...

Välfärdinl kap 1

by user

on
Category: Documents
27

views

Report

Comments

Transcript

Välfärdinl kap 1
"OOB.FFVXJTTFPDI)BOT4XjSE
&OSzTUGSlO'BUUJHWlSETTWFSJHF
ÒabZc5lY`5bXYfggcbUi_h]cbgjUfUgcaVUfb]JYbU~g^cheZaVY
&.+(#&9Zc~g\_dgYVkZcbVc[g€c=jaih[gZYhdbkVghi^aaW^aYh[d"
id\gV[i^aang`Zi#>ÒabZc[€gk^bŽiVYZcY€,,"€g^\Z6mZa6cYZgh"
hdchdbWa^X`Vgi^aaWV`Ve€h^cWVgcYdbk^Y[ŽggVhZ`Zah`^[iZi#Bd"
YZgcYd\c~g]VckVga^iZc![VYZgcZb^\gZgVYZi^aa6bZg^`V#;Žghi
id\bdgbdYZgc]VcYdb6mZa!bZcc~ged_`Zc[naaYZ[Zb€gWaZk
]VcWdgiVj`i^dcZgVYVk`dbbjcZci^aaa~\hiW_jYVcYZ#9ZiiVh`ZY"
YZgZ\ZaWjcYZiÄhVbbVcaV\iigZiidc\€c\ZgÄ[gVbi^aaYZhhVii]Vc
[jaa\_dgih^ch`daea^`idX]anX`VYZh[€VgWZiZhdbYg~c\#
;^abZchheZai^Y~g[Zbidcb^cjiZg#9Zc^caZYhbZYViik^[€ghZ
Zc~aYgZbVc^h^ii]Zb#:cheZV`ZggŽhi^cigdYjXZgVgÒabZc/Ç;ŽgZ
YZiiVeVeeZghWgj`hVgWZiVgZc6mZa6cYZghhdc!H^akZgYVaZc!h`Vaacj\Z
dhhZcW^aYVk]jga^kZi`jcYZWZiZh^\[ŽgZii[VYZgaŽhiWVgc`g^c\hZ"
`Zah`^[iZi#IgZiidc\€c\Zg]Vg]VchdbWVgc\€iijcYZg`ajWWVchdb
Vj`i^dchkVgVi^aaa~\hiW_jYVcYZ#Ç6mZa6cYZghhdc\ZghZYVch_~akZc
bnX`Zi`dgigZYd\ŽgZahZ[Žg]jg]VckVg_Z]Žhih€aYZhe€Vj`i^dc^[Vi"
i^\hij\VckVgZ[iZg]VciVgjeeZchcjhYdhVjgÒX`VcdX]iVgZceg^h
hcjh#@VbZgVcoddbVg^cZc\VbbVaeZcYZa`adX`Ve€k~\\Zchdb
`a~biVgc€\gVa_jYa^\VhaV\dX]hZYVc6mZa^c~gW^aY#>c~hiViV\c^c\
[€gk^hZ6mZadX]ZcVccVcbVch^iiVdX]hVbheg€`VgjciZiiig~Y"
\€gYhWdgY#9Zi~ghdbbVg#6mZa~gegnYa^\i`a~YY^h`_dgiV!ha^ehdX]
5JUFMCJMEUJMM¹MNFO"YFM"OEFSTTPO
BVLUJPOTWBSBTPNCBSOJ7FOB
"YFM"OEFSTTPOPDI¹MNFOTJOUFSWKVBSF
JTBNTQSlLJUSjEHlSEFO
`d[iV#9ZcVcYgZbVccZc!hdb]VggdaaZchdb^ciZgk_jVgZ^ÒabZc!
W~gWVh`Zg!Ój\VdX]`VkV_#GZhiZcVkÒabZc~gZiihaV\hgZhV^i^YdX]
gjb#;did\gV[Zch^Y‚inX`hkVgVViih`^aYgV6mZahWVgcYdbhZg[VgZc"
]ZiZg \Zcdb Zc W^agZhV ^ YZi hb€a~cYh`V hdbbVgaVcYh`VeZi# ÇBZY
gZedgiV\ZW^a\Žgk^cjZiihkZe\ZcdbWn\YZcY~gYZca^aaZ6mZajee"
aZkYZh^cWVgcYdbhYgVbVi^`Çh~\ZgheZV`ZggŽhiZc#;did\gV[Zc]Vg
hZcVgZWZg~iiVi[ŽgdhhVii]Vc[g~bhikVg^cigZhhZgVYVkViiji[dgh`V
Òab`VbZgVchbŽ_a^\]ZiZgdX]k^aaZYd`jbZciZgVh^c]ZbigV`i#HiVg"
iZch`Zg^YZc\VbaVhdX`Zchij\Vc[g€c&,%%"iVaZiY~g6mZah€aYZhdX]
]€aaeaVihZgcVe€gZhVc~gYZda^`V[dhiZg]ZbbZcY~g]VckVg^ieaVXZ"
gVY#>ÒabZchh^hiVhXZc~gk^i^aaWV`Vi^aahVbiVaZibZaaVc^ciZgk_jVgZc
dX]6mZa^ig~Y\€gYZc#>ciZgk_jVgZc[g€\Vgdb6mZa`db^]€\i^aa[~aaZi
c~g]Vc[ŽghiV\€c\ZcWaZkjiVX`dgYZgVY/
Ä@dbbZg6mZa^]€\c~gYZ`db[ŽghiV`k~aaZcY€4
Ä?V]VVY€!YZib^cch_V\#
ÄKVYhV\jWWZcY€c~g]Vc`db^cY€4
Ä?V!]VchV!]Vc]~ahiZ_jdX]hVVii]Vc]VYZgdeVi^cb^\dX]
eadX`Vcj^dgYc^c\dX][Ža_bZY
3FQPSUBHFSFTBOTGzSTUBBOIBMU
TPDLFOTUVHBO
Ä?V]V!WaZk^ciZbdgbdgaZYhZcY€4
Ä?d!YZi~g`aVgi#
ÄDX]6mZabZY4
Ä?VV###!YZikVg_j^ciZh€hidgi#
ÄCZ_!YZi[Žghi€g_V\ViiYZiid\h^cViV\#@jcYZ6mZa\€Y^ihZYVc4
H€c^ÒX`ig~[[hbdgbdgdX]6mZa4
Ä?V]V!YZi\_dgYZ_V\#=dcWdYYZ`kVg^hijVi^aah_V\]VYZ[naaiZakV€g#
ÄH€6mZa\^X`dX]]~ahVYZe€]ZccZ^WaVcYY€4
Ä?V]V#
1lSFQPSUBHFSFTBHFOPNCZHEFOEjS
"YFMVQQMFWEFTJO¯CBSOEPNTESBNBUJL¯
>ÒabZc`Vgia~\\Zg[did\gV[Zc!^ciZgk_jVgZcdX]6mZa6cYZghhdci^aa"
hVbbVchc€\dihdbk^h`jaaZ`jccV`VaaVhdX`Zc\€c\Zch\Zd\gVÒ#
JiŽkZgknZgVkaVcYh`VeZidX]YZ[VajgŽYV\€gYVgcVWZaZYhV\VYZVk
`aVhh^h`bjh^`dX]`dgi]j\\cV`dbbZciVgZgdbkVgk^WZÒccZgdhh
[€gk^^ciZkZiVh€bnX`ZiÄkVgZh^\db6mZahjeeaZkZahZgdX]`~chadg
ZaaZg dbYZihVb]~aaZhdb\_dgYZVj`i^dchhnhiZbZibŽ_a^\i#tcY€
~gYZiZii^ÓZgVVkhZZcYZc^cigZhhVciYd`jbZci#K€gji\€c\hejc`i
~g]jg`~aabViZg^VaVkYZi]~ghaV\Zi`Vchi^bjaZgVi^aadX]Vck~cYVh
^ [dgh`c^c\ ^ hVb]~aahkZiZch`Vea^\V ~bcZc hdb hdX^Vai VgWZiZ dX]
]^hidg^h`hdX^dad\^#
'JMNFOTUFNBPDIWlSUGzSIlMMBOEF
UJMM¯EFOGBTBOTGVMMBIJTUPSJFO¯
9ZcineVkWdgiVj`i^dcZg^c\Vghdbh`^aYgVh^ÒabZc[ŽgW_ŽYhbZY
^c[ŽgVcYZiVk&.&-€gh[Vii^\k€gYhaV\dX]`jch`VeZgcVdb[ŽgZiZZa"
hZc~gWZ\g~chVYZ#K^hhZga^\Zc]VgYZc^WaVcYh`^aYgVih^W€YZbVhh"
bZY^ZgdX]h`Žca^iiZg~gVkZg`#B€c\VVkdhhb^cchYZc]_~giha^iVc"
YZh`^aYg^c\ZcVk]jgWVgc]ZbhWVgcZi<jaaVdX]]ZccZhdanX`hhnhi"
gVg h€aYZh e€ Vj`i^dc ^ Ó^X`WŽX`ZgcV db @jaaV"<jaaV#' BZhi `~cY
~g k~a =Vggn BVgi^chdch WZh`g^kc^c\ ^ YZc h_~akW^d\gVÒh`V gdbV"
cZcB}gg`cfbUV`caaU" BVgi^chdc ]VYZZcWV`\gjcYhdb^ciZkVg
]Zaida^`6mZa6cYZghhdch#=Vc[ŽYYZh&.%)^CniZWdYV^7aZ`^c\Z#
;VYZgcYd\^I78dX]bdYZgc7Ziina~bcVYZh^cVh_jWVgci^aaZc
]VakhnhiZg[ŽgViiZb^\gZgVi^aaJH6#=VakhnhiZgcid\i^aa[~aa^\i]VcY
dbYZc`kVga~bcVYZWVgcVh`VgVc!bZc`jcYZ^ciZ\ŽgVYZi^a~c\"
YZc jiVc a~bcVYZ i^aa haji ŽkZg WVgcZc i^aa [Vii^\k€gYZc# 9Z `db
ViiVj`i^dcZgVhjii^aada^`V[dhiZg]ZbdX]hnh`dch`VgVch`^c\gVYZh#
9ZiÒcchk^iicZhb€adbViia^kZi[Žghnh`dcZceg~\aVYZhVkkVck€gY!
hk~ai![ŽgcZYg^c\dX]hi~cY^\V[ŽgÓniic^c\Vg#(H€]~gWZh`g^khjiVX`"
dgYZg^c\ZcVkgdbVcÒ\jgZcBVgi^c/
:cha~`i^c\i^aabdYZgc]VYZYZbZci^Y!ZcYjc`Zak^cYh`jeZi^Y
bZY[€b^ccZc#H€\^X`YZjcYZg`ajWWVci^aab^chiW_jYVcYZ!YZi
k^aah~\VYZchdbk^aaZ]VYZb[Žgb^chiVbŽ_a^\V`dbbjcVaVZg"
h~iic^c\ÒX`iVYZb#BVgi^c`ajWWVYZhWdgii^aaZiihi~aaZhdb]Zi"
iZK^ac~h#@dbbjcZch`jaaZWZiVaV[Zb`gdcdg^b€cVYZcdX][Žg
YZccVhjbbVe€id\h^\K^ac~h[da`ZiViijee[dhigV]dcdb!]€aaV]d"
cdb^h`daV!`a~dX][ŽYV]dcdb!]€aaV]dcdb^hnhhaVdX][ŽgŽkg^\i
e€VaaVh~iiiV\Vk€gYdb]VchŽYZ^ci^aac~hiV€ghhi~bbV# )
BVc`Vc[g€\Vh^\kVg[ŽgWZh`g^kc^c\VgVkYZi]~ghaV\Zi]Vg[dgihVii
Viik~X`V^cigZhhZ!igdihViiYZi\VbaV[Vii^\hVb]~aaZihZYVca~c\Z[€ii
a~bcVeaVih[ŽgYZibdYZgcVk~a[~gYhhVb]~aaZi#@Vch`Zi_~cVgYZhdb
ZiihaV\h^aajhigVi^dcVkdX]bdi^ki^aaYZchkZch`V[da`]Zbh"dX]k~a"
[~gYhYgŽbbZc#9Zi\VbaV[Vii^\k€gYhhnhiZbZi[€gi_~cVhdbZiib€ii
e€k€giZ\ZihVb]~aaZhX^k^a^hVi^dcdX][gVb€ih`g^YVcYZ#7dgiVj`i^dcZ"
g^c\VgVkWVgciZgh^\^YV\dcZ`a^\Zchdbdb~ch`a^\idX]hig^YZgbdi
YZ^YZVadbWVgchWZ]VcYa^c\dX]jee[dhigVchdbk~miZ[gVbjcYZg
&.%%"iVaZi#Hdb[Žg[ViiVgcVi^aaWd`Zc=g_hgUa\YhYbgihaUf_Yfe€eZ"
`Vg! YgVbVi^hZgVh k~a[~gYhhiViZch jikZX`a^c\ ~kZc Vk hdX^Va[dgh`VgZ
d[iVhdbZc[gVb\€c\h]^hidg^VY~gbVciVghe_~gcbdiYZcÇ[VhVch[ja"
aV]^hidg^ZcÇ#*9Zi~gZce€b€c\Vh~iiegdWaZbVi^h`ji\€c\hejc`ihdb
`cVeeVhi[g~b_Vg`g^i^h`egŽkc^c\#Ç@dci^cj^iZiZgÇdX]a€c\Va^c_Zg~g
b^chia^`Vk^`i^\VViijeeb~g`hVbbVhdbWgdii^]^hidg^Zc#
JiVX`dgYZg^c\hhnhiZbZig^`iVghŽ`Vga_jhZie€ZcbnX`Zi\VbbVa
bZc [dgi[VgVcYZ V`ijZaa bdih~iic^c\ ^ YZc cdgY^h`V WVgcVk€gYZc!
c~ba^\ZcYZchdbYZccdgh`V[dgh`VgZcIdkZHiVc\9V]ah€ig~[[Vc"
YZ`VaaVibdih~iic^c\ZcbZaaVcÇWVgcZkZgcÇdX]ÇhVb[jcchkZgcÇ#+
>CdgYZc]Vg`dbbjcZgcVVaai^Y]V[iZchiVg`hi~aac^c\!dX]Vaai^Y
hZiih^\ik^c\VYZViieg^dg^iZgVbZaaVcda^`VWZ]dk#9~g[Žg]Vg[g€"
\VcdbYZi~gWVgcZch^cigZhhZcZaaZg`dbbjcZgcVhZ`dcdb^hdb
h`Vaah~iiVh^XZcigjbhi~cY^\iV`ijVa^hZgVih#K^a`V^cigZhhZchdba€\
WV`dbWdgiVj`i^dcZg^c\hhnhiZbZiWZ]ŽkZgbVck~a`cVeeVhiik^hiV
db#BZc~kZc^YV\`VcbVchi~aaV[g€\VcdbYZikZg`a^\Zc~gWVg"
cZch^cigZhhZchdbhi€g^[Žg\gjcYZc[ŽghVb]~aaZihVbW^i^dcZg#
'JMNFOTPNHVJEFPDIQVTTFMCJUJ
FGUFSGPSTLOJOHBSPNGBUUJHWlSEFO
;^abZcdb6mZa6cYZghhdc\ZgdhhZceZghdca^\^c\€c\i^aaYZi[Žg"
ÓjicVÄZiiVch^`iZdX]ZcgŽhihdb`VcWZg~iiV]jgYZikVg#BZY
]_~aeVkh€YVcVWZg~iiZahZg`Vck^]€aaVa^k^YZi`daaZ`i^kVb^ccZi
dX][g€cZiicnii]€aac~gbVdhhdX]egdWaZbVi^hZgVYgV\dX]^ccZ"
WdZcYZbdih~iic^c\Vg^YZccdgY^h`Vk~a[~gYhbdYZaaZc#;^abZc`Vc
]_~aeVi^aaVii[dgbVZcW^aYVkZceZg^dY^k€g]^hidg^Vhdb^ciZ~g
h~gh`^aiji[dgh`VYbZchdb~gk^`i^\Vii`Vgia~\\V#Hdb`~aabViZg^Va
]VgYZccV`dgiVÒabWZg~iiZahZcVijga^\ik^hhidgVWg^hiZg#9Zi~gZc
€aYgVYbVchdbWZg~iiVgdbh^cWVgcYdb!k^a`ZihVccda^`i^ccZW~g
Vii]Vcida`VidX]dbida`Vih^cVZg[VgZc]ZiZgb€c\V\€c\Zg#;^abZc
~g`dgidX]^ciZgk_jVgZc\€g^ciZe€Y_jeZibZYYZ[g€\dghdb[g€c
ZchdX^VakZiZch`Vea^\hncejc`ih`jaaZ]VkVg^i^cigZhhVciVViiWZanhV#
K^YZiiVkWZhŽ`Zce€YZi^Y^\VgZ[dhiZg]ZbbZc]Žgk^i^aaZmZbeZa
[Ža_VcYZY^Vad\bZaaVc^ciZgk_jVgZcdX]6mZa/
Ä?V]V!]VYZY^b€c\VWVgc4
ÄCZ_Y^]VYZWVgVZcYdiZg!]dc]ZiiZ6YV!]dckVg\^[i^@~ggWn
dX]ed_`Zc]Vc[ŽYYZhc~g_V\kVgY~g#
Ä?V!YZikZi_V\kZbYZi~gY€#
ÄKZc[g^Y#
Ä?V!KZc[g^Y#=VcWdgk~a`kVgY~gjiZ~c4
Ä?V#
Ä?V!YZikVgk~ag~iih€WgVY~g`Vch`Z4
Ä?V]V!YZikVgYZik~a#
K^[Vcc\Vch`VhcVgiViiYZidX`h€[VcchZcVccVcdX][~g\hiVg`VgZ
WZg~iiZahZ db ]jg 6mZa 6cYZghhdc h€aYZh e€ Vj`i^dc# 9Zi ]VcYaVg
dbZiigZedgiV\Z^5ZhcbV`UXYhZiieVg€g^ccVcÒabZc\_dgYZh#=~g
[gVbhi~aahhdX`ZckVcYg^c\VgcVYgVbVi^h`idX]`~chadb~hh^\idX]^
cZ\Vi^kYV\Zg#GZedgiV\Zi[Ža_ZgYZcbdYZgcVbVhhbZY^ZYgVbVijg"
\^ Y~g _djgcVa^hiZc k^aa YgVbVi^hZgV dX] WZgŽgV ji^[g€c Zc Zch`^aY
eZghdcha^k!k^a`Zi^ciZb^chi[gVb\€gVk^c\gZhhZc/
C~g_V\kVg+€gh€aYZh_V\[Žg(&`gdcdg###
=VckVghZm€g#=Vcan[iZhjeee€ZiiWdgY#=VchncVYZhdbhdg\h[jaaiVk
b~ccZc`g^c\WdgYZi#KZbk^aaZ`ŽeV]dcdb46mZa6cYZghhdc]VgkV"
g^ibZYdbYZchXZcZc&(\€c\Zg#=Vc[Vci^hZgVYZY€[Žgik^kaVidbVii
]Vc`jcYZ[ŽgkVcYaVh^\i^aaZc~c\Zahdb`jcYZaZ`VbZYhi_~gcdgcV#,
C~g_djgcVa^hiZcdX]6mZa^WŽg_VcVkVgi^`ZacWZhŽ`ZghdX`Zchij\Vc
iVg6mZajeec~hYj`ZcdX]idg`VgWdgic€\gVi€gVg!dX]ZchijcYhZ"
cVgZb€hiZ]VciVjeeh^cc~hYj`^\Zc#6iigZedgiV\ZihYgVbVijg\^
VchajiZgi^aak~a[~gYhhiViZch[gVb\€c\h]^hidg^V[gVb\€ginYa^\i^YZc
VkhajiVcYZWZh`g^kc^c\ZcVkÇ`dbbjcVaeVbeZcÇ6mZa6cYZghhdc/
ÇCj~gYZi`dbbjcVaeVbeZc'-€g^`dbbjcVac~bcYZc!-€g^
`ng`d[jaab~`i^\ZdX]-€g^`dbbjcVa[jaab~`i^\ZhdbiVaVg/ÉI^iiV
h€b€c\VZ\cV]Zbhdbk~mijee!WZjcYgV]jgk~a`a~YYVVaaV~g#9Zi
kVgZch€YVcjikZX`a^c\_V\YgŽbYZdbc~g_V\kVg^idc€gZc#BZc
^ciZVcVYZ_V\Vii_V\h_~akh`jaaZ[€jeeaZkVanX`daVcYZi#ÉÇ-
"SUJLFMPN"YFM"OEFSTTPOJ"GUPOCMBEFU
JCzSKBOBWUBMFU
BVc`VcYgV\Vch`Vda^`VhajihVihZgVkYZW€YVWZg~iiZahZgcVdX]YZ
h~\Zg[ŽgbdYa^\ZcdX`h€bZgdbYZci^YYZi^aa`dbb^ik^Y~cdbY€"
i^YZc#JiVcVii\€^ce€VaaV`~aa`g^i^h`VegdWaZb`Vck^`dchiViZgVVii
YZc]~gineZcVkYd`jbZci`cVeeVhi^h^\h_~akV`VcWZanhV[ŽgZiZZa"
hZg!h`ZYZcZaaZgY^aZbbVc^YZihdX^VaVVgWZiZih]^hidg^V!jiVck^b€hiZ
[ŽghŽ`V]^iiV`dbeaZiiZgVcYZbViZg^Va#HVbi^Y^\i\Zg`~aabViZg^Vadb
Zch`^aYVeZghdcZgha^khŽYZcb€c\V\dYV^c\€c\hejc`iZg[ŽghdX^VakZ"
iVgZ#;^abZcdb6mZa6cYZghhdc]Vg^ciZWVgVZiiVjiZci^X^iZihk~gYZ
hdb\Zgc~gkVgd`~chaVÄk^[€gbŽiVZcbVcbZY[ŽghiV]VcYhZg[VgZc"
]ZiZgdX]hZb^a_ŽZgcV]Vck~miZjee^#9Zck~X`ZgdX`h€[g€\dgdX]
^cW_jYZgi^aaZiiÓZgbZidYdad\^h`idX]ik~gkZiZch`Vea^\iVc\gZeehh~ii#
K^`Vc[ŽghŽ`Vh~iiVdhh^c^hdX`Zced_`ZchjeeaZkZahZgbZY]_~aeVk
VcYgVh_~akW^d\gVÒh`VdX]W^d\gVÒh`VYViV#HnhiZbZibZYWdgiVj`i^d"
cZg^c\`VcWZanhVhjg_jg^Y^h`dX]hdX^Vaeda^i^h`hnck^c`Za#DX][ŽgZc
VcVanhVkYZihVb]~aaZhdb6mZa6cYZghhdcaZkYZ^`Vck^iV]_~aeVk
YZ]^hidg^h`VVg`^kZcdX]Zicdad\^h`!`jaijg\Zd\gVÒh`dX]hdX^Va]^hid"
g^h`[dgh`c^c\#HdX^dad\Zgk^YJc^kZgh^ind[8]^XV\d!hZYZgbZgV`VaaVY
8]^XV\dh`daVc!jikZX`aVYZjcYZg&.'%"dX](%"iVaZcZca^`cVcYZbZ"
idY^` ^ h^cV hi^aW^aYVcYZ jgWVchdX^dad\^h`V jcYZghŽ`c^c\Vg#. ;Žg Vii
c€^ch^`idbhdX^VaVegdWaZbdX]b~cc^h`dghjeeaZkZahZgZ[iZghig~kV"
YZh[ŽghiV]VcYh`~aadgdX]Y^gZ`iZg[VgZc]ZiZgk^VdWhZgkVi^dcZg!^ciZg"
k_jZgdX]eZghdca^\VYd`jbZciVkda^`VhaV\i^aaZmZbeZaYV\WŽX`Zg
dX]WgZk#BZcbVcjicnii_VYZ~kZchiVi^hi^`dX]YZbd\gVÒh`V[V`"
iVdX]`~aadghdbbncY^\]ZihgZ\^hiZg!YV\hi^Yc^c\Vg!]^hidg^h`VVg`^k!
Ydbhidahegdid`daadX]V`iZg#=^hidg^ZhdX^dad\^h`VhijY^Zge€b^`gdc^"
k€Wgj`VgdX`h€d[iVajiVh^\bdida^`V`~aadgY~gbVc`Vc[Ža_VZch`^a"
YV^cY^k^YZgdX]Wn\\Ve€iZmiida`VcYZVcVanhbZidYZg#&%
K^a€iZgÒabZcdb6mZa6cYZghhdc[jc\ZgVhdbk€g\j^YZc~gk^
\€ge€_V`i^YZhkZch`VVg`^kZcdX]WZ\g~chVgdhhi^aaVii\ZZmZb"
eZae€]jgbVc`VcVck~cYVZcÒabhdbYZccV[ŽgVii\g~kVk^YVgZ#
9Zci^YheZg^dYk^[g~bhiWZ]VcYaVg~g&-%%"iVaZihh^hiVYZXZcc^jb!
YZi k^aa h~\V €gZc [Žg 6mZa 6cYZghhdch i^Y hdb hdX`Zced_`Z# Hdb
WVgc kVg ]Vc [Žg Vii Vck~cYV Òabh`VeVgZch iZgb^cdad\^ Zc ÇVj`"
i^dchkVgVÇ#:cVj`i^dc`g~kZg[ŽgjidbZckVgV!Zcdg\Vc^hZgVY[dgb
[Žgh_~akV[Žgg~iic^c\Zc!c~ba^\ZcZcVj`i^dc!hVbiZch~a_VgZdX]
Zc `ŽeVgZ# A€i dhh ji\€ [g€c YZccV ^cYZac^c\ dX] WŽg_V bZY Vj`"
i^dchkVgVc#
"YFM"OEFSTTPOTPNBVLUJPOTWBSB
KZbkVgZ\Zcia^\Zc6mZa6cYZghhdcdX]YZŽkg^\VWVgchdb[gVbi^aa
&.&-`jcYZVj`i^dcZgVhWdgii^aaVcYgV4;^abZc\Zgc~hiVc^c\VW^d"
\gVÒh`VYViVdb6mZa6cYZghhdc0k^[€g^ciZkZiVc~g]Vg[ŽYYZh!k^a"
`Zi€g]VcjiVX`dgYZgVYZh[ŽghiV\€c\Zc!kZb[Žg~aYgVgcVdX]bdg"
bdYZgckVgZaaZgi^Yejc`iZgcV[ŽgYZda^`V[dhiZg]ZbheaVXZg^c\VgcV#
K^[€gWVgVkZiVVii]Vc~g[ŽYY^KZcV^hajiZiVk&-%%"iVaZidX]Vii]Vc
kVghdX`ZcWVgck^Y[ŽggVhZ`Zah`^[iZi#<ZcdbÒabVg`^kZi^<g~c\Zh"
WZg\[€gk^cVbcZie€YZceZghdchdbÒabVidX]a~bcVi^cÒabZc#
K^`dciV`iVg]dcdbeZgiZaZ[dc[ŽgVii[€kZiVbZg!bZcYZi~gŽkZg
)%€ghZYVcÒabZc\_dgYZhdX]ÒabVgZc`dbbZg^ciZa~c\gZ^]€\h€
cd\V#>ciZ]ZaaZgeZghdcVae€[ŽghVba^c\h`Vcha^Zihdbi^Y^\VgZ]VYZ
]VcYdb`ng`dWd`[Žg^c\Zc!cjkVgVcYZ[da`Wd`[Žg^c\hbncY^\]ZiZa"
aZgAVcYhVg`^kZi^KVYhiZcV`Vc]_~aeVdhh^k€gVZ[iZg[dgh`c^c\Vgdb
k^ ^ciZ ]Vg ZmV`iV [ŽYZahZYViV ZaaZg jee\^[iZg db YZ [Vhi^\]ZiZg Y~g
6cYZghhdckVg^ih`g^kZc#E€KZcV[ŽghVba^c\[€gk^`dciV`ibZYZc
bZYVgWZiVgZhdbkVg^i^i_~chijcYZga€c\i^Y#=dc]~ck^hVgdhhi^aaZc
~aYgZad`Va]^hidg^h`i^cigZhhZgVYbVchdb~gk~a^c[dgbZgVYdbWn\"
YZch]^hidg^V#=Vc`dbbZgk~a^]€\6mZadX]k^aa\~gcV]_~aeVdhh#
9Zik^hVgh^\ZbZaaZgi^YViidX`h€]VchiŽiZge€eVigjaa#<VbaVWnWdg
`dbbZg^ciZ^]€\a~c\gZ#6mZa6cYZghhdchWVgc~gYŽYV#9ZiÒcchZc
hdc]jhigjhdb~g^a^kZi!bZc]dc`dbbZg^ciZ^]€\c€\gV[ŽYZahZYV"
iV#9~gZbdia~bcVg]dcŽkZgZcVgi^`Zadb6mZa6cYZghhdc[g€ci^Y"
c^c\Zc5ZhcbV`UXYhdX]WZg~iiVgVii]Vca^\\ZgWZ\gVkYe€AŽccZWZg\V
`ng`d\€gY#I^aahaji[€gk€gjee\^[iha~bcVgZh`^X`VZcWZ`VciViii^iiV
e€\gVkhiZcZce€AŽccZWZg\V`ng`d\€gYY~g6mZaa^\\ZgWZ\gVkY#=Vc
~g[ŽYY^[ZWgjVg^&--+dX]VkaZY^bV_&.,)#
BZYYZhhVjee\^[iZgWa^gYZia~iiVgZVii]^iiV^Vg`^kZcdX]`Vgi"
a~\\V6mZa6cYZghhdcha^k#AVcYhVg`^kZi^KVYhiZcV`Vc\Zcdb[Žg"
hVba^c\Zch[ŽYZahZ"dX]YdeWd`[Žg€gZc&--%Ä&-.)dX]\Zcdb]jh"
[Žg]Žgha~c\YZgcV[Žg€gZc&--&Ä&.%%`aVga~\\V[Žg]€aaVcYZcV#Bd"
YZgc kVg e^\Vc @Vgda^cV HdÒV ?d]VchYdiiZg! [ŽYY &-).# =dc ]VYZ
igZWVgc!VaaV[ŽYYVjidb~`iZch`VeZi#6mZah~aYgZhnhigVgkVg[ŽYYV
&-,,dX]&--%#9Zcnc\gZVkYZbVkaZYc~g]dckVghZm€g#BdYZgc
Yd\&-.'dX]YZc`kVgaZkVcYZhnhiZgcÒX`Y€Vchi~aac^c\hdbe^\V
^cdb[ŽghVba^c\Zc#
@dciV`iZcbZY[Vii^\k€gYZc`Vck^[Ža_V^=jai[gZYh`dbbjc"dX]
[ŽgZc^c\hVg`^k dX] ^ a^\\VgZc [Žg Ç>c`dbhiZg dX] ji\^[iZg [Žg =kZcV
`dbbjcÇÒcchjee\^[iZgdbji\^[iZgcVhdb`dbbjcZc]V[i[Žg6mZa!
]VchbdgdX]bdgbdghVbic~gdX]i^aakZb]VcWa^k^ijiVX`dgYZgVY#
K^[€gkZiVVii6mZa:gc[g^Y6cYZghhdc~gd~`iVhdci^aaZce^\V
dX] k^ [€g kZiV Vii ]dc kVg^i h_j`a^\# ;VYZgc ~g ]Zai [g€ckVgVcYZ ^
`dbbjcZch VciZX`c^c\Vg# C~g bdgbdYZgc WZ\~g ]_~ae Vk [Vii^\"
k€gYZci^aah^cYdiiZghdch[ŽghŽg_c^c\Z[iZgYZiViibdYZgcVka^Y^iWZ"
haŽihÇVii\dhhZch`jaaZjiVX`dgYZgVh^]ŽhiÇ!bZc^VkkV`iVce€YZiiV
ÒX`bdgbdYZgcZgh~iic^c\[ŽgViik€gYV]dcdb#K^YYZccVi^Y[Vcch
YZi^ciZc€\dcVaab~ceZch^dch[Žgh~`g^c\^HkZg^\ZdX]b€c\V~aYgZ
]VYZhidgVhk€g^\]ZiZgVii[ŽghŽg_Vh^\#
HVbbV€ghdbbdYZgcYd\&-.'cdiZgVYZhViiYZcÇd~`iV\dhhZc
6mZa,€gbdiid\h[Žgk€gYVk6aWZgiAVghhdc[Žg(%`gdcdgÇ#K^`Vc
hZYVc [Ža_V 6mZa ^ `dbbjcZgcVh g~`Zch`VeZg dX] hZ ]jg YZc €ga^\V
[dhiZgaZ\Vcb^ch`Vg^iV`ibZYVii]VcWa^g~aYgZ#BVcg~`cVYZcd\
bZYVii]Vc\ZcdbVgWZiZe€YZ\€gYVg]VckVgeaVXZgVYh`jaaZ`jccV
`dbeZchZgV[ŽgViiYZc`dbbjcVaVZgh~iic^c\Zcb^ch`VYZ#
E€YZiiVhiVY^jb^k€gVZ[iZg[dgh`c^c\Vgb€hiZk^hiVccVjeedX][g€"
\VdhhdbYZi~g[dgh`c^c\hZi^h`iVXXZeiVWZaiVii\ŽgVYZc]~gineZcVk
jcYZghŽ`c^c\VgVkcVbc\^kcVeZghdcZg#K^`Vch`Z\g~kZg[gVbjee\^["
iZghdbYZh_~akV^ciZ]VgkZaVi[ŽgVk^YVgZ#K^kZi_jdX`h€Vii6mZa6c"
YZghhdc]VgZ[iZgaZkVcYZ^a^kZiÄ]VckVgYZhhjidbc€\diVkZcd[[Zcia^\
eZghdc^Wn\YZcY~g]VcaZkYZ#HVbi^Y^\i~gYZc]~gineZcVkW^d\gVÒZg
k^`i^\VVii`Vgia~\\VdX]WZkVgV#K^Y[ŽggVhZ`Zah`^[iZikVgYZi[gVb[Ž"
gVaaihidghi~YZgcVha^WZgVaVhdX^VagZ[dgbVidgZghdb]ŽgYZh^YZWViiZcdb
[Vii^\k€gYZc#JcYZghiŽYiV\VgcVhZg[VgZc]ZiZgkZik^k~aY^\ia^iZdb#
9ZcW^aYVkÇVj`i^dchkVgVcÇhdbidcVg[gVb\Zcdb6mZahZ\Zc
WZg~iiZahZ dX] \Zcdb `dbbjcVg`^kZi ^ =jaih[gZY ~g \Vch`V hVb"
hi~bb^\ bZY i^aa\~c\a^\ [dgh`c^c\ db [dhiZgWVgc k^Y [ŽggV hZ`Za"
h`^[iZi#&&9Zi~g[g€\Vdb[Žg~aYgVaŽhVWVgcZaaZgWVgci^aa[Vii^\V!Zc"
hVbhi€ZcYZbŽYgVghdb^ciZ`jcYZiV]VcYdbYZb#9Z]VYZ^c\V
Vc]Žg^\V hdb `jcYZ hi~aaV jee dX] ]_~aeV i^aa bZY WVgcZch k€gY#
;ŽgbdYa^\ZckVghnhiZbZibZYWdgiVj`i^dcZg^c\VgkVca^\VgZ^aVc"
YZihb€c\Vhb€[Vii^\V`dbbjcZgÄKZcV~gZiih€YVciZmZbeZaÄ
~c^aVcYZihhidghi~YZgY~gYZi[VcchZiijiWn\\ihnhiZbbZYWVgc"
]Zb![dhiZgWVgchk€gYdX]ÒaVcigde^h`V]_~ae^chVihZg#
=jgiZYYZh^\Y€hdX`ZcWVgcZchh^ijVi^dcbdihajiZiVk&-%%"iV"
aZi4>Zc]ZbWn\YhWd`dbKZcVdX]=jaih[gZY]^iiVgk^ÇA^aa"6ccVh
aZkcVYhhV\VÇ#9Zch~\hkVgVWVhZgVYe€ZcWZg~iiZahZVk6ccV@Vgah"
hdc e€ €aYZgYdbh]ZbbZi ^ KZcV# =dc [ŽYYZh &-,.! YZi k^aa h~\V
c€\gV€g[ŽgZ6mZa6cYZghhdc!dX]kVgnc\hiVkc^dhnh`dc#K^[€g
WaVcYVccVikZiV[Ža_VcYZ/
C~g]dckVgik€€g\VbbVaYd\]ZccZh[Vg#BdYZgcb€hiZY€iVeaVih!
dX]WVgcZca~bcVYZhZchVbbV]ZbbV#>WaVcY\^X`YZi^aa7dYV!Y~g
bdgi_~cVYZdX]ÒX`a^iZbVi#;Žg]€aaVcYZcVkVghcVgih€YVcV!ViiYZ
hingVcYZ^hdX`cZcb€hiZ^c\g^eV#;Vii^\k€gYhhingZahZc]ŽaaVj`i^dc
e€ WVgcZc# 9Z h€aYZh i^aa YZc hdb W_ŽY b^chi# P###R 6aaV WVgc hdb
h`jaaZh~a_VhhVbaVYZh^]de^ZcÓdX`!Y~g]€\VYZheZ`jaVciZghncVYZ
YZbdX]g~`cVYZji]jgbnX`ZiVgWZiZYZ`jcYZji[ŽgV#P###RA^aa"
6ccVh€aYZh[Žghii^aaC^ahdX]HdÒ^?jccVge!Y~g]dckVgZii€g#K^Y
c~hiVVj`i^dch€aYZh]dci^aah`g~YYVgZcHkZc6j\jhidX]]Vch]jh"
igj^Cdgg]jai#9~gkVg]dc^€iiV€gdX]ÒX`[VgVbnX`Zi^aaV#Hign`
ÒX`]dcd[iV!bZcbVidX]`a~YZgkVgYZiY€a^\ibZY#=dc[Žg[gŽh
[ŽiiZgcV!h€]dcb€hiZkVgV^ccZZc]Zak^ciZg#>[ngV€gkVghZYVc
A^aa"6ccV^HidgV=jgkVjcYZg@adhiZg#=dckVgY€&*€g\VbbVa#
6ccV`dbhZYVci^aaHdacZ]jai^K^bbZgWnhdX`Zc#P###RHajia^\Zc
`dbA^aa"6ccVi^aa]ZbbVch~\VgZcBVgi^cHkZchhdc^yhigV]jai#
9~gkVgYZiWgV!h~\Zg]dc!dX]Y~ghiVccVYZ_V\^&,€g#&'
;ŽgViijcYZghŽ`VkVYVcYgVb~cc^h`dg]VgWZg~iiVidbVj`i^dch"
hnhiZbZi\^X`k^^\ZcdbjeeiZX`c^c\VgcV^[da`a^khVg`^kZi^AjcY#
JcYZg&.(%"!)%"dX]*%"iVaZciVhiZbVijeehedciVci^ÓZgVWZg~i"
iZahZg!^ciZWVgVVkbZYYZaVgZhdbh_~akVkVg^ijihViiV[ŽghnhiZbZi
jiVcdX`h€VkVcYgV`dbbjc^ck€cVgZ#
:c`k^ccV[ŽYY&-+-^K^aaVcYhK€c\V^H`€cZdX]hdbh_~akkVg^i
WdgiVj`i^dcZgVYbZYYZaVg[Ža_VcYZ[Žg[da`a^khVg`^kZihjeeiZX`cVgZ/
BZYYZaVgZch[Žg~aYgVgkVgd\^[iV!dX][VYZgck^aaZ^ciZkZiVVkbd"
YZgc#C~gbZYYZaVgZckVghZm€g!\Vk[VYZgcZchjbbVeZc\Vg€i
bdYZgcdX]h`^X`VYZ]ZccZi^aa9VcbVg`#HVbi^Y^\iYd\bdgbd"
YZgc!dX]bZYYZaVgZch€aYZhY€e€Vj`i^dci^aaYZcb^chiW_jYVcYZ!
hdbYZhhjidbÒX`jcYZg]€aaVk]ZccZh[VYZg#BZYYZaVgZckVg^€iiV
€g]dhYZchdb]VYZ`Žei]ZccZ#9~gÒX`]dc!h€a~c\ZY_jgZckVg
jiZ!kV`iV&'[€gdX]&+aVbb#HdbbVih~X`ÒX`]dcWgŽYdX]hdkZa!
dX][ŽgViiYgn\VjibViZc!\_dgYZ]dcjeeZaYVgjiZ^h`d\ZcdX]
hiZ`iZ~eeaZc#:[iZg]Zb`dbhiZc!e€`k~aaZc!b€hiZ]dcYZhhjidb
\ŽgVgZci]dhhk^cZc#BZYYZaVgZckVgY€€iiV€g\VbbVa#=ZccZh
h`da\€c\WaZkWg^hi[~aa^\!ZcYVhiigZkZX`dgkVg_Zk^ciZg#&(
>[da`a^khVg`^kZihjeeiZX`c^c\VgÒcchYZidX`h€WZg~iiZahZgdb]jg
k^hhVWVgc]VbcVYZ]dh]n\\a^\V[dhiZg[Žg~aYgVg#9ZiWZg~iiVhdX`h€
dbWVgchdb\_dgYZbdihi€cY\ZcdbViignbbVdX]hŽ`Vh^\]Zb
i^aah^cV[Vii^\Vha~`i^c\Vg#6mZa6cYZghhdcWZg~iiVg^gZedgiV\Zi^5Z!
hcbV`UXYh]jg]Vch~aYgZhnhiZg`dbi^aa]Vch]_~ae^YZi[ŽghiV[dhiZg"
]ZbbZiY~g]VckVg`Zc[€iibViZaaZg`a~YZg#=dc[ŽgYZ]dcdbi^aa
Zc`k^ccVhdb]dc`~cYZdX]Y~gÒX`]VchiVccVi^aahYZikVgYV\h
[Žgcn[Žgh~a_c^c\#
>[Vii^\k€gYZch]VcYa^c\Vg`dchiViZgVhVii6mZakVgjidb~`iZc"
h`Vea^\! Zii iZbV hdb €iZg`dbbZg ^ [da`a^khjeeiZX`c^c\VgcV# :c
[da`h`daa~gVgZ[ŽYY&---^K^hhZ[_~gYV^Hb€aVcYWZg~iiVgdb[Žg]€a"
aVcYZcV^]VchWVgcYdb/
9Z jidb~`iZch`Vea^\V WVgcZc kVg Vaai^Y dk~a`dbcV! kZb hdb ~c
kVg[Žg~aYZgi^aaYZb#BZc^hnccZg]ZikVgYZWVgcViiWZ`aV\V!hdb
[ŽYYZhVk[Vii^\VbŽYgVg#>ciZcd\bZYViiYZÒX`a^YVW€YZVk]jc\Zg
dX]`ŽaY!YZÒX`dX`h€jihi€h`VbdX]cZhVVk`VbgViZgdX]~kZc
kjmcV[Žgh^cWŽgY/]dgjc\Vg!ajYZgnc\ZakVgŽ`cVbc#D[iVkVgh€"
YVcVWVgcZiie€]~c\[ŽgYZ[Vii^\Vbdg[Žg~aYgVgcV!ZaaZgdX`h€WaZk
YZ Vk [Vii^\k€gYZc jiVX`dgYZgVYZ Çe€ WŽ_YZcÇ i^aa b^chiW_jYVcYZ#
=~gÒX`YZhZYVc^[dhiZg]ZbbZiha^iV]jcYe€VaaVh~ii!dX]c~gYZ
a~hih^\[gVb!kVgYZgVhadiiViii_~cVWŽcYZgZaaZgWa^hiViVgZe€Zc
]Zgg\€gY#P###R9ZhhVWVgcg~`cVYZh^ciZVccVi~chdbZcijc\V[Žg
bdYZgc![Žg]ZccZhVc]Žg^\VhVbi[Žg`dbbjcZc#&)
:c a^`cVcYZ W^aY Vk jihVii]Zi [gVbidcVg ^ Vgi^`Zac ^ 5ZhcbV`UXYh#&*
6mZa [gVbhi€g ]~g hdb W^iiZg ŽkZg h^ii aZkcVYhŽYZ/ ÇK^hhi [ŽgWVc"
cVYZ_V\b^iiŽYZhdb_V\Vaai^YinX`iZkVg]€gidX]dWa^ii#?V\`db"
bZg^]€\]jg_V\b€c\V\€c\Zg\g~ib^\i^aahŽbch#?V\]VYZ^c\Zc
ViiVc[Žgigdb^\€i!^c\Zchdb`jcYZigŽhiVb^\#?V\i~c`Zg~ccje€
bdgbdghkVa`^\V!bZcŽbbV]~cYZghdbhigŽ`b^ii]€g#>]ZccZ
]Vg_V\b^iiZcYVkVX`gVWVgcYdbhb^ccZ#Ç=Vc`dbbZgdX`h€^]€\
Vii ]Vc d[iV ÒX` h`jaYZc [Žg ed_`higZX` hdb ]Vch hinkhnh`dc ^ YZ
da^`V\€gYVgcV]^iiVYZe€/Ç9Zi]VghdX`Zced_`Zc6mZa\_dgi!hVVaaV
[Žg~aYgVgdX]WaZkigdYYV#9ZkVgZ\cVWVgc!_V\VccVchjc\Z###Ç
;dgh`VgZk^YIZbVWVgc^A^c`Že^c\]VgWZanhih^ijVi^dcZc[ŽgYZ
WVgc^WŽg_VcVk&.%%"iVaZihdbjee[dhigVYZhjiVc[Žg]ZbbZidX]
]Vg[ŽghŽ`iViiji\€[g€cWVgcZcheZgheZ`i^k#&+6ii^ciZ[€Wd`kVg^
h^ii[Žg~aYgV]ZbdX][ŽgÓniiVhi^aaVcYgVb^a_ŽZg~g^h^\h`g~bbVc"
YZ# D[iV [ŽghidY ^ciZ WVgcZc kVg[Žg YZ b€hiZ ÓniiV ]Zb^[g€c dX]
a~c\iVc i^aaWV`V i^aa [Žg~aYgV]ZbbZi ~g Zii €iZg`dbbVcYZ iZbV ^
[dgh`VgcVhWZh`g^kc^c\Vg#
K^Yi^YZc`g^c\[ŽggVhZ`Zah`^[iZiWŽg_VYZYZig^`iVhZcdb[ViiVc"
YZ`g^i^`bdi[Vii^\k€gYhaV\hi^[ic^c\ZcdX]]jgYZc]VciZgVYZhjiZ^
YZhb€[Vii^\V`dbbjcZgcV#:ca^\i]^hidg^`ZgcB^`VZaH_Ž\gZckVg
WdgiVj`i^dcZg^c\ i^aa a~\hiW_jYVcYZ YZi hdb jcYVciV\haŽhi Vch€\h
hdbbZhijeegŽgVcYZdX][ŽgcZYgVcYZ#&,
4ZTUFNFUNFECPSUBVLUJPOFSJOHBS
C~g6mZa6cYZghhdch€aYZhe€Vj`i^dc\~aaYZ&-,&€gh[Vii^\k€gYh[Žg"
dgYc^c\#9Zc]VYZZghVii[Vii^\k€gYh[ŽgdgYc^c\VgcV[g€c&-),dX]
&-*(dX]kVg~kZcbZYY€i^YVb€iib~iibnX`ZigZhig^`i^kbZY`aVgV
[Žgh~bg^c\Vg[Žg[Vii^\V^WZ]dkVk]_~ae#:cYVhiYZchdb\ZcdbVg"
WZihd[Žgb€\V^ciZ`jcYZ[ŽghŽg_Vh^\`jcYZ[€ÇcŽYidg[i^\ÇÄi^Y^"
\VgZiVaVYZhYZidbÇZg[dgYZga^\Ç[Vii^\k€gYdX][Vii^\k€gYhhingZa"
hZc]VYZg~iiVii`g~kV€iZgWZiVac^c\#@dbbjcZgcV`jcYZ^eg^cX^e
h_~akV k~a_V ]jg [Vii^\k€gYZc h`jaaZ dg\Vc^hZgVh# C€\dc WZhk~ghg~ii
[ŽgYZc[Vii^\Z[Vcch^ciZdX]^ciZ]ZaaZgc€\dchiVia^\`dcigdaaŽkZg
[Vii^\k€gYZc#9Zi^ccZWVgVii`dbbjcZgcV`jcYZVck~cYVZcgVY
jg€aYg^\V[Vii^\k€gYhiZ`c^`Zg#&-
IhUW_cfXYf]b[ ^ccZWVg Vii [Vii^\V a~bcVYZh [Žg [ŽghŽg_c^c\ ZaaZg
k€gY^VccVch]Zb#6iiWVgcjiVX`dgYZgVYZhk~X`iZ`Vch`Z^ciZh€hidg
jeeb~g`hVb]Zi! bZc Y~gZbdi WŽg_VYZ bVc ^[g€\Vh~iiV Vii [Vii^\V!
\VbaVjiVX`dgYZgVYZhi^aaeg^kVieZghdcZg^hi~aaZi[ŽgVii\Zh]_~ae^h^ii
Z\Zi]ZbZaaZgiVh^ce€€aYZgYdbh]Zb#>WŽg_VcVk&-.%"iVaZi[Vcch
YZie€`dbbjcZchWZ`dhicVYdb`g^c\(.%%%jiVX`dgYZgVYZeZghd"
cZg^HkZg^\Z#Jc\Z[~g'+%%%kVgWVgcZaaZgb^cYZg€g^\VdX]jc\Z"
[~g&(%%%kVg~aYgZeZghdcZg#&.5i_h]cbYf]b[kVgZiiVj`i^dch[Žg[VgVc"
YZ[ŽgVii[€jcYZghiŽYhiV\VgZ!W€YZWVgcdX]\VbaV!jiVX`dgYZgVYZ#
>YV\kZik^a^iZdb]jgYZiiVhnhiZb\^X`i^aa^egV`i^`ZcdX]k^kZi
^ciZ]ZaaZg]jgkVca^\i[Žg[VgVcYZikVgZ[iZghdb€i\~gYZc^ciZgZ\^hi"
gZgVYZh^YZcd[ÒX^ZaaVhiVi^hi^`ZcŽkZg[Vii^\k€gYZc#FchY[b[^ccZWVg
Vii[Vii^\VZca^\iZii[ŽgjiWZhi~bihX]ZbVkVcYgVYZgjcibZaaVcda^`V
\€gYVgY~gYZid\hdb]VcY#GdiZ\€c\Vck~cYZhhVccda^`i[g~bhi^YZ
[Vii^\VhiZ `dbbjcZgcV [Žg Vii jcYk^`V ^cVX`dgYZg^c\hVk\^[iZc dX]
jcYZghiŽYh[dgbZc kVg `g^c\ [ŽggV hZ`Zah`^[iZi e€ i^aaWV`V\€c\# ;Vi"
i^\k€gYZc]VYZYZhhjidb\igVcbXY!cW\a`gaUbgf}hhŽkZgjcYZghiŽYh"
iV\VgcVk^a`Zi^ccZWVgViiYZhdbWZ]ŽkYZ]_~ae^eg^cX^ekVgg~iihaŽhV
dX]ik^c\VYZhjcYZg`VhiVh^\YZcWZ]VcYa^c\hdb[Vii^\k€gYZckVa"
YZ#9Zi^ccZWVg![ŽgViiZcYVhiiVZiiZmZbeZa!Viihnh`dch`Vgdg`jcYZ
h`^c\gVhdX]]VbcV^da^`V[dhiZg]Zb~kZcdbYZh_~akVZaaZgYZgVhVc"
]Žg^\VinX`iZViiYZikdgZW~hiVii]€aaV^]deYZb^Zc[Vb^a_#
BVc`Vc`dchiViZgVViijiVX`dgYZg^c\Vg`jcYZh`Ze€da^`Vh~ii
dX]ViiVj`i^dch[Žg[VgVcYZi^ccZWVgZiihaV\hVcWjYh[Žg[VgVcYZY~g
`dbbjcZcVcid\YZia~\hiVVcWjYZi#>YZ]VcYa^c\Vghdbk^]Vg\€ii
^\Zcdb Vck~cYh da^`V jiignX` [Žg [Žg[VgVcYZi! i^aa ZmZbeZa ÇWdgi"
Vj`i^dcZg^c\Ç!ÇjiVX`dgYZg^c\e€hdX`cZcÇdX]ÇhdX`Zc\€c\Ç#
9ZiÒcchda^`Vjee[Viic^c\Vgdb]jgVj`i^dcZgcVZ\Zcia^\Zc\^X`
i^aa#A^`cVYZYZhhVVj`i^dcZgcVYZWdcYVj`i^dcZghdbk^a~hidb^6hi"
g^YA^cY\gZchWŽX`Zgdb:b^a^AŽccZWZg\VZaaZg]VcYaVYZYZidbZc
bZghajiZcegdXZYjg^`dbbjcVahi~bbVcZaaZgk^Y[Vii^\k€gYhhingZa"
hZchhVbbVcig~YZ4;dgbZgcV[Žg=VggnBVgi^chdchZ\ZcVj`i^dchdb
WVgcY^h`jiZgVYZh^hVbWVcYbZYVii]VcÒX`cdWZaeg^hZi^a^iiZgVijg
&.,)#6k@VgaGV\cVg<^ZgdlhVc[ŽgVcYZk^YcdWZa[ZhiZc`VcbVc[€
jee[Viic^c\ZcViiYZikVgZiiŽeeZiVj`i^dch[Žg[VgVcYZ/Ç9Zc[gVbi^Y!
hdbk~ciVYZYZcjc\Z=VggnBVgi^chdc!ŽeecVYZh^\[Žg]dcdb!c~g
]Vc k^Y hZm €gh €aYZg hdb h#`# hdX`ZcWVgc e€ Vj`i^dc VkniigVYZh i^aa
YZca~\hiW_jYVcYZ!Vaaih€i^aaYZchdbbdiYZcg^c\VhiZZgh~iic^c\Zcjg
`dbbjcZch`VhhV€id\h^\YZcŽkZg\^kcVed_`Zc#Ç'%
Dad[ AV\ZgXgVcio bZcVg dX`h€ ^ jeehVihZc Ç9Zc aZZcYZ Y^`iV"
gZcÇViiYZikVg[g€\VdbZcgZ\Zag~iiVj`i^dc/Ç9ZcWdcYZhdbid\
]dcdb[Žgb^chiV`dbbjcVaVZgh~iic^c\ÄbVcdgYcVYZk^YYZccV
i^YgZ\Zag~iiVVj`i^dcZge€hdX`ZcWVgcÄÒX`]dcdb#Ç'&BZcHdc_V
:g[jgi]hdb[dgh`VidbkZg`a^\]ZihjcYZgaV\Zii^aaBVgi^chdchh_~ak"
W^d\gVÒh`VgdbVc!bZcVgVii[ŽgZhi~aac^c\ZcdbgZ\Zag~iiV[Vii^\"
Vj`i^dcZg `Vc Wn\\V e€ [da`a^\V bniZg#'' =ZccZh Z[iZg[dgh`c^c\Vg
\Zg^c\ZihiŽY[ŽgViibVch€aYZ[dhiZgWVgc^?~bh]Ž\&.&'!YZikVg^h"
i~aaZi`dbbjcVac~bcYZchdb]VYZ]VcYdbjiVX`dgYZg^c\Zc~kZc
dbYZih`ZYYZi^aaa~\hiW_jYVcYZ#
>[da`a^khVg`^kZihjeeiZX`c^c\VgÒcchÓZgVWZg~iiZahZgdb]jgVj`"
i^dcZgcV\^X`i^aa#:c`k^ccV[ŽYY&-+(WZg~iiVg/Ç?V\`dbbZg^]€\
[g€cb^cWVgcYdbViiY~gkVgVj`i^dce€[da`#?V\kVgbZYdX]h€\e€
Zc\€c\!_V\`jcYZkVgV&%Ä&'€g#6aYg^\k^aaZ_V\[Ža_VbZYÓZg\€c\Zg#
9Z\g~idX]hkdg#9Zhdb]VYZYZiWgV!k^aaZ_jkVgV`kVg#Ç'(9Zci^Y^"
\VgZc~bcYZ[da`h`daa~gVgZc[g€cK^hhZ[_~gYV[ŽYY&---WZg~iiVg/Ç:ii
W^aa^\ih~iiViih`V[[Vh^\VgWZih`gV[ii^aa\€gYZcegV`i^hZgVYZhVkZcYZa
WŽcYZg!YZ[dgjii^aahi~bbVc!Y€YZiVj`i^dcZgVYZhjii^aa[Žgh~a_c^c\
WVgcdX]\VbaVhdb`dbb^ie€ÇhdX`cZcÇ#:cYZaVkYZhhVÉ]nged_"
`VgÉ!ÉY~`dgÉ!É\jWWVgdX]`~gg^c\VgÉÒX`YZidZg]Žgihk€gi#Ç')
;aZgV Vk WZg~iiZahZgcV eZ`Vg e€ Vii YZi kVg Zii [Žg[VgVcYZ ^c[Žg
`dbbjcVahi~bbVcZaaZg[Vii^\k€gYhhingZahZc!bZcegdXZYjgZc`Vc
]VkVg^ZgVibZaaVcda^`V`dbbjcZg#7€YZVkWZg~iiZahZgcV^ÒabZc
db6mZa6cYZghhdcdX]^5ZhcbV`UXYh`VcbVcYgVhajihVihZcViiYZi
]VcYaVgdbZiihi~bbd[Žg[VgVcYZY~g6mZah_~akÒX`c~gkVgV/
=Vc[gVbbVcVgW^aYZcVkZc\g€bjaZc]ŽhiYV\&-.'#=VckVghZm
€gY€#=Vcan[iZhjeee€WdgYZiWV`dbk^a`Zi:g^`EZiiZghhdc!hidg"
WdcYZ dX] dgY[ŽgVcYZ ^ hi~bbVc egZh^YZgVYZ! dX] WaZk dbhdg\h"
[jaaihncVYVkZchVba^c\`VgaVghdb`dbb^iY^i[ŽgVii[ViiVhdX`"
cZchWZhaji#Ä9Zc]~ged_`Zc!6mZa!`VcWa^ZcWgVYg~c\!hVYZc
#BSOCPLTJMMVTUSBUJPOFSBWCPSU
BVLUJPOFSJOHBWCBSO)jNUBEFVS
CPLFO7BEHFSOJGzS+PIBO BW
3VOFS+POTTPO
5FDLOJOHBS
BW&SJD1BMNRVJTU
kVYbVah`a~YYZVj`i^dc^hiZcdX]k~Y_VYZi^aa[ŽghVba^c\ZcVii^ciZ
`g~kV[ŽgbnX`ZieZc\VgVk`dbbjcZc[ŽgVii\Z]dcdbbVidX]
`a~YZgjcYZgeZg^dYZc[gVbi^aac~hiV]Žhihi~bbV#Ä@dbbjcZch
Z`dcdb^~gVchig~c\YdX]k^]Vgb€c\V[Vii^\]_dc###
Ä;ŽghiV!VcYgV!igZY_ZdX]Ä(&`gdcdg@ajWWVchijYhVYZbdi
WdgYhh`^kVc#6mZa]VYZ[€iicnVhink[Žg~aYgVg#'*
>hajiZiVk&-%%"iVaZidX][gVbi^aa&.&-[ŽgYZh!^ciZb^chi[g€chd"
X^Vaa^WZgVai dX] ÒaVcigde^h`i ]€aa! Zc `VbeVc_ bdi &-,& €gh [Vii^\"
k€gYh[ŽgdgYc^c\dX]YZhh[Vii^\k€gYhiZ`c^`ZghdbVch€\h\VbbVa"
bdY^\VdX]`g~c`VcYZ[ŽgYZbhdbWaZkjihViiV#&.%+€g@dc\gZhh
[Žg[Vii^\k€gYdX][da`[Žgh~`g^c\^HidX`]dab~gZiiZmZbeZae€Zc
cVi^dcZaabVc^[ZhiVi^dc[ŽgZcgZ[dgbZg^c\Vk[Vii^\k€gYZc#'+>bd"
i^dcZg^g^`hYV\ZcWZ]VcYaVYZhb^hh[Žg]€aaVcYZc^cdb[Vii^\k€gYZc
hdbYZcd_~bcV[Vii^\k€gYhijc\Vc!Wg^hiZce€Z[[Z`i^k`dcigdaadX]
Vj`i^dch[Žg[VgVcYZi!kVg[Žgg^`hYV\ZcWZ\~gYZZcjigZYc^c\&.%*#',
4jMKBSFPDILzQBSF
9ZikVg[Vii^\k€gYhhingZahZgcVZaaZg`dbbjcVahi~bbVchdbhkVgV"
YZ[ŽgjiVX`dgYZg^c\ZcVkYZ[Vii^\V#Hdbe€eZ`Vihjee]ŽgYZ`db"
bjcZgcVhg~iiViih_~akVWZhi~bbV[Vii^\k€gYZch[dgbZg[Žghi&.&-
bZY Zc cn [Vii^\k€gYhaV\ hdb ^ccZWVg Vii WdgiVj`i^dcZg^c\ dX]
`g^c\\€c\[ŽgW_ŽYhdX]ViiWZ\gZeeZi]jhWdcYZg~ii[ŽghkVcc#
K^Y[ŽggVhZ`Zah`^[iZi]VYZHkZg^\Zdb`g^c\[Zbb^a_dcZg^ck€"
cVgZdX]db`g^c\,%egdXZciVkWZ[da`c^c\ZcWdYYZe€aVcYhWn\"
YZc# > aVcYZi [Vcch db`g^c\ '*%% `dbbjcZg0 YZ VaagV ÓZhiV kVg
aVcYhWn\Yh`dbbjcZg dX] b€c\V kVg bnX`Zi hb€# 9Zc e€\€ZcYZ
jgWVc^hZg^c\Zc ^ccZWVg Zii k~mVcYZ VciVa jiÓniic^c\h`dbbjcZg
bZYb€c\V€aYg^c\VgdX]hidgV`dhicVYZg[Žg[Vii^\k€gYZc#JcYZg
hajiZi Vk &--%"iVaZi ]VYZ @VabVg dX] K~gbaVcYh a~c hiŽghi VcYZa
[Vii^\k€gYhjcYZghiŽYhiV\VgZ^]ZaVHkZg^\Z#'-;Vii^\k€gYZcÒcVch^Z"
gVYZhbZYad`VaVh`ViiZgdX][Žgb€c\Vhb€`dbbjcZge€aVcYhWn\"
YZckVg[Vii^\k€gYhji\^[iZgcVWZijc\VcYZ#BVc[ŽghŽ`iZe€VaaVh~ii
Vii]€aaVcZgZ`dhicVYZgcV#9ZigZhiZhdX`h€`gVke€hiVia^\V^chVihZg
[ŽgViiji_~bcVZaaZgb^ch`V`dhicVYZgcV#H^ijVi^dcZc^aajhigZgVh^
Zcg^`hYV\hh`g^kZahZ€g&.%*Y~gYZi]ZiiZViiÇ^€ih`^aa^\VdgiZgidgYZ
[Vii^\k€gYhijc\VckVgVgZciVkda^Ya^\iignX`VcYZ#Ç'.
K^Y^c\€c\Zci^aa&-.']VYZKZcV)%&%^ck€cVgZdX]kVgZcgZaV"
i^kihidg`dbbjcdbbVc_~b[ŽgbZYŽkg^\VaVcYh`dbbjcZg^@Va"
bVga~c#(%@dbbjcZckVg^cYZaVY^&,[Vii^\k€gYhgdiVgdX]]VYZZii
[Vii^\]jh#HVbbVcaV\i]VYZ`dbbjcZc&+([Vii^\k€gYhjcYZghiŽYhiV"
\VgZk^a`Zia€\ŽkZg\Zcdbhc^iiZi[ŽgaVcYZih`dbbjcZg#6kYZhhVkVg
)&eZghdcZgjiVX`dgYZgVYZ#&-.*]VYZjcYZghiŽYhiV\VgcVhVciVahi^\^i
i^aa&.'eZghdcZgkVgVk)'kVgjiVX`dgYZgVYZ#&-..[VcchYZi&+([Vi"
i^\k€gYhiV\VgZdX]VciVaZijiVX`dgYZgVYZ]VYZh_jc`^ii^aa&'#
K^ kZi [Žgk€cVchk~gi a^iZ db `ŽeVgcV! ZaaZg YZ eZghdcZg ^ Žkg^\i
hdb id\ Zbdi jiVX`dgYZgVYZ WVgc# =~g h`jaaZ ÒabZc db 6mZa 6c"
YZghhdc`Vch`Z`jccV]_~aeVdhh/k^h`jaaZ`jccV[ŽghŽ`Vhe€gVjee
Vc]Žg^\Vi^aaYZcVbc\^kcV[dhiZg[Žg~aYgVghdbc~bch^ÒabZc[ŽgVii
[€kZiVbZg#:ca^\iEZg<jccVg:YZWVa`kVgYZikVca^\iViiÇZc[Vii^\
`ŽeZgZc[Vii^\Çk^a`Zi^ccZWVgVii`ŽeVgcVd[iVji\_dgYZhVkidgeVgZ
dX]VcYgV[Vii^\Vhdb]deeVYZhe€Viih_~akV[€Zc[ŽgW~iigVYh^ijV"
i^dc\Zcdb^cVX`dgYZg^c\hVk\^[iZc#(&>hVb]~aahYZWViiZck~X`iZh[g€"
\dgdb^cVX`dgYZg^c\hVk\^[iZcZaaZg[dhiZgaZ\Vc`jcYZi^aa[Žgh~`gVYZ
WZ]ŽkVcYZh`~a^\V[Žg]€aaVcYZc#:ca^`cVcYZYZWVii]Vg^k€gi^Y^W"
aVcY[Žgihdbb~cc^h`dghdb[ŽghŽ`ZgYgn\Vjih^cZ`dcdb^\Zcdb
ViiiV[dhiZgWVgcbdi[dhiZgaZ\dg#9ZiiV]VgWaVcYVccVi`g^i^hZgVihVk
[ŽgZc^c\ZcHijaZcWVgcYdbhdb[ŽgWVgcZchiVaVcdX]^WaVcYWZh`g^"
kZgkZg`hVb]ZiZchdbÇ[dhiZgWVgch^cYjhig^ÇdX]ÇhaVk]VcYZaÇ#
4MVUPSE
K^]Vg]~gk^hVi]jgZcÒabWZg~iiZahZdbZcegdWaZbVi^h`WVgcYdb
`Vck~X`Vk€gcnÒ`Zc]ZidX]Vck~cYVhhdbZcW^i^ZiiejhhZa[ŽgVii
[€Zc[jaaŽY^\VgZW^aYVkYZihnhiZbhdb[gVbi^aa&.&-Vck~cYZh[Žg
ViiVj`i^dcZgVji[Vii^\Vb~cc^h`dg#
>hdX^VakZiZch`Vea^\VVcVanhZg~gYZiVc\Za~\ZiViih~iiV^cZch`^aYV
^cY^k^YZgha^k^ZiiWgZYVgZhdX^VaihVbbVc]Vc\#ugi^dcYZcVdb`g^c\
[ŽggVhZ`Zah`^[iZikVge€b€c\Vh~iiZcWgnic^c\hi^YdX]hnhiZbZibZY
Vj`i^dcZgkVge€i^aaWV`V\€c\#7€YZVkWZ[da`c^c\heda^i^h`Vh`~adX]
Vkh`~ahdb]VYZVii\ŽgVbZY^cYjhig^Va^hbZchjikZX`a^c\!Zc\V\ZgV"
YZh^\b€c\V^hVb]~aahYZWViiZc[ŽgWVgcZchk^aa`dg#:iihidgi^cigZh"
hZk^hVYZhYZjidb~`iZch`Vea^\VWVgcZcdX]YZZchVbhi€ZcYZbŽY"
gVgcV#;dhiZgWVgcZchhi~aac^c\jeeb~g`hVbbVYZh^[dhiZgWVgch`db"
b^ii‚ch[ŽghaV\hdbWaZkaV\&.%'#&.%'€ghaV\db[dhiZgWVgchk€gY
^ccZWVgk^hhgZ\aZg^c\VkkZg`hVb]ZiZcdX][Vii^\k€gYZcWaZkcjh`na"
Y^\ViiW~iigZ`dcigdaaZgVYZ]ZbhdbVck~cYZhhdb[dhiZg]Zb#9Zi
`db YdX`hi~cY^\V`aV\db€ae€ViikZg`hVb]ZiZc[jc\ZgVYZY€a^\i
dX]Vii`dbbjcZgcV^ciZji[ŽgYZh^c`dcigdaa#
HVb]~aahYZWViiZc€iZgheZ\aVYZVbW^i^dcZghdb[Žgb€c\VkVgVk"
a~\hcV#C~gWVgcZchh^ijVi^dc^hVb]~aaZiY^h`jiZgVYZh]~ck^hVYZhYZi
d[iVi^aahidghi~YZgcV#9ZikVg]~gegZhhZc[VcchdX]YZikVg]~gÒaVc"
igdeZgdX]g~YYc^c\hgŽgZahZ]VYZh^chiVg`Vhi~aac^c\#@gVkZce€[Žg"
W~iig^c\Vghi~aaYZhVkZcjgWVcdX]W^aYVYbZYZa`aVhh#7Vgchdb6mZa!
hdbWdYYZ^hb€[Vii^\VaVcYhdgih`dbbjcZgdX]kVg]~ck^hVYZi^aa
[Vii^\k€gYZch]_~ae!b~g`iZ^ciZh€bnX`ZiVkYZidX]^ciZb^chiY~g[Žg
~gYZik^`i^\iViianhhcVe€YZbhdbjeeaZkihnhiZbZi^c^[g€c#
9Zi ]Vg ]~ci bnX`Zi ^ HkZg^\Z e€ ]jcYgV €g# ;Vii^\k€gYhhkZg^\Z
]VgWa^k^iZiibdYZgcik~a[~gYhaVcY#;Žg]€aaVcYZcV[Žg[dhiZgWVgcZc
~gYdX`[dgi[VgVcYZegdWaZbVi^h`V!k^a`ZiWaVcYVccVi[gVb\€gVkHd"
X^VahingZahZchGcW]U`FUddcfh[g€c'%%+#('7dK^ccZga_jc\bZYÓZgV]Vg
k^hViViiWVgchdbk~mijee^[dhiZg]Zb[€gh~bgZjiW^aYc^c\~cWVgc
bZY a^`cVcYZ hdX^dZ`dcdb^h` WV`\gjcY hdb kjm^i jee ]ZbbV!
d[iVgZ [€g [ŽghŽg_c^c\hegdWaZb! ~g bZg WZc~\cV Vii WZ\€ h_~akbdgY
dX]\ŽgVh_~akbdgYh[ŽghŽ`dX]aŽeZghiŽggZg^h`[ŽgVaakVga^\ehn`^h`
d]~ahV^jc\V€g#:ce€\€ZcYZhiVia^\jigZYc^c\dbYZckVck€gYhdb
]Vg [ŽgZ`dbb^i ^ YZc hdX^VaV WVgcVk€gYZc \Zg dX`h€ WZa~\\ [Žg Vaa"
kVga^\Vb^hh[Žg]€aaVcYZc^[dhiZgWVgchk€gYZc#((;ŽgZYZiiV[dhiZgWVgc
]Vg WaVcY VccVi k^iicVi db ]jg YZ jihViih [Žg \gdkV ŽkZg\gZee dX]
b^hh]VcYZah€hZcihdbe€&.-%"iVaZi#DX]c~gk^k^hVYZÒabZcdb
6mZa6cYZghhdc[ŽgZcjc\bVchdbkVg^ibZYaZb^[ŽgZc^c\ZcHij"
aZcWVgcYdbWZgŽgYZYZc]dcdbhiVg`i#=VchVYZh^\`~ccV^\ZcYZi
bZhiV/]Vc]VYZdX`h€kVg^ieaVXZgVY^Ziii^diVada^`V[dhiZg]ZbdX]
]VYZdX`h€kVg^ibZYdbViiWa^ÇhncVYÇVkegZhjbi^kV[dhiZg[Žg~aYgVg
^ccVcYZWZhi~bYZh^\[ŽgdbYZk^aaZ]V]dcdb#@dbbjcZgcV`dc"
igdaaZgVYZ^ciZ[Žg]€aaVcYZcV^[dhiZg]ZbbZcdX]YZiZ`dcdb^h`Vji"
WniZikVg[dgi[VgVcYZZiihiVg`ibdi^k[Žgb€c\V[dhiZg[Žg~aYgVg#
BVc`Vccd\\Vch`Vh~`ZgiYgVhajihVihZcViiYZiÄY€hdbcjÄ
d[iV~gZch`g~bbVcYZjeeaZkZahZViiVkbncY^\]ZiheZghdcZgeaVXZ"
gVhjiVc[ŽgYZiZ\cV]ZbbZi#;gVb[ŽgVaaib€hiZ[dgh`VgZdX]bnc"
Y^\]ZiheZghdcZganhhcVe€[dhiZgWVgcZchZ\cVgŽhiZg#
/PUFS
&# HkZch`ÒabYViVWVh&)/&.#6XXcg&()$'%%+#
'# HZBVgi]VHVcYlVaa"7Zg\higŽb!?i``U!;i``Ud6`ca!
[fXYbHidX`]dab/7dcc^Zgh[ŽgaV\!&.,+#
(# Hdc_V:g[jgi]!<UffmAUfh]bgcbgVUfbXcagj}f`XHidX`"
]dab/7dcc^Zgh[ŽgaV\!&.-%#
)# =VggnBVgi^chdc!B}gg`cfbUV`caaUHidX`]dab/7dc"
c^Zgh[ŽgaV\!'%%)P&.(*R!h#)'#
*# BVih 7Žg_Zhhdc! :kV EVabWaVY dX] I]dbVh LV]a! =
g_hgUa\YhYbg ihaUf_Yf" 6Yf}hhY`gYf ca j}`Z}fXgghUhYbggc!
W]U`U cdh]_ HidX`]dab$HiZ]V\/ 7gjijh yhia^c\h 7d`"
[ŽgaV\Hnbedh^dc!'%%*#
+# IdkZHiVc\9V]a!6UfbYjYfbc[gUaZibbgjYfb.caghUh j]hYbg_Udc[dfcZYg^cbYfibXYfVUfbYjYfbYhgcdd_cagh]Bcf!
[YDhad/EVm!&..'#
,# <jccVgGdhZaa!ÇH€aY&(\€c\ZgÄEg^hbZaaVc&%dX]
(& `gÇ! 5ZhcbV`UXYh &.+&# K^ ]Vg [€ii Zc `de^V Vk Vg"
i^`ZacVk6mZa6cYZghhdchhdc]jhigj#IgdihVchig~c\"
c^c\Vg]VgYVijb^ciZ`jccVi[Vhihi~aaVh#
-# >W^Y#
.# DhXVg6cYZghhdc!7\]WU[cg_c`UbgifVUbgcW]c`c[].Zcfg_U!
fYcW\]XYfBVabŽ/w\Va^i‚!'%%,#
&%#Ja[ 9gj\\Z dX] BVih ?d]Vchhdc! <]ghcf]g_ gcW]c`c[]
AjcY/HijYZcia^iiZgVijg!&..+#
&&#HZi^aaZmZbeZa?d]VccVH`ŽaY!:cghYfVUfbg]bXighf]Y``Yf
a}bb]g_c_}f`Y_ 9^hh# HidX`]dabh jc^kZgh^iZi/ :`d"
cdb^h`"]^hidg^h`V^chi^iji^dcZc!'%%+#
&'#6cYZgh@cjio!<YaVm[XgVc_"9bVc_caJYbUcW\<i`hg!
ZfYXK^bbZgWn/K^bbZgWnhI^Yc^c\hIgnX`Zg^!&.+%
h#,.[#
&(#;da`a^khVg`^kZi^AjcY!B&'%(-&"*#
&)#;da`a^khVg`^kZi^AjcY!B&(*&&+/&*#
&*#GdhZaa!VV#
&+#HZi^aaZmZbeZaBVg^VHjcY`k^hi!8YjUbUfhUXYVUfbYb"
AhYhaY``UbVUfb Zf}`XfUfcW\Bcff_d]b[gVUfbUjfXg!
b}abX%-$'Ã%-&)!9^hh#A^c`Že^c\/=_Zabh!&..)#
&,#B^`VZaH_Ž\gZc!:Uhh][jfXcW\Zc`_iddZcghfUb"@]VYfU`ZUh!
h][jfXgdc`]h]_%-$'Ã%-%,HidX`]dab/8Vgahhdch!&..,#
&-#EZg<jccVg:YZWVa`!ÇuaYg^c\VgcVdX][Vii^\k€gYZc^
WŽg_VcVk&.%%"iVaZiÇ!@][[Uh]```Ugh":Uhh][XcacW\ihgUhh!
\Yh gcW]U`dc`]h]_ cW\ gcW]U`h UfVYhY ibXYf \ibXfU f" =Vch
Hl~gYdX]BVg^Z"6ccZ:\ZgŽgZY#BVabŽ/<aZZgjeh!
'%%+h#'&.Ä'('#EZg<jccVg:YZWVa`!Ç;da`eZch^dc
dX]€aYg^c\hk€gYÄdbhkZch`hdX^Vaeda^i^`&.%(Ä&.*%Ç!
GcW]U`jYhYbg_Ud`][H]Xg_f]Zh!cg#'"(!'%%(!h#&(&Ä&*%#
&.#?caaibYbgZUhh][jfXcW\ÑbUbgYf€gZc&-,)"&.&-#Jee"
\^[iZgcV ]~biVYZ [g€c Vkhc^iiZi Ç;Vii^\k€gYZc Ä jc"
YZghiŽYZihWZh`V[[Zc]ZiÇ!gZheZ`i^kZ€g#
'%#@VgaGV\cVg<^ZgdlhiVai^aaCdWZaeg^hiV\VgcV&.,)/
:nk^cY?d]chdcdX]=VggnBVgi^chdc#HkZch`V6`V"
YZb^c/HidX`]dab!&.,)#8^iViZi]~biVi[g€cHdc"
_V:g[jgi]!<UffmAUfh]bgcbcW\j}[YbihHidX`]dab/
7dcc^Zgh[ŽgaV\!&..&#
'&#Dad[AV\ZgXgVcio!Ç9ZcaZZcYZY^`iVgZcÇ!GjYbg_U@mf]!
_YfHidX`]dab/LV]ahigŽbL^YhigVcY!&.+&!h#-,#
''#Hdc_V:g[jgi]!<UffmAUfh]bgcbcW\j}[Ybih#
'(#;da`a^khVg`^kZi^AjcY!B&'/*"+#
')#;da`a^khVg`^kZi^AjcYB&)%.-/))#
'*#GdhZaa!VV#
'+#Hl~gYdX]:\ZgŽ!gZY#!VV#
',#G^`hYV\Zchh`g^kZahZ&.%*/&(&#
'-#8]g^hi^cV<Zg\Zg!8}fbXYbjUfgcaghfgh"9bghiX]YUj
ZUhh][Xca cW\ ZUhh][jfX ] Yb ga`}bXg_ `UbXgVm[XggcW_Yb
fYb%,')!%-%)"BZYYZaVcYZhZg^Z7-'!9^hh#HidX`]dabh
jc^kZgh^iZi/@jaijg\Zd\gVÒh`V^chi^iji^dcZc!&..'#
'.#G^`hYV\Zchh`g^kZahZ&.%*/&(&#
(%#?caaibYbgZUhh][jfXcW\ÑbUbgYf€gZc&-,)"&.&-#Jee"
\^[iZgcV ]~biVYZ [g€c Vkhc^iiZi Ç;Vii^\k€gYZc Ä jc"
YZghiŽYZihWZh`V[[Zc]ZiÇ#
(&#EZg<jccVg:YZWVa`!ÇuaYg^c\VgcVdX][Vii^\k€gYZc^
WŽg_VcVk&.%%"iVaZiÇ!h#'&.Ä'('#
('#HdX^VahingZahZc!GcW]U`FUddcfhHidX`]dab!'%%+#
((#HiViZchd[[Zcia^\VjigZYc^c\Vg!H'%%+/%*!IhfYXb]b[!
YbcajUbjfX]XYbgcW]U`UVUfbUjfXYb"8Y`fUddcfh%"
Fly UP