CW]]_e(&&.
*
HejedZ[_dkj_b_
[d_[dj[ijhWZ[Wbj[hdWj_l[0
_bYWei„i[hl_je
75$)),&2$(5(2
Kd\hWijkedeY^[il[]b_W
bW][dj[[_dj[hhecf[
b[b[p_ed_(&lebj[WbZˆ
B[hejj[Wdj_hkceh[Y_iWh[XX[hefkh["cWhWhWc[dj[
l[d]edeh_if[jjWj[$;Wi[dj_h[b[kbj_c[kiY_j[Z[b
fh[i_Z[dj[Z[bbWFhel_dY_WH[dp_"Y^[lehh[XX[fehjWh[
_bdkc[heZ_fWii[]][h_Wbb½WddeZW(W.c_b_ed_"ZW
gk[ij[fWhj_jh[cWde$
:WWdd_„fh[i[dj[kdYec_jWjeZ_Y_jjWZ_d_Y^[
bejjWdef[hfehjWh[Wbb½Wjj[dp_ed[Z_Y^_Z_Zel[h[
bWgk[ij_ed[$?dgk_dWc[djeWYkij_Ye"_dgk_dWc[dje
Wjcei\[h_YeZelkjeWZW[h[_[ZWjhW\\_YeW
j[hhW_dZejjeiedefheXb[c_h[Wb_$FheXb[c_Y^[
YedZ_p_edWde\ehj[c[dj[bWl_jWgkej_Z_WdW$
FhelWj[WY^_[Z[h[W]b_Wbkdd_eWbb[_di[]dWdj_
Z[bbWiYkebWFWebeKYY[bbe0_bhecXeZ[]b_W[h[_ded
f[hc[jj[Z_fWhbWh[[Z_WiYebjWh[jWdje„\ehj[$;ded
kdWlebjW0c[Z_Wc[dj["Wbc[del[dj_lebj[d[bYehie
Z_kdWcWjj_dWjW$
B[hejj[Wdj_hkceh[Y_iede0f[hY^ƒdedl[d]ede
h_if[jjWj[5
;i[ZWll[hegkWZhkfb_YWii[_bjhW\\_Ye"i_Wlh[XX[
h[Wbc[dj[kd_dZejje
_dj[hc_d_WdY^[
[Yedec_Y_[ded
iebe_dj[hc_d_Z_
_dgk_dWc[dje5
¯H[dp_Zelh[XX[l[d_h[
WijWh[f[hgkWbY^[
j[cfeZWgk[ij[fWhj_
fh_cWZ_fWhbWh[¸
Z_YedeWbYkd_WX_jWdj_
Z[bbWpedW¸f[hY^ƒ
kdW[hefehje_dY_jj}"
fhWj_YWc[dj[Z[djhe
bWY_jj}"fhWj_YWc[dj[
ded[i_ij[_d;khefW°$
D[b]_heZ_gkWbY^[
Y[dj_dW_eZ_Y^_bec[jh_
Wlh[cceYeiˆjh[
W[hefehj_Yec[
8ebe]dW"F_iW[<_h[dp[$
Kdfe½f_’]_’"HecW$
¯:el[ijWbWbe]_YW_d
jkjjegk[ije5°$
?BH;FEHJ7=; +
?D#<EHC7G+Åh[dp[
L_WF_ije_[i["l_W]]_ejhWW[h[_"Wc_Wdje9$
L_WF_ije_[i["l_W]]_ejhWW[h[_"Wc_Wdje9$
4QQ^^YcYcU^dU`Qb\QbUTYbYaeQ\YVYSQjY_^UUTY²SU^db_Ve_bYTQ\SU^db_³DeddQ\Qj_^Q`Ub‡~QVV\YddQTQdQ^dY`b_R\U]YCYQ]_cdQdYQfUTUbUUcU^dYbUaeQ\Yc_^_
4QQ^^YcYcU^dU`Qb\QbUTYbYaeQ\YVYSQjY_^UUTY²SU^db_Ve_bYTQ\SU^db_³DeddQ\Qj_^Q`Ub‡~QVV\YddQTQdQ^dY`b_R\U]YCYQ]_cdQdYQfUTUbUUcU^dYbUaeQ\Yc_^_
F_W\YQ]_]UddUb\YY^_bTY^UQ\VQRUdYS_/3Y
`b_fYQ]_1]YQ^d_1UbUY2QbbYUbUQbSXY
dUdd_^YSXU3_^W\_RYd6Ubb_fYQ9^SYTU^dY
@b_]UccUB_d_^TUC]_WDbU^YFYQRY\Ydw
FU^YbUQSQ`_TQ^T_e^SUbd_VY\_\_WYS_Q
deddYYWeQYTY@UbUd_\QUc_`bQddedd_TU\\Qj_^Q
Y^d_b^_QfYQ@Ycd_YUcU^_^~cU]`\YSUÄQ^jY
e^µ_`UbQjY_^U`Yedd_cd_S_]`\UccQ@UbSX}~
aeYSXUcYbYcS_^dbQ^_^U\\QfYdQae_dYTYQ^Q
deddU\U]Q^SQ^jUTYe^cYcdU]QSXUXQVQdd_
QSaeQ+]Q^SQ^jUSXUfU^W_^_Y]]Q^SQRY\
]U^dU`QWQdUTQYSYddQTY^YSXUcYdb_fQ^_Q
cS_^dbQbcYae_dYTYQ^Q]U^dUS_^\US_^cUWeU^
jUTU\\U]Q^SQ^jUTU\cYcdU]Q?`UWWY_S_\
cYcdU]QcdUcc_SXUY\`YŒTU\\Uf_\dUS_]`\YSQ
\US_cUY^fUSUTYbYc_\fUb\U
3UbSQbUe^VY\_\_WYS_TYSUfQ]_*`b_fYQ
]_SY
CUWeU^T_\Q\_WYSQcYSQ`YcSUSXUTQaeUcdU
`Qb dYcYQccYcdUQYbYce\dQdYTU\\µUc`Q^cY_^U
TU\\QSYddwfUbc_\Qj_^QY^TecdbYQ\U9^c_\
T_^Y*T_fU`bY]QSµUbQ^_c_\_VQRRbYSXUU
`_SXUSQcUY`b_R\U]YTYfYfYRY\YdwQfUfQ^_
_ffYQ]U^dUe^]Y^_bUY]`Qdd_=Q^]Q^_
SXU\USQcUYS_^T_]Y^Y\UfY\\UddUcYc_^_
QffYSY^QdU\Qj_^QY^TecdbYQ\U~Y^fUSU
bY]QcdQ`bUcc_SX}Y^fQbYQdQ5TUSS_SXU
^QcS_^_]_\dYTUY`b_R\U]YTY_WWY
<_WYSQf_bbURRUSXUY`YQ^YTYUc`Q^cY_^U
dUbbYd_bYQ\UdU^UccUb_S_^d_TYe^QfYcY_
^UW\_RQ\U3XUY`YQ^YbUW_\Qd_bYV_ccUb_
V\UccYRY\YSXUV_ccUb_`bUfYcdYcdbe]U^dY
TYY^dUb fU^d_bQ`YT_`Ub\QbYc_\ejY_^UTY
`b_R\U]QdYSXUSXUY^c_bW_^_^U\RbUfU
`UbY_T_
<_WYSQf_bbURRUSXUY\Re_^cU^c_Ve^WUccU
cU]`bUTQcdU\\Q`_\QbUUSXU\µY^dUbUccU
`UbY`b_R\U]YTU\\U`Ubc_^U^_^cYUcQe
bYccUe^Qf_\dQQ``_cdQ\QHce\\QcSXUTQ
U\Udd_bQ\U5c‚cYcQ*aeUcdYTYcS_bcYc_^_
c`Ucc_R_\\QdYS_^\QS_]_TQUdYSXUddQTU\
²aeQ\e^aeYc]_³TU\²`_`e\Yc]_³CYcQSXU
aeQ^T_cYQTT_ccQ^_S_\`UQ\\Q`_\YdYSQ
Q^jYQY`_\YdYSYcYfYU^UVQSY\]U^dU]Qb
SXYQdYS_]UaeQ\e^aeYcdY@UbSX}¨f_Y^_^
`_dUdUcQ`UbUdedd_aeU\\_SXUVQSSYQ]_U
S_^aeQ^dU`_SXUbYc_bcU©*aeQ^dUf_\dU
cYbYSUfUaeUcdQbYc`_cdQ/3YcYT_fbURRU
cU^dYbUaeQcYY^S_\`QY^aeQ\SXU]_T_
@UbSX}^_^SQ`YQ]_`UbSX}QTTYdYQ]_
4QaeUcdU`Qb dYYSYddQTY^YSXYUT_^_SXU
cYQ^_bYc`UddQdYY`b_`bYTYbYddY>_^cQ\W_^_
ceQ\RUbY^_^Y^cSU^Q^_`b_dUcdU`\QdUQ\Y
^_^R\_SSQ^_VUbb_fYUcdbQTU_QUb_`_b
dY¨1^SXUcU°TYSUe^QcYW^_bQ°V_bcU
T_fbU]]_Y^YjYQbUQ`U^cQbSYfYcd_S_]U
fQ^^_\US_cU©
9\S_]`_b dQ]U^d_TUYSYddQTY^Y~UcU]`\QbU
4Q]_\dU`Qb dYcY\UfQ^_c`Ucc_\Uf_SYTUY
fQbY\YfU\\YQ]]Y^YcdbQdYfYS_^db_\_cSQbc_
cU^c_SYfYS_TYV Vec_S_^db_\U`b_dUcdU
US\QdQ^dYS_^db_e^QddUWWYQ]U^d_^_^
S_cdbeddYf_4QaeUcdU`Qb dYY^fUSUYSYd
dQTY^YS_^TeS_^_\U`b_`bYURQddQW\YU^U\\U
cUTY`bU`_cdU5]_\d_c`Ucc_c_^_UccU
\UcUTY`bU`_cdUTU\\µ1]]Y^YcdbQjY_^UQ
^_^]Q^dU^UbUe^\YfU\\_QSSUddQRY\UTY
UTeSQjY_^USYfYSQ=Q^_Y^_^cQ``YQ]_
aeQ^dU^UXQ^^_TQVQbU5S_^aeQ^dY
`_SXYc_\TYcUc_\_cQ`UcdU
3YcYbYf_\WUQ\AeQb dYUbU4µQ\dbQ`Qb dU
^_^~aeUcdQ\QVe^jY_^U`bY]QbYQTU\3_^
cYW\Y_TYAeQb dYUbUcU^_^aeU\\_TYVe^WU
bUTQfUb_U`b_`bY_²c`_b dU\\_³`bUcc_\U
`Ubc_^UUW\YQRYdQ^dYUVQbcYSQbYS_TU\\Q
bYc_\ejY_^UTUY`b_R\U]YcUS_^T_e^Q
\_WYSQTYTUSU^dbQ]U^d_TU\\UVe^jY_^Y
Q]]Y^YcdbQdYfU/
CdQ^T_QaeU\\_SXUTYS_^_Q\Se^YTUW\Y
QRYdQ^dYTYfYQ@Ycd_YUcUS_^SeYQRRYQ
]_`Qb\Qd_^_^Ve^jY_^Q`b_`bY_S_c‚
¨AeU\\QSXUT_fbURRUUccUbUe^Q\_WYSQTY
cU]`\YVYSQjY_^U`UbY\SYddQTY^_Y\`YŒTU\\U
f_\dUcYdbQcV_b]QY^e^e\dUbY_bUWbQTY^_
TYS_^VecY_^U1^SXU`UbSX}Y\`YŒTU\\U
f_\dU^_^cYSQ`YcSUTYSXYcYQ\QbUc`_^cQ
RY\YdwTU\\UcYdeQjY_^YSXUcYSbUQ^_5cU
^_^\_cQ^^_\_b_SXY\_TUfUcQ`UbUY_
SXUX__ddQ^dQQ^^Y/©cYcV_WQe^cYW^_bU
]U^dbUY\ce_R_hUbVe\f_`e^dQ]Y^QSSY_c_
e^WQdd_^QcS_cd_TYUdb_Q\\UW_]]UTYe^Q
]QSSXY^Q
1`Qb dYbUTQ\AeQb dYUbU`_YcYSUbSQTY
`b_`_bbU\U`b_`bYUaeUcdY_^YQY\YfU\\Y
Q]]Y^YcdbQdYfYQcQ\YbU1ccUcc_bQdY@b_
Q]]Y^YcdbQdYfYQcQ\YbU1ccUcc_bQdY@b_
fY^SYQBUWY_^U=Q`YŒSXUcYcQ\U`YŒSXU
fY^SYQBUWY_^U=Q`YŒSXUcYcQ\U`YŒSXU
Qe]U^dQ\QTYV VYS_\dwTYU^dbQbUY^S_^dQdd_
Qe]U^dQ\QTYV VYS_\dwTYU^dbQbUY^S_^dQdd_
S_^\UYcdYdejY_^Y@b_R\U]QSXUT_fbURRU
S_^\UYcdYdejY_^Y@b_R\U]QSXUT_fbURRU
UccUbUbYc_\d__aeQ^d_]U^_QbWY^Qd_S_^
UccUbUbYc_\d__aeQ^d_]U^_QbWY^Qd_S_^
Y\TUSU^dbQ]U^d_Q]]Y^YcdbQdYf_1RRYQ]_
Y\TUSU^dbQ]U^d_Q]]Y^YcdbQdYf_1RRYQ]_
WYwcU^dYd_`Ub‡aeQ\UcYQ\µUV
VUddYfQbUQ\dw VUddYfQbUQ\dw
WYwcU^dYd_`Ub‡aeQ\UcYQ\µUV
TU\\US_cUcUS_^T_\QSYddQTY^Q^jQ
TU\\US_cUcUS_^T_\QSYddQTY^Q^jQ
FYfUbUQ@UbUd_\QY^fYQ@Ycd_YUcUS_^\U
FYfUbUQ@UbUd_\QY^fYQ@Ycd_YUcUS_^\U
ceU]Y\\UcdbQTY^UY^dUb^US_Yce_Y]Y\\U
ceU]Y\\UcdbQTY^UY^dUb^US_Yce_Y]Y\\U
S_^T_]Y^YU`Q\QjjY^_^~cU]`\YSU¨³FQY
S_^T_]Y^YU`Q\QjjY^_^~cU]`\YSU¨³FQY
fQYSXUfQYQfYfUbU^U\fUbTU³]YQfUfQ^_
fQYSXUfQYQfYfUbU^U\fUbTU³]YQfUfQ^_
WYQbTY^YceWYQbTY^YY`_\YdYSYSQ`YccUb_aeQ
\Yc_^_\UUcYWU^jUbUQ\YTU\\QWU^dU©
Äe^bQWQjj_SXU`Qb\QQTUcc_7QRbYU\U
U\QceQQ^Q\YcY~`e^WU^dU*¨9^fUSUTYVQbU
b_d_^TUSXUfU^W_^_ReddQdUWYŒT_`_TeU
]UcYY^fUSUTYVQbUdQ^dY`b_S\Q]YY^fUSUTY
`Qb\QbUQfQ^fUbQcQbURRUV_bcU`YŒ_``_bde
^_SXUaeUcdU`Ubc_^UfU^YccUb_QTQRYdQbU
TQaeUcdU`QbdY`UbaeQ\SXUdU]`_SXUc_
e^`QY_TYcUddY]Q^U6_bcUcYbU^TUbURRUb_
S_^d_TYaeU\\_SXU~TQffUb_Y]`_bdQ^dU`Ub
e^QfYdQ²^_b]Q\U³cYbU^TUbURRUb_S_^d_
TYaeQ^d_cY`_dbURRUVQbUUTYS_]UVQb\_
@Qb\Q^_TY`b_WUddY`QbdUSY`QdY`_YfYU^U\Q
`bUcYTU^dUTU\A%USY`bUcU^dQY\Qf_bY`Ub
S_]UfUbbQ^^_VQddYcU^jQ`_ccYRY\YdwTY
Y^dUb fU^d_cQ\f_`_YbU^TUbcYS_^d_SXUcU
QfUfQ^_QcS_\dQd_TQffUb_\QWU^dUQfbURRUb_
bYc`Qb]YQd_dU]`_bYc_bcUUQ^SXUe^`_µ
TU\\Q^_cdbQ`QjYU^jQ©
7QRbYU\U~e^VYe]UY^`YU^Q*¨4_fbURRUb_
QcS_\dQbSY^U\]_]U^d__``_bde^_@UbSX}
`_YaeQ^T_SXYUTYQ]_c_\ejY_^YQYWeQYSXU
S_]RY^Q^_Q\\_bQc‚SXUTYbYc`_cdU^_^cU
^UfUT_^_?VQ^^__bUSSXYTQ]UbSQ^dU_
^_^cYcQTYSXY~\QbUc`_^cQRY\Ydw_``ebU
TYS_^_SXUcdQ^^_`b_ffUTU^T_U`_Y^_^cY
fUTU^Ucce^_
Äe^QcYdeQjY_^U`Ub^_YSXUfYfYQ]_Y^
TU\3_]e^U1\\QVQSSYQTU\fUbTU©TYSU
e^QcYW^_bQQ``U^QecSYdQTQVQbU\Qc`UcQ ]Ujj_QQUbUYSXU`Qbd_^_UQbbYfQ^_Y^
]Ujj_e^dbQVVYS_Y^VUb^Q\UcU^jQ`_ccYRY\Y
¨3Yc_^_`b_R\U]YQ_W^YQ^W_\_U^_^]Y
`QbUSXUSYcYQT_`UbY`UbbYc_\fUb\Y5``ebU dwTYQ\dbUcdbQTUY^]Ujj_Q\\µQ]YQ^d_UQ
SXYccwaeQ\YQ\dbY`b_R\U]Y~e^QcYdeQjY_^U
aeQ^T_TUf_`QWQbU\µQV VYdd_WeQYQcWQbbQ
Y^c_cdU^YRY\U©
bUTYe^WY_b^_©
9^c_]]Q`UbTYb\QS_^3U\U^dQ^_²\wT_fU <_bUTQ^Q`_b dQY\RQ]RY^_Q`QccUWWY_
SµUbQ\µUbRQ_bQSµ~e^QSYddw³E^QSYddwVQddQ ^U\\QSQbb_jjY^Q*¨CQ``YQ]_SXU^_^cYQ]_
TYSQcUSXUfUT_^_Y\\_b_`bUjj_TY]Y^eYbU Y\SU^db_TU\]_^T_USXUcYSebQ]U^dUSY
c_^_Q\dbU]Y\\UcYdeQjY_^YS_]U\U^_cdbU
S_cdQ^dU]U^dU
9\`e^d_~*SXY\YTUfUbYc_\fUbUY`b_R\U]Y/
@_YSX}YSYddQTY^YcYY^dUbUccQ^_Q\\Q\_b_
=YfYU^UTQ`U^cQbU°S_^dY^eQ<_bUTQ^Q
fYdQQ\S_^dbQbY_TYaeQ^d_cY`_ccQ`U^
°SXUV_bcUcQbURRU`YŒcU]`\YSUcUTU\U
cQbU~cdQdQS_]]YccY_^QdQe^QbYSUbSQ
dUbbYd_bYQ\UQTe^µY]`_b dQ^dUQWU^jYQY]]_ WQccUb_TYbUddQ]U^dUQ^_Y\UbYc_bcU`Ub
RY\YQbUTU\\Qj_^Q9bYce\dQdY^_^c_^_SUb d_ VQbUY\Qf_bYU\Q\_b_WUcdY_^UCU`_Y^_^
TUY`YŒS_^V_b dQ^dY*Y\fQ\_bUTUW\YY]]_RY\Y Q^TQccURU^U^U]]U^_Y^aeUcd_]_T_
Q\\_bQQbbU^TYQ]_SY=Q^_^SbUT_SXU
TU\\Qj_^QceRYcSU]UTYQ]U^dUe^QbYTe
Q^TbURRU`UWWY_TYQTUcc_>_^`U^c_
jY_^UTYSYbSQY\!%E^fQ\_bUUS_^_]YS_
`b_`bY_©
SXUSQTUc_dd_YS_\`YTU\\_c]_WQSecdYS_
TUW\YQUbUYUTYaeU\\_TU\\U]YSb_`Qb dYSU\\U 9^dU]`YTY\UWXYc]_TY\QWQ^dUY^c_]]Q
QYSYddQTY^Y^_^TYc`YQSUbURRUQV VQdd_cUU^
TUYSQ]Y_^SXUdbQ^cYdQ^_ae_dYTYQ^Q]U^
dbQccU^U\\µQWU^TQ`_\YdYSQe^VUTUbQ\Yc]_
dU+TUYdbU^YSXU`QccQ^_Q_W^Y_bQQ`_SQ
TYcdQ^jQTQ\\UQRYdQjY_^YcU^jQe^QRQbbYUbQ VYcSQ\U²UcdbU]_³+Y\VUTUbQ\Yc]_Y^TYfY
TeQ\USUb d_bYc_\fUbURRU]_\dY`b_R\U]Y
V_^_Qcc_bRU^dUTU\\µQ]YQ^d_SXUcUcdQ\‚
1\]U^_QSXYcU\_`e‡`Ub]UddUbUCU
TQQ^^YUSXU^_^_cdQ^dUYbY`UdedYQ\\Qb]Y
Q^SXU\QcUTUTU\]QccY]_TUSU^dbQ]U^d_
UTU\\UcU^dU^jUSXYccw`UbaeQ^dYQ^^YSY
Q]]Y^YcdbQdYf_QddeQ\Ue^AeQb dYUbU~
bY]Qbbw
<QcYdeQjY_^UTY@UbUd_\QTYfYQ@Ycd_YUcU~ fYcdQUfYccedQc`Ucc_S_]Udb_``_TYcdQ^
dUTQ\SYddQTY^_UTQYce_Y`b_R\U]YbUQ\Y
e^Wb_ddUcS_bYdbQdd_TYdQ^dUS_cUSXU^_^
fQ^^_]QSXU`_dbURRUb_Q^TQbU¨cUc_\_ `_YSYSXYUTYQ]_aeQ\YcYQ^_Y]_dYfYTU\
ceSSUcc_U\Udd_bQ\UTYe^`Qb dYd_S_]U\Q
Q^jYSX}VQbSYS_^dU^dYS_^e^`QY_TYQ\RUbY
<UWQ>_bT/
`YQ^dQdYaeQU\w_]Y\\UY^QeWebQjY_^YTY
9,$'(/3(6&,2/,12
$0,$172
Kda_bb[hWdYehWf_’_dl_i_X_b["i[dedbei_lkebl[Z[h[
%JDPOP j'JODIÏ Ò JOUBUUP OPO MP UPDDIJ
FOPOMPSFTQJSJOPOGBOVMMBx%PNBOEB
MFHJUUJNBj$PNFGBDDJPBTBQFSFTFOPOMP
SFTQJSP x5FOFBDDPSHJDFSUPEBMMFDBSUFM
MFDMJOJDIFEPQPNBHBSJWFOUJBOOJJODVJ
TFJTUBUPUSBORVJMMP
4VMMBNJBOUP TJ Ò PSNBJ EFUUP F TDSJUUP
UBOUP$IFTJBVOQSPCMFNBEBOPOTPUUP
WBMVUBSFBO[JEBSJTPMWFSFÒDPNQSPWBUP
EBTFOUFO[FQFOBMJ(PSJ[JBBQSJMFQSJNB
DPOEBOOBQFSPNJDJEJPDPMQPTP
FEBTUV
EJDPNNJTTJPOBUJOPOVMUJNPMBNBQQBUV
SBGBUUBSFBMJ[[BSFEBMMB3FHJPOF
&QQVSF EB RVFTUF QBSUJ DF OÒ &DDPNF
TFDFOÒ&MFQFSTPOFTPOPQSFPDDVQBUF
TFNQSFEJQJá-BUUFO[JPOFFMFEFOVODFTJ
DPODFOUSBOPTQFDJBMNFOUFTVEVFMVPHIJ
TQFDJmDJ MFY PMFJmDJP /VDDJ F MBSFB FY
(PWFS
&YPMFJmDJP/VDDJRVBOEPGVTHPNCFSBUP
JM TFUUFNCSF GV JMMVTUSBUP DPNF
jJNQPSUBOUF QBTTP WFSTP MJOUFSB SJRVB
MJmDB[JPOF EFMMB [POBx EBMMB 1SFTJEFOUF
EFM 2VBSUJFSF F EBMMBTTFTTPSF #JBHJ
DIF BMMVOJTPOP CSJOEBSPOP BMMB jFMJNJ
OB[JPOF EJ VOP EFHMJ TUPSJDJiCVDIJ OFSJw
JODJUUËxFEBOOVODJBOEPDIFBCSFWFMB
QSPQSJFUËBWSFCCFJOJ[JBUPMBEFNPMJ[JPOF
EFMMBTUSVUUVSBFMBDPTUSV[JPOFEJBMMPHHJ
HJBSEJOJFQJB[[F"EJTUBO[BEJPUUPNFTJ
MP TDIFMFUSP CSVDJBUP EJ RVFMMP DIF GV
MPMFJmDJP/VDDJQSJNBDIFVOJODFOEJPMP
EFWBTUBTTFDPMTVPDBSJDPEJDPQFSUVSFJO
BNJBOUPTFOFTUBMÖCVPOPCVPOP
/FMMB TUFTTB PDDBTJPOF OPO TGVHHÖ BMMF
EJDIJBSB[JPOJ DPNF GPTTF jOFDFTTBSJP
BEFTTP DPODFOUSBSTJ TV VO BMUSB QBSUF
EFM UFSSJUPSJP WJB EFM 1FTDJPMJOP -Ö TPOP
TPSUF DBTF F TFSWJ[J NB TPOP SJNBTUJ
JO QJFEJ DBQBOOPOJ DIF DPTUJUVJTDP
OP GPOUF EJ EFHSBEP BNCJFOUBMFx
0HHJPUUPNFTJEPQPMBSJTQPTUBEFMM"N
NJOJTUSB[JPOFSJHVBSEPMBSFBFY(PWFSEJ
WJB EFM 1FTDJPMJOP Ò j-B TUSVUUVSB Ò TUBUB
NFTTBJOTJDVSF[[Bx
6OPTJBTQFUUBDIFQFSTJDVSF[[BTJJOUFO
EBiCPOJmDBwEFMMBSFB1PJTJTDPQSFJOWF
DFDIFMBTJDVSF[[BÒVOBSFUFQSPUFUUJWB
DIF OPO QSPUFHHF OVMMB DIF QFSNFUUF
USBORVJMMBNFOUF MBDDFTTP B TFO[BUFUUP
DIF TJ JOTFEJBOP BMMJOUFSOP EFMMB TUSVU
UVSB BDDFOEFOEP GVPDIJ QSPWPDBOEP
JODFOEJ F UFSSPSF OFM WJDJOBUP DPNF
DBQJUBUP MFTUBUF TDPSTB $PNF TF OPO
CBTUBTTF B mBODP EFJ TFUUBOUB NFUSJ EJ
FEJmDJPDPQFSUJEBFUFSOJUTUBTPSHFOEP
VO HJBSEJOFUUP 1PDIJ NFUSJ QJá MË FE
FDDPVOBTJMPFVOBTDVPMBNBUFSOB
%BMUSPOEFTJTBj'JODIÏÒJOUBUUPOPOGB
OVMMBx1FOTBUFUSFOUBBOOJGBOPOGBDFWB
OVMMBOFBODIFTCSJDJPMBUP
C[ppef_[de
ec[ppelkeje"
gk[ije„_bfheXb[cW
/VPWB QVOUBUB EJ RVFMMB DIF Ò PSNBJ EJWFOVUB VOBiTBHBw
RVFMMBEFJGVNJJSSJUBOUJJOWJBEFM1FTDJPMJOP&DDPMFVMUJNFOP
UJ[JFUJQJDBNFOUFEBCJDDIJFSFNF[[PWVPUPPNF[[PQJFOP
$POVO"UUPEJSJHFO[JBMFEFMGFCCSBJPMB1SPWJODJBEJ
'JSFO[F10(FTUJPOF3JmVUJF#POJmDBTJUJJORVJOBUJQSPDFEF
BMMBiDBODFMMB[JPOFEBMSFHJTUSPQSPWJODJBMFFEBHMJFMFODIJEFM
DFOTJNFOUPEFMQJBOPCPOJmDIFJNQJBOUPEJSFDVQFSPSJmVUJ
<>VCJDBUPOFM$PNVOFEJ'JSFO[FWJBEFMM"SHJOHSPTTPEFMMB
EJUUB$POHMPCJU4QBw
6OPUUJNBOPUJ[JBQFSHMJBCJUBOUJQFSMBSFBMJ[[B[JPOFEJCJUV
NJOPTJ$POHMPCJUOPOQPUSËQJáVUJMJ[[BSFFUFOFSFBHJBDFO[B
NBUFSJBMFEJSFDVQFSPPTTJBDBUSBNFHSBUUBUPWJBEBMMFTUSBEF
EB SJGBSF F QFS RVFTUP CFMMP [FQQP EJ QJPNCP F UBOUF BMUSF
CFMMF TPTUBO[F OPDJWF 6OB CVPOB OPUJ[JB DIF IB SBMMFHSBUP
HMJBCJUBOUJEJWJBEFM1FTDJPMJOPDIFmOBMNFOUFOPOIBOOP
QJáTFOUJUPOFMMBSJBRVFMMPEPSFEPMDJBTUSPRVFMMBQV[[BDIFTJ
BQQJDDJDBBEEPTTPFDIFUJGBQJ[[JDBSFHPMBFPDDIJ
5VUUPCFOF 2VBTJJMDBOUJFSFTJÒSJNFTTPiNJTUFSJPTBNFOUFwJO
NPUPJOPSBSJPOPUUVSOPJMNBS[PJM¡FBQSJMF.JTUF
SJPTBNFOUFQPJDIÏMBOPUUFTFDPOEPMFSFHPMFMÖOPOEPWSFC
CFMBWPSBSDJOFTTVOPj&QPJQFSDIÏMFNBDDIJOFMBWPSBOPDPM
TJMFO[JBUPSFFMBSJBUPSOBBEFTTFSFJSSFTQJSBCJMF xTJDIJFEPOP
JOWJBEFM1FTDJPMJOP
/FM GSBUUFNQP MB 1SPWJODJB DPO VO DPNVOJDBUP QSFOEF
QPTJ[JPOFTVWBSJFOPUJ[JFEJTUBNQBDPNQSFTFRVFMMFEJ*O
GPSNB 'JSFO[F 2VBSUJFSF -B 1SPWJODJB TNFOUJTDF DIJBSJTDF
PSJNBOEBBEBMUSJSFTQPOTBCJMJ*OTPMEPOJMB1SPWJODJBEJDF
OPODJTPOPQSPCMFNJNBBODIFTFDJTPOPMBDPNQFUFO[BÒ
EJRVBMDVOBMUSP%PQPWBSJFBSHPNFOUB[JPOJJOGBUUJTJDIJVEF
DPOi*M 4JOEBDP Ò QFSBMUSP MBVUPSJUË TBOJUBSJB QSJODJQBMF TVM
UFSSJUPSJPFEÒRVJOEJUJUPMBUPBQSFOEFSFTFEFMDBTPUVUUFMF
EFDJTJPOJQJáPQQPSUVOFw
(MJ BCJUBOUJ EJ WJB EFM 1FTDJPMJOP DPNNFOUBOP JO NPEP
MBDPOJDPj4QFSJBNPTPMPDIFJMEBUBJODVJMBGBCCSJDB
DPOTJEFSBUBBODPSBiDBOUJFSFwFQSPWWJTPSJBEBMTJUSBTGF
SJSËB&NQPMJBSSJWJQSFTUP"MNFOPRVFTUBWJDFOEBTJSJTPMWFSË
EBTPMBFRVFTUPUFBUSJOPEFJSJNQBMMJEJSFTQPOTBCJMJUËmOJSËx
0QQVSFSJHVBSEFSËRVBMDIFBMUSPQSPCMFNB*OTPNNBNF[[P
QJFOPPNF[[PWVPUPRVFTUPÒJMEJMFNNB
EijW]]__dYWiWfhefh_W
f[hYebfWZ_kd]hWZ_de
¯Ded\kdp_edWlWb½WiY[dieh[[dedfej[lekiY_h["
[d[bb[c_[YedZ_p_ed_dedfej[lekiY_h[$;hW
Yec[[ii[h[W]b_Whh[ij_Zec_Y_b_Wh_°$KdWlebjWY^[
b½WiY[dieh["Z_[jhec_dWYY_WZ_h_Yehh[h[WºIjh_iY_WbW
dej_p_W»"„ijWjeWYYeceZWje"¯Z[lekiY_h[i[cfh[
YedgkWbYkdeY^[c_W_kj_"f[hY^ƒgk[b]hWZ_de"
f[hc[[f[hcebj[Wbjh[f[hied["„kdeijWYebe
_diehcedjWX_b[°$
I_b[]][kdc_ijeZ_hWXX_W[hWii[]dWp_ed[d[bb[
fWheb[Z[bbWi_]dehWY^[W_kj_WceWfehjWh[_bf_YYebe
YWhh[bbeYedbWXehiWZ[bbWif[iWikbcWhY_Wf_[Z[
_djehdeWbb[º9Wi[Z[b9eckd[»Z_l_WZ[bF[iY_eb_de0
¯?bfheXb[cWh_]kWhZWiefhWjjkjje]b_Wdp_Wd_¸
Z_Y[¸cWY_iedeWdY^[cWcc[YebfWii[]]_de"
Z_iWX_b_"_fel[Z[dj_$DedY½„kdeiY_lebebkd]ejkjje_b
cWhY_Wf_[Z["[ffkh[iedeijhkjjkh[dkel[$C_Y^_[Ze"
gk_dZ_0ded[hWfh[l_ijed[bfhe][jje5;Yeckdgk["
ZWjeY^[_bfheXb[cW[i_ij[0Y^_Y[beh_iebl[5°$
BWgk[ij_ed[Z[bb[XWhh_[h[WhY^_j[jjed_Y^[e]d_
jWdjeiWb[W]b_edeh_Z[bbWYhedWYW"f[hfe_iY_lebWh[
d[bdehcWb[eXb_eZ[_fheXb[c_ºf_’_cfehjWdj_»$
<_h[dp["ZWgk[ijefkdjeZ_l_ijW"ded„Y[hjekd
ceZ[bbeZWi[]k_h[1WdYehc[debe„gk[ijWpedW"
Yec[j[ij_ced_WbWi_]dehW$¯9eiWY_lehh[XX[W\Wh[
kdeeZk[iY_leb_
f[hf[hc[jj[h[
b½WYY[iieWY^_
^WfheXb[c_Z_
Z[WcXkbWp_ed[5
DedYh[ZeY^[
i_Wjkjjegk[ije
fheXb[cW$:k[
eh[Z_bWleheZ_
kdfW_eZ_ef[hW_$
Ðiebegk[ij_ed[
Z_lebedj}"
d_[dj½Wbjhe$F[h
gkWdZeY½„ZW
j_hWh[\keh__iebZ_
Z[bb½W\\_jjeded
i[djedehW]_ed_"
iW_°$
FWdd[bb_\edeWiiehX[dj_"
kdWiebkp_ed[
WfehjWjWZ_cWde
Ðh_iWfkje0fe_Y_i_\Wb½WX_jkZ_d[Wbjh[deY^[
fWiiW$Iˆ"_dieccW0fe_dedY_\W_fhWj_YWc[dj[
f_’YWie$GkWdZef[hWkc[djW_bjhW\\_Ye[b[
hejW_[i_W\\ebbWde"ded\WhY_f_’YWie„kdfe½f_’
fheXb[cWj_Ye$
Ðgk[bbeY^[YWf_jWikbbWb_d[WY^[iYehh[
fWhWbb[bWc[dj[Wb\_kc["[Z„gk[bbeY^[YWf_jWW
Y^_WX_jW_dfehp_ed_Z_j[hh_jeh_ed[bb[l_Y_dWdp[
Z[bbWºijhWZW\[hhWjW»$7YWkiWZ[_lWh_bWleh_Y^[
_dj[h[iiWdeb[\[hhel_[_dgk[ijef[h_eZe"jhWJ7L
[Wbjh__dj[hl[dj_"Z_l[hi_Yedle]b_Y^[jhWifehjWde
c[hY_iedeijWj_Z_hejjWj_ikgk[ijWif[Y_\_YW
jhWjjW"YeiˆYec[WbYkd[b_d[[ºf[dZebWh_»ikbbW
Z_h[jjh_Y[Y^[ZW<_h[dp[fehjWl[hieF_iW$
¯Ij_Wce_d_p_WdZeW\Whi[dj_h[b[deijh[ef_d_ed_
Wbb[<[hhel_[¸Z_Yede]b_WX_jWdj_¸f[hY^ƒi_
_dj[hl[d]WWbf_’fh[ijef[hell_Wh[Wfej[dp_Wb_
fheXb[c_f_’]hWl_"bWYk_h_iebkp_ed[iWh[XX[
f_’Z_\\_YebjeiW$DedY^_[Z_Wceell_Wc[dj[bW
Z_c_dkp_ed[Z[bjhW\\_YeikhejW_W"dƒjWdjec[de"
dWjkhWbc[dj["beifeijWc[djeZ[bb[hejW_[
ij[ii[0Y^_[Z_WceY^[l[d]Wde_dijWbbWj_"Yec[
l_[d[\Wjje_dWbjh_Y[djh_WX_jWj_jW]b_Wj_ZWbbW
\[hhel_W"Z[_fWdd[bb_\edeWiiehX[dj_Y^[b_c_j_de
b½_dgk_dWc[djeWYkij_Ye"f[hY^ƒZ_gk[ijei_
jhWjjW°$
KdWh_Y^_[ijWY^[WffWh[Z[bjkjjeb[]_jj_cW[
Y^["Wbc[defWh["jhelWj[hh[deZ_Z_Wbe]ed[bbW
YedjhefWhj[0¯KdZ_Wbe]eY^["i_if[hW"l[d]W
i[]k_jeZW\Wjj_"YeiˆZWh_iebl[h[bWgk[ij_ed[e
Wbc[deZWb_c_jWhd[]b_[\\[jj_d[]Wj_l_°$
)(5529,$
I[jj[cehj__dfeY^_c[i_Yedl_di[he
b½7cc_d_ijhWp_ed[0f[hl_WF_ije_[i["Y_le]b_ede
Z[bb[hejedZ[f[hl[d_h[WYWfeZ[bbWgk[ij_ed[$
B[hejedZ["cWddWZ[bY_[be"i[cfh[i[l[d]ede
\Wjj[YedYh_j[h_e1Yh_j[h_eY^["Yec[hWYYedjWde_
\Wjj_"dedZ[l½[ii[h[ijWjeYeiˆiYedjWjei[bWl_jW
Z_gk[bb[hejedZ[ZkhY_hYWjh[c[i_$JhWb½Wbjhe"
c[i_[ij_l_"YedkdYWh_YeZ_jhW\\_Ye[h[bWj_le
ice]h[bWj_lWc[dj[b_c_jWjeh_if[jjeW_f[h_eZ_
bWlehWj_l_ºdehcWb_»$
DedeijWdj[]b_Wll[hj_c[dj_Z[_Y_jjWZ_d_
¯L[dd[heWZ_hY_Y^[Wlh[XX[he\Wjjeb[hejedZ["
[W_deijh_h_b_[l_Y_Z_ii[heY^[b[Yei[dedi_
iWh[XX[hef_’YWcX_Wj[0º„kdWfh[i[djWp_ed[»"
Y_Z_ii[he;bWfWhj[Y_fWp_ed[5IebeYec[
fkXXb_Ye5°"Y^[ikX_jei_WYYehi[heZ[b\WjjWYY_e"
b[hejedZ[\khedecedjWj[1gkWdZe_d_p_Whede
Wh_cWd[h[_dYWijhWj__YWc_ed"Y^[gk_fWiiWde
if[iie"cWWdY^[WZZ_h_jjkhW\kh]ed_e\keh_ijhWZW"
_bZkXX_e_diehi[$Ded„Y^[Z[bb[hejedZ[Z[b
][d[h[ikkdWijhWZWWZk[Yehi_[iedef_’kd
fheXb[cWY^[kdWiebkp_ed[5
H_ifeijW0iˆ$JWdj½„l[heY^[iYecfWh_hedeYeiˆ
Yec½[hWdeWffWhi[$D[h[ijWdegkWjjhe"kdfe½
ijheppWj[cWi[dp½Wbjhekj_b_"¯WdY^[i[¸Z_Yede
]b_WX_jWdj_Z[bbWpedW¸\ehi[[hWc[]b_e_di_ij[h[
YedWbjh_c[pp_"Yec[b½_dijWbbWp_ed[Z_Wkjel[ben
eZeii_Whj_\_Y_Wb_$?debjh[i_Zelh[XX[fkdjWh[
WZWbb[]][h_h[_bjhW\\_Ye"Wfh[dZeWbjh[ijhWZ[
i[YedZWh_[[fWhWbb[b[iefhWjjkjjef[hde_Y^[
WX_j_WcegkW[Y^[i_WceYeijh[jj_Wf[hYehh[h[bW
l_WF_ije_[i[WdY^[f[hWdZWh[W\Wh[bWif[iWWbbW
9eefWbb[F_W]][°$
:WjeY^[i_\Wkd]hWdfWhbWh[Z_fhe][jjWp_ed_
fWhj[Y_fWh[[Z_Y_jjWZ_dWdpWWjj_lW"iWh[XX[\ehi[
f_’effehjkdefh[ijWh[WiYebjeWbb[_dZ_YWp_ed_
h[Wb_ZWj[ZWgk[ij_Y_jjWZ_d_Wjj_l_"gkWdZeY[d[
iede$9_e„"if[iie$
CW]]_e(&&.
%$55,(5($5&+,7(7721,&+(
9,$%,/,7­
?D#<EHC7G+Åh[dp[