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ÅÅŊ ÀIËĮĢĜĢĖËĖĢÏÍ ĘF IËĮ ĨĔIĢĞËĖĢĨÍFĮŅ
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ŖŊ ĊĨİ IË ÍËIJJİËIFĽË ĘF IË ĪİFĮIJËĖĢÏÍÑ
SŊ ĊĨİ IË ĪIJİËIĢĘËĘ ĘF ĨĔĦFIJĨĮÑ
ŚŊ ĊĨİ IË ĪIJİËIĢĘËĘ ĘF ĮJĦFIJĨĮÑ
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ŞŊ ĊĨİ ĮFİ ĪJİËĮ Ĩ ÌĨĘËIFĮÑ
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4138-Texto del artículo-15805-1-10-20190626.pdf

  • 1. ĎĨĔİF IË ĖIËĮĢĜĢĖËĖĢÏÍ ĘF IËĮ ĨĔIĢĞËĖĢĨÍFĮ Ğ ! .*1* é  R G @ ; @ ; ;ONIL?M H;AIH;F?M Ä Â Ǽ ÅĊ Â Ĉ Ď Đ Â D Ǽ ÅC Ā Ċ D Ĉ Á Å > ^k c ] ` k l k nh]M kjpebe_e] R jeranoe`]`@]pÅhe_]`ah ManÇ+ MnkbaoknMnej_el]h `aL ^hec]_ekjao`ah]M kjpebe_e] R jeranoe`]`@]pÅhe_]`ah ManÇ+ Mnaoe`ajpa`ah]@ ki eoeÅjmqapq r k ]oq_]nckahBopq`ekuOareoeÅj`ah@ Å`eck@ereh `a .603)mq a` ek k nec a j ]h@ Å`eck@ereh`a .651+ Mkjajpa`ah Ie^nkSF ok^naL ^hec]_ekjao+ BtAa_]jk`ah] C]_qhp]``aA ana_dk`ah] Mkjpebe_e] R jeranoe`]` @]pÅhe_]`ah ManÇ+ J ej eopnk `aBop]`kaj h]_]npan]`aGqope_e] Paj]`knuMnaoe`ajpa`ah@ kjcnaok`ah]OalÇ^he_]+ Aa_]jk`ah@ khacek`a> ^kc]`ko`aIei] J ea i ^ nk `aK Çi ank`ah]>_]`ai e] Manq]j]`a Aana_dk+ B D ÅĈ À Ď Đ ÅǼ Ǽ Ĉ Ä D Â Ê D Â > ^ k c ] ` k lk nh] M kjpebe_e]R jeranoe`]` @]pÅhe_]`ah ManÇ+ J ]c~opanuA k _pk naj Aana_dk+ MnkbaoknMnej_el]h`aL ^hec]_ekjaou@ kjpn]pkoaj h] M kjpebe_e]R jeranoe`]`@]pÅhe_] `ah ManÇ)ajh]R jeranoe`]` Cai ajej]`ahP]cn]`k@kn]vÅju ajh] R jeranoe`]``aIei]+ J ea i ^ nk `aK Çi ank`ah]> _]`ai e] Manq]j]`a Aana_dk+ ĎÐB DÅĈŅ ÅŊ ÅÍIJİĨĘJĖĖĢÏÍŊ ÅÅŊ ÀIËĮĢĜĢĖËĖĢÏÍ ĘF IËĮ ĨĔIĢĞËĖĢĨÍFĮŅ ŘŊ ĊĨİ ĮJ ĜJFÍIJFÑ ŖŊ ĊĨİ IË ÍËIJJİËIFĽË ĘF IË ĪİFĮIJËĖĢÏÍÑ SŊ ĊĨİ IË ĪIJİËIĢĘËĘ ĘF ĨĔĦFIJĨĮÑ ŚŊ ĊĨİ IË ĪIJİËIĢĘËĘ ĘF ĮJĦFIJĨĮÑ ŜŊ ĊĨİ FĮIJËİ ĘFIJFİÌĢÍËĘË Ĩ ĮFİ ĘFIJFİÌĢÍËĔIF IË ĪİFĮIJËĖĢÏÍÑ ŠŊ ĊĨİ ĮJ ĢÍĘFĪFÍĘFÍĖĢËÑ ŞŊ ĊĨİ ĮFİ ĪJİËĮ Ĩ ÌĨĘËIFĮÑ ȘŊ ĊĨİ ËĞĨIJËİĮF ĢÍĮIJËÍIJĒÍFËÌFÍIJF ĖĨÍ FI ĖJÌĪIĢÌĢFÍIJĨ ĘF JÍË ĪİFĮIJËĖĢÏÍ Ĩ ĮFİ ĘJİËĘFİËĮÑ TŊ ĊĨİ ĮFİ ĨĔIĢĞËĖĢĨÍFĮ ĘF ÍËIJJİËIFĽË J ĨĔIĢĞËĖĢĨÍFĮ ÌĨÍFIJËİĢËĮÑ ŘŔŊ ĊĨİ ĮFİ ĨĔIĢĞËĖĢĨÍFĮ ĘF ÌFĘĢĨĮ Ĩ ĘF İFĮJIIJËĘĨÑ ŘŘŊ ĈĔIĢĞËĖĢĨÍFĮ ËÌĔJIËIJĨİĢËĮ Ĩ ĪİĨĪIJFİİFÌÑ ŘŖŊ ĊĨİĮJFLĢĞĢĔĢIĢĘËĘŊ O N Ò _q 'k nk ! 0 A ; 9 B E ;7 L L '- k L & ;7 L _q õ L + 2 /. -: R nk q+ fk %R J@ pj L Ö nk L N * nk L nk J@ 0 A nk ; 9 K __ " @ K Ø L " N P k ^ n a  h ] _ h ] o e b e _ ] _ e Å j  `a h ]o k ^ h e c ] _ e k j a o  0.4
  • 2. =@RK ? =PQ O ./3 O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei ] C) CHNLI>O==CëH Bo are`ajpa mqa ah Aana_dk Oki]jk d] nalan_qpe`krer]iajpaajahik`anjkAana_dk `aL^hec]_ekjao+ > h n a r eo ] n  hk o  p a t p k o  n k i ] j k o )  a o  b | _ ehi a j p a  _kilnk^]^ha mqa ahhko oa eje_e]j _kj h] pn]`e_ekj]h_h]oebe_]_eÅj`ah]ok^hec]_ekjaoaj _q]jpk]oqj]pqn]hav]ê`a_jm`) aj^`m`ui j i  a ^` m` ê)l]n]`ao]nnkhh]n)]l]npen`a]hh~)_kj i]uknkiajknlanba__eÅj)h]okpn]opnaocn]j`ao _]packn~]o`ah]ok^hec]_ekjaoaj_q]jpk]oqo ik`]he`]`ao)h]oieoi]omqaoq^oeopaj`aik`k qjerano]h7_kjfqjper]o)]hpanj]per]oub]_qhp]per]o8 `ereoe^haoaej`ereoe^hao8ui]j_kiqj]`]ou okhe`]ne]o+ Bjahlnaoajpapn]^]fk)nareo]naiko^naraiajpa aop]o_h]oebe_]_ekjaopn]`e_ekj]hao)lankp]i^e}j kpn]omqa oe ^eaj jk d]j oe`k]_kce`]o lkn ah @Å`eck @ereh lanq]jk) jk `af]j `a oan eilknp]jpao+ CC) =F;MC@C=;=CëH>?F;MI<FCA;=CIH?M ,) Jhkln_n^gm^) I]_]qo])ajoq oajpe`k`a _]qo]abe_eajpa ) _kjopepquah]bqajpa`ah]ok^hec]_ekjao+ >mq~ ah @Å`eck @ereh lanq]jk `a .651) ] `ebanaj_e]`ah@Å`eckbn]j_}o)uoecqeaj`kh] p}_je_]`ah@Å`eck@ereh ]hai|j)`ah @Å`eck Ca`an]hoqevk`ah]oL^hec]_ekjao)`ah@Å`eck @ereh^n]oehaÄk`a.6.3u`ahlnklek@Å`eck@ereh lanq]jk]jpanekn`ah]Äk .603)jkiaj_ekj] _q|haookjh]obqajpao`ah]ok^hec]_ekjao+Bopa aoqjpai]mqa`af]he^n]`k]h]`k_pnej]u]hko ejp}nlnapao+ @kjoe`an]ikomqaaopa_nepanekao]_anp]`k lknmqah]k^hec]_eÅjoÅhklqa`aai]j]n`ah] rkhqjp]`k`ah]hau+Kkol]na_a]npebe_e]h)uoej ran`]`ankoqopajpkfqn~`e_k)_kjpejq]nd]_eaj`k nabanaj_e])lknafailhk)]hko_q]oe_kjpn]pkok _q]oe`ahepko+ I]rkhqjp]`aobqajpa`ah]k^hec]_eÅj_q]j`k ahh] ]o~oa i]jebeaop]+ Mkn afailhk) aj qj _kjpn]pk`a_kiln]rajp] h] k^hec]_eÅj `ah raj`a`kn`apn]jobanenah^eajai]j]`aqj] i]jebaop]_eÅj`aoqrkhqjp]`u)]oqpqnjk)h] k^hec]_eÅj`ah_kiln]`kn`al]c]nqjlna_ek) p]i^e}j ai]j] `a ao] i]jebaop]_eÅj+ Bh _kjpn]pk`a`kj]_eÅjoqncalknmqaah`kj]jpa o a k ^ hec ] ) r k hq j p ] n e] i a j p a ) ]p n ] j o b a n en a j bk n i ]  cn]pqep]]h`kj]p]nekh]lnklea`]``aqj^eaj+ Bjh]lnkiao]qjeh]pan]h)ahlnkiepajpamqa`] k^hec]`k)lknoqokh]`a_h]n]_eÅj`arkhqjp]`)] _qilhenqj]`apaniej]`]lnaop]_eÅjajb]rkn`a kpn]lanokj]+Bjhkopaop]iajpko)mqeajkpknc] oqo`eolkoe_ekjao`aÇhpei]rkhqjp]`hk`a^a d]_anaolkjp|ja]iajpa)lankh]ok^hec]_ekjao mqaoacajan]j`aolq}o`ahb]hha_eieajpk`ah paop]`knk^a`a_aj ]`e_d]rkhqjp]`+Saiko lqao_Åik)ajpk`koaopko_]oko)aoh]rkhqjp]` h]bqajpa`ah]k^hec]_eÅj+ I]kpn]bqajpaaoh] hau+@q]j`kqj] lanokj] _]qo]qj`]Äk]kpn])lkn`khkklkn_qhl])k ia`e]jpah] qpehev]_eÅj`aqj ^eajneaockokk lahecnkok)klknahafan_e_ek`aqj]]_pere`]` neaocko] k lahecnko]) u mqa`] k^hec]`] ] ej`aijev]n)hkaop|lknmqa]o~hkkn`aj]h]hau+ Bo]hpeailkajmqaoaknecej]ah`]Äkmqaah re_pei]nekmqa`]k^hec]`k]nao]n_en]h]r~_pei]+ Mankaop]k^hec]_eÅj jkj]_a`ah]rkhqjp]`+ L^a`a_a]qji]j`]pkhac]h+Ikieoikk_qnna) lknafailhk)_q]j`kh]haukn`aj]mqaoa`a^]j ]heiajpkona_~lnk_]iajpahko_Åjuqcao) hko ]o_aj`eajpaou`ao_aj`eajpao)uhkodani]jko+ Bjaopko_]oko)_kjlnao_ej`aj_e]`ah]rkhqjp]`) ^]op]ahda_dk`ahi]pneikjek)`ah]onah]_ekjao `abehe]_eÅjk`ah]obn]panj]o)l]n]mqaateop]h] k^hec]_eÅjhac]h`alnaop]n]heiajpko+>mq~aj j]`]ejbhquah]rkhqjp]`+ Bjiq_dkokpnko_]oko)`ao`ahqack)lqa`aj lnaoajp]noaoeiqhp|ja]iajpa_kikbqajpao`a h]ok^hec]_ekjaoh]rkhqjp]`uh]hau+Mknafailhk) ajh]ok^hec]_ekjaomqaoqncaj`ah]ia`e]jan~]) aoare`ajpamqaejpanreajah]rkhqjp]`)l]n] _kjopnqen qj] l]na` ia`e]jan])lank hqack ao h] hau h] mqa aop]^ha_a h]ok^hec]_ekjao aiancajpao`a`e_d]ia`e]jan~]+Bjaopa_]ok) hkonki]jko]hq`~]j]h_q]oe_kjpn]pk+ Pecqeaj`k_kjahn]_ek_ejek)lk`n~]iko]cnac]n mqaajhkolnkleko_kjpn]pko}opkooa_aha^n]j 0.5 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K
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  • 4. =@RK ? =PQ O ./3 O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _ q hp] `  `a A a na _d k  `a h] R j er a no e` ] `  `a Iei] `aq`kn+I]afa_q_eÅjbknv]`] jkpeaja_]^e`] aj ah _qilheieajpk `a da_dko eji]pane]hao+ Mknafailhk)oeMa`nk_kjpn]p]]Gq]j)_]jp]jpa `ab]i])l]n]mqa]_pÇaajqj_kj_eanpk)uaopa ÇhpeikoanadÇo]]d]_anhk)ajpkj_aoMa`nkjk lk`n| afa_qp]nbknv]`]iajpah] k^hec]_eÅj+ Qaj`n|mqa_kjbkni]noa)lknoanqj]k^hec]_eÅj di op dop k ` mn j i ` )_kjatecenh] ej`aijev]_eÅj `a`]Äkoulanfqe_ekolknh]ejafa_q_eÅj`ah] k^hec]_eÅj+Pejai^]nck)oeahlejpknkao_qhpkn ]jpaoiaj_ekj]`k)_qilha_kjlejp]nah_q]`nk k_kjao_qhlenh]aop]pq])lanknadÇo]ajpnac]nh]) ajpkj_aoh]k^hec]_eÅj`ad]_anlk`n|afa_qp]n* oabknv]`]iajpa+Kkonabaneiko)`ao`ahqack)] h]ap]l]bej]h`ah]k^hec]_eÅj)lqaoj]`ealk`n~] atecenbknv]`]iajpa]h]npeop]lejp]nah_q]`nkk ao_qhlenh]aop]pq]+ I]ok^hec]_ekjao`a`]n)]oqpqnjk)oa_h]oebe_]j aj k^hec]_ekjao `a `]n ^eajao _eanpko u k^hec]_ekjao`a`]n ^eajaoej_eanpko + >oqrav)h]ok^hec]_ekjao`a`]n^eajaoej_eanpko oa_h]oebe_]jajh]bkni]oecqeajpa7 %]& L^hec]_ekjao`a`]nqj^eajej_eanpk`ajpnk `ahc}jankk`ah]aola_ea+ Pan~]ah_]ok)lknafailhk)`ah]k^hec]_eÅj `aajpnac]nqj_]^]hhk)kh]k^hec]_eÅj`aaj* pnac]nqj_]^]hhk`a_]nnan])kh]k^hec]_eÅj `aajpnac]nqj_]^]hhk`a_]nnan]j]_e`kaj ahManÇ)kh]k^hec]_eÅj`aajpnac]nqj_]^]* hhk`a_]nnan]j]_e`kajahManÇumqa_knnaaj ahEelÅ`nkik`aJkjpanne_k+Bjaopko_]oko `a^aln]_pe_]noaqj]aha__eÅj)^eajoa]lkn ah`aq`kn)lknah]_naa`kn)lknqjpan_ankk lknahfqav)oacÇjh]ojkni]olnareop]olknah @Å`eck@ereh+Mank)pn]p|j`koa`aqj]k^hec]* _eÅj`ac}jankk`aaola_ea)ah`aq`kn)]jpao `ah]ej`ere`q]hev]_eÅj`ah^eaj)jklk`n~] ateienoa`ah]ajpnac]ejrk_]j`kh]l}n`e`] oejoq_qhl]+M]n]ahhkpaj`n~]mqalana_an pk`kahc}jankkpk`]h]aola_ea+Mankaopkao iqueilnk^]^ha)ln|_pe_]iajpaeilkoe^ha+ V]hkonki]jko`a_~]j)ajaopaoajpe`k)mqa ahc}jankjqj_]lana_a+ %^& L^hec]_ekjao`a`]nqj^eajej_eanpkajpna ^eajao`apaniej]`ko+ Pkj h]o hh]i]`]ok^hec]_ekjao p i p h _` ^ ` modn + Bj aopa_]ok h] aha__eÅj oa `a^a ln]_pe_]n ajpna ^eajao `apaniej]`kok `apaniej]^hao+Mknahhk)oehqack`a_kj* pn]~`]h]k^hec]_eÅj)u]jpao`ah]aha__eÅj) pk`kolana_ajoej_qhl]`ah`aq`kn)}opa jkaonaolkjo]^ha+Pan~]ah_]ok)lknafai* lhk)`ah`aq`knmqaoak^hec]]ajpnac]n qjk`ahko_]^]hhko`aoqlnklea`]`mqa _knna aj ah EelÅ`nkik`a Jkjpanne_k+ Mankk_qnnamqaajpnaah `~] aj mqa oa _kjpn]ah]k^hec]_eÅjuah`~]ajmqa`a^a ln]_pe_]noah]aha__eÅj)qj]ale`aie]`a* paniej]mqapk`kohko_]^]hhkolanav_]j+ Bjaopa_]okjk d]^n~]mq}ahacen)lank ej`q`]^haiajpa ah `aq`kn jk paj`n~] naolkjo]^ehe`]`]hcqj]+ %_& L^hec]_ekjao`a`]n^eajao)naola_pk`ahko _q]haoateopajiq_dko)umqaokjbqjce^hao ajpnaahhko+ Pan~]ah_]ok)lknafailhk)`ak^hec]noa] ajpnac]n_eaj_]f]o`a_anrav]i]n_] K) `aqj]`k_aj]`a^kpahh]olkn_]f])u`a ^kpahh]o`aoapa_eajpko_ej_qajp]iehehepnko _]`]qj]+>mq~ah`aq`kn)]h]v]n)ajpnac] _q]haomqean]_eaj_]f]o)aj h] ia`e`]aj mqa_knnaolkj`]j]h]i]n_])_]jpe`]`u _kjpaje`kmqadq^eanaj oe`k]_kn`]`ko+ E]u)oej`q`])qj]aha__eÅjlknah`aq`kn+ Mankh]l]h]^n] aha__eÅj oaailha]ajaopa _]okajoajpe`krqhc]nujkfqn~`e_k)lknmqa ]h]_naa`knhaaoej`ebanajpamqaoapn]pa`a qj]o^kpahh]ok`akpn]o)ajh]ia`e`]aj mqanaÇj]jh]o_]n]_pan~ope_]olnareop]oaj ah_kjpn]pkuoaaj_qajpnajaj^qajaop]`k+ @]ok`ebanajpaoan~]oeah`aq`kn)oeilha* iajpa)]oqiah]k^hec]_eÅj `aajpnac]n _eaj_]f]o`a_anrav]+Bjaopa_]oko~_]^a qj]aha__eÅjajahoajpe`kfqn~`e_k`ah] l]h]^n]) lknmqad]u`eopejp]oi]n_]o`a _anrav])`ebanajpao_]he`]`ao)`eranoko_kj* paje`koaj_q]jpk]oqoajr]oao)ap_+ %`& L^hec]_ekjao`a`]noqi]o`a`ejank+ >mq~ d]u ej_anpe`qi^na naola_pk ] h] `ajkiej]_eÅjujqian]_eÅj`ahko^ehhapao 0/- 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K
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  • 8. =@RK ? =PQ O ./3 Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _q hp] `  `a A a na _d k  `a h] R j er a no e` ] `  `a Iei] h]`]o)oejk^]op]h]]lhe_]_eÅj`ahkolnej_eleko cajan]haook^nah]o_ko]olnej_el]haou]__aokne]o+ 2) Jhkl^kinkZlhfh]Ze^l) >mq~h]ok^hec]_ekjaooa_h]oebe_]j)`a]_qan`k _kjh]i]jan]_kik`a^aj_qilhenoa)ajlqn]o koeilhaouajoqfap]o]ik`]he`]`ao+ Pkjlqn]oh]ok^hec]_ekjao_kjpn]~`]ol]n]_qi* lhenoaajbkni]ejia`e]p]uqoq]h+Pkjik`]hao) _q]j`kahh]oaop|joqfap]o]_kj`e_eÅj)mqalqa* `aoanoqolajoer]knaokhqpkne])]lh]vkk]_]nck+ Mknoq l]npa)>hpaneje)>ia]huIÅlav@]^]j] _h]oebe_]j h]ok^hec]_ekjao)aj _q]jpk] oqo ik`]he`]`ao) aj lqn]o) aopkao _q]j`k oq _qilheieajpkjk`alaj`a`a_kj`e_eÅj]hcqj]) koa]_q]j`kh]ateopaj_e]`ah]k^hec]_eÅjjk aop}oqfap]]h]_]a_eieajpk`aqjda_dkbqpqnk aej_eanpk8]lh]vk)_q]j`kh]atece^ehe`]``ah] k^hec]_eÅjaop|oqla`ep]`]]h]_]a_eieajpk`a qjda_dkbqpqnku_eanpk8u_kj_]nckkik`k) _q]j`koaeilkjaqj]k^hec]_eÅj]__aokne]u at_al_ekj]h]h]`mqenajpa`aqj`ana_dk+ >`ranpeiko)oeilhaiajpa)mqaah@Å`eck@ereh lanq]jk`a.651pn]p]]h]oik`]he`]`ao`ajpnk `ahIe^nk`a>_pkGqn~`e_k+B h@Å`eckoanabeana) lknp]jpk)]h]oik`]he`]`ao`ah]_pkfqn~`e_k+Bj aop]i]pane])ahAana_dk`aL^hec]_ekjao`a^a lqaoejpanlnap]noa]h]hqv`aao]oik`]he`]`ao+ 3) JhkZ`hmZkl^bglmZgmxg^Zf^gm^hg^e nfiebfb^gmh]^ngZik^lmZb|ghl^k ]nkZ]^kZl) E]uk^hec]_ekjaomqaoa]ckp]j `a i]jan] ejop]jp|ja]_kjah_qilheieajpk`aqj]lnao* p]_eÅj8lknafailhk)oeajqj_kjpn]pk`a_ki* ln]rajp]oal]_p]h]ajpnac]ejia`e]p]`ah^eaj u`ahlna_ek)_kjah_qilheieajpk`aaop]o`ko lnaop]_ekjaooaatpejcqah]nah]_eÅjk^hec]pkne]+ Pkj`qn]`an]o)_q]j`kh]nah]_eÅjk^hec]_ekj]h `eo_qnna]pn]r}o`ahpeailk8lknafailhk)ajqj _kjpn]pk`a]nnaj`]ieajpk)ah]nnaj`]p]nekaop| k^hec]`k]l]c]n)iao]iao)h]najp]kian_a` _kj`q_per]) h] mqa oan~] qj] k^hec]_eÅj `a lnaop]_ekjaolaneÅ`e_]o+Peah`aq`knoak^hec] ]ajpnac]n]h]_naa`knqj]_]jpe`]``a_ko]o l]n_e]hiajpa)aj`eopejpkoikiajpko)`qn]jpa qj h]lok`apaniej]`k)oan~] qj]k^hec]_eÅj `qn]`an]+ >oqrav)h]ok^hec]_ekjao`qn]`an]olqa`aj oan`a`qn]_eÅj_kjpejq]`]8lknafailhk) h] Bilnao]`a>cq]oqiejeopn]lani]jajpaiajpa ahh~mqe`kahaiajpk]oqo_heajpao)oejokhq_eÅj `a _kjpejqe`]`) _kj h] k^hec]_eÅj `aaopko Çhpeiko`al]c]nlaneÅ`e_]iajpahkona_e^ko mqa_knnaolkj`]j+ >hpaneje)>ia]huIÅlav@]^]j]_h]oebe_]j]h]o k^hec]_ekjaolknahpeailk`a_qilheieajpk`ah] lnaop]_eÅj)ajk^hec]_ekjao`aafa_q_eÅjejia`e]* p]u`aatece^ehe`]``ebane`]+BjaopaÇhpeik_]okh] k^hec]_eÅjoaaj_qajpn]lkopanc]`]aj_q]jpk] oqatece^ehe`]`lknqjlh]vkeje_e]hlaj`eajpa)kaj _q]jpk]oqateopaj_e])lknqj]_kj`e_eÅjoqolaj* oer]p]i^e}jlaj`eajpa+Bj_]i^ek)aoejia`e]p] _q]j`koqoaba_pkojkoaaj_qajpn]jlkopanc]`ko lkn]hcqj]`a`e_d]oik`]he`]`ao+ Q]i^e}j lknahpeailk`a_qilheieajpk`a h]lnaop]_eÅj)h]o_h]oebe_]jajk^hec]_ekjao`a afa_q_eÅj Çje_])_q]j`kah_qilheieajpk oa aba_perev]`aqj]okh]rav)ajbkni]ejop]jp|ja]) uajk^hec]_ekjao`aafa_q_eÅjlani]jajpak `a`qn]_eÅj)_q]j`koalnkhkjc]jajahpeailk+ Bop]oÇhpei]o_kilnaj`ajh]o`aafa_q_eÅj_kj* pejq]`]uh]olaneÅ`e_]ok`a pn]_pkoq_aoerk + Je_dahaDeknce]jje2 oanabeana]qj]_h]oebe_]_eÅj `ah]ok^hec]_ekjaomqa`ajkiej] nah]_ekjao `ak^hec]_eÅj`qn]`an] + Mna_eo]mqaajaop]_h]oa`ak^hec]_ekjaooq`ao* ajrkhreieajpkjkoa]ckp]ajqj]okh]lnaop]* _eÅj)oejkmqaoqlkjaqjlan~k`ki|okiajko h]nck)lkn_q]jpkoq_kjpaje`keilhe_]k^eaj qj]_kj`q_p]`qn]`an] k^eaj h] na]hev]_eÅj `alnaop]_ekjaolaneÅ`e_]o+Manpaja_aj]aopa 2+ DFLODF>KKF)Je_daha+H K]gdb^dÄi+?]n_ahkj]7?ko_d@]o]B`epkne]h).625)ll+1. uoo+ 0/1 5KR O VK =Y Z K X R O T M  > GXUJO " ;GX O U 2G Y Z O R R U  5X K_X K
  • 9. cnqlk)ajoqklejeÅj)h]onah]_ekjao`a]nnaj`]* ieajpk)ahiqpqk)ah`alÅoepk)hko_kjpn]pko`a oqiejeopnk)ap_+@kjoe`an]mqaao`a_eoerkl]n] ah_]n|_pan`ah] nah]_eÅj`ak^hec]_eÅj`qn]* `an]mqaoad]u]l]_p]`k`ao`aqjlnej_elek h]ajpnac]`aqj]_]jpe`]`pkp]h%lknafailhk) _]n^Åjl]n]qok`ki}ope_k&)mqaoaajpnac]n| l]n_e]hiajpaaj`eopejpko ikiajpko+ Bjp]h _kjpn]pk_]na_aahpeailk`aejbhqaj_e]ok^naah _kjpaje`kuh]atpajoeÅj`ah]lnaop]_eÅj)ujk nalan_qpaoejkok^naahik`k`ad]_anh]+ Rj] nah]_eÅj`ak^hec]_eÅj`qn]`an])]cnac]) lqa`a_kjopepqenoalknqjpeailk`apaniej]`k) _kj_qukpn]jo_qnokoaatpejcqa8lanklqa`a p]i^e}jpaniej]noaia`e]jpa]_qan`klkopanekn klkn]_pkqjeh]pan]h%`aqj]`ah]ol]npao&)ao `a_en)]pn]r}o`aoqnaokhq_eÅj+ 4) Jhkl^kh[eb`Zbhg^l]^gZmnkZe^sZn h[eb`Zbhg^lfhg^mZkbZl) >mq~]`klp]ikoh]ejpanao]jpa_h]oebe_]_eÅj`a J]h]qneau>uj}o)mqeajao]beni]jmqa_q]j`k h]k^hec]_eÅj`aj]pqn]hav]oaej_qilhalkn`khk klkn_qhl]`ah`aq`kn)ahh]oapn]jobkni]aj qj]k^hec]_eÅjikjap]ne]+Bopkjkk_qnnaajah _]ok`ah]ok^hec]_ekjaoikjap]ne]o)ajh]omqa jkklan]p]hpn]jobkni]_eÅjuoÅhklnk_a`aoq afa_q_eÅjbknv]`]+ >cnac]jmqakpn]`ebanaj_e]eilknp]jpaajpna ]i^]o_h]oao`ak^hec]_eÅj)aop|`]`] lknoq ajreha_eieajpk)_q]j`koapn]p]`ah]ohh]i]`]o `aq`]o`ar]hkn +@q]j`kh]k^hec]_eÅjao`a j]pqn]hav])ao`a_en)_q]j`k`a^anaopepqenoaah r]hkn`aqj]lnaop]_eÅj)oa_]h_qh]ahmqapajc] ah`~]`ahl]ck)o]hrk`eolkoe_eÅjhac]h`ebanajpa kl]_pkaj_kjpn]nek)_kjbknia] hklnareopk lknah]np~_qhk ./03`ah @Å`eck@ereh+ Bj h]o k^hec]_ekjaoikjap]ne]ojkk_qnnahkieoik+B h ]_naa`kn)o]hrkl]_pkr]hkneop])jklk`n|atecen ah l]ck`aqj] `aq`]_kjpn]~`]aj ikja`] j]_ekj]h)ajikja`]`eopejp])jeaj_]jpe`]` `ebanajpa ]h ikjpk jkiej]h knecej]hiajpa l]_p]`k)oacÇjhk`eolqaopklknah]np~_qhk./01 `ahieoik@Å`eck+Bjaopa_]okaoah]_naa`kn ahmqaoklknp] h]`ar]hq]_eÅj`ah] ikja`] j]_ekj]h)uah`aq`knahmqa`a^an|oklknp]noq a rajpq]h nar]hq]_eÅj+ ,+) Jhkl^kh[eb`Zbhg^l]^f^]bhlh]^ k^lnemZ]h) Bop] _h]oebe_]_eÅj)oej `q`] ejpanao]jpa lank k^fap]^ha) aop| `ena_p]iajparej_qh]`] ] h] ejafa_q_eÅj`ah]k^hec]_eÅj+ Bjaop]i]pane]_kil]npeikohkatlnao]`klkn Bnjaopk@haiajpaT]u]n)3 mqeaj]beni]mqah] hh]i]`]k^hec]_eÅj `anaoqhp]`k ao]mq}hh]aj h]_q]hah`aq`kn]oqiaah`a^an`ana]hev]nqj] lnaop]_eÅjaola_~be_])aj_]iej]`]]hhkcnk`a qjnaoqhp]`k_kj_napk)`aoqanpamqaahejpan}o `ah]_naa`knmqa`]o]peoba_dk_kjh]k^paj_eÅj `aaoanaoqhp]`k+ >_an_] `a h] `ajkiej]`] k^hec]_eÅj `a ia`eko )`e_aah]qpknmqaao]mq}hh]ajh]_q]h ah`aq`knoÅhklnkiapaahailhak`ehecajpa`a ia`eko]lpkol]n] jkni]hiajpak^pajanqj naoqhp]`k+Bjaopa_]ok)ah`aq`kn_qilha_kj oÅhkailha]nhkoia`ekolnkiape`ko)]qjmqa jkoahkcnahk`aoa]`k+ T]u]njkaop|`a]_qan`k_kjaop]`eopej_eÅj) _kj^]oaaj_q]pnk]ncqiajpko+ PaÄ]h])aj lneianp}niejk)mqah]`eopej_eÅj ajpnak^hec]_ekjao `aia`eko u `anaoqhp]`k  aooÅhk]l]najpa+ Bjpnaqj]ukpn]_]packn~] jk d]u jejcqj] `ebanaj_e] kjpkhÅce_]) ao `a_en)`aaoaj_e]k`aj]pqn]hav]+Bj]mq}hh]o mqah]pn]`e_eÅjhh]i] `aia`eko aooeailna lkoe^had]hh]nqjnaoqhp]`k8aopkoa_kieajv] ] _kilnaj`an _q]j`k oa ]_alp] mqa aj pk`]k^hec]_eÅj d]u ia`eko uoalanoecqaj naoqhp]`ko + Bjoacqj`khqc]n]`reanpamqa]l]npen`ah] `eopej_eÅjajpnak^fapkulnaop]_eÅjoak^peaja ahoecqeajpaaomqai]7ah k^fapk`ah`ana_dk ) + DFLODF>KKF)Je_daha+HK]gdb^dÄi+?]n_ahkj]7?ko_d@]o]B`epkne]h).625)ll+1. uoo+ é W W ____ d d LL - / ÇĊǼĈÁČ Æ AĀǼÆ ǺÁČ @ ; * L G L @ ; L ; R G @ ; Q *j 5% q Q L Q ] Q0 @ ; k+ õ] Q 9 K Ď ! P N AUHX K RG I R G Y O L O I G I O d T  JK RGY U H R O M G I O U T K Y  0/2
  • 10. =@RK ? =PQ O ./3 Oareop] a ` ep] ` ]  lkn ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei] `ah ]_naa`knamqer]ha] qj naoqhp]`kmqa}h aolan] `a h] _kj`q_p]`ah`aq`kn)mqaaoah ia`ek lnk`q_pkn`a p]h naoqhp]`k+ Bj aopa oajpe`k) naoqhp]`k u ia`ek okj`koahaiajpko mqaaop|j hec]`ko~jpei]iajpa`ajpnk`ah] aopnq_pqn] `a pk`] nah]_eÅj `ak^hec]_eÅj8 _kjopepquajl]npa`aoqaoaj_e]+M k naok)]beni]n mqad]uk^hec]_ekjao`aia`eko)ajh]o_q]hao jk oa lnkiapa je oa `a^a qj naoqhp]`kao amq~rk_k8d]op]oalqa`a`a_enmqaaoann]`k+ Bmqer]ha]okopajanmqaaj_eanpkooqlqaopko ah `ana_dk`ah]_naa`kn_]na_a`ak^fapk+B h da_dk`amqaaj]hcqj]ok^hec]_ekjaoahia`ek %lnaop]_eÅj&]`mqean]oejcqh]neilknp]j_e])jk ]qpknev]]lnao_ej`en`ahnaoqhp]`k+ Iqack)ajpan_anhqc]n)T]u]noaÄ]h]mqahko ia`ekooeailna]peaj`aj]qjnaoqhp]`k+Bjh] k^hec]_eÅj hh]i]`] `aia`eko )h] lnaop]_eÅj êkoa])h]_kj`q_p]`a^e`]êlanoecqaoeailna qjnaoqhp]`k)mqajkaokpnkmqao]peob]_anah ejpan}o`ah]_naa`kn+B oejjac]^hamqaahhkcnk `ahnaoqhp]`kejpanao]p]i^e}j]h`aq`kn8oÅhk ]o~oaatlhe_]mqalkjc]pk`koqailaÄkaj k^pajanhk+M]n]ah_ep]`klnkbaokn)oan~]qjran* `]`ank`eoh]paoqlkjanmqamqeaj]`aq`]qj ia`ekjkoalnak_ql]lknhkcn]nqjnaoqhp]`k+ Vaj_q]npkuÇhpeikp}niejk)oaÄ]h]mqahkol]npe* `]neko`ah]_h]oebe_]_eÅj`aAaikcqajkd]jlk* `e`k`af]n`ana_kjk_anmqa]qjajh]k^hec]_eÅj `aia`ekoah]_naa`kn`aoa]o]peob]_anqjejpan}o `abejeperkkbejÇhpeik)l]n]hk_q]hjk^]op]h]okh] _kj`q_p]`ahk^hec]`k8oa`aoa]]hcki|omqa h]okh]_kj`q_p]7oa`aoa]k^pajanqjnaoqhp]`k `apaniej]`k+@kjaopana_kjk_eieajpk)h]pakn~] l]na_alan`anpk`]oqbqanv]+M]n]o]hr]nh])ao] `k_pnej]]beni]mqaahnaoqhp]`kkbejÇhpeikao ]ha]pknek+B h`aq`kn_qilhak^oanr]j`kh]_kj* `q_p]`a^e`]_kjlnq`aj_e]u`ehecaj_e]8jkoaha lqa`aatecenahhkcnk`ahnaoqhp]`k)lqaoaopkao ]ha]pknekklkpaj_e]h+ Aaoa]iko aba_pq]n ]hcqjko _kiajp]neko ]`e_ekj]haook^na h]pakn~] mqa`ere`a ] h]o k^hec]_ekjaoaj]mq}hh]omqaoan~]j `aia`eko  uh]omqaoan~]j `anaoqhp]`k + O]uiqj`k J+ P]hr]p atlnao] mqa aj h] k^hec]_eÅj`anaoqhp]`k)]_na`ep]`]h]ateopaj_e] `ah]k^hec]_eÅjuahpeailk`a_qilheieajpk) ah`aq`knaonaolkjo]^halknoqejafa_q_eÅjoe jkpn]ah]lnqa^]`ah_]okbknpqepkk`ah]bqanv] i]ukn+V]cnac]mqaajh]k^hec]_eÅj`aia`eko) _kikah`aq`knjklqa`alnkiapannaoqhp]`ko) oÅhk oan| naolkjo]^ha _q]j`k jk lnaop] h] `ehecaj_e]uah_qe`]`kmqah] j]pqn]hav]`ah _]okatec~]+ >i^ko atpnaiko) aj jqaopn] klejeÅj) okj annÅjako+P]hr]p]beni])ajlneianp}niejk)mqa ahnaolkjo]^ha`aqj]k^hec]_eÅj`anaoqhp]`k oÅhkoahe^an] lknah_]okbknpqepkkh]bqanv] i]ukn+ Bopko)_kjbknia]h ]np~_qhk .0.2 `ah @Å`eck@erehlanq]jk)okj_]qo]ojkeilqp]^hao) _kjoeopajpao aj arajpko atpn]kn`ej]neko) eilnareoe^haoa ennaoeope^hao)mqa eile`aj h] afa_q_eÅj`ah] k^hec]_eÅjk`apaniej]j oq _qilheieajpkl]n_e]h)p]n`~kk`aba_pqkok+ S]iko]lkjanahafailhk`aqj_kian_e]jpa aop]^ha_e`kajh]_eq`]``aIei])mqa]`mqeana ian_]`an~]o`a qj _kian_e]jpaaop]^ha_e`k ajh]_eq`]``aEq]j_]uk)eilknp]jpa_ajpnk `a]_pere`]`a_kjÅie_]q^e_]`kaj h]Peann] @ajpn]h `ah ManÇ)_kj h] k^hec]_eÅj `aaopa Çhpeik`aajpnac]nh]oah.2`aba^nank`ah]Äk /--5+Papn]p])oej`q`])`aqj]k^hec]_eÅj`a naoqhp]`k)lknmqah]lnaop]_eÅj)bej]hiajpa)aop| `aopej]`]]mqaah_kian_e]jpa`ah]_eq`]``a Iei]na_e^]h]oian_]`an~]oah`~].2`aba^nank `ah ]Äk /--5+ B h _kian_e]jpa`a Eq]j_]uk lnk_a`a_kj pk`] `ehecaj_e]uai^]n_] h]o ian_]`an~]o)ajqj_]ieÅj`aoqlnklea`]`)_kj 15dkn]o`a]jpe_el]_eÅj+Bhre]fa`aEq]j_]uk ] Iei] jk `qn]) n]vkj]^haiajpa) i|o `a k_dkk`eavdkn]o+Pejai^]nck)aobna_qajpa mqa`qn]jpahkoiaoao`ahran]jk lanq]jk) lnej_el]hiajpaajba^nank)oaknecejaj]hqrekjao êhh]i]`ko dq]e_ko ajjqaopnkhajcq]faj]perk %lanq]jeoikmqaoecjebe_] J]o] ajknia`a laÄ]omqah]ohhqre]opknnaj_e]hao`aolnaj`aj `ah]o]hpqn]o`ahko>j`aoumqa)]h _]anaj hkon~ko)k_]oekj]jah`ao^kn`]ieajpk`ah]o ]cq]o &êumqaahhkoejpannqil]jh]@]nnapan] @ajpn]h)mqaaoahia`ekqoq]hiajpaqpehev]`k l]n]pn]oh]`]nian_]`an~]o`aEq]j_]uk]Iei]+ Peah_]ieÅjoarak^hec]`k]`apajanoalknpnao k_q]pnk`~]o)_kjikperk`aqj]hqreÅj)_kik ]hcqj]ora_aok_qnna)are`ajpaiajpamqaah &%) 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K
  • 11. _kian_e]jpa`a Eq]j_]uk jk_qilhen| _kj ajpnac]nh]oian_]`an~]oah .2`aba^nank+Pej ai^]nck)d]^n~]k^n]`k_kjpk`]lnq`aj_e]u ` ehec a j _ e] + M anka opa  ] hq r eÅ j  j k _ k j o pepq en~] )aj klejeÅjjqaopn])qj_]okbknpqepkk`abqanv] i]ukn+B o)`ao`ahqack)qjarajpkennaoeope^ha) lknmqaah pn|joepk mqa`] ejpannqile`k) aj lhaj]_]nnapan])lknpnaok_q]pnk`~]o)lankao qj]_kjpa_eieajpk]hmqaoalqa`a_]hebe_]n`a kn`ej]neku`alnareoe^ha)lknmqaoqahak_qnnen ajao]}lk_]`ah]Äk+ Bjao]arajpq]he`]`jkoalnaoajp]n~]ah_]ok bknpqepkkbqanv]i]ukn]mqaoanabeanaP]hr]p) lank)oejai^]nck)jklk`n~]]pne^qenoanaolkj* o]^ehe`]`]hcqj]]h`aq`kn`ah]ian_]`an~])ah _kian_e]jpa`aEq]j_]uk)mqad]^n~]]_pq]`k `ehecajpaiajpa+Bopaafailhk`aiqaopn]mqa aooqbe_eajpa]_pq]n_kjh]`ehecaj_e]kn`ej]ne] namqane`])_kjbkniahkatecaah]np~_qhk .0.1 `ah@Å`eck@ereh)l]n]mqaah`aq`knjkoa] eilqp]^halknh]ejafa_q_eÅj`ah]k^hec]_eÅj) hh|iaoa`aia`ekok`anaoqhp]`k+ Bjh]k^hec]_eÅj`aia`eko)lknoql]npa)atlnao] P]hr]p)mqaah `aq`knoÅhkoan| naolkjo]^ha _q]j`kjk]_pÇa_kjh]`ehecaj_e]uah_qe`]`k mqah]j]pqn]hav]`ah_]okatec~]+Pqlkjc]iko mqa qj ]^kc]`koak^hecÅ] `abaj`an] oq _heajpa`al]h]^n]]jpah]@knpaPqlnai]`a h] OalÇ^he_])aopq`e]j`k lnare]iajpa)_kj pk`kneckn)ah_]ok]oq_]nck+Boa]^kc]`k)lkn jachecaj_e])hhac]p]n`a]hejbkniakn]huh]_]qo] aoreop]unaoqahp]ajoq]qoaj_e]+Pejai^]nck) ah b]hhk ao b]rkn]^ha ] oq _heajpa+ åAa mq} lk`n~]mqaf]noaah]_naa`kn<Bjaopa_]okdq^k `ao_qe`k)ej_qne])jachecaj_e])lankah`aq`kn jkpaj`n~] naolkjo]^ehe`]`]hcqj]+åBj mq} _kjoeopen~]jhko`]Äkoulanfqe_eko<E]op]p]hrav lk`n~]okopajanoamqaoeahejbknia`ah]^kc]`k dq^ean]oe`k`ao]_anp]`kd]^n~]ej`q_e`k]h] @knpa]naokhranajoajpe`k_kjpn]nek+ Mknkpn]l]npa)jkol]na_a]npebe_e]hh]`ebanaj_e] ajpnah]ok^hec]_ekjao`aia`ekouh]ok^hec]_ekjao `anaoqhp]`k+Bjh]ok^hec]_ekjao`aia`ekooa^qo* _]qjnaoqhp]`k+Vajh]ok^hec]_ekjao`anaoqhp]`k ateopa)ja_ao]ne]iajpa)qjia`ekl]n]_qilhenh]o+ Oa_kjk_aiko)oej`q`])mqah]`ehecaj_e]ajh]o lneian]olqa`aatecennamqeoepkoi|ooarankomqa ajh]ooacqj`]o)lankajpk`k_]okhkmqaoa^qo_] aoahbej)ah_qilheieajpk`ah]lnaop]_eÅj+ Aa^aiko]Ä]`en)lknÇhpeik)mqaah@Å`eck@ereh lanq]jkjkaba_pÇ]ao]`eopej_eÅjajjejcqjk `aoqolna_alpko)oejcqh]niajpaajhkonah]perko ]h]ejafa_q_eÅj`ah]ok^hec]_ekjao+I]hauajaop] i]pane]aopaniej]jpa+B h]np~_qhk.0/6`ah@Å`eck @erehaop]^ha_amqaoalnaoqiamqah]ejafa_q_eÅj `ah]k^hec]_eÅjkoq_qilheieajpkl]n_e]h)p]n`~k k`aba_pqkok)k^a`a_a]_qhl]hara`ah`aq`kn+B h @Å`eck]cnac])ajah]np~_qhk.00-)mqah]lnqa^] `ah`khkk`ah]_qhl]ejat_qo]^ha_knnaolkj`a]h lanfq`e_]`klknh]ejafa_q_eÅj`ah]k^hec]_eÅj)k lknoq_qilheieajpkl]n_e]h)p]n`~kk`aba_pqkok) aopkao)]h]_naa`kn+Bj_kjoa_qaj_e])oeah`aq`kn `aoa]he^an]noa`anaolkjo]^ehe`]``a^an|lnk^]n oq `ehecaj_e])pn|paoa`a qj] k^hec]_eÅj `a ia`ekok`anaoqhp]`k+V )]oqpqnjk)oeah]_naa`kn `aoa]]cn]r]nh] naolkjo]^ehe`]``ah `aq`kn) `a^an| lnk^]nah`khkkh]_qhl]ejat_qo]^ha) pn|paoap]i^e}j`aqj]k^hec]_eÅj`aia`ekok `anaoqhp]`k+ ,,) I[eb`Zbhg^lZf[neZmhkbZlhikhim^k k^f) Dqehhanik>+?kn`]4 oanabeana]h]ok^hec]_ekjao ]i^qh]pkne]okk mj k o` mm`h )]h]omqa]pne^quaqj] j]pqn]hav]aola_e]h)_qu]aopna_d]rej_qh]_eÅj] qj`ana_dkna]hhao`]qj]beokjki~]lnkle]+ Pqo_]n]_pan~ope_]oaoaj_e]hao)oaÄ]h]?kn`])okj h]ooecqeajpao7 ]& Q]jpkah ]_naa`kn_kik ah `aq`kn okj pepqh]nao`aqj`ana_dkna]h)oa]ok^nah] ieoi]_ko])oa]ok^na`ko_ko]ora_ej]o+ Mknaokd]lk`e`k`a_en>^ang]jamqah] k^hec]_eÅjk mj k o` m m`h qja]hkopepqh]nao `a`ko`ana_dkoner]hao8oanaoqahraaopa _kjbhe_pkejopepquaj`kajpnahko`ana_dko 4+ ?LOA>)Dqehhanik>+Pmo_j_`@`m`^cj?dqdg)L^hec]_ekjao+?qajko>enao7B`epkne]hMannkp) .653)L_p]r]B`e_eÅj ]_pq]hev]`])pkikF)ll+.3uoo+ i *), *,7 II II ÇĊǼĈÁČ Æ AĀǼÆ ǺÁČ nk Ö ;7 r L nk L ]e M k - *@ q ]e - . N L G ák Q 0 nk +( q b] QW ĎČ L 9 Ö ] o nk L @ I /. M+ nk Q 0 QW nk õ J n,e ;6 99 9 K ñP H Ō Ç N AUHX K RG I R G Y O L O I G I O d T JK RGY U H R O M G I O U T K Y 0/4
  • 12. =@RK ? =PQ O ./3 O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _ q hp] `  `a A a na _d k  `a h] R j er a no e` ] `  `a Iei] qj]_kateopaj_e]l]_~be_]uqjh j _ p n qdq`i* _ d]_alp]^ha+ ^& Mqaopkmqah]k^hec]_eÅjk mj k o` m m` h aop| oeailna rej_qh]`] ] qj `ana_dk na]h) oapn]joiepafqjpk _kj aoa `ana_dk+ Bh aj]faj]jpamqa`]he^an]`k`ah]k^hec]_eÅj mqa l]o] ]h ]`mqenajpa+ Mkn aok okj hh]i]`]ok^hec]_ekjao]i^qh]pkne]o+Lpn] _kjoa_qaj_e]`aaopa_]n|_panaomqaah `aq`knlqa`ahe^an]noa`aoqk^hec]_eÅj d]_eaj`k]^]j`kjk`ah]_ko]+ _& + I]k^hec]_eÅjk mj k o` m m` h aolnkle]iajpa qj]k^hec]_eÅjujkqj`ana_dkna]h)lknmqa ahoqfapkl]oerk`a^a`]n)d]_ankjkd]_an) ulknmqanaolkj`a`aoq_qilheieajpk_kj pk`koql]pneikjek+ Pad]`eo_qpe`koeh]k^hec]_eÅjmqalao]ok^naah lkoaa`kn`aqj]_]o]delkpa_]`]aok mj k o` m m`h + M]n]h]pakn~]_h|oe_])}opaan]lna_eo]iajpaah afailhkp~le_k7h]k^hec]_eÅj`anaolkj`anlao] ok^naahpan_anklkoaa`kn)_q]hmqean]mqaoa]8oa pn]joiepafqjpk_kjah`kiejek8aop|heiep]`]]h r]hkn`ah]_ko]+>hkmqaoad]nalhe_]`kmqah] Çje_]k^hec]_eÅj`ahpan_anklkoaa`knaoh]`a cq]n`]nqj]]_pepq`l]oer]8_qilha_kjhkmqa h]haule`a`a}h)heiep|j`koa]`af]nd]_an8jk aop|k^hec]`k_kjahnaopk`aoql]pneikjek+Bj oqi])h]haujkhkk^hec]]l]c]n)oejk]`af]nmqa ah]_naa`knoa_k^nad]_eaj`kafa_q_eÅj`aoq ^eaj8u]qjmqajkd]c]i]jebaop]_eÅjlkoeper] `a]^]j`kjk)ah]_naa`knjklqa`a`enecenoa _kjpn]oqokpnko^eajao+ Ih]i^~]o)5 _kjpejq]j`k_kjahpai])atlnao]mqa h]ok^hec]_ekjaok mj k o` m m` h _kjopepquaj qj] delÅpaoeoiquejpanao]jpa`aej`apaniej]_eÅj nah]per]`ahoqfapk)]_perkkl]oerk+Bhh]op]i^e}j okjhh]i]`]ok^hec]_ekjao]i^qh]pkne]o+ Pkopeaja Ih]i^~]o mqa aj neckn jk d]u ej* `apaniej]_eÅj `ah oqfapk)oejk]qoaj_e] `a oqej`ere`q]hev]_eÅj)lknmqaahhk`alaj`an| `ahikiajpk`ah]re`]u`ah]k^hec]_eÅjaj mqaoah]d]c]r]han+@ep]j`k]>hoej]>peajv]) `e_amqa ah_n}`epk`a`aq`]j]_a)oq^oeopak oaatpejcqa)fqjpk_kjh]nah]_eÅj`aoaÄkn~k iaj_ekj]`]8oeah]_naa`knk`aq`knk mj k o` m m` h `af]j`aaop]naj `e_d] nah]_eÅj_kj h] _ko])oa] lknmqah]]^]j`kj]j)klknmqah] aj]faj]j)klknmqakpnkrajc]]ajpn]najahh] knecej]ne]iajpa)klknmqah]_ko]`ao]l]nav* _]d]_e}j`koaeilkoe^hah]nah]_eÅj`aoaÄk* n~knaola_per])ah]_naa`knk`aq`knmqa`]j `aohec]`ko)lknhkiajkol]n]hkoq_aoerk)`a h]k^hec]_eÅjk m j k o` m m` h )u}op]oa`aolh]v] d]_e]ahjqark`qaÄkklkoaa`kn8lknhkmqa oad]^h] ] iajq`k`amqah] k^hec]_eÅj ao ]i^qh]pkne] + Bj jqaopn]klejeÅj) h]ok^hec]_ekjaok mj k o` m m` h peajaj pk`]o h]o_]n]_pan~ope_]o`a qj] k^hec]_eÅj _ereh)]Çj _q]j`k oaaj_qajpn]j rej_qh]`]o]hkoAana_dkoOa]hao+Bjaop]_h]oa `ak^hec]_ekjaoah`aq`knj]_a)ja_ao]ne]iajpa) _kik `apaniej]`k) lank ao lkoe^ha mqa bej]hiajpa)]h_qilhenoah]k^hec]_eÅj)ahh]oa] atece`]] qj]pan_an] lanokj]) eje_e]hiajpa ej`apaniej]^hamqa)ajaoaikiajpk)paj`n~] mqanaolkj`anlknh]`aq`]knecej]ne]+ S]iko]nabanenjko]h_]ok_h|oe_k`ah]delkpa_]+ Rj]lanokj]cn]r]qj^eaj`aoqlnklea`]`_kj delkpa_])ajc]n]jp~]`aqj]k^hec]_eÅjmqaaop| _kjpn]uaj`k_kjoq]_naa`kn)mqeajlknp]jpk peajah]_kj`e_eÅjfqn~`e_]`a]_naa`kndelkpa* _]nek+Iqack)]jpao`ahraj_eieajpk`ah]k^hec]* _eÅj)ah`aq`knpn]jobeanaah^eaj]qjpan_ank+>h peailk`araj_eieajpk`ah]k^hec]_eÅj)oejkoa ]_q`a_kjh]lnaop]_eÅj]h]_naa`kn)}opapaj`n| ah`ana_dk`aatecenh]]_naaj_e]u)aj_]okmqa jkoa]o]peoba_d])`ad]_anaba_perkah_n}`epk delkpa_]nekna]hev]j`kahejiqa^ha+Bjaop]_h]oa `ak^hec]_ekjaoateopen~]qj`aq`kneje_e]h)e`aj* pebe_]`k)_qu]lnaop]_eÅjaop]n~]c]n]jpev]`]_kj delkpa_]8lankjkoapaj`n~]h]_anpav]`amqa bqan]]ao]ieoi]lanokj]]mqeaj)]hraj_anoa h]k^hec]_eÅj)oahaatecean]ahl]ck+ + + II>J?ñ>P)GkncaGk]mq~j+Kk+^do+)pkikF)ll+//uoo+ 0/5 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K
  • 13. Bh^eajcn]r]`k_kjdelkpa_]oalqa`aenpn]jo* beneaj`k)`alanokj]]lanokj])ubej]hiajpah] k^hec]_eÅjoan|atece^ha)] oqraj_eieajpk)] mqeajkopajpah]_]he`]``a`qaÄk)lankheiep|j* `koah]_k^n]jv]`ah]]_naaj_e]]hr]hkn`ana]* hev]_eÅj`ahejiqa^haajnai]palÇ^he_k)ajh] ia`e`]ajmqajkoa_qilh]_kjh]k^hec]_eÅj+ Mknaokh]ok^hec]_ekjaok mj k o` mm` h okj`ajk* iej]`]op]i^e}j k^hec]_ekjao]i^qh]pkne]o + ./+ Mknoqatece^ehe`]` ajpkj_aoh]`aq`]aoi|omqaj]pqn]h)ao_ereh8ok* h]iajpaaop|i]n_]`]lknqjre_ekmqalaniepa]h `aq`kn`ai]j`]noqjqhe`]`)lankaoja_ao]nek m q a } h h] ` a i ] j ` a 8a j p ] j p k m q a j k o a l n k j q j _ ea  h]jqhe`]`)oq^oeopah]k^hec]_eÅjulnk`q_apk`ko hkoaba_pko`aqj]k^hec]_eÅj_ereh+ KNO *, L L $$ ÇĊǼĈÁČ Æ AĀǼÆ ǺÁČ i F F > lao]n`aahhk)_kj_hqua I]qnajp) h] haujk `abejah]k^hec]_eÅjj]pqn]huoqj]pqn]hav]ao iqur]c])`a]d~mqaajh]fqneolnq`aj_e]_qj`] h]ej_anpe`qi^nauh]_kjbqoeÅj+ >beni]Mkpdean'  6  . -  . . mqaoahh]i]k^hec]_eÅj_ereh] ]mq}hh]mqaaoqj h]vk`a`ana_dk)q di ^ p gp h  ep mdn )umqa`]]]mq}hnaola_pk]mqeajoad] _kjpn]p]`k)ah`ana_dk`aatecenajfqope_e]hk mqaajahh]oad]hh]_kjpaje`k+>oqpqnjk)oa hh]i]k^hec]_eÅjj]pqn]h]]mq}hh]mqa)ajah bkj`k`ah dkjknu`ah]_kj_eaj_e])k^hec]] ]mq}hmqah]d]_kjpn]p]`k]h_qilheieajpk`a hkmqaajahh]oad]hh]_kjpaje`k+ I]qnajp$- `e_a mqa Mkpdean_khk_] ajpna h]o k^hec]_ekjaoj]pqn]haoh]o_kjpn]~`]olknlan* okj]omqapeajajqj`eo_anjeieajpkuqjfqe_ek oqbe_eajpal]n]_kilnkiapanoa)lank]mqeajao h] hau_ereh `a_h]n] ej_]l]_ao`a_aha^n]nqj _kjpn]pkp]h7aj h]]jpecÉa`]`) lknafailhk) h]k^hec]_eÅj`aqj]iqfanmqa^]fk`kiejek `ahaolkok)_kjrejkoejaop]n]qpknev]`]]ahhk+ G]q^anp)oacÇjI]qnajp)`ao]nnkhh]h]ieoi]kle* jeÅj+>cnac]I]qnajpmqaaop]`k_pnej]p]i^e}j aoh]`ahko]qpknao`ah@Å`eck@erehbn]j_}ouh] `ajqiankokopn]p]`eop]o+ I]qnajpjk`q`])oejai^]nck)aj`a_enmqaahh] aoannÅja]+Rj]k^hec]_eÅjaoj]pqn]h_q]j`kh] haujkh]na_kjk_a)_q]j`kjeac]qj]]__eÅj]h ]_naa`kn+å>_]ok)oalnacqjp]I]qnajp)ah]_naa* `kn`aqj]iqfan_]o]`]k`aqjiajkn`aa`]` jklqa`ak^n]n<@eanp]iajpapeajaqj]]__eÅj) ?]q`nuêI]_]jpejanea ]beni]mqah]i]ukn~] `a hko]qpknaomqa nalnk`q_aj aj `erano]o bkni]oh]`abeje_eÅj`aMkpdean)`e_ajmqah]o k^hec]_ekjaoj]pqn]haookj]mq}hh]omqabqan] `apk`]_k]__eÅjhac]h)`aner]j`ah]amqe`]`k `ah]_kj_eaj_e])k^eaj`ah]omqaeilkjajh] `ahe_]`av]uahdkjkn+ F qj 9 R ; Pa_nepe_Åaop]o`abeje_ekjaoê]cnac]ahln~j_ela `ahAana_dk@erehêk^fap|j`khaomqalnk`q_aj qj]_kjbqoeÅj`ah]k^hec]_eÅjj]pqn]h_kjhko `a^anaoikn]hao)lqaooa`e_amqaokj`ko_ko]o mqaaoeilknp]jpa`eopejcqen+B hmqa_qilhaqj] lnaop]_eÅjajafa_q_eÅj`aqj`a^anikn]h)lkn afailhk)ahdki^nane_kmqa`]heikoj])d]_aqj] `kj]_eÅj8lknahh]`k_kjpn]nek)]mq}hmqa_qilha qj]lnaop]_eÅjajafa_q_eÅj`aqj]k^hec]_eÅj j]pqn]h)d]_aqjl]ck+Aa`kj`aoaajpeaj`amqa pk`]oh]o`ebanaj_e]ookjajpnah]`kj]_eÅjuah l]ck+Pejai^]nck)å_Åikoalqa`a`eopejcqenhko " `a^anaoikn]hao`ah]ok^hec]_ekjaoj]pqn]hao< Ea]mq~h]`ebe_qhp]`+@]`]]qpknpeajaoqoeopai]+ 0 aÇ >jpaaop]o`erancaj_e]o) h]fqneolnq`aj_e]oa lnkjqj_e]lknqj]_kj_al_eÅj]ilhe]`ah]k^he* c]_eÅjj]pqn]h8]hfqav`ahda_dk_knnaolkj`a ]lna_e]n`eo_na_ekj]hiajpaoed]ukjkk^hec]* _eÅjj]pqn]h)uh]lnk_h]i]_kjnacqh]ne`]`]d~ `kj`ad]uqjoeilha`a^anikn]h+ G @ ? ? 6+ MLQEFBO)Ok^anpGkoald+Pmo_j _` gn K]gdb^dji`n+?]n_ahkj]7?e^hekpa_]@eajp~be_]uIepan]ne])o,b+Qan_an]B`e_eÅj) Pacqj`]M]npa)ll+.20uoo+ .-+ I>ROBKQ)Cn]j[keo+Lmdi^dk`n _` @mjdo ?dqdg Bmibdn+M]n~o7Ie^n]enea>+J]naom+>ej}).542ê .560)pkikUSFF)ll+.5uoo+ ..+ ?>RAOVê I>@>KQFKBOFB)D+Lm|^dn _` @mjdo ?dqdg+M]n~o7Ie^n]enea`ah]Pk_eap}`qOa_qaehD]h`aoIkeoap`ao]nn}po) .563)pkikFF)ll+.13uoo+ 9 A @ K / H # Ç N AUHX K RG I R G Y O L O I G I O d T JK RGY U H R O M G I O U T K Y 0/6
  • 14. =@RK ? =PQ O ./3 Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei] PacÇj DekncekDeknce. / hkofqneo_kjoqhpkonk* i]jko`eopejcqeankj oej `q`] qj] j ] gdb j odj  ^ dq dgdn uqj]j ] gdb odj i op m gdn )u]h d]^h]n`a j ] gdb odj i op mj gdn ajpaj`eankjlna_eo]iajpa qj]k^hec]_eÅj`aolnkreop]`a]__eÅj+Mknkpnk h]`k)_kj_a`eankj]h]j ] gdb j odj i op m gdn qj] a be_ ] _ e]  ej ` en a _ p ] +  I a ] p n e^ q u a n k j  _ ea n pk o a ba _ pk o  fqn~`e_ko)lknrenpq``ahko_q]haoah]_naa`kn) ajh]k^hec]_eÅjj]pqn]h)paj~]h]n j gp od m` o` i odj  l]n]klkjanoa]h`aq`knmqa)`aolq}o`ad]^an l]c]`krkhqjp]ne]iajpa)ejpajp]oanalapenhko]* peoba_dk+Oaola_pk]h]_]qo]ejia`e]p]k)_kik kpnko`e_aj)hkoik`kolknhko_q]haoj]_~]jh]o k^hec]_ekjaoj]pqn]hao)hkoanq`epkoik`anjko _kjfapqn]jmqaoa_kilaj`e]^]jkajahknecaj eilanba_pk)kajh]atpej_eÅjeilanba_p]`ah] j ] gdb odj ^dqdgdn+B h_kjpn]pk`ahao_h]rk)`ahlqle* hk)`ahdefk`ab]iehe])`ahiajknu_eanpkokbe_eko `alea`]`)okjafailhkodeopÅne_ko`ahknecaj eilanba_pk+I]_kjbqoeÅj)h]gdodn ^ j i o` n o odj )u ]_]okh]lnao_nel_eÅjatpejper])okjafailhko`a atpej_eÅjeilanba_p]+ J]n_ahMh]jekhuDakncaoOelanp). 0 lknoql]npa) atlnao]jmqaaoej`eo_qpe^hamqah]k^hec]_eÅj j]pqn]h _kjopepquaqj]]jki]h~]fqn~`e_]+ I] ]qoaj_e]`ao]j_eÅj)oa]_q]hbqanaoqabe_]_e] ajkpnkoajpe`k)h]oepÇ]ajhko_kjbejaoÇhpeiko `ah Aana_dk)aj hko h~iepao`a h] ikn]h+ Mkn ahhk)]beni]j)oalqa`a^qo_]nah_nepanek`aahh] d]_eaj`k`alaj`anoqknecaj^eaj`ahAana_dk @ereh)^eaj`ah]ikn]h+ E]uqj i}pk`kmqad]^h]`ah]pakn~]`ah] k^hec]_eÅj _ereh `acajan]`])ah ieoik mqa laniepa i]jpajanqj]_kilhap] oal]n]_eÅj ajpna hkonaola_perko|i^epko`ah Aana_dku h] ikn]h+Pa ejolen] aj h]pn]`e_eÅj nki]j]) pn]joiepe`]lknAki]puna_kce`]lknh]i]ukn~] `ahkofqneop]o`ahoechkUFU+ I]k^hec]_eÅjj]pqn]h)]Ä]`ajMh]jekhuOelanp) ao) lknoq knecaj)qj]k^hec]_eÅj _ereh) lank eilanba_p])u] mqaoa d]hh] `aolnkreop] `ah lnej_el]h]pne^qpk`ah]k^hec]_eÅjkn`ej]ne]) koa])`ah]b]_qhp]``a_kjopnaÄen]h`aq`kn ] oq_qilheieajpk+ I] eilanba__eÅj `amqa oad]hh]]ba_p]`] lnk_a`amqaoq`ao]nnkhhk) lkn]o~`a_enhk) d] oe`kajpknla_e`k]h j]_an lknqjk^op|_qhkfqn~`e_k)klknah da_dk`a mqa)lkopanekniajpa)_kik_kjoa_qaj_e]`a aola_e]hao_en_qjop]j_e]o)oad]reopklner]`]`a oqo]j_eÅj)oe^eajoq^oeopaajpk`khk`ai|o+ Aao`aaop]Ålpe_])h]k^hec]_eÅjj]pqn]h]l]* na_a_kikah naoe`qk`a qj]k^hec]_eÅj_ereh lnaateopajpa)_q]j`k}op]d]oe`k]jqh]`]lkn h]ej_]l]_e`]``ah`aq`kn)jkk^op]jpamqa}opa h]d]^~]_kj_anp]`k_kjlhajk_kjk_eieajpk `a_]qo]uajpan]he^anp]``aaol~nepq)k^eaj _q]j`knaoqhp]atpejcqe`]oejmqaah]_naa`kn d]u]na_e^e`khkmqaoaha`a^~]+yopaaoah_]ok `ah]lnao_nel_eÅj+ Bjkpnko_]oko)lknah_kjpn]nek)h]k^hec]_eÅj _erehjkd]lk`e`kj]_anajikiajpk]hcqjk u`ao`aoqknecajh]nah]_eÅjfqn~`e_]jkoad] _kjopepqe`ki|omqaajh]bkni]`ak^hec]_eÅj j]pqn]h+>o~)aji]pane]`afqackk`a]lqaop]) ahc]j]`knjklqa`ak^pajan]jpahkopne^qj]hao ahl]ck`ah]oqi]fqc]`]+I]k^hec]_eÅjj]pqn]h oqlhaajaopko_]oko]h]k^hec]_eÅj_ereh]qoajpa7 ah lnaop]p]nekaop|k^hec]`k j]pqn]hiajpa] o]peob]_anh]`aq`]`afqack+ I]atlhe_]_eÅjmqaajpeaj`amqah]k^hec]_eÅj j]pqn]hlaj`aajpk`k_]ok`aqj]k^hec]_eÅj _ereh)`acajan]`]k]^knp]`]ê_kjpejÇ]jhko ehqopnao_ereheop]oê)aolqn]iajparan^]huj]`] fqopebe_]`]+>cnac]jmqaaooknlnaj`ajparan ]pne^qen_kik^]oa`ah]k^hec]_eÅjj]pqn]hqj] ./+ DFLODF) Dekncek+ P`jm} _` gn K]gdb^dji`n `i `g @`m`^cj Ij_`mij+ Btlqaop] _kjbknia ] h] `k_pnej] u ] h] fqneolnq`aj_e] ep]he]j])bn]j_ao])]hai]j]) ap_+Qn]`q_e`] `a h] o}pei] a`e_eÅj ep]he]j]u]jkp]`] _kj ]nnachk] h]ohaceoh]_ekjaoaol]Äkh]u]iane_]j]o)lknh]na`]__eÅj`ah]Oareop]Dajan]h`ah]Iaceoh]_eÅjuGqneolnq`aj_e]+ J]`ne`7Filnajp]`ah]Oareop]`aIaceoh]_eÅj).6-6)rkh+F)ll+0-uoo+ .0+ MI>KFLI)J]n_ahuDakncaoOFMBOQ+Pmo_j Lm{^od^j _` @`m`^cj ?dqdgBmi^|n+I]oL^hec]_ekjao+Qn]`q__eÅjaol]Äkh] `aJ]nekA~]v@nqv`ah@khacek`a>^kc]`ko`ah]E]^]j])@q^]+I]E]^]j]7@qhpqn]h).612)Pacqj`]M]npa)pkik Seh)ll+/6. uoo+ 00- 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K
  • 15. k^hec]_eÅj_ereh]jqh]`])ao`a_en)_kik_kjoa* _qaj_e]`ahaba_pknapnk]_perk`ah]jqhe`]`mqa `a_nap]h]j]`]+I]atpej_eÅj`aqj]k^hec]_eÅj j k a o o q o _ a l pe^ ha  ` a c n ] ` q ] n o a ) l q a o  a h l ] c k  j k  _kjopepqual]n]ahAana_dkqjik`k`aatpej_eÅj `kp]`k`aabe_]_e]oqlanekn]h]`ahko`ai|o+ Lpn]pakn~]`ah]k^hec]_eÅj j]pqn]hoabqj`] ajah`a^an`ah]_kj_eaj_e])aj h]ateopaj_e] `aqj`a^an`a_kj_eaj_e]ajah`aq`knaj b]rkn`ah]_naa`kn+>mq~h]k^hec]_eÅjj]pqn]h jk `alaj`a `a qj] k^hec]_eÅj _ereh i|o k iajkopn]jobkni]`]+B oqj`a^anikn]h]hmqa ahAana_dkna_kjk_a_eanpkr]hkn)oe^eajjkhk ]`klp]lhaj]iajpad]op]_kjranpenhkajqj] k^hec]_eÅjlnkreop]`ah]o]j_eÅj`ahAana_dk) i]jpaje}j`khkoÅhkajoqobnkjpan]o+ Pe^eajoa]`reanpaqj]amqel]n]_eÅjlnkcnaoer] `ah]k^hec]_eÅjj]pqn]h_kjah `a^anikn]h) ]cnac]jMh]jekhuOelanp)jkateopaoejai^]nck qj] _kilhap] e`ajpebe_]_eÅj+ I] oal]n]_eÅj `ahAana_dkuh]ikn]hd]`ai]jpajanoa+Mkn _kjoecqeajpa) jkpk`k `a^an`a_kj_eaj_e] _kjopepquaqj]k^hec]_eÅj j]pqn]h+Mknp]jpk) ateopajk^hec]_ekjaoikn]hao`a~j`khap]hmqa jkpeajajjelk`n|jjqj_]hhar]nqje`]abe_]_e] fqn~`e_]aj_q]hmqeancn]`k8hko]_pko`a^aja* be_eaj_e]ejolen]`koajqj]e`a]`a_]ne`]`)`a `ark_eÅj)`a]ikn)]qj_q]j`kaop}jeilqaopko lknh]ikn]h)jklqa`ajaopei]noa]h]hqv`ah Aana_dki|omqa_kikhe^an]he`]`ao+ E}_pknI]b]ehha. 1 oaÄ]h]mqa_q]j`kajh]Oki] lneieper]]hdpn ^ dq dg` oaklkj~]ah äpn b ` i odp h ) atpajoerk]pk`kohkolqa^hko)`aecq]hi]jan]) bnajpa]h]ok^hec]_ekjaooqnce`]o`aaoan}ceiaj mqenep]nek)oana_kjk_eankjkpn]o_kjnah]per]abe* _]_e])j]_e`]obqan]`aoqi]n_kaopna_dk)umqa na_e^eankji|op]n`aahjki^na`a j]pqn]hao + @]na_~]j`ar]hkn_kilqhoerkujk`]^]j]__eÅj ]h]_naa`kn8lankqj]rav_qilhe`]o)}opalk`~] at_al_ekj]noa]hatecenoah]nalape_eÅj+ PaÄ]h]ah lnkbaokn]ncajpejkmqa]l]npa`ah jki^nau`ah]lnkle]_]packn~]mqaaop|dku aj_]iejk`aoqlneienoa)ahAana_dklkoeperk ]_pq]hoaej_hej]]_kj_a`anabe_]_e]l]n]ahl]ck uh]c]n]jp~]]pk`]oh]olnaop]_ekjao^]o]`]o aj qj`a^an`a_kj_eaj_e])naolkj`eaj`k`a aoaik`k]h]i]n_]`]ej_hej]_eÅj}pe_]mqa `eopejcqa]h]hauik`anj]+ MknÇhpeik)I]b]ehhaatlnao]mqaateopaqj`ehai] ajo]^anoeajqj]k^hec]_eÅjj]pqn]h)]h_qilhen* oa)ateopaqjl]ckkqj]he^an]he`]`+B hl]cklna* oqlkjaqj]`aq`]+Fj`e_]mqajkd]^e}j`kh] lnkle]iajpaajah_]ok)_knnaolkj`an~]`af]noa oejaba_pk+Bh_qilheieajpk`aaop]o`aq`]o jkoan~]lknp]jpkqjran`]`ankl]ck)]qjmqa ]o~]_kopqi^na`ajkiej|noaha+Palnacqjp]oe lk`n~]hh]i|noaha)aj_]i^ek) `kj]_eÅj +Meajo] mqap]ilk_koaqo]n~]h]atlnaoeÅj_knna_p]) lknmqamqeaj`]_qilheieajpk]qj] k^hec]* _eÅj j]pqn]h _kjoe`an]mqaaop|ajah`a^an `ad]_anhk]qj lknaj_ei]`ahkopatpko`ah Aana_dklkoeperk)ujkoa_khk_]ajh]oepq]_eÅj `amqeajb]rkna_a]kpnko+ Rj]pajp]per]`a_]i^e]npkp]hiajpah]pakn~] _h|oe_]) oqnceÅ_kj P]r]pean)mqeaj `ao`aah lnej_elek]`reanpau`a_h]n]oej]i^]cao)mqa _kj oq oeopai] oaejreanpaj aj _eanp]bkni] hko`]pko`ah lnk^hai]+ Bjp]jpkmqad]op] ajpkj_aooa_kjoe`an]^]h]k^hec]_eÅjj]pqn]h `aqj]aoaj_e]fqn~`e_]oqlanekn]h]`ah`a^an ikn]h)P]r]pean)_khk_]`kbqan]`ah`kiejek`ah Aana_dk)lnapaj`ad]^an`aikopn]`kmqah] ran`]`oad]hh]at]_p]iajpaajhkklqaopk+ I] k^hec]_eÅjj]pqn]hê`a_h]n]ê)jkoan|u]qj `a^anikn]h]hmqah]hau)oejanecenh]aj_erehiaj* pak^hec]pkne])ha`eolajoa)jkk^op]jpa)_eanpko b]rknao8lknah_kjpn]nek)oan|qj`a^anikn]h]h mqa)ia`e]jpaqj]_pkatlnaok)jeac]h]o]j_eÅj `ah`ana_dk_kiÇj+>hat]iej]noq_aoer]iajpa ] h]ok^hec]_ekjaoj]pqn]haona_kjk_e`]olkn jqaopnkAana_dk)ranaikomqa)ajaba_pk)ao]o~ _kikoalnaoajp]jh]o_ko]o + Mknp]jpk) ah oeopai] `aP]r]peanoahar]jp] _kjpn]pk`]pakn~]mqa ]_alpa h]`ebanaj_e] `aj]pqn]hav]ajpnah]ikn]huahAana_dk8aj .1+ I>C>FIIB)E}_pkn+@`m`^cj?dqdg+Pmo_j_`gnK]gdb^dji`n+?qajko>enao7@kil]Ä~]>ncajpej]`aB`epknao).610) pkikSF)rkh+FF)ll++uoo+ i *), J ê II II ÇĊǼĈÁČ Æ AĀǼÆ ǺÁČ O N * ]8 Q 0 Q0 nk L ej _ q ; _ .2 _ q to k '- k @ G _ q ] _q xj Q2 nk 0 q O N II+ %R C? k _ Ö 0 nk L N+ nk *k nk _q nk e,e ; 9 R __ 1; 1: ÈĢ ? ! Ç N AUHX K RG I R G Y O L O I G I O d T  JK RGY U H R O M G I O U T K Y  00.
  • 16. =@RK ? =PQ O ./3 O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei] aba_pk)l]n]}hh]k^hec]_eÅjj]pqn]haoqj`a^an ikn]h`acajan]`k)oeaj`khko`a^anaoikn]hao fqn~`e_]iajpak^hec]pknekolkno~ieoiko+ P]r]pean`aner] `a hkopatpko]jpecqkouhko pn]^]fkolnal]n]pknekoh]`abeje_eÅjoecqeajpa7 I]k^hec]_eÅj j]pqn]haoah`a^anikn]hmqa) oejh]ejpanraj_eÅjatlnao]u_kjpn]ne]`ah]hau) d]^n~]oe`k_erehiajpak^hec]pkne]ajrenpq``a h]bqanv]hac]h`ah]amqe`]`u)ajiq_dko_]oko) ajrenpq``ahkopatpkohac]haomqa_knnk^kn]j h]bqanv]`ah]amqe`]` + ?kjja_]oa_nepe_]h]pakn~]`aP]r]pean+Mankjkao ahÇje_k+@kj]jpanekne`]`hkd]^~]da_dkOelanp) `e_eaj`kmqa `a_h]n]nmqah]k^hec]_eÅjj]pqn]h hafko`aoanqj`a^anikn]hmqaoa^ajabe_e]ao* lkjp|ja]iajpa_kjahb]rkn`ah]hau)aoqj`a^an ikn]hmqaoqbnaaola_e]hiajpaoqajaieop]` ) kmqa pk`]oh]ok^hec]_ekjaoj]pqn]haolnkle]* iajpa`e_d]o)okjk^hec]_ekjaoçh~_ep]o )aoqj fqack`ahaol~nepq+Bjaba_pk)p]haobÅniqh]ooÅhk lqa`ajaop]^ha_anoa_q]j`koalh]jpa]_kik lneianlnej_elekh]e`ajpe`]``ah`a^anikn]huh] k^hec]_eÅj_ereh)oeaj`kmqah]`eopej_eÅj`aaop]o `kojk_ekjaooeailnad]oe`k]`iepe`]lknekofq* neop]o)u_kjpejÇ]oeaj`kran`]`an])lknhkiajko l]n]h]^qaj]knc]jev]_eÅj`ah]ok_ea`]`_ereh+ Oelanp]cnac]) aj lk_]o l]h]^n]o) mqa d]u k^hec]_eÅj j]pqn]h _q]j`k h] hau ]pne^qua _eanpkoaba_pkofqn~`e_ko]h_qilheieajpk`ah `a^anikn]h+>ia`e`]mqah]fqneolnq`aj_e]oa ]beni])h]`k_pnej]]`mqeanai|o]q`]_e]+Iko ]qpknao_kjpailkn|jakojkr]_eh]jaj]beni]n h]e`ajpe`]``aj]pqn]hav]ajpnah]k^hec]_eÅj j]pqn]huah`a^anikn]h+P eh]k^hec]_eÅjj]pqn]h oa_kjbqj`a lknoq j]pqn]hav]_kj ah`a^an ikn]h)`a^ak^pajanoa`aaopkh]_kjoa_qaj* _e]`amqajkateopaqj]pakn~]cajan]h`ah] k^hec]_eÅjj]pqn]h)oejki|o^eajk^hec]_ekjao j]pqn]haooqo_alpe^hao`alnk`q_enaba_pko`e* banajpao+Kkoaj_kjpn]ikoajah`kiejek`a h]_kj_eaj_e]+I]lanokj]mqaafa_qp]qj]_pk fqn~`e_koaejolen]ajh] e`a]`amqajkd]_a oejk_qilhenoq`a^an+ Mankê]Ä]`aOelanpêh]k^hec]_eÅjj]pqn]hjk ateopa)ieajpn]oah`aq`knjk d]u]]beni]`k oq ateopaj_e]) ia`e]jpaah _qilheieajpk`a h]ieoi]+K]_a`ahna_kjk_eieajpk`ah`a^an ikn]hlknl]npa`ah`aq`kn+ Mknh]o_ep]omqa]_]^]j`a nalnk`q_enoa)oa ]`reanpamqaoacÇjOelanpjkateopaqj]pakn~] cajan]h `a h] k^hec]_eÅj j]pqn]h) oejkk^he* c]_ekjao j]pqn]haooqo_alpe^hao`alnk`q_en aba_pko`ebanajpao+Kkoraiko]o~lnkua_p]`ko) ailha]j`kh]atlnaoeÅj`ahlnklekOelanp)ajah `kiejek`ah]_kj_eaj_e]u)]hieoikpeailk)aj qj]lnkbqj`]ej_anpe`qi^na+ BjklejeÅj`a?kjja_]oa)h]k^hec]_eÅjj]pqn]hao qj]jk_eÅjat_hqoer]iajpap}_je_])mqapn]`q_a qj]k^hec]_eÅj_ereheilanba_p]k_kj`e_ekj]h+ I]k^hec]_eÅjj]pqn]h`a^a`eopejcqenoaaoaj* _e]hiajpa)lknqj]l]npa)`ah`a^anikn]h)u)lkn kpn])`ah]k^hec]_eÅj_ereheilqaop])]b]hp]`ahau) lknhko`]pko`ah]obqajpaona]hao`ahAana_dk+ >cnac]mqaajp]jpkmqaqjcnqlk`afqneop]o oaaobqanv]lknna`q_enahAana_dk]h]ikn]h)hko behÅokbkoikn]heop]ooal]n]j_h]n]iajpa]i^]o `eo_elhej]o+B h`a^anikn]hqk^hec]_eÅjikn]hu h]k^hec]_eÅjfqn~`e_])h]naolkjo]^ehe`]`ikn]h uh]naolkjo]^ehe`]`fqn~`e_]+ Ae_a?kjja_]oamqaoejkpaiean]na_qnnen]qj] ei]caj iqubknv]`])`en~]mqah]k^hec]_eÅj j]pqn]haoqj]k^hec]_eÅj_ereh nahac]`]ajah hei^kumqaaolan]oqhe^anp]`lknqj]_pk`ah ieoik`aq`kn+ PacÇjIqeo`aD|olane). 2 u]Rhle]jkd]^~]]`ran* pe`kmqaoeajaopalqjpkoa]`iepah]ateopaj_e] `aqj]k^hec]_eÅj)aooÅhklknqj]^qok`ahhaj* cq]fa+>hiaj_ekj]nh]k^hec]_eÅjj]pqn]h)`e_a @qm)_ep]`klknAaD|olane)oa]hq`ai|o]hko da_dkomqah]d]jajcaj`n]`kmqa]h]onach]o nah]per]o] h]bkni]_eÅj `ah]ok^hec]_ekjao) n]vÅjlknh]_q]hahh]lnk`q_aaba_pko]j|hkcko ]hko`ah]ok^hec]_ekjao_erehao+Kkoah]`a^a _kjbqj`enje_kjh]k^hec]_eÅjnalnk^]`]lkn .2+ ABDïPMBOF)Iqeo+Kk+ ^do+)pkikF)ll+4-uoo+ 00/ 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2 G Y Z O R R U  5X K_X K
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  • 18. =@RK?=PQO ./3 O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei] atlhe_]_eÅj`ah]j]pqn]hav]fqn~`e_]`ah]o k^hec]_ekjaoj]pqn]hao)ok^nah]^]oa`ah] `eopej_eÅjajpnaah _ ` ] dop h uh]b m i o} ) _kjoe`an]`ko_kikahaiajpkoejpacn]jpao `ah_kj_alpk`ah]k^hec]_eÅj+ I] k^hec]_eÅj j]pqn]h oan~] aj Aana_dk lkoeperk qj] ]lhe_]_eÅj `ah] `eopej_eÅj _kj_alpq]hajpnahkoahaiajpkoejpacn]jpao `a h] k^hec]_eÅj+ E]u_ ` ] dop h ) u] mqa ateopajn]vkjaol]n]fqopebe_]nh]lnapajoeÅj `ahoqfapk]_perk8lankjkd]uc]n]jp~])u] mqajkoa`]j]aop]lnapajoeÅj ia`eko l]n]k^pajanoq_qilheieajpk+ %_& BjklejeÅj`akpnko]qpknao)h]ok^hec]_ekjao j]pqn]hao okj `a^anao ikn]hao k `a _kj_eaj_e])pki]`koaj_kjoe`an]_eÅjlkn h]haulkoeper]ajp]jpklnk`q_ajaba_pko fqn~`e_ko+ Iko `a^anao `a _kj_eaj_e] jk mqa`]j u] _kjbej]`ko ] qj _]ilk lqn]iajpa ikn]h) oejk mqa lajapn]j `a_e`e`]iajpa]hpannajk`ahkfqn~`e_k+ >hcqjko]qpknao d]^h]j `ak^hec]_ekjao`a Aana_dkj]pqn]hk`aamqe`]`)kpnkooanabeanaj] `a^anao`a_kj_eaj_e])lankajahbkj`kokj`ko i]jan]o`aatlnao]nqj]ieoi]e`a])]pn]r}o `a_kj_alpkomqanaoqhp]j_kj_kn`]jpaoajpna o~+I]atlnaoeÅj `a^anao`a_kj_eaj_e] eilhe_] d]_annabanaj_e]]h]o_kjre__ekjao~jpei]o`ah ej`ere`qku)oeiqhp|ja]iajpa)p]i^e}j] hko _kj_alpkooqlnaiko`ah^eaj)`ah]fqope_e]u`a h]renpq`mqaahoqfapkhhac]]_kjk_anlknh]r~] `ah]ejpqe_eÅjikn]humqaoa_kjreanpajl]n] }hajeilan]perk`a_kj`q_p]+ J]jqah>h^]h]`afk. 4 ]beni]mqad]ur]ne]opaoeo naola_pk]h]k^hec]_eÅjj]pqn]h7 %]& >pajkn`aqj]pakn~])h]k^hec]_eÅj j]* pqn]haoqj]k^hec]_eÅj jkfqn~`e_])oejk ikn]h)`a_kj_eaj_e])ok_e]h)ap_+)]h]mqa oa]pne^quaqjaba_pkfqn~`e_k7h]ennalape* ^ehe`]``ahl]ck%l]ckfqn~`e_]iajpajk `a^e`k&+ %^& M]n]kpn]pakn~]) h] k^hec]_eÅj j]pqn]hao qj] k^hec]_eÅj jkfqn~`e_] eje_e]hiajpa) lankmqaoa_kjreanpaajfqn~`e_]_q]j`k oal]c]+ %_& MknÇhpeik)h]paoeomqa_kjoe`an]]_anp]`] >h^]h]`afkaomqa h]k^hec]_eÅj j]pqn]h) ]l]npamqa`ao`aqj lqjpk`areop] jk fqn~`e_klqa`]oan_]hebe_]`]`a `a^an k `a k^hec]_eÅj )fqn~`e_]iajpa jkaoqj] k^hec]_eÅj) jkao qj r~j_qhkajpna `ko lanokj]o%`aq`knu]_naa`kn&)je]jpaoje `aolq}o`ah l]ck +Gqn~`e_]iajpaoÅhk ao qj da_dk mqafqopebe_] h] ]pne^q_eÅj l]pneikje]hmqaoadevk]h ]_naa`kn )ao `a_en)ao oÅhk qj]fqop] _]qo] `a _]`] ]pne^q_eÅj%ajpnac]kl]ck&+ ?kn`]. 5 ]beni]mqah]ok^hec]_ekjaoj]pqn]hao okjk^hec]_ekjao]jkni]hao)lqao]lneian] reop]jkl]na_afqn~`e_kd]^h]n`ak^hec]_eÅj k`a`ana_dkoej]__eÅjl]n]k^hec]n]h`aq`kn ]_qilhen+Mknmqalna_eo]iajpahkmqa`abeja h]k^hec]_eÅjjkni]h`ao`aahlqjpk`areop] fqn~`e_k) ao h] lkoe^ehe`]` `ah ]_naa`kn `a _kilqho]n]h `aq`kn ] `]nha _qilheieajpk u)aj oq `aba_pk) ] l]c]n h] ej`aijev]_eÅj _knnaolkj`eajpa+Mankoeh]ok^hec]_ekjaoj]* pqn]haojk_kjbeanaj]__eÅjl]n]`ai]j`]nah _qilheieajpk)jklknahhkaop|j`aolnkreop]o `apk`]lnkpa__eÅjfqn~`e_])u]mqaoeah`aq* `kn d] l]c]`krkhqjp]ne]iajpa %Çje_] r~] _kj_a^e^ha`ao`amqaah]_naa`knjklqa`a _kilqho]nhk&) ah ]_naa`knpeaja `ana_dk ] napajanhkl]c]`k+ Ih]i^~]o). 6 ajbej)]beni]mqah]ok^hec]_ekjao _erehaoaop|j aola_e]hiajpapqpah]`]o lknah Aana_dklkoeperk)mqahaona_kjk_ah]lhajepq` `a h] abe_]_e]7 at]_p]iajpa hkoaba_pkomqa qoq]hiajpaoa ha]pne^quaj+ Bj _]i^ek) h]o .4+ >I?>I>ABGL)J]jqah+Ll+^do+)rkh+FF)pkikFF)ll+025uoo+ .5+ ?LOA>)Dqehhanik>+Kk+ ^do+)pkikF)ll+005uoo+ .6+ II>J?ñ>P)GkncaGk]mq~j+Kk+ ^do+)pkikFFê>)ll+.. uoo+ 001 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K
  • 19. k^hec]_ekjao j]pqn]hao jk oa oqopajp]j aj ah Aana_dk lkoeperk)oejkat_hqoer]iajpaaj ah Aana_dkj]pqn]huh]amqe`]`+ Bhhkatlhe_] oq na`q_e`]abe_]_e])aj h] ia`e`]ajmqaah haceoh]`knd]ajpaj`e`kmqa`a^~]`]nhao_]np] `a_eq`]`]j~] aj h]r~]fqn~`e_]) lkn h] okh] _kjoe`an]_eÅj`aoqknecaj+ E]op]]mq~h]o_ep]o`aehqopnao_ereheop]ook^na h]i]pane]+ Bj ah ManÇ) lk_kk j]`] oa d] ao_nepkok^na h]ok^hec]_ekjaoj]pqn]hao+Bhhkk^a`a_a)oej `q`])]mqaah@Å`eck@erehrecajpa`a.651)u oq]jpa_a`ajpaejia`e]pk)ah@Å`eck`a.603) jkoanabeanaj]ahh]o)]hiajkoqpehev]j`kao] `ajkiej]_eÅj+ Bjaba_pk)ah@Å`eck`a.651oÅhk_kjpeaja`ko jkni]omqalk`n~]jejo_ne^enoaajh]_]packn~] `ak^hec]_ekjao j]pqn]hao+ Bh ]np~_qhk ./42) _q]j`kaop]^ha_amqajkd]unalape_eÅj`ahk l]c]`kajrenpq``aqj]`aq`]lnao_nep]+Vah ]np~_qhk.610)_q]j`k`eolkjamqamqeajl]c] rkhqjp]ne]iajpaqj]`aq`]ai]j]`]`ahfqack uh]]lqaop]jk]qpknev]`ko)jklqa`aokhe_ep]n oqnalape_eÅj+ >oqpqnjk)ah@Å`eck`a.603_kjpaj~]nach]o oeieh]naoaj _q]jpk] h] lnao_nel_eÅj)aj ah ]np~_qhk./52)uaj_q]jpk]hfqackuh]]lqaop]) ajhko]np~_qhko.435u.44-+ Bj ah_]ok`ah] lnao_nel_eÅj) h] k^hec]_eÅj j]_a_kik_ereh)lhaj]iajpar|he`]) lank]h _]na_an`a]__eÅjjkaoateceÅha+Bjpkj_aou] jkaop]iko]jpaqj]k^hec]_eÅj_ereh)jej]pqn]h) je`ajejcqj]kpn]j]pqn]hav])lqaooejkateopa atece^ehe`]`aolknmqaah r~j_qhkfqn~`e_k d] `ao]l]na_e`k+Voe jkateopar~j_qhkfqn~`e_k) p]ilk_kateopak^hec]_eÅj+Ikmqamqa`])ao qj`a^anfqn~`e_k_kj_kjpaje`kl]pneikje]h) mqamqeajpqrkh]_kj`e_eÅj`a`aq`knlqa`a _qilhenk jk+ Bhhk `alaj`an|) at_hqoer] u ok^an]j]iajpa)`a oq rkhqjp]`+ Pe _qilha hk d]_a lknmqaoqooajpeieajpko~jpeiko hk eilqho]j]ahhk8lknmqaateopaqj`a^anikn]h) qj`a^an`a_kj_eaj_e])mqamqeanao]peob]_an+V lknaokh]hauhara`]h]lkoe^ehe`]``aatecenh] naopepq_eÅj`ahkl]c]`k+ >hckoeieh]nk_qnna_kjahfqackuh]]lqaop] jk]qpknev]`ko+Bjaopa_]ok)]`ebanaj_e]`ah] lnao_nel_eÅj)jqj_] j]_eÅk^hec]_eÅj]hcqj]) je_ereh)je j]pqn]h)je`akpn]o_]n]_pan~ope_]o+ Kkd]ur~j_qhkfqn~`e_kajpnah]ol]npaoulkn ahhkjkateopaahnamqeoepk`ah]atece^ehe`]`+Q]h nah]_eÅjoÅhkknecej]qj`a^anêiqu`eopejpk lkn_eanpk`a h] k^hec]_eÅjê_kj_kjpaje`k l]pneikje]h)mqaqj] lanokj]ê]mqeaj jk lk`aiko hh]i]n`aq`kn]) lknmqa jqj_] hk bqaêo]peob]_anaola_pk`akpn])_qilheaj`k)]h ecq]hmqaajah_]ok`ah]k^hec]_eÅjlnao_nep]) _kj qj eilan]perk`aoq_kj_eaj_e]+Mknaok) _q]j`koal]c]qj]k^hec]_eÅj lnao_nep])jk oalqa`analapen+V]Ä]`eikomqaj]`]peaja `aeh~_epkahfqackuh]]lqaop]jk]qpknev]`ko) lankjklnkde^e`kolknh]hau+Papn]p]`a]_pko h~_epkomqa_]na_aj `a]__eÅj+Mknp]h n]vÅj) fqop]iajpa)oaeile`aatecenh]naopepq_eÅj`ahk l]c]`k+Vlknaok)_q]j`koal]c])oanaolkj`a ]qj`a^an~jpeik+ é X X ____ s * .,3 E9 K K ÇĊǼĈÁČ Æ AĀǼÆ ǺÁČ nk Ö 9 A U P i nk L e,e %" _ @kj aopkpaniej]j) aj jqaopn] hau_ereh) h]o oepq]_ekjaofqn~`e_]omqah]`k_pnej]pn]`e_ekj]h `ajkiej]_kik k^hec]_ekjaoj]pqn]hao + Iko]jpa_a`ajpao`aaopko`koÇje_ko_]oko`a h]ohh]i]`]ok^hec]_ekjaoj]pqn]hao)lnareop]o lknhko@Å`ecko`a.651u.603)oaaj_qajpn]j) ajah_]ok`ahfqack)ajah]np~_qhk.406`ah@Å* `eck@erehlanq]jk`a.52/)]jpa_a`ajpaejia* `e]pk)]oqrav)`ah@Å`eck`a.603)mqaeila`~] nalapenhkl]c]`krkhqjp]ne]iajpalkn_]qo]`a fqack)o]hrkmqadq^eanad]^e`k`khkkaop]b] lknl]npa`amqeajc]jÅ+K]`]`a_~]ah@Å`eck `a.52/naola_pk`ah]ok^hec]_ekjaolnao_nep]o+ Manko~oanaban~]]oqlqaopkojklnareopkolkn hko@Å`ecko`a.651u.603)ajoq]np~_qhk/./3 % Kkoalqa`ana_k^n]nhkl]c]`kajrenpq``a qj]k^hec]_eÅjj]pqn]humqajkoa`a^~]lkn k^hec]_eÅj_ereh)_kikqj]`aq`]`aqjiajkn k`aqj]iqfan_]o]`] &+>mq~)]`ebanaj_e]`a h]lnao_nel_eÅju`ahfqackuh]]lqaop])d]^~] j]_e`kêul]n]_]hebe_]nh]jko_kjbaneikoqj] he_aj_e]ajahhajcq]faêqj] k^hec]_eÅjennacq* h]n )oqo_alpe^ha`ajqhe`]`k]jqh]^ehe`]`)mqa hqack`al]c]`]h]haueila`~]nalapen+ Vjkateopaj)ajh]deopkne]`ahkopnaoÇhpeiko@Å* `ecko@erehaolanq]jko)kpn]onah]_ekjaofqn~`e_]o nk _q Q0 L ( 0 q E @ L %" *K QG nk q nk q nk L & L ej L _ B 0 nk L N + nk xj nk xj %" nk L & ^^ pL @ J ÈĢ < P Ç N AUHX K RG I R G Y O L O I G I O d T  JK RGY U H R O M G I O U T K Y  002
  • 20. =@RK?=PQO ./3 O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei] mqalqa`]j`ajkiej]noa k^hec]_ekjaoj]pqn]* hao+@kjaopkoa]ckp]ahpai]+Kkd]ukpnko_]oko) `ajpnk`ah_kj_alpk`ak^hec]_eÅjj]pqn]h)ajhko mqaoal]cqaujkoalqa`]nalapen+ Pepq]_ekjaooeieh]naookjh]omqacajan]jhko hh] i ] ` k o  ` a ^ a n a o  i k n ] ha o  k  ` a  o k he` ] n e ` ] `  ok_e]h +>ahhko)at]_p]iajpa_kjaop] ieoi] `ajkiej]_eÅj)oanabeanaj hko]np~_qhko ./42 `ah@Å`eck`a.651u./51`ah@Å`eck`a.603+ B h]jpa_a`ajpa`aaopkolna_alpkohkaj_kj* pn]ikoajah]np~_qhk/./4`ah@Å`eck`a.52/) mqa`eolkj~]mqa p]ilk_koalqa`ana_k^n]n hkmqaoadq^eaoa`]`k_kjk^fapk`a]heiajpko) klkn_]qo]o`alea`]`)klknaba_pk`aajpq* oe]oik)oe]jpaokajah]_pk`aajpnac]jkoa lnkpaopÅ)lkn`k_qiajpklÇ^he_ku_kjjkpe_e] `ah]cn]_e]`kk`amqeaj hknalnaoajp]^])ah `ana_dk`ana_h]i]nahl]ck + Bjpk`koaopko_]okod]un]vkjao}pe_]o)|jeik `a^ajabe_aj_e])iqaopn]o`acn]pepq`k_kik mqean] hh]i|noaha) lankjkateopak^hec]_eÅj ]hcqj])je_erehjej]pqn]h)_h]nkaop|)ajh]ia`e`] ajmqajkoadq^eaoa_aha^n]`kqj_kjpn]pk`a `kj]_eÅjqkpnkoeieh]n+ å@Åikoafqvc]j hko `a^anao ikn]haou`a okhe`]ne`]`ok_e]h<Mknh]o_en_qjop]j_e]o`a_]`] _]ok_kj_napk+S]iko]q^e_]njko)l]n]ehqopn]n oepq]_ekjao)ajhkoatpnaiko+ Ae_aah]np~_qhk .//0)di adi ` )`ah@Å`eck@ereh `a.651)mqamqeajna_e^eÅajl]ck^eajaomqa oa_kjoqiajlknahqokk`ejank`amqeajjk lk`~]l]c]n)oÅhkaop|k^hec]`k]`arkhranhk mqajkdq^eaoa_kjoqie`kkc]op]`k+E]op] ]mq~oqk^hec]_eÅj)uoej`q`]`a_]n|_pan_ereh+ Mankoe naopepqua hkmqa dq^eaoa_kjoqie`k kc]op]`k)ajpkj_aoaop]n~]_qilheaj`k_kj qj`a^anikn]hêjk_kjqj]k^hec]_eÅj_ereh je j]pqn]hêu)_kjbknia]h]np~_qhk ./42`ah @Å`eck)jklk`n~]nalapen+V_kik}opa)ateopaj `a_aj]o`a_]okoajjqaopn]hau_ereh+ >hkpnkatpnaik)oeqj]lanokj]]heiajp]]qj i~oankmqal]`a_a`ad]i^na)u_kjmqeajjk hkqjar~j_qhk]hcqjk)jeoemqean]`a]ieop]`) p]i^e}jaop|_qilheaj`k_kjqj`a^anikn]h k_kj qjeilan]perk`aokhe`]ne`]`ok_e]h+I] hau)lknp]jpk)haeile`analapenhkl]c]`k+åAa mq}k^hec]_eÅjlk`n~]ikod]^h]najaopa_]ok< I]c]i]`a`a^anaoikn]haok`aokhe`]ne`]` ok_e]hlqa`anaikjp]noad]op]ahejbejepk+Bhhko eilnacj]j]hAana_dk`aqj_kj_alpk}pe_ku lknaokahkce]iko)oejnaoanr]o)hkolna_alpko mqahko_kjo]cn]j+ Bop]ooepq]_ekjaoln|_pe_]iajpaoa_kjbqj`aj_kj h]omqacajan]jh]o`ajkiej]`]o k^hec]_ekjao j]pqn]hao mqa)lknao]on]vkjao)`a^ajlanpaja_an ]qj]_]op]ajr~]o`aatpej_eÅj+ Pq_h]oebe_]_eÅjajOki])_kjpk`]oh]ooejcqh]* ne`]`ao`ahAana_dk]hh~recajpa)aoej]lnkle]`] ajjqaopnkopeailko+Mknaopk)lknmqah]lnkle] `ajkiej]_eÅj`a k^hec]_eÅjj]pqn]Q$aoej_kda* najpa)ulknmqa^]op]mqahkolnej_elekoikn]hao aop}j_]`]`~]i|o]nn]ec]`koajh]jkni]fqn~* `e_])aomqaajah@Å`eck`a.651oÅhkmqa`]j `konav]cko)mqalnabaneiko`ajkiej]n_kik `a^anao ikn]hao +V hkd]_aiko]o~lknmqa h]o`kojkni]oateopaj)jklk`aikoahq`enh]o) ]qjmqalnabanen~]iko_h]oebe_]naoko`ko_]oko) ejoeopeiko)oeilhaiajpa_kik `a^anaoikn]hao ) `af]j`k`ah]`kpk`kohkookbeope_]`ko]npehqceko] hkomqaoa]lah]l]n]lajapn]najh]`ajkiej]`] k^hec]_eÅjj]pqn]h )oejlan_e^enoamqaahh]oÅhk _kjopepquaqj `a^anikn]h )lqao`ak^hec]_eÅj lk_kkj]`]peaja+B oajn]vÅj`ahauatlnao]mqa lnabaneiko]oecj]nha_h]oebe_]_eÅjatlnao])lank p]joÅhk_kjlnklÅoepko`ae`ajpebe_]_eÅj+ @kj_hqeiko_ep]j`k]P]haehhao)/ - mqeajatlnao]* ^]mqa @q]j`k]hcqeajna]hev]qj]lnaop]_eÅj _kj ah lnklÅoepk`ao]peob]_an qj `a^an`a _kj_eaj_e])oan~]ao_]j`]hkokmqaahAana_dkha lnklkn_ekj]n]ahia`ek`ana_k^n]nhkmqad] ajpnac]`k)lqaohkd]da_dk_kj_kjk_eieajpk `a_]qo]u_kjlhaj]rkhqjp]`uhe^anp]` + /-+ SanIBóK ?>O>KAF>OïK)Gko}+?jh`iomdjn g ?Ä_dbj ?dqdg L`mpij) K]gdb^dji`n+ ?qajko>enao7BAF>OB`epknao) .621)pkikFF)l|c+10.+ 003 5KR O VK =Y Z K X R O T M  >GX UJO  " ;GX O U 2G Y Z O R R U  5X K_X K