No Choice: Somali and Ethiopian Refugees, Asylum Seekers and Migrants Crossing The Gulf of Aden

CD8=D>8:/
BH;GZedgi
?jcZ'%%-
HdbVa^VcY:i]^de^Vc
GZ[j\ZZh!6hnajb
HZZ`ZghVcY
B^\gVcih8gdhh^c\
I]Z<ja[d[6YZc
BH;
IVWaZ (

:mZXji^kZHjbbVgn
d[XdciZcih * > >cigdYjXi^dc
+ >> 8dciZmi
+ & 7VX`\gdjcY
, ' 8jggZcihXdeZVcYeViiZgch
- ( HîjVi^dcd[i]ZgZ[j\ZZhVcYb^\gVcihjedc
Vgg^kVa^cNZbZc
. ) AZ\VahiVijh
&% >>> BV^c;^cY^c\h
&% & I]ZWdVi_djgcZn

&& &#& 8dcYî^dchdci]ZWdVih
&. &#' 8dcYî^dchYjg^c\aVcY^c\
'' &#( 6WjhZV[iZgaVcY^c\
'( ' 8dbedhî^dcd[i]ZcZlVgg^kVah
'( '#& <ZcYZg
') '#' 6\Z
') '#( :i]c^Xdg^\^c
'* ( GZVhdch[dgaZVk^c\
'* (#& HdbVa^h
'+ (#' :i]^de^Vch
'- ) IgVkZaid7dhhVhd"VeZgâdjh_djgcZn
'. * HiVn^c7dhhVhd"XdcYî^dch
(& + EaVch[dgi]Z[jijgZ
(' >K BZY^XVa6cY=jbVcîVg^Vc8dchZfjZcXZh
(' & BZY^XVa^beVXi

(( ' EhnX]dad\^XVaXdchZfjZcXZh
(( '#& IgVjbVi^X\g^Z[
(( '#' IgVjbVi^XhigZhh
() K 8dcXajh^dchVcYGZXdbbZcYVi^dch

() & 8dcXajh^dch
(+ ' GZXdbbZcYVi^dch
(, 6ccZm>/BH;^cNZbZc
)% 6ccZm>>/<ja[d[6YZcgZ\^dcbVe
'¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc
:mZXji^kZ K_fljXe[jf]g\fgc\i`jbk_\ìc`m\j\m\ipp\XikfZifjjk_\>lc]f]
8[\ekf\jZXg\]ifdZfeÕ`Zk#m`fc\eZ\#[ifl^_kXe[gfm\ikp%;liè^
hjbbVgn
)''.#Xcdfjk*'#'''kffbk_\[Xe^\ifljmfpX^\kfj\\bi\cXk`m\jX]\kp
èP\d\e%;l\kfk_\\jZXcXk`fef]k_\ZfeÕ`ZkèJfdXc`XXe[k_\
]ff[Zi`j`jègXikjf]k_\?fief]8]i`ZX#dfi\Xe[dfi\g\fgc\n`cc
afèk_\Xci\X[pcXi^\i\]l^\\Xe[d`îXekgfglcXk`feèP\d\e%
;liè^k_\ÔijkÔm\dfek_jf])''/fm\i)'#'''Xii`m\[#dfi\k_Xe
[flYc\k_\eldY\if]Xii`mXcjèk_\jXd\g\i`f[cXjkp\Xi%
CXZbè^jX]\Xe[c\^XcXck\ieXk`m\jkfc\Xm\k_\ìZflekip#i\]l^\\j
Xe[d`îXekj_Xm\kflj\k_\j\im`Z\jf]jdl^^c\ijkfZifjjk_\>lc]
f]8[\e%K_\YfXkki`g`j]iXl^_kn`k_[Xe^\i2k_\jdl^^c\ijXi\
efkfi`flj]fik_\ìYilkXc`kp%=XkXc`kpiXk\jXi\m\ip_`^_2]fi)''.#`k`j
\jk`dXk\[k_XkXkc\Xjk,k_fj\j\kkè^flkfek_\[Xe^\ifljaflie\p
[`[efki\XZ_k_\j_fi\jf]P\d\eXc`m\%(?fn\m\i#k_\XZklXc[\Xk_
kfcc`jgifYXYcpdlZ__`^_\i2k_\ZfXjkcè\`jcfe^#Xe[e\`k_\iXcc
YfXkjefiXcck_\[\X[Yf[`\jXi\[\k\Zk\[%
N_`c\dfjkXkk\ek`fe#\jg\Z`Xccpè<lifg\#_Xj]fZlj\[fed`îXekj
Xe[i\]l^\\jZfdè^m`Xk_\D\[`k\iiXe\Xe#k_\kiX^\[ple]fc[è^è
k_\>lc]f]8[\e`jcXi^\cp`êfi\[Ypk_\èk\ieXk`feXcZfddle`kp
Xe[N\jk\ied\[`X%N`k_k_`ji\gfik#DJ=X`djkfiX`j\XnXi\e\jj
XYflkk_\gc`^_kf]i\]l^\\j#Xjpcldj\\b\ijXe[d`îXekjXii`mè^fe
k_\jflk_\ieZfXjkf]P\d\e%
@eJ\gk\dY\i)''.#DJ=\jkXYc`j_\[Xgifa\Zkfek_\jflk_\iej_fi\j
f]P\d\ekfgifm`[\d\[`ZXc#gjpZ_fcf^`ZXcXe[_ldXe`kXi`Xe
Xjj`jkXeZ\kfe\nXii`mXcj%8jpjk\df]]fZXcgfèkjèjkiXk\^`Z
m`ccX^\jXcfe^k_\ZfXjkj\im\jXjXc\ikjpjk\d#Xccfnè^DJ=dfY`c\
k\Xdjkfèk\im\e\iXg`[cpfeZ\XeXii`mXc_XjY\\ej`êXcc\[%@e
X[[`k`fekfgifm`[è^\d\i^\eZpXjj`jkXeZ\fek_\j_fi\#DJ=
fg\iXk\jk_\d\[`ZXc]XZ`c`kpèk_\e\ncp\jkXYc`j_\[i\Z\gk`feZ\eki\
Xk8_nXi%JèZ\k_\Y\^èeè^f]k_\gifa\Zk#èJ\gk\dY\i)''.#lek`c
k_\\e[f]8gi`c)''/#DJ=_Xjgifm`[\[Xjj`jkXeZ\kffm\i-#'''
i\]l^\\jXe[d`îXekjXii`mè^fek_\j_fi\f]P\d\e%
K_`ji\gfik[fZld\ekjk_\d\[`ZXcXe[_ldXe`kXi`XeZfej\hl\eZ\j
f]k_\g\i`cfljaflie\p#ègXik`ZlcXif]k_\XYlj\jYpk_\jdl^^c\ij%
DJ=k\Xdj_Xm\ki\Xk\[gXk`\ekj]fièali`\j]ifdj\m\i\Y\Xkè^j#
[\_p[iXk`feXe[i\jgìXkfipgifYc\dj%DXepgXk`\ekjgi\j\ek\[n`k_
^\e\iXcYf[pgXèjXe[_\X[XZ_\jÆg_pj`ZXcdXe`]\jkXk`fejf]k_\
gjpZ_fcf^`ZXcZfej\hl\eZ\jf]k_\\oki\d\_Xi[j_`gjf]k_\aflie\p%
DXepjlim`mfij_Xm\efkfecpY\\ek_ifl^_kiXldXk`Z\m\ekj
k_\dj\cm\jYlk_Xm\cfjkcfm\[fe\j]ifdm`fc\eZ\fi[ifneè^%
K_`ji\gfik`jYXj\[fed\[`ZXcXe[Zflej\ccè^[XkXZfcc\Zk\[[liè^
DJ=Ëjfg\iXk`fejXe[fek_\dfi\k_Xe),'k\jk`dfe`\j^Xk_\i\[
]ifde\nXii`mXcj%G\fgc\Xii`m\\o_Xljk\[#dXepf]k_\d`ccXe[
\dfk`feXccpj_Xkk\i\[%K_\pkfc[DJ=_Xiifnè^jkfi`\jf][\Xk_Xe[
jlim`mXc%9fXkj[\j`ê\[kfZXiip*'kf+'g\fgc\Xkk_\dfjkXi\
gXZb\[n`k_fm\i(''gXjj\e^\ij#dXepf]k_\djklZbèjdXcc
nè[fnc\jjjkfiX^\gcXZ\jèk_\_fc[%G\fgc\Xi\]fiZ\[kfj`kèk_\
jXd\gfj`k`fen`k_flkdfmè^Xe[Xi\#èk_\cXi^\dXafi`kpf]ZXj\j#
[\gi`m\[f]]ff[Xe[nXk\i%
=ifdeè\flkf]k\eYfXkj#Y\Xkè^jn\i\i\gfik\[#k_\dfjk
Zfddfe`dgc\d\ekjY\è^jk`Zbj#g`g\j#Y\ckYlZbc\jXe[jfd\k`d\j
Xcjfi`Õ\YlkjXe[be`m\j%Nfd\eXe[Z_`c[i\eXi\efkjgXi\[%
(:XcZlcXk`feYXj\[feLE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%
(¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
:fe[`k`fejXi\jf_Xij_k_Xk[\Xk_j[liè^k_\ki`gn\i\ZfeÔid\[
]ifdfe\k_ì[f]k_\YfXkj%K_\dXèZXlj\jn\i\j\m\i\Y\Xkè^j#
cXZbf]]ff[Xe[nXk\iXe[jl]]fZXk`fe]ifdY\è^èk_\_fc[f]k_\
YfXkj%J\m\iXcèk\im`\n\\jXcjfi\gfik\[ZXj\jn_\i\k_\jdl^^c\ij
k_i\ngXjj\e^\ij#èZcl[è^pfle^Z_`c[i\e#fm\iYfXi[%8cjfZXj\j
f]jl`Z`[\n\i\i\gfik\[n_\i\gXjj\e^\ijaldg\[j_`gflkf]
[\jg\iXk`feXe[]\Xi%
8ii`mXcfek_\P\d\e`j_fi\j`j\oZ\\[è^cp_XqXi[flj#Xjk_\
jdl^^c\ijkXb\\oki\d\d\Xjli\jkfXmf`[Y\è^[\k\Zk\[Ypk_\
P\d\e`j\Zli`kp]fiZ\j%@eXcdfjk_Xc]k_\èk\im`\nj#gXjj\e^\ij
i\gfik\[k_Xkk_\YfXkj[`[efkZfd\Zcfj\kfk_\j_fi\Xe[k_Xkk_\p
n\i\]fiZ\[kf[`j\dYXibè[\\gnXk\i%@]gXjj\e^\ijXi\X]iX`[Xe[
i\]lj\kfaldg#k_\pXi\Y\Xk\eXe[k_ifneèkfk_\j\X%8jdXep
g\fgc\#\jg\Z`Xccpk_fj\Zfdè^]ifdk_\èk\i`fif]<k_`fg`Xfi
JfdXc`X#ZXeefkjn`d#[\Xk_j]ifd[ifneè^Xi\]i\hl\ek%K_\
dXafi`kpf]YfXkjZfd\kfnXi[jk_\j_fi\Xke`^_kkfXmf`[Y\è^
jgfkk\[Ypk_\P\d\e`d`c`kXip#n_`Z_]lik_\i\oXZ\iYXk\jk_\i`jbf]
[ifneè^%8cdfjkfe\k_ì[f]k_\i\jgfe[\ekji\gfik\[[\Xk_j]ifd
[ifneè^%@eknfZXj\jDJ=gifm`[\[Xjj`jkXeZ\kfjlim`mfij]ifd
YfXkjn_\i\k_\dXafi`kpf]k_\gXjj\e^\ij#(''g\fgc\fidfi\#_X[
[ifne\[fin\i\d`jjè^%
K_\dXafi`kpf]k_fj\Zifjjè^n\i\XnXi\f]k_\i`jbj#Ylkkfc[DJ=
k_Xkk_\p_X[efZ_f`Z\%=fik_\dkXbè^k_\[Xe^\ifljki`g[f\jefk
Zfejk`klk\Xefgk`feXdfe^j\m\iXc#Ylkk_\ìfecpjlim`mXcjkiXk\^pkf
\jZXg\m`fc\eZ\Xe[[\jk`klk`feK_\dXafi`kpf]k_fj\èk\im`\n\[
c`jk\[dlck`gc\i\Xjfej]fic\Xmè^#n`k_m`fc\eZ\Xe[èj\Zli`kpY\è^
k_\dXèfe\#]fccfn\[Ypgfm\ikpXe[cXZbf]nfib%

8Yflkknfk_ì[jf]k_\e\nXii`mXcjn\i\JfdXc`jXe[fe\k_ì[
<k_`fg`Xej%K_\dXafi`kpf]k_fj\Zifjjè^k_\>lc]f]8[\en\i\
d\e#Ylkfm\ikn\ekpg\iZ\ekn\i\nfd\e%Dfjkf]k_\dn\i\pfle^#
èk_\ìd`[$kn\ek`\j#YlkDJ=Xcjf\eZflek\i\[jfd\fc[\ig\fgc\Xj
n\ccXjpfle^Z_`c[i\e%Fm\i_Xc]f]k_\e\nXii`mXcjèk\im`\n\[
n\i\dXii`\[%=Xd`c`\jXi\]i\hl\ekcpj\gXiXk\[#n`k_fe\fij\m\iXc
]Xd`cpd\dY\ijkXbè^k_\aflie\pXe[k_\fk_\ijjkXpè^Y\_è[#
jfd\k`d\jY\ZXlj\k_\pZflc[efkX]]fi[kfkiXm\cXccXkk_\
jXd\k`d\%
9\]fi\i\XZ_è^9fjjXjf#k_\gfikf]\dYXibXk`feèk_\Efik_\Xjkf]
JfdXc`X#g\fgc\_Xm\Xci\X[pY\\ek_ifl^_X[Xe^\ifljXe[
\og\ej`m\aflie\p%K_\i\Xi\Xifle[(''Z_\ZbgfèkjXcfe^k_\ifX[
]ifdDf^X[`j_lkf9fjjXjf#Xe[dXepi\gfik\[Y\è^k_i\Xk\e\[Xe[
_Xmè^kfgXpYi`Y\j%K_\pXcjf[\jZi`Y\[XkkXZbjYpXid\[ifYY\ij
Xe[ZXj\jf]b`ccè^j%@e9fjjXjf#k_\e\nXii`mXcj]XZ\[gi\ZXi`flj
c`mè^Zfe[`k`fejXe[èZi\Xjè^èj\Zli`kp%
P\d\ekiX[`k`feXccp_XjY\\en\cZfdè^kfk_\e\nXii`mXcj#
\jg\Z`XccpJfdXc`j%K_\P\d\e`>fm\ied\eki\Zfê`q\jJfdXc`jXj
gi`dX]XZ`\i\]l^\\j%K_ljJfdXc`j[fefke\\[kfle[\i^fè[`m`[lXc
jkXklj[\k\idèXk`fe%?fn\m\i#e\ncpXii`m\[<k_`fg`XejXi\
Zfej`[\i\[`cc\^XcXe[jlYa\Zkkf[\gfikXk`fe#n`k_flkX[`jkèZk`fe
dX[\Y\kn\\ed`îXekjXe[Xjpcldj\\b\ij%K_lj#<k_`fg`XejXi\
X]iX`[f]Y\è^Xii\jk\[Xe[dXepf]k_\djkXikdfmè^]ifdk_\
j_fi\n_\ek_\pXi\jk`cc\o_Xljk\[Xe[n\Xb%
K_\_`^_èÕlof]i\]l^\\jXe[d`îXekjgfj\jXdXafiZ_Xcc\e^\]fi
P\d\e%Kf[Xk\#k_\_ldXe`kXi`Xei\jgfej\kfk_fj\Xii`mè^Xkk_\
j_fi\Xjn\ccXjkfk_\i\]l^\\jXe[d`îXekjXci\X[pèP\d\e_Xj
Y\\e]Xi]ifdX[\hlXk\%Dfi\èk\ieXk`feXcXjj`jkXeZ\`jli^\ekcp
e\\[\[%8cjf#k_\i\jgfej\ZXgXZ`kpf]XZkfijXjj`jkèî\]l^\\jXe[
)¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
d`îXekjXii`mè^fek_\ZfXjke\\[jkfY\jki\e^k_\e\[%=\nXZkfij
Xi\gi\j\ekXe[k_\i\`jXeli^\eke\\[]fiX[[`k`feXcfi^Xe`qXk`fejkf
èk\im\e\%LE?:Ij_flc[èZi\Xj\`kjgi\j\eZ\fek_\ZfXjkXe[
Xjjld\Xdfi\gif$XZk`m\#jkife^\iifc\è]lcÔccè^`kjgifk\Zk`fe
dXe[Xk\%:fe[`k`fejèk_\8_nXiI\Z\gk`fe:\eki\i\^Xi[è^
i\^`jkiXk`fe#j_\ck\iXe[]ff[Xe[kiXejgfikXk`fej_flc[Y\`dgifm\[%
8cjf#e\nXii`mXcje\\[kfY\gifm`[\[n`k_è]fidXk`feXYflkk_\
fgk`fejfg\ekfk_\dèk_\ìi\jg\Zk`m\cXe^lX^\j%
P\d\e`jj`êXkfipkfk_\(0,(:fem\ek`feI\cXkè^kfk_\JkXkljf]
I\]l^\\jXe[`kj(0-.GifkfZfc#k_\fecpZflekipfek_\8iXY
g\eèjlcXkf_Xm\XZZ\[\[kfk_\j\èk\ieXk`feXcèjkild\ekj%
?fn\m\i`dgc\d\ekXk`feXkk_\eXk`feXcc\m\c`jcXZbè^Xe[k_\
>fm\ied\ekf]P\d\e`jli^\[kfgcXpXjkife^\iifc\i\^Xi[è^`kj
i\jgfej`Y`c`k`\j]fik_\gifk\Zk`fef]Xe[_ldXe`kXi`XeXjj`jkXeZ\]fi
i\]l^\\j#Xjpcldj\\b\ijXe[d`îXekj%K_\ZXgXZ`kpf]cfZXcXe[
eXk`feXcXlk_fi`k`\je\\[jkfY\jki\e^k_\e\[kfi\jgfe[kfk_\e\\[j
f]e\nXii`mXcj%Efe$JfdXc`jj_flc[Y\Xccfn\[XZZ\jjkfXjpcld
gifZ\[li\j%
8jcfe^XjZfeÕ`Zk#gfm\ikpXe[[ifl^_kèk_\?fief]8]i`ZXg\ij`jk#
g\fgc\n`ccZfekèl\kfÕ\\%I\]l^\\jXe[d`îXekjdljkY\gifm`[\[
n`k_Xck\ieXk`m\jkfglkkè^k_\dj\cm\jXkk_\_Xe[jf]YilkXc
jdl^^c\ij%K_\èk\ieXk`feXcZfddle`kp#^fm\ied\ekjXe[fk_\i
XZkfijj_flc[dXb\\m\ip\]]fikkfX[[i\jjk_\_ldXe`kXi`Xee\\[jf]
k_\d`îXekjXe[i\]l^\\jZfeZ\ie\[%
> <m\ipp\Xi#k_fljXe[jf]g\fgc\i`jbk_\ìc`m\jZifjjè^k_\>lc]f]
>cigdYjXi^dc
8[\ekf\jZXg\]ifdk_\mfcXk`c\?fief]8]i`ZXi\^`fekfk_\i\cXk`m\
jX]\kpf]P\d\e%<k_`fg`XejXe[JfdXc`jj\\bi\]l^\\]ifdZfeÕ`Zk#
m`fc\eZ\#g\ij\Zlk`fe#[iXl^_kXe[gfm\ikp%
N`k_k_\\jZXcXkè^ZfeÕ`ZkèJfdXc`XXe[k_\]ff[Zi`j`jègXikj
f]k_\?fief]8]i`ZX#k_\ìeldY\ijXi\èZi\Xjè^%Lgkf\e[f]DXp
)''/#fm\i)'#'''JfdXc`jXe[<k_`fg`XejZifjj\[k_\>lc]f]8[\e#
n_`Z_`jdfi\k_Xe[flYc\k_\eldY\i]fik_\jXd\g\i`f[cXjkp\Xi%
CXZbè^jX]\Xe[c\^XcXck\ieXk`m\jkfc\Xm\k_\ìZflekip#k_\p
_Xm\kflj\k_\j\im`Z\jf]jdl^^c\ijkfZifjjk_\>lc]f]8[\e%
K_\jdl^^c\ijXi\efkfi`flj]fik_\ìYilkXc`kpXe[]XkXc`kpiXk\jXi\
_`^_%K_fj\n_fjlim`m\k_\[Xe^\ifljki`gXii`m\\o_Xljk\[Xe[
\dfk`feXccpj_Xkk\i\[%

@eJ\gk\dY\i)''.DJ=jkXik\[Xgifa\Zkgifm`[è^_ldXe`kXi`Xe#
d\[`ZXcXe[gjpZ_fjfZ`XcXjj`jkXeZ\kfi\]l^\\jXe[d`îXekj
Xii`mè^fek_\jflk_\iej_fi\f]P\d\e%@ek_\Zfek\okf]k_\
gifa\Zk#DJ=èk\im`\n\[fm\i),'e\ncpXii`m\[JfdXc`jXe[
BH;
<k_`fg`Xej#^Xk_\iè^è]fidXk`feXYflkk_\ìYXZbîfle[#i\Xjfej
:m]VjhiZYHdbVa^gZ[j\ZZhdci]ZWZVX]! ]fic\Xmè^Xe[XYlj\j[liè^k_\aflie\p%
DXidWZg'%%,
K_`ji\gfik[fZld\ekjk_\Zfe[`k`fejf]k_\g\i`cfljaflie\pXe[
k_\ì`dgXZkfek_\_\Xck_Xe[gjpZ_fcf^`ZXcjkXk\f]k_\e\n
Xii`mXcj%@kgi\j\ekjjkXk`jk`ZXc[XkXXjn\ccXjè[`m`[lXc
k\jk`dfe`\j#èZcl[è^Ôijk$_Xe[i\gfikj]ifdm`Zk`dj#jlYjkXek`Xk\[
*¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
YpXZZflekj]ifdfk_\igXjj\e^\ij#Xe[d\[`ZXcXe[Zflej\ccè^
[XkX%K_\i\gfikf]k\eZ`k\jn_Xkk_\d`îXekj&i\]l^\\j_Xm\kfc[lj
lgfek_\ìXii`mXcèP\d\e%K_`j`jkf^`m\k_\dXmf`Z\Xe[kff]]\i
k_\i\X[\iXj\ej\f]k_\j\m\i`kpf]k_\XYlj\j1_fnk_\j\g\fgc\
jl]]\i[liè^k_\YfXkaflie\p#_fnk_\p]\\c#Xe[_fn[\jg\iXk\k_\
j`klXk`fejXi\n_`Z_]fiZ\k_\dkfÕ\\%

N_`c\dfjkXkk\ek`feXe[i\j\XiZ_#\jg\Z`Xccpè<lifg\#_Xj]fZlj\[
fed`îXekjXe[i\]l^\\jZfdè^m`Xk_\D\[`k\iiXe\Xe#k_\kiX^\[p
le]fc[è^èk_\>lc]f]8[\e`jcXi^\cp`êfi\[Ypk_\èk\ieXk`feXc
Zfddle`kpXe[N\jk\ied\[`X%N`k_k_`ji\gfik#DJ=X`djkfiX`j\
XnXi\e\jjXYflkk_\gc`^_kf]i\]l^\\j#Xjpcldj\\b\ijXe[d`îXekj
Xii`mè^fek_\jflk_\ieZfXjkf]P\d\e%K_\i\gfik[fZld\ekjk_\
d\[`ZXcXe[_ldXe`kXi`XeZfej\hl\eZ\jf]i\]l^\\jXe[d`îXekj
_Xmè^kfi\jfikkfjdl^^cè^YfXkjY\ZXlj\f]k_\cXZbf]jX]\Xe[
m`XYc\fgk`fej%
>> & 7VX`\gdjcY
8dciZmi

P\d\e#èm`\nf]`kj^\fîXg_`ZXccfZXk`feÆ`kjgifo`d`kpkfk_\
?fief]8]i`ZXXe[kfk_\n\Xck_p>lc]JkXk\j$_XjkiX[`k`feXccpY\\e
XZflekipf]fi`^è#[\jkèXk`feXe[kiXej`k]fii\]l^\\jXe[d`îXekj%
8cjf#gfglcXk`fedfm\d\ekjn`k_èXe[]ifdk_\?fief]8]i`ZX#_Xm\
Xcfe^_`jkfip#]ifdk_\kiX[`k`feXcd`îXk`fef]gXjkfiXc`jkj#kfcXYfli
d`îXk`fekfk_\>lc]JkXk\j#Xe[#èdfi\i\Z\ekk`d\j#Õ`^_kY\ZXlj\
f]ZfeÕ`Zk#gfc`k`ZXcèjkXY`c`kpXe[\Zfefd`Z[\gi`mXk`fe%)
JèZ\k_\gXjkp\Xik_\eldY\if]g\fgc\\jZXgè^ZfeÕ`Zk#g\ij\Zlk`fe#
[iXl^_kXe[gfm\ikpèJfdXc`XXe[<k_`fg`XXii`mè^Xkk_\j_fi\jf]
P\d\e_XjZfekèl\[kfèZi\Xj\%=i\hl\ekcp#k_\dfk`mXk`fej]fic\Xmè^
Xi\dò\[#n`k_k_\dXafi`kpf]k_\e\nXii`mXcjjkXkè^k_\ZfeÕ`Zkfi
i\gi\jj`m\gfc`k`ZXc\emìfed\ekjXjn\ccXjgfm\ikpXe[cXZbf]nfibXj
i\Xjfej]fi[\gXikli\%8cjf#Xj`jk_\ZXj\n`k_gfglcXk`fedfm\d\ekj
]ifdfk_\ii\^`fej#i\]l^\\jXe[d`îXekjkiXm\cXcfe^j`[\\XZ_fk_\iè
jf$ZXcc\[dò\[Õfnj#ljè^k_\jXd\iflk\jXe[df[\jf]kiXm\cXe[#
Y\ZXlj\f]k_\XYj\eZ\f]c\^XcZ_Xee\cj]fij\\bèî\]l^\fid`îXkè^#
_Xm\kf\dgcfpk_\jXd\j\im`Z\jf]jdl^^c\ij%*
K_\èZi\XjèêldY\if]e\nXii`mXcjgfj\jXdXafiZ_Xcc\e^\]fi
P\d\e#\jg\Z`XccpXj`kk_\gffi\jkZflekipèk_\8iXY`XeG\eèjlcX#
îXggcè^n`k__`^_gfm\ikpXe[le\dgcfpd\ek#iXg`[gfglcXk`fe
îfnk_Xe[[nè[cè^nXk\ii\jfliZ\j%+
) =fidfi\[\kX`cjj\\1AfXb`d>le[\c#ÈK_\D`îXk`fe$;\m\cfgd\ekE\olj1JfdXc`X
:Xj\Jkl[p#É@ek\ieXk`feXcD`îXk`fe#Mfc%+'#Ef,#)'')2@ek\ieXk`feXc:\eki\]fi
D`îXk`feGfc`Zp;\m\cfgd\ek@:DG; K_\<Xjk8]i`ZXD`îXk`feIflk\jI\gfik#
M`\eeX)''._\i\X]k\iZ`k\[Xj@:DG; 2Dò\[D`îXk`feKXjb=fiZ\JfdXc`X#Dò\[
D`îXk`fek_ifl^_JfdXc`XXe[XZifjjk_\>lc]f]8[\e#8gi`c)''/_\i\X]k\iZ`k\[Xj
Dò\[D`îXk`feKXjb=fiZ\i\gfik %
* @:DG#g%(,2Jk\]Xe`\>iXek#@ek\ieXk`feXcD`îXk`feXe[?ldXeI`^_kj#GXg\i
gi\gXi\[]fik_\>cfYXc:fdd`jj`fefe@ek\ieXk`feXcD`îXk`fe#J\gk\dY\i)'',#g%+%
A\]]:i`jg#È9\pfe[k_\e\olj1LE?:IËj\mfcmè^g\ijg\Zk`m\fei\]l^\\gifk\Zk`feXe[
èk\ieXk`feXcd`îXk`fe#ÉE\n@jjl\jèI\]l^\\I\j\XiZ_#I\j\XiZ_GXg\i(,,#8gi`c
)''/#g%+_\i\X]k\iZ`k\[Xj:i`jg 2:fleZ`cf]<lifg\#K_\?ldXeI`^_kjf]@ii\^lcXi
D`îXekjè<lifg\#(.;\Z\dY\i)''.#g%/%
+ 8ZZfi[è^kfk_\)''.LE;G?ldXe;\m\cfgd\eki\gfik#P\d\eiXebj(,*flkf]
(..fek_\?ldXe;\m\cfgd\ek@e[\o%GfglcXk`feîfnk_`j*%-#le\dgcfpd\ek+'#
n`k_fm\i+'f]P\d\e`jc`mè^ègfm\ikp%
+¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
' 8jggZcihXdeZVcYeViiZgch
;liè^)''.#XZZfi[è^kfLE?:IjkXk`jk`Zj)0#*-'i\]l^\\jXe[
d`îXekjXii`m\[fek_\ZfXjkf]P\d\e%K_\mfpX^\gifm\[g\i`cflj
Xe[k_\\jk`dXk\[]XkXc`kpiXk\nXjm\ip_`^_$k_\jdl^^c\ijXi\
YilkXcXe[kXb\X[mXekX^\f]k_\\oki\d\mlce\iXY`c`kpf]k_\
gXjj\e^\ij%@e)''.#`k`j\jk`dXk\[k_XkXkc\Xjk,f]k_fj\j\kkè^
flkfek_\[Xe^\ifljaflie\p[`[efki\XZ_k_\j_fi\jf]P\d\eXc`m\#
n`k_-,+ZfeÔid\[[\X[Yli`\[ Xe[.,+d`jjè^%,?fn\m\i#k_\
XZklXc[\Xk_kfcc`jgifYXYcpdlZ__`^_\i%P\d\e_XjXm\ipcfe^ZfXjk
cè\n`k_\ekipgfèkj]fiYfXkjXcfe^Xjki\kZ_f]XYflk,''bdÆXe[
`k`jm\ipc`b\cpk_XkefkXcce\nXii`mXcjn\i\[\k\Zk\[efik_XkXcck_\
[\X[Xe[d`jjè^n\i\i\gfik\[%
8]k\iXclcc]ifdAle\kf8l^ljk#n_\ek_\j\X`jkffifl^_]fi
Zifjjè^Y\ZXlj\f]k_\dfejffe#k_\d`îXk`fej\XjfeY\^XeX^Xèè
J\gk\dY\i)''.%8ZZfi[è^kfLE?:IjkXk`jk`Zj#k_\\jk`dXk\[
eldY\if]g\fgc\Xii`mè^Xkk_\j_fi\jf]P\d\eg\Xb\[Xk-#(-+è
J\gk\dY\iXe[Xk.#-)/èFZkfY\i%-DXepg\fgc\_X[Y\\enX`kè^è
9fjjXjf#k_\gfikZ`kpèk_\Efik_f]JfdXc`X#jkXikè^gfèk]fik_\
YfXkaflie\p#]fik_\Y\^èeè^f]k_\Zifjjè^j\Xjfe%8eèZi\Xjè^
eldY\if]g\fgc\_X[Õ\[k_\Ô^_kè^èJfdXc`X%8cjf#[liè^
IXdX[XeXe[<`[]ifd(*J\gk%kf(-FZk%#)''. k_\eldY\if]YfXkj
Zifjjè^k_\>lc]f]8[\enXjm\ip_`^_#Xj_XjY\\ek_\ZXj\è
gi\m`fljp\Xij#jèZ\k_\jdl^^c\ijkffbX[mXekX^\f]k_\]XZkk_Xkk_\
P\d\e`ZfXjk^lXi[Xe[d`c`kXipn\i\c\jjm`^`cXek%
K_\ÔijkgXikf])''/jXnXdXjj`m\èZi\Xj\èk_\eldY\if]
i\]l^\\jXe[d`îXekj#n`k_+#'''fidfi\e\nXii`mXcj\XZ_dfek_
lgkfDXiZ_)''/%.9pk_\\e[f]DXp#fm\i)'#'''_X[Xii`m\[Xkk_\
j_fi\jf]P\d\e#n`k_Xcdfjk+''[\X[fid`jjè^%/K_`jnXjdfi\
k_Xe[flYc\k_\eldY\i]fik_\jXd\g\i`f[è)''.%
K_\cXi^\dXafi`kp#Xifle[),#'''#f]k_\e\nXii`mXcjè)''.ZXd\m`X
k_\>lc]f]8[\e#n_`c\jfd\,#'''ZXd\]ifd;a`Yflk`m`Xk_\I\[J\X%
=ifd;\Z\dY\i)''.fe#dfi\i\]l^\\jXe[d`îXekjdX[\k_\YfXk
aflie\p]ifd;a`Yflk`%K_`jki\e[Zfekèl\[[liè^k_\Ôijkdfek_jè
)''/#n`k_fm\i,'f]k_\e\nXii`mXcjèAXelXipXe[=\YilXip)''/
Zifjjè^k_\I\[J\X%K_`jki`g`jdlZ_j_fik\iXe[c\jj[Xe^\iflj%
8cjf#XZZfi[è^kfLE?:I#k_\dXafi`kpf]k_\YfXkjZifjjè^k_\I\[
J\XXi\jdXcc\iXe[c\jjZifn[\[Xe[k_\jdl^^c\ijj\\dkfY\_Xm\
c\jjè_ldXe\cp%@eDXiZ_Xe[8gi`c#]\nYfXkjZXd\m`X;a`Yflk`Xj
k_\Xlk_fi`k`\jk_\i\n\i\k`^_k\eè^Zfekifcj%@eDXp)''/k_\eldY\i
f]YfXkjZifjjè^k_\I\[J\XnXjfek_\èZi\Xj\X^Xè%0
Fm\ik_\gXjkdfek_j#k_\jdl^^c\ij_Xm\Y\^lekflj\Xe\nkpg\f]
jdXcc\i#]Xjk\iYfXkj#n`k_),kf+,gXjj\e^\ij%K_\gi`Z\f]
kiXejgfikXk`fe`j_`^_\i#Ylkg\fgc\#XZZfi[è^kfk_\ìi\gfikj#Xi\
ki\Xk\[Y\kk\i%K_\gXjj\e^\ijèk\im`\n\[]ifdk_\j\YfXkj$\oZ\gk
]fife\n_`Z_[l\kfk\Z_e`ZXckiflYc\jfek_\_`^_j\XkffbÔm\[Xpj
kfZifjj$kfc[ljk_Xkk_\p[`[efk\eZflek\idXafigifYc\dj[liè^
k_\ki`g%@kj\\djk_Xkk_\j\YfXkjXi\èZi\Xjè^cplj\[2]fièjkXeZ\
, LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%@e)''-#XZZfi[è^kfLE?:I
èZ`[\ekjkXk`jk`Zj#),#/''i\]l^\\j#Xjpcldj\\b\ijXe[d`îXekjXii`m\[èP\d\e
_Xmè^Zifjj\[k_\>lc]f]8[\e#n`k_Xkc\Xjk**'[\X[Xe[*''d`jjè^%
- LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%
. 8ZZfi[è^kfLE?:IèZ`[\eki\gfikjk_\\jk`dXk\[eldY\ijf]Xii`mXcjXkk_\ZfXjk
]fik_\Ôijk+dfek_jf])''/n\i\Xj]fccfnj1AXelXip+#+/(#=\YilXip*#00.#DXiZ_
+#(*)#8gi`c*#-',%@eZfdgXi`jfe#\jk`dXk\[Ô^li\j]fiAXelXiplgkfXe[èZcl[è^8gi`c
)''.n\i\.#(++%
/ LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#DXp)''/%
0 8ZZfi[è^kfLE?:I#è8gi`c#fecp('f]k_\e\nXii`mXcjZXd\m`X;a`Yflk`%@e
DXp#+'f]Xcck_\YfXkjZifjjè^ZXd\m`X;a`Yflk`
,¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
è8gi`c'/fm\i_Xc]k_\YfXkjXii`mè^fek_\j_fi\jf]P\d\en\i\
jdXcc\iYfXkj%
K_\gi`Z\f]k_\YfXkki`giXe^\[]ifdLJ,'kf/'#Xe[LJ(''kf
(-']fik_\jdXcc\i#]Xjk\iYfXkj%
( HîjVi^dcd[i]ZgZ[j\ZZhVcYb^\gVcihjedc
Vgg^kVa^cNZbZc
8]k\iXii`mè^fek_\j_fi\#g\fgc\Xi\kXb\eYpLE?:IËj
`dgc\d\ekè^gXike\iJfZ`\kp]fi?ldXe`kXi`XeJfc`[Xi`kpJ?J#X
cfZXcE>F kf\`k_\ik_\DXp]X_fi8_nXiI\Z\gk`fe:\eki\j:I
n_\i\k_\pjkXpX]\n[Xpj#i\Z\`m\Xjj`jkXeZ\Xe[Xi\I\^`jk\i\[%('
@e`k`Xccpk_\i\nXjfecpfe\i\Z\gk`feZ\eki\XkDXp]X_#XYflkknf
_flijècXe[]ifdk_\ZfXjk%@e)''.#LE?:I[\Z`[\[kf\jkXYc`j_X
j\Zfe[i\Z\gk`feZ\eki\Xk8_nXifek_\ZfXjk#n`k_DJ=i\jgfej`Yc\
BH;
]fik_\\d\i^\eZp_\Xck_Z\eki\%?fn\m\i#k_\i\_Xm\Y\\e
6]lVggZXZei^dcXZcigZ!BVn'%%- Zfej`[\iXYc\[\cXpjXe[8_nXiI\Z\gk`fe:\eki\8I: nXjfg\e\[
fecpfe0DXiZ_#)''/%8kk_Xkk`d\DJ=jkXik\[XZk`m`k`\jk_\i\#
gifm`[è^d\[`ZXcXe[gjpZ_fjfZ`Xcjlggfik]fik_\e\nXii`mXcj%
?fn\m\i#^\e\iXcZfe[`k`fejèk_\I:i\^Xi[èî\^`jkiXk`fe#j_\ck\i
Xe[]ff[jk`cce\\[kfY\`dgifm\[%@eX[[`k`fe#e\nXii`mXcjfek_\
ZfXjkXe[Xkk_\8_nXiI\Z\gk`fe:\eki\ Xi\]i\hl\ekcpefk^`m\e
X[\hlXk\è]fidXk`feXYflkk_\e\okjk\gjXe[gfjj`Y`c`k`\jfg\ekf
k_\d%K_lj`k`j`dgfikXekk_Xkfi^Xe`qXk`fejXZk`m\k_\i\_Xm\jkX]]
jg\Xbè^JfdXc`Xe[k_\dXè<k_`fg`XecXe^lX^\je\\[\[Fifd`]XX
Xe[8d_Xi`Z %
8ZZfi[è^kfLE?:I)''.jkXk`jk`Zj#/(f]k_\e\ncpXii`m\[
JfdXc`j^fkkfk_\DXp]X_I\Z\gk`fe:\eki\Xj[`[)(f]efe$
JfdXc`jXcdfjkXcc<k_`fg`Xej %((K_\pXi\kXb\ek_\ekfB_XiXq
I\]l^\\:Xdg#cfZXk\[èCX_Xa>fm\iefiXk\#XYflk)''bdn\jk
]ifd8[\e%Fm\i_Xc]k_\JfdXc`j#,.XZZfi[è^kfLE?:I#è`k`Xccp
^fkfk_\B_XiXqZXdg%?fn\m\i#]\njkXpk_\i\#XjB_XiXq`jcfZXk\[
èk_\[\j\ik]XiXnXp]ifdXepkfne%:fe[`k`fejXi\_Xij_#n`k__`^_
k\dg\iXkli\jXe[nè[j#Xe[j\im`Z\jèX[\hlXk\%B_XiXq:Xdg
È_fjkjjfd\f]k_\dfjk[\jk`klk\Xe[mlce\iXYc\i\]l^\\ji\j`[è^è
P\d\eÉ%()K_\Zlii\ekgfglcXk`fef]k_\:Xdg`jXifle[0#'''#
XZZfi[è^kfLE?:I%K_\cXi^\dXafi`kpf]k_\i\]l^\\jèP\d\e
c`m\èliYXeXi\Xj#\jg\Z`XccpèJXeXËXXe[8[\e%C`mè^Zfe[`k`fej
]fik_\i\]l^\\jXi\m\ip[`]ÔZlck#n`k_]\ngfjj`Y`c`k`\jfg\ekfk_\d#
\jg\Z`Xccp]fi\dgcfpd\ek%
K_\i\Xi\ef\oXZkÔ^li\ji\^Xi[è^k_\eldY\if]JfdXc`jc`mè^è
P\d\e%8ZZfi[è^kfLE?:Ifm\i((/#'''JfdXcì\]l^\\jZlii\ekcp
i\j`[\èP\d\e#Ylkk_\XZklXceldY\i`jc`b\cpkfY\dlZ__`^_\iXj
dXepJfdXcì\]l^\\j_Xm\efkY\\ei\^`jk\i\[%(*
(' K_\i\Z\gk`feZ\eki\jXi\kiXej`kZ\eki\j]fie\nXii`mXcj#n_\i\k_\pjg\e[X]\n
[Xpjkfi\Zlg\iXk\]ifdk_\aflie\p#Xi\gifm`[\[n`k_è`k`XcXjj`jkXeZ\Xe[i\^`jk\i\[
Y\]fi\Y\è^kXb\ekfk_\B_XiXqI\]l^\\:Xdg]fiXcfe^\i$k\idjkXp%
(( LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%8ZZfi[è^kfLE?:I)''/
jkXk`jk`Zj#[liè^k_\Ôijk]flidfek_jf])''/#/0f]k_\JfdXcè\nXii`mXcjXe[*)
f]k_\efe$JfdXc`ji\XZ_\[k_\i\Z\gk`feZ\eki\j%
() LE?:I#:flekipFg\iXk`fejGcXe)''/1P\d\e#g%,%
(* 8kk_\I\^`feXc:fe]\i\eZ\feI\]l^\\Gifk\Zk`feXe[@ek\ieXk`feXcD`îXk`feè
k_\>lc]f]8[\e(0$)'DXp#)''/ #k_\P\d\e`=fi\`êDè`jk\ii\]\ii\[kf,''#'''
JfdXcì\]l^\\jèP\d\e%
-¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
) AZ\VahiVijh
8ck_fl^_k_\gffi\jkZflekipf]k_\8iXY`XeG\eèjlcX#P\d\e_Xj
Y\\en\cZfdè^kfnXi[jJfdXcì\]l^\\j#ègXikY\ZXlj\f]P\d\eËj
_`jkfi`ZkiX[\Xe[jfZ`Xci\cXk`fejn`k_JfdXc`X%CfZXcZfddle`k`\j
Xe[Ôj_\id\en_f\eZflek\ie\nXii`mXcjfek_\j_fi\]i\hl\ekcp
gifm`[\jlggfik#Xck_fl^_k_\pXi\m\ipgffik_\dj\cm\j%
P\d\e`jj`êXkfipkfk_$0,(:fem\ek`feI\cXkè^kfk_\JkXkljf]
I\]l^\\jXe[`kj(0-.GifkfZfc#k_\fecpZflekipfek_\8iXY
g\eèjlcXkf_Xm\XZZ\[\[kfk_\j\èk\ieXk`feXcèjkild\ekj%
?fn\m\i#`dgc\d\ekXk`feXkk_\eXk`feXcc\m\c`jcXZbè^%K_\i\`jef
eXk`feXci\]l^\\cXnXe[effg\iXk`feXcZfdd`kk\\k_Xk[\Xcjn`k_
i\]l^\\j%@e\Xicp)''/#k_\?ldXeI`^_kjDè`jk\igifgfj\[k_\
\jkXYc`j_d\ekf]Xeèk\i$dè`jk\i`Xc[iX]kè^Zfdd`kk\\kfgi\gXi\X
[iX]ki\]l^\\cXn%@e)'''k_\EXk`feXc:fdd`kk\\]fiI\]l^\\
8]]XìjE:I8 _\X[\[Ypk_\;\glkp=fi\`êDè`jk\iXe[
Zfdgi`jè^f]ÔZ`Xcj]ifddè`jki`\jXe[X[dè`jkiXk`m\Yf[`\jk_Xk
[\Xcn`k_i\]l^\\`jjl\j=fi\`ê8]]Xìj#@ek\i`fi#Aljk`Z\#
@dd`îXk`feXe[GXjjgfikj#Xe[k_\F]ÔZ\f]Gfc`k`ZXcJ\Zli`kp nXj
\jkXYc`j_\[%?fn\m\i#`k`jfecpXZfejlckXk`m\Yf[pn`k_flkX
j\Zi\kXi`XkXe[_XjefkY\\em\ipXZk`m\%
K_\P\d\e`>fm\ied\eki\Zfê`q\jJfdXc`jXjgi`dX]XZ`\i\]l^\\j%
K_ljk_\p[fefke\\[kfle[\i^fè[`m`[lXcjkXklj[\k\idèXk`fe%
E\ncpXii`m\[<k_`fg`XejXi\Zfej`[\i\[`cc\^XcXe[jlYa\Zkkf
[\gfikXk`fe#n`k_flkX[`jkèZk`fedX[\Y\kn\\ed`îXekjXe[Xjpcld
j\\b\ij%JèZ$''-#k_\>fm\ied\ekf]P\d\e_Xj`dgc\d\ek\[
jki`Zk\id\Xjli\jkfZfekifck_\èÕlof]efe$JfdXc`j#dXècp
<k_`fg`Xej#lgfeXii`mXcfek_\:fXjk%P\d\e`jfc[`\ijXi\le[\i
fi[\ij]ifdk_\@ek\i`fiDè`jkipkfXii\jk<k_`fg`Xej%K_lj#
<k_`fg`Xej#n_\ek_\pXii`m\fek_\j_fi\#Xi\X]iX`[f]Y\è^Xii\jk\[
Xe[dXepf]k_\ddfm\]ifdk_\j_fi\XjjffeXjk_\pZXe%
N_\eYfXkjXii`m\fek_\ZfXjkXe[k_\e\nXii`mXcjXi\[\k\Zk\[Yp
k_\d`c`kXip#<k_`fg`XejXi\ljlXccpj\gXiXk\[]ifdk_\JfdXc`j#
[\kXè\[Xe[k_\eYifl^_kkfk_\`dd`îXk`fe[\k\ek`feZ\eki\kf
XnX`k[\gfikXk`fe%LE?:I[f\jefk_Xm\^\e\iXcXZZ\jjkf[\kXè\[
<k_`fg`Xej\oZ\gkèjg\Z`ÔZZXj\jYifl^_kkf`kjXkk\ek`feXe[kf
n_`Z_`ki\hl\jkXZZ\jj%
<k_`fg`Xejn_fi\XZ_k_\i\Z\gk`feZ\eki\jXi\i\^`jk\i\[Xe[^`m\e
XeXggfèkd\ekjc`gXe[k_ljk_\gfjj`Y`c`kpkfgi\j\ekXeXjpcld
ZcX`dkfk_\LE?:I8[\efiJXeXËXf]ÔZ\n`k_èk\e[Xpj%
8ZZfi[è^kfLE?:I#è)''-Xggifo`dXk\cp(#'''<k_`fg`Xej
n\i\[\gfik\[%;\gfikXk`fef]e\ncpXii`m\[<k_`fg`Xej#n_f_Xm\
XmXc`[]\Xif]g\ij\Zlk`fe#n`k_flkk_\gfjj`Y`c`kpf]gi\j\ekè^X
ZXj\]fiXjpcld`jèm`fcXk`fef]k_\gièZ`gc\f]efe$i\]flc\d\ek
\ej_iè\[è8ik`Zc\**f]k_$0,(:fem\ek`feI\cXkè^kfk_\
JkXkljf]I\]l^\\j%
.¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
KfX[[i\jjk_`jZfeZ\ie#LE?:I`j[`jZljjè^k_\('$GfèkGcXef]
8Zk`fefeI\]l^\\Gifk\Zk`feXe[Dò\[D`îXk`fe#n_`Z_#`]
`dgc\d\ek\[nflc[#èk\iXc`X#gifm`[\]fii\]l^\\jkXklj
[\k\idèXk`fegifZ\[li\jXe[k_lj]fik_\gfjj`Y`c`kpf]<k_`fg`Xej
kfgi\j\ekXjpcldZcX`djXe[]fiLE?:Ikf_Xm\XZZ\jjkf[\kXè\[
<k_`fg`Xej%(+
>>> K_`ji\gfik`jYXj\[gi`dXi`cpfeè]fidXk`fe]ifd),'èk\im`\nj
BV^cÄcY^c\h
]ifd-0YfXkj#[fZld\ek\[è[\kX`c\[hl\jk`feeXì\j#Xe[(.
k\jk`dfe`\jkXb\en`k_Xi\Zfi[\iXjn\ccXjfed\[`ZXcXe[
Zflej\cè^[XkX%@kZfm\ijk_\g\i`f[f]J\gk\dY\i0#)''.k_\k`d\
k_\DJ=gifa\ZkjkXik\[#kf8gi`c*'#)''/%K_\i\gfik]fZlj\jfek_\
YfXkaflie\pj]ifd9fjjXjf#k_\gfikkfnefek_\efik_\Xjkf]
JfdXc`X]ifdn_\i\g\fgc\Zifjjk_\>lc]f]8[\e#kfk_\jflk_\ie
ZfXjkf]P\d\e#dfi\jg\Z`ÔZXccpfeXii`mXcjXcfe^k_$.'$bdjki\kZ_
f]ZfXjkZfm\i\[YpDJ=%
N_\i\gfjj`Yc\#k_\è]fidXk`fei\Z\`m\[nXjm\i`Ô\[%?fn\m\i#k_`j
jfd\k`d\jgifm\[[`]ÔZlck#Xjk_\j\kkè^]fik_\èk\im`\nj[liè^
k_\dfY`c\èk\im\ek`fejnXjefkZfe[lZ`m\kfè$[\gk_èk\im`\nj%
DJ=jkX]]ljlXccp]fle[îflgjf]e\nXii`mXcjnX`kè^fek_\j_fi\#
Xcfe^j`[\k_\ifX[fiXkd`c`kXipZ_\Zbgfèkj%K_\èk\im`\nj_X[kf
kXb\gcXZ\èk_\fg\e#n`k_g\fgc\j`kkè^èîflgjXjk_\i\]l^\\j&
d`îXekjn\i\nX`kè^]fik_\kilZbkfkXb\k_\dkfk_\LE?:I
i\Z\gk`feZ\eki\%8]lik_\iZfejkiXèknXjXZZ\jjkfk_\<k_`fg`Xej#Xj
k_\p#le[\ijkXe[XYcp#n\i\X]iX`[f]Y\è^Xii\jk\[Xe[nflc[kipkf
gXjjXjJfdXc`j%
BH;
N`k_k_\fg\eè^f]k_\8I:#Zfe[`k`fej]fièk\im`\nj`dgifm\[#Xj
BH;iZVb^ciZgk^Zl^c\V\gdjed[HdbVa^ DJ=_XjXgi`mXk\jgXZ\]fièk\im`\njXe[`jXYc\kfkXb\dfi\k`d\
ldbZcVcYX]âYgZc ]fi]fccfn$lg%K_`j`ji\Õ\Zk\[èk_\[XkX^Xk_\i\[]ifdDXiZ_
fenXi[j%
& I]ZWdVi_djgcZn
K_\YfXkki`gXZifjjk_\>lc]f]8[\e`jfe\f]k_\dfjk_XqXi[flj
gXikjf]k_\aflie\p%>`m\ek_\XYj\eZ\f]c\^Xcd`îXk`feiflk\j#k_\
fecpfgk`fei\]l^\\jXe[d`îXekj_Xm\`jkflj\jdl^^c\ijËYfXkj%
Jdl^^c\ijfg\iXkè^èk_\>lc]f]8[\eXi\efkfi`flj]fik_\ì
YilkXc`kpXe[kXb\X[mXekX^\f]k_\\oki\d\mlce\iXY`c`kpf]k_\
i\]l^\\jXe[d`îXekj%8Ylj\jXi\k_\ilc\#efkk_\\oZ\gk`fe%9fXkj
Xi\fm\iZifn[\[#n`k_fm\i(''gXjj\e^\ijgXZb\[èkf\`^_kkfk\e
d\ki\m\jj\cjn_`Z_#le[\ii\^lcXiZfe[`k`fej#kXb\*'kf+'g\fgc\Xk
dfjk%GXjj\e^\ijXi\]fiZ\[kfj`kèk_\jXd\gfj`k`fele[\ik_\
(+ K_\('GfèkGcXef]8Zk`fe`jLE?:I¡jXkk\dgkkfX[fgkXdfi\Zfdgi\_\ej`m\
XggifXZ_kfi\]l^\\gifk\Zk`feèk_\Zfek\okf]dò\[d`îXk`fe%K_\('Gfèkjf]k_\
GcXef]8Zk`feXi\1(%:ffg\iXk`feXdfe^b\pgXike\ij%)%;XkXZfcc\Zk`feXe[XeXcpj`j%
*%Gifk\Zk`fe$j\ej`k`m\\ekipjpjk\dj%+%I\Z\gk`feXiiXe^\d\ekj%,%D\Z_Xe`jdj]fi
gifÔcè^Xe[i\]\iiXc%-%;`]]\i\ek`Xk\[gifZ\jj\jXe[gifZ\[li\j%.%Jfclk`fej]fi
i\]l^\\j%/%8[[i\jjè^j\Zfe[Xipdfm\d\ekj%0%I\klie$XiiXe^\d\ekj]fiefe$i\]l^\\j
Xe[Xck\ieXk`m\fgk`fej%('%@e]fidXk`fejkiXk\^p%J\\LE?:I#I\]l^\\Gifk\Zk`feXe[
Dò\[D`îXk`fe18('$GfèkGcXef]8Zk`fe#(AXelXip)''.%:i`jg#gg%+#,%
&%¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
jZfiZ_è^jle#n`k_XeldY\ijklZbèjdXccjkfiX^\gcXZ\jèk_\
_fc[%K_\pXi\jlYa\Zk\[kfY\Xkè^jXe[#èk_\dXafi`kpf]ZXj\j#
[\gi`m\[f]]ff[Xe[nXk\i%;\Xk_jXi\]i\hl\ek%
K_\YfXkki`g]ifd9fjjXjfkfk_\P\d\e`ZfXjkkXb\j]ifd)/kf.)
_flij#[\g\e[è^fen\Xk_\iXe[j\XZfe[`k`fejXe[XZk`m`kpèk_\
>lc]%8ii`mXcèP\d\e`j]iXl^_kn`k_[Xe^\ijXjk_\jdl^^c\ij
]i\hl\ekcpkXb\\oki\d\d\Xjli\jkfXmf`[[\k\Zk`feYpk_\P\d\e`
ZfXjk^lXi[Xe[d`c`kXip%K_\jdl^^c\ijf]k\e[fefkkXb\k_\dfjk
[ì\ZkZflij\Ylkcfe^\iiflk\jkfXmf`[gXkifcjfek_\_`^_j\Xj%@e
i\jgfej\kfèZi\Xj\[gXkifccè^XZk`m`k`\j#k_\jdl^^c\ij_Xm\j_`]k\[
iflk\jXe[èk_\dXafi`kpf]ZXj\j#dXb\g\fgc\[`j\dYXibXke`^_k%
8cdfjk_Xc]k_\YfXkj]ifdn_`Z_DJ=^Xk_\i\[è]fidXk`fejkfgg\[
]Xi]ifdk_\j_fi\Xe[#èdfjkZXj\j#gXjj\e^\ijXi\]fiZ\[kfaldg
fm\iYfXi[Xe[jn`dkfk_\j_fi\%DXep[ifne%
&#& 8dcYî^dchdci]ZWdVih
¹LZlZgZ[dgXZYidhiVn^chVbZeaVXZlî]dji
bdk^c\#I]Zhbj\\aZghlZgZWZVi^c\jh]VgY[gdb
i]ZWZ\^cc^c\d[i]ZigêjciâaVcY^c\VcYZcYZYWn
[dgX^c\jhid_jbe^cidYZZelViZgº
'&"nZVgdaYDgdbdbVc[gdb7VaZgZ\^dc&-$%'$%-
¹I]ZnWZVindjWVYandci]ZWdVi!i]Zn]VkZ\jchVcY
`c^kZh#I]ZXdcYî^dcdci]ZWdVilVhgZVaankZgn
WVY!>egZ[ZggZYidY^Z!WZXVjhZd[i]ZWZVi^c\#LZ
]VYcdlViZgVcYcdi]^c\idZVi#>i^hdkZgXgdlYZY!
eZdeaZVgZhîi^c\dcndj!ndjXVccdibdkZ#EZdeaZ
VgZhdbZi^bZheVhh^c\jg^cZVcYhiddadcndjº
*%"nZVgdaYHdbVa^bVc[gdb6[\dnZ'*$%'$%,
&#&#& 8gdlY^c\
8cck_fj\èk\im`\n\[\oZ\gkk_\gXjj\e^\ij]ifdknfjdXcc#]Xjk
YfXkjjX`[k_Xkk_\ìYfXkjn\i\\oki\d\cpZifn[\[n`k_0'kf()'
g\fgc\$èjfd\ZXj\jlgkf(,'g\fgc\$ZiXdd\[è/kf('d\ki\
jkilZkli\j[\j`ê\[kfÔkXdXo`dldf]*'kf+'gXjj\e^\ij%
¹I]ZgZVgZhdbVcneZdeaZdci]ZWdVi#LZValVnh
]VkZidWZ^ci]ZhVbZXgdjX]ZYedhî^dc#I]ZcZmi
BH;
eZghdc^hhîi^c\g^\]iWZ]^cYndjlî]]^h[ZZi^c
DcZd[i]ZWdVihaZ[iWZ]^cYWni]Zhbj\\aZgh
ndjgWVX`VcYhdbZi^bZhi]Znejh]ndj#>[ndjhiVgi
idbdkZZkZcVaîiaZWî!i]Zhbj\\aZghWZVindj#º
<gdjed[VYdoZcHdbVa^bZc&($&%$'%%,
9\ZXlj\k_\YfXkjXi\jffm\icfX[\[#jfd\g\fgc\i\gfik\[k_Xkk_\p
n\i\j`kkè^fekfgf]\XZ_fk_\i%8e(/$p\Xifc[JfdXc`gXk`\ekn_fd
n\ki\Xk\[fe/DXiZ_'/ZfdgcXè\[XYflk[`]ÔZlck`\jYi\Xk_è^
Y\ZXlj\jfd\fe\jXkfe_`d%
&&¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
¹HdbZWdYnhVidcbZVcY>Vh`ZY]^bidbdkZ#
=ZidaYi]Zhbj\\aZgh#I]Zci]Zhbj\\aZghhV^Yid
bZi]Vii]ZnldjaYi]gdlbZ^cidi]ZhZV^[>bV`Z
VcnegdWaZb#º
&,"nZVgdaYHdbVa^ldbVc[gdb7dhhVhd!l]dXVbZ
dcVc-"bZigZWdVilî]&)-eVhhZc\Zghdc&*9ZX#%,
DXepgXk`\ekjZfdgcXè\[XYflkYf[pgXèj]ifdj`kkè^èk_\jXd\
Zifn[\[gfj`k`fen`k_flkY\è^XYc\kfdfm\%8eldY\if]gXk`\ekj
i\gfik\[gXèèk_\ìYlkkfZbjXe[^\e`kXcj#Xjk_\p_X[kfj`kè
j\XnXk\iXe[liè\$jfXb\[Zcfk_\j%D\e\og\i`\eZ\[jbècfjj]ifd
k_\ìjZifkld#n_`c\k_\nfd\ejl]]\i\[Z_XÔe^Y\kn\\ek_\ì
èe\ik_`^_j%
&#&#'7Z^c\eji^cidi]Z]daY
KfZiXdXjdXepg\fgc\Xjgfjj`Yc\èkfk_\YfXkj#jdl^^c\ijglk
g\fgc\Xcjfèk_\_fc[f]k_\YfXkjÆjdXcc#nè[fnc\jjjgXZ\j
efidXccpd\Xek]fijkfiX^\Ç%8jX-($p\Xi$fc[]Xid\i]ifdDXibX
i\dXib\[#ÈK_`j`jÔj_YfXk#k_\i\`jX_fc[n_`Z_jlggfj\[kfY\lj\[
]fiÔj_#Ylkk_\pglk_ldXeY\è^jk_\i\%É?\kfc[ljk_Xkk_\i\n\i\
*'g\fgc\èk_\_fc[f]_`jYfXk()&'+&'/ %//f]k_\èk\im`\n\\j
i\gfik\[k_XkgXjj\e^\ijn\i\jklZbèk_\_fc[#k_\ìeldY\ij
iXe^è^]ifd(,kf+'#feXm\iX^\),%
:fe[`k`fejèk_\_fc[Xi\nfij\#Y\ZXlj\g\fgc\Xi\\m\edfi\
BH;
Zifn[\[#j`kkè^fekfgf]\XZ_fk_\i%K_\pcXZbXìkfYi\Xk_\Xe[
I]Z]daYd[i]ZWdVi!l]ZgZeVhhZc\ZghVgZhijX` dXepZfdgcXè\[XYflki\jgìXkfip[`jki\jjkfflid\[`ZXck\Xd%=fi
èjkXeZ\#fe\f]fligXk`\ekj#X(-$p\Xifc[pfle^dXe#XeFifdf]ifd
>`ddX#kfc[lj#È@nXjèk_\cfn\igXikf]k_\_lcc%@]\ck@nXj
jl]]fZXkè^%É(/&')&'/ G\fgc\èk_\_fc[Xcjfjl]]\i]ifdk_\
èk\ej`m\_\Xk%Jfd\i\gfik\[k_Xkk_\p_X[kfj`kèj\XnXk\i#liè\#
jkffcXe[mfd`klj%DXepi\gfik\[k_Xkn_\ek_\pZflc[efkjkXe[`k
Xepdfi\Xe[nXek\[kfZfd\lgfe[\Zb#k_\pn\i\Y\Xk\eYpk_\
jdl^^c\ijXe[glj_\[[fneX^Xè%Jfd\kfc[ljk_Xkk_\pn\i\
]fiZ\[kfgXp]fiY\è^Xccfn\[kfZfd\fe[\Zb#n_`c\fk_\ij
i\gfik\[k_Xk\m\e`]k_\pgX`[dfi\dfe\p#k_\pn\i\glkYXZbèkf
k_\_fc[%
¹>lVh^ci]Z]daY#>iadd`ha^`ZVhbVaahidgV\Zgddb!
î^h_jhidcZbZigZ#LZlZgZ'%eZdeaZi]ZgZ#LZ
hj[[ZgZYVadi^ch^YZ!îlVhgZVaankZgn]di!lZ]VYcd
V^g#LZlZgZV[gV^Yi]VidcZd[i]ZeZdeaZl]dlVh
^ch^YZlVh\d^c\idY^ZWZXVjhZd[hj[[dXVi^dc#º
6('"nZVgdaY:i]^de^VcbVc6b]VgVl]dhZaZ\lVh
\gVoZY[gdbgjWW^c\V\V^chii]Z]jaa%.$%($%-
¹I]Zn]VkZcdbZgXn#>lVhi]gdlc^ci]ZldghieVgi
d[i]ZWdVi!^ci]Z]daY#L]ZcZkZg>gV^hZbn]ZVY
[dgWgZVi]^c\!i]Zhbj\\aZghWZVibZlî]i]ZWjiih
d[i]Z^gg^ÅZh#º
)."nZVgdaYXVgbZX]Vc^X[gdbBd\VY^h]j%,$%&$%-
&'¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
&#&#(AVX`d[[ddYVcYlViZg$i]Z[id[[ddYVcYWZadc\^c\h
Fm\i/'f]flièk\im`\n\\jd\ek`fe\[k_Xkk_\p[`[efk^\kXep
]ff[Xe[nXk\i[liè^k_\ki`g%N_\ei\]l^\\jXe[d`îXekjXii`m\[
fek_\ZfXjk#XcXi^\eldY\in\i\[\_p[iXk\[Xe[_leîp%
8îflgf]k_i\\JfdXc`d\eèk_\ìkn\ek`\j]ifdDf^X[`j_lkfc[
lj#È<m\e`]pfln\i\[pè^#k_\pRk_\jdl^^c\ijTnflc[efk^`m\pfl
nXk\i%É',&('&'. Jfd\f]k_\gXjj\e^\ijjX`[k_Xkk_\pn\i\jf
[\jg\iXk\k_Xkk_\p[iXebfZ\XenXk\i%J\m\iXcgXjj\e^\iji\gfik\[
k_Xkn_\ek_\pXjb\[]finXk\i#k_\jdl^^c\ijdX[\k_\dgXp]fi`k#
n`k_jfd\k\ccè^ljk_Xk#\m\en_\ek_\pgX`[#k_\p[`[efki\Z\`m\
nXk\i%
8eldY\if]gXjj\e^\ijè[`ZXk\[k_Xkjdl^^c\ijkffbk_\ì]ff[fi
k_\c`kkc\dfe\pfifk_\iY\cfe^è^jk_\p_X[%8JfdXc`nfdXen_fd
n\Zflej\cc\[fe)+;\Z\dY\i'.nXjlgj\kY\ZXlj\k_\jdl^^c\ij
jkfc\_\idfe\p%J_\kfc[lj#
¹Dci]ZWdVi!i]Zhbj\\aZgh\gVWWZYbZWni]Z]V^g#
L]Zc>gZ[jhZYid_jbe^cidi]ZlViZg!i]Zn
Y^hXdkZgZYi]ZbdcZn]^YYZcjcYZgbnhXVg[VcY
hidaZîWZ[dgZi]gdl^c\bZ^cidi]ZhZV#¼¼
¹I]Zniddì]Zbâ`!YViZh!hlZZih>]VY[dgi]Z
X]âYgZcVcYi]gZli]Zb^cidi]ZhZV#º
(%"nZVg"daYldbVc[gdbBd\VY^h]jl]d]VYXdbZdc]Zgdlclî]]Zgild
X]âYgZcildWdnh!&&$'VcY*nZVghdaY!%'$%)$%-
&#&#) 9^hXg^b^cVi^dcV\V^chi:i]^de^Vch
8Zfej`[\iXYc\eldY\if]k_\<k_`fg`Xejèk\im`\n\[ZfdgcXè\[
XYflk[`jZi`dèXk`fefeYfXi[k_\jdl^^c\ijn\i\JfdXc` %
8)($p\Xifc[]Xid\i]ifd9Xc\kfc[DJ=#ÈK_\jdl^^c\ijY\Xkk_\
<k_`fg`XejYX[cp%K_\pjfd\k`d\jk_i\nk_\<k_`fg`Xejèkfk_\
j\X%Dfjkf]k_\<k_`fg`Xejn\i\èk_\_fc[%É')&'*&'/ JfdXc`
gXjj\e^\ijXcjfd\ek`fe\[k_Xk`knXj]i\hl\ekcpk_\<k_`fg`Xej
n_fn\i\glkèk_\_fc[%
¹LZaZ[i7dhhVhddcVWdVilî]Vadid[eZdeaZ!
VWdji&(%#I]Z:i]^de^VchlZgZhZeVgViZY[gdb
i]ZHdbVa^#I]ZHdbVa^lZgZigZViZYWZiiZg
VcYlZgZdci]ZjeeZgYZX`#LZ:i]^de^VchlZgZ
Vii]ZWdiidb#EZdeaZjg^cViZYVcYkdbîZYdcjh#
I]ZXdcYî^dchlZgZkZgn]VgY#I]Zhbj\\aZghWZVi
jhlî]hi^X`hVcYZkZcWZaih#L]ZclZVgg^kZY
XadhZidi]Zh]dgZi]ZndgYZgZYjhid_jbedji#
HdbZXdjaYcdihl^bVcY)eZdeaZY^ZY#º
<gdjed[h^m:i]^de^Vch%($&%$%,
&(¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
&#&#* K^daZcXZ
7ZVi^c\hVcYdi]Zg[dgbhd[k^daZcXZ
¹I]Zn]VkZcdbZgXn!i]ZnWZVijha^`ZVc^bVah#º
''"nZVg"daYHdbVa^bVc[gdb7ZaZilZncZ&'$&'$%,
9\Xkè^jXi\ZfddfegcXZ\#Xe[DJ=ki\Xkm`Zk`djf]Y\Xkè^j#
gi\j\ekè^Yil`j\j#Yf[pgXèjXe[cXZ\iXk`fej]ifdXcdfjk\m\ip
YfXk%K_\Y\Xkè^jXi\jfYilkXck_Xkfm\i_Xc]k_\[i\jjè^jDJ=jkX]]
g\i]fid\[fefligXk`\ekjn\i\kfki\Xkk_\nfle[j]ifdm`fc\ek
BH;
kiXldX%Fecpfe\`^_kflkf]-0YfXkj]ifdn_`Z_n\èk\im`\n\[
BH;YdXidghjijg^c\i]ZldjcYd[VeVi^ZcihZkZgZan g\fgc\[`[k_\gXjj\e^\iji\gfikk_Xkg\fgc\n\i\efkY\Xk\e%
WZViZc!DXidWZg'%%,
¹I]Zhbj\\aZghlZgZWZVi^c\jh[gdbi]ZWZ\^cc^c\
d[i]Zigêa^`ZVc^bVah#I]Zn]VkZcdbZgXnZkZc
^[ndjY^Z^c[gdcid[i]Zb#º
*%"nZVgdaYHdbVa^bVc[gdb6[\dnZ'*$%'$%-
K_\dfjkZfddfe`dgc\d\ekjlj\[Xi\jk`Zbj#g`g\jXe[Y\ckYlZbc\j#
Xck_fl^_gXjj\e^\ijXcjfd\ek`fe\[Y\è^Y\Xk\en`k_i`Õ\YlkjXe[
jkXYY\[n`k_be`m\j%Fejfd\YfXkjg\fgc\i\gfik\[gXik`ZlcXicp
_Xij_Y\Xkè^j%=fièjkXeZ\#Xcck_\gXjj\e^\ijn\èk\im`\n\[fe
(*&((&'.i\gfik\[Y\è^Y\Xk\en`k_jk`ZbjXe[g`g\j%<`^_kflkf]k_\
kn\cm\ZXj\jn_fe\\[\[[i\jjè^j]fim`fc\ekkiXldX_X[[\\gZlkj
fek_\ì_\X[jk_Xke\\[\[jlkli\%KnfgXjj\e^\ijn_fdn\
èk\im`\n\[j\gXiXk\cpkfc[ljk_Xkk_\Y\Xkè^jn\i\jfYX[k_XkX
dXen_fZflc[efkjkXe[k_\Y\Xkè^jXepcfe^\iZfdd`kk\[jl`Z`[\
Ypaldgè^èkfk_\j\X%Fek_\YfXk#n_`Z_Xii`m\[feDXiZ_)*#
)''/#)0f]Xii`mXcj#èZcl[è^knfJfdXc`nfd\e#\og\i`\eZ\[
m`fc\ekkiXldX#èÕ`Zk\[dXècp]ifdY\Xkè^jn`k_jk`Zbj%
@ejfd\ZXj\jgXjj\e^\ij_X[k_\ìc`dYjk`\[%@kj\\djk_Xk
jdl^^c\ijlj\k_`jXjXd\XejkfZfekifcgXjj\e^\ijn_f#
fm\in_\cd\[Ypk_\ì\dfk`fej#Y\Zfd\\oki\d\cpX^`kXk\[%Fe
()&('&'.XÔj_\idXekfc[ljk_Xk_\]fle[k_i\\[\X[Yf[`\jfek_\
j_fi\n`k_k_\ì_Xe[jXe[]\\kk`\[%
@ejòèjkXeZ\j#èk\im`\n\\jd\ek`fe\[k_Xkk_\pn\i\k`\[lgfi
k_Xkfek_\ìYfXkjjfd\gXjj\e^\ij_X[k_\ì_Xe[jfik_\ì_Xe[j
Xe[]\\kk`\[%8).$p\Xifc[JfdXc`]Xid\i]ifdNXcXn\pe#;X]\\[#
fYj\im\[È@nXjY\Xk\efedp_\X[%K_\pfi[\i\[d\kfefkdfm\Xe[
k`\[dp_Xe[jXe[]\\k#Y\ZXlj\@Y\ZXd\Xc`kkc\ZiXqp%É),&'*&'/
?\Zflc[efknXcbXe[nXjYifl^_kkfk_\DJ=Zcè`ZYp_`j]i`\e[j%
Fek_\YfXkn_`Z_Xii`m\[fe((8gi`c'/j\m\iXcèk\im`\n\\j
d\ek`fe\[k_Xkfe\fiknfgXjj\e^\ij_X[k_\ì_Xe[jXe[]\\kk`\[%8
)'$p\Xifc[JfdXc`nfdXe[\jZi`Y\[k_\j`klXk`feXj]fccfnj#ÈKnf
g\fgc\Y\ZXd\ZiXqp#Y\ZXlj\k_\pn\i\èk_\_fc[%K_\pjkXik\[
Y`kè^k_\fk_\ijèj`[\%K_\ek_\jdl^^c\ijYifl^_kk_\dflkXe[
Y\Xkk_\d%Fe\f]k_\dnXjk_ifneèkfk_\j\X#n_`c\k_\fk_\i
g\ijfenXjk`\[lg%É
&)¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
K^daZcXZV\V^chii]dhZZheZX^VaankjacZgVWaZ/ldbZc!X]âYgZc
VcYdaYZgeZdeaZ
@k`jdfjkcpk_\d\en_fXi\jlYa\Zkkfj\m\i\Y\Xkè^j#YlkDJ=
\eZflek\i\[XeldY\if]ZXj\jn_\i\nfd\en\i\Y\Xk\eXjn\cc%@e
DXiZ_'/#jònfd\ei\gfik\[m`fc\ekkiXldX%Fe(*DXiZ_'/k_\
DJ=k\Xdki\Xk\[X)'$p\Xifc[nfdXe]ifdDf^X[`j_ln_f
\ogcXè\[#ÈK_\jdl^^c\ijn\i\Y\Xkè^lj]ifdk_\Y\^èeè^f]k_\
ki`g%@dpj\c]nXjY\Xk\en`k_Xbe`]\%É
<m\egi\êXeknfd\eXe[Z_`c[i\efeYfXi[Xi\efkjgXi\[%Fe)
DXiZ_'/k_\DJ=k\Xdki\Xk\[X))$p\Xifc[nfdXe]ifd
Df^X[`j_ln_fnXjkiXm\ccè^fe_\ifne%J_\kfc[lj#ÈK_\
jdl^^c\ijn\i\Y\Xkè^lj#k_\p_Xm\efd\iZp]fiXepfe\%@Xd
+$dfek_gi\êXekXe[@nXjY\Xk\e%@]\\cgXèèdpjkfdXZ_Xe[Xd
X]iX`[k_Xkjfd\k_è^_Xgg\e\[kfk_\YXYpèdpjkfdXZ_%ÉJ\m\iXc
Z_`c[i\egi\j\ek\[kfflid\[`ZXck\Xdn`k_Yil`j\jXe[èali`\j
]ifdY\Xkè^j#\%^%XJfdXc`Yfpn`k_XZlkfe_`j_\X['-&('&'. Xe[
Xe<k_`fg`XeYfpn`k_j\m\i\Z_\jkgXè(,&'0&'. %
GXi\ekjXe[k_\ìpfle^Z_`c[i\eXi\gXik`ZlcXicpXki`jb%@eDXiZ_n\
èk\im`\n\[k_i\\]Xd`c`\j]ifd[`]]\i\ekYfXkj%K_\p[\jZi`Y\[_fn
k_\pn\i\Y\Xk\eY\ZXlj\k_\ìZ_`c[i\en\i\Zipè^[liè^k_\ki`g%
K_\pn\i\X]iX`[k_Xkk_\jdl^^c\ijnflc[k_ifnk_\ìZ_`c[i\e
fm\iYfXi[2k_`j_XjY\\ek_\ZXj\fejfd\YfXkj%
¹>XVbZlî]ildd[bnX]âYgZc!V\^gad['nZVghVcY
V+"bdci]hdaYWdn#>Vahdidd`lî]bZbnaîiaZ
h^hiZgl]d^hhZkZcnZVghdaY!WZXVjhZi]ZhîjVi^dc
^cHdbVa^V^h\Zii^c\ldghZYVnV[iZgYVn#I]Z
XdcYî^dcdci]ZWdVilVhgZVaankZgnY^[ÄXjai[dg
bZ#I]Zhbj\\aZghlZgZWZVi^c\bZlî]djibZgXn!
WZXVjhZbnX]âYgZclZgZXgn^c\VcYi]ZnYdcdi
lVciid]ZVghdbZdcZiVa`^c\dgXgn^c\#>lVhVh`^c\
<dYidgZVX]NZbZcVhhddcVhedhh^WaZ!WZXVjhZ
>lVhV[gV^Yi]Vii]Zhbj\\aZghldjaYi]gdlbn
X]âYgZcdkZgWdVgYWZXVjhZd[i]ZXgn^c\#
I]Zhbj\\aZghlZgZjh^c\Ygj\hVcYVaXd]da#º
'*"nZVgdaYldbVc[gdb7dhhVhd%.$%($%-
Fc[g\fgc\Xi\efkjgXi\[\`k_\i%Fe).&'*&'/n\ki\Xk\[X.-$p\Xifc[
dXe]ifd8]^fp\n_f_X[Zfd\Yp_`dj\c]%?\nXjèali\[Yp
Y\Xkè^j%?\\ogcXè\[k_Xk_\nXjgleZ_\[èk_\]XZ\Xe[Y\Xk\eè
k_\j`[\n`k_XZclY%È@jX`[kfk_\jdl^^c\ijÊ@Xdk_\fc[\jkdXefe
k_\YfXkXe[pflj_flc[i\jg\Zkd\%Ë9lkk_\pèjlck\[d\Xe[_`kd\
èk_\]XZ\#É_\kfc[lj%
HZmjVaVcY\ZcYZg"WVhZYk^daZcXZ
DJ=jkX]]_\Xi[fecpXYflk]\nZXj\jf]j\olXc_XiXjjd\ekfi
m`fc\eZ\fek_\YfXkj%K_`jc`d`k\[i\gfikè^Zflc[_Xm\Y\\e[l\è
gXikkfZfe[`k`fejf]k_\èk\im`\njXe[k_\d\[`ZXcZfejlckXk`fejfe
k_\Y\XZ_fiXcfe^k_\ifX[j#f]k\ee\XiZ_\Zbgfèkj %
&*¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
Knfèk\im`\n\\jn_f_X[Xii`m\[fe'(&'+&'/i\gfik\[k_\[\Xk_f]
Xe<k_`fg`XenfdXefek_\ìYfXkY\ZXlj\k_\jdl^^c\ijY\XkXe[
iXg\[_\ièk\im`\njf]')&'+Xe[',&'+&'/ %8),$p\Xifc[8d_XiX
dXe]ifdNfccfi\gfik\[k_Xkn_\efe\f]k_\jdl^^c\ijfek_\YfXk
XggifXZ_\[k_\nfdXeXjbè^_\ikf_Xm\j\on`k__`d#j_\i\]lj\[%
K_\jdl^^c\iZXd\YXZbcXk\i%8jj_\i\j`jk\[#_\Y\XkXe[iXg\[_\i%
K_\eXefk_\ijdl^^c\iZXd\Xe[iXg\[_\i%8jk_\YfXkZXd\
kfnXi[jk_\P\d\e`ZfXjk#`kjkfgg\[]Xif]]k_\P\d\e`j_fi\Xe[k_\
gXjj\e^\ijn\i\]fiZ\[kfaldg%K_\jdl^^c\ijkffbk_\nfdXe#n_f
nXjm\ipn\XbXe[Zflc[efkdfm\Xe[k_i\n_\ièkfk_\j\X%
DJ=_\Xi[f]j\m\iXcZXj\jf]j\olXc_XiXjjd\ek%8)+$p\Xi$fc[
<k_`fg`Xe8d_XiX nfdXe]ifd8[[`jkiXm\ccè^n`k__\ileZc\#
n_fdn\èk\im`\n\[fe)0=\Y%'/#kfc[ljXYflkY\è^_XiXjj\[#
jXpè^#ÈG\fgc\n\i\j`kkè^fepfl%@nXj\m\eX]iX`[kfY\iXg\[
Y\ZXlj\k_\pn\i\kflZ_è^dpYf[pXe[cXl^_è^%ÈN\Zflc[efkXjb
_\i]lik_\ihl\jk`fejY\ZXlj\_\ileZc\#n_fnXjn`k__\i#[`[efk
nXek_\ikfZfekèl\kfjg\XbXYflkk_`j%
@ejfd\ZXj\j#jfd\nfd\ei\dXè\[fek_\YfXkX]k\ig\fgc\n\i\
]fiZ\[kfaldgèkfk_\[\\gj\XXe[i\klie\[n`k_k_\jdl^^c\ijkf
9fjjXjf%K_`jnflc[glkk_\dXki`jbf]j\olXc_XiXjjd\ekfiiXg\#Xj
k_\ZXj\Y\cfnè[`ZXk\j%
¹L]ZceZdeaZlZgZ[dgXZYidY^hZbWVg`!>lVciZYid
_jbe!Wjii]ZgZlVhV\^gal]dVh`ZYbZidiV`Z]Zg
lî]bZ!WZXVjhZh]ZlVhV[gV^Yi]Vii]Zhbj\\aZgh
ldjaY`ZZe]Zgdci]ZWdViVcYbVnWZgVeZ]Zg
WZXVjhZh]ZlVhkZgnWZVji^[ja#>idd`]Zglî]bZ!
]ZaeZY]ZgidXdbZidi]Zh]dgZ#L]ZclZ_jbeZY!
i]ZnPi]Zhbj\\aZghRWZVibZdcbn]ZVYlî]V
hi^X`WZXVjhZ>lVh]Zae^c\i]Z\^ga#>lVhWaZZY^c\#º
'%"nZVgdaYD\VYZc^bVc[gdb?^_^\V')$%)$%-
9ZVi]i]gZVih
DXepf]k_\èk\im`\n\\ji\gfik\[k_Xkk_\pn\i\k_i\Xk\e\[kfY\
k_ifneèkfk_\j\X`]k_\pdfm\[fi[`[efk]fccfnk_\jdl^^c\ijË
fi[\ij%8)'$p\Xifc[Fifdf]Xid\ikfc[ljk_Xk_\nXjY\Xk\elgXe[
k_i\Xk\e\[kfY\k_ifneèkfk_\j\X(/&'(&'/ %K_\gXk`\ekjn\
Zflej\cc\[Xcjfn\i\f]k\eXZlk\cp[`jki\jj\[Ypk_i\XkjX^Xèjkk_\ì
c`m\j%=fièjkXeZ\#[liè^Xîflgj\jj`fefe(*Efm%'.j\m\iXcg\fgc\
jgfb\f]Y\è^Y\Xk\elg#_Xmè^^lejgfèk\[Xkk_\dXe[k_i\Xk\e\[
kfY\k_ifneèkfk_\nXk\i%
¹>lVh^cVcVggdleaVXZVcYlVciZYidbdkZ#I]Zc>
lVhi]gZViZcZYidWZi]gdlc^cidi]ZhZVWndcZd[
i]Zhbj\\aZgh^ci]Zb^YYaZd[i]Zigê#I]ZÄkZ
di]Zghbj\\aZghhV^Y!»=Z^hVX]âY!eji]^bYdlc#¼
I]Zci]Zhbj\\aZghejibZ^cidi]Z]daY#º
&*"nZVgdaYHdbVa^Wdn[gdb?d]lVg&'$&'$%,
&+¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
K_\j\i`flje\jjf]k_\j\k_i\XkjnXjfYm`fljkfk_\gXjj\e^\ij#Xjè
jfd\èjkXeZ\j#k_\pn`ke\jj\[k_Xkk_\k_i\Xkjn\i\ZXii`\[flkXe[
g\fgc\k_ifneèkfk_\j\XXc`m\j\\Y\cfn %
&#&#+ 9ZVi]hYjg^c\i]ZkdnV\Z
¹DcZd[djg[g^ZcYhlVhh^X`dci]ZWdVi#=ZlVciZY
id\ZijeWjilVhcdiVaadlZYidYdhd#I]Z
hbj\\aZghWZVi]^b!]^hXdcYî^dcldghZcZYjciâ]Z
Y^ZYdci]ZWdVi#=^hWdYnlVhi]gdlcdkZgWdVgY#º
6\gdjed[Dgdbd&'$&%$%,
;\Xk_j[liè^k_\YfXkki`gXi\]i\hl\ekXjXZfej\hl\eZ\f]k_\
\oki\d\Zfe[`k`fej%@ek\im`\n\\j]ifddfi\k_Xefe\k_ì[f]k_\
YfXkjkfc[DJ=jkX]]k_Xkg\fgc\_X[[`\[[liè^k_\ìmfpX^\#k_\
eldY\ijiXe^è^]ifdfe\kfk_i\\Xe[èjfd\ZXj\jlgkfjòfi
\`^_k%K_\ZXlj\j]fi[\Xk_n\i\j\m\i\Y\Xkè^j#cXZbf]]ff[Xe[
nXk\iXe[jl]]fZXk`fe]ifdY\è^èk_\_fc[f]k_\YfXk%Jfd\f]fli
èk\im`\n\\jXcjfi\gfik\[b`ccè^j#n`k_k_\jdl^^c\ijk_ifnè^
g\fgc\fm\iYfXi[%
;\Xk_jXi\dfi\]i\hl\ekXdfe^k_fj\glkèk_\_fc[%K_\YfXk
n_`Z_Xii`m\[fe(,;\Z%'/#nXjgXik`ZlcXicpZifn[\[n`k_(+/
g\fgc\feYfXi[%8cc\`^_kgXjj\e^\ijèk\im`\n\[i\gfik\[kfDJ=
k_Xkk_\i\n\i\Xkc\Xjk)'g\fgc\èk_\_fc[Xe[]flikf\`^_kg\fgc\
[`\[[liè^k_\ki`g%
Fe(/=\YilXip'/#DJ=jkX]]gifm`[\[Zflej\ccè^kfX))$p\Xifc[
<k_`fg`XenfdXe#XeFifdf#]ifd>`ddXi\^`fe#n_fnXjn`k__\i
)$p\Xifc[[Xl^_k\i%?\i_ljYXe[_X[[`\[fek_\ki`g#Y\ZXlj\k_\
jdl^^c\ijn\i\Y\Xkè^_`dj\m\i\cpXe[_\nXjèk_\_fc[%J\m\iXc
fk_\igXjj\e^\ij]ifdk_XkYfXkZfeÔid\[k_Xkfe\gXjj\e^\i[`\[%
J\m\iXcèk\im`\n\\jn_fXii`m\[fe(8gi`c'/i\gfik\[k_Xklgkf
k_i\\gXjj\e^\ij[`\[[liè^k_\ki`g%8(.$p\Xifc[<k_`fg`Xe]Xid\i
]ifd>`ddXkfc[lj#È@nXjèk_\_fc[n_\eknff]dp]i`\e[j[`\[
k_\i\]ifdjl]]fZXk`fe%É
KnfJfdXc`nfd\e*.Xe[+'p\Xijfc[#]ifd9Xp[_XYf #n_f
i\Z\`m\[d\[`ZXcXjj`jkXeZ\fe(0&'(&'/#kfc[DJ=k_Xkfek_\ìYfXk
j\m\iXcZ_`c[i\e[`\[%K_\*.$p\Xifc[nfdXejkXik\[kfZipXjj_\
\ogcXè\[#
¹LZi]dj\]ilZldjaYVgg^kZ^cNZbZcfj^XànPVh
i]Zn]VYXdbZdcVhbVaaZg![VhiZgWdViRWjii]Zc
djgWdVi]VYVegdWaZbVcYlZi]dj\]ilZldjaY
Y^Z^ci]Zb^YYaZd[i]ZhZV#H^mX]âYgZcY^ZY
WZXVjhZlZgVcdjid[[ddYVcYlViZg#I]Zci]Zn
i]gZli]Zb[gdbi]ZWdVi#I]ZWdViidd`*YVnh[dg
i]ZXgdhh^c\#I]ZgZlVhVahdVldbVcl]dijgcZY
XgVonVcYhiVgiZYidWîZjh!hVn^c\»>Vb]jc\gn¼#º
J_\j_fn\[ljk_\dXibjf]Y`kè^fe_\ic\^%
&,¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
EZdeaZWZ^c\i]gdlcdkZgWdVgYVa^kZ
N_`c\[\X[Yf[`\jXi\ljlXccpk_ifnefm\iYfXi[[liè^k_\ki`g#
j\m\iXcèk\im`\n\\jkfc[ljXYflkg\fgc\Y\è^k_ifneèkfk_\j\X
n_`c\Xc`m\#èZcl[è^Z_`c[i\e%
¹L]Zci]ZWdVilVhhiâacZVg7dhhVhdî]îVgdX`#
I]Zhbj\\aZghlZgZV[gV^Yi]Vii]ZWdVildjaYh^c`
VcYhiVgiZYi]gdl^c\eZdeaZdkZgWdVgY#I]Znidd`
bn\gVcYhdcVcYi]gZl]^b^ci]ZlViZgVcYVahd
hdbZdi]Zgh#>lVciZYid\gVW]^bid\Zi]^bWVX`
^cidi]ZWdVi!Wjii]Zhbj\\aZghegZkZciZYi]Zb
[gdb\Zii^c\^cidi]ZWdViVcYejh]ZYi]ZbYdlc
^cidi]ZlViZg#6iaZVhii]gZZeZdeaZY^ZYi]VilVn#º
6cdaYZgldbVc[gdbBd\VY^h]j!l]dlVhigVkZaa^c\lî]]Zghdc!gZXVaa^c\
i]ZYZVi]d[]Zg,"nZVg"daY\gVcYhdc&%$&'$%,
J\m\iXcf]k_\gXjj\e^\ijèk\im`\n\[fe(,;\Z%'.i\ZXcc\[k_Xk
Xdfe^k_\g\fgc\n_f[`\[[liè^k_\ìki`gnXjXeè]Xekf]\`^_k
dfek_jn_fnXjk_ifneèkfk_\j\XYpk_\jdl^^c\ijèk_\d`[jkf]
k_\aflie\pY\ZXlj\_\nXjZipè^%?`jdfk_\i[`\[n_`c\cXe[è^%
Fe\f]k_\gXjj\e^\ijkfc[fliZflej\ccfiÈK_\i\nXjXnfdXen`k_
Xeè]Xekf]jòkf\`^_kdfek_jfc[%K_\YXYpnXjZipè^Xe[k_\
jdl^^c\ikfc[k_\nfdXekfj_lkk_\YXYplg%K_\nfdXei\gc`\[¡@
_Xm\efk_è^kf^`m\_`d#efk\m\enXk\i%N_\i\ZXe@^\kjfd\
nXk\i6ËK_\jdl^^c\ikffbk_\YXYpXe[k_i\n_`dèkfk_\j\X#
jXpè^Êefn_\ZXe[ièbnXk\i%ËÉ
Knff]k_\e\nXii`mXcjèk\im`\n\[fe,AXelXip'/Xcjfi\gfik\[
k_Xkj\m\iXcg\fgc\n\i\k_ifnefm\iYfXi[%8jX)-$p\XidXefc[
]ifdDf^X[`j_li\ZXcc\[#ÉK_i\\g\fgc\[`\[n_`c\Zifjjè^#fe\nXj
Xci\X[p[\X[#k_\fk_\iknfn\i\Xc`m\Xe[k_\pn\i\Y\^^è^k_\
jdl^^c\ijkfc\Xm\k_\dXcfe\#Ylkk_\jdl^^c\ijk_i\nk_\dèkfk_\
j\X%É8nfdXe]ifdDf^X[`j_lX[[\[#È8kk_Xkk`d\k_\jdl^^c\ij
XcjfnXek\[kfk_ifnXYfpXYflk(/$p\Xij$fc[èkfk_\j\X#Ylkjfd\
g\fgc\dXeX^\[kfZXcd[fnek_\jdl^^c\ijXe[i\jZl\[k_\Yfp%É
N\Zflej\cc\[k_\pfle^dXeèhl\jk`fe#n_fkfc[ljk_Xkè
k_\d`[[c\f]k_\aflie\p_\n`ke\jj\[k_\jdl^^c\ijk_ifnè^jfd\
g\fgc\èkfk_\j\X%K_\ek_\jdl^^c\ijZXd\Xe[glcc\[_`d
]ifdk_\gXjj\e^\ij%8jk_\pn\i\[iX^^è^_`dkfk_ifn_`dèkf
k_\j\X#jfd\g\fgc\ki`\[kfZXcd[fnek_\jdl^^c\ijXe[dXeX^\[
kfi\jZl\_`d%
Hj^X^YZh
8eldY\if]k_\èk\im`\n\\jkfc[ljXYflkZXj\jf]jl`Z`[\j[liè^
k_\mfpX^\#n_\eg\fgc\Zflc[efkjkXe[k_\Zfe[`k`fejfek_\YfXk
Xepcfe^\iXe[aldg\[èkfk_\j\X%KnfJfdXc`nfd\e#n_fdn\
èk\im`\n\[è[\g\e[\ekcpfe(*Efm%'.#[\jZi`Y\[gXik`ZlcXicp_Xij_
Y\Xkè^j[liè^k_\ki`gXe[i\gfik\[k_XkXdXeZfdd`kk\[jl`Z`[\
Ypaldgè^èkfk_\j\X%8efk_\iZXj\nXji\gfik\[kfljfe(,;\Z%
'.Ypknfèk\im`\n\\j%Fe\f]k_\d#X)-$p\Xifc[Fifdf#kfc[lj
ÈFe\f]k_\dnXjY\Xk\ejfdlZ_#_\k_i\n_`dj\c]èkfk_\nXk\i
Xe[[`\[%É
&-¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
&#' 8dcYî^dchYjg^c\aVcY^c\
&#'#&AVcY^c\[Vg[gdbi]Zh]dgZ$;dgXZY
id_jbe^cidi]ZdXZVc
8cdfjk_Xc]f]k_\YfXkj#+)#[`[efkZfd\Zcfj\kfk_\j_fi\Xjk_\
jdl^^c\ijki`\[kfXmf`[Y\è^jgfkk\[Ypk_\P\d\e`d`c`kXip%
GXjj\e^\ijn\i\]fiZ\[kf[`j\dYXibè[\\gnXk\i#_Xmè^kfjn`dkf
k_\j_fi\%9lkXcjf]ifdYfXkjk_Xk^fkZcfj\ig\fgc\n\i\]fiZ\[kf
aldgèkfk_\j\X%Fm\i/'f]flii\jgfe[\ekji\gfik\[Y\è^]fiZ\[
kfaldg%ÈN_\ek_\YfXknXjjk`cc]Xi]ifdk_\j_fi\#ÉX)/$p\Xi$fc[
dXe]ifdDf^X[`j_ln_fXii`m\[fe')&')&'/\ogcXè\[#Èk_\
jdl^^c\ij]fiZ\[g\fgc\kfaldg%+'i\]lj\[kfaldg#k_\pn\i\
k_ifneèkfk_\j\X%É
G\fgc\n\i\Y\Xk\e#k_i\Xk\e\[Xe[#èdXepZXj\j#k_ifne
fm\iYfXi[#`]k_\pi\]lj\[kfaldgY\ZXlj\`knXjkff]Xi]ifdk_\
j_fi\Xe[k_\pZflc[efkjn`d%
¹>lVh[dgXZYid_jbe#L]Zc>gZ[jhZY!i]ZnhcViX]ZY
bnWVWnVcYi]gZl]^b^cidi]ZlViZg#>_jbeZY
V[iZg]^b!aZVk^c\WZ]^cYi]Zilddi]ZgX]âYgZc#
;dgijcViZani]ZlViZglVhcdiYZZeVcY>hVkZY]^b
VcYlZXVbZidi]Zh]dgZ#7ji>lVhldgg^ZYVWdji
i]Zilddi]ZgX]âYgZc#7jii]ZcVbVcWgdj\]i
i]ZbidbZdci]ZWZVX]!i]Vc`<dY#º
6'*"nZVgdaYldbVc[gdb7dhhVhdl]dXVbZlî]ildd[]ZgX]âYgZc!
]Zg'"nZVg"daYYVj\]iZgVcY+"bdci]"daYhdc!VcY]ZgaîiaZh^hiZgV\ZY
,nZVgh%.$%($%-
¹I]ZWdVihideeZY[VgVcYi]Zhbj\\aZghlZgZ[dgX^c\
i]ZeZdeaZid_jbe#I]ZdcZhl]d`cZl]dlid
hl^b_jbeZY!WjiVh>Ydcdi`cdl]dlidhl^b!>
lVhV[gV^Y#;^cVaan>lVh[dgXZYid_jbe!Wji>]ZaY
dcidi]ZWdVi#I]Zhbj\\aZghidd`V`c^[ZVcY]î
bZdcbn]VcYhidaZi\dd[i]ZWdVi#6h>lVh
]daY^c\dc!i]ZnWZVibZV\V^cdcbn]ZVY#>lVh
WaZZY^c\i]Vii^bZVcYXdjaYcdiYdVcni]^c\#Bn
[g^ZcYh]ZaeZYbZidXdbZidi]Zh]dgZ#º
&-"nZVgdaY:i]^de^Vc[VgbZg[gdb<^bbV!l]dbBH;igZViZY[dgWZVi^c\h
lî]V`c^[Zdc]^h]VcYh&,$%($%-
Fe*Efm%'.DJ=jkX]]ki\Xk\[j\m\iXcgXk`\ekjn`k_Yil`j\jXe[
nfle[jn_fn\i\Y\Xk\eY\ZXlj\k_\[`[efknXekkfaldgèkfk_\
nXk\i#èZcl[è^X*($p\Xifc[JfdXc`nfdXen`k_Xnfle[fe_\ic\^
Xe[X(0$p\Xifc[JfdXc`dXen`k_dXepYil`j\jXe[nfle[jfe_`j
Z_\jk#YXZb#Xidj#Xe[c\^j%
&#'#'9ZVi]h[gdbYgdlc^c\
;\Xk_j]ifd[ifneè^Xi\]i\hl\ekXjdXepg\fgc\#\jg\Z`Xccpk_fj\
]ifdk_\èk\i`fif]<k_`fg`XfiJfdXc`X#ZXeefkjn`d%8cdfjkfe\
&.¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
k_ì[f]k_\i\jgfe[\ekj#i\gfik\[[\Xk_j]ifd[ifneè^%K_\XZklXc
eldY\if]ZXj\j`jdfjkc`b\cp_`^_\i#XjleZfeÔid\[ZXj\jXi\efk
èZcl[\[%8ZZfi[è^kfLE?:IjkXk`jk`Zj#]ifdJ\gk\dY\i)''.kf
AXelXip)''/k_\eldY\if][\Xk_jXe[d`jjè^g\idfek_nXj
Xifle[)''fidfi\%@eDXiZ_Xe[8gi`ck_\[\Xk_kfccnXjcfn\i%
K_`jZflc[Y\ègXik[l\kfk_\]XZkk_Xkdfi\jdXcc\i#]Xjk\iYfXkj
n\i\lj\[%N_\ek_\i\n\i\[\Xk_j]ifd[ifneè^#DJ=k\Xdj
]i\hl\ekcpjXn[\X[Yf[`\jfek_\j_fi\#jfd\k`d\jX]\nYlkè
j\m\iXcZXj\jX[fq\efidfi\%
F]k\ek_\YfXkjZfd\kfnXi[jk_\j_fi\Xke`^_kkfXmf`[Y\è^
jgfkk\[Ypk_\P\d\e`d`c`kXip#n_`Z_]lik_\i\oXZ\iYXk\jk_\i`jbf]
[ifneè^%8nfdXe]ifdDf^X[`j_l[\jZi`Y\[k_\Xii`mXcf]k_\ì
YfXkjXpè^#ÊÊ@knXjkff[\\g#[XibXe[Zfc[n_\en\k_\YfXkZXd\
e\Xik_\ZfXjk%Jfd\g\fgc\[ifne\[%É',&'(&'/ 8kk_Xkk`d\(/
g\fgc\[ifne\[%<m\en_\ek_\nXk\i`jefkk_Xk[\\g#g\fgc\Xi\
X]iX`[#\jg\Z`Xccp`]`k`je`^_kk`d\%K_\pgXe`Z#^\k[`jfi`\ek\[Xe[
[ifne%K_`jnXjk_\ZXj\fe(/DXiZ_'/#n_\ej\m\iXcgXjj\e^\ij
kfc[ljk_Xkjò<k_`fg`Xej[ifne\[#jfd\f]k_\dY\ZXlj\k_\pZflc[
efkjn`dYlkfk_\ij#XjX(.$P\Xifc[]\dXc\jkl[\ek]ifdDf^X[`j_l
n_f_X[Zfd\n`k__\i]Xd`cpglk`k#ÈY\ZXlj\k_\pjnXdèkfk_\
BH;
nife^[ì\Zk`fe#Xj`knXjkff[Xib%É
C^\]iVgg^kVa/BH;iZVbegdk^Y^c\>KÅj^YidV
YZ]nYgViZYeVi^Zci!HZeiZbWZg'%%, G\fgc\èk_\_fc[Xi\gXik`ZlcXicpXki`jbf][ifneè^%8jk_\p_Xm\
kfj`kèXe\m\edfi\ZiXdd\[gfj`k`fen`k_flkdfmè^#k_\pcffj\
k_\ìdfY`c`kpXe[Xi\j\m\i\cp_Xe[`ZXgg\[feZ\èk_\nXk\i%8cjf#
n_\eYfXkjZXgj`q\#k_\g\fgc\èk_\_fc[ljlXccp_Xm\efZ_XeZ\kf
jlim`m\#Xjk_\pXi\kiXgg\[le[\ie\Xk_k_\YfXkXe[ZXeefk^\kflk%
Fe(*Efm%'.DJ=Zflej\cc\[k_i\\g\fgc\n_f_X[cfjki\cXk`m\j
]fid[ifneè^%8)+$p\Xifc[JfdXc`nfdXe#XJfdXc`dXeXe[X**$
p\Xifc[<k_`fg`XedXe%K_\ZXj\f]k_\FifdfdXen_fnXj
dflieè^k_\cfjjf]_`jn`]\Xe[Z_`c[nXjgXik`ZlcXicpj_fZbè^%?\
\ogcXè\[k_Xk_\nXjkiXm\ccè^n`k__`jn`]\#k_\ìYXYpXe[k_\
n`]\Ëjj`jk\i%?`jn`]\#n`k_k_\ìYXYpZclkZ_\[è_\iXidj#nXj
k_ifneèkfk_\j\XYpk_\jdl^^c\ij%?\ki`\[kfi\jZl\Yfk_Yp
îXjgè^k_\ì_Xe[jYlk#le]fikleXk\cp#dfi\g\fgc\n\i\k_ifne
fm\iYfXi[Xe[cXe[\[fekfgf]_`jn`]\#glj_è^_\ile[\inXk\i%J_\
Xe[k_\YXYp[ifne\[%N\n\i\kfc[k_Xkj\m\e[\X[_X[Y\\eYli`\[#
èZcl[è^XZ_`c[%
>i`\]fm\ik_\cfjjf]Xcfm\[fe\`jfe\f]k_\dXèi\Xjfej]fi
è[`m`[lXcZflej\ccè^%@e;\Z\dY\i'.k_`jXZZflek\[]fi.(f]Xcc
k_\è[`m`[lXcZflej\ccè^j\jj`fej%K_\i\Xjfe]fik_`j\oki\d\cp
_`^_g\iZ\ekX^\nXjk_Xk]ifdk_\YfXkn_`Z_Xii`m\[fe(,;\Z%'/#
fecp+0flkf](+/gXjj\e^\ijjlim`m\[%
Fe(,&()&'.DJ=Xjj`jk\[Xîflgf]e\nXii`mXcjXk?fjjleZ_\Zbgfèk
e\Xi8ihX#dXepf]k_\d\o_Xljk\[Xe[\oki\d\cpjX[%J\m\iXcg\fgc\
kfc[ljk_Xkk_\ìYfXk_X[c\]k9fjjXjfn`k_(+/gXjj\e^\ij%K_\YfXk#
XeXggifo`dXk\cp/$d\ki\ÔYi\^cXjjjkilZkli\#nXj\m\edfi\Zifn[\[
k_XeljlXccp%K_\DJ=k\XdZflek\[k_\jlim`mfijÆk_\i\n\i\+0#
n_`Z_d\Xekk_XkXcdfjk(''g\fgc\n\i\[\X[fid`jjè^%@kj\\d\[
BH;
k_Xkm\ip]\nf]k_\<k_`fg`XejfeYfXi[_X[jlim`m\[2fe\<k_`fg`Xe
7dY^ZhVadc\i]Zh]dgZV[iZgVYZVYanVgg^kVa n_fdn\èk\im`\n\[jX`[#ÈN\n\i\,'R<k_`fg`XejTn_\en\c\]kXe[
^c9ZXZbWZg'%%, efnn\Xi\fecp\`^_k%É(,8pfle^Fifdfn_fkiXm\cc\[n`k_Xîflg
]ifd_`jm`ccX^\è9Xc\I\^`fekfc[lj#ÈN\n\i\k\e]ifdflim`ccX^\
fek_\YfXk#Xe[efnn\Xi\fecpk_i\\%@`[\ek`Ô\[dp[\X[Yifk_\ife
k_\Y\XZ_Ylkk_\fk_\ife\jXi\d`jjè^%É
(, CXk\ifen\\eZflek\i\[knfdfi\<k_`fg`Xej
'%¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
N_\ek_\YfXkXii`m\[XkXifle[d`[e`^_k#k_\jdl^^c\ij]fiZ\[
g\fgc\kfaldg%8),$p\Xifc[JfdXc`nfdXe]ifdDf^X[`j_lkfc[lj#
ÈK_\jdl^^c\ijjkfgg\[]XiXnXpXe[]fiZ\[k_\gXjj\e^\ijkfaldg%
K_\gXjj\e^\iji\]lj\[#Y\ZXlj\`knXj[\\gXe[Xjb\[k_\jdl^^c\ij
kf^fe\Xi\i%K_\jdl^^c\ijjkXik\[kfY\Xkljj\m\i\cp%K_\edfjkf]
k_\gXjj\e^\ijdfm\[kffe\j`[\f]k_\YfXk#Xe[k_\YfXkZXgj`q\[%
Dfjkf]k_\g\fgc\[ifne\[Xjk_\pZflc[efkjn`d%ÉN_\ek_\YfXk
ZXgj`q\[#k_\g\fgc\èk_\cfn\igXik#Xkc\Xjk)'#n\n\i\kfc[#n\i\
kiXgg\[le[\ik_\YfXkXe[[`\[%
8),$p\Xifc[JfdXc`dXe]ifdDXibX#n_f_X[Zfd\n`k__`jn`]\#)
Z_`c[i\e#_`jj`jk\iXe[Xefk_\iZcfj\i\cXk`m\#[\jZi`Y\[_fn_\cfjkXcc
_`j]Xd`cpd\dY\ijÈ@knXjcXjke`^_kk_Xkk_\jdl^^c\ijjX`[k_Xk
k_\pn`cc[`j\dYXiblj%8kk_Xkk`d\@nXjk\ccè^dpn`]\kfaldg
kf^\k_\ijfn\ZXei\jZl\fliZ_`c[i\e%N_`c\n\n\i\gcXeeè^nXpj
kfi\jZl\fliZ_`c[i\e#k_\jdl^^c\ijY\^Xekf]fiZ\k_\g\fgc\kf
aldg%K_\g\fgc\jkXik\[kfdfm\Xe[k_\YfXkklie\[fm\iXj`knXj
fm\iZifn[\[%@Xe[dpn`]\jnXdkfj_fi\%N_\en\i\XZ_\[k_\
j_fi\dpn`]\[`\[Xe[@jXndpZ_`c[i\eÆk_\pn\i\[\X[%É?\kfc[
ljk_Xk_`jj`jk\iXe[Xefk_\i]\dXc\i\cXk`m\Xcjf[`\[%É
Fek_\j_fi\k_\DJ=k\XdjXn,/[\X[Yf[`\j#jfd\n`k_m`j`Yc\
j`êjf]Y\Xkè^j%8dfe^k_\dn\i\XcXi^\eldY\if]nfd\eXe[
Ôm\Z_`c[i\e#k_\pfle^\jkfe\DJ=jkX]]nXjcXk\ikfc[nXj\`^_k
dfek_jfc[%
DJ=nXjkfc[Ypk_\gXjj\e^\ijXii`mè^fe((8gi`c'/k_\i\n\i\(0
[\X[Xe[jfd\fk_\ijd`jjè^%DJ=Zflej\cc\[X+'$p\Xifc[nfdXe
]ifd9fjjXjfn_fj\_ljYXe[nXjb`cc\[Ypk_\jdl^^c\ijXe[n_f
ZXd\n`k__\iÔm\Z_`c[i\e%J_\i\Zflek\[1
¹>ilVhYZZeVcYYVg`!hdbZeZdeaZXdjaYcdihl^b!
WZXVjhZi]ZnlZgZ^ci]Z]daY[dg)%]djgh#6cYndj
XVc^bV\^cZi]ZhîjVi^dc^ci]Z]daY#>ilVhkZgn
XgdlYZY!eZdeaZhîdcndj0ndj[ZZandjhj[[dXViZ##
HdbZd[i]ZeZdeaZXdjaYcdihl^bWZXVjhZi]Zn
XdjaYcdibdkZ#L]âZaVcY^c\!i]ZnY^ZY°#6hi]Z
WdVilVhXdb^c\idlVgYhi]Zh]dgZ!bn]jhWVcY
lVh\Zii^c\i]ZX]âYgZcgZVYn#=ZlVciZYid\^kZ
i]ZbW^hXjîh!Wjii]Zhbj\\aZghi]gZli]ZW^hXjîh
^ci]ZhZV#I]ZchjYYZcani]Zhbj\\aZghi]gZl]^b
^cidi]ZhZVWn\gVWW^c\]^haZ\h#=ZgZh^hiZY!
]daY^c\dcidi]ZWdVi!Wjii]Zn]î]^blî]`c^kZh#
I]Zci]Zhbj\\aZghi]gZlbnildYVj\]iZgh^cid
i]ZhZV#>]ZaYdcidbnndjc\Zhihdc#I]ZX]âYgZc
lZgZXgn^c\#7jii]Vc`<dYi]ZgZlVhVndjc\bVc
l]dXdjaYhl^bkZgnlZaal]d]ZaeZYbnX]âYgZcid
gZVX]i]Zh]dgZ#LZhaZeidci]Zh]dgZ#>ci]Z
bdgc^c\!>hVli]ZYZVYWdYnd[bn]jhWVcY#º
'&¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
&#'#(H]ddihÄgZYWni]ZNZbZc^HZXjgîn;dgXZh

N_\eYfXkjXi\èk\iZ\gk\[Ypk_\P\d\e`ZfXjk^lXi[fiYpk_\
d`c`kXip]ifdk_\j_fi\#j_fkjXi\jfd\k`d\jÔi\[kf[\k\ik_\
jdl^^c\ij%N\_Xm\[fZld\ek\[((ZXj\jn_\i\k_`jfZZlii\[%Jfd\
jfc[`\ijn\d\kfek_\j_fi\jX`[k_Xkk_\p_X[fi[\ijkfÔi\j_fkj
fecpfeZ\g\fgc\_X[[`j\dYXib\[#Ylkk_`jnXjefkXcnXpjk_\ZXj\#
XjgXjj\e^\ijkfc[lj%N_\ej_fkjXi\Ôi\[#k_\YfXkjjfd\k`d\j
i\kliekfk_\_`^_j\X%8JfdXc`dXe#n_fdn\èk\im`\n\[fe(FZk%
'.i\Zflek\[#
¹I]ZnÄgZYh]dihVii]ZWdVi!lZlZgZV[gV^Yi]ZWdVi
ldjaYXVehôZ#DcZHdbVa^bVc_jbeZY^cidi]Z
lViZgl]Zci]Zh]dihlZgZÄgZYVcYlZYdc¼i`cdl
^[]ZY^ZY#I]Zci]ZWdVilZciWVX`VlVn^cidi]Z
hZVVcYlZlZgZadhi¸lZY^Ycdi`cdll]ZgZlZ
lZgZ\d^c\#LZlZgZ^ci]ZhZV[dgh^mbdgZ]djgh#
LZlZgZgZVYnidY^Z!WZXVjhZi]ZnWZVijhbVcn
i^bZh!lZlZgZhîi^c\^cVWVYedhî^dc!lZlZgZ
i]^ghin¸#º
N_\eYfXkjXi\èk\iZ\gk\[Ypk_\d`c`kXipXe[j_fkjÔi\[k_\YfXkj
jfd\k`d\ji\klieYXZbkf9fjjXjfn`k_gXjj\e^\ijfeYfXi[%DJ=
\eZflek\i\[j\m\iXcjlZ_ZXj\j%=fièjkXeZ\fe),J\gk%'.k_\DJ=
k\Xd]fle[Xîflgf]j\m\eJfdXc`d\eXe[X]fli$p\Xifc[Yfpe\Xi
8cElj_\`dX%K_\pkfc[DJ=k_Xkk_\p_X[Xii`m\[fe\_fliY\]fi\fe
XYfXkn`k_Y\kn\\e()'Xe[(,'gXjj\e^\ij%N_\eXjb\[XYflkk_\
fk_\igXjj\e^\ijk_\p\ogcXè\[k_Xkn_\ek_\YfXkZXd\e\Xik_\
j_fi\#k_\ZfXjk^lXi[jÔi\[èk_\XìXe[fecpk_\p[\Z`[\[kfaldg%
Fe\f]k_\djX`[k_Xk_\kffbk_\Z_`c[n`k__`dXe[aldg\[kfk_\
j\XXe[ZXd\kfk_\j_fi\jX]\cp%N_\eDJ=Xjb\[k_\dk_\i\Xjfe
n_pk_\aldg\[#k_\p\ogcXè\[#ÈN\Xccgi\]\ii\[kfaldgèjk\X[f]
Y\è^fek_\YfXk#Y\ZXlj\k_\ki`gnXjm\ip[`]ÔZlck]filj%É
&#( 6WjhZV[iZgaVcY^c\
¹I]Zni]ZgZ[j\ZZhhj[[Zgdci]ZhZVVcY
i]Znhj[[ZgdcaVcY#º
;^h]ZgbVc^c6aCjh]Z^bV&'$&%$%,
FeZ\k_\i\]l^\\jXe[d`îXekj_Xm\Xii`m\[Xj_fi\#k_\ìgc`^_k`j
efkfm\i%N_\ek_\P\d\e`d`c`kXip\eZflek\ik_\i\]l^\\jXe[
d`îXekjfek_\j_fi\#k_\pljlXccpj\XiZ_k_\d]fin\XgfejXe[
[il^j%@]k_\i\Xi\<k_`fg`Xejèk_\îflgf]e\nXii`mXcj#k_\pXi\
ljlXccpj\gXiXk\[]ifdk_\JfdXc`j#Xjk_\pXi\jlYa\ZkkfXii\jkXe[
[\gfikXk`fe%K_lj#dXepf]k_\<k_`fg`Xejn`ccjkXikkfnXcbjffe
X]k\ik_\pXii`m\kfXmf`[Y\è^Xggi\_\e[\[Ypk_\d`c`kXip%
DJ=[fZld\ek\[k\eZXj\jf]\okfik`fe#n`k_P\d\e`d`c`kXip]fiZè^
k_\i\]l^\\j&d`îXekjkf_Xe[fm\ik_\ìdfe\pXe[&fiXepmXclXYc\j
k_\p_X[c\]k%?fn\m\i#èj\m\iXcfk_\iZXj\j#èk\im`\n\\jkfc[DJ=
k_Xkk_\d`c`kXip_\cg\[k_\d#]fièjkXeZ\j_èè^k_\ìc`^_kjfek_\
ZfXjkkfè[`ZXk\k_\[ì\Zk`fef]k_\j_fi\èk_\ZXj\f]Xii`mXcjXk
e`^_k\%^%(,&()&'. fi^`mè^k_\d]ff[Xe[nXk\i%
''¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
Fe(*FZk%'.Xîflgf]]flid\e#fe\JfdXc`Xe[k_i\\<k_`fg`Xej
kfc[ljk_Xk#Xjk_\pn\i\nX`kè^]fik_\kilZbkf^fkfDXp]X_
i\Z\gk`feZ\eki\#k_\d`c`kXipZXd\èXZXi#jkfgg\[Xe[]fiZ\[k_\d
kf_Xe[fm\ik_\ìdfe\p%
Fe))DXiZ_'/DJ=Zflej\cc\[Xe(/$p\Xifc[JfdXc`nfdXe
Y\ZXlj\j_\nXjj`c\ekXe[X]iX`[%J_\\ogcXè\[k_Xkj_\nXjY\Xk\e
Ypk_\d`c`kXip#n_fj\XiZ_\[_\iXe[kffbLJ,']ifd_\i%8(+$
p\Xifc[^ìc]ifdAf_nXin_fkiXm\ccè^n`k__\iYifk_\ikfc[ljk_Xk
j_\nXjn`k_k_\jXd\îflgf]Ôm\JfdXc`nfd\en_fn\i\Xcc
j\XiZ_\[%J_\i\ZXcc\[k_Xkj_\nXj]fiZ\[kfkXb\f]]_\iZcfk_\jXe[
Y\Xk\en_\ej_\i\]lj\[%
<ZcYZgd[EZdeaZ ' 8dbedhî^dcd[i]ZcZlVgg^kVah

^ciZgk^ZlZY
'#& <ZcYZg
,%
BVaZ
(%
;ZbVaZ
F]k_\e\nXii`mXcjn\èk\im`\n\[#.'n\i\d\eXe[*'nfd\e%
K_`ji\Õ\Zkjk_\^\e\iXcZfdgfj`k`fef]k_\e\nXii`mXcjfek_\
ZfXjk%(-K_\dXafi`kpf]k_fj\èk\im`\n\[#,+#n\i\dXii`\[#n_`c\
+-n\i\jè^c\%K_\dXafi`kpn\i\kiXm\ccè^n`k_]Xd`cpfi]i`\e[j#
`%\%#,.#n_`c\+*jX`[k_\pn\i\kiXm\ccè^Xcfe\%Dfjkf]k_fj\
kiXm\ccè^Xcfe\n\i\d\e%K_\dXafi`kpf]k_\nfd\en\
èk\im`\n\[ZXd\\`k_\in`k_k_\ì_ljYXe[j#i\cXk`m\jfi]i`\e[j%
?fn\m\i#XZfej`[\iXYc\eldY\i#).#jX`[k_\pZXd\fek_\ìfne%
8ck_fl^_dfjknfd\ec\]kY\ZXlj\f]ZfeÕ`Zk#XeldY\if]k_\dc\]k
k_\ì]Xd`c`\jY\_è[Y\ZXlj\k_\p_X[effgk`feYlkkf^fXe[Ôe[X
afY\cj\n_\i\kfjlggfikk_\ìZ_`c[i\e%N_`c\k_\dXafi`kpf]k_fj\
j\\bè^kf^fXYifX[kfgifm`[\]fik_\ì]Xd`c`\jn\i\d\e#k_\i\
n\i\XcjfXeldY\if]nfd\en_fkffbk_\g\i`cfljaflie\pkfÔe[X
afY%=fièjkXeZ\#fek_\ÔijkXii`mXck_\DJ=k\XdXjj`jk\[fe/J\gk%
'.n\jgfb\kfX(0$p\Xi$fc[JfdXc`nfdXen_f_X[Zfd\n`k__\i
j`jk\iXe[Xefk_\ipfle^nfdXef]k_\jXd\ZcXe%J_\kfc[lj1
¹LZVgZ[gdbBd\VY^h]jVcYaZ[idjgXdjcign
WZXVjhZd[i]ZlVg!edkZginVcYi]ZY^[ÄXjainidÄcY
V_dW#>Vbi]ZdaYZhi!i]ZgZ^hcdWdYnid]Zaei]Z
[Vbân#>]VkZWgdi]ZghVcYh^hiZghVi]dbZ#>XVbZ
idNZbZcidÄcYV_dWVcYidhZcYbdcZnidbn
bdi]Zgl]d^h^cVkZgnWVYhîjVi^dc#º
Jfd\k`d\j\m\en_\ek_\pXi\gi\êXek#nfd\ei`jbk_\ìc`m\jfe
k_\[Xe^\ifljaflie\pkfXjjli\k_\\Zfefd`Zjlim`mXcf]k_\ì]Xd`cp%
K_lj#[liè^DXiZ_DJ=Xjj`jk\[\`^_kgi\êXeknfd\eXkk_\8I:%
Dfjkf]k_\d_X[Zfd\n`k_flkk_\ì_ljYXe[j%
(- 8ZZfi[è^kfLE?:IjkXk`jk`Zj#.0f]k_fj\Xii`mè^XkDXp]X_I\Z\gk`fe:\eki\è
)''.n\i\d\e#)(nfd\e%=fik_\Ôijkdfek_jf])''/#k_\g\iZ\ekX^\f]nfd\enXj
jc`^_kcp_`^_\i#)/%
'(¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
:i]c^XDg^\^c =Xd`c`\jXi\]i\hl\ekcpj\gXiXk\[#n`k_fe\fij\m\iXc]Xd`cp
d[>ciZgk^ZlZZh d\dY\ijkXbè^k_\aflie\pXe[k_\fk_\ijjkXpè^Y\_è[#
jfd\k`d\jY\ZXlj\k_\pZXeefkX]]fi[kfXccZfd\Xkk_\jXd\k`d\%
Fe*Efm%'.n\jgfb\kfX)/$p\Xi$fc[dfk_\if]Ôm\Z_`c[i\e]ifd
Df^X[`j_ln_f_X[Zfd\n`k_k_i\\f]_\iZ_`c[i\e#X^\[]fli#Ôm\
+-
HdbVa^
('
:i]^de^Vc
Xe[jòp\Xij#c\Xmè^_\i_ljYXe[Xe[knffk_\iZ_`c[i\eèJfdXc`X
Y\ZXlj\k_\p[`[efk_Xm\\efl^_dfe\p]fiXccf]k_\dkfkiXm\c%

'#' 6\Z
K_\dXafi`kpf]k_\g\fgc\kXbè^k_\[Xe^\ifljmfpX^\n\i\èk_\ì
d`[$kn\ek`\j%K_\i\n\i\X]\nfc[\ig\fgc\#èk_\ì]fik`\jXe[
Ô]k`\j#Xe[Xcjfjfd\pfle^Z_`c[i\e%Flkf]k_\kfkXceldY\if]
gXjj\e^\ijDJ=Xjj`jk\[Y\kn\\eJ\gk\dY\i)''.Xe[8gi`c)''/
XYflk(n\i\Z_`c[i\ele[\i(,p\Xijf]X^\%K_\pfle^Z_`c[i\en\
\eZflek\i\[n\i\n`k_k_\ì]Xd`c`\jfi#èZXj\jn_\i\k_\gXi\ek
n`k_n_fdk_\pn\i\kiXm\ccè^_X[[`\[#n`k_i\cXk`m\jfi]i`\e[jf]
k_\]Xd`cp%Jfd\k`d\jk_\i\n\i\XcjfYXY`\jfeYfXi[%
8i\cXk`m\cpcXi^\eldY\if]X[fc\jZ\ekj#k_\dXafi`kpY\kn\\e(-fi
GZ\^dcd[Dg^\^cd[i]ZHdbVa^h (.p\Xijfc[#le[\ikffbk_\aflie\pkfj\\b\dgcfpd\ekXe[gifm`[\
^ciZgk^ZlZYWnBH; ]fik_\ì]Xd`c`\j%(.<`^_kg\iZ\ekf]flièk\im`\n\\jn\i\X[fc\jZ\ekj
le[\i(/#dfjkf]k_\d(-fi(.p\Xijfc[#k_\pfle^\jk(+%Dfjkf]
)' *&
k_\dkfc[ljk_\pc\]kèfi[\ikfÔe[XafYkfjlggfikk_\ì]Xd`c`\j%
8jX(-$p\Xifc[^ìc]ifdDf^X[`j_l#n_fnXjkiXm\ccè^fe_\ifne#
glk`k#È@_fg\kfÔe[XafYXjjffeXjgfjj`Yc\kfjlggfikdp]Xd`cpè
Di]ZgVgZVhd[Hdji] Bd\VY^h]j JfdXc`X#Y\ZXlj\k_\pc`m\èm\ipYX[Zfe[`k`fej#ÉX[[è^#È@nXekkf
8ZcigVaHdbVa^V Yiè^dpgXi\ekjkfP\d\e#k_\p[fefk_Xm\Xepk_è^kf\Xk%É
'+&((&'.
'#( :i]c^Xdg^\^c
F]k_fj\èk\im`\n\[#-/n\i\JfdXc`jXe[*)<k_`fg`Xej#fe\nXj
,
EjciaVcY HdbVaâVcY
<i`ki\Xe%K_`jg\iZ\ekX^\i\Õ\Zkjk_\Zfdgfj`k`fef]k_fj\e\n
Xii`mXcjDJ=Xjj`jk\[%(/
?Xc],( f]k_\JfdXc`jn_f^Xm\è]fidXk`fefek_\ìi\^`feZXd\
]ifdDf^X[`j_l#dfjkf]k_\i\jk+) ]ifdfk_\ii\^`fejèJflk_Xe[
:\ekiXcJfdXc`X#n`k_X]\nXcjf]ifdJfdXc`cXe[Xe[GlekcXe[. %
.*f]k_\<k_`fg`Xejn_f^Xm\è]fidXk`feXYflkk_\ìi\^`fekfc[
:i]^de^Vch":i]c^X<gdje DJ=k_\pn\i\Fifdf#k_\i\jk8d_XiX(/ #K`îèpXej/
d[i]dhZ^ciZgk^ZlZYWnBH; Xe[>liX^\( %?fn\m\i#k_\è]fidXk`fei\^Xi[è^k_\eldY\i
Xe[\k_e`ZZfdgfj`k`fef]<k_`fg`XejXii`mè^Xkk_\j_fi\jf]P\d\e
e\\[jkfY\kXb\en`k_ZXlk`fe#Xjk_`j[f\jefkèZcl[\g\ijfej
,(
Dgdbd
&-
6b]VgV
Zfdè^]ifdk_\JfdXcì\^`feF^X[\e %(0F^X[\e`jXi\\k_e`Z
JfdXc`Xe[n`ccgi\j\ekXjjlZ_Xe[Xi\c`b\cpefkkfjg\Z`]pk_\ì
i\^`fe%@eDXiZ_Xe[8gi`c)''/n\jgfb\kfknfgXjj\e^\ijn_f
gi\j\ek\[XjJfdXc`Xe[kfc[DJ=k_Xkk_\pZXd\]ifdF^X[\e%@k`j
èk\i\jkè^kfefk\k_Xkè9fjjXjfk_\\k_e`ZJfdXc`j]ifd<k_`fg`X
Xi\XZklXccpZfej`[\i\[@;GjXe[efki\]l^\\jYpk_\GlekcXe[
-I^\g^cnVch ^fm\ied\ek#LE?:IXe[k_\fk_\ifi^Xe`qXk`fej%
&<jgV\Z
(. 8ZZfi[è^kfLE?:IjkXk`jk`Zj#fe\k_ì[f]k_fj\Xii`mè^XkDXp]X_[liè^)''.n\i\
le[\i(/%
(/ 8ZZfi[è^kfLE?:IjkXk`jk`Zj#)''.XYflk-(f]k_\e\nXii`mXcjn\i\JfdXc`jXe[
*0<k_`fg`Xej#n_`c\]fik_\Ôijk+dfek_jf])''/#k_\iXk`fnXj-,kf*,%
(0 K_ljF^X[\e`jXi\efki\Õ\Zk\[èk_\îXg_%
')¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
( GZVhdch[dgaZVk^c\
(#& HdbVa^h
Dfjkf]k_\JfdXcì\jgfe[\ekjc`jk\[dlck`gc\i\Xjfej]fic\Xmè^#
n`k_m`fc\eZ\Xe[&fièj\Zli`kpY\è^k_\dXèfe\ÆÈk_\
èk\idèXYc\XkkXZbj#ÉXjX)'$p\Xifc[jkl[\ek]ifdDf^X[`j_lglk`k
'+&'(&'/ %DXepXcjfefk\[k_Xk`knXj`dgfjj`Yc\]fik_\dkfÔe[fi
Zfekèl\kfnfibXe[k_ljjlggfikk_\ì]Xd`cp%J\m\iXcg\fgc\DJ=
èk\im`\n\[[\jZi`Y\[k_Xkk_\p_X[Y\\enfibè^Xkk_\9XbXiX
dXib\kèDf^X[`j_lYlkY\ZXlj\f]k_\i\Zliiè^Ô^_kè^k_\pZflc[
efcfe^\i^fk_\i\Xe[k_ljk_\ìjfliZ\f]c`m\c`_ff[_X[Y\\e
[\jkifp\[%M\ip]\nJfdXc`j^Xm\cXZbf]\dgcfpd\ekXjgi`dXip
ZXlj\]fic\Xmè^k_\ìZflekip%Jfd\JfdXc`jd\ek`fe\[k_Xkk_\pc\]k
kf^fXe[jkl[p#Xj[l\kfk_\nXi`knXjm\ip[`]ÔZlckkf^\kXe
\[lZXk`feèJfdXc`X%
8^kâ^Vchk^Xi^bhd[lVg/VgWîgVgnYZiZci^dc!
`âa^c\h![dgXZYgZXgjîbZciVcYgVeZ
DXepf]k_\JfdXc`j#\jg\Z`Xccpk_fj\Zfdè^]ifdDf^X[`j_l#jgfb\
XYflkk_\èk\ej`ÔZXk`fef]Ô^_kè^Xe[\ogcfj`fej#jXpè^k_Xkk_\p
]\ckèZi\Xjè^cpk_i\Xk\e\[Xe[èj\Zli\%JèZ\k_\Y\^èeè^f]
)''/#DJ=_Xji\Z\`m\[dfi\k\jk`dfe`\jf]g\ijfej[ì\ZkcpX]]\Zk\[
Ypk_\ZfeÕ`Zk%K_\p[\jZi`Y\[XkkXZbjfek_\ì_flj\jfigcXZ\jf]
nfib#b`ccè^jf]]Xd`cpd\dY\ijfi]i`\e[jXe[XiY`kiXipXii\jkj%
¹>Vb[gdbBd\VY^h]j!>]VYV[Vbâni]ZgZ#>lVh
ldg`^c\VhVYg^kZg#DcZYVn!>lZciidldg`VhjhjVa
VcYl]Zc>XVbZWVX`[gdbldg`!>hVlVadid[
eZdeaZl]d\Vi]ZgZYVgdjcYbn]djhZ#6b^hhâZ
]VY[VaaZcdcbn]djhZ!`âa^c\bnl^[Z!ildd[bn
X]âYgZcVcYbnbdi]Zg#;dgijcViZandcZd[bn
X]âYgZchjgk^kZY!WZXVjhZ]ZlVhcdiVi]dbZi]Vi
bdbZci!]ZlVhViFjgVc^XhX]dda#6[iZgi]Vi!
>YZX^YZYidaZVkZHdbVa^Vlî]bnhdc#º
('"nZVgdaYYg^kZg[gdbBd\VY^h]j&($%($%-
¹;^[iZZcYVnhV\dlZlZgZ^cdjg]djhZlî]djg
[Vi]Zg#>ci]Zb^YYaZd[i]Zc^\]ilZ]ZVgYV`cdX`
Vii]ZYddg#LZ\dikZgnhXVgZY!WZXVjhZi]^hlVh
cdiVgZVhdcVWaZi^bZ[dgVcndcZid`cdX`#LZ
\Vi]ZgZYid\Zi]Zg^cdcZgddbVcY[Vi]ZglZciid
deZci]ZYddg#L]Zc]ZdeZcZYi]ZYddg!VgbZY
bZc\gVWWZY]^bVcYWZVi]^b#I]Znidd`]^blî]
i]Zb^ci]Z^gXVg#AViZgdci]Z[daadl^c\bdgc^c\lZ
[djcY[Vi]Zg¼hYZVYWdYn^ci]ZcZ^\]Wdjg]ddY#
9jg^c\i]ZhZYVnhi]ZgZVgZVadid[YZVYWdY^Zhd[
ndjc\HdbVa^bZc^ci]ZhigZZihd[Bd\VY^h]j°
LZ[Zaii]VilZlâacdadc\ZgWZhV[Z^cBd\VY^h]j
'*¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!

VcYi]Vi^hl]nlZYZX^YZYidaZVkZ#CdlVYVnh!
Bd\VY^h]j^hVXînd[i]ZYZVY#º
&,"nZVgdaYHdbVa^\^ga[gdbBd\VY^h]jl]dXVbZlî]
]ZgWgdi]ZgVcYh^hiZg&-$%'$%-
@eZi\Xjè^cp#pfle^JfdXc`d\ec\Xm\Df^X[`j_lY\ZXlj\k_\pXi\
X]iX`[kf^\kXii\jk\[fi[iXneèkfk_\Ô^_kè^%=fièjkXeZ\#fe).
DXiZ_'/Xîflgf]eè\pfle^d\e]ifdDf^X[`j_lèk_\ìcXk\
k\\ejXe[\Xicpkn\ek`\j\ogcXè\[kflj#
¹LZa^kZY^cBd\VY^h]jVaadjga^kZh!Wjii]ZhîjVi^dc
^h\Zii^c\ldghZWni]ZYVn#L]Zci]ZnhZZjh!
hdaY^ZghVggZhijhWZXVjhZi]Zni]^c`lZVgZlî]i]Z
deedhî^dcVcYejijh^c_Vâ#I]Zn^ciZggd\ViZVcY
idgijgZjh#LZVgZVahdV[gV^Yd[i]Zdi]Zgh^YZ!
WZXVjhZZkZgnYVni]ZnVgZadd`^c\[dgndjc\bZcid
_d^ci]Zb#º
;liè^DXiZ_DJ=gifm`[\[d\[`ZXcXe[Zflej\ccè^Xjj`jkXeZ\Xk
k_\8_nXiI\Z\gk`fe:\ek\i8I: kfk_i\\nfd\en_f_X[Y\\e
iXg\[èJfdXc`XXe[èk\im`\n\[knff]k_\d%
8).$p\Xifc[nfdXe]ifd9lib_XYXkfc[DJ=jkX]]k_Xkj_\_X[
Zfd\kfP\d\efeZ\Y\]fi\n`k__\i_ljYXe[è)''(%K_\pn\ekkf
JXl[`8iXY`Xn_\i\k_\pjkXp\[è_\i_ljYXe[Ëjdfk_\iËj_flj\lek`c
j_\#Xe[cXk\ife_\i_ljYXe[#n\i\[\gfik\[%J_\[\jZi`Y\[n_Xk
_Xgg\e\[kf_\iX]k\i_\ii\klie1
¹7VX`^cHdbVa^V>hiVgiZYldg`^c\^cVgZhiVjgVci#
DcZYVn!l]Zc>Äc^h]ZYbnldg`!>lVciZYid\d
WVX`]dbZ!îlVhVgdjcY.#%%Vic^\]i!i]gZZVgbZY
bZc!XVbZVcYhideeZYbZ^ci]Zb^YYaZd[i]Z
higZZi!i]Znidd`bZWn[dgXZVcYgVeZYbZdcZWn
dcZ#>lVhXgn^c\i]Vii^bZ#Bn]jhWVcY]ZVgYVWdji
i]ZgVeZVcYY^kdgXZYbZ#>XdjaYcdihiVn^c
HdbVa^VV[iZgi]^hhXVcYVa!eZdeaZValVnhiVa`^c\
VWdjibZ#º
'*$%($%-
Jfd\fk_\infd\e]\Xi\[kfY\iXg\[`]k_\pjkXp\[èJfdXc`X%=fi
èjkXeZ\#fe)+;\Z%'/#DJ=jkX]]Zflej\cc\[XJfdXc`nfdXen_f
kfc[ljj_\c\]kJfdXc`XY\ZXlj\k_\j`klXk`fenXj^\kkè^nfij\%J_\
nXjXcjfX]iX`[k_Xkj_\nflc[Y\iXg\[Y\ZXlj\j_\_X[_\Xi[f]
jlZ_èZ`[\ekj%
(#' :i]^de^Vch
AVX`d[ldg`!Y^hXg^b^cVi^dc!edaî^XVaeZghZXji^dc!XdchXgêi^dc
K_\dXafi`kpf]<k_`fg`Xejèk\im`\n\[^Xm\cXZbf]nfibXe[&fi
gfm\ikpXjk_\ìdXèi\Xjfe]fic\Xmè^#dfjkf]k_\dè[`ZXkè^k_Xk
k_\pnXek\[kf^fkfJXl[`8iXY`Xkfnfib%
'+¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
?fn\m\i#fe\]flik_f]k_\èk\im`\n\\jd\ek`fe\[èj\Zli`kpfi
gfc`k`ZXci\Xjfej#n`k_jfd\XcjfjkXkè^cXZbf]nfib%K_\dXè
i\Xjfejgi\j\ek\[n\i\[`jZi`dèXk`fefeîfle[jf]i\c`^`feXe[&fi
\k_e`Z`kp2Xii\jkjXe[`dgi`jfed\ekfeîfle[jf]Y\cfe^è^fi
jljg`Z`fef]Y\cfe^è^kfk_\fggfj`k`feFifdfC`Y\iXk`fe=ifek#fi
_Xmè^mfk\[]fik_\:fXc`k`fe]fiLe`kpXe[;\dfZiXZp:L; èk_\
)'',\c\Zk`fej#Xe[]\Xif]ZfejZi`gk`feèkfk_\d`c`kXip%
J\m\eèk\im`\n\\jjòFifdfXe[fe\8d_XiX jgfb\XYflk
[`jZi`dèXk`fe%J\m\iXcjgfb\f]g\ij\Zlk`fefeîfle[jf]i\c`^`fe%
@e8gi`cknff]k_\èk\im`\n\\j#fe\XHliXek\XZ_\i#k_\fk_\iX
jkl[\ek#[\jZi`Y\[g\ij\Zlk`fefei\c`^`fljîfle[j%K_\+'$p\Xi$fc[
HliXek\XZ_\i#XeFifdf]ifd?Xii\i#\ogcXè\[#ÈDpknfYifk_\ij
n\i\Xii\jk\[Ypk_\^fm\ied\ek#k_\pZXgkli\pfln`k_flkXep
i\Xjfe%K_\p[fefkc`b\flig\fgc\#k_\Fifdf%@nXjk\XZ_è^k_\
HliXe%@_X[,'jkl[\ekj#Ylk[XpX]k\i[Xp#@nXjcffjè^jfd\
jkl[\ekjXe[n_\e@n\ekkfk_\ì]Xd`c`\jkfXjbk_\d#k_\pkfc[d\
k_Xkk_\ìZ_`c[i\en\i\Xii\jk\[Ypk_\^fm\ied\ek%É)+&'+&'/
JòFifdfkfc[ljk_Xkk_\pc\]k\`k_\iY\ZXlj\k_\pn\i\jljg\Zk\[f]
Y\cfe^è^kfk_\FifdfC`Y\iXk`fe=ifekFC= fiY\ZXlj\f]
jlggfikè^k_\FC=2Ôm\_X[Y\\eXii\jk\[Xe[`dgi`jfe\[fek_fj\
îfle[j%8îflgf]pfle^Fifdf[\jZi`Y\[_fnk_\p]\ck
èZi\Xjè^cpèj\Zli\%ÈN\_Xm\ef[`ê`kp%N\Xi\efki\jg\Zk\[è
flifneZflekip%N_\en\j\\k_\d`c`kXipn\Xi\j_Xbè^n`k_
]\Xi%É)+&'+&'/
K_i\\fk_\i<k_`fg`Xejd\ek`fe\[]\Xif]g\ij\Zlk`fei\cXk\[kfk_\
)'',gi\j`[\ek`Xc\c\Zk`fe%8)'$p\Xifc[FifdfnfdXe]ifd8ilj`#
kiXm\ccè^Xcfe\#i\gfik\[k_Xkj_\Xe[_\i_ljYXe[n\i\Xii\jk\[
X]k\ik_\gi\j`[\ek`Xc\c\Zk`fejk_i\\p\XijX^fY\ZXlj\k_\pmfk\[]fi
k_\fggfj`k`fe:fXc`k`fe]fiLe`kpXe[;\dfZiXZp:L; %J_\nXj
i\c\Xj\[X]k\ife\n\\bY\ZXlj\j_\nXjgi\êXek%?\i_ljYXe[nXj
b\gkègi`jfeXe[[`\[k_\i\%8jj_\Zflc[efkgifm`[\]fi_\ik_i\\
Z_`c[i\e#j_\c\]kk_\dn`k__\idfk_\iXe[ZXd\kfP\d\e
),&'+&'/ %
8cjf#[liè^Zflej\ccè^#j\m\iXcfk_\i<k_`fg`Xej\ogcXè\[k_Xkk_\p
n\i\Y\è^g\ij\Zlk\[Ypk_\^fm\ied\ek]fiY\è^jljg\Zk\[f]
jlggfikè^k_\fggfj`k`fefiY\cfe^è^kfX[`]]\i\ek\k_e`Zîflg
k_Xek_Xk_fc[è^gfn\i%
K_i\\<k_`fg`Xed\ejX`[k_Xkk_\pc\]kkfXmf`[Y\è^ZfejZi`gk\[%8j
X)'$p\Xifc[dXe]ifd9Xc\glk`kÈFifdfXi\]fiZ\[kf^fXe[Ô^_k
èDf^X[`j_l%N\[`[efknXekkfÔ^_kjfn\iXeXnXp%É(,&()&'.
8ii`mXcj]ifdk_\F^X[\e&JfdXcì\^`feefidXccpgi\j\ekXjJfdXc`j#
Xjk_\pXi\\k_e`ZJfdXc`jXe[n`ccefke\Z\jjXi`cp^`m\dfi\[\kX`c
XYflkn_\i\k_\pZfd\]ifd%K_lj#n\n\i\XYc\kfèk\im`\n
fecpknfg\ijfej]ifdk_Xkîflg#X)/$p\Xifc[]Xid\in_f^Xm\
èj\Zli`kpXji\Xjfe]fic\Xmè^#Xe[X)'$p\Xifc[dXe]ifdAà`^X
n_fjX`[_\c\]kY\ZXlj\f]cXZbf]afYfggfikle`k`\jXe[èj\Zli`kp%
',¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
) IgVkZaid7dhhVhd·VeZgâdjh_djgcZn
K_\aflie\pkf9fjjXjf]ifd\`k_\iJfdXc`Xfi<k_`fg`X`j\og\ej`m\
Xe[_XqXi[flj%G\fgc\_Xm\kfdfY`c`j\Zfej`[\iXYc\i\jfliZ\jkfgXp
]fik_\ki`g#n`k_k_\ì]Xd`c`\jjZiXgè^kf^\k_\idfe\p]fik_\
[`]]\i\ekj\^d\ekjf]k_\aflie\p#jfd\k`d\j_Xmè^kfj\ccXjj\kjfi
èZli[\Yk%)'
9\ZXlj\f]k`d\Xe[fk_\iZfejkiXèkjn\Zflc[fecpXjbXYflk/'f]
k_fj\n\èk\im`\n\[XYflkZfe[`k`fejè9fjjXjfXe[[liè^k_\ì
kiXm\ckf9fjjXjf%K_\dXafi`kpkfc[ljk_Xkk_\ìki`gkf9fjjXjfkffb
Y\kn\\eX]\n[XpjXe[knfn\\bj%@ejfd\ZXj\j#n_\ek_\i\nXj
Ô^_kè^Xcfe^k_\ifX[#fin_\ek_\p_X[kfjkfgXcfe^k_\nXpkf
nfibkf\Xiedfe\pkfZfekèl\#`kkffbcfe^\i%
I\]l^\\jXe[d`îXekjDJ=èk\im`\n\[i\gfik\[dXepXYlj\j
[liè^k_\ki`g#èZcl[è^Y\è^jkfgg\[Xe[]fiZ\[kfgXpXk
eld\ifljZ_\ZbgfèkjXcfe^k_\ifX[%K_\pXcjfi\gfik\[XkkXZbjYp
Xid\[YXe[`kjXe[Y\èîfYY\[f]k_\ìdfe\pXe[Y\cfe^è^j#n`k_
gXjj\e^\ijb`cc\[èj\m\iXcZXj\j%)(
JèZ\AXelXip)''/#èk\im`\n\\ji\gfik\[XeèZi\Xj\f]Z_\Zbgfèkj
Xcfe^k_\ifX[]ifdDf^X[`j_lkf9fjjXjf#n`k_dfi\g\fgc\
i\gfikè^k_Xkk_\pn\i\jkfgg\[Xe[ifYY\[%@eDXiZ_#_Xc]f]k_\
èk\im`\n\\ji\gfik\[Y\è^jkfgg\[XkZ_\ZbgfèkjXe[ifYY\[#n`k_
knff]k_\dk\ccè^ljk_XkXgXjj\e^\ièk_\ìZXi[`\[Y\ZXlj\k_\p
n\i\j_fkXk%8)*$p\Xifc[JfdXc`dXen_fnXjkiXm\ccè^n`k__`j
Zfljèjkfc[lj#ÈK_\i\Xi\dfi\Z_\ZbgfèkjY\kn\\eAf_nXiXe[
9fjjXjf%8kjfd\k_\pn\i\Ôiè^^lejkfjkfgk_\ZXi%N\dXeX^\[
kfgXjjdfjkf]k_\Z_\Zbgfèkj#YlkXkfe\Z_\Zbgfèkè9Xe[XiXc\p
Y\]fi\>Xc^X[ll[i\^`feXgXjj\e^\i]ifdfliZXinXjb`cc\[%É
')&'*&'/
<k_`fg`XejXcjfi\gfik\[k_Xkk_\p\eZflek\i\[dfi\gifYc\djXk
Z_\ZbgfèkjXe[n\i\ifYY\[f]k_\ìdfe\p%8îflgf]k_i\\
<k_`fg`Xenfd\en_fdn\èk\im`\n\[Xk8I:fe(*8gi`c'/
[\jZi`Y\[_fnk_\pn\i\ifYY\[Xe[YXi\cp\jZXg\[j\olXcm`fc\eZ\%
Fe\f]k_\d#X)'$p\Xifc[8d_XiX]ifdNfccfi\^`fei\ZXcc\[1
¹LZlZgZigVkZaa^c\lî]V\gdjed[[djgbZc#>c
=Vgi^hX]Z`Vii]Z:i]^de^Vc$HdbVa^WdgYZglZeV^YV
igjX`Yg^kZgidiV`Zjhid7jgd¼d#Dci]ZlVnlZ
lZgZhideeZYWngdWWZgh^cVhbVaaXVg#I]ZnlZgZ
VgbZYlî]e^hidahVcY`c^kZh#I]ZndgYZgZYjhid
\ZidjiVcYidd`jhidi]ZWjh]#I]ZgZ!i]ZgdWWZgh
dgYZgZYi]ZbZcidiV`Zd[[i]Z^gXadi]ZhVcYidd`
i]Z^gbdcZn!V[iZgi]Vii]ZndgYZgZYjhidYdi]Z
hVbZ#I]Znidd`djgbdcZn!ZkZci]ZbdcZni]Vi
lZ]VY]^YYZc^ch^YZdjg]V^g#I]Zci]ZgdWWZgh
dgYZgZYi]ZldbZcid\dlî]i]Zb^ci]Z^gXVg#
LZgVc^cidi]ZWjh]!l]âZi]ZbZclZgZi]gdl^c\
)' @:DG;#g%(.%
)( K_\i\Z\eki\gfikYp8de\jkp@ek\ieXk`feXc#Iflkè\cpKXi^\k\[18kkXZbjfe:`m`c$
`XejèJfdXc`X#8@@e[\o8=I,)&''-&)''/Xcjfi\]\ijkfXeldY\if]jlZ_XkkXZbj#j\\
gg)'$)(%
'-¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
hidcZhVii]ZXVg#LZlZgZh]diVi!WjiÄcVaanlZ
bVcV\ZYidZhXVeZVcY`Zei\d^c\jciâlZgZVX]ZY
VkâaV\Z#º
* HiVn^c7dhhVhd·8dcYî^dch
K_\YfXkaflie\pXZifjjk_\>lc]f]8[\ejkXikj]ifd9fjjXjf#XY`^
Yljkcè^gfikkfneèGlekcXe[èk_\Efik_\Xjkf]JfdXc`X%N`k_
),'#'''è_XY`kXekj#9fjjXjf`jk_\dXèJfdXc`j\Xgfik]fikiX[\
n`k_P\d\eXe[k_\>lc]JkXk\j%GlekcXe[#n_`Z_[\ZcXi\[`kj\c]Xe
Xlkfefdflji\^`feè(00/#nXjlek`ci\Z\ekcpZfej`[\i\[i\cXk`m\cp
jX]\ZfdgXi\[kfk_\i\jkf]JfdXc`X%JèZ\k_\flkYi\Xbf]k_\Z`m`c
nXièJfdXc`Xè(00(#g\fgc\]ifdJflk_Xe[:\ekiXcJfdXc`XÕ\[kf
GlekcXe[#dXepf]k_\dkf9fjjXjf%N_`c\XeldY\if]k_\d
Zfekèl\[XZifjjk_\>lc]f]8[\e#dXepfk_\ijjkXp\[%K_\i\Xi\
Zlii\ekcpjfd\*'#'''g\fgc\c`mè^le[\i_Xij_Zfe[`k`fejèk_\
BH;
@ek\ieXccp;`jgcXZ\[G\ijfe@;G j\kkc\d\ekjjZXkk\i\[k_ifl^_flk
>ciZgcVaan9^heaVXZYEZghdc>9E k_\kfne%
hZiiaZbZci^c7dhhVhd
JèZ\k_\j\Zfe[_Xc]f])''.j\Zli`kpèGlekcXe[_Xj[\k\i`fiXk\[%
@kY\ZXd\dfi\[`]ÔZlck]fi_ldXe`kXi`Xefi^Xe`jXk`fejkffg\iXk\#
n`k_j\m\iXcXkkXZbjXe[b`[eXggè^jf]aflieXc`jkjXe[]fi\`êX`[
nfib\ij#èZcl[è^knfDJ=\ogXki`Xk\jkX]]è;\Z\dY\i)''.%
:fej\hl\eZ\j]fik_\[`jgcXZ\[n\i\i\[lZk`fef]\ogXki`Xk\gi\j\eZ\
Xe[cXZbf]X[\hlXk\_ldXe`kXi`XeXjj`jkXeZ\#XkXk`d\n_\ek_\
èk\ieXk`feXcZfddle`kp_X[ÔeXccp[\Z`[\[kf[\[`ZXk\dfi\
i\jfliZ\jkf`dgifm\k_\c`mè^Zfe[`k`fejf]k_\[`jgcXZ\[è9fjjXjf%
I\]l^\\jXe[d`îXekjnX`kè^kfZifjj_Xm\XcjfY\\eX]]\Zk\[
[ì\ZkcpYpèZi\Xjè^èj\Zli`kp%
8Yflk_Xc]k_\èk\im`\n\\jjX`[k_Xkk_\pjkXp\[fe\dfek_fic\jjè
9fjjXjf#n_`c\XeldY\ijX`[k_\pjkXp\[j\m\iXcdfek_j#Xe[X]\n
fe\p\Xifidfi\%@ej\m\iXcèjkXeZ\jg\fgc\n\i\jkXpè^cfe^\ikf
\Xiedfe\pkfgXp]fik_\aflie\p%
K_\dXafi`kpf]k_\e\ncpXii`m\[JfdXc`jèZcl[è^k_fj\Zfdè^
]ifdk_\F^X[\ei\^`fe jkXp\[n`k_i\cXk`m\jfi]i`\e[jèk_\@;G
j\kkc\d\ekj%C`mè^Zfe[`k`fejk_\i\Xi\\oki\d\cpgi\ZXi`flj%K_\
cXi^\dXafi`kpf]j_\ck\ijèk_\@;Gj\kkc\d\ekjXi\dXb\j_`]kifle[fi
fmXcjkilZkli\jn`k_X]iXd\f]nff[\ejk`ZbjZfm\i\[Ypg`\Z\jf]
ZXi[YfXi[#jXZbj#gcXjk`ZYX^j\kZ%?p^`\e\`jm\ipgffi#n`k_^XiYX^\#
\jg\Z`XccpgcXjk`Z#XYle[Xek%K_\cXZbf]cXkiè\j`jXgifYc\d#Xj
cXe[cfi[jXi\i\j`jkXekkfk_\ZfejkilZk`fef]jfc`[jkilZkli\j%?\Xck_
Zfm\iX^\Xe[XZZ\jjXi\gffi%K_\i\`jef^\e\iXc]ff[[`jki`Ylk`feXe[
dXcelki`k`fe`jXdXafiZfeZ\ie%8DJ=elki`k`feXcjlim\pf]Z_`c[i\e
le[\i,p\Xijè0'._flj\_fc[jle[\ikXb\eèEfm\dY\i)''.]fle[X
^cfYXcXZlk\dXcelki`k`feiXk\f])*%*Xe[+%0f]j\m\i\XZlk\
dXcelki`k`fe%))8^cfYXcdXcelki`k`fef]fm\i('è[`ZXk\jXZi`j`jè
]ff[j\Zli`kp%K_`jd\Xejk_Xkk_\i\`je\`k_\i\efl^_]ff[efi
X[\hlXk\XZZ\jjkfXep]ff[%K_`jZfii\jgfe[jkfk_\Ôe[è^j]ifdfli
èk\im`\nj#XjXeldY\if]g\fgc\kfc[ljk_Xkk_\ì\Zfefd`Zj`klXk`fe
nXjm\ip[`]ÔZlckè9fjjXjfXe[k_Xkk_\pZflc[fecpX]]fi[fe\d\Xc
g\i[Xp%
)) DJ=Xe[<g`Z\eki\#I\kifjg\Zk`m\DfikXc`kp#Elki`k`feXe[D\Xjc\jMXZZèXk`fe:fm$
\iX^\Jlim\p#9fjjXjf#JfdXc`X#Efm\dY\i)''.#;\Z\dY\i)''.%
'.¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
K_\j`klXk`feè9fjjXjf`jnfij\]fik_\<k_`fg`Xej%K_\dXafi`kp[f
efk_Xm\i\cXk`m\jfi]i`\e[jkfjkXpn`k_Xe[Xi\_`^_cpmlce\iXYc\kf
\ogcf`kXk`feXe[XYlj\Ypk_\jdl^^c\ij%K_\ìc`mè^Zfe[`k`fejXi\
_Xij_#n`k_dXepf]k_\djkXpè^èk_\gfikXi\X#jc\\gè^fe
ZXi[YfXi[fek_\ifZbpjf`cèXefg\eZfdgfle[%CXkiè\jXe[
nXj_è^]XZ`c`k`\jXi\cXZbè^%
=ifd=\YilXipfe#j\m\iXcèk\im`\n\\jkfc[DJ=k_Xkk_\j`klXk`fe
nXj^\kkè^nfij\è9fjjXjf#Yfk_\Zfefd`ZXccpXe[èk\idjf]
èZi\Xjè^èj\Zli`kp%8,'$p\Xi$fc[JfdXc`dXe]ifd8]^fp\n_f
_X[c\]k_`jn`]\Xe[j\m\eZ_`c[i\ek_\i\Y\ZXlj\k_\p[`[efk_Xm\
\efl^_dfe\p]fiXccf]k_\dkfZfd\\ogcXè\[#È@e9fjjXjf@nXj
nfibè^j\ccè^m\^\kXYc\jèk_\dXib\k%8îflgf]Ôm\d\eZXd\
Xe[kffbXcck_\dfe\p@_X[%K_\p_Xm\^lejXe[be`m\j%@Zflc[efk
[fXepk_è^#Y\ZXlj\`]@kXcb#k_\pn`ccb`ccd\%8]k\ik_Xk@[\Z`[\[kf
hl`kJfdXc`X%É),&')&'/
K_\j`klXk`fenXj^\kkè^dfi\[`]ÔZlck#\jg\Z`Xccp]fi<k_`fg`Xej$
\oZcl[è^F^X[\e`jn_fXi\\k_e`ZJfdXc`j%J\m\iXcf]k_\k_\d
d\ek`fe\[k_\èZi\Xjè^Xe`dfj`kpkfnXi[jk_\d[l\kfk_\
gi\j\eZ\f]<k_`fg`XekiffgjèJfdXc`X%Fe=\YilXip,#)''/XYfdY
\ogcf[\[èk_\gfikXi\X#b`ccè^))<k_`fg`XejXe[nfle[è^.+#
dXepf]k_\dj\m\i\cp%J\m\iXcf]k_\èk\im`\n\\jjgfb\f]
<k_`fg`Xej]\\cè^èj\Zli\X]k\ik_\YfdYXkkXZb%
N\Xjj`jk\[j\m\iXc<k_`fg`XejXkk_\8I:n_f_X[Y\\eèali\[Yp
k_\YfdY\ogcfj`feè9fjjXjf#èZcl[è^X)'$p\Xifc[8d_XiXdXe
]ifdNfccf%?\kfc[lj1
¹L]Zc>lVh^c7dhhVhd!dcXZ>lZcilî]bn[g^ZcYh
id]VkZY^ccZg!îlVhVgdjcY-/%%eb#LZlZciidV
gZhiVjgVcicZVgi]Zedgi!lZlZgZVaaZVi^c\i]Z
Y^ccZg#>Äc^h]ZYbnY^ccZg#>lVhi]ZÄghidcZl]d
Äc^h]ZYVcY>lZcidji!hjYYZcan!>]ZVgYVc
Zmeadh^dcd[VWdbW!>hVlbVcnd[bn[g^ZcYhl]d
Y^ZY^c[gdcid[bZ!i]ZgZlVhVadid[WaddY!>lVh
Vahd^c_jgZYdcbn]VcYVcYi]Vii^bZ!>Y^Ycdi
`cdlVcni]^c\!>[djcYbnhZa[^ci]Z]dheîVal]ZgZ
>lVhigZViZY#>hiVnZY'%YVnh^ci]Z]dheîVa!V[iZg
i]Vi>YZX^YZYidfjî7dhhVhd#º
&%$%($%-
9\]fi\j\kkè^flkfek_\YfXkaflie\p#g\fgc\jg\e[XeXm\iX^\f]knf
[XpjXe[knfe`^_kjfek_\j_fi\e\Xik_\dflekXèjXYflk)$*
_flijnXcbè^[`jkXeZ\]ifd9fjjXjf%DXepi\gfik\[k_Xk]ff[nXj
gif_`Y`k`m\cp\og\ej`m\k_\i\%8]\njkXk\[k_Xkk_\p_X[kfnX`k
cfe^\ie\Xik_\j_fi\]fik_\YfXkkfÔcclg%8(.$p\Xifc[nfdXen_f
nXjkiXm\ccè^n`k_]Xd`cpd\dY\ijkfc[ljk_Xk#Èn\_X[kfnX`kfe
j_fi\/[XpjXe[_X[efk_è^kf\Xk[liè^k_\j\[XpjnX`kè^]fik_\
YfXkÉ'*&')&'/ %8]\nèk\im`\n\\ji\]\ii\[kfm`fc\eZ\n_`c\
\dYXibè^#Ylkn\Zflc[efk^\kdfi\è]fidXk`fe%8)0$p\Xifc[
8d_XiX]ifdNfccfkfc[DJ=#È>led\ejkfc\flidfe\pn_`c\n\
n\i\nX`kè^]fik_\YfXk%É',&'(&'/
K_\]XZkk_Xkg\fgc\jk`ccdXb\k_\g\i`cfljaflie\p]ifd9fjjXjf#
efkn`k_jkXe[è^[`jjlXj`m\ZXdgX`êjYp@ek\ieXk`feXcFi^Xe`qXk`fe
(%¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
]fiD`îXk`fe@FD Xe[LE?:Igfèkè^kfk_\[Xe^\ijf]k_\ki`g#
`ccljkiXk\jk_\[\jg\iXk\j`klXk`fef]k_\[`jgcXZ\[%K_\p]\\ck_\p
_Xm\effk_\ifgk`fek_Xekfi`jbk_\ìc`m\jfek_\g\i`cfljmfpX^\%
8jX)'$p\Xifc[dXe]ifdDf^X[`j_lkfc[lj#È@d\kXcfkf]g\fgc\
è9fjjXjfnX`kè^kf^fkfP\d\e%K_\p[feËknXekkf^fYXZb
kfDf^X[`j_l%K_\pgi\]\ikf[`\Xkj\Xkf^fè^YXZbkfk_\nXi%É
()&()&'.
+ EaVch[dgi]Z[jijgZ
8jb\[XYflkk_\ìgcXej#dXepe\nXii`mXcjXejn\i\[#Èkfc`m\èX
jX]\gcXZ\Xe[Ôe[XafY%ÉK_\dXafi`kpf]k_\JfdXc`jjX`[k_Xkk_\p
nXek\[kfjkXpèP\d\eXe[nfib#n_`c\dfjkf]k_\<k_`fg`XejjX`[
k_\pnXekkf^fkfJXl[`8iXY`XXe[Ôe[XafY%8jdXcc\ieldY\if]
JfdXc`jXcjf\ogi\jj\[Xeèk\i\jkè^fè^kfnfibèJXl[`8iXY`X%
J\m\iXcf]k_fj\n\èk\im`\n\[_X[i\cXk`m\jèP\d\e#Xe[X]\nf]
k_\dèJXl[`8iXY`X#Xe[jX`[k_\pnXek\[kfafèk_\d%8]\npfle^
JfdXc`jjX`[k_Xkk_\p_X[Zfd\kfjkl[p#jèZ\`knXjm\ip_Xi[kf^\k
Xe\[lZXk`feèJfdXc`X%Jfd\pfle^<k_`fg`XejXcjfjX`[k_\pc\]kkf
^\kXe\[lZXk`fe%
@knXjjligi`jè^kfefk\k_XkXjlYjkXek`XceldY\if]k_\e\n
Xii`mXcj#dfjkf]k_\d<k_`fg`Xej#kfc[ljk_Xkk_\p_X[Zfd\kf
P\d\egi\m`fljcp%8hlXik\if]k_\i\jgfe[\ekj[liè^k_\g\i`f[
]ifdAXelXipkf8gi`c)''/kfc[ljk_Xkk_`jnXjefkk_\ìÔijkk`d\%
K_\dXafi`kp_X[^fe\feZ\Y\]fi\Xe[_X[Y\\e[\gfik\[]ifdJXl[`
8iXY`X%8]\nf]k_\djX`[k_Xkk_\p_X[kiXm\cc\[k_`jnXpj\m\iXc
k`d\j%N_`c\dfjkf]k_\<k_`fg`Xejn_fi\jgfe[\[kfk_`jhl\jk`fe
kfc[ljk_Xkk_\pn\i\[\gfik\[]ifdJXl[`8iXY`X#X)'$p\Xi$fc[
8d_XiX]ifdNfccf#èali\[Ypk_\=\YilXip)''/9fjjXjfYfdY
YcXjk#[\jZi`Y\[_fn_\nXjXii\jk\[èP\d\eXe[[\gfik\[#jXpè^1
¹I]^h^hi]Zi]^gYi^bZ>XVbZ#I]ZÄghii^bZ!>ig^ZYid
\didHVjY^6gVW^V!Wjii]ZnVggZhiZYbZVcY>lVh
YZedgiZYid:i]^de^V#I]ZhZXdcYi^bZ!l]Zc>
Vgg^kZY^cNZbZc!i]ZXdVhi\jVgYhVggZhiZYbZVcY
hZciidbZidHVcV¼Vl]ZgZ>lVh^ci]Z_Vâ[dg'%
YVnh!V[iZgi]Vi>lVhYZedgiZYid:i]^de^V#º
&%$($%-
K_\DJ=k\Xdgifm`[\[Zflej\ccè^kf_`dY\ZXlj\_\nXj
ZfeZ\ie\[XYflk_`jèalipXe[X]iX`[f]Y\è^Xii\jk\[X^Xè%K_\
]XZkk_Xk_\#c`b\jfd\fk_\ij#kffbk_\g\i`cfljaflie\pX^Xè#Xkî\Xk
i`jbkf_`jc`]\#`ccljkiXk\jk_\ì[\jg\iXk\j`klXk`fe%
(&¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
>K & BZY^XVa^beVXi
BZY^XVaVcY DJ=_Xj]fZlj\[fek_\gifm`j`fef]ÔijkX`[Xe[d\[`ZXc
Xjj`jkXeZ\#X[[i\jjè^Zfe[`k`feji\jlckè^]ifdk_\YfXkaflie\p#Xj
]jbVcîVg^Vc n\ccXjX`cd\ekjk_XkXifj\[liè^k_\gXk`\ekjkiXm\ckf9fjjXjfXe[
k_\ìjkXpk_\i\%
XdchZfjZcXZh JèZ\k_\jkXikf]k_\d\[`ZXcXZk`m`k`\jXkk_\Xii`mXcj`k\j#DJ=
le[\ikffb0-)ZfejlckXk`fej%=ifd0DXiZ_)''/#n_\ek_\8I:nXj
fg\e\[lek`c*'8gi`c)''/#..)d\[`ZXcZfejlckXk`fejn\i\
g\i]fid\[%K_\kfkXceldY\if]ZfejlckXk`fejèZcl[\jZfejlckXk`fej
]fi(+Z_`c[i\ele[\iÔm\p\Xijf]X^\Xe[]fi(/gi\êXeknfd\e%
K_\i\Xjfej]fik_\ZfdgXiXk`m\cp_`^_\ieldY\if]ZfejlckXk`fejXk
BV^ceVi]dad\^ZhVbdc\i]ZcZl 8I:`j[l\kfk_\]XZkk_Xkg\fgc\jkXp]fiknffik_i\\[XpjXkk_\
Vgg^kVah^cBH;hegd_ZXi! 8I:Xe[k_lj_Xm\k_\fggfikle`kpkfXZZ\jjk_\_\Xck_j\im`Z\j%
HZeiZbWZg'%%,id6egâ'%%-
HdjgXZ/BH;HeV^cYViV# K_\gifÔc\f]ZfejlckXk`fej#_XjY\\ek_\jXd\èYfk_k_\Xii`mXcj`k\
Xe[Xk8I:#n`k_X[[`k`feXc[`Xêfj\j`[\ek`Ô\[Xk8I:%
)Di]Zg
;liè^k_\g\i`f[Zfm\i\[#k_\^\e\iXcki\e[f]dfiY`[`kpnXj1
'H`^cY^hZVhZ ^\e\iXcYf[pgXè>9G **#_\X[XZ_\(/#m`fc\ekkiXldX(+#Xe[
'9^Vgg]dZV XZZ`[\ekXckiXldX/%8cck_\j\Zfe[`k`fejXi\i\cXk\[kfk_\\oki\d\
(6cZb^VXa^c^XVa _Xi[j_`ggXk`\ekjjl]]\i\[[liè^k_\ìaflie\pj`kkè^èXm\ip
(<Vhigd^ciZhi^cVaYZhdgYZg Zifn[\[#leZfd]fikXYc\gfj`k`fe]fiknf[Xpjficfe^\i#\ogfjli\kf
)Jg^cVgîgVXi^c[ZXi^dc k_\jlen`k_flk\efl^_nXk\iXe[]ff[#Y\Xkè^jXe[fk_\i]fidjf]
)9Z]nYgVi^dc m`fc\eZ\Xjn\ccXjk_\leZ\ikXèkpf]n_XknXj^fè^kf_Xgg\e
*JeeZgGI>
((
<ZcZgVaWdYneV^c
[liè^fiX]k\ik_\aflie\p %Fk_\iZfdgcXèkj#jlZ_Xj[\_p[iXk`fe#
lièXipkiXZkè]\Zk`fej#[`Xii_f\X#jbè[`j\Xj\j#fiXZZ`[\ekXc
kiXldXXi\i\cXk\[kfZfe[`k`fej[liè^k_\ki`gXjn\ccXjgifYc\dj
\eZflek\i\[Xk[`j\dYXibXk`feèali`\jjljkXè\[n_\eY\è^]fiZ\[
-
6XX^YZciVa
kfaldg]ifdk_\YfXkXe[fek_\ifZbjf]]j_fi\ %

M`fc\ekkiXldX#i\gi\j\ekè^(+f]k_\[`Xêfj\j#nXjèÕ`Zk\[fe
gXjj\e^\ij[liè^k_\ki`gèk_\]fidf]Y\Xkè^jkfb\\gk_\d]ifd
&) &-
$IgVjbV
dfmè^Xe[&fi]fiZ\k_\dkfaldg]ifdk_\YfXkn_\eXii`mèê\Xi
k_\j_fi\%@dgc\d\ekjlj\[èZcl[\Y\ckj#jk`Zbj#i`Õ\YlkjXe[be`m\j%
K^daZcXZ =ZVY]VX]Z =lik_\idfi\#b`Zbè^kfk_\Z_\jknXjX]i\hl\ekZfdgcXèk]ifd
$IgVjbV gXk`\ekj%@eknfc`]\$jXmè^ZXj\jk_\DJ=k\XdXggc`\[
ZXi[`fglcdfeXipi\Xe`dXk`fei\hlì\[èi\jgfej\kfm`fc\ekkiXldX%
K_\[`Xii_f\Xd`^_kY\i\cXk\[Xjn\cckfgi\$\o`jkè^Zfe[`k`fejè
k_\Zfleki`\jf]fi`^èf]k_\e\nXii`mXcj#JfdXc`XXe[<k_`fg`X#
n_\i\k_\gifYc\df]nXk\iXmX`cXY`c`kpXe[hlXc`kp]i\hl\ekcpZXlj\j
XZlk\nXk\ip[`Xii_f\XflkYi\XbjXe[jfd\k`d\j\m\eZ_fc\iX%
8eX\d`XXe[n\Xbe\jjdXpXcjfY\i\cXk\[kfk_\gffièkXb\f]ìfe
èk_\i\^lcXi[`\kXjn\ccXjk_\cfe^ki`gk_Xkjfd\_Xm\\e[li\[kf
i\XZ_k_\gfikf]9fjjXjf%
K_\èZi\Xj\èk_\[`Xêfj`jf]j\olXccpkiXejd`kk\[@e]\Zk`fej()
ZXj\jY\kn\\eDXiZ_Xe[8gi`c)''/ Zflc[Y\Xeè[`ZXkfif]
jljg\Zk\[ZXj\jf]j\olXcXe[^\e[\i$YXj\[m`fc\eZ\J>9M #
Xck_fl^_efe\n\i\i\gfik\[kfk_\Zcè`Z%
Knfi\]\iiXcjn\i\dX[\kf8c>fd_fi`Xk\XZ_è^_fjg`kXcè8[\e#
]fi]lik_\ièm\jk`^Xk`feXe[dfi\Zi`k`ZXcZXi\Z\i\YiXcf\[\dX[l\
kfY\Xkè^Xe[X^Xjkifèk\jkèXc_X\dfii_X^\[l\kfXjki\jj$i\cXk\[
BH;
[lf[\eXclcZ\i 8]k\i`dgifm\d\ek#k_\gXk`\ekjn\i\kXb\ekf
6\gdjed[gZ[j\ZZhigZViZY[dgVXjiZlViZgn B_XiXqZXdg%
Y^Vgg]dZV^c6]lVg!BVn'%%-
8j]fiZfddle`ZXYc\[`j\Xj\j#k_\i\_XjY\\efecpfe\ZfeÔid\[
ZXj\f]Z_fc\iXXdfe^k_\e\nXii`mXcj[liè^k_\k`d\Zfm\i\[Yp
('¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
k_`ji\gfik%?fn\m\i#DJ=_XjY\\edfe`kfiè^k_\dfiY`[`kpgifÔc\
f]k_\gcXZ\jf]fi`^èXe[`jgi\gXi\[kfèk\im\e\kfZfekXè
gfk\ek`XcflkYi\Xbjf]Z_fc\iX#dXcXi`X#d\Xjc\jfid\eè^`k`j%

' EhnX]dad\^XVaXdchZfjZcXZh
JèZ\k_\fg\eè^f]k_\gifa\ZkèJ\gk\dY\i)''.#DJ=_Xj
le[\ikXb\egjpZ_fjfZ`XcXZk`m`k`\j]fie\nXii`mXcjgifm`[è^
è[`m`[lXcXe[&fiîflgZflej\cè^j\jj`fej%GjpZ_fcf^`ZXcZXi\`j
gifm`[\[Xkk_\cXe[è^j`k\Xe[èk_\8_nXiI\Z\gk`fe:\eki\%
Dfjkf]DJ=ËjY\e\ÔZ`Xi`\jèk_\8_nXigifa\Zk_Xm\\og\i`\eZ\[
kiXldXk`Z\m\ekjèk_\gXjk#Yfk_Xkk_\ìgcXZ\f]fi`^èXe[[liè^
k_\aflie\p%K_fj\Xii`mè^f]k\egi\j\ekn`k_Xj\i`\jf]jpdgkfdj#
kpg`ZXcèk_\c`^_kf]k_\ì\og\i`\eZ\j%K_\i\jlckè^df[`ÔZXk`fejkf
k_\ìgjpZ_fcf^`ZXc\hl`c`Yi`ldX]]\Zkk_\ìg_pj`ZXc_\Xck_Xjn\ccXj
k_\ì]Xd`cpXe[jfZ`Xcc`m\j%
K_\Zfej\hl\eZ\jf]gXjkXe[gi\j\ek[`jki\jj]XZkfijXi\fYj\im\[[X`cp
Ypk_\d\[`ZXcXe[gjpZ_fjfZ`Xck\Xdjnfibè^èk_\8_nXiI\Z\gk`fe
:\eki\%K_\dfjk]i\hl\ekgjpZ_fjfZ`XcgifYc\dj\eZflek\i\[Xdfe^jk
k_\DJ=Y\e\ÔZ`Xi`\jXi\\ogcXè\[Y\ccfn%
'#& IgVjbVi^X\g^Z[
=i\hl\ekcp#DJ=k\Xdjgifm`[\Zflej\cè^kfg\fgc\_Xmè^
n`ke\jj\[k_\[\Xk_f]Xj`ê`ÔZXekg\ijfeèk_\d`[jkf]_fii`ÔZ#
c`]\$k_i\Xk\eè^ZìZldjkXeZ\jXkk_\gcXZ\f]fi`^èXe[&fi[liè^
k_\aflie\p%K_`jcfjjf]cfm\[fe\jle[\ikiXldXk`ZZìZldjkXeZ\j`j
[\mXjkXkè^Xe[fm\ik`d\î\XkcpZfdgc`ZXk\jk_\î`\mè^gifZ\jj%
;\gi\jj`m\jpdgkfdjf]k\efZZlièZfealeZk`fen`k_k_`j
Zfdgc`ZXk\[î`\mè^gifZ\jjXe[èZcl[\]\\cè^jf]jX[e\jj#
_fg\c\jje\jj#jc\\ggifYc\dj[`]ÔZlckpè]Xccè^Xjc\\gXe[
gi\dXkli\XnXb\eè^ #\Xkè^gifYc\djcXZbf]Xgg\k`k\#n\`^_kcfjj #
Xe[gif]fle[]\\cè^jf]lj\c\jje\jjXe[^l`ck%K_\j\\oki\d\#
e\^Xk`m\\dfk`fejY\Zfd\m\ipgXè]lc#[`]ÔZlckXe[Z_Xcc\e^è^#
\jg\Z`Xccp]fiXccZ_`c[i\eXe[X[fc\jZ\ekjn_fle[\in\ekk_\fi[\Xcj
f]k_\aflie\p%
'#' IgVjbVi^XhigZhh
DJ=k\Xdj_Xm\kf[\XcfeX[X`cpYXj`jn`k_XZlk\jki\jji\XZk`fej
ZXlj\[Ypk_\m`fc\ek\m\ekjk_Xkc\[kf[`jgcXZ\d\ekXe[fk_\i\m\ekj
k_XkkffbgcXZ\[liè^k_\aflie\p%KiXldXk`Zjki\jj`jZXlj\[Yp
Zfe]ifekXk`fen`k__\cgc\jje\jjXe[[\Xk_#Xe[XZfdgc\k\cfjjf]Zfekifc%
Jki\jji\XZk`fejXi\\ogi\jj\[è[`]]\i\eknXpj%Jfd\gXk`\ekj
\ogi\jjk_\ì\dfk`fejYpZipè^#jZi\Xdè^figXe`Zbè^%Fk_\ij
jkXphl`\k#j\\d[\kXZ_\[Xe[[fefkj_fnXep\dfk`feXci\XZk`fej%
K_\pdXp_Xm\[`]ÔZlck`\jfiXi\leXYc\kfi\d\dY\iXe`dgfikXek
Xjg\Zkf]k_\kiXldXk`Z\m\ek%Fk_\ijXmf`[Xepjk`dlclj1k_fl^_kj#
]\\cè^j#XZk`m`k`\j#gcXZ\jXe[g\fgc\k_Xki\ZXcck_\kiXldXk`Z\m\ek%
?fn\m\i#èkilj`m\d\dfi`\jZfekèl\kfZXlj\k_\jlim`mfiX^fep%
Jfd\gXk`\ekjdXp[\dfejkiXk\XjkXk\f]_pg\im`^`cXeZ\#[`jkliY\[
jc\\g#_Xm\[`]ÔZlck`\jèZfeZ\ekiXkè^Xe[Xi\\Xj`cpjkXikc\[%
DXepgXk`\ekjgi\j\ekkfk_\DJ=d\[`ZXck\Xdn`k_gjpZ_fjfdXk`Z
gifYc\dj#XjgXk`\ekjkiXejcXk\k_\ìjl]]\iè^#[`jki\jjfijX[e\jjèkf
((¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
g_pj`ZXcj`êjXe[[\m\cfgjpdgkfdjjlZ_Xj^\e\iXcYf[pgXè#
_\X[XZ_\#]\\cè^f]jl]]fZXk`fe#mfd`kè^%K_\\ogi\jj`fef]k_fj\
i\XZk`fej`ji\^Xi[\[XjefidXc^`m\ek_\j`klXk`fejk_\è[`m`[lXc_Xj
_X[kfZfe]ifek#\m\e`]k_\pdXpj\\dÊèXggifgi`Xk\ËfiÊXYefidXcË#
Ylkk_`j[f\jefkd\Xek_\pXi\\Xjp]fik_\i\]l^\\jXe[d`îXekjkf
Zfg\n`k_%
=fijfd\fe\n_f_Xj\og\i`\eZ\[kiXldX#c`]\j\\djkf_Xm\cfjk`kj
d\Xeè^Xe[gi\[`ZkXY`c`kp%Lgiffkè^#k_\\og\i`\eZ\f]Y\è^]fiZ\[
kfc\Xm\fe\Ëj]Xd`c`Xijliifle[è^j#Xe[_Xmè^kfj\kkc\èXe\nXe[
le]Xd`c`Xi\emìfed\ek#Xi\Zfddfe]\Xkli\jXdfe^k_\e\n
Xii`mXcj%K_\p[`[efk_Xm\k`d\kfXYjfiYk_\j_fZbk_Xkk_\p_Xm\kf
]XZ\Xe\nj`klXk`fe1k_\pn`cc_Xm\kfZfekèl\kfc`m\èXgi\ZXi`flj
jkXk\èk_\i\]l^\\ZXdgfi\cj\n_\i\#ègfm\ikp#Xe[#]fiefe$
JfdXc`j#`cc\^Xc`kp #c\X[è^kf\oki\d\leZ\ikXèkpXe[Xe^l`j_è
]XZè^k_\]lkli\%
K & 8dcXajh^dch
8dcXajh^dch K_`ji\gfik_Xj[fZld\ek\[k_\jZfg\Xe[èk\ej`kpf]k_\XYlj\j
jl]]\i\[Ypk_\i\]l^\\j#Xjpcldj\\b\ijXe[d`îXekjZifjjè^k_\
VcYgZXdbbZc" >lc]f]8[\e%=c\\è^m`fc\eZ\#ZfeÕ`ZkXe[\oki\d\\Zfefd`Z
_Xi[j_`g#k_\p\dYXibfeX[Xe^\ifljaflie\p%DXepcffj\k_\ìc`m\j%
YVi^dch N`k_k_\èk\ej`]pè^ZfeÕ`ZkXe[nfij\eè^_ldXe`kXi`Xej`klXk`fe
èJfdXc`XXe[[ifl^_kègXikjf]<k_`fg`XXjn\ccXjk_\ZfeÕ`Zkè
k_\F^X[\ei\^`fe#k_\eldY\if]g\fgc\kXbè^k_\g\i`cfljaflie\p
n`ccZfekèl\kfèZi\Xj\%
I\]l^\\jXe[d`îXekj#èm`\nf]XcXZbf]Xck\ieXk`m\j#_Xm\kflj\
k_\j\im`Z\jf]jdl^^c\ijkfZifjjk_\>lc]f]8[\e%K_\YilkXc
jdl^^c\ijkXb\X[mXekX^\f]k_\\oki\d\mlce\iXY`c`kpf]k_\ì
gXjj\e^\ij%JèZ\k_\Y\^èeè^f]k_\gifa\ZkèJ\gk\dY\i)''.#
DJ=_Xjn`ke\jj\[k_\d\[`ZXcXe[_ldXe`kXi`XeZfej\hl\eZ\jf]
k_\XYlj\jYpk_\jdl^^c\ijXe[gifm`[\[Xjj`jkXeZ\kfk_fj\n_f
jlim`m\k_\mfpX^\%G\fgc\Xii`m\\o_Xljk\[#dXepf]k_\d`ccXe[
\dfk`feXccpj_Xkk\i\[%DJ=k\Xdj_Xm\ki\Xk\[gXk`\ekj]fièali`\j
]ifdj\m\i\Y\Xkè^j#[\_p[iXk`fe#i\jgìXkfipXe[fk_\igifYc\dj%
DXepgXk`\ekjgi\j\ek\[n`k_^\e\iXcYf[pgXèjfi_\X[XZ_\jÆ
g_pj`ZXcdXe`]\jkXk`fejf]k_\gjpZ_fcf^`ZXcZfej\hl\eZ\j%DXep
jlim`mfij_Xm\efkfecpY\\ek_ifl^_kiXldXk`Z\m\ekjk_\dj\cm\j
Ylkk_\p_Xm\n`ke\jj\[b`ccè^jfek_\YfXkficfjkcfm\[fe\j]ifd
m`fc\eZ\fi[ifneè^%
K_\dXafi`kpf]k_fj\Zifjjè^n\i\XnXi\f]k_\gfk\ek`Xci`jbj#Ylk
kfc[DJ=k_Xkk_\p_X[efZ_f`Z\%=fik_\dkXbè^k_\[Xe^\ifljki`g
[f\jefkZfejk`klk\Xefgk`feXdfe^j\m\iXc#Ylkk_\ìfecpjlim`mXc
jkiXk\^pkf\jZXg\m`fc\eZ\#èj\Zli`kpXe[[\jk`klk`fe%K_lj#k_\
Zfddfeg\iZ\gk`fef]d`îXk`feY\è^gi`dXi`cpZXlj\[Yp\Zfefd`Z
_Xi[j_`g[f\jefkZfii\jgfe[kfk_\_Xij_i\Xc`k`\jn`ke\jj\[fm\i
Xe[X^Xèèk_\èk\im`\nj[fe\Ypk_\DJ=k\Xdj%
@dgfj`k`fef]jki`Zk\iYfi[\iZfekifcjZXeefkY\k_\Xejn\ikfXe
èZi\Xj\èk_\eldY\if]g\fgc\Õ\\è^%<og\i`\eZ\]ifdfk_\i
i\^`fejÇk_\D\[`k\iiXe\Xe#]fièjkXeZ\Ç_Xjj_fnek_Xki\jki`Zk`m\
gfc`Z`\j_Xm\Zfeki`Ylk\[kfk_\i`j\èjdl^^cè^f]d`îXekj#
kfj_`]kjèiflk\j\ekX`cè^cfe^\iXe[dfi\[Xe^\ifljaflie\pjXe[
()¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
XeèZi\Xj\èXYlj\j%)*I\]l^\\jXe[d`îXekje\\[kfY\gifm`[\[
n`k_Xck\ieXk`m\jkfglkkè^k_\dj\cm\jèk_\_Xe[jf]YilkXc
jdl^^c\ij%K_\D`îXk`feGfc`Zp=iXd\nfib]fi8]i`ZXX[fgk\[Yp
k_\8]i`ZXeLe`feèAle\)''-gifgfj\jèk\iXc`XÈ[\m\cfgè^Xe[
jlggfikè^c\^XcXm\el\j]fi\Zfefd`Zd`îXekjkfj\\b\dgcfpd\ek%É
K_\Gfc`Zp=iXd\nfibXcjfi\Zfdd\e[jkfÈgifj\Zlk\jdl^^c\ijXe[
fk_\ijèmfcm\[èjlZ_Rjdl^^cè^TXZk`m`k`\j#n_`c\¿gifm`[è^
_ldXe\ki\Xkd\ek]fid`îXekj%É)+
@e]fidXk`feZXdgX`êjXYflkk_\[Xe^\ijf]k_\aflie\p),j_flc[efk
Y\lj\[Xj[\k\ii\ekjkiXk\^`\jèk\e[\[kf[`jjlX[\g\fgc\]ifd
\o\iZ`jè^k_\ì]le[Xd\ekXci`^_kjkf]i\\[fdf]dfm\d\ek#kf]i\\cp
c\Xm\k_\ìfneZfleki`\j#Xe[kfj\\bXe[\eafpXjpcld%)-
N_`c\P\d\e_XjkiX[`k`feXccpY\\en\cZfdè^kfe\nXii`mXcj#
\jg\Z`XccpJfdXc`j#k_\_`^_èÕlof]i\]l^\\jXe[d`îXekjgfj\jX
dXafiZ_Xcc\e^\]fik_\Zflekip%8jnXji\Zfê`q\[XkXI\^`feXc
:fe]\i\eZ\feI\]l^\\Gifk\Zk`feXe[@ek\ieXk`feXcD`îXk`feèk_\
>lc]f]8[\eèJXeXËX(0kf)'DXp)''/ dfi\èk\ieXk`feXc
Xjj`jkXeZ\`jli^\ekcpe\\[\[%@knXjefk\[k_Xkd\Xjli\jkfgifk\Zk
k_\i`^_kjXe[n\c]Xi\j_flc[èZcl[\Xcce\nXii`mXcji\^Xi[c\jjf]
k_\ì\k_e`Z`kpXe[jkXklj%
Jf]Xi#k_\_ldXe`kXi`Xei\jgfej\kfk_fj\Xii`mè^Xkk_\j_fi\Xj
n\ccXjkfk_\i\]l^\\jXe[d`îXekjXci\X[pèP\d\e_XjY\\e]Xi
]ifdX[\hlXk\%K_\i\jgfej\ZXgXZ`kpf]k_\XZkfijZlii\ekcpgi\j\ek
Xkk_\ZfXjke\\[jkfY\jki\e^k_\e\[%8kk_\jXd\k`d\#Xjk_\i\Xi\
]\nXZkfijfek_\îfle[#dfi\fi^Xe`qXk`fejj_flc[èk\im\e\kf
X[[i\jjk_\`dgXZkf]k_`j_ldXe`kXi`XeZi`j`j%
)* @:DG;#g%**2>iXek#g%,%
)+ K_\D`îXk`feGfc`Zp=iXd\nfib]fi8]i`ZX#X[fgk\[Ypk_\<o\Zlk`m\:fleZ`cf]k_\
8]i`ZXeLe`fe#),$)0Ale\)''-#;fZ%<O%:C&).-@O %
), JlZ_ZXdgX`êjXi\Zlii\ekcpZXii`\[flkYp@FDXe[LE?:IèJfdXc`XXe[<k_`f$
g`X#j\\Dò\[D`îXk`feKXjb=fiZ\i\gfik#g%(/2Xe[('GfèkGcXef]8Zk`fe]fi<k_`fg`X%
)- ?ldXeI`^_kjNXkZ_#@ek\ieXk`feXc:Xk_fc`ZD`îXk`fe:fdd`kk\\#Nfic[:fleZ`cf]
:_liZ_\j\kXc%E>F9XZbîfle[GXg\ifek_\I\]l^\\Xe[D`îXk`fe@ek\i]XZ\gi\j\ek\[kf
k_\LE?:I>cfYXc:fejlckXk`fejfe@ek\ieXk`feXcGifk\Zk`fe#>\e\mX#Ale\)''(#g%(*%
(*¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
' GZXdbbZcYVi^dch
Kfk_\>fm\ied\ekf]P\d\e
KfgcXpXjkife^\iifc\i\^Xi[è^`kji\jgfej`Y`c`k`\j]fik_\gifk\Zk`fe
f]Xe[_ldXe`kXi`XeXjj`jkXeZ\]fii\]l^\\j#Xjpcldj\\b\ijXe[
d`îXekjYp1
jki\e^k_\eè^k_\ZXgXZ`kpf]cfZXcXe[eXk`feXcXlk_fi`k`\jkf
i\jgfe[kfk_\e\\[jf]e\nXii`mXcj2
Xccfnèêfe$JfdXc`jXZZ\jjkfXjpcldgifZ\[li\j2
\ejliè^k_XkJ\Zli`kp=fiZ\jXi\XnXi\f]Xe[i\jg\Zkk_\i`^_kjf]
e\nXii`mXcj%
KfLE?:I
KfXjjld\Xdfi\gif$XZk`m\Xe[jkife^\iifc\XZZfi[è^kf`kj
Xjj`jkXeZ\Xe[gifk\Zk`fedXe[Xk\Yp1
èZi\Xjèî\jgfej\ZXgXZ`kpfek_\ZfXjkf]P\d\ekfèk\im\e\
hl`Zbcpkfgifm`[\ÔijkXjj`jkXeZ\Xe[gifk\Zk`fekfk_\e\nXii`mXcj2
`dgifmè^gifk\Zk`feXe[Xjj`jkXeZ\]fii\]l^\\jXe[d`îXekjèk_\
I\Z\gk`fe:\eki\jXe[k_\I\]l^\\:Xdg%
Jg\Z`ÔZi\Zfdd\e[Xk`fej]fik_\8_nXiI\Z\gk`fe:\eki\èZcl[\1
Ç\ejliè^k`d\cpi\^`jkiXk`fef]e\nXii`mXcj2
Çgifm`[èê\nXii`mXcjn`k_è]fidXk`feèk_\ìi\jg\Zk`m\
cXe^lX^\jXYflkk_\fgk`fejXmX`cXYc\kfk_\d2
Ç`dgifmè^k_\Zfe[`k`fejf]j_\ck\i2
Çgifm`[è^jl]ÔZ`\ekXe[ZlckliXccpXggifgi`Xk\]ff[iXk`fej2
Çgifm`[è^k`d\cpXe[Xggifgi`Xk\kiXejgfikXk`fe%

Kf[fefiXe[fk_\i>fm\ied\ekj

Kfi\Zfê`q\k_\Zfej\hl\eZ\jf]k_\[Xe^\ifljaflie\pfek_fj\
Zifjjè^k_\>lc]f]8[\eXe[kfkXb\d\Xjli\jkfX[[i\jjXe[gi\m\ek
k_\ìjl]]\iè^%
Kfgifm`[\X[[`k`feXcjlggfik]fik_\>fm\ied\ekf]P\d\e#LE?:I
Xe[efe$^fm\ied\ekXcfi^Xe`qXk`fejkfXccfnk_\dkfi\jgfe[
X[\hlXk\cpkfk_\e\\[jf]i\]l^\\j#Xjpcldj\\b\ijXe[d`îXekj
Xii`mè^èP\d\e%
(+¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
6ccZm> EVhi^ciZgkZci^dch
BH;^cNZbZc DJ=Xii`m\[èP\d\e[liè^(0/-Xe[nfib\[kf`dgifm\
`ddle`jXk`feZfm\iX^\[`g_k_\i`X#k\kXelj#gfc`f#g\iklj`j#
klY\iZlcfj`j#d\Xjc\j èXccjflk_\ie^fm\iefiXk\j%8]k\ile`ÔZXk`fe#
DJ=i\jgfe[\[kfXi\hl\jkYpk_\_\Xck_Xlk_fi`k`\jXe[
`dgc\d\ek\[XÔm\$p\XiGi`dXip?\Xck_:Xi\gifa\Zkè;_`Jl]Xc
@YY>fm\iefiXk\ %=ifd(00)$0+DJ=gifm`[\[d\[`ZXcXjj`jkXeZ\è
k_\i\]l^\\ZXdgÔijkèJ_XËXYè8[\e#Xe[k_\eè8cBf[è
8Y`pXe>fm\iefiXk\ %@eX[[`k`fe#DJ=èk\im\e\[èj\m\iXc
\d\i^\eZ`\jZ_fc\iXè0'#Ycff[p[`Xii_f\Xè0*#Z`m`cnXiè0+#
Õff[jè0-Xe[dXcXi`Xè0/ %
=ifd(00/$)'')DJ=ZXii`\[flkknfgifa\Zkjn`k_k_\fYa\Zk`m\kf
`dgifm\XZZ\jjf]k_\gffi\jkj\Zkfijf]k_\gfglcXk`fe#gXik`ZlcXicp
nfd\eXe[Z_`c[i\e#kf_\Xck_ZXi\èk_\dflekXèflj[`jki`Zkf]
?Xqd8cL[Xpeè@YY>fm\iefiXk\Xe[èk_\liYXeXi\Xf]8[\e
>fm\iefiXk\%@ek_\d\Xek`d\#DJ=Zfekèl\[kfgifm`[\k\Z_e`ZXc
jlggfikkfk_\[`jki`Zkf];_`Jl]XcXje\\[\[Xe[kfi\jgfe[kf
\d\i^\eZ`\j%
8jggZciBH;egd_ZXih
@e)''.#DJ=i\klie\[kfP\d\e#nfibè^le[\iXeXî\\d\ekn`k_
k_\Dè`jkipf]GcXeeè^Xe[@ek\ieXk`feXc:ffg\iXk`feXe[XjlY$
Xî\\d\ekn`k_k_\Dè`jkipf]?\Xck_%@eJ\gk\dY\i)''.#DJ=
\jkXYc`j_\[Xgifa\Zkfek_\jflk_\iej_fi\jf]P\d\ekfgifm`[\
d\[`ZXc#gjpZ_fcf^`ZXcXe[_ldXe`kXi`XeXjj`jkXeZ\kfe\nXii`mXcj%
8kk_\jXd\k`d\#DJ=Y\^XeXeèk\im\ek`feèk_\Efik_f]k_\
ZflekipJXX[Xi\^`fe #jlggfikè^*_fjg`kXcj%
BH;¼hegd_ZXidci]ZHdji]Zgc8dVhid[NZbZc
K_\gifa\Zk_XjknfZfdgfe\ekj1gifm`[è^d\[`ZXc#gjpZ_fjfZ`XcXe[
_ldXe`kXi`XeXjj`jkXeZ\kfi\]l^\\jXe[d`îXekjXii`mè^Xkk_\
ZfXjkè8Yp`XeXe[J_XYnX>fm\iefiXk\jXe[X[mfZXZp#[iXnè^
Xkk\ek`fekfd\[`ZXcXe[gjpZ_f$jfZ`XcZfej\hl\eZ\jf]k_\XYlj\Xe[
_Xi[j_`gk_\pjl]]\ièfi[\ikfj\\bXe`dgifm\d\ekèk_\ì
j`klXk`fe%DJ=gifm`[\jÔijkXjj`jkXeZ\kfe\nXii`mXcjfek_\ZfXjk
Xe[fg\iXk\jk_\\d\i^\eZp_\Xck_Z\eki\èk_\e\ncp\jkXYc`j_\[
I\Z\gk`fe:\eki\Xk8_nXi8I: %>`m\ek_\[\cXpjèj\kkè^lgk_\
8I:DJ=]fZljj\[k_\Ôijkjòdfek_jfeXjj`jkèê\nXii`mXcjXk
k_\ZfXjkY\kn\\eJ_lihX\Xjkf]8[\e Xe[8c<pee\Xi8c
Elj_\`dX %
DJ=Zfm\ijk_\).'$bdjki\kZ_f]k_\ZfXjkn`k_dfY`c\k\XdjXe[
_Xj\jkXYc`j_\[Xjpjk\df]]fZXcgfèkjèk_\Zfddle`k`\jXcfe^k_\
ZfXjkkfXc\ikDJ=n_\eYfXkjXii`m\%N_\ee\nXii`mXcjXi\
j`êXcc\[#k_\DJ=dfY`c\k\Xdj^fkfk_\ZfXjkkfgifm`[\\d\i^\eZp
d\[`ZXcXe[gjpZ_fjfZ`XcXjj`jkXeZ\#]ff[Xe[nXk\iXe[b`kjn`k_
efe$]ff[`k\dj%K_\b`kjèZcl[\Zcfk_è^jlZ_XjK$j_ìkjXe[jXife^j
]fid\e#[i\jj\jXe[jZXim\j]finfd\e#jdXccK$j_ìkjXe[j_fikj]fi
Z_`c[i\e#jXe[Xcj#jfXg#Xe[#]finfd\e#jXe`kXipkfn\cj%8]k\ik_\
e\nXii`mXcji\XZ_k_\8I:#k_\DJ=k\XdjZi\\ejk_\dXe[gifm`[\j
d\[`ZXcXe[Zflej\ccè^jlggfikkfk_fj\n_fe\\[`k%DJ=jkX]]Xcjf
èk\im`\njjfd\f]k_\i\]l^\\jXe[d`îXekjkfÔe[flkdfi\XYflk
k_\ìYXZbîfle[#k_\ìi\Xjfej]fic\Xmè^Xe[k_\ìaflie\p%
(,¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
=ifdk_\Y\^èeè^f]k_\gifa\ZkèJ\gk\dY\i)''.kfk_\\e[f]
8gi`c)''/#DJ=_Xjgifm`[\[Xjj`jkXeZ\kf-#'/.i\]l^\\jXe[
d`îXekjXii`mè^Xkk_\ZfXjkf]8Y`pXeXe[J_XYnX>fm\iefiXk\j%
K_\eldY\if]d\[`ZXcZfejlckXk`fejnXj(#.*+%@eDXiZ_Xe[8gi`c
)''/#n_\eDJ=jkXik\[kfle[\ikXb\jpjk\dXk`Zè[`m`[lXc
Zflej\cè^j\jj`fejXk8I:#/(g\ijfeji\Z\`m\[è[`m`[lXc
Zflej\cè^%
=ifdJ\gk\dY\i)''.kf=\YilXip)''/#DJ=Zflc[Xjj`jki\]l^\\j
Xe[d`îXekjfecpXkk_\Xii`mXcj`k\%D\[`ZXcj\im`Z\jgifm`[\[n\i\
dXècp^\e\iXcZfejlckXk`fe#[i\jjè^f]nfle[j#Xe[\d\i^\eZ`\j
[\Xcè^n`k_j\m\i\ZXj\jf][\_p[iXk`feXe[k_\Zfej\hl\eZ\jf]
j\i`fljkiXldX%N`k_k_\fg\eè^f]k_\8_nXiI\Z\gk`fe:\eki\#
j\im`Z\jn\i\\ok\e[\[kfZfdgc\k\flkgXk`\ekj\im`Z\j]fijZi\\eè^#
[`Xêfj`j#ki\Xkd\ekXe[]fccfn$lgf]è]\Zk`flj[`j\Xj\j%DJ=Xcjf
gifm`[\jXek\eXkXcZXi\]figi\êXeknfd\e%:_`c[i\ele[\iX^\Ôm\
Xi\Z_\Zb\[jpjk\dXk`ZXccpXe[^`m\emXZZèXk`feX^Xèjkd\Xjc\jXe[
k\kXelj%Nfd\eY\kn\\e(,Xe[+,Xi\mXZZèXk\[X^Xèjkk\kXelj%
DJ=gifm`[\jki\Xkd\ek]fij\olXccpkiXejd`kk\[è]\Zk`fejXe[X]lcc
ki\Xkd\ekgifîXdd\]fiJ>9Mjlim`mfij%
BV^cdeZgVi^dcVaX]VaaZc\Zh
Fe\dXafiZ_Xcc\e^\`jk_\]XZkk_XkYfXkjXii`m\fm\iXcXi^\jki\kZ_
f]ZfXjk#[\g\e[è^fen\Xk_\iZfe[`k`fejXe[gXkifccè^XZk`m`k`\j%@e
X[[`k`fe#k_\dXafi`kpf]k_\Xii`mXcjkXb\gcXZ\Xke`^_k#Xjk_\
jdl^^c\ijnXekkfXmf`[Y\è^[\k\Zk\[Ypk_\P\d\e`j\Zli`kp]fiZ\j%
Cffbè^XkgXkk\iejf]Xii`mXcjf]k_\YfXkjfm\ik_\gXjkp\Xij#DJ=
ZfeZcl[\[k_Xkk_\pkXb\gcXZ\Xk[`]]\i\ek\ekipgfèkjXcfe^X
ZfXjkcè\f]XYflk,''b`cfd\ki\j#jkXikè^<Xjkf]8[\eXe[^fè^
Y\pfe[8cDlbXccX_%DJ=j_Xi\jZfm\iX^\f]k_\\ekipgfèkjXcfe^
k_\ZfXjkn`k_J?J#LE?:IËj`dgc\d\ekè^gXike\ièfi[\ikf
\ejli\XY\kk\i_ldXe`kXi`Xei\jgfej\%
K_\c\e^k_f]k_\ZfXjkcè\Xe[k_\]XZkk_Xkjdl^^c\ijf]k\eZ_Xe^\
k_\gfèkjf]\ekipi\gi\j\ekX]fid`[XYc\Z_Xcc\e^\èfg\iXk`feXc
k\idj%DJ=ËjfYa\Zk`m\#èX[[`k`fekfgifm`[è^d\[`ZXcXe[
gjpZ_fcf^`ZXcZXi\Xk8I:#`jkfgifm`[\\d\i^\eZpd\[`ZXc#
gjpZ_fcf^`ZXcXe[_ldXe`kXi`XeXjj`jkXeZ\Xkk_\Xii`mXcgfèkjfe
k_\j_fi\n`k_èknf_flijf]Xii`mXc%Kfi\XZ_k_`jfYa\Zk`m\#DJ=
k\Xdjle[\ikffb[X`cpgXkifcjXcfe^k_\ZfXjk]ifdJ\gk\dY\ikf
;\Z\dY\i)''.%>`m\ek_\]XZkk_Xkgfèkjf]Xii`mXcmXipXcfe^k_\
ZfXjkXe[k_XkdfjkXii`mXcjkXb\gcXZ\Xke`^_k#k_\i\jlckjf]k_`j
jlim\`ccXeZ\jpjk\dn\i\fecpgXik`XccpjXk`j]XZkfip%
K_lj#DJ=\jkXYc`j_\[XeÈ\XicpnXieè^jkiXk\^pÉk_ifl^_
[\j`êXkè^]fZXcgfèkjè]flijkiXk\^`Zm`ccX^\jXcfe^k_\j_fi\%
N_\eXeXii`mXckXb\jgcXZ\#k_\DJ==fZXcG\ijfej#Xggfèk\[è
\XZ_f]k_\j\m`ccX^\j#_Xm\knfdXè[lk`\j1Ôijkkf`dd\[`Xk\cp
è]fidk_\DJ=k\Xdjè8_nXiXe[j\Zfe[kfgifm`[\`dd\[`Xk\
_ldXe`kXi`Xei\jgfej\èk_\]fidf][`jki`Ylk`fef]_ldXe`kXi`Xe
b`kj#èZcl[è^]ff[Xe[efe]ff[`k\dj%DJ=_Xjk\XdjfejkXe[Yp
)+_flijg\i[Xp]fij\m\e[Xpjg\in\\b%8]k\ii\Z\`mè^k_\
è]fidXk`feXe[ZifjjZ_\Zbè^k_\j\Zli`kpj`klXk`fe#k_\DJ=k\Xdj
dfm\kfk_\Xii`mXcgfèkkfgifm`[\ÔijkXjj`jkXeZ\%JèZ\k_\
`dgc\d\ekXk`fef]k_`jjpjk\d]ifdk_\Y\^èeè^f])''/#k_\DJ=
k\XdjZfej`[\iXYcp`dgifm\[k_\ìk`d\cè\jjf]i\XZk`fe#Xjj`jkè^
Xe\jk`dXk\[.'f]k_\Xii`mXcjèDJ=ËjXi\Xf]èk\im\ek`fen`k_è
k_\Ôijk]\n_flijX]k\i[`j\dYXibXk`fe%
(-¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
J\m\iXcj\Zli`kpZ_Xcc\e^\j_Xm\#_fn\m\i#X]]\Zk\[DJ=Ëji\jgfej\
ZXgXZ`kp%K_\i\_Xm\Y\\eèjkXeZ\jn_\i\jfd\f]k_\ki`Y\jc`mè^
Xcfe^k_\ZfXjk_Xm\YcfZb\[XZZ\jjfik_i\Xk\e\[kfkXb\DJ=ZXij#
jfd\k`d\jkf\ogi\jjk_\ì[`jZfek\ekXYflkk_\\oki\d\cp_`^_
le\dgcfpd\ekiXk\jèk_\Xi\X%@efi[\ikf[`dè`j_k_`jk_i\Xk#DJ=
_XjZcfj\cpe\knfib\[n`k_k_\c\X[\ijj_\`b_j f]k_\j\
Zfddle`k`\jXe[\ogcXè\[DJ=gièZ`gc\jXe[mXcl\j#`dgifmè^
XZZ\jjZfej`[\iXYcp%
@e^\e\iXc#Zfddle`kpXZZ\gkXeZ\_XjY\\eXefk_\ifg\iXk`feXc
Z_Xcc\e^\%DJ=Ëjgifa\Zk]fZlj\[feJfdXc`jXe[<k_`fg`XejXii`mè^
fek_\j_fi\jf]P\d\e#n`k_flk\em`jX^è^gfjj`Yc\jlggfikXZk`m`k`\j
]fik_\_fjkgfglcXk`fe%8]k\i[\k\Zkè^k_`jn\Xbe\jjè`kjXggifXZ_#
DJ=[\Z`[\[kfgifm`[\d\[`ZXcXe[cf^`jk`ZXcjlggfikkfk_\cfZXc
_fjg`kXc%K_`j#kf^\k_\in`k_XcfZXcZfddle`ZXk`feZXdgX`ê#
\ogcXèè^DJ=gièZ`gc\jXe[nfib#`dgifm\[XZZ\gkXeZ\Xk
Zfddle`kpc\m\c%K_`j`jk_\dfi\`dgfikXekXj]fiDJ=gifo`d`kpkf
k_\gfglcXk`fe`jXkm\ipYXj`jf]`kjj\Zli`kpjkiXk\^p%@eP\d\e#Xjè
fk_\iZfleki`\j#DJ=[f\jefklj\d\Xjli\jjlZ_XjXid\[\jZfikjfi
Xid\[nXkZ_d\e%
@ek_\I\^`feXc:fe]\i\eZ\feI\]l^\\Gifk\Zk`feXe[@ek\ieXk`feXc
D`îXk`feèk_\>lc]I\^`fe_\c[(0$)'DXp)''/#DJ=\ogi\jj\[
ZfeZ\iejXYflkk_\e\\[]fi`dgifmèî\XZk`feYpjki\e^k_\eè^k_\
Xc\iknXieè^jpjk\d%8Z_fc\iXflkYi\Xb#[\k\Zk\[èd`[$DXp)''/
Xe[Zfekifcc\[èk_\DJ=]XZ`c`k`\jèk_\8_nXiI\Z\gk`fe:\eki\#
`ccljkiXk\[k_\e\\[]fijki\e^k_\eè^k_\\d\i^\eZpi\jgfej\
ZXgXZ`kpf]k_\XZkfijZlii\ekcpgi\j\ekXe[]fiX[[`k`feXcXZkfij
i\X[pkfèk\im\e\%
K_\cXZbf]i\jgfej`m\e\jj]ifdi\c\mXekXZkfijfej\ej`k`m\`jjl\j
jlZ_Xjk_\`[\ek`ÔZXk`feXe[Xggifgi`Xk\Xe[k`d\cpYli`Xcf]k_\
[\X[#efkfecp_XjZXlj\[ZfeZ\iejXdfe^k_\Zfddle`k`\jXcfe^k_\
ZfjkYlkXcjfX]]\Zk\[g\iZ\gk`fejm`j$~$m`jDJ=%@ek_\gXjk#cfZXc
Ôj_\id\e_Xm\Xkk`d\jYli`\[k_\[\X[fek_\j_fi\%DJ=_Xj
gifm`[\[Yf[pYX^j#n_`k\Zcfk_#^cfm\jXe[j_fm\cjkfk_\
Zfddle`k`\j#gXik`ZlcXicpk_\dfjhl\j#Xcfe^k_\gXikf]k_\ZfXjk`k
Zfm\ij%?fn\m\i#\jg\Z`XccpXjk_\i\_Xm\Y\\eXeldY\if]cXe[è^j
n`k__`^_eldY\ijf][\X[#m`ccX^\ijXe[cfZXcXlk_fi`k`\j_Xm\
Y\Zfd\èZi\Xjè^cpZfeZ\ie\[%8ZZfi[è^kfk_\cXn#Y\]fi\Yli`Xcj
ZXekXb\gcXZ\#Xi\gi\j\ekXk`m\f]k_\8kkfie\p>\e\iXcËjf]ÔZ\dljk
Zfd\kfk_\j`k\kf^`m\g\id`jj`fe]fiYli`Xc%K_`jf]k\ekXb\jXcfe^
k`d\%K_\i\`jXe\\[]fidfi\Õ\o`Yc\gifZ\[li\j#]fi[\j`êXk`fef]
Xggifgi`Xk\j`k\j]fidXjjîXm\jXe[]fiXdfi\XZk`m\i\jgfej\
i\^Xi[è^k_\cf^`jk`ZXcj`[\%
8ggifgi`Xk\[fZld\ekXk`fe]fi`[\ek`ÔZXk`fef]k_\[\X[`jXe
`dgfikXekZfeZ\ieÆ]fik_\jlim`mfijn_fXi\d`jjè^cfm\[fe\jXj
n\ccXj]fik_\ì]Xd`c`\jYXZb_fd\%N_`c\k_`j`jefkgXikf]DJ=Ëj
dXe[Xk\#dXepjlim`mfijklie\[kfDJ=Xjflik\Xdjn\i\f]k\ek_\
Ôijkfe\jXkk_\j_fi\%@k`j`dgfikXekk_XkXjpjk\d]figifg\i
[fZld\ekXk`fen`k_Zc\Xii\jgfej`Y`c`k`\j`j\jkXYc`j_\[%
(.¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!
6ccZm>> H6J9>6G67>6
DB6C
<ja[d[6YZc
gZ\^dcbVe :G>IG:6
H6C6¼6
N:B:C
6HB6G6
BVn[V]
6]lVg
6YZc
@]VgVo
:cigned^ci HdXdigVNZbZc
9ZeVgijgZed^ci 9?>7DJI>
<ja[d[6YZc
GZXZei^dc8ZciZg 9?>7DJI>
6C
GZ[j\ZZ8Vbe 7dhhVhd
=V[jc
8:
:I=>DE>6
D
=Vg\ZnhV
6C
699>H67:76
9>
>C
H]
ZW
Zaa
< Z HDB6A>6
^jW
7ZaZiJZc
V
BZg`V
BD<69>H=J
@:CN6
@^hbVnj
C6>GD7>
)%¥ CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh!

No Choice: Somali and Ethiopian Refugees, Asylum Seekers and Migrants Crossing The Gulf of Aden

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

No Choice: Somali and Ethiopian Refugees, Asylum Seekers and Migrants Crossing The Gulf of Aden

Uploaded by

Copyright:

Available Formats

CD8=D>8:/

d[XdciZcih * > >cigdYjXi^dc

&% >>> BV^c;^cY^c\h

&% & I]ZWdVi_djgcZn

(' >K BZY^XVa6cY=jbVc^iVg^Vc8dchZfjZcXZh

(' & BZY^XVa^beVXi

>> & 7VX`\gdjcY

<ZcYZgd[EZdeaZ ' 8dbedh^i^dcd[i]ZcZlVgg^kVah

You might also like

No Choice: Somali and Ethiopian Refugees, Asylum Seekers and Migrants Crossing The Gulf of Aden

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

No Choice: Somali and Ethiopian Refugees, Asylum Seekers and Migrants Crossing The Gulf of Aden

Uploaded by

Copyright:

Available Formats

CD8=D>8:/

d[XdciZcih * > >cigdYjXi^dc

&% >>> BV^c;^cY^c\h

&%  & I]ZWdVi_djgcZn

(' >K BZY^XVa6cY=jbVc^iVg^Vc8dchZfjZcXZh

('  & BZY^XVa^beVXi

>> & 7VX`\gdjcY

<ZcYZgd[EZdeaZ ' 8dbedh^i^dcd[i]ZcZlVgg^kVah

You might also like

CD8=D>8:/

d[XdciZcih * > >cigdYjXi^dc

&% >>> BV^c;^cY^c\h

&% & I]ZWdVi_djgcZn

(' >K BZY^XVa6cY=jbVc^iVg^Vc8dchZfjZcXZh

(' & BZY^XVa^beVXi

>> & 7VX`\gdjcY

<ZcYZgd[EZdeaZ ' 8dbedh^i^dcd[i]ZcZlVgg^kVah