!08(%6$!*2:*2&J!K*2%/2!(#!
4-##(*!&2!4(F(*$%!A(*-$&!>$,4*2&!2%0(<80>(6$&!M!
4-2%!(*,(6$&a!9%/*(*$%!(#!4-##(*!6-&<(*_%6$#2&!(!
/$6$&!#$&!]82!>(4D(!2%!2#!#8:(*a!'2!2&080>(4(!(!8%$!
62!#$&!>$,4*2&!08(%6$!620D(Q!lB2%#2!(!c&/2kb!M!&2!
2&080>(4(%!#$&!/-*$&a!^(!<82*/(!62!,-!0(&(!2&/(4(!
(4-2*/(!M!08(%6$!K8-!(!02**(*#(!<(&(4(!8%$!62!2&$&!
>$,4*2&!2%0(<80>(6$&!0$%!8%!(*,(!]82!&$&/2%D(!
2%!<$&-0-J%!A2*/-0(#a!n$!,2!]826c!<(*(#-)(6$b!(>D!
<(*(6$a! 9#! >$,4*2! <(&J! 62! #(*:$b! :*(0-(&! (! B-$&!
%$!,2!A-$a
38(%6$!#$&!>$,4*2&!&2!K82*$%b!M$!0$**D!>(0-(!2#!
4-##(*a!72!&$*<*2%6D!,80>$a!ut8c!-,(:2%!/(%!62&:(X
**(6$*(v!;$6$&!2&$&!082*<$&!4(`(6$&!2%!&(%:*2a!
B2&<8c&! ##2:(*$%! $/*$&! A20-%$&! M! 2,<2)(,$&!

(! *20$:2*! (! #$&! >2*-6$&a! 7-*c! 624(F$! 62! #(! ,2&(!


62!4-##(*!'""/!M!A-!(!#$&!>2*,(%-/$&b!(!#$&!]82!#2&!
620D(%! ^$&! z(*0$&m! 2##$&! /2%D(%! $F$&! ()8#2&b! 8%$!
2*(!62!0(/$*02!M!2#!$/*$!62!6-20-&c-&!(`$&a!9&/(4(%!
,8M!,(#>2*-6$&!M!08(%6$!#$&!##2A(,$&!(#!>$&<-/(#!
M(!>(4D(%!,82*/$a!9&2!6D(!(!#(&!&-2/2!62!#(!%$0>2b!
#$&! (,-:$&! M! A20-%$&! 62#! 4(**-$! D4(,$&! (! >(02*!
8%! &(%0$0>$! 2%! #(! 2&]8-%(! 62#! 4-##(*a! 72%$&! ,(#!
(#! K-%(#! *2&$#A-,$&! %$! >(02*#$b! <82&! #$&! ,82*/$&!
>84-c*(,$&! &-6$! ,80>$&! ,_&a! 3$%! /$6$! 2&/$b! 2#!
4(**-$!0(,4-J!,80>$!M!(#!/-2,<$!,-!,(,_!A2%6-J!
2#!*(%0>$!M!%$&!,86(,$&!<(*(!$/*$!4(**-$a
'-:8-J! <(&(%6$! 2#! /-2,<$! M! 0$%$0D! (! 7J%-0(b!
8%! 6D(! ]82! ,2! #(! <*2&2%/(*$%a! 9##(! ,2! <(*20-J!
8%(!,8F2*!2%0(%/(6$*(b!&2%0-##(b!/-2*%(!M!(#2:*2a!
38(%6$!M$!2&/(4(!08,<#-2%6$!RZ!(`$&!%$&!/$,(X
,$&!8%$&!/*(:$&b!2&/(4(!0$%!8%!(,-:$!2%!2#!02%/*$!
M! &2! ,2! (**-,J! 8%(! <*-,(! 62! 7J%-0(! M! ,2! 6-F$!
]82!2##(!,2!>(4D(!,(%6(6$!(!620-*!]82!K82*(!(!&8!
0(&(a!7-!(,-:$!,2!6-F$!]82!K82*(b!M$!K8-b!>(4#(,$&!
M! %$&! &2:8-,$&! A-2%6$a! B2&<8c&! 62! &2-&! $! &-2/2!
,2&2&! 620-6-,$&! A-A-*! F8%/$&a! 9##(! 2*(! #$! ,2F$*!
]82!#2!>(4D(!<(&(6$!(!,-!A-6(a!n$!2*(!8%!>$,4*2!
,8M!#$0$b!0$,$!8%!4(*0$!(!#(!62*-A(b!<2*$!7J%-0(!
,2! -#8,-%Jm! ,2! A$#AD! (! -#8&-$%(*b! ,2! 0*2D(! 2%! 2#!
<(*(D&$a!
B2&<8c&!62!2&(!2/(<(!K2#-)!62!,-!A-6(!<(&(*$%!
0-%0$!(`$&a!9%!F8#-$!62#!(`$!RSSqb!##2:J!,-!>2*,(%$!
(!#(!0(&(!8%!,-c*0$#2&!<$*!#(!/(*62b!2%!,26-$!62!
8%!(:8(02*$!M!,2!6-F$Q!l72!A$M!0$%!8%$&!(,-:$&!

?B@

?B<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

<(*(!8%(!K-%0(!(!A2*!8%!/*(4(F$!,8M!482%$!M!&-!6(!
482%!$*$!,2!#$!##2A$ka!"!,D!,2!6-$!8%!,(#!<*2&2%X
/-,-2%/$!M!#2!6-F2!]82!%$!K82*(b!2%/$%02&!c#!&2!2%$FJ!
0$%,-:$!M!M$!/(,4-c%!,2!2%$Fca!38(%6$!&2!K82b!&2!
62&<-6-Jb!M!M$!0$%!#(!*(4-(!]82!/2%D(!%$!#2!0$%/2&/ca!
p#! #2! 6-F$! (! ,-! ,(,_! ]82! A$#AD(! 2#! A-2*%2&! M!
<(&(*$%! 0$,$! $0>$! 6D(&a! 1$&$/*$&! <2%&_4(,$&!
]82! &2! >(4D(! ]826(6$! /*(4(F(%6$a! g(&/(! ]82! #(!
,8F2*! 62! ,-! >2*,(%$! *20-4-J! 8%(! ##(,(6(! M! #2!
6-F2*$%!]82!(!c#!M!(!#$&!(,-:$&!#$&!>(4D(%!,(/(6$b!
]82! K82*(%! (! *20$:2*! #$&! 082*<$&! (! #(! A2*26(! 9#!
3(`J%! 62#! 7(/(a! 7-! 08`(6(! K82! 0$%! ,-! ,(,_! (#!
4(/(##J%!M!6-F2*$%!#$!]82!<(&Ja!9##$&!##(,(*$%!<$*!
*(6-$b!<$*]82!&8<82&/(,2%/2!/2%D(%!8%(!08(6*-##(!
2%! 2#! &20/$*! M! #2! 6-2*$%! 8%! /2#cK$%$! (! ,-! 08`(6(!
<(*(! ]82! #$&! 2&/8A-2*(%! ##(,(%6$! <$*! &-! <(&(4(!
(#:$a!9##(!##(,J!M!#2!6-F2*$%!]82!>(4D(%!2%0$%/*(X
6$! 8%$&! 0(6_A2*2&! M! ]82! /2%D(! ]82! -*! <$*! 2##$&! (!
8%(! A2*26(! <$*! #$&! #(6$&! 62! 7(0>80(b! ]82! >(&/(!
(>D! #$&! &(0(4(%! <$*]82! %$! <$6D(%! /*(2*#$&! >(&/(!
2#!<824#$a
^(! 08`(6(! K82! (! #(! K8%2*(*-(! 9#! 96c%a! 9##$&!
#(! (0$,<(`(*$%! 2%! 2#! 0(**$! KC%24*2b! ##2:(*$%! (#!
#8:(*!M!2&<2*(*$%a!;(*620-/$!62!#(!%$0>2!%$!>(4D(!
482%(!&2`(#!2%!2#!02#8#(*b!2%/$%02&!&2!K82*$%!(!8%!
,$**$b!&2!,$%/(*$%!(!8%!_*4$#!M!##(,(*$%!(#!2Fc*0-X
/$a!^2&!6-F2*$%!]82!2&<2*(*(%b!]82!M(!#$&!##2A(4(%a!
",(%20-J!M!%(6(b!##2:(*$%!#(&!6-2)!62!#(!,(`(%(!M!
%(6(a!^2&!/$0J!*2:*2&(*!(#!<824#$a!"#!K-%(#!K82!<8*(!
,2%/-*(b!>(0-c%6$%$&!<2*62*!2#!/-2,<$a

"!#(!0(&(!62!,-!08`(6(!##2:J!8%!0$%02F(#!M!&2!
$K*20-J!(!(M86(*%$&m!%$&!##2AJ!6$%62!2#!<2*&$%2*$!
62! '2:$A-(a! p#! %$&! 2%AD$! <(*(! #(! H-&0(#D(b! 2N<8X
&-,$&! 2#! 0(&$! M! %$&! 6-F2*$%! ]82! %$! <$6D(%! >(02*!
%(6(a!1$&!,(%6(*$%!<(*(!#(!'-FD%!M!(##_!%$&!6-F2X
*$%!]82!%$!#2&!/$0(4(!2&2!/*(4(F$a!B2&<8c&!K8-,$&!
(!#(!.$#-0D(!M!0$%!2##$&!K82!#$!,-&,$Q!%$&!,(%6(*$%!
$/*(!A2)!(!#(!H-&0(#D(a!9#!0$,(%6(%/2!62#!9Fc*0-/$!
%$&!620D(!]82!%$!>(4D(%!<$6-6$!##2:(*!(!#$&!082*X
<$&b! <$*]82! 2%! 2#! 0(,-%$! 2%0$%/*(*$%! ,80>$&!
0(,<$&!,-%(6$&b!<2*$!/$6$!2*(!<8*(!,2%/-*(b!<82&!
%$! >(4D(%! ,(%6(6$! (! %(6-2a! .(*20D(,$&! <2#$/(&!
62! '(#:& '"#:<! 4*-%0(%6$! 62! (##D! <(*(! (##_a! 3$%!
2&(!4(-#(62*(!M!#(&!,2%/-*(&!62#!9Fc*0-/$b!/$6$&!#$&!
K(,-#-(*2&!62!#$&!62&(<(*20-6$&!620-6-,$&!62,(%X
6(*#$&! (%/2! #(! .*$08*(68*D(a! 38(%6$! #$&! 62,(%X
6(,$&b! (>D! &D! %$&! ##(,(*$%! <(*(! (/2%62*%$&a! ^(!
H-&0(#D(! %$&! *20-4-J! #(! 62,(%6(b! M! #(! '-FD%! M! #(!
.$#-0D(!&2!$K*20-2*$%!(!(M86(*a
9%! 2&$&! 6D(&! &(#-J! (#! >$&<-/(#! 62! E2,26-$&!
8%!(&2**(6$*!0$%!8%!0$,<(`2*$!>2*-6$!M!6-F$!]82!
08(%6$!&(#D(!2%0$%/*J!8%$&!082*<$&!M!#$&!62&0*-X
4-Jm!#$&!K(,-#-(*2&!6-F2*$%!]82!2*(%!2##$&!M!62&<8c&!
62! <(:(*#2! #$! 0$%A2%0-2*$%! <(*(! ]82! #$&! ##2A(*(!
(#! #8:(*a! 9#! 9Fc*0-/$! #2! <*2&/J! (#! 0$%02F(#! 8%! 5.'!
M!#(!(#0(#62&(!62!E2,26-$&!%$&!<*2&/J!8%!;$M$/(!
0(,<2*$a! 9#! 0$%02F(#! M! &2-&! <2*&$%(&! ,_&b! 2%/*2!
2&(&!M$b!%$&!,(6*8:(,$&!(#!$/*$!6D(!M!%$&!K8-,$&a!
"! #(&! $0>$! ##2:(,$&! (! 8%! 0$**2:-,-2%/$! ##(,(6$!
'(%!7(/2$!M!(**(%0(,$&!(!<-2a!B2&<8c&!62!0-%0$!

?B?

?BA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

>$*(&!62!0(,-%$!2%0$%/*(,$&!#$&!082*<$&m!/2%D(%!
#(! *$<(! <82&/(! M! 2&/(4(%! 2%! #$&! ,2*$&! >82&$&b!
<$*]82!#$&!(%-,(#2&!&2!#2&!>(4D(%!0$,-6$!#(!0(*%2a!
^$&!K(,-#-(*2&!#$&!-62%/-K-0(*$%b!<2*$!,-!>2*,(%$!
%$!2&/(4(a!">D!2#!0$%02F(#!(%$/J!#(&!0$$*62%(6(&!
0$%!2#!5.'a!E2:*2&(,$&!(!'(%!7(/2$!M!##2:(,$&!
<$*! #(! %$0>2a! n$! %$! &(4D(! ]8c! <2%&(*b! <$*]82! %$!
A-! 2#! 082*<$! 62#! >2*,(%$! ,D$! 2%! 2&2! #8:(*b! M! 8%!
&2`$*!%$&!6-F$!]82! 8%$&!4(*2]82*$&! >(4D(%!A-&/$!
(!8%!,80>(0>$!(,(**(6$!02*0(!(!#(!$*-##(!62#!*D$!
M!]82!%$!A-2*$%!(!%(6-2!,_&a!"!2##$&!#2&!6-$!,-26$!
M!&-:8-2*$%!62!#(*:$!M!8%$&!,2/*$&!(62#(%/2!2&08X
0>(*$%!8%$&!6-&<(*$&!M!&2!62/8A-2*$%m!2&<2*(*$%!
8%!*(/$!M!&2!62A$#A-2*$%!<(*(!A2*!&-!<$6D(%!(8N-X
#-(*#$b!<2*$!08(%6$!##2:(*$%!A-2*$%!8%!&(%:*2*$!M!
&2!*2:*2&(*$%!*_<-6$!(#!<824#$a!^(&!62&0*-<0-$%2&!
]82!2##$&!6(4(%!,2!>(0D(%!<2%&(*!]82!&2!/*(/(4(!
62!,-!>2*,(%$a
38(%6$! ##2:(,$&! (! '2:$A-(! #2! ##2A(,$&! #(&!
0$$*62%(6(&! (#! 0$*$%2#! 62#! 9Fc*0-/$b! M! %$&! 6-F$!
]82! c#! &2! 2%0(*:(*D(a! 7(%6J! 8%(! 08(6*-##(! M! %$&!
6-F$!]82!2&/(4(!<2*6-6(a!B2&<8c&!,2!6-F$!(!,D!]82!
&-! #$! -4(! (! ##2A(*b! ]82! &$#$! 2*(! *20$:2*! #$&! 082*X
<$&b!]82!#(!A82#/(!%$!&2!62,$*(4(a!n$!<2%&c!]82!
D4(,$&! 2%! >2#-0J</2*$a! .2%&c! ]82! 624D(! >(02*#$!
<$*]82! ,-! ,(,_b! ,-! 08`(6(! M! #$&! K(,-#-(*2&! 62!
#$&! $/*$&! 6-K8%/$&! 2&/(4(%! ,8M! 62&2&<2*(6$&b!
<82&!M(!##2A(4(%!6$&!&2,(%(&!62!,82*/$&a!^2!6-F2!
(#! 0$*$%2#! ]82! ,2! 6(4(! ,-26$! <$*]82! 2&2! &20/$*!
2*(! :82**-##2*$! M! >(4D(%! 6-0>$! ]82! &-! A2D(%! (! 8%!

0-A-#!#$!/$,(4(%!0$,$!$4F2/-A$!,-#-/(*a!9#!0$*$%2#!
,2!6-F$Q!l1$b!#$!0(,8K#(,$&b!&2!,$/-#(b!&2!(K2-/(!M!
]826(!0$,$!8%!&$#6(6$a!1$!#$!*20$%$02%ka!"#!A2*!
#(!&-/8(0-J%b!(02</ca
"#! $/*$! 6D(! ,2! ,(6*8:8ca! ^#2:8c! (#! 4(/(##J%!
(!#(&!08(/*$!62!#(!,(`(%(a!^(!08(6*-##(!M(!2&/(4(!
#-&/(a!72!<8&2!2#!0(,8K#(6$!M!(#!,$,2%/-0$!##2:J!2#!
(:2%/2!62!#(!'DFD%!]82!&2!-4(!(!2%0(*:(*!62#!#2A(%X
/(,-2%/$a!1$&!,$%/(,$&!(#!0(,-J%!M!(**(%0(,$&a!
^#2:(,$&!(!'(%!7(/2$!M!&(#-,$&!(!<-2a!3(,-%(,$&!
<$*!8%$&!0(,<$&!,8M!4$%-/$&b!0$%!8%$&!<$/*2*$&!
62&<2F(6$&a!;(,4-c%!>(4D(!8%(!]824*(6(!%$!,8M!
>$%6(!M!8%!<$0$!(%0>(b!0$%!(:8(!0*-&/(#-%(!M!,8M!
K*D(a!.(&(,$&!<$*!8%(!K-%0(!M!<-6-2*$%!<*2&/(6$&!
6$&! 0(4(##$&! <(*(! /*(2*! #$&! *2&/$&a! '2:8-,$&! 2#!
0(,-%$!M!(!0(6(!*(/$!&2!0$,8%-0(4(%!<$*!*(6-$!0$%!
2#!4(/(##J%!M!0$%!#(!$/*(!08(6*-##(a!9%!2&2!/*(,$b!2#!
/2**2%$!2*(!,$%/2!2&<2&$!M!*(&/*$F$a!^$&!_*4$#2&!
2*(%!/(%!(#/$&!0$,$!26-K-0-$&!62!$0>$!$!%82A2!<-&$&!
M!(#:8%$&!2*(%!/(%!:*82&$&!]82!&2!%202&-/(4(%!6$&!
<2*&$%(&!<(*(!(4(*0(*#$&!0$%!#$&!4*()$&a!
38(%6$! 2&/_4(,$&! (! ]8-%02! $! A2-%/2! ,2/*$&!
%$&!62/8A-,$&m!8%!0(4(##$!##2:J!>(&/(!#$&!082*<$&!
<$*]82! #$! ,(%6(*$%! (62#(%/2b! M! (/*_&! #$! &$&/2X
%D(%! 0$%! 8%! #()$! #(*:$a! B2A$#A-2*$%! 2#! 0(4(##$! M!
%$&! <(*(,$&! (! 2&<2*(*! (#! *2&/$! 62! #(! 08(6*-##(a!
\%! &$#6(6$! 2&<20-(#-)(6$! 2%! 2N<#$&-A$&! ##2A(4(!
6$&! <2**$&! (%/-2N<#$&-A$&! M! 8%! 0(4$! &(0J! 8%(!
0_,(*(!62!A-62$!<(*(!K-#,(*!/$6$a!\%!&$#6(6$!6-F$!
]82! 6$%62! 2&/_4(,$&! <(*(6$&! >(4D(! 8%! >82&$! M!

?BB

?BC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

/$6$&! %$&! <(*(,$&! (#*2626$*! <(*(! ,-*(*a! 9%! 2#!


#8:(*!&2!&2%/J!8%$!62!#$&!<2**$&!M!2#!&(*:2%/$!6-F$Q!
lt8D/2%#$! 62! (>D! ]82! %$! 62F(! A2*ka! ^$! ]8-/(*$%! M!
2#! 0(4$! 2,<2)J! (! K-#,(*a! \%$! 62! #$&! &$#6(6$&! #$!
,$AD(!0$%!8%(!<(#-/(a!g(4D(!8%!<$]8-/$!62!>$F-/(&!
M!2#!0(4$!2,<2)J!(!,$A2*#(&!0$%!2#!<-2!62*20>$a!B2!
*2<2%/2!&2!2&080>J!8%! :*(%! 2&/(##-6$! M! M$! A-! 8%(!
0$&(!%2:*(!]82!A2%D(!>(0-(!,-!*$&/*$!M!&2%/D!0$,$!
&-!,2!2,<8F(*(%b!%$!&2%/D!%(6(!,_&a!;$6$!#$!A2D(!
$&08*$! M! >(4D(! ,80>$! &-#2%0-$a! .2%&c! 62%/*$! 62!
,DQ!l9&/$M!,82*/$ka!B2&<8c&!2,<20c!(!A2*!8%(!#8)!
4#(%0(!M!2&080>(4(!8%(!:*-/2*D(!M!8%(!A$)!]82!,2!
620D(Q!l+(-,2b!i2&/_&!4-2%jka!72!6$#D(!#(!0(42)(!M!
/$6(!#(!0(*(!,2!(*6D(b!0$,$!&-!2&/8A-2*(!2%!##(,(&a!
38(%6$!/*(/c!62!(4*-*!#$&!$F$&b!%$!<862a!72!2,<2X
0c!(!/$0(*!#(!0(42)(!M!2&/(4(!4-2%b!<2*$!08(%6$!,2!
/$]8c!#(!0(*(!,2!-,(:-%c!#$!<2$*a
72!/$]8c!#$&!$F$&!M!#$&!&2%/D(!&(#-6$&!62!#(!082%X
0(a!^(!%(*-)!#(!/2%D(!>-%0>(6(!M!##2%(!62!/-2**(b!/*(/c!
62!,2/2*,2!8%!626$!<2*$!%$!,2!2%/*Ja!^(!4$0(!2&/(X
4(!##2%(!62!/-2**(!M!#$&!#(4-$&!>-%0>(6$&a!'2%/D!]82!
,2!0$**D(!(#:$!<$*!#(!0(*(!M!08(%6$!,2!##2:J!>(&/(!
#(!4$0(!&8<2!]82!2*(!&(%:*2a!'2:8D!/$0(%6$!>(&/(!
]82!<(#<c!8%(!>2*-6(!<*$K8%6(!]82!2,<2)(4(!2%!2#!
#(:*-,(#!62#!$F$!62*20>$!M!/2*,-%(4(!2%!#(!02F(a
n$! 2&080>(4(! :*-/$&! 62! #$&! &$#6(6$&! >2*-6$&m!
<26D(%!]82!#$&!(M86(*(%b!]82!#$&!&(0(*(%!62!(>Da!
38(%6$!-4(%!(!&(0(*!(#!0(4$!]82!>(4D(!<-&(6$!#(!
,-%(b! 8%! &$#6(6$! 6-F$Q! lu.$*! B-$&b! ,-*2%! 0J,$! #2!
]826J!2&2!<-2vka!3$,$!M$!%$!<$6D(!A2*b!,2!(&8&/c!

,80>$a!\%$!62!#$&!>2*-6$&!/2%D(!(#:$!2%!#(!,(%$!M!
6-F$Q!l;2%:$!,-!$F$!2%!#(!,(%$b!2&/$!,2!&(0J!2#!$F$ka!
"!,D!&2!A-%$!#$!<2$*!(!#(!0(42)(!M!<2%&c!62%/*$!62!
,DQ!lu"M!B-$&!,D$b!0J,$!2&/(*c!M$vka!.2%&(4(!2%!,-!
A-2F-/(b!]82!-4(!(!]826(*!&$#(!<$*]82!2##(!&$#$!%$&!
/2%D(!(!,-!>2*,(%$!M!(!,Da
1$&! &(0(*$%! 62! (>D! M! %$&! ##2A(*$%! 8%$&!
,2/*$&! (/*_&a! p*(,$&! 0$,$! 0-%0$! $! &2-&! >2*-6$&a!
"#!&(*:2%/$!M!(#!0(4$!#$&!,$%/(*$%!2%!#$&!0(4(##$&!
<(*(! &(0(*#$&! (! 8%(! K-%0(! 0$%! 8%! 0(,<$! 62&<2X
F(6$! <(*(! ]82! 2#! >2#-0J</2*$! <86-2*(! (/2**-)(*b!
<82&! 6$%62! 2&/_4(,$&! >(4D(! ,80>$! ,$%/2b! 0(&-!
%$! 2%/*(4(! 2#! &$#a! \%$&! &$#6(6$&! &2! (#)(*$%! #$&!
2]8-<$&!M!#(&!(*,(&!62!#$&!>2*-6$&!M!(!#$&!62,_&!
%$&!(,(**(*$%!(/*_&!M!(62#(%/2!0$%!#(&!0$**2(&!62!
#$&!K8&-#2&b!2%!K$*,(!62!0(62%2/(!<$*]82!%$!>(4D(!
,_&! :2%/2! <(*(! (M86(*%$&a! \%$! 62! #$&! &$#6(6$&!
%$&!:8-(4(!<$*!2#!0(,-%$!M!%$&$/*$&!0(,-%_4(,$&!
8%$&! 62/*_&! 62! $/*$&a! 9#! /2**2%$! 2*(! 0$,<#-0(6$b!
/2%D(!,80>$&!>820$&!M!2&0(#$%2&!(#/$&a!\%$!62!#$&!
>2*-6$&!-%&8#/(4(b!*2%2:(4(b!2N-:D(!]82!#$!&(0(*(%b!
$/*$&!&8<#-0(4(%!M!M$b!0(##(6$b!<2%&(4(!62%/*$!62!
,DQ! l'-! ]826$! 0-2:$b! ,2! ,(/$ka! 7-! &2`$*(! 2&/(4(!
F$A2%! M! <$6*D(! 0$%&2:8-*&2! $/*$! >$,4*2b! *2>(02*!
&8!A-6(a!^82:$b!%$!&cb!K82!0$,$!8%(!A$020-/(!2%!,-!
-%/2*-$*!]82!,2!620D(!]82!%$!K82*(!(!62F(*!&$#(!(!,-!
,(6*2b!M!<2%&cQ!l;2%:$!]82!20>(*!<(*(!(62#(%/2b!
%$! ,2! <826$! ]826(*ka! 7-! >2*,(%$! M(! %$! 2&/(4(b!
%$!<$6D(!62&(,<(*(*!(!,-!,(,_a!'2:8D!0(,-%(%X
6$!0$%!:(%(&b!0$%!,80>(!,$*(#!M!0$%!K82*)(a

?BD

?BE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

"#!*(/$!%$&!2%0$%/*(,$&!0$%!#(!$/*(!08(6*-##(!
M!%$&!&$#/(*$%!#(&!0$**2(&!M!0(6(!8%$!62!#$&!>2*-X
6$&! ]826J! 4(F$! 2#! 08-6(6$! 62! 8%! &$#6(6$a! 9#! ]82!
,2!/$0J!,2!6-F$Q!li^$!0(*:$jka!l1$b!M$!/2%:$!]82!
&(#-*b!%$!,2!<826$!]826(*!(]8Dkb!#2!0$%/2&/ca
B2!/$6(&!,(%2*(&!2#!0(,-%$!2*(!,8M!0$,<#-X
0(6$! <(*(! ]82! ,2! ##2A(*(! 0(*:(6$a! 9#! &$#6(6$b!
##$*(%6$b!,2!6(4(!,80>(!,$*(#m!,2!620D(!]82!%$!
2&/(4(!&$#$b!]82!c#!2&/(4(!(>D!<(*(!(M86(*,2b!]82!
#2!20>(*(!:(%(&!M!]82!<2%&(*(!2%!,-!K(,-#-(a!n$!#2!
<*2:8%/(4(!]82!0J,$!,2!A2D(b!]82!&-!2&/(4(!,8M!
62&K-:8*(6$!M!c#!,2!620D(Q!l1(6(b!&$#$!2&!/-2**(!2%!
#$&!$F$&!M!8%(!<2]82`(!0$*/(6-/(a!1$!#2!<(*2!4$#(&!
(!2&$ka
"!,-!,2!6$#D(%!,80>$!#(!0(42)(!M!#$&!$F$&b!#(!
0(*(! ,2! (*6D(! ,80>$! M! %$! <$6D(! A2*a! B2! <*$%/$!
##2:J!$/*$!&$#6(6$!M!#2!6-F$!(#!]82!,2!:8-(4(Q!li^2!
(M86$jka! l1$b! /*(%]8-#$! M$! #$! ##2A$a! '-:(! ]82! (>D!
A-2%2%!,_&!>2*-6$&kb!#2!6-F$!c#a
38(%6$! 2&2! &$#6(6$! ,2! A-$b! (>D! ,-&,$! 6-F$Q!
lu"M! L7%'76+b! 0J,$! /-2%2! #(! 0(*(vka! 7_&! ,2!
<*2$08<2Q!lu"M!B-$&!,D$b!0J,$!2&/(*cvkb!<2%&(4(a!
72!]826c!2%!&-#2%0-$!M!&2:8Da
3(,-%(,$&! 0$,$! 6$&! >$*(&a! ^$&! &$#6(6$&!
/8A-2*$%!]82!*$)(*!M!/8,4(*!<(#$&!<(*(!]82!2#!>2#-X
0J</2*$!(/2**-)(*(!M!%$&!2A(08(*(a!1$&!*20$&/(,$&!
2%! 2#! <-&$b! /$6$&! /2%D(,$&! ,80>(! &26b! <26-,$&!
(:8(!M!,(%6(*$%!(!8%$&!&$#6(6$&!<$*!2##(!(!8%(!
0(`(6(! ]82! &-2,<*2! 2&/(4(! *2/-*(6(a! \%$! 62! #$&!
&$#6(6$&!08(%6$!%$&!A-$!>2*-6$&!6-F$Q!l1$&$/*$&!M(!

>(4D(,$&!##(,(6$!(#!0$*$%2#!<(*(!620-*#2!]82!M(!
>(4D(,$&!2%0$%/*(6$!#$&!082*<$&!M!]82!2#!0(,-%$!
2&/(4(!,-%(6$a!9&(!##(,(6(!K82!<$*!#(!,(`(%(b!ic#!
<$*!]8c!%$!#2&!(A-&Jjka!"#!*(/$!%$&!6-2*$%!2#!(:8(!
M!,-2%/*(&!,_&!/$,(4(b!,_&!&26!,2!6(4(a!"#!*(/$!
##2:(*$%! #$&! 0(4(##$&! ]82! /*(D(%! (#! &(*:2%/$! M! (#!
0(4$a!^$&!2%K2*,2*$&!%$!&(4D(%!]8c!>(02*!<$*]82!
2%!2#!4(/(##J%!%$!#2&!>(4D(!&8,-%-&/*(6$!6*$:(!<$*!
&-!(#:$!<(&(4(a!
3$,$!(!#(&!0-%0$!M!,26-(!$!&2-&!62!#(!/(*62!##2:J!
2#!>2#-0J</2*$a!9#!0(4$!&2!(:*(AJ!M!,8*-J!##2:(%6$!
(! 7262##D%a! 38(%6$! 2%/*(,$&! (#! g$&<-/(#! .(4#$!
;$4J%!\*-42b!%$&!]8-/(*$%!2#!0(,8K#(6$!M!62&<8c&!
##2:J!8%!68*$!62#!9Fc*0-/$!M!<*2:8%/JQ!lit8-c%!2&!2#!
:8D(jka!n$!(#0c!#(!,(%$!M!,2!&(0(*$%a!^(!6$0/$*(!
#2! 6-F$Q! l1$! #$! <8262! &(0(*b! ,-*2! 0J,$! 2&/_ka! l^$!
A(,$&! (! ##2A(*! (! 8%! ,2F$*! >$&<-/(#kb! #2! 6-F$! (! #(!
6$0/$*(a!
72!&(0(*$%!M!,2!,$%/(*$%!(!8%!0(**$a!9%!2#!
0(,-%$!M$!<2%&(4(Q!l72!A(%!(!,(/(*!M!,2!A(%!(!
/-*(*!(!8%!*D$ka!38(%6$!##2:(,$&!(!8%!>$&<-/(#b!,2!
62F(*$%!(>D!M!&2!K82*$%a!1$!,2!(/2%6-2*$%b!<$*]82!
%$! /*(D(! <(<2#2&! %-! #(! >-&/$*-(! 0#D%-0(! 62#! $/*$!
>$&<-/(#a! n$! 0$%! ,80>(! &26! #2&! <26D(! (:8(! <(*(!
/$,(*b!<2*$!%-!&-]8-2*(!,2!6(4(%!8%(!<(&/-##(!<(*(!
2#!6$#$*!62!0(42)(b!<$*]82!%$!>(4D(%!6(6$!(8/$*-X
)(0-J%!<(*(!]82!,2!(/2%6-2*(%a
^#2:J! 8%! 08`(6$! 62! #(! &2`$*(! ,D(! M! 08(%6$!
,2! A-$b! #2! <*2:8%/J! (#! 6$0/$*! ]82! <$*! ]8c! %$! ,2!
>(4D(%!(/2%6-6$!M!c#!#2!6-F$Q!l.$*!%$!/2%2*!<(<2#2&a!

?B=

?B>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

^$&!]82!#$!/*(F2*$%!#$!62F(*$%!(>D!/-*(6$!&-%!<(<2X
#2&ka!9#!08`(6$!62!,-!&2`$*(!&2!K82!<(*(!2#!.(4#$!
;$4J%! \*-42! M! #2! 6-F$! (#! 0$,(%6(%/2! 62#! 9Fc*0-/$!
>(&/(! 62! ]8c! &2! -4(! (! ,$*-*a! 9#! 0$,(%6(%/2! #2!
6-F$Q! l7-*2! #$&! <(<2#2&! M! 2#! 0(,8K#(6$ka! ln$! <(*(!
]8c!2#!0(,8K#(6$b!%202&-/$!#$&!<(<2#2&!<(*(!]82!#$!
<826(%!(/2%62*ka
'2! #$&! 2%/*2:(*$%! M! *2:*2&J! (#! g$&<-/(#!
52%2*(#b! 6$%62! M$! 2&/(4(a! 72! A-%-2*$%! (! (/2%62*!
0$,$!(!#(&!6$&!62!#(!,(`(%(a!72!<8&-2*$%!&(%:*2!
M!&82*$m!,2!#(A(*$%!#(!0(*(b!,2!2&/*2:(4(%!0$,$!&-!
2&/8A-2*(%!#(A(%6$!8%!<-&$a!7-2%/*(&!,2!#(A(4(%b!
8%(!6$0/$*(!#2!620D(!(!$/*(Q!l7-*_b!2%!2&(!>2*-6(!
#2!0(42%!6$&!626$&ka!n!0$%!8%(!4$#&(!62!&82*$!,2!
/-*(4(%!8%!0>$**$!<$*!#(!>2*-6(!M!&2%/D(!2&2!0>$**$!
(/*_&b!F8%/$!(!#(!%80(b!/$6$!K*D$a
72!62F(*$%!2%!8%(!0(,-##(!,-2%/*(&!,2!48&0(X
4(%! 8%! 08(*/$a! n$! %$! A2D(! %(6(a! 72! A-&-/(*$%! #$&!
/D$&!62!,-!&2`$*(b!M!08(%6$!,2!A2D(%!&2!&$#/(4(%!
2%!##(%/$a!38(%6$!##2:J!,-!&2`$*(b!2##(!%$!&(4D(!]8c!
>(02*b! /$6(! <*2$08<(6(! ,2! <*2:8%/(4(Q! li3J,$!
2&/_jka! n$! #2! 620D(! ]82! 2&/(4(! 4-2%a! ;(,4-c%! ,2!
A-&-/J! 2#! <2*&$%2*$! 62! '2:$A-(b! 6$%! +(-*$b! ,8M!
482%(!<2*&$%(b!,8M!&2*A-0-(#!M!(,(4#2m!c#!,2!0$#(X
4$*J!,80>$!0$%!#$!62!#(!,82*/2!62!,-!>2*,(%$a!"!
#$&! 6D(&! ,2! A-&-/J! #(! 08`(6(! ,D(b! #(! ,8F2*! 62! ,-!
>2*,(%$b!%$&!/*(F$!*$<(!(!7J%-0(!M!(!,Da!B2!/$6$&!
*20-4D!,80>$!(<$M$!M!,80>$!_%-,$a
B8*c! >$&<-/(#-)(6$! 0(&-! A2-%/2! 6D(&a! 3$,$!
2%! 2#! g$&<-/(#! 52%2*(#! %$! >(4D(! $K/(#,$#$:D(b! ,2!
(/2%6D(%!2%!'(%!B-2:$a!9#!6$0/$*!62!2&(!0#D%-0(!,2!

6-F$! ]82! &-! %$! ,2! $<2*(4(! 2#! $F$! -)]8-2*6$! <$6D(!
<2*62*!#(!A-&-J%!62#!/$6$a!38(%6$!##2:8c!(#!g$&<-/(#!
52%2*(#b! #2! 0$%/c! (#! 6$0/$*! ]82! ,2! (/2%6D(! M! ,2!
6-F$!]82!%$!<$6D(!>(02*!%(6(!,_&!M!,2!6-$!62!(#/(a!
E20-c%!&(#-6$!62#!>$&<-/(#b!%$&!K8-,$&!(!A-A-*!(!
#(!0(&(!62!8%$&!/D$&!62!,-!&2`$*(a!38(%6$!0(,-%(X
4(!62%/*$!62!#(!0(&(!,2!6(4(!,80>(!*(4-(!M!(!#(!
A2)!/*-&/2)(b!<$*]82!,2!/*$<2)(4(!M!,2!(<$**2(4(!
#(!0(42)(a!;2%D(!]82!62<2%62*!62!$/*(!<2*&$%(a!"!
A202&!<2%&(4(!]82!-4(!(!]826(*!0-2:$!<(*(!&-2,X
<*2a!1$!]82*D(!&(#-*!62!#(!0(&(b!,2!*2<*-,D(!2%!,-!
/*-&/2)(!M!2%!,-&!<2%&(,-2%/$&b!2%!/$6$!#$!]82!,2!
>(4D(! <(&(6$! M! 2%! #$! ]82! #2! 2&<2*(4(! (! ,-! A-6(!
0$,$!AD0/-,(a!
;2%D(! ]82! -*! <2:(6$! (#! >$,4*$! 62! 7J%-0(!
<(*(! /$6(&! <(*/2&a! 9%! #(! 0(&(b! #$&! <*-,2*$&! 6D(&b!
#(! &-/8(0-J%! K82! ,8M! 68*(a! 1$! >(4D(! <#(/(! M! %$!
&(4D(,$&!]8c!>(02*!%-!]8c!62*20>$&!/2%D(,$&!<$*!
&2*!62&<#()(6$&!M!M$!<$*!&2*!AD0/-,(!62!,-%(a!.(*(!
#(!0$,-6(!/2%D(,$&!]82!<*2&/(*b!M!#(&!A82#/(&!#(&!
>(0D(,$&!(!<-2a!.*-,2*$!K8-,$&!(!#(!3*8)!E$F(!M!
2##$&! %$&! (M86(*$%! 0$%! (#-,2%/$&! M! 0$%! <(&(F2&a!
9%! B2*20>$&! g8,(%$&! >-0-,$&! #(! 620#(*(0-J%!
<$*! 62&<#()(,-2%/$! M! 0$%! 2&$! K8-,$&! (! #(! \"@!
d\%-6(6!62!"/2%0-J%!M!@*-2%/(0-J%!(!#(!.$4#(0-J%!
B2&<#()(6(ea! "##_! %$&! 6-F2*$%! ]82! /2%D(,$&! ]82!
2&<2*(*!(!]82!%$&!##(,(*(%b!<2*$!%(6(a!
'2:8D(,$&! >(0-2%6$! A82#/(&! ,c6-0(&! M! 2%!
%-%:C%! >$&<-/(#! ,2! ]82*D(%! (/2%62*a! 3$,$! /2%D(!
,-26$! 62! <2*62*! 2#! $F$! -)]8-2*6$b! ,2! /$0J! <$%2*!
8%(!/8/2#(a!38(%6$!,2!##(,(*$%!<(*(!#(!$<2*(0-J%!

?C@

?C<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

N0'^I#'^I#2&'2#'F"'+&.7$#

2%! #(! 0#D%-0(! 62! ^(8*2#2&b! M(! >(4D(%! <(&(6$! 0(&-!


6$&!,2&2&b!M!2#!6$0/$*!,2!6-F$Q!l^2!082%/$b!F$A2%b!
]82!%$!>(M!(K_%!<$*]82!M(!<2*6-J!#(!A-&-J%!62#!$F$!
-)]8-2*6$b!2&2!M(!%$!/-2%2!&(#A(0-J%!<2*$!62!<*$%X
/$!2#!62*20>$!&Dka!1$!,2!6(4(%!,80>(!,$*(#a!72!
$<2*(*$%!M!/(,4-c%!,2!62&<(0>(*$%m!62&<8c&!62!
#(!$<2*(0-J%!%$!,2!]8-&-2*$%!(/2%62*!,_&a!
n$!,2!<*2$08<cb!<82&!M(!>(4D(!<2*6-6$!2#!$F$!
-)]8-2*6$!M!%$!]82*D(!]82!,2!<(&(*(!#$!,-&,$!0$%!
2#! 62*20>$a! 3$%! 2&/$b! ,-! &2`$*(! M! M$! %$&! K8-,$&!
<(*(!#(!"#<8F(**(b!(!B2*20>$&!g8,(%$&a!"##_!,2!
2&080>(*$%! M! ,2! *2,-/-2*$%! <(*(! 2#! '(%! G-02%/2!
62! .(C#b! 6$%62! 8%(! &-0J#$:(b! 8%! %28*J#$:$! M! 8%(!
$</J,2/*(b!]82!,2!(/2%6-2*$%!,8M!4-2%a!9#![S!62!
(:$&/$!62#!(`$!RSSV!,2!$<2*(*$%!M!,2!<8&-2*$%!8%!
#2%/2!-%/*($08#(*!2%!2#!$F$!62*20>$a!5*(0-(&!(!B-$&!
>(!,2F$*(6$!,-!A-&-J%a!72!,(%6(*$%!8%(&!:(K(&!
62!<*$/200-J%!M!#(!@9"!,2!#(&!*2:(#Ja
9%!2&$&!6D(&!,2!##(,(*$%!62!O$:$/_!<(*(!-*!(!
8%!<*$:*(,(!]82!&(0(*$%!#$&!62!#(!@9"!<(*(!#(&!
AD0/-,(&!62!,-%(&a!9*(!#(!<*-,2*(!A2)!]82!,$%/(X
4(! 2%! 8%! (A-J%! :*(%62b! <2*$! /$6(AD(! %$! <$6D(!
A2*! 4-2%! #$! ]8c! <(&(4(! (! ,-! (#*2626$*a! 3$%$0D! (!
,80>(&! AD0/-,(&! 0$%! 6-&/-%/(&! &2082#(&! M! ]82! &2!
(00-62%/(*$%! 2%! 6-K2*2%/2&! 0-*08%&/(%0-(&a! n$!
(%6(4(! <2:(6$! 62#! >$,4*$! 62! 8%(! AD0/-,(! ]82!
/(,4-c%!2*(!62!'2:$A-(b!<$*]82!#(!&2`$*(!,D(!%$!
<86$!A-(F(*!0$%,-:$m!2##(!&2!]826J!,8M!<*2$08<(X
6(a!3$%$0D!(!#(!&2`$*(!62#!A-02<*2&-62%/2!'(%/$&!M!
(#!6-*20/$*!62!#(!@9"!2%!3$#$,4-(a!9#!<*$M20/$!2*(!

<(*(!0(<(0-/(*%$&!2%!#$!]82!%$&$/*$&!]8-&-c*(,$&!
M!/(,4-c%!%$&!(M86(4(%!0$%!2#!/*(%&<$*/2!M!0$%!#(!
(#-,2%/(0-J%a
38(%6$!*2:*2&c!(!7262##D%b!2,<20c!(!0(<(0-X
/(*,2!2%!&-&/2,(&b!6-:-/(0-J%!62!/2N/$&b!K$*,(0-J%!
>8,(%(b! ,20_%-0(! (8/$,$/*-)! M! /(,4-c%! 2&/$M!
A(#-6(%6$! 2#! 4(0>-##2*(/$a! ^(! @9"! ,2! *2:(#J! #(!
#-4*2/(! ,-#-/(*b! <2*$! 0$%! /$6$b! #(&! 0(<(0-/(0-$%2&!
M!#$&!<(<2#2&!0$,<#2/$&b!%$!>2!<$6-6$!0$#$0(*,2!
2%! %-%:8%(! <(*/2a! ^(! &-/8(0-J%! 20$%J,-0(! 2%! ,-!
0(&(!2&!,8M!0$,<#-0(6(b!M!,-!,(,_!/(%!#2F$&!62!
,Da!7-!A-2F-/(!&2!,(%/-2%2!,8M!2%K2*,(b!%$!/-2%2!
0(&(! <*$<-(! M! (! A202&! %$! 0$%&-:82! <#(/(! <(*(!
0$,2*a!;$6(AD(!%$!#(!/*(-:$!<(*(!7262##D%!<$*]82!
%$!/2%:$!2,<#2$a!.2*$!/2%:$!K2!2%!B-$&!M!&c!]82!A$M!
&(0(*!(62#(%/2!(!,-!,(,_a
7-! <(<_! &-:8-J! A-A-2%6$! 0$%! ,-! (482#(! M! %$!
A$#A-J! (! /*(4(F(*! <$*! #$! 62#! 62**(,2a! B2&<8c&! 62!
,-!(00-62%/2b!,2!A-&-/J!2%!2#!>$&<-/(#b!<2*$!%8%0(!
#2!6-F2*$%!]82!M$!>(4D(!&-6$!AD0/-,(!62!8%(!,-%(!
(%/-<2*&$%(a!"!c#!#2!6-F2*$%!]82!,2!>(4D(!(00-62%X
/(6$!2%!,-!/*(4(F$a!;(,<$0$!&(42!#$!]82!#2!<(&J!(!
,-!>2*,(%$a!38(%6$!>(4#(,$&b!,2!<*2:8%/(!<$*!
c#!M!M$!#2!6-:$!]82!2&/_!4-2%b!]82!2&/_!/*(4(F(%6$a!
"!A202&!&82`$!]82!,-!>2*,(%$!2&/_!A-A$!M!]82!
&2:8-,$&!/*(4(F(%6$!F8%/$&!0$,$!&-!%(6(!62!2&/$!
>84-2*(! <(&(6$a! 3$,$! %$! 2%0$%/*(,$&! 2#! 082*X
<$b! :8(*6(,$&! #(! 2&<2*(%)(! 62! ]82! (#:C%! 6D(! c#!
(<(*2)0(!M!%$&!6-:(!]82!/$6$!2*(!8%!,(#!&82`$a

?C?

?CA

?CB

30.2#'*"+,'&-.'($#(#')&'!"#$%&

R&"F#':.$"^I#

+(-,2! /*(/(! 62! ,(%/2%2*&2! $08<(6$! <(*(!


%$!<2%&(*a!9%!#(&!%$0>2&!&(#2!0$%!&8&!A20-%$&!
(!/*$/(*!M! (! #2A(%/(*! <2&(&! ]82! 2##$&! ,-&,$&!
>(02%!0$%!#(/(&b!<(#$&!M!02,2%/$m!2%!&2,(%(b!
(&-&/2!(!08*&$&!62!,(%8(#-6(62&b!M!#$&!6$,-%X
:$&! #$&! 626-0(! (! A(#-6(*! 2#! 4(0>-##2*(/$a! 9&(&!
(0/-A-6(62&!(>8M2%/(%!<$*!8%!<(*!62!>$*(&!#$&!
K(%/(&,(&! ]82! #$! (/$*,2%/(%! 62&62! F8#-$! 62#!
(`$!RSSqb!,2&!2%!]82!62&(<(*20-J!&8!>2*,(%$!
M!0$,2%)J!<(*(!c#!8%!0(,-%$!/$*/8$&$!]82!(C%!
%$!/2*,-%(a

N0'^I#'^I#2&'2#'F"'+&.7$#

?CC

B-02!]82!&8!2N-&/2%0-(!&2!0$%A-*/-J!2%!8%(!
2/2*%(!<2&(6-##(a!B2!&8!0(42)(!%$!&2!4$**(!2#!
*$&/*$!62!&8!>2*,(%$b!#(!(%:8&/-(!62!&8!,(6*2!
%-!2#!/2**$*!]82!&-%/-J!08(%6$!8%(!,-%(!(%/-X
<2*&$%(!#2!2&/(##J!2%!#(!0(*(a!
p#!]8-&-2*(!0$,2%)(*!62!%82A$b!<2*$!/$6$&!
&8&!2&K82*)$&!&$%!2%!A(%$a!^(!0-86(6!&2!2%0(*X
:(!62!*20$*6(*#2!]82!8%!62&<#()(6$!0$%!#-,-X
/(0-$%2&!KD&-0(&!/-2%2!<$0(&!$<$*/8%-6(62&!62!
*2>(02*! &8! A-6(a! .2*$! +(-,2! /-2%2! 8%! ,$/-A$!
<(*(! %$! 62&K(##202*Q! ]8-2*2! *22%0$%/*(&2! 0$%!
&8!,(6*2!M!62A$#A2*#2!#(!&$%*-&(a

:.'#)'(&F*0'2#W,'
F"'(0$&O5.
`&%"K.'2#'R#+-+'H0.10T&'H#+&

L#8&/*(0-J%!<$*!H(4-_%!62!+2&C&!7$%/$M(!72&(b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

-! %$,4*2! 2&! H(4-_%! 62! +2&C&! 7$%/$M(!


72&(a! '$M! 8%(! <2*&$%(! ]82! >(! &8K*-6$!
<$*!2#!0$%K#-0/$!(*,(6$b!<$*!<(*/2!62!#(!:82**-##(!M!
62#!9Fc*0-/$!0$#$,4-(%$a!
.2*6D!,-!K-%0(a
.2*6D!,-!<-2!62*20>$a
"**-4(!62!#(!*$6-##(a!
n!<2*6D!2#!>$:(*a!
n$! %(0D! 2%! #(! A2*26(! '(%! .(4#$! ^(! E$,2*(b!
<2*/2%20-2%/2!(#!,8%-0-<-$!62!"%$*Da!^(!K-%0(!2%!#(!
]82!0*20D!&2!##(,(4(!9#!^-,J%!M!2*(!8%(!>2*2%0-(!
]82!#2!/$0J!(!,-!<(<_a!^(!0(&(!2*(!62!/(<-(&!M!2%!
$4*(! %2:*(b! <$*]82! (! ,-! <(<_! &J#$! #2! (#0(%)(4(!
<(*(!#(!(#-,2%/(0-J%!62!#(!K(,-#-(a!"##D!/*(%&08**-2X
*$%!#$&!<*-,2*$&!(`$&!62!,-!A-6(b!2%!#$&!]82!%8%0(!
,2!&2<(*c!62!,-&!<(6*2&a!n$!(<2%(&!2&/86-c!8%$&!
6D(&!>(&/(!<*-,2*$!62!<*-,(*-(a!n(!2%!&2:8%6$!,2!
<(*20-J!,8M!68*$b!M!,-!<(<_!,2!6-F$!]82!,2!K82*(!
(!/*(4(F(*!0$%!c#a!
B2&62!,8M!F$A2%b!,2!626-]8c!(!/*(4(F(*!#(!(:*-X
08#/8*(!0$%!,-!<(<_a!3$,$!M$!&$M!2#!&2:8%6$!2%/*2!

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

&8&!&2-&!>-F$&b!,2!/$0J!/*(4(F(*!,8M!68*$a!7-!<(<_!
%$!,2!<(:(4(m!2*(!<$*!(M86(*#2a!^2!6(4(!#(!0$,-6(!
(!8%$!M!#(!*$<-/(a!38(%6$!(,(%20D(b!,2!#2A(%/(4(b!
/$,(4(!#$!/*(:$&!<$*!(>D!(!#(&!0-%0$!M!,26-(!62!#(!
,(`(%(b!M!0$:D(!#$,(!(4(F$!<(*(!/*(2*!4*()(6(&!
62!M2*4(!M!0(`(!<(*(!<-0(*#2&!(!#(&!42&/-(&a!B2!(>D!
%$&!D4(,$&!(!62&M2*4(*!0(`(!$!(!0$*/(*!$!(!*20$:2*!
$!(!#$!]82!K82*(a!'2,4*_4(,$&!,(D)b!K*-F$#b!M80(b!
<#_/(%$b! <(<(&b! (**(0(0>(&b! /$,(/2&b! 024$##(&! 62!
/$6(! 0#(&2b! 0(Kcb! 0(0($b! 0(`(b! )(%(>$*-(b! *2<$##$b!
0-#(%/*$y! g(0D(,$&! <$/*2*$&b! ,(%/2%D(,$&! 8%!
02*6-/$b! :(##-%(&b! <-&0$&b! <(/$&b! <(#$,$&b! 0$%2F$&m!
,(%/2%D(,$&!8%(!A(]8-/(b!,(%/2%D(,$&!8%(!,8#(!
<(*(!##2A(*!(!#(!0(&(!#$!]82!<*$680D(,$&m!/2%D(,$&!
8%(!<2**(!]82!&2!##(,(4(!lO2##(k!M!8%!:(/$!]82!&2!
##(,(4(!l.(0>$ka!
38(%6$!M(!/2%D(!8%$&!]8-%02!(`$&b!,2!6-2*$%!
2#! <*-,2*! 0$*/2! 62! 0(`(! 2%! 0$,<(`D(a! 9#! %2:$0-$!
2&!]82!2#!682`$!62!#(!K-%0(!#2!6(!(!8%$!8%(!)$%(!
62! 0(`(b! M! 8%$! (! 2&(! )$%(! #(! 62&M2*4(b! #(! 0$*/(b!
*20$:2!#(!0(`(!M!#(!##2A(!>(&/(!#(!*(,(6(!2%!,8#(a!
9#!682`$!62!#(!K-%0(!&2!2%0(*:(!62!#(!,$#-2%6(!M!#(!
A2%/(!62!#(!<(%2#(b!M!6-A-62!#(&!:(%(%0-(&!0$%!8%$a
"&Db! M$! M(! 20>(4(! 8%(! ,$#-2%6(! M! 0$%! #(&!
:(%(%0-(&!0$,<*(4(!8%(!/2*%2*-/(!2!-4(!/*(/(%6$!
62!&(#-*!(62#(%/2a!
9%/$%02&b!08(%6$!/2%D(!6-20-%82A2!(`$&b!0$%$X
0D!(!@#:(!9#2%(!^J<2)a!9##(!A-AD(!2%!8%(!A2*26(b!^(!

3>-]8-/(b!(!>$*(!M!,26-(b!M!#82:$!0$,<*(*$%!8%(!
K-%0(!<$*!(>D!02*]8-/(a!72!K8-!*2#(0-$%(%6$!0$%!2##(!
M!%$&!>-0-,$&!%$A-$&a!9##(!2*(!,8M!,2%$*b!<2*$!2*(!
,8M!4$%-/(Q!)(*0(b!4#(%0(b!,$%(y!
38(%6$! %$&$/*$&! %$&! K8-,$&! (! A-A-*b! 2##(!
(<2%(&!/2%D(!0(/$*02!(`$&!M!M$!A2-%/2a!9*(%!<*_0X
/-0(,2%/2!#$08*(&!62!8%$a!L%0#8&-A2!8%(!,80>(0>(!
62!2&(&!62&<8c&!A(!6-&/-%:8-2%6$!$/*$&!>$,4*2&!M!
&2!(48**2!0$%!8%$a!
"#!(`$!62!&2*!%$A-$&b!%$&!K8-,$&!(!A-A-*!F8%/$&!
2%!8%(!0(&(!<*2&/(6(a!9##(!,2!620D(!]82!]8c!482%$!
]82!B-$&!%$&!6-2*(!#(!K$*,(!62!0$,<*(*!8%(!0(&-/(b!
M!M$!,2!<8&2!(!/*(4(F(*!0$%!,80>(!K2!M!(!<26-*#2!(!
B-$&!]82!%$&!(M86(*(a!
3$%! #(&! :(%(%0-(&! 62! #(! 0(`(! M! 62#! 0(Kc! K8-!
0$,<*(%6$! /2*%2*-/(&! >(&/(! ]82! (F8&/c! 6-20-&c-&!
*2&2&!62!:(%(6$!M!08(/*$!42&/-(&a!;$6(&!2##(&!#(&!
A2%6D!M!,2!0$,<*c!8%(!K-%0(!]82!/2%D(!8%(!0(&-X
/(!,8M!,(#(a!^(!K-%0(!&2!##(,(4(!^(!.#(M(b!&2!#(!
0$,<*c!(!8%!/D$!62!,-!<(<_!M!%$!]826(4(!(!,_&!62!
]8-%02!,-%8/$&!(!<-2!62!#(!0(&(!62!,-&!<(6*2&a!'2!
##(,(4(! ^(! .#(M(! <$*]82! /2%D(! 8%! <#(%0-/$! 2%! #(!
$*-##(!62#!*D$b!<2*$!#(!K-%0(!2*(!,_&!4-2%!8%!<$]8-X
/$!]824*(6-/(b!<2*$!/(,4-c%!/2%D(!<#(%0-/$&b!/2%D(!
,$%/2b!8%(&!(:8(&!,8M!4$%-/(&m!<$*!/$6$!2#!,26-$!
62!#(!K-%0(!4(F(4(!8%(!]824*(6(!,8M!4$%-/(a!
38(%6$! @#:(! M! M$! %$&! K8-,$&! (! A-A-*! (##_b! #(!
K-%0(! %$! /2%D(! %-! 2%2*:D(a! 9&/(4(! /$6(! 2%! $4*(!

?C=

?C>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

%2:*(b! M! M$! #2! >-02! <$%2*! 2%2*:D(b! #2! 20>(,$&! 2#!


)J0(#$b! #2! ,(%6c! (! >(02*! 8%! /20>$! 62! ,(62*(!
02**(6(!M!#(!<-%/(,$&!62!()8#a!
^(!.#(M(!2&/(4(!(#!4$*62!62#!*D$!'(%!.(4#$b!]82!
2&!8%!*D$!*-0$!2%!<2&0(6$!M!$*$b!62!(:8(&!()8#2&!M!
#-,<-(&a!;$6(!2&(!)$%(!2&!,$%/(`$&(b!8%!-%,2%&$!
0(`J%!<(*20-6$!(#!G(##2!62!"48**_b!<2*$!,_&!2&/*2X
0>$b!,_&!$!,2%$&!2#!,-&,$!0(#$*!62!7262##D%a!
"##D!K8-!/*(4(F(%6$!0$%!K8%6(,2%/$!>(&/(!]82!
<8&2! 8%! 2%/(4#2! 62! 0(`(a! 38(%6$! 2&$! M(! >(4D(!
%(0-6$! ,-! <*-,2*! >-F$b! 1$*42M! "#2N(%62*a! ;*2&!
(`$&!62&<8c&!%(0-J!;(/-(%(!"%6*2(a!
^$&!(`$&!K82*$%!<(&(%6$!M!,-&!>-F$&b!0*20-2%X
6$a!3$%!2#!2%/(4#2!62!0(`(!,2!-4(!,8M!4-2%a!\%$!(!
A202&!,$#D(!6-2)!0(*:(&!2%!2#!6D(b!$/*(&!A202&!$0>$b!
$/*(&!A202&!&2-&a!9&$!%$!2*(!K-F$a!7$#D(!<$*!(>D!0(6(!
$0>$!6D(&b!0(6(!]8-%02b!(!A202&!,$#D(!A2-%/2!0(*:(&!
2%! 6$&! 6D(&b! (! A202&! >(&/(! /*2-%/(! 2%! /*2&! 6D(&a!
7$#D(!#$!,D$!M!#$!62!#(!:2%/2!<$*!(>Da!;2%D(!0(`(&!
2%!0$,<(`D(b!<2*$!M$!M(!2*(!2#!2%0(*:(6$!62!,$#2*b!
62!<$%2*!#$&!/*(4(F(6$*2&!M!62!A2%62*!#(!<(%2#(a!
^(!<(%2#(!#(!4(F_4(,$&!>(&/(!58(6(#8<2b!]82!
2&!8%!<824#$!<2]82`-/$!<2*$!0$%!,8M!482%!0$,2*X
0-$!62!2&/2!<*$680/$a!L%0#8&$!62&62!7262##D%!4(F(X
4(%!0$,<*(6$*2&!M!#2!<(:(4(%!#(!<(%2#(!(!8%$!62!
0$%/(6$a!\%$!%$!/2%D(!<*$4#2,(!<(*(!A2%62*!2&$b!
&(0(*(!<$]8-/(!$!,80>(!-:8(#!A2%6D(a!
\%(! ,(`(%(b! 2&/(4(! M$! <-0(%6$! 0(`(! <(*(!
8%(&! 42&/-(&! 08(%6$! ##2:(*$%! 6-2)! >$,4*2&!

8%-K$*,(6$&a! \%$! %$! &(42! &-! 2&! 9Fc*0-/$b! :82**-X


##(!$!<(*(,-#-/(*2&b!<2*$!,2!6-F2*$%!]82!2*(%!62#!
K*2%/2![q!62!#(&!H(*0b!,2!<-6-2*$%!#(!(,(%20-6(!M!
M$!#2&!6-F2!]82!%$!<$6D(!6(*#2&!#(!(,(%20-6(a!9##$&!
]82*D(%!]826(*&2!2%!#(!0(&(!M!2%!#(!*(,(6(b!]82!
2&!(#!<-2!62!#(!0(&(b!M!M$!#2&!6-F2!]82!M$!%$!<$6D(!
<$*]82!M$!A-AD(!0$%!,-!,8F2*!M!,-&!6$&!>-F$&b!M!]82!
62!<*$%/$!##2:(4(!$/*$!:*8<$!M!%$&!,(/(4(!(!/$6$&a!
9##$&!0$%/2&/(*$%!]82!&-!%$!2&/(4(!62!(082*6$!2%!
]82!2##$&!&2!]826(*(%!(,(%20-2%6$b!]82!K8c*(,$&!
62&$08<(%6$! #(! A2*26(a! n$! ,2! ]826c! 0(##(6$! M!
2##$&!&2!]826(*$%!$0>$!6D(&a
B2! /$6(&! K$*,(&! 2##$&! 0$%! %$&$/*$&! %$! 2*(%!
0$,$!,(#(0#(&2&a!9##$&!>(0D(%!8%!*(%0>$!(#!#(6$!
62!#(!*(,(6(!M!#$!/(<(4(%!0$%!8%!<#_&/-0$!$!8%(!
0(*<(!A2*62!M!&2!<$%D(%!(!>(02*!#(!(#-,2%/(0-J%a!
9%/*(4(%! 8%$&! M! &(#D(%! $/*$&b! M! %$! &2! &(42! ]8c!
>(0D(%a!;(,4-c%!>(4D(!,8F2*2&a
"#! ,2&! ##2:(*$%! $/*$&! &2&2%/(! M! &2! 2&/8A-2X
*$%! ]8-%02! 6D(&a! B2&<8c&! >-0-2*$%! *28%-$%2&! 2%!
8%(! 2&082#(! ]82! ]826(4(! 02*0(! (! ,-! 0(&(! M! %$&!
,(%6(*$%!(!620-*!(!/$6$&!#$&!62!#(!A2*26(!]82!%$!
%$&!K8c*(,$&!(!]826(*!2%!#(&!0(&(&b!<$*]82!&-!%$!
D4(,$&!(!#(!*28%-J%!%$&!##2A(4(%!(,(**(6$&!M!%$!
*2&<$%6D(%!<$*!%$&$/*$&a!
9%! #(&! *28%-$%2&! %$&! <*$<$%D(%! ]82! %$&!
K8c*(,$&!0$%!2##$&b!<2*$!]82!%$!$4#-:(4(%!(!%(6-2b!
<$*]82!2#!]82!&2!-4(!0$%!2##$&!%$!<$6D(!62A$#A2*&2!
<(*(! #(! 0(&(a! ;(,4-c%! 620D(%! ]82! /2%D(%! :2%/2!
/*(4(F(%6$!2%!2#!9Fc*0-/$b!]82!&-!(#:8%(!<2*&$%(!

?D@

?D<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

#$&! (A2%/(4(b! 2##$&! %$! &2! 62,$*(4(%! $0>$! 6D(&!


<(*(!6(*&2!082%/(!]8-c%!>(4D(!&-6$b!<$*]82!2##$&!
/2%D(%!:2%/2!62#!9Fc*0-/$!]82!#2&!A2%6D(!#$&!8%-K$*X
,2&b!#(&!:*(%(6(&b!#(&!4(#(&!M!/$6$!/-<$!62!(*,(&!
]82!#2&!0$,<*(4(%!(!#$&!:*(%62&!0$*$%2#2&!62!(##Da!
1$!&c!&-!>84$!:2%/2!62!#(!A2*26(!]82!&2!K82*(!0$%!
2##$&a! B2! /$6(&! K$*,(&b! #(! <*-,2*(! A2)! %$! &2! K82!
%(6-2a
3$,$!/$6$!2&2!0(`J%!2&!/(%!,$%/(`$&$b!>(4D(!
,80>(!:82**-##(a!9##$&!&2:8D(%!<(&(%6$!62!A2)!2%!
08(%6$a!"!A202&!:*8<$&!62!08(/*$!$!0-%0$b!(!A202&!
62!6$&!$!/*2&!$!(!A202&!4(&/(%/2&a!"!A202&!<(&(4(!
/(,4-c%! 2#! 9Fc*0-/$a! ">$*(! M(! %$! &2! A2! %-%:8%(!
<2*&$%(!62!2&(&b!<2*$!]826(*$%!#(&!,-%(&!&2,4*(X
6(&a!38(%6$!2&$!%$!&2!A2D(!8%(!<2*&$%(!(00-62%/(X
6(!<$*!,-%(b!2&$!2&!(>$*(!C#/-,(,2%/2a
.$*]82! 2##$&! 2&/8A-2*$%! 2%! ,-! 0(&(! <2*6D!
/$6$!#$!]82!/2%D(b!<2*$!%$!>(4D(!$/*(!&(#-6(a!\%$!
/(,<$0$! <$6D(! 620-*#2&! %(6(b! <82&! 2&/(%6$! ,8M!
62!482%(&!#$!>(02%!-*!&-%!%(6(b!$!&-!%$!#$!<8262%!
>(&/(!,(/(*a!9%/$%02&!2##$&!##2:(4(%!(!#(&!0(&(&!$!
(!#(&!*(,(6(&b!M!#(!:2%/2!%$!#2&!<$6D(!620-*!%(6(a!
B2!<*$%/$!-4(!(#:C%!:82**-##2*$!(!0$,<*(*!<(&/-##-X
/(&! (#! <82&/$! 62! &(#86! M! (! #(! 2%K2*,2*(! #2! /$0(4(!
<*2&/(*!&2*A-0-$&!$!&-!%$!2&/(4(!,(*0(%6$!0(#(A2*(a
g(0D(!]8-%02!6D(&!]82!8%!:*8<$!62!:82**-##2X
*$&!&2!>(4D(!-6$!62!#(!*(,(6(!62!,-!0(&(b!08(%6$!
2#!<*-,2*$!62!6-0-2,4*2!62#!RSS[b!(!#(&!%82A2!62!#(!
,(`(%(b!##2:(*$%!8%$&!(A-$%2&!0(K-*2&!(!4$,4(*X
62(*!/$6$!2#!0(`J%a!

n$!,2!2%0$%/*(4(!0$%!,-!K(,-#-(!62&(M8%(%X
6$! M! 2%/$%02&! A-,$&! (]82##$&! (A-$%2&! <2]82`$&b!
,8M! *_<-6$&a! \%$! A2D(! ]82! (&$,(4(%! 2%! 8%(!
0$*6-##2*(!M!(#!,$,2%/$!&2!2&0$%6D(%!2%!$/*(a!\%$!
%8%0(!>(4D(!##2:(6$!(!A2*!0$&(&!62!2&(&a!^#2:(*$%!
/(,4-c%!0$,$!&-2/2!>2#-0J</2*$&!0$%!2Fc*0-/$a!.2*$!
2#!,-26$!62!8%$!2*(!(!#$&!0(K-*2&b!<$*]82!/-*(4(%!
4$,4(&! ]82! 0(D(%! 2%! 08(#]8-2*! <(*/2b! -%0#8&$!
&$4*2! 0(&(&a! 9&(&! 4$,4(&! <*$680D(%! 8%! &$%-6$!
-%,2%&$!M!#2A(%/(4(!,80>$!>8,$b!M!8%$!0*2D(!]82!
-4(%!(!(0(4(*!0$%!/$6$!2#!0(`J%a!;(,4-c%!/-*(4(%!
#802&!62!42%:(#(b!]82!2*(%!0$,$!/2%6-6$&!]82!-4(%!
4(F(%6$b!]82!-4(%!4(F(%6$b!0$,$!0(%62#(6(&!2%/*2!
*$F(&! M! (,(*-##(&a! 9#! <_%-0$! ]82! &2%/D(,$&! 2*(!
-,<*2&-$%(%/2a! ^$&! %-`$&! ,2! 620D(%Q! l"<_b! (<_b!
A_,$%$&!]82!%$&!A(%!(!,(/(*ka!n!0$,$!2%!(]82X
##$&!6D(&!2#!9Fc*0-/$!&-2,<*2!>(4D(!>20>$!0$&(&!/(%!
,(#(&!<$*!(##_b!(!8%$!#2!6(4(!,80>$!,-26$a!BD(&!
(/*_&b! >(4D(%! ,(/(6$! (! /*2&! ,80>(0>$&! ":862#$!
]82! 2*(%! /*(4(F(6$*2&! 0$,$! 8%! A2**-$%6$a! t82!
<$*]82!2#!2Fc*0-/$!&(4D(!]82!2%!#(!:82**-##(!>(4D(!
8%! ,$0>-/$b! M! 8%$! 62! #$&! ":862#$! 2*(! ,$0>-/$b! M!
2%/$%02&!]82!2&2!/2%D(!]82!&2*a
'(#-,$&! <82&! 0$**-2%6$! >(0-(! 8%(! A2*26(!
]82! &2! ##(,(! ^(! L&#(%6(b! ]82! 2&/(4(! 0$,$! (! 8%(!
>$*(!M!A2-%/2!,-%8/$&!62!#(!0(&(a!'$#$!(#0(%)(,$&!
(! 2,<(0(*! 8%(! ,86-/(! 62! *$<(b! 62! *2&/$! /$6$! &2!
<2*6-Ja! B2! %82&/*(! A2*26(! <86-2*$%! >(42*! &(#-6$!
8%(&!0-2%/$!0-%082%/(!<2*&$%(&!>(0-(!(##_a!7-!<(<_!
2%!2&2!2%/$%02&b!0$,$!2*(!8%!6$,-%:$b!2&/(4(!2%!

?D?

?DA

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

58(6(#8<2a!9%!#(!0(&(!2&/(4(!#(!,(,_!,D(!M!8%!
>2*,(%$a! 7-2%/*(&! 0$**D(,$&! &2:8D(,$&! 2&08X
0>(%6$!2#!*8-6$!-%,2%&$!62!#(&!4$,4(&b!02*0(%(&a!
1$! &2! &(42! &-! ,(/(*$%! :2%/2! 0-A-#b! %-! :82**-##(! $!
:2%/2! 62#! 9Fc*0-/$a! 1-! &2! 2&080>(*$%! 4(#(02*(&!
&-%$!4$,4(&a
"]82##(!%$0>2!(,(%20-,$&!2%!^(!L&#(%6(b!2%!
#(!0(&(!62!8%!&2`$*!(,-:$!62!,-!<(<_a!"#!$/*$!6D(!
62Fc!(!,-!K(,-#-(!(##_!M!A$#AD!&$#$!(!#(!K-%0(a!9%!2#!
0(,-%$b!,2!2%0$%/*c!0$%!8%!0>$K2*!]82!,2!6-F$!]82!
,2!>(4D(%!]82,(6$!#(!0(&(!M!#(!*(,(6(b!M!08(%6$!
##2:8c!2K20/-A(,2%/2!/$6$!2&/(4(!62&/*8-6$a!3$,$!
#(!:82**-##(!>(4D(!62F(6$!,80>$&!0(,<(,2%/$&!2%!
#(&! 0(`(&! M! 2%! #(! *(,(6(b! ##2:J! 2#! 9Fc*0-/$! M! %$&!
]82,J!#(!0(&(!0$%!/$6$!#$!]82!(##D!>(4D(Q!]82,(*$%!
#$&! ,824#2&b! #(! %2A2*(b! 2#! 2]8-<$! 62! &$%-6$b! /$6(!
#(!*$<(!62!,-!K(,-#-(!M!#(!,D(b!/$6(!#(!>2**(,-2%/(!
62!/*(4(F$b!6$&!,$%/8*(&b!6$&!#$,-##$&!<(*(!0(*:(*!
0(`(y!t82,(*$%!2#!2%/(4#2!62!0(`(b!]82,(*$%!#$&!
0$*/2&!62!0(`(b!]82,(*$%!#(!2&082#(!M!2#!<82&/$!62!
&(#86!62!#(!A2*26(m!>(&/(!&2!,2!0$,-2*$%!8%!/$*$y
^(! /*-&/2)(! ]82! 8%$! &-2%/2! (#! A2*! (#:$! (&D! 2&!
-%620-4#2a!9&!,8M!68*$a!\%$!2%!#(!A-6(!/-2%2!]82!
<(&(*!<$*!,80>(&!0$&(&y
"#!2&/(*!/$6$!(0(4(6$b!,-!K(,-#-(!&2!/8A$!]82!
-*!(!A-A-*!(!E-$%2:*$b!(!#(!0(&(!62!8%(!>2*,(%(!62!
@#:(a!^$&!%-`$&!2,<2)(*$%!(!2&/86-(*!<$*!(##_a!9#!
8%$! %$! /2*,-%J! 2#! 4(0>-##2*! M! &2! <8&$! (! /*(4(F(*!
<(*(! A-A-*b! #(A(! 0(**$&! 2%! 8%! #(A(62*$! 02*0(%$b! M!
2##(!&D!2&/_!2&/86-(%6$a!n$!,2!]826c!F$*%(#2(%6$!

2%! K-%0(&! A20-%(&b! 2%! #(&! ]82! %$! ]82,(*$%b! <(*(!


<$62*!,(%6(*#2!2#!&8&/2%/$!(!,-!K(,-#-(a!
'2:8D! A-A-2%6$! 2%! #(! K-%0(b! (C%! 62&/*8-6(a!
",(%20D(! 2%! 8%(! <-20-/(! ]82! ]826J! (! <8%/$! 62!
0(2*&2a! n$! <*2<(*(4(! ,-! 0$,-6(b! #(A(4(! #(! *$<(a!
@/*(&!A202&!#2!##2A(4(!#(!*$<(!(!,-!,(,_!M!62!A2)!
2%!08(%6$!2##(!,2!>(0D(!#(!0$,-6(a!
n$! F$*%(#2(4(! <(*2F$b! <2*$! 2*(! ,8M! 68*$!
A$#A2*! (! #2A(%/(*! #(! 0(&(! <$*]82! /$6$! 2#! 6-%2*$!
]82! *20$:D(! &2! #$! ,(%6(4(! (! ,-! K(,-#-(a! ^$! ]82!
&D!>(4D(!#$:*(6$!2*(!0$%&2:8-*!8%(!:8(6(`(!M!(&D!
/2%2*!0$%/*(/$&!<(*(!62&M2*4(*!<$/*2*$&!$!0$*/(*!
*(&/*$F$&a!9&$!M!(&2**(*!M!&2,4*(*!M80(b!<#_/(%$b!
,(D)!M!K*-F$#a!n$!>(0D(!62!/$6$a!
^(! K(,-#-(! -4(! 62! A2)! 2%! 08(%6$b! 2%! A(0(0-$X
%2&a!9&/(4(!,(/(6$!<$*!8%!0>-K$%-2*!M!8%(!0(,(!
<(*(! 08(%6$! #$&! >-F$&! K82*(%! 2%! 6-0-2,4*2! (!
>(02*,2! #(! A-&-/(a! g(4D(! >(4#(6$! 0$%! 8%(! <2*&$X
%(! 2%! 58(6(#8<2! ]82! /*(4(F(4(! #(! ,(62*(! M! c#!
,2! 0(,4-(4(! 2#! /*(4(F$! ]82! ,2! >-0-2*(! <$*! ,_&!
,(62*(a!
9&$! K82! (! K-%(#2&! 62#! RSSVa! \%! >2*,(%$! ,D$!
/2%D(! ,(62*(! 2%! 8%! ,$%/2! ##(,(6$! ^(! E$,2*(b!
0$,$! (! 6$&! >$*(&! M! ,26-(! (! <-2! 62! ,-! 0(&(a! ^(!
,(62*(! ]82! c#! /2%D(! 2*(! 0>(]8-*$! 68#02b! ]82! 2&!
,8M!482%(!<(*(!>(02*!,824#2&a!
9%/$%02&b! 8%! 6D(! #2! 6-F2! (! g$,2*$b! 8%! (,-:$!
,D$b! 2#! ]82! &-2,<*2! (&2**(4(! 0$%,-:$b! ]82! ,2!
(0$,<(`(*(! (! A2*! &-! #$&! <(#$&! 62! ,-! >2*,(%$!
&2*AD(%!<(*(!2#!0>-K$%-2*!M!#(!0(,(a!

?DB

?DC

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

9*(! &-2/2! 62! %$A-2,4*2a! '(#-,$&! (! #(&! 6-2)!


62!#(!,(`(%(!4$*62(%6$!2#!*D$!'(%!.(4#$!M!#82:$!
0$,2%)(,$&! (! &84-*! >(0-(! #(! 0$*6-##2*(! 2%! ]82!
2&/(4(!^(!E$,2*(a!
9#!0(,-%$!2*(!,2*(!,$%/(`(b!<2*$!(8%!(&D!<$*!
(>D!,-&,$!,-!>2*,(%$!>(4D(!&(0(6$!,80>(!,(62X
*(!2%!,8#(a!
3$,$! (! #(! 8%(! 62! #(! /(*62! ##2:(,$&! (! 8%(!
<(*/2!<#(%(b!2%!#(!0-,(!62#!,$%/2b!6$%62!2&/(4(%!
#$&! _*4$#2&! 62! 0>(]8-*$! 68#02a! ^$&! *2A-&(,$&! M!
A-,$&!]82!%$&!&2*AD(%!,8M!4-2%!<(*(!#$&!,824#2&a!
9%/$%02&b! #2! 6-F2! (! g$,2*$! ]82! 2&/(4(! >(0-2%6$!
0$,$! >(,4*2b! M! 2#! (#,82*)$! /(%! 2,4$#(/(6$a! p#!
&(0J!62!&8!4$#&$!8%!<(]82/2!62!<(<-/(&!M!%$&!<8&-X
,$&!(!0$,2*!(>Da
1$&! 62A$#A-,$&! <$*! 2#! ,-&,$! 0(,-%$! <$*!
2#! ]82! >(4D(,$&! ##2:(6$a! n$! (62#(%/2! M! g$,2*$!
(/*_&a!n$!##2A(4(!2#!02#8#(*!2%!#(!,(%$!<(*(!##(,(*!
(!,-!K(,-#-(!M!(!8%!>2*,(%$b!<$*]82!8%$!&842!(!#(!
0$*6-##2*(!M!#2!<(*202!,8M!4$%-/$!A2*!]82!2#!02#8#(*!
/-2%2!/$6(&!#(&!*(M(&b!M!<(w#!0(`J%!&-!,80>$!/-2%2!
8%(!*(M-/(a!n(!-4(!(!,(*0(*!2#!%C,2*$!08(%6$!62!
<*$%/$!&2%/-,$&!8%!2&/*82%6$!,8M!68*$!M!<2%&(X
,$&! ]82! >(4D(! 8%! :*8<$! (*,(6$! 2%! 2&2! ,$%/2! M!
]82!%$&!>(4D(!/-*(6$a!;*(/c!62!&(#-*!0$**-2%6$!M!0(D!
2%!2#!>820$!]82!>(02!#(!,-%(a!^(!>(4D(!<-&(6$a!1$!
K8-!0(<()!62!<(*(*,2a!
^(! ,-%(b! 0$%! #(! 2N<#$&-J%b! >(02! 8%! >820$!
:*(%62b!*26$%6$a!n!2&2!6$#$*!]82!&-2%/2!8%$b!M!2&2!

&(%:*2*$y! 7-! (,-:$! ,2! 620D(Q! l"M! H(4-_%b! A$&!


<$*! ]8c! /2! <(*(&/2! (>Db! A$&! <$*! ]8c! %$! /2! <(*(&X
/2!2%!$/*(!<(*/2kb!c#b!,8M!(&8&/(6$a!9%/$%02&!,2!
<*2:8%/J!]8c!D4(,$&!(!>(02*b!M!M$!#2!6-F2!]82!62!
/$6(&! ,(%2*(&! >(4D(! ]82! 6(*#2! :*(0-(&! (! B-$&! M!
]82! #$! ,2F$*! 2*(! ]82! ,2! (0(4(*(! 62! ,$0>(*! 2&2!
<-2b!<2*$!c#!,2!6-F$!]82!%$!2*(!0(<()a!9%/$%02&!M$!
#2!6-F2!]82!,2!&(0(*(!(!#(!2&<(#6(!M!c#!,2!6-F$!]82!
/(,<$0$a!9%/$%02&!M$b!]82!2%!,26-$!62!#(!2N<#$X
&-J%! >(4D(! 4$/(6$! #2F$&! 2#! 02#8#(*b! #2! 6-F2! ]82! ,2!
48&0(*(!2&2!(<(*(/$!<(*(!##(,(*!(!,-!>2*,(%$!(!
620-*#2!]82!,2!>(4D(!F$6-6$b!M!c#!,2!620D(!]82!#2!
6(4(!,-26$!]82!62!<*$%/$!K82*(!(!<-&(*!c#!/(,4-c%!
8%(! ,-%(a! 9%/$%02&!#2!6-F2!]82! &2!K82*(! (!(A-&(*!
(!,-&!<(6*2&b!<2*$!]82!/8A-2*(!,80>$!08-6(6$!2%!
6J%62! <-&(4(a! p#! &2! K82! <$*! 2#! 0(,-%$! M! (>D! ,2!
]826c!&$#$a
38(%6$! <-&c! #(! ,-%(b! 2&/(4(! 0(M2%6$! 8%(!
4*-&-/(a!"<2%(&!g$,2*$!&2!K82b!&2!(K#$FJ!8%!(:8(X
02*$!,8M!K*D$a!;$6(!#(!0$*6-##2*(!&2!##2%J!62!%-24#(!
M! 2,<2)J! (! >(02*! ,80>$! K*D$b! 0$,$! 2%! 8%! %2A(X
6$a! n! M$! (>Db! 0(&-! 3+/7C7%+$"<! 4$/(%6$! /(%/(!
&(%:*2a!.2%&(4(!]82!&-!#$:*(4(!2%0$%/*(*!2#!02#8X
#(*!<$6D(!##(,(*!(!,-!>2*,(%$!(!",(#K-!<(*(!]82!
%$!&2!62,$*(*(!/(%/$!#(!(,48#(%0-(a!9%/$%02&!,2!
(**(&/*c! 4(F$! #(! ##8A-(! M! #2! 6-! #(! A82#/(! (! /$6$! 2#!
<#(%!48&0(%6$!2#!02#8#(*a!
9#!<-2!>(4D(!]826(6$!>20>$!%(6(b!0$,$!62&/*-X
<(6$b! 0$,$! 8%! 082*$! (>Db! 0$,$! 0(48M(a! n! 2&2!
&(%:*2*$! ]82! ,(%(4(a! n! ,_&! ,2! 6$#D(! ,-2%/*(&!

?DD

?DE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

,2!(**(&/*(4(a!B2F(4(!#(!,(*0(!62!&(%:*2!&$4*2!
2#!<(&/$!A2*62a!
"8%!(&D!%$!<862!2%0$%/*(*!2#!42%6-/$!(<(*(/$a!
72!*20$&/c!2%!8%(!08%2/(!M!2&<2*ca!
"!8%$!&2!#2!>(02%!2/2*%(&!#(&!>$*(&!2%!8%!0(&$!
62!2&$&a!3$,2%0c!(!<*2$08<(*,2!<$*]82!62!<*$%X
/$!g$,2*$!>84-2*(!<-&(6$!8%(!,-%(!<$*!(>D!2%!8%!
*(&/*$F$a!
3$,2%0c!(!##(,(*#$a!
g$,2*$b!#2!:*-/(4(a
n!%(6-2!*2&<$%6D(a!
n!2&2!(:8(02*$!0(M2%6$a!
n!2&2!K*D$!/(%!/*2,2%6$a!
n$!/-*-/(%6$b!,2!/$0(4(!(*(`(*,2!#(!<-2#!<(*(!
6(*,2!0(#$*0-/$a!'2:8D(!##(,(%6$!(!g$,2*$!>(&/(!
]82! 0$,$! (! #(&! 08(/*$! 62! #(! /(*62! 2&080>c! (! 8%!
&$4*-%$!,D$!]82!,2!*2&<$%6D(a!
g(4D(%!<(&(6$!6$&!>$*(&!M!,26-(!62&62!]82!
g$,2*$! &2! >(4D(! -6$a! .$*! ,D! ##2:(*$%! ,-! <(<_b!
8%$!62!,-&!>2*,(%$&b!(#:8%$&!A20-%$&b!g$,2*$!M!
$/*(&!<2*&$%(&a!72!<8&-2*$%!0$,$!08(/*$!0(,-&(&!
,$F(6(&!<$*!#(!##8A-(!<(*(!]82!,2!6-2*(!0(#$*0-/$a!
B2!-%,26-(/$b!0$,2%)(*$%!(!>(02*!#(!0(,-##(!<(*(!
4(F(*,2a! '2:8D(! ##$A-2%6$b! M! #(! 4(F(6(! >(&/(! #(!
0(&(!K82!,8M!#2%/(!<$*]82!2&2!0(,-%$!2*(!62!8%$&!
<(%/(%2*$&!,8M!>$**-4#2&a
"! #(! 0(&(! 62! <(<_! ##2:8c! <$*! (>D! (! #(&! &2-&! M!
,26-(!62!#(!/(*62a!.$*!(>D!(!#(&!&-2/2!62!#(!%$0>2!
,2! 4(F(*$%! (! #(! 0(**2/2*(a! "##D! ,2! 2&<2*(4(! #(!
(,48#(%0-(m!8%(!2%K2*,2*(!,2!<*2&/J!#$&!<*-,2X
*$&!(8N-#-$&a!"##D!/(,4-c%!,2!6-2*$%!8%!0(#,(%/2a!

n$! M(! 2&/(4(! ,_&! (%-,(6$b! 0$%! ,_&! 0(#$*0-/$a!


L%0#8&-A2b! 08(%6$! 2&/(4(! (>Db! M$! >(&/(! #2! 20>(4(!
K#$*2&!(!#(!2%K2*,2*(b!#2!620D(!]82!,80>(&!:*(0-(&b!
]82!2##(!2&/(4(!,8M!>2*,$&(a!
"!#(&!%82A2!62!#(!%$0>2!##2:8c!(!58(6(#8<2b!
]82! 2*(! 2#! <824#$! ,_&! 02*0(%$b! 0$,$! (! >$*(! M!
,26-(!62!#(!K-%0(!62!,-&!<(<_&a!9%!2#!>$&<-/(#!62!
58(6(#8<2! ,2! 4*-%6(*$%! (/2%0-J%! ,c6-0(! M! ,2!
*2,-/-2*$%!<(*(!#(!0#D%-0(!^2J%!}LLLb!2%!7262##D%a!
9%! 2#! <824#$! 2&/(4(! @#:(b! ]82! >(4D(! ##2:(6$!
62&62! E-$%2:*$! #82:$! 62! ]82! #2! (A-&(*(%! 62! ,-!
(00-62%/2a!9##(!M!,-&!<(<_&!&2!A-%-2*$%!0$%,-:$!2%!
#(!(,48#(%0-(a!9#!<-2!,2!#$!2%A$#A-2*$%!8%!<$]8-X
/$!2%!58(6(#8<2b!<2*$!&2!,2!A$#/2(4(!62!8%!#(6$!
(! $/*$a! n$! A2%D(! 0$%! 8%(! 2%K2*,2*(b! 2%/$%02&! #(!
2%K2*,2*(!&2!,(*2J!M!#2!/$0J!<(&(*&2!<(*(!(62#(%X
/2a!n$!&2:8D(!4$/(%6$!,80>(!&(%:*2b!<2*$!&-2,<*2!
2&/8A2!0$%&0-2%/2!62!/$6$a!n$!,2!6(4(!082%/(!62!
]82! 08(%6$! #(! (,48#(%0-(! <(*(4(b! #(! 2%K2*,2*(!
&2! 4(F(4(! 2! -4(! M! ,2! *2A-&(4(! M! &$#$! ,2! 620D(!
]82!M$!2&/(4(!A(0-(6$!2%!&(%:*2a!n$!,2!6-!082%/(!
>(&/(!]82!,2!2%/*(*$%!(!#(!0#D%-0(!^2J%!}LLLa!">D!
,2!>-0-2*$%!#(!$<2*(0-J%b!(!#(&!/*2&!62!#(!,(`(%(a!
38(%6$! 62&<2*/c! 2&/(4(! 0$%! 2#! <-2! ,$0>$a! \%$!
<*_0/-0(,2%/2! %$! &-2%/2! %(6(a! '-2%/2! (#! $/*$! 6D(!
]82!#2!<(&(!#(!(%2&/2&-(a
"#!$/*$!6D(!2&!2#!6$#$*!,_&!68*$!62!#(!A-6(a!ut8c!
0$&(!/(%!68*(!<(*(!8%$!-*!(#!4(`$v!n$!/2%D(!8%(&!
2&]8-*#(&!,8M!:*(%62&!2%!2#!$/*$!<-2a!38(%6$!M$!
/*(/(4(!62!&2%/(*,2!2%!2#!4(`$!,2!6$#D(%!,_&!#(&!

?D=

?D>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

:.'#)'(&F*0'2#W,'F"'(0$&O5.

2&]8-*#(&!]82!2#!<-2!(,<8/(6$b!<$*]82!#(&!2&]8-*X
#(&!#(&!/2%D(!624(F$!62!#(!*$6-##(a
9%!#(!0#D%-0(!2&/8A2!%82A2!6D(&a!"##_!,2!(0$,X
<(`(4(!,-!<(<_b!]82!2&/(4(!<2%6-2%/2!62!,Db!-:8(#!
]82!,-!,(,_a!.(<_!(,(%20D(!(!6-(*-$!2%!2#!>$&<-X
/(#b!<2*$!c#!%$!620D(!%(6(a
9%! #(&! /2*(<-(&! ,2! 2%&2`(*$%! (! 0(,-%(*a!
.*-,2*$!#2!>(02%!,(&(F2&!(!8%$!2%!2#!,8`J%!<(*(!
]82!8%$!A(M(!/2%-2%6$!K82*)(!M!#$!A(%!2F2*0-/(%6$!
<(*(!]82!8%$!<826(!,(%2F(*!#(!<*J/2&-&a!^82:$!#2!
A(%! 2%&2`(%6$! (! 8%$! (! 0(,-%(*a! 9&(&! 0-/(&! &$%!
,8M!K*2082%/2&a
\%$! &2! 2&/*2&(! ,80>$! <2%&(%6$! #$! ]82! &2*_!
#(!A-6(!2%!(62#(%/2a!"!,-!,2!6(!,80>(!62<*2&-J%!
A2*,2!(&Db!8%$!]82!>(!&-6$!62#!0(,<$a!"]8D!<$*]82!
8%$! *20-42! ,80>(&! (M86(&! M! 0$&(&! ,8M! ,(*(X
A-##$&(&! ]82! %$! #(&! >(4D(! A-A-6$a! .2*$! <(*(! ,D! #(!
K2#-0-6(6! 2&! 2&/(*! 2%! 2#! 0(,<$a! "! 8%$! #2! 4*-%6(%!
&-0$#$:D(!M!2&$!#2!&-*A2!,80>$!(!8%$a!^(!&-0J#$:(!#$!
/*(/(4(!62!(%-,(*!(!8%$Q!]82!8%$!/-2%2!]82!&2:8-*!
(62#(%/2b!]82!(>D!%$!&2!#2!/2*,-%(!#(!A-6(!(!8%$b!]82!
,-!B-$&-/$!#2!<8262!/2%2*!0$&(&!,(*(A-##$&(&!(!8%$a
'Db! &$M! 8%(! <2*&$%(! ]82! >(! &8K*-6$! <$*! 2#!
0$%K#-0/$! (*,(6$b! <$*! <(*/2! 62! #(! :82**-##(! M! 62#!
9Fc*0-/$!0$#$,4-(%$a!
.2*6D!,-!K-%0(a
.2*6D!,-!<-2!62*20>$a
"**-4(!62!#(!*$6-##(a!
n!<2*6D!2#!>$:(*a!

">$*(! A-A$! 2%! 7262##D%b! 2%! #(! 0(&(! 62! 8%!


>2*,(%$b!,-2%/*(&!,-!K(,-#-(!&-:82!2%!E-$%2:*$a!
n(! %$! /2%:$! 0J,$! 0$#(4$*(*#2&a! n(! %$! /2%:$!
/*(4(F$a!">$*(!<(:$!(**-2%6$b!M$!]82!2%!2#!0(,<$!
F(,_&! &8<2! #$! ]82! 2*(! <(:(*! (**-2%6$a! '-! 2%! 2#!
0(,<$! ]82*D(! 0$,2*,2! 8%! /$,(/2b! #$! 08#/-A(4(!
M!,2!#$!0$,D(a!"0_!%$a!"0_!2%!#(!0-86(6!<$*!/$6$!
>(M!]82!<(:(*a!.(*(!,$A-#-)(*&2b!<(*(!0$,<*(*!2#!
6-(*-$b!M!2&$!2&!,8M!68*$!<(*(!8%$!]82!%$!/-2%2!
8%! %2:$0-$! $! 8%! 2,<#2$! M! ]82! 2%! #(&! 0$%6-0-$X
%2&!2%!]82!2&/_b!M!,_&!&-%!2&/86-$b!%(6-2!#$!A(!(!
0$%/*(/(*a! 9&$! #2&! <(&(! (! /$6$&! #$&! 6-&0(<(0-/(X
6$&!]82!0$%$)0$a!
.2*$! (! <2&(*! 62! /$6$! >(M! ]82! 6(*! :*(0-(&! (!
B-$&!<$*!/$6$!M!/*(/(*!62!&2:8-*!(62#(%/2b!<$*]82!
,-2%/*(&!B-$&!%$&!/2%:(!A-A$&!%$&!<8262!4*-%6(*!
,80>(&!0$&(&!,(*(A-##$&(&!,_&!(62#(%/2a!"8%!0$%!
/$6$! #$! ]82! ,2! >(! &8026-6$! >2! (<*2%6-6$! (! A-A-*!
0$&(&!2&/8<2%6(&!<(*(!,Da!g2!/2%-6$!,80>$!(<$M$!
<$*! <(*/2! 62! ,80>(&! -%&/-/80-$%2&! M! <2*&$%(&a!
.*_0/-0(,2%/2! 2%! /$6(&! #(&! <(*/2&! ]82! ,2! >(%!
(/2%6-6$!>(!&-6$!,(*(A-##$&$b!>2!(<*2%6-6$!(!*2#(X
0-$%(*,2!,_&!0$%!#(!:2%/2b!M!/$6$!2&$!#2!A(!&-*A-2%X
6$! (! 8%$! /(,4-c%a! g2!(<*2%6-6$!(!>(02*!/2#(*2&b!
0(%(&/$&b! 08(6*$&! ,8M! 4$%-/$&a! g2! 0$,4(/-6$! 2#!
(%(#K(42/-&,$a!
t8-c%! 0*2M2*(Q! 62! (#:$! ,(#$! <8262! (<(*202*!
(#:$!482%$!/(,4-c%a

?E@

?E<

?E?

30.2#'*"+,'&-.'($#(#')&'!"#$%&

`&%"K.'2#'R#+-+

^(!A-6(b!0$,$!#$&!:8-$%2&!62!0-%2b!2&/_!##2%(!
62!<8%/$&!62!:-*$m!M!<-&(*!8%(!,-%(!,(*0(!&-%!
686(! 8%$! 62! 2&$&! 0(,4-$&! /2%(02&! ]82! %$&!
/*(2!2#!0(,-%$a!'-%!2,4(*:$b!<(*(!H(4-_%b!,_&!
]82! 2&/2! >20>$b! 2#! <8%/$! 62! :-*$! K(/(#! 2%! &8!
>-&/$*-(!#$!/*(F$!2#!,$,2%/$!2%!]82b!<$*!$4*(!
62#!9Fc*0-/$b!&2!]826J!&-%!0(&(!M!&-%!&2,4*(X
6$&a! lB2&62! 2%/$%02&! ,2! 2,<2)J! (! -*! ,(#kb!
6-02!0$%!/*-&/2)(b!M!(#!2&080>(*!2#!*2&/$!62!&8!
>-&/$*-(!%$!]826(!,_&!]82!6(*#2!#(!*()J%a!

:.'#)'(&F*0'2#W,'F"'(0$&O5.

?EA

^2A(%/(*&2b! <(*(! H(4-_%b! %$! >(! &-6$! K_0-#a!


l.2*6D! ,-! K-%0(b! <2*6D! ,-! <-2! 62*20>$! M! <2*6D!
,-!>$:(*ka!^$!]82!%$!>(!<2*6-6$b!(8%!(&Db!2&!
#(!K2a!'82`(!0$%!A$#A2*!(!&8!/-2**(b!0$%!/2%2*!
&8! K(,-#-(! 0$,$! #(! /2%D(! (%/2&Q! F8%/(a! 1$! #2!
<*2$08<(! /(%/$b! %-! &-]8-2*(b! #(! K(#/(! 62! 8%(!
<-2*%(a! ^$! ]82! ]8-2*2b! (! #$! ]82! &2! (K2**(b! 2&!
(!A$#A2*!(!/2%2*!#(!/*(%]8-#-6(6!62!(%/2&b!(!#(!
K(,-#-(!62!(%/2&b!(!#(!A-6(!&-,<#2!2%!2#!0(,<$a!
.2*$! 2&! 6-KD0-#a! ^(&! 0$%6-0-$%2&! %$! 2&/_%!
6(6(&a!g(02!K(#/(b!0$,$!2%!#$&!:8-$%2&!62!0-%2b!
8%!<8%/$!62!:-*$a!\%$!]82!%$!&2(!K(/(#a

;F"70+'2#'%I#.0+'
T'F&)0+'1"#F*0+
3I%#$.#T'3KV")&'[#$.K.2#O

L#8&/*(0-J%!<$*!B842*%2M!B_A-#(!g2*%_%62)b!2%!#$&!/(##2*2&!62!2&0*-/8*(a

2&! >(*c! 8%! *2&8,2%! 62! ,-! A-6(b! #$! ,_&!


4*2A2!<$&-4#2!<(*(!%$!(#(*:(*,2!/(%/$a
'$M!2#!%-`$!62!6-20-$0>$!>2*,(%$&!]82!/8A$!,-!
,(6*2b!#(!08(#!(,$!&$4*2!/$6(&!#(&!0$&(&a!3*20D!2%!
8%!>$:(*!>$%2&/$b!0*2M2%/2!M!/*(4(F(6$*b!626-0(6$!
2&<20-(#,2%/2!(!#(!&-2,4*(!62#!0(Kca!7-!,(6*2!#$!
>(!<2*6-6$!/$6$!2%!A(*-(&!$0(&-$%2&b!M!08(%6$!,2!
*2K-2*$!(!/$6$!%$!&$#$!2&/$M!>(4#(%6$!62!#$!,(/2X
*-(#b! <82&! 2&/(&! 0$&(&! #(&! >2,$&! *208<2*(6$! 2%!
A(*-(&!$<$*/8%-6(62&a!.2*$!#$!,_&!6-KD0-#!62!&8<2X
*(*!<(*(!,-!,(6*2!>(!&-6$!#(!<c*6-6(!62!6$02!62!
&8&!>-F$&b!$%02!,8*-2*$%!08(%6$!2&/(4(%!0>-]8-/$&!
$!*20-c%!%(0-6$&b!62!&8!2&<$&$!M!62!6$&!M2*%$&b!M!2#!
(00-62%/2!&8K*-6$!<$*!&8!%-`$b!]82!&$M!M$a
n$!>2!2&/(6$!(#!4$*62!62!#(!,82*/2!62&62!,8M!
%-`$a! "! #$&! $0>$! 6D(&! 62! %(0-6$! ,2! (<#-0(*$%! ZW!
(,<$##(&!<(*(!8%(!2%K2*,26(6!0$%/*(*-(!(!#(!]82!
/2%D(a!n!0$,$!&-!K82*(!<$0$b!8%!6D(!,2!&(#Ac!62!#(!
,82*/2! 2%! 3(#-a! 72! ,2/D! 2%! 2#! *D$! 3(80(b! M! 0$,$!
%$! 2*(! 482%! %(6(6$*! ,2! (**(&/*J! #(! 0$**-2%/2a!
;*(:8c!,80>(!(:8(b!M!8%!(,-:$!62!#(!K(,-#-(!,2!
&(#AJ!#(!A-6(a

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

"! ,-&! ]8-%02! 6D(&! 62! A-6(b! #2&! ]82,(*$%! #(!


0(&(!(!,-&!<(6*2&b!M!,-!,(6*2!/8A$!]82!(,(%202*!
0$%,-:$!2%!4*()$&!2%!2#!&20/$*!6$%62!<2#(4(%!2#!
0(Kcb! <82&! 2*(! 2#! C%-0$! #8:(*! ]82! >(4D(! ]826(6$!
0$%!/20>$a!7-!<(6*2!&2!A-$!$4#-:(6$!(!0(,4-(*!2&(!
/-2**(b!<2*$!#(!%82A(!%$!/2%D(!0(&(!M!/8A$!]82!>(02*!
8%!<*c&/(,$!2%!2#!O(%0$!":*(*-$a!3$%!2#!<(&$!62#!
/-2,<$b!#$!(#0(%)(*$%!#(&!08$/(&!M!08(%6$!M$!/2%D(!
%82A2!(`$&!%$&!K8-,$&!(!A-A-*!(!H*2&%$b!;$#-,(a!7-!
<(6*2!<2%&(4(!<(:(*#2!(#!4(%0$b!<2*$!(!#$&!<$0$&!
6D(&!,(/(*$%!(#!2&<$&$!62!8%(!62!,-&!>2*,(%(&a!
9##(!]826J!0$%!0-%0$!>-F$&!<2]82`$&!M!,-!<(6*2!%$!
#(!(4(%6$%Jb!&2!20>J!2&(!$4#-:(0-J%!2%0-,(a!.(&J!
62!6(*#2&!2680(0-J%!(!6$&b!,-!>2*,(%-/(!M!M$b!<(*(!
6(*#2&!2680(0-J%!(!&-2/2a
G-2%6$! ]82! #(! &-/8(0-J%! 62! ,-! <(6*2! 2*(! /(%!
6-KD0-#b!#2!6-F2!]82!%$!]82*D(!2&/86-(*!,_&!M!,2!*2/-X
*c! &-%! /2*,-%(*! #(! <*-,(*-(a! B2&62! 2&2! ,$,2%/$b!
2,<20c! (! /*(4(F(*! 2%! /$6$! #$! *2#(0-$%(6$! 0$%! 2#!
0(Kca! 38(%6$! 08,<#D! 0(/$*02! (`$&! %$&! K8-,$&! (!
A-A-*!(!3$*-%/$b!3(80(b!6$%62!A-AD(%!/*2&!>2*,(%$&!
M! 8%(! >2*,(%(a! B2&62! (##D! ,-! <(6*2! <86$! *208X
<2*(*!#(!K-%0(!]82!/2%D(!>-<$/20(6(!2%!H#$*2%0-(b!
3(#6(&b! M! ,-&! >2*,(%$&! 0$,<*(*$%! 6$&! K-%0(&! M!
8%(! 0(&(! 2%! 2#! <824#$a! G-A-,$&! 8%! (`$! M! ,26-$!
2%!3$*-%/$b!M!#82:$!*2:*2&(,$&!(!H#$*2%0-(!(!#(&!
K-%0(&!62!,-&!>2*,(%$&!M!(!#(!62!,-!<(6*2b!2%!#(&!
08(#2&!M$!/*(4(F(4(a
B2&<8c&! 62! 8%! /-2,<$b! ##2:J! 8%$! 62! ,-&!
>2*,(%$&!M!,2!-%A-/J!(!7262##D%!<(*(!]82!A-&-/_X
*(,$&!(!8%(!>2*,(%(!]82!>(0D(!(`$&!%$!A2D(,$&a!

^#2:(,$&!(!E-$%2:*$!2%!#(!,(6*8:(6(!M!%$&!*$4(X
*$%! #(&! ,(#2/(&b! ]826(,$&! 0$%! #$! ]82! /*(D(,$&!
<82&/$b! <2*$! (#! K-%(#! 2%0$%/*(,$&! (! ,-! >2*,(%(!
M!%$&!]826(,$&!2%!&8!0(&(!8%!/-2,<$a!7-!>2*,(X
%$! 0$%&-:8-J! /*(4(F$! 0$,$! F(*6-%2*$! M! M$! 0$,$!
(M86(%/2!62!0$%&/*800-J%a
;*(4(Fc!8%!482%!/-2,<$!2%!2#!@*-2%/2!(%/-$]82X
`$!M!62&<8c&!,2!K8-!0$%!6$&!<(&/8&$&!(!/*(4(F(*!(!
8%!<824#$!##(,(6$!;(%:8(b!02*0(!62!L<-(#2&a!"##_!
,2! ]826c! 0(&-! &-2/2! ,2&2&! M! *2:*2&c! (! E-$%2:*$a!
9%! 2#! (`$! TUUVb! ,2! K8-! <(*(! 2#! ,8%-0-<-$! 62! 9#!
'(%/8(*-$! (! <(*/-0-<(*! 2%! #(! 0$%&/*800-J%! 62! #(!
0(4(`(!62#!6$0/$*!^2$%(*6$!z(<(/(b!]8-2%!/2*,-X
%J!0$%A-*/-c%6$&2!2%!8%!&2:8%6$!<(6*2!<(*(!,Da
E2&8#/(!]82!8%!6D(b!2%!2#!<(*]82!62!E-$%2:*$b!
,2! 0$:-J! 2#! 2Fc*0-/$b! ,2! ##2AJ! (#! 0$,(%6$b! ,2!
>-)$! 8%$&! 2N_,2%2&! M! ,2! 6-$! 8%(! 0-/(! <(*(! ]82!
,2!<*2&2%/(*(!2%!7262##D%a!'(#D!62!#(!0(4(`(!62#!
6$0/$*! ^2$%(*6$! 2#! 6D(! ]82! ,2! /$0(4(! <*2&2%X
/(*,2a!.(&c!/$6$&!#$&!2N_,2%2&!M!(!<(*/-*!62#!TZ!
62! %$A-2,4*2! 62! TUUV! 2*(! 8%! ,-2,4*$! (0/-A$! 62#!
9Fc*0-/$!1(0-$%(#a!9&2!K82!2#!<*-,2*!6-0-2,4*2!62!
#$&!$0>$!]82!<(&c!2%!#(&!,$%/(`(&!62!3$#$,4-(a
^$&!<*-,2*$&!08(/*$!,2&2&!K82*$%!,8M!68*$&b!
(! <2&(*! 62! ]82! 2%! 2&2! 2%/$%02&! ,-! KD&-0$! 2&/(4(!
,8M! 4-2%! <$*]82! /8A2! #(! $<$*/8%-6(6! 62! 0$**2*!
2%!8%(!<*824(!62!(/#2/-&,$!2%!2#!4(/(##J%b!6$%62!
$4/8A2!#(!,26(##(!62!<#(/(!<$*!*2#2A$&a
9#! 0$,(%6(%/2! 62! #(! 0$,<(`D(! &2#200-$%J!
6-20-&c-&!6*(:$%2(%/2&b!2%/*2!#$&!]82!,2!2%0$%/*(X
4(!M$a!"#!*2&/$!62!,-&!0$,<(`2*$&!#$&!2%A-(*$%!(#!

?ED

?EE

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

,$%/2!M!M$!&2:8D!2%!2#!4(/(##J%!<$*!08(/*$!,2&2&b!
(M86(%6$!(!0$%K$*,(*!8%!%82A$!0$%/-%:2%/2a!3$%!
2##$&!,2!K8-!08(/*$!,2&2&!(#!@*-2%/2!(%/-$]82`$a!
9%! /$/(#! K82*$%! 6-20-$0>$! ,2&2&a! 9%! 2&2! /-2,<$!
,-!,(,_!&$#$!,2!A-&-/J!6$&!A202&b!<82&!,-!K(,-X
#-(! 2&/(4(! ,8M! #2F$&a! .2*$! 2#! 6$0/$*! ^2$%(*6$! M!
&8! K(,-#-(! ,2! A-&-/(4(%! ,8M! &2:8-6$! M! ,2! ##2A(X
4(%! 8/2%&-#-$&! 62! (&2$! M! /$6$! #$! ]82! %202&-/(*(a!
38(%6$!/2%D(!08(#]8-2*!62&0(%&$!-4(!(!<(*(*!(!#(!
0(4(`(! 62#! 6$0/$*b! <82&! 2*(! ,-! 0(&(! ,_&! 02*0(X
%(a!"&D!K82!0*20-2%6$!8%(!:*(%!(,-&/(6!]82!&$#$!
(0(4(*_!08(%6$!,2!,82*(a
"#! /2*,-%(*! #$&! 6-20-$0>$! ,2&2&! 62! &2*A-0-$b!
%$&!6-2*$%!]8-%02!6D(&!62!<2*,-&$!(!#$&!]82!D4(,$&!
(! 0$%/-%8(*! 0$,$! &$#6(6$&! A$#8%/(*-$&a! 38(%6$!
&(#Db! ,-! >2*,(%$b! ]82! (%/2&! >(4D(! &-6$! F(*6-%2*$!
M! ]82! 62&<8c&! &2! 0$%A-*/-J! 2%! A-:-#(%/2b! &2! >(4D(!
]826(6$!&-%!/*(4(F$a!3$,$!M$!/2%D(!8%(!<#(/-0(!#$!
0$%A-6c!<(*(!#(!0(&(!62!,-&!<(6*2&a!^2!6-F2!]82!&2!
K82*(! <$*! 8%$&! 6D(&! ,-2%/*(&! #$! A$#AD(%! (! ##(,(*!
<(*(!(#:C%!/*(4(F$a!p#!%$!]82*D(!-*b!<2*$!K82!/(%/(!
#(!-%&-&/2%0-(!]82!#$!0$%A2%0Da!^2!*2:(#c!#$&!<(&(X
F2&!M!/$6(AD(!A-A$!(**2<2%/-6$a
9&/8A2!/*202!6D(&!0$%!c#!2%!6$%62!,-&!<(6*2&a!
B2&<8c&!/8A2!]82!*2:*2&(*!(#!2%/*2%(,-2%/$!<(*(!
0$%A2*/-*,2! 2%! &$#6(6$! A$#8%/(*-$a! 7-! >2*,(%$!
&2! ]826J! 8%$&! 6D(&! ,_&a! 38(%6$! -4(! 0(,-%$! (!
7262##D%! ,2! 0$:-J! #(! :82**-##(! 2%/*2! H#$*2%0-(! M!
1(*-`$a!\%$!62!2##$&!&2!2%(,$*J!62!,D!M!,2!620D(Q!
l\&/26!&-!%$!2&!&$#6(6$b!2&!<$#-0D(ka!'2%/D(!8%!K*D$!

2%!,-!082*<$b!<2%&c!]82!2&2!6D(!##2:(*D(!,-!,82*X
/2a!9#!:82**-##2*$!,2!<-6-J!#(!0c68#(!M!,2!6-F$!]82!
%$! ,2! <(*20D(! (#! 62! #(! K$/$a! n$! #2! 6-F2! ]82! /*(4(X
F(4(! 0$,$! A-:-#(%/2! 2%! 7262##D%! M! 62! -%,26-(/$!
,2!<-6-J!2#!%$,4*2!62!#(!2,<*2&(a!.$*!&82*/2!,2!
>(4D(!/$0(6$!08-6(*!#(&!>-6*$2#c0/*-0(&!62!L&(:c%b!
2%! 2#! @*-2%/2! (%/-$]82`$a! 38(%6$! >(4#c! 62! ,-!
&8<82&/$!/*(4(F$b!c#!&2!0(#,J!8%!<$0$b!&-%!2,4(*X
:$!#2&!<*2:8%/(4(!(!#$&!$/*$&!<(&(F2*$&!]82!&-!,2!
0$%$0D(%b!<2*$!%-%:8%$!,2!>(4D(!A-&/$a!9%/$%02&!
M$!#2!6-F2Q!l7-*2Q!2&/2!0(**$!&(#2!62!H#$*2%0-(!(!#(&!
08(/*$!62!#(!,(`(%(b!#$&!<$0$&!<(&(F2*$&!]82!&2!
&84-2*$%! 0$%,-:$! M(! &2! 4(F(*$%! 2%! 2#! 0(,-%$b! M!
#$&!]82!A-2%2%!(]8D!&2!,$/(*$%!62&<8c&!M!%$!,2!
0$%$02%ka!9#!:82**-##2*$!/2*,-%J!2%/*2:_%6$,2!#(!
0c68#(!M!62FJ!&2:8-*!2#!0(**$a
B2&62! 2%/$%02&! %8%0(! ,_&! <862! *2:*2&(*! (!
H#$*2%0-(a!B-$&!,2!6-$!$/*(!$<$*/8%-6(6!62!A-A-*b!
&-%! &(42*! ]82! A2%6*D(%! 0$&(&! ,8M! 6-KD0-#2&! 62!
(&-,-#(*b!2&<20-(#,2%/2!<(*(!,Da!7-2%/*(&!2&/(4(!
2%!2#!*22%/*2%(,-2%/$b!2%!#$&!^#(%$&!62!38-A_b!#(!
:82**-##(!&2!/$,J!H#$*2%0-(!M!62&/*8MJ!2#!0$,(%6$a!
B2&<8c&!2%/*(*$%!#$&!<(*(,-#-/(*2&!M!<(*(!0$#,$!
62!,(#2&!(!,-!>2*,(%$b!0$,$!2&/(4(!*20-c%!##2:(X
6$!M!2*(!8%!K$*(&/2*$b!#$!(08&(*$%!62!:82**-##2*$b!
#$!/$*/8*(*$%!M!#$!(&2&-%(*$%a!n(!&2!-,(:-%(*_%!2#!
6$#$*!62!,-!,(6*2a!H82*$%!6D(&!,8M!6-KD0-#2&a!^$!
,_&!68*$!2&!]82!,2!(A-&(*$%!$0>$!6D(&!62&<8c&!
62!#(!,82*/2!62!,-!>2*,(%$!M!/$6(AD(!%$!&c!6J%62!
]826J!&8!/8,4(a

?E=

?E>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

'2:8D! 2%! 2#! *22%/*2%(,-2%/$! 2&<20-(#-)_%6$X


,2! 2%! 0$,8%-0(0-$%2&a! B2&62! ]82! 2,<2)(,$&! (!
<(/*8##(*b!,2!2%0(*:8c!62!#(&!0$,8%-0(0-$%2&!62!
,-!0$%/*(:82**-##(!68*(%/2!08(/*$!(`$&!&2:8-6$&a
^2&!082%/$!]82!08(%6$!##2A(4(!6$&!(`$&!0$,$!
&$#6(6$!A$#8%/(*-$b!,-&!<(6*2&!##2:(*$%!(!E-$%2:*$!
&$#$! 0$%! #(! *$<(! ]82! /2%D(%! <82&/(a! ^$&! >(4D(%!
62&<#()(6$b! M! ,-&! >2*,(%$&! K82*$%! (! <(*(*! (!
.2*2-*(b!M(!]82!&-!&2!]826(4(%b!#(!:82**-##(!#2&!-4(!
(!]8-/(*!#$&!>-F$&!/(%!<*$%/$!08,<#-2*(%!6$02!(`$&a!
9##$&!<*2K-*-2*$%!<2*62*!&8&!K-%0(&!M!2,<2)(*!8%(!
%82A(!A-6(!2%!.2*2-*(a
7-2%/*(&! /(%/$b! M$! ,2! >(0D(! 0(*:$! 62! ,-&!
<(6*2&a! ^2&! 0$%&2:8D! 8%(! 0(&(! 2%! (**-2%6$! 2%!
E-$%2:*$b!02*0(!62!6$%62!A-AD(!,-!>2*,(%(a!9##$&!
%$&! *2:(#(*$%! 8%(! 0(,(! M! 8%! 0$#0>J%a! ^82:$!
K8-,$&! (! 0$,<*(*! 8%! K$:J%! 62! :(&b! 8%(&! $##(&b!
8%(!A(F-##(b!#$!,_&!%202&(*-$b!M(!]82!2#!&82#6$!%$!
,2! (#0(%)(4(! <(*(! ,80>$a! 9%/$%02&! 2,<20c! (!
0$,<*(*#2&!0$&(!<$*!0$&(b!<82&!/2%D(!]82!*2<(*/-*!
#(!<#(/(!2%!(**-2%6$b!&2*A-0-$&b!0$,-6(!M!#(&!08$/(&!
62!8%!/2#2A-&$*!]82!&(]8c!(!0*c6-/$a!^82:$!&(]8c!
8%(!%2A2*(b!8%!2]8-<$!62!&$%-6$a!.$0$!(!<$0$!#2&!
-4(!0$%&-:8-2%6$!#(&!0$&-/(&a
3$,$!#(!A-6(!2%!E-$%2:*$!2*(!/(%!0(*(b!620-6D!
##2A_*,2#$&! <(*(! 9#! '(%/8(*-$a! "##D! 2&/(4(! #(! $/*(!
>2*,(%(! ,D(b! ,(6*2! 62! #$&! 0-%0$! >-F$&! ]82! ,-&!
<(6*2&! (M86(*$%! (! 0*-(*a! 9%! 2&2! <824#$! /$6$! 2*(!
,_&!4(*(/$b!2,<2)(%6$!<$*!#(&!#2:8,4*2&a!.2*$!#$!
C%-0$!0-2*/$!2&!]82!(!,D!/$6(AD(!%$!,2!(#0(%)(4(!

2#!&82#6$a!.(*(!0$,<*(*!,-&!-,<#2,2%/$&!62!(&2$!
#2&!#(A(4(!#$&!8%-K$*,2&!(!,-&!0$,<(`2*$&b!(!/*2&!
,-#!<2&$&!0(6(!8%$a!^$!]82!,2!&$4*(4(!#$!62F(4(!
<(*(!##(,(*!(!,-!0(&(a!9&/$!&2!<*2&/(4(!<(*(!]82!
,-&!0$,<(`2*$&!>(4#(*(%!62!,Da!9##$&!0*2D(%!]82!
M$! /2%D(! #(! <#(/(! :8(*6(6(! 62&62! 2#! <*-,2*! &82#X
6$b!<82&!%8%0(!,2!A2D(%!/$,_%6$,2!8%!K*2&0$b!%-!
&-]8-2*(!08(%6$!##2:_4(,$&!(!8%!2&/(62*$!62&<8c&!
62! &-2/2! 8! $0>$! >$*(&! 62! F$*%(6(b! <82&! &-2,<*2!
/$,(4(!(:8(!62!#(&!0(%-##(&a
^2&! 082%/$! ]82! 8%! 6D(! K8-! 2%A-(6$! (! 7262##D%!
<(*(! >(02*! 8%! 08*&$! 62! <*-,2*$&! (8N-#-$&! 0$%! #(!
3*8)!E$F(a!E2:*2&c!(!,-!0$%/*(:82**-##(!M!(#!/-2,X
<$!,2!,(%6(*$%!(!O$:$/_b!(!8%!08*&$!62!K*(%0$/-X
*(6$*a! 9&/8A2! ]8-%02! 6D(&! 2%! #(! 2&082#(! 62! 0$,8X
%-0(0-$%2&!62!H(0(/(/-A_!*20-4-2%6$!-%&/*800-$%2&a!
B2&<8c&!,2!>-0-2*$%!8%$&!2N_,2%2&!M!,2!&(0(*$%b!
<$*]82!&8<82&/(,2%/2!A2D(!,_&!<$*!8%!$F$!]82!<$*!
2#!$/*$a!G$#AD!(!7262##D%!,8M!/-&/2!M!K8-!(!6$%62!,-!
(,-:$b!2#!6$0/$*!^2$%(*6$a!\%$!62!&8&!0$#2:(&!,2!
>-)$!%82A$&!2N_,2%2&!M!2#!*2&8#/(6$!K82!RSRSb!#$!
C%-0$!0-2*/$!2*(!]82!,-!A-&-J%!2&/(4(!2N02#2%/2a!1$!
2%/2%6D(!<$*!]8c!,2!>(4D(%!&(0(6$!62#!08*&$a
;-2,<$!62&<8c&!K8-!2%A-(6$!62!%82A$!(!O$:$/_b!
%$!<(*(!>(02*!8%!08*&$!62!K*(%0$/-*(6$*b!&-%$!<(*(!
2&/86-(*! 2%K2*,2*D(a! ^#2:8c! 6-*20/$! (! #(! 2&082X
#(! #$:D&/-0(b! ]82! ]826(! 2%! '(%! 3*-&/J4(#b! (**-4(!
62#! 4(**-$! E2&/*2<$a! 1$! &$#$! 2&/86-c! 2%K2*,2*D(b!
/(,4-c%!(<*$A20>c!<(*(!/2*,-%(*!,-!4(0>-##2*(/$a!
H82! 8%! *2/$! 4(&/(%/2! 68*$b! <82&! /2%D(! ]82! &(0(*!

?=@

?=<

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

482%(&! 0(#-K-0(0-$%2&! 2%! 2%K2*,2*D(b! A(#-6(*! 2#!


4(0>-##2*(/$!M!(62,_&!08,<#-*!0$%!/$6(&!,-&!(0/-X
A-6(62&!2%!2#!9Fc*0-/$a!B24D(!>(02*!<(/*8##(&!6-*-:-X
6(&!62%/*$!M!K82*(!62!#(!2&082#(b!<*2&/(*!:8(*6-(!2%!
2#!(#$F(,-2%/$a!9*(!8%!*-/,$!4(&/(%/2!<2&(6$a
B2&<8c&! 62! /*2&! ,2&2&! 62! /2$*D(! <(&(,$&!
(! >(02*! <*_0/-0(&! 2%! >$&<-/(#2&a! B8*(%/2! /$6$! 2#!
/-2,<$!]82!<2*,(%20D!2%!O$:$/_!#(&!C%-0(&!<2*&$X
%(&!]82!,2!<86-2*$%!A-&-/(*!K82*$%!3#(*(!M!3#(*-/(b!
#(! &82:*(! M! #(! 08`(6(! 62#! 6$0/$*! ^2$%(*6$b! <82&!
2##(&!A-AD(%!2%!#(!0(<-/(#a
38(%6$! /2*,-%c! 2#! 08*&$b! $08<c! 2#! <82&/$! RT!
2%/*2! ZT! 2&/86-(%/2&a! E2:*2&c! (! 7262##D%! M! 62!
-%,26-(/$!K8-!2%A-(6$!(!,-!0$%/*(:82**-##(a!B2&62!
2&2! ,$,2%/$! ,2! (0$,<(`J! 8%! 4$/-]8D%! >(&/(! 2#!
6D(! 62! ,-! (00-62%/2a! 3$%! c#! (6]8-*D! ,80>(! 2N<2X
*-2%0-(b!,2!/$0(*$%!,80>$&!2%K*2%/(,-2%/$&!0$%!
#(&! H"E3b! 2#! 9^1! M! #(&! "8/$62K2%&(&a! ;8A2! ]82!
(/2%62*! 0$,<(`2*$&! >2*-6$&! <$*! 6-&<(*$&! M! <$*!
,-%(&! (%/-<2*&$%(#2&b! #(&! 08(#2&! 2%! 8%! &$#$! 6D(!
0$4*(4(%!>(&/(!6$&!AD0/-,(&a!
72!/$0(4(!(8N-#-(*#$&b!<2*$!%8%0(!&2!,2!<(&J!
<$*! #(! ,2%/2! ]82! M$! &2*D(! 8%(! AD0/-,(a! 9&2! 6D(!
K82!,8M!6-KD0-#b!%$!&$#$!<$*!#$!]82!,2!&8026-J!&-%$!
<$*!0J,$!#$!/$,(*$%!,-&!<(6*2&a!g(4D(%!<(&(6$!
0-%0$!6D(&!62!%82&/*(!62&<26-6(b!62&<8c&!62!>(42*!
6-&K*8/(6$!62!8%!,2&!0$,<#2/$!62!<2*,-&$a
38(%6$! %$&! <*2&2%/(,$&b! %$&! -%K$*,(*$%!
62! 8%(! ,(&(0*2! ]82! >(4D(! >20>$! #(&! H"E3! 2%! 2#!
&20/$*!0$%$0-6$!0$,$!2#!<82%/2!62!^(!.(8#-%(b!,_&!

(4(F$!62!.82*/$!G(#6-A-(a!H8-,$&!##2A(6$&!<$*!8%$&!
{$6-(?!62#!4(/(##J%!>(&/(!n(*8,(#b!M!62&62!(##D!%$&!
/*(%&<$*/(*$%!2%!>2#-0J</2*$!,_&!(##_!62#!0$**2:-X
,-2%/$!62!9#!326*$a!9#!>2#-0J</2*$!%$&!62&0(*:J!2%!
8%!&-/-$b!6$%62!$0>$!6D(&!(%/2&!>(4D(!0(D6$!2%!8%(!
,-%(!(%/-<2*&$%(#!2#!&$#6(6$!+2*2)b!B2,2/*-$b!62#!
O(/(##J%!5-*(*6$/a
4(,$&!/*2&!0$%/*(:82**-##(&!0$%K$*,(6(&!<$*!
,_&!62!0-2%!>$,4*2&b!/(,4-c%!-4(%!0$,<(`D(&!62!
#(! O*-:(6(! TZ! <(*(! >(02*! <*2&-J%! 2%! 0$%F8%/$! M!
0$%/*(**2&/(*!2#!:*8<$!]82!>(4D(!>20>$!#(!,(&(0*2a!
\%! 6D(! 62&<8c&! 62! 2&/(*! 2%! 2#! _*2(b! (! #(&! YQZS! 62!
#(! ,(`(%(b! (/(0(*$%! (! 8%(! 0$%/*(:82**-##(! 62! #(!
O*-:(6(! TZ! ]82! -4(! (#! K*2%/2! 62! %$&$/*$&b! <2*$! (#!
$/*$!#(6$!62#!*D$a!9%/$%02&!%$&!6-2*$%!#(!$*62%!62!
(A(%)(*!<(*(!2&/(*!,_&!02*0(!62!#(&!$/*(&!8%-6(62&a
"#!6D(!&-:8-2%/2b!2,<2)(,$&!(!0(,-%(*!(!#(&!
0-%0$!M!,26-(!62!#(!,(`(%(!M!<(*(,$&!(!#(&!0-%0$!
M! ,26-(! 62! #(! /(*62b! <(*(! >(02*! 2#! t'@! 0$%! #(&!
/*2&!0$%/*(:82**-##(&b!6$%62!/$6(&!#(&!8%-6(62&!&2!
*2<$*/(%!0$%!2#!0$,(%6(%/2!62#!4(/(##J%a!1$&$/*$&!
%$&!2%0$%/*_4(,$&!2%!,26-$!62!#(&!$/*(&!6$&!0$%!
8%(! 6-&/(%0-(! 62! /*2-%/(! ,-%8/$&! 8%(! 62! #(! $/*(a!
9%!2&2!,$,2%/$b!2&/_4(,$&!62&0(%&(%6$b!<82&!2#!
0$,(%6(%/2!2&/(4(!>(0-2%6$!2#!<*$:*(,(a!n$!,2!
&(#D!8%$&!<(&$&!62#!0(,-%$!<(*(!/*(/(*!62!6-A-&(*!
#(!0$%/*(:82**-##(!]82!-4(!(62#(%/2a!72!(:(0>c!8%!
<$0$!M!08(%6$!:-*c!>(0-(!6$%62!2&/(4(!,-!#(%)(b!
&2%/D! 8%(! 2N<#$&-J%! M! A-! 8%! >8,2*$a! 38(%6$! 0(Db!
]826c! 0$%&0-2%/2b! &(4D(! ]82! 2*(! M$! ]8-2%! >(4D(!

?=?

?=A

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

(0/-A(6$! 8%(! ,-%(! (%/-<2*&$%(#a! 9,<20c! (! <26-*!


(M86(b!#2&!620D(!]82!%$!,2!62F(*(%!,$*-*b!<2*$!#$&!
]82!&2!2%0$%/*(4(%!,_&!02*0(!62!,D!&2!]826(*$%!
&2,4*(6$&!<$*!#(!2N<#$&-J%a!^$&!]82!2&/(4(%!,_&!
*2/-*(6$&!,2!&(0(*$%!>(&/(!8%!,$**-/$b!<82&!0(&-!
%$!>(4D(!<#(%a
72! <8&-2*$%! 8%(! 0$#0>$%2/(! 2%! #(! %80(! <(*(!
]82!2&/8A-2*(!,_&!0J,$6$a!9%/$%02&!#2&!<26D!]82!
,2!/*(F2*(%!2#!4$/-]8D%!]82!2&/(4(!2%!,-!2]8-<$a!
3$,$! &$M! 2%K2*,2*$b! #2&! 6-F2! ]82! &(0(*(%! 8%(!
A2%6(!2#_&/-0(b!]82!,2!#(!<8&-2*(%!,_&!(**-4(!62!
#(!*J/8#(!M!]82!,2!#(!&$#/(*(%!0(6(!0-%0$!,-%8/$&!
<(*(!]82!0-*08#(*(!#(!&(%:*2!M!%$!&2!K82*(!(!,$*-*!
62#!/$6$!#(!<-2*%(a
;2%D(!/$6$!2#!0$%$0-,-2%/$!<(*(!(/2%62*!8%(!
&-/8(0-J%!0$,$!2&(b!<2*$!2%!,-!2&/(6$!%$!2*(!<$&-X
4#2!(/2%62*,2!M$!,-&,$a!^#(,c!(!$/*$!0$,<(`2*$!
]82!&(4D(!62!2%K2*,2*D(b!<2*$!%8%0(!>(4D(!(/2%6-X
6$!(!8%!>2*-6$a!p#!2&/(4(!,8M!%2*A-$&$b!%$!>(0D(!
&-%$!/2,4#(*m!(&D!]82!2,<20c!(!620-*#2Q!l;*(%]8-#$b!
0_#,2&2!]82!2&/$!%$!2&!%(6(a!'(]82!8%(!4$#&(!62!
&82*$b!8%!2]8-<$!62!A2%$0#-&-&!M!/(,4-c%!8%!M2#0$!
%C,2*$!6-20-$0>$kb!<2*$!c#!&2:8D(!/2,4#$*$&$!M!M$!
#2! &2:8D(! 2N<#-0(%6$! 0J,$! &2:8-*! 0$%! 2#! <*$026-X
,-2%/$Q!l.J%:(,2!2#!/$*%-]82/2!2%!2#!4*()$!62*2X
0>$b! <82&! 2#! -)]8-2*6$! 2&/_! ##2%$! 62! 2&]8-*#(&ka!
^2! ,$&/*c! 6J%62! /2%D(! ]82! #-,<-(*! 0$%! (#:$6J%!
M! (#0$>$#b! /(,4-c%! 0J,$! 624D(! ,2/2*! 2#! M2#0$b!
M! /(%! <*$%/$! A-! ]82! 0$:-J! #(! A2%(! #2! 6-F2Q! l^-&/$b!

*2/-*2! #(! (:8F-/(b! <2:82! 2#! 2]8-<$! 62! A2%$0#-&-&! M!


(&2:C*2#$!0$%!,-0*$<$*$ka!B2&62!2&2!,$,2%/$!2#!
&82*$!2,<2)J!(!*22,<#()(*!#(!&(%:*2!]82!2&/(4(!
<2*6-2%6$a!;(,4-c%!/2%D(!0$%/*$#(6(!#(!>2,$**(X
:-(!0$%!#(!A2%6(!2#_&/-0(a!.2*$!%$!<$6D(!0$%/*$#(*!
2#!6$#$*b!2*(!/(%!K82*/2!]82!<$*!-%&/(%/2&!<2%&(4(!
]82!&-!2#!O#(0?!g(I?!%$!<$6D(!&(0(*,2!68*(%/2!#(!
%$0>2b!0$:2*D(!,-!K8&-#!<(*(!<2:(*,2!8%!/-*$a
^$&!2%K2*,2*$&!62!#(&!$/*(&!6$&!0$%/*(:82**-X
##(&!A-%-2*$%!(!(M86(*,2b!<2*$!2%/*2!,_&!<(&(4(!2#!
/-2,<$b!2#!6$#$*!&2!>(0D(!,_&!K82*/2b!<(*20D(!0$,$!
&-!,2!2&/8A-2*(%!(**(%0(%6$!#(!<-2*%(!(!<26()$&a!
g-02! ]82! ,2! (<#-0(*(%! <$*! 2#! &82*$! /*(,(6$#b! #$!
,_&! K82*/2! ]82! /2%D(! <(*(! 2#! 6$#$*b! <2*$! %$! ,2!
$4*(4(b!M!<$*!,$,2%/$&!2#!<_%-0$!&2!(<$62*(4(!62!
,Da!.2%&(4(!]82!,2!<$6D(!,$*-*!M!#2&!<26D(!(!,-&!
0$,<(`2*$&!]82!#2&!6-F2*(%!(!,-&!<(6*2&!08_%/$!
#$&!(,(4(b!<82&!8%$!2%!2&$&!,$,2%/$&!A2!<(&(*!#(!
A-6(!2%!8%!-%&/(%/2!M!&2!(**2<-2%/2!62!%$!>(42*#$!
6-0>$!(!/-2,<$a
.26D!]82!,2!<*2&/(*(%!8%!02#8#(*!M!62!-%,26-(X
/$!##(,c!(#!6$0/$*!^2$%(*6$!z(<(/(a!72!0$%/2&/J!M!
#2!6-F2Q!l'-2,<*2!#$!##(,$!08(%6$!/2%:$!8%!>2*-6$!
<(*(!]82!,2!(0$%&2F2b!<2*$!2&/(!A2)!2#!>2*-6$!&$M!
M$a! .-&c! 8%(! ,-%(! (%/-<2*&$%(#! M! <2*6D! #(! <-2*%(!
62*20>(ka!p#!<2:J!2#!:*-/$b!%$!<$6D(!0*22*#$a!^82:$!
,2! <*2:8%/J! ]82! &-! /2%D(! 8%$&! ,26-0(,2%/$&!
<(*(!]82!,2!#$&!(<#-0(*(!M!,2!6-F$!]82!&(#D(!<(*(!
7262##D%!(!2&<2*(*,2b!]82!2&/8A-2*(!/*(%]8-#$!]82!
%(6(!,2!-4(!(!<(&(*a

?=B

?=C

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

B2&62! 7262##D%! <*2:8%/(4(%! <$*! *(6-$! 0J,$!


&2!2%0$%/*(4(!2#!>2*-6$a!n$!#2&!620D(!(!,-&!0$,<(X
`2*$&! ]82! 6-F2*(%! ]82! ,2! ,$*D(a! 9#! 0$,(%6(%/2!
62!#(!<(/*8##(!#$&!*2:(`J!M!#2&!6-F$!]82!%$!624D(%!
>(4#(*! (&D! 62#(%/2! 62! ,Db! <2*$! M$! #$! >(0D(! <(*(!
(:-#-)(*!#(!##2:(6(!62#!O#(0?!g(I?a
^(&! <2*&$%(&! ]82! 2&/(4(%! 2%/2*(6(&! 62! ,-!
(00-62%/2!2,<2)(*$%!(!&8K*-*a!9#!6$0/$*!^2$%(*6$!
#2!-%K$*,J!(!&8!2&<$&(!@#:(!x-#0>2&!]82!%$!##2:(X
*D(!/2,<*(%$!(!#(!0(&(!<$*]82!-4(!<(*(!7262##D%!(!
2&<2*(*!(!]82!,2!/*(F2*(%a!B$`(!@#:(!&$#$!<$6D(!
-,(:-%(*&2! 0J,$! 2&/(4(! M$b! %$! &(4D(! &-! >(4D(!
<2*6-6$!8%(!<-2*%(!$!#(&!6$&a!9&$!M!,80>(&!0$&(&!
,_&! &2! #2! <(&(4(%! <$*! #(! ,2%/2b! &$#$! ##$*(4(! M!
*2)(4(!<$*!,Da!9##$&!%$!<$6D(%!>(02*!%(6(!,_&b!(!
<2&(*!62!]82!2#!6$0/$*!^2$%(*6$!2*(!8%!:*(%!,c6-X
0$!M!2##(b!8%(!:*(%!F2K2!62!2%K2*,2*(&a
9#! O#(0?! g(I?! ##2:J! (<*$N-,(6(,2%/2! (!
#(&! $0>$! 62! #(! %$0>2! M! 0(&-! %$! <8262! 4(F(*b! <82&!
#(! :82**-##(! /(,4-c%! #2! >(0D(! &2`(&! 62&62! $/*$&!
#8:(*2&!02*0(%$&a!38(%6$!&2%/D!]82!&2!(<*$N-,(X
4(! (! %$&$/*$&b! <2%&c! ]82! &2! 2&/*2##(*D(! 0$%/*(! 2#!
02**$b!<$*]82!%$!>(4D(!&8K-0-2%/2!2&<(0-$!<(*(!]82!
(/2**-)(*(a!9%/$%02&!#$!62F(*$%!2&/_/-0$!2%!2#!(-*2!
M!,2!&84-2*$%a!"62%/*$!,2!0$%/*$#(*$%!#$&!&-:%$&!
A-/(#2&!M!/*(/(4(%!62!,(%/2%2*,2!62&<-2*/$b!<2*$!
#$! C%-0$! ]82! ]82*D(! 2%! 2&2! ,$,2%/$! 2*(! $*-%(*b!
<82&! ,2! >(4D(%! <82&/$! 0$,$! 08(/*$! 4$#&(&! 62!
&82*$!M!%202&-/(4(!2#-,-%(*!/$6$!2&2!#D]8-6$m!<$*!
K-%!,2!<*2&/(*$%!8%(!4$#&(!M!#$!<862!>(02*a

38(%6$! ,2%$&! <2%&cb! ,2! 6-F2*$%Q! ln(! A2,$&!


#(&!#802&!62#!(2*$<82*/$!62!7262##D%b!M(!##2:(,$&ka!
"##D!&2!2%0$%/*(4(%!#(!&(*:2%/$!9*-?(!M!$/*(&!2%K2*X
,2*(&!62#!O(/(##J%!5-*(*6$/!0$%!#(!(,48#(%0-(!2%!
#(!]82!&2*D(!/*(%&<$*/(6$!>(&/(!2#!g$&<-/(#!.(4#$!
;$4J%! \*-42a! '$#$! &2%/D(! 0J,$! #(! (,48#(%0-(! &2!
&84D(!(!#$&!(%62%2&!M!]82!#(!&-*2%(!%$!&2!(<(:(4(a!
B2&62!2%/$%02&!&c!#$!-,<$*/(%/2!]82!2&!6(*#2!AD(!
(!8%(!(,48#(%0-(!08(%6$!##2A(!#(!&-*2%(!2%02%6-X
6(b!<82&!%$!&(42,$&!]8-c%!<8262!-*!624(/-c%6$&2!
2%/*2!#(!A-6(!M!#(!,82*/2a
38(%6$! ##2:(,$&! (#! >$&<-/(#b! #(! <*-,2*(!
<2*&$%(!]82!A-!K82!(#!6$0/$*!^2$%(*6$a!"!c#!&2!#2!
A-%-2*$%!#(&!#_:*-,(&b!%$!#(&!<$6D(!0$%/2%2*!(#!A2*!
0J,$!>(4D(!]826(6$a!72!&(0(*$%!A(*-(&!*(6-$:*(X
KD(&!(%/2&!62!<(&(*,2!(#!]8-*JK(%$a!L%:*2&c!(!0-*8X
:D(!(!#(!,26-(%$0>2!M!62&<2*/c!(<*$N-,(6(,2%/2!
(!#(&!08(/*$!62!#(!,(`(%(!2%!8%(!>(4-/(0-J%a!72!
>(4D(%! (,<8/(6$! #(! <-2*%(! 62*20>(! 624(F$! 62! #(!
*J/8#(a!9%!2#!4*()$!62*20>$!,2!<8&-2*$%!&82*$m!2%!
2#!-)]8-2*6$b!&(%:*2b!M!8%(!&$%6(!K-F(!<$*!2#!<2%2a
9%!2&$&!,$,2%/$&!/2%D(!2#!_%-,$!<$*!2#!&82#$a!
"#! A2*,2! (&D! &2! ,2! A2%D(%! (! #(! ,2%/2! /$6(&! #(&!
0$&(&! ]82! >(0D(! 08(%6$! /2%D(! #(&! 6$&! <-2*%(&a!
.2%&(4(!]82!F(,_&!<$6*D(!&2*!2#!,-&,$a!.$*!2F2,X
<#$b! ,2! <*2:8%/(4(Q! iG$#A2*c! (! 0(,-%(*jb! i&2*c!
0(<()!62!0$%]8-&/(*!(!8%(!,8F2*jb!i&2*c!*20>()(X
6$j!9%!K-%b!<(&(*$%!,80>(&!0$&(&!<$*!,-!,2%/2!2%!
2&$&!<*-,2*$&!,$,2%/$&a

?=D

?=E

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

9%!2#!/*(%&08*&$!62#!6D(!,2!A-&-/J!,80>(!:2%/2Q!
2#!<_**$0$!62#!O(/(##J%!5-*(*6$/b!2#!&(*:2%/$!<*-,2X
*$b!2#!/2*02*$b!#(!&-0J#$:(!62#!5-*(*6$/!M!#(!62!#(!LG!
O*-:(6(a!;$6$&!,2!<*2:8%/(4(%!<$*!,-!2&/(6$!62!
_%-,$b! M! #(&! &-0J#$:(&! &(#D(%! &(/-&K20>(&! 0$%! ,-&!
*2&<82&/(&a!;$6$!2&/$!$08**-J!2#!U!62!&2</-2,4*2!62#!
RSSYb!2%!8%$!62!#$&!,2F$*2&!>$&<-/(#2&!62!7262##D%a
^$!]82!,_&!,2!(/$*,2%/(4(!2*(!#(!A-&/(b!<82&!
%$!0$%&2%/D(!(4*-*!#$&!$F$&a!9#!$K/(#,J#$:$!62#!.(4#$!
;$4J%! \*-42! ,2! *2A-&J! M! ,2! *2,-/-J! (! #(! 0#D%-0(!
3#$K_%b! <2*$! /2%D(! ]82! 2&<2*(*! >(&/(! 2#! #8%2&a! 9#!
&_4(6$!6-2)!62!&2</-2,4*2!2*(!2#!08,<#2(`$&!62!
8%(!(,-:(a!9##(!&2!<*2:8%/(4(!<$*!]8c!%$!#(!>(4D(!
##(,(6$!<(*(!K2#-0-/(*#(b!<82&!%$!&(4D(!#$!]82!,2!
>(4D(!$08**-6$a
7-2%/*(&!/(%/$!2#!6$0/$*!^2$%(*6$!M!&8!2&<$&(!
##2A(4(%! (! ,-&! <(6*2&! (#! >$&<-/(#a! 9##$&! #2&! 6-F2X
*$%! ]82! M$! >(4D(! &8K*-6$! 8%! (00-62%/2b! <2*$! ]82!
M(!2&/(4(!2%!*208<2*(0-J%b!]82!%$!2*(!,8M!:*(A2a!
7-!,(,_!<2%&(4(!]82!,2!>(4D(!0(D6$!M!,2!>(4D(!
(<$**2(6$b! <2*$! 08(%6$! ##2:J! (! #(! >(4-/(0-J%! M!
#2A(%/J!#(!&_4(%(b!<2:J!2#!:*-/$!M!&2!<8&$!(!##$*(*a!
^(! 2&<$&(! 62#! 6$0/$*! /(,4-c%! ##$*(4(! M! ,-! <(<_!
%$!<*$%8%0-(4(!<(#(4*(a!n$!/*(/(4(!62!0$%&$#(*#$&!
6-0-c%6$#2&!]82!%$!2*(!%(6(b!]82!2&/(4(!4-2%a
7-&! <(6*2&! *2:*2&(*$%! (! 9#! '(%/8(*-$! 0$%! 2#!
6$0/$*! ^2$%(*6$! M! 0$%! &8! 2&<$&(a! .2*$! &2:8D(%!
,8M!/*-&/2&a!7-!<(6*2!%$!0$,D(!%-!/(,<$0$!]82*D(!
>(4#(*a! 9%/$%02&! 2#! 6$0/$*! ^2$%(*6$! #2&! ##2AJ! 8%!
&-0J#$:$!]82!62&<8c&!62!>(4#(*!0$%!2##$&!#$&!>-)$!

&2%/-*!,2F$*a!^82:$!#2&!(A-&(*$%!(!,-&!>2*,(%$&!
62!.2*2-*(!M!62!3(#-!<(*(!]82!,2!A-&-/(*(%!0$,$!#$!
>(4D(%!>20>$!#$&!62!E-$%2:*$!M!#$&!62!9#!'(%/8(*-$a
7-!(,-:(b!#(!]82!>(4D(!08,<#-6$!(`$&b!&2!2%/2X
*J! 62! #$! ]82! ,2! >(4D(! $08**-6$! M! &2! K82! <(*(! 2#!
>$&<-/(#a! '2! ]826J! 6D(! M! %$0>2! (0$,<(`_%6$,2b!
6_%6$,2!#$&!(#-,2%/$&!M!(<#-0_%6$,2!0(6(!>$*(!
0-%0$!0#(&2&!62!:$/(&!]82!,2!,(%6(*$%!62!#(!0#D%-X
0(!3#$K_%!<(*(!62&-%K#(,(*!#(!A-&/(!M!<$62*!>(02*!
#(! 0-*8:D(a! 9##(! M! 1-6-(! z(<(/(b! #(! >2*,(%(! 62#!
6$0/$*!^2$%(*6$b!,2!(0$,<(`(4(%!(!#(&!0-*8:D(&!
M!(!/$6(&!#(&!0-/(&!]82!/2%D(a
9%! #(! <*-,2*(! 0-*8:D(! ]82! ,2! >-0-2*$%! 62! #(!
A-&/(! ,2! &(0(*$%! /*2&! 2&]8-*#(&b! <2*$! 62&<8c&!
,2! >-0-2*$%! $/*(! <$*]82! &2! ,2! -4(! (! 62&<*2%62*!
#(!*2/-%(b!2%/$%02&!,2!-,<#(%/(*$%!8%!(02-/2!0$%!
&-#-0$%(a! 3$%! 2#! /-2,<$! ,2! >-0-2*$%! $/*(! $<2*(X
0-J%!<(*(!*2/-*(*,2!2#!(02-/2a!.2*$!#(!A-&/(!&2:8D(!
,$#2&/_%6$,2b!<82&!%$!A2D(b!,(%/2%D(!2#!$F$!##$*$X
&$b! (6$#$*-6$! M! 2%*$F20-6$a! 9%/$%02&! ,2! <8&2! 62!
(082*6$! 0$%! 2#! 2&<20-(#-&/(! ]82! ,2! >(4D(! >20>$!
/$6(&! #(&! 0-*8:D(&! M! 620-6-,$&! &(0(*! #(! A-&/(! 62#!
/$6$!M!<$%2*!8%(!<*J/2&-&!<(*(!62&0(%&(*!M!<2%&(*!
2%!#(!<$&-4-#-6(6!62!2&/86-(*a
7-! (00-62%/2! K82! 2%! &2</-2,4*2! M! 68*c! ]8-%X
02! 6D(&! 2%! 2#! >$&<-/(#b! M! 62! (##D! ,2! ##2A(*$%! <(*(!
2#! 6-&<2%&(*-$! 62#! O(/(##J%! 5-*(*6$/b! 6$%62! ,2!
]826c!2%!*208<2*(0-J%!>(&/(!6-0-2,4*2a!B2&<8c&!
,2! 62F(*$%! -*! <(*(! #(! 0(&(b! <2*$! /2%D(! ]82! 2&/(*!
4(F(%6$!(!#(!/2*(<-(!M!(!#(&!*2A-&-$%2&a

?==

?=>

30.2#'*"+,'&-.'($#(#')&'!"#$%&

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

7-!<(6*2!A-AD(!,8M!/*-&/2b!620D(!]82!%$!0$%&2%X
/D(!A2*!(!&8!%-`$!(&Da!p#!&2!2%K2*,J!2%!F8%-$!62#!(`$!
RSSq!M!&8!2%K2*,26(6!&$#$!68*J!8%!,2&b!<82&!&2!
,8*-J!2%!#$&!4*()$&!62!,-!,(,_!M!2%!#$&!,D$&a!H82!
8%$!62!#$&!,$,2%/$&!,_&!6-KD0-#2&!M!68*$&!<(*(!,-!
,(,_!M!<(*(!,Da!
n$!&2:8D!0$%/(%6$!0$%!2#!(<$M$!62!#(!(,-:(!]82!
,2!08-6J!2%!2#!>$&<-/(#a!9##(!62FJ!62!&2*!,-!(,-:(!
<(*(!0$%A2*/-*&2!2%!,-!%$A-(a!B2&<8c&!%$&!K8-,$&!
(!A-A-*!F8%/$&!(!7262##D%a!'-2,<*2!>(!2&/(6$!0$%,-X
:$!2%!,$,2%/$&!482%$&!M!6-KD0-#2&a
7-! ,(,_! ]826J! ,8M! ,(#! 0$%! #(! <c*6-6(! 62!
,-! <(<_b! 2%/$%02&! 2,<2)(,$&! (! A-(F(*! 0$%! 2##(a!
G-&-/_4(,$&!(!,-&!>2*,(%$&!62!.2*2-*(!M!62!3(#-!
<(*(! &(0(*#(! 8%! <$0$! 62! 2&(! /*-&/2)(a! 9##(! &-:82!
A-A-2%6$!&$#-/(!2%!9#!'(%/8(*-$b!<82&!%$!&2!]8-2*2!
(#2F(*!62!(##Da!n$!&-:$!*2&<$%6-2%6$!<$*!2##(!0$,$!
&-2,<*2!#$!>2!>20>$b!M!#$!>(*c!>(&/(!]82!B-$&!/$6$X
<$62*$&$!,2!<*$/2F(!#(!A-6(a
^2!6$M!:*(0-(&!(!B-$&!<$*!0(6(!6D(!]82!<(&(b!
<$*!<2*,-/-*,2!&2:8-*!0$%!A-6(!M!2&/(*!*$62(6$!62!
/(%/(!:2%/2!,(*(A-##$&(b!0$,$!2#!6$0/$*!^2$%(*6$b!
&8! 2&<$&(! M! &8! >2*,(%(! 1-6-(a! 72F$*! 6-0>$b! &$#$!
/2%:$!<(#(4*(&!62!(:*(620-,-2%/$!<(*(!#(!K(,-#-(!
z(<(/(! E(,D*2)! M! <(*(! #$&! K(,-#-(*2&! 62! 6$`(!
@#:(! x-#0>2&! 2%! O$:$/_a! 9##$&! &$%! ,-! &2:8%6(!
K(,-#-(b!#$&!]8-2*$!,80>D&-,$b!]82!B-$&!#$&!<*$/2X
F(! M! #$&! (,<(*2! &-2,<*2a! ;(,4-c%! /2%:$! ,80>$!
]82! (:*(6202*#2&! (! #$&! 6$&! (,$*2&! 62! ,-! A-6(a!
7-!,(6*2!7(*D(!g$#(%6(!g2*%_%62)!M!,-!<(*2F(!

^-#-(%!n(%2/>!.(**(!&-2,<*2!>(%!2&/(6$!(!,-!#(6$b!
(<$M_%6$,2a!"62,_&!]8-2*$!6(*#2&!#(&!:*(0-(&!(!
#(&!<2*&$%(&!]82!,2!(0$,<(`(*$%!M!,2!(%-,(*$%!
(!0$%/(*#2&!,-!>-&/$*-(a!
n!(!#(&!<2*&$%(&!]82!#2(%!,-!>-&/$*-(!#2&!]8-2*$!
620-*!]82!%$!,(#6-:(%!/(%/$!M!%$!*2%-2:82%!62!#(!
A-6(b!<82&!(!,D!,2!K(#/(%!8%(!<-2*%(!M!8%(!A-&/(!M!
F(,_&!,(#6-:$!$!6-:$!8%(!,(#(!<(#(4*(a!'2`$*2&b!
,D*2%&2!M!62%#2!:*(0-(&!(!B-$&!<$*!#$!]82!/-2%2%a

?>@

?><

?>?

30.2#'*"+,'&-.'($#(#')&'!"#$%&

3I%#$.#T'

B842*%2M! (&2:8*(! ]82! &8! <(6*2! ,8*-J!


62! <2%(! ,$*(#a! 9#! A-2F$! /8A$! ]82! &$<$*/(*! #(!
,82*/2! 62! 8%$! 62! &8&! >-F$&! M! #(! /*(:26-(! 62#!
62&<#()(,-2%/$b!<2*$!2#!C#/-,$!:$#<2!#$!&8,-J!
2%!8%(!/*-&/2)(!<*$K8%6(!]82!2%!<$0$&!,2&2&!
#$!##2AJ!(!#(!/8,4(a!B842*b!2#!%-`$!62!#(!0(&(b!
2#!0$%&2%/-6$b!2#!]82!#2!2%/*2:J!&8!F8A2%/86!(#!
9Fc*0-/$!<(*(!&(0(*!(62#(%/2!(!&8&!<(6*2&b!2#!
2%K2*,2*$! (**-2&:(6$! ]82! (/2%6-J! (! ,80>$&!
0$,<(`2*$&! >2*-6$&! 2%! 0$,4(/2b! <-&J! 8%(!
,-%(! (%/-<2*&$%(! ]82! #$! 62FJ! &-%! #(! <-2*%(!
-)]8-2*6(!M!&-%!8%!$F$a

;F"70+'2#'%I#.0+'T'F&)0+'1"#F*0+

?>A

B842*!(&8,-J!0$%!A(#2%/D(!&8!%82A(!0$%6-X
0-J%m! (<*2%6-J! (! 0(,-%(*! 0$%! #(! <*J/2&-&! M! (!
A2*!2#!,8%6$!0$%!8%!&$#$!$F$a!B-02!]82!(!<2&(*!
62!#$&!<*$4#2,(&b!%8%0(!*2%-2:(!%-!,(#6-02!M!
F(,_&!&2!(/*2A2*D(!(!<2%&(*!]82!B-$&!&2!2%&(X
`J!0$%!c#!M!0$%!&8!K(,-#-(a
^$!]82!&D!#$!##2%(!62!/*-&/2)(!2&!#(!(8&2%0-(!
62! &8! <(6*2! M! #(! ,2#(%0$#D(! ]82! 2&(! <c*6-6(!
62FJ! 2%! &8! ,(6*2a! p#! &(42! ]82! %8%0(! <$6*_!
##2%(*!2&2!A(0D$b!<2*$!&2!&-2%/2!/*(%]8-#$b!<82&!
&(42!]82!&8!<(6*2!&2!K82!$*:8##$&$!62!/2%2*!8%!
>-F$!(,$*$&$b!*2&<$%&(4#2!M!2,<*2%626$*a!

!"#$%&'()*&+,#&-.%-%&/+&0(%.1+&2&!2#!*2&8#/(6$!62!#$&!
/(##2*2&!62!2&0*-/8*(!lB2!&8!<8`$!M!#2/*(k!M!#(!G-02**20/$*D(!
62!9N/2%&-J%b!*2(#-)(6$&!<$*!#(!H(08#/(6!62!3$,8%-0(0-$%2&!
62!#(!\%-A2*&-6(6!62!"%/-$]8-(!2%!%$A-2,4*2!M!6-0-2,4*2!
62!RSSWa
Z1#'/,")-)%'+/A/1)"#(()*%X
.(/*-0-(!1-2/$!1-2/$a!.*$K2&$*(!62!#(!\%-A2*&-6(6!62!
"%/-$]8-(a!

Z%L)&'1,/#$7#()'+X/
+>$%!H2*%2M!5-*(#6$a!9&0*-/$*!62#!#-4*$!2+34)&"/5($+
.*&67&#"31.%?
0-"'1#()2)#%&,$/
.-#(*!G2#-##(a
'(*:2%/$!;$,_&!3(&/-##$a
'(*:2%/$!^8-&!.c*2)a
^8)!"6*-(%(!z(<(/(a!

0$)$&#%&#$X/
^-%(!7(*D(!7(*/D%2)!72FD(a!.2*-$6-&/(a
"#2N(%6*(!3(/(#-%(!G_&]82)!58),_%a!.2*-$6-&/(a

1c&/$*!'_%0>2)a

!#"),1)$&'$/L,+5%&'"),$X
7(*:(*-/(!L&()(!G2#_&]82)a!
.26*$!3$**2(!@0>$(a!
+8(%!3(,-#$!+(*(,-##$!"02A26$a!
GD0/$*!3(&(&!72%6$)(a!
+8(%!7-:82#!G-##2:(&a!
"%(!7(*D(!O26$M(a!
+8(%!3(,-#$!3(*6$%(a!

H8%6(0-J%!7(>(A-*!{X,-%(a

Y'++#")$&'$X
B$*(!O2(/*-)!1-2/$a!"*]8-/20/(a
B(A-6!9&/*(6(!^(**(`2/(a!H$/J:*(K$a
+8(%!3(,-#$!+(*(,-##$!"02A26$a!.2*-$6-&/(a
.26*$!3$**2(!@0>$(a!.2*-$6-&/(a
+8(%!7-:82#!G-##2:(&a!.2*-$6-&/(a
H*$-#(%!7$*2%$a!7C&-0$a
+8(%!3(*#$&!@0>$(a!7C&-0$a
V)$#P,/1#/+'/)2'-#%/1#/+,$/&'++#"#$/1#/#$(")&5"'X
^8-&(!H2*%(%6(!'(%/(a!B-&2`(6$*(!5*_K-0(a

@#:(!^80D(!+-,c%2)!72FD(a
+(*6D%!O$/_%-0$!62!7262##D%!+$(]8D%!"%/$%-$!\*-42a
g(%6-0(<!L%/2*%(0-$%(#a
@K-0-%(!62!3$$*6-%(0-J%!62!"&8%/$&!g8,(%-/(*-$&!
62!#(&!1(0-$%2&!\%-6(&!d@3g"ea
.*$:*(,(!.*2&-62%0-(#!<(*(!#(!"00-J%!
L%/2:*(#!0$%/*(!7-%(&!"%/-<2*&$%(#b!2%!
7262##D%b!5$42*%(0-J%!62!"%/-$]8-(a
H8%6(0-J%!7-!'(%:*2a
"&$0-(0-J%!62!GD0/-,(&!62!7-%(&!2%!7262##D%a
@*:(%-)(0-J%!L%6D:2%(!62!"%/-$]8-(!d@L"ea
32%/*$!62!'-,8#(0-J%b!H(08#/(6!62!
726-0-%(b!\%-A2*&-6(6!62!"%/-$]8-(a
H8%6(0-J%!gc*$2!3(,-%(b!38(*/(!O*-:(6(a
O(/(##J%!.26*$!12#!@&<-%(a
H8%6(0-J%!.()!M!B2,$0*(0-(a