a^e^ZX¼lgoZh^Z²'%%'

))

LhoZX]dWZXcdс ^edejaVgcdс inX] bViZg^V¨‹l! b^bd èZ h|
dcZ gZaVinlc^Z Ygd\^Z! lnc^`V le^Zglhonb goŸYo^Z o[V`ij! ^è
dYedl^VYV_| dcZ cV d\gdbcZ oVedigoZWdlVc^Z edah`^Z\d gnc"
`j cV gdol^|oVc^V iZX]cdad\^XocZ! jbdèa^l^V_|XZ gZVa^oVX_Ÿ hoZ"
gd`^Z\d oV`gZhj gZbdci‹l ^cVegVl ÎhiVgnX]¿ `dchigj`X_^ WZid"
cdlnX]! `i‹gnX] V`ijVacn hiVc iZX]c^Xocn _Zhi o¨n oZ lo\aŸYj cV
W¨ŸYnedeZ¨c^dcZlegoZho¨dÑX^¼iV`l[Vo^ZlocdhoZc^VinX]`dc"
higj`X_^!_V`^ld`gZh^Z^X]e‹„c^Z_hoZ_Z`headViVX_^#JlV\ViVdY"
cdh^ h^Ÿ lhoXoZ\‹acdÑX^ Yd `dchigj`X_^ bdhidlnX]! ocVijgn goZ"
Xon hoXoZ\‹ac^Z cVgVèdcnX] cV c^Z`dgonhicZ le¨nln ÑgdYdl^h`V

oZlcŸigocZ\dgnh#&!'#L^Ÿ`hodсoc^X]lnbV\V_ZÑa^c^Ze^acZ"
\dgZbdcij!idXdcV_bc^Z_oVWZoe^ZXoZc^V!jbdèa^l^V_|XZ\dYVaho|
WZoe^ZXoc|Z`headViVX_Ÿ#
7gV` YWV¨dÑX^ doVeZlc^Zc^Z `dchigj`X_^ WZidcdlZ_ cVaZèniZ_
iglV¨dÑX^egdlVYo^l`g‹i`^bXoVh^ZYd_Z_YZ\gVYVX_^#HedÑg‹Yl^Z"
ajjlVgjc`dlV²iZ\degdXZhjoVhVYc^Xonle¨nlcV_Z\degoZW^Z\
bV_|iV`^ZXoncc^`^_V`/
™ oWnibV¨V\gjWdсWZidcdlZ_dija^cnegŸi‹loWgd_Zc^dlnX]
™ c^ZhoXoZacdÑX^ ^odaVX_^! W¨ŸYcZ dYldYc^Zc^Z dgVo lnhiŸedlVc^Z

egoZX^Z`‹llgZ_dc^ZYnaViVX_^jhigd_jc^dh|XZ\d!WŸY|XZoVlhoZ
ediZcX_VacnboV\gdèZc^ZbYaViglV¨dÑX^dW^Z`ij

™ oVVlVchdlVcn egdXZh `VgWdcVinoVX_^ egonedl^ZgoX]c^dlnX]

lVghilWZidcj!\gdè|XnjigVi|egoZoWZidcoYdacdÑX^eVhnlVXn_"
cnX]lhidhjc`jYdhiVa^oWgd_Zc^dlZ_

™ ocVXocZ hiŸèZc^Z _dc‹l 8a

¼

! WŸY|XZ lnc^`^Zb hidhdlVc^V

ÑgdY`‹l o^bdlZ\d jigonbVc^V Yg‹\! VhiVcdl^|XZ \¨‹lcZ
oV\gdèZc^Z`dgdon_cZoWgd_Zc^V

™ dWZXcdсh^VgXoVc‹l!WZoedÑgZYc^dle¨nlV_|XVcVgdol‹_egdXZ"

h‹l`dgdon_cnX]hVbZ\dWZidcj#

Ed_Vl^Zc^Z h^Ÿ cV gnc`j lhe‹¨XoZhcnX] bViZg^V¨‹l cVegVlXonX]!
iV`^X]_V`ce#bViZg^V¨ninejE88!Xona^WZidcn^oVegVlnoYdYVi"
`Vb^eda^bZg‹lEda^bZg8ZbZci8dcXgZiZ!jbdèa^l^¨dYncVb^Xo"
cngdol‹_cdldXoZhcnX]iZX]cdad\^^cVegVln^oVWZoe^ZXoZc^Ved"
l^ZgoX]c^dlZ\d dW^Z`i‹l WZidcdlnX]# IZX]cdad\^Z iZ ocVaVo¨n
hoZgd`^Z oVhidhdlVc^Z oVg‹lcd lWjYdlc^Xil^Z bdhidlnb! _V`
^egoZbnh¨dlnb cVegVln X]¨dYc^ `db^cdlnX]! h^adh‹l! dXonho"
XoVac^ ÑX^Z`‹l! oW^dgc^`‹l! `VcV¨‹l `VcVa^oVXn_cnX] ^ie## >X] oV"
hVYc^XonbVijiZb_Zhibdèa^ldсhonW`^Z\d^Z[Z`inlcZ\doVWZoe^Z"
XoZc^VoV\gdèdcnX]`dchigj`X_^egoZYYVaho|YZ\gVYVX_|#
EgdWaZbVin`ViVbVWd\Vi|a^iZgVijgŸ#C^Zbc^Z__ZYcV`cVhoXoZ\‹ac|
jlV\Ÿ oVh¨j\j_Z lnYVcV dhiVic^d hiVgVc^Zb lnYVlc^XilV Edah`^
8ZbZcilnXoZgej_|XVbdcd\gVÉVoiZ\doV`gZhj!VjidghilVAZX]V
8oVgcZX`^Z\d ^EZiZgV :bbdchV P&R# Ed_Vl^Zc^Z h^Ÿ cV gnc`j Wj"
YdlaVcnb cdlZ_ \ZcZgVX_^ bViZg^V¨‹l ^hnhiZb‹l cVegVlXonX]!
WVoj_|XnX] cV oVVlVchdlVcnX] iZX]cdad\^VX]! lnbjhoV hidhd"
lVc^Z cdldXoZhcnX] iZX]c^` Y^V\cdhinXocnX]! jbdèa^l^V_|XnX]
WZoedÑgZYc^d cV dW^Z`X^Z Î^c"h^ij¿ `dcigdaŸ egVl^Y¨dldÑX^ egoZ"
higoZ\Vc^V hidhdlcnX] gZè^b‹l iZX]cdad\^XocnX]! lVgjc`j_|XnX]
Z[Z`inlcZln`dgonhiVc^ZiZ\dgdYoV_jbViZg^V¨‹l#EdYhiVldlZln"
bV\Vc^VoiZ\doV`gZhjhegdlVYoV_|h^ŸYd/
™ `dc^ZXocdÑX^dXZcnegonedl^ZgoX]c^dlZ_lnigonbV¨dÑX^edY¨dèV

WZidcdlZ\dcVgdoX^|\Vc^Ziol#lnigonbV¨dÑX^WZidcjcVdYgn"
lVc^ZlVgjc`j_|XZ_bdèa^ldсln`dcVc^VcVc^bcVegVled"
l^ZgoX]c^dlnX]

™ oVeZlc^Zc^V bdèa^ldÑX^ Yd`dcVc^V dXZcn _V`dÑX^ ln`dcVc^V

lhoZa`^Z\dgdYoV_jcVegVledl^ZgoX]c^dlnX]!VlhoXoZ\‹acdÑX^
d`gZÑaZc^Vhidec^VheZ¨c^Zc^VlnbV\V²dYcdÑc^ZegonXoZecdÑX^
Ñl^Zèd ln`dcVcnX] lVghil cVegVlXonX] ^edl¨d` dX]gdccnX]
YdgZbdcidlVcZ\dedY¨dèVWZidcdlZ\d

™ oVeZlc^Zc^Vbdèa^ldÑX^Yd`dcVc^VdXZcnegonXoZecdÑX^edhoXoZ"

\‹acnX]lVghill^hic^Z_|XnX]l^ZadlVghildlnX]`dchigj`X_VX]
WZidcdlnX]! cV egon`¨VY YaV Yd`dcVc^V dXZcn egonXoZecdÑX^
^hic^Z_|XZ\d idg`gZij Yd edl^ZgoX]c^ `dchigj`X_^ WZidcdlZ_ ajW
dXZcnegonXoZecdÑX^^hic^Z_|XZ\dinc`jajW^ccZ\dinejlnegVln
YdedY¨dèVWZidcdlZ\d#

De^hd\‹acnbZidYn
BZidY| heZ¨c^V_|X| iZ dXoZ`^lVc^V _Zhi iol# bZidYV ejaa"d[[!
ocVcV iV`èZ edY cVol| 7DC9"IZhi P'!(R# CV_d\‹ac^Z_ goZXo

9^V\cdhin`V`dchigj`X_^
WZidcdlnX]¼Îejaa"d[[¿

?ZYc|odocV`dilVgX^Vh^Ÿedah`^Z\dWjYdlc^XilV
WZidcdlZ\dcVcV_cdlhoZdh^|\c^ŸX^VÑl^VidlZ_
bnÑa^iZX]c^XocZ__Zhied_Vl^Zc^Zh^ŸcVcVhonb
gnc`jcdlnX]bViZg^V¨‹ldl¨VhcdÑX^VX]
c^ZbV_|XnX]dYedl^ZYc^`‹llegoZho¨dÑX^#
CVaZè|Ydc^X]lhe‹¨XoZhcZÑgdY`^YdcVegVl
^dX]gdcnedl^ZgoX]c^dlZ_WZidcj#

;di#&#BdhiegoZo9jcV_ZXlb^Z_hXdldÑX^O\¨dW^XZoVX^Z`^^ln`l^in
cVedl^ZgoX]c^WdXocZ_WZa`^h`gV_cZ_

;di#'#BdhiegoZoL`gŸlb^Z_hXdldÑX^Edb^ZX]‹lZ`oWnibV¨V
dija^cV!l^YdXocZd\c^h`V`dgdon_cZ^`dgdo_VhigoZb^dc

iZX]cdad\^Z

WjYdlc^Xild™iZX]cdad\^Z™VgX]^iZ`ijgV

)*

W^dg|X^hidiVbZidYn!egoZYhiVl^dcVcVgnhjc`jcg&!hegdlV"
YoVh^ŸYdedb^Vgjh^¨ndYgnlV_|XZ_egon`aZ_dcnYdWVYVcZ_ed"
l^ZgoX]c^bZiVadln`g|èZ`docVcZ_edl^ZgoX]c^#Ld`‹¨`g|è`V
ln`dcj_Z h^Ÿ XZcignXocZ cVX^ŸX^Z# GZ_ZhigdlVcV lVgidс h^¨n
dYgnlV_|XZ_!edYo^ZadcVegoZoedl^ZgoX]c^Ÿ!cV`i‹g|egoZ`Von"
lVcZ_ZhidWX^|èZc^Z!YV_ZlZ[Z`X^ZlVgidсlnigonbV¨dÑX^WZ"
idcjcVgdoX^|\Vc^Z#LnigonbV¨dсiV_ZhiXoŸhidcVonlVcViZè
lnigonbV¨dÑX^|WZidcjcVdYgnlVc^Z#L^Vgn\dYcdсjonh`^lV"
cnX]lnc^`‹l^hidic^ZoVaZèndYoVeZlc^Zc^VlXoVh^Zedb^Vgj
g‹lcdb^ZgcZ\d egongdhij h^¨n dYgnlV_|XZ_ dgVo egdhideVY¨dÑX^
_Z_Yo^V¨Vc^Vlhidhjc`jYdWVYVcZ_edl^ZgoX]c^#
Oc^ZXd^ccnbegoneVY`^ZbbVbnYdXonc^Zc^VlhnijVX_^!\Yn
edb^VgYdinXonc^ZhVbZ_lnigonbV¨dÑX^WZidcjcVgdoX^|\Vc^Z!
VdXZcnlnigonbV¨dÑX^ed¨|XoZc^VedY¨dèZWZidcdlZ¼bViZg^V¨
cVegVlXongnh#'#LiV`^begoneVY`jcVX^ŸX^Zld`‹¨egon`aZ"
_dcZ\d`g|è`Vl^ccdWnln`dcVcZcV\¨ŸWd`dсedc^èZ_WVYV"
cZ\dhin`j#
7VYVc^VlnigonbV¨dÑX^WZidcjcVdYgnlVc^ZbdècVgZVa^odlV
oV edbdX| YdldacZ\d jgo|YoZc^V! heZ¨c^V_|XZ\d lnbV\V"
c^V bZidYn Îejaa"d[[¿# HedÑg‹Y V`ijVac^Z YdhiŸecnX] cV gnc`j
jgo|YoZ²iZ\dinej!cVjlV\ŸoVh¨j\j_|/
™ oZhiVl edb^Vgdln dcVol^Z 7DC9"IZhi! d[ZgdlVcn egoZo

Yj²h`|ÉgbŸ<ZgbVcc>chigjbZcih[di#(

™ jgo|YoZc^Z dcVol^Z 9ncV! egdYj`dlVcZ egoZo holV_XVgh`|

ÉgbŸEgdXZf

™ jgo|YoZc^Zedb^VgdlZholV_XVgh`^Z_Égbn:g^X]hZc#
Lhonhi`^ZiZjgo|YoZc^VYo^V¨V_|cVedYdWcZ_oVhVYo^Z#G‹èc^XZ
hegdlVYoV_|h^ŸloVhVYo^ZYdigoZX]`lZhi^^/
™ ÑgZYc^Xn bZiVadlnX] hiZbea^! ln`dgonhinlVcnX] lWVYV"

c^VX]/
¼lhonhi`^Z igon jgo|YoZc^V h| YdhidhdlVcZ Yd dYgnlVc^V

hiZbea^dÑgZYc^Xn*%bb

¼7dcY"IZhi _Zhi YdYVi`dld egonhidhdlVcn Yd dYgnlVc^V

hiZbea^dÑgZYc^Xn,*bb

™ hedhdWjgZVa^oVX_^dWX^|èZc^V/

¼ 9ncV^:g^X]hZch|jgo|YoZ"

c^Vb^bZX]Vc^Xocnb^

¼ 7DC9"IZhi

ln`dgonhij_Z

h^¨dlc^`^]nYgVja^XocZ!VcV"
ad\^XocZ Yd hidhdlVcnX]
lbZidYo^Z Ad`"IZhi ^8V"
ed"IZhi

™ hedhdWj egoZ`VoVc^V dWX^|"

èZc^VcVWVYVc|edl^ZgoX]c^Ÿ
WZidcj/
¼ 9ncV ^:g^X]hZc egoZ`Voj_|

dWX^|èZc^Z ig‹_ejc`idld oV
edÑgZYc^XilZbigoZX]c‹èZ`lhedgXonX]

¼ 7DC9"IZhi egoZ`Voj_Z dWX^|èZc^Z lhedh‹W g‹lcdb^Zgc^Z

gdo¨dèdcnoVedÑgZYc^XilZbXZcignXocZ\de^ZgÑX^Zc^Vded"
gdlZ\d[di#)#

LVgjc`^iZX]c^XocZedb^Vg‹l
O\dYc^Z odegVXdlVcnb^ lZ lhe‹¨egVXn edb^ŸYon >chinij"
iZb 7jYdlc^XilV Eda^iZX]c^`^ LgdX¨Vlh`^Z_ ^>chinijiZb 7V"
YVlXonb 9g‹\ ^Bdhi‹l oVaZXZc^Vb^ <ZcZgVacZ_ 9ngZ`X_^
9g‹\ EjWa^XocnX] lLVghoVl^Z! dYcdÑc^Z oVhVY hidhdlVc^V
lhe‹¨XoZhcnX] bZidY c^Zc^hoXo|XnX] Yd Y^V\cdhin`^ dW^Z`i‹l
bdhidlnX] Î^c"h^ij¿ P)! *R! egon gZVa^oVX_^ edb^Vg‹l bZidY|
Îejaa"d[[¿cVaZèn`^ZgdlVh^ŸcVhiŸej_|Xnb^lninXocnb^#
?V`d b^c^bVac|! YaV YVcZ\d b^Z_hXV edb^VgdlZ\d! a^XoWŸ
docVXoZ²lnigonbV¨dÑX^WZidcjcVdYgnlVc^ZcVaZènegon_|/
™ legoneVY`j dW^Z`ij cdld WjYdlVcZ\d ¼_ZYZc edb^Vg cV

`VèYZ*%b

'

WVYVcZ_edl^ZgoX]c^

™legoneVY`jgZbdcijdW^Z`ij^hic^Z_|XZ\d¼_ZYZcedb^VgcV

`VèYZ'*b

'

WVYVcZ_edl^ZgoX]c^#

L`VèYnbegoneVY`jhjbVgnXocVa^XoWVejc`i‹ledb^VgdlnX]
c^Z bdèZ Wn bc^Z_hoV dY *YaV WVYVcZ\d ZaZbZcij# LXoV"
h^ZWVYV²cVaZènolg‹X^jlV\ŸcVoVeZlc^Zc^Zg‹lcdb^ZgcZ\d
gdob^ZhoXoZc^VedhoXoZ\‹acnX]ejc`i‹ledb^VgdlnX]cVWVYV"
cZ_edl^ZgoX]c^#
9aV oVeZlc^Zc^V egVl^Y¨dlZ\d egoZW^Z\j edb^Vg‹l cVaZèn
egoZhigoZ\VcVhiŸej_|XnX]oVaZXZ²/
™ lb^Z_hXj egoZl^Yo^Vcnb Yd WVYV² cVaZèn Yd`¨VYc^Z

lng‹lcVedl^ZgoX]c^ŸWZidcj

™ cVaZèndXonÑX^b^Z_hXZWVYVc^Vo`jgoj^en¨j
™ cV iV` egon\didlVc| edl^ZgoX]c^Ÿ egon`aZ_V h^Ÿ! honW`d

hX]c|Xnb`aZ_Zb!hiVadln`g|èZ`dÑgZYc^Xn*%ajW,*bb

™ ld`‹¨egon`aZ_dcZ\d`g|è`VcVaZènoVedbdX|gŸXocZ_l^ZgiVg"

`^cVl^ZgX^`dgdc`|Y^VbZcidl|gdlZ`cVè|YVc|\¨ŸWd`dс
[di#*0legoneVY`jWVYVc^VedY¨dèVWZidcdlZ\d\¨ŸWd`dс
iŸ egon_bj_Z h^Ÿ cV edo^db^Z Xd cV_bc^Z_ *"&% bb edc^èZ_
WVYVcZ_ edl^ZgoX]c^ P+R! cVidb^Vhi legoneVY`j WVYVc^V
lnigonbV¨dÑX^ ed¨|XoZc^V edY¨dèZ WZidcdlZ ¼bViZg^V¨ cV"
egVlXonoVaZXVh^Ÿ!VWn\¨ŸWd`dсiVc^ZWn¨Vbc^Z_hoVdY'*
bbajWdYed¨dlnÑgZYc^Xn`g|è`VP,R

™ iV`egon\didlVcn`g|èZ`edb^Vgdln_ZhidYgnlVcndYedY¨dèV

oVedÑgZYc^XilZbh^¨dlc^`V[di#(!VegongdhidWX^|èZc^Ved"
l^c^ZcWngZVa^odlVcnoc^Zl^Za`|!hiV¨|egŸY`dÑX^|#

9dYVi`dldcVaZènolg‹X^hoXoZ\‹ac|jlV\ŸcVhedh‹Wln`d"
cVc^ViZ\dgdYoV_jcVX^ŸX^VWZidcj/
™ oVaZXV h^Ÿ cVl^ZgXVc^Z WZidcj cV bd`gd! VWn bV`hnbVac^Z

d\gVc^Xon lnld¨Vcn l^ZgXZc^Zb egdXZh b^`gdeŸ`Vc^V WZ"
idcj ld`‹¨ `g|è`V edb^VgdlZ\d0 liV`^b egoneVY`j hiZb"
eZaedl^c^ZcWn`dc^ZXoc^Zegon`aZ_dcnYdWVYVcZ\dedY¨dèV
egoZYcVl^ZgXVc^Zb

™ cVl^ZgXVc^ZWZidcjl^ccdWZoedÑgZYc^dedegoZYoVhVbegd"

XZh edb^Vgj g‹èc^XV XoVhj c^Z edl^ccV Wn legoneVY`j
l^ZgXZc^VcVbd`gdl^Ÿ`hoVc^è+%b^cji

™ legoneVY`jl^ZgXZc^VcVhjX]dg‹èc^XVXoVhjc^Zedl^ccV

Wnl^Ÿ`hoVc^è(%b^cji#

z—„’šœê–—ˆ“ˆ

“•œŽˆ’‘œê‡’

“’‡ ’X„

zŒ „ê’‡•œš„8†„

u„†ŒA†Œˆ

z—„’šœê–—ˆ“ˆ

“•œŽˆ’‘œê‡’

“’‡ ’X„

zŒ „ê’‡•œš„8†„

u„†ŒA†Œˆ

~œ•Iš‘„‘„

“’šŒˆ•†‹‘Œ„

u„“•„šŒ„‘œ

…ˆ—’‘

~„•–—š„ê

‘„“•„š†„

;di#(#Jgo|YoZc^ZdcVol^Z
7DC9"IZhi

Gnh#&#
>hidiVbZidYn
Îejaa"d[[¿

Gnh#'#
>hidiVbZidYn
Îejaa"d[[¿
legoneVY`j`dc"
igda^ln`dcVc^V
lVghilncVegVl"
XoZ_

a^e^ZX¼lgoZh^Z²'%%'

)+

HVb dYXoni lVgidÑX^ h^¨n dYgnlV_|XZ_ `g|èZ` edb^Vgdln dY
edY¨dèVbdèZWnYd`dcnlVcnVjidbVinXoc^Zh^¨dlc^`oZaZ`"
igdc^Xocnb gZ_ZhigVidgZb ajW WZoedÑgZYc^d oZ h`Va^ oZ\VgdlZ_
h^¨dlc^`hiVcYVgYdln#
Edln`dcVc^jedb^Vgj!b^Z_hXdlZjho`dYoZc^Vedl^ZgoX]c^WZ"
idcj cVaZèn cVegVl^ oV edbdX| dYedl^ZYc^X] c^h`dh`jgXod"
lnX] oVegVl cVegVlXonX]! oVX]dlj_|X hidhdlcZ lnbV\Vc^V

iZX]cdad\^XocZdYcdÑc^Z^X]hid"
hdlVc^V# LXoVh^Z egVX cVaZèn
iV`èZ Y|èn Yd dYildgoZc^V!
lb^Z_hXj ln`dcnlVc^V cVegV"
ln! X]VgV`iZgj ^hic^Z_|XZ_ [V`ij"
gn^`dadgjWZidcj#

OVhVYn ^ciZgegZiVX_^ lnc^"
`‹lWVYV²
BZidYV Îejaa"d[[¿ _Zhi jhVc`X_d"
cdlVcV legoZe^hVX] cdgbd"
lnX] hoZgZ\j eV²hil! VdhiVi"
c^d YdXoZ`V¨V h^Ÿ iV`èZ V`ij
cdgbVa^oVXn_cZ\d dX]VgV`iZgoZ
d\‹acdZjgdeZ_h`^b :C &*)'/
&... P-R# LEdahXZ cdgbV iV

odhiV¨Vegon_ŸiVgd`e‹„c^Z_cVoVhVYo^Z^YZcinXocdÑX^ledhiV"
X^edah`^Z_cdgbnEC":C&*)'/'%%%P.R#C^ZoVaZèc^ZdYgd`j
&..' dWdl^|oj_Z lEdahXZ cdgbV EC"7"%&-&)/ &..' P&%R!
`i‹gV gZ\jaj_Z `lZhi^Z WVYVc^V egonXoZecdÑX^ edl¨d` dX]gdc"

cnX]YdedY¨dèVWZidcdlZ\d#CV
WVo^ZiZ_cdgbn>chiniji7VYVl"
Xon 9g‹\ ^Bdhi‹l degVXdlV¨
cV oaZXZc^Z <ZcZgVacZ_ 9ngZ`X_^
9g‹\ EjWa^XocnX] hoXoZ\‹¨dlZ
oVaZXZc^VdYcdÑc^Zln`dcnlVc^V
dgVo dYW^dgj cVegVl ^dX]gdcn
edl^ZgoX]c^dlZ_ WZidcj l`dc"
higj`X_VX] bdhidlnX] P&&R# OV"
aZXZc^ViZhiVcdl^|lnXoZgej_|XZ
`dbeZcY^jb lnbV\V² ^egd"
XZYjg WVYVlXonX]! lnbV\V"
cnX] egon gZVa^oVX_^ gdW‹i gZ"
bdcidlnX] egon ln`dgonhiVc^j
lhe‹¨XoZhcnX]bViZg^V¨‹l^hnh"
iZb‹lYdcVegVledl^ZgoX]c^d"

lnX]WZidcjl`dchigj`X_VX]bdhidlnX]#DWZ_bj_|dcZoVg‹l"
cd lnbV\Vc^V! YdinXo|XZ dXZcn _V`dÑX^ egon\didlVc^V hVbZ"
\dedY¨dèVWZidcdlZ\d!_V`^oVhVY`dcigda^_V`dÑX^ln`dcVc^V
lhoZa`^Z\dgdYoV_jcVegVledl^ZgoX]c^dlnX]WZidcj#O\dYc^Z
oinb^oVaZXZc^Vb^egon_bj_Zh^Ÿ!èZbdèa^ldсln`dcVc^ViZ\d
gdYoV_j gdW‹i jlVgjc`dlVcV _Zhi heZ¨c^Zc^Zb cVhiŸej_|XnX]
lnbV\V²/
™ ÑgZYc^V lnigonbV¨dс WZidcj cV ÑX^h`Vc^Z l^ccV Wn c^Z

c^èhoVc^è'*BEV
™ ÑgZYc^V lVgidс lnigonbV¨dÑX^
cV dYgnlVc^Z! d`gZÑadcV lYVcnb
b^Z_hXjedb^VgdlnbYaVlhonhi`^X]
ln`dcVcnX] edb^Vg‹l b^c^bjb
*lnc^`‹ll^ccVWnc^Zc^èhoVc^è
&!*BEV!Vb^c^bVacVlVgidсed_Z"
YncXoZ\dedb^Vgjedl^ccVlncdh^
c^Zbc^Z_c^è&!%BEV
™ YVcn lnc^` edb^Vgj lnigon"
bV¨dÑX^cVdYgnlVc^ZjocV_Zh^ŸoV
l^Vgn\dYcn! _ZèZa^ egoZ¨db egoZW^Z"
\VlWZidc^Z!iV`_V`idYaV^ajhigV"
X_^ed`VoVcdcV[did\gVÉ^cg+
™ legoneVY`j _ZèZa^ lVgidс ed"
_ZYncXoZ\d edb^Vgj _Zhi c^èhoV c^è

&!%BEV!cVaZèndWd`ln`dcVYdYVi`dlnedb^Vg0_ZÑa^ln"
c^` iZ\d YdYVi`dlZ\d edb^Vgj heZ¨c^ lVgjcZ` b^c^bVacZ_
lnigonbV¨dÑX^ cV dYgnlVc^Z * &!% BEV ^g‹lcdXoZÑc^Z
ÑgZYc^V lVgidс iZ_ lnigonbV¨dÑX^! lnocVXodcV YaV lhonhi"
`^X]edb^Vg‹lln`dcVcnX]lYVcnbb^Z_hXjedb^Vgdlnb!
c^ZWŸYo^Zc^èhoVc^è&!*BEV!idbdècVjocV!èZlVgjcZ`
lnigonbV¨dÑX^cVdYgnlVc^ZodhiV¨heZ¨c^dcn#

@lZhi^V ÑX^h¨Z\d egoZhigoZ\Vc^V edlnèhonX] lnbV\V² _Zhi
c^Zoln`¨Z_lV\^!_V`dèZ`dchZ`lZcX_Z^X]aZ`XZlVèZc^Vbd\|
Wn c^Zoln`aZ YdaZ\a^lZ ^id oVg‹lcd lhZch^Z iZX]c^Xocnb!
_V` ^ÉcVchdlnb# CV_YgdèhoZ ^cV_aZehoZ bViZg^V¨n cVegVlXoZ
bd\| Wdl^Zb hiV h^Ÿ WZolVgidÑX^dlZ ^c^Zh`jiZXocZ lhnij"
VX_^! \Yn odhiVc| c^Zl¨VÑX^l^Z oVhidhdlVcZ# JlV\V iV Ydin"
XonlhoXoZ\‹acdÑX^WZoigdh`^Z\dhidhdlVc^VhnhiZb‹lcVegVl"
XonX]inejE88cVc^Zl¨VÑX^l^Zegon\didlVcnX]edY¨dèVX]WZ"
idcdlnX]#CVaZènijiV`èZoVocVXon!èZlhoZgZ\jegoneVY`‹l
goZXonl^hiZ eVgVbZign bZX]Vc^XocZ WZidcj! lhoXoZ\‹acdÑX^
oWni bV¨V lnigonbV¨dс cV dYgnlVc^Z! ln`ajXoV_| bdèa^ldс
oVhidhdlVc^ViZ\dgdYoV_jlnhd`dlnigonbV¨nX]bViZg^V¨‹lYd
cVegVl`dchigj`X_^WZidcdlnX]#

Yg^cè#6cYgoZ_BdXo`d

>chiniji7jYdlc^XilV

Eda^iZX]c^`^LgdX¨Vlh`^Z_

A^iZgVijgV
P&RAZX]8oVgcZX`^!EZiZg=#:bbdch!CVegVlV^DX]gdcV@dc"

higj`X_^7ZidcdlnX]!LnYVlc^Xild/Edah`^8ZbZci!@gV`‹l
'%%'

P'RAdc\!6#:#!BjggVn!6#BX8#!I]Zejaa"d[[eVgi^VaanYZhigjX"

i^kZiZhi[dgXdcXgZiZ!HeZX#EjWa#HE-'"&,!6bZg^XVc8dc"
XgZiZ>chi^ijiZ!9Zigd^i&.-)!hig##(',"(*%

P(R8aZaVcY!9#?#!>c"h^ijbZi]dYh[dgVhhZhh^c\i]ZfjVa^ind[

XdcXgZiZgZeV^gh!EgdX#>8:!HigjXijgZh7j^aY^c\h!kda#..!
;ZW#&..(!hig#+-",%

P)RBdXo`d6#!GV_h`^D#!I¨jhidX]dlh`^?#!LdYn²h`^G#!Lnhd"

`dlh`^6#/OVaZXZc^V<ZcZgVacZ_9ngZ`X_^9g‹\EjWa^XocnX]!
YdinXo|XZ dXZcn _V`dÑX^ WZidcj Î^c"h^ij¿ lcdld WjYdlV"
cnX] `dchigj`X_VX] dW^Z`i‹l bdhidlnX]! >chiniji 7VYVl"
Xon9g‹\^Bdhi‹l!LgdX¨Vl"æb^\g‹Y&..-

P*RBdXo`d6#!GV_h`^D#!I¨jhidX]dlh`^?#!Lnhd`dlh`^6#/OV"

aZXZc^V <ZcZgVacZ_ 9ngZ`X_^ 9g‹\ EjWa^XocnX]! YdinXo|XZ
dXZcn_V`dÑX^WZidcjÎ^c"h^ij¿l^hic^Z_|XnX]`dchigj`X_VX]
dW^Z`i‹l bdhidlnX]! >chiniji 7VYVlXon 9g‹\ ^Bdhi‹l!
LgdX¨Vl"æb^\g‹Y&..-

P+R7jc\Zn!?#=#!BVYVcYdjhi!G#!;VXidgh^cÊjZcX^c\ejaa"d[[

iZhihdcXdcXgZiZ!BV\Vo^cZd[8dcXgZiZGZhZVgX]!kda#))!
Cd&*-!BVgX]&..'!hig#'&"(%

P,RKVnhWjgY6#B#!BX9dcVaY?#:#!6cZkVajVi^dcd[Zfj^ebZci

VcYegdXZYjgZh[dgiZch^aZWdcYiZhi^c\d[XdcXgZiZgZeV^gh
IZX]c^XVaGZedgiG:BG"8H"+&!?jcZ&...!hig#)("*.

P-R:C&*)'/&...!:jgdeZVcHiVcYVgY!EgdYjXihVcYhnhiZbh

[dg i]Z egdiZXi^dc VcY gZeV^g d[ XdcXgZiZ higjXijgZh ¼IZhi
bZi]dYh¼BZVhjgZbZcihd[WdcYhigZc\i]Wnejaa"d[[

P.REC":C &*)'/ '%%%! LngdWn ^hnhiZbn Yd dX]gdcn ^cV"

egVl`dchigj`X_^WZidcdlnX]¼BZidYnWVYV²#DocVXoVc^Z
egonXoZecdÑX^`dchigj`Xn_cnX]ÑgdY`‹ll^|è|XnX]Ydhidhd"
lVc^VcVedl^ZgoX]c^VX]WZidcdlnX]

P&%REC"7"%&-&)/&..'!6cin`dgdon_cZoVWZoe^ZXoZc^VlWj"

Ydlc^Xil^Z#@dchigj`X_ZWZidcdlZ^èZaWZidlZ#BZidYVWV"
YVc^VegonXoZecdÑX^edl¨d`dX]gdccnX]

P&&RGdl^²h`VL#!LdYn²h`^G#!Lnhd`dlh`^6#!æjgVl^X`V6#/

OVaZXZc^V<ZcZgVacZ_9ngZ`X_^9g‹\EjWa^XocnX]!YdinXo|XZ
ln`dcnlVc^VdgVodYW^dgjcVegVl^dX]gdcnedl^ZgoX]c^d"
lZ_WZidcjl`dchigj`X_VX]bdhidlnX]!>chiniji7VYVlXon
9g‹\^Bdhi‹l!LgdX¨Vl"æb^\g‹Y&..-

;di#)#L^Yd`e^ZgÑX^Zc^VYd"
X^h`dlZ\doVeZlc^V_|XZ\d
g‹lcdb^Zgcngdo`¨VY
cVegŸèZ²lXoVh^Zedb^Vgj

;di#*#L^Yd`hedhdWjln`d"
cVc^VcVX^ŸX^Vld`‹¨egon`aZ"
_dcZ\d`g|è`VbZiVadlZ\d

;di#+#L^Yd`
egVl^Y¨dlZ\degoZ¨dbj
WZidcjlb^Z_hXjedb^V"
gj_Z\dlnigonbV¨dÑX^cV
dYgnlVc^Z