#!22%'!$%)2!3È$%È2/$!3È6/,6/
)-0,%-%.4/3
-±15).!È%È)-0,%-%.4/ÈÈ&%)4/3È
5-È0!2!È/È/542/
wZhhZdbdi^kdedgfjZ[jcX^dcVbbZa]dgZbXdc_jcid#
HVhh^bdXa^ZciZedYZVegdkZ^iVgVXVeVX^YVYZidiVa
YVb{fj^cVZYd^beaZbZcid#Edg^hhd!hZdeidjedg
jbVXVggZ\VYZ^gVYZgdYVhKdakd!cdVXZ^iZdjigdh
^beaZbZcidhfjZdh\ZcjcdhKdakd#
JbVeVgiZ^ciZ\gVciZYV
XVggZ\VYZ^gVYZgdYVh
Cdhhdh^beaZbZcidhedhhjZbidYdhV
bZhbVZmXZaZciZfjVa^YVYZfjZcdhhVh
b{fj^cVh!hZcYdXdcXZW^YdhYZhYZ^cX^d
XdbdeVgiZ^ciZ\gVciZYVhXVggZ\VYZ^gVh
YZgdYVhVfjZhZYZhi^cVb#HjVhXVgVX"
iZghi^XVhZ[jcZhhdg^\dgdhVbZciZ
V_jhiVYVhVeVg}bZigdhXdbdV\ZdbZ"
ig^VYVVgi^XjaVdYdhWgVdh!|YZhV\gZ"
\Vd!|igVdcVhgdYVhZ}[dgVYZ
ZaZkVd#6b{fj^cVZd^beaZbZcid[jc"
X^dcVbYZ[dgbVidiVabZciZ]Vgbc^XV!
[dgbVcYdjbVjc^YVYZa\^XV!fjZZ[ZijV
digVWVa]dZbhZ\jgVcVZXdbZÃX{X^V#
8VVbWVheVgVidYVhVhVea^XVZh
6Kdakdedhhj^jbVXdbegZZch^kVa^c]V
YZXVVbWVh!XdbbdYZadhegeg^dheVgV
idYdhi^edhYZigVWVa]dZbViZg^Va!YZhYZ
gdX]VZeZYgVVib^cg^dZVeVgVhYZ
bVYZ^gV#6hXVVbWVhhdgdWjhiVhZ
YjgVbViighkZoZhbV^hfjZVa\jbVh
YZdjigVhbVgXVh#
7dVk^h^W^a^YVYZVjbZciVV
egdYji^k^YVYZZVhZ\jgVcV
7dVk^h^W^a^YVYZjbYdhgZfj^h^idheVgV
dWiZgVaiVegdYji^k^YVYZ#DhjedgiZYZ
^beaZbZcidKdakdZdh^beaZbZcidhhd
egd_ZiVYdhYZ[dgbVVYVgZbVbV^dgk^h^"
W^a^YVYZhdWgZYd^beaZbZcid!YVXVg\VZ
YV{gZVYZigVWVa]d#6hh^b!dVbW^ZciZ
YZigVWVa]dÃXVbZa]dgZVhhZ\jgVYVV
hZ\jgVcVYddeZgVYdgZYV{gZVYZ
deZgVd#
8VgVXiZghi^XVhX]VkZ
8dbVb{fj^cVZd^beaZbZcid
[Z^idhjbeVgVddjigd!Vegd"
Yji^k^YVYZb{m^bVjb[Vid
XdchjbVYd
JbVXdbegZZch^kVa^c]VYZ
^beaZbZcidhVjbZciVVkZghVi^a^"
YVYZZVegdYji^k^YVYZ
>beaZbZcidhYVbV^hVaiVfjVa^"
YVYZhd\VgVci^VYZbV^dgY^hed"
c^W^a^YVYZ
DhjedgiZYZ^beaZbZcidhYV
KdakdZdhegeg^dh^beaZbZcidh
·[dgVbegd_ZiVYdheVgVYVgV
bZa]dgk^h^W^a^YVYZVddeZgVYdg
'
5-!È#/-02%%.3)6!È,).(!È$%È
)-0,%-%.4/3È'%.5´./3È6/,6/
8dbcdhhVXdbegZZch^kVa^c]VYZXVVbWVh!
^beaZbZcidhZeZVhYZYZh\VhiZ\ZcjcVh
Kdakd!dXa^ZciZedYZZfj^eVghjVXVggZ\VYZ^gVYZ
gdYVhg^\dgdhVbZciZeVgVVhhjVhcZXZhh^YVYZh!
VjbZciVcYdVZÃX{X^VZVÄZm^W^a^YVYZ#
HZgk^dhY^[ZgZcX^VYdhZm^\Zb
[ZggVbZciVhY^[ZgZcX^VYVh
HZgk^dhY^[ZgZcX^VYdhZm^\Zb[ZggV"
bZciVhY^[ZgZcX^VYVh"^bedgiVciZiZg
hZbegZV[ZggVbZciVVYZfjVYV|bd#
8dbegdb^hhdhcZhiZYdbc^dhXdbegd"
bZiZbVZÃX{X^VZVgg^hXVbVhZ\jgVcV#
6Kdakdd[VWg^XVciZYZXVggZ\VYZ^gVh
YZgdYVhfjZY^heZYVbV^hVbeaV
a^c]VYZ^beaZbZcidh\Zcjcdh#6abYZ
XVVbWVheVgVidYdhi^edhYZbViZg^VaZ
Vea^XVd!iZbdh\VggVheVgVidgVh!WgV"
dheVgVbVcjhZ^dYZbViZg^VaZ\Vg[dh
YZbj^idhi^edhY^[ZgZciZh#6ci^bVXdd"
eZgVdYZcdhhVZc\Zc]Vg^VZYZhZc"
kdak^bZcidXdbgZejiVYdhZXg^iZg^dhV"
bZciZhZaZX^dcVYdh[dgcZXZYdgZh!cdh
eZgb^iZd[ZgZXZga^beV"cZkZh!kVggZYdgVh
Zdjigdh^beaZbZcidhZheZX^ÃXVbZciZ
[Z^idheVgVVKdakd!XdbfjVa^YVYZ^\jVa
Vdh^iZchegdYjo^YdhedgchbZhbdh#
H^beaZhigdXVYZ^beaZbZcid
egdbdkZÄZm^W^a^YVYZ
Bj^idhhZgk^dhgZfjZgZbYd^hdjbV^h
^beaZbZcidh!ZbWdgVedhhVbhZgZ[Zij"
VYdhXdbjbVhb{fj^cV#8dbVVbeaV
a^c]VYZ^beaZbZcidhYVKdakdZdhjedg"
iZ]^Yg{ja^XdYZ^beaZbZcidhYZhZc]VYd
eZaVKdakd!fjZV\dgVZfj^eVbZcid
eVYgd|ZhXVaVjc^kZghVa!ddeZgVYdg
edYZg{e^YVZ[VX^abZciZbjYVgYZhZg"
k^dhZbiZgYZbjYVgYZb{fj^cV!hZb
bZhbdiZgYZhV^gYVXVW^cZ#DeZg[Z^id
YdhjedgiZXdbdh^beaZbZcidh\Zcj"
cdhKdakd\VgVciZVbV^dghZ\jgVcV
edhhkZa!bZhbdZbigVWVa]dhZmZXjiV"
YdhXdbgVe^YZo#
8VgVXiZghi^XVhX]VkZ
6Kdakdd[ZgZXZXVVbWVheVgV
idYdZfjVafjZgi^edYZbViZg^Va
6a^\VdeZg[Z^iVZcigZdhjedgiZ
Zd^beaZbZcid\VgVciZVb{m^bV
hZ\jgVcV
DdeZgVYdgedYZigdXVgdh^beaZ"
bZcidhhZbhV^gYVXVW^cZ
!,4!È15!,)$!$%È02/-/6%È
!,4!È02/$54)6)$!$%
6hXVggZ\VYZ^gVhYZgdYVhYVKdakdhd[VbdhVhedg
hjVVaiVfjVa^YVYZZVfjVa^YVYZYdh^beaZbZcidh
\ZcjcdhKdakdg^\dgdhVbZciZ^\jVa#:hiVjbV
egZb^hhV^cXdcY^X^dcVaeVgVfjZgcdhhVhb{fj^cVh
edhhVbXjbeg^gcdhhVegdbZhhV/egdYji^k^YVYZVd
b{m^bdckZaedhhkZa#
DbZa]dgedYZgYZeZcZigVd
ZVbV^hadc\Vk^YVi^a
Dh^beaZbZcidh\ZcjcdhKdakdedhhjZb
jbVYjgVW^a^YVYZYZViighkZoZhbV^h
fjZVa\jchYZdjigVhbVgXVh#6ZmXZaZciZ
fjVa^YVYZgZhjaiVcdheVgiZYZcdhhV
adc\VZmeZg^cX^VcdhZidgXdbdiVb"
Wb YZcdhhVci^bVXddeZgVdXdb
dhbZa]dgZh[VWg^XVciZhYZbViZg^VaYd
bjcYd#6bZhbVVaiVfjVa^YVYZZmiZc"
h^kV|heZVhYZYZh\VhiZeVgVXVVbWVh#
DYZhZc]dZdbViZg^VajhVYdZbhjV
Xdc[ZXdY{VdhegdiZidgZhYZa}b^cV!
YZciZhZhZ\bZcidhKdakddbV^dgedYZg
YZeZcZigVd!ZbV^hadc\Vk^YVi^aZV
bZcdg^bdW^a^oVdeVgVigdXVYZeZVh
YZYZh\VhiZ#
&#
8dgiVYdgZhaViZgV^hXdbX]VeVhYZ
YZh\VhiZYZVdiZbeZgVYdZZmigV
ZcYjgZX^YdegdedgX^dcVbVbV^dg
gZh^hicX^V|VWgVhd
Vi*%%7g^cZaa
'#
8dgedYVXVVbWVZX]VeVhaViZgV^h
Vi)%%7g^cZaa
:higjijgVhgZ[dgVYVhYZigVch^d
YZXVg\VgZYjoZbdYZh\VhiZZ
VjbZciVbVYjgVW^a^YVYZ
(#
A}b^cVYZXdgiZYVWVhZ[VWg^XVYV
ZbVdgZh^hiZciZ|VWgVhd
*%%7g^cZaa
8]VeVhYZYZh\VhiZYZ[jcYd
eVgV[jhVYVhZhjWhi^ijkZ^h
*%%7g^cZaa
)#
EgdiZidgZhYZa}b^cVZhZ\bZcidh
eVgV[jhVYdhV_jYVbVegdiZ\ZgV
a}b^cVYZXdgiZXdcigVYZh\VhiZ
ZmXZhh^kd*%%7g^cZaa
*#
Dh^hiZbVYZYZciZhKdakdXdb
VYVeiVYdgZheVgV[jhVYdhdjhdaYVYdh
d[ZgZXZZmXZaZciZeZcZigVdZ
gZYjo^YdYZh\VhiZYVXVVbWV
Vi*&*7g^cZaa
&
'
'
(
)
*
+
)
JbeZg[Z^idbVcjhZVYdg
YZidgVh
6Kdakd[VWg^XV^beaZbZcidheVgV
[dgigVWVa]dcVÄdgZhiVZbVcjhZ^d
YZidgVhYZhYZVYXVYVYZ&.*%#
8dbidYVZhhVZmeZg^cX^ViZbdh
VXdbeZicX^VZeZgX^VcZXZhh{g^V
eVgVYZhZckdakZg^beaZbZcidheVgV
bVcjhZ^dYZidgVhfjZXdbW^cVb
YZ[dgbV^YZVaXdbcdhhVh
XVggZ\VYZ^gVhYZgdYVh#
CdbVcjhZ^dYZidgVh!didgfjZYZ
YZhV\gZ\Vd!dVaXVcXZZVVaijgV
YZZaZkVdhd[VidgZhYZX^h^kdh#
6WdVVaijgVYZZaZkVdZdadc\d
VaXVcXZVWgZk^VbdhX^XadhYZ
YZhXVggZ\VbZcidYZidgVhZbVYZ^gV
eVgVeVhiV!YZVggjbdZbe^a]Vh!
YZXaVhh^ÃXVdZYZXdadXVdZb
Va^bZciVYdgZh#
DhegdYjidhYVKdakd8dchigjXi^dc:fj^ebZcihdY^[ZgZciZh/
hdegd_ZiVYdhZXdchigjYdhYZjbVbVcZ^gVZheZX^Va!Vab
YZedhhjgZbjbZmXZaZciZhjedgiZVdXa^ZciZ#IVaY^[ZgZcV
iZbXdbdWVhZcdhhdh&,%VcdhYZigVY^dZbZc\Zc]Vg^V!
fjZXdch^hiZZbeZchVgeg^bZ^gdcVheZhhdVhfjZYZ[Vid
ji^a^oVbcdhhdhZfj^eVbZcidh!ZbXdbda]Zhd[ZgZXZgbV^h
hZ\jgVcV!Xdc[dgidZegdYji^k^YVYZ!hZbbZcdhegZoVgd
Xj^YVYdXdbdbZ^dVbW^ZciZ#DgZhjaiVYdYZhhVÃadhdÃV
jbVXgZhXZciZkVg^ZYVYZYZZfj^eVbZcidhZjbVgZYZYZ
hjedgiZ\adWVaYZY^XVYVVV_jYVgdhXa^ZciZhVegdYjo^gbV^h#
6heZhhdVhcdbjcYdidYddg\ja]Vb"hZZbji^a^oVgdh
Zfj^eVbZcidhKdakd#:chiZbdhdg\ja]dYVfj^adfjZ[VoV
KdakdhZgY^[ZgZciZ ·BdgZXVgZ#7j^ai^c#
CZbidYdhdhegdYjidhZhidY^hedckZ^hZbidYdhdhbZgXVYdh#8dc[dgbZcdhhVedai^XVYZbZa]dgVbZcidXdcicjd!gZhZgkVbd"cdh
dY^gZ^idYZbdY^ÃXVgZheZX^ÃXVZhZYZhZc]dhhZbXdbjc^XVdegk^V#6h^ajhigVZhcdcZXZhhVg^VbZciZbdhigVbVkZghd
eVYgdYVb{fj^cV#
GZ[#Cd#-(6&%%&*+. 7g$Edgij\ZhZ
Eg^ciZY^cHlZYZc'%%*#&'·M!M
LAD
Kdakd!:h`^ahijcV
Download
