Reporte de Desarrollo Sostenible 2013

Transcripción

Reporte de Desarrollo Sostenible 2013
=fikXc\qX%;\j\dg\Œf%GXj`e%
I\gfik\[\;\jXiifccf
Jfjk\e`Yc\)'(*
?fcZ`d<ZlX[fiJ%8%
<jkXglYc`ZXZ`e]l\
`dgi\jX\e
>lXpXhl`c$<ZlX[fi
\egXg\cgifm\e`\ek\[\
Yfjhl\jZfeledXe\af
]fi\jkXci\jgfejXYc\p
ljXe[fk`ekXjm\^\kXc\j%
;\ZcXiXZ`e[\cGi\j`[\ek\<a\Zlk`mf
+
¶Hl„\jlei\gfik\[\jfjk\e`Y`c`[X[Zfe
\jk}e[Xi\j>I@$>+6
.
?fcZ`d<ZlX[fi
JfYi\?fcZ`d<ZlX[fiJ%8%
J`\dgi\\e]fZX[fj\eel\jkifjZc`\ek\j
Df[\ie`qXZ`e[\cXGcXekX>lXpXhl`c
/
0
((
()
:lckliX?fcZ`d
<jkiXk\^`XpM`j`e
8c`XeqXjpXjfZ`XZ`fe\j
@ek\^i`[X[pkiXejgXi\eZ`X
@ejkild\ekfj[\`e]fidXZ`epZfekifc
GXik`Z`gXZ`e[\cfj^ilgfj[\`ek\i„j
(/
(0
(0
(0
)'
))
:XgXZ`[X[\jpc`[\iXq^f\e?fcZ`d
<jkilZkliXfg\iXZ`feXc[\?fcZ`d<ZlX[fiJ%8
:fdle`ZXZ`e
?fcZ`d<ZlX[fiJ%8%Zfdf\dgc\X[fi
Gif^iXdXj[\]fidXZ`eZfek`elX#
i\kifXc`d\ekXZ`epZfXZ_`e^
I\jgfejXY`c`[X[jfZ`XcZfecXZfdle`[X[
Gif^iXdXjgXiX\mXclXicfj`dgXZkfj
[\cXjfg\iXZ`fe\j\ecXjZfdle`[X[\j
Gif^iXdXjjfZ`Xc\j`dgc\d\ekX[fj\e\c)'(*
;\jXiifccfZfdle`kXi`f
)+
),
),
)*,
**/
*/
+'
<oZ\c\eZ`X\e\c[\j\dg\Œffg\iXZ`feXc
Gi\d`fjpi\ZfefZ`d`\ekfj
++
+,
<oZ\c\eZ`X\e\cdXe\af[\i\Zlijfj
CXjfjk\e`Y`c`[X[Zfdfd\kX
Gi\m\eZ`e
Gi\fZlgXZ`fe\j[\cXZfdle`[X[
<e\i^ˆXpZXdY`fZc`d}k`Zf
@eefmXZ`ek\Zefc^`ZXgXiXleX[\ZlX[f
dXe\af[\cfji\ZlijfjeXkliXc\j
<e\i^ˆX
8^lX
9`f[`m\ij`[X[
<d`j`fe\j#\]cl\ek\jpi\j`[lfj
Gif[lZkfjpj\im`Z`fj
++.
,'
,'
,(
I\gfik\fi^Xe`qXZ`feXc
8cZXeZ\pZfY\ikliX[\ci\gfik\
-'
-(
,(
,*
,+
,,
,.
,0
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
*
;\ZcXiXZ`e[\c
Gi\j`[\ek\<a\Zlk`mf
GXiX?fcZ`d<ZlX[fi\c)'(*]l\[\dlp`ek\ejfjcf^ifj#
\og\i`\eZ`XjpXgi\e[`qXa\j%;\Y\dfji\jXckXi\c\j]l\iqf
[`Xi`fpjfjk\e`[f[\kf[fjhl`\e\jZfe]fidXdfj
el\jkiXZfdgXŒˆX#gXiXXcZXeqXicXjd\kXjgifgl\jkXj
pgcXek\XiefjdlZ_Xjd}jgXiXcfjXŒfjm\e`[\ifj#
X]`Xeq}e[fefjXjˆZfdfcˆ[\i\j\e[\jXiifccfjfjk\e`Yc\
\eel\jkifgXˆj%
<ecfi\]\i\ek\XcXjg\Zkf[\j\^li`[X[pjXcl[
fZlgXZ`feXc#[liXek\\c)'(*efj\i\[laf\ce’d\if[\
XZZ`[\ek\jfZlgXZ`feXc\j\ei\cXZ`eXc)'()%<jkfefj
dfk`mXXj\^l`ikiXYXaXe[fX’ed}j\eel\jkifZXd`ef
_XZ`XcXd\kX[\c9[heZW‹eWbWif[hiedWi%Gfi\ccf#
i\]fiqXdfj\ce`m\c[\Zfdgifd`jf_XZ`XcXj\^li`[X[
fZlgXZ`feXc[\kf[fjhl`\e\j]fidXdfjgXik\[\el\jkiX
\dgi\jX#gXiXZfem\ik`iefjXjˆ\eX^\ek\j[\ZXdY`f
\eki\efjfkifjd`jdfj#el\jkifjZc`\ek\j#gifm\\[fi\jp
Zfdle`[X[\j%
<j`dgfikXek\[\jkXZXihl\#\e\jXY’jhl\[XZfejkXek\
[\cX;nY[b[dY_W[di[hl_Y_eWdk[ijheiYb_[dj[i#\e
[`Z`\dYi\[\c)'(*XiiXeZXdfjZfecXZlXikXcˆe\X
[\\dgXZX[fpgXc\k`qX[f\ecXGcXekX>lXpXhl`c#cf
hl\efj_Xg\id`k`[fd\afiXicfje`m\c\j[\j\im`Z`fX
el\jkifjZc`\ek\j[\Z\d\ekf\ejXZfj%;\`^lXcdXe\iX#
_\dfj_\Z_f`em\ij`fe\j`dgfikXek\j\e\c[\jgXZ_f[\
Z\d\ekfXc^iXe\c%
CXfYiX[\cXj\^le[X]Xj\[\df[\ie`qXZ`e[\cXGcXekX
>lXpXhl`cXmXeqkXdY`„ej`^e`]`ZXk`mXd\ek\[liXek\
\c)'(*#gficfhl\\jg\iXdfjZfeZcl`icXZfe]fid\Xcf
gcXe`]`ZX[f#[liXek\\c)'(,2\jk\gifp\Zkf\j[\^iXe
`dgfikXeZ`XgfijljXgfik\j[`i\ZkfjXc[\jXiifccf[\
el\jkifgXˆj#i\[lZ`\e[fcX`dgfikXZ`e[\dXk\i`Xgi`dX
gXiXcX\cXYfiXZ`e[\cZ\d\ekfp^\e\iXe[fXjˆdXpfi
mXcfiX^i\^X[fgXiX<ZlX[fi%>iXZ`XjXcXjZXiXZk\iˆjk`ZXj
[\\jkX`em\ij`e#\eXYi`c[\c)'(*j\]`idleZfekiXkf
[\`em\ij`e\eki\\c<jkX[f\ZlXkfi`Xefp?fcZ`d
<ZlX[figfiLJ;*''d`ccfe\j2XcX]\Z_X#lef[\cfj
d}jXckfj[\jleXkliXc\qX[\ekif[\cj\Zkfigi`mX[f
`e[ljki`Xc%<cZfem\e`fj\]`id\e\cdXiZf[\c9ŒZ_]e
+
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
Eh]|d_YeZ[bWFheZkYY_Œd"9ec[hY_e[?dl[hi_ed[i:FG:@ #
hl\k`\e\\eki\jlj]`e\jgifdfm\i`em\ij`fe\jel\mXj
pgif[lZk`mXj[`i`^`[XjXcXjljk`klZ`e\jkiXk„^`ZX
[\`dgfikXZ`fe\jpXcXlk`c`qXZ`e[\k\Zefcf^ˆX
XdY`\ekXcd\ek\d}jc`dg`X%<ecfjj\^d\ekfj[\
_fid`^epX^i\^X[fj#[liXek\\c)'(*Zfek`elXdfj
\eki\^Xe[fj\im`Z`fjpjfclZ`fe\jg\ijfeXc`qX[Xj\eYXj\
XcXje\Z\j`[X[\j[\el\jkifjZc`\ek\jXe`m\ceXZ`feXc%
El\jkifj\j]l\iqfj\e\c:[iWhhebbeo][d[hWY_Œd
Z[b‡Z[h[i\eki\el\jkifjkiXYXaX[fi\j#Zfek`elXife
\e\c)'(*ZfeZXgXZ`kXZ`fe\jpXZk`m`[X[\jhl\pX
]fidXegXik\[\el\jkiXZlckliX\dgi\jXi`Xc#Zfdf
\cFhe]hWcWZ[h[YedeY_c_[djei#\e\chl\ZX[XXŒf
el\jkifjkiXYXaX[fi\jjfei\ZfefZ`[fjgfijljgifp\Zkfj
`eefmX[fi\jp\a\ZlkXYc\jXc`ek\i`fi[\el\jkiX
ZfdgXŒˆX%<jk\XŒf#dXiZXdfjkXdY`„ele_`kf\e
Y\e\]`Z`f[\cXjfZ`\[X[#pXhl\[\j[\fZklYi\[\c
)'(*\eki\em`^\eZ`Xel\jkiXFeb‡j_YWZ[:_l[hi_ZWZ[
?dYbki_Œd#hl\XZf^\cX[`m\ij`[X[\o`jk\ek\\e\cgXˆj
pgfk\eZ`Xcfd\afi[\ZX[Xlef[\efjfkifj\ele
XdY`\ek\`eZclj`mfpaljkf%
<jkX[`m\ij`[X[\`eZclj`ej\m`fkXdY`„ei\]c\aX[X
\e\cHeYW\k[hj[<‘jXeb9bkX#`e`Z`Xk`mX[\gfik`mXhl\
[\j[\(00+\jXljg`Z`X[Xgfiel\jkiXZfdgXŒˆX%<e\c
)'(*j\Zfe]fid\cgi`d\i\hl`gf[\]’kYfc]\d\e`ef
\ecX_`jkfi`X[\c<ZlX[fihl\#\ejlgi`d\iXŒf#j\
ZfifeZXdg\eeXZ`feXcpi\gi\j\ekXcgXˆj\e
fZklYi\[\c)'(*\ecX:fgXC`Y\ikX[fi\j[\8d„i`ZX
\[`Z`e]\d\e`eX \e9iXj`c#[fe[\klmfleX[\jkXZX[X
gXik`Z`gXZ`e%
<e\cXjg\Zkf[\^\jk`e[\I\jgfejXY`c`[X[JfZ`Xc
:figfiXk`mX#cfji\jlckX[fj[\c)'(*lY`ZXeXel\jkiX
\dgi\jX\eki\cXj,gi`d\iXj[\c>ilgf?fcZ`dXe`m\c
dle[`Xc%;liXek\\c)'(*j\[\jXiifccXife)/gifp\Zkfj1
()\e\[lZXZ`e2()\e[\jXiifccfZfdle`kXi`fp+
\e`e]iX\jkilZkliX#Y\e\]`Z`Xe[fXZ\iZX[\)+d`c
g\ijfeXj[\]fidX[`i\ZkXpX-/d`c[\]fidX`e[`i\ZkX%
El\jkifFhe]hWcWZ[LebkdjWh_WZeçd[j[\jZX[X
m\qd}j\jkiXk„^`Zfpjfjk\e`[f#cfhl\efjg\id`k`
i\Z`Y`i\ci\ZfefZ`d`\ekfZfdfcXC[`ehfh|Yj_YWZ[
H[ifediWX_b_ZWZIeY_Wb9ehfehWj_lW[d7cƒh_YWBWj_dW
(&')\ecXZXk\^fiˆX[\MfclekXi`X[f#gfigXik\[\c
:\ekifD\o`ZXefgXiXcX=`cXekifgˆX:<D<=@ #8c`Xij\
p=ild<dgi\jX%<jk\XŒf#èe\k\ZfekZfecX
gXik`Z`gXZ`e[\d}j[\c,'[\el\jkifjkiXYXaX[fi\j#
hl\cf^iXifeZ\iZX[\.%'''_fiXj[\mfclekXi`X[f%
>lXpXhl`cpCXkXZle^X#i\]fi\jk}e[fcXjpi\m\^\k}e[fcXj
Zfe\jg\Z`\jeXk`mXj[\\jkfjj\Zkfi\j#XgfpXe[fXjˆcX
Zfej\imXZ`e[\c\Zfj`jk\dXXkiXm„j[\cFbWdZ[7YY_Œd
Z[8_eZ_l[hi_ZWZ87F$
GXiXZfeZcl`i#\e\c)'(+pXZfi[\Xel\jkifgcXe
\jkiXk„^`Zf#el\jkiXZfdgXŒˆXZfek`elXi}gifdfm`\e[f
cfjd}jXckfj\jk}e[Xi\j\ejXcl[pj\^li`[X[
fZlgXZ`feXc#\oZ\c\eZ`X\e\cj\im`Z`fXel\jkifjZc`\ek\j#
^\jk`eXdY`\ekXcjfjk\e`Yc\[\i\ZlijfjeXkliXc\j#
[\jXiifccf[\cX^\ek\p\oZ\c\eZ`X\e\c[\j\dg\Œf
fg\iXZ`feXc2\e]fZ}e[fefj\eXZk`m`[X[\jhl\^\e\i\e
mXcfijfjk\e`[fgXiXel\jkifjkiXYXaX[fi\j#Zc`\ek\j#
Zfdle`[X[\j#gifm\\[fi\jpcXjfZ`\[X[\ZlXkfi`XeX%
8[`Z`feXcd\ek\[liXek\\c)'(*#?fcZ`d<ZlX[fij\
[\jkXZgfij\icX\dgi\jXgi`mX[Xhl\d}jXgfik
Zfdfd`\dYif[\cXH[ZZ[;cfh[iWifehkd;YkWZeh
B_Xh[Z[JhWXW`e?d\Wdj_b#gifdfm`[Xgfi\cD`e`jk\i`f[\
I\cXZ`fe\jCXYfiXc\jpLE@:<=#\ecXhl\j\`emfclZiXcX
ZX[\eX[\mXcfi[\el\jkiXZfdgXŒˆX#Zfe]fid\j\`e[`ZX
\e\ci\gfik\XelXc[\cXI\[<K@%
El\jkiXi\jgfejXY`c`[X[kXdY`„ecXXjld`dfjXkiXm„j
[\leX^\jk`ehl\XglekXXcX;nY[b[dY_W[d[bcWd[`e
Z[h[Ykhiei%<e\c)'(*#Zfek`elXdfjZfecX^\jk`e
jfjk\e`Yc\[\cfji\ZlijfjeXkliXc\j[\cXjZXek\iXj[\
If[fc]fDfek\if
Gi\j`[\ek\<a\Zlk`mf
?fcZ`d<ZlX[fiJ%8%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
,
¶Hl„\jlei\gfik\
[\jfjk\e`Y`c`[X[Zfe
\jk}e[Xi\j>I@$>+6
CX=beXWbH[fehj_d]?d_j_Wj_l[=H?\jleXfi^Xe`qXZ`ej`e]`e\j[\clZifhl\cc\^XXd’ck`gc\j^ilgfj[\`ek\i„j%
=l\]le[X[X\e<jkX[fjLe`[fj[\Efik\Xd„i`ZX\e(00.gfi9;H;I9[hj_\_YWj_ede\;dl_hedc[djWbIjWdZWhZi
p\cFhe]hWcWZ[bWiDWY_ed[iKd_ZWifWhW[bC[Z_e7cX_[dj[FDKC7$8ZklXcd\ek\#jljf]`Z`eXj]leZ`feXe\e
Ýdjk\i[Xd#?fcXe[Xpgfj\\leXi\[[\d}j[\*'#'''g\ijfeXj\ekf[f\cdle[f%
<c]`e[\c>I@\j`dglcjXicX\cXYfiXZ`e[\i\gfik\j[\jfjk\e`Y`c`[X[\ekf[fk`gf[\fi^Xe`qXZ`fe\j%CX^lˆXgXiXcX
\cXYfiXZ`e[\i\gfik\j\jkXYc\Z\cfjgi`eZ`g`fj\`e[`ZX[fi\jhl\cXjfi^Xe`qXZ`fe\jgl\[\elk`c`qXigXiXd\[`ip[XiX
ZfefZ\ijl[\j\dg\ŒfjfZ`Xc#\Zfed`ZfpXdY`\ekXcki\j\a\jZcXm\j[\cXjfjk\e`Y`c`[X[ %
CX[\df^iX]ˆXp\cZXdY`fZc`d}k`Zf\jk}edf[`]`ZXe[fcfj]le[Xd\ekfj[\cX\ZfefdˆXXe`m\cdle[`Xc#gfi
cfhl\[\Y\dfj[XigXjfjZ\ik\ifj_XZ`XX[\cXek\p[XiXZfefZ\iel\jkiXj[\Z`j`fe\jXcfj^ilgfj[\`ek\i„j#
kiXejgXi\ekXe[f[\\jkXdXe\iXcXjXZZ`fe\j[\el\jkiXZfdgXŒˆX%
Cfjc`e\Xd`\ekfj[\cXm\ij`e>+[\c>I@$YXafcfjhl\\jk\i\gfik\hl\k`\e\\eki\jljdXefj_Xj`[fZi\X[f$]XZ`c`kX
cX\cXYfiXZ`e[\`e]fid\j[\jfjk\e`Y`c`[X[_XZ`„e[fcfjd}jZfeZ`jfj#pXhl\j\Z\ekiXe\ecfjXjlekfji\Xcd\ek\
i\c\mXek\j2cX^lˆX_X[X[fle^iXejXckfgfj`k`mf#gXjXe[f[\le\e]fhl\[\Zldgc`d`\ekfXZfem\ik`icX^\jk`e[\cX
jfjk\e`Y`c`[X[\e\c\a\gi`eZ`gXc%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
.
?fcZ`d<ZlX[fi
/
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
JfYi\?fcZ`d<ZlX[fiJ%8%
Jfdfj\jleX\dgi\jX\ZlXkfi`XeX]`c`Xc[\c>ilgfjl`qf
?fcZ`d#leX[\cXjZfdgXŒˆXjcˆ[\i\j\e\cdle[f\ecX
gif[lZZ`e[\Z\d\ekf#_fid`^epX^i\^X[fj#dXk\i`Xc\j
\j\eZ`Xc\jgXiXcX`e[ljki`X[\cXZfejkilZZ`e%El\jkif
`dg\ZXYc\ZliiˆZlcld\dgi\jXi`XcXe`m\ceXZ`feXc\
`ek\ieXZ`feXc#_XYcX[\cXZXc`[X[[\el\jkifjgif[lZkfj#
XjˆZfdf[\el\jkifg\ijfeXcXckXd\ek\ZXc`]`ZX[f%
<e?fcZ`d<ZlX[fiZfekXdfjZfelegfikX]fc`f[\
gif[lZkfjpj\im`Z`fj[`j\ŒX[fjkfdXe[f\eZl\ekXcXj
e\Z\j`[X[\j[\el\jkifjZc`\ek\j1
9[c[djeifehZ[i[cf[‹e
› ?fcZ`d=l\ik\K`gf>L#Z\d\ekf[\ljf
^\e\iXc#`[\XcgXiXkf[fk`gf[\ZfejkilZZ`fe\j%
;\m\ekXXe`m\ceXZ`feXcXkiXm„j[\cXi\[
;`j\ejX#[`jki`Yl`[fiXlkfi`qX[f%
› ?fcZ`dGi\d`ld#[`j\ŒX[fgXiXXgc`ZXZ`fe\j
\jg\Z`Xc\j\ecXjhl\jfee\Z\jXi`XjXckXj
i\j`jk\eZ`Xj`e`Z`Xc\jXcXZfdgi\j`e%
› ?fcZ`dLckiX;liXYc\#gXiXXgc`ZXZ`e
\e\jkilZkliXjZfeXckX\ogfj`Z`e
XXkXhl\j[\jlc]Xkfj%
› ?fcZ`d9Xj\M`Xc#gXiXZfejkilZkfi\jm`Xc\j
hl\YljZXed\afiXi\cZfdgfikXd`\ekf
d\Z}e`Zf[\cX\jkilZkliX[\cgXm`d\ekf#
_XZ`\e[f’k`c\jjl\cfjdXi^`eXc\j#
i\[lZ`\e[fj`^e`]`ZXk`mXd\ek\cfj
mfc’d\e\j[\XZXii\f\`eZi\d\ekXe[f
XjˆcX[liXY`c`[X[[\cXjZXii\k\iXj%
7]h[]WZei
› El\jkiffYa\k`mf\jgifm\\i[\dXk\i`Xc
[\XckXZXc`[X[gXiXcX]XYi`ZXZ`e[\
_fid`^fe\j[\XckXi\j`jk\eZ`XpXYXjk\Z\i
XjˆXcj\Zkfi[\cXZfejkilZZ`e%
› CfjX^i\^X[fjZfecfjhl\Zl\ekXel\jkiX
GcXekX\eG`]fG`Z_`eZ_X `eZclp\e
g`\[iXki`kliX[X#^iXm\pXi\eX%
8[\d}j#[`jgfe\dfj[\j\im`Z`fjZfdgc\d\ekXi`fj\ecfj
hl\f]i\Z\dfjXj\jfiˆXk„Ze`ZXg\ijfeXc`qX[XXel\jkifj
Zc`\ek\j#Zfdf\j\cZXjf[\c9[djheJƒYd_YeZ[b>ehc_]Œd
9J>\e>lXpXhl`c#p\hl`gfjgXiXcXZfcfZXZ`e[\
_fid`^e#kXc\jZfdfgXm`d\ekX[fiXj#Yfi[`cc\iXj#
YfdYXj\jk}k`ZXj#YfdYXjgcldXjp[\ZbgcXZ\ij%
>ehc_]Œdfh[c[pYbWZe
› <j\cd}jZfd’e[\cfjdXk\i`Xc\j
gifm\e`\ek\j[\cXd\qZcX[\cZ\d\ekf#
X^i\^X[fj#X^lXpX[`k`mfj%<e?fcZ`d<ZlX[fi
ZfekXdfjZfek\Zefcf^ˆX[\glekXhl\efj
g\id`k\[\jXiifccXi_fid`^fe\jXcXd\[`[X
[\cXje\Z\j`[X[\j[\el\jkifjZc`\ek\j%
GXiXcXgif[lZZ`e[\_fid`^egi\d\qZcX[f#
ZfekXdfjZfe.gcXekXj]`aXj\ecXjZ`l[X[\j[\
>lXpXhl`c#Hl`kf) #DXZ_XcX#:l\eZX#8dYXkf
pDXekX#X[\d}j[\\hl`gfjdm`c\jXcj\im`Z`f
[\el\jkifjZc`\ek\j\e\ck\ii`kfi`feXZ`feXc%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
0
¶;e[\\jkXdfj6
› <e>lXpXhl`cZfekXdfjZfecXGcXekX[\Z\d\ekf>lXpXhl`c#cXGcXekX[\
_fid`^eJXe<[lXi[fpcXjF]`Z`eXj8[d`e`jkiXk`mXj<c:X`d}e%
› <eHl`kf#[`jgfe\dfj[\cXGcXekX[\_fid`^eHl`kfEfik\#cXGcXekX
[\_fid`^eHl`kfJlipcXGcXekX[\X^i\^X[fjG`]f%
› <eCXkXZle^X#ZfekXdfjZfecXGcXekX[\dfc`\e[X[\Z\d\ekfCXkXZle^X%
› ;`jgfe\dfj[\GcXekXj[\_fid`^e\e8dYXkf#DXekX#DXZ_XcXp:l\eZX%
Hl`kf
G`]f
DXekX
CXkXZle^X
8dYXkf
>lXpXhl`c
:l\eZX
DXZ_XcX
GcXekX[\Z\d\ekf
GcXekX[\_fid`^e
GcXekX[\X^i\^X[fj
('
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
J`\dgi\\e]fZX[fj\eel\jkifjZc`\ek\j
;Z_\_Y_eZ[bWKdWikh[dGk_je"Yedijhk_ZeYedY[c[dje>ebY_c$
El\jkiXm`j`e\ej\im`Z`f\jj\icXZfdgXŒˆXZfe\c
dXpfi\e]fhl\_XZ`XcfjZc`\ek\jpZfe\cd}jXckfe`m\c
[\c\XckX[\eel\jkiX`e[ljki`X2gXiXXjˆZi\XidXpfimXcfi
p^\e\iXii\kfiefjd}jXckfjpjfjk\e`Yc\jgXiXel\jkiX
ZfdgXŒˆX%
GXiX\ccf#[\jXiifccXdfjZfejkXek\d\ek\`em\jk`^XZ`fe\j
[\d\iZX[fhl\efjg\id`k\eZfefZ\icXje\Z\j`[X[\j
[\el\jkifjZc`\ek\jXZklXc\j#pdXek\e\ilegifZ\jf
[\d\afiXjZfek`elXjZfe\c]`e[\Zfejkil`ii\cXZ`fe\j
[liX[\iXjZfe\ccfj%
?fcZ`d<ZlX[fiJ%8%]`eXc`q\c)'(*Zfe
LJ;(*)d`ccfe\j\elk`c`[X[\j%
MXcfi\Zfed`Zf[`i\Zkf^\e\iX[fp[`jki`Yl`[f
M\ekXje\kXj
)'(*
)'()
)'((
,(.Ë--(#*/0
+.'Ë+(0#-0'
+'.Ë/''#,*0
@dgl\jkfjpGKL
,*Ë-0)#/+,
+0Ë-**#(++
+*Ë('-#)/0
Lk`c`[X[e\kX
(*)Ë,*.#,0'
(()Ë00)#*)(
00Ë'0)#.+0
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
((
MXcfi\Zfed`Zf^\e\iX[fgfi?fcZ`d<ZlX[fiJ%8%
,&&
C_bbed[iKI:
+&&
(&''
*&&
(&'(
)&&
(&')
(&&
'&&
#
L[djWid[jWi
?cfk[ijeioFJK
Kj_b_ZWZd[jW
@em\ij`fe\j
<e?fcZ`dZfe]`Xdfj\e\cgif^i\jf[\el\jkifgXˆj%<j
gfi\jfhl\kfdXdfjcX[\Z`j`e[\`dgc\d\ekXileX
`em\ij`ehl\jlg\iXcfjLJ;+''d`ccfe\j#\eki\cfjXŒfj
)'((Xc)'(,ZfecXdf[\ie`qXZ`e[\el\jkiXGcXekX[\
Z\d\ekf>lXpXhl`c%<cgifp\Zkf[\cXel\mXdfc`\e[X[\
Z\d\ekfZlcd`e\e\c)'()p#[liXek\\c)'(*#_\dfj
XmXeqX[fj`^e`]`ZXk`mXd\ek\\ecXZfejkilZZ`e[\cX
el\mXcˆe\X[\Zc`eb\i#hl\\ekiXi}\efg\iXZ`e[liXek\
\c)'(,%>iXZ`XjX\jkX`em\ij`ej\\jk}e^\e\iXe[fd}j
[\)#,''\dgc\fj[`i\Zkfj\`e[`i\ZkfjXe`m\ceXZ`feXc%
Df[\ie`qXZ`e[\cX
GcXekX>lXpXhl`c
CXj\^le[X]Xj\[\df[\ie`qXZ`e[\el\jkiXGcXekX
[\Z\d\ekf>lXpXhl`cXiiXeZ\e[`Z`\dYi\[\c)'()p
j\gi\m„ZfeZclpX[liXek\\c)'(,%<jkXfYiXg\id`k`i}
YXcXeZ\XicXgif[lZZ`ecfZXc#[\df[fhl\j\i\[lqZX
cX[\g\e[\eZ`X[\dXk\i`Xgi`dX`dgfikX[X#^\e\iXe[f
dXpfimXcfiX^i\^X[f[\ekif[\cgXˆj%CXfYiXZfej`jk\
]le[Xd\ekXcd\ek\\ecXZfejkilZZ`e[\leXel\mX
cˆe\XgXiXcXgif[lZZ`e[\Zc`eb\iZfdgfe\ek\
lk`c`qX[f\ecX\cXYfiXZ`e[\cZ\d\ekf #Zfe\c]`e[\
jljk`kl`icXjXZklXc\j`dgfikXZ`fe\j[\\jk\dXk\i`Xc%
CXdf[\ie`qXZ`e[\cXGcXekX>lXpXhl`ck`\e\cXj
ZXiXZk\iˆjk`ZXj[\leXd\^XZfejkilZZ`e#[\Y`[f
XcXdX^e`kl[pi\c\mXeZ`X[\jlj\[`]`ZXZ`fe\j%
8[\d}j#j\\eZl\ekiX\eZfeZfi[XeZ`XZfecXj
Zfe[`Z`fe\jXZklXc\j[\gif^i\jf\e\c}i\X[\
`e]iX\jkilZkliXpm`m`\e[X\eel\jkifgXˆj%
?XjkX]`e\j[\c)'(*#cfjXmXeZ\j[\cXfYiXj\j`klXYXe
\ele+'p\eZfe]fid`[X[Zfe\cZifef^iXdXgi\m`jkf%
;\j[\\c)'((_XjkX\c)'(,#?fcZ`d<ZlX[fiJ%8%
\jk}`em`ik`\e[fZ\iZX[\LJ;+''d`ccfe\j\e\c
gXˆj#`eZclp\e[f^Xjkfj]`eXeZ`\ifj\`dgi\m`jkfj%
()
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
:XiXZk\iˆjk`ZXj[\cXfYiX
<e]fhl\XdY`\ekXcjfjk\e`Yc\%
JXcX[\XcdXZ\eXd`\ekf[\XiZ`ccXj
;\)+'d\kifj[\cXi^fgfi+/d\kifj
[\XeZ_f#ZfeZXgXZ`[X[gXiXXcdXZ\eXi
-'#'''kfe\cX[Xj[\dXk\i`Xgi`dX%
>\e\iXZ`e[\\dgc\f%
KiXej]\i\eZ`X[\k\Zefcf^ˆX[\
ZfejkilZZ`emXe^lXi[`jkX%
I\jgfejXY`c`[X[jfZ`XcZfe
el\jkifj^ilgfj[\`ek\i„j%
:fdgfe\ek\jgi`eZ`gXc\j[\cXel\mXcˆe\X[\Zc`eb\i
<[`]`Z`f[\kfcmXj
=h|\_Ye[d):Z[bWeXhWj[hc_dWZW$
:fej`jk\\eleel\mfal\^f[\kfcmXji\le`[Xj\ele
\[`]`Z`f[\Zil[f#[`j\ŒX[XjgXiX\cdfc`ef[\Zil[f
\o`jk\ek\pgXiX\cel\mf%;`Z_XjkfcmXjXcdXZ\eXi}e
ZXc`qX#ki\jk`gfj[\XiZ`ccXp]clfi`kX#dXk\i`Xgi`dX
\j\eZ`XcgXiXcX\cXYfiXZ`e[\Z\d\ekf%
7lWdY[Z[bWeXhWWZ_Y_[cXh[Z[b(&')$
=h|\_Ye[d):Z[bWeXhWj[hc_dWZW$
7lWdY[Z[bWeXhWWZ_Y_[cXh[Z[b(&')$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
(*
Kfii\[\gi\$ZXc\ekX[fi
Dfc`efm\ik`ZXc[\Zil[f
;\Xgifo`dX[Xd\ek\(+-d\kifj[\XckliX$_XjkXjl
glekfd}jXckf$#Zfej`jk\ek\[\Z`eZf\kXgXjZfegi\$
ZXcZ`eX[fi%CXXckliXgi\m`jkX[\cXkfii\[\gi\$ZXc\ekX[fi
cXZfem\ik`i}\ecX\jkilZkliXd}jXckX\e\cgXˆj%
:fej\gXiX[fi[\XckX\]`Z`\eZ`Xpj`jk\dX[\
[\j\dgfcmX[f%:fekXi}ZfeleXZXgXZ`[X[[\dfc`\e[X
[\*/-k&g_%pdfkfiZfeleXgfk\eZ`X[\*#-''Bn%
=h|\_Ye[d):Z[bWeXhWj[hc_dWZW$
=h|\_Ye[d):Z[bWeXhWj[hc_dWZW$
7lWdY[Z[bWeXhWWZ_Y_[cXh[Z[b(&')$
7lWdY[Z[bWeXhWWZ_Y_[cXh[Z[b(&')$
(+
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
J`cfgXiXXcdXZ\eXd`\ekf[\Zil[f
@e]fidXZ`epZfe]`[\eZ`Xc`[X[gXiX\cZfejld`[fi
;\Z\iZX[\.'d\kifj[\XckliX#ZfeZXgXZ`[X[
gXiXXcdXZ\eXi/#'''kfe\cX[Xj[\Zil[f%
<eZldgc`d`\ekfZfecXC\p[\;\]\ejX[\c
:fejld`[fihl\i`^\\e\cgXˆj#?fcZ`d<ZlX[fi
gifm\\cXj`^l`\ek\`e]fidXZ`e[\jljgif[lZkfj1
›
›
›
›
›
›
›
›
›
›
=h|\_Ye[d):Z[bWeXhWj[hc_dWZW$
K`gf[\gif[lZkf%
G\jf%
EfidXcfZXcYXafcXhl\\cgif[lZkf\j[\jXiifccX[f%
:\ik`]`ZXZ`fe\j%
I\Zfd\e[XZ`fe\j[\j\^li`[X[%
I\Zfd\e[XZ`fe\j[\ljf[\cgif[lZkf%
@e^i\[`\ek\j%
D\[`fj[\ZfekXZkf%
:XeXc[\[`jki`YlZ`e%
=\Z_Xpcl^Xi[\\emXj\%
El\jkifgfikX]fc`f[\Z\d\ekfj\jk}[\jXiifccX[f
YXafcXefidXEK<@E<E)*/'#Zlpfi\hl`j`kfd}j
`dgfikXek\\j\c[\j\dg\Œfhl\k\e[i}\cZ\d\ekf
_`[i}lc`ZfXcj\iljX[f\e_fid`^e%Jlgif[lZZ`e
^\e\iXd\efiZXek`[X[[\:F)#pjljljfjpXgc`ZXZ`fe\j
\jk}e\eZXd`eX[fjXZldgc`iZfeZfeZ\gkfjXZklXc\j[\
[liXY`c`[X[%CfjjXZfj\ecfjhl\\emXjXdfjel\jkifj
gif[lZkfjjfe[`j\ŒX[fjYXafcXefidXEK<@E<E(0')%
8e`m\ceXZ`feXcZfekXdfjZfele\hl`gfk„Ze`Zf
ZXgXZ`kX[fgXiXYi`e[Xijfgfik\\ecfi\]\i\ek\Xc
Zfii\ZkfljfpXgc`ZXZ`e[\cgif[lZkf%<e?fcZ`d
<ZlX[fi#cXj\^li`[X[pjXcl[fZlgXZ`feXc\jcXgi`fi`[X[%
Gfi\jkXiXqe#Zldgc`dfjZfecfjc`e\Xd`\ekfj
\jkXYc\Z`[fj\ecXC\p[\;\]\ejX[\c:fejld`[fi#
`eZclp\e[f`e]fidXZ`e[\el\jkifjdXk\i`Xc\j
kXekf\ecfj\dgXhl\jZfdf\eel\jkifj`k`fn\Y#
ZfecX]`eXc`[X[[\gi\ZXlk\cXicXj\^li`[X[[\cfj
ljlXi`fjp\cXdY`\ek\%;`Z_X`e]fidXZ`e`eZclp\1
Zfdgfj`Z`e[\cgif[lZkf#i\Zfd\e[XZ`fe\j[\
ljfj\^lifpgi}Zk`ZXj[\[`jgfj`Z`eX[\ZlX[X%
7lWdY[Z[bWeXhWWZ_Y_[cXh[Z[b(&')$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
(,
CXZfdle`ZXZ`e[\d\iZX[\f\j[\jXiifccX[X\eYXj\
XcZldgc`d\ekf[\cXjc\p\jpi\^lcXZ`fe\jcfZXc\j#Xjˆ
Zfdf[\cXjgfcˆk`ZXj[\„k`ZXpfYa\k`mfjZfigfiXk`mfj[\
?fcZ`d%Kf[fdXk\i`Xc\jgi\m`Xd\ek\i\m`jX[fgficXj
}i\Xj[\8dY`\ek\pJ\^li`[X[<J pC\^Xc#Xj\^liXe[f
\cZldgc`d`\ekf[\cfjc`e\Xd`\ekfjpc\^`jcXZ`e#kXekf
`ek\ieX[\cXZfdgXŒˆX Zfdf\ok\ieX[\cgXˆj %
[\Z`eZfXŒfj%D\[`[Xj[\d`k`^XZ`e[\i`\j^fjj\
`[\ek`]`ZXe\`dgc\d\ekXe#Zfdfi\jlckX[f[`i\Zkf
[\cgifZ\jf[\c8ki_d[iiH_iaH[l_[m%MXi`fj\j]l\iqfj#
ZfdfcXZXc`]`ZXZ`e[\gifm\\[fi\jp[`jki`Yl`[fi\j#
jfe\a\dgcfj[\`emfclZiXd`\ekf\ecX[`jd`elZ`e
[\i`\j^fj\e\cZ`Zcf[\m`[X[\cgif[lZkf%
M\cXdfjgficXjXcl[pj\^li`[X[[\el\jkifjZc`\ek\j
Gif[lZkfjpj\im`Z`fj[\ZXc`[X[gXiXel\jkifjZc`\ek\j
El\jkifjgif[lZkfjjfejla\kfjX\mXclXZ`e
[\fgfikle`[X[\j[\d\afiX#k\e`\e[f
\eZl\ekXcfjj`^l`\ek\jXjg\Zkfj1
:fej`\ek\j[\cfjgi`eZ`g`fj[\i\jgfejXY`c`[X[p
kiXejgXi\eZ`X#?fcZ`d<ZlX[fiJ%8%gifdl\m\\c
Zldgc`d`\ekf[\c\p\j#i\^lcXZ`fe\j#\jk}e[Xi\j#
gi}Zk`ZXjpgifZ\jfjhl\gifk\^\eXcXZfdle`[X[#
XcfjkiXYXaX[fi\jpXcXdY`\ek\%El\jkiX\dgi\jX
\jk}XY`\ikXXi\m`j`fe\j^lY\ieXd\ekXc\jgXiX
dXek\e\ipd\afiXicXXZ\gkXZ`eg’Yc`ZX[\
el\jkiXjfg\iXZ`fe\j#gif[lZkfjpj\im`Z`fj%
Ýi\X
8cdXZ\eXd`\ekfp[\jgXZ_f
:fd\iZ`Xc`qXZ`e
LjfjpXgc`ZXZ`fe\j
;`jgfj`Z`e#i\$ljffi\Z`ZcXa\
Lk`c`qXdfj\cgifZ\jf[\i\m`j`e[\i`\j^fj[\c
e\^fZ`f8ki_d[iiH_iaH[l_[mÅ8HHgXiXd`e`d`qXi
gfj`Yc\jXjg\ZkfjX[m\ijfj[\el\jkiXXZk`m`[X[\e
kiXYXaX[fi\j#gifg`\[X[\jpXdY`\ek\#`eZclp\e[f
`dgXZkfjXjfZ`X[fjZfefg\iXZ`fe\j\o`jk\ek\jp
el\mXj#pgif[lZkfjpj\im`Z`fj\ejlZ`Zcf[\m`[X%
?fcZ`d<ZlX[fiJ%8%_XZ\i\m`j`fe\j[\i`\j^fZlXe[f
i\Z`Y\`e]fidXZ`eel\mX#`eZclp\e[fZXdY`fj\eljf
[\gif[lZkfj#i\^lcXZ`fe\jfc\p\j[\]fidXXelXc#
gXiXXZklXc`qXi\cDXgXFg\iXZ`feXcHeWZCWfÅHC
[\cX\dgi\jX#hl\k`\e\leZ`Zcf[\gcXe`]`ZXZ`e
(-
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
<ci\jgfejXYc\[\kf[fjcfjXjg\Zkfj[\cX
Zfd\iZ`Xc`qXZ`e[\cgif[lZkf\j\c;`i\Zkfi:fd\iZ`Xc#
d`\ekiXjhl\\ci\jgfejXYc\[\cXgif[lZZ`e
\j\c;`i\Zkfi[\GcXekX#XdYfj`ek\^iXek\j[\c
:fd`k„<a\Zlk`mf:fd<o [\cXZfdgXŒˆX%
:fdf\jkiXk\^`XgXiXXcZXeqXicXjd\kXjgifgl\jkXj
gfi?fcZ`d<ZlX[fi#[\j[\hl\j\`dgc\d\ek\e\c
)'()cX`e`Z`Xk`mX>ebY_cB[WZ[hi^_f@ekhd[op[liXek\
\c)'(*#j\_Xei\Xc`qX[fleXj\i`\[\\j]l\iqfjgXiX
Zfej\^l`icfjfYa\k`mfjgcXek\X[fjp[Xic\Zfek`el`[X[
XcXi[lfp^iXk`]`ZXek\ZXd`efhl\efj_\dfjkiXqX[f%
<jkf#Zfe\c]`e[\Zfeki`Yl`iXcXd\kX[\Zfem\ik`i
X?fcZ`d\eleX\dgi\jXcˆ[\i\ecX`e[ljki`X[\cX
ZfejkilZZ`e#YXjX[X\eki\j\a\j]le[Xd\ekXc\j1
› DXek\e\iZfdfgi`fi`[X[cXj\^li`[X[
pjXcl[fZlgXZ`feXc%
› ;\jXiifccXip^\e\iXi[\cˆ[\i\jpkXc\ekfj#p]fikXc\Z\i
\c[`}cf^fjfZ`XcZfeel\jkifj^ilgfj[\`ek\i„j%
› D\afiXi[\dXe\iXjfjk\e`Yc\\ci\kfiefjfYi\
\cZXg`kXc`em\ik`[f#ZfecX`dgc\d\ekXZ`e
[\d\[`[Xj\jg\Zˆ]`ZXj#ZlpXjZ`eZf}i\Xj[\
lk`c`[X[fg\iXZ`feXcgXiX\c)'(+jfe1
<oZ\c\eZ`X\ej\im`Z`fXcZc`\ek\
I\jlckX[f
fg\iXZ`feXc
<e\c)'(*j\cc\mXZXYfleX\mXclXZ`e[\jXk`j]XZZ`e
[\el\jkifjZc`\ek\j#Zfej`[\iXe[fXjg\Zkfjk„Ze`Zfj[\c
gif[lZkf#jfgfik\k„Ze`Zf#gifZ\jfj[\ZfdgiXpcf^ˆjk`ZX%
Cfji\jlckX[fjdfjkiXifehl\el\jkiX[\[`ZXZ`e
gXiXjXk`j]XZ\iXel\jkifjZc`\ek\j\ji\ZfefZ`[XZfe
\oZ\c\ek\jZXc`]`ZXZ`fe\j\ecfjXjg\Zkfj\mXclX[fj%
<e\c)'(*#?fcZ`d<ZlX[fiJ%8%effYklmfdlckXjgfi
`eZldgc`d`\ekf[\cXefidXk`mX[\cjld`e`jkifpljf[\
cfjgif[lZkfjpj\im`Z`fjhl\f]i\Z\XjljZc`\ek\j%;\
`^lXcdXe\iX#efj\i\^`jkiXifei\ZcXdfj\ee`e^lef[\
cfjj\^d\ekfj[\ce\^fZ`f[liXek\\cXŒfi\gfikX[f%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
(.
:lckliX?fcZ`d
(/
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
<jkiXk\^`XpM`j`e
M`j`e#D`j`e#MXcfi\jFi^Xe`qXZ`feXc\j#:[`^f[\:fe[lZkXpGi`eZ`g`fj
L_i_Œd
:i\XicfjZ`d`\ekfjgXiX\c]lklif[\cXjfZ`\[X[%
C_i_Œd
J\icXZfdgXŒˆXd}ji\jg\kX[Xp\o`kfjXd\ek\fg\iX[X
\eel\jkiX`e[ljki`X#Zi\Xe[fmXcfigXiXel\jkifj
Zc`\ek\j#kiXYXaX[fi\j#XZZ`fe`jkXjpZfdle`[X[`dgc`ZX[X%
LWbeh[iEh]Wd_pWY_edWb[i
=fikXc\qX%;\j\dg\Œf%GXj`e%
EX`[j_leiEh]Wd_pWY_edWb[i
› 8cZXeqXipdXek\e\icfjd}jXckfj\jk}e[Xi\j
[\jXk`j]XZZ`eXcZc`\ek\\eel\jkiX`e[ljki`X#X
kiXm„j[\gif[lZkfjpj\im`Z`fj`eefmX[fi\j%
› >\e\iXiXc`XeqXjZfecfjd\afi\jgifm\\[fi\j
[\cdle[f#\eki\^Xe[fmXcfiX^i\^X[fkXekf
gXiX\c>ilgfZfdfgXiXel\jkifjZc`\ek\j%
› J\ii\ZfefZ`[fjZfdf\dgc\X[fi\j[\gi`d\ie`m\c%
› J\ileXfi^Xe`qXZ`edlck`ZlckliXc%
› <dgf[\iXiXel\jkifjkiXYXaX[fi\j[\kf[fjcfje`m\c\j
\`ek\^iXicfjZfdgc\kXd\ek\Xel\jkiXi\[^cfYXc%
› 8dgc`Xij\c\Zk`mXd\ek\el\jkif
gfikX]fc`f^cfYXc[\\dgi\jXj%
› DXek\e\ile[`}cf^fXZk`mfZfecfj^fY`\iefj#
fi^Xe`qXZ`fe\j`ek\ieXZ`feXc\jpef
^lY\ieXd\ekXc\jFE>j gXiXj\ii\ZfefZ`[fj
ZfdflejfZ`fmXc`fjfpZfe]`XYc\%
› ;\dfjkiXiZfek`elXd\ek\el\jkifZfdgifd`jf
Zfe\c[\jXiifccfjfjk\e`Yc\pal^Xileifc
gi\gfe[\iXek\\ecXi\jgfejXY`c`[X[jfZ`Xc
[\ekif[\el\jkifZˆiZlcf[\`e]cl\eZ`X%
› K\e\ile[\j\dg\Œf]`eXeZ`\ifXcXi^fgcXqfpj\icX
fi^Xe`qXZ`ed}ji\Zfd\e[X[X\eel\jkiX`e[ljki`X%
8c`XeqXjpXjfZ`XZ`fe\j
› 8c`XeqXJl`qXgficX\[lZXZ`e\e<ZlX[fi
› I\[<8d„i`ZX%
› :fej\af<dgi\jXi`XcgXiX\c;\jXiifccf
Jljk\ekXYc\[\c<ZlX[fi%
› :}dXiX[\cX:fejkilZZ`e[\Hl`kf%
› :}dXiX[\cX:fejkilZZ`e[\>lXpXhl`c%
› :}dXiX[\@e[ljki`Xj[\Hl`kf%
› :}dXiX[\@e[ljki`Xj[\>lXpXhl`c%
› :}dXiX[\:fd\iZ`f[\Hl`kf%
› :}dXiX[\:fd\iZ`f[\>lXpXhl`c%
› @ejk`klkf<ZlXkfi`Xef[\c:\d\ekf
p:feZi\kfÆ@E<:P:%
@ek\^i`[X[pkiXejgXi\eZ`X
El\jkiXZfdgXŒˆXZl\ekXZfele9ŒZ_]eZ[9edZkYjW
[dbeiD[]eY_eipleX:_h[Yj_lWWdj_#ieXehdeoYehhkfY_Œd
hl\`eZclp\leX:[YbWhWY_ŒdZ[Yed\b_YjeZ[_dj[h[i[i#Zfe
c`e\Xd`\ekfjZcXifj\`dg\iXk`mfjhl\Xgc`ZXeXkf[f\c
g\ijfeXc[\cXfi^Xe`qXZ`e#[`jgfe`„e[fj\cXfYc`^XZ`e
[\i\m\cXi`ed\[`XkXd\ek\ZlXchl`\igfj`Yc\j`klXZ`e
[\Zfe]c`Zkf[\`ek\i„j2\jkf\j#Xhl\ccXZ`iZlejkXeZ`X\e
cXhl\cfj`ek\i\j\jg\ijfeXc\j[\cfjkiXYXaX[fi\j[\
cXfi^Xe`qXZ`ef[\k\iZ\ifj#Zfecc\m\cXgfj`Y`c`[X[[\
ZfekiXgfe\i#`ek\i]\i`ifX]\ZkXijlj[\Z`j`fe\jpXZZ`fe\j
[\ekif[\c[\jXiifccf[\jljXZk`m`[X[\j\ecXZfdgXŒˆX%
8[`Z`feXcd\ek\#[\]fidXXelXckf[fjcfjkiXYXaX[fi\j
pgifm\\[fi\j[\j\im`Z`fj[\cXfi^Xe`qXZ`e[\Y\e
jljZi`Y`ileX[\ZcXiXZ`e\ecXhl\i\gfikXeZlXchl`\i
j`klXZ`e[\Zfe]c`Zkf[\`ek\i„jZfecX\dgi\jX%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
(0
@ejkild\ekfj[\`e]fidXZ`epZfekifc
<c;`i\Zkfi`f[\?fcZ`d<ZlX[fiJ%8%k`\e\\eki\jlj
]XZlckX[\jcXjlg\im`j`e[\cXjXZk`m`[X[\j[\cX
ZfdgXŒˆX#\jkXYc\Z\icfjZfekifc\jhl\Zfej`[\i\
Zfem\e`\ek\jpX[fgkXicXjd\[`[Xjpi\jfclZ`fe\j
g\ik`e\ek\j%;\`^lXcdXe\iX#\cGi\j`[\ek\[\c;`i\Zkfi`f
gl\[\[`jgfe\icX]`jZXc`qXZ`e[\kf[XjcXjXZk`m`[X[\j
pe\^fZ`fj[\cX\dgi\jX%<eZfeZfi[XeZ`XZfekXc\j
[`jgfj`Z`fe\j#\c;`i\Zkfi`f[\k\id`eX[\hl„]fidX\jk\
[\Y\i}j\i`e]fidX[fi\jg\ZkfXcZlijf[\cfje\^fZ`fj
[\cXfi^Xe`qXZ`e%:lXchl`\id`\dYif[\c;`i\Zkfi`f
gl\[\i\hl\i`i`e]fidXZ`ejfYi\Xjlekfji\cXk`mfj
XcXjfg\iXZ`fe\j[\cXZfdgXŒˆX%<ecXjj\j`fe\j
[\c;`i\Zkfi`f#ZlXchl`\i]leZ`feXi`ffd`\dYif[\c
:fd`k„<a\Zlk`mf:fd<o [\?fcZ`d<ZlX[fiJ%8%hl\
Xj`jkX#k`\e\\c[\Y\i[\gifgfiZ`feXicX`e]fidXZ`e
hl\\c;`i\Zkfi`fjfc`Z`k\2]l\iX[\cXjj\j`fe\j#
ZlXchl`\id`\dYif[\c;`i\Zkfi`fgl\[\i\hl\i`i
`e]fidXZ`eXcGi\j`[\ek\<a\Zlk`mf[`i\ZkXd\ek\#fX
kiXm„j[\cGi\j`[\ek\[\c;`i\Zkfi`f%8[`Z`feXcd\ek\#
ZlXchl`\id`\dYif[\c;`i\Zkfi`fk`\e\\c[\i\Z_f
[\jfc`Z`kXi`e]fidXZ`epi\m`jXicX[fZld\ekXZ`e
e\Z\jXi`XgXiX\cZldgc`d`\ekf[\jlj[\Y\i\j%
)'
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
<ecXjj\j`fe\jZfemfZX[Xj#\c;`i\Zkfi`fi\Z`Y\
i\gfik\jd\ejlXc\j[\cXX[d`e`jkiXZ`ejfYi\\cZlijf
XZklXc[\cfje\^fZ`fjpfg\iXZ`fe\j[\cXZfdgXŒˆX#
pgi\j\ekXXelXcd\ek\le`e]fid\jfYi\\c\a\iZ`Z`f
\Zfed`Zf[\cXfi^Xe`qXZ`eXcX@kdjW=[d[hWbZ[
7YY_ed_ijWi#hl\`eZclp\cXji\Zfd\e[XZ`fe\jjfYi\\c
[\jk`eff[`jki`YlZ`e[\cXjlk`c`[X[\j^\e\iX[Xj%
J`jk\dX[\^\jk`e[\i`\j^fj[\ce\^fZ`f
CXfi^Xe`qXZ`eXeXc`qXcX\ogfj`Z`e^\e\iXcXi`\j^fj
\ecXfg\iXZ`ef\ce\^fZ`f#Xgfp}e[fj\\elegifZ\jf
\jkiXk„^`Zf[\kfdX[\[\Z`j`fe\jplk`c`qXe[fle
j`jk\dX[\^\jk`e[\i`\j^fj[\ce\^fZ`f8ki_d[ii
H_iaCWdW][c[dj#8HC$<eZfej\Zl\eZ`X#\cgifZ\jf
[\c9IDk`\e\leXˆek`dXm`eZlcXZ`eZfe\cgifZ\jf
\jkiXk„^`Zf[\X[d`e`jkiXZ`e[\cXfi^Xe`qXZ`e%Kf[fj
cfjk`gfj[\i`\j^fjjfekfdX[fj\eZfej`[\iXZ`e#
[\j[\Xhl\ccfj`e_\i\ek\jXce\^fZ`f#kXc\jZfdf
fg\iXZ`fe\j#c\^Xc\jp]`eXeZ`\ifj#_XjkX\cXe}c`j`j[\c
Zldgc`d`\ekf[\cdXiZfi\^lcXkfi`fp[\cfjXjg\Zkfj
i\cXZ`feX[fjZfecXi\glkXZ`e[\cXZfdgXŒˆX%CX
i\m`j`e[\cX\ogfj`Z`eXcfji`\j^fjefj\i\jki`e^\X
led\ifXe}c`j`j[\cXjXd\eXqXj#j`efhl\`[\ek`]`ZX
kXdY`„egfj`Yc\jfgfikle`[X[\j[\d\afiX%
IeXehdeoYehhkfY_Œd
Dekj_b_pWh[cei[bieXehded_bWYehhkfY_ŒdfWhW
bb[lWhWYWXedk[ijheid[]eY_ei$Dee\h[Y[h[ceid_
fhel[[h[cei"Z_h[YjWd__dZ_h[YjWc[dj["d_d]‘dX[d[\_Y_e
_dZ[X_ZeoWi[Wced[jWh_eeZ[YkWbgk_[hejhWYbWi["
Yed[bfhefŒi_jeZ[_cfhef_Wc[dj[eXj[d[h"h[j[d[h"
Z_h_]_heYedi[]k_hWb]kdWl[djW`WZ[d[]eY_ei$
?fcZ`d<ZlX[fiJ%8%\mXc’Xg\i`[`ZXd\ek\
jl[\j\dg\Œf\egfcˆk`ZXjXek`$ZfiilgZ`e
\ekf[Xjjljfg\iXZ`fe\j%
>ebY_cYk[djWYedkd9ŒZ_]eZ[9edZkYjWZ[D[]eY_eigk[h_][[d
jeZe[bckdZe$
8l[`kfiˆX`ek\ieX
CXXl[`kfiˆX`ek\ieX\eel\jkiX\dgi\jXXj\^liX
hl\\o`jkXeZfekifc\j\]\Zk`mfjgXiXdXek\e\icX
`ek\^i`[X[[\cfjgifZ\jfjpcX`e]fidXZ`e%
Gi\m\eZ`e[\`eZ`[\ek\j[\ZfiilgZ`e
<eel\jkif9ŒZ_]eZ[9edZkYjW[dbeiD[]eY_ei
[\aXdfjZcXifhl\\cgX^ffi\Z`Yf[\jfYfiefj
ef\jcX]fidX\ecXhl\_XZ\dfje\^fZ`fj\e
?fcZ`d#Xcefj\iZfdgXk`Yc\ZfecXZlckliX[\
`ek\^i`[X[pkiXejgXi\eZ`X[\cXZfdgXŒˆX%
;liXek\\c)'(*#\c(''[\c;`i\Zkfi`fp\c
)'[\cfjkiXYXaX[fi\j[\c>ilgf?fcZ`d
Zfej`[\iX[fjZfdfg\ijfeXci\c\mXek\[\
XZl\i[fXcX:_h[Yj_lWWdj_ÅieXehdeoYehhkfY_Œd"
i\Z`Y`\ifeZXgXZ`kXZ`e\e\jk\k\dX%
<e\cXŒfi\gfikX[f)'(* ef_Xe\o`jk`[f
`eZ`[\ek\j[\ZfiilgZ`e\ecXZfdgXŒˆX%
<jkXdY`„e`dgfikXek\d\eZ`feXihl\?fcZ`d
<ZlX[fiJ%8%efgXik`Z`gX\e\c[\jXiifccf[\gfcˆk`ZXj
g’Yc`ZXjf\eXZk`m`[X[\j[\ZXY`c[\fbeXXo_d]%
CXj[feXZ`fe\jgXiXgifgj`kfjgfcˆk`Zfj\jk}e
\jki`ZkXd\ek\gif_`Y`[Xj\e?fcZ`d<ZlX[fi
J%8%<eZfej\Zl\eZ`X#\e\c)'(*ef\o`jk`\ife
Xgfik\j]`eXeZ`\ifjf\e\jg\Z`\jXgXik`[fj
gfcˆk`Zfjf`ejk`klZ`fe\ji\cXZ`feX[XjZfe\jkfj%
CXjc\p\jXek`$ZfiilgZ`e`ek\ieXZ`feXc\jXgc`ZXe
Xel\jkiXjfg\iXZ`fe\j\ekf[f\cdle[f%
GXiXel\jkiX\dgi\jX#eleZX\jXZ\gkXYc\f]i\Z\i#
[Xi#Xlkfi`qXifi\Z`Y`iZlXchl`\i]fidX[\jfYfief
fZfd`j`e#[`i`^`[XXfgifm\e`\ek\[\ZlXchl`\i
]leZ`feXi`fg’Yc`Zffg\ijfeXgi`mX[X%
KXdgfZflk`c`qXdfjXk\iZ\ifjgXiX_XZ\iZfjXj
hl\efjfkifjefk\e\dfjg\id`k`[f_XZ\i2\jkf
`eZclp\gX^XijfYfiefj%GficfkXekf#k\iZ\ifj
hl\XZk’\e\eefdYi\[\?fcZ`dk`\e\e
\jki`ZkXd\ek\gif_`Y`[f[Xifi\Z`Y`ijfYfiefj%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
)(
I\jg\kfXcXc`Yi\pc\XcZfdg\k\eZ`X
?fcZ`d<ZlX[fiJ%8%Zi\\]`id\d\ek\\e\cc`Yi\
d\iZX[fp\ecXZfdg\k\eZ`Xc\Xc#pXhl\[\
\jkX]fidXj\^XiXek`qXhl\el\jkifjZc`\ek\j
fYk\e^Xecfjd\afi\jgif[lZkfjpj\im`Z`fj#
Zfe]fid\cfZfej`[\i\eZfem\e`\ek\%
Cfj^ilgfj[\`ek\i„j`eZclp\eg\ifefj\c`d`kXe#X1
KiXYXaX[fi\j
:fdle`[X[\j
9ecf[j[dY_Wb[Wb
9edjWceiYedkdW:_h[Yj_lWZ[b_Xh[ob[Wb
Yecf[j[dY_Wgk["ikcWZWWdk[ijheh[if[jeo
[ijh_YjWWZ^[h[dY_WWbWB[]_ibWY_Œd;YkWjeh_WdW
obeifh_dY_f_eioh[]bWiZ[bWYecf[j[dY_Wb[Wb"
fhe^‡X[YecfehjWc_[djeiWdj_Yecf[j_j_leio[b
WXkieZ[kdWfei_Y_ŒdZec_dWdj[[d[bc[hYWZe$
<e\cg\i`f[fi\gfikX[f[\c)'(*#ef\o`jk`\ife
XZZ`fe\jc\^Xc\ji\cXZ`feX[XjZfegi}Zk`ZXj
dfefgfcˆjk`ZXjp[\c`Yi\Zfdg\k\eZ`X%
:c`\ek\j
Gifm\\[fi\j
>fY`\iefj
Fi^Xe`qXZ`fe\jef
^lY\ieXd\ekXc\jFE>j
GXik`Z`gXZ`e[\cfj^ilgfj[\`ek\i„j
<e?fcZ`d<ZlX[fiJ%8%efji\]\i`dfjX^ilgfj[\
`ek\i„jZlXe[f_XYcXdfj[\Xhl\ccfj`e[`m`[lfjf
Zfc\Zk`mfjhl\gl\[\ek\e\i`dgXZkf\ecXZXgXZ`[X[
[\]leZ`feXd`\ekf[\cXZfdgXŒˆX2kXdY`„egl\[\e
j\i`e[`m`[lfjf^ilgfj`dgXZkX[fjgfiel\jkiXj
XZk`m`[X[\j#ZfdfcfjZfejld`[fi\j%<ecXj\c\ZZ`e
[\cfji\gi\j\ekXek\j[\cXjgXik\j`ek\i\jX[Xj#jlj
Xek\Z\[\ek\jpZfem`ZZ`fe\jjfe`dgfikXek\jgXiX\c
cf^if[\cfji\jlckX[fj\jg\iX[fj\ecXjXZk`m`[X[\j
[\dlklf`ek\i„jp\e\ccf^if[\fYa\k`mfjZfdle\j%
))
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
8gc`ZXdfjcfjj`^l`\ek\jZi`k\i`fjgXiX[\]`e`icXj
qfeXj[\`e]cl\eZ`X[\el\jkiXjfg\iXZ`fe\j1
› ;`jkXeZ`X1,Bd%XcXi\[fe[Xj`\cj\Zkfi\j
iliXcp*Bd%XcXi\[fe[Xj`\jliYXef%
› E`m\c[\`dgXZkf1\d`j`fe\j[\gfcmf#
il`[fpki}]`Zfg\jX[f#\eki\fkifj%
› E\Z\j`[X[\jjfZ`f$\Zfed`ZXj1YXjX[Xj\e
[`X^ejk`Zfj\`e]fidXZ`e[`jgfe`Yc\[\
^fY`\iefjcfZXc\jp^fY`\iefZ\ekiXc%
?fcZ`d<ZlX[fidXek`\e\mXi`fjd\[`fj[\Zfdle`ZXZ`eZfeel\jkifj^ilgfj[\`ek\i„j#
\eki\cfjhl\gf[\dfjd\eZ`feXi1
<c9l\eM\Z`ef
G\i`[`ZfZlXki`d\jkiXc
Z[ofWhWcXj
Zfdle`[X[\jm\Z`eXjX
el\jkiXjfg\iXZ`fe\j
pkiXYXaX[fi\j[\
cXZfdgXŒˆX%
I\gfik\=`eXeZ`\if
GlYc`ZXZ`eXelXcgXiX
cfjXZZ`fe`jkXj[\cX
ZfdgXŒˆXpXlkfi`[X[\j
]`eXeZ`\iXjp[\Zfekifc%
9fc\kˆeEfk`Z`Xj
<jleXglYc`ZXZ`e
d\ejlXchl\[`]le[\cXj
efk`Z`Xjd}ji\c\mXek\j
[\cXj[`jk`ekXj}i\Xj[\
cX\dgi\jX#ZfeXikˆZlcfj
^\e\iX[fjpi\[XZkX[fj
gficfjkiXYXaX[fi\j%
<c^ilgffYa\k`mfjfe
cfjZfcXYfiX[fi\j[\
?fcZ`d<ZlX[fi%
<c9fc\kˆe
GlYc`ZXZ`egXiX
cXj\dgi\jXj
`ek\^iXek\j[\
cX7b_WdpWIk_pW
fehbW[ZkYWY_Œd
[d;YkWZeh$
I\gfik\[\
;\jXiifccfJfjk\e`Yc\
GlYc`ZXZ`eXelXcgXiX
cfj[`jk`ekfj^ilgfj[\
`ek\i„j[\cX\dgi\jX%
GlYc`ZXZ`fe\jmXi`Xj
GXiXel\jkifj
^ilgfj[\`ek\i„j%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
)*
:XgXZ`[X[\jp
c`[\iXq^f\e?fcZ`d
)+
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
<jkilZkliXfg\iXZ`feXc[\?fcZ`d<ZlX[fiJ%8%
CXd}o`dXXlkfi`[X[X[d`e`jkiXk`mX\j\c;`i\Zkfi`f#hl\
k`\e\Zfdf]leZ`e^\jk`feXicfjXjlekfj[\cXZfdgXŒˆX
\eY\e\]`Z`f[\jlj^ilgfj[\`ek\i„j#`eZclp\e[f
cfjkiXYXaX[fi\j#XZZ`fe`jkXj#Zc`\ek\j#gifm\\[fi\j
pZfdle`[X[\jZfecXjhl\dXek\e\dfje\^fZ`fjf
i\cXZ`fe\j%<c;`i\Zkfi`f[\j`^eXXcGi\j`[\ek\<a\Zlk`mfp
Xj`^eXjlji\jgfejXY`c`[X[\jgXiXcX\]\Zk`mXfg\iXZ`e
[\cXZfdgXŒˆX#i\m`jXe[fjl[\j\dg\Œfg\i`[`ZXd\ek\%
:fdle`ZXZ`e
CXji\jgfejXY`c`[X[\j[\c;`i\Zkfi`f\jk}e
\jkXYc\Z`[Xjgfic\p\ecfji\jg\Zk`mfj\jkXklkfj%
9eckd_ZWZ
?fcZ`d<ZlX[fiJ%8%dXek`\e\i\le`fe\jg\i`[`ZXj
ZfecXjgXik\j`ek\i\jX[XjXkiXm„j[\cfj:8GR:fd`k„j
[\8ZZ`eGXik`Z`gXk`mXT`dgc\d\ekX[fj\eHl`kfJli#
>lXpXhl`cpCXkXZle^X#phl\k`\e\ele\e]fhl\\e1
ZXgXZ`kXZ`epfi^Xe`qXZ`ejfZ`Xc2`e`Z`Xk`mXjgif[lZk`mXj
p[\\dgc\f2X^lXp^\jk`eXdY`\ekXc2jXcl[p\[lZXZ`e%
Le`[X[\j[\e\^fZ`fj
J\^d\ekfj
Le`[X[\j
:\d\ekf
GcXekX>lXpXhl`c
GcXekXCXkXZle^X
?fid`^e
GcXekXJXe<[lXi[f
GcXekXHl`kfEfik\
GcXekXHl`kfJli
GcXekX:l\eZX
GcXekX8dYXkf
GcXekXDXZ_XcX
GcXekXDXekX
8^i\^X[fj
GcXekXG`]f
› E’d\if[\\dgc\X[fj1
;`}cf^f\eki\\c;`i\Zkfi`f#kiXYXaX[fi\jpZfdle`[X[
CXZfdle`ZXZ`ep\c[`}cf^f\eki\cfjkiXYXaX[fi\j#cX
Zfdle`[X[p\c;`i\Zkfi`fj\[XXkiXm„j[\cGi\j`[\ek\
<a\Zlk`mf#hl`\eXjlm\qi\Z`Y\cX`e]fidXZ`e[\1
8kiXm„j[\cX=le[XZ`e?fcZ`d<ZlX[fi$YiXqf
\a\Zlkfi[\cXjXZZ`fe\j[\I\jgfejXY`c`[X[JfZ`Xc[\
cX\dgi\jX$j\\jkXYc\Z\e\jkXjd\jXj[\[`}cf^f
hl\#fi`\ekX[XjYXafcfjfYa\k`mfj\jkiXk„^`Zfj[\cX
ZfdgXŒˆX#^lˆXecX`em\ij`e[\]fidXjfjk\e`Yc\%Cfj
:8Gjfele\jgXZ`f[\[`}cf^fpj\^l`d`\ekf[\cXj
`e`Z`Xk`mXj^l`X[Xj\`dglcjX[Xjgfi?fcZ`d<ZlX[fiJ%
8%\ecXjZfdle`[X[\j\ecfjhl\\jk}e`dgc\d\ekX[fj%
<c:8GZfemfZXXcfjXZkfi\jcfZXc\jgXiX[\]`e`i
gi`fi`[X[\j[\`em\ij`e\ecXZfdle`[X[%<jkXd\jX
[\[`}cf^fj\ŒXcXcXj}i\Xj\jkiXk„^`ZXj\ecXjhl\j\
`em`\ik\XŒfXXŒf#pi\Xc`qXlej\^l`d`\ekfg\i`[`Zf%
(#).-
CXZfdgXŒˆXk`\e\()fg\iXZ`fe\j[\gif[lZZ`e
pjld`e`jkiXd}j[\)'gif[lZkfj%
LeXm\q[\]`e`[XjcXjgi`fi`[X[\jZfdle`kXi`Xj#
cX=le[XZ`e?fcZ`d<ZlX[fi\jkXYc\Z\
Xc`XeqXjZfefi^Xe`qXZ`fe\j#`ejk`klZ`fe\jf
Zfejlckfi\j\og\ikfj\e[\jXiifccf#j\^’ecXj
k\d}k`ZXj[\cfjgifp\ZkfjX\a\ZlkXij\%
CX=le[XZ`e?fcZ`d<ZlX[fij\c\ZZ`feXX[`Z_Xj
fi^Xe`qXZ`fe\jjfYi\cXYXj\[\jlZXgXZ`[X[
k„Ze`ZX#kiXejgXi\eZ`X#\og\i`\eZ`XpkiXp\Zkfi`X#
\eki\fkiXj%CXj`ek\im\eZ`fe\j[\ZXi}Zk\ik„Ze`Zf
[\Y\ej\i\a\ZlkX[Xjgfifi^Xe`qXZ`fe\j\og\ikXj
\ecXdXk\i`X#cfhl\_XZ\e\Z\jXi`XcXZfejkilZZ`e
[\Xc`XeqXjZfefi^Xe`qXZ`fe\j\a\ZlkfiXjpcX
]fidXZ`e[\i\[\j%<ecfjgifp\Zkfj`ek\im`\e\e
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
),
[fj`ejkXeZ`Xj1leX[\[\Z`j`e\jkiXk„^`ZXpk„Ze`ZX
:8Gp=le[XZ`e?fcZ`d<ZlX[fi pfkiX[\\a\ZlZ`e
fi^Xe`qXZ`e\a\ZlkfiX #XdYXj`e[\g\e[`\ek\j%
Kf[fgifp\ZkfXgfpX[fj\Z`Œ\Xcj`jk\dX
[\gcXe`]`ZXZ`e#dfe`kfi\f#\mXclXZ`ep
Zfdle`ZXZ`e[\cX=le[XZ`e?fcZ`d<ZlX[fipX
cXjd\kf[fcf^ˆXjhl\j\[\jXiifcc\egXiX\c\]\Zkf%
DXe\af\]\Zk`mf[\cXZfdle`ZXZ`e
?fcZ`d<ZlX[fi[`jgfe\[\le9ec_jƒ9[djhWbZ[
9eckd_YWY_ŒdZfe\cfYa\k`mf[\Xj\^liXicfjd\[`fj
hl\gifdl\mXeleXZfdle`ZXZ`efgfikleX#[`i\ZkXp
ZcXiX\eki\cXZfdgXŒˆXpcfjkiXYXaX[fi\j%GXiXXj\^liXi
leXZfdle`ZXZ`em\ik`ZXc[\[fYc\mˆXXc`ek\i`fi[\
cX\dgi\jX#\o`jk\eIkXYec_jƒiZ[9eckd_YWY_Œd\e
ZX[XGcXekX#hl\j\\eZXi^Xe[\[`]le[`iXcg\ijfeXccX
`e]fidXZ`ehl\\emˆX\c9ec_jƒ9[djhWbZ[9eckd_YWY_Œd#
p[\i\Z`Y`ii\kifXc`d\ekXZ`e[\gXik\[\\jk\%
:fekiXkXZ`e[\gifm\\[fi\jcfZXc\j
?fcZ`d<ZlX[fiJ%8%kiXYXaX[\cXdXefZfe
gifm\\[fi\jcfZXc\jgXiX[\jXiifccXijljgif[lZkfj
pj\im`Z`fj#\o`^`\e[fhl\kf[fj\ccfjj`e\oZ\gZ`e
ZldgcXeZfei\hl\i`d`\ekfj[\ZXc`[X[#Zl`[X[f
XdY`\ekXc#[\i\Z_fj_ldXefjpj\^li`[X[pjXcl[
fZlgXZ`feXc#gXiXhl\Xjˆd\afi\ejlZfdg\k`k`m`[X[%
CXZfekiXkXZ`e[\gifm\\[fi\jcfZXc\j\jZfej`[\iX[X
\ekf[XjcXjX[hl`j`Z`fe\j[\cXZfdgXŒˆX%<e\c)'(*\c
gfiZ\ekXa\[\ZfdgiXjXZfekiXk`jkXjcfZXc\j]l\[\c,0%
;`i\Zk`mfjgifZ\[\ek\j[\cXZfdle`[X[cfZXc
J\kiXYXaXZfe\cfYa\k`mf[\[\jXiifccXiXcX]l\iqX
cXYfiXc\eZX[XcfZXc`[X[\ecXhl\k\e\dfjfg\iXZ`fe\j%
El\jkifZfdgifd`jfZfe\c[\jXiifccf[\cˆ[\i\j
cfZXc\jj\i\]c\aX\ecfjgif^iXdXj[\\eki\eXd`\ekf
pZXgXZ`kXZ`e#pZfcfZXe[fXgfk\eZ`Xc\jcˆ[\i\j\e
Xj`^eXZ`fe\jcXYfiXc\j\efkifjgXˆj\j[\c>ilgf
?fcZ`d#gi\gXi}e[fcfj[\\jkX]fidXgXiXhl\
c`[\i\eX]lklifjljgifg`XjcfZXZ`fe\j\e<ZlX[fi%
)-
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
?fcZ`d<ZlX[fiJ%8%Zfdf\dgc\X[fi
?fcZ`d<ZlX[fiJ%8%YljZXgifm\\icl^Xi\j[\kiXYXafj
gif]\j`feXc\j#j\^lifj#jXcl[XYc\j#[`m\ijfj#`eZclj`mfj
p[\Zfe]`XeqX%<jkf`eZclp\le]l\ik\Zfdgifd`jf\e
Yi`e[Xi`^lXc\jfgfikle`[X[\jXkf[fjcfjkiXYXaX[fi\j%
:fdfleXZfdgXŒˆX^cfYXchl\\dgc\XX
Xgifo`dX[Xd\ek\.'%'''g\ijfeXjpfg\iXZfegcXekXj
[\gif[lZZ`e\eZ\iZX[\.'gXˆj\jXci\[\[fi[\cdle[f#
?fcZ`d\jX]fikleX[XXcZfekXiZfekXc\ekf_ldXef
[`m\ijf#Zi\Xk`mfpkXc\ekfjf%
<jkf^\e\iXmXc`fjXjfgfikle`[X[\j\e`eefmXZ`ep
leX^iXei`hl\qX[\ZfefZ`d`\ekfjp_XY`c`[X[\j#hl\
Zfeki`Ylp\e[`i\ZkXd\ek\Xel\jkif„o`kf\ecfjgXˆj\j
\ecfjhl\k\e\dfjgi\j\eZ`X%MXcfiXdfjpgifdfm\dfj
leXdY`\ek\[\kiXYXaf`eZclp\ek\paljkf#]fd\ekXe[f\c
i\jg\kfpcXkfc\iXeZ`X\eki\kf[fjel\jkifjkiXYXaX[fi\j#
Zc`\ek\j#Zfdle`[X[\jpjfZ`fj[\e\^fZ`fj%
Efj\j]fiqXdfjgfiZi\Xile\ekfief\e\chl\cX
[`^e`[X[#c`Y\ikX[[\XjfZ`XZ`e#gi`mXZ`[X[#[\i\Z_fj
g\ijfeXc\jpcXj\^li`[X[[\ZX[X`e[`m`[lf#j\XegXik\
[\el\jkiX\og\i`\eZ`X[`Xi`X[\kiXYXaf%
fYa\k`mfgifm\\ipdXek\e\ileXdY`\ek\[\kiXYXaf
hl\]fd\ek\cX[`m\ij`[X[\`eZclj`e[\kf[fjel\jkifj
kiXYXaX[fi\jj`e[`jk`eZ`e[\^„e\if#iXqX#eXZ`feXc`[X[#
i\c`^`epfi`\ekXZ`ej\olXc#\eki\fkifj#YXj}e[fefj
\e\ci\jg\kfp^XiXek`qXe[fcX\hl`[X[gXiXkf[fjcfj
d`\dYifj[\cX\dgi\jX%
Kf[fjcfjkiXYXaX[fi\jjfekiXkX[fjZfe\hl`[X[\e
Xjlekfjhl\Zfdg\k\eXjlZfekiXkXZ`e#ZXgXZ`kXZ`e#
gifdfZ`e#i\dle\iXZ`ep[\jm`eZlcXZ`ecXYfiXc[\j\i
\cZXjf%
<e?fcZ`d<ZlX[fi#[\j[\fZklYi\[\c)'(*ZfekXdfj
ZfeleXGfcˆk`ZX[\;`m\ij`[X[\@eZclj`ehl\k`\e\Zfdf
8Zfek`elXZ`e#gi\j\ekXdfj[\]fidX^i}]`ZXcX[`m\ij`[X[[\kiXYXaX[fi\j[\?fcZ`d<ZlX[fiJ%8%1
KiXYXaX[fi\jgfie`m\c^\i\eZ`Xcp\[X[
.&&
,/)
-&&
,&&
JefCWdW][c[djB[l[b
I[d_ehCWdW][c[djB[l[b
+&&
C_ZZb[CWdW][c[djB[l[b
*&&
<_hijCWdW][c[djB[l[b
)&&
DedCWdW][c[djB[l[b
(')
(&&
'(+
'&&
,/
,,
'
&
CCB
<CB
DCB
,
'-
JCB
ICB
3*'XŒfj
,&
/
CCB
<CB
DCB
*'$,'XŒfj
'-
CCB
<CB
DCB
5,'XŒfj
G\ijfeXjZfe[`jZXgXZ`[X[gfie`m\c^\i\eZ`Xc
+&
**
*+
*&
)+
)&
(+
(&
'+
'&
+
&
'
(
I[d_ehCWdW][c[djB[l[b C_ZZb[CWdW][c[djB[l[b <_hijCWdW][c[djB[l[b
DedCWdW][c[djB[l[b
G\ijfeXjZfe[`jZXgXZ`[X[
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
).
E’d\if[\kiXYXaX[fi\jgfi^„e\ifpe`m\c[\^\i\eZ`X\e\c)'(*
'&&&
...
/&&
.&&
-&&
Ck`[h[i
,&&
>ecXh[i
+&&
*&&
)&&
'-)
(&&
'&&
&
(
*
'+
(
JCB
ICB
,'
'.
CCB
<CB
DCB
I\jg\kXe[fcX\hl`[X[[\^„e\if#ef\o`jk\[`]\i\eZ`XZ`e
\ei\dle\iXZ`e\eki\_fdYi\jpdla\i\j%<eZlXekf
XgXik`Z`gXZ`e[\dla\i\j\eZXi^fj[`i\Zk`mfj#\e
\cg\i`f[f)'(*i\gfikX[f1)dla\i\jg\ik\e\Z\eXc
;`i\Zkfi`fp))dla\i\jfZlgXegfj`Z`fe\j[\j[\KDCKfg
DXeX^\d\ekC\m\c XDDCD`[[c\DXeX^\d\ekC\m\c %
CX7ieY_WY_ŒdIeb_ZWh_ijWFhe\kjkhe$Zfejk`kl`[X
\e\c)''-$\jk}`ek\^iX[Xgfid}j[\c0-[\
cfjkiXYXaX[fi\j[\?fcZ`d<ZlX[fiJ%8%#hl`\e\j
Zl\ekXeZfeY\e\]`Z`fjhl\`eZclp\e#\eki\fkifj1
j\^lifj[\jXcl[pm`[Xpgi„jkXdfjgXiXZXjfj[\
\d\i^\eZ`Xj#X[hl`j`Z`e[\m\_ˆZlcfjpm`m`\e[Xj%
8cgifdfm\ileXdY`\ek\[\kiXYXafjldXd\ek\
gif]\j`feXc#efg\id`k`dfj_fjk`^Xd`\ekf\e]fidX[\
XZfjf#m\iYXcf]ˆj`Zf #XjˆZfdfZlXchl`\ifkifgifgj`kf
f\]\Zkfhl\^\e\i\m`fc\eZ`X#_fjk`c`[X[fXdY`\ek\j
[\`ek`d`[XZ`e%<eel\jkif9ŒZ_]eZ[9edZkYjWZ[
D[]eY_ei"?fcZ`dgif_ˆY\\jki`ZkXd\ek\ZlXchl`\iXZkf[\
XZfjfYlccp`e^ #pXj\Xcc\mX[fXZXYfgfilekiXYXaX[fi
fgfileefkiXYXaX[fi%8jˆd`jdf#efkfc\iXdfjcX
[`jZi`d`eXZ`e\eZfekiX[\ZlXchl`\ig\ijfeXgfi
dfk`mfj„ke`Zfj#ZlckliXc\j#i\c`^`fjfj#[\\[X[#iXqX#
^„e\if#fi`\ekXZ`ej\olXcpm`j`e[\cdle[f#\eki\fkiXj%
;\`^lXcdXe\iX#j\i\jg\kX\ce’d\ifd}o`df[\
_fiXj[\kiXYXaf\jkXYc\Z`[fgficXc\p#kXekfefidXc
Zfdfjlgc\d\ekXi`ff\okiXfi[`eXi`f%<ckiXYXaf]fiqX[f
XjˆZfdfcXZfekiXkXZ`e[\d\efi\j[\\[X[efjfe
g\id`k`[fj\ecXjfg\iXZ`fe\j[\?fcZ`d<ZlX[fiJ%8%
?fcZ`d<ZlX[fiJ%8%i\ZfefZ\pj\X[_`\i\X
kf[XjcXjc\p\jcXYfiXc\j#`eZclp\e[fXhl\ccXj
i\cXZ`feX[XjZfecXc`Y\ikX[[\XjfZ`XZ`e#gi`mXZ`[X[
\`^lXc[X[[\fgfikle`[X[\j[\kiXYXaf#\ekf[fj
cfjcl^Xi\j\ecfjhl\k`\e\fg\iXZ`fe\j%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
?XjkX\c*([\[`Z`\dYi\[\c)'(*#cX
\dgi\jXi\^`jki(#).-kiXYXaX[fi\j%
KiXYXaX[fi\j[\?fcZ`d<ZlX[fiJ%8%gfik`gf[\ZfekiXkf
;`jki`YlZ`e[\cg\ijfeXcgfik`gf[\ZfekiXkf
'*&&
'(&&
D‘c[heZ[jhWXW`WZeh[i
BWfeb‡j_YWZ[>ebY_c;YkWZehI$7$[ifhel[[hW
jeZeibeijhWXW`WZeh[iZ[kdWcX_[dj[Z[ckjke
h[if[jegk[[ij|b_Xh[Z[YkWbgk_[h\ehcWZ[WYeieo
Z_iYh_c_dWY_Œd$;bWYeieobWZ_iYh_c_dWY_Œd[dYkWbgk_[h
\ehcWdeiedWY[fjWZeiodei[h|djeb[hWZei$
)/
-.
)+
'&&&
.&&
(&''
,&&
(&'(
*&&
(&')
(&&
&
;l[djkWb
?dZ[Ód_Ze FWiWdj‡W
J_feZ[YedjhWjWY_Œd
FbWpeÓ`e
KiXYXaX[fi\j[\?fcZ`d<ZlX[fiJ%8%gfii\^`epj\^d\ekf1
;`jki`YlZ`e[\cg\ijfeXcgfii\^`e
;`jki`YlZ`e[\cg\ijfeXcgfij\^d\ekf
.&&
-&&
-&&
,&&
(&''
+&&
*&&
(&'(
)&&
(&')
(&&
'&&
&
9eijW
D‘c[heZ[jhWXW`WZeh[i
D‘c[heZ[jhWXW`WZeh[i
'&&&
/&&
.&&
,&&
+&&
*&&
(&''
)&&
(&'(
(&&
(&')
'&&
&
I_[hhW
9[c[dje
H[]_Œd
>ehc_]Œd
7]h[]WZei
I[]c[djei
E’d\ifkfkXc[\kiXYXaX[fi\jpifkXZ`ed\[`X[\kiXYXaX[fi\j#[\j^cfjX[fjgfi^ilgf[\\[X[#^„e\ifp]leZ`e
;`jki`YlZ`egfi\[X[\j
)+&
)&&
D‘c[heZ[jhWXW`WZeh[i
(+&
(&&
(&''
(&'(
'+&
(&')
'&&
+&
&
(&#(+
(,#)&
)'#)+
),#*&
*'#*+
*,#+&
+'#++
+,#,&
,'#,+
HWd]eiZ[[ZWZ[i
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
)0
?fcZ`d<ZlX[fiJ%8%f]i\Z\leXXdgc`X
mXi`\[X[[\Y\e\]`Z`fjjfZ`Xc\jXjlj
kiXYXaX[fi\j#YXjX[fj\ecfj\o`jk\ek\j\ecXc\p
\ZlXkfi`XeX#\eki\cfjhl\j\\eZl\ekiXe1
;`jki`YlZ`e[\cg\ijfeXcgfi]leZ`e
'(&&
D‘c[heZ[jhWXW`WZeh[i
'&&&
.&&
(&''
,&&
(&'(
*&&
(&')
(&&
&
7Zc_d_ijhWY_Œd
L[djWi
Ef[hWY_ed[i
<kdY_Œd
›
›
›
›
›
›
›
›
GcXe[\g\ej`e%
.;ˆXj[\mXZXZ`fe\jX[`Z`feXc\jXcfj[\c\p%
8ek`Z`gf[\lk`c`[X[\j%
GcXe[\[\jXiifccf%
Gif^iXdX[\<[lZXZ`eX[`jkXeZ`X%
Gif^iXdX[\Y\ZXj%
Gif^iXdXI\k`ifgif[lZk`mf%
JlYj`[`f[\c,'[\cj\^lifd„[`Zfgi`mX[f#X
kiXm„j[\cX7ieY_WY_ŒdIeb_ZWh_ijWFhe\kjkhe%
› J\^lif[\XZZ`[\ek\j\em`Xa\j[\e\^fZ`fj%
I\dle\iXZ`fe\j
;`jki`YlZ`egfi^„e\if
'*&&
D‘c[heZ[jhWXW`WZeh[i
'(&&
'&&&
.&&
(&''
,&&
(&'(
(&')
*&&
(&&
&
?fcZ`d<ZlX[fiJ%8%f]i\Z\jXcXi`fjZfdg\k`k`mfj
gfi\eZ`dX[\cfjdˆe`dfj\jkXYc\Z`[fjgfi
cXc\p#hl\jfe[\k\id`eX[fjXkiXm„j[\leX
`em\jk`^XZ`e[\cd\iZX[f[\jl\c[fj%<jk\gifZ\jf
[\ZfdgXiXZ`eZfefkiXj\dgi\jXjcˆ[\i\j\e\c
gXˆjZfecXjhl\Zfdg\k`dfjgfikXc\ekfj#Xpl[X
X?fcZ`d<ZlX[fiJ%8%XdXek\e\icfjjXcXi`fj[\
XZl\i[fZfecfj\jk}e[Xi\j[\ZX[Xgfj`Z`epqfeX%
<[c[d_de
CWiYkb_de
8[`Z`feXcd\ek\XcjXcXi`fYXj\Æ\ecfjZXjfj\ecfjhl\
\jXgc`ZXYc\$#cfjkiXYXaX[fi\jgXik`Z`gXe[\legif^iXdX
[\i\dle\iXZ`emXi`XYc\hl\[\g\e[\[\cfji\jlckX[fj
`e[`m`[lXc\jXc`e\X[fjXcfji\jlckX[fj[\cXZfdgXŒˆX%
=ƒd[he
:fdle`ZXZ`e[\ZXdY`fjfg\iXZ`feXc\j
pefm\[X[\j`ejk`klZ`feXc\j
9\e\]`Z`fjjfZ`Xc\j[\cfjkiXYXaX[fi\j
?fcZ`d<ZlX[fiJ%8%efdXek`\e\ZfekiXkfjZfc\Zk`mfj
ZfecfjkiXYXaX[fi\j#Xc\o`jk`icX7ieY_WY_ŒdIeb_ZWh_ijW
Fhe\kjkhe[\cXhl\cfj„jkfjjfejfZ`fj%?fcZ`d
]fd\ekX\cY`\e\jkXi]lklifp\cX_fiif\eki\jlj
kiXYXaX[fi\j#XgfikXe[flegfiZ\ekXa\d\ejlXc
gXiXle]fe[f[\Z\jXekˆX\e\chl\cfjkiXYXaX[fi\j
kXdY`„ei\Xc`qXeXgfikXZ`fe\jmfclekXi`Xd\ek\%
*'
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
El\jkiX\dgi\jXdXek`\e\XjljkiXYXaX[fi\j
ZfejkXek\d\ek\`e]fidX[fj[\cfjZXdY`fj
fg\iXZ`feXc\jpefm\[X[\j`ejk`klZ`feXc\jXkiXm„j[\
leXmXi`\[X[[\ZXeXc\j[\Zfdle`ZXZ`e%Efk`Z`Xj
^cfYXc\j#cfZXc\jp]leZ`feXc\jj\\emˆXe[\j[\\c
}i\X[\:fdle`ZXZ`e[\cXZfdgXŒˆX\e]fidX
[`^`kXcXkiXm„j[\cX@ekiXe\kcfZXc \`dgi\jXX
kiXm„j[\Zfdle`ZX[fjfi^Xe`qXZ`feXc\jp\cYfc\kˆe
`ek\iefY`d\ejlXcEfk`Z`Xj $#Xcfjhl\k`\e\eXZZ\jf
kf[fjcfjkiXYXaX[fi\j[\?fcZ`d<ZlX[fiJ%8%
Jfdfji\ZfefZ`[fjgfii\jg\kXikf[XjcXjc\p\j
cXYfiXc\j[\<ZlX[fi%<e\cdXiZf[\\jkXjc\p\j#cX
ZfdgXŒˆXX[fgkX_\iiXd`\ekXjhl\j\XeiXqfeXYc\j
p\]\Zk`mXjgXiXefk`]`ZXiXjljkiXYXaX[fi\j
[\ZXdY`fjfg\iXZ`feXc\j%;\\jkXdXe\iX#
cfjcˆ[\i\j[\cX\dgi\jXZfdle`ZXe[\]fidX
Zfej`jk\ek\p\eZXjZX[XXcfjkiXYXaX[fi\j%
J\^li`[X[pjXcl[fZlgXZ`feXc
El\jkiffYa\k`mf\jcf^iXi\c9[heZW‹eWbWif[hiedWi2
gfi\ccf#eX[`\[\Y\jl]i`ileXc\j`ed`\ekiXj
kiXYXaXZfefgXiXefjfkifj%8kiXm„j[\el\jkifj
gifZ\jfj[\X[d`e`jkiXZ`e[\c[\j\dg\Œf#efj
Xj\^liXdfjhl\ZX[XkiXYXaX[fiZfdgi\e[XZl}c\j
jfejlji\jgfejXY`c`[X[\jpZfehl„_\iiXd`\ekXj
Zl\ekXgXiXZldgc`icXj\o`kfjXd\ek\%
F]i\Z\dfjleXdY`\ek\[\kiXYXafj\^lifpjXcl[XYc\#
pkiXYXaXdfjXZk`mXd\ek\Zfeel\jkifjkiXYXaX[fi\jp
ZfekiXk`jkXj\e\c[\jXiifccf[\leXZlckliXZfigfiXk`mX
hl\]fd\ekXcXi\jgfejXY`c`[X[g\ijfeXcpZfc\Zk`mX
\ejXcl[pj\^li`[X[fZlgXZ`feXcF?J %
@ek\^iXdfjF?J\ekf[fjcfjgifZ\jfj[\ce\^fZ`f
pgifdfm\dfjleXdY`\ek\\e\chl\cfji\kfjj\
gcXek\Xepi\jl\cm\e[\ekif[\cXle`[X[[\e\^fZ`f#
Zfe\cXgfpf[\ci\jgfejXYc\cfZXc[\F?J%
CXjI\^cXj:Xi[`eXc\j[\?fcZ`d\ejXcl[pj\^li`[X[
fZlgXZ`feXc#XjˆZfdf\cI_ij[cW?dj[]hWZeZ[=[ij_Œd
pcXefidXk`mXFJ?8J(/''(#\jk}e[`j\ŒX[XjgXiX
gifm\\ileXdY`\ek\[\kiXYXafj\^lifpjXcl[XYc\#
Zldgc`\e[fZfecfji\hl\i`d`\ekfjc\^Xc\jXgc`ZXYc\j%
;\XZl\i[fZfecf\jkXYc\Z`[f\e\c9ŒZ_]eZ[
9edZkYjWZ[D[]eY_ei#ZX[XkiXYXaX[fi[\Y\Xgc`ZXi
cXji\^cXjpgifZ\[`d`\ekfji\jg\Zk`mfj\ejlcl^Xi
[\kiXYXafgXiX\m`kXi`eZ`[\ek\jhl\Xk\ek\eZfekiX
cX`ek\^i`[X[[\jljZfdgXŒ\ifj#ZfekiXk`jkXj#
m`j`kXek\j\`e]iX\jkilZkliX[\cXZfdgXŒˆX%
?fcZ`d<ZlX[fiJ%8%dXek`\e\le9ec_jƒ9[djhWb
Z[I[]kh_ZWZhl\Zffi[`eXcXjXZZ`fe\j\ejXcl[p
j\^li`[X[[\cfjjlYZfd`k„j`dgc\d\ekX[fj\e
ZX[XleX[\cXjGcXekXjpf]`Z`eXj%<c(''[\cfj
kiXYXaX[fi\j\jk}i\gi\j\ekXe[f\e\cZfd`k„Z\ekiXcp
\ecfjjlYZfd`k„j[\jXcl[pj\^li`[X[fZlgXZ`feXc%
CXjI\^cXj:Xi[`eXc\j[\?fcZ`d<ZlX[fiJ%8%
Ef`eZldgc`ie`Xck\iXie`e^leXd\[`[X
[\j\^li`[X[#e`g\id`k`ihl\eX[`\cf
_X^X%
CXji\^cXjjfYi\\cljf[\cfj<hl`gfj[\
Gifk\ZZ`eG\ijfeXc<GG Zfii\jgfe[`\ek\j
XleXkXi\X[\k\id`eX[X[\Y\eZldgc`ij\
\ekf[fdfd\ekf%
CfjgifZ\[`d`\ekfj[\X`jcXd`\ekf
pYcfhl\f[\Y\ej\^l`ij\\e
kf[fdfd\ekf%
;bkieZ[[gk_feZ[fhej[YY_Œdf[hiedWbZ[f[dZ[
Z[bj_feZ[WYj_l_ZWZgk[i[h[Wb_Y[$
<jk}gif_`Y`[fkiXYXaXiYXafcX
`e]cl\eZ`X[\cXcZf_fcfcXj[if^Xj%
J\[\Y\`e]fidXi[\kf[XjcXj
c\j`fe\j\`eZ`[\ek\jfZlii`[fj%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
*(
;liXek\\c)'(*_\dfjm`jkfhl\\je\Z\jXi`fZfek`elXi
kiXYXaXe[fpi\]fiqXe[fcfjk\dXj[\j\^li`[X[p
jXcl[fZlgXZ`feXc[\ekif[\el\jkiX\dgi\jX#pXhl\
i\^`jkiXdfjle`eZi\d\ekf\ecfjˆe[`Z\j[\]i\Zl\eZ`X
pj\m\i`[X[[\XZZ`[\ek\jcXYfiXc\j#Zfdfj\dl\jkiXX
Zfek`elXZ`e1
'$+&
'$&&
BJ?<H
CK@=I)'(*1(%+(2Xld\ekf[\c).i\jg\ZkfXc)'()%
CK@JI)'(*1)0%--2Xld\ekf[\c0+i\jg\ZkfXc)'()%
CK@=I?fcZ`d<ZlX[fi
&$+&
8g\jXi[\hl\cXjZ`]iXjdl\jkiXehl\j\cf^ilef[\cfj
fYa\k`mfj[\el\jkiXfi^Xe`qXZ`e\ejXcl[pj\^li`[X[
fZlgXZ`feXc#hl\\ji\[lZ`ijlmXcfii\jg\ZkfXcXŒf
Xek\i`fi#\j`dgfikXek\[\jkXZXihl\fkif[\cfjfYa\k`mfj
j\dXeklmf#hl\\jfYk\e\ij`\dgi\leCK@=I3)%
&$&&
8[`Z`feXcd\ek\#\jjXk`j]XZkfi`fgXiX?fcZ`d<ZlX[fiJ%8%
Zfdle`ZXihl\\e\c)'(*efj\i\gfikXife]XkXc`[X[\j%
(&'(
(&')
CK@JI?fcZ`d<ZlX[fi
BJ?<H
<j`dgfikXek\i\ZXcZXihl\\c>ilgf?fcZ`d#Xcj\i
d`\dYif[\cMehbZ8ki_d[ii9ekdY_b\ehIkijW_dWXb[
:[l[befc[djÅ9[c[djIkijW_dWX_b_jo?d_j_Wj_l[
M89I:#9I?`eZclp\le`e[`ZX[fiX[`Z`feXc[\c\j`fe\j
[\efd`eX[fßdZ_Y[Z[\h[Yk[dY_WZ[b[i_ed[ifWhW
fhel[[Zeh[iZ[i[hl_Y_eijƒYd_Yei[if[Y_Wb_pWZei#cf^iXe[f
Xjˆi\cXZ`feXi\ce’d\if[\XZZ`[\ek\jZfeg„i[`[Xj
[\k`\dgfpcXj_fiXj_fdYi\kiXYXaX[XjpgX^X[XjX
gifm\\[fi\j[\j\im`Z`fj%
(&''
.&$&&
-&$&&
,&$&&
+&$&&
*&$&&
)&$&&
(&$&&
'&$&&
&$&&
(&''
(&'(
(&')
*)#-*,_fiXj
Z[YWfWY_jWY_Œd[d
E>I[d(&')
*)
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
>ebY_c;YkWZeh
e\h[Y[kdWWcfb_W
lWh_[ZWZZ[
X[d[\_Y_eiieY_Wb[i
WikijhWXW`WZeh[i$
Gif^iXdXj[\\[lZXZ`e#]fidXZ`e#Xj\jfiXd`\ekf#gi\m\eZ`epZfekifc[\i`\j^fj
Gif^iXdXj[\Xj`jk\eZ`X
<[lZXZ`e&
<eki\eXd`\ekf
8j\jfiXd`\ekf
Gi\m\eZ`e&
Zfekifc[\i`\j^fj
KiXkXd`\ekf
I\Z\gkfi\j[\cgif^iXdX
KiXYXaX[fi\j
=Xd`c`Xj[\kiXYXaX[fi\j
D`\dYifj[\Zfdle`[X[\j
?fcZ`d<ZlX[fiJ%8%XkiXm„j[\cX7ieY_WY_Œd
Ieb_ZWh_ijWFhe\kjkhe#f]i\Z\Y\e\]`Z`fjd„[`ZfjXcfj
kiXYXaX[fi\jpjlj]Xd`c`Xj2\jkfjZlYi\ej\im`Z`fj
gi\m\ek`mfj[\[`X^ejk`ZfpkiXkXd`\ekf%<e?fcZ`d#
cfjj`^l`\ek\jj\im`Z`fjjfeXgc`ZXYc\jXcfjk\dXj[\
gifdfZ`e[\cXjXcl[pj\^li`[X[fZlgXZ`feXc1
› J\im`Z`fj_fjg`kXcXi`fj\eZXjf[\Xjg\Zkfj
i\cXZ`feX[fjZfe`eZ`[\ek\j\e\ckiXYXaf%
› Kf[fjcfjkiXYXaX[fi\jk`\e\eXZZ\jfXleX\mXclXZ`e
g\i`[`ZX[\jlZfe[`Z`e[\jXcl[fZlgXZ`feXc%
;\g\e[`\e[f[\cfji`\j^fjXcfjhl\\jk}\ogl\jkf
\ckiXYXaX[fi#j\cc\mXeXZXYf\o}d\e\jilk`eXi`fj%<c
Xj\jfiXd`\ekf\jg\Zˆ]`Zfpj\^l`d`\ekf\jgifm`jkf
gfi\c}i\X[\d\[`Z`eXfZlgXZ`feXc#Zfe\c]`e[\
i\[lZ`ifd`k`^Xii`\j^fj`[\ek`]`ZX[fj%
› J\f]i\Z\egif^iXdXj[\gifdfZ`e[\cXjXcl[Xkf[fj
cfjkiXYXaX[fi\j#hl\`eZclp\e\[lZXZ`ejfYi\i`\j^fj%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
**
?fiXj[\]fidXZ`eXcXŒfgfikiXYXaX[fi
J\YljZXgifgfiZ`feXiXcfjkiXYXaX[fi\j[\?fcZ`d
<ZlX[fiJ%8%leXm`j`e^cfYXc[\cXZfdgXŒˆX#
gXiX^\e\iXi\e\ccfjj\ek`[f[\g\ik\e\eZ`X\
`[\ek`]`ZXZ`eZfecXfi^Xe`qXZ`e%:XdgXŒXj`ek\ieXj
[\dfk`mXZ`e#ZXgXZ`kXZ`fe\jp\[lZXZ`ej\cc\mXe
XZXYfgXiX\jk\gifgj`kf#mXi`Xe[f[\XZl\i[f
Zfecfjifc\jpi\jgfejXY`c`[X[\j[\j`^eX[fj%
;liXek\\c)'(*j\ZfekXY`c`qlegifd\[`f[\
*)%')_fiXj[\ZXgXZ`kXZ`egfikiXYXaX[fi%
:XgXZ`kXZ`egfie`m\c^\i\eZ`Xc
/&$&&
.&$&&
>ehWifhec[Z_eZ[YWfWY_jWY_Œd
-&$&&
,&$&&
+&$&&
(&''
*&$&&
(&'(
(&')
)&$&&
(&$&&
'&$&&
U
JCB
ICB
CCB
D_l[b][h[dY_Wb
*+
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
<CB
DCB
Gif^iXdXj[\]fidXZ`eZfek`elX#i\kifXc`d\ekXZ`epZfXZ_`e^
:fdfgXik\[\c>ilgf?fcZ`d#el\jkiX\dgi\jX
dXek`\e\legif^iXdX[\\mXclXZ`e[\c[\j\dg\Œf
\ecfje`m\c\j^\i\eZ`Xc\j#hl\gifm\\leX\jkilZkliX
gXiXd\afiXipgfk\eZ`Xijl[\j\emfcm`d`\ekf%
CX\mXclXZ`ej\\a\ZlkX\ecfjgi`d\ifj[ˆXj
[\\e\if[\cj`^l`\ek\XŒfXci\gfikX[f%
'.&
KfkXc[\kiXYXaX[fi\j
\mXclX[fjgfie`m\c^\i\eZ`Xc
(&&
› Cf^iXileXZlckliX[\i\kifXc`d\ekXZ`e
pZfXZ_`e^Xc`ek\i`fi[\cX\dgi\jX%
› :fekXiZfeleX_\iiXd`\ekX[\\mXclXZ`e
[\c[\j\dg\ŒfgXiX\cg\ijfeXc=DC=`ijk
DXeX^\d\ekC`e\ _XZ`XXii`YX%
› @eZlcZXicXj'*9ecf[j[dY_WiZ[b_Z[hWp]e[\?fcZ`d%
› D\afiXi\c[\j\dg\Œfp\cc`[\iXq^f[\cg\ijfeXc%
GfiZ\ekXa\[\kiXYXaX[fi\jhl\i\Z`Y\e\mXclXZ`fe\j
i\^lcXi\j[\c[\j\dg\Œfp[\[\jXiifccfgif]\j`feXc
'.&
',&
'*&
'(&
JCBICB
'&&
CCB
.&
DCB
,&
*&
(&
&
I\kifXc`d\ekXZ`epZfXZ_`e^
;lWbkWY_ŒdZ[bZ[i[cf[‹e
=fidXZ`eZfek`elX\e\c[\jXiifccf[\cˆ[\i\j
› ;\jXiifccXicfjZfefZ`d`\ekfj#_XY`c`[X[\j
pXZk`kl[\jgXiXleX^\i\eZ`X\]`ZXq%
› @eZi\d\ekXi\c[fd`e`f[\k„Ze`ZXj]le[Xd\ekXc\j
gXiXcX^\jk`eX[d`e`jkiXk`mX\ecX^\i\eZ`XXZklXc%
› D\afiXicXZXgXZ`[X[p_XY`c`[X[\j^\i\eZ`Xc\j[\
ZX[XkiXYXaX[fi#\ei\cXZ`eZfejlc`[\iXq^f#kiXYXaf
\e\hl`gfpi\cXZ`fe\j[\ekif[\cXfi^Xe`qXZ`e%
› D\afiXicXZXgXZ`[X[gXiXcXX[d`e`jkiXZ`ep\c
Xgifm\Z_Xd`\ekf[\cfji\Zlijfj[\cXfi^Xe`qXZ`e%
› =fikXc\Z\i\cXlkf[\jXiifccfp\c\dgf[\iXd`\ekf#
Zfdf\c\d\ekfj]le[Xd\ekXc\jgXiX\c[\j\dg\Œf
[\lec`[\iXq^fjljk\ekX[f\emXcfi\jpZlXc`[X[\j
g\ijfeXc\j[\gif]le[f`dgXZkf\ecXfi^Xe`qXZ`e%
› <c\mXi\cZfdgifd`jf[\kf[fjcfjgXik`Z`gXek\jZfecfj
gcXe\jgXiXd\afiXi\c]leZ`feXd`\ekffi^Xe`qXZ`feXc%
<e?fcZ`d<ZlX[fiJ%8%Zi\\dfjhl\cX^\jk`e[\c
[\j\dg\Œfp[\jXiifccf[\el\jkifjkiXYXaX[fi\j\j
leXXZk`m`[X[[\kf[fjcfj[ˆXjphl\ef’e`ZXd\ek\j\
[XleXf[fjm\Z\jXcXŒf\e\mXclXZ`fe\j]fidXc\j%
<c[\j\dg\ŒfZfej`[\iXki\j\c\d\ekfjY}j`Zfj1
› FYa\k`mfjpBG@Ëj1fYa\k`mfjpd\kXj
\jg\Zˆ]`ZXjgXiX\cXŒf\mXclX[f%
› :fdg\k\eZ`Xj1_XY`c`[X[\jk„Ze`ZXj
pZfdg\k\eZ`Xj[\c`[\iXq^f%
› KXi\XjZiˆk`ZXj1ifc\jZcXm\pXZk`m`[X[\j[\c[ˆXX[ˆX%
?fcZ`ddXek`\e\legif^iXdX^cfYXc[\\mXclXZ`e[\c
[\j\dg\Œfhl\gifm\\leX\jkilZkliXgXiXjld\afiX
\emXi`fje`m\c\j^\i\eZ`Xc\j#gXiXcfhl\f]i\Z\i\Zlijfj
]fZXc`qX[fj%?\dfj`dgc\d\ekX[f\jk\j`jk\dXXkiXm„j
[\leX_\iiXd`\ekXZfigfiXk`mX[\efd`eX[X:_|be]e%
<c^ilgf[\kiXYXaX[fi\jhl\jfe\mXclX[fjZfe\jkX
_\iiXd`\ekX#Zfii\jgfe[\eXcfje`m\c\j=DC_XZ`XXii`YX#
cfhl\ZlYi\[\j[\cfjgi`d\ifje`m\c\j[\a\]XkliXj[\cX
fi^Xe`qXZ`e%
<cgfiZ\ekXa\[\kiXYXaX[fi\j[\ekif[\\jkfj^ilgfj\j
[\c),%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
*,
I\jgfejXY`c`[X[jfZ`XcZfecXZfdle`[X[
<e\c)'(*#?fcZ`d<ZlX[fiJ%8%Zfeki`YlpZfe
LJ;(Ë,(0#+-)XkiXm„j[\leXXdgc`X^XdX[\
gif^iXdXjgXiXcXZfdle`[X[#\e]fZX[fj\e\c[\jXiifccf
[\YXj\#\[lZXZ`epgif[lZk`m`[X[#\eki\fkifj%
I\jg\kfXcfj[\i\Z_fj_ldXefj
?fcZ`d<ZlX[fiJ%8%YljZXZXc`[X[\ecfj
gif[lZkfjpj\im`Z`fjhl\X[hl`\i\#XkiXm„j
[\leXi\cXZ`e[\Y\e\]`Z`fp„k`ZXdlklX
Zfecfjgifm\\[fi\j#hl\[\Y\edfjkiXij\
i\jgfejXYc\jZfe\cZl`[X[fXdY`\ekXcp
j`\e[fˆek\^ifj\e\cd\iZX[f%?XjkXcX]\Z_X#
ef_Xe\o`jk`[fZfekiXk`jkXjfgifm\\[fi\j
[\?fcZ`d<ZlX[fiJ%8%hl\efZldgcXeZfe
gi`eZ`g`fji\cXk`mfjX[\i\Z_fj_ldXefj#
gl\jZfekiXkXdfj\dgi\jXj\mXclX[Xj
pZXc`]`ZX[Xjgfiel\jkiXZfdgXŒˆX%
<e\c)'(*j\i\Xc`qXifeZXgXZ`kXZ`fe\j\e
[\i\Z_fj_ldXefjX(#(.+kiXYXaX[fi\j
[\?fcZ`d<ZlX[fiJ%8%#Zfele
gifd\[`f[\(%*_fiXjgfig\ijfeX%
GXiX\cg\ijfeXc[\j\^li`[X[kXdY`„e
j\cc\mXifeXZXYfZXgXZ`kXZ`fe\j
\e\jk\j\ek`[f#gl\j\cj\im`Z`f\j
Yi`e[X[fgfileXZfdgXŒˆX\ok\ieX%
LeXjg\Zkf[\[\i\Z_fj_ldXefjhl\
i\jg\kXdfjgif]le[Xd\ek\jfecfj
[\i\Z_fj[\cfjgl\Ycfj`e[ˆ^\eXj2e`e^’e
`eZ`[\ek\[\m`fcXZ`fe\jXjlj[\i\Z_fj
]l\i\gfikX[f[liXek\\c)'(*%
*-
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
9`\e\jkXi[\cXjfZ`\[X[
?fcZ`d<ZlX[fiJ%8%\jk}\e]fZX[X\e\c
kiXYXaf[doYedcXZfdle`[X[\ek\dXj
`[\ek`]`ZX[fj\eZfej\ejf\eki\cfjm\Z`efj[\
el\jkiXjGcXekXj#\c}i\X[\I\jgfejXY`c`[X[
JfZ`Xc:figfiXk`mXpel\jkiXjZfekiXgXik\j%
<jkfjk\dXjjfecfjj`^l`\ek\j1
›
›
›
›
›
=fidXZ`e[\cˆ[\i\j
<[lZXZ`e
@e]iX\jkilZkliXY}j`ZX
J\^li`[X[pjXcl[
:XgXZ`kXZ`epfi^Xe`qXZ`ejfZ`Xc
<e?fcZ`d<ZlX[fiJ%8%Zi\\dfjhl\
kiXYXaXi\e\jkXj}i\Xj[\dlklf`ek\i„j
Zfeel\jkiXjZfdle`[X[\jm\Z`eXj#\j
leXfgfikle`[X[gXiX\cZi\Z`d`\ekf[\
e\^fZ`fj\e\ZfefdˆXj\e[\jXiifccf%
?fcZ`dCk[%\jd`\dYif[\cKd_j[ZDWj_edi
=beXWb9ecfWYj#cX`e`Z`Xk`mXdle[`Xcd}j
^iXe[\[\mfclekXi`X[f[\Z`l[X[XeˆX
ZfigfiXk`mX#Zfed}j[\+#'''ZfdgXŒˆXj\e
d}j[\()'gXˆj\j#phl\kiXYXaXgXiXcf^iXi
XmXeZ\j\eXjg\Zkfj[\[\i\Z_fj_ldXefj#
kiXYXaf#XdY`\ek\pZfiilgZ`e%:fdfgXik\
[\cZfdgifd`jf[\?fcZ`d<ZlX[fiJ%8%Zfe
cfjgi`eZ`g`fj[\c=beXWb9ecfWYj#_\dfj
`dgc\d\ekX[f`e`Z`Xk`mXji\cXZ`feX[Xj
Zfe\jkfjgi`eZ`g`fj\ecXZXc`]`ZXZ`e[\
gifm\\[fi\j#XjˆZfdfkXdY`„e\eXjg\Zkfj
i\cXZ`feX[fjZfe\cZXdY`fZc`d}k`Zf#Zfdf
cXi\[lZZ`e[\^Xj\j\]\Zkf`em\ieX[\if%
FkiX]fidXZfecXhl\\e?fcZ`dZfeki`Yl`dfj
XcXjfZ`\[X[\jXkiXm„j[\cX=le[XZ`e?fcZ`d
<ZlX[fi%CX=le[XZ`ekiXYXaX#Zffi[`eXp\a\ZlkXcX
`em\ij`ejfZ`Xc[\el\jkiX\dgi\jX\egifp\Zkfj
[\i\jgfejXY`c`[X[jfZ`Xcp\e\dgi\e[`d`\ekfj
[\fi^Xe`qXZ`fe\jhl\Xglek\eXc[\jXiifccf[\cXj
Zfdle`[X[\j#dXek\e`d`\ekf[\cXjfjk\e`Y`c`[X[
[\cfjgifZ\jfjpd\afiX[\cj`jk\dX\[lZXk`mf%
9oX[hYeckd_jWh_e[dDk[lW;if[hWdpW"Yeckd_ZWZ
l[Y_dWWbWFbWdjWZ[Y[c[dje=kWoWgk_b$
<cgi\j\ek\p]lklif[\?fcZ`d<ZlX[fiJ%8%[\g\e[\
[\el\jkiX_XY`c`[X[gXiXZfdgi\e[\icXjXZklXc\j
k\e[\eZ`XjjfZ`Xc\j#[\\jkXi`e]fidX[fj[\cfj
i\hl\i`d`\ekfjpXZk`m`[X[\j[\c^fY`\iefZ\ekiXc#
Zc`\ek\jpFE>j#dXek\e`\e[fi\cXZ`fe\jX[\ZlX[XjZfe
\ccfj#Zfe\cfYa\k`mf[\\eZfekiXijfclZ`fe\j\eY\e\]`Z`f
[\cXjfZ`\[X[%El\jkiX}i\XC\^Xc#Zfe\og\i`\eZ`X\e
Xjlekfjg’Yc`Zfj#`[\ek`]`ZXk\dXj[\`dgfikXeZ`Xp
Zfejkilp\i\cXZ`fe\jjfjk\e`Yc\jZfegXik\j`ek\i\jX[Xj
ZcXm\j#Zfe\c]`e[\Zldgc`i\jk\gifgj`kf%
<ekf[fjcfjZXjfj#cXj`ek\iXZZ`fe\j[\?fcZ`d<ZlX[fi
J%8%ZfecXjfZ`\[X[jfe^l`X[Xjgfiel\jkifjgi`eZ`g`fj
[\`ek\^i`[X[#kiXejgXi\eZ`Xpi\jg\kfgficX^\ek\%<c
9ŒZ_]eZ[9edZkYjWZ[D[]eY_ei[\?fcZ`d<ZlX[fiJ%
8%i\jld\dlZ_fj[\cfjgi`eZ`g`fj„k`Zfjpgfcˆk`ZXj
Zi\X[XjgXiXX[d`e`jkiXik\dXjkXc\jZfdf1c`Yi\
Zfdg\k\eZ`X#`^lXc[X[\efgfikle`[X[\jcXYfiXc\j#
Zl`[X[fXdY`\ekXcpjXcl[pj\^li`[X[fZlgXZ`feXc#\eki\
fkifj%Kf[fjcfjkiXYXaX[fi\j[\?fcZ`d<ZlX[fiJ%8%
[\Y\eZldgc`ifYc`^Xkfi`Xd\ek\cfjgi`eZ`g`fj[\el\jkif
9ŒZ_]e\e\c[\j\dg\Œf[`Xi`f[\jlji\jgfejXY`c`[X[\j%
9eckd_ZWZGk_jeIkh$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
*.
Gif^iXdXjgXiX\mXclXicfj`dgXZkfj[\cXjfg\iXZ`fe\j\e
cXjZfdle`[X[\j
?fcZ`d<ZlX[fiJ%8%k`\e\d’ck`gc\jd\ZXe`jdfj[\
i\kifXc`d\ekXZ`e#`dgc\d\ekX[fjgXiX\mXclXicX
`e]cl\eZ`X[\el\jkiXjfg\iXZ`fe\j\ecXjZfdle`[X[\j%
CXgi`fi`[X[[\ckiXYXaf\ei\jgfejXY`c`[X[jfZ`Xc
ZfigfiXk`mXj\Z\ekiX\ecXjZfdle`[X[\j\ecXj
hl\XZklXcd\ek\k\e\dfjfg\iXZ`fe\j%<ecfj
gifp\Zkfj[\`em\ij`e#\c\jkl[`f[\cXjZfdle`[X[\j
j\`e`Z`XXek\j[\jl`dgc\d\ekXZ`e%
9ec_jƒiZ[7YY_ŒdFWhj_Y_fWj_lW97F
?fcZ`d<ZlX[fiJ%8%\jcˆ[\i\ecX
`dgc\d\ekXZ`e[\cfj9ec_jƒiZ[7YY_Œd
FWhj_Y_fWj_lW97F\ecXjZfdle`[X[\j
\ecXjhl\fg\iX%Cfj:8Gjfed\jXj[\
[`}cf^fZfe]fidX[Xj\eki\kiXYXaX[fi\j[\
?fcZ`d<ZlX[fi#i\gi\j\ekXek\j[\c}i\X
[\I\jgfejXY`c`[X[JfZ`Xc:figfiXk`mXp
d`\dYifj[\cXZfdle`[X[XZkfi\jjfZ`Xc\j %
Cfj:8G\jk}elY`ZX[fj\ecfZXc`[X[\j
\ecXjhl\k\e\dfjfg\iXZ`fe\jp\ecXj
hl\j\XZfi[Zfe]fidXicfjalekfZfecX
Zfdle`[X[%;\Y`[fXhl\cXZfdgXŒˆX
gfj\\fg\iXZ`fe\jhl\k`\e\epXdlZ_fj
XŒfj#cfj:8G]l\ife]fidX[fjcl\^f
[\hl\\jkXjfg\iXZ`fe\j`e`Z`Xife%
Cfjgifgj`kfj[\cfj:8Gjfe1
› Gifm\\i[\led\[`f[\Zfdle`ZXZ`e
XY`\ikXp_fe\jkX\e[fj[`i\ZZ`fe\j#
gXiXZfejkil`iZfe]`XeqX\eki\cX
ZfdgXŒˆXpcXjZfdle`[X[\j%
› ;XiXg\ikliXXcfjd`\dYifj[\
cXZfdle`[X[gXiXgi\^lekXif
Zfd\ekXijfYi\cXjXZk`m`[X[\j
[\fg\iXZ`e[\cXZfdgXŒˆX%
› Gifm\\ileXmˆXgXiXhl\cfj
i\gi\j\ekXek\j[\cXZfdgXŒˆXZfefqZXe
cXjgi\fZlgXZ`fe\j[\cXZfdle`[X[%
› Gifm\\i[\`e]fidXZ`epfYk\e\i
i\kifXc`d\ekXZ`eXZ\iZX[\cfjfYa\k`mfj
[\cXZfdgXŒˆXpjljfg\iXZ`fe\j%
*/
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
>[hhWc_[djWI;IIeY_Wb
;d]W][c[djIYeh[YWhZ
<c}i\X[\I\jgfejXY`c`[X[JfZ`Xc:figfiXk`mX
i\Xc`qXle[`X^ejk`Zfp\mXc’XcXm`XY`c`[X[
[\cgifZ\jfpjljgifp\Zkfj%?fcZ`d
<ZlX[fiJ%8%Zl\ekXZfeleX_\iiXd`\ekX1
I;IIeY_Wb;d]W][c[djIYeh[YWhZ#
ZfecXhl\\mXc’X\cXek\gifp\Zkf#\c
j\^l`d`\ekf[\cgifp\Zkfpcfji\jlckX[fj
XcZfeZcl`ij\%:fe\jkX_\iiXd`\ekX#j\
d`[\cX\]\Zk`m`[X[[\cXj`em\ij`fe\j\e
i\jgfejXY`c`[X[jfZ`Xc[\cX\dgi\jX%
Gif^iXdXjjfZ`Xc\j`dgc\d\ekX[fj\e\c)'(*
Fhe]hWcWZ[^[h[dY_WWcX_[djWb
:fdfgXik\[\cX_\i\eZ`XXdY`\ekXchl\
?fcZ`d<ZlX[fi[\aXXcXjXZklXc\jp]lkliXj
^\e\iXZ`fe\j#k\e\dfjleZfdgifd`jf
XdY`\ekXc[\dXek\e`d`\ekfpXj`^eXZ`e
[\gi\jlgl\jkfX<kdZWY_ŒdFheXeigk[#
gXiXZfej\imXi\c}i\Xgifk\^`[X[\c8eigk[
Fhej[Yjeh9[hhe8bWdYe#lef[\cfjdXpfi\j
i\dXe\ek\j[\Yfjhl\j\Zfkifg`ZXc\e
\cgXˆj#hl\\jZfefZ`[fZfdf\cglcde
m\i[\[\>lXpXhl`cpgfij\i\c_f^Xi[\
[\Z\eXj[\\jg\Z`\j[\]cfiXp]XleX%
Fhe]hWcWiZ[^[h[dY_WieY_Wb
J\Zfej`[\iXeZfecfjd`\dYifj[\cfj
9ec_jƒiZ[7YY_ŒdFWhj_Y_fWj_lW97F
cfj[`m\ijfjgifp\Zkfjpgif^iXdXjhl\
cc\mXXZXYf?fcZ`d<ZlX[fi#[\dXe\iX
hl\]fikXc\qZXejl^\jk`ejfZ`Xc%
Fhe]hWcWZ[LebkdjWh_WZe
CXj\dgi\jXjjfeZX[Xm\qd}jZfejZ`\ek\j[\hl\
gl\[\eXgifm\Z_Xijl\jkilZkliXpZfefZ`d`\ekfj
gXiX^\e\iXi[\jXiifccf\ek„id`efjjfZ`Xc\j#
\Zfed`ZfjpXdY`\ekXc\j%LeX]fidX[\ZXeXc`qXicf
\jXkiXm„j[\cmfclekXi`X[fZfigfiXk`mf%
eXZ\XgXik`i[\legifZ\jfhl\j\`e`Z`\e\c)''/p
hl\\jk}\e]fZX[f\eZlXkif}i\Xj[\XZZ`e1j\^li`[X[#
XdY`\ek\#\[lZXZ`ep\dgi\e[`d`\ekf%Cl\^f[\le
\oZ\c\ek\XŒf)'()\egXik`Z`gXZ`e[\mfclekXi`X[f#\e
\c)'(*j\[`fZfek`el`[X[XcXjXZk`m`[X[\j[\el\jkifj
mfclekXi`fj#cf^iXe[fle,'[\gXik`Z`gXZ`e%
:fdgXik`icX[`m\ij`[X[[\ZfefZ`d`\ekfjpkiX[`Z`fe\j[\
el\jkifg\ijfeXc[\leX]fidXfi^Xe`qX[Xpi\jgfejXYc\#
\jcfhl\YljZX\cFhe]hWcWZ[LebkdjWh_WZeçd[j[#hl\
)'('
)'((
)'()
)'(*
<j`dgfikXek\[\jkXZXihl\çd[j[]fikXc\Z\Xc^lefj
g`cXi\j[\c>ebY_cB[WZ[hi^_f@ekhd[o\eki\el\jkifj
kiXYXaX[fi\j#\ei\cXZ`eX1
› ;\jXiifccfp^\e\iXZ`e[\cˆ[\i\jpkXc\ekfj%
› JXcl[pj\^li`[X[fZlgXZ`feXc%
› =fikXc\Z`d`\ekf[\c[`}cf^fjfZ`Xc%
LebkdjWh_WZ[Gk_je[dYWhWlWdWiZ[b[YjkhW$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
*0
;\jXiifccfZfdle`kXi`f
CX\jkiXk\^`X[\i\jgfejXY`c`[X[jfZ`Xc[\cX\dgi\jXXkiXm„j[\cX=le[XZ`e?fcZ`d<ZlX[fi#j\i\jld\XZfek`elXZ`e1
GifZ\jf
)'()$)'(<mXclXZ`e)'((
8ZklXc`qXZ`e
[`X^ejk`Zfjp:<G
GifZ\jf
)''-$)'((
)''-$:XgXZ`kXZ`e
:8GpgcXe`]`ZXZ`e
)'',$;`X^ejk`Zf
DXg\f[\XZkfi\j
+'
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
+(
+)
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
@em\ij`fe\j\egifp\Zkfj[\i\jgfejXY`c`[X[jfZ`XcZfigfiXk`mX
'.&&&&&
',&&&&&
'*&&&&&
?dl[hi_ŒdQkiZS
'(&&&&&
'&&&&&&
(&''
.&&&&&
(&'(
(&')
,&&&&&
*&&&&&
(&&&&&
&
;ZkYWY_Œd
:[iWhhebbe
Yeckd_jWh_e
?d\hW[ijhkYjkhW
Ejhei
:edWY_ed[i
JejWb_dl[hi_Œd
G\ijfeXjXk\e[`[Xj\egifp\Zkfj[\i\jgfejXY`c`[X[jfZ`XcZfigfiXk`mX
'*&&&&&
JejWbf[hiedWiWj[dZ_ZWi
'(&&&&&
F[hiedWiWj[dZ_ZWi
_dZ_h[YjWc[dj[
F[hiedWiWj[dZ_ZWi
'&&&&&&
.&&&&&
(&''
(&'(
,&&&&&
*&&&&&
(&')
F[hiedWiWj[dZ_ZWi
Z_h[YjWc[dj[
(&&&&&
&
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
+*
<oZ\c\eZ`X\e\c
[\j\dg\Œffg\iXZ`feXc
++
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
Gi\d`fjpi\ZfefZ`d`\ekfj
› C[`ehi_ij[cWZ[][ij_Œd[diWbkZoi[]kh_ZWZ
eYkfWY_edWbE>IXcXGcXekX[\Z\d\ekf
>lXpXhl`c[\?fcZ`d<ZlX[fiJ%8%#ZfdfleX[\cXj
ki\jd\afi\j\dgi\jXj\e\jk\ZXdgf%Fkfi^X[f
\eXYi`c[\c)'(*gficXIkXZ_h[YY_ŒdZ[b=kWoWi
Z[b:[fWhjWc[djeZ[H_[i]eiZ[bJhWXW`eZ[b?;II
?dij_jkje;YkWjeh_WdeZ[I[]kh_ZWZIeY_Wb$
› I\ZfefZ`d`\ekfXcFhe]hWcWZ[LebkdjWh_WZe
çd[j[\ecXZXk\^fiˆX[\:[iWhhebbeo][d[hWY_Œd
Z[jWb[djeiob‡Z[h[i"o\ehjWb[Y_c_[djeZ[bZ_|be]e
ieY_WbYedbWifWhj[i_dj[h[iWZWi$Fkfi^X[fgfi
?fcZ`d<ZlX[fiJ%8%\e\cdXiZf[\cFhe]hWcW
Z[h[YedeY_c_[djei#\c(*[\dXiqf[\c)'(*%
› C[`ehfh|Yj_YWZ[h[ifediWX_b_ZWZieY_WbYehfehWj_lW
[d7cƒh_YWBWj_dWYXafcXZXk\^fiˆX[\LebkdjWh_WZe
WbFhe]hWcWZ[LebkdjWh_WZeçd[j[%Fkfi^X[f\c('
[\\e\if[\c)'(*gfi:<D<=@:\ekifD\o`ZXef
gXiXcX]`cXekifgˆX #8c`Xij\p=ild<dgi\jX%
FbWdjWZ[Y[c[dje=kWoWgk_b$
› 8k[dWfh|Yj_YW[d_dYbki_ŒdieY_Wb#fkfi^X[fgfi
Fm9#Fh_Y[mWj[h^eki[9eef[hipi\m`jkXB‡Z[h[iZ[
=hkfe;b9ec[hY_e$Fkfi^X[f\c)([\fZklYi\[\c
)'(*XcFhe]hWcWZ[WYjkWY_ŒdZ[_dYbki_ŒdieY_Wb$
LebkdjWh_WZe[dBWjWYkd]W$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
+,
<oZ\c\eZ`X\e\c
dXe\af[\i\Zlijfj
+-
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
CXjfjk\e`Y`c`[X[Zfdfd\kX
;\j[\\c)''+#?fcZ`d<ZlX[fiJ%8%ZfdfgXik\[\
?fcZ`dCk[%#k`\e\cXm`j`e[\Zi\XicfjZ`d`\ekfj[\c
]lklif[\cXjfZ`\[X[[\]fidXjfjk\e`Yc\#gXiXjXk`j]XZ\i
cXje\Z\j`[X[\j[\cgi\j\ek\j`eX]\ZkXicXZXgXZ`[X[
[\cXj]lkliXj^\e\iXZ`fe\jgXiXjXk`j]XZ\icXjjlpXj%
<e\j\Zfek\okf#\j`dgfikXek\[\jkXZXihl\#\ecXfYiX
[\df[\ie`qXZ`e[\cXGcXekX[\Z\d\ekf>lXpXhl`c#
le)'[\cX`em\ij`ekfkXc\jk}j`\e[f[\jk`eX[X
XXj\^liXi\cZldgc`d`\ekf[\efidXjp\jk}e[Xi\j
XdY`\ekXc\j#kXekf\ZlXkfi`XefjZfdf`ek\ieXZ`feXc\j%
;\dXe\iX^\e\iXc#\cdf[\cf[\jfjk\e`Y`c`[X[hl\
Xgc`ZXdfj\e]Xk`qXcXe\Z\j`[X[[\lefi[\e[\i\cXZ`fe\j
\eki\cfjj\i\j_ldXefjpcXeXkliXc\qX#\e\chl\cX
YXj\]le[Xd\ekXc[\Y\ej\icfjgi`eZ`g`fjgfcˆk`Zfj#
\Zfed`Zfj#jfZ`Xc\jp\Zfc^`Zfjhl\^XiXek`Z\ele
dXe\afjfjk\e`Yc\[\cfji\ZlijfjeXkliXc\j#gXiX
Xjˆcf^iXileXd\afiZXc`[X[[\m`[XgXiXkf[fj%
J\^li`[X[#jXcl[pXdY`\ek\
8kiXm„j[\cfjfYa\k`mfj[\jfjk\e`Y`c`[X[#\e
?fcZ`d<ZlX[fiJ%8%j\[\]`e\e\jk}e[Xi\j
hl\gi`fi`qXep[`i\ZZ`feXeel\jkifji\kfjp
fgfikle`[X[\j%8Zfek`elXZ`e#j\j\ŒXcXe
ZX[XleX[\cXj}i\Xj[\\e]fhl\1
›
›
›
›
J`jk\dX@ek\^iX[f[\>\jk`e%
:ldgc`d`\ekfc\^XcpZfdgifd`jfjmfclekXi`fj%
JXcl[pj\^li`[X[fZlgXZ`feXc%
;\j\dg\ŒfXdY`\ekXc%
J`jk\dX@ek\^iX[f[\>\jk`e
?fcZ`d<ZlX[fidXek`\e\cXZ\ik`]`ZXZ`e
[\cI_ij[cW?dj[]hWZeZ[=[ij_ŒdI?=$
:ldgc`d`\ekfc\^XcpZfdgifd`jfjmfclekXi`fj
CXji\^lcXZ`fe\jc\^Xc\jjfeZX[Xm\qd}j\o`^\ek\j
pgi\j\ekXedXpfi\ji\hl\i`d`\ekfji\jg\ZkfX
\jk}e[Xi\jpYl\eXjgi}Zk`ZXj#kXekfgXiXcXfYk\eZ`e
[\dXk\i`Xjgi`dXjXjˆZfdfgXiXcXgif[lZZ`e#
[`jki`YlZ`epZfejldf]`eXc%?fcZ`d<ZlX[fiZldgc\cXj
efidXjp\jk}e[Xi\jXdY`\ekXc\jXkiXm„j[\cfYa\k`mf
[\9[hedeYed\ehc_ZWZ[i[di[]k_c_[djeZ[c[Z_ZWi
WcX_[djWb[iZ[beifbWd[iZ[cWd[`eWcX_[djWb$
J\ilei\]\i\ek\gXiXfkiXj\dgi\jXjeXZ`feXc\j
\`ek\ieXZ`feXc\j#`ejg`iXX?fcZ`d<ZlX[figXiX
kiXYXaXiXi[lXd\ek\\ecXjXcl[pj\^li`[X[[\jlj
kiXYXaX[fi\j#iXqegficXhl\\j`dgfikXek\i\`k\iXi
hl\\e\c)'(*ef\o`jk`\ife]XkXc`[X[\j\ecX\dgi\jX%
El\jkiXd\kX\jkiXYXaXi[\dXe\iXX’ed}j`ek\ejX
\e]fZ}e[fefj\e\cXe}c`j`jpcXgi\m\eZ`e[\i`\j^fj#
gXiXcfhl\Zfek`elXdfjXZk`mXd\ek\Zfeel\jkiXd\kX
[\:\if[XŒfXcXjg\ijfeXjpcX`dgc\d\ekXZ`e[\
cfj;b[c[djeiZ[Fh[l[dY_ŒdZ[<WjWb_ZWZ[i#<F;igfi
jljj`^cXj\e`e^c„j1=XkXc`kpGi\m\ek`fe<c\d\ekj %
<e\c)'(*j\[`fZfek`el`[X[Xcgif^iXdXC[`eh[i
;`[Ykjeh[i[dI[]kh_ZWZÅC;I"Zfe\cfYa\k`mf[\
i\ZfefZ\iXcfjkiXYXaX[fi\jZfegi}Zk`ZXj[\jkXZX[Xj\e
j\^li`[X[#pdfk`mXi[\]fidXgfj`k`mX\cZldgc`d`\ekf
[\cfjgifZ\[`d`\ekfj\jkXYc\Z`[fjgficX\dgi\jX#
XkiXm„j[\cljf[\legXiZ_\[`jk`ek`mf\ecXZXd`jX
[\cle`]fid\[\ckiXYXaX[fihl\`e[`ZX+^iX[fj[\
Zldgc`d`\ekf%J\Zfej`[\iXZfdfZi`k\i`f\ck`\dgf
hl\\jk\_Xg\idXe\Z`[f\ecXfi^Xe`qXZ`ej`e
\m\ekfj[\c\j`eZfeg„i[`[X[\k`\dgf#c\j`eZfe
kiXkXd`\ekfd„[`Zfpc\j`eZfegi`d\ifjXlo`c`fj%
8kiXm„j[\leXXZk`kl[[\c`[\iXq^fpleXZlckliX
ZfigfiXk`mXZfdgifd\k`[XZfeZ\ifXZZ`[\ek\jp
Z\if\oZljXj#_XZ\dfjkf[fjcfj\j]l\iqfjgfj`Yc\j
gXiXhl\el\jkifjkiXYXaX[fi\j#jlj]Xd`c`XjpcX
jfZ`\[X[\e^\e\iXc#j\m\XeY\e\]`Z`X[fj%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
+.
;\j\dg\ŒfXdY`\ekXc
9edjh_XkY_ŒdWbZ[iWhhebbeZ[bWYeckd_ZWZ
?fcZ`d#Zfdfd`\dYif[\cX?d_Y_Wj_lWIkij[djWXb[
Z[9[c[dje9I?"_X\jkXYc\Z`[fleXX^\e[XgXiX
cXXZZ`eZfej\`jkXi\Xjgi`eZ`gXc\jhl\ZlYi\ecfj
j`^l`\ek\jk\dXjXZ\iZX[\c[\jXiifccfjfjk\e`Yc\1
?fcZ`dk`\e\leZfdgifd`jfXe`m\c^cfYXcpcfZXc1\e
Xhl\ccfjcl^Xi\j\ecfjhl\k\e\dfjgi\j\eZ`XZfe
le`[X[\jfg\iXZ`feXc\j#kiXYXaXdfjZfecXZ`l[X[XeˆX
gXiXZi\XileXi\cXZ`ejc`[X#j\^liXpjfjk\e`Yc\%
›
›
›
›
›
›
›
9edijhkYY_Œdieij[d_Xb[
:XdY`fZc`d}k`Zf%
JXcl[pj\^li`[X[fZlgXZ`feXc%
<d`j`fe\jXkdfj]„i`ZXj%
9`f[`m\ij`[X[%
:fdle`ZXZ`e%
:fejkilZZ`ejfjk\e`Yc\%
8^lX%
8[\d}j#?fcZ`dXcj\igXik\[\cM89I:MehZ8ki_d[ii
9ekdY_b\ehIkijWdW_Xb[:[l[befc[dj"kfdX\e
Zfej`[\iXZ`ek\dXj[\`dgfikXeZ`XZfdf1\Zfj`jk\dXj#
X^lXpjlifc\ecfje\^fZ`fj#j`\e[f\cj\^le[fd`\dYif
[\cN9:J;Zfe\cd}o`dfe`m\c[\[\j\dg\ŒfXe`m\c
i\^`feXc[\Y`[fXcXXgc`ZXZ`e[\cXj^lˆXji\c\mXek\j#
_\iiXd`\ekXjpgifkfZfcfjfg\iXZ`feXc\jcfZXc\j[\
cXjZfdgXŒˆXjhl\g\ik\e\Z\eX\jk\Zfej\af%
;\_Y_[dY_W[d[h]ƒj_YW"[c_i_ed[i
Wjcei\ƒh_YWioYWcX_eYb_c|j_Ye
8c^leXj[\cXjXZZ`fe\jcc\mX[XjXZXYfgXiX
Zldgc`iZfecfjfYa\k`mfj[\[\j\dg\Œf
XdY`\ekXc#j\`e[`ZXeXZfek`elXZ`e1
?fcZ`d<ZlX[fi\jleX\dgi\jXcˆ[\i\eYl\eXj
gi}Zk`ZXjhl\mXed}jXcc}[\cXjfYc`^XZ`fe\j
c\^Xc\j#phl\YljZXeX[d`e`jkiXi\]`Z`\ek\d\ek\cfj
i\ZlijfjeXkliXc\jhl\j\lk`c`qXe\ecX\cXYfiXZ`e
[\el\jkifjgif[lZkfj%GXiXcf^iXicf#Zfek`elXd\ek\
YljZXdfjXck\ieXk`mXj[\i\\dgcXqfpi\[lZZ`e
[\i\ZlijfjZfdf1dXk\i`Xjgi`dXj#ZfdYljk`Yc\j#
\e\i^ˆXk„id`ZXp\c„Zki`ZX#pX^lXgfkXYc\%
@em\ik`dfji\ZlijfjgXiXcc\mXiXZXYf`eefmXZ`fe\j
hl\c`[\iXe\cljf[\\e\i^ˆXjXck\ieXk`mXj#]l\ek\j
[\\e\i^ˆXd\efj`ek\ej`mXj\ecX^\e\iXZ`e[\:F)
pfkiXjjfclZ`fe\j#ZfdfZ\d\ekfj_`[i}lc`ZfjZfe
d\efi`dgXZkf[\:F)gfikfe\cX[X[\Z\d\ekf%
LeZcXif\a\dgcf[\\jkfj\j]l\iqfj#j\i\]c\aX\e\c
+-[\[`jd`elZ`e[\\d`j`fe\jXcXXkdj]\iX[\
:F)\ei\cXZ`eX(00'#p\e-%0\ei\cXZ`eXcXŒf
Xek\i`figfikfe\cX[X[\Z\d\ekfgif[lZ`[f2\e^iXe
gXik\#cXd\kXj\Zldgc`ZfecXgl\jkX\edXiZ_X
[\cX`e`Z`Xk`mX[\ZfgifZ\jXd`\ekfZfeY`fdXjX#cf
hl\X[\d}jg\id`k`hl\j\`eZi\d\ek\cXJWiWZ[
ikij_jkY_Œdj[hcWbJIH0J^[hcWbIkXij_jkj_edHWj[
[liXek\\c)'()#cf^iXe[fdXek\e\icX\e\c)'(*%
<c`em\ekXi`f[\cXj]l\ek\j[\X^lXhl\
lk`c`qXdfjgXiXel\jkiXjXZk`m`[X[\j#efjg\id`k\
^\jk`feXi[\]fidXX[\ZlX[X\jk\i\Zlijf%
8lehl\cfjcf^ifjfYk\e`[fji\jg\ZkfXcXŒfXek\i`fi
\eZlXekfXi\[lZZ`e[\\d`j`fe\j[\:F)#[\JF)p[\
dXk\i`XcgXik`ZlcX[fjfejXk`j]XZkfi`fj#\c`eZi\d\ekf
9edikceZ[h[Ykhiei
+/
CXZfejkilZZ`ejfjk\e`Yc\Zfej`jk\\elk`c`qXi
i\Zlijfj\]`Z`\ek\d\ek\gXiXXjˆd`e`d`qXicX
_l\ccXXdY`\ekXc#\eki\^Xe[fjfclZ`fe\jgXiXcXj
e\Z\j`[X[\j[\cfjZc`\ek\jpd\afiXe[fcXZXc`[X[
[\m`[X[\cXj^\e\iXZ`fe\jXZklXc\jp]lkliXj%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
?fcZ`d<ZlX[fiJ%8%_Xi\[lZ`[f\cZfejldf
[\\e\i^ˆX\jg\Zˆ]`Zf\ecfj’ck`dfjZ`eZfXŒfj#
\jkXYc\Z`\e[fel\mfjfYa\k`mfjgXiXd\afiXi
cXlk`c`qXZ`e[\\e\i^ˆXji\efmXYc\jXkiXm„j
[\ZfdYljk`Yc\jXck\ieXk`mfjpY`fdXjX%
i\^`jkiX[f[\\d`j`fe\j[\EFo\ele.%*\ei\cXZ`e
Zfe\c)'()#efjgcXek\Xel\mfji\kfjgXiXfYk\e\i
i\[lZZ`fe\j[\\jk\k`gf[\\d`j`fe\j%<j`dgfikXek\
[\jkXZXihl\kf[fjcfje`m\c\j[\\d`j`fe\jjfe
d\efi\jhl\cfjcˆd`k\jd}o`dfjg\id`j`Yc\j%
8_eZ_l[hi_ZWZ
?fcZ`dgifdl\m\cX^\jk`eXdY`\ekXcjfjk\e`Yc\[\
i\ZlijfjeXkliXc\jXkiXm„j[\gifZ\jfji\jgfejXYc\j[\
fYk\eZ`e[\dXk\i`Xjgi`dXjgXiXcX\cXYfiXZ`e[\c
Z\d\ekf#_fid`^epX^i\^X[fj%<jkf#ZfecX]`eXc`[X[
[\jXk`j]XZ\icX[\dXe[X[\el\jkifjZc`\ek\j\e\cgXˆj#
XgfpXe[fXcXm\qcXZfej\imXZ`e[\cXY`f[`m\ij`[X[%
El\jkiXfi^Xe`qXZ`e`dglcjXcXZfej\imXZ`e[\cX
eXkliXc\qX\ecXjqfeXjZ`iZle[Xek\jXcXjZXek\iXj[\
cXjhl\fYk\e\dfjcXjdXk\i`Xjgi`dXj#kfdXe[f\e
Zfej`[\iXZ`e\cljf[\\jg\Z`\jeXk`mXj\eel\jkifj
gif^iXdXj[\i\]fi\jkXZ`epi\m\^\kXZ`e%El\jkiX
gi`eZ`gXc`e`Z`Xk`mX\jcXZfej\imXZ`e[\cXY`f[`m\ij`[X[
\e\c8eigk[Fhej[Yjeh9[hhe8bWdYe#lef[\cfjgfZfj
i\dXe\ek\j[\Yfjhl\j\Zfkifg`ZXc\ecXi\^`e
p_}Y`kXk[\[\Z\eXj[\\jg\Z`\j[\]cfiXp]XleX#
Zfdf\cZ\`Yf[\cXZfjkX#\caX^lXip\cgXgX^Xpf[\
>lXpXhl`c#X[\d}j[\Z`\ekfj[\\jg\Z`\j[\`ej\Zkfj
pXm\j\e[„d`ZXj[\c\Zfj`jk\dXj\Zfkifg`ZXc%
I[hl_Y_eiWcX_[djWb[iZ[b8eigk[Fhej[Yjeh9[hhe8bWdYe0
› 8cdXZ\eXd`\ekfpZXgkliX[\ZXiYfef%
› 8gifm`j`feXd`\ekf[\X^lX[lcZ\%
› DXek\e`d`\ekf[\cXY`f[`m\ij`[X[X
kiXm„j[\cZl`[X[f[\jl_}Y`kXk%
› Kli`jdfpi\Zi\XZ`e%
8[d`e`jkiXe[fcfji`\j^fjpfgfikle`[X[\j
Xc`e\X[fjZfecfji\kfj[\jfjk\e`Y`c`[X[
El\jkiX\dgi\jX\dgc\X\cj`jk\dX[\8ki_d[iiH_ia
H[l_[m8HHgXiX`[\ek`]`ZXi#\mXclXipX[d`e`jkiXi
i`\j^fj\ej\^li`[X[#jXcl[pXdY`\ek\#`eZclp\e[f
Xhl\ccfjXjfZ`X[fjZfegfj`Yc\j]XccXj[\gif[lZkfjXc
efZldgc`iZfecfji\hl`j`kfj\jkXYc\Z`[fj#XjˆZfdf
kXdY`„ecfji`\j^fjjfZ`f$\Zfed`Zfjpgfcˆk`Zfjhl\
gl[`\iXeX]\ZkXi\c[\jXiifccf[\cXjfg\iXZ`fe\j\e
\cgXˆjp\ecXjZfdle`[X[\j\ecXjhl\fg\iXdfj%
<cfYa\k`mf\jd`e`d`qXicfjgfj`Yc\j`dgXZkfjX[m\ijfj
\ecX^\ek\#gifg`\[X[\jpXdY`\ek\#pi\[lZ`iXhl\ccfj
XjfZ`X[fjZfefg\iXZ`fe\j\o`jk\ek\jfel\mXj#p
gif[lZkfjpj\im`Z`fjXkiXm„j[\jlZ`Zcf[\m`[X%
<jk\gifZ\jfZfeki`Ylp\Xhl\\e?fcZ`d
<ZlX[fiJ%8%ZldgcXdfjZfeel\jkiXjgi}Zk`ZXj[\
i\jgfejXY`c`[X[jfZ`XcpXdY`\ekXc\eZfe]fid`[X[
ZfecfjZfdgifd`jfjmfclekXi`fj^cfYXc\j[\
?fcZ`dCk[%pel\jkifjgifZ\jfj[\d\afiXd`\ekf
Zfek`elf\ej\^li`[X[#jXcl[pXdY`\ek\#Zfdle`ZXe[f
Xcfj^ilgfj[\`ek\i„j[\cfjgif[lZkfjpgifZ\jfj%
CX`[\ek`]`ZXZ`epX[d`e`jkiXZ`e[\ci`\j^fXe`m\c
ZfigfiXk`mfj\i\Xc`qXlk`c`qXe[flej`jk\dX[\
X[d`e`jkiXZ`e[\i`\j^fj\dgi\jXi`Xc\j%El\jkiX
ZfdgXŒˆX\mXc’Xi`\j^fj]`eXeZ`\ifjhl\`eZclp\e1
[\jXiifccfjfZ`f$\Zfed`Zf[\gXˆj#mfcXk`c`[X[\ecX
ZfdgiX[\ZfdYljk`Yc\j#\e\i^ˆXpdXk\i`Xjgi`dXj#
pgfcˆk`ZXj^lY\ieXd\ekXc\j\ei\cXZ`eZfecfj
gif[lZkfj%Cfji\jlckX[fj[\cX\mXclXZ`e[\i`\j^fj
jfeX[d`e`jkiX[fjgfi\c:fd`k„<a\Zlk`mf:fd<o [\]fidXXelXcpjfei\m`jX[fjg\i`[`ZXd\ek\
ZlXe[fXd\i`k\#[\Y`[fXZXdY`fj\egfcˆk`ZXj
eXZ`feXc\jfZfigfiXk`mXj[\?fcZ`dCk[%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
+0
Gi\m\eZ`e
Gi\fZlgXZ`fe\j[\
cXZfdle`[X[
<ekf[Xjel\jkiXjfg\iXZ`fe\jYljZXdfj^\e\iXi
\cd\efi`dgXZkfXdY`\ekXc2Zfej\Zl\ek\d\ek\#
Xgc`ZXdfjgcXe\j[\dXe\afXdY`\ekXchl\Zfeki`Ylp\e
X\jk\]`e#\dgc\Xe[fd\[`[Xj[\gi\m\eZ`e#d`k`^XZ`e
fZfdg\ejXZ`e[\cfjgfj`Yc\j`dgXZkfjZXljX[fj%<c
gi`eZ`g`f[\gi\ZXlZ`e\e?fcZ`d<ZlX[fij\X[d`e`jkiX#
Xgc`ZXp\jk}[`i\ZZ`feX[fXcXj\^li`[X[#jXcl[
fZlgXZ`feXcpXdY`\ek\#Zfdfj\[\kXccXXZfek`elXZ`e1
8kiXm„j[\el\jkiXjd\jXj[\[`}cf^f:8G #
ZfefZ\dfjcXje\Z\j`[X[\jpgi\fZlgXZ`fe\j[\
el\jkiXjZfdle`[X[\jXc\[XŒXjXel\jkiXjGcXekXj%
š Feb‡j_YWZ[I_ij[cW?dj[]hWZeZ[=[ij_Œd
<e?fcZ`d<ZlX[fi\jkXdfjZfdgifd\k`[fjZfe
cXjXk`j]XZZ`epZi\XZ`e[\mXcfigXiXel\jkifj
XZZ`fe`jkXj#Zc`\ek\j#kiXYXaX[fi\jpgifm\\[fi\jX
kiXm„j[\cd\afiXd`\ekfZfek`elf[\cj`jk\dX[\
^\jk`e[\ZXc`[X[#XdY`\ek\#j\^li`[X[pjXcl[
fZlgXZ`feXc\eYXj\XcXi\m`j`eg\i`[`ZX[\jlj
fYa\k`mfjpXj`^eXZ`e[\i\Zlijfji\hl\i`[fj#
Xj\^liXe[fjlX[\ZlXZ`eXcfji\hl\i`d`\ekfj
[\cXc\^`jcXZ`em`^\ek\Xgc`ZXYc\pfkifjhl\
mfclekXi`Xd\ek\j\XeX[fgkX[fjgXiXel\jkifj
gif[lZkfjpfg\iXZ`fe\j[\Z\d\ekfj#_fid`^fe\jp
X^i\^X[fj%
› FYa\k`mfj[\cJ`jk\dX@ek\^iX[f[\>\jk`e
› 9[heZW‹eWbWif[hiedWi#dXek\e`\e[f
cl^Xi\j[\kiXYXafj\^lifjgXiXel\jkifj
kiXYXaX[fi\j#ZfekiXk`jkXjpm`j`kXek\j%
› @dgcXekXileXZlckliX[\gi\m\eZ`e[\
i`\j^fjcXYfiXc\j\ekf[XcXfi^Xe`qXZ`e%
› JXk`j]XZ\iXel\jkifjZc`\ek\jXkiXm„j
[\cZldgc`d`\ekf[\cXj\jg\Z`]`ZXZ`fe\j
\jkXYc\Z`[Xj[\cfjgif[lZkfjpj\im`Z`fj%
› I\Xc`qXiel\jkiXjXZk`m`[X[\jYXaf\c
ZfeZ\gkf[\[\jXiifccfjfjk\e`Yc\%
,'
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
Gfi\a\dgcf#\e\c:8GCXkXZle^X#cXdXpfi
gi\fZlgXZ`e\j\cX^lX%J`e\jk\i\Zlijf#efgl\[\e
kiXYXaXi[\dXe\iX\]\Zk`mX\eX^i`ZlckliX#ZiˆX[\
Xe`dXc\j#jXcl[#\[lZXZ`e#\eki\fkifjk\dXj%
<ecfi\]\i\ek\X`e]iX\jkilZkliX#cXjZfdle`[X[\j
\ogi\jXegi\fZlgXZ`e]i\ek\XcXXlj\eZ`X[\ZXjXj
ZfdleXc\jp#\ecfjZXjfj[fe[\jˆ\o`jk\e#jl[\k\i`fif
fcXgi\j\eZ`X[\`e]iX\jkilZkliXj`eZfdgc\kXj#cfhl\
j\_Xm\e`[fjlYjXeXe[fXkiXm„j[\X[\ZlXZ`fe\j
]ˆj`ZXj:8G>lXpXhl`c %KXc\j\cZXjf[\c9[djheZ[
;ZkYWY_ŒdfWhWjeZei#`eXl^liX[f\e\c)'(*phl\\j
\ci\jlckX[fkXe^`Yc\[\cgifp\Zkfhl\cc\mX\cd`jdf
efdYi\#\a\ZlkX[f\ecXjZfdle`[X[\jm\Z`eXjXcX
GcXekX[\Z\d\ekf>lXpXhl`c%<cZ\ekifj\\eZl\ekiX
lY`ZX[f\eGl\ikf?fe[f#gXiifhl`X[\cXZ`l[X[[\
>lXpXhl`c#\e\c}i\X[\`e]cl\eZ`X[\cXGcXekX%
Lek\dXdlp`dgfikXek\\jcX^\e\iXZ`e[\
`e^i\jfj:8GCXkXZle^Xp:8GHl`kfJli p#
]`eXcd\ek\#cX\[lZXZ`e:8GHl`kfJli#CXkXZle^X
p>lXpXhl`c %LeX’ck`dX`ehl`\kl[[\gXik\[\cXj
Zfdle`[X[\j\jcXgfj`Y`c`[X[[\ZfekXd`eXZ`e
XdY`\ekXcZfegfcmf#[\kfeXZ`fe\jpil`[f%
+-cXj\d`j`fe\j[\:F)\ei\cXZ`eZfecXj[\(00'%
<e\i^ˆXpZXdY`fZc`d}k`Zf
?fcZ`dXe`m\cdle[`XcZfejkXek\d\ek\Zi\X#dXek`\e\
p\a\ZlkX`e`Z`Xk`mXjhl\d`e`d`qXecfj\]\Zkfj\e\c
ZXdY`fZc`d}k`Zf%<jkXjd`jdXj`e`Z`Xk`mXjjfeXgc`ZX[Xj
gfi?fcZ`d<ZlX[fiJ%8%
<e?fcZ`di\ZfefZ\dfjhl\\cZXdY`fZc`d}k`Zf\jle
Xjg\Zkfdlpi\c\mXek\\eel\jkiXjfg\iXZ`fe\j#gficf
hl\cX\jkiXk\^`X[\i\[lZ`icX`ek\ej`[X[[\gif[lZZ`e
[\:F)\ecfjgifZ\jfjpgif[lZkfj#j\cc\mXXZXYfX
kiXm„j[\cX`dgc\d\ekXZ`e[\gfcˆk`ZXjpd\ZXe`jdfj
`ek\ieXZ`feXc\j%
› <e?fcZ`d<ZlX[fiJ%8%XZklXcd\ek\k\e\dfjleX
kXjX[\jljk`klZ`ek„id`ZX[\Z\iZX[\c((%
› 8cX]\Z_X#\e?fcZ`d<ZlX[fiJ%8%_\dfj[`jd`el`[fle
@eefmXZ`ek\Zefc^`ZX
gXiXleX[\ZlX[fdXe\af
[\cfji\ZlijfjeXkliXc\j
DXk\i`Xc\j
CXjgi`eZ`gXc\jdXk\i`Xjgi`dXj`ek\^iX[Xj\e\c
gifZ\jf[\gif[lZZ`ejfe1ZXc`qXpglqfcXeX\e
cXgif[lZZ`e[\Z\d\ekf2Xe[\j`kXpZXc`qX\ecX
gif[lZZ`e[\X^i\^X[fj2pZ\d\ekf#X^i\^X[fj
pX^lX\ecXgif[lZZ`e[\_fid`^fe\j%
El\jkiXZfdgXŒˆXX[hl`\i\Zfhl\[\g\kic\f
Zfdfgi`eZ`gXc]l\ek\[\\e\i^ˆXk„id`ZXgXiX\c
gifZ\jf[\\cXYfiXZ`e[\Zc`eb\iXgif[lZkfi\j
`ek\ieXZ`feXc\j#XkiXm„j[\ZfekiXkfjXZfikff
cXi^fgcXqf%Cfj^Xjkfj[\ZfdYljk`Yc\jp\e\i^ˆX
i\gi\j\ekXe\c*,[\cfjZfjkfj[\gif[lZZ`e\e
\cj\^d\ekf[\Z\d\ekf%FkiXjdXk\i`Xjgi`dXj
`eZclp\e1XiZ`ccXj#o`[f[\_`\iif#]clfi`kXpp\jf%
Üh[Wh[\eh[ijWZW[dbWFbWdjWZ[Y[c[dje=kWoWgk_b$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
,(
:fejldf[\dXk\i`Xjgi`dXj\eZ\d\ekf
O[ie
FkpebWdW
B_cei_jW
<bkeh_jW
(&''
(&'(
7h[d_bbW
(&')
7hY_bbWhe`W
7hY_bbWWcWh_bbW
9Wb_pW
+&&"&&&
'"&&&"&&&
'"+&&"&&&
("&&&"&&&
("+&&"&&&
)"&&&"&&&
Jed[bWZWi
Cfjgif[lZkfjpgifZ\jfj[\el\jkiX\dgi\jXef
`emfclZiXe]l\ek\j\ok\ieXj[\dXk\i`Xc\ji\Z`ZcX[fj2
’e`ZXd\ek\\e\cj\^d\ekf[\_fid`^fe\j\o`jk\\c
gifZ\jf[\i\Z`ZcXa\[\c_fid`^egif[lZ`[f#gXiXmfcm\i
XZfekXiZfecXjdXk\i`Xjgi`dXjgXiXleXel\mXd\qZcX%
,)
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
DXk\i`Xc\jZfdgiX[fj#Z\ik`]`ZX[fjZfe
\jk}e[Xi\j[\jfjk\e`Y`c`[X[
Cfjgi`eZ`gXc\jgifm\\[fi\j[\]le[XjgXiX\c
Z\d\ekfgif[lZ`[fgfi?fcZ`d<ZlX[fiJ%8%jfe1
Ickh\_jAWffWpAB78?D8hWi_b2XdYfjgfj\\e\c
Z\ik`]`ZX[fgifm`jkfgfi\c<I9<eh[ijIj[mWhZi^_f
9ekdY_b#hl\^XiXek`qXgifZ\jfjjfjk\e`Yc\jp
XdY`\ekXcd\ek\Xd`^XYc\j\ecXgif[lZZ`e[\
cfjjXZfj#Xcgifm\e`i[\Yfjhl\jZ\ik`]`ZX[fj%
<e\i^ˆX
GXiXcXgif[lZZ`e[\Z\d\ekf#_fid`^fe\jpX^i\^X[fj#\cZfejldf[`i\Zkf[\\e\i^ˆXk„id`ZX\e?fcZ`d
<ZlX[fiJ%8%]l\[\.#')/KA%<c0.%-[\cX\e\i^ˆX]l\lk`c`qX[XgXiXcXgif[lZZ`e[\Z\d\ekf%
:fejldf[\\e\i^ˆXk„id`ZX
7]h[]WZei
(&''
(&'(
>ehc_]Œd
(&')
9[c[dje
#
'"&&&
("&&&
)"&&&
*"&&&
+"&&&
,"&&&
-"&&&
C_bbWh[i
Q=S
CX\e\i^ˆX\c„Zki`ZXZfejld`[Xgfi?fcZ`d\e\c)'(*]l\[\*),#..'dN_%2\c0/#0]l\lk`c`qX[X\ecX
gif[lZZ`e[\Z\d\ekf2\c'%0\ecXgif[lZZ`e[\_fid`^fe\jp\c'%)\ecXgif[lZZ`e[\X^i\^X[fj%
:fejldf[\\e\i^ˆX\c„Zki`ZXgfij\^d\ekf
7]h[]WZei
(&''
;bYedikce
[if[Y‡\_YeZ[
[d[h]‡Wi[
h[Zk`e[dkd
+[dh[bWY_Œd
WbW‹eWdj[h_eh
(&'($
(&'(
>ehc_]Œd
(&')
9[c[dje
&
+&
'&&
'+&
(&&
(+&
)&&
)+& C_bbWh[i
QcM^S
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
,*
@e`Z`Xk`mXjgXiXi\[lZ`i\cZfejldf[\\e\i^ˆX
<e?fcZ`d<ZlX[fiJ%8%dXek\e\dfjfg\iXZ`fe\j
Zfecfjd}jXckfje`m\c\j[\\]`Z`\eZ`X\ecX`e[ljki`X
Z\d\ek\iX#pZfek`elXd\ek\Xgifm\Z_XdfjcXj
fgfikle`[X[\jhl\Zfej\imXecX\e\i^ˆX\`eZi\d\ekXe
cX\]`Z`\eZ`X[\el\jkifjgifZ\jfjp\hl`gfj%
KieZ[X_ecWiWYeceYecXkij_Xb[[d^ehdei
:fej`jk\\e\ci\\dgcXqf[\ZfdYljk`Yc\kiX[`Z`feXc
g\kZfhl\ gfi\cljf[\Y`fdXjXZXjZXi`ccX[\
Xiifq %<e\c)'(*j\lk`c`qXife**%/./kfe\cX[Xj
[\Y`fdXjX#hl\i\gi\j\ekXeleXi\[lZZ`e
[\+*%'''kfe\cX[Xj[\:F)\d`k`[Xj%
;\`^lXcdXe\iX#cXlk`c`qXZ`e[\^Xj\jZXc`\ek\j
\e\cdfc`ef+[\cXGcXekX[\Z\d\ekf>lXpXhl`c#
i\[lZ\\cZfejldf[\\e\i^ˆX\ecX\dgi\jX%
8^lX
:XgkXZ`ekfkXc[\X^lXgfi]l\ek\j
:fejldf[\X^lX[\?fcZ`d<ZlX[fi
JejWb
7]kWbbkl_W
(&''
7]kWZ[fepe
(&'(
(&')
7]kWikf[hÓY_Wb
7]kWfejWXb[
&
'&&
(&&
)&&
Qc)S
,+
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
*&&
+&&
,&&
-&&
C_bbWh[i
I\Z`ZcXa\[\X^lX\e_fid`^fe\j
JejWb
(&''
(&'(
(&')
H[Y_YbWZW
&
+&
'&&
'+&
(&&
(+&
C_bbWh[i
Qc)S
@e`Z`Xk`mXjgXiXi\[lZZ`e[\Zfejldf[\X^lX
9`f[`m\ij`[X[
<ecXjfg\iXZ`fe\j[\cXZXek\iX:\eXZXlY`ZX[X
\ecXGcXekX>lXpXhl`c j\_X`dgc\d\ekX[fleX
gcXekX[\kiXkXd`\ekf[\X^lXjZfe\c]`e[\
\m`kXicXZfekXd`eXZ`e[\cXj]l\ek\jpi\Z`ZcXi
\cX^lXgXiXfg\iXZ`fe\j[\c`dg`\qX%
Ýi\Xjgifk\^`[Xj
8gXik`i[\c)''/#?fcZ`d<ZlX[fiJ%8%
Zfej\Zl\ek\d\ek\Zfejljgi`eZ`g`fj[\Zl`[X[f
XdY`\ekXc#gifZ\[`XcXi\eleZ`XmfclekXi`X[\cXj}i\Xj
ZfeZ\j`feX[Xjhl\\jk}e[\ekif[\}i\Xjgifk\^`[Xj%
Gi\m\eZ`epi\Zlg\iXZ`e[\`dgXZkfj\eY`f[`m\ij`[X[
<eXgc`ZXZ`e[\cI_ij[cWZ[CWd[`eZ[8_eZ_l[hi_ZWZ
[\c>ilgf?fcZ`d#j\\mXcl\ce`m\c[\i`\j^fgXiX
cXY`f[`m\ij`[X[[\cXjfg\iXZ`fe\jd`e\iXj\ecX
ZfeZ\j`e:\eXZXpcXGcXekX>lXpXhl`c%J\\eZfeki
hl\\ce`m\c[\i`\j^f\j`dgfikXek\p#gfikXekf#
\cj`k`f[\Y\Zfej`[\iXij\j\ej`Yc\#i\hl`i`\e[f
[\leFbWdZ[7YY_ŒdZ[8_eZ_l[hi_ZWZ87F#hl\
]l\\cXYfiX[fpglYc`ZX[fXgXik`i[\c)'(*%
:\eXZXj\\eZl\ekiXlY`ZX[X\eleX}i\X[\Yfjhl\
j\Zf`ek\im\e`[Xg\if[\XckfmXcfigXiXcXZfej\imXZ`e
gficXgi\j\eZ`X[\\jg\Z`\jeXk`mXjf\eg\c`^if[\
FWfW]Woe=kWoWgk_b"[if[Y_[dWj_lWgk[l_l[
[d[b8eigk[Fhej[Yjeh9[hhe8bWdYe$
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
,,
\ok`eZ`e%;b8eigk[Fhej[Yjeh9[hhe8bWdYe#Zfek`^lfXcX
ZfeZ\j`ed`e\iXphl\`eZclp\k\ii\efj[\gifg`\[X[
[\?fcZ`d<ZlX[fiJ%8%#\jlemXc`fjfi\j\imfi`f[\
Y`f[`m\ij`[X[hl\[\Y\j\igifk\^`[fXg\ig\kl`[X[%
J\kiXkX[\cdXpfii\dXe\ek\[\Yfjhl\j\Zfkifg`ZXc
[\cXZ`l[X[d}j^iXe[\[\c<ZlX[fi1>lXpXhl`c%
I\jlckX[f*%Kf[XjcXj}i\Xj\ogcfkX[Xjc`hl`[X[Xjjfe
i\_XY`c`kX[Xj%
<c98Gk`\e\gfifYa\k`mfhl\cfjk\ii\efj[\gifg`\[X[
[\?fcZ`dhl\_Xej`[f`ek\im\e`[fjgficX\ogcfkXZ`e
d`e\iX#i\ZfYi\eZfe[`Z`fe\j\Zfc^`ZXjdlpj`d`cXi\j
XcXZfe[`Z`eeXkliXcXek\j[\jl\ogcfkXZ`e%GXiX
cf^iXi\jk\fYa\k`mfj\\jk}kiXYXaXe[f\ecf^iXiZ`eZf
i\jlckX[fjhl\\jk}e\jki\Z_Xd\ek\`ek\ii\cXZ`feX[fj1
I\jlckX[f,%CXj}i\Xji\_XY`c`kX[Xj\ek\ii\efjhl\
jfe[\gifg`\[X[[\?fcZ`dk`\e\ele\jhl\dX[\
Zfej\imXZ`eXg\ig\kl`[X[%
I\jlckX[f(%CXjZfe[`Z`fe\jeXkliXc\j[\c9fjhl\
Gifk\Zkfi:\iif9cXeZfj\m\egfZfX]\ZkX[XjgficXj
fg\iXZ`fe\j[\?fcZ`d%
I\jlckX[f+%CXfg\iXZ`e[\?fcZ`def[\k\i`fiX
cXZXc`[X[[\cX^lX#pkf[fjcfjZlijfjeXkliXc\jjfe
i\_XY`c`kX[fjZlXe[fZlcd`e\ecXjfg\iXZ`fe\j%
CXX[d`e`jkiXZ`e[\c98G\jk}XZXi^f[\cX>\i\eZ`X[\
DXk\i`XjGi`dXj#g\ifi\hl`\i\[\cXZfeki`YlZ`eXZk`mX
[\cXXckX[`i\ZZ`e[\cXGcXekX>lXpXhl`cp[\c}i\X[\
8dY`\ek\pJ\^li`[X[<J %
I\jlckX[f)%J\dXek`\e\eZfe\o`fe\j]leZ`feXc\jZfe
cfj\Zfj`jk\dXj[\ck\ii`kfi`f%
<e\c^i}]`Zfj\dl\jkiXecXj}i\Xj\ogcfkX[Xjpi\_XY`c`kX[Xj[\ZX[XZfeZ\j`ed`e\iX\e\c)'(*%
Ýi\Xji\_XY`c`kX[Xj)'(*
'.
',
'+
'*
Üh[WQ>WS
'(
'&
.
Üh[W
[nfbejWZW
,
Üh[W
h[^WX_b_jWZW
*
*
(
(
'$(
'
&
&
9[dWYW
,-
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
9#9eje#BWjWYkd]W
&
F_YeWp|
&
F_\e
<d`j`fe\j#\]cl\ek\jpi\j`[lfj
<d`j`fe\j[\^Xj\j[\\]\Zkf`em\ieX[\if#\eg\jf
CXj\d`j`fe\j[`i\ZkXj[\:F)\e\cj\^d\ekf
Z\d\ekf_Xe[`jd`el`[fZfek`elXd\ek\_XjkX
Zfej\^l`imXcfi\j`e]\i`fi\jX,)'b^%gfikfe\cX[X
[\Z\d\ekfgif[lZ`[f%GXiX\c)'(*#\jkXj]l\ife
[\*/0b^%[\:F)gfikfe\cX[X[\Z\d\ekf%
CXj\d`j`fe\j`e[`i\ZkXj[\^Xj\j\]\Zkf`em\ieX[\if
[\?fcZ`d<ZlX[fiJ%8%jfecXZfej\Zl\eZ`X[\c
Zfejldf[\\e\i^ˆX#g\ifjfe\d`k`[Xjgfi]l\ek\j
ZfekifcX[XjgfifkiXjZfdgXŒˆXj2gfi\a\dgcf#\c
jld`e`jkif[\\e\i^ˆX\c„Zki`ZX%El\jkiXj\d`j`fe\j
`e[`i\ZkXj_Xe[`jd`el`[fgfi\]\Zkf[\d\afiXj
[\\]`Z`\eZ`X\ecXgif[lZZ`e[\cZ\d\ekf%
@e`Z`Xk`mXjgXiXi\[lZ`i\d`j`fe\j[\^Xj\j[\
\]\Zkf`em\ieX[\ifpi\[lZZ`fe\jcf^iX[Xj
<e\c)'(*#cXZXek`[X[[\:F)gfikfe\cX[X[\Z\d\ekf
]l\[\*/0b^%<jk\mXcfii\gi\j\ekXle+-d\efjhl\
\cmXcfi[\\d`j`fe\j[\cXŒfYXj\[\(00'#jlg\iXe[f
\ele)(cXd\kXgifgl\jkX[\c>ilgf?fcZ`dXe`m\c
dle[`Xc[\i\[lZ`icXj\d`j`fe\j\ele),_XjkX\c
)'(,#kfdXe[fZfdfYXj\cXj\d`j`fe\j[\(00'%
GXiXcf^iXi\jkfjfYa\k`mfj#j\dXek`\e\\cljf
[\Y`fdXjX#i\Zlg\iXZ`e[\ZXcfigXiXj\ZX[f
[\Z\d\ekfpfgk`d`qXZ`e[\c]XZkfiZc`eb\i%
<d`j`fe\j[\jljkXeZ`Xj[\jkilZkfiXj
[\cXZXgX[\fqfef
>\e\iXZ`e[\:F)
*,&
8cX]\Z_X#ef\o`jk\leXZlXek`]`ZXZ`e[\
\jkXj\d`j`fe\j\eel\jkiXZfdgXŒˆX%
*+)
EFo#JFopfkiXj\d`j`fe\jj`^e`]`ZXk`mXj
XcX`i\gfik`gfpg\jf
A]9E(%JedY[c[djel[dZ_Ze
**&
*'.
*(&
*&&
)./
).&
I\jg\ZkfXcXŒfXek\i`fi\e\cj\^d\ekfZ\d\ekf#
Zfej\^l`dfjleXi\[lZZ`e[\\d`j`fe\j[\JF)\e
le(**#p[\dXk\i`XcgXik`ZlcX[f\ele.)#cfhl\
efjjXk`j]XZ\2j`e\dYXi^f#\c`eZi\d\ekfi\^`jkiX[f
[\\d`j`fe\j[\EFO\ele.%*efjZfdgifd\k\X
YljZXid\ZXe`jdfjk\Zefc^`ZfjgXiXi\[lZ`icXj%
),&
)*&
(&''
(&'(
(&')
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
,.
<e\c^i}]`ZfdfjkiX[fXZfek`elXZ`e#j\gl\[\fYj\imXileXZfdgXiXZ`e[\cXj\d`j`fe\j[\EFO#JF)pdXk\i`Xc
gXik`ZlcX[f#[\j[\\c)'((%
<d`j`fe\jXcXXkdj]\iXRJ\^d\ekfZ\d\ekfT
LE9
IE(
(&''
(&'(
(&')
DEN
CWj[h_Wb
fWhj_YkbWZe
&
(&&
*&&
,&&
.&&
Q=h%JedcWj[h_WbY[c[dj_Y_eS
M\ik`d`\ekfkfkXc[\X^lXji\j`[lXc\j#j\^’ejleXkliXc\qXp[\jk`ef
8cX]\Z_X#efj\i\^`jkiXem\ik`[fj[\X^lXji\j`[lXc\j\e\cgifZ\jf%
,/
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
'&&&
'(&&
'*&&
Gif[lZkfjpj\im`Z`fj
GXiXd`k`^XicX`e]cl\eZ`XXdY`\ekXc[\el\jkifj
gif[lZkfj#Xgc`ZXdfjXZZ`fe\jZfdf1
› I\Z`ZcXa\[\_fid`^epX^lX[\
cXmX[fgXiXZXd`fe\jd`o\ij%
› I\Zlg\iXZ`e[\]le[Xj[\Z\d\ekfX
kiXm„j[\cgif^iXdXIWYeL[hZ[%
› <mXclXZ`e[\fgZ`fe\jgXiX`eZi\d\ekXi
cXm\ekX[\Z\d\ekfXc^iXe\c%
:ldgc`d`\ekf[\c\p\jXdY`\ekXc\j
<e?fcZ`d<ZlX[fiJ%8%Zldgc`dfjZfecXjc\p\j
XdY`\ekXc\jZfii\jgfe[`\ek\j%<e\c)'(*ef\o`jk`\ife
dlckXjgfi`eZldgc`d`\ekf[\i\^lcXZ`fe\jXdY`\ekXc\j%
;dbWifbWdjWi^ehc_]ed[hWiYedjWceiYedkdi_ij[cWZ[YWfjWY_Œdo
h[Y_YbW`[Z[W]kW1beiYWc_ed[ic_n[hiedbWlWZeiYedW]kWZ[bWibbkl_Wi$
>Xjkfj\`em\ij`fe\j
CXj`em\ij`fe\j\ecfjgcXe\j[\dXe\afXdY`\ekXc\ecXjfg\iXZ`fe\j[\Z\d\ekf#_fid`^epX^i\^X[fjj\`e[`ZXeX
Zfek`elXZ`e\e\c^i}]`Zf%
@em\ij`fe\j\egcXe\j[\dXe\afXdY`\ekXcgfij\^d\ekf
7]h[]WZei
(&''
(&'(
>ehc_]ed[i
(&')
9[c[dje
&
(&&
*&&
,&&
.&&
'&&&
'(&& C_bbWh[i
QKI:S
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
,0
I\gfik\fi^Xe`qXZ`feXc
-'
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
G\i`f[fi\gfikX[f1G\i`f[fhl\k\id`eX
\c*([\[`Z`\dYi\[\c)'(*%
=i\Zl\eZ`X[\ci\gfik\18elXc%
:fekXZkfjgXiXgi\^lekXji\cXZ`feX[XjZfe\ci\gfik\1
DXiˆXCl`jX:Xii`eD}ihl\q
Ýi\X[\:fdle`ZXZ`e
;\gXikXd\ekf[\8jlekfj:figfiXk`mfj
dXi`X%cl`jX%ZXii`fe7_fcZ`d%Zfd
8cZXeZ\pZfY\ikliX
[\ci\gfik\
8l[`\eZ`Xjgi`dXi`Xj`[\ek`]`ZX[Xj
› :c`\ek\j%
› KiXYXaX[fi\j%
› Gifm\\[fi\j%
› :fdle`[X[\j[\cXjqfeXjXc\[XŒXj
Xel\jkiXjfg\iXZ`fe\j%
› >fY`\iefZ\ekiXc%
› >fY`\iefjXlkefdfj[\jZ\ekiXc`qX[fj%
› 8jfZ`XZ`fe\j[\`e[ljki`Xjp^i\d`fj%
› @em\ij`fe`jkXjpXeXc`jkXj%
› D\[`fj[\Zfdle`ZXZ`e%
› Fi^Xe`qXZ`fe\jgif]\j`feXc\jFE>j#le`m\ij`[X[\j
pgif]\j`feXc\j\eZXdgfj[\cXZfejkilZZ`e
p\c[\jXiifccfjfjk\e`Yc\#\eki\fkifj %
› Gfk\eZ`Xc\jkiXYXaX[fi\j%
GifZ\jfgXiX[\]`e`i\cZfek\e`[f[\ci\gfik\
<e\cgifZ\jfgXiXZi\Xi\ci\gfik\#gXik`Z`gXle:fd`k„
<[`kfi`XcZfdgl\jkfgfii\gi\j\ekXek\j[\cXj}i\Xj
[\I\jgfejXY`c`[X[JfZ`Xc:figfiXk`mX#J\^li`[X[p
8dY`\ek\#C\^Xc#Gif[lZZ`e#DXib\k`e^#=`eXeqXj#
I\Zlijfj?ldXefjp:fdle`ZXZ`e#X[\d}j[\le
gifm\\[fi\ok\iefhl\gi\jkXjljj\im`Z`fji\Zfg`cXe[fp
[Xe[f]fidXXcX`e]fidXZ`egifm`jkXgficXZfdgXŒˆX%
<c:fd`k„<[`kfi`Xck`\e\cXd`j`e[\d\afiXi\ci\gfik\
Zfe„e]Xj`j\ecX[\]`e`Z`e[\Zl}c\jjfejljXl[`\eZ`Xj
gi`dXi`Xj#Xdgc`Xe[fjlZfY\ikliX#Zfdle`ZXe[fZdfcX
\dgi\jXX]ifekXcfjXjlekfjgi`fi`kXi`fjp\cZfek\e`[f
[\ci\gfik\#XZfdgXŒX[f[\leXd\afiXi\cXZ`feX[XZfe
cX\ogXej`e[\jljcˆd`k\j%
<e?fcZ`d<ZlX[fiJ%8%dXek\e\dfjlej\^l`d`\ekf
[\cfjXjg\Zkfjd\[`Yc\j#ZfdfgXik\[\kf[fcfhl\
_XZ\dfj%
El\jkifi\gfik\[\c)'(*gi`eZ`gXcd\ek\k`\e\
[fj}i\Xj[\\e]fhl\1d\kXj[\jfjk\e`Y`c`[X[
pZfdgifd`jfZfecXjgfcˆk`ZXj[\XZZ`e\e
i\jgfejXY`c`[X[jfZ`XcZfigfiXk`mX%
<mXclXZ`e[\d\kXj[\jfjk\e`Y`c`[X[
[\?fcZ`d<ZlX[fiJ%8%
El\jkiXjd\kXj\jk}eXc`e\X[XjZfecXjd\kXj[\?fcZ`d
Xe`m\c^cfYXc#\ei\cXZ`eZfecfjj`^l`\ek\j\c\d\ekfj1
› I\[lZZ`e\ele),[\cXj\d`j`fe\j[\:F)
Zfei\jg\ZkfXcXj\d`j`fe\j[\(00'_XjkX
\c)'(,#ZfdfgXik\[\cXd\kX[\c>ilgf
?fcZ`dXe`m\cdle[`Xc%D\kXZldgc`[X%
› <IKR<d`jj`feI\[lZk`feKXi^\kjT1i\[lZZ`e[\c
)'_XjkX\c)')'Zfei\]\i\eZ`XXc)''+%
› JF)%
› EFO%
› DXk\i`XcgXik`ZlcX[f%
› DXek\e\ipd\afiXi\c\dgc\f[\
ZfdYljk`Yc\jXck\ieXk`mfj%
<jkfj\c\d\ekfjjfecXYXj\gXiXd`e`d`qXicX_l\ccX
XdY`\ekXc[\cXjfg\iXZ`fe\j[\?fcZ`d<ZlX[fiJ%8%
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
-(
<jkl[`f[\dXk\i`Xc`[X[
<c\jkl[`f[\dXk\i`Xc`[X[[\?fcZ`d<ZlX[fiYljZX
ZfefZ\iXgif]le[`[X[cXj\og\ZkXk`mXjpm`j`fe\j
hl\k`\e\eel\jkifj^ilgfj[\`ek\i„j`ek\iefj
p\ok\iefj#d\[`Xek\leXdl\jkiXj`^e`]`ZXk`mX
\ek„id`efjZlXek`kXk`mfjpZlXc`kXk`mfj%El\jkiX
]`eXc`[X[\j\jkXYc\Z\igifZ\jfjjfjk\e`Yc\j\e
cfje\^fZ`fj#ZfekXe[fZfeleX`[\ek`]`ZXZ`e
ZfeZi\kX[\ce`m\c[\`e]cl\eZ`Xhl\[\k\id`eX[fj
^ilgfjgl\[Xek\e\i\eel\jkiXjfg\iXZ`fe\j%
ZfigfiXk`mX%Gfjk\i`fid\ek\#j\\jkXYc\Z`leX
gi`fi`qXZ`egXiX[\k\id`eXicXi\c\mXeZ`X[\jlj
df[fj[\`ek\iXZZ`e%D\[`Xek\\eZl\jkXjp^ilgfj
]fZXc\jj\\jkXYc\Z`cXdXki`q[\dXk\i`Xc`[X[
Zfecfjj`^l`\ek\j^ilgfj[\`ek\i„j1
›
›
›
›
›
›
›
Gfi\ccf#]l\gi`dfi[`Xc`[\ek`]`ZXiXcfj^ilgfj
[\`ek\i„jX\]\Zkfj[\^\jk`feXipZfdle`ZXicX
^\jk`e[\jfjk\e`Y`c`[X[pi\jgfejXY`c`[X[jfZ`Xc
KiXYXaX[fi\j%
=iXehl`Z`X[fj;`j\ejX%
Gifm\\[fi\jpZfekiXk`jkXj%
:c`\ek\jpZfejld`[fi\j%
>fY`\iefeXZ`feXc%
:}dXiXj%
D\[`fj[\Zfdle`ZXZ`e#XZX[\d`XpFE>j%
Cfji\jlckX[fj[\c\jkl[`fj\i\]c\aXe\e\cj`^l`\ek\ZlX[if1
8jg\ZkfjZfejlckX[fj
>fY\ieXeqX
Gfcˆk`ZXj[\e\^fZ`f
Zfe]`XeqX#kXi`]Xj#i\^lcXZ`e#
Zfdg\k\eZ`X#II??
KiXejgXi\eZ`X$\hl`[X[
<jk}e[Xi\j[\ZXc`[X[
$@eefmXZ`e
:XeXc\j[\Zfdle`ZXZ`e
I\cXZ`feXd`\ekfZfe
jkXb\_fc[i\j
Jfjk\e`Y`c`[X[
@dgfikXeZ`X
gXiXcfj
jkXb\_fc[\ij
@em\ij`ejfZ`Xc
D\[`fXdY`\ek\XZZ`fe\j#
`em\ij`fe\j#ZXgXZ`kXZ`fe\j
8gfik\Xc[\jXiifccf
\Zfed`ZfpjfZ`Xc
@dgXZkf\ecX
^\jk`e[\
?fcZ`d<ZlX[fi
JfZ`Xc
JXcl[pJ\^li`[X[
FZlgXZ`feXc
:XgXZ`kXZ`fe\j$
=fidXZ`ep<mXclXZ`e
<hl`c`Yi`fcXYfiXcg\ijfeXc
$@eZclj`e]Xd`c`Xi
:fe[`Z`fe\j[\kiXYXaf
>\jk`eII??#XdY`\ek\
pY`\e\jkXicXYfiXc
:i\Z`d`\ekfgif]\j`feXc
-)
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
@dgfikXeZ`XgXiXcfj^ilgf
[\`ek\i„j`ek\iefj
Dlp
YXaf
9XaX
D\[`X
8ckX
@dgfikXeZ`XgXiXcfj^ilgf
[\`ek\i„j\ok\iefj
Dlp
XckX
Dlp
YXaf
9XaX
D\[`X
8ckX
Dlp
XckX
<jXjˆhl\#XcZfefZ\icXj\og\ZkXk`mXjpi\hl\i`d`\ekfj
[\el\jkifj^ilgfj[\`ek\i„j#_\dfjgcXek\X[fcfj
j`^l`\ek\jZfdgifd`jfj1
CXgi`fi`qXZ`ek`\e\ZfdfYXj\cX\mXclXZ`e[\c
`dgXZkfgfk\eZ`XcgXiX?fcZ`d<ZlX[fiJ%8%]`eXeZ`\iff
i\glkXZ`e %<cgifZ\jf`eZclp\#g\ifefj\c`d`kX#X1
› =fikXc\Z`d`\ekf[\el\jkifjZXeXc\j[\Zfdle`ZXZ`e
Zfekf[fjel\jkifj^ilgfj[\`ek\i„j%
› ;`]lj`e[\cXjXZZ`fe\jhl\i\Xc`qXdfj[\ekif[\c
ZXdgf[\cXjfjk\e`Y`c`[X[%
› @eZclj`e[\cfj^ilgfj[\`ek\i„j[\cXZX[\eX[\mXcfi#
\ecXZfejkilZZ`e[\Yl\eXjgi}Zk`ZXj%
› >\e\iXZ`e[\[`}cf^fpXc`XeqXj#gi`eZ`gXcd\ek\Zfe
^fY`\iefjcfZXc\j\e[fe[\j\\eZl\ekiXeel\jkiXj
fg\iXZ`fe\j%
› <eki\m`jkXjZfecXjZfdle`[X[\jpjljcˆ[\i\j#ZfecX
gXik`Z`gXZ`e[\cXj^\i\eZ`Xj&a\]XkliXj[\GcXekXj[\
cXj}i\Xj[\`e]cl\eZ`X%
› J\j`fe\jgXiX\mXclXZ`e[\k\e[\eZ`Xj\eXjg\Zkfj[\
i\jgfejXY`c`[X[jfZ`Xc%
› <eki\m`jkXjZfecˆ[\i\jeXZ`feXc\j#j\c\ZZ`feX[fj\e
k\dXj[\i\jgfejXY`c`[X[jfZ`Xc%
?fcZ`d<ZlX[fiJ%8%gi`fi`qXp\mXc’Xcfjel\mfjp
XZklXc\jgifp\Zkfj[\i\jgfejXY`c`[X[jfZ`XcgXiX
Xj\^liXihl\cfji\Zlijfjj\Xe\e]fZX[fj\ei\jfcm\i
gi`fi`[X[\j[\cXjZfdle`[X[\jZfeXckfe`m\c[\`dgXZkf%
<jk\gifZ\jf[\gi`fi`qXZ`ekXdY`„eXj\^liXhl\cX
ZXek`[X[pZXc`[X[[\cfji\Zlijfjj\XecfjX[\ZlX[fj
gXiXcf^iXi\c„o`kf\ecXX[d`e`jkiXZ`e[\cfjgifp\Zkfj%
<ealc`f[\c)'(*j\cc\mXZXYflekXcc\iZfecXjgXik\j
`ek\i\jX[Xj#gXiXi\c\mXicX`e]fidXZ`e\ecfjXjg\Zkfj
[\jXcl[pj\^li`[X[fZlgXZ`feXc#Zldgc`d`\ekfc\^Xc#
`emfclZiXd`\ekfZfdle`kXi`f#gi}Zk`ZXjcXYfiXc\j#ljf
[\cX^lX#`e]cl\eZ`X\ecXY`f[`m\ij`[X[p\d`j`fe\j
Xkdfj]„i`ZXj%
CX\mXclXZ`e[\dXk\i`Xc`[X[gXiX\c[\jXiifccf[\
\jk\i\gfik\gl\[\jldXi`Xij\\ecX`cljkiXZ`ehl\j\
dl\jkiXXZfek`elXZ`e1
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
-*
Cˆd`k\jpXcZXeZ\j[\ci\gfik\
<jk\i\gfik\ZlYi\kf[XjcXjfg\iXZ`fe\j[\?fcZ`d
<ZlX[fiJ%8%X[d`e`jkiX[Xj[\j[\\c([\\e\if_XjkX\c
*([\[`Z`\dYi\[\c)'(*%
Efj\i\^`jkiX`e]fidXZ`ejfYi\e\^fZ`fjZfealekfj
`e_djl[djkh[ip]`c`Xc\j#\eki\fkiXj#hl\gl\[Xe
X]\ZkXiXcXZfdgXiXY`c`[X[\eki\g\i`f[fjf\eki\
fi^Xe`qXZ`fe\j%
K„Ze`ZXj[\d\[`Z`e[\[XkfjpYXj\j[\Z}cZlcf
FWhWbWi[lWbkWY_ed[iZ[h[ifediWX_b_ZWZieY_WbYehfehWj_lW
i[kj_b_pWdbWii_]k_[dj[i^[hhWc_[djWi0
:JIJlim\p1\jk\Zl\jk`feXi`fgifm\\[\`e]fidXZ`e
i\c\mXek\gXiXXj\^liXicXX[d`e`jkiXZ`e[\el\jkifj
gif^iXdXj\`dgXZkfjjfZ`Xc\j[\]fidX\]\Zk`mX#
g\id`k`„e[fefjd\afiXi\eel\jkiXj}i\XjZcXm\j%
-+
I\gfik\[\;\jXiifccfJfjk\e`Yc\)'(*
JfZ`Xc<e^X^\d\ekJZfi\ZXi[J<J 1\jleXd\kf[fcf^ˆX
hl\efjg\id`k\\mXclXij`legifp\Zkf\ji\c\mXek\
gXiXcfjXZkfi\j`emfclZiX[fj[\[\k\id`eX[XcfZXc`[X[
lfg\iXZ`e#Zfe]fid\XcfjfYa\k`mfj[\cXZfdgXŒˆXp
gifZliXe[fjld}o`df`dgXZkf%<cJ<J[\Y\j\iXgc`ZX[f
\ekf[fjcfjgifp\Zkfjhl\i\gi\j\ek\eXcd\efj\c.'
[\cgi\jlgl\jkf[\i\jgfejXY`c`[X[jfZ`XcZfigfiXk`mX[\
?fcZ`d<ZlX[fiJ%8%
J`jk\dX`ek\^iX[f[\j\c\ZZ`e#gcXe`]`ZXZ`e#
dfe`kfi\f#\mXclXZ`epZfdle`ZXZ`e$J@JD<:
[\cX=le[XZ`e?fcZ`d<ZlX[fi1\jleZfealekf[\
Zfdgfe\ek\j#gifZ\jfj\`ejkild\ekfjhl\^lXi[Xe
\jki\Z_XZf_\i\eZ`Xpi\cXZ`ephl\g\id`k\e^\jk`feXi#
i\Zfc\ZkXi#XeXc`qXi#\mXclXipgifZ\jXi`e]fidXZ`e#
Zfdle`ZXe[fcfji\jlckX[fj\`dgXZkfj[\cfjgifp\Zkfj
\a\ZlkX[fjpXgfpX[fjgficX=le[XZ`e?fcZ`d<ZlX[fi#
YiXqf\a\Zlkfi[\cXjXZZ`fe\j[\i\jgfejXY`c`[X[jfZ`Xc
ZfigfiXk`mX[\el\jkiX\dgi\jX%
>ilgf[\kiXYXaf
;\?fcZ`d<ZlX[fi
:\d\ekf
DXiZ\cf:`jk\ie`ef
=`eXeqXj
=\ieXe[f9XkXccXj
IfY\ikf=`^l\ifX
Gi`jZ`ccX:„cc\i`
C\^Xc
If[i`^f:fejkXek`e\
DXib\k`e^p:fd\iZ`Xc
O`d\eX9iXmf
DXi`f:}Z\i\j
GXfcXDXklk\
F?J
>`XeZXicfDlŒfq
E\cjfeEXim}\q
NXck\i>feq}c\q
Cl`jDXel\cIf[iˆ^l\q
I\Zlijfj?ldXefj
8e[i„j8ek\gXiX
DXi`lo`D`iXe[X
GXki`Z`XIl^\c
I\jgfejXY`c`[X[JfZ`Xc:figfiXk`mX
DXiˆX9\c„e9\eˆk\q
<cZ`iX:\[\Œf
JXjb`X@qli`\kX
Jld`e`jkifj
GXYcf9`kkXi
8j\jfiˆXk„Ze`ZXpj`jk\dXk`qXZ`e[\`e]fidXZ`e
>ljkXmfIfaXj#@EI@JB8
<[`Z`e
DXiˆXCl`jX:Xii`e#?fcZ`d<ZlX[fi
;`j\Œf
<i`bX@qli`\kX#8hl\cXii\:fdle`ZXZ`eM`jlXc
:fgpi`^_k)'(+Ÿ?fcZ`d<ZlX[fiJ%8%$Kf[fjcfj[\i\Z_fji\j\imX[fj%
Holcim Ecuador S. A.
Urbanización San Eduardo I
Av. Barcelona, edificio El Caimán, piso 2
Casilla 09-01-04243
Guayaquil, Ecuador
[email protected]
www.holcim.com.ec
Telf.: (593-4) 3709000
10/14
Tiraje: 300 impresiones.
© 2014 Holcim Ecuador S. A.
Esta es una publicación del área de Comunicación de Holcim Ecuador S. A.

Documentos relacionados