Keyhole Approaches in Neurosurgery: Volume 1: Concept and Surgical Technique

^

SpringerWienNewYork

7n[b
F[hd[Ypao HeX[hj
H[_iY^

A[o^eb[
7ffheWY^[i
_d
D[kheikh][ho Lebkc[
? 9edY[fj
WdZ
ikh]_YWb
j[Y^d_gk[

?d
YebbWXehWj_ed
m_j^
CWd\h[Z
JiY^WX_jiY^[h ?bbkijhWj[Z
Xo
Ij[\Wd
A_dZ[b M_j^
W
\eh[mehZ
Xo
J[jike
AWdde

Ifh_d][hM_[dD[mOeha

7n[b
F[hd[Ypao"
C$:$"
F^$:$ HeX[hj
H[_iY^"
C$:$"
F^$:$ Ij[\Wd
A_dZ[b :[fWhjc[dj
e\
D[kheikh][ho" @e^Wdd[i
=kj[dX[h]
Kd_l[hi_jo CW_dp"
=[hcWdo

CWd\h[Z
JiY^WX_jiY^[h"
C$:$"
F^$:$ ?dij_jkj[
e\
7dWjeco C[Z_YWb
Kd_l[hi_jo
e\
L_[ddW L_[ddW"
7kijh_W

J^_i
meha
_i
ikX`[Yj
je
Yefoh_]^j$ 7bb
h_]^ji
Wh[
h[i[hl[Z"
m^[j^[h
j^[
m^eb[
eh
fWhj
e\
j^[
cWj[h_Wb
_i
YedY[hd[Z"
if[Y_ÓYWbbo
j^ei[
e\
jhWdibWj_ed"
h[fh_dj_d]"
h[#ki[
e\
_bbkijhWj_edi"
XheWZYWij_d]"
h[fheZkYj_ed
Xo
f^ejeYefo_d]
cWY^_d[i
eh
i_c_bWh
c[Wdi"
WdZ
ijehW][
_d
ZWjW
XWdai$ FheZkYj
B_WX_b_jo0
J^[
fkXb_i^[h
YWd
]_l[
de
]kWhWdj[[
\eh
Wbb
j^[
_d\ehcWj_ed
YedjW_d[Z
_d
j^_i
Xeea$
J^_i
Wbie
h[\[hi
je
j^Wj
ed
Zhk]
ZeiW][
WdZ
Wffb_YWj_ed
j^[h[e\$
?d
[WY^
_dZ_l_ZkWb
YWi[
j^[
h[if[Yj_l[
ki[h
ckij
Y^[Ya
j^[
WYYkhWYo
e\
j^[
_d\ehcWj_ed
Xo
Yedikbj_d]
ej^[h
f^WhcWY[kj_YWb
b_j[hWjkh[$
J^[
ki[
e\
h[]_ij[h[Z
dWc[i"
jhWZ[cWhai"
[jY$
_d
j^_i
fkXb_YWj_ed
Ze[i
dej
_cfbo"
[l[d
_d
j^[
WXi[dY[
e\
W
if[Y_ÓY
ijWj[c[dj"
j^Wj
ikY^
dWc[i
Wh[
[n[cfj
\hec
j^[
h[b[lWdj
fhej[Yj_l[
bWmi
WdZ
h[]kbWj_edi
WdZ
j^[h[\eh[
\h[[
\eh
][d[hWb
ki[$ ž
(&&.
Ifh_d][h#L[hbW]
M_[d Fh_dj[Z
_d
7kijh_W Ifh_d][hM_[dD[mOeha
_i
fWhj
e\
Ifh_d][h
IY_[dY[
!
8ki_d[ii
C[Z_W ifh_d][h$Wj Jof[i[jj_d]0
Ij[\Wd
A_dZ[b"
CW_aWcc[h"
=[hcWdo 9efo
[Z_j_d]0
7Zh_Wd
9$
I[m[bb"
"
/*)'
Ij$
Ij[\Wd
_c
BWlWdjjWb"
7kijh_W Fh_dj[Z
ed
WY_Z#\h[[
WdZ
Y^beh_d[#\h[[
Xb[WY^[Z
fWf[h IF?D
'&./+'-(

M_j^
,**
<_]kh[i
**&
_d
Yebehi

B_XhWho
e\
9ed]h[ii
9edjheb
DkcX[h
(&&./(('., ?I8D
/-.#)#(''#.)..+#)

<eh[mehZ H[Y[dj
WZlWdY[i
_d
d[kheikh][ho
^Wl[
X[[d
Y^WhWYj[h_p[Z
Xo
W
YedijWdj
_cfhel[c[dj
_d
ikh]_YWb
fh[Y_i_ed$
J^[
Z[jW_b[Z
ijkZo
e\
c_YheWdWjeco
o_[bZ[Z
_d\ehcWj_ed
[ii[dj_Wb
\eh
j^[
Z[l[befc[dj
e\
fh[Y_i_ed
j[Y^d_gk[i1
^em[l[h"
_j
mWi
j^[
WdWjeco
ijkZ_[Z
\eh
Y[djkh_[i
j^Wj
^Wi
X[[d
h[#l_i_j[Z
cWdo
j_c[i
m_j^
j^[
W_c
e\
i[hl_d]
j^[
_ddelWj_l[
_Z[Wi
e\
d[kheikh][edi$
Ed[
e\
j^[i[
_d# delWj_l[
XWi_Y
YedY[fji
_i
j^Wj
e\
c_d_cWb
_dlWi_l[d[ii
Å
W
ceij
_cfehjWdj
^WbbcWha
e\
Yedj[cfehWho
d[kheikh][ho$
C_d_cWb
_d# lWi_l[d[ii
Yed\ehci
Yecfb[j[bo
m_j^
j^[
Z[i_h[
e\
Xej^
fWj_[dji
WdZ
ikh][edi
je
h[ZkY[
ikh]_YWbbo
_dZkY[Z
jhWkcW
je
W
c_d_ckc$
7
hWf_Z
h[jkhd
je
dehcWb
b_\[
_i
j^[
^_]^[ij
W_c
e\
[l[ho
fWj_[dj
WdZ
^_i%^[h
ikh][ed$ Fhe\[iieh
F[hd[YpaoÊi
meha
Wi
W
m^eb[
_i
j^[
f[h\[Yj
_bbkijhWj_ed
e\
j^_i
Z[Z_YWj[Z
Yh[Wj_l[
d[kheikh]_YWb
WffheWY^$
7ced]
^_i
cWdo
WY^_[l[c[dji"
j^[
YedY[fj
e\
Ça[o^eb[È
ikh][ho
_i
e\
[ii[dj_Wb
_c# fehjWdY[
Wi
W
cW_d
jeeb
e\
c_d_cWb
_dlWi_l[d[ii$
IkccWh_p_d]
^_i
lWij
[nf[h_[dY[
cWa[i
j^_i
Xeea
lWbkWXb[
\eh
[l[ho
d[kheikh][ed
WdZ
i[hl[i
Wi
Wd
_dZ_YWjeh
e\
j^[
Z_h[Yj_ed
e\
fhe]h[ii
_d
d[khe# ikh]_YWb
j[Y^d_gk[i$ J^[
Wkj^ehi
^Wl[
ij_ckbWj[Z
WdZ
Yedjh_Xkj[Z
je
j^[
jhW_d_d]
e\

cWdo
d[kheikh][edi
_d
c_d_cWb
_dlWi_l[d[ii$
8o
Z[cedijhWj_d]

j^[
X[d[Óji
WdZ
jhW_d_d]"
Fhe\[iieh
F[hd[Ypao
_i
fheXWXbo
cWa_d]

j^[
]h[Wj[ij
Yedjh_Xkj_ed
W
ikh][ed
YWd
fhel_Z[
Å
Z_ijh_Xkj_d]
^_i
ademb[Z][
WdZ
j[Y^d_gk[i
je
cWdo
ikh][edi
WhekdZ
j^[
mehbZ
\eh
j^[
X[d[Ój
e\
]h[Wj[h
dkcX[hi
e\
fWj_[dji$
?
WZc_h[
^_c
\eh
^_i
Z[Z_YWj_ed
WdZ
^_i
WY^_[l[c[dji$

J[jike
AWdde Fhe\[iieh
WdZ
9^W_hcWd"
:[fWhjc[dj
e\
D[kheikh][ho"
[Wbj^
Kd_l[hi_jo"
@WfWd

L

9edj[dji 7XXh[l_Wj_edi


?N

'$&
?djheZkYj_ed


)

($&
IkfhWehX_jWb
WffheWY^


)-

($'


BWj[hWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco


++

($(


C[Z_Wb
ceZ_ÓYWj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco


,/

($)



8WiWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
WffheWY^0

j^[
ikfhWehX_je#ehX_jWb
YhWd_ejeco


.)

)$&


IkXj[cfehWb
WffheWY^


/-

)$'


Feij[h_eh
lWh_Wj_ed
e\
j^[
ikXj[cfehWb
YhWd_ejeco


''-

)$(



J^[
YecX_d[Z
feij[h_eh
ikXj[cfehWb#
fh[i_]ce_ZWb
WffheWY^


')'

)$)



;njhWZkhWb
ceZ_ÓYWj_ed
e\
j^[
ikXj[cfehWb

YhWd_ejeco
[nfei_d]
j^[
_dj[hdWb
WkZ_jeho
YWdWb





;nj[dZ[Z
jhWdi#f[jheki#Wf[n
ceZ_ÓYWj_ed
[nfei_d]
j^[
feij[h_eh
\eiiW


'*+

*$&


H[jhei_]ce_ZWb
WffheWY^


'+/

+$&


IkXeYY_f_jWb
WffheWY^


'-/

+$'


9WkZWb
lWh_Wj_ed
e\
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^
'/+

,$&


F_d[Wb
WffheWY^


(&+

-$&


?dj[h^[c_if^[h_Y
WffheWY^


(('

-$'



J^[
Wdj[h_eh
\hedjWb
ikXYWbbeiWb
lWh_Wj_ed

e\
j^[
_dj[h^[c_if^[h_Y
WffheWY^


(*'

-$(



J^[
feij[h_eh
eYY_f_jWb
ikXYWbbeiWb
ceZ_ÓYWj_ed

e\
j^[
_dj[h^[c_if^[h_Y
WffheWY^


(+)

.$&



JhWdiYehj_YWb
WffheWY^

[nfei_d]
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[i


(,-

H[\[h[dY[i
?bbkijhWj_ed
Yh[Z_ji
IkX`[Yj
_dZ[n


(.)
(/,
(//

L??

7XXh[l_Wj_edi 797
7'"
7("
7)"
7*
Wdj[h_eh
Y[h[XhWb
Whj[ho
i[]c[dji 79^7
Wdj[h_eh
Y^ehe_ZWb
Whj[ho 79e7
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho 79F
Wdj[h_eh
Yb_de_Z
fheY[ii 7FYB
Wdj[h_eh
f[jheYb_de_Z
b_]Wc[dj 87
XWi_bWh
Whj[ho
9D
?
eb\WYjeho
d[hl[ 9D
??
efj_Y
d[hl[ 9D
???
eYkbecejeh
d[hl[ 9D
?L
jheY^b[Wh
d[hl[ 9D
L

jh_][c_dWb
d[hl[ 9D
L%'
Å
)
XhWdY^[i
e\
j^[
jh_][c_dWb
d[hl[ 9D
L?
WXZkY[dj
d[hl[ 9D
L??
\WY_Wb
d[hl[ 9D
L???
l[ij_XkbeYeY^b[Wh
d[hl[ 9D
?N
]beiief^Whod][Wb
d[hl[ 9D
N
lW]ki
d[hl[ 9D
N?
WYY[iieho
d[hl[ 9D
N??
^ofe]beiiWb
d[hl[ 9I
YWl[hdeki
i_dki 9I<
Y[h[Xheif_dWb
Ôk_Z ;79
[nj[hdWb
WkZ_jeho
YWdWb =IFD

]h[Wj[h
ikf[hÓY_Wb
f[jheiWb
d[hl[ ?79
_dj[hdWb
WkZ_jeho
YWdWb ?97
_dj[hdWb
YWhej_Z
Whj[ho ?9F
_djhWYhWd_Wb
fh[iikh[ ?DEF
_djhWefj_Y
m_dZem C97
C'"
C("
C)"
C*


c_ZZb[
Y[h[XhWb
Whj[ho
i[]c[dji CC7
c_ZZb[
c[d_d][Wb
Whj[ho EF97

efje#YWhej_Z
m_dZem Ef^j7

ef^j^Wbc_Y
Whj[ho F97
F'"
F(
feij[h_eh
Y[h[X[bbWh
Whj[ho
i[]c[dji F9e7
feij[h_eh
Yecckd_YWj_d]
Whj[ho F9F
feij[h_eh
Yb_de_Z
fheY[ii F?97
feij[h_eh
_d\[h_eh
Y[h[X[bbWh
Whj[ho FFYB
feij[h_eh
f[jheYb_de_Z
b_]Wc[dj FI9
feij[h_eh
i[c_Y_hYkbWh
YWdWb I97
ikf[h_eh
Y[h[X[bbWh
Whj[ho II9
ikf[h_eh
i[c_Y_hYkbWh
YWdWb III
ikf[h_eh
iW]_jjWb
i_dki
L7
l[hj[XhWb
Whj[ho

?N

A[o^eb[
7ffheWY^[i
_d
D[kheikh][ho

?d
^_i
Whj_Yb[
[dj_jb[Z
ÇB_c_j[Z
;nfeikh[
_d
9[h[XhWb
Ikh][hoÈ"
fkX# b_i^[Z
_d
'/-'"
:edWbZ
>$
M_bied
gkej[Z
j^[
\Wceki
d[kheikh][ed

M_bb_Wc
>Wbij[Z"
m^e"
_d
'/(*"
[nfh[ii[Z
^_i
X[b_[\
Çj^Wj
j^[

j[dZ[dYo
m_bb
WbmWoi
X[
_d
j^[
Z_h[Yj_ed
e\
[n[hY_i_d]
]h[Wj[h
YWh[
WdZ
h[Ód[c[dj
_d
ef[hWj_d]È
QM_bied
'/-'S$
JeZWo"
ed
j^[
j^h[i^ebZ
e\
j^[
j^_hZ
c_bb[dd_kc"
j^_i
\kdZWc[djWb
f^_beief^o
e\
c_d_cWbbo

_dlWi_l[
j^[hWfo
i^ekbZ
X[
[cf^Wi_p[Z
ceh[
j^Wd
[l[d
X[\eh["
ef[hWj_d]
m_j^
W
c_d_ckc
e\
_Wjhe][d_Y
jhWkcW
WdZ
WY^_[l_d]
W
cWn_ckc
e\
[\ÓY_[dYo$ ?d
j^_i
Óhij
lebkc[
e\
ekh
fkXb_YWj_ed"
m[
_dj[dZ
je
Z[cedijhWj[
Z_\\[h[dj
a[o^eb[
WffheWY^[i
\eh
j^[
ikh]_YWb
jh[Wjc[dj
e\
_djhW# YhWd_Wb
WdZ
iakbb
XWi[
b[i_edi$
;WY^
Y^Wfj[h
Z[iYh_X[i
j^[
^_ijeh_# YWb
Z[l[befc[dj
e\
j^[
YhWd_ejeco"
j^[
WdWjec_YWb
YedijhkYj_ed
e\
j^[
jWh][j
h[]_ed
WdZ"
ceij
_cfehjWdjbo"
j^[
ikh]_YWb
WffheWY^$
9edY[djhWj_d]
ed
ikh]_YWb
fhWYj_Y["
fWj_[dj
fei_j_ed_d]
WdZ
eh_[djW# j_ed
XWi[Z
ed
ikf[hÓY_Wb
WdWjec_YWb
bWdZcWhai"
j^[
ijW][i
e\
j^[
YhWd_ejeco"
_djhWZkhWb
Z_ii[Yj_ed"
WdZ
mekdZ
Ybeikh[
Wh[
Z[iYh_X[Z
_d
Z[jW_b$
:[Wb_d]
m_j^
Z_\\[h[dj
WffheWY^[i"
W
Yedi[gk[dj
mWo"
fWj_[djÊi
fei_j_ed_d]
WdZ
j^[
[njhWZkhWb
ijW][i
e\
j^[
YhWd_ejeco
Wh[
_bbkijhWj[Z
m_j^
Whj_ij_Y
ZhWm_d]i
WdZ
j^[
_djhWZkhWb
Z_ii[Yj_ed
m_j^
\h[i^
^kcWd
YWZWl[hi$
Fej[dj_Wb
[hhehi"
j^[_h
Yedi[gk[dY[i
WdZ
_cfehjWdj
j_fi
WdZ
jh_Yai
Wh[
Wbie
]_l[d"
fhel_Z_d]
_dijhkYj_edi
\eh
[l[hoZWo
ki[$ ?d
j^[
i[YedZ
lebkc[
e\
j^[
Xeea"
iY^[Zkb[Z
je
Wff[Wh
_d
(&&."
m[
m_bb
fh[i[dj
Z[cedijhWj_l[
ef[hWj_l[
YWi[i
jh[Wj[Z
l_W
a[o# ^eb[
WffheWY^[i$
FWj_[dj
^_ijeho"
c[Z_YWb
h[fehji
WdZ
d[khebe]_YWb
Wff[WhWdY[
m_bb
X[
Z[iYh_X[Z1
if[Y_Wb
Wjj[dj_ed
m_bb
X[
]_l[d
je
fh[# ef[hWj_l[
d[khehWZ_ebe]_YWb
Z_W]deij_Yi"
[$]$"
Yecfkj[Z
jece]hWf^o
9J"
cW]d[j_Y
h[iedWdY[
CH
jece]hWf^o
_dYbkZ_d]
CH
Wd]_e]hW# f^o
WdZ
\kdYj_edWb
_cW]_d]"
WdZ"
_\
f[h\ehc[Z"
Z_]_jWb
ikXjhWYj_ed
Wd]_e]hWf^o
:I7$
J^h[[#Z_c[di_edWb
fh[ef[hWj_l[
WffheWY^
fbWd# d_d]
m_bb
X[
Z_iYkii[Z"
_d
fWhj_YkbWh
ki_d]
ij[h[eiYef_Y
[lWbkWj_ed
e\
j^[
hWZ_ebe]_YWb
ZWjW
_d
l_hjkWb
h[Wb_jo$
E\
Yekhi["
c_d_cWbbo
_dlWi_l[
a[o^eb[
ikh][ho
m_j^
m[bb
ZeYkc[dj[Z
_djhW#
WdZ
feijef[hWj_l[
Yekhi[
e\
[WY^
fWj_[dj
m_bb
X[
fh[i[dj[Z
_d
Z[jW_b$

'

?djheZkYj_ed

'$&
?djheZkYj_ed

;lebkj_ed
e\
d[kheikh]_YWb
j[Y^d_gk[i0
\hec
cWYhe# ikh][ho
je
j^[
c_d_cWbbo
_dlWi_l[
a[o^eb[
ikh][ho

<_]$
'$&$'
:WdZoÊi
\hedjej[cfehWb
YhWd_ejeco
[nfei_d]
i[bbWh
WdZ
fWhWi[bbWh
b[i_edi$
Dej[
j^[
[nj[di_l[
[nfbehW# j_ed
YWki_d]
kdWle_ZWXb[
_d`kho
je
j^[
Yehj_YWb
ikh\WY[$
?d
j^[
'/(&i
WdZ
'/)&i"
YhWd_ejec_[i
e\
j^_i
i_p[
m[h[
d[Y# [iiWho
je
Xh_d]
[dek]^
b_]^j
_dje
Z[[f#i[Wj[Z
Wh[Wi
\eh
cWd_fkbWj_ed
m_j^
cWYheikh]_YWb
_dijhkc[dji$
Dej[
j^Wj
WffheWY^_d]
W
f_jk_jWho
jkceh"
:WdZo
i[l[h[Z
j^[
b[\j
9D
??
je
eXjW_d
efj_YWb
ced_jeh_d]
e\
jkceh
h[celWb$

7ffhen_cWj[bo
ed[
^kdZh[Z
o[Whi
W]e"
d[kheikh]_YWb
j^[hWfo
e\
_djhWYhWd_Wb
b[i_edi
mWi
f[h\ehc[Z
m_j^
[nj[dZ[Z
YhWd_ejec_[i
<_]$
'$&$'$
7j
j^Wj
j_c["
ikY^
bWh][
WffheWY^[i
m[h[
d[Y[iiWho
\eh
i[l[hWb
h[Wiedi$
<_hij"
ed
WYYekdj
e\
ifWhi[
WdZ
i_cfb[
Z_W]deij_Y
j[Y^d_gk[i"
j^[
i_p[
WdZ
i_j[
e\
fWj^ebe]_YWb
b[i_edi
YekbZ
dej
X[
WYYkhWj[bo
Z[j[hc_d[Z1
j^[h[\eh["
j^[
YhWd_ejeco
^WZ
je
X[
bWh][
[dek]^
je
ÓdZ
j^[
b[i_ed
m_j^_d
j^[
_djhWYhWd_Wb
ifWY[$
I[YedZ"
X[YWki[
e\
j^[
kdZ[l[bef[Z
Wjj_jkZ[
jemWhZ
^[Wbj^
fheXb[ci"
_djhWYhWd_Wb
b[i_edi
m[h[
edbo
Z_W]dei[Z
m^[d
j^[o
^WZ
h[WY^[Z
_cc[di[
i_p[i1
j^[h[\eh["
j^[
YhWd_ejeco
^WZ
je
X[
bWh][
[dek]^
je
h[cel[
j^[i[
bWh]["
ifWY[#eYYkfo_d]
jkcehi$
J^_hZ"
_bbkc_dWj_ed
_d
ef[hWj_d]
j^[Wj[hi
mWi
feeh1
j^[h[\eh["
j^[
YhWd_Wb
ef[d_d]
^WZ
je
X[
bWh][
[dek]^
je
Xh_d]
b_]^j
_dje
j^[
ikh]_YWb
Ó[bZ$
<ekhj^"
_dijhk# c[dji
Wj
j^Wj
j_c[
m[h[
dej
Z[i_]d[Z
\eh
d[kheikh][ho
Xkj
\eh
][d# [hWb
ikh][ho
WdZ
j^[o
m[h[
jee
bWh][
je
X[
ki[Z
m_j^_d
dWhhem
ef[d# _d]i$
?d
WZZ_j_ed"
d[kheikh]_YWb
j[Wci
Yedi_ij[Z
e\
Wj
b[Wij
j^h[[
c[cX[hi"
j^ki"
i_n
^WdZi
WdZ
j^[_h
bWh][
_dijhkc[dji
eXiYkh[Z
j^[
ikh]_YWb
Ó[bZ
WdZ
j^[
YhWd_ejeco
^WZ
je
X[
bWh][
[dek]^
je
Wbbem
ik\ÓY_[dj
eXi[hlWj_ed
e\
j^[
i_j[$ M_j^
j^[
[lebkj_ed
e\
fh[ef[hWj_l[
Z_W]deij_Y
jeebi"
_djhWef[hWj_l[
_bbkc_dWj_ed
Z[l_Y[i
WdZ
d[kheikh]_YWb
_dijhkc[dji"
j^[
Z_iYel[ho
e\
\kdZWc[djWb
WdWjec_YWb
WdZ
f^oi_ebe]_YWb
fh_dY_fb[i
^Wl[
Wbbem[Z
W
jh[c[dZeki
Z[l[befc[dj
_d
d[kheikh]_YWb
j[Y^d_gk[i
cWa_d]
ikY^
_dj[hl[dj_edi
b[ii
ZWd][heki
WdZ
b[ii
jhWkcWj_p_d]
<_]$
'$&$($

<_]$
'$&$(
?d
'/)."
:WdZo
Z[iYh_X[Z
j^[
ie#YWbb[Z
^ofe# f^oi[Wb
WffheWY^"
[nfei_d]
j^[
ikfhWi[bbWh
Wh[W$
Dej[
j^[
i_]d_ÓYWdj
b_c_jWj_ed
e\
ia_d
_dY_i_ed
WdZ
YhWd_Wb
ef[d_d]"
ZeYkc[dj_d]
:WdZoÊi
b[Whd_d]
fheY[ii
_d
h[ZkY_d]
ikh]_# YWb
jhWkcW$
J^[
_bbkijhWj_ed
i^emi
j^[
Óhij
Yb_ff_d]
e\
Wd
_djhWYhWd_Wb
Wd[khoic"
YWki_d]
eYkbecejeh
fWbio
Zk[
je
beYWb
Yecfh[ii_ed
e\
j^[
9D
???$

J^[
Óhij
_cfehjWdj
\WYjeh
_d
j^[
Z[l[befc[dj
e\
d[kheikh]_YWb
j[Y^d_gk[i
mWi
j^[
[lebkj_ed
e\
fh[ef[hWj_l[
Z_W]deij_Y
_cW]_d]$
?d
'/'."
hWZ_e]hWf^_Y
j[Y^d_gk[i
m[h[
_djheZkY[Z
_dje
d[kheikh][ho
Xo
MWbj[h
;$
:WdZo
Q:WdZo
'/')S$
M_j^
j^[
^[bf
e\
W_h
_d`[Yj_ed
WdZ
ÔkeheiYefo
e\
j^[
l[djh_Yb[
ioij[c
Zkh_d]
j^[
ie#YWbb[Z
l[djh_Ykbe# ]hWf^o"
^[
mWi
WXb[
je
Z[cedijhWj[
j^[
Z[\ehc[Z
WdZ
Z_bWj[Z

l[djh_Yb[i
WdZ
l[h_\o
j^[
Z_W]dei_i
<_]$
'$&$)$
7
\khj^[h
c_b[ijed[

mWi
WY^_[l[Z
m^[d
;Z]Wh
Ced_p
Z[iYh_X[Z
j^[
j[Y^d_gk[
e\

Y[h[XhWb
Wd]_e]hWf^o
m^_Y^
^[
YWbb[Z
ÇWhj[h_Wb
[dY[f^Wbe]hWf^oÈ

<_]$
'$&$*$
?d
'/(-"
W\j[h
[nf[h_c[dji
ed
Wd_cWb
ceZ[bi
WdZ
YWZWl[hi"


)

?djheZkYj_ed

^[
mWi
WXb[
je
i^em
_djhWYhWd_Wb
l[ii[bi
e\
W
(&#o[Wh#ebZ
fWj_[dj
QCed_p
'/(-S$
?d
'/)("
DehcWd
C$
:ejj
Z[cedijhWj[Z
j^[
Óhij
f_Yjkh[
e\
Wd
_djhW# YhWd_Wb
Wd[khoic
WdZ
>[hX[hj
Eb_l[YhedW
fkXb_i^[Z
^_i
[nf[h_# [dY[
ed
j^[
Wd]_e]hWf^_Y
Wff[WhWdY[
e\
fWhWiW]_jjWb
c[d_d][ecWi
Q:ejj
'/)("
Eb_l[YhedW
'/*)S$
J^[
c[j^eZ
e\
Z_h[Yj
Whj[h_Wb
fkdY# j_ed
mWi
_cfhel[Z
Xo
Il[d#?lWh
I[bZ_d][h
m_j^
W
YWj^[j[h
h[fbWY[# c[dj
j[Y^d_gk[
m^_Y^
mWi
bWj[h
h[Ód[Z
Xo
H[dƒ
:`_dZ`_Wd
h[ikbj# _d]
_d
j^[
j[Y^d_gk[
e\
ikf[hi[b[Yj_l[
Wd]_e]hWf^o
QI[bZ_d][h
'/+)"
:`_dZ`_Wd
'/-+S$
>em[l[h"
:WdZoÊi
l[djh_Ykbe]hWf^o
WdZ
Ced_pÊ
Wd]_e]hWf^o
Wbbem[Z
edbo
Wd
_dZ_h[Yj
eXi[hlWj_ed
e\
j^[
XhW_d
m_j^
_ji
l[djh_YkbWh
Y^WcX[hi
WdZ
l[ii[bi$
J^[
Óhij
Z_h[Yj
l_ikWb_pWj_ed
e\
XhW_d
j_iik[
_dYh[Wi[Z
j^[
\khj^[h
Z[l[befc[dj
e\
Z_W]deij_Y
\WY_b_j_[i
ki_d]
ÇYecfkj[h_p[Z
Wn_Wb
jece]hWf^oÈ
9J"
Z[iYh_X[Z
Xo
7bb[d
C$
9ehcWYa"
=eZ\h[o
D$
>ekdi\_[bZ
WdZ
@Wc[i
7cXhei[
_d
j^[
[Whbo
'/-&i
<_]$
'$&$+$
7\j[h
ckY^
Z[l[befc[dj"
cW]d[j_Y

h[iedWdY[
_cW]_d]
CH?
[dWXb[Z
dej
edbo
j^[
fh[Y_i[
Z_W]dei_i
Xkj
Wbie
j^[
WYYkhWj[
Z[j[hc_dWj_ed
e\
jefe]hWf^_Y
h[bWj_edi
e\
if[Y_ÓY
b[i_edi
je
_dZ_l_ZkWb
WdWjec_YWb
ijhkYjkh[i

Q>ekdi\_[bZ
é
7cXhei[
'/-)"
BWkj[hXkh
'/-)"
:WcWZ_Wd
'/--"
=ebZic_j^
'/--S$

7

<_]$
'$&$)
L[djh_Ykbe]hWc
e\
W
Y^_bZ
ik\\[h_d]
\hec
i[l[h[
^oZheY[f^Wbki$
J^_i
f^eje]hWf^
mWi
fkXb_i^[Z
Xo
:WdZo
_d
'/')
_d
^_i
]hekdZ#Xh[Wa_d]
fWf[h
ÇL[djh_Ykbe]hWf^o
\ebbem_d]
j^[
_d`[Yj_ed
e\
W_h
_dje
j^[
Y[h[XhWb
l[djh_Yb[iÈ$

8

<_]$
'$&$+
Ed[
e\
j^[
Óhij
9J
iYWdi
fkXb_i^[Z
Xo
>ekdiÓ[bZ
_d
^_i
\kdZWc[djWb
Whj_Yb[
Ç9ecfkj[h_p[Z
jhWdil[hi[
Wn_Wb
iYWdd_d]
jece]hWf^oÈ
_d
'/-)
7$
Dej[
j^[
Z_ifbWY[c[dj
e\
j^[
l[djh_Yb[i
WYYehZ_d]
je
W
ifWY[#eYYkfo_d]
Xb[[Z_d]
e\
j^[
b[\j
XWiWb
]Wd]b_W$
7d
[Whbo
YehedWh
CH?
iYWd
e\
W
YhWd_ef^Whod][ecW
\hec
j^[
Dejj_d]^Wc
\WY_b_jo
_d
'/.&
8$

*

<_]$
'$&$*
?d
'/(-"
Ced_p
fkXb_i^[Z
_d
^_i
Whj_Yb[
Ç7hj[h_Wb
[dY[f^Wbe]hWf^o"
_ji
_cfehjWdY[
_d
j^[
beYWb_pWj_ed
e\
Y[h[XhWb
jkcehiÈ
j^[
Whj[h_Wb
d[jmeha
e\
j^[
_dj[hdWb
YWhej_Z
Whj[ho
_d
(&#o[Wh#ebZ
c[d$
>[
_d`[Yj[Z
W
)&
iebkj_ed
e\
ieZ_kc
_eZ_Z[
Z_h[Yjbo
_dje
j^[
YWhej_Z"
m^_Y^
mWi
m[bb
jeb[hWj[Z
Xo
j^[
fWj_[dji$


?djheZkYj_ed

<_]$
'$&$,
IY^be\\[h
YWhh_[Z
ekj
j^[
Óhij
jhWdiif^[de_ZWb
f_jk_jWho
ef[hWj_ed
ed
',
CWhY^
'./-$
J^[
fWj_[dj
mWi
W
)&# o[Wh#ebZ
cWd
m^e
ik\\[h[Z
\hec
^ofef_jk_jWh_ic"
l_ikWb
Z_ijkhXWdY[
WdZ
fhe]h[ii_l[
i_]di
e\
[b[lWj[Z
_djhWYhWd_Wb
fh[iikh[$
:[if_j[
Wd
_dlWi_l[
WffheWY^
m_j^
h[celWb
e\
j^[
i[fjkc"
dWiWb
jkhX_dWj[i"
[j^ce_Z
Y[bbi"
WdZ
j^[
c[Z_Wb
mWbb
e\
j^[
b[\j
ehX_j"
j^[
_djhWef[hWj_l[
eh_[djWj_ed
mWi
Yecfb_YWj[Z$
IY^be\\[h
j^[h[\eh[
c[Wikh[Z
j^[
Z_ijWdY[
\hec
j^[
]bWX[bbW
je
j^[
Wdj[h_eh
Wif[Yj
e\
j^[
i[bbW
ed
W
fh[ef[hWj_l[
hWZ_e]hWf^
WdZ
ki[Z
j^[
c[Wikh[c[dj
je
ÇiekdZ
ekjÈ
j^[
ikh]_YWb
YWl_jo
m_j^
W
ÇZ_fij_YaÈ$

J^[
i[YedZ
_cfehjWdj
\WYjeh
_d
j^[
[lebkj_ed
e\
d[kheikh]_YWb
j[Y^# d_gk[i
mWi
j^[
Z[l[befc[dj
e\
_djhWef[hWj_l[
_bbkc_dWj_ed
Z[l_Y[i$
JeZWo
_j
_i
Wbceij
_cfeii_Xb[
je
_cW]_d[
j^Wj
>[hcWdd
IY^be\\[h"
Z_h[Yjeh
e\
j^[
d[kheikh]_YWb
Z[fWhjc[dj
_d
?ddiXhkYa"
7kijh_W"
f[h# \ehc[Z
^_i
Óhij
jhWdiif^[de_ZWb
ikh][ho
_d
'/&-
m_j^ekj
Wdo
_bbkc_# dWj_ed
eh
cW]d_ÓYWj_ed
jeebi
<_]$
'$&$,$
Iec[
o[Whi
bWj[h"
>Whl[o

9ki^_d]
ki[Z
W
^[WZ#cekdj[Z
bWcf
\eh
^_i
jhWdiif^[de_ZWb
cWYhe# ikh]_YWb
WffheWY^
<_]$
'$&$-$
7j
WXekj
j^_i
j_c["

FWkb
9$
8kYo
mhej[
_d
^_i
fkXb_YWj_ed
ÇD[kheikh][ho
_d
ZWhad[iiÈ"
Z[iYh_X_d]
W
ikh]_YWb
fheY[Zkh[
e\
Ej\h_Z
<e[hij[h0
ÇJ^[
iY[d[
mWi
W
fh_c_j_l[
ed[$
J^[
edbo
iekhY[
e\
_bbkc_dWj_ed
e\
j^[
ef[hWj_d]
Ó[bZ
mWi
W
ijkZ[dj
bWcf

m_j^
W
XhWii
h[Ô[Yjeh$
?j
mWi
^[bZ
_d
co
^WdZ"
m^_Y^
ieed
X[YWc[

kdij[WZo
ckY^
je
<e[hij[hÊi
Z_i]kijÈ
<_]$
'$&$.
QIY^be\\[h
'/&-"
9ki^_d]
'/'*"
8kYo
'/)&S$


<_]$
'$&$.
<e[hij[hÊi
ef[hWj_d]
j^[Wj[h
\eh
jhWdiYhWd_Wb
ikh][ho
_d
j^[
Wkjkcd
e\
'/)&$
FWkb
9$
8kYo
_i
ed
j^[
b[\j
i_Z[
e\
j^[
f^eje]hWf^
_d
ijh[[j
Ybej^[i
^ebZ_d]
W
ijkZ[dj
bWcf$

<_]$
'$&$-
9ki^_d]Êi
ikXbWX_Wb
jhWdii[fjWb
WffheWY^
\eh
f_jk_jWho
jkcehi$
Dej[
j^[
^[WZ#cekdj[Z
bWcf
Wbbem_d]
ik\ÓY_[dj
_bbkc_dWj_ed
e\
j^[
Z[[f#i[Wj[Z
ikh]_YWb
Ó[bZ$

+

?djheZkYj_ed

E\
Yekhi["
j^[
h[Wb
h[lebkj_ed
_d
_bbkc_dWj_ed
e\
j^[
ikh]_YWb
Ó[bZ
mWi
j^[
ki[
e\
ef[hWj_d]
c_YheiYef[i
m^_Y^
[dWXb[Z
_dWk]khWj_ed
e\
j^[
c_Yheikh]_YWb
Wh[W
_d
j^[
'/,&i
WdZ
[Whbo
'/-&i$ M^_b[
ej^[h
ikh]_YWb
Ó[bZi
ikY^
Wi
]od[Yebe]o"
khebe]o"
WdZ"
[if[# Y_Wbbo
ejebe]o
WZefj[Z
j^[
c_YheiYef[
\eh
ZW_bo
hekj_d[
fheY[Zkh[i
l[ho
gk_Yabo"
ceij
d[kheikh][edi
m[h[
h[bkYjWdj
je
ki[
_j$
>em[l[h"
:m_]^j
FWha_died"
ed[
e\
j^[
h[Wb
f_ed[[hi
e\
c_Yhed[kheikh][ho
fe_dj[Z
l[ho
Yb[Whbo
j^[
WZlWdjW][i
e\
j^_i
d[m
Z[l_Y[0
Ç;Whbo
_d
'/,&
j^[
d[kheikh]_YWb
i[Yj_ed
Xehhem[Z
Wd
ef[hWj_l[
c_YheiYef[
\hec
j^[
ejebWhod]ebe]o
Z[fWhjc[dj$
J^[
c_YheiYef[
fhel_Z[Z
ki
m_j^
j^[
[dehceki
WZlWdjW][i
e\
YeWn_Wb
_bbkc_dWj_ed"
cW]d_# ÓYWj_ed"
WdZ
i_ckbjWd[eki
l_[m_d]
\eh
j^[
ikh][ed
WdZ
h[i_Z[djÈ

QFWha_died
'//+S$
J^[
Óhij
d[kheikh][ed
m^e
ki[Z
W
ikh]_YWb
c_YheiYef[
mWi
J^[eZeh[
Akhp[
\eh
jh[Wj_d]
Wd
WYekij_Y
d[kh_# decW
ed
'
7k]kij
'/+-$
Akhp[
fkXb_i^[Z
^_i
[nf[h_[dY[i
_d
i[l[hWb
fkXb_YWj_edi
Wced]ij
ej^[hi
_d
Wd
Whj_Yb[
[dj_jb[Z
ÇC_Yhej[Y^d_gk[i
_d
d[khebe]_YWb
ikh][hoÈ
QAkhp[
'/+-"
'/,*S$
?d
'/,."
HeX[hj
M$
HWdZ
WdZ
F[j[h
@$
@Wdd[jjW
cWZ[
Wd
_cfehjWdj
Yedjh_Xkj_ed
je
j^[

[lebl_d]
Ó[bZ
e\
d[kheikh][ho
m_j^
j^[
Whj_Yb[
ÇC_Yhed[kheikh][ho0
Wffb_YWj_ed
e\
j^[
X_deYkbWh
ikh]_YWb
c_YheiYef[
_d
XhW_d
jkcehi"
_djhWYhWd_Wb
Wd[khoici"
if_dWb
YehZ
Z_i[Wi["
WdZ
d[hl[
h[YedijhkY# j_edÈ
QHWdZ
é
@Wdd[jjW
'/,.S$
7\j[h
[nf[h_c[djWb
ijkZ_[i"
C$
=Wp_
OWiWh]_b
Z[cedijhWj[Z
j^[
kj_b_jo
e\
j^[
ef[hWj_d]
c_YheiYef[
\eh
j^[
jh[Wjc[dj
e\
XhW_d
jkcehi
WdZ
lWiYkbWh
cWb\ehcWj_edi
<_]$
'$&$/$
@Wdd[jjW
h[fehj[Z
j^[
WZlWdjW][
e\
j^[
ikh]_YWb
c_Yhe# iYef[
\eh
c_YhelWiYkbWh
Z[Yecfh[ii_ed
e\
YhWd_Wb
d[hl[i
QOWiWh]_b
'/,,"
'/,/"
'/-&"
@Wdd[jjW
'/-&S$


<_]$
'$&$/
7d
[Whbo
EFC?
?
P[_ii
ef[hWj_d]
c_YheiYef[
m_j^
YWc[hW
kd_ji
_d
fbWY[
ki[Z
Xo
OWiWh]_b
_d
j^[
'/-&i$

<_]$
'$&$'&
Akhp[Êi
c_Yheikh]_YWb
[gk_fc[dj
fkXb_i^[Z
_d
^_i
f_ed[[h_d]
Whj_Yb[
ÇC_Yhej[Y^d_gk[i
_d
d[khebe]_YWb
ikh][hoÈ
_d
'/,*$

J^[
_djheZkYj_ed
e\
c_YheiYef_Y
l_ikWb_pWj_ed
e\
j^[
ikh]_YWb
Ó[bZ
mWi
\ebbem[Z
Xo
j^[
_dl[dj_ed
e\
WZ[gkWj[
ikh]_YWb
_dijhkc[dji

<_]i$
'$&$'&"
'$&$''$
J^[
j[Y^d_gk[
e\
X_febWh
YeW]kbWj_ed
mWi
ikYY[ii# \kbbo
WZefj[Z
\eh
c_Yhed[kheikh][ho
Xo
@Wc[i
=h[[dmeeZ
WdZ
B[edWhZ
CWb_i"
WdZ
Ód[
c_Yhe_dijhkc[dji
m[h[
Z[l[bef[Z
\eh
_djhWYhWd_Wb
WdZ
if_dWb
ki[
QAkhp[
'/,)"
CWb_i
'/,-"
'/-/"
OWiWh]_b
'/,/S$ :[if_j[
j^[
WXel[
c[dj_ed[Z
Z[l[befc[dj
e\
fh[ef[hWj_l[
Z_W]# deij_Yi"
_bbkc_dWj_ed
Z[l_Y[i
WdZ
c_Yhed[kheikh]_YWb
j[Y^d_gk[i"
_djhWYhWd_Wb
d[kheikh][ho
mWi
Y^WhWYj[h_p[Z
_d
j^[
'/-&i
WdZ
'/.&i"
WdZ
Wbie
_d
j^[
'//&i
Xo
bWh]["
[nj[dZ[Z
YhWd_ejec_[i$

,

<_]$
'$&$''
7
CWb_i
X_febWh
YeW]kbWjeh
\eh
d[kheikh]_YWb
ki[$
Dej[
j^[
WjjWY^[Z
\ehY[fi
Wbbem_d]
YWh[\kb
ikh]_YWb
Z_ii[Yj_ed$

?djheZkYj_ed

7

8

9

<_]$
'$&$'(
IY^[cWj_Y
ZhWm_d]
Z[cedijhWj_d]
j^[
ij[f# m_i[
Z[l[befc[dj
e\
j^[
\hedjej[cfehWb
ikX\hedjWb
WffheWY^$
Dej[
j^[
h[ZkYj_ed
_d
i_p[
e\
j^[
ia_d
_dY_i_ed
WdZ
YhWd_ejeco
YecfWh[Z
je
:WdZoÊi
cWYheikh]_YWb

\hedjej[cfehWb

WffheWY^
7
WdZ
je
OWiWh]_bÊi
fj[h_edWb
YhWd_ejeco
ki_d]
c_Yheikh]_YWb
j[Y^d_gk[i
8$
J^[
ikfhWehX_jWb
a[o^eb[
YhWd_ejeco"
h[fh[i[dj_d]
j^[
\hedje# XWiWb
fWhj
e\
OWiWh]_bÊi
fj[h_edWb
WffheWY^"
Wbbemi
W

cWha[Zbo
h[ZkY[Z
[nj[di_ed
e\
j^[
YhWd_ejeco
m_j^

ikXi[gk[djbo
b[ii
ikh]_YWb
ZWcW][
je
j^[
[njhW#
WdZ
_djhW# YhWd_Wb
ijhkYjkh[i
9$

>em[l[h"
i_dY[
j^[
l[ho
edi[j
e\
d[kheikh][ho
j^[h[
^Wi
X[[d
W
m_Z[bo
WYY[fj[Z
\WYj
j^Wj
[nfeikh[
e\
XhW_d
j_iik[
\eh
i[l[hWb
^ekhi
Zkh_d]
ikh][ho
ki_d]
j^[i[
[nj[dZ[Z
WffheWY^[i
WbmWoi
c[Wdi
_d`kho
je
j^[
XhW_d
ikh\WY[
Xo
dedf^oi_ebe]_YWb
ikhhekdZ_d]i
ikY^
Wi
heec
W_h"
_hh_]Wj_ed"
Yel[h
cWj[h_Wb"
eh
ifWjkbW
fh[iikh[$
Dej[
j^Wj
j^[i[
Yehj_YWb
c_Yhe_d`kh_[i
m[h[
feii_Xbo
j^[
h[Wied
\eh
j^[
fh[l_eki
d[Y[ii_jo
e\
hekj_d[
feijef[hWj_l[
Wdj_Yedlkbi_l[
c[Z_# YWj_ed
_d
Wbb
fWj_[dji
kdZ[h]e_d]
_djhWYhWd_Wb
ikh][ho$
?d
ehZ[h
je
]W_d
Wd
_cfh[ii_ed
e\
Z_c[di_edi
e\
Yehj_YWb
[nfbehWj_ed
WdZ
ikh]_YWb
jhWkcW"
j^[
Wh[W
e\
XhW_d
ikh\WY[
[nfei[Z
\eh
W
b_c_j[Z
YhWd_ejeco
e\
Wffhen_cWj[bo
(
Yc
i^ekbZ
X[
YecfWh[Z
m_j^
j^[
Wh[W
[nfei[Z
Zkh_d]
W
Yedl[dj_edWb
YhWd_ejeco
m_j^
W
Xed[
ÔWf
Z_Wc[j[h
e\
Wffhen_cWj[bo
.
Yc$
Ki_d]
j^[
[gkWj_ed
h9


\eh
j^[
YWbYkbWj_ed
e\
j^[
Wh[W
e\
W
Y_hYb[
_d
m^_Y^
h
_i
j^[
hWZ_ki
e\
W
Y_hYkbWh
Xed[
ÔWf"
j^[
\ebbem_d]
h[ikbji
YekbZ
X[
eXjW_d[Z0
Wh[W
e\
XhW_d
ikh# \WY[
[nfei[Z
Zkh_d]
Yedl[dj_edWb
YhWd_ejeco
m_j^
.
Yc
Z_Wc[j[h0

h9


3
*
Yc9


3
+&$(-
Yc91
Wh[W
e\
ikh\WY[
WffheWY^[Z
Zkh_d]
b_c_j[Z
YhWd_ejeco
m_j^
(
Yc
Z_Wc[j[h0

h9


3
'
Yc9


3
)$'*
Yc9$
M[
YWd
i[[
j^Wj
_d
Y^eei_d]
W
b_c_j[Z
WffheWY^
je
if[Y_ÓY
b[i_edi"

_j
X[Yec[i
feii_Xb[
je
ZhWcWj_YWbbo
h[ZkY[
_d`kho
je
j^[
Yehj_YWb

ikh\WY[$ 7j
j^[
iWc[
j_c["
b_c_j[Z
YhWd_ejeco
h[ZkY[i
j^[
d[Y[ii_jo
e\
hek]^
XhW_d
h[jhWYj_ed$
I_dY[
;k][d[
C$
BWdZ_i
_d
'/)*
Z[iYh_X[Z
j^[
f^oi# _ebe]_YWb
hWd][
e\
YWf_bbWho
fh[iikh["
_j
^Wi
X[[d
i^emd
_d
W
dkcX[h
e\
[nf[h_c[djWb
WdZ
Yb_d_YWb
ijkZ_[i
WdZ
^Wi
X[Yec[
W
m_Z[bo
WYY[fj[Z
\WYj
j^Wj
XhW_d
h[jhWYj_ed
[nY[[Z_d]
Y[hjW_d
b_c_ji
YWki[i
i_]d_ÓYWdj
_djhWef[hWj_l[
jhWkcW
je
XhW_d
j_iik[
WdZ
cWo
YWki[
f[h# cWd[dj
d[khebe]_YWb
Z[ÓY_ji
QBWdZ_i
'/)*"
7bX_d
'/-+"
'/--"
C_bb[h
'/-)"
Oeae^
'/.)"
'/.-"
Hei[dehd
'/.+"
>ed]e
'/.-"
7dZh[mi
'//)"
em# [l[h"
j^[
X[ij
h[jhWYj_ed
_i
de
h[jhWYj_ed$
9Wh[\kb
Y^e_Y[
e\
Wd
WZ[# gkWj["
b[ii
_dlWi_l[
ikh]_YWb
WffheWY^
m_j^
c_d_cWb
XhW_d
[nfbehW# j_ed
WdZ
h[jhWYj_ed
h[ikbji
_d
W
i_]d_ÓYWdj
h[ZkYj_ed
e\
ZWcW][
je
_djhWYhWd_Wb
ijhkYjkh[i
<_]$
'$&$'($ ?d
'/-'"
:edWbZ
>$
M_bied
c[dj_ed[Z
j^Wj
Çm[
cWa[
de
\[j_i^
e\
a[o^eb[
ikh][ho$
7
bWh][
Whj[h_el[deki
cWb\ehcWj_ed"
^[c_if^[h[Y# jeco"
WdZ
iec[
[f_b[fio
ikh][ho
mekbZ
Y[hjW_dbo
h[gk_h[
bWh][
ijWd# ZWhZ
YhWd_ejec_[iÈ$
>[
mWi
ed[
e\
j^[
Óhij
d[kheikh][edi
je
ki[


-

?djheZkYj_ed

j^[
j[hc
a[o^eb[
ikh][ho
Z[iYh_X_d]
j^[
[nj[di_ed
e\
b_c_j[Z
jh[f^_# dWj_edi
QM_bied
'/-'S$ >em[l[h"
_j
_i
_cfehjWdj
je
dej[
j^Wj
m_j^
j^[
[nfh[ii_ed
Ça[o^eb[È
dej
edbo
j^[
[nj[di_ed
e\
j^[
YhWd_ejeco
i^ekbZ
X[
Z[iYh_X[Z$
J^[
j[hc
a[o^eb[
i^ekbZ
[nfbW_d
ceh[el[h
W
YedY[fj
WffheWY^_d]
fWj^# ebe]_YWb
b[i_edi
_d
Z[Ód_j[
_djhWYhWd_Wb
Wh[Wi$
J^[
W_c
e\
a[o^eb[
d[kheikh][ho
_i
dej
j^[
b_c_j[Z
YhWd_ejeco"
Xkj
j^[
b_c_j[Z
XhW_d
[nfbehWj_ed
WdZ
c_d_cWb
XhW_d
h[jhWYj_ed$
?d
j^_i
mWo"
j^[
b_c_j[Z
YhWd_ejeco
_i
dej
j^[
]eWb
Xkj
j^[
h[ikbj
e\
j^[
f^_beief^o
e\
c_d_# cWb
_dlWi_l[d[ii
_d
d[kheikh][ho$
J^[
YhWd_ejeco
i^ekbZ
X[
Wi
b_c# _j[Z
Wi
feii_Xb[
je
e\\[h
c_d_cWb
XhW_d
jhWkcW"
Wbj^ek]^
Wi
bWh][
Wi
d[Y[iiWho
je
WY^_[l[
W
iW\[
ikh]_YWb
Z_ii[Yj_ed$ >[h[
_j
_i
[ii[dj_Wb
je
dej_Y[
j^Wj
Wbb
bWh][
i_p[Z
WffheWY^[i
_d
d[kheikh][ho
YWd
X[
_cW]_d[Z
Wi
W
i_Z[#Xo#i_Z[
YecX_dWj_ed
e\
i[l[hWb
icWbb
WffheWY^[i
<_]$
'$&$')$
J^[h[\eh["
_d
j^[
fbWdd_d]
WdZ
f[h\ehcWdY[
ijW][i
e\
Wdo
c_Yheikh]_YWb
WffheWY^"
j^[
ikh][edÊi
emd
Yh_j_YWb
h[Ô[Yj_ed
ed
j^[
d[Y[iiWho
WdZ
kdWle_ZWXb[
cWd_fkbWj_edi
WdZ
[nfeikh[i
Zkh_d]
W
]_l[d
ikh]_YWb
WYY[ii
m_bb
X[
ed[
e\
j^[
ceij
_cfehjWdj
ij[fi
_d
j^[
Z[l[befc[dj
e\
^_i
f[hiedWb
Yecfh[^[di_ed
e\
j^[
a[o^eb[
YedY[fj
_d
c_Yhed[kheikh][ho$
J^[
]eWb
e\
a[o^eb[
ikh][ho
_i
je
Y^eei[
WdZ
f[h\ehc
j^[
ceij
_Z[Wb
WffheWY^
WYYehZ_d]
je
j^_i
Yh_j_YWb
h[Ô[Yj_ed
Z[f[dZ_d]
ed
j^[
_dZ_l_ZkWb
fWj^eWdWjeco
e\
j^[
fWj_[dj
Wi
m[bb
Wi
ed
_dZ_l_ZkWb
f[hiedWb
[nf[h_[dY["
Wjj_jkZ["
WdZ
YWfWX_b_jo$
?d
Y^eei_d]
j^[
Yehh[Yj
a[o^eb[
WffheWY^
je
W
if[Y_ÓY
b[i_ed"
_j
X[Yec[i
feii_Xb[
je
ZhWcWj_YWbbo
h[ZkY[
j^[
i_p[
e\
j^[
YhWd_ejeco
m_j^
b[ii
d[[Z
\eh
ZkhW
ef[d_d]
WdZ
b[ii
XhW_d
[nfeikh[
WdZ
h[jhWY# j_ed$
J^[i[
WZlWdjW][i
e\
c_d_cWbbo
_dlWi_l[
a[o^eb[
c_Yheikh][ho
cWo
Yedjh_Xkj[
je
_cfhel[Z
feijef[hWj_l[
h[ikbji
_dYbkZ_d]
i^ehj[h
^eif_jWb_pWj_ed
j_c[
X[YWki[
e\
h[ZkYj_ed
_d
j^[
h_ia
e\
Yecfb_YW# j_edi
ikY^
Wi
Xb[[Z_d]
eh
h[#Xb[[Z_d]
m_j^
d[khebe]_YWb
Z[j[h_ehW# j_ed"
b[WaW][
e\
9I<"
_d\[Yj_ed"
iYWh_ÓYWj_ed"
WdZ
Yeic[j_Y
Z_ijkh# XWdY[i$ >em[l[h"
j^[
ki[
e\
b_c_j[Z
WffheWY^[i
YWki[i
Z_\\[h[dj
i^ehjYec# _d]i
Zkh_d]
j^[
fheY[Zkh[
ikY^
Wi
j^[
fh[Z[Ód[Z
ikh]_YWb
Yehh_Zeh"
Z[Yh[Wi[Z
_djhWef[hWj_l[
eh_[djWj_ed"
dWhhem
l_[m_d]
Wd]b[i
m_j^
Wd
Wbceij
YeWn_Wb
Yedjheb
e\
j^[
c_Yhe_dijhkc[dji"
WdZ
h[ZkYj_ed
e\
b_]^j
_dj[di_jo
_d
j^[
Z[[f#i[Wj[Z
ef[hWj_d]
Ó[bZ$


.

7

8

9 <_]$
'$&$')
IY^[cWj_Y
ZhWm_d]
e\
W
bWh][
i_p[Z
ijWdZWhZ
WffheWY^
m_j^
\kdd[b#b_a[
dWhhem_d]
e\
j^[
ikh]_YWb
Ó[bZ
[nfei_d]
Z[[f#i[Wj[Z
b[i_edi
7$
;nj[dZ[Z
YhWd_ejec_[i
YWd
X[
Yedi_Z[h[Z
Wi
W
YecX_dWj_ed
e\
i[l[hWb
b_c_j[Z
a[o# ^eb[
WffheWY^[i
8$
;dj[h_d]
j^[
_djhWYhWd_Wb
Y^WcX[h
j^hek]^
W
Yehh[Yjbo
f[h\ehc[Z
b_c_j[Z
ef[d_d]"
j^[
l_ikWb
Ó[bZ
i^emi
W
i[Yjeh#b_a[
m_Z[d_d]
9$
7
i^ehj
Z_ijWdY[
Wbbemi
W
b_c_j[Z
el[hl_[m1
_d
YedjhWij"
W
bed]
ikh]_YWb
Yeh# h_Zeh
je
W
Z[[f#i[Wj[Z
ikh]_YWb
Ó[bZ
e\j[d
fhel_Z[i
W
X[jj[h
ced_jeh_d]
e\
j^[
ikh]_YWb
Z_ii[Yj_ed$
?d
cWdo
YWi[i"
j^_i
Yedi_Z[hWj_ed
cWo
h[ikbj
_d
j^[
[cfbeoc[dj
e\
YedjhW# bWj[hWb
WffheWY^[i$

?djheZkYj_ed

FheXb[c
?
8[YWki[
e\
j^[
fh[Z[Ó
d[Z
ikh]_YWb
fWj^mWo"
j^[
Yeh# h_Zeh
e\
Z_ii[Yj_ed
YWddej
X[
Y^Wd][Z
Zkh_d]
ikh][ho1
j^[h[# \eh["
j^[
YhWd_ejeco
i^ekbZ
X[
jW_beh[Z
[nWYjbo
WYYehZ_d]
je
j^[
fWj^eWdWjec_YWb
i_jkWj_ed
e\
j^[
_dZ_l_ZkWb
fWj_[dj$
?d
j^_i
mWo"
j^[
a[o^eb[
YedY[fj
_i
XWi[Z
ed
W
YWh[\kb
fh[ef[hWj_l[
ijkZo
e\
Z_W]deij_Y
_cW][i$
Ki_d]
ceZ[hd
jeebi"
j^[
[nWYj
WdWjeco
WdZ
fWj^ebe]o
e\
j^[
fWj_[dj
YWd
X[
fh[Y_i[bo
Z[iYh_X[Z$
7dWjec_# YWb
fWj^mWoi
WdZ
Yehh_Zehi
YWd
X[
Z[j[hc_d[Z"
fhel_Z_d]
efj_cWb
WYY[ii
je
j^[
fWj^ebe]_YWb
fheY[ii[i$
7YYehZ_d]
je
j^[
_dZ_l_ZkWb
fWj^eWdWjec_YWb
i_jkWj_ed
WdZ
je
j^[
_dZ_l_ZkWb
[nf[h_[dY[
e\
j^[
ikh][ed"
W
jW_beh[Z"
_dZ_l_ZkWb
WffheWY^
YWd
X[
YWhh_[Z
ekj$
J^_i
_dZ_# l_ZkWb
b[Wij
ZWcW]_d]
WdZ
j^[h[\eh[
c_d_cWbbo
_dlWi_l[
WffheWY^
je
j^[
jWh][j
h[]_ed
^[bfi
je
Wle_Z
h[jhWYj_ed
e\
i[di_j_l[
ijhkYjkh[i
WdZ
kdd[Y[iiWho
[nfbehWj_ed
e\
j^[
Yehj_YWb
ikh\WY[$

<_]$
'$&$'*

fh[Z[Ó
d[Z
ikh]_YWb
Yehh_Zeh

_dZ_l_ZkWb
jW_beh[Z
WffheWY^

<_]$
'$&$'+

b_c_j[Z
eh_[djWj_ed

i[b\#cWZ[
[nfbehWj_ed _djhWef[hWj_l[
_cW]_d] d[khedWl_]Wj_ed

J^[
Yedi[gk[dY[
e\
j^[
YedY[fj
e\
j^[
_dZ_l_ZkWb
ikh]_YWb
j^[hWfo
_i
j^Wj
W\j[h
c[j_Ykbeki
el[hl_[m
e\
j^[
fh[ef[hWj_l[
Z_W]deij_Yi
WdZ
fbWdd_d]
e\
j^[
fheY[Zkh["
j^[
ikh][ed
i^ekbZ
f[h\ehc
j^[
ikh]_YWb
WffheWY^
^_ci[b\$
I[b\#cWZ[
ikh][ho
_dYbkZ[i
i[b\#cWZ[
fei_j_ed_d]
e\
j^[
fWj_[dj"
i[b\#cWZ[
ia_d
_dY_i_ed"
i[b\#cWZ[
YhWd_ejeco
WdZ
i[b\#cWZ[
ikh]_YWb
[nfeikh[
e\
j^[
jWh][j
h[]_ed$
J^[
_dZ_l_ZkWb"
c_d_cWbbo
_dlWi_l[
WdZ
cWn_cWbbo
[\\[Yj_l[
ikh]_YWb
WffheWY^
je
j^[
_djhWYhWd_Wb
b[i_ed
_i
j^[
Y[djhWb
gk[ij_ed
e\
a[o^eb[
d[kheikh# ][ho1
j^[h[\eh[
[nfbeh_d]
j^[
fWj^ebe]o
_i
j^[
jWia
e\
j^[
ef[hWj# _d]
d[kheikh][ed
^_ci[b\
WdZ
dej
Wd
Wii_ijWdj
J^_i
fh_dY_fb[
e\
j^[
jW_beh[Z
c_d_cWbbo
_dlWi_l[
a[o^eb[
d[kheikh][ho
_i
_d
Z_h[Yj
Yed# jhWij
je
W
ijWdZWhZ
ikh]_YWb
j^[hWfo
l_W
[nj[dZ[Z
ijWdZWhZ
ikh]_YWb
WffheWY^[i$
?d
j^_i
mWo"
fh[ef[hWj_l[
fbWdd_d]
WdZ
i[b\#cWZ[
f[h\ehc_d]
e\
j^[
jW_beh[Z
ikh]_YWb
WffheWY^
_i
j^[
ceij
_cfehjWdj
fWhj
e\
a[o^eb[
d[kheikh][ho
<_]$
'$&$'*$ FheXb[c
??
J^[
i[YedZ
ZhWmXWYa
e\
a[o^eb[
fheY[Zkh[i
_i
j^[
Z[Yh[Wi[Z
_djhWef[hWj_l[
eh_[djWj_ed$
?d
ekh
[nf[h_[dY["
j^[
_dZ_# l_ZkWb
fh[ef[hWj_l[
fbWdd_d]
WYYehZ_d]
je
j^[
_dZ_l_ZkWb
fWj^eWdW# jec_YWb
i_jkWj_ed
WdZ
j^[
_dZ_l_ZkWbbo
f[h\ehc[Z
[nfeikh[
WYYehZ# _d]
je
j^[
ikh][edi
[nf[h_[dY[
e\\[h
iW\[
Z_ii[Yj_ed
Z[if_j[
b_c_j[Z
WffheWY^[i$
?d
WZZ_j_ed"
j^[
ki[
e\
dWl_]Wj_ed
Z[l_Y[i"
kbjhWiekdZ
kd_ji"
_djhWef[hWj_l[
9J
WdZ
CH?
cWo
X[
^[bf\kb
_\
j^[
b_c_j[Z
YhW# d_Wb
ef[d_d]
^Wi
YWki[Z
W
Yed\ki[Z
WdZ
feehbo
el[hl_[m[Z
i_jkWj_ed
<_]$
'$&$'+$
D[l[hj^[b[ii"
j^[i[
j[Y^d_YWb
jeebi
YWd
d[l[h
h[fbWY[
j^[
fh[Y_i[
WdZ
fWhj_YkbWh
WdWjec_YWb
ademb[Z][
e\
j^[
jWh][j
h[]_ed


/

?djheZkYj_ed

FheXb[c
???
J^[
dWhhem
l_[m_d]
Wd]b[
WdZ
Wbceij
YeWn_Wb
Yedjheb
e\
Z_ii[Yj_ed
YWki[i
Wd
WZZ_j_edWb
fheXb[c$
7YYehZ_d]
je
ekh
[nf[# h_[dY["
_\
j^[
YhWd_ejeco
_i
icWbb[h
j^Wd
'+
cc"
j^[
_djhWef[hWj_l[
ki[
e\
Yedl[dj_edWb
c_Yhe_dijhkc[dji
X[Yec[i
l[ho
b_c_j[Z$
<eh
j^_i
h[Wied"
j^[
Z[l[befc[dj
WdZ
_djhWef[hWj_l[
ki[
e\
d[m
jkX[# i^W\j
c_Yhe_dijhkc[dji"
[$]$"
iY_iiehi"
]hWif_d]
WdZ
YeW]kbWj_d]
\eh# Y[fi"
Yb_f
Wffb_YWjehi"
_i
cWdZWjeho
\eh
f[h\ehc_d]
a[o^eb[
ikh][ho
<_]$
'$&$',$
FheXb[c
?L
J^[
[o[i
e\
j^[
d[kheikh][ed
ckij
X[
WXb[
je
i[[
WdWjec_YWb
ijhkYjkh[i
je
iWl[
j^[c
WdZ
je
h[Ye]d_p[
fWj^ebe]_[i
je
WjjWYa
j^[c$
J^[
\ekhj^
cW_d
Z_\Ó
Ykbjo
e\
a[o^eb[
WffheWY^[i
_i
j^[
beii
e\
_djhWef[hWj_l[
b_]^j
WdZ
i_]^j
j^hek]^
j^[
b_c_j[Z
YhW# d_ejeco"
YWki_d]
i_]d_Ó
YWdjbo
h[ZkY[Z
efj_YWb
Yedjheb
Zkh_d]
ikh# ][ho$
<eh
j^[
fkhfei[
e\
Xh_d]_d]
b_]^j
_dje
j^[
ikh]_YWb
Ó
[bZ
WdZ
Yedjhebb_d]
Z[[f#i[Wj[Z
c_Yhe_dijhkc[dji
m_j^
Wd
WZ[gkWj[
cW]# d_Ó
YWj_ed"
ikh]_YWb
c_YheiYef[i
YWd
X[
[\\[Yj_l[bo
ikffb[c[dj[Z
Xo
j^[
efj_YWb
fhef[hj_[i
e\
ceZ[hd
[dZeiYef[i
<_]$
'$&$'-$
J^[
j^h[[
WZlWdjW][i
e\
[dZeiYef[i
Wh[
Wi
\ebbemi0
'
_dYh[Wi[Z
b_]^j
_dj[di_jo"
(
[nj[dZ[Z
l_[m_d]
Wd]b["
WdZ
)
Yb[Wh
Z[f_Yj_ed
e\
Z[jW_bi
_d
Ybei[# kf
fei_j_edi$
J^[
Ó
hij
ikh][edi
m^e
h[Wb_p[Z
j^[
b_c_jWj_edi
e\
ikh# ]_YWb
c_YheiYef[i
m[h[
M[hd[h
Fhejj
_d
'/-*
m^[d
^[
f[h\ehc[Z
Z_W]deij_Y
[dZeiYef_Y
Y_ij[hdeiYefo
e\
j^[
Y[h[X[bbefedj_d[
Wd]b["
C_Y^W[b
B$
@$
7fkppe
_d
'/--
m^[d
^[
_djheZkY[Z
j^[
ie#YWbb[Z
i_Z[# l_[m_d]
j[b[iYef["
WdZ
<Wba
Eff[b
_d
'/.'
m^[d
^[
Wffb_[Z
_djhW# ef[hWj_l[
[dZeiYefo
Zkh_d]
fheY[Zkh[i
e\
c_YhelWiYkbWh
jh_][c_dWb
Z[Yecfh[ii_ed
QFhejj
'/-*"
7fkppe
'/--"
Eff[b
'/.'S$
7bb
e\
j^[i[
Z[iYh_fj_edi
YWd
X[
h[]WhZ[Z
Wi
j^[
_d_j_Wj_ed
e\
[dZeiYef[#Wii_ij[Z
c_Yhed[kheikh][ho"
m^_Y^"
Wbed]
m_j^
ej^[h
d[khe[dZeiYef_Y
j[Y^# d_gk[i"
[nf[h_[dY[Z
W
h[l_lWb
_d
j^[
'//&i$ CeZ[hd
j^h[[#Y^_f
c_YheYWc[hWi
m_j^
i[fWhWj[
jhWdic_ii_ed
e\
j^[
h[Z"
]h[[d"
WdZ
Xbk[
l_Z[e
i_]dWbi
fhel_Z[
[nY[bb[dj
_cW][
gkWb_jo$
J^[
[dZeiYef_Y
l_Z[e
i_]dWb
_i
h[YehZ[Z
WdZ
Z_ifbWo[Z
ed
W
l_Z[e
ced_jeh
m^_Y^
i^ekbZ
X[
_Z[Wbbo
fbWY[Z
_d
\hedj
e\
j^[
ikh][ed$
H[Y[djbo"
j^[
[lebkj_ed
e\
YWc[hW
j[Y^debe]o
^Wi
[dWXb[Z
h[fbWY[# c[dj
e\
j^[
ef[hWj_d]
c_YheiYef[$
J^[
ie#YWbb[Z
[neiYef[
[dWXb[i
d[kheikh][edi
je
f[h\ehc
Yecfb_YWj[Z
YhWd_Wb
ikh][h_[i
m_j^ekj
ki_d]
j^[
c_YheiYef[0
j^[
[neiYef[
e\\[hi
l_ikWb_pWj_ed
e\
j^[
ikh# ]_YWb
Ó
[bZ
Ç\hec
ekji_Z[È"
j^[
[dZeiYef[
Ç\hec
_di_Z[È
<_]i$
'$&$'/"
'$&$(&$
7
\kjkh_ij_Y
effehjkd_jo
_i
Ykhh[djbo
X[_d]
Z[l[bef[Z
m_j^
^[WZ#cekdj[Z
B9:
iYh[[di
m^_Y^
Wbbem
j^[
ikh][ed
je
jWa[
^_i
[o[i
e\\
j^[
c_YheiYef[
eYkbWhi
<_]i$
'$&$'."
'$&$'/$
Ceh[el[h"
j^_i


'&

<_]$
'$&$',

dWhhem
ikh]_YWb
Yehh_Zeh

if[Y_Wb
_dijhkc[djWj_ed

<_]$
'$&$'-


b_c_j[Z
l_ikWb
Yedjheb

[dZeiYef[#Wii_ij[Z c_Yhed[kheikh][ho

?djheZkYj_ed

Z_ifbWo
ioij[c
Wbbemi
_cfehj_d]
e\
Z_\\[h[dj
Z_]_jWb
_cW][i
ikY^

Wi
Z_W]deij_Y
f_Yjkh[i
WdZ
_d\ehcWj_ed
e\
dWl_]Wj_ed
Z[l_Y[i"
Z_h[Yjbo
_dje
j^[
^[WZ#cekdj[Z
B9:
iYh[[di$
J^[
ki[
e\
j^[
f_Yjkh[# _d#f_Yjkh[
ceZ[
cWo
h[ikbj
_d
Wd
[\ÓY_[dj
l_ikWb_pWj_ed
Zkh_d]
j^[
ikh]_YWb
fheY[Zkh[$

<_]$
'$&$'.
F^eje]hWf^
\hec
j^[
ef[hWj_d]
j^[Wjh[
i^em# _d]
j^[
_djhWef[hWj_l[
ki[
e\
Wd
[dZeiYef["
Z[i_]d[Z
\eh
_djhWl[djh_YkbWh
fheY[Zkh[i
7[iYkbWf
7="
Jkjjb_d][d"
=[h# cWdo$
Dej[
j^[
_djhWef[hWj_l[
Wffb_YWj_ed
e\
W
^[WZ# cekdj[Z
B9:
iYh[[d"
cWdk\WYjkh[Z
Xo
L_ijW
C[Z_YWb
J[Y^debe]_[i"
9WhbiXWZ"
9Wb_\ehd_W"
KI7$
J^[
f^eje]hWf^
Yb[Whbo
i^emi
j^Wj
j^[
ikh][ed
^Wi
W
Yec\ehjWXb[
WdZ
[h]edec_Y
meha_d]
fei_j_ed
Zkh_d]
j^[
m^eb[
fheY[Zkh[$

<_]$
'$&$'/
F^eje]hWf^
_bbkijhWj_d]
j^[
_djhWef[hWj_l[
ki[
e\
Wd
[neiYef[
Ebocfki
9ecfWdo"
Jeaoe"
@WfWd
WdZ
W
^[WZ#cekdj[Z
B9:
iYh[[d
Zkh_d]
W
a[o^eb[
fheY[# Zkh[$
J^[
ikf[h_eh
_cW][
gkWb_jo
e\
j^[
[neiYef[
[dWXb[i
je
f[h\ehc
c_d_cWbbo
_dlWi_l[
a[o^eb[
ikh][ho
m_j^ekj
_djhWef[hWj_l[
ki[
e\
W
ikh]_YWb
c_YheiYef[$

<_]$
'$&$(&
Fhejejof[
Z[cedijhWj_d]
W
X_deYkbWh
[neiYef[
m^_Y^
m_bb
X[
Z[l[bef[Z
_d
j^[
ÇC?DEF
??
IjkZoÈ
_d
Yeef[hWj_ed
m_j^
7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo$

''

?djheZkYj_ed

=[d[hWb
j[Y^d_gk[i
\eh
a[o^eb[
d[kheikh][ho F[hiedd[b"
ef[hWj_d]
j^[Wj[h
[h]edec_Yi"
WdZ
_dijhkc[djWj_ed Ef[hWj_d]
j^[Wj[h
f[hiedd[b Ef[hWj_d]
j^[Wj[h
f[hiedd[b
fbWo
W
l_jWb
heb[
m^[d
f[h\ehc_d]
a[o^eb[
fheY[Zkh[i$
J^[
fhef[h
[ZkYWj_ed
WdZ
jhW_d_d]
e\
ikh]_YWb
Wii_ijWdji"
dkhi[i
WdZ
j[Y^d_YWb
Wii_ijWdji
Wh[
cWdZWjeho
\eh
iW\[
_djhWef[hWj_l[
YWh[$ J^[
Wii_ijWdj
i^ekbZ
^Wl[
jhW_d_d]
_d
d[kheikh]_YWb
WdWjeco
WdZ
X[
\Wc_b_Wh
m_j^
][d[hWb
c_Yheikh]_YWb
j[Y^d_gk[i$
:k[
je
j^[
b_c_jW# j_ed
e\
WffheWY^[i"
Wd
Wii_ijWdjÊi
Z_h[Yj
fWhj_Y_fWj_ed
_d
f[h\ehc_d]
ikh]_YWb
cWd[klh[i
X[Yec[i
l[ho
h[ijh_Yj[Z$
>em[l[h"
_d
i[l[hWb
i_jkWj_edi
j^[
Wii_ijWdj
YWd
^[bf
_d
lWh_eki
mWoi"
_dYbkZ_d]
ikYj_ed# _d]"
YeW]kbWj_d]"
Ykjj_d]
WdZ
][djbo
h[jhWYj_d]$
J^[
d[m
][d[hWj_ed
e\
c_YheiYef[i
]_l[i
j^[
Wii_ijWdj
X_deYkbWh
l_i_ed
m^_Y^
Wbbemi
j^[
WiieY_Wj[
je
meha
WdZ
Wii_ij
Wj
[Wi[$
?d
ekh
Z[fWhjc[dj"
j^[
Wii_i# jWdj
_i
_d
Y^Wh][
e\
X_febWh
YeW]kbWj_ed
WYYehZ_d]
je
j^[
ikh][edÊi
WZl_Y[$
7
Z[l_Y[
m_j^
le_Y[
Yedjheb
m_bb
X[
Z[l[bef[Z
_d
j^[
\kjkh[$
J^[
iYhkX
dkhi[
i^ekbZ
kdZ[hijWdZ
j^[
XWi_Y
]eWb
e\
j^[
ikh]_YWb
[l[dj
WdZ
X[
WXb[
je
\ebbem
j^[
fheY[Zkh[
ed
j^[
ced_jeh$
J^[
dkhi[
i^ekbZ
X[
\Wc_b_Wh
m_j^
j^[
d[kheikh]_YWb
[gk_fc[dj
WdZ
Z[b_l[h
_dijhkc[dji
je
j^[
ikh][edÊi
^WdZi
h[WZo
\eh
ki[
m_j^ekj
h[gk_h_d]
j^[
ikh][ed
je
beea
WmWo
\hec
j^[
ikh]_YWb
Ó[bZ
WdZ
j^[
c_YheiYef[$ J^[
Y_hYkbWj_d]
dkhi[
eXjW_di
d[Y[iiWho
_dijhkc[dji
WdZ
iebkj_edi
WdZ
mehai
Ybei[bo
m_j^
j^[
iYhkX
dkhi[$

?d
WZZ_j_ed"
j^[
Y_hYkbWj_d]
dkhi[
i^ekbZ
X[
WXb[
je
i[j
kf
c_Yheikh]_YWb
[gk_fc[dj"
[$]$"
c_Yhe# iYef[i"
[dZeiYef[i"
dWl_]Wj_ed
Z[l_Y[i"
X_febWh
kd_ji"
9#Whc
Ôkehe# iYef[
jeebi$
7i
W
j[Y^d_YWb
Wii_ijWdj"
j^[
Y_hYkbWj_d]
dkhi[
i^ekbZ
X[
jhW_d[Z
WdZ
WXb[
je
Z[Wb
m_j^
Wdo
cWb\kdYj_ed_d]
[gk_fc[dj$
Ef[hWj_d]
j^[Wj[h
bWoekj JeZWoÊi
d[kheikh]_YWb
ef[hWj_d]
j^[Wj[hi
ckij
X[
bWh][
[dek]^
je
WYYecceZWj[
j^[
fWj_[dj"
j^[
ef[hWj_d]
f[hiedd[b
WdZ
^_]^bo
ief^_ij_YWj[Z
d[kheikh]_YWb
[gk_fc[dj$
J^[
XWi_Y
eh]Wd_pWj_ed
e\
j^[
ef[hWj_d]
j^[Wj[h
_d
ekh
Z[fWhjc[dj
_i
i^emd
_d
<_]$
'$&$(&$
J^[
fWj_[dj
_i
Xhek]^j
ed
j^[
ef[hWj_d]
jWXb[
_d


'(

?djheZkYj_ed

0ORTABLE#4

.URSE )NSTRU

3URGEON

S MENT

TOR

NI -O

PE

SCO

RO -IC

VIG

AT

IO

N

!SSISTANT

%NDO 5NIT

HE

SIA

!NE ST

.A

.EUROMONITORING

<_]$
'$&$('
IY^[cWj_Y
f_Yjkh[
i^em_d]
ef[hWj_d]
j^[Wj[h
bWoekj
m^[d
f[h\ehc_d]
a[o^eb[
ikh][ho$

j^[
ikf_d[
eh
fhed[
fei_j_ed
WYYehZ_d]
je
j^[
ikh]_YWb
jWh][j
h[]_ed$
J^[
ikh][ed
ijWdZi
Z_h[Yjbo
Wj
j^[
^[WZ
m_j^
^_i
Wii_ijWdj
ed
j^[
h_]^j
i_Z[$
J^[
iYhkX
dkhi[
i_ji
eh
ijWdZi
X[jm[[d
j^[
ikh][ed
WdZ
j^[
Wii_ijWdj"
Wbbem_d]
fh[Y_i[
Wii_ijWdY[$
J^[
Wd[ij^[i_ebe]_ij
m_j^
^_i
[gk_fc[dj
_i
ed
j^[
b[\j
i_Z[
e\
j^[
fWj_[dj$
J^_i
eh]Wd_pWj_ed
Wbbemi
\h[gk[dj
Y^Wd][i
_d
j^[
ikh][edÊi
fei_j_ed
m^[d
f[h\ehc_d]
a[o^eb[
[nfeikh[i$ J^[
c_YheiYef[
_i
ed
j^[
b[\j
i_Z[
e\
j^[
ikh][ed
WdZ
j^[
l_Z[e
ced_jeh
_i
_d
ikY^
W
fei_j_ed
j^Wj
j^[
dkhi[
WdZ
j^[
Wd[ij^[i_ebe# ]_ij
YWd
Xej^
\ebbem
j^[
fheY[Zkh[$
?\
ki[Z"
j^[
ced_jeh
\eh
[dZe# iYef_Y
l_ikWb_pWj_ed
_i
fbWY[Z
Z_h[Yjbo
_d
\hedj
e\
j^[
ikh][ed$
em[l[h"
j^[
h[bWj_ed
X[jm[[d
j^[
d[khe# ikh][edÊi
fei_j_ed
WdZ
j^Wj
e\
j^[
fWj_[dj
_i
W
i[di_j_l[
ed[
j^Wj
_i
e\j[d
_cfW_h[Z
Zkh_d]
ikh][ho$
J^[
bWh][
dkcX[h
e\
^_]^bo
ief^_ij_# YWj[Z
jeebi
i^ekbZ
dej
^Wcf[h
[\ÓY_[dYo
_d
j^[
ef[hWj_d]
j^[Wj[h$


')

?djheZkYj_ed

IjWdZ_d]
li$
i_jj_d]5 8Wi_YWbbo"
ef[hWj_d]
j^[Wj[h
bWoekj
WdZ
fWj_[dj
fei_j_ed_d]
i^ekbZ
e\\[h
W
f^oi_ebe]_YWbbo
WYY[fjWXb[
[h]edeco
\eh
j^[
ikh][ed"
ef[h# Wj_d]
j^hek]^
W
b_c_j[Z
WffheWY^$
>em[l[h"
ikh]_YWb
Z_ii[Yj_ed
j^hek]^
j^[i[
b_c_j[Z
a[o^eb[
YhWd_ejec_[i
\h[gk[djbo
h[gk_h[i
Y^Wd][i
_d
j^[
ikh][edÊi
fei_j_ed
m^[d
l_ikWb_p_d]
Wd
[nj[dZ[Z
_djhWYhWd_Wb
Wh[W
WYYehZ_d]
je
W
i[Yjeh#b_a[
m_Z[d_d]
e\
j^[
ikh]_# YWb
Ó
[bZ
<_]$
'$&$(($
?d
ekh
[nf[h_[dY["
j^_i
ÇZWdY_d]
WhekdZ
j^[
jWXb[È
_i
ceh[
h[bWn_d]
\eh
j^[
ikh][ed
m^_b[
ijWdZ_d]"
[l[d
m^[d
f[h\ehc_d]
bed]
WdZ
j_c[#Yedikc_d]
fheY[Zkh[i$
<eh
j^_i
h[Wied"
m[
fh[\[h
je
f[h\ehc
j^[
[dj_h[
ikh]_YWb
fheY[Zkh[
_d
W
ijWdZ_d]
fei_j_ed
m_j^ekj
j^[
d[[Z
\eh
Yecfb_YWj[Z"
if[Y_Wbbo
Z[i_]d[Z
WdZ
j^[h[\eh[
[nf[di_l[
ef[hWj_d]
Y^W_hi
<_]$
'$&$()$
E\
Yekhi["
j^[
^[_]^j
e\
j^[
ef[hWj_d]
jWXb[
i^ekbZ
X[
WZ`kij[Z
je
Wle_Z
[nY[ii_l[
X[dZ_d]
e\
ikh][edÊi
XeZo
WdZ
d[Ya1
j^[
efj_cWb
jWXb[
^[_]^j
_i
kikWbbo
Wj
j^[
b[l[b
e\
ikh][edi
[bXem$
>em[l[h"
_j
YWd
X[
lWh_WXb[
WYYehZ_d]
je
j^[
\eYki
Z_ijWdY[
e\
j^[
c_YheiYef[
WdZ
je
j^[
if[Y_Ó
Y
YWi[$


7

<_]$
'$&$((

8

<_]$
'$&$()
em[l[h"
_d
ekh
[n
f[h_[dY["
j^_i
ÇZWdY_d]
WhekdZ
j^[
jWXb[È
m^_b[
ijWdZ_d]
Wbbemi
c_d_cWbbo
_dlWi_l[
fheY[Zkh[i
je
X[
f[h\ehc[Z
_d
W
ceh[
h[bWn[Z
cWdd[h$

'*

?djheZkYj_ed

7

8

<_]$
'$&$(*
F^eje]hWf^i
\hec
j^[
ef[hWj_d]
j^[Wj[h
_bbki# jhWj_d]
j^[
_djhWef[hWj_l[
ki[
e\
W
ikh]_YWb
c_YheiYef[
7
WdZ
[dZeiYef[
8$
Dej[
j^[
Wffb_YWj_ed
e\
W
P[_ii
F[dj[he
c_YheiYef[
9Whb
P[_ii
Ikh]_YWb
=cX>"
EX[haeY^[d"
=[h# cWdo
WdZ
^_]^bo
ief^_ij_YWj[Z
[dZeiYef_Y
[gk_fc[dj

7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo$

7

J^[
ef[hWj_d]
jWXb[ Fh[i[dj#][d[hWj_ed
ef[hWj_d]
jWXb[i
Wbbem
WZ[gkWj[
WdZ
iW\[
fei_# j_ed_d]
e\
j^[
fWj_[dj
e\\[h_d]
efj_cWb
ikh]_YWb
WYY[ii
e\
j^[
jWh][j
h[]_ed
m_j^ekj
fei_j_ed_d]#h[bWj[Z
h_iai$
?d
WZZ_j_ed"
ceZ[hd
[b[Yjh_Y
ef[hWj_d]
jWXb[i
Wbbem
W
]h[Wj
Wcekdj
e\
lWh_Wj_ed
_d
fWj_[dj
fei_# j_ed
Zkh_d]
j^[
fheY[Zkh[$
Ef[hWj_d]
j^hek]^
b_c_j[Z
WffheWY^[i
m_j^
\h[gk[dj
Y^Wd][i
_d
j^[
Z_h[Yj_ed
e\
ikh]_YWb
Z_ii[Yj_ed"
j^_i
feii_X_b_jo
e\
_djhWef[hWj_l[
h[ceZ[bb_d]
_i
[if[Y_Wbbo
i_]d_ÓYWdj$ J^[
ef[hWj_d]
c_YheiYef["
_djhWef[hWj_l[
ki[
e\
[dZeiYef[i J^[
_djhWef[hWj_l[
ki[
e\
c_YheiYef[i
_i
cWdZWjeho
_d
a[o^eb[
d[kheikh][ho$
?d
ekh
Z[fWhjc[dj"
m[
fh[\[h
j^[
P[_ii
D9
*
WdZ
P[_ii
F[dj[he
c_YheiYef[i
9Whb
P[_ii
Ikh]_YWb
=cX>"
EX[haeY^[d"

=[hcWdo"
m^_Y^
Wbbem
f[h\[Yj
efj_YWb
l_ikWb_pWj_ed
m_j^
W
^_]^# gkWb_jo
Z_]_jWb
f^eje
WdZ
l_Z[e
ZeYkc[djWj_ed$
J^[
ef[hWj_d]
c_YheiYef[
e\\[hi
WZ[gkWj[
cW]d_ÓYWj_ed
e\
j^[
ef[hWj_l[
Ó[bZ
_d
W
ij[h[eiYef_Y
cWdd[h
WdZ
Wbbemi
_bbkc_dWj_ed
e\
j^[
ikh]_YWb
Ó[bZ$
>em[l[h"
Wi
WXel[
c[dj_ed[Z"
j^[
beii
e\
b_]^j
_dj[di_jo
_d
j^[
Z[[f#i[Wj[Z
ikh]_YWb
Ó[bZ
_i
W
\kdZWc[djWb
fheX# b[c$
<eh
j^[
fkhfei[
e\
Xh_d]_d]
b_]^j
_dje
j^[
i_j["
ef[hWj_d]
c_Yhe# iYef[i
YWd
[\\[Yj_l[bo
X[
ikffb[c[dj[Z
m_j^
j^[
_djhWef[hWj_l[
ki[
e\
ceZ[hd
[dZeiYef[i
<_]$
'$&$(*$
J^[
WZlWdjW][i
e\
j^[
[dZeiYef_Y
_cW][
Wh[
j^[
_dYh[Wi[Z
b_]^j
YedY[djhWj_ed"
[nj[dZ[Z
l_[m_d]
Wd]b[
WdZ
Yb[Wh
h[fh[i[djWj_ed
e\
WdWjec_YWb
Z[jW_bi
_d
W
Ybei[#kf
fei_j_ed
<_]$
'$&$(+$


8

9

<_]$
'$&$(+
?djhWef[hWj_l[
f^eje]hWf^i
i^em_d]
[nfeikh[
e\
j^[
ikfhWi[bbWh
Wh[W
m_j^
j^[
9D
??"
?97
WdZ
9D
???
j^hek]^
W
h_]^j#i_Z[Z
ikfhWehX_jWb
WffheWY^$
Dej[
j^[
_dYh[Wi[Z
b_]^j
_dj[di_jo
WdZ
[nj[dZ[Z
l_[m_d]
Wd]b[
ki_d]
W
h_]_Z
[dZeiYef[
8
YecfWh[Z
m_j^
j^[
l_ikWb_pWj_ed
e\
j^[
ikh]_YWb
c_YheiYef[
7$
?d
Ybei[#kf
fei_j_ed"
j^[
[dZeiYef[
]_l[i
W
Yb[Wh
l_[m
e\
j^[
WdWjec_YWb
Z[jW_bi
9$

'+

?djheZkYj_ed

J^[
[dZeiYef[
_i
[if[Y_Wbbo
_Z[Wb
\eh
eXjW_d_d]
W
Z[jW_b[Z
l_[m
e\
ijhkYjkh[i
_d
j^[
i^WZem
e\
j^[
c_YheiYef[
X[Wc$
J^ki"
_d
i_jkW# j_edi
Zkh_d]
c_Yheikh]_YWb
Z_ii[Yj_ed
m^[d
WZZ_j_edWb
l_ikWb
_d\eh# cWj_ed
e\
j^[
jWh][j
Wh[W
_i
Z[i_h[Z
eh
m^[d
Wle_ZWdY[
e\
h[jhWYj_ed
e\
ikf[hÓY_Wb
ijhkYjkh[i
_i
h[Yecc[dZ[Z"
Wd
[dZeiYef[
_i
_djhe# ZkY[Z
_dje
j^[
ikh]_YWb
i_j[$
8ej^
Z[l_Y[i"
c_YheiYef[
WdZ
[dZe# iYef["
ikffb[c[dj
[WY^
ej^[h
Zk[
je
j^[_h
Z_\\[h[dj
efj_YWb
fhef[h# j_[i$
H_]_Z
b[di
iYef[i
Wh[
h[Yecc[dZ[Z
\eh
;dZeiYef[#7ii_ij[Z
C_Yhe# ikh][ho
;7C
X[YWki[
edbo
j^[
fei_j_ed
e\
_dijhkc[dji
m_j^
h_]_Z
i^W\ji
YWd
X[
Yedjhebb[Z
fh[Y_i[bo
WdZ
X[YWki["
Wj
fh[i[dj"
edbo
b[di
iYef[i
e\\[h
WYY[fjWXb[
_cW][
gkWb_jo$
;dZeiYef[i
m_j^
Wd]b[Z
i^W\ji
Wh[
fh[\[hh[Z
\eh
[dZeiYef[#Wii_ij[Z
d[kheikh][ho
Wi
j^[
YWc[hW
WjjWY^[Z
je
j^[
[o[f_[Y[
Ze[i
dej
_dj[h\[h[
m_j^
j^[
l_ikWb
Ó[bZ
e\
j^[
c_YheiYef[
WdZ
Ze[i
dej
Z_ijkhX
ikh]_YWb
cWd_fkbWj_ed
<_]i$
'$&$(,
Å
)&$
:_\\[h[dj
Z[]h[[i
e\
_dYb_dWj_ed
e\
j^[
\hedj
b[di
e\\[h
Z_\\[h[dj
l_[m_d]
Wd]b[i
e\
&–"
)&–"
*+–
WdZ
-&–$

?d
WZZ_j_ed"
ceZ[hd
Z_]_jWb
l_Z[e
j[Y^debe]o
_i
d[Y[iiWho
je
WY^_[l[
\kbb
ki[
e\
[dZeiYef[#Wii_ij[Z
c_Yheikh][ho$
>[h[
_j
_i
_cfehjWdj
je
dej_Y[
j^Wj
j^[h[
Wh[
jme
Z_\\[h[dj
mWoi
e\
f[h\ehc_d]
[dZeiYef[#Wii_ij[Z
j[Y^d_gk[i
_d
a[o^eb[
d[kheikh][ho$
;dZeiYef[#9edjhebb[Z
C_Yhed[kheikh][ho
;9C
e\\[hi
[dZeiYef_Y
l_ikWb_pWj_ed
e\
j^[
ikh]_YWb
Ó[bZ
WYYehZ_d]
je
W
\h[[#^WdZ
j[Y^d_gk[$
?d
j^[
YWi[
e\
b_c_j[Z
l_ikWb_pWj_ed
j^hek]^
j^[
ikh]_YWb
c_YheiYef["
j^[
ikh][ed
_djheZkY[i
j^[
[dZeiYef[
_dje
j^[
ikh]_YWb
i_j[$
<eh
_cc[Z_Wj[
efj_YWb
Yedjheb
e\
j^[
fWj^e# WdWjec_YWb
i_jkWj_ed"
[$]$"
\eh
Wbbem_d]
fh[Y_i[
jkceh
h[celWb
eh
Yb_f
Wffb_YWj_ed"
j^[
[dZeiYef[
_i
kikWbbo
ki[Z
edbo
\eh
W
\[m
c_dkj[i$
J^[
[dZeiYef[
_i
]hWif[Z
_d
ed[
^WdZ1
_d
j^[
ej^[h
^WdZ
_i
W
ikYa[h
\eh
Yedj_dkeki
Yb[Wd_d]
e\
j^[
iYef[
<_]$
'$&$(,
7$
Ki_d]
fkh[
;dZeiYef_Y
C_Yhed[kheikh][o
;C"
j^[
[dZeiYef[
_i
Ón[Z
m_j^
W
if[Y_Wb
^ebZ_d]
Z[l_Y["
e\\[h_d]
X_#cWdkWb
Z_ii[Yj_ed
kdZ[h
Wd
[dZeiYef_Y
_cW][$
?d
j^_i
mWo"
j^[
Çjme#^WdZ[ZÈ
ikh][ed
_i
WXb[
je
Z_ii[Yj
m_j^ekj
b_c_jWj_ed
_d
ikh]_YWb
cWd_fkbWj_ed$
M_j^ekj
W
c_YheiYef["
j^[
Ón[Z
[dZeiYef[
_i
f[hcWd[djbo
ki[Z
\eh
W
bed][h
j_c[
Zkh_d]
a[o^eb[
ikh][ho
<_]$
'$&$(,
8$ J^[
ki[
e\
[dZeiYef[#Wii_ij[Z
j[Y^debe]o
_d
j^[
Yekhi[
e\
c_Yhe# ikh]_YWb
fheY[Zkh[i
m_j^
i_]d_ÓYWdjbo
_cfhel[Z
l_ikWb
Yedjheb
cWo
Yedjh_Xkj[
je
j^[
Yh_j[h_W
e\
j^[
a[o^eb[
YedY[fj
m_j^
c_d_ckc
_Wj# he][d_Y
jhWkcW
WdZ
cWn_ckc
[\ÓY_[dYo$

',

7

8

<_]$
'$&$(,
?djhWef[hWj_l[
f[h\ehcWdY[
e\
[dZeiYef[# Wii_ij[Z
c_Yheikh][ho
;7C$
Dej[
j^[
Çed[#^WdZ[ZÈ
ikh# ][ed
ki_d]
Wd
[dZeiYef[#Yedjhebb[Z
c_Yhed[kheikh]_YWb
j[Y^d_gk[
;9C$
J^[
[dZeiYef[
_i
]hWif[Z
_d
ed[
^WdZ"
m_j^
j^[
ej^[h
^WdZ
W
ikYa[h
_i
_djheZkY[Z
\eh
Yedj_dkeki
Yb[Wd_d]
e\
j^[
j_f
e\
j^[
[dZeiYef[
7$
Ki_d]
fkh[
[dZe# iYef_Y
c_Yhed[kheikh][ho
;C"
j^[
[dZeiYef[
_i
Ón[Z
_d
W
if[Y_Wb
^ebZ_d]
Whc"
Wbbem_d]
X_#cWdkWb
Z_ii[Yj_ed$
J^[
Çjme#^WdZ[ZÈ
ikh][ed
_i
WXb[
je
meha
m_j^ekj
b_c_jWj_ed
_d
ikh]_YWb
cWd_fkbWj_ed
8$

?djheZkYj_ed

<_]$
'$&$(-
Fkh[
[dZeiYef_Y
c_Yheikh]_YWb
Z_ii[Yj_ed
ki_d]
W
^ebZ_d]
Whc"
^ebZ_d]
Z[l_Y[
WdZ
Wd]b[Z
[dZeiYef[$
J^[
ikh][ed
YedY[djhWj[i
ed
j^[
l_Z[e#ced_jeh1
j^[
^_]^bo
ief^_ij_YWj[Z
ioij[c
Wbbemi
\h[[
X_#cWdkWb
ikh]_YWb
Z_i# i[Yj_ed
m_j^ekj
ki_d]
W
ikh]_YWb
c_YheiYef[$


<_]$
'$&$(.
>ebZ_d]
Whc
ki[Z
\eh
ijWXb[
_djhWef[hWj_l[

ÓnWj_ed
e\
j^[
[dZeiYef[
KD?JH79
Whc"
7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo$


<_]$
'$&$(/
H_]_Z
b[di
[dZeief[i
m_j^
&–"
)&–
WdZ
-&–
l_[m_d]
Wd]b[i"
[if[Y_Wbbo
Yed# i_Z[h[Z
\eh
[dZeiYef[#Wii_ij[Z
c_Yhed[kheikh][ho
7[iYkbWf
7="
Jkjjb_d][d"
=[h# cWdo$
Dej[
j^[
Wd]b[Z
i^W\j
e\
j^[
jeebi"
Wbbem_d]
\h[[
ikh]_YWb
cWd_fkbWj_ed
WhekdZ
WdZ
Wbed]
j^[
[dZeiYef[$

<_]$
'$&$)&
If[Y_Wbbo
Z[i_]d[Z
[dZeiYef[
^ebZ_d]
Z[l_Y[
D[khe#F_bej"
7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo$
J^[
ioij[c
e\\[hi
WZ[gkWj[
ÓnWj_ed"
WdZ
j^[
fei_j_ed
e\
j^[
[dZeiYef[
YWd
X[
c[Y^Wd_YWbbo
h[ceZ[bb[Z
m_j^
fh[Y_i[
Zh_l_d]
m^[[bi
dej[
Xbk["
h[Z
WdZ
o[bbem
Whhemi$


'-

?djheZkYj_ed

C_Yheikh]_YWb
_dijhkc[dji J^[
ki[
e\
c_Yhed[kheikh]_YWb
_dijhkc[dji
_i
eXb_]Wjeho
_d
jh[Wj_d]
_djhWYhWd_Wb
b[i_edi$
>_]^bo
ief^_ij_YWj[Z
_dijhkc[djWj_ed
_dYbkZ_d]
i[b\#h[jW_d_d]
h[jhWYjehi"
c_YheZh_bbi"
A[hh_ied
c_YhefkdY^[i"
ikYj_ed
jkX[i"
Ód[
X_febWh
\ehY[fi"
c_YheiY_iiehi"
Z_WcedZ
ad_l[i"
Z_WcedZ
^eeai"
c_Yhe\ehY[fi"
c_YheZ_ii[Yjehi"
c_YheYkh[jj[i"
WdZ
Yb_f
Wffb_# [hi
Wbbemi
WZ[gkWj[
c_Yheikh]_YWb
Z_ii[Yj_ed
kdZ[h
c_YheiYef_Y
eh
[dZeiYef_Y
Yedjheb$
D[l[hj^[b[ii"
m^[d
WffheWY^_d]
Z[[f#i[Wj[Z
Wh[Wi
j^hek]^
W
b_c# _j[Z
YhWd_ejeco
m_j^
W
Z_Wc[j[h
e\
YW$
'+
je
(&
cc"
j^[
_djhWef# [hWj_l[
ki[
e\
Yedl[dj_edWb
c_Yhe_dijhkc[dji
cWo
X[
W
fheXb[c
X[YWki[
e\
j^[
dWhhem
ikh]_YWb
Yehh_Zeh$
<eh
[nWcfb["
W
X_febWh
\eh# Y[fi
eh
W
c_YheiY_iieh
m_bb
X[
Ybei[Z
Wj
_ji
j_f
m^[d
j^[
jWh][j
_i
h[WY^[Z
X[YWki[
_j
^Wi
Wbh[WZo
X[[d
fki^[Z
je][j^[h
Xo
j^[
[Z][i
e\
j^[
icWbb
YhWd_ejeco
ef[d_d]$
<eh
j^_i
h[Wied
Wi
fh[l_ekibo
Z[iYh_X[Z"
j^[
_dl[dj_ed
WdZ
_djhWef[hWj_l[
ki[
e\
h[Y[djbo
Z[l[b# ef[Z
c_Yhe_dijkc[dji
_i
cWdZWjeho
\eh
a[o^eb[
ikh][ho$


7

8

A[o^eb[
c_Yhe_dijhkc[dji
Wh[
if[Y_Wbbo
Z[i_]d[Z
m_j^
W
jkX[
i^W\j
Wbbem_d]
kd^_dZ[h[Z
_djheZkYj_ed
e\
j^[
jeeb
j^hek]^
j^[
b_c_j[Z
YhWd_ejeco
<_]$
'$&$)'$
JkX[#i^W\j
_dijhkc[dji
YWd
X[
ki[Z
_d
W
ckY^
h[ZkY[Z
ef[hWj_d]
Yehh_Zeh
e\\[h_d]
iW\[
cWd_fkbWj_ed
m_j^_d
j^[
dWhhem
ikh]_YWb
Yehh_Zeh
WdZ
eXl_eki
l_ikWb_pWj_ed
e\
j^[
ikh]_# YWb
Ó[bZ$
8o
dej_Y_d]
j^Wj
kikWbbo
edbo
j^[
bWij
(Å)
c_bb_c[j[hi
e\
W
iY_iieh
XbWZ[
Wh[
WYjkWbbo
ki[Z"
j^[_h
XbWZ[
i_p[
mWi
^[dY[
h[ZkY[Z
fheZkY_d]
_cfhel[Z
l_i_ed"
hWd][
e\
cej_ed
WdZ
WYY[ii$
?d
i[l[hWb
YWi[i"
j^[
Wffb_YWj_ed
e\
jkX[#i^W\j
c_Yhe_dijhkc[dji
_i
eXb_]Wjeho
m^[d
ef[hWj_d]
j^hek]^
a[o^eb[
WffheWY^[i
<_]i$
'$&$)("
'$&$))$
A[o^eb[
_dijhkc[dji
i^ekbZ
X[
YWh[\kbbo
Yb[Wd[Z
Wj
j^[
[dZ
e\
j^[
ef[hWj_ed"
fhej[Yj_d]
i^Whf
j_fi"
WdZ
a[fj
_d
if[Y_Wb
jhWoi
j^Wj
i[f# WhWj[
j^[
Z_\\[h[dj
jof[i
e\
_dijhkc[dji$
9Wh[\kb
^WdZb_d]
Xo
j^[
ef[hWj_d]
j^[Wj[h
ijW\\
YWd
[b_c_dWj[
j^[
m[Wh
WdZ
j[Wh
e\
i[di_j_l[
c_YheZ[l_Y[i$


'.

<_]$
'$&$)'
?djhWef[hWj_l[
ki[
e\
W
Yedl[dj_edWb
XWoed[j#
i^Wf[Z
Yb_f
Wffb_[h
7
YecfWh[Z
m_j^
W
jkX[#i^W\j
Z[l_Y[

8$
Dej[
j^Wj
j^[
Yedl[dj_edWb
c_Yhe_dijhkc[dji
h[gk_h[
i_]d_ÓYWdjbo
ceh[
ifWY[
m_j^_d
j^[
dWhhem
ikh]_YWb
Yehh_# Zeh$
JkX[#i^W\j
a[o^eb[
_dijhkc[dji
Wh[
Z[i_]d[Z
[if[# Y_Wbbo
\eh
kd^_dZ[h[Z
_djheZkYj_ed
e\
j^[
jeeb
j^hek]^
j^[
b_c_j[Z
YhWd_ejeco$


?djheZkYj_ed

<_]$
'$&$)(
F^eje]hWf^
i^em_d]
W
Yedl[dj_edWb
XWoed[j#
i^Wf[Z
Yb_f
Wffb_[h
7
WdZ
W
jkX[#i^W\j
_dijhkc[dj
8
[if[Y_Wbbo
Yedi_Z[h[Z
\eh
c_d_cWbbo
_dlWi_l[
a[o^eb[
d[k# heikh][ho$
Ki_d]
b_c_j[Z
YhWd_ejec_[i
m_j^
W
Z_Wc[j[h
e\
YW$
'+Å(&
cc"
jkX[#i^W\j
_dijhkc[dji
Wbbem
kd^_dZ[h[Z
l_ikWb_pWj_ed
e\
j^[
Z[[f#i[Wj[Z
i_j[
WdZ
iW\[
cWd_fkbW# j_ed
m_j^_d
j^[
dWhhem
ikh]_YWb
Yehh_Zeh$


7

8

<_]$
'$&$))
9ecfWh_ied
e\
W
Yedl[dj_edWb
7
WdZ
W
jkX[# i^W\j
8
Yb_f
Wffb_[h
i^em_d]
_cfh[ii_l[bo
j^[
Z_\\[h[dY[

_d
_dijhkc[dj
Z[i_]d$
M^[d
ef[hWj_d]
j^hek]^
a[o^eb[
YhWd_ejec_[i"
j^[
ki[
e\
jkX[#i^W\j
_dijhkc[dji
_i
e\j[d
eXb_]Wjeho
\eh
iW\[
_djhWef[hWj_l[
Z_ii[Yj_ed$

7

8

'/

?djheZkYj_ed

F[h\ehcWdY[
WdZ
j[Y^d_gk[
e\
a[o^eb[
d[kheikh][ho Fh[ef[hWj_l[
fbWdd_d]
J^[
]eWb
e\
fh[ef[hWj_l[
fbWdd_d]
_i
je
Y^eei[
j^[
Yehh[Yj
WdZ
WYYkhWj[
mWo"
ef[hWj_d]
m_j^
W
c_d_ckc
e\
_Wjhe][d_Y
jhWkcW
WdZ
WY^_[l_d]
W
cWn_ckc
e\
ikh]_YWb
[\ÓY_[dYo
m_j^ekj
c_ii_d]
j^[
jWh][j
eh
YWki_d]
_d`kho
je
i[di_j_l[
_djhWYhWd_Wb
ijhkYjkh[i$ J^[
fbWdd_d]
WdZ
[n[Ykj_ed
e\
j^[
WffheWY^
fbWo
W
Yh_j_YWb
heb[
_d
f[h\ehc_d]
c_d_cWbbo
_dlWi_l[
a[o^eb[
WffheWY^[i$
J^[
icWbb[h
j^[
YhWd_ejeco
j^[
]h[Wj[h
j^[
d[[Z
\eh
fh[Y_i[
fbWdd_d]
WdZ
i[b\#cWZ[
Yecfb[j_ed
e\
j^[
WffheWY^
X[YWki[
j^[
Yehh_Zeh
e\
ikh]_YWb
Z_ii[Y# j_ed
YWddej
X[
Y^Wd][Z
Zkh_d]
j^[
fheY[Zkh[$
J^[
fh[ef[hWj_l[
fbWdd_d]
_i
XWi[Z
ed
j^[
fh[Y_i[
WdZ
fWhj_YkbWh
WdWjec_YWb
ademb[Z][
e\
j^[
jWh][j
h[]_ed
WdZ
ed
W
YWh[\kb
fh[# ef[hWj_l[
ijkZo
e\
Z_W]deij_Y
_cW][i$
Dej
edbo
j^[
Z_W]dei_i
]W_di
W
fh_dY_fWb
_dj[h[ij"
j^[
jWia
e\
ceZ[hd
d[khehWZ_ebe]o
i^ekbZ
dej
[dZ
m_j^
j^[
Z[Ód_j_ed
e\
j^[
ikif[Yj[Z
fWj^ebe]o$
J^[
]eWb
_i
je
Z[iYh_X[
WZZ_j_edWb
_d\ehcWj_ed
YedY[hd_d]
WdWjec_YWb
Z[jW_bi"
dej
edbo
e\
j^[
b[i_ed
_ji[b\
Xkj
e\
_ji
l_Y_d_jo
WdZ
e\
d[_]^Xeh_d]
Xedo"
ZkhWb"
d[hleki
WdZ
lWiYkbWh
ijhkYjkh[i$
Ki_d]
j^[
[nY[bb[dj
Z_W]dei# j_Y
\WY_b_j_[i
e\
9J"
CH?
WdZ
Z_]_jWb
ikXjhWYj_ed
Wd]_e]hWf^o
:I7"
ed[
^Wi
jeZWo
j^[
feii_X_b_jo
je
Z[cedijhWj[
j^[
if[Y_Wb
WdWjec_# YWb
i_jkWj_ed
e\
j^[
fWj_[dj
_dYbkZ_d]
icWbb
Z[jW_bi
WdZ
[bkY_ZWj[
fh[ef[hWj_l[bo
j^[
fh[Y_i[
_dZ_l_ZkWb
WdWjeco
WdZ
fWj^ebe]o$
?j
_i
[if[Y_Wbbo
_cfehjWdj

je
Z[j[hc_d[
WdWjec_YWb
m_dZemi
e\
j^[
ikXWhWY^de_ZWb
ifWY[i
j^Wj
fhel_Z[
WYY[ii
je
j^[
fWj^ebe]_YWb
fhe# Y[ii[i$
J^[i[
WdWjec_YWb
fWj^i
\eh
ikh]_YWb
Z_ii[Yj_ed
i^ekbZ
X[
Z[iYh_X[Z
fh[ef[hWj_l[bo
WdZ
X[
_dYbkZ[Z
_d
j^[
fbWdd_d]
e\
j^[

ikh]_YWb
fheY[Zkh[$
7YYehZ_d]
je
j^[i[
m_dZemi
WdZ
ikh]_YWb
fWj^i"
j^[
b[Wij
jhWkcWj_p_d]
WffheWY^
je
j^[
jWh][j
h[]_ed
i^ekbZ
X[
Z[Ód[Z"
m^_Y^
^[bfi
je
Wle_Z
h[jhWYj_ed
WdZ
kdd[Y[iiWho
ikh\WY[
[nfbehWj_ed$
9ecfkj[hi
^Wl[
X[[d
ki[Z
_dYh[Wi_d]bo
je
^[bf
ikh][edi
je
WdW# bop[
fh[ef[hWj_l[
_cW]_d]
ZWjW$
LWh_eki
Yecfkj[h
fhe]hWci
^Wl[
X[[d
Z[l[bef[Z
je
][d[hWj[
j^h[[#Z_c[di_edWb
h[fh[i[djWj_edi
e\
jece]hWf^_Y
_cW]_d]
ZWjW
_d
ehZ[h
je
fbWd
d[kheikh]_YWb
WffheWY^[i
WdZ
ceij
demWZWoi
WlW_bWXb[
_cW][
]k_ZWdY[
ioi# j[ci
e\\[h
ikh]_YWb
fbWdd_d]
jeebi$
9edY[fjkWbbo"
j^[
fbWdd_d]
e\
W
ikh]_YWb
fheY[Zkh[
m_j^
j^h[[#Z_c[di_edWb
Yecfkj[h#][d[hWj[Z


(&

?djheZkYj_ed

7

8

ZWjW
i^ekbZ
h[Ô[Yj
j^[
j^h[[#Z_c[di_edWb_jo
e\
j^[
h[Wb
fheY[Zkh[$
?d
ekh
Z[fWhjc[dj"
m[
ki[
j^[
:[njheiYef[
ioij[c
Lebkc[
?dj[h# WYj_edi
Fj[$
BjZ$"
I_d]Wfeh["
m^_Y^
Wbbemi
W
ij[h[eiYef_Y
Z_ifbWo
e\
j^[
fh[ef[hWj_l[
ZWjW
WdZ
l_hjkWb
cWd_fkbWj_ed
m_j^
j^h[[#
Z_c[di_edWb
jeebi
_dij[WZ
e\
ceki[
WdZ
a[oXeWhZ
<_]$
'$&$)*$
?d
j^[
:[njheiYef["
j^[
ki[h
mehai
m_j^
Xej^
^WdZi
_di_Z[
W
ij[h[e# iYef_Y
l_hjkWb
mehaifWY[$
J^_i
_i
WY^_[l[Z
Xo
h[Ô[Yj_d]
W
Yecfkj[h# ][d[hWj[Z
)#:
iY[dWh_e
l_W
W
c_hheh
_dje
j^[
ki[hÊi
[o[i$
M[Wh_d]
b_gk_Z
Z_ifbWo
i^kjj[h
]bWii[i
iodY^hed_p[Z
m_j^
j^[
j_c[
ifb_j
Z_i# fbWo"
j^[
ki[h
h[WY^[i
m_j^
Xej^
^WdZi
X[^_dZ
j^[
c_hheh
_dje
j^[
ÇÔeWj_d]È
)#:
ZWjW$
;b[YjhecW]d[j_Y
i[diehi
_d
Xej^
^WdZi
Yedl[o
j^[
_dj[hWYj_ed
WdZ
Wbbem
cWd_fkbWj_ed
e\
j^[
)#:
ZWjW
_d
h[Wb
j_c[$
Ed[
^WdZ
^ebZi
Wd
[h]edec_YWbbo
i^Wf[Z
^WdZb[
je
cel[
j^[
)#:
ZWjW
\h[[bo
Wi
_\
_j
m[h[
Wd
eX`[Yj
^[bZ
_d
h[Wb
ifWY[$
J^[
ej^[h
^WdZ
^ebZi
W
f[d#i^Wf[Z
_dijhkc[dj
m^_Y^
Wff[Whi
_di_Z[
j^[
l_hjkWb
h[Wb_jo
mehaifWY[
Wi
W
Yecfkj[h#][d[hWj[Z
_dijhkc[dj
WdZ
m^_Y^
YWd
X[
ki[Z
je
f[h\ehc
Z[jW_b[Z
ZWjW
cWd_fkbWj_edi
<_]$
'$&$)*8$ M_j^
j^[
j^h[[#Z_c[di_edWb
_dZ_l_ZkWb
WdWjec_YWb
Z[jW_bi
e\
W
if[# Y_ÓY
fWj_[dj"
_j
_i
feii_Xb[
je
f[h\ehc
W
if[Y_ÓY
WdZ
jW_beh[Z
ikh]_# YWb
fheY[Zkh[
h[ZkY_d]
j^[
ikh]_YWb
jhWkcWj_pWj_ed
je
W
d[Y[iiWho
c_d_ckc
b_c_j$ ?d
j^_i
mWo"
fh[ef[hWj_l[
fbWdd_d]
_i
j^[
ceij
_cfehjWdj
fWhj
e\
j^[
c_d_cWbbo
_dlWi_l[
WdZ
cWn_cWbbo
[\\[Yj_l[
a[o^eb[
d[kheikh][ho$

<_]$
'$&$)*
9ecfkj[h
WdWboi_i
e\
j^[
fh[ef[hWj_l[
_cW]# _d]
ZWjW
m_j^
j^h[[#Z_c[di_edWb
h[fh[i[djWj_ed
e\
j^[
fWj^eWdWjec_YWb
i_jkWj_ed
e\\[hi
W
ki[\kb
jeeb
\eh
fbWd# d_d]
e\
j^[
ikh]_YWb
WffheWY^$
F^eje]hWf^
i^emi
j^[
Wffb_YWj_ed
e\
j^[
:[njheiYef[
Lebkc[
?dj[hWYj_edi
Fj[$
BjZ$"
I_d]Wfeh["
\eh
m^_Y^
b_gk_Z
Z_ifbWo
i^kjj[h
]bWii[i

Wh[
mehd
7$
J^[
ki[h
mehai
m_j^
Xej^
^WdZi
_di_Z[
j^[
ij[h[eiYef_Y
l_hjkWb
mehaifWY[1
ed[
^WdZ
^ebZi
Wd
[h]e# dec_YWbbo
Z[i_]d[Z
^WdZb[
je
cel[
j^[
j^h[[#Z_c[di_edWb
ZWjW"
j^[
ej^[h
^WdZ
^ebZi
W
f[d#i^Wf[Z
_dijhkc[dj
m^_Y^
YWd
X[
ki[Z
je
f[h\ehc
Z[jW_b[Z
ZWjW
cWd_fkbW# j_edi
8$

('

?djheZkYj_ed

7

8

<_]$
'$&$)+
W"
X
?bbkijhWj_l[
YWi[
e\
W
fWj_[dj
m_j^
Wd
kdhkfjkh[Z
Wd[khoic
e\
j^[
79e7$
9edl[dj_edWb
:I7
e\
j^[
h_]^j
7
WdZ
b[\j
8
YWhej_Z
Whj[h_[i
_d
Wdj[he#feij[# h_eh
l_[m
Z[cedijhWj[i
j^[
Wd[khoic"
m_j^
j^[
Zec[
Z_h[Yj[Z
je
b[\j$
Dej[
j^Wj
j^[
7'
i[]c[dj
e\
j^[
b[\j
797
Wff[Whi
^ofefbWij_Y"
cWa_d]
_dj[hl[dj_edWb
j^[hWfo
m_j^
h[YedijhkYj_ed
e\
j^[
79e7
ceh[
Z_\ÓYkbj$

7

9 <_]$
'$&$)+
Y
)#:
Wd]_e]hWf^o
e\
j^[
h_]^j
?97
i^em_d]
j^[
d[Ya
h[]_ed
WdZ
j^[
Zec[
e\
j^[
Wd[khoic"
Z_h[Yj[Z
je
j^[
b[\j
i_Z[$

8

<_]$
'$&$),
J^h[[#Z_c[di_edWb
Z[njheiYef[
h[YedijhkYj_ed
e\
j^[
fh[ef[hWj_l[
9J
WdZ
CH?
ZWjW
i^em_d]
j^[
iakbb
XWi[
ijhkYjkh[i"
l[ii[bi
e\
j^[
Wdj[h_eh
Y_hYkbWj_ed
m_j^
j^[
79e7
Wd[khoic"
WdZ
_cfehjWdj
WdWjec_YWb
ijhkYjkh[i
e\
j^[
d[_]^Xeh^eeZi$
Dej[
j^[
h[bWj_edi^_f
e\
j^[
l[ii[bi
je
j^[
Wff[WhWdY[
e\
j^[
ia_d
ikh\WY[
7
WdZ
je
j^[

jh_fbWdWh
CH
_cW]_d]
8$

((

?djheZkYj_ed

7

:

8

<_]$
'$&$)-
:[njheiYef[
l_ikWb_pWj_ed
e\
j^[
h[]_ed
e\
_dj[h[ij
WffheWY^_d]
j^[
Wd[khoic
_d
j^[
j^h[[#Z_c[di_edWb
l_hjkWb
h[Wb_jo
j^hek]^
W
h_]^j
ikfhWehX_jWb
7"
_dj[h^[c_if^[h_Y
8
eh
b[\j
ikfhWehX_jWb
9
WffheWY^$
Dej[
j^Wj
\hec
j^[
h_]^j
i_Z[
j^[
fhec_d[dj
7'
i[]c[dj
YWd
X[
m[bb
Yedjhebb[Z$
>em[l[h"
ki_d]
W
h_]^j
ikfhWeh# X_jWb
eh
_dj[h^[c_if^[h_Y
WffheWY^"
j^[
d[Ya
h[]_ed
_i
YedY[Wb[Z
cWa_d]
ZWd][heki
WdZ
jhWkcWj_Y
cWd_fkbWj_ed
m_j^
Wd[khoic
d[Y[iiWho$
Ki_d]
W
b[\j
ikfhWehX_jWb
WffheWY^"
j^[
ikh]_YWb
WYY[ii
je
j^[
d[Ya
Wff[Whi
kd^_ZZ[d"
Wbbem_d]
i[Ykh[
Yb_f# f_d]$
Dej[
j^[
Wff[WhWdY[
e\
j^[
Wd[khoic
_d
j^[
l_hjkWb
h[Wb_jo
j^hek]^
W
b[\j#
i_Z[Z
b_c_j[Z
ikfhWehX_jWb
YhWd_ejeco
:$

9

()

?djheZkYj_ed

FWj_[dj
fei_j_ed_d] J^[
d[kheikh][ed
ckij
fbWd
WdZ
f[h\ehc
j^[
fhef[h
fei_j_ed_d]
e\
j^[
fWj_[djÊi
XeZo
WdZ
^[WZ
^_ci[b\
X[\eh[
ijWhj_d]
j^[
ikh]_# YWb
fheY[Zkh[$
J^_i
i[b\#cWZ[
fh[fWhWj_ed
_dYbkZ_d]
fbWdd_d]
WdZ
fei_j_ed_d]
_i
[ii[dj_Wb
\eh
Yh[Wj_d]
a[o^eb[
YhWd_ejec_[i$
J^[
]eWb
e\
fWj_[dj
fei_j_ed_d]
_i
je
WY^_[l[
efj_cWb
ikh]_YWb
WYY[ii
je
j^[
jWh][j
h[]_ed
m_j^ekj
fei_j_ed_d]#h[bWj[Z
ZWd][hi
\eh
j^[
fWj_[dj$
?d
WZZ_j_ed"
fei_j_ed
i^ekbZ
e\\[h
[h]edec_Y
YedZ_j_edi
\eh
j^[
ikh# ][ed
WdZ
cWa[
j^[
ef[hWj_ed
f^oi_ebe]_YWbbo
WYY[fjWXb[
Zkh_d]
j^[
e\j[d
bed]"
j_c[#Yedikc_d]
fheY[Zkh[i$
J^[
ki[
e\
W
ceZ[hd
ef[h# Wj_d]
jWXb["
m^_Y^
YWd
X[
cWd_fkbWj[Z
[b[Yjh_YWbbo"
Wbie
\WY_b_jWj[i
efj_cWb
fWj_[dj
fei_j_ed_d]
Zkh_d]
ikh][ho
<_]$
'$&$).$
7 7bceij
[l[ho
_djhWYhWd_Wb
jWh][j
h[]_ed
YWd
X[
ikYY[ii\kbbo
WffheWY^[Z
ki_d]
j^[
ikf_d[
eh
fhed[
fei_j_ed$
?d
ekh
ef_d_ed"
cWa_d]
ki[
e\
Yecfb[n
fei_j_ed_d]
j[Y^d_gk[i"
[$]$"
j^[
bWj[hWb
fWha
X[dY^
fei_j_ed"
i[c_fhed[
fei_j_ed"
i_jj_d]
eh
i[c_i_jj_d]
fei_j_ed"
Ze[i
dej
e\\[h
WZZ_j_edWb
WZlWdjW][i
_d
_djhWYhWd_Wb
l_ikWb_pWj_ed$
Ikh]_YWb
WffheWY^[i
f[h\ehc[Z
ki_d]
j^[i[
Yecfb_YWj[Z"
j_c[#Yed# ikc_d]
fei_j_ed_d]
cWd[klh[i
YWd
X[
Zed[
[gkWbbo
m[bb
m_j^
j^[
fWj_[dj
_d
j^[
i_cfb[
ikf_d[
eh
fhed[
fei_j_ed$
?d
WZZ_j_ed"
fWhj_Yk# bWhbo
j^[
i_jj_d]
WdZ
i[c_i_jj_d]
fei_j_edi
YWki[
i[l[hWb
ikh]_YWb
WdZ
Wd[ij^[i_ebe]_YWb
Z_iWZlWdjW][i
WdZ
cWa[
j^[
ef[hWj_ed
f^oi_# ebe]_YWbbo
l[ho
Z_\ÓYkbj
\eh
j^[
ikh][ed$
J^[
ikf_d[
fei_j_ed J^[
cW`eh_jo
e\
d[kheikh]_YWb
ef[hWj_edi
jWa[
fbWY[
m_j^
j^[
fWj_[dj
_d
j^[
ikf_d[
fei_j_ed
<_]i$
'$&$)."
'$&$)/$
J^_i
fei_j_ed
[dWXb[i
j^[
ikh][ed
je
WYY[ii
j^[
Wdj[h_eh
WdZ
c_ZZb[
YhWd_Wb
\eiiW"
j^[
\hedjWb
WdZ
j[cfehWb
iakbb
XWi[
WdZ
j^[
Y[h[X[bbefedj_d[
h[]_ed$
7ffheWY^_d]
j^[i[
jWh][j
h[]_edi"
ej^[h
d[kheikh][edi
\h[gk[djbo
ki[
j^[
bWj[hWb
fWha
X[dY^
fei_j_ed$
>em[l[h"
j^[
bWj[hWb
fei_j_ed
_i
j_c[#Yedikc_d]
WdZ
Z_\ÓYkbj
je
ki[
\eh
Wd
_d[nf[h_[dY[Z
ikh]_YWb
j[Wc
m_j^ekj
WZl[hi[bo
W\\[Yj_d]
fh[iikh[
fe_dji$
Ki_d]
j^[
i_cfb[
ikf_d[
fei_j_ed"
j^[
fWj_[dj
_i
fbWY[Z
ed
j^[
jWXb["
m[bb
fWZZ[Z
Xkj
m_j^
j^[
i^ekbZ[h
iec[
Y[dj_c[j[hi
WXel[
j^[
[Z][
e\
j^[
jWXb[1
j^[
_fi_bWj[hWb
i^ekbZ[h
YWd
X[
[b[lWj[Z
m_j^
W
Yki^_ed
je
\WY_b_# jWj[
j^[
^[WZ
hejWj_ed$
?d
i[l[hWb
YWi[i"
j^[
ki[
e\
iakbb
YbWcfi
_i
dej
d[Y[iiWho"
e\\[h_d]
i_cfb[
WdZ
Xh_[\
fh[fWhWj_ed
e\
j^[
fWj_[dj
<_]$
'$&$).
8$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
^[WZ
ÓnWjeh
i^ekbZ
X[
fbWY[Z
_d
j^[
effei_j[
\hedjWb
Wh[W
X[^_dZ
j^[
^W_hb_d[
je
Wbbem
\h[[
cWd_fkbWj_ed
e\
j^[
_fi_bWj[hWb
i_Z[
Zkh_d]
j^[
fheY[Zkh[$
J^[
f_d


(*

8 <_]$
'$&$).
Ikf_d[
fei_j_ed_d]
e\
j^[
fWj_[dj
fh[fWh[Z

\eh
ikfhWehX_jWb
YhWd_eco
ki_d]
W
ceZ[hd
ef[hWj_d]
jWXb[$
J^[
^[WZ
_i
i[Ykh[Z
_d
W
j^h[[#f_d
YbWcf
7$
?d
i[l[hWb
YWi[i"
j^[
ki[
e\
iakbb
YbWcfi
_i
dej
d[Y[iiWho"
e\\[h_d]

W
i_cfb[
WdZ
Xh_[\
fh[fWhWj_ed
e\
j^[
fWj_[dj$
J^[
^[WZ

_i
fei_j_ed[Z
_d
W
ie\j
Yki^_ed
WdZ
Ón[Z
m_j^
W
i_cfb[

jWf[
8$

?djheZkYj_ed

Ij[f
'

<_]$
'$&$)/
7ffheWY^_d]
j^[
\hedjWb
iakbb
XWi["
WdZ
j^[
Wdj[h_eh
eh
c_ZZb[
YhWd_Wb
\eiiW
j^hek]^
W
ikX\hedjWb
ikfhWehX_jWb
WffheWY^"
j^[
d[nj
ij[fi
e\
fei_j_ed# _d]
i^ekbZ
X[
\ebbem[Z0 Ij[f
'$
?d_j_Wbbo"
j^[
^[WZ
_i
[b[lWj[Z
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
je
\WY_b_jWj[
l[deki
ZhW_dW][
e\
j^[
_djhWYhWd_Wb
ifWY[$
?d
WZZ_j_ed"
[b[lWj_ed
e\\[hi
[\\[Yj_l[
Z[Yecfh[i# i_ed
e\
j^[
cW_d
Y[hl_YWb
l[ii[bi"
bWhodn
WdZ
j^[
l[dj_bWj_ed
jkX[$ Ij[f
($
7i
W
i[YedZ
ij[f"
j^[
^[WZ
i^ekbZ
X[
h[jheÔ
[Yj[Z
YW$
'+–$
J^_i
][djb[
h[jheÔ
[n_ed
ikffehji
dej
edbo
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
\hedjWb
eh
j[cfehWb
beX["
Xkj
Wbie
Z[f[dZi
kfed
j^[
fh[Y_i[
WdWjec_YWb
WdZ
fWj^ebe]_YWb
i_jkWj_ed$
=[d[hWbbo"
b[i_edi
m_j^
Ybei[
fhen_c_jo
je
j^[
iakbb
XWi[
h[gk_h[
b[ii
h[jheÔ
[n_ed1
ijhkYjkh[i
i_jkWj[Z
ceh[
YhWd_Wbbo
YWd
X[
efj_cWbbo
WffheWY^[Z
m_j^
ceh[
^[WZ
h[jheÔ
[n_ed$


Ij[f
(

Ij[f
)$
J^[h[W\j[h"
j^[
^[WZ
_i
hejWj[Z
WYYehZ_d]
je
j^[
jWh][j
h[]_ed$
F[h\ehc# _d]
W
ikfhWehX_jWb
WffheWY^
j^hek]^
Wd
[o[Xhem
ia_d
_dY_i_ed"
j^[
_fi_bWj[hWb
j[c# fehec[i_Wb
Wh[W
WdZ
Iobl_Wd
Ó
iikh[
YWd
X[
X[ij
WffheWY^[Z
m_j^
W
hejWj_ed
e\
YW$
'+–$
7ffheWY^_d]
j^[
bWj[hWb
ikfhWi[bbWh
WdZ
h[jhei[bbWh
Wh[W"
W
hejWj_ed
e\
YW$
(&–
_i
d[Y[iiWho$
<eh
j^[
Wdj[h_eh
ikfhWi[bbWh
h[]_ed"
W
hejWj_ed
e\
)&–
WdZ
\eh
j^[
eb\WYjeho
]heel["
W
*+–
je
,&–
hejWj_ed
_i
h[gk_h[Z$
8o
Y^eei_d]
j^[
Yehh[Yj
Wd]b[
X[jm[[d
)&–
WdZ
,&–"
ed[
YWd
Wbie
cWa[
YedjhWbWj[hWb
b[i_edi
l_i_Xb[$
Dej[
j^Wj
h_]^j#^WdZ[Z
ikh][edi
ki_d]
W
b[\j#i_Z[Z
YhWd_ejeco
d[[Z
ceh[
hejWj_ed
je
fhel_Z[
Wd
[\Ó
Y_[dj
meha_d]
fei_j_ed$ Ij[f
*$
J^[
bWij
fei_j_ed_d]
ij[f
ki_d]
j^[
ikfhWehX_jWb
WffheWY^
_i
bWj[heÔ
[n_ed
e\
YW$
'&–"
fhel_Z_d]
Wd
[h]edec_Y
meha_d]
fei_j_ed
Zkh_d]
ikh][ho$


i^ekbZ
dej
X[
fbWY[Z
_dje
j^[
j[cfehWb_i
ckiYb[
Wi
j^_i
Z_c_d_i^[i
j^[
ijWX_b_jo
e\
j^[
ioij[c
<_]i$
'$&$).
7"
'$&$)/$


Ij[f
) J^[
fhed[
fei_j_ed J^[
fhed[
fei_j_ed
_i
X[ij
\eh
j^[
jehYkbWh
h[]_ed"
f_d[Wb
h[]_ed"
c_Z# b_d[
feij[h_eh
\eiiW
WdZ
j^[
YhWd_eY[hl_YWb
`kdYj_ed$

Ij[f
*

Iec[
ekjijWdZ_d]
d[kheikh][edi
ij_bb
ki[
j^[
i_jj_d]
eh
i[c_i_jj_d]
fei_j_ed
je
WffheWY^
j^[
iWc[
jWh][j
h[]_edi$
7i
W
cW_d
WZlWd# jW]["
j^[
i_jj_d]
fei_j_ed
_cfhel[i
l[deki
ZhW_dW][
e\
j^[
feij[h_eh
\eiiW$
8beeZ"
9I<
WdZ
_hh_]Wj_d]
Ô
k_Zi
ZhW_d
WmWo
\hec
ef[hWj_l[
i_j[
cWa_d]
l_[m_d]
e\
j^[
WdWjeco
[Wi_[h$
>em[l[h"
j^[
i_jj_d]
fei_j_ed
h[gk_h[i
[dehceki
Wd[ij^[i_ebe]_YWb
ced_jeh_d]
X[YWki[
e\
j^[
ZWd][h
e\
W_h
[cXeb_ic
WdZ
YWhZ_efkbcedWho
_dijWX_b_jo$
?d
WZZ_j_ed"
i[l[h[
fd[kceY[f^Wbki
eh
l[djh_YkbWh
YebbWfi[
X[YWki[
e\
j^[
bWh][
beii
e\
9I<
YWd
Wff[Wh
Wi
feijef[hWj_l[
ikh]_YWb
Yecfb_YWj_edi$
?d
ekh
Z[fWhjc[dj"
m[
kj_b_p[
j^[
fhed[
fei_j_ed
\eh
j^[
WXel[
c[dj_ed[Z
jWh][j
h[]_edi$
7ZlWdjW][i
e\
j^_i
fei_j_ed_d]
Wh[
j^[
i_cfb_Y_jo
e\
j^[
j[Y^d_gk[
WdZ
Yec\ehj
\eh
j^[
fWj_[dj
kdZ[h]e# _d]
bed]"
j_c[#Yedikc_d]
fheY[Zkh[i$
?d
WZZ_j_ed"
j^[
f[hf[dZ_Yk# bWh
Z_h[Yj_ed
e\
ikh]_YWb
Z_ii[Yj_ed
fhel_Z[i
Wd
[h]edec_Y
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
m_j^
efj_cWb
l_ikWb_pWj_ed
e\
j^[
ef[hWj_d]


(+

?djheZkYj_ed

Ó[bZ$
J^[
fWj_[djÊi
i^ekbZ[h
WdZ
^_fi
ckij
X[
m[bb
ikffehj[Z
Xo
^[Wlo
hebbi$
J^[
^[WZ
_i
fbWY[Z
_d
f_di
Wbbem_d]
efj_ckc
fei_j_ed# _d]$
M[
Ze
dej
h[gk_h[
j^[
ki[
e\
W
^ehi[i^e[
^[WZh[ij
je
Wle_Z
i[l[h[
Yecfh[ii_ed
e\
j^[
ia_d
Zkh_d]
bed]
ikh]_YWb
fheY[Zkh[i$ *

Eh_[djWj_ed
WYYehZ_d]
je
WdWjec_YWb
bWdZcWhai 7\j[h
fh[ef[hWj_l[
fbWdd_d]
e\
j^[
WffheWY^
WYYehZ_d]
je
j^[
_dZ_# l_ZkWb
fWj^eWdWjec_YWb
i_jkWj_ed
WdZ
W\j[h
fWj_[dj
fei_j_ed_d]
WYYehZ_d]
je
j^[
jWh][j
h[]_ed"
j^[
fbWY[c[dj
WdZ
i_p[
e\
j^[
YhWd_# ejeco
i^ekbZ
X[
_dZ_l_ZkWbbo
jW_beh[Z
<_]$
'$&$*&$
<eh
j^_i
h[Wied"
fWbfWXb[
ijhkYjkh[i
e\
j^[
fWj_[djÊi
WdWjec_YWb
ikh# \WY[
i^ekbZ
X[
Z[j[hc_d[Z
WdZ
ZhWmd
ed
j^[
ia_d
m_j^
ij[h_b[
cWha# [hi
7$
<eh
[nWcfb["
m^[d
ki_d]
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
\hedjej[cfehWb
eii[eki
iakbb"
ikY^
Wi
j^[
ikfhWehX_jWb
\ehWc[d
'"
j[cfehWb
b_d[
("
\hed# jeXWi_i
m_j^
_cfh[ii_ed
e\
j^[
Iobl_Wd
Óiikh[
)
WdZ
j^[
po]ecWj_Y
WhY^
*
Wh[
fWbfWj[Z
fh[Y_i[bo$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
ikf[hÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
\hedje# j[cfehWb
h[]_ed
ikY^
Wi
j^[
ikfhWehX_jWb
d[hl[i
WdZ
Whj[ho
+
WdZ
j^[
\hedjWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
,$
Edbo
j^[h[W\j[h
i^ekbZ
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
X[
cWha[Z"
jWa_d]
_dje
Yedi_Z[hWj_ed
j^[
fei_j_ed
e\
j^[
b[i_ed
WdZ
j^[
bWdZcWhai
ZhWmd
ed
j^[
ia_d
8$
7\j[h
Z[Ód_d]
j^[
YhWd_ejeco"
j^[
_dZ_l_ZkWb
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z
m_j^
j^[
f[d
9$

)

'

( ,

+

7

8

H[Y[djbo"
j^[
efj_cWb
fbWY[c[dj
e\
j^[
YhWd_ejeco
YWd
X[
[\\[Y# j_l[bo
Yedjhebb[Z
m_j^
j^[
ki[
e\
ceZ[hd
dWl_]Wj_ed
jeebi$
>em[l[h"
j^[
WffheWY^
ckij
X[
Z[j[hc_d[Z
W\j[h
ikh]_YWb
eh_[djWj_ed
WYYehZ# _d]
je
j^[
WYYkhWj[
WdWjec_YWb
ademb[Z][
WdZ
j^[
dWl_]Wj_ed
Z[l_Y[
i^ekbZ
fbWo
edbo
j^[
heb[
e\
W
fh[Y_i[
Yedjheb
9

Ikh]_YWb
Z_ii[Yj_ed Ia_d
_dY_i_ed
WdZ
ie\j
j_iik[
Z_ii[Yj_ed
J^[
ia_d
_dY_i_ed
_i
cWZ[
WYYehZ_d]
je
j^[
fh[ef[hWj_l[
fbWdd_d]
WdZ
WdWjec_YWb
eh_[djWj_ed$
J^[
Z_ii[Yj_ed
i^ekbZ
e\\[h
WZ[gkWj[
_dif[Yj_ed
e\
j^[
eii[eki
ikh\WY[
m^_bij
c_d_c_p_d]
ie\j
j_iik[
jhWkcW$
7d
WZZ_j_edWb
_cfehjWdj
\WYjeh
_i
je
WY^_[l[
Yeic[j_# YWbbo
\WlehWXb[
feijef[hWj_l[
h[ikbji
m_j^
ikXi[gk[dj
iWj_i\WYj_ed
Wced]
fWj_[dji
Ij[fi
'Å)"
<_]i$
'$&$*'
Å
*)$


(,

<_]$
'$&$*&
?bbkijhWj_l[
YWi[
f[h\ehc_d]
ikfhWehX_jWb
YhWd_# ejeco$
<eh
j^[
Wffhefh_Wj[
ia_d
_dY_i_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
7
e\
j^[
eii[eki
iakbb
Wh[
fWbfWj# [Z
fh[Y_i[bo
WdZ
cWha[Z
m_j^
W
ij[h_b[
f[d
Xbk[
b_d[i$

If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
ikf[h# ÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
\hedjej[cfehWb
h[]_ed
o[bbem
WdZ
h[Z
b_d[i$
Edbo
j^[h[W\j[h
i^ekbZ
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
X[
cWha[Z
]h[[d
b_d["
jWa_d]
_dje
Yedi_Z[hWj_ed
j^[
fei_j_ed
e\
j^[
b[i_ed
WdZ
j^[
bWdZ# cWhai
ZhWmd
ed
j^[
ia_d
8$
7\j[h
Z[Ód_d]
j^[
YhWd_ejeco"
j^[
_dZ_l_ZkWb"
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z
m_j^
W
XbWYa
f[d
9$

?djheZkYj_ed

F[h\ehc_d]
W
ikfhWehX_jWb
YhWd_ejeco
j^hek]^
Wd
[o[Xhem
ia_d
_dY_i_ed"
i^Wl_d]
e\
j^[
[o[Xhem
_i
dej
d[Y[iiWho1
\eh
W
fb[Wi_d]
Yeic[j_Y
ekjYec["
j^[
_dY_i_ed
b_d[
ckij
X[
fbWY[Z
[nWYjbo
_d
j^[
^W_h[Z
Wh[W$
F[h\ehc_d]
Wd
WffheWY^
m_j^_d
j^[
^W_h[Z
Wh[W"
m[
kik# Wbbo
ki[
W
c_d_cWb
'&
cc
i^Wl_d]
WYYehZ_d]
je
j^[
[nWYj
b_d[
e\
j^[
ia_d
_dY_i_ed$ 9hWd_ejeco"
ZkhWb
ef[d_d] J^[
W_c
e\
a[o^eb[
d[kheikh][ho
_i
dej
j^[
b_c_j[Z
YhWd_ejeco"
Xkj
j^[
b_c_j[Z
XhW_d
[nfbehWj_ed
WdZ
c_d_cWb
XhW_d
h[jhWYj_ed$
?d
j^_i
mWo"
j^[
b_c_j[Z
YhWd_ejeco
_i
dej
j^[
]eWb
Xkj
j^[
h[ikbj
e\
j^[
f^_beief^o
e\
c_d_cWb
_dlWi_l[d[ii
_d
d[kheikh][ho$
7\j[h
f[h\ehc_d]
W
b_c_j[Z
a[o^eb[
YhWd_ejeco"
h[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
kdZ[h
fhej[Yj_ed
e\
j^[
ZkhW
YWd
X[
l[ho
^[bf\kb$
9Wh[\kb
Zh_bb_d]
e\
j^_i
_dd[h
Xed[
[Z][
i_]d_ÓYWdjbo
_dYh[Wi[i
j^[
Wd]b[
\eh
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed1
icWbb
eii[# eki
[nj[di_edi
e\
j^[
iakbb
XWi[
i^ekbZ
Wbie
X[
YWh[\kbbo
h[cel[Z
je
fhel_Z[
Wd
[nY[bb[dj
el[hl_[m
WdZ
je
Wbbem
\h[[
c_Yheikh]_YWb
WYY[ii
je
Z[[f#i[Wj[Z
i_j[i$
J^[i[
cWd[klh[i
]h[Wjbo
\WY_b_jWj[
j^[
ki[
e\
j^[
ef[hWj_d]
c_YheiYef[
WdZ
c_Yheikh]_YWb
_dijhkc[dji
_d
j^[
\khj^[h
Yekhi[
e\
j^[
ef[hWj_ed
Ij[fi
*
Å
-"
<_]i$
'$&$**
Å
*-$ J^[
ZkhWb
ef[d_d]
i^ekbZ
e\\[h
efj_cWb
_djhWYhWd_Wb
[nfeikh[
WdZ
\WY_b_jWj[
j^[
ZkhWb
Ybeikh[
j^[h[W\j[h$
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ykhl[Z
eh
ÇOÈ
i^Wf[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZ
je
j^[
iakbb
XWi[
eh
je
j^[
c_Zb_d[$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
m_j^
ikjkh[i1
ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z
Ij[f
."
<_]$
'$&$*.$ ?djhWZkhWb
Z_ii[Yj_ed J^[
_djhWYhWd_Wb
Z_ii[Yj_ed
i^ekbZ
X[
f[h\ehc[Z
W\j[h
[nWYj
fbWd# d_d]
e\
[l[ho
ij[f
e\
j^[
fheY[Zkh[$
J^[
ikh][ed
i^ekbZ
X[
WXb[
je
Çhkd
j^hek]^È
[WY^
ij[f
e\
j^[
ef[hWj_ed
_d
^_i
eh
^[h
c_dZ
WYYehZ# _d]
je
cWdZWjeho
WdWjec_YWb
WdZ
ikh]_YWb
[nf[h_[dY[$
J^_i
e\\[hi
iW\[
cWd_fkbWj_ed
m_j^_d
j^[
ikh]_YWb
Ó[bZ
WdZ
m_bb
^[bf
je
fh[l[dj
_djhWef[hWj_l[
Yecfb_YWj_edi$ <_hij
ij[f
e\
j^[
_djhWYhWd_Wb
fheY[Zkh[
i^ekbZ
X[
j^[
ik\ÓY_[dj
ZhW_dW][
e\
9I<$
:k[
je
j^[
cWha[Z
_djhWYhWd_Wb
h[bWnWj_ed"
Yehj_# YWb
h[jhWYj_ed
YWd
X[
[\\[Yj_l[bo
c_d_c_p[Z$
M_j^
\kbb
[cfbeoc[dj
e\
j[Y^d_gk[i
ikY^
Wi
[dZeiYef[#Wii_ij[Z
a[o^eb[
c_Yhed[khe# ikh][ho
j^[
_djhWYhWd_Wb
fheY[Zkh[
YWd
X[
ikYY[ii\kbbo
Yecfb[j[Z

Ij[fi
/
Å
'+"
<_]i$
'$&$*/
Å
++$

(-

?djheZkYj_ed

Ij[f
'
J^[
ia_d
_dY_i_ed
X[]_di
bWj[hWbbo
\hec
j^[
ikfhWehX_jWb
_dY_ikhW
WdZ
_i
cWZ[
m_j^_d
j^[
[o[Xhem$
<eh
W
Yeic[j_YWbbo
efj_cWb
h[ikbj"
j^[
_dY_i_ed
i^ekbZ
\ebbem
j^[
ehX_jWb
h_c$
Dej[
YWh[\kb
Z_ii[Yj_ed
e\
j^[
ia_d
ÔWf
ki_d]
ded# ZWcW]_d]
\ehY[fi$
J^[
ikXYkjWd[eki
j_iik[
_i
Z_ii[Yj[Z
kfmWhZi
_d
W
\hedjWb
Z_h[Yj_ed
je
WY^_[l[
efj_cWb
[nfeikh[1
^em[l[h"
j^[
ia_d
ÔWf
i^ekbZ
X[
][djbo
ceX_b_p[Z
ZemdmWhZi
_d
Wd
ehX_jWb
Z_h[Yj_ed
je
Wle_Z
f[h_ehX_jWb
^[cWjecW
<_]$
'$&$*'$ <_]$
'$&$*'

Ij[f
(
7\j[h
ia_d
_dY_i_ed"
j^[
ia_d
ÔWf
_i
j[cfehWh_bo
h[jhWYj[Z
m_j^
ij_jY^[i
[nfei_d]
j^[
\hedjWb
X[bbo
e\
j^[
eYY_f_je\hedjWb
ckiYb["
j^[
ehX_YkbWh
WdZ
j^[
j[cfehWb
ckiYb[i$
J^[
\hedjWb
ckiYb[i
Wh[
Ykj
m_j^
W
cedefebWh
[b[YjheZ[
ad_\[
fWhWbb[b
je
j^[
]bWX[bbW
WdZ
j^[
j[cfehWb
ckiYb[
_i
ijh_ff[Z
\hec
_ji
Xedo
_di[hj_ed$
Dej[
j^Wj
j^[
ia_d
ÔWfi
Wh[
jekY^[Z
edbo
m_j^
WjhWkcWj_Y
\ehY[fi
<_]$
'$&$*($


ehX_YkbWh_i
eYkb_
ckiYb[ j[cfehWb
ckiYb[ \hedjWb
ckiYb[

<_]$
'$&$*(

Ij[f
)
J^[
j[cfehWb
ckiYb[
_i
ceX_b_p[Z
bWj[hWbbo
ki_d]
W
Xbkdj
Z_ii[Yjeh$
Dej[
j^Wj
[nfeikh[
WdZ
ceX_b_pWj_ed
e\
j^[
j[cfehWb
ckiYb[
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef[hWj_l[
fheXb[ci
m_j^
Y^[m_d]
WdZ
bWj[h
j[cfehWb
Wjhef^o$
Dej[
j^[
j[cfehWb
b_d[1
j^[
Z_ii[Yjeh
fe_dji
je
j^[
b[l[b
e\
j^[
Wdj[h_eh
iakbb
XWi[
<_]$
'$&$*)$


j[cfehWb
b_d[

<_]$
'$&$*)

(.

?djheZkYj_ed

Ij[f
*
J^[
j[cfehWb
ckiYb[
_i
h[jhWYj[Z
m_j^
icWbb
mekdZ
^eeai
WdZ
j^[
\hedjWb
ckiYb[
kfmWhZi
WdZ
ZemdmWhZi
m_j^
ijhed]
ikjkh[i
Wbbem_d]
b_c_j[Z
[nfeikh[
e\
j^[
ikfhWehX_jWb
Xedo
ikh\WY[$
Dej[
j^Wj
j^[
\hedjWb
WdZ
ehX_YkbWh
ckiYb[i
i^ekbZ
X[
][djbo
fki^[Z
ZemdmWhZi
je
j^[
ehX_j$
9Wh[\kb
Z_ii[Yj_ed
WdZ
c_d_cWb
h[jhWYj_ed
e\
j^_i
ckiYkbWh
bWo[h
_i
[ii[dj_Wb
je
Wle_Z
feijef[hWj_l[
f[h_ehX_jWb
^[cWjecW$
Ki_d]
W
^_]^#if[[Z
Zh_bb"
W
i_d]b[
\hedjeXWiWb
Xkhh
^eb[
_i
Zh_bb[Z
feij[h_eh
je
j^[
j[cfehWb
b_d[
Wj
j^[
b[l[b
e\
j^[
\hedjWb
iakbb
XWi[
<_]$
'$&$**$

<_]$
'$&$**

Ij[f
+
7\j[h
c_d_cWb
[dbWh][c[dj
e\
j^[
^eb[
m_j^
Ód[
fkdY^[i
WdZ
ceX_b_pWj_ed
e\
j^[
ZkhW"
W
ijhW_]^j
b_d[
_i
Ykj
m_j^
W
^_]^#if[[Z
YhWd_ejec[
fWhWbb[b
je
j^[
]bWX[bbW
_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed"
jWa_d]
_dje
WYYekdj
j^[
bWj[hWb
XehZ[h
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
<_]$
'$&$*+$


<_]$
'$&$*+

Ij[f
,
J^[h[W\j[h
W
Ç9È
i^Wf[Z
b_d[
_i
Ykj
\hec
j^[
Xkhh
^eb[
je
j^[
c[Z_Wb
XehZ[h
e\
j^[
fh[l_ekibo
Ykj
\hedjeXWiWb
b_d["
j^ki
Yh[Wj_d]
W
Xed[
ÔWf
m_j^
W
m_Zj^
e\
YW$
'+Å(&
cc
WdZ
W
\hedjWb
[nj[di_ed
e\
YW$
'&Å'+
cc
<_]$
'$&$*,$

<_]$
'$&$*,

(/

?djheZkYj_ed

`k]W
Y[h[XhWb_W

<_]$
'$&$*-

Ij[f
-
7
l[ho
_cfehjWdj
ijW][
e\
j^[
YhWd_ejeco
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
j^[
^_]^#if[[Z
Zh_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
Xed[
WXel[
j^[
ehX_jWb
h_c
kdZ[h
fhej[Yj_ed
e\
j^[
ZkhW$
9Wh[\kb
h[celWb
e\
j^_i
_dd[h
Xed[
[Z][
YWd
i_]d_ÓYWdjbo
_dYh[Wi[
j^[
Wd]b[
\eh
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed$
IcWbb
eii[eki
[nj[di_edi
e\
j^[
ikf[hÓY_Wb
ehX_jWb
hee\"
j^[
ie#YWbb[Z
`k]W
Y[h[XhWb_W"
i^ekbZ
Wbie
X[
Zh_bb[Z
[njhWZkhWbbo
je
eXjW_d
efj_cWb
_djhWZkhWb
l_ikWb_pWj_ed$
7
icWbb
Z_WcedZ
Zh_bb
_i
h[Yecc[dZ[Z$
Dej[
j^[
Wffb_YWj_ed
e\
W
ifWjkbW
\eh
fhej[Yj_ed
e\
j^[
ZkhWb
ikh\WY[
<_]$
'$&$*-$

Ij[f
.
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ykhl[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZ
je
j^[
ikfhWehX_jWb
h_c$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
ZemdmWhZi
m_j^
ikjkh[i1
ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z

<_]$
'$&$*.$

<_]$
'$&$*.

Ij[f
/
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
Óhij
ij[f
i^ekbZ
X[
j^[
ik\ÓY_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
Y^_WicWj_Y
WdZ
YWhej_Z
Y_ij[hdi$
7\j[h
Z_ii[Yj_ed
e\
j^[
WhWY^de_Z
c[cXhWd[i"
j^[
Wdj[hebWj[hWb
ijhkYjkh[i
e\
j^[
ikfhWi[bbWh
h[]_ed
Wh[
[nfei[Z0
j^[
b[\j
9D
?"
9D
??
WdZ
j^[
ikfhWYb_de_Z
i[]c[dj
e\
j^[
?97$
J^[
\hedjWb
beX[
_i
c_d_cWbbo
h[jhWYj[Z
WdZ
j^[
EF97
m_dZem
_i
ef[d[Z
<_]$
'$&$*/$


9D
?? 9D
? ?97

<_]$
'$&$*/

)&

?djheZkYj_ed

Ij[f
'&
7
&–
[dZeiYef[
_i
_djheZkY[Z
_dje
j^[
ikh]_YWb
Ó[bZ$
Dej[
j^[
_dYh[Wi[Z
b_]^j
_dj[di_jo
WdZ
j^[
^_]^bo
XheWZ[d[Z
eXi[hlWj_edWb
Ó[bZ
7$
?d
W
Ybei[#kf
fei_j_ed
8"
j^[
WdWjec_YWb
Z[jW_bi
YWd
X[
l_ikWb_p[Z
WdZ
j^[
Z[[f#i[Wj[Z
XWi_bWh
X_\khYWj_ed
Wff[Whi
j^hek]^
j^[
EF97
m_dZem
<_]$
'$&$+&$


7

?97 9D
??

XWi_bWh
j_f

8 <_]$
'$&$+&

Ij[f
''
:_ii[Yj_d]
je
j^[
c_Zb_d["
j^[
Wd[khoic
_i
WffheWY^[Z$
Dej[
j^[
bWc_dW
j[hc_dWb_i
WdZ
W
\hedjeXWiWb
XhWdY^
e\
j^[
797"
WZ^[h[dj
m_j^
j^[
Wd[khoic
iWYa
<_]$
'$&$+'$
bWc_dW
j[hc_dWb_i Wd[khoic

<_]$
'$&$+'

Ij[f
'(
7\j[h
\khj^[h
Z_ii[Yj_ed"
j^[
[dj_h[
Wd[khoic
YWd
X[
i[[d$
Dej[
j^[
^ofefbWij_Y
b[\j
7'
i[]c[dj
WdZ
j^[
79e7
<_]$
'$&$+($ b[\j
7' 79e7

<_]$
'$&$+(

)'

?djheZkYj_ed

Ij[f
')
Kfed
_djheZkYj_ed
e\
j^[
[dZeiYef["
j^[
h[bWj_edi^_f
X[jm[[d
j^[
Wd[khoic
WdZ
j^[
bWc_dW
j[hc_dWb_i
X[Yec[i
[l_Z[dj$
Dej[
j^[
Y^_Wic
WdZ
Xej^
efj_Y
d[hl[i
7$
?d
W
Ybei[# kf
fei_j_ed
e\
j^[
[dZeiYef[
8"
j^[
d[Ya
e\
j^[
Wd[khoic
_i
Z_ii[Yj[Z
m_j^
Ód[
Z_ii[Yjehi$
Dej[
j^[
iWYa
e\
j^[
Wd[khoic"
j^[
b[\j
7(
WdZ
79e7
<_]$
'$&$+)$

7 b[\j
9D
?? h_]^j
9D
?? bWc_dW
j[hc_dWb_i 7Ye7 b[\j
7(

8 <_]$
'$&$+)

Ij[f
'*
M^[d
j^[
fWj^eWdWjeco
e\
j^[
Wd[khoic
^Wi
X[[d
WiY[hjW_d[Z
WdZ
j^[
d[Ya
Z_ii[Yj[Z"
W
ijhW_]^j
Wd[khoic
Yb_f
7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo
_i
fbWY[Z$
J^[
iWYa
_i
YebbWfi[Z
W\j[h
YWh[\kb
ef[d_d]
WdZ
Wif_hWj_ed
e\
j^[
Wd[khoic
<_]$
'$&$+*$

<_]$
'$&$+*

Ij[f
'+
J^[
[dZeiYef[
e\\[hi
WZ[gkWj[
l_ikWb
Yedjheb
e\
j^[
Yb_ff_d]
fheY[Zkh[
7$
J^[
Yecfb[j[
Ybeikh[
YWd
X[
[\\[Yj_l[bo
ced_jeh[Z
_d
Ybei[# kf
8
<_]$
'$&$++$

7

8 <_]$
'$&$++

)(

?djheZkYj_ed

Ij[f
',
7j
j^[
[dZ
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ikXWhWY^de_Z
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
m_j^
mWj[hj_]^j
Yedj_dkeki
ikjkh[i$
Dej[
j^[
[nj[di_ed
e\
j^[
b_c_j[Z
YhWd_ejeco
WdZ
c_d_cWb
ZkhWb
ef[d_d]
<_]$
'$&$+,$

<_]$
'$&$+,

Ij[f
'-
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
Xed[
ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
9hWd_e\_n
c_d_fbWj[
7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo$
Dej[
j^Wj
j^[
Xkhh
^eb[
i^ekbZ
X[
Ybei[Z
m_j^
j^[
fbWj[
WdZ
j^[
Xed[
ÔWf
j_]^jbo
Ón[Z
Xej^
c[Z_Wbbo
WdZ
\hedjWbbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji
<_]$
'$&$+-$


<_]$
'$&$+-

Ij[f
'.
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
_djhWYkjWd[eki
ikjkh[i$
Ed
WYYekdj
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_YWb
j[Y^d_gk["
j^[
ki[
e\
W
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho
WdZ
j^[h[\eh[
dej
h[Yecc[dZ[Z
<_]$
'$&$+.$

<_]$
'$&$+.

))

?djheZkYj_ed

MekdZ
Ybeikh[ 7\j[h
Ód_i^_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ikXWhWY^de_Z
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
cWZ[
mWj[hj_]^j
ki_d]
[_j^[h
_dj[hhkfj[Z
eh
Yedj_dkeki
ikjkh[i
Ij[f
',"
<_]$
'$&$+,$
?\
j[di_ed
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
7
fbWj[
e\
][b\eWc
_i
j^[d
fbWY[Z
[njhWZkhWbbo$
M[
Ze
dej
h[Yecc[dZ
j^[
ki[
e\
ÓXh_d
eh
fhej[_d#YedjW_d_d]
ÓnWj_l[
je
Wii_ij
m_j^
ZkhWb
Ybe# ikh[
ed
WYYekdj
e\
j^[
ÓXh_deboj_Y
[\\[Yj
e\
j^[
9I<$
J^[
Xed[
ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
c_d_fbWj[$
KikWbbo
ed[
fbWj[
_i
[dek]^
je
Wbbem
ik\ÓY_[dj
ÓnWj_ed1
_\
feii_Xb["
j^[
j_jWd_kc
fbWj[
i^ekbZ
Ybei[
j^[
Xkhh
^eb[
jh[f^_dWj_ed
Ij[f
'-"
<_]$
'$&$+-$
Dej[
j^Wj
j^[
Xed[
ÔWf
i^ekbZ
X[
Ón[Z
j_]^jbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYb[
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i$
<eh
Ybeikh[
e\
j^[
ia_d"
Z_\\[h[dj
j[Y^d_gk[i
YWd
X[
ki[Z$
7d
[o[Xhem
ia_d
_dY_i_ed
YWd
X[
Ybei[Z
m_j^
_djhWYkjWd[eki
hkdd_d]
ikjkh[i
eh
m_j^
ij[h_b[
WZ^[i_l[
jWf[i
Ij[f
'."
<_]$
'$&$+.$
7
ia_d
_dY_i_ed
m_j^_d
j^[
^W_h[Z
Wh[W
YWd
X[
Ybei[Z
m_j^
_dj[hhkfj[Z
eh
hkdd_d]
ikjkh[i
eh
W\j[h
WZ[gkWj[
ikXYkjWd[eki
ikjkh[i
m_j^
^_ijeWYhob
]bk[$
Ed
WYYekdj
e\
j^[
b_c# _j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_YWb
j[Y^d_gk[
_d
a[o^eb[
d[kheikh][ho"
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
m_j^
ikXi[gk[dj
_dWZ[gkWj[
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\Ó# Y_[dYo
e\
ikh]_YWbbo
[nY_i_d]
j^[
b[i_ed$
FbWdd_d]
_i
j^[
jWia
e\
j^[
ikh][ed
š
?dWZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
_dik\ÓY_[dj
_djhW# YhWd_Wb
[nfeikh[$
Je
Wle_Z
W
f^oi_ebe]_YWbbo
kdYec\ehjWXb[
`eX
Zkh_d]
j_c[#Yedikc_d]
fheY[Zkh[i"
j^[
ikh][ed
i^ekbZ
f[h\ehc
j^[
fWj_[dj
fei_j_ed_d]
^_ci[b\$
š
?dWZ[gkWj[
fbWY[c[dj
e\
j^[
YhWd_ejeco$
J^[
WffheWY^
ckij
X[
Z[j[hc_d[Z
W\j[h
WYYkhWj[
ikh]_YWb
eh_[djWj_ed
WYYehZ_d]
je
WdW# jec_YWb
ademb[Z][
WdZ
fh[ef[hWj_l[
fbWdd_d]$
>em[l[h"
m_j^
j^[
ki[
e\
ceZ[hd
dWl_]Wj_ed
jeebi"
Yehh[Yj
fei_j_ed_d]
e\
j^[
YhW# d_ejeco
YWd
[\\[Yj_l[bo
X[
ced_jeh[Z$
š
El[hbeea[Z"
Xkj
e\j[d
kdWle_ZWXb[
_d`kho
je
j^[
ZkhW
Zkh_d]
YhW# d_ejeco$
:khWb
h[YedijhkYj_ed
cWo
X[
d[Y[iiWho$ š
?dWZ[gkWj[
h[celWb
e\
9I<
m_j^
_d`kho
je
j^[
Yehj_YWb
ikh\WY[
Zk[
je
ifWjkbW
fh[iikh[$

)*


<_]$
'$&$+/
FWj_[djÊi
Wff[WhWdY[
j^[
(
dZ
WdZ
('
ij
feij# ef[hWj_l[
ZWo$
J^[
b_c_j[Z
ia_d
_dY_i_ed"
c_d_cWb
ckiYkbWh
Z_ii[Yj_ed
WdZ
b[Wij
feii_Xb[
Xed[
ZWcW][
eXjW_d[Z
m_j^
j^_i
c_d_cWb
_dlWi_l[
j[Y^d_gk[
h[ikbj
_d
Wd
efj_cWb
Yeic[j_Y
ekjYec[
fkXb_i^[Z
m_j^
fWj_[djÊi
f[hc_ii_ed$

?djheZkYj_ed

š
?d`kh_[i
je
d[hl[i
WdZ
l[ii[bi
_d
j^[
ikh]_YWb
Ó[bZ
Zkh_d]
c_Yhe# ikh]_YWb
cWd_fkbWj_ed
h[ikbj_d]
_d
feijef[hWj_l[
d[khebe]_YWb
Z[j[h_ehWj_ed$ š
?dWZ[gkWj[
_djhWYhWd_Wb
^[ceijWi_i
YWki_d]
i[l[h[
feijef[hWj_l[
h[Xb[[Z_d]
m_j^_d
j^[
ikh]_YWb
Ó[bZ$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
b[Wa$
š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf
m_j^
ikX# efj_cWb
Yeic[j_Y
h[ikbji$ š
?dWZ[gkWj[
[njhWYhWd_Wb
^[ceijWi_i
YWki_d]
feijef[hWj_l[
ie\j
j_iik[
^[cWjecW$ š
?dWZ[gkWj[
Ybeikh[
e\
j^[
ia_d
YWki_d]
feijef[hWj_l[
mekdZ

^[Wb_d]
Z_ijkhXWdY[
eh
ikXefj_cWb
Yeic[j_Y
ekjYec[$

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[mWhZ
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\Ó# Y_[dj
meha_d]
fei_j_ed$ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
ikf[hÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_# i_ed$ š
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
_d
W
Yeic[j_YWbbo
WYY[fjWXb[
mWo$
š
8o
h[jhWYj_d]
j^[
ie\j
j_iik["
j^[
eii[eki
ikh\WY[
i^ekbZ
X[
efj_# cWbbo
[nfei[Z$
>em[l[h"
h[jhWYj_ed
WdZ
ceX_b_pWj_ed
e\
j^[
ia_d
ÔWf
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef[hWj_l[
d[Yhei_i$
š
8[
YWh[\kb
Zkh_d]
j^[
Xkhh
^eb[
jh[f^_dWj_ed0
WZ[gkWj[
fbWY[c[dj
Xkj
_dWZ[gkWj[
Z_h[Yj_ed
e\
j^[
Xkhh_d]
fheY[Zkh[
cWo
Wbie
f[d# [jhWj[
ijhkYjkh[i
e\
j^[
iakbb
XWi[
eh
cWo
_d`kh[
j^[
ZkhWb
WdZ
Yeh# j_YWb
ikh\WY[ š
IjW][i
e\
YhWd_ejeco0
'$
Xkhh
^eb[
jh[f^_dWj_ed1
($
Ykjj_d]
m_j^
j^[
YhWd_ejec[
WYYehZ_d]
je
j^[
fbWdd[Z
WffheWY^$ š
:h_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
_cfehjWdj
\eh
b_c_j[Z
WffheWY^[i
je
WY^_[l[
kd^_d# Z[h[Z
_djhWYhWd_Wb
l_ikWb_pWj_ed$
IcWbb
eii[eki
[nj[di_edi
e\
j^[
iakbb
XWi[
i^ekbZ
Wbie
X[
YWh[\kbbo
h[cel[Z
je
fhel_Z[
Wd
[nY[b# b[dj
el[hl_[m
WdZ
je
Wbbem
c_Yheikh]_YWb
WYY[ii
je
Z[[f#i[Wj[Z
i_j[i$
š
Ef[d
j^[
ZkhW
_d
W
Ç9È
eh
ÇOÈ
i^Wf[Z
\Wi^_ed
WdZ
^ebZ
j^[
ZkhWb
ÔWf
m_j^
ikjkh[i$

)+

?djheZkYj_ed

š
CWdo
d[kheikh][edi
X[b_[l[
j^Wj
_djhWYhWd_Wb
ikh][ho
i^ekbZ
X[
Zed[
m_j^
j^[
ikh][ed
i_jj_d]$
>em[l[h"
f[h\ehc_d]
W
a[o^eb[
WffheWY^"
_djhWef[hWj_l[
Y^Wd]_d]
e\
j^[
ikh][edÊi
fei_j_ed
_i
l[ho
\h[gk[dj$
?d
ekh
[nf[h_[dY["
j^_i
ÇZWdY_d]
WhekdZ
j^[
jWXb[È
_i
ceh[
Yec\ehjWXb[
\eh
j^[
ikh][ed
m^_bij
ijWdZ_d]"
[l[d
m^[d
f[h\ehc_d]
bed]
WdZ
j_c[#Yedikc_d]
fheY[Zkh[i$ š
7\j[h
Yecfb[j_ed
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed"
ZkhWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
ki_d]
[_j^[h
_dj[hhkfj[Z
eh
Yedj_dk# eki
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$ š
7\j[h
ZkhWb
Ybeikh["
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji$ š
7
j_jWd_kc
fbWj[
YWd
X[
ikYY[ii\kbbo
ki[Z
\eh
Ybeikh[
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed$ š
8[YWki[
e\
j^[
b_c_j[Z
ie\j
j_iik[
Z_ii[Yj_ed"
j^[
ki[
e\
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$ š
J^[
ia_d
i^ekbZ
X[
Ybei[Z
m_j^_d
j^[
^W_h[Z
Wh[W
m_j^
ikjkh[i
eh
W\j[h
ikXYkjWd[eki
ikjkh[i
m_j^
^_ijeWYhob
]bk[$ š
7d
[o[Xhem
_dY_i_ed
YWd
X[
ik\ÓY_[djbo
Ybei[Z
m_j^
_djhWYkjWd[# eki
hkdd_d]
ikjkh[i
eh
m_j^
ij[h_b[
WZ^[i_l[
jWf[i$

),

IkfhWehX_jWb
WffheWY^

($&
IkfhWehX_jWb
WffheWY^ >_ijeho
e\
j^[
Wdj[h_eh
ikX\hedjWb
WdZ

\hedjebWj[hWb
WffheWY^[i

<_]$
($&$'
7
f_Yjkh[
jWa[d
\hec
j^[
Óhij
[Z_j_ed
e\
<[Zeh
AhWki[Êi
f_ed[[h_d]
meha
ÇIkh][ho
e\
j^[
8hW_d
WdZ
If_d[È$
?d
j^_i
YWi["
AhWki[
WffheWY^[Z
Wd
[nj[dZ[Z
iakbb
XWi[
c[d_d][ecW
_d
jme
ij[fi$
7\j[h
f[h\ehc_d]
j^[
ikX\hedjWb
YhWd_ejeco"
j^[
jkceh
mWi
fWhj_Wbbo
h[cel[Z
_d
W
i[YedZ
i[ii_ed
ki_d]
Wd
[njhWZkhWb
[nfeikh["
j^ki
c_d_c_p_d]
_d`kho
je
j^[
Yehj_YWb
ikh\WY[$
:k[
je
j^[
hek]^
h[jhWYj_ed
e\
j^[
\hedjWb
beX[
m^_Y^
mWi
d[Y[iiWho
X[YWki[
e\
W
i[l[h[
XhW_d
im[bb_d]"
j^[
fWj_[dj
Z_Z
dej
ikhl_l[$


7
ikX#
WdZ
jhWdi\hedjWb
WffheWY^
mWi
Óhij
Z[iYh_X[Z
Xo
$

<_]$
($&$(
J^[
[njhWZkhWb
ikX\hedjWb
WffheWY^
e\

Ej^[h
jhWdiYhWd_Wb
\hedjWb
WffheWY^[i
^Wl[
h[gk_h[Z
j^[
fWhj_Wb

[nfeikh[
e\
j^[
Wdj[h_eh
^Wb\
e\
j^[
Y[h[XhWb
^[c_if^[h[
Wi
Z[ced# ijhWj[Z
_d
9ki^_d]Êi"
>[k[hÊi
WdZ
:WdZoÊi
^_ijeh_YWb
Z[iYh_fj_edi
e\
ikh][ho
e\
j^[
ikfhWi[bbWh
h[]_ed$
>Whl[o
9ki^_d]
f[h\ehc[Z
j^[
Óhij
Yecfb[j[
h[celWb
e\
W
jkX[hYkbkc
i[bbW[
c[d_d][ecW
l_W
ikX\hedjWb
[nfeikh[
_d
'/',
WdZ
h[fehj[Z
^_i
[nf[h_[dY[
e\

j^[
h[i[Yj_ed
e\
(.
jkcehi
_d
^_i
YbWii_YWb
fkXb_YWj_ed"
Ye#Wkj^eh[Z
Xo
Bek_i[
;_i[d^WhZj
Q9ki^_d]
é
;_i[d^WhZj
'/).S$
=[eh][
@$
>[k[h
Z[iYh_X[Z
^_i
ikX\hedjWb#\hedjej[cfehWb
WffheWY^
je

Y^_WicWb
b[i_edi"
W
fhejejof[
e\
j^[
bWj[h
\hedjebWj[hWb#fj[h_edWb


)-

IkfhWehX_jWb
WffheWY^

YhWd_ejeco
Q>[k[h
'/(&S$
MWbj[h
;$
:WdZo
fkXb_i^[Z
j^[
h[ikbji

e\
^_i
Óhij
[_]^j
YWi[i
e\
\hedjeXWiWb
c[d_d][ecW
_d
'/(("
ki_d]
>[k[hÊi
\hedjej[cfehWb
WffheWY^
Q:WdZo
'/((S$
J^[
Wkj^ehi
[nfei[Z
W
bWh][
Yehj_YWb
ikh\WY[
m^_Y^
mWi
f[hcWd[djbo
YedjWc_# dWj[Z
m_j^
W_h
Zkh_d]
ikh][ho
YWki_d]
Yehj_YWb
c_Yhe_d`kh_[i
m_j^
j^[
ikXi[gk[dj
feii_X_b_jo
e\
feijef[hWj_l[
[f_b[fj_Y
i[_pkh[i
<_]i$
'$&$'"
($&$)$
7i
fh[l_ekibo
Z[iYh_X[Z"
j^[i[
[nj[dZ[Z
ef[d_d]i
m[h[
d[Y[iiWho
\eh
i[l[hWb
h[Wiedi1
^em[l[h"
j^[
Z[l[befc[dj
e\
Z_W]deij_Y
_cW]_d]
WdZ
ikh]_YWb
j[Y^d_gk[i
Wbbem[Z
W
ij[fm_i[
h[ZkYj_ed
_d
j^[
i_p[
e\
j^[
ia_d
_dY_i_ed
WdZ
YhWd_ejeco$
:WdZoÊi
f[hiedWb
b[Whd_d]
fheY[ii
_d
h[ZkY_d]
ef[hWj_l[
jhWkcWj_pWj_ed

mWi
m[bb
Z[cedijhWj[Z
_d
^_i
fkXb_YWj_ed
e\
^_i
ie#YWbb[Z
^ofe# f^oi[Wb
WffheWY^
[nfei_d]
Wd
?97
Wd[khoic
Q:WdZo
'/).S
<_]$
'$&$($
7d
kdkikWb
_dZ_YWj_ed
\eh
j^[
\hedjej[cfehWb#^ofef^oi[Wb
WffheWY^
mWi
j^[
eYYbki_l[
^oZheY[f^Wbki
Q:WdZo
'/((S$
7\j[h
ikX\hedjWb
[nfeikh[
e\
j^[
ikfhWi[bbWh
h[]_ed"
:WdZo
ef[d[Z
j^[
bWc_dW
j[hc_dWb_i
WY^_[l_d]
Wd
Wdj[h_eh
l[djh_YkbeY_ij[hdeijeco
e\
j^[
j^_hZ
l[djh_Yb[$
Dej[
j^Wj
j^_i
_d_j_Wb
j[Y^d_gk[
je
j^_hZ
l[d# jh_Ykbeijeco
_dlebl[Z
j^[
i[Yj_ed_d]
e\
ed[
efj_Y
d[hl[
je
[nfei[
j^[
jkX[h
Y_d[h[kc$
J^_i
c[j^eZ
mWi
h[Ód[Z
Xo
8ohed
Ijeea[o
WdZ
J[Z
IYWh\\
Xo
fkdYjkh_d]
j^[
bWc_dW
j[hc_dWb_i
WdZ
j^[d
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[
<_]$
($&$*$
?d
'/,)"
IYWh\\
fkX# b_i^[Z
j^[
h[ikbji
e\
+(-
^oZheY[f^Wb_Y
fWj_[dji
_d
m^ec
j^[
feij# ef[hWj_l[
cehjWb_jo
mWi
'+
m_j^
Wd
_d_j_Wb
ikYY[ii
hWj[
e\
-&

QIjeea[o
'/),"
IYWh\\
'/+'"
'/,)S$

<_]$
($&$)
>[k[hÊi
\hedjej[cfehWb
YhWd_ejeco
[nfei# _d]
j^[
ikfhW#
WdZ
fWhWi[bbWh
h[]_ed$
Dej[
j^Wj
edbo
j^[
Wdj[h_eh
fWhj
e\
j^[
[nfbehWj_ed
mWi
ki[Z
WffheWY^_d]
j^[
h_]^j
efj_Y
d[hl[$
J^[h[\eh["
j^[
[nj[di_l[
YhWd_ejeco
WdZ
ZkhWb
ef[d_d]
YWki[Z
_d
j^_i
YWi[
Wd
kdd[Y[iiWho
jhWkcW
je
j^[
Yehj_YWb
ikh\WY[$


9edY[hd_d]
fh[ef[hWj_l[
fbWdd_d]"
cWdo
ikh][edi
ef[hWj[Z
ed
j^[
dedZec_dWdj
i_Z[1
^em[l[h"
@Wc[i
B$
Feff[d
ik]][ij[Z
j^Wj
h_]^j#^WdZ[Z
ikh][edi
i^ekbZ
ki[
j^[
h_]^j
\hedjWb
WffheWY^
WdZ
b[\j#^WdZ[Z
ikh][edi
j^[
b[\j
\hedjWb
WffheWY^
QFeff[d
'/,&S$
Dej[
j^Wj
((
o[Whi
W\j[h
:WdZoÊi
Z[iYh_fj_ed"
Feff[dÊi
[nfeikh[
Z_Z
dej
h[if[Yj
j^[
^W_hb_d[
<_]$
($&$+$ ?d
j^[
[Whbo
'/-&i"
Wd
[dehceki
Z[l[befc[dj
_d
j[Y^d_YWb
ijWd# ZWhZi
Wbbem[Z
d[kheikh][edi
je
ki[
h[Ód[Z
WffheWY^[i$
>[k[hÊi
WdZ
:WdZoÊi
\hedje#j[cfehWb
WffheWY^
mWi
h[Ód[Z
Xo
C$
=Wp_
OWi# Wh]_b
QOWiWh]_b
'/-+S
<_]$
($&$,$
7
b_c_j[Z
\hedjebWj[hWb
WffheWY^
je
Wd[khoici
e\
j^[
Wdj[h_eh
Y_hYkbWj_ed
mWi
f[h\ehc[Z
Xo
CWh_e
8heYa
WdZ
:_[jp
Q8heYa
é
:_[jp
'/-.S$
J^[
Wkj^ehi
ikccWh_p[Z
j^[
WZlWdjW][i
e\
j^[
icWbb
YhWd_ejeco
Wi
'
j^[
j[cfehWb
ckiYb[
h[cW_di
_djWYj
X[YWki[
e\
c_d_cWb
ceX_b_pWj_ed1
(
j^[
YhWd_ejeco



).

<_]$
($&$*
J^_hZ
l[djh_Ykbeijeco
Xo
j^[
ikX\hedjWb
hekj["
Z[iYh_X[Z
Xo
IYWh\\
_d
'/+'$
Dej[
j^[
fkdYjkh[
e\
Xej^
j^[
bWc_dW
j[hc_dWb_i
WdZ
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb["
Wbbem_d]
\h[[
9I<
Y_hYkbWj_ed$




IkfhWehX_jWb
WffheWY^

_i
[nYbki_l[bo
eij[efbWij_Y1
)
ef[d_d]
j^[
Iobl_Wd
Óiikh[
_i
kd# d[Y[iiWho"
Wle_Z_d]
_d`kho
e\
j^[
Iobl_Wd
l[ii[bi$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^_i
f_ed[[h_d]
Z[iYh_fj_ed
e\
W
b[ii
_dlWi_l[
ikX\hedjWb
WffheWY^
m^_Y^
^Wi
fhel_Z[Z
Çj^[
WZlWdjW][
e\
f[h# c_jj_d]
Wd
[Wio"
Z_h[Yj
WdZ
fhej[Yj_l[
WjjWYa
je
ikY^
Wd[khoici
j^hek]^
W
icWbb
WdZ
c[h[bo
eij[efbWij_Y
YhWd_ejecoÈ
<_]$($&$-$

<_]$
($&$+
7d
kd_bWj[hWb
ikX\hedjWb
WffheWY^
je
Wd[k# hoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
fkXb_i^[Z
Xo
Feff[d
_d
'/,&$
Dej[
j^Wj
((
o[Whi
W\j[h
:WdZoÊi
Z[iYh_f# j_ed"
Feff[dÊi
ia_d
_dY_i_ed
mWi
dej
YedY[Wb[Z
X[^_dZ
j^[
^W_hb_d[
]_l_d]
Wd
kdWYY[fjWXb[
Yeic[j_Y
h[ikbj$

<_]$
($&$,
7
h[Ód[c[dj
e\
:WdZoÊi
^ofef^oi[Wb
WffheWY^
ki_d]
c_Yheikh]_YWb
j[Y^d_gk[i
mWi
fkXb_i^[Z
Xo
OWiWh]_b
_d
'/-+$
J^_i
\hedjej[cfehWb
fj[h_edWb
WffheWY^
_i
Ykh# h[djbo
j^[
ceij
\h[gk[djbo
ki[Z
\eh
ikh]_YWb
WYY[ii
je
i[bbWh
WdZ
fWhWi[bbWh
b[i_edi$

<_]$
($&$-
J^[
b_c_j[Z
\hedjebWj[hWb
WffheWY^
je
Wd[k# hoici
e\
j^[
Wdj[h_eh
Y_hYkbWj_ed
mWi
fkXb_i^[Z
Xo
8heYa
WdZ
:_[jp
_d
'/-.$


?d
'/.("
@Wc[i

7$
@Wd[
h[fehj[Z
W
Z_\\[h[dj
ikX\hedjWb#ikfhWehX_jWb
[nfeikh[
je
Wd[khoici
WdZ
ej^[h
b[i_edi
e\
j^[
ikfhWi[bbWh
Wh[W
Wi
m[bb
Wi
je
ehX_jWb
b[i_edi
Q@Wd[
'/.(S$
J^_i
WffheWY^
mWi
ceZ_Ó[Z
Xo
@e^ddo
:[bWi^Wm
Xo
\hWYjkh_d]
j^[
ehX_jWb
hee\
eh
_dYbkZ_d]

W
j[cfehWb
[nj[di_ed
e\
j^[
YhWd_ejeco
Q:[bWi^Wm
'//(S$
J^[

_d\[h_eh
[nj[di_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco
Xo
h[celWb
e\

j^[
ehX_jWb
h_c
mWi
Wbie
Z[iYh_X[Z
Xo
HeX[hje
:[b\_d_
ki_d]
Wd
Wbj[hdWj_l[
j[Y^d_gk[
m_j^
jme
Xed[
ÔWfi
Q:[b\_d_
'//(S$
EiiWcW
7b#C[\jo
fkXb_i^[Z
^_i
[nf[h_[dY[
YedY[hd_d]
W
ikfhWehX_jWb#
fj[h_edWb
WffheWY^
je
iakbb
XWi[
b[i_edi
Xo
_dYehfehWj_d]
j^[

ikf[h_eh
WdZ
bWj[hWb
ehX_jWb
mWbbi1
@ei[f^
C$
PWXhWciao
Z[iYh_X[Z
[nj[dZ[Z
j[cfehWb
WdZ
ehX_jepo]ecWj_Y
Xed[
h[celWb
fhel_Z_d]
m_Z[
WYY[ii
je
j^[
Wdj[h_eh
WdZ
c_ZZb[
YhWd_Wb
\eiiW
Q7b#C[\jo
'//&"
PWXhWciao
'//.S$ Ceij
lWh_Wj_edi
e\
j^[i[
ikfhWehX_jWb
WdZ
ikX\hedjWb
WffheWY^[i
h[ikbj[Z
_d
[nj[di_l[
ie\j
j_iik[
WdZ
Xedo
[nfeikh["
[nj[dZ[Z
ZkhWb
ef[d_d]
WdZ
ikXi[gk[djbo
d[Y[iiWho
XhW_d
h[jhWYj_ed"
YWki_d]
W
feii_Xb[
_dYh[Wi[
_d
ikh]_YWb
cehX_Z_jo
kdh[bWj[Z
je
j^[
b[i_ed
_ji[b\$
>em[l[h"
i_c_bWh
je
j^[
icWbb
\hedjebWj[hWb
WffheWY^
e\
8heYa
WdZ
:_[jp"
h[Y[dj
fkXb_YWj_edi
ed
ikX\hedjWb
[nfeikh[i
^Wl[
Z[iYh_X[Z
b_c_j[Z
jhWkcWj_pWj_ed
e\
j^[
[njhW#
WdZ
_djhWYhWd_Wb
ijhkYjkh[i$
?d
'//."
;h_Y
lWd
B_dZ[hj
h[fehj[Z
j^[
ikh]_YWb
[nf[h_[dY[
ki_d]
ikfhWehX_jWb
ikX\hedjWb
YhWd_ejeco
\eh
j^[
jh[Wjc[dj
e\
'/-
_djhW# YhWd_Wb
Wd[khoici1
I|dZeh
9p_h`|a
fkXb_i^[Z
^_i
[nf[h_[dY[
_d
(&&'
WdZ
(&&(
WdZ
HWcei#P‘d_]W
fh[i[dj[Z
j^[
jhWdi#ikfhW# ehX_jWb
WffheWY^
_d
(&&(
QlWd
B_dZ[hj
'//."
9p_h`|a
(&&'"
(&&("

HWcei#P‘d_]W
(&&(S$
>Wdi
@WaeX
Ij[_][h
Z[iYh_X[Z
W
icWbb

ehX_jeYhWd_Wb
WffheWY^
j^hek]^
W
\hedjej[cfehWb
^W_hb_d[
_dY_i_ed
je
WYY[ii
Wd[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
QIj[_][h
(&&'S$
?d
(&&(
WdZ
(&&+"
j^[
CW_dp
j[Y^d_gk[

e\
f[h\ehc_d]
ikfhWehX_jWb
YhWd_ejeco
j^hek]^
Wd
[o[Xhem
ia_d
_dY_i_ed
mWi
Z[iYh_X[Z
QH[_iY^
(&&("
(&&+S$ :kh_d]
j^[
bWij
Z[YWZ[i"
cWdo
Z_\\[h[dj
ikX\hedjWb
WdZ
\hedje# bWj[hWb
WffheWY^[i
je
j^[
ikfhWi[bbWh
Wh[W
^Wl[
X[[d
Z[iYh_X[Z"


)/

IkfhWehX_jWb
WffheWY^

[l[d
_\
iec[
e\
j^[i[
[nfeikh[i
m[h[
_d
\WYj
gk_j[
i_c_bWh$
>em[l[h"
_d
^_i
f_ed[[h_d]
Z[iYh_fj_ed"
<[Zeh
AhWki[
^WZ
Wbh[WZo
]hWif[Z
j^[
[ii[dY[
e\
j^[
ikX\hedjWb
ikfhWehX_jWb
[nfeikh[0
j^[
ikfhW# i[bbWh
WdWjec_YWb
ijhkYjkh[i
Wh[
\h[[
\eh
ikh]_YWb
Z_ii[Yj_ed
\hec
Wd
Wdj[h_eh
Z_h[Yj_ed"
m^_b[
j^[
Wdj[h_eh
fWhj
e\
j^[
j[cfehWb
beX[
Ze[i
dej
eXiYkh[
WYY[ii
je
j^[
Z[[f#i[Wj[Z
Wh[Wi$
?d
j^[
\ebbem_d]"
j^_i
_cfehjWdj
WdWjec_YWb
\WYj
m_bb
X[
Z_iYkii[Z
_d
Z[jW_b$

7

=[d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[
Wdj[h_eh
YhWd_Wb
\eiiW
WdZ
j^[
ikfhWi[bbWh
h[]_ed 7YYehZ_d]
je
AhWki[Êi
YedY[fj"
je
X[jj[h
kdZ[hijWdZ
j^[
][e# c[jh_YWb
WdZ
jefe]hWf^_YWb
WhY^_j[Yjkh[
e\
j^[
Wdj[h_eh
YhWd_Wb
\eiiW"
j^[
][d[hWb
WdWjec_YWb
YedijhkYj_ed
WdZ
j^[
[ii[dj_Wb
WdW# jec_YWb
Y^WhWYj[h_ij_Yi
e\
j^_i
Wh[W
ckij
Ó
hij
X[
Z_iYkii[Z$
J^[
XWi[
e\
j^[
ikfhWi[bbWh
Wh[W
m_j^
j^[
gkWZhWd]b[
e\
j^[
Yb_de_Z
fheY[ii[i
_i
ed
j^[
iWc[
b[l[b
Wi
j^[
Wdj[h_eh
iakbb
XWi[$
>em# [l[h"
bWj[hWb
je
j^[
i[bbWh
ijhkYjkh[i"
j^[
XWi[
e\
j^[
c_ZZb[
YhW# d_Wb
\eiiW
_i
i_jkWj[Z
Z[[f[h
j^Wd
j^[
fbWd[
e\
j^[
Wdj[h_eh
YhWd_Wb
\eiiW$
7YYehZ_d]
je
@e^Wdd[i
BWd]"
j^_i
Z_\\[h[dY[
_i
ed
Wl[hW][
'.
cc
ed
j^[
b[\j
WdZ
(&
cc
ed
j^[
h_]^j
i_Z[
QBWd]
'/.'S$
J^_i
c[Wdi
j^[
j[cfehWb
beX[
el[hbWfi
j^[
ikfhWi[bbWh
h[]_ed
\hec
W
bWj[hWb
Z_h[Yj_ed
j^ki
d[Y[ii_jWj_d]
[nj[di_l[
h[jhWYj_ed
e\
j^[
j[c# fehWb
beX[
m^[d
WffheWY^_d]
\hec
W
bWj[hWb
j[cfehWb
Z_h[Yj_ed
<_]$
($&$.
7$
?d
WZZ_j_ed"
j^[
j[cfehWb
feb[
^Wi
Wd
[nj[di_ed
Wdj[h_eh
je
j^[
\hedjWb
fWhj
e\
j^[
ikfhWi[bbWh
Wh[W$
J^ki"
m^[d
WffheWY^_d]
j^_i
Wh[W
\hec
W
\hedjej[cfehWb
fj[h_edWb
Z_h[Yj_ed"
j^[
Wdj[h_eh
fWhj
e\
j^[
j[cfehWb
beX[
eXiYkh[i
j^[
ikh]_YWb
WYY[ii0
ifb_jj_d]
e\
j^[
Iobl_Wd
Ó
iikh[
m_j^
cWd_fkbWj_ed
e\
j^[
j[cfehWb
l[_di
ckij
Wbie
X[
f[h\ehc[Z
<_]$
($&$.
8$
>em[l[h"
ki_d]
j^[
Wdj[h_eh
ikX# \hedjWb
WffheWY^"
WYY[ii
je
j^[
ikfhWi[bbWh
Wh[W
_i
\h[[
\eh
ikh]_YWb
Z_ii[Yj_ed
WdZ
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
_i
kdd[Y[iiWho$
?d
WZZ_j_ed"
j^[
ikX\hedjWb
WffheWY^
Wbbemi
[Whbo
WYY[ii
je
j^[
ikfhW# i[bbWh
Wh[W
m_j^ekj
ef[d_d]
j^[
Iobl_Wd
Ó
iikh[
<_]$
($&$.
9$ J^[
cW_d
jWh][j
h[]_ed
ki_d]
W
ikX\hedjWb
WffheWY^
_i
j^[
ikfhW# i[bbWh
Wh[W
m_j^
Wbb
_ji
ikhhekdZ_d]
ijhkYjkh[i$
Je
meha
m_j^_d
j^_i
h[]_ed
_d
W
j^h[[#Z_c[di_edWb
cWdd[h"
_j
_i
X[ij
[nfbW_d[Z
_d
W
][e# c[jh_Y
mWo
Wi
W
l_hjkWb
fohWc_Z
<_]$
($&$/$
J^[
XWi[
e\
j^[
fohW# c_Z
_i
\ehc[Z
Xo
j^[
Z_Wf^hW]cW
i[bbW[
Wj
j^[
b[l[b
e\
j^[
\hedjWb


*&

8

9

<_]$
($&$.
IY^[cWj_Y
f_Yjkh[i
Z[cedijhWj_d]
j^[
i[bbWh
WdZ
fWhWi[bbWh
h[]_ed
_d
j^[
YehedWh"
Wn_Wb
WdZ
iW]_jjWb
fbWd[i$
Dej[
j^Wj
m^[d
eXi[hl_d]
j^[
ikfhWi[bbWh
Wh[W
\hec
j^[
bWj[hWb
ikXj[cfehWb
eh
\hedjej[cfehWb
fj[h_edWb
Z_h[Yj_ed"
j^[
j[cfehWb
beX[
eXiYkh[i
j^[
ikh]_YWb
WYY[ii
h[Z
Whhemi$
Ki_d]
j^[
Wdj[h_eh
ikX\hedjWb
WffheWY^"
WYY[ii
je
j^[
ikfhWi[bbWh
Wh[W
_i
\h[[
\eh
ikh]_YWb
[nfbehW# j_ed
]h[[d
Whhem$



IkfhWehX_jWb
WffheWY^

7

iakbb
XWi[$
;WY^
e\
j^[
jh_Wd]kbWh
fbWd[i
e\
j^[
fohWc_Z
_i
Z[Ód[Z
Xo
Y[hjW_d
ijhkYjkh[i$
J^[
Wdj[h_eh
fbWd[
e\
j^[
fohWc_Z
_i
\ehc[Z
Wbceij
Yecfb[j[bo
Xo
j^[
efj_Y
d[hl[i"
Y^_Wic
WdZ
j^[
bWc_dW
j[h# c_dWb_i$
J^[
Óhij
i[]c[dji
e\
Xej^
797
WdZ
j^[
79e7
Wh[
Wbie
_d
Z_h[Yj
h[bWj_edi^_f
je
j^_i
fbWd[$
J^[
i_Z[
e\
j^[
fohWc_Z
_dYbkZ[i
j^[
9D
??
WdZ
efj_Y
jhWYj"
j^[
9D
???"
j^[
?97
WdZ
_ji
jme
ikfhWYb_de_Z
XhWdY^[i"
j^[
feij[h_eh
Yecckd_YWj_d]
WdZ
Wdj[h_eh
Y^ehe_ZWb
Whj[h_[i$
J^[
feij[h_eh
fohWc_ZWb
fbWd[
_i
Z[Ód[Z
Xo
j^[
l[djhWb
ikh\WY[
e\
j^[
XhW_d
ij[c
WdZ
87
m_j^
j^[
feij[h_eh
Y[h[XhWb
WdZ
ikf[h_eh
Y[h[X[bbWh
Whj[h_[i$
J^[
Wn_i
e\
j^[
fohWc_Z
_i
\ehc[Z
Xo
j^[
_d\kdZ_Xkbkc
WdZ
f_jk_jWho
ijWba$
J^_i
l_hjkWb
YedijhkYj_ed
[dWXb[i
f[hY[fj_ed
e\
j^[
lWh_eki
l_[m_d]
Wd]b[i
_dje
j^_i
ifWY[1
j^[
fohWc_Z
WdZ
j^[
Z_\\[h[dj
m_dZemi
X[jm[[d
_ji
ijhkYjkh[i
YWd
X[
m[bb
WffheWY^[Z
ki_d]
Z_\\[h[dj
efj_cWb
Wd]b[i$
?d
WZZ_j_ed"
_j
Wbie
^[bfi
je
kdZ[hijWdZ
^em
WdWjec_YWb
ijhkYjkh[i
Wh[
Z_ifbWY[Z
_d
j^[
YWi[
e\
W
ifWY[#eYYkfo_d]
b[i_ed
m_j^_d
j^[
ikfhWi[bbWh
Wh[W
<_]$
($&$/$

8




9

:

<_]$
($&$/
7hj_ijÉi
ZhWm_d]
Z[cedijhWj_d]
j^[
ikfhWi[bbWh
Wh[W
Wi
W
l_hjkWb
fohW# c_Z
\hec
Z_\\[h[dj
l_[m_d]
Wd]b[i$
Dej[
j^Wj
j^[
iWc[
WdWjec_YWb
ijhkYjkh[i
Wh[
l_ikWb_p[Z
l[ho
Z_\\[h[djbo
WYYehZ_d]
je
Z_l[hi[
ikh]_YWb
[nfeikh[i0
7
c[Z_Wd
ikX\hedjWb
[nfeikh[1
8
\hedjebWj[hWb
ikfhWehX_jWb
[nfeikh[1
9
\hedjej[cfehWb
fj[h_edWb
[nfeikh[1
:
ikXj[cfehWb
[nfeikh[$
J^_i
l_hjkWb
YedijhkYj_ed
Wbie
^[bfi
je
kdZ[hijWdZ
^em
WdWjec_YWb
ijhkYjkh[i
Wh[
Z_ifbWY[Z
_d
j^[
YWi[
e\
ifWY[#
eYYkfo_d]
b[i_edi
m_j^_d
j^[
ikfhWi[bbWh
h[]_ed$

*'

IkfhWehX_jWb
WffheWY^

?fi_bWj[hWb

C_Zb_d[

9edjhWbWj[hWb

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii"
7FYB Feij[h_eh
Yb_de_Z
fheY[ii Hee\
WdZ
bWj[hWb
mWbb
e\
j^[
9I 8WiWb
\hedjWb
beX[ =ohki
h[Yjki
Iobl_Wd
Óiikh[ 7dj[hec[Z_Wb
j[cfehWb
beX[ KdYki
^_ffeYWcf_ 9D
?"
9D
??"
9D
???"
9D
?L ?97"
Ef^j7"
F9e7"
79^7"

_dYb$
f[h\ehWjehi 7'"
7("
C'"
C("
_dYb$
f[h\ehWjehi
F'"
F("
I97"
_dYb$
f[h\ehWjehi Ikf[hÓY_Wb
j[cfehWb
l[_d

9h_ijW
=Wbb_ Eb\WYjeho
]heel[ FbWdkc
if^[de_ZWb[ JkX[hYkbkc
i[bbW[ BWc_dW
j[hc_dWb_i 7dj[h_eh
j^_hZ
l[djh_Yb[ F_jk_jWho
ijWba
?dj[hf[ZkdYkbWh
\eiiW 79e7 :_ijWb
87
m_j^
f[h\ehWjehi

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii 8WiWb
\hedjWb
beX[ =ohki
h[Yjki
Iobl_Wd
Óiikh[ J[cfehWb
feb[ 9hki
Y[h[Xh_ 9D
?"
9D
??"
9D
??? ?97"
Ef^j7"
F9e7"
79^7"
_dYb$
f[h\ehWjehi 7'"
7("
C'"
C("
_dYb$
f[h\ehWjehi F'"
F("
I97"
_dYb$
f[h\ehWjehi

JWXb[
($&$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
ikfhWehX_jWb
YhWd_jeco$

Ki_d]
j^[
ikfhWehX_jWb
YhWd_ejeco
i[l[hWb
WdWjec_YWb
ijhkYjkh[i
e\
j^[
ikfhW#
WdZ
fWhWi[bbWh
Wh[W
YWd
X[
[nfei[Z
JWXb[
($&$'$
?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
ikfhWehX_jWb
ikX\hedjWb
WffheWY^
_i
Z[iYh_X[Z
Wi
W
ij[f#Xo#ij[f
Z_ii[Yj_ed$

*(

IkfhWehX_jWb
WffheWY^

Ikh]_YWb
j[Y^d_gk[


<_]$
($&$'&

'$
FWj_[dj
fei_j_ed_d] J^[
fWj_[dj
_i
fbWY[Z
ikf_d[
ed
j^[
ef[hWj_d]
jWXb[$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
^[WZ
ÓnWjeh
i^ekbZ
X[
fbWY[Z
_d
j^[
effei_j[
\hedjWb
Wh[W
je
Wbbem
\h[[
cWd_fkbWj_ed
e\
j^[
_fi_bWj[hWb
i_Z[
Zkh_d]
j^[
fheY[Zkh[$
J^[
f_d
i^ekbZ
dej
X[
fbWY[Z
_dje
j^[
j[c# fehWb_i
ckiYb[
Wi
j^_i
Z_c_d_i^[i
j^[
ijWX_b_jo
e\
j^[
ioij[c
WdZ
YWd
YWki[
feijef[hWj_l[
j[cfehWb
^[cWjecW$
Ij[f
'
?d_j_Wbbo"
j^[
^[WZ
_i
[b[lWj[Z
YW$
'+–
WdZ
j^[
^[WZ
e\
j^[
ef[hWj# _d]
jWXb[
_i
[b[lWj[Z
WXel[
j^[
j^ehWn
je
\WY_b_jWj[
l[deki
ZhW_dW][$
;b[lWj_ed
fhel_Z[i
Z[Yecfh[ii_ed
e\
j^[
Y[hl_YWb
l[ii[bi"
bWhodn
WdZ
l[dj_bWj_ed
jkX[
<_]$
($&$'&$

<_]$
($&$''

<_]$
($&$'(

<_]$
($&$')

Ij[f
( H[jheÔ[n_ed
dej
edbo
ikffehji
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
\hedjWb
beX[
Xkj
Wbie
Z[f[dZi
kfed
j^[
jWh][j
h[]_ed
WdZ
j^[
fh[Y_i[
WdWjec_YWb
WdZ
fWj^ebe]_YWb
i_jkWj_ed$
B[i_edi
m_j^
Ybei[
fhen_c_jo
je
j^[
\hedjWb
iakbb
XWi[
h[gk_h[
W
h[jheÔ[n_ed
e\
'&–
Å
'+–$
IjhkYjkh[i
i_jkWj[Z
ceh[
YhWd_Wbbo"
ikY^
Wi
b[i_edi
e\
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
YWd
X[
efj_cWbbo
WffheWY^[Z
m_j^
ceh[
^[WZ
h[jhe# Ô[n_ed
e\
YW$
)&–
<_]$
($&$''$
Ij[f
) J^[h[W\j[h"
j^[
^[WZ
_i
hejWj[Z
je
j^[
YedjhWbWj[hWb
i_Z["
j^[
Z[]h[[
e\
hejWj_ed
Z[f[dZ_d]
ed
j^[
jWh][j
h[]_ed0
\eh
j^[
_fi_bWj[hWb
j[cfehec[i_Wb
Wh[W"
Iobl_Wd
Óiikh[
WdZ
j^[
C97"
W
hejWj_ed
e\
YW$
'&–
je
'+–
_i
ik\ÓY_[dj$
7ffheWY^_d]
j^[
bWj[hWb
ikfhWi[bbWh
WdZ
h[jhei[bbWh
Wh[W
m_j^
j^[
9D
??"
?97"
WdZ
87"
W
hejWj_ed
e\
YW$
)&–
_i

d[Y[iiWho$
<eh
j^[
Wdj[h_eh
ikfhWi[bbWh
h[]_ed
m_j^
ijhkYjkh[i
e\
j^[
bWc_dW
j[hc_dWb_i
WdZ
79e7"
W
hejWj_ed
e\
)&–
je
*+–
WdZ
\eh
j^[
eb\WYjeho
]heel["
*+–
je
,&–
hejWj_ed
_i
h[gk_h[Z$
8o
Y^eei_d]
j^[
Yehh[Yj
Wd]b[
X[jm[[d
)&–
WdZ
,&–"
ed[
YWd
Wbie
cWa[
YedjhW# bWj[hWb
b[i_edi
l_i_Xb[$
Dej[
j^Wj
h_]^j#^WdZ[Z
ikh][edi
ki_d]
W
b[\j#i_Z[Z
YhWd_ejeco
d[[Z
ceh[
hejWj_ed
je
fhel_Z[
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
<_]$
($&$'($ Ij[f
* 7i
j^[
bWij
fei_j_ed_d]
ij[f"
j^[
^[WZ
_i
bWj[heÔ[Yj[Z
YW$
'&–
je
j^[
YedjhWbWj[hWb
i_Z["
Wbbem_d]
Wd
[h]edec_Y
meha_d]
fei_j_ed
Zkh_d]
ikh][ho
<_]$
($&$')$


*)

IkfhWehX_jWb
WffheWY^

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
j^[
Wffhefh_Wj[
ia_d
_dY_i_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZ# cWhai
e\
j^[
eii[eki
iakbb"
ikY^
Wi
j^[
]bWX[bbW"
\hedjWb
fWhWdWiWb
i_dki"
ehX_jWb
h_c"
ikfhWehX_jWb
\ehWc[d"
j[cfehWb
b_d["
\hedjeXWi_i"
_cfh[ii_ed
e\
j^[
Iobl_Wd
Óiikh[
WdZ
j^[
po]ecWj_Y
WhY^
Wh[
fWb# fWj[Z
fh[Y_i[bo
WdZ
cWha[Z
m_j^
W
ij[h_b[
f[d$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
ikf[hÓY_Wb
d[khelWiYkbWh
ijhkY# jkh[i
e\
j^[
\hedjej[cfehWb
h[]_ed
ikY^
Wi
j^[
ikfhWehX_jWb
d[hl[i
WdZ
Whj[ho"
WdZ
j^[
\hedjWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
<_]$
($&$'*$ Edbo
j^[h[W\j[h
i^ekbZ
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
X[
cWha[Z"
jWa_d]
_dje
Yedi_Z[hWj_ed
j^[
fei_j_ed
e\
j^[
b[i_ed
WdZ
j^[
bWdZ# cWhai
ZhWmd
ed
j^[
ia_d$
7\j[h
Z[Ód_d]
j^[
YhWd_ejeco"
j^[
_dZ_# l_ZkWb
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z
m_j^
j^[
f[d$
KikWbbo
j^_i
ia_d
_dY_i_ed
_i
fbWY[Z
bWj[hWbbo
je
j^[
ikfhWehX_jWb
d[hl[
hkdd_d]
m_j^_d
j^[
[o[Xhem
<_]$
($&$'*$
I^Wl_d]
e\
j^[
[o[# Xhem
_i
dej
d[Y[iiWho1
\eh
W
fb[Wi_d]
Yeic[j_Y
ekjYec["
j^[
_dY_# i_ed
b_d[
ckij
X[
fbWY[Z
[nWYjbo
_d
j^[
^W_h[Z
Wh[W$
?\
j^[
[o[Xhem
_i
dej
Zec_dWdj"
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
_d
W
Yh[Wi[
eh
iYWh
e\
j^[
ikfhWehX_jWb
Wh[W$
7bj[hdWj_l[bo"
Wd
_dY_i_ed
X[^_dZ
j^[
^W_hb_d[
_i
Wbie
feii_Xb[$
J^[
[o[b_Zi
Wh[
fhej[Yj[Z
m_j^
i[di_j_l[
jWf[
WdZ
j^[
ia_d
WdZ
[o[Xhem
Z_i_d\[Yj[Z
m_j^
WbYe^eb
iebkj_ed$

<_]$
($&$'*
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ# _d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
\hedje# j[cfehWb
h[]_ed$
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
m_j^_d
j^[
[o[Xhem"
]_l_d]
W
fb[Wi_d]
feijef[hW# j_l[
Yeic[j_Y
h[ikbj$

**

IkfhWehX_jWb
WffheWY^

)$
9hWd_ejeco Ij[f
'
H_]^j
i_Z[$
J^[
ia_d
_dY_i_ed
X[]_di
bWj[hWbbo
\hec
j^[
ikfhWehX_jWb
_dY_ikhW"
WdZ
_i
cWZ[
m_j^_d
j^[
[o[Xhem"
_d
iec[
YWi[i
[nj[dZ# _d]
W
\[m
c_bb_c[j[hi
el[h
j^[
bWj[hWb
fhe`[Y# j_ed
e\
j^[
Xhem
_dje
j^[
\hedjepo]ecWj_Y
Wh[W$
Je
WY^_[l[
W
Yeic[j_YWbbo
efj_cWb
h[ikbj"
j^[
_dY_i_ed
ckij
\ebbem
j^[
ehX_jWb
h_c$
Dej[
j^Wj
j^[
ia_d
_dY_i_ed
i^ekbZ
dej
[nj[dZ
c[Z_# Wbbo
je
j^[
ikfhWehX_jWb
d[hl[
ie
Wi
je
Wle_Z

\hedjWb
dkcXd[ii$
J^[
\hedjWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
WdZ
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho
d[l[h
Yheii
j^_i
jof[
e\
ia_d
_dY_i_ed1
^em[l[h"
j^[
\hedjWb
XhWdY^
cWo
X[
j[cfehWh_bo
W\\[Yj[Z
feijef[hWj_l[bo
X[YWki[
e\
Yecfh[ii_ed
Zk[
je
ia_d
h[jhWYj_ed$
7\j[h
ia_d
_dY_i_ed"
j^[
ikX# YkjWd[eki
j_iik[
i^ekbZ
X[
Z_ii[Yj[Z
YWh[\kbbo
_d
W
\hedjWb
Z_h[Yj_ed
<_]$
($&$'+$


<_]$
($&$'+

<_]$
($&$',

Ij[f
( J^[
ia_d
ÔWf
_i
j[cfehWh_bo
h[jhWYj[Z
m_j^
ij_jY^[i
[nfei_d]
j^[
\hedjWb
X[bbo
e\
j^[
eYY_# f_je\hedjWb
ckiYb["
j^[
ehX_YkbWh_i
eYkb_
WdZ

j^[
j[cfehWb
ckiYb[i$
Dej[
j^Wj
j^[
ia_d
ÔWf
i^ekbZ
X[
][djbo
fki^[Z
kfmWhZ
_d
Wd
ehX_jWb
Z_h[Yj_ed
je
Wle_Z
f[h_ehX_jWb
^[cWjecW1
^em# [l[h"
j^[
ÔWf
i^ekbZ
X[
h[jhWYj[Z
\ehY[\kbbo
ZemdmWhZi
_d
W
\hedjWb
Z_h[Yj_ed
je
WY^_[l[
efj_cWb
[nfeikh[
<_]$
($&$',$


<_]$
($&$'-

Ij[f
)
J^[
\hedjWb
ckiYb[i
Wh[
Ykj
m_j^
W
cedefebWh
[b[YjheZ[
ad_\[
fWhWbb[b
je
j^[
ehX_jWb
h_c
WdZ
j^[
j[cfehWb
ckiYb[
_i
ijh_ff[Z
\hec
_ji
Xedo
_di[hj_ed$
J^[
j[cfehWb
ckiYb[
_i
h[jhWYj[Z
bWj# [hWbbo"
j^[
\hedjWb
ckiYb[
kfmWhZi
m_j^
ijhed]
ikjkh[i
<_]$
($&$'-$
;nfeikh[
WdZ
ceX_b_pWj_ed
e\
j^[
j[cfehWb
ckiYb[
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef# [hWj_l[
fheXb[ci
m_j^
Y^[m_d]$
Dej[
j^Wj
j^[

\hedjWb
WdZ
ehX_YkbWh
ckiYb[i
i^ekbZ
X[
][djbo
fki^[Z
kfmWhZi
je
j^[
ehX_j$
9Wh[\kb
Z_ii[Y#



IkfhWehX_jWb
WffheWY^

j_ed
WdZ
c_d_cWb
h[jhWYj_ed
e\
j^_i
ckiYkbWh
bWo[h
_i
[ii[dj_Wb
je
Wle_Z
feijef[hWj_l[
f[h_eh# X_jWb
^[cWjecW$
BeYWb
^[ceijWi_i
d[[Zi
je
X[
f[h\ehc[Z
hWf_Zbo
WdZ
m_j^
fh[Y_i_ed$


<_]$
($&$'.

Ij[f
*
?d
Wbb
YWi[i"
Wd
eij[efbWij_Y
YhWd_ejeco
_i
f[h# \ehc[Z$
Ki_d]
W
^_]^#if[[Z
Zh_bb"
W
i_d]b[
\hed# jeXWiWb
Xkhh
^eb[
_i
Zh_bb[Z
feij[h_eh
je
j^[
j[cfehWb
b_d[$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^_i
Xkhh
^eb[
jh[f^_dWj_ed"
[if[Y_Wbbo
je
_ji
h[bWj_edi^_f
je
j^[
\hedjWb
iakbb
XWi[
WdZ
je
j^[
ehX_j$
Dej[
j^Wj
W\j[h
Wd
efj_ckc
fbWY[# c[dj
e\
j^[
Xkhh
^eb["
j^[
Zh_bb
ckij
X[
fki^[Z
ZemdmWhZi
je
[nfei[
j^[
Wdj[h_eh
\eiiW
m_j^# ekj
f[d[jhWj_d]
j^[
ehX_j
<_]$
($&$'.$


<_]$
($&$'/

Ij[f
+
7\j[h
c_d_cWb
[dbWh][c[dj
e\
j^[
^eb[
m_j^
Ód[
fkdY^[i
WdZ
ceX_b_pWj_ed
e\
j^[
ZkhW"
W
ijhW_]^j
b_d[
_i
Ykj
m_j^
W
^_]^#if[[Z
YhWd_e# jec[
fWhWbb[b
je
j^[
ehX_jWb
h_c
_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed"
jWa_d]
_dje
WYYekdj
j^[
bWj[hWb
XehZ[h
e\
j^[
\hedjWb
fWhWdWiWb
i_dki

<_]$
($&$'/$
<_]$
($&$(&

Ij[f
,
J^[h[W\j[h
W
Ç9È
i^Wf[Z
b_d[
_i
Ykj
\hec
j^[
Xkhh
^eb[
je
j^[
c[Z_Wb
XehZ[h
e\
j^[
fh[l_ekibo
f[h\ehc[Z
\hedjeXWiWb
b_d["
j^ki
Yh[Wj_d]
W
Xed[
ÔWf
m_j^
W
m_Zj^
e\
YW$
'+Å(&
cc
WdZ
W
\hedjWb
[nj[di_ed
e\
YW$
'&Å'+
cc
<_]$
($&$(&$

>[cehh^W][i
eYYkhh_d]
Zkh_d]
j^[
YhWd_e# jeco
YWd
X[
ij[cc[Z
Xo
X_febWh
YeW]kbWj_ed
WdZ
mWn$


*,

IkfhWehX_jWb
WffheWY^

Ij[f
-
7
l[ho
_cfehjWdj
ijW][
e\
j^[
YhWd_ejeco
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
j^[
^_]^# if[[Z
Zh_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
Xed[
WXel[
j^[
ehX_jWb
h_c
kdZ[h
fhej[Yj_ed
e\
j^[
ZkhW$
9Wh[\kb
h[celWb
e\
j^_i
_dd[h
Xed[
[Z][

YWd
i_]d_ÓYWdjbo
_dYh[Wi[
j^[
Wd]b[
\eh

l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed$
J^[i[
cWd[k# l[hi
]h[Wjbo
\WY_b_jWj[
j^[
ki[
e\
j^[
ef[hWj# _d]
c_YheiYef[
WdZ
c_Yheikh]_YWb
_dijhk# c[dji
_d
j^[
\khj^[h
Yekhi[
e\
j^[
ef[hWj_ed$
IcWbb
eii[eki
[nj[di_edi
e\
j^[
ikf[hÓY_Wb
ehX_jWb
hee\
i^ekbZ
Wbie
X[
Zh_bb[Z
[njhWZk# hWbbo
je
eXjW_d
efj_cWb
_djhWZkhWb
l_ikWb_pWj_ed

<_]$
($&$('$

<_]$
($&$('

<_]$
($&$((

Ij[f
.
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ykhl[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZ
je
j^[
ikfhWehX_jWb
h_c
<_]$
($&$(($


Ij[f
/ J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
kfmWhZi
m_j^
jme
ikjkh[i$
Ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z
<_]$
($&$()$

<_]$
($&$()

*-

IkfhWehX_jWb
WffheWY^

9D
?? 79F ?97

<_]$
($&$(*

9D
?? ?97 Y^_Wic 7'
i[]c[dj

<_]$
($&$(+

j[cfehWb
beX[ ?97 C97
X_\khYWj_ed C'
i[]c[dj


<_]$
($&$(,

*.

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
ed
\h[i^
^kcWd
YWZWl[h$
7hj[h_Wb
l[ii[bi
Wh[
fh[fWh[Z
m_j^
h[Z
Yebeh[Z
bWj[n
iebkj_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
Óhij
ij[f
i^ekbZ
X[
j^[
ik\ÓY_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
Y^_WicWj_Y
WdZ
YWhej_Z
Y_ij[hdi$
?d
j^[
YWi[
e\
^_]^
?9F"
\eh
[nWcfb["
W\j[h
cWii_l[
ikXWhWY^de_Z
^[cehh^W]["
j^[
bWj[hWb
l[djh_Yb[
i^ekbZ
X[
fkdYjkh[Z
m_j^
W
l[djh_YkbWh
YWddkbW$
7\j[h
h[celWb
e\
j^[
ikXWhWY^de_ZWb
eh
l[djh_YkbWh
9I<"
j^[
\hedjWb
beX[
Z[ÔWj[i
ifedjWd[ekibo"
h[dZ[h_d]
i_]d_# ÓYWdj
h[jhWYj_ed
e\
j^[
\hedjWb
beX[
kdd[Y[i# iWho$
=[d[hWbbo"
j^[
i[b\#h[jW_d_d]
ifWjkbW
_i
b[\j
_d
fbWY[
Wi
W
ÇXhW_d
fhej[YjehÈ
hWj^[h
j^Wd
j^[
XhW_d
h[jhWYjeh$
J^hek]^
j^[
ikX\hedjWb
mWo
j^[
ikfhWi[bbWh
h[]_ed
YWd
X[
_cc[Z_# Wj[bo
WffheWY^[Z"
m_j^ekj
j_c[#Yedikc_d]
WdZ
jhWkcWj_Y
ef[d_d]
e\
j^[
Iobl_Wd
Óiikh[
<_]$
($&$(*$ Ij[f
(
7\j[h
Z_ii[Yj_ed
e\
j^[
WhWY^de_Z
c[cXhWd[i"
j^[
Wdj[hebWj[hWb
ijhkYjkh[i
e\
j^[
ikfhWi[b# bWh
fohWc_Z
Wh[
[nfei[Z0
j^[
_fi_bWj[hWb
9D
??"
Y^_Wic"
WdZ
j^[
ikfhWYb_de_Z
i[]c[dj
e\
j^[
?97
WdZ
j^[
7'
i[]c[dj$
J^[
\hedjWb
beX[
_i
c_d_cWbbo
h[jhWYj[Z
WdZ
j^[
?DEF
WdZ
EF97
m_dZemi
Wh[
ef[d[Z
<_]$
($&$(+$ Ij[f
)
7\j[h
ef[d_d]
j^[
_fi_bWj[hWb
Iobl_Wd
Óiikh[
_d
W
c[Z_Wb
je
bWj[hWb
Z_h[Yj_ed"
j^[
Óhij
fWhj
e\
j^[
C97
YWd
X[
i[[d$
Dej[
j^Wj
\hec
j^[
ikX\hed# jWb
Z_h[Yj_ed"
j^[
C'
i[]c[dj
YWd
X[
efj_cWbbo
l_ikWb_p[Z
m_j^ekj
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[$
Ifb_jj_d]
e\
j^[
Iobl_Wd
Óiikh[
_d
W
c[Z_Wb
je
bWj[hWb
Z_h[Yj_ed
_i
j_c[#Yedikc_d]
WdZ
b[ii
jhWkcWj_Y
j^Wd
j^[
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed"
ki_d]
W
\hedjej[cfehWb
fj[h_edWb
YhWd_ejeco
<_]$
($&$(,$

IkfhWehX_jWb
WffheWY^

Ij[f
*
:_ii[Yj_d]
W]W_d
je
j^[
c_Zb_d["
j^[
[dj_h[
7'
i[]c[dj
YWd
X[
WffheWY^[Z$
Dej[
j^[
79e7
WdZ
j^[
YedjhWbWj[hWb
7'$
J^[
bWc_dW
j[hc_# dWb_i
_i
Wbie
l_i_Xb[$
7d[khoici
e\
j^[
79e7
YWd
X[
m[bb
WffheWY^[Z
l_W
j^[
ikfhWehX_jWb
YhWd_ejeco"
[l[d
m_j^ekj
h[celWb
e\
j^[
]ohki
h[Yjki$
Dej[
j^[
>[kXd[h
Whj[ho
ed
j^[
h_]^j
i_Z[
<_]$
($&$(-$


b[\j
7'
i[]c[dj bWc_dW

j[hc_dWb_i 79e7
Yecfb[n h_]^j
7'
i[]c[dj >[kXd[h
Whj[ho

<_]$
($&$(-

Ij[f
+
J^[
Z_ii[Yj_ed
_i
Yedj_dk[Z
_d
j^[
YedjhWbWj[hWb
Z_h[Yj_ed
eXi[hl_d]
j^[
effei_d]
9D
??
WdZ
?97$
Dej[
j^[
if[Y_Wb
h[bWj_edi^_f
X[jm[[d
j^[
efj_Y
d[hl[
WdZ
YWhej_Z
Whj[ho
WdZ
j^[
eh_]_d
e\
j^[
Ef^j7$
C[Z_Wb
beYWj[Z
Wd[khoici
e\
j^[
Ef^j7
YWd
X[
efj_cWbbo
WffheWY^[Z
j^hek]^
W
YedjhWbWj[hWb
ikX\hedjWb
YhWd_ejeco

<_]$
($&$(.$

fbWdkc if^[de_ZWb[ Ef^j7 b[\j
9D
?? b[\j
?97 h_]^j
9D
??

<_]$
($&$(.

Ij[f
,
7YYehZ_d]
je
j^[
a[o^eb[
YedY[fj"
j^[
YedjhW# bWj[hWb
?97
X_\khYWj_ed
YWd
X[
Wbie
WffheWY^[Z
j^hek]^
j^[
b_c_j[Z
ikfhWehX_jWb
YhWd_ejeco$
J^[
YWhej_Z
Y_ij[hd
WdZ
j^[
Iobl_Wd
Óiikh[
Wh[
ef[d[Z1
dej[
j^[
j[cfehWb
beX[
WdZ
j^[
7'
WdZ
C'
i[]c[dji
e\
j^[
effei_j[
i_Z[
<_]$
($&$(/$

j[cfehWb
beX[ 9D
?? b[\j
C'
i[]c[dj ?97
b[\j
7'
i[]c[dj

<_]$
($&$(/

*/

IkfhWehX_jWb
WffheWY^

Ij[f
-
Ki_d]
^_]^[h
cW]d_ÓYWj_ed"
j^[
_fi_bWj[hWb
ikfhWi[bbWh
ijhkYjkh[i
Wh[
W]W_d
l_ikWb_p[Z$
Dej[
j^[
WdWjec_YWb
m_dZemi
X[jm[[d
ijhkY# jkh[i
e\
j^[
9D
??"
?97"
9D
???
WdZ
j^[
Wdj[h_eh
f[jheYb_de_Z
b_]Wc[dj$
J^hek]^
j^[i[
m_dZemi
j^[
Z[[f#i[Wj[Z
fh[fedj_d[
WdZ
_dj[hf[Zkd# YkbWh
Y_ij[hdi
YWd
X[
WffheWY^[Z
<_]$
($&$)&$

7FYB 9D
??? 9D
?? ?97

<_]$
($&$)&

Ij[f
. 7\j[h
\khj^[h
Z_ii[Yj_ed"
j^[
Z[[f#i[Wj[Z
_dj[h# f[ZkdYkbWh
ijhkYjkh[i
YWd
X[
WffheWY^[Z
j^hek]^
j^[
WdWjec_YWb
m_dZemi$
?d
j^_i
YWi["
j^[
_fi_bWj[hWb
I97
WdZ
j^[
XWi_bWh
jhkda
Wh[
i[[d
j^hek]^
j^[
EF97
m_dZem

<_]$
($&$)'$

9D
?? ?97 87 I97

<_]$
($&$)'

+&

IkfhWehX_jWb
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ikXWhWY^de_Z
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
mWj[hj_]^j
ki_d]
[_j^[h
_dj[hhkfj[Z
eh
Yed# j_dkeki
ikjkh[i$
?\
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
ef[d_d]"
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
7
fbWj[
e\
][b# \eWc
_i
fbWY[Z
[njhWZkhWbbo$
J^[
Xed[
ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
c_d_fbWj["
Ybei_d]
j^[
fh[l_ekibo
f[h\ehc[Z
Xkhh
^eb[
jh[f^_dWj_ed$
Dej[
j^Wj
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
Xej^
c[Z_Wbbo
WdZ
\hedjWbbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
W
hkdd_d]
ikjkh[
eh
ij[h_b[
WZ^[i_l[
jWf[i$
Ed
WYYekdj
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_YWb
j[Y^d_gk["
W
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
ikXi[gk[dj
_dWZ[gkWj[
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\ÓY_[dYo
e\
ikh]_YWbbo
[nY_i_d]
j^[
b[i_ed$
FbWdd_d]
WdZ
fei_j_ed_d]
_i
j^[
jWia
e\
j^[
ikh][ed š
J^[
ia_d
_dY_i_ed
_i
f[h\ehc[Z
jee
c[Z_Wbbo
m_j^
Yedi[gk[dj
_d`kho
je
j^[
ikfhWehX_jWb
d[hl[
WdZ
feijef[hWj_l[
\hedjWb
dkcX# d[ii$ š
F[d[jhWj_ed
e\
j^[
ehX_j
Zkh_d]
Xkhh
^eb[
jh[f^_dWj_ed
m_j^
feij# ef[hWj_l[
ehX_jWb
^[cWjecW
WdZ
im[bb_d]$ š
El[hbeea[Z"
Xkj
hWh[bo
kdWle_ZWXb[
_d`kho
je
j^[
ZkhW
Zkh_d]
YhW# d_ejeco$
:khWb
h[YedijhkY_ed
cWo
X[
d[Y[iiWho$ š
F[d[jhWj_ed
e\
j^[
\hedjWb
fWhWdWiWb
i_dki$
J^[
ef[d_d]
i^ekbZ
X[
Ybei[Z
m_j^
mWn"
f[h_eij[Wb
ckiYb[
ÔWf
eh
WXZec_dWb
\Wj
je
Wle_Z
feijef[hWj_l[
9I<
b[Wa$ š
F[d[jhWj_ed
e\
j^[
ehX_j
Zkh_d]
[njhWZkhWb
h[celWb
e\
eii[eki
[nj[di_edi
e\
j^[
ehX_jWb
hee\
m_j^
feijef[hWj_l[
ehX_jWb
^[cW# jecW
WdZ
im[bb_d]$ š
?dWZ[gkWj[
h[celWb
e\
9I<
m_j^
_d`kho
je
j^[
\hedjWb
beX[
Zk[
je
ifWjkbW
fh[iikh[$ š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
_d
j^[
fWhWi[bbWh
h[]_ed
Zkh_d]
c_Yheikh]_YWb
cWd_fkbWj_ed
h[ikbj_d]
_d
feijef[hWj_l[
d[khebe]_YWb
Z[j[h_ehWj_ed$ š
?dWZ[gkWj[
_djhWYhWd_Wb
^[ceijWi_i
m_j^
ikXi[gk[dj
h[Xb[[Z# _d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
b[Wa$

+'

IkfhWehX_jWb
WffheWY^

š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf$ š
?dWZ[gkWj[
^[ceijWi_i
_d
j^[
f[h_ehX_jWb
h[]_ed
YWki_d]
feij# ef[hWj_l[
ie\j
j_iik[
^[cWjecW$

<_]$
($&$)(

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[mWhZ
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\ÓY_[dj
meha_d]
fei_j_ed$

<_]$
($&$))

š
<eh
i_cfb[
Yedjheb
e\
Yehh[Yj
fei_j_ed_d]
e\
j^[
fWj_[djÊi
^[WZ"
[nfei_d]
j^[
ikfhWi[bbWh
h[]_ed"
dej[
j^[
\ebbem_d]
jh_Ya0
j^[
dWieehX_jWb
[djhWdY[
jekY^[Z
Xo
j^[
ÔWj
^WdZ
i^ekbZ
i^em
W
^eh_pedjWb
fbWd[
<_]$
($&$)($ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
d[hl[i1

($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_i_ed$

<_]$
($&$)*

š
?\
j^[
[o[Xhem
_i
dej
Zec_dWdj"
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
_d
W
Yh[Wi[
eh
iYWh
e\
j^[
ikfhWehX_jWb
Wh[W$
7bj[hdWj_l[bo"
Wd
_dY_# i_ed
X[^_dZ
j^[
^W_hb_d[
_i
Wbie
feii_Xb[
<_]$
($&$))$ š
8o
h[jhWYj_d]
j^[
ie\j
j_iik["
j^[
\hedjWb
ckiYb[
i^ekbZ
X[
h[jhWYj[Z
ZemdmWhZi
m_j^
jme
eh
j^h[[
ijhed]
ikjkh[i
je
WY^_[l[
ik\ÓY_[dj
el[hl_[m
e\
j^[
\hedjWb
Xed[$
;nfeikh[
WdZ
ceX_b_pW# j_ed
e\
j^[
\hedjWb
WdZ
ehX_jWb
ckiYb[
kfmWhZ
je
j^[
ikfhWehX_jWb
h_c
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef[hWj_l[
f[h_ehX_jWb
^[cWjecW$
Ie\j
j_iik[
i^ekbZ
X[
YWh[# \kbbo
h[jhWYj[Z
je
fh[l[dj
feijef[hWj_l[
d[Yhei_i
<_]$
($&$)*$

<_]$
($&$)+

š
8[
YWh[\kb
Zkh_d]
j^[
Xkhh
^eb[
jh[f^_dWj_ed0
WZ[gkWj[
fbWY[# c[dj
Xkj
_dWZ[gkWj[
Z_h[Yj_ed
e\
j^[
Xkhh_d]
fheY[Zkh[
cWo
Wbie
f[d[jhWj[
j^[
ehX_j
<_]$
($&$)+$ <_]$
($&$),

š
IjW][i
e\
YhWd_ejeco
<_]$
($&$),0
'$
Xkhh
^eb[
jh[f^_dWj_ed1

($
\hedjeXWiWb
Ykjj_d]
m_j^
j^[
YhWd_ejec[
fWhWbb[b
je
j^[
ehX_jWb
h_c
_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed1
)$
iWm_d]
_d
W
i[c_bkdWh

\Wi^_ed
\hec
j^[
Xkhh
^eb[
je
j^[
c[Z_Wb
[Z][
e\
j^[
\ehc[h
YhWd_ejeco
b_d[
$





+(



IkfhWehX_jWb
WffheWY^

<_]$
($&$)-

<_]$
($&$).

š
:h_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
_cfehjWdj
\eh
b_c_j[Z
WffheWY^[i$
IcWbb
eii[eki
[nj[di_edi
e\
j^[
ehX_jWb
hee\
i^ekbZ
Wbie
X[
YWh[\kbbo
h[cel[Z
je
fhel_Z[
Wd
[nY[bb[dj
el[hl_[m
WdZ
je
Wbbem
c_Yheikh]_YWb
WYY[ii
je
Z[[f#i[Wj[Z
i_j[i
<_]$
($&$)-$ š
Ef[d
j^[
ZkhW
_d
W
Ç9È
i^Wf[Z"
i[c_bkdWh
\Wi^_ed
WdZ
^ebZ

j^[
ZkhWb
ÔWf
jemWhZi
j^[
ikfhWehX_jWb
h_c
m_j^
jme
ikjkh[i

<_]$
($&$).$
š
7\j[h
Yecfb[j_ed
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed"
ZkhWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
ki_d]
[_j^[h
_dj[hhkfj[Z
eh
Yedj_dk# eki
ikjkh[$
?\
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
ef[d_d]"
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[
<_]$
($&$)/$

<_]$
($&$)/

š
?\
j^[
\hedjWb
fWhWdWiWb
i_dki
_i
f[d[jhWj[Z"
YWh[\kb
Ybeikh[
_i
h[gk_h[Z$
8ed[
mWn"
W
ÔWf
e\
]Wb[W
eh
WXZec_dWb
\Wj
j_iik[
YWd
X[
ki[Z
\eh
j^_i
fkhfei[
<_]$
($&$*&$ š
7\j[h
ZkhWb
Ybeikh["
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
c[Z_# Wbbo
WdZ
\hedjWbbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji$
7
j_jW# d_kc
fbWj[
YWd
X[
ki[Z
\eh
Ybeikh[
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed

<_]$
($&$*'$ š
J^[
[o[Xhem
ia_d
_dY_i_ed
i^ekbZ
X[
Ybei[Z
m_j^
_djhWYkjWd[eki
hkdd_d]
ikjkh[i
eh
m_j^
ij[h_b[
WZ^[i_l[
jWf[i$


<_]$
($&$*&

š
Ed
WYYekdj
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_# YWb
j[Y^d_gk["
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

<_]$
($&$*'

+)

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

($'
BWj[hWb
lWh_Wj_ed e\
j^[
ikfhWehX_jWb
YhWd_ejeco J^[
[ii[dY[
e\
j^[
bWj[hWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco
_i
dej
edbo
j^[
ceh[
bWj[hWb
fbWY[c[dj
e\
j^[
a[o^eb[
YhWd_ejeco
Xkj
Wbie
W
fWhj_Wb
h[celWb
e\
j^[
b[ii[h
if^[de_Z
m_d]"
Wbie
[nfei# _d]
j^[
\hedjWb
WdZ
j[cfehWb
ZkhW
cWj[h
<_]$
($'$'$
J^[
fj[h_edWb
ikh]_YWb
Yehh_Zeh
[nfei[i
j^[
Wdj[hec[Z_Wb
j[cfehWb
beX["
\hedjWb
bWj[he#XWiWb
Yehj[n"
j^[
Iobl_Wd
Óiikh[
WdZ
j^[
ikfhWi[bbWh
fohWc_Z
ceh[
\hec
j^[
i_Z[$
J^_i
Wbbemi
iW\[
Z_ii[Yj_ed
e\
j^[
Wdj[h_eh
fWhj
e\
j^[
YWl[hdeki
i_dki
WdZ
j^[
fWhWYb_de_Z
h[]_ed$
Ceh[el[h"
Xo
h[cel_d]
j^[
Wdj[h_eh
Yb_de_Z
fheY[ii"
j^[
fWhWYb_de_Z
i[]c[dj
e\
j^[
_dj[hdWb
YWhej_Z
Whj[ho
YWd
Wbie
X[
[nfei[Z
m_j^ekj
ef[d_d]
j^[
l[deki
Y^WcX[h
e\
j^[
YWl[hdeki
i_dki$ <_]$
($'$'
IY^[cWj_Y
f_Yjkh[
Z[cedijhWj_d]
j^[
W_c
e\
j^[
bWj[hWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco$
H[celWb
e\
j^[
b[ii[h
if^[de_Z
m_d]
fhel_Z[i
W
fj[h_edWb
ikh]_YWb
Yehh_Zeh
\eh
XheWZ
\hedjej[cfehWb
[nfbehWj_ed$

?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
bWj[hWb
ikfhWehX_jWb
WffheWY^
_i
Z[iYh_X[Z$

?fi_bWj[hWb

C_Zb_d[

9edjhWbWj[hWb

Hee\
WdZ
bWj[hWb
mWbb
e\
j^[
ehX_j 7dj[h_eh
Yb_de_Z
fheY[ii Feij[h_eh
Yb_de_Z
fheY[ii 9^WcX[h
e\
j^[
9I BWj[he#XWiWb
\hedjWb
beX[ Iobl_Wd
Óiikh[ 7dj[hec[Z_Wb
j[cfehWb
beX[ 9hki
Y[h[Xh_ 9D
?"
9D
??"
9D
???"
9D
?L
9D
L"
9D
L? ?97"
Ef^j7"
F9e7"
79^7"

_dYb$
f[h\ehWjehi 7'"
7("
C'"
C("
F'"
F("
I97

9h_ijW
=Wbb_ Eb\WYjeho
]heel[ FbWdkc
if^[de_ZWb[ JkX[hYkbkc
i[bbW[ 9^_Wic BWc_dW
j[hc_dWb_i F_jk_jWho
ijWba
79e7 :_ijWb
87"
_dYb$
f[h\ehWjehi

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii 8WiWb
\hedjWb
beX[ Iobl_Wd
Óiikh[ J[cfehWb
feb[ 9D
?"
9D
??"
9D
??? ?97"
Ef^j7"
F9e7"
79^7 7'"
7("
C'"
C("
F'"
I97"

_dYb$
f[h\ehWjehi

JWXb[
($'$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
bWj[hWb
ikfhWehX_jWb
YhWd_ejeco$

++

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
J^[
fWj_[dj
_i
fei_j_ed[Z
ikf_d[$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
CWo# Ó[bZ
YbWcf
i^ekbZ
X[
fbWY[Z
ed
j^[
effei_j[
i_Z["
Wbbem_d]
\h[[
cWd_fkbWj_ed
Zkh_d]
ikh][ho$
J^[
f_di
i^ekbZ
dej
X[
fbWY[Z
_d
j^[
j[cfehWb_i
ckiYb[
je
Wle_Z
_dijWX_b_jo
e\
j^[
ioij[c
WdZ
feij# ef[hWj_l[
j[cfehWb
^[cWjecW$ <_]$
($'$(

Ij[f
'
M_j^
j^[
fWj_[dj
_d
W
ikf_d[
fei_j_ed"
j^[
^[WZ
_i
[b[lWj[Z
Wffhen_# cWj[bo
'+–
WXel[
j^[
b[l[b
e\
j^[
j^ehWn$
J^_i
cWd[klh[
\WY_b_jWj[i
j^[
Y[h[XhWb
l[deki
ZhW_dW][
WdZ
fhel_Z[i
[\\[Yj_l[
Z[Yecfh[i# i_ed
e\
j^[
cW_d
Y[hl_YWb
l[ii[bi"
bWhodn
WdZ
l[dj_bWj_ed
jkX[

<_]$
($'$($


Ij[f
( 9W$
(&–
h[jheÔ[n_ed
ikffehji
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
\hedjWb
beX[$
7i
j^[
bWj[hWb
lWh_Wj_ed
_i
ki[Z
\eh
WffheWY^_d]
j^[
bWj[hWb
ikfhWi[bbWh
h[]_ed
WdZ
j^[
9I"
j^[
Z[]h[[
e\
h[jheÔ[Yj_ed
_i
kikWbbo
b[ii
j^Wd
j^Wj
\eh
ikfhWehX_jWb
YhWd_ejeco
<_]$
($'$)$


Ij[f
) J^[h[W\j[h"
j^[
^[WZ
_i
hejWj[Z
)&–
je
-+–
je
j^[
YedjhWbWj[hWb
i_Z[
WYYehZ_d]
je
j^[
fh[Y_i[
beYWj_ed
e\
j^[
b[i_ed$
9ecfWh[Z
je
ikfhWehX_jWb
YhWd_ejeco"
j^[
ceh[
fj[h_edWbbo
i_jkWj[Z
bWj[hWb
lWh_Wj_ed
h[gk_h[i
ceh[
hejWj_ed0
\eh
j^[
bWj[hWb
9I"
W
hejWj_ed
e\
YW$
*&–
WdZ
\eh
j^[
eb\WYjeho
]heel[
j^Wj
e\
.&–
_i
ik\ÓY_[dj$
Dej[
j^Wj
h_]^j#^WdZ[Z
ikh][edi
ki_d]
W
b[\j#i_Z[Z
YhWd_ejeco
d[[Z
ceh[
hejWj_ed
je
fhel_Z[
Wd
[\ÓY_[dj
meha_d]
fei_j_ed

<_]$
($'$*$

<_]$
($'$)

<_]$
($'$*

Ij[f
* I_c_bWh
je
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
^[WZ
cWo
X[
bWj[he# Ô[Yj[Z
YW$
'&–
je
j^[
YedjhWbWj[hWb
i_Z["
Wbbem_d]
Wd
[\ÓY_[dj
meha# _d]
fei_j_ed
\eh
j^[
ikh][ed
<_]$
($'$+$
<_]$
($'$+

+,

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
Wd
efj_cWb
ia_d
_dY_i_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
eii[eki
iakbb
ikY^
Wi
j^[
]bWX[bbW"
\hedjWb
fWhWdWiWb
i_dki"
ikfhWehX_jWb
\ehWc[d"
j[cfehWb
b_d["
\hedjeXWi_i"
_cfh[ii_ed
e\
j^[
b[ii[h
if^[de_Z
m_d]
WdZ
j^[
po]ecWj_Y
WhY^
Wh[
fh[Y_i[bo
Z[Ód[Z
WdZ
cWha[Z$
Dej[
j^[
Yekhi[
e\
j^[
ikfhWehX_jWb
d[hl[i
WdZ
Whj[ho"
WdZ
j^[
\hedjWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
<_]$
($'$,$ 7\j[h
fei_j_ed_d]"
j^[
_dZ_l_ZkWb
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z
m_j^
j^[
f[d"
fbWY[Z
+Å'&
cc
bWj[hWbbo
je
j^[
ikfhWeh# X_jWb
\ehWc[d
hkdd_d]
m_j^_d
WdZ
[nj[dZ_d]
iec[
c_bb_c[j[hi
el[h
j^[
bWj[hWb
[Z][
e\
j^[
[o[Xhem$
J^[
c_Zfe_dj
e\
j^_i
ia_d
_dY_i_ed
kikWbbo
Yehh[ifedZi
je
j^[
j[cfehWb
b_d[
<_]$
($'$,$
?\
j^[
[o[Xhem
Wff[Whi
j^_d"
j^[
bWj[hWbbo
fbWY[Z
ia_d
_dY_i_ed
cWo
]_l[
W

ikXefj_cWb
Yeic[j_Y
h[ikbj$
?d
j^_i
YWi[
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
f[h\ehc[Z
X[^_dZ
j^[
\hedjej[cfehWb
^W_hb_d[
eh
_d
W
fhec_d[dj
mh_dab[$
J^[
[o[b_Zi
Wh[
fhej[Yj[Z
YWh[\kbbo
WdZ
j^[
ia_d
_i
Z_i_d# \[Yj[Z
m_j^
WbYe^eb
iebkj_ed$

<_]$
($'$,
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
\hedjej[cfehWb
h[]_ed$
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
m_j^_d
j^[
[o[Xhem"
[nj[dZ_d]
iec[
c_bb_c[j[hi
el[h
_ji
bWj[hWb
[Z][$
?d
j^[
YWi[
e\
W
j^_d
WdZ
ded#
Zec_dWdj
[o[Xhem"
j^[
_dY_i_ed
YWd
X[
Wbie
YedY[Wb[Z
X[^_dZ
j^[
^W_hb_d[$

+-

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
H_]^j
i_Z[$
J^[
ia_d
_dY_i_ed
X[]_di
WXekj

+Å'&
cc
bWj[hWbbo
\hec
j^[
ikfhWehX_jWb
_dY_ikhW
WdZ
_i
f[h\ehc[Z
m_j^_d
j^[
[o[Xhem"
[nj[dZ_d]
W
\[m
c_bb_c[j[hi
el[h
j^[
bWj[hWb
fhe`[Yj_ed
e\
j^[
Xhem
_dje
j^[
\hedjepo]e# cWj_Y
Wh[W$
7\j[h
ia_d
_dY_i_ed
j^[
ikXYkjW# d[eki
j_iik[
_i
Z_ii[Yj[Z
_d
W
\hedjWb"
\hedje#
bWj[hWb
Z_h[Yj_ed
<_]$
($'$-$

<_]$
($'$-

<_]$
($'$.

Ij[f
( J^[h[W\j[h"
j^[
ÔWfi
Wh[
h[jhWYj[Z"
fki^[Z
][djbo
kf
jemWhZi
j^[
ehX_j
WdZ
h[jhWYj[Z
ijhed]bo
ZemdmWhZi
_d
W
\hedjWb
Z_h[Yj_ed
je
WY^_[l[
efj_cWb
[nfeikh[
e\
j^[
eYY_f_je# \hedjWb"
ehX_YkbWh
WdZ
j[cfehWb
ckiYb[i$
9ecfWh[Z
m_j^
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
bWj[hWb
lWh_Wdj
e\\[hi
ceh[
[nfbehWj_ed
e\
j^[
j[cfehWb_i
ckiYb[
<_]$
($'$.$

<_]$
($'$/

Ij[f
)
J^[
\hedjWb
X[bbo
e\
j^[
eYY_f_je\hedjWb
ckiYb[
_i
Ykj
fWhWbb[b
je
j^[
ehX_jWb
h_c
_d
W
c[Z_Wb
je
bWj[hWb
Z_h[Yj_ed
WdZ
j^[
j[cfehWb
ckiYb[
_i
ijh_ff[Z
\hec
_ji
Xedo
_di[hj_ed
m_j^
W
cedefebWh
[b[YjheZ[
ad_\[$
9ecfWh[Z
m_j^

j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
j[cfehWb
ckiYb[
i^ekbZ
X[
ceh[
ceX_b["
Wbbem_d]
[nfe# ikh[
e\
j^[
fj[h_ed$
>[ceijWi_i
i^ekbZ
X[
f[h# \ehc[Z
hWf_Zbo
WdZ
m_j^
fh[Y_i_ed
<_]$
($'$/$


+.

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

Ij[f
*
J^[
j[cfehWb
ckiYb[
_i
j^[d
\ehY_Xbo
h[jhWYj[Z
bWj[hWbbo"
[nfei_d]
j^[
_cfh[ii_ed
e\
j^[
b[ii[h
if^[de_Z
m_d]
X[jm[[d
j^[
\hedjWb
WdZ
j[c# fehWb
iakbb
XWi[$
J^[
\hedjWb
ckiYkbWh
bWo[h
_i
h[jhWYj[Z
\ehY[\kbbo
ZemdmWhZi
m_j^
ijhed]"
YWh[\kb
ij_jY^[i$
7\j[h
ie\j
j_iik[
Z_ii[Yj_ed"
W
i_d]b[
\hedjeXWiWb
Xkhh
^eb[
_i
Zh_bb[Z
`kij
feij[# h_eh
je
j^[
j[cfehWb
b_d[
m_j^
W
^_]^#if[[Z
Zh_bb

<_]$
($'$'&$

<_]$
($'$'&

Ij[f
+
J^[
^eb[
_i
[dbWh][Z
W
b_jjb[
m_j^
Ód[
fkdY^[i$
7\j[h
ceX_b_pWj_ed
e\
j^[
ZkhW
cWj[h"
W
YW$
'&
cc
bed]
ijhW_]^j
b_d[
_i
Ykj
m_j^
W
^_]^# if[[Z
YhWd_ejec[
fWhWbb[b
je
j^[
ehX_jWb
h_c

_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed
<_]$
($'$''$

<_]$
($'$''

Ij[f
,
7\j[h
j^[
\hedjeXWiWb
Ykjj_d]"
W
i[c_Y_hYkbWh
b_d[
_i
Ykj
Wj
Óhij
bWj[hWbbo
\hec
j^[
Xkhh
^eb["
j^[d
je
j^[
c[Z_Wb
XehZ[h
e\
j^[
fh[l_ekibo
Ykj
\hedjeXWiWb
b_d["
Yh[Wj_d]
W
Xed[
ÔWf
m_j^
W
m_Zj^
e\
YW$
'+Å(+
cc
WdZ
W
b[d]j^
e\
YW$

(&Å)&
cc
<_]$
($'$'($

<_]$
($'$'(

+/

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

<_]$
($'$')

Ij[f
-
7\j[h
h[celWb
e\
j^[
Xed[
ÔWf"
j^[
_dd[h
[Z][
e\
j^[
Xed[
WXel[
j^[
ehX_jWb
h_c
WdZ
j^[
bWj[hWb
fWhj
e\
j^[
b[ii[h
if^[de_Z
m_d]
Wh[
h[cel[Z
m_j^
W
^_]^#if[[Z
Zh_bb
[nfei_d]
j^[
jhWdi_j_ed
X[jm[[d
j^[
\hedjWb
WdZ
j[cfehWb
ZkhW
cWj[h$
IcWbb
Xedo
fhejhki_edi
e\
j^[
ehX_jWb
hee\
i^ekbZ
Wbie
X[
Zh_bb[Z
[njhWZkhWbbo
je
eXjW_d
efj_cWb
_djhWZkhWb
[nfeikh[
<_]$
($'$')$

<_]$
($'$'*

Ij[f
.
7\j[h
[nfeikh[
e\
j^[
\hedjej[cfehWb
ZkhW
cWj[h"
j^[
Zkhejeco
i^ekbZ
X[
f[h\ehc[Z
_d
W
Ykhl[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZi
j^[
ikfhWehX_jWb
h_c
[nfei_d]
j^[
Iobl_Wd
Ói# ikh[
X[jm[[d
j^[
\hedjWb
WdZ
j[cfehWb
beX[i
<_]$
($'$'*$

<_]$
($'$'+

Ij[f
/ J^[
\hedjWb
WdZ
j[cfehWb
beX[i
Wh[
[nfei[Z
W\j[h
ef[d_d]
j^[
ZkhW
cWj[h$
J^[
ZkhWb
ÔWf
_i
Ón[Z
XWiWbbo
m_j^
^ebZ_d]
ikjkh[i
<_]$
($'$'+$

,&

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
ed
\h[i^
^kcWd
YWZWl[h1
Whj[h_Wb
l[ii[bi
Wh[
Óbb[Z
m_j^
h[Z
Yebeh[Z
bWj[n
iebkj_ed$
7\j[h
m_j^ZhWm_d]
j^[
Xed[
ÔWf"
j^[
b[ii[h
if^[de_Z
m_d]
_i
YWh[\kbbo
h[cel[Z
m_j^
W
Ód[
^_]^#if[[Z
Z_WcedZ
Zh_bb$
7\j[h
Yecfb[j[
h[celWb
e\
j^[
Wdj[h_eh
Yb_de_Z
fheY[ii"
j^[
9D
??
WdZ
j^[
fWhWYb_de_Z
i[]c[dj
e\
j^[
?97
YWd
X[
fh[Y_i[bo
eXi[hl[Z$
J^[
Yel[h_d]
ZkhW
cWj[h
e\
j^[
Wdj[h_eh
Yb_de_Z"
m^_Y^
i^ekbZ
X[
a[fj
_djWYj"
\ehci
j^[
ie#YWbb[Z
fhen_cWb
WdZ
Z_ijWb
h_d]i
e\
j^[
YWhej_Z
Whj[ho$
J^[
fhen_cWb
ZkhWb
h_d]
i[fWhWj[i
j^[
l[deki
YecfWhjc[dji
e\
j^[
9I
\hec
j^[
fWhWYb_de_Z
Wh[W
Yel[h_d]
j^[
9D
???$
J^[
ZkhWb
i^[[j
e\
j^[
Z_ijWb
h_d]
[dY_hYb[i
j^[
?97
WdZ
j^[
9D
??
WdZ
Wbie
\ehci
j^[
\WbY_\ehc
b_]Wc[dj
e\
j^[
efj_Y
d[hl[
<_]$
($'$',$
Ij[f
(
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
YWhej_Z
Y_i# j[hd
WdZ
j^[
c[Z_Wb
fWhj
e\
j^[
Iobl_Wd
Óiikh[
Wh[
Z_ii[Yj[Z$
7\j[h
h[celWb
e\
9I<"
j^[
\hed# jWb
WdZ
j[cfehWb
beX[i
Z[ÔWj["
Wbbem_d]
_djhW# ZkhWb
Z_ii[Yj_ed
m_j^
c_d_cWb
XhW_d
h[jhWYj_ed$
Dej[
j^[
ef[d_d]
e\
j^[
EF97
m_dZem
m_j^
Ód[
c_YheiY_iiehi$
J^[
\hedjWb
beX[
_i
][djbo
h[jhWYj[Z
m_j^
W
ifWjkbW
<_]$
($'$'-$


j[cfehWb
ZkhW
cWj[h 9D
?? 9D
??? fWhWYb_de_Z
?97

<_]$
($'$',

j[cfehWb
beX[ ?97 9D
??

<_]$
($'$'-

Ij[f
)
EXi[hlWj_ed
e\
j^[
bWj[hWb
ikfhWi[bbWh
fohWc_Z$
9ecfWh[Z
je
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
ikfhWi[bbWh
ijhkYjkh[i
Wh[
l_ikWb_p[Z
ceh[
\hec
j^[
bWj[hWb
i_Z[1
dej[
j^[
9D
??"
efj_Y
jhWYj"
?97
WdZ
9D
???$
Ki_d]
j^_i
bWj[hWb#fj[h_edWb
ikh]_YWb
Yehh_Zeh"
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
m_j^
W
Z_ii[Yjeh
_i
d[Y[iiWho
\eh
efj_cWb
[nfeikh[
e\
j^[
ikfhWi[bbWh
h[]_ed
<_]$
($'$'.$

9D
??? F9F 9D
?? ?97 efj_Y
jhWYj

<_]$
($'$'.

,'

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

Ij[f
*
:_ii[Yj_d]
_d
j^[
c[Z_Wb
Z_h[Yj_ed"
j^[
Y^_Wic
WdZ
Xej^
efj_Y
d[hl[i
Wh[
eXi[hl[Z$
Dej[
j^[
YedjhWbWj[hWb
9D
??1
j^[
Z_ii[Yjeh
_i
fe_dj_d]

je
j^[
79e7
Yecfb[n
WdZ
j^[
effei_j[
7'
i[]# c[dj
e\
j^[
797
<_]$
($'$'/$

b[\j
9D
?? h_]^j
9D
?? Y^_Wic

<_]$
($'$'/

Ij[f
+
EXi[hlWj_ed
e\
j^[
YedjhWbWj[hWb
?97
X_\khYW# j_ed$
J^hek]^
j^[
bWj[hWb#fj[h_edWb
WffheWY^"
j^[
Y^_Wic
WdZ
j^[
effei_j[
9D
??
ckij
X[
h[jhWYj[Z
je
h[l[Wb
j^[
?971
W
Yb[Wh
Z_iWZlWd# jW][
YecfWh[Z
je
j^[
ikX\hedjWb
ikfhWehX_jWb
WffheWY^$
Dej[
j^[
effei_d]
j[cfehWb
beX[
X[^_dZ
j^[
?971
j^[
C97
Z_iWff[Whi
m_j^_d
j^[
effei_j[
Iobl_Wd
Óiikh[$
Dej[
j^[
bWc_dW
j[hc_dWb_i
<_]$
($'$(&$

b[\j
9D
??
j[cfehWb
beX[

C97
?97
X_\khYWj_ed bWc_dW
j[hc_dWb_i

<_]$
($'$(&

Ij[f
,
7ffheWY^_d]
W]W_d
\hec
j^[
_fi_bWj[hWb
i_Z["
j^[
Yel[h_d]
ZkhW
cWj[h
e\
j^[
fh[l_ekibo
h[cel[Z
Wdj[h_eh
Yb_de_Z
fheY[ii
_i
_dY_i[Z
WdZ
h[jhWYj[Z
m_j^
c_Yhe\ehY[fi"
Wbbem_d]
W
Yb[Wh
Z[f_Yj_ed
e\
j^[
Z_ijWb
ZkhWb
h_d]
[dY_hYb_d]
j^[
?97$
Dej[
j^[
ikfhW#
WdZ
fWhWYb_de_Z
i[]c[dji
e\
j^[
?97
WdZ
j^[
9D
???
<_]$
($'$('$

fWhWYb_de_Z
?97 Z_ijWb
ZkhWb
h_d] h_]^j
9D
??? ikfhWYb_de_Z
?97

<_]$
($'$('

,(

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

Ij[f
-
J^[
hee\
e\
j^[
YWl[hdeki
i_dki
_i
ef[d[Z
WdZ
h[jhWYj[Z
c[Z_Wbbo
m_j^
c_Yhe\ehY[fi$
J^[
fhen_cWb
h_d]
eh
ie#YWbb[Z
YWhej_Ye#Yb_de_Z
b_]W# c[dj
Wff[Whi
c[Z_Wb
je
j^[
9D
???"
Ybei_d]
j^[
l[deki
Y^WcX[h
e\
j^[
YWl[hdeki
i_dki$
Dej[
j^[
fWhWYb_de_Z
?97
WdZ
j^[
?97
X_\khYWj_ed
m_j^_d
j^[
ikXWhWY^de_Z
ifWY[
<_]$
($'$(($


fWhWYb_de_Z
?97 Z_ijWb
h_d] fhen_cWb
h_d] 9D
??? ?97
X_\khYWj_ed

<_]$
($'$((

Ij[f
.
7\j[h
h[i[Yj_ed
e\
j^[
fhen_cWb
h_d]
WdZ
j^[
[dj_h[
hee\
e\
j^[
YWl[hdeki
i_dki"
j^[
Y^Wc# X[h
e\
j^[
YWl[hdeki
i_dki
_i
ef[d[Z$
Dej[
j^[
ikfhWYb_de_Z"
fWhWYb_de_Z
WdZ
_djhWYWl[hdeki
i[]c[dji
e\
j^[
?97$
J^[
9D
???
WdZ
9D
?L
Z_iWf# f[Wh
_dje
j^[
ikf[h_eh
ehX_jWb
Óiikh[$
J^[
87
YWd
X[
eXi[hl[Z
m_j^_d
j^[
feij[h_eh
\eiiW
c[Z_Wb
\hec
j^[
ikXWhWY^de_ZWb
fehj_ed
e\
j^[
9D
???

<_]$
($'$()$

9D
?L fWhWYb_de_Z
?97 _djhWYWl[hdeki
?97 9D
??? ikfhWYb_de_Z
?97 87

<_]$
($'$()

Ij[f
/
7\j[h
fWhj_Wb
h[celWb
e\
j^[
bWj[hWb
ZkhWb
mWbb
e\
j^[
YWl[hdeki
i_dki"
j^[
feij[h_eh
ad[[
e\
j^[
?97
_i
eXi[hl[Z$
7\j[h
][djb[
h[jhWYj_ed
e\
j^[
i[di_j_l[
9D
?L"
j^[
l[deki
Y^WcX[h
e\
j^[
feij[h_eh
YWl[hdeki
i_dki
YWd
X[
i[[d$
Dej[
j^[
9D
???
Wff[Wh_d]
X[^_dZ
j^[
F97
WdZ
Z_iWff[Wh_d]
_dje
j^[
ikf[h_eh
ehX_jWb
Óiikh[
<_]$
($'$(*$

j[djeh_kc 9D
?L 9D
??? ?97 87 F97

<_]$
($'$(*

,)

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

Ij[f
'&
EXi[hlWj_ed
e\
j^[
ikXWhWY^de_ZWb
WdZ
_djhW# YWl[hdeki
i[]c[dji
e\
j^[
9D
???
W\j[h
ef[d# _d]
j^[
YWl[hdeki
i_dki$
Dej[
j^[
I97"
j^[
F'
WdZ
F(
i[]c[dji
e\
j^[
F97$
J^[
F9e7
Yed# d[Yji
j^[
?97
je
j^[
F971
_d
j^_i
YWi[
j^[
F'
i[]# c[dj
_i
ceh[
fhec_d[dj
j^Wd
j^[
F9e7$
Dej[
j^[
bWj[hWbbo
Z_ifbWY[Z
87
m_j^_d
j^[
feij[h_eh
\eiiW$
J^[
ikfhWYb_de_Z
?97
_i
][djbo
h[jhWYj[Z
m_j^
W
c_YheikYa[h
<_]$
($'$(+$

9D
??? 87 F9e7 I97 F97

<_]$
($'$(+

Ij[f
''
EXi[hlWj_ed
e\
j^[
feij[h_eh
Y^WcX[h
e\
j^[
YWl[hdeki
i_dki$
Dej[
j^[
9D
L?
hkdd_d]

m_j^_d
j^[
:eh[bbe
YWdWb"
X[jm[[d
j^[
Yb_lki
WdZ
=hkX[hÊi
f[jheYb_lWb
b_]Wc[dj$
8[^_dZ
j^[
Yb_lki"
j^[
Wdj[h_eh
ikh\WY[
e\
j^[
fedi
YWd
Wbie
X[
i[[d
<_]$
($'$(,$

9D
L? =hkX[hÊi

b_]Wc[dj
_djhWYWl[hdeki
?97 9D
?L fedi

<_]$
($'$(,

Ij[f
'(
7\j[h
WZZ_j_edWb
h[celWb
e\
j^[
bWj[hWb
i_dki
mWbb"
j^[
[dj_h[
YWl[hdeki
i_dki
YWd
X[
WffheWY^[Z
l_W
j^[
bWj[hWb
ikfhWehX_jWb
YhW# d_ejeco$
Dej[
j^[
_djhWYWl[hdeki
?97"
9D
???"
9D
?L"
9D
L
WdZ
j^[
9D
L?$
J^[
l[djhWb
ikh\WY[
e\
j^[
fedi
m_j^
j^[
ikf[h_eh
Y[h[X[bbWh
WdZ
feij[h_eh
Y[h[XhWb
Whj[h_[i
Wff[Wh
_d
W
if[Y_Wb
jhWdiYWl[hdeki
Wif[Yj$
Dej[
j^[
Z_l_i_ed
e\
j^[
I97
d[Wh
je
j^[
9D
?L
<_]$
($'$(-$

9D
L 9D
L? 9D
?L 9D
??? fedi I97

<_]$
($'$(-

,*

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
WdZ
j^[
ZkhW
Ybei[Z
m_j^
ikjkh[i$
J^[
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
je
Wle_Z
feijef[hWj_l[
9I<
ÓijkbW$
?\
j[di_ed
eh
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
7
fbWj[
e\
][b# \eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
Xed[
ÔWf
Ón[Z
m_j^
W
j_jWd_kc
fbWj[$
Dej[
j^Wj
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
Xej^
c[Z_# Wbbo
WdZ
\hedjWbbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji$
?d
j^[
YWi[
e\
bWh][
Xedo
Z[\[Yj
Wh[Wi
W\j[h
h[celWb
e\
j^[
b[ii[h
if^[de_Z
m_d]"
m[
e\j[d
ki[
W
bWh][#i_p[Z
j_jWd_kc
fbWj[
Wle_Z_d]
W
Yeic[j_YWbbo
Z_ijkhX_d]
]heel[
W\j[h
mekdZ
^[Wb_d]
m_j^_d
j^[
j[cfehWb
Wh[W$
7bj[hdWj_l[bo"
Xed[
Y[c[dj
YWd
X[
ki[Z
Yel[h_d]
j^[
Xedo
Z[\[Yj$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjW# d[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d

m_j^
W
hkdd_d]
_djhWYkjWd[eki
ikjkh[
eh
ij[h_b[
WZ^[i_l[
jWf[$
De
ikYj_ed
ZhW_d
_i
d[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dik\ÓY_[dj
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
ikXi[gk[dj
_dik\ÓY_[dj
[nfeikh[
e\
j^[
ikh]_YWb
Ó[bZ
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\ÓY_[dYo
e\
[nY_i_d]
j^[
b[i_ed$
FbWd# d_d]
WdZ
fei_j_ed_d]
_i
j^[
jWia
e\
j^[
ikh][ed š
J^[
ia_d
_dY_i_ed
Ze[i
dej
\ebbem
j^[
ehX_jWb
h_c
YWki_d]
W
ikX# efj_cWb
Yeic[j_Y
h[ikbj$
š
F[d[jhWj_ed
e\
j^[
ehX_j
Zkh_d]
Xkhh
^eb[
jh[f^_dWj_ed
m_j^
feijef[hWj_l[
ehX_jWb
^[cWjecW
WdZ
im[bb_d]$ š
?dWZ[gkWj[
h[celWb
e\
j^[
b[ii[h
if^[de_Z
m_d]
m_j^
b_c_j[Z
j[cfehWb
[nj[di_ed
e\
j^[
YhWd_ejeco
WdZ
b_c_j[Z
[nfeikh[
e\
j^[
Iobl_Wd
Óiikh[$ š
El[hbeea[Z"
Xkj
e\j[d
kdWle_ZWXb["
_d`kho
je
j^[
ZkhW
Zkh_d]
YhWd_ejeco$
?d
iec[
YWi[i"
_cfbWdjWj_ed
e\
fbWij_Y
cWj[h_Wb
cWo
X[
d[Y[iiWho$ š
F[d[jhWj_ed
e\
j^[
ehX_j
Zkh_d]
[njhWZkhWb
h[celWb
e\
eii[eki
[nj[di_edi
e\
j^[
ehX_jWb
hee\
WdZ
j^[
b[ii[h
if^[de_Z
m_d]
m_j^
ikXi[gk[dj
feijef[hWj_l[
ehX_jWb
^[cWjecW
WdZ
im[bb_d]$ š
?dWZ[gkWj[
h[celWb
e\
9I<
W\j[h
Zkhejeco
m_j^
Yedjki_ed
e\
j^[
\hedjWb
eh
j[cfehWb
beX[
Zk[
je
ifWjkbW
fh[iikh[$ š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
m_j^_d
j^[
fWhWi[bbWh
h[]_ed
Zkh_d]
c_Yheikh]_YWb
cWd_fkbWj_ed
m_j^
feijef[hWj_l[
d[khebe]_YWb
Z[j[h_ehWj_ed$

,+

IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

š
?dWZ[gkWj[
_djhWYhWd_Wb
^[ceijWi_i
m_j^
feijef[hWj_l[
h[Xb[[Z# _d]
_dje
j^[
ikh]_YWb
Ó[bZ$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
W
feijef[hWj_l[
9I<
ÓijkbW$
š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf
h[ikbj_d]
_d
feeh
Yeic[j_Y
h[ikbji$ š
?dWZ[gkWj[
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
m_j^
feijef[hW# j_l[
ie\j
j_iik[
^[cWjecW$

<_]$
($'$(.

<_]$
($'$(/

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[mWhZ
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\ÓY_[dj
meha_d]
fei_j_ed$ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
d[hl[i1

($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_i_ed$

<_]$
($'$)&

š
9ecfWh[Z
je
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
bWj[hWb
ikfhWeh# X_jWb
WffheWY^
h[gk_h[i
ceh[
^[WZ
hejWj_ed
Zkh_d]
fei_j_ed_d]

<_]$
($'$(.$ š
?\
j^[
[o[Xhem
_i
dej
Zec_dWdj"
j^[
ia_d
_dY_i_ed
cWo
X[
f[h# \ehc[Z
X[^_dZ
j^[
\hedjej[cfehWb
^W_hb_d[
eh
_d
W
ia_d
Yh[Wi[
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji
<_]$
($'$(/$ š
:kh_d]
ie\j
j_iik[
Z_ii[Yj_ed"
j^[
\hedjWb
ckiYb[
i^ekbZ
X[
\eh# Y_Xbo
h[jhWYj[Z
ZemdmWhZi
_d
W
\hedjWb
Z_h[Yj_ed
m_j^
jme
eh
j^h[[
ikjkh[i
fhel_Z_d]
ik\ÓY_[dj
el[hl_[m
e\
j^[
\hedjWb
Xed[$
;nfeikh[
WdZ
ceX_b_iWj_ed
e\
j^[
\hedjWb
WdZ
ehX_jWb
ckiYb[i
kfmWhZi
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[# l[dj
feijef[hWj_l[
f[h_ehX_jWb
^[cWjecW$
9ecfWh[Z
m_j^
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
j[cfehWb
ckiYb[
ckij
X[
h[jhWYj[Z
ceh[
\ehY_Xbo
je
j^[
bWj[hWb
i_Z["
Wbbem_d]
[nfeikh[
e\
j^[
b[ii[h
if^[de_Z
m_d]$
>em[l[h"
dej[
YWh[\kb
h[jhWYj_ed
je
fh[l[dj
feij# ef[hWj_l[
d[Yhei_i
<_]$
($'$)&$

<_]$
($'$)'

<_]$
($'$)(

š
Je
Wle_Z
f[d[jhWj_ed
e\
j^[
ehX_j"
jWa[
YWh[
e\
j^[
fbWY[c[dj
e\
j^[
Xkhh
^eb[
WdZ
Z_h[Yj_ed
e\
j^[
Xkhh_d]
fheY[Zkh[
<_]$
($'$)'$ š
IjW][i
e\
YhWd_ejeco
<_]$
($'$)(0
'$
Xkhh
^eb[
jh[f^_dWj_ed1
($
\hed# jeXWiWb
Ykjj_d]
fWhWbb[b
je
j^[
ehX_jWb
h_c1
)$
iWm_d]
_d
W
i[c_#

,,







IkfhWehX_jWb
WffheWY^
r
bWj[hWb
lWh_Wj_ed

Y_hYkbWh
\Wi^_ed
\hec
j^[
Xkhh
^eb["
Wj
Óhij
_d
W
bWj[hWb
Z_h[Yj_ed
j^[d
je
j^[
c[Z_Wb
[Z][
e\
j^[
Óhij
YhWd_ejeco
b_d[$

<_]$
($'$))

š
:h_bb_d]
j^[
b[ii[h
if^[de_Z
m_d]
Wbbemi
W
j[cfehWb
[nj[di_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco
<_]$
($'$))$ š
;njhWZkhWb
Zh_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
h_c
WdZ
h[celWb
e\
j^[
eii[eki
[nj[di_edi
e\
j^[
ehX_jWb
hee\
e\\[h
Wd
_dYh[Wi[Z
_djhWYhWd_Wb
l_[m
Zkh_d]
j^[
bWj[h
ikh]_YWb
fheY[Zkh[
<_]$
($'$)*$

<_]$
($'$)*

š
Ef[d_d]
j^[
\hedjej[cfehWb
ZkhW
_d
W
i[c_bkdWh
\Wi^_ed
_i
j_c[# Yedikc_d]
Xkj
Wle_Zi
kdd[Y[iiWho
[nfbehWj_ed
e\
j^[
\hedjWb
WdZ
j[cfehWb
beX[
<_]$
($'$)+$
š
7\j[h
Yecfb[j_ed
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed"
ZkhWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
je
Wle_Z
feijef[hWj_l[
9I<
ÓijkbW$
?\
j[di_ed
eh
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[
<_]$
($'$),$

<_]$
($'$)+

<_]$
($'$),

š
7YYehZ_d]
je
j^[
bWj[hWbbo
fbWY[Z
WffheWY^"
f[d[jhWj_ed
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
_i
kdYecced$
?\
_j
^Wff[di"
YWh[\kb
Ybe# ikh[
_i
h[Yecc[dZ[Z
m_j^
Xed[
mWn"
W
ÔWf
e\
]Wb[W
eh
m_j^
WXZec_dWb
\Wj
j_iik[
<_]$
($'$)-$

<_]$
($'$)-

š
:kh_d]
mekdZ
Ybeikh["
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z

c[Z_Wbbo
WdZ
\hedjWbbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji
<_]$
($'$).$
?d
j^[
YWi[
e\
bWh][
Xedo
Z[\[Yj
Wh[Wi
W\j[h
h[celWb

e\
j^[
b[ii[h
if^[de_Z
m_d]"
ed[
i^ekbZ
ki[
W
bWh][
j_jWd_kc
fbWj[
je
Yel[h
j^[
Z[\[Yj
7$
7bj[hdWj_l[bo"
Xed[
Y[c[dj
YWd
X[
ki[Z
8$ š
J^[
[o[Xhem
ia_d
_dY_i_ed
i^ekbZ
X[
Ybei[Z
m_j^
_djhWYkjWd[eki
hkdd_d]
ikjkh[i
eh
m_j^
ij[h_b[
WZ^[i_l[
jWf[i$
š
Ed
WYYekdj
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_# YWb
j[Y^d_gk["
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

<_]$
($'$).

7

8

,-

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

($(

C[Z_Wb
ceZ_Ó
YWj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco

<_]$
($($'
IY^[cWj_Y
f_Yjkh[
_bbkijhWj_d]
j^[
]eWb
e\
j^[
c[Z_Wb
ceZ_Ó
YWj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco"
dWc[bo
j^[
feii_X_b_jo
e\
j^[
i_ckbjWd[eki
_dj[h^[c_# if^[h_Y
WdZ
ikX\hedjWb
Z_ii[Yj_ed$


J^[
]eWb
e\
j^[
c[Z_Wb
ceZ_Ó
YWj_ed
e\
j^[
ikfhWehX_jWb
WffheWY^
_i
j^[
Wbceij
fWhWc[Z_Wd
fbWY[c[dj
e\
j^[
YhWd_ejeco
Wbbem_d]
dej
edbo
W
ikX\hedjWb
ikh]_YWb
l_[m
Xkj
Wbie
Wd
_dj[h^[c_if^[h_Y
Z_ii[Yj_ed
fhel_Z_d]
i_ckbjWd[eki
[nfeikh[
e\
j^[
ikfhWi[bbWh
WdZ
_dj[h^[c_if^[h_Y
ijhkYjkh[i
<_]$($($'$
7
Z_iWZlWdjW][
e\
j^_i
j[Y^d_gk[
_i
j^Wj
Z[f[dZ_d]
ed
j^[
fWj_[djÉi
_dZ_l_ZkWb
WdWjeco"
_d
iec[
YWi[i
_d`kho
je
j^[
ikfhWehX_jWb
d[khelWiYkbWh
ijhkYjkh[i
WdZ
ef[d_d]
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
Wh[
kdWle_ZWXb[$
Jof_# YWb
_dZ_YWj_edi
\eh
j^_i
ceZ_Ó
YWj_ed
Wh[
YWi[i
m_j^
ckbj_fb[
Wd[k# hoici
e\
j^[
Wdj[h_eh
Y_hYkbWj_ed
YecX_d[Z
m_j^
Z_ijWb
Wd[khoici
e\
j^[
Wdj[h_eh
Y[h[XhWb
Whj[ho$ ?d
j^[
\ebbem_d]"
j^[
XWi_Y
ikh]_YWb
j[Y^d_gk[
e\
j^[
c[Z_Wb
ikfhW# ehX_jWb
WffheWY^
_i
Z[iYh_X[Z$

?fi_bWj[hWb

C_Zb_d[

9edjhWbWj[hWb

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii 8WiWb
\hedjWb
beX[ Iobl_Wd
Ó
iikh[ 7dj[hec[Z_Wb
j[cfehWb
beX[ 7dj[h_eh
fedjec[i[dY[f^Wb
`kdYj_ed"
Yhki
Y[h[Xh_ 9D
?"
9D
??"
9D
??? ?97"
Ef^j7"
F9e7"
79^7 7'"
7("
7)"
7*"
C'"
C("
_dYb$
f[h\ehWjehi
F'"
F("
I97

9h_ijW
]Wbb_ 7dj[h_eh
\Wbn
Y[h[Xh_ Eb\WYjeho
]heel[ FbWdkc
if^[de_ZWb[ JkX[hYkbkc
i[bbW[ F_jk_jWho
ijWba BWc_dW
j[hc_dWb_i 7dj[h_eh
j^_hZ
l[djh_Yb[ Heijhkc
Yehfeh_i
YWbbei_ =[dk
Yehfeh_i
YWbbei_ ?dj[h^[c_if^[h_Y
Ó
iikh[ ?dj[hf[ZkdYkbWh
\eiiW 79e7 J_f
e\
j^[
87

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii 8WiWb
\hedjWb
beX[ Iobl_Wd
Ó
iikh[ J[cfehWb
feb[ 9hki
Y[h[Xh_ 9D
?"
9D
??"
9D
??? ?97"
Ef^j7"
F9e7"
79^7 7'"
7("
7)"
7*"
C'"
C("
_dYb$
f[h\ehWjehi F'"
I97

JWXb[
($($'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
c[Z_Wb
ikfhWehX_jWb
YhWd_ejeco$

,/

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
J^[
fWj_[dj
_i
fei_j_ed[Z
ikf_d[
ed
j^[
ef[hWj_d]
jWXb[$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
CWoÓ[bZ
YbWcf
i^ekbZ
X[
fbWY[Z
ed
j^[
effei_j[
i_Z["
Wbbem_d]
\h[[
cWd_fkbWj_ed
Zkh_d]
ikh][ho$
J^[
f_di
i^ekbZ
dej
X[
fbWY[Z
_d
j^[
j[cfehWb_i
ckiYb[
je
Wle_Z
_dijWX_b_jo
e\
j^[
ioij[c
WdZ
feijef[hWj_l[
j[cfehWb
^[cWjecW$ <_]$
($($(

Ij[f
'
7i
j^[
Óhij
ij[f"
j^[
^[WZ
_i
hW_i[Z
je
YW$
'+–
WXel[
j^[
b[l[b
e\
j^[
j^ehWn"
\WY_b_jWj_d]
l[deki
ZhW_dW][
Zkh_d]
ikh][ho$
?d
WZZ_j_ed"
j^_i
cWd[kl[h
fhel_Z[i
Z[Yecfh[ii_ed
e\
j^[
cW_d
Y[hl_YWb
l[i# i[bi"
bWhodn
WdZ
j^[
_djhWjhWY^[Wb
jkX[
<_]$
($($($ Ij[f
( J^[h[W\j[h"
j^[
^[WZ
_i
h[jheÔ[Yj[Z
Xo
'+–
je
*+–$
9ecfWh[Z
je
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
c[Z_Wb
ceZ_ÓYWj_ed
h[gk_h[i
ceh[
h[jheÔ[Yj_ed
WYYehZ_d]
je
j^[
fh[Y_i[
beYWj_ed
e\
j^[
_dj[h^[c_# if^[h_Y
jWh][j
fe_dj$
B[i_edi
Ybei[
je
j^[
\hedjWb
iakbb
XWi["
ikY^
Wi
fhen_cWb
Wd[khoici
e\
j^[
7("
h[gk_h[
W
h[jheÔ[n_ed
e\
YW$
'+–$
IjhkYjkh[i
i_jkWj[Z
ceh[
YhWd_Wbbo"
ikY^
Wi
Z_ijWbbo
i_jkWj[Z
Wd[k# hoici
e\
797"
d[[Z
W
h[jheÔ[n_ed
kf
je
*+–
<_]$
($($)$
Ij[f
) 7
ib_]^j
hejWj_ed
je
j^[
YedjhWbWj[hWb
i_Z[
_i
d[Y[iiWho
e\\[h_d]
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
Zkh_d]
ikh][ho1
^em[l[h"
ceh[
j^Wd
YW$
'&–
hejWj_ed
i^ekbZ
X[
Wle_Z[Z
je
Wbbem
W
dedjhWkcWj_Y
h[jhWYj_ed
e\
j^[
_dj[h^[c_if^[h_Y
Óiikh[$
Dej[
j^Wj
h_]^j#^WdZ[Z
ikh][edi
ki_d]
W
b[\j#i_Z[Z
YhWd_ejeco
d[[Z
ceh[
hejWj_ed
je
fhel_Z[
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
<_]$
($($*$

<_]$
($($)

<_]$
($($*

Ij[f
* 7YYehZ_d]
je
j^[
_dj[h^[c_if^[h_Y
Z_ii[Yj_ed"
bWj[heÔ[n_ed
e\
j^[
^[WZ
_i
dej
h[gk_h[Z
<_]$
($($+$

<_]$
($($+

-&

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed 7\j[h
fei_j_ed_d]"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
eii[eki
iakbb"
ikY^
Wi
j^[
c_Zb_d["
]bWX[bbW"
\hedjWb
fWhWdWiWb
i_dki"
ikfhWehX_jWb
\ehWc[d"
ehX_jWb
h_c"
j[cfehWb
b_d[
WdZ
j^[
\hedjeXW# i_i
Wh[
fh[Y_i[bo
Z[Ód[Z
WdZ
cWha[Z
m_j^
W
ij[h_b[
f[d$
Dej[
j^[
ikf[hÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i"
[if[Y_Wbbo
j^[
Yekhi[
e\
j^[
ikfhWehX_jWb
d[hl[i
WdZ
Whj[ho
<_]$
($($,$
9hWd_ejeco
_i
j^[d
Z[j[h# c_d[Z
XWi[Z
kfed
j^[i[
WdWjec_YWb
ijhkYjkh[i
WdZ
j^[
ikh]_YWb
jWh][j$
J^[
Yehh[Yj
b_d[
e\
j^[
ia_d
_dY_i_ed
Z[f[dZi
dej
edbo
ed
j^[
[nWYj
i_j[
kdZ
i_p[
e\
j^[
YhWd_ejeco
Xkj
Wbie
ed
j^[
f^oi_e]deco
e\
j^[
fWj_[dj0
j^[
_dZ_l_ZkWb
\ehc
e\
j^[
[o[Xhem"
mh_dab[i
e\
j^[
\eh[^[WZ
eh
j^[
\hedjWb
^W_hb_d[$
?d
j^_i
mWo"
j^[
ia_d
_dY_i_ed
YWd
X[
cWZ[
m_j^_d
j^[
[o[Xhem"
W
mh_dab[
eh
iYWh
ed
j^[
\WY["
eh
[l[d
X_\hedjWbbo
X[^_dZ
j^[
^W_hb_d[
fhel_Z_d]
W
fb[Wi_d]
Yeic[j_Y
feij# ef[hWj_l[
ekjYec[$
J^[
[o[b_Zi
Wh[
fhej[Yj[Z
m_j^
i[di_j_l[
jWf[i
WdZ
j^[
ia_d
_i
YWh[\kbbo
Z_i_d\[Yj[Z$

<_]$
($($,
:[if_j[
W
fWhWc[Z_Wbbo
fbWY[Z
YhWd_ejeco"
ef[d_d]
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
YWd
X[
fh_dY_fWbbo
Wle_Z[Z$
?d
YWi[i
m_j^
Wd
[nj[dZ[Z
\hedjWb
i_dki"
j^[
YhWd_# ejeco
i^ekbZ
X[
fbWY[Z
ceh[
Wf_YWbbo
eh
[l[d
W
jhWdi# \hedjWb#i_dki
WffheWY^
YWd
X[
f[h\ehc[Z$
7YYehZ_d]
je
fWj_[djÊi
_dZ_l_ZkWb
Wff[WhWdY["
j^[
ia_d
_dY_i_ed
YWd
X[
f[h\ehc[Z
m_j^_d
j^[
[o[Xhem
eh
X_\hedjWbbo
X[^_dZ
j^[
^W_h
b_d[$

-'

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
7i
c[dj_ed[Z
WXel["
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
WYYehZ_d]
je
j^[
_dZ_l_ZkWb
f^oi_e]# deco
e\
j^[
\hedje#ehX_jWb
\WY[$
?d
ceij
YWi[i"
Wd
[o[Xhem
_dY_i_ed
_i
cWZ[
m_j^
Wd
[nj[d# i_ed
_d
W
mh_dab[
e\
j^[
]bWX[bbWh
h[]_ed$
J^[
ikXYkjWd[eki
j_iik[
_i
Z_ii[Yj[Z
ZemdmWhZi
_d
W
\hedjWb
Z_h[Yj_ed"
[nfei_d]
j^[
ehX_YkbWh
eYkb_
WdZ
\hedjWb
ckiYb[i$
?d
j^[
YWi[
e\
W
j^_d
WdZ
dedZec_dWdj
[o[Xhem"
j^[
_dY_i_ed
YWd
X[
f[h\ehc[Z
m_j^_d
W
mh_dab[
eh
YedY[Wb[Z
X[^_dZ
j^[
^W_hb_d[
f[h\ehc_d]
W
X_YehedWh
ia_d
_dY_i_ed$
H_]^j
i_Z[
<_]$
($($-$


<_]$
($($-

<_]$
($($.

Ij[f
( 7\j[h
f[h\ehc_d]
W
Yeic[j_YWbbo
ik_jWXb[
_dY_# i_ed"
j^[
ia_d
ÔWfi
Wh[
j[cfehWh_bo
h[jhWYj[Z
m_j^
^ebZ_d]
ikjkh[i$
J^[
\hedjWb
X[bbo
e\
j^[
eYY_f_je\hedjWb
ckiYb[
_i
_dY_i[Z
fWhWbb[b
je
j^[
ehX_jWb
h_c"
j^[d
h[jhWYj[Z
\hedjWbbo
[nfei_d]
j^[
\hedjWb
Xed[
<_]$
($($.$


Ij[f
)
M^[d
[nfei_d]
j^[
Xedo
ikh\WY["
dej[
j^Wj
h[jhWYj_ed
e\
j^[
\hedjWb
ckiYkbWh
bWo[h
_d
Xej^
j^[
c[Z_Wb
WdZ
\hedjWb
Z_h[Yj_ed
i^ekbZ
X[
Zed[
Óhcbo"
Wbbem_d]
efj_cWb
[nfeikh[
e\
j^[
Xedo
ikh\WY["
Xkj
][djbo
_d
j^[
ehX_jWb
Z_h[Yj_ed
je
Wle_Z
i[l[h[
feijef[hWj_l[
f[h_eh# X_jWb
^[cWjecW$
7\j[h
ie\j
j_iik[
h[jhWYj_ed"
W
i_d]b[
\hedjeXWiWb
Xkhh
^eb[
_i
Zh_bb[Z
\hedjWbbo
_d
j^[
c[Z_Wd#fWhWc[Z_Wd
fbWd[
<_]$
($($/$



<_]$
($($/

-(

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

Ij[f
*
7\j[h
c_d_cWb
[dbWh][c[dj
e\
j^[
^eb[
m_j^
Ód[
fkdY^[i
WdZ
cel[c[dj
e\
j^[
ZkhW"
W
^_]^#if[[Z
YhWd_ejec[
_i
ki[Z
je
iWm
_d
Wd
ehX_jWb
Z_h[Yj_ed$
7YYehZ_d]
je
j^[
[nj[di_ed
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
WdZ
je
j^[
\ehc
e\
j^[
ehX_jWb
h_c"
j^[
iWm
b_d[
_i
Yedj_dk[Z
_d
W
c[Z_Wb
je
bWj[hWb
Z_h[Yj_ed"
jWa_d]
_dje
WYYekdj
j^[
kff[h
XehZ[h
e\
j^[
\hedjWb
i_dki
<_]$
($($'&$


<_]$
($($'&

Ij[f
+
J^[h[W\j[h
W
Ykhl[Z
b_d[
_i
iWm[Z
\hec
j^[
Xkhh
^eb[
je
j^[
bWj[hWb
XehZ[h
e\
j^[
fh[l_ekibo
f[h\ehc[Z
\hedjeXWiWb
Ykjj_d]"
j^ki
Yh[Wj_d]
W
Xed[
ÔWf
m_j^
W
m_Zj^
e\
WXekj
(&Å(+
cc
WdZ
W
^[_]^j
e\
WXekj
'+Å(&
cc$
?\
j^[
\hedjWb
fWhWdWiWb
i_dki
mWi
ef[d[Z"
fbWij_Y
Ybeikh[
_i
d[Y[iiWho
W\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh[
<_]$
($($''$


<_]$
($($''

Ij[f
,
7d
_cfehjWdj
ij[f
e\
j^[
YhWd_ejeco
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
j^[
^_]^#if[[Z
Zh_bb_d]
e\
j^[
_dd[h
XWiWb
cWh]_d
e\
j^[
Xed[
WXel[
j^[
ehX_jWb
h_c
m_j^ekj
ef[d_d]
j^[
\hedjWb
fWhWdWiWb
i_dki$
?d
iec[
YWi[i"
fhec_# d[dj
[nj[di_edi
e\
j^[
ehX_jWb
hee\
i^ekbZ
X[
Wbie
h[cel[Z
m_j^
W
^_]^#if[[Z
Z_WcedZ
Zh_bb$
M_j^
YWh[\kb
h[celWb
e\
j^_i
_dd[h
Xed[
[Z]["
j^[
Wd]b[
\eh
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed
YWd
X[
i_]d_ÓYWdjbo
_dYh[Wi[Z
<_]$
($($'($


<_]$
($($'(

-)

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

<_]$
($($')

Ij[f
-
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
ÇJÈ
i^Wf[Z
\Wi^_ed
Wbbem_d]
Xej^
ikfhWehX_jWb
WdZ
_dj[h# ^[c_if^[h_Y
Z_ii[Yj_ed
<_]$
($($')$


<_]$
($($'*

Ij[f
.
J^[
\h[[
ZkhWb
ÔWfi
Wh[
Ón[Z
kfmWhZi
WdZ
_d
W
c[Z_Wb
Z_h[Yj_ed
m_j^
ikjkh[i$
M_j^
j^[
b_c# _j[Z
YhWd_ejeco"
ej^[h
ZkhWb
b_\j_d]
ikjkh[i
Wh[
dej
h[gk_h[Z
<_]$
($($'*$

-*

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
ed
\h[i^
^kcWd
YWZWl[h1
Whj[h_[i
Wh[
Óbb[Z
m_j^
Yebeh[Z
iebkj_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
Wdj[h_eh
ikfhWi[b# bWh
h[]_ed
_i
[nfei[Z$
J^[
Óhij
ij[f
_i
j^[
[\Ó# Y_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
WhWY^de_Z
c[cXhWd[i
m_j^
c_Yheikh]_YWb
_dijhkc[dji$
Dej[
j^[
9D
??
WdZ
j^[
WhWY^de_Z
c[cXhWd[i
e\
j^[
YWhej_Z
Y_ij[hd
<_]$
($($'+$


YWhej_Z
Y_ij[hd 9D
??

<_]$
($($'+

Ij[f
(
7\j[h
h[celWb
e\
9I<"
j^[
\hedjWb
beX[
_i
][djbo
h[jhWYj[Z$
:k[
je
j^[
i_]d_ÓYWdj
h[jheÔ[n_ed
WdZ
h[celWb
e\
9I<"
j^[
\hedjWb
beX[
ikXi_Z[i"
^[h[Xo
a[[f_d]
h[jhWYj_ed
e\
j^[
\hedjWb
beX[
je
j^[
d[Y[iiWho
c_d_ckc$
7\j[h
ef[d_d]
j^[
Y^_WicWj_Y
WdZ
YWhej_Z
Y_ij[hdi"
j^[
h_]^j
9D
??"
?97
WdZ
7'
i[]c[dj
e\
j^[
797
Wh[
[nfei[Z$
J^[
Iobl_Wd
Óiikh[
_i
dej
o[j
ef[d[Z1
dej[
j^Wj
j^[
\hedjWb
WdZ
j[cfehWb
beX[i
Yel[h
j^[
C97$
Dej[
j^[
bWj[hWb
Wif[Yj
e\
j^[
efj_Y
jhWYj
<_]$
($($',$

79F 9D
?? kdYki ?97 efj_Y
jhWYj 7'
i[]c[dj

<_]$
($($',

Ij[f
)
7\j[h
ef[d_d]
j^[
c[Z_Wb
fWhj
e\
j^[
Iobl_Wd
Óiikh[
WdZ
ceX_b_pWj_ed
e\
j^[
j[cfehWb
beX["
j^[
bWj[hWb
fWhj
e\
j^[
ikfhWi[bbWh
h[]_ed
_i
eXi[hl[Z$
BWj[hWb
\hec
j^[
9D
???"
j^[
feij[h_eh
\eiiW
YWd
X[
i[[d
m_j^
j^[
Wdj[h_eh
ikh\WY[
e\
j^[
fedi$
Dej[
j^[
F97
WdZ
I97"
j^[
feij[h_eh
Yb_de_Z
fheY[ii
WdZ
j^[
hee\
e\
j^[
YWl[hd# eki
i_dki
c[Z_Wbbo
\hec
j^[
9D
???$
J^[
?97
_i
h[jhWYj[Z
c[Z_Wbbo
m_j^
W
Ód[
c_YheZ_ii[Yjeh
<_]$
($($'-$

9D
?? I97 9D
??? F9F F97 ?97


<_]$
($($'-

-+

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

Ij[f
*
:_ii[Yj_d]
\hec
W
c[Z_Wb
je
bWj[hWb
Z_h[Yj_ed"
j^[
_fi_bWj[hWb
Iobl_Wd
Óiikh[
_i
ef[d[Z$
Dej[
j^[
C'
i[]c[dj
WdZ
X_\khYWj_ed
e\
j^[
h_]^j
C97$
?d
j^_i
ikX\hedjWb
j[Y^d_gk["
h[jhWY# j_ed
e\
j^[
j[cfehWb
beX[
_i
dej
d[Y[iiWho
\eh
WffheWY^_d]
j^[
C97
<_]$
($($'.$

C97
X_\khYWj_ed C97 ?97
X_\khYWj_ed

<_]$
($($'.

Ij[f
+
:_ii[Yj_d]
W]W_d
_d
W
c[Z_Wb
Z_h[Yj_ed"
j^[
Wdj[h_eh
ikfhWi[bbWh
h[]_ed
_i
i[[d
l_W
j^[
ikX# \hedjWb
hekj[$
8[^_dZ
j^[
efj_Y
d[hl[i"
Xej^
?97
Wh[
m[bb
i[[d
WdZ
j^[
c[Z_Wb
ikh\WY[
e\
j^[
YedjhWbWj[hWb
?97
YWd
X[
WffheWY^[Z
j^hek]^
j^[
?DEF
m_dZem$
Dej[
j^[
\hedjWb
iakbb
XWi[
WdZ
j^[
efj_Y
Y^_Wic
<_]$
($($'/$

YedjhWbWj[hWb
?97 YedjhWbWj[hWb
9D
?? _fi_bWj[hWb
?97 Y^_Wic

<_]$
($($'/

Ij[f
,
7\j[h
\khj^[h
h[jhWYj_ed
e\
j^[
\hedjWb
beX["
j^[
effei_j[
9D
??
_i
i[[d$
Dej[
j^[
b[\j
?97
WdZ
ef^j^Wbc_Y
Whj[ho"
WffheWY^[Z
j^hek]^
W
h_]^j#i_Z[Z
YhWd_ejeco$
?d
j^_i
YWi[
W
beef
e\
j^[
Ef^j7
YWki[i
i[l[h[
lWiYkbWh
Yecfh[ii_ed
e\
j^[
b[\j
9D
??
<_]$
($($(&$

Ef^j7 ?97

<_]$
($($(&

-,

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

Ij[f
-
7\j[h
Ód_i^_d]
j^[
ikX\hedjWb
Z_ii[Yj_ed"
j^[
\hedjWb
beX[
_i
][djbo
cel[Z
\hec
j^[
c[Z_Wb
je
bWj[hWb
WdZ
j^[
_dj[h^[c_if^[h_Y
Óiikh[
_i
YWh[\kbbo
ef[d[Z
l_W
j^[
fWhWc[Z_Wd
Yh[Wj[Z
YhWd_ejeco
<_]$
($($('$


\hedjWb
beX[

<_]$
($($('

Ij[f
. M_j^
\khj^[h
ef[d_d]
e\
j^[
_dj[h^[c_if^[h_Y
Óiikh["
j^[
Z_ijWb
Yekhi[
e\
j^[
797
YWd
X[
WjjW_d[Z$
Dej[
j^[
7(#7)
i[]c[dji
hkdd_d]
WhekdZ
j^[
][dk
e\
j^[
Yehfki
YWbbeikc
<_]$
($($(($

7(
i[]c[dji

<_]$
($($((

Ij[f
/ J^[
Wdj[h_eh
ikfhWi[bbWh
h[]_ed
_i
i[[d
j^hek]^
j^[
_dj[h^[c_if^[h_Y
Óiikh[$
Dej[
j^Wj
j^[
79e7
WdZ
j^[
7(
i[]c[dji
e\
j^[
X_bWj[hWb
797
YWd
X[
WffheWY^[Z
_d
W
dedjhWkcWj_Y
cWdd[h
m_j^ekj
h[i[Yj_ed
e\
j^[
]ohki
h[Yjki$
?d
j^[
XWYa]hekdZ"
j^[
YedjhWbWj[hWb
?97
YWd
X[
eXi[hl[Z
j^hek]^
j^[
_djhWefj_Y
m_dZem
<_]$
($($()$

b[\j
?97 Y^_Wic 79e7 7(
i[]c[dji

<_]$
($($()

--

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

Ij[f
'& J^[
\hedjWb
beX[
WdZ
j^[
79e7
Yecfb[n
Wh[
][djbo
h[jhWYj[Z"
Wbbem_d]
l_ikWb_pWj_ed
e\
j^[
efj_Y
Y^_Wic
WdZ
j^[
bWc_dW
j[hc_dWb_i
<_]$
($($(*$ Y^_Wic bWc_dW
j[hc_dWb_i

<_]$
($($(*

Ij[f
'' J^[
bWc_dW
j[hc_dWb_i
WdZ
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[
Wh[
ef[d[Z$
Dej[
j^[
j_f
e\
j^[
87
m_j^_d
j^[
_dj[hf[ZkdYkbWh
Y_ij[hd"
eXi[hl[Z
j^hek]^
j^[
Wdj[h_eh
Y^WcX[h
e\
j^[
j^_hZ
l[d# jh_Yb[
<_]$
($($(+$

Y^_Wic XWi_bWh
j_f 79e7

<_]$
($($(+

-.

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ikXWhWY^de_Z
ifWY[
_i
Óbb[Z
m_j^
Whj[ÓY_Wb
9I<$
:khWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
Wle_Z_d]
feijef[hWj_l[
9I<
ÓijkbW1
_\
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
ef[d_d]"
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo"
WdZ"
_\
d[Y[iiWho"
j^[
\hedjWb
fWhWdWiWb
i_dki
_i
Ybei[Z$
8ed[
mWn"
W
ÔWf
e\
j^[
]Wb[W
eh
ehX_YkbWh
ckiYb[
j_iik[
YWd
X[
ki[Z
\eh
j^_i
fkhfei[$
?d
YWi[i
m_j^
Wd
[nj[dZ[Z
\hedjWb
i_dki"
WXZec_dWb
\Wj
YWd
Wbie
X[
l[ho
ki[\kb$
J^[
Xed[
ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
fbWj[$
Dej[
j^Wj
j^_i
fbWj[
i^ekbZ
Ybei[
j^[
\hedjWb
Xkhh
^eb[$
J^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
Xej^
c[Z_Wbbo
WdZ
\hedjWbbo
je
WY^_[l[
W
fb[WiWdj
Yeic[j_Y
h[ikbj$
7\j[h
ÓdWb
ced_jeh_d]
e\
^[ceijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
Wd
_djhWYkjWd[eki
ikjkh[
eh
ij[h_b[
WZ^[i_l[
jWf[$
De
ikYj_ed
ZhW_d
_i
d[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fbWdd_d]
m_j^
ikXi[gk[dj
_dWZ[gkWj[
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\ÓY_[dYo
e\
ikh]_YWbbo
[nY_i_d]
j^[
b[i_ed$
š
J^[
fWj_[dj
_i
_dWZ[gkWj[bo
fei_j_ed[Z
m_j^
_dik\ÓY_[dj
_djhW# YhWd_Wb
[nfeikh[$
FbWdd_d]
WdZ
fei_j_ed_d]
i^ekbZ
X[
f[h\ehc[Z
Xo
j^[
ikh][ed
^_ci[b\$ š
J^[
ia_d
_dY_i_ed
_i
cWZ[
m_j^_d
j^[
c[Z_Wd
[o[Xhem
m_j^

_d`kho
je
j^[
ikfhWehX_jWb
d[hl[$
?d
iec[
YWi[i"
W
fhec_d[dj
\hedjWb
mh_dab[
eh
iYWh
YWd
X[
ki[Z
\eh
ia_d
_dY_i_ed$
?\
mh_dab[i
eh
iYWhi
Wh[
dej
fh[i[dj
WdZ
j^[
[o[Xhem
ia_d
_dY_i_ed
mekbZ
h[ikbj
_d
W
ikXefj_cWb
Yeic[j_Y
h[ikbj
m_j^
feijef[hWj_l[
\hed# jWb
dkcXd[ii"
Wd
[nj[dZ[Z
\hedjWb#X_YehedWh
ia_d
_dY_i_ed
YWd
X[
fhefei[Z$ š
?dWZ[gkWj[
fbWY[c[dj
e\
j^[
YhWd_ejeco
m_j^
f[d[jhWj_ed
e\

j^[
\hedjWb
fWhWdWiWb
i_dki$
J^[
WffheWY^
ckij
X[
Z[j[hc_d[Z
W\j[h
WYYkhWj[
fbWdd_d]
WdZ
ikh]_YWb
eh_[djWj_ed$
J^[
ef[d_d]
i^ekbZ
X[
Ybei[Z
YWh[\kbbo
W\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh[
je
Wle_Z
feijef[hWj_l[
9I<
ÓijkbW
WdZ
c[d_d]_j_i$ š
?d`kho
je
j^[
ZkhW
cWj[h
Zkh_d]
YhWd_ejeco$
š
F[d[jhWj_ed
e\
j^[
ehX_j
Zkh_d]
[njhWZkhWb
h[celWb
e\
eii[eki
[nj[di_edi
e\
j^[
ehX_jWb
hee\
m_j^
feijef[hWj_l[
ehX_jWb
^[cW# jecW
WdZ
im[bb_d]$

-/

IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

š
?dWZ[gkWj[
h[celWb
e\
9I<
m_j^
_d`kh_[i
WdZ
Yedjki_ed
e\
j^[
\hedjWb
beX[
Zk[
je
ifWjkbW
fh[iikh[$ š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
_d
j^[
fWhWi[bbWh
h[]_ed
Zkh_d]
c_Yheikh]_YWb
cWd_fkbWj_ed
m_j^
feijef[hWj_l[
d[khe# be]_YWb
Z[j[h_ehWj_ed$ š
?dWZ[gkWj[
_djhWYhWd_Wb
^[ceijWi_i
YWki_d]
i[l[h[
h[Xb[[Z_d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
h[ikbj_d]
_d
W
feijef[hWj_l[
9I<
ÓijkbW$

?\
j^[
\hedjWb
i_dki
mWi
ef[d[Z"
dWieb_gkehh^[W
YWd
eYYkh
feij# ef[hWj_l[bo$ š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf
m_j^
j^[
j_jWd_kc
fbWj[
h[ikbj_d]
_d
feeh
Yeic[j_Y
h[ikbji$ š
?dWZ[gkWj[
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
m_j^
ikXi[gk[dj
ie\j
j_iik[
^[cWjecW$

<_]$
($($(,

<_]$
($($(-

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
9ecfWh[Z
je
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
c[Z_Wb
ikfhWeh# X_jWb
WffheWY^
h[gk_h[i
b[ii
^[WZ
hejWj_ed
WdZ
ceh[
h[jheÔ[n_ed
Zkh_d]
fei_j_ed_d]
<_]$
($($(,$

<_]$
($($(.

š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi

e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
ikf[h# ÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1

)$
ia_d
_dY_i_ed$ š
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
_d
W
Yeic[j_YWbbo
WYY[fjWXb[
mWo$
?\
j^[
[o[Xhem
_i
dej
Zec_dWdj"
j^[
ia_d
_dY_i_ed
YWd
X[
cWZ[
m_j^_d
W
mh_dab[
eh
iYWh
ed
j^[
\WY["
eh
[l[d
X_\hedjWbbo
X[^_dZ
j^[
^W_hb_d[
<_]$
($($(-$
š
:kh_d]
ie\j
j_iik[
Z_ii[Yj_ed"
j^[
\hedjWb
ckiYb[
i^ekbZ
X[
\eh# Y_Xbo
h[jhWYj[Z
kfmWhZi
WdZ
c[Z_Wbbo
_d
W
\hedjec[Z_Wb
Z_h[Yj_ed
m_j^
^ebZ_d]
ikjkh[i
fhel_Z_d]
ik\ÓY_[dj
el[hl_[m
e\
j^[
c[Z_Wb
ikfhWehX_jWb
h[]_ed$
>em[l[h"
h[jhWYj_ed
WdZ
ceX_b_pWj_ed
e\
j^[
ia_d
ÔWf
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef[hWj_l[
d[Yhei_i$
CWd_fkbWj_ed
e\
j^[
\hedjWb
WdZ
ehX_jWb
ckiYb[i
kfmWhZi
el[h
j^[
ikfhWehX_jWb
h_c
i^ekbZ
X[
c_d_c_p[Z"
Wle_Z_d]
feijef[hWj_l[
f[h_ehX_jWb
^[cWjecW
<_]$
($($(.$

š
Fh[ef[hWj_l[
Yecfkj[Z
jece]hWf^o
WdZ
YhWd_Wb
N#hWo
_d
j^[
Wdj[hefeij[h_eh
WdZ
bWj[hWb
l_[m
YWd
Z[j[hc_d[
j^[
[nj[di_ed
e\


.&

<_]$
($($(/

<_]$
($($)& 





IkfhWehX_jWb
WffheWY^
r
c[Z_Wb
lWh_Wj_ed

<_]$
($($)'

j^[
\hedjWb
fWhWdWiWb
i_dki$
?d
ceij
YWi[i"
j^[
\hedjWb
fWhWdWiWb
i_dki
_i
beYWj[Z
ceh[
XWiWbbo
j^Wd
j^[
fbWdd[Z
YhWd_ejeco"
j^ki
f[d[jhWj_ed
e\
j^[
i_dki
YWd
X[
Wle_Z[Z
<_]$
($($(/$ š
IjW][i
e\
YhWd_ejeco
<_]$
($($)&0
'$
fWhWc[Z_Wd
\hedjWb
Xkhh
^eb[
jh[f^_dWj_ed1
($
\hedjeXWiWb
Ykjj_d]
m_j^
j^[
YhWd_ejec[1
)$
iWm_d]
_d
W
Ykhl[Z
\Wi^_ed
\hec
j^[
Xkhh
^eb[
je
j^[
bWj[hWb
[Z][
e\
j^[
Óhij
YhWd_ejeco
b_d[$

<_]$
($($)(

<_]$
($($))

š
H[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
m_j^
W
^_]^#if[[Z
Zh_bb
\WY_b_jWj[i
j^[
_djhWYhWd_Wb
l_ikWb_pWj_ed$
?\
d[Y[iiWho"
eii[eki
[nj[di_edi
e\
j^[
ehX_jWb
hee\
i^ekbZ
Wbie
X[
YWh[\kbbo
h[cel[Z
<_]$
($($)'$ š
Ef[d_d]
j^[
\hedjWb
ZkhW
_d
W
i_cfb[
ÇJÈ#i^Wf[Z
\Wi^_ed
Wle_Zi
kdd[Y[iiWho
[nfbehWj_ed
e\
j^[
\hedjWb
beX[
WdZ
efj_cWb
YecX_# dWj_ed
e\
j^[
ikX\hedjWb
WdZ
_dj[h^[c_if^[h_Y
Z_ii[Yj_ed
<_]$
($($)($ š
J^[
fWhWc[Z_Wd
fbWY[c[dj
e\
j^[
YhWd_ejeco
Wbbemi
ikX\hedjWb
Wi
m[bb
Wi
_dj[h^[c_if^[h_Y
Z_ii[Yj_ed
<_]$
($($))$

<_]$
($($)*

<_]$
($($)+

š
7\j[h
Yecfb[j_ed
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed"
ZkhWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
je
Wle_Z
feijef[hWj_l[
dWiWb
9I<

ÓijkbW$
?\
j[di_ed
eh
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[
<_]$
($($)*$
š
?\
f[d[jhWj_ed
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
YekbZ
dej
X[
Wle_Z[Z"
c[j_Ykbeki
Ybeikh[
_i
h[gk_h[Z$
J^[
f[d[jhWj_ed
i^ekbZ
X[
Ybei[Z
m_j^
Xed[
mWn"
m_j^
W
\hedjWb
]Wb[Wb
eh
ckiYkbWh
bWo[h"
eh
m_j^
WXZec_dWb
\Wj
j_iik[
<_]$
($($)+$
š
J^[
Xed[
ÔWf
i^ekbZ
X[
Ybei[Z
j_]^jbo
je
WY^_[l[
efj_cWb
Yei# c[j_Y
h[ikbji$
7
j_jWd_kc
fbWj[
YWd
X[
ikYY[ii\kbbo
ki[Z
\eh
Ybe# ikh[
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed
<_]$
($($),$


<_]$
($($),

š
J^[
[o[Xhem
ia_d
_dY_i_ed
i^ekbZ
X[
Ybei[Z
m_j^
_djhWYkjWd[eki
hkdd_d]
ikjkh[i
eh
m_j^
ij[h_b[
WZ^[i_l[
jWf[i$
š
Ed
WYYekdj
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_# YWb
j[Y^d_gk["
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

.'

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

($)

8WiWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
WffheWY^0

j^[
ikfhWehX_je#ehX_jWb
YhWd_ejeco IkfhWehX_jWb
YhWd_ejeco
Wbbemi
W
XheWZ
[nfeikh[
e\
j^[
ikfhWi[bbWh
d[khelWiYkbWh
ijhkYjkh[i1
^em[l[h"
_d
if[Y_Wb
i_jkWj_edi
dWhhem
WdWjec_YWb
m_dZemi
cWo
^_dZ[h
j^[
Z_ii[Yj_ed
j^hek]^
j^[
_cfeh# jWdj
ikfhWi[bbWh
ikh]_YWb
fWj^mWoi$
?d
fWhj_YkbWh"
WffheWY^_d]
^_]^
i_jkWj[Z
XWi_bWh
j_f
Wd[khoici
WdZ
ikfhW#h[jhei[bbWh
ifWY[#eYYkfo# _d]
b[i_edi
cWo
h[gk_h[
W
l[ho
eXb_gk[
l_[m
je
]kWhWdj[[
iW\[
_dj[h# f[ZkdYkbWh
cWd_fkbWj_ed
m_j^ekj
h[jhWYj_ed
e\
j^[
i[di_j_l[
efj_Y
ijhkYjkh[i"
m^_Y^
YWd
X[
^_]^bo
Yecfb_YWj[Z
Xo
j^[
YecX_dWj_ed
e\
W
i^ehj
_dj[hdWb
YWhej_Z
Whj[ho
WdZ
fh[Ón[Z
bem
efj_Y
Y^_Wic$
<_]$
($)$'
IY^[cWj_Y
f_Yjkh[
Z[f_Yj_d]
j^[
W_c
e\
j^[
XWiWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco$
8o
fWhj_Wb
h[cel_d]
j^[
ikfhWehX_jWb
h_c
WdZ
ehX_jWb
hee\"
W
ceh[
eXb_gk[
l_[m
e\
j^[
ikfhWi[bbWh
h[]_ed
YWd
X[
WY^_[l[Z
[nfei_d]
b[i_edi
e\
j^[
_dj[hf[ZkdYkbWh
h[]_ed
WdZ
j^[
kff[h
fWhj
e\
j^[
Y_ij[hdW
bWc_dW[
j[hc_dWb_i$

J^[
[ii[dY[
e\
j^[
ikfhWehX_je#ehX_jWb
WffheWY^
_i
je
]W_d
W
ceh[
eXb_gk[
l_[m
e\
j^[
Z[[f#i[Wj[Z
fh[fedj_d[
WdZ
_dj[hf[ZkdYkbWh
h[]_ed
l_W
j^[
ikX\hedjWb
[nfeikh["
W\j[h
h[cel_d]
j^[
ehX_jWb
h_c
WdZ
fWhj_Wbbo
h[cel_d]
j^[
ehX_jWb
hee\
<_]$
($)$'$
?d
j^_i
Wd]b[Z
l_[m"
j^[
hee\
e\
j^[
_dj[hf[ZkdYkbWh
Y_ij[hd
m_j^
j^[
cWc_bbWho
XeZ_[i"
_d\kdZ_Xkbkc"
WdZ
j^[
j_f
e\
j^[
87
YWd
X[
m[bb
l_ikWb_p[Z
m_j^ekj
h[celWb
e\
j^[
Wdj[h_eh
Yb_de_Z
fheY[ii
WdZ
ceX_b_pWj_ed
e\
j^[
fWhWYb_de_Z
?97
WdZ
9D
??$
?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
XWiWb
ikfhWehX_je# ehX_jWb
WffheWY^
_i
Z[iYh_X[Z$

?fi_bWj[hWb

C_Zb_d[

9edjhWbWj[hWb

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii 8WiWb
\hedjWb
beX[ =ohki
h[Yjki Iobl_Wd
Óiikh[ 7dj[hec[Z_Wb
j[cfehWb
beX[ 7dj[h_eh
fedi 9hki
Y[h[Xh_ 9D
?"
9D
??"
9D
??? ?97"
Ef^j7"
F9e7"
79^7 7'"
7("
C'"
C("
_dYb$
f[h\ehWjehi
F'"
F("
I97

Eb\WYjeho
]heel[ FbWdkc
if^[de_ZWb[ JkX[hYkbkc
i[bbW[ BWc_dW
j[hc_dWb_i 7dj[h_eh
j^_hZ
l[djh_Yb[ Heijhkc
Yehfeh_i
YWbbei_ =[dk
Yehfeh_i
YWbbei_ F_jk_jWho
ijWba ?d\kdZ_Xkbkc CWc_bbWho
XeZ_[i ?dj[hf[ZkdYkbWh
\eiiW
79e7"
J_f
e\
j^[
87"
_dYb$
f[h\ehWjehi

EhX_jWb
hee\ 7dj[h_eh
Yb_de_Z
fheY[ii 8WiWb
\hedjWb
beX[ Iobl_Wd
Óiikh[ J[cfehWb
feb[ 9hki
Y[h[Xh_ 9D
?"
9D
??"
9D
??? ?97"
Ef^j7"
F9e7"
79^7 7'"
7("
C'"
C("
_dYb$
f[h\ehWjehi F'"
I97

JWXb[
($)$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
XWiWb
ikfhWehX_jWb
YhWd_ejeco$

.)

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
J^[
fWj_[dj
_i
fei_j_ed[Z
ikf_d[
m_j^
j^[
^[WZ
i[Ykh[Z
_d
W
^[WZ
^ebZ[h$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
CWoÓ[bZ
YbWcf
i^ekbZ
X[
fbWY[Z
ed
j^[
effei_j[
i_Z["
Wbbem_d]
\h[[
cWd_fkbWj_ed
Zkh_d]
ikh][ho$
J^[
f_di
i^ekbZ
dej
X[
fbWY[Z
_d
j^[
j[cfehWb_i
ckiYb[
je
Wle_Z
_dijWX_b_jo
e\
j^[
ioij[c
WdZ
feijef[hWj_l[
j[cfehWb
^[cW# jecW$

<_]$
($)$(

Ij[f
'
J^[
^[WZ
_i
[b[lWj[Z
je
YW$
'+–
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
je
Wbbem
\h[[
l[deki
ZhW_dW][
WdZ
[\\[Yj_l[
Z[Yecfh[ii_ed
e\
j^[
Y[hl_YWb
l[ii[bi"
bWhodn
WdZ
j^[
_djhWjhWY^[Wb
jkX[
<_]$
($)$($
Ij[f
( 8[YWki[
e\
j^[
Wd]b[Z
WffheWY^
je
j^[
_dj[hf[ZkdYkbWh
h[]_ed"
j^[
XWiWb
ikfhWehX_je#ehX_jWb
lWh_Wj_ed
h[gk_h[i
ceh[
h[jheÔ[n_ed
j^Wd
j^[
ikfhWehX_jWb
YhWd_ejeco$
J^_i
cWd[klh[
e\
YW$
)&–
h[jheÔ[n_ed
Wbie
ikffehji
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
\hedjWb
beX[
<_]$
($)$)$

<_]$
($)$)

Ij[f
) J^[h[W\j[h"
j^[
^[WZ
_i
hejWj[Z
je
j^[
YedjhWbWj[hWb
i_Z[$
7i
j^[
cW_d
Z_h[Yj_ed
e\
j^[
_djhWYhWd_Wb
Z_ii[Yj_ed
_i
j^hek]^
j^[
ikfhWi[bbWh
EF97
m_dZem"
W
YW$
)&–
hejWj_ed
e\
j^[
^[WZ
_i
h[gk_h[Z$
Dej[
j^Wj
h_]^j#^WdZ[Z
ikh][edi
ki_d]
W
b[\j#i_Z[Z
YhWd_ejeco
d[[Z
ceh[
hejWj_ed
je
fhel_Z[
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
<_]$
($)$*$
Ij[f
* J^[
^[WZ
cWo
Wbie
X[
bWj[heÔ[Yj[Z
je
WXekj
'&–
ed
j^[
YedjhW# bWj[hWb
i_Z["
je
fhel_Z[
W
ik_jWXb[
meha_d]
fei_j_ed
\eh
j^[
ikh][ed

<_]$
($)$+$


<_]$
($)$*

<_]$
($)$+

.*

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <_hijbo"
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
\hedjWb
iakbb"
ikY^
Wi
j^[
]bWX[bbW"
\hedjWb
fWhWdWiWb
i_dki"
ikfhWehX_jWb
\ehWc[d"
ehX_jWb
h_c"
\hedjeXWi_i"
j[cfehWb
b_d["
_cfh[ii_ed
e\
j^[
b[ii[h
if^[de_Z
m_d]
WdZ
j^[
po]ecWj_Y
WhY^
Wh[
fWbfWj[Z$
Dej[
j^[
ikfhWehX_jWb
d[khe# lWiYkbWh
ijhkYjkh[i
WdZ
j^[
Yekhi[
e\
j^[
\WY_Wb
d[hl[
<_]$
($)$,$
7\j[h
j^_i
[ii[dj_Wb
eh_[djWj_ed"
j^[
i_p[
WdZ
i_j[
e\
j^[
YhWd_ejeco
i^ekbZ
X[
Z[Ód[Z$
7YYehZ_d]
je
j^[
YhWd_ejeco
m^_Y^
_dYehfe# hWj[i
h[celWb
e\
j^[
ehX_jWb
h_c
WdZ
fWhj_Wb
h[celWb
e\
j^[
ehX_jWb
hee\"
j^[
_dZ_l_ZkWb
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z"
fbWY[Z
bWj# [hWbbo
je
j^[
ikfhWehX_jWb
\ehWc[d
hkdd_d]
m_j^_d
j^[
[o[Xhem

<_]$
($)$,$
J^[
[o[b_Zi
Wh[
YWh[\kbbo
jWf[Z
WdZ
j^[
ia_d
_i
Z_i_d\[Yj[Z
c[j_Ykbekibo$

<_]$
($)$,
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
\hedjej[cfehWb
h[]_ed$
Dej[
j^[
fbWY[c[dj
e\
j^[
ia_d
_dY_i_ed
m^_Y^
i^ekbZ
X[
cWZ[
m_j^_d
j^[
[o[Xhem$

.+

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
J^[
[o[Xhem
ia_d
_dY_i_ed
_i
fbWY[Z
bWj[hWb
\hec
j^[
ikfhWehX_jWb
\ehWc[d"
_d
iec[
YWi[i
[nj[dZ_d]
W
\[m
c_bb_c[j[hi
el[h
j^[
bWj[hWb
fhe`[Yj_ed
e\
j^[
Xhem
_dje
j^[
\hedjepo]e# cWj_Y
Wh[W$
<eh
W
Yeic[j_YWbbo
fb[Wi_d]
feijef# [hWj_l[
h[ikbj"
j^[
ia_d
_dY_i_ed
cWo
\ebbem
j^[
ehX_jWb
h_c$
H_]^j
i_Z[
<_]$
($)$-$


<_]$
($)$-

Ij[f
( 7\j[h
ia_d
_dY_i_ed"
j^[
ia_d
ÔWfi
Wh[
j[cfe# hWh_bo
h[jhWYj[Z
m_j^
^ebZ_d]
ikjkh[i"
[nfei_d]
j^[
ikfhWehX_jWb
Wh[W
m_j^
j^[
\hedjWb
X[bbo
e\
j^[
eYY_f_je\hedjWb
ckiYb["
j^[
ehX_YkbWh_i

eYkb_
WdZ
j[cfehWb
ckiYb[i$
J^[
\hedjWb
cki# Yb[i
Wh[
Ykj
fWhWbb[b
je
j^[
ehX_jWb
h_c"
j^[

j[cfehWb
ckiYb[
_i
ijh_ff[Z
\hec
_ji
Xedo
_di[hj_ed
Wj
j^[
j[cfehWb
b_d[
<_]$
($)$.$


<_]$
($)$.

Ij[f
)
J^[
j[cfehWb
ckiYb[
_i
h[jhWYj[Z
bWj[hWbbo
m_j^
ijhed]
ikjkh[i
dej_d]
j^[
_cfh[ii_ed
e\
j^[
b[ii[h
if^[de_Z
m_d]"
j^ki
i^em_d]
j^[
b[l[b
e\
j^[
\hedjWb
iakbb
XWi[$
9ecfWh[Z
je
j^[
ikfhW# ehX_jWb
YhWd_ejeco"
j^[
XWiWb
lWh_Wj_ed
h[gk_h[i
ceh[
cel[c[dj
e\
j^[
j[cfehWb_i
ckiYb[$
J^[
\hedjWb
WdZ
ehX_YkbWh_i
eYkb_
ckiYb[i
Wh[
Z_ii[Yj[Z
kfmWhZi
je][j^[h
m_j^
j^[
\hedjWb
f[h_eij
[nfei_d]
j^[
ehX_jWb
h_c$
J^[
ehX_jWb
h_c
_i
YWh[\kbbo
Z_ii[Yj[Z
\hec
j^[
f[h_ehX_jW
ki_d]
W
Xbkdj
Ykhl[Z
Z_ii[Yjeh$
J^[
ehX_YkbWh_i
eYkb_
ckiYb[
WdZ
j^[
f[h_ehX_jWb
i^[[j
Wh[
j^[d
\ehY_Xbo
h[jhWYj[Z
kfmWhZi
ki_d]
ijhed]
^ebZ# _d]
ikjkh[i$
J^[
\hedjWb
ckiYb[
WdZ
j^[
\hedjWb
f[h_eij
Wh[
h[jhWYj[Z
ZemdmWhZi
_d
W
\ehmWhZ
Z_h[Yj_ed"
[nfei_d]
j^[
ikfhWehX_jWb
h[]_ed

<_]$
($)$/$



<_]$
($)$/

.,

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

Ij[f
*
M_j^
W
^_]^#if[[Z
Zh_bb"
W
i_d]b[
Xkhh
^eb[
_i
f[h\ehc[Z
feij[h_eh
je
j^[
j[cfehWb
b_d[
WYYehZ_d]
je
j^[
b[l[b
e\
j^[
\hedjWb
iakbb
XWi[$
J^[h[W\j[h"
j^[
Xkhh_d]
Z_h[Yj_ed
i^ekbZ
X[
Y^Wd][Z"
j^ki
ef[d_d]
j^[
bWj[hWb
Wif[Yj
e\
j^[
ehX_j$
J^[
]eWb
e\
j^_i
[dbWh][Z
i_d]b[
Xkhh
^eb[
jh[f^_dWj_ed
_i
je
f[d[jhWj[
Xej^
j^[
Wdj[h_eh
\eiiW
WdZ
j^[
ehX_j
Xo
Z_\\[h[dj
X_Z_# h[Yj_edWb
Zh_bb_d]
<_]$
($)$'&$

<_]$
($)$'&

Ij[f
+
7\j[h
_dif[Yj_d]
j^[
f[h_ehX_jW
WdZ
j^[
\hed

# jWb
ZkhW
cWj[h"
W
Ykhl[Z
i[c_Y_hYkbWh
b_d[
_i
iWm[Z
\hec
j^[
\hedjWb
fWhj
e\
j^[
Xkhh
^eb[
_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed
je
j^[
b[l[b
e\
j^[
\hedjWb
iakbb
XWi[$
J^[h[W\j[h"
j^[
bWj[hWb
ehX_jWb
mWbb
WdZ
j^[
po]ecWj_Y
fheY[ii
e\
j^[
\hedjWb
Xed[
_i
Z_l_Z[Z
\hec
j^[
ehX_jWb
fWhj
e\
j^[
Xkhh
^eb[
<_]$
($)$''$


<_]$
($)$''

Ij[f
,
J^[
ehX_jWb
h_c
_i
j^[d
iWm[Z
Xej^
c[Z_Wbbo
WdZ
bWj[hWbbo
ki_d]
j^[
YhWd_ejec[$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
Wle_Z
_d`kho
je
j^[
Z[b_YWj[
f[h_ehX_jW
<_]$
($)$'($

<_]$
($)$'(

.-

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

<_]$
($)$')

Ij[f
-
J^[
bWj[hWb
Wif[Yj
e\
j^[
ehX_jWb
hee\
_i
j^[d
Z_l_Z[Z
m_j^
W
Z_WcedZ
Zh_bb
Wbbem_d]
i[Ykh[
b_\j_d]
e\
j^[
Xed[
ÔWf
WdZ
\hWYjkh_d]
e\
j^[
ehX_jWb
hee\$
9Wh[
i^ekbZ
X[
jWa[d
je
fbWY[
j^[
\hWYjkh[
b_d[
Wi
\Wh
XWYa
Wi
feii_Xb[
m_j^# ekj
ZWcW]_d]
j^[
efj_Y
YWdWb
WdZ
d[hl[
<_]$
($)$')$


<_]$
($)$'*

Ij[f
.
7\j[h
j^[
Xed[
ÔWf
_i
h[cel[Z"
j^[
\hedjWb
ZkhW
cWj[h
WdZ
j^[
j^_d
f[h_ehX_jW
YWd
X[
i[[d$
7d
[nj[dZ[Z
h[celWb
e\
j^[
h[i_ZkWb
ehX_jWb
hee\
_d
Wd
eij[eYbWij_Y
cWdd[h
_i
dej
WZl_i[Z"
j^ki
Wle_Z_d]
feijef[hWj_l[
[def^j^Wbcei
eh
fkb# iWj_d]
[nef^j^Wbcei
<_]$
($)$'*$

<_]$
($)$'+

Ij[f
/ J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ykhl[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZi
j^[
ehX_j$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
\ehY_Xbo
kfmWhZi
m_j^
ijhed]
[b[# lWj_d]
ikjkh[i"
Wbbem_d]
W
ibWdj[Z
l_[m
Zkh_d]
_djhWYhWd_Wb
Z_ii[Yj_ed
<_]$
($)$'+$

..

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
i^emd
ed
W
\h[i^
^kcWd
YWZWl[h1
j^[
Whj[h_Wb
l[ii[bi
Wh[
fh[fWh[Z

m_j^
Yebeh[Z
bWj[n
iebkj_ed$
7\j[h
W
Ç9È
i^Wf[Z
_dY_i_ed"
j^[
ZkhW
cWj[h
_i
\ehY_Xbo
h[jhWYj[Z
kfmWhZi"
Wbbem_d]
W
ibWdj[Z
l_[m
Zkh_d]
_djhW# YhWd_Wb
eXi[hlWj_ed$
Dej[
j^Wj
WYYehZ_d]
je
j^_i
eXb_gk[
l_[m"
j^[
\hedjeXWiWb
Yehj_YWb
ikh# \WY[
YWd
X[
efj_cWbbo
[nfei[Z
m_j^ekj
h[jhWY# j_ed
e\
j^[
\hedjWb
beX[$
<_]$
($)$',$

ZkhW
cWj[h \hedjeXWiWb
Yehj[n

<_]$
($)$',

Ij[f
(
7\j[h
ef[d_d]
j^[
ZkhW"
j^[
Óhij
ij[f
i^ekbZ
X[
Wd
WZ[gkWj[
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
ikfhWi[bbWh
Y_ij[hdi$
?d
j^[
YWi[
e\
[b[lWj[Z
?9F
W\j[h
Wd[khoicWb
ikXWhWY^de_Z
^[cehh^W]["
j^[
bWj[hWb
l[djh_Yb[
i^ekbZ
X[
fkdYjkh[Z$
7\j[h
h[celWb
e\
ikXWhWY^de_ZWb
eh
l[djh_YkbWh
9I<"
j^[
\hedjWb
beX[
ikXi_Z[i
ifedjWd[ekibo
Wbbem_d]
YWh[\kb
Z_ii[Yj_ed
m_j^
c_d_cWb
XhW_d
h[jhWYj_ed$
Dej[
j^[
9D
??
WdZ
j^[
?97
W\j[h
ef[d_d]
j^[
EF97
m_dZem
m_j^
W
Ód[
c_Yhead_\[$
J^[
ikYa[h
fWhj_Wbbo
Yel[hi
j^[
9D
?
<_]$
($)$'-$

9D
?? ?97 9D
?

<_]$
($)$'-

Ij[f
)
:_ii[Yj_d]
je
j^[
c_Zb_d["
j^[
WhWY^de_Z
c[c# XhWd[i
e\
j^[
Y^_WicWj_Y
Y_ij[hd
Wh[
ef[d[Z
ki_d]
Ód[
c_YheiY_iiehi$
Dej[
j^[
Y^_Wic
WdZ
Xej^
efj_Y
d[hl[i
<_]$
($)$'.$ Y^_Wic

<_]$
($)$'.

./

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

Ij[f
*
7\j[h
\khj^[h
Z_ii[Yj_ed
WdZ
h[jhWYj_ed
e\
j^[
\hedjWb
beX["
j^[
bWc_dW
j[hc_dWb_i
WdZ
j^[
79e7
YWd
X[
WffheWY^[Z$
:k[
je
j^[
eXb_gk[
l_[m
WdZ
ikh]_YWb
Z_ii[Yj_ed"
h[celWb
e\
j^[
]ohki
h[Yjki
_i
dej
d[Y[iiWho
m^[d
d[Wh_d]
j^[
79e7
Yecfb[n
<_]$
($)$'/$

Y^_Wic bWc_dW
j[hc_dWb_i 79e7 h_]^j
7'

<_]$
($)$'/

Ij[f
+
:_ii[Yj_d]
jemWhZi
je
j^[
YedjhWbWj[hWb
Z_h[Y# j_ed"
j^[
effei_j[
YWhej_Z
Whj[ho
_i
WffheWY^[Z$
Dej[
j^[
YWhej_Z
X_\khYWj_ed"
j^[
C97
Z_iWf# f[Whi
_dje
j^[
Iobl_Wd
Óiikh[
<_]$
($)$(&$

effei_j[
b[\j
?97 b[\j
7'

<_]$
($)$(&

Ij[f
,
7\j[h
ef[d_d]
j^[
c[Z_Wb
Wif[Yj
e\
j^[
effei_j[
Iobl_Wd
Óiikh["
j^[
b[\j
C97
YWd
X[
eXi[hl[Z$
Dej[
j^[
YedjhWbWj[hWb
\hedjWb
WdZ
j[cfehWb
beX[i
WdZ
j^[
eh_]_d
e\
j^[
797
<_]$
($)$('$

j[cfehWb
beX[ effei_j[
C97 \hedjWb
beX[ ?97
X_\khYWj_ed 797


<_]$
($)$('

/&

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

Ij[f
-
:_ii[Yj_d]
W]W_d
ed
j^[
_fi_bWj[hWb
i_Z[
WdZ
ef[d_d]
j^[
Wdj[hebWj[hWb
ikfhWi[bbWh
ikX# WhWY^de_Z
ifWY[i"
j^[
[dj_h[
ikfhWYb_de_Z
i[]c[dj
e\
j^[
?97
YWd
X[
i[[d$
J^[
Iobl_Wd
Óiikh[
_i
dej
o[j
ef[d[Z1
^[h[
j^[
j[cfehWb
beX[
Yel[hi
j^[
C97"
j^[
\hedjWb
beX[
fh[l[dji
eXi[hlWj_ed
e\
j^[
797$
Dej[
j^[
Zehikc
i[bbW[
WdZ
j^[
9D
???"
m^_Y^
_i
Z_ii[Yj[Z
WmWo
\hec
WhWY^de_ZWb
WZ^[i_edi
m_j^
Ód[
c_Yhe# iY_iiehi
<_]$
($)$(($

9D
?? 9D
??? Zehikc
i[bbW[ ?97

<_]$
($)$((

Ij[f
. J^[
_fi_bWj[hWb
Iobl_Wd
Óiikh[
_i
ef[d[Z
Wbbem# _d]
_dl[ij_]Wj_ed
e\
j^[
h_]^j
C97$
7YYehZ_d]
je
j^[
ikX\hedjWb
l_[m"
j^[
C'
i[]c[dj
YWd
X[
WffheWY^[Z
m_j^ekj
h[jhWYj_ed
e\
j^[
j[cfe# hWb
beX[$
Dej[
j^[
YWhej_Z
X_\khYWj_ed
m_j^
j^[
eh_]_d
e\
j^[
h_]^j
797
<_]$
($)$()$

Ij[f
/ 7\j[h
\khj^[h
Z_ii[Yj_ed"
j^[
bWj[hWb
Wif[Yj
e\
j^[
ikfhWi[bbWh
Wh[W
_i
l_ikWb_p[Z1
j^[
WdW# jec_YWb
m_dZemi
c[Z_Wb
WdZ
bWj[hWb
je
j^[
9D
???
Wh[
ef[d[Z$
J^hek]^
j^[
EF97
WdZ

bWj[hWb
ikfhWi[bbWh
m_dZemi"
j^[
Z[[f
h[jhei[b# bWh
h[]_ed
Wff[Whi
m_j^ekj
h[jhWYj_ed
e\
j^[

d[khelWiYkbWh
ijhkYjkh[i$
Dej[
j^[
Wd]b[Z
ikh# ]_YWb
l_[m
WYYehZ_d]
je
j^[
ibWdj[Z
Wif[Yj
W\j[h
h[celWb
e\
j^[
ehX_jWb
h_c$
M_j^_d
j^[
feij[h_eh
\eiiW"
j^[
Wdj[h_eh
ikh\WY[
e\
j^[
fedi
Wff[Whi1
dej[
j^[
bWj[hWb
fh[fedj_d["
c[Z_Wb
WcX_[dj
WdZ
YhkhWb
Y_ij[hdi
m_j^
j^[
I97
WdZ
F(
i[]c[dj
e\
j^[
F971
j^[
9D
???
Wff[Whi
X[jm[[d
j^[
fei# j[h_eh
Y[h[XhWb
WdZ
ikf[h_eh
Y[h[X[bbWh
Whj[h_[i

<_]$
($)$(*$

j[cfehWb
beX[ C97
X_\khYWj_ed YWhej_Z
X_\khYWj_ed C'
i[]c[dj 7'
i[]c[dj

<_]$
($)$()

9D
??? fedi I97 ?97 F97

<_]$
($)$(*

/'

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

Ij[f
'& <eYki_d]
j^hek]^
j^[
EF97
m_dZem"
j^[
_dj[h# f[ZkdYkbWh
Y_ij[hd
YWd
X[
i[[d$
J^[
Z_ijWb
87
Wff[Whi
X[^_dZ
j^[
Zehikc
i[bbW["
j^[

B_bb`[gk_ij
c[cXhWd[
_i
dej
o[j
ef[d[Z$
Dej[
j^[
7'"
j^[
efj_Y
Y^_Wic
WdZ
j^[
h_]^j
efj_Y
jhWYj

<_]$
($)$(+$

Y^_Wic ?97 efj_Y
jhWYj 7'
i[]c[dj

<_]$
($)$(+

Ij[f
'' 7\j[h
][djb[
h[jhWYj_ed
e\
j^[
Y^_Wic
m_j^
W
c_YheZ_ii[Yjeh"
j^[
f_jk_jWho
ijWba
YWd
X[
eXi[hl[Z$
7\j[h
ef[d_d]
j^[
B_bb`[gk_ij
c[c# XhWd["
j^[
87
Wff[Whi
X[^_dZ
j^[
Zehikc
i[bbW[
<_]$
($)$(,$

f_jk_jWho
ijWba ?97 87


<_]$
($)$(,

Ij[f
'( J^[
XWiWb
ikfhWehX_je#ehX_jWb
lWh_Wj_ed
e\
j^[
ikfhWehX_jWb
YhWd_ejeco
fhel_Z[i
W
iW\[
ikh# ]_YWb
[nfeikh[
e\
j^[
kff[h
_dj[hf[ZkdYkbWh
Y_ij[hdi
m_j^
j^[
j_f
e\
j^[
87
WdZ
j^[
cWc_b# bWho
XeZ_[i$
JhWkcWj_Y
h[jhWYj_ed
WdZ
[nj[dZ[Z
cel[c[dj
e\
j^[
ikfhWi[bbWh
d[khelWiYkbWh
ijhkYjkh[i
Wh[
dej
d[Y[iiWho
m^[d
[nfei_d]

j^[
XWi_bWh
j_f
<_]$
($)$(-$

I97 XWi_bWh
j_f F97 cWc_bbWho
XeZ_[i

<_]$
($)$(-

/(

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ikXWhWY^de_Z
ifWY[
_i
Óbb[Z
m_j^
Whj[ÓY_Wb
9I<$
:khWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
Wle_Z_d]
feijef[hWj_l[
9I<
ÓijkbW$
?\
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
ef[d_d]"
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
?\
j^[
f[h_ehX_jW
_i
_d`kh[Z"
f[h_ehX_jWb
j[Whi
i^ekbZ
X[
h[fW_h[Z
Wle_Z_d]
fhejhki_ed
e\
j^[
ehX_jWb
\Wj$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo"
j^[
Xed[
ÔWf
_i
h[fei_j_ed[Z
WdZ
WjjWY^[Z
ki_d]
ed[
eh
jme
j_jWd_kc
fbWj[i$
Dej[
j^Wj
j^[
Xed[
ÔWf
i^ekbZ
X[
Ón[Z
_d
Wd
WdWjec_YWbbo
Yehh[Yj
cWdd[h"
dej
edbo
WY^_[l_d]
efj_cWb
Yeic[j_Y
h[ikbji
Xkj
Wle_Z_d]
feijef[hW# j_l[
[d#
eh
[nef^j^Wbcei
m_j^
W
ikXi[gk[dj
Z_ijkhXWdY[
e\
[o[# XWbb
cej_ed$
7\j[h
YWh[\kbbo
eXjW_d_d]
Yecfb[j[
^[ceijWi_i"
j^[

ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i"
j^[
ia_d
m_j^
_djhWYkjWd[eki
hkdd_d]
ikjkh[i
eh
ij[h_b[

WZ^[i_l[
jWf[i$
8[YWki[
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
ded# jhWkcWj_Y
ikh]_YWb
j[Y^d_gk["
W
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dYehh[Yj
fbWdd_d]
WdZ
fWj_[dj
fei_j_ed_d]
m_j^
_dik\ÓY_[dj
_djhWYhWd_Wb
[nfeikh[
e\
j^[
b[i_ed$
FbWdd_d]
WdZ
fei_j_ed_d]
Wh[
jWiai
e\
j^[
ef[hWj_d]
d[kheikh][ed
^_ci[b\$ š
J^[
ia_d
_dY_i_ed
_i
f[h\ehc[Z
jee
c[Z_Wbbo
m_j^
_d`kho
je
j^[
ikfhWehX_jWb
d[hl[
WdZ
ikXi[gk[dj
feijef[hWj_l[
\hedjWb
dkcX# d[ii$
š
F[d[jhWj_ed
e\
j^[
\hedjWb
fWhWdWiWb
i_dki
Zkh_d]
YhWd_ejeco$
J^[
ef[d_d]
i^ekbZ
X[
Ybei[Z
je
Wle_Z
W
feijef[hWj_l[
9I<
Ói# jkbW
WdZ
c[d_d]_j_i$
<eh
j^_i
h[Wied"
Xed[
mWn"
W
]Wb[Wb
ÔWf
eh
WXZec_dWb
\Wj
j_iik[
YWd
X[
ki[Z$ š
El[hbeea[Z
Xkj
iec[j_c[i
kdWle_ZWXb[
_d`kho
je
j^[
ZkhW
cWj[h
Zkh_d]
YhWd_ejeco$
<eh
mWj[hj_]^j
Ybeikh["
icWbb
f_[Y[i
e\
j^[
j[cfehWb
ckiYb[
YWd
X[
ki[Z$
?d
iec[
YWi[i"
ZkhWb
h[YedijhkY# j_ed
cWo
X[
d[Y[iiWho
ki_d]
fbWij_Y
cWj[h_Wb$ š
F[d[jhWj_ed
e\
j^[
f[h_ehX_jW
m_j^
eYYWi_edWb
ZWcW][
je
_djhW# ehX_jWb
ijhkYjkh[i$
Feijef[hWj_l[
ef^j^Wbcebe]_Y
Z_ijkhXWdY[i
cWo
eYYkh$ š
?dWZ[gkWj[
h[celWb
e\
9I<
Wi
j^[
Óhij
ij[f
e\
j^[
_djhWZkhWb
fheY[Zkh[
m_j^
ikXi[gk[dj
Yedjki_ed
e\
j^[
\hedjWb
beX[
Zk[
je
ifWjkbW
fh[iikh[$ š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
_d
j^[
fWhWi[bbWh
h[]_ed
Zkh_d]
c_Yheikh]_YWb
cWd_fkbWj_ed
YWki_d]
feijef[hWj_l[
d[k# hebe]_YWb
Z[j[h_ehWj_ed
_d
iec[
fWj_[dji$

/)

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

š
?dWZ[gkWj[
^[ceijWi_i
WdZ
ikXi[gk[dj
_djhWYhWd_Wb
h[Xb[[Z_d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
YWki_d]
W
feijef[hWj_l[
9I<
ÓijkbW$
š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf
m_j^
feij# ef[hWj_l[
[d#
eh
[nef^j^Wbcei"
ikXi[gk[dj
[o[
cel[c[dj
Z_i# ehZ[hi
WdZ
feeh
Yeic[j_Y
h[ikbji$ š
?dWZ[gkWj[
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
YWki_d]
feijef# [hWj_l[
ie\j
j_iik[
^[cWjecW$

<_]$
($)$(.

<_]$
($)$(/

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]$ š
9ecfWh[Z
je
j^[
ikfhWehX_jWb
YhWd_ejeco"
j^[
ikfhWehX_je# ikfhWehX_jWb
WffheWY^
h[gk_h[i
ceh[
h[jheÔ[n_ed
Zkh_d]
^[WZ
fei_j_ed_d]
<_]$
($)$(.$ <_]$
($)$)&

š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
ikf[hÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_# i_ed$ š
?\
j^[
[o[Xhem
_i
dej
Zec_dWdj"
j^[
ia_d
_dY_i_ed
cWo
X[
f[h# \ehc[Z
_d
W
mh_dab[
eh
iYWh
_d
j^[
ikfhWehX_jWb
\hedjej[cfehWb
Wh[W$
?\
j^[o
Wh[
Wbie
dej
fh[i[dj"
W
Ykhl[Z
\hedjej[cfehWb
ia_d
_dY_i_ed
YWd
X[
cWZ[
X[^_dZ
j^[
^W_hb_d[$
>em[l[h"
ie\j
j_iik[
h[jhWYj_ed
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
Wle_Z
feijef[hWj_l[
d[Yhei_i
<_]$
($)$(/$

<_]$
($)$)'

š
J^[
\hedjWb
WdZ
ehX_YkbWh
ckiYb[i
i^ekbZ
X[
\ehY_Xbo
h[jhWYj[Z
Xej^
ZemdmWhZi
_d
W
\hedjWb
WdZ
kfmWhZi
_d
Wd
ehX_jWb
Z_h[Yj_ed
m_j^
ijhed]
^ebZ_d]
ikjkh[i"
[nfei_d]
j^[
ehX_jWb
h_c
WdZ
j^[
\hedjebWj[hWb
h[]_ed
<_]$
($)$)&$ <_]$
($)$)(

š
M_j^
W
ik_jWXbo
fbWY[Z
Xkhh
^eb["
Xej^
j^[
Wdj[h_eh
\eiiW
WdZ
j^[
ehX_j
YWd
X[
ef[d[Z
m_j^ekj
ZWcW]_d]
j^[
ZkhW
cWj[h
WdZ
j^[
f[h_ehX_jW
<_]$
($)$)'$ š
IjW][i
e\
YhWd_ejeco
<_]$
($)$)(0
'$
Xkhh
^eb[
jh[f^_dWj_ed
m_j^

ef[d_d]
e\
Xej^
j^[
Wdj[h_eh
\eiiW
WdZ
j^[
ehX_j1
($
\hedjWb
Ykj# j_d]
_d
W
Ykhl[Z
\Wi^_ed
\hec
j^[
Xkhh
^eb[
_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed1
)$
Ykjj_d]
e\
j^[
po]ecWj_Y
fheY[ii
e\
j^[
\hedjWb



/*

) '

* + (

IkfhWehX_jWb
WffheWY^
r
XWiWb
lWh_Wj_ed

<_]$
($)$))

Xed[1
*$
Z_l_Z_d]
j^[
ehX_jWb
h_c1
+$
Zh_bb_d]
e\
j^[
bWj[hWb
Wif[Yj

e\
j^[
ehX_jWb
hee\
WdZ
\hWYjkh_d]
j^[
ehX_jWb
hee\$ š
:khWb
ef[d_d]
_d
W
Ç9È
i^Wf[Z
\Wi^_ed
_i
j_c[#Yedikc_d]
Xkj
Wle_Zi
kdd[Y[iiWho
[nfbehWj_ed
e\
j^[
\hedjWb
beX[
<_]$
($)$))$


<_]$
($)$)*

š
Ki_d]
ijhed]
ZkhWb
^ebZ_d]
ikjkh[i
WdZ
c_d_cWb
Z[fh[ii_ed
e\
j^[
ehX_jWb
ijhkYjkh[i"
W
ceh[
Wd]b[Z
_djhWYhWd_Wb
[nfbehWj_ed
YWd
X[
WY^_[l[Z
<_]$
($)$)*$ š
Je
WY^_[l[
mWj[hj_]^j
ZkhWb
Ybeikh["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[
<_]$
($)$)+$ š
?\
j^[
\hedjWb
fWhWdWiWb
i_dki
_i
f[d[jhWj[Z"
YWh[\kb
Ybeikh[
_i
h[gk_h[Z$
8ed[
mWn"
W
ÔWf
e\
]Wb[W
eh
WXZec_dWb
\Wj
j_iik[
YWd
X[
ki[Z
\eh
j^_i
fkhfei[
<_]$
($)$),$

<_]$
($)$)+

š
7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
Xed[
ÔWf
i^ekbZ
X[
Ón[Z
WdWjec_YWbbo
je
WY^_[l[
efj_cWb
Yeic[j_Y
ekj# Yec[
WdZ
je
Wle_Z
feijef[hWj_l[
[o[
cel[c[dj
Z_iehZ[hi

<_]$
($)$)-$ š
?\
fh[i[dj"
Xedo
Z[^_iY[dY[
i^ekbZ
X[
Ybei[Z
m_j^
W
c_Z#
eh
bWh][# i_p[Z
j_jWd_kc
fbWj[
<_]$
($)$).$ <_]$
($&$),

š
J^[
[o[Xhem
_dY_i_ed
i^ekbZ
X[
YWh[\kbbo
Ybei[Z
m_j^
_djhWYkjW# d[eki
ikjkh[i
eh
m_j^
ij[h_b[
WZ^[i_l[
jWf[i$ š
Ki_d]
b_c_j[Z
ia_d
_dY_i_ed
WdZ
c_d_cWb
ie\j#j_iik[
Z_ii[Yj_ed"
de
ikYj_ed
ZhW_d
_i
d[Y[iiWho$

<_]$
($)$)-

<_]$
($)$).

/+

IkXj[cfehWb
WffheWY^

)$&
IkXj[cfehWb
WffheWY^ >_ijeho
e\
ikXj[cfehWb
WffheWY^[i ?d
j^[
Yekhi[
e\
d[kheikh]_YWb
^_ijeho"
j[Y^d_gk[i
ki_d]
j[cfe# hWb
YhWd_ejec_[i
\eh
j^[
jh[Wjc[dj
e\
jh_][c_dWb
d[khWb]_W"
ifWY[# eYYkfo_d]
b[i_edi
e\
j^[
c_ZZb[
WdZ
feij[h_eh
YhWd_Wb
\eiiW
WdZ
Wd[khoici
e\
j^[
_dj[hdWb
YWhej_Z
WdZ
XWi_bWh
Whj[h_[i
^Wl[
X[[d

\h[gk[djbo
Z[iYh_X[Z$


<_]$
)$&$'
IkXj[cfehWb
[njhWZkhWb
[nfeikh[
e\
j^[
=Wii[# h_Wd
]Wd]b_ed
_d
W
YWi[
e\
i[l[h[
j_Y
Zekbekh[kn"
fkXb_i^[Z
Xo
<[Zeh
AhWki[
_d
'/''$
:_\\[h_d]
\hec
ceZ[hd
j[cfe# hWb
eh
ikXj[cfehWb
WffheWY^[i
m_j^
YWh[\kb
Z_ii[Yj_ed
e\
WdWjec_YWb
bWo[hi"
j^[
Wkj^eh
Yh[Wj[Z
W
^ehi[i^e[#i^Wf[Z
YecX_d[Z
ia_d#\WiY_W#ckiYb[#Xed[
ÔWf
h[jhWYj[Z
_d\[h_ehbo
el[h
j^[
po]ecWj_Y
WhY^$
M_j^
j^_i
[njhWZkhWb
[nfeikh["
_djhWef[hWj_l[
ZWcW][
je
j^[
j[cfehWb
beX[
YekbZ
X[
[\\[Yj_l[bo
c_d_c_p[Z$



<_]$
)$&$(
7
i_c_bWh
ikXj[cfehWb
[njhWZkhWb
WffheWY^
je
j^[
jh_][c_dWb
]Wd]b_ed
Z[iYh_X[Z
Xo
JWdZb[h
WdZ
HWdp_
_d
'/(&
_d
j^[_h
_bbkijhWj[Z
j[njXeea
ÇIkh]_YWb
7dWjeco
WdZ
Ef[hWj_l[
J[Y^d_gk[i
e\
j^[
9[djhWb
D[hleki
Ioij[cÈ


7
\ehc
e\
ikXj[cfehWb
WffheWY^
je
j^[
jh_][c_dWb
]Wd]b_ed
mWi
Z[iYh_X[Z
Xo
<[Zeh
AhWki[
_d
'/''
_d
j^[
i[YedZ
lebkc[
e\
^_i
f_e# d[[h_d]
meha
ÇIkh][ho
e\
j^[
8hW_d
WdZ
If_d[È
fkXb_i^[Z
_d
8[hb_d"
=[hcWdo
QAhWki[
'/''S$
J^[
Óhij
ef[hWj_ed
\eh
jh[Wjc[dj
e\
i[l[h[
jh_][c_dWb
d[khWb]_W
mWi
YWhh_[Z
ekj
_d
'./(
[dYekhW][Z
Xo
j^[
d[k# hebe]_ij
>[hcWdd
Eff[d^[_c$
7
fh[#Wkh_YkbWh
ikXj[cfehWb
[njhW# ZkhWb
WffheWY^
mWi
Z[l[bef[Z
\eh
[nj_hfWj_ed
e\
j^[
=Wii[h_Wd
]Wd]b_ed
m^[h[W\j[h
j^[
i[l[h[
j_Y
Zekbekh[kn
e\
j^[
;d]b_i^
YWf# jW_d
C_bjed
>emWhZ
i^em[Z
cWha[Z
feijef[hWj_l[
_cfhel[c[dj$
?d
'/&'"
j^[
d[khebe]_ij
M_bb_Wc
If_bb[h
WdZ
j^[
ikh][ed
9^Whb[i
Whl[o
9ki^_d]
Wbie
ef[hWj[Z
ed
fWj_[dji
ik\\[h_d]
\hec
j_Y
Zekbekh[kn
Q9ki^_d]
'/'(S$

?d
'/(&"
@kb_ki
JWdZb[h
WdZ
;$
HWdp_
Z[iYh_X[Z
W
ikXj[cfehWb
[nfeikh[
_d
j^[_h
lebkc[
ÇIkh]_YWb
7dWjeco
WdZ
Ef[hWj_l[
J[Y^# d_gk[i
e\
j^[
9[djhWb
D[hleki
Ioij[cÈ
QJWdZb[h
é
HWdp_
'/(&S$
CWdo
o[Whi
bWj[h"
W
l[ho
i_c_bWh
c[j^eZ
mWi
ki[Z
Xo
BkZm_]
=$
A[cf["
m^e
Z[iYh_X[Z
Wd
eij[eYbWij_Y
[njhWZkhWb
WffheWY^
\eh
j^[
i[b[Yj_l[
h[jhe]Wii[h_Wd
h^_pejeco
e\
j^[
cWn_bbWho
WdZ
cWdZ_Xk# bWh
heeji
e\
j^[
jh_][c_dWb
d[hl[
<_]$
)$&$)
QA[cf[
'/,.S$
7
if[Y_Wb
_dZ_YWj_ed
\eh
W
ikXj[cfehWb
WffheWY^
mWi
eYYbki_l[
^oZheY[f^Wbki$
?d
'/)("
MWbj[h
:WdZo
Z[iYh_X[Z
W
bWj[hWb
ikXj[c# fehWb
WffheWY^
\eh
W
j^_hZ
l[djh_Ykbeijeco
Q:WdZo
'/)(S$
9ec# fWh[Z
m_j^
^_i
_d_j_Wb
ikX\hedjWb
[nfeikh["
j^[
ikXj[cfehWb
j^_hZ
l[djh_Ykbeijeco
Z_Z
dej
h[gk_h[
Z_l_i_ed
e\
j^[
efj_Y
d[hl[
\eh
ef[d_d]
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[
<_]$
)$&$*$
?d
'/*+"
:WdZo
fkXb_i^[Z
W
i[h_[i
e\
/(
fWj_[dji
jh[Wj[Z
_d
j^_i
\Wi^_ed
m_j^
W
'(
cehjWb_jo
hWj[
WdZ
m_j^
Whh[ij
e\
j^[
^oZheY[f^Wbki
_d
+&
e\
j^[
fWj_[dji
Q:WdZo
'/*+S$


/-

IkXj[cfehWb
WffheWY^

J^[
j[cfehWb
WffheWY^
je
Wd
_djhWYhWd_Wb
Wd[khoic
mWi
Óhij
fkX# b_i^[Z
Xo
7$
I$
Jh[lWd_
Wi
^[
mWi
[nfbeh_d]
W
fWj_[dj
\eh
W
jkceh
m_j^_d
j^[
c_ZZb[
YhWd_Wb
\eiiW
QJh[lWd_
'/)(S$
7\j[h
f[h\ehc_d]
W
bWh][
j[cfehWb
ÔWf
[nj[dZ_d]
_dje
j^[
\hedjWb
WdZ
fWh_[jWb
h[]_ed"
^[
\ekdZ
W
]_Wdj
Wd[khoic
e\
j^[
_dj[hdWb
YWhej_Z
Whj[ho$
M_bb_Wc
@$
=WhZd[h
Z[iYh_X[Z
W
YWi[
_d
m^_Y^
W
j[cfehWb
YhWd_ejeco
mWi

ki[Z
\eh
W
^ofef^oi[Wb
jkceh
m^_Y^
mWi
Wbie
Wd
Wd[khoic
e\
j^[
_dj[hdWb
YWhej_Z
Q=WhZd[h
'/),S$
7\j[h
_djhWef[hWj_l[
hkfjkh["
j^[
ef[hWj_d]
Ó[bZ
mWi
Óbb[Z
m_j^
]Wkp[
m^_Y^
X[YWc[
_d\[Yj[Z
WdZ
mWi
h[cel[Z
jme
o[Whi
bWj[h$
Ej^[hi
ikXi[gk[djbo
ki[Z
j^[
j[cfehWb
hekj[
\eh
fbWdd[Z
ef[hWj_edi
\eh
Wd[khoici
e\
j^[
_dj[h# dWb
YWhej_Z
Whj[ho
WdZ
_ji
XhWdY^[i$
F[j[h
>Whh_i
WdZ
=[eh][
8$

KZlWh^[bo_
h[Yecc[dZ[Z
W
ikXj[cfehWb
YhWd_[Yjeco
_dij[WZ
e\
YhWd_ejeco
Q>Whh_i
WdZ
KZlWh^[bo_
'/+-S$
@Wc[i
B$
Feff[d
_d
'/,&
<_]$
)$&$+"
@_he
Ikpka_
_d
'/,+"
WdZ
;$
Ij[f^[di
=khZ`_Wd
_d
'/-&
[WY^
h[fehj[Z
ed
j^[
ikXj[cfehWb
WffheWY^
\eh
Wd[khoici
e\
j^[
F9e7
QFeff[d
'/,&"
Ikpka_
'/,+"
=khZ`_Wd
'/-&S$ J^[
Óhij
ikh][ed
je
ki[
j^[
j[cfehWb#ikXj[cfehWb
hekj[
\eh
[nfe# ikh[
e\
XWi_bWh
Wd[khoici
mWi
<$
@e^d
=_bb_d]^Wc$
?d
'/+."
^[
h[fehj[Z
\ekh
YWi[i
_d
m^_Y^
jme
Wd[khoici
m[h[
Yb_ff[Z
WdZ
jme
m[h[
mhWff[Z
m_j^
\WiY_W
Q=_bb_d]^Wc
'/+.S$
J^[
h[Wb
f_ed[[h
_d
j^[
Z[l[befc[dj
e\
ikXj[cfehWb
WffheWY^[i
\eh
Wd[khoici
e\
j^[
XWi_bWh
Whj[ho"
^em[l[h"
mWi
9^Whb[i
:hWa["
m^e
h[fehj[Z
^_i
Óhij
[nf[h_[dY[i
_d
'/,&
e\
Wd[khoici
e\
j^[
XWi_bWh
j_f
Q:hWa[
'/,&S$
?d
'/,."
^[
mWi
WXb[
je
Z[iYh_X[
Z_\\[h[dj
lWh_Wj_edi
e\
j^[
ikXj[c# fehWb
WdZ
j[cfeheXWiWb
WffheWY^[i
[nfei_d]
j^[
XWi_bWh
X_\khYW# j_ed"
j^[
kff[h
WdZ
bem[h
XWi_bWh
jhkda"
WdZ
j^[
j[hc_dWb
l[hj[XhWb
Whj[h_[i
<_]$
)$&$,$
?d
j^[
Zk[
Yekhi[
e\
j_c["
:hWa[Êi
ÔWf
X[YWc[
icWbb[h
WdZ
ceh[
Wdj[h_eh"
Z[cedijhWj_d]
:hWa[Êi
f[hiedWb
b[Whd# _d]
fheY[ii
_d
h[ZkY_d]
ikh]_YWb
jhWkcWj_pWj_ed$
J^[
bWh][
feij[h_eh
YhWd_ejec_[i
m[h[
edbo
ki[Z
je
h[WY^
bem[h
i_jkWj[Z
Wd[khoici
_d
j^[
feij[h_eh
\eiiW
W\j[h
i[Yj_ed_d]
e\
j^[
f[jheYb_de_Z
b_]Wc[dj
WdZ
j[djeh_kc
Q:hWa[
'/,."
'/-.S$
BkZm_]
@$
A[cf["
;$
Ij[f^[di
=khZ`_Wd"
A[_`_
IWde
WdZ
:edWbZ
>$
M_bied
ikXi[gk[djbo
kj_# b_p[Z
j^[
ikXj[cfehWb
hekj["
WbX[_j
m_j^
Z_\\[h[dj
ceZ_ÓYWj_edi
e\
ia_d
_dY_i_ed
WdZ
YhWd_ejeco
<_]$
)$&$-$
JWa[i^_
AWmWi[
h[fehj[Z
ed
j^[
ikXj[cfehWb
jhWdif[jheiWb
WffheWY^
\eh
Wd[khoici
e\
j^[
bem[h
XWi_bWh
Whj[ho
W\j[h
h[celWb
e\
j^[
f[jheki
Wf[n
QA[cf[
'/,."
=khZ`_Wd
'/-&"
IWde
'/-'"
M_bied
'/-'"
AWmWi[
'/.+S$
;nfeikh[
e\
j^[
feij[h_eh
\eiiW
WdZ
_dj[hdWb
WkZ_jeho
YWdWb
l_W
W
ikXj[cfehWb
c_ZZb[
YhWd_Wb
\eiiW
WffheWY^
mWi
Óhij
Z[iYh_X[Z


/.

<_]$
)$&$)
7
b_c_j[Z
ikXj[cfehWb
eij[eYbWij_Y
[njhWZkhWb
[nfeikh[
\eh
h[jhe]Wii[h_Wd
h^_pejeco
e\
j^[
cWn_bbWho
WdZ
cWdZ_XkbWh
heeji
e\
j^[
jh_][c_dWb
d[hl[
_d
fWj_[dji
ik\\[h_d]
\hec
i[l[h[
jh_][c_dWb
d[khWb]_W
fkXb_i^[Z
Xo
A[cf[
_d
'/,.$
Dej[
j^[
i[b[Yj_l[
Z_ii[Yj_ed
e\
j^[
i[dieho
d[hl[
heeji
WdZ
fhej[Yj_ed
e\
j^[
hWZ_n
cejeh_W$


<_]$
)$&$*
:WdZoÊi
j[cfehWb
[nfeikh[
\eh
W
j^_hZ
l[djh_Yk# beijeco
fkXb_i^[Z
_d
'/)($
Dej[
j^[
icWbb
ia_d
_dY_i_ed
WdZ
c_d_cWb
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[$
J^[
Ôeeh
e\
j^[
[dbWh][Z
j^_hZ
l[djh_Yb[
mWi
WffheWY^[Z
X[jm[[d
j^[
?97
WdZ
9D
???$

IkXj[cfehWb
WffheWY^

7

<_]$
)$&$+
J[cfehWb
[nfeikh[
\eh
Wd[khoici
e\
j^[
_dj[h# dWb
YWhej_Z
Whj[ho
WdZ
j^[_h
XhWdY^[i
WYYehZ_d]
je
Feff[d
fkXb_i^[Z
_d
'/,&$

8

<_]$
)$&$-
A[cf[Êi
j[cfehWb
ÔWf
\eh
XWi_bWh
Whj[ho
Wd[k# hoici"
fkXb_i^[Z
_d
'/,.$
Dej[
j^[
[nj[dZ[Z
\hedjWb
WdZ
j[cfehWb
Xed[
h[celWb$

<_]$
)$&$,
:_\\[h[dj
ikXj[cfehWb
WffheWY^[i
\eh
jh[Wj_d]
XWi_bWh
Whj[ho
Wd[khoici
fkXb_i^[Z
Xo
9^Whb[i
:hWa[
_d
'/,&"
'/,.
WdZ
'/-.$
Dej[
j^[
\hedjefWh_[jWb
[nj[di_ed
e\
j^[
[nj[dZ[Z
'/,&
YhWd_ejeco
h[Z
Whhemi
je
]W_d
[nfeikh[
je
j^[
l[djhWbbo
i_jkWj[Z
Wd[khoic
Z_W]dei[Z
Xo
fh[ef[hWj_l[
Wd]_e]hWf^o
7$
:hWa[Éi
ikXj[cfehWb
YhW# d_ejeco
\eh
XWi_bWh
j_f
Wd[khoici"
fkXb_i^[Z
_d
'/,.
8$
?d
'/-."
^[
jh[Wj[Z
W
l[ho
i_c_bWh
Wd[khoic
l_W
W
b_c_j[Z
ikX# j[cfehWb
[nfeikh[
Z[cedijhWj_d]
^_i
f[hiedWb
[nf[h_[dY[
_d
h[ZkY_d]
ef[hWj_l[
jhWkcW
9$


9

//

IkXj[cfehWb
WffheWY^

Xo
H$
>$
FWhho
_d
'/&*$
>[
Z[iYh_X[Z
W
YWi[
e\
j_dd_jki
WdZ
l[hj_]e
jh[Wj[Z
Xo
Z_l_i_ed
e\
j^[
WkZ_jeho
d[hl[
QFWhho
'/&*S$
J^[
i[dj_# d[b
meha
e\
M_bb_Wc
<$
>eki[
_d
'/,'
b[Z
je
j^[
h[Ód[c[dj
e\
j^_i
WffheWY^
\eh
j^[
_dj[hdWb
WkZ_jeho
YWdWb
WdZ
Y[h[X[bbefedj_d[
Wd]b[$
J^[
WffheWY^
mWi
ki[Z
_d_j_Wbbo
\eh
Z[Yecfh[ii_ed
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
_d
YWi[i
e\
[nj[di_l[
ejeiYb[hei_i
_dlebl# _d]
j^[
bWXoh_dj^_d[
Xed[$
J^Wj
_dZ_YWj_ed
^Wi
X[[d
WXWdZed[Z"
Xkj
j^[
c_ZZb[
\eiiW
WffheWY^
^Wi
X[Yec[
W
meha^ehi[
_d
[nfei# _d]
icWbb
l[ij_XkbWh
iY^mWddecWi
m^[d
fh[ef[hWj_l[
^[Wh_d]
h[cW_di
_djWYj
Q>eki[
'/,'"
<_iY^
'/,.S
<_]$
)$&$.$
J^[
ikXj[cfehWb
f[jheiWb
WffheWY^
\eh
c[d_d][ecWi
e\
j^[

feij[h_eh
\eiiW
WdZ
f[jheYb_lWb
h[]_ed
mWi
Z[iYh_X[Z
Xo
C$
=Wp_
OWiWh]_b
_d
'/.&"
BWb_]Wc
D$
I[a^Wh
_d
'/.*"
EiiWcW
7b#C[\jo
_d
'/.."
CWZ`_Z
IWc__
_d
'/./
WdZ
JWa[i^_
AWmWi[
_d
'//'
<_]$
)$&$/$

<_]$
)$&$.
?Z[dj_ÓYWj_ed
e\
j^[
_dj[hdWb
WkZ_jeo
YWdWb
Xo
j^[
ikXj[cfehWb
WffheWY^
ki_d]
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
Wi
kd_gk[
bWdZcWha"
fkXb_i^[Z
Xo
K]e
<_iY^
_d

'/,.$
J^[
h[bWj_edi^_f
e\
j^[
[nj[hdWb
WkZ_jeho
YWdWb
'"
j^[
heej
e\
j^[
po]ecWj_Y
WhY^
("
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
)"
j^[
l[ij_XkbWh
d[hl[
*"
j^[
\WY_Wb
d[hl[
+"
j^[
][d_Yk# bWj[
]Wd]b_ed
,
WdZ
j^[
XWiWb
j[hc
e\
j^[
YeY^b[W
-
_i
m[bb
Z[cedijhWj[Z$

Jkceheki
WdZ
lWiYkbWh
b[i_edi
e\
j^[
YWl[hdeki
i_dki
m[h[
Yed# i_Z[h[Z
je
X[
_def[hWXb[
X[\eh[
j^[
f_ed[[h_d]
meha
e\
:m_]^j

FWha_died$
7ffheWY^[i
j^hek]^
j^[
bWj[hWb
mWbb
e\
j^[
YWl[hdeki
i_dki
ki_d]
ikXj[cfehWb
[nfeikh[
m[h[
fkXb_i^[Z
Xo
i[l[hWb
[nf[# h_[dY[Z
ikh][edi
QFWha_died
'/,+"
'/-)"
@e^dijed
'/-/"
KcWdiao
'/.("
:eb[dY
'/.)"
F[hd[Ypao
'/.-S$
;nj[dZ[Z
\hedje#j[cfehWb
WdZ
j[cfehe#XWiWb
[nfeikh[i
\eh
b[i_edi
e\
j^[
YWl[hdeki
i_dki
Wh[W
WdZ
j[cfehWb
iakbb
XWi[
m[h[
h[fehj[Z
Xo
BWb_]Wc
D$
I[a^Wh"
L_dae
:eb[dY
WdZ
EiiWcW
7b#C[\jo
QI[a^Wh
'/.,"
:eb[dY
'/.-"
7b#C[\jo
'/..S1
^em[l[h"
j^[
ZWcW]_d]
WffheWY^[i
ikY^
Wi
j^[
fh[#Wkh_YkbWh
_d\hWj[cfehWb
eh
ehX_jepo]ecWj_Y
[nfeikh[i
kik# Wbbo
Z_Z
dej
_dÔk[dY[
j^[
[nj[dj
e\
h[i[Yj_ed
Xkj
h[ikbj[Z
_d
^_]^[h
feijef[hWj_l[
cehX_Z_jo$
9ecfWh[Z
m_j^
j^[i[
[nj[dZ[Z
WffheWY^[i"
ej^[h
Wkj^ehi
h[fehj[Z
ed
ikXj[cfehWb
a[o^eb[

YhWd_ejec_[i"
Wbbem_d]
efj_cWb
l_ikWb_pWj_ed
e\
j^[
feij[h_eh
WdZ
bWj[hWb
Wif[Yj
e\
j^[
YWl[hdeki
i_dki
WdZ
j^[
j[cfehWb
iakbb
XWi[
QF[hd[Ypao
'/.."
Adeif
'//,"
JWd_]kY^_
'//-S$


=[d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[

c_ZZb[
YhWd_Wb
\eiiW"
j^[
Y[h[X[bbefedj_d[
Wd]b[
WdZ
j^[
ikfhWi[bbWh
h[]_ed Fh_eh
je
f[h\ehc_d]
W
ikXj[cfehWb
WffheWY^"
j^[
WdWjec_YWb
Y^W# hWYj[h_ij_Yi
e\
j^[
c_ZZb[
WdZ
Wdj[h_eh
YhWd_Wb
\eiiW
i^ekbZ
Óhij
X[
Yedi_Z[h[Z$
J^[
XWi[
e\
j^[
Wdj[h_eh
fWhj
e\
j^[
c_ZZb[
YhW# d_Wb
\eiiW
_i
i_jkWj[Z
Z[[f[h
j^Wd
j^[
XWi[
e\
j^[
ikfhWi[bbWh
Wh[W"


'&&

<_]$
)$&$/
AWmWi[Êi
ikXj[cfehWb
WffheWY^
eXi[hl_d]
b[i_# edi
e\
j^[
Y[djhWb
iakbb
XWi[$
Dej[
j^[
m_Z[
[nfeikh[
e\
j^[
feij[h_eh
\eiiW
W\j[h
h[celWb
e\
j^[
f[jheki
Wf[n$

IkXj[cfehWb
WffheWY^

7

h[
fh[i[dj[Z
Xo
j^[
Wdj[h_eh
WdZ
feij[h_eh
Yb_de_Z
fheY[ii[i
WdZ
j^[
Z_Wf^hW]cW
i[bbW[
QBWd]
'/.'S$
J^_i
c[Wdi
j^Wj
WffheWY^_d]
j^_i
Wh[W
\hec
W
bWj[hWb"
j[cfehWb
Z_h[Yj_ed"
j^[
Wdj[h_eh
fWhj
e\
j^[
j[cfehWb
beX[
eXiYkh[i
WYY[ii
je
j^[
_cfehjWdj
ikfhWi[bbWh
ijhkY# jkh[i$
J^[h[\eh["
ki_d]
j^[
Wdj[h_eh
j[cfehWb
[nfeikh["
cWd_fkbW# j_ed
WdZ
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
ckij
WbmWoi
X[
_dYbkZ[Z
m_j^
ikXi[gk[dj
_d`kho
WdZ
Yedjki_ed
e\
j^[
XWiWb
fWhj
e\
j^[
j[c# fehWb
beX[$
?d
ehZ[h
je
c_d_c_p[
j^[
h[jhWYj_ed
e\
j^[
j[cfehWb
beX["
j^[
Wdj[h_eh
ikXj[cfehWb
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
Wi
Ybei[
je
j^[
XWi[
Wi
feii_Xb[
<_]$
)$&$'&
7"
8$
?d
WZZ_j_ed"
W
feij[h_eh
fbWY[# c[dj
e\
j^[
YhWd_ejeco
YWd
[\\[Yj_l[bo
c_d_c_p[
j[cfehWb
h[jhWY# j_ed
<_]$
)$&$'&
9$
;Whbo
ZhW_dW][
e\
9I<"
WZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj"
c_d_cWb
ZkhWb
ef[d_d]
WdZ
YWh[\kb
ikh]_YWb
Z_ii[Yj_ed
Wh[
Wbie
[ii[dj_Wb
\WYjehi
je
Wle_Z
Yedjki_ed
e\
j^[
j[cfehWb
beX[$
Ki_d]
ikXj[cfehWb
YhWd_ejec_[i"
W
\h[gk[djbo
Z[iYh_X[Z
ikh]_YWb
fheXb[c
_i
Z[Wb_d]
m_j^
j^[
_d\[h_eh
WdWijecej_Y
l[_d
e\
BWXXƒ$
>em[l[h"
ki_d]
W
b_c_j[Z
Wdj[h_eh
ikXj[cfehWb
WffheWY^"
Z_ii[Y# j_ed
e\
j^[
feij[h_ehbo
i_jkWj[Z
l[_d
ckij
X[
d[l[h
_dYbkZ[Z$

8

J^[
cW_d
jWh][j
h[]_edi
ki_d]
j^[
Wdj[h_eh
ikXj[cfehWb
WffheWY^
Wh[
j^[
bWj[hWb
Wif[Yj
e\
j^[
ikfhWi[bbWh
h[]_ed"
j^[
YWl[hdeki
i_dki
WdZ
j^[
Wdj[hebWj[hWb
feij[h_eh
\eiiW$ 7i
fh[l_ekibo
Z[iYh_X[Z"
j^[
ikfhWi[bbWh
h[]_ed
YWd
X[
h[fh[i[dj[Z
Wi
W
l_hjkWb
fohWc_Z
Wbbem_d]
W
X[jj[h
YedijhkYj_edWb
_cW][
e\
j^_i
Wh[W
<_]$
)$&$''$
J^[
XWi[
e\
j^[
fohWc_Z
_i
\ehc[Z
Xo
j^[
Z_W# f^hW]cW
i[bbW[
WdZ
j^[
bWj[hWb
fbWd[
Yedi_iji
e\
j^[
?97"
9D
??"
efj_Y
jhWYj"
F9e7"
79^7"
WdZ
j^[
9D
???$
J^[
feij[h_eh
jh_Wd]b[
fbWd[
_i
Z[Ó
d[Z
Xo
j^[
l[djhWb
ikh\WY[
e\
j^[
c[i[dY[f^Wbed
WdZ
j^[
87"
F97
WdZ
j^[
I97$
J^[
fohWc_Z
i^emi
W
ib_]^j
j_bj
XWYamWhZi
m_j^
_ji
Wn_i
\ehc[Z
Xo
j^[
_d\kdZ_Xkbkc
WdZ
f_jk_jWho
ijWba$

9

<_]$
)$&$'&
;nfei_d]
j^[
ikfhW#
WdZ
fWhWi[bbWh
h[]_ed
j^hek]^
Wd
Wdj[h_eh
ikXj[cfehWb
YhWd_ejeco"
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
ckij
WbmWoi
X[
_dYbkZ[Z
7$
>em[l[h"
Zk[
je
W
XWiWb
8
eh
feij[h_eh
9
fbWY[c[dj
e\
j^[
WffheWY^"
j[cfehWb
Yedjki_ed
YWd
X[
[\\[Yj_l[bo
c_d_c_p[Z$

J^[
XWi[
e\
j^[
fohWc_Z
Yehh[ifedZi
je
j^[
Z_Wf^hW]cW
i[bbW[
Wi
hee\
e\
j^[
X_bWj[hWb
YWl[hdeki
i_dki$

'&'

IkXj[cfehWb
WffheWY^

8

7

9 7

<_]$
)$&$'(
7hj_ijÊi
ZhWm_d]
Z[cedijhWj_d]
j^[
b[\j
YWl[hd# eki
i_dki$
J^[
l[deki
Y^WcX[h
YWd
X[
Z_l_Z[Z
_dje
j^h[[
cW`eh
fWhji$
J^[
Wdj[h_eh
fWhj
h[fh[i[dji
j^[
fWhW#_d\hW# Yb_de_ZWb
i[]c[dji
e\
j^[
?97
7$
J^[
c_ZZb[
fWhj
_dlebl[i
j^[
bWj[hWb
mWbb
e\
j^[
9I
WdZ
j^[
^eh_pedjWb
i[]c[dj
e\
j^[
?97
8$
J^[
feij[h_eh
fWhj
_dlebl[i
j^[
f[jheki
Wf[n
WdZ
j^[
feij[h_eh
ad[[
e\
j^[
?97
9$


8

9

<_]$
)$&$''
7
l_hjkWb
fohWc_Z
YedijhkYj_ed
e\
j^[
ikfhWi[bbWh
h[]_ed"
Z[cedijhWj_d]
lWh_eki
l_[m_d]
Wd]b[i
j^hek]^
j^[
7
Wdj[h_eh"
8
c_ZZb["
WdZ
9
feij[h_eh
ikXj[c# fehWb
[nfeikh[i$
Dej[
j^Wj
j^[
iWc[
WdWjec_YWb
ijhkYjkh[i
Wh[
[nfei[Z
Z_\\[h[djbo
WYYehZ_d]
je
Z_l[hi[
ikh]_YWb
l_ikWb_pWj_edi$

'&(

<_]$
)$&$')
J^[
Wdj[hebWj[hWb
feij[h_eh
\eiiW
YWd
X[
[nfei[Z
ki_d]
W
jhWdij[djeh_Wb
[nj[di_ed
e\
j^[
ikXj[cfe# hWb
WffheWY^$
Dej[
j^Wj
j^[
kff[h
Y[h[X[bbefedj_d[
Wd]b[
YWd
Wbie
X[
Z[Ód[Z
Wi
W
l_hjkWb
fohWc_Z"
m_j^
_ji
Wf[n
h[fh[i[dj[Z
Xo
j^[
feij[h_eh
Yb_de_Z
fheY[ii
WdZ
j^[
XWi[
\ehc[Z
Xo
j^[
Wdj[h_eh
ikh\WY[
e\
j^[
XhW_d
ij[c$


IkXj[cfehWb
WffheWY^

Ki_d]
Wd
Wdj[h_eh
ikXj[cfehWb
YhWd_ejeco"
j^[
ikfhWi[bbWh
fohWc_Z
WdZ
j^[
YWl[hdeki
i_dki
Wh[
WffheWY^[Z
\hec
W
bWj[heXWiWb
Wif[Yj1
^em[l[h"
m_j^
_dY_i_ed
e\
j^[
j[djeh_kc
WdZ
fWhj_Wb
h[celWb
e\
j^[
f[jheki
Wf[n"
j^[
feij[h_eh
YhWd_Wb
\eiiW
YWd
Wbie
X[
WffheWY^[Z$
J^[
Wdj[hebWj[hWb
feij[h_eh
\eiiW
WdZ
j^[
Y[h[X[bbefedj_d[
Wd]b[
h[]_ed
YWd
Wbie
X[
Z[Ód[Z
Wi
W
fohWc_Z
Xkj
_dYb_d[Z
l[djhWbbo
m_j^
_ji
Wf[n
fe_dj_d]
je
j^[
feij[h_eh
Yb_de_Z
fheY[ii
WdZ
j^[
XWi[
\WY_d]
j^[
_dd[h
bWj[hWb
ikh\WY[
e\
j^[
eYY_f_jWb
Xed[
<_]$
)$&$')$
J^[
ikf[h_eh
i_Z[
Yehh[ifedZi
je
j^[
_d\[h_eh
ikh\WY[
e\
j^[
j[d# jeh_kc
m_j^
j^[
9D
?L
hkdd_d]
j^hek]^
_j$
J^[
_d\[hec[Z_Wb
i_Z[
_dYbkZ[i
j^[
L7
WdZ
j^[
9D
N??$
J^[
Wdj[h_eh
WdZ
feij[h_eh
i_Z[i
Wh[
h[fh[i[dj[Z
Xo
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[
WdZ
j^[
Wdj[hebWj[hWb
ikh\WY[
e\
j^[
XhW_d
ij[c
WdZ
Y[h[X[bbkc"
h[if[Y# j_l[bo$
Ki_d]
j^[
Wdj[h_eh
ikXj[cfehWb
WffheWY^"
j^[
kff[h
fWhj
e\
j^[
Y[h[X[bbefedj_d[
fohWc_Z
YWd
X[
[dj[h[Z$
7\j[h
f[h\ehc_d]
W
j[d# jeh_Wb
_dY_i_ed
WdZ
fWhj_Wb
h[i[Yj_ed
e\
j^[
f[jheki
Wf[n"
j^[
l_[m
_dje
j^[
Y[h[X[bbefedj_d[
fohWc_Z
_i
Z_l_Z[Z
Xo
j^[
9D
L
_dje
jme
cW`eh
m_dZemi$
J^[
YhWd_Wb
m_dZem
e\\[hi
WYY[ii
je
j^[
f[jheYb_lWb
h[]_ed
m_j^
m_Z[
[nfeikh[
WhekdZ
j^[
Wdj[hebWj[hWb
fedjec[i[d# Y[f^Wb
`kdYj_ed
WdZ
ijhkYjkh[i
e\
j^[
9D
???"
9D
?L"
87"
WdZ
fhen_# cWb
fehj_edi
e\
j^[
F97
WdZ
j^[
I97$
J^hek]^
j^[
YWkZWb
m_dZem"
j^[
c_ZZb[
fWhj
e\
j^[
Yb_lki
YWd
X[
WffheWY^[Z
_dYbkZ_d]
j^[
7?97
WdZ
j^[
9D
L?$
?d
j^[
\ebbem_d]"
j^[
XWi_Y
ikh]_YWb
j[Y^d_gk[
e\
j^[
Wdj[h_eh
ikX# j[cfehWb
WffheWY^
_i
Z[iYh_X[Z
Wi
W
ij[f#Xo#ij[f
Z_ii[Yj_ed$


IkfhW#"
fWhWi[bbWh

9Wl[hdeki
i_dki

Feij[h_eh
\eiiW

J[cfeheXWiWb
iakbb
XWi[ 7dj[h_eh
Yb_de_Z
fheY[ii Feij[h_eh
Yb_de_Z
fheY[ii :ehikc
i[bbW[ 7FYB"
J[djeh_kc
:_Wf^hW]cW
i[bbW[ ?d\kdZ_Xkbkc"
F_jk_jWho
ijWba 9D
??"
efj_Y
jhWYj"
9D
???"
9D
?L ?97"
7'"
F9e7"
79^7"
_dYb$
f[h\ehWjehi

9D
???"
9D
?L
=Wii[h_Wd
]Wd]b_ed 9D
L%'"
9D
L%("
9D
L%) 9D
L?
?97
_dYb$
_djhWYWl[hdeki
XhWdY^[i

Kff[h
Yb_lki 7dj[hebWj[hWb
c[i[dY[f^Wbed
7dj[hebWj[hWb
fedi J[djeh_kc 9D
L"
9D
L?"
9D
L??"
9D
L???
87"
F97"
I97"
7?97"

_dYb$
f[h\ehWjehi 8WiWb
l[_d
e\
Hei[dj^Wb F[jheki
l[_d
e\
:WdZo

JWXb[
)$&$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
ikXj[cfehWb
YhWd_ejeco$

'&)

IkXj[cfehWb
WffheWY^

Ikh]_YWb
j[Y^d_gk[ '$
FWj_[dj
fei_j_ed_d]
J^[
fWj_[dj
_i
fbWY[Z
ikf_d[
WdZ
j^[
_fi_bWj[hWb
i^ekbZ[h
_i
hW_i[Z
m_j^
W
Yki^_ed
je
\WY_b_jWj[
^[WZ
hejWj_ed$
7d
[b[Yjh_YWbbo
cejeh# _p[Z
ef[hWj_d]
jWXb[
e\\[hi
Wd
WZZ_j_edWb
j_bj_d]
WdZ
_djhWef[hWj_l[
h[ceZ[bb_d]
e\
fWj_[dj
fei_j_ed_d]$
8o
jWa_d]
j^[i[
fh[YWkj_edi"
W
i_]d_ÓYWdj
^[WZ
WdZ
d[Ya
hejWj_ed
m_j^
ikXi[gk[dj
Yecfh[ii_ed
e\
j^[
bWhodn"
YWhej_Z
Whj[ho
WdZ
j^[
_dj[hdWb
`k]kbWh
l[_d
YWd
X[
Wle_Z[Z$
J^[
^[WZ
_i
Ón[Z
_d
W
j^h[[#f_d
CWoÓ[bZ
^ebZ[h
m_j^
j^[
i_d]b[
f_d
fbWY[Z
_d
j^[
\hedjWb
Wh[W
je
Wbbem
\h[[
cWd_fkbWj_ed
Zkh_d]
j^[
fheY[Zkh[$

<_]$
)$&$'*

Ij[f
' ?d_j_Wbbo"
j^[
^[WZ
_i
[b[lWj[Z
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
je
\WY_b_# jWj[
l[deki
ZhW_dW][
WdZ
je
Wbbem
WZZ_j_edWb
Z[Yecfh[ii_ed
e\
j^[
Y[hl_YWb
ijhkYjkh[i
WdZ
j^[
l[dj_bWj_ed
jkX[
<_]$
)$&$'*$ Ij[f
(
?d
j^[
d[nj
ijW][
j^[
^[WZ
_i
hejWj[Z
,&–Å'&&–
je
j^[
YedjhWbWj[hWb
i_Z[$
J^[
Z[]h[[
e\
hejWj_ed
Z[f[dZi
ed
j^[
fh[Y_i[
beYWj_ed
e\
j^[
b[i_ed$
JWa[d
Wi
W
hek]^
_dZ_YWjeh"
\eh
b[i_edi
e\
j^[
bWj[hWb
ikfhW# i[bbWh
Wh[W
WdZ
kff[h
fh[fedj_d[
h[]_ed"
j^[
po]ecWj_Y
WhY^
i^ekbZ
X[
_d
Wd
Wbceij
^eh_pedjWb
fei_j_ed
m_j^
W
hejWj_ed
e\
YW$
/&–$
<eh
j^[
f[jheki
Wf[n"
feij[h_eh
\eiiW
WdZ
j^[
kff[h
Y[h[X[bbefedj_d[
Wd]b["
W
^[WZ
hejWj_ed
e\
YW$
-+–
_i
h[gk_h[Z$
7
hejWj_ed
e\
YW$
'&&–
_i
d[Y[iiWho

\eh
[nfei_d]
j^[
j[cfehefebWh
iakbb
XWi[
<_]$
)$&$'+$ Ij[f
) J^[h[W\j[h
j^[
^[WZ
i^ekbZ
X[
bWj[heÔ[Yj[Z
Xo
YW$
'+–Å(&–$
J^_i
_cfehjWdj
cWd[klh[
fhel_Z[i
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
Wi
j^[
ij[[f
kfmWhZ
Wd]b[
e\
j^[
c[Z_Wb
fWhj
e\
j^[
c_ZZb[
YhWd_Wb
\eiiW
_i
Yecf[diWj[Z$
?d
WZZ_j_ed"
bWj[heÔ[n_ed
ikf# fehji
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
m^_Y^
_i
d[Y[iiWho
je
Wle_Z
\ehY[Z
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
m_j^
ikXi[gk[dj
j[cfeheXWiWb
Yedjki_ed
<_]$
)$&$',$

<_]$
)$&$'+

<_]$
)$&$',

Ij[f
*
7i
W
bWij
ij[f"
j^[
^[WZ
cWo
X[
h[jheÔ[Yj[Z
Xo
YW$
'&–
_d
ehZ[h
dej
je
Yecfh[ii
j^[
l[dj_bWj_ed
jkX["
bWhodn
WdZ
j^[
cW_d
Y[hl_YWb
l[ii[bi
<_]$
)$&$'-$
<_]$
)$&$'-

'&*

IkXj[cfehWb
WffheWY^

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[ef[hWj_l[
eh_[djWj_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
j[cfehWb
eii[eki
iakbb
ikY^
Wi
j^[
bWj[hWb
ehX_jWb
h_c"
\hedje# XWi_i"
_cfh[ii_ed
e\
j^[
Iobl_Wd
Óiikh["
po]ecWj_Y
WhY^"
Whj_YkbWh
jkX[hYkb["
[nj[hdWb
WkZ_jeho
c[Wjki
WdZ
j^[
ikfhWcWije_Z
Yh[ij
Wh[
fh[Y_i[bo
Z[Ód[Z$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
ikf[hÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
fh[#Wkh_YkbWh
j[cfehWb
h[]_ed
ikY^
Wi
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho"
j^[
Wkh_# Ykbej[cfehWb
d[hl["
WdZ
j^[
j[cfehWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
<_]$
)$&$'.$ 7\j[h
fh[Y_i[
eh_[djWj_ed"
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
Wh[
cWha[Z
m_j^
W
ij[h_b[
f[d"
jWa_d]
_dje
Yedi_Z[hWj_ed
j^[
jWh][j
h[]_ed
WdZ
j^[
ikf[hÓY_Wb
WdWjec_YWb
bWdZcWhai$
J^[
_d\[h_eh
XehZ[h
e\
j^[
YhWd_ejeco"
m^_Y^
kikWbbo
^Wi
W
Z_Wc[j[h
e\
YW$
'+
je
(+
cc"
Yeh# h[ifedZi
je
j^[
b[l[b
e\
j^[
po]ecWj_Y
WhY^1
j^[
feij[h_eh
XehZ[h
Yehh[ifedZi
je
j^[
fbWd[
e\
j^[
[nj[hdWb
WkZ_jeho
YWdWb
<_]$
)$&$'.$ 7\j[h
Z[Ód_j_ed
e\
j^[
YhWd_ejeco"
j^[
i_Z[
^W_hi
Wh[
i^Wl[Z
WYYehZ# _d]
je
j^[
b_d[
e\
W
ijhW_]^j
ia_d
_dY_i_ed
e\
YW$
*&Å+&
cc
_d
b[d]j^$
J^[
ia_d
_i
Z_i_d\[Yj[Z
c[j_Ykbekibo
WdZ
j^[
[o[b_Zi
Wh[
fhej[Yj[Z
m_j^
i[di_j_l[
jWf[$


<_]$
)$&$'.
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
j[cfehWb
h[]_ed$
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
Wdj[h_eh
je
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho"
Wffhen_cWj[bo
Wj
j^[
b[l[b
e\
j^[
Whj_YkbWh
jkX[hYkb[$


'&+

IkXj[cfehWb
WffheWY^

)$
9hWd_ejeco Ij[f
'
B[\j
i_Z[$
7\j[h
fei_j_ed_d]
WdZ
WdWjec_YWb
eh_[djWj_ed"
W
l[hj_YWb
ijhW_]^j
[f_\WiY_Wb
ia_d
_dY_i_ed
_i
cWZ[
\hec
j^[
_d\[h_eh
h_c
e\
j^[
po]ecWj_Y
WhY^
Wj
j^[
b[l[b
e\
j^[
Whj_YkbWh
jkX[hYkb[
Wffhen_cWj[bo
'&
cc
Wdj[h_eh
je
j^[
[nj[hdWb
WkZ_jeho
c[Wjki$
7\j[h
f[h\ehc# _d]
j^_i
fh[Wkh_YkbWh
ia_d
_dY_i_ed"
j^[
ikXYk# jWd[eki
j_iik[
_i
YWh[\kbbo
Z_ii[Yj[Z
m^_bij
fh[i[hl_d]
j^[
ikf[hÓ
Y_Wb
j[cfehWb
Whj[ho
WdZ
Wkh_Ykbej[cfehWb
d[hl[$
M_j^
j^_i
ia_d
_dY_i_ed"
_d`kho
je
j^[
j[cfehWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
YWd
X[
Wle_Z[Z
<_]$
)$&$'/$


<_]$
)$&$'/

<_]$
)$&$(&

Ij[f
(
7\j[h
X_bWj[hWb
h[jhWYj_ed
e\
j^[
ia_d"
j^[
\WiY_W
e\
j^[
j[cfehWb
ckiYb[
_i
Ykj
_d
W
O#i^Wf[Z
\Wi^_ed$
J^[
XWiWb
Ô
Wf
e\
j^[
\WiY_W
_i
h[Ô
[Yj[Z
kfmWhZi
el[h
j^[
po]ecWj_Y
WhY^$
J^[
h[cW_d# _d]
jme
Ô
Wfi
e\
j^[
j[cfehWb
\WiY_W
Wh[
Z_i# i[Yj[Z
X_bWj[hWbbo
[nfei_d]
j^[
j[cfehWb
ckiYb[
<_]$
)$&$(&$


<_]$
)$&$('

Ij[f
)
J^[
XWiWb
Ô
Wf
e\
j^[
\WiY_W
_i
Ó
n[Z
m_j^
^ebZ_d]
ikjkh[i
kfmWhZi$
KdZ[h
j^[
po]ecWj_Y
WhY^"
j^[
_d\[h_eh
cWh]_d
e\
j^[
j[cfehWb
ckiYb[
_i
Z_ii[Yj[Z
Xbkdjbo
WdZ
h[jhWYj[Z
ZemdmWhZi
m_j^
W
Z_ii[Yjeh
[nfei_d]
j^[
igkWceki
Xed[$
BeYWb
^[ceijWi_i
d[[Zi
je
X[
f[h\ehc[Z
hWf# _Zbo
WdZ
fh[Y_i[bo
<_]$
)$&$('$

'&,

IkXj[cfehWb
WffheWY^

Ij[f
*
?d
fWj_[dji
m_j^
W
j^_Ya
j[cfehWb
ckiYb["
Yec# fb[j[
ceX_b_pWj_ed
e\
j^[
ckiYb[
_i
dej
fei# i_Xb["
WdZ
W
i^ehj
l[hj_YWb
_dY_i_ed
Wj
j^[
fei# j[h_eh
cWh]_d
_i
d[Y[iiWho$
>em[l[h"
[nfeikh[
WdZ
ceX_b_pWj_ed
e\
j^[
j[cfehWb
ckiYb[
YWd
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef[hWj_l[
fheXb[ci
m_j^
cWij_YW# j_ed
WdZ
i[l[h[
j[cfehWb
Wjhef^o
<_]$
)$&$(($

<_]$
)$&$((

Ij[f
+
J^[
j[cfehWb
ckiYb[
_i
j^[d
h[jhWYj[Z
X_bWj[h# Wbbo
ki_d]
W
mekdZ
h[jhWYjeh
WdZ
j^[
igkWceki
Xed[
_i
[nfei[Z$
?d
iec[
YWi[i"
W
j_do
]heel[
_i
l_i_Xb[
X[jm[[d
j^[
fhejkX[hWdY[i
e\
j^[
c[Z_Wb
WdZ
_d\[h_eh
j[cfehWb
]ohki$
J^[
YhW# d_ejeco
_i
ijWhj[Z
m_j^
W
Xkhh
^eb[
jh[f^_dW# j_ed
`kij
WXel[
j^[
po]ecWj_Y
f[Z_Yb[
Wdj[h_eh
je
j^[
b[l[b
e\
j^[
[nj[hdWb
WkZ_jeho
c[Wjki
<_]$
)$&$()$

<_]$
)$&$()

Ij[f
,
7\j[h
c_d_cWb
[dbWh][c[dj
e\
j^[
^eb[
m_j^
Ó
d[
fkdY^[i
WdZ
ceX_b_pWj_ed
e\
j^[
ZkhW"
W
ijhW_]^j
b_d[
_i
iWm[Z
m_j^
j^[
YhWd_ejec[
fWhWbb[b
je
j^[
po]ecWj_Y
WhY^$
J^[h[W\j[h
W
Ç9È
i^Wf[Z"
Ykhl[Z
b_d[
_i
iWm[Z
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
XehZ[h
e\
j^[
fh[l_ekibo
cWZ[
j[cfeheXWiWb
b_d["
Yh[Wj_d]
W
Xed[
Ô
Wf
m_j^
W
m_Zj^
e\
YW$
'+Å(+
cc
WdZ
W
^[_]^j
e\
YW$
'+Å(&
cc
<_]$
)$&$(*$


<_]$
)$&$(*

'&-

IkXj[cfehWb
WffheWY^

<_]$
)$&$(+

Ij[f
-
7d
eij[efbWij_Y
YhWd_ejeco
_i
YWhh_[Z
ekj
_d
Wbb
YWi[i$
7d
_cfehjWdj
ij[f
e\
j^[
YhWd_ejeco"
W\j[h
h[celWb
e\
j^[
Xed[
Ô
Wf"
_i
j^[
Zh_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
j[cfeheXWiWb
b_d[
kdZ[h
fhej[Yj_ed
e\
j^[
ZkhW
m_j^
W
^_]^#if[[Z
Zh_bb$
>[cehh^W][i
eYYkhh_d]
Zkh_d]
j^[
YhWd_ej# eco
YWd
X[
ij[cc[Z
ki_d]
X_febWh
YeW]kbW# j_ed
WdZ
mWn
<_]$
)$&$(+$

<_]$
)$&$(,

Ij[f
.
J^[
ZkhW
cWj[h
i^ekbZ
X[
ef[d[Z
_d
W
i_cfb[
i[c_Y_hYkbWh
mWo
m_j^
_ji
XWi[
jemWhZi
j^[
j[cfehWb
iakbb
XWi[
<_]$
)$&$(,$


<_]$
)$&$(-

Ij[f
/
J^[
\h[[
ZkhWb
Ô
Wf
_i
Ó
n[Z
kfmWhZi
m_j^
jme
ikjkh[i$
Ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
d[Y[iiWho
m_j^
j^_i
b_c_j[Z
YhWd_ejeco
<_]$
)$&$(-$

'&.

IkXj[cfehWb
WffheWY^

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
' B[\j
i_Z[$
:_ii[Yj_ed
ki_d]
\h[i^
^kcWd
YWZWl[h1
Whj[h_[i
Óbb[Z
m_j^
Yebeh[Z
bWj[n
iebk# j_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
Óhij
ij[f
i^ekbZ
X[
fhel_i_ed
e\
9I<
ZhW_dW][$
J^[
j[cfehWb
beX[
_i
][djbo
h[jhWYj[Z
WdZ
j^[
WhWY^de_Z
c[cXhWd[i
e\

j^[
WcX_[dj
Y_ij[hd
Wh[
ef[d[Z$
M_j^
efj_cWb
fWj_[dj
fei_j_ed_d]"
j^[
Z[Yh[Wi_d]
?9F
ikffehji
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
j[cfehWb
beX[$
?d
j^[

YWi[
e\
dWhhem
l[djh_Yb[i
WdZ
ikXWhWY^de_Z
ifWY[i"
W
bkcXWh
ZhW_d
YWd
X[
_di[hj[Z
fh[# ef[hWj_l[bo"
Wle_Z_d]
Yedjki_ed
e\
j^[
j[cfe# hWb
beX[
Zkh_d]
Óhij
ij[fi
e\
j^[
_djhWYhWd_Wb
fheY[Zkh[$
Dej[
j^[
j[djeh_Wb
_dY_ikhW
WdZ
j[cfehWb
beX[$
J^[
WhWY^de_Z
_i
ef[d[Z
m_j^
W
c_YheZ_ii[Yjeh
<_]$
)$&$(.$

j[djeh_kc j[cfehWb
beX[

<_]$
)$&$(.

Ij[f
(
7\j[h
ef[d_d]
j^[
ikXWhWY^de_Z
ifWY[i
WdZ
WZZ_j_edWb
h[celWb
e\
9I<"
j^[
j[cfehWb
beX[
_i
ik\ÓY_[djbo
h[jhWYj[Z
\eh
l_ikWb_pWj_ed
e\
j^[
F97
WdZ
9D
???$
Dej[
j^[
h[bWj_edi^_f
X[jm[[d
j^[
Wdj[h_eh
f[jheYb_de_Z
b_]Wc[dj
WdZ
9D
???
<_]$
)$&$(/$


7FYB 9D
??? F97

<_]$
)$&$(/

Ij[f
)
J^[
Wdj[h_eh
f[jheYb_de_Z
b_]Wc[dj
_i
h[jhWYj[Z
m_j^
W
c_YheZ_ii[Yjeh"
[nfei_d]
j^[
feij[h_eh
f[jheYb_de_Z
b_]Wc[dj
WdZ
j^[
ikXWhWY^de_ZWb
i[]c[dj
e\
j^[
9D
???
m^_Y^
[dj[hi
j^[
fedje# c[i[dY[f^Wb
ikbYki
X[jm[[d
j^[
I97
WdZ
F97$
J^[
ikf[h_eh
Y[h[X[bbWh
Whj[ho
j^Wj
Whei[
_d
j^_i
YWi[
Wi
W
ZekXb[
l[ii[b
Z_iWff[Whi
X[^_dZ
j^[
j[djeh_kc$
Dej[
j^[
XWi_bWh
j_f
m_j^_d
j^[
_dj[hf[ZkdYkbWh
Y_ij[hd
<_]$
)$&$)&$

7FYB FFYB 9D
??? I97 87 F97

<_]$
)$&$)&

'&/

IkXj[cfehWb
WffheWY^

Ij[f
* J^[
9D
???
_i
][djbo
h[jhWYj[Z
eXi[hl_d]
j^[
Z_ijWb
87$
Dej[
j^[
F97$
J^[
I97
_i
^_ZZ[d
X[^_dZ
j^[
j[djeh_kc
<_]$
)$&$)'$ 7FYB 87 9D
??? F97

<_]$
)$&$)'

Ij[f
+ ?d
Wd
Wdj[h_eh
l_[m"
j^[
?97
YWd
X[
WffheWY^[Z
l_W
j^[
ikXj[cfehWb
hekj[$
J^[
ikfhWYb_de_Z
i[]c[dj
X[]_di
m^[h[
j^[
?97
fWii[i
j^hek]^

j^[
Z_ijWb
ZkhWb
h_d]
e\
j^[
YWl[hdeki
i_dki"
c[Z_Wb
\hec
j^[
Wdj[h_eh
f[jheYb_de_Z
b_]W# c[dj$
Dej[
j^[
h[bWj_edi^_f
X[jm[[d
j^[

9D
???
WdZ
?97"
l_ikWb_p[Z
j^hek]^
j^[
ikXj[c# fehWb
YhWd_ejeco$
Dej[
j^[
79^7
<_]$
)$&$)($

7FYB 9D
??? ?97 79^7

<_]$
)$&$)(

Ij[f
,
?d
Wd
Wdj[h_eh
Wif[Yj
W\j[h
\khj^[h
h[jhWYj_ed
e\
j^[
j[cfehWb
beX["
f[h\ehWjehi
e\
j^[
?97"
79^7
WdZ
F9e7
YWd
X[
i[[d
ikffbo_d]
j^[
Wdj[h_eh
j^WbWcki
WdZ
^ofej^WbWcki$
Dej[
j^[
9D
???
WdZ
efj_Y
jhWYj
<_]$
)$&$))$

9D
??? 79^7 F9e7 ?97 efj_Y
jhWYj

<_]$
)$&$))

''&

IkXj[cfehWb
WffheWY^

Ij[f
-
?d
W
feij[h_eh
Wif[Yj"
j^[
jheY^b[Wh
d[hl[
YWd
X[
i[[d$
J^[
Z[Ód_j_ed
e\
_ji
[djho
fe_dj
_dje
j^[
j[djeh_Wb
dejY^
Xo
ifb_jj_d]
e\
j^[
j[dje# h_kc
_i
WXiebkj[bo
[ii[dj_Wb$
7\j[h
YWh[\kb
Z_l_# i_ed
e\
j^[
j[djeh_kc"
j^[
bWj[hWb
ikh\WY[
e\
j^[
fedjec[i[dY[f^Wb
`kdYj_ed
WdZ
j^[
WcX_[dj
i[]c[dj
e\
j^[
I97
YWd
X[
eXi[l[Z$
Dej[
j^[
F97
<_]$
)$&$)*$


I97 9D
?L F97

<_]$
)$&$)*

Ij[f
.

J^[
j[djeh_kc
Y[h[X[bb_
_i
Z_l_Z[Z
feij[h_eh
\hec
j^[
9D
?L
WdZ
hW_i[Z
je
[nfei[
j^[
9D
L$
Dej[
j^[
WcX_[dj
i[]c[dj
e\
j^[
I97
Wj
j^[
Wdj[hebWj[hWb
cWh]_d
e\
j^[
XhW_d
ij[c
hkdd_d]
Wbed]
j^[
bWj[hWb
ikh\WY[
e\
j^[
kff[h
fedi$
J^[
YWkZWb
jhkda
e\
j^[
I97
\ehci
W
beef
fhe`[Yj[Z
jemWhZi
j^[
heej
[djho
ped[
e\
j^[
9D
L
<_]$
)$&$)+$

9D
L I97
fedi 9D
?L

<_]$
)$&$)+

Ij[f
/ 7\j[h
fWhj_Wb
h[celWb
e\
j^[
j[djeh_kc"
j^[
h[jhei[bbWh
Wh[W
m_j^
ijhkYjkh[i
e\
j^[
fh[# fedj_d[
WdZ
_dj[hf[ZkdYkbWh
Y_ij[hdi
_i
WffheWY^[Z$
Dej[
j^[
87"
I97"
F97
WdZ
j^[

9D
???
<_]$
)$&$),$

fhen_cWb
87 9D
?L I97 9D
??? F97

<_]$
)$&$),

'''

IkXj[cfehWb
WffheWY^

Ij[f
'&
<eYki_d]
ed
j^[
j[cfeheXWiWb
iakbb
XWi["
j^[
ZkhWb
Yel[h_d]
e\
j^[
f[jheki
Wf[n
_i
h[cel[Z$
J^[
9D
L
_i
][djbo
ceX_b_p[Z
m_j^
W
Xbkdj
Z_i# i[Yjeh
<_]$
)$&$)-$

f[jheki
Wf[n 9D
L 87 fedi

<_]$
)$&$)-

Ij[f
'' J^[
f[jheki
Wf[n
_i
h[cel[Z
m_j^
W
Z_WcedZ
Zh_bb
kdZ[h
][djb[
fhej[Yj_ed
e\
j^[
9D
L$
Dej[
j^[
jh_][c_dWb
_cfh[ii_ed"
W
i^Wbbem
Z[fh[i# i_ed
ed
j^[
Wdj[h_eh
ikh\WY[
e\
j^[
f[jheki
Wf[n
<_]$
)$&$).$

jh_][c_dWb
_cfh[ii_ed 9D
L


<_]$
)$&$).

9D
L? fhen_cWb
87 fedi 9D
L Z_ijWb
87

<_]$
)$&$)/

''(

Ij[f
'(
7\j[h
h[i[Yj_ed
e\
j^[
f[jheki
Wf[n"
j^[
fh[fed# j_d[#h[jheYb_lWb
h[]_ed
WdZ
j^[
feij[h_eh
fWhj
e\
j^[
9I
YWd
X[
[nfei[Z$
J^_i
l_[m
_dje
j^[
Z[[f
feij[h_eh
YhWd_Wb
\eiiW
_i
Z_l_Z[Z
Xo
j^[
9D
L
_dje
jme
cW`eh
fWhji$
J^[
YhWd_Wb
m_dZem
e\\[hi
\h[[
WYY[ii
je
j^[
Wdj[hebWj[hWb
fedje# c[i[dY[f^Wb
`kdYj_ed$
J^hek]^
j^[
YWkZWb
m_dZem"
j^[
c_ZZb[
Yb_lki
WdZ
j^[
fh[fedj_d[
h[]_ed
YWd
X[
WffheWY^[Z$
Dej[
j^[
87"
9D
L
WdZ
jh_][c_dWb
]Wd]b_ed$
J^[
9D
L?
fWii[i
X[bem
j^[
9D
L
hkdd_d]
m_j^_d
j^[
:eh[bbe
YWdWb
_dje
j^[
feij[h_eh
9I
<_]$
)$&$)/$


IkXj[cfehWb
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
H_d][h
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
Wi
kikWb
m_j^
mWj[hj_]^j
hkdd_d]
eh
_dj[hhkfj[Z
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
_cfbWdjWj_ed
e\
icWbb
f_[Y[i
e\
j[cfehWb
ckiYb[
eh
fbWij_Y
cWj[h_Wb
cWo
X[

d[Y[iiWho$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
Xed[

ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
fbWj[$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ce# ijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
_djhWYkjWd[eki
ikjkh[i$
J^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_YWb
j[Y^d_gk[
Ze
dej
h[gk_h[
j^[
ki[
e\
W
ikYj_ed
ZhW_d$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dYehh[Yj
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj$
FbWdd_d]
WdZ
fei_j_ed_d]
Wh[
jWiai
e\
j^[
ef[hWj_d]
ikh][ed$ š
?d`kho
je
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho"
Wkh_Ykbej[cfehWb
eh
\WY_Wb
d[hl[
Zkh_d]
ia_d
_dY_i_ed$ š
JhWkcWj_Y
Z_ii[Yj_ed
WdZ
h[jhWYj_ed
e\
j^[
j[cfehWb
ckiYb[
YWki# _d]
feijef[hWj_l[
fheXb[ci
m_j^
cWij_YWj_ed
WdZ
bWj[h
j[cfehWb
Wjhef^o$
š
El[hbeea[Z"
Xkj
e\j[d
kdWle_ZWXb[
_d`kho
je
j^[
ZkhW
cWj[h
Zkh_d]
YhWd_ejeco$
J^[
[ii[dj_Wb
mWj[hj_]^j
ZkhWb
Ybeikh[
YWd
X[
WY^_[l[Z
ki_d]
f_[Y[i
e\
j^[
j[cfehWb
ckiYb[
eh
_cfbWdjWj_ed
e\
fbWij_Y
cWj[h_Wb$ š
:WcW][
je
j^[
j[cfehWb
beX[
Zk[
je
ifWjkbW
fh[iikh[
W\j[h
_dWZ# [gkWj[
h[celWb
e\
9I<$
š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
_d
j^[
bWj[hWb
ikfhWi[bbWh
Wh[W
Zkh_d]
ikh]_YWb
Z_ii[Yj_ed
m_j^
feijef[hWj_l[
d[khebe]_YWb
Z[j[h_ehWj_ed$
š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
b[Wa$
?\
cWije_Z
Y[bbi
m[h[
ef[d[Z
Zkh_d]
YhWd_ejeco"
dWieb_gkehh^[W
YWd
eYYkh$ š
?dWZ[gkWj[
^[ceijWi_i
m_j^
feijef[hWj_l[
_djhWYhWd_Wb
eh
ie\j
j_iik[
^[cWjecW$ š
?dYehh[Yj
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf$

'')

IkXj[cfehWb
WffheWY^

J_fi
WdZ
jh_Yai

<_]$
)$&$*&

š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
Yehh[Yj
fei_j_ed_d]$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
fbWd[
e\
j^[
j[djeh_kc
Z[cedijhWj[Z
_d
j^[
fh[ef[hWj_l[
_cW]_d]$ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
m_j^
Z[Ód_j_ed
e\
j^[
eii[eki
ijhkYjkh[i
WdZ
d[khelWiYkbWh
ijhkYjkh[i"
fbWY[c[dj
e\
j^[
YhWd_ejeco
WdZ
ia_d
_dY_i_ed$ š
J^[
j[cfehWb
\WiY_W
i^ekbZ
X[
Ykj
_d
W
O#i^Wf[Z
\Wi^_ed
m_j^
j^[
XWiWb
b[WÔ[j
h[Ô[Yj[Z
jemWhZ
j^[
po]ecWj_Y
WhY^$
J^[
h[cW_d_d]
jme
ÔWfi
Wh[
h[jhWYj[Z
X_bWj[hWbbo
b[WZ_d]
je
WZ[gkWj[
[nfeikh[
e\
j^[
j[cfehWb
Xed[
<_]$
)$&$*&$
š
IjW][i
e\
YhWd_ejeco
<_]$
)$&$*'0
'$
Xkhh
^eb[
jh[f^_dWj_ed1

($
j[cfeheXWiWb
Ykjj_d]
fWhWbb[b
je
j^[
po]ecWj_Y
WhY^1
)$
iWm_d]
_d
W
i[c_bkdWh
Ykhl[Z
\Wi^_ed
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
[Z][
e\
j^[
j[cfeheXWiWb
YhWd_ejeco
b_d[$ š
:h_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
_cfehjWdj
je
[Wi[
_djhWZkhWb
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed
<_]$
)$&$*($


<_]$
)$&$*'







<_]$
)$&$*(

<_]$
)$&$*)

š
J^[
ZkhW
_i
ef[d[Z
_d
W
i_cfb[
Ç9È
i^Wf[Z"
i[c_bkdWh
\Wi^_ed
WdZ
h[jhWYj[Z
jemWhZi
j^[
po]ecWj_Y
WhY^
m_j^
jme
ikjkh[i$
Ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z
<_]$
)$&$*)$ š
7Z[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj"
[Whbo
h[celWb
e\
9I<
\hec
j^[
WcX_[dj
Y_ij[hd
eh
fkdYjkh[
e\
j^[
bWj[hWb
l[djh_Yb[
Wh[
h[gk_h[Z
je
Wle_Z
j[cfeheXWiWb
Yedjki_ed$
7bj[hdWj_l[bo"
W
bkcXWh
ZhW_d
YWd
X[
fbWY[Z
fh[ef[hWj_l[bo$ š
7\j[h
Ód_i^_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Ybei[Z
m_j^
mWj[hj_]^j
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[b# ef[Z
_d
j^[
j[cfehWb
ZkhW"
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
?d
ej^[h
_dijWdY[i"
fbWij_Y
cWj[h_Wb
cWo
X[
ki[Z
<_]$
)$&$**$

''*

<_]$
)$&$**

IkXj[cfehWb
WffheWY^

<_]$
)$&$*+

š
?\
f[d[jhWj_ed
e\
j^[
cWije_Z
Y[bbi
YekbZ
dej
X[
Wle_Z[Z"
c[#
j_Ykbeki
Ybeikh[
_i
d[Y[iiWho$
8ed[
mWn
eh
W
ÔWf
e\
j^[
j[c#
fehWb
ckiYb[
YWd
X[
ki[Z
\eh
j^_i
fkhfei[
<_]$
)$&$*+$ š
<_n_d]
j^[
Xed[
ÔWf"
j^[
Xkhh
^eb[
jh[f^_dWj_ed
i^ekbZ
X[
Ybei[Z
m_j^
W
j_jWd_kc
fbWj[
<_]$
)$&$*,$

<_]$
)$&$*,

š
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
Ybei[Z
m_j^
_djhW#
eh
jhWdiYkjWd[eki
hkdd_d]
ikjkh[i$ š
8[YWki[
e\
j^[
b_c_j[Z
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
Z_ii[Yj_ed
W
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho$

''+

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

)$'
Feij[h_eh
lWh_Wj_ed e\
j^[
ikXj[cfehWb
YhWd_ejeco 7

J^[
WZlWdjW][
e\
j^[
feij[h_eh
YhWd_ejeco
fbWY[c[dj
_i
j^[
i_]# d_ÓYWdjbo
h[ZkY[Z
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
YecfWh[Z
je
j^[
Wdj[h_eh
ikXj[cfehWb
WffheWY^$
7i
fh[l_ekibo
Z[ih_X[Z"
j^[
Wdj[# h_eh
ikXj[cfehWb
ikh]_YWb
WYY[ii
h[gk_h[i
cW`eh
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
X[YWki[
j^[
XWi[
e\
j^[
Wdj[h_eh
fWhj
e\
j^[
c_ZZb[
YhWd_Wb
\eiiW
_i
ceh[
Z[[fbo
i_jkWj[Z
j^Wd
j^[
b[l[b
e\
j^[
ikfhW# i[bbWh
Wh[W$
Ki_d]
j^[
feij[h_eh
ikXj[cfehWb
WffheWY^
Wbed]
j^[
ikf[h_eh
XehZ[h
e\
j^[
f[jheki
Xed[
WdZ
j^[
j[djeh_kc"
j^[
l_[m
e\
j^[
ijhkYjkh[i
WhekdZ
j^[
j[djeh_Wb
_dY_ikhW
_i
b[ii
eXiYkh[Z
Xo
j^[
j[cfehWb
beX[
<_]$
)$'$'$


8

7
Y^Wbb[d]_d]
fheXb[c
ki_d]
feij[h_eh
ikXj[cfehWb
WffheWY^[i
_i
je
Z[Wb
m_j^
j^[
_d\[h_eh
WdWijecej_Y
l[_d
e\
BWXXƒ$
?d
ceij
YWi[i"
j[cfehWb
Xh_Z]_d]
l[_di
YWd
X[
YWh[\kbbo
Z_ii[Yj[Z
WmWo
\hec
j^[
Yehj_YWb
ikh\WY[
WdZ
\hec
j^[
ZkhWb
[djhWdY["
Y_hYkcl[dj_d]
eYYbk# i_ed$
>em[l[h"
_\
iYWh_ÓYWj_ed
YWddej
X[
Wle_Z[Z"
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
ckij
X[
cWn_cWbbo
h[ZkY[Z
Wbbem_d]
ef[d
Ôem
_d
j^[
WdWijecej_Y
l[_di
e\
j^[
j[cfehWb
ikh\WY[$
J^ki"
fei_j_ed
WdZ
fh[iikh[
e\
j^[
XhW_d
ifWjkbW
fbWo
W
Y[djhWb
heb[$

<_]$
)$'$'
IY^[cWj_Y
f_Yjkh[
_bbkijhWj_d]
j^[
WZlWdjW][
e\
W
feij[h_ehbo
fbWY[Z
ikXj[cfehWb
YhWd_ejeco$
9ecfWh[Z
m_j^
j^[
Wdj[h_eh
ikXj[cfehWb
hekj[
7"
j^[
feij[h_eh
ceZ_ÓYWj_ed
h[gk_h[i
i_]d_ÓYWdjbo
b[ii
h[jhWYj_ed
e\
j^[
j[cfehWb
beX["
Wbbem_d]
W
b[ii
jhWkcWj_Y
[nfeikh[
e\
j^[
feij[h_eh
ikfhWi[bbWh
Wh[W
WdZ
j[djeh_Wb
^_Wjki
8$

M_j^
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco"
j^[
h[]_ed
e\
j^[
j[dje# h_Wb
_dY_ikhW
YWd
X[
m[bb
WffheWY^[Z
Wbbem_d]
iW\[
Z_ii[Yj_ed
m_j^_d
j^[
feij[hebWj[hWb
fh[fedj_d["
WcX_[dj"
WdZ
gkWZh_][c_dWb
Y_ij[hdi$
J^[
[bWij_Y_jo
e\
j^[
j[djeh_kc
e\\[hi
m_Z[
_djhWYhWd_Wb
[nfeikh[$
7d
WZZ_j_edWb
ifb_jj_d]
e\
j^[
j[djeh_kc
fhel_Z[i
WYY[ii
je
j^[
fei# j[h_eh
YhWd_Wb
\eiiW
WdZ
l_ikWb_pWj_ed
e\
j^[
j[djeh_Wb
ikh\WY[
e\
j^[

Y[h[X[bbkc
WdZ
ijhkYjkh[i
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[$
7YYehZ_d]
je
j^[
jWh][j
ijhkYjkh[i
WdZ
j^[
fbWdd[Z
ikh]_YWb
Yeh# h_Zeh"
j^[
[nWYj
fbWY[c[dj
WdZ
[nj[di_ed
e\
j^[
YhWd_ejeco
YWd
X[
lWh_[Z$
J^[
Y[dj[h
e\
j^[i[
lWh_Wj_edi
e\
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco
Yehh[ifedZi
Wffhen_cWj[bo
je
j^[
`kdYj_ed
X[jm[[d
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki[i
<_]$)$'$($
J^[
Wdj[h_eh
[nj[d# i_ed
e\
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco
ef[di
W
ikh]_YWb
Yehh_Zeh
Wbed]
j^[
kff[h
h_c
e\
j^[
f[jheki
Xed[
<_]$)$'$(7$
J^[
feij[h_eh
[nj[di_ed
fhel_Z[i
j^[
effehjkd_jo
je
WffheWY^
j^[
fei# j[h_eh
fWhj
e\
j^[
j[djeh_Wb
^_Wjki
<_]$)$'$(8$
J^[
feij[he_d\[h_eh
[nj[di_ed
e\
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco
_i
W
YecX_dW#

''-

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

7

8

9

:

<_]$
)$'$(
IY^[cWj_Y
_bbkijhWj_ed
Z[cedijhWj_d]
j^[
lWh_# Wdji
e\
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco$
J^[
Wdj[h_eh
lWh_Wdj
7
ef[di
W
ikh]_YWb
Yehh_Zeh
Wbed]
j^[
kff[h
h_c
e\
j^[
f[jheki
Xed[$
7\j[h
j[djeh_Wb
ifb_jj_d]"
j^[
ijhkYjkh[i
e\
j^[
feij[hebWj[hWb
fh[fedj_d["
bWj[hWb
fh[c[i[dY[f^Wb_Y"
WcX_[dj"
kff[h
Y[h[X[bbefedj_d[
WdZ
gkWZh_][c_dWb
Y_ij[hdi
YWd
X[
m[bb
[nfei[Z$
J^[
feij[h_eh
[nj[di_ed
8
e\\[hi
[nfeikh[
e\
j^[
feij[h_eh
j[djeh_Wb
^_Wjki
m_j^
j^[
WcX_[dj
WdZ
gkWZh_][c_dWb
Y_ij[hdi$
7\j[h
ifb_jj_d]
e\
j^[
j[djeh_kc"
j^[
j[djeh_Wb
ikh\WY[
e\
j^[
Y[h[X[bbkc
YWd
X[
[nfei[Z$
J^[
Ykbc[d
WdZ
gkWZhWd]kbWh
beXkb[
Yehh[ifedZ
je
j^[
Wdj[h_eh
fWhj
WdZ
j^[
Z[Yb_l["
i_cfb[
beXkb[
WdZ
W
fWhj
e\
j^[
ikf[h_eh
i[c_bkdWh
beXkb[
Yehh[ifedZ
je
j^[
feij[h_eh
fWhj
e\
j^_i
j[djeh_Wb
ikh\WY[$
J^[
feij[he_d\[h_eh
[nj[di_ed
9
h[fh[i[dji
W
YecX_dWj_ed
e\
j^[
feij[h_eh
ikXj[cfehWb
WffheWY^
m_j^
j^[
h[jhei_]ce_ZWb
[nfeikh[$
J^[
Wdj[he_d\[h_eh
lWh_Wj_ed
:
_i
W
fh[i_]ce_ZWb
[nj[di_ed
j^hek]^
j^[
JhWkjcWdd
jh_Wd]b[
Wbbem_d]
m_Z[
[nfeikh[
e\
j^[
feij[h_eh
\eiiW$
E\
Yekhi["
j^[i[
\ekh
lWh_Wdji
YWd
Wbie
X[
YecX_d[Z
m_j^
[WY^
ej^[h
WdZ
i^ekbZ
X[
jW_beh[Z
WYYehZ_d]
je
j^[
_dZ_l_ZkWb
fWj^eWdWjec_YWb
i_jkWj_ed$


j_ed
e\
j^[
ikXj[cfehWb
WffheWY^
m_j^
W
h[jhei_]ce_ZWb
[nfeikh[
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[
<_]$)$'$(9$
J^[
Wdj[he_d\[h_eh
lWh_W# j_ed
e\
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco
h[fh[i[dji
W
fh[i_]# ce_ZWb
[nj[di_ed
e\
j^[
WffheWY^
<_]$)$'$(:$ ?d
j^[
\ebbem_d]"
Z[jW_bi
e\

j^[
XWi_Y
ikh]_YWb
j[Y^d_gk[
e\
j^[
Wdj[# h_eh
ceZ_Ó
YWj_ed
e\
j^[
feij[h_eh
ikXj[cfehWb
WffheWY^
Wh[
]_l[d$

IkfhWj[djeh_Wb

?d\hWj[djeh_Wb

Feij[h_eh
Yb_de_Z
fheY[ii 7dj[h_eh
WdZ
feij[h_eh
f[jheYb_de_Z
b_]Wc[dji J[djeh_Wb
_dY_ikhW"
ikf[h_eh
f[jheiWb
i_dki
BWj[hWb
Wif[Yj
e\
j^[
fedjec[i[dY[f^Wb
`kdYj_ed BWj[hWb
f_d[Wb
h[]_ed Efj_Y
jhWYj"
9D
???"
9D
?L
?97"
F9e7"
79^7"
F97"
I97"
_dYb$
f[h\ehWjehi 8WiWb
l[_d
e\
Hei[dj^Wb"
l[_d
e\
BWXXƒ

J[djeh_Wb
_dY_ikhW Ikf[h_eh
f[jheiWb
i_dki Kff[h
fWhj
e\
j^[
Yb_lki 9[h[X[bbefedj_d[
Wd]b[ 7dj[hebWj[hWb
Wif[Yj
e\
j^[
c[i[dY[f^Wbed
WdZ
fedi J[djeh_Wb
ikh\WY[
e\
j^[
Y[h[X[bbkc
9D
?L"
9D
L"
9D
L?"
9D
L??"
9D
L??? Kff[h
87"
I97"
7?97"
_dYb$
f[h\ehWjehi 8WiWb
l[_d
e\
Hei[dj^Wb"
l[_d
e\
=Wb[d

JWXb[
)$'$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco$

''.

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[


<_]$
)$'$)

'$
FWj_[dj
fei_j_ed_d]
M_j^
j^[
fWj_[dj
_d
j^[
ikf_d[
fei_j_ed"
j^[
^[WZ
_i
Ón[Z
_d
W
CWoÓ[bZ
^ebZ[h
m_j^
j^[
i_d]b[
f_d
fbWY[Z
_d
j^[
\hedjWb
h[]_ed
Wbbem_d]
\h[[
Z_ii[Yj_ed
Zkh_d]
ikh][ho$
J^[
^[WZ
e\
j^[
ef[hWj# _d]
jWXb[
_i
[b[lWj[Z
WXel[
j^[
j^ehWn"
\WY_b_jWj_d]
YhWd_Wb
l[deki
ZhW_dW]["
WdZ
j_bj[Z
je
j^[
effei_j[
i_Z[
ikffehj_d]
j^[
i_]d_ÓYWdj
^[WZ
hejWj_ed$
?d
WZZ_j_ed"
j^[
_fi_bWj[hWb
i^ekbZ[h
_i
hW_i[Z
m_j^
W
Yki^_ed
Wle_Z_d]
Yecfh[ii_ed
e\
j^[
cW_d
Y[hl_YWb
l[ii[bi
WdZ
j^[
bWhodn$ Ij[f
' J^[
^[WZ
_i
[b[lWj[Z
WXel[
j^[
b[l[b
e\
j^[
j^ehWn$
J^_i
cWd[klh[

\WY_b_jWj[i
WZZ_j_edWbbo
j^[
YhWd_Wb
l[deki
ZhW_dW][
WdZ
Z[Yec# fh[ii[i
j^[
bWhodn"
j^[
l[dj_bWj_ed
jkX[
WdZ
j^[
cW_d
Y[hl_YWb
l[i# i[bi
<_]$
)$'$)$

<_]$
)$'$*

<_]$
)$'$+

Ij[f
(
J^[h[W\j[h"
j^[
^[WZ
_i
hejWj[Z
YW$
.&–
je
'&&–
je
j^[
i_Z[
effe# i_j[
je
j^[
fbWdd[Z
YhWd_ejeco$
J^[
[nWYj
Z[]h[[
e\
hejWj_ed
Yeh# h[ifedZi
je
j^[
jWh][j
h[]_ed
WdZ
je
j^[
Z_h[Yj_ed
e\
j^[
ikh]_YWb
Yehh_Zeh$
7ffheWY^_d]
j^[
j[djeh_Wb
_dY_ikhW
WdZ
j^[
gkWZh_][c_dWb
Y_ij[hd"
W
hejWj_ed
e\
YW$
.&–
_i
h[gk_h[Z1
[nfei_d]
j^[
Wdj[hebWj[hWb
fedjec[i[dY[f^Wb
`kdYj_ed"
j^[
^[WZ
i^ekbZ
X[
jkhd[Z
YW$
/&–
je
j^[
YedjhWbWj[hWb
i_Z[1
WffheWY^_d]
j^[
Y[h[X[bbefedj_d[
Wd]b[
j^hek]^
jhWdij[djeh_Wb
fWj^"
W
hejWj_ed
e\
YW$
'&&–
_i
d[Y[iiWho$
7i
c[dj_ed[Z
WXel["
j^_i
i_]d_ÓYWdj
hejWj_ed
i^ekbZ
X[
Zed[
m_j^
W
i_Z[mWoi
j_bj_d]
e\
j^[
ef[hWj_d]
jWXb[
WdZ
m_j^
W
Yki^_ed
fbWY[Z
X[d[Wj^
j^[
_fi_bWj[hWb
i^ekbZ[h
<_]$
)$'$*$ Ij[f
) ?d
j^[
d[nj
ij[f"
j^[
^[WZ
_i
bWj[heÔ[Yj[Z
YW$
'+–
je
(&–
ZemdmWhZi"
ikffehj_d]
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
j[cfehWb
beX[$
?d
j^_i
mWo"
W
\ehY[Z
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
YWd
X[
ikYY[ii# \kbbo
Wle_Z[Z
<_]$
)$'$+$


<_]$
)$'$,

Ij[f
* <_dWbbo"
j^[
^[WZ
i^ekbZ
X[
h[jheÔ[Yj[Z$
J^_i
ib_]^j
h[jheÔ[Yj_ed
e\
YW$
'&–
cWo
e\\[h
Wd
WZZ_j_edWb
Z[Yecfh[ii_ed
e\

j^[
Y[hl_YWb
ijhkY# jkh[i
<_]$
)$'$,$


''/

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[ef[hWj_l[
eh_[djWj_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
j[cfehefWh_[jWb
h[]_ed"
[$]$"
j^[
po]ecWj_Y
WhY^"
Whj_YkbWh
jkX[hYkb["
[nj[hdWb
WkZ_jeho
YWdWb"
ikfhWcWije_Z
Yh[ij"
cWije_Z
fheY[ii"
cWije_Z
_dY_ikhW"
eYY_f_jecWije_Z
WdZ
bWcXZe_Z
ikjkh[i"
Wij[h_ed"
fWh_[je
cWije_Z
ikjkh["
WdZ
j^[
igkWceki
ikjkh[
i^ekbZ
X[
fh[Y_i[bo
Z[Ó
d[Z$
If[Y_Wb
YWh[
i^ekbZ
X[
jWa[d
je
Z[Ó
d[
j^[
b[l[b
e\
j^[
j[cfehWb
XWi[
WYYehZ_d]
je
j^[
ikfhWcWije_Z
Yh[ij
WdZ
je
j^[
Yekhi[
e\
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki[i
<_]$
)$'$-
W$ 7\j[h
WdWjec_YWb
eh_[djWj_ed"
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
WdZ
j^[
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
Z[Ó
d[Z$
J^[
XWiWb
b_d[
e\
j^[
YhWd_ejeco
Yehh[ifedZi
je
j^[
j[cfehWb
iakbb
XWi["
cWha[Z
Xo
j^[
ikfhWcWije_Z
Yh[ij$
J^[
feij[h_eh
XehZ[h
e\
j^[
YhWd_ejeco
Yehh[ifedZi
je
j^[
`kdYj_ed
X[jm[[d
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki[i$
J^[
Y[dj[h
e\
j^[
YhWd_ejeco
_i
Wffhen_cWj[bo
Wj
j^[
b[l[b
e\
j^[
cWije_Z
fheY[ii$
J^[
ijhW_]^j
eh
ib_]^jbo
Ykhl[Z
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
W\j[h
c_d_cWb
i^Wl_d]
WdZ
YWh[\kb
Z_i_d\[Yj_ed
`kij
X[^_dZ
j^[
[Wh"
Wbbem_d]
[nfeikh[
e\
j^[
j[cfehecWije_ZWb
Xedo
ikh\WY[
<_]$
)$'$-
X$


:

9

8

7

<_]$
)$'$-
W
:[Ó
d_j_ed
e\
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki"
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
h[jheWkh_Y# kbWh#h[jhecWije_ZWb
h[]_ed$
Dej[
j^[
ikfhWcWije_Z
Yh[ij
7"
Wij[h_ed
8"
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
9
WdZ
j^[
cWije_Z
fheY[ii
:$

<_]$
)$'$-
X
:[Ó
d_j_ed
e\
j^[
YhWd_ejeco"
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
feij[h_eh
j[cfehWb
h[]_ed$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
jhWdi# l[hiWb
WdZ
i_]ce_Z
i_dki[i
WdZ
je
j^[
b[l[b
e\
j^[
j[cfehWb
iakbb
XWi[$
Dej[
j^[
eYY_f_jecWije_ZWb"
bWcXZe_Z"
fWh_[je# cWije_ZWb
WdZ
igkWceiWb
ikjkh[i
Wbbem_d]
[nWYj
Z[j[hc_# dWj_ed
e\
j^[
jh[f^_dWj_ed$

'(&

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
B[\j
i_Z[$
7\j[h
fWj_[dj
fei_j_ed_d]"
WdWjec_YWb
eh_[djWj_ed"
WdZ
c_d_cWb
^W_h
i^Wl_d]"
j^[
ia_d
_i
fh[fWh[Z
m_j^
Wd
WbYe^eb
iebkj_ed$
7
ijhW_]^j
eh
ib_]^jbo
Ykhl[Z
[f_\WiY_Wb
ia_d
_dY_i_ed
e\
Wffhen_cWj[bo
+&
cc
_i
j^[d
cWZ[
`kij
X[^_dZ
j^[
[Wh
Wj
j^[
b[l[b
e\
j^[
cWije_Z
fheY[ii

<_]$
)$'$.$

<_]$
)$'$.

Ij[f
( 7\j[h
X_bWj[hWb
h[jhWYj_ed
e\
j^[
ia_d"
j^[
j[c# fehWb
ckiYb[
_i
cel[Z
\hec
j^[
ikfhWcWije_Z
Yh[ij
ki_d]
W
Xbkdj
Z_ii[Yjeh1
j^[
ikX]Wb[Wb
\WiY_W
WdZ
f[h_eij[kc
_i
_dY_i[Z
_d
j^[
Z_h[Yj_ed
e\
j^[
cWije_Z
fheY[ii
<_]$
)$'$/$

<_]$
)$'$/

Ij[f
)
J^[
XWiWb
b[WÔ[j
e\
j^[
\WiY_W
_i
^[bZ
kfmWhZi
m_j^
W
ijhed]
^ebZ_d]
ikjkh[$
Ki_d]
W
mekdZ
h[jhWYjeh"
j^[
feij[h_eh
ÔWf
e\
j^[
\WiY_W
_i
h[jhWYj[Z
_d
W
feij[h_eh
Z_h[Yj_ed
WdZ
j^[
j[c# fehWb
ckiYb[
_d
Wd
Wdj[h_eh
Z_h[Yj_ed"
]W_d_d]
[nfeikh[
je
j^[
`kdYj_ed
X[jm[[d
j^[
cWije_Z
fheY[ii"
j[cfehWb
WdZ
fWh_[jWb
Xed[i$
EXi[hl# _d]
j^[
Xedo
ikh\WY["
jme
WdWjec_YWb
ijhkY# jkh[i"
j^[
ikfhWcWije_Z
Yh[ij
WdZ
j^[
`kdYj_ed
X[jm[[d
j^[
fWh_[jecWije_ZWb
WdZ
igkWceiWb
ikjkh[i"
i^ekbZ
X[
beYWj[Z
fh[Y_i[bo
je
Wle_Z
_d`kho
je
j^[
i_]ce_Z
i_dki
WdZ
je
[dj[h
[nWYjbo
j^[
c_ZZb[
YhWd_Wb
\eiiW$
J^[
[Wi_bo
fWbfWXb[
ikfhWcWije_Z
Yh[ij
cWhai
j^[
b[l[b
e\
j^[
j[c# fehWb
iakbb
XWi[$
J^[
/&–
`kdYj_ed
X[jm[[d
j^[
fWh_[jecWije_ZWb
WdZ
igkWceiWb
ikjkh[i
Yeh# h[ifedZi
je
j^[
efj_cWb
fbWY[c[dj
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed
`kij
_d
\hedj
e\
j^[
`kdYj_ed
X[jm[[d
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki[i
<_]$
)$'$'&$

<_]$
)$'$'&

'('

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed


Ij[f
*
7\j[h
c_d_cWb
[dbWh][c[dj
e\
j^[
^eb[
m_j^
Ód[
fkdY^[i
WdZ
ceX_b_pWj_ed
e\
j^[
ZkhW"
j^[
Wdj[h_eh
XehZ[h
e\
j^[
i_]ce_Z
i_dki
WdZ
j^[
b[l[b
e\
j^[
j[cfehWb
iakbb
XWi[
Wh[
i[[d$
J^[h[# W\j[h"
W
ijhW_]^j
b_d[
_i
iWm[Z
m_j^
j^[
YhWd_e# jec[
_d
Wd
Wdj[h_eh
Z_h[Yj_ed
WYYehZ_d]
je
j^[
b[l[b
e\
j^[
j[cfehWb
iakbb
XWi[$
D[nj"
W
Ç9È
i^Wf[Z"
Ykhl[Z
b_d[
_i
iWm[Z
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
XehZ[h
e\
j^[
fh[l_ekibo
\ehc[Z
j[cfeheXWiWb
b_d["
j^ki
Yh[Wj_d]
W
Xed[
ÔWf
m_j^
W
m_Zj^
e\
YW$
'+
je
(+
cc
WdZ
W
^[_]^j
e\
YW$
(&
cc
<_]$
)$'$''$

<_]$
)$'$''

<_]$
)$'$'(

Ij[f
+
7\j[h
h[celWb
e\
j^[
Xed[
ÔWf"
j^[
_dd[h
[Z][
e\
j^[
j[cfeheXWiWb
YhWd_ejeco
b_d[
_i
h[cel[Z
ki_d]
W
^_]^#if[[Z
Zh_bb
fhel_Z_d]
W
i_]d_ÓYWdjbo

_dYh[Wi[Z
_djhWYhWd_Wb
l_[m$
?d
j^[
feij[h_eh
fWhj
e\
j^[
YhWd_ejeco"
_d`kho
je
j^[
jhWdil[h# iWb
WdZ
i_]ce_Z
i_dki[i
i^ekbZ
X[
c[j_Ykbekibo
Wle_Z[Z
<_]$
)$'$'($

<_]$
)$'$')

Ij[f
,
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ykhl[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZi
j^[
j[cfehWb
iakbb
XWi[$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
ZemdmWhZi
m_j^
jme
ikjkh[i$
M_j^
j^_i
b_c_j[Z
ZkhWb
ef[d_d]"
ej^[h
[b[lWj_ed
ikjkh[i
Wh[
dej
h[Yecc[dZ[Z
<_]$
)$'$')$

'((

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
B[\j
i_Z[$
:_ii[Yj_ed
ki_d]
W
\h[i^
^kcWd
YWZWl[h1
Whj[h_Wb
l[ii[bi
Wh[
fh[fWh[Z
m_j^
h[Z"
l[_di
fWhj_Wbbo
m_j^
Xbk[
Yebeh[Z
bWj[n
iebkj_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
ikh\WY[
e\
j^[
feij[h_eh
j[cfehWb
beX[
m_j^
j^[
_d\[h_eh
WdWi# jecej_Y
l[_d
e\
BWXX„
Wh[
eXi[hl[Z$
?\
eYYbki_ed
e\
j^[
Xh_Z]_d]
l[_d
YWddej
X[
Wle_Z[Z"
h[jhWY# j_ed
e\
j^[
j[cfehWb
beX[
ckij
X[
Wi
c_d_cWb
Wi
feii_Xb[
Wbbem_d]
ef[d
Ôem
m_j^_d
j^[
WdWijecej_Y
l[ii[bi
e\
j^[
j[cfehWb
ikh\WY[

<_]$
)$'$'*$

l[_d
e\
BWXXƒ j[cfehWb
beX[

<_]$
)$'$'*

Ij[f
(
J^[
j[cfehWb
beX[
_i
YWh[\kbbo
hW_i[Z$
J^[
Óhij
ij[f
e\
j^[
_djhWYhWd_Wb
Z_ii[Yj_ed
i^ekbZ
X[
j^[
ef[d_d]
e\
j^[
ikXWhWY^de_Z
ifWY[i
m_j^
ik\ÓY_[dj
9I<
ZhW_dW][$
J^_i
ikffehji
j^[
]hWl# _jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
Wle_Z_d]
Yedjki_ed
e\
j^[
j[cfeheXWiWb
Yehj_# YWb
ikh\WY[$
7\j[h
][djb[
h[jhWYj_ed
e\
j^[
j[d# jeh_kc
m_j^
W
c_YheikYa[h"
j^[
ikh\WY[
e\
j^[
Y[h[X[bbkc
WdZ
j^[
feij[hebWj[hWb
XhW_d
ij[c
Wh[
[nfei[Z$
J^[
9D
?L
Wff[Whi
m_j^_d
j^[
fei# j[h_eh
fWhj
e\
j^[
WcX_[dj
Y_ij[hd
<_]$
)$'$'+$

j[djeh_kc Y[h[X[bbkc XhW_d
ij[c 9D
?L j[cfehWb
beX[

<_]$
)$'$'+

Ij[f
)
Beea_d]
_d
j^[
Wdj[h_eh
Z_h[Yj_ed"
j^[
9D
???
YWd
X[
i[[d
Z_iWff[Wh_d]
_dje
j^[
hee\
e\
j^[
YWl[hdeki
i_dki$
Dej[
j^[
I97"
F97
WdZ
j^[
Wdj[hebWj[hWb
ikh\WY[
e\
j^[
fedjec[i[dY[# f^Wb_Y
`kdYj_ed$
?d
j^[
feij[h_eh
ikXj[cfehWb
l_[m"
j^[
XWi_bWh
j_f
_i
^_ZZ[d
X[^_dZ
j^[
XhW_d
ij[c
WdZ
YWddej
X[
[nfei[Z
m_j^ekj
h[jhWY# j_ed
e\
i[di_j_l[
ijhkYjkh[i$
Dej[
j^[
Wdj[h_eh
f[jheYb_de_Z
\ebZ
WdZ
X[^_dZ
j^[
9D
???
j^[
fei# j[h_eh
Yb_de_Z
fheY[ii$
Dej[
j^[
F9e7
Yedd[Yj# _d]
j^[
?97
WdZ
F97
<_]$
)$'$',$

7FYB I97"
9D
?L 9D
??? F9F F9e7 F97

<_]$
)$'$',

'()

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
*
9edj_dk_d]
j^[
Wdj[h_eh
eXi[hlWj_ed"
j^[
ikfhW# i[bbWh
h[]_ed
YWd
X[
WffheWY^[Z
\hec
j^[
fei# j[h_eh
ikXj[cfehWb
ikh]_YWb
Yehh_Zeh$
Dej[
j^[
XhWdY^[i
e\
j^[
?97"
[$]$"
j^[
feij[h_eh
Yecck# d_YWj_d]
WdZ
j^[
Wdj[h_eh
Y^ehe_ZWb
Whj[h_[i$
J^[
efj_Y
d[hl[
YWd
Wbie
X[
m[bb
i[[d
<_]$
)$'$'-$

9D
??? F9e7 9D
?? ?97 79^7


<_]$
)$'$'-

Ij[f
+
EXi[hl_d]
W]W_d
j^[
j[djeh_Wb
dejY^"
j^[
feij[# h_eh
fWhj
e\
j^[
WcX_[dj
Y_ij[hd
_i
WffheWY^[Z$
7\j[h
][djb[
h[jhWYj_ed
e\
j^[
j[cfehWb
beX["
j^[
c_YheiYef_Y
l_[m
_i
\eYki[Z
ed
j^[
j[cfe# hWb
ikh\WY[
e\
j^[
j[djeh_kc$
?d
j^[
XWYa]hekdZ"
Yekdjb[ii
XhWdY^[i
e\
j^[
ikf[h_eh
Y[h[X[bbWh
WdZ
feij[h_eh
Y[h[XhWb
Whj[h_[i
YWd
X[
eXi[hl[Z$
Dej[
j^[
9D
?L
Z_iWff[Wh_d]
X[^_dZ
j^[
j[dje# h_Wb
dejY^
<_]$
)$'$'.$

j[djeh_kc 9D
?L

<_]$
)$'$'.

Ij[f
,
;nfeikh[
e\
j^[
j[djeh_Wb
ikh\WY[
e\
j^[
Y[h# [X[bbkc
W\j[h
ifb_jj_d]
j^[
j[djeh_kc$
?d
j^[
XWYa]hekdZ"
m[
YWd
i[[
j^[
ijhkYjkh[i
e\
j^[
WcX_[dj
WdZ
gkWZh_][c_dWb
Y_ij[hdi1
dej[
j^[
_djhWY_ij[hdWb
Yekhi[
e\
j^[
9D
?L
Ybei[
je
j^[
I97
<_]$
)$'$'/$

Y[h[X[bbkc I97 9D
?L

<_]$
)$'$'/

'(*

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
-
7\j[h
h[jhWYj_ed
e\
j^[
Z_l_Z[Z
j[djeh_kc"
j^[
Z_ii[Yj_ed
_i
eh_[djWj[Z
_d
W
ceh[
feij[h_eh
Z_h[Yj_ed
WffheWY^_d]
j^[
gkWZh_][c_dWb
Y_i# j[hd$
Dej[
j^[
XWiWb
l[_d
e\
Hei[dj^Wb
WdZ
j^[
f_d[Wb
]bWdZ
<_]$
)$'$(&$


XhW_d
ij[c f_d[Wb
]bWdZ XWiWb
l[_d l[_d
e\
=Wb[d

<_]$
)$'$(&

Ij[f
/
J^[
feij[h_eh
lWh_Wj_ed
e\
j^[
ikXj[cfehWb
YhW# d_ejeco
fhel_Z[i
j^[
effehjkd_jo
je
WffheWY^
j^[
kff[h
Y[h[X[bbefedj_d[
Wd]b[
WdZ
j^[
h[jhe# Yb_lWb
fWhj
e\
j^[
feij[h_eh
\eiiW$
7\j[h
h[jhWYj_ed
e\
j^[
j[djeh_kc
m_j^
ijhed]
^ebZ_d]
ikjkh[i"
j^[
ikh]_YWb
Yehh_Zeh
Wbed]
j^[
kff[h
h_c
e\
j^[
f[jheki
Xed[
_i
ef[d[Z$
Dej[
j^[
9D
???"
9D
?L"
WdZ
j^[
9D
L$
7YYehZ_d]
je
j^[
feij[h_ehbo
fbWY[Z
YhWd_ejeco"
j^[
87
_i
^_ZZ[d
X[^_dZ
j^[
XhW_d
ij[c
<_]$
)($'$('$

9D
L 9D
?L F97 9D
???

<_]$
)$'$('

Ij[f
'&
J^[
Wdj[h_eh
Y[h[X[bbefedj_d[
WdZ
fh[fedj_d[
Y_ij[hdi
Wh[
WffheWY^[Z
l_W
j^[
ikXj[cfehWb
jhWdij[djeh_Wb
fWj^mWo
eXi[hl_d]
j^[
\WY_Wb
WdZ
l[ij_XkbeYeY^b[Wh
d[hl[i$
Dej[
j^[
feij[# h_eh
ZkhWb
ikh\WY[
e\
j^[
f[jheki
Xed[
WdZ
j^[
Yb_lki$
7
beef
e\
j^[
7?97
Wff[Whi
Ybei[
je
j^[
9D
L??
WdZ
9D
L???
<_]$
)$'$(($

7?97 9D
L??"
9D
L???

<_]$
)$'$((

'(+

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
''
7\j[h
\khj^[h
ceX_b_pWj_ed
e\
j^[
Y[h[X[bbkc"
j^[
9D
L?
_i
WffheWY^[Z
X[jm[[d
j^[
jh_][c_# dWb
WdZ
l[ij_XkbeYeY^b[Wh
d[hl[i$
Dej[
j^Wj
j^[
9D
L?
[dj[hi
j^[
ZkhW
e\
j^[
Yb_lki"
hkdd_d]
_dje
j^[
:eh[bbe
YWdWb
<_]$
)$'$()$

9D
L??"
9D
L??? 9D
L? 9D
L

<_]$
)$'$()

Ij[f
'(
El[hl_[m
e\
j^[
c_ZZb[
WdZ
feij[h_eh
\eiiW
j^hek]^
j^[
feij[h_eh
ikXj[cfehWb
jhWdij[dje# h_Wb
WffheWY^$
Dej[
j^[
9D
???"
9D
?L"
9D
L"
9D
L?"
9D
L??
WdZ
j^[
9D
L???
<_]$
)$'$(*$

9D
L??"
9D
L??? 9D
L? 9D
L 9D
?L 9D
???

<_]$
)$'$(*

'(,

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
H_d][h
iebkj_ed
WdZ
j^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
Wi
kikWb
m_j^
hkdd_d]
eh
_dj[hhkfj[Z
ikjkh[i$
?\
d[Y[iiWho"
f_[Y[i
e\
j^[
j[cfehWb
ckiYb[
eh
fbWij_Y
cWj[h_Wb
YWd
X[
ki[Z
\eh
mWj[hj_]^j
Ybeikh[$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
Xed[
ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
fbWj[$
?\
feii_Xb["
j^_i
fbWj[
i^ekbZ
Ybei[
j^[
Xkhh
^eb[
jh[f^_dWj_ed$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ikX]Wb[Wb
WdZ
ckiYkbWh
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
_djhWYkjWd[eki
ikjkh[i$
:k[
je
j^[
icWbb
YkjW# d[eki
_dY_i_ed
WdZ
dedjhWkcWj_Y
ikh]_YWb
Z_ii[Yj_ed"
j^[
ki[
e\
W
ikYj_ed
ZhW_d
_i
kdd[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
ikXi[gk[dj
Z[j[h_ehWj_ed
_d
ikh]_YWb
WYY[ii$ š
E\j[d
kdWle_ZWXb[
ef[d_d]
e\
j^[
cWije_Z
Y[bbi
Zkh_d]
YhWd_e# jeco$
J^[
ef[d_d]
i^ekbZ
X[
Ybei[Z
c[j_Ykbekibo
je
Wle_Z
W
feij# ef[hWj_l[
9I<
ÓijkbW$ š
?d`kho
je
j^[
jhWdil[hiWb
eh
i_]ce_Z
i_dki
Zkh_d]
Xkhh
^eb[
jh[f^_# dWj_ed$
M_j^
fh[Y_i[
WdWjec_YWb
eh_[djWj_ed"
j^_i
i[l[h[
Yecfb_# YWj_ed
YWd
X[
ikYY[ii\kbbo
Wle_Z[Z$ š
?d`kho
je
j^[
ZkhW
cWj[h
Zkh_d]
YhWd_ejeco$
?d
ceij
YWi[i"
j^[
ZkhWb
Z[^_iY[dY[
YWd
X[
Ybei[Z
m_j^
W
]Wb[Wb
ÔWf
eh
icWbb
f_[Y[i
e\
j^[
j[cfehWb_i
ckiYb[$
?d
ej^[h
YWi[i"
_cfbWdjWj_ed
e\
fbWij_Y
cWj[h_Wb
_i
d[Y[iiWho$ š
?d`kho
je
j^[
l[_d
e\
BWXXƒ$
C_d_cWb
ZkhWb
ef[d_d]
WdZ
b_c_j[Z
XhW_d
h[jhWYj_ed
YWd
c_d_c_p[
j^_i
e\j[d
fheXb[cWj_Y
Yecfb_YW# j_ed$ š
:WcW][
je
j^[
j[cfehWb
beX[
Zk[
je
ifWjkbW
fh[iikh[$
B_c_j[Z
ZkhWb
ef[d_d]"
WZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj
WdZ
[Whbo
h[celWb
e\
9I<
\hec
j^[
WcX_[dj
Y_ij[hd
YWd
WZ[gkWj[bo
c_d_# c_p[
j[cfehWb
Yecfh[ii_ed$ š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
_d
j^[
bWj[hWb
j[djeh_Wb
WdZ
ikfhWi[bbWh
Wh[W
Zkh_d]
ikh]_YWb
Z_ii[Yj_ed
YWki_d]
feij# ef[hWj_l[
d[khebe]_YWb
Z[ÓY_ji$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$
?d
YWi[i
e\
ef[d[Z
cWije_Z
Y[bbi"
dWieb_gkehh^[W
cWo
eYYkh
m_j^
W
fej[d# j_Wb
h_ia
e\
feijef[hWj_l[
c[d_d]_j_i$ š
?dWZ[gkWj[
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
m_j^
_djhWYhWd_Wb
eh
[njhWYhWd_Wb
ie\j
j_iik[
^[cWjecW$

'(-

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

J_fi
WdZ
jh_Yai

<_]$
)$'$(+

š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
Yehh[Yj
fei_j_ed_d]$ š
IjkZo
j^[
fbWd[
e\
j^[
j[djeh_kc
m^[d
f[h\ehc_d]
ikh]_YWb
fbWd# d_d]"
_j
_i
_cfehjWdj
\eh
fei_j_ed_d]
e\
j^[
fWj_[dj
<_]$
)$'$(+$ š 9ecfWh[Z
m_j^
j^[
ikXj[cfehWb
YhWd_ejeco"
j^[
feij[h_eh
ikX# j[cfehWb
WffheWY^
h[gk_h[i
ceh[
^[WZ
hejWj_ed$
J^_i
i_]d_Ó
YWdj
hejWj_ed
YWd
X[
ikffehj[Z
m_j^
W
Yki^_ed
X[d[Wj^
j^[
_fi_bWj# [hWb
i^ekbZ[h
WdZ
m_j^
j_bj_d]
e\
W
cejeh_p[Z
ef[hWj_d]
jWXb[
<_]$
)$'$(,$

<_]$
)$'$(,

š Feii_Xb[
lWh_Wj_edi
e\
j^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco0
Wdj[h_eh
[nj[di_ed
71
feij[h_eh
[nj[di_ed
81
feij[he_d\[h_eh
[nj[di_ed
91
Wdj[he_d\[h_eh
[nj[di_ed
:
<_]$
)$'$(-$

<_]$
)$'$(-

7

8

9

:

š J^[
j[cfehWb
ckiYb[
i^ekbZ
X[
cel[Z
m_j^
W
Xbkdj
_dijhk# c[dj1
j^[
\WiY_W
i^ekbZ
X[
_dY_i[Z
_d
j^[
Z_h[Yj_ed
e\
j^[
cWi# je_Z
fheY[ii
Wbbem_d]
WZ[gkWj[
[nfeikh[
e\
j^[
igkWceki
Xed[
<_]$
)$'$(.$ š Dej[
j^[
ikfhWcWije_Z
Yh[ij"
cWha_d]
j^[
b[l[b
e\
j^[
j[cfe# hWb
iakbb
XWi["
WdZ
j^[
/&–
`kdYj_ed
e\
j^[
fWh_[jecWije_ZWb
WdZ
igkWceiWb
ikjkh[i
Z[Ó
d_d]
j^[
efj_cWb
fbWY[c[dj
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed
WdZ
j^[
YhWd_ejeco
<_]$
)$'$(/$

<_]$
)$'$(.

<_]$)$'$(/

'(.

IkXj[cfehWb
WffheWY^
r
feij[h_eh
lWh_Wj_ed

<_]$
)$'$)&

 



<_]$
)$'$)'

š IjW][i
e\
YhWd_ejeco
<_]$
)$'$)&0
'$
Xkhh
^eb[
jh[f^_dWj_ed
Wj
j^[
`kdYj_ed
e\
j^[
fWh_[jecWije_ZWb
WdZ
igkWceiWb
ikjkh[i1
($
j[c# feheXWiWb
Ykjj_d]
WYYehZ_d]
je
j^[
j[cfehWb
iakbb
XWi[1
)$
iWm_d]
_d
W
i[c_bkdWh
\Wi^_ed
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
[Z][
e\
j^[
Óhij
YhWd_ejeco
b_d[$ š :h_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
j[cfeheXWiWb
YhWd_ejeco
b_d[
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
_cfehjWdj
je
\WY_b_jWj[
_djhWZk# hWb
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed
<_]$
)$'$)'$ š ?\
f[d[jhWj_ed
e\
j^[
cWije_Z
Y[bbi
YekbZ
dej
X[
Wle_Z[Z"
c[j_Yk# beki
Ybeikh[
_i
h[gk_h[Z
<_]$
)$'$)($

<_]$
)$'$)(

<_]$
)$'$))

š J^[
ZkhWb
ef[d_d]
i^ekbZ
X[
f[h\ehc[Z
_d
W
i_cfb[
Ç9È
i^Wf[Z"
i[c_bkdWh
\Wi^_ed$
J^[
ZkhWb
ÔWf
_i
^[bZ
jemWhZi
j^[
j[cfehWb
iakbb
XWi[
m_j^
jme
ikjkh[i1
ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z
<_]$
)$'$))$ š 7\j[h
[dZ_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Ybei[Z
_d
W
mWj[hj_]^j
\Wi^_ed$
?\
j[di_ed
^Wi
Z[l[bef[Z
_d
j^[
j[cfehWb
ZkhW"
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[1
_d
ej^[h
YWi[i
fbWij_Y
cWj[h_Wb
i^ekbZ
X[
ki[Z

<_]$
)$'$)*$ š J^[
Xkhh
^eb[
jh[f^_dWj_ed
cWo
X[
Ybei[Z
m_j^
W
j_jWd_kc
fbWj[
fhel_Z_d]
Wd
efj_cWb
ÓnWj_ed
e\
j^[
Xed[
ÔWf
<_]$
)$'$)+$ š
De
ikYj_ed
ZhW_d
_i
d[Y[iiWho$

<_]$
)$'$)*

<_]$
)$'$)+

'(/

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

)$(
J^[
YecX_d[Z
feij[h_eh
ikXj[cfehWb# fh[i_]ce_ZWb
WffheWY^ J^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco
YWd
X[
[\\[Yj_l[bo
[nj[dZ[Z
_d
Wd
Wdj[he_d\[h_eh
Z_h[Yj_ed$
J^[
[ii[dY[
e\
j^[
YecX_d[Z
fei# j[h_eh
ikXj[cfehWb#fh[i_]ce_ZWb
WffheWY^
_i
j^[
XheWZ
ikfhW#
WdZ
_d\hWj[djeh_Wb
[nfeikh[
W\j[h
f[h\ehc_d]
W
b_c_j[Z
Wdj[h_eh
cWi# je_Z[Yjeco
WdZ
ef[d_d]
j^[
ikXj[cfehWb
WdZ
fh[i_]ce_ZWb
ZkhW
cWj[h$ 7
Y^Wbb[d]_d]
fheXb[c
ki_d]
YecX_d[Z
feij[h_eh
ikXj[cfehWb# fh[i_]ce_ZWb
WffheWY^[i
_i
je
Z[Wb
m_j^
j^[
_d\[h_eh
WdWijecej_Y
l[_d
e\
BWXXƒ$
?d
ceij
YWi[i"
j[cfehWb
Xh_Z]_d]
l[_di
YWd
X[
YWh[# \kbbo
Z_ii[Yj[Z
WmWo
\hec
j^[
Yehj_YWb
ikh\WY[
WdZ
\hec
j^[
ZkhWb
[djhWdY["
Y_hYkcl[dj_d]
eYYbki_ed$
>em[l[h"
_\
iYWh_Ó
YWj_ed
YWd
dej
X[
Wle_Z[Z"
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
ckij
X[
cWn_cWbbo
h[ZkY[Z
Wbbem_d]
ef[d
Ô
em
_d
j^[
WdWijecej_Y
l[_di
e\
j^[
j[c# fehWb
ikh\WY[$
J^ki"
fei_j_ed
WdZ
fh[iikh[
e\
j^[
XhW_d
ifWjkbW
fbWo
W
Y[djhWb
heb[$ <_]$
)$($'
IY^[cWj_Y
_bbkijhWj_ed
Z[cedijhWj_d]
j^[
eX`[Y# j_l[
e\
j^[
fh[i_]ce_ZWb
[nj[di_ed
e\
j^[
ikXj[cfehWb
YhWd_ejeco0
W\j[h
W
fWhj_Wb
cWije_Z[Yjeco
WdZ
j[djeh_Wb
_dY_i_ed"
j^[
Wdj[h_eh
fWhj
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[
YWd
X[
[\\[Yj_l[bo
WffheWY^[Z
WYYehZ_d]
je
W
YecX_d[Z
ikfhW#
WdZ
_d\hWj[djeh_Wb
Z_ii[Yj_ed$

J^_i
YecX_d[Z
ikXj[cfehWb#fh[i_]ce_ZWb
WffheWY^
Wbbemi
m_Z[
ikfhW#
WdZ
_d\hWj[djeh_Wb
l_ikWb_pWj_ed
WhekdZ
j^[
feij[he#ikf[h_eh ikh\WY[
e\
j^[
f[jheki
Xed[$
J^[
ikfhWj[djeh_Wb
ikXj[cfehWb
fWhj
e\
j^[
WffheWY^
Yehh[ifedZi
je
W
lWh_Wj_ed
e\
j^[
feij[h_eh
ikX# j[cfehWb
YhWd_ejeco"
Wbbem_d]
[nfeikh[
e\
j^[
feij[he
bWj[hWb
j[d# jeh_Wb
_dY_ikhW$
J^[
_d\hWj[djeh_Wb
fh[i_]ce_Z
fWhj
e\
j^[
WffheWY^
_i
Y[dj[h[Z
ed
j^[
cWije_Z
fheY[ii"
f[h\ehc_d]
lWho_d]
Z[]h[[i
e\
cWije_Z
WdZ
bWXoh_dj^_d[
h[i[Yj_ed$
J^hek]^
j^[
fh[i_]ce_Z
ZkhWb
ef[d_d]"
WYYehZ_d]
je
j^[
JhWkjcWdd
jh_Wd]b["
j^[
Y[h[X[b# befedj_d[
Wd]b[
WdZ
j^[
bWj[hWb
Y[h[X[bbec[ZkbbWh
h[]_ed
YWd
X[
eXi[hl[Z
\hec
j^[
j[djeh_Wb
_dY_ikhW
_dje
j^[
YhWd_eY[hl_YWb
`kdY# j_ed$
M[
Z[iYh_X[
^[h[
W
b_c_j[Z
fh[i_]ce_Z
Z_ii[Yj_ed
m_j^ekj
Z[ijhkYj_ed
e\
j^[
bWXoh_dj^
WdZ
m_j^ekj
Z_ifbWY[c[dj
e\
j^[
\WY_Wb
d[hl[$
7i
W
h[Wb
h[jhebWXoh_dj^_d[
ceZ_Ó
YWj_ed"
_d
YWi[i
e\
dWhhem
WdWjec_YWb
ifWY[i"
j^[
WffheWY^
cWo
_dYehfehWj[
_Z[dj_Ó
# YWj_ed
e\
j^[
Xedo
YWfikb[i
e\
j^[
bWj[hWb
WdZ
feij[h_eh
i[c_Y_hYk# bWh
YWdWbi
WdZ
ia[b[jed_p_d]
j^[
<Wbbef_Wd
YWdWb$
7
ceh[
[nj[di_l[
Z[]h[[
e\
cWije_Z
Z_ii[Yj_ed
m_j^
fWhj_Wb
eh
[dj_h[
h[i[Yj_ed
e\
j^[
i[c_Y_hYkbWh
YWdWbi
WdZ
j^[
l[ij_Xkb[
Ze[i
dej
Wbbem
i_]d_Ó
YWdjbo
_dYh[Wi[Z
_djhWYhWd_Wb
l_ikWb_pWj_ed
e\
j^[
Z[[f#i[Wj[Z
Y[h[X[bbe# fedj_d[
ijhkYjkh[i
WdZ"
_d
ekh
ef_d_ed"
i^ekbZ
X[
Wle_Z[Z$


')'

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

IkfhWj[djeh_Wb

F[jheki
Xed[

?d\hWj[djeh_Wb

Ikf[h_eh
f[jheiWb
i_dki
J[djeh_Wb
_dY_ikhW 7dj[h_eh
WdZ
feij[h_eh
f[jheYb_de_Z
b_]Wc[dj Feij[h_eh
Yb_deZ
fheY[ii Feij[h_eh
fWhj
e\
j^[
YWl[hdeki
i_dki BWj[hWb
Wif[Yj
e\
j^[

fedjec[i[dY[f^Wb
`kdYj_ed BWj[hWb
f_d[Wb
h[]_ed Efj_Y
jhWYj"
9D
???"
9D
?L
?97"
F9e7"
79^7"
F97"
I97"
_dYb$
f[h\ehWjehi 8WiWb
l[_d
e\
Hei[dj^Wb"
l[_d
e\
BWXXƒ

<Wbbef_Wd
YWdWb BWj[hWb
i[c_Y_hYkbWh
YWdWb Feij[h_eh
i[c_Y_hYkbWh
YWdWb

JhWkjcWdd
jh_Wd]b[ Ikf[h_eh
f[jheiWb
i_dki J[djeh_Wb
_dY_ikhW Kff[h
fWhj
e\
j^[
Yb_lki 9[h[X[bbefedj_d[
Wd]b[ BWj[hWb
Wif[Yj
e\
j^[
c[i[dY[f^Wbed BWj[hWb
Wif[Yj
e\
j^[
fedi J[djeh_Wb
ikh\WY[
e\
j^[
Y[h[X[bbkc
9D
?L"
9D
L"
9D
L?"
9D
L??"
9D
L??? 9D
?N"
9D
N"
9D
N?"
9D
N?? 7?97"
F?97"
L7"
87"
I97"

_dYb$
f[h\ehWjehi 8WiWb
l[_d
e\
Hei[dj^Wb"
l[_d
e\
=Wb[d

JWXb[
)$($'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
l_W
j^[
YecX_d[Z
feij[h_eh
ikXj[cfehWb#fh[i_]ce_ZWb
YhWd_ejeco$

?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
ikXj[cfehWb
fh[# i_]ce_Z
WffheWY^
_i
Z[iYh_X[Z$

')(

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[


<_]$
)$($(

'$
FWj_[dj
fei_j_ed_d] M_j^
j^[
fWj_[dj
_d
W
ikf_d[
fei_j_ed"
j^[
^[WZ
_i
Ón[Z
_d
W
CWo# Ó[bZ
^ebZ[h
m_j^
j^[
i_d]b[
f_d
fbWY[Z
_d
j^[
\eh[^[WZ
X[^_dZ
j^[
^W_hb_d["
Wbbem_d]
W
\h[[
WdZ
Yec\ehjWXb[
fei_j_ed
\eh
ikh][ho$
7YYehZ_d]
je
j^[
i_]d_ÓYWdj
^[WZ
hejWj_ed"
j^[
_fi_bWj[hWb
i^ekbZ[h
_i
[b[lWj[Z
m_j^
W
Yki^_ed"
WdZ"
_\
d[Y[iiWho"
j^[
ef[hWj_d]
jWXb[
YWd
X[
j_bj[Z
i_Z[mWoi$ Ij[f
' J^[
[b[lWj_ed
e\
j^[
^[WZ
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
\WY_b_jWj[i
YhWd_Wb
l[deki
ZhW_dW][
WdZ
e\\[hi
[\\[Yj_l[
Z[Yecfh[ii_ed
e\
j^[
Y[hl_YWb
ijhkYjkh[i$
9ecfWh[Z
je
j^[
Wdj[h_eh
WdZ
feij[h_eh
ikX# j[cfehWb
YhWd_ejec_[i"
ceh[
[b[lWj_ed
e\
j^[
^[WZ
e\\[hi
efj_cWb
WdZ
[h]edec_Y
WYY[ii
je
j^[
Y[h[X[bbefedj_d[
Wd]b[
<_]$
)$($($

<_]$
)$($)

<_]$
)$($*

Ij[f
( J^[h[W\j[h"
j^[
^[WZ
_i
YWh[\kbbo
hejWj[Z
WXekj
/&–Å'&&–
je
j^[
YedjhWbWj[hWb
i_Z[$
7i
c[dj_ed[Z
WXel["
j^_i
[njh[c[
hejWj_ed
YWd
X[
ikYY[ii\kbbo
ikffehj[Z
m_j^
W
Yki^_ed
X[d[Wj^
j^[
_fi_bWj# [hWb
i^ekbZ[h
WdZ
Xo
j_bj_d]
j^[
ef[hWj_d]
jWXb[$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
l[dj_bWj_ed
jkX["
bWhodn
WdZ
je
j^[
cW_d
Y[h# l_YWb
l[ii[bi$
9ecfWh[Z
je
j^[
Wdj[h_eh
WdZ
feij[h_eh
ikXj[cfehWb
WffheWY^[i"
j^[
fh[i_]ce_Z
ceZ_ÓYWj_ed
h[gk_h[i
ceh[
hejWj_ed
je
Wbbem
efj_cWb
WYY[ii
je
j^[
Y[h[X[bbefedj_d[
Wd]b[
<_]$
)$($)$ Ij[f
) J^[
^[WZ
i^ekbZ
X[
bWj[heÔ[Yj[Z
WXekj
'&–"
ikffehj_d]
j^[
]hWl_jo#
h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
j[cfehWb
beX[$
9ecfWh[Z
je
j^[
Wdj[# h_eh
WdZ
feij[h_eh
ikXj[cfehWb
WffheWY^[i"
j^[
fh[i_]ce_Z
lWh_W# j_ed
d[[Zi
b[ii
bWj[heÔ[n_ed"
fhel_Z_d]
efj_cWb
WYY[ii
je
j^[
Y[h# [X[bbefedj_d[
Wd]b[
<_]$
)$($*$
Ij[f
* I_c_bWh
je
j^[
feij[h_eh
ikXj[cfehWb
WffheWY^"
j^[
^[WZ
i^ekbZ
X[
h[jheÔ[Yj[Z
WXekj
'&–"
fhel_Z_d]
W
Yec\ehjWXb[
meha_d]
fei_# j_ed
\eh
j^[
ikh][ed$
J^[
h[jheÔ[n_ed
Wbie
e\\[hi
WZZ_j_edWb
Z[Yec# fh[ii_ed
e\
j^[
l[dj_bWj_ed
jkX["
bWhodn
WdZ
j^[
Y[hl_YWb
l[ii[bi

<_]$
)$($+$


<_]$
)$($+

'))

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed 8[\eh[
f[h\ehc_d]
j^[
ia_d
_dY_i_ed"
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
bWj[hWb
eii[eki
iakbb
ikY^
Wi
j^[
bWj[hWb
ehX_jWb
Yehd[h"
po]e# cWj_Y
WhY^"
Whj_YkbWh
jkX[hYkb["
[nj[hdWb
WkZ_jeho
YWdWb"
ikfhWcWi# je_Z
Yh[ij"
cWije_Z
fheY[ii
WdZ
j^[
cWije_Z
_dY_ikhW
Wh[
fh[Y_i[bo
fWbfWj[Z$
Dej[
j^[
eYY_f_jecWije_Z"
bWcXZe_Z"
fWh_[jecWije_Z
WdZ
igkWceiWb
ikjkh[i
WdZ
Z[Ó
d_j_ed
e\
j^[
Wij[h_ed$
If[Y_Wb
Wjj[d# j_ed
i^ekbZ
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki[i
WdZ
je
j^[
b[l[b
e\
j^[
j[cfehWb
iakbb
XWi[
<_]$
)$($,
W$

:

9

8

7

7\j[h
Z[Ó
d_j_ed
e\
j^[
YhWd_ejeco"
j^[
_dZ_l_ZkWb
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z
WdZ
fbWY[Z
WXekj
'&
cc
_d
W
h[jhe# Wkh_YkbWh
fei_j_ed
Wj
j^[
b[l[b
e\
j^[
cWije_Z
fheY[ii
<_]$
)$($,
X$
7\j[h
c_d_cWb
i^Wl_d]"
j^[
ia_d
i^ekbZ
X[
YWh[\kbbo
Z_i_d\[Yj[Z
m_j^
WbYe^eb
iebkj_ed$ <_]$
)$($,
W
:[Ó
d_j_ed
e\
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki"
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
h[jhe# Wkh_YkbWh#h[jhecWije_ZWb
h[]_ed$
Dej[
j^[
ikfhWcWije_Z
Yh[ij
7"
Wij[h_ed
8"
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
9
WdZ
j^[
cWije_Z
fheY[ii
:$

<_]$
)$($,
X
:[Ó
d_j_ed
e\
j^[
YhWd_ejeco
WdZ
ia_d
_dY_# i_ed
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
j[c# fehe#eYY_f_jWb
WdZ
cWije_Z
h[]_edi$
Dej[
j^[
feij[h_eh
fbWY[c[dj
e\
j^[
ikXj[cfehWb
YhWd_ejeco0
j^[
Xkhh
^eb[
jh[f^_dWj_ed
i^ekbZ
X[
f[h\ehc[Z
Wj
j^[
`kdYj_ed
e\
j^[
fWh_[jecWije_Z
WdZ
igkWceki
ikjkh[i"
`kij
Wdj[h_eh
je
j^[
i_]ce_Z
i_dki$
J^[
XWi[
e\
j^[
YhWd_ejeco
Yehh[ifedZi
je
j^[
ikfhWcWije_Z
Yh[ij$
J^[
fh[i_]ce_Z
[nj[di_ed
e\
j^[
YhWd_ejeco
Yehh[ifedZi
je
W
fWhj_Wb
cWije_Z[Yjeco"
[nfei_d]
j^[
JhWkjcWdd
jh_Wd]b[$
J^[
ijhW_]^j
eh
ib_]^jbo
Ykhl[Z
ia_d
_dY_i_ed
i^ekbZ
X[
cWZ[
Wj
j^[
b[l[b
e\
j^[
cWije_Z
fheY[ii$


')*

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
B[\j
i_Z[$
J^[
ib_]^jbo
Ykhl[Z
ia_d
_dY_i_ed
_i
cWZ[
YW$
'&
cc
X[^_dZ
j^[
[nj[hdWb
WkZ_# jeho
YWdWb$
J^[
_dY_i_ed
X[]_di
Wj
j^[
j_f
e\
j^[
cWije_Z
fheY[ii
WdZ
[nj[dZi
m_j^
W
b[d]j^
e\
WXekj
,&
cc
_dje
j^[
j[cfehefWh_[jWb
Wh[W$
J^[
ikXYkjWd[eki
bWo[h
_i
Z_ii[Yj[Z
i_Z[mWoi
[nfei_d]
j^[
feij[h_eh
fWhj
e\
j^[
j[cfehWb
ckiYb[
WdZ
j^[
ikh\WY[
e\
j^[
cWije_Z
fheY[ii$
Dej[
iY^[cWj_Y
_bbkijhWj_ed
e\
j^[
i_]ce_Z
i_dki
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
<_]$
)$($-$

<_]$
)$($-

Ij[f
( J^[
f[h_eij[Wb
bWo[h"
je][j^[h
m_j^
j^[
\WiY_W
e\
j^[
ij[hdeYb[_ZecWije_Z
ckiYb["
_i
_dY_i[Z
_d
W
ijhW_]^j
\Wi^_ed
WdZ
j^[
j[cfehWb
ckiYb[
_i
\h[[Z
Xbkdjbo
\hec
j^[
ikfhWcWije_Z
Yh[ij

<_]$
)$($.$

<_]$
)$($.

Ij[f
)
Ki_d]
W
mekdZ
h[jhWYjeh"
j^[
\WiY_W
e\
j^[
cWi# je_Z
fheY[ii
WdZ
j^[
j[cfehWb
ckiYb[
Wh[
\ehY# _Xbo
h[jhWYj[Z$
Dej[
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
j[cfehecWije_ZWb
h[]_ed0
j^[
ikfhWcWije_Z
Yh[ij"
WdZ
j^[
jhWdi_j_ed
X[jm[[d
j^[
igkWceiWb
WdZ
fWh_[jecWije_ZWb
ikjkh[i$
J^[
ikfhWcWije_Z
Yh[ij
Yehh[ifedZi
je
j^[
feij[h_eh
fWhj
e\
j^[
j[cfehWb
b_d[
WdZ
cWhai
j^[
b[l[b
e\
j^[
j[cfehWb
iakbb
XWi[1
j^[
`kdYj_ed
X[jm[[d
j^[
igkWceiWb
WdZ
fWh_[je# cWije_ZWb
ikjkh[i
Yehh[ifedZi
je
j^[
efj_cWb
fbWY[c[dj
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed
Wle_Z# _d]
_d`kho
je
j^[
i_]ce_ZWb
i_dki
<_]$
)$($/$

<_]$
)$($/

')+

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed


Ij[f
*
J^[
YecX_d[Z
feij[h_eh
ikXj[cfehWb#fh[i_]# ce_ZWb
WffheWY^
Yehh[ifedZi
je
W
fWhj_Wbbo
eij[efbWij_Y
WdZ
fWhj_Wbbo
eij[eYbWij_Y
YhWd_# ejeco$
7\j[h
Xkhh
^eb[
jh[f^_dWj_ed"
j^[
j[c# feheXWiWb
ZkhW
_i
i[[d
`kij
Wdj[h_eh
je
j^[
i_]# ce_Z
i_dki$
M_j^
j^[
^_]^#if[[Z
YhWd_ejec["
W
ijhW_]^j
b_d[
_i
j^[d
iWm[Z
_d
W
feij[h_eh
je
Wdj[h_eh
Z_h[Yj_ed
Wj
j^[
b[l[b
e\
j^[
ikfhWcWi# je_Z
Yh[ij"
WYYehZ_d]
je
j^[
j[cfehWb
iakbb
XWi[
<_]$
)$($'&$

<_]$
)$($'&

<_]$
)$($''

Ij[f
+
J^[h[W\j[h"
W
Ç9È
i^Wf[Z"
Ykhl[Z
b_d[
_i
iWm[Z
je
j^[
Wdj[h_eh
XehZ[h
e\
j^[
fh[l_ekibo
f[h# \ehc[Z
j[cfeheXWiWb
b_d["
ki_d]
W
^_]^#if[[Z
Zh_bb$
J^ki"
W
b_c_j[Z
feij[h_eh
ikXj[cfehWb
YhW# d_ejeco
_i
Yh[Wj[Z
m_j^
W
m_Zj^
e\
YW$
(+
cc
WdZ
W
^[_]^j
e\
YW$
'+
cc
<_]$
)$($''$

<_]$
)$($'(

Ij[f
,
7\j[h
Yecfb[j_d]
j^[
ikXj[cfehWb
YhWd_ejeco"
j^[
Wdj[h_eh
fWhj
e\
j^[
i_]ce_Z
i_dki
_i
ia[b# [jed_p[Z"
WdZ
W
b_c_j[Z
cWije_Z[Yjeco
_i
f[h# \ehc[Z"
ki_d]
W
^_]^#if[[Z
Zh_bb$
?d
j^[
YWi[
e\
W
dWhhem
fh[i_]ce_Z
ifWY["
j^[
i_]ce_Z
i_dki
YWd
X[
\h[[Z
WdZ
][djbo
h[jhWYj[Z"
Wbbem# _d]
efj_cWb
[nfeikh[
e\
j^[
fh[i_]ce_Z
ZkhW
cWj[h$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
<Wbbef_Wd
YWdWb
m_j^
j^[
\WY_Wb
d[hl[
WdZ
je
j^[
feij[h_eh
WdZ
bWj[hWb
i[c_Y_hYkbWh
YWdWbi
<_]$
)$($'($

'),

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

Ij[f
-
J^[
feij[h_eh
ikXj[cfehWb
YhWd_ejeco
WdZ
W
b_c_j[Z
cWije_Z[Yjeco
Wh[
f[h\ehc[Z$
J^[
\WY_Wb
YWdWb
WdZ
j^[
c_ZZb[
WdZ
_dd[h
[Wh
ijhkYjkh[i
Wh[
a[fj
_djWYj$
J^[
ZkhW
cWj[h
e\
j^[
feij[h_eh
YhWd_Wb
\eiiW"
Wdj[h_eh
je
j^[
i_]ce_Z
i_dki"
Yehh[ifedZi
je
j^[
JhWkjcWdd
jh_Wd]b[$
7\j[h
YhWd_ejeco
WdZ
fWhj_Wb
cWije_Z# [Yjeco"
j^[
ikXj[cfehWb
ZkhW
cWj[h
_i
_dY_i[Z
_d
W
i[c_bkdWh"
Ykhl[Z
\Wi^_ed
Wbed]
j^[
XWi[
e\
j^[
j[cfehWb
YhWd_ejeco$
Dej[
j^[
ikf[h_eh
f[jheiWb
i_dki
WdZ
j^[
eXi[hl[Z
Wdj[h_eh
[Z][
e\
j^[
i_]ce_Z
i_dki
<_]$
)$($')$

<_]$
)$($')

Ij[f
.
7d
_cfehjWdj
ij[f
e\
j^[
ZkhWb
ef[d_d]
_i
je
Z_l_Z[
j^[
ikf[h_eh
f[jheiWb
i_dki$
J^[
Ybeikh[
WdZ
Z_l_i_ed
e\
j^[
i_dki
i^ekbZ
X[
f[h\ehc[Z
Wj
_ji
Yedd[Yj_ed
je
j^[
i_]ce_Z
WdZ
jhWdil[h# iWb
i_dki[i
Yehh[ifedZ_d]
je
j^[
Wf[n
e\
j^[
9_j[bb_
Wd]b[$
<eh
j^_i
h[Wied"
j^[
ki[
e\
^[ce# Yb_fi
YWd
X[
h[Yecc[dZ[Z
<_]$
)$($'*$

<_]$
)$($'*

Ij[f
/ 7\j[h
Z_l_i_ed
e\
j^[
ikf[h_eh
f[jheiWb
i_dki"
j^[
ZkhW
cWj[h
e\
j^[
feij[h_eh
YhWd_Wb
\eiiW
_i
ef[d[Z
Wdj[h_eh
je
j^[
i_]ce_Z
i_dki
WYYehZ_d]
je
j^[
feij[h_eh
cWh]_d
e\
j^[
JhWkjcWdd
jh_Wd# ]b[$
7YYehZ_d]
je
j^[
ikh]_YWb
Yehh_Zeh"
j^[
j[d# jeh_kc
_i
_dY_i[Z
m_j^ekj
ZWcW]_d]
j^[
ijhkY# jkh[i
e\
j^[
feij[h_eh
j[djeh_Wb
_dY_ikhW$
J^[
j[djeh_kc"
j^[
ZkhW
e\
j^[
feij[h_eh
\eiiW
WdZ
j^[
ZkhW
e\
j^[
j[cfehWb
Yedl[n_jo
Wh[
j^[d
h[jhWYj[Z
Wdj[h_ehbo
ki_d]
[b[lWj_d]
ikjkh[i
<_]$
)$($'+$

<_]$
)$($'+

')-

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

<Wbbef_Wd
YWdWb feij[h_eh
i[c_# Y_hYkbWh
YWdWb j[cfehWb
ZkhW
cWj[h ikf[h_eh
f[jheiWb
i_dki i_]ce_Z
i_dki jhWdil[hiWb
i_dki

<_]$
)$($',

*$
:khWb
ef[d_d]"
_djhWZkhWb
Z_ii[Yj_ed Ij[f
'
B[\j
i_Z[$

j[djeh_kc Y[h[X[bbkc j[cfehWb
beX[

<_]$
)$($'-

Ij[f
)
7\j[h
_Z[dj_\o_d]
j^[
feij[h_eh
fWhj
e\
j^[
WcX_[dj
Y_ij[hd"
j^[
WhWY^de_Z
c[cXhWd[i
Wh[
ef[d[Z
\eh
ik\ÓY_[dj
9I<
ZhW_dW][$
7\j[h
h[jhWYj_ed
e\
j^[
j[cfehe#eYY_f_jWb
h[]_ed"
j^[
jhWdi_j_ed
X[jm[[d
j^[
WcX_[dj
WdZ
gkWZh_# ][c_dWb
Y_ij[hdi
m_j^
XhWdY^[i
e\
j^[
feij[# h_eh
Y[h[XhWb
WdZ
ikf[h_eh
Y[h[X[bbWh
Whj[h_[i
YWd
X[
i[[d$
9bei[
je
j^[
I97"
j^[
9D
?L
YWd
X[
eXi[hl[Z
WdZ
_d
j^[
XWYa]hekdZ"
j^[
feij[he# bWj[hWb
ikh\WY[
e\
j^[
c[i[dY[f^Wbed
Wff[Whi

<_]$
)$($'.$

j[cfehWb
beX[ I97"
9D
?L c[i[dY[f^Wbed Y[h[X[bbkc

<_]$
)$($'.

').

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

Ij[f
*
J^[
fWhW^_ffeYWcfWb
]ohki
_i
h[jhWYj[Z
WdZ
j^[
WcX_[dj
Y_ij[hd
_i
Z_ii[Yj[Z
m_j^
W
c_Yhe# iY_iieh$
J^[
Y_ij[hdWb
Yekhi[
e\
j^[
9D
?L
_i
\eb# bem[Z
_d
Wd
Wdj[h_eh
Z_h[Yj_ed
WdZ
i[fWhWj[Z
\hec
WhWY^de_ZWb
WZ^[i_edi$
Dej[
j^[
bWj[hWb
c[i[dY[f^Wb_Y
i[]c[dj
e\
j^[
I97$
?d
j^[
XWYa]hekdZ
j^[
bWj[hWb
ikh\WY[
e\
j^[
c[i[d# Y[f^Wbed
YWd
X[
i[[d <_]$
)$($'/$

9D
?L I97 c[i[dY[f^Wbed

<_]$
)$($'/

Ij[f
+
?d
W
ceh[
Wdj[h_eh
l_[m"
j^[
9D
?L
Z_iWff[Whi
m_j^_d
j^[
ZkhWb
\ebZ
e\
j^[
j[djeh_kc$
Dej[
j^[
fh[c[i[dY[f^Wb_Y
i[]c[dj
e\
j^[
I97$
M_j^
j^[
feij[h_ehbo
i_jkWj[Z
YhWd_ejeco"
j^[
87
_i
^_ZZ[d
X[^_dZ
j^[
XhW_d
ij[c$
Dej[
j^[
9D
???
<_]$
)$($(&$

9D
??? 9D
?L I97

<_]$
)$($(&

Ij[f
,
J^[
h[jhe#
WdZ
ikfhWi[bbWh
Wh[W"
eXi[hl_d]
\hec
j^[
feij[h_eh
ikXj[cfehWb
Z_h[Yj_ed$
Dej[
j^[
efj_Y
jhWYj
WdZ
j^[
ikfhWYb_de_Z
i[]c[dj
e\
j^[
?97
m_j^
_ji
XhWdY^[i$

?97 9D
??? efj_Y
jhWYj 9D
?L F97 I97

<_]$
)$($('

')/

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

Ij[f
-
:_ii[Yj_d]
_d
YWkZWb
Z_h[Yj_ed
\hec
j^[
9D
?L"
j^[
9D
L
Wff[Whi
Ybei[
je
W
XhWdY^
e\
j^[
I97$
M_j^
j^[
YecX_d[Z
ikfhW#
WdZ
_d\hWj[djeh_Wb
WffheWY^"
ijhkYjkh[i
e\
j^[
c_ZZb[
WdZ
fei# j[h_eh
\eiiW
YWd
Wbie
X[
eXi[hl[Z$
Dej[
j^[
f[jheki
l[_d
e\
:WdZo"
b[WZ_d]
_dje
j^[
ikf[# h_eh
f[jheiWb
i_dki$
J^[
j[djeh_kc
_i
h[jhWYj[Z
\ehY_Xbo
_d
Wd
Wdj[h_eh
Z_h[Yj_ed
<_]$
)$($(($


9D
?L 9D
L I97 f[jheki
l[_d

<_]$
)$($((

Ij[f
.
J^[
Y[h[X[bbkc
_i
\h[[Z
\hec
j^[
f[jheki
Xed["
Wbbem_d]
eXi[hlWj_ed
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[
j^hek]^
j^[
fh[i_]ce_Z
ikh]_YWb
Yehh_# Zeh$
J^[
Yecfb[n
e\
j^[
\WY_Wb
WdZ
l[ij_Xkbe# YeY^b[Wh
d[hl[i
Wff[Whi
YWkZWb
\hec
:WdZoÊi
f[jheiWb
l[_d$
J^[
ÔeYYkbki
_i
h[jhWYj[Z
m_j^
W
Z_ii[Yjeh
Wbbem_d]
eXi[hlWj_ed
e\
j^[
[djho
ped[
e\
j^[
9D
L???$
Dej[
j^[
beef
e\
j^[
7?97
Ybei[
je
j^[
9D
L??
<_]$
)$($()$

7?97 9D
L??"
9D
L??? f[jheki
l[_d

<_]$
)$($()

Ij[f
/
:_ii[Yj_d]
ceh[
ZemdmWhZ"
j^[
9D
?N
WdZ
9D
N
YWd
X[
eXi[hl[Z$
Dej[
j^[
l[djhebWj[hWb
ikh\WY[
e\
j^[
fedjec[ZkbbWh
`kdYj_ed
<_]$
)$($(*$ 9D
?N"
9D
N 9D
L??"
9D
L???

<_]$
)$($(*

'*&

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhW
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
eh
Yedj_dkeki
ikjkh[i$
?d
i[l[hWb
YWi[i"
mWj[h# j_]^j
Ybeikh[
e\
j^[
fh[i_]ce_Z
ZkhW
_i
Z_\ÓYkbj$
J^[
cWije_Z
Y[bbi
Wh[
Ybei[Z
m_j^
WXZec_dWb
\Wj
j_iik[
eh
m_j^
W
ÔWf
e\
j^[
j[cfe# hWb_i
ckiYb[$
J^[
ikXj[cfehWb
Xed[
ÔWf
_i
Ón[Z
m_j^
ed[
eh
jme
j_jWd_kc
fbWj[i$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYk# bWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
_dj[hhkfj[Z
eh
hkdd_d]
_djhWYkjWd[eki
ikjkh[i$
Je
Wle_Z
W
feijef[hWj_l[
9I<
ÓijkbW"
ki[
e\
W
ikYj_ed
ZhW_d
_i
dej
h[Yecc[dZ[Z$
?\
dWiWb
b_gkehh^[W
eYYkhi"
bkcXWh
ZhW_dW][
_i
d[Y# [iiWho
je
Wle_Z
feijef[hWj_l[
c[d_d]_j_i$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
7YYehZ_d]
je
j^[
j[Y^d_YWbbo
ief^_ij_YWj[Z
WffheWY^"
i[b\#cWZ[
fbWd_d]
WdZ
fei_j_ed_d]
_i
[if[Y_Wbbo
_cfehjWdj$ š
M_j^
j^[
fh[i_]ce_ZWb
eij[eYbWij_Y
YhWd_ejeco"
cWije_Z
Y[bbi
m_bb
X[
ef[d[Z
m^_b[
f[h\ehc_d]
j^[
fWhj_Wb
cWije_Z[Yjeco$
J^[
ef[d_d]
i^ekbZ
X[
Ybei[Z
c[j_Ykbekibo
je
Wle_Z
W
feijef[hWj_l[
9I<
ÓijkbW
WdZ
c[d_d]_j_i$
š
?d`kho
je
j^[
ZkhW
cWj[h
Zkh_d]
YhWd_ejeco$
:khWb
Ybeikh[
_i
Z_\# ÓYkbj"
[if[Y_Wbbo
_d
j^[
fh[i_]ce_Z
Wh[W$
š
?d`kho
je
j^[
i_]ce_Z
i_dki
Zkh_d]
fh[i_]ce_Z
cWije_Z[Yjeco$
J^_i
Yecfb_YWj_ed
m_j^
ikXi[gk[dj
i[l[h[
Xb[[Z_d]
i^ekbZ
Z[Ó# d_j[bo
X[
Wle_Z[Z$ š
:WcW][
je
j^[
j[cfehWb
beX[
WdZ
Y[h[X[bbkc
Zk[
je
ifWjkbW
fh[iikh[$
B_c_j[Z
ZkhWb
ef[d_d]"
WZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj
WdZ
[Whbo
h[celWb
e\
9I<
\hec
j^[
WcX_[dj
WdZ
Y[h[X[b# befedj_d[
Y_ij[hdi
Wh[
_cfehjWdj$ š
?d`kho
je
j^[
l[_d
e\
BWXXƒ
m_j^
ikXi[gk[dj
j[cfehWb
l[deki
_d\WhYj_ed
WdZ
_djhWY[h[XhWb
Xb[[Z_d]$
š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
m_j^_d
j^[
bWj[hWb
j[dje# h_Wb"
Y[h[X[bbefedj_d[
WdZ
Y[h[X[bbec[ZkbbWh
h[]_edi
Zkh_d]
ikh# ]_YWb
Z_ii[Yj_ed"
YWki_d]
feijef[hWj_l[
d[khebe]_YWb
Z[ÓY_ji$ š
?dWZ[gkWj[
^[ceijWi_i
_d
j^[
ikh]_YWb
i_j[
m_j^
ikXi[gk[dj
_djhWYhWd_Wb
h[Xb[[Z_d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$
š
?dWZ[gkWj[
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
m_j^
ie\j
j_iik[
^[cWjecW$
Je
Wle_Z
W
9I<
ÓijkbW"
j^[
ki[
e\
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

'*'

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

J_fi
WdZ
jh_Yai

<_]$
)$($(+

š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
Yehh[Yj
fei_j_ed_d]
e\
j^[
fWj_[dj$
Dej[
j^[
\ehc
WdZ
fbWd[
e\
j^[
j[djeh_kc
_d
fh[ef# [hWj_l[
_cW]_d]$
I[b\#cWZ[
eh_[djWj_ed
ed
WdWjec_YWb
ijhkYjkh[i
_i
cWdZWjeho
je
Wle_Z
ZWcW][
e\
j^[
i[di_j_l[
d[khe#ejebe]_YWb
ijhkYjkh[i
WdZ
je
Wbbem
ik\Ó
Y_[dj
_djhWYhWd_Wb
l_ikWb_pWj_ed$

7

8 š
9ecfWh[Z
je
j^[
Wdj[h_eh
WdZ
feij[h_eh
ikXj[cfehWb
WffheWY^[i"
j^[
ikXj[cfehWb#fh[i_]ce_ZWb
WffheWY^
h[gk_h[i
ceh[
^[WZ
hejWj_ed
7"
ceh[
[b[lWj_ed
8
WdZ
b[ii
bWj[heÔ
[n_ed
9"
Wbbem# _d]
efj_cWb
[nfeikh[
e\
j^[
feij[h_eh
YhWd_Wb
\eiiW
<_]$
)$($(+$ š
J^[
j[cfehWb
ckiYb[
i^ekbZ
X[
\h[[Z
Xbkdjbo
WdZ
j^[
\WiY_W
Ykj
ijhW_]^j
Wbbem_d]
[nfeikh[
e\
j^[
feij[h_eh
igkWceki
Xed[
<_]$
)$($(,$
š
Dej[
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai0
j^[
ikfhWcWije_Z
Yh[ij"
cWha_d]
j^[
b[l[b
e\
j^[
j[cfehWb
iakbb
XWi["
WdZ
j^[
`kdY# j_ed
X[jm[[d
j^[
fWh_[jecWije_ZWb
WdZ
igkWceiWb
ikjkh[i"
i^em_d]
j^[
efj_cWb
fbWY[c[dj
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed
<_]$
)$($(-$ š
Ij[fi
e\
j^[
feij[h_eh
ikXj[cfehWb
#
fh[i_]ce_ZWb
YhWd_ejeco
<_]$
)$($(.0
'$
feij[h_eh
j[cfeheXWiWb
Xkhh
^eb[
jh[f^_dWj_ed1
($
j[cfeheXWiWb
Ykjj_d]
WYYehZ_d]
je
j^[
ikfhWcWije_Z
Yh[ij1
)$
iWm_d]
_d
W
i[c_bkdWh"
Ykhl[Z
\Wi^_ed
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
[Z][
e\
j^[
Ó
hij
YhWd_ejeco
b_d[1
*$
fWhj_Wb
cWije_Z# [Yjeco$


9

<_]$
)$($(,

<_]$
)$($(-

<_]$
)$($(.

'*(

IkXj[cfehWb
WffheWY^
r
feij[h_eh
fh[i_]ce_ZWb
lWh_Wj_ed

<_]$
)$($(/

š
Ia[b[jed_pWj_ed
WdZ"
_d
iec[
YWi[i"
][djb[
\h[[_d]
e\
j^[
i_]ce_Z
i_dki
_i
d[Y[iiWho
je
]W_d
WYY[ii
je
j^[
JhWkjcWdd
jh_Wd]b[
e\
j^[
feij[h_eh
\eiiW
ZkhW
<_]$
)$($(/$

<_]$
)$($)&

š
J^[
ZkhW
e\
j^[
JhWkjcWdd
jh_Wd]b[
i^ekbZ
X[
ef[d[Z
Wbed]
j^[
i_]ce_Z
i_dki
WdZ
j^[
ikXj[cfehWb
ZkhW
_d
W
i[c_Y_hYkbWh
\Wi^# _ed$
J^[
ikf[h_eh
f[jheiWb
i_dki
i^ekbZ
X[
Ybei[Z
ki_d]
^[ceYb_fi
WdZ
Z_l_Z[Z
m_j^
W
c_YheiY_iieh
<_]$
)$($)&$ š
Je
Wle_Z
_d`kho
je
j^[
l[_d
e\
BWXXƒ"
b_c_j[Z
ZkhWb
ef[d_d]
WdZ
YWh[\kb
Z_ii[Yj_ed
e\
j^[
l[_d
\hec
j^[
ZkhW
WdZ
\hec
WhWY^de_ZWb
c[cXhWd[
_i
_cfehjWdj$
?\
Ybeikh[
e\
j^[
BWXXƒ
l[_d
_i
kdWle_Z# WXb["
h[jhWYj_ed
e\
j^[
j[cfehWb
beX[
ckij
X[
h[ijh_Yj[Z
je
W
c_d_# ckc
_d
ehZ[h
dej
je
Yecfh[ii
_cfehjWdj
WdWijecej_Y
l[deki
fWj^mWoi$

<_]$
)$($)'

š
7\j[h
ZkhWb
Ybeikh["
j^[
ef[d[Z
cWije_Z
Y[bbi
i^ekbZ
X[
Ybei[Z
m_j^
WXZec_dWb
\Wj
j_iik[
eh
m_j^
W
ÔWf
e\
j^[
j[cfehWb
ckiYb[
<_]$
)$($)'$ š
Je
Wle_Z
feijef[hWj_l[
dWieb_gkehh^[W"
c[j_Ykbeki
ZkhWb
Ybeikh[
_i
cWdZWjeho$
MWj[hj_]^j
Ybeikh[
e\
j^[
fh[i_]ce_Z
ZkhW
_i
Z_\Ó# Ykbj1
_d
j^[i[
YWi[i
W
f_[Y[
e\
j[cfehWb
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Z[^_iY[dY[
<_]$
)$($)($

<_]$
)$($)(

š
Je
Wle_Z
feijef[hWj_l[
9I<
ÓijkbW"
ki[
e\
ikYj_ed
ZhW_d
_i
dej

h[Yecc[dZ[Z$ š
?\
feijef[hWj_l[
dWieb_gkehh^[W
eYYkhi"
j^[
ki[
e\
bkcXWh
ZhW_d# W][
_i
h[Yecc[dZ[Z$

'*)

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

)$)
;njhWZkhWb
ceZ_ÓYWj_ed
e\
j^[

ikXj[cfehWb
YhWd_ejeco
[nfei_d]
j^[

_dj[hdWb
WkZ_jeho
YWdWb ;nj[dZ[Z
jhWdi#f[jheki#Wf[n
ceZ_ÓYWj_ed
[nfei_d]
j^[
feij[h_eh
\eiiW

<_]$
)$)$'
IY^[cWj_Y
ZhWm_d]
_bbkijhWj_d]
j^[
[nfbehWj_ed
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
l_W
W
ikXj[cfehWb
YhWd_e# jeco$
M_j^
YWh[\kb
Zh_bb_d]
e\
j^[
hee\
e\
j^[
_dj[hdWb
WkZ_# jeho
YWdWb"
j^[
\WY_Wb"
ikf[h_eh
l[ij_XkbWh"
YeY^b[Wh"
WdZ
j^[
_d\[h_eh
l[ij_XkbWh
d[hl[i
YWd
X[
[\ÓY_[djbo
WffheWY^[Z$

 




 



<_]$
)$)$(
7\j[h
_Z[dj_ÓYWj_ed
e\
j^[
=IFD
WdZ
Z[Ód_j_ed
e\
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
m_j^
j^[
ÇXbk[
b_d[È
j[Y^# d_gk["
j^[
Yekhi[
e\
j^[
?79
YWd
X[
fh[Y_i[bo
Z[j[hc_d[Z
b[\j
i_Z[$

J^_i
j[Y^d_gk[
Yehh[ifedZi
je
Wd
[njhWZkhWb
WffheWY^
je
j^[
ikf[# h_eh
ikh\WY[
e\
j^[
j[cfehWb
Xed[
j^hek]^
W
b_c_j[Z
ikXj[cfe# hWb
YhWd_ejeco$
J^[
W_c
e\
j^_i
ceZ_ÓYWj_ed
e\
j^[
ikXj[cfehWb
WffheWY^
_i
j^[
ef[d_d]
e\
j^[
?79"
[nfei_d]
j^[
\WY_Wb"
ikf[h_eh
l[ij_XkbWh"
YeY^b[Wh"
WdZ
_d\[h_eh
l[ij_XkbWh
d[hl[i
<_]$
)$)$'$
7\j[h
YWh[\kb
_Z[dj_ÓYWj_ed
e\
j^[
]h[Wj[h
ikf[hÓY_Wb
f[jheiWb
d[hl[
WdZ
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
Wj
j^[
WhYkWj[
[c_d[dY["
j^[
Yekhi[
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
YWd
X[
[nWYjbo
Z[j[hc_d[Z"
Wle_Z_d]
ZWcW][
je
j^[
i[di_j_l[
l[ij_XkbeYeY^b[Wh
ijhkYjkh[i$
CWdo
j[Y^# d_gk[i
^Wl[
X[[d
Z[iYh_X[Z
\eh
j^_i
fkhfei[1
m[
fh[\[h
j^[
ÇXbk[
b_d[È
c[j^eZ
Z[iYh_X[Z
Xo
M_bb_Wc
<$
>eki[
WdZ
K]e
<_iY^
Q>eki[
'/,'"
<_iY^
'/,/S$
Ki_d]
W
Z_WcedZ
Zh_bb
m_j^
Yedj_dkeki
_hh_]Wj_ed"
j^[
ikf[hÓY_Wb
Xedo
bWo[h
Wj
j^[
WhYkWj[
[c_d[dY[
Yel[h_d]
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
i^ekbZ
X[
fWhj_Wbbo
h[cel[Z$
J^[
Xbk[
b_d[
e\
j^[
YWdWb"
je][j^[h
m_j^
j^[
]h[Wj[h
f[jheiWb
d[hl["
Z[j[h# c_d[i
j^[
Yekhi[
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
<_]$
)$)$($ J^_i
WffheWY^
_i
_dZ_YWj[Z
\eh
h[celWb
e\
icWbb
_djhWc[WjWb
WYeki# j_Y
d[kh_decWi
m_j^
b[ii
j^Wd
+
cc
[nj[di_ed
_dje
j^[
Y[h[X[bbe#

fedj_d[
Wd]b[1
_d
fWhj_YkbWh"
jkcehi
m^_Y^
Óbb
j^[
_dj[hdWb
WkZ_# jeho
YWdWb$
J^[
]eWb
_i
je
WY^_[l[
jejWb
h[celWb
e\
j^[
jkceh
m_j^
fh[i[hlWj_ed
e\
^[Wh_d]
Wj
j^[
fh[ef[hWj_l[
b[l[b
WdZ
dehcWb
\WY_Wb
\kdYj_ed$
?d
Y[hjW_d
YWi[i"
mehj^m^_b[
l[ij_XkbWh
\kdYj_ed
YWd
Wbie
X[
fh[i[hl[Z$ 7i
c[dj_ed[Z
WXel["
j^[
WZlWdjW][
e\
j^[
ikXj[cfehWb
WffheWY^
_i
j^Wj
_j
fhel_Z[i
WYY[ii
je
j^[
_dj[hdWb
WkZ_jeho
YWdWb
m^_Y^
_i

ej^[hm_i[
Z_\ÓYkbj
je
h[WY^$
>em[l[h"
j^_i
b_c_j[Z
iakbb
XWi[
[nfe# ikh[
YWd
X[
[nj[dZ[Z
_d
Wd
Wdj[h_eh
Z_h[Yj_ed"
W\j[h
ef[d_d]
e\
j^[
j[cfeheXWiWb
ZkhW
cWj[h"
[nfei_d]
j^[
ikfhWi[bbWh
WdZ
Y[h[X[b# befedj_d[
ijhkYjkh[i$ ?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
[njhWZkhWb
ikXj[c# fehWb
WffheWY^
_i
Z[iYh_X[Z$
?d
WZZ_j_ed"
j^[
Wdj[h_eh
iakbb
XWi[
[nj[di_ed
e\
j^[
WffheWY^
_i
]_l[d
_d
Z[jW_b$

'*+

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

;njhWZkhWb
Z_ii[Yj_ed

7dj[h_eh
[njhW#
WdZ
_djhWZkhWb
[nj[di_ed

J[cfeheXWiWb
iakbb
XWi[ <ehWc[d
if_deikc
m_j^
j^[
CC7
=IFD 7hYkWj[
[c_d[dY[ Ikf[h_eh
i[c_Y_hYkbWh
YWdWb ?79 9D
L?? Ikf[h_eh
l[ij_XkbWh
d[hl[ 9eY^b[Wh
d[hl[ ?d\[h_eh
l[ij_XkbWh
d[hl[
BWXoh_dj^_d[
Whj[ho 7?97


F[jheki
Wf[n
BWj[hWb
Wif[Yj
e\
j^[
Yb_lki Feij[h_eh
Yb_de_Z
fheY[ii J[djeh_Wb
_dY_ikhW Ikf[h_eh
f[jheiWb
i_dki
C[Ya[b
YWl[ :eh[bbe
YWdWb Feij[h_eh
fWhj
e\
j^[
YWl[hdeki
i_dki BWj[hWb
Wif[Yj
e\
j^[
fedjec[i[dY[f^Wb
`kdYj_ed Efj_Y
jhWYj 9D
???"
9D
?L"
9D
L"
9D
L?"
9D
L??"
9D
L??? ?97"
F9e7"
79^7"
87"
F97"
I97"
7?97"
_dYb$
f[h\ehWjehi
F[jheiWb
l[_d
e\
:WdZo

JWXb[
)$)$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
l_W
j^[
ceZ_Ó[Z
ikXj[cfehWb
YhWd_ejeco$

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
WdZ
_djhWef[hWj_l[
ced_jeh_d] 7\j[h
Wd[ij^[j_Y
WZc_d_ijhWj_ed"
W
bkcXWh
ZhW_dW][
i^ekbZ
X[
fbWY[Z$
?d
j^[
_d_j_Wb
f^Wi[
e\
j^[
[njhWZkhWb
WffheWY^"
h[celWb
e\
9I<
c_d_c_p[i
Yecfh[ii_ed
e\
j^[
j[cfehWb
beX[$
7
Z_\\[h[dj
fhWY# j_YWb
iebkj_ed
_i
je
f[h\ehc
W
c_d_cWb
ZkhWb
ef[d_d]
X[\eh[
[njhW# ZkhWb
[b[lWj_ed
e\
j^[
j[cfehWb
beX[$
Ki_d]
W
b_c_j[Z
WhWY^de_ZWb
_dY_i_ed"
Yedj_dkeki
9I<
h[celWb
YWd
Wbie
X[
WY^_[l[Z
j^ki
c_d_# c_p_d]
Yecfh[ii_ed
e\
j^[
j[cfehWb
beX[$ 9edj_dkeki
\WY_Wb
d[hl[
;C=
ced_jeh_d]
_i
[ii[dj_Wb
WdZ
\WY_b_# jWj[i
iW\[
[nfeikh[
e\
j^[
ZkhW
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb$
<WY_Wb
d[hl[
_Z[dj_ÓYWj_ed
_i
kikWbbo
[Wio
WdWjec_YWbbo1
^em[l[h"
ced_jeh_d]
\khj^[h
_dikh[i
dedjhWkcWj_Y
\WY_Wb
d[hl[
Z_ii[Yj_ed
Zkh_d]
jkceh
h[celWb$


'*,

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

J^[
fWj_[dj
i^ekbZ
X[
fei_j_ed[Z
ikf_d[
m_j^
j^[
^[WZ
e\
j^[
ef[hWj_d]
jWXb[
[b[lWj[Z
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
WdZ
j^[
_fi_bWj[hWb
i^ekbZ[h
hW_i[Z
m_j^
W
Yki^_ed$
J^[
^[WZ
_i
Ón[Z
_d
W
CWoÓ[bZ
^ebZ[h1
j^[
i_d]b[
f_d
_i
fbWY[Z
_d
j^[
\eh[^[WZ
je
Wbbem
kdZ_ijkhX[Z
ikh][ho$

<_]$
)$)$)

<_]$
)$)$*

Ij[f
' 7i
j^[
Óhij
ij[f"
j^[
^[WZ
_i
[b[lWj[Z
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
je
\WY_b_jWj[
YhWd_Wb
l[deki
ZhW_dW][
WdZ
je
fhel_Z[
Wd
[\\[Yj_l[
Z[Yecfh[ii_ed
e\
j^[
Y[hl_YWb
ijhkYjkh[i$
9ecfWh[Z
je
j^[
Wdj[# h_eh
WdZ
feij[h_eh
ikXj[cfehWb
YhWd_ejec_[i"
ceh[
[b[lWj_ed
e\
j^[
^[WZ
e\\[hi
efj_cWb
WdZ
[h]edec_Y
WYY[ii
je
j^[
?79
<_]$
)$)$)$ Ij[f
(
J^[h[W\j[h"
j^[
^[WZ
_i
hejWj[Z
.&–
je
j^[
effei_j[
i_Z[
e\
j^[
YhW# d_ejeco$
?d
j^_i
fei_j_ed"
j^[
Z_h[Yj_ed
e\
j^[
?79
Yehh[ifedZi
je
W
l[hj_YWb
b_d["
Wbbem_d]
iW\[
WdWjec_YWb
eh_[djWj_ed
WdZ
Yec\ehj# WXb[
ikh]_YWb
WYY[ii
<_]$
)$)$*$
Ij[f
) J^[
^[WZ
i^ekbZ
X[
bWj[heÔ[Yj[Z
Xo
YW$
'&–
je
'+–"
ikffehj_d]

j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
j[cfehWb
beX[$
9ecfWh[Z
je
j^[
Wdj[h_eh
WdZ
feij[h_eh
ikXj[cfehWb
YhWd_ejec_[i"
j^[
[njhW# ZkhWb
lWh_Wj_ed
h[gk_h[i
b[ii
bWj[heÔ[n_ed"
Wbbem_d]
efj_cWb
[nfe# ikh[
e\
j^[
?79
<_]$
)$)$+$


<_]$
)$)$+

Ij[f
* I_c_bWh
je
j^[
Wdj[h_eh
WdZ
feij[h_eh
ikXj[cfehWb
WffheWY^[i"
j^[
^[WZ
i^ekbZ
X[
h[jheÔ[Yj[Z
WXekj
'&–"
Wbbem_d]
W
Yec\ehjWXb[
meha_d]
fei_j_ed
\eh
j^[
ikh][ed$
?d
WZZ_j_ed"
Zk[
je
j^[
ib_]^j
h[j# heÔ[n_ed"
i[l[h[
Yecfh[ii_ed
e\
j^[
l[dj_bWj_ed
jkX["
bWhodn
WdZ
j^[
Y[hl_YWb
l[ii[bi
cWo
X[
Wle_Z[Z
<_]$
)$)$,$


<_]$
)$)$,

'*-

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[Y_i[
fbWdd_d]
e\
j^[
YhWd_ejeco"
j^[
_cfehjWdj
WdWjec_# YWb
bWdZcWhai
e\
j^[
j[cfehWb
WdZ
po]ecWj_Y
h[]_ed
ikY^
Wi
j^[

bWj[hWb
ehX_jWb
h_c"
po]ecWj_Y
WhY^"
Whj_YkbWh
jkX[hYkb["
[nj[hdWb
WkZ_jeho
YWdWb"
cWije_Z
fheY[ii
WdZ
j^[
ikfhWcWije_Z
Yh[ij
Wh[
WYYkhWj[bo
Z[Ód[Z$
Dej[
j^[
Yekhi[
e\
j^[
Wkh_Ykbej[cfehWb
d[hl[
WdZ
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho
<_]$
)$)
-$
7\j[h
WdWjec_YWb
eh_[djWj_ed"
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
WdZ
j^[
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
Z[Ód[Z$
J^[
XWiWb
b_d[
e\
j^[
YhWd_ejeco
Yehh[ifedZi
je
j^[
ikfhWcWije_Z
Yh[ij"
j^[
Y[dj[h
e\
j^[
YhWd_ejeco
Yehh[ifedZi
je
j^[
;79$
J^[
[nj[di_ed
e\
j^[
YhWd_ejeco
_i
YW$
(+
n
(+
cc"
Wbbem_d]
[nfeikh[
e\
j^[
?79$
J^[
ijhW_]^j
ia_d
_dY_i_ed
m_j^
W
b[d]j^
e\
YW$
+&
cc
i^ekbZ
X[
cWZ[
`kij
Wdj[h_eh
je
j^[
[Wh
Wle_Z_d]
Z[ijhkYj_ed
e\
j^[
Wkh_Ykbej[c# fehWb
d[hl[
WdZ
j^[
ikf[hÓY_Wb
Whj[ho
<_]$
)$)$-$
Dej[
W
c_d_cWb
i^Wl_d]
e\
j^[
^W_h
WdZ
YWh[\kb
Z_i_d\[Yj_ed
e\
j^[
ia_d$

<_]$
)$)$-
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
j[cfehWb
WdZ
po]ecWj_Y
h[]_ed$
J^[
Y[dj[h
e\
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
[nWYjbo
Wj
j^[
b[l[b
e\
j^[
;79
WdZ
j^[
ia_d
_dY_i_ed
_i
cWZ[
`kij
Wdj[h_eh
je
j^[
[Wh"
feij[h_eh
je
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho$



'*.

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
B[\j
i_Z[$
7\j[h
fWj_[dj
fei_j_ed_d]"
WdWjec_# YWb
eh_[djWj_ed"
WdZ
c_d_cWb
^W_h
i^Wl_d]"
j^[
ia_d
_i
fh[fWh[Z
m_j^
Wd
WbYe^eb
iebkj_ed$
7
ijhW_]^j
[f_\WiY_Wb
ia_d
_dY_i_ed
_i
j^[d
cWZ[
`kij
Wdj[h_eh
je
j^[
jhW]ki$
J^[
ikf[hÓY_Wb
j[c# fehWb
Whj[ho
WdZ
j^[
Wkh_Ykbej[cfehWb
d[hl[
Wh[
Z_ii[Yj[Z
WdZ
cel[Z
_d
Wd
Wdj[h_eh
Z_h[Y# j_ed
fh[i[hl_d]
j^[
d[khelWiYkbWh
ijhkYjkh[i <_]$
)$)$.$

<_]$
)$)$.

Ij[f
( 7\j[h
X_bWj[hWb
ia_d
h[jhWYj_ed"
j^[
\WiY_W
e\
j^[
j[cfehWb
ckiYb[
_i
Ykj
_d
W

O#i^Wf[Z
\Wi^_ed
efj_cWbbo
[nfei_d]
j^[
j[cfehWb
ckiYb[$
Dej[
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho
cel[Z
WdZ
h[jhWYj[Z
_d
Wd
Wdj[h_eh
Z_h[Yj_ed
<_]$
)$)$/$

<_]$
)$)$/

Ij[f
)
J^[
XWiWb
b[WÔ[j
_i
\ehY_Xbo
h[jhWYj[Z
el[h
j^[
po]ecWj_Y
f[Z_Yb[
m_j^
W
ijhed]
ikjkh[
WdZ
j^[
h[cW_d_d]
jme
ÔWfi
e\
j^[
j[cfehWb
\WiY_W
Wh[
h[jhWYj[Z
X_bWj[hWbbo
[nfei_d]
j^[
j[cfehWb
ckiYb[
<_]$
)$)$'&$


<_]$
)$)$'&

'*/

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

<_]$
)$)$''

Ij[f
*
M_j^
W
Z_ii[Yjeh"
j^[
_d\[h_eh
cWh]_d
e\
j^[
j[cfehWb
ckiYb[
_i
cel[Z
Xbkdjbo
\hec
j^[
ikfhWcWije_Z
Yh[ij
WdZ
\hec
j^[
feij[h_eh
po]ecWj_Y
WhY^
h[l[Wb_d]
j^[
igkWceki
Xed[$
J^_i
feij[h_eh
Wif[Yj
e\
j^[
j[cfehWb_i
ckiYb[
_i
j^_d
WdZ
_dY_i_ed
e\
j^[
ckiYb[
_i
kikWbbo
dej
d[Y[iiWho
je
]W_d
WZ[gkWj[
[nfeikh[
e\
j^[
Xedo
ikh\WY[
<_]$
)$)$''$

<_]$
)$)$'(

Ij[f
+
7\j[h
[nfei_d]
j^[
igkWceki
Xed["
W
i_d]b[
Xkhh
^eb[
_i
fbWY[Z
feij[h_ehbo
Wj
j^[
b[l[b
e\
j^[
ikfhWcWije_Z
Yh[ij"
ef[d_d]
j^[
c_ZZb[
YhWd_Wb
\eiiW
<_]$
)$)$'($

<_]$
)$)$')

Ij[f
,
7\j[h
c_d_cWb
[dbWh][c[dj
e\
j^[
^eb[
m_j^
Ó
d[
fkdY^[i
WdZ
ceX_b_pWj_ed
e\
j^[
ZkhW"
W
ijhW_]^j
b_d[
_i
iWm[Z
m_j^
j^[
YhWd_ejec[
fWhWbb[b
je
j^[
po]ecWj_Y
WhY^
_d
W
feij[h_eh
je
Wdj[h_eh
Z_h[Yj_ed
<_]$
)$)$')$

'+&

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

Ij[f
-
J^[h[W\j[h
W
Ç9È
i^Wf[Z
b_d[
_i
iWm[Z
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
XehZ[h
e\
j^[
fh[l_# ekibo
f[h\ehc[Z
j[cfeheXWiWb
YhWd_ejeco
b_d["
j^ki
Yh[Wj_d]
W
Xed[
ÔWf
m_j^
W
m_Zj^
e\
YW$
(+
cc
WdZ
W
^[_]^j
e\
YW$
(+
cc$
J^[
^[_]^j
e\
($+
Yc
_i
d[Y[iiWho
je
]W_d
WYY[ii
je
j^[
_dj[hdWb
WkZ_jeho
YWdWb$
?d
Wbb
YWi[i"
Wd
eij[efbWij_Y
YhW# d_ejeco
_i
YWhh_[Z
ekj$
9Wh[
ckij
X[
jWa[d
dej
je
bWY[hWj[
j^[
ZkhW
[_j^[h
m_j^
j^[
YhWd_ejec[
eh
m^[d
b_\j_d]
j^[
Xed[
ÔWf
<_]$
)$)$'*$

<_]$
)$)$'*

Ij[f
.
?\
W
bkcXWh
ZhW_dW][
mWi
dej
fbWY[Z
fh[ef[hW# j_l[bo"
Wd
_cfehjWdj
ij[f
_i
je
f[h\ehc
W
b_c# _j[Z
ZkhWb
_dY_i_ed
m_j^
ef[d_d]
e\
j^[
Yehj_YWb
ikXWhWY^de_Z
ifWY[$
Ki_d]
j^_i
i_cfb[
j[Y^# d_gk["
Yecfh[ii_ed
e\
j^[
j[cfehWb
beX[
YWd
X[
[\\[Yj_l[bo
c_d_c_p[Z$
7\j[h
h[celWb
e\
j^[
Xed[
ÔWf"
j^[
j[cfeheXWiWb
_dd[h
[Z][
e\
j^[
YhWd_ejeco
_i
Zh_bb[Z
kdZ[h
fhej[Yj_ed
e\
j^[
ZkhW
m_j^
^_]^#if[[Z
Zh_bb"
j^ki
_dYh[Wi_d]
j^[
Wd]b[
\eh
_djhWYhWd_Wb
_dif[Yj_ed
WdZ
cWd_fk# bWj_ed$
?\
cWije_Z
Y[bbi
Wh[
ef[d[Z"
j^[o
i^ekbZ
X[
eYYbkZ[Z
<_]$
)$)$'+$

<_]$
)$)$'+

Ij[f
/ J^[
ZkhW
_i
i[fWhWj[Z
\hec
Xej^
j^[
_d\[h_eh
WdZ
bWj[hWb
XehZ[hi
e\
j^[
YhWd_ejeco
WdZ
hW_i[Z
YWh[\kbbo
\hec
j^[
XWi[
e\
j^[
c_ZZb[
\eiiW
<_]$
)$)$',$

<_]$
)$)$',

'+'

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

*$
;njhW#
WdZ
_djhWZkhWb
Z_ii[Yj_ed Ij[f
'
B[\j
i_Z[$
:_ii[Yj_ed
Xo
ki_d]
W
\h[i^
^kcWd
YWZWl[h$
J^[
Whj[h_[i
Wh[
fh[fWh[Z
m_j^
h[Z"
l[_di
m_j^
Xbk[
Yebeh[Z
iebkj_ed$
J^[
ZkhW
cWj[h
_i
hW_i[Z
[nfei_d]
j^[
]h[Wj[h
ikf[h# ÓY_Wb
f[jheiWb
d[hl[$
J^[
=IFD
_i
YWh[\kbbo
Z_ii[Yj[Z
\hec
ZkhWb
WZ^[i_edi$
J^[
\ehWc[d
if_deikc
m_j^
j^[
CC7
YWd
X[
i[[d
_d
j^[
Wdj[h_eh
Wif[Yj
<_]$
)$)$'-$


CC7 =IFD

<_]$
)$)$'-

Ij[f
(
M_j^
\khj^[h
[b[lWj_ed
e\
j^[
j[cfehWb
ZkhW"
j^[
f[jheki
h_Z][
WdZ
j^[
WhYkWj[
[c_d[dY[
Wh[
i[[d$
Ki_d]
W
Z_WcedZ
Zh_bb"
j^[
j^_d
Xedo
bWo[h
WXel[
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
i^ekbZ
X[
fWhj_Wbbo
h[cel[Z"
Wbbem_d]
[nWYj
eh_[djWj_ed$
J^[
Xbk[
b_d[
e\
j^[
YWdWb"
je][j^[h
m_j^
j^[
]h[Wj[h
f[jheiWb
d[hl["
Z[j[hc_d[i
l[ho
WYYkhWj[bo
j^[
Yekhi[
e\
j^[
_dj[hdWb
WkZ_# jeho
YWdWb
<_]$
)$)$'.$

WhYkWj[
[c_d[dY[ =IFD

<_]$
)$)$'.

Ij[f
)
7YYehZ_d]
je
j^[
WXel[#c[dj_ed[Z
WdWjec_# YWb
eh_[djWj_ed"
j^[
?79
_i
ef[d[Z
m_j^
W
^_]^# if[[Z
Z_WcedZ
Zh_bb$
Dej[
j^[
h[bWj_edi^_f
e\
j^[
Xbk[
b_d["
j^[
=IFD
WdZ
j^[
Z_h[Yj_ed
e\
Zh_bb_d]
<_]$
)$)$'/$

Xbk[
b_d[
e\
II9 =IFD

<_]$
)$)$'/

'+(

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

Ij[f
*
J^[
ZkhW
cWj[h
e\
j^[
?79
WdZ
j^[
feij[h_eh
\eiiW
_i
[nfei[Z
WdZ
j^[
Z[[f[ij
bWo[h
e\
j^[
Xed[
_i
h[cel[Z
m_j^
W
Ód[
A[hh_ied
fkdY^ <_]$
)$)$(&$

=IFD Xbk[
b_d[
e\
II9 ZkhW
cWj[h
e\
j^[
?79

<_]$
)$)$(&

Ij[f
+
7\j[h
ZkhWb
ef[d_d]"
j^[
\WY_Wb
WdZ
ikf[h_eh
l[i# j_XkbWh
d[hl[i
YWd
X[
eXi[hl[Z$
Dej[
j^[
beef
e\
j^[
7?971
j^[
ikh\WY[
e\
j^[
XhW_d
ij[c
YWd
X[
i[[d
_d
j^[
XWYa]hekdZ$
J^[
ikXj[cfehWb
WffheWY^
Wbbemi
W
ceij
WZlWdjW][eki
[nfe# ikh[
e\
j^[
?79
WdZ
_ji
Yedj[dji
<_]$
)$)$('$

=IFD ikf[h_eh
l[ij_XkbWh
d[hl[ 7?97 9D
L?? XhW_d
ij[c

<_]$
)$)$('

Ij[f
,
M_j^
\khj^[h
h[celWb
e\
j^[
f[jheki
Wf[n
_d
Wd
Wdj[h_eh
Z_h[Yj_ed"
j^[
bWj[hWb
ikh\WY[
e\
j^[
XhW_d
ij[c
YWd
X[
eXi[hl[Z$
Dej[
j^[
9D
L?
hkdd_d]
_dje
j^[
:eh[bbe
YWdWb$
If[Y_Wb
YWh[
i^ekbZ
X[
jWa[d
dej
je
ZWcW][
j^[
YeY^b[W
<_]$
)$)$(($

=IFD YeY^b[W 9D
L? fedi

<_]$
)$)$((

'+)

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

Ij[f
-
7\j[h
ikXj[cfehWb
ZkhWb
ef[d_d]
WdZ
_dY_i_ed
e\
j^[
j[djeh_kc"
j^[
ijhkYjkh[i
e\
j^[
WcX_[dj
Y_ij[hd
YWd
X[
[nj[di_l[bo
WffheWY^[Z$
Dej[
j^[
f[jheki
l[_d
e\
:WdZo"
h[jhWYj[Z
m_j^
W
c_YheikYa[h$
7hWY^de_Z
c[cXhWd[i
WhekdZ
j^[
9D
?L
Wh[
ef[d[Z
m_j^
c_YheiY_iiehi

<_]$
)$)$()$


f[jheki
l[_d j[djeh_kc 9D
?L

<_]$
)$)$()

Ij[f
.
:_ii[Yj_d]
ceh[
Wdj[h_ehbo"
j^[
l[djhebWj[hWb
ikh\WY[
e\
j^[
fedi
YWd
X[
WffheWY^[Z$
Dej[
9D
?L"
9D
L"
WdZ
_d
j^[
XWYa]hekdZ
j^[
87
<_]$
)$)$(*$

9D
L 87 I97"
9D
?L

<_]$
)$)$(*

Ij[f
/
J^[
f[jheki
l[_d
_i
h[cel[Z
Wbbem_d]
\h[[

WdWjec_YWb
l_ikWb_pWj_ed
e\
j^[
9D
???"
9D
?L
WdZ
j^[
9D
L$
Dej[
j^[
XWi_bWh
jhkda
WdZ
j^[
ZekXb[
ikf[h_eh
Y[h[X[bbWh
Whj[h_[i
<_]$
)$)$(+$

9D
L 9D
?L 9D
??? I97

<_]$
)$)$(+

'+*

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

Ij[f
'&
F_dfe_dj
j^[
h[]_ed
e\
j^[
XWi_bWh
Wf[n
m_j^
j^[
Óhij
i[]c[dji
e\
j^[
F97
WdZ
I97$
Dej[

j^[
9D
???
WdZ
9D
?L"
Z_iWff[Wh_d]
m_j^_d
j^[
ZkhW
cWj[h
<_]$
)$)$(,$

9D
L 87 I97 9D
??? 9D
?L F97

<_]$
)$)$(,

Ij[f
''
;nj[dZ[Z
ikXj[cfehWb
WffheWY^
je
j^[
Wdj[# hebWj[hWb
fedi
W\j[h
h[celWb
e\
j^[
f[jheki
Wf[n
WdZ
Z_l_i_ed
e\
j^[
j[djeh_kc$
Dej[
j^[
[nY[bb[dj
l_[m
e\
j^[
XWi_bWh
jhkda
\hec
j^[
7?97
je
j^[
I97"
j^[
9D
???"
9D
?L"
9D
L
WdZ
j^[
Y_ij[hdWb
Yekhi[
e\
j^[
9D
L?
<_]$
)$)$(-$

9D
L?"
7?97 fhen_cWb
87 9D
L 9D
?L"
I97 Z_ijWb
87 9D
???

<_]$
)$)$(-

Ij[f
'(
;nfei_d]
W]W_d
_d
j^[
feij[h_eh
Z_h[Yj_ed"
j^[
h[bWj_ed
e\
j^[
9D
L"
9D
L?
WdZ
9D
L??
YWd
X[
m[bb
l_ikWb_p[Z
<_]$
)$)$(.$ 9D
L? 9D
L?? 9D
L

<_]$
)$)$(.

'++

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
H_d][h
iebkj_ed$
?d
ceij
YWi[i"
W
mWj[hj_]^j
ZkhWb
Ybeikh[
_i
_cfeii_Xb[1
^em[l[h"
Ód[
ikjkh[i
YWd
X[
ki[Z
je
h[#Wffhen_cWj[
j^[
feij[h_eh
\eiiW
ZkhW$
7
feijef[hWj_l[
9I<
Ói# jkbW
YWd
[\\[Yj_l[bo
X[
Wle_Z[Z
m_j^
W
ÔWf
e\
j[cfehWb
ckiYb[
eh
\WiY_W"
eYYbkZ_d]
j^[
Xedo
Z[\[Yj
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb$
?d
ej^[h
YWi[i"
WXZec_dWb
\Wj
j_iik[
i^ekbZ
X[
fbWY[Z
[njhWZkhWbbo$
J^[
Xed[
ÔWf
_i
Ón[Z
m_j^
W
j_jWd_kc
fbWj[$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[

Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
hkdd_d]
eh
_dj[h# hkfj[Z
ikjkh[i$
:k[
je
j^[
icWbb
ia_d
_dY_i_ed
WdZ
dedjhWkcWj_Y
ie\j
j_iik[
Z_ii[Yj_ed"
W
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho
WdZ
Wbie
dej

h[Yecc[dZ[Z
je
Wle_Z
W
feijef[hWj_l[
9I<
ÓijkbW$


Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dYehh[Yj
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
_dWZ[gkWj[
[nfeikh[
e\
j^[
b[i_ed$ š
?d`kho
je
j^[
fh[Wkh_YkbWh
d[khelWiYkbWh
ijhkYjkh[i$ š
?d
iec[
YWi[i"
ef[d_d]
e\
cWije_Z
Y[bbi
_i
kdWle_ZWXb[
Zkh_d]
YhWd_ejeco$
J^[
ef[d_d]
i^ekbZ
X[
Ybei[Z
c[j_Ykbekibo
je
Wle_Z
feijef[hWj_l[
dWieb_gkehh^[W
WdZ
c[d_d]_j_i$ š
?d`kho
je
j^[
ZkhW
cWj[h
Zkh_d]
YhWd_ejeco"
[if[Y_Wbbo
_d
[bZ[hbo
fWj_[dji$
De
i[l[h[
i[gk[bW[1
^em[l[h"
[njhWZkhWb
Z_ii[Yj_ed
YWd
X[
Yecfb_YWj[Z$
7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhW
ckij
X[
Ybei[Z
m_j^
_dj[hhkfj[Z
eh
hkdd_d]
ikjkh[i$ š
:WcW][
je
j^[
j[cfehWb
beX[
Zk[
je
ifWjkbW
fh[iikh[$
M_j^
WZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj
WdZ
[Whbo
h[celWb
e\
9I<
j^hek]^
j^[
Yehj_YWb
ikXWhWY^de_Z
ifWY[
eh
j^hek]^
j^[
fh[l_# ekibo
_di[hj[Z
bkcXWh
ZhW_dW]["
j[cfehWb
Yecfh[ii_ed
YWd
X[
c_d_c_p[Z$ š
?d`kho
je
j^[
b[ii[h
eh
]h[Wj[h
ikf[hÓY_Wb
f[jheiWb
d[hl[i
Zkh_d]
ZkhWb
[b[lWj_ed
Wbj^ek]^
m_j^ekj
i[l[h[
d[khebe]_YWb
Yedi[# gk[dY[$
š
?d`kho
je
j^[
ikf[h_eh
i[c_Y_hYkbWh
YWdWb
YWki_d]
l[ij_XkbWh
Z_i# jkhXWdY[
m_j^
j[cfehWho
dWki[W
WdZ
lec_j_d]$
9eY^b[Wh
_d`kho
YWki[i
feijef[hWj_l[
_fi_bWj[hWb
WdWYki_i$
š
?d`kho
je
j^[
\WY_Wb
d[hl[
m_j^_d
j^[
?79
m_j^
ikXi[gk[dj
feijef# [hWj_l[
\WY_Wb
fWbio$ š
?d`kh_[i
je
dkc[heki
d[hl[i
WdZ
l[ii[bi
_d
j^[
c_ZZb[
WdZ
fei# j[h_eh
YhWd_Wb
\eiiW
Zkh_d]
ikh]_YWb
Z_ii[Yj_ed
YWki_d]
feijef[hW# j_l[
d[khebe]_YWb
Z[ÓY_ji$

'+,

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

š
?dWZ[gkWj[
_djhWYhWd_Wb
^[ceijWi_i
m_j^
feijef[hWj_l[
h[# Xb[[Z_d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$
?d
j^[
YWi[
e\
ef[d[Z
cWije_Z
Y[bbi"
feijef[hWj_l[
dWieb_gkehh^[W
YWd
eYYkh$
š
?dWZ[gkWj[
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
m_j^
ie\j
j_iik[
^[cWjecW$

<_]$
)$)$(/

<_]$
)$)$)&

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]$ š
J^[
^[WZ
i^ekbZ
X[
hejWj[Z
YW$
.&–
\eh
WZ[gkWj[
l_ikWb_pWj_ed
e\
j^[
?79
<_]$
)$)$(/$
9ecfWh[Z
m_j^
j^[
Wdj[h_eh
WdZ
feij[h_eh
ikXj[cfehWb
WffheWY^[i"
j^[
[njhWZkhWb
ceZ_ÓYWj_ed
h[gk_h[i
b[ii
bWj[heÔ[n_ed
WdZ
ceh[
[b[lWj_ed
Zkh_d]
fWj_[dj
fei_j_ed_d]
<_]$
)$)$)&$

<_]$
)$)$)'

š
CWa[
YWh[\kb
eh_[djWj_ed
Xo
WffheWY^#fbWdd_d]0
eii[eki
WdZ
d[khelWiYkbWh
ijhkYjkh[i1
fbWY[c[dj
e\
j^[
YhWd_ejeco1
ia_d

_dY_i_ed$ š
7
ijhW_]^j
ia_d
_dY_i_ed
i^ekbZ
X[
f[h\ehc[Z
`kij
Wdj[h_eh
je
j^[
[Wh"
fh[i[hl_d]
j^[
ikf[hÓY_Wb
j[cfehWb
Whj[ho
WdZ
j^[
Wkh_Ykbe# j[cfehWb
d[hl[$ <_]$
)$)$)(

š
J^[
j[cfehWb
\WiY_W
i^ekbZ
X[
_dY_i[Z
_d
W
O#i^Wf[Z
\Wi^_ed
m_j^
j^[
XWiWb
b[WÔ[j
Z[Ô[Yj[Z
el[h
j^[
po]ecWj_Y
WhY^$
7\j[h
Yecfb[j_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^_i
ÔWf
YWd
Wbie
X[
ki[Z
\eh
ZkhWb
Ybeikh[$
J^[
h[cW_d_d]
jme
ÔWfi
Wh[
h[jhWYj[Z
X_bWj# [hWbbo
fhel_Z_d]
WZ[gkWj[
[nfeikh[
e\
j^[
j[cfehWb
ckiYb[

<_]$
)$)$)'$

<_]$
)$)$)) 





š
?d
ceij
YWi[i"
Xbkdj
cel[c[dj
e\
j^[
j[cfehWb
ckiYb[
_i
feii_# Xb[
m_j^ekj
_dY_i_ed
e\
j^[
ckiYb[
[nfei_d]
j^[
igkWceki
Xed[
<_]$
)$)$)($ š
IjW][i
e\
YhWd_ejeco
<_]$
)$)$))0
'$
Xkhh
^eb[
jh[f^_dWj_ed1
($
j[c# feheXWiWb
Ykjj_d]
fWhWbb[b
je
j^[
ikfhWcWije_Z
Yh[ij
WdZ
po]e# cWj_Y
WhY^1
)$
iWm_d]
_d
W
Ykhl[Z"
i[c_bkdWh
\Wi^_ed
\hec
j^[
Xkhh
^eb[
je
j^[
Wdj[h_eh
[Z][
e\
j^[
fh[l_eki
YhWd_ejeco
b_d[$

'+-

IkXj[cfehWb
WffheWY^
r
?79
lWh_Wj_ed

š
9h[Wj_d]
j^[
YhWd_ejeco"
W
^[_]^j
e\
($+
Yc
c[Wikh[Z
\hec
j^[
po]ecWj_Y
WhY^
_i
d[Y[iiWho
je
]W_d
kd^_dZ[h[Z
WYY[ii
je
j^[
_dj[hdWb
WkZ_jeho
YWdWb
<_]$
)$)$)*$

<_]$
)$)$)*

š
:h_bb_d]
e\
j^[
_dd[h
[Z][
e\
j^[
j[cfeheXWiWb
YhWd_ejeco
XehZ[h
W\j[h
h[celWb
e\
j^[
Xed[
ÔWf
_i
_cfehjWdj
je
\WY_b_jWj[
_djhWZk# hWb
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed
<_]$
)$)$)+$ š
?\
_dlWi_ed
e\
j^[
cWije_Z
Y[bbi
YekbZ
dej
X[
Wle_Z[Z"
c[j_Ykbeki
Ybeikh[
_i
h[gk_h[Z$
J^[
ef[d[Z
Y[bbi
i^ekbZ
X[
Ybei[Z
m_j^
Xed[
mWn1
W
ÔWf
e\
j^[
\WiY_W
eh
j^[
j[cfehWb
ckiYb[
YWd
Wbie
X[
ki[Z
\eh
j^_i
fkhfei[
<_]$
)$)$),$

<_]$
)$)$)+

š
<eh
c_d_c_p_d]
Yecfh[ii_ed
e\
j^[
j[cfehWb
beX["
j^[
Yehj_YWb
ikXWhWY^de_Z
ifWY[
i^ekbZ
X[
ef[d[Z
W\j[h
b_c_j[Z
ZkhWb
ef[d# _d]$
7bj[hdWj_l[bo"
fh[ef[hWj_l[
bkcXWh
ZhW_dW][
YWd
X[
ki[Z

<_]$
)$)$)-$

<_]$
)$)$),

š
J^[
Yekhi[
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
YWd
X[
WYYkhWj[bo
Z[Ód[Z
ki_d]
j^[
ÇXbk[
b_d[È
j[Y^d_gk[
<_]$
)$)$).$ š
J^[
[njhWZkhWb
WffheWY^
je
j^[
?79
YWd
X[
ikYY[ii\kbbo
[nj[dZ[Z
W\j[h
ikXj[cfehWb
ZkhWb
ef[d_d]
WdZ
Z_l_i_ed
e\
j^[
j[djeh_kc$
7d
WZZ_j_edWb
h[celWb
e\
j^[
f[jheki
Wf[n
e\\[hi
m_Z[
[nfeikh[
e\
j^[
c_ZZb[
WdZ
feij[h_eh
YhWd_Wb
\eiiW[$

<_]$
)$)$)-

š
?\
feii_Xb["
j^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Ybei[Z
m_j^
mWj[hj_]^j
ikjkh[i$
J^[
ZkhWb
Ybeikh[
m_j^_d
j^[
feij[h_eh
\eiiW
YWd
X[
WY^_[l[Z
m_j^
W
ckiYb[
ÔWf
eh
m_j^
WXZec_dWb
\Wj
j_iik[$ š
?d
j^[
YWi[
e\
feijef[hWj_l[
dWieb_gkehh^W["
W
bkcXWh
ZhW_d
i^ekbZ
X[
ki[Z$ š
J^[
Xkhh
^eb[
jh[f^_dWj_ed
YWd
X[
Ybei[Z
m_j^
W
j_jWd_kc
fbWj[
<_]$
)$)$)/$

<_]$
)$)$).

=IFD II9 ?79

š
Je
Wle_Z
W
feijef[hWj_l[
9I<
b[Wa"
j^[
ki[
e\
W
ikYj_ed
ZhW_d
_i
dej
h[Yecc[dZ[Z$ <_]$
)$)$)/

'+.

H[jhei_]ce_ZWb
WffheWY^

*$&
H[jhei_]ce_ZWb
WffheWY^ >_ijeho
e\
j^[
bWj[hWb
ikXeYY_f_jWb
WffheWY^[i J^[
ikXeYY_f_jWb
c[j^eZ
e\
]W_d_d]
WYY[ii
je
j^[
bWj[hWb
feij[h_eh
\eiiW
WdZ
Y[h[X[bbefedj_d[
Wd]b[
mWi
Óhij
ki[Z
ikYY[ii\kbbo
Xo
I_h
9^Whb[i
8WbbWdY[
_d
'./*"
m^e
ef[hWj[Z
ed
W
ÇÓXheiWhYecW
e\
j^[
c[d_d][iÈ
WjjWY^[Z
je
j^[
ZkhWb
Yel[h_d]
e\
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[$
J^[
ef[hWj_ed
mWi
YWhh_[Z
ekj
_d
jme
ijW][i
WdZ
j^[
jkceh
mWi
[njhWYj[Z
Xo
Ód][h
Z_ii[Yj_ed
X[jm[[d
j^[
i[di_j_l[
d[khelWiYkbWh
ijhkYjkh[i$
J^[
fWj_[dj
ikhl_l[Z
m_j^
h[i_ZkWb
jh_][c_dWb
WdZ
\WY_Wb
d[hl[
_d`kho
Q8WbbWdY[
'./*S$
<_]$
*$&$'
?d
'/&)"
AhWki[
Z[iYh_X[Z
W
kd_bWj[hWb
[nfeikh[
\eh
iakbb
XWi[
jkcehi
WdZ
^_i
dWc[
^Wi
X[[d
_Z[dj_Ó[Z
m_j^
j^[
kd_bWj[hWb
ikXeYY_f_jWb
WffheWY^"
h[]WhZb[ii
e\
j^[
cWdo
ceZ_ÓYWj_edi
j^Wj
\ebbem[Z$
Dej[
j^[
fbWY[c[dj
e\
j^[
YhWd_# ejeco
[nfei_d]
j^[
jhWdil[hiWb
WdZ
i_]ce_ZWb
i_dki$


D[l[hj^[b[ii"
j^[
ikh]_YWb
jh[Wjc[dj
e\
Y[h[X[bbWh
WdZ
[njhWY[h[X[bbWh
jkcehi
mWi
Y^WhWYj[h_p[Z
Xo
W
l[ho
^_]^
cehjWb_jo
hWj[
Zk[
je
j^[
hek]^
WdZ
YhkZ[
fheY[Zkh[i
ki[Z$
:kh_d]
j^[
[Whbo
f[h_eZ
e\
d[kheikh][ho"
ej^[h
Wjj[cfji
Wj
h[celWb
e\
ifWY[#eYYkfo_d]
b[i_edi
m_j^_d
j^[
bWj[hWb
feij[h_eh
\eiiW
m[h[
ie
kdikYY[ii\kb
j^Wj
ikh][edi
m[h[
h[bkYjWdj
je
kdZ[hjWa[
j^[i[
ef[hWj_edi$
?d
'./)"
7bb[d
IjWhh
fkXb_i^[Z
'+
YWi[i
e\
Y[h[X[bbWh
jkcehi
m_j^
edbo
ed[
_dijWdY[
e\
Yecfb[j[
jkceh
h[celWb
WdZ
d[khebe]_YWb
h[Yel[ho
e\
j^[
fWj_[dj$
Ed
WYYekdj
e\
j^[i[
\hkijhWj_d]
h[ikbji"
>[hcWdd
Eff[d^[_c
YbWii_Ó[Z
Y[h[X[bbWh
b[i_edi
Wi
_def[hWXb[
WdZ
h[fehj[Z
W
ceh[
j^Wd
-&
cehjWb_jo
hWj[
QIjWhh
'./)"
Eff[d^[_c
'/&(S$
9edY[hd_d]
[njhWY[h[X[bbWh
b[i_edi
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[
ikY^
Wi
WYekij_Y
d[kh_decWi
WdZ
c[d_d][ecWi"
j^[
fh[lW_b_d]
cehjWb_jo
\eh
Wd
ef[hWj_ed
_d
j^[
^WdZi
e\
ceij
ia_bb[Z
ikh][edi
hWd][Z
\hec
+.
Xo
L_Yjeh
>ehib[o
je
.)$.
Xo
<[Zeh
AhWki[
Wi
fh[i[dj[Z
Wj
j^[
?dj[hdWj_edWb
D[khebe]_YWb
9ed]h[ii
_d
'/')$
IkY^
\W_bkh[i
^Wl[
X[[d
Wjjh_Xkj[Z
je
i[l[hWb
\WYjehi
_dYbkZ_d]
j^[
kdZ[l[bef[Z
fh[ef[hWj_l[
Z_W]deij_Y
jeebi"
b_c_j[Z
efj_YWb
Yedjheb"
WdZ
j^[
ki[
e\
Ód][hi
_d
[dkYb[Wj_d]
j^[
d[efbWic$
AhWki[
Wbie
WZleYWj[Z
W
Xbkdj
Ód][h
Z_ii[Yj_ed
YWki_d]
WiieY_Wj[Z
_d`kho
je
i[l[hWb
i[di_j_l[
d[khelWiYkbWh
ijhkYjkh[i
<_]$
*$&$'$
>_i
YhkZ[
ikh# ]_YWb
j[Y^d_gk[
h[ikbj[Z
_d
W
cehjWb_jo
hWj[
hWd]_d]
\hec
,-
je
..
QAhWki[
'/')S$


<_]$
*$&$(
9ki^_d]Êi
ef[hWj_ed
\eh

WffheWY^_d]
Wd
WYekij_Y
d[kh_decW$
>_i
X_bWj[hWb
[nfeikh[
j^hek]^
W
YheiiXem
_dY_i_ed
Wbbem[Z
[\\[Yj_l[
Z[Yecfh[ii_ed
e\
j^[
feij[h_eh
\eiiW$
Dej[
j^[
fkdYjkh[
e\
j^[
b[\j
bWj[hWb
l[djh_Yb[
Wle_Z_d]
_dYh[Wi[Z
_djhWYhWd_Wb
fh[iikh[
Zkh_d]
ikh][ho$

7j
j^[
X[]_dd_d]
e\
j^[
(&j^
Y[djkho"
ikh][edi
iek]^j
W
iW\[
WdZ
b[ii
_dlWi_l[
WffheWY^
je
j^[
Y[h[X[bbefedj_d[
Wd]b["
[if[Y_Wbbo
\eh
h[celWb
e\
X[d_]d
WYekij_Y
d[kh_decWi
<_]$
*$&$($
>Whl[o
9ki^_d]"
_d
'/&+"
Z[iYh_X[Z
W
X_bWj[hWb
[nfeikh[
e\
j^[
Y[h[X[bbWh
^[c_if^[h[i


'+/

H[jhei_]ce_ZWb
WffheWY^

j^hek]^
W
ÇYheiiXem
_dY_i_edÈ
h[ikbj_d]
_d
Wle_ZWdY[
e\
XhW_d
ij[c
Yecfh[ii_ed
Zkh_d]
ikh][ho$
Ed
j^[
XWi_i
e\
^_i
[nf[h_[dY[
ed
YWZWl[h
Z_ii[Yj_ed"
9^Whb[i
>$
_i
Óhij
[dYekdj[h
m_j^
Wd
WYekij_Y
d[kh_decW
mWi
_d
'/&,$
BWj[h
^[
Z[iYh_X[Z
j^_i
\hkijhWj_d]
[nf[h_[dY[
Wi
j^[
Ç]beeco
Yehd[h
_d
d[khebe]_Y
ikh][hoÈ$
>em[l[h"
ki_d]
^_i
Z[l[bef[Z
j[Y^d_gk[i
_d
'.-
fWj_[dji
ik\\[h_d]
\hec
WYekij_Y
d[kh_decWi"
^[
mWi
WXb[
je
bem[h
j^[
fh[l_ekibo
kdWYY[fjWXb[
cehjWb_jo
hWj[
je
W
ceh[
h[WiedWXb[
b[l[b
e\
')$
>em[l[h"
Wd
WZZ_j_edWb
*&
e\
fWj_[dji
[l[djkWbbo
Z_[Z
m_j^_d
+
je
'&
o[Whi
X[YWki[
e\
ikXi[gk[dj
jkceh
h[Ykhh[dY[
W\j[h
ikXjejWb
h[i[Yj_ed
Q9ki^_d]
'/)(S$
?d
'/'-"
j^[
iWc[
o[Wh
_d
m^_Y^
9ki^_d]
fh[i[dj[Z
^_i
YbWii_YWb
cede]hWf^
ed
ØJkcehi
e\
j^[
D[hlki
7Ykij_YkiÈ"
MWbj[h
;$
:WdZo"
_cfh[ii[Z
Xo
j^[
fej[dj_Wb
YkhWX_b_jo
e\
X[d_]d
jkcehi"
Z[iYh_X[Z
W
ceh[
W]]h[ii_l[
ikh]_YWb
WffheWY^
\eh
jejWb
h[celWb
<_]$*$&$)$
>_i
WffheWY^
Yedi_ij[Z
e\
W
kd_bWj[hWb
ikXeYY_f_jWb
YhWd_[Yjeco"
_dj[hdWb
jkceh
Z[Yecfh[ii_ed
WdZ
Yecfb[j[
h[celWb
e\
j^[
[dYWfikbWj[Z
d[kh_decW
Q:WdZo
'/(+S$
?d
'/*'"
:WdZo
fkXb_i^[Z
^_i
i[h_[i
e\
*,
fWj_[dji
m_j^
W
cehjWb_jo
hWj[
e\
''1
^em[l[h"
Wbb
fWj_[dji
beij
j^[_h
^[Wh_d]
ed
j^[
ef[hWj[Z
i_Z[
WdZ
/+
^WZ
Wd
WZZ_j_edWb
\WY_Wb
fWhWboi_i
Q:WdZo
'/*'S$
?d
'/)/"
=_bX[hj
>ehhWn"
Wdej^[h
e\
9ki^_d]Éi
Wii_ijWdji"
WdZ
@Wc[i
B$
Feff[d
h[fehj[Z
j^[_h
h[ikbji
m_j^
W
+#o[Wh
cehjWb_jo
hWj[
e\
'.1
^em[l[h"
,+
e\
j^[
ikhl_l_d]
_dZ_l_ZkWbi
m[h[
d[khebe]_YWbbo
_djWYj
W\j[h
Yecfb[j[
h[celWb
e\
j^[
WYekij_Y
d[kh_decWi
Q>ehhWn
é
Feff[d
'/)/S$
?d
>[hX[hj
Eb_l[YhedWÊi
i[h_[i"
m^_Y^
jejWbb[Z
*'+
YWi[i"
Yecfb[j[
h[Yel[ho
e\
j^[
\WY_Wb
d[hl[
mWi
eXi[hl[Z
_d
(/
m_j^
icWbb
jkcehi
YecfWh[Z
m_j^
edbo
-
m_j^
bWh][
d[kh_decWi
QEb_l[YhedW
'/*/S$
;$
Ij[f^[di
=khZ`_Wd
WdZ
BkZm_]
@$
A[cf[
h[fehj[Z
l[ho
i_c_bWh
h[ikbji"
WffheWY^_d]
j^[
Y[h[X[bbefedj_d[
Wd]b[
j^hek]^
W
kd_bWj[hWb
ikXeYY_f_jWb
[nfeikh[
<_]$
*$&$*"
*$&$+
Q=khZ`_Wd
'/,*"
A[cf[
'/-&S$ 7
jh[c[dZeki
Z[l[befc[dj
_d
fh[ef[hWj_l[
Wii[iic[dj
WdZ
j^[
h[lebkj_edWho
ki[
e\
c_Yhed[kheikh]_YWb
j[Y^d_gk[i
W\j[h
_djhe# ZkYj_ed
e\
j^[
ikh]_YWb
c_YheiYef[
h[ikbj[Z
_d
W
cWha[Z
_cfhel[#

',&

<_]$
*$&$)
Kd_bWj[hWb
WYY[ii
je
Wd
WYekij_Y
jkceh
Z[iYh_X[Z
Xo
:WdZo
_d
^_i
Whj_Yb[
Ç7d
ef[hWj_ed
\eh
j^[
jejWb
h[celWb
e\
Y[h[X[bbefedj_d[
WYekij_Y
jkcehiÈ"
fkXb_i^[Z
_d
'/(+$
>_i
WffheWY^
_bbkijhWj[Z
Çj^[
c[j^eZ
Xo
m^_Y^
jhWYj_ed
ed
j^[
[nYWlWj[Z
YWfikb[
e\
j^[
bem[h
feb[
ijh_fi
j^[
h[cW_d# _d]
jkceh
\hec
j^[
XhW_d
ij[c
WdZ
Xh_d]i
_dje
l_[m
j^[
l[ii[bi
m^_Y^
Yheii
\hec
j^[
XhW_d
ij[cÈ$

<_]$
*$&$*
=khZ`_WdÊi
kd_bWj[hWb
ikXeYY_f_jWb
WffheWY^
je
W
Y[h[X[bbefedj_d[
jkceh
W\j[h
fWhj_Wb
h[i[Yj_ed
e\
j^[
Y[h# [X[bbWh
^[c_if^[h[$
Dej[
j^[
ki[
e\
Wd
_bbkc_dWj[Z
h[jhWY# jeh
e\
W
jof[
ik]][ij[Z
Xo

H[jhei_]ce_ZWb
WffheWY^

c[dj
_d
feijef[hWj_l[
h[ikbji$
Ki_d]
W
jhWdic[WjWb
h[jhei_]ce_ZWb
WffheWY^"
HeX[hj
M$
HWdZ
WdZ
J^[eZeh[
Akhp[
h[fehj[Z
_d
j^[_h
i[h_[i
e\
'*&
fWj_[dji
ef[hWj[Z
X[jm[[d
'/,*
WdZ
'/.&"
'&&
fh[i[hlWj_ed
e\
j^[
\WY_Wb
d[hl[
_d
YWi[i
m_j^
icWbb
WYekij_Y

jkcehi
QHWdZ
é
Akhp[
'/.&S$
7bie
ej^[h
f_ed[[hi
e\
ceZ[hd

c_Yhed[kheikh][ho
fkXb_i^[Z
j^[_h
Óhij
h[ikbji
e\
WYekij_Y
d[kh_decWi
ef[hWj[Z
m_j^
W
bWj[hWb
ikXeYY_f_jWb
WffheWY^
QOWiWh]_b
'/-,"
Aeei
'/-,"
IWc__
'/.'S$

<_]$
*$&$+
CWYheikh]_YWb
h[celWb
e\
Wd
WYekij_Y
d[kh_# decW"
Wi
Z[cedijhWj[Z
Xo
A[cf[
_d
'/-&$
Dej[
j^[
YWh[# \kb
Z_ii[Yj_ed
e\
j^[
\WY_Wb
d[hl[$

7j
j^Wj
j_c["
dej
edbo
d[kheikh][edi
Xkj
Wbie
ejebe]_YWb
ikh][edi
m[h[
\Wc_b_Wh
m_j^
ef[hWj_l[
h[celWb
e\
WYekij_Y
d[kh_decWi$
?d
'/,."
M_bb_Wc
>eki[
h[fehj[Z
'))
YWi[i
_d
m^_Y^
W
bWj[hWb
ikXeYY_f_jWb
jhWdibWXoh_dj^_d[
WffheWY^
mWi
ki[Z
\eh
ceZ[hWj[
WdZ
bWh][
jkcehi$
K]e
<_iY^"
Wdej^[h
fhefed[dj
e\
j^[
c_Yheejebe]_Y
j[Y^d_gk["
fkXb_i^[Z
^_i
h[ikbji
ki_d]
fh[#
WdZ
h[jhei_]ce_ZWb
WffheWY^[i
_d
j^[
[Whbo
'/-&i
Q>eki[
'/,."
<_iY^
'/-&S$ J^[
bWj[hWb
ikXeYY_f_jWb
WffheWY^
mWi
Wbie
ki[Z
Xo
j^[
WXel[# c[dj_ed[Z
Wkj^ehi
\eh
ej^[h
ifWY[#eYYkfo_d]
b[i_edi
e\
j^[
bWj[hWb
feij[h_eh
\eiiW
ikY^
Wi
c[d_d][ecWi"
[f_Z[hce_Zi"
Y^ehZecWi"
Y^edZhecWi$
8o
Z_\\[h[dj
lWh_Wj_edi"
b[i_edi
e\
j^[
j[djeh_kc
QIWc__
'/.'S"
f[jheki
Xed[
QOWiWh]_b
'/.&S"
Yb_lki
Q>WakXW
'/--S"
WdZ
\ehWc[d
cW]dkc
QF[hd[Ypao
'/.,S
m[h[
ikYY[ii\kbbo
jh[Wj[Z$

<_]$
*$&$,
:WdZoÊi
kd_bWj[hWb
[nfeikh[
e\
j^[
Ó\j^
d[hl[$
?d
j^_i
YWi["
W
YWkZWb
beef
e\
j^[
I97
YWki[Z
i[l[h[
j_Y
Zek# bekh[kn$

7

8

?d
'/)*"
MWbj[h
;$
:WdZo
feijkbWj[Z
j^Wj
Whj[h_Wb
Yecfh[ii_ed
WdZ
Z_ijehj_ed
e\
j^[
jh_][c_dWb
d[hl[
c_]^j
X[
j^[
YWki[
e\
j^[
jh_][c_dWb
d[khWb]_W
Q:WdZo
'/)*S$
;cfbeo_d]
W
kd_bWj[hWb
ikXeY# Y_f_jWb
YhWd_[Yjeco"
^[
[nfei[Z
j^[
i[dieho
heej
e\
j^[
jh_][c_dWb
d[hl[
Wj
j^[
heej
[djho
ped[
_dje
j^[
fedi
<_]$
*$&$,$
>[
Z[iYh_X[Z



9

<_]$
*$&$-
@Wdd[jjWÊi
c_Yheikh]_YWb
Z[Yecfh[ii_ed
e\
j^[
i[l[dj^
d[hl[
YWki_d]
^[c_\WY_Wb
ifWic$
Dej[
j^[
bWj[hWb
Z[YkX_jki
eh
ie#YWbb[Z
fWha
X[dY^
fei_j_ed
[nfei_d]
j^[
b[\j
h[jheWkh_YkbWh
Wh[W
7$
7\j[h
f[h\ehc_d]
W
b_c_j[Z
h[jhei_]ce_ZWb
YhWd_ejeco
8"
j^[
Y[h[X[bbefedj_d[
Wd]b[
mWi
WffheWY^[Z
ki_d]
c_Yheikh]_YWb
j[Y^d_gk[i$
?djhWef[hWj_l[
c_Yhef^eje]hWf^
9
i^em_d]
j^[
bem[h
YhWd_Wb
d[hl[i$
Dej[
j^[
fheij^[i_i
\
X[jm[[d
j^[
\WY_Wb
d[hl[
[
WdZ
l[hj[XhWb
Whj[ho
Y
WY^_[l_d]
[\\[Yj_l[
lWiYkbWh
Z[Yecfh[ii_ed$

','

H[jhei_]ce_ZWb
WffheWY^

,,
e\
^_i
('+
fWj_[dji
Wi
^Wl_d]
lWiYkbWh
WXdehcWb_j_[i
_d
h[bWj_ed
je
j^[
i[dieho
heej
WdZ
Z[cedijhWj[Z
j^[
ikf[h_eh
Y[h[X[bbWh
Whj[ho
Wi
W\\[Yj_d]
j^[
d[hl[
_d
ceh[
j^Wd
)&
e\
^_i
fWj_[dji
m^e
ik\\[h[Z
\hec
jh_][c_dWb
d[khWb]_W$
J^[
lWiYkbWh
Yecfh[ii_ed
j^[eho
\W_b[Z
je
]W_d
WYY[fjWdY[
Wj
j^Wj
j_c[1
^em[l[h"
M$
@Wc[i
=WhZd[h
_d
'/+/
Y_j[Z
:WdZoÊi
fh_eh
eXi[hlWj_edi
WdZ
ik]][ij[Z
j^Wj
j^[
c[Y^Wd_YWb
\WYjeh
YekbZ
X[
_cfehjWdj
_d
YWki_d]
i[l[h[
d[khWb]_W
Q=WhZd[h
'/+/S$
7i
W
h[ikbj"
^[
Z[l[bef[Z
j^[
d[khelWiYkbWh
Z[Yecfh[ii_ed
ef[hWj_ed
\eh
j_Y
Zekbekh[kn$
J^_i
ef[hWj_ed
mWi
\khj^[h
h[Ód[Z
Xo

F[j[h
@$
@Wdd[jjW
WdZ
HeX[hj
M$
HWdZ
_d
'/,,
<_]$
*$&$-
Q@Wdd[jjW

é
HWdZ
'/,-S$
?d
'/,("
=WhZd[h
Z[iYh_X[Z
W
d[khelWiYkbWh
Yecfh[ii_ed
c[Y^Wd_ic
Wj
j^[
XhW_d
ij[c
[n_j
ped[
e\
j^[
\WY_Wb
d[hl[
Wi
j^[
ceij
\h[gk[dj
YWki[
e\
^[c_\WY_Wb
ifWic$
?d
^_i
eh_]_dWb
ef[hWj_ed"
=WhZd[h
fbWY[Z
W
icWbb
igkWh[
e\
][b\eWc
X[jm[[d
j^[
Yecfh[ii_d]
l[ii[b
WdZ
j^[
\WY_Wb
d[hl["
l_W
W
h[jhei_]ce_ZWb
WffheWY^
Q=WhZd[h
'/,(S$
;j_ebe]o
WdZ
c_Yheikh]_YWb
jh[Wjc[dj
e\
j^[
^[c_\WiY_Wb
ifWic
mWi
Wbie
Z[iYh_X[Z
Xo
@Wdd[jjW
WdZ
Yemeha[hi
Q@Wdd[jjW
'/-&"
'/--S$ J^[
Óhij
ikYY[ii\kb
ef[hWj_ed
ed
Wd
Wd[khoic
e\
j^[
l[hj[XhWb
Whj[ho
eh
_ji
XhWdY^[i
l_W
ikXeYY_f_jWb
YhWd_ejeco
mWi
f[h\ehc[Z
Xo
>[dho
IY^mWhjp
_d
'/*,
WdZ
h[fehj[Z
_d
'/*.
QIY^mWhjp
'/*.S$
J^[
cW`eh_jo
e\
YWi[i
m[h[
jh[Wj[Z
Xo
kd_bWj[hWb
YhWd_[Yjeco
ki_d]
W
i_jj_d]
eh
i[c_fhed[
fWha
X[dY^
fei_j_ed
Wi
Z[iY_X[Z
Xo
9^Whb[i
:hWa[
WdZ
MWbbWY[
>WcXo
<_]$
*$&$.
Q:hWa[
'/,+"
>WcXo
'/,/S$
?d
'/.*"
OWiWh]_b
Z[iYh_X[Z
W
fWhWc[Z_Wd
_d\hWY[h[X[bbWh
a[o^eb[
WffheWY^
\eh
Wd[khoici
e\
j^[
feij[h_eh
_d\[h_eh
Y[h[X[bbWh
Whj[ho
_d
j^[
Óhij
lebkc[
e\
^_i
f_ed[[h_d]
meha
ØC_Yhed[kheikh][hoÈ
<_]$
*$&$/
QOWiWh]_b
'/.*S$

<_]$
*$&$.
FWha
X[dY^
fei_j_ed_d]
e\
W
fWj_[dj
jh[Wj[Z
\eh
Wd
Wd[khoic
e\
j^[
l[hj[XhWb
Whj[ho$
Dej[
j^[
ie#YWbb[Z
^eYa[o
ij_Ya
ia_d
_dY_i_ed"
fkXb_i^[Z
Xo
:hWa[
_d
'/-/$

7

8

<_]$
*$&$/
OWiWh]_bÊi
fWhWc[Z_Wd
_d\hWY[h[X[bbWh
WYY[ii
\eh
W
icWbb
Wd[khoic
e\
j^[
F?97"
Z[iYh_X[Z
_d
^_i
Xeea
ÇC_Yhed[kheikh][hoÈ
fkXb_i^[Z
_d
'/.*$
Dej[
j^[
i_jj_d]
fei_j_ed
e\
j^[
fWj_[dj
7$
J^hek]^
j^[
h[jhei_]ce_ZWb
YhWd_ejeco"
OWiWh]_b
WffheWY^[Z
j^[
Wd[khoic
_d
W
c_d_# cWbbo
_dlWi_l[
cWdd[h
Wle_Z_d]
YhkZ[
h[jhWYj_ed
e\
j^[
Y[h[X[bbWh
^[c_if^[h[
8$

',(

H[jhei_]ce_ZWb
WffheWY^

Ki[
e\
j^[
a[o^eb[
YedY[fj
_d
j^[
bWj[hWb
ikXeYY_f_jWb"

h[jhecWije_ZWb
WffheWY^[i
WdZ
][d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[ 7i
Z[iYh_X[Z
WXel["
j^[
ikh]_YWb
ekjYec[
W\j[h
bWj[hWb
ikXeYY_f_jWb

WffheWY^[i
_cfhel[Z
cWha[Zbo
m_j^
j^[
ki[
e\
ceZ[hd
c_Yhe# d[kheikh]_YWb
j[Y^d_gk[i$
>em[l[h"
j^[
Óhij
h[fehji
Wbh[WZo
h[Wb# _p[Z
j^[
lWbk[
e\
h[jhecWije_ZWb
[nfeikh[i
ki_d]
j^[
YedY[fj
e\
a[o^eb[
ikh][ho$
:k[
je
j^[
icWbb
ikh\WY[
e\
j^[
ikXeYY_f_jWb
Wh[W"
Wd
[nj[dZ[Z
YhWd_ejeco
WdZ
ZkhWb
ef[d_d]
YekbZ
dej
X[
ki[Z1
d[l[hj^[b[ii"
ikh][edi
m[h[
WXb[
je
el[hl_[m
Wbceij
j^[
[dj_h[
feij[h_eh
\eiiW$
?d
Yh[Wj_d]
j^[i[
b_c_j[Z
bWj[hWb
ikXeYY_f_jWb"
h[jhei_]ce_ZWb
WffheWY^[i"
iec[
WdWjec_YWb
Y^WhWYj[h_ij_Yi
i^ekbZ
X[
Z[iYh_X[Z
_d
Z[jW_b$


<_]$
*$&$'&
7hj_ijÉi
ZhWm_d]
Z[cedijhWj_d]
j^[
Y[h[X[bbe# fedj_d[
Wd]b[
Wi
W
l_hjkWb
fohWc_Z$
J^_i
l_hjkWb
YedijhkY# j_ed
Wbie
^[bfi
je
kdZ[hijWdZ
^em
WdWjec_YWb
ijhkYjkh[i
Wh[
Z_ifbWY[Z
_d
j^[
YWi[
e\
ifWY[#eYYkfo_d]
b[i_edi
m_j^_d
j^[
feij[h_eh
\eiiW$

J^[
Y[h[X[bbefedj_d[
Wd]b[
_i
i_jkWj[Z
X[jm[[d
j^[
feij[h_eh
ikh# \WY[
e\
j^[
f[jheki
j[cfehWb
WdZ
j^[
f[jheiWb
ikh\WY[
e\
j^[
Y[h[# X[bbWh
^[c_if^[h[$
J^[
j^_hZ
j^hek]^
j^[
jm[b\j^
YhWd_Wb
d[hl[i
Wh[
beYWj[Z
d[Wh
eh
m_j^_d
j^[
Wd]kbWh
ifWY[
X[jm[[d
j^[
jme
b_cXi
e\
j^[
Y[h[X[bbefedj_d[
Óiikh[
\ehc[Z
Xo
j^[
f[jheiWb
Y[h[X[bbWh
ikh\WY[
\ebZ_d]
WhekdZ
j^[
fedi
WdZ
c_ZZb[
Y[h[X[bbWh
f[ZkdYb[$
9ecfWh[Z
m_j^
j^[
ikfhWi[bbWh
Wh[W"
j^[
Y[h[X[bbefedj_d[
Wd]b[
YWd
Wbie
X[
Z[Ód[Z
Wi
W
fohWc_Z#i^Wf[Z
ifWY["
Xkj
_dYb_d[Z
Wdj[he# c[Z_Wbbo
m_j^
_ji
Wf[n
[nj[dZ_d]
je
j^[
feij[h_eh
Yb_de_Z
fheY[ii
WdZ
j^[
XWi[
\WY_d]
j^[
_dd[h
ikh\WY[
e\
j^[
igkWceiWb
fWhj
e\
j^[
j[cfehWb
WdZ
eYY_f_jWb
Xed[i$
J^[
ikf[h_eh
i_Z[
Yehh[ifedZi
je
j^[
h[jhei[bbWh
Wh[W
_dYbkZ_d]
j^[
9D
???
WdZ
j^[
_d\[h_eh
ikh\WY[
e\
j^[
j[djeh_kc"
m_j^
j^[
9D
?L
hkdd_d]
j^hek]^
_j$
J^[
_d\[hec[Z_Wb
i_Z[
_i
Ybei[
je
j^[
\ehWc[d
cW]dkc"
_dYbkZ_d]
j^[
l[hj[XhWb
Whj[ho
WdZ
j^[
9D
N??$
J^[
Wdj[h_eh
WdZ
feij[h_eh
i_Z[i
Wh[
h[fh[i[dj[Z
Xo
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[
WdZ
j^[
f[jheiWb
ikh\WY[
e\
j^[
XhW_d
ij[c
WdZ
Y[h[X[bbkc"
h[if[Yj_l[bo$
J^[
cW`eh_jo
e\
l_jWb
ijhkYjkh[i"
ikY^
Wi
j^[
ikf[h_eh
Y[h[X[bbWh"
Wdj[h_eh
_d\[h_eh"
feij[h_eh
_d\[h_eh
Y[h[X[bbWh
Whj[h_[i"
WdZ
j^[
j^_hZ
je
jm[b\j^
YhWd_Wb
d[hl[i"

Wh[
YedÓd[Z
_d
j^[
c[Z_Wb
j^_hZ
e\
j^[
fohWc_Z
<_]$
*$&$'&$ 7ffheWY^_d]
j^[
WdWjec_YWb
ijhkYjkh[i
e\
j^[
Y[h[X[bbefed# j_d[
Wd]b["
Z_\\[h[dj
jWh][j
h[]_edi
h[gk_h[
Z_\\[h[dj
lWh_Wj_edi
_d
j^[
i^Wf["
fbWY[c[dj
WdZ
i_p[
e\
j^[
h[jhei_]ce_ZWb
YhWd_ejeco
<_]$
*$&$''$

',)

H[jhei_]ce_ZWb
WffheWY^

<_]$
*$&$''
Ikf[h_eh"
Y[djhWb
WdZ
YWkZWb
lWh_Wdji
e\
j^[
h[jhei_]ce_ZWb
WffheWY^$
J^[
Z_\\[h[dj
lWh_Wj_edi
[WY^
h[gk_h[
W
Z_\\[h[dj
f[h\ehcWdY[
e\
j^[
YhWd_ejeco"

ZkhWb
ef[d_d]
WdZ
W
Z_\\[h[dj
fbWY[c[dj
e\
j^[
Y[h[X[bbWh
h[jhWYjeh$

Ikf[h_eh
lWh_Wj_ed

9[djhWb
lWh_Wj_ed

9WkZWb
lWh_Wj_ed

JhWdil[hiWb
i_dki I_]ce_Z
i_dki Ikf[h_eh
f[jheiWb
i_dki 7d]b[
X[jm[[d
j^[
feij[h_eh ikh\WY[
e\
j^[
f[jheki
Xed[
WdZ
j^[
j[djeh_kc J[djeh_Wb
_dY_ikhW Kff[h
f[jheiWb
WdZ
bWj[hWb j[djeh_Wb
ikh\WY[
e\
j^[
Y[h[X[bbkc Feij[hebWj[hWb
ikh\WY[
e\
j^[ c[i[dY[f^Wbed 9D
???"
9D
?L"
9D
L"
9D
L? 9D
L??"
9D
L??? 8Wi_bWh
Wf[n"
_dYb$
f[h\ehWjehi F97"
I97 F[jheiWb
l[_d
e\
:WdZo

JhWdil[hiWb
i_dki Feij[h_eh
ikh\WY[
e\
j^[

f[jheki
Xed[ ?79 F[jheiWb
ikh\WY[
e\
j^[
Y[h[X[bbkc
JhWdil[hiWb
i_dki Feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[ WdZ
YhWd_eY[hl_YWb
`kdYj_ed <ehWc[d
cW]dkc @k]kbWh
\ehWc[d F[jheiWb
WdZ
ikXeYY_f_jWb
ikh\WY[ e\
j^[
Y[h[X[bbkc Feij[hebWj[hWb
ikh\WY[
e\
j^[
c[ZkbbW
eXbed]WjW 9D
L??"
9D
L???"
9D
?N"
9D
N 9D
N?"
9D
N?? 87"
l[hj[XheXWi_bWh
`kdYj_ed"
L7 F?97"
_dYb$
f[h\ehWjehi 8eY^ZWb[aÉi
Y^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[


JWXb[
*$&$'
7dWjec_YWb
ijhkYjkh[i
[nfei[Z
Xo
Z_\\[h[dj
lWh_Wj_edi
e\
j^[
bWj[hWb
ikXeYY_f_jWb"
h[jhei_]ce_ZWb
WffheWY^$

',*

H[jhei_]ce_ZWb
WffheWY^

<eh
eXi[hlWj_ed
e\
j^[
kff[h
d[khelWiYkbWh
Yecfb[n"
j^[
ikf[h_eh
lWh_Wj_ed
i^ekbZ
X[
f[h\ehc[Z$
J^[
YhWd_ejeco
_i
fbWY[Z
Wj
j^[
jhWdi_j_ed
e\
j^[
jhWdil[hi[
i_dki
_dje
j^[
i_]ce_Z
i_dki
WdZ
j^[
i_p[
e\
j^[
jh_Wd]kbWh
YhWd_ejeco
i^ekbZ
X[
YW$
'&
je
(&
cc$
J^[
ZkhWb
ef[d_d]
i^ekbZ
Wbbem
iW\[
Z_ii[Yj_ed
_d
j^[
Wd]b[
X[jm[[d
j[djeh_kc
WdZ
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[$
;nfei_d]
j^[
jh_][c_dWb
d[hl["
j^[
ifWjkbW
_i
fbWY[Z
fWhWbb[b
je
j^[
ikf[h_eh
f[jheiWb
i_dki$ <eh
[nfeikh[
e\
b[i_edi
e\
j^[
c_Zfehj_ed
e\
j^[
Y[h[X[bbefed# j_d[
Wd]b[
ikY^
Wi
WYekij_Y
d[kh_decWi"
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
X[bem
j^[
jhWdil[hi[
i_dki
`kij
c[Z_Wb
je
j^[
i_]ce_Z
i_dki$
J^[
i_p[
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^_i
Y[djhWb
lWh_Wj_ed
e\
j^[
h[jhei_]ce_ZWb
WffheWY^
hWd][i
\hec
'+
je
(&
cc
WdZ
j^[
i^Wf[
i^ekbZ
X[
gkWZhWd]kbWh$
J^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Zed[
_d
W
Ykhl[Z
\Wi^_ed
m_j^
_ji
XWi[
jemWhZ
je
j^[
i_]ce_Z
i_dki$
J^[
XhW_d
ifWjkbW
_i
fbWY[Z
fWhWbb[b
je
j^[
i_]ce_Z
i_dki
h[jhWYj_d]
WdZ
fhej[Yj_d]
j^[
bWj[hWb
ikh\WY[
e\
j^[
Y[h[X[bbkc$ ;nfei_d]
j^[
bem[h
d[khelWiYkbWh
Yecfb[n
WdZ
j^[
\ehWc[d
cW]dkc"
j^[
YhWd_ejeco
i^ekbZ
X[
f[h\ehc[Z
ceh[
YWkZWbbo
Wbed]
j^[
i_]ce_Z
i_dki$
J^[
i_p[
e\
j^[
YWkZWb
lWh_Wj_ed
e\
j^[

YhWd_ejeco
i^ekbZ
X[
YW$
(&
cc"
m_j^
W
jh_Wd]kbWh
\ehc
Wbbem_d]
W
dedjhWkcWj_Y
fbWY[c[dj
e\
j^[
XhW_d
h[jhWYjeh$

',+

H[jhei_]ce_ZWb
WffheWY^

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
FWj_[dj
fei_j_ed_d]
\eh
bWj[hWb
ikXeYY_f_jWb"
h[jhecWije_ZWb
Wf# fheWY^[i
_i
^_]^bo
Yedjhel[hi_Wb$
J^[
i_jj_d]"
fhed["
ikf_d[
eh
fWha
X[dY^
fei_j_edi
\eh
[nfeikh[
e\
j^[
bWj[hWb
feij[h_eh
\eiiW
e\\[h
Z_\\[h[dj
WZlWdjW][i
WdZ
ZhWmXWYai1
^em[l[h"
fei_j_ed_d]
e\
j^[
fWj_[dj
Ze[i
dej
fWhj_YkbWhbo
W\\[Yj
j^[
ikh]_YWb
efj_edi
e\\[h[Z
Xo
j^[
bWj[hWb
ikXeYY_f_jWb
WffheWY^$
7YYehZ_d]
je
ekh
[nf[h_[dY["
m[
ki[
j^[
i_cfb[
ikf_d[
fei_j_ed
\eh
j^[
cW`eh_jo
e\
ekh
fWj_[dji$
:kh_d]
ikh][ho"
j^[
ikh][ed
h[cW_di
Wj
j^[
_fi_bWj[hWb
i^ekbZ[h
e\
j^[
fWj_[dj"
fhel_Z_d]
Wd
[\ÓY_[dj
meha_d]
fei_j_ed$
7ZlWdjW][i
e\
j^_i
fei_j_ed_d]
Wh[
j^[
i_c# fb_Y_jo
e\
j^[
j[Y^d_gk[
\eh
Xej^
ikh][edi
WdZ
dkhi[i"
WdZ
Yec# \ehj
\eh
j^[
fWj_[dj$
L[deki
WdZ
9I<
Yed][ij_ed
_i
c_d_cWb
Yec# fWh[Z
m_j^
j^[
fhed[
eh
i[c_fhed[
fWha
X[dY^
fei_j_edi
WdZ
j^[

fei_j_ed
ikffehji
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
Y[h[X[b# bWh
^[c_if^[h[$
7\j[h
h[celWb
e\
9I<"
j^[
Y[h[X[bbkc
kikWbbo
i_dai
ifedjWd[ekibo
WdZ
ikXi[gk[djbo"
i_]d_ÓYWdj
h[jhWYj_ed
e\
j^[

Y[h[X[bbWh
^[c_if^[h[
_i
dej
d[Y[iiWho$
>em[l[h"
j^_i
fei_j_ed# _d]
^Wi
Wbie
Yedi_Z[hWXb[
b_c_jWj_edi
[if[Y_Wbbo
_d
fWj_[dji
m_j^

l[ho
i^ehj
d[Yai
WdZ
fhec_d[dj
i^ekbZ[hi$
?d
ikY^
YWi[i"
j^[
[nY[ii_l[
Y[hl_YWb
jm_ij_d]
h[gk_h[Z
m_j^
j^_i
WffheWY^
cWo
YWki[

a_da_d]
e\
j^[
cW_d
Y[hl_YWb
l[ii[bi"
cWa_d]
W
fhed[
fei_j_ed

d[Y[iiWho$


<_]$
*$&$'(

<_]$
*$&$')

Ij[f
' J^[
^[WZ
_i
[b[lWj[Z
WXel[
j^[
b[l[b
e\
j^[
j^ehWn$
J^_i
cWd[klh[

\WY_b_jWj[i
WZZ_j_edWbbo
j^[
YhWd_Wb
l[deki
ZhW_dW][
WdZ
Z[Yec# fh[ii[i
j^[
bWhodn"
j^[
l[dj_bWj_ed
jkX[
WdZ
j^[
cW_d
Y[hl_YWb
l[i# i[bi
<_]$
*$&$'($ <_]$
*$&$'*

Ij[f
(
J^[
^[WZ
_i
YWh[\kbbo
hejWj[Z
-+–Å'&&–
je
j^[
YedjhWbWj[hWb
i_Z[
WdZ
j^[
_fi_bWj[hWb
i^ekbZ[h
_i
[b[lWj[Z
m_j^
W
Yki^_ed
<_]$
*$&$')$
J^[
Z[]h[[
e\
[nWYj
hejWj_ed
Z[f[dZi
ed
j^[
fh[Y_i[
beYWj_ed
e\
j^[
b[i_ed$
:_ii[Yj_d]
jemWhZ
j^[
XhW_d
ij[c"
W
hejWj_ed
e\
YW$
-+–
_i
ik\# ÓY_[dj$
Ed
j^[
ej^[h
^WdZ"
_\
j^[
ikh][ed
^Wi
je
el[hl_[m
j^[
bWj# [hWb
Wif[Yj
e\
j^[
feij[h_eh
\eiiW
_dYbkZ_d]
j^[
_dj[hdWb
WkZ_jeho
YWdWb
WdZ
C[Ya[b
YWl["
j^[
^[WZ
h[gk_h[i
W
hejWj_ed
e\
ceh[
j^Wd
/&–$
Je
iec[
Z[]h[["
j^[
WlW_bWX_b_jo
e\
d[m#][d[hWj_ed"
[b[Yjh_YWbbo
cejeh_p[Z
ef[hWj_d]
jWXb[i
[dWXb[i
h[WZ`kij_d]
e\
fWj_[dj
fei_#

',,

<_]$
*$&$'+

H[jhei_]ce_ZWb
WffheWY^

j_ed_d]
Zkh_d]
ikh][ho
WdZ
m_j^
Wd
WZZ_j_edWb
j_bj_d]
e\
j^[
ef[h# Wj_d]
jWXb["
Wd
[\\[Yj_l[
hejWj_ed
e\
kf
je
'(&–
YWd
X[
WY^_[l[Z$ Ij[f
) ?d
W
j^_hZ
ij[f"
j^[
^[WZ
cWo
X[
Wdj[heÔ
[Yj[Z
WXekj
'&–
_d
ehZ[h
je
WY^_[l[
Wd
[\Ó
Y_[dj
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
m_j^ekj
Z_i# jkhXWdY[
e\
j^[
_fi_bWj[hWb
i^ekbZ[h$
>em[l[h"
if[Y_Wb
YWh[
i^ekbZ
X[
jWa[d
dej
je
Yecfh[ii
j^[
l[dj_bWj_ed
jkX[
WdZ
j^[
bWhodn
<_]$
*$&$'*$
Ij[f
* J^[
Z[]h[[
e\
bWj[heÔ
[n_ed
Z[f[dZi
ed
j^[
[nWYj
ikh]_YWb
jWh][j$
M^[d
[nfei_d]
j^[
Y[h[X[bbefedj_d[
Wd]b[
m_j^
ijhkYjkh[i
WhekdZ
j^[
?79
WYYehZ_d]
je
j^[
Y[djhWb
lWh_Wj_ed
e\
j^[
h[jhei_]ce_ZWb
WffheWY^"
j^[
^[WZ
i^ekbZ
X[
fei_j_ed[Z
_d
j^[
^eh_pedjWb
fbWd[
m_j^ekj
bWj[heÔ
[n_ed$
7ffheWY^_d]
j^[
\ehWc[d
cW]dkc
h[]_ed
j^hek]^
j^[
YWkZWb
lWh_Wj_ed"
j^[
^[WZ
i^ekbZ
X[
[b[lWj[Z
je
YW$
'&–Å'+–$
M^[d
[nfei_d]
j^[
_d\[h_eh
ikh\WY[
e\
j^[
j[djeh_kc
WdZ
j^[
kff[h
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[
l_W
j^[
ikf[h_eh
lWh_Wj_ed
e\
j^[
YhWd_ejeco"
j^[
^[WZ
i^ekbZ
X[
c_d_cWbbo
Z[fh[ii[Z"
Wbbem_d]
efj_cWb
l_ikWb_pWj_ed
Zkh_d]
ikh# ][ho
<_]$
*$&$'+$


7

8

9

:

<_]$
*$&$',
:[Ó
d_j_ed
e\
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki"
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
h[jheWkh_Y# kbWh#h[jhecWije_ZWb
h[]_ed$
Dej[
j^[
ikfhWcWije_Z
Yh[ij
7"
Wij[h_ed
8"
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
9
WdZ
j^[
cWije_Z
fheY[ii
:$

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[ef[hWj_l[
eh_[djWj_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
bWj[hWb
j[cfeheeYY_f_jWb
eii[eki
iakbb
ikY^
Wi
j^[
po]e# cWj_Y
WhY^"
[nj[hdWb
WkZ_jeho
c[Wjki"
ikfhWc[WjWb
Yh[ij"
cWije_Z
fheY[ii
WdZ
_dY_ikhW"
Wij[h_ed
WdZ
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[h# WdY[
Wh[
fh[Y_i[bo
Z[Ó
d[Z$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
jhWdil[hi[
WdZ
i_]ce_Z
i_dki$
J^[h[
Wh[
i[l[hWb
jh_Yai
\eh
WYYkhWj[
beYWb_pWj_ed
e\
j^[
jhWdi_j_ed
e\
j^[
jhWdil[hiWb
je
j^[
i_]ce_ZWb
i_dki
Wi
W
a[o
je
j^[
[nWYj
YhWd_ejeco$
M[
[cf^Wi_p[
W
Z[Ó
d_j_ed
WYYehZ_d]
je
j^[
bWdZcWhai
e\
j^[
po]ecWj_Y
WhY^"
ikfhW# cWije_Z
Yh[ij"
cWije_Z
fheY[ii"
Wij[h_ed"
WdZ
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
<_]$
*$&$',$
?d
WZZ_j_ed"
j^[
Wff[WhWdY[
e\
[c_iiWho
l[_di
WdZ
Wbj[hWj_edi
_d
j^[
b[l[b
WdZ
cWj[h_Wb
e\
j^[
ZkhW
cWo
^[bf
je
fhel_Z[
WYYkhWj[
i_dki
Z[Ó
d_j_ed$
>em[l[h"
Z[if_j[
YWh[\kb
eh_# [djWj_ed"
lWh_Wj_edi
e\
j^[
i_dkie_Z
l[ii[bi
YWd
Yh[Wj[
ikhfh_i_d]
Z_\Ó
Ykbj_[i
Zkh_d]
j^[
Ó
hij
ij[fi
e\
j^[
ef[hWj_ed$
7\j[h
j^[
[ii[dj_Wb
eh_[djWj_ed"
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
Wh[
cWha[Z
m_j^
W
ij[h_b[
f[d$
7i
Z[iYh_X[Z
WXel["
jWa_d]
_dje
Yedi_Z#

',-

H[jhei_]ce_ZWb
WffheWY^

[hWj_ed
j^[
jWh][j
h[]_ed"
m[
YWd
Z_ij_d]k_i^
j^h[[
cW_d
lWh_Wj_edi
_d
j^[
fbWY[c[dj
e\
j^[
YhWd_ejeco
<_]$
*$&$'-$
<eh
j^[
Y[djhWb
fWhj
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[
Wi
W
jWh][j
h[]_ed"
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
X[bem
j^[
jhWdil[hi[
i_dki
`kij
c[Z_Wb
je
j^[
i_]ce_Z
i_dki
8$
<eh
j^[
kff[h
WdZ
bem[h
d[khelWiYkbWh
Yecfb[n
Wi
jWh][j
fe_dj"
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
ikf[h_ehbo
7
eh
YWkZWbbo
9
m_j^
_ji
Wdj[h_eh
XehZ[h
Ybei_d]
j^[
i_]ce_Z
i_dki"
h[if[Yj_l[bo$
J^[
Z_Wc[j[h
e\
j^[
YhWd_ejeco
cWo
hWd][
\hec
'&
je
(&
cc$
7\j[h
Z[Ód_j_ed
e\
j^[
YhWd_ejeco"
j^[
^W_h
_i
i^Wl[Z
h[jheWkh_Ykb# bWho
WYYehZ_d]
je
j^[
b_d[
e\
j^[
ia_d
_dY_i_ed
m^_Y^
_i
YW$
)&
je
+&
cc
_d
b[d]j^1
j^[
ia_d
_i
Z_i_d\[Yj[Z
YWh[\kbbo$

7

<_]$
*$&$'-
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
h[jheWkh_YkbWh#h[jhecWije_ZWb
Wh[W
WdZ
WYYehZ_d]
je
j^[
jWh][j
h[]_ed$
70
ikf[h_ehbo
fbWY[Z
WffheWY^
\eh
j^[
kff[h
d[khelWiYkbWh
Yecfb[n
_dYbkZ_d]
j^[
9D
L
WdZ
I97$ 80
Y[djhWbbo
fbWY[Z
YhWd_ejeco
\eh
j^[
7?97
WdZ
j^[
\WY_Wb#l[ij_XkbeYeY^b[Wh

Yecfb[n$ 90
YWkZWbbo
fbWY[Z
WffheWY^
\eh
j^[
bem[h
d[khelWiYkbWh
ijhkYjkh[i
m_j^
j^[
9D
?N"
9D
N"
9D
N?"
9D
N??
WdZ
j^[
F?97$ Dej[
j^[
eYY_f_jecWije_Z"
fWh_[jecWije_Z
WdZ
bWcXZe_Z
ikjkh[i
m_j^
j^[
Wij[h_ed
WdZ
j^[
fh[Y_i[
Z[Ód_j_ed
e\
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki$


8

9

',.

H[jhei_]ce_ZWb
WffheWY^

)$
9hWd_ejeco
WdZ
ZkhWb
ef[d_d] Ij[f
'
H_]^j
i_Z[$
7
ijhW_]^j
eh
ib_]^jbo
Ykhl[Z
ia_d
_dY_i_ed
m_j^_d
j^[
h[jheWkh_YkbWh
Wh[W
_i
cWZ[$
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
Yh[Wj[Z
el[h
j^[
feij[h_eh
j^_hZ
fWhj
e\
j^[
fbWdd[Z
YhWd_ejeco"
ej^[hm_i[
j^[
h[jhWYj[Z
ckiYkbWh
bWo[h
cWo
^_dZ[h
_djhWZkhWb
l_ikWb_pWj_ed$
?d
j^[
\khj^[h
Yekhi[
e\
j^[
ef[hWj_ed"
j^_i
cWd[klh[
fhe# l_Z[i
[Wio
Wffb_YWj_ed
e\
j^[
ef[hWj_d]
c_Yhe# iYef[
WdZ
ikh]_YWb
Z_ii[Yj_ed
m_j^
c_Yhe_d# ijhkc[dji
<_]$
*$&$'.$


<_]$
*$&$'.

Ij[f
( 7\j[h
X_bWj[hWb
h[jhWYj_ed
e\
j^[
ia_d
WdZ
j^[
ikXYkjWd[eki
j_iik["
j^[
ij[hdeYb[_ZecWije_Z
\WiY_W
_i
_dY_i[Z
_d
W
bed]_jkZ_dWb
ijhW_]^j
\Wi^# _ed$
J^[
_di[hj_ed
e\
j^[
ij[hdeYb[_ZecWije_Z
ckiYb[
_i
j^[d
\h[[Z"
[nfei_d]
j^[
eYY_f_je# cWije_ZWb
Wh[W$
?d
YWi[i
m_j^
j^_Ya
ckiYkbWh
bWo[hi
eh
W
YWkZWb
[nj[di_ed
e\
j^[
YhWd_ejeco"
j^[
ifb[d_ki
YWf_j_i"
bed]ki
YWf_j_i
WdZ
ikf[# h_eh
eXb_gk[
ckiYb[i
Wh[
i[fWhWj[Z
\hec
j^[_h
WjjWY^c[dji
je
j^[
Xed[$
Dej[
j^Wj
j^[
cki# YkbWh
j_iik[
i^ekbZ
X[
\h[[Z
YWh[\kbbo
je
j^[
Wdj[h_eh
cWije_Z
h[]_ed"
Xkj
\ehY_Xbo
_d
j^[
feij[h_eh
eYY_f_jWb
Z_h[Yj_ed"
Wbbem_d]
efj_cWb
[nfeikh[
W\j[h
YhWd_ejeco$
If[Y_Wb
YWh[
_i
jWa[d
je
eXi[hl[
j^[
eYY_f_jWb
Whj[ho
m^[d
_j
Wff[Whi
\hec
j^[
Whj[h_Wb
ikbYki
e\
j^[
eYY_f_# jWb
Xed[$
;c_iiWho
l[_di
Wh[
Wbie
kikWbbo
[nfei[Z
_d
j^[
cWije_Z
Wh[W"
_dZ_YWj_d]
j^[
Ybei[
Yekhi[
e\
j^[
i_]ce_Z
WdZ
jhWdil[hi[
i_dki[i$
BeYWb
^[ceijWi_i
i^ekbZ
X[
f[h\ehc[Z
hWf_Zbo
WdZ
fh[Y_i[bo
<_]$
*$&$'/$


<_]$*$&$'/

<_]$
*$&$(&

Ij[f
)
7\j[h
Xed[
[nfeikh["
W
j_do
]heel[
_i
kik# Wbbo
l_i_Xb[
WYYehZ_d]
je
j^[
Wij[h_ed"
m^_Y^
_i
kikWbbo
beYWj[Z
Wj
j^[
_d\[h_eh
cWh]_d
e\
j^[
jhWdil[hi[
i_dki
`kij
feij[h_eh
\hec
j^[
jhWdi_j_ed
_dje
j^[
i_]ce_Z
i_dki$
Ej^[h
Xedo
ijhkYjkh[i
ikY^
Wi
j^[
eYY_f_jecWije_Z"
igkW#

',/

H[jhei_]ce_ZWb
WffheWY^

ceiWb
WdZ
bWcXZe_Z
ikjkh[i
WdZ
j^[
cWije_Z
_dY_ikhW
cWo
Wbie
^[bf
je
_Z[dj_\o
j^[
Yekhi[
e\
j^[
i_]ce_Z
i_dki$
7\j[h
_Z[dj_ÓYWj_ed
e\
j^[
_cfehjWdj
Xedo
bWdZcWhai"
W
Xkhh
^eb[
_i
fbWY[Z
WYYehZ_d]
je
j^[
eYY_f_jecWije_Z
ikjkh["
`kij
YWkZWbbo
\hec
j^[
Wij[h_ed$
M[
fh[\[h
Wd
eij[eYbWij_Y
YhWd_ejeco
ki_d]
^_]^# if[[Z
Zh_bb
Wle_Z_d]
W
^WpWhZeki
eij[efbWij_Y
fheY[Zkh[
d[Wh
je
j^[
fhec_d[dj
i_dkie_Z
l[i# i[bi
<_]$
*$&$(&$


<_]$
*$&$('

Ij[f
*

Ij[f
+
7d
_cfehjWdj
ij[f
e\
j^[
WffheWY^
_i
j^[
h[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
ki_d]
Ód[
fkdY^[i
m^_bij
fhej[Yj_d]
j^[
ZkhW$
M_j^
YWh[\kb
h[celWb
e\
j^_i
_dd[h
Xed[
[Z]["
j^[
Wd]b[
\eh
l_ikWb_pWj_ed
WdZ
cWd_fkbWj_ed
YWd
i_]d_ÓYWdjbo
_dYh[Wi["
Wbbem_d]
W
Z_h[Yj
b_d[
e\
i_]^j
Zemd
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[$
<eh
[nfeikh[
e\
j^[
Y[h[X[bbe# fedj_d[
Wd]b["
W
igkWh[#i^Wf[Z
YhWd_[Yjeco
_i
ik\ÓY_[dj
WYYehZ_d]
je
fbWY[c[dj
e\
j^[
XhW_d
ifWjkbW
WdZ
je
j^[
cW_d
Z_h[Yj_ed
e\
ikh]_YWb
Z_ii[Yj_ed
<_]$
*$&$(($
<_]$
*$&$()

Ij[f
,
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ykhl[Z
\Wi^# _ed
m_j^
_ji
XWi[
jemWhZ
j^[
i_]ce_Z
i_dki$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
bWj[hWbbo
m_j^
jme
ikjkh[i1
ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z$
?d
iec[
YWi[i"
WYYehZ_d]
je
j^[
_dZ_# l_ZkWb
i_jkWj_ed"
c_d_cWb
[dbWh][c[dj
e\
j^[
ZkhWb
ef[d_d]
cWo
X[
d[Y[iiWho
_d
W
O#i^Wf[Z
\ehc
<_]$
*$&$()$


'-&

H[jhei_]ce_ZWb
WffheWY^

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
i^emd
ed
\h[i^
^kcWd
YWZWl[hi$
7hj[h_Wb
l[ii[bi
Wh[
fh[fWh[Z
m_j^

h[Z"
l[_di
m_j^
Xbk[
Yebeh[Z
iebkj_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
Y[h[X[bbWh
ikh\WY[
YWd
X[
eXi[hl[Z$
Dej[
W
fhec_d[dj
ikf[hÓY_Wb
l[_d
hkdd_d]
\hec
j^[
ikXeYY_f_jWb
je
j^[
j[d# jeh_Wb
ikh\WY[
e\
j^[
Y[h[X[bbkc$
?d
j^_i
YWi["
j^[
YhWd_ejeco
mWi
f[h\ehc[Z
Ybei[
je
j^[
`kdYj_ed
X[jm[[d
j^[
jhWdil[hiWb
WdZ
i_]ce_Z
i_dki
<_]$
*$&$(*$ <_]$
*$&$(*

Ij[f
(
7\j[h
][djb[
ceX_b_pWj_ed
e\
j^[
Y[h[X[bbkc"
j^[
Wd]b[
X[jm[[d
j^[
j[djeh_kc
WdZ
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed[
YWd
X[
WffheWY^[Z
WYYehZ_d]
je
j^[
Yekhi[
e\
j^[
ikf[h_eh
f[jheiWb
i_dki$
7\j[h
ef[d_d]
j^[
WhWY^de_Z
c[cXhWd[i"
WZ[gkWj[
Wcekdji
e\
9I<
i^ekbZ
X[
Wif_hWj[Z
ikffehj_d]
]hWl_jo# h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
Y[h[X[bbWh
^[c_# if^[h[$
J^[
ifWjkbW
_i
fbWY[Z
fWhWbb[b
je
j^[
ikf[h_eh
f[jheiWb
i_dki
fhej[Yj_d]
j^[
kff[h
bWj[hWb
ikh\WY[
e\
j^[
Y[h[X[bbkc
<_]$
*$&$(+$

f[jheki
Xed[ j[djeh_kc

<_]$
*$&$(+

Ij[f
)
7\j[h
Wif_hWj_ed
e\
9I<"
j^[
f[jheki
l[_d
e\
:WdZo
WdZ
j^[
9D
L
Wh[
[nfei[Z$
J^[
kff[h
d[khelWiYkbWh
Yecfb[n
YWd
X[
efj_cWbbo
[nfei[Z
m_j^
j^[
ikf[h_eh
lWh_Wj_ed
e\
j^[
h[j# hei_]ce_ZWb
WffheWY^
<_]$
*$&$(,$

:WdZoÊi
f[jheiWb
l[_d 9D
L

<_]$
*$&$(,

'-'

H[jhei_]ce_ZWb
WffheWY^

Ij[f
*
7\j[h
\khj^[h
Z_ii[Yj_ed
e\
WhWY^de_ZWb
c[c# XhWd[i
m_j^_d
j^[
kff[h
Y[h[X[bbefedj_d[
Wd]b["
j^[
h[bWj_edi^_f
X[jm[[d
j^[
f[jheki
l[_d"
9D
L"
9D
L??
WdZ
9D
L???
X[Yec[i
[l_# Z[dj$
Dej[
W
fhec_d[dj
I97
Ybei[
je
j^[
9D
L

<_]$
*$&$(-$


f[jheki
l[_d 9D
L I97 9D
L??"
9D
L???

<_]$
*$&$(-

Ij[f
+
8[jm[[d
j^[
f[jheki
l[_d
WdZ
9D
L"
W
Z[[f#
i[Wj[Z
Wh[W
m_j^
j^[
9D
???
_i
WffheWY^[Z$
Dej[
j^[
ZekXb[
I97
WdZ
j^[
F9e7
<_]$
*$&$(.$

f[jheki
l[_d 9D
??? 9D
L F9e7 I97

<_]$
*$&$(.

Ij[f
,
>_]^[h
cW]d_ÓYWj_ed
e\
j^[
9D
???$
?d
j^[
XWYa# ]hekdZ"
j^[
F9e7
Wff[Whi
<_]$
*$&$(/$

9D
??? F9e7

<_]$
*$&$(/

'-(

H[jhei_]ce_ZWb
WffheWY^

Ij[f
-
:_ii[Yj_d]
_d
W
YWkZWb
Z_h[Yj_ed
\hec
j^[
9D
L"
j^[
\WY_Wb
WdZ
l[ij_XkbeYeY^b[Wh
d[hl[i
Wh[
[nfei[Z$
Dej[
j^[
ÔeYYkbki
<_]$
*$&$)&$ 9D
L??? 9D
L 9D
L?? ÔeYYkbki

<_]$
*$&$)&

Ij[f
. <eYki_d]
_dje
j^[
Z[[f#i[Wj[Z
fh[fedj_d[
Wh[W"
j^[
87
WdZ
j^[
9D
L?
Wh[
l_ikWb_p[Z$
Dej[
j^[
l[deki
l[ii[bi
e\
j^[
Wdj[hebWj[hWb
ikh\WY[
e\
j^[
fedi
<_]$
*$&$)'$

87 9D
L?

<_]$
*$&$)'

Ij[f
/ ?d
W
ceh[
YWkZWb
Yekhi[
e\
Z_ii[Yj_ed"
j^[
h[]_ed
e\
j^[
`k]kbWh
\ehWc[d
_i
WffheWY^[Z$
Dej[
j^[
beef
e\
j^[
7?97
X[jm[[d
j^[
\WY_Wb
WdZ
]beiief^Whod][Wb
d[hl[i$
8eY^ZWb[aÊi
Y^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[
Wff[Whi
Ybei[
je
j^[
9D
N
<_]$
*$&$)(

9D
?N 9D
L?? 9D
N 7?97 Y^ehe_Z
fb[nki

<_]$
*$&$)(

'-)

H[jhei_]ce_ZWb
WffheWY^

Ij[f
'& ;nfeikh[
e\
j^[
bem[h
Y[h[X[bbefedj_d[
Wd]b[
m_j^
j^[
9D
?N"
9D
N
WdZ
9D
N?$
Dej[
j^[
eh_]_d
e\
j^[
F?97
\hec
j^[
L7
<_]$
*$&$))

L7 9D
N? F?97 9D
N 9D
?N

<_]$
*$&$))

Ij[f
'' 9[dj[h
e\
Wjj[dj_ed
_i
j^[
ikh\WY[
e\
j^[
L7
m_j^
ÓX[hi
e\
j^[
^ofe]beiiWb
d[hl[$
Dej[
j^[
Wdj[hebWj[hWb
ikh\WY[
e\
j^[
c[ZkbbW
eXbed# ]WjW
<_]$
*$&$)*

9D
N? 9D
N?? 9D
N L7 c[ZkbbW
eXbed]WjW

<_]$
*$&$)*

Ij[f
'( :_ii[Yj_d]
Wbed]
j^[
Wdj[h_eh
\ehWc[d
cW]dkc"
j^[
`kdYj_ed
e\
Xej^
l[hj[XhWb
Whj[h# _[i
YWd
X[
m[bb
l_ikWb_p[Z
<_]$
*$&$)+ 87 h_]^j
L7 b[\j
L7


<_]$
*$&$)+

'-*

H[jhei_]ce_ZWb
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
H_d][h
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
eh
Yedj_dkeki
ikjkh[i$
?\
j[d# i_ed
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
ki[Z
\eh
W
mWj[hj_]^j
Ybeikh[1
_d
ej^[h
YWi[i"
fbWij_Y
cWj[h_Wb
cWo
X[
h[gk_h[Z$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
YhWd_[Yjeco
_i
Ybei[Z
m_j^
Xed[
Y[c[dj$
7\j[h
ÓdWb
l[h_ÓYW# j_ed
e\
^[ceijWi_i"
j^[
ckiYb[
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
hkdd_d]
eh
_dj[hhkfj[Z
ikjkh[i$
7
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
m_j^
j^[
Yedi[gk[dY[
e\
_dWZ[gkWj[
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[# h_ehWj_ed
_d
[\ÓY_[dYo
e\
ikh]_YWb
[nfeikh[
e\
j^[
jWh][j
h[]_ed$
7i
j^[
ceij
_cfehjWdj
fWhj
e\
fheY[Zkh["
fbWdd_d]
_i
j^[
jWia
e\
j^[
ikh][ed š
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
fW_Z
je
fWj_[dj
fei_j_ed_d]$
?dWZ[# gkWj[
fei_j_ed_d]
cWo
YWki[
Yecfh[ii_ed
e\
j^[
cW_d
Y[hl_YWb
l[ii[bi
h[ikbj_d]
_d
^ofef[h\ki_ed
eh
i[l[h[
l[deki
Yed][ij_ed
_d
j^[
feij[h_eh
\eiiW$ š
?dWZ[gkWj[
fbWY[c[dj
e\
j^[
ikh]_YWb
WffheWY^
YWki_d]
_d`kho
je
j^[
jhWdil[hi[
eh
i_]ce_Z
i_dki
m_j^
i[l[h[
l[deki
Xb[[Z_d]$
J^[
WffheWY^
ckij
X[
Z[j[hc_d[Z
W\j[h
WYYkhWj[
ikh]_YWb
eh_[djWj_ed
WYYehZ_d]
je
WdWjec_YWb
ademb[Z][
WdZ
fh[ef[hWj_l[
fbWdd_d]$ š
?dWZ[gkWj[
h[celWb
e\
9I<
m_j^
i[l[h[
Yedjki_ed
e\
WZ`WY[dj
fehj_edi
e\
j^[
Y[h[X[bbWh
^[c_if^[h[
Zk[
je
ifWjkbW
fh[iikh[$
?dYh[Wi_d]
fh[iikh[
m_j^_d
j^[
feij[h_eh
\eiiW
cWo
YWki[
i[l[h[
d[khebe]_YWb
Z[j[h_ehWj_ed$ š
?d`kh_[i
je
i[di_j_l[
d[hl[i
WdZ
l[ii[bi
_d
j^[
bWj[hWb
feij[h_eh
\eiiW
Zkh_d]
c_Yheikh]_YWb
Z_ii[Yj_ed$ š
?dWZ[gkWj[
^[ceijWi_i
m_j^_d
j^[
ikh]_YWb
i_j[
m_j^
ikXi[gk[dj
feijef[hWj_l[
h[Xb[[Z_d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$
?d
ceij
YWi[i"
dWieb_gkehh^[W
eYYkhi
X[YWki[
e\
\h[gk[djbo
ef[d[Z

cWije_Z
Y[bbi$ š
?dWZ[gkWj[
[njhWYhWd_Wb
^[ceijWi_i
YWki_d]
feijef[hWj_l[
ie\j
j_iik[
^[cWjecW$

'-+

H[jhei_]ce_ZWb
WffheWY^

J_fi
WdZ
jh_Yai

<_]$
*$&$),

š
If[Y_Wb
YWh[
i^ekbZ
X[
]_l[d
je
fh[ef[hWj_l[
fbWdd_d]
WdZ
fWj_[dj
fei_j_ed_d]
WYYehZ_d]
je
j^[
fh[Y_i[
beYWb_pWj_ed
e\
j^[
b[i_ed$
Dej[
j^Wj
bWj[hWbbo
beYWj[Z
b[i_edi
d[[Z
b[ii
hejWj_ed
Xkj
c[Z_# Wbbo
beYWj[Z
b[i_edi
h[gk_h[
ceh[
^[WZ
hejWj_ed$ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi

e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
ikf[h# ÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_i_ed$ š
Je
fhel_Z[
j^[
_djhWZkhWb
cWd_fkbWj_ed
Wbbem_d]
W
Z_h[Yj
b_d[
e\
i_]^j
Zemd
j^[
feij[h_eh
ikh\WY[
e\
j^[
f[jheki
Xed["
j^[
d[nj
j^h[[
Z[jW_bi
Wh[
_cfehjWdj0
'$

J^[
ia_d
_dY_i_ed
i^ekbZ
X[
Yh[Wj[Z
el[h
j^[
feij[h_eh
j^_hZ
fWhj
e\
j^[
YhWd_ejeco"
ej^[hm_i[
j^[
h[jhWYj[Z
ikXeY# Y_f_jWb
ckiYb[i
cWo
^_Z[
j^[
_djhWZkhWb
ikh]_YWb
Z_ii[Yj_ed

<_]$
*$&$),$
($
J^[
WjjWY^c[dj
e\
j^[
ij[hdeYb[_ZecWije_Z
WdZ
ifb[d_ki
YWf_j_i
ckiYb[i
i^ekbZ
X[
ceX_b_p[Z
\ehY_Xbo
_d
j^[
feij[h_eh
WdZ
][djbo
_d
j^[
Wdj[h_eh
cWije_ZWb
Z_h[Yj_ed"
fhej[Yj_d]
j^[
_djhWZkhWb
l_ikWb_pWj_ed
<_]$
*$&$)-$ )$
H[celWb
e\
j^[
Wdj[h_eh
_dd[h
[Z][
e\
j^[
YhWd_[Yjeco
el[h
j^[
i_]ce_Z
i_dki
kdZ[h
fhej[Yj_ed
e\
j^[
ZkhW
ki_d]
Ód[
fkdY^[i$
J^[
Wd]b[
\eh
l_ikWb_pWj_ed
YWd
Wbie
i_]d_ÓYWdjbo
_dYh[Wi[
m_j^
YWh[\kb
h[celWb
e\
j^_i
_dd[h
Xed[
[Z][
<_]$
*$&$).$ š
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ç9È
i^Wf[Z"
i[c_bkdWh
\Wi^_ed
WdZ
^[bZ
jemWhZ
j^[
i_]ce_Z
i_dki
m_j^
jme
ikjkh[i$
?j
_i
[Wio
je
]W_d
X[jj[h
l_ikWb_pWj_ed
e\
j^[
\ehWc[d
cW]dkc
eh
j[dje# h_kc
m_j^
W
YWkZWb
eh
YhWd_Wb
[dbWh][c[dj
e\
j^[
ZkhWb
ef[d_d]
<_]$
*$&$)/$ š

J^[
Óhij
ij[f
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed
i^ekbZ
X[
j^[
ef[d_d]
e\
j^[
Y[h[X[bbec[ZkbbWh
Y_ij[hd
WdZ
ik\ÓY_[dj
ZhW_dW][
e\
9I<$

'-,

<_]$
*$&$)-

<_]$
*$&$).

<_]$
*$&$)/

H[jhei_]ce_ZWb
WffheWY^

<_]$
*$&$*&

<_]$
*$&$*'

š
7\j[h
Ód_i^_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Ybei[Z
mWj[hj_]^j
ki_d]
_dj[hhkfj[Z
eh
hkdd_d]
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[bef[Z"
m^_Y^
_i
l[ho
\h[gk[dj"
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
?d
ej^[h
YWi[i"
fbWij_Y
]hW\j
cWj[h_Wb
i^ekbZ
X[
ki[Z
<_]$
*$&$*&$

š
J^[
Xedo
ef[d_d]
e\
j^[
YhWd_[Yjeco
i^ekbZ
X[
Ybei[Z
m_j^
Xed[
Y[c[dj
Wle_Z_d]
ckiYb[
_d]hemj^
WdZ
WjjWY^c[dj
je
j^[
ZkhW
cWj[h
m_j^
ikXi[gk[dj
feijef[hWj_l[
Y[hl_YWb
fW_d
<_]$
*$&$*'$ š
8[YWki[
e\
j^[
b_c_j[Z
WffheWY^"
W
ikYj_ed
ZhW_d
_i
dej
h[Yec# c[dZ[Z$

'--

IkXeYY_f_jWb
WffheWY^

+$&
IkXeYY_f_jWb
WffheWY^ >_ijeho
e\
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^[i

7

:kh_d]
j^[
[Whbo
f[h_eZ
e\
d[kheikh][ho"
ef[hWj_l[
jh[Wjc[dj
e\
ifWY[#eYYkfo_d]
b[i_edi
m_j^_d
j^[
feij[h_eh
\eiiW
mWi
Y^WhWYj[h_p[Z
Xo
Wd
[njh[c[bo
^_]^
cehjWb_jo
hWj[$
:k[
je
_dWYYkhWj[
fh[ef[hWj_l[
Wii[iic[dj
WdZ
YhkZ[
ikh]_YWb
j[Y^d_gk[i
\eh
jkceh
h[celWb"
j^[
jh[Wjc[dj
\W_b[Z
ie
\h[gk[djbo
j^Wj
ikh][edi
m[h[
h[bkYjWdj
je
kdZ[hjWa[
j^[i[
ef[hWj_edi
<_]$
+$&$'
W$
?d
'./)"
7bb[d
IjWhh
fkXb_i^[Z
'+
YWi[i
e\
Y[h[X[bbWh
jkcehi
m_j^
edbo
ed[
fWj_[dj
ikhl_l_d]
m_j^
d[khebe]_YWb
h[Yel[ho
QIjWhh
'./)S$
Ed
WYYekdj
e\
j^[i[
\hkijhWj_d]
h[ikbji"
>[hcWdd
Eff[d^[_c
YbWii_Ó[Z
Y[h[X[bbWh
b[i_edi
Wi
_def[hWXb["
h[fehj_d]
W
]h[Wj[h
j^Wd
-&
cehjWb_jo
QEff[d^[_c
'/&(S$
<[Zeh
AhWki[
_d
'/')
fkXb_i^[Z
Z_\\[h[dj
WffheWY^[i
je
Y[h[X[bbWh
jkcehi
Z[iYh_X_d]
W
XheWZ
X_bWj[hWb
[nfeikh[
e\
j^[
feij[h_eh
\eiiW
<_]$
+$&$'
X$
>em[l[h"
edbo
W
c_deh_jo
e\
fWj_[dji
ikhl_l[Z
j^_i
jh[Wjc[dj"
h[ikbj_d]
_d
W
cehjWb_jo
hWj[
hWd]_d]
\hec
,-
je
..
QAhWki[
'/')S$


8 <_]$
+$&$'


M_Z[
[nfeikh[
e\
j^[
[dj_h[
ikXeYY_f_jWb
Wh[W
mWi
Yeccedbo
ki[Z
je
WffheWY^
j^[
feij[h_eh
\eiiW$
L_Yjeh
>ehib[o
_d
'/&*
WdZ
>Whl[o
9ki^_d]
_d
'/&+
h[fehj[Z
j^[
ÇX_bWj[hWb
[nfeikh[
e\
j^[
Y[h[X[bbWh
^[c_if^[h[i
j^hek]^
W
YheiiXem
_dY_i_edÈ
Q>ehib[o
'/&*"
9ki^_d]
'/&+S$
J^[i[
[nj[dZ[Z
WffheWY^[i
Wle_Z[Z
XhW_d
ij[c
Yecfh[ii_ed
Zkh_d]
ikh][ho
WdZ
Wbbem[Z
feij[h_eh
\eiiW
Z[Yecfh[ii_ed
W\j[h
_dYecfb[j[
jkceh
h[celWb
WdZ
XhW_d
im[bb_d]
<_]$+$&$($
<_]$
+$&$'
?d
j^[
[Whbo
ZWoi
e\
d[kheikh][ho"
ifWY[#eYYkfo_d]
b[i_edi
m[h[
kikWbbo
h[cel[Z
Xo
Xbkdj
Ód][h
Z_ii[Yj_ed
X[jm[[d
j^[
i[di_j_l[
d[khelWiYkbWh
ijhkYjkh[i$
Jh[Wjc[dj
e\
Y[h[X[bbWh
b[i_edi
mWi
e\j[d
kdikYY[ii\kb
X[YWki[
e\
j^[

YhkZ[
ikh]_# YWb
j[Y^d_gk[i$
Je
WY^_[l[
W
dedjhWkcWj_Y
Z_ii[Yj_ed"
[if[Y_Wbbo
m_j^_d
j^[
feij[h_eh
\eiiW"
AhWki[
_d
'/&/
fkXb_i^[Z
W
d[m
c[j^eZ
ki_d]
lWYkkc
ikYj_ed
e\
j^[
jkceh
cWii
7$
Dej[
AhWki[Êi
c[Z_Wd
ikXeYY_f_jWb
WffheWY^
[nfei_d]
j^[
feij[h_eh
\eiiW$
>[
YWhh_[Z
ekj
W
XheWZ
bWc_d[Yjeco
e\
j^[
WjbWi
Wbbem_d]
Z[Yecfh[ii_ed
e\
j^[
YhWd_eY[hl_YWb
h[]_ed
WdZ

j^[
ZkhW
mWi
ef[d[Z
_d
W
ÇOÈ
\ehc
8$ <_]$
+$&$(
9ki^_d]Êi
feij[h_eh
\eiiW
ikh][ho
ki_d]
W
X_bWj[hWb
ikXeYY_f_jWb
WffheWY^$
9ki^_d]
Z[iYh_X[Z
Wd
Ç[njh[c[
\ehWc_dWb
^[hd_Wj_ed
_d
W
YWi[
_d
m^_Y^
j[di_ed
mWi
ie
]h[Wj
Wi
je
d[Y[ii_jWj[
h[celWb
e\
j^[
bWc_dW[
e\
j^[
WjbWi
WdZ
YWhho_d]
j^[
ZkhWb
_dY_i_ed
je
j^[
WjbWi
X[\eh[
h[if_hWjeho
[cXWhhWiic[dj
mWi
h[b_[l[ZÈ$
Dej[
j^[
fkdYjkh[
e\
j^[
b[\j
bWj[hWb
l[djh_Yb[$

<_]$
+$&$(


'-/

IkXeYY_f_jWb
WffheWY^

Ed
j^[
XWi_i
e\
^_i
[nf[h_[dY["
>ehib[o
fe_dj[Z
ekj
j^Wj
W
bWh][
Wcekdj
e\
j^[
Y[h[X[bbWh
j_iik[
YekbZ
X[
iWYh_Ó
Y[Z
WdZ
h[cel[Z
m_j^
W
c_deh
eh
de
Z[cedijhWXb[
beii
e\
d[khebe]_YWb
\kdYj_ed$
J^[
Yecced
WffheWY^
je
b[i_edi
e\
j^[
\ekhj^
l[djh_Yb[
mWi
eXjW_d[Z
Xo
ifb_jj_d]
j^[
l[hc_i
ed
j^[
ikXeYY_f_jWb
ikh\WY["
WdZ
_d
iec[
YWi[i"
h[cel_d]
j^[
c[Z_Wb
fWhj
e\
j^[
Y[h[X[bbWh
^[c_if^[h[
Wi
h[Yecc[dZ[Z
Xo
MWbj[h
;$
:WdZo
WdZ
BkZm_]
=$
A[cf[
Q:WdZo
'/)."
A[cf[

'/-&S
<_]i$
+$&$)"
+$&$*$ J^[
_djheZkYj_ed
e\
c_Yheikh]_YWb
j[Y^d_gk[i
fhel_Z[Z
W
cWha[Z
_cfhel[c[dj
_d
ikh]_YWb
[\Ó
Y_[dYo$
M_j^
b[ii
_dlWi_l[
WffheWY^[i
Wi
h[fehj[Z
Xo
HeX[hj
M$
HWdZ
WdZ
C$
=Wp_
OWiWh]_b"
ikh]_YWb
cehjWb_jo
WdZ
cehX_Z_jo
YekbZ
X[
ikYY[ii\kbbo
c_d_c_p[Z
QHWdZ
'/,."
OWiWh]_b
'/-&S$
?d
fWhj_YkbWh"
j^[
fh[Y_i[
Z_ii[Yj_ed
m_j^_d
j^[
ikXWhWY^de_Z
ifWY[i
e\
j^[
feij[h_eh
\eiiW
WdZ
WffheWY^_d]
j^[
\ekhj^
l[djh_Yb[
j^hek]^
WdWjec_YWb
fWj^mWoi
e\\[h[Z
W
i_]d_Ó
YWdj
Z[l[befc[dj
_d
ikh]_YWb
h[ikbji
<_]$
+$&$+$ ?d
j^[
\ebbem_d]
j^[
_cfehjWdY[
e\
j^[i[
WdWjec_YWb
Yedi_Z[hWj_edi
_i
Z_iYkii[Z
_d
\kbb$

<_]$
+$&$)
;nfbehWj_ed
e\
W
fWhj_Wb
Yoij_Y
jkceh
e\
j^[
feij[h_eh
\eiiW
j^hek]^
W
c[Z_Wd
ikXeYY_f_jWb
WffheWY^
Wi
Z[iYh_X[Z
Xo
:WdZo$
J^[
fWj_[dj
ik\\[h[Z
\hec
i[l[h[
^[WZWY^[i
YWki[Z
Xo
W
Yedi[Ykj_l[
eXijhkYj_l[
^oZhe# Y[f^Wbki$
Dej[
j^[
_djhWef[hWj_l[
ki[
e\
cedefebWh
YeW]# kbWj_ed
Wbbem_d]
W
iW\[
ikh]_YWb
Z_ii[Yj_ed$


<_]$
+$&$*
A[cf[Êi
cWYheikh]_YWb
feij[h_eh
\eiiW
[nfbehW# j_ed
fkXb_i^[Z
_d
'/,.
_d
^_i
Yecfh[^[di_l[
d[kheikh]_YWb
j[njXeea$
Dej[
j^[
XheWZ
X_bWj[hWb
[nfbehWj_ed
WdZ
i[Y# j_ed_d]
e\
j^[
_d\[h_eh
l[hc_i
\eh
WffheWY^_d]
j^[
jkceh
m_j^_d
j^[
\ekhj^
l[djh_Yb[$

<_]$
+$&$+
J^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^
ki_d]
c_Yhe# ikh]_YWb
j[Y^d_gk[i
Z[iYh_X[Z
Xo
OWiWh]_b
\eh
Z_ijWbbo
i_jk# Wj[Z
Wd[khoici
e\
j^[
F?97$


'.&

IkXeYY_f_jWb
WffheWY^

=[d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[
ikh]_YWb

Yehh_Zeh
je
j^[
\ekhj^
l[djh_YkbWh
h[]_ed J^[
feij[h_eh
YhWd_Wb
\eiiW
_i
j^[
Z[[f[ij
e\
j^[
j^h[[
YhWd_Wb
\eiiW[
YedjW_d_d]
j^[
ceij
Yecfb[n
_djhWYhWd_Wb
WdWjeco
m_j^
ijhkYjkh[i
e\
j^[
Y[h[X[bbkc"
XhW_d
ij[c"
j[d
fW_hi
e\
YhWd_Wb
d[hl[i"
WdZ
Yec# fb[n
Whj[h_Wb
WdZ
l[deki
h[bWj_edi^_fi$
J^[
feij[h_eh
\eiiW
[nj[dZi
\hec
j^[
j[djeh_Wb
_dY_ikhW
je
j^[
\ehWc[d
cW]dkc
X[jm[[d
j^[
ikfhWj[djeh_Wb
WdZ
_djhWif_dWb
ifWY[i$
?j
_i
ikhhekdZ[Z
Xo
j^[
eYY_f# _jWb"
j[cfehWb"
fWh_[jWb"
WdZ
if^[de_Z
Xed[i$
?d
_ji
dWhhem
ifWY["
m^_Y^
Yedi_iji
e\
edbo
Wffhen_cWj[bo
ed[#[_]^j^
e\
j^[
_djhWYhW# d_Wb
lebkc["
Wh[
j^[
ceij
_cfehjWdj
l_jWb
fWj^mWoi
h[]kbWj_d]
YediY_ekid[ii"
YWhZ_eh[if_hWjeho
WdZ
ej^[h
Wkjedec_Y
\kdYj_edi"
cejeh
WYj_l_j_[i
WdZ
i[dieho
h[Y[fj_ed"
WdZ
Y[dj[hi
\eh
Yedjhebb_d]
XWbWdY[
WdZ
]W_j$


<_]$
+$&$,
7hj_ij_Y
_bbkijhWj_ed
e\
j^[
\ekhj^
l[djh_Yb["
h^ecXe_Z
\eiiW
WdZ
j^[
ikhhekdZ_d]
WdWjec_YWb
ijhkY# jkh[i$

Ef[hWj_l[
WffheWY^[i
je
j^[
\ekhj^
l[djh_Yb[
WdZ
ceij
Y[h[X[bbWh
jkcehi
Wh[
Yeccedbo
Z_h[Yj[Z
WhekdZ
WdZ
j^hek]^
j^[
ikXeY# Y_f_jWb
Wh[W
e\
j^[
feij[h_eh
\eiiW$
7YYehZ_d]
je
j^[
\Wbn
Y[h[X[bb_"
j^[
ikXeYY_f_jWb
ikh\WY[
e\
j^[
Y[h[X[bbkc
_i
Z_l_Z[Z
Xo
j^[
fei# j[h_eh
Y[h[X[bbWh
_dY_ikhW
_dje
h_]^j#
WdZ
b[\j#i_Z[Z
^[c_if^[h[i$
J^[
l[hc_i
Y[h[X[bb_
_i
\ebZ[Z
_dje
j^_i
_dY_ikhW
WdZ
\ehci
W
jof[
e\
Yehj_YWb
ikh\WY[
m_j^_d
j^[
_dY_ikhW$
J^[
ikXeYY_f_jWb
Y[h[X[b# bWh
ikh\WY[
_i
Z_l_Z[Z
^eh_pedjWbbo
Xo
j^[
ikXeYY_f_jWb
Óiikh[
_dje
ikf[h_eh
WdZ
_d\[h_eh
fWhji$
J^_i
ikXeYY_f_jWb
Óiikh[
^Wi
W
l[hc# _Wd
WdZ
W
^[c_if^[h_Y
fWhj$
J^[
l[hc_Wd
fWhj
i[fWhWj[i
j^[
jkX[h
WdZ
j^[
fohWc_Z
WdZ
_i
j[hc[Z
j^[
fh[fohWc_ZWb
Óiikh[$
?d
j^[
^[c_if^[h_Y
fWhj"
j^[
fh[X_l[djhWb
Óiikh[
i[fWhWj[i
j^[
X_l[djhWb
WdZ
_d\[h_eh
i[c_bkdWh
beXkb[i
e\
j^[
Y[h[X[bbWh
^[c_if^[h[i$
J^[
jedi_bi
WdZ
j^[
klkbW
Wh[
i_jkWj[Z
_d\[hec[Z_Wb
\hec
j^[
beXkbki
X_l[djhWb
WdZ
fohWc_Z
Yel[h_d]
j^[
WYY[ii
je
j^[
YWkZWb
fWhj
e\
j^[
\ekhj^
l[djh_Yb[$ L_W
j^[
ikXeYY_f_jWb
WffheWY^"
WYY[ii
_i
]W_d[Z
je
j^[
\ekhj^
l[d# jh_YkbWh
Y^WcX[h
j^hek]^
W
jh_Wd]b[#\ehc[Z
ifWY[
X[jm[[d
j^[
jme
jedi_bi"
j^[
ie#YWbb[Z
lWbb[YkbW"
WdZ
j^hek]^
j^[
Y[h[X[bbe# c[ZkbbWho
Óiikh["
j^[
dWhhem
ifWY[
X[jm[[d
j^[
jedi_bi
WdZ
j^[
c[ZkbbW
eXbed]WjW$
J^[
lWbb[YkbW
Yecckd_YWj[i
j^hek]^
j^[
\ehWc[d
e\
CW][dZ_[
m_j^
j^[
Y^WcX[h
e\
j^[
\ekhj^
l[djh_Yb[
<_]$
+$&$,$
Ikh]_YWb
[nfeikh[
e\
j^[
l[djh_Yb[
h[gk_h[i
Z_ii[Y# j_ed
e\
j^[
\ehWc[d
e\
CW][dZ_[
WdZ
ef[d_d]
e\
j^[
YWkZWb
fWhj
e\
j^[
l[djh_YkbWh
hee\$
J^_i
YWkZWb
hee\
e\
j^[
\ekhj^
l[djh_Yb[
_i
\ehc[Z
Xo
j^[
_d\[heYWkZWb
fWhj
e\
j^[
l[hc_i
m_j^
j^[
klkbW
WdZ



'.'

IkXeYY_f_jWb
WffheWY^

deZkbki
WdZ
j^[
_d\[h_eh
c[ZkbbWho
l[bkc
Yel[h_d]
j^[
jedi_bi
e\
Xej^
Y[h[X[bbWh
^[c_if^[h[i$
J^[
j[bW
Y^ehe_Z[W
ijh[jY^[i
X[jm[[d
j^[
_d\[h_eh
c[ZkbbWho
l[bkc
WdZ
j^[
jW[d_W
e\
j^[
c[ZkbbW
eXbed# ]WjW
\ehc_d]
j^[
Y^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[
m_j^
XhWdY^[i
e\
j^[
feij[h_eh
_d\[h_eh
Y[h[X[bbWh
Whj[ho$ ?d
j^[
fWij"
ef[hWj_l[
WYY[ii
je
j^[
\ekhj^
l[djh_Yb[
mWi
eXjW_d[Z
Xo
ifb_jj_d]
j^[
Y[h[X[bbWh
l[hc_i
WdZ"
_d
iec[
YWi[i"
Xo
h[cel_d]
j^[
c[Z_Wb
fWhj
e\
j^[
Y[h[X[bbWh
^[c_if^[h[$
>em[l[h"
YWh[\kb
c_Yheikh]_YWb
Z_ii[Yj_ed
e\
j^[
lWbb[YkbW
WdZ
j^[
Y[h[X[bbec[Zkb# bWho
Óiikh[
fhel_Z[i
W
XheWZ
[nfeikh[
e\
j^[
YWkZWb
[djhWdY[
_dje
j^[
l[djh_Yb[$
Ef[d_d]
j^[
\ehWc[d
e\
CW][dZ_[
WdZ
j[bW
Y^ehe_# Z[W
m_bb
fhel_Z[
WZ[gkWj[
[nfeikh[
e\
j^[
\kbb
b[d]j^
e\
j^[
Ôeeh
e\
j^[
l[djh_Yb[
m_j^ekj
ifb_jj_d]
e\
j^[
l[hc_i
eh
h[cel_d]
d[khWb
j_iik[
<_]$
+$&$-$
J^_i
cWd[klh[
YWd
X[
YecfWh[Z
m_j^
j^[
jhWdi# Y^ehe_ZWb
[dbWh][c[dj
e\
j^[
\ehWc[d
e\
Cedhe$
?d
WZZ_j_ed"
Xo
ef[d_d]
j^[
_d\[h_eh
c[ZkbbWho
l[bkc"
ed[
YWd
WffheWY^
j^[
[dj_h[
l[djh_YkbWh
Y^WcX[h
_dYbkZ_d]
j^[
\Wij_]_kc"
j^[
bWj[hWb
h[Y[ii[i
jemWhZ
j^[
\ehWc[d
e\
BkiY^aW
WdZ
j^[
Wgk[ZkYj
e\
Iobl_ki$
?j
_i
_cfehjWdj
je
dej[
j^Wj
j^[h[
Wh[
de
h[fehji
e\
Z[ÓY_ji
\ebbem_d]
i[fWhWj[
ef[d_d]
e\
j^[
l[bkc
WdZ
j[bW
YecfWh[Z
m_j^
feii_Xb[
i[l[h[
]W_j
Z_ijkhXWdY[i
WdZ
WjWn_W
W\j[h
ifb_jj_d]
e\
j^[
l[hc_i$

<_]$
+$&$-
Ef[hWj_l[
[nfeikh[
e\
j^[
\ekhj^
l[djh_Yb[
ki_d]
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^$
Dej[
j^Wj
YWh[\kb
h[jhWYj_ed
e\
j^[
deZkbki
WdZ
klkbW
W\j[h
Z_ii[Yj_ed
e\
j^[
Y[h[X[bbec[ZkbbWho
Óiikh[
fhel_Z[i
W
XheWZ
WffheWY^
je
j^[
l[djh_YkbWh
Y^WcX[h
m_j^ekj
ifb_jj_d]
j^[
_d\[h_eh
l[hc_i$

?d
j^[
\ebbem_d]"
j^[
XWi_Y
ikh]_YWb
j[Y^d_gk[
e\
j^[
c[Z_Wd
ikXeY# Y_f_jWb
_d\hWY[h[X[bbWh
WffheWY^
_i
Z[iYh_X[Z$

9hWd_eY[hl_YWb
`kdYj_ed

<ekhj^
l[djh_Yb[

Feij[h_eh
Y_hYkc\[h[dY[
e\
j^[
\ehWc[d
cW]dkc CWh]_dWb
i_dki"
eYY_f_jWb
i_dki IkXeYY_f_jWb
ikh\WY[
e\
j^[
Y[h[X[bbWh
^[c_if^[h[i 9[h[X[bbWh
jedi_bi"
bem[h
l[hc_i"
lWbb[YkbW ?d\[h_eh
c[ZkbbWho
l[bkc 9^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[ <ehWc[d
e\
CW][dZ_[ 9[hl_Yec[ZkbbWho
`kdYj_ed Feij[h_eh
ikh\WY[
e\
j^[
c[ZkbbW
eXbed]WjW <_hij
Z[dj_YkbWj[
b_]Wc[dji 9D
N??"
9D
N?"
9D
N"
9D
?N"
Óhij
Y[hl_YWb
heej L7"
F?97"
_dYb$
f[h\ehWjehi

9^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[ H^ecXe_Z
\eiiW <ehWc[d
e\
BkiY^aW <Wij_]_kc Ikf[h_eh
c[ZkbbWho
l[bkc 7gk[ZkYj Feij[h_eh
j^_hZ
l[djh_Yb[

JWXb[
+$&$'
7dWjec_YWb
ijhkYjkh[i
m^_Y^
YWd
X[
h[WY^[Z
j^hek]^
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^$


'.(

IkXeYY_f_jWb
WffheWY^

Ikh]_YWb
j[Y^d_gk[


<_]$
+$&$.

'$
FWj_[dj
fei_j_ed_d] Ikh][ho
e\
j^[
feij[h_eh
\eiiW
_dYbkZ_d]
j^[
\ekhj^
l[djh_Yb[
YWd
X[
f[h\ehc[Z
m_j^
j^[
fWj_[dj
_d
j^[
i_jj_d]
eh
j^[
fhed[
fei_j_ed$
7i
W
cW_d
WZlWdjW]["
j^[
i_jj_d]
fei_j_ed
_cfhel[i
j^[
l[deki
ZhW_dW][
e\
j^[
feij[h_eh
\eiiW
WdZ
Wbbemi
XbeeZ"
9I<"
WdZ
_hh_]Wj# _d]
iebkj_edi
je
ZhW_d
\hec
j^[
ef[hWj_l[
Ó[bZ$
>em[l[h"
j^[
i_jj_d]
fei_j_ed
YWhh_[i
W
l[ho
i[l[h[
Wd[ij^[i_ebe]_YWb
h_ia
m_j^
ZWd][h
e\
YWhZ_efkbcedWho
_dijWX_b_jo"
W_h
[cXeb_ic"
i[l[h[
fd[kceY[f^Wbki
eh
l[djh_YkbWh
YebbWfi[
YWki[Z
Xo
Wd
[dehceki
beii
e\
9I<$
?d
WZZ_# j_ed"
[nfei_d]
j^[
\ekhj^
l[djh_Yb[
_d
j^[
i_jj_d]
fei_j_ed
h[gk_h[i
h[jhWYj_ed
e\
j^[
Y[h[X[bbWh
^[c_if^[h[i
W]W_dij
]hWl_jo"
h[ikbj_d]
_d
Yedjki_ed
e\
j^[
Y[h[X[bbWh
j_iik[$
?d
ekh
Z[fWhjc[dj"
m[
ki[
j^[
fhed[
fei_j_ed
\eh
[nfei_d]
j^[
feij[h_eh
\eiiW
l_W
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^$
7ZlWdjW][i
e\
j^_i
fei_j_ed_d]
Wh[
j^[
i_cfb_Y_jo
e\
j^[
j[Y^d_gk[
WdZ
Yec\ehj
\eh
j^[
fWj_[dj$
M_j^
Wd
WZ[gkWj[
fei_j_ed_d]
e\
j^[
^[WZ"
j^[
Y[h[X[bbkc
\Wbbi
WmWo
\hec
j^[
XhW_d
ij[c
ikh\WY[
ef[d_d]
j^[
ikXl[hc_Wb
ikh]_YWb
Yehh_Zeh$
7j
j^[
iWc[
j_c["
j^[
f[hf[dZ_YkbWh
Z_h[Yj_ed
e\
ikh]_YWb
Z_ii[Yj_ed
fhel_Z[i
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
m_j^
efj_cWb
l_ikWb_pWj_ed
e\
j^[
ef[hWj_d]
Ó[bZ$

<_]$
+$&$/

Ij[f
'
7i
W
Óhij
ij[f
e\
fei_j_ed_d]"
j^[
XeZo
WdZ
j^[
^[WZ
Wh[
[b[lWj[Z
YW$
(&–
je
)&–
Wi
_d
Wd
Wdj_#Jh[dZ[b[dXkh]
fei_j_ed$
J^_i
[b[lWj_ed
_i
d[Y[iiWho
je
Xh_d]
j^[
^[WZ
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
e\\[h_d]
efj_cWb
l[deki
ZhW_dW][
<_]$
+$&$.$

<_]$
+$&$'&

Ij[f
( ?d
W
i[YedZ
ij[f"
j^[
^[WZ
cWo
X[
Wdj[heÔ[Yj[Z
WXekj
*+–
_d
ehZ[h
je
Xh_d]
j^[
j[djeh_kc
_d
W
f[hf[dZ_YkbWh
fbWd[$
J^_i
ie#YWbb[Z

9edYehZ[
fei_j_ed
fhel_Z[i
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
Z_ii[Yj_d]
jemWhZ
j^[
_d\[h_eh
Y[h[X[bbWh
ikh\WY[
WdZ
m_j^_d
j^[
\ekhj^
l[djh_Yb[$
>em[l[h"
if[Y_Wb
YWh[
i^ekbZ
X[
jWa[d
dej
je
Yecfh[ii
j^[
l[dj_bWj_ed
jkX[
WdZ
j^[
bWhodn$
;nY[ii_l[
Wdj[Ô[Yj_ed
YWd
Wbie
YWki[
l[deki
Yed][ij_ed
Zk[
je
Yecfh[ii_ed
e\
j^[
`k]kbWh
l[_di
<_]$
+$&$/$
Ij[f
) <eh
b[i_edi
beYWj[Z
cW_dbo
_d
j^[
c_Zb_d["
hejWj_ed
e\
j^[
^[WZ
_i
dej
d[Y[iiWho$
>em[l[h"
c[Z_ebWj[hWbbo
i_jkWj[Z
b[i_edi
h[gk_h[
W
ib_]^j
hejWj_ed
e\
+–Å'+–
<_]$
+$&$'&$


'.)

IkXeYY_f_jWb
WffheWY^

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[ef[hWj_l[
eh_[djWj_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
feij[hebWj[hWb
eii[eki
iakbb
WdZ
if_d["
ikY^
Wi
j^[
[nj[h# dWb
WkZ_jeho
c[Wjki"
cWije_Z
fheY[ii"
j^[
^_]^[ij
dkY^Wb
b_d["
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY["
j^[
\ehWc[d
cW]dkc
WdZ
j^[
if_deki
fheY[ii
e\
9(
Wh[
fh[Y_i[bo
Z[j[hc_d[Z
<_]$
+$&$''$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
jhWdil[hi[
i_dki
Wi
j^[
XehZ[h
e\
j^[
feij[h_eh
\eiiW"
WdZ
Z[Ód_j_ed
e\
j^[
c_Zb_d[
ijhkYjkh[i$
7\j[h
[nWYj
eh_[djWj_ed"
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
Wh[
cWha[Z
m_j^
W
ij[h_b[
f[d$
KikWbbo"
j^[
YhWd_ejeco
_i
fbWY[Z
c[Z_Wd
eh
ib_]^jbo
fWhWc[Z_Wd
[nj[dZ_d]
\hec
j^[
\ehWc[d
cW]dkc
je
j^[
_d\[h_eh
dkY^Wb
b_d[
m_j^
W
Z_Wc[j[h
e\
WXekj
)
Yc$
?d
iec[
YWi[i"
j^[
ikf[h_eh
h_c
e\
j^[
feij[h_eh
WhY^
e\
9'
YWd
WZZ_j_edWbbo
X[
h[cel[Z"
Wbbem_d]
efj_cWb
[nfeikh[
e\
j^[
Y[hl_Yec[ZkbbWho
`kdY# j_ed$ 7\j[h
Z[Ód_d]
j^[
YhWd_ejeco"
j^[
^W_h
_i
i^Wl[Z
WdZ
YWh[\kbbo
Z_i_d\[Yj[Z
WYYehZ_d]
je
j^[
c_Zb_d[
ia_d
_dY_i_ed
e\
,
je
.
Yc
_d
b[d]j^
<_]$
+$&$''$

<_]$
+$&$''
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
feij[h_eh
YhWd_eY[hl_YWb
h[]_ed$
J^[
c_Zb_d[
ia_d
_dY_i_ed
i^ekbZ
h[WY^
j^[
[Wi_bo

fWbfWXb[
9(
if_deki
fheY[ii$

'.*

IkXeYY_f_jWb
WffheWY^

)$
9hWd_ejeco
WdZ
ZkhWb
ef[d_d] Ij[f
'
7\j[h
fWj_[dj
fei_j_ed_d]
WdZ
WdWjec_YWb
eh_# [djWj_ed"
j^[
ia_d
_i
fh[fWh[Z
m_j^
WbYe^eb
iebkj_ed$
Je
X[]_d
j^[
ikXeYY_f_jWb
[nfeikh["
W
ijhW_]^j
c_Zb_d[
_dY_i_ed
_i
cWZ[
[nj[dZ_d]
\hec
j^[
_d_ed
je
j^[
m[bb
fWbfWXb[
if_deki
fheY[ii
e\
9(
<_]$
+$&$'($


<_]$
+$&$'(

Ij[f
( 7\j[h
h[jhWYj_ed
e\
j^[
ia_d"
j^[
b_]Wc[djkc
dkY^W[
_i
fh[Y_i[bo
Z[Ód[Z
WdZ
ifb_j
WYYehZ_d]
je
j^[
c_Zb_d[$
Ie\j
j_iik[
Z_ii[Yj_ed
WdZ
i[fW# hWj_ed
e\
j^[
ikXeYY_f_jWb
ckiYb[i
i^ekbZ
X[
cWZ[
ijh_Yjbo
_d
j^[
c_Zb_d[
j^hek]^
j^[
b_]W# c[djkc
dkY^W["
j^ki
Wle_Z_d]
c_i]k_Z_d]
_dje
j^[
^_]^bo
lWiYkbWh
fWhWc[Z_Wd
ckiYb[i
<_]$
+$&$')$


<_]$
+$&$')

Ij[f
)
7
bem
fheÓb["
i[b\#h[jW_d_d]
h[jhWYjeh
_i
j^[d
ki[Z
je
^ebZ
XWYa
j^[
j^_Ya
ikXeYY_f_j_Wb
ckiYb[
bWo[hi"
[$]$"
j^[
jhWf[p_ki"
ifb[d_ki
WdZ
i[c_if_dWb_i
YWf_j_i
ckiYb[i$
J^[
h[Yjki
YWf_j_i
feij[h_eh
c_deh
_i
Z_ii[Yj[Z
\hec
j^[
jkX[hYb[
ed
j^[
feij[h_eh
WhY^
e\
j^[
WjbWi
[nfei_d]
j^[
ikXeYY_f_jWb
Wh[W
m_j^
j^[
\ehWc[d
cW]dkc
WdZ
j^[
feij[h_eh
WhY^
e\
9'$
BeYWb
^[ceijWi_i
d[[Zi
je
X[
f[h\ehc[Z
hWf_Zbo
WdZ
fh[Y_i[bo$ 7\j[h
h[jhWYj_ed
e\
j^[
ckiYb[i"
jme
fWhWc[# Z_Wd
Xkhh
^eb[
jh[f^_dWj_edi
Wh[
f[h\ehc[Z
[nfei_d]
j^[
ZkhW
cWj[h
e\
Xej^
Y[h[X[bbWh
^[c_if^[h[i
<_]$
+$&$'*$

<_]$
+$&$'*

'.+

IkXeYY_f_jWb
WffheWY^

<_]$
+$&$'+

Ij[f
*
D[nj"
j^[
fWhWc[Z_Wd
Xkhh
^eb[i
Wh[
Yed# d[Yj[Z
ki_d]
Ód[
fkdY^[i
m_j^
h[celWb
e\

j^[
_dj[hdWb
eYY_f_jWb
Yh[ij"
Wle_Z_d]
ZWcW][
je
j^[
eYY_f_jWb
i_dki
<_]$
+$&$'+$


<_]$
+$&$',

Ij[f
+
7\j[h
YWh[\kb
[nfeikh[
e\
j^[
ZkhW
cWj[h
WdZ
j^[
eYY_f_jWb
i_dki"
Wd
eij[efbWij_Y
YhWd_ejeco
_i
f[h\ehc[Z
ki_d]
W
^_]^#if[[Z
YhWd_ejec[$

<_]$
+$&$'-

Ij[f
,
7YYehZ_d]
je
j^[
YhWd_ejeco
b_d[i"
j^[
j^_Ya
feij[h_eh
cWh]_d
e\
j^[
\ehWc[d
cW]dkc
_i
j^[d
h[cel[Z
ki_d]
W
^_]^#if[[Z
Zh_bb"
Wle_Z# _d]
_d`kho
je
j^[
ZkhW
cWj[h
e\
j^[
bWj[hWb
YhW# d_eY[hl_YWb
`kdYj_ed$
Dej[
Wle_Z_d]
ikh]_YWb
_d`kho
je
j^[
l[hj[XhWb
Whj[ho
<_]$
+$&$'-$

'.,

IkXeYY_f_jWb
WffheWY^

Ij[f
-
7
EXi[hl_d]
j^[
lWbb[YkbW
WdZ
j^[
\ekhj^
l[d# jh_Yb["
j^[
Xed[
Ô
Wf
i^ekbZ
X[
[b[lWj[Z
m_j^
W
Xbkdj
Z_ii[Yjeh$
Ki_d]
j^_i
Çef[d#ZeehÈ
j[Y^# d_gk["
j^[
Ô
Wf
_i
h[jhWYj[Z
YWkZWbbo
m_j^ekj
Z[jWY^_d]
\hec
j^[
WjbWdjeeYY_f_jWb
b_]Wc[dj
WdZ
Ó
n[Z
j[cfehWh_bo
ed
j^[
dkY^Wb
b_]Wc[dj$
D[l[hj^[b[ii"
j^_i
ikXeYY_f_jWb
a[o^eb[
Ze[i
dej
e\\[h
WZ[gkWj[
[nfeikh[
e\
j^[
Y[hl_Ye# c[ZkbbWho
`kdYj_ed
<_]$
+$&$'.
7$


<_]$
+$&$'.
7

Ij[f
-
8 ?\
l_ikWb_pWj_ed
e\
j^[
kff[h
Y[hl_YWb
if_d[
_i
h[gk_h[Z"
Wd
[nj[dZ[Z
ikXeYY_f_jWb
YhWd_e# jeco
ckij
X[
f[h\ehc[Z$
7\j[h
h[celWb
e\
j^[
Xed[
Ô
Wf"
j^[
ikf[h_eh
XehZ[h
e\
j^[
feij[h_eh
WhY^
e\
j^[
WjbWi
i^ekbZ
Wbie
X[
WZZ_j_edWbbo
h[cel[Z$
J^_i
fWhj_Wb
h[celWb
e\
j^[
feij[h_eh
WhY^
m_j^ekj
9'
bWc_d[Yjeco
Wbbemi
WZZ_# j_edWb
[nfeikh[
e\
j^[
YhWd_eY[hl_YWb
h[]_ed"
WdZ
W\j[h
ZkhWb
ef[d_d]"
ef[d
l_ikWb_pWj_ed
e\
j^[
Y[hl_Yec[ZkbbWho
`kdYj_ed
<_]$
+$&$'.
8$


<_]$
+$&$'.
8

Ij[f
. J^[
ZkhW
_i
ef[d[Z
_d
W
h[l[hi[
O#i^Wf[Z
\Wi^# _ed
[nj[dZ_d]
jemWhZ
j^[
\ehWc[d
cW]dkc
WdZ
j^[
\h[[
ZkhWb
Ô
Wfi
Wh[
Ó
n[Z
m_j^
^ebZ_d]
ikjkh[i$
?d
oekd]
Y^_bZh[d"
j^[
ZkhW
cWo
X[
\kbb
e\
l[deki
Y^Wdd[bi
WdZ
W
fhec_d[dj
cWh# ]_dWb
i_dki
cWo
X[
fh[i[dj
_d
j^[
h[]_ed
e\
j^[
\ehWc[d
cW]dkc$
J^_i
cWo
Xb[[Z
[nY[ii_l[bo
kfed
ZkhWb
ef[d_d]
WdZ
^[ceYb_fi
eh
ikjkh[i
i^ekbZ
X[
ki[Z
\eh
^[ceijWi_i
<_]$
+$&$'/$

<_]$
+$&$'/

'.-

IkXeYY_f_jWb
WffheWY^

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
:_ii[Yj_ed
f[h\ehc[Z
ed
W
\h[i^
^kcWd
YWZWl[h$
J^[
l[ii[bi
Wh[
fh[fWh[Z
m_j^
Yebeh[Z
bWj[n
iebkj_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
_djWYj
WhWY^de_Z
c[cXhWd[i
e\
j^[
]h[Wj
Y[h[X[bbec[ZkbbWho
Y_ij[hd
YWd
X[
i[[d$
J^[
Óhij
ij[f
_i
j^[
ik\ÓY_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
WhWY^de_Z
i^[[j$
J^_i
^[bfi
\kh# j^[h
h[bWnWj_ed
e\
j^[
XhW_d
Xo
h[b[Wi_d]
9I<
WdZ
m_bb
_d_j_Wj[
Z_ii[Yj_ed
e\
j^[
Y[h[X[bbWh
jedi_bi"
j^[
l[hc_Wd
f[]"
WdZ
j^[
Ôeeh
e\
j^[
\ekhj^
l[djh_Yb[

<_]$
+$&$(&$

c[ZkbbW
eXbed]WjW Y[h[X[bbkc

<_]$
+$&$(&

Ij[f
(
7\j[h
ef[d_d]
WdZ
h[jhWYj_ed
e\
j^[
WhWY^de_Z"
j^[
Y[hl_Yec[ZkbbWho
`kdYj_ed
_i
i[[d
WdZ"
_d
fWhj"
j^[
ikXeYY_f_jWb
ikh\WY[
e\
j^[
Y[h[X[bbkc$
Dej[
j^[
beXkbki
X_l[dj[h
WdZ
j^[
Y[h[X[bbWh
jedi_bi
^_Z_d]
j^[
l_[m
_dje
j^[
\ekhj^
l[djh_# Yb[$
J^[
l[hj[XhWb
Whj[h_[i
YWd
X[
eXi[hl[Z
ed
Xej^
i_Z[i
e\
j^[
c[ZkbbW1
j^[
F?97
Z_iWff[Whi
_dje
j^[
Y[h[X[bbec[ZkbbWho
Óiikh[
<_]$
+$&$('$

L7 Y[hl_Yec[ZkbbWho
`kdYj_ed YWkZWb
beef
e\
F?97 Y[h[X[bbWh
jedi_b beXkbki
X_l[dj[h

<_]$
+$&$('

Ij[f
)
:_ii[Yj_d]
ceh[
bWj[hWbbo"
j^[
[djhWdY[
e\
j^[
h_]^j
L7
_dje
j^[
_djhWYhWd_Wb
ifWY[
YWd
X[
eXi[hl[Z$
Dej[
j^[
Y[hl_YWb
heej
e\
j^[
9D
N?
WdZ
j^[
Óhij
Z[dj_YkbWj[
b_]Wc[dj$
Dej[
j^[
WhWY^de_Z
c[cXhWd[
e\
j^[
]h[Wj
Y[h[X[bbe# c[ZkbbWho
Y_ij[hd
<_]$
+$&$(($

Óhij
Z[dj_YkbWj[

b_]Wc[dj"
h_]^j
L7 9D
N? WhWY^de_Z
XehZ[h e\
j^[
Y[h[X[bbe# c[ZkbbWho
Y_ij[hd

<_]$
+$&$((

'..

IkXeYY_f_jWb
WffheWY^

Ij[f
*
7\j[h
YWh[\kb
h[jhWYj_ed
e\
j^[
XhW_d
ij[c"
j^[
[djhWdY[
e\
j^[
9D
N??
_dje
j^[
^ofe]beiiWb
YWdWb
YWd
X[
i[[d$
Dej[
j^[
h_]^j
L7
WdZ
j^[
9D
N?
<_]$
+$&$()$


L7 D
N? D
N??

<_]$
+$&$()

Ij[f
+
7\j[h
ceX_b_pWj_ed
e\
j^[
Y[h[X[bbkc"
j^[
9D
N
WdZ
8eY^ZWb[aÊi
Y^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[
YWd
X[
eXi[hl[Z$
Dej[
j^[
Óhij
beef
e\
j^[
F?97
Ybei[
je
j^[
YWkZWb
YhWd_Wb
d[hl[i
<_]$
+$&$(*$

9D
N h_]^j
F?97 Y^ehe_Z
fb[nki e\
8eY^ZWb[a

<_]$
+$&$(*

Ij[f
,
<eYki_d]
ceh[
c[Z_Wbbo"
j^[
h_]^j
jedi_b
_i
h[jhWYj[Z$
8ej^
feij[h_eh
Y[h[X[bbWh
Whj[h_[i
Z_iWff[Wh
_dje
W
jh_Wd]b[#\ehc[Z
Y^WcX[h
X[jm[[d
j^[
jme
jedi_bi"
j^[
ie#YWbb[Z
lWb# b[YkbW$
Dej[
j^[
Y[h[X[bbec[ZkbbWho
Óiikh["
j^[
dWhhem
ifWY[
X[jm[[d
j^[
jedi_bi
WdZ
j^[
c[ZkbbW
eXbed]WjW
<_]$
+$&$(+$

b[\j
F?97 h_]^j
F?97 b[\j
jedi_b h[jhWYj[Z
h_]^j jedi_b

<_]$
+$&$(+

'./

IkXeYY_f_jWb
WffheWY^

Ij[f
-
Je
[nfei[
j^[
Y^WcX[h
e\
j^[
\ekhj^
l[djh_Yb["
j^[
jedi_bi
i^ekbZ
X[
cel[Z
WmWo
\hec
j^[
c[ZkbbW"
jWa_d]
YWh[
dej
je
ZWcW][
j^[
fei# j[h_eh
_d\[h_eh
Y[h[X[bbWh
Whj[h_[i$
J^[
j[bW
Y^e# he_Z[W
_i
YWh[\kbbo
Z_ii[Yj[Z
\hec
j^[
jW[d_W
e\
j^[
c[ZkbbW
eXbed]WjW"
[dbWh]_d]
j^[
\ehW# c[d
e\
CW][dZ_[$
Dej[
j^[
YWkZWb
fWhj
e\
j^[
\ekhj^
l[djh_Yb[
<_]$
+$&$(,$

j[bW
Y^ehe_Z[W YWkZWb
\ekhj^ l[djh_Yb[

<_]$
+$&$(,

h_]^j
Wh[W
feijh[cW ^ofe]beiiWb WdZ
lW]Wb
jh_]ed[ c[ZkbbWho
ijh_W[

Ij[f
. 7\j[h
ef[d_d]
j^[
\ehWc[d
e\
CW][dZ_[
WdZ
Z_ii[Yj_ed
e\
j^[
j[bW
Y^ehe_Z[W
WmWo
\hec
j^[
jW[d_W
e\
j^[
c[ZkbbW
eXbed]WjW"
j^[
_d\[h_eh
c[ZkbbWho
l[bkc
WdZ
j^[
l[hc_i
Wh[
][djbo
h[jhWYj[Z"
fhel_Z_d]
W
XheWZ
l_[m
e\
j^[
\ekhj^
l[djh_Yb[$
J^[
YWkZWb
fWhj
e\
j^[
h^ecXe_Z
\eiiW
Wff[Whi
m_j^
j^[
jh_]ed[
e\
j^[
^ofe# ]beiiWb
WdZ
lW]ki
d[hl[$
J^[
Wh[W
feijh[cW"
W
jh_Wd]kbWh
Ó[bZ
YWkZWb
je
j^[
jh_]ed[
e\
j^[
lW]ki
d[hl[
m_j^
ijhed]bo
lWiYkbWh_p[Z
h[Z# Z_i^
]b_W#h_Y^
j_iik["
YWd
Wbie
X[
m[bb
eXi[hl[Z$
Dej[
j^[
m^_j[
j_iik[
e\
j^[
c[ZkbbWho
ijh_W[
<_]$
+$&$(-$

<_]$
+$&$(-

Ij[f
/ Ki_d]
WZ[gkWj[
^[WZ
fei_j_ed_d]
WdZ
YWh[# \kb
ikh]_YWb
Z_ii[Yj_ed"
[nfeikh[
e\
j^[
YhWd_Wb
fWhj
e\
j^[
\ekhj^
l[djh_Yb[
_i
feii_Xb[
m_j^ekj
_dY_i_ed
WdZ
ifb_jj_d]
e\
j^[
l[hc_i"
j^ki
Wle_Z# _d]
i[l[h[
feijef[hWj_l[
WjWn_W$
J^[
\WY_Wb
Yeb# b_Ykbki
Wff[Whi
YhWd_Wb
\hec
j^[
c[ZkbbWho
ijh_W[
WYYehZ_d]
je
j^[
][dk
e\
j^[
\WY_Wb
d[hl[$
Dej[
j^[
c[Z_Wd
[c_d[dY[
X[jm[[d
j^[
c[Z_Wd
WdZ
b_c_j_d]
ikbYki$
Dej[
j^[
Y[h[XhWb
Wgk[ZkYj
WdZ
j^[
ikf[h_eh
c[ZkbbWho
l[bkc
<_]$
+$&$(.

\WY_Wb
Yebb_Ykbki c[Z_Wd
ikbYki c[Z_Wd
[c_d[dY[
b_c_j_d]
ikbYki Wgk[ZkYj ikf[h_eh
c[ZkbbWho
l[bkc

<_]$
+$&$(.

'/&

IkXeYY_f_jWb
WffheWY^

Ij[f
'& :_ii[Yj_d]
ceh[
bWj[hWbbo
m_j^_d
j^[
l[djh_Yk# bWh
Y^WcX[h"
j^[
l[ij_XkbWh
Wh[W
WdZ
j^[
bWj[hWb
h[Y[ii
e\
j^[
\ekhj^
l[djh_Yb[
YWd
X[
eXi[hl[Z$
Dej[
j^[
c[ZkbbWho
ijh_W["
\WY_Wb
Yebb_Ykbki
WdZ
j^[
b_c_j_d]
ikbYki
e\
j^[
h^ecXe_Z
\eiiW
<_]$
+$&$(/

c[ZkbbWho
ijh_W[ \WY_Wb
Yebb_Ykbki b_c_j_d]
ikbYki bWj[hWb
h[Y[ii

<_]$
+$&$(/

Ij[f
'' EXi[hl_d]
W]W_d
j^[
YhWd_eY[hl_YWb
`kdYj_ed"
j^[
ZkhWb
[djhWdY[
e\
j^[
b[\j
l[hj[XhWb
Whj[ho
YWd
X[
i[[d$
Dej[
j^[
Óhij
Z[dj_YkbWj[
b_]W# c[dj$
J^[
if_dWb
heej
e\
j^[
9D
N?
Yheii[i
j^[
_djhWYhWd_Wb
L7
WdZ
j^[
9D
N??
Z_iWff[Whi
_dje
j^[
^ofe]beiiWb
YWdWb
<_]$
+$&$)&

[njhWZkhWb
L7 Z[dj_YkbWj[
b_]Wc[dj _djhWZkhWb
L7 9D
N? 9D
N??

<_]$
+$&$)&

Ij[f
'( :_ii[Yj_ed
i^emi
j^[
_djhW#
WdZ
[njhWZkhWb
Yekhi[
e\
j^[
L7"
j^[
Xbkdj
Z_ii[Yjeh
fe_dji
je
j^[
Óhij
Y[hl_YWb
heej
W\j[h
h[celWb
e\
j^[
fei# j[hebWj[hWb
ZkhW
e\
j^[
YhWd_eY[hl_YWb
`kdYj_ed$
Dej[
j^[
if_dWb
fWhj
e\
j^[
9D
N?
<_]$
+$&$)'

Óhij
Y[hl_YWb
heej L7
9D
N?

<_]$
+$&$)'

'/'

IkXeYY_f_jWb
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 9beikh[
e\
c_Zb_d[
feij[h_eh
\eiiW
[nfeikh[i
ckij
X[
f[h\ehc[Z
c[j_Ykbekibo$
7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
H_d][h
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i$
?\
i^h_daW][
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
m^_Y^
_i
W
\h[gk[dj
fheXb[c"
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
?d
ej^[h
YWi[i"
Wd
Whj_ÓY_Wb
ZkhWb
]hW\j
YWd
X[
ki[Z$
7\j[h
mWj[hj_]^j
ZkhWb
Ybeikh["
W
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo$
J^[
Xed[
i^ekbZ

X[
h[WjjWY^[Z
ki_d]
j_jWd_kc
fbWj[i$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
ckiYb[i
i^ekbZ
X[
Ybei[Z
_d
WdWjec_YWb
bWo[hi$
J^[
ikXYkjWd[eki
bWo[h
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
hkdd_d]
eh
_dj[hhkfj[Z
ikjkh[i$
IkYj_ed
ZhW_dW][
_i
dej
h[gk_h[Z$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
Feeh
fh[ef[hWj_l[
fbWdd_d]
m_j^
feeh
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\ÓY_[dYo
e\
ikh]_YWbbo
[nY_i_d]
j^[
b[i_ed$
FbWdd_d]
_i
j^[
ceij
_cfehjWdj
fWhj
e\
ikh# ][ho
WdZ
j^[
jWia
e\
j^[
ikh][ed
š
?dWZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
_dik\ÓY_[dj
[nfeikh[
e\
j^[
jWh][j$
š
Beii
e\
j^[
c_Zb_d["
Z_ii[Yj_d]
j^[
Z[[f
ikXeYY_f_jWb
ckiYb[i$
J^_i
YWd
YWki[
kdmWhhWdj[Z
Xb[[Z_d]"
_dWZ[gkWj[
[nfeikh[
e\
j^[
Xedo
ikh\WY[
WdZ
feijef[hWj_l[
Z_iYec\ehj$ š
?d`kho
je
j^[
eYY_f_jWb
i_dki
W\j[h
Xkhh
^eb[
jh[f^_dWj_ed
eh
_d`kho
je
j^[
cWh]_dWb
i_dki
W\j[h
YhWd_ejeco
m_j^
[nY[ii_l[
l[deki
Xb[[Z_d]$ š
?dWZ[gkWj[
h[celWb
e\
9I<
Wj
j^[
Óhij
ijW][
e\
j^[
_djhWYhWd_Wb
Z_ii[Yj_ed
m_j^
ikXi[gk[dj
_d`kho
je
j^[
Y[h[X[bbWh
ikh\WY[$ š
D[[Z
je
ifb_j
j^[
_d\[h_eh
l[hc_i
W\j[h
_dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]"
feeh
fWj_[dj
fei_j_ed_d]
eh
_dWZ[gkWj[
YhWd_ejeco$ š
?d`kho
je
i[di_j_l[
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
Y[hl_Ye# c[ZkbbWh
h[]_ed
WdZ
Y[h[X[bbec[ZkbbWho
Óiikh[
m_j^
feijef[hW# j_l[
d[khebe]_YWb
i[gk[bW[$ š
?d`kho
je
j^[
h^ecXe_Z
\eiiW
Zkh_d]
jkceh
h[celWb
m_j^
ikXi[# gk[dj
i[l[h[
YhWd_Wb
d[hl[
Z_iehZ[hi$ š
Feijef[hWj_l[
^oZheY[f^Wbki
Zk[
je
_dYecfb[j[
jkceh
h[celWb
eh
_djhWl[djh_YkbWh
XbeeZ
Ybej$
?d
ikY^
YWi[i"
[dZeiYef_Y
j^_hZ
l[d# jh_Ykbeijeco
i^ekbZ
X[
f[h\ehc[Z
m_j^
j[cfehWho
_cfbWdjWj_ed
e\
W
l[djh_YkbWh
ZhW_d$

'/(

IkXeYY_f_jWb
WffheWY^

š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$ š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf$ š
?dWZ[gkWj[
^[ceijWi_i
YWki_d]
feijef[hWj_l[
ie\j
j_iik[
^[cW# jecW$

<_]$
+$&$)(

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[ikbj
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\Ó# Y_[dj
meha_d]
fei_j_ed
Zkh_d]
ikh][ho$ <_]$
+$&$))
7

8

š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi

e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i
WdZ
ikf[h# ÓY_Wb
d[khelWiYkbWh
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1

)$
ia_d
_dY_i_ed$ š
Ki_d]
W
9edYehZ[
fhed[
fei_j_ed"
Y[h[X[bbWh
h[jhWYj_ed
WdZ
ifb_j# j_d]
e\
j^[
_d\[h_eh
l[hc_i
YWd
X[
[\\[Yj_l[bo
Wle_Z[Z
<_]$
+$&$)($

<_]$
+$&$)* 7

8

š
IjW][i
e\
j^[
ikXeYY_f_jWb
Çef[d#ZeehÈ
a[o^eb[
YhWd_ejeco
<_]$
+$&$))
7"
80
'$
jme
fWhWc[Z_Wd
Xkhh
^eb[i
WdZ
h[celWb
e\
j^[
_dj[hdWb
eYY_f_jWb
Yh[ij1
($
YhWd_ejeco
ki_d]
W
^_]^#if[[Z

YhWd_ejec[1
)$
[b[lWj_ed
e\
j^[
Xed[
ÔWf
WdZ
*$
j[cfehWho
ÓnW# j_ed
ed
j^[
dkY^Wb
b_]Wc[dj
š
IjW][i
e\
YhWd_ejeco
<_]$
+$&$)*
7"
80
'$
jme
fWhWc[Z_Wd
Xkhh
^eb[
jh[f^_dWj_edi1
($c[Z_Wd
ikXeYY_f_jWb
YhWd_ejeco1
)$
Zk[
je
fWhj_Wb
h[celWb
e\
j^[
feij[h_eh
WhY^
e\
j^[
WjbWi
m_j^ekj
bWc_# d[Yjeco
j^[
[nfbehWj_ed
e\
j^[
Y[hl_Ye#c[ZkbbWho
`kdYj_ed
YWd
X[
[nj[dZ[Z$

<_]$
+$&$)+

š
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
h[l[hi[
ÇOÈ#i^Wf[Z
\Wi^_ed
Wle_Z# _d]
_d`kho
je
j^[
eYY_f_jWb
i_dki$
?d
oekd]
fWj_[dji
WdZ
Y^_bZh[d"
[nj[di_l[
i_dkie_Z
l[ii[bi
WhekdZ
j^[
\ehWc[d
cW]dkc
cWo
X[
fh[i[dj
m^_Y^
i^ekbZ
X[
eYYbkZ[Z
m_j^
^[ceYb_fi
eh
ikjkh[i
<_]$
+$&$)+$ š
J^[
Óhij
ij[f
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed
i^ekbZ
X[
j^[
ef[d_d]
e\
j^[
Y[h[X[bbec[ZkbbWh
Y_ij[hd
WdZ
ik\ÓY_[dj
9I<
ZhW_dW][$ š
7\j[h
Ód_i^_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Ybei[Z
mWj[hj_]^j
ki_d]
_dj[hhkfj[Z
eh
hkdd_d]
ikjkh[i$


'/)

IkXeYY_f_jWb
WffheWY^

?\
j[di_ed
^Wi
Z[l[bef[Z"
m^_Y^
_i
dej
kdYecced"
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
?d
ej^[h
YWi[i
Wd
Whj_ÓY_Wb
ZkhWb
]hW\j
i^ekbZ
X[
ki[Z
<_]$
+$&$),$ š
7\j[h
ZkhWb
Ybeikh["
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
m_j^
W
j_jWd_kc
fbWj[$
š
J^[
Z[[f
ikXeYY_f_jWb
ckiYb[i
i^ekbZ
X[
c[j_Ykbekibo
Ybei[Z
_d
WdWjec_YWb
bWo[hi$
J^_i
Wbie
^[bfi
je
Wle_Z
feijef[hWj_l[
9I<
b[WaW][$ š
IkYj_ed
ZhW_d
i^ekbZ
dej
X[
ki[Z
je
Wle_Z
feijef[hWj_l[
9I<
b[Wa$

'/*

<_]$
+$&$),

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

+$'
9WkZWb
lWh_Wj_ed
e\
j^[

c[Z_Wd
ikXeYY_f_jWb
WffheWY^ J^[
c[Z_Wd
ikXeYY_f_jWb
_d\hWY[h[X[bbWh
WffheWY^
Wbbemi
l_ikWb_pWj_ed
e\
j^[
cW_d
fWhj
e\
j^[
\ekhj^
l[djh_Yb[$
?d
iec[
YWi[i"
^em[l[h"
j^[
YhWd_Wb
fWhj
e\
j^[
l[djh_YkbWh
Y^WcX[h
YWd
X[
WffheWY^[Z
edbo
W\j[h
[nY[ii_l[
h[jhWYj_ed
eh
[l[d
fWhj_Wb
i[Yj_ed_d]
e\
j^[
_d\[h_eh
l[hc_i"
h[ikbj_d]
_d
feijef[hWj_l[
YeehZ_dWj_ed
Z_ijkhXWdY[i
WdZ
WjWn_W$
Je
Wle_Z
Z[ijhkYj_ed
e\
i[di_j_l[
d[khWb
j_iik["
[nfeikh[
e\
j^[
YhWd_Wb
\ekhj^
l[djh_Yb[
WdZ
j^[
Iobl_Wd
Wgk[ZkYj
i^ekbZ
\ebbem
j^[
fbWd[
e\
j^[
h^ecXe_Z
\eiiW"
fbWY_d]
j^[
ZkhWb
ef[d_d]
Wi
YWkZWbbo
Wi
feii_Xb[$
7

J^[
[ii[dY[
e\
j^[
YWkZWb
lWh_Wj_ed
e\
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^
_i
[nfeikh[
e\
j^[
kff[h
fWhj
e\
j^[
\ekhj^
l[djh_Yb[
j^hek]^
j^[
\ehWc[d
cW]dkc
\hec
W
YWkZWb
Z_h[Yj_ed$
7\j[h
W
YhWd_eY[hl_YWb
c_Zb_d[
ia_d
_dY_i_ed
WdZ
ie\j
j_iik[
Z_ii[Yj_ed"
j^[
feij[h_eh
WhY^
e\
j^[
WjbWi
WdZ
j^[
if_deki
fheY[ii
e\
j^[
Wn_i
Wh[
fWhj_Wbbo
h[cel[Z"
h[l[Wb_d]
j^[
feij[h_eh
YhWd_eY[hl_YWb
h[]_ed
WdZ
\ehWc[d
cW]dkc$
7\j[h
W
b_c_j[Z
ZkhWb
ef[d_d]"
j^[
h^ecXe_Z
\eiiW
e\
j^[
\ekhj^
l[djh_Yb[
_dYbkZ_d]
j^[
Iobl_Wd
Wgk[ZkYj
YWd
X[
eXi[hl[Z
<_]$+$'$'$

8

<_]$
+$'$'
9WkZWb
lWh_Wj_ed
e\
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^
W\j[h
fWhj_Wb
h[celWb
e\
j^[
feij[h_eh
WhY^
e\
9'
WdZ
j^[
if_deki
fheY[ii
e\
9(
7$
9ecfWh[Z
m_j^
j^[
XWi_Y
ikXeYY_f_jWb
[nfeikh[
8
j^[
YWkZWb
lWh_Wdj
Wle_Zi
h[jhWY# j_ed
e\
j^[
Y[h[X[bbkc
[nfei_d]
j^[
Iobl_Wd
Wgk[ZkYj$

'/+

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

9hWd_eY[hl_YWb
`kdYj_ed

<ekhj^
l[djh_Yb[

J^_hZ
l[djh_Yb[

Feij[h_eh
WdZ
feij[hebWj[hWb
Y_hYkc\[h[dY[


e\
j^[
\ehWc[d
cW]dkc Feij[h_eh
WhY^
e\
j^[
WjbWi If_deki
fheY[ii
e\
j^[
Wn_i CWh]_dWb
i_dki 9[hl_Yec[ZkbbWho
`kdYj_ed Feij[h_eh
ikh\WY[
e\
j^[
c[ZkbbW
eXbed]WjW
9[h[X[bbWh
jedi_bi Bem[h
l[hc_i LWbb[YkbW ?d\[h_eh
c[ZkbbWho
l[bkc 9^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb[
<ehWc[d
e\
CW][dZ_[ F?97

9^ehe_Z
fb[nki
e\
j^[
\ekhj^


l[djh_Yb[ H^ecXe_Z
\eiiW <Wij_]_kc Ikf[h_eh
c[ZkbbWho
l[bkc 9[h[XhWb
Wgk[ZkYj

Feij[h_eh
Y^WcX[h
e\
j^[
j^_hZ


l[djh_Yb[

JWXb[
+$'$'
7dWjec_YWb
ijhkYjkh[i
h[WY^[Z
Xo
j^[
YWkZWb
lWh_Wj_ed
e\
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^$

'/,

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d] I_c_bWh
je
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^"
j^[
fWj_[dj
_i
Xhek]^j
_dje
j^[
fhed[
fei_j_ed$
=eWb
e\
j^[
fei_j_ed_d]
_i
j^[
cWn_cWb
_dYb_dWj_ed
e\
j^[
^[WZ"
Wbbem_d]
ikh]_YWb
Z_ii[Yj_ed
fWhWbb[b
je
j^[
fbWd[
e\
j^[
h^ecXe_Z
\eiiW$

<_]$
+$'$(

Ij[f
'
7\j[h
Ón_d]
_d
j^[
j^h[[#f_d
^[WZ
^ebZ[h"
j^[
XeZo
WdZ
j^[
^[WZ
Wh[
[b[lWj[Z
YW$
(&–
je
)&–
ed
j^[
ef[hWj_d]
jWXb[$
J^_i
[b[lWj_ed
_i
d[Y[iiWho
je
Xh_d]
j^[
^[WZ
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
Wbbem_d]
efj_cWb
l[deki
ZhW_dW][
<_]$
+$'$($ Ij[f
( ?d
W
i[YedZ
ij[f"
j^[
^[WZ
cWo
X[
cWn_cWbbo
Wdj[heÔ[Yj[Z$
J^_i
[njh[c[
9edYehZ[
fei_j_ed
Wbbemi
Wd
[\ÓY_[dj
meha_d]
Z_h[Yj_ed
WYYehZ_d]
je
j^[
fbWd[
e\
j^[
h^ecXe_Z
\eiiW$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
Wle_Z
i[l[h[
Yecfh[ii_ed
e\
j^[
bWhodn
m_j^
j^[
l[dj_bWj_ed
jkX[
WdZ
j^[
cW_d
Y[hl_YWb
l[ii[bi
<_]$
+$'$)$


<_]$
+$'$)

Ij[f
) 7i
j^[
jWh][j
e\
j^[
WffheWY^
_i
j^[
c_Z#beYWj[Z
\ekhj^
l[djh_Yb[
WdZ
Wgk[ZkYj"
hejWj_ed
eh
bWj[heÔ[n_ed
e\
j^[
^[WZ
_i
dej
d[Y[i# iWho
<_]$
+$'$*$


<_]$
+$'$*

'/-

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[ef[hWj_l[
eh_[djWj_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZ# cWhai
e\
j^[
feij[hebWj[hWb
eii[eki
iakbb
WdZ
if_d["
[$]$"
j^[
[nj[h# dWb
eYY_f_jWb
fhejkX[hWdY["
\ehWc[d
cW]dkc"
cWije_Z
fheY[ii"
WdZ
j^[
if_deki
fheY[ii[i
e\
9(
je
9*
Wh[
fh[Y_i[bo
Z[j[hc_d[Z
<_]$
+$'$+$
7\j[h
[nWYj
eh_[djWj_ed"
j^[
^W_h
e\
j^[
ikXeYY_f_jWb
Wh[W
i^ekbZ
X[
YecX[Z
eh
i^Wl[Z
WYYehZ_d]
je
j^[
ikXeYY_f_jWb
c_Zb_d[
ia_d
_dY_# i_ed
<_]$
+$'$+$
J^[
ia_d
_i
Z_i_d\[Yj[Z
c[j_Ykbekibo$

<_]$
+$'$+
:[Ód_j_ed
e\
j^[
ikh]_YWb
WffheWY^
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
feij[h_eh
YhWd_eY[h# l_YWb
h[]_ed$
J^[
c_Zb_d[
ia_d
_dY_i_ed
i^ekbZ
[nj[dZ
\hec
j^[
[Wi_bo
fWbfWXb[
9)
if_deki
fheY[ii
kf
je
j^[
\ehWc[d
cW]dkc$

'/.

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

)$
9hWd_ejeco
WdZ
ZkhWb
ef[d_d] Ij[f
'
7\j[h
fWj_[dj
fei_j_ed_d]
WdZ
WdWjec_YWb
eh_# [djWj_ed"
j^[
ia_d
_i
fh[fWh[Z
m_j^
WbYe^eb
iebkj_ed$
7
ijhW_]^j
c_Zb_d[
_dY_i_ed
_i
j^[d
cWZ[
[nj[dZ_d]
\hec
j^[
\ehWc[d
cW]dkc
je
j^[
if_deki
fheY[ii
e\
9)$
7\j[h
h[jhWYj_ed
e\
j^[
ia_d"
j^[
b_]Wc[djkc
dkY^W[
_i
fh[Y_i[bo
Z[Ó
d[Z
WYYehZ_d]
je
j^[
c_Zb_d[$
I_c_bWh
je
j^[
c[Z_Wd
ikXeYY_f_jWb
WffheWY^"
ie\j
j_iik[
Z_ii[Yj_ed
WdZ
i[fWhWj_ed
e\
j^[
ikXeYY_f_jWb
ckiYb[i
i^ekbZ
X[
Zed[
ijh_Yjbo
_d
j^[
c_Zb_d[
Wle_Z_d]
Ykjj_d]
_dje
^_]^bo
lWiYkbWh
ckiYkbWh
j_iik[
<_]$
+$'$,$


<_]$
+$'$,

<_]$
+$'$-

Ij[f
( 7
i[b\#h[jW_d_d]
h[jhWYjeh
_i
ki[Z
je
^ebZ
XWYa
j^[
j^_Ya
ckiYkbWh
bWo[h"
[$]$"
j^[
jhWf[p_ki"
ifb[d_ki
WdZ
i[c_if_dWb_i
YWf_j_i
ckiYb[i"
[nfei_d]
j^[
feij[h_eh
YhWd_eY[hl_YWb
`kdYj_ed$
J^[
h[Yjki
YWf_j_i
feij[h_eh
cW`eh
Wh_i[i
m_j^
W
fe_dj[Z
j[dZed
\hec
j^[
if_deki
fheY[ii
e\
j^[
Wn_i"
j^[
h[Yjki
YWf_j_i
feij[h_eh
c_deh
ed
j^[
feij[h_eh
jkX[hYb[
e\
j^[
WjbWi$

8ej^
cki# Yb[i
Wh[
Z_ii[Yj[Z
\hec
j^[_h
_di[hj_ed
WdZ
h[jhWYj[Z
bWj[hWbbo"
eXi[hl_d]
j^[
\ehWc[d
cW]dkc"
feij[h_eh
WhY^
e\
9'
WdZ
j^[
if_deki
fheY[ii
e\
9($
7le_Z_d]
W
Yecfb[j[
bWc_d[Y# jeco"
j^[
jef
e\
j^[
if_deki
fheY[ii
e\
j^[
Wn_i
_i
h[cel[Z
ki_d]
W
^_]^#if[[Z
Zh_bb
<_]$
+$'$-$


<_]$
+$'$.

Ij[f
)
J^[h[W\j[h"
j^[
ikf[h_eh
fWhj
e\
j^[
feij[h_eh
WhY^
e\
j^[
WjbWi
_i
h[cel[Z
[dbWh]_d]
j^[
\ehW# c[d
cW]dkc
<_]$
+$'$.$

'//

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

<_]$
+$'$/

Ij[f
*
J^[h[W\j[h"
j^[
feij[h_eh
cWh]_d
e\
j^[
\ehWc[d
cW]dkc
_i
h[cel[Z
[nfei_d]
j^[
feij[h_eh
WjbWdje#eYY_f_jWb
c[cXhWd[$
HWf_Z
WdZ
fh[Y_i[
beYWb
^[ceijWi_i
_i
d[Y[iiWho
<_]$
+$'$/$


<_]$
+$'$'&

Ij[f
+
7\j[h
Xed[
h[celWb"
j^[
Z_h[Yj_ed
e\
l_[m
_i
Y^Wd][Z
dej[
iY^[cWj_Y
f_Yjkh[
ed
j^[
b[\j"
eXi[hl_d]
j^[
feij[h_eh
cWh]_d
e\
j^[
\ehW# c[d
cW]dkc
\hec
W
YWkZWb
Wif[Yj$
J^[
fei# j[h_eh
WjbWdje#eYY_f_jWb
c[cXhWd[
_i
fWhj_Wbbo
h[cel[Z
eh
_dY_i[Z
WYYehZ_d]
je
j^[
ZkhWb
ef[d_d]
<_]$
+$'$'&$


<_]$
+$'$''

Ij[f
,
J^[
ZkhW
_i
ef[d[Z
_d
W
ijhW_]^j
eh
h[l[hi[
O# i^Wf[Z
\Wi^_ed
WdZ
j^[
\h[[
ZkhWb
ÔWfi
Wh[
h[jhWYj[Z
m_j^
^ebZ_d]
ikjkh[i$
M^[d
fhec_# d[dj
i_dkie_Z
l[ii[bi
Wh[
fh[i[dj"
fWhj_YkbWhbo
_d
oekd]
Y^_bZh[d"
^[ceYb_fi
eh
ikjkh[i
i^ekbZ
X[
ki[Z
\eh
ik\ÓY_[dj
^[ceijWi_i
<_]$
+$'$''$


(&&

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
:_ii[Yj_ed
f[h\ehc[Z
ed
W
\h[i^
^kcWd
YWZWl[h$
Dej[
j^[
h[Z
Whj[h_Wb
WdZ
Xbk[
l[deki
l[ii[bi$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
_djWYj
WhWY^de_Z
c[cXhWd[i
e\
j^[
]h[Wj
Y[h# [X[bbec[ZkbbWho
Y_ij[hd
YWd
X[
i[[d$
Ik\ÓY_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
WhWY^de_Z
c[cXhWd[i
e\\[hi
_cc[Z_Wj[
Z[Yecfh[ii_ed
e\
j^[
feij[h_eh
\eiiW$
Dej[
j^[
Y[h[X[bbWh
jed# i_bi
WdZ
j^[
YWkZWb
beef
e\
j^[
F?97
Wff[Wh_d]
j^hek]^
j^[
WhWY^de_ZWb
bWo[hi
<_]$
+$'$'($

F?97 Y[h[X[bbec[ZkbbWho
Y_ij[hd b[\j
Y[h[X[bbWh
jedi_b

<_]$
+$'$'(

Ij[f
(
7\j[h
ef[d_d]
j^[
WhWY^de_Z
e\
j^[
Y[h[X[bbe# c[ZkbbWho
Y_ij[hd"
j^[
h[]_ed
e\
j^[
lWbb[YkbW
_i
eXi[hl[Z$
Dej[
j^[
c[Z_Wb
Wif[Yj
e\
Xej^
jedi_bi
WYYehZ_d]
je
j^[
b_c_j[Z
ZkhWb
ef[d# _d]$
J^[
F?97
Z_iWff[Whi
_dje
j^[
lWbb[YkbW

<_]$
+$'$')$

F?97 h_]^j
jedi_b b[\j
jedi_b

<_]$
+$'$')

Ij[f
)
7\j[h
ef[d_d]
j^[
\ehWc[d
e\
CW][dZ_["
j^[
jedi_bi
WdZ
j^[
_d\[h_eh
l[hc_i
m_j^
j^[
Y^e# he_Z
fb[nki
Wh[
][djbo
h[jhWYj[Z
[nfei_d]
j^[
Y^WcX[h
e\
j^[
\ekhj^
l[djh_Yb[$
J^[
if[Y_Wb
ikh]_YWb
l_[m
Wbbemi
l_ikWb_pWj_ed
e\
j^[
ikf[# h_eh
c[ZkbbWho
l[bkc$
Dej[
j^[
h^ecXe_Z
\eiiW
WdZ
j^[
Y[h[XhWb
Wgk[ZkYj
<_]$
+$'$'*$

h^ecXe_Z
\eiiW Wgk[ZkYj ikf[h_eh
c[ZkbbWho
l[bkc

<_]$
+$'$'*

(&'

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

Ij[f
*
M^[d
eXi[hl_d]
j^[
YhWd_Wb
fWhj
e\
j^[
\ekhj^
l[djh_Yb["
dej[
j^[
ikf[h_eh
c[ZkbbWho
l[bkc
WdZ
j^[
YWkZWb
fWhj
e\
j^[
Y[h[XhWb
Wgk[ZkYj
<_]$
+$'$'+$


Wgk[ZkYj ikf[h_eh
c[ZkbbWho
l[bkc

<_]$
+$'$'+

Ij[f
+
J^[
[djhWdY[
e\
j^[
Y[h[XhWb
Wgk[ZkYj
l_ikWb# _p[Z
\hec
j^[
\ekhj^
l[djh_Yb[$
Dej[
j^[
h^ec# Xe_Z
\eiiW
m_j^
j^[
c[ZkbbWho
ijh_W[
WdZ
j^[
ikf[h_eh
c[ZkbbWho
l[bkc
<_]$
+$'$',$

c[ZkbbWho
ijh_W[ F?97 ikf[h_eh
c[ZkbbWho
l[bkc

<_]$
+$'$',

Ij[f
,
M_j^
W
][djb[
Z_ii[Yj_ed"
j^[
Wgk[ZkYj
_i
[dbWh][Z
Wbbem_d]
W
b_c_j[Z
l_[m
_dje
j^[
fei# j[h_eh
j^_hZ
l[djh_Yb[
<_]$
+$'$'-$ j^_hZ
l[djh_Yb[

<_]$
+$'$'-

(&(

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
H_d][h
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_# i_ed
_i
Ybei[Z
c[j_Ykbekibo
m_j^
_dj[hhkfj[Z
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[1
_d
ej^[h
YWi[i"
Wd
Whj_ÓY_Wb
ZkhWb
]hW\j
i^ekbZ
X[
ki[Z$
7\j[h
mWj[hj_]^j
ZkhWb
Ybeikh["
W
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
ikXeYY_f_jWb
ckiYb[i
Wh[
Ybei[Z
_d
WdWjec_YWb
bWo[hi$
J^[
ikXYkjWd[eki
bWo[h
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
hkdd_d]
eh
_dj[hhkfj[Z
ikjkh[i$
IkYj_ed
ZhW_dW][
_i
dej
h[gk_h[Z$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
m_j^
Yedi[gk[dj
_dWZ[gkWj[
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
ikh]_YWb
[nfeikh[$
FbWdd_d]
e\
j^[
fheY[Zkh[
ckij
X[
f[h\ehc[Z
Xo
j^[
ikh][ed
š
:_ii[Yj_ed
e\
j^[
Z[[f
ikXeYY_f_jWb
ckiYb[i
i^ekbZ
X[
f[h\ehc[Z
_d
j^[
c_Zb_d[
WYYehZ_d]
je
j^[
dkY^Wb
b_]Wc[dj$
C_i]k_Z_d]
cWo
YWki[
[nj[di_l[
Xb[[Z_d]
\hec
j^[
^_]^bo
lWiYkbWh
j_iik["
_dWZ[# gkWj[
[nfeikh[
e\
j^[
Xedo
ikh\WY[
WdZ
feijef[hWj_l[
d[Ya
fW_d
m_j^
^[WZWY^[$ š
Feeh
fei_j_ed_d]
e\
j^[
fWj_[dj
cWo
YWki[
_dWZ[gkWj[
[nfeikh[
e\
j^[
\ekhj^
l[djh_Yb[
h[gk_h_d]
h[jhWYj_ed
eh
[l[d
ifb_jj_d]
e\
j^[
_d\[h_eh
l[hc_i$
J^[
ikh][ed
i^ekbZ
f[h\ehc
fWj_[dj
fei_j_ed_d]
^_ci[b\$
š
?d`kho
je
j^[
ZkhW
Zkh_d]
YhWd_ejeco$
:khWb
h[YedijhkYj_ed
m_j^
ZkhWb
cWj[h_Wb
cWo
X[
d[Y[iiWho$ š
?dWZ[gkWj[
h[celWb
e\
9I<
\hec
j^[
Y[h[X[bbec[ZkbbWho
Y_ij[hd
m_j^
ikXi[gk[dj
_d`kho
je
j^[
Y[h[X[bbWh
ikh\WY[
Zk[
je
ifWjkbW
fh[iikh[$ š
?d`kho
je
i[di_j_l[
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
Y[hl_Yec[Zkb# bWh
h[]_ed"
Y[h[X[bbec[ZkbbWho
Óiikh[
WdZ
\ekhj^
l[djh_Yb[
m_j^
feijef[hWj_l[
d[khebe]_YWb
i[gk[bW[$ š
Feijef[hWj_l[
eYYbki_l[
^oZheY[f^Wbki
Zk[
je
Ybeikh[
e\
j^[
Y[h[XhWb
Wgk[ZkYj
Xo
jkceh
j_iik[
eh
_djhWl[djh_YkbWh
XbeeZ
Ybej$
?d
j^_i
[c[h][dYo
i_jkWj_ed"
[dZeiYef_Y
j^_hZ
l[djh_Ykbeijeco
i^ekbZ
X[
f[h\ehc[Z
_cc[Z_Wj[bo
m_j^
j[cfehWho
_cfbWdjWj_ed
e\
W
l[djh_YkbWh
ZhW_dW][$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$ š
?dWZ[gkWj[
^[ceijWi_i
YWki_d]
feijef[hWj_l[
_djhWYhWd_Wb
eh
[njhWYhWd_Wb
ie\j
j_iik[
^[cWjecW$

(&)

IkXeYY_f_jWb
WffheWY^
r
YWkZWb
lWh_Wj_ed

J_fi
WdZ
jh_Yai

<_]$
+$'$'.
W

š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[ikbj
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\Ó# Y_[dj
meha_d]
fei_j_ed
Zkh_d]
ikh][ho$ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i1
($
Z[Ód_j_ed
e\
j^[
WffheWY^1
)$
ia_d
_dY_i_ed$


<_]$
+$'$'.
X

š
Ki_d]
W
9edYehZ[
fhed[
fei_j_ed"
Y[h[X[bbWh
h[jhWYj_ed
WdZ
ifb_j# j_d]
e\
j^[
_d\[h_eh
l[hc_i
YWd
X[
[\\[Yj_l[bo
Wle_Z[Z
<_]$
+$'$'.
W$
Dej[
j^[
[njh[c[
_dYb_dWj_ed
e\
j^[
^[WZ
<_]$
+$'$'.
X$ š
<eh
efj_cWb
[nfeikh[
e\
j^[
\ekhj^
l[djh_Yb["
j^[
if_deki
fheY[ii
e\
9(
WdZ
feij[h_eh
WhY^
e\
9'
i^ekbZ
X[
fWhj_Wbbo
h[cel[Z1
j^[h[# W\j[h
j^[
\ehWc[d
cW]dkc
_i
[dbWh][Z
WffheWY^_d]
j^[
ZkhW
cWj[h
e\
j^[
feij[h_eh
YhWd_eY[hl_YWb
`kdYj_ed
<_]$
+$'$'/$

<_]$
+$'$'/

š
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
ijhW_]^j
eh
h[l[hi[
ÇOÈ#i^Wf[Z

\Wi^_ed
Wle_Z_d]
_d`kho
je
j^[
eYY_f_jWb
i_dki$
?d
oekd]
fWj_[dji
WdZ
Y^_bZh[d"
[nj[di_l[
i_dkie_Z
l[ii[bi
WhekdZ
j^[
\ehWc[d
cW]dkc
cWo
X[
fh[i[dj
m^_Y^
i^ekbZ
X[
eYYbkZ[Z
m_j^
^[ce# Yb_fi
eh
ikjkh[i
<_]$
+$'$(&$ š
J^[
Óhij
ij[f
e\
j^[
_djhWZkhWb
Z_ii[Yj_ed
i^ekbZ
X[
j^[
ef[d_d]
e\
j^[
Y[h[X[bbec[ZkbbWh
Y_ij[hd
WdZ
ik\ÓY_[dj
9I<
ZhW_dW][$

<_]$
+$'$(&

š
7\j[h
Ód_i^_d]
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ZkhWb
ef[d_d]
i^ekbZ
X[
Ybei[Z
mWj[hj_]^j
ki_d]
_dj[hhkfj[Z
eh
hkdd_d]
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[bef[Z"
m^_Y^
_i
dej
kdYecced"
W
icWbb
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[$
?d
ej^[h
YWi[i"
Wd
Whj_ÓY_Wb
ZkhWb
]hW\j
i^ekbZ
X[
ki[Z
<_]$
+$'$('$ š
J^[
Z[[f
ikXeYY_f_jWb
ckiYb[i
i^ekbZ
X[
c[j_Ykbekibo
Ybei[Z
_d
WdWjec_YWb
bWo[hi
m_j^ekj
ki_d]
W
ikYj_ed
ZhW_d$
J^_i
Wbie
^[bfi
je
Wle_Z
feijef[hWj_l[
9I<
b[WaW][$

(&*

<_]$
+$'$('

F_d[Wb
WffheWY^

,$&
F_d[Wb
WffheWY^ >_ijeho
e\
ikh]_YWb
WffheWY^[i
je
j^[
f_d[Wb
h[]_ed 7dWjec_YWbbo"
j^[
beYWj_ed
e\
f_d[Wb
jkcehi
_d
j^[
Y[dj[h
e\
j^[
_djhWYhWd_Wb
ifWY[
WXel[
j^[
XhW_d
ij[c
^Wl[
fh[i[dj[Z
W
ikh]_YWb
Y^Wbb[d][
je
iW\[
[nfeikh[
WdZ
h[celWb$
<_]$
,$&$'
C[Z_Wd
ikXeYY_f_jWb
YhWd_[Yjeco
\eh
W
Yoij_Y
jkceh
e\
j^[
f_d[Wb
h[]_ed"
fkXb_i^[Z
Xo
Fkii[f
_d
'/'&$
7\j[h
Z_l_i_ed
e\
j^[
eYY_f_jWb
WdZ
h_]^j
jhWdil[hiWb
i_dki"
j^[
jkceh
mWi
WffheWY^[Z
l_W
W
jhWdij[djeh_Wb
hekj[$
Fkii[f
mWi
WXb[
je
WY^_[l[
W
fWhj_Wb
jkceh
h[i[Yj_ed1
^em[l[h"
j^[
'&#o[Wh#ebZ
fWj_[dj
Z_[Z
ed
j^[
)hZ
feijef[hWj_l[
ZWo$

J^[
Óhij
Wjj[cfji
m[h[
fWbb_Wj_l[
_dj[hl[dj_edi
_d
^ef[b[ii
YWi[i$
?d
'/&+"
>Whl[o
9ki^_d]
h[fehj[Z
ed
W
oekd]
fWj_[dj
m_j^
Yb_d_YWb
[l_Z[dY[
e\
W
f_d[Wb
jkceh
WdZ
f[h\ehc[Z
X_j[cfehWb
Z[Yecfh[i# i_ed
Q9ki^_d]
'/&+S$
J^[
fWj_[dj
Z_[Z
iec[
m[[ai
bWj[h
WdZ
ik\# \[h[Z
\hec
W
gkWZh_][c_dWb
]b_ecW$
J^[
Z_\ÓYkbjo
e\
j^[i[
YWi[i
_i
[cf^Wi_p[Z
Xo
9ki^_d]Êi
Yedj[cfehWho
ijWj[c[dj
Çf[hiedWbbo
?
^Wl[
d[l[h
ikYY[[Z[Z
_d
[nfei_d]
W
f_d[Wb
jkceh
ik\ÓY_[djbo
m[bb
je
`kij_\o
Wd
Wjj[cfj
je
h[cel[
_jÈ$
Ej^[h
ef[hWj_edi
m[h[
YWhh_[Z
ekj
Xo
7hj^kh
FWff[d^[_c
WdZ
F[hY[_lWb
8W_bo
ki_d]
eYY_f_jWb
Z[Yec# fh[ii_ed
m_j^
feeh
fWj_[dj
ikhl_lWb$
7hd[
Jeha_bZi[d
fkXb_i^[Z
W
fWbb_Wj_l[
ef[hWj_ed
_d
YWi[i
m_j^
_def[hWXb[
eYYbki_ed
e\
j^[
Iobl_Wd
Wgk[ZkYj
QFWff[d^[_c
'/&,"
8W_bo
'/''"
'/))"
Jeha_bZi[d
'/))S$

<_]$
,$&$(
J^[
Óhij
ikYY[ii\kb
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
\eh
W
f_d[Wb
b[i_ed"
Z[iYh_X[Z
Xo
AhWki[
_d
'/')$
AhWki[
h[cel[Z
W
*
Yc
jkceh
m_j^
j^[
fWj_[dj
_d
W
i_jj_d]
fei_j_ed
m^e
ikhl_l[Z
m_j^ekj
d[khebe]_YWb
Z[j[h_ehWj_ed$

:_h[Yj
[nfeikh[
e\
ifWY[#eYYkfo_d]
b[i_edi
e\
j^[
f_d[Wb
h[]_ed
mWi
Óhij
h[fehj[Z
Xo
BkZel_Yki
Fkii[f
_d
'/'&
WffheWY^_d]
W
f_d[Wb

Yoij
l_W
ikXeYY_f_jWb
jhWdij[djeh_Wb
[nfeikh[
<_]$
,$&$'$
7\j[h
fWh# j_Wb
h[celWb"
j^[
'&#o[Wh#ebZ
Xeo
Z_[Z
ed
j^[
j^_hZ
feijef[hWj_l[
ZWo
QFkii[f
'/'&S$


<_]$
,$&$)
JWdZb[h
WdZ
HWdp_Êi
ik]][ij_ed
ki_d]
WdWjec_YWb
Yedi_Z[hWj_edi
je
[nfei[
j^[
f_d[Wb
h[]_ed$
Dej[
j^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
fWj^mWo
je
j^[
]h[Wj
l[_d
e\
=Wb[d$

?d
'/''
<[Zeh
AhWki["
_d
^_i
f_ed[[h_d]
meha
ÇIkh][ho
e\
j^[
8hW_d
WdZ
If_d[È"
h[Yecc[dZ[Z
je
WffheWY^
j^[
f_d[Wb
h[]_ed
l_W
j^[
ikfhWY[h[X[bbWh
_d\hWj[djeh_Wb
hekj[
QAhWki[
'/''S$
Jme
o[Whi
bWj[h"
AhWki[
h[cel[Z
W
bWh][
jkceh
_d
j^[
h[]_ed
e\
j^[
gkWZh_][c_# dWb
fbWj[
\hec
W
oekd]
Xeo
Xo
j^_i
_d\hWj[djeh_Wb
hekj[
m^_Y^
^[
h[fehj[Z

je][j^[h
m_j^
>[hcWdd
Eff[d^[_c"
m^e
Z_W]dei[Z
j^[
fWj_[dj
<_]$
,$&$($
J^_i
mWi
j^[
fkXb_YWj_ed
e\
j^[
Óhij
ikYY[ii\kb
[nj_hfWj_ed
e\
W
jkceh
\hec
j^[
f_d[Wb
h[]_ed
WdZ
j^[
fWj_[dj
mWi
h[fehj[Z
je
^Wl[
X[[d
m[bb
Wj
b[Wij
kdj_b
j^[
Óhij
MehbZ
MWh$
?d
'/(,"
AhWki[
WZZ[Z
jme
ceh[
fWj_[dji
m^e
m[h[
ef[hWj[Z
ed
Xo
j^[
iWc[
WffheWY^1
^em[l[h"
^[
YekbZ
dej
h[cel[
j^[
jkcehi
QAhWki[
'/')"
'/(,S$
@kb_ki
JWdZb[h
WdZ
;]ed
HWdp_
Wbie
Z[iYh_X[Z
W
i_c_bWh
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
hekj["
Wbj^ek]^
m_j^ekj
Yb_d_YWb
[nf[# h_[dY[
<_]$
,$&$)$
Ed
WYYekdj
e\
j^[
dWhhem
ef[hWj_l[
Ó[bZ"
j^_i
WffheWY^
mWi
hWh[bo
ki[Z
Xo
ej^[h
ikh][edi"
fkXb_i^_d]
ifehWZ_Y


(&+

F_d[Wb
WffheWY^

YWi[
h[fehji
QJWdZb[h
é
HWdp_
'/(&"
8W]][dijeii
é
Bel[
'/)/S$

8e^kibWl
PWfb[jWb
_d
'/+,
Z[iYh_X[Z
^_i
_d\hWj[djeh_Wb
ikfhW# Y[h[X[bbWh
WffheWY^
m^_Y^
^[
Z[l[bef[Z
_d
'/+*$
>[
h[fehj[Z
ed
\ekh
YWi[i0
W
cWb_]dWdj
WijheYojecW"
W
c[ZkbbeXbWijecW
e\
j^[
kff[h
l[hc_i"
Wd
[f_Z[hce_Z"
WdZ
W
f_d[Wb
jkceh"
j^[
bWij
X[_d]
ikY# Y[ii\kbbo
h[cel[Z
QPWfb[jWb
'/+,S$ J^[
Óhij
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
WffheWY^
je
j^[
f_d[Wb

h[]_ed
mWi
eh_]_dWbbo
Z[iYh_X[Z
Xo
MWbj[h
;$
:WdZo
_d
'/'+
ki_d]
W
feij[h_eh
[nfeikh[
_d
Wd
Wd_cWb
ceZ[b
<_]$
-$&$'$
?d
'/('
^[
fkXb_i^[Z
j^[
Óhij
Yb_d_YWb
[nf[h_[dY[i
Q:WdZo
'/'+"
'/('S$
Ej\h_Z

<e[hij[h
fkXb_i^[Z
^_i
[nf[h_[dY[
m_j^
j^[
feij[h_eh
_dj[h^[c_# if^[h_Y
[nfeikh[
e\
j^[
gkWZh_][c_dWb
h[]_ed
_d
j^h[[
fWj_[dji
<_]$
,$&$+$
>[
mWi
j^[
i[YedZ
ikh][ed
je
ikYY[ii\kbbo
h[cel[
W
f_d[Wb
jkceh
Q<e[hij[h
'/(.S$
M^[d
:WdZo
h[fehj[Z
j[d
f_d[Wb
b[i_edi
WffheWY^[Z
l_W
W
h_]^j
fWh_[jWb
_dj[h^[c_if^[h_Y
jhWdiYWbbe# iWb
[nfeikh["
j^_i
X[YWc[
j^[
ceij
\Wlekh[Z
hekj[
\eh
W
bed]
f[h_eZ
<_]i$
,$&$,"
-$&$(
Q:WdZo
'/('S$


<_]$
,$&$*
PWfb[jWbÊi
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
je
j^[
f_d[Wb
h[]_ed"
fkXb_i^[Z
_d
'/+,
7$
IY^[cWj_Y
ZhWm_d]
_d
j^[
iW]_jjWb
i[Yj_ed
Z[cedijhWj[i
j^[
ifedjWd[eki
ef[d_d]
e\
j^[
ikfhWY[h[X[bbWh
hekj[
WY^_[l[Z
Xo
W
]hWl_jo#h[bWj[Z
i_da_d]
e\
j^[
Y[h[X[bbkc
8$

<_]$
,$&$+
<e[hij[hÊi
_dj[h^[c_if^[h_Y
WffheWY^
je
j^[
f_d[Wb
h[]_ed
Z[cedijhWj[Z
_d
W
iY^[cWj_Y
f_Yjkh[
\hec
'/(.$
Dej[
j^[
iYWh_Ó[Z
Xh_Z]_d]
l[_di
e\
j^[
eYY_f_jWb
beX[
WdZ
jhWdij[djeh_Wb
[nfeikh[
e\
j^[
jkceh$

<_]$
,$&$,
:hWm_d]i
_bbkijhWj_d]
j^[
c[j^eZ
e\
fheZkY_d]
ceh[
WZ[gkWj[
[nfeikh[
e\
Wd
[nj[dZ[Z
jkceh
e\
j^[
f_d[Wb
h[]_ed
Xo
h[i[Yj_d]
j^[
eYY_f_jWb
beX[
fkXb_i^[Z
Xo
:WdZo
_d
'/),$
M^[d
d[Y[iiWho"
:WdZo
h[i[Yj[Z
j^[
bem[h
fWhj
e\
j^[
\Wbn"
j^[
j[djeh_kc"
j^[
l[_d
e\
=Wb[d
WdZ
j^[
ijhW_]^j
i_dki
9$
Dej[
j^[
h[bWj_edi^_f
e\
j^[
jhW`[Yjeho
e\
j^[
ef[hWj_l[
WffheWY^
7
je
j^[
ia_d
_dY_i_ed
8$

(&,

F_d[Wb
WffheWY^

7
ceh[
_dlWi_l[
WffheWY^
mWi
Z[l[bef[Z
Xo
M_bb_Wc
lWd
MW][d[d
_d
'/)'
m^e
[nfei[Z
j^[
f_d[Wb
h[]_ed
l_W
W
jhWdiYehj_YWb
jhWdil[d# jh_YkbWh
hekj[
<_]$
,$&$-$
ehhWn
ki[Z
h[i[Yj_ed
e\
j^[
[dj_h[
eYY_f_jWb
beX[
<_]$
,$&$.
QlWd
MW][d[d
'/)'"
>ehhWn
'/)-S$


<_]$
,$&$-
J^[
jhWdiYehj_YWb#jhWdil[djh_YkbWh
WffheWY^
je
f_d[Wb
jkcehi
Z[iYh_X[Z
Xo
lWd
MW][d[d
_d
'/)'$
J^_i
[nfeikh[
mWi
ki[Z
edbo
_d
j^[
YWi[
e\
^oZheY[f^Wb_Y
Z_bWjWj_ed
e\
j^[
bWj[hWb
l[djh_Yb[i$

<_]$
,$&$.
;nfeikh[
e\
Wd
[nj[dZ[Z
f_d[Wb
jkceh
Xo
>ehhWn
_d
'/)-"
ki_d]
h[i[Yj_ed
e\
j^[
eYY_f_jWb
beX[$
J^[
jkceh
YekbZ
X[
ikYY[ii\kbbo
h[cel[Z
W\j[h
jhWdii[Yj_ed
e\
j^[
\Wbn"
j[djeh_kc
WdZ
ifb[# d_kc
e\
j^[
Yehfki
YWbbeikc$

<_]$
,$&$/
C_Yheikh]_YWb
[nfbehWj_ed
e\
W
bWh][
jkceh
j^hek]^
j^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
hekj[
fkXb_i^[Z
Xo
Ij[_d
_d
'/-'$

J^[i[
bWh]["
jhWkcWj_Y
[nfeikh[i
m[h[
d[Y[iiWho
je
Xh_d]
[dek]^
b_]^j
_dje
j^[
Z[[f#i[Wj[Z
f_d[Wb
Wh[W$
7YYehZ_d]bo"
j^[
YhkZ[
ef[hW# j_l[
j[Y^d_gk[i
b[Z
je
Z_iWffe_dj_d]
feijef[hWj_l[
h[ikbji$
?d
'/+)"
HeX[hj
M$
HWdZ
h[fehj[Z
W
cehjWb_jo
hWj[
e\
-&
_d
j^[_h
i[h_[i
ki_d]
cWYheikh]Y_Wb
j[Y^d_gk[i$
>Wdi
H_d][hjp
fkXb_i^[Z
W
+.$.
cehjWb_jo
hWj[
Wced]
+'
fWj_[dji
e\
j^[
Eb_l[YhedW
Yb_d_Y
QHWdZ
é
B[cc[d
'/+)"
H_d][hjp
'/+*S$
?d
j^[
[Whbo
'/-&i"
m_j^
_djheZkYj_ed
e\
c_YheiYef_Y
j[Y^d_gk[i
_d
d[kheikh][ho"
if[Y_Wb
Wjj[dj_ed
mWi
]_l[d
W]W_d
je
j^_i
lkbd[hWXb[
h[]_ed$
7i
8[d[jj
Ij[_d
_d
'/-'
Z[iYh_X[Z
<[Zeh
AhWki[Êi
_d\hWj[d# jeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
ki_d]
c_Yheikh]_YWb
j[Y^d_gk[i"
W
d[m
[hW
ijWhj[Z
\eh
ef[hWj_l[
[nfeikh[
e\
j^[
f_d[Wb
h[]_ed
<_]i$
,$&$/"
,$&$'&
QIj[_d
'/-'"
F[dZb
'/.+S$
>em[l[h"
_d
^_i
f_ed[[h_d]
Z[iYh_fj_ed"
AhWki[
Wbh[WZo
h[Wb_p[Z
j^[
[ii[dY[
e\
j^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
[nfeikh[0
j^[
WdWjec_YWb
ijhkYjkh[i
e\
j^[
f_d[Wb
h[]_ed
Wh[
\h[[
\eh
ikh]_YWb
Z_ii[Yj_ed
WdZ
j^[
Yehh_Zeh
X[jm[[d
j^[
j[djeh_kc
WdZ
j^[
Y[h[X[bbkc
Ze[i
dej
l_ebWj[
Wdo
i[di_j_l[
_djhW# YhWd_Wb
ijhkYjkh[i$
?d
j^[
\ebbem_d]"
j^[
_cfehjWdY[
e\
j^_i
WdWjec_YWb
\WYj
_i
Z_iYkii[Z
_d
Z[jW_b$

<_]$
,$&$'&
F[dZbÊi
c_Yheikh]_YWb
WYY[ii
je
f_d[Wb
jkcehi
Z[cedijhWj[Z
_d
^_i
Yec# fh[^[di_l[

j[njXeea

ÇF_d[Wb
WdZ
C_ZXhW_d
B[i_ediÈ
fkXb_i^[Z
_d
'/.+$

(&-

F_d[Wb
WffheWY^

=[d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[
ikfhWY[h[X[bbWh
Yehh_Zeh
WdZ
j^[
f_d[Wb
h[]_ed B[i_edi
m_j^_d
j^[
f_d[Wb
h[]_ed
YWd
X[
X[ij
[nfei[Z
l_W
j^[
fei# j[h_eh
ikXj[cfehWb"
feij[h_eh
_dj[h^[c_if^[h_Y
ikfhWj[djeh_Wb
eh
ikfhWY[h[X[bbWh
_d\hWj[djeh_Wb
WffheWY^[i$
J^[
feij[h_eh
ikXj[c# fehWb
Y^Wfj[h
)$'
WdZ
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^[i
Y^Wfj[h
-$(
i^ekbZ
X[
fh[\[hh[Z
\eh
b[i_edi
Y[dj[h[Z
Wj
j^[
j[djeh_Wb
[Z]["
[if[Y_Wbbo
_\
j^[o
Wh[
i_jkWj[Z
WXel[
j^[
]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d
WdZ
^Wl[
W
bWj[hWb
[nj[di_ed
<_]$
,$&$''
W"X$
>em[l[h"
ceij
jkcehi
Wh[
beYWj[Z
fh_cWh_bo
X[d[Wj^
j^[
Z[[f
l[deki
ioij[c$
?d
j^[i[
YWi[i"
j^[
_d\hWj[djeh_Wb
[nfeikh[
h[ZkY[i
j^[
h_ia
e\
l[deki
_d`kho$
?d
j^_i
mWo"
j^[
_d\hWj[d
jeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
_i
X[ij
ik_j[Z
je
b[i_edi
d[Wh
je
j^[
c_Zb_d[
i_jkWj[Z
Wj
j^[
b[l[b
eh
YWkZWbbo
\hec
j^[
l[_d
e\
=Wb[d
<_]$
,$&$''
Y$
J^[
ikfhWY[h[X[bbWh
Yehh_Zeh
_i
beYWj[Z
X[bem
j^[
ZkhWb
j[dj
e\
j^[
j[djeh_kc
e\\[h_d]
W
\h[[
ikh]_YWb
hekj[
je
j^[
f_d[Wb
h[]_ed
\hec
j^[
feij[h_eh
Z_h[Yj_ed$
7j
j^[
b[l[b
e\
j^[
j[djeh_Wb
^_Wjki"
j^_i
Yehh_# Zeh
_i
Ybei[Z
Xo
W
c_bao"
jh_Wd]kbWh
WhWY^de_Z
fbWj[$
J^[
f_d[Wb
h[]_ed
YWd
X[
[dj[h[Z
edbo
W\j[h
Z_ii[Yj_d]
j^_i
jek]^
c[cXhWd[
_d
W
bWj# [hWb
je
c[Z_Wb
Z_h[Yj_ed"
fh[i[hl_d]
j^[
ikf[h_eh
Y[h[X[bbWh
l[_d$
J^[
jh_Wd]kbWh
l_[m
_dje
j^[
f_d[Wb
h[]_ed
_i
fWhj_Wbbo
eYYkf_[Z
Xo
j^[
]h[Wj
l[_d
e\
=Wb[d
WdZ
j^[
ifb[d_kc
e\
j^[
Yehfki
YWbbeikc1
^em# [l[h"
m_j^
][djb[
ceX_b_pWj_ed
e\
j^[
kff[h
l[hc_i"
j^[
ikXWhWY^de_Z
ifWY[
e\
j^[
gkWZh_][c_dWb
Y_ij[hd
YWd
X[
l_ikWb_p[Z$
J^[
Ô
eeh
e\
j^[
gkWZh_][c_dWb
Y_ij[hd
_i
\ehc[Z
Xo
j^[
kff[h
ikh\WY[
e\
j^[
c[i# [dY[f^Wbed
WdZ
j^[
l_hjkWb
hee\
Yehh[ifedZi
je
j^[
bem[h
ikh\WY[
e\
j^[
ifb[d_kc
Yehfeh_i
YWbbei_"
YhkhW
e\
j^[
\ehd_Y[i"
^_ffeYWcfWb
Yecc_iikh[
WdZ
j^[
l[_d
e\
=Wb[d$
J^[
XWiWb
l[_d
e\
Hei[dj^Wb
WdZ
j^[
9D
?L
Z_iWff[Wh
bWj[hWbbo
_dje
j^[
WcX_[dj
Y_ij[hd$
?d
Wd
Wdj[h_eh
Z_h[Yj_ed"
j^[
f_d[Wb
XeZo"
^WX[dkbWh
WdZ
feij[h_eh
Yecc_iikh[i
WdZ
j^[
[djhWdY[
_dje
j^[
l[bkc
_dj[hfei_jkc
YWd
X[
WffheWY^[Z$
J^[
efj_cWb
fbWY[c[dj
e\
j^[
YhWd_ejeco
Z[f[dZi
ed
j^[
fh[Y_i[
beYWj_ed
e\
j^[
b[i_ed$
7f_YWbbo
i_jkWj[Z
b[i_edi
d[Wh
je
j^[
ifb[d_kc
e\
j^[
Yehfki
YWbbeikc
i^ekbZ
X[
WffheWY^[Z
l_W
W
XWiWbbo
fbWY[Z
YhWd_ejeco$
Ed
j^[
YedjhWho"
b[i_edi
e\
j^[
gkWZh_][c_dWb
fbWj[
WdZ
Y[h[X[bbec[i[dY[f^Wb_Y
Ó
iikh[
Wh[
X[ij
WffheWY^[Z
\hec
W
ceh[
Wf_YWb
Z_h[Yj_ed
<_]$
,$&$'($ 7bj^ek]^
j^[
_d\hWj[djeh_Wb
WffheWY^
_i
efj_cWb
\eh
c[Z_Wd
i_jkWj[Z
jWh][j
fe_dji"
b[i_edi
beYWj[Z
ceh[
bWj[hWbbo
YWd
X[
Wbie
[nfei[Z$


(&.

7

8

9

<_]$
,$&$''
J^[
feij[h_eh
ikXj[cfehWb
WffheWY^
e\\[hi
WZ[gkWj[
[nfeikh[
e\
j^[
feij[h_eh
j[djeh_Wb
^_Wjki
7$
F_d[Wb
b[i_edi
i_jkWj[Z
WXel[
j^[
]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d
Wh[
X[ij
h[WY^[Z
j^hek]^
j^[
feij[h_eh
_dj[h^[c_# if^[h_Y
WffheWY^
8$
J^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
YWd
X[
h[Yecc[dZ[Z
\eh
b[i_edi
X[d[Wj^
j^[
Z[[f
l[deki
ioij[c
beYWj[Z
d[Wh
je
j^[
c_Zb_d[
9$

F_d[Wb
WffheWY^

?d
YWi[i
e\
fWhWc[Z_Wd
beYWj[Z
b[i_edi"
m[
fh[\[h
W
fWhWc[Z_Wbbo
fbWY[Z
YhWd_ejeco
WdZ
YedjhWbWj[hWb
[nfeikh[
e\
j^[
jWh][j
Wh[W
WYYehZ_d]
je
j^[
YedY[fj
e\
a[o^eb[
WffheWY^[i
<_]$
,$&$')$

<_]$
,$&$'(
J^[
efj_cWb
fbWY[c[dj
e\
j^[
YhWd_ejeco
Z[f[dZi
ed
j^[
[nWYj
beYW# j_ed
e\
j^[
b[i_ed$
7f_YWbbo
i_jkWj[Z
b[i_edi
d[Wh
je
j^[
ifb[d_kc
e\
j^[
Yehfki
YWb# beikc
i^ekbZ
X[
WffheWY^[Z
l_W
W
XWiWbbo
fbWY[Z
YhWd_ejeco
h[Z
Whhem$
Ed
j^[
YedjhWho"
b[i_edi
e\
j^[
gkWZh_][c_dWb
fbWj[
WdZ
Y[h[X[bbec[i[dY[f^Wb_Y
Ó
iikh[
Wh[
X[ij
WffheWY^[Z
\hec
W
ceh[
Wf_YWb
Z_h[Yj_ed"
Yh[Wj_d]
j^[
YhWd_ejeco
d[Wh
je
j^[
YedÔ
k[dY[
e\
i_dki[i
]h[[d
Whhem$

<_]$
,$&$')
7bj^ek]^
j^[
_d\hWj[djeh_Wb
WffheWY^
_i
efj_cWb
\eh
c[Z_Wd
i_jkWj[Z
jWh][j
fe_dji"
b[i_edi
beYWj[Z
ceh[
bWj[hWbbo
YWd
Wbie
X[
[nfei[Z$
?d
YWi[i
e\
fWhWc[# Z_Wd
beYWj[Z
b[i_edi"
m[
h[Yecc[dZ
W
fWhWc[Z_Wbbo
fbWY[Z
YhWd_ejeco
WdZ
YedjhW# bWj[hWb
[nfeikh[
e\
j^[
jWh][j
Wh[W$

IkfhWY[h[X[bbWh
Yehh_Zeh

F_d[Wb
h[]_ed
WdZ
j^_hZ
l[djh_Yb[

9edÔ
k[dY[
e\
i_dki[i
?d\[h_eh
ikh\WY[
e\
j^[
j[djeh_kc IjhW_]^j
i_dki Kff[h
l[hc_i
J[djeh_Wb
Y[h[X[bbWh
ikh\WY[ 9[djhWb
Y[h[X[bbWh
l[_d =h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d


Ifb[d_kc
e\
j^[
Yehfki
YWbbeikc F_d[Wb
]bWdZ GkWZh_][c_dWb
fbWj[ Feij[h_eh
Yecc_iikh[ Fkbl_dWh
j^WbWc_ 9hki
\ehd_Y_i >_ffeYWcfWb
Yecc_iikh["
l[bkc
_dj[hfei_jkc
9^WcX[h
e\
j^[
j^_hZ
l[djh_Yb[ 7dj[h_eh
Yecc_iikh[ 9ebbkcdW
\ehd_Y[i"
jh_Wd]kbWh
h[Y[ii D
?L :_ijWb
l[ii[bi
e\
j^[
F97
WdZ
I97
=h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d"
Y[djhWb
Y[h[X[bbWh
l[_d
8WiWb
l[_d
e\
Hei[dj^Wb"
_dj[hdWb
Y[h[XhWb
l[_d



JWXb[
,$&$'
7dWjec_YWb
ijhkYjkh[i
[nfei[Z
j^hek]^
j^[
ikfhWY[h[X[bbWh
_djhWj[djeh_Wb
WffheWY^$

(&/

F_d[Wb
WffheWY^

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
Efj_cWb
fWj_[dj
fei_j_ed_d]
\eh
_d\hWj[djeh_Wb
ikfhWY[h[X[b# bWh
WffheWY^[i
_i
Yedjhel[hi_Wb$
?d
j^[
cW`eh_jo
e\
d[kheikh]_YWb
Z[fWhjc[dji"
j^[
i_jj_d]
fei_j_ed
_i
fh[\[hh[Z
\eh
_d\hWj[djeh_Wb
[nfeikh[
e\
j^[
f_d[Wb
h[]_ed$
J^[
cW_d
WZlWdjW][
_i
j^Wj
j^[
i_j# j_d]
fei_j_ed
Wbbemi
]hWl_jo
je
meha
_d
j^[
ikh][edi
\Wleh
Xo
h[ZkY# _d]
feeb_d]
e\
XbeeZ
_d
j^[
ef[hWj_d]
Ó[bZ
WdZ
Xo
Wbbem_d]
c_d_# cWb
Y[h[X[bbWh
h[jhWYj_ed
Zkh_d]
ikh][ho$
7ZlWdjW][i
e\
j^[
fhed[
fei_j_ed
Wh[
j^[
i_cfb_Y_jo
e\
j^[
j[Y^d_gk[
Xej^
\eh
ikh]_YWb
Wi
\eh
Wd[ij^[i_ebe]_YWb
f[hiedd[b
WdZ
Yec\ehj
\eh
j^[
fWj_[dj$
9ec# fWh[Z
m_j^
j^[
Z_\ÓYkbj
i_jj_d]
fei_j_ed"
j^[h[
_i
de
ZWd][h
e\
W_h
[cXeb_ic"
YWhZ_efkbcedWho
_dijWX_b_jo"
i[l[h[
fd[kceY[f^Wbki
eh
l[djh_YkbWh
YebbWfi[$
J^[
f[hf[dZ_YkbWh
Z_h[Yj_ed
e\
ikh]_YWb
Z_ii[Y# j_ed
Wbbemi
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
WdZ
[nY[bb[dj
el[hl_[m
e\
j^[
ef[hWj_d]
Ó[bZ$ Ij[f
'
7j
Óhij"
j^[
XeZo
WdZ
j^[
^[WZ
Wh[
[b[lWj[Z
YW$
(&–
je
)&–
Xo
cel_d]
j^[
ef[hWj_d]
jWXb[$
J^_i
[b[lWj_ed
_i
d[Y[iiWho
je
Xh_d]
j^[
^[WZ
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
\eh
efj_cWb
l[deki
ZhW_dW]["
\WY_b_# jWj_d]
j^[
e\j[d
Z_\ÓYkbj
Z_ii[Yj_ed
e\
j^[
jkceh
\hec
j^[
Z[[f
l[deki
ioij[c
<_]$
,$&$'*$

<_]$
,$&$'*

<_]$
,$&$'+

Ij[f
( ?d
W
i[YedZ
ij[f
j^[
^[WZ
cWo
X[
Wdj[heÔ[Yj[Z
WXekj
*+–
_d
ehZ[h
je
Xh_d]
j^[
j[djeh_kc
_d
W
f[hf[dZ_YkbWh
fbWd[$
J^_i
cWn_cWb
Ô[n_ed
e\
j^[
d[Ya
m_j^
YedYec_jWdj
h[l[hi[
Jh[dZ[b[dXkh]
fei_# j_ed_d]
e\
j^[
XeZo"
j^[
ie#YWbb[Z
9edYehZ[
fei_j_ed"
fhel_Z[i
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
Z_ii[Yj_d]
jemWhZ
j^[
_d\[h_eh
j[djeh_Wb
ikh\WY[$
>em[l[h"
if[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
dej
je
Yecfh[ii
j^[
l[dj_bWj_ed
jkX[
WdZ
j^[
bWhodn$
;nY[i# i_l[
Wdj[heÔ[Yj_ed
cWo
Wbie
YWki[
l[deki
Yed][ij_ed
Zk[
je
Yec# fh[ii_ed
e\
j^[
`k]kbWh
l[_di
cWa_d]
ikh]_YWb
Z_ii[Yj_ed
ceh[
Z_\# ÓYkbj
m_j^_d
j^[
f_d[Wb
h[]_ed
<_]$
,$&$'+$
<_]$
,$&$',

Ij[f
) <eh
b[i_edi
beYWj[Z
_d
j^[
c_Zb_d["
hejWj_ed
e\
j^[
^[WZ
_i
dej
d[Y[i# iWho$
>em[l[h"
c[Z_ebWj[hWbbo
i_jkWj[Z
b[i_edi
h[gk_h[
W
ib_]^j
hejW# j_ed
e\
+–Å '+–"
WYYehZ_d]
je
j^[
WYYkhWj[
fWj^eWdWjec_YWb
i_jkWj_ed$
?d
j^_i
YWi[
m[
fh[\[h
W
fWhWc[Z_Wd
YhWd_ejeco
WdZ
YedjhWbWj[hWb
[nfeikh[
e\
j^[
jWh][j
Wh[W
Wi
Z_iYkii[Z
WXel[
<_]$
,$&$',$


('&

F_d[Wb
WffheWY^

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
fh[ef[hWj_l[
eh_[djWj_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
feij[hebWj[hWb
eii[eki
iakbb
ikY^
Wi
j^[
\ehWc[d
cW]dkc"
cWije_Z
fheY[ii"
bWcXZe_Z
ikjkh["
^_]^[ij
dkY^Wb
b_d[
WdZ
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
Wh[
fh[Y_i[bo
Z[j[hc_d[Z$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
jhWdil[hi[
i_dki
Wi
Z[Ód_j_ed
e\
j^[
feij[h_eh
\eiiW
b[l[b
WdZ
je
j^[
WYYkhWj[
Z[j[h# c_dWj_ed
e\
j^[
jehYkbWh
h[]_ed
Wi
a[oi
je
j^[
[nWYj
YhWd_ejeco
<_]$
,$&$'-$
>em[l[h"
Z[if_j[
YWh[\kb
eh_[djWj_ed"
lWh_Wj_edi
_d
j^[
i_dkie_Z
WdWjeco
e\
j^[
feij[h_eh
\eiiW
YWd
h[ikbj
_d
ikhfh_i_d]
Z_\ÓYkbj_[i
Zkh_d]
j^[
Óhij
ij[fi
e\
j^[
ef[hWj_ed$
J^[h[\eh["
fh[# ef[hWj_l[
[lWbkWj_ed
m_j^
^_]^#h[iebkj_ed
9J
WdZ
CH
_cW]_d]
WdZ
Z[Ód_j_ed
e\
j^[
_dZ_l_ZkWb
WdWjec_YWb
i_jkWj_ed
Wh[
[ii[dj_Wb
X[\eh[
ikh][ho$ 7\j[h
eh_[djWj_ed"
j^[
XehZ[hi
e\
j^[
YhWd_ejeco
Wh[
cWha[Z
m_j^
W
ij[h_b[
f[d$
KikWbbo"
j^[
YhWd_ejeco
_i
fbWY[Z
c[Z_Wd
eh
ib_]^jbo
fWhWc[Z_Wd
m_j^
W
Z_Wc[j[h
e\
(
je
)
Yc
<_]$,$&$'-$ 7\j[h
Z[Ód_d]
j^[
YhWd_ejeco"
j^[
^W_h
_i
i^Wl[Z
WYYehZ_d]
je
W
c_Zb_d[
ia_d
_dY_i_ed
e\
WXekj
+
Yc
_d
b[d]j^
WdZ
Z_i_d\[Yj[Z
YWh[# \kbbo$

<_]$
,$&$'-
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
eYY_f_jWb
h[]_ed$
J^[
ia_d
_dY_i_ed
i^ekbZ
X[
f[h\ehc[Z
WYYehZ_d]
je
j^[
c_Zb_d[
W\j[h
c_d_cWb
eh
[l[d
m_j^ekj
i^Wl_d]
j^[
^W_h$
If[Y_Wb
Wjj[dj_ed
ckij
X[
]_l[d
je
j^[
Yekhi[
e\
j^[
jhWdil[hi[
i_dki
WdZ
beYWj_ed
e\
j^[
YedÔk[di
i_dkkc$

(''

F_d[Wb
WffheWY^

)$
9hWd_ejeco Ij[f
'
7\j[h
fWj_[dj
fei_j_ed_d]"
WdWjec_YWb
eh_[djW# j_ed
WdZ
c_d_cWb
eh
[l[d
WXi[dj
i^Wl_d]
e\
j^[
^W_h"
j^[
ia_d
_i
fh[fWh[Z
m_j^
WbYe^eb
iebk# j_ed$
Je
X[]_d
j^[
ikXeYY_f_jWb
[nfeikh["
W
ijhW_]^j
c_Zb_d[
_dY_i_ed
_i
cWZ[
el[h
j^[
jehYkbWh
h[]_ed
<_]$
,$&$'.$


<_]$
,$&$'.

<_]$
,$&$'/

Ij[f
( J^[
ia_dÔ
Wfi
Wh[
h[jhWYj[Z
ijhed]bo$
J^[
b[l[b
e\
j^[
\ehWc[d
cW]dkc
_ji[b\
Ze[i
dej
d[[Z
je
X[
[nfei[Z
<_]$
,$&$'/$


<_]$
,$&$(&

Ij[f
) 7\j[h
h[jhWYj_ed
e\
j^[
ikXYkjWd[eki
bWo[h"
j^[
dkY^Wb
b_]Wc[dj
_i
Z[Ó
d[Z
WdZ
Z_l_Z[Z
h[bWj[Z
ijh_Yjbo
je
j^[
c_Zb_d["
i[fWhWj_d]
j^[
ikXeY# Y_f_jWb
ckiYb[i$
J^[
\WiY_W
e\
j^[
i[c_if_dWb_i
YWf_j_i
ckiYb[i
WdZ
j^[
f[h_eij[Wb
i^[[j
Wj
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
Wh[
_dY_i[Z
_d
W
h[l[hi[
O#i^Wf[Z
\Wi^_ed$
J^[
_di[hj_ed
e\
j^[
i[c_if_dWb_i
ckiYb[
_i
j^[d
ijh_ff[Z
\hec
j^[
f[h_eij[Wb
Yel[h_d]
e\
j^[
[nj[hdWb
fhejk# X[hWdY[
<_]$
,$&$(&$


('(

F_d[Wb
WffheWY^

Ij[f
*
J^[
b[WÔ[j
Yel[h_d]
j^[
[nj[hdWb
fhejkX[hWdY[
_i
ceX_b_p[Z
m_j^
Wd
[b[lWjeh
WdZ
h[Ô[Yj[Z
m_j^
ijhed]
ikjkh[i$
J^[
i[c_if_dWb_i
ckiYb[i
Wh[
h[jhWYj[Z
X_bWj[hWbbo
m_j^
W
mekdZ
h[jhWY# jeh
<_]$
,$&$('$


<_]$
,$&$('

Ij[f
+
7\j[h
Xedo
[nfeikh["
j^[
eYY_f_jWb
Xed[
_i
fWh# j_Wbbo
h[cel[Z
WYYehZ_d]
je
j^[
[nj[hdWb
fhejk# X[hWdY[
m_j^
W
^_]^#if[[Z
Zh_bb$
M[
fh[\[h
Wd
eij[eYbWij_Y
YhWd_ejeco
WdZ
ki[
Xed[
Y[c[dj
je
h[fW_h
j^[
Xedo
Z[\[Yj
W\j[h
ZkhWb
Ybeikh[$
?d
ekh
ef_d_ed"
W
^WpWhZeki
eij[efbWij_Y
fhe# Y[Zkh[
d[Wh
je
j^[
fhec_d[dj
i_dkie_Z
l[ii[bi
fhel_Z[i
de
WZlWdjW][
YecfWh[Z
je
W
YWh[\kb
YhWd_[Yjeco
<_]$
,$&$(($


<_]$
,$&$((

Ij[f
,
J^[
_dj[hdWb
eYY_f_jWb
fhejkX[hWdY[
_i
j^[d
h[cel[Z
m_j^
Ód[
fkdY^[i"
eXi[hl_d]
j^[
[Z][
e\
j^[
jehYkbWh
^[hef^_b_$
J^[
_dj[hdWb
eYY_f_jWb
Yh[ij
_i
Wbie
h[cel[Z
WYYehZ_d]
je
c_Zb_d["
[nfei_d]
j^[
eYY_f_jWb
i_dki$
If[Y_Wb
YWh[
i^ekbZ
X[
jWa[d
je
Wle_Z
_d`kho
je
j^[
eYY_f_jWb
WdZ
jhWdil[hiWb
i_dki[i
<_]$
,$&$()$


<_]$
,$&$()

(')

F_d[Wb
WffheWY^

<_]$
,$&$(*

Ij[f
-
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
i[c_bkdWh

\Wi^_ed
m_j^
_ji
XWi[
jemWhZ
j^[
YedÔk[di
i_dkkc"
Ybei_d]
j^[
eYY_f_jWb
i_dki
m_j^
^[ce# Yb_fi
<_]$
,$&$(*$


<_]$
,$&$(+

Ij[f
.
J^[
Y[h[X[bbWh
\Wbn
_i
Z_l_Z[Z
WdZ
j^[
ZkhWb
ÔWf
[b[lWj[Z
m_j^
^ebZ_d]
ikjkh[i$
7bj^ek]^
cW`eh
[b[lWj_ed
e\
j^[
ZkhW
_i
d[Y[iiWho
je
ef[d
j^[
Yehh_Zeh
X[bem
j^[
j[djeh_kc"
[nY[ii_l[
h[jhWY# j_ed
YWd
XbeYa
j^[
i_dki
WdZ
b[WZ
je
_dYh[Wi[Z
l[deki
fh[iikh[
m^_Y^
i^ekbZ
X[
Wle_Z[Z
<_]$
,$&$(+$

('*

F_d[Wb
WffheWY^

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'

\Wbn
Y[h[X[bb_

<_]$
,$&$(,

Ij[f
(
J^[
kff[h
l[hc_i
e\
j^[
Y[h[X[bbkc
_i
][djbo
h[jhWYj[Z
[nfei_d]
j^[
ikfhWY[h[X[bbWh
_d\hWj[djeh_Wb
hekj[$
EdY[
j^[
h[jhWYjeh
_i
_d
fbWY["
j^[
j^_Ya[d[Z
c_bao
WhWY^de_Z
c[c# XhWd[
YWd
X[
i[[d
eXiYkh_d]
j^[
l_[m
_dje
j^[
f_d[Wb
h[]_ed$
Dej[
j^[
[Z][
e\
j^[
j[djeh_Wb
_dY_ikhW
WdZ
j^[
ZkhW
WYYehZ_d]
je
j^[
ijhW_]^j
i_dki
<_]$
,$&$(-$

j[djeh_Wb
_dY_ikhW ijhW_]^j
i_dki


<_]$
,$&$(-

Ij[f
)
J^[
c[cXhWdeki
fbWj[
_i
ef[d[Z
_d
W
bWj[hWb
je
c[Z_Wb
Z_h[Yj_ed
m_j^
Ód[
c_YheiY_iiehi$
J^[
]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d
Wff[Whi
_d
j^[
XWYa]hekdZ
b[WZ_d]
_dje
j^[
ijhW_]^j
i_dki
<_]$
,$&$(.$


]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d

<_]$
,$&$(.

('+

F_d[Wb
WffheWY^

Ij[f
*
7\j[h
Yecfb[j[
ef[d_d]
e\
j^[

WhWY^de_Z
c[cXhWd["
j^[
]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d
YWd
X[
\kbbo
[nfei[Z$
?d
j^_i
YWi["
j^[
eYY_f_jWb
beX[
_i
^[hd_Wj[Z
j^hek]^
j^[
j[djeh_Wb
_dY_# ikhW
_dje
j^[
feij[h_eh
\eiiW
eXiYkh_d]
j^[
[nfeikh[
_dje
j^[
f_d[Wb
h[]_ed
<_]$
,$&$(/$

l[_d
e\
=Wb[d
eYY_f_jWb
beX[

<_]$
,$&$(/

Ij[f
+
7\j[h
\khj^[h
ceX_b_pWj_ed
e\
j^[
kff[h
l[hc_i"
j^[
bWj[hWb
fWhj
e\
j^[
gkWZh_][c_dWb
Y_ij[hd
_i
[nfei[Z$
Dej[
j^[
Y[djhWb
Y[h[X[bbWh
l[_d"
b[\j
_dj[hdWb
Y[h[XhWb
l[_d"
WdZ
j^[
b[\j
XWiWb
l[_d
e\
Hei[dj^Wb$
J^[
eYY_f_jWb
beX[
_i
][djbo
h[jhWYj[Z
m_j^
W
Z_ii[Yjeh
WffheWY^_d]
j^[
ifb[d_kc
e\
j^[
Yehfki
YWbbeikc
<_]$
,$&$)&$

Y[djhWb

Y[h[X[bbWh
l[_d
_dj[hdWb

Y[h[XhWb
l[_d l[_d
e\
Hei[dj^Wb Yehfki
YWbbeikc eYY_f_jWb
beX[

<_]$
,$&$)&

Ij[f
,
J^[
Y[djhWb
Y[h[X[bbWh
l[_d
_i
][djbo
h[jhWYj[Z
je
j^[
b[\j"
[nfei_d]
j^[
h_]^j
_dj[hdWb
Y[h[# XhWb
l[_d$
Dej[
j^[
f_d[Wb
]bWdZ
Wff[Wh_d]
_d
j^[
Wd]b[
X[jm[[d
j^[
Y[djhWb
Y[h[X[bbWh
WdZ
_dj[hdWb
Y[h[XhWb
l[_di
<_]$
,$&$)'$

f_d[Wb
]bWdZ _dj[hdWb
Y[h[XhWb
l[_d

<_]$,$&$)'

(',

F_d[Wb
WffheWY^

Ij[f
J^[
_dj[hdWb
Y[h[XhWb
l[_d
_i
\ebbem[Z
Wdj[h_ehbo
Z_iWff[Wh_d]
_dje
j^[
l[bkc
_dj[hfei_jkc$
Dej[
j^[
icWbb
f[h\ehWj_d]
l[ii[bi
ikffbo_d]
j^[
gkWZh_][c_dWb
fbWj[
e\
j^[
c[i[dY[f^W# bed
<_]$
,$&$)($

_dj[hdWb
Y[h[XhWb
l[_d h_]^j
l[_d
e\
Hei[dj^Wb


<_]$
,$&$)(

Ij[f
. ;nfeikh[
e\
j^[
[djhWdY[
_dje
j^[
l[bkc
_dj[h# fei_jkc
X[jm[[d
j^[
ifb[d_kc
e\
j^[
Yehfki
YWbbeikc
WdZ
j^[
bWj[hWb_p[Z
f_d[Wb
]bWdZ
<_]$
,$&$))$ f_d[Wb
]bWdZ l[bkc
_dj[hfei_jkc Yehfki
YWbbeikc

<_]$
,$&$))

Ij[f
/ 7\j[h
ef[d_d]
j^[
WhWY^de_Z
c[cXhWd[i
e\
j^[
l[bkc
_dj[hfei_jkc"
j^[
^WX[dkbWh
Yec# c_iikh[
YWd
X[
i[[d$
Dej[
9I<
Wff[Wh_d]
\hec
j^[
feij[h_eh
j^_hZ
l[djh_Yb[
<_]$
,$&$)*$

^WX[dkbWh

Yecc_iikhW

<_]$
,$&$)*

('-

F_d[Wb
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
ikXWhWY^de_Z
ifWY[
_i
Ó
bb[Z
m_j^
H_d][h
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i$
?\
i^h_daW][
^Wi
Z[l[b# ef[Z
_d
j^[
ZkhWb
fbWd["
j^[
jh_Wd]kbWh#i^Wf[Z
\WiY_Wb
WdZ
f[h_ei# j[Wb
bWo[h
YWd
X[
ki[Z
Wi
W
ZkhWb
]hW\j
je
WY^_[l[
mWj[hj_]^j
Ybeikh[$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
Xedo
Z[\[Yj
_i
Ybei[Z
m_j^
Xed[
Y[c[dj"
Wle_Z_d]
Ô
k_Z
Yebb[Yj_ed
WdZ
feijef[hW# j_l[
Z_iYec\ehj$
7\j[h
Ó
dWb
l[h_Ó
YWj_ed
e\
^[ceijWi_i"
j^[
ckiYkbWh
WdZ
ikXYkjWd[eki
bWo[hi
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i
WdZ
j^[
ia_d
m_j^
hkdd_d]
eh
_dj[hhkfj[Z
ikjkh[i$
IkYj_ed
ZhW_dW][
_i
dej
h[gk_h[Z$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
ikXi[gk[dj
_dWZ[gkWj[
[nfeikh[
e\
j^[
jWh][j
h[]_ed
WdZ
i_]d_Ó
YWdj
Z[j[h_ehWj_ed
_d
[\Ó
Y_[dYo
e\
ikh]_YWbbo
[nY_i_d]
j^[
b[i_ed$
FbWdd_d]
WdZ
fei_j_ed_d]
_i
j^[
jWia
e\
j^[
ikh][ed š
?d`kho
je
j^[
jehYkbWh
^[hef^_b_
eh
ej^[h
i_dkie_Z
l[ii[bi
ikY^
Wi
j^[
eYY_f_jWb
WdZ
jhWdil[hi[
i_dki[i
Zkh_d]
YhWd_ejeco
m_j^
[nY[ii_l[
Xb[[Z_d]$
?\
d[Y[iiWho"
j^[
]Wb[W#f[h_eij
Ô
Wf
YWd
X[
ki[Z
\eh
h[fW_h$ š
;nj[di_l[
h[jhWYj_ed
e\
j^[
kff[h
l[hc_i
m_j^
feijef[hWj_l[
Y[h[# X[bbWh
iocfjeci$
7Z[gkWj[
fei_j_ed_d]
WdZ
[Whbo
h[celWb
e\
9I<
cWo
YWki[
h[bWnWj_ed
e\
j^[
Y[h[X[bbWh
ikh\WY[$ š
?d`kho
je
lWiYkbWh
ijhkYjkh[i
e\
j^[
f_d[Wb
h[]_ed
Zkh_d]
c_Yhe# ikh]_YWb
cWd_fkbWj_ed
m_j^
feijef[hWj_l[
d[khebe]_YWb
Z[Ó
Y_ji$ š
?d`kho
je
j^[
ifb[d_kc
Yehfeh_i
YWbbei_
YWki_d]
b[\j
^[c_Wb[n_W"
j^[
_dWX_b_jo
je
h[WZ
_d
j^[
b[\j
l_ikWb
^[c_Ó
[bZ"
WdZ
W
XheWZ
WhhWo
e\
X[^Wl_ehWb
WXdehcWb_j_[i$ š
?d`kho
e\
j^[
gkWZh_][c_dWb
fbWj[
cWo
]_l[
h_i[
je
ikXi[gk[dj
FWh_dekZ
i_]d$ š
?dWZ[gkWj[
_djhW#
eh
[njhWYhWd_Wb
^[ceijWi_i
m_j^
feijef[hWj_l[
h[Xb[[Z_d]$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
cWo
b[WZ
je
feijef[hWj_l[
9I<
Ó
ijkbW$
š
?dWZ[gkWj[
Ybeikh[
e\
j^[
Xedo
Z[^_iY[dY[
m_j^
ikXi[gk[dj
feijef[hWj_l[
Z_iYec\ehj$

('.

<_]$
,$&$)+

7

8

<_]$
,$&$),

<_]$
,$&$)-

F_d[Wb
WffheWY^

<_]$
,$&$).

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[mWhZ
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\Ó
Y_[dj
meha_d]
fei_j_ed$

<_]$
,$&$)/

š
7f_YWbbo
i_jkWj[Z
b[i_edi
d[Wh
je
j^[
ifb[d_kc
e\
Yehfki
YWbbe# ikc
i^ekbZ
X[
WffheWY^[Z
l_W
W
YWkZWbbo
fbWY[Z
YhWd_ejeco
<_]$
,$&$)+
7$
Ed
j^[
YedjhWho"
b[i_edi
e\
j^[
gkWZh_][c_dWb
fbWj[
WdZ
Y[h[X[bbec[i[dY[f^Wb_Y
Ó
iikh[
Wh[
X[ij
WffheWY^[Z
\hec
W
ceh[
Wf_YWb
Z_h[Yj_ed
<_]$
,$&$)+
8"
f[h\ehc_d]
W
YhWd_ejeco
d[Wh
je
j^[
jehYkbWh
h[]_ed$ š
?d
YWi[i
e\
bWj[hWbbo
beYWj[Z
f_d[Wb
b[i_edi"
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
fWhWc[Z_Wd"
Wbbem_d]
YedjhWbWj[hWb
[nfeikh[
e\
j^[
jWh][j
Wh[W
WYYehZ_d]
je
j^[
YedY[fj
e\
a[o^eb[
WffheWY^[i
<_]$
,$&$),$

<_]$
,$&$*&

š
Ij[fi
e\
j^[
eij[eYbWij_Y
YhWd_ejeco
<_]$
,$&$)-0
'$
h[celWb
e\
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
m_j^
W
^_]^#if[[Z
Zh_bb1
($
h[celWb
e\
j^[
_dj[hdWb
eYY_f_jWb
fhejkX[hWdY[
WdZ
_dj[hdWb
eYY_f_jWb
Yh[ij
m_j^
Ó
d[
fkdY^[i"
eXi[hl_d]
j^[
jehYkbWh
^[hef^_b_
WdZ
j^[
eYY_f_jWb
i_dki$ š
J^[
i[c_if_dWb_i
ckiYb[i
i^ekbZ
X[
h[jhWYj[Z
X_bWj[hWbbo
m_j^
W
ijhed]
mekdZ
h[jhWYjeh$
J^[
f[h_eij[Wb
b[WÔ
[j
Yel[h_d]
j^[
[nj[h# dWb
fhejkX[hWdY[
_i
h[Ô
[Yj[Z
m_j^
ikjkh[i
<_]$
,$&$).$ <_]$
,$&$*'

š
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ç9È
i^Wf[Z
\ehc
W\j[h
Z_l_i_ed
e\
j^[
eYY_f_jWb
i_dki$
Ki[
c_YheYb_fi"
Z_l_Z_d]
j^[
eYY_f_jWb
i_dki
<_]$
,$&$)/$ š
J^[
c_bao
WhWY^de_Z
c[cXhWd[
Ybei_d]
j^[
WYY[ii
_dje
j^[
f_d[Wb
h[]_ed
_i
bWj[hWbbo
j^_d
WdZ
[Wi_[h
je
ef[d
j^Wd
_d
j^[
c_Zb_d[
<_]$
,$&$*&$

<_]$
,$&$*(

š
?\
j[di_ed
^Wi
Z[l[bef[Z
Zkh_d]
ZkhWb
Ybeikh[
eh
W
\hW]c[dj
e\
j^[
ZkhW
^Wi
X[[d
h[i[Yj[Z"
j^[
f[h_eij[Wb
i^[[j
e\
j^[
[nj[hdWb
fhejkX[hWdY[
YWd
X[
ki[Z
\eh
mWj[hj_]^j
Ybeikh[
<_]$
,$&$*'$ š
7\j[h
ZkhWb
Ybeikh["
j^[
Xedo
Z[\[Yj
i^ekbZ
X[
h[fW_h[Z
m_j^
Xed[
Y[c[dj
Wle_Z_d]
Ô
k_Z
Xk_bZkf
WdZ
feijef[hWj_l[
Z_iYec\ehj$
IkYj_ed
ZhW_d
_i
dej
h[gk_h[Z
<_]$
,$&$*($

('/

?dj[h^[c_if^[h_Y
WffheWY^

-$&
?dj[h^[c_if^[h_Y
WffheWY^ >_ijeho
e\
j^[
_dj[h^[c_if^[h_Y
WffheWY^[i

<_]$
-$&$'
:WdZoÊi
_dj[h^[c_if^[h_Y
WffheWY^
fkXb_i^[Z
_d
'/'+"
ki_d]
W
Ze]
ceZ[b$
?d
^_i
fWf[h
[dj_jb[Z
Ç;nj_hfWj_ed
e\
j^[
F_d[Wb
8eZoÈ"
^[
YedYbkZ[Z
j^Wj
Çj^[
f_d[Wb
_i
WffWh# [djbo
dej
[ii[dj_Wb
je
b_\[
WdZ
i[[ci
je
^Wl[
de
_dÔk[dY[
kfed
j^[
Wd_cWbÊi
m[bb
X[_d]$È

<_]$
-$&$(
Ikh]_YWb
h[celWb
e\
W
jkceh
\hec
j^[
f_d[Wb
h[]_ed
h[fehj[Z
Xo
:WdZo$
Dej[
j^[
fbWY[c[dj
e\
j^[
Xed[
ÔWf
WdZ
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
[nfei_d]
j^[
f_d[Wb
fheY[ii$

J^[
Óhij
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
WffheWY^
je
j^[
f_d[Wb
h[]_ed
mWi
eh_]_dWbbo
Z[iYh_X[Z
Xo
MWbj[h
;$
:WdZo
_d
'/'+
ki_d]
W
feij[h_eh
[nfeikh[
_d
Wd
Wd_cWb
ceZ[b
<_]$
-$&$'$
>_i
[nf[h_[dY[
b[Z
^_c
je
ik]][ij
j^[
\[Wi_X_b_jo
e\
ikY^
Wd
WffheWY^
_d
^kcWdi"
WdZ
i_n
o[Whi
bWj[h"
^[
fkXb_i^[Z
^_i
_d_j_Wb
[nf[h_[dY[
ki_d]
j^_i
c[j^eZ
_d
j^h[[
YWi[i
e\
f_d[Wb
h[]_ed
jkcehi
Q:WdZo
'/'+"
'/('S$
:WdZo
h[jkhd[Z
je
j^_i
ikX`[Yj
_d
'/))
WdZ
'/),
<_]$
-$&$(
Wi
^[
mWi
WXb[
je
h[fehj
ed
ikYY[ii\kbb
h[celWb
e\
j[d
f_d[Wb
b[i_edi
l_W
W
h_]^j
fWh_[jWb
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
WffheWY^
Q:WdZo
'/(/"
'/),S$
J^_i
WffheWY^
mWi
j^[
ceij
\Wleh[Z

\eh
cWdo
o[Whi$
;hd[ij
IWY^i
[nfei[Z
W
bWh][
Yoij_Y
jkceh
_d
j^[
f_d[Wb
h[]_ed
WdZ
CWn
F[[j
h[cel[Z
W
f_d[Wb
b[i_ed
j^hek]^
W
h_]^j
fWh_[je#eYY_f_jWb
jhWdi# YWbbeiWb
WffheWY^
QIWY^i
'/(,"
F[[j
'/(-S$
Ed[
o[Wh
bWj[h"
Ej\h_Z

<e[hij[h
fkXb_i^[Z
^_i
[nf[h_[dY[
m_j^
j^[
feij[h_eh
_dj[h^[c_# if^[h_Y
[nfeikh[
e\
j^[
gkWZh_][c_dWb
fbWj[
<_]$
,$&$+
>_i
_dj[h# ^[c_if^[h_Y
ikXeYY_f_jWb
jhWdij[djeh_Wb
WffheWY^"
f[h\ehc[Z
ikY# Y[ii\kbbo
_d
j^h[[
fWj_[dji"
mWi
ik]][ij[Z
Xo
@kb_ki
JWdZb[h
WdZ

;]ed
HWdp_
_d
j^[_h
ikh]_YWb
WdWjec_YWb
j[njXeea
<_]$
-$&$)
QJWdZb[h
é
HWdp_
'/(&"
<e[hij[h
'/(.S$
:WdZo
Wbie
ki[Z
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
WffheWY^
\eh
[nfeikh[
e\
ifWY[#eYYkfo_d]
b[i_edi
e\
j^[
feij[h_eh
j^_hZ
l[djh_Yb[$
?d
^_i
cede]hWf^
[dj_jb[Z
Ç8[d_]d
Jkcehi
_d
j^[
J^_hZ
L[djh_Yb[
e\
j^[
8hW_d0
:_W]dei_i
WdZ
Jh[Wjc[djÈ"
^[
Z[iYh_X[Z
^_i
ikh]_YWb
[nf[h_[dY[
m_j^
_djhWl[djh_YkbWh
jkcehi
WdZ
Yoij_Y
b[i_edi
Q:WdZo
'/)'"
'/))S$
<eh
Wdj[h_eh
j^_hZ
l[djh_YkbWh
jkcehi"
:WdZo

fh[\[hh[Z
j^[
\hedjWb
jhWdiYehj_YWb
hekj[
<_]$
.$&$(
WdZ
\eh
feij[# h_ehbo
i_jkWj[Z
b[i_edi
j^[
feij[h_eh
jhWdiYWbbeiWb
_dj[h^[c_if^[h_Y

WffheWY^
<_]i$
-$&$("
.$&$'$
J^[
c_Z#iW]_jjWb
_dj[h^[c_if^[h_Y
jhWdi# YWbbeiWb
[nfeikh["
fkXb_i^[Z
_d_j_Wbbo
_d
'/)'"
mWi
ki[Z
edbo
\eh
Yoij_Y
b[i_edi
e\
j^[
i[fjkc
f[bbkY_Zkc
WdZ
YWlkc
l[h]W[
<_]$
-$&$*$
?j
_i
_dj[h[ij_d]
je
dej[
j^Wj
:WdZo
h[fehj[Z
de
d[khebe]_YWb
Z[ÓY_ji
eYYkhh_d]
Wi
W
h[ikbj
e\
ifb_jj_d]
j^[
feij[h_eh
fWhj
e\
j^[
Yehfki
YWbbeikc$
>em[l[h"
j^[h[
^Wl[
X[[d
ej^[h
ik]][ij_edi
i^em_d]
j^Wj
Wbj^ek]^
i[Yj_ed_d]
j^[
ceh[
Wdj[h_eh
fWhj
e\
j^[
Yehfki
YWbbe# ikc
_i
dej
WiieY_Wj[Z
m_j^
i[l[h[
Z_ij_dYj
iocfjeci"
feij[h_eh
WdZ
Yecfb[j[
YWbbeiWb
i[Yj_ed
^Wi
_d
fWhj_YkbWh
X[[d
i^emd
je
fheZkY[
W
XheWZ
WhhWo
e\
X[^Wl_ehWb
WXdehcWb_j_[i$


(('

?dj[h^[c_if^[h_Y
WffheWY^

7YYehZ_d]bo"
lWd
MW][d[d
h[fehj[Z
^_i
[nf[h_[dY[
e\
ikh]_YWb
[nfe# ikh[
e\
j^[
^ofej^WbWc_Y
h[]_ed
l_W
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
hekj[
QlWd
MW][d[d
'/)/S$
7
i_c_bWh"
ijh_Yjbo
c_Zb_d[
[nfeikh[
mWi
Wbie
fkXb_i^[Z
Xo
8kiY^
Z[iYh_X_d]
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
_dj[h\ehd_Y[Wb
WffheWY^
\eh
h[celWb
e\
j^_hZ
l[djh_YkbWh
jkcehi
Q8kiY^
'/**S$
Ki_d]
c_Yheikh]_YWb
j[Y^d_gk[i"
j^[
ikh]_YWb
b_j[hWjkh[
^Wi
YedjW_d[Z
Wd
_dYh[Wi_d]
dkcX[h
e\
h[fehji
[cf^W# i_p_d]
j^[
[\ÓYWYo
e\
j^[
Wdj[h_eh
jhWdiYWbbeiWb
WffheWY^
<_]$
-$&$+$
If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
C_Y^W[b
B$
@$
7fkppe"
m^e
^WZ
W
kd_gk[
_dj[h[ij
WdZ
[dehceki
[nf[h_[dY[
_d
j^[
ikh]_YWb
jh[Wj# c[dj
e\
j^_hZ
l[djh_YkbWh
jkcehi
QC_b^ehWj
'/,,"
A[cf[
'/-,"
I^kYWhj
'/-."
:[bWdZi^[[h
'/-."
Ij[_d
'/.&"
7fkppe
'/.(S$
AWhb
Kd][hiXYa
WdZ
7n[b
F[hd[Ypao"
C_Y^W[b
BWmjed
WdZ
HeX[hj
If[jpb[h
Z[iYh_X[Z
j^[
WZlWdjW][i
e\
j^[
YedjhWbWj[hWb
[nfeikh[

\eh
WffheWY^_d]
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[i
QKd][hiXYa
é

F[hd[Ypao
'/.,"
BWmjed
é
If[jpb[h
'//,S$
J^[
Óhij
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
WffheWY^
\eh
j^[
jh[Wj# c[dj
e\
W
hkfjkh[Z
Wd[khoic
e\
j^[
79e7
mWi
fkXb_i^[Z
Xo

M_b^[bc
Jdd_i
QJdd_i
'/),S$
>_i
j[Y^d_gk[
h[gk_h[Z
ifb_jj_d]
e\
j^[
Wdj[h_eh
Yehfki
YWbbeikc
<_]$
-$&$,$
MWbbWY[
>WcXo
WdZ

>[hX[hj
Eb_l[YhedW
ki[Z
W
l[ho
i_c_bWh
Wdj[h_eh
jhWdiYWbbeiWb
[nfeikh[
Q>WcXo
'/+("
Eb_l[YhedW
'/+)S$
?d
'/+/"
BWmh[dY[
Feeb
Z[iYh_X[Z
W
Z_\\[h[dj"
ceh[
\hedjeXWiWbbo
fbWY[Z
X_\hedjWb
WffheWY^
je
Wd[khoici
e\
j^[
79e7$
J^[
h[]_ed
mWi
[nfei[Z
j^hek]^
Wd
Wdj[he_d\[h_eh
_dj[h^[c_if^[h_Y
hekj[
WdZ
j^[
ikfhWi[bbWh
h[]_ed
YekbZ
X[
[\\[Yj_l[bo
WffheWY^[Z
m_j^ekj
ifb_jj_d]
e\
j^[
Yehfki
YWbbeikc
QFeeb
'/+/S$
<eh
Z_ijWb
Wd[khoici
e\
j^[
797"
W
i_c_bWh
WffheWY^
mWi
Z[iYh_X[Z
Xo
>k]e
AhWo[dX”^b
WdZ
@_he
Ikpka_
QAhWo[dX”^b
'/+("
Ikpka_
'/--S$
?d
'//'"
JWaWdeh_
Whl[o
9ki^_d]
Z[iYh_X[Z
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
WdZ
ikX# \hedjWb
WffheWY^
\eh
j^[
jh[Wjc[dj
e\
eb\WYjeho
]heel[
c[d_d][e# cWi
m_j^
j^[
W_Z
e\
[b[Yjheikh][ho
Q:WdZo
'/(("
9ki^_d]
'/(-S$
I_dY[
j^[i[
Óhij
h[fehji"
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
^Wi
X[[d
ki[Z
\eh
cWdo
Z_\\[h[dj
fWj^ebe]_[i
e\
j^[
Wdj[h_eh
\eiiW$
Ki_d]


(((

<_]$
-$&$)
;nfeikh[
e\
j^[
f_d[Wb
h[]_ed
l_W
j^[
eYY_f_jWb
_dj[h^[c_if^[h_Y
WffheWY^"
Z[iYh_X[Z
Xo
JWdZb[h
WdZ
HWdp_
_d
j^[_h
j[njXeea
fkXb_i^[Z
_d
'/(&$
Dej[
j^[
jhWkcWj_Y
h[jhWYj_ed
e\
j^[
eYY_f_jWb
beX["
d[Y[iiWho
je
l_ikWb_p[
j^[
Z[[f#i[Wj[Z
Wh[W$

<_]$
-$&$*
:WdZoÊi
c_Z#iW]_jjWb
_dj[h^[c_if^[h_Y
WffheWY^
Ç[ijWXb_i^_d]
Yecckd_YWj_ed
X[jm[[d
j^[
Yoij_Y
L$
l[djh_Yb[
WdZ
bWj[hWb
l[djh_Yb[È"
h[fehj[Z
_d
'/)'$
Dej[
j^Wj
\eh
[nfeikh[
e\
W
ifWY[#eYYkfo_d]
YWlkc
i[fj_
f[bbkY_Z_"
:WdZo

ki[Z
XhW_d
h[jhWYj_ed
W]W_dij
]hWl_jo$


?dj[h^[c_if^[h_Y
WffheWY^

7

8

9

<_]$
-$&$+
H[bWj_edi^_f
e\
ia_d
_dY_i_ed
7
je
Xkhh
^eb[i
WdZ
YhWd_ejeco
8
ki_d]
j^[
_dj[h^[c_if^[h_Y
jhWdiYWb# beiWb
WffheWY^
h[fehj[Z
Xo
M_bb_Wc
I^kYWhj
_d
C_Y^W[b
B$
@$
7fkppeÊi
Yecfh[^[di_l[
j[njXeea
ÇIkh][ho
e\
j^[
J^_hZ
L[djh_Yb[È"
fkXb_i^[Z
_d
'/.-
WdZ
'//.$
J^_i
WffheWY^
mWi
ki[Z
je
l_ikWb_p[
[dj_h[
dehcWb#i_p[
Wdj[h_eh
l[djh_YkbWh
ioij[c
9$

c_Yheikh]_YWb
j[Y^d_gk[i"
C$
=Wp_
OWiWh]_b"
=Wbb_d]^Wc
I[a^Wh"
EiiWcW
7b#C[\jo"
CWZ`_Z
IWc__
WdZ
@_he
Ikpka_
WffheWY^[Z
iakbb
XWi[
c[d_d][ecWi"
YhWd_ef^Whod]_ecWi"
j^_hZ
l[djh_Yb[
jkcehi
WdZ
Wd[khoici
\hec
j^_i
Wdj[h_eh
Z_h[Yj_ed
QOWiWh]_b
'/.&"
I[a^Wh
é
7b#C[\jo
'/.+"
IWc__
'/.'"
Ikpka_
'/.'S$
?j
YWd
X[
i[[d
j^Wj
Zkh_d]
j^[
bWij
Z[YWZ[i
cWdo
Z_\\[h[dj
_dj[h# ^[c_if^[h_Y
WffheWY^[i
je
j^[
c_Zb_d[
h[]_ed
^Wl[
X[[d
Z[iYh_X[Z$
>em[l[h"
_d
^_i
Óhij
[nf[h_[dY[i"
MWbj[h
:WdZo
Wbh[WZo
h[Wb_p[Z
j^[
_cfehjWdY[
e\
j^[
hekj[
e\
j^[
c_Zb_d[
Yehh_Zeh0
j^[
ki[
e\
j^[
a[o# ^eb[
YedY[fj
_d
_dj[h^[c_if^[h_Y
WffheWY^[i$

<_]$
-$&$,
Jdd_iÊ
\hedjWb
_dj[h^[c_if^[h_Y
WffheWY^
\eh
Wd
Wd[khoic
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
YWki# _d]
ikXWhWY^de_Z
^[cehh^W]["
h[fehj[Z
_d
'/),$
J^[
Wdj[# h_eh
fWhj
e\
j^[
Yehfki
YWbbeikc
mWi
Z_l_Z[Z
je
]W_d
[nfeikh[
ki_d]
W
kd_bWj[hWb
\hedjWb
YhWd_ejeco$

?d
j^[
\ebbem_d]"
j^[
[ii[dY[
e\
j^[
a[o^eb[
YedY[fj
_d
d[kheikh# ][ho
_i
Z_iYkii[Z
_d
Z[jW_b
ki_d]
j^[
Wdj[h_eh
WdZ
feij[h_eh
_dj[h# ^[c_if^[h_Y
WffheWY^[i$

(()

?dj[h^[c_if^[h_Y
WffheWY^

Ki[
e\
j^[
a[o^eb[
YedY[fj
_d
j^[
_dj[h^[c_if^[h_Y
WffheWY^[i
WdZ
][d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[
c_ZZb[
Yehh_Zeh ?d
'/**"
:WdZo
h[fehj[Z
ed
W
ikYY[ii\kb
ikh]_YWb
[nfeikh[
e\
W
hkf# jkh[Z
Wd[khoic
e\
j^[
79e7"
YWki_d]
i[l[h[
_djhWl[djh_YkbWh
Xb[[Z# _d]
Q:WdZo
'/**S$
>[
WffheWY^[Z
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
l_W
W
feij[h_eh
_dj[h^[c_if^[h_Y
[nfeikh[
WdZ
Z_W]dei[Z
j^[
hkfjkh[Z
Wd[khoic
m_j^ekj
ki_d]
Wd
ef[hWj_d]
c_YheiYef[$
?j
mWi
feii_Xb[
X[YWki[
j^[
_dj[h^[c_if^[h_Y
Óiikh[
Wbbem[Z
Wd
el[hl_[m
e\
j^[
[dj_h[
Yehfki
YWbbeikc
WdZ
j^_hZ
l[djh_Yb[1
W
ikh]_YWb
Z_ii[Yj_ed
ki_d]
j^[
_Z[W
e\
j^[
a[o^eb[
YedY[fj
<_]$
-$&$-$


<_]$
-$&$-
Ki[
e\
j^[
a[o^eb[
YedY[fj
_d
_dj[h^[c_if^[h_Y
WffheWY^[i$
=[d[hWbbo"
b[i_edi
e\
j^[
Yehfki
YWbbeikc"
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[i"
j^[
f_d[Wb
h[]_ed
WdZ
j^[
c_Z# b_d[
iakbb
XWi[
Wh[
Z[[f#i[Wj[Z$
J^[
iY^[cWj_Y
ZhWm_d]
e\
j^[
c_Zb_d[
ijhkYjkh[i
Z[cedijhWj[i
j^Wj
W
b_c_j[Z
[nfe# ikh[
YWd
X[
ik\ÓY_[dj
je
l_ikWb_p[
j^[
Z[[f#i[Wj[Z
Wh[Wi
ki_d]
j^[
WdWjec_YWb
Yehh_Zeh
e\
j^[
_dj[h^[c_if^[h_Y

Óiikh[$


?d
_dj[h^[c_if^[h_Y
WffheWY^[i"
j^[
cW`eh
jefe]hWf^_Y
[b[c[dji
e\
j^[
c_Zb_d[
Yehh_Zeh
h[gk_h[
_Z[dj_ÓYWj_ed
WdZ
Yedi_Z[hWj_ed"
_dYbkZ_d]
j^[
ikf[h_eh
WdZ
_d\[h_eh
iW]_jjWb
i_dki"
fWhWiW]_jjWb
l[_di"
Yehfki
YWbbeikc"
f[h_YWbbeiWb
Whj[h_[i"
\ehd_n"
i[fjkc
f[bbk# Y_Zkc"
Y_ij[hdW
l[b_
_dj[hfei_j__
m_j^
j^[
_dj[hdWb
Y[h[XhWb
l[_di"
bWj# [hWb
WdZ
j^_hZ
l[djh_Yb[i"
WdZ
j^[
Wdj[heikf[h_eh
fWhj
e\
j^[
ikfhW# i[bbWh
Wh[W$
J^[h[
_i
W]h[[c[dj
Wced]
ikh][edi
j^Wj
fh[i[hlWj_ed
e\
j^[
iW]# _jjWb
i_dki
WdZ
j^[_h
l[deki
jh_XkjWh_[i
_i
Wd
_cfehjWdj
]eWb"
Yh[Wj# _d]
Wd
_dj[h^[c_if^[h_Y
[nfeikh[$
?d
fWhj_YkbWh"
j^[
YecX_dWj_ed
e\
XhW_d
h[jhWYj_ed
WdZ
l[deki
eYYbki_ed
cWo
h[ikbj
_d
[nj[dZ[Z


((*

?dj[h^[c_if^[h_Y
WffheWY^

l[deki
_d\WhYj_ed
m_j^
feijef[hWj_l[
d[khebe]_YWb
Z[j[h_ehWj_ed$
?\
W
Xh_Z]_d]
l[_d
_i
_d`kh[Z
WdZ
ckij
X[
iWYh_Ó[Z"
j^[
\ebbem_d]
fh_dY_fb[
i^ekbZ
X[
Yedi_Z[h[Z0
Y[h[XhWb
l[_di
Wh[
XWi_YWbbo
WdWi# jecej_Y
l[ii[bi
m_j^ekj
lWbl[i"
j^[h[\eh[
je
fh[i[hl[
j^[
WdWije# cej_Y
fe_dji"
j^[
l[_di
YWd
X[
eYYbkZ[Z$
>em[l[h"
W\j[h
eYYbki_ed
e\
j^[
Xh_Z]_d]
l[_d"
j^[
ki[
e\
W
h[jhWYjeh
YWd
YWki[
i[l[h[
Yec# fh[ii_ed
e\
j^_i
l[deki
WdWijecei_i
m_j^
ikXi[gk[dj
_d\WhYj_ed
e\
j^[
ikhhekdZ_d]
Wh[W$
<eh
j^_i
h[Wied"
Y[h[XhWb
h[jhWYj_ed
ckij
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc"
WYYehZ_d]
je
W
b_c_j[Z
WdZ
m[bb#fbWdd[Z
YhWd_ejeco$
Dej[
j^Wj
edbo
Wd
Wffhefh_Wj[
fbWY[# c[dj
e\
W
b_c_j[Z
Xed[
ÔWf
WYYehZ_d]
je
fh[ef[hWj_l[
l_ikWb_pW# j_ed
e\
j^[
l[deki
WdWjeco"
YecX_d[Z
m_j^
YWh[\kb
Z_ii[Yj_ed
WdZ
b_c_j[Z
XhW_d
h[jhWYj_ed
YWd
[\\[Yj_l[bo
c_d_c_p[
ikh]_YWb
ZWcW][$
7

8

<_]$
-$&$.
?fi_bWj[hWb
_dl[ij_]Wj_ed
e\
j^[
bWj[hWb
l[djh_Yb[
\eh
c[Z_Wbbo
beYWj[Z
b[i_edi
7$
M_j^
j^[
^[bf
e\
[b[]Wdj
hejWj_ed
e\
j^[
^[WZ
Zkh_d]
fei_j_ed_d]
e\
j^[
fWj_[dj"
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
XhW_d
ef[di
j^[
_dj[h# ^[c_if^[h_Y
Óiikh[
Wbbem_d]
WjhWkcWj_Y
ikh]_YWb
Z_ii[Y# j_ed
m_j^ekj
ki_d]
W
XhW_d
ifWjkbW
8$

7

8

<_]$
-$&$/
IY^[cWj_Y
ZhWm_d]
e\
j^[
YedjhWbWj[hWb
_dj[h# ^[c_if^[h_Y
WffheWY^
\eh
bWj[hWbbo
i_jkWj[Z
_djhWl[d# jh_YkbWh
b[i_edi
7$
Ki_d]
j^[
YedjhWbWj[hWb
j[Y^d_gk["
_djhWef[hWj_l[
jhWkcWj_pWj_ed
e\
j^[
i_Z[
e\
j^[
b[i_ed
YWd
X[
[\\[Yj_l[bo
c_d_c_p[Z
_d
ehZ[h
dej
je
`[efWhZ_p[
j^[
\hedjWb
eh
fWh_[jWb
beX[$
J^_i
_i
_cfehjWdj
[if[Y_Wbbo
\eh
Zec_dWdj
i_Z[Z
b[i_edi$
Dej[
j^[
fei_j_ed
e\
j^[
\Wbn
Yel[h# _d]
WdZ
fhej[Yj_d]
j^[
^[c_if^[h[
\hec
Z_h[Yj
ifWjkbW
fh[iikh[$
Ki_d]
WZ[gkWj[
fei_j_ed_d]"
hek]^
XhW_d
h[jhWY# j_ed
YWd
X[
Wle_Z[Z
ed
Xej^
i_Z[i0
j^[
_fi_bWj[hWb
^[c_# if^[h[
Z[ÔWj[i
m_j^ekj
ki_d]
W
h[jhWYjeh
WYYehZ_d]
je
j^[
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed1
j^[
YedjhWbWj[hWb
^[c_# if^[h[
_i
h[jhWYj[Z
\ehY[\kbbo1
^em[l[h"
fhej[Yj[Z
Xo
j^[
\Wbn
Y[h[Xh_
8$

7\j[h
YWh[\kb
XhW_d
h[jhWYj_ed
WdZ
Z_ii[Yj_ed
e\
j^[
f[h_YWbbeiWb
Whj[h_[i"
m^_Y^
cWo
iec[j_c[i
X[
^_ZZ[d
_d
j^[
ikbYki
e\
j^[
Yehfki
YWbbeikc
eh
cWo
Yheii
j^[
c_Zb_d["
lWh_eki
ceZ[i
e\
[djho
_dje
j^[
l[djh_YkbWh
ioij[c
Wh[
feii_Xb[$
>em[l[h"
_j
_i
_cfehjWdj
je
dej[
j^[
feii_Xb[
i[l[h[
d[khe#f^oi_ebe]_YWb
Yedi[gk[dY[i
e\
Wd
ef[hWj_l[
Yecc_iikhWb
i[Yj_ed
Wi
Z[iYh_X[Z
_d
dkc[heki
fkX# b_YWj_edi
Q7fkppe
'/.,S$
7d
WYkj[
iodZhec[
\ebbem_d]
i[Yj_ed_d]
e\
j^[
Wdj[h_eh
fehj_ed
e\
j^[
Yehfki
YWbbeikc
YWd
X[
Y^WhWYj[h# _p[Z
Xo
W
Z[Yh[Wi[
_d
j^[
ifedjWd[_jo
e\
if[[Y^
hWd]_d]
\hec
W
c_bZ
ibemd[ii
_d
_d_j_Wj_d]
if[[Y^
je
\hWda
ckj_ic$
:_l_i_ed
e\
j^[
feij[h_eh
Yehfki
YWbbeikc
WdZ
ifb[d_kc
cWo
YWki[
W
XheWZ
hWd][
e\
X[^Wl_ehWb
WXdehcWb_j_[i$
<eh
j^_i
h[Wied"
Yecc_iikhWb
i[Yj_ed
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc$ B[i_edi
e\
j^[
bWj[hWb
l[djh_Yb[
beYWj[Z
c[Z_Wbbo
m_j^_d
j^[
l[d# jh_YkbWh
Y^WcX[h
YWd
X[
efj_cWbbo
[nfei[Z
j^hek]^
Wd
_fi_bWj[hWb
_dj[h^[c_if^[h_Y
WffheWY^$
Ki_d]
j^[
_fi_bWj[hWb
Z_ii[Yj_ed"
j^[
^[c_if^[h[
YWd
X[
][djbo
ceX_b_p[Z
WdZ
h[jhWYj[Z
WmWo
\hec
j^[
\Wbn$
Efj_cWb
fei_j_ed_d]
e\
j^[
^[WZ
[dWXb[i
dedjhWkcWj_Y
[nfeikh[
e\
j^[
bWj[hWb
l[djh_Yb[
W\j[h
b_c_j[Z
YWbbeiejeco$
Dej[
j^Wj
h[jhWYj_ed
e\
j^[
XhW_d
j_iik[
YWd
X[
[\\[Yj_l[bo
c_d_c_p[Z0
m_j^
WZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj
j^[
]hWl_jo#h[bWj[Z
i[b\# h[jhWYj_ed
e\
j^[
XhW_d
ef[di
j^[
_dj[h^[c_if^[h_Y
hekj[
m_j^ekj
hek]^
h[jhWYj_ed
e\
j^[
Y[h[XhWb
j_iik[
<_]$
-$&$.$
B[i_edi
beYWj[Z
bWj[hWbbo
_d
eh
WZ`WY[dj
je
j^[
bWj[hWb
l[djh_Yb["
[if[Y_Wbbo
m_j^_d
j^[
Zec_dWdj
^[c_if^[h_Y
i_Z["
i^ekbZ
X[
[nfei[Z
l_W
W
YedjhWbWj[hWb
jhWdiYWbbeiWb
WffheWY^$
H[jhWYj_d]
j^[
\Wbn
WdZ
j^[
effei_j[
Y_d# ]kbWj[
]ohki"
j^[
YedjhWbWj[hWbbo
i_jkWj[Z
b[i_ed
YWd
X[
[\\[Yj_l[bo
WffheWY^[Z
<_]$-$&$/$

((+

?dj[h^[c_if^[h_Y
WffheWY^

<_]$
-$&$'&
?dj[h\ehd_YWb
_dl[ij_]Wj_ed
e\
j^[
j^_hZ
l[djh_Yb[
ki_d]
j^[
_dj[h# ^[c_if^[h_Y
WffheWY^$
7\j[h
Z_l_Z_d]
j^[
\ehd_YWb
Yecc_iikh["
j^[
j^_hZ
l[djh_Yb[
_i
[dj[h[Z
j^hek]^
j^[
l[bkc
_dj[hfei_jkc
WdZ
_ji
Y^ehe_ZWb
hee\$
J^_i
WffheWY^
Wbbemi
m_Z[
[nfeikh[
e\
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h1
^em[l[h"
Yedjki_edi
e\
Xej^
\ehd_Y[i
cWo
h[ikbj
_d
i[l[h[
feijef[hWj_l[
c[ceho
beii$

7

<_]$
-$&$''
Ki_d]
j^[
ikXY^ehe_ZWb
eh
jhWdiY^ehe_ZWb
[nfeikh["
j^[
\ehd_n
cWo
X[
][djbo
ceX_b_p[Z
kdZ[h
fhe# j[Yj_ed
e\
j^[
Yel[h_d]
Y^ehe_ZWb
j_iik[$
J^[
j^_hZ
l[djh_Yb[
YWd
Wbie
X[
m_Z[bo
[nfei[Z
m_j^ekj
jhWdi\ehd_YWb
Z_ii[Yj_ed$

8

<_]$
-$&$'(
Ki_d]
j^[
jhWdiYWbbeiWb
jhWdi\ehWc_dWb
[nfeikh[
e\
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h"
j^[
ikh][ed
]W_di
Wd
el[hl_[m
_dje
j^[
j^_hZ
l[djh_Yb[
j^hek]^
j^[

\ehWc[d
e\
Cedhe1
^em[l[h"
edbo
W\j[h
][djb[
h[jhWYj_ed
e\
j^[
\ehd_n
7$
?d
Yec# fWh_ied"
ki_d]
j^[
jhWdiYehj_YWb
hekj["
ed[
_i
WXb[
je
_dl[ij_]Wj[
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h
m_j^ekj
jekY^_d]
j^[
\ehd_YWb
ijhkYjkh[i$
J^[
jhWdiYehj_YWb
hekj[
i^ekbZ
X[
ki[Z
[if[Y_Wbbo
_d
j^[
YWi[
e\
^oZheY[f^Wb_Y
YedÓ]khWj_ed
e\
j^[
l[djh_Yb[i
8$

((,

?dj[h^[c_if^[h_Y
WffheWY^

7

8

<_]$
-$&$')
Ki_d]
W
jhWdi\ehWc_dWb
WffheWY^"
efj_ckc
fbWY[c[dj
e\
j^[
YhWd_ejeco
_i
[ii[dj_Wb
je
Wle_Z
\ehd_YWb
Yedjki_ed$
M_j^
]eeZ
fh[ef[hWj_l[
fbWdd_d]"
j^[
_dZ_l_Z# kWb
WdWjeco
e\
j^[
\ehWc[d
e\
Cedhe
WdZ
j^[
i_p[
WdZ
i_j[
e\
j^[
_dj[hj^WbWc_Y
WZ^[i_ed
i^ekbZ
X[
Z[j[hc_d[Z
YecfWh[Z
je
j^[
jWh][j
fe_dj$
B[i_edi
e\
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
WdZ
j^[
XWi_bWh
j_f
i^ekbZ
X[
WffheWY^[Z
j^hek]^
W
feij[h_ehbo
fbWY[Z
YhWd_ejeco
7$
J^[
feij[h_eh
Y^WcX[h
e\
j^[
j^_hZ
l[djh_Yb[
YWd
X[
efj_cWbbo
[nfei[Z
j^hek]^

Wd
Wdj[h_ehbo
fbWY[Z
WffheWY^
8$

7ffheWY^_d]
j^[
j^_hZ
l[djh_Yb[
ki_d]
W
jhWdiYWbbeiWb
hekj["
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h
YWd
X[
WffheWY^[Z
l_W
Wd
_dj[h\ehd_YWb"
ikXY^ehe_ZWb"
jhWdiY^ehe_ZWb
eh
jhWdi\ehWc_dWb
fWj^$
Ki_d]
j^[
_dj[h\ehd_YWb
[nfeikh["
cWd_fkbWj_ed
e\
j^[
\ehd_n
ckij
WbmWoi
X[
_dYbkZ[Z1
Zk[
je
_dY_i_ed
e\
j^[
\ehd_YWb
hWf^[
WdZ
Yedjki_ed
e\
Xej^
\ehd_Y[i"
f[hi_ij[dj
c[ceho
beii
cWo
h[ikbj
<_]$
-$&$'&$

?d
YedjhWij
je
X_bWj[hWb
\ehd_YWb
Z_ii[Yj_ed"
kd_bWj[hWb
ZWcW][

i[[ci
je
h[ikbj
_d
c_deh
Z[ÓY_ji"
[if[Y_Wbbo
ed
j^[
dedZec_dWdj
i_Z[$
J^[h[\eh["
_d
ehZ[h
je
c_d_c_p[
j^[
h_ia
e\
Wcd[i_W"
j^[
ikX# Y^ehe_ZWb
eh
jhWdiY^ehe_ZWb
WffheWY^
i^ekbZ
X[
h[Yecc[dZ[Z

\eh
[nfeikh[
e\
j^[
j^_hZ
l[djh_Yb[
<_]$
-$&$''$
J^[i[
[nfeikh[i
e\j[d
h[gk_h[
edbo
c_deh
ceX_b_pWj_ed
e\
j^[
\ehd_YWb
[b[c[dji
_d

WZZ_j_ed
je
j^[
Z_ifbWY[c[dj
fheZkY[Z
Xo
j^[
j^_hZ
l[djh_YkbWh
cWii
b[i_ed
_ji[b\$
J^[
jhWdi\ehWc_dWb
WffheWY^
cWo
X[
X[jj[h
Yec# fWh[Z
m_j^
j^[
ej^[h
f[h_\ehd_YWb
hekj[i
_d
j^[
YWi[
e\
[dbWh][Z
l[djh_Yb[i
Zk[
je
Y^hed_Y
^oZheY[f^Wbki
<_]$
-$&$'($
Dej[
j^Wj
ki_d]
j^_i
jhWdi\ehWc_dWb
WffheWY^"
fh[ef[hWj_l[
fbWdd_d]
e\
j^[
fbWY[c[dj
e\
j^[
YhWd_ejeco
_i
[ii[dj_Wb
je
Wle_Z
Yedjki_ed
e\
j^[
\ehd_n
<_]$
-$&$')$ >em[l[h"
Wi
c[dj_ed[Z
WXel[
_d
j^[
^_ijeh_YWb
el[hl_[m"
ki_d]
j^[
_dj[h^[c_if^[h_Y
hekj[
dej
edbo
j^[
l[djh_YkbWh
Y^WcX[h
Xkj
ej^[h
l[ho
Z_\\[h[dj
_djhWYhWd_Wb
h[]_edi
YWd
X[
[\\[Yj_l[bo
WffheWY^[Z
JWXb[
-$&$'$
9ecfWh[Z
m_j^
j^[
Wdj[h_eh
ikf[h_eh
jhWdiYWbbeiWb
_dj[h^[c_if^[h_Y
WffheWY^
\eh
_djhWl[djh_YkbWh
[nfeikh["
j^[
Wdj[# h_eh
_d\[h_eh
ikXYWbbeiWb
_dj[h^[c_if^[h_Y
[nfeikh[
e\\[hi
WZ[gkWj[
l_ikWb_pWj_ed
e\
j^[
Wdj[h_eh
iakbb
XWi[$
?d
WZZ_j_ed"
j^[
Wdj[h_eh
fWhj
e\
j^[
j^_hZ
l[djh_Yb[
YWd
X[
m[bb
WffheWY^[Z"
Z_ii[Yj_d]
j^hek]^
j^[
bWc_dW
j[hc_dWb_i$
8o
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^"
b[i_edi
e\
j^[
feij[h_eh
j^_hZ
l[djh_Yb[
WdZ
j^[
f_d[Wb
h[]_ed
YWd
X[
m[bb
[nfei[Z$ E\
Yekhi["
WYYehZ_d]
je
j^[
_dZ_l_ZkWb
fWj^eWdWjec_YWb
i_jkWj_ed"
j^[
WXel[#c[dj_ed[Z
jWh][j
h[]_edi
YWd
X[
Wbie
[nfei[Z
ki_d]
Wbj[hdWj_l[
WffheWY^[i$
7d
Wbj[hdWj_l[
WffheWY^
je
j^[
Wdj[h_eh
ikf[h_eh
jhWdiYWbbeiWb
[nfeikh[
\eh
_djhWl[djh_YkbWh
b[i_edi
YWd
X[
j^[
\hedjWb
jhWdiYehj_YWb
WffheWY^"
Wi
Z[iYh_X[Z
_d
Y^Wfj[h
.$
B[i_edi
e\
j^[
Wdj[h_eh
iakbb
XWi[
WdZ
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
YWd
Wbie
X[
[nfei[Z
l_W
j^[
ikX\hedjWb
ikfhWehX_jWb
WffheWY^"
Z[iYh_X[Z
_d
Y^Wfj[h
($
?dij[WZ
e\
j^[
feij[h_eh
ikXYWbbeiWb
_dj[h# ^[c_if^[h_Y
[nfeikh["
j^[
ikfhWY[h[X[bbWh
_d\hWj[djeh_Wb
hekj[
YWd
X[
f[h\ehc[Z
\eh
WffheWY^_d]
j^[
f_d[Wb
h[]_ed
WdZ
j^[
feij[h_eh
j^_hZ
l[djh_Yb["
Wi
Z_iYkii[Z
_d
Y^Wfj[h
,$

((-

?dj[h^[c_if^[h_Y
WffheWY^

?d
j^[
\ebbem_d]"
j^[
XWi_Y
ikh]_YWb
j[Y^d_gk[
e\
j^[
_dj[h^[c_# if^[h_Y
WdZ
jhWdiYWbbeiWb
WffheWY^[i
Wh[
Z_iYkii[Z
[nfei_d]
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[i
JWXb[
-$&$($
J^[
Wdj[h_eh
\hedjWb
ikX# YWbbeiWb
WdZ
j^[
feij[h_eh
eYY_f_jWb
ikXYWbbeiWb
_dj[h^[c_if^[h_Y
WffheWY^[i
Wh[
Z[iYh_X[Z
Wi
lWh_Wj_edi
e\
j^[
cW_d
[nfeikh[$


_dj[h\ehd_YWb jhWdi\ehWc_dWb ikXY^ehe_ZWb

j^_hZ
l[djh_Yb[ jhWdi#bWc_dW#j[hc_dWb_i

j^_hZ
l[djh_Yb[

iakbb
XWi[

bWj[hWb
l[djh_Yb[

Wdj[h_eh
ikXYWbbeiWb

Wdj[h_eh
jhWdiYWbbeiWb

Wdj[h_eh _dj[h^[c_if^[h_Y feij[h_eh

feij[h_eh
ikXYWbbeiWb

feij[h_eh
jhWdiYWbbeiWb

f_d[Wb
h[]_ed

bWj[hWb
l[djh_Yb[

l[bkc
_dj[hfei_jkc

j^_hZ
l[djh_Yb[ ikXY^ehe_ZWb

JWXb[
-$&$'
:_\\[h[dj
lWh_Wdji
e\
_dj[h^[c_if^[h_Y
[nfeikh[i$

?fi_bWj[hWb

C_Zb_d[

9edjhWbWj[hWb

C[Z_Wb
fWhj
e\
j^[
\hedjWb
beX[ ?fi_bWj[hWb
Y_d]kbWj[
]ohki
Ikf[h_eh
iW]_jjWb
i_dki 7dj[h_eh
Y[h[XhWb
\Wbn :_ijWb
7)"
7*
i[]c[dji
e\
j^[
797 7dj[h_eh
Yehfki
YWbbeikc
L[bkc
_dj[hfei_jkc
J^_hZ
l[djh_Yb[ ?dj[hf[ZkdYkbWh
\eiiW J_f
e\
j^[
87"
_dYb$
f[h\ehWjehi

Effei_j[

Y_d]kbWj[
]ohki BWj[hWb
Wif[Yj
e\

j^[
YedjhWbWj[hWb

l[djh_Yb[

JWXb[
-$&$(
7dWjec_YWb
ijhkYjkh[i
m^_Y^
YWd
X[
WffheWY^[Z
j^hek]^
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
fheY[Zkh[$


((.

?dj[h^[c_if^[h_Y
WffheWY^

Ikh]_YWb
j[Y^d_gk[


<_]$
-$&$'*

'$
FWj_[dj
fei_j_ed_d]
M_j^
j^[
fWj_[dj
_d
W
ikf_d[
fei_j_ed"
j^[
feij_j_ed
e\
j^[
^[WZ
i^ekbZ
Wbbem
W
ikh]_YWb
Z_ii[Yj_ed
d[Wh
je
j^[
f[hf[dZ_YkbWh
fbWd[$
J^_i
fhel_Z[i
Wd
[\ÓY_[dj
ikh]_YWb
Z_ii[Yj_ed
WdZ
Wle_Zi
Wd
kdYed# jhebb[Z
beii
e\
9I<"
m^_Y^
_i
Wd
_cfehjWdj
Yecfb_YWj_d]
\WYjeh
_d
Wbb
_djhWl[djh_YkbWh
fheY[Zkh[i$
J^[
^[WZ
_i
Ón[Z
ki_d]
W
CWoÓ[bZ
^ebZ[h
m_j^
j^[
i_d]b[
f_d
e\
j^[
^[WZ
ÓnWjeh
fbWY[Z
ed
j^[
effe# i_j[
i_Z[
je
Wbbem
\h[[
ikh]_YWb
cWd_fkbWj_ed$
Ij[f
'
7i
W
Óhij
ij[f"
j^[
^[WZ
e\
j^[
fWj_[dj
WdZ
j^[
ef[hWj_d]
jWXb[
Wh[
[b[lWj[Z
Wffhen_cWj[bo
'+–"
je
fhel_Z[
ik\ÓY_[dj
l[deki
ZhW_dW][
<_]$
-$&$'*$

<_]$
-$&$'+

<_]$
-$&$',

Ij[f
( J^[h[W\j[h"
j^[
^[WZ
_i
YWh[\kbo
Wdj[heÔ[Yj[Z
m_j^ekj
Yecfh[ii_ed
e\
j^[
bWhodn
WdZ
j^[
l[dj_bWj_ed
jkX[$
M_j^
W
Ô[n_ed
e\
YW$
'+–
je
*+–"
j^[
YhWd_ejeco
i_j[
_i
ed
j^[
kff[h
fWhj
e\
j^[
fei_j_ed[Z
^[WZ"
Wle_Z_d]
W
bWh][
beii
e\
9I<
<_]$
-$&$'+$
Ij[fi
)
Å
* <_dWbbo"
j^[
^[WZ
_i
hejWj[Z
YW$
'&–
je
)&–
<_]$
-$&$',
WdZ
bWj[he# Ô[Yj[Z
je
j^[
i_Z[
e\
j^[
YhWd_ejeco
<_]$
-$&$'-$
J^_i
cWd[klh[
e\
bWj[heÔ[n_ed
WdZ
hejWj_ed
YWki[i
W
i_]d_ÓYWdj
h[bWnWj_ed
e\
j^[
\hedjWb
beX[
WmWo
\hec
j^[
\Wbn
Y[h[Xh_"
Wbbem_d]
W
c_d_ckc
eh
[l[d
WXi[dj
h[jhWYj_ed
e\
j^[
Y[h[XhWb
^[c_if^[h[
WdZ
h[ikbj_d]
_d
Wd
efj_cWb
WYY[ii
je
j^[
b[i_ed$
7ffheWY^_d]
j^[
_fi_bWj[hWb
i_Z["
W
bWj[heÔ[n_ed
e\
YW$
)&–
WdZ
hejWj_ed
e\
'&–
_i
d[Y[iiWho"
m^[h[Wi
[nfeikh[
e\
j^[
effei_j[
i_Z[
h[gk_h[i
W
bWj[heÔ[n_ed
e\
YW$
'&–
WdZ
hejWj_ed
e\
'&–
je
fhel_Z[
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
\eh
j^[

ikh][ed$


<_]$
-$&$'-

((/

?dj[h^[c_if^[h_Y
WffheWY^

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
Wd
efj_cWb
ia_d
_dY_i_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
eii[eki
iakbb
ikY^
Wi
j^[
YehedWho
WdZ
iW]_jjWb
ikjkh[i
Wh[
fh[Y_i[bo
Z[Ód[Z
<_]$
-$&$'/$ 7\j[h
j^_i
XWi_Y
eh_[djWj_ed"
j^[
fbWY[c[dj
e\
j^[
YhWd_ejeco
_i
[nWYjbo
Z[Ód[Z
WYYehZ_d]
je
j^[
jWh][j
Wh[W$
Dej[
j^Wj
j^[
Xeh# Z[hi
e\
j^[
jh[f^_dWj_ed
i^ekbZ
Yheii
j^[
c_Zb_d[
je
]W_d
Yedjheb
e\
j^[
i_dki
iW]_jjWb_i
ikf[h_eh$
7\j[h
Z[Ód_j_ed
e\
j^[
YhWd_ejeco"
j^[
_dZ_l_ZkWb
efj_ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z
m_j^
W
f[d$
J^[
ijhW_]^j
iW]_jjWb
ia_d
_dY_i_ed
_i
fbWY[Z
_d
j^[
fh[YehedWho
h[]_ed"
`kij
X[^_dZ
j^[
\hedjWb
^W_hb_d[
<_]$
-$&$'.$
7\j[h
c_d_cWb
eh
[l[d
WXi[dj
i^Wl_d]
e\
j^[
^W_h"
j^[
ia_d
_i
YWh[\kbbo
Z_i_d\[Yj[Z
m_j^
WbYe^eb
iebkj_ed$
?d
XWbZ
fWj_[dji
eh
_d
if[Y_Wb
i_jkWj_edi"
j^[
ia_d
_dY_i_ed
WdZ
j^[
YhWd_ejeco
cWo
X[
fbWY[Z
Wdj[h_eh
je
j^[
_cW]_dWho
^W_hb_d[$
<eh
j^_i
fkhfei["
mh_dab[i
_d
j^[
ia_d
cWo
X[
Y^ei[d
\eh
j^[
_dY_i_ed"
j^[
_dY_i_ed
Wdj[h_eh
j^[
^W_hb_d[
i^ekbZ
X[
jhWdil[hi["
WYYehZ_d]
je
j^[
fhec_d[dj
mh_dab[i$


<_]$
-$&$'.
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WYYehZ# _d]
je
j^[
WdWjec_YWb
bWdZcWhai
e\
j^[
\hedjWb
h[]_ed$
J^[
fWhWc[Z_Wd
fbWY[Z
YhWd_ejeco
Wbbemi
iW\[
Yedjheb
e\
j^[
c_Zb_d[
WdZ
e\\[hi
WZ[gkWj[
_dj[h^[c_if^[h_Y
Z_ii[Yj_ed$

()&

?dj[h^[c_if^[h_Y
WffheWY^

)$
9hWd_ejeco Ij[f
'
H_]^j
i_Z[$
7\j[h
c_d_cWb
eh
[l[d
WXi[dj
i^Wl# _d]
e\
j^[
^W_h"
W
YW$
+
Yc
bed]
ijhW_]^j
ia_d
_dY_i_ed
_i
f[h\ehc[Z
YW$
'$+
Yc
fWhWc[Z_Wd
\hec
j^[
YWh[\kbbo
Z[Ód[Z
c_Zb_d[
<_]$
-$&$'/$


<_]$
-$&$'/

Ij[f
( 7\j[h
ceX_b_pWj_ed
e\
j^[
ikXYkjWd[eki
j_iik["
j^[
]Wb[W
Wfed[khej_YW
WdZ
j^[
f[h_eij[Wb
bWo[h
Wh[
_dY_i[Z
_d
W
Ykhl[Z
\Wi^_ed
WdZ
h[jhWYj[Z
jemWhZ
j^[
c_Zb_d[$
?\
d[Y[iiWho"
j^_i
j_iik[
YWd
X[
ki[Z
bWj[h
\eh
W
mWj[hj_]^j
Ybe# ikh[
e\
j^[
ZkhW
cWj[h
<_]$
-$&$(&$


<_]$
-$&$(&

Ij[f
)
M_j^
W
YhWd_ejec["
jme
Xkhh
^eb[i
Wh[
f[h# \ehc[Z
WYYehZ_d]
je
j^[
c_Zb_d["
`kij
WXel[
j^[
III$
J^[
cW_d
ZWd][h
e\
Wdo
c_Zb_d[
YhW# d_ejeco
_i
j^[
j[Wh_d]
e\
j^[
III1
^em[l[h"
Xo
j^_i
j[Y^d_gk[
_d`kho
je
j^[
i_dki
YWd
X[
[\\[Y# j_l[bo
Wle_Z[Z$
J^[
Óhij
Xkhh
^eb[
jh[f^_dW# j_ed
i^ekbZ
X[
fbWY[Z
\hedjWbbo
Wj
j^[
Wdj[h_eh# c[Z_Wb
Yehd[h"
j^[
i[YedZ
Xkhh
^eb[
fWh_[jWbbo
Wj
j^[
feij[h_eh#c[Z_Wb
Yehd[h
e\
j^[
fbWdd[Z
YhWd_ejeco$
J^[
Wh]kc[dj
\eh
j^_i
\ehc
e\
YhW# d_ejeco
_i
j^Wj
_j
Wff[Whi
je
X[
iW\[h
je
fbWY[
j^[
Xkhh
^eb[
jh[f^_dWj_ed
[nWYjbo
WXel[
j^[
III
WdZ
[nfei[
_j
el[h
_ji
\kbb
m_Zj^"
j^Wd
je
Yheii
_j
m_j^
j^[
YhWd_ejec["
eh
je
iWm
Xb_dZ
fWhWbb[b
je
j^[
i_dki
<_]$
-$&$('$


<_]$
-$&$('

()'

?dj[h^[c_if^[h_Y
WffheWY^

<_]$
-$&$((

Ij[f
*
7\j[h
ceX_b_pWj_ed
e\
j^[
ZkhW
cWj[h
m_j^
W
Xbkdj
Z_ii[Yjeh"
j^[
Xkhh
^eb[i
i^ekbZ
X[
[dbWh][Z
ki_d]
Ód[
A[hh_ied
hed][khi$
8o
h[celWb
e\
j^[
Xedo
[Z][i
e\
j^[
]heel[
e\
j^[
III"
j^[
bWj[hWb
XehZ[hi
e\
j^[
i_dki
YWd
X[
[\\[Yj_l[bo
Y^[Ya[Z
<_]$
-$&$(($


<_]$
-$&$()

Ij[f
+
Ki_d]
W
YhWd_ejec["
ed[
d[l[h
i^ekbZ
Ykj
_d
j^[
Z_h[Yj_ed
e\
j^[
III$
7YYehZ_d]
je
j^_i
fh_d# Y_fb["
W
Ykhl[Z
b_d[
_i
iWm[Z
\hec
j^[
\hedjWb
Xkhh
^eb[
ed
j^[
_fi_bWj[hWb
i_Z[$
J^_i
_fi_bWj[hWb
Ykj
_i
j^[d
Yecfb[j[Z
\hec
j^[
fWh_[jWb
Xkhh
^eb[
<_]$
-$&$()$


<_]$
-$&$(*

Ij[f
,
J^[h[W\j[h"
j^[
YhWd_ejec[
_i
ki[Z
ed
j^[
effei_j[
i_Z[
_d
W
i_c_bWh
mWo"
Yh[Wj_d]
W
fWhW# c[Z_Wd
YhWd_ejeco
m_j^
Wd
[\\[Yj_l[
Yedjheb
e\
j^[
III
<_]$
-$&$(*$


()(

?dj[h^[c_if^[h_Y
WffheWY^

Ij[f
-
7\j[h
h[celWb
e\
j^[
Xed[
ÔWf
m_j^
W
Z_Wc[j[h
e\
YW$
($&
je
)$&
Yc"
j^[
_dd[h
[Z][
e\
j^[
Xed[
i^ekbZ
X[
h[cel[Z
ki_d]
Ód[
fkdY^[i$
:k[
je
YWh[\kb
h[celWb
e\
j^[
jWXkbW
_dj[hdW
Wdj[h_# ehbo
WdZ
feij[h_ehbo"
j^[
Wd]b[
\eh
_djhWYhWd_Wb
l_ikWb_pWj_ed
YWd
i_]d_ÓYWdjbo
_dYh[Wi[$
?d
j^[
\khj^[h
Yekhi[
e\
j^[
ef[hWj_ed"
j^_i
jh_Ya
YWd
]h[Wjbo
\WY_b_jWj[
j^[
Wffb_YWj_ed
e\
Yedl[d# j_edWb
c_Yhe_dijhkc[dji
j^hek]^
j^[
b_c_j[Z
YhWd_ejeco
<_]$
-$&$(+$

<_]$
-$&$(+


Ij[f
.
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
i[c_Y_hYkbWh
\Wi^_ed
m_j^
j^[
XWi[
e\
j^[
ZkhWb
ÔWf
jemWhZ
j^[
III$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
m_j^
jme
ikjkh[i1
ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z$
EYYWi_edWb
_d`kh_[i
je
j^[
III
YWddej
X[
eYYbkZ[Z
m_j^
X_febWh
YeW]kbWj_ed
X[YWki[
i^h_da_d]
e\
j^[
ZkhWb
j_iik[
[dbWh][i
j^[
^eb[$
<eh
j^_i
h[Wied"
^[ceYb_fi
WdZ
YWh[\kbbo
fbWY[Z
ikjkh[i
YWd
X[
[\\[Yj_l[
<_]$
-$&$(,$


<_]$
-$&$(,

())

?dj[h^[c_if^[h_Y
WffheWY^

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
ki_d]
W
\ehcWbZ[^oZ[#
Ón[Z
^kcWd
if[Y_c[d$
7hj[h_Wb
l[ii[bi
Wh[
fh[fWh[Z
m_j^
W
h[Z
bWj[n
iebkj_ed$
7\j[h
ZkhWb
ef[d_d]"
j^[
ikf[h_eh
\hedjWb
]ohki
i^ekbZ
X[
YWh[\kbbo
Z_ii[Yj[Z
\hec
j^[
c_Zb_d[$
?\
fh[i[dj"
Xh_Z]_d]
l[_di
hkd
iec[
c_bb_c[j[hi
m_j^_d
j^[
Yedl[n_jo#ZkhW
eh
m_j^_d
j^[
\Wbn
X[\eh[
[dj[h_d]
j^[
III$
Ki_d]
c_Yhe_dijhkc[dji"
j^_i
fWhj
e\
j^[
l[_d
i^ekbZ
X[
Z_ii[Yj[Z
WmWo
\hec
j^[
ZkhW"
Wbbem_d]
[nfeikh[
e\
j^[
_dj[h^[c_# if^[h_Y
Óiikh[
<_]$
-$&$(-$

Xh_Z]_d]
l[_d
\hedjWb
beX[

<_]$
-$&$(-

<_]$
-$&$(.

Ij[f
(
?d
WZZ_j_ed"
j^[
ikf[hÓY_Wb
Xh_Z]_d]
l[_d
i^ekbZ
X[
YWh[\kbbo
Z_ii[Yj[Z
\hec
WhWY^de_ZWb
WZ^[i_edi"
]W_d_d]
ki[\kb
WZZ_j_edWb
ceX_b_pW# j_ed
e\
j^[
ikf[h_eh
\hedjWb
]ohki$
?\
j^[
l[_d
_i
_d`kh[Z
WdZ
ckij
X[
eYYbkZ[Z"
Y[h[XhWb
h[jhWY# j_ed
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
WXiebkj[
c_d_# ckc
Wle_Z_d]
Yecfh[ii_ed
e\
j^[
ikhhekdZ# _d]
l[deki
WdWijecei[i$
CeX_b_pWj_ed
e\
j^[
\hedjWb
beX[
YWd
X[
ikYY[ii\kbbo
ikffb[c[dj[Z
m_j^
W
Yehh[Yj
fei_j_ed_d]
e\
j^[
^[WZ
e\\[h_d]
[\\[Yj_l[
h[bWnWj_ed
e\
j^[
XhW_d"
m^_Y^
j^[d"
Zk[
je
]hWl_jo"
i_dai
ifedjWd[ekibo
WmWo
\hec
j^[
\Wbn
Y[h[Xh_
<_]$
-$&$(.$ Ij[f
)
7\j[h
ceX_b_pWj_ed
e\
j^[
\hedjWb
beX[
WdZ
j^[
\Wbn
Y[h[Xh_"
j^[
_dj[h^[c_if^[h_Y
Óiikh[
_i
YWh[\kbbo
WffheWY^[Z$
Dej[
j^[
YWbbeiecWh# ]_dWb
Whj[ho1
j^[
f[h_YWbbeiWb
Whj[ho
Wff[Whi
_d
j^[
XWYa]hekdZ
<_]$
-$&$(/$


YWbbeiecWh]_dWb
Whj[ho f[h_YWbbeiWb
Whj[ho

<_]$
-$&$(/

()*

?dj[h^[c_if^[h_Y
WffheWY^

Ij[f
*
M_j^
\khj^[h
Z_ii[Yj_ed
m_j^_d
j^[
_dj[h# ^[c_if^[h_Y
Óiikh["
j^[
Yehfki
YWbbeikc
_i
WffheWY^[Z$
J^[
Y_d]kbWj[Z
]ohki
_i
YWh[\kbbo
h[jhWYj[Z
ed
Xej^
i_Z[i$
Dej[
j^[
_dZki_kc
]h_i[kc
ed
j^[
ikh\WY[
e\
j^[
Yehfki
YWbbeikc
WdZ
j^[
ceX_b_p[Z
Whj[h_[i
<_]$
-$&$)&$

b[\j
f[h_YWbbeiWb
Whj[ho Yehfki
YWbbeikc h_]^j
f[h_YWbbeiWb

Whj[ho

<_]$
-$&$)&

Ij[f
+
7\j[h
b_c_j[Z
YWbbeiejeco"
j^[
Y^WcX[h
e\
j^[
h_]^j
bWj[hWb
l[djh_Yb[
_i
[dj[h[Z$
J^[
Y^e# he_Z
fb[nki
Z_iWff[Whi
m_j^_d
j^[
\ehWc[d
e\
Cedhe"
j^[
Wdj[h_eh
fWhj
e\
j^[
l[djh_Yb[
m_j^# ekj
fb[nki
Yehh[ifedZi
je
j^[
\hedjWb
^ehd
e\
j^[
bWj[hWb
l[djh_Yb[$
Dej[
j^[
\ehd_n"
j^[
^[WZ
e\
j^[
YWkZWj[
dkYb[ki
WdZ
j^[
bWc_dW
W\ÓnW
j^WbWc_$
8[YWki[
e\
j^[
_dj[h^[c_if^[h_Y
WffheWY^"
j^[
\ehWc[d
e\
Cedhe
Wff[Whi
_d
Wd
eXb_gk[
l_[m
\hec
WXel[
<_]$
-$&$)'$

\ehd_n Y^ehe_Z
fb[nki \ehWc[d
e\ Cedhe j^WbWcki ^[WZ
e\
j^[

YWkZWj[
dkYb[ki

<_]$
-$&$)'

Ij[f
,
<eYki_d]
Wdj[h_ehbo"
j^[
\ehWc[d
e\
Cedhe
WdZ
j^[
\hedjWb
^ehd
Wh[
[nfei[Z$
Dej[
j^[
\ehd_n1
j^[
Y^ehe_Z
fb[nki
Z_iWff[Whi
_dje
j^[
\ehW# c[d
e\
Cedhe
<_]$
-$&$)($ \ehWc[d
e\
Cedhe \ehd_n \hedjWb
^ehd

<_]$
-$&$)(

()+

?dj[h^[c_if^[h_Y
WffheWY^

Ij[f
;nfeikh[
e\
j^[
\ehWc[d
e\
Cedhe
WdZ
j^[

Y[bbW
c[Z_W
e\
j^[
bWj[hWb
l[djh_Yb[$
J^[
Y^ehe_Z
fb[nki
_i
][djbo
h[jhWYj[Z
m_j^
W
c_YheikYa[h
Wbbem_d]
l_ikWb_pWj_ed
e\
j^[
Y^ehe_ZWb
Óiikh[
X[jm[[d
\ehd_n
WdZ
j^WbWcki
<_]$
-$&$))$

Y^ehe_ZWb
Óiikh[
Y^ehe_Z
fb[nki j^WbWcki \ehWc[d
e\
Cedhe \ehd_n

<_]$
-$&$))

Ij[f
. J^[
Y^ehe_Z
fb[nki
_i
YWh[\kbbo
Z_ii[Yj[Z
\hec
j^[
j[d_W
j^WbWc_
Wbbem_d]
ikXY^ehe_ZWb
[nfe# ikh[
e\
j^[
j^_hZ
l[djh_Yb[$
Dej[
icWbb
f[h\e# hWjehi
e\
j^[
Y^ehe_ZWb
Whj[h_[i
ikffbo_d]
j^[
j^WbWcki
<_]$
-$&$)*$

j^_hZ
l[djh_Yb[ Y^ehe_Z
fb[nki j^WbWcki


<_]$
-$&$)*

Ij[f
/ J^[
Y^ehe_Z
fb[nki
WdZ
j^[
_dj[hdWb
Y[h[XhWb
l[_d
Wh[
h[jhWYj[Z
\eh
WffheWY^_d]
j^[
c_ZZb[
WdZ
feij[h_eh
fWhji
e\
j^[
j^_hZ
l[djh_Yb[$
Dej[
j^[
_dj[hj^WbWc_Y
WZ^[i_ed
WdZ
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[
<_]$
-$&$)+$

j^WbWcki _dj[hj^WbWc_Y
WZ^[i_ed Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[ Y^ehe_Z
fb[nki _dj[hdWb

Y[h[XhWb
l[_d

<_]$
-$&$)+

(),

?dj[h^[c_if^[h_Y
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWl[djh_Yk# bWh
WdZ
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
<eh
j^_i
fkhfei[
_j
_i
ki[\kb
_\
j^[
YhWd_ejeco
_i
fbWY[Z
Wj
j^[
^_]^[ij
fe_dj
e\
j^[
^[WZ"
ej^[hm_i[
i[l[h[
feij# ef[hWj_l[
fd[kceY[f^Wbki
YWd
eYYkh$
J^[
ZkhWb
_dY_i_ed
i^ekbZ
X[
Ybei[Z
m_j^
mWj[hj_]^j
ikjkh[i$
?\
j[di_ed
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
j_iik[
e\
j^[
]Wb[W
Wfed[khej_YW
YWd
X[
ki[Z
\eh
ik\# ÓY_[dj
Ybeikh[$
7
fbWj[
e\
][b\eWc
_i
j^[d
fbWY[Z
[njhWZkhWbbo1
dej[
j^Wj
j^_i
][b\eWc
fbWj[
i^ekbZ
dej
Yecfh[ii
j^[
ikf[h_eh
iW]_jjWb
i_dki$
7\j[h
ÓnWj_ed
e\
j^[
Xed[
ÔWf
WdZ
W\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
f[h_eij[kc"
ikXYkjWd[eki
bWo[h
WdZ
j^[
ia_d
Wh[
Ybei[Z
[WY^
m_j^
_dj[hhkfj[Z
ikjkh[i$
:k[
je
j^[
b_c_j[Z
WffheWY^"
W
ikYj_ed
ZhW_d
_i
dej
d[Y[iiWho$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i Ceij
e\
j^[
Yecfb_YWj_edi
W\j[h
_djhWl[djh_YkbWh
ikh][ho
Wh[
h[bWj[Z
je
j^[
beYWj_ed
WdZ
dWjkh[
e\
j^[
fh_cWho
b[i_ed
_ji[b\
hWj^[h
j^Wd
je
j^[
ikh]_YWb
WffheWY^$
>em[l[h"
iec[
jof_YWb
ikh]_YWb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i
i^ekbZ
X[
Z_iYkii[Z
_d
Z[jW_b$ š
?dYehh[Yj
fh[ef[hWj_l[
fbWdd_d]
m_j^
_dik\ÓY_[dj
_djhWYhWd_Wb
[nfeikh[$
š
?d`kho
je
j^[
III
Zkh_d]
YhWd_ejeco"
_d
iec[
YWi[i
m_j^
i[l[h[
Yedi[gk[dY[i$
9ecfh[ii_ed
e\
j^[
III
Xo
^[ceYb_fi
cWo
YWki[
i_dki
j^hecXei_i
WdZ
ikXi[gk[dj
l[deki
_d\WhYj_ed
e\
j^[
\hed# jWb
beX[$ š
L[deki
_d\WhYj_ed
cWo
Wbie
eYYkh
Zk[
je
eYYbki_ed
e\
bWh][
Xh_Z]# _d]
l[_di
hkdd_d]
_dje
j^[
III$ š
;nY[ii_l[
\hedjWb
beX[
h[jhWYj_ed
W]W_dij
]hWl_jo
Zk[
je
feeh
fei_# j_ed_d]
e\
j^[
^[WZ$
7a_d[j_Y
ckj_ic
YWd
Z[l[bef
W\j[h
hek]^
h[jhWYj_ed
W]W_dij
Xej^
Y_d]kbWj[
]oh_$ š
:[Yh[Wi[
_d
ifedjWd[eki
if[[Y^
hWd]_d]
\hec
W
c_bZ
ibemd[ii
je
\hWda
ckj_ic
Zk[
je
[nj[dZ[Z
i[Yj_ed_d]
e\
j^[
Wdj[h_eh
feh# j_ed
e\
j^[
Yehfki
YWbbeikc$ š
9edjki_ed
e\
j^[
\ehd_n
WffheWY^_d]
j^[
j^_hZ
l[djh_Yb[
cWo
h[ikbj
_d
j[cfehWho
eh
_d
iec[
YWi[i
f[hi_ij[dj
Wcd[ij_Y
iod# Zhec[i$ š
?dWZ[gkWj[
_djhWYhWd_Wb
^[ceijWi_i
m_j^
feijef[hWj_l[
_djhWl[d# jh_YkbWh
h[Xb[[Z_d]$
J[cfehWho
_di[hj_ed
e\
W
l[djh_YkbWh
ZhW_d
YWd
X[
h[Yecc[dZ[Z$

()-

?dj[h^[c_if^[h_Y
WffheWY^

š
?dYehh[Yj
fei_j_ed_d]
e\
j^[
^[WZ
Zkh_d]
ZkhWb
Ybeikh[
m_j^
i[l[h[
fd[kceY[f^Wbki
W\j[h
ikh][ho$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
Ó
ijkbW$
š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
Ó
nWj_ed
e\
j^[
Xed[
Ô
Wf
m_j^
Yec# fh[ii_ed
e\
j^[
III
WdZ
ikXi[gk[dj
l[deki
_d\WhYj_ed$ š
Feeh
^[ceijWi_i
Zkh_d]
mekdZ
Ybeikh[
m_j^
feijef[hWj_l[
ie\j
j_iik[
^[cWjecW$

<_]$
-$&$),

<_]$
-$&$)-

J_fi
WdZ
jh_Yai š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]$
J^[
h[mWhZ
_i
[nY[bb[dj
_djhWYhWd_Wb
l_ikWb_pWj_ed
e\
j^[
jWh][j
Wh[W$ š
7Z[gkWj[
fei_j_ed_d]
e\
j^[
^[WZ
h[ikbji
_d
W
]hWl_jo#ikffb[# c[dj[Z
i[b\#h[jhWYj_ed
e\
j^[
\hedjWb
beX["
Wle_Z_d]
[nY[ii_l[
XhW_d
h[jhWYj_ed
<_]$
-$&$),$ š
CWa[
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
fbWdd_d]
j^[
WffheWY^0
'$
eii[eki
ijhkYjkh[i1
($
fbWY[c[dj
e\
j^[
YhWd_ejeco1
)$
ia_d
_dY_i_ed$ š
9h[Wj_d]
j^[
Xkhh
^eb[
jh[f^_dWj_ed"
j^[
bWj[hWb
XehZ[hi
e\
j^[
III
i^ekbZ
X[
Y^[Ya[Z"
Wle_Z_d]
_d`kho
Zkh_d]
YhWd_ejeco
<_]$
-$&$)-$

<_]$
-$&$).

š
IjW][i
e\
YhWd_ejeco
<_]$
-$&$).0
'$
\hedjWb
WdZ
($
fWh_[jWb
Xkhh
^eb[
jh[f^_dWj_edi
m_j^
[\\[Yj_l[
Yedjheb
e\
j^[
III1
)$
_fi_bWj[hWb
WdZ
*$
YedjhWbWj[hWb
Ykjj_d]
\hec
j^[
Xkhh
^eb[
jh[f^_dWj_edi
m_j^
W
^_]^#if[[Z
YhWd_ejec[$ š
7dej^[h
lWh_Wj_ed
Wbbem_d]
iW\[
[nfeikh[
e\
j^[
III
Yehh[ifedZi
je
\ekh
Xkhh
^eb[
jh[f^_dWj_edi
ed
Xej^
i_Z[i
e\
j^[
i_dki$
8o
j^_i
j[Y^d_gk["
j^[
]heel[
e\
j^[
III
_i
[nfbeh[Z
bWj[hWbbo
m_j^ekj
ZWd][h
e\
i_dkie_ZWb
Xb[[Z_d]
Zkh_d]
j^[
jh[f^_dWj_edi$
š
:k[
je
h[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
Wdj[h_ehbo
WdZ
feij[h_ehbo"
j^[
Wd]b[
\eh
_djhWYhWd_Wb
l_ikWb_pWj_ed
i_]d_Ó
# YWdjbo
_dYh[Wi[i
<_]$
-$&$)/$

().








 

<_]$
-$&$)/

?dj[h^[c_if^[h_Y
WffheWY^

<_]$
-$&$*&

<_]$
-$&$*'

š
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
Ç9È
i^Wf[Z"
i[c_Y_hYkbWh
\Wi^_ed
m_j^
j^[
XWi[
e\
j^[
ZkhWb
ÔWf
jemWhZ
j^[
c_Zb_d[$
Fh[i[hlWj_ed
e\
Xh_Z]_d]
l[_di
_i
[ii[dj_Wb
je
Wle_Z
Y[h[XhWb
l[deki
_d\WhYj_ed$
?\
W
bWh][
Xh_Z]_d]
l[_d
_i
fh[i[dj"
j^[
l[_d
i^ekbZ
X[
Z_ii[Yj[Z
\hec
j^[
WhWY^de_Z[W
e\
j^[
Y[h[XhWb
ikh\WY[
WdZ
\hec
j^[
ZkhWb
ikh\WY[
e\
j^[
\Wbn
Y[h[Xh_$
?\
feii_Xb["
j^[
l[_d
i^ekbZ
X[
YWh[\kbbo
fhej[Yj[Z
m_j^
W
if[Y_Wb
ZkhWb
ef[d_d]
<_]$
-$&$*&$ š
L[djh_YkbWh
b[i_edi
beYWj[Z
c[Z_Wbbo
m_j^_d
j^[
l[djh_YkbWh
Y^Wc# X[h
i^ekbZ
X[
[nfei[Z
l_W
_fi_bWj[hWb
_dj[h^[c_if^[h_Y
WffheWY^
<_]$
-$&$*'$
š
B[i_edi
beYWj[Z
_d
j^[
bWj[hWb
fWhj
e\
j^[
bWj[hWb
l[djh_Yb[
YWd
X[
[\\[Yj_l[bo
[nfei[Z
l_W
W
YedjhWbWj[hWb
_dj[h^[c_if^[h_Y
WffheWY^
<_]$
-$&$*($

<_]$
-$&$*(

š
:kh_d]
mekdZ
Ybeikh["
j^[
ZkhW
i^ekbZ
X[
Ybei[Z
m_j^
mWj[h# j_]^j
ikjkh[i$
?\
d[Y[iiWho"
j_iik[
e\
j^[
]Wb[W
Wfed[khej_YW
YWd
X[
ki[Z
\eh
j^_i
fkhfei[
<_]$
-$&$*)$ š
J^[
Xed[
ÔWf
i^ekbZ
X[
Ón[Z
m_j^ekj
Yecfh[ii_ed
e\
j^[
III
Wle_Z_d]
i_dkie_ZWb
j^hecXei_i
<_]$
-$&$**$ š
J^[
ia_d
_dY_i_ed
m_j^_d
j^[
^W_h[Z
Wh[W
YWd
X[
Ybei[Z
m_j^
_dj[h# hkfj[Z
eh
hkdd_d]
ikjkh[i$

<_]$
-$&$*)

š
:k[
je
j^[
b_c_j[Z
ia_d
_dY_i_ed"
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

<_]$
-$&$**

()/

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

-$'
J^[
Wdj[h_eh
\hedjWb
ikXYWbbeiWb
lWh_Wj_ed
e\
j^[
_dj[h^[c_if^[h_Y
WffheWY^ J^[
Wdj[h_eh
_d\[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
_i
ed[
e\
j^[
ceij
\h[gk[djbo
ki[Z
j[Y^d_gk[i
\eh
b[i_edi
e\
j^[
Wdj[h_eh
YhWd_Wb
\eiiW$
Ki_d]
j^[
_dj[h^[c_if^[h_Y
[nfeikh["
[nj[dZ[Z
b[i_edi
e\
j^[
\hed# jWb
iakbb
XWi[
WdZ
Wdj[h_eh
fbWd[
e\
j^[
ikfhWi[bbWh
h[]_ed
YWd
X[
[\\[Yj_l[bo
WffheWY^[Z
<_]$
-$'$'$


<_]$
-$'$'
IY^[cWj_Y
ZhWm_d]
e\
j^[
ikfhWi[bbWh
fohWc_Z
WffheWY^_d]
\hec
Wd
Wdj[h_eh
Z_h[Yj_ed$
J^[
ijhkYjkh[i
e\
j^[
Y^_Wic"
j^[
efj_Y
d[hl[i"
j^[
f_jk_jWho
ijWba
WdZ
j^[
bWc_dW
j[hc_dWb_i
YWd
X[
m[bb
[nfei[Z$
J^[
YWhej_Z
X_\kh# YWj_edi"
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
WdZ
j^[
fhen_# cWb
i[]c[dji
e\
j^[
Wdj[h_eh
Y[h[XhWb
Whj[h_[i
Wh[
Wbie
_d
Z_h[Yj
h[bWj_edi^_f
je
j^_i
Wdj[h_eh
ikfhWi[bbWh
fbWd[$


<_]$
-$'$(
J^[
_dZ_l_ZkWb
\ehc
e\
j^[
Yehfki
YWbbeikc
WdZ
j^[
beYWb_pWj_ed
e\
j^[
jWh][j
Wh[W
Z[Y_Z[
j^[
fbWY[c[dj
e\
j^[
c_Zb_d[
YhWd_ejeco$
7\j[h
fh[ef[hWj_l[
fbWdd_d]"
j^[
cWn_ckc
^[_]^j
e\
j^[
YhWd_ejeco
i^ekbZ
X[
c[W# ikh[Z
\hec
j^[
dWi_ed
Xo
CH
_dl[ij_]Wj_edi
_d
j^[
iW]_jjWb
fbWd[$

J^[
[nWYj
fbWY[c[dj
e\
j^[
c_Zb_d[
YhWd_ejeco
Z[f[dZi
ed
j^[
fh[ef[hWj_l[
fbWdd_d]"
jWa_d]
_dje
Yedi_Z[hWj_ed
j^[
_dZ_l_ZkWb
fWj^e#WdWjeco"
[if[Y_Wbbo
j^[
h[bWj_edi^_f
X[jm[[d
j^[
iakbb
XWi[
WdZ
j^[
Yehfki
YWbbeikc"
WdZ
j^[
\ehc
e\
j^[
][dk
WdZ
heijhkc
Yehfeh_i
YWbbei_
<_]$
-$'$($$
J^hek]^
W
ikf[h_ehbo
fbWY[Z
Wdj[h_eh
_dj[h
^[c_if^[h_Y
YhWd_ejeco"
j^[
\hedjWb
iakbb
XWi[
YWd
X[
[\\[Y# j_l[bo
WffheWY^[Z
h[Z
Whhem"
WdZ
j^hek]^
W
c_Z#fei_j_ed[Z
YhWd_e# jeco"
j^[
Wdj[h_eh
fbWd[
e\
j^[
ikfhWi[bbWh
YWd
X[
[nfei[Z
m_j^ekj
i[l[h[
h[jhWYj_ed
e\
j^[
\hedjWb
beX[
]h[[d
Whhem$
7
XWiWbbo
fbWY[Z
WffheWY^
Xbk[
Whhem
Wbbemi
efj_cWb
WYY[ii
je
j^[
heijhkc
Yehfe# h_i
YWbbei_
WdZ
j^hek]^
j^[
bWc_dW
j[hc_dWb_i
_dje
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
<_]$
-$'$)$

<_]$
-$'$)
J^hek]^
Z_\\[h[dj
lWh_Wdji
e\
j^[
Wdj[h_eh
ikXYWbbeiWb
_dj[h^[c_if^[h_Y
WffheWY^"
j^[
c[Z_Wd
iakbb
XWi[
ikf[h_eh
lWh_Wdj"
h[Z
Whhem"
j^[
ikfhWi[bbWh
Wh[W
c_Z#lWh_Wdj"
]h[[d
Whhem
WdZ
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
_d\[h_eh
lWh_Wdj"
Xbk[
Whhem
YWd
X[
[\\[Yj_l[bo
WffheWY^[Z
m_j^ekj
hek]^
h[jhWYj_ed
e\
j^[
\hedjWb
eh
j[cfehWb
beX[$


(*'

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

Ikf[h_eh
lWh_Wdj

C_Z#lWh_Wdj


?d\[h_eh
lWh_Wdj


7dj[h_eh
j^_hZ
e\
j^[


ikf[h_eh
iW]_jjWb
i_dki
7dj[h_eh
j^_hZ
e\
j^[
\Wbn
Y[h[Xh_
7dj[h_eh
ikf[h_eh
iW]_jjWb
i_dki
7dj[h_eh
j^_hZ
e\
j^[
\Wbn
Y[h[Xh_
?d\[hec[Z_Wb
\hedjWb
beX[ 7dj[h_eh
j^_hZ
e\
j^[
\Wbn
Y[h[Xh_
Heijhkc
e\
j^[
Yehfki
YWbbeikc
BWc_dW
j[hc_dWb_i 7dj[h_eh
j^_hZ
l[djh_Yb[ Efj_Y
d[hl[i
WdZ
Y^_Wic ?97"
7'"
79e7"
7("
_dYb$
f[h\ehWjehi

JWXb[
-$'$'
7dWjec_YWb
ijhkYjkh[i
WffheWY^[Z
j^hek]^
j^[
Z_\\[h[dj
lWh_Wdji
e\
j^[
Wdj[h_eh
\hedjWb
_d\[h_eh
ikXYWbbeiWb
_dj[h^[c_if^[h_Y
WffheWY^$

J^[
Z[Y_i_ed
Wi
je
m^[j^[h
j^[
YhWd_ejeco
_i
fbWY[Z
b[\j
fWhWc[Z_Wd
eh
h_]^j
fWhWc[Z_Wd
_i
cWZ[
fh[ef[hWj_l[bo
m_j^
W
YWh[\kb
WdWboi_i
e\
j^[
Z_W]deij_Y
_cW]_d]
ZWjW$
7YYehZ_d]
je
j^[
a[o^eb[
YedY[fj
\eh
YedjhWbWj[hWb
WffheWY^[i
<_]$
-$'$*"
Z[[f#i[Wj[Z
b[i_edi
beYWj[Z
h_]^j
e\
j^[
c_Zb_d[
Wh[
X[ij
[nfei[Z
j^hek]^
W
b[\j
fWhWc[Z_Wd
_dj[h^[c_if^[h_Y
WffheWY^1
_d
YedjhWij"
b[i_edi
[nj[dZ_d]
b[\j
e\
j^[
c_Zb_d[
Wh[
X[ij
WffheWY^[Z
l_W
W
h_]^j
fWhWc[Z_Wd
YhWd_ejeco$ ?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
Wdj[h_eh
\hedjWb
ikX# YWbbeiWb
_dj[h^[c_if^[h_Y
WffheWY^
_i
Z[iYh_X[Z
_d
Z[jW_b$

(*(

<_]$
-$'$*
7YYehZ_d]
je
j^[
YedY[fj
e\
a[o^eb[
WffheWY^[i"
_d
i[b[Yj[Z
YWi[i
Z[[f#i[Wj[Z
b[i_edi
YWd
X[
X[ij
[nfei[Z
j^hek]^
YedjhWbWj[hWbbo
f[h\ehc[Z
YhWd_ejec_[i$


?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[
'$
FWj_[dj
fei_j_ed_d]
M_j^
j^[
fWj_[dj
_d
j^[
ikf_d[
fei_j_ed"
j^[
^[WZ
_i
Ón[Z$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
iakbb
YbWcf
i^ekbZ
X[
fbWY[Z
Wbbem_d]
\h[[
Z_ii[Yj_ed
Zkh_d]
ikh][ho$ Ij[f
'
J^[
^[WZ
e\
j^[
ef[hWj_d]
jWXb[
_i
[b[lWj[Z
WXel[
j^[
j^ehWn"
\WY_b_# jWj_d]
YhWd_Wb
l[deki
ZhW_dW][
WdZ
Wle_Z_d]
Yecfh[ii_ed
e\
j^[
cW_d
Y[hl_YWb
l[ii[bi
WdZ
j^[
bWhodn
<_]$
-$'$+$

<_]$
-$'$+

7

8 <_]$
-$'$,

<_]$
-$'$-

9 Ij[f
( J^[h[W\j[h"
j^[
^[WZ
_i
h[jhe#
eh
Wdj[heÔ[Yj[Z
<_]$
-$'$,$
8Wi_YWbbo"
j^[
ceh[
_d\[h_ehbo
j^[
YhWd_ejeco
_i
f[h\ehc[Z"
j^[
ceh[
h[jhe# Ô[n_ed
_i
d[[Z[Z
je
WY^_[l[
Wd
[h]edec_Y
ikh]_YWb
fei_j_ed$
J^ki"
b[i_edi
m_j^
W
Ybei[
fhen_c_jo
je
j^[
\hedjWb
iakbb
XWi["
m^_Y^
YWd
X[
[nfei[Z
l_W
j^[
ikf[h_eh
lWh_Wdj
e\
j^[
ikXYWbbeiWb
_dj[h^[c_# if^[h_Y
WffheWY^"
h[gk_h[
W
ceZ[hWj[
Wdj[heÔ[n_ed
e\
YW$
'&–7$
<eh
j^[
c_Z#lWh_Wj_ed
e\
j^[
YhWd_ejeco
[nfei_d]
j^[
i[bbWh
WdZ
ikfhW# i[bbWh
Wh[W"
W
h[jheÔ[n_ed
e\
YW$
'&–
je
(&–
_i
ik\ÓY_[dj
8$
IjhkY# jkh[i
i_jkWj[Z
ceh[
YhWd_Wbbo"
\eh
[nWcfb["
b[i_edi
e\
j^[
bWc_dW
j[hc_dWb_i"
heijhkc
Yehfeh_i
YWbbei_
WdZ
Wdj[h_eh
j^_hZ
l[djh_Yb["
YWd
X[
WffheWY^[Z
j^hek]^
j^[
_d\[h_eh
lWh_Wdj
e\
j^[
YhWd_ejeco
9
m_j^
W
h[jheÔ[n_ed
e\
)&–
je
*+–$
Ij[f
) J^[
^[WZ
_i
hejWj[Z
YW$
'&–
jemWhZ
j^[
i_Z[
e\
j^[
YhWd_ejeco$
J^_i
cWd[klh[
_dZkY[i
j^[
\hedjWb
beX[
je
h[bWn
WmWo
\hec
j^[
\Wbn
Y[h[# Xh_
Zk[
je
]hWl_jo$
J^ki"
WYY[ii
je
Z[[f#i[Wj[Z
ijhkYjkh[i
YWd
X[
\WY_b_jWj[Z
m_j^
c_d_ckc
h[jhWYj_ed
e\
j^[
XhW_d
<_]$
-$'$-$

<_]$
-$'$.

Ij[f
* <_dWbbo"
j^[
^[WZ
i^ekbZ
X[
bWj[heÔ[Yj[Z
YW$
+–
je
Wbbem
Wd
[h]edec_Y
WdZ
[\ÓY_[dj
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
<_]$
-$'$.$


(*)

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
j^[
Wffhefh_Wj[
ia_d
_dY_i_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZ# cWhai
e\
j^[
eii[eki
iakbb"
ikY^
Wi
j^[
c_Zb_d["
YehedWho
ikjkh["
ehX_jWb
h_c"
ikfhWehX_jWb
\ehWc[d
WdZ
j^[
\hedjWb
fWhWdWiWb
i_dki
i^ekbZ
X[
fh[Y_i[bo
Z[Ód[Z
WdZ
cWha[Z
m_j^
W
ij[h_b[
f[d
<_]$
-$'$/$
J^[
XehZ[hi
e\
j^[
YhWd_ejeco
Wh[
cWha[Z
[nWYjbo
m_j^
j^[
YhWd_ej# eco
kikWbbo
Yheii_d]
j^[
c_Zb_d[
WdZ
j^[
Wdj[h_eh
ikf[h_eh
iW]_jjWb
i_dki$
7i
c[dj_ed[Z
WXel["
fbWY[c[dj
e\
j^[
YhWd_ejeco
Z[f[dZi
ed
j^[
_dZ_l_ZkWb
i^Wf[
e\
j^[
Yehfki
YWbbeikc
WdZ
ed
j^[
beYWb_pW# j_ed
e\
j^[
jWh][j
Wh[W$
7\j[h
Z[Ód_j_ed
e\
j^[
YhWd_ejeco"
j^[
efj_# ckc
b_d[
e\
j^[
ia_d
_dY_i_ed
_i
cWha[Z1
j^_i
^eh_pedjWb
ia_d
_dY_i_ed
_i
kikWbbo
fbWY[Z
Wj
j^[
\hedjWb
^W_hb_d[
7$
<eh
XWbZ#^[WZ[Z
fWj_[dji
eh
ceh[
XWiWbbo
fbWdd[Z
YhWd_ejec_[i"
W
mh_dab[
e\
j^[
ia_d
cWo
X[
Y^ei[d
\eh
j^_i
fkhfei["
WY^_[l_d]
W
fb[Wi_d]
Yeic[j_Y
h[ikbj
8$
<eh
j^[
_d\[h_eh
lWh_Wdj
e\
j^[
WffheWY^"
\eh
fWj_[dji
m_j^ekj
Wdo
mh_dab[i
_d
j^[
\hedjWb
Wh[W"
Wd
[nj[dZ[Z
ijWdZWhZ
X_YehedWh
ia_d
_dY_i_ed
YWd
X[
f[h\ehc[Z
9$
J^[
ikh\WY[
e\
j^[
ia_d
i^ekbZ
X[
Z_i_d\[Yj[Z
YWh[\kbbo$

8

7

(**

<_]$
-$'$/
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WdZ
ia_d
_dY_i_ed
WYYehZ_d]
je
j^[
jWh][j
h[]_ed"
WdWjec_YWb
bWdZcWhai
WdZ
_dZ_l_ZkWb
f^oi_e]deco
e\
j^[
fWj_[dj$
Ikf[h_eh
lWh_Wdj
m_j^
b_c_j[Z
ia_d
_dY_i_ed
X[^_dZ
j^[
^W_hb_d[
7$
C_Z
lWh_# Wdj
ki_d]
W
mh_dab[
\eh
j^[
ia_d
_dY_i_ed
8$
?d\[h_eh
lWh_# Wdj1
\eh
fWj_[dji
m_j^ekj
Wdo
mh_dab[i
_d
j^[
\eh[^[WZ"
Wd
[nj[dZ[Z
X_YehedWh
ia_d
_dY_i_ed
YWd
X[
f[h\ehc[Z
9$

9

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
H_]^j
i_Z[$
7\j[h
c_d_cWb
eh
[l[d
WXi[dj
^W_h
i^Wl_d]"
j^[
ia_d
_i
Z_i_d\[Yj[Z
ki_d]
WbYe^eb
iebkj_ed$
J^[
ia_d
WdZ
j^[
ikXYkjWd[eki
j_iik[
Wh[
_dY_i[Z
WdZ
h[jhWYj[Z
[nfei_d]
j^[
]Wb[W
Wfed[khej_YW
WdZ
j^[
\hedjWb
X[bbo
e\
j^[
eYY_f# _je\hedjWb
ckiYb[ <_]$
-$'$'&$

<_]$
-$'$'&

Ij[f
( J^[
]Wb[W
WdZ
j^[
f[h_eij[kc
Wh[
_dY_i[Z
_d
W
i[c_Y_hYkbWh
\Wi^_ed
WdZ
Z_ii[Yj[Z
Wi
W
Yec# ced
ÔWf
m_j^
j^[
XWi[
jemWhZ
dWiWb$
J^_i
]Wb[W
ÔWf
YWd
X[
[\\[Yj_l[bo
ki[Z
\eh
ZkhWb
]hW\j
Wi
m[bb
Wi
\eh
Ybei_d]
j^[
\hedjWb
fWhWdWiWb
i_dki
_\
d[Y[iiWho
<_]$
-$'$''$

<_]$
-$'$''

Ij[f
)
7\j[h
X_bWj[hWb
h[jhWYj_ed
e\
j^[
ie\j
j_iik[
bWo[hi"
W
i_d]b[
c_Zb_d[
Xkhh
^eb[
jh[f^_dWj_ed
_i
Yh[Wj[Z
fWh_[jWbbo
Wj
j^[
feij[he#c[Z_Wb
Yehd[h
e\
j^[
fbWdd[Z
YhWd_ejeco$
J^[
ZkhW
cWj[h
_i
ceX_b_p[Z
m_j^
W
Xbkdj
Z_ii[Yjeh1
j^[
Xkhh
^eb[
_i
[dbWh][Z
ki_d]
Ód[
A[hh_ied
hed][khi
]k_Z# _d]
j^[
bWj[hWb
XehZ[hi
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki
<_]$
-$'$'($


<_]$
-$'$'(

(*+

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

<_]$
-$'$')

Ij[f
*
7
i[c_bkdWhbo
i^Wf[Z
b_d[
_i
j^[d
iWm[Z
m_j^
j^[
^_]^#if[[Z
YhWd_ejec[
ed
j^[
_fi_bWj[hWb
i_Z["
\hec
j^[
feij[h_ehbo
fbWY[Z
Xkhh
^eb[
je
j^[
Wdj[h_eh
c_Z#b_d[$
J^[h[W\j[h"
W
i[YedZ
fWhW# c[Z_Wd
YhWd_ejeco
b_d[
_i
iWm[Z
ed
j^[
effe# i_j[
i_Z["
`kij
bWj[hWbbo
\hec
j^[
ikf[h_eh
iW]_jjWb
i_dki"
j^ki
Yh[Wj_d]
W
YhWd_ejeco
m_j^
W
Z_W# c[j[h
e\
($&Å)$&
Yc
<_]$
-$'$')$

<_]$
-$'$'*

Ij[f
+
7\j[h
h[celWb
e\
j^[
Xed[
ÔWf"
j^[
_dd[h
[Z][
e\
j^[
jWXkbW
_dj[hdW
_i
h[cel[Z
ki_d]
Ód[
fkdY^[i$
:k[
je
YWh[\kb
h[celWb
e\
j^_i
_dd[h
Xed[
[Z]["
j^[
Wd]b[
\eh
_djhWYhWd_Wb
l_ikWb_pW# j_ed
YWd
X[
i_]d_ÓYWdjbo
_dYh[Wi[Z
<_]$
-$'$'*$

<_]$
-$'$'+

Ij[f
,
J^[
ZkhW
i^ekbZ
X[
ef[d[Z
_d
W
i[c_Y_hYkbWh
\Wi^_ed
m_j^
j^[
XWi[
e\
j^[
ZkhWb
ÔWf
jemWhZi
j^[
ikf[h_eh
iW]_jjWb
i_dki$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
m_j^
jme
ikjkh[i1
ej^[h
ZkhWb
[b[lWj_ed
ikjkh[i
Wh[
dej
d[Y[iiWho
<_]$
-$'$'+$

(*,

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
f[h\ehc[Z
ed
W
\h[i^
^kcWd
if[Y_c[d1
Whj[h_[i
Wh[
fh[fWh[Z
m_j^
h[Z"
l[_di
m_j^
Xbk[
Yebeh[Z
bWj[n
iebkj_ed$
7\j[h
ef[d_d]
j^[
ZkhW
cWj[h"
j^[
ikf[h_eh
\hedjWb
]ohki
WdZ
Xh_Z]_d]
l[_di
jemWhZ
j^[
ikf[h_eh
iW]_jjWb
i_dki
Wh[
YWh[\kbbo
[nfei[Z
WdZ"
m^[d# [l[h
feii_Xb["
j^[
Xh_Z]_d]
l[_di
Wh[
fh[i[hl[Z$
J^[
d[nj
ij[f
i^ekbZ
X[
j^[
ik\ÓY_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
ikXWhWY^de_Z
Y_ij[hdi$
?d
iec[
YWi[i"
jhWff_d]
e\
j^[
bWj[hWb
l[djh_Yb[
cWo
X[
d[Y[iiWho$
J^[
\hedjWb
beX[
_i
][djbo
ceX_b_p[Z
WdZ
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
Óiikh[
WffheWY^[Z$
9ehh[Yj
fei_j_ed_d]
e\
j^[
^[WZ
e\\[hi
i_]d_ÓYWdj
h[bWnWj_ed
e\
j^[
\hedjWb
beX["
m^_Y^
j^[d"
Zk[
je
]hWl_jo"
m_bb
i_da
ifed# jWd[ekibo
WmWo
\hec
j^[
\Wbn
Y[h[Xh_$
J^[h[\eh[
cW`eh
h[jhWYj_ed
e\
j^[
\hedjWb
beX[
_i
kikWbbo
dej
h[gk_h[Z$
Dej[
j^[
c_Yhe\ehY[fi
][djbo
h[jhWYj_d]
j^[
ikf[h_eh
\hedjWb
]ohki
<_]$
-$'$',$

Ij[f
(
J^[
\hedjWb
beX[
_i
h[jhWYj[Z
m_j^
W
XhW_d
ifWj# kbW
[nfei_d]
j^[
][dk
e\
j^[
Yehfki
YWbbeikc$
Dej[
j^[
f[h_YWbbeiWb
WdZ
YWbbeiecWh]_dWb
Whj[h# _[i$
J^[
effei_j[
\hedjWb
beX[
_i
fhej[Yj[Z
Xo
j^[
\Wbn$
?d
j^[
YedjhWbWj[hWb
_dj[h^[c_if^[h_Y
c_Zb_d["
j^[
Y_d]kbWj[Z
]ohki
YWd
X[
[nfei[Z
<_]$
-$'$'-$

\Wbn
Y[h[Xh_ ikf[h_eh
\hedjWb
]ohki

<_]$
-$'$',

b[\j
Y_d]kbWj[
]ohki Yehfki
YWbbeikc f[h_YWbbeiWb
Whj[ho YWbbeiecWh]_dWb
Whj[ho

<_]$
-$'$'-

Ij[f
)
7dj[h_eh
je
j^[
][dk"
j^[
_dj[h^[c_if^[h_Y
Óiikh[
_i
YWh[\kbbo
ef[d[Z$
Dej[
j^[
7)
i[]# c[dji
e\
Xej^
Wdj[h_eh
Y[h[XhWb
Whj[h_[i
hkd# d_d]
WhekdZ
j^[
][dk
e\
j^[
Yehfki
YWbbeikc
<_]$
-$'$'.$

7)
i[]c[dj ][dk
Yehfeh_i
YWbbei_

<_]$
-$'$'.

(*-

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

Ij[f
*
J^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
Óiikh[
_i
ef[d[Z
m_j^
XhW_d
ifWjkbWi"
eXi[hl_d]
j^[
XWi[
e\
j^[
Wdj[h_eh
YhWd_Wb
\eiiW
j^hek]^
j^[
c_Zb_d[
hekj[$
Dej[
j^[
7(
i[]c[dji
e\
j^[
Wdj[h_eh
Y[h[XhWb
Whj[h_[i$
J^[
efj_Y
Y^_Wic
WdZ
j^[
Z_Wf^hW]cW
i[bbW[
Wff[Wh
_d
j^[
XWYa]hekdZ
<_]$
-$'$'/$

Z_Wf^hW]cW
i[bbW[ Y^_Wic b[\j
7( h_]^j
7(

<_]$
-$'$'/

Ij[f
+
;nfeikh[
e\
j^[
_fi_bWj[hWb
ikfhWi[bbWh
Wh[W
j^hek]^
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
hekj[$
Dej[
j^[
h_]^j
efj_Y
d[hl[
WdZ
jhWYj
WdZ
j^[
Z_l_i_ed
e\
j^[
?97
_dje
j^[
797
WdZ
C97$
C[Z_Wb
je
j^[
Wdj[h_eh
f[jheYb_de_Z
\ebZ"
j^[
9D
???
Z_iWff[Whi
_dje
j^[
hee\
e\
j^[
YWl[hdeki
i_dki
<_]$
-$'$(&$

h_]^j
9D
?? 7FYB 9D
??? ?97 C' 7'

<_]$
-$'$(&

Ij[f
,
J^[
\Wbn
Y[h[Xh_
WdZ
j^[
YedjhWbWj[hWb
\hedjWb
beX[
Wh[
h[jhWYj[Z"
WffheWY^_d]
j^[
effei_j[
9D
??
WdZ
?97$
Dej[
j^[
ef^j^Wbc_Y
Whj[ho
Z_iWff[Wh_d]
kdZ[h
j^[
\WbY_\ehc
b_]Wc[dj

<_]$
-$'$('$

\WbY_\ehc
b_]Wc[dj Ef^j7 b[\j
9D
??

<_]$
-$'$('

(*.

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

Ij[f
-
EXi[hlWj_ed
e\
j^[
efj_YWb
Y^_Wic
WdZ
j^[
bWc_dW
j[hc_dWb_i$
Dej[
j^[
^ofefbWij_Y
79e7
WdZ
j^[
beef
e\
j^[
7(
i[]c[dji
e\
j^[
797
<_]$
-$'$(($


Y^_Wic 79e7 bWc_dW
j[hc_dWb_i

<_]$
-$'$((

Ij[f
.
7\j[h
ef[d_d]
j^[
bWc_dW
j[hc_dWb_i
WdZ
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb["
j^[
h_]^j
F'
i[]c[dj
WdZ
j^[
XWi_bWh
Wf[n
Wh[
l_ikWb_p[Z
m_j^_d
j^[
_dj[hf[ZkdYkbWh
\eiiW$
Dej[
j^[
jme
cWc_bbWho
XeZ_[i
<_]$
-$'$()$
87 cWc_bbWho
XeZ_[i

<_]$
-$'$()

(*/

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ikX# WhWY^de_Z
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[c# f[hWjkh[$
J^[
ZkhWb
_dY_i_ed
_i
Ybei[Z
mWj[hj_]^j
m_j^
_dj[hhkfj[Z
eh
Yedj_dkeki
ikjkh[i$
:khW
b[Wai
YWd
X[
h[fW_h[Z
Xo
ki_d]
W
]Wb[W# f[h_eij[kc
]hW\j$
?\
ef[d[Z"
j^[
\hedjWb
fWhWdWiWb
i_dki
i^ekbZ
X[
Ybei[Z
m_j^
j^[
]Wb[W
ÔWf
Wi
c[dj_ed[Z
fh[l_ekibo$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhWZkhWbbo
WdZ
j^[
Xed[
ÔWf
_i
Ón[Z$
J^[
Xkhh
^eb[
i^ekbZ
X[
Ybei[Z
m_j^
W
bWh][#i_p[Z
j_jWd_kc
fbWj["
Wbbem_d]
W
fb[WiWdj
Yeic[j_Y
ekjYec[
W\j[h
\hedjWb
YhWd_ejeco$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
f[h_eij[kc
WdZ
j^[
ikXYkjWd[eki
bWo[hi"
[WY^
Wh[
Ybei[Z
m_j^
ikjkh[i
WdZ
j^[
ia_d
m_j^
_djhWYkjWd[# eki
ikjkh[i
eh
WZ^[i_l[
jWf[i$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dik\ÓY_[dj
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
j^[
fWj_[dj
m_j^
ikXi[gk[dj
_dik\ÓY_[dj
[nfeikh[
e\
j^[
ikh]_YWb
Ó[bZ
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\ÓY_[dYo
e\
[nY_i_d]
j^[
b[i_ed$
FbWd# d_d]
WdZ
fei_j_ed_d]
_i
j^[
jWia
e\
j^[
ikh][ed š
?d`kho
je
j^[
ikf[h_eh
iW]_jjWb
i_dki
eh
\hedjWb
Xh_Z]_d]
l[_di
Zkh_d]
YhWd_ejeco$
KikWbbo"
eYYbki_ed
e\
j^[
Wdj[h_eh
fWhj
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki
Ze[i
dej
h[ikbj
_d
i[l[h[
d[khebe]_YWb
ZWcW][1
^em[l[h"
_\
feii_Xb["
_j
i^ekbZ
X[
Wle_Z[Z$ š
;nY[ii_l[
\hedjWb
beX[
h[jhWYj_ed
Zk[
je
feeh
^[WZ
fei_j_ed_d]$ š
?d`kh_[i
je
dkc[heki
d[khelWiYkbWh
ijhkYjkh[i
e\
j^[
_dj[h^[c_# if^[h_Y
WdZ
ikfhWi[bbWh
h[]_ed
Zkh_d]
c_Yheikh]_YWb
cWd_fkbW# j_ed
m_j^
feijef[hWj_l[
d[khebe]_YWb
Z[ÓY_ji$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$
š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
ÓnWj_ed
e\
j^[
Xed[
ÔWf
m_j^
feeh
Yeic[j_Y
ekjYec[$ š
?dWZ[gkWj[
_djhW#
eh
[njhWYhWd_Wb
^[ceijWi_i
m_j^
ikXi[gk[dj
h[Xb[[Z_d]$

(+&

?dj[h^[c_if^[h_Y
WffheWY^
r
Wdj[h_eh
lWh_Wj_ed

J_fi
WdZ
jh_Yai

<_]$
-$'$(*

š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[mWhZ
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\ÓY_[dj
meha_d]
fei_j_ed$ š
F[h\ehc_d]
j^[
YhWd_ejeco"
W
i_d]b[
Xkhh
^eb[
jh[f^_dWj_ed
i^ekbZ
X[
f[h\ehc[Z
_d
j^[
feij[hec[Z_Wb
Yehd[h
e\
j^[
fbWdd[Z
YhWd_ejeco$
7\j[h
ZkhWb
Ybeikh["
j^[
Xkhh
^eb[
i^ekbZ
X[
Ybei[Z
m_j^
W
bWh][
j_jWd_kc
fbWj["
fhel_Z_d]
efj_cWb
Yeic[j_Y
ekjYec[
_d
j^[
\hedjWb
Wh[W
<_]$
-$'$(*$


<_]$
-$'$(+

š
9h[Wj_d]
j^[
Xkhh
^eb[
jh[f^_dWj_ed"
j^[
bWj[hWb
XehZ[hi
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki
i^ekbZ
X[
Y^[Ya[Z"
Wle_Z_d]
_d`kho
Zkh_d]
YhWd_ejeco
<_]$
-$'$(+$ š
IjW][i
e\
YhWd_ejeco
<_]$
-$'$(,0
'$
feij[h_eh
Xkhh
^eb[
jh[f^_dW# j_ed
m_j^
ced_jeh_d]
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki1
($
_fi_bWj[hWb
WdZ
)$
YedjhWbWj[hWb
Ykjj_d]
\hec
feij[h_eh
je
Wdj[h_eh
ki_d]
W
^_]^#if[[Z
YhWd_ejec[$

<_]$
-$'$(,





š
H[celWb
e\
j^[
Wdj[h_eh
WdZ
feij[h_eh
_dd[h
[Z][i
e\
j^[
YhWd_e# jeco
fhel_Z[i
_dYh[Wi[Z
_djhWYhWd_Wb
l_ikWb_pWj_ed
<_]$
-$'$(-$  <_]$
-$'$(-

š
7Z[gkWj[
fei_j_ed_d]
e\
j^[
^[WZ
h[ikbji
_d
]hWl_jo#ikffb[# c[dj[Z
i[b\#h[jhWYj_ed
e\
j^[
\hedjWb
beX["
Wle_Z_d]
[nY[ii_l[
XhW_d
h[jhWYj_ed
<_]$
-$'$(.$ š
:kh_d]
mekdZ
Ybeikh["
j^[
Xed[
ÔWf
i^ekbZ
X[
Ón[Z
_d\[h_ehbo
m_j^ekj
Xedo
Z[^_iY[dY[
\eh
W
X[jj[h
Yeic[j_Y
ekjYec[$ š
IkYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

<_]$
-$'$(.

(+'

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

-$(
J^[
feij[h_eh
eYY_f_jWb
ikXYWbbeiWb
ceZ_Ó
YWj_ed
e\
j^[
_dj[h^[c_if^[h_Y
WffheWY^

7

Ki_d]
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^"
j^[
feij[h_eh
fWhj
e\
j^[
j[djeh_Wb
_dY_ikhW
YWd
X[
[nfei[Z
l_W
W
ikfhWj[djeh_Wb
hekj[$
J^_i
feij[h_eh
_dY_ikhWb
ifWY[
_i
beYWj[Z
feij[h_eh
je
j^[
c_ZXhW_d
WdZ
Yehh[ifedZi
je
j^[
h[]_ed
e\
j^[
gkWZh_][c_dWb
Y_ij[hd$
?d
j^_i
mWo"
j^[
ifb[d_kc
e\
j^[
Yehfki
YWbbeikc"
f_d[Wb
]bWdZ"
c[i[dY[f^Wb_Y
j[Yjkc"
kff[h
fWhj
e\
j^[
l[hc_i
WdZ
j^[
Yecfb[n
d[khelWiYkbWh
h[bWj_edi^_f
e\
j^[
gkWZh_][c_dWb
Y_ij[hd
YWd
X[
m[bb
eXi[hl[Z$
If[# Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
l[deki
Yedjh_Xkjehi
e\
j^[
l[_d
e\
=Wb[d"
j^[
l[ii[bi
e\
j^[
feij[h_eh
Y[h[XhWb
WdZ
ikf[h_eh
Y[h[X[b# bWh
Whj[h_[i"
WdZ
je
j^[
jheY^b[Wh
d[hl[$
B[i_edi
m_j^_d
j^[
feij[h_eh
_dY_ikhWb
ifWY[
YWd
Wbie
X[
WffheWY^[Z
l_W
j^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
hekj["
Z[iYh_X[Z
_d
Y^Wfj[h
,$&$
J^[
ikfhWj[djeh_Wb
ikXYWbbeiWb
_dj[h^[c_if^[h_Y
WffheWY^
_i
Z[iYh_X[Z
^[h["
fh[\[hh[Z
\eh
b[i_edi
Y[dj[h[Z
Wj
j^[
j[djeh_Wb
[Z]["
[if[Y_Wbbo
_\
j^[o
Wh[
i_jkWj[Z
WXel[
j^[
l[_d
e\
=Wb[d
<_]$
-$($'$


8

<_]$
-$($'
J^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
YWd
X[
h[Yecc[dZ[Z
\eh
b[i_edi
i_jkWj[Z
WXel[
j^[
]h[Wj
Y[h[# XhWb
l[_d
e\
=Wb[d
7$
B[i_edi
i_jkWj[Z
X[d[Wj^
j^[
Z[[f
l[deki
ioij[c
Wh[
h[WY^[Z
X[ij
j^hek]^
j^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
8$

Ki_d]
j^[
feij[h_eh
ikXYWbbeiWb
WffheWY^
m_j^
Wd
WZZ_j_edWb
ifb_j# j_d]
e\
j^[
j[djeh_kc
`kij
fWhWbb[b
je
j^[
ijhW_]^j
i_dki"
j^[
ikfhW# j[djeh_Wb
WffheWY^
cWo
Wbie
fhel_Z[
[nY[bb[dj
WYY[ii
je
j^[
feij[# h_eh
\eiiW
\eh
b[i_edi
_dlebl_d]
j^[
Y[h[X[bbec[i[dY[f^Wb_Y
Ó
iikh[
WdZ
j^[
feij[h_eh
fWhj
e\
j^[
WcX_[dj
Y_ij[hd$
7YYehZ_d]
je
j^[
a[o^eb[
YedY[fj"
YedjhWbWj[hWb
WffheWY^[i
YWd
X[
ki[Z
_d
i[l[hWb
YWi[i
Wbbem_d]
c_d_cWb
h[jhWYj_ed
WdZ
efj_cWb
[nfeikh[
<_]$
-$($( ?d
j^[
\ebbem_d]"
j^[
ikh]_YWb
j[Y^d_gk[
e\
j^[
feij[h_eh
_dj[h^[c_# if^[h_Y
WffheWY^
_i
Z[iYh_X[Z
_d
Z[jW_b$

<_]$
-$($(
9edjhWbWj[hWb
[nfeikh[
e\
W
c_Zb_d[
b[i_ed
ki_d]
j^[
YedY[fj
e\
a[o^eb[
d[kheikh][ho$
Dej[
fbWY[c[dj
e\
YhWd_ejeco
WdZ
WffheWY^_d]
W\j[h
\[d[ijhWj_ed
e\
j^[
feij[h_eh
fWhj
e\
j^[
\Wbn
Y[h[Xh_$

(+)

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

IkfhWj[djeh_Wb

?d\hWj[djeh_Wb


Feij[h_eh
fWhj
e\
j^[
III Feij[h_eh
fWhj
e\
j^[
\Wbn IjhW_]^j
i_dki"
j[djeh_kc
C[Z_Wb
ikh\WY[
e\
j^[
eYY_f_jWb
beX[ Ifb[d_kc
e\
j^[
Yehfki
YWbbeikc Feij[h_eh
fWhj
e\
j^[
?II Feij[h_eh
f[h_YWbbeiWb
Whj[ho :_ijWb
i[]c[dji
e\
j^[
F97 L[_d
e\
=Wb[d


Ifb[d_kc
e\
j^[
Yehfki
YWbbeikc L[_d
e\
=Wb[d 8WiWb
l[_d
e\
Hei[dj^Wb ?dj[hdWb
Y[h[XhWb
l[_d 9[djhWb
l[_d
e\
j^[
Y[h[X[bbkc F_d[Wb
]bWdZ 9_ij[hdW
l[b_
_dj[hfei_j__ GkWZh_][c_dWb
fbWj[ Kff[h
l[hc_i 9D
?L :_ijWb
i[]c[dji
e\
j^[
F97
WdZ
I97

JWXb[
-$($'
7dWjec_YWb
ijhkYjkh[i
[nfei[Z
Xo
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^$

(+*

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ikh]_YWb
j[Y^d_gk[


<_]$
-$($)

'$
FWj_[dj
fei_j_ed_d]
Ki_d]
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^"
jme
Z_\\[h[dj
fWj_[dj
fei_j_edi
Wh[
feii_Xb[$
J^[
i[c_i_jj_d]
fei_j_ed
m_j^
\ehY[Z
[b[lWj_ed
WdZ
Wdj[heÔ[n_ed
e\
j^[
^[WZ
e\\[hi
Wd
efj_cWb
l[deki
ZhW_dW][
m_j^_d
j^[
gkWZh_][c_dWb
h[]_ed1
^em[l[h"
j^_i
fei_j_ed
YWhh_[i
W
h_ia
e\
W_h
[cXeb_ic
WdZ
h[gk_h[i
Wd
kdYec\ehjWXb[
meha# _d]
fei_j_ed
\eh
j^[
ikh][ed$
J^[
i_cfb[
fhed[
fei_j_ed
Wbbemi
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
Zkh_d]
ikh][ho
m_j^ekj
j^[
ZWd][h
e\
W_h
[cXeb_ic$
J^[
[b[lWj[Z
fh[iikh[
_d
j^[
Z[[f
Y[h[XhWb
l[_di"
WYYehZ# _d]
je
j^[
fhed[
fei_j_ed"
YWd
X[
[\\[Yj_l[bo
_cfhel[Z
Xo
W
ik\Ó# Y_[dj
[b[lWj_ed
WdZ
h[jheÔ[n_ed
e\
j^[
^[WZ$
J^[
fWj_[dj
_i
fbWY[Z
_d
W
d[kjhWb
fhed[
fei_j_ed
ed
j^[
ef[hWj_d]
jWXb[$
J^[
^[WZ
e\
j^[
fWj_[dj
_i
Ón[Z
_d
W
j^h[[#f_d
CWoÓ[bZ
^ebZ[h
ie
j^Wj
j^[
iW]_jjWb
ikjkh[
_i
_d
W
d[Wh
l[hj_YWb
fei_j_ed$

<_]$
-$($*
W

Ij[f
'
J^[
XeZo
WdZ
j^[
^[WZ
Wh[
[b[lWj[Z
je
WXekj
'+–
Xo
cel_d]
j^[
ef[hWj_d]
jWXb[$
J^_i
[b[lWj_ed
_i
d[Y[iiWho
je
Xh_d]
j^[
^[WZ
WXel[
j^[
b[l[b
e\
j^[
j^ehWn
\eh
X[jj[h
l[deki
ZhW_dW][
<_]$
-$($)$

<_]$
-$($*
X

<_]$
-$($*
Y

Ij[f
( J^[h[W\j[h"
j^[
^[WZ
cWo
X[
Wdj[he#
eh
h[jheÔ[Yj[Z
je
YW$
*+–
_d
ehZ[h
je
Xh_d]
j^[
j[djeh_kc
_dje
W
ceh[
^eh_pedjWb
fbWd[$
J^[
[nWYj
Z[]h[[
e\
Ô[n_ed
Z[f[dZi
ed
j^[
\ehc
e\
j^[
ijhW_]^j
i_dki
WdZ
j^[
^[_]^j
e\
j^[
fbWdd[Z
YhWd_ejeco
<_]$
-$($*
W"
X"
Y$
?\
j^[
ijhW_]^j
i_dki
_i
ceh[
f[hf[dZ_YkbWh"
j^[
h[jheÔ[n_ed
i^ekbZ
dej
X[
fWhj_YkbWhbo
[nY[ii_l[
WdZ
j^[
YhWd_ejeco
YWd
X[
fbWY[Z
d[Wh
je
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[$
Ij[f
) Ki_d]
W
ib_]^j
hejWj_ed
e\
YW$
'&–"
j^[
eYY_f_jWb
beX[
i_dai
WmWo
\hec
j^[
\Wbn
Y[h[Xh_
Zk[
je
W
]hWl_jo#h[bWj[Z
i[b\#h[jhWYj_ed
e\
j^[
_fi_# bWj[hWb
Y[h[XhWb
^[c_if^[h[$
J^ki"
WYY[ii
je
Z[[f#i[Wj[Z
ijhkYjkh[i
YWd
X[
eXjW_d[Z
m_j^
W
c_d_ckc
e\
XhW_d
h[jhWYj_ed
<_]$
-$($+$

<_]$
-$($+

(++

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed 8[\eh[
f[h\ehc_d]
j^[
ia_d
_dY_i_ed"
j^[
eii[eki
WdWjec_YWb
bWdZ# cWhai
e\
j^[
eYY_f_jWb
h[]_ed
ikY^
Wi
j^[
c_Zb_d["
bWcXZe_Z
ikjkh["
WdZ
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[
i^ekbZ
X[
beYWb_p[Z
<_]$
-$($,$
J^[
[nWYj
i_j[
e\
j^[
b_c_j[Z
YhWd_ejeco
Z[f[dZi
ed
j^[
_dZ_l_ZkWb

\ehc
e\
j^[
j[djeh_kc
WdZ
j^[
ijhW_]^j
i_dki
WdZ
ed
j^[
_dZ_l_ZkWb
fWj^eWdWjec_YWb
i_jkWj_ed$
7i
c[dj_ed[Z
WXel["
j^[
ceh[
f[hf[d# Z_YkbWh
j^[
\ehc
e\
j^[
ijhW_]^j
i_dki"
j^[
d[Wh[h
j^[
YhWd_ejeco
_i
fbWY[Z
je
j^[
[nj[hdWb
eYY_f_jWb
fhejkX[hWdY[$ J^[
i_Z[
e\
j^[
YhWd_ejeco
cWo
X[
fh[\[hh[Z
WYYehZ_d]
je
j^[
Yed# Y[fj
e\
a[o^eb[
WffheWY^[i$
:[[f#i[Wj[Z
b[i_edi
beYWj[Z
h_]^j
e\
j^[
c_Zb_d[
YWd
X[
m[bb
[nfei[Z
ki_d]
W
b[\j
fWhWc[Z_Wd
_dj[h# ^[c_if^[h_Y
WffheWY^1
Yedl[hi[bo"
b[i_edi
[nj[dZ_d]
b[\j
e\
j^[
c_Zb_d[
Wh[
_d
iec[
YWi[i
X[jj[h
WffheWY^[Z
l_W
W
h_]^j
fWhWc[# Z_Wd
YhWd_ejeco$
>em[l[h"
dej[
j^Wj
W
YedjhWbWj[hWb
[nfeikh[
YWd
X[
fWhj_YkbWhbo
m[bb
^_ZZ[d
Xo
j^[
\Wbn
Y[h[Xh_
WdZ
Xo
j^[
l[deki
Yecfb[n
e\
j^[
]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d$ 7\j[h
WdWjec_YWb
eh_[djWj_ed
WdZ
fbWdd_d]
e\
j^[
YhWd_ejeco"
j^[
_dZ_l_ZkWb
efj_ckc
b_d[
e\
j^[
f[hf[dZ_YkbWh
ia_d
_dY_i_ed
_i
cWha[Z$
J^[
_dY_i_ed
_i
fbWY[Z
YW$
'$+
Yc
\hec
j^[
c_Zb_d[
m_j^
W
b[d]j^
e\
YW$
+$&
Yc
<_]$
-$($,$
Dej[
YWh[\kbb
ia_d
_dY_i_ed$

<_]$
-$($,
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WdZ
ia_d
_dY_i_ed
WYYehZ_d]
je
j^[
WdWjec_YWb
bWdZcWhai$

(+,

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

)$
9hWd_ejeco Ij[f
'
B[\j
i_Z["
fhed[
fei_j_ed$
7\j[h
c_d_cWb
i^Wl# _d]
e\
j^[
^W_h"
j^[
ia_d
WdZ
j^[
ikXYkjWd[eki
j_iik[
Wh[
_dY_i[Z
_d
W
ijhW_]^j
f[hf[dZ_YkbWh
\Wi^_ed
WdZ
j^[
ia_d
ÔWfi
Wh[
h[jhWYj[Z
[nfei# _d]
j^[
eYY_f_jWb
X[bbo
e\
j^[
eYY_f_je\hedjWb
ckiYb[ <_]$
-$($-$

<_]$
-$($-

Ij[f
( J^[
eYY_f_jWb
ckiYb[
WdZ
j^[
]Wb[W
Wfed[khe# j_YW
Wh[
_dY_i[Z
_d
W
i[c_Y_hYkbWh
\Wi^_ed
WdZ
Z_ii[Yj[Z
je][j^[h
m_j^
j^[
f[h_eij[kc
\hec
j^[
Xedo
ikh\WY[$
J^_i
bWo[h
_i
j^[d
h[jhWYj[Z
Wi
W
ÔWf
m_j^
j^[
XWi[
je
j^[
c_Zb_d[
<_]$
-$($.$

<_]$
-$($.

Ij[f
)
?d
Wbb
YWi[i"
Wd
eij[efbWij_Y
YhWd_ejeco
_i
YWh# h_[Z
ekj
YWh[\kbbo
Y^[Ya_d]
j^[
ikf[h_eh
iW]_j# jWb
i_dki
WdZ
jehYkbWh
^[hef^_b_$
I_c_bWh
je
ej^[h
_dj[h^[c_if^[h_Y
WffheWY^[i"
m[
_di_ij
ed
f[h# \ehc_d]
jme
c_Zb_d[
Xkhh
^eb[
jh[f^_dWj_edi"
ced_jeh_d]
j^[
fhec_d[dj
feij[h_eh
fWhj
e\
j^[
iW]_jjWb
i_dki
<_]$
-$($/$


<_]$
-$($/

(+-

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

<_]$
-$($'&

Ij[f
*
7\j[h
l_ikWb_pWj_ed
e\
j^[
ZkhWb
ikh\WY[
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki"
j^[
ZkhW
cWj[h
i^ekbZ
X[
YWh[\kbbo
\h[[Z
ki_d]
Xbkdj
Z_ii[Yjehi$
M_j^
Ód[
A[hh_ied
hed][khi"
j^[
bWj[hWb
XehZ[hi
e\
j^[
i_dki
Wh[
[nfei[Z
m_j^ekj
ZWcW]_d]
j^[
i_dki
<_]$
-$($'&$

<_]$
-$($''

Ij[f
+
M_j^
W
^_]^#if[[Z
YhWd_ejec["
W
Ykhl[Z
b_d[
_i
iWm[Z
\hec
j^[
eYY_f_jWb
Xkhh
^eb[
ed
j^[
_fi_bWj[hWb
i_Z[$
J^_i
_fi_bWj[hWb
Ykj
_i
j^[d
Yec# fb[j[Z
\hec
j^[
fWh_[jWb
Xkhh
^eb[
<_]$
-$($''$

<_]$
-$($'(

Ij[f
,
J^[h[W\j[h"
j^[
YhWd_ejec[
_i
ki[Z
ed
j^[
effe# i_j[
i_Z[
_d
W
i_c_bWh
mWo"
Yh[Wj_d]
W
fWhWc[# Z_Wd
YhWd_ejeco
e\
($&
je
)$&
Yc
_d
Z_Wc[j[h
<_]$
-$($'($

(+.

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
-
7d
_cfehjWdj
ij[f
e\
j^[
YhWd_ejeco
_i
j^[
h[celWb
e\
j^[
jWXkbW
_dj[hdW
ki_d]
Ód[
fkdY^[i
<_]$
-$($')$

<_]$
-$($')

Ij[f
.
7\j[h
f[h\ehc_d]
j^[
YhWd_ejeco"
j^[
ZkhW
_i
ef[d[Z
_d
W
i[c_Y_hYkbWh
\Wi^_ed
m_j^
j^[
XWi[
e\
j^[
ZkhWb
ÔWf
jemWhZ
j^[
ikf[h_eh
iW]_j# jWb
i_dki$
J^[
\h[[
ZkhWb
ÔWf
_i
Ón[Z
m_j^
jme
ikjkh[i
m_j^ekj
j^[
d[[Z
\eh
ej^[h
[b[lWj_ed
ikjkh[i
<_]$
-$($'*$

<_]$
-$($'*

Ij[f
/
8o
YedjhWbWj[hWb
WffheWY^[i"
j^[
\Wbn
Y[h[Xh_
YWd
X[
ef[d[Z
[nfei_d]
j^[
effei_j[
fWh_[je# eYY_f_jWb
Wh[Wi
<_]$
-$($'+$

<_]$
-$($'+

(+/

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

eYY_f_jWb
beX[

<_]$
-$($',

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
B[\j
i_Z[$
:_ii[Yj_ed
ki_d]
W
\h[i^
^kcWd
YWZWl[h$
7hj[h_Wb
WdZ
l[deki
l[ii[bi
Wh[
fh[# fWh[Z
m_j^
h[Z
WdZ
Xbk[
Yebeh[Z
bWj[n
iebkj_ed
h[if[Yj_l[bo$
7\j[h
Zkhejeco"
j^[
eYY_f_jWb
beX[
_i
YWh[\kbbo
cel[Z
WmWo
\hec
j^[
\Wbn
m_j^
c_Yhe\ehY[fi$
9ecfWh[Z
m_j^
j^[
\hedjWb
WdZ
fWh_[jWb
Wh[W"
eYYkhh[dY[
e\
fhec_d[dj
Xh_Z]# _d]
l[_di
_d
j^[
eYY_f_jWb
h[]_ed
_i
kdYecced"
WdZ"
_\
fh[i[dj"
j^[o
hkd
i[l[hWb
c_bb_c[j[hi
Wbed]
j^[
_dj[h^[c_if^[h_Y
Óiikh["
cWa_d]
Wd
WhWY^de_ZWb
Z_ii[Yj_ed
WdZ
cel[c[dj
[Wi_[h$
M_j^
WZ[gkWj[
fei_j_ed_d]
e\
j^[
fWj_[dj"
j^[
ifWjkbW
fh[iikh[
YWd
X[
ik\ÓY_[djbo
c_d_c_p[Z"
Z_YjWj[Z
Xo
j^[
]hWl_jo#[d^WdY[Z
h[bWnWj_ed
e\
j^[
eYY_f_jWb
beX[
<_]$
-$($',$

Ij[f
(
7i
kikWb"
Wd
_cfehjWdj
ij[f
e\
j^[
_djhWYhWd_Wb
Z_ii[Yj_ed
_i
j^[
ik\ÓY_[dj
ZhW_dW][
e\
9I<
Xo
ef[d_d]
j^[
ikXWhWY^de_Z
Y_ij[hdi$
?d
j^[
YWi[
e\
[b[lWj[Z
_djhWYhWd_Wb
fh[iikh["
j^[
feij[h_eh
^ehd
e\
j^[
bWj[hWb
l[djh_Yb[
YWd
X[
fkdYjkh[Z
m_j^
W
l[djh_YkbWh
YWddkbW$
Dej[
j^[
h[jhWYj[Z
eYY_f_jWb
beX[
<_]$
-$($'-$

\Wbn

<_]$
-$($'-

Ij[f
)
M_j^
WZZ_j_edWb
h[jhWYj_ed
e\
j^[
eYY_f_jWb
beX["
j^[
jhWdi_j_ed
X[jm[[d
j^[
feij[h_eh
WcX_[dj
WdZ
gkWZh_][c_dWb
Y_ij[hdi
YWd
X[
WffheWY^[Z$
Dej[
j^[
l[_di
hkdd_d]
je
j^[
]h[Wj
Y[h[XhWb
l[_d
e\
=Wb[d"
m^_Y^
_i"
Wj
j^_i
ijW][
e\
j^[
ikh][ho"
^_ZZ[d
X[^_dZ
j^[
][djbo
h[jhWYj[Z
j[djeh_kc$
Dej[
j^[
ifb[d_kc
e\
j^[
Yehfki
YWbbeikc
<_]$
-$($'.$

ifb[d_kc

<_]$
-$($'.

(,&

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
*
J^[
WhWY^de_Z
i^[[ji
e\
j^[
gkWZh_][c_dWb
Y_i# j[hd
Wh[
ef[d[Z
[nfei_d]
j^[
gkWZh_][c_dWb
fbWj[
WdZ
j^[
f_d[Wb
]bWdZ$
Dej[
j^[
ZekXb[Z
XWiWb
l[_d
e\
Hei[dj^Wb
Z_iWff[Wh_d]
m_j^_d
j^[
WcX_[dj
Y_ij[hd$
J^[
m^_j[
j_iik[
Yehh[ifedZi
je
j^[
_d\[h_eh
ikh\WY[
e\
j^[
ifb[d_kc
Yehfeh_i
YWbbei_
<_]$
-$($'/$

c[i[dY[f^Wbed f_d[Wb
]bWdZ XWiWb
l[_di
e\
Hei[dj^Wb ifb[d_kc

<_]$
-$($'/

Ij[f
+
J^[
jhWdi_j_ed
X[jm[[d
j^[
\Wbn
WdZ
j[djeh_kc
_i
h[jhWYj[Z
m_j^
W
ikYa[h
Wbbem_d]
X[jj[h
[nfe# ikh[
e\
j^[
f_d[Wb
]bWdZ
WdZ
j^[
gkWZh_][c_dWb
fbWj[
<_]$
-$($(&$

gkWZh_][c_dWb
fbWj[ f_d[Wb
]bWdZ

<_]$
-$($(&

Ij[f
,
Ef[d
j^[
j[djeh_kc
fWhWbb[b
je
j^[
Yekhi[
e\
j^[
ijhW_]^j
i_dki
ki_d]
W
i^Whf
c_Yhead_\[$
J^[
j[djeh_Wb
ikh\WY[
e\
j^[
Y[h[X[bbkc
Wff[Whi
j^hek]^
j^[
]Wf
<_]$
-$($('$

j[djeh_kc

<_]$
-$($('

(,'

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
-
7\j[h
ifb_jj_d]
j^[
j[djeh_kc"
j^[
YedÔk[dY[
e\
j^[
]h[Wj
l[_d
e\
=Wb[d
_dje
j^[
ijhW_]^j
i_dki
YWd
X[
[nfei[Z$
Dej[
j^[
l[deki
XhWdY^[i
e\
j^[
XWiWb
l[_d
e\
Hei[dj^Wb"
j^[
_dj[hdWb
Y[h[XhWb
l[_d
WdZ
j^[
Y[djhWb
Y[h[X[bbWh
l[_d
<_]$
-$($(($

_dj[hdWb
Y[h[XhWb
l[_d Y[djhWb
Y[h[X[bbWh
l[_d l[_d
e\
Hei[dj^Wb ifb[d_kc

<_]$
-$($((

Ij[f
.
J^[
j[djeh_kc
_i
hW_i[Z
m_j^
^ebZ_d]
ikjkh[i
WdZ
j^[
Y[h[X[bbkc
_i
][djbo
h[jhWYj[Z
m_j^
W
ikYa[h
WdZ
W
Z_ii[Yjeh$
Dej[
j^[
_dj[hdWb
Y[h[# XhWb
l[_d
WdZ
j^[
f_d[Wb
]bWdZ
<_]$
-$($()$


gkWZh_][c_dWb
fbWj[ _dj[hdWb
Y[h[XhWb
l[_d f_d[Wb
]bWdZ l[_d
e\
=Wb[d

<_]$
-$($()

Ij[f
/
<ebbem_d]
j^[
_dj[hdWb
Y[h[XhWb
l[_d"
ijhkYjkh[i
e\
j^[
l[bkc
_dj[hfei_jkc
YWd
X[
[nfei[Z
<_]$
-$($(*$
l[bkc
_dj[hfei_jkc _dj[hdWb
Y[h[XhWb
l[_d

<_]$
-$($(*

(,(

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

Ij[f
'&
:_ii[Yj_ed
e\
j^[
l[bkc
_dj[hfei_jkc
WYYehZ# _d]
je
j^[
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^$
Dej[
j^[
c[Z_Wb
ikh\WY[
e\
j^[
YedjhWbWj[hWb
j^WbWcki
WYYehZ_d]
je
j^[
ef[d_d]
e\
j^[
fei# j[h_eh
j^_hZ
l[djh_Yb[
<_]$
-$($(+$


effei_j[
j^WbWcki Y^ehe_Z
fb[nki
e\
j^[
j^_hZ
l[djh_Yb[ _dj[hdWb
Y[h[XhWb
l[_d

<_]$
-$($(+

Ij[f
''
:_ii[Yj_d]
_d
W
bWj[hWb
Z_h[Yj_ed"
j^[
jhWdi_j_ed
e\
j^[
gkWZh_][c_dWb
WdZ
WcX_[dj
Y_ij[hdi
_i
WffheWY^[Z$
Dej[
j^[
Ód[
lWiYkbWjkh[
e\
j^[
feij[hebWj[hWb
c[i[dY[f^Wbed"
j^[
XhWY^_kc
Yebb_Ykb_
_d\[h_eh_i
WdZ
j^[
jh_]edkc
b[cd_iY_
<_]$
-$($(,$


jh_]edkc
b[cd_iY_

<_]$
-$($(,

Ij[f
'(
J^[
jh_]edkc
b[cd_iY_
e\
j^[
c_ZXhW_d
m_j^
j^[
I97
WdZ
j^[
9D
?L
<_]$
-$($(-$
I97 9D
?L

<_]$
-$($(-

(,)

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
Whj[ÓY_Wb
9I<
WdZ
j^[
ZkhWb
ef[d_d]
_i
Ybei[Z
m_j^
_dj[hhkfj[Z
eh
Yedj_dkeki
ikjkh[i$
:khW
b[Wai
YWd
X[
h[fW_h[Z
Xo
ki_d]
W
]Wb[W#f[h_eij[kc
]hW\j$
7
fbWj[
e\
][b\eWc
_i
fbWY[Z
[njhW# ZkhWbbo
WdZ
j^[
Xed[
ÔWf
_i
Ón[Z
m_j^
j_jWd_kc
fbWj[i$
7\j[h
ÓdWb
l[h_ÓYWj_ed
e\
^[ceijWi_i"
j^[
f[h_eij[kc"
ikXYkjWd[eki
bWo[h
WdZ
j^[
ia_d
Wh[
Ybei[Z
m_j^
_dj[hhkfj[Z
ikjkh[i$

Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i š
?dYehh[Yj
fh[ef[hWj_l[
fbWdd_d]
m_j^
_dik\ÓY_[dj
_djhWYhWd_Wb
[nfeikh[$
š
?d`kho
je
j^[
ikf[h_eh
iW]_jjWb
i_dki
eh
jehYkbWh
^[hef^_b_
Zkh_d]
YhWd_ejeco"
_d
iec[
YWi[i
m_j^
i[l[h[
Xb[[Z_d]
WdZ
\WjWb
Yed# i[gk[dY[i$
Dej[
j^[
]Wb[W#f[h_eij
ÔWf
\eh
h[fW_h$ š
;nY[ii_l[
Yecfh[ii_ed
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki
Xo
j^[
i[b\# h[jW_d_d]
h[jhWYjeh
m_j^
j^hecXei_i
e\
j^[
i_dki
WdZ
ikXi[gk[dj
XhW_d
_d\WhYj_ed$ š
L[deki
_d\WhYj_ed
Zk[
je
eYYbki_ed
e\
Wd
eYY_f_jWb
Xh_Z]_d]
l[_d
hkdd_d]
_dje
j^[
ikf[h_eh
iW]_jjWb
i_dki$ š
;nY[ii_l[
eYY_f_jWb
beX[
h[jhWYj_ed
W]W_dij
]hWl_jo
Zk[
je
feeh
fWj_[dj
fei_j_ed_d]$
9edjki_ed
e\
j^[
eYY_f_jWb
beX[
cWo
h[ikbj
_d
l_ikWb
Z_ijkhXWdY[i$
š
?d`kho
je
j^[
ifb[d_kc
Yehfeh_i
YWbbei_
cWo
YWki[
b[\j
^[c_Wb[n_W"
j^[
_dWX_b_jo
je
h[WZ
_d
j^[
b[\j
l_ikWb
^[c_Ó[bZ"
WdZ
W
XheWZ
WhhWo
e\
X[^Wl_ehWb
WXdehcWb_j_[i$ š
?d`kh_[i
je
dkc[heki
l[ii[bi
WdZ
j^[
9D
?L
m_j^_d
j^[
gkWZh_# ][c_dWb
WdZ
feij[h_eh
WcX_[dj
h[]_ed
Zkh_d]
c_Yheikh]_YWb
cWd_fkbWj_ed
m_j^
feijef[hWj_l[
d[khebe]_YWb
Z[j[h_ehWj_ed$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
ÓijkbW$
š
?dWZ[gkWj[
^[ceijWi_i
m_j^
ikXi[gk[dj
_djhW#
eh
[njhWYhWd_Wb
h[Xb[[Z_d]$

(,*

?dj[h^[c_if^[h_Y
WffheWY^
r
feij[h_eh
lWh_Wj_ed

<_]$
-$($(.

J_fi
WdZ
jh_Yai

<_]$-$($(/

š
JWa[
j_c[
\eh
fh[ef[hWj_l[
fbWdd_d]
WdZ
fei_j_ed_d]
e\
fWj_[dji$
J^[
h[ikbj
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\Ó# Y_[dj
meha_d]
fei_j_ed
Zkh_d]
ikh][ho$
<eh
fbWdd_d]
j^[
[nWYj
fbWY[c[dj
e\
j^[
YhWd_ejeco"
fh[ef[hWj_l[
_cW]_d]
e\
j^[
Xh_Z]# _d]
l[_di
ki_d]
9J
eh
CH7
_i
h[Yecc[dZ[Z$
?d
if[Y_Wb
YWi[i
:I7
YWd
X[
f[h\ehc[Z$

 







š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_i_ed$



<_]$
-$($)&

š
9h[Wj_d]
j^[
Xkhh
^eb[
jh[f^_dWj_ed"
j^[
bWj[hWb
XehZ[hi
e\
j^[
ikf[h_eh
iW]_jjWb
i_dki
i^ekbZ
X[
YWh[\kbbo
Y^[Ya[Z
Wle_Z_d]
_d`kho
Zkh_d]
YhWd_ejeco
<_]$
-$($(.$ š
IjW][i
e\
YhWd_ejeco
<_]$
-$($(/0
'$
fWh_[jWb
WdZ
($
eYY_f_jWb
Xkhh
^eb[
jh[f^_dWj_edi
Y^[Ya_d]
j^[
ikf[h_eh
iW]_jjWb
i_dki1

)$Å*$
_fi_bWj[hWb
WdZ
+$Å,$
YedjhWbWj[hWb
Ykjj_d]
\hec
j^[
fWh_[jWb
je
j^[
eYY_f_jWb
Xkhh
^eb[
m_j^
W
^_]^#if[[Z
YhWd_ejec[$
J^[

YhWd_ejec[
i^ekbZ
d[l[h
Yheii
j^[
i_dki
Wh[W$

<_]$-$($)'

š
H[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
e\\[hi
_dYh[Wi[Z
_djhWYhWd_Wb
l_ikWb_pWj_ed
Zk[
je
W
i[Yjeh#b_a[
ikh]_YWb
Z_ii[Yj_ed
<_]$
-$($)&$ š
7Z[gkWj[
fei_j_ed_d]
e\
j^[
^[WZ
h[ikbji
_d
]hWl_jo#[d^WdY[Z
i[b\#h[jhWYj_ed
e\
j^[
eYY_f_jWb
beX["
Wle_Z_d]
[nY[ii_l[
XhW_d
h[jhWYj_ed
<_]$-$($)'$ <_]$-$($)(

š
:kh_d]
mekdZ
Ybeikh["
j^[
ZkhW
i^ekbZ
X[
Ybei[Z
m_j^
mWj[h# j_]^j
ikjkh[i$
?\
d[Y[iiWho"
j_iik[
e\
j^[
]Wb[W
Wfed[khej_YW
YWd
X[
ki[Z
\eh
j^_i
fkhfei[
<_]$
-$($)($ š
J^[
Xed[
ÔWf
i^ekbZ
X[
Ón[Z
m_j^ekj
Yecfh[ii_ed
e\
j^[
III
Wle_Z_d]
i_dkie_ZWb
j^hecXei_i
<_]$
-$($))$ <_]$
-$($))

š
J^[
ia_d
_dY_i_ed
m_j^_d
j^[
^W_h[Z
Wh[W
YWd
X[
Ybei[Z
m_j^
_dj[h# hkfj[Z
eh
hkdd_d]
ikjkh[i$ š
Ki_d]
W
b_c_j[Z
ia_d
_dY_i_ed"
W
ikYj_ed
ZhW_d
_i
dej
h[gk_h[Z$

(,+

JhWdiYehj_YWb
WffheWY^

.$&
JhWdiYehj_YWb
WffheWY^
[nfei_d]
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[i >_ijeho
e\
j^[
\hedjWb
jhWdiYehj_YWb

jhWdil[djh_YkbWh
WffheWY^[i

<_]$
.$&$'
J^[
feij[h_eh
jhWdiYWbbeiWb
WffheWY^
\eh
ikh]_# YWb
WYY[ii
je
j^_hZ
l[djh_YkbWh
b[i_edi
Z[iYh_X[Z
Xo
:WdZo
_d
'/))$
Dej[
_dY_i_ed
e\
j^[
WiY[dZ_d]
\ehd_n
WdZ
ef[d_d]
j^[
hee\
e\
j^[
j^_hZ
l[djh_Yb[
Wbbem_d]
WZ[gkWj[
[nfbehW# j_ed
e\
j^[
Z[[f#i[Wj[Z
i_j[$

M^[d
Z_iYkii_d]
WffheWY^[i
je
j^[
l[djh_YkbWh
ioij[c"
if[Y_Wb

Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
MWbj[h
;$
:WdZo"
m^e
^WZ
kd_gk[
_dj[h[ij
_d
l[djh_YkbWh
b[i_edi
WdZ
Wd
kdfh[Y[Z[dj[Z
[nf[h_[dY[
_d
Z[Wb_d]
m_j^
j^[c$
?d
'/(("
^[
Z[iYh_X[Z
j^[
Óhij
ikYY[ii\kb
h[celWb
e\
W
X[d_]d
jkceh
_d
j^[
j^_hZ
l[djh_Yb["
eYYbkZ_d]
j^[
\ehWc[d
e\
Cedhe$
>_ijeh_YWbbo"
jme
WffheWY^[i
m[h[
Z[iYh_X[Z
Xo
:WdZo
je
h[WY^
j^[
h[]_ed
e\
j^[
Wdj[h_eh
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[i0
j^[
fei# j[h_eh
_dj[h^[c_if^[h_Y
jhWdiYWbbeiWb
WdZ
j^[
Wdj[h_eh
jhWdiYehj_YWb
jhWdil[djh_YkbWh
[nfeikh[i
Q:WdZo
'/(("
'/(-"
'/))"
'/),S$
J^[
Y^e_Y[
X[jm[[d
[_j^[h
j^[
Wdj[h_eh
eh
j^[
feij[h_eh
WffheWY^
mWi
Z[Y_Z[Z
Xo
j^[
fei_j_ed
e\
j^[
jkceh"
Z_W]dei[Z
Xo
l[djh_Ykbe]hWf^_Y
_dl[i# j_]Wj_edi$
?\
j^[
b[i_ed
eYYkf_[Z
edbo
j^[
feij[h_eh
fWhj
e\
j^[
j^_hZ
l[djh_Yb["
j^[
feij[h_eh
jhWdiYWbbeiWb
:WdZoÉi
Çf_d[WbÈ
[nfeikh[
WffheWY^
mWi
YWhh_[Z
ekj
<_]$
.$&$'$
?\
j^[
jkceh
eYYkf_[Z
j^[
Wdj[# h_eh
j^_hZ
l[djh_Yb[
WdZ
\ehWc[d
e\
Cedhe"
j^[
Wdj[h_eh
jhWdiYehj_YWb
Ç^ofef^oi[WbÈ
[nfeikh[
WffheWY^
mWi
ikf[h_eh
<_]$
.$&$($
;nfei# _d]
j^[
l[djh_YkbWh
Y^WcX[h
l_W
j^[
\hedjWb
WffheWY^"
:WdZo
ki[Z
Wd
elWb
h[i[Yj_ed
eh
jhWdil[hi[
i[Yj_ed
e\
j^[
\hedjWb
beX["
kikWbbo
ed
j^[
h_]^j"
dedZec_dWdj
i_Z[$
>[
Z_Z
dej
ki[
j^[
Wdj[h_eh
jhWdi# YWbbeiWb
[nfeikh[
X[YWki[
e\
j^[
ikffei[Zbo
i[l[h[
Yb_d_YWb
[\\[Yji
h[ikbj_d]
\hec
i[Yj_ed_d]
j^[
Wdj[h_eh
fWhj
e\
j^[
Yehfki
YWbbeikc$
?d
^_i
cede]hWf^
Ç8[d_]d
Jkcehi
_d
j^[
J^_hZ
L[djh_Yb[
e\
j^[
8hW_d0
:_W]dei_i
WdZ
Jh[Wjc[djÈ"
fkXb_i^[Z
_d
'/))"
:WdZo
h[fehj[Z
W
ceh# jWb_jo
hWj[
e\
))$)
Wced]
fWj_[dji
\hec
j^[
[dj_h[
i[h_[i
Yel[h_d]
W
f[h_eZ
e\
''
o[Whi$
:[if_j[
W
i_]d_ÓYWdj
_cfhel[c[dj
_d
bWj[h
fkXb_# YWj_edi"
j^[i[
h[ikbji
fhecfj[Z
iec[
d[kheikh][edi
je
Wle_Z
ikY^
ef[hWj_edi$
7hd[
Jeha_bZi[d
[cf^Wi_p[Z
fWbb_Wj_l[
cWdW][c[dj
_d
jh[Wj_d]
fWj_[dji
m_j^
_djhWl[djh_YkbWh
jkcehi"
ki_d]
l[djh_Ykbe# Y_ij[hdeijeco
_d
^oZheY[f^Wb_Y
fWj_[dji
X[\eh[
Wdo
ej^[h
ikh]_YWb
fheY[Zkh[i
m[h[
kdZ[hjWa[d
QJeha_bZi[d
'/)/S$

<_]$
.$&$(
:WdZoÊi
\hedjWb
jhWdiYehj_YWb
WffheWY^
[n# fei_d]
W
Yebbe_Z
Yoij
e\
j^[
j^_hZ
l[djh_Yb[$
Dej[
j^[
Ç^ehi[# i^e[
m[Z][È
_dY_i_ed
WdZ
fWhj_Wb
h[celWb
e\
j^[
\hedjWb
beX[
je
[nfei[
j^[
bWj[hWb
l[djh_Yb[
WdZ
\ehWc[d
e\
Cedhe$

J^[
ceij
\h[gk[djbo
Z_iYkii[Z
Yecfb_YWj_ed
e\
j^[
jhWdiYehj_YWb
WffheWY^
mWi
feijef[hWj_l[
i[_pkh[i
X[YWki[
e\
j^[
[nj[dZ[Z

Yehj_YWb
_dY_i_ed
<_]$
.$&$)$
J^[
_dY_Z[dY[
e\
i[_pkh[i
mWi
h[fehj[Z
je
X[
Wi
^_]^
Wi
(-
WYYehZ_d]
je
>k]^
9W_hdi"
ki_d]
cWYheikh#

(,-

JhWdiYehj_YWb
WffheWY^

]_YWb
j[Y^d_gk[i"
fheXWXbo
h[ikbj_d]
\hec
j^[
Yehj_YWb
_dY_i_ed
_ji[b\

QFWjj[hied
'/)+"
Feff[d
'/+)"
=khZ`_Wd
'/,*"
A[cf[
'/,."
9W_hdi
'/-'S$
J^[
_djheZkYj_ed
e\
j^[
c_YheiYef[
_d
d[kheikh]_YWb
j[Y^# d_gk[i
Wbbem[Z

Z[Yh[Wi[Z
ikh]_YWb
jhWkcWj_pWj_ed
WdZ
X[jj[h
l_ik# Wb_pWj_ed
e\
j^[
Z[[f#i[Wj[Z
b[i_edi
<_]$
.$&$*$
>em[l[h"
_d
W
i[h_[i
_d
j^[
'/.&i"
ej^[h
feijef[hWj_l[
Yecfb_YWj_edi
m[h[
Wbie
Z[iYh_X[Z0
^[c_fWh[i_i
W\j[h
h[jhWYj_ed
e\
j^[
Y[djhkc
i[c_elWb[
eYYkhh[Z
_d
kf
je
(&
e\
fWj_[dji
Q>_hiY^
'/-/"
7djkd[i
'/.&S$
Ej^[h
fWj_[dji
^WZ
c[ceho
Z[ÓY_ji
Z[f[dZ_d]
ed
j^[
Z[]h[[
e\
h[jhWYj_ed
WdZ
_d\WhYj_ed
e\
j^[
dkYb[ki
YWkZWjki$
9ed\ki_ed
WdZ
ckj_ic
m[h[
Wbie
h[fehj[Z$
J^[
Wkj^ehi
c[dj_ed[Z
j^Wj
d[khebe]_YWb
Z[j[h_ehWj_ed
Wced]
j^[i[
fWj_[dji
h[ikbj[Z
\hec
j^[
[nj[dZ[Z
Yehj_YWb
_dY_i_ed
WdZ
j^[
h[jhWYj_ed
d[Y[iiWho
je
l_ikWb_p[
j^[
l[djh_YkbWh
Y^WcX[h$
J^[
^_]^
cehjWb_jo
WdZ
cehX_Z_jo
hWj_e
_d
j^[
b_j[hWjkh[
YekbZ
m[bb
_dZ_YWj[
j^Wj
j^[
jhWdiYehj_YWb
WffheWY^
je
j^[
bWj[hWb
WdZ
j^_hZ
l[d# jh_Yb[
i^ekbZ
X[
Z_ih[]WhZ[Z$
>em[l[h"
W
Yh_j_YWb
WdWboi_i
e\
j^[i[
WXel[
c[dj_ed[Z
WffheWY^[i
i^emi
j^Wj
_d
[l[ho
YWi["
[nj[dZ[Z
YhWd_ejec_[i
WdZ
Yehj_YWb
[nfeikh[i
m_j^
hek]^
h[jhWYj_ed
e\
j^[
\hedjWb
beX[
m[h[
f[h\ehc[Z$
?d
YedjhWij"
j^[
j[Y^d_gk[
e\
b_c_j[Z
a[o^eb[
[nfeikh[i
YWki[i
c_d_cWb
ZWcW][
je
XhW_d
j_iik[
m^_Y^
_i
Wbceij
YecfWhWXb[
je
j^[
_d`kho
YWki[Z
Xo
l[djh_Yb[
fkdYjkh[$
Ed
j^[
ej^[h
^WdZ"
W
b_c_j[Z
Yehj_YWb
_dY_i_ed
_i
Wbie
ik\ÓY_[dj
je
l_ik# Wb_p[
Z_\\[h[dj
fWhji
e\
j^[
l[djh_YkbWh
Y^WcX[h
WdZ
[nfei[
bWh][
_djhWl[djh_YkbWh
b[i_edi
Zk[
je
W
i[Yjeh#b_a[
ikh]_YWb
Z_ii[Yj_ed$ ?d
j^[
\ebbem_d]"
j^[
_cfehjWdY[
e\
j^[
a[o^eb[
YedY[fj
_i
Z_iYkii[Z
ki_d]
\hedjWb
jhWdiYehj_YWb
WffheWY^[i
je
j^[
l[djh_YkbWh
ioij[c$

(,.

<_]$
.$&$)
A[cf[Êi
\hedjWb
jhWdiYehj_YWb
WffheWY^
[nfei_d]
l[djh_YkbWh
b[i_edi$
Dej[
j^[
[nj[dZ[Z
cWYheikh]_YWb
Yehj_YWb
_dY_i_ed$

<_]$
.$&$*
J^[
\hedjWb
jhWdiYehj_YWb
WffheWY^
je
j^[
j^_hZ
l[djh_Yb[
Z[iYh_X[Z
Xo
M_bb_Wc
I^kYWhj
_d
C_Y^W[b
B$
@$
7fkppeÊi
Yecfh[^[di_l[
Xeea
[dj_jb[Z
ÇIkh][ho
e\
j^[
J^_hZ
L[djh_Yb[È"
fkXb_i^[Z
_d
'/.-
WdZ
_d
W
i[YedZ
[Z_j_ed
_d
'//.$
Dej[
j^[
h[bWj_edi^_f
e\
j^[
iYWbf
_dY_i_ed
je
j^[
Xkhh
^eb[i
WdZ
j^[
YhWd_ejeco$
J^[
jhWdiYehj_YWb
[nfeikh[
\eh
_djhWl[djh_YkbWh
b[i_edi
mWi
ki[Z
_d
j^[
YWi[
e\
^oZhe# Y[f^Wb_Y
[dbWh][Z
l[djh_Yb[i$

JhWdiYehj_YWb
WffheWY^

Ki[
e\
j^[
a[o^eb[
YedY[fj
_d
\hedjWb
jhWdiYehj_YWb
jhWdil[djh_YkbWh
WffheWY^[i

7

J^[
iY^[cWj_Y
YWhjeedi
e\
j^[
l[djh_YkbWh
ijhkYjkh[i
Z[cedijhWj[
j^Wj
W
b_c_j[Z
[nfeikh[
WffheWY^
YWd
X[
ik\Ó
Y_[dj
je
l_ikWb_p[
bWh][
_djhWl[djh_YkbWh
Wh[Wi"
[if[Y_Wbbo
_d
^oZheY[f^Wb_Y
fWj_[dji$
7YYehZ# _d]
je
j^_i
YedY[fj"
j^[
ikh]_YWb
Z_ii[Yj_ed
i^ekbZ
X[
i_c_bWh
je
j^[
eXi[hlWj_ed
j^hek]^
W
l_hjkWb
a[o^eb[$
:_ii[Yj_d]
_d
W
i[Yjeh#b_a[
Z_h[Yj_ed
j^hek]^
W
icWbb"
fh[Y_i[bo
fbWdd[Z
WdZ
WYYkhWj[bo
fbWY[Z
Yehj_YWb
_dY_i_ed"
j^[
ikh][ed
_i
Wbie
WXb[
je
l_ikWb_p[
WdZ
h[cel[
[nj[dZ[Z
_djhWl[djh_YkbWh
b[i_edi
<_]$
.$&$+
W$
J^_i
YedY[fj
_i
j^[
jhk[
effei_j[
e\
j^[
Yecced
\kdd[b#b_a[
ikh]_YWb
Z_ii[Yj_ed
m_j^
Wd
[nj[dZ[Z
Yehj_YWb
_dY_i_ed
\eh
W
h[bWj_l[bo
icWbb
jWh][j
b[i_ed
<_]$.$&$+
X$ Ki_d]
W
jhWdi\ehWc_dWb
WffheWY^
je
j^[
j^_hZ
l[djh_Yb["
j^[
efj_cWb
fbWY[c[dj
e\
j^[
YhWd_ejeco
_i
[ii[dj_Wb
je
Wle_Z
\ehd_YWb
Yedjki_ed$
?d
j^[
fh[ef[hWj_l[
fbWdd_d]"
j^[
_dZ_l_ZkWb
WdWjeco
e\
j^[
\ehWc[d
e\
Cedhe"
WdZ
j^[
i_p[
WdZ
i_j[
e\
j^[
_dj[hj^WbWc_Y
WZ^[i_ed
i^ekbZ
X[
Z[j[hc_d[Z
_d
YecfWh_ied
m_j^
j^[
jWh][j
fe_dj
<_]$
.$&$,$

8 <_]$
.$&$+
J^[
ki[
e\
j^[
a[o^eb[
YedY[fj
_d
jhWdiYehj_YWb
WffheWY^[i$
=[d[hWbbo"
b[i_edi
e\
j^[
bWj[hWb
WdZ
j^_hZ
l[d# jh_Yb[i
Wh[
Z[[f#i[Wj[Z$
9ecfWh[Z
m_j^
W
ijWdZWhZ
ikh]_# YWb
WffheWY^
8"
[dj[h_d]
j^[
_djhWYhWd_Wb
Y^WcX[h
j^hek]^
W
b_c_j[Z
YhWd_ejeco"
j^[
l_ikWb
Ó
[bZ
i^emi
W
i[Yjeh#b_a[
m_Z[d_d]
7$
7
i^ehj
Z_ijWdY[
Wbbemi
W
b_c_j[Z
el[hl_[m1
_d
YedjhWij"
W
bed]
ikh]_YWb
Yehh_Zeh
je
W
Z[[f# i[Wj[Z
Ó
[bZ
e\j[d
fhel_Z[i
W
X[jj[h
ced_jeh_d]
e\

j^[
Z_i# i[Yj_ed$


J^[
b_c_j[Z
a[o^eb[
[nfeikh[
h[ikbj_d]
_d
h[ZkY[Z
ZWcW][
je
_cfeh# jWdj
Yehj_YWb
ijhkYjkh[i
cWo
c_d_c_p[
j^[
feijef[hWj_l[
d[khebe]_# YWb
Z[j[h_ehWj_ed
_d
fWj_[dji$
?d
j^_i
h[if[Yj"
j^[
\hedjWb
jhWdiYehj_YWb
jhWdil[djh_YkbWh
WffheWY^
_i
fWh
[nY[bb[dY[
j^[
\kbb
h[Wb_iWj_ed
e\
j^[
a[o^eb[
ijhWj[]o
_d
d[kheikh][ho$ ?d
j^[
\ebbem_d]"
j^[
WdWjec_YWb
XWi_i
e\
j^[
\hedjWb
jhWdiYehj_YWb
WffheWY^
_i
Z_iYkii[Z
_d
Z[jW_b$

<_]$
.$&$,
Je
[nfei[
j^[
j^_hZ
l[djh_Yb[
j^hek]^
j^[
_djhWl[djh_YkbWh
\ehWc[d"
j^[
efj_ckc
fbWY[c[dj
e\
j^[
YhWd_ejeco
i^ekbZ
X[
Z[j[hc_d[Z
fh[ef[hWj_l[bo$
J^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
YWd
X[ij
X[
WffheWY^[Z
j^hek]^
W
YehedWhbo
fbWY[Z
YhWd_ejeco
]h[[d
Whhem$
<eh
[nfei_d]
j^[
h[]_ed
e\
j^[
feij[h_eh
Yecc_iikh[
WdZ
Wgk[ZkYj"
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
ceh[
\hedjWbbo
h[Z
Whhem$

(,/

JhWdiYehj_YWb
WffheWY^

=[d[hWb
WdWjec_YWb
YedijhkYj_ed
e\
j^[
l[djh_YkbWh
Y^WcX[h
WdZ
WdWjec_YWb
XWi_i
e\
j^[
\hedjWb

jhWdiYehj_YWb
jhWdil[djh_YkbWh
WffheWY^ M^[d
Yedi_Z[h_d]
ikh]_YWb
WffheWY^[i
\eh
b[i_edi
e\
j^[
Wdj[h_eh
fWhj
e\
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb["
ef_d_edi
lWho
X[YWki[
e\
j^[
m[bb#ademd
_Wjhe][d_Y
Yecfb_YWj_edi
e\
j^[
_dj[h^[c_if^[h_Y
WdZ
jhWdiYehj_YWb
[nfeikh[i$
J^[
h[Wied
\eh
j^[
^_]^
hWj[
e\
Yecfb_YW# j_edi
_i
j^[
feii_Xb[
_d`kho
je
_cfehjWdj
d[kheWdWjec_YWb
ijhkY# jkh[i$
>em[l[h"
_j
_i
_cfehjWdj
je
Yedi_Z[h
Yecfb_YWj_edi
WiieY_# Wj[Z
m_j^
j^[
ikh][ho
_d
h[bWj_ed
je
j^[
Yehh_Zeh"
cWd_fkbWj_ed
Wj
j^[
jWh][j
Wh[W"
WdZ
_d
h[bWj_ed
je
j^[
fWj^ebe]o
e\
j^[
b[i_ed
_ji[b\$
?dZ[f[dZ[dj
e\
j^[
fWj^ebe]o"
j^[
XWi_i
e\
c_d_c_p_d]
ZWcW][
_i
j^[
Y^e_Y[
e\
Wd
WffheWY^
m^_Y^
Wbbemi
iW\[
cWd_fkbWj_ed
Zk[
je
efj_cWb
l_ikWb_pWj_ed
e\
j^[
ef[hWj_l[
Wh[W
j^hek]^
W
iW\[
Yehh_Zeh
m_j^ekj
_d`kho
je
d[_]^Xeh_d]
ijhkYjkh[i$


7

9edY[hd_d]
j^[
ef[hWj_l[
Yehh_Zeh"
j^[
jhWdiYehj_YWb
hekj[
_i
X[jj[h
YecfWh[Z
m_j^
j^[
_dj[h^[c_if^[h_Y
WffheWY^
l_W
[dbWh][Z
l[djh_# Yb[i
cWa_d]
j^[
jhWdiYehj_YWb
Z_ii[Yj_ed
b[ii
jhWkcWj_Y
<_]$
.$&$-$
J^[
WffheWY^
_i
X[ij
f[h\ehc[Z
\hec
j^[
h_]^j"
dedZec_dWdj
i_Z["
kdb[ii
_j
_i
X[_d]
ki[Z
\eh
b[i_edi
e\
j^[
b[\j
bWj[hWb
l[djh_Yb[

eh
\eh
j^_hZ
l[djh_YkbWh
b[i_edi
m_j^
i_]d_ÓYWdj
[nj[di_ed
_dje

j^[
b[\j
bWj[hWb
l[djh_Yb[$
7YYehZ_d]
je
j^[
YedY[fj
e\
YedjhWbWj# [hWb
a[o^eb[
WffheWY^[i"
W
b[\j#i_Z[Z
YhWd_ejeco
YWd
X[
Wbie
ki[Z

\eh
b[i_edi
beYWj[Z
m_j^_d
j^[
h_]^j
i_Z[
e\
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h$ If[Y_Wb
Wjj[dj_ed
i^ekbZ
X[
]_l[d
je
j^[
\WYj
j^Wj
j^[
jhWdiYehj_YWb
jhWdil[djh_YkbWh
WffheWY^
je
j^[
j^_hZ
l[djh_Yb[
cWa[i
i[Yj_ed_d]
e\
j^[
Wdj[h_eh
Yehfki
YWbbeikc
WdZ
cWd_fkbWj_ed
e\
j^[
\ehd_n
kdd[Y[iiWho$
J^[
c_Zb_d[
_dj[h\ehd_YWb
WffheWY^"
Z[iYh_X[Z
Xo
;ZmWhZ
8kiY^
WdZ
h[Ód[Z
Xo
C_Y^W[b
B$
@$
7fkppe"
h[gk_h[i
i[fW# hWj_ed
e\
j^[
Ybei[
WdZ
l[ho
lkbd[hWXb[
\ehd_YWb
ijhkYjkh[i
Q8kiY^
'/**"
7fkppe
'/.(S$

(-&

8

<_]$
.$&$-
W"
X
IY^[cWj_Y
ZhWm_d]
YecfWh_d]
j^[
jhWdi# Yehj_YWb
7
WdZ
_dj[h^[c_if^[h_Y
WffheWY^[i
8
je
j^[
bWj[hWb
l[djh_Yb[$
J^[
jhWdiYehj_YWb
hekj[
i^ekbZ
X[
ki[Z
_d
j^[
YWi[
e\
^oZheY[f^Wb_YWbbo
[dbWh][Z
l[djh_Yb[i
cWa_d]
j^[
jhWdiYehj_YWb
Z_ii[Yj_ed
b[ii
jhWkcWj_Y$
J^[
_dj[h^[c_# if^[h_Y
WffheWY^
_i
X[jj[h
\eh
dehcWb
i_p[Z
eh
dWhhem

l[djh_Yb[i$

JhWdiYehj_YWb
WffheWY^

7

8

<_]$
.$&$.
W"X
JhWdi\ehWc_dWb
_dl[ij_]Wj_ed
e\
j^[
j^_hZ
l[djh_Yb[
ki_d]
j^[
\hedjWb
jhWdiYehj_YWb
WffheWY^
7$
J^_i
WffheWY^
Wbbemi
m_Z[
[nfeikh[
e\
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h
m_j^ekj
i[Yj_ed_d]
j^[
Wdj[h_eh
Yehfki
YWbbeikc
WdZ
h_iao
Z_ii[Yj_ed
e\
j^[
\ehd_n$
Ki_d]
j^[
ikXY^ehe_ZWb
hekj["
j^[
[nfeikh[
e\
j^[
j^_hZ
l[djh_Yb[
YWd
X[
ikYY[ii# \kbbo
[dbWh][Z
8$
>[h["
j^[
j^_hZ
l[djh_Yb[
_i
WffheWY^[Z
j^hek]^
j^[
l[bkc
_dj[hfei_jkc
W\j[h
][djb[
Z_ii[Yj_ed
e\
j^[
_dj[hdWb
Y[h[XhWb
l[_di$

;nj[dZ[Z
b[i_edi
cWo
X[
[nfei[Z
j^hek]^
Wd
WZZ_j_edWb
feij[# h_eh
[nj[di_ed
e\
j^[
\ehWc[d
e\
Cedhe"
j^[
]eWb
e\
j^_i
WffheWY^
X[_d]
j^[
ef[d_d]
e\
j^[
Y^ehe_Z
Óiikh[
WdZ
[dj[h_d]
j^[
j^_hZ
l[djh_Yb[
j^hek]^
j^[
Y_ij[hdW
l[b_
_dj[hfei_j__
<_]$
.$&$.
X$
J^[
XWi_i
e\
j^[
ikXY^ehe_ZWb
WffheWY^
_i
W
YWh[\kb
eXi[hlWj_ed
e\
j^[
Z[[f
c[Z_Wb
WdZ
bWj[hWb
ikX[f[dZocWb
l[deki
ioij[c"
ZhW_d_d]
j^[
Wdj[hebWj[hWb
Wif[Yj
e\
j^[
l[djh_YkbWh
XekdZWho$
J^[
i[fjWb
WdZ
j^WbWceijh_Wj[
l[_di
i^[Z
j^[_h
ikX[f[dZocWb
YeWj
d[Wh
je
j^[
\ehWc[d
e\
Cedhe
WdZ
`e_d
Z_h[Yjbo
m_j^
j^[
_dj[hdWb
Y[h[# XhWb
l[_d$
J^_i
YedÔk[dY[
e\
j^[
i[fjWb
WdZ
j^WbWceijh_Wj[
l[_di
je][j^[h
m_j^
j^[
ikf[h_eh
Y^ehe_ZWb
l[_d
_i
j^[
ie#YWbb[Z
Wd]kbki
l[deiki"
i_jkWj[Z
m_j^_d
j^[
b[Wl[i
e\
j^[
WhWY^de_Z
c[cXhWd[i
e\
j^[
l[bkc
_dj[hfei_jkc$
7\j[h
ceX_b_pWj_ed
e\
j^[
Wd]kbki
l[de# iki"
j^[
Y^ehe_Z
fb[nki
i^ekbZ
X[
Z_ii[Yj[Z
\hec
j^[
j[d_W
j^WbWc_$
J^[
Y^ehe_Z
fb[nki
m_j^
j^[
\ehd_n
_i
j^[d
][djbo
h[jhWYj[Z
WdZ
j^[
l[bkc
_dj[hfei_jkc
WdZ
j^[
Y^ehe_ZWb
hee\
e\
j^[
j^_hZ
l[djh_Yb[
Wh[
ceX_b_p[Z
]W_d_d]
WYY[ii
je
j^[
j^_hZ
l[djh_YkbWh
Y^WcX[h$
J^[i[
ikXY^ehe_ZWb
eh
jhWdiY^ehe_ZWb
WffheWY^[i
^Wl[
X[[d
Z[iYh_X[Z
Xo
i[l[hWb
Wkj^ehi
Q:[bWdZi^[[h
'/-."
>_hiY^
'/-/"
BWlod[
é
FWjj[h# ied
'/.)"
M[d
é
H^ejed
'//.S$ 9edY[hd_d]
j^[
cWd_fkbWj_ed
Wj
j^[
jWh][j
Wh[W"
m[
i^ekbZ
[cf^W# i_p[
j^[
ZWd][hi
e\
[nfeikh[
e\
j^[
Z[[f
Z_[dY[f^Wb_Y
Wh[W"
_d
fWh# j_YkbWh
j^[
b_cX_Y
ioij[c$
J^_i
ioij[c"
Óhij
Z[iYh_X[Z
Xo
FWkb
8heYW
Wi
j^[
Ç]hWdZ
beX[
b_cX_gk[È
_d
'.-."
b_[i
f^obe][d[j_YWbbo
X[jm[[d
j^[
ebZ[ij
fWhji
e\
j^[
XhW_d
WdZ
j^[
d[eYehj[n$
@Wc[i

M$
FWf[p
_d
'/)-
Z[cedijhWj[Z
j^[
Yedd[Yj_edi
X[jm[[d
j^[
cW_d
fWhji
e\
j^_i
ioij[c"
j^[
ie#YWbb[Z
FWf[p
Y_hYk_j$
>_i
WdWjec_YWb
j^[eho
mWi
ikffehj[Z
Xo
j^[
Yb_d_YWb
_dl[ij_]Wj_edi
e\
>[_dh_Y^
Ab”l[h
WdZ
FWkb
9$
8kYo
QFWf[p
'/)-"
Ab”l[h
WdZ
8kYo
'/)/S$
J^[
b_cX_Y
ioij[c
_i
YedY[hd[Z
m_j^
cej_lWj_ed"
[cej_ed"
ceeZi
h[bWj_d]
je
[Wj_d]
WdZ
ic[bb"
i[nkWb
X[^Wl_eh"
WdZ
X[^Wl_ehWb
h[ifedi[i
je
[nj[hdWb
WdZ
_dj[hdWb
ij_ckb_
j^Wj
Yedjh_Xkj[
]h[Wjbo
je
f[hiedWb_jo"
c[ceho"
WdZ
c[djWb
Yecf[j[dY[$
?d`kho
e\
WdWjec_YWb
ijhkYjkh[i"
ikY^
Wi
j^[
XeZo
WdZ
Yebkcdi
e\
j^[
\ehd_n"
j^[
cWc_bbWho
XeZ_[i"
j^[
j[hc_dWj_ed
e\
j^[
cWc_bbej^WbWc_Y
jhWYj
e\
L_Yg
ZÊ7poh
WdZ
j^[
Wdj[h_eh
dkYb[_
e\
j^[
j^WbWcki
cWo
b[WZ
je
i[l[h[
d[khebe]_# YWb
Z[j[h_ehWj_ed
\eh
j^[
h[cW_dZ[h
e\
j^[
fWj_[djÊi
b_\[$
J^ki
j^[
d[kheikh][ed
i^ekbZ
X[
WmWh[
e\
j^_i
WdZ
W_c
je
_dÔ_Yj
Wi
b_jjb[
ZWcW][
Wi
feii_Xb[$ Ki_d]
j^[
\hedjWb
jhWdiYehj_YWb
WffheWY^"
i[l[hWb
WdWjec_YWb
ijhkY# jkh[i
e\
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[
YWd
X[
WffheWY^[Z$
?d
WZZ_#

(-'

JhWdiYehj_YWb
WffheWY^

BWj[hWb
l[djh_Yb[

J^_hZ
l[djh_Yb[

9_ij[hd
e\
j^[
_dj[hf[ZkdYkbWh
\eiiW


[WZ
WdZ
XeZo
e\
j^[
YWkZWj[
dkYb[ki 7dj[h_eh
kff[h
fWhj
e\
j^[
j^WbWcki <ehWc[d
e\
Cedhe <ehd_n 9^ehe_Z
fb[nki
e\
j^[
bWj[hWb
l[djh_Yb[
J^WbWceijh_Wj[
l[_d I[fjWb
l[_d 9WkZWj[
l[_d


9^WcX[h
e\
j^[
j^_hZ
l[djh_Yb[ ?dj[hj^WbWc_Y
WZ^[i_ed
<ehd_n 7dj[h_eh
Yecc_iikhW
Jh_Wd]kbWh
h[Y[ii BWc_dW
j[hc_dWb_i 9^_WicWj_Y
h[Y[ii
Efj_Y
Y^_Wic ?d\kdZ_XkbWh
h[Y[ii JkX[h
Y_d[h[kc CWc_bbWho
XeZ_[i >ofej^WbWcki
>WX[dkbWh
h[]_ed Feij[h_eh
Yecc_iikhW F_d[Wb
WdZ
ikfhWf_d[Wb
h[Y[ii[i
9hWd_Wb
fWhj
e\
j^[
Wgk[ZkYj

7dj[heikf[h_eh
fWhj


e\
j^[
c[i[dY[f^Wbed J_f
WdZ
Z_ijWb
fWhj
e\
j^[
87"
_dYb$
f[h\ehWjehi F'
i[]c[dji
e\
j^[
F97"
_dYb$
f[h\ehWjehi Fhen_cWb
i[]c[dji
e\
j^[
I97 F9e7 9D
???"
9D
L?

JWXb[
.$&$'
7dWjec_YWb
ijhkYjkh[i
[nfei[Z
j^hek]^
j^[
\hedjWb
jhWdiYehj_YWb
WffheWY^$

j_ed"
W\j[h
ef[d_d]
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb["
j^[
Y_ij[hd
e\
j^[
_dj[hf[ZkdYkbWh
\eiiW
YWd
X[
[nfei[Z
JWXb[
.$&$'$
?d
j^[
\ebbem_d]"
j^[
XWi_Y
ikh]_YWb
j[Y^d_gk[
e\
j^[
\hedjWb
jhWdi# Yehj_YWb
jhWdil[djh_YkbWh
WffheWY^
_i
Z[iYh_X[Z
Wi
W
ij[f#Xo#ij[f
Z_ii[Yj_ed$
J^[
jhWdi\ehWc_dWb
WdZ
ikXY^ehe_ZWb
jhWdi#l[bkc
_dj[hfei_jkc
[nfeikh[i
e\
j^[
j^_hZ
l[djh_Yb[
Wh[
Wbie
Z_iYkii[Z$

(-(

JhWdiYehj_YWb
WffheWY^

Ikh]_YWb
j[Y^d_gk[


<_]$
.$&$/

'$
FWj_[dj
fei_j_ed_d]
J^[
fWj_[dj
_i
_d
j^[
ikf_d[
fei_j_ed$
?\
ki[Z"
j^[
i_d]b[
f_d
e\
j^[
CWoÓ[bZ
^[WZ
^ebZ[h
i^ekbZ
X[
fbWY[Z
_d
j^[
effei_j[
\hedjej[c# fehWb
Wh[W
je
Wbbem
\h[[
ikh]_YWb
cWd_fkbWj_ed$
Dej[
j^Wj
j^[
f_d
i^ekbZ
dej
X[
fbWY[Z
_d
j^[
j[cfehWb_i
ckiYb[
je
Wle_Z
_dijWX_b_jo
e\
j^[
ioij[c$

<_]$
.$&$'&

Ij[f
' J^[
^[WZ
_i
Wdj[heÔ[Yj[Z
Wffhen_cWj[bo
)&–
WXel[
j^[
^eh_pedjWb
b_d[
je
Xh_d]
j^[
fh[YehedWho
Wh[W
e\
j^[
\hedjWb
Xed["
m^_Y^
m_bb
X[
j^[
[djho
fe_dj
e\
j^[
YhWd_ejeco"
je
j^[
^_]^[ij
fe_dj$
Ki_d]
j^_i
cWd[klh["
kdYedjhebb[Z
beii
e\
9I<
Zkh_d]
ikh][ho"
m^_Y^
YWd
YWki[
YebbWfi_d]
e\
j^[
l[djh_Yb[i
WdZ
j[Wh_d]
e\
Xh_Z]_d]
l[_di"
YWd
X[
[\\[Yj_l[bo
Wle_Z[Z$
J^[
[nWYj
Z[]h[[
e\
_dYb_dWj_ed
Z[f[dZi
ed
j^[
\ehc
e\
j^[
bWj[hWb
l[djh_Yb["
ed
j^[
i_j[
WdZ
i_p[
e\
j^[
\ehWc[d
e\
Cedhe
WdZ
ed
j^[
jWh][j
h[]_ed
<_]$
.$&$/$ Ij[f
( J^[
^[WZ
_i
[b[lWj[Z
_d
j^_i
Wd]kbWj_ed
je
WXekj
+
Yc
_d
jejWb
WdZ
c_d_cWbbo
h[jheÔ[Yj[Z
_d
ehZ[h
dej
je
Yecfhec_i[
j^[
jhWY^[W
WdZ
j^[
bWhodn
WdZ
je
\WY_b_jWj[
l[deki
ZhW_dW][
<_]$
.$&$'&$


<_]$
.$&$''

Ij[f
) ?d
W
j^_hZ
ij[f"
j^[
^[WZ
_i
]k_Z[Z
m_j^
W
ib_]^j
hejWj_ed
e\
'&–
je
'+–
je
j^[
YedjhWbWj[hWb
i_Z[$
M^_b[
j^[
fei_j_ed_d]
e\
j^[
^[WZ
_d
W
ijh_Yjbo
l[hj_YWb
fei_j_ed
cWo
\WY_b_jWj[
_djhWef[hWj_l[
eh_[djWj_ed"
j^[
^[WZ
fei_j_ed
m_j^
W
ib_]^j
hejWj_ed"
WYYehZ_d]
je
j^[
^WdZ# [Zd[ii
e\
j^[
ikh][ed"
cWo
[dWXb[
W
ceh[
[h]edec_Y
fei_j_ed

<_]$
.$&$''$ Ij[f
* <_dWbbo"
j^[
^[WZ
_i
bWj[heÔ[Yj[Z
YW$
'&–
je
j^[
YedjhWbWj[hWb
i_Z["
fhe# l_Z_d]
Wd
[\ÓY_[dj
meha_d]
fei_j_ed
\eh
j^[
ikh][ed
<_]$
.$&$'($

<_]$
.$&$'(

(-)

JhWdiYehj_YWb
WffheWY^

($
7dWjec_YWb
bWdZcWhai
WdZ
eh_[djWj_ed <eh
Wd
efj_cWb
ia_d
_dY_i_ed"
j^[
_cfehjWdj
WdWjec_YWb
bWdZcWhai
e\
j^[
eii[eki
iakbb"
ikY^
Wi
j^[
dWi_ed"
YehedWh
ikjkh["
iW]_jjWb
ikjkh[
WdZ
j^[
c[Z_e#fkf_bbWh
iW]_jjWb
b_d[
Wh[
fh[Y_i[bo
Z[Ód[Z
WdZ
ZhWmd
ed
j^[
ia_d
m_j^
W
ij[h_b[
f[d
<_]$
.$&$')$
?d
iec[
fWj_[dji"
j^[
YehedWh
ikjkh[
cWo
dej
X[
fWbfWXb[$
?d
j^_i
i_jkWj_ed
j^[
fh[ef[hWj_l[
CH
_cW]_d]
YWd
^[bf
je
Z[Ód[
j^[
fei_j_ed
e\
j^[
ikjkh[$
?d
WZZ_j_ed"
_d
_dZ_l_ZkWbi
m_j^
W
dedfWj^ebe]_Y
iakbb
YedÓ]khWj_ed"
j^[
fei_j_ed
e\
j^[
YehedWh
ikjkh[
YWd
X[
c[Wikh[Z
Wj
YW$
'($&
Yc
feij[h_eh
je
j^[
dWi_ed$ J^[
YhWd_ejeco
Wh[W
e\
WXekj
(&
cc
_d
Z_Wc[j[h
_i
kikWbbo
fbWY[Z
Wj
j^[
b[l[b
e\
j^[
YehedWh
ikjkh[
m_j^
j^[
Y[dj[h
e\
j^[
Wdj_Y_fWj[Z
Xed[
ÔWf
_d
j^[
c[Z_e#fkf_bbWh
iW]_jjWb
b_d[
<_]$
.$&$')$
>em[l[h"
j^[
[nWYj
fbWY[c[dj
e\
j^[
YhWd_ejeco
Z[f[dZi
ed
j^[
_dZ_l_ZkWb
fWj^eWdWjec_YWb
i_jkWj_ed$
J^[
iW]_jjWb
WdZ
YehedWh
fbWd[
e\
j^[
fh[ef[hWj_l[
CH
ZWjW
Z[Ód[
j^[
X[ij
jh[f^_dWj_ed
Wbbem_d]
efj_# cWb
Z_h[Yj_ed
\eh
ikh]_YWb
Z_ii[Yj_ed$
7\j[h
Z[Ód_j_ed
e\
j^[
YhWd_ejeco"
j^[
ijhW_]^j
iW]_jjWb
ia_d
_dY_# i_ed
i^ekbZ
X[
fbWdd[Z"
kikWbbo
X[^_dZ
j^[
\hedjWb
^W_hb_d["
_d
j^[
c[Z_efkf_bbWho
fbWd[
<_]$
.$&$')$
<eh
XWbZ#^[WZ[Z
fWj_[dji"
j^[
ia_d
_dY_i_ed
i^ekbZ
X[
f[h\ehc[Z
_d
j^[
YehedWh
fbWd[$
<eh
j^_i
fkhfei["
W
mh_dab[
e\
j^[
ia_d
cWo
X[
Y^ei[d
je
WY^_[l[
W
fb[Wi_d]
Yeic[j_Y
ekjYec[$
J^[
ia_d
i^ekbZ
X[
Z_i_d\[Yj[Z
YWh[\kbbo$

<_]$
.$&$')
:[Ód_j_ed
e\
j^[
YhWd_ejeco
WdZ
ia_d
_dY_i_ed
WYYehZ_d]
je
WdWjec_YWb
bWdZcWhai$
Dej[
j^[
c[Z_e# fkf_bbWh
iW]_jjWb
b_d["
cWha_d]
j^[
Y[dj[h
e\
j^[
YhWd_e# jeco$

(-*

JhWdiYehj_YWb
WffheWY^

)$
9hWd_ejeco Ij[f
'
H_]^j
i_Z[$
7\j[h
WdWjec_YWb
eh_[djWj_ed
WdZ
c_d_cWb
eh
[l[d
WXi[dj
^W_h
i^Wl_d]"
j^[
ia_d
i^ekbZ
X[
c[j_Ykbekibo
Z_i_d\[Yj[Z
ki_d]
WbYe# ^eb
iebkj_ed$
J^[
ia_d
_i
_dY_i[Z
ijhW_]^j
_d
j^[
c[Z_efkf_bbWh
b_d[
_d
W
bed]_jkZ_dWb
Z_h[Yj_ed
_d
ed[
bWo[h
m_j^
j^[
ikXYkjWd[eki
j_iik[
<_]$
.$&$'*$


<_]$
.$&$'*

Ij[f
( J^[
]Wb[W#f[h_eij
bWo[h
_i
Z_ii[Yj[Z
c[Z_# Wbbo
Wi
W
ÔWf"
j^[
ie\j
j_iik[
bWo[hi
Wh[
j^[d
h[jhWYj[Z
X_bWj[hWbbo"
[nfei_d]
j^[
Xedo
ikh# \WY[
<_]$
.$&$'+$

<_]$
.$&$'+

Ij[f
)
7\j[h
Zh_bb_d]
W
^eb[
Wj
j^[
c[Z_Wb
cWh]_d
e\
j^[
fbWdd[Z
YhWd_ejeco"
j^[
ZkhWb
ikh\WY[
_i
ceX_b_p[Z
m_j^
W
Xbkdj
Z_ii[Yjeh
<_]$
.$&$',$


<_]$
.$&$',




(-+

JhWdiYehj_YWb
WffheWY^

<_]$
.$&$'-

Ij[f
*
J^[h[W\j[h
W
Xed[
Ô
Wf
m_j^
W
Z_Wc[j[h
e\
WXekj
($&
Yc
_i
Ykj
ekj
ki_d]
W
^_]^#if[[Z
YhWd_e# jec[$
?d
Wbb
YWi[i"
Wd
eij[efbWij_Y
YhWd_ejeco
_i
YWhh_[Z
ekj$
>[cehh^W][i
eYYkhh_d]
Zkh_d]
j^[
YhWd_ejeco
YWd
X[
Yedjhebb[Z
Xo
X_febWh
YeW]kbWj_ed
WdZ
Xed[
mWn
<_]$
.$&$'-$


<_]$
.$&$'.

Ij[f
+
7d
_cfehjWdj
ij[f
e\
j^[
WffheWY^
W\j[h
h[celWb
e\
j^[
Xed[
Ô
Wf
_i
j^[
h[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ejeco
m_j^
Ó
d[
fkdY^[i$
M_j^
YWh[\kb
h[celWb
e\
j^[
_dj[hdWb
jWXb["
j^[
Wd]b[
\eh
ikh]_YWb
Z_ii[Yj_ed
YWd
i_]# d_Ó
YWdjbo
_dYh[Wi[
<_]$
.$&$'.$


<_]$
.$&$'/

Ij[f
,
J^[
ZkhW
_i
_dY_i[Z
_d
W
i[c_Y_hYkbWh
\Wi^_ed
m_j^
j^[
XWi[
e\
j^[
ZkhWb
Ô
Wf
jemWhZi
j^[
c_Zb_d[
eh
_d
W
YhkY_Wj[
\Wi^_ed
Wbed]
j^[
Z_W]edWb$
J^[
\h[[
ZkhWb
Ô
Wfi
Wh[
Ó
n[Z
m_j^
ikjkh[i1
ej^[h
[b[lWj_ed
ikjkh[i
Wh[
dej
h[gk_h[Z
<_]$
.$&$'/$

(-,

JhWdiYehj_YWb
WffheWY^

*$
?djhWZkhWb
Z_ii[Yj_ed Ij[f
'
H_]^j
i_Z[$
:_ii[Yj_ed
f[h\ehc[Z
ed
W
\h[i^
^kcWd
if[Y_c[d"
m_j^ekj
Whj[h_Wb
eh
l[deki
_d`[Yj_ed$


7\j[h
ZkhWb
ef[d_d]"
j^[
WhWY^de_Z
_i
YeW]kbWj[Z
WdZ
_dY_i[Z
m_j^
W
Z_WcedZ
ad_\[
\ebbem[Z
Xo
W
icWbb
Yehj_Yejeco
e\
WXekj
'&
je
'+
cc
_d
b[d]j^$
J^[
Wdj[h_eh
^ehd
e\
j^[
bWj[hWb
l[djh_Yb[
_i
Óhij
fkdYjkh[Z
m_j^
W
l[d# jh_YkbWh
YWddkbW$
7\j[h
h[ZkY_d]
j^[
_djhWl[d# jh_YkbWh
fh[iikh["
j^[
YWddkbW
cWo
X[
h[cel[Z$
:_ii[Yj_d]
Wbed]
j^[
fkdYj_ed
YWdWb"
j^[
bWj# [hWb
l[djh_Yb[
_i
[dj[h[Z$
Dej[
j^[
ef[d_d]
e\
j^[
[f[dZocW
e\
j^[
h_]^j
bWj[hWb
l[djh_Yb[
<_]$
.$&$(&$

[f[dZocW

<_]$
.$&$(&

Ij[f
(
J^[
Óhij
WdWjec_YWb
bWdZcWha
je
X[
[dYekd# j[h[Z
_i
j^[
Y^ehe_Z
fb[nki$
8o
\ebbem_d]
j^[
Y^ehe_Z
fb[nki
Wdj[h_ehbo"
m[
YWd
_dZ[dj_\o
j^[
\ehWc[d
e\
Cedhe"
j^[
bWc_dW
W\ÓnW
j^WbWc_"
WdZ
j^[
\ehd_n
<_]$
.$&$('$

\ehd_n \ehWc[d
e\
Cedhe Y^ehe_Z
fb[nki j^WbWcki

<_]$
.$&$('

Ij[f
)
7YYehZ_d]
je
j^[
YedY[fj
e\
a[o^eb[
WffheWY^[i"
m[
YWd
\ebbem
j^[
Y^ehe_Z
fb[nki
_d
W
feij[h_eh
Z_h[Yj_ed"
WffheWY^_d]
j^[
Y[bbW
c[Z_W$
Dej[
j^[
bWc_dW
W\ÓnW
j^WbWc_"
Y^ehe_Z
fb[nki
WdZ
j^[
\ehd_n
e\
j^[
bWj[hWb
l[djh_Yb[
<_]$
.$&$(($

\ehd_n Y^ehe_Z
fb[nki j^WbWcki

<_]$
.$&$((

(--

JhWdiYehj_YWb
WffheWY^

Ij[f
*
:_ii[Yj_d]
ceh[
feij[h_ehbo"
j^[
eYY_f_jWb
^ehd
YWd
X[
[nfei[Z$
Dej[
j^[
jof_YWb
ikX[f[dZo# cWb
l[_di
e\
j^[
_d\[h_eh
ikh\WY[
e\
j^[
Yehfki
YWbbeikc
<_]$
.$&$()$ Yehfki
YWbbeikc Y^ehe_Z
fb[nki eYY_f_jWb
^ehd

<_]$
.$&$()

Ij[f
+
?d
YWi[i
e\
W
dehcWb#i_p[Z
_dj[hl[djh_YkbWh

\ehWc[d"
j^[
\ehWc[d
e\
Cedhe
YWd
X[
[dbWh][Z
ikh]_YWbbo
_d
W
feij[h_eh
Z_h[Yj_ed$
Dej[
][djb[
Z_ii[Yj_ed
e\
j^[
Y^ehe_Z
Óiikh[
<_]$
.$&$(*$

\ehWc[d
e\
Cedhe Y^ehe_Z
Óiikh[ j^WbWcki

<_]$
.$&$(*

Ij[f
,
9Wh[\kb
Z_ii[Yj_ed
e\
j^[
ikXY^ehe_Z
fWj^mWo$
Dej[
j^[
_dj[hdWb
Y[h[XhWb
l[_d
m_j^_d
j^[
l[bkc
_dj[hfei_jkc
<_]$
.$&$(+$


_dj[hdWb
Y[h[XhWb
l[_d

<_]$
.$&$(+

(-.

JhWdiYehj_YWb
WffheWY^

Ij[f
:_ii[Yj_d]
feij[h_ehbo"
m[
YWd
_dl[ij_]Wj[
j^[
h[]_ed
e\
j^[
feij[h_eh
j^_hZ
l[djh_Yb[
m_j^
ijhkYjkh[i
e\
j^[
feij[h_eh
Yecc_iikh[
WdZ
j^[
Wgk[ZkYj
e\
Iobl_ki$
Dej[
j^[
ikf[h_eh
eXi[hlWj_ed
j^hek]^
j^[
ikXY^ehe_ZWb
hekj[
<_]$
.$&$(,$

Wgk[ZkYj feij[h_eh
Yecc_iikh[

<_]$
.$&$(,

Ij[f
.$
<eYki_d]
W]W_d
_d
Wdj[h_eh
Z_h[Yj_ed"
j^[
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[
_i
l_ikWb_p[Z
_d
\hedj
e\
j^[
_dj[hj^WbWc_Y
WZ^[i_ed$
Dej[
j^[
cWc_b# bWho
XeZ_[i
<_]$
.$&$(-$

\ehd_n cWc_bbWho
XeZ_[i

<_]$
.$&$(-

Ij[f
/ 7\j[h
ef[d_d]
j^[
fh[cWc_bbWh
h[Y[ii"
m[
YWd
[dj[h
j^[
_dj[hf[ZkdYkbWh
Y_ij[hd
WdZ
eXi[hl[
j^[
XWi_bWh
j_f$
Dej[
j^[
9D
???
Wff[Wh# _d]
X[jm[[d
j^[
YedjhWbWj[hWb
F97
WdZ
I97
<_]$
.$&$(.$

9D
??? F97 I97 XWi_bWh
Whj[ho

<_]$
.$&$(.

(-/

JhWdiYehj_YWb
WffheWY^

+$
:khW"
Xed[
WdZ
mekdZ
Ybeikh[ 7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
<eh
j^_i
fkhfei[
_j
_i
ki[\kb
_\
j^[
YhWd_ejeco
_i
fbWY[Z
Wj
j^[
^_]^[ij
fe_dj
e\
j^[
^[WZ"
ej^[hm_i[
bWh][
W_h
XkXXb[i
cWo
X[
YWk]^j
_d
j^[
bWj[hWb
l[djh_Yb[i
eh
_d
j^[
ikXZkhWb
ifWY[$
IkY^
_djhWYhWd_Wb
W_h
XkXXb[i
YWd
X[Yec[
ifWY[#eYYkfo_d]
WdZ
cWo
_cfW_h
feijef[hW# j_l[
h[Yel[ho
\eh
W
\[m
ZWoi$
?d
WZZ_j_ed"
Wd
[nj[di_l[
beii
e\
9I<
cWo
h[ikbj
\hec
W
l[djh_YkbWh
YebbWfi[
m_j^
feii_Xb[
j[Wh_d]
e\
Xh_Z]_d]
l[_di$ J^[
ZkhW
_i
Ybei[Z
mWj[hj_]^j
m_j^
_dj[hhkfj[Z
eh
hkdd_d]
ikjkh[i$
?\
Z[^_iY[dY[
^Wi
Z[l[bef[Z"
W
f_[Y[
e\
ckiYb[
i^ekbZ
X[
i[md
_dje
j^[
ZkhWb
ef[d_d]$
7d
[f_ZkhWb
][b\eWc
fbWj[
_i
fbWY[Z
X[\eh[
ÓnW# j_ed
e\
j^[
Xed[
ÔWf$
J^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
m_j^
W
j_jWd_kc
fbWj["
Yel[h_d]
j^[
Xkhh
^eb[
jh[f^_dWj_ed$
J^[
f[h_ei# j[kc"
ikXYkjWd[eki
bWo[h
WdZ
j^[
ia_d
Wh[
Ybei[Z
[WY^
m_j^
_dj[h# hkfj[Z
ikjkh[i$


Fej[dj_Wb
[hhehi
WdZ
j^[_h
Yedi[gk[dY[i Ceij
e\
j^[
Yecfb_YWj_edi
e\
_djhWl[djh_YkbWh
ef[hWj_edi
Wh[
h[bWj[Z
je
j^[
beYWj_ed
WdZ
dWjkh[
e\
j^[
b[i_ed
hWj^[h
j^Wd
je
j^[
ikh]_YWb
WffheWY^$
>em[l[h"
iec[
jof_YWb
ikh]_YWb
[hhehi
WdZ
j^[_h
Yedi[# gk[dY[i
i^ekbZ
X[
Z_iYkii[Z
_d
Z[jW_b$ š
?dWZ[gkWj[
fh[ef[hWj_l[
fbWdd_d]
m_j^
_dWZ[gkWj[
[nfeikh[
e\
j^[
_djhWYhWd_Wb
jWh][j
h[]_ed
WdZ
i_]d_ÓYWdj
Z[j[h_ehWj_ed
_d
[\ÓY_[dYo
e\
ikh]_YWbbo
[nY_i_d]
j^[
b[i_ed$
FbWdd_d]
_i
j^[
jWia
e\
j^[
ikh][ed
š
?dWZ[gkWj[
fbWY[c[dj
e\
j^[
YhWd_ejeco
m_j^
Z[Yh[Wi[Z
l_ikWb_# iWj_ed
e\
j^[
l[djh_YkbWh
Y^WcX[h
WdZ
W
f^oi_ebe]_YWbbo
kdYec# \ehjWXb[
`eX
Zkh_d]
ikh][ho$
;if[Y_Wbbo
m^[d
ki_d]
W
jhWdi\e# hWc_dWb
WffheWY^
je
j^[
j^_hZ
l[djh_Yb["
Wd
_dYehh[Yj
Z_h[Yj_ed
e\
ikh]_YWb
Z_ii[Yj_ed
cWo
YWki[
i[l[h[
_d`kho
je
j^[
\ehd_n
m_j^
ikXi[gk[dj
feijef[hWj_l[
c[ceho
Z[ÓY_ji$ š
F[d[jhWj_ed
e\
j^[
ZkhW
Zkh_d]
YhWd_ejeco"
kikWbbo
m_j^ekj
i[l[h[
Yedi[gk[dY[i$ š
Feijef[hWj_l[
i[_pkh[i
Zk[
je
[nj[dZ[Z
Yehj_YWb
_dY_i_ed$ š
Feijef[hWj_l[
^[c_fWh[i_i
Zk[
je
hek]^
Yehj_YWb
h[jhWYj_ed
eh
feijef[hWj_l[
^[cehh^W][
m_j^_d
j^[
jhWdiYehj_YWb
hekj[$

(.&

JhWdiYehj_YWb
WffheWY^

š
?d`kho
je
fWhji
e\
j^[
b_cX_Y
ioij[c
cWo
h[ikbj
_d
i[h_eki
\kdY# j_edWb
_cfW_hc[dj
YWki_d]
X[^Wl_ehWb
WdZ
[cej_edWb
Z_ijkh# XWdY[
WdZ
c[ceho
beii$ š
:_WX[j[i
_di_f_Zki
WdZ
Wa_d[j_Y
ckj_ic
W\j[h
[nfeikh[
e\
j^[
Wdj[h_eh
j^_hZ
l[djh_Yb[
Zk[
je
_d`kho
e\
j^[
^ofej^WbWcki$ š
Feijef[hWj_l[
Wi[fj_Y
c[d_d]_j_i
YWd
Z[l[bef
_d
fWj_[dji
m^e
^WZ
jkcehi
ikY^
Wi
cWb_]dWdj
WijheYojecWi
eh
Yebbe_Z
Yoiji"
m^_Y^
if_bb
XbeeZ"
Yebbe_Z
eh
d[Yhej_Y
j_iik[
_dje
j^[
9I<$
9Wh[\kb
ikh]_YWb
Z_ii[Yj_ed
cWo
Z[Yh[Wi[
j^[
\h[gk[dYo
e\
j^_i
Yecfb_YW# j_ed$
M[
Ze
dej
h[Yecc[dZ
j^[
hekj_d[
WZc_d_ijhWj_ed
e\
Yehj_# Yeij[he_Zi
eh
Wdj_X_ej_Yi$ š
Feijef[hWj_l[
WYkj[
^oZheY[f^Wbki
Zk[
je
Wgk[ZkYjWb
eh
j^_hZ
l[djh_YkbWh
eYYbki_ed$
7
l[djh_Ykbeijeco
Yh[Wj[Z
Xo
ef[d_d]
j^[
j^_hZ
l[djh_YkbWh
Ô
eeh
cWo
Wle_Z
^oZheY[f^Wbki
_d
j^[
kdi^kdj[Z
fWj_[dj$
>em[l[h"
j^[
Yehj_YWb
_dY_i_ed
Wi
W
Yedd[Yj_ed
X[jm[[d
_djhWl[djh_YkbWh
WdZ
ikXWhWY^de_ZWb
ifWY[i
cWo
\kdYj_ed
_d
j^[
iWc[
cWdd[h$
?d
WZZ_j_ed"
m_j^
\[d[ijhWj_ed
e\
j^[
i[fjkc
f[bbk# Y_Zkc
m[
Wh[
WXb[
je
Wle_Z
j^[
fheXb[c
e\
W
jhWff[Z
eh
_iebWj[Z
l[djh_Yb[
i[YedZWho
je
kd_bWj[hWb
\ehWc[d
e\
Cedhe
eYYbki_ed$ š
?dWZ[gkWj[
ZkhWb
Ybeikh[
m_j^
feijef[hWj_l[
9I<
Ó
ijkbW$
š
?dWZ[gkWj[
fei_j_ed_d]
WdZ
Ó
nWj_ed
e\
j^[
Xed[
Ô
Wf
m_j^
ikX# efj_cWb
Yeic[j_Y
h[ikbji$ š
?dWZ[gkWj[
^[ceijWi_i
YWki_d]
feijef[hWj_l[
_djhWYhWd_Wb
eh
[njhWYhWd_Wb
^[cWjecW$

J_fi
WdZ
jh_Yai

<_]$
.$&$(/

š
Ki_d]
W
jhWdi\ehWc_dWb
WffheWY^"
j^[
_dZ_l_ZkWb
WdWjeco
e\
j^[
\ehWc[d
e\
Cedhe
WdZ
j^[
i_p[
WdZ
i_j[
e\
j^[
_dj[hj^WbWc_Y
WZ^[i_ed
i^ekbZ
X[
Z[j[hc_d[Z
_d
YecfWh_ied
m_j^
j^[
jWh][j
fe_dj$
:[Ó
d_d]
j^[
efj_ckc
fbWY[c[dj
e\
j^[
YhWd_ejeco"
j^[
iW]_jjWb
WdZ
YehedWh
fbWd[i
e\
j^[
fh[ef[hWj_l[
CH
i^ekbZ
X[
j^ehek]^bo
_dl[ij_]Wj[Z$
J^[
h[mWhZ
e\
j^[
efj_cWb
fbWdd_d]
_i
Wd
[nY[bb[dj
el[hl_[m
e\
j^[
jWh][j
Wh[W
WdZ
Wd
[\Ó
Y_[dj
meha_d]
fei_j_ed
Zkh_d]
ikh][ho
<_]$
.$&$(/$ š
CWa[
W
YWh[\kb
WdWjec_YWb
eh_[djWj_ed
WdZ
ki[
j^[
j^h[[
ij[fi
e\
cWha_d]
m_j^
W
ij[h_b[
f[d0
'$
eii[eki
ijhkYjkh[i1
($
fbWY[c[dj
e\
YhWd_ejeco1
)$
ia_d
_dY_i_ed$

<_]$
.$&$)& 



š
IjW][i
e\
YhWd_ejeco
<_]$
.$&$)&0
'$
\hedjWb
Xkhh
^eb[
jh[f^_dW# j_ed1
($
Y_hYkbWh
YhWd_ejeco
m_j^
W
^_]^#if[[Z
YhWd_ejec[$

(.'

JhWdiYehj_YWb
WffheWY^

š
8o
h[jhWYj_d]
j^[
ie\j
j_iik["
j^[
eii[eki
ikh\WY[
i^ekbZ
X[
efj_# cWbbo
[nfei[Z$
>em[l[h"
h[jhWYj_ed
WdZ
ceX_b_pWj_ed
e\
j^[
ia_d
ÔWf
i^ekbZ
X[
h[ijh_Yj[Z
je
j^[
d[Y[iiWho
c_d_ckc
je
fh[l[dj
feijef[hWj_l[
d[Yhei_i$


<_]$
.$&$)'

š
<ebbem_d]
YhWd_ejeco"
h[celWb
e\
j^[
_dd[h
[Z][
e\
j^[
YhWd_ej# eco
fhel_Z[i
_dYh[Wi[Z
_djhWYhWd_Wb
l_ikWb_pWj_ed
<_]$
.$&$)'$ š
Ef[d
j^[
ZkhW
_d
W
Ç9È
i^Wf[Z
\Wi^_ed
WdZ
^ebZ
j^[
ZkhWb
ÔWf
m_j^
ikjkh[i
<_]$
.$&$)($

<_]$
.$&$)(

š
7ffheWY^_d]
j^[
l[djh_YkbWh
Y^WcX[h
jhWdiYehj_YWbbo"
j^[
Yehj_# Yejeco
i^ekbZ
X[
f[h\ehc[Z
ed
j^[
Y[h[XhWb
ikh\WY[$
:_ii[Yj_ed
j^hek]^
W
fhec_d[dj
ikbYki
YWki[i
ceh[
Yehj_YWb
_d`kho
m_j^
feii_Xb[
feijef[hWj_l[
Z[ÓY_ji
<_]$
.$&$))$ š
;nfei_d]
j^[
j^_hZ
l[djh_Yb["
j^[
\ehWc[d
e\
Cedhe
YWd
X[
[dbWh][Z
feij[h_ehbo
m_j^
W
ikXY^ehe_ZWb
Z_ii[Yj_ed"
Wbbem_d]
m_Z[
ikh]_YWb
[nfeikh[$

<_]$
.$&$))

š
7\j[h
Yecfb[j_ed
e\
j^[
_djhWYhWd_Wb
fheY[Zkh["
j^[
_djhWZkhWb
ifWY[
_i
Óbb[Z
m_j^
Whj_ÓY_Wb
9I<
iebkj_ed
Wj
XeZo
j[cf[hWjkh[$
<eh
j^_i
h[Wied"
j^[
YhWd_ejeco
i^ekbZ
X[
fbWY[Z
Wj
j^[
^_]^[ij
fe_dj
e\
j^[
^[WZ"
Wle_Z_d]
feijef[hWj_l[
fd[kceY[f^Wbki
eh
ifWY[#eYYkfo_d]
W_h
XkXXb[i
m_j^_d
j^[
ikXZkhWb
ifWY[$
š
J^[
ZkhWb
Ybeikh[
i^ekbZ
X[
cWZ[
mWj[hj_]^j
je
Wle_Z
feijef# [hWj_l[
dWiWb
9I<
ÓijkbW$
?\
j[di_ed
eh
Z[^_iY[dY[
^Wi
Z[l[bef[Z
_d
j^[
ZkhWb
fbWd["
W
f_[Y[
e\
ckiYb[
YWd
X[
i[md
_dje
j^[
ZkhWb
Ybeikh[
<_]$
.$&$)*$

<_]$
.$&$)*

š
7\j[h
ZkhWb
Ybeikh["
j^[
Xed[
ÔWf
i^ekbZ
X[
j_]^jbo
Ón[Z
je
WY^_[l[
efj_cWb
Yeic[j_Y
h[ikbji$
7
j_jWd_kc
fbWj[
YWd
X[
ikYY[ii\kbbo
ki[Z
\eh
Ybeikh[
e\
j^[
Xkhh
^eb[
jh[f^_dWj_ed
<_]$
.$&$)+$ <_]$
.$&$)+

(.(

H[\[h[dY[i

H[\[h[dY[i

9ki^_d]
>
'/&.
J[Y^d_YWb
c[j^eZi
e\
f[h\ehc_d]
Y[hjW_d

YhWd_Wb
ef[hWj_edi$

Ikh]
=od[Yeb
EXij[j
,0((-Å(*,

>_ijeho
8W]][dijeii
7>"
Bel[
@=
'/)/
F_d[WbecWi$
7hY^
D[kheb
FioY^_Wjho
*'0
''.-Å'(&, 8W_b[o
F
'/))

?djhWYhWd_Wb
jkcehi$

99
J^ecWi"
Ifh_d]Ó[bZ"
?bb 8W_b[o
F"
@[bb_\\[
I;
'/''
Jkcehi
e\
j^[
f_d[Wb
XeZo$
7hY^
?dj[hd
C[Z
.0.+'Å..& 8_d][b
7
'/('

:_[
;dY[f^Wbe]hWf^_["
[_d[
C[j^eZ[
pkh
hdj][de]hWf^_iY^[d
:Whij[bbkd]
Z[i
=[^_hdi$
<ehjiY^h
=[X
Hdj][dijh
(.0(&+Å('& 8heYa
C"
:_[jp
>
'/-.

J^[
icWbb
\hedjebWj[hWb
WffheWY^
\eh
j^[
c_Yheikh]_YWb
jh[Wjc[dj
e\
_djhWYhWd_Wb
Wd[khoici$

D[kheY^_hkh]_W
('0'.+Å'/' 8kYo
F9
'/-*
Jme
]_Wdji0
>Whl[o
9ki^_d]
WdZ
MWbj[h
:WdZo$

?d0
M_ba_di
H>"
H[d]WY^Who
II
[Zi
D[kheikh][ho$
CY=hWm#>_bb"
D[m
Oeha"
ff
',Å(, 8kYo
F9
'/-.

D[kheikh][ho
_d
ZWhad[ii$

Ikh]
D[kheb
/0),& 8kdYa[
>@
@h"
CYB[Wd
:>
'/-'
J^[
WZlWdjW][
e\
W
ijhW_]^j
d[[Zb[

_d
c_Yheikh][ho$

FbWij
H[Yedijh
Ikh]
*-0,&(Å,&) 8khjed
9L"
Cepb[o
@C"
MWba[h
7;"
[j
Wb
'/,,

?dZkYj_ed
j^[hceYeW]kbWj_ed
e\
j^[
XhW_d0

W
d[m
d[kheikh]_YWb
jeeb$

JhWdi
8_ec[Z
;d]
')0''*Å'(& 8kiY^
;
'/**
7
d[m
WffheWY^
\eh
j^[
h[celWb
e\
jkcehi

e\
j^[
j^_hZ
l[djh_Yb[$
7YjW
FioY^_Wjh
D[kheb
'/0+-Å,& 9bWha[
H>"
>ehib[o
L
'/&,

Ed
W
c[j^eZ
e\
_dl[ij_]Wj_d]
j^[
Z[[f
Y[djhWb
]Wd]b_W
WdZ
jhWYji
e\
j^[
Y[djhWb
d[hleki
ioij[c$

8h
C[Z
@
(0'-//Å'.&& 9ki^_d]
>
'/&)

Ed
hekj_d[
Z[j[hc_dWj_edi
e\
Whj[h_Wb
j[di_ed

_d
ef[hWj_d]
heec
WdZ
Yb_d_Y$

8eijed
C[Z
Ikh]
@
'*.0(+&Å(+, 9ki^_d]
>
'/&+
J^[
[ijWXb_i^c[dj
e\
Y[h[XhWb
^[hd_W

Wi
W
Z[Yecfh[ii_l[
c[Wikh[
\eh
_dWYY[ii_Xb[

XhW_d
jkcehi$
Ikh]
=od[Yeb
EXij[j
'0(/-Å)'*

9ki^_d]
>
'/'&
J^[
f_jk_jWho
XeZo
WdZ
_ji
Z_iehZ[hi$
@8
B_ff_dYejj"
F^_bWZ[bf^_W 9ki^_d]
>
'/''
J^[
Yedjheb
e\
Xb[[Z_d]
_d
ef[hWj_edi
\eh
XhW_d
jkcehi$
M_j^
j^[
Z[iYh_fj_ed
e\
i_bl[h
ÇYb_fiÈ
\eh
j^[
eYYbki_ed
e\
l[ii[bi
_dWYY[ii_Xb[
je
j^[
b_]Wjkh[$

7dd
Ikh]
+*0'Å'/ 9ki^_d]
>
'/'-"
h[fh_dj
'/,)
Jkcehi
e\
j^[
d[hlki
WYkij_Yki
WdZ
j^[
iodZhec[
e\
j^[
Y[h[X[bbefedj_b[
Wd]b[$
>W\d[h
FkXb_i^_d]"
D[m
Oeha 9ki^_d]
>
'/(-
J^[
c[d_d][ecWi
Wh_i_d]
\hec
j^[
eb\WYjeho
]heel[
WdZ
j^[_h
h[celWb
Xo
j^[
W_Z
e\
[b[Yjhe#ikh][ho$

@WYaied"
Mob_[

9e$"
=bWi]em 9ki^_d]
>
'/(.

;b[Yjhe#ikh][ho
Wi
Wd
W_Z
je
j^[
h[celWb

e\
_djhWYhWd_Wb
jkcehi$

Ikh]
=od[Yeb
EXij[j
*-0-+'Å-.* 9ki^_d]
>
'/(/

J^[
Y^_WicWb
iodZhec[
e\
fh_cWho
efj_Y
Wjhef^o

WdZ
X_j[cfehWb
Ó[bZ
Z[\[Yji
_d
WZkbj
fWj_[dji

m_j^
dehcWb
i[bbW
jkhY_YW$

N???
9edY_b_kc
Ef^j^Wbcebe]_Ykc
')0/-Å'.* 9ki^_d]
>
'/)(
?djhWYhWd_Wb
jkcehi$
Dej[i
kfed
W
i[h_[i
e\
jme
j^ekiWdZ
l[h_Ó[Z
YWi[i
m_j^
ikh]_YWb
cehjWb_jo
f[hY[djW][i
f[hjW_d_d]
j^[h[je$

99
J^ecWi"
Ifh_d]Ó[bZ"
?bb 9ki^_d]
>"
;_i[d^WhZj
B
'/).
C[d_d][ecWi$
J^[_h
YbWii_ÓYWj_ed"
h[]_edWb
X[^Wl_ekh"

b_\[
^_ijeho"
WdZ
ikh]_YWb
[dZh[ikbji$

99
J^ecWi"
Ifh_d]Ó[bZ"
?bb :WcWZ_Wd
H"
=ebZic_j^
C"
C_dae\\
B
'/--
DCH
_d
YWdY[h0
NL?$
<ED7H
_cW][
e\

j^[
b_l[
^kcWd
XeZo$
F^oi_eb
9^[c
F^oi
/0/-Å'&& :WdZo
M;
'/'+
;nj_hfWj_ed
e\
j^[
f_d[Wb
XeZo$
@
;nf
C[Z
((0()-Å(*:WdZo
M;
'/'.

L[djh_Ykbe]hWf^o
\ebbem_d]
j^[
_d`[Yj_ed
e\
W_h

_dje
j^[
Y[h[XhWb
l[djh_Yb[i$

7dd
Ikh]
,.0+Å'( :WdZo
M;
'/'/

Hdj][de]hWf^o
e\
j^[
XhW_d
W\j[h
j^[
_d`[Yj_ed

e\
W_h
_dje
j^[
if_dWb
YWdWb$

7dd
Ikh]
-&0)/-Å*&) :WdZo
M;
'/'/

efa_di
>eif
)&0(/Å)*

:WdZo
M;
'/('
7d
ef[hWj_ed
\eh
h[celWb
e\
f_d[Wb
jkcehi$
Ikh]
=od[Yeb
EXij[j
))0'')Å''/ :WdZo
M;
'/((

:_W]dei_i"
beYWb_pWj_ed
WdZ
h[celWb
e\
jkcehi

e\
j^[
j^_hZ
l[djh_Yb[$

8kbb
@e^di
>efa_di
>eif
))0'..Å'./ :WdZo
M;
'/((

7d
ef[hWj_l[
fheY[Zkh[
\eh
^oZheY[f^Wbki$
8kbb
@e^di
>efa_di
>eif
))0'./Å'/& :WdZo
M;
'/)*
9edY[hd_d]
j^[
YWki[
e\
jh_][c_dWb
d[khWb]_W$
7c
@
Ikh]
(*0**:WdZo
M;
'/),
Ef[hWj_l[
[nf[h_[dY[i
_d
YWi[i
e\
f_d[Wb
jkcehi$
7hY^
Ikh]
))0'/Å*, :WdZo
M;
'/).

?djhWYhWd_Wb
Wd[khoic
e\
j^[
_dj[hdWb
YWhej_Z
Whj[ho$

9kh[Z
Xo
ef[hWj_ed$

7dd
Ikh]
'&-0,+*Å,+/ :WdZo
M;
'/*(
7d[khoici
e\
j^[
Wdj[h_eh
Y[h[XhWb
Whj[ho$

@7C7
''/0'(+)Å'(+* :WdZo
M;
'/*(

Ikh]_YWb
jh[Wjc[dj
e\
_djhWYhWd_Wb

WdZ
Whj[h_Wb
Wd[khoici$
JhWdi
7c
D[kheb
7iieY
,.0'*(Å'** :[bWdZi^[[h
@"
=koej
@"
@ec_d
C
'/-.
7YY„i
Wk
jhe_i_„c[
l[djh_Ykb[
fWh
le_[

_dj[h#j^WbWce#jh_]edWb[$
D[kheY^_hkh]_[
(*0*'/Å*(( :edW]^o
HCF
'/,-

FWjY^
WdZ
Xo#fWii
_d
c_YheWd]_edWb
ikh][ho$

?d0
:edW]^o
HCF"
OWiWh]_b
C=
[Zi
C_Yhe#lWiYkbWh
ikh][ho$
J^_[c["
Ijkjj]Whj"
ff
-+Å., :edW]^o
HCF
'/-/
J^[
^_ijeho
e\
c_Yheikh][ho
_d
d[kheikh][ho$

9b_d
D[kheikh]
(,0,'/Å,(+"
'/-/ :ejj
DC
'/)(
?djhWYhWd_Wb
Wd[khoic$

C[Z
9^_h
IeY
;Z_dX
'0('/Å(() :ejj
DC
'/))
?djhWYhWd_Wb
Wd[khoici0
Y[h[XhWb
Whj[h_e#hWZ_e]hWf^o0 ikh]_YWb
jh[Wjc[dj$

;Z_dX
C[Z
@
*&0('/Å()* :hWa[
9=
'/,'

8b[[Z_d]
Wd[khoici
e\
j^[
XWi_bWh
Whj[ho$

:_h[Yj
ikh]_YWb
cWdW][c[dj
_d
\ekh
YWi[i$

@
D[kheikh]
'.0
()&Å(). :hWa[
9=
'/,+
Ed
j^[
ikh]_YWb
jh[Wjc[dj
e\
hkfjkh[Z

_djhWYhWd_Wb
Wd[khoici$

9b_d
D[kheikh]
')0'((Å'++

(.)

H[\[h[dY[i

:hWa[
9=
'/,. J^[
ikh]_YWb
jh[Wjc[dj
e\
Wd[khoici

e\
j^[
XWi_bWh
Whj[ho$
@
D[kheikh]
(/0
*),Å**, :hWa[
9=
'/-. 9ecc[dj$
D[kheikh][ho
)0'*&Å'*'

=ebZic_j^
C"
:WcWZ_Wd
H"
IjWd\ehZ
C"
[j
Wb
'/-- DCH
_d
YWdY[h
NL???$
7
ikf[hYedZkYj_l[
DCH
cW]d[j
\eh
W
^kcWd
iWcfb[$ F^oi_eb
9^[c
F^oi
/0'&+Å'&=em[hi
MH"
>ehib[o
L
'...
7
YWi[
e\
jkceh
e\
j^[
if_dWb
YehZ$

H[celWb0
h[Yel[ho$
C[Z
9^_h
JhWdi
-'0)--Å*)&

:hWa[
9="
F[[hb[[i
I@"
>[hd[id_[c_
@7
'//, Ikh][ho
e\
l[hj[XheXWi_bWh
Wd[khoici$
Ifh_d][h"
M_[d
D[m
Oeha

=hWdj
<9
'/*. Ikh]_YWb
[nf[h_[dY[
m_j^
jkcehi
e\
f_jk_jWho
]bWdZ$
@7C7
'),0,,.Å,-(

:khWdj[
<
'..+ ;ij[hfWp_ed[
Z_
kd
jkceh[
[dZeYhWd_e

\ehcW
cehXeiW
fh_cW
[
Zefe
bÊef[hWp_ed[$
8ebb
7YYWZ
C[Z
HecW
''0(*-Å(+(

=h[[dXbWjj
I>"
:W]_
J<"
;fij[_d
C>
'//- 7
^_ijeho
e\
d[kheikh][ho
_d
_ji
iY_[dj_ÓY
WdZ

fhe\[ii_edWb
Yedj[nji$ 7c[h_YWd
7iieY_Wj_ed
e\
D[khebe]_YWb
Ikh][edi"



;_i[d^WhZj
B
'/(/ J^[
ef[hWj_l[
cehjWb_jo
_d
W
i[h_[i
e\

_djhWYhWd_Wb
jkcehi$
7hY^
Ikh]
9^_YW]e
'.0'/(-Å'/)+ <[hh_[h
:"
>ehib[o
L
'../ :_iYkii_ed
ed
Y[h[XhWb
beYWb_pWj_ed$
JhWdi
9ed]h
7c
F^oi
Ikh]
'0))-Å)+& <_iY^
K
'/,/ Eje#d[kheikh]_YWb
ef[hWj_edi$
?d0
OWiWh]_b
C="
C_Yheikh][ho0
7ffb_[Z
je
d[kheikh][ho$
J^_[c["
Ijkjj]Whj"
ff
'/+Å('& <e[hij[h
E
'/(. :Wi
ef[hWj_l[
Leh][^[d
X[_
Jkceh[d

Z[h
L_[h^”][b][][dZ$ M_[d
Ab_d
MeY^[diY^h
*'0/.,Å//& <en
MB
'/-+ J^[
9ki^_d]
Å
:WdZo
Yedjhel[hio$
Ikh]
D[kheb
)0,'Å,, <en
@B
'/-/ C_Yheikh]_YWb
[nfeikh[
e\
_djhWYhWd_Wb
Wd[khoici$
@
C_Yheikh]
'0(Å)'

=h[[dmeeZ
@
'/*& Jme
fe_dj
YeW]kbWj_ed$
7
d[m
fh_dY_fb[

WdZ
_dijhkc[dj
\eh
Wffbo_d]
YeW]kbWj_ed

7c
@
Ikh]
+&0(,-Å(-& =khZ`_Wd
;I
'/,* Ef[hWj_l[
d[kheikh][ho"
(dZ
[Zd$

>Wbij[Z
MI
'/(*
Ikh]_YWb
fWf[hi"
leb
'$
@e^di
>efa_di
Fh[ii"
8Wbj_ceh[ >WcXo
M8
'/+( ?djhWYhWd_Wb
Wd[khoici$
99
J^ecWi"
Ifh_d]Ó[bZ"
?bb >WhZo
@
'/,/ JhWdidWiWb#jhWdiif^[de_ZWb
WffheWY^

je
j^[
f_jk_jWho
]bWdZ$


@Wdd[jjW
F@
'/-& C_Yheikh]_YWb
[nfbehWj_ed
WdZ
Z[Yecfh[ii_ed

e\
j^[
\WY_Wb
d[hl[
_d
^[c_\WY_Wb
ifWic$ 9khh
Jef
Ikh]
H[i
(0('-Å((& @Wdd[jjW
F@"
HWdZ
HM
'/,- 7hj[h_Wb
Yecfh[ii_ed
e\
j^[
jh_][c_dWb
d[hl[

_d
fWj_[dji
m_j^
jh_][c_dWb
d[khWb]_W$ @
D[kheikh]
(,0'+/Å',+ @Wdd[jjW
F@"
7XXWio
C"
CWheed
@9"
[j
Wb
'/-- ;j_ebe]o
WdZ
Z[Ód_j_l[
c_Yheikh]_YWb
jh[Wjc[dj

e\
^[c_\WY_Wb
ifWic$ @
D[kheikh]
*-0)('Å)(. @WYeXW[ki
>9
'/''
Akhp[
{X[hi_Y^j
”X[h
c[_d[
;h\W^hkd][d

c_j
Z[h
BWfWhej^ehWaeiaef_[$ C”dY^
C[Z
MeY^[diY^h
+-0(&'-Å(&'/ AWba
>
'/(/
;h\W^hkd][d
c_j
Z[h
BWfWheiaef_[$
P
Ab_d
C[Z
'''0)&)Å)*.

?d0
OWiWh]_b
C="
C_Yheikh][ho0
7ffb_[Z
je
d[kheikh][ho$
J^_[c["
Ijkjj]Whj"
ff
'.&Å'/*

>[k[h
=@
'/)'

AWjedW
<
'/,) 7p
W]oi[Xƒip[j
jhjƒd[j[$ C[Z_Y_dW"
8kZWf[ij

Ikh]_YWb
[nf[h_[dY[i
m_j^
Wd
_djhWYhWd_Wb
WffheWY^
je
Y^_WicWb
b[i_edi$
7hY^
Ikh]
'0),.Å).'

J^[
ikh]_YWb
WffheWY^
WdZ
j^[
jh[Wjc[dj
e\
jkcehi
WdZ
ej^[h
b[i_edi
WXekj
j^[
efj_Y
Y^_Wic$ Ikh]
=od[Yeb
EXij[j
+)0*./Å+'. >ehib[o
L
'./( 7dj_i[fj_Y
mWn$
8h
C[Z
@
'0'',+

(.*

>ehhWn
=
'/)- ;nj_hfWj_ed
e\
W
bWh][
f_d[WbecW
\hec
W
fWj_[dj
m_j^
fkX[hjWi
fhW[Yen0
W
d[m
ef[hWj_ed
WffheWY^$ 7hY^
D[kheb
FioY^_Wjho
)-0).+Å)/-

M_bb_Wci

M_ba_di"
8Wbj_ceh[

Whl[o
9ki^_d]$
7
8_e]hWf^o$
99
J^ecWi"
Ifh_d]Ó[bZ"
?bb


=_]b_
B
'./.
Pkh
J[Y^d_a
Z[h
j[cfehh[d
IY^Z[bh[i[aj_ed
c_j
c[_d[h
:hW^ji][$
P[djhWbXb
9^_h
(+0*(+Å*(.

>eki[
M<
'/,* JhWdij[cfehWb
Xed[
h[celWb
c_Yheikh][ho

e\
WYekij_Y
d[kh_decWi$
7hY^
EjebWhod]eb
.&0+/-Å,&)

Ykhh[dj
_d
d[kheikh][ho$

>[k[h
=@
'/(&

=WhZd[h
M@
'/,( 9edY[hd_d]
j^[
c[Y^Wd_ic
e\
jh_][c_dWb

d[khWb]_W
WdZ
^[c_\WY_Wb
ifWic$ @
D[kheikh]
'/0/*-

>eki[
M<
'/,' Ikh]_YWb
[nfeikh[
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
WdZ
_ji
Yedj[dji
j^hek]^
j^[
c_ZZb[
YhWd_Wb
\eiiW$
BWhod]eiYef[
-'0'),)

FWha
H_Z]["
?bb


'/') 7d
WffheWY^
je
j^[
^ofef^oi_i
j^hek]^

j^[
Wdj[h_eh
YhWd_Wb
\eiiW$
7dd
Ikh]
'0'*+Å'+&

=WhZd[h
M@
'/),
9[h[XhWb
Wd]_ecWi
WdZ
Wd[khoici$
Ikh]
9b_d
Dehj^
7c
',0'&'/Å'&)&

>ekdi\_[bZ
=D
'/-) 9ecfkj[h_p[Z
jhWdil[hi[
Wn_Wb
iYWdd_d]
jece]hWf^o0
FWhj
'$
:[iYh_fj_ed
e\
ioij[c$ 8h
@
HWZ_eb
*,0'&',Å'&((

>ehib[o
L
'/'* Dej[
ed
^[ceijWi_i
Xo
Wffb_YWj_ed
e\
b_l_d]
j_iik[$
8h
C[Z
@
(0.

A[cf[
B=
'/,. Ef[hWj_l[
d[kheikh][ho$
Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha AhWki[
<
'/&.
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai

dWY^
[_][d[d
;h\W^hkd][d"
leb
'$
KhXWd

IY^mWhp[dX[h]"
8[hb_d AhWki[
<
'/''
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai

dWY^
[_][d[d
;h\W^hkd][d"
leb
($
KhXWd

IY^mWhp[dX[h]"
8[hb_d AhWo[dX”^b
>
'/-'
C_Yheikh]_YWb
WffheWY^
je
Y[h[Xheif_dWb
b[i_edi$
@
H
9ebb
Ikh]
;Z_dX
',0).Å+'

>ehib[o
L"
9bWha[
H>
'/&.
J^[
ijhkYjkh[
WdZ
\kdYj_ed
e\
j^[
Y[h[X[bbkc
[nWc_d[Z
Xo
W
d[m
c[j^eZ$
8hW_d
)'0*+Å'(*

AhWo[dX”^b
>"
H_Y^j[h
>H
'/+(
:_[
p[h[XhWb[
7d]_e]hWf^_[$
'$
7kÔW][$ J^_[c["
Ijkjj]Whj

H[\[h[dY[i

AhWo[dX”^b
>"
OWiWh]_b
C=
'/+. :Wi
iWYa\hc_][
7d[khoicW
Z[h
>_hdWhj[h_[d$ ?d0
AhWo[dX”^b
>"
:Wi
>_hdWd[khoicW$ :eYkc[djW
=[_]o"
I[h_[i
9^_hkh]_YW"
dh$*"
=[_]o"
8Wi[b"

ff
'&Å,+ AhWo[dX”^b
>"
OWiWh]_b
C=
'/,+ :_[
p[h[XhWb[
7d]_e]hWf^_[$
($
7kÔW][$ J^_[c["
Ijkjj]Whj Akhp[
J
'/,*
C_Yhej[Y^d_gk[i
_d
d[khebe]_YWb
ikh][ho$
9b_d
D[kheikh]
''0'(.Å')BWdZ_i
;C
'/)*
9Wf_bbWho
fh[iikh[
WdZ
YWf_bbWho
f[hc[WX_b_jo$
F^oi_eb
H[l
'*0*&*Å*.'

Ced_p
;
'/(-


FƒWd
@
'./'


BÊ[dY[f^Wbe]hWf^_[
Whjƒh_[bb["
ied
_cfehjWdY[
ZWdi
bW


xf_b[fi_[
fWhj_[bb[
ZÊkd
Wd]_ec[
_djhWYh~d_[d
Z[i


beYWb_iWj_ed
Z[i
jkc[khi
YƒhƒXhWb[i$


c[d_d][i$
JhƒfWdWj_ed"
eXbWj_ed
Z[
bW
jkc[kh$


H[l
D[kheb
(0-(Å./

=kƒh_ied
8kbb
7YWZ
C[Z
FWh_i
'0..'Å..)

DW\\p_][h
>9
'/(+

F[d\_[bZ
M
'/)+

7
c[j^eZ
\eh
j^[
beYWb_pWj_ed
e\
XhW_d
jkcehi
Å



<eYWb
[f_b[fj_Y
Z_iY^Wh][
_d
W
YWi[
e\
jkcekh
e\



j^[
f_d[Wb
i^_\j$

j^[
feij[h_eh
j[cfehWb
h[]_ed$


Ikh]
=od[Yeb
EXij[j
*&0*.'Å*.*

9Wd
C[Z
7iieY
@
))0)(Å)+

Dehbƒd
=
'/,,


F[d\_[bZ
M
'/*/


9^_hkh]_iY^[
8[^WdZbkd]
_djhWahWd_[bb[h


D[kheikh][ho0
o[ij[hZWo"
jeZWo
WdZ
jecehhem$


=[\œc_œX_bZkd][d$


@
D[kheikh]
,0-Å.

?d0
Eb_l[YhedW
>"
Jdd_i
M
[Zi
>WdZXkY^
Z[h
D[kheY^_hkh]_["
leb
?L%($
Ifh_d][h"
8[hb_d
>[_Z[bX[h]



F[dZb
=
'/.+

D[m
Oeha"
ff
'*,Å(''

F_d[Wb
WdZ
c_ZXhW_d
b[i_edi$ Ifh_d][h"
M_[d
D[m
Oeha

BWkj[hXkh
F9
'/-) ?cW][
_d\ehcWj_ed
Xo
_dYbkZ[Z
beYWb
_dj[hWYj_edi0
[nWcfb[i
[cfbeo_d]
dkYb[Wh
cW]d[j_Y
h[iedWdY[$ DWjkh[
(*(0'/&Å'/'

Dehbƒd
="
Eb_l[YhedW
>
'/+) J^[
jh[Wjc[dj
e\
Wd[khoici
e\
j^[
Y_hYb[
e\
M_bb_i$


F_W
>M
'/-(


@
D[kheikh]
'&0*&*Å*'+

J^[
c_YheiYef[
_d
d[kheikh][ho
Å

j[Y^d_YWb
_cfhel[c[dji$


EXWb_dia_
7
'./-
B[_iY^d[h
>
'/&/
Pkh
Y^_hkh]_iY^[d
8[^WdZbkd]
Z[h
>_hdjkceh[d$
7hY^
Ab_d
9^_h
./0+*(Å+/+

Pkh
J[Y^d_a
Z[h
IY^Z[bjh[fWdWj_ed$ P[djhWbXb
9^_h
(*0.+-Å.+/ Eb_l[YhedW
>
'/)*

B_]^j
HK
'//( 9ki^_d]Êi
^WdZmh_j_d]
WdZ
h[c[cX[h_d]

>Whl[o
9ki^_d]0
j^[
Ybei_d]
o[Whi$
Ikh]
D[kheb
)-0'*-Å'+B_b`[gk_ij
8
'/+/
J^[
ikXWhWY^de_Z
Y_ij[hdi$
7d
WdWjec_Y

WdZ
he[dj][debe]_Y
ijkZo$
7YjW
HWZ_eb
IjeYa^
Ikffb
'.+0'Å'&. B_jjcWdd
>
'/+* ;_d
d[k[i
Ef[hWj_edic_aheiaef$
Ab_d
CedWjiXb
7k][d^[_baZ
'(*0*-)Å*-CWb_i
B?
'/,-
8_febWh
YeW]kbWj_ed
_d
c_Yheikh][ho$
?d0
:edW]^o
HCF"
OWiWh]_b
C=
[Zi

C_Yhe#lWiYkbWh
ikh][ho$

J^_[c["
Ijkjj]Whj"
ff
'(,Å')& CWb_i
B?
'/-/ ?dijhkc[djWj_ed
WdZ
j[Y^d_gk[i

_d
c_Yhed[kheikh][ho$
9b_d
D[kheikh]
(,0,(,Å,), CWb_i
B?
'//,
;b[Yjheikh][ho$
J[Y^d_YWb
dej[$
@
D[kheikh]
.+0/-&Å/-+ CWjied
::"
=[hcWd
M@
[Zi
'/,/ >Whl[o
9ki^_d]0
i[b[Yj[Z
fWf[hi
ed
d[kheikh][ho$ OWb[
Kd_l[hi_jo
Fh[ii"
D[m
>Wl[d CY7hj^kh
BB
'/'( 7d
Wi[fj_Y
ikh]_YWb
WYY[ii
je
j^[
f_jk_jWho
XeZo
WdZ
_ji
d[_]^Xekh^eeZ$
@7C7
+.0(&&/Å(&''

:_[
fWhWiW]_jjWb[d
C[d_d][ec[$
J^_[c["
B[_fp_]
Eb_l[YhedW
>
'/)+ 8[h_Y^j
”X[h
Whj[h_e]hWf^_iY^[
:Whij[bbkd]

Z[h
7$
l[hj[XhWb_i$
P[djhWbXb
9^_h
)(0'/&*Å'/&+ Eb_l[YhedW
>"
Boi^ebc
;
'/(-
:_[
Y^_hkh]_iY^[
8[^WdZbkd]
Z[h
=[^_hdjkceh[d$

;_d[
ab_d_iY^[
IjkZ_[$
Ifh_d][h"
8[hb_d"
ff
'..Å'/( Eff[d^[_c
>
'./* B[^hXkY^
Z[h
D[hl[dahWda^[_j[d$
AWh][h"
8[hb_d Eff[d^[_c
>"
AhWki[
<
'/')

7YjW
D[kheY^_h
(,0(+'Å(++ Feeb
@B
'/,'
7d[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$
8_\hedjWb
YhWd_ejeco
WdZ
hekj_d[
ki[
e\
j[cfehWho
Yb_fi$
@
D[kheikh]
'.0/.Å'&' Feeb
@B
'/-( 8_\hedjWb
YhWd_ejeco
\eh
Wdj[h_eh
Yecckd_YWj_d]

Whj[ho
Wd[khoici$
@
D[kheikh]
),0('(Å((& Feeb
@B"
9ebjed
HF
'/,,
J^[
Z_ii[Yj_d]
c_YheiYef[
\eh
_djhWYhWd_Wb

lWiYkbWh
ikh][ho$
@
D[kheikh]
(+0)'+Å)'. Feff[d
@B
'/,& 7d
WjbWi
e\
d[kheikh]_YWb
j[Y^d_gk[i$
IWkdZ[hi"
F^_bWZ[bf^_W"
ff
'+,Å'.' Feff[d
@B
'/,*

Ef[hWj_l[
;h\eb][
X[_
=[iY^m”bij[d
Z[h
I[^^”][b



Ef[hWj_l[
jh[Wjc[dj
\eh
Wd[khoici
e\



kdZ
L_[h^”][b][][dZ$


j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$


8[hb_d
Ab_d
MeY^[diY^h
+&0()',Å()((

9b_d
D[kheikh]
''0.Å')

FWff[d^[_c
7C
'/'&

Fhejj
M
'/-*

{X[h
Z_[
=[iY^m”bij[
Z[h
9ehfehW
f_d[Wb[$

9_ij[hdeiYefo#[dZeiYefo
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[$


7hY^
FWj^eb
7dWj
(&&0'((Å'*'

7YjW
D[kheY^_h
)'0'&+Å'')

FWha_died
:
'//+


Fkii[f
F
'/'*

;Whbo
^_ijeho
e\
d[kheikh][ho
_d
CWd_jeXW0



:_[
ef[hWj_l[
;dj\[hdkd]
[_d[h
Poij[



j^h[WZi
_d
j^[
jWf[ijho
e\
mehbZ
d[kheikh][ho$


Z[h
=bWdZkbW
f_d[Wb_i$

@
D[kheikh]
.(0/&&Å/&,

D[kheb
P[djhWbXb
))0+,&Å+,)

FWha_died
:"
CWYF^[hied
H7"
9^_bZ[
7;
'/,-


FkjdWc
J@
'/)*


Hekj_d[
i_ckbjWd[eki
X_#fbWd[
ij[h[eiYef_Y
i[h_Wb


Jh[Wjc[dj
e\
^oZheY[f^Wbki
Xo
[dZeiYef_Y
YeW]kbWj_ed
e\


Wd]_e]hWf^o$

j^[
Y^ehe_Z
fb[nki$
:[iYh_fj_ed
e\
W
d[m
_dijhkc[dj
WdZ


@
9Wd
7iieY
HWZ_eb
'.0)-'Å)-,

fh[b_c_dWho
h[fehj
e\
h[ikbji$
D[m
;d]b
@
C[Z
('&0')-)Å')-,

C_nj[h
M@
'/()
L[djh_YkbeiYefo
WdZ
fkdYjkh[
e\
j^[
Ôeeh

e\
j^[
j^_hZ
l[djh_Yb[$
8eijed
C[Z
Ikh]
@
'..0(--Å(-.

F|ipjeh
;
'//*
J^[
j^ehdo
heWZ
je
c_d_cWbbo
_dlWi_l[
j[Y^d_gk[i



HWdZ
HM
'/,/

_d
d[kheikh][ho$


C_Yhed[kheikh][ho$


C_d_c
?dlWi_l[
D[kheikh]
)-0,*Å,/

CeiXo"
Ij$
Bek_i


(.+

H[\[h[dY[i

HWdZ
HM"
@Wdd[jjW
F@
'/,.


I[bZ_d][h
I?
'/+)


M[hd_Ya[
9
'..'

C_Yhed[kheikh][ho0
Wffb_YWj_ed
e\
j^[
X_deYkbWh
ikh]_YWb


9Wj^[j[h
h[fbWY[c[dj
e\
j^[
d[[Zb[
_d
f[hYkjWd[eki


B[^hXkY^
Z[h
=[^_hdahWda^[_j[d$


c_YheiYef[
_d
XhW_d
jkcehi"
_djhWYhWd_Wb
Wd[khoici"


Whj[h_e]hWf^o0
W
d[m
j[Y^d_gk[$


J
<_iY^[h"
AWii[b

if_dWb
YehZ
Z_i[Wi["
WdZ
d[hl[
h[YedijhkYj_ed$

7YjW
HWZ_eb
IjeYa^
)/0),.Å)-,

9b_d
D[kheikh]
'+0)'/Å)*(

M_bb_i
J
',,*
Ij[_d
8C
'/-'

9[h[Xh_
WdWjec_W
d[hlehkcgk[
Z[iYh_fj_e
[j
kiki$


HWdZ
HM"
Akhp[
J
'/,.

J^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^




Fh[i[hlWj_ed
e\
l[ij_XkbWh"
YeY^b[Wh
WdZ
\WY_Wb
d[hl[i


je
f_d[Wb
b[i_edi$

Zkh_d]
c_Yheikh]_YWb
h[celWb
e\
WYekij_Y
jkcehi$
H[fehj


@
D[kheikh]
)+0'/-Å(&(

e\
jme
YWi[i$

M_bied
:>
'/-'
B_c_j[Z
[nfeikh[
_d
Y[h[XhWb
ikh][ho$
J[Y^d_YWb
dej[$


Ijeea[o
8"
IYWh\\
@
'/),

@
D[kheikh]
(.0'+.Å','

@
D[kheikh]
)*0'&(Å'&,

EYYbki_ed
e\
j^[
Wgk[ZkYj
e\
Iobl_ki
Xo
d[efbWij_Y
HWdZ
HM"
B[cc[d
B@
'/+)

WdZ
ded#d[efbWij_Y
fheY[ii[i
m_j^
W
hWj_edWb
ikh]_YWb


OWiWh]_b
C=
'/,-

Jkcehi
e\
j^[
feij[h_eh
fehj_ed
e\

j^[
j^_hZ
l[djh_Yb[$

jh[Wjc[dj
\eh
h[b_[\
e\
j^[
h[ikbjWdj
eXijhkYj_l[


;nf[h_c[djWb
icWbb
l[ii[b
ikh][ho
_d
j^[
Ze]
_dYbkZ_d]


@
D[kheikh]
'&0'Å'.

^oZheY[f^Wbki$


fWj^_d]
WdZ
]hW\j_d]
e\
Y[h[XhWb
l[ii[bi
WdZ
j^[


8kbb
D[kheb
?dij
DO
+0)*.Å)--

\ehcWj_ed
e\
\kdYj_edWb
[njhW#_djhWYhWd_Wb
i^kdji$

H_d][hjp
D"
DehZ[dijWc
>"


?d0
:edW]^o
HCF"
OWiWh]_b
C=
[Zi
C_Yhe#lWiYkbWh


Jkcehi
e\
j^[
f_d[Wb
h[]_ed$

JWcW_
I
'//)

@
D[khefWj^eb
;nf
D[kheb
')0+*&Å+,'

>_ijeho
e\
c_Yheikh][ho
Å
\hec
j^[
X[]_dd_d]

kdj_b
je
j^[
[dZ
e\
j^[
'/-&Êi$


HeX_died
@B
'/-'


C_Yheikh][ho
'*0,Å')

D[kheikh][ho
cW]d_Ó[Z
j^hek]^
j^[
[o[i
e\

j^[
c_YheiYef[$


JWdZb[h
@"
HWdp_
;
'/(&


7EHD
@
'*0*&Å**

9^_hkh]_iY^[
7dWjec_[
kdZ
Ef[hWj_edij[Y^d_a

Z[i
P[djhWbd[hl[dioij[ci$


HeX_died
@B"
:Wl_[i
D@
'/-)


Ifh_d][h"
8[hb_d

7
d[m
X_#febWh
YeW]kbWjeh$
8_ec[Z
;d]
.0+',Å+'/

J^ehmWbZ
@
'/., ?c
p[hXh[Y^b_Y^[d
>Wki
Z[h
I[[b[$


Hdj][d
MA
'./+

:he[c[h#AdWkh"
C”dY^[d

{X[h
[_d[
d[k[
7hj
led
IjhW^b[d$
I_jpkd]iX[h
F^oi
C[Z
=[i
M”hpXkh]
'./+0
')(Å'*'

Jdd_i
M
'/), ;h\eb]h[_Y^[
8[^WdZbkd]
[_d[i
7d[khoicW



IYWh\\
@;
'/),


Z[h
7hj$
Yecckd$
Wdj$
Y[h[Xh_$


;dZeiYef_Y
jh[Wjc[dj
e\
^oZheY[f^Wbki0
Z[iYh_fj_ed
e\


P[djhWbXb
D[kheY^_h
'0)/Å*(

l[djh_YkbeiYef[
WdZ
fh[b_c_dWho
h[fehj
e\
YWi[i$
7hY^
D[kheb
FioY^_Wjho
)+0.+)Å.,'

Jdd_i
M"
MWbj[h
M
'/,&
;_d
d[k[h
ef[hWj_l[h
Pk]Wd]
pk
Z[d
iWYa\hc_][d


IYWh\\
@;
'/+'


7d[khoic[d
Z[h
XWiWb[d
>_hd][\œ[$

Jh[Wjc[dj
e\
eXijhkYj_l[
^oZheY[f^Wbki
Xo
fkdYjkh[
e\


M_[d
C[Z
MeY^[diY^h
''&0'*+Å'*-

j^[
bWc_dW
j[hc_dWb_i
WdZ
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[$


ikh][ho$

J^_[c["
Ijkjj]Whj
ff
.-Å'(, OWiWh]_b
C=
'/,/
C_Yheikh][ho$
7ffb_[Z
je
D[kheikh][ho$
J^_[c["
Ijkjj]Whj OWiWh]_b
C="
<en
@B
'/-+ J^[
c_Yheikh]_YWb
WffheWY^
je
_djhWYhWd_Wb
Wd[khoici$
Ikh]
D[kheb
)0-Å'* OWiWh]_b
C="
<en
@B"
HWo
CM
'/-+
J^[
ef[hWj_l[
WffheWY^
je
Wd[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$ 7Zl
J[Y^
IjWdZ
D[kheikh]
( OWiWh]_b
C="
AhWo[dX”^b
>
'/-&
J^[
ki[
e\
j^[
X_deYkbWh
c_YheiYef[
_d
d[kheikh][ho$
8_Xb
Ef^j^Wbceb
.'0,(Å,+ PWfb[jWb

8
'/+, ;_d
d[k[h
ef[hWj_l[h
Pk]Wd]
pkc
=[X_[j
Z[h
?dY_ikhW
j[djeh__$ P[djhWbXb
D[kheY^_h
',0,*Å,/

Jdd_i
M"
MWbj[h
M"
8heYa
C
'/,,


@
D[kheikh]
.0(&*Å(')


:_[
JejWb[nij_hfWj_ed
_djhWp[h[XhWb[h
Whj[h_el[di[h


P”bY^
A@
'/+'

IYWh\\
@;
'/,,


7d]_ec[
X[_
BeaWb_iWj_ed
_d
\kdaj_ed[bb
m_Y^j_][d


:_[
>_hd][iY^m”bij[$

J^_hZ
l[djh_Ykbeijeco
Xo
fkdYjkh[
e\
j^[
bWc_dW


>_hdWh[Wb[d$

@7
8Whj^"
B[_fp_]

j[hc_dWb_i
WdZ
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[$


8[_jh
D[kheY^_h
''0+Å,'

@
D[kheikh]
(*0/)+Å/*) Jeha_bZi[d
7
'/)/ IYWh\\
@;
'/-&


7
d[m
fWbb_Wj_l[
ef[hWj_ed
_d
YWi[i
e\
_def[hWXb[


J^[
jh[Wjc[dj
e\
dedeXijhkYj_l[
Yecckd_YWj_d]


eYYbki_ed
e\
Iobl_Wd
Wgk[ZkYj$

^oZheY[f^Wbki
Xo
[dZeiYef_Y
YWkj[h_pWj_ed
e\



7YjW
9^_h
IYWdZ
.(0''-Å'()

C_Yhed[kheikh]_YWb
WdWjeco"
ef[hWj_l[
WffheWY^[i 7b#C[\jo
E
'/.-


j^[
Y^ehe_Z
fb[nki[i$ @
D[kheikh]
))0'Å'.

Jh[lWd_
;
'/)(

J^[
ikfhWehX_jWb#fj[h_edWb
WffheWY^
je
iakbb
XWi[
b[i_edi$


;_d
Wbi
fWhWi[bbh[h
Jkceh
ef[h_[hj[i
7d[khoicW



D[kheikh][ho
('0*-*Å*--

IY^_bb[h
<
'//,


Z[h
7hj[h_W
YWhej_i
_dj[hdW$


;Whbo
WffheWY^[i
je
XhW_d
jkcehi$


:jiY^
P
9^_h
()-0+)*Å+)+

7b#C[\jo
E"
7dWdZ
LA
'//& Po]ecWj_Y
WffheWY^
je
iakbb#XWi[
b[i_edi$

D[kheikh][ho
).0'&()Å'&)& LWd
MW][d[d
MF
'/)'

@
D[kheikh]
-)0,,.Å,-)

IY^be\\[h
>
'/&-

7
ikh]_YWb
WffheWY^
\eh
j^[
h[celWb
e\



;h\eb]h[_Y^[
Ef[hWj_ed
[_d[i
>ofef^oi[djkcehi



Y[hjW_d
f_d[Wb
jkcehi$

7b#C[\jo
E"
<en
@B
'/.+

Wk\
dWiWb[c
M[][$


Ikh]
=od[Yeb
EXij[j
+)0(',Å((&

Ikf[hebWj[hWb
ehX_jWb
[nfeikh[
WdZ
h[YedijhkYj_ed$
Ikh]
D[kheb
()0,&/Å,')

M_[d
Ab_d
MeY^[hiY^h
(&0,('Å,(* MW]d[h
M
'../
IYel_bb[
M8"
Eh[
=:
'/,&

:_[
j[cfehh[
H[i[aj_ed
Z[i
IY^Z[bZWY^[i



7b#C[\jo
E"
<en
@B"
Ic_j^
HH
'/..

BWh][
jh[f^_d[
YhWd_ejec_[i$


Wd
Ij[bb[
Z[h
Jh[fWdWj_ed$


F[jheiWb
WffheWY^
\eh
f[jheYb_lWb
c[d_d]_ecWi$


7YjW
D[kheb
BWj_deWc
,0*&&Å*&(

P[djhWbXb
9^_h
',0.))Å.).

D[kheikh][ho
((0+'&Å+'-

(.,

H[\[h[dY[i

7cc_hWj_
C"
IfWbbed[
@"
CW
@"
[j
Wb
'//) 7d
WdWjec_Yeikh]_YWb
ijkZo
e\
j^[
j[cfehWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[$
D[kheikh][ho
))0'&).Å'&** 7fkppe
CB@
'/.(
JhWdiYWbbeiWb
_dj[h\ehd_YWb
[nfeikh[
e\
b[i_edi

e\
j^[
j^_hZ
l[djh_Yb[$ ?d0
IY^c_Z[a
>>"
Im[[j
M>
[Zi
Ef[hWj_l[
D[kheikh]_YWb
J[Y^d_gk[i$
=hkd[
WdZ
IjhWjjed"
D[m
Oeha"
ff
+.+Å+/* 8WbZm_d
>P"
C_bb[h
9="
LWd
Bel[h[d
>H"
[j
Wb
'//* J^[
\Wh
bWj[hWb%YecX_d[Z
ikfhW#
WdZ

_d\hWj[djeh_Wb
WffheWY^$ @
D[kheikh]
.'0,&Å,. 9^[hWp_
88
'//(
7
j[cfehWb
jhWdiiobl_Wd
WffheWY^
je

Wdj[h_eh
Y_hYkbWj_ed
Wd[khoici$
D[kheikh][ho
)&0/+-Å/,' 9^e
9M"
7b#C[\jo
E
(&&( 9ecX_d[Z
f[jheiWb
WffheWY^
je
f[jheYb_lWb
c[d_d][ecWi$ D[kheikh][ho
+'0-&.Å-'. 9eiYWh[bbW
;"
L_i^j[^
7="
If[jpb[h
H<"
[j
Wb
(&&& IkX\WiY_Wb
WdZ
ikXckiYkbWh
c[j^eZi
e\
j[cfehWb
ckiYb[
Z_ii[Yj_ed
WdZ
j^[_h
h[bWj_edi^_f
je
j^[
\hedjWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[$
J[Y^d_YWb
dej[$
@
D[kheikh]
/(0.--Å..& 9ekbZm[bb
MJ"

:[bWi^Wm
@8"
J[Z[iY^_
>"
H^ejed
7B
'//( CeZ_Ó[Z
ikfhWehX_jWb
YhWd_ejeco0
j[Y^d_YWb
dej[$
D[kheikh][ho
)&0/+*Å/+,

=_Xe
>"
9Whl[h
99"
H^ejed
7B
'/.' C_Yheikh]_YWb
WdWjeco
e\
j^[
c_ZZb[
Y[h[XhWb
Whj[ho$
@
D[kheikh]
+*0'+'Å',/

:[bWi^Wm
@8"
@Wd[
@7"
AWii[bb
D<
'//) IkfhWehX_jWb
YhWd_ejeco
Xo
\hWYjkh[
e\

j^[
Wdj[h_eh
ehX_jWb
hee\$
@
D[kheikh]
-/0,'+Å,'.

=_biXWY^
@"
;]][hj
>H"
>Wiib[h
M9
'/.+
Feii_X_b_j_[i
WdZ
b_c_ji
e\
j^[
c_Zb_d[

_dj[h^[c_if^[h_Y
WffheWY^$
7YjW
D[kheY^_h
Ikffb
)+0.*Å..

:[b\_d_
H"
HWYe
7"
7hj_Ye
C
'//( 7
jme#ij[f
ikfhWehX_jWb
WffheWY^
je
b[i_edi

e\
j^[
ehX_jWb
Wf[n$
@
D[kheikh]
--0/+/Å/,'

=e[b
7
'//+ ;nj[dZ[Z
c_ZZb[
\eiiW
WffheWY^
\eh
f[jheYb_lWb
b[i_edi$
7YjW
D[kheY^_h
')+0-.Å.)

:[
IekpW
@C"
HeZh_]k[i
<<"
:W
I_blW
CH"
[j
Wb
'/+/ 9hWd_e#ehX_jWb
WffheWY^
\eh
j^[
fWhWYb_de_ZWb
WdZ

Wdj[h_eh
Yecckd_YWj_d]
Wd[khoici$
7hg
D[khefi_gk_Wjh
+)0+/(Å+/:_Jkbb_e
CL"
CWbaWi_Wd
:"
HWdZ
HM
'/-. 7
Yh_j_YWb
YecfWh_ied
e\
d[kheikh]_YWb
WdZ
ejebWhod]ebe]_YWb
WffheWY^[i
je
WYekij_Y
d[khecWi @
D[kheikh]
*.0'Å'(

=edpWb[p
B<"
9hWm\ehZ
DH"
>eh]Wd
C7"
[j
Wb
(&&( Meha_d]
Wh[W
WdZ
Wd]b[
e\
WjjWYa
_d
j^h[[
YhWd_Wb
XWi[
WffheWY^[i0
fj[h_edWb"
ehX_jepo]ecWj_Y"
WdZ
cWn_bbWho
[nj[di_ed
e\
j^[
ehX_jepo]ecWj_Y
WffheWY^$
D[kheikh][ho
+&0++&Å++=kffo
A>"
Eh_]_jWde
J9"
H[_Y^cWd
E>"
[j
Wb
'//-
L[deki
ZhW_dW][
e\
j^[
_d\[hebWj[hWb
j[cfehWb
beX[
_d
h[bWj_edi^_f
e\
jhWdij[cfehWb%jhWdij[djeh_Wb
WffheWY^[i
je
j^[
YhWd_Wb
XWi[$
D[kheikh][ho
*'0
,'+Å,(&

:eb[dY
LL
'/./ 7dWjeco
WdZ
ikh][ho
e\
j^[
YWl[hdeki
i_dki$
Ifh_d][h"
M_[d
D[m
Oeha
ff
,.Å--

>WakXW
7"
D_i^_ckhW
I"
?dek[
O
'/.+ JhWdif[jheiWb#jhWdij[djeh_Wb
WffheWY^
WdZ
_ji
Wffb_YWj_ed
_d
j^[
j^[hWfo
e\
h[jheY^_WicWj_Y
YhWd_ef^Whod][ecWi$ Ikh]
D[kheb
(*0*&+Å*'+

:eb[dY
LL
'//-
JhWdiYhWd_Wb
[f_ZkhWb
WffheWY^
je
f_jk_jWho
jkcehi
[nj[dZ_d]
X[oedZ
j^[
i[bbW$
D[kheikh][ho
*'0+*(Å++(

>WakXW
7"
Bk_
II"
D_i^_ckhW
I
'/.,
J^[
ehX_jepo]ecWj_Y
_d\hWj[cfehWb
WffheWY^0

W
d[m
ikh]_YWb
j[Y^d_gk[$
Ikh]
D[kheb
(,0(-'Å(-,

:eb[dY
LL"
IahWf
C"
Ikij[hi_Y
@"
[j
Wb
'/.-
7
jhWdiYWl[hdeki#jhWdii[bbWh
WffheWY^
je

j^[
XWi_bWh
j_f
Wd[khoici$
8h
@
D[kheikh]
'0(+'Å(+/

>WhZo
:="
F[WY[
:7"
H^ejed
7B
'/.& C_Yheikh]_YWb
WdWjeco
e\
j^[
ikf[h_eh
Y[h[X[bbWh
Whj[ho$
D[kheikh][ho
,0'&Å(.


:Wo
@:"
A[bbe]]
@N"
JiY^WX_jiY^[h
C"
[j
Wb$
'//,
Ikh\WY[
WdZ
ikf[hÓY_Wb
ikh]_YWb
WdWjeco
e\
j^[
feij[hebWj[hWb
YhWd_Wb
XWi[0
i_]d_ÓYWdY[
\eh
ikh]_YWb
fbWdd_d]
WdZ
WffheWY^$ D[kheikh][ho
).0'&-/Å'&.*


:Wo
@:"

=_WdejjW
IB"
CWY[h_
:H
'/.. H[jhebWXoh_dj^_d[
jhWdii_]ce_Z
WffheWY^
je
XWi_bWh
jhkda
WdZ
l[hj[XheXWi_bWh
Whj[ho
`kdYj_ed
Wd[khoici$ @
D[kheikh]
,/0*,'Å*,,

>WhbWdZ
IF"
>kii[_d
7"
=kbbWd
HM
'//, CeZ_ÓYWj_ed
e\
j^[
ijWdZWhZ
fj[h_edWb
WffheWY^
\eh
Wd[khoici
e\
j^[
Wdj[h_eh
Y_hYb[
e\
M_bb_i$ 8h
@
D[kheikh]
'&0'*/Å'+) >Whh_i
Whi^
=H"
I[a^Wh
BD
'//( J^[
ikXj[cfehWb"
jhWdiYWl[hdeki"
Wdj[h_eh jhWdif[jheiWb
WffheWY^
je
j^[
kff[h
XhW_d
ij[c
WdZ
Yb_lki$ @
D[kheikh]
--0-&/Å-'>[hei
H9"
B[[
I>
'//)
J^[
YecX_d[Z
fj[h_edWb%Wdj[h_eh
j[cfehWb
WffheWY^
\eh
Wd[khoici
e\
j^[
kff[h
XWi_bWh
Yecfb[n0
j[Y^d_YWb
h[fehj$ D[kheikh][ho
))0(**Å(+' >eY^X[h]
@"
AWk\cWd
>"
7hZ[d]^o
C
'//+ IWl_d]
j^[
\hedjWb
XhWdY^
Zkh_d]
W
bem
\hedje#ehX_jWb
WffheWY^$
7[ij^[j_Y
FbWij
Ikh]
'/0','Å',) ?je
P
'/.(
J^[
c_Yheikh]_YWb
Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
ik_jWXbo
Wffb_[Z
je
hkfjkh[Z
Wd[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
_d
j^[
WYkj[
ijW][$
7YjW
D[kheY^_h
,)0.+Å//

(.-

H[\[h[dY[i

@Wbbe
=?"
8[d`Wc_d
L
(&&(

Aef[hdW
J"
JiY^WX_jiY^[h
C"
Adeif
;
'//(


JkX[hYkbkc
i[bbW[
c[d_d]_ecWi0
c_Yheikh]_YWb
WdWjeco


J^[
j[hc_dWj_ed
e\
j^[
l[_d
e\
BWXXƒ
WdZ
_ji
c_Yheikh]_YWb


WdZ
ikh]_YWb
j[Y^d_gk[$

i_]d_ÓYWdY[$


D[kheikh][ho
+'0'*)(Å'*)/

7YjW
D[kheY^_h
''.0
'-(Å'-+

@Wd[
@7"
FWha
JI"
FeX[h[ia_d
B>"
[j
Wb
'/.(


Ah_i^j
7"
8Whd[jj
:M"
8Whhem
:B
'//*

J^[
ikfhWehX_jWb
WffheWY^0
j[Y^d_YWb
dej[$


J^[
XbeeZ
ikffbo
e\
j^[
_djhWYWl[hdeki
YhWd_Wb
d[hl[i0



D[kheikh][ho
''0+)-Å+*(

Wd
WdWjec_YWb
ijkZo$ D[kheikh][ho
)*0(-+Å(-/

@^e
>:
'//- EhX_jWb
hee\
YhWd_ejeco
l_W
Wd
[o[Xhem
_dY_i_ed0



BWd]
@
'/.'

W
i_cfb_Ó[Z
Wdj[h_eh
iakbb
XWi[
WffheWY^$

Ab_d_iY^[
7dWjec_[
Z[i
Aef\[i0
D[kheahWd_kc"
EhX_jW"


C_d_c
?dlWi_l[
D[kheikh]
*&0/'Å/-

ahWd_ep[hl_aWb[h
{X[h]Wd]$ Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha

AWhjki^
@"
J[b_Wd
I"
=hW^Wc
C"
[j
Wb
'/.,
7dWjec_Y
XWi_i
\eh
bWXoh_dj^_d[
fh[i[hlWj_ed
Zkh_d]


BWi`Wkd_Wi
F"
8[h[dij[_d
7
'/.-


feij[h_eh
\eiiW
WYekij_Y
jkceh
ikh][ho$



7hj[h_Wb
WdWjeco0
_djheZkYj_ed$


BWhod]eiYef[
/,0'&(*Å'&(.

?d0
BWi`Wkd_Wi
F"
8[h[dij[_d
7
[Zi
Ikh]_YWb
d[kheWd]_e]hWf^o"
leb
'0

AWmWaWc_
A"
OWcWdekY^_
O"
AWmWckhW
O
'//'

YhWd_e\WY_Wb
Whj[h_[i$



Ef[hWj_l[
WffheWY^
je
j^[
\hedjWb
iakbb
XWi[0
[nj[di_l[


Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"
ff
'Å)(

jhWdiXWiWb
WffheWY^$
D[kheikh][ho
(.0-(&Å-(+

BWi`Wkd_Wi
F"
8[h[dij[_d
7
'/.-


AWmWaWc_
A"
OWcWdekY^_
O"
AkXejW
9
'//' 7d
[nj[di_l[
jhWdiXWiWb
WffheWY^
je
\hedjWb
iakbb#XWi[
jkcehi$
J[Y^d_YWb
dej[$


J^[
_dj[hdWb
cWn_bbWho
ioij[c$
?d0
BWi`Wkd_Wi
F"
8[h[dij[_d
7
[Zi
Ikh]_YWb
d[kheWd]_e]hWf^o"
leb
'0

@
D[kheikh]
-*0'&''Å'&')

Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"
ff
))Å'((

AWmWi[
J"
I^_eXWhW
H"
JeoW
I
'//' 7dj[h_eh
jhWdif[jheiWb#jhWdij[djeh_Wb
WffheWY^
\eh
if^[def[jheYb_lWb
c[d_d]_ecWi0
ikh]_YWb
c[j^eZ
WdZ
h[ikbji
_d
'&
fWj_[dji$


BWi`Wkd_Wi
F"
8[h[dij[_d
7
'//&
J^[
feij[h_eh
Z_l_i_ed
e\
j^[
_dj[hdWb
YWhej_Z
Whj[ho
?97$ ?d0
BWi`Wkd_Wi
F"
8[h[dij[_d
7
[Zi
Ikh]_YWb
d[kheWd]_e]hWf^o"
leb
)0

D[kheikh][ho
(.0.,/Å.-,

CW_hW
="
7d_b[
9"
9ebei_cW
9"
[j
Wb
(&&& 9hWd_ef^Whod]_ecWi
e\
j^[
j^_hZ
l[djh_Yb[0

jhWdi#bWc_dW
j[hc_dWb_i
WffheWY^$
D[kheikh][ho
*-0.+-Å.,) CWo\hWda
B"
=_biXWY^
@C
'//, ?dj[h^[c_if^[h_Y
WffheWY^
\eh
c_Yheikh]_YWb
h[celWb
e\
eb\WYjeho
]heel[
c[d_d]_ecWi$ 8h
@
D[kheikh]
'&0+*'Å+*+ CWo\hWda
B"
H[kb
@"
>k\\cWdd
8"
[j
Wb
'//,
C_Yheikh]_YWb
_dj[h^[c_if^[h_Y
WffheWY^
je
ZkhWb
Whj[h_el[deki
ÓijkbWi
e\
j^[
Ôeeh
e\
j^[

Wdj[h_eh
YhWd_Wb
\eiiW$ C_d_c
?dlWi_l[
D[kheikh]
)/0-*Å-C[deliao
J"
=hej[d^k_i
7"
Z[
Lh_[i
@"
[j
Wb
'/// ;dZeiYef[#Wii_ij[Z
ikfhWehX_jWb
YhWd_ejeco
\eh
b[i_edi
e\
j^[
_dj[hf[ZkdYkbWh
\eiiW$ D[kheikh][ho
**0'&,Å''( C_Ya[o
8"
9bei[
B"
IY^W[\[h
I
'/.. 7
YecX_d[Z
\hedjej[cfehWb
WdZ
bWj[hWb
_d\hWj[cfehWb
\eiiW
WffheWY^
je
j^[
iakbb
XWi[$ @
D[kheikh]
,.0,-.Å
,.) C_b[dael_Y
P"
=ef_Y
>"
7djel_Y
F"
[j
Wb
'/.( 9edjhWbWj[hWb
fj[h_edWb
WffheWY^
je
YWhej_Z#ef^j^Wbc_Y
Wd[khoic
hkfjkh[Z
Wj
ikh][ho$
9Wi[
h[fehj$
@
D[kheikh]
+-0.()Å.(+ C_pe_
A"
Ikpka_
@"
A_d`e
J"
[j
Wb
'/.. 8_\hedjWb
_dj[h^[c_if^[h_Y
WffheWY^
\eh
YWhej_Z# ef^j^Wbc_Y
Wd[khoici$
7YjW
D[kheikh]
/&0
.*Å/&

e\
j^[
XhW_d"
if_dWb
YehZ
WdZ
if_d[$
Ifh_d][h"
8[hb_d


AWmWi[
J"
I^_eXWhW
H"
JeoW
I
'//* C_ZZb[
\eiiW
jhWdif[jheiWb#jhWdij[djeh_Wb
WffheWY^[i
\eh
f[jheYb_lWb
c[d_d]_ecWi$
I[b[Yj_l[
fohWc_Z
h[i[Yj_ed
WdZ
hWZ_YWb_jo$


>[_Z[bX[h]
D[m
Oeha"
ff
'+)Å'/( BWlod[
C>"
FWjj[hied
H>
@h
'/.)
IkXY^ehe_ZWb
jhWdi#l[bkc
_dj[hfei_jkc
WffheWY^
je
c_Z# j^_hZ
l[djh_YkbWh
jkcehi$


7YjW
D[kheY^_h
'(/0'')Å'(&

D[kheikh][ho
'(0.,Å/*

A_akY^_
A"
MWjWdWX[
A
'//) CeZ_Ó[Z
X_\hedjWb
_dj[h^[c_if^[h_Y
WffheWY^
je
Wd[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
m_j^
j^[
ki[
e\
jh[f^_d[
YhWd_ejeco0
W
h[l_[m
e\
f[hiedWb


BWmjed
CJ"
:Wif_j
9F"
If[jpb[h
H<
'//-
Fh[i_]ce_Z
WffheWY^[i
je
iakbb
XWi[
b[i_edi$
7Zl
J[Y^
IjWdZ
D[kheikh]
()0'./Å(&*

[nf[h_[dY[
m_j^
(+
YWi[i$ B_bb`[gk_ij
8
'/+/

7YjW
D[kheY^_h
'(+0'(-Å')'

J^[
ikXWhWY^de_Z
Y_ij[hdi$
7d
WdWjec_Y
WdZ
Ad_p[
:C
'//,

he[dj][debe]_Y
ijkZo$


B_c_j[Z#_dY_i_ed
\eh[^[WZ

b_\j
\eh
[o[Xhem
[b[lWj_ed
je


7YjW
HWZ_eb
'.+0'Å'&.

[d^WdY[
kff[h
Xb[f^WhefbWijo$
FbWij
H[Yedijh
Ikh]
/-0'))*Å')*(

B_ij[h
@H"
H^ejed
7B
@h"
CWjiki^_cW
J"
[j
Wb
'/.( C_Yheikh]_YWb
WdWjeco
e\
j^[



Adeif
;"
C”bb[h
="

F[hd[Ypao
7
'/..

feij[h_eh
_d\[h_eh
Y[h[X[bbWh
Whj[ho$


J^[
fWhWYb_de_Z
YWhej_Z
Whj[ho0
WdWjec_YWb
Wif[Yji
e\
W


D[kheikh][ho
'&0'-&Å'//

c_Yhed[kheikh]_YWb
WffheWY^$ BodY^
@9"
7dZhWZ[
H
'//)

D[kheikh][ho
((0
./,Å/&'

Kd_bWj[hWb
fj[h_edWb
WffheWY^
je
X_bWj[hWb

Adeif
;"
F[hd[Ypao
7"
Aeei
MJ"
[j
Wb
'//,

Y[h[XhWb
Wd[khoici$


C[d_d][ecWi
e\
j^[
ifWY[
e\
j^[
YWl[hdeki
i_dki$

Ikh]
D[kheb
)/0'(&Å'(-

D[kheikh][ho
).0*)*Å***

Ckiie
79"
H^ejed
7B
@h
(&&& J[bel[bWh
WffheWY^
je
j^[
\ekhj^
l[djh_Yb[0

c_Yheikh]_YWb
WdWjeco$ @
D[kheikh]
/(0.'(Å.() DWaWe
I"
A_akY^_
>"
JWaW^i^_
D
'/.' IkYY[ii\kb
Yb_ff_d]
e\
YWhej_Z#ef^j^Wbc_Y
Wd[khoici
j^hek]^
W
YedjhWbWj[hWb
fj[h_edWb
WffheWY^$

H[fehj
e\
jme
YWi[i$
@
D[kheikh]
+*0+)(Å+), D_[km[d^koi
H"
Lee]Z
@"
lWd
>k_p[d
9
'//. :Wi
P[djhWbd[hl[dioij[c
Z[i
C[diY^[d$ Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha E]WjW
D"
Oed[aWmW
O
'//- FWhWc[Z_Wd
ikfhWY[h[X[bbWh
WffheWY^
je
j^[
kff[h
XhW_d
ij[c
WdZ
f[ZkdYkbWh
b[i_edi$ D[kheikh][ho
*&0'&'Å'&+ E_aWmW
I"
Aoei^_cW
A"
AeXWoWi^_
I
'//. Ikh]_YWb
WdWjeco
e\
j^[
`knjW#ZkhWb
h_d]
Wh[W$
@
D[kheikh]
./0(+&Å(+* Ede
C"
H^ejed
7B
'/.* C_Yheikh]_YWb
WdWjeco
e\
j^[
h[]_ed
e\
j^[
j[djeh_Wb
_dY_ikhW$
@
D[kheikh]
,&0),+Å)//

CWY:edWbZ
@:"
7djed[bb_
F"
:Wo
7B
'//. AeZWcW
D"
IWiWa_
J"
IWakhW_
O
'//+


J^[
Wdj[h_eh
ikXj[cfehWb"
c[Z_Wb
jhWdif[jheiWb
WffheWY^


JhWdij^_hZ
l[djh_YkbWh
WffheWY^
\eh
W
^_]^
XWi_bWh


je
j^[
kff[h
XWi_bWh
Whj[ho
WdZ



X_\khYWj_ed
Wd[khoic$
H[fehj
e\
j^h[[
YWi[i$


fedje#c[i[dY[f^Wb_Y
`kdYj_ed$

@
D[kheikh]
.(0,,*Å,,.

D[kheikh][ho
*)0.*Å./

(..

Ei^_he
;C"
H_d_
:7"
JWcWh]e
H@
'//-
9edjhWbWj[hWb
WffheWY^[i
je
X_bWj[hWb
Y[h[XhWb
Wd[khoici0
7
c_Yheikh]_YWb
WdWjec_YWb
ijkZo$
@
D[kheikh]
.-0',)Å',/

H[\[h[dY[i

FWbWZ_de
@"
F_ha[h
D"
Ij_cWY
9"
Ij[hd#FWZelWd
H
'//. ;o[Xhem
a[o#^eb[
WffheWY^
_d
lWiYkbWh
d[kheikh][ho$
C_d_c
?dlWi_l[
D[kheikh]
*'0(&&Å(&) FWha_died
:
'/,+ 7
ikh]_YWb
WffheWY^
je
j^[
YWl[hdeki
fehj_ed
e\
j^[
YWhej_Z
Whj[ho$
7dWjec_YWb
ijkZ_[i
WdZ
YWi[
h[fehj$
@
D[kheikh]
()0*-*Å*.) F[hd[Ypao
7"
Adeif
;"
Pe^bk
7
'//' Ikh][ho
e\
lWiYkbWh
b[i_edi
_d
j^[
YWl[hdeki
i_dki$ ?d0
IWc__
C
[Z
Ikh][ho
e\
j^[
i[bbWh
h[]_ed
WdZ
fWhWdWiWb
i_dkii[i$
Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"

ff
*/*Å+&' F[hdaef\
;
'/,& Jefe]hWf^_iY^[
7dWjec_[
Z[i
C[diY^[d$ KhXWd

IY^mWhp[dX[h]"
C”dY^[d F[jhkYY_
H@"
8kY^^[_j
M7"
MeeZhk\\
=9"
[j
Wb
'/.- JhWdiYWbbeiWb
fWhW\ehd_Y_Wb
WffheWY^
je
j^[
j^_hZ
l[djh_Yb[
jkcehi0
d[khefioY^ebe]_YWb
Yedi[gk[dY[i$ D[kheikh][ho
(&0*+-Å*,* Feeb
@B
'/-(
8_\hedjWb
YhWd_ejeco
\eh
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
Wd[khoici$
@
D[kheikh]
),0('(Å((& Fkpp_bb_
<"
Hk]][h_
7"
CWijhedWhZ_
B"
[j
Wb
'///
7dj[h_eh
Yb_de_ZWb
c[d_d]_ecWi0
h[fehj
e\
W
i[h_[i
e\
))
fWj_[dji
ef[hWj[Z
ed
j^hek]^
j^[
fj[h_edWb
WffheWY^$
D[khe#edYeb
'0'..Å'/+ HWcei#Pkd_]W
H
'/// J^[
jhWdi#ikfhWehX_jWb
WffheWY^$
C_d_c
?dlWi_l[
D[kheikh]
*(0'))Å'),
HWcei#Pkd_]W
H"
L[b|pgk[p
>"
8WhW`Wi
C"
[j
Wb
(&&( JhWdi#
ikfhWehX_jWb
WffheWY^
je
ikfhWj[djeh_Wb
Wd[khoici$
D[kheikh][ho
+'0'(+Å')' HWl[^
@"
Lk_bb[c_d
J
'//&
J^[
ikXYhWd_Wb#ikfhWehX_jWb
j[cfehWb
WffheWY^
\eh
jkceh
h[i[Yj_ed$
@
9hWd_e\WY
Ikh]
'0
+)Å+/ H[_iY^
H"
Lkjia_ji
B"
FWjedWo
B"
[j
Wb
'//, J^[
c[d_d]e^ofef^oi[Wb
jhkda
WdZ
_ji
XbeeZ
ikffbo
je
Z_\\[h[dj
_djhWYhWd_Wb
ijhkYjkh[i$
7d
WdWjec_YWb
ijkZo$
C_d_c
?dlWi
D[kheikh]
)/0-.Å.' H[_iY^
H"
Lkjia_ji
B"
<_b_ff_
H"
[j
Wb
(&&( Jefe]hWf^_Y
c_Yheikh]_YWb
WdWjeco
e\
j^[
fWhWYb_de_Z
YWhej_Z
Whj[ho$ D[kheikh]
H[l
(+0'--Å'.) H[_iY^
H"
F[hd[Yao
7"
<_b_ff_
H
(&&) Ikh]_YWb
j[Y^d_gk[
e\
j^[
ikfhWehX_jWb
a[o^eb[
WffheWY^$
Ikh]
D[kheb
+/0(()Å((H[iY^
A:C"
F[hd[Ypao
7"
JiY^WX_jiY^[h
C"
[j
Wb
'//* ;dZeiYef_Y
WdWjeco
e\
j^[
l[djh_Yb[i$ 7YjW
D[kheY^_h
Ikffb
,'0+-Å,' H^ejed
7B"
IW[a_
D"
F[hbckjj[h
:"
[j
Wb$
'/-/
C_Yheikh]_YWb
WdWjeco
e\
Yecced
Wd[khoic
i_j[i$
9b_d
D[kheikh]
(,0(*.Å)&,

H^ejed
7B
'/.(
C_Yhe#ef[hWj_l[
j[Y^d_gk[i$
?d0
OekcWdi
@H
[Z
D[khebe]_YWb
ikh][ho"
leb
'"
(dZ
[Zd$
IWkdZ[hi"
F^_bWZ[bf^_W"
ff
'',&Å''/*

I^Wdde
="
CWki
C"
8_boa
@
(&&' ?cW][#]k_Z[Z
jhWdiehX_jWb
hee\
YhWd_ejeco
l_W
W
ikfhWXhem
WffheWY^0
W
ikh]_YWb
i[h_[i
e\
-(
fWj_[dji$
D[kheikh][ho
*.0++/Å+,-

H^ejed
7B
(&&) 9hWd_Wb
WdWjeco
WdZ
ikh]_YWb
WffheWY^[i$ B_ff_dYejj
M_bb_Wci

M_ba_di"
>W][hijemd

I^_XkoW
C"
Ikpka_
C"
Ik]_jW
IA
'//, 8_\hedjWb
XWiWb
_dj[h^[c_if^[h_Y
WffheWY^
je
YhWd_ef^Whod][ecW
h[i[Yj_ed
m_j^
eh
m_j^ekj
Z_l_i_ed

e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$ @
D[kheikh]
.*0/+'Å/+,

Heid[h
II"
H^ejed
7B"
Ede
C"
[j
Wb
'/.* C_Yheikh]_YWb
WdWjeco
e\
j^[
Wdj[h_eh
f[h\ehWj_d]
Whj[h_[i$
@
D[kheikh]
,'0*,.Å*.+ IWbWced
="
>kWd]
OF
'/-, HWZ_ebe]_Y
WdWjeco
e\
j^[
XhW_d$ Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha IWbWi
;"
P_oWb
?C"
8[``Wd_
=A"
[j
Wb
'//. 7dWjeco
e\
j^[
\hedjej[cfehWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
WdZ
_dZ_YWj_edi
\eh
_dj[h\WiY_Wb
Z_ii[Yj_ed$
D[kheikh][ho
*)0+,)Å+,/ IWbWi
;"
I[a^Wh
BD"
P_oWb
?C"
[j
Wb
'/// LWh_Wj_edi
e\
j^[
[njh[c[#bWj[hWb
YhWd_eY[hl_YWb
WffheWY^0
WdWjec_YWb
ijkZo
WdZ
Yb_d_YWb
WdWboi_i
e\
,/
fWj_[dji$ @
D[kheikh]
If_d[
/&0(&,Å('/ IWc__
C"
7cc_hWj_
C
'//. J^[
YecX_d[Z
ikfhW#_d\hWj[djeh_Wb
fh[#i_]ce_Z
i_dki
Wl[dk[
je
j^[
f[jhe#Yb_lWb
h[]_ed$
Ikh]_YWb
j[Y^d_gk[
WdZ
Yb_d_YWb
Wffb_YWj_edi$
7YjW
D[kheY^_h
/+0,Å'( I[[][h
M
'/.&
C_Yheikh][ho
e\
j^[
XhW_d0
WdWjec_YWb
WdZ
j[Y^d_YWb
fh_dY_fb[i"
(
lebi$
Ifh_d][h"
M_[d
D[m
Oeha I[_\[hj
L"
Ijeba[
:
'//,
Feij[h_eh
jhWdif[jheiWb
WffheWY^
je
Wd[khoici
e\
j^[
XWi_bWh
jhkda
WdZ
l[hj[XheXWi_bWh
`kdYj_ed$
@
D[kheikh]
.+0)-)Å)-/ I[a^Wh
BD"
;ijed_bbe
H
'/.,
JhWdij[cfehWb
WffheWY^
je
j^[
iakbb
XWi[$

7d
WdWjec_YWb
ijkZo$
D[kheikh][ho
'/0-//Å.&. I[a^Wh

BD"
IY^hWcc
LB"
@ed[i
D<
'/.- IkXj[cfehWb#fh[Wkh_YkbWh
_d\hWj[cfehWb
\eiiW
WffheWY^
je
bWh][
bWj[hWb
WdZ
feij[h_eh
YhWd_Wb
XWi[
d[efbWici$ @
D[kheikh]
,-0*..Å*// I[a^Wh
BD"
DWdZW
7"
I[d
9D
'//( J^[
[nj[dZ[Z
\hedjWb
WffheWY^
je
jkcehi
e\
j^[
Wdj[h_eh"
c_ZZb["
WdZ
feij[h_eh
iakbb
XWi[$
@
D[kheikh]
-,0'/.Å(&,

I^_hWd[
H"
9^_d]#9^Wd
I"
AkiWaW
O
(&&( Ikh]_YWb
ekjYec[i
_d
)'
fWj_[dji
m_j^
YhWd_ef^Whod]_ecWi
[nj[dZ_d]
ekji_Z[
j^[

ikfhWi[bbWh
Y_ij[hd0
Wd
[lWbkWj_ed
e\

\hedjeXWiWb
_dj[h^[c_if^[h_Y
WffheWY^$
@
D[kheikh]
/,0-&*Å-'( If[jpb[h
H<"
:Wif_j
9F"
FWffWi
9J;
'//( J^[
YecX_d[Z
ikfhW#
WdZ
_d\hWj[djeh_Wb
WffheWY^

\eh
b[i_edi
e\
j^[
f[jheki
WdZ
Yb_lWb
h[]_edi0

[nf[h_[dY[
m_j^
*,
YWi[i$
@
D[kheikh]
-,0+..Å+// Ij[_][h
>@"
IY^c_Z#;biW[ii[h
H"
Ijkcc[h
M"
[j
Wb
(&&' JhWdiehX_jWb
a[o#^eb[
WffheWY^
je
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
Wd[khoici$
D[kheikh][ho
*.0)*-Å)+( Ikpka_
@"
C_de_
A"
Oei^_ceje
J
'/.,
8_\hedjWb
_dj[h^[c_if^[h_Y
WffheWY^
je
Wd[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$
@
D[kheikh]
,*0'.)Å'/& JW]kY^_
O"
JWdWaW
A"
CWjikpWmW
C"
[j
Wb
'//, 7
ikh]_YWb
j[Y^d_gk[
je
Wle_Z
feijef[hWj_l[
[def^j^Wbcei
_d
j^[
YhWd_eehX_jWb
WffheWY^$

J[Y^d_YWb
dej[$
@
D[kheikh]
.+0+'*Å+'JWd_]kY^_
C"
F[hd[Ypao
7
'//-
IkXj[cfehWb
a[o^eb[
WffheWY^
je
j^[
ikfhWi[bbWh
WdZ
f[jheYb_lWb
h[]_ed0
c_YheWdWjec_Y
Yedi_Z[hWj_edi
WdZ
Yb_d_YWb
Wffb_YWj_ed$
D[kheikh][ho
*'0+/(Å,&' JWjW]_XW
C"
IWc__
C"
CWjj^[_i
9"
[j
Wb
'//( J^[
i_]d_ÓYWdY[
\eh
feijef[hWj_l[
^[Wh_d]
e\
fh[i[hl_d]
j^[
bWXoh_dj^
_d
WYekij_Y
d[kh_decW
ikh][ho$ @
D[kheikh]
--0,--Å,.* J”h[
K"
OWiWh]_b
C="
7b#C[\jo
E
'//- J^[
jhWdiYWbbeiWb#jhWdi\ehWc_dWb
WffheWY^
je

j^[
j^_hZ
l[djh_Yb[
m_j^
h[]WhZ
je
j^[
l[deki
lWh_Wj_edi

_d
j^_i
h[]_ed$ @
D[kheikh]
.-0-&,Å-'+

I[a^Wh
BD"
AWb_W
AA"
OedWi
>"
[j
Wb
'//* 9hWd_Wb
XWi[
WffheWY^
je
_djhWYhWd_Wb
Wd[khoici
_d
j^[
ikXWhWY^de_Z
ifWY[$
D[kheikh][ho
)+0*-(Å*.)

Kd][hiXYa
A"
F[hd[Ypao
7
'/., ?djhWl[djh_YkbWh
Wd[khoic
e\
j^[
c[Z_Wb
feij[h_eh
Y^ehe_Z
Whj[ho
Yb_ff[Z
l_W
j^[
YedjhWbWj[hWb
jhWdiYWbbeiWb
WffheWY^$ 7YjW
D[kheY^_h
.(0(*Å(-

I[f[hd_W
7"
Adeff
K
'/// Fh[i[hlWj_ed
e\
j^[
eb\WYjeho
jhWYj
_d
X_\hedjWb
YhWd_ejeco
\eh
lWh_eki
b[i_edi
e\
j^[
Wdj[h_eh
YhWd_Wb
\eiiW$ D[kheikh][ho
**0'')Å''-

LW`ZW
@"
@k^|ip
@"
F|ipjeh
;"
[j
Wb
'/.. 9edjhWbWj[hWb
WffheWY^
je
X_bWj[hWb
WdZ
ef^j^Wbc_Y
Wd[khoici$
D[kheikh][ho
((0,,(Å,,.

(./

H[\[h[dY[i

LWd
Z[h
7ha
=:"
A[cf[
B="
Ic_j^
:H
'/-*

O[^
>"
J[m
@C
'/.+

7dj[h_eh
Yecckd_YWj_d]
Wd[khoici0



7dj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
je
Wd[khoici
e\



j^[
]ohki
h[Yjki
WffheWY^$


j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$


9b_d
D[kheikh]
('0'(&Å'))

Ikh]
D[kheb
()0/.Å'&&

LWd
B_dZ[hj
;"
F[hd[Ypao
7"

PWXhWcia_
@C"
A_h_i
J"
IWda^bW
IA"
[j
Wb
'//.

J^[
ikfhWehX_jWb
a[o^eb[
WffheWY^
je
ikfhWj[djeh_Wb


EhX_jepo]ecWj_Y
YhWd_ejeco$J[Y^d_YWb
dej[$


Wd[khoici$
9edY[fj
WdZ
j[Y^d_gk[$


@
D[kheikh]
./0)),Å)*'

Ikh]
D[kheb
*/0
*.'Å*/& LWd
Bel[h[d
>H"
A[bb[h
@J"
;b#AWbb_do
C"
[j
Wb
'//' J^[
:eb[dY
j[Y^d_gk[
\eh
YWl[hdeki
i_dki
[nfbehWj_ed$
9WZWl[h_Y
fhei[Yj_ed$
@
D[kheikh]
-*0.)-Å.**

?cW]_d]
j[Y^d_gk[i
WdZ

ikh]_YWb
fbWdd_d]


8hWdj#PWmWjpa_
C"
Iebeced
C"
D[mjed
J>"
[j
Wb
'/.+
8Wi_Y
fh_dY_fb[i
e\
cW]d[j_Y
h[iedWdY[
_cW]_d]
_d
Y[h[XhWb
_iY^[c_W
WdZ
_d_j_Wb
Yb_d_YWb
[nf[h_[dY[$
D[khehWZ_ebe]o
(-0+'-Å+(& 8hWiY^
H9
'/.)
Meha
_d
fhe]h[ii0
c[j^eZi
e\
YedjhWij
[d^WdY[c[dj
\eh
DCH
_cW]_d]
WdZ
fej[dj_Wb
Wffb_YWj_edi$ HWZ_ebe]o
'*-0-.'Å-.. 8hWii_[h
="
CehWdZ_
N"
C[hY_[h
F"
[j
Wb
'//*
J^[
feij[h_eh
fWhj
e\
j^[
Whj[h_Wb
Y_hYb[
e\
j^[
iakbb
XWi[$
9WkZWb
Z_l_i_ed
e\
j^[
[cXhoed_Y
_dj[hdWb
YWhej_Z
Whj[ho$
H_l
D[khehWZ_eb
-0
.+Å./

7bX[h_Ye
H7"
FWj[b
C"
9Wi[o
I"
[j
Wb
'//+

L_i^j[^
7="
:Wl_Z
97"
CWhY_Wde
<<"
[j
Wb
(&&& ;njh[c[
bWj[hWb
ikfhWY[h[X[bbWh
_d\hWj[djeh_Wb
WffheWY^

je
j^[
feij[hebWj[hWb
c[i[dY[f^Wbed0

j[Y^d_gk[
WdZ
Yb_d_YWb
[nf[h_[dY[$ D[kheikh][ho
*,0).*Å)./

;lWbkWj_ed
e\
j^[
Y_hYb[
e\
M_bb_i
m_j^
j^h[[#Z_c[di_edWb
9J
Wd]_e]hWf^o
_d
fWj_[dji
m_j^
ikif[Yj[Z
_djhWYhWd_Wb
Wd[khoici$
7@DH
',0'+-'Å'+-. 7dZ[hied
=8"
<_dZbWo
@C"
Ij[_da[
:;"
[j
Wb
'//-


Lkjia_ji
B"
H[_iY^
H"
FWjedWo
B"
[j
Wb
'//, J^[
h[j[
c_hWX_b[
e\
j^[
Yb_lki
WdZ
Zehikc
i[bbW[$
C_d_c
?dlWi_l[
D[kheikh]
)/0').Å'*& MWaW_
I
'//' IkX\hedjWb#XWiWb
_dj[h^[c_if^[h_Y
WffheWY^
\eh
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
Wd[khoici$
J[Y^d_YWb
dej[$ 7YjW
D[kheY^_h
'&.0-.Å.&

;nf[h_[dY[
m_j^
Yecfkj[Z
jece]hWf^_Y
Wd]_e]hWf^o
\eh
j^[
Z[j[Yj_ed
e\
_djhWYhWd_Wb
Wd[khoici
_d
j^[
i[jj_d]
e\
WYkj[
ikXWhWY^de_Z
^[cehh^W][$
D[kheikh][ho
*'0+((Å+(. 7fkppe
CB@
'//,
D[m
Z_c[di_edi
e\
d[kheikh][ho
_d
j^[
h[Wbc
e\
^_]^


C_Yheikh]_YWb
WdWjeco
e\
j^[
jhWdiYedZobWh"
ikfhWYedZobWh"
WdZ
fWhWYedZobWh
[nj[di_edi
e\

j^[
\Wh#bWj[hWb
WffheWY^$

7k[h
BC"
7k[h
:F
'//.
L_hjkWb
[dZeiYefo
\eh
fbWdd_d]
WdZ
i_ckbWj_ed
e\


M[d
>J"
H^ejed
7B"
Z[
Eb_l[_hW
;
'//.


7jbWi
I
[Z
'//,
CW]d[j_Y
h[iedWdY[
_cW]_d]
e\
j^[
XhW_d
WdZ
if_d["



JhWdiY^ehe_ZWb
WffheWY^
je
j^[
j^_hZ
l[djh_Yb[0



(dZ
[Zd$

Wd
WdWjec_Y
ijkZo
e\
j^[
Y^ehe_ZWb
Óiikh[
WdZ
_ji



HWl[d"
D[m
Oeha

Yb_d_YWb
Wffb_YWj_ed$
D[kheikh][ho
*(0
'(&+Å'('/

8Wjd_jpao
I"
Fh_Y[
>?"
B[[
AH"
[j
Wb
'/.( J^h[[#Z_c[di_edWb
Yecfkj[h
h[YedijhkYj_edi
e\
XhW_d


OWcWceje
?"
H^ejed
7B"
F[WY[
:7"
[j
Wb
'/.'


b[i_edi
\hec
ikh\WY[
Yedjekhi
fhel_Z[Z
Xo
Yecfkj[Z


C_Yheikh][ho
e\
j^[
j^_hZ
l[djh_Yb[0



jece]hWf^o0
W
fheif[Yjki$


FWhj
'$
C_Yheikh]_YWb
WdWjeco$


D[kheikh][ho
''0-)Å.*

D[kheikh][ho
.0))*Å)+, 8[hdWhZe
7"
Fh[kb
C9"
PWXhWcia_
@C"
[j
Wb
(&&) OWiWh]_b
C="
AWiZW]b_
IA"
@W_d
AA"
[j
Wb
'/-,


7
j^h[[#Z_c[di_edWb
_dj[hWYj_l[
l_hjkWb
Z_ii[Yj_ed
ceZ[b


7dWjec_YWb
eXi[hlWj_ed
e\
j^[
ikXWhWY^de_ZWb
Y_ij[hdi



je
i_ckbWj[
jhWdif[jheki
ikh]_YWb
Wl[dk[i$

e\
j^[
XhW_d
Zkh_d]
ikh][ho$


D[kheikh][ho
+(0*//Å+&+

@
D[kheikh]
**0(/.Å)&( 8edjepe]bek
D"
IfWdei
>"
BWi`Wkd_Wi
F"
[j
Wb
'//*
OWiWh]_b
C="
7dj_Y
@"
BWY_]W
H"
[j
Wb
'/-,


J^h[[#Z_c[di_edWb
Z_ifbWo
e\
j^[
eh_ÓY[
e\
_djhWYhWd_Wb


C_Yheikh]_YWb
fj[h_edWb
WffheWY^
je
Wd[khoici



Wd[khoici0
W
d[m
fej[dj_Wb
Wffb_YWj_ed
\eh
cW]d[j_Y


e\
j^[
XWi_bWh
X_\khYWj_ed$


h[iedWdY[
Wd]_e]hWf^o$


Ikh]
D[kheb
,0.)Å/'

D[khehWZ_ebe]o
),0
)),Å)*/

OWiWh]_b
C="
Ic_j^
H:"
=Wii[h
@9
'/--

8eeh
I"
H[iY^
A:C"
F[hd[Ypao
7"
[j
Wb
'//.


C_Yheikh]_YWb
WffheWY^
je
WYekij_Y
d[kh_decWi

L_hjkWb
[dZeiYefo
L;
e\
j^[
XWiWb
Y_ij[hdi0



7Zl
J[Y^
IjWdZ
D[kheikh]
*0/*Å'(/

?ji
lWbk[
_d
fbWdd_d]
j^[
d[kheikh]_YWb
WffheWY^$

C_d_c
?dlWi_l[
D[kheikh]
*'0'--Å'.(

OWik_
D"
DWj^Wb
;"

'//( J^[
XWiWb
_dj[h^[c_if^[h_Y
WffheWY^
\eh
WYkj[
Wdj[h_eh


8hWZb[o
M="
MWbkY^
L
'/.*


Yecckd_YWj_d]
Wd[khoici$


CH
[l[d
[Y^e
h[f^Wi_d]
_d
ibem
bWc_dWh
Ôem
m_j^
CH?$


7YjW
D[kheY^_h
''.0/'Å/-

@
9ecfkj
7ii_ij
Jece]h
.0+/*Å+/.

(/&

9Whh
:>"
8hemd
@"
B[kd]
M#B"
[j
Wb
'/.*
?hed
WdZ
]WZeb_d_kc
Y^[bWj[i
Wi
YedjhWij
W][dji
_d
DCH
_cW]_d]0
fh[b_c_dWho
ijkZ_[i$
@
9ecfkj
7ii_ij
Jece]h
.0).+Å)./ 9^Wb_\
:@"
:k\h[di[
9H"
HWdie^e\\
@"
[j
Wb
'/.. J^h[[#Z_c[di_edWb
Yecfkj[Z
jece]hWf^_Y
h[YedijhkYj_edi
e\
_djhWYhWd_Wb
c[d_d]_ecWi$
D[kheikh][ho
()0+-&Å+-+

c_d_cWbbo
_dlWi_l[
d[kheikh][ho$
D[kheikh][ho
*)0+(/Å+*.

@
D[kheikh]
.-0+++Å+.+

8hemd
H7
'/-/
7
Yecfkj[h_p[Z
jece]hWf^o
Å
Yecfkj[h
]hWf^_Yi
WffheWY^
je
ij[h[ejWYj_Y
beYWb_pWj_ed$
@
D[kheikh]
+&0-'+Å-(&

j[Y^debe]o0
feii_X_b_j_[i"
fhWYj_YWb_j_[i"
h[Wb_j_[i$
D[kheikh][ho
).0,(+Å,)/

M[d
>J"
H^ejed
7B"
AWjikjW
J"
[j
Wb
'//-

8heeai
H7"
:_9^_he
F"
FWjhedWi
D
'/./
CH
_cW]_d]
e\
Y[h[XhWb
^[cWjecWi
Wj
Z_\\[h[dj
Ó[bZ
ijh[d]j^i0
j^[eho
WdZ
Wffb_YWj_edi$
@
9ecfkj
7ii_ij
Jece]h
')0'/*Å(&,

:Wl_i
9F"
BWZZ
C;"
=^Z[
I9"
[j
Wb
'//,
L_hjk[bb[
_djhWlWiWb[
;dZeiaef_[
_d
Z[d
D_[h[dWhj[h_[d0
[_d[
d[k[h[
8[jhWY^jkd]i\ehc
led
):#CH7#:Wj[dijp[d$ He\e
',+0(+-Å(,) :`_dZ`_Wd
H
'/-+
Ikf[hi[b[Yj_l[
_dj[hdWb
YWhej_Z
Whj[h_e]hWf^o
WdZ
[cXeb_pWj_ed$
D[khehWZ_ebe]o
/0'*+Å'+, :eob[
7
'//&
Efj_Y
Y^_Wic
fei_j_ed
ed
CH
_cW][i$
7@DH
''0++)Å+++ ;X[b_d]
K"
>WiZ[c_h
C=
'//+
Ij[h[ejWYj_Y
]k_Z[Z
c_Yheikh][ho
e\
Y[h[XhWb
b[i_edi$
C_d_c
?dlWi_l[
D[kheikh]
).0'&Å'+ <_jp[a
9"
C[m[i
J"
=Wm[^d
@"
[j
Wb
'//.
;nWc_dWj_ed
e\
Y^eb[ij[WjecWi
e\
j^[
f[jheki
Xed[
m_j^
Z_\\ki_ed
m[_]^j[Z
[Y^e
fbWdWh
_cW]_d]
:M?$
D[khehWZ_ebe]o
*&0,(Å,) _bb
:B"
IjkZ^ebc[
9"
[j
Wb
'//* 9ecX_d[Z
WdZ
j^h[[#Z_c[di_edWb
h[dZ[h[Z
ckbj_ceZWb
ZWjW
\eh
fbWdd_d]
YhWd_Wb
XWi[
ikh][ho0
W
fheif[Yj_l[
[lWbkWj_ed$
D[kheikh][ho
)+0*,)Å*-&

H[\[h[dY[i

=eceh_
@C"
=heiicWd
H?"
=ebZX[h]
>?"
[j
Wb
'/.+ ?djhWYhWd_Wb
^[cWjecWi0
_cW]_d]
Xo
^_]^#Ó[bZ
CH$ HWZ_ebe]o
'+-0.-Å/) =eeZcWd
HH
'//)
CW]d[j_Y
h[iedWdY[
_cW]_d]#Z_h[Yj[Z
ij[h[ejWYj_Y
[dZeiYef_Y
j^_hZ
l[djh_Ykbeijeco$
D[kheikh][ho
)(0'&*)Å'&*=ehcWd
F@"
C[_[h
7>"
Ahkcc[b
JC
'/// I_ckbWj_ed
WdZ
l_hjkWb
h[Wb_jo
_d
ikh]_YWb
[ZkYWj_ed0

h[Wb
eh
kdh[Wb5
7hY^
Ikh]
')*0'(&)Å'(&.

>Wma[i
H9"
>ebbWdZ
=D"
Ceeh[
MI
'/.&

BWkX
=
'//,


DkYb[Wh
cW]d[j_Y
h[iedWdY[
DCH
jece]hWf^o


FeijfheY[ii_d]
j[Y^d_gk[i$


e\
j^[
XhW_d0
W
fh[b_c_dWho
Yb_d_YWb
Wii[iic[dj
m_j^


?d0
7hbWhj
?F"
8ed]Whjp
=C"
CWhY^Wb
=
[Zi
CW]d[j_Y


Z[cedijhWj_ed
e\
j^[
fWj^ebe]o$


h[iedWdY[
Wd]_e]hWf^o$


@
9ecfkj
7ii_ij
Jece]h
*0+--Å+.,

Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"
ff
+-Å,'

>[bi[j^
7
'//+


B[hY^
A:
'//+


J^[
_dY_Z[dY[
e\
fh_cWho
Y[djhWb
d[hleki
ioij[c


Ij[h[ejWYj_YWbbo#]k_Z[Z
c_Yheikh]_YWb
h[i[Yj_ed
e\
Z[[f#

d[efbWici
X[\eh[
WdZ
W\j[h
Yecfkj[h_p[Z
jece]hWf^o


i[Wj[Z
XhW_d
b[i_edi0
c_d_c_pWj_ed
e\
[ijWXb_i^[Z
WdZ


WlW_bWX_b_jo$


Z[l[befc[dj
e\
d[m
kdYedl[dj_edWb
WffheWY^[i$


@
D[kheikh]
.)0///Å'&&)

C_d_c
?dlWi_l[
D[kheikh]
).0,&Å-.

>ef[
@A7"
M_bied
@B"
J^ecied
<@
'//,
=k]b_[bc_
="
L_dk[bW
<"
I[f[jaW
?"
[j
Wb
'//'
;b[Yjhej^hecXei_i
e\
iWYYkbWh
Wd[khoic
l_W
[dZelWiYkbWh
WffheWY^$
FWhj
'0
;b[Yjhec[Y^Wd_YWb
XWi_i"
j[Y^d_gk[
WdZ
[nf[h_c[djWb
h[ikbji$
@
D[kheikh]
-+0'Å-

J^h[[#Z_c[di_edWb
9J
Wd]_e]hWf^o
_d
j^[
Z[j[Yj_ed
WdZ
Y^WhWYj[h_pWj_ed
e\
_djhWYhWd_Wb
X[hho
Wd[khoici$
7@DH
'-0*)/Å**+ ?ZW
C"
Akh_ik
O"
OWcWi^_jW
C
'//-
CH
Wd]_e]hWf^o
e\
hkfjkh[Z
Wd[khoici
_d
WYkj[


=k]b_[bc_
="
L_dk[bW
<"
:_ed
@"
[j
Wb
'//'
;b[Yjhej^hecXei_i
e\
iWYYkbWh
Wd[khoic
l_W
[dZelWiYkbWh
WffheWY^$
FWhj
(0
Fh[b_c_dWho
Yb_d_YWb
[nf[h_[dY[$
@
D[kheikh]
-+0.Å'* =k]b_[bc_
="
L_dk[bW
<"
:kYam_b[h
="
[j
Wb
'//(
;dZelWiYkbWh
jh[Wjc[dj
e\
feij[h_eh
Y_hYkbWj_ed
Wd[khoici
Xo
[b[Yjhej^hecXei_i
ki_d]
[b[Yjh_YWbbo
Z[jWY^WXb[
Ye_bi$
@
D[kheikh]
--0+'+Å+(* =k_ej
F="
:[hec[
F"
>[hjpe]
;"
[j
Wb
'/,.
L[djh_Ykbe#Y_ij[hdeijec_[
ieki
Yedjheb[
hWZ_eiYef_gk[
fekh
^oZheY[f^Wb_[
eXijhkYj_l[$
Fh[ii[
C[Z
*&0'/()Å'/(,

ikXWhWY^de_Z
^[cehh^W][$
7@DH
'.0'&(+Å'&)(

=kj^h_[
8B"
7Zb[h
@H
'//(
9ecfkj[h#Wii_ij[Z
fh[ef[hWj_l[
fbWdd_d]"
_dj[hWYj_l[
ikh][ho"
WdZ
\hWc[b[ii
ij[h[ejWno$
9b_d
D[kheikh]
).0''(Å')'

>WhZ[dWYa
C"
8kY^[h
D"
<Wba
7"
[j
Wb
'//. Fh[ef[hWj_l[
fbWdd_d]
WdZ
_djhWef[hWj_l[
dWl_]Wj_ed0
ijWjki
gke
WdZ
f[hif[Yj_l[i$ 9ecfkj
7_Z[Z
Ikh]
)0'+)Å'+. >WkicWdd
H
'//,
?cW]_d]
j[Y^d_gk[i
e\
cW]d[j_Y
h[iedWdY[
Wd]_e]hWf^o$
?d0
7hbWhj
?F"
8ed]Whjp
=C"
CWhY^Wb
=
[Zi
CW]d[j_Y
h[iedWdY[
Wd]_e]hWf^o$

Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"
ff
)+Å*-

mehakf
e\
_djhWYhWd_Wb
Wd[khoici$
@
D[kheikh]
.+0'&+&Å'&++ CWd[b\[
9"
BWi`Wkd_Wi
F"
HkiYWZ[bbW
@
'/.,
Fh[ef[hWj_l[
[cXeb_iWj_ed
e\
_djhWYhWd_Wb
c[d_d][ecWi$
7@DH
-0/,)Å/-(

KbjhWiekdZ#]k_Z[Z
YhWd_ejeco
\eh
c_d_cWb
_dlWi_l[


If_hWb
9J
iYWdd_d]
\eh
\Wij
WdZ
Yedj_dkeki
lebkc[
ZWjW


[nfeikh[
e\
Y[h[XhWb
Yedl[n_jo
b[i_edi$


WYgk_i_j_ed$


7YjW
D[kheY^_h
')'0(-&Å(-)

?d0
[_Z[bX[h]
D[m
Oeha"
ff
++Å,*

CY:ek]Wbb
9="
>WbXWY^
LL"
:emZ
9<"
[j
Wb
'//,
;dZelWiYkbWh
jh[Wjc[dj
e\
XWi_bWh
j_f
Wd[khoici
ki_d]


AWje
O"
IWde
>"
AWjWZW
A"
[j
Wb
'//+


[b[Yjheboj_YWbbo
Z[jWY^WXb[
Ye_bi$


Ki[\kbd[ii
e\
i_ckbWj_ed
e\
ikh]_YWb
WffheWY^[i



@
D[kheikh]
.*0)/)Å)//

je
Y[h[XhWb
Wd[khoici
Xo
^[b_YWb
iYWdd_d]
9J
>;I#9J$
C_d_c
?dlWi_l[
D[kheikh]
).0//Å'&*

C”bb[h
M"
=heiiaef\
I"
>_bZ[XhWdZ
7"
[j
Wb

'//- L_hjkWb
h[Wb_jo
_d
j^[
ef[hWj_d]
heec
e\
j^[
\kjkh[$
IjkZ
>[Wbj^
J[Y^deb
?d\ehc
)/0((*Å()'

9ecfkj[Z
jece]hWf^o
WdZ
cW]d[j_Y
h[iedWdY[
jece]hWf^o
e\
_djhWYhWd_Wb
jkcehi"
(dZ
[Zd$


C”bb[h#<eh[bb
M"
LWbWlWd_i
7
'//+


Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha

>em
Wd]_eWhY^_j[Yjkh[
e\
Y[h[XhWb
Whj[h_el[deki
cWb\ehcWj_edi
i^ekbZ
_dÔk[dY[
j^[
j^[hWf[kj_Y


A_a_d_i
H"
=b[Wied
FB"
Ceh_Whjo
JC"
[j
Wb
'//,

Yedi_Z[hWj_edi$


9ecfkj[h#Wii_ij[Z
_dj[hWYj_l[
j^h[[#Z_c[di_edWb


C_d_c
?dlWi_l[
D[kheikh]
).0)(Å*&

fbWdd_d]
\eh
d[kheikh]_YWb
fheY[Zkh[i$

D[kheikh][ho
).0,*&Å,*/

DWhW]^_
H"
=WWX
CH"
MWbj[h
=<"
[j
Wb
'//(
7hj[h_Wb
^of[hj[di_ed
WdZ
d[khelWiYkbWh
Yecfh[ii_ed


J^h[[#Z_c[di_edWb
if_hWb
9J
\eh
d[kheikh]_YWb
fbWdd_d]$
D[khehWZ_ebe]o
),0*)+Å*)/ AeYahe
H7"
I[hhW
B"
Ji[d]#JiW_
O"
[j
Wb
(&&& FbWdd_d]
WdZ
i_ckbWj_ed
e\
d[kheikh][ho
_d
W
l_hjkWb


>WhXWk]^
H;"
IY^bkii[bX[h]
:I"
@[\\[ho
H"
[j
Wb
'//+
J^h[[#Z_c[di_edWb
Yecfkj[h_p[Z
jece]hWf^_Y
Wd]_e]hWf^o
_d
j^[
fh[ef[hWj_l[
[lWbkWj_ed
e\
Y[h[XhelWiYkbWh
Z_i[Wi[$
D[kheikh][ho
),0)(&Å)(-

h[iedWdY[
Wd]_e]hWf^o
_d
j^[
iYh[[d_d]
WdZ
fh[ef[hWj_l[


CWo\hWda
B"
8[hjWbWd\\o
>"
If[jp][h
K"
[j
Wb
'//*


Ab[_d
>C"
8[hjWbWd\\o
>"
CWo\hWda
B"
[j
Wb
'//*
>WhXWk]^
H;"
IY^bkii[bX[h]
:I"
@[\\[ho
H"
[j
Wb
'//(
J^h[[#Z_c[di_edWb
Yecfkj[h_p[Z
jece]hWf^o
Wd]_e]hWf^o
_d
j^[
Z_W]dei_i
e\
Y[h[XhelWiYkbWh
Z_i[Wi[$
@
D[kheikh]
-,0*&.Å*'*

J^h[[#Z_c[di_edWb
lebkc[
h[dZ[h_d]
\eh
cW]d[j_Y


AWb[dZ[h
M"
LeYa
F"
I[_iib[h
M
'//&


AWpd[h
;"
M[dZ[
I"
=hkcc[
J"
[j
Wb
[Zi
'/./
=kh_Wd
@>"
CWhj_d
D7"
A_d]
M7"
[j
Wb
'//+
D[kheikh]_YWb
cWdW][c[dj
e\
Y[h[XhWb
Wd[khoici
\ebbem_d]
kdikYY[ii\kb
eh
_dYecfb[j[
[dZelWiYkbWh
[cXeb_iWj_ed$
@
D[kheikh]
.)0.*)Å.+)

CW[Z[h
FF"
C[kb_
H7"
Z[
Jh_Xeb[j
D
'//,


h[Wb_jo
[dl_hedc[dj$
D[kheikh][ho
*,0''.Å')+ Ae_lkaWd]Wi
@"
Bek^_iWbc_
O"
7bWak_`WbW
@"
[j
Wb
'//)


Wj
j^[
l[djhebWj[hWb
c[ZkbbW0
7
YecfWhWj_l[
c_YheWdWjec_YWb
WdZ
fWj^ebe]_YWb
ijkZo$
@
D[kheikh]
--0'&)Å''( DWhW]^_
H"
=[_][h
>"
9hdWY
@"
[j
Wb
'//*
Feij[h_eh
\eiiW
d[khelWiYkbWh
WdecWb_[i
_d
[ii[dj_Wb
^of[hj[di_ed$
BWdY[j
)**0'*,,Å'*-& E]WmW
J"
EakZ[hW
J"
De]kY^_
A"
[j
Wb
'//,
9[h[XhWb
Wd[khoici0
[lWbkWj_ed
m_j^
j^h[[#Z_c[di_edWb


KbjhWiekdZ#Yedjhebb[Z
d[khedWl_]Wjeh#]k_Z[Z



9J#Wd]_e]hWf^o$


XhW_d
ikh][ho$


7@DH
'-0**-Å*+*

@
D[kheikh]
-/0),Å*(
HedaW_d[d
7"
FkhWd[d
C?"
>[hd[id_[c_
@7"
[j
Wb
'//+
AhWo[dX”^b
>"
OWiWh]_b
C=
'/-/


?djhWYhWd_Wb
Wd[khoici0
CH
Wd]_e]hWf^o
iYh[[d_d]
_d
*&&


P[h[XhWb[
7d]_e]hWf^_[
\”h
Ab_d_a
kdZ
FhWn_i"
)hZ
[Zd$


WiocfjecWj_Y
_dZ_l_ZkWbi
m_j^
_dYh[Wi[Z
\Wc_b_Wb
h_ia$


J^_[c["
Ijkjj]Whj"
ff
)-Å(+/

HWZ_ebe]o
'/+0
)+Å*&

AkcWh
7"
M[bj_
:"
;hdij
HH
'/-+


HedaW_d[d
7"
>[hd[id_[c_
@7"
FkhWd[d
C"
[j
Wb
'//-


DCH
<ekh_[h
p[k]cWje]hWf^o$


<Wc_b_Wb
_djhWYhWd_Wb
Wd[khoici$


@
CW]d[j
H[ied
'.0,/Å.)

BWdY[j
)*/0
).&Å).*

(/'

H[\[h[dY[i

HkX_d
C:"
IWje
O"
9heiXo
:B"
[j
Wb
'//,
?d
l_le
Z_ii[Yj_ed
e\
Y[h[XhWb
Wd[khoici
ki_d]
Yecfkj[Z
jece]hWf^_Y
Wd]_e]hWf^o$
?dj
@
D[khehWZ_eb
(0+'&Å+('

K[cWjik
I"
MWba[h
7;
'/,-
KbjhWied_Y
Z[j[hc_dWj_ed
e\
j^[
i_p[
e\
Y[h[XhWb
l[djh_YkbWh
ioij[c$
D[khebe]o
'-0.'Å.*

7fkppe
CB@"
>[_\[jp
C:"
M[_ii
C>"
[j
Wb
'/--
D[kheikh]_YWb
[dZeiYefo
ki_d]
j^[
i_Z[#l_[m_d]
j[b[iYef[$
J[Y^d_YWb
dej[$
@
D[kheikh]
*,0)/.Å*&&

HoWd
C@"
;h_Yaied
HA"
B[l_d
:D"
[j
Wb
'//,

L_ed#:kho
@"
L_dY[dj[bb_
<"
@_ZZWd[
C"
[j
Wb
'/./
CH
_cW][i
e\
[f_Z[hce_Z
Yoiji$
D[khehWZ_ebe]o
(/0)))Å)).

7hX_j
;"
:_H[ijW
=H"
8[Z\ehZ
H<"
[j
Wb
'/./
?djhWef[hWj_l[
c[Wikh[c[dj
e\
Y[h[XhWb
WdZ
jkcehWb
XbeeZ
Ôem
m_j^
bWi[h#Zeffb[h
Ôemc[jho$ D[kheikh][ho
(*0',,Å'-&

IWhjeh
A
'//(
CH
_cW]_d]
e\
j^[
iakbb
WdZ
XhW_d$

7
Yehh[bWj_l[
j[nj
WjbWi$
Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha IWhjeh[jj_#IY^[\[h
I"
M_Y^cWdd
M"
7]kpp_
7"

[j
Wb
'//-
CH
Z_\\[h[dj_Wj_ed
e\
WZWcWdj_deki
WdZ

igkWceki#fWf_bbWho
YhWd_ef^Whod][ecWi$
7@DH
'.0--Å.IYejj
@7"
>ehd[h
J="
B[_fp_]
J@
'//'
H[jhe]hWZ[
ikYj_ed
Z[Yecfh[ii_ed
e\
Wd
ef^j^Wbc_Y
Whj[ho
Wd[khoic
ki_d]
XWbbeed
eYYbki_ed$
@
D[kheikh]
-+0'*,Å'*I_died
="
F^_b_fi
C<"
Wbb
C[Z_YWb"
BedZed"
ff
*)-Å*.. Ij[_d^e\\
>"
BWd][
I
'/-,
Fh_dY_fb[i
e\
YedjhWij
[d^WdY[c[dj
_d
Yecfkj[h_p[Z
jece]hWf^o$
?d0
BWdaiY^
M"
AWpd[h
;
[Zi
9hWd_Wb
Yecfkj[h_p[Z
jece]hWf^o$
Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"

ff
,&Å,. J^kbXehd
AH"
7jbWi
IM
'//,
?djhWYhWd_Wb
^[cehh^W][$
?d0
7jbWi
IM
[Z
CW]d[j_Y
h[iedWdY[
_cW]_d]
e\
j^[
XhW_d
WdZ
if_d["
(dZ
[Zd$
HWl[d"
D[m
Oeha"
ff
(,+Å)'* Jhkm_j
9B"
8Whael_Y^
7@
'//,
:_iehZ[hi
e\
XhW_d
Z[l[befc[dj$
?d0
7jbWi
IM
[Z
CW]d[j_Y
h[iedWdY[
_cW]_d]
e\
j^[
XhW_d
WdZ
if_d["
(dZ
[Zd$
HWl[d"
D[m
Oeha"
ff
'-/Å(,* JikY^_oW
A"
>WY^_oW
O"
C_pkjWd_
O"
[j
Wb
'//,
J^h[[#Z_c[di_edWb
^[b_YWb
9J
Wd]_e]hWf^o
e\
iakbb
XWi[
c[d_d][ecWi$
7@DH
'-0/))Å/),

(/(

MWZb[o
@"
:ehmWhZ
D"
A_jY^[d
D"
[j
Wb
'/// Fh[ef[hWj_l[
fbWdd_d]
WdZ
_djhWef[hWj_l[
]k_ZWdY[
_d
ceZ[hd
d[kheikh][ho0
W
h[l_[m
e\
)&&
YWi[i$
7dd
H
9ebb
Ikh]
;d]b
.'0('-Å((+

7k[h
BC"
7k[h
:F
'//.
L_hjkWb
[dZeiYefo$
7
d[m
jeeb
\eh
j[WY^_d]
WdZ
jhW_d_d]
d[khe_cW]_d]$
?dj
@
D[khehWZ_eb
*0)Å'*

MWj[hmehj^
@7
(&&( :[njheki
WdZ
i^Wh[Z
_dj[hWYj_ed
m_j^
c[Z_YWb
ZWjW0
ij[h[eiYef_Y
l_i_ed
_i
ceh[
_cfehjWdj
j^Wd
^WdZ#_cW][
YebbeYWj_ed$
IjkZ
>[Wbj^
J[Y^deb
?d\ehc
.+0+,&Å+,,

7oZ_d
?>"
zdZ[h
7"
JWaY_
;"
[j
Wb
'//( Feijef[hWj_l[
Wdeic_W
W\j[h
h[celWb
e\
f_jk_jWho WZ[decWi
ki_d]
j^[
fj[h_edWb
WffheWY^$
7YjW
D[kheY^_h
''/0'&'Å'&)

Oekd]
?H"
8khb
C"
9bWha[
=@"
[j
Wb
'/.'
CW]d[j_Y
h[iedWdY[
fhef[hj_[i
e\
^oZhe][d0
_cW]_d]
j^[
feij[h_eh
\eiiW$
7@DH
(0*.-Å*/)

7oZ_d
?9>"
AWZ_e]bk
>>"
Jkpkd
O
'//, Feijef[hWj_l[
Wdeic_W
W\j[h
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
Wd[khoici
ikh][ho
Xo
j^[
fj[h_edWb
WffheWY^$
C_d_c
?dlWi_l[
D[kheikh]
)/0-'Å-)

Ikh]_YWb
j[Y^d_gk[i"
d[khe[dZeiYefo
WdZ
ef[hWj_l[
jhWkcWj_pWj_ed

8Wk[h
8B"
>[bbm_]
:
'//*
C_d_cWbbo
_dlWi_l[
[dZeiYef_Y
d[kheikh][ho
Å
W
ikhl[o$
7YjW
D[kheY^_h
Ikffb
,'0'Å'(

7XZ[[d
A"
AWje
O"
A_oW
D"
[j
Wb
(&&& D[khe[dZeiYefo
_d
c_YhelWiYkbWh
Z[Yecfh[ii_ed
\eh
jh_][c_dWb
d[khWb]_W
WdZ
^[c_\WY_Wb
ifWic0

j[Y^d_YWb
dej[$
D[kheb
H[i
((0+((Å+(, 7X[
>"
Jikhk
C"
?je
J"
[j
Wb
'/.'
J[cfehWb
beX[
ZWcW][
Wi
f_j\Wbbi
Wj
ikXj[cfehWb
jhWdij[djeh_Wb
WffheWY^$
De
I^_da[_
=[aW
/0.'/Å.(7bX_d
CI"
8kd[]_d
B"
:k`eldo
C"
[j
Wb
'/-+
8hW_d
h[jhWYj_ed
fh[iikh[
Zkh_d]
_djhWYhWd_Wb
fheY[Zkh[i$
Ikh]
<ehkc
(,0*//Å+&& 7bX_d
CI"
8kd[]_d
B"
8[dd[jj
C>"
[j
Wb
'/--
9b_d_YWb
WdZ
[nf[h_c[djWb
XhW_d
h[jhWYj_ed
fh[iikh[
ced_jeh_d]$ 7YjW
D[kheb
IYWdZ
,+
Ikffb
',*0+((Å+() 7cc_hWj_
C"
IfWbbed[
7"
CW
@"
[j
Wb
'//* Fh[i[hlWj_ed
e\
j^[
j[cfehWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
_d
fj[h_edWb#
jhWdipo]ecWj_Y
YhWd_ejeco$
7YjW
D[kheY^_h
'(.0',)Å',+ 7dZh[mi
H@"
8h_d]Wi
@H
'//)
7
h[l_[m
e\
XhW_d
h[jhWYj_ed
WdZ
h[Yecc[dZWj_edi
\eh
c_d_c_p_d]
_djhWef[hWj_l[
XhW_d
_d`kho$ D[kheikh][ho
))0'&+(Å'&,* 7fkppe
CB@
'/.(
JhWdiYWbbeiWb
_dj[h\ehd_YWb
[nfeikh[
e\
b[i_edi
e\

j^[
j^_hZ
l[djh_Yb[$ ?d0
IY^c_Z[a
>>"
Im[[j
M>
[Zi
Ef[hWj_l[
d[kheikh]_YWb
j[Y^d_gk[i$
=hkd[
WdZ
IjhWjjed"
D[m
Oeha"
ff
+.+Å+/* 7fkppe
CB@
'//) 8hW_d
ikh][ho$
9ecfb_YWj_ed
Wle_ZWdY[
WdZ
cWdW][c[dj$ 9^khY^_bb
B_l_d]ijed["
D[m
Oeha

8Wk[h
8B"
>[bbm_]
:
'//+
C_d_cWb
_dlWi_l[
[dZeiaef_iY^[
D[kheY^_hkh]_[
C?;D$
:jiY^
uhpj[Xb
/(
80(&,(Å(&-8[[ci
J"
=hej[d^k_i
@7
(&&* Bed]#j[hc
Yecfb_YWj_edi
WdZ
Z[Ód_j_ed
e\
\W_bkh[
e\
d[khe[dZeiYef_Y
fheY[Zkh[i$
9^_bZi
D[hl
Ioij
(&0.,.Å.-8[dWX_Z
7B"
BWlWbb[[
I"
>e\\cWdd
:"
[j
Wb
'//(
Fej[dj_Wb
ki[
e\
heXeji
_d
[dZeiYef_Y
d[kheikh][ho$
7YjW
D[kheY^_h
Ikffb
+*0/)Å/9W[cW[hj
@"
7XZkbbW^
@"
9Wbb_Wkm
B"
[j
Wb
'//(
;dZeiYef_Y
jh[Wjc[dj
e\
ikfhWi[bbWh
WhWY^de_Z
Yoiji$
7YjW
D[kheY^_h
''/0,.Å-) 9W[cW[hj
@"
7XZkbbW^
@
'//,
;dZeiYef_Y
cWdW][c[dj
e\
Yebbe_Z
Yoiji$
J[Y^
D[kheikh]
'0'.*Å(&& 9WffWX_WdYW
F"
8kedWcWiiW
I"
9WlWbbe
BC"
[j
Wb
(&&*
D[khe[dZeiYefo0
fh[i[dj
WdZ
\kjkh[
Wffb_YWj_edi$
9b_d
D[kheikh]
+'0'.,Å'/& 9Whj[h
BF"
M^_j[
MB"
7ja_died
@H
'/-.
H[]_edWb
Yehj_YWb
XbeeZ
Ôem
Wj
YhWd_ejeco$
D[kheikh][ho
(0(()Å((/ 9^WhWbWcfWa_
F"
<_b_ff_
H"
M[biY^[^ebZ
I"
[j
Wb
(&&+ Jkcehi
e\
j^[
bWj[hWb
WdZ
j^_hZ
l[djh_Yb[0
h[celWb
kdZ[h
[dZeiYef[#Wii_ij[Z
a[o^eb[
YedZ_j_edi$
D[kheikh][ho
+-
Ikffb
)0)&(Å'' 9^WhWbWcfWa_
F"
<_b_ff_
H"
M[biY^[^ebZ
I"
[j
Wb
(&&, ;dZeiYef[#Wii_ij[Z
h[celWb
e\
Yebbe_Z
Yoiji
e\
j^[
j^_hZ
l[djh_Yb[$
D[kheikh]
H[l
/0-(Å-

H[\[h[dY[i

9^[d
J9"
HWXX
9"
7fkppe
CB@
'//*
9ecfb[n
j[Y^d_YWb
c[j^eZebe]_[i
WdZ
j^[_h
Wffb_YWj_edi
_d
j^[
ikh][ho
e\
_djhWYhWd_Wb
c[d_d][ecWi$
D[kheikh]
9b_d
D
7c
+0(,'Å(.'

;h_ai[d
A:"
HWickii[d
J8"
BWhi[d
9A
'//&
7deic_W
\ebbem_d]
ef[hWj_ed
\eh
Y[h[XhWb
Wd[khoici
_d
j^[
Wdj[h_eh
Y_hYkbWj_ed$
@
D[kheikh]
-(0.,*Å.,+

9_dWbb_
="
If[ddWje
F"
9_WdY_kbb_
;"
[j
Wb
(&&, J^[
heb[
e\
jhWdil[djh_YkbWh
d[khe[dZeiYefo
_d
j^[
cWdW][c[dj
e\
YhWd_ef^Whod]_ecWi0
j^h[[
fWj_[dj
h[fehji
WdZ
h[l_[m
e\
j^[
b_j[hWjkh[$
@
F[Z_Wjh
;dZeYh_deb
C[jWX
'/
Ikffb
'0)*'Å+*

<W^bXkiY^
H"
IY^ejj
M
(&&( Fj[h_edWb
ikh][ho
e\
c[d_d]_ecWi
e\
j^[
jkX[hYkbkc
i[bbW[
WdZ
fbWdkc
if^[de_ZWb[0
ikh]_YWb
h[ikbji
m_j^
if[Y_Wb
Yedi_Z[hWj_ed
e\
ef^j^Wbcebe]_YWb
WdZ
[dZeYh_debe]_YWb
h[ikbji$
@
D[kheikh]
/,0()+Å(*)

9e^[d
7H
'//)
;dZeiYef_Y
l[djh_YkbWh
ikh][ho$
F[Z_Wjh
D[kheikh]
'/0'(-Å')* 9e^[d
7H"
F[hd[Ypao
7"
HeZp_[m_Yp
=I"
[j
Wb
'//+
;dZeiYef[#Wii_ij[Z
YhWd_ejeco0
WffheWY^
je
j^[
heijhWb
XhW_d
ij[c$
D[kheikh][ho
),0''(.Å''(/ :Wl_[i
>J"
D[_b#:mo[h
="
;lWdi
8J"
[j
Wb
'//( J^[
po]ecWj_Ye#j[cfehWb
WffheWY^
je
j^[
iakbb
XWi[0

W
Yh_j_YWb
h[l_[m
e\
''
fWj_[dji$
8h
@
D[kheikh]
,0)&+Å)'( :Wo
@:"
Aeei
MJ"
CWjkbW
9"
[j
Wb
'//- 9ebeh
WjbWi
e\
c_Yhed[kheikh]_YWb
WffheWY^[i0
YhWd_Wb
XWi[
WdZ
_djhWYhWd_Wb
c_Zb_d[$ J^_[c["
Ijkjj]Whj :[Yg
F"
8hk]_[h[i
F"
B[
=k[h_d[b
9"
[j
Wb
'//,
F[hYkjWd[eki
[dZeiYef_Y
jh[Wjc[dj
e\
ikfhWi[bbWh
WhWY^de_Z
Yoiji0
l[djh_YkbeYoijeijeco
eh
l[djh_YkbeYoije Y_ij[hdeijeco5
J[Y^d_YWb
dej[$
@
D[kheikh]
.*0,/,Å-&' :[_diX[h][h
M"
8a[h
:A"
IWc__
C
'//*

'//. Ikh][ho
e\
j^[
YhWd_eY[hl_YWb
`kdYj_ed$ J^_[c["
Ijkjj]Whj

=h_\\_j^
>8
'/., ;dZed[kheikh][ho0
[dZeiYef_Y
_djhWYhWd_Wb
ikh][ho$
7Zl
J[Y^
IjWdZ
D[kheikh]
'*0)Å(* =hej[d^k_i
@7
'//+ CWdkWb
e\
[dZeiYef_Y
fheY[Zkh[i
_d
d[kheikh][ho$
K_j][l[h_`
CWY^Wed"
D_`c[][d =hej[d^k_i
@7
'//,
;dZeiYef[#Wii_ij[Z
YhWd_ejeco$
J[Y^
D[kheikh]
'0(&'Å('(

<[hh[h
;"
IWdjWcWhjW
:"
=WhY_W#
=hej[d^k_i
@7
'//. ;dZeiYef[#Wii_ij[Z
c_Yhed[kheikh][ho$
7
YedY_i[
]k_Z[Xeea$
K_j][l[h_`
CWY^Wed"
D_`c[][d =hkd[hj
F"
F[hd[Ypao
7"
H[iY^
A
'//*
;dZeiYef_Y
fheY[Zkh[i
j^hek]^
j^[
\ehWc[d
_dj[hl[djh_YkbWh[
e\
Cedhe
kdZ[h
ij[h[ejWYj_YWb
YedZ_j_edi$
C_d_c
?dlWi_l[
D[kheikh]
)-0(#.

WakXW
7
[Z
Ikh][ho
e\
j^[
_djhWYhWd_Wb
l[deki
ioij[c$
Ifh_d][h"
Jeaoe"
ff
(//Å)&)
>W_d[i
I"
9WcWhWjW
F"
<_dd
C"
[j
Wb
'//+
Fhejejof[
_dijhkc[dji
\eh
[dZeiYef_Y
c_Yheikh][ho0
j[Y^d_YWb
dej[$
C_d_c
?dlWi_l[
D[kheikh]
).0',-Å',/ >WhZWl[bbW
="
?Wdel_Y_
D
(&&+ 9khh[dj
jh[dZi
_d
c_d_cWbbo
_dlWi_l[
d[kheikh][ho0

d[khe#[dZeiYefo$
H[l
C[Z
9^_h
IeY
C[Z
DWj
?Wi_
'&/0+(.Å+)'

WZ`_fWdWo_i
9="
Bkdi\ehZ
B:"
[j
Wb
(&&+ C_Yheikh]_YWb
h[celWb
e\
_djhWl[djh_YkbWh
b[i_edi
ki_d]
[dZeiYef_Y
l_ikWb_pWj_ed
WdZ
ij[h[ejWYj_Y
]k_ZWdY[$
D[kheikh][ho
+,
Ikffb
'0'(+Å')( >Wi[]WmW
J"
OWcWde
A"
C_oWceh_
J"
[j
Wb
'//'
7
c_YhecWd_fkbWjeh
\eh
fh[Y_i[
Yedjheb
e\
W
XhW_d


:eb[dY
LL
[Z
'/.- J^[
YWl[hdeki
i_dki0
W
ckbj_Z_iY_fb_dWho
WffheWY^
je
lWiYkbWh
WdZ
jkceheki
b[i_edi$ Ifh_d][h"
M_[d
D[m
Oeha

"
OWik_
D"
DWj^Wb#L[hW
;"
[j
Wb
'//, 7deic_W
W\j[h
Wdj[h_eh
YecckdY_Wj_d]
Whj[ho
Wd[khoic
ikh][ho0
YecfWh_ied
X[jm[[d
j^[
Wdj[h_eh
_dj[h^[c_if^[h_Y
WdZ
XWiWb
_dj[h^[c_if^[h_Y
WffheWY^[i$
D[kheikh][ho
).0)(+Å)(.

:eb[dY
LL
(&&) C_Yheikh]_YWb
WdWjeco
WdZ
ikh][ho
e\

j^[
Y[djhWb
iakbb
XWi[$ Ifh_d][h"
M_[d
D[m
Oeha


h[jhWYjeh$
J[Y^d_YWb
dej[$
@
D[kheikh]
-*0'&&/Å'&'& >Wiib[h
M"
P[djd[h
@
'//' Ikh]_YWb
jh[Wjc[dj
e\
eb\WYjeho
]heel[
c[d_d]_ecWi
ki_d]
je
fj[h_edWb
WffheWY^$
7YjW
D[kheY^_h
Ikffb
+)0'*Å'. >[bbm_]
:"
8Wk[h
8B
'//(
C_d_cWbbo
_dlWi_l[
d[kheikh][ho
Xo
c[Wdi
e\
kbjhWj^_d


:edW]^o
HCF"
Dkceje
C"
MWbbcWd
B@"
[j
Wb
'/-(
Fh[iikh[
c[Wikh[c[dj
X[d[Wj^
h[jhWYjehi
\eh

fhej[Yj_ed
e\
Z[b_YWj[
j_iik[i$
7c
@
Ikh]
'()0*(/Å*)'


:hWa[
9=
'/-)
CWdW][c[dj
e\
Wd[khoici
e\
feij[h_eh
Y_hYkbWj_ed$
?d0
OekcWdi
@H
[Z
D[khebe]_YWb
ikh][ho"
leb
($


IWkdZ[hi"
F^_bWZ[bf^_W"
ff
-.-Å.&,


=Wm_i^
?"
H[_iY^
H"
F[hd[Ypao
7
(&&+ ;dZeiYef_Y
Wgk[ZkYjefbWijo
j^hek]^
W
jW_beh[Z
YhWd_eY[hl_YWb
WffheWY^$
@
D[kheikh]
'&)0--.Å.(

:hWa[
9="
F[[hb[ii
I@"
>[hd[id_[c_
@7
'//,
Ikh][ho
e\
l[hj[XheXWi_bWh
Wd[khoici$
Ifh_d][h"
M_[d
D[m
Oeha

=[hp[do
C"
9e^[d
7H
'//. 7ZlWdY[i
_d
[dZeiYef_Y
d[kheikh][ho$
7EHD
@
,-0/+-Å/,'

[dZeiYef[i$
7YjW
D[kheY^_h
Ikffb
+*0,)Å,. >ed]e
A"
AeXWoWi^_
I"
Oeae^
7"
[j
Wb
'/.-
Ced_jeh_d]
h[jhWYj_ed
fh[iikh[
ed
j^[
XhW_d$

7d
[nf[h_c[djWb
WdZ
Yb_d_YWb
ijkZo$
@
D[kheikh]
,,0(-&Å(-+ >eh_aei^_
J"
Dkak_
>"
C_jikaW
I"
[j
Wb
'//( FWhj_Wb
h[i[Yj_ed
e\
j^[
]ohki
h[Yjki
_d
fj[h_edWb
WffheWY^
je
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho
Wd[khoici$
D[kheb
C[Z
9^_h
)(0'),Å')/

(/)

H[\[h[dY[i

>ehl|j^
P"
L[j
<"
8Wb|pi
?"
[j
Wb
(&&&

B[lo
;?"
9boZ[
8"
CYBWk]^b_d
CH"
[j
Wb
'//.


9ecfb[j[
h[celWb
e\
Yebbe_Z
Yoij
l_W
9J#]k_Z[Z


C_YhelWiYkbWh
Z[Yecfh[ii_ed
e\
j^[
b[\j
bWj[hWb
c[ZkbbW


ij[h[ejWYj_Y
X_fehjWb
d[khe[dZeiYefo$


eXbed]WjW
\eh
i[l[h[
h[\hWYjeho
d[khe][d_Y
^of[hj[di_ed$

7YjW
D[kheY^_h
'*(0+)/Å+*+1



D[kheikh][ho
*)0'Å/

D_Xk
A"
IWiWa_
J"
AWmW^WhW
D"
[j
Wb
'//.
9ecfb_YWj_edi
e\
YhWd_e\WY_Wb
ikh][ho
\eh
jkcehi
_dlebl_d]
j^[
Wdj[h_eh
YhWd_Wb
XWi[$
D[kheikh][ho
*(0
*++Å*,(

Z_iYkii_ed
+*+Å+*, B[m_i
7?"
9hed[
AH"
JW^W
@"
[j
Wb
'//*
?mWXkY^_
J"
IeXWjW
;"
Ikpka_
C"
[j
Wb
'/.)


Ikh]_YWb
h[i[Yj_ed
e\
j^_hZ
l[djh_Yb[
Yebbe_Z
Yoiji$


:khWb
i_dki
fh[iikh[
Wi
h[bWj[Z
je
d[kheikh]_YWb
fei_j_edi$


Fh[b_c_dWho
h[ikbji
YecfWh_d]
jhWdiYWbbeiWb
c_Yheikh][ho


D[kheikh][ho
'(0(&)Å(&-

m_j^
[dZeiYefo$
@
D[kheikh]
.'0'-*Å'-.

@Wdd[jjW
@F
'/--
EXi[hlWj_edi
ed
j^[
[j_ebe]o
e\
jh_][c_dWb
d[khWb]_W"


B_k
9O"
MWd]
CO"
7fkppe
CB
(&&*

^[c_\WY_Wb
ifWic"
WYekij_Y
d[hl[
Zoi\kdYj_ed"
WdZ


J^[
[lebkj_ed
WdZ
\kjkh[
e\
c_d_cWb_ic
_d
d[khebe]_YWb


]beiief^Whod][Wb
d[khWb]_W$


ikh][ho$


D[kheY^_hkh]_W
(&0'*+Å'+*

9^_bZi
D[hl
Ioij
(&0-.)Å-./

@^e
>#:"
9WhhWk
HB
'//-


CWb_i
B?
'/.+


;dZeiYef_Y
[dZedWiWb
jhWdiif^[de_ZWb
ikh][ho0


Ikh]_YWb
h[i[Yj_ed
e\
jkcehi
e\
j^[
iakbb
XWi[$


[nf[h_[dY[
m_j^
+&
fWj_[dji$


?d0
M_ba_di
H"
H[d]WY^Who
II
[Zi
D[kheikh][ho"
leb
'$


@
D[kheikh]
.-0**Å+'


CY=hWm#>_bb"
D[m
Oeha"
ff
'&''Å'&('

AWbWlWaedZW
9"
I[a^Wh
BD"
HWcWY^WdZhWd
F"


CWdmWh_d]
A>
'//(


[j
Wb
(&&( ;dZeiYef[#Wii_ij[Z
c_Yheikh][ho
\eh
_djhWYhWd_Wb
Wd[khoici$


i^kdj$
CWho
7dd
B_[X[hj"
D[m
Oeha"
ff
(/Å*&

AWo[
7>"
8bWYa
FCYB
[Zi
(&&& Ef[hWj_l[
d[kheikh][ho"
(
lebi

coe\WiY_Wb
Xed[
ÔWf
\eh
fj[h_edWb
YhWd_ejeco$



A_l_iWWh_
HF"
IWbed[d
E"
E^cWd
@
(&&&
8WiWb
XhW_d
_d`kho
_d
Wd[khoic
ikh][ho$
D[kheikh][ho
*,0'&-&Å'&-*

J[Y^d_YWb
dej[$
@
D[kheikh]
/*0,,-Å,-& CWjikoWcW
J"
I^_ceckhW
J"
EakckhW
O"
[j
Wb
'//-

Adeif
;"
F[hd[Ypao
7"
Aeei
M"
[j
Wb
'//,
C[d_d]_ecWi
e\
j^[
ifWY[
e\
j^[
YWl[hdeki
i_dki$
D[kheikh][ho
).0*)*Å***

CeX_b_pWj_ed
e\
j^[
_dj[hdWb
YWhej_Z
Whj[ho
\eh
XWi_bWh
Whj[ho
Wd[khoic
ikh][ho$
J[Y^d_YWb
dej[$
@
D[kheikh]
.,0(/*Å(/, CWjkbW
9"
JiY^WX_jiY^[h
C"
:Wo
@:"
[j
Wb
'//+


AeXWoWi^_
I
[Z
(&&+ D[kheikh][ho
e\
Yecfb[n
lWiYkbWh
b[i_edi
WdZ
jkcehi$ J^_[c["
D[m
Oeha Ae_lkaWd]Wi
@"
Beki^_Wbc_
O"
7bWak_`W`W
@
'//)

;dZeiYef_YWbbo
Wii_ij[Z
c_Yhed[kheikh][ho$
7YjW
D[kheY^_h
')*0'/&Å'/+

KbjhWiekdZ#Yedjhebb[Z
d[khedWl_]Wjeh#]k_Z[Z
XhW_d
ikh][ho$


Yedi[hlWj_ed
WYekij_Y
jkceh
ikh][ho$


@
D[kheikh]
-/0),Å*(

7c
@
Ejeb
'*0(+/Å(,(

Aeei
MJ"
If[jpb[h
H<"
F[dZb
="
[j
Wb
'/.+

C[dp
M"
=kX[h
7
'//*


9ebeh
WjbWi
e\
c_Yhed[kheik][ho$


C_YheijhkYjkh[
j[Y^debe]_[i
WdZ
j^[_h
fej[dj_Wb
_d


J^_[c["
Ijkjj]Whj

c[Z_YWb
Wffb_YWj_edi$
C_d_c
?dlWi_l[
D[kheikh]
)-0('Å(-

Aeei
MJ"
CWjkbW
9"
BWd]
@
(&&( 9ebeh
WjbWi
e\
c_Yhed[kheikh][ho
e\
WYekij_Y
d[kh_decWi$

C_bb[h
@:"
IjWd[a
7;"
BWd]\_jj
JM
'/-)


J^_[c["
Ijkjj]Whj

9[h[XhWb
XbeeZ
Ôem
h[]kbWj_ed
Zkh_d]
[nf[h_c[djWb
XhW_d
Yecfh[ii_ed$
@
D[kheikh]
)/0'.,Å'/,

IkfhWjWhiWb
\ebZ
_dY_i_ed
\eh
WffheWY^
je
j^[
ikf[h_eh
bWj[hWb
ehX_j$


Ce^i[d_fekh
?"
=ebZ^W^d
M;"
<_iY^[h
@"
[j
Wb
'//*

EhWb
Ikh]
EhWb
C[Z
EhWb
FWj^eb
EhWb
HWZ_eb
;dZeZ



7ffheWY^[i
_d
d[kheikh][ho

.'0+((Å+(+

J^_[c["
Ijkjj]Whj

BWmjed
CJ"
:Wif_j
9F"
If[jpb[h
H<
'//-


DWaWi[
>"
A[cfia_
E"
>[_cWdd
7"
[j
Wb
'//-


J[Y^d_YWb
Wif[Yji
WdZ
h[Y[dj
jh[dZi
_d
j^[
cWdW][c[dj


C_YheY_hYkbWj_ed
W\j[h
Y[h[XhWb
l[deki
eYYbki_ed
Wii[ii[Z


e\
bWh][
WdZ
]_Wdj
c_ZXWi_bWh
Whj[ho
Wd[khoici$

Xo
bWi[h
:effb[h
iYWdd_d]$

D[kheikh][ho
*'0+')Å+('

@
D[kheikh]
.-0)&-Å)'*

(/*

E_aWmW
I"
C_pkde
C"
CkhWeaW
I"
[j
Wb
'//,
H[jhe]hWZ[
Z_ii[Yj_ed
e\
j^[
j[cfehWb_i
ckiYb[
fh[l[dj_d]
ckiYb[
Wjhef^o
\eh
fj[h_edWb
YhWd_ejeco$
J[Y^d_YWb
dej[$
@
D[kheikh]
.*0(/-Å(// EaW
A"
A_d
O"
JecedW]W
C
'//)
7d
eXi[hlWj_ed
e\
j^[
j^_hZ
l[djh_Yb[
kdZ[h
Ô[n_Xb[
ÓX[hefj_Y
l[djh_YkbeiYef[0
dehcWb
ijhkYjkh[$
Ikh]
D[kheb
*&0(-)Å(-EaW
A"
OWcWceje
C"
?a[ZW
A"
[j
Wb
'//)
[_Z[bX[h]
D[m
Oeha"
ff
*(/Å*)FWj[b
HI"
Oeki[c
:C"
CWbZ`_Wd
@7"
[j
Wb
(&&& ?dY_Z[dY[
WdZ
Yb_d_YWb
i_]d_ÓYWdY[
e\
\hedjWb
eh
ehX_jWb
[djho
Zkh_d]
fj[h_edWb
\hedjej[cfehWb
YhWd_ejeco$
7@DH
('0')(-Å'))&

CYA[ddWd
AN
'//)
;dZeiYefo
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
Zkh_d]
^[Wh_d]


Akd]
:I"
AWXWd
B8
'//,

E]WjW
C"
?i^_aWmW
J"
>eh_Z[
H"
[j
Wb
'/,+
;dY[f^WbeiYef[0
XWi_Y
ijkZo$
@
D[kheikh]
((0(..Å(/'

CWjikceje
A"
7aW]_
A"
7X[akhW
C"
[j
Wb
(&&' 9eic[j_Y
WdZ
\kdYj_edWb
h[YedijhkYj_ed
WY^_[l[Z
ki_d]
W


9^khY^_bb
B_l_d]ijed["
BedZed

EÊ:ede]^k[
=C"
EÊ
;dZeiYef[#]k_Z[Z
fbWY[c[dj
e\
j^[
l[djh_Ykbef[h_jed[Wb
?d0
CWdmWh_d]
A>"
9hed[
AH
[Zi
D[khe[dZeiYefo"
leb
'$


D[kheikh][ho
+'0'''/Å''(-

EY^_W_
9"
Eak^WjW
I"
Oei^_ceje
O"
[j
Wb
'//,
8h_Z][Z
YhWd_ejeco
\eh
ijWXb[
ÓnWj_ed
e\
W
Xed[
ÔWf$
J[Y^d_YWb
dej[$
@
D[kheikh]
.+0
+'.Å+'/

F[h[jjW
F"
HW]Wpp_
F"
=WbWhpW
C"
[j
Wb
(&&, 9ecfb_YWj_edi
WdZ
f_j\Wbbi
e\
d[khe[dZeiYef_Y
ikh][ho
_d
Y^_bZh[d$
@
D[kheikh]
'&+0'.-Å/)$ F[hd[Ypao
7
'//(
FbWdd_d]
ijhWj[]_[i
\eh
j^[
ikfhWi[bbWh
h[]_ed$
D[kheikh][edi
''0)*)Å)*. F[hd[Ypao
7"
9e^[d
7"
=[eh][
8"
[j
Wb
'//*
;Z_jeh_Wb$ C_d_c
?dlWi_l[
D[kheikh]
)-0' F[hd[Ypao
7"

H[\[h[dY[i

F[hd[Ypao
7"
Adeif
;"
LehaWf_Y
F"
[j
Wb
'/.+
:_h[Yj
ikh]_YWb
WffheWY^
je
_d\hWYb_de_ZWb
Wd[khoici$
7YjW
D[kheY^_h
-,0),Å** F[hd[Ypao
7"
C”bb[h#<eh[bb
M"
lWd
B_dZ[hj
;"

[j
Wb
'/// A[o^eb[
YedY[fj
_d
d[kheikh][ho$ J^_[c["
Ijkjj]Whj

H[d]WY^Who
II"
M_ba_di
H>
[Zi
'//*

IYel_bb[
M8"
Eh[
=:
'/,&


Fh_dY_fb[i
e\
d[kheikh][ho$

BWh][
jh[f^_d[
YhWd_ejec_[i$


Meb\["
BedZed

7YjW
D[kheb
BWj_deWc
,0*&&Å*&(

HeX_died
I"
9e^[d
7H
'//-

I[a^Wh
BD"
IY^hWcc
LB
@h"
@ed[i
D<
'/.-

J^[
heb[
e\
d[khe[dZeiYefo
_d
j^[
jh[Wjc[dj
e\
f_d[Wb
h[]_ed
jkcehi$
Ikh]
D[kheb

*.0),&Å),+1
Z_iYkii_ed
),+Å),-

F[hd[Ypao
7"
JiY^WX_jiY^[h
C"
H[iY^
A:C
'//)
;dZeiYef_Y
WdWjeco
\eh
d[kheikh][ho$
J^_[c["
Ijkjj]Whj

Hei[dehd
@"
:_[c[h
D
'/.+ J^[
h_ia
e\
Y[h[XhWb
ZWcW][
Zkh_d]
]hWZ[Z
XhW_d
h[jhWYjeh


IkXj[cfehWb#fh[Wkh_YkbWh
_d\hWj[cfehWb
\eiiW
WffheWY^
je
bWh][
bWj[hWb
WdZ
feij[h_eh
YhWd_Wb
XWi[
d[efbWici$
@
D[kheikh]
,-0*..Å*// I[a^Wh
BD"
Z[
Eb_l[hW
;
'/// 9hWd_Wb
c_Yheikh][ho0
WffheWY^[i
WdZ
j[Y^d_gk[i$ J^_[c["
Ijkjj]Whj

fh[iikh[
_d
j^[
hWj$ F_bbWo
FA"
>Wii[dXkiY^
I@"
IWmWoW
H
'//)
C_d_cWbbo
_dlWi_l[
XhW_d
ikh][ho$
7dd
7YWZ
C[Z
I_d]Wfeh[
((0*+/Å*,) Fhejj
M
'/-*
9_ij[hdeiYefo#[dZeiYefo
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[$
7YjW
D[kheY^_h
)'0'&+Å'') HWa
H"
I[a^Wh
BD"
Ij_cWY
:"
[j
Wb
(&&* ;dZeiYef[#Wii_ij[Z
c_Yheikh][ho
\eh
c_YhelWiYkbWh
Yecfh[ii_ed
iodZhec[i$
D[kheikh][ho
+*0.-,Å.'1
Z_iYkii_ed
..'Å..)

@
D[kheikh]
,&0,&.Å,''

7d
[nj[dZ[Z
ikX\hedjWb
WffheWY^
je
j^[
iakbb
XWi[$
IWc__
C"
I[f[^hd_W
7"
8_d_
M
'/./


?d0
H[d]WY^Who
II"
M_ba_di
H>
[Zi
D[kheikh]_YWb


Ikh][ho
e\
j^[
`k]kbWh
\ehWc[d$


ef[hWj_l[
WjbWi"
leb
($
M_bb_Wci

M_ba_di"
8Wbj_ceh["



7Zl
D[kheikh]
'-0'*&Å'+(

ff
/-Å'&,

IWc__
C"
CWjj^_[i
9"
JWjW]_XW
C
'//'


I^W^_d_Wd
>A"
;Xo
@8"
EYed
C
(&&*

?djhWYWdWb_YkbWh
WYekij_Y
d[kh_decWi$



D[kheikh][ho
)(0)(Å)IWc__
C"
JWjW]_XW
C"
F_gk[h
@"
[j
Wb
'//,
Ikh]_YWb
jh[Wjc[dj
e\
[f_Z[hce_Z
Yoiji
e\
j^[


HWdZ
HM
'/-.
C_Yhed[kheikh][ho"
(dZ
[Zd$ CeiXo"
Ij$
Bek_i H[iY^
A:C"
F[hd[Ypao
7
'//-
;dZe#d[khe#iede]hWf^o0
WdWjec_YWb
Wif[Yji
e\

j^[
XWiWb
Y_ij[hdi$ C_d_c
?dlWi_l[
J^[h
7bb_[Z
J[Y^deb
,0))(Å))/

I[d
9"
I[a^Wh
BD
'//(

Y[h[X[bbefedj_d[
Wd]b[$
@
D[kheikh]
.*0'*Å'/

C_d_c
?dlWi_l[
D[kheikh]
*-0)(/Å))( I^_XkoW
C"
JWaWoWik
C"
Ikpka_
O"
[j
Wb
'//,
8_\hedjWb
XWiWb
_dj[h^[c_if^[h_Y
WffheWY^
je
YhWd_ef^Whod][ecW
h[i[Yj_ed
m_j^
eh
m_j^ekj
Z_l_i_ed
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$
@
D[kheikh]
.*0/+'Å/+,

IWddW
C"
IWb[^
;"
Hkiie
7"
[j
Wb
'//+

Ic_j^
A7"
If[jpb[h
H<
'//+


7jbWi
e\
j[cfehWb
Xed[
WdZ
bWj[hWb
iakbb
XWi[
ikh][ho$

IkfhWj[djeh_Wb#_d\hWeYY_f_jWb
WffheWY^
\eh
feij[hec[Z_Wb


J^_[c["
Ijkjj]Whj

j[cfehWb
beX[
b[i_edi$
@
D[kheikh]
.(0/*&Å/**

IY^Wbb[h
9"
P[djd[h
@
'//. H[iY^
A:C
(&&, JhWdi[dZeiYef_Y
kbjhWiekdZ
\eh
d[kheikh][ho$ Ifh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha

LWieifWij_Y
h[WYj_ed
_d
h[ifedi[
je
j^[
jhWdiiobl_Wd


If[jpb[h
H<"
B[[
AI
'//,


WffheWY^$


H[YedijhkYj_ed
e\
j^[
j[cfehWb_i
ckiYb[
\eh
j^[
fj[h_edWb


Ikh]
D[kheb
*/0'-&Å'-+

YhWd_ejeco$
J[Y^d_YWb
dej[$
@
D[kheikh]
-)0,),Å,)-

H[_iY^
H"

IY^Wbb[h
9"
Ab[cc
;"
>Wkd
:"
[j
Wb
(&&( J^[
jhWdiiobl_Wd
WffheWY^
_i
Çc_d_cWbbo
_dlWi_l[È
Xkj
dej
ÇWjhWkcWj_YÈ$


H[_iY^
H"
FWjedWo
B"
@kbem
@
'//- 7p
[dZeipaŒfei
l[djh_akbeipjŒc_W
WdWjŒc_W_
WbWf`W_$

7
Ø\h[[
^WdZÈ
j[Y^d_aW
ab_d_aW_
WbaWbcWp|iW$ 9b_d
D[kheiY_%?Z[]]o
Ipb[
+&'Å(0'.,Å'/) H[_iY^
H"
F[hd[Ypao
7
(&&+ J^[
ikfhWehX_jWb
YhWd_ejeco
\eh
\hedjeXWiWb
c[d_d][ecWi$

?d0
AeXWoWi^_
[Z
D[kheikh][ho
e\
Yecfb[n
jkcehi
WdZ
lWiYkbWh
b[i_edi$
J^_[c["
Ijkjj]Whj H[_iY^
H"
H[iY^
A"
F[hd[Ypao
7
(&&( 7
aWchWh[dZip[h
[dZeipede]h|Ó|i
WdWjec_|`W$ 9b_d
D[kheiY_%?Z[]]o
Ipb[
++'Å(0'-Å(( H[_iY^
H"
F[hd[Ypao
7
(&&+ J[d#o[Wh
[nf[h_[dY[
m_j^
j^[
ikfhWehX_jWb
ikX\hedjWb
WffheWY^
j^hek]^
Wd
[o[Xhem
ia_d
_dY_i_ed$
D[kheikh][ho
+-
Ikffb
)0(*(Å(++ H[_iY^
H"
Lkjia_ji
B"
FWjedWo
B
'//+ 7
ikfhWj[djeh_|b_i
Y_ij[hdWh[dZip[h
[dZeipaŒfei
WdWjŒc_|`W$ 9b_d
D[kheiY_%?Z[]]o
Ipb[
*.''Å'(0*&(Å*&,

D[kheikh][ho
+'0/-'Å/--

Ij[_d
8C
'/-'
J^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^
je

f_d[Wb
b[i_edi$
@
D[kheikh]
+0'/-Å(&(

IY^c_Z[a
>>"
Im[[j
M>
[Zi
'//+

Ijed_[miao
F"
P_[b_dia_
F
'//-

Ef[hWj_l[
d[kheikh]_YWb
j[Y^d_gk[i$

H[cej[
[\\[Yj
e\
XhW_d
h[jhWY_ed
ed
h[]_edWb
Y[h[XhWb


M8
IWkdZ[hi"
F^_bWZ[bf^_W

XbeeZ
Ôem
WdZ
Y[h[XhelWiYkbWh
h[i[hl[
ed
i_d]b[
f^ejed
[c_ii_ed
Yecfkj[Z
jece]hWf^o$


IY^he[Z[h
>MI"
=WWX
CH
'///

Ikh]
D[kheb
*.0+''Å+')

?djhWYhWd_Wb
[dZeiYefo$
D[kheikh]
<eYki
,*0'+Å(*

Ik]_jW
A"
>_hejW
J"
Jik]Wd[
H
'/-+
7ffb_YWj_ed
e\
dWief^Whod][Wb
c_hheh
\eh
Wd[khoic


IY^he[Z[h
>MI"
=WWX
CH"
D_[dZeh\
MH
'//,
D[khe[dZeiYef_Y
WffheWY^
je
WhWY^de_Z
Yoiji$
@
D[kheikh]
.+0(/)Å(/. IY^he[Z[h
>MI"
E[hj[b
@"
=WWX
CH
(&&* ;dZeiYef[#Wii_ij[Z
c_Yheikh]_YWb
h[i[Yj_ed
e\


ef[hWj_ed$
J[Y^d_YWb
dej[$
@
D[kheikh]
*)0(**Å(*, Ik]_jW
A"
AeXWoWi^_
I"
Oeae^
7
'/.(
Fh[i[hlWj_ed
e\
bWh][
Xh_Z]_d]
l[_di
Zkh_d]
XhW_d
h[jhWYj_ed$
J[Y^d_YWb
dej[$
@
D[kheikh]
+-0.+,Å.+.

[f_Z[hce_Z
jkcehi
e\
j^[
Y[h[X[bbefedj_d[
Wd]b[$
@
D[kheikh]
'&'0((-Å()(

Ikpka_
@"
Oei^_ceje
J"
C_de_
A
'/.'
Fh[i[hlWj_ed
e\
j^[
eb\WYjeho
jhWYj
\eh
Wdj[h_eh


IY^he[Z[h
>MI"
E[hj[b
@"
=WWX
CH
(&&*

Yecckd_YWj_d]
Whj[ho
Wd[khoici"
WdZ
j^[
\kdYj_edWb


?dY_Z[dY[
e\
Yecfb_YWj_edi
_d
d[khe[dZeiYef_Y
ikh][ho$


fhe]dei_i$


9^_bZi
D[hl
Ioij
(&0.-.Å..)

@
D[kheikh]
+*0)*(Å)*+

(/+

?bbkijhWj_ed
Yh[Z_ji

JW]kY^_
O"
JWdWaW
A"
CWjikpWmW
C"
[j
Wb
'//,
7
ikh]_YWb
j[Y^d_gk[
je
Wle_Z
feijef[hWj_l[
[def^j^Wbcei
_d
j^[
YhWd_eehX_jWb
WffheWY^$

J[Y^d_YWb
dej[$
@
D[kheikh]
.+0+'*Å+'JWjW]_XW
C"
CWjj^_[i
9"
IWc__
C
'//,
C_Yhe[dZeiYefo
e\
j^[
_dj[hdWb
WkZ_jeho
YWdWb
_d
l[ij_XkbWh
iY^mWddecW
ikh][ho$
D[kheikh][ho
).0-)-Å-*& J[e
9
'//- D[khe[dZeiYefo0
Ykhh[dj
Wffb_YWj_edi



OWiWh]_b
C="
H[_Y^cWd
CL"
AkX_a
I
'/.-

Fh[i[hlWj_ed
e\
j^[
\hedjej[cfehWb
XhWdY^
e\
j^[
\WY_Wb
d[hl[
ki_d]
j^[
_dj[h\WiY_Wb
j[cfehWb_i
ÔWf
\eh
fj[h_edWb
YhWd_ejeco$
J[Y^d_YWb
Whj_Yb[$

@
D[kheikh]
,-0*,)Å*,, OWiWh]_b
C="
9hWl[di
=<"
Hej^
F
'/..

Ikh]_YWb
WffheWY^[i
je
Ç_dWYY[ii_Xb[È
XhW_d
jkcehi$

9b_d
D[kheikh]
)*0*(Å''& OWiWh]_b
C="
9kh_Y
C"
A_i
C"
[j
Wb
'//&

JejWb
h[celWb
e\
YhWd_ef^Whod][ecW$
7ffheWY^[i
WdZ
bed]j[hc
h[ikbji
_d
'**
fWj_[dji$

@
D[kheikh]
-)0)Å''

WdZ
\kjkh[
Z_h[Yj_edi$
Ikh]
J[Y^deb
?dj
,0)(-Å))) J[e
9"
HW^cWd
I"
8eef
<7"
[j
Wb
'//, 9ecfb_YWj_edi
e\
[dZeiYef_Y
d[kheikh][ho$
9^_bZi
D[hl
Ioij
'(0(*.Å(+) Jikjikc_
A"
I^_eaWmW
O"
IWaW_
J
'/.' L[deki
_d\WhYj_ed
\ebbem_d]
j^[
_dj[h^[c_if^[h_Y
WffheWY^
_d
fWj_[dji
m_j^
WYkj[
ikXWhWY^de_ZWb
^[cehh^W][$
@
D[kheikh]
+*0)*(Å)*+

OWiWh]_b
C=
'/.*Å'//,

C_Yhed[kheikh][ho"
*
lebi$

J^_[c["
Ijkjj]Whj Oeae^
7"
Ik]_jW
A"
AeXWoWi^_
I
'/.)

?dj[hc_jj[dj
l[hiki
Yedj_dkeki
XhW_d
h[jhWYj_ed$

7d
[nf[h_c[djWb
ijkZo$

@
D[kheikh]
+.0/'.Å/(. Oeae^
7"
Ik]_jW
A"
AeXWoWi^_
I
'/.-

9b_d_YWb
ijkZo
e\
XhW_d
h[jhWYj_ed
_d
Z_\\[h[dj
WffheWY^[i
WdZ
Z_i[Wi[i$

7YjW
D[kheY^_h
.-0')*Å')/

JkhWpp_
I"
9h_ije\eh_
B"
=WcX_d
H"
[j
Wb
'/// J^[
fj[h_edWb
WffheWY^
\eh
j^[
c_Yheikh]_YWb
h[celWb
e\
eb\WYjeho
]heel[
c[d_d]_ecWi$
D[kheikh][ho
*+0.('Å.(+ Kd][hiXYa
A"
F[hd[Ypao
7
'/.,
?djhWl[djh_YkbWh
Wd[khoic
e\
j^[
c[Z_Wb
Y^ehe_Z
Whj[ho
Yb_ff[Z
l_W
j^[
YedjhWbWj[hWb
jhWdiYWbbeiWb
WffheWY^$ 7YjW
D[kheY^_h
.(0(*Å(lWd
B_dZ[hj
;"
>ef\
D"
F[hd[Ypao
7
'//. ;dZeiYef_Y
jh[Wjc[dj
e\
c[i[dY[f^Wb_Y
[f[dZocWb


OkdZj
A:"
=hkXX
HB"
:_h_d][h
CD"
[j
Wb
'//-
9[h[XhWb
^[ceZodWc_Y
WdZ
c[jWXeb_Y
Y^Wd][i
YWki[Z
Xo
XhW_d
h[jhWYj_ed
W\j[h
Wd[khoicWb
ikXWhWY^de_Z
^[cehh^W][$

D[kheikh][ho
*&0**(Å*+( P_cc[hcWdd
C"
Ah_i^dWd
H"
HWWX[
7"
[j
Wb
(&&(
HeXej#Wii_ij[Z
dWl_]Wj[Z
d[khe[dZeiYefo$
D[kheikh][ho
+'0'**,Å'*+'

?bbkijhWj_ed
Yh[Z_ji <_]kh[i
dej
b_ij[Z
X[bem
Wh[
_d
feii[ii_ed
e\
j^[
Wkj^ehi WdZ
Ifh_d][h
M_[d
D[m
Oeha <_]$
'$&$'
:WdZo
M;
'/((

7d
ef[hWj_l[
fheY[Zkh[
\eh
^oZheY[f^Wbki$

8kbb
@e^di
>efa_di
>eif
))0'./Å'/&"
žBMM <_]$
'$&$(
:WdZo
M;
'/).

?djhWYhWd_Wb
Wd[khoic
e\
j^[
_dj[hWdWb
YWhej_Z
Whj[ho$
9kh[Z
Xo
ef[hWj_ed$

7dd
Ikh]
'&-0,+*Å,+/"
žBMM <_]$
'$&$)
:WdZo
M;
'/'.

L[djh_Ykbe]hWf^o
\ebbem_d]
j^[
_d`[Yj_ed
e\
W_h
_dje
j^[
Y[h[XhWb
l[djh_Yb[i$

7dd
Ikh]
,.0+Å'("
žBMM <_]$
'$&$*
Ced_p
;
'/(-

BÊ[dYƒf^Wbe]hWf^_[
Whj[h_ƒbb["
ied
_cfehjWdY[
ZWdi
bW
beYWb_iWj_ed
Z[i
jkc[khi
YƒhƒXhWb[i$

H[l
D[kheb
(0-(Å./"
ž;bi[l_[h%CWiied <_]$
'$&$+
7
>ekdi\_[bZ
=D
'/-)

9ecfkj[h_p[Z
jhWdil[hi[
Wn_Wb
iYWdd_d]
jece]hWf^o0
FWhj
'$
:[iYh_fj_ed
e\
ioij[c$

8h
@
HWZ_eb
*,0'&',Å'&(("
ž8h
@
HWZ_eb <_]$
'$&$+
8
:WcWZ_Wd
H"
=ebZic_j^
C"
C_dae\\
B
'/--

DCH
_d
YWdY[h0
NL?$
<ED7H
_cW][
e\
j^[
b_l[
^kcWd
XeZo
F^oi_eb
9^[c
F^oi
/0/-Å'&&"
žBMM <_]$
'$&$,
IY^be\\[h
>
'/&-

;h\eb]h[_Y^[
Ef[hWj_ed
[_d[i
>ofef^oi[djkcehi
Wk\
dWiWb[c
M[][$

M_[d
Ab_d
MeY^[diY^h
(&0,('Å,(*"
žIfh_d][h"
M_[d <_]$
'$&$-
9ki^_d]
>
'/'&

J^[
f_jk_jWho
XeZo
WdZ
_ji
Z_iehZ[hi$
@8
B_ff_dYejj"
F^_bWZ[bf^_W
BedZed"
žBMM

Yoiji0
j[Y^d_YWb
YWi[
h[fehj$
D[kheikh][ho
*)0'()*Å'(*' lWd
B_dZ[hj
;"
F[hd[Ypao
7"

<_]$
'$&$.
8kYo
F9
'/-.
D[kheikh][ho
_d
ZWhad[ii$
Ikh]
D[kheb
/0),&"
ž;bi[l_[h

J^[
ikfhWehX_jWb
a[o^eb[
WffheWY^
je
ikfhWj[djeh_Wb
Wd[khoici0
YedY[fj
WdZ
j[Y^d_gk[$
Ikh]
D[kheb
*/0*.'Å*./ lWd
B_dZ[hj
;@"
=hej[d^k_i
@7"
8[[ci
J
(&&* J^[
ki[
e\
W
^[WZ#cekdj[Z
Z_ifbWo
\eh
l_ikWb_pWj_ed
_d
d[khe[dZeiYefo$


<_]$
'$&$/
OWiWh]_b
C="
AhWo[dX”^b
>
'/-&
J^[
ki[
e\
j^[
X_deYkbWh
c_YheiYef[
_d
d[kheikh][ho$
8_Xb
Ef^j^Wbceb
.'0,(Å,+"
žBMM <_]$
'$&$'&
Akhp[
J
'/,*
C_Yhej[Y^d_gk[i
_d
d[khebe]_YWb
ikh][ho$
9b_d
D[kheikh]
''0'(.Å')-"
žBMM

9ecfkj
7_Z[Z
Ikh]
/0(+'Å(+, Lh_[i
@A
'/-.
7d
[dZeiYef_Y
j[Y^d_gk[
\eh
j^_hZ
l[djh_Ykbeijeco$
Ikh]
D[kheb
/0',+Å',. MWh_d]
7@"
>ekimehj^
9C"
Leeh^_[i
HC"
[j
Wb
'//&
7
fhejejof[
h[jhWYjeh
ioij[c
Z[i_]d[Z
je
c_d_c_p[
_iY^[c_Y
XhW_d
h[jhWYjeh
_d`kho0
_d_j_Wb
eXi[hlWj_edi$
Ikh]
D[kheb
)*0')/Å'*) M[ij[hcWdd
8"
Jh_ff[b
C"
H[_d^WhZj
>
'//+
Efj_YWbbo#dWl_]WXb[
ef[hWj_d]
c_YheiYef[
\eh
_cW][#]k_Z[Z
ikh][ho$
C_d_c
?dlWi_l[
D[kheikh]
).0''(Å'',

(/,

<_]$
'$&$''
CWb_i
B?
'/,-
8_febWh
YeW]kbWj_ed
_d
c_Yheikh][ho$
?d0
:edW]^o
HCF"
OWiWh]_b
C=
[Zi
C_YhelWiYkbWh
ikh][ho$
J^_[c["
Ijkjj]Whj"
ff
'(,Å')&"
žJ^_[c["
Ijkjj]Whj <_]i$
'$&$(.Å'$&$)&
Xo
Yekhj[io
e\

ž7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo
<_]i$
'$&$)(Å'$&$))
Xo
Yekhj[io
e\

ž7[iYkbWf
7="
Jkjjb_d][d"
=[hcWdo
<_]$
($&$'
AhWki[
<
'/&.
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai
dWY^
[_][d[d
;h\W^hkd][d"
leb
'$
KhXWd

IY^mWhp[dX[h]"
8[hb_d"
ž;bi[l_[h

?bbkijhWj_ed
Yh[Z_ji

<_]$
($&$(

'/') 7d
WffheWY^
je
j^[
^ofef^oi_i
j^hek]^
j^[
Wdj[h_eh
YhWd_Wb
\eiiW$
7dd
Ikh]
'0'*+Å'+&"
žBMM <_]$
($&$)
>[k[h
=@
'/(& Ikh]_YWb
[nf[h_[dY[i
m_j^
Wd
_djhWYhWd_Wb
WffheWY^
je
Y^_WicWb
b[i_edi$
7hY^
Ikh]
'0),.Å).'"
ž7C7 <_]$
($&$*
IYWh\\
@;
'/+'
Jh[Wjc[dj
e\
eXijhkYj_l[
^oZheY[f^Wbki
Xo
fkdYjkh[
e\
j^[
bWc_dW
j[hc_dWb_i
WdZ
Ôeeh
e\
j^[
j^_hZ
l[djh_Yb[$
@
D[kheikh]
.0(&*Å(')"
ž77DI
<_]$
($&$+
Feff[d
@B
'/,* Ef[hWj_l[
jh[Wjc[dj
\eh
Wd[khoici
e\
j^[
Wdj[h_eh
Yecckd_YWj_d]
Whj[ho$
9b_d
D[kheikh]
''0.Å')"
žBMM <_]$
($&$,
OWiWh]_b
C=
'/.*
C_Yhed[kheikh][ho"
leb
' žJ^_[c["
Ijkjj]Whj <_]$
($&$-
8heYa
C"
:_[jp
>
'/-.
J^[
icWbb
\hedjebWj[hWb
WffheWY^
\eh
j^[
c_Yheikh]_YWb
jh[Wjc[dj
e\
_djhWYhWd_Wb
Wd[khoici$
D[kheY^_hkh]_W
('0'.+Å'/'"
žJ^_[c["
Ijkjj]Whj <_]$
)$&$'
AhWki[
<
'/''
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai
dWY^
[_][d[d
;h\W^hkd][d"
leb
($
KhXWd

IY^mWhp[dX[h]"
8[hb_d"
ž;bi[l_[h <_]$
)$&$(
JWdZb[h
@"
HWdp_
;
'/(&
9^_hkh]_iY^[
7dWjec_[
kdZ
Ef[hWj_edij[Y^d_a
Z[i
P[djhWbd[hl[dioij[ci$
žIfh_d][h"
8[hb_d

<_]$
)$&$.
<_iY^
K
'/,/ Eje#d[kheikh]_YWb
ef[hWj_edi$
?d0

OWiWh]_b
C="
C_Yhed[kheikh][ho0
7ffb_[Z
je
d[kheikh][ho$
J^_[c["
Ijkjj]Whj"
ff
'/+Å('&
žJ^_[c["
Ijkjj]Whj

<_]$
+$&$+
OWiWh]_b
C=
'/.*
C_Yhed[kheikh][ho"
leb
'$ žJ^_[c["
Ijkjj]Whj <_]$
,$&$'
Fkii[f
F
'/'* :_[
ef[hWj_l[
;dj\[hdkd]
[_d[h
Poij[
Z[h



<_]$
)$&$/
AWmWi[
J"
I^_eXWhW
H"
JeoW
I
'//* C_ZZb[
\eiiW
jhWdif[jheiWb#jhWdij[djeh_Wb
WffheWY^[i

\eh
f[jheYb_lWb
c[d_d]_ecWi$
I[b[Yj_l[
fohWc_Z

h[i[Yj_ed
WdZ
hWZ_YWb_jo$
7YjW
D[kheY^_h
'(/0'')Å'(&"
žIfh_d][h"
M_[d <_]$
*$&$'
AhWki[
<
'/&.
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai
dWY^

[_][d[d
;h\W^hkd][d"
Leb$
'$
KhXWd

IY^mWhp[dX[h]"
8[hb_d"
ž;bi[l_[h

=bWdZkbW
f_d[Wb_i$
D[kheb
P[djhWbXb
))0+,&Å+,)"
žIfh_d][h"
>[_Z[bX[h] <_]$
,$&$(
AhWki[
<
'/''
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai
dWY^

[_][d[d
;h\W^hkd][d"
leb
($
KhXWd

IY^mWhp[dX[h]"
8[hb_d"
ž;bi[l_[h <_]$
,$&$)
JWdZb[h
@"
HWdp_
;
'/(&
9^_hkh]_iY^[
7dWjec_[
kdZ
Ef[hWj_edij[Y^d_a



<_]$
*$&$(
9ki^_d]
>
'/'-"
h[fh_dj
'/,) Jkcehi
e\
j^[
d[hlki
WYkij_Yki$ >W\d[h
FkXb_i^_d]"
D[m
Oeha

Z[i
P[djhWbd[hl[dioij[ci$
žIfh_d][h"
8[hb_d <_]$
,$&$*
PWfb[jWb

8
'/+,

<_]$
*$&$)
:WdZo
'/(+ 7d
ef[hWj_ed
\eh
j^[
jejWb
h[celWb
e\
Y[h[X[bbefedj_d[
WYekij_Y
jkcehi$ Ikh]
=od[Yeb
EXij[j
*'0'(/Å'*."
ž;bi[l_[h

;_d
d[k[h
ef[hWj_l[h
Pk]Wd]
pkc
=[X_[j
Z[h

?dY_ikhW
j[djeh__$ P[djhWbXb
D[kheY^_h
',0,*Å,/"
žJ^_[c["
Ijkjj]Whj <_]$
,$&$+
<e[hij[h
E
'/(.

<_]$
*$&$*
=khZ`_Wd
;I
'/,* Ef[hWj_l[
d[kheikh][ho"
(dZ
[Zd$ M_bb_Wci

M_ba_di"
8Wbj_ceh["
žBMM <_]$
*$&$+
A[cf[
B=
'/,. Ef[hWj_l[
d[kheikh][ho$
žIfh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha"
<_]$
*$&$,
:WdZo
M;
'/)* 9edY[hd_d]
j^[
YWki[
e\
jh_][c_dWb
d[khWb]_W$ 7c
@
Ikh]
(*0**-"

ž;bi[l_[h

<_]$
)$&$)
A[cf[
B=
'/,. Ef[hWj_l[
d[kheikh][ho$
žIfh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha

<_]$
*$&$-
@Wdd[jjW
F@"
HWdZ
HM
'/,- 7hj[h_Wb
Yecfh[ii_ed
e\
j^[
jh_][c_dWb
d[hl[
_d
fWj_[dji
m_j^
jh_][c_dWb
d[khWb]_W$ @
D[kheikh]
(,0'+/Å',+"

ž77DI3J^[`di

<_]$
)$&$*
:WdZo
M
'/)( J^[
XhW_d$
?d0
B[m_i
:
[Z
FhWYj_Y[
e\
ikh][ho$

>W][hijemd"
ff
'Å,.("
ž77DI3J^[`di

<_]$
*$&$.
:hWa[
9=
'/-/ J^[
jh[Wjc[dj
e\
Wd[khoici
e\
j^[
feij[h_eh
Y_hYkbWj_ed$ 9b_d
D[kheikh]
(,0/,Å'**"
žBMM

<_]$
)$&$+
Feff[d
@B
'/,& 7d
WjbWi
e\
d[kheikh]_YWb
j[Y^d_gk[i$
IWkdZ[hi"
F^_bWZ[bf^_W"
ž;bi[l_[h

<_]$
*$&$/
OWiWh]_b
C=
'/.*
C_Yhed[kheikh][ho"
leb
'$ žJ^_[c["
Ijkjj]Whj

<_]$
)$&$,
7
:hWa[
9=
'/,'
8b[[Z_d]
Wd[khoici
e\
j^[
XWi_bWh
Whj[ho$
:_h[Yj
ikh]_YWb
cWdW][c[dj
_d
\ekh
YWi[i$
@
D[kheikh]
'.0
()&Å()."
ž77DI3J^[`di

<_]$
+$&$'
AhWki[
<
'/''
9^_hkh]_[
Z[i
=[^_hdi
kdZ
H”Ya[dcWhai
dWY^

[_][d[d
;h\W^hkd][d"
leb
($
KhXWd

IY^mWhp[dX[h]"
8[hb_d"
ž;bi[l_[h

<_]$
)$&$,
8
:hWa[
9=
'/,. J^[
ikh]_YWb
jh[Wjc[dj
e\
Wd[khoici
e\
j^[
XWi_bWh
Whj[ho$
@
D[kheikh]
(/0
*),Å**,"
ž77DI3J^[`di

<_]$
+$&$(
9ki^_d]
>
'/'-"
h[fh_dj
'/,) Jkcehi
e\
j^[
d[hlki
WYkij_Yki$ >W\d[h
FkXb_i^_d]"
D[m
Oeha

:Wi
ef[hWj_l[
Leh][^[d
X[_
Jkceh[d
Z[h
L_[h^”][b][][dZ$ M_[d
Ab_d
MeY^[diY^h
*'0/.,Å//&"
žIfh_d][h"
M_[d <_]$
,$&$,
:WdZo
M;
'/), Ef[hWj_l[
[nf[h_[dY[i
_d
YWi[i
e\
f_d[Wb
jkcehi$ 7hY^
Ikh]
))0'/Å*,"
ž;bi[l_[h <_]$
,$&$-
LWd
MW][d[d
MF
'/)' 7
ikh]_YWb
WffheWY^
\eh
j^[
h[celWb
e\

Y[hjW_d
f_d[Wb
jkcehi$ Ikh]
=od[Yeb
EXij[j
+)0(',Å((&"
ž;bi[l_[h <_]$
,$&$.
>ehhWn
=
'/)- ;nj_hfWj_ed
e\
W
bWh][
f_d[WbecW
\hec
W
fWj_[dj
m_j^
fkX[hjWi
fhW[Yen0
W
d[m
ef[hWj_ed
WffheWY^$ 7hY^
D[kheb
FioY^_Wj
)-0).+Å)/-"
ž7C7 <_]$
,$&$/
Ij[_d
8C
'/-' J^[
_d\hWj[djeh_Wb
ikfhWY[h[X[bbWh
WffheWY^

je
f_d[Wb
b[i_edi$ @
D[kheikh]
)+0'/-Å(&("
ž77DI3J^[`di <_]$
,$&$'&
F[dZb
=
'/.+

<_]$
)$&$,
9
:hWa[
9=
'/-/ J^[
jh[Wjc[dj
e\
Wd[khoici
e\
j^[
feij[h_eh
Y_hYkbWj_ed$ 9b_d
D[kheikh]
(,0/,Å'**

<_]$
+$&$)
:WdZo
'/). >_hdY^_hkh]_[$ @
7cXhei_ki"
B[_fp_]"
žIfh_d][h"
>[_Z[bX[h]

<_]$
)$&$-
A[cf[
B=
'/,. Ef[hWj_l[
d[kheikh][ho$
žIfh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha

<_]$
+$&$*
A[cf[
B=
'/,. Ef[hWj_l[
d[kheikh][ho$
žIfh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha

F_d[Wb
WdZ
c_ZXhW_d
b[i_edi$ žIfh_d][h"
M_[d
D[m
Oeha <_]$
-$&$'
:WdZo
M;
'/'+ ;nj_hfWj_ed
e\
j^[
f_d[Wb
XeZo$ @
;nf
C[Z
((0()-Å(*-"
ž@;C <_]$
-$&$(
:WdZo
M;
'/), Ef[hWj_l[
[nf[h_[dY[i
_d
YWi[i
e\
f_d[Wb
jkcehi$ 7hY^
Ikh]
))0'/Å*,"
ž;bi[l_[h <_]$
-$&$)
JWdZb[h
@"
HWdp_
;
'/(&
9^_hkh]_iY^[
7dWjec_[
kdZ
Ef[hWj_edij[Y^d_a

Z[i
P[djhWbd[hl[dioij[ci$
žIfh_d][h"
8[hb_d

(/-

?bbkijhWj_ed
Yh[Z_ji

<_]$
-$&$*
:WdZo
M;
'/)' 9ed][d_jWb
Y[h[XhWb
Yoiji
e\
j^[
YWlkc
i[fj_
f[bbkY_Z_
Ó\j^
l[djh_Yb[
WdZ
YWlkc
l[h]W[
i_nj^
l[djh_Yb[0
Z_W]dei_i
WdZ
jh[Wjc[dj$ 7hY^
D[kheb
FioY^_Wjho
(+0**Å,,"
ž7C7 <_]$
-$&$+
I^kYWhj
M
'//. J^[
Wdj[h_eh
jhWdiYWbbeiWb
WdZ
jhWdiYehj_YWb
WffheWY^[i$ ?d0
7fkppe
CB@
[Z
Ikh][ho
e\
j^[
j^_hZ
l[djh_Yb[$

M_bb_Wci

M_ba_di"
8Wbj_ceh["
žBMM <_]$
-$&$,
Jdd_i
M
'/), ;h\eb]h[_Y^[
8[^WdZbkd]
[_d[i
7d[khoicW
Z[h

7hj$
Yecckd$
Wdj$
Y[h[Xh_$
P[djhWbXb
D[kheY^_h
'0)/Å*("
žJ^_[c["
Ijkjj]Whj <_]$
.$&$'
:WdZo
M;
'/)) 8[d_]d
jkcehi
_d
j^[
j^_hZ
l[djh_Yb[
e\
j^[
XhW_d0
Z_W]dei_i
WdZ
jh[Wjc[dj$ 99
J^ecWi"
Ifh_d]Ó[bZ <_]$
.$&$(
:WdZo
M;
'/)) 8[d_]d
jkcehi
_d
j^[
j^_hZ
l[djh_Yb[
e\
j^[
XhW_d0
Z_W]dei_i
WdZ
jh[Wjc[dj$ 99
J^ecWi"
Ifh_d]Ó[bZ <_]$
.$&$)
A[cf[
B=
'/,. Ef[hWj_l[
d[kheikh][ho$
žIfh_d][h"
8[hb_d
>[_Z[bX[h]
D[m
Oeha <_]$
.$&$*
I^kYWhj
M
'//. J^[
Wdj[h_eh
jhWdiYWbbeiWb
WdZ
jhWdiYehj_YWb
WffheWY^[i$ ?d0
7fkppe
CB@
[Z
Ikh][ho
e\
j^[
j^_hZ
l[djh_Yb[$

M_bb_Wci

M_ba_di"
8Wbj_ceh["
žBMM

(/.

IkX`[Yj
_dZ[n

IkX`[Yj
_dZ[n


7Yekij_Y
d[kh_decW"
^_ijeh_YWb
Z[iYh_fj_ed
'+/ WdWjec_YWb
bWdZcWhai

][d[hWb
(,

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(**

XWiWb
ikfhWehX_jWb
WffheWY^
.+

YecX_d[Z
ikXj[cfehWb
WffheWY^
')*

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'*.

_dj[h^[c_if^[h_Y
WffheWY^
()&

bWj[hWb
ikfhWehX_jWb
WffheWY^
+-

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-'

f_d[Wb
WffheWY^
(''

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(+,

feij[h_eh
ikXj[cfehWb
WffheWY^
'(&

h[jhei_]ce_ZWb
WffheWY^
',-

ikXeYY_f_jWb
WffheWY^
'.*

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
'/.

ikXj[cfehWb
WffheWY^
'&+

ikfhWehX_jWb
WffheWY^
**



jhWdiYehj_YWb
WffheWY^
(-* Wd[khoic


[nfei[Z
_d
fhWYj_Y[
)'

^_ijeh_YWb
Z[iYh_fj_ed
)/"
//"
',("
'.& Wd[khoic
Yb_f


^_ijeh_YWb
Óhij
Z[iYh_fj_ed
)

_d
fhWYj_Y[
)( Wd]_e]hWf^o

:I7
\eh
ikh]_YWb
fbWdd_d]
(&"
((

^_ijeh_YWb
Z[iYh_fj_ed
) Wdj[h_eh
Yb_de_Z
fheY[ii"
[nfeikh[
e\

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'Å,(

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

ikfhWehX_jWb
WffheWY^
*.




Wdj[h_eh
f[jheYb_de_Z
b_]Wc[dj"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*.

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'Å,(

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

feij[h_eh
ikXj[cfehWb
WffheWY^
'()

ikXj[cfehWb
WffheWY^
''&

ikfhWehX_jWb
WffheWY^
+& Wgk[ZkYj
e\
Iobl_ki"
[nfeikh[
e\

ikXeYY_f_jWb
WffheWY^
'..

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&(

jhWdiYehj_YWb
WffheWY^
(-/ Whj[h_[i

7'"
79e7
eh
7("
[nfeikh[
e\


Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*/


XWiWb
ikfhWehX_jWb
WffheWY^
/&


bWj[hWb
ikfhWehX_jWb
WffheWY^
,'


c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+


ikfhWehX_jWb
WffheWY^
*/















bWj[hWb
ikfhWehX_jWb
WffheWY^
,*
c[Z_Wb
ikfhWehX_jWb
WffheWY^
-.
ikXj[cfehWb
WffheWY^
'&/"
'''
ikfhWehX_jWb
WffheWY^
+&
jhWdiYehj_YWb
WffheWY^
(-/












87"
fhen_cWb"
[nfeikh[
e\

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++

h[jhei_]ce_ZWb
WffheWY^
'-)

ikXj[cfehWb
WffheWY^
'''

















?97"
79^7
eh
F9e7"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*.

XWiWb
ikfhWehX_jWb
WffheWY^
/'

YecX_d[Z
ikXj[cfehWb
WffheWY^
')/

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

feij[h_eh
ikXj[cfehWb
WffheWY^
'(*

ikXj[cfehWb
WffheWY^
''&

ikfhWehX_jWb
WffheWY^
*.









C97"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*.

XWiWb
ikfhWehX_jWb
WffheWY^
/&"
/'

bWj[hWb
ikfhWehX_jWb
WffheWY^
,(

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-,

ikfhWehX_jWb
WffheWY^
*.





CC7"
[nfeikh[
e\

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+(







Efj^7"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*.

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-,

ikfhWehX_jWb
WffheWY^
*/











F97"
[nfeikh[
e\

XWiWb
ikfhWehX_jWb
WffheWY^
/'

YecX_d[Z
ikXj[cfehWb
WffheWY^
''/

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++

bWj[hWb
ikfhWehX_jWb
WffheWY^
,)"
,*

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

feij[h_eh
ikXj[cfehWb
WffheWY^
'()

ikXj[cfehWb
WffheWY^
'&/"
'''








F?97"
[nfeikh[
e\

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*&

h[jhei_]ce_ZWb
WffheWY^
'-*

ikXeYY_f_jWb
WffheWY^
'..

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&'













I97"
[nfeikh[
e\

XWiWb
ikfhWehX_jWb
WffheWY^
/'

YecX_d[Z
ikXj[cfehWb
WffheWY^
')/

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+*

bWj[hWb
ikfhWehX_jWb
WffheWY^
,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'()

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,)

h[jhei_]ce_ZWb
WffheWY^
'-(

ikXj[cfehWb
WffheWY^
'&/"
'''

ikfhWehX_jWb
WffheWY^
+&






L7"
[nfeikh[
e\


h[jhei_]ce_ZWb
WffheWY^
'-*

ikXeYY_f_jWb
WffheWY^
'.."
'/'







7)#7*"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*-

c[Z_Wb
ikfhWehX_jWb
WffheWY^
--







7?97"
[nfei[Z
j^hek]^
j^[

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*&


[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+)

h[jhei_]ce_ZWb
WffheWY^
'-)











87"
Z_ijWb"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*/

XWiWb
ikfhWehX_jWb
WffheWY^
/(

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++


8eY^ZWb[aÊi
Y^ehe_Z
fb[nki
'-)


8_febWh
YeW]kbWj_ed
^_ijeh_YWb
Z[iYh_fj_ed
,
_d
fhWYj_Y[
'.

Xbk[
b_d[
j[Y^d_gk[
'*+

XhW_d
h[jhWYj_ed


][d[hWb
-

Xo
f_d[Wb
WffheWY^
(&.


Xo
ikXj[cfehWb
WffheWY^
'&'"
''-
Xo
ikXeYY_f_jWb
WffheWY^
'/+

Xo
ikfhWehX_jWb
WffheWY^
*&


9WkZWj[
dkYb[ki"
[nfeikh[
e\
_dj[h^[c_if^[h_Y
WffheWY^
()+
jhWdiYehj_YWb
WffheWY^
(--

YWl[hdeki
i_dki"
[nfeikh[
e\

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++

bWj[hWb
ikfhWehX_jWb
WffheWY^
,)"
,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'(,

ikXj[cfehWb
WffheWY^
''(

Y^ehe_Z
Óiikh["
[nfeikh[
e\

_dj[h^[c_if^[h_Y
WffheWY^
(),

jhWdiYehj_YWb
WffheWY^
(-. Y^ehe_Z
fb[nki
e\
j^[
\ekhj^
l[djh_Yb["


[nfeikh[
e\

ikXeYY_f_jWb
WffheWY^
'/& Y_hYkbWj_d]
dkhi[
'(
Yb_lki"
[nfeikh[
e\

feij[h_eh
ikXj[cfehWb
WffheWY^
'(,

h[jhei_]ce_ZWb
WffheWY^
'-) YeY^b[W
'*+"
'+) Yebbe_Z
Yoij
(,Yecfkj[Z
jece]hWf^o
9J

^_ijeh_YWb
*

fh[ef[hWj_l[
(& YedjhWbWj[hWb
ikh]_YWb
[nfeikh[

][d[hWb
.

Xo
Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*(

Xo
_dj[h^[c_if^[h_Y
WffheWY^
((+

Xo
f_d[Wb
WffheWY^
(&/

Xo
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(+)

Xo
ikfhWehX_jWb
WffheWY^
+& Yehfki
YWbbeikc"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*-

_dj[h^[c_if^[h_Y
WffheWY^
()+

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,'

jhWdiYehj_YWb
WffheWY^
(-. Yehj_YWb
[nfbehWj_ed
YhWd_Wb
d[hl[i

9D
?"
[nfeikh[
e\


XWiWb
ikfhWehX_jWb
WffheWY^
./


ikfhWehX_jWb
WffheWY^
*.









9D
??"
Y^_WicW
eh
efj_Y
jhWYj"
[nfeikh[
e\


Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*.

XWiWb
ikfhWehX_jWb
WffheWY^
./

YecX_d[Z
ikXj[cfehWb
WffheWY^
')/

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+


feij[h_eh
ikXj[cfehWb
WffheWY^
'(*

ikfhWehX_jWb
WffheWY^
*.














9D
???"
[nfeikh[
e\

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*.

XWiWb
ikfhWehX_jWb
WffheWY^
/'

YecX_d[Z
ikXj[cfehWb
WffheWY^
')/

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

feij[h_eh
ikXj[cfehWb
WffheWY^
'()

h[jhei_]ce_ZWb
WffheWY^
'-(

ikXj[cfehWb
WffheWY^
'&/"
'''

ikfhWehX_jWb
WffheWY^
+&

(//

IkX`[Yj
_dZ[n










9D
?L"
[nfeikh[
e\

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+*


YecX_d[Z
ikXj[cfehWb
WffheWY^
')/

bWj[hWb
ikfhWehX_jWb
WffheWY^
,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'(*"
'(+

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,)

ikXj[cfehWb
WffheWY^
'''










9D
L"
[nfeikh[
e\

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*&

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++

bWj[hWb
ikfhWehX_jWb
WffheWY^
,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'(+

h[jhei_]ce_ZWb
WffheWY^
'-(

ikXj[cfehWb
WffheWY^
''(









9D
L?"
[nfeikh[
e\

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'++

bWj[hWb
ikfhWehX_jWb
WffheWY^
,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'(,


h[jhei_]ce_ZWb
WffheWY^
'-)

ikXj[cfehWb
WffheWY^
''(








9D
L??"
9D
L???"
[nfeikh[
e\

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*&

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+)

feij[h_eh
ikXj[cfehWb
WffheWY^
'(,

h[jhei_]ce_ZWb
WffheWY^
'-)






9D
?N"
9D
N"
9D
N?"
[nfeikh[
e\

h[jhei_]ce_ZWb
WffheWY^
'-)"
'-*

ikXeYY_f_jWb
WffheWY^
'./






9D
N??"
[nfeikh[
e\

h[jhei_]ce_ZWb
WffheWY^
'-*

ikXeYY_f_jWb
WffheWY^
'./

[neiYef[

YedY[fj
'&

_d
fhWYj_Y[
''




[nj[dZ[Z
YhWd_ejeco
)"
).

A[o^eb[
YedY[fj



[njhWZkhWb
[nfeikh[

^_ijeh_YWb
)-"
/-

Xo
bWj[hWb
ikfhWehX_jWb
WffheWY^
,'

Xo
ikXj[cfehWb
WffheWY^
'*+"
'+(







<ekhj^
l[djh_Yb["
^_ijeh_YWb
[nfeikh[
'.&





\ekhj^
l[djh_Yb["
[nfeikh[
e\

ikXeYY_f_jWb
WffheWY^
'/&

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&( \ehWc[d
e\
CW][dZ_"
[nfeikh[
e\

ikXeYY_f_jWb
WffheWY^
'/&

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&( \ehWc[d
e\
Cedhe"
[nfeikh[
e\

_dj[h^[c_if^[h_Y
WffheWY^
()+

jhWdiYehj_YWb
WffheWY^
(--

YhWd_ejeco
WdZ
ZkhWb
ef[d_d]


Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*+Å(*,

XWiWb
ikfhWehX_jWb
WffheWY^
.-Å..

YecX_d[Z
ikXj[cfehWb
WffheWY^
')+Å')-

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'*/Å'+'

][d[hWb
(-

_dj[h^[c_if^[h_Y
WffheWY^
()'Å())

bWj[hWb
ikfhWehX_jWb
WffheWY^
+.Å,&

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-(Å-*

f_d[Wb
WffheWY^
(')Å('*

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(+-Å(+/

feij[h_eh
ikXj[cfehWb
WffheWY^
'('Å'((

h[jhei_]ce_ZWb
WffheWY^
',/Å'-&

ikXeYY_f_jWb
WffheWY^
'.+Å'.-

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
'//Å(&&

ikXj[cfehWb
WffheWY^
'&,Å'&.

ikfhWehX_jWb
WffheWY^
*+Å*-

jhWdiYehj_YWb
WffheWY^
(-+Å(-,


:[njheiYef[
(' Z_WcedZ
ad_\[
'. Zehikc
i[bbW["
[nfeikh[
e\

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'Å,(

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

ikfhWehX_jWb
WffheWY^
+&


=h[Wj[h
ikf[hÓY_Wb
f[jheiWb
d[hl[
'*+


^[c_\WY_Wb
ifWic"
^_ijeh_YWb
Z[iYh_fj_ed
','

b_c_j[Z
YhWd_ejeco
-
b_c_j[Z
efj_YWb
Yedjheb
'&
b_c_j[Z
eh_[djWj_ed
/


CW]d[j_Y
h[iedWdY[
_cW]_d]
CH?




^_ijeh_YWb
Z[iYh_fj_ed
*
fh[ef[hWj_l[
(&

c[d_d][ecW"
^_ijeh_YWb
Z[iYh_fj_ed
)-"
'&&"
(((

D[khedWl_]Wj_ed




YedY[fj
/
_djhWef[hWj_l[
ki[
')


Ef[hWj_d]
c_YheiYef[


^ebZ_d]
Whc
'-
^ebZ_d]
Z[l_Y[
'-





^oZheY[f^Wbki"
eYYbki_l[
)."
/-


ef[hWj_d]
jWXb[
'+

?79"
[nfeikh[
e\


ef[hWj_d]
j^[Wj[h

bWoekj
'(

f[hiedd[b
'(





h[jhei_]ce_ZWb
WffheWY^
'-)
ikXj[cfehWb
WffheWY^
'*+"
'+)

_djhWZkhWb
Z_ii[Yj_ed
WdZ
mekdZ
Ybeikh[

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*-Å(+&

XWiWb
ikfhWehX_jWb
WffheWY^
./Å/)

YecX_d[Z
ikXj[cfehWb
WffheWY^
').Å'*'

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+(Å'+,

][d[hWb
(-"
)*

_dj[h^[c_if^[h_Y
WffheWY^
()*Å()-

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'Å,+

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+Å-/

f_d[Wb
WffheWY^
('+Å('.

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,&Å(,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'()Å'(-

h[jhei_]ce_ZWb
WffheWY^
'-'Å'-+

ikXeYY_f_jWb
WffheWY^
'..Å'/(

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&'Å(&)

ikXj[cfehWb
WffheWY^
'&/Å'')

ikfhWehX_jWb
WffheWY^
*.Å+'

jhWdiYehj_YWb
WffheWY^
(--Å(.&

_dj[h^[c_if^[h_Y
fWj^mWo

][d[hWb
((*

^_ijeh_YWb
Z[iYh_fj_ed
(&,"
((' _dj[hj^WbWc_Y
WZ^[i_ed"
[nfeikh[
e\

_dj[h^[c_if^[h_Y
WffheWY^
(),

)&&

_dj[h^[c_if^[h_Y
WffheWY^
(),
jhWdiYehj_YWb
WffheWY^
(-/

ced_jeh_d]"
_djhWef[hWj_l[


][d[hWb
')

\eh
ikXj[cfehWb
[nfeikh[
'*,


_dZ_l_ZkWb
WffheWY^
/

[h]edeco
\eh
ikh][ed
'*

BWj[hWb
l[djh_Yb["
[nfeikh[
e\


\ehd_n"
[nfeikh[
e\

_dj[h^[c_if^[_Y
WffheWY^
()+

jhWdiYehj_YWb
WffheWY^
(--







[dZeiYef_Y
d[kheikh][ho
',

][d[hWb
.
\eh
_dj[h^[c_if^[h_Y
[nfeikh[
((*
\eh
jhWdiYehj_YWb
[nfeikh[
(,/


c_Yhe_dijhkc[dj

^_ijeh_YWb
Z[iYh_fj_ed
,

_djhWef[hWj_l[
ki[
'.

jkX[
i^W\j
'/

;dZeiYef[
YedY[fj
'&
#Wii_ij[Z
d[kheikh][ho
',
#Yedjhebb[Z
d[kheikh][ho
',

h[jhei_]ce_ZWb
WffheWY^
'-)


\ehWc[d
cW]dkc"
[nfeikh[
e\

h[jhei_]ce_ZWb
WffheWY^
'-*

ikXeYY_f_jWb
WffheWY^
'..

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&'

>[WZ#cekdj[Z
Z_ifbWo
'&

YhWd_eÓn
fbWj[
))

@k]kbWh
\ehWc[d"
[nfeikh[
e\


^_ijeh_YWb
Z[iYh_fj_ed
,
_d
fhWYj_Y[
'+

ehX_jWb
hee\"
[nfeikh[
e\

XWiWb
ikfhWehX_jWb
WffheWY^
.)

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+

ikfhWehX_jWb
WffheWY^
+& ehX_jejeco
.) eh_[djWj_ed"
_djhWef[hWj_l[
/


F_d[Wb
]bWdZ"
[nfeikh[
e\





f_d[Wb
WffheWY^
('-
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,'

feij[h_eh
ikXj[cfehWb
WffheWY^
'(+

f_jk_jWho
WZ[decW"
^_ijeh_YWb
Z[iYh_fj_ed
). fbWdkc
if^[de_ZWb["
[nfeikh[
e\

ikfhWehX_jWb
WffheWY^
*/ fei_j_ed_d]
e\
fWj_[dj

\eh
Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*)

\eh
XWiWb
ikfhWehX_jWb
WffheWY^
.*

\eh
YecX_d[Z
ikXj[cfehWb
WffheWY^
'))

\eh
[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'*-

][d[hWb
(*

\eh
_dj[h^[c_if^[h_Y
WffheWY^
((/

\eh
bWj[hWb
ikfhWehX_jWb
WffheWY^
+,

\eh
c[Z_Wb
ikfhWehX_jWb
WffheWY^
-&


IkX`[Yj
_dZ[n












\eh
f_d[Wb
WffheWY^
('&
\eh
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(++
\eh
feij[h_eh
ikXj[cfehWb
WffheWY^
''/
\eh
h[jhei_]ce_ZWb
WffheWY^
',,
\eh
ikXeYY_f_jWb
WffheWY^
'.)
\eh
ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
'/-
\eh
ikXj[cfehWb
WffheWY^
'&*
\eh
ikfhWehX_jWb
WffheWY^
*)
\eh
jhWdiYehj_YWb
WffheWY^
(-)

feij[h_eh
Yb_de_Z
fheY[ii"
[nfeikh[
e\

bWj[hWb
ikfhWehX_jWb
WffheWY^
,'Å,(

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-+


feij[h_eh
ikXj[cfehWb
WffheWY^
'()

ikfhWehX_jWb
WffheWY^
+& feij[h_eh
f[jheYb_de_Z
b_]Wc[dj"
[nfeikh[
e\

bWj[hWb
ikfhWehX_jWb
WffheWY^
,(

feij[h_eh
ikXj[cfehWb
WffheWY^
'()

ikfhWehX_jWb
WffheWY^
+&















_dj[h^[c_if^[h_Y
WffheWY^
()'
bWj[hWb
ikfhWehX_jWb
WffheWY^
+.
c[Z_Wb
ikfhWehX_jWb
WffheWY^
-'Å-(
f_d[Wb
WffheWY^
('(
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(+-
feij[h_eh
ikXj[cfehWb
WffheWY^
'('
h[jhei_]ce_ZWb
WffheWY^
',/
ikXeYY_f_jWb
WffheWY^
'.+
ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
'//
ikXj[cfehWb
WffheWY^
'&,
ikfhWehX_jWb
WffheWY^
*+
jhWdiYehj_YWb
WffheWY^
(-+

iakbb
YbWcf
(* ikf[h_eh
c[ZkbbWho
l[bkc"
[nfeikh[
e\

ikXeYY_f_jWb
WffheWY^
'.("
'..

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&( ikf[h_eh
i[c_Y_hYkbWh
YWdWb
'*+

fej[dj_Wb
ikh]_YWb
[hhehi

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(+&

XWiWb
ikfhWehX_jWb
WffheWY^
/)

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*'

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+,

][d[hWb
)*

_dj[h^[c_if^[h_Y
WffheWY^
()-

bWj[hWb
ikfhWehX_jWb
WffheWY^
,+

c[Z_Wb
ikfhWehX_jWb
WffheWY^

-/

f_d[Wb
WffheWY^
('.

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,*

feij[h_eh
ikXj[cfehWb
WffheWY^
'(-

h[jhei_]ce_ZWb
WffheWY^
'-+

ikXeYY_f_jWb
WffheWY^
'/(

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&)

ikXj[cfehWb
WffheWY^
'')

ikfhWehX_jWb
WffheWY^
+'

jhWdiYehj_YWb
WffheWY^
(.&

ikf_d[
fei_j_ed"
][d[hWb
(*

fh[ef[hWj_l[
Z_W]deij_Y


^_ijeh_YWb
)

\eh
ikh]_YWb
fbWdd_d]
(&

j^h[[#Z_c[di_edWb
fbWdd_d]
('

fh[ef[hWj_l[
fbWdd_d]
(& fh[i_]ce_Z
h[]_ed
')' fhed[
fei_j_ed"
][d[hWb
(+ fj[h_edWb
Yehh_Zeh
++ fohWc_Z"
l_hjkWb

[nfei_d]
j^[
9F7
',)"
'.'

\eh
ikXj[cfehWb
[nfeikh[
'&(

\eh
ikfhWehX_jWb
[nfeikh[
*'


GkWZh_][c_dWb
fbWj["
[nfeikh[
e\




f_d[Wb
WffheWY^
('-
feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,'


H^ecXe_Z
\eiiW"
[nfeikh[
e\




ikXeYY_f_jWb
WffheWY^
'.("
'..
ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&(


IYhkX
dkhi[
'( i[b\#cWZ[
ikh][ho"
YedY[fj
/
ia_d
_dY_i_ed
WdZ
ie\j
j_iik[
Z_ii[Yj_ed


Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(*+

XWiWb
ikfhWehX_jWb
WffheWY^
.,

YecX_d[Z
ikXj[cfehWb
WffheWY^
')+

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'*/Å'+&

][d[hWb
(,


ikh]_YWb
Yehh_Zeh
/

JW_beh[Z
WffheWY^




YedY[fj
/
_d
fhWYj_Y[
()"
(.Å))

j[bW
Y^ehe_Z[W
'.( j[djeh_kc"
[nfeikh[
e\

YecX_d[Z
ikXj[cfehWb
WffheWY^
').

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+*

bWj[hWb
ikfhWehX_jWb
WffheWY^
,)

f_d[Wb
WffheWY^
('+

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,'

feij[h_eh
ikXj[cfehWb
WffheWY^
'()

h[jhei_]ce_ZWb
WffheWY^
'-'

ikXj[cfehWb
WffheWY^
'&/





Y[djhWb
Y[h[X[bbWh
l[_d"
[nfeikh[
e\

f_d[Wb
WffheWY^
(',







_dj[hdWb
Y[h[XhWb
l[_d"
[nfeikh[
e\

_dj[h^[c_if^[h_Y
WffheWY^
(),

f_d[Wb
WffheWY^
(',

jhWdiYehj_YWb
WffheWY^
(-.







f[jheki
l[_d
e\
:WdZo"
[nfeikh[
e\

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*&

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+*

h[jhei_]ce_ZWb
WffheWY^
'-'






i[fjWb
l[_d"
[nfeikh[
e\

_dj[h^[c_if^[h_Y
WffheWY^
(),

jhWdiYehj_YWb
WffheWY^
(-.






j^WbWceijh_Wj[
l[_d"
[nfeikh[
e\

_dj[h^[c_if^[h_Y
WffheWY^
(),

jhWdiYehj_YWb
WffheWY^
(-.





l[_d
e\
=Wb[d"
[nfeikh[
e\


f_d[Wb
WffheWY^
(',







l[_di
e\
Iobl_Wd
Óiikh["
[nfeikh[
e\

XWiWb
ikfhWehX_jWb
WffheWY^
/'

c[Z_Wb
ikfhWehX_jWb
WffheWY^
-,

ikfhWehX_jWb
WffheWY^
*.


l[djh_Ykbe]hWf^o
) l[hc_i"
[nfeikh[
e\

ikXeYY_f_jWb
WffheWY^
'.("
'..

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&( l_hjkWb
h[Wb_jo
('

j_fi
WdZ
jh_Yai

Wdj[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(+'

XWiWb
ikfhWehX_jWb
WffheWY^
/*

YecX_d[Z
ikXj[cfehWb
WffheWY^
'*(

[nj[dZ[Z
ikXj[cfehWb
WffheWY^
'+-

][d[hWb
)+

_dj[h^[c_if^[h_Y
WffheWY^
().

bWj[hWb
ikfhWehX_jWb
WffheWY^
,,

c[Z_Wb
ikfhWehX_jWb
WffheWY^
.&

f_d[Wb
WffheWY^
('/

feij[h_eh
_dj[h^[c_if^[h_Y
WffheWY^
(,+

feij[h_eh
ikXj[cfehWb
WffheWY^
'(.

h[jhei_]ce_ZWb
WffheWY^
'-,

ikXeYY_f_jWb
WffheWY^
'/)

ikXeYY_f_jWb
Wgk[ZkYj
WffheWY^
(&*

ikXj[cfehWb
WffheWY^
''*

ikfhWehX_jWb
WffheWY^
+(

jhWdiYehj_YWb
WffheWY^
(.'
JhWkjcWdd
jh_Wd]b[
''."
')'"
'). jh_][c_dWb
d[khWb]_W"
^_ijeh_YWb
Z[iYh_fj_ed
/-"
',' jh_]edkc
b[cd_iY_
(,) jkX[
i^W\j
_dijhkc[dj
'/


LWbb[YkbW
'.("
'.. l[_di

XWiWb
l[_d
e\
Hei[dj^Wb"
[nfeikh[
e\


f_d[Wb
WffheWY^
(',

)&'