Вы находитесь на странице: 1из 57

Ed\if*).

  8Yi`cAle`f)''0  DX[i`[  (,

ARTE, LUJO Y SOCIABILIDAD


La coleccin de abanicos de Paula Florido
I CENTENARIO DE PARQUE FLORIDO

Fundacin Lzaro Galdiano


Serrano, 122. Madrid

Del 25 de mayo al 16 de agosto de 2009

Gi\j\ekXZ`e

;\j[\ jl ]le[XZ`e \e (0,+ >fpX I\m`jkX [\ 8ik\ _X k\e`[f
leXZcXiXmfZXZ`e[\j\im`Z`f\e]Xmfi[\cX`em\jk`^XZ`epcX
kiXejd`j`e[\cZfefZ`d`\ekf#j`\e[fjlfYa\k`mfgi`eZ`gXc\c
i`^fipcXZXc`[X[#kXekf`ek\c\ZklXcZfdfdXk\i`Xc%<e\cZlijf
[\cfjXfjcXglYc`ZXZ`e_X`[f\mfclZ`feXe[fZfecXjfZ`\[X[#
X[Xgk}e[fj\ X cXj el\mXj \o`^\eZ`Xj \ `ek\i\j\j hl\ j\ `YXe
dXiZXe[f[\j[\cX[`jZ`gc`eX[\YXj\hl\[\e\jljZfek\e`$
[fj#cX?`jkfi`X[\c8ik\#XjZfdfXcXj`eefmXZ`fe\jhl\_Xe
k\e`[fcl^Xi\ecXj]fidXj[\gif[lZZ`e\`dgi\j`e%
:lXe[f\e)''.`e`Z`XdfjleXel\mX\kXgX#j\Zfej`[\igi`fi`$
kXi`fhl\cfj\jkl[`fjfj`Y\ifXd\i`ZXefj_`Z`\iXekXdY`ejlpX
cXglYc`ZXZ`eZfdfleXgcXkX]fidX[\[`]lj`e%;\\jk\df[f#
X[\d}j[\]fd\ekXi\c`ek\iZXdY`f[\cjXY\i#Zfeki`Yl`iXdfjX
[Xim`j`Y`c`[X[XcXjjc`[Xji\cXZ`fe\jhl\\o`jk\e\eki\cfj`e$
m\jk`^X[fi\j[\XdYXjfi`ccXj[\c8kc}ek`Zf#[\j[\hl\\eJ\m`ccX
j\\jkXYc\Z`\iX\cCXYfiXkfi`f[\8ik\8d\i`ZXef\e(0*'%Ef
_XYXd\afidXe\iX[\`dglcjXi\jkX`e`Z`Xk`mXhl\gi\gXiXile
ed\ifdfef^i}Zf#e`d\afidfd\ekfgXiXhl\m`\iXcXclq
hl\\e\cdXiZf[\cgi`d\iZ\ek\eXi`f[\cX`eXl^liXZ`efZ`Xc
[\cXi\j`[\eZ`X]Xd`c`Xi[\AfjC}qXifpGXlcX=cfi`[f%

Xd\afiXicX\[lZXZ`ep[Xifgfikle`[X[\jXcfjam\e\j%8j#
_XZ\dfjel\jkif\c}e`dfhl\j`\dgi\Xc\ekXAfjC}qXif\e
jljgifp\Zkfjp\dgi\jXjZlckliXc\j%
CXgifgl\jkX]l\XZf^`[XZfem\i[X[\if\eklj`Xjdfgfi;Xi`f
8jjXek\#;`i\Zkfi[\`\[DXjk\iDX[i`[pgfi8eX<Z_\^fp\e#
;`i\ZkfiX X jl m\q [\c D}jk\i \e ;`j\f <[`kfi`Xc% D\[`fj
@dgi\jfjpD\[`fj;`^`kXc\j#Zlpfe\j]fidXiXcfj]lklifj
gif]\j`feXc\j[\cj\Zkfi\[`kfi`Xc#ZfeleXckf^iX[f[\\jg\Z`X$
c`qXZ`e%FYa\k`mfgi`fi`kXi`f[\cXfi^Xe`qXZ`e[fZ\ek\\jhl\
\cgif^iXdXk\i`Zfj\]le[Xd\ek\\ele\o_Xljk`mfkiXYXaf
gi}Zk`Zf%J\gifgljfcX`[\XXcgif]\jfi[\cZlijf#\ci\ZfefZ`[f
[`j\X[fiGXYcfIlY`f#;`i\Zkfi[\<ii\ki\j#;`i\Zkfi[\8ik\
[\cXi\m`jkXDXkX[fip;`i\Zkfi:i\Xk`mf[\cXi\m`jkXFaf[\
G\q#hl`\e[\j[\\cgi`d\idfd\ekfcX_`qfjlpX%

GXlcX=cfi`[feXZ`\c(,[\\e\if[\(/,-\eM\`ek`Z`eZf[\
DXpf#gifm`eZ`X[\9l\efj8`i\j#8i^\ek`eX%M`l[Xgfik\iZ\$
iXm\q#ZfekiXafdXki`dfe`f\eIfdXZfeAfjC}qXif>Xc[`X$
ef\e(0'*#kiXjcX[}e[fj\Xm`m`iXDX[i`[Zfejlj[fj_`afj
g\hl\fj%;\j[\legi`eZ`g`f\cgXcXZ`f[\GXihl\=cfi`[f#
ccXdX[f Xj \e jl _fefi# ]l\ ]i\Zl\ekX[f gfi `ek\c\ZklXc\j p
d`\dYifj [\ cX XckX jfZ`\[X[# g\if jfYi\ kf[f ]l\ le cl^Xi
[\ \eZl\ekif \eki\ <jgXX p 8di`ZX% <jkX Z`iZlejkXeZ`X p
\c^ljkfgfi\cZfc\ZZ`fe`jdf#ZfdgXik`[fgfi\cdXki`dfe`f#
gXik`ZlcXid\ek\ cX g`ekliX# efj dXiZXife \c k\dX1 G`ekliX
`Y\ifXd\i`ZXeX[\gfZXm`ii\`eXc#\a\iZ`\e[f[\\[`kfiX`e$
m`kX[X:feZ\gZ`e>XiZXJ}`q#;`i\ZkfiX[\cDlj\f[\8d$
i`ZXpd`\dYif[\c:fej\af<[`kfi[\cXi\m`jkX%

:fem\i[X[\iXjXk`j]XZZ`epXc\^iXgfigXik\[\kf[fjgi\j\e$
kXdfj\ci\jlckX[f%8[\d}j[\_XY\i[`j]ilkX[f[\cX\og\i`\e$
Z`X#_\dfjm`jkfZdf\ckiXYXafj\Zfem\ikXgXiXcfjXcldefj
\elef[\cfjgifp\Zkfj[\i\]\i\eZ`X#[\Y`[fXci\kfhl\jlgf$
eXi\efmXi\c\jk`cfpcXdXhl\kX[\cXi\m`jkX#fgk`d`qXe[fjlj
ZXiXZk\ijk`ZXj ]le[Xd\ekXc\j# j`e g\i[\i cX `[\ek`[X[# Xc kiX$
kXij\[\leXglYc`ZXZ`eZfem\i[X[\iXjfc\iX\e\c}dY`kfXZX$
[d`Zf%J\gi\j\ekXifeZlXkifgifgl\jkXjZfii\jgfe[`\ek\jX
fkifjkXekfj^ilgfj[\kiXYXaf%Kf[Xj]l\ifeXl[XZ\j\`eefmX$
[fiXj% Cfj ^ilgfj \jkXYXe ]fidX[fj gfi cfj j`^l`\ek\j Xcld$
efj1DXiZf;\jj#<c\eXDlfqJXZi`jk}epC`eXDXiX:Xa`Xf
?\ie}e[\q2EXkXc`XCg\qJXcXj#GXki`q`X=`c`qqfcX#AlXe=\c`g\
GfjX[XCfe[ffpJljXeXB`\jc`e^cmXi\q2JXiXJfc\i9iXmf#
IfY\ikfM`[XcGl\ek\#>fibXDXikeE`\kfpEf\d>feq}c\q
J}eZ_\q2Afe8afeXM`ccXel\mXp8e[i>`XZfdlZZ`%=`eXcd\e$
k\j\_XfgkX[fgficXgifgl\jkX[\\jkfj[fjck`dfjXcldefj
Zfdf[`j\fYXj\[\cXdXhl\kXZ`eeXc[\kf[XcXi\m`jkX#Zfe
cXgXik`Z`gXZ`e[\cfjhl\ZfdgfeXe\ck\iZ\i^ilgf\ecXj\Z$
Z`e[\9`Yc`fk\ZXpcXg}^`eX[\JldXi`f%

Fkif[\cfjfYa\k`mfjZfecfjhl\`e`Z`Xdfj\jkXel\mX\kXgX\iX
cXXZklXc`qXZ`e[\c[`j\f[\cXi\m`jkX%<e\jk\gifZ\jf[\gif$
gl\jkXj\`e`Z`Xk`mXj[\j\}YXdfjhl\kXdY`e\jklm`\iXgi\j\e$
k\\c\jgi`klhl\_Xdfm`[fkf[XjcXjXZklXZ`fe\jpXZk`m`[X[\j
[\cX=le[XZ`eC}qXif>Xc[`Xef[\j[\)''.1cXZfeki`YlZ`e

J`imX \jk\ ]ilkf Zfealekf Zfdf gifp\Zkf [\ ]lklif p X cX m\q
hl\[\Zfdfk\jk`dfe`fp_fd\eXa\XAfjC}qXifpGXlcX=cfi`$
[f#pXkf[fjXhl\ccfjhl\\e\cgXjX[fp\e\cgi\j\ek\_Xe_\$
Z_fhl\>fpXI\m`jkX[\8ik\j\Xfkif[\cfjY`\e\jZfdgXik`[fj
hl\f]i\Z\cX=le[XZ`eC}qXif>Xc[`Xef%
a\jljXm\^X
;`i\ZkfiX

@ekif[lZZ`e

;liXek\ [ZX[Xj cX _`jkfi`X [\ cX g`ekliX i\Xc`qX[X \e cfj m`$
ii\`eXkfjXd\i`ZXefj#\j[\Z`i#cXcc\mX[XXZXYf\e\cg\if[f
[\[fd`eXZ`e_`jgXeX\e\cZfek`e\ek\Xd\i`ZXefcfjj`^cfj
om`#om``pom```#_Xj`[ffYa\kf[\eld\ifjfj\jkl[`fj%LeX
Yl\eXgXik\[\\ccfj_Xek\e`[fZfdffYa\k`mfgi`eZ`gXc\c[XiX
ZfefZ\iXcfjg`ekfi\jpjljfYiXjZfecX`ek\eZ`e[\[\jZi`Y`i
\c[\jXiifccf[\\jkXgif[lZZ`e%
;\j[\\jkfjgcXek\Xd`\ekfj\cdXpfi\j]l\iqfj\_XZ\ekiX[f
\ecXYjhl\[X[\leXXi^ld\ekXZ`ejc`[XgXiX\jkXYc\Z\i\c
^iX[f[\ZXc`[X[Xikjk`ZX[\\jkXjfYiXj#cfhl\\ei\Xc`[X[_X
Zfe[lZ`[fXleZXcc\aej`ejXc`[X#gl\j\jkXYXehl\[Xe[fXc
dXi^\eeld\ifjfjXjg\Zkfjj`e^lcXi\j\`[\ek`kXi`fj[\cXg`e$
kliXm`ii\`eXc#Zfcfe`Xc#_`jgXefXd\i`ZXeXhl\\ecXdXpfiX
[\cfjZXjfjZfejk`klp\ecX\j\eZ`X[\jlZXc`[X[#j`ee\Z\j`[X[
[\\jkXYc\Z\iZfdgXiXZ`fe\jpdlZ_fd\efjZfdg\k\eZ`Xj
ZfefkiXjgif[lZZ`fe\j%
8]fikleX[Xd\ek\# [\j[\ eXc\j [\c j`^cf oo cX _`jkfi`f^iX]X
[\ cX g`ekliX m`ii\`eXc j\ _X \ei`hl\Z`[f ZlXek`kXk`mX p ZlXc`$
kXk`mXd\ek\ [\ ]fidX hl\ _lY`\iX j`[f `dgfj`Yc\ mXk`Z`eXi
ki\`ekXXfjXek\j%8j#cXjXgfikXZ`fe\j[\cfj`em\jk`^X[fi\j
cXk`efXd\i`ZXefj_XeXY`\ikfZXd`efj[\cXi^fi\Zfii`[fhl\
efjXpl[XeXkf[fjXXZ\iZXiefjZfejldf`ek\ijXc\jkl[`f[\
leXjg`ekliXjhl\[\j[\\cdfd\ekf[\jlZi\XZ`e\ekiXifeX
]fidXigXik\[\kf[fjpZX[Xlef[\cfjZXgklcfjhl\Zfe^l$
iXYXecXZfdgc\aXm`[X[\cfjm`ii\`eXkfj%

kliX%Jl\okiXfi[`eXi`X[`]lj`epcX[`m\ij`[X[[\jljc\Zkfi\j
j`e[l[XZfeki`Yl`i}Xhl\dlZ_fj[\\ccfj[\jZlYiXelek\ii`$
kfi`fhl\_XjkXX_fiXc\j\iX[\jZfefZ`[f#Xck`\dgfhl\fkifj
k\e[i}efZXj`e[\i\]i\jZXiXc^lefjgcXek\Xd`\ekfj\oZ\j`mX$
d\ek\d\[`Xk`qX[fjgfimXcfiXZ`fe\jpXfYjfc\kXj%
<j\m`[\ek\hl\X\ccfZfeki`Yl`i}ecfjXikZlcfjhl\Xhlj\`e$
Zclp\epcXjglYc`ZXZ`fe\jZfd\ekX[Xj\e\cXgXikX[fY`Yc`f^i}$
Zfj\c\ZZ`feX[Xjgfid`Zfc\^XCl`jX<c\eX8cZXc} %8kiXmj
[\cfjgi`d\ifj#\cc\Zkfigf[i}kfdXiZfekXZkfZfefkiXjdX$
e\iXj[\XZ\iZXij\XcXjg`ekliXj[\j[\cXXZklXc`[X[#ZfefZ\i
cXj[`m\ijXjc\ZkliXjhl\cXjfZ`\[X[XZklXcgl\[\_XZ\ijfYi\
leXg`ekliX[\cj`^cfom`efmf_`jgXef2ZfdgifYXicX\il[`Z`e
p\cdXe\afhl\[\cXXc\^fiXp\cdle[fj`dYc`Zfk\eXecfj
\d`jfi\j p cfj i\Z\gkfi\j [\ \jkXj `d}^\e\j \e \jk\ g\if[f#
XZXccXe[fZfe\ccfleXm\qd}jcXj[\jZXc`ZXZ`fe\jYXjX[Xj\e
leXjlgl\jkXj`dgc`Z`[X[[\cXg`ekliXm`ii\`eXc2ZfdgifYXicX
Zfdgc\a`[X[\ecXj\c\ZZ`e[\cfjdf[\cfjp[\cfjdck`gc\j
\c\d\ekfjhl\Zfdgfe\ecXdXk\i`Xc`[X[[\cXjfYiXj%
CXjXlkfiXjhl\ZfcXYfiXe\e\jk\ed\ifk`\e\ele[\efd`$
eX[fiZfde1kf[Xj\ccXjk`\e\e[\dfjkiX[XpXleXkiXp\Zkfi`X
gif]\j`feXcZcXiX#g\ifXcd`jdfk`\dgfj\\eZl\ekiXe\e\j\
dfd\ekf[\jljm`[XjZfdf`em\jk`^X[fiXj\ecXjhl\kf[XmX
cfd\afi\jk}gficc\^Xi%<jf_XZ\\jg\Z`Xcd\ek\`dgfikXek\jl
Zfeki`YlZ`e#gl\jalekfXcXgi\j\eZ`X[\leXi\Xc`[X[\jk}\c
XeleZ`f[\cfhl\_X[\m\e`i%?X^f\jg\Z`Xc_`eZXg`\e\jk\
_\Z_fZfdfleXccXdX[X[\Xk\eZ`e#`eZ`kXe[fXjXcfj`em\j$
k`^X[fi\j[\[\ekifp]l\iX[\cZfek`e\ek\Xd\i`ZXefX[`i`^`i
jlj`ehl`j`k`mXjd`iX[Xj_XZ`X\jk\dle[f[\cXg`ekliXm`ii\`$
eXc#\e\chl\j`e[l[Xj\m\i}ei\Zfdg\ejX[fj%

CXjg`ekliXji\]fiqXYXecXj`[\ek`[X[\j`edfikXc`qXe[fcfjc`$
eXa\j#g\ifkXdY`ecfj`em\ekXYXekiXej]fidXe[fcX_`jkfi`X
XcZfem\ik`icf]Xcjf\em\i[X[\ifjcfgfi\c_\Z_f[\_XY\i
hl\[X[fi\\aX[f\elec`\eqf%CXjg`ekliXj[XYXegi\j\eZ`X
i\XcXX[mfZXZ`fe\jhl\efjcfi\Z`YXecX[\mfZ`e`e[`m`[lXc#
j`ef[\Zfdle`[X[\j\ek\iXj#\`eZcljf[\eXZ`fe\jhl\kf[XmX
_fpdXek`\e\eZfe\ccXjleXi\cXZ`e[\[\g\e[\eZ`Xdlp
\jg\Z`Xc%CXjg`ekliXj#\e[\e`k`mX#g\id`kXedXek\e\im`mf
leZ[`^f[\Zfdgi\ej`e[\cdle[f#[fd`eX[fgficXjfZ`\$
[X[hl\cXj^\e\iXYX#hl\_fpmXdfj[\jm\cXe[fgfZfXgfZf%
8hl\ccfjc`jkX[fj[\Z\ek\eXi\j[\efdYi\jp[\d`c\j[\g`e$
kliXj#hl\]l\ife[Xe[fgi\j\eZ`XXcfjXlkfi\jpjljfYiXj_fp
mXeXidXe[fleXe[Xd`Xa\jc`[f\e\chl\cXg`ekliXm`ii\`eXc
j\XXeqXpj\dl\jkiX_XZ`X]l\iXj`eZfdgc\afj%

PeXcd\ek\#XkiXmj[\cXji\j\XjY`Yc`f^i}ZXj#\cc\Zkfigf$
[i}ZfdgifYXicfdlZ_fpY`\ehl\j\\jk}kiXYXaXe[f\e\jk\ZX$
gklcf[\cX_`jkfi`X[\cXg`ekliXZfdfj\Xc}YXdfjd}jXii`YX%

Gfikf[f\ccf\j\jg\Z`Xcd\ek\`dgfikXek\hl\leXglYc`ZXZ`e
[\ cXj ZXiXZk\ijk`ZXj [\ cX i\m`jkX >fpX [\[`hl\ le ed\if
dfef^i}ZfX\jk\ZXgklcf[\cX_`jkfi`X[\c8ik\p[\cX:lc$

Efj\iXaljkfZ\iiXi\jkXYi\m\gi\j\ekXZ`ej`eX^iX[\Z\iXcX;`$
i\ZkfiX[\cX=le[XZ`eC}qXif>Xc[`Xef#pXkf[fjhl`\e\jkiXYXaXe
\e\ccX#cXj\ej`Y`c`[X[_XZ`X\ck\dXpcXfgfikle`[X[ZfeZ\[`[X%

<c\jgXZ`fi\j\imX[fXC}qXifZfc\ZZ`fe`jkXefj_Xg\id`k`[f
ZfefZ\i leX m\q d}j X_fiX [\ cX dXef [\c dXpfi \jg\Z`Xc`j$
kX\e\ck\dXcXg\ijg`ZXZ`X[\AfjC}qXifZfdfY`Yc`cf%<c
\a\dgcXidXeljZi`kfjfYi\cXm`[X[\JXekXIfjX[\C`dXhl\
Xk\jfiXcXY`Yc`fk\ZX[\cX=le[XZ`e#`e[`kf_XjkX\jk\dfd\e$
kf#\jleXgil\YXd}j[\kf[fcfhl\\jk}kf[XmXgfiZfefZ\ij\%

ZfeZ\gZ`e^XiZXj}`q
;`i\ZkfiX[\cDlj\f[\8di`ZX

JldXi`f
\jkl[`fj
0,


\cjXXiifpf
9`f^iX]X[\leXil`eXgi\dXkliX1CXM`i^\e[\cG\i[e[\J`deG\i\pej

(() ZfejkXeqXm`ccXcfYfj

CXj\i`\[\g`ekliXj[\c8cXYX[f1CXjgil\YXj[\cki`le]f[\cX[`m`eX^iXZ`X
(*) X^ljk`eXif[i^l\q

;\GXijX:lqZf1CfjZXd`efj[\c^iXYX[f]iXeZj\ecfjj`^cfjom``pom```
(++ ifZfYilhl\kXj

KZe`ZXjpdXk\i`Xc\j\ecXg`ekliXc`d\X[\cXgi`d\iXd`kX[[\cj`^cfom``18e^\c`efD\[fifpjl\ekfief

c}qXifZfc\ZZ`fe`jkX
(-) iXdedla`ZXg`e`ccX

yg`ZXXd\i`ZXeX\@dg\i`f<jgXfc1<cgf\dX`cljkiX[f[\c:fe[\[\cX>iXeaX

Y`Yc`fk\ZX Zffi[`eX[fiX`em`kX[X1Cl`jX<c\eX8cZXc}
(./







Xc\jjXe[iXiljjf<ci\Xc`jdfZ`iZlcXi%K`\iiXj#\jgXZ`fjpgX`jXa\j[\cXZXikf^iX]X`e[^\eXefmf_`jgXeX#j`^cfj
om` pom`` 9XiYXiXDle[p % dXiX[\cZfejl\cfdXhlmXi;\cfg\id`k`[fXcfgif_`Y`[f%@Zfef^iX]X
[\cXJXekj`dXKi`e`[X[\ecXEl\mX<jgXX8c]fejfIf[i^l\q>%[\:\YXccfj % aX`d\ZlX[i`\ccfCXj^cfi`Xj
[\cXi\gYc`ZX[\KcXoZXcXfcXZfeZ`\eZ`XZfdf`dX^\ejlYc`d\@cfeXBXkq\n % dpieXjfkf<c8ik\DX\jkiX%
LekiXkX[f[\g`ekliXefmf_`jgXef% gXlcXdl\j<c8ik\DX\jkiX1KiX[lZZ`eefmf_`jgXeX[\lekiXkX[fg`Zki`Zf
`kXc`XefDXikXG\e_fj % ^XYi`\cXj`iXZljXef<cgf[\i[\cfjZfcfi\j%;\cfdXk\i`XcXcfj`dYc`Zf\ecXj
gi}Zk`ZXjZlckliXc\jXe[`eXj%J`^cfjom`$om``` E\ccpJ`^Xlk %

GlYc`ZXZ`eKi`d\jkiXc[\cX=le[XZ`eC}qXif>Xc[`Xef
=le[X[X\e(0,+
`jje1''(.$).(,KklcfZcXm\1>fpX
;\gj`kfc\^Xc1D$0)($(0,/
@dgi\j`e1>i}ZXjJlddX#j%X%Fm`\[f
Ed\if*).
8Yi`cAle`f)''0
G`ekliX`Y\ifXd\i`ZXeX[\gfZXm`ii\`eXc

Gf\dX?\ifpZfk`klcX[fM`[X[\JkX%IfjX%%%
GXkifeX[\cG\i#(-0.%DX[i`[#=le[XZ`eC}qXif>Xc[`Xef

[`i\ZkfiX1A\jljXM\^X
\[`kfiX`em`kX[X1:feZ\gZ`e>XiZXJ}`q
j\Zi\kXi`f1:XicfjJX^lXi
Zfej\af\[`kfi1CljL%8]fejfLe`m\ij`[X[\[\C`jYfX %8c`Z`X
:}dXiXDlfqLe`m\ij`[X[EXZ`feXc[\<[lZXZ`eX;`jkXeZ`X %
A\jj:Xii`ccf:Xjk`ccfLe`m\ij`[X[8lkefdX[\DX[i`[ %DXiX[\
cfjJXekfj>XiZX=\c^l\iXLe`m\ij`[X[:fdgclk\ej\[\DX[i`[ %
DXiX:feZ\gZ`e>XiZXJ}`qDlj\f[\8di`ZX#D`e`jk\i`f[\
:lckliX %DXiX;fcfi\jA`de\q$9cXeZfLe`m\ij`[X[:fdgclk\ej\
[\DX[i`[ %AXm`\iGfikjDlj\f[\cGiX[f#D`e`jk\i`f[\:lckliX %
AlXe:XicfjIl`qJflqXLe`m\ij`[X[:fdgclk\ej\[\DX[i`[ %
:Xid\eJ}eZ_\q=\ie}e[\qLe`m\ij`[X[8lkefdX[\DX[i`[ %
IfZfJ}eZ_\q8d\`a\`iXjLe`m\ij`[X[[\JXek`X^f %8dX[\fJ\iiX
;\jc`jLe`m\ij`kXk[\MXceZ`X %
Zfej\afXj\jfi19feXm\ekliX9Xjj\^f[X`?l^XjLe`m\ij`[X[
8lkefdX[\9XiZ\cfeX %MXc\i`Xef9fqXcLe`m\ij`[X[:fdgclk\ej\
[\DX[i`[ %AfeXk_Xe9ifneE\nPfibLe`m\ij`kp %AlXe:XcXkiXmX
Le`m\ij`[X[[\>iXeX[X %G\k\i:_\iipKi`e`kp:fcc\^\#Le`m\ij`kpf]
;lYc`e %G`\ii\:`m`cLe`m\ij`kJfiYfee\Eflm\cc\$GXi`j``` %AX`d\

:lX[i`\ccfLe`m\ij`[X[EXZ`feXc8lkefdX[\Do`Zf %G`\ii\>Xc
Le`m\ij`kJk\e[_Xc$>i\efYc\``` %E`^\c>c\e[`ee`e^Le`m\ij`kp
f]Cfe[fe %AXm`\i?\ieXe[f:XiiXjZfLe`m\ij`[X[[\C\e %Ife[X
BXjc@e[`XeXgfc`jDlj\ldf]8ik %?\ei`bBXi^\K\Z_e`jZ_\Le`m\i$
j`kk;i\j[\e %AfCXYXep`E\nPfibLe`m\ij`kp %M`Z\ek\Cc\:XXc
Le`m\ij`[X[[\J\m`ccX %=\ieXe[fDXiXjLe`m\ij`[X[8lkefdX
[\DX[i`[ %IXdeDla`ZXG`e`ccXLe`m\ij`[X[EXZ`feXcDXpfi[\
JXeDXiZfj#C`dX %I`ZXi[fFcdfj<jZl\cX<jgXfcX[\?`jkfi`Xp
8ihl\fcf^X#IfdX %:i`jk`XefK\jjXi`Le`m\ij`k~[\^c`Jkl[`[`L[`e\ %
d}j`e]fidXZ`e
K\c]fef0(,-(-'/+&=Xo0(,-(..0*
[`i\ZZ`e\c\Zkie`ZX
^fpX7^%\j8[d`e`jkiXZ`e &i\m`jkX^fpX7^%\jJ\Zi\kXiX
[`i\ZZ`egfjkXc
>fpXI\m`jkX[\8ik\#=le[XZ`eC}qXif>Xc[`Xef
:Xcc\J\iiXef())#)/''-DX[i`[
Gi\Z`f[\c\a\dgcXi1<jgXX(,&<okiXea\if)0#+'

I\jld\e&8YjkiXZk
9`f^iX]X[\leXil`eXgi\dXkliX1
CXM`i^\e[\cG\i[e[\J`deG\i\pej
\cjXXiifpf
Le`m\ij`[X[EXZ`feXc8lkefdX[\Do`Zf

9`f^iX]X[\leXil`eXgi\dXkliX1
CXM`i^\e[\cG\i[e[\J`deG\i\pej

K_\ZlckliXcY`f^iXg_pf]Xgi\dXkli\il`e1
k_\M`i^\e[\cG\i[eYpJ`deG\i\pej

<jk\XikZlcf[`jZlk\cfjZXdY`fj[\j`^e`ZXZ`epcXjdck`gc\ji\Z\gZ`fe\j
ZlckliXc\j[\leXg`ekliXjfYi\kXYcXZfefZ`[XZfdfcXM`i^\e[\cG\i[ehl\
]l\g`ekX[X\e(,-/gfi\cXd\eZfJ`deG\i\pejgXiXcXXek`^lX:Xk\[iXc
[\Do`Zf%<jkXfYiXj\[X`ii\d\[`XYc\d\ek\\e\c`eZ\e[`f[\cXZXk\[iXc
fZlii`[f\e(0-.#hl\d}e[fj\\ed}j[\le.'_XjkXcXZXiYfe`qXZ`ep
g\j\Xc[\k\i`fifj\c\_X_\Z_fgXikZ`g\\ei\Z`\ek\j\o_`Y`Z`fe\j[\Xik\%
8gXik`i[\cfj]iX^d\ekfjZfej\imX[fjj\i\Xc`qle\jkl[`fZ`\ekZf[\
cXkZe`ZXpdXk\i`Xc\jZfe\ce[\]fikXc\Z\icX`ek\igi\kXZ`e\ekfiefXc
Zfek\okf_`jki`ZfpcX`ek\eZ`e[\cXik`jkX%J\\ogfe\\c\jkXklj[\cX`dX^\e
fi`^`eXcpjlkiXej]fidXZ`e\eleXil`eXgi\dXkliX%

K_\jkl[p[`jZljj\jk_\dlck`gc\d\Xe`e^jXe[i\jgfej\jk_Xkk_\Y\_fc[\i
_XjXjj`^e\[kfk_\gX`ek`e^M`i^\e[\cG\i[ek_ifl^_flkZlckliXcZfe[`k`fej
Xcfe^_`jkfip%K_\=c\d`j_J`dfeG\i\pejgX`ek\[k_`jgXe\c`e(,-/]fi
k_\ijk:Xk_\[iXcf]D\o`Zf%;li`e^k_\i\f](0-.#fm\i.'f]k_\gXe\c
gX`ek`e^nXjZXiYfe`q\[#Xe[\m\ek_fl^_`kjl]]\i\[^i\Xk[\k\i`fiXk`fe#`k
_XjY\\eZfej\im\[Xe[\ogfj\[`ei\Z\ekXik\o_`Y`k`fej%K_\i\jlckj]ifd
k_\k\Z_e`ZXc\oXd`eXk`fef]k_\M`i^\e[\cG\i[e^Xm\Xi^ld\ekjkfi\cXk\
k_\Xik`jk`Zgif[lZk`fef]J`dfeG\i\pej`eE\nJgX`en`k_k_\kiX[`k`fe
f]gXe\cgX`ek`e^jXkk_\ifpXcZflikf]=\c`g\@@%K_\Xik`jkj`ek\ek`fe#k_\
jkXkljf]k_\fi`^`eXc`dX^\#Xe[`kjkiXej]fidXk`fe`ekfXgi\dXkli\il`e`j
\ogcfi\[le[\iXik_`jkfi`ZXc`ek\igi\kXk`feXe[dXk\i`XcXeXcpj`j%

CXj\i`\[\g`ekliXj[\c8cXYX[f1
CXjgil\YXj[\cki`le]f[\cX[`m`eX^iXZ`X

K_\gX`ek`e^jf]k_\8cXYX[fj\i`\j1
K_\gifm\jf]k_\ki`ldg_f][`m`e\^iXZ\

8ki`Yl`[XjXcg`ekfi`e[^\eXhl`k\fD`^l\c[\JXek`X^f#cXjfeZ\g`ekliXj
[\cXj\i`\[\c8cXYX[f]l\ifei\Xc`qX[XjZfe[\jk`efXc:fem\ekf[\cX
Gli`ZXZ`e[\cXFi[\e[\JXe=iXeZ`jZf[\cXZ`l[X[[\JXekX=\#ZXg`kXc
[\cEl\mfI\`ef[\>iXeX[X#\ecXj\^le[Xd`kX[[\cj`^cfom``%Cfjc`\eqfj
j\gi\j\ekXeZfdfcXeXiiXZ`eg`ekX[X[\lej\idehl\f]i\ZXcXj
gil\YXj[\cXi\[\eZ`e[\cg\ZX[ffi`^`eXc_\Z_XXcXM`i^\eDXiX\e\c
dfd\ekf[\jlZfeZ\gZ`e#i\Xc`qX[Xgfijl_`afA\jlZi`jkfXcm\eZ\i\ecX
ZilqXcYXj`c`jZf`e]\ieXcZfdfgfikX[fi[\cg\ZX[ffi`^`eXc%

8kki`Ylk\[kfk_\@e[`Xehl`k\XeD`^l\c[\JXek`X^f#k_\\c\m\egX`ek`e^jf]
k_\8cXYX[fj\i`\jn\i\i\Xc`q\[n`k_[\jk`epkfk_\Gli`ZXk`fe:fem\ekf]
k_\JX`ek=iXeZ`jFi[\if]k_\Z`kpf]JXekX=\#ZXg`kXcf]k_\El\mfI\`ef[\
>iXeX[X#`ek_\j\Zfe[_Xc]f]k_\(.k_Z\eklip%K_\ZXemXjXi\gi\j\ek\[Xj
k_\[ifneeXiiXk`fef]Xj\idfe#k_Xkf]]\i\[k_\gifm\jf]k_\M`i^`eDXip
i\[\dgk`fe]ifdfi`^`eXcj`eXkk_\dfd\ekf]_\iZfeZ\gk`fei\Xc`q\[Yp
A\jlj#_\ijfe#n_\e?\#`ek_\Zifjj#[\]\Xk\[k_\`e]\ieXcYXj`c`jbXjk_\
ZXii`\if]k_\fi`^`eXcj`e%

;\GXijX:lqZf1CfjZXd`efj[\c
^iXYX[f]iXeZj\ecfjj`^cfjom``pom```

=ifdGXi`jkf:lqZf1K_\ifX[jf]k_\
=i\eZ_\e^iXm`e^`ek_\(.k_Xe[(/k_Z\ekli`\j

CX`el\eZ`X[\c^iXYX[f\lifg\f\e\c[\jXiifccf[\cXZlckliXm`jlXc
Xd\i`ZXeX[liXek\\cg\if[fZfcfe`Xc\jlekg`ZfXdgc`Xd\ek\gifYX[f
p[\dfjkiX[f_XZ\[ZX[Xjgfi[\jkXZX[fj_`jkfi`X[fi\j[\cXik\
_`jgXefXd\i`ZXef%J`e\dYXi^f#gfZfj\_X[`Z_fXZ\iZX[\cXZ`iZlcXZ`e
[\\jkXdgXj]iXeZ\jXj\e\cEl\mfDle[f%<c\jkl[`f[\cX`Zfef^iX]X
[\I\p\jpGif]\kXj[\@jiX\c_Xg\id`k`[fi\Zfejkil`ileZfiglj[\d}j[\
m\`ek\Zfealekfjhl\j\\eZl\ekiXe\ecfhl\]l\iX\cM`ii\`eXkf[\cG\i#Xj
Zfdf\m`[\eZ`XijlmeZlcfZfeleZfealekf[\\jkXdgXj[\\jkX`Zfef^iX]X
\[`kX[XjXgXik`i[\Zi\XZ`fe\j[\cg`ekfi]iXeZj:cXl[\M`^efe%

K_\`el\eZ\f]<lifg\Xe\e^iXm`e^`ek_\[\m\cfgd\ekf]8d\i`ZXe
m`jlXcZlckli\[li`e^k_\Zfcfe`Xcg\i`f[`jXn`[\cpgifm\[kfg`Z#Zfeid\[
[\ZX[\jX^fYpi\efne\[_`jkfi`Xejf]?`jgXe`Z$8d\i`ZXeXik%E\m\ik_\c\jj#
c`kkc\_XjY\\ejX`[XYflkk_\Z`iZlcXk`fef]=i\eZ_\e^iXm`e^j%K_\
jkl[pf]k_\B`e^jXe[Gifg_\kjf]@jiX\c`Zfef^iXg_p_XjXccfn\[k_\
i\ZfejkilZk`fef]XZfigljf]dfi\k_Xekn\ekp\ej\dYc\jcfZXk\[`ek_\
]fid\iM`Z\ifpXckpf]G\il#n_`c\`k_Xjm\i`\[k_\Zfee\Zk`fen`k_Xj\k
f]\e^iXm`e^jYXj\[fek_\jXd\`Zfef^iXg_pXe[YXj\[feZi\Xk`fejf]k_\
=i\eZ_gX`ek\i#:cXl[\M`^efe%

KZe`ZXjpdXk\i`Xc\j\ecXg`ekliXc`d\X[\cX
gi`d\iXd`kX[[\cj`^cfom``18e^\c`efD\[fifpjl\ekfief

DXk\i`XcjXe[k\Z_e`hl\jlj\[YpgX`ek\ij`eC`dX[li`e^k_\ijk
_Xc]f]k_\(.k_Z\eklip18e^\c`efD\[fifXe[_`j\em`ifed\ek

<jk\XikZlcfi\Zf^\leXjek\j`j[\cfji\jlckX[fjfYk\e`[fj\e\cgifp\Zkf
[\`em\jk`^XZ`eKZe`ZXjpdXk\i`Xc\j[\cXg`ekliXpcX\jZlckliX\e\c
G\i%:`l[X[[\C`dX#j`^cfjom`pom``%=l\ek\jgXiXjl\jkl[`f#eXc`qX[f
\e)''.#\e\chl\j\\ogfe\jcfcfi\]\i\ek\XcXg`ekliX%CX`em\jk`^XZ`e
j\Z\eki\e\c\jkl[`f[\cXjZXiXZk\ijk`ZXjkZe`ZXjpXe}c`j`jhld`Zf[\
dXk\i`Xc\j[\leZfealekf[\g`ekliXj[\cg`ekfi`kXc`Xef8e^\c`efD\[fif
p[\fkifjXik`jkXji\gi\j\ekXk`mfj[\cfjkXcc\i\j[\dXpfiXl^\\e\jkX
\kXgX%GXiXc\cXd\ek\j\i\Xc`qleXYjhl\[XpXe}c`j`j[\]l\ek\j_`jki`ZXj
i\cXZ`feX[XjZfe\cG\i[\cfjj`^cfjpom``hl\XgfikXiXe`e]fidXZ`e
jfYi\\jkfjXjg\Zkfj%

K_`jXik`Zc\^Xk_\ijk_\i\jlckjfYkX`e\[`eXi\j\XiZ_gifa\ZkeXc`q\[
`e)''. fek_\dXk\i`XcjXe[k\Z_e`hl\jlj\[YpgX`ek\ij`eC`dXG\i 
[li`e^k_\ijk_Xc]f]k_\(.k_Z\eklip%@kj^fXcnXjkfZfeki`Ylk\kfk_\
befnc\[^\f]k_\k\Z_e`hl\jf]k_\M`Z\i\^XcgX`ek`e^`eG\iXkk_`j
dfd\ekYp`[\ek`]p`e^k_\d\k_f[jXe[dXk\i`XcjkiXej]\ii\[]ifd<lifg\
Xe[k_\jlim`m`e^gi\$?`jgXe`ZkiX[`k`feXck\Z_e`hl\j%K_\i\j\XiZ_]fZlj\[
fefe\_Xe[fek_\j\XiZ_Xe[XeXcpj`jf]k_\_`jkfi`ZXcjfliZ\ji\cXk\[kf
G\i(-k_$(.k_Z\ekli`\j n`k_`e]fidXk`feXYflkgX`ek`e^k\Z_e`hl\j#Xe[
fek_\fk_\i_Xe[#fek_\jkl[pf]k_\k\Z_e`ZXchlXc`k`\jXe[k_\Z_\d`ZXc
XeXcpj`jf]k_\dXk\i`Xcjf]X^iflgf]gX`ek`e^j%N`k_`ek_`j^iflgf]nfibj
f]Xikn\ZXee[gX`ek`e^jYpk_\@kXc`XeXik`jk8e^\c`efD\[fifXe[fk_\i
j`^e`ZXekgX`ek\ij]ifdk_\dfjk`dgfikXeknfibj_fgjXkk_`jdfd\ek%
(

0,

( J`deG\i\pej1CXM`i^\e[\c
G\i[e%<jkX[fXZklXc%=fkf1<ld\c`X
?\ie}e[\q#)''/%
) J`deG\i\pej1CXM`i^\e[\c
G\i[e%=fkf1=c`oC\fe\cc`#ZX%(0-,%
8iZ_`mf]fkf^i}ZfDXel\cKfljjX`ek#
``\$leXd%

CXM`i^\e[\cG\i[e#g`ekliXXcc\fjfYi\kXYcX[\cj`^cfom`#[\
)-'o)(/o('Zd#j\hl\d[liXek\\c`eZ\e[`f[\cX:Xk\[iXc
[\cX:`l[X[[\Do`Zf\e(0-.%CXZfek`e^\eZ`X[\cj`e`\jkif
\j\cgi\k\okfd}jXkiXZk`mfgXiXk\a\ijl\ogc`ZXZ`e_`jki`ZX%
PXef\o`jk\cX`dX^\e[\\jk\ZlX[if#Xjhl\cfd\afihl\gf$
[\dfj[\Z`ifg\ejXijfYi\\ccXj\\eZl\ekiX]l\iX[\cZlX[if
d`jdf%<c_\Z_fZfe[`Z`feXcX\ogc`ZXZ`e^j%(p) %
:fe\c`eZ\e[`fcXM`i^\e[\cG\i[ej\Zfem`ik`\eleXil`eX
gi\dXkliX%<e\jk\k\okfj\[`jZlk\\c\jkX[f[\cXfYiXZfdf
le fYa\kf hl\ g\i[` jl `[\ek`[X[ fi`^`eXi`X kiXj \c ZfcXgjf
[\cX`dX^\epZfe\ccX#\c\jgXZ`f[\i\gi\j\ekXZ`e%CXg`e$
kliXX[hl`i`leel\mfj`^e`ZX[f#Zfem\ik`[X\ele[\jgfaf
[\ck`\dgf\jk}XcdXZ\eX[X\e\jg\iX[\j\im`i[\[fZld\ekf#
k\okfZfe^i`\kXjpcX^leXj(#]iX^d\ekf[\dXk\i`XXck\iX[X%Cfj
k\jk`dfe`fj[\cgXjX[f1fYa\kfj#kiX[`Z`fe\jpgi}Zk`ZXj#efjfe
Xa\efjXjljl\ik\#gXik`Z`gXe[\c[\jk`efj\^ejlg\jf[\ekif
[\c`dX^`eXi`fZfc\Zk`mf%;\jglj[\c`eZ\e[`f#\jkX`dX^\e_X
j`[fZfej\imX[Xp\o_`Y`[X\e\jkX[f[\il`eX%Jlgi\j\imXZ`e
\j`e[`Z`f[\cXe\Z\j`[X[[\cj`^cfoogfiZfejkil`icXd\dfi`X
_`jki`ZXjfYi\\a\dgcfjkXe^`Yc\j%
;\j[\[`]\i\ek\je`m\c\j[\c\ZkliX#\jk\kiXYXafk`\e\cX`ek\e$
Z`e[\\ogc`ZXi\cfi`^\epcXkiXp\Zkfi`X[\m`[X[\cXM`i^\e
[\cG\i[e%Gi\k\e[\X[\d}jgi\j\ekXicXY`f^iX]X[\leXfYiX
hl\jfYi\m`m`Xjl[\jk`efZfdfleX^\ek\ZlckliXc%<jk\\jkl$
[`f`ek\^iX[Xkfj_`jki`Zfj#\cXe}c`j`j[\cX`dX^\epcXj`ekXo`j
Xikjk`ZX#XjZfdfcX`em\jk`^XZ`eXZ\iZX[\cfjdXk\i`Xc\jp
kZe`ZX[\dXel]XZkliX[\cXfYiXgXiXXgfikXi\m`[\eZ`Xjjf$
Yi\jlg`eZ\c#\]\Zk`m`[X[i`klXcp]leZ`ejfZ`Xc%
\c`eZ\e[`f
CXdXXeX[\c(/[\\e\if[\(0-.cfj[`Xi`fj[\jg\ikXifeXjlj
c\Zkfi\jZfecXefk`Z`X[\le`eZ\e[`f\ecX:Xk\[iXc[\Do`Zf%
;\jkilZZ`e#gi[`[Xjp\jZfdYifj#\iXecXjgXcXYiXjZcXm\\e
cfj\eZXY\qX[fj%<c]l\^fj\fi`^`eXcXj((1+,[\cXefZ_\#\e\c
`ek\i`fi[\cXg\hl\XjXZi`jkXhl\j\lY`ZX\eki\cXgXik\gfj$
k\i`fi[\cZfifp\c8ckXi[\cG\i[e#d`jdXhl\k`\e\XZZ\jfgfi
cXgl\ik\Z`ccX`qhl`\i[X[\ci\kXYcf)%CXZXljX1leZfikfZ`iZl`kf
\ecX`ejkXcXZ`e\cZki`ZX^%* %
)

0-

^ f pX  * ) .   X f  ) ' ' 0

\cjXXiifpf

CXj ccXdXj gifc`]\iXife _XjkX cXj )1+, [\ cX dX[il^X[X% Ki\j
_fiXj[\ZfdYljk`e\eZX[\eXjfYi\dXk\i`Xc\jXckXd\ek\`e$
XdXYc\jpleXdY`\ek\Zfe\jZXjXjlZklXZ`fe\j[\X`i\#ef
gf[Xk\e\ifkiXZfej\Zl\eZ`Xhl\\efid\jccXdXiX[XjpleX
Xkdj]\iXjXkliX[X[\Y`o`[f[\ZXiYfef%J`eclq#cfjYfdY\$
ifj[`i`^`\ifecfjZ_fiifj[\X^lXjfYi\\ccl^Xi[fe[\j\_XYX
fi`^`eX[f\c`eZ\e[`f#aljkXd\ek\jfYi\\cd\[`fglekfhl\Z\$
iiXYXcX\jkilZkliX[\c8ckXi[\cG\i[e%
<ecXgcXkX]fidX[\cZfifcXjccXdXjZfejld`\ifed}ji}g`$
[Xd\ek\cXj`cc\iXhl\\ci\kXYcf[\cG\i[egfi[fjiXqfe\j
j`dgc\j1\cdfm`d`\ekfXjZ\e[\ek\[\c]l\^fpcXeXkliXc\qX
[\cfjdXk\i`Xc\jZfejk`klk`mfj%CXdX[\iX\ekXekfdXk\i`Xc
ZfdYljk`Yc\ j\ [\jZfdgfe\ hld`ZXd\ek\ X k\dg\iXkliXj
jlg\i`fi\jX()':#fi`^`eXe[fZXiYep^Xj\j`eXdXYc\j%
CXi\j`eXgi\j\ek\\ecXdX[\iXZfd`\eqXX_\im`i[\jglj
[\cfj('':p\jgfj`Yc\hl\\c`eZ\e[`f_XpXXcZXeqX[fXc$
i\[\[fi[\)*-:*%<eZXdY`f#cX[\ZfiXZ`e[\ci\kXYcf[\j$
ZXejX\eleXYXj\[\gi\gXiXZ`eZfejk`kl`[XgfileXZXi^X
`efi^}e`ZX#jlc]Xkf[\ZXcZ`f#hl\]le^\ZfdfleX\oZ\c\ek\
YXii\iX [\ X`jcXd`\ekf kid`Zf% <ccf g\id`k` cX Zfej\imX$
Z`e[\cXqfeX`e]\i`fi[\ci\kXYcf[\dX[\iXhl\ef\jklmf
\ogl\jkXXcXglekX[\cXjXdXj2[\cd`jdfdf[f#`dg`[`
hl\ ki\j _fiXj [\ ZXcfi gl[`\iXe i\YcXe[\Z\i \c XZ\`k\ p cX
ZfcXhl\#ZfdfX^clk`eXek\j#\jk}egi\j\ek\j\ecXjZXgXjg`Z$
ki`ZXj%CXgi[`[X[\cX[\ZfiXZ`ej\i\cXZ`feXd}jZfecX
XZZ`e [\c Z_fiif [\ X^lX [\ cfj YfdY\ifj hl\ [`clp Zfe
]XZ`c`[X[cXYXj\[\gi\gXiXZ`epXZXYX[fj[\ci\kXYcf#dl\$
Yc\j#g`ekliXjp\jZlckliXj%
<eZlXekfXcXg`ekliX[\cXM`i^\e[\cG\i[ehl\fZlgXYX\c
kiXdfZ\ekiXc[\ci\kXYcf#\cm`[i`fhl\ZlYiXkf[XcXjlg\iZ`\
g`Zki`ZXp\cdXiZfZfei\ZlYi`d`\ekf[\gcXkX[\klm`\ife\c
XmXeZ\[\cXXdX#g\ifd}j`dgfikXek\]l\cXgifk\ZZ`ehl\
c\Yi`e[cXgifg`X\jkilZkliX[\cgXe\c%Cfjj`\k\kiXm\jXfj
hl\ jla\kXYXe cXj kXYcXj m\ik`ZXc\j# ZfekifcXife \c XmXeZ\ [\c
ZXcfi#cfd`jdf\c\jg\jfi[\ki\jd`cd\kifj\egifd\[`fhl\
Zfe]fidXcXYXj\[\gi\gXiXZ`e%J\kiXkX[\leXd\qZcX[\p\jf
jlc]Xkf[\ZXcZ`f Zfele\ekiXdX[f[\^il\jXjYiXjXe`dXc\j%
CXdX[\iXd}jjlg\iZ`Xcj\Zfej\imjXeXgfi\jkXi\eZfe$
kXZkfZfecXYXj\[\gi\gXiXZ`ehl\efg\id`k`hl\\ekiXiX\e

0.

* <cLe`m\ijXc#gi`d\iXgcXeX#al\m\j
(0[\\e\if[\(0-.%I\gif^iX]X1
<ld\c`X?\ie}e[\q#)''/%
+

;\kXcc\[\cXjlg\iZ`\[\cXj
kXYcXjp]iX^d\ekfj[\g`ekliX
Zfej\imX[fj[fe[\j\Xgi\Z`X\c
ifjkif[\cXM`i^\eDXiX%=fkf^iX]X1
<ld\c`X?\ie}e[\q#)''/%

Zfek`elXYXe gif[lZ`\e[f jfYi\ cfj fYa\kfj% CXj gi`d\iXj ]f$


kf^iX]XjkfdX[Xj\cd`iZfc\j#dl\jkiXecXjgl\ikXj[\cX:X$
k\[iXcgficXjhl\Xe\jZXgXle_ldf\jg\jfp\e\cgi`d\i
kiXdf[\ci\Z`ekf#\c[\jXjki\1dXk\i`Xhl\dX[X#X^lXpgfcmf%
cXgfcd`ZX
CXjZfej\Zl\eZ`Xj[\c`eZ\e[`f[\c(.[\\e\if[\jXkXifeleX
gl^eX`[\fc^`ZXpgfck`ZXdXe`\jkX\e\c[`jZlijfd\[`}k`Zf
jfYi\cfXZfek\Z`[f#p\ecXhl\j\kiX[lZXleXZi`j`j[\`[\e$
k`[X[ZlckliXc#pXcXk\ek\\ecX[ZX[X[\(0-'%<ecXj\ZZ`e
\[`kfi`Xc[\cg\i`[`Zf<oZcj`fi#Xjcf[fj[Xj[\c`eZ\e[`f#
j\glYc`ZXifecXjgi`d\iXjfg`e`fe\jZfekifm\ik`[Xjhl\Xgle$
kXYXe\cgifYc\dX`[\fc^`Zfhl\`emfclZiXiXXcXZcXj\`ek\$
c\ZklXc[\cXgfZXXgifgj`kf[\cXj[\Z`j`fe\ji\jg\ZkfXcX
i\ZfejkilZZ`e[\cZfifpXckXiZXcZ`eX[fj%

ZfdYljk`e^%+ %;\cfjki\jZ\ekd\kifjhl\Zfe]fidXYXe
\c\jg\jfi[\cfjkXYcfe\jfi`^`eXcd\ek\#hl\[Xifejcf[fjd`$
cd\kifj#jlZ`\ek\jgXiXjfjk\e\i\cZXiYepcX\jkilZkliX[\
j`\k\kiXm\jXfj%<ck\iZ`fjlg\i`fi[\cgXe\c[\dX[\iX]l\\c
d}j[XX[fp\ecXd`kX[`qhl`\i[X_XpqfeXj[fe[\j\ZXcZ`e
gfiZfdgc\kfcXfYiX#[\aXe[f^iXe[\j_l\Zfj]XckXek\j%
Gfile]\ed\ef[\Zfem\ZZ`ekiXej]\i\eZ`X[\ZXcfi[\Y`$
[fXcdfm`d`\ekf[\X`i\f[\chl`[f#\cZXcfi^\e\iX[fgfi
\c]l\^fj\\c\mpZfe[\ej\ecXYm\[X[\cX:Xk\[iXc%Cfj
\]\Zkfjj\^l`[fj]l\ifecXXck\iXZ`e[\cfjdXk\i`Xc\jZfecfj
hl\ \ekiXYX \e ZfekXZkf1 Xc^lefj m`kiXc\j \jkXccXife# cX gXik\
jlg\i`fi[\cfji\kXYcfjlY`ZX[fj\e\c}Yj`[\jl]i`XYfdYX$
d`\ekfj[\cXZXgX[\[fiX[fp\ecXZglcX#\cgif^iXdXdliXc
g`ekX[fXck\dgc\#j\[\k\i`figfiZfdgc\kf%
8cX(1*'[\cXkXi[\]l\`ejkXcX[XleXgcXekX[\clqgXiX`cld`$
eXi\c`ek\i`fi[\cX:Xk\[iXc%;\j[\\j\dfd\ekf\dg\qXife
XZfekXY`c`qXij\cfj[Xfj#j`egf[\iZfekifcXigfiZfdgc\kf\c
]l\^fpj`eleX\mXclXZ`e[\c[\k\i`fifhl\\cX`i\p\c_ldf

0/

=i\ek\Xcj`e`\jkif#cXgfjkliXi\jfclk`mX[\c^fY`\ief]l\Zfe$
kle[\ek\+%<cgi\j`[\ek\[\Do`Zf#>ljkXmf;XqFi[Xq#^`i
i[\e\jXcJlYj\Zi\kXi`f[\GXki`dfe`fEXZ`feXc#Afi^\C%D\$
[\cce#gXiXhl\[\dXe\iX`ed\[`XkXj\`e`Z`XiXecXjfYiXj[\
i\ZfejkilZZ`epi\jkXliXZ`e%Gifekfj\]fidleXZfd`j`e
^\e\iXcgXiX[\Z`[`ipcc\mXiXZXYfcfjkiXYXafj,%
J`edlZ_X[`jkXeZ`X[\cfXZfek\Z`[f#[\j[\cXJXekXJ\[\j\_`$
Z`\ifecc\^XiefkXj\eefdYi\[\cgXgXGXlcfM@hl\Xc\ekXYXe
Xi\gXiXicXj_\i`[Xj[\ci\Z`ekfc`ki^`Zf[\dXe\iXgifekX#
\ccfXZfdgXX[f[\i\ZlijfjeXeZ`\ifj[`i\ZkXd\ek\gifm\$
e`\ek\j[\cXjXiZXjmXk`ZXeXj#j`klXZ`ehl\i\\aXYXhl\cXj
[\Z`j`fe\jjfYi\cX:Xk\[iXcj\iXe[\cXXk\eZ`e[\cXjd}j
XckXjXlkfi`[X[\j\Zc\j`}jk`ZXj-%
G\ifcXgfcd`ZX]fidXcj\_XYXZfeeX[fXc}dY`kfXZX[d`$
Zf%GfZfXgfZfj\\ekXYcleX[`jglkXXY`\ikX\eki\[fj^il$
gfj[\XZX[d`Zfj\`ek\c\ZklXc\jZlpXXi\eX[\[\YXk\]l\cX
gcXkX]fidXd\[`}k`ZX%GfilecX[f#cfj_`jkfi`X[fi\j<[dle[f
F>fidXe#8iklif8ie}`qp=i\^p=iXeZ`jZf[\cXDXqX2cfjXi$
hl`k\Zkfj8^ljkeG`X;i\`e_f]\i#DXel\c>feq}c\q>Xcm}ep
Cl`j Fik`q DXZ\[f# Xj Zfdf IXc Efi`\^X# [`i\Zkfi [\ cX i\$
m`jkXDo`Zf\ecX:lckliX#p\cXiqfY`jgfgi`dX[f[\Do`Zf#
D`^l\c;XifD`iXe[X#gifgfeXecXi\ZfejkilZZ`e[\cZfifp
8ckXi[\cG\i[e#YXafleZi`k\i`f[\mXcfiXZ`e[\cgXjX[fm`$

^ f pX  * ) .   X f  ) ' ' 0

ii\`eXcZfdf\j\eZ`Xpgi\j\eZ`X[\cXle`[X[ZXk\[iXc`Z`X%;\c
fkifYXe[f#\c^ilgfXlkf[\efd`eX[fdf[\ie`jkX[fe[\j\
\eZfekiXYXcX_`jkfi`X[fiX[\cXik\@[XIf[i^l\qGiXdgfc`e`#
cfjXihl`k\ZkfjDXi`fGXe`pI`ZXi[f[\IfY`eX#XjZfdf\cj\$
fiAlXeCX`e#\eZXi^X[f[\cX:fd`j`e[\Fi[\ep;\Zfif#
p\cfY`jgf[\:l\ieXmXZX#J\i^`fDe[\q8iZ\f#gi`eZ`gXc`d$
glcjfi[\cXdf[\ie`qXZ`e[\cfj\jgXZ`fj\Zc\j`}jk`Zfj#gi\$
k\e[Xcf^iXileXi\[\e`Z`e[\c\jgXZ`f[\cXeXm\Zfee\j
c`ki^`Zfjp\jkk`Zfj#XgfpX[fj\ecXYXj\k\i`ZX[\cXji\]fi$
dXjc`ki^`ZXj[\c:feZ`c`fMXk`ZXef``%
;\ki}j[\\jkXgfcd`ZXcfhl\j\\jkXYX[`jZlk`\e[f\iXecfj
^iXe[\jkg`Zfj[\cXZlckliXdf[\ieX\eDo`Zf1[\leXgXi$
k\#cfjal`Z`fj_`jki`Zfj#ZlckliXcp\jkk`Zf[\cX_\i\eZ`XYX$
iifZXp[\jlji\cXZ`fe\jZfecX`[\ek`[X[[\cfd\o`ZXef\e\c
dle[fZfek\dgfi}e\f2[\cXfkiX#cXj[`ZlckX[\j\ecXi\Z\g$
Z`epXj`d`cXZ`e[\cXjmXe^lXi[`Xj[\cj`^cfoo.%<c^ilgf
[\cfj`ek\c\ZklXc\j[\]\ejfi\j[\cYXiifZfpj\XcX[fjZfdf
Zfej\imX[fi\j\eki\\ccfj<[dle[fF>fidXe#=iXeZ`jZf[\
cX DXqX# Xihl`k\Zkfj# i\jkXliX[fi\j# Z`l[X[Xefj [\mfkfj p fi$
^Xe`qXZ`fe\jZXkc`ZXj\a\iZ`\ifecXjXZZ`fe\j[\dXpfig\jf
gXiX[\e`iXcXZXk\[iXckXekf\ekid`efj[\dfeld\ekf_`j$
ki`ZfZfdf[\jek\j`j[\cXeXZ`feXc`[X[p[\cfd\o`ZXef/%
<ecXgi}Zk`ZX#cfjdf[\ie`jkXjg\[XeXYi`i\c\jgXZ`f[\cX
eXm\#kiXjcX[Xi\cZfifaljkf]i\ek\XcXckXidXpfig\ifjfcXd\e$
k\Zfecfj\c\d\ekfjhl\jfYi\m`m`\ifeXc`eZ\e[`f#Zfecfhl\
j\^XeXiXcXg\ijg\Zk`mX\jgXZ`Xc[\cXjZ`eZfeXm\j[\j[\\c
XZZ\jfgi`eZ`gXc%;\j[\\jkXgfjkliXi\jlckXYXj`^e`ZXk`mfhl\
cXgi[`[Xj\lY`ZXiX\e[fj\jkilZkliXjhl\pXefk\eXeleX
]leZ`e[`i\ZkXgXiXcXjXZk`m`[X[\jc`ki^`ZXjZfek\dgfi}e\Xj1
\cZfif[fe[\j\i\leX\cZXY`c[fp\cXckXi[fe[\j\i\qXYX
gXiX\cg\i[e[\cXj}e`dXj[\cgli^Xkfi`f#ZfcfZX[f[\ki}j

\cjXXiifpf

[\cZfif#ZlpXlk`c`[X[k\eXjlfi`^\e\e\cj`^cfom``gfij`d`c`$
kl[ZfeXc^leXjZXk\[iXc\j\jgXfcXj%Gfijlgl\jkfhl\cXmXcf$
iXZ`e_`eZX[X\ecX]leZ`feXc`[X[[\cXfYiXZfiiX\ci`\j^f[\
Zl\jk`feXicXg\ik`e\eZ`Xd`jdX[\ci\Z`ekfXek`^lfpgfeX\e
Zi`j`jcX`[\X[\le`[X[[\cdfeld\ekf_`jki`Zf%
CX gi`d\iX glYc`ZXZ`e [\ ZXi}Zk\i XZX[d`Zf gfi gXik\ [\
cfj[\]\ejfi\j[\cgifp\Zkf[\i\ZfejkilZZ`e#XgXi\Z`\e\c
ed\if[\fZklYi\[\(0-.[\D\dfi`Xj[\cX8ZX[\d`XD\o`$
ZXeX[\cX?`jkfi`X#p]l\<[dle[fF>fidXe\cgi`eZ`gXc\o$
gfe\ek\[\cfjiXqfeXd`\ekfjX]Xmfi[\cXi\jkXliXZ`e%:fe
^iXe \il[`Z`e p ]le[Xd\ekfj _`jki`Zfj# k\i`Zfj p gi}Zk`$
Zfj#jlXikZlcf[\ii`YcfjgcXek\Xd`\ekfj[\cXcXdf[\ieX%
yjkX]l\leX[\cXj\ogfj`Z`fe\jd}jjc`[XjgXiX`eZc`eXicX
YXcXeqXX]Xmfi[\cXi\ZfejkilZZ`e[\cZfifp8ckXi[\cG\i$
[e#Xlehl\efZXY\[l[Xhl\\cg\jfXZX[d`Zfpgfck`Zf[\
F>fidXe#d}jXcc}[\jljXi^ld\ekfj#]l\\c]XZkfi[\Z`j`mf
gXiXcXi\ZfejkilZZ`e%
<e \c Zfek\okf [\ (0-.# F>fidXe \iX lef [\ cfj _`jkfi`X[f$
i\jd}j`elp\ek\j[\Do`Zf%<ckiXYXaf[\F>fidXe_XYX
[X[fcXml\ckXXcXdXe\iXkiX[`Z`feXc[\_XZ\i_`jkfi`Xpjl
fg`e`ek\eXg\jf[\ekifp]l\iX[\c}dY`kfXZX[d`Zf%?X$
Z`X (0-0 glYc`Z CX jlg\im`m\eZ`X gfck`ZX efmf_`jgXeX [fe$
[\gcXek\hl\cX_`jkfi`Xgi\j\ek\[\cXeXZ`ed\o`ZXeX\iX
gif[lZkf[\ki\j\ek`[X[\j[\cgXjX[f1cX\jZ\eX_`jki`ZX[\c
8e}_lXZ#\cg\i`f[fm`ii\`eXcp\cDo`Zf`e[\g\e[`\ek\0%<c
gcXek\Xd`\ekf_`jkfi`Z`jkX[\F>fidXe\e\cgifZ\jf[\kfdX
[\[\Z`j`fe\jXci\[\[fi[\c`eZ\e[`f[\cX:Xk\[iXc[\Do`Zf#
j\Z\eki\ehl\cX`dgc`ZXZ`e[\cfhl\j\`YXXi\jkXliXief
\iXjcfleZfifpleXckXi#j`efhl\j\\jkXYXi\XXeqXe[fle
dfeld\ekf[\cfd\o`ZXef#lef[\cfjd}j`dgfikXek\jjd$
Yfcfj[\cX`[\ek`[X[eXZ`feXc%

00

c\Xpl[Xj\XdXek\e\ii\j`jk\eZ`Xd\Z}e`ZXple\hl`c`Yi`fZfe
\cd\[`fXdY`\ek\#[\Y`XZ\c\iXij\d}jjl[\^iX[XZ`e%Gfj$
k\i`fid\ek\]l\ZfeeX[XXleXYf[\^X[\cX:Xk\[iXc[fe[\
\jg\i_XjkX(0.*ZlXe[fj\kiXjcX[Xc:\ekif[\I\jkXliXZ`e
[\:_lilYljZf#g\ik\e\Z`\ek\Xc@ejk`klkfEXZ`feXc[\8ekif$
gfcf^X\?`jkfi`X[\Do`Zf`eX_ %

, <c8ckXi[\cG\i[ei\Zfejkil`[f%
=fkf^iX]X1<ld\c`X?\ie}e[\q#)''/%
-

<cJfc[\Do`Zf#\[`Z`e[\cX
dXXeX#gi`d\iXgcXeX#al\m\j(0[\
\e\if[\(0-.%I\gif^iX]X1<ld\c`X
?\ie}e[\q#)''/%

<ecXXZklXc`[X[\ci\kXYcf[\cG\i[ei\Zfejkil`[f]le^\Zfdf
k\ce[\k\XkifgXiXcXd`jX[`Xi`X^%, %CXj`d}^\e\jhl\j\
i\ZfcfZXife \e c Xik`ZlcXe jfcXd\ek\ le al\^f fieXd\ekXc%
:fecXi\ZfejkilZZ`e[\cZfifp8ckXi[\cG\i[e\cYXe[f_`j$
kfi`Z`jkXpcX`^c\j`Xd}jZfej\imX[fiXeZXifeel\mXd\ek\cXj
iXZ\j[\cXgfZXZfek\dgfi}e\X\e\cgXjX[fYXiifZf%LegX$
jX[fZfejljkiXdfpXjZfcfi`[Xjpjlj`eZ\e[`fjZfe^\cX[fj
ZfdfXfjd}jkXi[\cf[\e`iXFZkXm`fGXq((%

<cX^\ek\\ok\iefhl\Xpl[Xcfj[\]\ejfi\j[\cX:Xk\[iXc
YXiifZX ]l\ cX c\^`k`d`[X[ hl\ c\j [`f cX fg`e`e gYc`ZX \j$
g\Z`Xc`qX[X [\j[\ \c \okiXea\if1 _`jkfi`X[fi\j Zfdf :_l\ZX
>f`k`Xp;`\^f8e^lcf#\eDX[i`[#p^liXj`dgfikXek\j\e\c
}dY`kf[\cXZfej\imXZ`e[\cgXki`dfe`fZlckliXcZfdfGXlc
G_`c`ggfkp>l^c`\cdf;\8e^\c`j[FjjXk[\c`ZZifd@ek\i$
eXk`feXc:\eki\]fik_\Jkl[pf]k_\Gi\j\imXk`feXe[I\jkfiX$
k`fef]:lckliXcGifg\ikp \eIfdX2Xc^lefj[\\ccfj`emfclZiX$
[fjZfecXj[`jZlj`fe\j\eYf^Xi\jg\ZkfXcXc\^`jcXZ`egXiX
cXgifk\ZZ`e[\cgXki`dfe`f%
CX`ek\im\eZ`e[\c8ckXi[\cG\i[ep\cZfif]l\i\Xc`qX[XZfe
YXj\\ek\jk`dfe`fj]fkf^i}ZfjYXaf\cZi`k\i`f[\cf^iXileX
i\ZfejkilZZ`e\cp[\^iXeZXc`[X[[\cXckXifi`^`eXc%<e[`$
Z`\dYi\[\(0.+j\[`fgfik\id`eX[XcXfYiXg\ifcfjkiXYXafj
\ecXj`cc\iX[\cZfifZfek`elXife_XjkX(0./%8lehl\mXc\cX
g\eXd\eZ`feXihl\#_XZ`X(00+#kf[XmXj\ZXdY`XifeXc^leXj
g`\qXj[\\jZlckliXpg`ekliXgXiXZfdgc\kXi\cel\mf[`jZlijf
`Zfef^i}Zfhl\_XYXhl\[X[fkfkXcd\ek\[\j]leZ`feXc`qX[f%
;liXek\cXi\ZfejkilZZ`e[\ci\kXYcfj\i\lY`ZXifeXc^lefj
fYa\kfji\jZXkX[fj[\c`eZ\e[`f#gfi\a\dgcf#cfj\jkg`k\jp
\c^iXedXiZf[\gcXkX[\cXM`i^\e[\cG\i[e%CXjg`ekliXj
hl\ jljk`klp\ife X cXj Xek\i`fi\j ]l\ife1 le ;`m`ef ifjkif
Xee`df[\cj`^cfom```#leX`dX^\e[\c;\jZXejf\ecX_l`$
[XX<^`gkf#kXYcXgifZ\[\ek\[\Q`eXZXek\g\ZpleJXeAlXe
<mXe^\c`jkX# ZlpX ZfcfZXZ`e i\jgfe[` X le Zi`k\i`f d\iX$
d\ek\]fidXc#\j[\Z`i#\cjXekfXgXi\Z\ZfecXZXY\qXc\mXe$
kX[Xp^`iX[X_XZ`X\cd`jdfcX[f\ehl\\jkXYXi\gi\j\ekX[f
JXeJ\YXjk`}e#cXg`ekliXj`klX[XXcZ\ekif[\ci\dXk\\e\c
i\kXYcffi`^`eXc('%
:l}e[fpgfihlj\[\Z`[`i\jZXkXi[\cXjZ\e`qXjcXM`i^\e
[\cG\i[e68cgXi\Z\icXkXYcXg\idXe\Z`\ejlj`k`flefjd\$
j\j_XjkXhl\j\`e`Z`XifecfjkiXYXafj[\i\ZfejkilZZ`e%8_#
ZlY`\ikX[\_fcce#pXj`ecX\jkilZkliXgfikXek\[\ci\kXYcfhl\

(''

cXil`eXgi\dXkliX
<ecXjd}j[\Z`\eefkXjg\i`f[jk`ZXjhl\jXc`\ife\ecXj\dX$
eX[\c`eZ\e[`f[\cX:Xk\[iXc#j`\dgi\j\Xcl[XXcXmXcfiXZ`e
_`jki`ZX#i\c`^`fjXpXikjk`ZX[\cfjfYa\kfjg\i[`[fj%<ekf[Xj
j\_`qf_`eZXg`\ecXgi[`[XkfkXc[\cXjg`ekliXj[\c8ckXi[\c
G\i[eg\if#Zli`fjXd\ek\#cXdXpfiX[\cfj[`Xi`fjZfcfZXYXe
leX`dX^\e[\cfji\jkfjhl\dX[fj[fe[\j\m\cXdXk\i`XXck\$
iX[Xg\ifkf[XmXi\ZfefZ`Yc\^%- ()%Pef\jaljkXd\ek\\jk\
ZXi}Zk\i[`XcZk`Zf\eki\\ci\Zl\i[fp\cfcm`[f#cXgi\j\eZ`Xp
cXXlj\eZ`Xcfhl\[\e\XcXil`eX6

[if [\a [\ j\i leX ZXgX g`Zki`ZX Zfejkil`[X j\^e cX kZe`$
ZXXikjk`ZX[\cj`^cfom`2\jX_fiXle}i\X[\k\okliXjZfeZiX$
hl\cX[liXj p YliYla\fj# Zfe XYiXj`e p [\jmXe\Z`d`\ekf [\c
dXk\i`Xc^%. hl\i\jlckXXkiXZk`mXXcX\jkk`ZX[\cj`^cfoo`%
D`Z_X\c Ifk_ ccXdX il`eXj gi\dXkliXj X \jk\ k`gf [\ fYa\kfj
kiXej]fidX[fjiX[`ZXcd\ek\[\ledfd\ekfXfkif%yjkXjef
gif[lZ\e \e \c \jg\ZkX[fi ]XjZ`eXZ`e p efjkXc^`X# jfe d}j
Y`\e [\kfeX[fiXj [\ j\ejXZ`fe\j Zil\c\j# m`fc\ekXj p ki`jk\j(-%
CX[\jkilZZ`efjk\ej`Yc\\e\jk\k`gf[\il`eXj_XZ\hl\efj\X
Zdf[XjlXZ\gkXZ`epe\Z\j`kXgXjXiZ`\ikfk`\dgfgXiXhl\
gf[Xdfj[`j]ilkXicXjp[`jZlk`ijfYi\\ccXj%GXiXcXM`i^\e[\c
G\i[e#gXjXifeXci\[\[fi[\m\`ek\XfjXek\j[\hl\gl[`\iX
j\igi\j\ekX[XjfZ`Xcd\ek\#]l\iX[\cX\j]\iXXZX[d`ZX%

CX ]XckX [\ `[\ek`[X[ p \c \jkX[f [\ Zfej\imXZ`e [\ cX kXYcX
[\cG\i[e]l\ifecfj[\kfeXek\j[\cfcm`[f%Jlil`eX\dg\q
ZlXe[fg\i[`jl]leZ`efi`^`eXc%
CXM`i^\e[\cG\i[e#\okiX[Xm`fc\ekXd\ek\[\jlZfek\okf
Xihl\fc^`Zf#\cd`jdfhl\gfi\dgcXqXd`\ekfk\eX[\j[\
\cj`^cfom`#j\Zfem`ik`\ecXXekk\j`j[\cfYa\kf[\Zlckf%;\
ledfd\ekfXfkif]l\kiXej]fidX[X\eleglX[f[\dXk\$
i`X%:fjX[\k\i`fiX[X[i}jk`ZXd\ek\#\ci\Zl\i[f[\le\m\ekf
Zfek`e^\ek\hl\[\aXYXkiXj[\jcXj\ejXZ`e[\leXgi[`[X
hl\ef[\YXj\i1Kf[fjm`m`dfjZfe\jX`dgi\j`e]XcjX[\
hl\cXj^iXe[\jfYiXj[\Xihl`k\ZkliXp\jZlckliXefgl\[\e
g\i\Z\i2[\hl\cXeXkliXc\qXf\c_fdYi\j\[\k\e[i}eXek\cX
Yfe[X[#cXm\i[X[pcXY\cc\qX[\cXfYiX[\Xik\#g\ifm`m`dfj
\hl`mfZX[fj% J\ efj fcm`[Xe cfj XZZ`[\ek\j Zfdf jk\ [\ cX
:Xk\[iXc[\Do`Zf2j\efjfcm`[Xecfj\iifi\j[\cfj_fdYi\j
pjlX]}e[\jkilZk`mf(*%
Kf[f_XYiXZXdY`X[fj`\c]l\^f_lY`\iXZfejld`[fgfiZfd$
gc\kfcXkXYcX%<cgifYc\dX]l\ifecfji\jkfji\ZfefZ`Yc\j%CX
fg\iXZ`e[\i\j`^e`ZXZ`e\eki\eXZZ`e%<elegi`eZ`g`f
efj\jXYXhl_XZ\iZfe\ccX#e`X[e[\\em`XicXe`hl`egf$
[iX_XZ\ij\ZXi^f[\jli\jkXliXZ`e%
Jcf cXj il`eXj mXcfiX[Xj [\j[\ cX ZfeZ\gZ`e [\ FZZ`[\ek\
\a\dgc`ZXe\cglekf[\k\ej`eg\idXe\ek\\eki\cfhl\j\
Zfej\imXpcfhl\j\g`\i[\#cfhl\kf[XmXgl\[\j\i\ek\e[`[f
pcfhl\e\Z\j`kXj\i`ek\igi\kX[ffi\Zfejkil`[f%<j`e[l[XYc\

^ f pX  * ) .   X f  ) ' ' 0

jlZXi}Zk\iZfdf\mfZX[fi\j[\i\Zl\i[fj#Zfdfk\jk`^fj[\
legXjX[f[\^cfi`Xhl\efi\^i\jXi}aXd}jphl\[\YXdXe$
k\e\ij\Xj#fYa\kf[\c`ii\d\[`XYc\gXjf[\ck`\dgf%;\j[\\c
glekf [\ m`jkX [\ Iljb`e# cfj dfeld\ekfj \e il`eXj j`im\e
Zfdf\a\dgcf[\cki}ej`kf[\cX_ldXe`[X[p]leZ`feXeZfdf
X[m\ik\eZ`XjdfiXc\j(+%

CXfYiXg\idXe\Z`\e\c:\ekif[\I\jkXliXZ`e[\:_lilYlj$
Zf_fp:ffi[`eXZ`eEXZ`feXc[\:fej\imXZ`e[\cGXki`dfe`f
:lckliXc_XjkX\cXf(000%J\c\_`Z`\ife[fji\jkXliXZ`fe\jXe$
k\j[\j\i\o_`Y`[X\ecX\ogfj`Z`e`eXl^liXc[\cCXYfiXkfi`f
8ik\8cXd\[X#\ecX:`l[X[[\Do`Zf%CX\ogfj`Z`ej\k`klcX$
YX1@d}^\e\jkiXej^liX[Xj%8Zkfj[\=\#pX_cXM`i^\e[\cG\i$
[e\iXcXg`\qXk\jk\iX#cXhl\XYiX\ci\Zfii`[f[\cgYc`Zf%

G\ifcXM`i^\e[\cG\i[eZXi\Z\[\cifdXek`Z`jdfhl\`dgi`d\
\cgXjf[\ck`\dgf\ecXdXk\i`Xc`[X[phl\\jgXik\`e_\i\ek\X
cXefZ`ed}jZfde[\il`eX%Ef\jlefYa\kfhl\_XpXZXd$
Y`X[fgfilegifZ\jfgXlcXk`ef[\kiXj]fidXZ`e%<c[\k\i`fif
hl\fjk\ekXphl\Zfdle`ZXZfem`fc\eZ`Xgfi\]\Zkf[\cXjhl\$
dX[liXj#\ji\jlckX[f[\leX\m\eklXc`[X[i}g`[Xp[\mXjkX[f$
iX#jlZXjf\jk}d}ji\cXZ`feX[fZfecfjcl^Xi\jXiiXjX[fjgfi
leX^l\iiXfgfile]\ed\efeXkliXck\ii`Yc\(,%

<cCXYfiXkfi`f8ik\8cXd\[Xj\XYi`\e\c\[`Z`fXek\jfZl$
gX[fgficXG`eXZfk\ZXM`ii\`eXc[\JXe;`\^f#i\gfj`kfi`f[fe$
[\j\\o_`YXecXjfYiXjm`ii\`eXc\jhl\jfYi\m`m`\ifeXcgifZ\jf
[\I\]fidX[\cX@^c\j`X\eDo`ZfpXcXdf[\ie`qXZ`e[\cX
8ZX[\d`X\e\cj`^cfo`o(.%<cfYa\k`mf[\cXdl\jkiXZfecXhl\
j\`eXl^li\cel\mf\jgXZ`f[\\o_`Y`Z`e[\Xik\Zfek\dgf$
i}e\f#]l\Xgifm\Z_XicX]leZ`feXc`[X[[\ci\Z`ekfpcf^iXile
[`}cf^f\eki\cXjfYiXj[\Xik\[\cgi\j\ek\p[\cgXjX[f%8j#_X$
YXg`ekliXjZfek\dgfi}e\XjXccX[f[\fkiXjm`ii\`eXc\jZfdl$
e`Z}e[fj\XkiXmj[\k\dXjZfdfcX]\#cXi\c`^`e#\c[fd`e`fp
cXgi[`[X%<ecX]fkf^iX]XlckiXm`fc\kX[\jkXZXecXji\jkXliXZ`f$
e\ji\Xc`qX[Xj\eXhl\cdfd\ekf#j\fYj\imXedXeZ_XjfjZliXj
`ii\^lcXi\jjfYi\cfj]XckXek\j[\g`ekliXfi`^`eXc^%/ %

<c`eZ\e[`fgifmfZ[\jY`kfleXil`eX%LefYa\kf\jk\k`qX[f
gficfj\]\Zkfj[\c[\jXjki\%<c]l\^f]l\\cel\mfg`eZ\c[\cX
g`ekliX#cfhl\j\gl\[\fYj\imXi_fp\ecXjlg\iZ`\[\cZlX$

;\jglj[\jl[\Ylkdlj\jk`Zf#\cg\jf[\c[\k\i`fifcXZfcfZ[\
el\mXZl\ekX\eleXcdXZe%<e)''(j\kiXjcX[XcXjYf[\^Xj[\c
Dlj\fEXZ`feXc[\8ik\p\e)''+]l\[X[X[\YXaX[\c`em\ekXi`f%

\cjXXiifpf

('(

8ceXc#ZfdfgXjXZfekf[f\cgXki`dfe`fhl\ef\jdlj\XYc\#
]l\XgXiXiXcXjYf[\^Xj[\c:\ekif[\:fej\imXZ`epI\jkXliX$
Z`e[\cGXki`dfe`f8ikjk`ZfDl\Yc\[\c@ejk`klkfEXZ`feXc[\
9\ccXj8ik\jZ\eZifgXd [fe[\j\\eZl\ekiX_XjkXX_fiX%

<cgifYc\dXhl\gi\j\ekXcX\ogc`ZXZ`e[\cXM`i^\e[\cG\i[e
Zfdf`dX^\e\jhl\aljkXd\ek\\jf\jcfhl\j\_Xg\i[`[f%<c
]iX^d\ekf#\ci\jkf#_XZ\[`]Z`c\mfZXi\c_\Z_fi\gi\j\ekX[f
\e\cdfd\ekf[\jlZi\XZ`e%

<ecfjkXcc\i\j[\i\jkXliXZ`e[\:_lilYljZf#cXkXYcXj\lk`c`$
qXYXZfdf\a\dgcf[`[}Zk`Zf[\cXk\Zefcf^X[\cXg`ekliX\e
gfZXm`ii\`eXc#ZfdfgXik\[\cgif^iXdX[\ckXcc\i[\i\jkXl$
iXZ`e[\g`ekliX[\ZXYXcc\k\\ecXc`Z\eZ`XkliX\ei\jkXliXZ`e
[\ Y`\e\j dl\Yc\j% P Xc d`jdf k`\dgf# \iX jfd\k`[X X kiXkX$
d`\ekfjgXiX\jkXY`c`qXi\cgXe\c[\dX[\iX1`ep\ZZ`fe\j[\ZfcX
Xe`dXc p gXjkXj [\ i\jXe\% I\jlckXYX `dgi\j`feXek\ \c \]\Zkf
hl\cfjkXYcfe\jZXiYfe`qX[fj\a\iZXejfYi\\c\jg\ZkX[fi%CX
fYiX_XYXX[hl`i`[fcX]leZ`e[\fYa\kf[\`ek\ijZ`\ekZf%
:fdf\e\c^iXYX[f[\:_Xic\j<jk`\ee\;\[`jj\Zk`fe\gXik`ld
Zfigfi`j_ldXe`[\(,+,#Xm\Z\jcXil`eXefjg\id`k\m\iZdf
]l\_\Z_f\cZl\igf#cfjgi`eZ`g`fj[\jlZfejkilZZ`e%CXd\k}$
]fiXj\`cljkiXZfecXil`eXZfdfi\jgXc[f[\cZX[}m\i^%0 (/%

Gfi\ccf#gXiX\jk\\jkl[`fi\Zlii`dfjXc[fZld\ekf%<o`jk\e
[fjgcXZXj]fkf^i}ZXj]fidXkf,o.hl\]l\ifekfdX[Xjgfi
=c`oC\fe\cc`Xci\[\[fi[\(0-,)'#leX[\\ccXj]l\ljX[XgXiX
`cljkiXi \c gi`d\i c`Yif hl\ XYfi[ `ek\^iXcd\ek\ p [\j[\ cX
g\ijg\Zk`mX [\ cX _`jkfi`X [\c Xik\ X cX g`ekliX Zi\X[X [liXe$
k\ \c m`ii\`eXkf efmf_`jgXef% J\ kiXkX [\ cX gi`d\iX \[`Z`e
[\c c`Yif [\c _`jkfi`X[fi [\c Xik\ DXel\c KfljjX`ek1 G`ekliX
:fcfe`Xc\eDo`Zf%

cX`dX^\e
GXiX\jkXYc\Z\iZfegi\Z`j`ecX\ok\ej`e[\cfj]iX^d\ekfj
[\g`ekliXZfej\imX[fjp\jkl[`XicXj`ekXo`jXikjk`ZX\ecfj
i\jkfj#]l\`e[`jg\ejXYc\_XZ\ileXe}c`j`jZ`\ekZf[\cfjdX$
k\i`Xc\j p cX kZe`ZX [\ dXel]XZkliX [\ cX fYiX(0% <e \j\ df$
d\ekf#\iX`dgfj`Yc\jXY\ij`\cdXk\i`XcZfej\imX[fg\id`k`$
iX`em\jk`^XiZdf_XYXj`[fg`ekX[XcXkXYcX%<ci\jlckX[f\j
Zfekle[\ek\1i\jkXjfcXd\ek\\eki\\c(,p)'gfiZ`\ekf[\cX
ZXgXg`Zki`ZXfi`^`eXc%
<ecXd`kX[jlg\i`fijcf_Xp`jcXj[\g`ekliXZfe]iX^d\ekfj
[\cfjgXfj[\cfj}e^\c\jpleXgXik\[\cifjkif[\DXiX%
8cZ\ekif#\eleX]iXeaX_fi`qfekXcj\XcZXeqXXm\i\cZl\igf
[\jel[f[\ce`fA\jj#\cYiXqfpleXgXik\[\cdXekfXqlc
[\jldX[i\#\cfafp]i\ek\[\jXekX8eXpXjXeAfjhl\\j
cX^liXd}jZfdgc\kX#lY`ZX[fXcX`qhl`\i[X[\cZlX[if%JXe
AfjZfej\imXcXdXpfigXik\[\jljgXfj#cXg`\ieX\#`eZcl$
j`m\#cXmXiXfi`[X%

(')

Gi`d\if#j\ZfcfZXifecXjgcXZXj[\YXaf[\led`ZifjZfg`f\j$
k\i\fjZg`Zf#Zfe\cZlXcj\fYj\imXifecfj[\kXcc\j[\cXi\gif$
[lZZ`e]fkf^i}ZX%;\jglj#cXjjfd\k`dfjXlegifZ\jf[\
`ek\im\eZ`e[`^`kXc)(#XgXik`i[\cZlXci\Zlg\iXdfjcX`dX^\e1
Zfcfi\j#]fidXj#gcXefj[\Zfdgfj`Z`ep[\kXcc\j#]l\ife[\m\$
cX[fj^iXZ`XjXcfji\Zlijfj[\cXk\Zefcf^X%
;liXek\cX`ejg\ZZ`e[\cXjgcXZXj#j\cf^i[`jk`e^l`ileX`ej$
Zi`gZ`e\e\cg\iXck\[\cgi`d\i\jZXce[\ckifef%;\jX]fikleX$
[Xd\ek\#\jXqfeXj\g\i[`Zfe\c`eZ\e[`f%J\kiXkX[\lek\okf
\e[fji\e^cfe\j[`YlaX[fZfeg`eZ\c[\c^X[fpg`ekliXYcXeZX
[fe[\j\c\\Zfe[`ZlckX[1`dfeg\iepXYXafg`e`\mXk%

.

<e\c[\kXcc\j\Xgi\Z`XecXj
ZiXhl\cX[liXjjlg\iZ`Xc\jZfdf\]\Zkf
[\c]l\^fjfYi\cXZXiX[\JXeAfj%
=fkf^iX]X1<ld\c`X?\ie}e[\q#)''/%
/

;\kXcc\ZfdgXiXk`mf[\cXjdXefj
[\cXM`i^\eDXiXYXafclqm`j`Yc\p
lckiXm`fc\kX%CXjqfeXjfjZliXj`e[`ZXe
cX\ok\ej`e[\cXi\jkXliXZ`e%
=fkf^iX]XlckiXm`fc\kX1<ld\c`X
?\ie}e[\q#)''/%

:fe\jkfcXXlkfiX[\cXg`\qXefj\gfe\\e[l[X#jfcXd\ek\cX
gi\j\eZ`X[\leXidXXlk^iX]X%<jdlpgfj`Yc\hl\efj\e$
Zfeki\dfj]i\ek\XleZXjfd}j\ehl\cXidX]l\\jZi`kXgfi
cfji\Z\gkfi\j[\cXfYiXpefgfi\cg`ekfi%<e\jkfjZXjfj#cX
`ejZi`gZ`ek`\e\lemXcfii\k\ek`mf#j`im\gXiXhl\efj\Yfii\
cXd\dfi`X[\hl`e]l\\cXikZ\[\cZlX[if%8lehl\ef\o`jk\
leZfekiXkfhl\gil\Y\cX]\Z_Xe`cXZfd`j`egi\Z`jX[\cXM`i$
^\e[\cG\i[e#cXjfcX\o`jk\eZ`X[\leX`ejZi`gZ`eZfdgil\YX
cX\jk`dXjfZ`Xchl\J`deG\i\pejklmf[\j[\cXgfZXm`ii\`$
eXc%<jk\\jkl[`fZf`eZ`[\ZfecXXki`YlZ`e%

<jkXdfj]i\ek\Xcdfd\ekf\ehl\cXDX[i\@^c\j`Xj\XgXi\Z\
Xek\cXd`iX[X[\cfj_fdYi\j%;fjg\hl\fjglkk`kf[XmXf$
kXe\e\cX`i\c\mXekXe[fcXk\cX[\\ekiX[X[\cclafjfYXc[Xhl`$
efYfi[X[fZfe_`cfj\ekfiZ_X[fj[\fifpgcXkXhl\Z`iZle[X
\c}i\X[\legi\jY`k\i`f`dX^`eXi`f%<jk\YXc[Xhl`efj`dYfc`qX
\ckXY\ie}Zlcf#k`\e[XfjXeklXi`fgfik}k`chl\_`qfDf`jjgfi
fi[\e[\;`fjgXiXhl\j\cc\mXiX[liXek\jlg\i\^i`eXZ`egfi
\c[\j`\ikf%<jkXk`\e[X\j\cjXeZkXjXeZkfild#`dX^\e[\cJX$
^iXi`f[fe[\A\jj\jk}gi\j\ek\[XpefZ_\\ecX_fjk`X)-%

<jkX`ejZi`gZ`e]l\fYj\imX[Xgfigi`d\iXm\q\e(/0)gfiDX$
el\c>%I\m`ccXp[\jgljcfj_`jkfi`X[fi\j[\cXik\OXm`\iDfpj$
jepAljk`ef=\ie}e[\qcf^iXifem\icX\ealc`f[\(0-,))%;X[f
hl\cXfYiX_Xj`[ffYa\kf[\mXi`XjXki`YlZ`fe\j\ecX_`jkfi`f$
^iX]XjfYi\\cXik\m`ii\`eXcd\o`ZXef#mXc\cXg\eX_XZ\ileX[`$
^i\j`e\eZlXekfXj`j\kiXkXfef[\cXidX[\J`deG\i\pej#
g`ekfiXd\eZfhl\cc\^XcXEl\mX<jgXX\e(,--ZfdfgXik\
[\cjhl`kf[\cM`ii\p>Xjke[\cXG\iXckX#dXihlj[\=XcZ\j%

<e\jkX\jZ\eXjXZiX#jfcXd\ek\A\jjd`iX_XZ`X]l\iX[\c\j$
Z\eXi`f% <c e`f \j \c gifkX^fe`jkX hl\ al\^X Zfe cX Xk\eZ`e
[\c\jg\ZkX[fi%J\kiXkX[\leX\jg\Z`\[\]\jkX`fcf#d\[`X[fi
\eki\\chl\d`iXcXfYiXpcfj_\Z_fji\gi\j\ekX[fj%8_#\e
\cZ\ekif[\cXZfdgfj`Z`e#\ce`fj`dYfc`qXcfd}jjX^iX[f
gXiXcX@^c\j`X1\j\cjXcmX[fi[\cfj_fdYi\j%<e\c^\jkf[\c
`e]Xek\hl\aXcXjfYi\jl_fdYif\cdXekf[\cXdX[i\#cXZ`kXX
cXDX[feeX[\c=fc`^ef[\IX]X\c\j\m`[\ek\%8lehl\ZfdfpX
cf_X\ogl\jkfJXek`X^fJ\YXjk`}e#hl`q}efj\kiXkX[\leXZ`kX
[`i\ZkX[X[XcXXdgc`XZ`iZlcXZ`e[liXek\\cj`^cfom`#[\gficf
d\efjki\j^iXYX[fj[\DXiZXekfe`fIX`dfe[`hl\i\gi\j\e$
kXe\cd`jdfZfealekf^%(( ).%

<e\c[\kXcc\[\cXgcXZX[\(0-,#j\Xgi\Z`XleXdXeZ_X[\gfc$
mfjlg\iZ`Xchl\[`ZlckXcXc\ZkliX[\cXjc\kiXj\e\c\jZXce%
8cfYj\imXiZl`[X[fjXd\ek\\ck\okf#\okiXXhl\j\XkXek\el\#
Zfdfj`hl`j`\iXgXjXi[\jXg\iZ`Y`[f%J`j\c\ZfdgXiXZfecXj
[fjidXjhl\j\ZfefZ\e[\\jk\Xik`jkX)*#j\[\[lZ\hl\\jkf
k`\e\fkiX`ek\eZ`feXc`[X[^%(' %Ef\jleXidXZcXiXe`\e$
dXiZX[X\eleXZXik\c`kXZfdfXZfjkldYiXYX_XZ\icf\cg`ekfi#
j`eflek\okf\em\ijXc\jk`gf^i}ZXjZfeg`ekliXYcXeZX%
Fkif gifYc\dX \j \c }i\X [fe[\ j\ \eZl\ekiX cX `ejZi`gZ`e%
LeX fYj\imXZ`e d`elZ`fjX YXaf \c d`ZifjZfg`f [\ cX ]fkf$
^iX]X[\(0-,g\id`k`j\XcXicXjqfeXj[fe[\_Xpi\g`ek\j
f`ek\im\eZ`fe\j\ecXg`ekliX%J\kiXkX[\g`eZ\cX[Xj^il\jXj
Zfeg`ekliXdXk\#\ok\e[`[Xjj`eZl`[X[f\ecXjqfeXj[fe[\cX
kXYcX_XYXk\e`[f[\k\i`fifj%GXi\Z\ei\g`ek\jXek`^lfji\Xc`$
qX[fjZfe\cZi`k\i`f[\_fdf^\e\`qXi\c\]\ZkfZifd}k`Zf[\
cXjlg\iZ`\[\cZlX[if#ef[\\dY\cc\Z\icfe`fZlckXicf#jfcf
i\gXiXicfpaljkXd\ek\\ecXqfeX[fe[\j\cfZXc`qXcX`ejZi`g$
Z`e_XpdlZ_fji\g`ek\j%

^ f pX  * ) .   X f  ) ' ' 0

<ck\dXhl\\cg`ekfi[\jXiifcc\ecXkXYcX[\cG\i[eef\j
eXiiXk`mf#\jd}jY`\ej`dYc`Zf%<e\cZ\ekif[\cZlX[if#DXiX
\jk} i\gi\j\ekX[X Zfdf ?f[`^`ki`X)+# \j [\Z`i# jfc\de\d\ek\
j\ekX[Xjfjk`\e\Xce`fjfYi\jlg`\ieX[\i\Z_X%CXi\`eX[\c
Z`\cf#ZfifeX[Xgficfj}e^\c\j#[\jZXejX\eleclafjfkifef[\
g`\[iXkXccX[fZfeifc\fjpZXY\qXj[\c\e%yjkX\jleXm\ij`e
[\cXdlpZfefZ`[XM`i^\ekifef),%<ccX\jcX@^c\j`Xhl\Xik`ZlcX
cXA\iljXcek\ii\jki\ZfecXZ`l[X[Z\c\jk\%DXiXZfdfleX[\
cXj\jkilZkliXj[\cXZi`jk`Xe[X[%

\cjXXiifpf

;\j[\d`glekf[\m`jkX#mXc\cXg\eXZfej`[\iXi[fjZfjXj\e
i\cXZ`eZfeJ`deG\i\pej#cXlk`c`qXZ`e[\^iXYX[fj[\c`kX$
c`XefIX`dfe[`pcXZ`kXXIX]X\c%CXgi`d\iX\jhl\pXj\_XfY$
j\imX[fcXlk`c`qXZ`e[\^iXYX[fj[\DXiZXekfe`fIX`dfe[`\e
Xc^leXjfYiXjefmf_`jgXeXj[\cj`^cfom`#cfZlXc`e[`ZXcXgi\$
]\i\eZ`X[\J`deG\i\pejpjlZiZlcf[\ZfdgX\ifj#Zfdf
8e[ij[\:feZ_X#gfi\jkXjZfdgfj`Z`fe\j)/%CXj\^le[XZfe$
j`[\iXZ`e\jcXgfj`Y`c`[X[[\hl\\cgifg`fG\i\pej_XpXj`[f

('*

0

LeX[\cXjc}d`eXj[\cc`Yif[\
:_Xic\j<jk`\ee\#;\[`jj\Zk`fe\
gXik`ldZfigfi`j_ldXe`c`Yi`ki\j#}
:XifcfJk\g_Xef#[fZkfi\D\[`Zf#\[`k`%
Me}Zld^li\j`e`Z`feld
[\ZcXiXk`fe`Ylj#}Jk\g_XefI`l\i`f
:_`ili^fZgfk`j#GXi`j``j#8gl[
J`dfe\d:fc`eX\ld#(,+,#g%)('%

('

8cX`qhl`\i[X#[\kXcc\[\cX
`ejZi`gZ`ejfYi\\cg\iXck\[\cXj^iX[Xj
[\ckifef[\cXM`i^\e%8cX[\i\Z_X#cX
idX[\J`deG\i\pej\ecXDX^[Xc\eX
g\e`k\ek\#g`ekliXjfYi\kXYcX[\cX
gi\[\cX[\cXckXidXpfi[\?l\afkq`e^f#
Gl\YcX#Do`Zf%=fkf^iX]Xj1<ld\c`X
?\ie}e[\q#)''/p)''-%

gc\eXd\ek\ZfejZ`\ek\[\cXi\]\i\eZ`XXIX]X\c%<jjXY`[fhl\
cZfefZXcX]fikleXZik`ZX[\cXhl\^fqXYXcXg`ekliX`kXc`XeX
[\j[\\cj`^cfom%<iX\ck\dXZfk`[`XefZfe\chl\Z\iiXYXcXj
Z\eXjpZfem\ijXZ`fe\jefZklieXjhl\\ekXYcXYXZfejljjfZ`fj#
d`\ekiXj\a\ZlkXYXeXc^ekiXYXafi\kXYcjk`Zf\ecXjZ`l[X[\j
[\c`ek\i`fi[\cX^\f^iX]Xefmf_`jgXeX)0%

d}jZXifXcXgif[lZZ`eg`Zki`ZX[\cI\eXZ`d`\ekf%J\^e\j\
gXiX[`^dX#ZlXchl`\i`dX^\e\jlei\\affgifcfe^XZ`e[\cX
i\Xc`[X[**p\e\jk\j\ek`[fcXg\ijg\Zk`mX#cXji\^cXj[\Zfdgf$
j`Z`epcfjXik`cl^`fj[\cdXe\af[\clqpjfdYiXj#j`im\egXiX
_XZ\i\]\Zk`mXcX_`jkfi`XeXiiX[X\ecXg`ekliX%CXjjfdYiXji\$
]l\iqXe\cgf[\i[\`clj`ehl\k`\e\\cZlX[if%

GfifkiXgXik\#\e\c^iXYX[fefXgXi\Z\\ci\jkf[\cfj\c\d\e$
kfjhl\`ek\^i\cXik`jkX\ecXkXYcX[\cG\i[epdlZ_fd\efj#
cXi\jfclZ`egc}jk`ZX[\cZfcfi`[f%<e\jkXg`ekliX#\cdXe\af
[\ci`c`\mf#\j[\Z`i#cXXgXi`\eZ`X[\leX]fidXdf[\cX[X\ejl
mfcld\e*'#f\efkiXjgXcXYiXj#cX\a\ZlZ`egc}jk`ZX[\cXjcl$
Z\jhl\j\lk`c`qXegXiXgifp\ZkXi\cmfcld\e[\leX^liX#\j
\jg\ZkXZlcXi%<cg`ekfiZfcfZXcXclqZfdfj`j`^l`\iX\cXmXeZ\
[\cX]l\ek\[\`cld`eXZ`ehl\efjg\id`k\g\iZ`Y`icX\jZ\eX%
<eZ`\ikfdf[f\jZfdfj`\c\jgXZ`fZ\c\jk\j\XYi`\iXp\cjfc
`cld`eXiX[\j[\\c}e^lcfjlg\i`fi`qhl`\i[fp#j\^e\jkX`[\X#
gXi\Z`\iXhl\\cXik`jkX_lY`\j\_\Z_fZXjfXcXj`e[`ZXZ`fe\j
[\:\ee`e`p8cY\ik`gXiXcXg`ekliX%<cgi`d\if#\e\cC`Yif[\cc
8ik\(+*. i\Zfd`\e[X18jgl\jZlXe[f[`YlaXj#gifZliXk\$
e\iclqk\dgcX[Xphl\\cjfck\[jfYi\\ccX[f`qhl`\i[f*(%Gfi
jlgXik\#8cY\ik`\e;\G`ZkliX(+*, j\XcXhl\gXiXcf^iXicX
Zfii\ZkXi\gi\j\ekXZ`e[\cXclqj\^e\ekiX\e\cgcXef[\cX
g`ekliX#\cZfcfi[\Y\j\idf[lcX[f[\kXcdXe\iXhl\\ckfef
glifhl\[\XcZ\ekif[\cX`dX^\epj\_X^XZcXif_XZ`XcX]l\e$
k\[\clqpfjZlif\e\ccX[ffgl\jkf*)%

?XjkXXhl#j\i\jld\hl\\jkXg`ekliX\jZfdf\cgi`d\iXZkf[\
leX^iXefYiXk\XkiXc[fe[\fZlii\emXi`XjXZZ`fe\jj`dlck}e\Xj%
<cXik`jkXi\gi\j\ekgXiXc\cXd\ek\\jkfjk\dXj`Zfef^i}Zfj1cX
M`i^\ekifefZfdfDX[i\@^c\j`Xp8iZX[\cX8c`XeqX2M`i^\eZf$
ifeX[XZfdfi\`eX[\c:`\cf2cXJX^iX[X=Xd`c`X2\ckXY\ie}Zlcfp
\cJXeZkXJXeZkfild2Xlehl\\o`jk\kXdY`ecX\mfZXZ`eXfkifj
k\dXjZfdfcX<eZXieXZ`epcXI\[\eZ`e%8j`d`jdf#j\Xcl[\X
[fj\jgXZ`fj#lefk\ii\eXcplefjX^iX[f%HlYljZXYX\cXik`jkX
Zfe\jkXj`dlckXe\`[X[[\j`^e`ZX[fj#p[\XZl\i[fZfe\jkX`e$
k\eZ`e#X[e[\\jkXiX[\jk`eX[f\cZlX[if6

<e\jk\ZlX[if#kXcZfdffZlii\\eleXfYiXk\XkiXc#cXclqZfe
cXhl\`e`Z`X\cgi`d\iXZkf#[`i`^`[Xp[iXd}k`ZX#\jcXhl\aXcX
`e\iZ`X[\cXXZZ`ehl\j\mXX[\jXiifccXi%<e\cYfi[\pi\jXckf
[\ZX[XleX[\cXjk\cXj#\ecfji\\afj[\cYfi[X[f[\cYXc[X$
hl`ef#[\cfifp[\cXjafpXj[\cXZfifeX\`eZcljf\ecfjg\ic\j
[\cXXihl`k\ZkliX#cXclq\jleglekffleXg`eZ\cX[XZlpX\]\Z$
k`m`[X[j\[\Y\XcXZfeZfi[XeZ`X[\jllY`ZXZ`ei\jg\ZkfXcX
]l\ek\cld`efjX^%() %;\cd`jdfdf[f#cXjfclZ`eXckiX$
YXaf[\jfdYiXj]l\dlpZl`[X[fjX%CXjfdYiXkXdY`efZlgX
le\jgXZ`f^%(* %:X[XZl\igf^\e\iXlek`gf\jg\ZZf[\
jfdYiX#XZfi[\ZfejldXjXp\dgcXqXd`\ekf[\ekif[\cX\j$
Z\eX%<ccfi\]l\iqXcXefZ`e[\hl\cXXgXi`Z`e[\cX`dX^\e
jX^iX[X\e\jk\ZlX[if\jle_\Z_fi\XcpmXc\cXg\eXi\Zfi[Xi
hl\cXi\gi\j\ekXZ`e[\cfi\Xc\ecXg`ekliX]l\\cgXiX[`^dX

('+

CX]leZ`feXc`[X[d}j[`i\ZkXj\^e\ck\dXZ\ekiXc[\cXg`ekl$
iXj\iX#j`e[l[X#cXlY`ZXZ`e[\cZlX[if\elei\kXYcfdXpfi%
G\ejX[fZfdf\ckXY\ie}Zlcf[`m`efhl\i\j^lXi[X\cJXekj`$
df#cXZfdle`e\eki\\cgl\YcfpcX[`m`e`[X[XkiXmj[\A\jj%
J\iX]XZk`Yc\hl\\e\cd`jdfi\kXYcf[\ki}j[\cXckXidXpfi
fg\iXiX\jkXg`\qXZfdf`dX^\eZ\ekiXcp[\YXaf[\\ccXlejX$
^iXi`fgXiX\cZ}c`qpcX_fjk`X%
8Zfej`[\iXiki\j[Xkfj`dgfikXek\j%<e(,-(cXZXg`ccXdXpfi[\
cX:Xk\[iXc[\Do`ZfZXi\ZX[\lei\kXYcf[\Zfifjf#Zfdfcf
j\Xc\c:XY`c[f\ejli\le`e[\c(0[\X^fjkf2_XZ`X(,/+j\
ZfekiXkXmXi`fjg`ekfi\j#\eki\\ccfjXJ`deG\i\pej#gXiXcfj
j\`jc`\eqfjhl\[\ZfiXiXe\cel\mfi\kXYcf[\cXckXidXpfi2p#$
eXcd\ek\#j\^e\c`em\ekXi`f[\cfjY`\e\jZXk\[iXc`Z`fj[\(,//#
j\i\gfikXhl\\ci\kXYcf^iXe[\\jkXYX\e\cXckXidXpfi\ekf[X
jlg\i]\ZZ`ej\iX\chl\j\\dg\q\e(,/+#d`\ekiXjhl\\c
XckXihl\Xek\jfZlgXYX\c\jgXZ`fZ\ekiXc\e\cgi\jY`k\i`f_XYX
j`[fkiXjcX[X[fXcXj[\g\e[\eZ`Xj[\c:XY`c[f1\ci\kXYcf^iXe$
[\[\dX[\iX#g`cXi\jpdfc[liXj[fiX[Xjp\jkf]X[Xj#pcXj`d}^\$
e\j[\\ed\[`fXcc\f[\g`eZ\c2\elekXYce^iXe[\[\El\jkiX
J\fiX[\cfjI\d\[`fjpcXg\XeXcfjZlXkif\mXe^\c`jkXjXd\[`X
kXYcX#[fiX[fp\jkf]X[fhl\\j\chl\\jkXYX\e\cXckXidXpfi[\
cX`^c\j`Xm`\aX#\jk}X_fiX\e\c:XY`c[f%?qfc\J`deGi`ej*+%

^ f pX  * ) .   X f  ) ' ' 0

(( >iXYX[f[\DXiZXekfe`fIX`dfe[`#
j`^cfom`%KfdX[f[\18%D%?`e[#
DXiZXekfe`fXe[@kXc`Xe<e^iXm\ijXe[
<kZ_\jf]k_\OM@:\eklip#8gl[#J%
J\YXjk`}e#El\mf^iXYX[f\ecXfYiX
[\G\i\pej#\e8eXc\j[\c``\#e%*,#
Do`Zf#``\$leXd#(0--#gg%+,$+.%

()

<c\]\Zkf[\i`c`\mf\e\cgXf[\c
}e^\cZfej\^l`[fgficXjlg\igfj`Z`e
[\fif\e\dlcj`ejfYi\leXZXgX[\
cXZXfi^}e`ZXifaXpXcYXpXc[\%
D`Zif]fkf^iX]X[\cXgcXZX[\(0-,#
<ld\c`X?\ie}e[\q#)''/%

<jXkiXZk`mXcX[\jZi`gZ`e]j`ZX[\cXkXYcXpcXd\eZ`e[\jl
XlkfiX# Xlehl\ cX `Zfef^iX]X ef Zfii\jgfe[\% :XY\ d\eZ`f$
eXihl\\ekf[f\c`em\ekXi`f[\(,//jcfgXiXcX`dX^\e[\
cXM`i^\eg`ekX[XgfiG\i\pejj\_XZ\Xclj`eXcg`ekfihl\cX
_`qf%@ek\i\jXek\g\ejXihl\_X^Xi\]\i\eZ`XXcXkXYcX[\cG\i$
[ep\jgfj`Yc\hl\\c\eZXi^X[f[\c\mXekXi\c`em\ekXi`f_XpX
Zfe]le[`[f\ck\dX`Zfef^i}Zf#pXhl\\ecX\ekiX[XXek\i`fi
[\cc`jkX[f#j\d\eZ`feXfkifZlX[ifZfe\cd`jdfk\dX[\cX
M`i^\e[\cfjI\d\[`fj*,%<jkf`e[`ZXhl\_XYiX[fjg`ekliXj
Zfe\j\k\dXfhl`q}j\_XpXi\[lZ`[fcX[\efd`eXZ`eM`i$
^\e[\cfjI\d\[`fjXkf[X`dX^\e[\DXiXZfejle`f%J`j\
XZ\gkXhl\cXg`ekliXXcXhl\_XZ\i\]\i\eZ`X\c`em\ekXi`f[\
(,//\jcXd`jdXkXYcX[\cG\i[e#ZfejkXiXhl\pXgXiX\j\Xf
^fqXYX[\gi\jk`^`fgfijllY`ZXZ`epjlXlkfiX%<ei\jld\e
pj`^l`\e[f\c`em\ekXi`f[\(,//1_XYXleXM`i^\e[\cfjI\$
d\[`fj\e\cXckXidXpfi[\cX:Xk\[iXcXek`^lX#]l\g`ekX[Xgfi
G\i\pejXek\j[\(,//pZfej`[\iXe[fcXi\]\i\eZ`XXjlkXdXf
gf[iX_XY\ij`[fcXd`jdXg`ekliXhl\X_fiX[\efd`eXdfj
M`i^\e[\cG\i[e%Kf[f\jkfjfe_`gk\j`j#ef\o`jk\\m`[\eZ`X
[fZld\ekXc hl\ g\id`kX jXY\i Zfe gi\Z`j`e Zl}e[f j\ _`qf
\jk\ZlX[ife`Zl}c]l\jllY`ZXZ`efi`^`eXc%
FkiXgfj`Y`c`[X[i\jg\ZkfXcX]leZ`e[\cZlX[ifefjcX[XcX
gifg`XfYiXpcXZcXm\\jcXd`iX[X[\cE`f%J`efj\eZfekiX$
dfj]i\ek\XcXi\gi\j\ekXZ`e[\cdfd\ekf\ehl\j\XgXi\Z\
cX[`m`e`[X[\e\cgi\jY`k\i`f#\jgXiXg\id`k`iefj\c\mXigc\^X$
i`Xj_XZ`X\cI\[\ekfi#ZXj`gf[\dfj[`Xcf^XiZfec#efj\jk}
d`iXe[f%P\eleXi\cXZ`eZXljX$\]\Zkf#cfc^`Zf\jg\ejXi
hl\c\\jkXiXdfjg`[`\e[fg\i[egfiel\jkifjg\ZX[fj#jX$
Y\dfjhl\cj\jXZi`ZXi}gficX_ldXe`[X[#j\i}\ci\[\ekfi
[\cfjg\ZX[fj[\cdle[f%<c\jgXZ`f[\[`}cf^fZfecX`dX^\e
jX^iX[X#Zi\X[fgficXm\ifj`d`c`kl[[\cX\jZ\eX#\jlekg`Zf
YXjkXek\[`]le[`[f\ecXg`ekliX[\\jXgfZX%CX\ogc`ZXZ`e
[\MXjXi`\j\cfZl\ek\1CXg`ekliX[\YXZfeki`Yl`iXgi\j\e$
kXic\Xc\ccfj_\Z_fjc\^\e[Xi`fjfYYc`ZfjZfdfj`jlZ\[`\$
iXe[\cXek\[\jljfafj*-%
<eZlXekfXcg\i[e[\cfjg\ZX[fj#\cg`ekfigf[iX_XY\igif$
p\ZkX[f\e\cZlX[ifjlgifg`XZfe[`Z`e[\g\ZX[fi%:fej`[i\$
j\hl\\e(,-/J`deG\i\pej]l\Zfe[\eX[fgfi\cJXekfFZ`f
gfi_XY\i[`Z_fgXcXYiXj\eZfekiX[\cX]\Zi`jk`XeX2j\jfjg\$

\cjXXiifpf

Z_XYXhl\klm`\iXlec`eXa\_\ik`Zfp[XYXdlZ_fhl\g\ejXi
jlgi\]\i\eZ`Xgfi_XZ\ii\kiXkfjpef`d}^\e\ji\c`^`fjXj%
<c cXi^f al`Z`f Xc hl\ ]l\ jfd\k`[f Zfejk`klp\ \c [fZld\e$
kfd}j`dgfikXek\gXiXZfefZ\icXm`[X[\J`deG\i\pej*.%
CX`e]fidXZ`ehl\XgfikXecfjk\jk`^fj`em`kX[fjX[\ZcXiXi
\e\cgifZ\jfg\id`k\`e]\i`icXg\ijfeXc`[X[[\cXik`jkX#jl
kiXp\Zkfi`X p jl ZXgXZ`[X[ Zfdf g`ekfi% <c ]Xccf hl\ j`^l`
XcXj[\ZcXiXZ`fe\jpcXkfikliX]j`ZX[\G\i\pej]l\ifej\e$
k\eZ`X[fjgfi\cgifm`jfipm`ZXi`f^\e\iXc[\cXiqfY`jgX[f
[\Do`Zf#[fZkfi<jk\mXeGfik`ccf1Zfe[\efXhl\[}e[fc\
kf[fi\ZXl[fXc[`Z_fj`deg\i\`ejg`ek\XjlZfjkX\ci\kX$
Ycf[\el\jkiXj\fiX[\cXd\iZ\[[\jkXjXekX`^c\j`Xdlp
[\YfkfpXd`Zfek\ekf*/%
<jkfj`^e`ZXhl\\cgifm`jfijlg\im`jXiX\ckiXYXaf#[\cd`j$
dfdf[f\ehl\]leZ`feXYXcXi\cXZ`eZfd`k\ek\$g`ekfi[\j$
[\\cI\eXZ`d`\ekf%8lehl\\jgfj`Yc\hl\\cd`jdfG\i\pej
_lY`\iXgifgl\jkffkiXZfdgfj`Z`eZfelek\dXdXi`Xef#\j
[\Z`i#_`Z`\iXleXkiXqXfgcXegi\m`fpc\]l\iXXZ\gkX[f%<iX\c
dfd\ekf[\[\dfjkiXihl\j\iXlef[\cfjd}j\oZ\c\ek\j
g`ekfi\jhl\XXm`[fpXp\e\jkXel\mX<jgXX*0%
KXdY`e \j gfj`Yc\ hl\ G\i\pej hl`j`\iX `dgi\j`feXi Zfe leX
Zfdgfj`Z`ehl\eleZXXek\jj\_lY`\iXi\Xc`qX[f\ek\ii`kfi`f
efmf_`jgXef#Xc^fhl\i\le`\iXk\dXj[\gifYX[X\]\Zk`m`[X[#[\
XZl\i[fZfecXjZfe[`Z`fe\j[\[\Zfif[\cXgfZX%Phl`dX^\e
d}j[\mfkXhl\cXZfek\e`[X\ecXM`i^\e[\cG\i[e#gi\j\ekX[X
Zfdf@[\X#ZfdfXgXi`Z`ehl\Xik`ZlcXmXi`fjd\ejXa\j\elef
jfcf#kf[fji\cXZ`feX[fjZfe\cd`jk\i`f[\cXJXcmXZ`e[\cX_l$
dXe`[X[%LeX`dX^\ehl\`dgc`ZXcXjXcmXZ`e$i\[\eZ`egf[iX
_XY\ij\[\jk`eX[fXfg\iXi\eleXckXi[\`e[lc^\eZ`Xj%
GfifkifcX[f#G\i\pej#\ejl`ek\ekf[\`dgi\j`feXiXjlZfd`$
k\ek\#_XYiX[\Z`[`[fi\Zlii`iXleX]idlcX[\o`kfgifYX$
[f1cXDX[feeX[\c=fc`^ef#gi`d\iZlX[if[\XckXi[\cg\i`f[f
[\IX]X\c\eIfdX_\Z_fgXiXleX[\mfZ`egXik`ZlcXi\eki\
(,(($(,()pZlpXi\cXZ`e]fidXcZfecXM`i^\e[\cG\i[epX_X
j`[f\ogc`ZX[XXii`YX%<e\c}dY`kfXikjk`Zf#\ci\ZfefZ`d`\ekf
[\cXg`ekliX[\IX]X\cZfdfg`\qX`dgfikXekj`dXZ`iZlcgfi
<lifgX[\jglj[\cXglYc`ZXZ`e[\cc`Yif[\MXjXi`\e(,,'%

(',

<jkXjefk`Z`Xj`e[`ZXecXgi\]\i\eZ`X[\9\Z\iiXgfi\cljf[\c
\jdXck\#efjcf\ecXg`ekliXXc]i\jZfj`efkXdY`egXiX\cc\f%
<jkl[`fji\Z`\ek\jjfYi\cXkZe`ZX[\cXg`ekliXZ\ekif$`kXc`XeX
\efYiXj[\``G\il^`efpIX]X\c#\ogcfiXecXjYjhl\[Xjgc}j$
k`ZXj[\\jkfjXik`jkXjXclk`c`qXi\c\jdXck\pfkifjZfcfi\j[\m`$
[i`fZfdfg`^d\ekfjZXgXZ\j[\Zi\XikfeXc`[X[\jkiXejgXi\e$
k\j\ecXjZXgXj[\g`ekliXpXj`d`jdfZfdfdXk\i`Xc\j`[\Xc\j
gXiXXZ\c\iXi\cj\ZX[f[\cXg\cZlcX[\XZ\`k\+.%

('

Efj\fcm`[\hl\G\i\pej_XYcXYX[\cXik\`kXc`Xef[liXek\cX
Z\eX%I\Zfi[XikXdY`ejlg\if[f[\kiXYXaf\eDX[i`[#hl`q}
Zfdfd`\dYif[\c\hl`gf[\g`ekfi\jXcj\im`Z`f[\cXZfik\
[\=\c`g\``%CXdXpfiX[\cfjg`ekfi\j[\Zfik\#Zfdf8ekfe`f
Dfif#AlXe=\ie}e[\q[\EXmXii\k\p>XjgXi9\Z\iiX#j\_X$
YXe]fidX[f\e@kXc`X+'%K\e[iXecXjefk`Z`Xjgi\j\ek\jpcXj
[`]le[`iXe\eki\jlZiZlcf[\ZfcXYfiX[fi\j%
8j`d`jdf#\e\cdf[fXikjk`Zf[\Xgc`ZXZ`e[\cZfcfi`[fp\ecX
kZe`ZX[\dXel]XZkliX[\cXM`i^\e[\cG\i[e#kXdY`ej\_X\e$
ZfekiX[f`e]fidXZ`ehl\m`eZlcXXG\i\pejZfe\ckiXYXaf[\cfj
g`ekfi\j[\cX:fik\[\=\c`g\``%:fdf\jjXY`[f#\cZfefZ`d`\ekf
\e\cdXe\afpj\c\ZZ`e[\cfjdXk\i`Xc\j\iXgXik\[\cXgi\e[`$
qXa\[\leg`ekfi\e\ckXcc\i^i\d`Xc2cXXgc`ZXZ`epd\qZcX[\cfj
Zfcfi\jgXiXcf^iXi\]\Zkfj\jg\ZZfjef\iXleXZl\jk`e\og\$
i`d\ekXc#j`efleXi\g\k`Z`e[\\]\ZkfjY`\eZfefZ`[fj%
<e\cZfcfi[\]fe[fhl\df[\cXcX^liX[\cdXekf[\cXM`i$
^\e#XjZfdf\ecXjd\qZcXjm`fc}Z\Xjhl\Zfejkilp\e\cZl\i$
gf[\cXk\cX^l`e[X\e\cdXekf[\jXekX8eXp\ecXjjfdYiXj
fjZliXj[\cm\jk`[f[\jXeAfj#j\_X\eZfekiX[fcXlk`c`qXZ`e
\ok\ej`mX[\cg`^d\ekfXqlcZfefZ`[fZfdf\jdXck\fjdXck\+(%
<c\jdXck\\jlem`[i`fZfcfi\X[fZfeo`[f[\ZfYXckf+)%<e\c
dXekf[\DXiX\jk}d\qZcX[fZfeXcYXpXc[\gXiXZi\XileZf$
cfi[\]fe[f[\kfeXc`[X[XqlcZcXif2jl]leZ`e\iXj\im`iZfdf
Zfcfi[\YXj\jfYi\cXhl\[\jglj\cXik`jkX]l\Zfejkilp\e[f
\cgXfXkiXmj[\ledf[\cX[fZfcfiifjX\e\chl\d\qZc
Z`eZfg`^d\ekfj1cXZXfi^}e`ZX#_\dXk`k\j#d`e`f#fZi\pXcYX$
pXc[\%<ecXjlg\iZ`\Xgc`Zg`eZ\cX[Xj[\Xqli`kXd\qZcX[X
Zfee\^if#ifafcXZX#_\dXk`k\jp\jdXck\gXiXcXjjfdYiXjpcX
d`jdXd\qZcXg\ifZfeXcYXpXc[\gXiXcXj}i\Xj[\clq^%(+ %
CX`ek\eZ`e[\cXik`jkXXcjfYi\gfe\iZfcfi\jZfekiXjkXek\j\j
dlck`gc`ZXicXZXgXZ`[X[[\cfjg`^d\ekfjgXiXZi\XiZfcfi\j
]l\ik\j\e`ek\ej`[X[pYi`ccf2\cdXekfk`\e\leXXgXi`\eZ`X
g\jX[XpcljkifjX#ZfeleXkfeXc`[X[`dgi\Z`jX\eki\Xqlc`e$
k\ejf#clZ\jd\k}c`ZXjpjfdYiXjm`fc}Z\Xj%8hl`dgfikXd}j
cX m`YiXZ`e hl\ gif[lZ\ le kfef jfYi\ \c fkif hl\ \c Zfcfi

('-

glif [\c g`^d\ekf gi\j\ek\% <jk\ ZXiXZk\ijk`Zf dXe\af [\c


ZfcfikXdY`ek`\e\lec`eXa\iX]X\c\jZf%<ecXKiXej^liXZ`e
G`eXZfk\ZXMXk`ZXeX#IfdX#(,)' #IX]X\cXgc`ZZfcfi\jZfe$
kiXjkXek\j[\YXaf[\cXjlg\iZ`\m`j`Yc\#gfi\a\dgcf#[\YXaf
[\cXqlclckiXdXi`ef[\cXdla\i\e\cgi`d\igcXef#_XpleX
ZXgX[\ZfcfiifjX`ek\ejf%;\cd`jdfdf[f#\e\cZ`\cf[\JXe$
kX:\Z`c`XG`eXZfk\ZX[\9fcfe`X#(,(*$(,(. #[\YXaf[\cXjl$
g\igfj`Z`e[\XqlclckiXdXi`efpXqli`kX#_XpleXZXgX_fdf$
^e\X[\ZfcfiifjXZi\X[fXgXik`i[\leXd\qZcX[\XcYXpXc[\
pcXZXfi^}e`ZXifaX+*%
<ecXjd`Zif]fkf^iX]Xj[\leXj\ZZ`ekiXejm\ijXc[\cXg`ekl$
iXkfdX[X[\cdXekf[\cXM`i^\e\e\cZlX[if[\cG\i[e#j\
Xgi\Z`XcXdfi]fcf^X[\cfjZi`jkXc\j^%(, %J\kiXkX[\gXik$
ZlcXjkiXejcZ`[Xj[\\eki\,p/'d`ZiXj#[\]iXZkliXZfeZf`[Xc
pYfi[\j`ii\^lcXi\j%<c\jdXck\j\XeXc`qgXiXZfefZ\ijlZfe$
k\e`[f\c\d\ekXc\`eZclp\1jc`Z\J`)'%*, #gfkXj`fB.%). #
ZfYXckf:f(%0* #ZXcZ`f(%,/ #Xije`Zf8j+%+0 p_`\iif
=\(%,( #ZfdfZfdgfe\ek\jZXiXZk\ijk`Zfj++%
<cljf[\c\jdXck\ZfdfdXk\i`Xc[\g`ekliXj\^\e\iXc`q\e<l$
ifgX\e\cj`^cfom`+,%I\jg\ZkfXjlljf\ecX[ZX[X[\(,-'\e
<jgXX#\j`dgfikXek\cXj\i`\[\[fZld\ekfjhl\\e(,-*j\\d`$
k\eXci\[\[fi[\cXZfdgiX[\dXk\i`Xc\j[\g`ekliXgXiXcXjfYiXj
[\ >XjgXi 9\Z\iiX \e \c GXcXZ`f I\Xc [\c GXi[f% <c [fZld\ekf
[\c)'[\alc`f\jledXe[Xkf[\ZfdgiXhl\j\\em`XcZXi[\$
eXc>iXeY\ccX\e9ilj\cXj#Zfe\cc`jkX[f[\Zfcfi\jhl\j\_Xe[\
kiX\i[\=cXe[\j%8_j\\jg\Z`ZX1pgXiX\cfc`f#Xqlc\jdXck\#
m\`ek\c`YiXj%?Xpfkif[fZld\ekfZfe]\Z_X[\c('[\[`Z`\dYi\
[\cd`jdfXfhl\\ogc`ZX\c\emf[\cfjdXk\i`Xc\jgXiX9\Z\$
iiXZfe]fid\j\g`[`\ifep[`Z\1Gi\d`\ile^jXZhl\k[lgclje
[\jdXckfXfc`f[\dX`jki\Y\ieXi[g\jXek`c`Yi\#cXc`Yi\X````f$
i`ej%@k\dle^Xlcki\jXZhl\k[\jdXckfXfc`f[\df`\ee\jfik\g\$
jXek``c`Yi\j#cXc`Yi\Xoom`gXkXij%<o`jk\leXk\iZ\iXZfdle`ZX$
Z`e[\cd`jdfXfpkiX[lZ`[XXc`kXc`Xef#hl\Zfek`\e\lec`jkX[f
[\dXk\i`Xc\jhl\j\_XYXe[\kiX\i[\@kXc`X#[fe[\j\\jg\Z`ZX
hl\cfjZfcfi\j[\Y\i}ej\i\jg\Z`Xc\jgXiXg`ekXiXc]i\jZf1gi`$
d\iXd\ek\Z`ehlXekXc`Yi\[\\jdXckf[\YfeZfcfi\\jfkk`c\+-%

^ f pX  * ) .   X f  ) ' ' 0

MXc\ cX g\eX i\jXckXi hl\ (,-* \j cX ]\Z_X [\ cfj [fZld\ekfj
\d`k`[fjgfi>XjgXi9\Z\iiX\eDX[i`[gXiXcfj\eZXi^fj[\
\jdXck\#jcfki\jXfjXek\j[\cXcc\^X[X[\J`deG\i\pejXcX
El\mX<jgXX%<ecX[\ZcXiXZ`e[\ck\jk`^fAlXeK\cdf[liXe$
k\\cal`Z`f`ehl`j`kfi`Xc[\G\i\pejXj`\ekXhl\1<ecXm`ccX[\
DX[i`[m`[f\jk\k\jk`^fXc[`Z_fJ`dfeGi\qg`ekpXi\ecXjXcX
[\jldXa\jkX[alekXd\ek\ZfecfjdX\j\jhl\\e\ccX\jkXYXel
hl\gfijl_XY`c`[X[d\i\Z`fXcZXeqXic`Z\eZ`X[\jldXa\jkX[
gXiXjXZXijli\kiXkfkf[XjcXm\Z\jhl\hl`j`\j\+/%
?XjkXX_fiX#efj\_Xm`eZlcX[fXG\i\pejZfeXc^ekiXYXaf\j$
g\ZZf\ecX:fik\\jgXfcXXek\j[\jlkiXjcX[fXcXEl\mX
<jgXX#g\if\jgfj`Yc\`e]\i`i#XkiXmj[\cXj\c\ZZ`e[\cfj
k\dXj`Zfef^i}Zfjp[\cfjdXk\i`Xc\j\dgc\X[fj\ecXkXYcX
[\cXM`i^\e[\cG\i[e#lec`eXa\Xikjk`ZfXgi\e[`[fXccX[f[\
Xc^eg`ekfiZfdf9\Z\iiXhl\jXYXdXe\aXicfj\]\Zkfjg`Zk$
i`Zfji\cXZ`feX[fjZfecXg`ekliXZ\ekif$`kXc`XeXp\egXik`ZlcXi
Zfecfj_\i\[\ifj[\cX\jZl\cX[\IX]X\c%
KiXj\c\jkl[`f[\cfjdXk\i`Xc\jpcXkZe`ZX[\Xgc`ZXZ`e[\c
Zfcfi\ecXM`i^\e[\cG\i[ej\\m`[\eZ`ledf[f[\lk`c`qX$
Z`e[\cZfcfiZfdgc\af%E`e^leX^liXe`qfeX[\i\gi\j\ekX$
Z`e]l\gcXjdX[XZfed\efj[\ki\jZXgXjjfYi\gl\jkXj%CXj
Zfem\eZ`fe\jd}ji\g\k`[Xjj\fYj\imXe\ecXj\eZXieXZ`fe\j
[fe[\jfYi\leXZXgXYXj\j\]l\ifeXgc`ZXe[fjlk`c\jm\cX[l$
iXj[\d\qZcXj[\XcYXpXc[\ZfeY\id\cce#cXZXfi^}e`ZXifaX#
Xqlc\jdXck\#k`\iiXZX]p_\dXk`k\j%CXkiXej`Z`e\eki\}i\Xj
[\clqpjfdYiXj\cf^id\[`Xek\\c[`]ld`eX[fjlXm\[\cX
g`ekliX%GfifkiXgXik\#\ecX\a\ZlZ`e[\cfjgXfj\eZfekiX$
dfjcfj\]\Zkfjd}j`ek\i\jXek\j%GXiXZi\XicXj\ejXZ`e[\cXj
k\cXj kfieXjfcX[Xj [\ cfj }e^\c\j \c g`ekfi _`qf leX jlg\igf$
j`Z`e[\ZXgXjkiXejcZ`[Xj[\cXZXjfi^}e`ZXjp\ecXjqfeXj
[\clqXYle[X\cXdXi`ccf[\gcfdf#\jkXf#d`e`fp_XjkXfif#
Zfcfi\jhl\Zfe]fidXecXgXc\kXd}jYi`ccXek\[\cj`^cfom`%
<cm\jk`[fifjX[f[\DXiX[XcXj\ejXZ`e[\j\ileXk\cXe$
j`dX#XgXi\ek\d\ek\j\[X%<jjkXleX[\cXjZfejkilZZ`fe\j
d}ji`ZXj[\cZlX[if\ekid`efj[\Zfcfipd\qZcX[\g`^d\e$
kfj%GXiX\dg\qXicX]fidX\cXik`jkX\ok\e[`leXZXgX[\c^X$
[X[\ZfcfiifjX*)X+.d`ZiXj d\qZcX[\XcYXpXc[\pifaf[\
cXZXfi^}e`ZX#cfhl\j\kiX[lZ\\elekfef[\XckX`ek\ej`[X[%
:lXe[f\jkXYXj\_lYfj\ZX[f#j\Xgc`ZXifemXi`Xjg`eZ\cX[Xj
jlZ\j`mXj [\ g`ekliX ]i\jZX# d\qZcX [\ cXZX fi^}e`ZX ifaX p
Y\id\cce#Zi\Xe[fle\jkiXkf[\\eki\*)p+*d`ZiXj^%(- %
J`^l`\e[f\cj`jk\dX[\ZcXifjZlif#\cg`ekfikiX[lafcXj}i\Xj
[fe[\^fcg\XcXclqZfdfg`eZ\cX[Xjdlp^il\jXj[\XcYXpXc[\

\cjXXiifpf

((

()

('.

(*

(,

(+

(-

[`jgl\jkXjjfYi\leXZXgX[\cXZXfi^}e`ZXifaXpY\id\cce#
g`eZ\cX[Xj hl\ j\ [`]ld`eXe _XZ`X cXj qfeXj [\ jfdYiX hl\
]l\ife\ekfeX[Xjd\[`Xek\\cljf[\ifaf[\cXZXfi^}e`ZXp
Xqlc\jdXck\2jfeXjjfdYiXjm`fc}Z\Xjhl\j\\eki\d\qZcXe
\e]i\jZfZfe\cifjX[\cm\jk`[f%Jl\jg\jfi\jXci\[\[fi[\)'
d`ZiXj#ZXj`cXd`kX[hl\cXjZXgXjjlYpXZ\ek\jpdlZ_j`df
d}jXYle[Xek\\eXZ\`k\%
<ecXM`i^\e[\cG\i[e[\cd`jdfdf[f\ehl\j\ZfdY`eXe
cfjk\dXj`Zfef^i}Zfjpj\c\ji\gi\j\ekXj`dlck}e\Xd\ek\\e
dck`gc\je`m\c\j[\c\ZkliX#cfjZfcfi\jpi\Zlijfjgc}jk`Zfjj\
jfYi\gfe\eZfecXeXc`[X[[\dXek\e\i\cd`jk\i`fpcXZfe$
]lj`e\e\c\jg\ZkX[fi%CXZfdgc\a`[X[pcX\c\ZZ`e[\df[fj
_Yi`[fjfmXi`\[X[[\cdf[f[\Xgc`ZXZ`e[\cZfcfi#jfegXik\
[\cZXi}Zk\i[\cXg`ekliXdXe`\i`jkX+0%
\cd`kf
<e\cj`^cfo`o#cXfYiXhl\fZlgXYX\ccl^XiZ\ekiXc[\c8ckXi
[\cG\i[e^fqXYX[\leX]XdX]le[X[X\ec\p\e[Xjp[\leX
jl\ik\[\gf[\id}^`Zfm`eZlcX[fZfejlZXgXZ`[X[[\[fkXi[\
`e[lc^\eZ`XjXcfj\c\jhl\i\qXYXe]i\ek\X\ccX%Ef\jgfj`Yc\
\jkXYc\Z\iZfegi\Z`j`eZl}e[fZfd\eqXlk`c`qXij\Zfdf`e$
k\id\[`Xi`XgXiXcXjXcmXZ`e[\cXj}e`dXj[\cgli^Xkfi`f%
<jdlpgifYXYc\hl\Zfedfk`mf[\cXi\\jkilZkliXZ`e[\cX
:Xk\[iXc[\Do`Zf\dgi\e[`[X\ecX[ZX[X[\(,/'pkiXjcX
i\dfZ`e[\cm`\af8ckXiDXpfi#cXkXYcX[\cG\i[ej\i\]le$
Z`feXc`qXiXZfcfZ}e[fj\\eleXckXi[\`e[lc^\eZ`Xj,'%<ck\dX
i\gi\j\ekX[fj\im`iXZfdffYiX[\[\mfZ`egXiX\cg\i[e[\
cfjg\ZX[fjp\jgfj`Yc\hl\pX[\j[\\j\dfd\ekf_XpXj`[f
gXik\[\cXel\mXZfe^liXZ`e[\ckiXjZfif%
CXM`i^\e[\cG\i[e\iXcXg`\qXZ\ekiXc[\cXckXilY`ZX[fX\j$
gXc[Xj[\cZfifphl\j\[\[`Z\c(0[\ale`f[\(.*.%<ecX>X$
Z\kX[\Do`ZfglYc`ZX[Xgfi:Xjkfi\eXpLijX#j\\eZl\ekiX
cXefk`Z`X[\cX[\[`ZXZ`e[\cel\mf8ckXi[\cG\i[epleX[\j$
Zi`gZ`egif]ljXhl\[\efkXcfj\c\d\ekfj]fidXc\j[\ci\kXYcf%

('/

<jkXYXgi`dfifjXd\ek\kXccX[fpk\eXZfiglc\ekfj\jkg`k\j1
RTi\dXkX\eg\i]\Zkfd\[`fglekf#\ehl\j\m\cX`dX^\e[\
JXeJ\YXjk`}e#pXgcfdf\e\cgi`eZ`gXccl^XicXhl\[\\jkfj
ZlckfjD`cX^ifjX@dX^\e[\El\jkiXJ\fiX#g`ekX[XZfe^iXe
[\jki\qX\eleXgl\ikX2[`Z\e#hl\gfidXef[\legi\jf#hl\
j\_XccXYX\ecXZ}iZ\c[\cXZfik\#phl\_XY`e[fj\c\ZfeZ\[`$
[fc`Y\ikX[gfi\jkXZXljX#gficXd`jdXj\ccXd#Zfdf_XjkX
X_fiXj\ccXdX#El\jkiXJ\fiX[\cG\i[eRT,(%
@ek\i\jX\cmXcfihl\[`f\ci\[XZkfi[\cXefkXZfej`^eX[X\ecX
>XZ\kX[\Do`ZfXcXc\p\e[Xhl\\emfcmXcX`dX^\e1[`Z\e
hl\gfidXef[\legi\jf#X__Xple`e^i\[`\ek\[\\jZ\gk`$
Z`jdf#j`e\dYXi^f#\jcfhl\j\jXYX\e(.*.%<e\j\dfd\ekf#
\cd`kf[\c\eZXiZ\cXd`\ekfpcX\a\ZlZ`e[\cXg`ekliXpX\iXe
leX_`jkfi`Xi\g\k`[X%8cXgfjki\#cXmXcfiXZ`ejfZ`Xc[\cX`dX$
^\eYXafcXX[mfZXZ`e[\cXM`i^\e[\cG\i[epjl\jk`dXZ`e
\]\Zk`mXZfdfled\[`f[\Zfdle`ZXZ`e\eki\\c_fdYi\pcX
[`m`e`[X[#j\Zfdgil\YXZfecX\o`jk\eZ`X[\[fj^iXYX[fj[\
(.-+p(/(,#jfYi\\cZlckf[\cXd`cX^ifjX`dX^\eZfdf]l\ek\
[\`e[lc^\eZ`Xj^j%(.p(/ %CXkXYcX_XYXX[hl`i`[flemXcfi
gfijl]leZ`ejfZ`Xcpi`klXc#d}jXcc}[\cX`dX^\e%<cZlX[if
\jkXYX[fkX[f[\Z`\ikfgf[\i[\g\ijlXj`e#k\eXleXg\ijf$
eXc`[X[gifg`XXZlX[X\ecXgiXo`j1cfjfYa\kfjjfcfgl\[\e
j\i mXc`fjfj ZlXe[f \jk}e [fkX[fj \]\Zk`mXd\ek\ [\ Z`\ikXj
gifg`\[X[\jfYa\k`mXj,)%:fdfj\m\\e\c^iXYX[f[\(.-+#cX
\jZ\eXj\_XXY`\ikfgXiX[\aXi\ekiXi\elegi`d\igcXefXcXj
}e`dXj[\cgli^Xkfi`fhl\#gcXZ\ek\iXjpg`X[fjXj#Xj`jk\eXcX
:fifeXZ`epXjld\ecXjfc\de`[X[[\cX]Xd`c`XjX^iX[X%
AlXe[\M`\iX#X[d`e`jkiX[fi[\cZfc\^`f[\JXe@c[\]fejf#i\$
[XZk\eki\(...p(../leXZie`ZXjfYi\cX:`l[X[[\Do`Zf
[fe[\[\jZi`Y`\c8ckXi[\cG\i[e[\cX:Xk\[iXc%<ejlk\okf
j\`eZi\d\ek\cd`kfXci\[\[fi[\cZlX[if_XjkX\cglekf[\
Xki`Yl`ijlgifg`\[X[XdXefjal[Xj,*%
Ef\jcl^Xi[\XYle[Xi\ecXgfjkliXXek`j\d`kX[\cX[d`e`jkiX$
[fi[\cZfc\^`f[\JXe@c[\]fejf#g\ifj[\[\jkXZXi\ci\Zlijf
XcXkiX[`Z`e\`dgfikXeZ`X_`jki`ZX[\cXg`\qXgXiXaljk`ZXi
gfjkliXji\c`^`fjXj%CXZXgXZ`[X[[\cX`dX^\egXiXXZk`mXi\c
`dX^`eXi`fjfZ`Xchl\[XdXe`\jkX\e\jkfj\a\dgcfj[\cj`^cf
om```1\jkXdgXj#Zie`ZXjpefk`Z`Xj%<e\cg\ejXd`\ekfZ`kX[`$
efpXj\_XYXeZX[fleX\ogc`ZXZ`egXiXcfjgf[\i\jd}^`$
Zfj[\cXg`ekliX#ZXc`ZX[X[\d`cX^ifjj`dX\ecX\jkXdgX[\
(/(,%CX]leZ`feXc`[X[[\c8ckXi[\cG\i[ej\\ok\e[\iX_XjkX
eXc\j[\cj`^cfo`o#Zfdfcf[\dl\jkiXcXXclj`e\e\ck\okf[\
AfjDXiXDXiifhlXcXZfeZ\j`e[\`e[lc^\eZ`Xj\e\cXckXi
[\ckiXjZfif1RT\jXek`hlj`df#kXcm\qZfek\dgfi}e\f[\cX
\i\ZZ`e[\cXZXk\[iXc#\j[\}e`dXg\ig\klXp\jk}\ei`hl\Z`$
[fZfed`c^iXZ`Xj\`e[lc^\eZ`XjX]Xmfi[\cXj}e`dXj[\cGli$
^Xkfi`f#gfi[`m\ijfjjldfjgfekZ\jp[\Xhl#\eZfeZ\gkf
el\jkifklmffi`^\ejlefdYi\,+%
CX_`jkfi`X[\cXM`i^\e[\cG\i[ej\\ei\[[liXek\\cj`^cf
o`o Xc d\qZcXi cX kiX[`Z`e gfglcXi Zfe `e]fidXZ`e [\ k`gf
_`jki`Zf%<ecX[ZX[X[\(//'XgXi\Z`\e\c[\jgXZ_f[\le

^ f pX  * ) .   X f  ) ' ' 0

(* JfdYiXhl\gifp\ZkX\cZl\igf[\c
}e^\cjfYi\cXj\jkiXj[\cXg`cXjkiX%
D`Zif]fkf^iX]X[\cXgcXZX[\(0-,#
<ld\c`X?\ie}e[\q#)''/%

(,

@dX^\e[\cXjgXikZlcXj[\\jdXck\
fYj\imX[XjYXafd`ZifjZfg`f
\c\Zkie`Zf[\YXii`[f#('''o#DXel\c
<jg`efjX#)''/%

(+ J\ZZ`ekiXejm\ijXc[\cdXekf[\
DXiX[fe[\j\Xgi\Z`XcX
jlg\igfj`Z`e[\ZXgXj1Xqlc\jdXck\
ZfeXcYXpXc[\#ifaf_\dXk`k\jpXqlc
m`fc\kXZfe]fidX[fgfiXqli`kX#cXZX
fi^}e`ZXifaXpXcYXpXc[\%
D`Zif]fkf^iX]Xlm#('o#<ld\c`X
?\ie}e[\q#)''/%

(- J\ZZ`ekiXejm\ijXc[\cm\jk`[f[\cX
M`i^\e[fe[\j\Xgi\Z`XcXjlZ\j`e[\
ZXgXjkiXjclZ`[Xjk\`[Xj[\cXZXfi^}e`ZX
ifaXjfYi\ki\jmXi`XZ`fe\j[\YcXeZf$
ifjX[f%GficX`cld`eXZ`elckiXm`fc\kXcX
cXZXgi\j\ekXleXlfi\jZ\eZ`X[\
kfeXc`[X[ifjX`ek\ejf%D`Zif]fkf^iX]X
lm#,'o#<cjX8iifpf#)''/%

\il[`kfcX[fZld\ekXZ`efi`^`eXcjfYi\\cal`Z`f`ehl`j`kfi`Xc
[\J`deG\i\pejpjlZXjk`^f%CXfYiX[\DXel\c>%I\m`ccX#\c
8ik\\eDo`Zf#glYc`ZX[X\e(/0*#]l\cXgi`d\iX\ed\eZ`feXi
\cal`Z`f`ehl`j`kfi`Xc[\J`deG\i\pejpjlgfj`Yc\i\cXZ`e
Zfe\c8ckXi[\cG\i[e%<c[fZld\ekfhl\eXiiX\cgifZ\jf`e$
hl`j`kfi`Xc\iXgifg`\[X[[\AfjDXiX[\8^i\[XpJ}eZ_\q#
hl`\ej\cfdfjkiXDXel\c>%I\m`ccXpXAfjDXiXDXiifhl#
pcl\^fcfgXjXCl`j>feq}c\qFYi\^e%

CXM`i^\e[\cG\i[e#d}jhl\e`e^leXfkiX[\cj`^cfom`efmf$
_`jgXef#_Xjl]i`[fdlkXZ`fe\j\ecXj`^e`ZXZ`e[\cfi\gi\$
j\ekX[f%CfjfYa\kfjXikjk`ZfjefjfeZi\X[fjZfecX^XiXekX
[\cfhl\j\i}jl[\jk`ef2[\_\Z_f#\cXik`jkXeleZXgf[i}\jkXi
j\^lif[\c\]\Zkf[\jlfYiX%CXji\jgl\jkXjhl\^\e\iXeZfdf
X^\ek\j#jfeZfej\Zl\eZ`X[\cfjXaljk\jZlckliXc\j\ecX[`d\e$
j`e[\ck`\dgfp\c\jgXZ`f%?XpfYa\kfj\jg\Z`Xc\jZfdfjk\
hl\jfYi\m`m\eXcfjljfjp\ogc`ZXZ`fe\j[\cXjgfZXj%

yjk\ck`df[\a\jZi`kXcXc\p\e[X\ekfiefXcXM`i^\e[\cG\i$
[e\ejlc`YifDo`ZfM`\af,,%;\j[\\cgi`eZ`g`f[\ci\cXkfefj
X[m`\ik\jlfYa\k`mf1[\j\ei\[XicXc\p\e[Xhl\\cmlc^feXiiX$
YX\`eZcljfgf\kXjZXekXYXeXZ\iZX[\leXg`ekliXhl\]l\_\$
Z_Xgfileal[fjfYi\cXgl\ikX[\leXZ}iZ\c%<e\jk\j\ek`[f#
kd\j\\eZl\ekXhl\>feq}c\qFYi\^e]l\\cgi`d\i\[`kfi
[\cXZie`ZX[\AlXe[\M`\iX%

<ecXM`i^\e[\cG\i[ecfhl\]l\ZfeZ\Y`[fZfdfleX[\mfZ`e
gXik`ZlcXij\kiXej]fid\eleX`Zfef^iX]Xk`cZfdf`dX^\e
[\`e[lc^\eZ`Xj%CXg`ekliXZfecXXgXi`Z`e[\cXM`i^\e\ekif$
e`qX[XZfejle`f\ecfjYiXqfjpXZfem\ik`[X\eleZlX[if[\
`e[lc^\eZ`Xj#]leZ`fe[liXek\ki\jj`^cfjZfdflek\jfif#leX
`dX^\ed`cX^ifjXhl\Xpl[XYXXcXi\d`j`e[\cfjg\ZX[fjp
cXfYk\eZ`e[\cX^cfi`X%CXj}e`dXjjl]i`\ek\j[\cgli^Xkfi`f
g\idXe\Z\e\eki\ccXdXj_XjkXhl\cfjjl]iX^`fj[\cfjZi`jk`X$
efjm`mfjcf^iXejlXjZ\ejfXcZ`\cf%

<ejldX#_XZ`XeXc\j[\cj`^cfo`o#cX_`jkfi`X[\cXM`i^\e[\c
G\i[ej\\eki\k\aX[\[Xkfj_`jki`ZfjpkiX[`Z`efiXc#cX`dX$
^\e\jkXYXi\$j`^e`ZX[Xpef`dgfikXYXj`_XYXm\i[X[_`jk$
i`ZX\ejlkiXkXd`\ekf2ef`dgfikXYXj`[\gifekfXc^l`\em\X
\ecX\jZ\eXXleXdfeaX\ecl^Xi[\cX^liX[\jXekX8eXp
kXdgfZfj`j\c\m\XcXidX%<jkXYXXZk`mX[X\e\cZlckfp\ecX
d\dfi`XZfc\Zk`mX#\iXleXg`ekliXXek`^lX#\jkXYX_\Z_XjfYi\
leXgl\ikXpjlXikZ\_XYXj`[fle\okiXea\if_\i\a\%:fdf
fYa\kf kfdXYX gXik\ \e leX [\ cXj XZk`m`[X[\j d}j i\Zlii\e$
k\jgficXjhl\le\cm`j`kXcX`^c\j`X1\cg\i[e%CXhl\\ejl
dfd\ekf[\Zi\XZ`e_XYXj`[fleXfYiX[\mfkX#XZfi[\Zfe
\c[\ZfildpcXjZXk\^fiXj[\Zfem\eZ`fe\ji\gi\j\ekXk`mXj,-
gifg`Xj[\com`#_XYXdlkX[f\e\cj`^cfo`oXfkiX\j]\iX[\
j`^e`ZX[f#efd\efj`dgXZkXek\\ecfjfZ`Xc%CX`dX^\e#jl
]leZ`egi\j\eZ`Xc#eleZXX^fkcXZXgXZ`[X[[\i\jgl\jkXgfi
gXik\[\ci\Z\gkfi#j\Zfejk`klpXjZfdfleX^\ek\ZlckliXc%
CfjfYa\kfjfg\iXeZfdfgXik\[\c[\jXiifccfjfZ`Xc\e\chl\
X[hl`\i\ecXZXgXZ`[X[[\j\ic`Yi\j[\jlj`^e`ZXZ`efi`^`eXc
pj\ml\cm\ejla\kfjXZk`mfj#hl\gfij`d`jdfjjfeZXgXZ\j[\
\e]i\ekXicfjZXdY`fjf[\i\efmXijlj`^e`ZX[f,.%

\cjXXiifpf

CXg`ekliX#Xc`^lXchl\le}e`dX[\cgli^Xkfi`f#]l\i\jZXkX[X
[\c]l\^f%J\Zfem`ik`\ecXil`eXgi\dXkliXpjXZiX[\Xhl\ccX
XgXi`Z`e[`m`eX%
8gXik`i[\c`eZ\e[`f#\cmXcfi[\cXM`i^\e[\cG\i[eefi\j`[\\e
jldXk\i`Xf\jkilZkliX#ef\jXc^f`ekiej\ZfXcXZfjX#j`efleX
efZ`eZfek\dgfi}e\X%FkiXm\q\cg\jf[\cXkiX[`Z`epcX\jk`$
dXjfZ`Xc[\cXfYiXcXZfej\imXifeZfdffYa\kf[\XZk`mXZ`e[\
cXd\dfi`X%Efj\kiXkX[\ZlXchl`\ig`ekliXhl\dX[Xj`ef[\leX
hl\k`\e\legXjX[f`dgfikXek\%Jljlg\iZ`\g`Zki`ZXX[hl`i`
leXel\mX\jkk`ZX#\c]iX^d\ekfYliYla\X[fpZiXhl\cX[fgifmf$
ZX`eki`^Xgfijle`m\c[\[\jkilZZ`e%?fpgf[\dfjm\i\c]i\ek\
pi\mj[\cZlX[ifXcd`jdfk`\dgf#\jXel\mXZfe[`Z`e\jcXhl\
_Xgifdfm`[fjlZfcfZXZ`e\ei\Z`\ek\j\o_`Y`Z`fe\j[\Xik\%CX
ck`dX\ogfj`Z`e]l\`eXl^liX[X\eefm`\dYi\[\)''/#X_cX
M`i^\e[\cG\i[egXik`Z`gXYX[\cXi^ld\ekfjfYi\al[fj#_\i\$
aXjp\cJXekfFZ`f,/%=l\hl`q}\cdfiYf\chl\cXZfcfZXc`e`Z`f
[\ci\Zfii`[f\o_`Y`\e[fkf[f\cgXe\cpjl[\k\i`fif%

('0

8ZklXcd\ek\cXgif]le[Xj`^e`]`ZXZ`e[\cXfYiXhl\dX[X
\ogc`ZXgfihlcXgi\j\eZ`X[\cX`dX^\e\eil`eX%<jcXe`$
ZXg`\qXm`ii\`eXchl\j\\o_`Y\Xj\eDo`Zf%JlXliX\j
`e\cl[`Yc\%
CXZfej\imXZ`e[\leXg`\qXhl\dX[X\ji\jlckX[f[\cXk\e$
j`e \eki\ cf hl\ [\Y\ ^lXi[Xij\ gXiX cX ZfejkilZZ`e [\ cX
`[\ek`[X[ [\ le gl\Ycf p cX i\j`^eXZ`e [\ g\i[\i d\dfi`X
_`jki`ZX%<jgXik\[\legifZ\jf[\kfdX[\[\Z`j`fe\jZfd$

gc\af [fe[\ `ek\iXZkXe [fj \j]\iXj# cX [\ cfj XZkfi\j# `e[`m`$
[lfjZfegf[\i`ek\c\ZklXc#gfck`Zffi\c`^`fjfhl\[`i`^\ecX
kfdX[\[\Z`j`epcX\j]\iX[\cX[`d\ej`e_`jki`ZX#gi\j\e$
k\\ecX^\jk`e[\cfjfYa\kfj[\ZlckliX%<cj`^cfoo[\dfjki
hl\gf[\dfj[\jkil`ipmfcm\iX_XZ\iZ`l[X[\j\ek\iXj#hl\cX
k\Zefcf^XdfekX[XgXiXcX`e[ljki`X[\cXZfejkilZZ`egl\[\
[\dfc\ipmfcm\iXc\mXekXi\[`Z`fj[\dXk\i`Xc\jdf[\iefj#
hl\\cgXefiXdXliYXefZXdY`XZfek`elXd\ek\phl\jfdfj
i\jgfejXYc\j[\cgXki`dfe`fXikjk`Zf_\i\[X[f[\cgXjX[f%

(. >iXYX[f[\QXgXkX#Xf[\(.-+%
8gXi\Z`glYc`ZX[f\e1=iXeZ`jZf[\
8af]ie#;`Xi`f[\cm`Xa\hl\gfifi[\e
[\cXjX^iX[XZfe^i\^XZ`e[\
GifgX^Xe[X=`[\_`qfXcX8di`ZX
J\gk\eki`feXc\e\cJ`^cfOM@@@%

(.

(/ DXel\c8iXfq#[`Ylap^iXY\e
c}d`eX[\ZfYi\El\jkiXJ\fiX[\c
G\i[e%<jkXdgXglYc`ZX[X\eOXm`\i
Dfpjje#CXjg`ekliXjg\[`[Xj[\cX
:Xk\[iXc[\Do`Zf#\e8eXc\j[\c
@ejk`klkf[\@em\jk`^XZ`fe\j<jkk`ZXj#
e%*0#Do`Zf#``\$leXd#(0.'%

(/

efkXj
(

)

*

+

,

-

.

/
0

D% =flZXlck# CXj gXcXYiXj p cXj Zf$


jXj# kiX[% <cjX :\Z`c`X =ifjk# J`^cf oo`#
Do`Zf#gg%+)$,)%
<% Kcc\q MXi^Xj# <c XckXi [\c g\i[e#
\cZfifpmXc`fjXjg`ekliXj#[\jkil`[fj#
\e<cLe`m\ijXc%<c^iXe[`Xi`f[\Do`$
Zf#Xfc`#kfdfZZm`#e%(/(,-#Do`Zf
[%]%#d`iZfc\j(/[\\e\if[\(0-.#gi`$
d\iXgcXeX%
K\dg\iXkliX d}o`dX XcZXeqX[X Xc i\$
gif[lZ`i \og\i`d\ekXcd\ek\ \e cXYf$
iXkfi`f le `eZ\e[`f ]fi\jkXc% C% Q}iXk\
Cg\q# <jkl[`f [\ cXj ZXiXZk\ijk`ZXj
]j`ZXjp^\fdki`ZXj[\cXccXdX\ecfj
`eZ\e[`fj ]fi\jkXc\j# K\j`j [fZkfiXc#
Le`m\ij`[X[ [\ :XkXclX# )''+# g% .0%
M\ij`e \c\Zkie`ZX1 nnn%k[o%ZXk&k[o$
','*('+$'0,++*%
Gfifi[\egi\j`[\eZ`XcXp\id`jdfj\
`e`Z` cX i\jkXliXZ`e [\ cX :Xk\[iXc#
\e [`Xi`f <oZcj`fi# \c g\i`[`Zf [\ cX
m`[X eXZ`feXc# DXel\c 9\Z\iiX [`i\Z$
kfi #XfC#kfdf@#Do`Zf[%]%#m`\ie\j
)'[\\e\if[\(0-.#gi`d\iXgcXeX%
<dgi\e[\i} \c ^fY`\ief cX i\Zfej$
kilZZ`e [\c XckXi [\c g\i[e# \e cX
ZXk\[iXc#\e<c;X%MfZ\if[\cGl\Ycf
D\o`ZXef#[`Xi`f#Do`Zf[%]%#Xfm#e%
(-++# al\m\j (0 [\ \e\if [\ (0-.# gi`$
d\iXgcXeX%
;feXk`mf [\ GXlcf m` gXiX cX i\jkXl$
iXZ`e [\ cX :Xk\[iXc# gfi A% =XcZfe`#
\e<c?\iXc[f[\Do`Zf#[`Xi`f#;`i\Z$
kfi >XYi`\c 8cXiZe# Do`Zf [%]%# Xf
``#e%+*(#j}YX[f)([\\e\if[\(0-.#
gi`d\iXgcXeX%
8% If[i^l\q Bli`# CX gifjZi`gZ`e
[\cXliX%8ihl`k\ZkliXpgfck`ZX\ecX
i\jkXliXZ`e [\ cX :Xk\[iXc [\ Do`$
Zf# (0-.$(0.(# \e ?`jkfi`X D\o`ZXeX#
cm`1+# <c :fc\^`f [\ Do`Zf# Do`Zf#
)''.#g%(*(,%
@Y`[%#g%(*(+%
<[dle[f F>fidXe (0'-$(00,  ]l\
XYf^X[f[\gif]\j`epi\Xc`q\c[fZ$
kfiX[f \e ?`jkfi`X \e cX Le`m\ij`[X[
EXZ`feXc 8lkefdX [\ Do`Zf% J\
m`eZlc Zfe cX cfjf]X [\ ?\`[\^^\i
X kiXmj [\ Afj >Xfj \ `ekif[laf \c
_`jkfi`Z`jdf Zfdf fkiX ]fidX [\ _X$
Z\i_`jkfi`X%I\Z`\ek\d\ek\j\c\_`qf
le _fd\eXa\ \e cX 8ZX[\d`X D\o`ZX$
eX[\cX?`jkfi`X%MXj\1D\dfi`Xj[\

(('

cX 8ZX[\d`X D\o`ZXeX [\ cX ?`jkfi`X#


)+?f[`^`ki`X\jcX`dX^\e[\cXDX[i\[\
e\j<jkk`ZXj``\ #leXd%
Zfii\jgfe[`\ek\ [\ cX I\Xc [\ DX[i`[# )( CX [`^`kXc`qXZ`e [\ cX gcXZX p cX Zf$
;`fj \ `ek\iZ\jfiX gi`m`c\^`X[X gfi jl
kfdfoc`o#Do`Zf#)''.$)''/%
_`afj%<jcXi\gi\j\ekXZ`ehl\eZjl
ii\ZZ`e[`^`kXc[\cZfcfi]l\i\Xc`qX[X
kiX[`Z`e Zfdf ^liX klk\cXi [\j[\ cX
gfi 8^ljke <jkiX[X Zfe le jZXee\i
(' I%Il`q>fdXi#<cXckXi[\g\i[e#\e
i\]fidX [\ cX @^c\j`X _XZ`X eXc\j [\c
@dXZfe[\?Xjj\cYcX[pcXkXia\kX>i\kX
:Xk\[iXc[\Do`Zf%GXki`dfe`fXikjk`Zfp
j`^cfo`p\ecfjgi`d\ifj[\Z\e`fj[\c
DXZY\k_%CX`dX^\eeXc\j[\)+Y`kj#
ZlckliXc#J\Zi\kXiX[\;\jXiifccfLiYXef
o``# \e cfj <jkX[fj [\ DXk_`c[\ [\ :X$
XleXi\jfclZ`e[\*''[g`#kXdXf[\
p<Zfcf^X#Do`Zf#(0/-#gg%+0,$,'+%
efjjX% MXj\ ;% Iljjf# C\j i\gij\e$
/,d\^XY`k\j%
(( F% GXq# <c XqXi p cX d\dfi`X1 K\f[fif
kXk`fej dXi`Xc\j [Xej cXik [FZZ`[\ek%
>feq}c\q [\ C\e# \e K\f[fif >feq}$ )) o% Dfpjje [\a ZfejkXeZ`X [\c [\j$
<jjX` jli cX ]fidXk`fe [le\ kiX[`k`fe
c\q[\C\e#I\kiXkf[\Xihl`k\ZkfZfeZ`l$
ZlYi`d`\ekf [\ cX idX [\ G\i\pej
`Zfef^iXg_`hl\# \e ;% @f^eX$GiXk# <%
[X[#8ik\j[\Do`Zf#Do`Zf#(00-#g%o%
\e \c XikZlcf CXj g`ekliXj g\[`[Xj
GXcXqqf p ;% Iljjf \[j% # DXi`\% C\
[\ cX :Xk\[iXc [\ Do`Zf# 8eXc\j [\c
() Efm\[X[\j% <c d\afi [`Xi`f [\ Do`Zf#
Zlck\[\cXM`\i^\[XejcXjfZ`kd[`$
@ejk`klkf [\ @em\jk`^XZ`fe\j <jkk`ZXj#
al\m\j (0 [\ \e\if [\ (0-.# Xf ooo``#
mXc\#9\XlZ_\je\#GXij#(00-#g%)+*%
e% *0# ``\$leXd# Do`Zf# (0.'# g% /0#
e% 0*+0# g% ()# J\ZZ`e @e]fidXZ`e
Xj Zfdf \e le Zfd\ekXi`f dXeljZi`$ ), <jkX `Zfef^iX]X j\ i\dfekX Xc gfek`$
EXZ`feXc%
gfek`$
kfZfeYfc^iX]fXceXc[\leXefkX[\
ZX[f [\ AlXe m`` .',$.'. % CX M`i^\e
(* =%[\cXDXqX#@eZ\e[`f\ecX:Xk\[iXc#
;`\^f8e^lcf\ecXhl\Xki`Ylp\cXM`i$
kifeflY`ZX[X\e\c}Yj`[\[\cX`^c\j`X
g}^`eX \[`kfi`Xc# ;`Xi`f <oZcj`fi% <c g\$
^\e[\cG\i[eXcg`eZ\c[\=iXej=cfi`j
Zfdf [\mfZ`e gXik`ZlcXi [\c gXgX j\$
i`[`Zf[\cXm`[XeXZ`feXc#XfC#kfdf(#
f jl ZiZlcf% <jkX efkX \jk} glYc`ZX[X
iX dXek\e`[X p ZX[X m\q d}j i\gi\$
Do`Zf[%]%#al\m\j(0[\\e\if[\(0-.%
\e \c 8iZ_`mf <jgXfc [\ 8ik\# e% )'/#
j\ekX[X\e\cXik\[\FZZ`[\ek\#Zfdf
(+ A% Iljb`e# K_\ cXdg f] k_\ d\dfip#
DX[i`[# :fej\af [\ @em\jk`^XZ`fe\j
\ecX:Xk\[iXc[\Efki\;Xd\[\:_Xi$
\e K_\ J\m\e cXdgj f] 8iZ_`k\Zkli\
:`\ekZXj# @ejk`klkf ;`\^f M\c}qhl\q#
ki\j [fe[\ cX M`i^\e \ekife`qX[X Zfe
(//' # E\n Pfib# ;fm\i GlY# (0/0# gg%
(0.0#g%+*0p\c\a\dgcXijfYi\\chl\
\c E`f \j cX `ek\iZ\jfiX [\ cfj \c\j
(/-$(/.%
Zfd\ek Dfpjje j\ \eZl\ekiX \e cX
XcX\ekiX[X[\ck\dgcf%CXZldYi\[\
(, GXiX leX k`gfcf^X [\ cX [\jkilZZ`e
9`Yc`fk\ZX [\c ``\% Ef [\aX [\ ZXljXi
\jk\ k`gf [\ i\gi\j\ekXZ`fe\j ]l\ife
[\`d}^\e\j#mXj\19%CXkflipG%N\`$
\okiX\qX hl\ DXel\c KfljjX`ek ef
cfj ZlX[ifj [\ XckXi [\c HlXkkifZ\ekf
Y\c#@ZfefZcXj_%9\pfe[k_\`dX^\nXij
j\_XpXg\iZXkX[f[\cX`ejZi`gZ`e\e
`kXc`Xef#ZfdfcXDX\jk}[\;lZZ`f\e
`e jZ`\eZ\# i\c`^`fe Xe[ Xik# BXicjil_\#
cXM`i^\e[\cG\i[eZlXe[f\jkl[`cX
J`\eX%;%Iljjf#fg%Z`k%#gg%(/*$)*+%
qbd :\ek\i ]fi Xik Xe[ d\[`X&d`k
g`ekliX[\Z\iZXpj`e\cm`[i`f#Xgifg$ )- <ecX9`Yc`Xj\i\cXkXecXj`ejkilZZ`fe\j
Gi\jj:XdYi`[^\#)'')#gg%0-$(*+%
j`kf[\jlc`Yif:Xk\[iXc[\Do`Zfgl$
hl\ i\Z`Y` Df`jj gXiX cX ZfejkilZ$
(- D% Ifk_# @ii\j`jk`Yc\ ;\ZXp1 Il`ej I\$
Yc`ZX[f\e(0+/%G\j\X\ccf#ef[l[\e
Z`e [\ cX k`\e[X1 P _Xi}j le m\cf [\
ZcX`d\[# >\kkp @ejk`klk\# Cfj e^\c\j#
Xki`Yl`icXXG\i\pej#i\ZfefZ`\e[fhl\
aXZ`ekf# gigliX# \jZXicXkX# ZXid\j p
(00.#g%/%
[\ki}j[\\ccX_XYXleXkiX[`Z`efiXc
c`efefkfiZ`[fZfehl\ilY`e\j%?X[\
(. JfYi\ cX Zfe]fidXZ`e [\ cXj Zfc\ZZ`f$
hl\[XYXiXqe[\cXfYiX#jldfd\ekf
j\ileXfYiXdX\jkiX#yof[f),1/%
e\jeXZ`feXc\j[\Xik\m`ii\`eXc#mXj\1
[\Zi\XZ`epjlXlkfi%Gfjk\i`fid\ek\# ). <c ^iXYX[f [\ DXiZXekfe`f IX`dfe$
li\X Il`q [\ >liqX# @ekif[lZZ`e#
Xci\[\[fi [\ (0+, KfljjX`ek _`qf leX
\e :Xk}cf^f Zfd\ekX[f [\c XZ\imf [\c
[` hl\ Xhl j\ gi\j\ekX ]l\ i\Xc`qX[f X
el\mX `ejg\ZZ`e [\ cX g`ekliX hl\
Dlj\fEXZ`feXc[\8ik\#El\mX<jgXX#
gXik`i [\ le Xglek\ [\ cX DX[feeX [\c
hl\[i\^`jkiX[X\eleX]fkf^iX]Xhl\
kfdf``#ZfeXZlckX&leXd$``\#Do`Zf#
=fc`^ef(,(($(,() [\IX]X\c%MXj\8%D%
j\ Zfej\imX \e \c 8iZ_`mf =fkf^i}Zf
)''+#gg%()$,-%
?`e[# DXiZXekfe`f Xe[ @kXc`Xe \e^iX$
[\c@ejk`klkf[\@em\jk`^XZ`fe\j<jkk`$
m\ijXe[\kZ_\ijf]k_\j`ok\\ek_Z\eklip#
(/ D%Ifk_#fg%Z`k%#g%)%
ZXj[\cXleXd%<jkX`dX^\ealekfZfe
Xgl[# J% J\YXjk`}e# El\mf ^iXYX[f \e
(0 <eXYi`c[\)''/j\i\Xc`q\c\jkl[`f
\c[\kXcc\[\ck\okf#cc\^Xc``\\e(00,
cXfYiX[\G\i\pej#\e8eXc\j[\c@@<#e%
kZe`Zf [\ cX fYiX gfi cfj d`\dYifj
\e\cXZ\imfhl\[feXiXcXJiX%DXi^X$
[\c Gifp\Zkf gXg``k `e+')''.# <j$
*,#``\$leXd#Do`Zf#(0--#gg%+,$+.%
i`kXCXkXg#m`l[X[\DXel\cKfljjX`ek% )/ :]i% E% J`^Xlk# <c DXik`i`f [\ JXe
kl[`f Z`\ekZf [\ gXkife\j [\ i\]\$
8^iX[\qZf \jkX `e]fidXZ`e X cX _`jkf$
i\eZ`X[\cXg`ekliX[\cj`^cfom`#[\c
Cfi\eqf# \e :Xk}cf^f Zfd\ekX[f [\c
i`X[fiX:\Z`c`X>lk`ii\q8ii`fcX%
@ejk`klkf [\ =j`ZX p \c CXYfiXkfi`f
XZ\imf [\c Dlj\f EXZ`feXc [\ 8ik\#
[\ ;`X^ejk`Zf [\ FYiXj [\ 8ik\ [\c )* CXje`ZXj
El\mX <jgXX# kfdf ``# gg% (,0$(-. p
CXje`ZXjidXj[\cXik`jkXj\Zfej\i$
idXj[\cXik`jkXj\Zfej\i$
@ejk`klkf [\ @em\jk`^XZ`fe\j <jkk`ZXj#
G% 8dX[fi# P _XYcXife [\ g`ekfi\j ]X$
mXe \e cX g`ekliX Zfe \c k\dX [\ DX^$
Le`m\ij`[X[ EXZ`feXc 8lkefdX [\
dfjfj[\@kXc`X#\e8eXc\j[\c@ejk`klkf
[Xc\eXg\e`k\ek\lY`ZX[X\ecXgi\[\cX
Do`ZfleXd %
[\@em\jk`^XZ`fe\j<jkk`ZXj#e%0)#``\$
[\cXckXidXpfi[\?l\afkq`e^f#Gl\YcX#
leXd#Do`Zf#gi`dXm\iX[\)''/%
]\Z_X[X \e (,/- p \e cX kXYcX [\ JXe
)'CXj gcXZXj ]fkf^i}ZXj j\ \eZl\ekiXe
:i`jkYXc# g\ik\e\Z`\ek\ X cX :Xk\[iXc )0<e
\e \c 8iZ_`mf =fkf^i}Zf DXel\c
<e cX [\ZcXiXZ`e hl\ \c g`ekfi =iXe$
[\Do`Zf#]\Z_X[X\e(,//%
KfljjX`ek[\c@ejk`klkf[\@em\jk`^XZ`f$
Z`jZf[\QldXpXgi\j\ek\e(,./#gXiX

^ f pX  * ) .   X f  ) ' ' 0

XZljXi X J`de G\i\pej Xek\ \c JXekf


FZ`f gfi gXcXYiXj hl\ [`af \e ZfekiX
[\ cX ]\ ZXkc`ZX# \ogfe\ hl\ d`\ekiXj
\jkXYXeZ\eXe[fJ`de[\ZcXihl\Xc
Yl\edfifpXcYl\ee\^if;`fjc\[Xi}
jl >cfi`X p Xc dXcf jl g\eX# Xek\ cf
ZlXc#QldXpXgi\i`hl\ZXdY`XiXecX
Zfem\ijXZ`e p _XYcXife [\ g`ekfi\j
]Xdfjfj[\@kXc`X%;fZld\ekfgi\j\e$
kX[f\eD%KfljjX`ek#GifZ\jfp[\ele$
Z`XjZfekiXJ`deG\i\pej\ecX`ehl`j`$
Z`e[\Do`Zf#Jlgc\d\ekfXce%)[\
8eXc\j [\c @ejk`klkf [\ @em\jk`^XZ`fe\j
<jkk`ZXj#leXd#Do`Zf#(0*/#g%*/%
*'<c ZfeZ\gkf [\ i`c`\mf ]l\ [\jXiifccX[f
gfi 8cY\ik` p j\ \ok\e[` Zfdf cX [\$
e`Z`e[\lei\Zlijf[\ckXcc\i[\cg`ekfi%
MXj\ D% 9XoXe[Xcc# G`ekliX p m`[X Zfk`$
[`XeX \e \c I\eXZ`d`\ekf# >ljkXmf >`c`#
9XiZ\cfeX#)'''#gg%(,)$(,*%
*( :% :\ee`e`# <c C`Yif [\c 8ik\# kiX[% I`$
ZXi[fI\jkX#8i^fj#9l\efj8`i\j#(0+.#
ZXg%m```#g%)0%
*) C%9%8cY\ik`#;\cXg`ekliXpfkifj\jZi`$
kfjjfYi\Xik\#kiX[%IfZf[\cXM`ccX#DX$
[i`[#K\Zefj#(000#C`Yif``#+-#g%('0%
** M%@%Jkf`Z_`kX[`jZlk\\c\jhl\dX[\i\$
gi\j\ekXZ`e\jg\ZlcXi\ekfiefXcXik\
[\c I\eXZ`d`\ekf p \c fi`^\e \e cX cf$
jf]X [\ GcXke# [\c \jkX[`f [\c \jg\af
Zfdf [\jm`XZ`e$jlg\iXZ`e [\c \jkX$
[`f[\cXjfdYiX#\e9i\m\_`jkfi`X[\cX
jfdYiX#J`il\cX#DX[i`[#(00.#g%+)%
*+;fZld\ekf[\c8iZ_`mf[\cX:Xk\[iXc
[\Do`Zf#@em\ekXi`fj#mfc%)\og%)#]j%
./$.0m%@em\ekXi`f[\cfji\kXYcfjp[\
Xc^lefjc`\eqfj[\cX:Xk\[iXc[\Do`$
Zf#gi\j\ekX[fgfi:%JfkfjpG%e^\$
c\j#:l\igf[\[fZld\ekfjpY`Yc`f^iX]X
gXiX\c\jkl[`f[\cXg`ekliX\ecXEl\mX
<jgXX# (,+*$(-)*# leXd&``\# Do`Zf#
)''.#g%('*%
*,:XY\
:XY\ [\jkXZXi hl\ \e \c d`jdf `em\e$
kXi`f[\(,//j\j\XcXcX\o`jk\eZ`X[\
leX`dX^\e[\El\jkiXJ\fiX[\cfj
I\d\[`fj hl\ \iX cX hl\ \jkXYX Xek`$
^lXd\ek\ [\ki}j [\c Zfif# g`ekX[X \e
c`\eqfZfecfjjXekfjJXeAfj\g_pJXe$
kX8eX%<jkXefk`Z`XZf`eZ`[\kXdY`e
ZfecX`Zfef^iX]X[\cXM`i^\e[\cG\i$
[epZfejllY`ZXZ`e[\ki}j[\cZfif%
Gfi \ccf# cX `e]fidXZ`e [fZld\ekXc
_XjkX X_fiX ef \j jlZ`\ek\ gXiX Xi$

\cjXXiifpf

dXi hl efdYi\ i\Z`YX cX fYiX# jl


\dgcXqXd`\ekfp]leZ`e[\ekif[\cX
:Xk\[iXc8ek`^lX%
*- 8gl[ <% ?% >fdYi`Z_# @[\Xc p k`gf
\e cX g`ekliX i\eXZ\ek`jkX `kXc`XeX#
\e El\mXj m`j`fe\j [\ m`\afj dX\jkifj%
<jkl[`fj jfYi\ \c Xik\ [\c I\eXZ`d`\e$
kf#+#;\YXk\#DX[i`[#)'''#g%0,%
KXdY`eC\feXi[f[XM`eZ`aljk`ZcX
efYc\qX[\cXg`ekliXZfe\c\jkXklj[\
cX `dX^\e [\ Zlckf# \c ZlXc cf^iXYX jl
^iXe \]\Zk`m`[X[ \e \c dfd\ekf [\ cX
i\m\cXZ`e1Xe[k_\e#Xkk_\dfd\ek
f]lem\`c`e^k_\^i\Xkdlck`kl[\f]g\f$
gc\ n_f _Xm\ ^Xk_\i\[ k_\i\ `dd\[`$
Xk\cp k_ifn k_\dj\cm\j kf k_\ ^ifle[#
nfij_`gg`e^ Xe[ giXp`e^ kf k_\ [\`kp#
n_f `j i\gi\j\ek\[ `e k_\ g`Zkli\# ]fi
k_\ i\gX`i`e^ f] k_\`i cfjk _\Xck_ Xe[
]fi k_\`i \k\ieXc jXcmXk`fe# \oXZkcp Xj
`] k_`j ^f[[\jj @[\X  n\i\ k_\i\ Xj X
c`m`e^ g\ijfe# Z`kX[f gfi ?% 9\ck`e^#
C`b\e\jjXe[gi\j\eZ\#fg%Z`k%#g%+/(%
*. DXel\c KfljjX`ek ]l\ \c gi`d\if p
e`Zf hl\ _X glYc`ZX[f \c [fZld\ekf
Zfdgc\kfjfYi\\cal`Z`fXG\i\pej1Gif$
Z\jf p [\eleZ`Xj ZfekiX J`de G\i\pej
\e cX @ehl`j`Z`e [\ Do`Zf# fg% Z`k% G\$
[if e^\c\j A`de\q gi\j\ek `e]fi$
dXZ`e el\mX jfYi\ \c gXiX[\if [\c
[fZld\ekf Zfe \c al`Z`f `ehl`j`kfi`Xc
\e cX Zfe]\i\eZ`X ;`}cf^fj e^`[fj p
[`}cf^fj i\Zfi[X[fj1 jfYi\ Xc^lefj Xj$
g\Zkfj[\cXg`ekliX[\cj`^cfom`\ecX
El\mX <jgXX# [`ZkX[X \e cX 9Xjc`ZX
[\>lX[Xclg\#Do`Zf#ale`f[\)''/%
*/ GifZ\jfp[\eleZ`XjZfekiXJ`deG\i\pej
\ecX@ehl`j`Z`e[\Do`Zf#fg%Z`k%#g%*-%
*0 @Y`[#g%),%
+' =%:_\ZX#=\c`g\@@%D\Z\eXj[\cXjXik\j#
E\i\X#DX[i`[#(00)#gXjj`d%
+( Jfe gfZfj cfj \jkl[`fj Z`\ekZfj gl$
Yc`ZX[fj jfYi\ cXj kZe`ZXj p dXk\i`X$
c\jgi\j\ek\j\ecXg`ekliXjfYi\kXYcX
efmf_`jgXeX [\c j`^cf om`% 8 cX ]\Z_X#
cX M`i^\e [\c G\i[e \j cX fYiX d}j
k\dgiXeX\ecXhl\j\_X`[\ek`ZX[f
cX lk`c`qXZ`e [\c g`^d\ekf Xqlc \j$
dXck\#dXk\i`Xc`dgfikX[f[\<lifgX2
]lkliXj `em\jk`^XZ`fe\j gf[i}e XYle$
[Xi\ecXjgfj`Y`c`[X[\jZifd}k`ZXj[\
\jk\dXk\i`XcpcX[`]lj`e[\jlljf\e
cXEl\mX<jgXX%

+) JfYi\

\c fi`^\e# Zfdgfj`Z`e p gifg$


`\[X[\j ]j`Zf$hld`ZXj [\c \jdXck\#
mXj\ 9% Dl_c\k_Xc\i# JdXck# \e 8ik$
`jkjG`^d\ekj8?Xe[Yffbf]K_\`i?`j$
kfip Xe[ :_XiXZk\i`jk`Zj# mfc% )# E\n
Pfib# Fo]fi[&EXk`feXc >Xcc\ip f] 8ik#
(00*#gg%((*$(*'%
+* MXj\@%9fi^`X#\kXc%#IXg_X\cjJX`ek
:\Z`c`X`e9fcf^eX1E\n;XkX8Yflk`kj
>\e\j`j Xe[ DXk\i`Xcj# g% 0, p 9% ?%
9\ii`\# IXg_X\cj 8cYX DX[feeX# g%
('-# \e 8% Ifp p D% Jgi`e^ \[`kfi\j #
IXg_X\cj GX`ek`e^ K\Z_e`hl\1 Nfib`e^
GiXZk`Z\j 9\]fi\ Ifd\# GifZ\\[`e^j f]
k_\\l$Xik\Z_nfibj_fg#EXi[`e`#@kX$
c`X#)''.%
++CX
CX ZXiXZk\i`qXZ`e [\c \jdXck\ j\ i\X$
c`q d\[`Xek\ D`ZifjZfgX <c\Zki$
e`ZX [\ 9Xii`[f j\d gfi jlj j`^cXj
\e`e^cj Zfed`Zifjfe[X[\Xe}c`j`j
hld`Zf \c\d\ekXc X kiXmj [\ cX kZ$
e`ZX[\\e\i^X[`jg\ij`mX[\io\[o
gfijljj`^cXj\e`e^cj %<c\jkl[`f]l\
i\Xc`qX[f gfi DXel\c <jg`efjX \e \c
@ejk`klkf EXZ`feXc [\ @em\jk`^XZ`fe\j
ElZc\Xi\j`e`e %
+, I% 9ilhl\kXj# KZe`ZXj p dXk\i`Xc\j
[\cXg`ekliX\jgXfcX\ecfjJ`^cfj[\
Fif# =le[XZ`e [\ 8gfpf X cX ?`jkf$
i`X[\c8ik\?`jg}e`Zf#DX[i`[#)'')#
g%(+0%
+-8iZ_`mf >\e\iXc [\ J`dXeZXj# X^j%
Zji# c\^% ).,# ]fc% ))2 X^j% Zji# c\^%
).,# ]fc% )/ p X^j%Zji# c\^% ).,# ]fcj%
)($))#[fZld\ekfjglYc`ZX[fj[\dX$
e\iXek\^iX\e1IfZf9ilhl\kXj#fg%
Z`k%#gg%++-$++.%
+. <e\jkl[`fji\Z`\ek\jjfYi\g`ekliXj[\
IX]X\c#Gfekfidf#9ifeq`efpG\il^`ef
g\ik\e\Z`\ek\jXcXZ\imf[\cXEXk`feXc
>Xcc\ip [\ Cfe[i\j# j\ _X `[\ek`ZX$
[f \c ljf \ok\ej`mf [\ m`[i`f `eZfcfif
Zfdfg`^d\ekf#j\ZXk`mfp\ok\e[\[fi%
CXjgXikZlcXj\eZfekiX[Xjjfei`ZXj\e
jf[`f# ZXcZ`f# jc`Z\ p k`\e\e Z`\ikX ZXe$
k`[X[[\dXe^Xe\jf#gifm\e`\ek\[\cXj
`dgli\qXj [\ _`\iif gi\j\ek\j \e cX
Xi\eXhl\j\ljgXiX]XYi`ZXi\cm`[i`f%
CXj i\]\i\eZ`Xj _`jki`ZXj i\jg\Zkf Xc
ljf[\m`[i`fZfdfdXk\i`Xc[\g`ekliX
j\\eZl\ekiXe\e\cdXeljZi`kf[\DX$
p\ie\ (-)' % MXj\ D% Jgi`e^# G\il$
^`efj gX`ek`e^ dXk\i`Xcj1 XeXcpj`j Xe[

Zfek\okn`k_`ej`ok\\ek_$Z\eklip\Xj\c
gX`ek`e^# \e 9% >% 9ile\k`# \[% # K_\
GX`ek`e^ K\Z_e`hl\ f] G`\kif MXelZZ`#
ZXcc\[ @c G\il^`ef# GifZ\\[`e^j f] k_\
CXYJk\Z_Nfibj_fg#EXi[`e`<[`kfi\#
)''+#gg%)($)/%
+/D% KfljjX`ek# GifZ\jf p [\eleZ`Xj#
fg%Z`k%#g%(.%
+0JfYi\
JfYi\ \c Zfcfi`[f p [`]\i\eZ`Xj gc}jk`$
ZXjdXiZX[XjgficXg`ekliXdXe`\i`jkX
i\jg\Zkf X cXj fYiXj [\c I\eXZ`d`\e$
kf# mXj\1 D% ?Xcc# :fcfi Xe[ D\Xe`e^%
GiXZk`Z\ Xe[ K_\fip `e I\eX`jjXeZ\
GX`ek`e^# :XdYi`[^\ Le`m\ij`kp Gi\jj#
E\nPfib#(00)#gg%(+0$(,/%
,'CX `dX^\e [\ `e[lc^\eZ`Xj k`\e\ jl
fi`^\e \e \c g\i`f[f kXi[fd\[`\mXc%
Gfjk\i`fid\ek\# Z`\ikXj `d}^\e\j
kXdY`e j\ Zfe\ZkXiXe Zfe gifd\$
jXj [\ i\d`j`e [\ cfj g\ZX[fj% Df$
k`mfj Zfdf cX M\ie`ZX# \c MXie [\
;fcfi\j# cX M`i^\e \e \c jfc p cX M`i$
^\e[\cifjXi`f[\Y\ejlgfglcXi`[X[
X jl ljf Zfdf `d}^\e\j gi`mX[Xj
[\ `e[lc^\eZ`Xj% MXj\ J% I`e^Yfd#
;\mfk`feXc `dX^\j Xe[ `dX^`eXk`m\
[\mfk`fej# \e >Xq\kk\ [\j 9\Xlo
8ikj#.*#(0-0#gg%(,0$(.'%
,( A%@%:Xjkfi\eXpLijX#>XZ\kX[\Do`$
Zf#gg%0(,$0(-%
,)8% J}eZ_\q M}qhl\q# yk`ZX# >i`aXcmf#
Do`Zf#(0.,#g%(()%
,*A%[\M`\iX#9i\m\pZfdg\e[`fjXeXiiX$
Z`e [\ cX :`l[X[ [\ Do`Zf# @ejk`klkf
DfiX#Do`Zf#(00)#g%)*%
,+A% D% DXiifhl# CX :`l[X[ [\ Do`Zf#
kfdf```#)\[%]XZj`d`cXi#A\jjD\[`$
eX\[`kfi#Do`Zf#(0-0#g%+-'%
,,C%>feq}c\qFYi\^e#Do`ZfM`\af%Ef$
k`Z`Xj _`jki`ZXj# kiX[`Z`fe\j# c\p\e[Xj p
ZfjkldYi\j# C`Yi\iX [\ cX M`l[X [\ :%
9fli\k#Do`Zf#(0''#ZXg%o`#gg%0*$0/%
,-D% 9XoXe[Xcc# <c faf [\ cX gfZX# G`e$
kliX p m`[X Zfk`[`XeX \e \c I\eXZ`d`\ekf#
>ljkXmf>`c`#9XiZ\cfeX#)'''#gg%+,$(*.%
,. J% G\XiZ\ \[% # I\j\XiZ_`e^ DXk\$
i`Xc:lckli\#C\`Z\jk\iLe`m\ij`kpGi\jj#
C\`Z\jk\i#)'''#g%(%
,/:% >X`k}e Ifaf Zffi[% # ;`\^f I`m$
\iX p cX @ehl`j`Z`e% Le gl\ek\ \e \c
k`\dgf# ZXk}cf^f [\ cX \ogfj`Z`e#
Dlj\f DliXc ;`\^f I`m\iX# Do`Zf#
efm`\dYi\[\)''/%

(((

( D`^l\c[\JXek`X^fXki`Yl`[f 1
D\ekf#(-.*%:Xg`ccX[\cX@edXZlcX[X#
@^c\j`X[\JXe=iXeZ`jZf#9f^fk}%

CXj\i`\[\g`ekliXj[\c8cXYX[f1
CXjgil\YXj[\cki`le]f[\cX[`m`eX^iXZ`X(

) D`^l\c[\JXek`X^fXki`Yl`[f 1J`e
g\ZX[f#(-.*%:Xg`ccX[\cX@edXZlcX[X#
@^c\j`X[\JXe=iXeZ`jZf#9f^fk}%

ZfejkXeqXm`ccXcfYfj
=XZlckX[<ok\ieX[f%Le`m\ij`[X[[\:fcfdY`X

d}j`dgfikXek\j[liXek\\cj`^cfom``19\e[`kfpXcXYX[fj\X\c
jXekj`dfjXZiXd\ekf[\cXckXi#pcX@edXZlcX[X:feZ\gZ`e[\
cXM`i^\eDXiXZfeZ\Y`[Xj`edXeZ_X[\g\ZX[ffi`^`eXc\e\c
gi`d\i`ejkXek\[\jlj\i+%
CXX[XgkXZ`e[\ck\okf[\[`Z_XjXclkXZ`e\jk}i\gXik`[X\e
feZ\jcXYXjpgXcXYiXj\jZi`kXjZfec\kiXj[fiX[XjjfYi\leg\i$
^Xd`ef\eleifdg`d`\ekf[\^cfi`X#X^l`jX[\gifeleZ`Xd`\e$
kf[`m`ef#[\cXj`^l`\ek\dXe\iX1XcX#YX[f#j\X#\cjfjjXek`j`df #
jXZiX#d\ekf#pcXm`i^\e#dXi`X#ZfeZ\Y`[X#j`eg\ZX[f#fi`^`eXc,%

CXjg`ekliXjZfdfXZfdgXXd`\ekf[\cXgXcXYiX[\cfjgi\[`$
ZX[fi\j]l\ifelk`c`qX[XjgficfjXik`jkXj[\j[\cX<[X[D\[`X%
:fdfZfealekfj[\`d}^\e\ji\Xc`qX[Xj\ej\i`\j#ZldgcXecX
]leZ`e eXiiXk`mX [\ `ek\igi\kXi cX gXcXYiX [\c gi\[`ZX[fi [l$
iXek\\cj\ide[\XZl\i[fZfecXji\^cXj\jkXYc\Z`[Xj\e\c^$
e\ifi\ki`Zfd\[`\mXc[\cXijgi\[`ZXe[`%8kiXmj[\cXkiX[`Z`e
ZfefZ`[XZfdfeXiiXk`fg`Zkf#j\gi\k\e[X]fidXifg`e`eZfdf
Xi^ld\ekfgXiXgifg`Z`XicXZi\\eZ`X\ecfjd`jk\i`fjjX^iX[fj%
<cZfealekf[\feZ\g`ekliXj[\efd`eX[fcXj\i`\[\c8cXYX[f
hl\j\Zfej\imX\ecX`^c\j`X[\JXe=iXeZ`jZf\e9f^fk}#:f$
cfdY`X#j\gi\j\ekXZfdfcXeXiiXZ`eg`ekX[X[\lej\ide
hl\f]i\ZXcXjgil\YXjZfdfXi^ld\ekfjgXiXg\ijlX[`iXcX
Zi\\eZ`X\e\cd`jk\i`f[\cX@edXZlcX[X:feZ\gZ`e[\cXM`i$
^\eXeXc\j[\cj`^cfom``\e\cEl\mfI\`ef[\>iXeX[X%
cXjg`ekliXj
CXj\i`\[\c8cXYX[f#Xki`Yl`[XXcg`ekfi`e[^\eX[\Hl`kfD`$
^l\c[\JXek`X^fZX%(-**$(.'- )#]l\i\Xc`qX[XgXiXcX`^c\j`X
[\c:fem\ekf[\cXGli`ZXZ`e[\cXfi[\e]iXeZ`jZXeX[\JXe$
kX=\[\9f^fk}\e(-.**%:fdgl\jkXgfifeZ\g`ekliXjXcc\f#
kiXkX XZ\iZX [\c kiX[`Z`feXc jXcl[f# XZfjkldYiX[f \e <jgXX
phl\gXjX8di`ZX#[`i`^`[fX[fj[\cXj[fZki`eXjZXkc`ZXj

(()

cX[\mfZ`eXcX`edXZlcX[X\e
\ci\`ef[\el\mX^iXeX[X
D\[`Xek\cXYlcX[\c*[\dXpf[\(,./#8[Xgfjk_fc`ZX\[`^$
e`kXk`j]Xjk`^`ld#[\cGXgX>i\^fi`fo```#X`ejkXeZ`Xj[\]iXp
:i`jkYXc[\:Xg`k\=fejj`#D`e`jkif>\e\iXc[\cXFi[\e[\
JXe=iXeZ`jZf#[\]iXpK_fd}j[\I`[Xi#GifZliX[fi>\e\iXc#p
[\]iXpAfXe:Xcmf#GifZliX[fi[\cXGifm`eZ`X[\JXe=iXeZ`j$
Zf[\C`dX#I\`efj[\cG\i#j\kiXjcX[XC`dXcXZf]iX[XgXiX
jlgifgX^XZ`e\e8di`ZXgfijfc`Z`kl[[\cXfi[\e]iXeZ`jZX$
eXp[\XccXJXekX=\[\cEl\mfI\`ef[\>iXeX[X1
`ejk`klpfp]le[f\e\cZfem\ekf\`^c\j`X[\cX[`Z_Xfi[\e[\cX
Z`l[X[[\C`dXcXZf]iX[X[\cX`edXZlcX[XZfeZ\gZ`e[\el\jkiX

cXZf]iX[X[\cX@edXZlcX[X:feZ\gZ`e[\DXiXJXekj`dX#
hl\[\]\e[X\cd`jk\i`fj\^e\cZlXcDXiX#gfii\[\eZ`e[\
jl_`afA\jlZi`jkf#ef_XYXZfekiX[f\cg\ZX[ffi`^`eXcXcj\i
ZfeZ\Y`[X#gficfhl\ef_XYX_\i\[X[fcXjZfej\Zl\eZ`Xj\j$
g`i`klXc\jpZfigfiXc\j[\kXcg\ZX[f%

Z`l[X[ \jkXj p gifZ\j`fe\j gXiX [\]\e[\i cX ZfeZ\gZ`e `e$


dXZlcX[X[\cXM`i^\e%<e\jkXjgifZ\j`fe\jj\gifZcXdleX
ZfgcXZfdgl\jkXgfi\cgf\kXD`^l\c:`[1Kf[f\cdle[f\e
^\e\iXc8mfZ\jI\peX\jZf^`[X;`^Xhl\jf`jZfeZ\Y`[XJ`e
G\ZX[fFi`^`eXc0%

8g\jXi[\hl\\e(,./j\_XYXXlkfi`qX[fgfileXYlcXcX]le$
[XZ`e [\ cX Zf]iX[X [\ cX c`dg`X ZfeZ\gZ`e \e \c Zfem\ekf
]iXeZ`jZXef[\cXGli`ZXZ`e\eJXekX=\#jkXefj\_`qf\]\Z$
k`mX_XjkX\c-[\[`Z`\dYi\[\(,/+#]\Z_X\ehl\j\i\Xc`qjl
]le[XZ`e.%Ki\`ekXp[fjXfj[\jglj#\c*([\dXpf[\(-(-#j\
_`qfleX\jZi`kliX[\i\\[`ZXZ`epi\efmXZ`e[\cXZf]iX[X
p[\mfZ`e[\cXZfeZ\gZ`e`edXZlcX[X[\el\jkiXj\fiX/%

<c*([\[`Z`\dYi\[\(-(,cc\^XifeX:XikX^\eXefk`Z`Xj[\j[\
<jgXXXZ\iZX[\cX[\mfZ`e[\cX`edXZlcX[XZfeZ\gZ`e[\
cXM`i^\eEl\jkiXJ\fiXj`eg\ZX[ffi`^`eXc('%CXjefk`Z`Xji\$
]\iXecXj\jkXjpgifZ\j`fe\ji\Xc`qX[Xj\eJ\m`ccXXZfd`\e$
qfj[\(-(,2kXdY`ecc\^Xifej\idfe\jpkiXkX[fj`dgi\jfj((
p dXeljZi`kfj p ZXek`[X[ [\ ZfgcXj p kklcfj gXiX aXi X cXj
gl\ikXj[\cXjZXjXj\`^c\j`Xj#ZfekX^`}e[fj\cX[\mfZ`eXcX
Z`l[X[p[\XccXcXZXg`kXc[\cEl\mfI\`ef[\>iXeX[XpfkiXj
Z`l[X[\jZfdfKleaX%CXZfgcXXek\jZ`kX[X]l\cXd}jZXekX[X#
\jZi`kX\eZXik\c\j#Xgi\e[`[Xpi\g\k`[X\e]\im`\ek\jZcXdfi\j
\ecXj\jkXjpgifZ\j`fe\jZ\c\YiX[Xj\ecXjZ`l[X[\jd\eZ`f$
eX[Xj%KXdY`ej\gi\j\ekXife`eZ`[\ek\j\eki\cXj[`]\i\ek\j
i[\e\j i\c`^`fjXj \o`jk\ek\j \e cX Z`l[X[() hl\ [liXife j\`j
d\j\j%<eJXekX=\j\i\Xc`qleX^iXegifZ\j`e\c-[\dXpf
[\(-(.ZfecXM`i^\e@edXZlcX[X[\j[\cX`^c\j`X[\JXe=iXe$
Z`jZf_XjkXcXZXk\[iXc1

:f`eZ`[\ \jkX el\mX ]le[XZ`e Zfe cfj XZfek\Z`d`\ekfj jl$


Z\[`[fjXiXq[\cXj[`jglkXjhl\fZlii`\ife\ecXZXg`kXc[\c
El\mfI\`ef[\>iXeX[X\eki\cXfi[\e]iXeZ`jZXeXpcfja\jl`$
kXjpcX[fd`e`ZX%<jkXj[`jglkXj]l\ifei\\af[\cffZlii`[f
\e<jgXXXZfej\Zl\eZ`X[\cXgifeleZ`XZ`e[\mXi`fjj\i$
dfe\jdXZlc`jkXj#Zfdf\c[\:i`jkYXcKfii\j#[fd`e`Zf#[\
(-(,#pcXglYc`ZXZ`e[\le`dgi\jf\eJ\m`ccX\j\d`jdfXf#
XdYfjZfekiXi`fjXcX[fZki`eX%;`Z_Xjfg`e`fe\jgifmfZXife
hl\cXjXlkfi`[X[\ji\c`^`fjXjfYc`^XiXeXi\Xc`qXi\e(-(,\ecX

Xce[\cXj\dXeXXek\j[\cX\jkX[\cX8jZ\ej`e[\:i`jkfel\j$
kifj\fiXcfjZ`\cfjZfd\eqXifeXaXi[`m\ijfjkklcfjgficXj\j$
kXj[\dlZ_XjZXjXjpk`\e[Xj18cXYX[fj\X\cjXek`j`dfjXZiXd\ekf
pcX`edXZlcX[XZfeZ\gZ`fe[\cXm`i^\eel\jkiXj\fiXZfeZ\Y`[X
j`eg\ZX[ffi`^`eXc#lfkiXjj\d\aXek\j#Xj`dgi\jXjZfdf[\dXef#
pZfdfcX`^c\j`Xd\kifgfc`kXeX[\\jkXZ`l[X[\jk[\[`ZX[XX\jk\
d`jk\i`fp_XpXkXdY`eledfeXjk\i`f[\DfeaXjdlpgi`eZ`gXc

j\fiXp[`fXlkfi`[X[Xcfj_\idXefj[\cX[`Z_XZf]iX[XgXiXhl\
gl[`\j\e`eZfigfiXipX^i\^XiXjlZfe]iXk\ie`[X[fkiXjZlXc\jhl`\i
Zf]iX[Xj\e\jkfji\`efj[\cXj`e[`Xj#pcXjXjX^i\^X[Xj^fqXj\e[\
cXj^iXZ`Xj\`e[lc^\eZ`X[\cX[`Z_XYlcX%<eZlpXm`ikl[cfjdXpfi$
[fdfj#[`glkX[fj#gifZliX[fipZXg`klcXi\j[\cX[`Z_XZf]iX[X[\
c`dXX^i\^XifeXjl_\idXe[X[cXZf]iX[Xhl\_XYX[\]le[Xij\\e
\jk\Zfem\ekf[\jXe]iXeZf[\jXekX]\#j\^ehl\kf[f\ccfZfejkX

[\cd`jdfk`klcf#pcfjGX[i\j[\JXe=iXeZ`jZf_XpXekfdX[fkXe
gfijlpf[\]\e[\ipgifgX^Xigfikf[f\cdle[f\jkX\oZ\c\eZ`Xp
gi\iif^Xk`mX[\cXM`i^\epcfjGX[i\j[\cX:fdgXX[\A\jjj\
[\j\\edfjkiXij`\dgi\kXej`\imfj[\cXM`i^\epk\e^Xe[\Zi\$
kf[\jljZfe^i\^XZ`fe\j^\e\iXc\j[\[\]\e[\icX#]}Z`cd\ek\j\
\eZ\e[`le^iXe]\imfipleXi[`\ek\[\j\f[\dfjkiXijlX]\Zkfp
[\mfZ`eZfeXc^leXj\jkXj\ok\i`fi\j(*%

pgXi\Z\gficX[`Z_XYlcXfi`^`eXchl\\jkX\e\jk\Zfem\ekf\jZi`kX
\eg\i^Xd`efidX[Xpi\]i\e[X[X[\Z\jXi^cfi`\i`ljj\ccX[Xp
Xlk\ek`ZX#j`e\jkXiifkXZXeZ\cX[X#e`m`Z`X[Xp\ecXj\jgXc[Xj[\cX
[`Z_XYlcX\jkXkXdY`eXlk\ek`Zf\cefdYiXd`\ekfpX^i\^XZ`ehl\
_`Z`\ifecfjZf]iX[\j[\c`dXXek\AfXe[\8fj\jZi`YXefglYc`Zf[\
c`dX#[\hl`\e\jkXidX[Xpj`^eX[X-%

=l\ \ekfeZ\j cX fi[\e ]iXeZ`jZXeX# \jkXYc\Z`[X \e cX El\mX


>iXeX[X[\j[\(,,'#cXhl\i\Z`Y`cXd`j`e[\^cfi`ZXi#j\im`i
p_feiXiXcXM`i^\eXkiXmj[\cX`ejk`klZ`ep[`mlc^XZ`e[\

^ f pX  * ) .   X f  ) ' ' 0

<e\cZXgklcfj\^le[f[\cC`Yif[\cXZf]iX[XjXekX]\i\Xhl\
kiXkX[\cXj`ej`^e`Xjj\d\eZ`feXZfdfcfjZf]iX[\jcc\mXYXe#
j\^e \jkXj [`jgfj`Z`fe\j# `d}^\e\j [\ cfj [fj d`jk\i`fj \e

((*

leXd\[XccXZfc^X[XXcZl\ccf%CX@edXZlcX[XXgfZXcgk`ZX[\
lecX[fp#\e\cfkif#\cZ}c`qZfecX_fjk`X#\j[\Z`i#\cJXekj`df
JXZiXd\ekf#XjZfdf\chl\\ecXZXjXklm`\iXeleiklcfZfecX
`ejZi`gZ`e[\DXiXZfeZ\Y`[Xj`eg\ZX[ffi`^`eXc1

<jZ\eXj[\c8ek`^lf
pEl\mfK\jkXd\ekf

8gjkfcM`i^\e
dXik`ifJXekX

8gjkfcM`i^\e
dXik`ifJXekX

GXik\j[\cjXcl[f[\c
8cXYX[f

%%%_Xe[\kiX\i\cifjXi`fXcZl\ccff\ecXgi\k`eXfcXZfifeX[\El\jkiX
J\fiXZfeleX`dX^\e[\cXZfeZ\gZ`e\eleZ`iZlcfi\[fe[f[\
d\kXcZlXchl`\iXhl\j\Xm\jk`[X[\cfjiXpfj[\cjfcZfifeX[X[\[fZ\
\jki\ccXjpZfecXcleXXcfjg`\jp\cZfi[e[\Je]iXeZ`jZfXcXi\[fe$
[X#pgficX^iXe[\mfZ`ehl\kf[fjk`\e\eXcJXekj`dfjXZiXd\ekf
[\cX\lZXi`jkXj\\eZXi^Xhl\XcfkifcX[f[\cX`dX^\e\jk\\jZlcg`[f
\cZ}c`qZfecX_fjk`Xkf[fjgifZliXiXek\e\i\ejlZXjXleifklcfhl\
[`^XDXi`X]l\ZfeZ\Y`[Xj`eg\ZX[ffi`^`eXc(+%

ZlX[if(%:fdgfj`k`f[\c8cXYX[f%

kklcf

Xgjkfc

\jZ\eX

Xgjkfc

(8cX

G\[if

:\eX[\cZfi[\ifgXjZlXc

GXYcf

)9X[f

JXek`X^f
\cdXpfi

JXejep\cc\e

8e[ij

*J\X

=\c`g\

CXck`dX:\eX

J`de

+<cjj

Kfd}j

K\dgcf[\cI\pJXcfde#8iZX[\ 9Xikfcfd
cX8c`XeqX#ZXe[\cXYif

,JXZiX

JXek`X^f
\cd\efi

Df`jj_XZ\YifkXiX^lX
[\cXifZX

DXk\f

-D\ekf

AlXe

:i`jkfZilZ`ZX[fg`jXe[f\c
}jg`[p\cYXj`c`jZfp[fj}e^\c\j#
lefZfe\cZ}c`qpcX_fjk`Xp\c
fkifZfecXjkXYcXj[\cXC\p

DXkXj

kXYcX(%;`jki`YlZ`e[\8gjkfc\jp\jZ\eXjgXiX
cX`em\ek`fpZfdgfj`k`f8cXYX[fj\X\cJjJXZiXd\ekf%

kklcf

m`i^\e&
jXekX

.PcXm`i^\e
/DXiX

0:feZ\Y`[X

\jZ\eX

m`i^\e

?\c\eX

CXM`i^\eDXiXpcXKi`e`[X[

ijlcX

:cXiX

CXM`i^\eDXiX#le^iXejfc
Zfecfj[fZ\kifefj[\cXj
ki`Ylj[\@jiX\cp\c[iX^e
ZXp\e[f[\cZ`\cf

@ej

IXdeClcc#;lejJZfkfpcX
@edXZlcX[X<lZXijk`ZX

ClZX

K\i\jX

kXYcX)%;`jki`YlZ`e[\jXekXjp\jZ\eXjgXiXcX`em\ek`f
pZfdgfj`k`fPcXM`i^\eZfeZ\Y`[Xj`eg\ZX[ffi`^`eXc%

( (+

* D`^l\c[\JXek`X^fXki`Yl`[f 1JXe
G\[if8gjkfc#[\kXcc\[\8cX%:Xg`ccX
[\cX@edXZlcX[X#@^c\j`X[\JXe
=iXeZ`jZf#9f^fk}%

CX[\mfZ`eXcX@edXZlcX[Xklmf[\j[\eXc\j[\cj`^cfom`le
cl^Xi[\ekif[\ck\dgcf]iXeZ`jZXefe\f^iXeX[`ef\eleXZX$
g`ccX[\cXeXm\fi`\ekXchl\]l\Zfejkil`[XZfe[`e\iff]i\Z`[f
gfi;feCl`jCg\qgXiXhl\]leZ`feXiXXcccXgi`d\iX\jZl\$
cXgXiXe`fj\ecXZ`l[X[hl\j\]le[\c+[\cefm`\dYi\[\
(,.0(,%Gfjk\i`fid\ek\j\ZfejX^iZfdfZXg`ccX[\[`ZX[XXJXe
;`\^fpXgXik`i[\(-//j\ccXd:Xg`ccX[\El\jkiXJ\fiX
gfi_XY\ij\ZfcfZX[f\eleZXdXiedlp_\idfjfcX`dX^\e
[\El\jkiXJ\fiX[\cX:feZ\gZ`e(-%<e\cdliffZZ`[\ekXc
[\\jkXZXg`ccXj\\eZl\ekiX_fpcXj\i`\[\c8cXYX[f#XccX[f[\
fkiXj g`ekliXj [\ cX @edXZlcX[X i\Xc`qX[Xj gfi `dgfikXek\j
g`ekfi\je\f^iXeX[`efj]fidXe[fZfealekfZfecX\jZlckliX[\
cXM`i^\e8cX[Xhl\jXcX\egifZ\j`fe\jgficX:Xcc\I\Xc[\
JXekX=\[liXek\\cj`^cfom``1cX`dX^\e\jkXeXek`^lXhl\
klmfgi`eZ`g`fZfecX`^c\j`X[\cZfem\ekf#XleXek\jhl\jkX
klm`\iXcXeXm\hl\_fpk`\e\(.%
cX`em\ek`fpZfdgfj`k`f[\cXjg`ekliXj
CX Zfdgfj`k`f [\ cXj g`ekliXj j`^l\ le d`jdf i`kdf p [`jgf$
j`Z`e [\ cfj [`]\i\ek\j \c\d\ekfj% <j Xj Zfdf \e cX gXik\
jlg\i`fi [\ ZX[X g`ekliX j\ lY`Z cX `ejZi`gZ`e [\ cX jcXYX
f gXcXYiX Zfii\jgfe[`\ek\ \e c\kiXj [fiX[Xj jfYi\ le g\i^X$
d`efjfjk\e`[fgfi[fjXe^\c`kfj[\ekif[\leifdg`d`\ekf
[\^cfi`X#ZfdfpXj\d\eZ`fe%<e\cZ\ekif[\ZX[Xc`\eqfj\
[`jgljfcXi\gi\j\ekXZ`e[\legXjXa\[\c8ek`^lff[\cEl\$
mfK\jkXd\ekfhl\j\gl\[\Zfej`[\iXiZfdfleXd`e`XkliX
Zfei\cXZ`eXcgXi[\`d}^\e\j[\cfjXgjkfc\jpjXekXjj`klX$
[fj\eXdYfj\oki\dfj[\ZX[Xg`ekliX#cfjZlXc\jfZlgXeZXj`
kf[XjlXckliXZlX[if(2^j%(p) %
CfjgXjXa\j\jZf^`[fjXkiXmj[\cgifZ\jf[\cX`em\ek`fj\i\$
cXZ`feXe[\XZl\i[fZfecXk`gfcf^X#kpgfjpXek`kpgfj#hl\j\
[\jXiifcc\ecX`Zfef^iX]X\ecX9XaX<[X[D\[`XXgXik`i[\c
dXelXcXee`df9`Yc`XGXlg\ild(/#ZlpXj`cljkiXZ`fe\jj\[\$
[`ZXife X `ek\igi\kXi \c El\mf K\jkXd\ekf j\^e \c dkf[f
k`gfc^`Zfhl\klmfle^iXeo`kfpXgc`ZXZ`eXfkifdXelXc
Xee`dfk`klcX[fJg\Zlcld?ldXeX\JXcmXk`fe`j(0%;`Z_fjdX$
elXc\j\jkXYXe[`i`^`[fjXcfjgi\[`ZX[fi\jXek\cXe\Z\j`[X[
[\lek\okfhl\j`ek\k`qXiXcfj_\Z_fj[\cXm`[X[\:i`jkf\e
iXqe[\cfjZfjkfjhl\k\eX\cX[hl`i`ileXY`Yc`X%

^ f pX  * ) .   X f  ) ' ' 0

CXk`gfcf^X)'\j\ek\e[`[X\ekfeZ\jZfdfcXi\cXZ`e_`jki`ZX
pjlZfii\jgfe[\eZ`X\eki\[fjdfd\ekfj[\c[\j`^e`f[`m`ef
XkiXmj[\cXjZlXc\jj\[\[lZ\ecXjc\p\j[\cXXZZ`e[\;`fj%
K`gfcf^Xhl\]l\\j\eZ`XcgXiXcX\o^\j`ji\Xc`qX[XgficXgX$
kijk`ZXphl\]fidXgXik\[\cX\ej\XeqXZi`jk`XeX\c\d\ekXc%
;\j[\\jk\]le[Xd\ekf#\cXi^ld\ekfZ\ekiXccfZfejk`klp\\c
hl\:i`jkfi\Xc`qX\cXZfek\Z`d`\ekf\jZXkfc^`ZfXeleZ`X[f
gficfjgif]\kXj#i\cXZ`ek\jkXd\ekXi`Xhl\ef]l\fYiX[\e`e$
^leX\jZl\cXj`efY`\eZfde[\cX@^c\j`X)(%M\ikXYcXj(p) %
\cj\idfg`Zkf
<cZfealekf[\g`ekliXjcfgf[\dfj`eZcl`i[\ekif[\cXkiX[`$
Z`e[\cXeXiiXk`fg`Zkf\e[fe[\cXj`d}^\e\jXZfdgXXele
k\okf%CXg`ekliX\e]leZ`e[\cXgXcXYiX[\cfjgi\[`ZX[fi\j
[\XZl\i[fZfe\cXijgi\[`ZXe[`pcfjgi`eZ`g`fji\ki`Zfjhl\
cXg`ekliX[\cX<[X[D\[`X\dgc\gXiXcXZi\XZ`e[\Zfeale$
kfj[\`d}^\e\j#Xj`^e}e[fc\jleX]leZ`eeXiiXk`mXhl\i\\d$
gcXqXYXf`ek\igi\kXYXcXgXcXYiXjX^iX[X))%
K\e`\e[f Zfdf ]le[Xd\ekf cX m`eZlcXZ`e \eki\ cX fiXkfi`X
Zi`jk`XeXpcXeXiiXk`mXZfek`elX#jkXck`dXj\XjfZ`[`i\ZkX$
d\ek\Zfe\cj\idfhl\[\i`mX[\j\i`\j\ecXqXiZfe_`c\iXj #
cXf_`c\iX`ek\iildg`[X%:fdf\cj\idf\jZfem\ijXZ`ejcf
j\i\Xc`qXZlXe[fj\\]\ZkXZfefkiXg\ijfeX#\j[\Z`i#j\[`i`^\
XlegYc`Zf%;\ekif[\cXgi\[`ZXZ`eZi`jk`XeX\cj\idek\eX
le\jhl\dX^\e\iXchl\gXikX[\lek\dXhl\j\[`m`[XpjlY$
[`m`[Xphl\\jkXYc\ZX\cgcXe[\c[`jZlijf%CXj[`m`j`fe\jj\
[\YXeiXk`ZXi[\`ed\[`Xkfd\[`Xek\Xlkfi`[X[\jfiXqfe\j)*%
Gl\jY`\e#D`^l\c[\JXek`X^fgcXek\XcXj\i`\[\g`ekliXj[\c
XcXYX[fZfdfcXjgXik\j[\cX[`m`j`f[\lej\ide[\[`ZX[fX
cX@edXZlcX[X:feZ\gZ`e[\cXM`i^\eDXiX%8ccj\g`ek\c
j\ide[`m`[`\e[f\ck\okf[\cXjXclkXZ`e\efeZ\gXik\j[\
cXj`^l`\ek\]fidX1XcXYX[fj\X\cjfjjXZiXd\ekfpcXm`i^\e
dXi`XZfeZ\Y`[Xj`eg\ZX[ffi`^`eXc%CX[`m`j`f[\ck\dX[\c
j\idej\i\Xc`q\e[fjgXik\jj\^e\cd`jdfk\okfcf`e[`ZX1
cXgi`d\iX[\[`ZX[XXcX[fZki`eX[\cJXekj`dfJXZiXd\ekf[\c
XckXipcXj\^le[XXcX:feZ\gZ`ej`edXeZ_X[\cXM`i^\eDX$
iX%8jlm\q\jkXj[fjgXik\j\jk}ejlY[`m`[`[Xj\emXi`Xj%CX
gi`d\iX[`m`j`eZfejkX[\j\`jpcXj\^le[X[\Z`eZf%GXiXZX[X

ZfejkXeqXm`ccXcfYfj

((,

+

D`^l\c[\JXek`X^fXki`Yl`[f 1
JXekX9}iYXiX#[\kXcc\[\J`eg\ZX[f%
:Xg`ccX[\cX@edXZlcX[X#@^c\j`X[\
JXe=iXeZ`jZf#9f^fk}%
, D`^l\c[\JXek`X^fXki`Yl`[f 1
JXejep\cc\e#[\kXcc\[\9X[f%
:Xg`ccX[\cX@edXZlcX[X#@^c\j`X[\
JXe=iXeZ`jZf#9f^fk}%

leX[\cXjfeZ\[`m`j`fe\jj\gi\j\ekXe\ekfeZ\jcXjgil\YXj
XYjfclkXjXgf[Zk`ZXj)+i\gi\j\ekX[Xj\ecXj\jZ\eXjZ\ekiXc\j
\jZf^`[Xj[\c8ek`^lfp[\cEl\mfK\jkXd\ekf%
GXik`ZlcXid\ek\\ecXj\i`\j\le\ecfj[fjd`jk\i`fj1\cgi`d\if
\c[\cJXekj`dfJXZiXd\ekfZfdfm`Zkfi`fjfjfYi\cXjj\ig`\e$
k\j`e]\ieXc\j#cfhl\g\id`k`\cj\^le[f#cX@edXZlcX[X:fe$
Z\gZ`e[\cXM`i^\e%;\_\Z_f\cd`jdfgcXek\Xd`\ekf[\ck\o$
kfcfXeleZ`X[\Z`\ikXdXe\iX#gi`d\if\cJXekj`dfJXZiXd\ekf#
gifYX[f\ecXjZ`eZfgi`d\iXjg`ekliXj2\cj\^le[f#cX@edXZlcX$
[X:feZ\gZ`e#\ecXjZ`eZfck`dXj%CXj\okXg`ekliX#cXd`kX[[\
cXj\i`\#d\ekf#\jcX[\e`k`mXpZfeZclp\ek\[\cX[\dfjkiXZ`e
[\ cX i\cXZ`e \eki\ \c JXekj`df JXZiXd\ekf p cX @edXZlcX[X
:feZ\gZ`e[\DXiX1XccfZlii\cXm`Zkfi`X[\:i`jkf[\j[\\c]l$
klifXcZcXmXiZfecXZilqXc}jg`[pm\eZ\iZfejlmfqXcYXj`c`jZf%
8hlcXeXiiXk`mXg`Zki`ZXk`\e\Zfdfi\]\i\ek\XcfjgXjXa\j[\
cXjJX^iX[Xj<jZi`kliXjgXiX]fidXifg`e`eZfdfXi^ld\ekf
gXiXgifg`Z`XicXZi\\eZ`X\ecfjd`jk\i`fjd\eZ`feX[fj%CXj
`d}^\e\jZ\ekiXc\j[\ZX[Xg`ekliXj\Zfem`\ik\e\ekfeZ\j\e
cX\o^\j`j[\cfj[fjd`jk\i`fjXkiXmj[\cXi\gi\j\ekXZ`e
[\gXjXa\jYYc`Zfj#lk`c`qXe[f\cj\ek`[fk`gfc^`Zf[\cfjd`j$
dfj%CXj`d}^\e\jZldgc\eXjd`jdfleX]leZ`eXZcXiXkfi`X#
XdXe\iX[\^cfjX2jkXck`dX#ZfdfgleklXc`qXZ`eX^l[X[\
cfhl\Xcl[\pefZfdfled\ifZfd\ekXi`fXX[`[f%
CXi\cXZ`e\eki\\ck\okfpcX`d}^\e\jj\\jkXYc\Z\[\j[\cf
hl\`dgc`ZXcXc`e\Xc`[X[\ecXhl\cXj`d}^\e\jj\fYj\imXe#[\
XZl\i[f Xc fi[\e [\c k\okf$[`jZlijf j\^e \c _}Y`kf [\ cX \j$
Zi`kliXfZZ`[\ekXc#[\`qhl`\i[XX[\i\Z_X%:fdfZfej\Zl\eZ`X
[\cfXek\i`fij\\ogc`ZXhl\cXj\jZ\eXjg`ekX[Xjefk\e^Xele
dXe\afZfdgc\af[\cXg\ijg\Zk`mX[\Y`[fXhl\cXfYj\imXZ`e
[\cXjg`ekliXj#hl\jlgfe\le\jg\ZkX[fi\edfm`d`\ekf#ef
\o`^\leXm`j`ej`dlck}e\X[\j[\lejfcfglekf[\m`jkX%
CXgi\j\eZ`Xp]leZ`e[\cfj[fZ\Xgjkfc\j#pcXjjXekXjpmi$
^\e\j#j\Zfejk`klp\[\dXe\iXj[`]\i\ek\jpZfdgc\d\ekXi`Xj
XcXm\q%CXgi`d\iXj\aljk`ZXXgXik`i[\cfjXgjkfc\jZfdf$
^liXjgi`eZ`gXc\j[\cX@^c\j`X#jlZ\jfi\j[\:i`jkf#pcXjjXekXj
pd}ik`i\ji\cXZ`feX[XjZfeDXiXgfijlZfe[`Z`e[\M`i^\e%
CXj\^le[X#i\cXZ`feX[XZfecXmXi`XZ`ee\Z\jXi`X\ecXc`e\X$

((-

c`[X[[\c[`jZlijf#\ecXhl\j\XidXYXhl\cXeXiiXZ`eefgf$
[Xj\ilekf[fZfek`elfgfihl\ef]XZ`c`kXYX\ci\k\e\icXd\e$
kXcd\ek\%<ekfeZ\jjkXjj\lY`ZXe]l\iX[\cZfek\okf[`i\Zkf
[\cfjd`jk\i`fjkiXkX[fj#j\gXiXe[fp\edXiZXe[fcXj\jZ\eXj#
\jkXYc\Z`\e[f Zfdle`ZXZ`e Zfe \c \jg\ZkX[fi [\ cXj g`ekl$
iXjXkiXmj[\cXm`j`e[\jgcXqX[Xhl\jk\i\Xc`qX[\Y`[XXc
dfm`d`\ekfe\Z\jXi`fgXiXjlZfek\dgcXZ`e%8cfXek\i`fij\
X^i\^XcXXZk`f),\dgc\X[XgXiXZX[Xlef#X^i\^Xe[f[`m\ij`[X[
gXiXgif[lZ`imXi`\kXj%CXZfdle`ZXZ`eZfe\c\jg\ZkX[fij\
i\Xc`qX[\dXe\iX[`i\ZkX#f\jkXYc\Z`\e[fZfdle`ZXZ`e\eki\
\ccfj#fi\gi\j\ekXe[fleX^liX[\d\[`kXZ`eZfdfdf[\cf
[\ZfdgfikXd`\ekf[`i`^`[fXcfYj\imX[fi^j%*p+ %
cX[`m`j`f[\cj\idfg`Zkf1Gil\YXjXZ\iZX[\cX
dXe\iX\ehl\ki`le]cX[`m`eX^iXZ`XjfYi\cXj\ig`\ek\`e]\ieXc
(%XcX
CXgi\^liXZ`e[\cX<lZXi`jkX
<e\cgi`d\iZlX[if#Zfii\jgfe[`\ek\XcXjcXYXXcX#j\[`jgl$
jfZfdfgi`d\iX\jZ\eXlegXjXa\[\c8ek`^lfK\jkXd\ekf#cX
Z\eX[\cZfi[\ifgXjZlXcyof[f()#,$() )-1
<cXe`dXcj\i}j`e[\]\Zkf#dXZ_f[\leXf%Cf\jZf^\i`j\eki\cfj
Zfi[\ifjfZXYi`kfj%Cf^lXi[Xi`j_XjkX\c[XZXkfiZ\[\\jk\d\j2p
kf[XcXXjXdYc\X[\cXZfdle`[X[[\cfj`jiX\c`kXjcf`edfcXi}\eki\
[fjclZ\j%Cl\^fkfdXi}ecXjXe^i\plekXi}ecXj[fjaXdYXjp\c
[`ek\c[\cXjZXjXj[fe[\cfZfdXe%<eXhl\ccXd`jdXefZ_\Zfd\i}e
cXZXie\%CXZfd\i}eXjX[XXc]l\^f#Zfe}q`dfjp_`\iYXjXdXi^Xj%
EX[X[\cZfd\i`jZil[fe`ZfZ`[f#j`efXjX[f#ZfejlZXY\qX#jlj
gXkXjpjlj\ekiXXj%Pef[\aXi`jeX[X[\cgXiXcXdXXeX2cfhl\
jfYi\XcXdXe\Z\icfhl\dXi`j%8jcf_XYi`j[\Zfd\i1Z\`[Xj
ml\jkiXjZ`ekliXj#ZXcqX[fjml\jkifjg`\jp#\cYXjke\eml\jkiXdXef#
pcfZfd\i`j[\gi`jX%<jgXjZlX[\PX_m\_%PfgXjXi\jkXefZ_\gfi
cXk`\iiX[\<^`gkfp_\i`iXkf[fjcfjgi`df^e`kfj[\cgXj[\<^`gkf%

8ccj\fYj\imXe#YXaf[fjXiZfj[\leX\[`ZXZ`elY`ZX[X[\e$
kif[\leXZ`l[X[#le^ilgf[\Z`eZf_fdYi\jXci\[\[fi[\leX
d\jX#\eZlpfZ\ekif#jfYi\leXYXe[\aX#j\\eZl\ekiX\cZfi[\$
ifXjX[f[\cZlXcZfd\e%8]l\iX#\c}e^\cm\e^X[fij\[\jgcXqX
gficfjX`i\jYcXe[`\e[fjl\jgX[Xd`\ekiXjhl\\e\cjl\cfj\

^ f pX  * ) .   X f  ) ' ' 0

fYj\imX le _fdYi\ dl\ikf% <jk\ gXjXa\ Zfejk`klp\ gi`eZ`gXc$


d\ek\cXgi\^liXZ`e[\cX`ejk`klZ`e[\cX<lZXi`jkX#cXhl\
j\\eZl\ekiXi\gi\j\ekX[X\e\cgXjXa\[\cXck`dX:\eX\ecX
k\iZ\iXg`ekliX#k`klcX[Xj\X%
8hlcfjXgjkfc\jG\[ifpGXYcfm`jk\eke`ZXpcc\mXejlXki`$
YlkfZfii\jgfe[`\ek\%8cX`qhl`\i[XG\[if#hl\\jkXYc\Z\Zfe$
kXZkf Zfe \c \jg\ZkX[fi X hl`\e [`i`^\ cX d`iX[X# jfjk`\e\ le
c`YifZfecXdXef[\i\Z_XpZfecX`qhl`\i[Xc\mXekXpdl\jkiX
cXccXm\%<cXgjkfcGXYcf#Xc`^lXchl\G\[if#cc\mXlec`Yif\ecX
dXef[\i\Z_Xpjfjk`\e\ZfecX`qhl`\i[XleX^iXe\jgX[X#Xki`$
Ylkf[\jldXik`i`f2Xhlj\Zfejk`klp\\e^liX[\d\[`kXZ`e#
[`i`^\jld`iX[XXcmXZf%
)%YX[f
M\eZ`\e[fXc[\dfe`f
J\^le[Xg`ekliX[\cXj\i`\p[\ck\dX[\[`ZX[fXcJXekj`df
JXZiXd\ekf%8cc[`jgljf\cg`ekficXj`d}^\e\j[\JXek`X^f\c
dXpfip8e[ijhl\fjk\ekXejljXki`Ylkfj1JXek`X^fZfe\cYXj$
kepjfdYi\if[\g\i\^i`efp8e[ijZfecXZilq\eXjgX2Xd$
Yfj[`i`^\ejld`iX[XXc\jg\ZkX[fi%CX`dX^\eZ\ekiXcZfii\j$
gfe[\XcgXjXa\[\JXejep\cC\eAl\Z\j(+#,$0 %<cgXjXa\
j\i\gi\j\ek\e[fjk`\dgfj#\cgi`d\if\elej\^le[fgcXef
ZlXe[fJXejedXkXXcX\iX1
JXejeYXaXK`deXpXccc\^XiXcXjm`Xj[\K`deXm`flec\feZ`ccf
hl\m\eXil^`\e[fXjl\eZl\ekif%<c\jgi`kl[\PX_m\_c\`emX$
[`#pj`ek\e\ieX[X\ecXdXef#JXeje[\jg\[XqXcC\eZfdfj\
[\jg\[XqXXleZXYi`kf2g\ifefZfeke`XjlgX[i\e`XjldX[i\cf
hl\_XYX_\Z_f%

ZfejkXeqXm`ccXcfYfj

P\cj\^le[f#\egi`d\igcXef#cffZlii`[fcl\^fZlXe[f[Xj
[\jglj\eZl\ekiXXcc\e1
8c^ek`\dgf[\jglj#mfcm`JXejegXiXZXjXij\Zfe\ccX#[`fle
if[\fgXiXm\i\cZX[}m\i[\cc\ep_\Xhlhl\\e\cZl\igf[\cc\e
_XYXle\eaXdYi\[\XY\aXjZfed`\c%CXi\Zf^`\ejldXefpj\^e
ZXd`eXYXcX`YXZfd`\e[f%:lXe[fcc\^[fe[\jlgX[i\pjldX[i\
c\j[`fd`\cpZfd`\ife#g\ifefc\j[`afhl\cXj_XYXZf^`[f[\c
ZX[}m\i[\cc\e%

8hlj\gi\j\ekXcXi\Xc`[X[gi\^liX[X[\:i`jkfm\eZ`\e[fXc
[\dfe`fDk%+#($+ #\j[\Z`i#cXjk\ekXZ`fe\j\e\c[\j`\ikf).1
<ekfeZ\jA\jj]l\cc\mX[fgfi\c<jgi`klXc[\j`\ikfgXiXj\ik\ekX[f
gfi\c[`XYcf%P[\jglj[\_XZ\ileXplef[\ZlXi\ekX[XjpZlXi\e$
kXefZ_\j#Xcej`ek`_XdYi\%PXZ\iZ}e[fj\\ck\ekX[fi#c\[`af1J`
\i\j_`af[\;`fj[`hl\\jkXjg`\[iXjj\Zfem`\ikXe\egXe\j%DXjyc
i\jgfe[`1<jk}\jZi`kf1Efjcf[\gXem`m\\c_fdYi\j`ef[\kf[X
gXcXYiXhl\jXc\[\cXYfZX[\;`fj%

<cc\eZfdfjdYfcf[\c[\dfe`fXgXi\Z\\e\cjXcdf0'#ale$
kfXc}jg`[#\c[iX^ep\cYXj`c`jZf#cXjZlXkifj\ig`\ek\jm\e\$
efjXjhl\ZfejlgfeqfXkiXejd`kXe\cg\ZX[ffi`^`eXc%Kf$
[Xj\ccXj\jk}ei\gi\j\ekX[Xj\ecXj\i`\1Xhl\cc\e#\ecXj\okX
g`ekliXd\ekf\c}jg`[p\cYXj`c`jZf#p\c[iX^e\eZfeZ\Y`[X#cX
efm\eXg`ekliX#jfYi\cXjZlXc\jki`le]cX[`m`eX^iXZ`X^%, %
*%j\X
<cZl\igfpcXjXe^i\[\:i`jkf
GXiX\jkXg`ekliXj\\jZf^`XJXe=\c`g\pXJXeJ`depcXc$
k`dX:\eX#cX`ejk`klZ`e[\cX<lZXi`jkX#Zfdf\jZ\eXZ\ekiXc%

((.

- D`^l\c[\JXek`X^fXki`Yl`[f 1CX
ck`dX:\eX#[\kXcc\[\J\X%:Xg`ccX[\
cX@edXZlcX[X#@^c\j`X[\JXe
=iXeZ`jZf#9f^fk}%
. D`^l\c[\JXek`X^fXki`Yl`[f 1
K\dgcf[\cI\pJXcfde#8iZX[\cX
8c`XeqX#JXekj`dfJXZiXd\ekfp
:Xe[\cXYif#[\kXcc\[\<cJJ%:Xg`ccX
[\cX@edXZlcX[X#@^c\j`X[\JXe
=iXeZ`jZf#9f^fk}%

p\c?\bXc#\eZlpfZ\ekifj\fYj\imX\cZXe[\cXYif[\fif[\j$
Zi`kf\e\cc`Yif[\cyof[f),#*($*.*'%8c]fe[f#\c;\Y`i\ele
e`m\cjlg\i`fiXchl\j\cc\^XgfileXj\i`\[\\jZXcfe\j%<jk\
j`k`fj\[\efd`eXYX\cJXekf[\cfjJXekfj#cl^Xi[\jk`eX[fX
[\gfj`kXi\c8iZX[\cX8c`XeqXyof[f),#('$() *(Zfe\cgifg`$
Z`Xkfi`f(.$)) *)hl\\ci\pJXcfde_XYXfi[\eX[fkiXjcX[Xi
alekfZfecXk`\e[X[\c\eZl\ekifpkf[fjcfjfYa\kfjjX^iX[fj
hl\j\\eZfekiXYXeXcc(I\p\j/#($0 **%Gi\Z`jXd\ek\\e\c
cl^Xi[\efd`eX[fJXekf[\cfjJXekfjj\[\gfj`k\c8iZX[\cX
8c`XeqXpjfYi\jkX\cgifg`Z`Xkfi`f#cl^Xi[\\eZl\ekif[\j[\
[fe[\ ;`fj j\ Zfdle`ZXiX Zfe cfj `jiX\c`kXj% 8hl# [\j[\ \c
j\ek`[fk`gfc^`Zf#\jkXdfjXek\cXi\le`e[\[fjfYa\kfjj`d$
Yc`Zfjhl\^liXeX:i`jkf#\ckpgf#\c8iZX[\cX8c`XeqXpcXj
kXYcXj[\cXc\p\ck\jk`dfe`f#[\gfj`kX[Xj[\ekif[\c8iZX*+#
p\cXek`kpgf#\cJXekj`dfJXZiXd\ekfhl\j\i\gi\j\ekXXdX$
e\iX[\leXj\eZ`ccXZljkf[`X%

8hl#ZfdfpXd\eZ`feXdfj#j\i\gi\j\ekX\cXek`kpgfm`jkf\e
cXgi`d\iXg`ekliXXcX#cXZ\eX[\cZfi[\ifgXjZlXc%:i`jkf\jk}
i\le`[fZfecfjXgjkfc\jXci\[\[fi[\cXd\jX[fe[\j\fYj\i$
mX\cZ}c`q#jfjk`\e\\cgXeZfejldXefpcf\c\mX#d`\ekiXj[`i`$
^\cXd`iX[XXcZ`\cf^%- %<j\cgXjXa\[\cEl\mfK\jkXd\ekf
DZ%(+#))$),2CZ%))#(0$)' 1

mXZf#Zfdf^liX[\d\[`kXZ`e#jfjk\e`\e[f\eki\jlYiXqf
`qhl`\i[fleX^iXej`\iiX#Xki`Ylkf[\jldXik`i`f%

Pd`\ekiXj\jkXYXeZfd`\e[f#kfdgXe#cfY\e[`af#cfgXik`pj\cf
[`fp[`af1KfdX[#jk\\jd`Zl\igf%Kfdcl\^fleXZfgXp#[X[Xj
cXj^iXZ`Xj#j\cX[`f#pY\Y`\ifekf[fj[\\ccX%Pc\j[`af1yjkX\jd`
jXe^i\[\cX8c`XeqXhl\\j[\iiXdX[XgfidlZ_fj%PffjXj\^lifhl\
pXefY\Y\i[\cgif[lZkf[\cXm`[_XjkX\c[XXhl\c\ehl\cfY\YX
el\mf\e\cI\`ef[\;`fj%

JXe=\c`g\#XcX`qhl`\i[X#jfjk`\e\leXcXi^XZilqd`\ekiXjj\
mfck\Xpi\Xc`qX\cdf[ljX^\e[`#ZXefei\ki`Zfhl\j\\dgc\X$
YXZfdfXgfpfgXiX\dg\qXileXZfem\ijXZ`efi\Xc`qXileX
Xgfcf^XfZfd\ekXi`fXleXl[`kfi`f)/%:fe\c^\jkfj\XcXXc
\jg\ZkX[ficX`ejZi`gZ`ejfYi\leg\i^Xd`efhl\\d\i^\\e$
ki\cXjelY\jjfjk\e`[fgfi[fjXe^\c`kfj1j\X%Gfi\cZfekiX$
i`f#JXeJ`de#Xc]i\ek\[\=\c`g\#[`i`^\jld`iX[Xg\ejXk`mXXc

((/

+%\cjj
<c8ek`^lfp\cEl\mfK\jkXd\ekf
gi\j\ekX[fj[\dXe\iXj`dlck}e\X
<c JXekj`df JXZiXd\ekf Zfii\jgfe[\ Xc kklcf lk`c`qX[f gfi
D`^l\c [\ JXek`X^f gXiX cX ZlXikX g`ekliX# \e [fe[\ _`qf cX
XYi\m`XZ`e[\cXj[fjck`dXjgXcXYiXjj\^liXd\ek\[\k\id`$
eX[fgfi\c\jgXZ`fZfehl\ZfekXYX\e\cc`\eqf%8hlj\dl\j$
kiXemXi`fjZfdgfe\ek\jj`dYc`Zfj#^liXe[fcXle`e\eki\
\c8ek`^lfp\cEl\mfK\jkXd\ekf%;\lecX[fcXi\gi\j\ekXZ`e
[\cK\dgcf[\ci\pJXcfde#\cK\dgcf[\M\jkXZfdfjdYfcf
[\cX@^c\j`X:i`jk`XeX2[\fkif#\cdfY`c`Xi`f[\cK\dgcf1\c8iZX
[\cX8c`XeqXp\cJXekj`dfJXZiXd\ekfjfYi\\cgifg`Z`Xkfi`f#
p\cZXe[\cXYif\e\cZ\ekif[\c?\bXc^%. %
)0

<c K\dgcf [\ JXcfde ( I\p\j -# )$-  j\ ^liX Zfdf leX
ZfejkilZZ`eXcXi^X[XZfem\ekXeXj#pZfecfj\jgXZ`fjgifp\Z$
kX[fjgfi\ci\pJXcfde[\efd`eX[fj\cLcXd\cm\jkYlcf 

^ f pX  * ) .   X f  ) ' ' 0

9`\e#Xci\[\[fi[\c?\bXcp\c;\Y`ij\fYj\imXecfj\[`Z`fjp
dlifjhl\j\fi[\eXifeZfejkil`i2gi\Z`jXd\ek\jfYi\\cck`$
dfj\[`jgljflek\dgcfZc}j`Zf#\cK\dgcf[\M\jkX#hl\\jcX
i\gi\j\ekXZ`ek\ii\eX[\cX@^c\j`XZi`jk`XeX#\j[\Z`i#cXA\il$
jXce:\c\jk`Xc*,#cXZ`l[X[[\cfj\c\^`[fj#cXZ`l[X[jXekXhl\j\
[\jZi`Y\\e\c8gfZXc`gj`j)(#)$+*-%<cK\dgcf[\ci\pJXcfde
_XYXj`[f[\jZi`kfZfdfleX\jkilZkliXZ`iZlcXi[\\jk`cfZc}j`$
ZfiX[`Xek\#[\ekif[\cXZ`l[X[]XYi`ZX[X[\dXe\iXg\i]\Zkj`$
dXZfdfj`]l\iXleX\jki\ccX#cXZlXcif[\XYX\ck\dgcfZfejlj
dlifj*.%<jk\k`gf[\`^c\j`X_XYXj`[fpXi\gi\j\ekX[XZfdf
cXEl\mX@^c\j`X@e[`XeXgfi\c]iXeZ`jZXef;`\^f[\MXcX[j\e
jlI\ki`ZXZi`jk`XeX*/#\e[fj[\cfj^iXYX[fj#<cJdYfcf[\c
:i`jk`Xe`jdfpCX]le[XZ`e[\cX@^c\j`X*0%<e\jk\ZXjfcX
i\gi\j\ekXZ`eZfii\jgfe[\XcXXidXZ`e[\cZXi}Zk\i[`m`ef
[\cXj`ejk`klZ`fe\ji\c`^`fjXj[\@jiX\c%CXgXkijk`ZX_XYXj\$
XcX[fleXXdgc`Xj`dYfcf^XgXiX\ck\dgcfXgXik`i[\cal[\f$
Zi`jk`Xe`jdf#Xi^ld\ekXe[fhl\XkiXmj[\cXjZfjXjj\ej`Yc\j
j\[XYXcX`dX^\e[\cXj[`m`eXj#Zfe^li}e[fj\[\\jk\df[f
ki\jgcXefjjlZ\j`mfj[\i\Xc`[X[\j1\ckXY\ie}Zlcfal[f\iXcX
jfdYiX#cX`^c\j`XcX`dX^\epcXZ`l[X[Z\c\jk\#cXm\i[X[+'%
<e\cZXjf[\cZXe[\cXYifk\e\dfjfkiX^liX[\:i`jkf#gfikX$
[fiX[\jlclq#XjZfdf\c[\cXZilqhl\cfjfjk\eXkXekfgficX
]fidXZfdfgficXjdXe\iXjpfZXj`fe\j\ehl\[`]le[\cXclq#

ZfejkXeqXm`ccXcfYfj

ZlpXj c}dgXiXj j`dYfc`qXe cfj j`\k\ [fe\j [\c <jgi`kl JXekf#


`dX^\e[\cXclq[\cX@^c\j`X%Cfj[fe\jXjlm\q[\jZXejXYXe\e
cXjiXZ\j[\cXmXiX[\A\j\eZlpf}g`Z\j\\ekife`qXcXM`i^\e#
XkiXmj[\cXZlXcj\\]\ZklXiXcXle`e[\c8ek`^lfp\cEl\mf
K\jkXd\ekf#[\[fe[\j\j`^e`ZXX:i`jkfZfdf\c}iYfc[\cX
i\[\eZ`ehl\[XiXZldgc`d`\ekfXcXgif]\ZX@jXXj((#($(' 1
JXc[i}lem}jkX^f[\ckifeZf[\A\j#plei\kff[\jljiXZ\jYifkX$
i}%I\gfjXi}jfYi\\c\jgi`kl[\PX_m\_1\jgi`kl[\jXY`[liX\`ek\$
c`^\eZ`X#\jgi`kl[\Zfej\afp]fikXc\qX#\jgi`kl[\Z`\eZ`Xpk\dfi[\
PX_m8hl\c[XcXiXq[\A\jhl\\jkXi}\e_`\jkXgXiX\jkXe[Xik\
[\gl\Ycfj#cXj^\ek\jcXYljZXiXe#pjldfiX[Xj\i}^cfi`fjX%

CfjXgjkfc\jXZfdgXXek\j\jkXm\qjfeKfd}jp9Xikfcfd%
<cgi`d\ifd`iXXc\jg\ZkX[fid`\ekiXj\a\ZlkX\cZXefe[`jk`e$
^l\k#lk`c`qX[fZlXe[fXc^l`\e[\j\X`eZlcZXi[fjfki\jZl\j$
k`fe\jXXc^l`\ehl\cXj[\jZfefZ\+(%JXe9Xikfcfdfjk\ekXZfe
cXdXef[\i\Z_X\cZlZ_`ccf#Xki`Ylkf[\jldXik`i`f#jfjk`\e\
ZfejlYiXqf[\i\Z_flec`Yifp[`i`^\jld`iX[XXcZ`\cf%
,%jXZiX
IfZXpY\Y`[X\jg`i`klXc
CX\jZ\eXZ\ekiXcdl\jkiX\cdfd\ekf\ehl\Df`jj#fY\[\$
Z`\e[fXPX_m\_#^fcg\XcXifZXp_XZ\YifkXiX^lX\e\c[\j`\i$
kf% 8ci\[\[fi# mXi`fj _fdYi\j j\ Xc\^iXe Xc m\i \c dXeXek`Xc
d`\ekiXj[Xe[\Y\Y\iXcfjZXd\ccfj2Xc]fe[fj\fYj\imXecXj
k`\e[Xj%<e\c8ek`^lfK\jkXd\ekf\jk\gXjXa\XgXi\Z\\e[fj
c`Yifj#\eyof[f(.#,$-p\eEd\ifj)'#($(*1
KfdDf`jjcXmXiX[\cXgi\j\eZ`X[\PX_m\_Zfdfj\cf_XYX
dXe[X[f%:femfZXifeDf`jjp8XiecXXjXdYc\XXek\cXg\Xpc
c\j[`af1<jZlZ_X[d\i\Y\c[\j%?Xi\dfjYifkXi[\\jkXg\XX^lX
gXiXmfjfkifj6PDf`jjXcqcXdXefp^fcg\cXg\XZfejlmXiX[fj
m\Z\j%<cX^lXYifk\eXYle[XeZ`X#pY\Y`cXZfdle`[X[pjl^XeX[f%

<jkX\jZ\eX[\ekif[\cXk`gfcf^X\jk}i\gi\j\ekX[X\ecX9`Yc`X
GXlg\ild#j\iX\ekfeZ\j\ckpgf[\:i`jkf_\i`[f\e\cZfjkX[f
AlXe(0#*($*. 1j`efhl\lef[\cfjjfc[X[fjc\XkiXm\j\c
ZfjkX[fZfeleXcXeqXpXc`ejkXek\jXc`jXe^i\pX^lX%JXeGX$
Ycfd\eZ`feXkXdY`e\cXek`kpgf\ecXjc\ZZ`fe\j[\cX_`jkfi`X

((0

/ D`^l\c[\JXek`X^fXki`Yl`[f 1
Df`jj_XZ\YifkXiX^lX[\cXifZX#
[\kXcc\[\JXZiX%:Xg`ccX[\cX
@edXZlcX[X#@^c\j`X[\JXe=iXeZ`jZf#
9f^fk}%

[\@jiX\c(:fi%('#($+ 1pkf[fjY\Y`\ifecXd`jdXY\Y`[X\jg`$
i`klXc#gl\jY\YXe[\cXifZX\jg`i`klXchl\c\jj\^lX2pcXifZX
\iX:i`jkf%<cXek`kpgf[\\jk\gXjXa\j\Zfejk`klp\\ecX\jZ\eX
Z\ekiXc[\cXj\okX[\cXjg`ekliXj#\c:i`jkfZilZ`ZX[f^%/ %
:fdfXZfdgXXek\j\jkXm\q^liXecfjXgjkfc\jJXek`X^f\c
d\efipDXk\f#\cgi`d\ifZfele^il\jf^Xiifk\#Xki`Ylkf[\
jldXik`i`f%:fdf^liX[\d\[`kXZ`e#cc\mXcXdXef[\i\Z_X
Xjlg\Z_f\ej\Xc[\[\mfZ`e%JljfefdX\jk}i\gi\j\ekX$
[XZfdfj\[\jZi`Y\\ecXC\p\e[X;fiX[X+)p\e\c=cfjJXeZ$
kfild+*#Zfele^iXegXi\Z`[fZfecXj]XZZ`fe\j[\:i`jkfgfi
cfZlXccfccXdXYXe_\idXef[\:i`jkf%DXk\fjfjk`\e\ZfecXj
[fjdXefjjlXki`Ylkf#cXXcXYXi[XZfehl\]l\Xj\j`eX[fgfile
\em`X[f[\ci\p#d`\ekiXjhl\ZXi^Xjl\mXe^\c`fYXaf\cYiXqf
`qhl`\i[f%;`i`^\jld`iX[XXcifdg`d`\ekf[\^cfi`X[\[fe[\
\d\i^\cXjcXYXjXZiX%
-%d\ekf

K\e\dfj\ecX\jZ\eXZ\ekiXcX:i`jkfZilZ`ZX[fXehl\X[f
gfi[fj}e^\c\j2\c[\cX`qhl`\i[X#jfjk`\e\\ecXdXef[\i\$
Z_X\cZ}c`qZfecXjXe^i\pcX_fjk`X#\cJXekj`dfJXZiXd\ekf%
:fecX`qhl`\i[Xj\XcXXc\jg\ZkX[ficX_\i`[XXY`\ikX\e\c
ZfjkX[fgficXcXeqXp[\cXZlXcYifkX^lXpjXe^i\#Xek`kpgf
[\cXifZXpY\Y`[X\jg`i`klXcgi\j\ekX[X\ecXg`ekliXgi\Z\$
[\ek\%<cfkif}e^\c#XcX[\i\Z_X[\:i`jkf#jfjk`\e\cXjkXYcXj
[\cXc\p2Xcc\eZfekiXdfj\cXek`kpgf[\cfhl\j\efjgi\j\ekX
\ecXZlXikXg`ekliX<cJfJ#:i`jkf#i\gi\j\ekX[f\e\c8iZXp
kXdY`eZfdf^liX[\ck\jk`dfe`f#cXj[fjkXYcXj[\cXc\p[\$
gfj`kX[XjXcc%8jZfdf:i`jkf\jkXYXi\gi\j\ekX[f\e\c8iZX
[\cX8c`XeqX#kXdY`ecXM`i^\eDXiX\iXZfej`[\iX[X\ecX
gXkijk`ZX[\cXd`jdXdXe\iX1
G\if[`^Xdfjhl\j\cXiZXj`efjXekXDXiX#gl\jj`\cXiZXZfek\$
eXcXjkXYcXj[\ck\jkXd\ekf#DXiXcc\m\ejlj\efXc_\i\[\if[\c
k\jkXd\ekf%8hl\ccX\eZ\iiXYX\ejl`ek\i`ficXc\p#jkX^lXi[XYX\c
<mXe^\c`f%8hl\ccXk\eXcXgXcXYiX[\;`fj#jkX\cM\iYfd`jdf+,%

CXjgil\YXj[\e`k`mXj
<cZ}c`qpcX_fjk`X#\cJXekj`dfJXZiXd\ekf
<jcXck`dX[\cXjg`ekliXj[\cXj\i`\[\[`ZX[XjXcJXekj`df
JXZiXd\ekf#Zfii\jgfe[`\ek\XcXgi`d\iX[`m`j`f[\cj\ide%
:fejk`klp\cX`dX^\eZ\ekiXc#\cXi^ld\ekfeXcpZfekle[\ek\
[\cf\ogl\jkf\ecXjg`ekliXjXek\i`fi\j#gi\j\ekXe[f\cXek`$
kpgf[\cf\jZi`kf\e\c8ek`^lfK\jkXd\ekfi\jg\ZkfX:i`jkfp
XcX`ejk`klZ`e[\cX<lZXi`jkX%<jkXYc\Z\X[\d}jcXi\cXZ`e
ZfecXj\^le[X[`m`j`f#cX@edXZlcX[X:feZ\gZ`e[\cXM`i^\e#
Xc gi\j\ekXij\ Zfdf gil\YX [\e`k`mX \ `ekif[lZZ`e X cX j\$
^le[X[`m`j`f^%0 %

<cki`le]f[fYc\jfYi\\c[\dfe`f
CXfkiXi\cXZ`ehl\j\\jkXYc\Z\[\dXe\iX[`i\ZkX\jZfe\c
d`jk\i`f d`jdf [\ cX @edXZlcX[X :feZ\gZ`e% <e cX \jZ\eX
Z\ekiXcj\dl\jkiXX:i`jkfm\eZ`\e[fXc[\dfe`f#Zlpfgf[\i
j\i\gi\j\ekXXhlgfi[fj[\cXjZlXkifj\ig`\ek\j`e]\ieXc\j#
\c}jg`[p\cYXj`c`jZf#[\cXjhl\j\_XYcX\e\cc`Yif[\JXcdfj
0'#JfYi\\c}jg`[p\cYXj`c`jZfXe[Xi}j#pg`jXi}jXcc\epXc
[iX^e+-#hl\X[\d}jjfed\eZ`feX[Xj\efkiXjj\`jZ`kXj\e
[`m\ijfjc`Yifj[\c8ek`^lfK\jkXd\ekf+.%<jkXj[fjj\ig`\ek\j
XgXi\Z`\ifecl\^f\ecfjc`Yifj[\_`jkfi`XeXkliXcpj`dYfc`qX$
ifeXc[\dfe`f\ecfjY\jk`Xi`fjd\[`\mXc\j%

<e\jkXg`ekliX#cfjXgjkfc\jXZfdgXXek\j#JXeAlXepJXe
DXkXj# j\ [`i`^\e ZcXiXd\ek\ Xc \jg\ZkX[fi i\Xc`qXe[f [fj
Z}efe\j i\ki`Zfj [`]\i\ek\j% JXe AlXe \a\ZlkX \c [`jk`e^l\k#
lk`c`qX[f#ZfdfpXj\[`af#ZlXe[fXc^l`\e[\j\X`eZlcZXi[fj
fki\jZl\jk`fe\jXXc^l`\ehl\cXj[\jZfefZ\2X[\d}jfjk\ekX
jlXki`Ylkf#cXZfgX[\cXZlXcjXc\leg\hl\f[iX^e#jdYfcf
[\cm\e\efhl\Y\Y`pXchl\]l\`edle\%JXeDXkXj\a\ZlkX
\cXl[`\ek`Xd]\Z`k++#\dgc\X[fZlXe[fj\[\dXe[Xj`c\eZ`fpj\
gifZliXXl[`\eZ`XXc[`i`^`ij\XlegYc`Zf%KXdY`efjk\ekXjl
Xki`Ylkf#leX^iXecXeqX%

CX Zilq \jk} jfYi\ \c }jg`[ hl\ cc\mX cX dXeqXeX [\ cX k\ekX$
Z`e\eki\jlj]XlZ\j2jkXXjlm\qj\\eZl\ekiXjfYi\\c_l\mf
[\chl\_XeXZ`[f\cYXj`c`jZf+/hl\dl\i\XgcXjkX[fgfi:i`j$
kfZilZ`ZX[f^%(' %<eZfekiXdfj\ekfeZ\j\cXek`kpgf[\cf
hl\pXj\_XYX\jZi`kf\e\c8ek`^lfK\jkXd\ekf\e\cc`Yif[\c
>e\j`j*$(,1\e\d`jkX[gfe[i\eki\k`pcXdla\i#p\eki\jl
c`eXa\pklc`eXa\1ck\g`jXiXcXZXY\qXd`\ekiXjXZ\Z_Xjkljl
ZXcZXXi%8hlj\gi\^liX\cki`le]f[\cc`eXa\[\DXiXjl
?`af#:i`jkfjfYi\\c[\cXj\ig`\ek\2:i`jkfg`jXiXcXZXY\qX
[\jkXd`\ekiXj\c[iX^eXZ\Z_XiX\cZXcZXXi[\cXM`i^\e%

()'

^ f pX  * ) .   X f  ) ' ' 0

CXjj\ig`\ek\j`e]\ieXc\jXgXi\Z\eZfdfgfikX[fiXj[\cg\ZX$
[ffi`^`eXchl\ZfecXdl\ik\[\:i`jkf_XYiX[\j\ii\[`d`[f1
:XeZ\ccXefkX[\ZXi^fhl\_XYXZfekiXefjfkifj#cX[\cXj
gi\jZi`gZ`fe\jZfejljZc}ljlcXj[\j]XmfiXYc\j#pcXjlgi`d`
ZcXm}e[fcX\ecXZilq(:fcfj\ej\j)#(+ %
:df\ek\e[\i\chl\:i`jkf#\c?`af[\cXM`i^\e#cXgl\[X[\$
]\e[\i[\cg\ZX[ffi`^`eXc\e\cdfd\ekf[\cXZfeZ\gZ`e[\
\ccX6CXi\jgl\jkXcXfYk\e\dfj[\ekif[\cZfek\okf[\cj`^cf
om``pcfhl\j\gcXek\XYX\ecX[\]\ejX[\cX@edXZlcX[X:fe$
Z\gZ`e[\DXiX%CX\eZfekiXdfjgi\Z`jXd\ek\\elej\ide
gifeleZ`X[f \e (--(# `dgi\jf X eXc\j [\ (--)# p hl\ j\ \e$
ZfekiXYX\ecXc`Yi\iX[\cZfem\ekf[\cj\fiJXe=iXeZ`jZf\e
JXekX=\#\eEl\mfI\`ef[\>iXeX[X1
Ki`le]f[\cX[`m`eX^iXZ`X1hl\ZfekiXcXc\p\j[\cX_ldXeXeXkliXc\$
qX^fqDXiXjXekj`dX\ejlZfeZ\gZ`e#[\jZlY`\ikfj\e\ca\if^c$
Zf[\cXm`Zkfi`Xhl\\e\ccXfYklmf[\c[\dfe`f#Zfdfj`dYfc`qX[f
\eZlXkifj\ig`\ek\jm\e\efjXj1}jg`[#YXj`c`jZf#c\e#[iX^e+0%

8cc#\cgi\[`ZX[fid\eZ`feXZfdf\eDXiXj\le\e#\ed`j$
k\i`fjf \eZX[\eXd`\ekf,'# cXj \oZ\c\eZ`Xj [\ jl :feZ\gZ`e
p cXj gi\iif^Xk`mXj [\ jl DXk\ie`[X[# cf hl\ cX _XZX `eZfd$
gi\ej`Yc\Xkf[XZXgXZ`[X[_ldXeX%Lk`c`qXZfdfXi^ld\ekf
\cjdYfcf[\cXc\kiXF#gi\j\ekXe[fleXgil\YXXgf[Zk`ZX#X

ZfejkXeqXm`ccXcfYfj

gXik`i[\cZXc`ZXk`mfhl\j\c\[XYXXcXM`i^\e\ecXj<jZi`kl$
iXjZfdfMXiX[\A\j#XidXe[fhl\Xcle`icfj\oki\dfj[\
cXmXiX#jlgi`eZ`g`fpe1ZfeZ\gZ`edXk\ie`[X[#i\jlckXYX
cXFd`jk\i`fjX,(%
<ecX`dX^\ej\le`\ife\ekfeZ\jcfj[fjdfd\ekfj[\cXm`[X
[\cXM`i^\e#jl:feZ\gZ`epjldXk\ie`[X[gXiXhl\#\ele
]lklif#jl?`afgl[`\iXm\eZ\iX[fj[\cXjZlXkifj\ig`\ek\j
`e]\ieXc\jhl\cX\jg\iXYXe\e\cdfd\ekf[\jlZfeZ\gZ`e%
Cfhl\j\gcXek\XXhl\jZdfgfi\cjXZi`Z`f[\jl?`af\e
cXZilqjk\m\eZ`Xc}jg`[pXcYXj`c`jZfhl\\jkXYXeXcXZ\Z_f
\ecXZfeZ\gZ`e[\DXiXgXiXhl`kXic\cX^iXZ`XZfejld`iX[X#
gl\jXkiXmj[\\ccX\cYXj`c`jZfkiXejd`kX\cg\ZX[ffi`^`eXc#
Xi^ld\ekf]le[Xd\ekXcgXiX[\]\e[\ip[\dfjkiXicX@edXZl$
cX[X:feZ\gZ`e[\cXM`i^\e#le`\e[fXjcfj[fjd`jk\i`fj#\c
[\cJXekj`dfJXZiXd\ekfp\chl\j\[\jXiifccX\ecXjj`^l`\e$
k\jZ`eZfg`ekliXj#ZfdfpXj\_X[`Z_f%
<eZlXekfXcXj`dYfcf^X[\cYXj`c`jZfpjlXgc`ZXZ`eZfeZi\$
kX\elej\ide#\eZfekiXdfjhl\\ejk\j\Zfeal^Xkf[f\c
j`dYfc`jdf[\cY\jk`Xi`f[\JXkXe}jpcX]fidX\ehl\ki`le]X
cX[`m`eX^iXZ`X%J\d\eZ`feXZfdf\jk}j`dYfc`qX[f\c\e\$
d`^fZfde[\el\jkiXeXkliXc\qX\eZlXkifj\ig`\ek\jm\e\$
efjXjhl\\jk}eZfek\e`[Xj\e\cJXcdf0'#(*1Jlg\i8jg`[\d#
9Xj`c`jZldXdYlcXY`j#:feZlcZXY`j#C\fe\d#;iXZfe\d,)%

()(

0 D`^l\c[\JXek`X^fXki`Yl`[f 1
<cki`le]fjfYi\\c}jg`[p\cYXj`c`jZf#
[\kXcc\[\D\ekf%:Xg`ccX[\cX
@edXZlcX[X#@^c\j`X[\JXe
=iXeZ`jZf#9f^fk}%
(' D`^l\c[\JXek`X^fXki`Yl`[f 1
<c}jg`[p\cYXj`c`jZf#[\kXcc\[\D\ekf%
:Xg`ccX[\cX@edXZlcX[X#@^c\j`X
[\JXe=iXeZ`jZf#9f^fk}%

<ecXi\gi\j\ekXZ`ehl\_`qfD`^l\c[\JXek`X^f[\cYXj`c`jZf
j\c\dl\jkiXZfdfleXe`dXcZfeXcXj#^XiiXj#leXZfcX#ZXY\qX
fjZliXpg\e\kiXek\jfafje\^ifj%<e\cj\ide\egi`d\icl^Xi
j\_XZ\Xclj`eXcgf[\i[\cXd`iX[X[\cYXj`c`jZf#hl\\eel\j$
kiXg`ekliX\jk}[\dfjkiX[X\ecXgif]le[`[X[Zfehl\j\[`i`^\
Xc\jg\ZkX[fiZfdfjdYfcf[\cg\ZX[ffi`^`eXc1
8iifaX\cYXj`c`jZfZfe^iXe[\\jg\Z`Xc`[X[jlm\e\efgficXm`jkX%P
\j\e\jkfcXgfeqfX[\\jkXj\ig`\ek\jdYfcfZcXif[\cX[\cg\ZX[f
fi`^`eXchl\Xiifa\c[\dfe`fXel\jkifjgX[i\j,*%

<cZXekf[\c^Xccf#\ce`ZfZXgXq
[\m\eZ\iXcYXj`c`jZf`e]\ieXc
8hlj\i\e\ekXdY`ecXkiX[`Z`ed\[`\mXc[\cY\jk`Xi`f[\
:i`jkf Zfe \c Y\jk`Xi`f [\ JXkXe}j# \c [\dfe`f% <e \c ZXjf [\
:i`jkf#j\^e\cY\jk`Xi`flef[\jljjdYfcfj\iX\c^Xccf#pcf
\iX[\[fjdXe\iXj1Zfdf\cki`le]X[fijfYi\\cgf[\i[\cXj
k`e`\YcXj#pZfdf\cgf[\i[\[\jg\ikXiZfejlZXekfdXk`eXc
kXekf[\cjl\fZfdf[\cXdl\ik\%<jkfjXjg\Zkfjj`dYc`Zfj
\jk}ei\gi\j\ekX[fj\ecXg`ekliX1gfilecX[f#ki`le]XjfYi\\c
gf[\i[\cXjk`e`\YcXj#\e\jk\ZXjfi\gi\j\ekX[fgfi\cYXj`c`j$
Zf2p[\fkifcX[f#Zfe\cj`dYfc`jdf[\c^Xccf#gl\jj\^ecX
kiX[`Z`ed\[`\mXcZfejlmfq:i`jkfm\eZ`XcYXj`c`jZf#lef[\
cfjXe`dXc\j[\cY\jk`Xi`f[\JXkXe}jgfihl\\cZXekf[\c^Xccf
\iXcfe`ZfZXgXq[\m\eZ\icf%
J\^ecXkiX[`Z`ecfe`Zfhl\ZfdYXkXXcYXj`c`jZf\iXleXm\
[fdjk`ZX#\c^Xccf1
PZfekiXcXXiif^XeZ`X[\\jkXj\ig`\ek\ZfeZ\[`cXeXkliXc\qXj`e^l$
cXim`ikl[X\jXXm\[fdjk`ZX#hl\j`im\[\Zfek`elf\jkdlcfXcfjg\$
i\qfjfj%<jkXekf\c_fiifi#kXekf\ck\dfi#hl\\cYXj`c`jZfk`\e\Xc^Xccf
hl\ZfejfcffijlZXekf#ZfekliYX[fp\jki\d\Z`[fg`\i[\cXm`[X,+%

J\^e\cY\jk`Xi`f[\:i`jkf#\c^Xccf\iXlef[\jljjdYfcfj#
hl\Zfejlmfq[\j[\cXZilqm\eZ`XcYXj`c`jZf`e]\ieXc%8hlcX
gil\YXhl\gi\j\ekX\cgi\[`ZX[fi\jcXZ`kX[\DXk\f).#+-1P
Xci\[\[fi[\cX_fiXefeX#ZcXdA\jjZfe]l\ik\mfq1<c`#<c`
c\dXjXYXZkXe`6#\jkf\j#;`fjdf#;`fjdf#gfihld\_Xj
XYXe[feX[f6CXmfq[\cgi\[`ZX[fi[`Z\Xj1

())

PZfe^iXegifg`\[X[Zfej`^l`:i`jkfJ\fiEl\jkif\jk\d`jk\i`f$
jfefdYi\[\^Xccf#gl\jZfejlmfqhl`k[\j[\cXZilqXcYXj`c`jZf
`e]\ieXchl\ZfegfeqfX\em\e\eXkf[Xel\jkiXeXkliXc\qX1@\jlj
Xlk\d`k\i`kldZcXdljmfZ\dX^eX\d`jj\kJg`i`kld%;`f\ecXZilq
\jk\[`m`ef^XccfleXmfq\e^iXe[\#gXiXhl\c\fp\j\\cYXj`c`jZf
`e]\ieXc#[fe[\hl`\iXhl\j\_XccXj\\e\cdle[f#pgXiXhl\Zfekli$
YX[f[\fic\g\i[`\j\cXm`[X,,%

CX[\jZi`gZ`e[\cYXj`c`jZfpcX\ogc`ZXZ`e[\jleXkliXc\qXp
ZXiXZk\ijk`ZXj]j`ZXjcXji\Xc`qX[\XZl\i[fXcX\k`dfcf^X[\
jl efdYi\% 8cc \eZfekiXdfj \jZi`kf \c j\ek`[f [\ cX \ogc`ZX$
Z`egfglcXi\ecX<[X[D\[`X\ecXhl\cXeXkliXc\qX[\leX
ZfjX#\e\jk\ZXjf[\cfjXe`dXc\j#j\X[`m`eXYX\ejlefdYi\
Zfdf\elea\if^cZf,-%CX\ogc`ZXZ`e\k`dfc^`ZXhl\\jkX$
Yc\Z\leXi\cXZ`e\eki\cXZfjXpjl[\j`^eXZ`em\iYXcphl\
`dgi\j`feXXcX`dX^`eXZ`ele\cXdX^`X[\cX`dX^\eZfecX
dX^`X[\cm\iYf#j\]le[\ZfejlgXg\cj`dYc`ZfpXc\^i`Zfp
XX[\leiXj^f`e[`jg\ejXYc\XjlgXik`Z`gXZ`e\ecXfi[\eX[X
XidfeX[\cle`m\ijf,.1
<j\jkXj\ig`\ek\Xlehl\\e\cZl\igfg\hl\Xgl\j[`Z\ecfj
eXkliXc\jj\i}jlcfe^`kl[_XjkX[fZ\[\[fj \ecXjfY\iXeX\eki\
cXj[\d}jj\ig`\ek\jdlp^iXe[\#kXekfhl\Zfem`\e\ekf[fjcfjeX$
kliXc\j\ehl\\j\cI\ppdfeXiZX[\kf[XjcXjj\ig`\ek\j2pXhl`\e
kf[fji`e[\epki`YlkXemXjXccXa\2pcX\k`dfcf^X[\jlefdYi\cX
d`jdX#gfihl\i\^lcfpYXj`c`jZf\jcfd`jdf#pi\^lcljhl`\i\[\Z`i
i\ogXillj#I\p#pdfeXiZXg\hl\f%PXcX\k`dfcf^X[\\jk\efdYi\
i\^lcljXcl[\eXc^lefjgieZ`g\jj\ccXdXei\^lclj\iXkhl`[ld
i\^lclj#p\eZfej\Zl\eZ`X[\cf[`Z_fZfem`\e\cfjeXkliXc\j\ehl\
\cYXj`c`jZfk`\e\\ecXZXY\qXle^\e\if[\ZfifeX#pXc^lefj[`Z\e
hl\j\_Xem`jkfkXcm\qZfeki\jZfifeXj\ecXZXY\qX#\ejdYfcf[\
cX[`^e`[X[hl\^fqX[\dfeXiZX[\kf[XjcXj[\d}jj\ig`\ek\j%:fe
hl\cfj_\i`[fjZfejlgfeqfXZfe^iXe[\\jg\Z`Xc`[X[[\Y\ei\gl$
kXij\mXjXccfj#p\jZcXmfj[\\jk\dfeXiZXp[\jl`dg\i`f,/%

<ecX\jZ\eXZ\ekiXc[\cXg`ekliX#ZfdfpXj\[`af#fYj\imXdfjX
:i`jkfZilZ`ZX[fhl\ZfecXZilqXgcXjkXpki`le]XjfYi\\cdXc#
\c[\dfe`f#i\gi\j\ekX[f\e\c}jg`[p\e\cYXj`c`jZf%J\^ecfj
\jZi`kfj[\_`jkfi`XeXkliXc[\cI\eXZ`d`\ekf#\ceXZ`d`\ekf[\c
YXj`c`jZfj\gif[lZX[\cXj`^l`\ek\dXe\iX1

^ f pX  * ) .   X f  ) ' ' 0

('

ZlXe[f\c^Xccf\jdlpm`\af_XZ\lefj_l\mfjdlpg\hl\fjp
i\[fe[fjpZfdfZ}i[\efjfXdXi`ccfjpZlXe[f\eledlcX[Xi\e
cfj[XjZXe`ZlcXi\jXc^leXY\jk`Xm\e\efjXjfYi\\ccfjpXZ\eXZ\\c
YXj`c`jZfj\^e[`Z\9\[Xp:fejkXek`ef,0

CXj\ig`\ek\m\e\efjX\iXgi\Z`jXd\ek\ZfdfcXhl\m\dfj\e
cXg`ekliX%8e^c`Zf#\efkif[\cfjc`Yifj[\jlfYiX#X^i\^X`e]fi$
dXZ`ei\jg\ZkfXcXcf^e\j`j[\cYXj`c`jZf#j\^ecXZlXcjk\
eXZ\[\cfj_l\mfj[\c}jg`[pef[\c^Xccf#cfhl\ZfeZfi[XiX
Zfecfhl\fYj\imXdfj\ecXg`ekliX#\c}jg`[\eifjZX[fjfYi\
cfhl\gXi\Z\j\ilef[\jlj_l\mfj[\chl\eXZ`\cYXj`c`jZf
hl\dl\i\XgcXjkX[fgficXZilq1
cfj_l\mfj[\leXj\ig`\ek\ccXdX[XXjg`jjfeg\hl\fjpi\[fe[fj#
p[\ZfcfiZfdfZ}i[\effXdXi`ccfR%%%T%<cjXgfjXZXXc^leXjm\Z\j
cfj_l\mfj[\cXjg`jp[\\ccfjm`\e\cXj\ig`\ek\hl\gfijlm`jkXdXkX
kf[f_fdYi\#ccXdX[X9Xj`c`jZf#pXjgi\jkfZfdfeXZ\dXkXXcjXgf
gfijlm`jkX#j\^e[`Z\Gc`e`f-'

<cdfd\ekf\oXZkf1[\cjl\f[\cX
]lkli`Z`eXcXjm`^`c`Xj[\cX\o`jk\eZ`X
Lk`c`qXe[fel\mXd\ek\Zfdfgil\YXjgXjXa\j[\c8ek`^lfK\j$
kXd\ekf#]iXp=iXeZ`jZf[\D\e[fqX[\dl\jkiXZfdf:i`jkf[\
Xek\dXefc\hl`kcXm`[XXcYXj`c`jZfgXiXXj\^liXicXgli\qX[\
jlDX[i\%I\Zlii\gXiX\ccfXcZXgklcfj\^le[f[\c:XekXi[\cfj
:XekXi\j%J\^ec#:i`jkfX[m`\ik\Xccgi`d\ifhl\ef\jk`\dgf
[\hl\jlDX[i\[\jg`\ik\XcX\o`jk\eZ`Xe`fZXj`e[\hl\Zfe$
Z`YXpcl\^f#ZXj``ed\[`XkXd\ek\#c\XeleZ`X\ck`\dgf[\cXZfe$
Z\gZ`e%<ogc`ZXhl\cf_`qfgfihl\jXYX[\cXXZ\Z_XeqX[\c
YXj`c`jZfgXiXXiifaXic\\cm\e\efZfejlm`jkX#g\ifhl\yc\e\j\
`ejkXek\c\mXekcXmfqgXiXhl`kXic\cXm`[XXcXj\ig`\ek\#ifd$
g`\e[f[\Xek\dXef\cj`c\eZ`fgXiXc`Y\iXicX[\cXXd\eXqX[\c
YXj`c`jZfpg\id`k`\e[fXjcXc`dg`XZfeZ\gZ`e[\jlDX[i\-(%
<e\jkXgXik\[\el\jkifj\ideg`ekX[f\cXi^ld\ekf[\cX\j$
Z\eXj\Xik`ZlcX[\dXe\iXg\i]\ZkXZfecXj`^l`\ek\[`m`j`f[\c
[`jZlijf# \j [\Z`i# cXj Z`eZf g`ekliXj hl\ kiXkXe jfYi\ \c d`j$

ZfejkXeqXm`ccXcfYfj

k\i`f[\cX@edXZlcX[X:feZ\gZ`e%D`^l\c[\JXek`X^flk`c`$
qcX\jZ\eX[\cki`le]fjfYi\\cYXj`c`jZfgfihl\[\cXjZlXkif
j\ig`\ek\j`e]\ieXc\jZlpfjm\e\efjpgfeqfXjj\Zfejk`klXe
\e\cg\ZX[ffi`^`eXc#jk\]l\m\eZ`[fgfi:i`jkf[\j[\cXZilq
cl\^f[\_XY\i`ejk`kl`[fcX<lZXi`jkXXkiXmj[\cXkiXejlYj$
kXeZ`XZ`e[\jlZl\igfp[\jljXe^i\#\jkf\j#[\cJXekj`df
JXZiXd\ekf% ;\ \jkX dXe\iX j\ f]i\Z` cX gil\YX X ]Xmfi [\c
d`jk\i`f[\cXM`i^\ej`edXeZ_X[\cg\ZX[ffi`^`eXc#k\dXhl\
j\kiXkXiX\ecXjj`^l`\ek\jZ`eZfg`ekliXj%
.%pcXm`i^\e
CXM`i^\epjli\cXZ`eZfecXKi`e`[X[
:fe\jkXg`ekliXZfd`\eqX\ck\dX[\[`ZX[fXcd`jk\i`f[\cX
@edXZlcX[X:feZ\gZ`e#[`m`j`fhl\j\Xik`ZlcXjlm\q\eZ`e$
ZfgXcXYiXj#Z`eZfg`ekliXj1pcXm`i^\e#dXiX#ZfeZ\Y`[X#j`e
g\ZX[f#fi`^`eXc%
8gXi\Z\cXM`i^\eE`X#[\if[`ccXjZfecXjdXefjZilqX[Xjjf$
Yi\\cg\Z_fpleXZfifeXjfYi\cXZXY\qX#fkXe[f\e\cZ`\cf#
m\jk`[XZfeke`ZXpdXekfYcXeZfj%
:fe\cZXc`ZXk`mf[\c`^\iXZfdfleXelY\#_XYXe[\ef$
d`eX[f X cX M`i^\e DXiX# Zfdf JXe 8dYifj`f hl\ \jZf^`
[\cXj<jZi`kliXjlejdYfcflk`c`qX[fgfi@jXXjgXiX_XYcXi
[\cXd`j`ehl\cXM`i^\e[\j\dg\XYX[\ekif[\cX@^c\j`X1
ychl\[\cXM`i^\ej\_`qfZXie\#m`ef\eleXelY\c`^\iXRT
pZfeiXqeccXdc`^\iXXcXelY\#gfihl\efcX^iXmXiXecfj
m`Z`fjk\ii\efj1D`iXcXelY\jfYi\cXhl\[\jZ\e[`\c<jgi`$
klJXekf%KXdY`eJXe8dYifj`f#\ejlZfd\ekXi`fXcJXcdf
((/#i\cXZ`feXcXM`i^\eZfecXelY\hl\^l`Xcfj`jiX\c`kXj
gfi\c[\j`\ikf1
Gfijl]fidX\ok\ieX\jkXelY\dXiZ_XYXZ`\ikXd\ek\[\cXek\[\cfj
_`afj[\@jiX\c2dXjj\^ejlj\ek`[f`ek\i`fi#j`^e`ZXYXXcJ\fiA\$
jj#hl`\e#Zfdf[`Z\@jXXj#m\e[i}\eleXelY\c`^\iX#\j[\Z`i\ecX
M`i^\eDXiXhl\#gfijl_\i\eZ`X[\<mX#\iXleXelY\2g\if#gficX

()*

`ek\^i`[X[[\jlm`i^`e`[X[#]l\c`^\iX%=l\c`^\iX#gfihl\efYljZXYX
X^iX[XiXe`e^e_fdYi\#j`efX;`fj2]l\c`^\iXgfihl\efZfeZ`Y`
\eg\ZX[fj`efgficX`ek\im\eZ`e[\c\jgi`kljXekf-)%

;lej JZfkf# \e jl [\]\ejX [\ cX k\j`j `edXZlc`jkX# gi\j\ek
ZfdfXi^ld\ekf\cXdfi[\;`fj\ejljki\jg\ijfeXj1
\cXdfi`eZfe[`Z`feXc[\;`fj_XZ`X:i`jkf#hl\`eZclp\kXdY`eX
DXiX%:i`jkfpjlDX[i\\jk}eXjfZ`X[fj\e\ce`Zfpd`jdfXZkf[\
Xdfi[\;`fj#\k\iefpc`Yi\Xcd`jdfk`\dgf%JZfkf\ogc`Z\cd`jk\$

<eZlXkif[\cXjZ`eZfg`ekliXj[\[`ZX[XjXcd`jk\i`f[\cX@e$
dXZlcX[X :feZ\gZ`e# cX M`i^\e DXiX XgXi\Z\ m\jk`[X kfkXc$
d\ek\[\YcXeZf#j`ecXdXeZ_X[\cg\ZX[ffi`^`eXc#XdXe\iX
[\[\ZcXiXZ`epjdYfcf[\jlZfe[`Z`ej`ed}ZlcXZlpXgil\$
YX]l\\ogl\jkX\ecXj\okX[\cXjg`ekliXj^%(( %
8c]fe[f#leXdfekXX[\ki}j[\cXZlXcj\fYj\imXjXc`i\cjfc%
:fej`[\iX[XZfdf\c\ZkXlkjfc#\jZf^`[XZfdf\cjfcj\^e\c
jdYfcf[\c:XekXi[\cfj:XekXi\j-#('1Hl`e\jjkXhl\
jli^\ZlXccXXlifiX#Y\ccXZfdfcXcleX#i\]lc^\ek\Zfdf\cjfc#
`dgfe\ek\ZfdfYXkXccfe\j6%
<eZ`dX[\cXM`i^\e#j\ekX[fjjfYi\\cdle[f#GX[i\#?`afp
<jgi`kl JXekf# i\gi\j\ekXZ`e [\ cX Ki`e`[X[% <c GX[i\ p \c
?`afjfjk`\e\ejfYi\jli\^Xqf\cfiY\ZfecXdXef`qhl`\i[X
p\cZ\kifZfecX[\i\Z_X2\e\cZ\ekif#\c<jgi`klJXekfi\gi\$
j\ekX[fZfdfgXcfdX%

i`f\e\cfi[\e[\cXdfi[\;`fj\ejljki\jg\ijfeXjp]l\iX[\\ccXj
X[`ekiX#X[\okiX #\e\cgi`dX[fle`m\ijXc[\:i`jkfp\ecXg\i]\ZkX

(( D`^l\c[\JXek`X^fXki`Yl`[f 1CX


M`i^\epcXKi`e`[X[#[\kXcc\[\PcX
M`i^\e%:Xg`ccX[\cX@edXZlcX[X#
@^c\j`X[\JXe=iXeZ`jZf#9f^fk}%
()

D`^l\c[\JXek`X^fXki`Yl`[f 1Cfj
[fZ\kifefjp\c[iX^eZXp\e[f[\cZ`\cf#
[\kXcc\[\DXiX%:Xg`ccX[\cX
@edXZlcX[X#@^c\j`X[\JXe
=iXeZ`jZf#9f^fk}%

i\[\eZ`e2gfi\jf#cXM`i^\eDXiX]l\ZfeZ\Y`[X@edXZlcX[Xgfi
;`fj\egi\m`j`e[\cfjdi`kfj[\jlfYiXdX\jkiX1:i`jkf-*%

<e cfj Z`eZf c`\eqfj [\[`ZX[fj X cX @edXZlcX[X :feZ\gZ`e#


cXjZljkf[`Xj[\ZX[X\jZ\eXjfejXekXjpmi^\e\j#ZfdfpXj\
d\eZ`fe%<e\jkXg`ekliX^liXeJXekX?\c\eXXcX`qhl`\i[Xp
JXekXijlcXXcX[\i\Z_X%JXekX?\c\eX#m\jk`[X[\XZl\i[fXjl
a\iXihlX#cc\mXZfifeXp[\\jgXc[XjXc\jg\ZkX[fijfjk`\e\Zfe
cXdXef`qhl`\i[XleXZilq#\jkXYc\Z\Xjlm\qZfdle`ZXZ`e
ZfeJXekXijlcXd`\ekiXjhl\ZfecX[\i\Z_Xi\Xc`qX\c^\jkf
[\c[XkX[\gifd`kkf-+%<jk\^\jkf\jle_}Y`kfp\ogi\j`e[\
hl`\e_XZ\leXgifd\jX[\jl]\2Xhlj\XcXgi\Z`jXd\ek\XcX
Ki`e`[X[hl\\j\ck\dX[\cX\jZ\eXZ\ekiXc[\cXg`ekliX%JXekX

ijlcX#hl\jfjk`\e\ZfecXdXef`qhl`\i[XcXYXe[\iX[\>iXe
9i\kXX[\[fe[\\iXfi`le[XpZfecX[\i\Z_XleYXe[\ie#[`$
i`^\cXd`iX[XXc\jg\ZkX[fi`eZclpe[fcf[\ekif[\cXZfdle`$
ZXZ`ehl\\jkXYc\Z\eXdYXjjXekXj%
/%dXiX
CX\iXd\j`}e`ZX
8hl#JXekX:cXiXpJXekX@ej#lY`ZX[XjXcX`qhl`\i[XpXcX[\$
i\Z_Xi\jg\Zk`mXd\ek\#XZfdgXXecX\jZ\eX[\[`ZX[XXcXM`i$
^\e%JXekX:cXiX#m\jk`[XZfejl_}Y`kf#jfjk`\e\cXZljkf[`XZfe
cXjX^iX[X]fidXd`\ekiXjhl\[`i`^\jld`iX[XXcmXZfZfdf
^liX[\d\[`kXZ`e%8JXekX@ej#hl\d`iXXc\jg\ZkX[fi#cX
XZfdgXX\cZfi[\i`kfhl\j\gXiXjfYi\jljgXkXjkiXj\iXjp
XgfpXcXj[\cXek\iXj\ecXg`\ieX[\cXM`i^\e%CfjXki`Ylkfj[\
cXj[fjjXekXjjfed}jhl\\ogcZ`kfj\ejli\cXZ`eZfe\cJXe$
kj`dfJXZiXd\ekf%
<ecX\jZ\eXZ\ekiXc#fYj\imXdfjXDXiX[\el\mfZfdfelY\
c`^\iX#[\XZl\i[fXjljdYfcf\e\c8ek`^lfK\jkXd\ekf%<e\c
Z\ekif#le^iXejfc[\ekif[\cZlXcj\\eZl\ekiXecXj[fZ\j`ccXj
[\cXjki`Ylj[\@jiX\cp]i\ek\XcXM`i^\eDXiXj\[\k`\e\\c
[iX^ehl\ZX\[\cXiiXjkiXe[fcXk\iZ\iXgXik\[\cXj\jki\ccXj
[\cZ`\cf^%() %
?`gc`kf-,kiXkleXXc\^fiX[\cX`dX^`e\iXgfglcXihl\\jcX
[\:i`jkfZfdfjfc[\c[XZlpfglekf[\gXik`[X\iXcX[\j`^eX$
Z`eYYc`ZXpal[\fZi`jk`XeX1
yc#Zfdfjfc#leXm\qhl\j\_lYfXcqX[f[\cj\ef[\cXk`\iiX#gi\j\e$
kXcfj[fZ\Xgjkfc\jZfdf[fZ\_fiXj%Gl\jgfi\ccXj#\]\Zk`mXd\e$
k\#j\dXe`\jkX\c[X#Zfdf[`Z\\cgif]\kX1<j\c[Xhl\_X_\Z_f
\cJ\fi%LeXm\qi\le`[fjcfj[fZ\Xgjkfc\jXeleZ`XifeZfdf[fZ\
d\j\j\cXfg\i]\Zkfhl\\j:i`jkf%Pgfihl\[Xj#jfcpXf\iXe
efdYi\j[\:i`jkf#_Xphl\ccXdXi_fiXjpd\j\jXcfjXgjkfc\j%

8ek\cXgi\^lekX[\G\[ifgficXi\Zfdg\ejXhl\i\Z`Y`i}egfi
j\^l`icf#A\jjc\Zfek\jkXDXk\f(0#).$)/ 1

((

()+

PffjXj\^lifhl\mfjfkifjhl\d\_XY`jj\^l`[f#\ecXi\^\e\iX$
Z`e#ZlXe[f\c_`af[\c_fdYi\j\j`\ek\\e\ckifef[\^cfi`X#fj

()

^ f pX  * ) .   X f  ) ' ' 0

ZfejkXeqXm`ccXcfYfj

j\ekXi\`jkXdY`emfjfkifj\e[fZ\kifefj#gXiXalq^XiXcXj[fZ\
ki`Ylj[\@jiX\c%

CXi\^\e\iXZ`e\ek\e[`[XZfdfcX\iXd\j`}e`ZX`eXl^liX[X
\ecX@^c\j`XgficXi\jlii\ZZ`e[\A\jlZi`jkf%CXj[fZ\ki`Ylj
jfeZfej`[\iX[XjZfdfcXjXcdXjd}j\c\mX[Xj#cXjd}jefYc\j#
j`dYfc`qXegfikXekfcXZ`l[X[Z\c\jk\[\cfj}e^\c\j%<jkXjki`$
Yljgl\[\ei\gi\j\ekXicX[`jki`YlZ`e[\cXjXcdXjZfe]fid\X
jljdi`kfj\e\cdle[f]lklif%
CXj[fZ\ki`Ylj[\@jiX\cj\iXe[fZ\Xjkifj--#j\^e\cjl\fgif$
]k`Zf[\Afj\e>e\j`j*.#01mfcm`Xk\e\ifkifjl\f#pj\cf
ZfekXjlj_\idXefj%;afc\j1_\k\e`[ffkifjl\f1i\jlckXhl\
\cjfc#cXcleXpfeZ\\jki\ccXjj\`eZc`eXYXeXek\d%PZX[Xlef
[\cfj`jiX\c`kXjj\i}alq^X[fgfileXjkif[\cd`jdfefdYi\f
gfileXgjkfcXj`d`cX[fXleXjkifj\^e\cgXjXa\[\DXk\f%
KXdY`ej\dl\jkiX\cki`le]f[\cc`eXa\[\cXDla\ijfYi\\c
c`eXa\[\cXj\ig`\ek\`e]\ieXc#\jkXm\q\c;iX^e#jdYfcf[\c
[\dfe`f8gfZXc`gj`j()#)$+ 1
\jk}\eZ`ekX#p^i`kXZfecfj[fcfi\j[\cgXikfpZfe\ckfid\ekf[\[Xi
Xclq%PXgXi\Z`fkiXj\Xc\e\cZ`\cf1le^iXe;iX^eifaf#Zfej`\k\
ZXY\qXjp[`\qZl\iefj#pjfYi\jljZXY\qXjj`\k\[`X[\dXj%JlZfcX
XiiXjkiXcXk\iZ\iXgXik\[\cXj\jki\ccXj[\cZ`\cfpcXjgi\Z`g`kjfYi\
cXk`\iiX%<c[iX^ej\[\klmf[\cXek\[\cXdla\ihl\`YXX[XiXclq%

I\cXZ`feXe[fcXjJX^iX[Xj<jZi`kliXjpcfjgXjXa\jhl\j\gi\$
j\ekXeZfdfXi^ld\ekfjpgil\YXj\e\cJ\ide[\cKi`le]f
[\cX;`m`eX>iXZ`X#\eZfekiXdfj[fjd}jhl\j\i\cXZ`feXe
Zfe\cki`le]fjfYi\\c;iX^e[\[fjdXe\iXj[`]\i\ek\j%I\Zl$
ii`dfjel\mXd\ek\XcXjgil\YXj[X[Xjgfi\cgi\[`ZX[fi=iXe$
Z`jZf[\D\e[fqXZlXe[f_XYcXXZ\iZX[\c;iX^epjlm\e\ef
hl\j`dYfc`qX\cg\ZX[ffi`^`eXc#cXZlXikXj\ig`\ek\`e]\ieXc
jfYi\cXhl\ki`le]cX[`m`eX^iXZ`X[\cXM`i^\eDXiX%
<ecXgi`d\iX#ZlXe[fd\eZ`feXhl\cXdXpfip\jg\Z`XcYXkXccX
hl\jfjk`\e\\c;iX^e#\c[\dfe`fhl\j`dYfc`qX\cg\ZX[ffi`$
^`eXc#\jZfe\c\c\]Xek\%CXj\ig`\ek\j\\jZfe[\\e\c}iYfcp\j$
g\iXXc\c\]Xek\hl\cc\^XXdfi[\ijlj_faXjXiifa}e[fj\c\\eZ`$
dXphl`k}e[fc\cXm`[X%G\if\c\c\]Xek\jfcfj\Xii`dXXle}iYfc

(),

(* D`^l\c[\JXek`X^fXki`Yl`[f 1CX


@edXZlcX[X8gfZXcgk`ZX#[\kXcc\[\
:feZ\Y`[X%:Xg`ccX[\cX@edXZlcX[X#
@^c\j`X[\JXe=iXeZ`jZf#9f^fk}%
(+ D`^l\c[\JXek`X^fXki`Yl`[f 1
Ki`le]f[\JXeD`^l\cZfekiX\c[`XYcf#
[\kXcc\[\J`eg\ZX[f%:Xg`ccX[\cX
@edXZlcX[X#@^c\j`X[\JXe=iXeZ`jZf#
9f^fk}%
(, D`^l\c[\JXek`X^fXki`Yl`[f 1CX
El\mX<mX#[\kXcc\[\Fi`^`eXc%:Xg`ccX
[\cX@edXZlcX[X#@^c\j`X[\JXe
=iXeZ`jZf#9f^fk}%

hl\k\e^XleXifZXZ\iZXZfecXhl\[\jg\qXi}Xc;iX^eZlXe[f
j\c\XZ\ihl\2Xek\\jkf\c;iX^e\jg\iXXc\c\]Xek\\jZfe[`[f
\ecXk`\iiXgXiXgf[\i[\ii`YXicf%<e\cj\idej\Zl\ekXZfdf
DXiX ]l\ Zfej`[\iX[X d`jk\i`fjf \c\]Xek\ \e jl ZfeZ\gZ`e
Kifefj\Ylie\lj#kifef[\dXichl\_`qfJXcfde%
PZfdfm`dfj\ecXeXiiXZ`ehl\cX[\]\ejX[\c\c\]Xek\\jleX
ifZX#[\cXM`i^\eDXiXj\[`afhl\m\eX\c[X[\jlZfeZ\g$
Z`eZfdfjfY\iXefp[`m`ef\c\]Xek\#hl\m\eXdlple`[X#
pg\^X[XXcXd\afig`\[iX:i`jkfE%J%<ekfeZ\j\c;iX^eXc
i\ZfefZ\iXcXDla\iZfdf\c\c\]Xek\hl\kiXXkXele`[XXj#p
fZlckX\ejlj\ekiXXj\jX[`m`eXg`\[iX:_i`jkf#cX\jg\i\e
cXk`\iiXXZ\Z_Xe[fcXjgcXekXj[\cXM`i^\e%G\ifjkXg`jcX
ZXY\qX[\c;iX^e#ZfeidXe[f[\el\mfZfdfef]l\dXe$
Z_X[XZfe\cm\e\ef[\cXZlcgX1

^l`cX_\idfjXj\ZfeZ`Y\\c[X[\fpDXi`XJj%\eZfde`ek\c`^\e$
Z`X[\GG%]l\DXi`X\ejlZfeZ\gZ`eXhl\ccXdla\i[\c8gfZXc`gj`j#X
hl`\ecX[`m`eXgifm`[\eZ`X[`f[fjXcXj[\^l`cX^iXe[\1gXiXhl\j\
c`YiXj\[\cX]li`X[\Xhl\c;iX^e#hl\c\XZfd\k`%Jfc`Z`kXhl\ccX
j\ig`\ek\hl`kXcc\jcXm`[XX\ccX#pXjl_`af#g\if\jk\c`Yifj\[\\jk\
i`\j^fgfijleXkliXc\qX\iX;`fj\ejlg\ijfeX%P\c}^l`cXi\Xcjl
dX[i\DXi`X#j\\o`d`[\Xhl\c]lifigficfjgi`m`c\^`fj[\Xhl\ccXj
XcXj2Zfehl\j\\eZldYi[\j[\\j\jlgi`d\i`ejkXek\Xcj\i[\
DX[i\[\;`fj%

GXiX\cgi\[`ZX[ficXgil\YXj\Zfejk`klp\\e[\dfjkiXiZfdf
cXM`i^\eef]l\kfZX[Xgfi\cm\e\ef[\cXj\ig`\ek\`e]\ieXc
hl\cXXZ\Z_XYX\e\cdfd\ekf[\jl:feZ\gZ`e%J\ig`\ek\
hl\\jk}j`dYfc`qX[XZfdfc\e#}jg`[#YXj`c`jZfp[iX^e%
0%ZfeZ\Y`[X

G\ifjlZ\[`c\dlpXcZfekiXi`fjl`ek\ekf%Gl\jXek\j\jkX[`m`eX
J\fiXY`qXiiX#pmXc`\ek\\e\jXYXkXccXc\hl\YicXZXY\qXZfejl
gcXekXP[\\jkX\jg\Z`Xc`[X[[\_XY\ihl\YiX[fDXi`XJj%cXZXY\qX
[\c;iX^e`e]\ieXcZfejlgcXekX#j\_XZ\ZcXif#pdXe`\jkf[\\jkX
[`m`eX#pjfY\iXeXj\fiXef`eZlii`\ejlZfeZ\gZ`e\cm\e\ef[\
cXZlcgX%:fdfcXm\i\dfj\ecXj`^l`\ek\g`ekliXg`jXe[f\c;iX^e%

CXj\^le[XdXe\iX\ehl\ki`le]XcX[`m`eX^iXZ`XcXm\dfj`e$
[`ZX[X\]\Zk`mXd\ek\\ecXXgXi`Z`e[\c;iX^ehl\j\[\k`\e\
Xek\cXM`i^\e\eZ`ekXpXiiXjkiXcXk\iZ\iXgXik\[\cXj\jki\ccXj%
<c ;iX^e j`\ek\ \jg\Z`Xc fgfj`Z`e gfi kf[f ^e\if [\ Xm\j#
jfYi\kf[fgfi\c^l`cXgfihl\gXik`Z`gX[\jl\jg\Z`\#jk\\j
Xm\k\ii\jki\pm\XcXjXcXj[\c}^l`cX\d`e\ek\j\e\cgl\jkfp
\eZldYiX[XjXdXpfiXckliXpgfi\jkXiXqec\k`\e\\jg\Z`Xc
Xek`gXkX%:fdf\c}^l`cXgl\[\mfcXid}jXckf#\cm\e\ef[\c
;iX^eefcXgl\[\XcZXeqXigl\j\jk\gXiX[fjfYi\\cjl\cf
j\\dg`eXpgficXYfZXmfkX\cX`i\[\jlm\e\efefcc\^Xe[fcX
XZk`m`[X[[\cXgfeqfXhl\\c;iX^e[\jg`[\#XcXi\^`e[\c
X`i\#[fe[\\c}^l`cX^`iXZfejlml\cf%
Pgi\Z`jXd\ek\XcXM`i^\ec\]l\ife[X[Xj[fjXcXj[\}^l`cX^iXe$
[\gXiXhl\gl[`\iXmfcXiXc[\j`\ikfc\afj[\c;iX^e#hl\g\ij`$
^l`XcXDla\iZlXe[f]l\XiifaX[fXcXk`\iiX#Zfdf\jk}\jZi`kf
\e8gfZXc`gj`j()#(+%<cj\ideZfek`eX[\cXj`^l`\ek\]fidX1

()-

CXfi[\e]iXeZ`jZXeX[\]\ejfiX
[\cd`jk\i`f[\cX@edXZlcX[X:feZ\gZ`e
8hlefj\eZfekiXdfj\ecXgXcXYiXgi\Z`jXi\cXZ`feX[XZfe\c
gXg\cgifkX^e`Zfhl\klmfcXfi[\e]iXeZ`jZXeX\ecX[\]\ejX
[\c[f^dX[\cX@edXZlcX[X:feZ\gZ`e%<e\jkXg`ekliX\j\e
cXe`ZXhl\XgXi\Z\cXM`i^\e\ecXkiX[`Z`feXci\gi\j\ekXZ`e
[\cXdla\iXgfZXcgk`ZX#Zfeke`ZXYcXeZX#dXekfXqlc#Zfif$
eX[X[\\jki\ccXj#pm\jk`[X[\jfc#ZfecXcleXXccX[f[\jlZX$
Y\qXpg`jXe[f\c[iX^e%8hl#X[\d}j[\i\gi\j\ekXicXdla\i
XgfZXcgk`ZX#j\le`\ifecfj[fjd`jk\i`fj\c[\cX@edXZlcX[X
:feZ\gZ`ep\c[\cJXekj`dfJXZiXd\ekfgfihl\cXM`i^\e
jfjk`\e\ \eki\ jlj dXefj leX Zljkf[`X Zfe cX _fjk`X# \c Zl\i$
gf[\:i`jkf#le`ehl\Zfii\jgfe[\XcjXcl[f[\cXcXYX[fhl\
_\dfjj\^l`[f_XjkXX_fiXgcXjdX[f\ecXgi`d\iX[`m`j`f[\c
j\ide\ecXjj\`jgi`d\iXjg`ekliXj%
CX`dX^\e[\cX^iXej\XcXgfZXcgk`ZXhl\fkX\e\c\jgXZ`f
\jfYj\imX[X[\j[\cXk`\iiXgfi[fji\c`^`fjfj#hl\j\ekX[fj
k`\e\ecXm`j`e[\cXdla\ip\c[iX^e%J\kiXkX[\[fj[fZkfi\j
dXi`Xefjhl\_`Z`\ife[\]\ejX[\cd`jk\i`f[liXek\cfjj`^cfj
o```po`m1IXdfeClcc#[\\jgXc[Xj#ZfeleXgcldX\ecXdXef
[\i\Z_X#p;lejJZfkf#\eXZk`kl[[\\jZi`Y`iZfeleXgcldX
jfYi\legXg\chl\j\\eZl\ekiX\e\cg`jf#XccX[f\cYfe\k\

^ f pX  * ) .   X f  ) ' ' 0

(*

(+

[\[fZkfi\ek\fcf^X#hl\_XZ\i\]\i\eZ`XXcX`dgfikXeZ`X[\
cX[\]\ejX[\cXk\j`j`edXZlc`jkXi\Xc`qX[X\ecXLe`m\ij`[X[
[\GXij^%(* %

Z\gZ`e[\cg\ZX[ffi`^`eXc-0#k\okf[\chl\j\XidXhl\gl[f
j\im`i[\\a\dgcfX;lejJZfkf#i\ZfefZ`[fZfdf[\]\ejfi[\
cX@edXZlcX[X:feZ\gZ`e[\DXiX\ecfjZfe`Zkfjjli^`[fj
\eki\[fd`e`Zfjp]iXeZ`jZXefjgficXgfj`Z`ehl\ZX[XleX[\
cXji[\e\jk\eX[\cd`jk\i`f[\cX@edXZlcX[X%

CXj`[\Xj[\IXdfeClcc()*)$(*(- jfYi\cX;fZki`eX[\cX@e$
dXZlcX[X:feZ\gZ`eklm`\ife^iXe`dgfikXeZ`X\ekf[XcXZfe$
kifm\ij`XjljZ`kX[XXZ\iZX[\cd`jk\i`f\eki\cfjk\cf^fjXgXik`i
[\cj`^cfo``%@[\Xjhl\`e`Z`Xcd\ek\]l\ifeXgfpX[XjgficXZfik\
[\cfji\p\j[\8iX^e#\ok\e[`e[fj\gfi<jgXXZlXe[fjkX
j\le`ZYXaf\ci\`eX[f[\cfjI\p\j:Xkc`Zfjhl`\e\jklm`\$
ife\jg\Z`Xc[\mfZ`eXcX@edXZlcX[X-.%8Clcc#hl\_XYXj`[f
Zfik\jXef[\AX`d\@Xek\j[\_XZ\ij\k\iZ`Xi`f[\cXfi[\e]iXe$
Z`jZXeX#j\c\Xki`Ylp\lef[\cfjgi`d\ifj\jZi`kfjXclj`mfjXcX
@edXZlcX[X:feZ\gZ`e1C`Y\igi`eZ`g`fildk_\fcf^`X\#eXc`qX$
[fXek\j[\().+-/%Clcc_`qfgYc`ZXjl[fZki`eX[\cX@edXZlcX[X
\eFo]fi[p\jZi`Y`leXfYiXZfej`[\iX[X[\^iXe`dgfikXeZ`X
gXiXcXgfZX1;\@edXZlcX[X9\Xk`jj`dX\M`i^`e`j:feZ\gk`fe\
(*'+ %8ccIXdfeClcc_XYX\jZi`kf1;`fjXdXcfhl\cXM`i^\e
ZfeZ`Y`\eJXekj`dX<eZXieXZ`e#gfiXdfiXc?`af[\;`fjp
\eZfej\Zl\eZ`X[\\ccf#hl`jfgi\j\imXiXcXM`i^\e#\ejlZfe$

ZfejkXeqXm`ccXcfYfj

8iXq[\\jkfjZfe`Zkfj\cGXgX:c\d\ek\Mfi[\eZ\c\YiXi
leX [`jglkX ^\e\iXc \e cX Le`m\ij`[X[ [\ GXij% ;lej JZfkf
()-,$(*'/ # \c [fZkfi jlk`c hl\ _XYX \jkl[`X[f cfjf]X \e
Fo]fi[pZlijXYXk\fcf^X\ecXLe`m\ij`[X[[\GXij#j\gi\$
j\ek\ecX[`jglkXgXiXfYk\e\i\ckklcf[\[fZkfiZfecXjlj$
k\ekXZ`e[\cXk\j`j`edXZlc`jkX\e\cXf[\(*'.%8cc;lej
JZfkf# Zfe jl j\ek\eZ`X Gfkl`k# [\Zl`k# \i^f ]\Z`k# _`qf hl\ cX
[`jglkXZ\jXiX%Cfhl\XidXYXJZfkf\iXhl\\jkXYX\egf[\i
[\;`fj\chl\DXiXeleZXklm`\iX\cg\ZX[ffi`^`eXcphl\
ZfdfZfem\eXhl\jl_`afeXZ`\iX[\leXdX[i\`edXZlcX[X
c\ZfeZ\[`\jk\gi`m`c\^`f.'%
JXekXClZXpJXekXK\i\jXXZfdgXXecX\jZ\eX#XdYXj[`i`^\e
jld`iX[XXcX`ejZi`gZ`e%CXgi`d\iX#hl\fjk\ekXcXgXcdX[\c

().

P]l\XiifaX[f\c^iXe;iX^e#cXJ\ig`\ek\Xek`^lX#\cccXdX[f;`XYcf
pJXkXe}j#\cj\[lZkfi[\cdle[f\ek\if2]l\XiifaX[fXcXk`\iiXpjlj
e^\c\j]l\ifeXiifaX[fjZfec%F\ekfeZ\jleX]l\ik\mfqhl\[\ZX
\e\cZ`\cf18_fiXpX_Xcc\^X[fcXjXcmXZ`e#\cgf[\ip\ci\`eX[f
[\el\jkif;`fjpcXgfk\jkX[[\jl:i`jkf#gfihl\_Xj`[fXiifaX[f
\cXZljX[fi[\el\jkifj_\idXefj#\chl\cfjXZljXYX[XpefZ_\
[\cXek\[\el\jkif;`fj%

<jkX m\q cXj jXekXj XZfdgXXek\j fjk\ekXe cfj Xki`Ylkfj gif$


g`fj[\jldXik`i`f1JXekX9}iYXiXj\XgfpX\ecXkfii\pjla\kX
cXgXcdXZfecXdXef`qhl`\i[X#d`\ekiXjZfecX[\i\Z_Xjfjk`\$
e\le_Xq[\iXpfj%<jkXYc\Z\Zfdle`ZXZ`eZfeJXekX>\ikil$
[`j#Xhl`\e[`i`^\jld`iX[X%yjkX#Xjlm\q#ml\cm\cXd`iX[XXc
Z`\cfpZfecXdXef`qhl`\i[XkfdXjlZfiXqe`eXdX[fpZfe
cX[\i\Z_Xjfjk`\e\\cY}Zlcf%
((%fi`^`eXc
CXel\mX<mXCXel\mX@^c\j`X
Cfi\gi\j\ekX[f\e\jkXg`ekliX#cXck`dX[\cXj\i`\#Zfii\j$
gfe[\ X [fj k\dXj gi`eZ`gXc\j# lef [\ \ccfj# \c [\ cX M`i^\e
DXiXZfdfcXEl\mX<mX#\cgXiXc\cfhl\j\\jkXYc\Z`\eki\
XdYXj dla\i\j [\j[\ Aljk`ef \e \c j`^cf `` p hl\ klmf le [\$
jXiifccfj`^e`ZXk`mf\ecfjj`^l`\ek\j\jkl[`fjgXkijk`Zfj.(%<c
fkifk\dX#\c[\DXiXZfdf^liX[\cX@^c\j`X^%(, %

(,

ki`le]fp\elegcXkfjljfafj#jdYfcf[\jldXik`i`f#\a\ZlkX
[\el\mf\c^\jkf_\Z_fgfiJXekX?\c\eX#\c[XkX[\gifd`kkf#
i\]fiqXe[fcXgifd\jX[\]\#\jkXm\q\ecXc`dg`XZfeZ\gZ`e
[\cXM`i^\eDXi`X%
('%j`eg\ZX[f
CXYXkXccX\e\cZ`\cfZfekiX\c[\dfe`f
<ecX[Z`dXg`ekliX#j`eg\ZX[f#JXekX>\ikil[`jpJXekX9}i$
YXiX\edXiZXecX\jZ\eX\e[fe[\j\fYj\imXXcXM`i^\eDXiX
fiXe[fd`\ekiXjhl\\cXiZ}e^\cJXeD`^l\cclZ_XXidX[fZfe
jl\jgX[Xpki`le]X[\e`k`mXd\ek\jfYi\\c[\dfe`fhl\ZX\
Xk`\iiX^%(+ %
8hlpXj\gi\j\ekX\cki`le]f[\e`k`mfjfYi\\c[`XYcfgfikX[fi
[\cg\ZX[ffi`^`eXc#gi\Z`jXd\ek\j\^ecf\jZi`kf\e\cck`df
[\cfjc`Yifj[\cX9`Yc`X8gfZXc`gj`j()#.$(' 1
<ekfeZ\jj\\ekXYcleXYXkXccX\e\cZ`\cf#D`^l\c#pjlje^\c\j
ZfdYXk`\ifeZfe\c;iX^e%KXdY`e\c;iX^epjlje^\c\jZfdYX$
k`\ife#g\ifefgi\mXc\Z`\ifepef_lYfpX\e\cZ`\cfcl^XigXiX\ccfj%

()/

D`^l\c[\JXek`X^flY`Z\e\cZ\ekif[\cX`dX^\e\c}iYfc[\c
Y`\ep[\cdXcp\eifjZX[X\eki\jljiXdXjcXj\ig`\ek\`e]\i$
eXc%GXiX[fjXccX[f`qhl`\i[f[\c}iYfc#<mXp8[}e%<mXi\Z`Y\
[\cXj\ig`\ek\cXdXeqXeXp[`i`^\cXd`iX[XX8[}ef]i\Z`e$
[fj\cX#d`\ekiXjhl\jk\j\dl\jkiXg\ejXk`mf%<e\c}iYfcj\
le`\ife\ciYfc[\cXM`[Xp\ciYfc[\cXZ`\eZ`X[\c9`\e
p[\cDXchl\;`fj_XYX_\Z_fYifkXi\ed\[`f[\cgXiXjf
k\ii\eXc>e\j`j)#0 %8cX[\i\Z_X[\c}iYfc#cXM`i^\eDXiX#
ZfifeX[Xpm\jk`[X[\YcXeZf#j`edXeZ_XpZfele_Xcf[\clq
hl\c\Z`iZle[XcXZXY\qX#jfjk`\e\ZfejlYiXqf[\i\Z_fle
^iXedXefaf[\\jg`^Xj[\ki`^f%
<efi[\eXc[`jZlijfm\dfjZfdfDXiXp<mX\jk}egl\jkXj\e
gXiXc\cfi\jg\ZkfXc}iYfc%<ecfj\jZi`kfj[\cXGXkijk`ZX.)\eZfe$
kiXdfjhl\cXi\cXZ`e\eki\<mXpDXiX\jk}[\jZi`kX[\[`]\i\e$
k\jdXe\iXj1Zfdfj`dYfc`jdfXek`kk`Zf#<mXZfdf^liXXc\^$
i`ZX[\DXiXp\jkXYc\Z`\e[flegXiXc\cf\eki\XdYXjdla\i\j%
JXeAljk`ef\j\cgi`d\if\e\jkXYc\Z\i\cgXiXc\cf\eki\<mX
pDXiXZfdfgifcfe^XZ`e[\c\o`jk\ek\\eki\8[}ep:i`jkf%
8dYXjjfemi^\e\j#<mX[\jfY\[\Z\\cdXe[Xkf[\;`fjpZfe$
[lZ\XcXdl\ik\%DXiX#XcgifeleZ`Xi\cXk#ZfeZ`Y\Xchl\[X
cXm\i[X[\iXM`[X%CXdl\ik\gfi<mX#cXm`[XgfiDXiX.*%
CXm`j`e[\cXdla\iZfdfZXljXek\[\cXcc\^X[X[\c\e\d`^f
Xcfj_fdYi\j#XgXik`i[\cXcc\^X[X[\c_`af[\DXiXZXdY`X
\c[\jk`ef_ldXef#cXj\jg`eXj_Xej`[fXiiXeZX[Xj[\iXq#
\cjl[fi_Xj`[fj\ZX[f#cX_`^l\iX_Xj`[fdXc[\Z`[XDk%)(#
(0 #\cgfcmfkiXej]fidX[f\ejXc#cXdXc[`Z`e_Xj`[fZcXmX[X

^ f pX  * ) .   X f  ) ' ' 0

\ecXZilq(:fc%)#(+ #\ccf[\cX\jgX[X_Xj`[fXgXikX[f
[\c}iYfc[\cXm`[X#\cZlXc_Xj`[f[\jk`eX[fXgifgfiZ`feXi
Zfd`[XXcfjZi\p\ek\j.+%
FkifgXiXc\cf\j\chl\\jkXYc\Z\ZfdfcXdla\ijXcmXXcXdla\i1
leXj`^l`\cZfej\af[\cXj\ig`\ek\#[Xe[f\ekiX[XXcg\ZX[f2
cXfkiXgi\j\ekXchl\dXkXiXXcXj\ig`\ek\p_XiXgfj`Yc\cX
i\[\eZ`e[\c^e\if_ldXef%8gXi\Z\XhlcXZfdgXiXZ`e
[\cXZilqZfe\c}iYfc[\cY`\ep[\cdXcgl\jcXgi`d\iXdla\i
`ekif[laf\cg\ZX[fgfi\cc\f#pcXj\^le[Xgfi\cd`jdfd\$
[`f`ekif[laf\cY`\e.,%
LegXiXc\c`jdfXek`kk`Zf[\<mX\jgi\j\ekX[fgfiJXe8dYif$
j`f1gfileXdla\im`ef\cdXc#gfifkiX\cY`\e#gfileXdla\i
hl\[Xdfj\jZcXm`qX[fj#gfifkiXc`Y\iX[fj%<mXhl`kcX\k\ie`$
[X[#DXiXcXi\jk`klp2<mX_`qfgfj`Yc\cXZfe[\eXZ`egfi\c
]ilkf[\c}iYfcpDXiXgfj`Y`c`kcXjXcmXZ`egfihl\kXdY`e
:i`jkf\jklmfg\e[`\ek\#Zfdfle]ilkf#\e\c}iYfc[\cXZilq.-%
:fdf Xekk\j`j \eki\ cXj [fj dla\i\j ^liXYX cX gXcXYiX [\j$
kilZkfiXhl\_XYX\ekiX[f\e<mXM`i^\e2[\ledf[fj\d\$
aXek\#\cM\iYf[\;`fj_XYX\ekiX[f\ecXM`i^\eDXiX#gXiX
hl\cfhl\_XYXg\i\Z`[f]l\j\cc\mX[fXcXjXcmXZ`e%CX]\hl\
_XYX[X[f<mXXcXj\ig`\ek\DXiXcX_XYX[X[fX>XYi`\c2\c
g\ZX[f[\<mX]l\\c`d`eX[fgfiDXiXXkiXmj[\cXk..%
<mXj\gi\j\ekXkXdY`eZfdfXc\^fiX[\DXiX#XgXik`i[\cfj
jdYfcfj[\c8ek`^lfK\jkXd\ekf%DXiX\iXcXjXcmX[fiX[\cf
hl\j\_XYXg\i[`[fXZXljX[\cX[\jfY\[`\eZ`X[\cXgi`d\iX
dla\i2gfi\jkXiXqeXgXi\Z`leXel\mX^\e\iXZ`e[\jglj
[\ cX Zi\XZ`e# cX M`i^\e [\jglj [\ <mX# 9\ce [\jglj [\c
<[e#\cg\j\Yi\[\jglj[\cgXiXjf./%

I\jg\ZkfXcdXefaf[\ki`^fhl\jfjk`\e\DXiX\eki\jljYiX$
qfj#j`dYfc`qXcfj]ilkfj[\cXi\[\eZ`eXkiXmj[\cjXZi`Z`f
[\:i`jkf#j\^ecf\jZi`kf\eAlXe()#)+1<em\i[X[fj[`^f1
j`\c^iXef[\ki`^fefZX\\ek`\iiX#pdl\i\#hl\[Xjfcf#g\if
j`dl\i\#[XdlZ_f]ilkf%:ldgc`e[fj\XjcXgif]\ZX1Cfj
mXcc\jXYle[XiXe\ed`\j\jpXhl\Xhl\c^iXef#leXm\qdl\ikf
kiXaf dlZ_f ]ilkf JXcdf -+# (+ .0% CX f]i\e[X [\ ki`^f kXd$
Y`e]l\Zfej`[\iX[XZfdf^liX[\cX\lZXi`jkX/'%
CX`dX^\ej\\eZl\ekiX\edXiZX[XgfiJXekX:XkXc`eX[\J`\eX
pJXekX8gfcfe`X%CXgi`d\iX[`i`^\jld`iX[XXc\jg\ZkX[fi#p
fjk\ekXjljXki`Ylkfj1cXZfifeX[\\jg`eXj#cfj\jk`^dXj\ecXj
dXefjpleZfiXqe[\chl\YifkXleXiXdX[\c`i`fj%Cc\mXcX
dXef`qhl`\i[XXcg\Z_f\ej\Xc[\[\mfZ`e%JXekX8gfcfe`X
Xhlj\Zfejk`klp\\e^liX[\d\[`kXZ`e#[`i`^\jld`iX[XXc
jl\cfpgfikXcXgXcdX[\cdXik`i`f#d`\ekiXjZfecXdXef[\i\$
Z_Xjfjk`\e\cXk\eXqXZfele[`\ek\%
CX j\i`\ [\c 8cXYX[f j\ gl\[\ Zfej`[\iXi \ekfeZ\j Zfdf eX$
iiXk`fg`Zkf[\cXjgXik\j\ehl\j\\]\ZklcX[`m`j`f[\lej\i$
dehl\j\gifeleZ`XYX\ecX`^c\j`XjXekX]\i\X[\cJ\fiJXe
=iXeZ`jZf%I\Xc`qX[XgXiXg\ijlX[`iXcXZi\\eZ`X\e\cd`jk\i`f
[\cX@edXZlcX[X:feZ\gZ`e[\cXM`i^\e#cXjfeZ\gXik\j\e
hl\j\[`m`[`\ck\okf[\cXjXclkXZ`egi\j\ekXecXjgil\YXj
Xgf[Zk`ZXjhl\Xi^ld\ekXep\ecXqXe\cj\idfg`Zkf\ele_`cf
eXiiXk`mfZfelei`kdf\jkXYc\Z`[fgficX[`jgfj`k`f[\cXjgil\$
YXj# j`^l`\e[f cX c`e\Xc`[X[ [\c Zfealekf [\k\id`eX[f gfi \c
k\okf%:fecXgi\j\ekXZ`e[\cXjgil\YXjj\gi\k\e[X[\dfj$
kiXicXdXe\iX\ehl\cXM`i^\ej\_XYXc`YiX[f[\cXjj\ig`\e$
k\j`e]\ieXc\jgfikX[fiXj[\cg\ZX[ffi`^`eXchl\cXXZ\Z_XYXe
\e\cgi`d\i`ejkXek\[\jlj\iXkiXmj[\cX`ek\im\eZ`e[\jl
?`af[\j[\\c]lklif%

efkXj
Hl`kf# <[`Z`fe\j ;`^`kXc7ki\j# J%C%C%
[i`[# p gfi jl fi`^`eXc \e >iXeX[X# \e 0 CX ZfgcX ]l\ \jZi`kX \e (-(+ gfi \c j\$
X^e18iZ_`mf>\e\iXc[\cXEXZ`e#9f^fk}%
J\m`ccX#)''/#gg%,.$-,%
cX@dgi\ekXI\Xc[\=iXeZ`jZfJ}eZ_\q#
Ye19`Yc`fk\ZXEXZ`feXc[\<jgXX#DX[i`[%
m`ccXef D`^l\c :`[# ^XeX[fi [\ leX
\e]i\ek\[\c?fjg`kXc[\:figlj:_i`jk`%
ZfemfZXkfi`X i\Xc`qX[X gXiX Zfdgfe\i
( 8^iX[\qZf \jg\Z`Xcd\ek\ Xc gif]\jfi * GXiX cXj [fj j\i`\j Yf^fkXeXj j\ k`\e\
8f[\(--*%
leXZfgcXXcd`jk\i`f[\cX@edXZlcX[X
AX`d\ ?ldY\ikf 9fiaX >d\q jlj Zf$
cXd`jdX]\Z_X[\gif[lZZ`eg\ifj`e
:feZ\gZ`e \e J\m`ccX% :Xicfj D\jX#
d\ekXi`fj[liXek\\cgifZ\jf[\\cXYf$
]l\ek\j hl\ [\e `e]fidXZ`e [\kXccX$ , CXj d\[`[Xj [\ ZX[X c`\eqf jfe cXj j`$
;\YXk\j :feZ\gZ`fe`jkXj \e JXekX =\
iXZ`e[\\jk\XikZlcf%
[X[\cXcc\^X[X[\cXjg`ekliXj#[\cXj
^l`\ek\j1XcX(%+*o(%0/d #YX[f(%+*
[\9f^fk}#9fcmXi#I\m`jkX[\:lckliX
ZlXc\j j\ XidX ]l\ife gif[lZkf [\
o(%/)d #j\X(%+*o(%/)d #\cjfjjXe$
) :fej`[\iX[f \c Xik`jkX hl`k\f d}j
:fcfdY`XeX# ++# (0,,# efkX *# gg% ./*$
le `ek\iZXdY`f Zfe fYiXj [\c g`ekfi
`dgfikXek\ [\c j`^cf om``% ;fj j\i`\j
k`j`df (%+,o(%0-d #jXZiX(%+-o(%0-
./+% MXj\ kXdY`e J% JkiXkkfe# CX @e$
e\f^iXeX[`ef >i\^fi`f M}qhl\q [\
[\ g`ekliXj cc\^Xife X JXekX =\ [\ 9f$
d  d\ekf (%+, o (%0, d # p cX m`i^\e
dXZlcX[X:feZ\gZ`e\e\cXik\\jgXfc#
8iZ\p:\YXccfj%
^fk}1cXj\i`\[\cfjXikZlcfj[\c:i\[f
(%+* o (%0/ d # dXi`X (%+, o (%0. d #
=le[XZ`eLe`m\ij`kXi`X<jgXfcX#DX$
[\jk`eX[XXcX:Xk\[iXc[\cXZ`l[X[pcX + =iXp @mXe [\ I`YXj# [\c Fi[\e [\ Gi\$
ZfeZ\Y`[X (%++ o (%0. d # j`e g\ZX[f
[i`[#(0/0#gg%,.$,0%
j\i`\[\c8cXYX[fgXiXcX`^c\j`X[\JXe
(%+-o(%0/d #fi`^`eXc(%+,o(%0.d %
[`ZX[fi\j[\cXGifm`eZ`X[\8e[XclqX#
=iXeZ`jZf% CX ck`dX glYc`ZXZ`e XZ\i$
\e \c I\Xc :fem\ekf [\ JXe GXYcf [\ - C`Yif [\ cX \jZcXm`kl[ [\ cX gli`j`dX (' I\cXZ`e[\cXj\jkXjhl\j\_`q`\ife\e
ZX[\jlm`[XpkiXYXaf_XZ\gi\Z`j`fe\j
:i[fYX# ;\]\ejX [\ cX [fZki`eX [\c
Zfej\mj`fe \e \jk\ ZfeY\ekf [\ jXekX
JXekX=\[\9f^fkX[\cEl\mfI\pef[\
XZ\iZX [\ cX ]\Z_X [\ jl eXZ`d`\ekf p
8e^\c`Zf ;fZkfi# d\afi \o\ZmkX[X# p jm
]\ i\]fidX[f \e \jk\ Xf [\ d`c .'.
>iXeX[X [\ cX @edXZlcX[X :feZ\gZ`e
jl fi`^\e% ?XjkX X_fiX j\ Zfej`[\iXYX
`miXd\ekfdXjY`\eZldgc`[f#ZfecXi\Xc
Zfe[`m`j`fe[\cX]le[Xj`fe`eY\ekXi`f
[\cXM`i^\eDXi`XEl\jkiXJ\fiX\e\c
Zfdf g`ekfi d\jk`qf# X_fiX 8% A% <jk\$
`ej`emXZ`fefY\[\Z`[X#[`Z`\e[f19\e[`kf#
`c`Yif[\cXj\jZcXmXj\ek`\dgf[\cgX$
Xf[\(-(-%9E%
YXiXeq cf ZfeidX Zfdf le g`ekfi `e$
p8cXYX[fj\X\cJXek`jj`dfJXZiXd\ekf
[i\]iX`]iXeZ`jZf[\ZXjkifZfd`jXi`f% (( <e cX 9`Yc`fk\ZX EXZ`feXc [\ :fcfd$
[^\eX]fidX[f\e\ckXcc\i[\jlgX[i\
[\c XckXi# p cX @edXZlcX[X :feZ\gZ`e
8>E# J\ZZ`e :fcfe`X# ]fe[f D`jZ\c}$
Y`X j\ \eZl\ekiXe mXi`fj `dgi\jfj [\
ClZXjM`ql\k\hl`\e]l\kXdY`edX\j$
[\ cX M`i^\e DXi`X E%J% ZfeZ\Y`[X j`e
e\X#kfdf()+#]fc`f(.*%
\jkX gfZX1 8cfejf Gi\q# >cfjjXj [\
kifg`ekfi`e[^\eX%:]%8%A%<jk\YXiXeq#
dXeZ_X[\g\ZX[ffi`^`eXc\e\cgi`d\i . @Y`[%#]fc`f(.-i%
[`]\i\ek\jXlkfi\j#XcX@edXZlcX[X:fe$
D`^l\c [\ JXek`X^f \e JXe 8^ljke [\
`ejkXek\[\jlj\i%:feC`Z\eZ`X\eDX$ / @Y`[%#]fc`f(.*i%
Z\gZ`fe[\cXDX[i\[\;`fjjfYi\Xhl\$

ZfejkXeqXm`ccXcfYfj

()0

ccfjm\ijfjhl\[`q\e1Kf[f\cdle[f\e
^\e\iXc2 p leX Z_Xefe\kX dlp Zli`fjX
X \c d`jdf `ek\ekf2 alekXd\ek\ Zfe le
YXpc\ gXjkfi`c dlp ^iXZ`fjf2 p cc\mX Xc
ZXYflejfe\kfZlpXjZfgcXjj\glj`\ife
\e cX \jkX hl\ j\ _`qf \e cX p^c\j`X [\
jXe<c`]fejf[\@X\e#XcX\jkX[\cXc`d$
g`X :feZ\gZ`fe [\ El\jkiX J\fiX% <e
DXcX^X1 <e :XjX [\ @lXe I\^e\# (-(,%
:i`jkYXc [\c :Xjk`ccf#8hl` j\ Zfek`\e\
ki\j fYiXj dlp Zli`fjXj1 cX gi`d\iX \j
le IfdXeZ\ X cX @edXZlcX[X :feZ\g$
Z`fe[\cXM`i^\eDXi`XEl\jkiXJ\fiX2
cXj\^le[X\j#fkififdXeZ\\eXcXYXeX
[\ Xhl\ccX c\kiX kXe Z\c\YiX[X# Kf[f \c
dle[f\e^\e\iXcp[\jlXlkfi2cXk\iZ\$
iX\jleX^cfjXXcd`jdf`ek\ekfRM`i^\e
m\jk`[X[\jfcTpleXjfkXmXj%@dgi\jjf
\eDliZ`X1Gfi;`\^fcXKfii\#(-(,%
() ;\ [fj Xfj X \jkX gXik\ j\ kiXkX Zfe
j`e^lcXi[\mfZ`ecXfg`e`egX[\hl\
el\jkiXJ\fiXcXm`i^\eDXiX]l\Zfe$
Z\Y`[Xj`eg\ZX[ffi`^`eXc#hl\Xpl[Xe
p gi\[`ZXe Zci`^fj =iXpc\j 8^ljk`efj#
=iXeZ`jZfj[\cXZfdgXX[\A\jjpcX
D\iZ\[%CXfg`e`eZfekiXi`XcXk`\e\e
cfj =iXpc\j ;fd`e`Zfj hl\ k\e`e[fj\
gfi f]\e[`[fj _Xe _\Z_f [\dfjkiXZ`f$
e\j \jZXe[XcfjXj [\ jlj j\ek`d`\ekfj
Xpl[Xe[f \e \ccf \c FY`jgf [fe =iXp
G\[if [\ cX M\^X \e kXekf ^iX[f hl\
gXjXe[f leX efZ_\ gfi jl gl\ikX leX
gifZ\j`e [\ gl\Ycf# =iXpc\j =iXeZ`j$
Zfj#8^ljk`efjpGi\Y\e[X[fjZfeleX
YXe[\iX g`ekX[X# \e \ccX cX @dX^\e [\
cX :feZ\gZ`e [\ El\jkiX J\fiX p \c
dX\jkif <jZfkf# ZXekXe[f cXj ZfgcXj
[\c g\ZX[f fi`^`eXc# \c FY`jgf jXc` X
jl YXcZe [Xe[f mfZ\j ZfekiX \ccfj p
dXe[Xe[fXjljZi`X[fjhl\c\jk`iXj\e
g\[iX[Xj# ZfekiX[`Z`\e[f p gif_`Y`\e$
[f[`Z_XjgifZ\j`fe\j%:XikX\em`X[X
Xc i\p =\c`g\ @@ gfi [fe ;`\^f [\ 8Zl$
X# >fY\ieX[fi p :Xg`k}e >\e\iXc [\
cXGifm`eZ`X[\:XikX^\eX\ecXj@e[`Xj
FZZ`[\ekXc\j XZ\iZX [\ cfj e\^fZ`fj
[\ cX :feZ\gZ`e [\ El\jkiX J\fiX%
8^fjkf))[\(-(-%9E%
(* I\cXZ`e[\cXj\jkXj#fg%Z`k%<ck\o$
kf Zfdgc\kf [\c [fZld\ekf ]l\ kiXej$
Zi`kfgfi:%D\jX\e;\YXk\j:feZ\g$
Z`fe`jkXj\eJXekX=\[\9f^fk}#fg%Z`k%
(+ C`Yif[\cX\jZcXm`kl[#]fc`f(/-m%
(, =iXp>%8iZ`cXIfYc\[f#F%=%D%#?`jkfi`X
[\ cX Zf]iX[X [\ cX @edXZlcX[X [\ JXe
=iXeZ`jZf\e9f^fk}[\j[\jli\dfkffi`$
^\e#C`kf^iX]X@i`j#9f^fk}#(0,/#g%(*(%
(- =iXp>%8iZ`cXIfYc\[f#fg%Z`k%#g%(+)%
(. 8iZ_`mf :fem\eklXc [\ JXe =iXeZ`jZf
[\ 9f^fk}% C`Yif [\ ZfejlckXj __% (,#
Xf(.-*%:`kX[fgfi=iXp>%8iZ`cXIf$

(*'

\e\cj\ek`[f[\cXi^f[\cX:XjX%?`qf
Yc\[f#fg%Z`k%#g%(*+%
[\j[\ \eZ`dX [\c gifg`Z`Xkfi`f# [\ \e
\ecXZXjXm\ekXeXjZfeZ\cfjXj%<[`Z
d\[`f [\ cfj hl\ilY`e\j ZfcfZX[fj jf$
d\[`\mXc%8ihl`k\ZkliX#c`kli^`X\`Zfef$
alekfXcdlif[\cXZXjXleX^Xc\iX\e
Yi\ \c XiZX [\c K\jk`dfe`f# k\ Zfdle`$
^iX]X# <[`Z`fe\j <eZl\ekif# DX[i`[#
kfiefXc?\bXcpXc;\Y`i#\_`qf_XY`kX$
ZXikf[fcfhl\_XpX[\fi[\eXik\gXiX
(00+#g%*,0%
Z`fe\jcXk\iXc\j\e[\ii\[fi%CX^Xc\iX
cfj`jiX\c`kXj%
`e]\i`fik\eXZ`eZfZf[fj[\XeZ_f#cX ** KiXjcX[f [\c 8iZX [\ cX 8c`XeqX% <e$
(0 J%J\YXjk`}e#fg%Z`k%#g%+%:fdgl\jkf\e
`ek\id\[`Xj\`jZf[fj[\XeZ_fpcXk\i$
\cgi`d\iZlXikf[\cj`^cfo`mgXiXljf
kfeZ\j Zfe^i\^ JXcfde X cfj XeZ`X$
Z\iX j`\k\ Zf[fj [\ XeZ_f# gfihl\ ]l\
[\dfea\jgi\[`ZX[fi\j#g%*0'%
efj [\ @jiX\c \e A\iljXce gXiX _XZ\i
i\YXaXe[fXci\[\[fi[\cX:XjX#gficX
jlY`i \c XiZX [\ cX Xc`XeqX [\ PX_m\_
)'A% ;Xe`\cfl# D\ejXa\ \mXe^c`Zf p Zlc$
gXik\\ok\i`fi#gXiXef\dgfkiXi\ecfj
[\j[\ cX Z`l[X[ [\ ;Xm`[ hl\ \j J`e%
kliX_\c\ejk`ZX%J`^cfj@@p@@@#<[`Z`fe\j
dlifj[\cXZXjX%
J\ i\le`\ife alekf Xc i\p JXcfde kf$
:i`jk`Xe[X[#DX[i`[#)'')#g%(0-%
[fjcfj_fdYi\j[\@jiX\c#\e\cd\j[\
)( A%;Xe`\cfl#fg%Z`k%#g%(0,%
*'?Xi}j kXdY`e le ZXe[\cXYif [\ fif
<kXe`d# hl\ \j \c d\j jgk`df  \e cX
glif% ?Xi}j [\ fif dXZ`qf \c ZXe[\cX$
)) A% I% DfiXc\j# <jk`cf# g`ekliX p gXcX$
\jkX#pcfjjXZ\i[fk\jcc\mXife\cXiZX#
Yif#jlg`\pjlkXccf%JljZ}c`Z\jZfif$
YiX#<[`Z`fe\j:}k\[iX#DX[i`[#(00+#
p cX K`\e[X [\c <eZl\ekif# Zfe kf[fj
cXjpfi\j]fidXiXeleZl\igfZfe\c%
gg%-($/+%
cfj fYa\kfj jX^iX[fj hl\ _XYX \e cX
)* M\i A% Dlig_p# CX i\ki`ZX \e cX <[X[
JXc[i}e j\`j YiXqfj [\ jlj cX[fj1 ki\j
K`\e[X% <c i\p JXcfde p kf[f @jiX\c
D\[`X% ?`jkfi`X [\ cX k\fiX [\ cX i\k$
YiXqfj[\lecX[fpki\j[\cfkif%<cgi`$
ZfecjXZi`ZXifeXek\\cXiZXfm\aXjp
i`ZX [\j[\ JXe 8^ljke _XjkX \c I\eXZ`$
d\iYiXqfk\e[i}ki\jZ}c`Z\j\e]fidX
Yl\p\j\eed\if`eZXcZlcXYc\\`eel$
d`\ekf# =fe[f [\ :lckliX <Zfed`ZX#
[\ fi [\ Xcd\e[if# Zfe ZfifcX p fi2
d\iXYc\%CfjjXZ\i[fk\jcc\mXife\cXiZX
Do`Zf#;%=%#(0/-%<cXlkfigi\j\ekXle
kXdY`e \c j\^le[f YiXqf k\e[i} ki\j
i\Zfii`[fZfdgc\kf[\cXijgiX\[`ZXe[`
Z}c`Z\j \e ]fidX [\ fi [\ Xcd\e[if#
[\cXXc`XeqX[\PX_m\_Xjlj`k`f#Xc;\$
Zfdf^e\ifi\ki`Zfd\[`\mXc%
Zfe ZfifcX p fi2 p Xj cfj j\`j YiXqfj
Y`i[\cX:XjX#\e\cJXekf[\cfjJXekfj#
hl\jXc\e[\cZXe[\cXYif%<e\cd`jdf
YXafcXjXcXj[\cfjhl\ilY`e\j#gfihl\
)+CX gi}Zk`ZX al[X [\c ljf [\ cXj <jZi`$
ZXe[\cXYif_XYi}ZlXkifZ}c`Z\j\e]fi$
cfj hl\ilY`e\j \ok\e[Xe cXj XcXj gfi
kliXj ]l\ le df[\cf \jkXYc\Z`[f gfi
dX[\fi[\Xcd\e[ifj#ZfejljZfif$
\eZ`dX [\c j`k`f [\c XiZX# ZlYi`\e[f
:i`jkfhl\cXjlk`c`qZfdfgil\YXXY$
cXjpfi\j%LeXZfifcX[\YXaf[\cfj[fj
cfj hl\ilY`e\j [\c XiZX p jlj mXiXc\j
jfclkX p Xgf[Zk`ZX% :]% A% Dlig_p# fg%
gi`d\ifjYiXqfjhl\]fidXeZl\igfZfe
gfi\eZ`dX%CfjmXiXc\j\iXekXecXi^fj
Z`k%#gg%)/($)/*%
\cZXe[\cXYif2leXZfifcX#[\YXaf[\cfj
hl\j\m\XejljglekXj[\j[\\cJXekf#
), ;liXek\ \c j`^cf om`# \e [`]\i\ek\j `d$
[fjj`^l`\ek\j#pleXZfifcX#[\YXaf[\
[\j[\cXgXik\Xek\i`fi[\c;\Y`i#g\if
gi\jfjj\\eZl\ekiX\c\jkXYc\Z`d`\ekf
cfj [fj ck`dfj YiXqfj# Xj Zfe cfj j\`j
efj\m\Xe[\j[\]l\iX%<e\cXiZXef
[\ Z}efe\j gXiX cfj ^\jkfj ZfigfiXc\j#
YiXqfj hl\ jXc\e [\c ZXe[\cXYif% CXj
_XYX eX[X d}j hl\ cXj [fj kXYcXj [\
i\Zi\}e[fj\ \c Zl\igf Zfdf leX `dX$
ZfifcXj p cfj YiXqfj ]fidXiXe le Zl\i$
g`\[iX hl\ Df`jj _`qf gfe\i \e \ccX#
^\e i\ki`ZX Zlpfj Xek\Z\[\ek\j j\ \e$
gf Zfe \c ZXe[\cXYif% Kf[f \ccf ]fidX$
\e\c?fi\Y#cXjkXYcXj[\cXXc`XeqXhl\
ZfekiXYXe \e cX gi\Z\gk`mX Zc}j`ZX [\
iXleZl\igf[\fifdXZ`qf%?Xi}jjlj
gXZkPX_m\_Zfecfj`jiX\c`kXjZlXe[f
cXi\ki`ZX%CXlk`c`qXZ`e[\cfj^\jkfj
j`\k\c}dgXiXjhl\ZfcfZXi}j\eZ`dX[\
jXc`\ife[\cXk`\iiX[\<^`gkf%
Zfii\jgfe[X X cX hl`ekX ]leZ`e \o$
dXe\iXhl\[\eclqXc]i\ek\%
gi\j`mX ZfigfiXc [\efd`eX[X cX XZk`f
*+A%;Xe`\cfl#fg%Z`k%#g%)/*%
^\jk`ZlcXZ`e  Zfdgc\kX[X gfi cX gif$ *(?Xi}jleXiZX[\dX[\iX[\XZXZ`X[\ *, CX kiX[`Z`e [\ cX A\iljXce Z\c\jk`Xc
[fjZf[fjpd\[`f[\cXi^f#Zf[fpd\$
elek`Xk`f\cljf[\cXmfq %8cX^\jk`Zl$
j\ XjfZ`X Zfe cXj Z`l[X[\j `[\Xc\j [\j$
[`f[\XeZ_fpZf[fpd\[`f[\Xckf%CX
cXZ`e cfj ^i`\^fj [`\ife \c efdYi\ [\
Zi`kXj\e\cI\eXZ`d`\ekf#Zfdfcf]l\
i\m\jk`i}j[\fifglif2gfi[\ekifpgfi
:_`ifefdX#\ejkXj\\jkXYc\Z`\ifecfj
cXZ`l[X[[\8dXlifkf\ecXLkfgX[\
]l\iXcXi\m\jk`i}j2pX[\d}jgfe[i}j\e
Z}efe\j^\jklXc\ji\ki`ZfjgXiXcXfiX$
Kfd}j Dfif CfmX`eX# (,(-  p cX [\ @c
jl[\ii\[fileXdfc[liX[\fif%=le[`$
kfi`X Zc}j`ZX hl\ `eZclXe ^\jkfj kXekf
Dfe[fjXm`f\gXqqf[\=%;fe`#\eki\
i}jgXiX\ccXZlXkifXe`ccXj[\fif#hl\
gXiXcXjdXefjZfdfgXiXcfj[\[fj%
fkifj% C% 9}\q IlY# De\dfj`e\ efmf$
gfe[i}j\ejljZlXkifg`\j#[fjXe`ccXj
_`jg}e`ZX%I\ki`ZX\`d}^\e\j\e\cj`^cf
)- :lXe[f ef j\ \jg\Z`hl\ cf ZfekiXi`f#
XleZfjkX[f#p[fjXe`ccXjXcfkif%
cXj Z`kXj YYc`ZXj \jk}e kfdX[Xj [\ cX
OM@#Le`m\ij`[X[EXZ`feXc8lkefdX[\
9`Yc`X [\ A\iljXce# CX <[`kfi`Xc M`q$ *) ?Xi}j Xj d`jdf le gifg`Z`Xkfi`f [\
Do`Zf# @ejk`klkf [\ @em\jk`^XZ`fe\j
ZXeX#9`cYXf#(0.,%
<jkk`ZXj#Do`Zf#;%=%#)'',#g%)/.%
fif glif# [\ [fj Zf[fj p d\[`f [\
cXi^f p Zf[f p d\[`f [\ XeZ_f% ?Xi}j *-P m` cX :`l[X[ JXekX# cX el\mX A\il$
). J% J\YXjk`}e# fg% Z`k%# g% *-+% 9`Yc`X GXl$
X[\d}j#[fjhl\ilY`e\j[\fifdXZ`qf2
g\ild%
jXce# hl\ YXaXYX [\c Z`\cf# [\ alekf
cfj _Xi}j \e cfj [fj \oki\dfj [\c gif$
[\ ;`fj# \e^XcXeX[X Zfdf leX efm`X
)/ A% 9lcn\i# :_`ifcf^`X1 fi k_\ EXkliXc
g`Z`Xkfi`f1 _Xq \c gi`d\i hl\ilYe \e
XkXm`X[XgXiXjl\jgfjf%PfleX]l\ik\
CXe^lX^\f]k_\?Xe[Xe[:_`ifefd`X1
le\oki\dfp\cj\^le[f\e\cfkif%Cfj
mfqhl\[\ZX[\j[\\ckifef1<jkX\jcX
fi k_\ 8ik DXelXc I\k_fi`Z# \[`kX[f
hl\ilY`e\j ]fidXiXe le Zl\igf Zfe
dfiX[X[\;`fjZfecfj_fdYi\j%Gfe$
Zfe leX @ekif[lZZ`e [\ A% N% :c\Xip#
\c gifg`Z`Xkfi`f# \e jlj [fj \oki\dfj%
[i}jldfiX[X\eki\\ccfjp\ccfjj\i}e
Jflk_\ie @cc`ef`j Le`m\ij`kp Gi\jj#
jlgl\Ycfpyc#;`fj$Zfe$\ccfj#j\i}jl
(0.+#g%(.*%
<jkXi}eZfecXjXcXj\ok\e[`[Xjgfi\e$
;`fj%  P \eal^Xi} kf[X c}^i`dX [\ jlj
)0CX ZXjX hl\ \[`Z \c i\p JXcfde X
Z`dX#ZlYi`\e[fZfe\ccXj\cgifg`Z`Xkf$
fafj# p ef _XYi} pX dl\ik\ e` _XYi}
PX_m\_ k\e`X j\j\ekX Zf[fj [\ cXi^f#
i`f#leXXc]i\ek\[\cfkif#ZfecXjZXiXj

ccXekf# e` ^i`kfj e` ]Xk`^Xj# gfihl\ \c
m\`ek\[\XeZ_fpm\`ek`Z`eZf[\Xckf% <c
ml\ckXj_XZ`X\cgifg`Z`Xkfi`f%Gfe[i}j
dle[fm`\af_XgXjX[f%
\cgifg`Z`Xkfi`f\eZ`dX[\cXiZX2pgfe$
LcXd[\cXek\[\c?\bXc[\cX:XjXk\eX
[i}j[\ekif[\cXiZX\cK\jk`dfe`fhl\ *. 8%=%;fe`#@cdfe[fjXm`f\gXqqf#g%-#
m\`ek\Zf[fj[\cXi^f\e\cj\ek`[f[\c
pf k\ [Xi% 8cc d\ \eZfekiXi Zfek`^f2
XeZ_f[\cX:XjXp[`\qZf[fj[\XeZ_f
Z`k%gfiI%G\il^`e`#CXd\dfi`XZi\Xk`$
(/ J%J\YXjk`}e#D\ejXa\j`dYc`Zf[\cXik\

^ f pX  * ) .   X f  ) ' ' 0

mX#g%))'%:`kX[fgfiC%9}\qIlY#fg%
Z`k%#g%)/.%
*/ =iXp ;`\^f MXcX[j# I\ki`ZX Zi`jk`XeX#

) \[%# =fe[f [\ :lckliX <Zfed`ZX#


Do`Zf#)''*#g%(/'%
*0@Y`[%#g%)'.%
+'D\kf[`f cf \ogfe\ \e cX k`gfcf^X [\c

K\dgcf%A%;Xe`\cfl#fg%Z`k%#g%)/(%
+( A%9lcn\i#fg%Z`k%#g%)',%
+) J%[\cXMfi}^`e\#CXC\p\e[X;fiX[X@#

8c`XeqX<[`kfi`Xc#DX[i`[#(00,#g%).0%
+* G\[if[\I`YX[\e\piX#=cfjJXeZkfild

[\cXm`[X[\cfjjXekfj#kfdf)#9XiZ\cf$
eX\ecX`dgi\ekX[\cfj:fejfik\jJ`\$
iiX#Fc`m\ipDXik#GcXqX[\JXeAXpd\%
8f(.0'%
++ A%9lcn\i#fg%Z`k%#g%(0-%
+, D}o`df [\ Klie# Z`kX[f gfi >% Gfej
Gfej# K\okfj dXi`Xefj [\ cfj gi`d\ifj
j`^cfj% 8ekfcf^X GXkijk`ZX# <[`kfi`Xc
:`l[X[El\mX#DX[i`[$9l\efj8`i\j$
JXekX=\[\9f^fk}$Dfek\m`[\f$JXe$
k`X^f#(00+#g%((+%
+- J\ kfdX cX m\ij`e [\ CX JXekX 9`Yc`X
kiX[lZ`[X Xc \jgXfc [\ cX Mlc^XkX cXk`$
eX p XefkX[X gfi \c @cdf% Ji% ;% =\c`g\
JZ`f[\JXeD`^l\c#C`Yi\iXI\c`^`fjX#
9XiZ\cfeX# (/,-# - mfcj%# lk`c`qX[X gfi
>ljkXmf 9l\ef J}eZ_\q# hl\ d\eZ`f$
eXZfdf\ecfjck`dfjk`\dgfj#pj`e
[l[XZfe\ce[\iXZ`feXc`qXi\ecfgf$
j`Yc\\cM\iYf[`m`ef#cXjm\ij`fe\j[\cX
9`Yc`X#ZXkc`ZXjpefZXkc`ZXj#mXejlj$
k`klp\e[f cXj i\]\i\eZ`Xj ef m\ifjd`$
c\j# ]XYlcfjXj# gfi fkiXj hl\ ef \eki\e
\e XY`\ikX ZfekiX[`ZZ`e Zfe cf hl\
[`Z\ecXjZ`\eZ`XjeXkliXc\j%>%9l\ef
J}eZ_\q#Fekf^\e`Xpcf^\e`X[\cYX$
j`c`jZf#<c9Xj`c`jZf%I\m`jkX[\cfjf]X#
Z`\eZ`Xj _ldXeXj# k\fiX [\ cX Z`\eZ`X
p[\cXZlckliX#(gfZX#e(#(0./#gg%
-+$.0%:fdf\a\dgcf[\cfXek\i`fi#\e
fkiX 9`Yc`X XgXi\Z\ [\ cX j`^l`\ek\ dX$
e\iX\cd`jdfm\ijZlcf1g`jXi}jjfYi\
\cc\epcXmYfiX#_fccXi}jXcc\feZ`ccf
pXc[iX^e%9`Yc`X[\A\iljXce#El\mX
m\ij`e kfkXcd\ek\ i\m`jX[X p Xld\e$
kX[X# <[`kfi`Xc <jgXfcX ;\jZc\ [\
9ifln\i#9`cYXf#(0.,#g%./'%
+. @jXXj0#/1P\ce`f[\k\kXj\[`m\ik`i}jf$
Yi\cXZl\mX[\c}jg`[#p\c[\jk\kX[fd\k\i}
jldXef\ecXZXm\ieX[\cYXj`c`jZf%
@jXXj (+# )01 Ef k\ Xc\^i\j k# G_`c`j$
k_\X kf[X# gfi _XY\ij\ _\Z_f g\[Xqfj
cXmXiX[\chl\k\_\iX1gfihl\[\cX\j$
k`ig\[\cXZlc\YiXjXc[i}\cYXj`c`jZf#p
cfhl\[\ceXZ\i}jfiY\i}cXjXm\j%
@jXXj *'# -1 :Xi^X [\ cXj ZXYXcc\iXj
[\cD\[`f[X%MXe[\leXk`\iiX[\ki`$
YlcXZ`ep[\Xe^ljk`X#[\[fe[\jXc\e
cXc\feXp\cc\e#cXmYfiXp\cYXj`c`jZf

ZfejkXeqXm`ccXcfYfj

mfcX[fi#cc\mXe[fjfYi\_fdYifj[\ZX$
YXcc\iXjlji`hl\qXjpjljk\jfifjjfYi\
ZfiZfmXj[\ZXd\ccfj#Xlegl\Ycfhl\
efc\gf[i}j\i[\gifm\Z_f%
@jXXj +0# ,1 Ifdg`\ife _l\mfj [\ }j$
g`[\jpk\a`\ifek\cXj[\XiXX1hl`\eZf$
d`\i\[\cfj_l\mfj[\\ccfjdfi`i}2p[\
cfhl\j\\dgfccXi\#jXc[i}\cYXj`c`jZf%
Gifm\iY`fj )*# *)1 DXj Xc e dfi[\$
i} Zfdf Zlc\YiX# p [\iiXdXi} m\e\ef
ZfdfYXj`c`jZf%
A\i\dXj/#(.1Gfihl\_\Xhlhl\pf
fj \em`Xi j\ig`\ek\j YXj`c`jZfj# gXiX
cfj ZlXc\j ef _Xp \eZXekXd`\ekf1 p
dfi[\i}e#[`Z\\cJ\fi%
+/ CXgi`d\iXd\eZ`e[\cYXj`c`jZfcXi\X$
c`qGc`e`f1\jg\Z`\[\j\ig`\ek\hl\j\
ZiX\ecfj[\j`\ikfj[\]i`ZX%K`\e\cX
ZXY\qX jldXd\ek\ X^l[X# p jfYi\ \ccX
leXdXeZ_XYcXeZXXdf[f[\ZfifeX[\
ki\jglekXj#cfjfafjjfedlp\eZ\e[`[fj
pifafj%<cZl\igf\jg\hl\f#p\cZfcfi
[\\ck`iXXe\^if#jXcg`ZX[f[\dXeZ_Xj
YcXeZXj#cXZfcX\jcXi^X#p[\c^X[X#p[\
fi[`eXi`fcXkiX\\eifjZX[X%:fe\cj`cYf
X_lp\ekX cXj [\d}j j\ig`\ek\j# Zfdf
I\p hl\ gi\jld\ j\i [\ kf[Xj# gfi cf
hl\\jkXdY`eccXdX[fI\^lcf%<j]XdX
mlc^Xi hl\ Zfe cX m`jkX p i\jl\ccf dXkX#
gfi j\i \ZXZj`df jl m\e\ef% <j mfq
gliXd\ek\ ^i`\^X# [\ hl`\e cX kfd \c
CXk`ef 9Xj`c`jZfj% I\^lclj% ;`ZZ`feXi`f
[\Xlkfi`[X[\j#kfdf(#g%,0-%G%cmXi\q
[\ D`iXe[X Zfdg% # C\o`Zf^iX]X \jgX$
fcX g\e`ejlcXi% ;`ZZ`feXi`fj :c}j`Zfj
i\Zlijf \c\Zkie`Zf # =le[XZ`e ?`jk$
i`ZXKXm\iX#)'''%
+0 Gi\[`Zfcfj \c D%I%G%D% =iXeZ`jZf [\
D\e[fqX\ecXZc\Yi\fZkXmXhl\\c^iX$
m\ p i\c`^`fjj`df :fem\ekf [\ J% ;`\^f
[\c Fi[\e J\iXg_`Zf [\ E%G%J% =iXeZ`jZf
ZfejX^i X \jk\ d`e`jk\i`f \e \c Xf [\
-(%GXk\ek\\cJjJXZiXd\ekf%;Xhl\]l\
fYj\hl`f[\cXplekXd`\ekf[\:XYXcc\ifj
?`afj$[Xc^f [\jkX `dg\i`Xc M`ccX [\ 8c$
ZXc}18ZlpX[\mfZ`ej\`dgi`d\e%:fe
c`Z\eZ`X[\cfjjlg\i`fi\j%<e8cZXc}#\ecX
`dgi\ekX[\cXLe`m\ij`[X[%8f[\(--)%
,' Lk`c`qX cX gXcXYiX \e^X\ hl\ k\eX
lej`^e`ZX[fd\kX]i`ZfgXiXj\XcXi
cX le`e p [\g\e[\eZ`X [\ Xc^leXj Zf$
jXj `eZfigi\Xj% ;`ZZ`feXi`f [\ 8lkfi`$
[X[\j#fg%Z`k%#kfdf*#g%+-.%
,( Ki`me]fj[\cX[`m`eX^iXZ`X#gg%($)%
,) =iXeZ`jZf[\D\e[fqX#F%[\D%#fg%Z`k%#g%/%
,* @Y`[%#g%(-%
,+ @Y`[%#g%(-%
,, @Y`[%#g%(.%
,- <c ;`ZZ`feXi`f [\ 8lkfi`[X[\j cf [\$
e\1 \ogi\j`e [\c ZfeZ\gkf# p cf hl\
hl`\i\[\Z`i#gfi^liXj[\fkiXjZfjXj

hl\j\f]i\Z\eXcXm`jkX1ZfdfcXgXcdX
cf\j[\cXm`Zkfi`X#pcXgXcfdX[\cZXe$
[fi [\ }e`df% Cfj \^`gZ`fj ]l\ife cfj
gi`d\ifj hl\ cfj `em\ekXife% <c e [\
cfj^\if^cpg_`Zfj\iXi\gi\j\ekXiZfecX
eXkliXc\qX[\cXZfjXg`ekX[X#\c`ek\e$
kf [\ \jZi`kfi% ;`ZZ`feXi`f [\ 8lkfi`[X$
[\j#fg%Z`k%#kfdf+#g%,0%
,. :]%J%J\YXjk`}e#fg%Z`k%#g%),+%
,/=iXeZ`jZf [\ D\e[fqX# F% [\ D%# fg%
Z`k%#g%(0%
,0 >%9l\efJ}eZ_\q#fg%Z`k%
-' ;\ Gifgi`\kXk`Ylj I\ild# C`Yif O@O
;\cfjZfcfi\j#fcfi\j#jXYfi\j#c`Zfi\j#p
[\cfj_l\mfj #ZXgklcfCOO@O;\cfj
_l\mfj[\cXjj\ig`\ek\j %@Y`[%
-( P \jkX gi\m\eZ`e d`jk\i`fjX [\
:_i`jkf J%E% \e hl`kXi Zfdf [`m`ef p
jfY\iXef >Xccf dlp [\ Xek\dXef cX
m`[X Zfe jl mfq Xc 9Xj`c`jZf @e]\ieXc#
gXiX Xj\^liXij\ Zfe \jf cX gli\qX fi`$
^`eXc [\ jl DX[i\# cX _Xccf [\c`e\X[X
X d` \ek\e[\i  Zfe ^iXe gifg`\[X[
\e\cZXg`klcfj\^le[f[\cfjZXekXi\j%
8[m\ik`[ dfikXc\j [`Z\ :_i`jkf J\fi
El\jkif \e cX Xek`Z`gXZ`e d`jk\i`fjX
[\ jl jXY`[liX  hl\ Xle ef _X cc\^X$
[f \c k`\dgf# hl\ Xle ef \j fZXj`e
[\ hl\ DXi`X d` DX[i\ [\jg`\ik\ [\c
jl\f [\ cX ]lkli`Z`e X cXj m`^`c`Xj
[\ cX \o`jk\eZ`X% 8le ef \j fZXj`e [\
hl\ j\ ZfeZ`YX% <jkf [`Z\ :_i`jkf J%E%
Xc m\ijf jgk`df [\c ZXg`klcf Z`kX[f# p
cl\^fXcm\ijf[`\q[\cd`jdfZXg`klcf
[`Z\Xj`1Xd`^X#<jgfjX#GXcfdXj`e_`\c#
Zfdg\e[`f [\ cX _\idfjliX m\e# cc\^X
Xgi`jX X cXj gl\ikXj [\ cX eXkliXc\qX
gficX\ekiX[X[\kl:feZ\gZ`e#pX\j
k`\dgf# pX \j fZXj`e [\ hl\ k\ ZfeZ`$
YXj%Hl`\eefi\gXiX\e\jkXmXi`XZ`e6
8ZXYX[\[\Z`i:_i`jkfJ%E%hl\Xleef
_Xcc\^X[fcXfZXj`e[\ZfeZ\Y`ic\DX$
i`X1 p ZXj` `ed\[`XkXd\ek\ _Xq\ cX `ej$
kXeZ`Xgfe[\iX[XgXiXhl\Xkf[Xgi`jX
cf^i\ cX [`Z_X [\ jl :feZ\gZ`e% Gl\j
hl\gl\[\j\icXZXljX[\kXeYi\m\#p
efkXYc\dl[XeqX\ecfjX]\Zkfj[\c\j$
gfjf6Ef\jd\e\jk\idlZ_X`ek\igi\$
kXZ`e%\ck\okfcf[`Z\Mfo[`c\Zk`d\`2
\e[i``c\Zkd\ljcfhl`klid`_`%Jfc`Z`kX
:_i`jkf E%J% \e \c m\ij% . cX [\k\eZ`e
[\ DXi`X JJ jl DX[i\ \e ZfeZ\Y`ic\%
G\if \jkf gfi hl\6 Gfihl\ i\ZfefZX
hl\ \c 9Xj`c`jZf `e]\ieXc cX \jg\iXYX X
cXjgl\ikXj[\el\jkiXeXkliXc\qX#gXiX
XiifaXic\cXgfeqfX[\jlm\e\efZfe
jl m`jkX1 p gfihl\ \ekfeZ\j \c Zfdf
[`m`ef#pJfY\iXef^Xccf#Xleef_XYX
\ekfeX[f jl ZXekf c\mXekXe[f jl mfq#
gXiX hl`kXi Zfe \ccX X \jX j\ig`\ek\ cX
m`[X%C\mXekX\c^i`kf#Xcm\ijf/\dg`eX

jlmfqmfo[`c\Zk`d\`#pZfdfXj\^liX$
[fhl\Zfe\ccX_Xhl`kX[fcXm`[XX\j\
9Xj`c`jZf1ccXdX[\jgljXkf[Xgi`jXX
DXi`X JJ jl DX[i\# XXeq}e[fc\ gfi
\jf cX j\^li`[X[ \e \jk\ i`\j^f# hl\ c\
Xd\eXqXYX% P kf[f \c g\ejXd`\ekf cf
ZfeidX \c k\okf d`jdf# gl\j lef [\
cfj dfk`mfj hl\ gifgfe\ :_i`jkf J%E%
X jl DX[i\# gXiX cX j\^li`[X[ [\ jl
\ekiX[X \e el\jkiX eXkliXc\qX gfi jl
ZfeZ\gZ`e# \j hl\ _X gi\Z\[`[f# p j\
_Xf[fpXcXmfqd`jk\i`fjX[\cXkikf$
cXmfoklikli`jXl[`kX\jk%[fe[\[`ofcX
`ek\ic`e\Xcmfo:_i`jk`%PXgl\[\DX[i\
dX [\Z`X :_i`jkf E% J% DXi`X  cc\^Xi
gfi kl ZfeZ\gZ`e X cXj gl\ikXj [\ cX
eXkliXc\qX j\^liX [\ hl\ ef `eZlii`$
i}j\e\cm\e\ef[\c9Xj`c`jZf@e]\ieXc#
gfihl\ pf kikfcX _\idfjX kl XdXek\#
p ^Xccf d`jk\i`fjf kl i\[\ekfi# _\ ifkf
[\ Xek\dXef \c j`c\eZ`f X d` mfq1 mfo
klii`j#mfo:_i`jk`Xl[_kX\jk%PZfe\c
c\_Xhl`kX[fcXm`[XX\jk\YXj`c`jZf`e$
]\ieXchl\k\Xd\eXqXYX%
-) >%GfejGfej#fg%Z`k%#g%/.%
-* D% I\kX# <c `e^\e`f _ldXef X ]Xmfi
[\ DXiX @edXZlcX[X1 CX [\]\ejX k\f$
c^`ZX [\c d`jk\i`f# \e1 Le gi`m`c\^`f
jX^iX[f1CX:feZ\gZ`e[\DXiX@edX$
ZlcX[X%:\c\YiXZ`e[\c[f^dX\eDo`$
Zf#Dlj\f[\cX9Xjc`ZX[\>lX[Xclg\#
Do`Zf;%=%#)'',#gg%('.$('/%
-+ A%9lcn\i#fg%Z`k%#gg%..$//%
-, A%;Xe`\cfl#fg%Z`k%#gg%)+/$)+0%<e\cj`$
^cf```j\kiXk[\[XileX`ek\igi\kXZ`e
Zi`jk`XeX[\kf[f\c8ek`^lfK\jkXd\ekf%
-- D\eZ`e[\Fi^\e\jXZ\iZX[\cj`dYf$
c`jdf [\ cfj gl\Ycfj \e cXj <jZi`kliXj2
[`Z\ hl\ \jk} d}j Xcc} [\ jl \ek\e[`$
d`\ekf\cZfdgi\e[\iZfdfj\i\Xc`qX$
i}%:]%A%;Xe`\cfl#fg%Z`k%#g%+,-%
-. :]i%J%JkiXkkfe#fg%Z`k%#g%((,%
-/ @Y`[%#g%0%
-0 GXik\ @M# iXqe () [\ cX [\]\ejX k\fc$
^`ZX[\I%Clcc%:`kX[XgfiD%I\kX#fg%
Z`k%#g%('*%
.'@Y`[%#g%('*%
.( Z]i%>%GfejGfej#fg%Z`k%#g%)+%
.) Aljk`ef# K\iklc`Xef# >i\^fi`f [\ E`jX#
JXe 8dYifj`f# JXe AlXe :i`jjkfdf#
JXe >\id}e [\ :fejkXek`efgcX jfe Xc$
^lefj[\cfjhl\\jZi`Y`\ifeXZ\iZX[\
\jk\k\dX%Z]i%>%GfejGfej#fg%Z`k%
.* JXeA\ie`df#`Y`[%#g%('/%
.+ 8]iXXk\j#`Y`[%#g%+/%
., JXe>i\^fi`f[\E`jX#`Y`[%#gg%./$.0%
.- JXe8dYifj`f#`Y`[%#g%/-%
.. K\iklc`Xef#`Y`[%#g%**%
./ JXe>i\^fi`fEXZ`XeZ\ef#`Y`[%#g%.+%
.0 JXe8dYifj`f#`Y`[%#g%/.%
/'Aljk`ef#`Y`[%#g%)'(%

(*(

( DXiZfjQXgXkX1JXdl\c#(.-+%
@^c\j`X[\JXe8ekfe`f#?ldX_lXZX#
8i^\ek`eX%

;\GXijX:lqZf1CfjZXd`efj[\c
^iXYX[f]iXeZj\ecfjj`^cfjom``pom```
X^ljk`eXif[i^l\q
Zfe`Z\k&Le`m\ij`[X[[\JXeDXike8i^\ek`eX

I\jlckXd}jj`^e`ZXk`mfXejXY\ihl\\cgif^iXdX`Zfef^i}$
Zf[\KfdXm\ef\jleZXjfX`jcX[f%;\j[\cXZ`l[X[[\Hl`kf#
\e<ZlX[fi#_XjkXJXek`X^f[\:_`c\#j\jlZ\[\ecfji\kiXkfj[\
\jkfj gXki`XiZXj [\c gl\Ycf _\Yi\f% El\jkiX `em\jk`^XZ`e _X
g\id`k`[fi\Zfejkil`icXgi\j\eZ`X[\\jkXj`d}^\e\j\ed}j[\
m\`ek\ `^c\j`Xj# Zfem\ekfj# dlj\fj p Zfc\ZZ`fe\j gXik`ZlcXi\j
[\8di`ZX[\cJli%;Xm`[#JXcfde#Df`jjpJXdl\c\eki\
cfjd}jgfglcXi\j#8dj#J\[\ZXj#8j}pA\_\eki\cfjd\$
efjZfefZ`[fj#\jkfjg\ijfeXa\jj\\eZl\ekiXe\ecXjZ`l[X[\j
d}j`dgfikXek\j[\cfhl\]l\iX\cM`ii\`eXkf[\cG\i#Zfdf
:lqZf# JlZi\# 8i\hl`gX# C`dX p Hl`kf# Xj Zfdf \e gfYcX[fj
d\efi\j[\ck\ii`kfi`f#Zfdf?ldX_lXZX#:XZkX#:fcZ_X#?lX$
ifZfe[fpKila`ccf\eki\fkifj^%( %
8 g\jXi [\ Zfejk`kl`i le Zfealekf [\ Xgifo`dX[Xd\ek\ [fj$
Z`\ekXj g`ekliXj# e`e^e `em\jk`^X[fi j\ [\klmf _XjkX \c df$
d\ekf\e\c\jkl[`fd\k`Zlcfjf[\cX[`]lj`e[\\jkfjdfk`mfj
ZlpXgi\j\eZ`Xgf[iXj\iZfdgXiXYc\#efXcfjk\dXjd}j\o`$
kfjfj[\ci\g\ikfi`f`Zfef^i}ZfXd\i`ZXefZfdfcXj`d}^\e\j
[\cXM`i^\ep:i`jkffcXj[\jXekfjZfdf=iXeZ`jZfp;fd`e^f#
g\ifjZfecXjkXei\efdYiX[Xjp[`jZlk`[Xji\gi\j\ekXZ`fe\j
[\}e^\c\jXiZXYlZ\ifj%<j[\[\jkXZXihl\#Xc`^lXchl\\jkXj
g`ekliXj# cfj i\kiXkfj [\ gXki`XiZXj [\c gl\Ycf _\Yi\f ef gf$
j\\eleX]l\ik\gi\j\eZ`X`Zfef^i}ZX\e<lifgX(%

8gfZfd}j[\(''b`cd\kifj[\cXZ`l[X[[\Gfkfj#\e9fc`$
m`X#j\\eZl\ekiX\cgl\Ycf[\KfdXm\%Jl`^c\j`Xgi`eZ`gXc#YXaf
cXX[mfZXZ`e[\JXeD`^l\c#\jle\[`Z`fZfcfe`Xc[\leXjfcX
eXm\%CXjgXi\[\jYcXeZXjj\_XccXeZlY`\ikXjgfi^iXe[\jZlX$
[ifj%<e\ci\^`jkif`e]\i`fij\[\jgc`\^XleXj\i`\[\g`ekliXjjf$
Yi\cXm`[X[\cXM`i^\e#k\dXhl\efjfigi\e[\\eZfekiXi\ele
Zfek`e\ek\j`^eX[fgficX^liXdXi`XeX%J`e\dYXi^f#cfjZlX$
[ifj[\ci\^`jkifjlg\i`fii\jlckXeXc^fd}jccXdXk`mfj\eZlXekf
Xjlk\d}k`ZX1j\kiXkX[\^iXe[\ji\kiXkfjj\[\ek\j[\gXki`XiZXj
[\c8ek`^lfK\jkXd\ekf#i\p\j[\Al[}pgif]\kXj[\@jiX\c%

(*)

CXjj`d`c`kl[\j\eki\cXjfYiXjXd\i`ZXeXjjfYi\I\p\jpGif]\$
kXji\m\cXecXZ`iZlcXZ`e[\leZfealekf[\\jkXdgXjhl\j`im`
[\df[\cfgXiXkf[Xj\jkXjg`ekliXj%Efi\jlckXjfigi\e[\ek\
\eZfekiXi cXj _l\ccXj [\ cX Z`iZlcXZ`e [\ `d}^\e\j \lifg\Xj
\ek\ii`kfi`fXd\i`ZXef2i\Zfi[\dfjhl\cfjgi\Zlijfi\j[\cX
_`jkfi`X[\cXik\Zfcfe`Xc_Xej\XcX[f_XZ\d}j[\d\[`fj`^cf
cXgi\j\eZ`X[\g`ekliXjp\jkXdgXj\jgXfcXj\`kXc`XeXj#g\if
jfYi\kf[fXd\eZXjpXc\dXeXj#pjlljfgXiXcXZi\XZ`e[\
el\mXj`d}^\e\j)%<jk\kiXYXafgi\k\e[\gfe\i[\i\c`\m\\ccl$
^Xi[\cXj\jkXdgXj]iXeZ\jXj[\ekif[\\jkX`emXj`e`Ze`ZX
XZfek\Z`[X\e8di`ZX1ZfdfZfej\Zl\eZ`X[\el\jkiX`em\jk`$
^XZ`e_\dfjgf[`[fZfdgifYXihl\\e\cZXjf[\cXj\jkXdgXj
lk`c`qX[XjgXiXcXZi\XZ`e[\\jkXj`d}^\e\j[\I\p\jpGif]\kXj
[\c8ek`^lfK\jkXd\ekfjlfi`^\ej\\eZl\ekiX\e=iXeZ`X#gif$
Z\[\eZ`Xhl\[\gfijaljk`ZXXX[`iXGXijZfdflef[\cfj
Z\ekifj\[`kfi\j\`dgi\jfi\jZfeXcZXeZ\\ejl\cfXd\i`ZXef*%

^ f pX  * ) .   X f  ) ' ' 0

8j`d`jdf# gifgfe\dfj hl\ \e \jkX Z`iZlcXZ`e [\ `d}^\e\j


i\jlckXife ZcXm\j Z`\ikfj `e[`m`[lfj hl\ Zfe jl XZZ`feXi gif$
dfm`\ife cX Zi\XZ`e [\ meZlcfj \e le \jgXZ`f ^\f^i}Zf
Xdgc`fg\if`ek\iZfe\ZkX[f%<e\jk\j\ek`[f#\c\e]fhl\[\Jl$
YiX_dXepXdi\jlckXZcXm\#\ekXekf\cXlkfigifgfe\\c\jkl[`f
[\Zfee\Zk\[_`jkfi`\jXck`\dgfhl\gifgfe\cX`[\ek`ZXZ`e
[\cXj]i}^`c\jkiXdXjhl\\ecXqXe\cdle[f#j`ed\efjgi\Z`Xi
cfj\e]fhl\jcfZXc\jp\c\jkl[`f[\cXjgXik`ZlcXi`[X[\j[X[Xj
gficfj[`]\i\ek\jZfek\okfjjfZ`f$ZlckliXc\j+%<jkXg\ijg\Zk`$
mX\ji\kfdX[Xgfi>ilq`ejb`hl`\egifgfe\cX\o`jk\eZ`X[\
kiXp\Zkfi`Xjdck`gc\jhl\efj\`ek\^iXeXleX_`jkfi`Xe`ZXp
hl\_XY`klXcd\ek\\iXeg\ejX[XjZfdfj\gXiX[Xj\e\c\jgX$
Z`fp\e\ck`\dgf,%<eC\jhlXki\gXik`\j[ldfe[\\c_`jkfi`X$
[figifgfe\\c\jkl[`f[\cXZ`iZlcXZ`e[\g\ijfeXj#efk`Z`Xjp
ZfefZ`d`\ekfj#XjZfdfc`Yifj#fYiXj[\Xik\pfkiXjd\iZXe$
ZXj# hl\ \j Zfej\Zl\eZ`X [\ leX k\dgiXeX ^cfYXc`qXZ`e [\c
dle[fhl\Zfd`\eqX\e\cj`^cfom`XgXik`i[\cjli^`d`\ekf[\
cXDfeXihlX:Xkc`ZX-%CXXlkf$g\iZ\gZ`e[\[\k\id`eX[fj
`e[`m`[lfjXZ\iZX[\cXjgfj`Y`c`[X[\jhl\Yi`e[Xjl`ej\iZ`e
\e\jk\dle[f^cfYXc`qX[f[\m`\e\\cdfkfigXiX\ckiXqX[f[\
meZlcfjXikjk`Zfj#ZlckliXc\jpd\iZXek`c\j%
]iXeZ`X
<jk\i\cXkfZfd`\eqX\ekfeZ\j\eGXij#[fe[\Z`iZX(-+-:cXl$
[\ M`^efe# i\ZfefZ`[f Xik`jkX \e =iXeZ`X p <lifgX# ZfeZclX
[fjZfealekfj[\[fZ\g`ekliXj1cfjGif]\kXj[\@jiX\cpcfjI\$
p\j[\Al[}.%<jkXjg`ekliXj]l\ifecc\mX[XjX\jkXdgXj#Xki`Yl`$
[XjXcfj^iXYX[fi\jAid\;Xm`[p=iXef`jGf`ccp/%;\ckfkXc
[\m\`ek`ZlXkifg`ekliXjZi\X[XjgfiM`^efejcfj\Zfej\imXe
j\`jc\fjhl\[XeZl\ekX[\ckiXYXaf[\\jk\Xik`jkX\ejldX$
[li\q1\cg`ekfii\gi\j\ekX\jkfjgXki`XiZXji\kiXk}e[fcfj[\
d\[`fZl\igfp_XZ`\e[fljf[\ledXiZX[fZcXifjZlifhl\
fkfi^XdXpfi`ek\ej`[X[XcfjifjkifjpdXefj#ZcXm\j\ecXZX$
iXZk\i`qXZ`e[\ZX[Xg\ijfeXa\^%) %
J\kiXkX[\leZfealekf[`jk`ek`mfkXekfgficXj\c\ZZ`e[\jljg\i$
jfeXa\j#Zfdfgfi\c[\kXcc\[X[fXcXi\gi\j\ekXZ`e[\ZX[X`e[`$
m`[lf#i\jlckX[f[\cXgi\j\eZ`X[\leX^iXeZXek`[X[[\Xki`Ylkfj%
<jkXZfdgc\a`[X[[\cfji\kiXkfji\gi\j\ekX[fj[XZl\ekX[\le
`dgfikXek\ZfefZ`d`\ekf[\ck\okfYYc`Zfp[\leX\cXYfiX[X`e$
k\igi\kXZ`e[\jljgXjXa\j#hl`q}jZfej\Zl\eZ`X[\cXgXik`Z`gX$

Z`e[\Xc^e\jg\Z`Xc`jkX#Zfdfjlgfe\dfjgXiXcXi\[XZZ`e[\
cXj\jkif]Xj\e]iXeZjpcXkehl\XZfdgXXecXj\jkXdgXj%
Cfj [fZ\ Gif]\kXj [\ M`^efe# X g\jXi [\ jl ed\if k`gfc^`$
Zf#efi\jgfe[\eXleXYjhl\[X[\ZfeZfi[XeZ`Xk`gfc^`ZX0%
;\ekif[\cZfealekf#\eZfekiXdfjXcfjZlXkifdXpfi\j@jXXj#
A\i\dXj# ;Xe`\c p <q\hl`\c# ki\j gif]\kXj d\efi\j Afe}j#
8dj p QXZXiXj p fkifj Z`eZf g\ijfeXa\j Df`jj# JXdl\c#
<cXj#<c`j\fp<j[iXjhl\#Xlehl\jfekiX[`Z`feXcd\ek\efd$
YiX[fj Zfdf gif]\kXj# ef j\ \eZl\ekiXe \edXiZX[fj \e cfj
^ilgfjhl\\e]Xk`qXecXZfeZfi[XeZ`Xk`gfc^`ZX('%
<eZlXekfXcXj\i`\[\I\p\j[\@jiX\c#j\kiXkX\ei\Xc`[X[[\le
Zfealekf[\[fZ\i\p\j#[\cfjZlXc\jki\jJXc#;Xm`[pJXcf$
deg\ik\e\Z\eXci\`efle`[f[\@jiX\c#j`\k\g\ik\e\Z\eX
cX[`eXjkX[\Al[}pcfj[fji\jkXek\jXcXZXjX[\@jiX\c%J`e
\dYXi^f#p\jkf\j`dgfikXek\[\[\jkXZXi#efgXi\Z`\iXhl\cXj
[`]\i\eZ`Xj[`e}jk`ZXj#e`cfjcl^Xi\jfZlgX[fjgficfji\p\j\e
\jkXj[`eXjkXj#_XpXegi\fZlgX[fXcXlkfi[\cZfealekf#pXhl\
\ce`Zfc\fhl\j\Zfej\imX[\cXj\i`\[\M`^efe#\cI\p8j}#
gi\j\ekXleXeld\iXZ`ej`d`cXiXcX[\cfjGif]\kXj\`[\ek`$
ZXX\jk\i\pZfdf8jX#+\#Ifp;AjiX\c#XleZlXe[fj\kiXkX
[\ck\iZ\idfeXiZX[\cXZXjX[\Al[}%<jkXj\i`\gi\j\ekXXcfj
i\p\ji\kiXkX[fj[\g`\fj\[\ek\j#\elei\Zfik\[\ki\jZlXikfj%
Cfj g\ijfeXa\j \o_`Y\e \cXYfiX[Xj m\jk`d\ekXj Zfe ZfifeXj
`e[`m`[lXc`qX[Xjp#Xc`^lXchl\cfjgif]\kXj#ZfeXki`Ylkfj`Zf$
ef^i}ZfjY`\e[\e`[fj^%* %
8Z\ihldfefjX_fiXXcgifZ\jf[\Zi\XZ`e[\\jkXj\jkXdgXj%
Cfj\jkl[`fjjfYi\\c^iXYX[fkXekf\e<lifgXZfdf\e8d$
i`ZX_XegXik`[f\e^\e\iXc[\leXg\ijg\Zk`mXhl\#YljZXe[f
leXXgifo`dXZ`eXcXkZe`ZXXgXik`i[\Z}efe\jj`d`cXi\jX
Xhl\ccfj[\cXg`ekliX[\ZXYXcc\k\#\e]fZ[\dXe\iXgXik`ZlcXi
\ecfjXik`jkXj^\e\iX[fi\j[\cfjdfk`mfjXjZfdf\ecfj^iX$
YX[fi\jhl\[fd`eXifecXj[`]\i\ek\jkZe`ZXj[\\jkXdgXZ`e%
<jkXXZk`kl[jl\c\[\i`mXi\eleXe}c`j`j\jk`cjk`Zfp]fidXc[\
cXj\jkXdgXjhl\[\jXk`\e[\\c\jkl[`f[\cfi`^\e\[`kfi`Xc[\
cfj^iXYX[fjp#[\\jkXdXe\iX#[\jZl`[X\ce\of\eki\[fj\kX$
gXj]le[Xd\ekXc\j\e\cgifZ\jf[\Z`iZlcXZ`e[\\jkXdgXj1cX
Zi\XZ`epcXZfd\iZ`Xc`qXZ`e%GfifkiXgXik\#cX`e]fidXZ`e
XZ\iZX[\c\[`kfiZfek\e`[X[\ekif[\cXc\p\e[X[\cX\jkXd$

(**

j\a\iXihl`qXpXhl\cfjdfk`mfjg`ekX[fj\iXe`[\X[fjZfe\c
fYa\kf[\j\i^iXYX[fj1\cfi`^`eXcjcfj\imX[\df[\cfgXiX
cXZi\XZ`e[\cXjZfg`Xj%

) :cXl[\M`^efe`em\ekfi #=iXef`j
Gf`ccp^iXYX[fi #A\XeC\Ycfe[
\[`kfi 1A\i\dXj#ZX%(-,-%
* :cXl[\M`^efe`em\ekfi #=iXef`j
Gf`ccp^iXYX[fi #A\XeC\Ycfe[
\[`kfi 1;Xm`[#ZX%(-,-%

gXZfeki`Ylp\\edlZ_fjZXjfjXleXZfii\ZkX[XkXZ`e[\cXj
fYiXj% Gi\k\e[\dfj [\jkXZXi Xhl cX ^liX [\c \[`kfi p dXi$
Z_Xe[[\\jkXdgXjZfdfgif[lZkfi`ek\c\ZklXcpXZkfi\j\eZ`Xc
[\cd\iZX[f[\c^iXYX[f\lifg\fpXd\i`ZXef%:fej`[\iXdfj
hl\\c\jkl[`f[\cfj]fe[fj\[`kfi`Xc\jg\id`k\\cXe}c`j`j[\cXj
`e`Z`Xk`mXjp\jkiXk\^`XjgXiXcXZfd\iZ`Xc`qXZ`e[\cZfealekf
[\`d}^\e\j\[`kX[Xjgfile`e[`m`[lf#XjZfdfcfjmeZlcfj
\jkXYc\Z`[fjZfefkifj`ek\^iXek\j[\cdle[f[\c^iXYX[f%
<ekfeZ\j# Zl}c \iX \c ifc [\c \[`kfi6 <c \[`kfi \iX eX[X d\$
efjhl\Xhl\chl\k\eXcX`e`Z`Xk`mX[\cXfYiXpXgfikXYX\c
[`e\ife\Z\jXi`fgXiXjl\cXYfiXZ`e#\iX\cgifg`\kXi`f[\cX
gcXeZ_Xp[\cXj^XeXeZ`Xjhl\\ccXgif[lZX((%J\[`jk`e^lX[\c
`dgi\jfipXhl\#\e^\e\iXc#jk\\iXZfekiXkX[fgfi\c\[`kfi
gXiXZldgc`d\ekXilef[\cfjdck`gc\jgXjfj\egfj[\cXZf$
d\iZ`Xc`qXZ`e[\cX`dX^\e%8j`d`jdf#Zfdfj\\m`[\eZ`X\e
cfjZXjfj[\cfjd}j`dgfikXek\j\[`kfi\j[\cj`^cfom``]iXe$
Zj#jkfjj\fZlgXifekXdY`e[\cXZfd\iZ`Xc`qXZ`e[\cXj
\jkXdgXj%;\\jkXdXe\iX#hl\[\edXefj[\cfj\[`kfi\jp
Zfd\iZ`Xek\j lef [\ cfj Xjg\Zkfj d}j `dgfikXek\j p hl`q}j
d\efj\jkl[`X[fj\e\c}dY`kf[\c^iXYX[f1\c[\cX[`]lj`e
ZfeZi\kX[\cfjdfk`mfj`dgi\jfj%

]XZZ`fe\j#cXgfj`Z`e[\jljdXefjXjZfdfjljd`iX[Xjhl\j\
[`i`^\ekXekfXcZ`\cfZfdfXc\jg\ZkX[fi%
<cZilZ\[\cX`e]fidXZ`ehl\f]i\Z\\c\jkl[`f[\c]fe[f\[`$
kfi`Xc[\C\Ycfe[Zfe\c`em\ekXi`f[\jljY`\e\j#dl\jkiXhl\
\c\[`kfigfj\X#\eki\eld\ifjXjfYiXj[\:cXl[\M`^efe#cXj
g`ekliXj[\I\p\jpGif]\kXj(*%CXgi\j\eZ`X[\cfjc\fj\eki\
cfjY`\e\j[\C\Ycfe[i\m\cXle`ek\i\jXek\gifZ\[`d`\ekf\[`$
kfi`Xc1\c\[`kfi\eZXi^pX[hl`i`fYiXjhl\[\j\XYXcc\mXiX
\jkXdgXj%<j[\Z`i#gcXe\leXgif[lZZ`e[\`d}^\e\jp\eZf$
d\e[g`ekliXj[\k\dXj\jg\ZZfjhl\cl\^fc\j\im`iXe[\
df[\cfjgXiXi\Xc`qXicfj^iXYX[fj%;\\jkXdXe\iX#cX\jkXdgX

<c gXg\c [\j\dg\X[f gfi A\Xe C\Ycfe[# Xc `^lXc hl\ fkifj
\[`kfi\j [\c g\if[f# i\jlckX ZcXm\ Xc XYfi[Xi \c Xe}c`j`j [\c
^iXYX[f]iXeZjpjl[`]lj`e#p\c\jkl[`f[\kXccX[f[\cXjXZ$
k`m`[X[\j#ZfekXZkfjp]fe[f\[`kfi`Xc[\\jkfj`e[`m`[lfjefj
g\id`k\`[\ek`ZXicfjZfdfcfj`[\cf^fj[\Zfealekfj`Ze`$
Zfj[\]l\ik\i\g\iZlj`e\e<lifgXp8di`ZX%:fdfgl[`dfj
Xgi\Z`XiXkiXmj[\cX[fZld\ekXZ`ejfYi\C\Ycfe[#\c\[`kfi
kfdX`e`Z`Xk`mXj[\ZXi}Zk\iZfd\iZ`Xchl\cfcc\mXeXi\Xc`qXi
fg\iXZ`fe\j[\j\c\ZZ`epi\Zfik\\e\cZfealekf[\`d}^\e\j
]XZk`Yc\j[\[`jki`Yl`i#Zfe\cfYa\kf[\dXo`d`qXicXjgifYXY`c`$
[X[\j[\o`kf\Zfed`Zf%;\\jkXdXe\iX#jXekfjpg\ijfeXa\j
YYc`Zfjj\Zfe]le[\eZfeZfik\jXeXj\eYljZX[\gfk\eZ`Xc\j
Zfejld`[fi\j[\`d}^\e\j#Zfeki`Ylp\e[fXlegifZ\jf[\
[\jXZiXc`qXZ`e Zfej\Zl\eZ`X [\ \jkiXk\^`Xj Zfd\iZ`Xc\j hl\
_XZ\egi`dXi\cmXcfi\Zfed`ZfjfYi\\cmXcfij`dYc`Zf[\cX
`dX^\e(+%CXX[hl`j`Z`epZfg`X[\\jkXdgXjgXiXjli\\[`Z`e
XjZfdf\c\eZXi^fpZfdgiX[\g`ekliXjgXiXj\ilk`c`qX[Xj
Zfdfdf[\cfji\jlckleXkiXejXZZ`e_XY`klXc[\ekif[\cXj
gi}Zk`ZXj[\cZfd\iZ`f[\cX`dX^\e`dgi\jX%<e\jk\j\ek`[f#
\eZfekiXdfjhl\:cXl[\M`^efegXik`Z`g[\dXe\iXXZk`mXXc
gifm\\idf[\cfjp#Xc`^lXchl\\c\[`kfi#]leZ`feZfdfmeZl$
cf\eki\cfj[`]\i\ek\jXZkfi\j[\cdle[fXikjk`ZfgXi`j`ef%

(*+

CXj`d}^\e\jfZlgXifele`dgfikXek\cl^Xi\eki\cfjgif[lZ$
kfjhl\=iXeZ`XZfd\iZ`XYXZfe<jgXX%8eXc\j[\cj`^cfom``#
Alj\g\DXike\qg`ekfi#^iXYX[fipgf\kX\jgXfcj\hl\aXYX
[\cX\jZXj\q[\cXgif[lZZ`e[\^iXYX[fj\ejlgXj#\egXi$
k\[\Y`[fXcX`emXj`e[\cX\jkXdgX]iXeZ\jX\e\cd\iZX[f
cfZXc#[\aXe[f\eki\m\iZ`\ikf[\jgi\Z`fgfijljm\Z`efj\lif$
g\fj(.%J`e[l[X#leXZXiXZk\ijk`ZX[\cXgif[lZZ`e^i}ZX[\
\jk\g\if[f]l\cX`ek\ejXZ`iZlcXZ`e[\`d}^\e\j\eki\cfj
gXj\j\lifg\fjcXZlXcgifdfm`cX[`]lj`e[\el\mXj]fidXj
^liXk`mXj\`Zfef^i}ZXjXck`\dgfhl\]Xmfi\Z`leX_fdf$
^\e\`qXZ`e[\c^ljkf(/%<j[\[\jkXZXihl\\cXdY`\ek\[\cX
\jkXdgX\e<jgXXefj\\eZfekiXYXXce`m\c[\Z\ekifjZfdf
=cXe[\j#8c\dXe`X#=iXeZ`X\@kXc`X%CX]XckX[\`e]iX\jkilZkliX
kZe`ZXalekfZfecX`dgfikXZ`edXj`mX[\\jkXdgXj[\\jkfj
ck`dfjgXj\jZfe[lafXleX]XckX[\[\jXiifccf[\kXcc\i\j#Xj
Zfdf[\cXjgif]\j`fe\ji\cXZ`feX[XjXcXgif[lZZ`epZfd\i$
Z`Xc`qXZ`e[\c^iXYX[f(0%
8leZlXe[fef\o`jk\e\jkl[`fjj`jk\d}k`ZfjjfYi\cXgi\j\eZ`X
[\cX\jkXdgX]iXeZ\jX\e<jgXXpjlZ`iZlcXZ`e\e\c}dY`kf
Xikjk`Zf[\cg\if[f#ZfekXdfjZfe\ci\m\cX[fikiXYXaf[\DXi`\$
8ekf`e\kk\=c\lipgXiXZfeidXicX`emXj`eXcXhl\j\i\\i\
Alj\g\DXike\q%=c\lipXYfi[XcX[fZld\ekXZ`e[\cfjXiZ_`$
mfj[\cD`elk`\iZ\ekiXc[\GXiji\cXZ`feX[XZfecfjXik`jkXj[\
cXgi`d\iXd`kX[[\cj`^cfom``#\jkl[`fhl\ZfejkX[\leZXgklcf
[\[`ZX[fXcZfd\iZ`f[\cX`dX^`e\iX]iXeZ\jX\e<jgXX)'%

<e\cZXjf[\cXj\jkXdgXj[\I\p\jpGif]\kXj[\@jiX\cZfej`$
[\iXdfjhl\\cgXg\c[\j\dg\X[fgfijl\[`kfief]l\d\efi%
J\kiXkX[\A\Xe@C\Ycfe[g`ekfi#\[`kfi[\\jkXdgXjpd\i$
ZX[\i[\`d}^\e\j#hl`\eeXZ`\eki\(,0'p(,0+p]Xcc\Z`#
j`e[\aXi[\jZ\e[\eZ`X#\e(---()%C\Ycfe[]fidgXik\[\leX
`dgfikXek\]Xd`c`X[\\[`kfi\j[\\jkXdgXj1jlgX[i\E`Zfc}j
C\Ycfe[#jl_\idXefIfcXe[#pjljfYi`efA\Xe@@#j\[\[`ZXife
XcX\[`Z`e%EfZfekXdfjZfedlZ_fj[Xkfj[\jlm`[Xg\if
j\jXY\hl\]l\g`ekfijlgX[i\gifYXYc\d\ek\cf`e`Z`\ecX
XZk`m`[X[pXgXik`i[\(-)0A\Xecc\mXYX\ckklcf[\g\`eki\fi[`$
eX`i\[lif`XjZfdf\[`kfi[\\jkXdgXj%GfifkiXgXik\#\c\j$
kl[`f[\jl`em\ekXi`fcfi\m\cXZfdfZfc\ZZ`fe`jkXpd\iZX[\i%
C\Ycfe[#alekfZfe=iXef`jCXe^cf`jpG`\ii\@DXi`\kk\#]l\
lef [\ cfj dXpfi\j \[`kfi\j [\ cX fYiX [\ M`^efe% CX dXpfi
gXik\[\\jkXj`d}^\e\ji\gi\j\ekXeXjXekfjpjXekXjXjZfdf
Xgjkfc\j# \mXe^\c`jkXj# i\p\j p gif]\kXj# kf[fj g\ijfeXa\j [\
d\[`fZl\igfjfYi\le]fe[fe\lkif\ecfjhl\j\[\jkXZXejlj

\jgXX
:fe\cgifgj`kf[\[\c`e\XicfjZXd`efji\Zfii`[fjgfi\jkXj
\jkXdgXj]iXeZ\jXj_XjkXjl\cfXd\i`ZXefel\jkiXd`iX[Xj\
[\k`\e\\e<jgXX#gi`eZ`gXcgfcf[\XkiXZZ`e[\cXjd\iZX[\$
iXj[\\ogfikXZ`edXel]XZkliX[Xj\e<lifgX%8g\jXi[\cfj
eld\ifjfjZfe`Zkfjgfck`ZfjZfei\g\iZlj`fe\j\Zfed`ZXj
\eki\<jgXXp=iXeZ`X#jk\ck`dfj\\eZfeki\eki\cfjgX$
j\jZfedXpfigXik`Z`gXZ`e\ecfj\emfj_XZ`X8di`ZX(,%GXiX
(-0(cfj]iXeZ\j\jXgfikXYXecXdXpfigXik\[\cXd\iZX[\iX
[\jk`eX[XXcXjZfcfe`Xj#\e\jg\Z`Xck\cXj#j\[Xj#\eZXa\j#gXg\c
pfkifjXikZlcfj[\claf(-%

^ f pX  * ) .   X f  ) ' ' 0

X^ljk`eXif[i^l\q

CXd\ekXYc\d\ek\# \jkX glYc`ZXZ`e jcf gi\j\ekX XZkXj [\c


\emf[\`d}^\e\jX<jgXX\eki\cfjXfj(-'*p(-))#]\Z_Xj
Xek\i`fi\jXcfjXfj[\dXpfiXZk`m`[X[[\cg`ekfi:cXl[\M`^$
efep\c\[`kfiA\XeC\Ycfe[#gficfhl\efi\jlckXeXgifg`X[Xj
gXiXcXYjhl\[X[\[fZld\ekXZ`ehl\efjg\id`kXm\i`ZXi
\emfj[\\jkfj`e[`m`[lfjXcXg\eejlcX`Yi`ZX)(%<ecfj[fZl$
d\ekfji\c\mX[fjgfi=c\lip#[`jk`ekfjZfd\iZ`Xek\j#gXi`j`efj
fgifm`eZ`Xefj`ejkXcX[fj\e\jkXZ`l[X[#[\ZcXiXYXeZfefZ\i
X cfj kiXZXek\j hl\ cc\mXi}e jl d\iZX[\iX \jkXdgXj p g\$
hl\Xj`d}^\e\jg\ifkXdY`e\jg\afj#jfdYi\ifj#Xek\fafjp
fkifjgif[lZkfj[\d\iZ\iXp]\ii\k\iX_XjkX<jgXXgXiXj\i
m\e[`[X))%<e\jk\jlik`[f[\fYa\kfj#cXjc}d`eXj`dgi\jXj\iXe
gi\j\ekX[XjZfeleXZXk\^fiXj`d`cXiXZlXchl`\ifkiXd\iZXe$
ZX1j\kiXkXYX[\Y`\e\jXZfd\iZ`Xc`qXi\egfj[\leX^XeXe$
Z`X)*%8gXik`i[\cXe}c`j`j[\\jkfji\^`jkifj#\eZfekiXdfjhl\
\e\ckiXejZlijf[\cg\if[f[\fZklYi\[\(-'*XdXpf[\(-'0

(*,

,Xfjpd\[`fj\\eZl\ekiXe[fZld\ekX[fj\emfjX<jgXX
[\d}j[\()'%'''`d}^\e\j#XjZfdfkXdY`e)*]Xi[fjp
d\[`fp0*gXhl\k\j[\`d}^\e\j[\kf[fk`gf)+%CfjfYa\kfj
\em`X[fjXgXi\Z\e[\jZi`kfjZfdf`d}^\e\j`cld`eX[Xj#`d}$
^\e\j[\[\mfZ`e#`d}^\e\jg`ekX[Xj\`d}^\e\j[\kXccX[lc$
Z\\eki\fkiXj%CXd\ekXYc\d\ek\#cfjk\dXji\gi\j\ekX[fj\e
\jkXj`d}^\e\jXjZfdfcfjgi\Z`fjefjjfe[\jZfefZ`[fj),%
CXZXek`[X[[\`d}^\e\j\em`X[XjX<jgXX[liXek\\jkfjXfj[X
Zl\ekX[\cf\o`kfjf[\cX\dgi\jX%J`e[l[X#\jk\ZXl[Xc\ogfi$
kX[fgfi=iXeZ`Xefgf[iXZfdg\k`iZfecfj\emfj[\=cXe[\j
f@kXc`X#k\ii`kfi`fjZfeleX]l\ik\kiX[`Z`e\e\c^iXYX[fpZfe
d\afi\ji\cXZ`fe\jgfck`ZXjZfe<jgXX#_\Z_fhl\g\id`k`#\e
gfZXj[\gXq#lelafZfejkXek\[\d\iZX[\iXj\`d}^\e\j)-%
D}jXcc}[\cXjXZkXj[\cD`elk`\iZ\ekiXc#fkiXdXe\iX[\gif$
YXi\c\emf[\\jkXdgXjX<jgXX\jXkiXmj[\cfjk\okfjhl\
XZfdgXXe cXj `d}^\e\j% <e dlZ_fj ZXjfj cXj c}d`eXj Zfe$
j\imXYXe le \jgXZ`f \e YcXeZf j\^liXd\ek\ gXiX Zfdgc\kXi
cX`dgi\j`eZfeleXc\p\e[X\e\jgXfc%8gXik`i[\c\jkl[`f
[\[`jk`ekfj]fe[fj\[`kfi`Xc\j[\cj`^cfom``#DXi`Xee\>i`m\c
_Xi\c\mX[feld\ifjXj\jkXdgXjZfec\p\e[XjY`c`e^\j\e
]iXeZjp\jgXfcfcXkep\jgXfcpfkiXjZfek\okfjek\^iX$
d\ek\\e\jgXfc).%
;X[fhl\efZfekXdfjZfeXZkXjhl\gil\Y\e\cZfd\iZ`f[\
A\XeC\Ycfe[Zfe<jgXX#XeXc`Z\dfj\ekfeZ\jjl]fe[f\[`kf$
i`Xc[\j[\\jkXg\ijg\Zk`mX%<jgfj`Yc\[\jZlYi`icXgi\j\eZ`X
[\\jkXdgXjg\ejX[XjgXiX\cd\iZX[f\jgXfc6<c]fe[f\[`$
kfi`Xc[\C\Ycfe[Zfek`\e\Xc^lefj^iXYX[fjhl\dl\jkiXecfj
efdYi\j[\jXekfjpjXekXj\jZi`kfj[\dXe\iXj`d`cXiXcXj]fi$
dXjlk`c`qX[Xj\e<jgXXg\ifcfj\a\dgcfjd}jZcXifj[\`d}$
^\e\j[\jk`eX[XjXcd\iZX[f[\\ogfikXZ`ejfecXj\jkXdgXj
[\JXekf;fd`e^f\eJli`XefpJXe=\c`g\E\i`\[`kX[XjXgXi$
k`i[\[`j\fj[\:cXl[\M`^efe1XdYXj^liXjj\\eZl\ekiXe
XZfdgXX[Xjgfiki\j\jkif]Xj\ecXke#`kXc`Xefp\jgXfc)/%
8eZlXe[fefZfekXdfjZfecXjXZkXjhl\gil\Y\ecXjXZk`m`$
[X[\jZfd\iZ`Xc\j[\A\XeC\Ycfe[#g\ejXdfjhl\\c\[`kfi\iX
ZfejZ`\ek\[\cgfk\eZ`XcZfd\iZ`Xchl\gi\j\ekXYX<jgXX\e
\j\dfd\ekf%8cZfej`[\iXi\c_\Z_f[\hl\Z`\ikXjfYiXjXeX$
c`qX[Xj#hl\gi\j\ekXecX_l\ccX[\\jkiXk\^`Xjhl\XglekXeXcX
Zfd\iZ`Xc`qXZ`e[\\jkXj`d}^\e\j\e\cd\iZX[f\jgXfc#j\
\eZl\ekiXei\Xc`qX[XjXgXik`i[\Zi\XZ`fe\j[\:cXl[\M`^efe#
ZXY\gi\^lekXiefjj`\o`jk`Xc^ek`gf[\XZl\i[fZfd\iZ`Xc
\eki\\cg`ekfipA\XeC\Ycfe[gXiXcX\ogfikXZ`e[\cXj\jkXd$
gXj p j` dXeklm`\ife Xc^e k`gf [\ ZfekXZkf Zfe d\iZX[\i\j
f Xik`jkXj \jgXfc\j% CXd\ekXYc\d\ek\ cX [fZld\ekXZ`e ef
[`Z\eX[XXci\jg\Zkf%G\ifjcf[`Z\ecXjg`ekliXj%
;`m\ijXj]l\ek\jY`f^i}ZXj[\:cXl[\M`^efe`e[`ZXehl\\c
Xik`jkXi\Xc`qXcd\efjlem`Xa\X<jgXX%<cXYX[D`Z_\c[\
DXifcc\j[XYXZl\ekX#Xd\[`X[fj[\cj`^cfom``#[\co`kfZfe$
j\^l`[fgfi\cg`ekfi:cXl[\M`^efe\e<jgXX)0%FkifZfek\d$
gfi}e\f# >l`cc\k [\ JX`ek$>\fi^\j kXdY`e f]i\ZX \m`[\eZ`X

(*-

[\\jk\m`Xa\XceXiiXiefjcXXjfdYifjXXm\ekliXm`m`[Xgfi\c
g`ekfi]iXeZjZXd`efX9XiZ\cfeX*'#d`\ekiXjhl\A\XeCfl`j
:_Xcd\clY`ZXYX\cm`Xa\X<jgXXgio`dfXcX\jkX[X[\cg`e$
kfi \e @kXc`X*( p G`\ii\$A\Xe DXi`\kk\ i\kfdXYX cfj [`Z_fj [\
DXifcc\jgXiXXidXicX\jk`dX[\cfj\jgXfc\jgfiM`^efe*)%
EfZfekXdfjZfed}j\c\d\ekfjgXiXgi\Z`jXiZl}c\j]l\ife
cXj XZk`m`[X[\j cc\mX[Xj X ZXYf gfi \c Xik`jkX \e <jgXX# Xle
ZlXe[fj\gi\jld\hl\\cm`Xa\klmfe\jZfd\iZ`Xc\j\em`X$
[fgfiDXiX[\D[`Z`jf>Xjke[Fic\Xejphl\j\[\jXiif$
cc\eki\(-)'p(-)***%
8g\jXi[\cX\jZXjX`e]fidXZ`eXZ\iZX[\cXj\jkX[Xj[\:cXl$
[\M`^efe\e<jgXX#Xci\gXjXicXY`Yc`f^iX]XjfYi\cXji\cX$
Z`fe\jXikjk`ZXj\eki\=iXeZ`XpcXg\eejlcX`Yi`ZXXgi`eZ`$
g`fj[\cj`^cfom``#cfjm`Xa\j[\\jk\g`ekfiXgXi\Z\eZfdfle
\c\d\ekfZcXm\gXiX\ck\dX%G\if%%%gfihlM`^efe6Jfigi\e$
[\[\jZlYi`ihl\cX\m`[\eZ`X[fZld\ekXc[\\jk\m`Xa\#Xlehl\
gfZX#j\Zfem`ik`\ecl^XiZfdegXiXgifYXicX\o`jk\eZ`X[\
i\cXZ`fe\j Xikjk`Zf$Zfd\iZ`Xc\j \eki\ =iXeZ`X p <jgXX# Xj
ZfdfgXiXkiXqXii\cXZ`fe\j[\kf[fk`gf\eki\:cXl[\M`^efep
[`]\i\ek\jXik`jkXj\jgXfc\j*+%
<em`jkX[\cXgif[lZZ`e[\^iXYX[fjhl\^`i\ekfiefXM`^$
efe p [\c gXefiXdX [\ \ogfikXZ`e [\ `d}^\e\j ]iXeZ\jXj X
<jgXX#efjfigi\e[\iXhl\dlZ_Xj[\\jkXj\jkXdgXjZi\X$
[XjXgXik`i[\`em\eZ`fe\j[\cg`ekfi_lY`\iXekfZX[fjl\cf
\jgXfc*,%<jcXfYiX[\=iXeZ`jZf[\QliYXi}ecXhl\efjYi`e$
[X\m`[\eZ`XZfeZi\kX[\cX[`]lj`e[\cXgif[lZZ`e[\:cXl$
[\M`^efe\e<jgXXp#\jg\ZZXd\ek\#[\cXZ`iZlcXZ`e[\
\jkXdgXjYXjX[Xj\ejlfYiX\ecXZ`l[X[[\J\m`ccX%
GXlc>l`eXi[]l\\cgi`d\if\ej\XcXi#\e(0.'#cfjZfekXZkfj\e$
ki\:cXl[\M`^efepQliYXi}eXgXik`i[\cljf[\leZfealekf[\
\jkXdgXjjfYi\\ck\dX[\cXjJ`Y`cXjYXjX[Xj\eZfdgfj`Z`fe\j
[\c]iXeZj\e\cfYiX[fi[\c\jgXfc*-%>l`eXi[[XXZfefZ\ile
Zfealekf[\[fZ\j`Y`cXj\eZfc\ZZ`egXik`ZlcXi]iXeZ\jX#d`\e$
kiXjhl\9\e`kfEXmXii\k\Gi`\kfi\cXZ`feX\jk\ZfealekfZfeleX
m\ij`e[\cfYiX[fi#[\jd\dYiX[XpXZklXcd\ek\\eJ\m`ccXXj
ZfdfZfeleXfYiX`e[`m`[lXchl\cc\mX\cefdYi\[\JXekX@ej*.%
F[`c\;\c\e[XXX[\XcZfiglj[\ZlX[ifj[\QliYXi}e`ejg`iX$
[fj\e\jkXdgXj[\c]iXeZjleJXe>l`cc\idf[\8hl`kXe`X#XZ$
klXcd\ek\\eZfc\ZZ`egi`mX[X\eEl\mXPfib#hl\j\YXjX[\
dXe\iXZXj`c`k\iXc\e\c^iXYX[fhl\A\id\;Xm`[i\Xc`qXXgXi$
k`i[\leXg`ekliXg\i[`[X[\M`^efe*/%<e\jk\ZXjfefjcfefj
\eZfekiXdfjXek\\cljf[\ledf[\cf[\M`^efe1\j[\[\jkXZXi
hl\\jkX\jkXdgXj\\eZl\ekiX\[`kX[XgfiA\XeC\Ycfe[#_\Z_f
hl\iXk`ZXcXgi\j\eZ`X[\fYiXj[\c\[`kfi\e<jgXX%
8cZfej`[\iXicXgi\j\eZ`Xplk`c`qXZ`e[\\jkXdgXjYXjX[Xj\e
cXfYiX[\M`^efegfigXik\[\QliYXi}epjlfYiX[fiXjZfdf
\cZfd\iZ`f[\C\Ycfe[Zfe<jgXX#efjgi\^lekXdfjj`\jgf$
j`Yc\hl\\cXik`jkX\jgXfcfjljfZ`Xc\jpXpl[Xek\j#]leZ`f$
eXiXeZfdfd\[`X[fi\j\eki\=iXeZ`Xp8di`ZXp#[\dXe\iX
gXik`ZlcXi#\ecXZ`iZlcXZ`e[\cfjdfk`mfj[\I\p\jpGif]\kXj
[\@jiX\c[\:cXl[\M`^efe%

^ f pX  * ) .   X f  ) ' ' 0

+ 8ekfe`fJ`eZ_`IfZXXki`Yl`[f 1
A\i\dXj#e\j[\cj%OM@@%:Xk\[iXc
[\:lqZf#G\i%

QliYXi}ej\_XYiX`ek\i\jX[f\ecXgfj`Y`c`[X[[\Zfd\iZ`Xi
jljfYiXj\e8di`ZXXjli\kfief[\DX[i`[#pXhl\jlgi`d\i
\emfZfefZ`[f[XkX[\(-*-*0%8c`^lXchl\leX^iXeZXek`[X[[\
Xik`jkXj\eJ\m`ccX\eki\cfjhl\j\gl\[\d\eZ`feXiXDXike\q
DfekXj#GXZ_\ZfpAlXe[\LZ\[X#QliYXi}eZfdgi\e[`cX
`dgfikXeZ`X[\cd\iZX[fXd\i`ZXef+'%I\jlckXZcXifhl\Xek\
cXZi\Z`\ek\[\dXe[X[\fYiXjpcX`dgfikXeZ`X[\cY\e\Z`f
fYk\e`[f\e\cZfd\iZ`fZfe8di`ZX#cfjg`ekfi\jj\m`ccXefjj\
X[\ZlXifeXel\mfjdf[fj[\gif[lZZ`eZfe\cgifgj`kf[\
dXo`d`qXicfjY\e\Z`fj\Zfed`Zfj%CfjfYiX[fi\jZi\Z`\ife
\eed\ifXek\cXe\Z\j`[X[[\leXdXpfiZXek`[X[[\Xpl[Xe$
k\jgXiXcf^iXileX\]\Zk`mX[`m`j`e[\ckiXYXafhl\g\id`k`\iX
cXgXik`Z`gXZ`e[\[`]\i\ek\jdXefj\eleXd`jdXfYiX+(%
8_fiXY`\e#le[Xkf`ek\i\jXek\[\`e[\e`Z`e`Zfef^i}ZXj\
\eZl\ekiX \e \c `em\ekXi`f [\ cfj Y`\e\j [\ QliYXi}e \e dX$
efj[\jlm`l[X#C\fefi[\Kfi[\iX%<cZfealekf[\\jkXdgXj
kXjX[f \e \jX fZXj`e \j \e \oki\df \jZXjf j` Zfej`[\iXdfj
\cljfZfejkXek\[\^iXYX[fjgfigXik\[\cXik`jkXpjlfYiX[fi
gXiXcX`ejg`iXZ`epi\\cXYfiXZ`e[\dfk`mfj%J`e\dYXi^f#\j
gifYXYc\hl\QliYXi}e[\aXiX\jkfjY`\e\jXjlj[`jZglcfjp
ZfcXYfiX[fi\jhl\#XcefkiXjcX[Xij\Zfe\cdX\jkifXDX[i`[#
Zfek`elXifeY\e\Z`}e[fj\[\cXi\gif[lZZ`e[\df[\cfj[\
o`kfgifYX[f\e8di`ZX%<c`em\ekXi`fXcl[\XZ`eZl\ekX\j$
kXdgXj\elec`Yif#[fZ\\dg\iX[fi\jp[fq\i\kiXkkfj[\I\$
p\j\e\jkXdgXkkf[fj\ccfj\ehlXi\ekXIj%+)%<o`jk\i\]\i\e$
Z`XXg`ekliXjjfYi\I\p\j\ecX[fZld\ekXZ`e\ekfiefXcpX
d\eZ`feX[f\emf[\QliYXi}eX9l\efj8`i\j#[fe[\alekfX
cfjm\`ek`ZlXkifgXki`XiZXjpjXekfj[\Zl\igf\ek\if#\cXik`jkX
[\jgXZ_Xhl`eZ\i\p\jp_fdYi\j[\]XdX[\cd`jdf]fidXkf+*%
;\hli\p\jj\kiXkX6?XjkX\cdfd\ekfefj\_Xei\ZfefZ`$
[f\jkfjdfk`mfj\ee`e^leXfYiX[\QliYXi}e++%<c_\Z_f[\
hl\j\d\eZ`fe\e\e\cd`jdf[fZld\ekfleZfealekf[\;fZ\
<dg\iX[fi\j#\c`d`eXcXgfj`Y`c`[X[[\hl\gfii\p\jj\\e$
k`\e[XX\jkfjZjXi\j#kXejfc`Z`kX[fj\e8di`ZX%
J`e\dYXi^f#\o`jk\eXc^leXjgfZXjfYiXjhl\efjYi`e[Xe`e[`$
Z`fj[\hl\\ck\dX[\cfjI\p\j[\@jiX\cef\iX[\jZfefZ`[f\e
\ckXcc\i[\cXik`jkX%<egi`d\icl^Xi#leI\p;Xm`[Xki`Yl`[fXc
fYiX[fihl\j\i\cXZ`feX#j\^eEXmXii\k\Gi`\kf#ZfecXj^l$
iXj[\JXe>l`cc\idf[\8hl`kXe`X#Cfe^`efpJXeGXYcf#\ekXekf

X^ljk`eXif[i^l\q

j\kiXkXiXe[\g`ekliXj[\jk`eX[XjXcEl\mfDle[f+,%8j`d`j$
df#leZlX[ifhl\i\gi\j\ekXXQXhl\f#kXdY`e[\cfYiX[fi[\
QliYXi}e#gi\j\ekXZ`\ikXjj`d`c`kl[\j]fidXc\jhl\efgf[\$
dfjgXjXigfiXckf%El\mXd\ek\cfjiXj^fj[\cifjkif#XjZfdf
jl fi`\ekXZ`e gi\j\ekXe j`d`c`kl[\j Zfe cX \jkXdgX [\c JXe
>l`cc\idf[\8hl`kXe`X#g\ifcXgfj`Z`e[\cXjdXefjp\cgXi$
k`ZlcXi\eki\ZilqXd`\ekf[\cfj[\[fjefji\d`k\XcX^liX[\c
;Xm`[[\M`^efe#d`\ekiXjhl\cXdXe\iX[\i\jfcm\i\ccXqf[\c
Z`ekf\c\d\ekf]i\Zl\ek\\ecXjfYiXjXd\i`ZXeXjjfYi\I\p\j
pGif]\kXjj\m`eZlcXZfecX`dX^\e[\JXdl\c[\c]iXeZj%
Xdi`ZX
J`kldfefj X_fiX \e 8di`ZX Zfcfe`Xc% :fdf pX _\dfj j\$
XcX[f# Xc Zfej`[\iXi cfj fi^\e\j [\ cfj ^iXYX[fj lk`c`qX[fj
gficfjXikZ\jXd\i`ZXefjcfj_`jkfi`X[fi\j[\cXik\Zfcfe`Xc
_Xe[\jkXZX[f[\dXe\iXgXik`ZlcXicXgi\j\eZ`X[\\jkXdgXj
Xd\eZXj#`kXc`XeXjpXc\dXeXj+-%I\jlckX`e[`jZlk`Yc\hl\cfj
Xg\cc`[fj N`\i`o# >Xcc\# JX[\c\i# [\ 9fcjn\ik# :fccX\ik# IX`$

(*.

cfj]iXeZ\j\j%yjk\\j\cZXjf[\Xc^leXj[\cXjfYiXjYXjX[Xj
\ecX\jkXdgX[\Df`jjGif]\kX[\:cXl[\M`^efe#`d}^\e\j
hl\dXek`\e\e\ck\okffi`^`eXc\ecXjkXYcXj[\cXc\p,(%JZ_\$
efe\X[m`\ik\c\p\e[Xj\e\jkXc\e^lX\e[fjfYiXjjfYi\\c
k\dX [\c <ZZ\ ?fdf# \e cXj `^c\j`Xj [\ Fifg\jX p ?lXif \e
G\i,)% Gfi el\jkiX gXik\# _\dfj fYj\imX[f leX g`ekliX \e
\c Zfem\ekf [\ JXekX K\i\jX# \e Gfkfj# hl\ i\gi\j\ekX leX
Xc\^fiXXgXik`i[\cm\ijZlcf[\JXeDXk\f18hl\chl\ef
kfdXjlZilqpd\j`^l\[\ki}jef\j[`^ef[\d`,*%CXg`ekliX
dl\jkiXX:i`jkf#hl`\eZXi^XcXZilqpj\\eZl\ekiXif[\X[f
gfileX^iXeZXek`[X[[\ZilZ\jhl\gi\j\ekXe`ejZi`gZ`fe\j
\e ]iXeZj Zfdf X[m\ij`k# g\ij\m\iXeZ\# flkiX^\ f `eali\j,+%
8j`d`jdf#\c9XeZf:\ekiXc[\c<ZlX[figfj\\leXfYiXhl\
i\gi\j\ekX Xc I\p 8kX_lXcgX# p \ej\X leX `ejZi`gZ`e hl\
i\qX18kXYXc`gX%Ifp[mG\im,,%

dfe[`pBcXlY\ij\\eZl\ekiXec`^X[fj[\dXe\iX\jki\Z_XX
cfjgifZ\jfj[\Zi\XZ`e[\cXg`ekliXi\c`^`fjXXd\i`ZXeX%J`e
\dYXi^f#gfZfj\_X[`Z_fXZ\iZX[\cXcc\^X[XXcEl\mfDle[f
[\c^iXYX[f]iXeZj#Xg\jXi[\hl\GXijj\Zfejk`klpXcfcXi^f
[\cj`^cfom``Zfdflef[\cfjZ\ekifjd}jXZk`mfj[\gif[lZ$
Z`e[\\jkXdgXj\e<lifgX%
<e\cgXefiXdX[\cfj\jZi`kfjjfYi\_`jkfi`X[\cXik\Xd\i`ZXef
[\cg\if[fZfcfe`Xc#DXikeJfi`X\jlef[\cfjgfZfj\ej\XcXi
cXgi\j\eZ`X[\c^iXYX[f]iXeZj\e8di`ZX#XjZfdfjlljf\e
<jgXXgXiXcXZi\XZ`e[\g`ekliXj+.%CX`eZclj`e[\cgXj^Xcf
\eki\cfjgXj\jgif[lZkfi\j[\\jkXdgXjlk`c`qX[Xj\e8di`ZX#
j\[\Y\XcXe}c`j`jhl\i\Xc`qX\c_`jkfi`X[fi[\leXfYiX[\cg`e$
kfiZlqhl\fDXiZfjI`Y\iXgXiX\cZfem\ekf[\CXD\iZ\[[\
:lqZf%J\kiXkX[\leJXeG\[ifEfcXjZf\e\cXZkf[\j\icc\mX[f#Xc
dfi`i#gfi[fj}e^\c\jXcZfifgXiXi\qXi\cfZ`f[`m`ef#YXjX[f\e
leX\jkXdgX[\c]iXeZj:cXl[\D\ccXejfYi\\cd`jdfk\dX+/%
GfijlgXik\#?ZkfiJZ_\efe\#XgXik`i[\jl\o_Xljk`mfXe}$
c`j`j[\cX`Zfef^iX]Xi\c`^`fjX\e8di`ZX#_XZfeki`Yl`[fXc
iXjki\f[\cXjXgifg`XZ`fe\jXd\i`ZXeXj[\\jkXdgXj]iXeZ\jXj%
<c `em\jk`^X[fi j\XcX \c ljf gfi gXik\ [\c d\o`ZXef D`^l\c
:XYi\iX#[\le^iXYX[f[\>`cc\jIfljj\c\kjfYi\\ck\dX[\A\$
jj\ej\Xe[fXjljgX[i\jXgXik`i[\leX`em\eZ`e[\:_Xic\j
C\9ile#XjZfdfcXZ`iZlcXZ`e\eDo`ZfpG\i[\cfjdfk`$
mfj[\E`ZfcXjGfljj`e#XgXik`i[\cXj\jkXdgXj[\A\XeG\je\
f9\ef`k@8l[iXe+0%8j`d`jdf#JZ_\efe\j\XcXcX[`]lj`e\e
8di`ZX[\leXc}d`eXjfYi\<cal`Z`f[\:i`jkf[\:cXl[\;\$
il\kpG_`c`gg\K_fdXjj`e,'%
CXgi\j\eZ`X[\\jZi`kfj\e]iXeZj[\ekif[\cXjg`ekliXj\e
8di`ZXkXdY`ei\jlckXleZcXif`e[`Z`f[\ci\ZlijfXdf[\$

(*/

<eZlXekfXcfjdfk`mfj[\I\p\jpGif]\kXj[\@jiX\c\j[\[\j$
kXZXihl\#_XjkX\cdfd\ekf#eleZX_XYXj`[fi\^`jkiX[f\cljf
[\leZfealekf[\\jkXdgXj]iXeZ\jXj\e\jkXdX^e`kl[#kXekf
gficXZXek`[X[[\^iXYX[fjlk`c`qX[fj#Zfdfgfi\ced\if[\
g`ekliXjYXjX[Xj\e\jkfjdfk`mfjpcX`dgfikXekj`dX[`]lj`e
[\ekif[\cM`ii\`eXkf[\cG\i%
gif]\kXjpi\p\j
;`jk`ekfjXlkfi\j_Xe[X[fZl\ekX[\cXjZfe\o`fe\j\o`jk\ek\j
\eki\Xc^leXjj\i`\j[\g\ijfeXa\j[\c8ek`^lfK\jkXd\ekf#[\
ZXiXZk\ijk`ZXjj`d`cXi\jpgi\j\ek\j\e`dgfikXek\jZ`l[X[\j
[\cM`ii\`eXkf[\cG\i%=iXeZ`jZfJkXjkepj\i\\i\XmXi`Xjj\$
i`\j\eC`dX\e\c:fem\ekf[\cfjI\Zfc\kfj#`^c\j`X[\JXe
G\[ifpfkiXjfYiXjj`e[\k\id`eXi\eZfc\ZZ`fe\jgi`mX[Xj#\e
cX:Xk\[iXc[\:lqZf#\ecfjdfeXjk\i`fj[\JXekXK\i\jXpJXe$
kXIfjX[\8i\hl`gXp\e\cdfeXjk\i`f[\c:Xid\e\eKila`ccf,-%
8\jkfjZfealekfjgf[\dfjX^i\^XifkiXjZlXkifj\i`\ji\c\mX$
[Xjgficfj`em\jk`^X[fi\j[\cX=le[XZ`eKXi\X\ei\cXZ`e
Zfe\cZfealekf[\cX:Xk\[iXc[\:lqZf1lef\ecX`^c\j`X[\
:fcZ_X#fkif\e\c9\Xk\if[\cXjEXqXi\eXj[\:lqZf#lek\i$
Z\if\e:XZkXp#gfick`df#\cZfealekfgi\j\ek\\ecXZ`l[X[[\
?ldX_lXZXi\Xc`qX[fgfiDXiZfjQXgXkX\e(.-+,.%8cXjj\i`\j
[\cX:Xk\[iXcp[\cXjEXqXi\eXj#D\jXp>`jY\ikXX[\eleX
j\i`\d}j\e?lXifZfe[f#gifgfe`\e[fhl\cfjki\jZfealekfj
i\jgfe[\iXeXleXd`jdXj\i`\^iXYX[X,/%
El\jkiXjgifg`Xj`em\jk`^XZ`fe\jefj_Xeg\id`k`[f`eZfigfiXi
X\jk\Zfiglj[\feZ\Zfealekfj#fkiXjj\i`\jhl\_XjkXX_fiXef
_XYXej`[fi\cXZ`feX[Xj\eki\j1\ecX`^c\j`X[\JXeCfi\eqf[\
Gfkfj,0#\eJXe=iXeZ`jZf[\JlZi\#\e\cZfem\ekf[\cfjI\Zf$
c\kfj8^ljk`efj\e8i\hl`gXp\ecXjgXiifhl`Xj[\cfjgl\Ycfj
[\:XYXeXpDlXe`#G\i#pKfdXm\#\e9fc`m`X-'%GfifkiXgXik\#
[fjZlX[ifjhl\kXdY`ei\jgfe[\eXcdf[\cf[\M`^efepi\$
gi\j\ekXeXcfji\p\j8j}pDXeXjjj\\eZl\ekiXe\ecX:XjX
[\cX:lckliX[\<c\eXp=Xljkf9li^fj\ecXZ`l[X[[\D\e[fqX%
Gfick`df#hl`j`iXdfj`eZfigfiXiX\jk\ZfealekfcXj\i`\[\
I\p\j[\JXekf;fd`e^f[\Hl`kf#_XjkXX_fiX\oZcl`[X[\le
\jkl[`f\eZfdeZfefkiXjfYiXj[\k\dXjj`d`cXi\j%AlekfX
jkX#ki\jj\i`\jpleXg`ekliXX`jcX[Xhl\j\i\cXZ`feXe[\dX$

^ f pX  * ) .   X f  ) ' ' 0

, E`Zfc}jAXm`\i[\>fiYXi
Xki`Yl`[f 1;Xm`[#e\j[\cj%
OM@@$gi`eZ`g`fj[\cj%OM@@@%Dlj\f
GX[i\G\[if9\[e#:fem\ekf[\JXekf
;fd`e^f#Hl`kf#<ZlX[fi%

e\iX\jki\Z_XZfecXjg`ekliXjhl`k\Xj1\ecX:Xk\[iXcEl\mX[\
:l\eZXpleXfYiX\e\cDlj\f[\c9XeZf:\ekiXc[\c<ZlX[fip#
gfick`df#\e\cDlj\f[\cXD\iZ\[p\ecX@^c\j`X[\JXe=iXe$
Z`jZf[\JXek`X^f[\:_`c\%J\kiXkX#\ekfkXc#[\m\`ek`kijj`k`fj
[fe[\_\dfj_XccX[fg`ekliXj[\i\kiXkfj[\gifkX^fe`jkXj[\c
8ek`^lfK\jkXd\ekf#\ekf[fjcfjZXjfjYXjX[fj\ecXj\jkXdgXj
Zfedfk`mfj[\cg`ekfi]iXeZj#:cXl[\M`^efe-(%
;\ekif [\ \jkfj Zfealekfj# [\jkXZX \c j`klX[f \e cX :Xk\[iXc
[\:lqZf%8g\jXi[\fZlgXilecl^Xi[\gi`m`c\^`f\elef[\
cfj\[`Z`fjd}j`dgfikXek\j[\cM`ii\`eXkf[\cG\i#gfZfj\
_X [`Z_f XZ\iZX [\ \jkXj `d}^\e\j% CX [\ZfiXZ`e g`Zki`ZX
[\ cX :Xk\[iXc [\ :lqZf j\ \eZl\ekiX i\cXZ`feX[X X cX XZk`m`$
[X[[\cfY`jgfDXel\c[\Dfcc`e\[fp8e^lcf#hl`\eXii`YX
cXZ`l[X[\e(-.*-)%;\dXe\iX`ed\[`XkX#j\g\icZfdflef
[\cfjfYa\k`mfj[\cgi\cX[f\ci\jk`kl`icXj[\ZfiXZ`fe\j[\cfj
`ek\i`fi\j[\cXj`^c\j`Xj[\cX[`Z\j`jXjlZXi^f#\egXik\[\j$
kil`[Xjgfi\ck\ii\dfkf[\(-,'#g\ifkXdY`e]l\iX[\c^ljkf
`dg\iXek\\e<jgXXXd\[`X[fj[\cOM@@#[\chl\Dfcc`e\[f
j\g\icXZfdfle^iXeZfefZ\[fi%<ci\c`^`fjfkiXafZfej`^f
[\<jgXXleZfealekf[\`d}^\e\j#`em\ekXi`X[XjpkXjX[Xj\e
C`dXXek\j[\jlcc\^X[XX:lqZf#hl\[XeZl\ekX[\jljgi\$
]\i\eZ`Xjk\d}k`ZXjXjZfdf[\jljZfefZ`d`\ekfj\eZlXekf
XcXjck`dXjk\e[\eZ`Xj\e<jgXX-*%CXjfYiXjZfejk`klp\ife
i\]\i\ek\j[\`dgfikXeZ`XgXiX\cZiZlcf[\Xik`jkXjZ\iZXefjX
Dfcc`e\[f#\eki\hl`\e\jj\[\jkXZ9Xj`c`f[\JXekX:ilqGl$
dXZXccXf%<jk\g`ekfi`e[^\eX]l\\c\c\^`[fgfi\cfY`jgfgXiX
i\Xc`qXileX^iXeZXek`[X[[\g`ekliXjgXiXcX:Xk\[iXc#fYiXj
hl\Zfd\eqXifeXgXik`i[\(-0'-+%
LY`ZX[Xj\ecXjZfcldeXj[\cXeXm\Z\ekiXc#cXjg`ekliXjjfYi\
I\p\jpGif]\kXj[\@jiX\ci\kfdXeZfedlZ_f[\kXcc\cfjdfk`$
mfj[\:cXl[\M`^efe%<cZfealekf\jXki`Yl`[fXcg`ekfi`e[`f
8ekfe`fJ`eZ_`IfZXgfiAfj[\D\jXpK\i\jX>`jY\ik#hl`\$
e\jj\XcXecXgi\j\eZ`X[\cXidX[\\jk\Xik`jkX\e\cZlX[if
[\JXeClZXj[\cZfealekf[\<mXe^\c`jkXjhl\j\\eZl\ekiX\e
\cd`jdf\[`Z`f-,%<ekf[fjcfjZXjfj#cXjg`ekliXjgi\j\ekXe
leX ]l\ik\ j`d`c`kl[ Zfe cXj \jkXdgXj ]iXeZ\jXj# g\if j\ fY$
j\imXec\m\jdf[`ZXZ`fe\j\ecXjhl\gf[\dfji\ZfefZ\i\c
dXi^\e[\c`Y\ikX[Zfe\chl\j\dXe\aXecfjXik`jkXjXd\i`ZX$
efjXek\cXj\jkXdgXj^%+ %

X^ljk`eXif[i^l\q

CfjZlX[ifj[\I\p\jpGif]\kXj[\cX:Xk\[iXc[\:lqZfj\\e$
Zl\ekiXe c`^X[fj Xc Zfealekf ZfefZ`[f Zfdf :figlj [\ JXe$
kX8eX#hl\i\kiXkXecXkiX[`Z`feXcgifZ\j`e\ecXZ`l[X[%CXj
hl`eZ\g`ekliXjhl\Zfdgfe\ecXj\i`\[\c:figlj`d}^\e\j
ZlpffYa\k`mf]l\\c[\\eZfd`Xi\cgXg\cgifkX^e`Zf[\Z`\i$
kfj ^ilgfj [`i`^\ek\j p X \oXckXi cfj d\i\Z`d`\ekfj [\ cX Z`l$
[X[ZfdfXek`^lXj\[\`dg\i`Xcgc\eXd\ek\`eZfigfiX[XXcX
Zi`jk`Xe[X[--j\\eZl\ekiXeXZklXcd\ek\[`jki`Yl`[Xj\eki\\c
Dlj\fM`ii\`eXc[\:lqZfpcXZfc\ZZ`eCXiiXeG\X#\eJXe$
k`X^f[\:_`c\%<e\jk\ck`dfj`k`f\jgfj`Yc\Xgi\Z`Xi\cZlX$
[ifhl\i\gi\j\ekXXCfji\c`^`fjfjX^ljk`efj#\e\cZlXc#Xc`^lXc
hl\\efkifj[\cXj\i`\#XgXi\Z\ei\gi\j\ekX[Xjj`\k\g\hl\Xj
g`ekliXj[\ekif[\cXfYiX%J\`j[\\jkfjZlX[ifji\gif[lZ\e[\
dXe\iX`e[l[XYc\Xel\jkifjg\ijfeXa\j[\c8ek`^lfK\jkXd\e$
kf#XgXik`i[\cdf[\cf[\M`^efe%<cjgk`dfZlX[if#hl\XZfd$
gXXX\jkfjI\p\jpGif]\kXj\ed`e`XkliXi\gi\j\ekX#e`d}je`
d\efj#X:Xicfj``[\<jgXX#XgXik`i[\ci\kiXkfhl\:Xii\f[\
D`iXe[Xi\Xc`qX[\ci\p\e(-.*-.%<ccl^Xigi`m`c\^`X[fhl\fZl$
gXecXjfYiXj[\cX:Xk\[iXc[\:lqZf#XjZfdfcXgifo`d`[X[
[\ZlX[ifjp\jkXdgXj#efjZfe[lZ\XZfej`[\iXi\jk\Zfealekf
ZfdfleX[\cXjZXY\qXj[\j\i`\\eki\cXjg`ekliXjXd\i`ZXeXj%
:fekf[XgifYXY`c`[X[#fkif[\cfjZ\ekifj[\[`]lj`e[\\jkX
`Zfef^iX]Xj\\eZfeki\ecXZ`l[X[[\Hl`kf%8cc#cfjI\p\j[\c
Dlj\f[\JXekf;fd`e^fi\gi\j\ekXe#gXiXcX_`jkfi`X[\cXik\
Zfcfe`Xc hl`k\f# leX j\i`\ ZcXm\ [\ekif [\c Zfealekf [\ g`e$
kliXj[\cg\if[f%;\j[\\cglekf[\m`jkX_`jkfi`f^i}Zf\j\c
Zfealekfhl\d}jXk\eZ`e_Xi\Z`Y`[f[\kf[fjcfji\c\mX[fj
\e\jkX`em\jk`^XZ`e%CXXki`YlZ`e[\\jkXj\i`\XE`Zfc}jAX$
m`\i[\>fiYXiXik`jkXhl`k\fXZk`mfXe\j[\cj`^cfom``j`$
^l\cfj[`Z_fj[\GXYcf?\ii\iX<^Xjp]l\i\kfdX[X#j`edXpfi
[`jZlj`e#gficfjjlZ\j`mfj_`jkfi`X[fi\jhl\j\fZlgXife[\c
Xik`jkX-/% Ef \o`jk\ [fZld\ekXZ`e hl\ c`^l\ [\ dXe\iX ]\_X$
Z`\ek\\jkXjg`ekliXjX>fiYXi#pcXZfdgXiXZ`e[\cfjI\p\j
[\Al[}[\JXekf;fd`e^fZfecXjg`ekliXjXki`Yl`[XjX\jk\
Xik`jkX\e\cJXeklXi`f[\>l}glcf\eHl`kfe`Zfj`k`f[fe[\
ZfejkXjlidXgfe\\e[l[X\jkXXki`YlZ`e%
:`\ikXd\ek\#gfZfj\gl\[\Xgi\Z`Xi[\cXjfYiXjfi`^`eXc\jpX
hl\le\jkl[`fgi\c`d`eXi[\cXjg`ekliXj\m`[\eZ`Xeld\ifjfj
i\g`ek\ji\Xc`qX[fj\e[`]\i\ek\jgfZXjpgfi[`m\ijXjdXefj%

(*0

- I\kXYcfdXpfi#[\kXcc\#e\j
[\cj%OM@@%@^c\j`X[\JXeD`^l\c#
KfdXm\#9fc`m`X%

CXj g`ekliXj j\ \eZl\ekiXe XZklXcd\ek\ \e \c i\]\Zkfi`f [\c


Zfem\ekf[\JXekf;fd`e^f%J\kiXkX[\ZXkfiZ\c\fjhl\_Xe
j`[fX[XgkX[fjXledXiZfZ`iZlcXi#]fidXkfhl\ZfeZ\ekiXXe
d}jcX\ogi\j`e[\ifjkifjpdXefjphl\Zfii\jgfe[\Xcj`k`f
fi`^`eXc[fe[\\jklm`\ife\ogl\jkXjcXjg`ekliXj1\cXik\jfeX$
[f[\cX:Xg`ccX[\cJXekj`df\ecX@^c\j`X[\JXekf;fd`e^f-0%
8[`]\i\eZ`X[\cXjj\i`\jZlqhl\Xj#\eZfekiXdfj\ejkXle
Zfealekfhl\i\gi\j\ekX[\dXe\iXek\^iXXi\p\j[\@jiX\cp
[\Al[}%GfifkiXgXik\#cX\jki\Z_Xi\cXZ`eZfecXj\jkXdgXj
jl^`\i\hl\\jk\Zfealekf[\i`mX[`i\ZkXd\ek\[\\ccXjpef[\
fkiXjg`ekliXjhl\j`^l\e\cdf[\cf^%, %
<jk\ Zfealekf gi\j\ekX cX gXik`ZlcXi`[X[ [\ hl\ cfj df[\cfj
[\\jkXjfYiXjcfZfejk`klp\e#efjcfcXj\jkXdgXj[\I\p\jp
Gif]\kXj[\@jiX\c#j`effkifjdfk`mfj[\cg`ekfi]iXeZj:cXl[\
M`^efe\[`kX[fjgfiA\XeC\Ycfe[#cfhl\[\dl\jkiXleXZ`i$
ZlcXZ`eZfealekX[\[`jk`ekXjj\i`\j[\^iXYX[fjYXjX[fj\e
cXfYiX[\cXik`jkX]iXeZj%Jfeel\m\cfjZlX[ifj\eJXekf;f$
d`e^f[\Hl`kfYXjX[fj\ecfjI\p\j[\M`^efe%Hldf[\cfj
jfeljX[fjgXiXcXjZ`eZfk\cXji\jkXek\j6

I\p\jpGif]\kXj#c`\eqfjhl\fZlgXe\ci\^`jkifjlg\i`fi[\cXj
gXi\[\j[\cXeXm\%G\ifcX[\ZfiXZ`eg`Zki`ZX[\\jk\k\dgcf
^lXi[XfkiXgXik`ZlcXi`[X[1\ci\kXYcfdl\jkiXZlXkifg`ekliXj
hl\i\gi\j\ekXeXcfj<mXe^\c`jkXj#dfk`mfjhl\kXdY`e]l\$
ifeZi\X[fjXgXik`i[\cXj\jkXdgXjYXjX[Xj\ecXjZi\XZ`fe\j
[\M`^efe%;\\jkXdXe\iX#efj\eZfekiXdfjZfeleZXjfe`Zf#
[fe[\[fjZfealekfj[\\jkXdgXjYXjX[Xj\ecXjZi\XZ`fe\j[\c
g`ekfi]iXeZjZfejk`klp\e\c\a\[\cgif^iXdX`Zfef^i}Zf[\
\jkX`^c\j`XZ\iZXeXXGfkfj^%- %
<o`jk\ fkiX fYiX [fe[\ gf[\dfj i\ZfefZ\i cX `ejg`iXZ`e \e
cfjdfk`mfj[\M`^efep#el\mXd\ek\#j\kiXkX[\lej`k`fhl\
Zfek`\e\leZfealekf[\I\p\jpGif]\kXj1cXZXk\[iXc[\:lqZf%
CfjZlX[ifj[\cfj<mXe^\c`jkXj_Xej`[fXki`Yl`[fjX8ekfe`f
J`eZ_`IfZXpXhl\#Zfdf_\dfj`e[`ZX[f#D\jXp>`jY\ikj\$
XcXecXgi\j\eZ`X[\cXidX[\\jk\Xik`jkX\e\cZlX[if[\JXe
ClZXj.'%;\ekif[\\jkXj\i`\#\jcXfYiXhl\i\gi\j\ekXXJXe
DXk\fcXhl\dl\jkiXleX`e[l[XYc\i\cXZ`eZfecX\jkXdgX[\
M`^efejfYi\\jk\g\ijfeXa\%

<cAfiXd[\Hl`kfi\jgfe[\Xcdf[\cf[\QXZXiXj#[\ekif[\c
Zfealekf[\Gif]\kXj[\@jiX\c%CX^liXj`^l\\ekf[fjjlj[\$
kXcc\jXcX\jkXdgXjXcmfhl\\ecXg`ekliXXgXi\Z\ecXjglekXj
[\leXZfifeXgfi[\ki}j[\ckliYXek\pcXgfjkliX[\XjfdYif
g`\i[\ j\ek`[f Xc [\jXgXi\Z\i cXj m`j`fe\j hl\ jfigi\e[\e Xc
gif]\kX%GfijlgXik\#8YXjpFqXjefj\YXjXe\ee`e^lef[\
cfjg\ijfeXa\j[\cXj\i`\[\I\p\jpGif]\kXj[\@jiX\c%Jl]l\ek\
j\\eZl\ekiX\efkifZfealekf[\\jkXdgXj#\[`kX[XjgfiA\Xe
C\Ycfe[XgXik`i[\df[\cfj[\:cXl[\M`^efe1cfj<mXe^\c`j$
kXj%8YXj\jJXeDXk\fhl\#Zfejlj[\[fj`ek\iZXcX[fj\eki\
cXj_faXj[\lec`Yif#^`iXjlZXY\qXgXiXfYj\imXiXc}e^\chl\
c\_XYcX%<eHl`kf#\c}e^\c_X[\jXgXi\Z`[fpJXeDXk\f\jm\j$
k`[fZfeXkl\e[fji\Xc\j%FqXj#hl\XgfpXjlifjkifjfYi\jl
glfZ\iiX[fp[`i`^\jld`iX[XXc\jg\ZkX[fi#\j\cJXeClZXj
[\M`^efeZfeZfifeX#ZXgXpZ\kifi\Xc%

El\jkiX`em\jk`^XZ`e\ekfiefXcXgif[lZZ`e[\:cXl[\M`^$
efeefj_Xg\id`k`[fi\Zfejkil`ifkifk`gf[\Z`iZl`kfj[\[`]l$
j`e[\dfk`mfj#hl\j\\jkXYc\Z\ej`ed\[`XZ`e[\cX\jkXdgX
\ee`e^e\jcXYe[\cXZX[\eX%J\kiXkX[\leZfealekf[\;fZ$
kfi\j[\cX@^c\j`X#fYiXji\Xc`qX[Xjgfi\cXik`jkX]iXeZj\ejl
g\if[fifdXefpZlpXgi\j\eZ`X\e8di`ZXXeef_XYXdfj
gfjklcX[f.(%CX\ogi\j`e[\cfjifjkifjp\ckiXYXaf[\cZcXifj$
Zlif\ogfe\ecXj`el\eZ`Xj[\:XiXmX^^`f\eM`^efe%I\jlckX
ZcXm\gXiXel\jkifXe}c`j`j\c_\Z_f[\hl\efj\ZfefZ\e\j$
kXdgXjhl\i\gif[lqZXe\jkXj`d}^\e\j%8g\jXi[\\ccf#\jkXj
fYiXj^fqXife[\leX`dgfikXek\[`]lj`e\e<lifgX%<o`jk\e
Zfg`Xj[\cfjc\fjfi`^`eXc\jhl\XZklXcd\ek\j\\eZl\ekiXe
\e\c=`kqn`cc`XdDlj\ld[\:XdYi`[^\\e[`jk`ekXjZ`l[X$
[\j[\=iXeZ`X#@kXc`Xp<jgXX%CXi\gif[lZZ`e[\\jkfjdfk`$
mfj\e<lifgXi\jlckXle\a\dgcf[\cXgi}Zk`ZX]i\Zl\ek\[\cX
Zfg`X[\\jkXdgXjpg`ekliXj[liXek\cfjj`^cfjom``pom```%

Le\a\dgcfd}jm`\e\XZfejkXkXi\cljf\e8di`ZX[\\jkfj
^iXYX[fjpleXZ`iZlcXZ`ed}j\ok\e[`[Xp[\dXe\iXZfeale$
kXZfecfjgXki`XiZXjm\k\ifk\jkXd\ekXi`fj%CX`^c\j`X[\KfdXm\#
d\eZ`feX[XXcZfd`\eqf[\\jk\XikZlcf#XcY\i^XleXj\i`\[\

8cZfej`[\iXi\c_\Z_f[\hl\\jkXj`d}^\e\jef]l\ifecc\mX$
[XjX\jkXdgXjpjlZ`iZlcXZ`e\e<lifgXXgXik`i[\Zfg`Xj
[\kXcc\if[\j\^l`[fi\j[\M`^efe#Zi\\dfjhl\j_XpZXjfj
[\ c`\eqfj [\ jl fYiX[fi hl\ cc\^Xife X 8di`ZX% <o`jk\ le

(+ '

^ f pX  * ) .   X f  ) ' ' 0

\a\dgcfhl\efjfkifj_\dfji\c\mX[fphl\ef_Xj`[fkfdX[f
\eZl\ekXgfifkifj`em\jk`^X[fi\j%J\kiXkX[\leZfealekf[\
;fZkfi\j[\cX@^c\j`X#gi\j\ek\\ecX`^c\j`X[\JXekf;fd`e^f
[\8i\hl`gX%<jkXjg`ekliXjgi\j\ekXe]l\ik\jj`d`c`kl[\jZfe
cXjfYiXjfi`^`eXc\jpi\jgfe[\e\ecf]fidXcXleXdXel]XZkl$
iX\lifg\X.)%8leZlXe[fcXjfYiXjj\\eZl\ekiXe\e\oki\df
i\ZfikX[Xj#\jgfj`Yc\[`jk`e^l`icXZ\iZXeXZfecfjfi`^`eXc\j#
cfhl\efjZfe[lZ\Xi\cXZ`feXi\jkXjfYiXjZfeXc^eXik`jkX
[\ekif[\cZiZlcf[\Xpl[Xek\j[\cdX\jkif]iXeZj%
CX[`]lj`e[\\jkfjdfk`mfjefj\[\k`\e\Xhl#pXhl\\o`jk\e
Zfg`XjcfZXc\j[\cfjZlX[ifjgi\j\ek\j\e8i\hl`gX%Cfj;fZkf$
i\j[\cX@^c\j`X[\DXZX#\ecXjZ\iZXeXj[\8i\hl`gX#i\jgfe$
[\eXcfjdf[\cfj[\JXekf;fd`e^f#g\ifdl\jkiXeleX]XZkl$
iXhl\gf[iXdfjm`eZlcXiXleXgif[lZZ`e[\cj`^cfom```.*%
Xdf[f[\ZfeZclj`e
8cXclq[\cX[`]lj`e[\cXjj\i`\j[\I\p\jpGif]\kXj[\:cXl[\
M`^efe\e\cEl\mfDle[fp[\cXlk`c`qXZ`e#gfigXik\[\Qli$
YXi}e#[\^iXYX[fj[\jlfYiX#gf[\dfjZfd\eqXiX\eki\m\icX
Z`iZlcXZ`ehl\cXfYiX[\cXik`jkX]iXeZjklmf\ejl\cf\jgXfc
pXd\i`ZXef%Hl`q}jefjXZ\ihl\dfjXleXi\jgl\jkXXel\jkiX
gi\^lekX1GfihlM`^efe6
I\ZfefZ\dfj\eM`^efeXleXik`jkXhl\jlgf`ek\igi\kXicXj
e\Z\j`[X[\j [\ cfj gfk\eZ`Xc\j Zfd`k\ek\j# mXi`Xe[f jl gif$
[lZZ`e\eZlXekfXc\jk`cf#`Zfef^iX]Xpjfgfik\2j\\eZfekiX$
YXXcXZXY\qX[\lekXcc\ihl\#ZfejljXgi\e[`Z\jpXpl[Xek\j#
gif[laf^iXeZXek`[X[[\fYiX2X[d`e`jkicXi\gif[lZZ`e[\
jkXj# dXek\e`e[fj\ \e ZfekXZkf Zfe \[`kfi\j p ^iXYX[fi\j2
Xj`d`jdf#XZklZfdfZfej\a\if\ecXX[hl`j`Z`e[\fYiXj#\o$
g\ikf\ecXkXjXZ`e[\Y`\e\j#[`gcfd}k`ZfgXiXcXZfik\]iXe$
Z\jX2j\[\j\emfcm`ZfdfZfc\ZZ`fe`jkXpd\iZX[\ip\jklmfXc
kXekf[\cXjefm\[X[\j[\cd\iZX[f`ek\ieXZ`feXc%
<cXe}c`j`j[\cXj^liXjpXZk`m`[X[\j[\Xik`jkXjZfdfM`^efe
p QliYXi}e f \c \[`kfi A\Xe C\Ycfe[ efj i\m\cX X `e[`m`[lfj
ZfejZ`\ek\j[\cmXcfi\Zfed`Zf[\cXjfYiXjgfi\ccfjgif[l$

X^ljk`eXif[i^l\q

Z`[Xj%<e\jk\j\ek`[f#Zfej`[\iXdfj[\lk`c`[X[cXZXk\^fi`qX$
Z`ehl\Jm\kcXeX8cg\ij_XZ\[\I\dYiXe[kXc[\e`icfZfdf
leg`Zkfi\Zfefd`Zlj#leXik`jkXZfejZ`\ek\[\cX`ej\iZ`epmX$
cfi[\jljfYiXj[\ekif[\cd\iZX[f[\cXik\pXZfjkldYiX[fX
e\^fZ`XiZfeZc`\ek\jXjZfdfXgif[lZ`i^iXYX[fjp[`Ylafj
[\]}Z`cZfd\iZ`Xc`qXZ`egXiXfYk\e\ileX^XeXeZ`X\jkXYc\.+%
M`^efe#QliYXi}epC\Ycfe[#\ekXekf\dgi\jXi`fj[\cXik\#Zf$
efZ`\ifepjXZXifegifm\Z_f[\cXjgfj`Y`c`[X[\jhl\jlXZk`$
m`[X[c\jf]i\ZX%J`ehl\[XiXcX\jg\iX[\\eZXi^fjgXik`ZlcX$
i\jgif[la\ifegXiX\cd\iZX[fXY`\ikfp\e^iXeZXek`[X[p#Xc
_XZ\icf#\m`[\eZ`Xifelegif]le[fZfefZ`d`\ekf[\cfjk\dXj
d}ji\hl\i`[fj%M`^efe#ZfeeX`jj\lipdXiZ_Xe[#j\\eZfeki
\eZfekXZkfZfeXik`jkXjpZfd\iZ`Xek\j[\kf[X<lifgXXck`\d$
gfhl\]Xmfi\Z`cX[`]lj`e[\jljfYiXjd\[`Xek\\jkXdgXjp
[`j\df[\cfjZfe\ce`ZffYa\k`mf[\j\iZfd\iZ`Xc`qX[fj
Zfdf^iXYX[fj%QliYXi}e#Xc`^lXchl\A\XeC\Ycfe[ZfecXj\j$
kXdgXj#ZfeZ`Y`Zfealekfj[\g`ekliXjhl\c\g\id`k`\ifeZf$
d\iZ`Xc`qXij\i`\j[\[fZ\fm\`ek`ZlXkiffYiXj%CXZfe[lZZ`e
[\le`dgfikXek\fYiX[fi#cX[`m`j`e[\kXi\Xj#\cljf[\^iX$
YX[fjZfdfdf[\cfj#XjZfdfcXZi\XZ`e[\fYiXjgieZ`g\j
hl\j\iXeZfg`X[XjgfijljXpl[Xek\j#[XeZl\ekX[\cX^\jk`e
X[d`e`jkiXk`mX hl\ QliYXi}e _`qf [\ jl gif]\j`e.,% Gfi fkiX
gXik\#pZfdfgi\k\e[`dfj[\dfjkiXiXcfcXi^f[\\jkXjg}^`$
eXj#M`^efepC\Ycfe[]l\ifeZfejZ`\ek\j[\cXjgfj`Y`c`[X[\j
Yi`e[X[Xjgfi\cd\iZX[f\jgXfcpXd\i`ZXefpgifg`Z`Xife
`dgfikXek\jmeZlcfj\eki\=iXeZ`X#<jgXXp8di`ZX%
<c[`eXd`jdfpdfm`c`[X[[\cXj`d}^\e\j]l\Zfej\Zl\eZ`X[\
cXXZZ`e[\[`m\ijfj`e[`m`[lfjpXj\Xeg`ekfi\j#^iXYX[fi\j#
\[`kfi\j[\\jkXdgXj#Zfd\iZ`Xek\jfd\Z\eXjhl\gXik`Z`gX$
ife[\dXe\iXXZk`mX\e\cgifZ\jf[\Zi\XZ`ep[\jXiifccf[\
cfjZ`iZl`kfj[\c`XZ`fe\j`Zfef^i}ZXj%<j\cZXjf[\M`^efe#
C\Ycfe[pQliYXi}e%<jkfj_fdYi\jle`m\ijXc\j[`\i\e[\
Xhl\ccfj[\cI\eXZ`d`\ekf.-%J\kiXkX[\g\ijfeXa\jhl\Xjld`\$
ifelegXg\chl\\oZ\[`Xc[\cZi\X[fi1i\ZfefZ\dfj\e\jkfj
jla\kfjXd\[`X[fi\jZlckliXc\j[\cgXefiXdX\lifg\f[\cg\$
if[f#XjZfdf\eki\\cM`\afp\cEl\mfDle[f..%9\ikX8i\j
Hl\`aX p J\i^\ >ilq`ejb` [\jkXZXe \c gXg\c [\j\dg\X[f gfi
cfjd\[`X[fi\jZlckliXc\j\e\ckiXqX[f[\cXqfj\eki\cfj[`j$
k`ekfji`eZfe\j[\cdle[fpcfj[\e\eZfdfX^\ek\jjfZ`Xc\j
hl\]Xmfi\Z`\ifecXjkiXej]\i\eZ`Xjp\c[`}cf^f\eki\le`m\ijfj
XgXi\ek\d\ek\`eZfdgXk`Yc\j#\cXYfiXe[fd\[`XZ`fe\jdlZ_Xj
m\Z\j`ejc`kXjpZfeki`Ylp\e[fXjXjlXik`ZlcXZ`epXcXg\i$
d\XY`c`qXZ`e[\jlj]ifek\iXj./%<jcX[`e}d`ZX\eki\g`ekliXj#
\jkXdgXj\`e[`m`[lfjcfhl\efjZfe[lZ\X[\jkXZXi\cZXi}Zk\i
[\ d\[`X[fi\j ZlckliXc\j [\ M`^efe# C\Ycfe[ p QliYXi}e# \e
kXekf[\j\dg\Xife[`m\ijfjgXg\c\j\e\cgifZ\jf[\Zi\XZ`e#
Zfd\iZ`Xc`qXZ`e#Z`iZlcXZ`epi\gif[lZZ`e[\`d}^\e\j%
?\dfjj\^l`[f#[\j[\GXij_XjkX\cM`ii\`eXkf[\cG\i#cXj_l\$
ccXj[\cX[`]lj`e[\cdfk`mf[\I\p\jpGif]\kXj[\@jiX\c%<jk\
ZXd`ef#kiXqX[fgficfjmeZlcfj\eki\cXj`d}^\e\jp\cXZZ`feXi
[\cfjXik`jkXjp\dgi\jXi`fj[\cXik\#efjg\id`k`[\jZlYi`ii\$
[\jhl\jlg\iXecf]fidXc\`Zfef^i}Zfpj\\ok`\e[\egfijfYi\
`e[`m`[lfj#gl\YcfjpZ`l[X[\j[\cM`\afpEl\mfDle[f%

(+ (

efkXj
(

)

*

+

,

-

.

MXj\ <% Dc\# CXik i\c`^`\lo [\ cX


e [l Dfp\e 8^\ \e =iXeZ\% <kl[\ jl
c`Zfef^iXg_`\[lDfp\e8^\\kjlij\j
jfliZ\j[`ejg`iXk`fe#C`YiX`i`\8idXe[
:fc`e# GXij# (0*( p J% J\YXjk`}e# D\e$
jXa\ j`dYc`Zf [\c Xik\ d\[`\mXc% 8ihl`$
k\ZkliX#c`kli^`X\`Zfef^iX]X#<[`Z`fe\j
<eZl\ekif#DX[i`[#(00-%
I\Zfi[\dfj cfj kiXYXafj [\ A% Kfii\
I\m\ccf# FYiXj [\ Xik\ \em`X[Xj Xc
El\mfDle[f\ecfjj`^cfjom`pom``#
8eXc\j[\c@ejk`klkf[\8ik\8d\i`ZXef#
m%(#(0+/#gg%/.$0-2?%JZ_\efe\#G`e$
kliXj qliYXiXe\jZXj p \jZlckliXj [\ cX
\jZl\cX j\m`ccXeX \e JlZi\# 9fc`m`X#
8eXc\j [\c @ejk`klkf [\ 8ik\ 8d\i`ZX$
ef#m%+#(0,(#gg%-($-/2D%Jfi`X#LeX
efkXjfYi\g`ekliXZfcfe`Xcp\jkXdgXj
\lifg\Xj#8eXc\j[\c@ejk`klkf[\8ik\
8d\i`ZXef#m%,#(0,)#gg%+($,'%<egfj$
k\i`fi\jXZ\iZXd`\ekfj[\ZXi}Zk\id}j
XYXiZX[fiXcXik\Zfcfe`Xc#;`\^fe^l$
cf`^l\q#>\fi^\BlYc\ipDXikeJf$
i`X#DXel\cKfljjX`ek#K\i\jX>`jY\ikp
Afj[\D\jXXdgc`XifecXg\ijg\Zk`mX
Xc jlYiXpXi p gi\j\ekXi el\mfj \a\d$
gcfj[\cljf[\\jkXdgXj\lifg\XjgXiX
cXZi\XZ`e[\g`ekliXj\e8di`ZX%
DXikeJfi`X]l\lef[\cfjgi`d\ifj\e
j\XcXicXgi\j\eZ`X[\c^iXYX[f]iXeZj
\e8di`ZX#XjZfdfjlljf\e<jgXX
gXiXcXZi\XZ`e[\g`ekliXjJfi`X#Xik%
Z`k% % Gfi jl gXik\# ?Zkfi JZ_\efe\# X
gXik`i [\ jl \o_Xljk`mf Xe}c`j`j [\ cX
`Zfef^iX]X i\c`^`fjX \e 8di`ZX# _X
Zfeki`Yl`[f Xc iXjki\f [\ cXj Xgifg`X$
Z`fe\j Xd\i`ZXeXj [\ \jkXdgXj ]iXeZ\$
jXj%MXj\?%JZ_\efe\#A\jlZi`jkf#=le$
[XZ`eKXi\X#9l\efj8`i\j#(00/%
J% JlYiX_dXepXd# :fee\Zk\[ ?`jkf$
i`\j1 Efk\j kfnXi[j X I\Zfe^liXk`fe
f] <Xicp Df[\ie <liXj`X# Df[\ie
8j`Xe Jkl[`\j# mfc% *(# *# Jg\Z`Xc @jjl\1
K_\ <liXj`Xe :fek\ok f] k_\ <Xicp Df$
[\ie ?`jkfip f] DX`ecXe[ Jflk_ <Xjk
8j`X#(+''$(/''#alc`f(00.#gg%.*,$.-)%
J% >ilq`ejb`# GXjj\lij p \c`k\j ZXk$
c`ZXj \e cXj :lXkif GXik\j [\c Dle[f%
Cfj `e`Z`fj `Yi`Zfj [\ cX dle[`Xc`qX$
Z`e (,/'$(-+' # \e GXjj\lij# d\[`X$
[fi\jZlckliXc\jpX^\ek\j[\cXgi`d\iX
^cfYXc`qXZ`e\e\cdle[f@Yi`Zf#j`^cfj
OM@$O@O#J%FG_\cXe>f[fpp:%JXcXqXi$
Jfc\i\[j% #`]\X&@ejk`klkfI`mX8^\$
if#C`dX#)'',#g%)/%
J%>ilq`ejb`#C\jhlXki\gXik`\j[ldfe$
[\# ?`jkf`i\ [le\ dfe[Xc`jXk`fe# <[`$
k`fej[\CXDXik`e`i\#GXij#)''+%
8 g\jXi [\ _XY\i j`[f Zfej`[\iX[f le
g`ekfij\Zle[Xi`fgficfj_`jkfi`X[fi\j
[\cXik\]iXeZjpZi`k`ZX[fgfigiXZk`ZXi
le dXe`\i`jdf i\kXi[XkXi`f# \jkl[`fj
i\Z`\ek\j _Xe i\jZXkX[f X :cXl[\ M`^$

(+ )

efep_Xei\ZfefZ`[f\ecXle`e[`m`$
[lfi\efmX[fi[\c}dY`kfXikjk`Zf[\c
GXij[\cj`^cfom``%GXfcXGXZ_k9XjjXe`
_X glYc`ZX[f le \ok\ejf ZXk}cf^f iX$
qfeX[f[\cXik`jkX#Zfej\Zl\eZ`X[\le
gif]le[f \jkl[`f ]fidXc hl\ g\id`k`
i\Zfejkil`icXmXjkXgif[lZZ`e[\M`^$
efe#Xki`Ylp\e[fXjlXlkfiXleX^iXe
ZXek`[X[[\fYiXj%MXj\G%GXZ_k9Xjj$
Xe`# :cXl[\ M`^efe# (,0*$(-.'# 8ik_\eX#
GXij#(00)%<jkXel\mXd`iX[XjfYi\\c
Xik`jkX[`fcl^XiXleZfcfhl`f\e\cZlXc
j\gi\j\ekXife`ek\i\jXek\j\jkl[`fj[\c
\ekfief[\M`^efe%:%D`^efkpG%GXZ_k
9XjjXe` Zfdg% # :cXl[\ M`^efe \e jfe
k\dgj# 8Zk\j [l :fccfhl\ @ek\ieXk`feXc
[\cLe`m\ij`k[\Kflij#Bc`eZbj`\Zb#j&c#
(00/%
/ @Y`[%#g%+(,pjj%
0 <c ed\if p ZcXj`ZXZ`e [\ cfj gif]\$
kXj]l\ifeaX[fjgfi\cZXkfc`Z`jdf\e
i\cXZ`e Zfe jl ZXi}Zk\i [\ gi\^liX$
[fi\j [\ cfj \mXe^\c`jkXj p cfj Xgjkf$
c\j# \oXckXe[f \c j\ek`[f Xc\^i`Zf [\c
k\okf YYc`Zf# Xc gifdfm\i leX c\ZkliX
[\c 8ek`^lf K\jkXd\ekf Zfdf gi\^l$
iXZ`e[\cEl\mf%
(' C% IXl# @Zfef^iX]X [\c Xik\ Zi`jk`Xef%
@Zfef^iX]X [\ cX 9`Yc`X# <[`Z`fe\j [\c
J\iYXc# 9XiZ\cfeX# (00-# gg% *0-$+.-%
CX [`m`j`e \e gif]\kXj dXpfi\j p d\$
efi\j i\jlckX YXjkXek\ XiY`kiXi`X# pX
hl\ ef j\ klmf \e Zfej`[\iXZ`e gXi}$
d\kifjk\dgfiXc\j\ei\cXZ`eZfe\c
dfd\ekf _`jki`Zf \e hl\ j\ lY`ZXe
cfjk\okfjfc`k\iXi`fj\eZlXekfXcX
k\d}k`ZXgi\j\ekX[XgficXjgif]\ZXj#
j` ef hl\ j\ YXj \e cX \ok\ej`e [\c
k\okf\jZi`kfgfi\jkXj^liXj%
(( D% >i`m\c# C\ Zfdd\iZ\ [\ c\jkXdg\
~ GXi`j Xl OM@@< j`Zc\# ;ifq# >`e\YiX#
(0/-#g%/pjj%
() GXiXcXY`f^iX]X[\A\XeC\Ycfe[#mX$
j\ D% GiXl[# G% :Xjj\cc\# D% >i`m\c p
:%C\9`kflq\#;`Zk`feeX`i\[\j[`k\lij
[\jkXdg\j~GXi`jjfljc8eZ`\eI^`d\#
Gifdf[`j#GXij#(0/.#gg%)'*$)'+pD%
GiXl[# @em\ekX`i\ [l ]fe[j ]iXeX`j#
^iXm\lij [l OM@@\ j`Zc\# 9`Yc`fk_hl\
EXk`feXc\#GXij#(0/0#gg%)0-$*''%
(* <c `em\ekXi`f `e[`ZX cX gi\j\eZ`X [\
m`e^k kif`j Xlki\j kXYc\Xlo fi`^`eXlo
[\ M`^efe i\gi\j\ekXek Ifpj \k Gif$
g_\kj [\ c8eZ`\e K\jkXd\ek# ^Xiepj
[\ gcXkk\j YXe[\j# [\ + g`\[q [\ _Xlk
fl \em`ife# gi`j\q ~ iX`jfe [\ j`o c`$
mi\jZ_XZle%D%GiXl[#C`em\ekX`i\
Xgij [Zj [\ A\Xe @\i C\Ycfe[ m\ij
(,0'&(,0+$(--- # g\`eki\ \k [`k\li
[\jkXdg\j# Eflm\cc\j [\ c\jkXdg\#
dXpf$ale`f)'')#gg%(0$*.%
(+ <e\jk\j\ek`[f#i\jlckX\e\oki\df`e$
k\i\jXek\ ZfdgXiXi cXj \jkiXk\^`Xj [\

cfj \[`kfi\j [\ \jkXdgXj Zfe Xhl\ccXj


[\jljZfc\^Xj\e\c}dY`kf[\cfjc`Yifj%
MXj\I%:_Xik`\i#C\ZkliXjpc\Zkfi\j
gfglcXi\j [\j[\ \c I\eXZ`d`\ekf _Xj$
kX cX gfZX Zc}j`ZX# \e ?`jkfi`X [\ cX
c\ZkliX\e\cdle[ffZZ`[\ekXc#>%:XmX$
ccfpI%:_Xik`\i[`ij% #KXlilj#DX[i`[#
)''(#gg%+.($+0*%
(, GXiX \c gXefiXdX [\ cXj i\cXZ`fe\j Zf$
d\iZ`Xc\j \eki\ <jgXX p =iXeZ`X# mX$
j\ \c kiXYXaf g`fe\if [\ 8% >`iXi[# C\
Zfdd\iZ\]iXeX`jXJm`cc\\k:X[`oXl
k\dgj [\j ?XYjYfli^% :feki`Ylk`fe X
ckl[\[lZfdd\iZ\kiXe^\i\e<jgX^$
e\XlOM@ \kOM@@@ j`Zc\j#9fZZXi[#GXij#
(0*)%
(- ?%Al\k#Cfl`jO@M~cXZfehlk\[lGifl
Xm\ZAifd\[\GfkZ_XikiX`e1(-0+$(.(,#
C\JdXg_fi\#GXij#)''(p8%>XiZX$
9Xhl\if# CX ZXii\iX [\ `e[`Xj1 _`jkfi`\
[l Zfdd\iZ\ _`jgXef$Xd\i`ZX`e# OM@ $
OM@@@  j`Zc\j# ;\jafehli\j# GXij# (00.#
g%(,+%
(. A% DXike\q# ;`jZlijfj giXZk`ZXYc\j [\c
efY`cj`df Xik\ [\ cX g`ekliX# jlj il[`$
d\ekfj# d\[`fj p e\j hl\ \ej\X cX
\og\i`\eZ`X#Zfecfj\a\dgcXi\j[\fYiXj
`ej`^e\j [\ XikZ\j `cljki\j# I\Xc 8ZX$
[\d`X [\ JXe =\ieXe[f# DX[i`[# (/--#
g%(0*%
(/ @% JfZ`Xj 9Xk\k# 8 gifgfj [\j `dX^\j
gfglcX`i\j ```% Hl\chl\j Xjg\Zkj [\
c\jkXdg\ gfglcX`i\ ZXkXcXe\ \k jfe iX$
ggfik Xm\Z cX =iXeZ\ [l om``\ j`Zc\#
Eflm\cc\j[\c<jkXdg\#e.)#)'''#gg%
**$+*%
(0 A%:Xii\k\GXiife[f#=%:_\ZX:i\dX[\j
pM%9fqXc#<c^iXYX[f\e<jgXXj`^cfj
OM Xc OM@@@ # JlddX 8ik`j# ?`jkfi`X >\$
e\iXc[\c8ik\#mfc%ooo`#<jgXjX$:Xcg\#
DX[i`[#(0/.#g%)'+%
)'D%$8% =c\lip# ;fZld\ekj [l D`el$
k`\i Z\ekiXc ZfeZ\ieXek c\j g\`eki\j# c\j
jZlcgk\lij \k c\j ^iXm\lij Xl OM@@\ j`$
Zc\# (-''$(-,'# j%\%m%g%\%e%# GXij# (0-0#
gg%.-*$./+%
)( =c\lipj\XcXcX\o`jk\eZ`X[\XZkXjhl\
gifYXiXecXZfek`el`[X[[\\jk\k`gf[\
Zfd\iZ`fXcfcXi^f[\cj`^cfom``g\if
\jkX[fZld\ekXZ`eef_Xj`[fXegl$
Yc`ZX[X%?\dfj`ek\ekX[f#`e]ilZklfjX$
d\ek\# XZZ\[\i X cXj efkXj hl\ =c\lip
[\aXiX \e D`elk`\i :\ekiXc cl\^f [\
jl dl\ik\% J\ kiXkX [\ le dXk\i`Xc [\
\efid\`dgfikXeZ`XgXiX\c\jkl[`f[\
cXji\cXZ`fe\jXikjk`Zf$Zfd\iZ`Xc\j\e$
ki\=iXeZ`Xp<jgXX%
)) D%>i`m\c#fg%Z`k%#g%),.%
)* <jkX Zfej`[\iXZ`e hl\ \eZfekiXdfj
XZ\iZX[\cXj\jkXdgXj#gl\jkXjXcd`j$
df e`m\c [\ g\`e\j p jfdYi\ifj# _X
j`[f kXdY`e j\XcX[X Zfe i\jg\Zkf Xc
Zfd\iZ`f[\c`Yifj%:]i%:%>i`]e#K_\
<

<

<

<

:ifdY\i^\ij f] J\m`cc\% K_\ ?`jkfip f]


X Gi`ek`e^ Xe[ D\iZ_Xek ;peXjkp# :cX$
i\e[feGi\jj#Fo]fi[#(0//%
)+D%$8%=c\lip#fg%Z`k%#gg%.-*$./+%
), D%>i`m\c#fg%Z`k%#g%),.%
)- GXiXlegXefiXdX^\e\iXc[\c^iXYX[f
\jgXfc\e\cj`^cfom``#mXj\A%:Xii\$
k\ GXiife[f# =% :_\ZX :i\dX[\j p M%
9fqXc#fg%Z`k%
). @eZcljfcX]idlcX\[`kfi`Xc[\Xc^leXj
\jkXdgXjj\\eZl\ekiX\e\jgXfc1j\
m`\e[\\eZXjj\[\cj\fi?\ei`Zf9fe$
eXik Xc >Xccf# ZXcc\ JXek PX^f \e GXi`j#
Zfe gi\m`c\^`f [\c I\p% D% >i`m\c# fg%
Z`k%#g%)-'%
)/ G%GXZ_k9XjjXe`#fg%Z`k%#gg%+,-$+,.p
D%GiXl[#@em\ekX`i\[l]fe[j]iXeX`j#
fg%Z`k%#g%*',%
)0 D% [\ DXifcc\j# C\ c`mi\ [\j g\`eki\j
\k ^iXm\lij# D`ebf]] i\gi`ek# >`e\YiX#
(0.*#g%(,%R(\[%(-.)T%
*'>%[\JX`ek$>\fi^\j#:cXl[\M`^efe#
\e Ddf`i\j `e[`kj jli cX m`\ \k c\j
flmiX^\j [\j d\dYi\j [\ c8ZX[\d`\
IfpXc\ [\ g\`ekli\ \k [\ jZlcgkli\# C%
;ljj`\lo# <% Jflc`# G_% ;\ :_\ee\$
m`i\j# G% DXekq p 8% [\ DfekX`^cfe# A%
9%;ldflc`e#GXij#(/,+#g%).'%
*( A% C% :_Xcd\c# ?`jkf`i\ [\ KfliX`e\# [\$
gl`j cX Zfehlk\ [\j ^Xlc\j gXi c\j if$
dX`ej#aljhl~cXee\(.0'#?%=flie`\i
a\le\#GXij#(/)/#gg%+/)$+/*%
*) G%A%DXi`\kk\#8Y\Z\[Xi`f#=%[\EfY\c\#
GXij#(0--R(\[%(/,0&(/-'T#gg%.,$.-%
** MXj\ G% GXZ_k 9XjjXe`# fg% Z`k%# gg% 0*$
0+% Cfj `em\jk`^X[fi\j [`\i\e \e i\$
cXZ`eZfecXj]\Z_Xj[\cXj\jkX[Xj[\
M`^efe \e <jgXX g\if cXj [`]\i\eZ`Xj
j\ YXjXe \e \c Xe}c`j`j [\ cfj mXZfj
[fZld\ekXc\j# \j [\Z`i# \e cX Xlj\eZ`X
[\ [Xkfj jfYi\ cXj XZk`m`[X[\j [\c g`e$
kfi \e =iXeZ`X f @kXc`X p ef \e [Xkfj
ZfeZi\kfj XZ\iZX [\ cfj m`Xa\j X cX g\$
eejlcX`Yi`ZX%
*+A% K_l`cc`\i# Jli le j`c\eZ\ [\ If^\i
[\G`c\j#\eM\c}qhl\q#jfek\dgj#jfe
`el\eZ\# 8Zk\j [l :fccfhl\ k\el X cX
:XjX[\M\c}qhl\q#8ikj\kDk`\ij>iX$
g_`hl\j#GXij#(0-*#g%/(2A%G%:lq`ep
8% 9i\afe [\ CXm\i^e\# MXc\ek`e \k c\j
ZXiXmX^\jhl\j ]iXeX`j# <[`k`fej [\j
Dlj\j eXk`feXlo# GXij# (0.+# g% (/.2
A%9Xk`Zc\#I\dXihl\jjlic\ji\cXk`fej
Xik`jk`hl\j\eki\cX=iXeZ\\kc<jgX^e\
Xlom``\j`Zc\#CXI\ml\[lCflmi\\k
[\jDlj\j[\=iXeZ\#-#(0-)#g%)/-2:%
Jk\ic`e^# CX g\`ekli\ ]iXeX`j\ \k cX
g\`ekli\ \jgX^efc\ Xl om``\ j`Zc\1 X]$
e`kj \k Z_Xe^\j# \e M\c}qhl\q# jfe
k\dgj#jfe`el\eZ\#fg%Z`k%#gg%((($((02
9% ;fi`mXc# I\Z_\iZ_\j jli c\j i\cX$
k`fej ]iXeZf$\jgX^efcj Xl om``\ j`Zc\1
:cXl[\ M`^efe \k AlXe MXc[j C\Xc#

^ f pX  * ) .   X f  ) ' ' 0

Gif 8ik\# I\ml\ @ek\ieXk`feXc [8ik 8e$


Z`\e \k :fek\dgfiX`e# +-# (0+-# gg% ,($
,-%
*, :`\ikXd\ek\#\o`jk\leZfiglj[\fYiXj
Xki`Yl`[Xj X :cXl[\ M`^efe \e <jgXX%
GXZ_k9XjjXe`j\XcXki\j;fZkfi\j[\cX
@^c\j`X\ecX@^c\j`X[\JXeG\[ifD}ik`i
\e Kfc\[f2 le DXik`i`f [\ JXe 8e[ij
\e\cDlj\f;`fZ\jXef[\Ci`[X2leX
Zfg`X [\c JXe 8^ljke [\c Zfealekf [\
;fZkfi\j [\ cX @^c\j`X j\ \eZl\ekiX \e
\cDlj\f[\9\ccXj8ik\j[\9`cYXf%Gfi
ck`df# le DXik`i`f [\ JXekX :XkXc`eX
_Xj`[fj\XcX[fgfiAlXeAfjCleX\e
<jgXX# `dX^\e hl\ cXd\ekXYc\d\ek\
ef_Xj`[fglYc`ZX[XpZlpXcfZXc`qXZ`e
XZklXc j\ [\jZfefZ\% G% GXZ_k 9XjjXe`#
fg%Z`k%#gg%(--$(.'p)*,28%Gi\qJ}e$
Z_\q#LeXfYiX[\jZfefZ`[X[\:cXl[\
M`^efe\e<jgXX#8iZ_`mf<jgXfc[\
8ik\#k%C@O#)*+#(0/-#gg%(/.$(0)%
*-MXj\ G% >l`eXi[# <jgXX# =cXe[\j
p =iXeZ`X \e \c j`^cf om``# CXj j`Y`cXj
qliYXiXe\jZXj p jlj ]l\ek\j ^iXYX[Xj#
8iZ_`mf <jgXfc [\c 8ik\# (.'# (0.'# gg%
(',$((-%<c`ek\ijgficXfYiX[\QliYX$
i}e\e=iXeZ`X#\egXik`ZlcXiXgXik`i[\c
j`^cfom```#\j\jkl[`X[fgfi>l`eXi[\e
QliYXi}e\e=iXeZ\#;`glkXZ`eGifm`e$
Z`Xc[\9X[Xafq#9X[Xafq#(0-(%
*. 9%EXmXii\k\Gi`\kf#>e\j`jp[\jZ\e$
[\eZ`X [\ CXj [fZ\ ki`Ylj [\ @jiX\c p
fkiXj j\i`\j qliYXiXe\jZXj# \e QliYX$
i}e# CXj [fZ\ ki`Ylj [\ @jiX\c# ZXk}cf^f
[\ cX \ogfj`Z`e DX[i`[# Dlj\f [\c
GiX[f#(00, Dlj\f[\cGiX[f#DX[i`[#
(00,#gg%-+$-.%
*/F%;\c\e[X#M`^efe\kcXk\c`\i[\Qli$
YXiXe#\e:cXl[\M`^efe\ejfek\dgj#
fg% Z`k%# gg% )'0$)(*% CX gi\j\eZ`X [\
fkiXm\ij`e[\cJXe>l`cc\idf[\8hl`$
kXe`X\eC`dXgcXek\XcXgfj`Y`c`[X[[\
hl\ \jkXj g`ekliXj [\c \jgXfc \jklm`\$
iXe g\ejX[Xj gXiX \c d\iZX[f Xd\i`$
ZXef% :]i% DXihlj [\ CfqfpX# D}j
qliYXiXe\j\e\cG\i6#8iZ_`mf<jgX$
fc[\8ik\#(,.#(0-.#gg%/+$/-%
*0J\kiXkX[\cgifYc\d}k`Zf\emfXZXi^f
[\c ZXg`k}e D`iX]l\ek\j% A% GXcfd\if
G}iXdf# EfkXj jfYi\ \c kXcc\i [\ Qli$
YXi}e1le\emf[\c`\eqfjXGfikfY\cfp
C`dX\e\cXf(-*-#<oki\dX[liX\ecX
\mXe^\c`qXZ`e[\cEl\mfDle[f1XZkXj
p\jkl[`fj#Klie\i#DX[i`[#(00'#g%*(+%
+'A% D% J\ii\iX# QliYXi}e p 8di`ZX#
\e QliYXi}e# ZXk}cf^f [\ \ogfj`Z`e#
D`e`jk\i`f [\ :lckliX & 9XeZf 9`cYXf
M`qZXpX#(0//#g%.'%
+( 9% EXmXii\k\ Gi`\kf# QliYXi}e p jl
fYiX[fi1g`ekliXjgXiX\cEl\mfDle[f#
ZXk}cf^f[\\ogfj`Z`e#>\e\iXc`kXkMX$
c\eZ`XeX#MXc\eZ`X#(00/#g%+-%
+) ;fZld\ekf Z`kX[f \e D% C% :XklicX#

X^ljk`eXif[i^l\q

=`epdl\ik\[\=iXeZ`jZf[\QliYXi}e#
;`i\ZZ`e>\e\iXc[\9\ccXj8ik\j#DX$
[i`[#(0-+#g%)(%
+* D% C% :XklicX# QliYXi}e \ogfikX X
9l\efj 8`i\j# 8eXc\j [\c @ejk`klkf [\
8ik\ 8d\i`ZXef \ @em\jk`^XZ`fe\j <jk$
k`ZXj#+#(0,(#gg%).$*'%
++MXj\ G% >l`eXi[# Cfj Zfealekfj [`j$
g\ijfj f [\jXgXi\Z`[fj [\ QliYXi}e#
8iZ_`mf<jgXfc[\c8ik\#.-#k%o`o#gg%
)+0$).*2.0#k%oo#gg%(-($)'(2/,#k%oo``#
gg%($*/%
+, 9%EXmXii\k\Gi`\kf#QliYXi}epjlfYiX$
[fi#fg%Z`k%#g%-.%
+-:]i%A%[\D\jXpK%>`jY\ik#?`jkfi`X[\
cXg`ekliXZlqhl\X#=le[XZ`e8l^ljkf
E%N`\j\#C`dX#(0/)#g%('(2J%J\YXjk`}e#
A% [\ D\jX p K% >`jY\ik# JlddX 8ik`j#
?`jkfi`X >\e\iXc [\c 8ik\# k% oom```# <j$
gXjX :Xcg\# DX[i`[# (0/0# gg% +)'$+)(2
I% >lk`ii\q# Cfj Z`iZl`kfj [\ cX fYiX
[\ Xik\% 8ik`jkXj# d\Z\eXj# Zfd`k\ek\j#
ljlXi`fj p Zfd\iZ`Xek\j# \e G`ekliX#
\jZlckliXpXik\jk`c\j\e@Y\ifXdi`ZX#
(,''$(/),# I% >lk`ii\q Zffi[% # :}k\$
[iX# DX[i`[# (00,# g% ..2 <% A% Jlcc`mXe#
<lifg\Xe GX`ek`e^ Xe[ k_\ 8ik f] k_\
E\n Nfic[ :fcfe`\j# \e :fem\i^`e^
:lckli\j1 8ik  @[\ek`kp `e JgXe`j_
8d\i`ZX# ;% =Xe\ \[% # ?% E% 8YiXdj#
E\n Pfib# (00-# gg% )/$+(2 <% 9\id\af#
LeX g`ekliX `e[`kX Zfe cX M`j`e [\
cX :ilq# \e DX[i`[ p gleklXc`qXZ`e
jfYi\fYiXjXd\eZXj[\cj`^cfom`#\e
G\ip9fc`m`X#\eXX%mm%#I\cXZ`fe\jXi$
kjk`ZXj\eki\<jgXXp8di`ZX#:fej\af
Jlg\i`fi[\@em\jk`^XZ`fe\j:`\ekZXj#
DX[i`[#(00'#gg%(($)0%
+. D%Jfi`X#Xik%Z`k%#g%++%
+/ @Y`[%# gg% +($,'% :cXl[\ D\ccXe (,0/$
(-// # Zfek\dgfi}e\f [\ M`^efe p
ZfdgX\if\ecX\jkX[X\eIfdX#]l\
le i\glkX[f ^iXYX[fi \e =iXeZ`X% 9$
eq`k# ;`Zk`feXip f] 8ik`jkj# >ie[# GX$
ij#)''-#k%0#g%.*(%
+0CXjc}d`eXj[\A\XeG\je\(-)*$(.'' 
p 9\ef`k @ 8l[iXe (--($(.)(  ]fidXe
gXik\[\leZfealekf[\CfjJXZiXd\e$
kfjpcfjk\dXj_XccX[fj\e8di`ZXhl\
i\jgfe[\e X \jkfj df[\cfj jfe CX Zf$
d`[X\eZXjX[\J`depCXck`dXZ\eX%
?%JZ_\efe\#fg%Z`k%#gg%(),p(-)%
,'G_`c`gg\K_fdXjj`e(,-)$(-)) j\Xj\e$
k \e IfdX \e (,/, p ]l\ dX\jkif [\
:Xccfk%GfijlgXik\#\cg`ekfip^iXYX[fi
:cXl[\ ;\il\k (,//$(--)  ]l\ ZfdgX$
\if[\\jkl[`fj[\:Xccfkp9\ccXe^\p
kXdY`ei\Xc`q\jkl[`fj\e@kXc`XXek\j
[\(-)(#[fe[\kiXYXagXiXK\dg\jkXp
JkiX[Xef%8jli\kfiefXGXij#]l\i\Zf$
efZ`[f gfi cX Zfd`k\eZ`X i\Xc% 9eq`k#
fg%Z`k%#k%(*#g%//.#k%+#gg%.,'$.,(%
,( CXjkXYcXjdl\jkiXe\cj`^l`\ek\k\okf1

E\g\Z_\gf`ek#Xpd\;`\l[\kflkkfe
Zf\li# Xpd\ kfe gifZ_X`e Zfdd\ kf`
d\jd\# [\j Z\j [\lo ZfdXe[\d\ej
[\g\e[cXcf`%
,) ?% JZ_\efe\# fg% Z`k%# g% )+*% J\^e \c
Xlkfi \c Xlkfi \c k\okf \e cXj g`ekliXj
i\qX C\k_ifje\ ifpXc [\ A\jlj [\j
X]`^\q# gXi c\ I% G\i\ @\Xe :fif`j`\i
Gi\%>R\e\TiXc[\cfi[i\[\D`e`d\j%
,* 9`Yc`X[\A\iljXce#Dk%('1*/%
,+<e i\cXZ`e Zfe \jkX g`ekliX# D\jX p
>`jY\ik j\XcXe cX gi\j\eZ`X [\ k\okfj
\e ]iXeZj \e cX fYiX <c ki`le]f [\ cX
@^c\j`X hl\# j\^e cfj Xlkfi\j# Zfiif$
YfiXe cX gifZ\[\eZ`X Xd\eZX [\ cfj
^iXYX[fj hl\ c\ j`im`\ife [\ `ejg`iX$
Z`e%A%[\D\jXpK%>`jY\ik#?fc^le
pcXg`ekliXm`ii\`eXc\e9fc`m`X#C`Yi\iX
\[`kfi`Xc Alm\ekl[# CX GXq# (0..# gg%
+0p-,%
,, M`^efei\Xc`qXleXj\i`\9ljkfj[\=`c$
jf]fjpI\p\j#cc\mX[XXcX\jkXdgXgfi
Aid\ ;Xm`[ p \[`kX[X gfi =iXef`j
CXe^cf`j#\ecXhl\j\i\gi\j\ekXX8kX$
_lXcgX% J`e \dYXi^f# e` cX ^liX# e` \c
k\okf#hl\j\\eZl\ekiX\ecXke#Zfii\j$
gfe[\eX\jkX`dX^\e%:]i%G%GXZ_k9Xj$
jXe`#fg%Z`k%#g%)0'%
,-=% JkXjkep# JekfdXj d\[`\mXc\j \e \c
9XiifZf 8d\i`ZXef# @ejk`klkf [\ <j$
kl[`fjG\ilXefj#C`dX#(00+#g%)'%
,. A% 9lilZX \k Xc%# KXi\X [\ [`\q Xfj#
<[`Z`fe\j =le[XZ`e 8ekfiZ_Xj# 9l\$
efj8`i\j#)'''%
,/A% [\ D\jX p K% >`jY\ik# ?`jkfi`X [\ cX
G`ekliX:lqhl\X#fg%Z`k%#gg%(-0$(.'%
,0D% :_XZe Kfii\j# 8ik\ M`ii\`eXc \e
Gfkfj# <jZl\cX [\ <jkl[`fj ?`jgXef$
8d\i`ZXefj# J\m`ccX# (0.*# g% (*- p 9%
C\n`e# Cfj Zi`gkfal[fj# Le ]\ed\ef
i\c`^`fjf p jfZ`Xc# D`c}# 9l\efj 8`i\j#
(0/.# g% (/-% <e jl \jZi`kf jfYi\ Zi`g$
kfal[Xjdf# C\n`e j\ XjfdYiX [\ cX
gi\j\eZ`X[\\jkfji\kiXkfj[\gif]\kXj
_\Yi\fj\elejXeklXi`fZi`jk`Xef%
-';fZld\ekfj[\8ik\:fcfe`XcJl[Xd\i`$
ZXef# 8ZX[\d`X EXZ`feXc [\ 9\ccXj 8i$
k\j [\ cX I\gYc`ZX 8i^\ek`eX# 9l\efj
8`i\j#(0+/#gg%.+$.-%
-( <o`jk\efkiXjj\i`\jjfYi\\jkfjdfk`mfj
\cXYfiX[Xj\e\cj`^cfo`o#i\cXZ`feX[Xj
[\dXe\iXgXik`ZlcXiZfecXi\efdYiX$
[X j\i`\ [\ JXekf ;fd`e^f [\ Hl`kf%
D\eZ`feXdfj jcf cfj Zfealekfj [\c
g\if[f Zfcfe`Xc gfi i\jgfe[\i X leX
Z`iZlcXZ`ed}jXZfkX[X\ecfk\dgfiXc
p X df[fj [\ Zi\XZ`e ZXiXZk\ijk`Zfj
[\cfjj`^cfjom``pom```%CXjj\i`\j\a\$
ZlkX[Xj \e \c j`^cf o`o [Xe Zl\ekX [\c
o`kfZfek`elX[f[\\jkfjdf[\cfj%
-) A% [\ D\jX p K% >`jY\ik# ?`jkfi`X [\ cX
G`ekliX:lqhl\X#fg%Z`k%#g%((/pjj%
-* C% <% Nl]]Xi[\e# G`X[fjf :lqZf#

=DI# I\m`jkX [\ Xik\ p ZlckliX [\ cX


`dX^\e#*)#(00-#gg%..$/'%
-+A% [\ D\jX p K% >`jY\ik# ?`jkfi`X [\ cX

G`ekliX:lqhl\X#fg%Z`k%#g%(-(pjj%
-, @Y`[%#g%(.'%
--C%<%Nl]]Xi[\e#Xik%Z`k%#g%.)%
-. A% [\ D\jX p K% >`jY\ik# ?`jkfi`X [\ cX

G`ekliX:lqhl\X#fg%Z`k%#g%)/'%
-/:]i%A%D%MXi^Xj#?`jkfi`X[\cXZlckliX

\ZlXkfi`XeX#:XjX[\cX:lckliX<ZlXkf$
i`XeX#Hl`kf#(0-,#g%(/*pJ%J\YXjk`}e#
:fekiXii\]fidXpYXiifZf%C\ZkliXj`Zf$
ef^i}ZXj \ `Zfefc^`ZXj# 8c`XeqX# DX$
[i`[#(0/0%
-0:]i%A%D%MXi^Xj#<c8ik\<ZlXkfi`Xef#A%
D%:Xa`ZX#Do`Zf#(0-'#g%(00%
.'A% [\ D\jX p K% >`jY\ik# ?`jkfi`X [\ cX
g`ekliXZlqhl\X#fg%Z`k%#gg%(-0$(.'%
.( G%GXZ_k9XjjXe`#fg%Z`k%#g%(-)pjj%
.) :]i%@em\ekXi`f[\cgXki`dfe`fXikjk`Zf
dl\Yc\# 8i\hl`gX# @ejk`klkf EXZ`feXc
[\:lckliX#:feZpk\Z#C`dX#(0/0#g%((0#
^j%).#)/#)0p*'%
.* :]i%G%I`Zb\kkjI\p[\:Xjkif#8i\hl`gX#
JgXcX#If[\AXe\`if#(0//%
.+ J% 8cg\ij# I\dYiXe[kj <ek\igi`j\# K_\
Jkl[`f Xe[ k_\ DXib\k# K_\ Le`m\ij`$
kp f] :_`ZX^f Gi\jj# Cfe[i\j# (0//# \e
gXik`ZlcXi\cZXgklcf+#=i\\[fd#8ik
Xe[Dfe\p#gg%//$())%
., <eZfekiXdfj \e \jkfj `e[`m`[lfj ZX$
iXZk\ijk`ZXj[\cfhl\8cg\ij[\jZi`Y\
Zfdf leX gif]\j`feXc`qXZ`e [\ cX
XZk`m`[X[Xikjk`ZX\e?fcXe[X\e\cj`$
^cfom``%MXj\fg%Z`k%#g%/0%
.- MXj\ G% 9lib\# <c I\eXZ`d`\ekf `kXc`X$
ef1:lckliXpjfZ`\[X[\e@kXc`X#8c`XeqX#
DX[i`[#(00*%
.. CX `[\ek`ZXZ`e [\ [\k\id`eX[fj `e$
[`m`[lfj\ejlgXg\c[\gXjj\lijfd\$
[`X[fi\j ZlckliXc\j \j le \e]fhl\ hl\
j\ _X gifgl\jkf [\ dXe\iX gXik`ZlcXi
\e cfj ck`dfj Xfj gXiX cfj \jkl[`fj
jfYi\8di`ZXZfcfe`Xc%:]i%J%>ilq`ej$
b`pC%9\eXk$KXZ_fk#GXjj\lijZlckli\cj#
DZXe`jd\j [\ dk`jjX^\# DX`jfe [\j
JZ`\eZ\j [\ c_fdd\# GXij# )''(2 J%
FG_\cXe p :% JXcXqXi \[j% # GXjj\lij#
d\[`X[fi\j ZlckliXc\j p X^\ek\j [\ cX
gi`d\iX ^cfYXc`qXZ`e \e \c dle[f @Y$
i`Zf#j`^cfjOM@$O@O#@=<8&@ejk`klkfI`mX
8^\if# C`dX# )'',% 8j`d`jdf# mXj\
I%N`cc`Xdj#B\pnfi[j1XmfZXYlcXipf]
Zlckli\Xe[jfZ`\kp#=fekXeXgi\jj#Cfe$
[fe# (0//# gg% (.'$(.* \ @[\d# :lckli\
Xe[ JfZ`\kp# (./'$(0,'# :fcldY`X Le`$
m\ij`kpGi\jj#E\nPfib#(0/*%
./ 9%8i\jHl\`aXpJ%>ilq`ejb`#Gi\j\e$
kXZ`e#\e<eki\[fjdle[fj1=ifek\iXj
ZlckliXc\jpX^\ek\jd\[`X[fi\j#9%8i\j
Hl\`aXpJ%>ilq`ejb`Zffi[j% #<jZl\cX
[\ <jkl[`fj ?`jgXef$8d\i`ZXefj# J\$
m`ccX#(00.#g%('%

(+ *

(

:fem\ekf[\cfj;\jZXcqfj[\C`dX%

KZe`ZXjpdXk\i`Xc\j\ecXg`ekliXc`d\X[\cX
gi`d\iXd`kX[[\cj`^cfom``1
8e^\c`efD\[fifpjl\ekfief(
ifZfYilhl\kXj
@ejk`klkf[\cGXki`dfe`f:lckliXc[\<jgXX

J\\jkl[`Xife#gl\j#Z`eZffYiXjidX[Xjgfi8e^\c`efD\[f$
if1CX@edXZlcX[X[\c:fem\ekf[\JXe8^ljke(-(/ ^%
) pJXe8ekfe`fi\jlZ`kXe[fXledl\ikf(-'( ^%* #CX
:ilZ`o`eZfeJXe=iXeZ`jZfpJXekf;fd`e^f(-(/ ^%+ #
JXe;`\^f[\8cZXc}(-'( ^%, #pM`i^\e[\cfje^\c\j
(-'' ^%. #[\c:fem\ekf[\cfj;\jZXcqfj^%( 2j\`jXki`$
Yl`[Xj#<c:XcmXi`f[\c:fem\ekf[\JXe=iXeZ`jZfpEl\j$
kiXJ\fiX[\cfje^\c\j[\j[\X_fiX) ^%/ #JXe9l\eX$
m\ekliX^%- #JXekX:XkXc`eXp\c9Xlk`jdf[\:i`jkf[\
cfj;\jZXcqfj%;\\jk\d`jdfZfem\ekfj\j\c\ZZ`fekXdY`e
CX@dgfj`Z`e[\cX:XjlccXXJXe@c[\]fejf[\C\feXi[fAX$
iXd`ccf#idX[X\e(-*-^%(' %KXdY`eidX[Xp]\Z_X[X\j
\ci\kiXkf[\c;fZkfiAlXe[\cXI\`eX^X[\8ekfe`fD\id\af
(-(/ #g\ik\e\Z`\ek\XcXLe`m\ij`[X[[\JXeDXiZfj%8\jk\
Zfealekfj\jldle^ilgf[\fYiXjXee`dXjhl\#Xcj\iZfe$
k\dgfi}e\XjXcdX\jkif`kXc`Xef#gf[Xef]i\Z\i`ek\ijZfdf
\c\d\ekf ZfdgXiXk`mf1 CX 8jleZ`e# leX Xki`YlZ`e [l[f$
jX[\D\[fifg\ik\e\Z`\ek\XcXZfc\ZZ`e9XiYfjX$Jk\ie#leX
@edXZlcX[X[\cZiZlcf[\>i\^fi`f>XdXiiX[\cfjd`jdfj
gifg`\kXi`fj#pki\ji\kiXkfj[\cXLe`m\ij`[X[[\JXeDXiZfj
Xki`Yl`[fji\jg\Zk`mXd\ek\X9\ieXi[f9`kk`#XGi\q[\8c\jj`f
pX8ekfe`fD\id\af-%

`ekif[lZZ`e
<eki\cfjXfj)''+p)''.le\hl`gf[\\jg\Z`Xc`jkXj[\G\i
p<jgXX[\jXiifccXdfjlegifp\Zkf[\`em\jk`^XZ`ehl\k\eX
Zfdfe\c\jkl[`f[\cXjkZe`ZXjpcfjdXk\i`Xc\j[\cXg`ekliX
p\jZlckliXm`ii\`eXc\j%:fecj\gi\k\e[XZXiXZk\i`qXijljgXi$
k`ZlcXi`[X[\jkZe`ZXjXgXik`i[\ci\ZfefZ`d`\ekf[\ljfjgi}Z$
k`ZfjkiXej]\i`[fj[\j[\cXG\eejlcX@Yi`ZX#[\cXg\im`m\eZ`X
[\dkf[fjpdXk\i`Xc\jkiX[`Z`feXc\j[\cdle[fgi\_`jg}e`Zf
p[\gfj`Yc\j`eefmXZ`fe\jkZe`ZXj[\k\ZkX[Xj%El\jkifgi`e$
Z`gXc`ek\ij\iX\jkl[`Xile^ilgf[\fYiXjg\ik\e\Z`\ek\jX
Xik`jkXj\jkXYc\Z`[fj\eC`dX[liXek\cXgi`d\iXd`kX[[\cj`$
^cfom``\kXgXd\efj\jkl[`X[X[\j[\\cglekf[\m`jkXkZe`$
Zf)ZlpfjkXcc\i\jklm`\iXegifp\ZZ`ejfYi\\cd\[`fXikjk`Zf
[\cdfd\ekf#Zfe\ce[\ZfefZ\ijljZXiXZk\ijk`ZXjkZe`ZXj#
ZfdfjfecXZfejkilZZ`e[\cfjYXjk`[fi\j#cfjk`gfj[\YiXj
pk\a`[fj\dgc\X[fj\ecfjjfgfik\j#cXZfdgfj`Z`e[\cfjXgX$
i\afj#`dgi`dXZ`fe\jpZXgXj[\g`ekliX#cXeXkliXc\qX[\g`^$
d\ekfj#ZXi^XjpX^clk`eXek\j#\kZ%*J\\c`^`X8e^\c`efD\[fif#

(+ +

leXlkfi[\chl\j\Zfej\imX\eC`dXleed\if`dgfikXek\[\
fYiXjidX[XjpXYle[Xek\[fZld\ekXZ`e[\jlgXjfgfi\j$
kXjk`\iiXj%<jk\Xik`jkX\jZfej`[\iX[fgficfj_`jkfi`X[fi\j[\c
Xik\ZfdfleX^liXZcXm\#alekfZfe\c?\idXef9\ieXi[f9`k$
k`pDXk\fGi\q[\8c\jj`f#gXiXcX`ekif[lZZ`e\e\cG\i[\
cfjdf[\cfjg`Zki`ZfjdXe`\i`jkXj#pZlpfkXcc\i]l\lef[\cfj
d}j]ilZk]\ifjp[\dXpfi`elaf\eki\jljZfek\dgfi}e\fj#
cfhl\j\ZfejkXkXgficfjeld\ifjfj\eZXi^fj[fZld\ekX[fj%
Jl \jkl[`f kZe`Zf \iX# gl\j# `dgi\jZ`e[`Yc\ gXiX Zfdgi\e$
[\icfjgifZ\jfjg`Zki`ZfjgiXZk`ZX[fj\eC`dX[liXek\\jk\
g\i`f[f%J\`eZclp\ifekXdY`eXc^leXjfYiXjjl\ckXj[\fkifj
Xlkfi\j[\jl\ekfief#idX[XjfXki`Yl`[Xj#hl\Xdgc`XiXecX
`e]fidXZ`e+%CX`em\jk`^XZ`ejfYi\]l\ek\j_`jki`ZXj#c`k\iX$
i`Xjp[fZld\ekXc\j,f]i\Z`leX`e]fidXZ`e[\dXpfiXcZXeZ\
jfYi\ dXk\i`Xc\j p gifZ\[`d`\ekfj lk`c`qX[fj gfi cfj Xik`jkXj
m`ii\`eXc\j#cXk\id`efcf^X[\cXgfZXpcXjmXj[\fYk\eZ`e
pZfd\iZ`f#cfhl\g\id`k`j`klXi\ejlZfek\okf_`jki`Zfcfj
[XkfjfYk\e`[fj\ecfjXe}c`j`jhld`Zfj%

^ f pX  * ) .   X f  ) ' ' 0

YXjk`[fi\jpk\cXj
CX dXpfiX [\ cfj ZlX[ifj \jkXYXe ]fiiX[fj Zfe Z\iX$i\j`eX#
dlpi\g`ekX[fjpYXie`qX[fjgfjk\i`fid\ek\%<jkf[`ZlckXYX
Zfej`[\iXYc\d\ek\jl\jkl[`f#gl\jZXi\ZXe[\jljYXjk`[fi\j
fi`^`eXc\jp#\edlZ_fjZXjfj#kXdY`e[\jljm\cX[liXj#YXii`$
[Xj\eXek`^lXjc`dg`\qXj%GXiXjlgc`icX]XckX[\YXjk`[fi\jj\
\oXd`eleZfealekf[\fYiXjj`ei\jkXliXi#Xee`dXj[\cj`^cf
om``#[\cfjZfem\ekfj[\cfj;\ZXcqfjpJXe8^ljke#[\cX:X$
jfeX[\JXeDXiZfjp[\cfj[\gj`kfj[\c@ejk`klkfEXZ`feXc[\
:lckliX.%8\jk\i\g\ikfi`fj\le`cX`e]fidXZ`egifgfiZ`feX$
[Xgfi[`Ylafjp]fkf^iX]Xj[\Xek`^lfj`e]fid\j[\i\jkXliX$
Z`ejfYi\YXjk`[fi\jfi`^`eXc\j\c`d`eX[fj\ecX`ek\im\eZ`e%
CX `e]fidXZ`e [fZld\ekXc f]i\Z\ gfZfj [Xkfj jfYi\ cXj ZX$
iXZk\ijk`ZXj[\cfjYXjk`[fi\j[\\jkXgfZX%G\[ifHl\i\aXql
fYj\imXhl\cfjd}j^\e\iXc`qX[fjXeXc\j[\cj`^cfom`pgi`e$
Z`g`fj[\com``\iXe[\dX[\iX[\Z\[ifXm\Z\j[\Xc`jf#\j$
g\Z`Xcd\ek\\e:lqZf#`YXe\ejXdYcX[fjXZfcX[\d`cXef#f

Xd\[`XdX[\iXj`\iXe[\g\hl\fkXdXf#pfZXj`feXcd\ek\
j\i\]fiqXYXeZfeZcXm`aXj[\dX[\iX%CXjk\cXjj\\eZfcXYXeXc
Xem\ijf[\cYXjk`[fij`ejfYi\jXc`igficfjcX[fjpj\jla\kXYXe
d\[`Xek\\jg`eXjfZcXm`aXjdlpg\hl\Xj_XjkXhl\j\ZXYXcX
ZfcX%<eXc^lefjZXjfj`eZcljfZXi\ZXe[\YXjk`[fi#pj\\eZf$
cXYXe[`i\ZkXd\ek\XcfjYfi[\j[\ci\m\ijf[\cdXiZf[fiX[f%
CXiXqe[\\jkXgi}Zk`ZX#\ogc`ZX#\iXcX\jZXj\qp\c\eZXi\Z`$
d`\ekf[\cXjk\cXjp[\cfjZcXmfj[\_`\iif/%<e\]\Zkf#kXekf
cXjk\cXj[\c`efZfdf\cdXk\i`Xc[\]\ii\k\iXj\kiXXe\ecXj
fkXj[\j[\J\m`ccXp\jkXYXejla\kfjXcfjgi\Z`fj\jkXYc\Z`[fj
gficfjd\iZX[\i\j%CfjdfekXa\jfYj\imX[fj\e\jk\gifp\Zkf
Zf`eZ`[\e\edlZ_fjXjg\ZkfjZfe\jkX[\jZi`gZ`e1cXdXpfiX
\jkXYXe\ejXdYcX[fjXZXaX#Zfei\]l\iqf[\ZcXm`aXj[\dX[\iX#
p[`jgfeXe[\c`jkfe\jZcXmX[fj\ecXj\jhl`eXjgXiX[XidXpfi
jfc`[\q^j%((p() %8lehl\\eC`dXefj\_XiXefkXicX\jZX$
j\q[\k\cXjpZcXmfj[\cXd`jdXdXe\iXhl\\efkifjZ\ekifj
[\cG\i#kXdY`e_\dfj\eZfekiX[fZXjfjZfecfjYfi[\j[\
cXjk\cXj\eZfcX[fj\e\cXem\ijf[\cYXjk`[fipjla\kfjgficfj
c`jkfe\j[\cdXiZf%
:fdfj\XcXeJkXjkepp:_`i`efj0#\ecXg`ekliXc`d\X[\cX
gi`d\iXd`kX[[\cj`^cfom``j\i\Zlii\Xcfjd`jdfjk`gfj[\
k\cXjhl\\e<jgXX1cXjd}jfi[`eXi`Xj[\c`^Xd\ekfj`dgc\#\e
c`effZ}Xdf#pcfjdXek\c\j[\c`effk\cXjX[XdXjZX[Xj#le
k\a`[f[\c`^Xd\ekfjXi^Xhl\#\ejlm\ij`ed}jj`dgc\#]fidX$
YXle[`j\f[\g\hl\fjifdYfj%<iXek\cXj`dgfikX[Xj#gl\j
\e8di`ZXef\o`jkXc`efe`Z}Xdf#p\ecfjfYiXa\jhl\gife$
kfj\`ejkXcXife\eHl`kf#:XaXdXiZXf:lqZfgXiXZlYi`icXje\$
Z\j`[X[\jY}j`ZXj[\cXgfYcXZ`ej\\cXYfiXYXe^\e\iXcd\ek\
k\a`[fj[\cXeXp[\Xc^f[e%CfjeXkliXc\j#j\^e`e[`ZXC\e
G`e\cf\ejlfYiX<cGXiXjf\e\cEl\mfDle[fDX[i`[#(-,0 #
lk`c`qXYXe\cXc^f[egXiXk\a\ijljc`\eqfjYcXeZfj('#g\if\jkX
YiXef\iXkXei\j`jk\ek\XcXj[\]fidXZ`fe\jgif[lZ`[Xjgfi
cX_ld\[X[Zfdf\cc`eff\cZ}Xdf%8g\jXi[\\ccf#leXk\cX
[\Xc^f[eYXjkfccXdX[XkfZlpfj\i}dlplk`c`qX[X\ecXg`ekl$
iX[\C`dXp:lqZfXgXik`i[\cXj\^le[Xd`kX[[\cj`^cfom``%
<e\]\Zkf#\cd\iZX[f[\C`dXf]i\ZXleX^iXemXi`\[X[[\k\$
cXj# p X gi\Z`fj ef \oZ\j`mXd\ek\ ZXifj# j\^e i\m\cXe cfj i\$
^`jkifj[\cfjeXmfjXjlcc\^X[XXcgl\ikf[\c:XccXffcfjel$
d\ifjfj`em\ekXi`fj[\d\iZX[\iXjcfZXc`qX[fj\e\jk\kiXYXaf%

(+ ,

:Xj`kf[fjcfj^e\ifj[\c`efgifZ\[Xe[\=cXe[\j#9i\kXX
fEfidXe[X%Cfjhl\k\eXedXpfi[\dXe[XgXiXcXg`ekliX
\iXecfjilXe\j#leXc\eZ\iX[\c^X[XpeXhl\j\]XYi`ZX$
YX\e[`m\ijXjZ`l[X[\jefidXe[Xjpj\\dYXiZXYXe\eIlXe#
cfj d\c`e^\j p cfj Xe^\fj# gifZ\[\ek\j [\ DX`e\# 8eafl
p Gf`kfl# p cfj dXek\c\j# Zfe jlj [`m\ijXj [\efd`eXZ`fe\j
dXek\c\j Xc\dXe`jZfj# dXek\c\j [\ dXihl`ccX# dXek\c
X[XdXjZX[f# dXek\c\j Zfdle\j# dXek\c\j [\ Gfikl^Xc
\ejldXpfiX`dgfikX[fj[\cXZ`l[X[Xd\eZX[\:flikiX`((%
CfjdXek\c\j\iXek\a`[fjefjZlpXgi`eZ`gXcm\ekXaXgXiX
cX g`ekliX Zfej`jkX \e jl dXpfi XeZ_liX cfj k\cXi\j gf[Xe
f]i\Z\ig`\qXj[\[fjd\kifjpd\[`f[\XeZ_fpXj\m`kXicXj
ZfjkliXj#hl\j`\dgi\k\id`eXYXegfidXiZXij\\ecXg`ekliX%
8cj\id}jZXiXjj\i\j\imXYXegXiXg`ekliXj[\dXpfikXdXf\
`dgfikXeZ`X%Cflk`c`q#gfi\a\dgcf#D\[fif\eXc^lefj[\cfj
ZlX[ifj[\c:fem\ekf[\cfj;\jZXcqfj^j%(*p(+ pkXdY`e
j\_X\eZfekiX[f\eXc^ei\kiXkf[\cXj\i`\[\cXLe`m\ij`[X[
[\JXeDXiZfj%Gfi\cZfekiXi`f#cfjk\a`[fj[\c`^Xd\ekfj`dgc\
efjfcXek\e\id}jXcc}[\led\kif#[\dXe\iXhl\#j`\c]fi$
dXkf[\cZlX[ifjlg\iXYX\jkXjd\[`[Xj#_XYXhl\i\Zlii`iXcX
ZfjkliX[\[fjfd}jg`\qXj%<iXek\cXj[\c`effZ}XdfZil[fj#
j`eYcXehl\Xi#ZlpfjefdYi\jYi`e\j#d\c`e^\j#Xe^\fj#
ilXe\j%%%mXi`XYXej\^e]l\iXjlgifZ\[\eZ`X#ZXc`[X[p$
eliX%Jlljfd}jfi[`eXi`f\iXcX]XYi`ZXZ`e[\j}YXeXj#m\c}$
d\e\j[\\dYXiZXZ`fe\j#]Xi[fj#\kZ%
<jkXi\cXk`mX]XZ`c`[X[hl\k\eXecfjg`ekfi\jgXiXXYXjk\Z\ij\
]Xmfi\ZXcXZfek`el`[X[[\cfjljfjgiXZk`ZX[fj\e<lifgX%<c
d\c`e^\# gfi \a\dgcf# j\i} dlp lk`c`qX[f \e cXj [\ZfiXZ`f$
e\j \]d\iXj gXiX cfj ^iXe[\j c`\eqfj g`ekX[fj f gXiX cfj i\$
m\jk`d`\ekfj\eZfcX[fj[\cXj`d}^\e\j%<c)([\efm`\dYi\[\
(-(,cfj:fd`jXi`fj[\c:XY`c[f[\C`dXZfeZ`\ikXeZfeDXike
8cfejf[\D\jXcX_\Z_liX[\el\m\^liXj[\YlckfgXiXle
XiZf[\i\Z`Y`d`\ekf[\cGieZ`g\[\<jhl`cXZ_\%<ecX\jZi`kliX
j\c\`e[`ZXhl\cfjXidXqfe\j[\cXj`d}^\e\jj\iXe[\dX[\iX
\`iXem\jk`[Xj[\d\c`eo\pYXie`qX[Xj[\YcXeZf#[\jl\i$
k\hl\gXi\Z`\j\d}idfc()%;\Y`[fXjlYXafZfjk\#\jk\^e\if
kXdY`e\iXXgifg`X[fgXiXg`ekliXj[\^iXe[\j]fidXkfj%<e
\c\eZXi^fhl\cX:f]iX[X[\JXekXClZX#\ecX`^c\j`X[\JXe
8^ljke#c\_XZ\Xcg`ekfip[fiX[fi8ekfe`f;fY\cXgXiXg`ekXi
cXjgXi\[\j[\jlZXg`ccX0[\alc`f[\(-*' #cfjdXpfi[fdfjc\
\eki\^XiXe\cd\c`e^\hl\_XYX[\lk`c`qXiZfdfjfgfik\(*%
Cfj[fZld\ekfj`e]fidXejfYi\\cljf[\cfjilXe\j#fkif
k`gf[\c`\eqfYXiXkf#gXiXXgXi\aXipg`ekXi#g\if#gficf^\e\iXc#
eff]i\Z\edlZ_fj[XkfjjfYi\cXZcXj\[\k\cXi\hl\i`[Xpj\c`$
d`kXeX\dgc\Xi\ckid`ef^\ei`Zf[\c`\eqf%?Xphl\k\e\i
\eZl\ekXhl\\cZfd`k\ek\jfcXgifgfiZ`feXi\cYXjk`[fipcX
k\cXXcXik`jkX#gficfhl\ef\iXe\Z\jXi`f\jg\Z`ZXilek`gf[\
k\cX[\k\id`eX[f%:fdf\a\dgcfk\e\dfj\c\eZXi^fX8e^\c`$
efD\[fif#\c(-[\dXiqf[\(-''#[\leX^iXeg`ekliXXcc\f
gXiX\ci\]\Zkfi`f[\c:fem\ekf[\cXD\iZ\[[\C`dX(+#Xhl`\e
cXZfdle`[X[[\YX\eki\^Xilec`\eqf[\el\m\mXiXj[\Xe$
Z_fpZ`eZf[\Xckf2fjk\[\cDfeXjk\i`f[\CX:feZ\gZ`e#
hl\ \e (-*+ \eZXi^X X ;fd`e^f >`c m\`ek`ZlXkif _\Z_liXj

(+ -

[\ mi^\e\j# Zfdgifd\k`e[fj\ X [Xic\ \c c`\eqf Xj\ekX[f


\ecfjYXjk`[fi\j#d`\ekiXjhl\XZfjkX[\cg`ekfij\iXecXj
Zfcfi\jpdXel]XZkliX(,%<ce`ZfZfeZ`\ikf\eZfekiX[f\e\c
hl\j\i\hl`\i\\cljf[\dXek\c\j\chl\_XZ\cX:f]iX[X
[\JXekX<c\eX#[\cDfeXjk\i`f[\cX:feZ\gZ`e[\C`dX#Zfe
\c\jZlckfiG\[if[\Ef^l\iXgXiXlei\kXYcf\c([\X^fjkf[\
(-*+ kXdY`e ZfeZ`\ikX cX g`ekliX# [fiX[f p \jkf]X[f # \e \c
hl\j\\o`^\hl\cXjg`ekliXjXe[\j\i\cc`\ejfgi`eZ`gXc[\
dXek\c\j\ek\ifj(-%
XgXi\afj\`dgi`dXZ`fe\j
CXfg\iXZ`e[\gi\gXiXicXk\cXgXiXi\Z`Y`icXjZXgXj[\g`ekl$
iXj\ccXdXYX#j\^ecfjkid`efj[\cXgfZX#XgXi\aXi\`d$
gi`dXi%8gXi\aXi\iXleZfeZ\gkfd}jXdgc`fhl\`eZclX
kXekfcXXgc`ZXZ`e[\cXYXj\[\gi\gXiXZ`e[\cXk\cX#Zlpfe
\iXi\[lZ`icXZXgXZ`[X[[\XYjfiZ`e[\cXjYiXj#Z\iiXicfj
gfifj[\ck\a`[fp[Xic\Z`\ikXi`^`[\q#ZfdfcX`dgi`dXZ`e
f`dgi`dX[liXgifg`Xd\ek\[`Z_X#\j[\Z`i#\c\jkiXkf_fdf$
^e\f#YcXeZff[\Zfcfi#Xgc`ZX[fjfYi\cXYXj\[\gi\gXiXZ`e
hl\j`im\gXiX`^lXcXicXjlg\iZ`\pgifgfiZ`feXilekfef[\
YXj\XcXg`ekliX%CXgi\gXiXZ`ej\ZfdgfeX^\e\iXcd\ek\[\
ZfcXXe`dXcpleXZXi^X[\p\jfdXk\fk`qX#d`\ekiXjhl\cX
`dgi`dXZ`e#Xck\e\ikXdY`eleXeXc`[X[gk`ZX#jfcXX^cl$
k`eXij\ZfeleXZ\`k\j\ZXek\gXiX`dg\[`icXXYjfiZ`e[\cd\$
[`fchl`[fgficXZXgXg`Zki`ZX%<cZfefZ`d`\ekf[\cfjXgXi\$
afj\`dgi`dXZ`fe\jZfejk`klp\le\c\d\ekfdlp`dgfikXek\
[\ZXiXZk\i`qXZ`e[\cXkZe`ZXg`Zki`ZXpXhl\#X[\d}j[\jl
]leZ`e gi}Zk`ZX# kXdY`e i\jgfe[Xe X [\k\id`eX[Xj gi\]\$
i\eZ`Xj\jkk`ZXj[\cfjXik`jkXj%
<cXgXi\af[\cXg`ekliX\lifg\XjfYi\kXYcX#Zfdgl\jkf[\mX$
i`XjdXefj[\p\jfdXk\ZfeZfcX#i\jlckXYX[\dXj`X[fhl\YiX$
[`qfp^il\jfgXiXlefjjfgfik\j\o`Yc\jZfdfcfjc`\eqfj%8j
\e\cj`^cfom`j\\dg`\qXeX\dgc\Xi#X[\d}j[\ckiX[`Z`feXc
p\jfZfeZfcXXe`dXc#X_fiX\eZXgXjdlZ_fd}j[\c^X[Xjhl\
j\c`d`kXYXeXZlYi`icfj^iXefj[\cXk\cX#fkiXjgi\gXiXZ`fe\j
d}jX[\ZlX[XjXjl\o`Y`c`[X[#ZfdfjfecXj`dgi`dXZ`fe\jXc
c\fXgc`ZX[Xj[`i\ZkXd\ek\jfYi\ZXgXj[\\e^il[ffZfcX%CXj
`dgi`dXZ`fe\j[\ZfcfiZcXifj\dXek\e[i}e_XjkXeXc\j[\c
j`^cfom`#g\if[\j[\d\[`X[fjpXj\\dg`\qXeX^\e\iXc`qXi#
XjfZ`X[XjXcjfgfik\[\k\cX#fkiXjd}jfjZliXjpfgXZXj[\kfefj
fZi\j#ifa`qfjpgXi[fj#Zfdgl\jkXjgfid\qZcXj[\g`^d\ekfj
f [\ k`\iiXj cfZXc\j i`ZXj \e o`[fj [\ _`\iif% <jkXj `dgi`dX$
Z`fe\jj\i}ecXjd}jZfdle\j\e\cj`^cfom``#Xlehl\Xc^lefj
Xik`jkXjmfcm\i}eZ`iZlejkXeZ`Xcd\ek\XcXj[\ZfcfiZcXif%
Cfje`Zfj\jkl[`fjhl\f]i\Z\eleXm`j`e^\e\iXcjfYi\\cljf
[\ XgXi\afj \ `dgi`dXZ`fe\j \e cX g`ekliX m`ii\`eXc g\ilXeX
jfecfjpXd\eZ`feX[fj[\=iXeZ`jZfJkXjkeppEf\dI%:_`i`$
efjpG\[ifHl\i\aXql#Xcfjhl\_XYiXhl\XX[`icfji\Xc`qX$
[fj\e8i^\ek`eXZfedfk`mf[\cfjkiXYXafj[\i\jkXliXZ`e[\
cX=le[XZ`eKXi\X(.#Xlehl\jkfjck`dfjj\i\\i\e\ejldX$
pfigXik\XfYiXj[\cj`^cfom```%JkXjkepp:_`i`efjXidXehl\
cfjXgXi\afj[\cXg`ekliXc`d\X[\eXc\j[\cj`^cfom`p[\cX
gi`d\iXd`kX[[\com``dXek`\e\e_}Y`kfj`kXc`Xefj[\cI\eX$

^ f pX  * ) .   X f  ) ' ' 0

) 8e^\c`efD\[fif1CX@edXZlcX[X#
(-(/%:fem\ekf[\JXe8^ljke#C`dX%
* 8e^\c`efD\[fif1JXe8ekfe`f
i\jlZ`kXe[fXledl\ikf#(-'(%
:fem\ekf[\cfj;\jZXcqfj#C`dX%
+

CX:ilZ`o`eZfeJXe=iXeZ`jZfp
JXekf;fd`e^f#(-(/%:fem\ekf[\cfj
;\jZXcqfj#C`dX%

Z`d`\ekf1YXj\j[\gi\gXiXZ`e[\p\jfpZfcXXe`dXc#\`dgi`$
dXZ`fe\j[\Zfcfi\jZcXifj#dXicfYcXeZf#pfZXj`feXcd\ek\
d}jfjZliXjXYXj\[\fZi\(/%<jkfj_}Y`kfjmXeXkiXej]fidXij\
ZfecXcc\^X[X[\g`ekfi\jXe[XclZ\jpcX`dgfikXZ`edXj`mX
[\fYiXjXd\eZXjp\jgXfcXj#hl\kiX\eZfej`^fel\mfjk`gfj
[\XgXi\afj\`dgi`dXZ`fe\j#XYXe[fe}e[fj\Xhl\ccfjgifg`fj
[\cfj`kXc`Xefj%CXj`dgi`dXZ`fe\jZcXiXjdXic\Xjj\jljk`$
klp\egficfjkfefjfZi\jpifa`qfjZXiXZk\ijk`Zfj[\cYXiifZf#
hl\g\id`k\ekiXYXaXiZfedXpfiiXg`[\qpZfejkil`i\]\Zkfj
Zifd}k`ZfjZfed\efied\if[\\jkiXkfj%<em\q[\p\jfj\
^\e\iXc`qXcXk`qX\e`^lXcd\[`[Xhl\cfjXgXi\afj[\k`\iiXjif$
aXjfgXi[XjZfee\^ifZXiYe%J\^eG\[ifHl\i\aXql#Xgi`e$
Z`g`fj [\c J\`jZ`\ekfj \iXe Zfdle\j cXj gi\gXiXZ`fe\j ^i`j\j
fYk\e`[XjZfek`qXfp\jfZfeZfcX#Xcfjhl\j\XX[XZXiYef
Z\e`qXj#XjZfdfcXj`dgi`dXZ`fe\jifaXji\Xc`qX[XjZfep\jff
k`qXpleXk`\iiXifaXX^clk`eX[fjZfeZfcX(0%
<eZfekiXdfjleX^iXemXi`XZ`e[\YXj\j[\gi\gXiXZ`e\`d$
gi`dXZ`fe\j\eki\cfj[fZ\ZlX[ifj\jkl[`X[fjgXiX\jk\gif$
p\Zkf%CXdXpfiXgi\j\ekXeleXZXgX[\gi\gXiXZ`e[\p\jf
pZfcX#Xm\Z\jZfegi\j\eZ`X[\ZXiYem\^\kXc#cfhl\gl\[\
`e[`ZXihl\j\kiXkX[\ckiX[`Z`feXcXgXi\af[\Z\e`qXjpZfcX
Z`kX[fgfiGXZ_\Zf)'%8c^lefjgi\jZ`e[\e[\cX`dgi`dXZ`e
[\Zfcfipgi\j\ekXecXZXgXg`Zki`ZXXgc`ZX[X[`i\ZkXd\ek\
jfYi\cXgi\gXiXZ`e[\cXk\cX#ZfdfJXe8ekfe`fi\jlZ`kXe$
[fXledl\ikf(-'( ^%(-Y #cXM`i^\e[\cfje^\c\j
(-'' #XdYfj\ecfj;\jZXcqfj#cXM`i^\e[\cfje^\c\j) 
j`eidXi[\cd`jdfZfem\ekf#fkiXfYi}d}jkXi[X#CX@e$
dXZlcX[X[\JXe8^ljke#idX[Xp]\Z_X[X\e(-(/#pCX
@edXZlcX[XXki`Yl`[XXcZiZlcf[\>i\^fi`f>XdXiiX%yjk\
\j\cj`jk\dX[\XgXi\afd}jlk`c`qX[fgfiD\[fif\ecfjZlX$
[ifjidX[fjf[\Xki`YlZ`ed}jj\^liX1p\jfpZfcX#Xm\Z\j
g`^d\ekX[f[\^i`jZfeZXiYem\^\kXc#jfYi\\chl\j\Xgc`ZX
[`i\ZkXd\ek\cXZXgXg`Zki`ZX)(%
Jcfki\jfYiXjk`\e\eleXZXgX[\`dgi`dXZ`e[\ZfcfijfYi\
cXYXj\[\gi\gXiXZ`e[\p\jfpZfcX1<c:XcmXi`f[\JXe=iXe$
Z`jZf#CX8jleZ`e[\cXZfc\ZZ`e9XiYfjX$Jk\ie#pCX@d$
gfj`Z`e[\cX:XjlccXXJXe@c[\]fejf#[\C\feXi[fAXiXd`ccf#
[\cfj;\jZXcqfj%D`\ekiXjhl\\ecXj[fjck`dXjcX`dgi`dX$
Z`e\j[\ZfcfigXi[fifa`qf#\e<c:XcmXi`f#fYiX[XkX[X_X$

ifZfYilhl\kXj

Z`X(-'*))#\j[\lekfefifjX[fdlpZcXifp\jk}Zfdgl\jkXgfi
XcYXpXc[\#d`e`f#ZXiYfeXkfZ}cZ`ZfZXi^X`e\ik\hl\jl\c\lk`$
c`qXij\ZfdfXYjfiY\ek\[\ZfcfifZfdfX[lck\iXZ`e[\cXcYX$
pXc[\pjc`Z\^%(-X %<jk\k`gf[\`dgi`dXZ`e[\Zfcfijcf
j\_X\eZfekiX[f\eleXfYiXkXi[X[\D\[fif#CX:ilZ`o`e
ZfejXekfj#idX[X\e(-(/#g\if\e\jk\ZXjf#Zfdf\e\ci\kiX$
kf[\c;i%AlXeI\`eX^X[\8ekfe`fD\id\afp\e\c[\c;i%
Cl`jCg\q[\Jfcj#Xki`Yl`[fX9\ieXi[f9`kk`)*#cfjXe}c`j`jef
_Xe[\k\ZkX[fcXZXgX[\XgXi\af`e]\i`fi#Xlehl\efj\[\jZXi$
kXjl\o`jk\eZ`X%J\gf[iXg\ejXihl\\eCX:ilZ`o`eZfe
jXekfj[\cfj;\jZXcqfjj\_X[X[fleX\mfclZ`eXcX[XgkXij\
Xljfjd}j\ok\e[`[fj\e\cj`^cfom``ZfdfjfecXj`dgi`dXZ`f$
e\jfjZliXj%J`e\dYXi^f#\eCX@edXZlcX[X[\JXe8^ljke#
idX[fp]\Z_X[f\e\cd`jdfXf#j`^l\\cd`jdfdkf[fhl\
cfjZlX[ifji\Xc`qX[fj\ecfjgi`d\ifjXfj[\cj`^cf%

(+ .

, 8e^\c`efD\[fif1JXe;`\^f
[\8cZXc}#(-'(%:fem\ekf[\cfj
;\jZXcqfj#C`dX%
- 8e^\c`efD\[fif1JXe
9l\eXm\ekliX%:fem\ekf[\cfj
;\jZXcqfj#C`dX%

GXiXZfefZ\i\cfi`^\e[\\jkXjgi}Zk`ZXjj\_Xi\Zlii`[fX]i$
dlcXj[\jZi`kXj\ecfjk\okfj[\c`k\iXkliXkZe`ZX`kXc`XeX[\c
j`^cfom`gfijlgfj`Yc\i\cXZ`eZfelegi`d\iXgi\e[`qXa\[\
D\[fifXek\j[\m`XaXiX<jgXX%<cXik`jkXeXZ`\e(,-,pjl
gi\j\eZ`Xj\[fZld\ekX\eJ\m`ccX\e(,/-#Zfe)(Xfj#]\Z_X
\e hl\ idX jl gi`d\iX fYiX ZfefZ`[X# CX =cX^\cXZ`e [\
:i`jkf%8cXfj`^l`\ek\pXXgXi\Z\\e9f^fk}Zfdfg`ekfi[\
Z`\ikfgi\jk`^`f)+%Jlj_}Y`kfjkZe`Zfj[\Y`X[hl`i`icfj#gl\j#
\eleXgi`d\iX\kXgX[\]fidXZ`e`kXc`XeX#hl`q}\ejlZ`l[X[
eXkXc# IfdX# Xlehl\ ef j\ gl\[\ [\j\Z_Xi cXj gfj`Yc\j \og\$
i`\eZ`XjX[hl`i`[Xj\ecfjkXcc\i\jj\m`ccXefj[liXek\jlYi\m\
\jkXeZ`X\ecXZ`l[X[Xe[XclqX%
8g\jXi[\ci\Z_Xqf[\cfjkiXkX[`jkXjgficfjXgXi\afj[\p\jf
pZfcXkXekfMXjXi`Zfdf8id\e`e`X[m`\ik\e[\jlk\e[\Z`X
X_XZ\ijXckXicXg`ekliX),#jk\j\i}\cdkf[f[\gi\gXiXZ`e
[\ c`\eqfj d}j _XY`klXc \e cX @kXc`X [\c Hl`e`\ekfj# Xlehl\
^\e\iXcd\ek\ j\^l`[f [\ leX ZXgX [\ `dgi`dXZ`e% <c dkf$
[f\c\^`[fgfiD\[fif\ecXfYiXk\dgiXeX[\c:XcmXi`f[\
JXe=iXeZ`jZfgXi\Z\j\^l`id}j\cd\ek\cfjgifZ\[`d`\ekfj
`kXc`Xefj#\j[\Z`i#`dgi`dXZ`fe\j[\ZfcfiZcXifXgc`ZX[Xj\e
ZXgXj dlp [\c^X[Xj# j\d`kiXejgXi\ek\j# jfYi\ le \jkiXkf [\
p\jfpZfcX)-%KXdY`ej`^l\\cj`jk\dX[\cXgi\gXiXZ`ej`dgc\
[\p\jfpZfcXCX@edXZlcX[XXki`Yl`[XXcZiZlcf[\>i\^f$
i`f>XdXiiX#leg`ekfij\^l`[fi[\9\ieXi[f9`kk`hl\kiXYXa
gi`eZ`gXcd\ek\ \e :lqZf# CX GXq p Gfkfj% ;\jZfefZ\dfj \c
k`gf[\gi\gXiXZ`fe\jljX[Xjgfi9`kk`\ejljg`ekliXjjfYi\k\$

(+ /

cX).#g\ifj\iXiXqfeXYc\g\ejXihl\\dgc\Xc^leXjj`d`cXi\j
gfijl]fidXZ`ehl`e`\ek`jkX`kXc`XeX%<ekf[fZXjf#jlljf\e
\jk\ZlX[ifefj`e[`ZXZ`\ikX[`]lj`e[\\jk\dkf[f[\gi\gX$
iXi\eki\cfjgi`d\ifjXik`jkXjm`ii\`eXc\j%
CX8jleZ`e[\cXZfc\ZZ`e9XiYfjX$Jk\iepCX@dgfj`Z`e
[\cXZXjlccX[\JXe@c[\]fejf[\C\feXi[fAXiXd`ccf#idX[fp
]\Z_X[f\e(-*-#gi\j\ekXeleXZXgX[\`dgi`dXZ`egXi[f$if$
a`qX#ZfecXZfdgfj`Z`e_XY`klXc[\k`\iiXjifaXj#XcYXpXc[\#ZXi$
YfeXkfZ}cZ`Zfhl\gl\[\ej\ij`dgc\j`dgli\qXj[\cXk`\iiX
f[\cXcYXpXc[\pe\^if[\_l\jfjf[\ZXiYe#kf[fX^clk`eX[f
ZfeleXZ\`k\j\ZXek\pXgc`ZX[fjfYi\leXZXgX[\p\jfpZfcX
^%(-Z %J\kiXkX[\lej`jk\dXhl\i\Zl\i[XXcljX[fgficfj
g`ekfi\jm\e\Z`Xefjp#\e<jgXX#gfi<c>i\ZfpCl`jKi`jk}e%
;\ cfj ZlX[ifj XeXc`qX[fj# cfj hl\ d}j ZfeZl\i[Xe Zfe cXj k$
g`ZXjgi\gXiXZ`fe\jj\m`ccXeXjjfe\c;i%AlXe[\I\`eX^X#[\
8ekfe`f9\id\af#p\c;i%Cl`jCg\q[\Jfcj#Xki`Yl`[fXG$
i\q[\8c\jj`f)/%8dYfjk`\e\eleX`dgi`dXZ`egXi[f$ifa`qX[\
Zfdgfj`Z`ej`d`cXiXcXXek\i`fiXgc`ZX[X[`i\ZkXd\ek\jfYi\
cXk\cX#j\jlgfe\hl\ZfeleX`dgi\^eXZ`egi\m`X[\ZfcX%<e
\]\Zkf#i\Z`\ek\j\jkl[`fjjfYi\cXjgi\gXiXZ`fe\jlk`c`qX[Xj\e
cXg`ekliXj\m`ccXeX[\cj`^cfom``)0[\dl\jkiXehl\gficfZfde
\jk}ei\Xc`qX[XjXcc\f#mXeXgc`ZX[XjjfYi\le\eZfcX[fgi\m`f
pj\Zfdgfe\egi`eZ`gXcd\ek\[\k`\iiXj[\ZfcfiXZ`emXi`XYc\
\eki\\cfZi\#\cifa`qfp\cgXi[f%KXdY`ejl\c\ecc\mXiXcYXpXc$
[\pe\^ifZXiYe#X[`Z`feX[fjgXiXZfii\^`i\ckfeffZfdfj\$
ZXk`mf\e\cZXjf[\cXcYXpXc[\%J\kiXkX[\cgifZ\[`d`\ekfhl\i\$
Zfd`\e[X=iXeZ`jZfGXZ_\Zf\ejl8ik\[\cXG`ekliXJ\m`ccX#
(-*/ 1XgXi\aXiZfeZfcX[\^lXek\j]iXgXiXZ\iiXicfjgfifj[\
cXk\cXp[\jgljXgc`ZXi_XjkXki\jdXefj[\`dgi`dXZ`eXcc\f%
yjkXj\ZfdgfeXgi`eZ`gXcd\ek\[\leXk`\iiX\j\YXiifhl\
j\ljX\eJ\m`ccXXcXhl\j\XX[X#j`j\hl\iX#legfZf[\Xc$
YXpXc[\gXiX[Xic\d}jZl\igfpXm\Z\je\^ifZXiYe*'%:fdf
cfj`kXc`Xefj#kXdgfZfXgil\YXcfjXgXi\afj_\Z_fj[\p\jf#_X$
i`eXfZ\e`qXgfihl\j\_ld\[\Z\epj\gl[i\e%8[\d}j[\cYX$
iif[\J\m`ccXp[\cXXcdX^iXljX[X\eDX[i`[#GXZ_\Zf[\jZi`Y\
fkiX`dgi`dXZ`eljlXc\ejlk`\dgf\ecXhl\ef`ek\im`\e\e
k`\iiXjj`efg`^d\ekfj[\ZXi}Zk\ij\ZXk`mf#ZfdfXcYXpXc[\#d`$
e`fpe\^ifZXiYedfc`[fjZfeXZ\`k\[\c`eXqX#hl\j\imXegXiX
XZ\c\iXi\cj\ZX[fpXcXm\q[XileXZfcfiXZ`e[\k\id`eX[X%

^ f pX  * ) .   X f  ) ' ' 0

<e \c j`^cf om`` cXj `dgi`dXZ`fe\j d}j Zfdle\j j\ _XZXe#
gl\j#Zfek`\iiXjcfZXc\j[\ZfcfifZi\#ifa`qfpgXi[f#Zlpfj
Zfdgfe\ek\jgi`eZ`gXc\j\iXeXiZ`ccXjj`c`ZXkf_`[iXkX[f[\
Xcd`eX #_\dXk`k\j#ZlXiqfpd`ZXj#pjfcXecc\mXiXjfZ`X[fj
ZXcZ`kX p [fcfd`kX% J\ fYk\eXe \e jl\cfj j\[`d\ekXi`fj ]fi$
dX[fjXgXik`i[\dXi^Xj#gi`eZ`gXcd\ek\[fcfdk`ZXj#Zfdf
cfjhl\XYle[Xe\ecXji`Y\iXj[\c>lX[Xchl`m`ipjljXl\e$
k\j#[\[fe[\j\fYk\eX\cYXiif[\J\m`ccX[\chl\_XYcX
GXZ_\Zf*(%Jlkfef#d}jifa`qf#d}jgXi[ffd}jXeXiXeaX[f#
gifm`\e\[\cXZXek`[X[hl\Zfek\e^XcXgifg`Xk`\iiX[\o`[f
[\_`\iif#[\o`[f[\dX^e\j`ff[\fkifjZfdgfe\ek\j%CXj
k`\iiXjk\eXecXgifg`\[X[[\j\iZfcfi\jdlpZlYi`\ek\j#[\
]}Z`cfYk\eZ`epYXiXkfj#pgifgfiZ`feXYXeleZfcfi[\]fe[f
hl\lk`c`qXYX\cg`ekfiZfdfd\[`fkfef#cfhl\c\g\id`kX
j`dgc`ZXi\ckiXYXaf%<eG\ikXdY`ej\\dgc\XYXek`\iiXj
cfZXc\j%9\ieXY:fYf[\jkXZX\cXcdX^i\#[\efd`eX[f\eX`$
dXiXglZXXcgX#hl\j\fYk\eX\e[`m\ijXjqfeXj[\cX^\f^iX$
]XXe[`eX#f\cYfc#kXdY`ed\eZ`feX[fgficmXif8cfejf
9XiYXp8ekfe`f[\C\eG`e\cf#hl\\iX\jg\Z`Xcd\ek\XYle$
[Xek\\eGfkfjpFilif*)%
cfjg`^d\ekfj
Cfjg`^d\ekfjhl\j\_Xe`[\ek`ZX[f\ecXjdl\jkiXjXeXc`qX$
[Xjjfecfjj`^l`\ek\j1
9cXeZfj1XcYXpXc[\
8dXi`ccfj1k`\iiXXdXi`ccXpXdXi`ccf[\gcfdfp\jkXf
8qlc\j1Xqli`kX#\jdXck\#e[`^fpm`m`Xe`kX
Ifafj1k`\iiXifaX#Y\id\cce#cXZXifaXpd`e`f
M\i[\j1ZXi[\e`ccf#g`^d\ekf[\ZfYi\6 pk`\iiXm\i[\
GXi[fj1k`\iiXjfdYiX
E\^ifj1e\^if[\_l\jfjpZXiYem\^\kXc%
LeX^iXegXik\[\cfjg`^d\ekfjlk`c`qX[fj\ecXjfYiXj\jkl$
[`X[Xjjfe[\fi`^\e\lifg\f%CXj`em\jk`^XZ`fe\ji\Xc`qX[Xj
_XjkX\cdfd\ekfZf`eZ`[\eXcXidXihl\#\ecfhl\i\jg\Z$
kXXC`dX#_XjkXd\[`X[fj[\cj`^cfom``cfjXik`jkXjfYk\eXe
cXdXpfigXik\[\\ccfjXkiXmj[\cX`dgfikXZ`e[`i\ZkX[\
<jgXX**%J\^ej\XcX:_`i`efj#\jkXdXpfiZ\iZXeX[\cfj
g`ekfi\j \jkXYc\Z`[fj \e C`dX X cfj dXk\i`Xc\j ZXjk\ccXefj
j\[\dl\jkiX\e\cljf]i\Zl\ek\[\Xc^lefjg`^d\ekfjhl\
ZXi\ZXe [\ `dgcXek\ kiX[`Z`feXc# Zfdf jlZ\[X Zfe cX Xql$
i`kX#\c\jdXck\f\cXdXi`ccf[\gcfdfp\jkXf%J\Zfej`[\$
iXhl\C`dXX[fgkgc\eXd\ek\cXjkZe`ZXjpcfjdXk\i`Xc\j
gifZ\[\ek\j[\<lifgXpcfjkiXeji`Xci\jkf[\ck\ii`kfi`f
Xe[`ef#d`\ekiXjhl\:lqZf#j`Y`\e`e`Z`Xcd\ek\`eZfigfi
cXj `eefmXZ`fe\j kZe`ZXj X cX kiX[`Z`e cfZXc# Zfe \c k`\d$
gfj\i\Z_XqXi}eXc^leXjpj\[Xi}leXgi\]\i\eZ`Xgficfj
g`^d\ekfjkiX[`Z`feXc\j#cfhl\Zfeki`Yl`i}\e^iXed\[`[X
X ZXiXZk\i`qXi X cX \jZl\cX Zlqhl\X X gXik`i [\ eXc\j [\c
j`^cfom``*+%GfifkifcX[f#cfj\jkl[`fji\Xc`qX[fjgfiJ\c[\j#
9lilZX#J`iXZljXefpfkifjj\XcXehl\#j`Y`\ecfjg`ekfi\j
Xe[`efj kXdY`e lk`c`qXYXe g`^d\ekfj \lifg\fj# j\ XYXjk\$
ZXe ]le[Xd\ekXcd\ek\ [\ dXk\i`Xc\j cfZXc\j fYk\e`[fj [\
]l\ek\jeXkliXc\j*,%

ifZfYilhl\kXj

:fe cX `em\jk`^XZ`e i\Xc`qX[X \e \jk\ gifp\Zkf j\ gi\k\e[X#


\eki\fkiXjZfjXj#ZfefZ\iZfedXpfigi\Z`j`e\c^iX[f[\[\$
g\e[\eZ`X[\C`dXi\jg\ZkfXcZfd\iZ`f[\`dgfikXZ`e[\g`^$
d\ekfjpfkifjdXk\i`Xc\jXikjk`Zfj%CXdXpfigXik\[\cX`e]fi$
dXZ`ej\_XfYk\e`[f[\cXj]l\ek\j[fZld\ekXc\j[\fi`^\e
Zfd\iZ`Xcp[\cXj[\jZi`gZ`fe\j^\f^i}ZXjpeXkliXc\j#gl\j
\ci\g\ikfi`f[\[fZld\ekfjZfejlckX[fjhl\_XZ\ei\cXZ`e
[`i\ZkXXcXXZk`m`[X[[\g`ekfi\jp\jZlckfi\jef_XgifgfiZ`f$
eX[fdlZ_Xj`e[`ZXZ`fe\jjfYi\cfjdXk\i`Xc\jhl\ljXYXe%<c
ZfeZ`\ikfglYc`ZX[fgfi:fie\af9fifleZc\\eki\\cdX\jkif[\
[fiXiAlXeGfeZ\[\C\ep\c:fem\ekf[\El\jkiXJ\fiX[\
cXjD\iZ\[\j[\:lqZf)([\alc`f[\(,/( #\jZXj`leX\oZ\g$
Z`egficXXdgc`Xi\cXZ`e[\Zfcfi\jeXj[\:Xjk`ccXhl\j\
c\\o`^\e\ecXjZfe[`Z`fe\jkZe`ZXj1XjXqlcZfdf\jdXck\jp
Z\e`qXj#^\efcj\eYficX#XqXiZe#Y\id\cce#XcYXpXc[\#^iXeX
[\Do`Zf#XcYXpXc[\#XZ\`k\#YXie`Z\jpkf[fjcfjZfcfi\j*-%
CXd\eZ`e\e\c[fZld\ekfXek\i`fiXcXjZfcfi\jeXj[\
:Xjk`ccXgXiXlei\kXYcfhl\j\`YXXi\Xc`qXi\e:lqZf\jleX
dl\jkiX[\hl\cX`dgfikXZ`e[\g`^d\ekfjpX\iXle_\Z_f
\e\cck`dfk\iZ`f[\cj`^cfom`p[\hl\`eZcljfj\gf[XeX[$
hl`i`i\eZ`l[X[\jXc\aX[Xj[\cXZXg`kXc%CXcc\^X[X[\eld\$
ifjfjXik`jkXjpXik\jXefjXC`dX[\j[\jl`ejkXcXZ`eZfdfZX$
g`kXc[\m`ii\`eXkffi`^`ecX[\dXe[X[\lefjdXk\i`Xc\jXcfj
hl\\jkXYXe_XY`klX[fj\ejlcl^Xi[\fi`^\e#e\Z\j`[X[hl\
gf[XejXk`j]XZ\iZfei\cXk`mX]XZ`c`[X[^iXZ`XjXcXjl`[Xji\$
cXZ`fe\jZfd\iZ`Xc\j[\C`dXZfecXd\kigfc`%G\ifkXdY`e
\c[fZld\ekf`e[`ZX#gfi[\[lZZ`e#hl\\cljf[\Zfcfi\j[\
gifZ\[\eZ`XXlkZkfeX[\YX\jkXiYXjkXek\^\e\iXc`qX[f\ecXj
i\^`fe\jXe[`eXj#d`\ekiXjhl\cfj\lifg\fj#d}jZfjkfjfj#j\
i\j\imXiXegXiXfYiXj[\dXpfiZXk\^fiX#ZfdfjkX[\ci\kX$
Ycf[\cZfem\ekf[\cXD\iZ\[[\:lqZf%
;\j[\E`Zfc}j[\DfeXi[\j_XjkX9\ieXY:fYfj\X[d`iXYXe
[\cXXYle[XeZ`XpmXi`\[X[[\k`\iiXjhl\_XYX\e\cG\i#Zfe
jlj[`]\i\ek\jm\kXj[\Zfcfi\j1%%%g`\[iXj[\kf[fjcfjZfcfi\j
gXiXcXg`ekliX\edlZ_XjgXik\j#Zfdfjfe1X`c\eg`\[iX#dlp
efm\i[\#Xqlcp[\kf[fjZfcfi\j%%%*.
<e\]\Zkf#X[\d}j[\mXi`X[fjZfcfiXek\j\okiX[fj[\gcXekXj#
`ej\Zkfj p dfcljZfj hl\ lk`c`qXYXe gXiX k\`i k\cXj f [\ZfiXi
fYa\kfj#cfjXik`jkXjXe[`efjZfefZXedlZ_fj[\cfjg`^d\ekfj
ljX[fj \ekfeZ\j \e <lifgX# Zfdf \c Y\id\cce# cX Xqli`kX# cX
dXcXhl`kX#\ce\^ifZXiYe#cfjfZi\jpfkiXjk`\iiXj[\dck`gc\j
Zfcfi\j#`eZcljf\cfifg`d\ek\p\ci\aXc^Xi#[\kf[fjcfjZlXc\j
\o`jkXepXZ`d`\ekfj\e\cK`nXek`ejlpf%CfjZife`jkXj[\jkXZXe
cXXYle[XeZ`XpmXi`\[X[[\Zfcfi\jhl\j\fYk\eXe\ek`\dgfj
[\cfj`eZXj\ecXji`ZXji\^`fe\jd`e\iXj[\Cg\qjlif\jk\[\
9fc`m`X p[\cZfc`e[Xek\mXcc\[\8kXZXdXefik\[\:_`c\ %
8g\jXi[\hl\\o`jkXepXZ`d`\ekfj[\ZXj`kf[fjcfjg`^d\e$
kfjeXkliXc\jp[\hl\\jkfjg`^d\ekfj\iXelk`c`qX[fjgficfj
`e[^\eXj#\jdlpgifYXYc\hl\cXje\Z\j`[X[\j[\cXjgi`d\$
iXj^\e\iXZ`fe\j[\g`ekfi\jm\e`[fj[\cXg\eejlcXefj\m`\$
iXeZlY`\ikXj%?Xphl\k\e\i\eZl\ekXhl\#ZfecX\ok\ej`e

(+0

. 8e^\c`efD\[fif1El\jkiXJ\fiX
[\cfje^\c\j#(-''%:fem\ekf[\cfj
;\jZXcqfj#C`dX%

[\cljf[\cc\f[\j[\d\[`X[fj[\cj`^cfom#leXYl\eXgXik\
[\cXgXc\kXj\YXjXi}\eg`^d\ekfjXik`Z`Xc\j[\jZfefZ`[fj
\e8di`ZX1\cZXi[\e`ccfpfkifjm\i[\jpXqlc\j[\ZfYi\Xik`$
Z`Xc\j#\cXdXi`ccf[\gcfdfp\jkXf#\c\jdXck\#\cY\id\cce
Xik`Z`Xcp\cXcYXpXc[\#jk\ck`df]le[Xd\ekXcgXiXcXg`ekl$
iXXcc\fpgXiXcXj\eZXieXZ`fe\j[\cX\jZlckliXgfc`ZifdX[X%
GfifkifcX[f#ef\jkXekfcXmXi`\[X[[\dXk\i`Xjgi`dXjj`ef
cfjgifZ\jfj[\\cXYfiXZ`efgli`ZXZ`eXgc`ZX[fjgXiXjX$
ZXikf[Xjlgfk\eZ`Xc`[X[Zifd}k`ZXcfhl\XgfikXi`hl\qXXcX
^XdX[\Zfcfi\j%<jkfjgifZ\jfj[\\cXYfiXZ`ej\[fd`eXYXe
\egfZfjcl^Xi\j[\<lifgX2M\e\Z`Xp=cXe[\jj\i}ecfjd}j
`dgfikXek\j\e\cj`^cfom`#Xcfjhl\j\`eZfigfiXi}e?fcXe[X
\@e^cXk\iiX\e\cj`^l`\ek\%CXgifg`XkZe`ZX[\cc\fi\hl\$
iX\cljf[\lefjg`^d\ekfjd}ji\eX[fjZfecfjhl\gf[\i
Zfej\^l`i dXpfi\j `ek\ej`[X[\j [\ Zfcfi# X[\d}j [\ jlj ZX$
iXZk\ijk`ZXj ZfdY`eXZ`fe\j [\ g`^d\ekfj fgXZfj p ZlYi`\e$
k\j#fYi`ccXek\jpkiXejgXi\ek\j%CX]XZlckX[[\Xc^lefj#Zfdf
\c ZXi[\e`ccf f cXj cXZXj [\ fi`^\e fi^}e`Zf# gXiX Zfej\^l`i
\]\Zkfj[\kiXejgXi\eZ`Xjgfj`Y`c`k\c[\jXiifccf[\cXkZe`ZX
[\cXjm\cX[liXj#kXeZXiXZk\ijk`ZX[\cc\f#cfhl\Zfeki`Ylp
[\]fidX[\Z`j`mXXjli}g`[X[`]lj`egfi<lifgXXgXik`i[\
d\[`X[fj[\cj`^cfom%
GifYXYc\d\ek\ \jkXj e\Z\j`[X[\j [\ cX kZe`ZX [\c c\f \dgl$
aXiXe X cfj Xik`jkXj g\e`ejlcXi\j X gifm\\ij\ [\ g`^d\ekfj \l$
ifg\fj%CXji\[\jZfd\iZ`Xc\j\jkXYc\Z`[Xj\eki\C`dXpJ\m`ccX#
dlpgifekfZfejfc`[X[Xj#_XZXecc\^XiZfe]XZ`c`[X[kf[fjcfj
gif[lZkfje\Z\jXi`fjgXiXjXk`j]XZ\i\cZfejldf[\cXgfYcXZ`e
\jgXfcX%KXdY`e\e\cd\iZX[f[\cXZ`l[X[j\\eZfekiXYXecfj
dXk\i`Xc\jg`Zki`ZfjXcXcZXeZ\[\cXdXpfiX[\cfjXik`jkXj#Zfdf
j\_Xgf[`[fZfdgifYXi\eeld\ifjfj[fZld\ekfj%<jgifYXYc\
hl\\eqfeXjd}jXc\aX[Xj[\C`dXj\[`\iXX\jZXcXd\efileX
\ogcfkXZ`e p ki}Zf [\ g`^d\ekfj cfZXc\j# Zfdf [\ _\Z_f jl$
Z\[\i}gfjk\i`fid\ek\ZfecXg`ekliXZlqhl\X\ejlgfZX[\
dXpfiXl^\%G\if#\ecfhl\j\i\\i\XC`dX#ef_\dfj\eZfekiX$
[fk\jk`dfe`fj[fZld\ekXc\jjfYi\leXgif[lZZ`ecfZXc\e\jkX
gi`d\iX\kXgXZfcfe`Xc%Jcfj_Xp#peld\ifjfj#jfYi\\emf[\
g`^d\ekfjpfkifjdXk\i`Xc\jg`Zki`Zfj[\j[\<jgXXX[`m\ijfj
glekfj[\8di`ZX#j\XJXekf;fd`e^f#cXEl\mX<jgXX#9l\efj
8`i\jfC`dX%LeZXjf`cljkiXk`mf\j\c[\)-c`YiXj[\Zfcfi\jp
g`eZ\c\jhl\#alekfZfeleZ`\ikfed\if[\g`ekliXj#dXe[X\e
(-+0\cgifg`f=iXeZ`jZfQliYXi}egXiXm\e[\i\eG\i*/%

(,'

^ f pX  * ) .   X f  ) ' ' 0

ifZfYilhl\kXj

<cg`^d\ekfYcXeZfgfi\oZ\c\eZ`XgXiXcXg`ekliXXcc\f#kZe`$
ZXhl\kXdY`ej\lk`c`qXYXgXiX\c\eZXieX[f[\cXj\jZlckliXj#
\iX\cXcYXpXc[\_`[ifo`ZXiYfeXkf[\gcfdf #leg`^d\ekfXi$
k`Z`XcZlpfZfefZ`d`\ekfj\i\dfekXXcX8ek`^\[X[Zc}j`ZX%
cmXif8cfejf9XiYX[\jZi`Y\dkf[fj[\]XYi`ZXZ`ej`d`cXi\j
Xcfj[\Xlkfi\jZc}j`ZfjK\f]iXjkf#Gc`e`f#M`kilY`fp;`fjZi`$
[\j#hl\Y}j`ZXd\ek\Zfej`jkX\e\ogfe\ic}d`eXj[\gcfdfX
cfjmXgfi\j[\m`eX^i\2cXZfiifj`eYcXeZXi\jlckXek\XZ\kXkf
[\gcfdf j\ZXcZ`eXYXXcjfcpj\kiXej]fidXYX\e\cZfii\jgfe$
[`\ek\ZXiYfeXkf[\gcfdf*0%
;\j[\dlpgifekfj\[\k\ZkXcX\o`jk\eZ`X[\gcfdf\ecXi\$
^`eXe[`eX%9\ieXY:fYfd\eZ`feXcXjd`eXj[\Alc`p8q}e$
^Xif# \e cXj hl\ j\ _XccXYX \e ^iXe ZXek`[X[1 _Xp dlZ_X
XYle[XeZ`X[\gcfdf\ekf[f\jk\i\`efj`Y`\ecfj`e[`fj#\ejl
^\ek`c`[X[#j\Xgifm\Z_XegfZf[cpefXcZXeqXifeX_XZ\i[c
XcYXpXc[\Zfdfj\_XZ\X_fiXgficfj\jgXfc\j+'%
Gfi\jkXjgXcXYiXj[\:fYfgf[iXg\ejXij\hl\\ejlgfZXj\
\jkXYX]XYi`ZXe[fXcYXpXc[\\e\cG\i%J`e\dYXi^f#_XpleX
^iXe]XckX[\efk`Z`XjjfYi\jl]XYi`ZXZ`e_XjkX(./,#]\Z_X\e
hl\j\glYc`ZXeleXjfi[\eXeqXj[\XcYXpXc[\ifj[\C`dX+(%<e
kf[fZXjf#\iXlegif[lZkfdlp[\dXe[X[fjfYi\kf[fgfijl
ljf\ecXZfjdk`ZX%>XiZX=l\ek\jf]i\Z\[XkfjjfYi\\emfj
[\ZXek`[X[\jZfej`[\iXYc\j[\XcYXpXc[\\ecXj\^le[Xd`kX[
[\cj`^cfom``#[\cXjhl\jcfle).`YXe[\jk`eX[XjXK`\iiX
=`id\+)%8gXi\Z\\ec`jkXj[\d\iZX[\iXj[\YXiZfjcc\^X[fjX
C`dX#\e`em\ekXi`fj[\k`\e[Xjf\ekiXejXZZ`fe\jZfd\iZ`Xc\j
[\cXjgi`d\iXj[ZX[Xj[\com``+*%
CXe\Z\j`[X[[\\jkX`dgfikXZ`ej\\eZl\ekiXi\\aX[X\ecX
D\dfi`X[\kf[fjcfj^e\ifj[\d\iZX[liXjhl\jfee\Z\jXi`fj
gXiX\cG\ipj`e\ccXjefgl\[\egXjXi#gfihl\efj\]XYi`ZXe\e
cXk`\iiX#\jZi`kXgfileZfd\iZ`Xek\gfikl^ljal[\f$Zfem\i$
jf[\cj`^cfom``#\eZlpfc`jkX[f`eZclp\\cXcYXpXc[\f\jY`XZX
\ckid`ef`kXc`Xef\jY`XZZX ++%KXdY`ej\\em`XYXX:lqZfp
Gfkfjgl\j#\e\]\Zkf#j\_Xegf[`[fi\Zf^\iZfejkXeZ`Xj[f$
Zld\ekXc\j[\ZfdgiXj\eC`dXgfigXik\[\d\iZX[\i\j[\
:lqZf\e(-)0+,p\e\eki\^Xj[\d\iZX[\iXj\e\jkXZ`l[X[\e
(-*'+-%8cYXpXc[\[\J\m`ccXj\[\efd`eX\ecfjC`YifjI\Xc\j
[\Gfkfj#[fe[\XgXi\Z\i\^`jkiX[fgfiZfYif[\XcZXYXcXj\e
mXi`XjfZXj`fe\j\eki\(,0.p(-),+.%

(,(

[\E}gfc\jXek`dfe`Xkf[\gcfdf pgfi\co`[f[\gcfdff
dXjj`Zfk#hl\j\ZfefZ\i}Zfe\cd`jdfkid`ef[\^\elc%
;\_\Z_fef_Xj`[f[\k\ZkX[Xjlgi\j\eZ`X\ecXjfYiXj\jkl$
[`X[XjgfiJ\c[\j#9lilZX#J`iXZljXefpfkifj#cXdXpfiX[\c
om``` ,(# cf hl\ `eZc`eX X g\ejXi hl\ \jk\ g`^d\ekf [\ZX\ kXd$
Y`e\e8di`ZX[liXek\\cJ\k\Z`\ekfj%

('

((

FkifYcXeZfhl\XgXi\Z\\ecXjdl\jkiXjXeXc`qX[Xj\j\cZXi$
YfeXkf[\ZXcZ`f#ZlpXmXi`\[X[d}jZfdegXiXcXg`ekliX\iX
cXZi\kXfk`qX%<ecXkZe`ZX[\cc\fefj\ljXYXZfdfg`^d\e$
kfpXhl\efk\eXgf[\i[\ZfcfiXZ`e#j`efZfdfZXi^X`e\ik\
gXiXd\qZcXj`eZcljfZfdfgif[lZkf[\X[lck\iXZ`e#Zfdf
XYjfiY\ek\[\Zfcfi\ecXjcXZXjpjfYi\kf[fZfdfZfejk`klp\e$
k\[\cXjYXj\j[\gi\gXiXZ`ed\qZcX[fZfeZfcX%<ee`e^lef
[\cfjZlX[ifj\jkl[`X[fjj\_Xe\eZfekiX[f#j`e\dYXi^f#XgX$
i\afj[\ZXiYfeXkfZ}cZ`Zf%
Cfjg`^d\ekfjXdXi`ccfj\eZfekiX[fjjfefZi\jpXdXi`ccf[\
gcfdfp\jkXf%CfjfZi\jj\_XccXYXe\eki\cXj[`m\ijXjk`\iiXj
[\Zfcfi\jhl\[\jZi`Y\ecfjk\okfj#Zfdf\chl\cclp\cg`kl[\
cfjX`dXiXjhl\#j\^e:fYf#\dgc\XYXegXiXX]\`kXij\\cifj$
kif1?}ccXj\kXdY`eXhl\ccXk`\iiXXdXi`ccX[\hl\ljXedl$
Z_fcfjg`ekfi\j#ccXdX[XfZiX#cXZlXc#\ecXc\e^lXX`dXi}j\
[`Z\hl\ccl2pfkiX\jg\Z`\[\k`\iiXXeXiXeaX[X#ccXdX[X\ecX
d`jdXc\e^lXg`kl#[\hl\kXdY`eljXecfjg`ekfi\j+/%
J\_Xm\i`ZX[fcX\o`jk\eZ`X[\XdXi`ccf[\gcfdfp\jkXf
o`[f[\gcfdfp\jkXf \emXi`Xjg`ekliXjpgfc`ZifdXjXeX$
c`qX[Xj\e\jk\gifp\ZkfpkXdY`e\eXc^leXfYiX[\cj`^cfom``
\jkl[`X[Xgfi:_`i`efj+0%:fefZ`[f\e\jk\j`^cfZfdf^\elc#
\iXleg`^d\ekfXik`Z`XcdlpZfde#i\cXZ`feX[fZfecX]XYi`$
ZXZ`e[\cm`[i`f#hl\gifgfiZ`feXYXleXdXi`ccfZcXif%K\eX
^iXe]XdX\c\cXYfiX[f\ecXjm`[i`\iXjm\e\Z`XeXj^`Xccfc`ef
[\DliXef %<clk`c`qX[f_XjkX\ekfeZ\j\iX[\gifZ\[\eZ`X\l$
ifg\X#j\^e^liX\eleXd\dfi`X[\d\iZX[\iXj[\(-(.,'#
`^lXc hl\ \c XcYXpXc[\# \c ZXi[\e`ccf p \c Xqlc ef [\ g`ekf$
i\jXqli`kX %<e\cj`^cfom```j\i}jljk`kl`[fgfi\cXdXi`ccf

(,)

<caXc[\lfifg`d\ek\ki`jlc]lif[\Xije`Zf \jleg`^d\e$
kfd`e\iXc[\ZfcfiXdXi`ccfcld`efjf[\^iXekiX[`Z`e\ecX
ZlckliXgi\_`jg}e`ZX%J\lk`c`qXYX\ecXjg`ekliXjdliXc\jp]l\
_XccX[f\egfcmfgXiXljXiZfdfg`^d\ekf\epXZ`d`\ekfjXi$
hl\fc^`Zfj[\cg\i`f[f`eZX\eJXZZjXp_lXdXe#:lqZf,)%Cfj
Zife`jkXj#j`e\dYXi^f#efcf`[\ek`ZXe#hl`q}gfihl\efZf$
efZXe\cd`e\iXceXk`mf[\chl\j\\okiXX#pXhl\\e<jgXX
j\`dgfikXYX#XkiXmj[\@kXc`X#\cfi`^`eXi`f[\?le^iX#J`i`X
f:_`eX%JcfcmXif8cfejf9XiYXd\eZ`feXlepXZ`d`\ekf[\
fifg`d\ek\\e8eZY\i^fpfkif\ecXgifm`eZ`X[\:feZ_lZfj#
8iqfY`jgX[f[\C`dX#ZcXljliX[Xgfi\c8iqfY`jgfKfi`Y`f[\
Df^ifm\af,*%J`Y`\e\jk\g`^d\ekf[\kiX[`Z`e`eZX`ZX]l\[\j$
[\\cgi`eZ`g`fdlpljX[f\ecXg`ekliXZfcfe`XcZlqhl\X#ef
_XXgXi\Z`[f\ee`e^leXg`ekliXe`gfc`ZifdX\jZlcki`ZX[\
cXj\jkl[`X[Xj\e\jk\kiXYXaf%KXdgfZfj\_Xe\eZfekiX[fc`j$
kXj[\d\iZX[\iXjhl\cf`eZclpXe#Xlehl\[\Y`j\i[\ljfZf$
de\eki\cXjdla\i\jZfdfjfdYiX[\fafj%<eleXfi[\eXe$
qXgifdlc^X[Xgfi\c:XY`c[f[\C`dX\c)+[\alc`f[\(,,(j\
gif_`YXXcfjYfk`ZXi`fj#d\iZX[\i\jfi\^Xkfe\jcXm\ekXXcXj
\jZcXmXj[\jfc`d}e#i\aXc^Xilfifg`d\ek\#g\id`k`e[fj\jcf
X\jgXfc\jdXpfi\j[\hl`eZ\XfjpX\jZcXmfjZfec`Z\eZ`X
[\d[`Zfk`klcX[f#pXhl\#Zfdf\cjfc`d}e#\iXlegif[lZkf
m\e\efjfgfiZfek\e\id\iZli`fpXije`ZfpXc^leXjdla\i\j
_XYXedl\ikfXcljXicf,+%
Cfjg`^d\ekfjXqlc\jhl\d}jj\Z`kXe\ecXj]l\ek\jZfejlckX$
[Xjjfe\cXqlcfXqlcefXqli`kX #cfjgfcmfjXqlc\j#\c
X`cp\c\jdXck\%:_`i`efjZfej`[\iXhl\\ecXgi`d\iX\kXgX[\
cXg`ekliXc`d\X_Xplegi\[fd`e`f[\cXXqli`kXjfYi\fkifj
Xqlc\j#Xlehl\kXdY`e\jk}egi\j\ek\j\c\jdXck\j\\eZl\e$
kiXdlpgifekf\efYiXj[\9`kk`p[\D\[fifp#Xlehl\Zfe
d\efi]i\Zl\eZ`X#\ce[`^f%<ecXj\^le[Xd`kX[[\cj`^cfj`^l\
lk`c`q}e[fj\cXXqli`kXp\c\jdXck\p#dlpfZXj`feXcd\ek\#\c
lckiXdXip\ce[`^f,,%
<c\jdXck\m`[i`fXqlcZfcfi\X[fZfeo`[f[\ZfYXckf \j\c
g`^d\ekfXqlcd}jZfde\ecXg`ekliXXcc\f\lifg\X[\cj`$
^cfom```#pXhl\cXXqli`kXj\]l\XYXe[feX[fgfijlk\e[\eZ`X
X\ee\^i\Z\ipgfij\iZX[Xm\qd}j\jZXjX%:Xj`kf[f\c\jdXc$
k\lk`c`qX[f\e<lifgXj\]XYi`ZXYX\ecfjZ\ekifjm`[i`\ifj[\
@kXc`Xp8c\dXe`X%J\_XZfejkXkX[fle\dgc\f]i\Zl\ek\\ecX
g`ekliXc`d\X,-p\ecXXe[`eX,.%J`e\dYXi^f#\ecfj[fZld\e$
kfjXg\eXj_Xpd\eZ`fe\jX\jk\g`^d\ekf#e`cXjc`jkXj[\d\i$
ZX[\iXji\m\cXejlgi\j\eZ`X\e\cZfd\iZ`f%Jcf_XXgXi\Z`[f
_XjkXX_fiX\e\cZfeZ`\ikf[\c\jZlckfi;`\^f[\D\[`eXgXiX
\cXik\jfeX[f[\cXXek\jXZi`jkX[\cZfem\ekf[\JXe8^ljke#
\c(0[\XYi`c[\(-+*#\echl\j\fYc`^XXhl\cfjg`eaXek\jp
fife\jj\Xe[fiX[fjpkf[fcf[\d}j[\cX[`Z_XfYiX[\dX$

^ f pX  * ) .   X f  ) ' ' 0

/ 8e^\c`efD\[fifXki`Yl`[f 1
El\jkiXJ\fiX[\cfje^\c\j%
:fem\ekf[\cfj;\jZXcqfj#C`dX%
0 8e^\c`efD\[fifXki`Yl`[f 1
<c:XcmXi`f#Z%(-'*%:fem\ekf[\
JXe=iXeZ`jZf#C`dX%

[\iX_X[\`i[\Xqlc\jdXck\,/#leXZfe[`Z`ehl\ef[\aX[\
jfigi\e[\ipXhl\\c\jdXck\\iXleg`^d\ekf`dgfikX[fpZXif
gXiXXgc`ZXicfXleXjlg\iZ`\kXe^iXe[\%
<cX`c\jleZfcfiXek\fYk\e`[f[\gcXekXj[\c^e\if@e[`^f$
]\iX%<ecfjk\ok`c\jgi\_`jg}e`ZfjXe[`efjj\lk`c`qXYXleZf$
cfiXek\XqlcfYk\e`[f[\gcXekXj[\\jk\^e\ifhl\j\[XYXe
\e[`m\ijfjcl^Xi\j[\8di`ZX[\cJli#Xlehl\ef_Xp`e]fi$
dXZ`ejfYi\jlgfj`Yc\ljf\ecXg`ekliX,0%CXdXpfigXik\[\c
X`cj\kiXX[\E`ZXiX^lXp>lXk\dXcX#[fe[\_XYXle`dgfi$
kXek\d\iZX[f[\j[\hl\j\`e`Z`jl\ogcfkXZ`e\ok\ej`mX\e
\cj`^cfom`#Xchl\XZl[XeXZfdgiXicfd\iZX[\i\j[\kf[Xj
gXik\j#\eki\\ccXjG\i-'%
I\jg\ZkfXcXqlclckiXdXi#efj\_X\eZfekiX[fe`e^leXZfej$
kXeZ`X[\jlljf%<jk\ZXij`dfg`^d\ekfj\fYk\eX[\ccXg`j$
c}qlc`# ZlpX e`ZX ]l\ek\ [liXek\ cX <[X[ D\[`X p Df[\ieX
]l\ifecXjd`eXj[\8]^Xe`jk}e%Jcfcfjm\e\Z`Xefj\jkXYXe\j$
g\Z`Xc`qX[fj\e\cZfdgc`ZX[fgifZ\[`d`\ekf[\gli`ZXZ`e
hl\j\Xgc`ZXYXgXiX\okiX\icX]iXZZ`eXqlccXcXqlc`kX[\cX
g`\[iX%<ccf#X[\d}j[\jlc\aXeXgifZ\[\eZ`X#\iXcXZXljX[\c
Xckfgi\Z`fhl\k\eX\jk\g`^d\ekf\e<lifgX%<ele\jkl[`f
i\Xc`qX[f\e(0./gfi=\ieXe[fJXc[XjpMcX[`d`iXQlg}ej\
`[\ek`ZcXg`jc}qlc`\eleX[\cXjZXgXjfi`^`eXc\j[\cXg`ekl$
iX[\cZcXljkif[\c:fem\ekf[\JXe8^ljke#c\mXekX[f\e(-(/%
<ok\e[`[f\c\jkl[`fXfkifjZfem\ekfjpZXjXjgXik`ZlcXi\j[\
C`dX# Kila`ccf# 8i\hl`gX p :lqZf# j\ ZfdgifY hl\ \c cXg`j$
c}qlc`]l\lk`c`qX[fgXiXg`ekXidlifj#kXekf\ok\i`fi\jZfdf
`ek\i`fi\j#[\j[\\cj`^cfom``_XjkX\co`o-(%I\jlckXm\i[X[\$
iXd\ek\jfigi\e[\ek\hl\leg`^d\ekfkXeZXif]l\iXlk`c`qX$
[fZfdfg`ekliX[\gXi\[\j#gficfhl\j\iX[\j\XYc\i\Xc`qXi
leXel\mXZfdgifYXZ`eZ`\ekZX[\cfj[Xkfjf]i\Z`[fj\e\c
Xf(0./ZfeXpl[X[\kZe`ZXjXeXck`ZXjXZklXc\j#dlZ_fd}j
gi\Z`jXj%<ekf[fZXjf#cX\o`jk\eZ`X[\pXZ`d`\ekfj[\cXg`j$
c}qlc`dlpZ\iZXefj#\e\cefik\[\cXZklXc:_`c\#[\aXXY`\ikX
\jkXgfj`Y`c`[X[%<e\]\Zkf#mXi`fjZife`jkXj[\aXeZfejkXeZ`X
[\ cX \o`jk\eZ`X [\ cXg`j$Xqlc f lckiXdXi`ef \e cX qfeX
[\8kXZXdX#[fe[\_fpj\\eZl\ekiXecfjj\^le[fj[\gj`kfj
d}j`dgfikXek\j[\cdle[f[\\jkXg`\[iX%<ecX[\jZi`gZ`e
[\cXgifm`eZ`X[\cfjC`g\jhl\AlXeCfqXefDXZ_lZX#=XZkfi
[\Gfkfj#i\Xc`qX\e(,/(gXiX\cm`ii\p[\cG\i#j\[\efd`eX

ifZfYilhl\kXj

[\cXj`^l`\ek\dXe\iX1?Xp\e\jk\mXcc\[\8kXZXdXZfekfi$
ef[ccXg`j$XqlcpaXjg\[\Zfcfi\j[`]\i\ek\jpe\^ifjpXdX$
i`ccfj#klihl\jXjeXjp^iXeXk\jpfkiXj[`]\i\eZ`Xj[\g`\[iXj
[\gfZfmXcfipdlZ_f-)%
KXdY`e>\ie`df[\9`YXi#Xc_XYcXi[\cXi`hl\qX\ed`e\iX$
c\j[\8kXZXdX\ejl:ie`ZXpi\cXZ`eZfg`fjXpm\i[X[\iX[\
cfjI\pefj[\:_`c\(,// #ZfeidXcX\o`jk\eZ`X[\lckiXdXi`$
ef#hl\Xcc}j\efdYiX\e:Xjk`ccX-*%<efkiX[\jZi`gZ`e#i\X$
c`qX[X\e(-,'gfiMXjZf[\:feki\iXjpMXcm\i[\#\cXlkfigX$
i\Z\hl\j\i\\i\ZfeZi\kXd\ek\XccXg`jc}qlc`1G`\[iXCXqlc`
CXj\^le[Xg`\[iX\jcXC}qlc`#hl\j\_XccX\ecfjd`e\iXc\j[\
fif#pXlehl\_XpkXekXj\e\cZfekfief[\\jkXZ`l[X[:ljZf 2
cfj`e[`fjgfi\eZlYi`icXj#efhl`\i\e[\Z`i[\[e[\jXZXecXj
hl\m\e[\e#gl\jjljZXZ`hl\jcfjZXjk`^Xei`^lifjXd\ek\2pXj
cfhl\j\_Xgf[`[fXm\i`^lXi#m`\e[fhl\j\m\e[\dlZ_X#pef
j\jXY\[\[e[\j\jXZX-+%
8lehl\\ckid`efefgXi\Z\cc\mXiX\e^Xf#_XYiXhl\[\k\i$
d`eXij`gfiG`\[iXcXqlc`\ek`\e[\ecXg`jc}qlc`fZlXchl`\i
fkifd`e\iXcXqlc[\ZfYi\#kXeZfde\ecXi\^`e%<e\]\Zkf#
j\[\Y`ljXidlZ_f\cZfcfiXqlcgXiXcX[\ZfiXZ`e[\gXi\$
[\j#Zfdf[fZld\ekXeYXjkXek\jZfekiXkfj%Le\a\dgcf\j\c
Zfdgifd`jf[\cg`ekfiAlXe9Xlk`jkXGcXe\kX(*[\\e\if[\
(-).  gXiX g`ekXi [\ Zfcfi Xqlc p Xc c\f cfj ZlXkif XiZfj [\c
ZilZ\if[\cXZXg`ccXdXpfi[\cX`^c\j`X[\cDfeXjk\i`f[\CX
:feZ\gZ`e%%%j\^e\jk}_\Z_f\e\c?fjg`kXc[\c:fem\ekf
[\JXe=iXeZ`jZf-,%<jgfj`Yc\hl\gXiX\jk\Xqlc[\gXi\[\j
j\\dgc\XiXcXg`\[iX[\cXg`jc}qlc`dfc`[Xj`dgc\d\ek\#j`e\c
Zfdgc`ZX[fdkf[f[\gli`ZXZ`e[\cfjm\e\Z`Xefj#cfhl\
`dgc`ZXiXleXqlcd}jYXafgficXj`dgli\qXjgi\j\ek\j%<ccf
\ogc`ZXiXhl\ef]l\iXlk`c`qX[f\e\cc\f#pXhl\gXiX\jkXkZ$
e`ZXj\i\hl`\i\legf[\i[\ZfcfiXZ`e`ek\ejf#cfhl\\jk}[`$
i\ZkXd\ek\i\cXZ`feX[fZfe\c^iX[f[\gli\qX[\cg`^d\ekfp
[\dfc`[f[\cXjgXikZlcXj#d`\ekiXjhl\efj\iXkXee\Z\jXi`f
\elek\dgc\dliXc%J\iX`ek\i\jXek\gf[\iZfdgifYXi\jkX
_`gk\j`jXcXclq[\cfjel\mfjdkf[fjZ`\ekZfj[\\jkl[`f%
Gfick`df#\cfkifg`^d\ekfXqlcd}jZfde\iXcXXqli`kX
_`[ifo`ZXiYfeXkf [\ ZfYi\ # ccXdX[X \e \j\ k`\dgf Xqlc#
Xqlc ef# Xqlc [\ Z\e`qXj%%% =l\ le g`^d\ekf dlp Xgi\$

(,*

Xjl]i\pfkiXjmXi`\[X[\j[\gfihl\iXjpp\iYXjjlg\ik`j`fjXj
Zfdf jfe ZfZX p fkiXj hl\ ef j\ jXY\e cfj efdYi\j% <e jl
[\]\ejX#cXm`l[XXc\^XYXhl\\iXedXk\i`Xc\jhl\ljXYXjldX$
i`[fgXiXg`ekXi.-%;\_\Z_f#\e\cZlX[if[\CX@edXZlcX[X
[\ JXe 8^ljke XgXi\Z\ le Xqlc [\ ZfYi\ j`e `[\ek`ZXi hl\
gfj`Yc\d\ek\gl[`\iXkiXkXij\[\Xc^eXqlc&m\i[\fYk\e`[f
[\cXi\^`ed`e\iX[\Cg\qf8kXZXdX%

(' C\feXi[fAXiXd`ccf1CX`dgfj`Z`e
[\cXZXjlccXXJXe@c[\]fejf#(-*-%
:fem\ekf[\cfj;\jZXcqfj#C`dX%
(( 9Xjk`[fi[\GX`jXa\Xee`df#j`^cf
OM@@ %:fem\ekf[\JXe8^ljke#C`dX%

Z`X[f [liXek\ \c j`^cf om p ^iXe gXik\ [\c om` gXiX cfj ZXd$
gfj[\kiXZ\iXj[fiX[Xj\ecfji\kXYcfj^k`Zfjpj\i\j\imXYX
gXiXcfjdXekfj[\cXM`i^\epfkiXj^liXjgi`eZ`gXc\j\ejlj$
k`klZ`e[\c\ok`ZflckiXdXi%8g\jXi[\\eZfekiXij\\e[\$
gj`kfj[\[`m\ijfjcl^Xi\j[\<lifgX8c\dXe`X#?le^iXf
<jgXXef[\aXYX[\j\ileg`^d\ekfZXif#Xlehl\efXcZXe$
qXiXcfjgi\Z`fj[\Xhl\c%;\X_\c`ek\ijZfd\iZ`Xchl\k\eX
\cXqlc%<ecX`jcX[\CX<jgXfcXj\\eZfekiXife#XcgfZf
[\ cc\^Xi cfj \jgXfc\j# `dgfikXek\j pXZ`d`\ekfj [\ Xqli`kX
hl\]l\ife\ogcfkX[fj[liXek\kf[f\cj`^cfom`p^iXegXik\
[\cOM@@%<jk\Xqlc\iXd\iZX[\iX_XY`klXc\ecfjeXmfj
hl\cc\^XYXeXcgl\ikf_`jgXc\ej\[\j[\cX`jcX[fd`e`ZXeX#p
[\Xccj\[`jki`YlXXci\jkf[\<jgXXp<lifgX%J\kiXkX[\c
Xqlc[\JXekf;fd`e^fXchl\j\i\\i\=iXeZ`jZfGXZ_\Zf--
p\jkXdY`e\cXqlc[\J\m`ccXhl\^liX\edlZ_fj[fZl$
d\ekfj\jgXfc\j-.%
Ef_\dfj\eZfekiX[fi\]\i\eZ`XjjfYi\legfj`Yc\Zfd\iZ`f
[\Xqli`kX\eki\JXekf;fd`e^fpC`dX%J_XpXc^leXZfejkXe$
Z`X[\cXkiX[X[\XqlcgXiXg`ekfi\jej`df[\j[\<jgXX
\eleXd\dfi`X[\d\iZX[\iXj[\(-(.#alekfXfkifjg`^d\e$
kfj#k\cXjpg`ekliXj[\=cXe[\j-/%<jgifYXYc\hl\cXXqli`kXhl\
cc\^XYXZfecXjfkXj[\<jgXXef]l\iXfkiXhl\cX[\JXekf
;fd`e^f#\elem`Xa\[\`[Xpml\ckX%
8ek\cX[\dXe[X\lifg\X[\Xqli`kX\e\cj`^cfom`Zfdfgi`e$
Z`gXcg`^d\ekfXqlcgXiXcXg`ekliX\c\jdXck\j\`dgfe[i}
d}jkXi[\p\clckiXdXii\jlckXYX[\dXj`X[fZXifef\j[\
\okiXXi hl\ cfj gi`d\ifj Zife`jkXj# Xc [\jZi`Y`i cX i`hl\$
qXeXkliXc[\cG\i#j\`ek\i\j\egficX\o`jk\eZ`X[\Zfcfi
Xqlc \e Z`\ikfj cl^Xi\j# cfZXc`qX[fj ]le[Xd\ekXcd\ek\ \e
cXqfeXZlgi]\iX[\cXck`gcXefYfc`m`Xef#[\j[\\ccX^fK`k`$
ZXZX\e\cefik\_XjkXcXi\^`e[\Cg\qp8kXZXdXXcjli%<e
\]\Zkf#cXXqli`kX\iXlk`c`qX[X[\j[\k`\dgfgi\_`jg}e`Zf\e
\jkXi\^`eZfdfg`\[iXfieXd\ekXcpZfdfg`^d\ekf-0%CX
gi`d\iX i\]\i\eZ`X c`k\iXi`X g\ik\e\Z\ X AlXe [\ 9\kXeqfj#
hl\\ejlZie`ZX\jZi`kX\eki\(,,(p(,,/#_XYcX[\cXgif$
m`eZ`X[\Cc`g`fCg\j1R%%%Ti`ZX\ed`eXj[\dlZ_fjZfcfi\j
dlpeXjgXiXg`ekXip[\kf[fjcfjZfcfi\jhl\efjfkifjk\$
e\dfj#dXe[hl\cfjeXkliXc\jki`YlkXj\e[\\jkfjZfcfi\jp
[\cfj^XeX[fjR%%%T.'%

(,+

<e\c`e]fid\hl\\e(,--i\Xc`qX\cf`[fi[\cX8l[`\eZ`X[\
:_XiZXj#AlXe[\DXk`\eqf#gXiXcXjI\cXZ`fe\j>\f^i}ZXj[\
@e[`Xj\eZXi^X[Xjgfi=\c`g\@@`eZclp\leXqlchl\X[fhl`\$
iXmXc\Xg\jf[\fifXlehl\[\jkf_XpgfZf\eki\cXjZfjXj
hl\j\gl\[\ecc\mXiX<jgXX.(%KXdY`e_XYcX[\cZfcfiXqlc
[\cXjd`eXj[\ZfYi\[\cfjC`g\jCl`j:XgfZc\#Xlkfi[\leX
i\cXZ`e[\(-/,jfYi\cXM`ccX[\Gfkfj[`i`^`[XXcM`ii\p;fe
?\ieXe[f[\Kfii\jpGfikl^Xc1R%%%TXc^leXjcXYiX[Xjgfi\c
@eZX# p [\ dlZ_fj Zfcfi\j ej`dfj# p le Xqlc dlp j`e^lcXi
gXiXg`ekfi\jR%%%T.)%
PX\e\cj`^cfom``C\eG`e\cfj\XcXhl\\cd`jdfXqlc[\cX
`jcX<jgXfcXj\\eZfekiXYX\eleXd`eXhl\cXYiXifecfj`e$
^Xj\ecXi\^`e[\:_`eZ_Xj#alekfX8kXZXdX#Xlehl\pXj\
jXZXgfZfgfi\jkXidl`_fe[X.*%cmXif8cfejf9XiYX(-,' 
kXdY`ei\jXckXcXXYle[XeZ`X[\ZfYi\\e\jkXji\^`fe\jpXZcX$
iXhl\cfj`eZXjefklm`\ifeZl`[X[f\ei\Zf^\icfjd\kXc\jR%%%T
gl\jefYljZXYXej`efcfjZfcfi\jej`dfj#m\i[\pXqlc#hl\
ccXdXe:`YX`ifhl\\eki\\ccfjj\ZiXeR%%%T.+%
Cfj d`e\iXc\j [\ ZfYi\1 Xqli`kX p dXcXhl`kX ZXiYfeXkf [\
ZfYi\ _`[iXkX[f # Zi`jfZfcX j`c`ZXkf [\ ZfYi\ _`[iXkX[f # ZX$
gXiifjXXqlcjlc]Xkf[\ZfYi\ pcXXkXZXd`kXfo`Zcfilif[\
ZfYi\ _`[iXkX[f # j\ _XccXe# ^\e\iXcd\ek\ d\qZcX[fj# \e pX$
Z`d`\ekfj [\ kf[X cX ZfjkX \ `ek\i`fi [\c G\i% Kf[fj k`\e\e
leZfcfi\eki\Xqlcpm\i[\#gficfhl\\jgfj`Yc\hl\cfjZif$
e`jkXj ef [`]\i\eZ`XiXe Zfe ZcXi`[X[ jl m\i[X[\iX eXkliXc\$
qX%Gfi\a\dgcf#cXg`\[iXC`g\j#hl\i\Z`Y\\cefdYi\[\cX
gifm`eZ`X[fe[\j\_XccXYX\eXYle[XeZ`X#jklmfleX^iXei\$
jfeXeZ`Xgfijljgifg`\[X[\jk\iXglk`ZXjp]l\fYa\kf[\\o$
gfikXZ`eX<lifgX%<iXccXdX[Xgficfj`e[^\eXjZfgXhl`iX
p#j\^ecfjZife`jkXj8ekfe`f[\C\eG`e\cf#cmXif8cfejf
9XiYXp9\ieXY:fYf#j\kiXkXYX[\ZXgXiifjXXqlcfm`ki`fcf.,%
8lehl\cXg`\[iXC`g\jj\ljXiX]le[Xd\ekXcd\ek\gXiXe\j
d\[`Z`eXc\jpgXiX_XZ\ik`ekXj[\\jZi`Y`i#efj\[\jZXikXjl
ljfkXdY`eZfdfg`^d\ekf#gl\jC\eG`e\cfcXZfdgXiXZfe
cXg`\[iX8id\e`X#\cefdYi\\il[`kfhl\j\[XYX\e\cj`^cf
om`XcXXqli`kX#Xlehl\i\m\cXZ`\ikXZfe]lj`ejfYi\jlfi`$
^\e%<ele\og\[`\ek\[\_\Z_`Z\iX[\C`dX[`i`^`[f\e(--0
ZfekiX=iXeZ`jZXKlehl`#m`l[X[\cg`ekfi8cfejfJXcXqXi#j\
cXXZljXYX[\k\e\id\k`[XjcXj`d}^\e\j\eki\g`\[iXc`g\jp

^ f pX  * ) .   X f  ) ' ' 0

8gXik`i[\cj`^cfom``Zfd`\eqXXXgXi\Z\iZfeYXjkXek\]i\$
Zl\eZ`X \c kid`ef gfcmfj Xqlc\j# _XjkX X_fiX j`\dgi\
`[\ek`ZX[fZfeleXqlc[\ZfYi\Xik`Z`Xc..fZfeXqli`kX./#\e
`em\ekXi`fj[\k`\e[Xj#Xcdfe\[XjfZfdgiXj_\Z_Xjgfid\i$
ZX[\i\j \e C`dX gXiX m\e[\i \e fkifj cl^Xi\j.0% J`iXZljXef
i\Zf^\kXdY`ejlgi\j\eZ`X\ecXZ`iZlcXZ`e[\d\iZX[\iXj
[\ cfj j`^cfj om`` p om``` \e Gfkfj/'% =`^liXe Zfe dXpfi i\$
^lcXi`[X[p]i\Zl\eZ`Xhl\fkifjg`^d\ekfj#p\eZXek`[X[\j
YXjkXek\Zfej`[\iXYc\j#dlZ_Xjm\Z\jXjfZ`X[fjX^e\ifj[`$
m\ijfjhl\efg\ik\e\Z\eXcXg`ekliX%I\jlckXjfigi\e[\ek\
\jkXgi\j\eZ`XkXe^\e\iXc[\gfcmfjXqlc\j\ecfji\^`jkifj
[\d\iZX[\iXj#cfhl\i\m\cXleZfd\iZ`f[\Z`\ikX\ek`[X[
Zfe\jk\dXk\i`Xc#j`j\g`\ejXhl\cXXqli`kXjcfj\imXgXiX
cX g`ekliX p ef# Zfdf fkifj g`^d\ekfj# gXiX ]XYi`ZXi i\d\$
[`fjd[`ZfjfgXiXk`ekfi\iX#e\Z\j`[X[\jjkXjdlZ_fd}j
\ok\e[`[Xj% Ef _\dfj \eZfekiX[f# X[\d}j# ZfejkXeZ`Xj [f$
Zld\ekXc\j [\ leX gif[lZZ`e d`e\iX \e 8kXZXdX p Cg\q
X\jZXcX\hl`gXiXYc\XcXgi\j\eZ`X[\cfjgfcmfjXqlc\j\e
\cZfd\iZ`f%Gfi\cZfekiXi`f#XgXi\Z\e\ei\^`jkifj[\eXmfj
cc\^X[fjX8i`ZX[\j[\C`dX#p[\Xccj\[`jki`Yl`iXXCXGcXkX#
Gfkfjpfkifjcl^Xi\j[\c8ckfG\i#cfhl\`eZc`eXXXki`Yl`ic\
leXgifZ\[\eZ`X\lifg\X%<c_\Z_f[\hl\cfjgfcmfjXqlc\j
j\ \eZl\eki\e \eki\ cfj ^e\ifj hl\ i\cXZ`feX \c d\iZX[\i
gfikl^lj# Xlkfi [\ cX D\dfi`X [\ kf[fj cfj ^e\ifj [\ d\i$
ZX[liXjhl\jfee\Z\jXi`XjgXiX\cG\ipj`e\ccXjefgl\[\e
gXjXi2gfihl\efj\]XYi`ZXe\ecXk`\iiX/(#ZfeidXhl\ef_X$
YX leX gif[lZZ`e XlkZkfeX j`^e`ZXk`mX [\ \jk\ dXk\i`Xc%
KXdY`eccXdXcXXk\eZ`ejld\efiZfjk\#\eki\)p(+i\Xc\j
cXc`YiX#ZlXe[f\e<jgXXcXXqli`kXZfjkXYX\e\cj`^cfom``
\eki\))p('*i\Xc\jcXc`YiX/)%
<jkfcc\mXXZl\jk`feXij\jfYi\cXlk`c`[X[hl\j\c\[XYXX\j$
kfjgfcmfjXqlc\jpjfYi\jlm\i[X[\iXeXkliXc\qX%EfgXi\$
Z\hl\]l\iX\c[\dXk\i`Xck`eki\f#gl\j\cX`cj\gi\j\ekXYX
\e]fidX[\gXe\jfk\iife\j#pefj\[fZld\ekXefkifjk`ek\j
Xqlc\jZfekXcefdYi\%J\gf[iXi\cXZ`feXi\ekf[fZXjfZfe
\c\dgc\f^\e\iXc`qX[f[\ZfcfiXqlcgXiXg`ekXigXi\[\j[\
\[`Z`fj#cfhl\gf[iX\eZXaXiZfejljgi\Z`fji\cXk`mXd\ek\
YXiXkfj%;\j\iZ`\ikX\jkXck`dX_`gk\j`j#cfjgfcmfjXqlc\j
gf[iXej\ileXqlc[\ZfYi\Xik`Z`Xc`dgfikX[f[\<jgXX
lk`c`qX[f gXiX ljfj fi[`eXi`fj/*% J`e \dYXi^f# \j iXif \eZfe$
kiXiXqlc\jXik`Z`Xc\j\ecXg`ekliX\jgXfcX[\cj`^cfom``#X
g\jXi[\hl\dlZ_fjk\okfji\Zf^\ei\Z\kXj[\jl]XYi`ZXZ`e#
cfhl\j\\ogc`ZXgficX]}Z`c[`jgfe`Y`c`[X[[\Xqli`kXeXkliXc
\e \c d\iZX[f# kXekf cXeXZ`feXcZfdfcX[\JXekf;fd`e^f%
GXiXdXpfiZfe]lj`ejfYi\cXeXkliXc\qX[\cfjgfcmfjXql$
c\j#gXi\Z\hl\kXdY`ej\ljXYXegXiX[\ZfiXifYa\kfjZ\i}$

ifZfYilhl\kXj

d`Zfj#j\^e^liX\ecXjZl\ekXj[\leXfcc\iX[\cmXcc\[\
DXiXe^X)*[\\e\if[\(-(+ #\ecXjhl\j\i\cXZ`feXeki\j
c`YiXjpd\[`X[\Xjlcj`Z \eg`\[iXpZlXkifc`YiXj[\gfc$
mfjXjlc\jj`Z gXiXg`ekXicXcfjjX/+%
<c g`^d\ekf m\i[\ hl\ d}j XgXi\Z\ \e cfj [fZld\ekfj \j \c
ZXi[\e`ccf _`[ifo`XZ\kXkf [\ ZfYi\ # le g`^d\ekf Xik`Z`Xc
ZfefZ`[f [\j[\ cX Xek`^\[X[ Zc}j`ZX% cmXif 8cfejf 9XiYX
[\jZi`Y\cfjdkf[fjgXiXjl]XYi`ZXZ`e#hl\Zfej`jkXeY}j`$
ZXd\ek\\e\ogfe\igcXZXj[\ZfYi\XcfjmXgfi\j[\m`eX^i\p
i\Zf^\icXZfiifj`em\i[\hl\j\]fidX/,%JlZXgXZ`[X[[\Zi\Xi
ZXgXjkiXjcZ`[XjgXiXg`ekXid\[`Xek\m\cX[liXj_`qf[\cle
g`^d\ekf]le[Xd\ekXc\ecXg`ekliXXcc\f_XjkX\cj`^cfom```%
CX[fZld\ekXZ`eZfejlckX[X`e[`ZXhl\kXdY`ej\kiXX[\
<jgXX%:fe\cXcYXpXc[\#\j\cg`^d\ekfhl\d}jXgXi\Z\\e
cfji\^`jkifjd\iZXek`c\jp\ecfj[fZld\ekfj[\ZfdgiX&m\ekX
[\Y`[fXjljgifg`\[X[\jk\iXglk`ZXj/-%
:fdfj\_X[`Z_f#cfj`e[^\eXjccXdXYXeZfgXhl`i`XcXZXgX$
iifjXXqlcfg`\[iXC`g\j#kid`efhl\#gfijlgXi\Z`[fZfcfi#
leXqlcm\i[fjf#kXdY`ec\[XYXeXcZXi[\e`ccf1:fgXhl`i`
ccXdXecfj`e[`fj[\cG\i#\ecXc\e^lXX`dXi}#XcZXi[\e`ccf#
pgficXj\d\aXeqXhl\Zfeck`\e\cXg`\[iXhl\Xhl[\jZi`$
Yf#c\[Xe\cd`jdfefdYi\#pcfj\jgXfc\j#Zfiifdg`\e[f\c
mfZXYcf#cfccXdXeZfgXhl`iXpg`\[iX[\cfjC`g\j#gfi_XccXi$
j\jfcXd\ek\\ecXgifm`eZ`X[\cfjC`g\j#hl\\j[\cXiqfY`j$
gf[\cfj:_XiZXj/.%
CfjZife`jkXj_XYcXe[\fkifjZfcfi\jm\i[\j[\fi`^\ed`e\$
iXci\cXZ`feX[fjZfecfjpXZ`d`\ekfj[\ZfYi\#Xlehl\e`e^lef
`[\ek`ZXXcXdXcXhl`kXZfdfkXc#ccXdX[X\e<jgXXm\i[\
dfekXXfm\i[\Xqlc1Cfj`e[`fj[\cG\iccXdXeZXiXmXi`
XleXg`\[iXm\i[\hl\cfj`e[`fj[\cXgifm`eZ`X[\cfjC`g\j
kiX\e[\jljd`eXjXek`^lXj[\ZfYi\Xm\e[\iXGfkfjpXfkiXj
gXik\j#cXZlXc#j\^egXi\Z\#ef\jfkiXZfjXj`efcXhl\;`fjZ$
i`[\jccXdXZi`jfc`kX%;\d}j[\j\im`icXZXiXmXi`Xcfjg`ekfi\j
gfijl^iXZ`fjfm\i[\#Xgifm\Z_XgXiXdlZ_XjZfjXj//%
<ecXjdl\jkiXj[\g`ekliXpgfc`ZifdXXeXc`qX[Xj\e\jk\kiX$
YXafj\_X[\k\ZkX[fleg`^d\ekfm\i[\[\ZfYi\hl\efj\_X
gf[`[f`[\ek`ZXiZfdgc\kXd\ek\#cfhl\[\aXXY`\ikXcXgfj`$
Y`c`[X[[\hl\kXdY`ej\ljXiXefkifjm\i[\j[\ZfYi\X[\d}j
[\cXdXcXhl`kXp\cZXi[\e`ccf%<ecXg`ekliXgi\_`jg}e`ZXj\
lj# gfi \a\dgcf# cX XkXZXd`kX Zcfilif Y}j`Zf [\ ZfYi\ # le
d`e\iXc[\Zfcfim\i[\\jd\iXc[XXe\^ilqZfhl\j\_XccX#ZXj`
j`\dgi\d\qZcX[XZfefkifjd`e\iXc\j[\ZfYi\#\ecfj[\g$
j`kfj[\Cg\qp8kXZXdX/0%?XYiXhl\XX[`icX\o`jk\eZ`X[\
fkifg`^d\ekfm\i[\#cXm`m`Xe`kXeXkliXc]fj]Xkf]\iifjf hl\
XgXi\Z\\eleZlX[if[\8e^\c`efD\[fif%Ef_\dfj\eZfe$
kiX[fefk`Z`XjjfYi\\jk\`eljlXcg`^d\ekf#g\ifjlgi\j\eZ`X
gl\[\XgfpXicXZfdeXidXZ`e[\cfjk\okfjjfYi\cXXYle$
[XeZ`X[\m\i[\jpXqlc\jd`e\iXc\j\e\jkXji\^`fe\jXe[`eXj%
Cfjg`^d\ekfjifafjhl\j\_Xe[\k\ZkX[f\ecfjXe}c`j`jjfe
\c Y\id\cce# \c d`e`f# \c ZXide p cX k`\iiX ifaX% <c Y\id\$

(,,

() ;\kXcc\[\YXjk`[fiXee`df#j`^cf
OM@@ %;\gj`kf[\c@%E%:%
(* ;\kXcc\[\dXek\cljX[fZfdf
jfgfik\[\g`ekliXXee`df#j`^cf
OM@@ %:XjfeX[\JXeDXiZfj#C`dX%

()

(*

ccejlc]lif[\d\iZli`f \jleg`^d\ekf[\Zfcfiifafhl\
j\fYk`\e\[\cXki`kliXZ`e[\cd`e\iXc[\Z`eXYi`f#Xlehl\j\
gf[Xgi\gXiXikXdY`eXik`Z`Xcd\ek\XgXik`i[\cd\iZli`f
p\cXql]i\%<ejl]fidXeXkliXc#ccXdX[f`Z_dXfcc`dg`#k\eX
lemXcfii`klXcgXiXcfj`e[^\eXj#hl\cfljXYXegXiXg`ekXij\
\cZl\igfp\iX[\ljf]i\Zl\ek\\ecXg`ekliXgi\_`jg}e`ZX0'%
CXj ]l\ek\j cf Z`kXe Zfe ]i\Zl\eZ`X gfi \c `ek\ij hl\ k\eX
\cd\iZli`fgXiXcXgif[lZZ`ed\kXci^`ZX%Afj[\8ZfjkX
[\jkXZX#Zfdfcl\^f_Xi}:fYf#hl\cfj`e[`fj`^efiXYXe\jkXj
gfj`Y`c`[X[\jpjcf\dgc\XYXe\ccc`dg`Zfdfg`^d\ekf0(1CXj
d`eXj[\?lXeZXm\c`ZX#\ogcfkX[Xj[liXek\\cm`ii\`eXkfgXiX
XYXjk\Z\iXGfkfjp#[liXek\Xc^ek`\dgf#XcXjd`eXj[\gcX$
kX[\cXEl\mX<jgXX#\iXecXgi`eZ`gXc]l\ek\[\Y\id\cce
gXiX8di`ZX[\cJli%
CX k`\iiX ifaX# ccXdX[X mlc^Xid\ek\ XcdX^i\# \j leX k`\iiX X
YXj\[\o`[f[\_`\iif_\dXk`k\j dlpZfde\ecXg`ekliX
dliXcgi\_`jg}e`ZX%KXdY`ej\\eZfekiXYX\e[`m\ijXjqfeXj
[\ cX ^\f^iX]X Xe[`eX# kXc Zfdf XidX 9\ieXY :fYf1 ?Xp
Xjd`jdfXcdX^i\\edlZ_XjgXik\j#hl\ccXdXecfj`e[`fj[\c
G\iglZXXcgX0)%<jk\g`^d\ekfk`\e\leXckfgf[\i[\ZfcfiX$
Z`ep\jdlpZlYi`\ek\#gficfhl\\iX#X[\d}j#\j\eZ`XcgXiX
i\Xc`qXi cXj `dgi`dXZ`fe\j gXi[f$ifa`qXj kXe Zfdle\j \e cX
g`ekliX[\\jk\dfd\ekf%
FkiXk`\iiXXYXj\[\o`[f[\_`\iifp[\]}Z`cfYk\eZ`ej\^e
cfj Zife`jkXj \iX \c Yfc% CX gifc`]\iXZ`e [\ i\kXYcfj [fiX[fj
hl\j\[`f\ecXj\^le[Xd`kX[[\cj`^cfom`Zi\leX^iXe[\$
dXe[X[\\jk\dXk\i`Xc[\Y`[fXjllk`c`qXZ`eZfdfYXj\[\c
gXe[\fif\e\ckiXYXaf[\[fiX[f%Ef_XpZfejkXeZ`X[\hl\
j\kiXa\iX[\j[\<jgXX#pkXekf:fYfZfdfC\eG`e\cffc$
mXif8cfejf9XiYX[\jkXZXecXXYle[XeZ`Xhl\_XYX\eGfkfj
pFilif[\lek`gf[\Yfc#\cccXdX[fgfi;`fjZi`[\jIYi`ZX
J`eg`ZX#hl\Zfii\jgfe[\XcXmXi`\[X[d}jifaXljX[Xgfig`e$
kfi\jp[fiX[fi\j%FkiXmXi`\[X[\iXcXccXdX[XK`\iiXC\de`X
fj`^`ccXkX#Zlpfljfj\i\jki`e^XXcX]XidXZfg\XpXm\Z\jj\c\
[XYX\cefdYi\[\YfcXide`Zffi`\ekXc0*%
=`eXcd\ek\# fkif g`^d\ekf ifaf dlp `dgfikXek\ \iX \c ZXi$
de#leXcXZXifaXfYk\e`[XXgXik`i[\ZfcfiXek\jfi^}e`Zfj
[\fi`^\em\^\kXc\cYiXj`c#cXilY`X#cXjXe^i\[\[iX^f%%% f

(,-

Xe`dXc b\id\j# ZfZ_`e`ccX%%% % GXiX j\i ljX[f \e cX g`ekliX


Xc c\f# \c gi`eZ`g`f ZfcfiXek\ [\YX kiXej]fidXij\ \e cXZX#
\j [\Z`i# \e g`^d\ekf `ejfclYc\ `eZfigfiXe[f XiZ`ccX# Zi\kX
f XcldYi\ Zfdf jfgfik\ jc`[f% <c i\jlckX[f \iX \c ZXide#
efdYi\ hl\ [\efd`eX X kf[Xj cXj cXZXj fYk\e`[Xj [\ ZlXc$
hl`\i ZfcfiXek\ ifaf# j\X Xe`dXc f m\^\kXc% Jl ZXgXZ`[X[ [\
kiXejgXi\eZ`X j\ \ogcfkXYX gXiX Zfej\^l`i \]\Zkfj Zifd}k`$
Zfj[\^iXeY\cc\qXZlXe[f\iXeXgc`ZX[Xj#Zfdfcfjm\i[\j#
jfYi\]fe[fjfgXZfjpZlYi`\ek\j%
<e cfj Xe}c`j`j i\Xc`qX[fj gXiX \jk\ kiXYXaf j\ _Xe [\k\ZkX[f
cXZXjifaXjfYk\e`[XjXgXik`i[\cX^iXeqXp[\cX^iXeXZfZ_`$
e`ccX0+%yjkXck`dXj\[XYX\ecXi\^`eXe[`eXpjlefdYi\\iX
dXZel0, f dX^ef0-% <e cX gfZX gi\_`jg}e`ZX ]l\ dlp lk`c`qX$
[XZfdfZfcfiXek\k\ok`c#g\if[liXek\\cm`ii\`eXkfj\`dgfi$
kXi}]le[Xd\ekXcd\ek\[\Do`Zf#[fe[\#gficfjY\e\Z`fj
Zfd\iZ`Xc\jhl\XgfikXYX#j\_XYX`dgcXekX[fcX\ogcfkXZ`e
X^iXe\jZXcX%<cYiXj`c\iXfkifZfcfiXek\m\^\kXc[\ljfk\ok`c
dlpZfde\e8di`ZXj\fYk\eXgi`eZ`gXcd\ek\\ecXEl\$
mX<jgXXp\eK`\iiX=`id\Zfe\chl\j\kiXZXYXpX[\j[\
cfj gi`d\ifj k`\dgfj% Ef _Xp ZfejkXeZ`X# j`e \dYXi^f# [\ ]X$
Yi`ZXZ`e[\cXZXjifaXjgXiXcXg`ekliXXgXik`i[\ZfcfiXek\j
gifg`fj#j`efhl\\cZXideXgXi\Z\\ec`jkXj[\d\iZX[\iXj[\
`dgfikXZ`e`^lXchl\fkifjg`^d\ekfj%
I\jg\ZkfXcfjZfcfi\je\^ifj#ZXj`kf[fjcfjXlkfi\jj\i\\i\e
efidXcd\ek\Xk`ekXjgXiX\jZi`Y`i0.%;\jkXZXecX\o`jk\eZ`X[\c
Xj]XckffY\kegfijljZlXc`[X[\jd\[`Z`eXc\jpgfijllk`c`[X[
gXiX\dYi\XieXmfjfgXiXXZ\`k\[\c}dgXiXj0/%<cXj]Xckf\j
lei\j`[lfjc`[f[\cg\kic\f#[\ZfcfigXi[fe\^ilqZf#hl\j\
]fidXgficXc\ekX[\jZfdgfj`Z`e[\i\j`[lfjfi^}e`Zfj\e\c
`ek\i`fi[\cXk`\iiX%:fdfg`^d\ekfdXiiek\eXleXjZXiXZ$
k\ijk`ZXj gXik`ZlcXi\j [\ kiXejgXi\eZ`X [fiX[X hl\ cf _XZXe
dlpk`c\e\cc\fgXiXi\Xc`qXim\cX[liXjjfYi\\eZXieXZ`fe\j#
ZXY\ccfjf]fe[fj[\gX`jXa\%<emXi`fjcl^Xi\j[\8di`ZX_X$
YX]l\ek\jfd`e\ifj[\Y\ke#\eki\\ccfjG\i#\e[fe[\C\e
G`e\cf(-,' j`kXcXi\j`eX[\cXGleXp\cXj]Xckfal[X`Zf
fg\kic\fXgXi\Z`[f\e?lXeZXm\c`ZX\e(-*+00%
gifZ\jfg`Zki`Zf
<cXZ\`k\[\c`eXqX\j\cX^clk`eXek\lk`c`qX[f\ecXdXpfiX[\cfj

^ f pX  * ) .   X f  ) ' ' 0

ZlX[ifj\oZ\gkf\eCX@edXZlcX[X[\JXe8^ljkep\eJXe
8ekfe`fi\jlZ`kXe[fXledl\ikf[\cfj;\jZXcqfj#\ecfjhl\
\cXik`jkX\dgc\XXZ\`k\[\el\Z\jZfdfe`ZfX^clk`eXek\gXiX
kf[fjcfjg`^d\ekfjp\ekf[XjcXjZXgXj%<jkXlk`c`qXZ`ekXe^\$
e\iXc`qX[X[\cXZ\`k\[\el\Z\jef\j_XY`klXcpXhl\\jk\XZ\`k\
j\jfcXi\j\imXigXiXcfjZfcfi\jZcXifjpcXj\eZXieXZ`fe\j#gfi
jld\efik\e[\eZ`XXcXdXi`cc\Xd`\ekfhl\\c[\c`eXqX%
Le iXj^f [\jkXZXYc\ hl\ j\ [\[lZ\ [\ cfj Xe}c`j`j i\Xc`qX[fj
jfYi\cfjZlX[ifj[\D\[fif\jhl\i\Zlii\Xd\qZcXjZfdgc\$
aXj[\g`^d\ekfjgXiXZfej\^l`i\ckfefpXcXjlg\igfj`Z`e[\
mXi`XjZXgXj%<jkXjlg\igfj`Z`egl\[\j`^e`ZXile`ek\ij[\c
g`ekfigfiZfii\^`icXZXgX`e]\i`fidf[`ZXe[f\cZfcfifXc$
^eiXj^fZfdgfj`k`mf#fj`dgc\d\ek\d\afiXilekfefef[\c
kf[f Zfej\^l`[f% CX @dgfj`Z`e [\ cX ZXjlccX X JXe @c[\]fe$
jf#[\C\fieXi[fAXiXd`ccf#gi\j\ekX\eki\[fjpki\jZXgXj#cf
hl\[\dl\jkiXleX\cXYfiXZ`ed}jj`dgc\2pkf[XmXcf\jd}j
CX8jleZ`e[\cX:fc\ZZ`e9XiYfjX$Jk\ie#[fe[\kf[fjcfj
Zfcfi\jXeXc`qX[fj\jk}eZfdgl\jkfj[\leXjfcXZXgX#Xc\a}e$
[fj\[\cdkf[fi\ZfefZ`[f\ecfjfkifjZlX[ifj[\D\[fif%
Cfd`jdfj\gf[iX[\Z`igXiX\ci\jkf[\cXjfYiXj#\ecXjhl\
kXdY`e_\dfj\eZfekiX[fleX\a\ZlZ`edlpj`dgc\#[\leX
f[fjZXgXj#fXcfjldfki\j%
<e kf[fj cfj ZlX[ifj cXj \eZXieXZ`fe\j j\ _Xe i\Xc`qX[f \e
leXjfcXZXgX\oZ\gkf\e\c[\AXiXd`ccfhl\k`\e\[fj%:fdf
i\^cXZfdelk`c`qXe\cXcYXpXc[\p\cY\id\ccegXiXi\Xc`qXi
\cZfcfi[\cXZXie\#\efZXj`fe\jZfeX[`Z`fe\j[\cXZXifaX#
k`\iiXifaX#k`\iiXm\i[\fZXi[\e`ccf#j\^ehl`\iXeXZ\eklXi
\ckfefifjX[f#k\iifjffm\i[fjf[\cX\eZXieXZ`e%<e\jk\
j\ek`[fefj\XgXikXe[\cXefidX_XY`klXc\ecXhl\#j\^ecfj
k\okfj#\cZfcfiYXj\j\Zfej\^lXZfeXcYXpXc[\pY\id\cce#
Xc hl\ j\ c\ X[`Z`feXYXe [`m\ijfj g`^d\ekfj e\^if ZXiYe#
fZi\# k`\iiX ifaX# Y\id\cce# ZXide%%%  gXiX mXi`Xi cfj kfefj
j\^e ]l\iXe \eZXieXZ`fe\j `e]Xek`c\j# ]\d\e`eXj# dXjZlc`$
eXj#[\XeZ`Xefj#fj\^ecXjgXik\j[\cifjkif1d\a`ccXj#cXY`fj#
jfdYiXj#\kZ%
D\[fifljXd\qZcXjdlpZfdgc\aXjgXiXZfej\^l`icfjm\i[\j%
Gficf^\e\iXclk`c`qX\cZXi[\e`ccfZfdfm\i[\gi`eZ`gXc#d\q$
ZcX[fZfeXcYXpXc[\pZXiYfeXkfZ}cZ`Zf%<cXcYXpXc[\\j]le[X$

ifZfYilhl\kXj

d\ekXcefjfcfgXiXXZcXiXi#j`efgfijljZlXc`[X[\jZlYi`\ek\j
pfgXZXj#hl\cf_XZXedlpe\Z\jXi`fgXiXcXjYXj\jfdXeZ_Xj
[\Zfcfi%GXiXdXk`qXi\cm\i[\pZfej\^l`i[`]\i\ek\jkfeXc`[X$
[\j\dgc\XXdXi`ccf[\gcfdfp\jkXf#Xqli`kX#\jdXck\#k`\iiXj
p#Xm\Z\j#e\^if[\_l\jfjpY\id\cce%Efj\_X\eZfekiX[f
dXcXhl`kX# X g\jXi [\ hl\# j\^e :_`i`efj# j\ lk`c`qX Zfe ]i\$
Zl\eZ`X\ecfjk`\dgfj`e`Z`Xc\j[\cXg`ekliXc`d\X(''%Gfi\c
ZfekiXi`f#\e\cZlX[if[\El\jkiXJ\fiX[\cfje^\c\j) 
XgXi\Z\ le g`^d\ekf m\i[\ [\ ZfYi\ ef `[\ek`ZX[f gfi cfj
Xe}c`j`jhl\gf[iX\jkXiXjfZ`X[fXcXdXcXhl`kX%
C\feXi[fAXiXd`ccfp\cXik`jkXXee`df[\cZiZlcf[\>XdXiiX
lk`c`qXeleX^XdXdlpgXi\Z`[X[\g`^d\ekfjgXiXcfjm\i[\j1
ZXi[\e`ccf#XcYXpXc[\#k`\iiXj%%%<eCX@dgfj`Z`e_\dfj\e$
ZfekiX[fcXe`ZXdl\jkiX[\Zfcfim\i[\hl\gi\j\ekXleXjl$
g\igfj`Z`e[\m\cX[liX[\ZfYi\jfYi\lem\i[\fgXZf[\]fe$
[f^%(-Z %Jfigi\e[\\c_\Z_f[\hl\efj\_XpX[\k\ZkX[f
\jkXgi}Zk`ZXkXe_XY`klXc\ecXg`ekliX[\cj`^cfom`p^iXegXik\
[\com``#Xlehl\\jdlpgfj`Yc\hl\_XpXej`[fYXii`[Xjgfi
cXjXek`^lXjc`dg`\qXjjl]i`[Xjgfi\jkfjZlX[ifj%
@^lXchl\cfjm\i[\j#cXjd\qZcXjpcXjZXgXjgXiXZfej\^l`icfj
Zfcfi\jXqlc\jjfedlpmXi`X[Xj%<ecfjZlX[ifj[\D\[fifj\
Zfdgfe\e[\[fjpki\jZXgXj#Zfe\oZ\gZ`e[\El\jkiXJ\$
fiX[\cfje^\c\j) #hl\jcfgi\j\ekXleX\ecXdl\jkiX
kfdX[X%<cg`^d\ekfd}j\dgc\X[fgXiXi\Xc`qXicfjXqlc\j\j
cXXqli`kXp#\ed\efid\[`[X#\c\jdXck\p\ce[`^f%EfidXc$
d\ek\j\XZfdgXX[\XcYXpXc[\gXiX[Xic\Zl\igfpXZcXiXi\c
kfef#p[\k`\iiXjgXiXfjZli\Z\i%LeZXjfj`e^lcXi\jcXlk`c`qX$
Z`e[\m`m`Xe`kXeXkliXc\e\cZlX[if[\El\jkiXJ\fiX[\
cfje^\c\j#d\qZcX[fZfeXcYXpXc[\\eleXZXgX[\YXj\d}j
ZcXiXjfYi\cXhl\j\Xgc`ZXfkiX[\Xqlc`ek\ejfZfdgl\jkX[\
Xqli`kXpXcYXpXc[\%
<ce`ZfZlX[if\e[fe[\D\[fifeflk`c`qXXqli`kXgXiXcfj
Xqlc\j \j \e <c :XcmXi`f% 8hl \eZfekiXdfj leX jlg\igf$
j`Z`e[\[fjZXgXjXqlc\j1cXgi`d\iX#Zfdgl\jkX[\\jdXck\#
XcYXpXc[\pZXiYfeXkfZ}cZ`Zf#pcXj\^le[X#[\e[`^fpXcYX$
pXc[\%<c\jdXck\cflk`c`qXZfeYXjkXek\gif]lj`e\e\jk\ZlX$
[if#kXekfgXiXXqlc\jZfdfgXiXm\i[\j%Jcfj\ml\cm\X\e$
ZfekiXi\jk\g`^d\ekf\eEl\jkiXJ\fiX[\cfje^\c\j) #

(,.

(+ ;\kXcc\[\dXek\c%CX:ilZ`o`e
ZfeJXe=iXeZ`jZfpJXekf;fd`e^f#
(-(/%:fem\ekf[\cfj;\jZXcqfj#C`dX%
(, ;\kXcc\[\<c:XcmXi`f#Xki`Yl`[fX
8e^\c`efD\[fifZ%(-'* %:fem\ekf
[\JXe=iXeZ`jZf#C`dX%

\e[fe[\cf_Xlk`c`qX[fgXiXg`ekXi\cdXekf[\cXM`i^\e%<e
cXjfYiXj[\cfjfkifjXlkfi\jj\j`^l\gXiXcfjXqlc\jcXd\q$
ZcXZfem\eZ`feXc[\Xqli`kXpXcYXpXc[\%?Xphl\d\eZ`feXi#
gfick`df#cXlk`c`qXZ`e[\e[`^f\ecX@edXZlcX[X[\cj\$
^l`[fi[\>XdXiiX#Xgc`ZX[f\eleXZXgX`e]\i`fid\qZcX[f
ZfeXcYXpXc[\#jfYi\cXhl\j\jlg\igfe\fkiX[\jfcfXqli`kX%
KXdY`eXgXi\Z\leg`^d\ekfXqlc[\ZfYi\j`e`[\ek`ZXi\e
\cZfcfigXi[f[\cXqfeX`e]\i`fi[\cZlX[if[\cX@edXZlcX[X
[\JXe8^ljke#[\D\[fif%<jk\g`^d\ekfj\\eZl\ekiXd\q$
ZcX[fZfek`\iiXj#p\jf#ZXiYfeXkfZ}cZ`ZfpXcYXpXc[\#cfhl\
[XZfdfi\jlckX[fleZfcfigXi[fYXafleXZXgXifa`qX_\Z_X
ZfeY\id\cce%
CXdXpfiX[\cfjifafjj\i\Xc`qXe[\cX]fidX_XY`klXc1ZXgXj
ZlYi`\ek\jZfdgl\jkXj[\XcYXpXc[\pY\id\cce#\cg`^d\ekf
ifafd}jljX[f\ecXg`ekliXc`d\X_XjkXd\[`X[fj[\com``#
Zfe X[`Z`fe\j [\ k`\iiX [\ jfdYiX# k`\iiX ifaX# k`\iiX m\i[\#
XdXi`ccf [\ gcfdf p \jkXf# ZXiYe m\^\kXc# Xqli`kX%%% gXiX
mXi`Xi cX kfeXc`[X[ [\c Zfcfi% CX cXZX ifaX j\ lk`c`qX kXdY`e
\ecXjd\qZcXj[\YXj\gXiXfYk\e\ikfefjd}jifjX[fj#Zfdf
fZlii\ \e \c ZlX[if [\ AXiXd`ccf# p gXiX i\Xc`qXi m\cX[liXj
kiXjcZ`[Xj%Jcfj\_Xe\eZfekiX[fm\cX[liXj[\cXZXifaX\e
<c:XcmXi`fp\ecfj[fjZlX[ifj[\El\jkiXJ\fiX[\cfj
e^\c\j[\cfj;\jZXcqfj%CXc`d`kXZ`e[\cXjdl\jkiXjpcXj
Xck\iXZ`fe\jjl]i`[XjgficXjc`dg`\qXjefg\id`k\egi\Z`jXi
d}jjfYi\cX]i\Zl\eZ`X[\jlljf\ecXg`ekliX[\D\[fifp
jljZfek\dgfi}e\fj%
CfjkfefjXdXi`ccfj\jk}eZfej\^l`[fjZfeXcYXpXc[\pk`\iiXj
XdXi`ccXj p gXi[Xj j`c`ZXkfj hl\ Zfek`\e\e o`[f [\ _`\iif 
\elefjZXjfj#p\efkifjZfeXdXi`ccf[\gcfdfp\jkXfZfdf
XdXi`ccf gi`eZ`gXc# d\qZcX[f Zfe [`]\i\ek\j g`^d\ekfj% Jfe
d\qZcXj Zfdgc\aXj Zfe gi\j\eZ`X [\ mXi`X[fj g`^d\ekfj k`\$
iiXj ifaXj# m\i[\j# XdXi`ccXj# d`e`f# Y\id\cce# XcYXpXc[\# ZXi$
[\e`ccf# \kZ%  gfihl\ j\ kiXkX [\ kfeXc`[X[\j dlp ZXdY`Xek\j#
`eZcljf[\ekif[\led`jdfZlX[if#hl\gl\[\e`i[\cXdXi`ccf
m\i[fjfXcifa`qffgXi[lqZf%8jgl\j#\cXdXi`ccf[\gcfdfp
\jkXfXgXi\Z\ZfeYXjkXek\]i\Zl\eZ`X\ecfjZlX[ifj\jkl[`X$
[fj#efjfcfgXiXi\Xc`qXiXdXi`ccfjj`efkXdY`em\i[\j#Zfdf
fZlii\\e<c:XcmXi`f#El\jkiXJ\fiX[\cfje^\c\j#CX
@edXZlcX[XpCX8jleZ`e%EfXgXi\Z\\ee`e^leXfYiX#j`e

(,/

\dYXi^f#\cfifg`d\ek\#leg`^d\ekf[\^iXekiX[`Z`e`eZX`ZX
hl\j\i}\cgi`eZ`gXcXdXi`ccf[\cXg`ekliXZlqhl\X[liXek\
cfjj`^cfjom``pom```phl\:_`i`efjj\eZl\ekiX\e\c\ekfief
[\8^l`c\iXZX%(--, %
LeX[\cXjfYiXj\jkl[`X[Xj#CXM`i^\e[\cfje^\c\j) #k`\$
e\cXXgc`ZXZ`e[\\jki\ccXj[fiX[Xj\e\cdXe[fj`^l`\e[fcX
kZe`ZX [\c ccXdX[f YifZXk\X[f# le i\Zlijf [\ZfiXk`mf kg`Zf
[\cYXiifZfXe[`efhl\Zfej`jk\\ecXXgc`ZXZ`e[\leXc}d`eX
[\fifjfYi\leYXie`q^il\jffj`jX\e\jkX[fdfi[`\ek\#_\$
Z_fZfeXZ\`k\#i\j`eXpleXk`\iiXfYfc#Zfe\chl\gi\m`Xd\ek\
j\kiXej]\iXle[`j\fd\[`Xek\gcXek`ccXj('(%Cfjdfk`mfj[fiX$
[fjefe\Z\jXi`Xd\ek\gi\k\e[Xei\gi\j\ekXik\cXji`ZXjj`ef
hl\j\Xgc`ZXYXe\e]fe[fjpgX`jXa\j%CfjXe}c`j`j_XeZfei$
dX[fhl\j\kiXkX[\leXi\jkXliXZ`egfjk\i`figXiXX[XgkXij\
Xc^ljkf[\cYifZXk\X[fhl\jfYi\m\e[i}XmXeqX[f\cj`^cfom``%
<jkXZfjkldYi\[\Xgc`ZXi[\ZfiXZ`fe\j[fiX[XjjfYi\g`ekliXj
Xek\i`fi\jj\i}dlpZfde#cfhl\XX[\[`ZlckX[\edlZ_fj
ZXjfjXcX[XkXZ`e[\cXjfYiXj%
ZfeZclj`fe\j
CXi}g`[X[`]lj`e[\cXg`ekliXXcc\f\e\cG\ij\gl\[\i\$
cXZ`feXiZfecXe\Z\j`[X[[\\mXe^\c`qXZ`e#pXhl\\cZXi}Zk\i
eXiiXk`mf[\ci\kXYcfcfZfem\ikX\eleXmX`[e\X[\kiXej$
d`j`e[\cd\ejXa\i\c`^`fjf%;\j[\cXj\^le[Xd`kX[[\cj`^cf
omcXjkZe`ZXjXjfZ`X[XjXcfji\kXYcfjc\fgXiXcXj_`jkfi`Xj
[\g`eZ\c#XgXi\afj[\p\jf#[fiX[fYil`[f#k\dgc\jgXiXcfj
\jkf]X[fj#\kZ%j\_XYXe`[fZfejfc`[Xe[fd\[`Xek\cXji\^l$
cXZ`fe\j^i\d`Xc\j#cfZlXcef[\aXYXdlZ_fdXi^\egXiX^iXe$
[\jefm\[X[\jkZe`ZXj%Cfjeld\ifjfjXik`jkXj[\jZfefZ`[fj
hl\# [\j[\ gfZX k\dgiXeX# cc\^Xife Xc G\i XkiX[fj gfi cX
gifd\jX[\i`hl\qXjhl\cXZXg`kXc[\cm`ii\`eXkff]i\ZX#gfikX$
iXe\j\YX^Xa\[\fZ`fXgi\e[`[f\ecfjkXcc\i\j\lifg\fjpX
\ccfj#X[\d}j[\XcXjeld\ifjXjfYiXjcc\^X[Xj[\cXd\kigfc`#
_Xp hl\ Xki`Yl`i cX `ekif[lZZ`e [\ cfj gifZ\[`d`\ekfj \lif$
g\fj%G\ifjljdXpfi\j[`]ljfi\jj\i}ecfjXik`jkXj#Zfdf8e$
^\c`efD\[fif#hl\\dg`\qXeXjfYi\jXc`iXgXik`i[\e\j[\c
Hl`e`\ekfj%yjkfj#Zfeleg\jfXikjk`Zfd}j[\jkXZX[fpleX
Xdgc`Xgif[lZZ`epgifp\ZZ`e[\jljkXcc\i\j#Xj\ekXi}ekXd$
Y`ecXgi}Zk`ZX[\jlfZ`f\e\jXYXj\Xik\jXeXcZfdgXik`[X
ZfekXekfjfkifjXik`jkXj[\jZfefZ`[fj%

^ f pX  * ) .   X f  ) ' ' 0

<oZ\gkf\e\cZXjf[\cXdX[\iX#efgXi\Z\hl\cfjXik`jkXj[\
C`dXklm`\iXedlZ_Xj[`ZlckX[\jgfi\eZfekiXi\e\cd\iZX$
[f[\cXZ`l[X[\#`eZcljf#\e\c[\fkiXj[\cm`ii\`eXkf#cfjdXk\$
i`Xc\jX[\ZlX[fjgXiXcXgi}Zk`ZX[\jlfZ`fkXcpZfdfcfkiXXe
Xgi\e[`[f%<cj`jk\dX[\fkXj\jkXYc\Z`[f\eki\C`dXpJ\m`ccX
]XZ`c`kXYXcXcc\^X[X[\kf[fk`gf[\gif[lZkfj[\ZfejldfgXiX
cXgfYcXZ`e#p\eki\\ccfjj\_XZfejkXkX[f[fZld\ekXcd\ek\
cX gi\j\eZ`X _XY`klXc [\ dXk\i`Xc\j g`Zki`Zfj% <e \]\Zkf# cXj
fYiXj\jkl[`X[Xj\e\jk\gifp\Zkf#g\ik\e\Z`\ek\jfXki`Yl`[Xj
X8e^\c`efD\[fifpfkifjXik`jkXj[\jl\ekfief#efjg\id`k\e
i\ZfefZ\ileljf^\e\iXc`qX[f[\g`^d\ekfj\lifg\fj%Hl\[X#
j`e\dYXi^f#XY`\ikXcXgfj`Y`c`[X[[\hl\lk`c`qXiXe\eZ`\ikf
^iX[fXc^lefjdXk\i`Xc\jcfZXc\j%Jl\o`jk\eZ`X\jZfefZ`[XX
kiXmj[\cXj]l\ek\jc`k\iXi`Xj#hl\ZfeidXejlljf\ek`\dgfj
gi\_`jg}e`Zfj%GfifkifcX[f#cfjXe}c`j`jhld`Zfj_Xe[\k\ZkX$
[fXc^eg`^d\ekfef_XY`klXc\ecXg`ekliX\lifg\X#Zfdfjfe
cX m`m`Xe`kX f le Xqlc&m\i[\ [\ ZfYi\ j`e [\k\id`eXi# hl\ gf$
[iXegifZ\[\i[\pXZ`d`\ekfjcfZXc\j%Gi\Z`jXd\ek\dlZ_fj
Xlkfi\j[\cfjj`^cfjom`pom``j\XcXecXi`hl\qX[\Xqlc\jp
m\i[\j[\ZfYi\lk`c`qX[fjZfdfZfcfi\jgXiXg`ekXihl\j\
fYk\eXe\ecXqfeXZlgi]\iX[\cfi`\ek\Yfc`m`Xefpefik\[\
:_`c\%G\ifkXdY`e#ZfdffYj\imXC\eG`e\cf#cXXek`^lXgif$
[lZZ`e[\Xqlc\j\jkXYXpXgi}Zk`ZXd\ek\XYXe[feX[X\egf$
ZX[\cXZfcfe`X%J`\dYXi^f#ef_\dfj\eZfekiX[fZfeidX$
Z`e[fZld\ekXcjfYi\jl\ogcfkXZ`epZfd\iZ`f`ek\ief\e
gfZXm`ii\`eXc%<c`ek\ij[\cfj\jgXfc\jgfiZ\ekiXicXgif$
[lZZ`eZfcfe`Xc\ecX\okiXZZ`e[\d\kXc\jgi\Z`fjfjp[\aXi
\cjld`e`jkif[\cXj[\d}je\Z\j`[X[\j\edXefj[\cZfd\iZ`f
ZfecXd\kigfc`X]\ZkXiXkXdY`eXcfjdXk\i`Xc\jXikjk`Zfj#
ZlXe[fX[\d}j<jgXXeleZX[\jkXZgi\Z`jXd\ek\\ejlgif$
[lZZ`epj\c`d`kXj\ilegXj`dgfikX[fi[\g`^d\ekfj%

(+

<jgifYXYc\hl\Xd\[`[Xhl\cfjXik`jkXjj\Xc\aXe[\C`dX#pX
d\[`[Xhl\j\[\jXiifccXecXj\jZl\cXjcfZXc\jpcXgif[lZZ`e
\e j\i`\ hl\ ZXiXZk\i`qXi} X cX g`ekliX Zlqhl\X# \c XYXjk\Z`$
d`\ekf[\dXk\i`Xc\j`dgfikX[fj]l\iXd}j[`]Z`cp#gfikXekf#
d}je\Z\jXi`f\ci\ZlijfXcfjdXk\i`Xc\jXlkZkfefjpcXi\Zl$
g\iXZ`e [\ ZfefZ`d`\ekfj kiX[`Z`feXc\j% G\if \jkXj Z`iZlej$
kXeZ`Xjjfegifg`Xj[\leX\kXgXd}jXmXeqX[XXcXXZfd\k`[X
\e\jk\\jkl[`f#\ecXhl\cX\jZl\cXZlqhl\X[\jkXZXZfeZX$
iXZk\ijk`ZXjkZe`ZXjdlpgXik`ZlcXi\j%
=`eXcd\ek\j\[\Y\jlYiXpXihl\\jk\kiXYXafZfejk`klp\jcfle
XmXeZ\\e\cZfefZ`d`\ekf[\cXjkZe`ZXj[\cXg`ekliXm`ii\`eXc#
leXdgcj`dfZXdgf\e\chl\kf[XmXhl\[XdlZ_fZXd`efgfi
i\Zfii\i%C`dXpfkiXjZ`l[X[\jdfeld\ekXc\j[\cG\iZfej\i$
mXele`dgfikXek\gXki`dfe`fg`Zki`Zf[\cfjj`^cfjom`pom``
hl\j\iXe\Z\jXi`fXYfi[Xigif^i\j`mXd\ek\Zfe`em\jk`^XZ`f$
e\jj`d`cXi\jgXiXfYk\e\idXpfi`e]fidXZ`ejfYi\cXjZXiXZk\$
ijk`ZXjkZe`ZXj[\\jZl\cXj#kXcc\i\jpXlkfi\j%

ifZfYilhl\kXj

(,

(,0

(-

<jkiXk`^iX]Xj[\cXZXgXg`Zki`ZX[\1

8%D\[fif1<c:XcmXi`f#Z%(-'*#
:fem\ekf[\JXe=iXeZ`jZf%M\i[\
XdXi`cc\ekf[\c]fe[f[\cgX`jXa\R(%
gi\gXiXZ`e1p\jf2)%`dgi`dXZ`e
YcXeZfXeXiXeaX[X 1XcYXpXc[\#
ZXiYfeXkfZ}cZ`ZfY%g% #jc`Z\Y%g% #
X

d`e`fY%g% #cXZXifaXd%g%g% 2*%


gXi[fXqlcX[f1Xqlc\jdXck\#XcYXpXc[\#
ZXiYfeXkfZ}cZ`Zfd%Y%g% 2+%gXi[f
m\i[fjf1Xqlc\jdXck\#XcYXpXc[\#
ZXi[\e`ccfY%g% #ZXiYfeXkfZ}cZ`Zf
d%Y%g% #,%m\i[\1XcYXpXc[\#
ZXi[\e`ccf#XdXi`ccf[\gcfdf
p\jkXf#ZXiYfeXkfZ}cZ`ZfT%

Y 8%D\[fif1JXe8ekfe`fi\jlZ`kXe[f
Xledl\ikf#(-'(#:fem\ekf[\cfj
;\jZXcqfj%8dXi`ccfj`\eX[\cgXcf[\
cXZXd`ccX\e\ccX[f[\i\Z_fR(%
gi\gXiXZ`e^i`j}Z\f 1p\jf#ZXiYe
m\^\kXcY%g% #j`c`ZXkfjd%Y%g% 2)%
XdXi`ccf1k`\iiXXdXi`ccX#k`\iiXj#
XcYXpXc[\2*%ZfcXT%

Z

C%AXiXd`ccf1CX`dgfj`Z`e[\cX
ZXjlccXXJXe@c[\]fejf#(-*-#:fem\ekf
[\cfj;\jZXcqfj%M\i[\[\cXke`ZX[\
cX^liX]\d\e`eXXcX[\i\Z_XR(%
Gi\gXiXZ`e#YcXeZf1p\jf#j`c`ZXkfjd%
Y%g% 2)%@dgi`dXZ`e#XeXiXeaX[f1
k`\iiXifaX#p\jf#XcYXpXc[\d%Y%g% 2*%
M\i[\1ZXi[\e`ccf#XcYXpXc[\#k`\iiXj#
ZXiYfeXkfZ}cZ`Zfd%Y%g% 2+%M\i[\1
cXZXXYXj\[\leg`^d\ekf[\ZfYi\T%

+
*

)
(

(-X

(-Y

(-Z

efkXj
X^e18iZ_`mf>\e\iXc[\cXEXZ`e#C`dX
XXc18iZ_`mf8iqfY`jgXc[\C`dX
*
(

Gifp\Zkf Z\_` (*&'* =le[XZ`e :X$


ifc`eX # i\Xc`qX[f Zfe \c Xgfpf `ejk`$
klZ`feXc\eG\i[\cX=le[XZ`eJXe
DXiZfj gXiX \c ;\jXiifccf [\ cX :`\e$
Z`XpcX:lckliX[\cXLe`m\ij`[X[EX$
Z`feXcDXpfi[\JXeDXiZfj[\C`dX%
<c\hl`gf`em\jk`^X[fi\jklmf]fidX[f
gfi8eX:XiiXjje#I`ZXi[f<jkXYi`[`j#
:_i`jk`Xd =`fi\ek`ef# DXi`jX >d\q
p IfjXeeX Blfe# p IfZf 9ilhl\kXj
Zfdf`em\jk`^X[fiXgi`eZ`gXc%<ecX`e$
m\jk`^XZ`e [fZld\ekXc gXik`Z`gXife
Zfdf ZfcXYfiX[fi\j 9XiYiX <jg`efjX
pI`ZXi[fBljlefb`%
) 8lehl\ cX dXpfi gXik\ [\ cXj fYiXj \j$
kl[`X[Xj \e Xek\i`fi\j `em\jk`^XZ`fe\j
g\ik\e\Z\e Xc j`^cf om```# _Xe Zfejk`$
kl`[f leX i\]\i\eZ`X Y}j`ZX gXiX el\j$
kif gifp\Zkf \c [`i`^`[f gfi =iXeZ`jZf
JkXjkep p Ef\d IfjXi`f :_`i`efj \e
\cXf(00/#:fdgXiXZ`egfiXe}c`j`j
d`Zifhld`Zf[\cXjkZe`ZXjpdXk\i`X$
c\j \dgc\X[fj \e cXj \jZl\cXj c`d\X p
Zlqhl\X [\ cX g`ekliX m`ii\`eXc# Zfe$
Zpk\Z#e(('$'0$0/$fXc=%JkXjkeppE%
I% :_`i`efj# G\ic k\Zefc^`Zf [\ cXj
\jZl\cXj [\ g`ekliX C`d\X p :lqhl\$
X#Zfefj#+#C`dX#)'''$)#gg%(0$)0 2
fcfjkiXYXafji\Xc`qX[fj\ecX=le[XZ`e
KXi\X [\ 9l\efj 8`i\j gfi A% D% 9lil$
ZX# 8% J\c[\j# >% J`iXZljXef p fkifj#
Zlpf]ilkf_Xhl\[X[fi\\aX[f\eleX
XYle[Xek\Y`Yc`f^iX]Xmm%XX%#KXi\X[\
[`\qXfj#=le[XZ`e8ekfiZ_Xj#9l\efj
8`i\j# )'''2 8% J\c[\j# 8 efk\ fe k_\
g`^d\ekj Xe[ d\[`X `e jfd\ JgXe`j_
:fcfe`Xc gX`ek`e^j ]ifd 8i^\ek`eX#
Jkl[`\j `e :fej\imXk`fe# *0# e +# (00+#
gg% ).)$).-2 8% J\c[\j# >% J`iXZljXef# A%
<% 9lilZX# D% D\`\i# >% 8YX[# 9cl\
g`^d\ekj `e Jflk_ 8d\i`ZXe gX`ek`e^
(-('$(./' # AflieXc f] 8d\i`ZXe @ej$
k`klk\f]:fej\imXk`fe#*/#e)#(000#gg%
(''$()*2 @[\d# CX gXc\kX Zfcfe`Xc Xe[`$
eX%Hld`ZX#_`jkfi`XpZfej\imXZ`e#O
:fe^i\jf[\89I8:FI#JXfGXlcf#)'''#gg%
(,-$(-+2 @[\d# >i\\e# p\ccfn Xe[ i\[
g`^d\ekj `e Jflk_ 8d\i`ZXe gX`ek`e^#
(-('$(./'#AflieXcf]8d\i`ZXe@ejk`kl$
k\f]:fej\imXk`fe#+(#)'')#gg%)),$)+) %
?Xp hl\ [\jkXZXi cXj XgfikXZ`fe\j [\
>XYi`\cX J`iXZljXef# \jg\Z`Xcd\ek\ \e
cX`em\jk`^XZ`e[\]l\ek\j\e<cgf[\i[\
cfjZfcfi\j%;\cfdXk\i`XcXcfjj`dYc`Zf
\ecXjgi}Zk`ZXjZlckliXc\jXe[`eXj%J`^cfj

(-'

+

,

-

.

/

OM@$OM@@@# =fe[f [\ :lckliX <Zfed`ZX#


9l\efj8`i\j#)'',%
Cfj [Xkfj j\ fYklm`\ife X kiXmj [\c
\oXd\e [`i\Zkf [\ cXj fYiXj p [\ cfj
Xe}c`j`j]j`Zf$hld`Zfj[\jljZfdgf$
e\ek\j dXk\i`Xc\j% =l\ife i\Xc`qX[fj
gfi8ik\$CXY#J%C%#YXafcX[`i\ZZ`e[\
DXi`jX >d\q# hld`ZX `em\jk`^X[fiX
[\cgifp\Zkf%
CX \c\ZZ`e [\ cXj fYiXj \jklmf Zfe[`$
Z`feX[XgficXjgfj`Y`c`[X[\j[\XZZ\jf
hl\ f]i\ZXe% Fkifj ]XZkfi\j hl\ [`$
ZlckXife\cZfefZ`d`\ekfZfdgc\kf[\c
gifZ\jf kZe`Zf ]l\ife cX \jZXj\q [\
fYiXj [fZld\ekX[Xj p cXj `ii\d\[`X$
Yc\jXck\iXZ`fe\jhl\_Xejl]i`[fpjl$
]i\e dlZ_Xj fYiXj Zfdf gif[lZkf [\
cXji\jkXliXZ`fe\jc`dg`\qXj\oZ\j`mXj#
\ek\cX[fj \ `dgi\^eXZ`fe\j [\ Z\iX$
i\j`eX#ZXdY`fj[\YXjk`[fi\j#\kZ% %
;\j\f \ogi\jXi d` j`eZ\if X^iX[\Z`$
d`\ekfXcGX[i\8ekfe`fJXe:i`jkYXc#
i\Z`\ek\d\ek\ ]Xcc\Z`[f# gfi jlj ^\e\$
ifjXj fi`\ekXZ`fe\j \e cX Yjhl\[X [\
[fZld\ekXZ`e\ecfjXiZ_`mfj[\C`dX%
KXdY`eXc\oZ\c\ek\kiXYXafi\Xc`qX[f
gficfjZfcXYfiX[fi\j[\cgifp\Zkf9Xi$
YiX<jg`efjXpI`ZXi[fBljfefb`%
8^iX[\qZfXcfjgifg`\kXi`fjpk`klcXi\j
[\cXjfYiXj\jkl[`X[XjcXj]XZ`c`[X[\j
hl\efj_XeYi`e[X[f\ekf[fdfd\e$
kf1 G% ?Zkfi 9f^^`\# [\c :fem\ekf [\
JXe8^ljke#G%Alc`}e[\cXj?\iXj#[\
Cfj;\jZXcqfjp;%J`cm`X9XiYfjX#[\
cXZfc\ZZ`e9XiYfjX$Jk\ie%
8^iX[\qZf \c Xgfpf gi\jkX[f \e kf[f
dfd\ekf gfi1 \c ;i% AX`d\ DXi`XqqX#
i\jgfejXYc\ [\ cX JlY[`i\ZZ`e [\ @e$
m\jk`^XZ`e#I\^`jkifp:XkXcf^XZ`e[\c
GXki`dfe`f:lckliXcDl\Yc\p:fek\d$
gfi}e\f [\c @ejk`klkf EXZ`feXc [\ :lc$
kliX# \c A\]\ [\ I\jkXliXZ`e# ?\cd\i
QXgXkX#cfji\jkXliX[fi\j[\ckXcc\i[\c
@%E%:%e^\cM`ccXel\mXD\aXp:Xicfj
JXc[Xii`X^X#XcXhld`ZX<edXD`eXpX
:XY\ccf# X >\ddX 9Xcc\jk\ifj# i\jkXl$
iX[fiXi\jgfejXYc\[\ci\X[\I\jkXl$
iXZ`e[\9`\e\jDl\Yc\j[\cGif^iXdX
g5[X%\%Z%`% \eG\i#XC`c`XeX:Xe\jjX#
Dpi`Xd C\pmX# IfjX :fikj p dlZ_fj
fkifj i\jkXliX[fi\j hl\ efj _Xe ]XZ`c`$
kX[f`e]fidXZ`e[\^iXe`ek\ij%
G% Hl\i\aXql# DXk\i`Xcj Xe[ k\Z_e`$
hl\j f] 8e[\Xe gX`ek`e^# \e >cfi`X
`e <oZ\cj`j ;\f1 k_\ M`i^`e Xe[ 8e^\cj
`eM`Z\ii\^XcgX`ek`e^f]G\ilXe[9fc`$
m`X#:\ek\if]@ek\iXd\i`ZXeI\cXk`fej#
El\mXPfib#(0/-#gg%./$/)%

0 =%JkXkjeppE%I%:_`i`efj#fg%Z`k%#gg%(0$)0%
('8ekfe`f [\ C\e G`e\cf#<c GXiXjf \e

\c El\mf Dle[f% :fd\ekXi`f Xgfcf^$


k`Zf#_`jkfi`XeXkliXcpg\i\^i`eX[\cXj
@e[`XjFZZ`[\ekXc\j#`jcXjpk`\iiXid\
[\c dXi fZXef j`^cf om`` # C`dX# :f$
d`k [\c @M :\ek\eXi`f [\c ;\jZlYi`$
d`\ekf[\c8dXqfeXj#(0+*#)k%#g%),'%
(( <% Cfi\eqf JXeq# :fd\iZ`f [\ <j$
gXX Zfe 8di`ZX \e cX gfZX [\ =\$
c`g\ @@# MXccX[fc`[# (0.'$/'# ) mfcj%#
gg%++,#++.#+,/%
() >% Cf_dXee M`cc\eX# Efk`Z`Xj `e[`kXj
gXiX`cljkiXicX_`jkfi`X[\cXjY\ccXjXik\j
\e C`dX [liXek\ cfj j`^cfj om` p om``#
I\m`jkX?`jki`ZX#(*#C`dX#(0+'#g%*-)%
(*X^e# :i`jkYXc If[i^l\q# (-)0$(-*'#
]fc%+++m%#>%Cf_dXeeM`cc\eX#fg%Z`k%#
g%*,.28%JXe:i`jkYXc#CX`^c\j`Xp\c
Zfem\ekf[\JXe8^ljke[\C`dX#:fc\$
^`fJXe8^ljke#C`dX#)''(#g%0(%
(+X^e#gifk%.*+#If[i`^f>d\q[\9X\$
qX#]fcj%+0(pjj%#>%Cf_dXeeM`cc\eX#
fg%Z`k%#g%(-%
(,X^e#gifk%(./*#;`\^fJ}eZ_\qMX[`ccf#
]fc%((.)%
(-X^e# ;`\^f AXiXd`ccf# ]fcj% /-0 p jj%# A%
:_`Z_`qfcX;\Y\ieXi[`#<cdXe`\i`jdf
\e C`dX# Gfek`Z`X Le`m\ij`[X[ :X$
kc`ZX[\cG\i#C`dX#(0/*#g%(0.%Cfj
dXpfi[fdfjZfeZ\ikXifecXjg`ekliXj
gXiX \jk\ i\kXYcf Zfe \c g`ekfi =iXe$
Z`jZf [\ Dfi^X \c ) [\ fZklYi\# Zfe
cX idX [\ Efi`\^X 8>E# 9Xikfcfd
Kfii\j [\ cX :}dXiX# (-*+# gifk% (/0/#
]fc% 0-)m%# [Xkf gifgfiZ`feX[f gfi \c
G% 8ekfe`f JXe :i`jkYXc % X^e# ;`\^f
AXiXd`ccf#]fcj%/-0pjj%2A%:_`Z_`qfcX
;\Y\ieXi[`#fg%Z`k%#g%(0.%
(.=% JkXkjep p E% I% :_`i`efj# fg% Z`k%2 G%
Hl\i\aXql#fg%Z`k%2mm%XX%#KXi\X[\[`\q
Xfj#fg%Z`k%
(/CX FiXZ`e \e \c ?l\ikf [\ 9`kk`# [\c
Dlj\f [\ 8ik\ [\ C`dX# gfi \a\dgcf#
k`\e\ leX gi\gXiXZ`e [\ Zfcfi gXi[f
XYXj\[\p\jfpfZi\gXi[f#p\eZ`dX
leX`dgi`dXZ`edXiie[\fZi\j%
(0G%Hl\i\aXql#fg%Z`k%
)'=%GXZ_\Zf#8ik\[\cXG`ekliX#(-*/%<[%
J}eZ_\q :Xeke# DX[i`[# (0,-% <[%
Zik`ZX [\ 9feXm\ekliX 9Xjj\^f[X `
?l^Xj#:}k\[iX#DX[i`[#(00'%
)(G%Hl\i\aXql#fg%Z`k%
))A%[\D\jXpK%>`jY\ik#<cg`ekfi8e$
^\c`efD\[fifpjlfYiX\eJl[Xdi`$
ZX#8eXc\j[\c@ejk`klkf[\8ik\8d\i`$
ZXef[\@em\jk`^XZ`fe\j<jkk`ZXj#e(/#
9l\efj8`i\j#(0-,#gg%)*$+.%

)*=%JkXjkep#CXG`ekliXc`d\Xpcfji\$

kiXkfj [\ cX Le`m\ij`[X[ [\ JXe DXi$


Zfj# \e :Xk}cf^f Dlj\f [\ 8ik\ p [\
?`jkfi`X#Le`m\ij`[X[EXZ`feXcDXpfi
[\JXeDXiZfj#C`dX#(0.,#g%()%
)+JfYi\ 8e^\c`ef D\[fif1 D% Jfi`X# CX
g`ekliX[\cj`^cfOM@\eJl[Xdi`ZX#@ejk`$
klkf[\8ik\8d\i`ZXef[\@em\jk`^XZ`f$
e\j<jkk`ZXj#e(/#9l\efj8`i\j#(0,-#
g%.+2A%[\D\jXpK%>`jY\ik#fg%Z`k%2=%
8i\eX[f#El\mfj;XkfjjfYi\\cg`ekfi
8e^\c`ef D\[fif# 8iZ_`mf ?`jgXc\ej\#
e (/+# J\m`ccX# (0..2 8% :cXm`af >XiZX#
LeX g`ekliX `e[`kX [\c `kXc`Xef 8e^\$
c`ef D\[fif (,-.$(-**  \e Zfc\ZZ`e
gXik`ZlcXidXcX^l\X#9fc\ke[\Xik\#e
(#(0/'#gg%/.$0/2I%<jkXYi`[`j:}i[\eXj#
8e^\c`ef D\[fif1 Le ifdXe`jkX \e cX
:`l[X[ [\ cfj I\p\j# \e I\m`jkX F`^X#
C`dX)(p)/[\dXpf[\(0/+28%:Xjk\$
cc`#8e^\c`efD\[fifp\ckigk`Zf[\cX
Xek\gfik\iX[\JXe=iXeZ`jZf#?`jkfi`X
p :lckliX1 i\m`jkX [\c Dlj\f EXZ`feXc
[\ 8ihl\fcf^X# 8ekifgfcf^X \ ?`jkfi`X#
C`dX#(00(#gg%)/0$*'+28%DfiXc\jZf$
fi[% #M\c}qhl\qpJ\m`ccX#ZXk}cf^f[\cX
\ogfj`Z`e#([\fZklYi\$()[\[`Z`\d$
Yi\[\(000#J\m`ccX#(000#g%,+2I%IXdfj
JfjX#LeXg`ekliX`e[`kX[\8e^\c`ef
D\[fif\eJ\m`ccX#CXYfiXkfi`f[\8ik\#
(/#)'',#gg%(/,$(0(%
),>% MXjXi`# C\ M`k\ [\ g` \ZZ\cc\ek` Xi$
Z_`k\kk`# g`kkfi`# \k jlckfi` `kXc`Xe`# [X
:`dXYl\`ej`e`Xk\dg`efjki`=cfi\e$
Z`X#(,,' %<[%ClZ`Xef9\ccfj`p8c[f
Ifjj`#Klie#<`eXl[`#(00(#g%.'2>%9%
8id\e`e`# ;\ ` m\i` gi\Z\kk` [\ccX g`e$
kliX I}m\eX# (,/- # <[% D% >fii\i`#
Klie#(0//#g%(+*%
)-8id\e`e` gifgfe\ leX [\ Zfcfi ZcXif
Z_\ k`iX Xc Zfcfi [` ZXie\ Z_`Xi`jj`dX
gXiX \m`kXi \c fjZli\Z`d`\ekf [\ cfj
Zfcfi\j hl\ j\ gfeXe \eZ`dX% >% 9%
8id\e`e`# fg% Z`k%# g% (+*% JfYi\ XgXi\$
afj \ `dgi`dXZ`fe\j `kXc`XeXj# m\i :%
DXck\j\ \[% # Gi\gXiXq`fe\ \ e`kliX
[\cc\ fg\i\ g`kkfi`Z_\% DXk\i`Xc` \ d\$
kf[`#Dlij`X#D`cXe#(00*#g%*(%
).GXiX cXj gi\gXiXZ`fe\j [\ cX g`ekliX
jfYi\kXYcX#m\iG%Hl\i\aXql#CXDX$
[feeX[\cGXaXi`kf[\9\ieXi[f9`kk`1
kiXkXd`\ekf[\Zfej\imXZ`epi\jkXl$
iXZ`e#:fej\imX#I\m`jkX[\c:\ekif
EXZ`feXc[\:fej\imXZ`epI\jkXliX$
Z`e[\:_`c\#e,#)''(#gg%/($0+%
)/=%JkXjkep#fg%Z`k%(0.,#g%(+%
)0J\_Xe\jkl[`X[fg`ekliXj[\cX\jZl\cX
Xe[XclqX1 [\ 8cfejf Df_\[Xef# AlXe

^ f pX  * ) .   X f  ) ' ' 0

[\If\cXj#=iXeZ`jZfMXi\cX#M\c}qhl\q#
QliYXi}e#@^eXZ`f[\I\j#GXYcfC\^fk#
Dli`ccf#:XdgifYe#MXc[jC\Xcpfkifj%
8%@cc}e>lk`ii\q#I%Ifd\if8j\eafp
8%J}\eq[\K\aX[X#:XiXZk\ijk`ZXj[\
cXjgi\gXiXZ`fe\jj\m`ccXeXj\eg`ekliX
[\ZXYXcc\k\\eki\(-''p(.''1`dgc`ZX$
Z`fe\j\e\cZXdgf[\cXi\jkXliXZ`ep
[\ cX _`jkfi`X [\c Xik\# @@ :fe^i\jf [\c
>ilgf<jgXfc[\c @@:#9XiZ\cfeX#deXZ$
^\``Z#)'',#gg%(0.$)',%
*'=%GXZ_\Zf#fg%Z`k%(0,-#k%``#g%.+%
*( 8%@cc}e>lk`ii\q#I%Ifd\if8j\eafp
8%J}\eq[\K\aX[X#fg%Z`k%
*) 9%:fYf#?`jkfi`X[\cEl\mfDle[f(-,* %
<e1FYiXj[\cG%9\ieXY:fYf[\cX:fdgX$
X[\A\jj%<jkl[`fgi\c`d`eXip\[`Z`e
[\cGX[i\=iXeZ`jZfDXk\fj#9`Yc`fk\ZX[\
8lkfi\j<jgXfc\j#kfdfjoZ`poZ``#<[`$
Z`fe\j8kcXj#DX[i`[#(0-+#g%((-2cmXif
8cfejf9XiYX#8ik\[\cfjd\kXc\jDX[i`[#
(-+' #<[%C`dX#@dgi\ekX[\cfj?li]X$
efj#(/(.#g%+028%[\C\eG`e\cf#I\Zfg`$
cXZ`e[\cXj@e[`Xj#Do`Zf#(0+*#g%)-.%
** =% JkXjkep p E% I% :_`i`efj# fg% Z`k%2 G%
Hl\i\aXql#fg%Z`k%
*+=%JkXjkeppE%I%:_`i`efj#fg%Z`k%
*, 8%J\c[\j#fg%Z`k%(00+28%J\c[\j#>%J`iX$
ZljXef#A%<%9lilZX#D%D\`\ip>%8YX[#
fg%Z`k%28%J\c[\jpfkifj#fg%Z`k%)'')%
*-A% :fie\af 9flifeZc\# ;\iifk\ifj [\c
Xik\ Zlqhl\f# >XiZ`cXjf# :lqZf# (0-'#
gg%(-($(-+%
*. 9%:fYf#fg%Z`k%(0-+#g%(*,%
*/J\ kiXkX [\ le [fZld\ekf [\ (--' \e
\chl\\cg`ekfi\oki\d\f[Xgf[\iX
DXike I`Zf [\ :X\ii\kX# m\Z`ef [\
J\m`ccX# gXiX hl\ ZfYi\ cf Zfii\jgfe$
[`\ek\ X cX m\ekX [\ [`Z_fj dXk\i`Xc\j
pg`ekliXjXcfjd\iZX[\i\j[\9l\efj
8`i\j#G_`c`g\[\8k`\eX@Y}\qp[fe
cmXif >d\q [\ JXekX DXiX# hl\ j\
\eZXi^Xife [\ m\e[\icfj \e (-+0% D%
C% :XklicX# QliYXi}e \ogfikX X 9l\$
efj8`i\j#8eXc\j[\c@ejk`klkf[\8ik\
8d\i`ZXef\`em\jk`^XZ`fe\j\jkk`ZXj#e
+#9l\efj8`i\j#(0,(#gg%).$*'%
*08%8cfejf9XiYX#fg%Z`k%(-+'#g%.+%
+'9%:fYf#fg%Z`k%(0-+#g%(,*%
+( X^e# :XY`c[f >i\d`fj# (./,# c\^% +#
ZlX[%]fcj%(%.2\e=%p>%Hl`ifq:_\ZX#
CXj fi[\eXeqXj [\ >i\d`fj [\ C`dX
j`^cfj OM@$OM@@@ # 8ik\j ;`j\f >i}]`$
Zf#C`dX#(0/-#g%(**%
+) C%>XiZX=l\ek\j#<cZfd\iZ`f[\<jgX$
X\e8di`ZX#(-,'$(.''#J\m`ccX#(0/'#
gg%*(0p*)'%
+* X^e#kZ$al)$)#]fcj%(/*i$(/+m2K:$AL)#

ifZfYilhl\kXj

)')$)#]fcj)//m$)/0i2@ehl`j`Z`e:fe$
k\eZ`fjf#jfZf+0$+'/#]fc%(/+i2JF:F
0'$-(-#]fcj%,m$('m%
++8ee`df#;\jZi`gZ`e[\cM`ii\`eXkf[\c
G\i% :ie`ZX `e[`kX [\ Zfd`\eqfj [\c
j`^cf OM@@% <[`Z`e# gicf^f p efkXj [\
9fc\jcXf C\n`e# Le`m\ij`[X[ EXZ`feXc
[\cC`kfiXc#IfjXi`f#(0,/#g%(*'%
+, X^e# gifk% ())+# ;`\^f E`\kf DXc[feX$
[f#]fcj%)(+-i$)(,-m%
+-X^e# @ehl`j`Z`e :fek\eZ`fjf# JF$:F
.)$+.0#]fcj%('0i$(((i%
+. >%J`iXZljXef#fg%Z`k%)'',#g%+.%
+/ 9%:fYf#fg%Z`k%(0-+#g%((-%
+0=%JkXjkeppE%I%:_`i`efj#fg%Z`k%
,'X^e# I\Xc Ki`YleX [\c :fejlcX[f [\
C`dX#K:$AL)$)#]fcj%(/*i$(/+m%
,( >%J`iXZljXef#fg%Z`k%)'',#g%((0%
,) A%8%G\i\iXpF%9XZX#8e}c`j`j[\Zfcf$
i\jg\ilXefj[\cXgfZXgi\$Zfcfe`Xc#
I\m`jkX [\c Dlj\f EXZ`feXc# k% `m# e )#
C`dX#)j\d%(0*,#gg%(-.$(.'%
,* 8%8cfejf9XiYX#fg%Z`k%(/(.#g%)(%
,+Fi[\eXeqX [\c jfc`d}e# [X[X Xek\ \c
\jZi`YXef[\c:XY`c[f;`\^f>lk`ii\q#
)+[\alc`f[\(,,(%:fej\afgifm`eZ`Xc
[\ C`dX% C`Yif [\ :XY`c[fj [\ C`dX%
C`YifZlXikf%;\jZ`]iX[fjgfi9%K%C\\#
C`dX#(0*,%
,, E%I%:_`i`efj#fg%Z`k%2=%JkXjkeppE%I%
:_`i`efj#fg%Z`k%
,-=%JkXkjeppE%I%:_`i`efj#fg%Z`k%
,. 8%J\c[\jpfkifj#(000%8lehl\j\g`\e$
jXhl\jlgifZ\[\eZ`X\iX\lifg\X#cfj
Xlkfi\j[\aXeXY`\ikXcXgfj`Y`c`[X[[\
hl\ j\ fYklm`\iX kXdY`e X gXik`i [\c
dfc`[f [\ Zl\ekXj [\ m`[i`f Xqlc kiX$
[Xj[\<lifgX%
,/>% Cf_dXee M`cc\eX# fg% Z`k%# g% (-2 8%
JXe:i`jkYXc#)''(#g%*0-%
,08%J\c[\jpfkifj#fg%Z`k%(000%
-'9%:fYf#fg%Z`k%(0-+#gg%)(-$)(.28e$
e`df#fg%Z`k%(0,/#g%,*%
-( =% JXc[Xj p M% Qlg}e# <c cXg`jc}qlc`
\e cX 8ihl`k\ZkliX M`ii\`eXc p i\glYc`$
ZXeX# ?`jkfi`X p :lckliX% I\m`jkX [\c
Dlj\fEXZ`feXc[\?`jkfi`X#C`dX#e((#
(0./#gg%()*$(+)%
-) D%A`de\q[\cX<jgX[X\[% #I\cXZ`f$
e\j>\f^i}ZXj[\@e[`Xj(\[%DX[i`[#
D`e`jk\i`f[\=fd\ekf#(//($(//. #<[%
8kcXj9%8%<%#DX[i`[#(0-,#k%``#g%-)%
-* >%[\9`YXi#:ie`ZXpi\cXZ`eZfg`fjXp
m\i[X[\iX[\cfjI\pefj[\:_`c\(,// #
@im`e^ C\feXi[# \[%# \[`Z`e ]XZj`d`cXi#
=fe[f ?`jki`Zf Kfi`Y`f D\[`eX# JXe$
k`X^f[\:_`c\#(0--#g%(+%
-+D%A`de\q[\cX<jgX[X#fg%Z`k%#gg%('#((%

-, >%Cf_dXeeM`cc\eX#fg%Z`k%#g%*.'%
--=%GXZ_\Zf#fg%Z`k%(0,-#g%/+%
-. I% 9ilhl\kXj# KZe`ZXj p dXk\i`Xc\j \e

/,8%8cfejf9XiYX#fg%Z`k%(/(.#g%.+0%
/- X^e# @ehl`j`Z`e :fek\eZ`fjf# JF :F#

cX g`ekliX \jgXfcX [\ cfj J`^cfj [\ Fif#


=le[XZ`e[\8gfpfXcX?`jkfi`X[\cXik\
?`jg}e`Zf#DX[i`[#)'')#gg%(-0$(.)%
-/8>E# I\Xc Ki`YleX [\c :fejlcX[f [\
C`dX#kZ$al)$)#]fcj%(/*i$(/+i%
-08%J\c[\jpfkifj#fg%Z`k%(000%
.'A%[\9\kXeqfj#JldXpeXiiXZ`e[\cfj
@eZXj#j\^l`[X[\c;`jZlijfjfYi\cX[\j$
Z\e[\eZ`Xp^fY`\ief[\cfj@eZXj\jZi`$
kX\eki\(,,(p(,,/ %<[%D%:%DXike
IlY`f#DX[i`[#(0/.#g%(-+%
.( D%A`de\q[\cX<jgX[X#fg%Z`k%#g%.+%
.) C%:XgfZc\#I\cXZ`e^\e\iXc[\cXj`\ekf
pM`ccX@dg\i`Xc[\Gfkfjp[\cXjZfjXj
d}j`dgfikXek\jXjl^fY`\ief#[`i`^`[X
Xc <oZdf% Ji% ;fe ?\ieXe[f [\ Kfii\j
pGfikl^Xc#:fe[\[\M`ccXipM`ii\p[\c
G\i# (,/, # 9%8%<%# <[% C\n`j ?Xeb\#
DX[i`[#(0,0#g%()00%
.* 8%[\C\eG`e\cf#<cGXiXjf\e\cEl\$
mfDle[f%:fd\ekXi`f8gfcf^k`Zf#?`j$
kfi`X eXkliXc p g\i\^i`eX [\ cXj @e[`Xj
FZZ`[\ekXc\j# @jcXj [\ K`\iiX =`id\ [\c
DXi FZXef DX[i`[# (-,0 % <[% IXlc
GfiiXj9Xii\e\Z_\X#:fd`k[\c`m:\e$
k\eXi`f[\c;\jZlYi`d`\ekf[\c8dXqf$
eXj#C`dX#(0+*#)kfdfj#``#g%)--0%
.+ 8%8cfejf9XiYX#fg%Z`k%(-,'#g%(+.%
., 9%:fYf#fg%Z`k%(0-+#g%()-28%8cfejf
9XiYX#fg%Z`k%(/(.#g%()#0(28%[\C\e
G`e\cf#fg%Z`k%(0+*#``#g%)--%
.- XXc# ?\Z_`Z\iXj# c\^% -# \og\[`\ek\ 0#
]fc%('i$('m%
.. G%Hl\i\aXql#fg%Z`k%
./ >%J`iXZljXef#fg%Z`k%
.0 Eld\ifjXj ZfejkXeZ`Xj \eki\ (-)* p
(--*1X^e#@ehl`j`Z`e:fek\eZ`fjf#JF$
:F# )*$),,# ]fcj% )(+$)(/m2 .)$+.0# ]fcj%
('0i$(((i2 .)$+.0# ]fcj% /+i$/,i2 0)$-).#
]fcj% +.i$,'i2 -*$++0# ]fcj% *')i$*'.m2
-*$++0#]fcj%*-.i$*.,i2-'$+((#]fcj%)'m$
)(i2 0'$-(-# ]fcj% ,m$('m2 0*$-+'# ]fcj%
('m$((m2 ('+$./-# ]fcj% (0,$)()i2 *-$*.*2
-/$+.(#]fc%(-,i2+.$*00#]fc%)//i28>E#
gifk%())+#;`\^fE`\kfDXc[feX[f#]fcj%
)(+-i$)(,-m2 I\Xc ?XZ`\e[X# I\Xc :XaX
[\C`dX#c\^%-0-#(,..$(--0%:lX[\ief+#
(-*)#]fc%()$)0#*'%
/'>%J`iXZljXef#fg%Z`k%#g%((*%
/( 8ee`df#fg%Z`k%(0,/#g%(*)%
/)I%9ilhl\kXj#fg%Z`k%#g%)))%
/* Hl\i\aXql fg`eX hl\ gf[iX kiXkXij\
[\ le Xqlc Xik`Z`Xc [\ ZfYi\ [\c k`gf
[\cm\i[`k\i%G%Hl\i\aXql#fg%Z`k%
/+ X^e# @ehl`j`Z`e :fek\eZ`fjf# JF :F#

((($/.-#]fcj%('i#*'0i$**+m2JF:F#-)$
++-#]fcj%-i$/m2Gifk%())+#;`\^fE`\kf
DXc[feX[f#]fcj%)(+-i$)(,-m%
/. 9%:fYf#fg%Z`k%(0-+#g%()-%
// :i`jfc`kX1 fc`m`ef f j`c`ZXkf eXkliXc [\
_`\iif p dX^e\j`f# [\ Zfcfi m\i[fjf#
hl\ ZlXe[f \j XdXi`ccf j\ ccXdX kfgX$
Z`f%9%:fYf#fg%Z`k%(0-+#g%().%
/0 J\ \eZfeki \e ]fidX [\ gfcmf [\ Zf$
cfim\i[\fjZlifm`mf#Xc^f^i`j}Z\f#\e
\emfckfi`fj [\ ]Xi[fj ]le\iXi`fj fi`^`$
eXi`fj[\GXiXZXjhl\^lXi[X\cDlj\f
[\8ekifgfcf^X\?`jkfi`X[\C`dX%>%
8% =\jk\i p A% :il\ccXj# :fcfiXek\j [\
GXiXZXj#I\m`jkX[\cDlj\fEXZ`feXc#k%
@@@#e($)#C`dX#(0*+#gg%(,+$(,-%
0' <eki\ cfj \emfckfi`fj [\ gfcmfj [\
Zfcfi [\c Dlj\f [\ 8ekifgfcf^X \
?`jkfi`X [\ C`dX gifZ\[\ek\j [\ GXiX$
ZXj j\ \eZfekiXife Z`eZf dl\jkiXj [\
Z`eXYi`f# \e ]fidX [\ gfcmf ifaf# Zfe
[`]\i\ek\ c\p [\ d\iZli`f# \c d}j Yi`$
ccXek\ p glif Zfe /-#- [\ ?^J% >% 8%
=\jk\ipA%:il\ccXj#fg%Z`k%
0( 9%:fYf#fg%Z`k%(0-+#g%(,'%
0)9%:fYf#fg%Z`k%(0-+#g%((-%
0*9%:fYf#fg%Z`k%(0-+#g%((-28%[\C\e
G`e\cf# fg% Z`k% (0+*# g% )-.2 8% 8cfejf
9XiYX#fg%Z`k%(-+'#g%+0%
0+8lehl\cXdXpfigXik\[\cXjm\Z\jef
j\_X`[\ek`ZX[f\cgi`eZ`g`fZfcfiXek\%
0,;%>feq}c\q?fc^le#MfZXYlcXi`f[\cX
c\e^lX ^\e\iXc [\ kf[f \c G\i ccXdX[X
c\e^lX hhl`Z_lX f [\c @eZX R(-'/T# \[`$
Z`e ]XZj`d`cXi [\ cX m\ij`e [\ (0,)#
Le`m\ij`[X[ EXZ`feXc DXpfi [\ JXe
DXiZfj#C`dX#(0/0%
0-9%:fYf#fg%Z`k%(0-+#g%)')%
0.  >% =\ie}e[\q [\ Fm`\[f# ?`jkfi`X >\$
e\iXc p EXkliXc [\ cXj @e[`Xj (,*, #
Gi`d\iX gXik\# @dgi\ekX [\ cX I\Xc
8ZX[\d`X [\ cX ?`jkfi`X# DX[i`[# (/,(%
9%8%<%#Gi%AlXeGi\q[\Kl[\cX#,mfcj%#
DX[i`[#(0,0#g%)0028%[\C\eG`e\cf#
fg%Z`k%(0+*%
0/>%=\ie}e[\q[\Fm`\[f#fg%Z`k%(0,0#g%
((.28%8cfejf9XiYX#fg%Z`k%(-+'#g%/m%
00>% =\ie}e[\q [\ Fm`\[f# fg% Z`k% (0,0#
gg% ((.# (0*2 8% [\ C\e G`e\cf# fg% Z`k%
(0+*#g%)-/%
(''=%JkXjkeppE%I%:_`i`efj#fg%Z`k%8gXi\$
Z\#gfi\a\dgcf#\ecXFiXZ`e\e\c?l\i$
kf[\9\ieXi[f9`kk`Dlj\f[\8ik\[\
C`dX #alekfZfeleXm\cX[liX[\ZfYi\%
('( G%Hl\i\aXql#fg%Z`k%

(()$/0*#]fcj%(,-i$**,i%

(-(

( Gf\dX?\ifpZfk`klcX[fM`[X
[\JXekXIfjX[\JXeZkXDXi`X%
GXkifeX[\\cG\i%=le[XZ`e
C}qXif>Xc[`Xef#9`Yc`fk\ZX%

c}qXifZfc\ZZ`fe`jkX

)

yg`ZXXd\i`ZXeX\@dg\i`f<jgXfc1
<cgf\dX`cljkiX[f[\c:fe[\[\cX>iXeaX

Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%:Xekf```1:ilqfi[\c`jX[X
[\c\jZl[f[\cXfi[\e[\jXekf
;fd`e^f[\>lqd}e%=le[XZ`e
C}qXif>Xc[`Xef#9`Yc`fk\ZX%

iXdedla`ZXg`e`ccX
@ejk`klkfG\ilXef[\<jkl[`fj:c}j`Zfj

<oZ\gklXe[fcfjZXekfjgi`d\if#j\^le[f#[Z`dfp[lf[Z`$
df#kf[fjcfj[\d}j\jk}e`cljkiX[fjXgcldXZfe[`YlafjeX$
iiXk`mfjfj`dYc`Zfjhl\Zfdgc\d\ekXe\cgf\dX(%CXidX
[\c[`YlaXek\\jk}Zfej`^eX[XXceXc[\cfjZXekfj`m#m```p`o%
J\iXefYiXj[\cgifg`fXdXel\ej\hl\kiXejZi`Y`pgi\gXi
\cgf\dXgXiXjlglYc`ZXZ`e1;%AXZfY[%KXYfX[a#hl`\eXidX
\ecXke#\ed}j[\leXfZXj`e#hl\ccf[`Yla\`em\ek%8c
eXc[\c:Xekfm`eZcljfZfej`^eX\ccl^XipXf[fe[\eXc`q
\c[fZld\ekf1C`dX#(-0.%

<eki\cfj]fe[fjdXeljZi`kfjZfej\imX[fj\ecX9`Yc`fk\ZXC}$
qXif>Xc[`Xefj\\eZl\ekiXleGf\dX?\ifpZfXee`dfk`kl$
cX[fM`[X[\JXekXIfjX[\JXeZkXDXi`X%GXkifeX[\\cG\i
@em% (+0*. % <jk} [`m`[`[f \e [fZ\ ZXekfj hl\ jldXe Z`\ekf
ki\`ekX fZkXmXj i\Xc\j# Zl`[X[fjXd\ek\ ZXc`^iXX[Xj \e */+
g}^`eXj^%( %J\kiXkX#j`e[l[X#[\cgif^iXdXg`Zfd}jcXi$
^fpZfdgc\af\jZi`kf\ecffi[\cXgi`d\iXjXekXXd\i`ZXeX%

(-)

<jkXdfjXek\cXm\ij`edXeljZi`kX[\cZc\Yi\gf\dXXJXekX
IfjX[\C`dX\jZi`kfgfiCl`j8ekfe`f[\Fm`\[fp?\ii\iXp
Il\[X(-*-$(.(. #d\afiZfefZ`[fZfdf\c:fe[\[\cX>iXe$
aX%<e\cdXeljZi`kf\jk}ecXjiYi`ZXjpcXidX[\[feAfj\g_
x`gi`Xe[\cMXcc\j\Zi\kXi`f[\Z}dXiX[\ci\phl`\e\jZi`$
Y`\iXcXKXjX[\cc`YifpcXJldX[\cGi`m`c\^`f\ecXgi`d\$
iX\[`Z`edX[i`c\X[\cGf\dX?\ifpZf#glYc`ZX[X\e(.((gfi
AlXe>XiZX@e]Xeqe%CXXgifYXZ`e[\cXfYiX\jk}]\Z_X[X\e
DX[i`[\c(,[\ale`f[\(.'(#cfhl\j`^e`ZXhl\\cc`Yifj\gl$
Yc`Z[fZ\Xfj[\jglj[\gi\gXiX[XcX\[`Z`e%PX\e(0(*[fe
DXiZ\c`ef D\ee[\q p G\cXpf Zl\jk`feXYX# [\j[\ leX \jkk`$
ZX[\Z`dfee`ZX#\cdi`kfc`k\iXi`f[\cgf\dXXlehl\efgf$
[Xe\^Xihl\jk\klm`\j\lemXcficfZXc`eXgi\Z`XYc\gficX
^iXeZli`fj`[X[[\efk`Z`Xjhl\kiXXjfYi\cXm`[X[\cXjXekX
c`d\XpcXkfgf^iX]X\_`jkfi`X^\e\iXc[\cG\i)%LefjXfj
[\jglj#\e(0(0#\c_`jkfi`X[fig\ilXefAfj[\cXI`mX8^\if
ef]l\d\efj[lifZfe\cYXiifhl`jdf\oXZ\iYX[fp\c\jk`cf
Zlck\iXef[\cgf\dX1EX[`\cfZXc`ZXiX[\_\idfjf2pXek\
le j\m\if Zik`Zf \jkk`Zf [`jkX dlZ_f [\ j\i j`hl`\iX kfc\iX$
Yc\2g\if\ed\[`f[\cX_`eZ_Xqepi\kldYXeZ`X#\jZli`fjfp
j`^e`ZXk`mf\eXckf^iX[f#gfijfYi\kf[fcfhl\\em\ijfj\_X
\jZi`kfXZ\iZX[\cXjXekXg\ilXeX*%
D}jhl\cXjefk`Z`Xjd`jdXjjfYi\IfjX[\C`dXYXjX[Xj\ejlj
Y`f^iX]XjfZ`Xc\jkXc\jZfdfcXM`kXd`iXY`c`j\kdfijg\k`fjX
m\e\iXm`c`jJfifi`jIfjX\[\JXeZkXDXi`X(--+ [\c[fd`e`Zf
Xc\d}e C\feXi[f ?Xej\e# \jkXdfj Xek\ le ^e\if c`k\iXi`f
hl\\j]le[Xd\ekXcd\ek\lek\okf[\ZZ`ephl\]fidgXik\
[\cXjgfck`ZXjp[`jZlijfjm`ii\`eXc\j[\i\gi\j\ekXZ`ej`d$
Yc`ZX%:fdf_X^`f^iX]Xg`ZX#\jk\gf\dXefgi\k\e[\j\ie`
leXY`f^iX]X[\jXekXIfjXe`leXi\ZfejkilZZ`e_`jki`ZX[\

^ f pX  * ) .   X f  ) ' ' 0

[\[\jZi\[`kf#hl\efj`^e`ZX\e^Xf[\d\ek`iX#j`efX[fief[\
Zfd\ekf#Zfdf[`ofle@e^\e`f#pM%J%cX\eki\k\o\\ejlGf\dXZfe
df[\iXZ`e#pgifm\Z_f%

;\cXG\XZ\c\YiX[\cgf\dXcX[\jki\qXZfecXhl\JlJ\fiX
_XgXjX[fXcXgcldXcfjcfj[\\c_Xq\if#pcXdX\jki`X[\
\c8ik\D`c`kXi#hl\Xgi\e[`f\e=cXe[\j+#XcX8di`ZX2]fidX
cfj<o\iZ`kfj[\\cPe^X#p\cel\jkifZfekXem`mXi\gi\j\ekX$
Z`ehl\_Xq\]fid`[XYc\jcfj\eZl\ekifj#pjXe^i`\ekf\c[\j$
kifqf[\cfj@e[`fj#_XjkXhl\[Xigi\jfjlDfeXiZ_X%AlXe[\
<mXj#k\cf^f[\cXeleZ`XkliX[\<jgXXpgi\[`ZX[fi[\Jl
DXa\jkX[# jcf k`\e\ gXcXYiXj [\ X[d`iXZ`e gl\j m\f i\jk`$
kl`[fXhl\cXek`^lfjXZif]lifi[\cfjGf\kXjd}j^iXe[\j%<c
:fe[\[\cX>iXeaXZfdY`eXYXcX\c\^XeZ`X[\M`i^`c`fZfecX
[`ZZ`e[\Cfg\[\M\^X%Jl\jk`cf#X[\d}j#\iX\clk`c`qX[f
gficfjgif]\kXj[\c8ek`^lfK\jkXd\ekf%CX_`jkfi`XjX^iX[X
[\YXZfekXij\\eZ}ek`ZfjjlXm\jgXiXhl\`eZ\ek`mXiXXY$
c`ZXj_XqXXj[\_fefi#Zfdfcf_`qfcX@c`X[X[\?fd\ifZfe
8c\aXe[ifDX^ef%

cXZfehl`jkX[\cG\i%<ejlGXi\Z\iXcGf\dX?\ifpZf#\cgif$
g`f[fZkfiG\[if[\cXG\X#ZXee`^f[\cX:Xk\[iXc[\C`dX
p :fejlckfi [\c JXekf FZ`f [\ cX @ehl`j`Z`e# i\ZfefZ\ hl\
Fm`\[fp?\ii\iXj\^lX\cdf[\cf[\cXj]}YlcXj[\Fm`[`f
hl\d\qZcXYXecfZk`Z`fZfecfi\Xc1
gfiZlpfd\[`f\e^XXYXeZfecXd`jdXm\i[X[#_Xq`\e[fZfeefm\$
[X[m`iklfjf\c\e^Xf#pXce[`i`^XeXcfj_fdYi\jXck\id`ef[\cX
]\c`Z`[X[hl\gi\k\e[Xe#gfiZXd`efjkfiZ`[fj#pXlefgl\jkfj%G\if
j`\e[fcXdXjj\^liXj\e[XgXiXcXm\i[X[\ccXd`jdX#dfjkiXe[fj\i
Xjj`#\chl\cf\jgfi\j\eZ`X#:_i`jkfJ\fiERTcXgifgfe\M%J%\e
jlkiX^\eXkliXc#[\jel[}e[fcX[\m\jk`[fj`dgifg`fj#g\ijlX[`\e[f
gfikXeZ_i`jk`Xefd\[`f#ZfedXpfi\ZXZ`X#XcXm`ikl[%M\i[X[\j#
hl\\jk\efdYi\[\]XYlcX#hl\j\[}Xcfhl\j\e^\#efc\[\Y\j\i

;\j[\jljfi^\e\j\e\cXek`^lf`dg\i`fifdXef#cXeXiiXk`$
mX g`ZX j`im` gXiX gifgX^Xi \e m\ijf cX m`j`e [\ cfj m\e$
Z\[fi\j_`jki`ZfjpkiXejd`k`ijlc\ZkliXki`le]Xc`jkX[\cfj
_\Z_fjZfdfgXik\[\leZf_\i\ek\[`jZlijfk\c\fc^`Zfpgf$
ck`Zf#\ogXej`fe`jkXp\oZclp\ek\,%;liXek\cX<[X[D\[`Xp\c
I\eXZ`d`\ekf`kXc`Xef\jk\^e\ifc`k\iXi`f]l\Zi`jk`Xe`qX[f-#
p gfjk\i`fid\ek\# cX <jgXX YXiifZX cf \dgc\ Zfdf _\iiX$
d`\ekXi\ki`ZX[\c\^`k`dXZ`egfck`ZXp\oXckXZ`e`dg\i`Xc.%
<e\cG\im`ii\`eXccXgf\jXg`ZX#Xjlm\q#XYi`el\mfj\j$
gXZ`fj j\d}ek`Zfj [\ [`]\i\eZ`XZ`e p i\`m`e[`ZXZ`e [`jZli$
j`mX%<jk\dXi`[Xa\\eki\cXjX^\e[Xjgfck`ZXjpcXjgfk`ZXj
j\\eZl\ekiX[\j[\`e`Z`fj[\cX:fehl`jkX%J\^ecX?`jkfi`X
[\c G\i (,.(  [\ ;`\^f =\ie}e[\q \c GXc\ek`ef# ZlXe[f
>feqXcfG`qXiifi\^i\jki`le]XcXC`dX\e(,+-#Zfej`^l`
leXZXg`ccX[\d`e`jki`c\jXe[\hl\c\ZXekXiXeifdXeZ\jp
ZfgcXj[\kf[fcfhl\_XYX_\Z_f#\eZXi\Z`\e[fjlj_XqXXjp
m`Zkfi`fjXjZXdgXXj/%?XpdlZ_fjcl^Xi\jZfdle\jkfgf` 
gfiZ`\ikf\eki\\cgf\dXg`Zf[\c:fe[\[\cX>iXeaXpcfj
gf\dXjg`Zfj]le[XZ`feXc\jhl\cfXek\Z\[`\ife#kXc\jZfdf
\c8iXlZf[fdX[f(,0- [\G\[if[\FX#CX8iXlZXeX(,-0#
(,./#(,/0 [\8cfejf[\<iZ`ccX#8idXj8ek}ik`ZXjZ%(-'0 [\

(-*

* Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%;`Ylaf[\c:Xekf`m%
=le[XZ`eC}qXif>Xc[`Xef#9`Yc`fk\ZX%
+

JXekXIfjX[\C`dX%>iXYX[f[\
=iXeZ`jZfJ`cm\i`fgXiXcX\[`Z`e
efmf_`jgXeX[\cGf\dX?\ifpZf#(.)0%

AlXe[\D`iXdfek\jQl}qfcXf`eZcljfCX:i`jk`X[X(-(( [\
]iXp;`\^f[\?fa\[X%Kf[fj\ccfj#g\j\Xck\efidfeld\ekXc#
_\if`Zfpc\^`k`dX[fi[\cX\dgi\jXZfehl`jkX[fiX\jgXfcX
ef j`c\eZ`Xife jlj hl\aXj p [\eleZ`Xife cX XdY`Z`e p Zf[`$
Z`X[\cfj\jgXfc\j#\cfcm`[f[\cX\mXe^\c`qXZ`ef`eZcljf\c
jXhl\f[\ck\ii`kfi`fm`ii\`eXc0%<cgifg`f:fe[\[\cX>iXeaX#
ZfdfjlXek\Z\jfi\c_ldXe`jkX\jgXfcAlXe:i`jkYXc:Xcm\$
k\[\<jki\ccX\ejlgf\dXg`Zf;\i\YljMXZZX\:Xjki`(,0* #
c\X[al[`ZXXClqY\ccXj^l\iiXjZ`m`c\j\eki\cfjZfehl`jkX[f$
i\j[\cG\ip\ck\dgiXef\e]i\ekXd`\ekf\eki\\jgXfc\jp
Zi`fccfj%:fe\jX\c[\dfe`f('1
Efgl[`\e[fXiiXeZXicX=\[\<jgXX#
hl\\e\cG\iXiiXp^Xifecfjgi`d\ifj#
:fehl`jkX[fi\j#j`\e[f\ek`\iiX\jkiXX
:lckfi\jjlj:Xk_fc`Zfj>l\ii\ifj1
[\iiXd\eki\jljd`\j\jcXZ`qXX#
d`Zfj\Z_X\eZ\iiXe[f\ejlj>iXe\ifj#
j`egf[\i[`jk`e^l`i\ecXJ\d`ccX
hlXc\iX[\\cG\i#hlXc[\:Xjk`ccX%

<e i\jld`[Xj Zl\ekXj# \e cX g`ZX _`jgXefXd\i`ZXeX# cfj \j$


gXfc\j#cfjZi`fccfj#cfj`e[`fjZfem\ijfjpcfj@eZXjjfeX_fiX
cfjel\mfjgifkX^fe`jkXj[\c[iXdXYYc`Zf[\jXcmXZ`epZfdf
Zfej\Zl\eZ`X [\ \ccf# \c kiXj]fe[f `[\fc^`Zf [\ \jk\ ^e\if
c`k\iXi`f\j\j\eZ`Xcd\ek\k\fc^`Zf((%8hlcX[\dfefcf^X#\c
gifm`[\eZ`Xc`jdfpcXgif]\ZXj\jldXeXleXm`j`ed\j`}e`ZX
[\c`dg\i`fle`m\ijXc_`jgXef]le[Xd\ekX[f\ejlGXkifeXkf
I\^`fjfYi\cXj@e[`XjFZZ`[\ekXc\j()%

(-+

<eZlXekfXcfj[`Ylafj[\cGf\dX?\ifpZf#jkfjefXgXi\Z`\$
ifee`\ecX\[`Z`edX[i`c\X[\(.((#e`\ecXj\^le[X\[`Z`e
d\o`ZXeX[\(.)0#[\df[fhl\j\[XeXZfefZ\iXhlgfim\q
gi`d\iX% Jlj Zfdgfj`Z`fe\j \jk}e d}j Z\iZXeXj X cfj [`Ylafj
hl\XZfdgXXecXjZie`ZXj[\cG\i[\cfjj`^cfjom`pom``hl\
X cfj Zl`[X[fjfj Xglek\j i\Xc`qX[fj [liXek\ cXj \og\[`Z`fe\j
Z`\ekZXj[\cj`^cfom```%8[`]\i\eZ`X[\cXji\gi\j\ekXZ`fe\j
eXkliXc`jkXjf[\jZi`gk`mXj[\cXfiX#]XleX#k`gfjiXZ`Xc\jp
ZfjkldYi\j[\cG\igifg`Xj[\c\k_fjZXkXcf^X[fip\eZ`Zcfg$
[`Zf[\cX<jgXX`cljkiX[X#cfj[`Ylafj[\cGf\dX?\ifpZfgi\$
j\ekXeXjljg\ijfeXa\j_`jki`ZfjpXZZ`feXc`qX[fjp[\ekif
[\leXeXiiXk`mXg`Zki`ZXi\Zfejkil`[X%<jkfjk`\e\e#X[\d}j#
lemXcfiX[`Z`feXc(*%<jkXdfjXek\le^e\if[\g`ekliXgif]XeX
\e\cZlXcm\dfji\gi\j\ekX[f\c[`j\fliYXejk`Zf[\cXZ`l$
[X[#\cgX`jXa`jdf#cX\jZ\eX_`jki`ZXfXc\^i`ZX#\`eZcljfle
i\kiXkf\Zl\jki\[\cZfehl`jkX[fi=iXeZ`jZfG`qXiif%Cfjgif$
kfZfcfj \ `em\ekXi`fj efkXi`Xc\j [\c G\i m`ii\`eXc d\eZ`feXe
]i\Zl\ek\d\ek\cX\o`jk\eZ`X[\\jkXjg`ekliXjg\ifgfZXj_Xe
jfYi\m`m`[fpefj\ZfefZ\ejljYfZ\kfj%<ejlMfpX^\~kiXm\ij
c8di`hl\[lJl[(/-0 #\cm`Xa\if]iXeZjGXlcDXiZfpjfjk`\$
e\hl\cfjg`ekfi\j[\cX\jZl\cXZljhl\X#g\j\Xlk`c`qXi\jkXd$
gXj\lifg\XjZfdfdf[\cfjm`jlXc\j#efk\eXecXZfjkldYi\[\
_XZ\iXglek\jXek\j[\g`ekXijljc`\eqfj(+%
I\gXj\dfj gi`d\if Xc^lefj [Xkfj i\]\i\ek\j X Cl`j 8ekfe`f
[\Fm`\[fp?\ii\iXgXiXXeXc`qXi[\jgljcXX^\e[XZi`fcc`jkX
[\cgif^iXdXgfk`Zf\`Zfef^i}Zf[\cXM`[X[\cX<jZcXi\Z`[X
M`i^\eJXekXIfjX[\JXekXDXi`X%
J\^e\cZife`jkX9Xikfcfd8iq}ej[\FijXpM\cX#Fm`\[f
cc\^Xcgl\ikf[\c:XccXf\c0[\efm`\dYi\[\(--.\ecXd`jdX
\dYXiZXZ`e\ecXhl\m`XaXYX[feG\[if8ekfe`f=\ieXe[f[\
:Xjkif8e[iX[\pGfikl^Xc(-*)$(-.) #[Z`df:fe[\[\C\$
dfjp[\Z`dfefm\efm`ii\p[\cG\i(,%CX]\Z_X\j`dgfikXek\
gfihl\\ejlGXi\Z\iXcGf\dX?\ifpZf#G\[if[\cXG\X#ZX$
ee`^f[\cXZXk\[iXc[\C`dX#Z`kX[fXek\i`fid\ek\#Xj\^liX
hl\j`\e[fFm`\[fp?\ii\iXZfii\^`[fi[\Gfkfjcc\^Xjl
[`jki`kfcX[\j\X[Xefk`Z`X[\cX9\Xk`ZXZ`e[\JXekXIfjXp
efjXk`j]\Z_fZfecXj\jkXjhl\j\c\fi^Xe`qXife\eGfkfj#\c
:fe[\[\cX>iXeaXd\[`kfZfjk\Xic\X\og\ejXjgifg`Xj#fkif
R_fd\eXa\\ecX]fidX[\legf\dX_\if`ZfThl\[liXjj\g\i$

^ f pX  * ) .   X f  ) ' ' 0

g\klf\ecXj\k\ie`[X[\j%<cgifp\Zkfi\Z`ecfcc\mXiXXZXYf
\eC`dX#[fe[\i\j`[`[\j[\(-/'(-%G\if#]l\cX\ed`\e[Xgfi
leXZ\c\YiXZ`e[\jclZ`[XXcXjXekXcfhl\dfk`mjlgf\dX6
<e cX `^c\j`X [\ JXe G\[if \e IfdX j\ Z\c\YiXife cXj \jkXj
[\Y\Xk`ZXZ`e[\jXekXIfjX[\C`dX\c(,[\XYi`c[\(--/%
Jl9lcX[\Y\Xk`ZXZ`ecc\^XcX:`l[X[[\cfjI\p\j\c)/
[\[`Z`\dYi\[\cd`jdfXfpgXiX\c*'[\XYi`c[\(--0j\
i\Xc`qXifejljjfc\de\jgifZ\j`fe\jgYc`ZXj%J\c\mXekXife
XiZfjki`le]Xc\j#j\hl\dXifecld`eXi`Xj[\aY`cfpj\Zfej$
kilp\ifeefd\efj[\[`\Z`j`jclafjfjXckXi\j\]d\ifj#Zfe
]ifekXc\j [\ gcXkX# \e cX `^c\j`X [\ JXekf ;fd`e^f [\ C`dX%
G\ifcXj\jkXj[\jlFZkXmXi`fjfc\de\#i\Z`ej\cc\mXifeX
ZXYf\e\cd\j[\X^fjkf%GXiX\ekfeZ\j#\c8plekXd`\ekf[\
C`dXpX_XYX[\ZcXiX[fXIfjXGXkifeX[\jlZ`l[X[eXkXcp\c
GfekZ\:c\d\ek\`ocX_XYXefdYiX[fle`m\ijXcpgi`d\iX
gXkifeX[\kf[f\c`dg\i`f[\cX8di`ZXp\cEl\mfDle[f(.%
CXj]\jk`m`[X[\jZfek`elXife\eki\\c)*[\[`Z`\dYi\[\(--0
p\c).[\\e\if[\(-.'#\jkXe[fXZXi^f[\\ccXj\cgifg`fm`$
ii\p:fe[\[\C\dfjhl`\e\ecXGcXqXDXpfifi^Xe`qZfii`$
[Xj[\kfifjpal\^fj[\ZXXjgXiXcfjZXYXcc\ifj[\cXefYc\qX
Zi`fccX% yjkfj ck`dfj \jkXYXe `[\ek`ZX[fj Zfe \dYc\dXj p
a\if^cZfj gfk`Zfj hl\ i\e[Xe _fd\eXa\ X cX IfjX c`d\$
X(/%Jfigi\e[\ek\d\ek\8iq}ejefi\^`jkiX\eGfkfj\jkX[\
Y\Xk`ZXZ`eXc^leXgXiX\cXf[\(--0%?XYiXhl\m\i`ZXij`
\c[Xkf\j\oXZkfgl\jj`Xj]l\iX\c:fe[\[\cX>iXeaXeleZX
Xj`jk`XcXjZ\c\YiXZ`fe\jhl\G\[if[\cXG\Xd\eZ`feX\e
jlGXi\Z\i[\cgf\dX%D}jY`\e#]l\\efZklYi\[\(-.'hl\cX
M`ccX@dg\i`Xcc\fi^Xe`qXIfjX\jkXjgfijlZXefe`qXZ`e#
hl\[liXife[`\q[Xj%J\^e\cZife`jkX]l\ifedlpi\^fZ`$
aX[XjXlehl\#ZfdgXiXk`mXd\ek\ZfefkiXjZ\c\YiXZ`fe\j[\
Xhl\ccXZ`l[X[#efgXi\Z\e_XY\ij`[fdlpm`jkfjXjjXcmfgfi
leX]l\ek\#Zfejkil`[X\ed\[`f[\leXXcXd\[X[\}iYfc\jp
fi\j#hl\k\eXle^iXedXjZXie[\chl\dXem`efkf[f\c
[X#dXiXm`ccXe[fZfe\ccfXcfj`e[`fj(0%
D\eZ`fef \jkf gfihl\ \c :fe[\ [\ cX >iXeaX# [\e`k`mXd\e$
k\#efXj`jk`X\jkXck`dXZ\c\YiXZ`e%Lefjd\j\jXek\j#\e
X^fjkf[\(-.'#8ekfe`f[\Fm`\[f_XYXj`[fcc\mX[fgi`j`fe\$
ifXC`dX#j\c\_XYXeZfejZX[fjljY`\e\jp[\jk`kl`[f[\jl
ZXi^f[\Zfii\^`[fi%CXd\[`[XiX[`ZXcm\eX[\cgifg`fm`ii\p

c}qXifZfc\ZZ`fe`jkX

gl\j#g\j\Xjlji\`k\iX[Xj[`jgfj`Z`fe\j[\gif_`Y`icfjZil\c\j
kiXYXafj]fiqfjfjd`kX [\cfj`e[`fj\ecXjd`eXj[\Gfkfj#\c
Zfii\^`[fi[\cXM`ccXi\jgXc[X[fgficfjd`e\ifjpcfjXqf^l\$
ifjcXj_XYX[\jfY\[\Z`[ff`dgl^eX[fZfed`cXi^ld\ekX$
Z`fe\j)'%M\cXe[fgfi\cY`\e\jkXi]j`Zfp\jg`i`klXc[\cfj`e[`fj#
\c*[\]\Yi\if\cg`X[fjfm`ii\pZfed`eXYXXFm`\[fp?\ii\iX
X[m`ik`e[fc\gfi\jZi`kfhl\j`\cJi%;feCl`jefj\_XccXZfe
]l\iqXj[\gf[\ile`i\cj\im`Z`f[\jlDXa\jkX[Zfe\cXc`m`f[\
cfj@e[`fj#j\i}d\afihl\[\a\\cfZ`f#gfihl\[\fkiXjl\ik\
Xii`\j^XjlZfeZ`\eZ`X\edXk\i`X^iXm\p\jZilglcfjX)(%
<jk\`eZ`[\ek\\eki\\c:fe[\[\cX>iXeaXp\c:fe[\[\C\dfj
efklmfdXpfikiXjZ\e[\eZ`X%8cZfekiXi`f#kiXjcXdl\ik\[\c
m`ii\p\e(-.)#\c:fej\af[\@e[`Xji\gljfXFm`\[fp?\ii\iX
\ejlXek`^lfZXi^f[\Gfkfj%CXM`ccX@dg\i`Xc\iX]XdfjXef
jcfgficXXYle[Xek\i`hl\qX[\jl:\iif[\GcXkX#j`efgfi
cfjjXe^i`\ekfj\e]i\ekXd`\ekfj\eki\M`ZlXjpMXjZfe^X[fj))
hl\gfcXi`qXYXeXcXZ`l[X[%8[\Z`im\i[X[#ZfecXcc\^X[X[\
Fm`\[fp?\ii\iXj\`eXl^li\eGfkfjleg\i`f[f[\hl`\kl[
pgXq%<c:fe[\[\cX>iXeaXj\i\ecfj}e`dfjm`fc\ekfj[\cXj
eXZ`fe\jXcc\e]i\ekX[XjZfeleXXek`^lXp\jkiXk^`ZXXidX
[\e\^fZ`XZ`e1]fd\ekeld\ifjXjXc`XeqXjdXki`dfe`Xc\jf
ZXjXd`\ekfj[\j\fiXjg\ilXeXjZfemXjZfe^X[fj`cljki\j)*%
<cgifg`f:fe[\[\cX>iXeaXhl\\iXleZXYXcc\if[\XdX$
Y`cj`dXjgi\e[Xj#gil[\ek\#Zfikj#^Xc}e#[`jZi\kfp_\idfjf
[\ZXiXj\[\jgfjZfe[fXJ`e]fifjXCg\q[\<Z_XYlil#
leXc`d\XZi`fccX [\XcZlie`Xhl\j\iXdlpZi`k`ZX[X\ecX
M`ccX @dg\i`Xc gfi jlj XZk`kl[\j XckXe\iXj ]i\ek\ X cX efYc\qX
gifm`eZ`XeX[\cfj8e[\j%G\j\X\ccf#kiXjeXc`qXijlj\^le[f
g\i`f[fZfdfZfii\^`[fi\eGfkfj#Fm`\[fp?\ii\iXi\Z`Y`
mXi`fji\ZfefZ`d`\ekfjp]Xmfi\ji\Xc\j%<e(-/+j\c\`dgljf\c
_}Y`kf[\cXFi[\e[\JXek`X^f#\e(-0'j\c\ZfeZ\[`\ckklcf
[\:Xjk`ccX[\:fe[\[\cX>iXeaX#]l\Zfejlckfi[\cm`ii\pD\c$
Z_fi[\EXmXiiXpIfZX]lcc#;lhl\[\cXGXcXkX(-/0$(.', #]l\
Zfii\^`[fi[\?l}elZf(.'($(.', p#\eki\fkifjZXi^fj#Zlckfi
[\c\kiXj(.'0$(.(' \ecX8ZX[\d`X[\GXcXZ`f[\cm`ii\pDXi$
hlj [\ :Xjk\c[fji`lj# [fe[\ cfj gf\kXj cf kfdXife gfi al\q
[\e`k`mf[\cgf[\i`ejg`iX[f[\cXjdljXj)+%
<ejlGf\dX?\ifpZf#\c:fe[\[\cX>iXeaX[\jZi`Y\cXm`[X[\
cXjXekXc`d\XZfdfgXik\[\leXk\f[`Z\XZfjdfc^`ZX\ecX

(-,

, Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%;`Ylaf[\c:Xekfm%
=le[XZ`eC}qXif>Xc[`Xef#9`Yc`fk\ZX%
,Y 9\e\[`ZkXIfjX[\JXeZkXDXi`X%
>iXYX[f[\AlXe9Xlk`jkX9XiY\
(,./$(-+0 %

hl\gl^eXYXecXj]l\iqXj[\cY`\ep[\cdXc),%Lk`c`qXe[fleX
i\ki`ZX gif]k`ZX `dg\i`Xc# `[\ek`ZX cX Zfehl`jkX [\c G\i
ZfeleXc\p[`m`eX[\Zfdg\ejXZ`e_`jki`ZX%D`\ekiXjcX<l$
ifgXZi`jk`XeX\iXXkXZX[XgficfjcfYfjj\ZkXi`fj[\cgifk\j$
kXek`jdf#cX@^c\j`X_XYXgf[`[fkiXjcX[Xijl=\XleEl\mf
Dle[f)-% Cfj \jgXfc\j X[hl`i`\ife d`ccfe\j [\ k\jfifj p
Zfehl`jkXifed`ccfe\j[\_fdYi\jgXiXhl\};`fj#pXcI\p
ZfedXj[\Z\eZ`X&j\[`cXkXj\\cZlckf#pcXfY\[`\eZ`X:Xekf
@%FZkXmXcoo`` %Gfij\icfj]iX`c\j[fd`e`Zfjcfjgi`d\ifj\e
j\dYiXicX[fZki`eXZi`jk`XeX\e\cG\i#kXcZfdfcf\a\dgc`$
ZX\c\e]i\ekXd`\ekf[\cgX[i\MXcm\i[\Zfe\c@eZX8kX_lXcgX
`1cooom` #;`fjcfj_XYXgi\d`X[f_XZ`\e[fhl\[\ckifeZf
[\jlfi[\ei\c`^`fjXYifkXiXleXIfjX[`m`eXhl\eXZ`\ecX
:`l[X[[\cfjI\p\j\eC`dXgXiXZfem\ik`icX\ecXel\mX
GXki`X[\c:`\cf).%<jkf\ogc`ZX\cgi`d\i[`Ylaf[\cdXeljZi`kf
XceXc[\c:Xekf```1cXZilqfi[\c`jX[X[\c\jZl[f[\cXfi[\e
[\jXekf;fd`e^f[\>lqd}e^%) %
;\j[\jl:Xekf@#cXjZl`[X[fjXj[\jZi`gZ`fe\jhl\\c:fe[\[\
cX>iXeaX_XZ\[\cX:`l[X[[\C`dX[\cXkXejl[`jZlijfi\`m`e$
[`ZX[fiZi`fcc`jkX)/%8hl\cgf\kXc\j`^l\cfjgXjfjXcfjZife`j$
kXjZfem\eklXc\j[\cG\ikXc\jZfdf\cd\iZ\[Xi`fDXike[\
DliX#\c]iXeZ`jZXef]iXp9l\eXm\ekliX[\JXc`eXjp:i[fYX
f\c[fd`e`Zf]iXpAlXeD\ce[\qhl`\e\j\dgc\XifecX\oXc$
kXZ`e [\ cXj ^iXe[\j Z`l[X[\j [\ \jk\ i\`ef# gfi ef d\eZ`f$
eXijl^\f^iX]XeXkliXc#Zfdfi\Zlijfc`k\iXi`fgXiXi\XcqXiXc
Xd\i`ZXefpi\jgfe[\iXc[\jgi\Z`fpgi\al`Z`fj[\jmXcfi`qXe$
k\jXcfjhl\\cZi`fccf\iXjfd\k`[fgficfj\lifg\fj)0%Cf[`Z\
[fe D`^l\c E\q \e cX :\ejliX Xc c`Yif [\ Fm`\[f p ?\ii\$
iX1\cXgcXl[`icXjgif[`^`fjXjm`ikl[\j[\cX^cfi`fjXM`i^\e
JXekXIfjX[\cG\iRT\jcfd`jdfhl\\oXckXiXkf[fXhl\c
I\pef#pj`e^lcXid\ek\XcX:`l[X[[\C`dX#]\Zle[XZfeZ_X
[\\jkXd}jg\i\^i`eX[`m`eXg\icX%JlZ}c`[fZc`dX\e`^lXc
\jkXZ`ej`\dgi\fi`[X pjljeld\ifjfjaXi[`e\jp_l\ikXj
`1oo`` _XZXe[\C`dXleXI\glYc`ZX=cfi`[X%Jljd}j[\
Z`eZl\ekXk\dgcfjXcXjfi`ccXj[\cfglc\ekfifIdXZ#i\gc\kfj
[\X[fiefj[\fifpgcXkXp[\ZfiX[fjZfei\kXYcfj[\DXike\q
DfekXjpg`ekliXj[\8e^\c`efD\[fif`1oom`` i\\aXYXe
cXfglc\eZ`X#cljki\pY\cc\qX[\cXZ`l[X[%8ckiXjcX[Xij\\cZi`j$
k`Xe`jdf[\:Xjk`ccXXC`dXcXi\c`^`ej\_XYXdlck`gc`ZX[f\e
]\imfipi`hl\qX1<c8iX#pcX<Zc\j`}jk`ZXgli\qX1&jl[fZkf

(--

:c\if\j[\cX=XiZ_`mf#&pZX[XI\c`^`fjfk\dgcfm`mf`1
ooo``` %Cfjd`c\j[\]iX`c\j#dfeaXjpY\XkXjhl\m`mXe\e\jkX
d`c`kXek\el\mXA\iljXc\d_XZXeZfifZfecX@^c\j`Xki`le$
]Xek\`1ooo```` *'%8hlm`mXecfjZi`fccfj#[\jZ\e[`\ek\j[\cfj
Zfehl`jkX[fi\j# \e gXcXZ`fj \jgce[`[fj [fe[\ j\ clZXe jlj
_\if`ZfjYcXjfe\jefY`c`Xi`fj`1oom```$ooo %GXiXcfjc`d\fj
efXp}jlj_`afjXik\##jZ`\eZ`X\okiXX#&hl\efXgli\eZfe
]XZ`c\og\i`\eZ`X#&kXem`mfjcfhl\\jkl[`XeZfdgi\_\e[\e#&
hl\@e^\e`fjfjd\afiXecfhl\Xgi\_\e[\e`1ooo` %<e\e$
k\e[`d`\ekfj`eZcljfjlg\iXYXeXcfj\lifg\fj1
J`\e<lifgXjXqfeX\ek\e[`d`\ekfj
cX\[X[#XhlXjlZlijfX[\cXekX[fj#
hlXe[fXcc}Xg\eXjjXY\eil[`d\ekfj#
j\_XccXe\e]XZlckX[\j^iX[lX[fj1
efj\ZfefZ\`e]XeZ`X\ejljkXc\ekfj#
gl\j[\jlgifg`f`e^\e`f[fZki`eX[fj#
XgliXe[fXcXjjZ`\eZ`XjXg_fi`jdfj#

[XjfYi\ZfcldeXjZX\jfYi\\cgfikegi`eZ`gXcp\eZ`dX[\cX
Zfie`jX_XpleXYXcXljkiX[X[\dX[\iXkfie\X[X%<ecXk\iiXqX
[\cXZXjX_Xpleg\iifpgXi\Z`\iXhl\\jk}lY`ZX[XjfYi\leX
gcXkX]fidX\c\mX[X%;\j[\Xccj\m\ecXjXckXjgXi\[\j[\leX
ZfejkilZZ`eX[alekXp\c_l\ikfZ\iiX[f#XcfkifcX[f[\cXZXcc\#
[fe[\j\\eZl\ekiXcXjXekX\eki\[fj}iYfc\j]ife[fjfj%@d`$
kXe[fXjXekX:XkXc`eX[\J`\eXpXcfjGX[i\j[\c[\j`\ikf#IfjX
j\_XZfejkil`[fXc]fe[f[\caXi[eleXg\hl\X\id`kXf
e`Z_fj`cm\jki\gfiZ`kXiXFm`\[fp?\ii\iXZfeleXi^`$
[XXid\iX`m1oc`o %J\i\]\iXXhl\1X[fieXejljgXi\[\j
Zfe\i\qX&`ejkild\ekfjXidX[fj[\i`^fi\j#&hl\[\ifdg\i
jljm\eXj\jkXeifafj#&pXc^lefj^lXi[Xe[\cXg`\c[\jgfafj
`m1ocm``` %;\[`ZXmXi`Xj\jkif]Xjgfid\efi`qX[XjXcXj_\if`$
ZXj dfik`ZXZ`fe\j ZfigfiXc\j X cXj hl\ IfjX j\ jfd\kX [`X$
i`Xd\ek\**#efjcfgXiXc`Y\iXiXcXcdX[\cXgi`j`e[\cZl\igf
j`efgXiX\og`Xicfjg\ZX[fjgYc`Zfj\eleZc`dXjfZ`Xcpgfc$
k`Zf[\Zi\Z`\ek\Xej`\[X[\jZXkfc^`ZX%>XeX[XgficXZXi`[X[#
IfjXkiXej]fidXjlZXjX\eleX\e]\id\iXgXiXgfYi\jp[\jmX$
c`[fj`m1oo`m pjl;`m`ef<jgfjfc\ZfeZ\[\hl\jljdfik`$
ZXZ`fe\jefj\dl\jki\e\ejlj\dYcXek\1Xek\jZfej\imX\ejl
m\i[fi]iX^iXek\#&RTcX_\idfjliX\ek\iX#&Zfdfj`ifjkif[\
fkifZl\igf]l\iX`m1Z` %<c^iXYX[fd\o`ZXef[\=iXeZ`jZf
J`cm\i`fYli`cX[fgXiXcX\[`Z`eefmf_`jgXeX(.)0 [\cGf\dX
?\ifpZfi\gi\j\ekXXcXY\XkXc`d\X]i\ek\XjlaXi[eZfecX
d`jdX\id`kX[\]fe[f%Ek\j\\ci\kiXkf[\c:fe[\XcZXcZ\[\c
dXiZf[\ifZXccX#[\ZfiX[fZfe]ilkXjXd\i`ZXeXj^%+ %

kf;fd`e^f[\C`dX%8c]fe[f#YXafleXd\[`XZglcX[\\jk`cf
i\eXZ\ek`jkX#j\i\ZfefZ\jlXckXidXpfiYXiifZf[\[`ZX[fXcX
M`i^\e[\cIfjXi`f%<ecXYm\[X[\cZilZ\if_XpleZlcf#pfkif
\ecXYm\[X[\cXeXm\%yjkX[\jZXejXjfYi\ZfcldeXjkfjZXeXj
j`e\jkiXjhl\k`\e\eg\[\jkXc\jmfcld`efjfjZfe[\ZfiXZ`fe\j
^\fdki`ZXj%CXj[fjZfcldeXj[\c]fe[fZ\iZXeXjXcXZXg`ccX
`eZcljfjfjk`\e\ecfjXiZfj[\cfjYiXqfj[\cZilZ\if%CXjXekX
c`d\X#Xiif[`ccX[XjfYi\\cd}idfcXa\[i\qX[f[\ck\dgcf#\jk}
Zf^`[X[\cXdXef[\le_fdYi\hl\`ek\ekXc\mXekXicX%

<cj\ek`[fkiXej_`jki`Zf[\jljg\e`k\eZ`XjXpl[XX\jZcXi\Z\i
\c[`Ylaf[\c:XekfM^%, %CXZfdgfj`Z`e\jk}[`m`[`[X\e
[fjgXik\j%LecX[fj`dlcX\o_`Y`i\c`ek\i`fi[\cX`^c\j`X[\JXe$

Ef \j [`]Z`c X[`m`eXi cf hl\ \c [`YlaXek\ k\eX \e d\ek\% CX
\jZ\eX [\ekif [\c k\dgcf [\ JXekf ;fd`e^f ^iXZX cX cXi^X
[\jZi`gZ`ehl\\c:fe[\[\cX>iXeaX_XZ\[\cd`cX^if[\cX
`edfm`c`[X[ [\ cX jXekX m1 oZ```# oZm``$Z`` % 8kfid\ekX[X
gficXm`fc\eZ`XZfecXhl\jldX[i\gi\k\e[XZXjXicXm1o```
pom``` #cXjXekXc\il\^XXjl_\idXefhl\cXcc\m\XcXd`cX$
^ifjX\^`\[\cXM`i^\e[\cIfjXi`fXek\cXZlXcIfjXhl\[X
XiifYX[X\eokXj`jZfek\dgcXk`mfm1oZ$oZ``` pjlZl\igfgX$
iXc`qX[f1Zfej`[\iXj\\edXidfcZfem\ik`[X#&pleX\jkXklX
mXZ`X[X\ejldf[\cf1&pj`jlZ_i`jk`Xe[X[efcf`dg`[`\iX#&

,Y

[`jZglcfjgXi\q\e[\jd`jdfj%`1ooo`` %

:fdfXi^ld\ekfZfdgc\d\ekXi`f#\c:Xekf``j\Z\ekiX\ecX
Gi`d\iX@e]XeZ`X[\cXjXekXc`d\X%PX[\j[\e`X#\em\q
[\Zf[`Z`Xicfjal^l\k\jhl\cfje`fj\lifg\fjljXYXegfi
gXjXk`\dgf# \ccX jcf k\eX \jkXdgXj# Zilq\j p ifjXi`fj ``1
m` %I\j`jkXcXj^iXm\j\e]\id\[X[\jpcfj[fcfi\j]j`Zfjhl\
gX[\ZXZfdfj`]l\j\ei\^Xcfj[\c:`\cf``1oom``` %8ek\j[\
cfjfeZ\XfjpXj\_XYXZfikX[fcfjZXY\ccfjpkfdX[f\cmfkf
[\ m`i^`e`[X[ g\ig\klX ``1 com``$coo```2 coom`$coo`o % Cfj
i`^fi\j[\jlm`[Xg\e`k\eZ`XcXeleZ`Xe\cj\^le[f[`Ylaf[\c
gf\dX#lY`ZX[f\e\c:Xekf`m[\cdXeljZi`kf^%* %
<jk\Yfjhl\af#Zfem`jfjd`e`Xkli`jkXj#Xc`^lXchl\cXj[fj`clj$
kiXZ`fe\jj`^l`\ek\j#m`\e\\edXiZX[f[\ekif[\led\[Xcce%
Dl\jkiXcXZXjX`dX^`eX[X[\cfjgX[i\j[\cXjXekX#[fe[\\ccX
m`m`^iXegXik\[\jlm`[X%JlkiXqXfi`^`eXc]l\[\jkil`[X\e
(--0ZlXe[f\c:XY`c[f[\cXZ`l[X[ZfdgijlZXjXeXk`mX
gXiXZfem\ik`icX\eZXg`ccX*(%;\df[fhl\\c[`YlaXek\`ek\igi\$
kXle\jZ\eXi`fgifYXYc\gXiXcXjXekX%Dl\jkiXle\[`Z`f[\
[fjg`jfjZfeled`iX[fi\ecXXqfk\X%CXjgXi\[\j\ok\i`fi\j
\jk}eg`ekX[XjZfdfjfcX_XZ\ij\\ecXC`dXXek`^lXj`dl$
cXe[fXcYX`c\iX[\g`\[iX*)%LeXk\Z_ldYi\[\dX[\iXXgfpX$

^ f pX  * ) .   X f  ) ' ' 0

c}qXifZfc\ZZ`fe`jkX

CXj\^le[Xd`kX[[\c[`Ylafk`\e\leZXi}Zk\iXc\^i`Zf$\d$
Yc\d}k`Zf% <e le gi`d\i gcXef# Zfdf jljg\e[`[X \e \c X`i\#
_XpleXeZcX%CXZ`iZle[XleifjXi`f#cXZ`\leXZfifeX[\
ifjXj p \jg`eXj# cX i\dXkX fkiX ZfifeX p cX \eki\ZilqXe leX
gXcdX [\ dXik`i`f p leX XqlZ\eX [\ gli\qX% JfYi\ \c XeZcX
[\jZXejXle\[`Z`fdfeld\ekXcZfejkil`[f\eg`\[iX#gif$
g`f[\cXXihl`k\ZkliXgXcXZ`\^X\jgXfcX[\cj`^cfom``%K`\e\
^`^Xek\jZfjg`e}Zlcfjg`iXd`[Xc\jpgi\k\e[\\mfZXicXkiXqX
`dX^`eXi`X[\cX:Xk\[iXc[\C`dX#`[\ek`ZXYc\gfijlj[fj
kfii\j^\d\cXj%;\ki}j[\cXeZcX_XpleXckXijfYi\\chl\[\j$
ZXejXecXj[fjZfcldeXj`dg\i`Xc\j[\?iZlc\jZfe\cc\dX
GcljLckiX%8cZXcZ\[\c[`YlafleXc`dX#gi\j\ek\\eXc^lefj
\jZl[fj[\XidXj[\cX:`l[X[[\cfjI\p\j#\d\i^\[\cfZX$
ef%8cXjX^lXj[\jk\ck`df_Xcc\^X[fleXd\eXqXek\^X$
c\ehl\gXi\Z\\jZfe[\ij\[\ki}j[\cXjZfcldeXj[\ck\dgcf
[\JXekf;fd`e^f[\C`dX%

(-.

\ejXc^leD\kXdfig_fj`jk\d`\iXm1oZm`` %Cl\^f#\cml\cf
[\leXdXi`gfjXYcXehl`e\^iXc\i\m\cXXIfjXhl\\ccX[\YX
m\jk`i\c_}Y`kf[\jXekf;fd`e^f[\>lqd}em1Zm %Gfief
gf[\i\m`kXihl\IfjXYljZXj\cXZcXljliX*+#ClqY\c\em\e^Xe$
qXXd\eXqXZfe[\jkil`igfiki\jmXj[`jk`ekXjXcfji\`efjZXk$
c`Zfj[\cG\i1XeleZ`X\ci\kfief[\c@eZXm1Zom``$Zom``` #cX
`emXj`e[\cfjg`iXkXj_fcXe[\j\jpcX[\cfj`e^c\j\jXcgl\ikf
[\c:XccXf*,#ZlpX[\jZi`gZ`ej\gfid\efi`qX\ecfj:Xekfjo
po`%;\FcXe[X_[\kiX\i#@e^cXk\iiX&XidXj#p[f^dXj#
hl\ZfecfXck\ief&[\cX<jgXfcXjXe^i\m`\ikXedXi\j#&hl\
Xe\^l\ecfj:Xk_fc`Zfj8ckXi\jm1Zo`o %
CXd`kX[\dYc\d}k`ZX[\c[`Ylafi\jgfe[\X\jkX`ek`d`[XZ`e
[\c[\dfe`fZfeled\ejXa\`dg\i`Xcki`le]Xc`jkX%<ecXkiX[`$
Z`eZi`jk`XeX#\cXeZcX\j\cjdYfcf[\cX\jg\iXeqXfcXjXcmX$
Z`e?\Yi\fj-#(0$)' pXek\j[\hl\IfjX]l\j\Y\Xk`ZX[X
kXcZfdfj\Zfdgil\YX\ecX\jkXdgX[\c^iXYX[fiXd\eZf
AlXe9Xlk`jkX9XiY\(,./$(-+0 pXj\cXi\gi\j\ekXYXZfejkX
\e cX dXef gXiX j`^e`ZXi jl ]leZ`e i\[\ekfiX gXiX Zfe jl
Z`l[X[eXkXc*-^%,Y %CXjZfcldeXj[\?iZlc\jjfYi\\cXckXi
\oXckXecXeXkliXc\qXXgfjkc`ZXpd`j`fe\iX[\cXdfeXihlX
_`jgXeX\e@e[`Xj%<chl\IfjXcc\^XiXXcfjXckXi\j\iXkXdY`e
cXd\afi^cfi`X[\cGXkifeXkfI\^`f#\ccX\iX\cGcljLckiX[\jlj
XidXji\Xc\j%<jk\j`dYfc`jdf`dg\i`XcjfYi\m`m`\ecX\jkXd$
gXXc\^i`ZXhl\XZfdgXcXgi`d\iX\[`Z`edX[i`c\X(.(( 
[\cGf\dX?\ifpZf^%- %8hlXgXi\Z\\c:fe[\[\cX>iXeaX#
ZfejlgcldX[\\jZi`Y`i\eXckf#Xiif[`ccX[fpXYjfikfXek\cX$
^liX[\Xd\[`fYljkf[\cXY`\eXm\ekliX[Xc`d\Xhl\\d\i^\
[\leifjXcjfjk\e`[fgfileX`e[`X[\jel[X#Zfeg\eXZ_f[\
gcldXjpZXiZXa%CX`e[`X#j`^l`\e[f\cdf[\cf[`]le[`[fgficX
@Zfefcf^X(,0* [\:\jXi\I`gX#g\ijfe`ZXX8di`ZX2pIfjX#
XcXel\mX\jg`i`klXc`[X[Zi`fccX%CXc`d\Xcc\mX\eleXdXefXc
E`fA\jj[\ekif[\leX^l`ieXc[X[\ifjXjpfc`mXj#lea\if$
^cZfXclj`mfXjlj[\jgfjfi`fjdjk`Zfj`o1cooo$cooo`` 
pXjlfi`^\eXd\i`ZXef*.%<ecXfkiX#gfikX\cXeZcXZfecXdX$
hl\kX[\cXZ`l[X[[\C`dX%
<e\c[`Ylaf[\c:Xekfm`^%. j\\eZl\ekiX\cd\fccfk\d}k`$
Zf[\cGf\dX?\ifpZf#hl\`eZcljfj\\ok`\e[\Xc:Xekfm```p`o%
LeXjl\ik\[\YXc[Xhledfeld\ekXc#j`klX[f\egi`d\igcXef#
c\ _X g\id`k`[f Xc [`YlaXek\ \edXiZXi leX m`jkX gXefi}d`ZX
[\Hl`kfcXgi`d\iX:`l[X[[\cG\i]l\iX#&}ef_Xm\ij`[f
C`dXcXgi`d\iXm`1`o %LeXcXi^XXcXd\[Xj`im\[\`e^i\jfX
cXZ`l[X[[fe[\j\[`m`jXeeld\ifjXjZXcc\j#ZXjXj#^\ek\#m\$
_Zlcfj#Zfem\ekfjpcXZglcX[\ZilZ\if[\leX`^c\j`X%8cX
[`jkXeZ`XjfYi\jXc\leXXihl\iXhl\gf[iX]fidXi\c\jgXZ`f
[\cXGcXqXDXpfip#kiXj\ccX#kfii\jj\d`[\jkil`[Xjf\eil`$
eXjYXafcfj_ldfje\^ifj[\cG`Z_`eZ_X#\cmfcZ}e\e\ilgZ`e
ZlpXZXgXZ`[X[[\jkilZkfiXm`1oo``$oc`m j\ZfdgXiXYXZfecX
YfZXd`jdX[\c@e\iefm1Zom``` %
8ccX[f`qhl`\i[f#XcXj]Xc[Xj[\cmfcZ}e#_XpleXZXjXZXdg\j$
ki\[\k\Z_fj`eZc`eX[fjpYXcZfe\jZfii`[fj%;\j[\Xccj\[`$
m`jXcXZXm\ieXhl\i\dXkX\cifZfjfZ\iif[\cmfcZ}em`1oo`` 
[fe[\ m`m\ fZlckf 9`cZXfdX# \c Jldf JXZ\i[fk\ [\ cfj `eZXj%

(-/

8ccdXek`\e\gi`j`fe\if#XkX[fXleg\e#Xc@eZXPlgXehl`#
\cck`dfm}jkX^f[\cfj@eZXj#iXdX`e]\c`q[\cI\XcG\ilXef
kifeZf% J\kiXkXYX[\cY`je`\kf#gfice\XgXk\ieX[`i\ZkX[\c
@eZX?lXpeX:XgXZm``1oZ$oZm`` #\cle[Z`df`eZXhl\j\^e
\c@eZX>XiZ`cXjf[\cXM\^Xgif]\k`q\ce[\c`dg\i`f`eZX`Zf
Xek\j[\cXcc\^X[X[\cfj\jgXfc\j%?lXpeX:XgXZ_XYXc\^X$
[fcXZ`l[X[[\c:ljZfXjl_`af?l}jZXi#pHl`kfX8kX_lXcgX
m```1c``` #g\ifgXiXk`\dgfj[\cXZfehl`jkX#\jkXYXe\e^l\$
iiX%ZX[X_\idXef&XidXjZfejg`iXZfekiX\cfkif`^lXc\j#&
efgfij\iI\p#j`efgfij\ik`iXef1&[`m`[`[f\c@dg\i`f\eki\
gXiZ`Xc\j#&gfiZ`eZfj`^cfjdXek\e`[f\emXef#&j\i`e[`Xc
cf[\\okiXe^\iX\jgX[X#&Xcm\icXgifg`XZfekiXj\dglX[X
m``1Z` %:fe\ccf]iX^d\ekXYXep[\Y`c`kXYXeXc@dg\i`fdX$
pfihl\_Xm`jkf\cJli#p\cFZZ\}efRThl\\eif[\Xijl^iXe
Z`iZld]\i\eZ`X\cGX[i\[\cXclq^XjkXYX\c[Xm```1```$`m %
KiXj\c\ok\id`e`f[\cX]Xd`c`Xi\Xc`eZX#9`cZXfdXj\]l^XX
Hl`kfZfePlgXehl`pj\i\]l^`X\e\cmfcZ}eG`Z_`eZ_X[fe[\
ClqY\ccffZlckXZfe\ce\m\eklXc[\i\Zlg\iXijlkifef#i\j$
gXc[X[fgfidck`gc\jkiX`Z`fe\jXci\p[\<jgXXpjlYc\mXZ`f$
e\j`e[^\eXj[\j[\K`\iiX=`id\_XjkX:_`c\*/%

>iXYX[f[\:c\d\ejGl`Z_\#gfi
[`Ylaf[\DXkXj[\@iXcX#hl\`cljkiX
cXgi`d\iX\[`Z`edX[i`c\X[\c
Gf\dX?\ifpZf#(.((%

<e\c[`Ylafhl\Zfd\ekXdfj#cXi\gi\j\ekXZ`e[\c@eZXPl$
gXehl`p[\9`cZXfdXi\Zf^\pdf[`ZX[\kXcc\j`dgfikXek\j
[\cgf\dX%:fecXjdXefjXkX[XjZfdfle<ZZ\?fdf#\c@eZX
\jk}j\ekX[f]i\ek\XcJldfJXZ\i[fk\hl\mXk`Z`eXjl]lklif
]i\ek\ X leX YfcX [\ Zi`jkXc% 8hl \c [`YlaXek\ j\ _X kfdX[f
leXZli`fjXc`Z\eZ`X`Zfef^i}ZXhl\[\cXkX\cfi`^\ec`k\iXi`f
[\cXZl\mX`e]\ieXc[\jZi`kXgfi\c:fe[\[\cX>iXeaX%<e\c
:Xekfoo```GXik\`` [\CX8iXlZXeX[\<iZ`ccX#le_\Z_`Z\if
`e[^\eXccXdX[f=`kej\mXc\[\leXYfcX[\Zi`jkXcfcl$
Z`\ek\\j]\iXgXiXc\\icX]lkliXm`Zkfi`X[\cXJXekXC`^X\e
cXYXkXccXeXmXc[\C\gXekfp[XiXZfefZ\icfjZfee\jle`m\i$
jXc\j[\c`dg\i`f_`jgXef*0%<e\cGf\dX?\ifpZf#9`cZXfdXXc
`^lXchl\=`kegiXZk`ZX\cXik\X[`m`eXkfi`f#dXjefZfeleX
YfcX[\Zi`jkXcj`efZfecfj@e[`Zfj8eeXc\j[\cfj@eZXj#cfj
hl`gljm``1cooom` 1

PXcfk`\e\X[m\ik`[fAfj[\cXI`mX8^\if#\ci\Zlijfc`k\iX$
i`f[\cmXk`Z`e`fgif]k`Zf[\c@eZXlk`c`qX[fgfi\c:fe[\[\cX
>iXeaXpfkifjgf\kXjg`Zfjm`ii\`eXc\j#]l\leXXgifg`XZ`e
Xd\i`ZXe`jkX [\ le c\`kdfk`m gifm\e`\ek\ [\ cX ci`ZX \lif$
g\X+(%8\ccfgl\[\XX[`ij\hl\\jkXi\ki`ZXgif]k`ZX`dg\i`Xc
j\Xek`Z`gXleX\o`kfjX`Zfef^iX]Xm`ii\`eXcg\ilXeX#[`]le$
[`[X[liXek\\cgi`d\ik\iZ`f[\cj`^cfom```#hl\k\eXleZcXif
kiXj]fe[fali[`Zfi\`m`e[`ZX[fipfZ`Xc`jkX%I\gi\j\ekXYXcX
Zifefcf^X[\cfji\p\j`eZXj#[\j[\DXeZf:XgXZ_XjkX\cc$
k`df@eZX8kX_lXcgX#j\^l`[fgficfjdfeXiZXj_`jgXefj#gfi
cf^\e\iXc[\j[\:XicfjM_XjkX=\ieXe[fm`%Kf[fjfjk\ekXYXe
\cKf`je[\FifjfYi\\cg\Z_f#kXcZfdfj\cfj\o_`Y\\e\c
c\f[\cX\jZl\cXZljhl\XZfej\imX[f\e\c9\Xk\i`fc`d\f
gXiX`e[`XjefYc\j[\[`ZX[fXcXM`i^\e[\:fgXZXYXeX^%/ %
<cXi^ld\ekf`Zfef^i}Zf[\]fe[f\iXZcXif1cXZfehl`jkXef
i\gi\j\ekgXiXcfj@eZXjleXilgkliX[\jl[`eXjkX`dg\i`Xc%
Kf[fcfZfekiXi`f#cfjdfeXiZXj_`jgXefj^liXeX_fiXZfdf
cfje`Zfjc\^k`dfj_\i\[\ifjXckklcf[\@eZXf\dg\iX[fi
[\cG\i+)%<jkXgifgl\jkX#Zli`fjXd\ek\#]l\XmXcX[Xgficfj
[\]\ejfi\j[\cfj`e[`fj[\\jk`ig\i\Xc#kXc\jZfdf\cgi\jYk\$
ifd\jk`qf[\cXZ`l[X[[\8i\hl`gXG\i #AlXeE\qM\cX
pI`m\iX#i\j`[\ek\\eDX[i`[\eki\(-0(p(-0,+*%<ecXkiXdX
[\cgf\dX#\c@eZXPlgXehl`k`\e\Xjl]Xmfi\c_X[fpcfjmXk`$
Z`e`fj[\GXZ_XZXdXZ#g\if\cgifg`f9`cZXfdXi\ZfefZ\hl\
cXGifm`[\eZ`X;`m`eXk`\e\gfim\i[X[\ifjlZ\jfiXlei\p_`j$
gXefhl\cc\mXi}gfi[`m`jXjXc:Xjk`ccfpXcC\em``1oo` %
Jfigi\e[\hl\\c:fe[\[\cX>iXeaXjcf`[\ek`hl\cX^liX
[\c`eZXZfecXkiX`Z`egfck`ZX%Hl`q}jj\[\YXXhl\\cd`jdf
Xfhl\Fm`\[fp?\ii\iXXii`YXcG\i(--. #j\ZXgklip
\a\ZlkXleXe[XclqccXdX[fG\[if9f_ihl\qhl\j\_XYX
_\Z_fXZcXdXi@eZXgficfj`e[`fj[\KlZld}e#\eXY`\ikf[\$
jX]fXci\p[\<jgXX++%G\j\X\ccf#cXgfjkliXali[`ZX[\ci\p
_`jgXef Zfdf @eZX [\ :Xjk`ccX \jk} Xjld`[X gfi \c Gf\dX
?\ifpZfZfdfgXik\[\jli\ki`ZXgif]k`ZXpki`le]Xc`jkXZi`f$

FYj\imXdfj[\cXeXlefjXeeXc\j#
hl\m}eXkXe[fXck`\dgf\eZ`\^fjel[fj
[\el\jkiXXek`^l\[X[ZcXifj]XeXc\j#
hl\j`emfq#e`ZXi}Zk_\i_XYcXedl[fj1

<e\jkfj_`cfj#pZfcfi\j?`jkfi`Xc\j1&ZfdfcfjlZ\[`[f#cf]l$
klif#&\eGX^`eXji\^`jkiX:\c\jk`Xc\j#&p\eZlckfj:XiXZk\i\j
Xc\ogi\jjfj#&Xek\j[\jlZ\[\i#c\\cfjjlZZ\jjfjFZkXmX
co``` % 9`cZXfdX lk`c`qX cfj ZfdgXj\j# d\[`fj ZiZlcfj# RpT
ZlX[iXek\jm`1c``` hl\\e\c[`Ylaf^liXeZfc^X[fjXc`e$
k\i`fi[\cX^ilkX#gXiXgiXZk`ZXicXXjkifcf^X\`ek\igi\kXicfj
gi\jX^`fj[\c@eZX?lXpeX:XgXZ%Jld}o`dfk\jfif\ecXZl\$
mX#i\jZXkX[fgfi\cgifg`f9`cZXfdX[\c:ljZf#jfecXj\jkXklXj
f Yljkfj fiXZlcXi\j hl\ Zfej\imXYX Zfe jlj Xkl\e[fj p [`m`$
jXj`dg\i`Xc\jfi`^`eXc\j[\kf[XcX[`eXjkX[\cfj@eZXjm``1
coo +'%8ek\\jkXj\^`\jef\jZlZ_Xj[\ekif[\\jj\9lckf
_l\Zf& [\jlj?XqXXji\jfeXi\c<Zf69`cZXfdXZfejlckX
XcXj\jki\ccXjpfY\[\Z\XcXmfqfiXZlcXi[\GXZ_XZXdXZgXiX

^ f pX  * ) .   X f  ) ' ' 0

-

.

Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%;`Ylaf[\c:Xekfm`%
=le[XZ`eC}qXif>Xc[`Xef#9`Yc`fk\ZX%

i\m\cXic\XPlgXehl`cfjfi^\e\j\_`jkfi`X[\cfj@eZXjjfY\iX$
efjpcX[\cfjdfeXiZXj\jgXfc\j#gXjX[fjp]lklifj#[\j[\cX
Zfehl`jkX_XjkX\cXf(.''%<jkX]\Z_X\j[\Z`j`mXgl\j\cdX$
eljZi`kf[\Fm`\[fp?\ii\iX\jk}]\Z_X[f\e(-0.#ZlXe[fXe
^fY\ieXYX\ci\p:Xicfj``#\cck`dfjfY\iXef\jgXfcd\eZ`f$
eX[f\e\cgf\dXm``1Z```$Zo %

c}qXifZfc\ZZ`fe`jkX

(-0

/ :ifefcf^X[\cfji\p\j`eZXj
j\^l`[X[\cX[\cfjdfeXiZXj_`jgXefj%
C`\eqf[\\jZl\cXZljhl\XZfej\imX[f
\e\c9\Xk\i`fc`d\fgXiX`e[`XjefYc\j
[\[`ZX[fXcXM`i^\e[\:fgXZXYXeX%
0

Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%;`Ylaf[\c:Xekfm``%
=le[XZ`eC}qXif>Xc[`Xef#9`Yc`fk\ZX%

ccX1cfj\jgXfc\j\ekiXifeRXc`dg\i`f`eZXTZfdf\eI\pef
g\ikliYX[f&jlZ\[`\e[fcfjPe^Xj[\:Xjk`ccX&Xhl`\e[fYc
\cG\iZl\ccfpif[`ccXm``1Z``` %
CX`Zfef^iX]X[\c[`Ylaf\e\c:Xekfm``\jkliYX[fiX^%0 %Gfi
jlk\d}k`ZX#gf[iXkiXkXij\[\lec`\eqfZljhl\f[\^iXe]fi$
dXkf%<c[`Ylafj`dlcXk\e\icXkg`ZXdfc[liXXe[`eX\egXe[\
fif[\eXc\j[\cj`^cfom``%<eXc^leXjmXi`Xek\j[`\Z`fZ_\jZXj
Xckfg\ilXeXj[\c@e\ief#jfYi\jljlg\iZ`\j\i\gi\j\ekXYXe
\jZ\eXj \eki\ cXj hl\ ^liXe _\Z_`Z\ifj `e[^\eXj Zfe Zl\i$
efj# XZfdgXX[fj gfi dj`Zfj Xe[`efj# Zfdf j` \ccfj ]l\j\e
cfjX^\ek\jj\Zi\kfj[\c[\dfe`f%J\kiXkXYX[\Zfdgfj`Z`fe\j
ZXk\hl`qX[fiXjXjfZ`X[XjXcXjZXdgXXj[\\ok`igXZ`fe\j[\
`[fcXkiXj`e[^\eXj%CX^iXe[`]\i\eZ`X[\\jkfjc`\eqfjZfe\c
[`Ylaf[\cdXeljZi`kf\eZl\jk`e\jhl\Xhl\c@e\ief\jk}
lY`ZX[f YXaf C`dX# \c cl^Xi [fe[\ ClqY\c _X Zfejkil`[f jl
kifef%<cgf\dXcf[\jZi`Y\Zfeclaf[\[\kXcc\j1\eiifjZX[Xj
Zlc\YiXjjfjk`\e\e#Xdf[f[\ZlXkifJXcfde`ZXjZfcleXj#
leX\efid\Zfie`jXZfe]ifekem``1m```$o` %JlYXc[Xhle\jk}
]fidX[fgfi\eZi\jgX[Xj\iXjp\em\q[\m`[i`\iXjk`\e\
Xk\iiX[fi\jfafj[\9Xj`c`jZfj%J\cXd\ekXYXClqY\chl\\jkX
k`\iiX8ljkiXcXcj`^cfXek`^lf`^efkXm``1oo``` ]l\j\\cck`df
YXjk`e[\jlpX[\ZX[\ek\DfeXiZ_`Xm``1ooo %Gfij`^cfj
Pe^Xj#pDfk\qldXj_}egfjkiX[f&jljZfifeX[Xj]i\ek\j
Xek\jljg`\j[}e[fc\ZlckfXkiXmj[\cjfcpcXcleXm``1oo```` %
G\if \c eXZ`d`\ekf [\ cX IfjX G\ilXeX _XYX _\Z_f XdXe\$
Z\ijlgifcfe^X[f`dg\i`f[\k`e`\YcXj%GXiXZfcdfcXZ`l[X[
[\C`dX_XYXkfdX[fXcXZi`fccXZfdfdf[\cf[\jXek`[X[p
ClqY\ck\dXcfg\fi%IfjX\iXcXDla\im\jk`[X[\Jfc[\jZi`kX
gfijXeAlXe<mXe^\c`jkX8gfZXc`gj`jo`` 1<c:`\cfleXDl$
^\id\i\gi\j\ekX&ZfdfcXhl\m`AfXe#gl\jfi\ZX&\eleX
IfjXkXeg\i]\ZkX#pgliX#&hl\XceXZ\iZfjk\kf[Xjl_\Z_liX
m``1ooo %<c:fe[\[\cX>iXeaXX[XgkXXjlgf\dX\ckg`Zf[\c
c`Yif+[\CX:i`jk`X[X[\]iXp;`\^f[\?fa\[X%8c\ek\iXij\[\c
eXZ`d`\ekf[\A\jj#?fa\[X_XZ\hl\ClZ`]\iZfemfhl\Xcfj
[`fj\j[\cXXek`^\[X[gX^XeXpXjlj\aiZ`kfjdXc`^efjgXiX
[\ZcXiXic\leX^l\iiXj`eki\^lXXcdle[f%GXiX\c:fe[\[\cX
>iXeaXIfjXR%%%TXceXZ\i#pXkiXjclqX&\ecXm`jcldYi\[\jlclq
gi`d\iX#&hl\\e\ccXleXjkifXcdle[fXdXe\qXm1m` %Gfi
\jk\dfk`mfClqY\cZfemfZXXcXj]l\iqXj[\cdXcgXiXj\dYiXi
ZXfj\ekf[f\cZfek`e\ek\Xd\i`ZXefm``1ooo``` 1

(.'

GieZ`g\j[\k`e`\YcXj#hl\\jg\iXdfj6
kXeml\jkiX#ZfdfdX\j\jkX`eali`X
p}ZfecX[`cXZ`ecX`iX`e]XdXdfj#
gl\jef\jk}jfYi\C`dXel\jkiX]li`X1
cfjZXcXYfqfj`e]\ifjifdgXdfj1
jlihl\e\cjlicfjdfejkilfj[\C`^li`X1
jXc^XecXjgcX^XjXXjjfcXicXk`\iiX
Zfek\dYcfi\j#Zfe_XdYi\j#g\jk\p^l\iiX%

JlZ\[Xhl\#X[`]\i\eZ`X[\cXjifjXj\]d\iXjdXiZ_`kXj\e\c
k`\dgf#cXjXekXZi`fccX\eZXieXYXcX@[\Xfi`^`eXc[\cXIfjX
:\c\jk`Xc%<ccXgi\^liXYXXcXDla\i[\c8gfZXc`gj`j\e\d`^X[\c
;iX^e`e]\ieXc+,%;\Y``dgXZkXidlZ_f\eEl\mX<jgXXhl\X
leXjXekXj\c\Xgc`ZXiX\oXZkXd\ek\\cd`jdfm\ijZlcf[\c8gf$
ZXc`gj`jhl\cfjgXe\^`i`jkXj[\cXM`i^\e[\>lX[Xclg\i\j\imX$
YXe\oZclj`mXd\ek\gXiX[\dfjkiXi\cZfek\e`[f\j\eZ`Xcd\ek\
d\o`ZXef[\\jkXgfik\ekfjXdXi`f]XeXXd\i`ZXeX+-%

Cfj [fj ck`dfj [`Ylafj [\c dXeljZi`kf \jk}e m`eZlcX[fj `e$


[`i\ZkXd\ek\%8ceXc[\c:Xekfm```_XpleZli`fjfi\kiXkf
\Zl\jki\[\cZfehl`jkX[fi=iXeZ`jZfG`qXiifXkXm`X[fZfeZXj$
ZfpXidX[liXXcXifdXeX^%(' %:XYXc^XjfYi\leYi`f$
jfZXYXccfYcXeZf[\cXi^Xjd\c\eXjhl\cc\mXleXckfg\eXZ_f
[\gcldXj%<c@eZX#i\ZfefZ`Yc\gfijlkfZX[fi\Xcpjlke`ZX
lebl [\ZfiX[XZfejdYfcfj^\fdki`ZfjkfZXglj #gi\j`[\
XjlXmXjXccX[fi\aiZ`kf%M`\e\XidX[fZfeXiZfp\Z_X%<e
\cgf\dXcfj`e[`fjZfe]le[\ecX^liXi\jgcXe[\Z`\ek\[\le
Zfehl`jkX[fiZfeXidX[liXZfecX[\le[`fj1Zi\\#Xcm\ic\#
el\jkif\o\iZ`kfX[d`iX[f#&hl\Xhl\cel\mfgfik\ekf\j[\
leX g`\qX# &alq^Xe[f j\i :XmXccf# p :XmXcc\if & Xc^le Yfi\Xc
\jgi`kl^l\ii\ifm```1coo```` %<c[Xkfcfi\Zf^\emXi`fjZif$
e`jkXj%<ejlZXikX`cljkiX[XXci\p=\c`g\``#\c\jZi`kfi`e[^\eX
>lXdXeGfdX[\8pXcX`eZcljfXj\^liXhl\ZlXe[f\c@eZXm`f
\ecXZ`l[X[[\:XaXdXiZXXcfjZXYXccfj\jgXfc\j#X[fieX[fj
Zfeil`[fjfjZXjZXY\c\jpm`jkfjfjg\eXZ_fj#ZXp[\cXe[XXc
jl\cfp_lpXk\iifi`qX[f+.%
<e\c[`Ylaf#ZfekfkXc[fd`e`f[\jlZXYXccf#G`qXiifcf^iXhl\
\cXe`dXc[\jZXej\jfYi\jljgXkXjkiXj\iXjpc\mXek\cXj[\cXe$
k\iXj\eXZk`kl[_\if`ZX#\eZfim\kX2leX`Zfef^iX]XXjfZ`X[X
XcXc`k\iXkliX\dYc\d}k`ZXYXiifZXpXcXk`gfcf^X[\ci\kiXkf

^ f pX  * ) .   X f  ) ' ' 0

(.(
0

\Zl\jki\`dg\i`Xc_`jgXef[`]le[`[XgfiIlY\ejpM\c}qhl\q#
\eki\ fkifj+/% <e \c El\mf Dle[f cfj i\kiXkfj \Zl\jki\j ef
]l\ife]i\Zl\ek\j_XjkX\cj`^cfom```%I\Zfi[\dfjhl\#j\^e
=iXeZ`jZf JkXjkep# cX gi`d\iX \jZlckliX \Zl\jki\ Xd\i`ZXeX
[XkX[\(.*0p]l\leX\^`\XZXYXccf[\ci\p=\c`g\m\cgi`$
d\ii\p9fiYei\Xc`qX[X\edX[\iXgfi\c\jZlckfic`d\f
9XckXjXi>Xm`c}e%=l\ZfcfZX[XjfYi\\cXiZf[\cgl\ek\XcX
\ekiX[X[\cX:`l[X[[\cfjI\p\j[fe[\g\idXe\Z`_XjkX\c
k\ii\dfkf[\(.+-#ZlXe[fZXpphl\[[\jkil`[X+0%;\\ccXkXe
jcf_XjfYi\m`m`[f\c[`j\f[\cdfeld\ekfi\gif[lZ`[f\e
leXgcXeZ_X[\d\kXc#hl\gfjk\i`fid\ek\]l\i\Z`ZcX[Xlk`$
c`q}e[fj\jli\m\ijfZfdfYXj\gXiXleXg`ekliXi\c`^`fjX[\
\jk`cfe\fZc}j`Zf,'^%(( %

('

Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%;`Ylaf[\c:Xekfm```%
=le[XZ`eC}qXif>Xc[`Xef#9`Yc`fk\ZX%
(( ;`j\f[\cdfeld\ekf\i`^`[f\e
C`dXXci\p=\c`g\m#i\Xc`qX[f\e(.*0
gfi\c\jZlckfic`d\f9XckXjXi>Xm`c}e#
p[\jkil`[f\e\ck\ii\dfkf[\(.+-%

CXi\gi\j\ekXZ`e[\G`qXiif\e\c[`Ylaf\j`dX^`eXi`Xpef
i\Xc%ClZ\le^iXedfjkXZ_fpefcXkg`ZXYXiYXiXcXfcXi^X[\
jljgi`d\ifji\kiXkfj\o`jk\ek\j^iXYX[fjpg`ekX[fjkf[fj
[\cj`^cfom``#jXcmfgfi\c[`jZlk`[fc\fi\g`ekX[fhl\\eZXY\$
qXcX>Xc\iX[\>fY\ieXek\j[\cG\iZfej\imX[X\e\cDlj\f
EXZ`feXc[\C`dXp[fe[\\cZfehl`jkX[fikXdY`e\jk}YXiYX$
[f,(%G`qXiif\eZXieX\cgifkfk`gf[\cjfc[X[fm`iklfjfZi`jk`Xef%
:feZ\cf\mXe^\c`qX[fip\jgi`kl[\^l\ii\ifjXekf#\c^iXe
G`qXiif \eXiYfcX Zfdf [`m`jX le :ilZ]\if \jkXe[Xik\%
<jk\?if\<jgXfcp:_i`jk`XefDXik\\j[\\cdle[fcX
dXpfi#pd\afigXik\m```1co`` %Jl^liXc\^\e[Xi`XgXi\Z\
]lj`feXij\gfidfd\ekfjZfecX[\cXgjkfcJXek`X^fDXkX`e$
[`fj#\cjfc[X[fXZXYXccfd}jZ\c\Yi\[\cm`ii\`eXkfg\ilXef%

('

(.)

<e(,*,j\XgXi\Z`d`cX^ifjXd\ek\jfYi\jlZXYXccfYcXeZf\e
\c:ljZfgXiXcf^iXihl\\c\aiZ`kf\jgXfcm\eZ`\iXXcXjkif$
gXj[\DXeZf@eZX%<e\cGf\dX?\ifpZfZfeG`qXiifkXdY`e1
9iXdX\cYifeq\#mfcZXe\jmfd`kXe[f#&Zfehl\}cfj`e[`fj
[\jg\[XqX R%%%T & Ifdg\e \c Xpi\# YXk\e cX ZXdgXX# & k\jkXj#
Zl\ccfj#pZi`e\j\i`qXe[f#&cXZfc\iX#\c\jgi`kl[\<jgXX&m}e
gfifafj#pYfZXj\jgldXe[f1&_lp\ecfj`e[`fj[\jl]fidX\o$
kiXX#&p\ecX]l^Xcfjm}eXkifg\ccXe[fR%%%Tm```1oZ```$oZm` %
Jlm`Zkfi`Xd`c`kXi\iX#X[\d}j#le`ejkild\ekf[\cXGifm`[\e$
Z`X [`m`eX% CX ZXgkliX [\c k`i}e`Zf 8kX_lXcgX c\ Xii\YXkXi}
g\ig\klXd\ek\Xcfj[\jZ\e[`\ek\j[\c@eZXjl[\i\Z_f[\jl$
Z\j`e`dg\i`Xcm```1Zoom` %<cd\ejXa\\j\m`[\ek\1g\j\Xhl\
cfj`eZXjklm`\ifem`jcldYi\j[\cXgi`d\iXZXljX[`m`eXm``1
oZ`m #]l\ifeX[fiX[fi\j[\[fcfjp;`fjcfjZXjk`^ZfecX
Zfehl`jkX\jgXfcX%<jkfefj`^e`ZXYX#\dg\if#Zfdfcfjfj$
k`\e\emXi`fj_`jkfi`X[fi\j_`jgXefj[\cj`^cfom`hl\#XZXljX
[\jljgifg`fjg\ZX[fj#cfjgifg`fj\jgXfc\jefgl[`\iXej\i
m\eZ`[fjgfifkifjgl\Ycfj`e\c\jf^\ekc`Zfj,)%
;\j[\leXg\ijg\Zk`mXd`kfgfk`ZXZi`fccXm`ii\`eXc#\cefm\ef
pck`df[`Ylaf\j#hl`q}j#\cd}jj`^e`ZXk`mf[\kf[fj^%() %
Dl\jkiXXcXjXekXc`d\XXiif[`ccX[X\eleX_l\ikX#\eki\if$
jXjpXm\j#Xek\leXXgXi`Z`e[\cEXqXi\efhl\gfikXleXcXi^X
Zilqpgfk\eZ`XjjfYi\jlZXY\qX%KiXj\ccX#\efkiXZfc`eX#le
gXjkfiZl`[XXjljfm\aXjZ\iZX[\leX]f^XkX%9XaXe[fcXcfdX
_Xplegl\ek\[\ki\jXiZfjgfi[fe[\gXjXleZXl[Xcfjfif1\c
IdXZ%IfjX[\Y\\jkXiXcXjX]l\iXj[\cXZ`l[X[[\cfjI\p\j%

((

^ f pX  * ) .   X f  ) ' ' 0

c}qXifZfc\ZZ`fe`jkX

(.*

()

<c[`Ylaf[\cgf\dXi\kfdXcXk\j`jjl^\i`[Xgfi:i`jkYXc
:fcephl\]l\iX\cXYfiX[Xgfi\cZi`fccf8ekfe`f[\C\e
G`e\cf\ejlGXiXjf\e\cEl\mfDle[f(-,' %CXlY`ZXZ`e
^\f^i}]`ZX fi`^`eXc [\c <[e G\i[`[f \iX cXj @e[`Xj FZZ`$
[\ekXc\j p \c 8iZX [\ Ef _XYX XeZcX[f \e \c G\i,+% <jkf
j`^e`]`ZXYX#kXcZfdfj\Xi^ld\ek\e<lifgX[\jglj[\cX
<[X[[\c;\jZlYi`d`\ekf#hl\\c[`clm`fLe`m\ijXcef_XYX
[\jkil`[fXcAXi[e[\c<[e,,%Efjcf\ccf%J\^e\c]iX`c\
[fd`e`Zf ]iXp 9Xikfcfd [\ cXj :XjXj# \eki\ cXj m`ikl[\j
eXkliXc\j[\cfj`e[`fj[\cEl\mfDle[f\jkXYXecXdXe$
j\[ldYi\#j`dgc`Z`[X[#_ld`c[X[#gXqphl`\kl[\ekXeXckf
^iX[fhl\efgXi\ZXj`efhl\8[}eef_XYX\e\ccXjg\ZX$
[f1\j[\Z`i#hl\\ccfj[XYXecX`dgi\j`e[\\jkXic`Yi\j[\
cXdXeZ_X[\cg\ZX[ffi`^`eXc,-%J\^e\ck\jk`dfe`ffkfi^X$
[fgficfjZfe]\jfi\j[\jXekXIfjX\ejlGifZ\jfFi[`eXi`f
[\Y\Xk`]`ZXZ`e(-(.$(-(/ #\ekf[Xjlm`[X\ccXefZfd\k`
g\ZX[fm\e`XcfdfikXcXc^lef#gi\j\imXe[fXjcX`efZ\eZ`X
[\cX^iXZ`XYXlk`jdXc%
<c:fe[\[\cX>iXeaXj\ekX#j`e[l[X#leX^iXeXe`[X[Zfe
\jkXce\X[\g\ejXd`\ekflkg`Zf%<ejl:Xekfm`#XcXcXYXicX
_\idfjliXp\olY\iXeZ`XeXkliXc[\cX^\f^iX]Xg\ilXeX:Xe$
kfm`1m` #pXXj\^liXYX1
8hlEXkliXc\qXj`eZlckliX
jXqfeX]ilkXj#pdXk`qXfi\j#
hl\\e[\j^i\X[XYXiYXiX_\idfjliX
Yi`ccXe\jki\ccXj#i\jg`iXe[ffcfi\j#
m`jk\jlm`i^`eXc`e]XeZ`XgliX
\ceXkliXc\dgXZ_f[\Zfcfi\j#
Zlpfj`k`fXcXm`jkXdfjkiXihl`jf#
hl\\jk}\e\cFZZ`[\ek\\cGXiXpjf%

(*

8lecX[f_XpZXjXjZXdg\jki\j%8cfkif#Xckfj\[`Z`fj\`eZcl$
jfleX]fik`ZXZ`ehl\Zfc`e[XZfe\cdXiphl\gf[iXXcl[`i
XcXjdliXccXj[\C`dXZfejkil`[Xj\eki\(-/+p(-/.gXiXgif$
k\^\iXcXZ`l[X[[\cfjXkXhl\jg`iXkXj#\eki\fkifj%8c]fe[f
j\[`m`jXleXXckXdfekXXjfYi\cXZlXcj\_XZfejkil`[fleX
g\hl\X`^c\j`X%;\jlj^ilkXjYifkXecfjZlXkififj[\cGXiX$
jf%<cIdXZj\iXlef[\\ccfj%8gfZX[`jkXeZ`X\jk}\cFZXef
GXZZfZfe\cXiZX[\Ef[\cXZlXc_X[\jZ\e[`[flej`ee$
d\if[\Xe`dXc\j1\cZXYXccf#\cZ\i[f#\c\c\]Xek\#cXZlc\YiX#\c
c\e#\cZXd\ccf#\cg\cZXef#\cZfe\af#\eki\fkifj%8cZXcZ\[\c
[`YlafleXcXi^Xc\p\e[XcXk`eXi\Zf^\\c:Xekf[\cXj:i`XkliXj
[\cgif]\kX;Xe`\c*#,.$// 1:i`XkliXjkf[Xj[\cJ\fi#Y\e$
[\Z`[XcJ\fi#\ejXcqX[cfZfe_`defjgficfjj`^cfj%;\_\$
Z_f#\jkXdfjXek\leXmXi`Xek\Zi`fccX[\cX`Zfef^iX]X[\c
[\jZ\e[`d`\ekf[\c8iZX[\Ef%yjkX]l\[`]le[`[X\eleX
j\i`\[\[`Ylafjp^iXYX[fj[\Af_XeN`\i`o#i\Xc`qX[fj\eki\
(-'.p(-'/#i\cXk`mfjXcXZi\XZ`e[\cdle[fpXcX_`jkfi`X
k\dgiXeX[\c_fdYi\^%(* ,*%

( .+

()

Gf\dX?\ifpZfk`klcX[fM`[X[\
JXekXIfjX[\JXeZkXDXi`X%GXkifeX
[\\cG\i%;`Ylaf[\c:Xekfm```ef%
=le[XZ`eC}qXif>Xc[`Xef#9`Yc`fk\ZX%
(* <c[\jZ\ejf[\c8iZX[\Ef%
>iXYX[f[\Af_XeN`\i`o%

efc`d\f>feqXcfK\efi`fcXeqXiX\eDX[i`[[\j[\\cgcg`kf
[liXek\cXj\jkXj[\Y\Xk`ZXZ`eXcXjXekXc`d\X1IfjX_XYX
i\jk`kl`[fgXiX\cEl\mfDle[f\cj`^cf[\8[}egfihl\\ccX
d`jdX\iXleXZfg`Xg\i]\Zkj`dX[\8[}e\ed\e[X[f,.%CX
m`[XZfek\dgcXk`mX#\dg\if#efj\fgfeXXcXm`[XXZk`mX%8c
ZfekiXi`f#\cEXqXi\efj\c\XgXi\Z\XIfjX\e\c_l\ikfYXafcX
]fidX[\ledX\jkif[\ZXek\iX%Cl\^fcXZfe[lZ\XlefYiXa\
d`e\ifhl\c[`i`^\pc\\ej\XXle^ilgf[\dla\i\jcX`ZXj
hl\glcXepcXYiXYXeZfecclm`Xj[\c}^i`dXjcfj[lifjd}idf$
c\j`e[`Xefj`o1cm```$coo`` %J\kiXkXYX[\leXm`j`egif]k`ZX
\ecXhl\IfjX#alekfXjljj\^l`[fiXj#gi\gXiXYXcXjg`\[iXj
]le[XZ`feXc\j[\cXel\mX`^c\j`XZi`fccX#d\jk`qXpXd\i`ZXeX%

Hl\[XZcXif#Zfe\c[`Ylafhl\`cljkiX\cdXeljZi`kf#hl\\c:fe$
[\[\cX>iXeaX`[\ek`ZXcXcc\^X[X[\jXekXIfjXZfe\cZldgc`$
d`\ekf[\cXgif]k`ZX<[X[;fiX[XXeleZ`X[X\ecX<e\`[X[\
M`i^`c`f%<ejl`my^cf^XmXk`Z`eX\ci\kfief[\leXM`i^\ehl\
i\jkXliXiXcX]\ik`c`[X[[\cXk`\iiXpcXgXq\eki\cfj_fdYi\jp
cfjXe`dXc\j,/%Kf[f\ccfpdlZ_fd}jj\jl^`\i\\e\cGf\dX?\$
ifpZf#p\j^iXZ`XjX\jkfj[`Ylafj[\jZfefZ`[fjhl\\c_`jkfi`X[fi
[\cXik\gl\[\ZfekXiX_fiXZfele[fZld\ekfm`jlXce`Zfhl\
c\g\id`k\\jkl[`Xi\c`dX^`eXi`fgfck`Zfpi\c`^`fjf[\cXg`ZX#p
cX_X^`f^iX]Xm`ii\`eXc%:fe\ccfZfejkXkXi}ZdfcfjZi`fccfjXjl$
dXe\c[`jZlijfgfck`Zf[\c`dg\i`f_`jgXefg\ifgXiXe\^f$
Z`Xipi\`m`e[`ZXid`iX[XjXck\ieXjXcXZfehl`jkX\jgXfcX%

efkXj

<e\c:Xekf`oZlcd`eX\jkX`[\X[\[`Z}e[fc\mXi`XjfZkXmXjXc
a`c^l\i`ccfom`` #XcE\YcXck`mfpXc9l_f[\Efil\^Xoo #
XcZfi[\ifoo` #XcXZXYiX[\dfekXXoo`` #Xckfiffefm`ccf
oo```` #XcYl\pZfejlpl^f[\cXiX[foom #XcZfe\afoom`` #
Xc c\e hl\ kiX\ kf[f \c jfc \e jl Zfg\k\ oom``` # Xc m\eX$
[foo`o #XcXZlc\YiX#XcZXeooo #Xcgfkif_`af[\cm`\ekf
ooo` #\eki\fkifj%Ef\iXe`ZXd\ek\hl\IfjX\dgc\XiXXc
Z`\cf\jki\ccX[fpXck_\XkifeXkliXc[\cdle[fZfdf`Zfefj
[\Zfek\dgcXZ`e1:fek\dgcX\e\cGcXe\kXcld`efjf#&hl\
cfj:`\cfj`ccljkiXiX[`Xek\#&j`ecX`dX^\eZcXiX[\jl<jgf$
jf#&leXjfdYiX\ecXclq [\jlj\dYcXek\ooom`#oc %<jkX
gi}Zk`ZX\iXZfdeXfkifjjXekfj%G\ifIfjXZfefZX#X[\d}j#
\cp[`fdX[\cXjfi\jo``1o```` pkXekfcXjgcXekXjZfdf
cfj Xe`dXc\j# cX fY\[\ZXe% <jkf `eZclX X cfj qXeZl[fj1 df$
c\jkXjXm\Z`ccXj#}kfdfjm\e\efjfj#hl\gXi\Z\e[\`e]\ieXc\j
\jgi`klj j\d`ccXj `o1 c % <e cX Z\c[X [\ jl _l\ikf c\j \ej\$
XYXXZXekXimXi`fjdfk\k\jZfejljliifYifZf`o1c` %<e
fkiXj gXcXYiXj# Zfe IfjX \c dle[f eXkliXc i\kfieXYX X jl \j$
kX[fgi`d`^\e`f1Xjlgi`d\ifj\ii\jk`kl`[X&EXkliXc\qX#[\c
Zfe]ljfXY`jdf#&cfm`kXcml\cm\}i\ZfYiXicXm`[X#&RTpkf[f
i\fi\q\##j\i\el\mX#&Zfdfj`i\Z`Y`\jj\]fidXel\mX`o1
ooo`` % 8hl i\jl\eX \c Xi^ld\ekf Zi`fcc`jkX hl\ \c ]iXeZ`jZX$

^ f pX  * ) .   X f  ) ' ' 0

(

)

*

+

,

-

MXj\A%8%P\m\j8e[ij#DXeljZi`kfj
\jgXfc\j [\ cX 9`Yc`fk\ZX C}qXif >Xc$
[`Xef# kfdf @# Fcc\if  IXdfj# <[`$
kfi\j p =le[XZ`e C}qXif >Xc[`Xef#
DX[i`[#(00/#gg%//$/0%Hl`\ifX^iX[\$
Z\ic\ X DXiX :feZ\gZ`e >XiZX J}`q
gfi_XY\id\ZfemfZX[fX`[\ek`ZXi\c
Gf\dX?\ifpZf#pXAlXe8ekfe`fP\m\j
gfi _XY\id\ gifgfiZ`feX[f cXj ]fkf$
^iX]Xj[\cfj[`Ylafjhl\d\g\id`k`\$
ifei\Xc`qXi\jk\\jkl[`f%
D% D\ee[\q p G\cXpf# ?`jkfi`X [\ cX
Gf\jX ?`jgXef$8d\i`ZXeX# kfdf ``#
DX[i`[#mfc%``#(0(*#g%)'-%
A%[\cXI`mX8^\if#LeZXekfi[\JXe$
kX IfjX% <c :fe[\ [\ cX >iXeaX# C`dX#
(0(0#g%+%
J\ i\]\iX X hl\ \e (-,/# ZlXe[f Cl`j
8ekfe`f[\Fm`\[fZfekXYXZfekXejcf
m\`ek`[jXfj[\\[X[p\eZXc`[X[[\
ZXg`k}e[\ZXYXccfjZfiXqX[fj#g\c\\e
cX[liXafieX[X[\cXj;leXj[fe[\cfj
]iXeZ\j\j# Xc dXe[f [\ Kli\eX# [\iif$
kXifeXc\aiZ`kf\jgXfc%
MXj\ ;% Hl`ek# <g`Z Xe[ <dg`i\% Gfc`$
k`ZjXe[>\e\i`Z=fid]ifdM`i^`ckfD`c$
kfe#Gi`eZ\kfeLe`m\ij`kpGi\jj#(00*%
MXj\ cX `ekif[lZk`fe [\ K% >i\^fip#
=ifd DXep >f[j kf Fe\% ;`m`e\ 8Zk`fe
`e I\eX`jjXeZ\ <g`Z# K_\ Le`m\ij`kp f]
:_`ZX^fGi\jj#)''-2p;%9`fn#D`iXY`c\
;`Zkl% I\gi\j\ekXk`fej f] k_\ DXim\cflj
`e D\[`\mXc Xe[ I\eX`jjXeZ\ <g`Z# 8ee

c}qXifZfc\ZZ`fe`jkX

8cmXiX[f ^liXe Zfdf cfj X^\ek\j [\c


8iYfi#K_\Le`m\ij`kpf]D`Z_`^XeGi\jj#
[\dfe`f2 mXj\ A% :% :Xcm\k\ [\ <jki\$
(00-%
ccX#<cf^`f[\MXZX[\:Xjkif#kiX[lZZ`e
MXj\ A% E`Zfcfglcfj# K_\ Gf\k`Zj f]
p \[`Z`e [\ A% Cg\q [\ Kfif# :J@:#
<dg`i\`ek_\@e[`\j1Gifg_\ZpXe[@d`$
DX[i`[#(0+.%
kXk`fe`eCX8iXlZXeXXe[FjCljX[Xj#
G\eejpcmXe`X JkXk\ Le`m\ij`kp Gi\jj# (( JfYi\ cX g`ZX jXk}e`ZX _`jgXefXd\$
)''' p 9% J`d\ibX# ;`jZflij\j f] <d$
i`ZXeX# mXj\ A% :X`qXi\j$<j^l\iiX#
g`i\% :flek\i$<g`Z C`k\iXkli\ `e <Xicp
Gli`kXe:fehl`jkX[fij1@Y\i`Xe`q`e^k_\
Df[\ieJgX`e#K_\G\eejpcmXe`XJkXk\
8kcXek`Z#(,,'$(.''#JkXe]fi[Le`m\ij`kp
Le`m\ij`kpGi\jj#G\eejpcmXe`X#)''*%
Gi\jj#JkXe]fi[#:Xc`]fie`X#)''-%
/ :`kX[f gfi >% Cf_dXee M`cc\eX# If$ () LeXj \jkif]Xj [\c ck`df ZXekf [\ CX
dXeZ\j# ZfgcXj p ZXekXi\j \e cX :fe$
8iXlZXeX[\8cfejf[\<iZ`ccXpQ`^X
hl`jkX[\cG\i#\e<jkl[`fj[\[`ZX[fj
j`ek\k`qXe cX efZ`e [\c Zfehl`jkX[fi
XD\ee[\qG`[Xc#kfdf`#Zj`Z#DX[i`[#
_`jgXef Zfdf }e^\c [\ ;`fj1 CX ^l\$
(0,'#gg%)0)$*(,%
iiX[\cZ`\cf]l\[\i`YX[X&p\e\cc`eXa\
_ldXef kiXej]\i`[X# & hlXe[f ]l\ gfi
0 A%[\D`iXdfek\jQl}qfcX#8idXj8ek}i$
cX ]ilkX i\j\imX[X# & el\jkiX eXkliXc\qX
k`ZXj%<jkl[`f#\[`Z`eZik`ZXpefkXj[\
Zfiifdg`[X1 & gfi cX ^l\iiX cX gXq \j
G%=`iYXj#Gfek`Z`XLe`m\ij`[X[:Xkc`ZX
Zfej\imX[X#&pcX`ejfc\eZ`X_ldXeXi\$
[\cG\i#=fe[f<[`kfi`Xc#)''-#g%/)%
gi`d`[XRT%&<ekfeZ\jZfdfle8e^\c
(' CXfZkXmXoom`[\c:Xekfm``[`Z\1G\if
j`eg\ZX[f&gl\jkX\ecXZXljXle`m\ijXc
gfi d}j hl\ i\j`jk cX \ekiX[X# & \c <j$
cXd`iX#&gl\[\kfdXicXjXidXj\cjfc[X$
kXe[Xik\ [\ cX = XiYfcXife# & p Xc cf
[f#&p\ejl\e\d`^f\a\ZlkXicX`iXRT%
[\cXMfq#p[\cX<jgX[X&cfj@[fcfjcfj
MXj\ I% Dla`ZX G`e`ccX# e^\c\j XgZi`$
Pe^Xj XjfcXife1 & Xg\eXj \dY\jk`[X# p
]fj\ecX8di`ZXm`ii\`eXc#=fe[f[\:lc$
Zfehl`jkX[X & cX I\c`^`e :Xkc`ZX ]le$
kliX<Zfed`ZX#C`dX#(00-#g%),/%
[Xife#&j`egf[\i`dg\[`icfd`dXc`Z`X#
& gfihl\ cX \eki \jgXc[\Xe[f cX Zf[`$ (* <e cXj Fi[\eXeqXj [\c >i\d`f [\ G`e$
Z`X%<e\cgf\dX[\:Xcm\k\p<jki\ccX#
kfi\j[\C`dX(-+0 j\d\eZ`feXhl\
:i`jkYXcMXZX[\:Xjkifcc\^XZfdfm`$
\c gfjklcXek\ Xc ZXi^f [\ dX\jkif g`e$
ii\p[\cG\i\em`X[fgfi\c\dg\iX[fi
kfi [\YX giXZk`ZXi \c Xik\ [\c [`Ylaf%
:XicfjMgXiXgfe\ieXcX^l\iiXZ`m`c
J`e \dYXi^f# ef j\ ZfefZ\e Zfe Xc$
\e^\e[iX[X gfi cfj Zfehl`jkX[fi\j \j$
^leX \oZ\gZ`e # ]l\iX [\ cfj [`Ylafj
gXfc\j#p;`\^f[\8cdX^ifpG\[if[\
[\ Zife`jkXj p m`Xa\ifj# cfj Xglek\j [\

.

Xik`jkXj cfZXc\j% MXj\ <% ?Xik_$K\ii#


G`ekfi\jpg`ekliXj\eC`dXm`ii\`eXc#
\e I\m`jkX [\c 8iZ_`mf EXZ`feXc [\c
G\i#kfdfoom``#C`dX#(0-*#g%+,%
(+ G%DXiZfp#M`Xa\XkiXmj[\8di`ZX[\c
Jli[\cFZXefGXZZfXcFZXef8kc}e$
k`Zf#kiX[lZ`[fXcZXjk\ccXefgfi<%I`m\iX
DXike\q#@ejk`klkf=iXeZj[\<jkl[`fj
8e[`efj#kfdf@#C`dX#gg%+')$+'+%
(, 9%8iq}ej[\FijXpM\cX#?`jkfi`X[\
cX M`ccX @dg\i`Xc [\ Gfkfj`% <[`Z`e [\
C%?Xeb\p>%D\e[fqX#9ifneLe`m\i$
j`kp Gi\jj# Gifm`[\eZ\# I_f[\ @jcXe[#
(0-,#kfdf``#g%)*0%
(- A%[\cXI`mX8^\if#fg%Z`k%#g%('%
(. MXj\>%8%[\D\e\j\jp8iZ\#@cljkiX$
Z`e[\cXIfjX[\cG\i#C`dX#\ecX@d$
gi\ekX[\AlXe[\Hl\m\[f#(-.'#g%((+%
(/ ;`\^f [\ C\e G`e\cf# :\c\Yi`[X[ p
=`\jkXjZfehl\cX@ej`^e\#pEfY`cj`dX
:`l[X[[\cfjI\p\jJfc\de`qcXY\Xk`$
ZXZ`e[\cX9`\eXm\ekliX[XIfjX[\J%
DXi`X#jlGXkifeX#p[\kf[fjcfjI\pefj#
p Gifm`eZ`Xj [\c G\il% :fe C`Z\eZ`X \e
C`dX#(-.'%
(0 9%8iq}ej[\FijXpM\cX#fg%Z`k%#g%),*%
)'GXiX le i\Zl\ekf [fZld\ekXc [\ \jkX
gfcd`ZX \eki\ \c m`ii\p p \c Zfii\^`$
[fi [\ Gfkfj# mXj\ >% Cf_dXee M`$
cc\eX# <c :fe[\ [\ C\dfj# M`ii\p [\c
G\i#DX[i`[#(0+-#gg%)--$)..%JfYi\
\c[\i\Z_f`e[`XefpcXd`kX\ek`\dgfj
[\c :fe[\ [\ C\dfj# mXj\ kXdY`e A%

(.,

La bellesa ideal
La belleza ideal
The Ideal Beauty
9XjX[i\#<c:fe[\[\C\dfjpjlk`\dgf#
\\%\\%XX%#C`dX#(0+,#gg%(*0$(/+%
)( >% Cf_dXee M`cc\eX# <c :fe[\ [\ C\$
dfj#fg%Z`k%#mXj\Xge[`Z\[fZld\e$
kXc#g%+(0%
)) <c \e]i\ekXd`\ekf \iX \eki\ cfj i`Zfj
d`e\ifj mXjZfj mXjZfe^X[fj  p fkifj
m\Z`efj eXmXiifj# ZXjk\ccXefj f Xe[X$
clZ\jhl\Zfe]fidXYXe\cYXe[f[\cfj
m`ZlXjhl\kXdY`e\iX`ek\^iX[fgfi
cfj Zi`fccfj2 8% :i\jgf# CX ^l\iiX \e$
ki\ m`ZlXj p mXjZfe^X[fj Gfkfj# (-))$
(-), #K`gf^iX]XG\ilXeX#C`dX#(0,-p
I% Gi\q 8cZXc}# M`ZlXj p MXjZfe^X$
[fj1cXclZ_Xgfi\cgf[\i\eGfkfj\e\c
j`^cfom``# @=@><8#m$m`#Le`m\ij`[X[[\
:i[fYX#(0//$/0#gg%)'.$)(,%
)* 9%8iq}ej[\FijXpM\cX#fg%Z`k%#g%)+(%
)+MXj\ A% K% D\[`eX# CX @dgi\ekX \e
C`dX(,/+$(/)+ #kfdf``#JXek`X^f[\
:_`c\#(0/,#gg%)/.$)0(%
), <ecXgi`d\iXfZkXmX[\jlGi`d\i:Xe$
kf gleklXc`qX1 Ef ZXekf cXj _XqXXj#
cXjm`Zkfi`Xj&[\mXie`edfikXc#:Xd$
g\e^l\ii\if#&e`[\cX=XdXZ\c\Yi\j
d\dfi`Xj# &hl\ \e YifeZ\# p dXidfc
\jZlcg`f \c 8Z\if2 & [\ JX^iX[X ?\ifp$
eXZXekf^cfi`Xj#&hl\eXZ`IfjXgXiX
j\i clq\if# & p Zfe _ld`c[\ ZfiXqe
gif]le[f & ki`ldg_ [\ Clq`]\i# [\ j#
[\\cdle[f%
)- Fm`\[f \jZi`Y\1 Cfj XY`jdfj [\ \iif$
i\j#p[\\e^Xfj#&cXeXm\[\cX@^c\j`X
qfqfYiXmXe#&8]i`ZX#p8j`X\ejljZfd$
dle\j[Xfj&Zfe[`clm`fj[\j\ZkXjj\
`ele[XmXe1&Xcjlgi\dfGXjkfi^il\jfj
i\YXfj&cfjCfYfj[\cX<lifgXc\if$
YXmXe1 & p Xj` ]l\ d\e\jk\i le dle[f
el\mf#&[fe[\gcXekXi[\el\jkiX=
\ci\el\mf`1coom``` %
). PXj`\c:`\cf\ei\kfiefX^iX[\Z`[f#&
gi\d`Xe[ffj\ckiXmXaf[\cX\dgi\jX&
ZfeleXIfjXfj_Xi\jk`kl`[f#&hlXekf
\eml\jkifjX]Xe\j`ek\i\jX&RT%EXZ`f
IfjX\e8Yi`cc#d\j[\cXjfi\j#&p\e
C`dX#hl\jlXqX_XiZXdY`\eilY\j#&
gl\jgfi[XicX\ecXGXki`Xd}j\jk`dX#&
efgl[`\e[f\e\c:`\cf#eXZ`\eC`dX%
&RTC`dX\jjfcfhl`\egl[fd\i\Z\i$
cX#&ZfdfZfii\jgfe[\iXjl]fikleX&
\ei`hl\qX#gfieXZXi[\kXcg\icX#&\e
efYc\qX# gfi j\i [\ \jgc\e[fi ZleX# &
\ecXjZ`\eZ`X#gfijXY`X\eZfefZ\icX#&
\em`ikl[#gfi:Xk_c`ZXZfcleX#&p\e
\cj`k`f#gfij\ijlgi`dXm\iX&g\[Xqf
[\jXj`[f[\cX\jg_\iX`1oZ$oZ`` %
)/ GXiX le \jkl[`f i\Z`\ek\ Xc i\jg\Z$
kf# mXj\ <% Mc\q DXihl`eX# yg`ZX
p ?X^`f^iX]X% CX M`[X [\ JXekX IfjX
[\ JXekX DXiX p cX c\^`k`dXZ`e [\ cX
`[\ek`[X[ Zi`fccX# \e GXk`f [\ C\kiXj#
e%(#)''*#gg%()($(*-%
)0 MXj\9%CXmXcc#CXjgifd\jXjXdY`^lXj%
<ejXpfjjfYi\\cZi`fcc`jdfZfcfe`Xc\ecfj
8e[\j#Gfek`Z`XLe`m\ij`[X[:Xkc`ZX[\c
G\i#@ejk`klkfI`mX8^\if#C`dX#(00*%

(.-

*'GXiX]iXpCl`j[\>iXeX[XcXmfqA\il$

*08%[\<iZ`ccX#CX8iXlZXeX#GXik\``#8e$

jXcej`^e`ZXYXm`j`e[\gXq%MXj\
G% DXike\q$9li^fj >XiZX# @d}^\e\j
[\cGXiXjfEfkXjXcX`Zfef^iX]X[\cX
\jkXi\c`^`fjX[\cj`^cfom` #\e9fc\ke
[\ 8ik\# e% ('# Le`m\ij`[X[ [\ D}cX^X#
(0/0%
*( <j [\ efkXi hl\ [\jglj hl\ cc\^ X
C`dX cX YlcX [\ Y\Xk`ZXZ`e [\ jXekX
IfjX \e (--0# \c :XY`c[f [\ C`dX# Zfe
\ce[\Zfejkil`iXccleXZXg`ccX#Zfd$
gicXZXjXeXk`mX[\cXjXekX\e,%'),
g\jfj[\XfZ_fi\Xc\jp[\j\Z_Xkf[X
[\oXe[f jfcXd\ek\ \e g`\ cX g\hl\X
Z\c[X RpT j`e [`jd`elZ`e jl Xek`^lf
aXi[e#pZfej\imXe[f\e\ccfjXiYfc\j#
hl\]l\ifek\jk`^fj[\cXjk\ieliXjZfe
hl\ cX ]Xmfi\ZX jl hl\i`[f [l\f% >%
8%[\D\e\j\jp8iZ\#fg%Z`k%#g%0'%
*) Hl`\if X^iX[\Z\ic\ Xc Xihl`k\Zkf Afj
>XiZX 9ipZ\ gfi jk\ p fkifj [Xkfj
i\cXk`mfj X cX Xihl`k\ZkliX c`d\X [\c
j`^cfom``%
** IfjX j\ XqfkXYX Zfe i`^fi\j \oki\dfj
`m1cm``` %Cc\mXYXleXZX[\eXXkX[XXc
Z`ekf`m1co #leXZfifeX[\gcXkXZ\X
jljj`\e\j<cg\pe\Z`iZlcXi[\glXj
[\ekX[f# & efm\ekX# p el\m\# \e ki\j $
cXj Zfdgi\_\e[\ `m1 cooo` # [fidX
jfYi\c\fj\eki\cfjZlXc\jjXcXegle$
kXj[\k\aXjifkXjpljXYXleXg`\[iX[\
Xcdf_X[X`m1coo```$ooom %8dXiiXYX
jl ZXY\ccf X le ZcXmf \e cX gXi\[ gXiX
fiXiZfek`elXd\ek\pef[fid`ij\`m1
cooo```$cooo`m  p giXZk`ZXYX Xplefj
dXiXke`Zfjhl`kXigifgljf&\c^ljkf
Xc gXcX[Xi# X \c cXY`f \c ljf `m1 cooo$
m`` %
*+<e kid`efj _`jki`Zfj# jXekX IfjX [\
C`dX eleZX ]l\ fi[\eX[X dfeaX gif$
]\jXe``e^i\j\eZcXljliXXc^leX%<ccX
dli` j`\e[f leX Y\XkX cX`ZX hl\ i\Z`$
Y` `e]fidXcd\ek\ \c _}Y`kf [\ k\iZ`X$
i`X[fd`e`ZX%
*, J\ i\\i\ X J`i =iXeZ`j ;iXb\ p X jl
ZfdgX\if I`Z_Xi[ ?Xnb`ej# d\e$
Z`feX[f \e \c gf\dX Zfdf I`Z_Xik\
8hl`e\j# gfi ef d\eZ`feXi X Afi`j
mXeJg\`cY\i^\ed%(-)' hl\XkXZ\c
gl\ikf[\c:XccXf\e(-(,%
*-MXj\I%Dla`ZXG`e`ccX#IfjXC`d\ej`j%
Djk`ZX#gfck`ZX\`Zfef^iX]X\ekfiefX
cXgXkifeX[\8di`ZX#=fe[f[\:lckl$
iX<Zfed`ZX#)'',#gg%**-$**.%
*. Jl^l`ieXc[X[\fi\jpfc`mXjXcl[XX
cfjefdYi\j[\cfjgX[i\j[\IfjX1[fe
>XjgXi=cfi\jp[fXDXiX[\Fc`mX%
*/<c[\dfe`f[\ZcXiXm``1oc`` 1:fefq$
ZXeXPlgXe^l`\jkXji\^`fe\j1&glYc$
ZXcf}cfjI\pefjG\ilXefj#&hl\\cmX$
cfi[\jlj`eZc`kXjeXZ`fe\j#&gfi]XckX
[\ZXY\qX\jk}j`edXefj1&cXKiXpZ`fe
dfm\i}jlYc\mXZ`fe\j&[\K`\iiXid\#
_XjkX cfj 8iXlZXefj1 & X \jk\ e cX _\
jXZX[f[\\c`e\ief&p\e\ccX[\cXj
=li`Xjkf[f\ck\ief%

kfe`f[\JXeZ_X#DX[i`[#(..-#gg%(+.$
(,)p:Xekfoo`m%
+'<e cX Zl\mX [\c _\Z_`Z\if =`ke d\e$
Z`feX[f\eCX8iXlZXeXGXik\``#:Xe$
kfoo``` [\<iZ`ccXkXdY`ej\^lXi[Xe
Z`\e Yljkfj [\ Zc\Yi\j ^l\ii\ifj# \j$
Zi`kfi\jpXjZ\kXjZfecXi\gi\j\ekXZ`e
[\jlj_XqXXjg`ekX[XjjfYi\cXgXi\[%
+( <jkX ZZ`e \ecXqX `e[l[XYc\j i\Zl\i$
[fj[\cJ\^`jdle[fZXc[\ife`XefRT[\c
gifg`fdf[fhl\\c8i`fjkf_XZ\hl\cX
[feZ\ccX9iX[XdXek\m\Xjl[\jZ\e[\e$
Z`X\ecXZl\mX[\c\eZXekX[fiD\ice#p
cXj^l\iiXjm\e`[\iXj\ecXjg`ekliXj[\c
ZXjk`ccf [\ Ki`jk}e# p hl\ I\`eXc[f Zfe$
k\dgc\ gif]k`ZXd\ek\ \jkXklXj [\ cXj
[lhl\jXj[\=\iiXiXpjljgXe\^`i`jkXj2
p[\cgifg`fdf[fhl\\cKXjjf_XZ\hl\
\c jXY`f XeZ`Xef \ogc`hl\# \e cXj ^l$
iXj [\c \jZl[f dXiXm`ccfjf# cX XcZlie`X
pgif^\e`\[\cXZXjX[\<jk\A%[\cX
I`mX8^\if#fg%Z`k%#g%)0 %
+) :lXe[f PlgXehl` c\ il\^X X 9`cZXfdX
[`d\ Zfe ZcXi`[X[# hl`\e\j _}e j`[f &
cfj @e^Xj# hl`\e\j \jkfj \okiXe^\ifj# &
hl\ jfe j`e _\i\[Xi d`j _\i\[\ifj6
m``1cooo`` #\cjXZ\i[fk\`eZXgi\gXiX
X PlgXehl` gXiX jl i\Y\c`e# g\if ef
j`e Xek\j i\m\cXic\# Zfdf j` ]l\j\ le
g`ekfi m``1 cooo`m$cooom # cX c`jkX
Zifefc^`ZX [\ cfj i\p\j @eZX j\^l`[X
gfi cX [\ cfj dfeXiZXj _`jgXefj% :fe
\ccf j\ X[\cXekXYX X cXj j\i`\j g`ekX$
[Xj [`\Z`fZ_\jZXj m`ii\`eXc\j [fe[\ j\
dl\jkiX X cfj i\p\j _`jgXefj \dg\$
qXe[f Zfe :Xicfj M Zfdf cfj e`Zfj
_\i\[\ifjXckklcf[\@eZXf<dg\iX[fi
[\c G\i% <jkf \j i\c\mXek\ d\eZ`feXi$
cfgfihl\#j\^eN%9%Jk\m\ejfe#\e8
?`jkfi`ZXc Xe[ ;\jZi`gk`m\ EXiiXk`m\ f]
Kn\ekpP\XijI\j`[\eZ\`eJflk_8d\i`$
ZX(/), #pXgXiX(--)j\_XYXglYc`ZX$
[fleXM`[X[\jXekXIfjXj\^ecXZlXc
\ccX_XYiXXeleZ`X[fhl\[\jglj[\
[fd`eXicfji\p\j[\<jgXXkXekfk`\d$
gfZfdfcfj`eZXj#\cZ\kifZX\iX[\cXj
dXefj[\Xhl\ccfj%<ci\kfief[\c@eZX
d\j`}e`Zfpi\[\ekfiXeleZ`X[fgficX
jXekXZi`fccXj\kiXk#j`e[l[X#[\leX
gif]\ZXXgZi`]XZXc\ecXgfYcXZ`e
`e[^\eX p j`im` [\ Zi\[f gXiX mXi`fj
XcqXd`\ekfj\eki\(.,'pcXi\Y\c`e[\
Afj>XYi`\cKgXZ8dXil\e(./'%
+* MXj\ \c \oZ\c\ek\ \ejXpf [\ C% <%
Nl]]Xi[\e#CX[\jZ\e[\eZ`Xi\Xcp\c
i\eXZ`d`\ekf `eZX \e \c m`ii\`eXkf#
\eK_%:ldd`ej#\kXc%#Cfj`eZXj#i\p\j
[\cG\i#:fc\ZZ`e8ik\pK\jfifj[\c
G\i#9XeZf[\:i[`kf[\cG\i#C`dX#
)'',#gg%)*($)*)%
++9%8iq}ej[\FijXpM\cX#fg%Z`k%#g%)+'%
GXiXleXY`f^iX]X[fZld\ekX[X#8%D%
CfiXe[`# ;\ hl`d\iXj# i\Y\c`fe\j p lkf$
gXj1CX^\jkX[\c`eZXG\[if9f_ihl\q#
=fe[f<[`kfi`Xc[\cXGfek`Z`XLe`m\i$

j`[X[:Xkc`ZX[\cG\i#C`dX#(00.%
+, <jZi`Y\Fm`\[f1EfXjjjlZZ\[\}cXj

mlc^Xi\j fi\j# & ZlpX gc\Y\pX iljk`ZX


_\idfjliX & il[f \dYi`e [\jZf^\# p
cfjZfcfi\j#&hl\Xck`\dgfifYX#[\Y\X
cXZlckliX1&jfe[\EXkliXc\qXYfiiX[f$
i\j#&[\hl\\jfi`^`eXccXIfjXgliX#&
kXed`cX^ifjfgXikf[\8dXck_\X#&hl\
j`\e[fi\Xc`[X[#gXi\Z\`[\X``1`` %
+-GXiX le Xe}c`j`j `Zfef^i}Zf [\ cX
M`i^\e [\ >lX[Xclg\ Zfdf cX Dla\i
m\jk`[X [\ Jfc# mXj\ Qf[`XZf DXi`Xef#
),'Xfj[\cX[\ZcXiXZ`egfek`Z`X[\
DXiX [\ >lX[Xclg\ Zfdf gXkifeX [\
Do`Zf#Dlj\f[\cX9Xjc`ZX[\>lX[X$
clg\#Do`Zf;%=%#)''+%
+. =% >lXdXe GfdX [\ 8pXcX# <c Gi`d\i
El\mX :fie`ZX p 9l\e >fY`\ief# \[`$
Z`eZik`ZX[\A%M%DliiXpI%8[fief#
J`^cfM\`ek`lef#(00)#gg%*,*$*,+%
+/J% J\YXjk`}e# <dYc\d}k`ZX \ ?`jkfi`X
[\c8ik\#<[%:}k\[iX#DX[i`[#(00,#gg%
)(,$)))%
+0=%JkXjkep#D\kXdfi]fj`jYXiifZXj[\cX
`dX^\ei\Xc%I\kiXkfjX=\c`g\M\e\cM`$
ii\`eXkf[\cG\i#\eI\m`jkX?`jki`ZX#
kfdfoc`#C`dX#)'')$)''+#gg%0$)/%
,'J% JkiXkkfe$Gil`kk# K_\ M`i^`e# JX`ekj
Xe[ 8e^\cj% Jflk_ 8d\i`ZXe GX`ek`e^j
(-''$(/), ]ifd k_\ K_fdX :fcc\Zk`fe#
Jb`iX  k_\ @i`j  9% >\iXc[ :Xekfi
:\ek\i]fiM`jlXc8ikjXkJkXe]fi[Le`$
m\ij`kp#:Xc`]fie`X#)''-#gg%('/$('0%
,( MXj\A%=cfi\j8iXfq#@Zfef^iX]X[\
=iXeZ`jZf G`qXiif# :lckliX G\ilXeX#
mfc%@#e%*#C`dX#(0++%
,) <% Bi`jkXc# >fk_j Xe[ Klibj Xe[ k_\
I\gi\j\ekXk`fe f] GX^Xej Xe[ @e[\cj
`e >XiZ`cXjf Xe[ <iZ`ccX# \e >XiZ`cXjf
@eZX[\cXM\^X%8e8d\i`ZXe?ldXe`jk%
8 Ki`Ylk\ kf Afj ;liXe[% <[`k\[ Yp A%
8eX[e%Le`m\ij`kpf]Efki\;Xd\#@e$
[`XeX#(00/#gg%(('$()+%
,* A% N`\i`o# K_\ :i\Xk`fe Xe[ k_\ <Xicp
?`jkfip f] DXe (-'.$(-'/% I\j\XiZ_\[
ni`kk\eYp:%mXe[\M\c[\%I%C%=\`$
^\e:f%#Cfe[fe#(00'#gg%.($.*%
,+8%[\C\eG`e\cf#<cGXiXjf\e\cEl\$
mfDle[f#kfdf`#\[`Z`epgicf^f[\
I%GfiiXj9Xii\e\Z_\X#Kfii\j8^l`ii\#
C`dX#(0+*#g%(0-%
,, A% Gi\jk# K_\ >Xi[\e f] <[\e% K_\ 9f$
kXe`ZXc >Xi[\e Xe[ k_\ I\$Zi\Xk`fe f]
GXiX[`j\# PXc\ Le`m\ij`kp Gi\jj# E\n
?Xm\eXe[Cfe[fe#(0//#gg%).$*.%
,-=iXp 9Xikfcfd [\ cX :XjXj# ?`jkfi`X
[\ cXj @e[`Xj# \[`Z`e [\ 8% D`ccXi\j
:Xicfp\jkl[`fgi\c`d`eXi[\C%?Xeb\#
=fe[f[\:lckliX<Zfed`ZX#(0,(#mfc%
``#g%*+.%
,. I%Dla`ZXG`e`ccX#IfjXC`d\ej`j#fg%Z`k%#
gg%***$**,%
,/8% 9Xikc\kk >`XdXkk`# K_\ <Xik_cp GX$
iX[`j\ Xe[ k_\ I\eX`jjXeZ\ <g`Z# N% N%
Efikfe:fdgXep#E\nPfib#Cfe[fe#
(0--#gg%))$),%

^ f pX  * ) .   X f  ) ' ' 0

Antoni Sol (1780-1861)


Escultor a Roma
Escultor en Roma
Sculptor in Rome
29.04.09 - 27.09.09

Museu Frederic Mars


Plaa de Sant Iu, 5 - 6. 08002 Barcelona
Tel. (+34) 93 256 35 00. Fax (+34) 93 319 41 16
museumares@bcn.cat www.museumares.bcn.cat
Horarios: de martes a domingo de 10 a 19 h /
festivos de 10 a 15 h / lunes cerrado

( 8ee`df1M`j`kXZ`e#<jZl\cX
:lqhl\X#j%om```%Dlj\f[\
8di`ZX#DX[i`[%

Y`Yc`fk\ZX

Xc\jjXe[iXiljjf

<ci\Xc`jdfZ`iZlcXi%K`\iiXj#\jgXZ`fjpgX`jXa\j[\cX
ZXikf^iX]X`e[^\eXefmf_`jgXeX#j`^cfjom`pom``
@ejk`klkf[\@em\jk`^XZ`fe\j<jkk`ZXj#Le`m\ij`[X[EXZ`feXc8lkefdX[\Do`Zf#
Do`Zf#)'',#)+'gg%#`cljkiXZ`fe\j\eZfcfipYcXeZfpe\^if%

;X[f\cZXi}Zk\idfef^i}Zf[\\jk\ed\if[\cXi\m`jkX>fpX#cXj\ZZ`e9`Yc`fk\ZX
_Xhl\i`[fi\Zf^\iXc^lefj[\cfjk\okfjd}j`dgfikXek\jXgXi\Z`[fj\e\cck`dfcljkif%Gfi
[`m\ijXjiXqfe\j#`eZclp\e[f\ci\[lZ`[fed\if[\\jg\Z`Xc`jkXj[\[`ZX[fjX\jkX[`jZ`gc`eX#jfe
\jZXjfjcfjc`YifjjfYi\g`ekliX_`jgXefXd\i`ZXeXglYc`ZX[fjZX[XXf%J`e\dYXi^f#jlZXc`[X[#
cXgcliXc`[X[[\k\dXjp\e]fhl\jd\kf[fc^`Zfj#XjZfdfjlmfclekX[[\i\m`jXicX
_`jkfi`f^iX]Xgi\Z\[\ek\#hl\[XY`\ei\\aX[X\ecfjkklcfjj\c\ZZ`feX[fj%
cl`jX\c\eXXcZXc} 
Le`m\ij`[X[8lkefdX[\DX[i`[

(./

^ f pX  * ) .   X f  ) ' ' 0

<ci\Xc`jdfZ`iZlcXi\jkl[`XcXZXikf^iX$
]X`e[^\eX\eDa`ZfXkiXmj[\ki\`ekX
dXgXj$gX`jXa\ i\Xc`qX[fj \eki\ (,+' p
(,-'%CfjXik`jkXj[\dlZ_fj[\\jkfjdX$
eljZi`kfj f g`ekliXj# Zfdf \iXe ccXdX$
[Xj\ejlk`\dgf#]l\ife`e[`fjXcfjhl\
j\ XZl[X gXiX [fZld\ekXi d\iZ\[\j#
ZfeZ\j`fe\j [\ k`\iiX fkfi^X[Xj gfi \c
^fY`\iefm`ii\`eXc%CfjefdYi\j[\\jkfj
Xik`jkXj_Xej`[ffcm`[X[fjgficX_`jkfi`X#
g\if jlj fYiXj _Xe jfYi\m`m`[f# p cXj `e$
Zcl`[Xj\e\jk\c`Yifdl\jkiXe\cXYfiX[fj
gX`jXa\j1Zfc`eXj[`YlaX[XjgfiX^lX[Xj[\
Zfcfi#fe[lcXek\jifjZfejljZfii`\ek\j
g`ekX[Xj# p cl^Xi\j [\j`^eX[fj gfi g`Zkf$
^iXdXj%CfjdXgXjgfj\\ele`e\jk`dXYc\
mXcfi[fZld\ekXcgXiXm`jlXc`qXi\ck\ii`$
kfi`fhl\<jgXX_XYXi\ZcXdX[fi\Z`\e$
k\d\ek\Zfdfgifg`f%
<c i\[lZ`[f dXk\i`Xc [\c c`Yif# ki\`ekX
dXgXj# ZfekiX[`Z\ jl XdY`Z`fjf XcZXeZ\1
leX i\`ek\igi\kXZ`e# d\kf[fc^`ZXd\e$
k\ Xl[Xq \ `dX^`eXk`mXd\ek\ \jZi`kX# [\c
Xik\_\Z_fgficfjgl\Ycfj`e[^\eXjkiXj
cXZfehl`jkX\jgXfcX%JlXlkfiX#8c\jjXe$
[iXIljjf#efj`em`kXX\ek\e[\iZdf\j$
kfjXik`jkXj`[\XifejfclZ`fe\jefm\[fjXj
XcfjgifYc\dXjgfck`ZfjpXikjk`ZfjXcfj
hl\k\eXehl\_XZ\i]i\ek\#XgXik`i[\cXj
kiX[`Z`fe\j[\Xik\`e[^\eXp\lifg\fZfe
cXjhl\\jkXYXe]Xd`c`Xi`qX[fjgXiX#pXhl
\jk}cXZcXm\#kiXej]fidXiXdYXj[liXek\
\c gifZ\jf% CX mXi`\[X[ [\ \c\d\ekfj \j$
k`cjk`Zfjhl\gi\j\ekXe\jkfjdXgXjpjl

Xd\el[f\jhl\d}k`ZXZXc`[X[efjfe\c
i\jlckX[f[\jl[\Y`c`[X[Xikjk`ZX#j`efcX
i\jgl\jkX X leX e\Z\j`[X[ XZlZ`Xek\1 cX
li^\eZ`X[\\eZfekiXileel\mf\hl`c`Yi`f
gfj`Yc\]i\ek\Xledle[f\ei}g`[XkiXej$
]fidXZ`eg%)', %
<cc`Yif[\IljjfgXik`Z`gX[\le`dgfi$
kXek\ZXdY`f[\k\e[\eZ`Xhl\_Xm\e`[f
fg\i}e[fj\\e\c\jkl[`f[\cXik\Zfcfe`Xc
_`jgXefXd\i`ZXef%8ek\i`fi\j\jkl[`fjfj
_XYXe j\^l`[f \c ZXd`ef kiXqX[f gfi \c
ki\d\e[Xd\ek\ `e]clp\ek\ _`jkfi`X[fi
[\c Xik\ efik\Xd\i`ZXef >\fi^\ BlYc\i
(0()$(00- #hl`\e\e(0-(_XYXf]i\Z`[f
\cgXiX[`^dX[\ceXl]iX^`f#j\^e\cZlXc#
\c^iXeXZ\imfXikjk`Zfgi\ZfcfdY`ef_X$
YXj`[f[\jkil`[fZfecX:fehl`jkX#pcfj
m\jk`^`fj hl\ jfYi\m`m`\ife [liXek\ \c
g\i`f[fZfcfe`Xc\iXe]iX^d\ekfjZ`iZlej$
kXeZ`Xc\jhl\#Zfe\ck`\dgf#j\_le[`iXe
[\jXgXi\Z`\e[f [\ cX m`jkX% <jkl[`fjfj
gfjk\i`fi\j df[`]`ZXife \c df[\cf [\c
eXl]iX^`f \e ]Xmfi [\ le Xik\ j`eZik`Zf
`e[`f$Zi`jk`Xef#hl\_XYiX]cfi\Z`[fYi\$
m\d\ek\ Xek\j [\ jl [\jXgXi`Z`e \e cXj
gfjki`d\iXj[\cj`^cfom`#XiildYX[fgfi
cXcc\^X[X[\\jk`cfj\lifg\fj%Iljjfj\XcX
hl\\jk\gXiX[`^dX[\j]XjX[fXkiXgXYXXc
Xik`jkX`e[^\eX\elegXiek\j`j\jgXZ`f$
k\dgfiXc[fe[\jlj`d}^\e\jpXefjfe
gi\_`jg}e`ZXjpefjfekf[XmX\lifg\Xj
g%(0 %8c\e]Xk`qXicXj`eefmXZ`fe\jZi\X$
k`mXjgi\j\ek\j\eZX[Xlef[\cfjki\`ekX
dXgXj#Iljjfj\XcXhl\efjfem\jk`^`fj

[\leXXZk`m`[X[Xikjk`ZXX^fe`qXek\#j`ef
hl\ Zfii\e gXi\afj \ `eZcljf gi\]`^liXe
jfclZ`fe\j gc}jk`ZXj gXiX cX i\gi\j\ekX$
Z`e[\c\jgXZ`fhl\j\cfZXc`qXe\efkiXj
gfZXjpcl^Xi\j1CfjZXik^iX]fj`e[^\$
eXjjfe\ekfeZ\jcfjgi`d\ifjZi\X[fi\j
\eZfeZ\ekiXileXel\mXgfj`Z`egfj`Yc\
]i\ek\XcX\jkk`ZXfZZ`[\ekXc#Xek`Z`gXe[f
ZfemXi`fjj`^cfj\ckiXYXaf[\[\ZfejkilZ$
Z`ej`jk\d}k`Zf[\c\jgXZ`fi\eXZ\ek`jkX
fg\iX[fgficXmXe^lXi[`X\lifg\X#Zfdf
:qXee\#GXlcBc\\pBXe[`ejb`g%)'( %
CXjgifmfZXk`mXjk\j`j[\IljjfjfYi\cX
i\gi\j\ekXZ`e\jgXZ`Xc\e\cg\i`f[fZf$
cfe`Xc\jk}e[\jXiifccX[Xj\eki\j\ejXpfj%
<cgi`d\if1K`\iiXj#XiiXeZXZfelekfli
[\]fiZ\[\j\`jg}^`eXjgg%)0$*+ [fe[\
XeXc`qX cX Zfdgc\aX `Zfef^iX]X [\jXiif$
ccX[XgficfjXik`jkXj`e[^\eXjgXiXi\gi\$
j\ekXi\jZ\eXj[\Zfehl`jkX#`ejg`iX[X\e
df[\cfjZfdfcX<ekiX[X\eA\iljXce#
leXo`cf^iX]X[\cj`^cfomgifZ\[\ek\[\
cX9`Yc`XGXlg\ild#g\ifkXdY`ei\\cXYf$
iXe[fcX`Zfef^iX]X`e[^\eX%<cZfdgc\af
[`}cf^f m`jlXc jl^\i`[f \e \jkXj g}^`eXj
efj[`Z\ZfdfIljjfXYfi[Xi}cfjdXgXj%
Jl _XY`c`[X[ gXiX ZfdY`eXi _`jkfi`X ]XZ$
klXcpXgifo`dXZ`ek\i`ZX\j\m`[\ek\\e
cXj`^l`\ek\[`jZlj`e#hl\\dg`\qXZfecfj
ZXdY`fj[iXd}k`Zfjhl\kiXafcX:fehl`jkX
\ecfjdf[fj[\ljfpgfj\j`e[\cXk`\iiX#
pc\cc\mXXm\i\e\jkfj[fZld\ekfj_`jk$
i`Zfjd}jY`\eYXeXc\jleXjfk\iiX[X[`j$
glkXjfYi\cXm`j`e1ledXgXef\jjcf

(.0

) D\cZ_fiGi\q[\?fc^le1CX
\ekiX[X[\cM`ii\pDfiZ`ccf\e
Gfkfj[\kXcc\ #(.(/%Dlj\f[\
8di`ZX#DX[i`[%

dXiX[\cZfejl\cfdXhlmXi
;\cfg\id`k`[fXcfgif_`Y`[f%
@Zfef^iX]X[\cXJXekj`dXKi`e`[X[\ecXEl\mX<jgXX

* D\cZ_fiGi\q[\?fc^le1CX
\ekiX[X[\cM`ii\pDfiZ`ccf\e
Gfkfj[\kXcc\ #(.(/%Dlj\f[\
8di`ZX#DX[i`[%

@ejk`klkfEXZ`feXc[\8ekifgfcf^X\?`jkfi`Xp>ilgf<[`kfi`XcD`^l\ce^\cGfiiX#Do`Zf;%=%#)''-#*,*gg%#
`cljkiXZ`fe\j\eZfcfipYcXeZfpe\^if%

lek\jk`dfe`f[\cfhl\\o`jk\i\Xcd\ek\
\elegX`jXa\#j`ef[\Zfdf[\Y\m\ij\#p
hl\\ci\kf[\[XileX[\k\id`eX[X]fidX
m`jlXcXleXm`j`e[`jglkX[Xcc\mXiXXcfj
Xlkfi\j`e[^\eXjXel\mXjjfclZ`fe\jXi$
kjk`ZXj%<cj\^le[fZXgklcf#k`klcX[f<j$
gXZ`fj# gifgfe\ \c \oXd\e [\ Xc^leXj
ZfeZ\gZ`fe\jZfjdfc^`ZXjhl\gl[`\ife
j\im`i [\ YXj\ X cX Zi\XZ`e [\ cXj fYiXj
ZXikf^i}]`ZXj `e[^\eXj efmf_`jgXeXj
g% )- % CXj ZXgXZ`[X[\j `dX^`eXk`mXj [\
Iljjf XcZXeqXe Xhl jl Ze`k# \eZfekiXe$
[fZfeZ\gZ`fe\jZfjdfc^`ZXj\ecl^Xi\j
gi\m`j`Yc\j g\if kXdY`e \e fkifj jfi$
gi\e[\ek\j1 dXgXj gi\_`jg}e`Zfj cXYiX$
[fj\ekXYc\kXj[\g`\[iXjfele`[fjZfe
^i`]fjgXiXd\iZX[fj#i\gi\j\ekXZ`fe\j[\
cXZ\i\dfe`X[\cmfcX[fi[fe[\_fdYi\j
[Xe ml\ckXj XkX[fj Zfe Zl\i[Xj X cf Xckf
[\led}jk`c #leXmXj`aXXqk\ZX[\ZfiX[X
ZfecX`dX^\e[\c[`fj[\cX^lX#pdXgXj
d\[`\mXc\j \lifg\fj% CX k\iZ\iX gXik\
GX`jXa\j# Zfdgi\e[\ g\hl\fj \ejXpfj
gXiXZX[Xlef[\cfjki\`ekXdXgXj%8cm`$
j`kXi dlZ_fj [\ cfj j`k`fj ZXikf^iX]`X[fj
gficfjXik`jkXjk`\dgf_X]Xcc\Z`[fj#Iljjf
\jZXgXq[\f]i\Z\ileXXgifo`dXZ`e[`$

(/'

i\ZkX[\ZdfXhl\ccfjgX`jXa\jm`jkfjZfe
fafjZfek\dgfi}e\fj ]l\ifekiXej]fidX$
[fj\ecXj`d}^\e\j[\cfjdXgXj%J`\jkfj
\ejXpfj ef f]i\Z\e leX eXiiXZ`e Zf_\$
i\ek\ jfYi\ cX kiXej]fidXZ`e \jgXZ`Xc
\ecXgfZXZfcfe`Xc#\jgfihl\Iljjfj\
\j]l\iqXgfi\m`kXi`dgfe\ile\jhl\dX
\mfclZ`fe`jkX\ecfjdXgXj#hl\Zfej`[\iX
leXZfejkilZZ`e]XcjX#\e]Xk`qXe[fgfi\c
ZfekiXi`fjljZfeki`YlZ`fe\j`e[`m`[lXc\j
pjl_\k\if^\e\`[X[%
GXiXd`]l\`dgfj`Yc\c\\i\jk\gifmfZX$
k`mfc`Yifj`ei\m`jXicXd\k}]fiX[\BlYc\i
[\c _le[`d`\ekf [\c Xik\ gi\ZfcfdY`ef
kiXjcX:fehl`jkX%D\gi\^lekf#[\_\Z_f#
j` \c el\mf _le[`d`\ekf [\c hl\ gf[iX$
dfj\jkXij`\e[fk\jk`^fj\j\c[\cXeXm\
[\cXkiX[`Z`e_`jki`ZX[\cXik\\lifg\f
pjlj\eZl\ekifjZfeXik\jXek\jk\e`[fj
gfidXi^`eXc\j#Zfdf\ci\Xc`qX[fgfiXi$
k`jkXj `e[^\eXj hl\ m`mXe \e g\hl\Xj
cfZXc`[X[\j\ecfhl\gXiXcfj\lifg\fj\iX
leXi\dfkXZfcfe`X%<jkXdfjXek\leXik\
hl\ j\ i\j`jk\ X Xgifo`dXZ`fe\j kiX[`Z`f$
eXc\j1j`eY`f^iX]Xj[\Xik`jkXj#j`e\jk`cfj
Y`\e[\]`e`[fj#j`efYiXjdX\jkiXj#j`ele
Zi`k\i`f[\ZXc`[X[%<e<ci\Xc`jdfZ`iZl$

cXi\jkXdfjXYfi[f[\leel\mfYXa\c%Gfi
dfd\ekfj#gXi\Z\\jkXidfm`e[fj\XkiX$
mj[\leZXdgf[\`em\jk`^XZ`ekXe\o$
gXej`mfhl\eX[XgXi\Z\iX`dgfj`Yc\[\
\jkfjdXgXjZfdfgi\]`^liXiX:qXee\ #
g\ifXcd`jdfk`\dgfj\XcXel\mfjZXd`$
efj% 8c kiXqXi jfclZ`fe\j Zi\Xk`mXj p fi`$
^`eXc\jhl\j\\eZl\ekiXe\e\jkXjfYiXj
ZfeZi\kXj#<ci\Xc`jdfZ`iZlcXif]i\Z\le
el\mfk`gf[\_`jkfi`X[\cXik\kXcm\qd}j
ZXgXZ`kX[X gXiX eXm\^Xi gfi le dle[f
^cfYXc`qX[fp_\k\if^e\f%

YXiYXiXdle[p
=fi[_XdLe`m\ij`kpE\nPfib

^ f pX  * ) .   X f  ) ' ' 0

CXdfef^iX]X[\cX`em\jk`^X[fiX[\
_`jkfi`X[\cXik\DXiX[\c:fejl\cfDX$
hlmXijfYi\cX`Zfef^iX]Xki`e`kXi`X\e
cX El\mX <jgXX \e cfj j`^cfj om` _Xj$
kX Zfd`\eqfj [\c o`o \j le df[\cf [\
ZdfXYfi[Xi\ck\dXZfeleXd\kf[f$
cf^Xi\efmX[fiX#hl\efZfej`jk\e`ZX$
d\ek\#Zfdf_Xj`[fcf_XY`klXc#\ele
`em\ekXi`f[`jgl\jkfZifefc^`ZXpkfgf$
^i}ZXd\ek\[\cXj\jZlckliXj#i\c`\m\j#
g`ekliXj#k\ok`c\jpfkifjfYa\kfjXikjk`$
Zfj\ecfjhl\j\i\gi\j\ek\cd`jk\i`f
Zi`jk`Xef[\cXJXekj`dXKi`e`[X[\ecX
El\mX<jgXXDo`Zf [liXek\cX<[X[
Df[\ieX%Cfhl\\e\cc`Yifj\\oXd`eX
p[`jZlk\\jd}jY`\eefkXekfcXXlkfiX
p\cmXcfi\jkk`Zf[\cXjg`\qXj#Xm\Z\j
`dgfikXek\#Xm\Z\jef#ZlXekf\cdf[f
[\cXi\gi\j\ekXZ`e[\cXjlekf#\j[\Z`i
cX `Zfef^iX]X# \ogc`ZXe[f jlj fi^\e\j#
jlj mXi`Xek\j p _XjkX jlj XgXi\ek\j \o$
Z\eki`Z`[X[\j [\ekif [\c mXi`XYc\ Zfe$
k\okf_`jki`Zfp[\cXjd\ekXc`[X[\j[f$
d`eXek\j\eXhl\ccXgfZX%
8 \ccf j\ gi\jkXYX \jg\Z`Xcd\ek\ \c
k\dX [\ cX JXekj`dX Ki`e`[X[# hl\ pX
\e j d`jdf f]i\Z\ le Xc`Z`\ek\ gfi jl
`eki`eZX[XZfdgc\a`[X[#pd}jXk\e[`\e$
[fXZfdf]l\i\gi\j\ekX[f\eDo`Zf#
[fe[\#Xgi`d\iXm`jkX#gXi\ZXhl\j\_X$
YXZfeZlcZX[fZfe\oZ\j`mX]i\Zl\eZ`X
cXkiX[`Z`e`Zfef^i}ZX\ecXi\gi\j\e$
kXZ`e[\cd`jk\i`fhl\cX@^c\j`X#kXekf
fi`\ekXcZfdffZZ`[\ekXc#_XYX\jkXYc\$
Z`[fXcZi\Xicfjgi`d\ifjdf[\cfj#cl\^f
Zf[`ZX[fj#\jkXe[Xi`qX[fjpi\g\k`[fj
\ekf[fjcfj}dY`kfj[\cXZlckliXfZZ`$
[\ekXc%P\jhl\gi\Z`jXd\ek\\c\jkl[`f
[\cX`Zfef^iX]X\e8di`ZXCXk`eX#ef
jcf[\\jk\Xjlekf#j`ef\e^\e\iXc#^iX$
Z`XjleXjm\Z\jXjldf[fg\Zlc`Xi[\j\i
dXe\aX[XZfe^iXec`Y\ikX[i\jg\Zkf[\
cXj efidXj \jkXYc\Z`[Xj# fkiXj ^iXZ`Xj
X jl ZXi}Zk\i gi`d`k`mf# `e^\elf \ `e$
k\ejXd\ek\ gfglcXi# i\jlckX le ZXdgf
\okiXfi[`eXi`Xd\ek\ XkiXZk`mf gXiX cfj
`em\jk`^X[fi\jhl\[\j\\eX[\ekiXj\\e
cfj dfk`mfj hl\ Zfe[la\ife X j\d\aXe$

Y`Yc`fk\ZX

k\jj`klXZ`fe\j%KXekf\jXjhl\kXekfcX
\oZ\eki`Z`[X[ Zfdf \c gfglcXi`jdf j\
_XeZfem\ik`[f\eleXZcXm\kg`ZXgXiX
\ogc`ZXicX`Zfef^iX]X[\cXg`ekliXpcX
\jZlckliX\e\cel\mfdle[f%
CX XlkfiX [\c c`Yif _X [`j`gX[f Xc^l$
efj[\\jkfjkg`ZfjXc[\jc`e[XiZfem\$
e`\ek\d\ek\Zl}c\j]l\ifecfjZXjfj\e
cfjhl\i\Xcd\ek\j\ZfeZlcZXifecXji\$
^cXj\jkXYc\Z`[Xj#ZfeZi\kXd\ek\gfZfjp
kXi[fj#\j[\Z`icXjccXdX[XjKi`e`[X[\j
Ki`]XZ`Xc\j2Zl}c\jf]i\Z`\ifeleXi\gi\$
j\ekXZ`e \okiXX g\if fikf[foX# YXj$
kXek\j\eed\if#XjXY\i#cXjKi`e`[X[\j
[\efd`eX[Xj 8ekifgfdfi]Xj2 p Zl}c\j
j\ Xdfc[Xife \ek\iXd\ek\ X Xhl\ccXj
efidXj#cXjd}j%Gfi\jf#kiXjlegi`d\i
ZXgklcf[\[`ZX[fX\ogfe\icX[fZki`eX
k\fc^`ZXZfdejfYi\cXJXekj`dXKi`$
e`[X[p\c]le[Xd\ekf[\jli\gi\j\ekX$
Z`e gc}jk`ZX# \c 9Xlk`jdf [\ :i`jkf \e
hl\gfigi`d\iXm\qj\i\m\c\cd`jk\i`f
ki`e`kXi`f#pcXG\ek\Zfjkjfm\e`[X[\c
<jgi`klJXekfjfYi\cfjXgjkfc\j#\cc`$
Yifj\[`m`[\\eki\j^iXe[\jYcfhl\j%
<c gi`d\if cc\mX gfi kklcf Cf G\i$
d`k`[f1 cXj Ki`e`[X[\j hl\ \e cX El\$
mX <jgXX j\ XZfdf[Xife Xc \jhl\dX
[\i\gi\j\ekXZ`eZfde#Zfe\cGX[i\
<k\ief\e]fidX[\XeZ`Xef#\c?`af\e
cX ]fidX Zfe hl\ kfd ZXie\ _ldXeX#
p\c<jgi`klJXekf\e]fidX[\gXcfdX%
<c j\^le[f j\ k`klcX Cf :fe]ljf1 cXj
Ki`e`[X[\j\ehl\\c<jgi`klJXekf]l\
i\gi\j\ekX[f Zfdf g\ijfeX _ldXeX p
efZfdfgXcfdX#gl\j#Xlehl\gl[`\iX
gXi\Z\i Xc^f \okiXf X cfj hl\ \jkXYXe
XZfjkldYiX[fj X cX `Zfef^iX]X kiX[`$
Z`feXc# ]l\ le df[f [\ i\gi\j\ekXZ`e
efXa\efXcXjefidXj\Zc\j`}jk`ZXj#hl\
[\jXZfej\aXife#g\ifeleZXcfgif_`Y`\$
ife\ogi\jXd\ek\#\eZlXekfhl\gf[X
\eZfekiXi le ]le[Xd\ekf YYc`Zf \e
cX d`jk\i`fjX XgXi`Z`e X 8YiX_Xd# \e
DXdYi# [\ ki\j d`jk\i`fjfj }e^\c\j X
cfj hl\ _fjg\[% =`eXcd\ek\# \c k\iZ\i
Ycfhl\ j\ `ek`klcX Cf Gif_`Y`[f1 cXj
Ki`e`[X[\j\^`X[XjZfdflejfcfZl\i$

gfZfeki\jZXY\qXj#]fidXdfejkilfjXp
i\gl^eXek\hl\#Zi`k`ZX[XXZ\iYXd\ek\
gfi `Zfe^iX]fj p \jZi`kfi\j \Zc\j`}jk`$
Zfj#]l\i\gifYX[Xp\ogi\jXd\ek\gif$
_`Y`[Xgfi\cgXgXLiYXefm```%
:X[XgXik\j\XYi\\il[`kXd\ek\Zfe
cfj k\okfj hl\ k\cf^fj# `Zfe^iX]fj p
kiXkX[`jkXj [\ Xik\ Xj\m\iXe jfYi\ ZX[X
df[f[\i\gi\j\ekXZ`e[\cXKi`e`[X[
p Zfe leX j\c\ZZ`e [\ cfj i\]\i\ek\j
Xikjk`Zfj \lifg\fj p# gi`eZ`gXcd\ek\
\jgXfc\j# hl\ gl[`\ife j\im`i [\ ^lX
X cfj XikZ\j [\ cX El\mX <jgXX1 gfi
\a\dgcf\e\cgi`d\iYcfhl\#[\ekif[\
cXkiX[`Z`ed}jfikf[foX#\cGX[i\<k\i$
efZfe\c<jgi`klJXekfZfdfKifef[\
>iXZ`X# jfjk\e`\e[f cX `dX^\e [\c ?`af
:ilZ`ZX[f2f\cGX[i\<k\iefXZfdgX$
X[f gfi cX gXcfdX [\c <jgi`kl JXekf
hl\#ZlXcGX[i\:fdgXj`mf#XgfpX\e
jli\^Xqf\cZl\igfdl\ikf[\jl?`af%8
Zfek`elXZ`e#\eZX[XgXik\\oXd`eXZfe
\jg\Z`Xc Xk\eZ`e cfj Zfii\jgfe[`\ek\j
\a\dgcfj d\o`ZXefj hl\ _X gf[`[f \e$
ZfekiXi p ZcXj`ZXi# hl\ jfe i\Xcd\ek\
dlZ_j`dfj# fi[\e}e[fcfj gfi cXj [`$
]\i\ek\jj`klXZ`fe\j\ehl\cXKi`e`[X[
j\ \jZlcg` f g`ek X k\efi [\ Zdf j\
dXe`]\jk\ecfj\mXe^\c`fjf\ecXkiX[`$
Z`e\Zc\j`}jk`ZX1\j[\Z`i\e\cZfek\okf
dXi`Xef#Xe^c`Zf#_X^`f^i}Zf#\kZ%
CXXlkfiXj\[\k`\e\gXik`ZlcXid\ek\
\ecXi\gi\j\ekXZ`e[\cXKi`e`[X[8e$
kifgfdfi]X#gfij\i#Xlehl\\e\c]fe[f
fikf[foX#YXjkXek\\okiXXpj\gi\^le$
kX\cdfk`mfgfi\chl\\jk\df[f[\i\$
gi\j\ekXZ`e]l\\cgi\]\i`[f\ecXEl\$
mX <jgXX# gXik`ZlcXid\ek\ \e \c j`^cf
om```%8glekXXhl\cX]fidX[\gXcfdX
Zfehl\efidXk`mXd\ek\j\\^`Xc<j$
gi`klJXekfef\iX\jg\Z`Xcd\ek\`ek\c`$
^`Yc\e`^iXkXXZlXchl`\iZcXj\[\gYc`$
Zfp\jg\Z`Xcd\ek\Xcfj`e[^\eXj2\jkfj
ck`dfj# XZfjkldYiX[fj Xek\i`fid\ek\
Xi\e[`iZlckfXXe`dXc\jhl\g\ijfe`$
ZXYXe]l\iqXjgifg`Z`XjfX[m\ijXj[\cX
eXkliXc\qX#gf[XeZfe\ccfj\i`eZ`kX[fj
Xi\kifZ\[\iXXZk`kl[\j`[fc}ki`ZXj%

(/(

<cgifYc\dX[\cXi\gi\j\ekXZ`e[\c
<jgi`kl JXekf Zfdf g\ijfeX _ldXeX
]l\ [`clZ`[X[f gXik`ZlcXid\ek\ gfi \c
gXgX 9\e\[`Zkf o`m \e \c 9i\m\ Jfcc`$
Z`kl[`e`efjkiX\#`dgfikXekj`df[fZl$
d\ekfgfek`Z`fXZ\iZX[\cX`Zfef^iX]X
[\cXJXekj`dXKi`e`[X[\e^\e\iXc#p[\
jlK\iZ\iXG\ijfeX\egXik`ZlcXi2[fZl$
d\ekf`^efiX[ff#Xcd\efj#dlpgfZf
Z`kX[fgficfjgif]\j`feXc\j[\cX_`jkf$
i`X[\cXik\#gficfhl\cXXlkfiX_X_\Z_f
dlpY`\e\ei\gif[lZ`icfek\^ifZfdf
Xge[`Z\ [fZld\ekXc% <jk\ Zlckf gfek$
Z\ jlYiXp \e (.+, cX \okiX\qX [\c
df[f[\\^`XiZfdfg\ijfeX_ldXeX
Xc <jgi`kl JXekf# gfi cf hl\ gf[iX \j$
ZXe[Xc`qXi p j\i i\Z_XqX[f X k\efi [\c
[\Zi\kf ki`[\ek`ef jfYi\ cXj `d}^\e\j
jX^iX[Xj# g\if Xc d`jdf k`\dgf Zfd$
gifYhl\jlljf\iXdlpXek`^lf#hl\
k\eX le gfj`Yc\ ]le[Xd\ekf \e cXj JX$
^iX[Xj<jZi`kliXjphl\#gfiZfej`^l`\e$
k\#efgf[Xj\i[\ZcXiX[ffZ`Xcd\ek\
i\gifYXYc\% 8ZXjf \jkX Xi^ld\ekXZ`e
i\]fiq\ecXEl\mX<jgXXcXXgXi`Z`e#
gi\Z`jXd\ek\XgXik`i[\cXj\^le[Xd`$
kX[ [\c om```# [\ kXekXj Ki`e`[X[\j 8e$
kifgfdfi]Xj% 9\e\[`Zkf o`m# \jf j# i\$
Z_Xq\ei^`ZXd\ek\cXi\gi\j\ekXZ`e
[\c <jgi`kl JXekf Zfdf le afm\eZ`kf
if[\X[fgficXjccXdXj[\]l\^fZfehl\
m`ef jfYi\ cfj Xgjkfc\j \c [X [\ G\e$
k\Zfjkj% ;\ \jkX \okiXj`dX dXe\iX
j\ _XYX XgXi\Z`[f X cX dfeaX Xc\dXeX
:i\jZ\ek`X BXl]Y\li\e# _XY`e[fj\ gl$
Yc`ZX[feld\ifjXj\jkXdgXj\ehl\\iX
i\gif[lZ`[f[\\jX^l`jXphl\\cgXgX
fi[\e i\k`iXi% G\j\ X cf ZlXc# Xlehl\
Zfe \jZXjj`dX `eZ`[\eZ`X# kXdY`e j\
cc\^ X \^`Xi [\ \jX ]fidX Xc <jgi`kl
JXekf\ecXEl\mX<jgXXXgXik`i[\Xc$
^leX[\Xhl\ccXj\jkXdgXjhl\j\^iXYX$
ife\e8c\dXe`X%
;\ cX Ki`e`[X[ Ki`]XZ`Xc# hl\# gfi jl
]fidXi`[ZlcXpdfejkilfjX#]l\i\Z_X$
qX[Xgfikf[fjcfjk\cf^fj#kiXkX[`jkXj
\ `Zfe^iX]fj# j\ g`ekXife p \jZlcg`\$
ife#j`e\dYXi^f#Xc^lefj\a\dgcXi\j\e
<lifgX [liXek\ cX <[X[ D\[`X p _XjkX
\c j`^cf om`2 g\if# X iXq [\ cX Zfe[\eX
gfi LiYXef m```# jl i\gi\j\ekXZ`e ef
mfcm` X i\g\k`ij\% :i\\dfj# j`e \dYXi$
^f#hl\jli\g\c\ek\Zfe^liXZ`eefj\
[\Y`[\e`e^leXdXe\iXXYlicXj`efX
cX e\Z\j`[X[ [\ \ogc`ZXi [`[}Zk`ZXd\e$

(/)

k\\cg\c`X^l[fd`jk\i`f%KXdgfZf\ecX
El\mX<jgXX#[fe[\j\_XYXjlgl\jkf
Xgi`fijk`ZXd\ek\ hl\ ef \o`jk` cX ]$
ii\Xm`^`cXeZ`Xhl\cX@ehl`j`Z`e\a\iZX
\e<lifgX#j\dlck`gc`ZXife\jkXji\gi\$
j\ekXZ`fe\j hl\ ZXj` j\ gl\[\e ZfekXi
Zfecfj[\[fj[\cXdXef%
;\cfj\a\dgcfjd\o`ZXefjX[lZ`[fj
gfi cX XlkfiX [\c c`Yif g\ejXdfj hl\
XZXjfj\[\YXe\oZcl`iXhl\ccfj\ehl\
jlgl\jkXd\ek\ cX Ki`e`[X[ ]l\ \^`X$
[X d\[`Xek\ cX ZXY\qX [\ :i`jkf i\g\$
k`[Xki\jm\Z\j#jfYi\kf[fj`\jXZXY\qX
XgXi\Z\ZfifeX[X[\\jg`eXjpjlifjkif
cc\ef[\^fkXj[\jXe^i\%<jgfj`Yc\hl\
cfhl\Xjj\[\j\Xj\i\gi\j\ekXi\iXcX
JXekX=Xqf\cm\cf[\cXM\ie`ZX#[fe[\
\eki\j[\jljgc`\^l\jj\`dgi`d`d`cX$
^ifjXd\ek\#gfiglifZfekXZkf#\cifjkif
[\A\jjZXd`ef[\c:XcmXi`f%;\kf[Xj
dXe\iXj _\dfj ZfejlckX[f \c [fZl$
d\ekX[j`df \jkl[`f [\ >\i_Xi[ Nfc]
=ifdDXe[pc`fekfM\ife`ZX1G`Zkli`e^
k_\ ;`j\dYf[`\[ =XZ\ Xe[ ;`j\d`eX$
k`e^k_\Kil\@dX^\f]:_i`jk`ek_\CX$
k`eN\jk\e\cc`YifK_\?fcp=XZ\Xe[
k_\ GXiX[fo f] I\gi\j\ekXk`fe# 9fcfe`X#
(00)  p ef _\dfj \eZfekiX[f e`e^e
k\okf c`k\iXi`f e` e`e^leX `dX^\e hl\
[\j[\\cj`^cfo``_XjkX\comf]i\qZXXcX
jlgl\jkX9\i\e`Z\Zfe\cgXf\ehl\$
^li\eki\jifjkifj[\:i`jkf%
<c gfZf \jgXZ`f Zfe hl\ ZfekXdfj
gXiXi\Xc`qXi\jkXi\j\XefefjZfej`\e$
k\Zfd\ekXifkifjdlZ_fjXgXj`feXek\j
Xjg\Zkfj XglekX[fj f jl^\i`[fj \e cX
dfef^iX]X [\ :fejl\cf DXhlmXi% 8
m\Z\j \e cfj df[\cfj d\o`ZXefj cX `Zf$
ef^iX]X j\ Zfdgc`ZX _XjkX f]i\Z\i ZXj`
leX c\ZkliX a\if^cZX Xc \jg\ZkX[fi# cf
hl\#Xel\jkif\ek\e[\i#jlgfe\cX^iXe
\il[`Z`ek\fc^`ZXpc`k\iXi`Xhl\X\ccfj
jlYpXZ\% <jkf jlZ\[\# gfi \a\dgcf# \e
mXi`Xjg`ekliXj\ehl\\c?`aff\c<jg$
i`klJXekfXgXi\Z\eZfdfg`ekfi\j\e\c
kXcc\i# i\Xc`qXe[f cX `dX^\e [\ cX @edX$
ZlcX[Xf[\cXM`i^\e[\>lX[Xclg\hl\
;`fjGX[i\_XYX`[\X[f\e\c\jg\af[\
jld\ek\[\j[\Xek\j[\cfjZfd`\eqfj
[\c Zfjdfj# Xgc`ZXe[f ^liX[Xd\ek\ X
cXZfeZ\gZ`e[\El\jkiXJ\fiX\c\cf$
^`f[\cXjXY`[liXhl\XgXi\Z\\e\cC`$
YifjXcfde`Zf[\cfjGifm\iY`fj%
<jk\ gif^iXdX `Ze`Zf p fkifj hl\
XgXi\Z\e Zfd\ekX[fj \e \c c`Yif [\$

dl\jkiXe]\_XZ`\ek\d\ek\hl\ef[\aX
[\j\ilegi\al`Z`f#dlZ_Xjm\Z\ji\g\$
k`[f#\chl\cX`Zfef^iX]X[\cXg`ekliXp
\jZlckliX[\cXEl\mX<jgXX]l\gfZf
\il[`kX#`e^\elXp\oZ\j`mXd\ek\gfgl$
cXi#gfiZlXekfhl\\jkXYX[`i`^`[XXcX
[`[}Zk`ZX[\cgl\Ycf`^efiXek\%Kf[fcf
ZfekiXi`f# ]l\ \efid\d\ek\ `dX^`eXk`$
mX#Xl[Xqp]\c`qd\ek\d\efji\jg\klf$
jXgXiX[\jXiifccXik\dXjhl\efZfekX$
YXeZfeleXkiX[`Z`e`Zfef^i}ZXkXe
Zfejfc`[X[X# Zfdf jlZ\[X \e \c m`\af
Zfek`e\ek\% <e <lifgX \j Z`\ikf# j`e
\dYXi^f# hl\ j\ i\Xc`qXife \jkXdgXj#
d}j]}Z`c\j[\\jZXgXiXcXZ\ejliXhl\
cXjg`ekliXj#\ecXjhl\j\XYfi[XifeX
m\Z\j Xjlekfj d}j c`Yi\j p hl\ XZXjf
cc\^Xife X 8di`ZX p ]l\ife ]l\ek\ [\
`ejg`iXZ`e X cfj Xik`jkXj Zi`fccfj f eX$
k`mfj% Hl`q} \Z_XiXdfj [\ d\efj \e
\c\oZ\c\ek\kiXYXafhl\i\j\XdfjleX
`e[X^XZ`ed}jgif]le[X\e\jk\ZXdgf#
Xlehl\#X[\Z`im\i[X[#cc\^XiX[fd`eXi
\c`eXYXiZXYc\dle[f[\cXj\jkXdgXjp
^iXYX[fj \j kXi\X ZXj` `dgfj`Yc\# gl\j
efkf[fj#e`dlZ_fd\efj#\jk}eglYc`$
ZX[fj \e cfj ZfefZ`[fj i\g\ikfi`fj [\
?fcjk\`ep9XikjZ_%

Xc]fejfif[i^l\q^%[\Z\YXccfj
I\Xc8ZX[\d`X[\9\ccXj8ik\j[\JXe=\ieXe[f

^ f pX  * ) .   X f  ) ' ' 0

aX`d\ZlX[i`\ccf
CXj^cfi`Xj[\cXI\gYc`ZX[\KcXoZXcXfcXZfeZ`\eZ`XZfdf`dX^\ejlYc`d\
@ejk`klkfEXZ`feXc[\@em\jk`^XZ`fe\j<jkk`ZXj#Le`m\ij`[X[EXZ`feXc8lkefdX[\Do`Zf#Dlj\fEXZ`feXc[\8ik\#
@ejk`klkfEXZ`feXc[\9\ccXj8ik\j#Do`Zf#)''+#+/*gg%#`cj%Zfcfi#]XZjd`c[fZld\ekXc%

<jk\c`YifZfejk`klp\leX`dgfikXek\
Zfeki`YlZ`e X cfj \jkl[`fj [\ cX _`jkf$
i`X [\c Xik\ efmf_`jgXef# p \j j`e [l[X
le df[\cf X \dlcXi gfi kf[fj Xhl\$
ccfj`ek\i\jX[fj\eXYfi[Xi\jkl[`fj[\
ZXjf i\^`feXc\j k\e`\e[f \e Zl\ekX cX
Zfdgc\a`[X[ [\ ]XZkfi\j [\mfZ`feXc\j#
^\e\Xc^`Zfj# ^\fgfck`Zfj p _XjkX X]\Z$
k`mfj% <j# X[\d}j# le ZXjf \okiXfi[`eX$
i`f[\gXkifZ`e`f`e[^\eX[\eXc\j[\c
j`^cf om``` hl\ efj i\m\cX dlZ_f [\ cX
[`e}d`ZXjfZ`Xc[\cXgfZX#p[\cljfpcX
j`^e`ZXZ`ehl\gf[XeXjld`icXj`d}$
^\e\jZfdfleX\jg\Z`\[\gifYXeqX[\
di`kfj# jfYi\ kf[f \e d\[`f [\c Zfe$
k\okf[\cX[fd`eXZ`e\jgXfcX\e[fe$
[\cfj[`]\i\ek\j^ilgfjjfZ`Xc\j[\YXe
\eZfekiXi [`jZlijfj Xck\ieXk`mfj gXiX
dXe`]\jkXi jl j`e^lcXi`[X[ j`e Z_fZXi
[\]i\ek\ZfecXj\j]\iXj[fd`eXek\j[\c
gf[\i%CXfYiXgifm\\lecZ`[f\jkl[`f
[\ZXjf[\leZXZ`hl\hl\efjcfYljZX$
YX\eXck\Z\ijlgifg`X_`jkfi`X]Xd`c`Xip
gfe\i[\i\c`\m\cXmXcX[\jliXe^fZX$
Z`hl`c#j`ef\oXckXi\cgXg\c]le[XZ`feXc
[\ KcXoZXcX _Xp hl\ i\Zfi[Xi cX ]XdX
[\ cfj kcXoZXck\ZXj gfi _XY\ij\ Xc`X[f
X:fikj[liXek\cXZfehl`jkX#pj\icfj
gi`d\ifj\eXZf^\icX]\ #cfhl\\cXlkfi
[\jZi`Y\ Zfdf le gif]le[f j\ek`d`\e$
kf[\kcXoZXck\hl`[X[#[\fi^lccfke`$
Zfpi\^`feXchl\efk`\e\gXiXe^e\e
cfjXeXc\j[\cg\ejXd`\ekfpcX_`jkfi`X
efmf_`jgXeX%:fdfj\XcX\cXlkfiZfe
gc\eXiXqe\o_fikXk`mX1Hl`q}\cc\Zkfi
\jk[\XZl\i[f\ehl\pX\jk`\dgf[\
i\]\i`iefj X leX ZXk\^fiX ^\ei`ZX [\
Zfdgi\ej`e j` Y`\e XiY`kiXi`X Zfdf
kf[Xj cXj `[\fc^`ZXj  _XjkX _fp `dgif$
eleZ`XYc\\eel\jkiXY`Yc`f^iX]XXikjk`$
ZX1\c`e[`^\e`jdfg`Zki`ZfpXc\^i`Zf
[\cj`^cfom```g%). %
8 d\[`X[fj [\ (./0 \c ZliX ZXZ`hl\
[\ cX gXiifhl`X [\ JXe J`de [\ P\$
_lXck\g\Z Xc jlif\jk\ [\c \jkX[f [\
Gl\YcX # [fe @^eXZ`f =Xljk`efj DXq`$
_ZXkq`e :Xcd\ZXl_lX p <jZfYXi Zfe$
kiXk Xc g`ekfi gfYcXef AlXe DXel\c
PccXe\j [\c ?l\ikf gXiX hl\ g`ekXj\

Y`Yc`fk\ZX

cfj c`\eqfj [\ jl `^c\j`X% Cf \okiXfi[`$


eXi`f[\cZXjf#pcfhl\\e^iXed\[`[X
c\g\id`k`X:lX[i`\ccfi\Zfejkil`ijl
gif^iXdX`Zfef^i}ZfgXiifhl`Xc#\j\c
[\el\[f[\cZliX\e[fZld\ekXikf[fj
cfjXjg\Zkfji\cXZ`feX[fjZfejlZli`X
p gXkifZ`e`f% <e (.0( DXq`_ZXkq`e jf$
c`Z`k Xc fY`jgX[f [\ Gl\YcX hl\ Xgif$
YXj\jlgif^iXdX`Zfef^i}Zfj`Y`\e
pX ZfeZcljf # gXiX cf ZlXc Zfdgljf \c
\og\[`\ek\[\m\`ek\]faXj\ecXZfc\Z$
Z`e [\c Dlj\f EXZ`feXc [\ 8ik\# Z`l$
[X[[\Do`Zf #XZfdgXX[X[\ZlXkif
X^lX[Xj hl\ i\gif[lZ\e cfj c\fj \e
^iXe]fidXkf_fp[\jXgXi\Z`[fj %
<e cX gi`d\iX gXik\ [\c c`Yif# <c GX$
kifZ`e`f# :lX[i`\ccf i\Zfejkilp\ cX
_`jkfi`X ]Xd`c`Xi [\ DXq`_ZXkq`e p [\
jl gifjXg`X efYc\ [\ekif [\ cX g\Zlc`X$
i`[X[_`jki`ZXkcXoZXck\ZX%;fe@^eXZ`f
=Xljk`efj DXq`_ZXkq`e (.*,6$(/'*  eX$
Z`\e\cj\ef[\leX]Xd`c`XZXZ`hl`cZl$
pfjXg\cc`[fjj\i\dfekXeXcXgi`d\iXj
XZkXjZXg`klcXi\j[\KcXoZXcX\e\cj`^cf
om`%<cZXZ`ZXq^f]l\cXe`ZX\jkilZkliX
[\fi^Xe`qXZ`egi\_`jg}e`ZXhl\gXj
X cX c\^`jcXZ`e `e[`XeX% <c `ek\ij gfi
jfYi\m`m`i Xek\ cX `emXj`e \iX dlklf
\eki\ Zfehl`jkX[fi\j p Xd\i`e[`fj# p
[`Z_X`ejk`klZ`e\jkXYXgifm`jkX[\leX
lk`c`[X[ \jkiXk^`ZX [\ cX hl\ e`e^leX
[\ cXj gXik\j gf[X gi\jZ`e[`i \Zfe$
d`ZXpgfck`ZXd\ek\%J`e\dYXi^fpX
g\jXi[\cfgXZkX[fali[`ZXd\ek\#Zfe
\c Zfii\i [\c k`\dgf cfj ZXZ`ZXq^fj j\
m`\ife `eckiX[fj gfi d\jk`qfj p fkifj
ki\gX[fi\j#pcfjgi`m`c\^`fj[\\jkXZcX$
j\# [\ gfi j \e [\ZX[\eZ`X# cc\^Xife X
ZX\i\e[\jljf%<jkfcc\mXhl\cfjXek`$
^lfjZXZ`ZXq^fjZfek`elXd\ek\\Z_XiXe
dXef[\cgXjX[fgXiX\oXckXijlfi`^\e#
k\e`\e[fhl\[`m`jXi#ZfdfY`\ej\XcX
:lX[i`\ccfj`^l`\e[fX:_Xic\j>`Yjfe
p fkifj _`jkfi`X[fi\j # el\mXj \jkiXk\$
^`XjgXiX\ejXcqXijlc`eXa\p_XZ\imXc\i
jljgi`m`c\^`fj%
;fe @^eXZ`f j\ i\glkXYX [\jZ\e[`\e$
k\[\lef[\cfjd}jm`\afjc`eXa\jkcXo$
ZXck\ZXj#ZfeZi\kXd\ek\[\cfji\p\j[\

FZfk\clcZf# d`jdfj hl\ \jkXYXe fi^l$


ccfjfj [\ jl ZfcXYfiXZ`fe`jdf Zfe :fi$
kj[liXek\cXZfehl`jkX#pZlpfjdi`kfj
gfck`Zfjpd`c`kXi\j\iXeZfek`elXd\ek\
i\ZfefZ`[fjpi\]i\e[X[fjgfi\ci\p[\
<jgXXd\[`Xek\cXZfeZ\j`e[\[`m\i$
jfj]l\ifj%;\j[\Xek\j[\cXZfehl`jkX#
KcXoZXcX j\ _XYX [`jk`e^l`[f gfi jlj
ZlXkif j\fifj [\ K\g`k`ZgXZ cfj kcXo$
ZXck\ZXj[\cXj\iiXeX #FZfk\clcZfcfj
[\cg`eXi #K`qXkc}ecfj[\cp\jf #pHl`$
X_l`kq`kc}ecfj[\cX^lX %<ecfjXcYfi\j
[\cXZfehl`jkX#\c^iXej\eX[fiDXq`_$
ZXkq`e#[\FZfk\clcZf#k\eXcXjlgi\dX$
ZX[\cgf[\i#pXd\el[fj\c\[\jkXZX\e
cXjZie`ZXjgfijlX]}egficXZfeZfi[`X
_`jgXef$kcXoZXck\ZX# Xc\ekX[f \e gXik\
gfijl[\j\f[\m\e^XicfjXek`^lfjX^iX$
m`fj [\ cfj Xqk\ZXj# g\if kXdY`e Zfe
d`iXj[\gifglcjXijlj`ek\i\j\jZfd\i$
Z`Xc\j%Le^ilgf[\ZlX[ifj[\cfjj`^cfj
om``pom```#hl\:lX[i`\ccfXeXc`qXZfe
clZ`[\q#i\gi\j\ekXe\c]Xdfjfk\dX[\c
YXlk`jdf[\cfjZlXkifj\fi\j[\KcXo$
ZXcX# \e [fe[\ j\ [\jkXZX DXq`_ZXkq`e
\c [`jk`e^l`[f gif^\e`kfi [\ [fe @^$
eXZ`f XccX[f[\:fikj#\cg\e[ei\Xc
p cXj <jZi`kliXj \e \c dfd\ekf [\ i\Z`$
Y`i\cjXZiXd\ekf[\cYXlk`jdf%:fe\jk\
i`kfk\fc^`Zfpgfc`k`qX[fj\i\Zfi[XYX
XcfjjY[`kfj`e[^\eXjg\ifkXdY`eX
cXel\mXZcXj\[`i`^\ek\ \cgXZkf\eki\
cXj[fji\gYc`ZXjcX`e[^\eXpcX\jgX$
fcX p \c `ee\^XYc\ gXg\c ]le[XZ`feXc
[\ cfj kcXoZXck\ZXj Zfdf cfj gi`d\ifj
\eXYiXqXicX]\%<jkfjZlX[ifj#hl\:lX$
[i`\ccf [\jZi`Y\ Zfe k`ef Zfdf Xc\^$
i`ZfjpXgZi`]fj#jfeleX\ogi\j`e
d}j[\cfjd\ZXe`jdfj[\X[XgkXZ`e[\
cXefYc\qX`e[^\eXd\[`Xek\cfjZlXc\j
_XZXeXcXi[\[\jlc`eXa\pjlgXg\c\e
cX ]le[XZ`e [\c i\`ef [\ cX El\mX <j$
gXX#g\ifjfYi\kf[f[\cX[m\e`d`\ekf
[\leXel\mXpjlg\i`fifi[\ele`m\ijXc
[\cXhl\j\k\eXgfi]\c`qZfe[lZkf1\c
Zi`jk`Xe`jdf%
<eZfe]fid`[X[ZfejlZleXZXZ`hl`c#
[fe@^eXZ`fDXq`_ZXkq`efYklmfcfj^iX$
[fj[\YXZ_`cc\ipc`Z\eZ`X[f\eZ}efe\j

(/*

[\cXLe`m\ij`[X[[\Do`Zf#cc\^Xe[f
X ZfejX^iXi jl m`[X Xc jXZ\i[fZ`f# le
gi`m`c\^`fi\j\imX[fXdlpgfZfj%Alekf
Zfejlj_\idXefjpjlgX[i\#j\[\jkXZ
gfi jlj [\j\dg\fj\ecX:Xg`ccX I\Xc
[\ cfj EXkliXc\j [\ KcXoZXcX% <jkX ZX$
g`ccX Zfd\eq X ]le[Xij\ \e (-+0 leX
m\q hl\ cX Xek`^lX :Xg`ccX [\ cfj EXkl$
iXc\j\c]fifZ\i\dfe`Xc`e[^\eXd}j
`dgfikXek\ [\ cX i\gYc`ZX kcXoZXck\ZX
p le ^iXe k\jk`dfe`f [\ jl ZcXj\ [`i`$
^\ek\]le[X[X\e\cj`^cfom` ZXp\iX\e
[\jljfkiXjcXj\ZlcXi`qXZ`e[`fZ\jXeX
[\cX[ZX[X[\(-+'%CXel\mX:Xg`ccX
I\Xc ]l\ le m\i[X[\if k\jk`dfe`f dX$
k\i`Xc[\cXZcXj\[`i`^\ek\`e[^\eX2jl
\c\mXZ`e \iX le ZcXif i\Zfi[Xkfi`f [\
cXj Z[lcXj ZfeZ\[`[Xj X cX efYc\qX `e$
[^\eXkcXoZXck\ZX[\j[\:XicfjM#\ecXj
hl\j\\jk`glcXYXhl\cX^fY\ieXZ`e[\
cXi\gYc`ZX\jkXiXdlpX[\j[fif[\
cfj \jgXfc\j g\e`ejlcXi\j \e dXefj
[\cXefYc\qX`e[^\eX#leX`edle`[X[
hl\cfjfYc`^XYXXi\jgfe[\ijcfXek\\c
i\pp\cfY`jgf#g\ifXek\eX[`\d}j%CX
:Xg`ccXI\Xc\iXX[\d}j\cj`k`fd}o`df
[\gf[\i[\cXefYc\qXkcXoZXck\ZXp[\
jl Xlkf[\efd`eX[f :fe^i\jf [\ :XZ`$
hl\j Fi`^`eXi`fj# le Zfd`k [\ `e[`fj
\[lZX[fj hl\ i\gi\j\ekXYXe cfj `ek\$
i\j\j [\ cXj ]Xd`c`Xj efY`c`Xi`Xj2 \eki\
jljZXi^fj\jkXYX\c[\j\iXiY`ki`f^\$
e\Xc^`ZfgXiXXj[\k\id`eXihl`e\j
g\ik\e\ZXeXcXZXjkXZXZ`hl`cphl`e\j
hl\[XYXe]l\iX[\\jk\iXe^f%
<e cX j\^le[X gXik\ [\c c`Yif# CXj
`d}^\e\j# :lX[i`\ccf j\ fZlgX [\c
gif^iXdX `Zfef^i}Zf `[\X[f gfi [fe
@^eXZ`f DXq`_ZXkq`e \e JXe J`de [\
P\_lXck\g\Z% ;liXek\ jl ZXii\iX \Zc\$
j`}jk`ZX# [fe @^eXZ`f \jklmf Xc ]i\ek\
[\mXi`XjgXiifhl`Xj2cc\^XJXeJ`de
\e (./,# jl ck`df p d}j `dgfikXek\
[\jk`ef# \e [fe[\ Xc gfZf j\ fZlg \e
i\Xc`qXi leX j\i`\ [\ d\afiXj Xc k\d$
gcfp\e[fkXicf[\Yl\eXjfYiXjgXiX
cfhl\ZfekiXkXcg`ekfigfYcXefAlXe
DXel\c[\PccXe\j%J`Y`\ecfjZlX[ifj
fi`^`eXc\j [\c Zfealekf _fp \jk}e [\j$
XgXi\Z`[fj#:lX[i`\ccfjfjk`\e\hl\\e$
ki\(./0p(.00DXq`_ZXkq`eZfcfZleX
igc`ZX[\cgif^iXdX\ecX:Xg`ccXI\Xc#
ZfjXhl\i\jlckXYXdlpXgifg`X[XgXiX
leXZXg`ccX[\eXkliXc\j#phl\X[\d}j
\eZldYiXYX \c efdYi\ [\ jl ]Xd`c`X%

(/+

D\[`Xek\ \jkXj Zfg`Xj# Xc^leXj [\ cXj


ZlXc\j \m\eklXcd\ek\ j\ kiXjcX[XiXe
X fkifj k\dgcfj# Xc \og\[`\ek\ Zfe cXj
`cljkiXZ`fe\j [\ PccXe\j p fkifj [fZl$
d\ekfjXe\j#:lX[i`\ccf_Xcf^iX[fi\$
Zfejkil`i\cgif^iXdXpcfji\jfik\j[\c
d\Z\eXq^f [\ \jkX fYiX [\ gXkifZ`e`f
Xikjk`Zf\`ek\c\ZklXc`e[^\eX%
8c gXi\Z\i ]l\ife el\m\ cfj ZlX[ifj
hl\[`jgljf[fe@^eXZ`f\e\ck\dgcf[\
JXe J`de [\ P\_lXck\g\Z# Zlpf fi[\$
eXd`\ekfj\^lXelefi[\e_XjkXZ`\ikf
glekf gifkfZfcXi`f% =cXehl\Xe[f \c
gi\jY`k\i`fj\_XccXYXecfj[fjZlX[ifj
[\ dXpfi\j [`d\ej`fe\j hl\ i\gi\j\e$
kXYXe j\e[Xj \g`]XeXj cfZXc\j1 cX XgX$
i`Z`e[\cXM`i^\e[\FZfkc}eXc`e[`f
AlXe;`\^f#pcXXgXi`Z`e[\cXiZ}e^\c
JXeD`^l\cXc`e[`f;`\^fC}qXif\jkX
ck`dXd}jZfefZ`[XZfdfJXeD`^l\c
[\cD`cX^if%8dYXj[\mfZ`fe\j^fqXYXe
[\ i\ZfefZ`d`\ekf \Zc\j`}jk`Zf# cf hl\
\ogc`ZXjllY`ZXZ`e[\ccX[f[\c<mXe$
^\c`f%@ed\[`XkfjXcjfkfZfif#j\\eZfe$
kiXYXe[fj\jZ\eXjZfegifgj`kfjd}j
[`[}Zk`Zfjhl\[\Zlckf1cXgi\[`ZXZ`e
[\JXekfKfd}j\ecXEl\mX<jgXX#p
\cdXik`i`f[\cfjki\je`fjkcXoZXck\ZXj
:i`jkfYXc`kf#8ekfe`fpAlXe%:fdgc\kX$
YXecXj\i`\cfji\kiXkfj[\cX`e[`X`if$
hl\jX:Xk_Xi`eXK\^Xbfm`kXp[\cm\e\$
iXYc\ZXZ`hl\g\ilXefE`Zfc}j[\;`fj
8pccfj# j`klX[fj YXaf \c Zfif p X ZX[X
cX[f [\ cX \ekiX[X [\c k\dgcf2 leX `e$
jc`kX\jZ\eX[\cYXlk`jdf[\cXM`i^\e
DXiX\e\cYXlk`jk\i`f#XZfdgXX[X[\
lej\^le[fc\f[\cXM`i^\e[\FZfkc}e
Zfdf [X[fiX [\c X^lX jXekX2 p eXc$
d\ek\#\ecXjXZi`jkX#leXck`dXZ\eX
\ecXZXjX[\DXq`_ZXkq`e%
Cfj ZXgklcfj [\ \jkX j\^le[X gXik\
[\cc`Yifj\fZlgXe[\cfj[`]\i\ek\jk\$
dXj[\cZfealekf#pgifm\\elejfjk`ZX$
[fXe}c`j`j[\cXj`d}^\e\jpcfjmXi`fj
i\^`jkifj Zfe hl\ gl\[\e j\i Zfdgi\e$
[`[Xj# [\j[\ jl kiX[`Z`e m`jlXc# [\mf$
Z`feXc#gfck`ZXp_XjkX]Xd`c`Xi%<cXlkfi
Zfd`\eqX gfi \ogc`ZXi cfj [fj i\kiXkfj
[\ `e[`fj gfj X cX \ekiX[X [\c k\dgcf#
hl\ ]l\ife XX[`[fj \e le dfd\ekf
gfjk\i`fi\e(.0)#p[\cfjhl\cXd\ekX$
Yc\d\ek\efhl\[Xe`e^eiXjkif[\ef
j\i gfi jl d\eZ`e \e cfj c`Yifj gXiif$
hl`Xc\j%8dYfji\kiXkfjj\`ejg`iXife\e
[fj_X^`f^iX]Xja\jlk`ZXjjfYi\cXm`[X

[\\jkfjg\ijfeXa\jhl\m`m`\ife\e\cj`$
^cfom``%E`Zfc}j[\;`fj#]l\leZXZ`hl\
g\ilXeffi`^`eXi`f[\cgl\Ycf[\:_`ZcX$
ccfhl\cc\mleXm`[X\a\dgcXi#cc\^Xe[f
XZfem\ik`ij\\e\cm\_Zlcf[\dlZ_fj
d`cX^ifj% :Xk_Xi`eX [\ K\^Xbfm`kX ]l\
leX `e[`X `ifhl\jX cfj `ifhl\j\j \iXe
]Xdfjfj gfi jl i\j`jk\eZ`X X cX Zfem\i$
j`e #hl\XZf^`\cZi`jk`Xe`jdfpcc\m
leX m`[X gX(% :fdf Y`\e j\XcX :lX$
[i`\ccf# d\[`Xek\ \jkXj `d}^\e\j [fe
@^eXZ`fgifm\XXjlj]\c`^i\j\jj\e[fj
\jg\afj[\m`[Xi\c`^`fjX#g\ifX_fiXXd$
gc`ZX[fj X le Zfek\okf `eXl[`kf# [`^X$
dfj[\le`m\ijXc`[X[Zfek`e\ekXc1[fj
gXiX[`^dXj [\ \jg`i`klXc`[X[ hl\# gif$
p\ZkX[fj[\j[\cfj8e[\j_XjkXcXi\^`e
[\ cfj cX^fj ZXeX[`\ej\j# dfjkiXYXe cX
mXjkj`dX ^\f^iX]X [\ leX Zi`jk`Xe[X[
XlkZkfeX[\gifYX[XiXq`e[^\eX% 
KcXoZXcX p jlj ^cfi`Xj# Xc df[f [\ leX
d\kigfc` Xd\i`e[`X# j\ j`klXYX Zfdf
kifeZf[\kf[X\ccXg%)*- %
LeZXgklcf`dgfikXek\#phl\\e^iXe
d\[`[Xj\YXjX\eZfeki`YlZ`fe\jXek\$
i`fi\j[\cXlkfi#\jk}[\[`ZX[fXck\dX[\
cXjXgXi`Z`fe\j[\cXM`i^\e[\FZfkc}ep
JXe D`^l\c [\c D`cX^if)% CX XgXi`Z`e
[\cXM`i^\e[\FZfkc}ej\i\dfekXXcj`$
^cfom`%8g\jXi[\hl\jl]XdXZfiiX[\
YfZX\eYfZXpcX\[`ZXZ`e[\jlk\d$
gcfj\`e`Z`\e(-/.#cXji\]\i\eZ`XjXjl
ZlckfjfeZXj``e\o`jk\ek\j_XjkX\cj`^cf
om```%<e\jk\\ekfeZ\j[\jglekcX^l$
iX[\cYXZ_`cc\iDXel\cCfXpqX^XDXq`$
_ZXkq`egXi`\ek\[\[fe@^eXZ`f hl\cX
i\jZXk[\cfcm`[f1X[\d}j[\ZfejX^iXi
ZXj` kf[X jl m`[X Xc Zl`[X[f p \dY\cc\$
Z`d`\ekf[\cjXeklXi`f#\e(./(\eZXi^
\c Z`Zcf g`Zki`Zf d}j Zfdgc\kf [\ jl
_`jkfi`XXgXi`Z`fe`jkXXcg`ekfiDXel\c
:Xif#p]l\\cgifdfkfid}j\eklj`XjkX
[\cX\jkX[\AliX[\cGXkifeXkf\e(.,,%
CfXpqX^X ]l\ kXdY`e Xlkfi [\ cX e`$
ZX_`jkfi`X[\\jkX]XdfjXkXccXk`klcX[X
?`jkfi`X[\cXd`cX^ifjj`j`dX`dX^\e[\
EiX%JiX%[\FZfkcXe(.+,p(.,, %:lX$
[i`\ccf\ogc`ZXZdf\cel\mffZfkcXe`j$
dfdXi`Xef[\[fe@^eXZ`f#hl\]l\le
^iXegifdfkfi[\cXM`i^\e[\FZfkc}e
d}j Xcc} [\ P\_lXck\g\Z# j\ [\YX ef
jcfXhl\AlXe;`\^f_XYXj`[fle`e$
[`fZfde[\cXZXjX[\FZfk\clcZf#j`ef
gfihl\\jX]Xd`c`Xj\fi`XccXm\e\iXYX
gfigXkifeX[\cXXek`^lXZXjX[\=Xlj$

^ f pX  * ) .   X f  ) ' ' 0

k`efjDXq`_ZXkq`ep:Xcd\ZX_lX%<e\c
ZXjf[\JXeD`^l\c[\cD`cX^if#\cZlckf
ZfekXYX Zfe leX kiX[`Z`e m`jlXc p k\o$
klXc d}j XXeqX[X hl\ j\ i\dfekXYX
Xgi`eZ`g`fj[\cj`^cfom``#phl\Zfek
ZfedXpfi[`]lj`eXiXq[\cXfYiX[\c
a\jl`kX =iXeZ`jZf [\ =cfi\eZ`X# EXiiX$
Z`e[\cXdXiXm`ccfjXXgXi`Z`ehl\_`qf
\c XiZ}e^\c jXe D`^l\c X ;`\^f C}qXif
[\JXe=iXeZ`jZf(-0) %:fdfY`\e_X
gleklXc`qX[f:lX[i`\ccf#cXgifdfZ`e
[\[`Z_Xj`d}^\e\j\jk}\e^iXed\[`[X
i\cXZ`feX[X Zfe cX j\ZlcXi`qXZ`e [`f$
Z\jXeXhl\klmfZfd`\eqf\e(-+-Zfe
\c fY`jgf AlXe [\ GXcX]fo p D\e[fqX
(-,'$(-,+ #cfhl\j`im`gXiXXiiX`^Xi
\Zfed`ZX \ `[\fc^`ZXd\ek\ cX Zc\i\$
ZX gfYcXeX [\ cX i\^`e2 j`e \dYXi^f#
\jkXj`d}^\e\jpjlj_`jkfi`XjXgXi`Z`f$
e`jkXj kXdY`e Xg\cXife X cX j\ej`Y`c`$
[X[`e[^\eX#fXcd\efj`ejk`klpleX
]fidX [\ `e[`^\e`jdf hl\ Zfem`ef X
XdYXjgXik\jphl\jfYi\m`m\Xcgi\j\e$
k\%<c\jgc\e[fim`mf[\jljjXeklXi`fj
_XYcXgfijd`jdfg%*') %
Lef [\ cfj Xe}c`j`j d}j jl^\i\ek\j
\j\chl\:lX[i`\ccfi\Xc`qX[\cXgi\[`$
ZXZ`e[\JXekfKfd}j\eKcXoZXcXpcX
`ekif[lZZ`e[\cX[\mfZ`e[\cXJXekX
:ilq#ZlpXZfg`Xhl\fkifiX\em`XiXXcX
:Xg`ccXI\XcXej\Zfej\imX#[\dXe\iX
Xc^f`e\ogc`ZXYc\#\ecX9Xjc`ZX[\FZfk$
c}e% CX kiX[`Z`e j\^e cX ZlXc \c Xgj$
kfcJXekfKfd}j_XYXcc\^X[fXk`\iiXj
Xd\i`ZXeXj X gi\[`ZXi \c \mXe^\c`f [l$
iXek\cX^\ek`c`[X[#\iXlek\dX[\YXk`[f
[\chl\j\fZlgXifeleXj\i`\[\Xlkfi\j
i\ZfefZ`[fjp[\chl\\o`jkXleXXdgc`X
ZfeZ`\eZ`X i\^`feXc `eZcljf \eki\ cfj
d\efjc\kiX[fj#ZfdfXi^lp\:lX[i`\ccf%
MXi`fj gl\Ycfj \cXYfiXife m\ij`fe\j cf$
ZXc\j[\cXc\p\e[XpXj\^liXYXehl\\c
Xgjkfc`YX[\aXe[fZilZ\j[\dX[\iXX
jlgXjf#d`jdXjhl\cl\^fj\m\e\iXiXe
Zfdfi\c`hl`Xj\emXi`XjcfZXc`[X[\jg%
\a%# cX JXekX :ilq [\ ?lXklcZf f cX [\
QXZXk\[\K\g`Z %
<e\cZlX[if[\PccXe\j\cXgjkfcj\
\i`^\ \e \c Z\ekif gfikXe[f leX Zilq#
if[\X[f [\ leX j\i`\ [\ ^liXj j`dY$
c`ZXjhl\i\]l\iqXe\cZfek\e`[fgfck`Zf
pXc\^i`Zf[\cXfYiX%J`Y`\ecXZfdgf$
j`Z`egXi\Z\[\i`mXi#Zfdfj\XcX:lX$
[i`\ccf# [\ leX ZfefZ`[X Xc\^fiX a\jl$
k`ZXhl\i\gi\j\ekXYXcXgi\[`ZXZ`e[\

Y`Yc`fk\ZX

JXe@^eXZ`f[\CfpfcX\ecfjZXdgfj[\
8qg\`k`X#\e\jkXfYiXj\i\Zfe^liX[\
]fidXYi`ccXek\gXiX\d`k`iled\ejXa\
dlp [`jk`ekf1 hl\ KcXoZXcX# p e`e^leX
fkiX gifm`eZ`X# _XYX j`[f \c d}j Xek`$
^lf gcg`kf Xgfjkc`Zf [\c Zfek`e\ek\%
LeX [\ cXj ^liXj Z\ekiXc\j \j cX g\i$
jfe`ZXZ`e [\ cX El\mX <jgXX Zfdf
leXdla\i`e[^\eXm\jk`[XZfele_l`$
g`c#gfikXe[f\cYXjke[\dXe[fpleX
d\[`Xd`kiX\e\chl\XgXi\Z\\c\jZl[f
Zfe\c}^l`cXkcXoZXck\ZXZfekiXgl\jkfXc
YcXje[\:Xjk`ccXpC\ehl\cc\mX\e\c
g\Z_f#jdYfcfj[\jl\ek`[X[Y`gXik`kXp
[\cgXZkfpmXjXccXa\\eki\eXZ`fe\jhl\
[XiX cl^Xi ali[`ZXd\ek\ Xc i\`ef [\
cX El\mX <jgXX% 8hl :lX[i`\ccf gif$
m\\ le i`Zf Xe}c`j`j [\ cfj gi\Z\[\ek\j
`Zfef^i}Zfj [\ \jkX `dX^\e Xc\^i`ZX%
Fkif[\cfj\c\d\ekfjhl\[\jkXZX\jcX
`eZclj`e[\cfjZlXkifj\fi\j[\KcXo$
ZXcXm\jk`[fjXcX\jgXfcX#Xlehl\gfi$
kXe[fleg\eXZ_fZfeki\ji`ZXjgcldXj
hl\cfj[`]\i\eZ`XYXke`ZXd\ek\Zfdf
\cd}o`df^ilgf[`i`^\ek\[\cXefYc\qX
`e[^\eX#pZlpXgi\j\eZ`XgifkfZfcXi`X
\iX_XY`klXcgXiXj`dYfc`qXi\cgXZkf\e$
ki\XdYXji\gYc`ZXjpi\Zfi[Xi\cmfkf
[\c\XckX[[\cfjkcXoZXck\ZXjXcXdfeXi$
hlX_`jg}e`ZX%;\XZl\i[fX:lX[i`\ccf#
\c [`jgXiX[\if `ek\c\ZklXc gXiX cX j\i`\
DXq`_ZXkq`e hl`q} ]l\j\ \c k\okf [\c
Xek`ZlXi`f`kXc`XefCfi\eqf9fklie`9\$
eX[lZZ`# @[\X [\ leX el\mX _`jkfi`X ^\$
e\iXc[\cX8di`ZXj\gk\eki`feXc(.+- %
9fkli`e`m`XaXDo`ZfXd\[`X[fj[\c
j`^cf om``` p jl \eklj`Xjdf gfi KcXoZX$
cX\j`ee\^XYc\2Xccj\fZlgX[\ck\dX[\
JXekfKfd}j#pX[\d}jd\eZ`feX_XY\i
i\Zf^`[fmXi`fjgXg\c\jjfYi\cfjZlckfj
[\cXM`i^\e[\FZfkc}ep[\JXeD`^l\c
[\cD`cX^ifg%+'( %
PX\ejlgi\]XZ`fXc\jkl[`f:lX[i`\ccf
_`qfleXcZ`[X[\ZcXiXZ`e[\dkf[f#
\e[fe[\Z`kXe[f\ckiXYXaf[\c_`jkfi`X$
[fi[\cXik\D`Z_X\c9XoXe[Xcc#X[d`k\
\c^iX[f[\`e]\i\eZ`X\e\cgifZ\jf`e$
k\igi\kXk`mf [\ cXj `d}^\e\j2 \j [\Z`i#
Zdf Xek\j [\ \ogc`ZXi le ZlX[if d\$
[`Xek\jl[\jZi`gZ`e#cfhl\\c_`jkfi`X$
[fi[\cXik\\ei\Xc`[X[_XZ\\jf]i\Z\i
cXji\\o`fe\jhl\_X_\Z_f\ekfiefX
cXfYiX%<ccfcc\mX#eXkliXcd\ek\#XZ`\i$
kXj fd`j`fe\j p ZXi\eZ`Xj# X cXj hl\ j\
gl\[\ i\jgfe[\i d\[`Xek\ le gifZ\[`$

d`\ekf[\XeXcf^Xf`e]\i\eZ`X#kf[fcf
ZlXc# Zfdf X[d`k\ :lX[i`\ccf# XZXii\X
Z`\ikfj i`\j^fj% J` Y`\e ef _Xp gfihl
[l[Xi [\ cX `el\eZ`X hl\ gl[f _XY\i
\a\iZ`[fcXfYiX[\9fkli`e`\e\cgif^iX$
dX[\[fe@^eXZ`f\eP\_lXck\g\Zpjl
j\c\ZZ`e[\k\dXj#j\iXk`cdXk`qXi\c
[`jZlijf [\ cX j`e^lcXi`[X[ [\c Zfeale$
kfpXdgc`Xi\cZfek\okf[\chl\_XYiX
gf[`[f jli^`i% PX :lX[i`\ccf efk# Xle$
hl\ ]l\iX [\ i\ce# hl\ \jk\ Z`Zcf [\
cXj ^cfi`Xj [\ cX I\gYc`ZX [\ KcXoZX$
cX#ZfdfY`\ecfccXdX#ef\jle_\Z_f
X`jcX[f j` j\ c\ ZfdgXiX Zfe \c gif^iX$
dX[\ZfiXk`mfhl\Xegl\[\m\ij\\e
cX:Xg`ccXI\Xc[\cXZ`l[X[[\:_fclcX#
Gl\YcX#phl\kXdY`e[\Y`[XkXi[\$
eXc\j[\cj`^cfom```f[\Zfd`\eqfj[\c
o`o% 8cc ^liXe `d}^\e\j [\ cX M`i^\e
[\>lX[Xclg\pjljZlXkifXgXi`Z`fe\jXc
`e[`fAlXe;`\^f#JXeD`^l\c[\cD`cX$
^ifpcXM`i^\e[\FZfkc}e%:fdfj\XcX
:lX[i`\ccf#\jk\Zfealekfj`e[l[Xj\m`f
`el\eZ`X[fgficX:Xg`ccXI\Xc[\KcXo$
ZXcX\e[fe[\j\\o_`YXecXjZfg`Xj[\
cXjfYiXj[\P\_lXck\g\Zg%))0 %G\if
X[\d}j gl\[\ d\eZ`feXij\ \c i\kXYcf
gi`eZ`gXc [\ cX @^c\j`X [\ cX D\iZ\[ [\
cXj ?l\ikXj \e cX ali`j[`ZZ`e KXZlYX
leXgfYcXZ`e`e[^\eXZ\iZXeXXcjXe$
klXi`f [\ cfj I\d\[`fj \e cXj X]l\iXj
[\ cX Z`l[X[ [\ Do`Zf  [\ d\[`X[fj
[\c j`^cf om```# hl\ i\e\ leX j\i`\ [\
ZlX[ifj Xki`Yl`[fj Xc Zc\Yi\ D`^l\c
:XYi\iX Zfe XgXi`Z`fe\j X `e[`fj cX
M`i^\e[\>lX[Xclg\#cX[\cfjI\d\[`fj
pJXeD`^l\c[\cD`cX^if+%
8 cf cXi^f [\c c`Yif# :lX[i`\ccf jfj$
k`\e\hl\\ekXekfZ`Zcffgif^iXdX#p
jfYi\ kf[f dXe`\jkf `[\fc^`Zf# eX[X
`^lXc j\ _XYX _\Z_f _XjkX \ekfeZ\j p
hl\\cZfealekf[\P\_lXck\g\ZZXi\ZX
[\le\hl`mXc\ek\k\oklXcfXikjk`Zfgg%
)*.# )-0 % J`e i\jkXic\ j`e^lcXi`[X[ Xc
Zfealekf X e`m\c i\^`feXc# e` X cX X[d`$
iXYc\cXYfi[\`em\jk`^XZ`ep\bg_iXj`j
[\ :lX[i`\ccf gXiX cfj \jkl[`fj [\c `e$
[`^\e`jdf g`Zki`Zf p Xc\^i`Zf \e cX
El\mX<jgXX#ZXYiXeffYjkXek\_XYcXi
[\dXe\iXd}j\e]}k`ZX[\leX\jg\Z`\
[\gifkf$`e[`^\e`jdfj`d`cXiXmXcX[f
gfi le ZiZlcf Zc\i`ZXc d}j Xdgc`f% ;`$
Z_f[\fkifdf[f#\c[\j\f[\Zi\Xile
i\^`jkif[\cX\jg`i`klXc`[X[`e[^\eX\e
kid`efj le`m\ijXc\j hl\ ef jcf kcXo$

(/,

ZXck\ZX ef]l\gi`mXk`mf[\[fe@^eXZ`f
DXq`_ZXkq`ej`efhl\\iXXc^fhl\j\gf$
[Xi\jg`iXi\e\cXdY`\ek\\ecXj\^le[X
d`kX[[\cj`^cfom```kXekf\eki\`e[^\$
eXj Zfdf Zi`fccfj# cf hl\ Z`\ikXd\ek\
d\i\Z\le\jkl[`fdlZ_fdXpfipd}j
gleklXc,%D}jXcc}[\cfj`ek\i\j\j]Xd`$
c`Xi\jpi\^`feXc\j#cfhl\kXdY`eZXYiX
gi\^lekXij\ \j Zl}c\j ]l\ife cfj dfk`$
mfj gfi cfj hl\ X eXc\j [\c j`^cf om```
[\jglekX\jk\`ek\ij#ZXj`fYjk`eX[f#\e
\cf^`XiXcXeXZ`e`e[^\eX%;`Z_f`ek\$
ijefj\c`d`kXYXe`ZXd\ek\XcgXjX[f
gi\_`jg}e`Zf#Zfdf_XYXjlZ\[`[fZfe
Xc^lefj[\cfjg\ejX[fi\jd}jefkXYc\j
[\c j`^cf om`` \eki\ \ccfj :Xicfj [\ J`$
^\eqXp>e^fiX #j`efhl\`eZclXXj`$
d`jdfXc`e[`fd}jZfde#fXcd\efjXc
`e[`f[\jlk`\dgf%
J` Y`\e :lX[i`\ccf _X efkX[f hl\ \c
X]}e [\ DXq`_ZXkq`e ef ]l\ \e e`e^e
dfd\ekf]XckXiXc[\Zfife`fgfe\ij\X
cfjgi\Z\gkfj[\cdfeXiZX#\j[\Z`i#hl\
d\[`Xek\jlgif^iXdXefg\ij\^lXcfj
d`jdfje\j[\i\j`jk\eZ`Xhl\jlj_f$
dcf^fj g\ilXefj  cf hl\ XcZXeq le
glekf[\`e\o`e[\k\id`eXek\ZfecX
]XdfjX jlYc\mXZ`e [\ KgXZ 8dXil
(./'$(./( # \e hl\ cX efYc\qX Zlqhl\$
X`ek\ek[\iifZXiXc^fY`\ief\jgXfc
\c Zfealekf Y`\e gl[f gi\jkXij\ X leX
c\ZkliX hl\ gl[`\iX k\e\ij\ gfi g\c`$

^ifjX [\Y`[f X jl `dgifekX e\kXd\ek\


Xd\i`ZXe`jkXg%+() -%8leX[fX\jkf#\c
ZlX[if[\cXGi\[`ZZ`e[\JXekfKfd}j
\eKcXoZXcX#\cd}j_\k\if[fof[\cZfe$
alekf#gl[fj\i\cZXkXc`qX[fihl\cc\m
X cX [\jkilZZ`e [\c gif^iXdX X cfj gf$
ZfjXfj[\ZfeZcl`[Xg%))- %<e(.0+
]iXpJ\imXe[fK\i\jXpD`\i(.-*$(/). 
gifeleZ`lej\idejfYi\cXM`i^\e[\
>lX[Xclg\\ecX:fc\^`XkX[\>lX[Xclg\
\ecXZ`l[X[[\Do`Zfhl\ZXljlei\$
ml\cf\e\cXdY`\ek\[`fZ\jXef%<c[fd`$
e`Zfgfjklchl\cX`dX^\ed`cX^ifjX[\
cXM`i^\eefj\_XYX\jkXdgX[f\ecXk$
e`ZX[\AlXe;`\^f[\kf[fjm\e\iX[X 
j`ef\ecX[\JXekfKfd}jXhl`\ecfj
`e[`fj i\ZfefZXe Zfdf Hl\kqXcZXkc 
\ek`\dgfj[\cX^\ek`c`[X[%:lXe[fcfj
`e[`fji\m`ik`\ifeXjl^\ek`c`[X[#JXekf
Kfd}j\jZfe[`\cdXekf#\cd`jdfhl\
cX M`i^\e DXiX c\ i\m\c dlZ_fj Xfj
[\jglj X AlXe ;`\^f% Cf hl\ ZXlj cX
`e[`^eXZ`eZc\i`ZXc#]l\cXm\_\d\eZ`X
ZfecXhl\]iXpJ\imXe[fXidXYXhl\cX
El\mX <jgXX _XYX j`[f Zi`jk`Xe`qX[X
dlZ_f Xek\j [\ cX cc\^X[X [\ cfj \jgX$
fc\j# Zfe cf ZlXc gifZcXdXYX cX `e[\$
g\e[\eZ`X \jg`i`klXc [\ cX Zfcfe`X p cX
c`YiXYX[\cpl^f[\cXZfehl`jkX2g\if\c
Xjlekfd}jgfcd`Zf]l\jlgi\k\ej`e#
ZXj`[\^fcg\#[\Xck\iXiled`kfhl\j\
k\eX gfi jXZifjXekf p Zfdf jdYfcf

`[\ek`kXi`f[\kf[f\ci\`ef[\cXEl\mX
<jgXX.%<jkffZXj`fehl\\cXiqfY`jgf
8c]fejfE\q[\?XifpG\iXckXZ`iZl$
cXiX le \[`Zkf \e (.0, hl\ ]fidXc`qXYX
cXZXljXZfe[\eXkfi`X\eZfekiX[\]iXp
J\imXe[f#[`i`^`[X[\dXe\iX\jg\Z`XcX
cfj ZliXj gXiifhl`Xc\j% :lX[i`\ccf Zfe$
a\kliX#[\]fidXZfem`eZ\ek\#hl\[`Z_f
jlZ\jf hl`q} j\ ZfYi leX [\ jlj mZk`$
dXj \e [fe @^eXZ`f DXq`_ZXkq`e p jl
gif^iXdX [\ P\_lXck\g\Z# hl\ ]l\ [\j$
kil`[fXg\eXjXcfjj`\k\Xfj[\_XY\ij\
\dgi\e[`[fgg%+'.$+(( %
<c \jkl[`f [\ :lX[i`\ccf \j leX \o$
Z\c\ek\ XgfikXZ`e jfYi\ \c Zfdgc\af
p ]XjZ`eXek\ k\dX [\c `e[`^\e`jdf g`Z$
ki`Zf p Xc\^i`Zf [`\Z`fZ_\jZf# hl\
jlgfe\ le m\i[X[\if kiXYXaf `ek\i[`j$
Z`gc`eXi% D\[`Xek\ \jkX _`jkfi`X jfZ`Xc
[\cXik\Zfegifp\ZZ`fe\ji\^`feXc`jkXj#
:lX[i`\ccfgfe\Xek\Xcc\ZkfileXfYiX
[\dlZ_fdXpfiXcZXeZ\hl\dXiZXle
dfd\ekf`dgfikXek\gXiXcXi\\o`e
[\cXik\efmf_`jgXef#pcfji\Zlijfj[\
cfj hl\ gf[Xe mXc\ij\ cfj ^ilgfj jlY$
Xck\iefj gXiX \j^i`d`i p gifp\ZkXi jl
gifg`X`[\ek`[X[%

`cfeXbXkq\n
Cfj8e^\c\j:flekpDlj\ldf]8ik

efkXj
8cZXc}#Gl\jgXiXhlj`im\ecfjgXg\$
GXiXle\jkl[`fd}jgif]le[fjfYi\\c
c\j6@d}^\e\jp[\mfZ`fe\j\ecfjj`$
k\dX [\ :Xk_Xi`eX K\^X^fm`kX# i\d`kf
^cfjom``pom```#K`\dgfj[\8di`ZX#
XckiXYXaf[\8cc\e>i\\i#@ifhlf`jM`i$
(#(00.#gg%+*$,-%
^\e1 K_\ Jkfip f] :Xk_\i`e\ K\bXbn`$
k_X`eE\n=iXeZ\Xe[E\nJgX`e#\e , ;\j[\leglekf[\m`jkX`[\fc^`Zf#gfi
:fcfe`XcJX`ekj1;`jZfm\i`e^k_\?fccp`e
\a\dgcf# \c gif^iXdX [\ P\_lXck\g\Z
k_\8d\i`ZXej#(,''$(/''#8%>i\\ipA%
dXek`\e\le]l\ik\meZlcfZfeledX$
9c`ebf]]\[j% #Iflkc\[^\#El\mXPfibp
eljZi`kf`e[`kf[\(./)[\c]iX`c\]iXe$
Cfe[i\j#)''*#gg%)*,$),'%
Z`jZXefAfjDXi`Xef;Xq[\cXM\^X#
k`klcX[f D\dfi`Xj g`X[fjXj [\ cX eX$
) A% :lX[i`\ccf# K`\iiX [\ gif[`^`fj% CX
Z`e pe[`XeX i\Zf^`[Xj gfi mXi`fj 8l$
m\ekliX Zfdf [\jk`ef# \e Cfj g`eZ\$
kfi\j  % <jk\ k\okf# Zli`fjXd\ek\
c\j [\ cX _`jkfi`X1 \c fi`^\e [\c i\`ef [\
[\ le ]iXeZ`jZXef Zi`fccf hl\ \jkl[`
cX El\mX <jgXX# (-/'$(.,'# ZXk}cf^f
k\fcf^X \e \c Zfem\ekf ]iXeZ`jZXef
[\\ogfj`Z`e#Do`Zf#Dlj\fEXZ`f$
[\KcXoZXcXg\ifhl\\jkXYXXm\Z`e[X$
eXc[\8ik\#Le`m\ij`[X[EXZ`feXc8l$
[f\ecXZ`l[X[[\Do`Zf#kXdY`ej\
kefdX[\Do`Zf$@ejk`klkf[\@em\j$
gifgfeX\eZldYiXiXcXeXZ`e`e[^\$
k`^XZ`fe\j<jkk`ZXj#)'''#gg%(/($)).%
eX#gXiXcfhl\i\e\cXj_`jkfi`Xj[\cX
* D%9XoXe[Xcc#Df[\cfj[\`ek\eZ`e%Jf$
M`i^\e[\>lX[Xclg\pI\d\[`fjgXiX
Yi\ cX \ogc`ZXZ`e _`jki`ZX [\ cfj ZlX$
cXZ`l[X[[\Do`Zf#p[\FZfkc}e#JXe
[ifj#9cld\#DX[i`[#(0/0%
D`^l\c [\c D`cX^if p cfj e`fj d}ik`$
+ CXj\c\ZZ`e[\`d}^\e\jkXdY`egl\$
i\j gXiX KcXoZXcX% KXdY`e i\jZXkX cX
[\i\cXZ`feXij\ZfecXjeXiiXZ`fe\j[\
m`[X \a\dgcXi [\ :Xk_Xi`eX K\^Xbfm`$
Zlckfj cfZXc\j [\c a\jl`kX Zi`fccf =iXe$
kXZfdfcf_`qfXc^lefjXfj[\jglj
Z`jZf =cfi\eZ`X# \ok\ejXd\ek\ Zfef$
[fe @^eXZ`f DXq`_ZXkq`e  p [\ cX `e$
Z`[Xj \e \c }dY`kf \Zc\j`}jk`Zf efmf$
[`XFkfdJXcmX[fiX[\cfjJXekfjleX
_`jgXef% JfYi\ \jk\ k\dX# mXj\ C% <%
(

(/-

\cdXi[\cX@^c\j`X1cfj`e[`fj\ecXg`e$
Y\XkX [\ cX ZXjkX ZXZ`hl`c hl\ ^fq [\
kliX efmf_`jgXeX [\c j`^cf OM@@@# \e
]XdX\ecXZ`l[X[[\Hl\ikXif%;\\jk\
I\m\cXZ`fe\j%CXjXik\j\e8di`ZXCX$
df[f ;Xq [\ cX M\^X [\jkXZX mXi`fj
k`eX#(+0)$(/)'#ZXk}cf^f[\\ogfj`Z`e
glekfjZXi[`eXc\j[\ekif[\cXZfcfe`X
G_`cX[\cg_`XDlj\ldf]8ik#8ek`^lf
\e [fe[\ jfYi\jXcX cX g`\[X[ `e[^\$
:fc\^`f[\JXe@c[\]fejf#Cfj8e^\c\j
eX% 8[\d}j# gifm\\ leX c`jkX [\ YXif$
:flekpDlj\ldf]8ik#)''. #Afj\g_
e\j `e[^\eXj `cljki\j# \e jl dXpfiX
A% I`j_\c \[% # =fe[f [\ :lckliX <Zf$
efmf_`jgXefj#Xlehl\kXdY`e`eZclp\
ed`ZX#Do`Zf#)''.#gg%**.$*,'%
Xc^lefg\ilXef%<ei\jld\e#\jk\k\o$
kfj\gifgfeX[\ledf[fdlpj\d\$ - <e i\Xc`[X[# Zfdf Y`\e efkX :lX[i`\$
aXek\ Xc gif^iXdX `[\X[f gfi [fe @^$
ccf#Xeefefj\j[X[fd\[`icXjZfe$
eXZ`f#\eZfd`XiXcXeXZ`e`e[^\eXp
j\Zl\eZ`Xj[\cXjlYc\mXZ`e[\KgXZ
[\jXZi\[`kXicXefZ`eZfde\eki\\j$
8dXil\ecXEl\mX<jgXXg%)-* %'/
gXfc\j p Zi`fccfj [\ jl jlgl\jkf XYX$
:fdfpXX[m`ik`\iXA%9Xk`Zc\#cfd}jc$
k`d`\ekf \ `e]\i`fi`[X[ \jg`i`klXc% <e
^`Zf \j g\ejXi hl\ j\ c\mXek ZlXe[f
\jk\j\ek`[f#ef\jk}[\d}jefkXihl\
\cg`ekfii\^XccXZXjXXjle`\kf\c(.
cXj `d}^\e\j p cfj k\okfj ef j`\dgi\
[\ j\gk`\dYi\ [\ \j\ Xf >fpX# :i$
g\ik\e\ZXeXdfc[\j\ogi\j`mfjXgXi$
k`ZX# 9XiZ\cfeX# (00,# g% *'+ # [\c d`j$
k\# jfYi\ kf[f ZlXe[f j\ kiXkXYX \[`$
df df[f hl\ _`qf `em\ekXi`f \e (/()
ZXi d\dfi`X% <c d\fccf [\c Xjlekf \j#
ZlXe[f# kiXj \c ]Xcc\Z`d`\ekf [\ jl \j$
gfijlgl\jkf#[\hld\dfi`X\jkXdfj
gfjX#kiXk[\XYXe[feXi\cgXj%
_XYcXe[f#pZl}c\j\iXecfj`ek\i\j\j[\ . <e\jkf:lX[i`\ccfj`^l\\ckiXYXaf\a\d$
cfj mXi`fj ^ilgfj hl\ gifdfmXe# \e
gcXi[\;%9iX[`e^#K_\=`ijk8d\i`ZX1K_\
XgXi`\eZ`X# leX ZXljX j\d\aXek\% GXiX
JgXe`j_DfeXiZ_p#:i\fc\GXki`fkj#Xe[k_\
leX gi`d\iX Xgifo`dXZ`e X \jk\ dX$
C`Y\iXc JkXk\# (+0)$(/-.# :XdYi`[^\ Le`$
eljZi`kf#mXj\@%BXkq\n#<jki\ccXj\e
m\ij`kpGi\jj#(00(#gg%,/*$,/,%

^ f pX  * ) .   X f  ) ' ' 0

dpieXjfkf
<c8ik\DX\jkiX%lekiXkX[f[\g`ekliXefmf_`jgXef
@ejk`klkf[\@em\jk`^XZ`fe\j9`Yc`f^i}ZXj#Le`m\ij`[X[EXZ`feXc8lkefdX[\Do`Zf#
Do`Zf#)'',#)*,gg%

<c8ik\DX\jkiX1KiX[lZZ`eefmf_`jgXeX[\lekiXkX[fg`Zki`Zf`kXc`Xef
<jkl[`f`ekif[lZkfi`fpefkXjgfiGXlcXDl\jFik%<e<jkl[`fj\ekfiefXcXik\#e(#
Dlj\f[\cX9Xjc`ZX[\>lX[Xclg\#Do`Zf#)''-#(0(gg%

;fjc`Yifjhl\kiXkXe[\<c8ik\DX\j$
kiX# le dXeljZi`kf efmf_`jgXef [\c
j`^cfom```i\]\i`[fXcXk\fiX[\cXg`e$
kliX# XgfikXe mXc`fjfj \c\d\ekfj jfYi\
Xjg\ZkfjZcXm\[\cX_`jkfi`X[\cXik\_`j$
gXefXd\i`ZXef [\c g\i`f[f Zfcfe`Xc p
[\dl\jkiXe\c[`eXd`jdfXcZXeqX[fgfi
cfj\jkl[`fj[\c}i\X%
:l}c\jjfe\jfjXjg\Zkfj6GfimXi`fj
Xfj#[\j[\hl\Zfd\eZX[`ZkXiZcXj\j
\e cX Le`m\ij`[X[ [\ 9l\efj 8`i\j# d\
\eZfekii\g`k`\e[fhl\cXXZk`m`[X[Xi$
kjk`ZX \e cX 8di`ZX \jgXfcX j\ _XYX
ZXiXZk\i`qX[fgficXgi`dXZX[\cXgi}Z$
k`ZXjfYi\cX\jg\ZlcXZ`ek\i`ZX#phl\
cXjfclZ`egiX^d}k`ZXXgifYc\dXjZfe$
Zi\kfj_XYXjlg\iX[fZfeZi\Z\jXcX\j$
g\ZlcXZ`e`ek\c\ZklXc%<c\jZ\eXi`fhl\
[\c`e\XYXXek\d`j\jkl[`Xek\j\jkXYXgf$
YcX[f#\ekfeZ\j#[\Xe`dfjfj`e[`m`[lfj
hl\#gfj\\[fi\j[\lefZ`fZfdffkifj#
ZfdY`eXYXeZfe`e^\e`fi\ZlijfjkZe`$
Zfjp\c\d\ekfj[\[`]\i\ek\jc\e^lXa\j
Xikjk`Zfj \lifg\fj gXiX i\jgfe[\i X[\$
ZlX[Xd\ek\ X leX [\dXe[X fi`\ekX[X
jfYi\kf[fXcfjk\dXji\c`^`fjfj%Gfid\$
[`f[\cXc\ZkliX[\[fZld\ekfji\cXk`mfj
X cfj ^i\d`fj p [\ ZfekiXkfj `ek\ekXYX
XZ\iZXic\j Xc^lefj `e[`Z`fj jfYi\ \c cl$
^XijfZ`Xc[\cfjg`ekfi\j#g\ifjcfgf[X
i\jgfe[\i \e gXik\ X cXj gi\^lekXj hl\
jli^Xe Xf X Xf1 Zdf _XYXe g\e$
jX[fjlfZ`f6#hli\\o`fe\j_XYXe
XZfdgXX[fcXgif[lZZ`e[\jljfYiXj6
<c`dg\i`f[\cfj^iXYX[fjgXi\ZX_XY\i
d`e`d`qX[f\cg\jf[\cXk\fiX#p\jgfi
\jfhl\\o_`YX#ZfdfleXiXiXg\icX#\c
hl\j\Zfej`[\iXYX\ce`Zfk\okf\jZi`kf
jfYi\\ck\dX\e\jkXjk`\iiXj#\cKiXkX[f
[\ cX G`ekliX [\c hl`k\f DXel\c [\ JX$
dXe`\^f[XkX[f_XZ`X(./'(%
:fe \c k`\dgf# p \e \c kiXejZlijf [\
d`j gifg`Xj `em\jk`^XZ`fe\j# gl[\ dX$
k`qXi\jk\gXefiXdX#^iXZ`XjXcZfekXZkf
ZfeleXg\ijg\Zk`mXi\efmX[X[\cX_`jkf$
i`X[\cXik\Zfcfe`Xchl\_Xg\id`k`[fef

Y`Yc`fk\ZX

jcfXdgc`Xi\c\jg\Zkif[\cfjfYa\kfj\j$
kl[`X[fjj`ef\e\jg\Z`XcXYfi[Xicfjme$
Zlcfjhl\klm`\ifeZfecXjkiXdXj_`jki`$
Zf$ZlckliXc\j\ecXjhl\]l\ife^\jkX[fj#
i\Xc`qX[fjpgl\jkfj\eZ`iZlcXZ`e%GfZf
XgfZf#j\_Xe`[fdXe`]\jkXe[fi\cXZ`f$
e\jZfdgc\aXj\eki\gi}Zk`ZXj\`[\XjXi$
kjk`ZXj#pXjlm\qZfegi}Zk`ZXj\`[\Xj
gifm\e`\ek\j [\ [`jk`ekfj }dY`kfj# hl\
`eZclp\ep\oZ\[\ecXfYc`^X[Xi\]\i\eZ`X
Xcfi\c`^`fjf)%<e\cZXjf[\cXJl[Xdi`$
ZXZfcfe`Xc#gfi\a\dgcf#cfj\jkl[`fj[\
>XYi`\cXJ`iXZljXef_Xe[\dfjkiX[fhl\
\cljf[\cfjdXk\i`Xc\j[\cXg`ekliXklmf
leXj`^e`ZXZ`ehl\kiXjZ\e[XcXd\iX
Xgc`ZXZ`eXlkfd}k`ZX[\cXjkZe`ZXj\l$
ifg\Xjhl\cfjXikZ\j_XYXeXgi\e[`[f%
DlZ_fj[\\ccfj\og\i`d\ekXifepkiXYX$
aXife Zfe c`Y\ikX[ X gXik`i [\ leX mXi`\$
[X[[\jXY\i\jhl\c`^XYXe\cXik\ZfecX
d\[`Z`eX# cX d\kXcli^`X# cX Xchl`d`X% CX
g\ijg\Zk`mX [\ J`iXZljXef ef jcf gfe\
\e \m`[\eZ`X cfj cd`k\j lZklXek\j \e$
ki\gi}Zk`ZXjZ`\ekZXjpXikjk`ZXj#j`ef
kXdY`e \eki\ \j]\iXj hl\ j\ g\ejXife
j`\dgi\[`jfZ`X[Xj1cX[\cXgiXo`jpcX[\
cXj`[\Xjhl\c\[Xejljk\ekf*%
<e \jk\ Zfek\okf# cX XgXi`Z`e [\ <c
8ik\DX\jkiXefgl\[\d\efjhl\jXcl$
[Xij\ Zfe \eklj`Xjdf gfi ZlXekf [X X
ZfefZ\iledXk\i`Xc[\^iXe`ek\ijhl\
Zfeki`Ylp\X`eZi\d\ekXi\cZfefZ`d`\e$
kf jfYi\ \c k\dX \e cX g`ekliX efmf_`j$
gXeX%<ckklcfZfdgc\kf[\cdXeljZi`kf#
hl\j\\eZl\ekiX\e\c=fe[fI\j\imX[f
[\cX9`Yc`fk\ZXEXZ`feXc[\Do`Zf#\j
<c 8ik\ DX\jkiX% ;`jZlijf jfYi\ cX G`e$
kliX% Dl\jkiX \c df[f [\ g\iZ`feXicX
ZfemXi`Xj`em\eZ`fe\jpi\^cXjgi}Zk`ZXj
g\ik\e\Z`\ek\j X \jkX dXk\i`X# \ `ek\^iX
le mfcld\e hl\ Zfdg`cX mXi`fj [fZl$
d\ekfj [\c \il[`kf :Xp\kXef OXm`\i [\
:XYi\iX p Hl`ek\if% Cf `ek\i\jXek\ \j
hl\ j\ _X glYc`ZX[f [fj m\Z\j \e dlp
gfZf k`\dgf# p _X j`[f XZfdgXX[f [\
j\e[fj\jkl[`fj#XdYfjcc\mX[fjXZXYf

[\]fidXZfeZ`\eql[X#Xlehl\[\j[\\e$
]fhl\j[`m\ijfjhl\[Xecl^XiX[`jk`ekXj
`ek\igi\kXZ`fe\j%:fdfY`\ej\XcX>iX$
eX[fj\ejli\j\X#cfj[\jZlYi`d`\ekfj
f `em\eZ`fe\j j`dlck}e\fj j\ XZ\gkXe
Zfdf]\ed\efjZfdle\j\ecX_`jkfi`X
[\cZfefZ`d`\ekf_ldXef+#[\df[fhl\
cfjkiXYXafj[\DpieXJfkfpGXlcXDl\j
d\i\Z\e j\i mXcfiX[fj X gXik`i [\ jlj
gifg`fjXZ`\ikfjpcd`k\j%Gfi[\j^iXZ`X#
cXXZljXZ`e[\gcX^`fi\Xc`qX[XgfiJfkf
XDl\jXek\\cKi`YleXcLe`m\ij`kXi`fp
cXj[\i`mXZ`fe\j[\leXgfcd`ZXZlpfj
\Zfjcc\^XifeXcXgi\ejXle`m\ij`kXi`X[\
Do`Zf,fjZli\Z`cX]\c`qZ`iZlejkXeZ`X
[\ZfekXiZfe[fjc\ZkliXjjfYi\lek\okf
[\kXej`e^lcXii\c`\m\%
<e \]\Zkf# [\ \jkXj [fj c\ZkliXj [`m\i$
^\ek\j#\ecXjhl\j`e\dYXi^fj\_XccXe
mXi`fjglekfj\eZfde#efj\ek\iXdfj
pXXkiXmj[\ckklcf[X[fXZX[Xc`Yif1j`
gXiXJfkfj\kiXkX[\lekiXkX[f[\g`e$
kliXefmf_`jgXef-#Dl\j#cl\^f[\leX
d`elZ`fjXZfe]ifekXZ`eZfeleX[\cXj
]l\ek\j[\c[fZld\ekf#cfgi\j\ekXZfdf
leXkiX[lZZ`eefmf_`jgXeX[\lekiXkX$
[fg`Zki`Zf`kXc`Xef#\jZi`kfgfi\ca\jl`$
kX=iXeZ\jZf[\CXeXK\iq`#pglYc`ZX[f
\e(-.'%8dYXj`em\jk`^X[fiXjZf`eZ`[\e
\elY`ZXiXck\okf\e\cZiZlcf_ldXe`j$
kX[\:XYi\iXpHl`ek\if#p\eXj`^eXiXc
g`ekfiAfj[\@YXiiXleXi\jgfejXY`c`[X[
gi`eZ`gXc \e cX ^\jkXZ`e [\c k\okf# ZfjX
hl\j\\ogc`ZXpXhl\j\kiXkX[\Xc^l`\e
dlp Z\iZXef X :XYi\iX p Hl`ek\if# p $
^liXi\c\mXek\[\ekif[\cXXZk`m`[X[Xi$
kjk`ZX#hl\`dglcjXd\[`X[fj[\cj`^cf
om```cXZi\XZ`e[\leXXZX[\d`X%G\if
d`\ekiXjhl\Jfkf#[\j[\leglekf[\m`j$
kXcfc^`Zf#YljZXcfjXek\Z\[\ek\j[\<c
8ik\DX\jkiX\ecXkiXkX[jk`ZX\jgXfcX#p
Xi^ld\ekXhl\]l\lk`c`qX[f\ecX[\]\e$
jX[\cXc`Y\iXc`[X[[\cXg`ekliXgfigXik\
[\le^ilgf[\Xik`jkXjXZk`mfjXd\[`X$
[fj[\cj`^cfom```.#Dl\j#j`^l`\e[fleX
d\kf[fcf^X hl\ XZfdgXX \c Xe}c`j`j

(/.

[\c[fZld\ekfZfe\c\oXd\e[\fYiXj
g`Zki`ZXjZfek\dgfi}e\XjXc#gifgfe\
hl\ cX kiX[lZZ`e d}j Y`\e YljZXYX ]f$
d\ekXicXi\\o`ejfYi\cXgi}Zk`ZX[\cX
g`ekliXpZfekXiZfeleXgfpfk\i`Zf[\
cXjYjhl\[Xj[\i\efmXZ`e\ecXjkZe`$
ZXj#hl\`dglcjXYXe\jfjXik`jkXj%@YXiiX
\jgifkX^fe`jkX\eXdYfj\jkl[`fj#g\if
Jfkfc\[X\ccl^Xi[\i\[XZkfipDl\jcf
lY`ZX d}j Y`\e Zfdf gifdfkfi gi`eZ`$
gXc[\cXkiX[lZZ`e#alekfZfe:XYi\iX
p Hl`ek\if# p ef Xii`\j^X le efdYi\ Xc
hl\j\gl\[XXki`Yl`i\ckiXjcX[f[\c`kX$
c`Xef Xc ZXjk\ccXef% MXc\ cX g\eX j\XcXi#
Zfdf cf _XZ\ Dl\j# hl\ ef j\ kiXkX [\
leX kiX[lZZ`e Zfdgc\kX p gleklXc# pX
hl\ Zl\ekX Zfe X^i\^X[fj# fd`j`fe\j p
XZcXiXZ`fe\j#hl\\m`[\eZ`XecX`ek\igi\$
kXZ`e[\ck\okf\eZcXm\cfZXc#Zl\jk`eX
cXhl\cXXlkfiXgi\jkX\jg\Z`XcXk\eZ`e%
<jk\k`gf[\Xgifg`XZ`eXZk`mXi`^`kXd$
Y`ecXi\[XZZ`e[\cKiXkX[f[\G`ekliX
hl\pX_\dfjd\eZ`feX[f[\DXel\c[\
JXdXe`\^f# hl`\e ZfdY`e Zfek\e`[fj
[\[`]\i\ek\jk\okfjk\i`Zfjhl\Z`iZlcX$
ife\eJl[Xdi`ZX#j`Y`\e\cdXe\af[\
\jXj]l\ek\jpcXi\[XZZ`e[\lekiXkX[f
gXi\Z\ec`d`kXij\XZl\jk`fe\jgi}Zk`ZXj#
gifm\p\e[f [\ le Zfealekf [\ i\Z\kXj
gifYX[XjXcfjXgi\e[`Z\j[\jlfYiX[fi/%
Mfcm`\e[fX_fiXXcfjkiXYXafj[\Jfkf
p Dl\j# hl\[X ZcXif hl\ gcXek\Xe leX
[`jZlj`e\eki\[fjce\Xj[\kiXYXaf\e
cX _`jkfi`f^iX]X [\c Xik\ Zfcfe`Xc efmf$

_`jgXef1 cX gi`d\iX Zfek`eX cX hl\ gf$


[iX Zfej`[\iXij\ leX ce\X kiX[`Z`feXc
Xci\]fiqXicX`[\X[\cX`el\eZ`XZ\ekiXc
[\cdli`cc`jdf\ecXg`ekliX[`\Z`fZ_\j$
ZX# p cX j\^le[X `ej\ikX jl g\jhl`jX \e
cXmXgifgl\jkX\ecfjck`dfjXfjgfi
`em\jk`^X[fi\j Zfdf AlXeX >lk`ii\q
?XZ\j#cXd\ekXYc\d\ek\]Xcc\Z`[X#E\ccp
J`^Xlk p AX`d\ :lX[i`\ccf# \eki\ fkifj%
Jljk\okfjdl\jkiXe\cgXefiXdX[\leX
XZk`mXkiX[`Z`eZlckliXcpXikjk`ZXhl\j\
[\jXiifcc\ecXEl\mX<jgXXZfecX`e$
k\im\eZ`ekXekf[\cfjc\e^lXa\j`dgfi$
kX[fj[\cXg\eejlcXp[\fkifjj`k`fj[\
<lifgX Zfdf [\ cXj \cXYfiXZ`fe\j gif$
g`Xj#p[\cXjZfii`\ek\j`ek\c\ZklXc\j[\c
m`\af Zfek`e\ek\ `ek\igi\kX[Xj \e jl\cf
d\o`ZXefalekfZfecXj`[\Xjhl\j\^\j$
kXYXeXccd`jdf#XcZXcfi[\cXZi\Z`\ek\
ZfeZ`\eZ`X[\leX`[\ek`[X[gifg`X%
G\if d}j Xcc} [\ \jkX Zfe]ifekXZ`e#
_Xp hl\ [\jkXZXi hl\ XdYXj \[`Z`fe\j
_Xe[X[fXZfefZ\i\c[fZld\ekf1cX[\cX
leXdcfi\gif[lZ\\e]fidX]XZj`d`cXip
X^i\^XleXkiXjZi`gZ`eXefkX[XgfiJfkf#
cX fkiX cf kiXejZi`Y\ Zfe leX `e[`ZXZ`e
[\gXi}^iX]fjeld\iX[X#X[\d}j[\gi\$
j\ekXile]XZjd`c[\ckiXkX[f[\CXeX%<c
k\okf efmf_`jgXef j`^l\ cX ]l\ek\ `kXc`X$
eX\ecXfi^Xe`qXZ`e\eZlXkifZXgklcfj#
ki\j[\\ccfjZfegi\j\gkfji\]\i`[fjX
cX @em\eZ`e# Xc [`j\^ef# Xc :fcfi`$
[f#plefeXcZfe`e[`ZXZ`fe\j[\e[f$
c\kZe`ZX1[\mXi`XjdXe\iXj[\g`ekXi#p

[`YloXi Zfe Xc^leXj `em\eZ`fe\j g\ik\$


e\Z`\ek\jX\jkf#\e\chl\XgXi\Z\leX
`ek\i\jXek\ i\]\i\eZ`X X cX gcldXi`X% <c
8ik\DX\jkiX\jle`e[`Z`f[\c[`eXd`jdf
`ek\c\ZklXc hl\ _XYX XcZXeqX[f \c Xd$
Y`\ek\ Xikjk`Zf [\ cX El\mX <jgXX [`\$
Z`fZ_\jZX%Ef\jd\efi\c_\Z_f[\hl\
le^ilgf[\g`ekfi\jelZc\X[fj\ekfief
X@YXiiXj\_XpXeXgifg`X[f[\]fidX[`$
i\ZkX#j`ecXd\[`XZ`e[\cXkiXkX[jk`ZX
\jgXfcX# [\ le k\okf [\l[fi [\ cX k\f$
iX[\cXik\`eXl^liX[Xgfi8cY\ik`#\e\c
hl\Xg\eXj_Xpi\]\i\eZ`XjXZl\jk`fe\j
[\ e[fc\ i\c`^`fjX% <c `ek\ij gfi Zfd$
gXk`Y`c`qXi\c[`j\^efZfecfjXjg\Zkfj
\jki`ZkXd\ek\kZe`Zfj#pgfi]fd\ekXicX
\jg\ZlcXZ`e`ek\c\ZklXc#dl\jkiXhl\cfj
Xik`jkXj#fgficfd\efjXc^lefj#efj`\d$
gi\j\c`d`kXifeXj\^l`icXj`el\eZ`Xj
d\kifgfc`kXeXjpXi\g\k`icfjdf[\cfj[\
cX`Zfef^iX]Xg\id`k`[XgficX@^c\j`X%
8]fikleX[Xd\ek\# p ^iXZ`Xj X glYc`ZX$
Z`fe\jZfdfcXjhl\Xhlj\i\j\Xe#Zfe$
kXdfj_fpZfei\efmX[fjdXk\i`Xc\jhl\
efjg\id`k\eX]ifekXiXhl\ccXjgi\^lekXj
[\d`j\jkl[`Xek\jXZ\iZX[\Zdf_XYXe
g\ejX[fjlfZ`fcfjg`ekfi\jZfcfe`Xc\j%
8e gXi\Z\ gifekf gXiX _XZ\i ^\e\iXc`$
qXZ`fe\j# g\if pX gl\[\e \ejXpXij\ i\j$
gl\jkXjk\ekXk`mXjjfYi\ZXjfjpg\i`f[fj
[\k\id`eX[fj%P\jfef\jgfZf%
dXikXg\e_fj
Le`m\ij`[X[[\9l\efj8`i\j

efkXj
(

`e]fidXZ`ejfYi\\jk\kiXkX[f\eK_\
<ejli\j\XjfYi\cXglYc`ZXZ`e[\<c
8d\i`ZXe Mf`Z\% >\idXe ?`jkfi`Xej
8ik\ DX\jkiX# IfjXi`f >iXeX[fj d\e$
f]8ikXe[8iZ_`k\Zkli\`e<o`c\`ek_\
Z`feXX[\d}jlek\okfZfek\dgfi}e\f
Le`k\[ JkXk\j# \e @ek\ieXk`feXc Afli$
Xc [\ JXdXe`\^f# Xlehl\ \jZi`kf ]l\iX
eXcf]8iZ_`k\ZkliXcK_\fip#mfc%()#e
[\cfj[fd`e`fj_`jg}e`ZfjgfiAf_Xee
(# 8l^ljk )''.# [`jgfe`Yc\ \e _kkg1&&
MXc\ek`e ?X`[k# Xik`jkX eXZ`[f \e ;Xe$
nnn%kl$ZfkkYlj%[\&K_\f&Nfcb\&\e^&
q`^p\d`^iX[fXG\eejpcmXe`XXd\[`X$
JlYa\Zkj&'.(&;X:fjkXBXl]dXee&[X$
[fj [\c j`^cf om```% M\i I% @% >iXeX[fj
ZfjkX$bXl]dXee%_kd% J`e [l[X# j\iX
JXc`eXj#:ie`ZX[\c\eZl\ekif[\[fj
`dgfikXek\ i\Xc`qXi leX ZfdgXiXZ`e
Xm\j\eml\cf%I\\o`fe\jjfYi\\c[\j$
[\ck\okf[\ki\`ekXpj`\k\]fc`fjZfe
ZlYi`d`\ekfdck`gc\[\c8ik\DX\jkiX#
cfj[fj\jZi`kfj\ecXjZfcfe`Xj[\<jgX$
le kiXkX[f efmf_`jgXef [\ g`ekliX#
X#pXhl\j\^liXd\ek\j\\eZfekiXi}e
\e 8ik\j \ ?`jkfi`X Do`Zf# glYc`ZX$
gXiXc\c`jdfj p [`m\i^\eZ`Xj \e kfief
Z`e ZlckliXc `e[\g\e[`\ek\# [`jgfe`$
XcfjXjlekfjhl\Zfek`\e\#cXj]l\ek\j
Yc\ \e _kkg1&&nnn%Xikj$_`jkfip%do&j\$
lk`c`qX[Xj gXiX jl i\[XZZ`e# p cX i\cX$
dXeXi`f&\jg\Z`Xc% <c [Xkf# gifm`jkf X
Z`e hl\ ^lXi[X Zfe cXj fYiXj g`Zki`$
cX XlkfiX gfi K_fdXj ;X:fjkX BXl]$
ZXj[\jljXlkfi\j%
dXee#\ji\Zf^`[f\efkiXi\j\X1D%K%
Jl}i\qDfc`eX#<c8ik\DX\jkiX1m`Z`$ ) <eleXg`ekliX[\e\j[\cj`^cfom```
j`kl[\j [\ le [fZld\ekf# \e ;`jZli$
i\Xc`qX[X\e\cXZklXck\ii`kfi`fXi^\e$
jf M`jlXc# i\m`jkX [`^`kXc [\c :\e`[`Xg#
k`ef# gfi \a\dgcf# _Xp leX `ek\c`^\ek\
\e\if$ale`f)''/#[`jgfe`Yc\\e_kkg1&&
ZfdY`eXZ`e [\ cfj kiX[`Z`feXc\j df$
[`jZlijfm`jlXc%Z\eXik%^fY%do&% <c gif$
[\cfj [\ cX `Zfef^iX]X i\c`^`fjX Zfe
]\jfi;X:fjkXBXl]dXeeXgfikXdXpfi
kZe`ZXj p gifZ\[`d`\ekfj ZXikf^i}$

(//

*

+
,

-

Zfj#m\iD%G\e_fj#M\i#ZfefZ\i#[fd`$
<jgXXg%(. %
eXi%@d}^\e\j[\Jl[Xdi`ZXXe\j[\c . yjk\\jlek\dXjfYi\\chl\aljkXd\e$
j`^cf om```# J`^cf oo` \[`kfi\j# 9l\efj
k\cXgifg`XGXlcXDl\j_XXgfikX[fle
8`i\j#)'',#gi`d\iXgXik\%
mXc`fjf\jkl[`f#m\iD\i\qZXj\i_`[Xc$
^fpc`Yi\\chl\g`ekcfjXekfpi\jg\$
M\i>%J`iXZljXef#<cgf[\i[\cfjZfcf$
kX[f1 cX [\]\ejX efmf_`jgXeX [\c Xik\
i\j%;\cfdXk\i`XcXcfj`dYc`Zf\ecXj
[\ cX g`ekliX# \e <c [`m`ef g`ekfi1 cX
gi}Zk`ZXjZlckliXc\jXe[`eXj%J`^cfjom`$
Zi\XZ`e [\ DXiX [\ >lX[Xclg\ \e \c
om```#=:<#9l\efj8`i\j#)'',#@ekif$
kXcc\iZ\c\jk`Xc#Dlj\f[\cX9Xjc`ZX[\
[lZZ`e%
>lX[Xclg\#Do`Zf#)'')%
I%@%>iXeX[fjJXc`eXj#Z`k%
:fdf \ogc`ZX Jl}i\q Dfc`eX \e cX i\$ / Jlj ]l\ek\j gi`eZ`gXc\j ]l\ife AlXe
j\X pX Z`kX[X# \e j\gk`\dYi\ [\ )''.
[\ 8i]\# =iXeZ`jZf GXZ_\Zf p BXic mXe
\cKi`YleXc[\k\id`e#gfidXpfiX[\
DXe[\i# [\ cXj hl\ \e fZXj`fe\j kfdX
mfkfj#Xdfe\jkXiXDl\jgfihl\Zfe
g}iiX]fj k\oklXc\j# g\if j` Y`\e ef cf
cXglYc`ZXZ`e[\jlkiXYXaf`eZlii`\e
Z`kX gXi\Z\ _XY\i lk`c`qX[f kXdY`e X
leX]XckX[\i\jg\kfZfekiXfkiXle`m\i$
GXcfd`ef% M\i A% D% MXi^Xj# F%G%# DX$
j`kXi`X% <c ZXjf ef \jk} Xe Z\iiX[f p
el\c[\JXdXe`\^fpjlKiXkX[f[\G`e$
_XYi}hl\m\iZdfk\id`eX%J\gl\$
kliX# Gfek`Z`X Le`m\ij`[X[ :Xkc`ZX &
[\eZfejlckXicXjefkXjg\i`f[jk`ZXj\e
Dlj\fAXZ`ekfA`aep:XXdXf&<[`$
CXAfieX[X[\)''.#_kkg1&&nnn%afieX$
kfi`XcJXekf;fd`e^f#Hl`kf#(0.,%?fp
[X%leXd%do&)''n.&%
j\Zi\\hl\`eZcljfcXgXik\hl\MXi^Xj
Zfej`[\i d}j g\ijfeXc# [\[`ZX[X X
<ecXXg\ikliX[\jl\jkl[`fXidXhl\
cXj kZe`ZXj ljX[Xj \e \c kXcc\i# [\i`mX
\j \c gi`d\i kiXkX[f [\ g`ekliX _Xj$
[\fkifjXlkfi\j%
kXX_fiXZfefZ`[f\jZi`kf\ecXEl\mX

^ f pX  * ) .   X f  ) ' ' 0

^XYi`\cXj`iXZljXef
<cgf[\i[\cfjZfcfi\j%;\cfdXk\i`XcXcfj`dYc`Zf\ecXjgi}Zk`ZXjZlckliXc\j
Xe[`eXj%J`^cfjom`$om```
=fe[f[\:lckliX<Zfed`ZX[\8i^\ek`eXJ%8%#9l\efj8`i\j#)'',(%i\`dgi\j`e)''/ #*--gg%"`c%

Lef [\ cfj d}j `dgfikXek\j _`jkfi`X$


[fi\j[\Xik\[\Do`Zf#=iXeZ`jZf[\cX
DXqX# \eki\ cXj gi`d\iXj fYj\imXZ`fe\j
[\c c`Yif [\[`ZX[f X :i`jkYXc [\ M`ccXc$
gXe[f\jZi`Y`hl\cXjg\ijfeXc`[X[\j[\
cfjg`ekfi\jZfcfe`Xc\jj\cf^iXeZfefZ\i
gfi \c Zfcfi# \c [`Ylaf# cX \ogi\j`e# cfj
g\ijfeXa\jpcXgfZXDo`Zf#(0-+#g%( %
J`Y`\e[\cXDXqX\jkXYXg\ejXe[f\ecXj
]idlcXjgXiXi\jfcm\i\cZfcfiZfdfle
gifYc\dX\e\cdXiZf[\lek`gf[\g`ekl$
iXhl\Zfej`[\iXYX[\i`mX[X[\cX\jkXdgX
`dgi\jX\eYcXeZfpe\^if#\j`ek\i\jXek\
m\iZdf#Xd}j[\ZlXi\ekXXfj[\[`j$
kXeZ`X# j\ \jk}e [Xe[f i\jgl\jkXj X \jXj
`ehl`\kl[\j% <e \c }dY`kf d\o`ZXef# \c
\jkl[`fgif[lZ`[fgfi<cjX8iifpfjfYi\
cfji\jkfj[\cXM`i^\e[\cG\i[e#g`ekl$
iX[\cXZXk\[iXcd\kifgfc`kXeXhl\ZXj`
[\jXgXi\Z`\e\c`eZ\e[`f[\(0-.#p\e\c
\jgXZ`fXe[`ef#cXfYiX[\>XYi`\cXJ`iX$
ZljXef hl\ j\ i\j\X% ;`jk`ekXj d`iX[Xj#
hl\ef\jcfd`jdfhl\d`iX[Xjc\aXeXj#
gXiXi\jfcm\i\cZfcfij\i`Xd\ek\gcXek\X$
[fZfdflegifYc\dX[\`em\jk`^XZ`e%
;`Z\ cX XlkfiX \e cX @ekif[lZZ`e Xc
c`Yifhl\j\i\j\Xhl\jk\\jlei\cX$
kf [\ _`jkfi`X [\c Xik\% LeX _`jkfi`X [\
`d}^\e\jpgXcXYiXj`ej\ikXj\elek\a`$
[fZlckliXc\e\chl\`ek\im`e`\ife`[\Xj#
ZfeZ\gkfj#i\gi\j\ekXZ`fe\j#Zi\\eZ`Xjp
j\ejXZ`fe\ji\jg\Zkf[\cXjgi}Zk`ZXjXi$
kjk`ZXjc`^X[XjXcZfcfig%** %J`e[l[X
jk\\jleXkiXZk`mfi\cXkf[\_`jkfi`X[\c
Xik\hl\_Xi\jlckX[f[\kXc`ek\ijhl\
\egfZfk`\dgf)''/ j\m`fgi`m`c\^`X$
[f Zfe leX i\`dgi\j`e# _\Z_f YXjkXe$
k\`ejc`kf\e\jkX\jg\Z`Xc`[X[%<cc`Yif
\jk}Zfejkil`[fXgXik`i[\cXi\m`j`e[\
mXi`fjXiZ_`mfjpXZ\imfjY`Yc`f^i}Zfj
`dgfikXek\j p leX \jkilZkliX k\i`ZX p
ZfeZ\gklXci`^lifjX#\ecXhl\XYle[Xe
cXj i\]\i\eZ`Xj X Xc^lefj Zc}j`Zfj [\ cX
_`jkfi`X[\cXik\[\cj`^cfoo#Zfdf8Yp
NXiYli^p<iejk>fdYi`Z_#alekfXcfj
\jkl[`fjfj Zfek\dgfi}e\fj [\ cXj Zlc$
kliXjXe[`eXj#XjZfdfIf^\i:_Xik`\i
p :Xicf >l`eqYli^# p cX gi\j\eZ`X [\
[fj`e]Xk`^XYc\j_`jkfi`X[fi\j[\Xik\[\

Y`Yc`fk\ZX

8i^\ek`eX# i\gi\j\ekXek\j [\ [`jk`ekXj


^\e\iXZ`fe\j# ?Zkfi JZ_\efe\ p Afj
<d`c`f 9lilZX# XdYfj `emfclZiX[fj
Zfe cX gi`d\iX m\ij`e [\ \jk\ kiXYXaf
gi\j\ekX[XZfdfk\j`j[fZkfiXc%8[\d}j
[\leX`dgfikXek\@ekif[lZZ`e#[fe[\
j\[\jgc`\^X\cXe[Xd`Xa\k\i`Zf[\cc`$
Yif#j\[\jXiifccXeZ`eZfZXgklcfj[\cfj
hl\[XiZl\ekXXZfek`elXZ`e%<e\ccfj
_XpdlZ_XjZfek`el`[X[\j#leX[\\ccXj
\j\cZXi}Zk\ig\i`]i`Zf[\c\jgXZ`fXe$
[`ef#hl\cXXlkfiXefe`\^X#g\if\em\q
[\XeZcXij\\e\jkXZfe[`Z`e#YljZXleX
jXc`[XXkiXmj[\c\jkl[`f[\cXdXk\i`X$
c`[X[p\ci\jlckX[f[\jl`em\jk`^XZ`e
i\jlckX]iXeZXd\ek\mXc`fjf%
<c:Xgklcf@#Dfc`\e[fpi\mfcm`\e$
[fjlk`c\j\c\d\ekfj#Zfd`\eqXZfeleX
e\Z\jXi`Xi\m`j`e[\ck\dX[\cZfcfi\e
cfjkiXkX[fj\lifg\fj#\eki\cfjZlXc\jcX
XlkfiX\jZf^`cfjglYc`ZX[fj\e\cdXi$
Zf[\cXdfeXihlX_`jg}e`ZX\e\cj`^cf
om``phl\jXY\dfjcc\^XifeX?`jgXef$
Xdi`ZX%;\j[\\cj`^cfom`\cM`ii\`eXkf
[\cG\i_XYXi\Z`Y`[fXg`ekfi\j\lif$
g\fj \jgXfc\j# `kXc`Xefj # Zlpfj jXY\$
i\jZfdY`eXifecX_\i\eZ`X\lifg\XZfe
cXj kiX[`Z`fe\j cfZXc\j g`ekfi\j `e[^\$
eXj#d\jk`qfj \e\cljfpgi\gXiXZ`e[\
jfgfik\j p dXk\i`Xc\j% GXiX i\jfcm\i \c
gfj`Yc\ \e]i\ekXd`\ekf \eki\ cXj kiX[`$
Z`fe\jcfZXc\j\ei\Z`\ek\]fidXZ`e
Zfe\cXclm`e\lifg\f#cXXlkfiXgcXek\X
cX[`ZfkfdX\eki\Xj`d`cXZ`e[\cfj
j\Zi\kfj kZe`Zfj gfi gXik\ [\ cfj g`e$
kfi\j cfZXc\j Zfdf i\Z\gkfi\j gXj`mfj
[\cfjd`jdfjm\ijljleXXgifg`XZ`e
Zfdf\c\ZZ`eXZk`mX\e\ckiXj]fe[f[\
le\jZ\eXi`feXkliXcpZlckliXc[`]\i\e$
k\%<cgifYc\dX#j`ef\jel\mf#\jk}Y`\e
Yfjhl\aX[fphl`q}\j\j\X\e^iXegXik\
\cj\Zi\kf[\cc`Yif1[fe[\_XplegcXe$
k\Xd`\ekfhl\pXk`\e\leXce\X_`jkf$
i`f^i}ZX i\ZfefZ`Yc\# j\ c\ jldXife
cfj[Xkfj[\leXdXe\iXdlpXkiXZk`mX#
g\if kXdY`e Z`\ekZX p [fZld\ekX$
[X%8c^lefj[\cfj\a\dgcfjgifgl\jkfj
hl`q}e\Z\j`k\e[\dXpfiXe}c`j`j1Zfdf
\c[\cYcXeZf[\gcfdfXcYXpXc[\ljX[f

[\j[\\cj`^cf`mXco`oZlXe[fj\i\\d$
gcXqgfi\cYcXeZf[\q`eZ %<jZli`fjf
gfihl\gXi\Z\hl\cXXlkfiXmXX[\dfj$
kiXihl\leX]fidXcfZXc[\XcYXpXc[\j\
lj \e cl^Xi [\c \lifg\f2 ef fYjkXek\#
gfe\e]Xj`j\e\cZfd\iZ`f[\lckiXdXi
lk`c`qX[f \e \c Z`iZl`kf Zlqhl\f gfkf$
j`ef#Xlehl\ef[\Y\[\jZXikXij\cXgf$
j`Y`c`[X[[\dXel]XZkliXjcfZXc\j%?Xp
Xc^lefj[\jc`Z\j[\\j\k`gf#j`e\dYXi$
^fjfe[\d\efiZXcX[f]i\ek\XcX\em\i$
^X[liX[\cXfYiX%
J`e[l[X\cc`Yif[\J`iXZljXefj\i}le
gcXk`ccf]l\ik\gXiXXhl\ccfj_`jkfi`X[f$
i\jhl\Zfe`ej`jk\eZ`Xgifgfe\eZfdf
fYa\kf[\\jkl[`fcXZ`iZlcXZ`e[\`[\Xj#
g\ijfeXj#dXk\i`Xc\j#\eleXeZ_fdle$
[f _`jg}e`Zf Zfdgc\kXd\ek\ \jcXYfeX$
[f Zfe \c i\jkf [\ <lifgX p \c dle[f
cX_`jkfi`XZfe\ZkX[X %GficfkXekf#cXj
ilkXj[\Zfd\iZ`fkiX[`Z`feXc\j#d}jcXj
[\cZfekiXYXe[fpcXZ`iZlcXZ`e[\g`^$
d\ekfjpZfcfiXek\j#jldX[fjXcfjljfj
pZfjkldYi\jgi\_`jg}e`Zfj\ei\cXZ`e
Zfe\ccfj#j\Zfem`\ik\\elef[\cfjgle$
kfj`dgfikXek\j[\\jk\gi`d\iZXgklcf#
\e\cZlXc#cXXlkfiX_XZ\leXe\Z\jXi`X
i\m`j`e [\ cfj kiXkX[fj hl\ Z`iZlcXife
\e <jgXX# [\ dXe\iX \jg\Z`Xc# cfj [\
M`Z\ek\:Xi[lZ_f#=iXeZ`jZfGXZ_\Zfp
8ekfe`f GXcfd`ef% ;\ \jk\ df[f# \jkX$
Yc\Z\leZfekiXglekf\eki\cXj]idlcXj#
i\Z\kXjpZfej\afj[\cfjkiXkX[fjZfecXj
i\Xc`[X[\j[\cXjdl\jkiXj[\g`^d\ekfj
\okiX[fj[\leZfiglj#Zfe\chl\Zfej$
kilp\jlfYa\kf[\\jkl[`f%
CXgifgl\jkX\jZfem\ik`iXcXdXk\i`X
\e[fZld\ekf%<jkf\j#kiXkXi[\dfjkiXi
hl\cfjg`^d\ekfjpZfcfiXek\jhl\Z`kXe
cfj kiXkX[`jkXj ef ]l\ife gifkX^fe`jkXj
gXj`mfj \e cX gXc\kX jl[Xd\i`ZXeX% I\$
jlckXdlp`ek\i\jXek\cXi\cXZ`e[\cljf
[\g`^d\ekfjpZfcfi\jZfecXgi\Z\gk`$
mX1j`\cXe}c`j`j[\cXjdl\jkiXj[\cZfi$
gljg\id`k\[\dfjkiXihl\cfjg`ekfi\j
Xe[`efj j`^l`\ife X cfj kiXkX[`jkXj# \j
gfihl\cfjZfefZ`\ifep\jkl[`XifeY`\e%
J` ef# \j gfihl\ _XYX \e cXj gi}Zk`ZXj
g`Zki`ZXj Xd\i`ZXeXj leX c`Y\ikX[ [\

(/0

giXo`j\ecXjd`okliXj\ecXhl\j\Zfe$
al^XcX\jZXj\q[\Xc^lefjdXk\i`Xc\j#cX
jfYi\XYle[XeZ`X[\fkifjpkXdY`eleX
[\Z`j`eXj\ekX[X\ecX\og\i`d\ekXZ`e
ZfecXdXk\i`X%8\jkfjZfdgfe\ek\j[\
cX ]idlcX# j\ c\ [\Y\e X^i\^Xi cX ]XckX
[\leXXZX[\d`X#XjZfdfcXiXg`[\q\e
cX \a\ZlZ`e gfi XYle[XeZ`X [\ \eZXi$
^fj# p cX e\Z\jXi`X g\i`Z`X kZe`ZX gXiX
gf[\iljXifef[\k\id`eX[fji\Zlijfj
gifgfiZ`feX[fj f i\Zfd\e[X[fj gfi
cfj kiXkX[`jkXj% yjk\ \j lef [\ cfj gle$
kfj]l\ik\j[\cXgifgl\jkX[\J`iXZljX$
ef# gfihl\ Xi^ld\ekX hl\ X gXik`i [\c
Xe}c`j`j[\cfhl\Zfej`[\iXZi\Xk`m`[X[
pg\i`Z`XkZe`ZX\e\cljf[\cfjg`^d\e$
kfjpZfcfi\j#XgXik`i[\cXdXk\i`Xc`[X[#
j\ gl\[\ ZXdY`Xi cX d`iX[X jfYi\ cX
g`ekliX Xe[`eX% Gfjk\i^Xi\dfj leX [`j$
Zlj`ejfYi\\jk\k\dXgXiX\ceXc#gfi$
hl\\jkXXidXZ`e\jleXZfejkXek\Xcf
cXi^f[\ckiXYXafhl\j\i\j\X%
<e \c ZXgklcf ``# [\[`ZX[f X kiXkXi
8ik\jd\Z}e`ZXjpj\im`c\j\eki\<jgXX
p8di`ZX8e[`eX%<cZfcfi\e\ckXcc\i#
J`iXZljXefj\fZlgX[\c[\YXk\\eki\cXj
Xik\jd\Z}e`ZXjpcXjc`Y\iXc\jp[\dX$
e\iX\jg\Z`XckiXkX[\[\dfjkiXihl\cXj
gi}Zk`ZXjgifg`Xj[\cXjXik\jd\Z}e`ZXj
hl\ \e ^iXe gXik\ cXj [\e\# klm`\ife
glekfj [\ ZfekXZkf Zfe cXj XZk`m`[X[\j
gifg`Xj [\c ZfefZ`d`\ekf Z`\ekZf
kiXejd`j`e[\jXY\i\j#j`jk\dXk`qXZ`e
[\kXi\Xj2gX^fj[\`dgl\jkfj %CXfgf$
j`Z`e\eki\d\ek\pZl\igf2kiXYXafm`cp
i\^cX[f#jlg\im`jX[fpZfekifcX[f#[`Yl$
aXleXdY`\ek\`eZfdgc\kf#Xchl\_XYiX
hl\`eZfigfiXicfjgc\`kfj\eki\^i\d`fj#
cX gXik`Z`gXZ`e [\ cfj g`ekfi\j \e XZk`$
m`[X[\j[\Zfik\#cXZfejlckX\eXjlekfj
`dgfikXek\j kXekf [\ k\dXj i\c`^`fjfj
Zfdf[\i\cXZ`fe\j`ek\ieXZ`feXc\j #XZ$
Z`fe\j hl\ g\id`k\ \ek\e[\i hl\# d}j
Xcc}[\cX[`jZlj`e\eki\dXk\i`X$dXefj
m\ijlj ZXY\qX$`[\Xj# _XYX `e[`m`[lfj
hl\ gfj\Xe \c jXY\i [\ gif[lZ`i `d}$
^\e\j Zfe ]fidXj p Zfcfi\j# e\Z\jXi`Xj
Zfdf m\_Zlcfj [\ ZfeZ\gZ`fe\j [\
gf[\i gfck`Zf f i\c`^`fjf% CX dXe\iX
\ehl\\jkfj`e[`m`[lfjj\fi^Xe`qXYXe
ZfigfiXk`mXd\ek\ ef \j e` j`hl`\iX \o$
Zclj`mX[\\jkXXZk`m`[X[#gfihl\j`Xc^f
ZXiXZk\i`qXXc8ek`^lfI^`d\e\jcXfi$
^Xe`qXZ`eZfigfiXk`mX[\cZl\igfjfZ`Xc%
Cfhl\i\Xcd\ek\[`jk`e^lXX\jkfjgif$

(0'

[lZkfi\j[\`d}^\e\j\iXjlm`eZlcXZ`e
Zfe Xc^leX [\ cXj ZfigfiXZ`fe\j d}j
gi\jk`^`fjXj1 cc}d\j\ ZXk\[iXc# ZXY`c[fj
\Zc\j`}jk`Zfj# Zfik\ gXgXc f i\Xc# \c`k\j
Zfik\jXeXjfXi`jkfZiXZ`Xjgifm`eZ`XeXj
li[\e\ji\c`^`fjXj%JldXpfifd\efi
m`eZlcXZ`eZfe\cgf[\ipZfecXji\[\j
[\cgf[\i[\eXjl\jkXkljjfZ`Xc%
J`e \dYXi^f# cX `ek\igi\kXZ`e [\ cX
j`klXZ`e jfZ`Xc [\ cfj gif[lZkfi\j [\
`d}^\e\j p fYa\kfj [liXek\ cX [fd`eX$
Z`e`eZX`ZXg\id`k\\ek\e[\i\cZi`k\i`f
[\j\c\ZZ`e[\c\jkXklj[\cd`jdf^il$
gf\e\c}dY`kf_`jg}e`Zf1XcX\jkilZkl$
iX g`iXd`[Xc [\ cXj Xik\j m`jlXc\j \e \c
g\i`f[fgi\_`jg}e`Zfj\jfYi\gljfleX
kiX[`Z`e ^i\d`Xc \e[f^}d`ZX \jgXf$
cX%8[\ZlXZ`eZfedXk`Z\jgifg`fjhl\
Zi\fhl\jfed}jhl\dXk`Z\j<c_\Z_f
\jhl\[\lefpfkifcX[f#\elefpfkif
m`ii\`eXkf#cfj]iX`c\jjfehl`\e\jj\X[$
d`iXe [\ cX ZXgXZ`[X[ [\ \a\ZlZ`e [\
cfj`e[`fj#[\jlj_XY`c`[X[\jp[\jki\qXj%
<cXaljk\[\cXjgi}Zk`ZXjXcXjfi[\eXe$
qXj[\cfj^i\d`fjef`dg`[`cXgifc`]\$
iXZ`e[\Z`\ikXjc`Y\ikX[\j%
<cljf[\cXj\jkXdgXj\jle]\ed\$
ef[\e`k`mf\ecX]fidXZ`e[\cfjj`j$
k\dXj m`jlXc\j Xd\i`ZXefj# gfihl\ jl
ljf ^XiXek`qXYX cX Zfii\ZZ`e [\ [\k\i$
d`eX[X`Zfef^iX]XXjZfdfcXjgifgfi$
Z`fe\j[\cZl\igf_ldXef#g\if[\aXYX
gcXek\X[f \c gifYc\dX [\ hl\ \c Zfcfi
\jklm`\iX [\ XZl\i[f Zfe \c g\ijfeXa\
pZfe\ck\dX%8jg\Zkfjkf[fj\ccfjhl\
gi\fZlgXife d}j Xc g`ekfi Xe[`ef hl\
cfj[\cXg\ijg\Zk`mXf\c\jgXZ`f%<e[\$
e`k`mX# j\^e J`iXZljXef# `ek\i\jXYX
d}j\chlhl\\cZdf#p[\\jkXdXe\$
iXZlYi`icX\efid\[\dXe[Xhl\efj\
i\jfcmXZfe\c\emf[\k\cXjfg`ekliXj
jfYi\c}d`eX[\j[\<lifgX%;\jkXjj\
gf[Xe Xgi\e[\i c\ZZ`fe\j [\ Zfcfi# [\
cfj [`jk`ekfj jfgfik\j p jl gi\gXiXZ`e#
[\cljf[\YXie`Z\jpm\cX[liXj%
<c\dg\f[\cXXlkfiXgfii\jfcm\ile
k\dXjfYi\\chl\pXj\_X\jZi`kfdlZ_f#
Z\eki}e[fcf\ecXdXk\i`Xc`[X[#\j`dgfi$
kXek\% J`e \dYXi^f# [\aX Xc [\jZlY`\ikf
legifYc\dXY}j`Zf\e8di`ZXhl\\iX
cX]XckX[\leZXg`kXcm`jlXcZfdf\chl\pX
j\ _XYX XZldlcX[f \e <lifgX [liXek\
j`^cfjp\e\jg\Z`XcgXiX\jk\\jkl[`f#\e
cfj[`jk`ekfji\`efj_`jgXefj%J`eZfej`[\$
iXicX\o`jk\eZ`X[\cXjZfc\ZZ`fe\ji\Xc\j#

leXZXg`ccX#leXZXk\[iXc#ZlXchl`\ik\d$
gcf# le Zfem\ekf# \o_`YX leX Zfdgc\aX
XZldlcXZ`e[\i\kXYcfj#g`ekliXj#\jZlc$
kliXj#i\c`\m\j#i\c`ZXi`fj#hl\gf[XeZl$
Yi`ileX]fidX[\g\ejXip_XZ\i#ZfeZ\$
Y`icX`dX^\ep\c\jgXZ`f#cXclqp\cZfcfi%
E`e^e kiXkX[f# e` \jkXdgX# e` j\i`\ [\
jXekfj cc\^X[X [\j[\ \c d\iZX[f j\m`ccX$
ef#gf[X_XY\iZlY`\ikfXhl\ccXZXi\eZ`X
Y}j`ZX% <c i\jlckX[f# gfi cf kXekf# ef \j
leX\c\ZZ`e#j`efleXZfej\Zl\eZ`X%
Ef\iXe\Z\jXi`f\ogc`ZXicX\o`jk\eZ`X
[\c^i\d`f[\j[\cXgXcXYiX_XjkX\cljf[\
cXgXcXYiX#\jkf\j\k`dfcf^XpXgc`ZXZ`e#
fg\iXZ`ehl\cXXlkfiXi\g`k\[\dXe\iX
Zfej`[\iXYc\% GXiX Xc^l`\e kXe Zl`[X[f$
jfZfecXj\k`dfcf^Xj#i\jlckX\okiXf\c
i\`k\iX[f\dgc\f[\cXgXcXYiXkXcc\ihl\#
\e\c}dY`kf[\cfj\jkl[`fj[\cXg`ekliX
[\cg\i`f[fefmf_`jgXef#\jk}\e]iXeZf
i\kifZ\jfXek\cXXZ\gkXZ`e`eljlXcgfi
cfi}g`[f[\cgifZ\jfg\if\ogc`ZXYc\[\c
kid`ef fYiX[fi# ]i\ek\ Xc ZlXc \c ^Xc`$
Z`jdf kXcc\i i\jlckX XeXZie`Zf% 8[\d}j#
[`Z\ J`iXZljXef p \jkXdfj [\ XZl\i[f#
hl\\ecX[fZld\ekXZ`eZfek\dgfi}e\X
ef _Xp leX [`m`j`e ZcXiX \eki\ Xik`jkX p
Xik\jXef%;\`ed\[`Xkf_XZ\i\]\i\eZ`XX
cfjg`ekfi\j[\Zfik\pXcXgfj`Yc\[`]\i\e$
Z`X\ecfjgX^fj[\Y`[fjd}jXcXZXc`[X[
[\cfjdXk\i`Xc\jhl\XcXZXc`[X[[\ckiX$
YXafXikjk`Zf%J`e\dYXi^fpXg\jXi[\
ef_XY\igifYX[fjlglekf#XYXe[feX\c
k\ii\efg\c`^ifjfZfeiXg`[\q%
:Xgklcf ```# JXklief p D\iZli`f \e
\ckXcc\i%JXY\i\j_\idk`Zfjpgi}Zk`Zfj%
CX gi\^lekX ^`iX \e kfief X cXj Zfdg\$
k\eZ`Xj\eki\[fjZXdgfj#\cXikjk`Zfp\c
Z`\ekZfpXcgXg\c[\ZX[Xlef[\\ccfj
g\i j\ p m`eZlcX[fj \e cX ]fidXZ`e [\
`dX^`eXi`fj% <e \jk\ ZXgklcf >XYi`\cX
J`iXZljXef `ek\ekX dfjkiXi hl\ _XYX
leX `ek\ejX i\cXZ`e \eki\ cfj ZXdgfj
Xikjk`Zf p Z`\ekZf# leX kiX[`Z`e hl\
m`eZlcXYX \c dle[f [\ cX giXo`j [\ cfj
g`ekfi\jZfecfjhl\dXe`glcXYXecXdX$
k\i`X \e cX Yjhl\[X [\ jlj ZlXc`[X[\j
p gf[\i\j% <eki\ cXj XZk`m`[X[\j hl\ cX
XlkfiXccXdXgifkfhld`ZXj#Xchld`ZXj#
d\kXci^`ZX [\ iX`^XdYi\ _\idk`ZX#
YljZX \e \c Xe[Xd`Xa\ \g`jk\dfc^`Zf
cXj m\ik`\ek\j [\ cXj kiX[`Z`fe\j Xi`jkf$
kc`ZX p kfd`jkX hl\ cf Xc`d\ekXife# X
cXj hl\ jldX leX k\iZ\iX Zfii`\ek\# jl$
g\igl\jkXXcXj[fjXek\i`fi\j#hl\_le$

^ f pX  * ) .   X f  ) ' ' 0

[XjljiXZ\j\ecXkiX[`Z`e_\idk`ZX
p d}^`Zf$Xchld`ZX% J` Y`\e \jkX ce\X
[\c c`Yif j\ `ej\ikX \e cX gi}Zk`ZX [\ cX
Z`\eZ`XpgficfkXekfi\d`k\#\eki\kXekX
Yl\eXY`Yc`f^iX]X#Xcfj\jgce[`[fjkiX$
YXafj [\ <cXj KiXYlcj\# Zi\f hl\ j\ \j$
ZXgXife[fjefdYi\jhl\XYi\mXife\e
\cZXdgf[\cXXchl`d`Xp\c_\id\k`jdf
gXiX\cXik\\jgXfcp\cXd\i`ZXef1JXe$
k`X^fJ\YXjk`}epI\eKXpcfi%
8 gXik`i [\ leX Zl`[X[fjX p Zi\Xk`$
mXc\ZkliX[\ckiXkX[f[\cmXif8cfejf
9XiYX#8ik\[\cfjd\kXc\j#glYc`ZX[f\e
DX[i`[ \e (-+'# cX XlkfiX j\ [\[`Z X
YljZXicXZfeZfi[XeZ`X\eki\\cXik\[\
_XZ\i Zfcfi\j p cX kiX[`Z`e _\idk`Zf$
Xchld`ZX# \e i\cXZ`e Zfe cfj dXelX$
c\j [\ g`ekliX p cfj c`Yifj [\ j\Zi\kfj
[\Xik\jd\Z}e`ZXj%Ef[\aX[\j\iXgX$
j`feXek\ cX [\dfjkiXZ`e [\ hl\ kf[Xj
\jkXj[`jk`ekXj]fidXj[\^\e\iXZ`e[\
jXY\i\j#p[\XZ\iZXd`\ekfjXcXi\Xc`[X[
dXk\i`Xc#\eZfekiXifele`Zfef1\c:\iif
I`Zf [\ cX M`ccX @dg\i`Xc [\ Gfkfj# `ej$
kXcX[f \e \c `dX^`eXi`f \lifg\f Zfdf
\c \jgXZ`f [\ i\gi\j\ekXZ`e [fe[\ gf$
[Xe [\jgc\^Xij\ Xhl\ccXj XZk`m`[X[\j
i\cXZ`feX[XjZfecXk\Zefcf^Xd`e\iX#
jXY\i\jXchld`Zfj#Xik\jd\Z}e`ZXj#\o$
g\i`d\ekXZ`e#i`hl\qX\ofiY`kXek\#pcX
]XekXjXgc\eX[\\dfZ`eg%(0* %
?Xp dlZ_fj Xjlekfj hl\ hl\[Xe
gcXek\X[fj [\ cfj ZlXc\j \c\^`i [fj i\$
cXZ`feX[fjZfecXgi}Zk`ZX[\cXg`ekliX%
J`^l`\e[f cX c^`ZX [\ cfj kiXkX[fj# cX
XlkfiX \ek`\e[\ Xc dX\jkif X ZXi^f [\
le fYiX[fi# Zfdf le \lifg\f f Zi`fccf#
p Xc Xgi\e[`q Zfdf le `e[`f f d\jk`qf#
Xgi\e[`Z\j X hl`\e\j ef Zfej`[\iX i\$
Z\gkfi\j gXj`mfj [\ cXj [`jk`ekXj kiX[`$
Z`fe\jpZfii`\ek\j[\g\ejXd`\ekfhl\
\o_`Y\ \e jl k\okf p hl\ gfi \c ZfekiX$
i`f Zfejk`klXe \c ^ilgf [fe[\ g\idX$
e\ZXe dlZ_Xj kiX[`Z`fe\j `e[^\eXj#
hl`q}XZXccX[Xjfi\j`^e`ZX[Xj#Zfdf
gXik\[\leX[`]\i\ek\Zfdgi\ej`e[\c
dle[f \ogi\jX[X XeZ\jkiXcd\ek\ gfi
d\[`f [\ fkifj ljfj [\c Zfcfi% <c fkif
k\dX kXdY`e \jk} i\cXZ`feX[f Zfe \c
fYiX[fi [\ gif[lZZ`e dXj`mX# [fe[\#
j\^e cX XlkfiX# cX [\Z`j`e [\ Xgc`ZXi
kXc f ZlXc d\qZcX [\ g`^d\ekfj hl`q}
_lY`\iXgXjX[fd}jgfileZ`\ikfXlkf$
dXk`jdfhl\gfileX^\el`eX`ek\eZ`e
[\Yjhl\[X\og\i`d\ekXcg%)(+ %D\

Y`Yc`fk\ZX

gi\^lekf \ekfeZ\j# X[e[\ hl\[X cX


[`]lj`e[\cfjjXY\i\j6<eleX\c`k\[\
g`ekfi\jZi`fccfj6HlgXjZfe\jk\Zf$
efZ`d`\ekfp\og\i`d\ekXZ`e\eki\cfj
g`ekfi\j`e[^\eXj6>lXi[XejljkiX[`$
Z`fe\jXeZ\jkiXc\jhl\]leZ`feXeZfdf
le dle[f gXiXc\cf Xc fkif6 Cfj XZ\iZX$
d`\ekfj Xc k\dX [\c j`dYfc`jdf [\c Zf$
cfipXcXd\dfi`X^lXi[X[XjfYi\\cj`^$
e`ZX[f gif]le[f# hl\ jfe XeXc`qX[fj
\ecfjj`^l`\ek\jZXgklcfj#efk\id`eXe
[\i\jfcm\i\jkfjZl\jk`feXd`\ekfj%
:Xgklcf`m#D\[\q`eXjYl\eXj[\kf$
[XjcXjZfcfi\j%:liXipg`ekXi\ecX8d$
i`ZXXe[`eX%J`\ecfjZXgklcfjXek\i`f$
i\j j\ kiXk jfYi\ cXj i\cXZ`fe\j \eki\
g`^d\ekfj#d\kXcli^`XpXchl`d`X\ecXj
gi}Zk`ZXj\lifg\XjpXd\i`ZXeXj[liXe$
k\\cg\i`f[fZfcfe`Xc#\ejk\j\YljZXe
cfjmeZlcfj\eki\cfjZfcfi\jpcXjXik\j
[\cXZliXZ`e%CXk\fiX[\cfj_ldfi\j#
cXkiX[`Z`e[\cfjZfefZ`d`\ekfjXjkif$
c^`Zfj#ZXYXcjk`Zfj#d}^`Zf$Xchld`Zfj#
hl\i\cXZ`feXYXeXcfjZfcfi\jZfecX`e$
l\eZ`X[\gcXe\kXjp\jki\ccXjp\jkX[fj
[\ }e`df p gifg`\[X[\j [\ cXj jljkXe$
Z`Xj#XgXi\Z\em`eZlcX[XjXcXjgi}Zk`ZXj
ZliXk`mXj% >XYi`\cX J`iXZljXef `ek\ekX
\ele\a\iZ`Z`f`ek\c\ZklXcXki\m`[fXcX
m\q hl\ XgXj`feXek\ i\cXZ`feXi cX jXc$
mXZ`e[\cZl\igfZfecX[\cXcdX#Zfdf
glekf [\ \eZl\ekif [\ cX dXk\i`X hl\
j\ dfcX% ;\ gifekf# ZlXe[f cX \jg\Zl$
cXZ`ejlY\[\kfefpXcZXeqX^iX[fj[\
i\eX[X \il[`Z`e# jli^\ cX gi\^lekX1
hlgXjXYXZfe\jk\Zl\igf[\`ek\eZ`f$
e\ji\jg\ZkfXcfjgfcmfj[\Zfcfi\jpjl
ljfk\iXglk`Zf\ei\cXZ`eZfeXhl\ccfj
hl\\a\ZlkXYXejfYi\\cdfik\ifcXXZk`$
m`[X[[\dfc\icXjg`\[iXjgXiX\okiX\i
\jfjgfcmfjZfecXZXc`[X[[\^iXefhl\
\cdX\jkifjfc`Z`kXj\p#\jg\Z`Xcd\ek\#j`
gXiX\jkfj`e[^\eXjcfjd`jdfjgfcmfj
k\eXe leX ZlXc`[X[ k\iXglk`ZX p j`d$
Yc`ZX[`jk`ekX\ecXZlckliXXek\i`fiXcX
\jgXfcX%J`e\dYXi^fpXg\jXi[\Ylj$
ZXiZfe`ek\eZ`e[\\eZfekiXi#cXXlkfiX
efgl\[\[\dfjkiXid}jhl\legfj`Yc\
ljf j`dYc`Zf p i`klXc [\ cfj gfcmfj [\
Zfcfi\j\ecXjZlckliXjgi\_`jg}e`ZXj#p
\eZXdY`fleljf`ek\ej`mfp[`]le[`[f
Zfe iXg`[\q [\ cfj gif[lZkfj [\ cX eX$
kliXc\qX Xd\i`ZXeX gXiX cX ]XidXZfg\X
\lifg\X% CXj gi`d\iXj g}^`eXj [\ \jk\
ZXgklcf[\aXecXj\ejXZ`e[\Xc^f\oZ\$

j`mf#Zfdflef[\\jfjXgXikX[fjhl\j\
`em\jk`^Xe[liXek\\cgifZ\jf[\gi\gX$
iXZ`e[\leXk\j`j[\[fZkfiX[fphl\
j\gf[iX_XY\iZfem\ik`[f\ele`ek\i\$
jXek\XikZlcf%
G\if cXj Zfej`[\iXZ`fe\j jfYi\ cXj
gi}Zk`ZXj p i\gi\j\ekXZ`fe\j [\c gf[\i
\ei\cXZ`eZfecfjZfcfi\j#\jkXeXkiXZ$
k`mXhl\Zfdg\ejXcfXek\i`fi%<egi`eZ`$
g`f#pZfdfXc^fhl\mXc\cXg\eXj\XcXi#
cXXlkfiXjfjk`\e\cX[`]\i\eZ`XZ`ehl\
\o`jkX\eki\\cZlckffZ`Xc[\cfj`eZXj
Zfe cXj i\c`^`fe\j Xe[`eXj% J\gXiXZ`e
hl\ X[\d}j \ogc`ZX \e i\cXZ`e Zfe \c
fi[\ejfZ`Xcp\cljfhl\cfj^ilgfj[\
gf[\i_XZXe[\cifaf#m\i[\pXqlcX[`$
]\i\eZ`X[\cfjk\iifjfj#hl\j\XcXYXeX
cfj ^ilgfj [fd`eX[fj# Zfcfi\j k\`[fj
m\ijlj Zfcfi\j eXkliXc\j# le ]XjZ`eXe$
k\ [\jgc`\^l\ [\c ljf a\iXihl`qX[f [\c
Zfcfi#gfid\[`f[\cZlXc#XjZfdf[\c
^ifjfi [\ _`cfj# el[fj p Zl\ekXj# j\ \j$
Zi`YXecXjc\p\jpcXjg\eXjgfihl\YiXe$
kXicXj# cfj Zfdgifd`jfj p cfj ki`Ylkfj#
\c [\Z}cf^f [\ leX jfZ`\[X[ Zfdgc\aX
i\jl\ckf\eleXgXefgc`X[\Zfcfi\j%<j
gfj`Yc\hl\jk\j\Xlef[\cfjZXgklcfj
d}j XkiXZk`mfj [\c c`Yif gfi cXj gfj`Y`$
c`[X[\jpjl^\i\eZ`XjXZ\iZX[\leXgf$
j`Yc\ fg\iXZ`e [\ cX d\dfi`X m`jlXc
gfid\[`f[\cXZlXcj\gf[iXi\Z`Y`ip
i\ZfefZ\ileX`e]fidXZ`e\eZcXm\[\
Zfcfi hl\ gf[iX ZfdgXik`i le Xek`^lf
j\ek`[fj`dYc`Zffcfgf[iXmfcZXijf$
Yi\leXel\mXi\gi\j\ekXZ`egifmfZXe$
[fcfhl\J`iXZljXefccXdXle[\jc`qX$
d`\ekf[\j\ek`[f%J`e\dYXi^f#hl`q}
cXj\[lZZ`ehl\\a\iZ\\cXi^ld\ekf[\
gfj`Y`c`[X[\jk\ei\cXZ`e[`i\ZkXZfe
cXj\ejXZ`e[\]iX^`c`[X[hl\j\ZfekiX$
gfe\ZfeleXk\jfe\iXYjhl\[X[\le
Xckf^iX[f[\Z\ik\qXhl\ZXiXZk\i`qXXcX
fYiX\ejlZfealekf%
<c ZXgklcf m# ;\ I\gi\j\ekXZ`fe\j#
Zfcfi\jpgf[\i\j[\cfjX^iX[f#[`YlaX
\egi`d\icl^Xi\c`eZl\jk`feXYc\\jZ\g$
k`Z`jdfhl\j`^l`Xcki`le]Xc`jdf`e`Z`Xc#
[\jglj [\ cXj gi`d\iXj fc\X[Xj \mXe$
^\c`qX[fiXj\e\cEl\mfDle[f%<ecXj
gi`d\iXj [ZX[Xj [\c j`^cf om`` j\ m\X
Zfegi\fZlgXZ`ehl\_XYXd}jjlg\i$
m`m\eZ`Xj[\cXjXek`^lXji\c`^`fe\j[\cf
hl\ j\ _XYX hl\i`[f Zi\\i% <e ^\e\iXc#
leXi\efmX[X_`jkfi`f^iX]X\jk}[\dfj$
kiXe[f hl\ ef _lYf \jX ilgkliX kfkXc

(0(

ZfecXjXek`^lXjZlckliXj#Zfdfj\Zi\p
[liXek\ dlZ_f k`\dgf# p hl\ _Xp hl\
i\m`jXi Zfe Zl`[X[f dlZ_Xj dXe`]\jkX$
Z`fe\j ZlckliXc\j gXiX gf[\i \ek\e[\i
cXdX^e`kl[[\c]\ed\ef#XjZfdfcXj
_\iiXd`\ekXjd\kf[fc^`ZXje\Z\jXi`Xj
gXiXjlZfdgi\ej`e%
<e \c Xe}c`j`j [\ gfcXi`[X[\j ZfeZ\g$
klXc\j Zfdf gi\j\ekXZ`e$i\gi\j\ekX$
Z`e#`dX^\e$gXcXYiX2fZ_fhl\#\eZl\e$
kif#i\j`jk\eZ`Xpe\^fZ`XZ`e#cXXlkfiX
i\Xc`qXleXi\m`j`e[\j[\\cgXg\chl\
al^ cX i\gi\j\ekXZ`e \e cX \mXe^\$
c`qXZ`e [\c M`ii\`eXkf [\c G\i# gXiX
ZfeZcl`i#[\jglj[\XeXc`qXi:feZ`c`fj#
:Xk\Z`jdfjpJ\idfe\j#hl\\cgifYc\$
dX[\cXi\gi\j\ekXZ`e#c\afj[\\o_`Y`i
leX j\d}ek`ZX kiXejgXi\ek\# fkfi^XYX
leX [`d\ej`e fgXZX Xc [`jZlijf ZXk\$
hl`qX[fig%).+ %<cgf[\i[\cXj`d}$
^\e\j ef \jkXYX \e cf hl\ \iXe j\X
ZlXc]l\i\jldXk\i`Xc`[X[#dX[\iX#k\cX#
g`^d\ekfj#d\kXc\jj`ef\ecfhl\i\$
gi\j\ekXYXe% CXj `d}^\e\j \jkXYXe \e
cl^Xi[\cX[`m`e`[X[#cfhl\cXXlkfiXccX$
dX[`d\ej`ekiXej`k`mX\ecXhl\\iXe
m\e\iX[Xj#]i\ek\XcXgi\j\eZ`X]XcjX[\
cXj `d}^\e\j gi\_`jg}e`ZXj# hl\ \o_`$
YXeleX[`d\ej`ei\\o`mX#gfihl\ef
i\d`kXe X le fYa\kf \ok\ief# j`ef hl\
\iXe\ejd`jdXj#\ejldXk\i`Xc`[X[#cX
gi\j\eZ`X[\cfjX^iX[f%8gXik`i[\Xcc#
j\Xi^ld\ekXleXgfcd`ZXjfYi\cXmX$
c`[\q[\cXj`d}^\e\j\eleXj pfkiXj 
ZlckliXj # hl\ J`iXZljXef jljk\ekX [\
kXc dXe\iX hl\ Zfejkilp\ lef hl\ ef
\c e`Zf [\ cfj dfd\ekfj [\c g\ejX$
d`\ekf hl\ i\jlckXe dlp `dgfikXek\j

(0)

\e jl k\okf% Al\^X \ekfeZ\j [\ leX ]fi$


dXdX^`jkiXcZfecfgfk\eZ`Xcd\ek\m`j`$
Yc\Zfdf\ci\pj`e\dYXi^fXlj\ek\p
jlgi\j\eZ`Xgfid\[`f[\gi}Zk`ZXjgf$
ck`ZXj#XjZfdfcXgfk\eZ`XZlckliXc[\
jlgi\j\eZ`Xj`dYc`ZX2f\c@eZXhl`q}
gXik\ [\ leX d\dfi`X p le gXjX[f d$
k`Zf% <iX `e\m`kXYc\ hl\ \c [`jZlijf [\
J`iXZljXef cc\^XiX Xc \eZl\ekif Zfe cX
]leZ`e[\cfjj\ek`[fjpcXgi`dXZX[\
cX m`jkX gXiX _XZ\i m`j`Yc\ cf `em`j`Yc\
p cX i`hl\qX [\ cXj ZfejkilZZ`fe\j i\k$
i`ZXj hl\# XjfZ`X[Xj X cf m`jlXc# gf[Xe
_XZ\igi\j\ek\XcfXlj\ek\%<cgifYc\dX
[\cXi\gi\j\ekXZ`e#XjZfdfcXjXZiX$
c`[X[\ei\cXZ`eZfecXj`d}^\e\jpcfj
Zfcfi\jZfdf]XZkfi]le[XZ`feXc[\\jkX
i\cXZ`e#c\g\id`k\eX[\d}jk\e[\ile
gl\ek\ _XZ`X \c dle[f efmf_`jgXef p
XYi`ile[`}cf^f\eki\XdYXj^\f^iX]Xj
ZlckliXc\j hl\# Xlehl\ `eZ`g`\ek\# f]i\$
Z\ le ]lklif gifd`jfi`f% Cfj kiXYXafj
\ekfiefXcXgif[lZZ`em`jlXc[\\jk\
g\i`f[f#i\Xc`qX[fj[\j[\cX_`jkfi`X[\c
Xik\pcX_`jkfi`XZlckliXc#gifgfe\eleX
i\efmXZ`e \g`jk\dfc^`ZX [\ cX hl\
\jkXfYiX[XZl\ekXZfejfckliX%
Le c`Yif Zfdf \c [\ >XYi`\cX J`iXZl$
jXefmXXgif[lZ`ileZXdY`f\ecX]fi$
dX[\m\ip\ek\e[\icXg`ekliXXe[`eX
p# Zfdf kf[X Yl\eX i\\o`e# k\e[i}
i\jfeXeZ`Xj\efkiXj}i\Xj^\f^i}ZXjp
ZlckliXc\j%J`Y`\eleX\jg\ZlcXZ`ejf$
Yi\cXdXk\i`Xc`[X[efi\jl\cm\kf[XjcXj
`eZ^e`kXjhl\XYi\\jk\k`gf[\g`ekliX
Zfdfjl]fidX[\\ek\e[\i\cZl\igfp
\c\jgXZ`f#fcX^\jkXZ`e[\cX`em\eZ`e
_XjkXZfem\ik`ij\\e`[\Xgc}jk`ZXd\ek\

ZfeZ\Y`[X#`cld`eXleZXdgfZXj`Zfd$
gc\kXd\ek\`^efiX[f_XjkX\cdfd\ekf%
Hl`\if k\id`eXi cX i\j\X [\ \jk\ c`$
YifZfdgc\af#gXegk`Zf#ZfeleXfYj\i$
mXZ`ehl\d\gXi\Z\e\Z\jXi`X#Xlehl\
ef df[`ZX \e eX[X cfj Zfd\ekXi`fj
Xek\i`fi\j%8cfcXi^f[\cmfcld\e#\ci\$
ZlijfX:Xi[lZ_f#GXZ_\ZfpGXcfd`ef
\jZfejkXek\%J`Xc^fcXd\ekf\jhl\ef
j\c\[\ecfjZi[`kfj`dgi\jZ`e[`Yc\jX
9feXm\ekliX 9Xjj\^f[X ` ?l^Xj# hl`\e
\jklmf X ZXi^f [\ cX \[`Z`e Zik`ZX [\c
kiXkX[f[\=iXeZ`jZfGXZ_\Zf#glYc`ZX[X
gfi :}k\[iX \e (00'# gl\j \j \m`[\ek\
hl\cX\il[`Z`e[\jlc\ZkliX#cXjefkXj
p Zfd\ekXi`fj Xc k\okf [`\ife X jk\ c$
k`df cX [`d\ej`e ZlckliXc hl\ cX Xlkf$
iX \jk} YljZXe[f \e jl kiXYXaf% <j d}j#
Zi\fhl\Xc^leXj[\cXjce\Xjhl\[`YlaX
>XYi`\cX J`iXZljXef hl`q} j\ g\icX$
ife X gXik`i [\ cXj eXj fYj\imXZ`fe\j
hl\ 9Xjj\^f[X gifgfe\ \e lef [\ cfj
kiXYXafjcfc^`Zfjd}j`dgfikXek\j[\
lekiXkX[fXikjk`Zfhl\j\_XglYc`ZX[f
_XjkX \c dfd\ekf% :i[`kf hl\# cXd\e$
kXYc\d\ek\# ef XgXi\Z\ e` j`hl`\iX \e
cX Y`Yc`f^iX]X# \iifi hl\ \jg\if hl\ j\
i\d\[`\\eleX]lkliX\[`Z`e#gl\j<c
gf[\i[\cfjZfcfi\j%;\cfdXk\i`XcXcf
j`dYc`Zf\ecXjgi}Zk`ZXjZlckliXc\jXe$
[`eXj#\jk}ccXdX[fXZfem\ik`ij\\ele
Zc}j`ZfgXiXcfj\jkl[`fj[\cXg`ekliX\e
\c}dY`kf_`jgXefXd\i`ZXef%

e\ccpj`^Xlk
<c:fc\^`f[\D`Z_fXZ}eDo`Zf

^ f pX  * ) .   X f  ) ' ' 0

@e]fidXZ`eXcfj8lkfi\j
Zi`k\i`fjgXiX\c\emf[\fi`^`eXc\j
CXi\m`jkX>fpXglYc`ZXXikZlcfj[\`em\jk`^XZ`ejfYi\_`jkf$
i`Xpk\fiX[\cXik\[\j[\ZlXchl`\ig\ijg\Zk`mXd\kf[fc^`ZX
hl\ j\ Zfej`[\i\ i\c\mXek\# `eZclp\e[f Xhl\ccfj k\dXj i\cX$
Z`feX[fjZfecXfYiX[\Xik\hl\gl\[XeZfeki`Yl`iXjld\afi
ZfefZ`d`\ekfdXk\i`Xc#_`jki`Zff`ejk`klZ`feXc%CXjk\d}k`ZXj
gi\]\i\ek\jj\i}ecXji\cXZ`feX[XjZfe\cXik\#cXXihl`k\ZkliXp
cXZlckliXm`jlXc\jgXfcX\`Y\ifXd\i`ZXeX#[\j[\cXXek`^\$
[X[_XjkXel\jkifj[Xj#j`\dgi\hl\cXi\\o`ej\i\Xc`Z\[\j$
[\leXg\ijg\Zk`mX_`jki`ZX%
J\XZ\gkXi}ek\okfj\jZi`kfj\eZlXchl`\iX[\cXjc\e^lXjfZ`X$
c\j[\c<jkX[f\jgXfc#XjZfdf\ecfj`[`fdXj]iXeZj#`e^cj#
`kXc`XefpXc\d}e%<eZXjf[\j\iXZ\gkX[fjgfi\cZfej\af[\
i\[XZZ`e#cX[`i\ZZ`e[\cXi\m`jkX\jkl[`Xi}Zfe\cXlkficX
m`XY`c`[X[[\cXkiX[lZZ`e[\cfjd`jdfj#gl\jcXi\m`jkXjcf
glYc`ZXi}XikZlcfj\eZXjk\ccXef%
Cfj kiXYXafj hl\ j\ \em\e X cX i\m`jkX _Xe [\ j\i fi`^`eXc\j#
`e[`kfj#pefjfd\k`[fj\e\cdfd\ekf[\jl\emf#e`[liXek\
cfjki\jd\j\jjlYj`^l`\ek\j#Xjl\mXclXZ`efZfej`[\iXZ`e
\ee`e^leXfkiXi\m`jkXfglYc`ZXZ`e%
Cfj\[`kfi\jj\i}ei`^lifjfjpkiXejgXi\ek\j\e\cgifZ\jf[\i\$
m`j`e[\cfjkiXYXafji\d`k`[fj_XZ`\e[f\ogcZ`kf\cgifkfZfcf
[\\mXclXZ`e#[\j[\\cXZlj\[\i\Z`YfeleZXjlg\i`fiXhl`e$
Z\[Xj_XjkXcXXZ\gkXZ`eeXcm\igifZ\jf[\i\m`j`e %Cfj
\[`kfi\jkXdY`ej\i}eiXqfeXYc\d\ek\\og\[`k`mfj\eki\cXi\$
Z\gZ`e[\cXm\ij`eeXc[\cdXeljZi`kf#ZfecX`eZfigfiXZ`e
[\cXji\m`j`fe\ji\hl\i`[XjgXiXcXXZ\gkXZ`e#pjlglYc`ZXZ`e%

Cfj Xlkfi\j [`jgfe[i}e [\ gil\YXj gXiX jl Zfii\ZZ`e# Zfd$


gifd\k`e[fj\X[\mfcm\icXjZfii\^`[Xj\elegcXqf`e]\i`fiX
[fjj\dXeXj%Efj\g\id`k`i}cX`ekif[lZZ`e[\ZXdY`fjjlj$
kXeZ`Xc\j\ecXjgil\YXj#hl\[Xe[fjkfjc`d`kX[fjXcXZfii\Z$
Z`e[\\iifi\jZfei\jg\ZkfXcXm\ij`eXZ\gkX[X%
J\i\Zfd`\e[Xhl\cfjfi`^`eXc\jefk\e^XeleX\ok\ej`ejlg\$
i`fiX*'g}^`eXj\e]fidXkf[`e$X+('%'''X()%'''gXcXYiXj 
`eZcl`[XjcXjefkXj#X[fYc\\jgXZ`f#\e]l\ek\K`d\jE\nIfdXe#
Zl\igf()2j\X[d`k`i}led}o`df[\leX`cljkiXZ`egfiZX[X
[fjg}^`eXj[\k\okf%CXgi`d\iXg}^`eX`eZcl`i}\oZclj`mXd\e$
k\\ckklcf#leYi\m\i\jld\e\eZXjk\ccXef\`e^cj`e]\i`fiX(''
gXcXYiXj#p\eki\ki\jpZ`eZfgXcXYiXjZcXm\\ecfj[fj`[`fdXj%
<eg}^`eXXgXik\^liXi}\ckklcf[\ckiXYXaf#efdYi\[\cXlkfif
Xlkfi\j#c`XZ`eXZX[d`ZXpleYi\m\ZliiZlcf[\cXlkfifXlkf$
i\jefjlg\i`fiX(,'gXcXYiXj%:fe\ce[\^XiXek`qXi\cXefe`dX$
kf\e\cgifZ\jf[\\mXclXZ`e#\ci\jkf[\ck\okfefgf[i}`eZcl`i
e`e^leXd\eZ`eXcXlkfifXlkfi\j`eZcl`[XjcXjhl\j\_X^Xe\e
efkXjXg`\[\g}^`eX hl\g\id`kX[\jm\cXijl`[\ek`[X[%
CfjkiXYXafjj\\em`Xi}eXcXi\[XZZ`e[\cXi\m`jkX>fpX#kXekf
gfiZfii\f\c\Zkie`Zf\eXiZ_`mfX[alekf\egif^iXdXNfi[ 
ZfdfgfimXgfjkXc%
[`i\ZZ`e\c\Zkie`ZX
i\m`jkX^fpX7^%\j
[`i\ZZ`egfjkXc
>fpXI\m`jkX[\8ik\#=le[XZ`eC}qXif>Xc[`Xef
:Xcc\J\iiXef())#)/''-DX[i`[

efidXj [\ \[`Z`e


(

)

*

+

,

CX i\[XZZ`e j\ i\Xc`qXi} \e c\kiX i\$


[fe[X% Cfj k\okfj Z`kX[fj j\i}e \eki\$
Zfd`ccX[fj2 Xhl\ccfj Zlpfj fi`^`eXc\j
\jke\eleXc\e^lX[`jk`ekXXcZXjk\ccX$
ef#j\k\e[i}ehl\[XikiX[lZ`[fjp\e
efkX X g`\ [\ g}^`eX \c k\okf [\c fi`^`$
eXc\eki\Zfd`ccX[f%
CXj gXcXYiXj jl\ckXj \jZi`kXj \e fkiX
c\e^lXXgXi\Z\i}e\eZlij`mX#`eZcl`[Xj
cXjXYi\m`XkliXjcXk`eXj1`Y`[%j`ek`c[\ 2
`[%2`%\%`e]iX2gXjj`d2jlgiX2jj2fg%Z`k%
CXj gXcXYiXj \jZi`kXj Zfe XZ\ekf Zfe$
j\imXi}e jk\ Xlehl\ cX mfZXc Zfii\j$
gfe[`\ek\mXpX\jZi`kX\edXpjZlcX%
Cfj Xfj [\c ZXc\e[Xi`f j\ \jZi`Y`i}e
j`\dgi\j`eglekf[\jglj[\cd`ccXip
\cefdYi\[\cd\j\ec\kiX%
CXj efkXj j\ gi\j\ekXi}e Xc eXc [\c
k\okf% CXj XYi\m`XkliXj [\ XiZ_`mfj f
Y`Yc`fk\ZXj[\Y\i}eZfej`^eXij\\eleX
_faX XgXik\# p j\i}e glYc`ZX[Xj Xc Zf$
d`\eqf[\cXjefkXj%Gfi\a\dgcf1
X_e48iZ_`mf ?`jki`Zf EXZ`feXc# DX$
[i`[% X_gd48iZ_`mf ?`jki`Zf [\ Gif$
kfZfcfj[\DX[i`[%X^j48iZ_`mf>\e\$
iXc[\J`dXeZXj#MXccX[fc`[%

GXiX\eZ\iiXiZfd\ekXi`fjXXc^leX]iX$
j\ f gXcXYiX j\ ljXi} \c ^l`e  % <e
Nfi[ _Xp hl\ Xgi\kXi gXiX \ccf j`dlc$
k}e\Xd\ek\cXjk\ZcXj:fekifcp\cj`^$
efd\efj[\cXgXik\[\i\Z_X[\ck\ZcX$
[f%:lXe[f\cZfd\ekXi`fmXpXj\^l`[f
[\ glekf# j\ gi\jZ`e[`i} [\c j\^le[f
^l`e%<cljf[\gXiek\j`jgXiX\cd`j$
dfgifgj`kfj\c`d`kXi}XcfjZfd\ekX$
i`fjdlpYi\m\j#efidXcd\ek\leXjfcX
gXcXYiX# hl\ gleklXc`Z\ f i\]l\iZ\ \c
j\ek`[f[\fkiX`eZcl`[X\e\ck\okf%<e
\ci\jkf[\cfjZXjfj\ehl\j\lk`c`Z\e
^l`fe\j#j\\dgc\Xi}\c^l`eZfikf$ %
. CXji\]\i\eZ`XjY`Yc`f^i}ZXjj\i}eZ`kX$
[Xj[\XZl\i[fXcfjj`^l`\ek\jZi`k\i`fj1
X% C`Yif1 I% Cg\q >lqd}e# 8ihl`k\ZkliX
Dl[aXi%;\cj`eZi\k`jdfd\[`\mXcXcXj
Xck\ieXk`mXj _`jgXefXd\i`ZXeXj# :}k\$
[iX#DX[i`[#)'''#g%-%
Y% :Xgklcf[\c`Yif1D%<jk\ccX#<cd\Z\$
eXq^f[\cXi\`eXDXiX[\?le^iX\e
\cZXdgf[\cX\jZlckliX#\e:XicfjMp
cXj8ik\j%GifdfZ`eXikjk`ZXp]Xd`c`X
`dg\i`Xc#D%A%I\[fe[f:Xek\iXpD%8%
QXcXdX \[% # Le`m\ij`[X[ [\ MXccX[f$

-

c`[#MXccX[fc`[#)'''#gg%)/*$*)(%
Z% 8ikZlcf [\ i\m`jkX1 D% C% DXike 8e$

je# ;% G\[if >d\q 9Xiifjf p \c i\$


c`ZXi`f[\cXM`i^\e[\c:XY\ccf#>fpX#
)/)#)''(#gg%(+,$(,,%
[% :Xk}cf^f1<cI\eXZ`d`\ekfD\[`k\ii}e\f%
M`Xa\j[\Xik`jkXj\`k`e\iXi`fj[\fYiXj\e$
ki\@kXc`X#=iXeZ`Xp<jgXX\e\cj`^cfOM#
ZXk}cf^f [\ cX \ogfj`Z`e DX[i`[# Dl$
j\fK_pjj\e$9fie\d`jqX#)''($MXc\eZ`X#
Dlj\l[\9\cc\j8ikj[\MXceZ`X#)''( #
DXlifEXkXc\\[% #DX[i`[#)''(%
\% I\]\i\eZ`X X le [fZld\ekf [\ XiZ_`$
mf1 D\dfi`X [\ cfj Y`\e\j dl\Yc\j
hl\hl\[Xifegfiepdl\ik\[\[fe
G\[if RK\o\`iXT# X_gd# Gi% /+0*# R\j$
Zi`YXefgYc`Zf8ekfe`f>d\q#(/[\
j\gk`\dYi\[\(--)T#]%+(.i%
/ CXi\m`jkXglYc`ZX`cljkiXZ`fe\j\eY&e
pZfcfi#cXjZlXc\j[\Y\i}ek\e\icXZXc`$
[X[e\Z\jXi`X[\i\gif[lZZ`epj\gi\$
j\ekXi}e gi\]\i\ek\d\ek\ \e jfgfik\
`e]fid}k`Zf%CfjXlkfi\jjfei\jgfejX$
Yc\j[\cX^\jk`e[\cfj[\i\Z_fj[\i\$
gif[lZZ`ehl\gl\[Xeg\jXijfYi\cXj
`cljkiXZ`fe\j% CX lY`ZXZ`e [\ cXj `clj$

kiXZ`fe\j`i}j\XcX[X\e\ck\okfg%\%
^% ( % Kf[Xj cXj ^liXj `i}e eld\iX$
[Xj p Zfem\e`\ek\d\ek\ ifklcX[Xj% <e
_faX XgXik\ j\ jld`e`jkiXi} le c`jkX[f
eldi`Zf[\cXjd`jdXjXZfdgXX[Xj
[\ cfj [Xkfj Y}j`Zfj gXiX jl `[\ek`ZX$
Z`e Xlkfi# kklcf# ]\Z_X# cfZXc`qXZ`e
XZklXc % CX i\[XZZ`e j\ i\j\imX \c [\$
i\Z_fXi\Z_XqXiXhl\ccXj`cljkiXZ`fe\j
hl\ ef k\e^Xe leX ZXc`[X[ jlZ`\ek\
gXiX jl i\gif[lZZ`e p ef Xjld`i} \e
e`e^eZXjf\cZfjk\[\cfj[\i\Z_fj[\
i\gif[lZZ`e%
0 <j Zfe[`Z`e gXiX cX glYc`ZXZ`e hl\
\c Xlkfi f Xlkfi\j Z\[Xe  X cX i\m`j$
kX >fpX cfj [\i\Z_fj [\ i\gif[lZZ`e%
J` j\ gif[lZ\e g\k`Z`fe\j [\ k\iZ\ifj
gXiX i\gif[lZ`i f kiX[lZ`i XikZlcfj f
gXik\j [\ cfj d`jdfj# cX [\Z`j`e Zf$
ii\jgfe[\i}Xc:fej\af\[`kfi%
('  CfjkiXYXafjhl\_XpXej`[fXZ\gkX[fj
gXiXjlglYc`ZXZ`epef\jkeX[\ZlX$
[fj X cXj gi\j\ek\j efidXj [\ \[`Z`e
[\Y\i}ej\iX[XgkX[fjgficfjXlkfi\j
hl\ i\d`k`i}e cX el\mX m\ij`e \e le
gcXqfeleZXjlg\i`fiX[`\q[Xj%

Istituto Europeo di Design,


el Network Internacional de
Formacin en Diseo,
Comunicacin y Moda
Milano, Roma, Torino, Venezia,
Madrid, Barcelona, So Paulo

Master09/10
Escenografa
Diseo de Iluminacin
Diseo de Interiores
Accesorios de Moda
Comunicacin y Moda
Motion Graphics Design
 
  
Direccin y Gestin de Comunicacin,
Marketing y Publicidad
Direccin y Gestin de Empresas de Moda
Comunicacin, Publicidad y Marketing en
Medios On-Line
Diseo Editorial: Medios impresos y Digitales *

Master Research Study Program

El diseo y la maquetacin
de este nmero de GOYA ha
sido realizada por los alumnos
del Master de Diseo Editorial
de la promocin 2008/09.

El nico Master de Investigacin de carcter


paneuropeo en Diseo y Comunicacin.

Cursos de 1 ao, 3 aos, Master


y Especializacin en Diseo,
Comunicacin y Moda

IED Master
IED Master
Larra 14, 28004 Madrid
Tel. +34 914 480 444
info.iedmadrid

iedmadrid.com

Вам также может понравиться