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(MI*VEKIQMXHIVWMGLHMIWIV&IMXVEKFIWGLÇJXMKXIR[MPPPEYXIXSFWMGLHMI *PI\MFMPMWMI VYRKZSR%VFIMXW^IMXIRYRHJPI\MFPI%VFIMXW^IMXW]WXIQIJ²VHMIZIVFMRHPMGLI6IKYPMIVYRK ZSR0IVR^IMXIRRYX^IRPǗX[IPGLI:SVEYWWIX^YRKIRHEJ²VKIKIFIRWIMRQ²—XIR YRH [IPGLI>MIPOSRJPMOXIYRH;MHIVWTV²GLPMGLOIMXIRWMGLMRHIVFIXVMIFPMGLIR4VE\MWEYJJMRHIR PEWWIR(IVPIX^XKIRERRXI%WTIOX[MVHEQ&IMWTMIPHIV-8&VERGLIFIEVFIMXIX:SVKIWXIPPX [MVH MQ %RWGLPY— HEVER IMR :IVWYGL 5YEPMJM^MIVYRK MRRIVLEPF IMRIW 8EVMJZIVXVEKIW J²V HIR-8&IVIMGLZIVFMRHPMGL^YVIKIPR(MIWIV6IKIPYRKWZIVWYGL[MVHOSRXVEWXMIVXQMXHIV FIXVMIFPMGLIR %VFIMXW^IMXTVE\MW MR -89RXIVRILQIR (MI FIM HIV 9QWIX^YRK EYJXEYGLIR HIR4VSFPIQIJ²VHMI&IWGLÇJXMKXIR[IVHIRFIRERRXYRHEPW^YO²RJXMKIW,ERHPYRKWIV JSVHIVRMW ZIVFMRHPMGLI 6IKYPEVMIR MHIRXMJM^MIVX HMI RMGLX RYV ;IMXIVFMPHYRKWERWTV²GLI EPPKIQIMRZIVFMRHPMGLJM\MIVIRWSRHIVRKPIMGL^IMXMK:IVJELVIRWVIKIPRIXEFPMIVIR[MIHMIWI

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>YRÇGLWXKILXHMI)MRJ²LVYRKJPI\MFPIV%VFIMXW^IMXQSHIPPIMRHIV6IKIPIMRLIVQMX4VS^IW WIR HIV 6IWXVYOXYVMIVYRK :IVWGLPEROYRK HIV 4VSHYOXMSR (I^IRXVEPMWMIVYRKWWXVEXIKMIR HIV9RXIVRILQIRYRH7XVEXIKMIRHIV:IVQEVOXPMGLYRKHMIPIX^XPMGLEPPIWEQXHEW>MIPZIV JSPKIR1EVOXWGL[EROYRKIRFIWWIVEYWKPIMGLIR^YO¸RRIROYV^JVMWXMKIVYRHWGLRIPPIVr IFIRJPI\MFPIVrEYJZIVÇRHIVXIYRHEYWHMJJIVIR^MIVXI/YRHIR[²RWGLIVIEKMIVIR^YO¸R RIRYRHHEFIMQ¸KPMGLWX/SWXIRIMR^YWTEVIR(MIWKIWGLMILX^YQIMRIRHYVGLIMRIIJ JIOXMZIVIYRHI\XIRWMZIVI%YWPEWXYRKHIV 4VSHYOXMSRWERPEKIRIX[E HYVGL%YW[IMXYRK HIV1EWGLMRIRPEYJSHIV&IXVMIFW^IMXIR^YQERHIVIRHYVGL IMRI MRXIRWMZIVI 2YX^YRK HIWZSVLERHIRIR%VFIMXWOVÇJXITSXIRXMEPW

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(4)

SR MWX ZSV EPPIQ HMI JYROXMSREPI *PI\MFMPMXÇX HIV &IWGLÇJXMKXIR ERKIWTVSGLIR EPWS MLV 5YEPMJMOEXMSRWRMZIEY YRH MLVI Q¸KPMGLWX QYPXMJYROXMSREPI )MRWIX^FEVOIMX %YW *SV WGLYRKWEVFIMXIR^YV)MRJ²LVYRKZSR+VYTTIREVFIMXEPWRIYIV*SVQHIV%VFIMXWSVKERMWE XMSR[MWWIR[MVHE—+VYTTIREVFIMXRYVHERRIVJSPKVIMGLIMRKIJ²LVX[IVHIROERR[IRR HEW 5YEPMJMOEXMSRWRMZIEY HIV &IWGLÇJXMKXIR MRRIVLEPF IMRIV +VYTTIIMRIW 8IEQW Q¸K PMGLWXEYJKPIMGLIQ0IZIPPMIKXYQ^&[IGLWIPWIMXMKI:IVXVIXYRKWVIKIPYRKIR²FIVLEYTX IVWXQ¸KPMGL^YQEGLIR,MIVMWXHIR9RXIVRILQIRFI[Y—XHE—SLRI5YEPMJM^MIVYRKW QE—RELQIROIMRI6ISVKERMWEXMSRHIV%VFIMXWEFPÇYJI^YVIEPMWMIVIRMWX(MIWI5YEPMJM^MI VYRKWTVS^IWWIJMRHIREPPIVHMRKWQIMWXMR*SVQHIWXVEMRMRKSRXLINSFWXEXXWLMIV^Y0MR HIGOI ,MIVFIM LERHIPX IW WMGL HERR ILIV YQ %RTEWWYRKWUYEPMJM^MIVYRKIR YRHRMGLXYQIMRIREGLLEPXMKMRXIKVMIVXI;IMXIVFMPHYRKWWXVEXIKMI

3F[SLP HMI )MRJ²LVYRK JPI\MFPIV %VFIMXW^IMXQSHIPPI WXIXW IMRLIVKILX QMX HIV :IVÇRHI VYRK HIV %VFIMXWSVKERMWEXMSR YRH YQKIOILVX ZIVÇRHIVXI %VFIMXWEFPÇYJI WXIXW %YW[MV OYRKIR EYJ HMIFIXVMIFPMGLIR %VFIMXW^IMXWXVYOXYVIR LEFIR ZIVPEYJIR HMI ERKIWXS—IRIR 4VS^IWWIRMGLXWSTPERZSPP[MIWMILÇYJMKMQREGLLMRIMRHEVKIWXIPPX[IVHIR-RHIVFI XVMIFPMGLIR4VE\MWPEWWIRWMGLOIMRIIMRJEGLWXVYOXYVMIVXIR9VWEGLI;MVOYRKW/IXXIREYW QEGLIR:MIPQILVLERHIPXIWWMGLYQOSQTPI\I4VS^IWWIMRHIRIRZMIPI\TIVMQIRXMIVX [MVHQMXYRXIVI\XIVRIV6EX&IVEXYRKIMRKILSPXYRHHIV:IVWYGLYRXIVRSQQIR[MVHQMX RIYIR 1EREKIQIRXOSR^ITXIR [MIHIQ yEXQIRHIR 9RXIVRILQIRl SHIV HIV yPIVRIR HIR3VKERMWEXMSRlHMIMRXIVREXMSREPI;IXXFI[IVFWJÇLMKOIMX^YWXIMKIVR

-RHIV8EXRMQQXHMI/SQTPI\MXÇXHIVIVJSVHIVPMGLIR%FWXMQQYRKWIVJSVHIVRMWWIFIMFI XVMIFPMGLIR:IVÇRHIVYRKWTVS^IWWIREYJQILVIVIR)FIRIR^Y:IVÇRHIVXI%VFIMXWMRLEPXI ZIVPERKIRREGLZIVÇRHIVXIR*SVQIRWSEYGLREGLHIRZIVÇRHIVXIR-RLEPXIRERKITE—

XIR%VFIMXW^IMXJSVQIR/ILVWIMXMKHE^YMWXEYGLHMI)MRJ²LVYRKRIYIV%VFIMXW^IMXW]WXIQI OIMRI)MR4YROX:IVERWXEPXYRK7MIZIVPERKXMQTPM^MIVXJPEROMIVIRHI1E—RELQIRWSPP^&

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%FWXMQQYRKZSR%VFIMXW^IMXYRH%VFIMXWERJEPPIVVIMGLX[IVHIRMWXIMRI%VFIMXW^IMXJPI\M FMPMWMIVYRKYRIVPǗPMGLHMIZSVHIVFIWSRHIVIR7GL[MIVMKOIMXWXILXYRXIVWGLMIHPMGLKIPE KIVXI &IXVMIFW^IMXIR%VFIMXW^IMXIR MRRIVLEPF FIWXMQQXIV %FXIMPYRKIR*YROXMSRWFIVIMGLI

*YROXMSREPI*PI\MFMPMXÇXFIHIYXIXHE—:IVÇRHIVYRKIRHIV%VFIMXWMRLEPXIHIV%VFIMXWQMXXIPYRHHIV%V FIMXWSVKERMWEXMSR SLRI :IVÇRHIVYRK HIV 4IVWSREPWXÇVOI YRH r^YWEQQIRWIX^YRK FI[ÇPXMKX [IVHIR -R IVWXIV0MRMI[IVHIRMRHMZMHYIPPI%RTEWWYRKWPIMWXYRKIRYRH0IVRFIVIMXWGLEJXHIV&IWGLÇJXMKXIR^YQ)VLEPX HIV*PI\MFMPMXÇXIV[EVXIX[SFIMRIFIRJEGLPMGLIR5YEPMJMOEXMSRIR^YRILQIRHEYGLWSK7GLP²WWIPUYEPMJMOE XMSRIR[MI/SSTIVEXMSRWFIVIMXWGLEJXYRHrJÇLMKOIMX)MKIRMRMXMEXMZIIXGREGLKIJVEKX[IVHIRrHIVKER^I 1IRWGLMWXEPWSKIJVEKX

(5)

HIW 9RXIVRILQIRW EYJIMRERHIV EF^YWXMQQIR 2MGLX RYV Q²WWIR HMI MRRIVLEPF IMRIV

;IVXWGL¸TJYRKWOIXXI EVFIMXWXIMPMK SVKERMWMIVXIR &IVIMGLI MR MLVIR %VFIMXW^IMXWXVYOXYVIR EYJIMRERHIVEFKIWXMQQXWIMR[IRR^&IMRI:IVFIWWIVYRKHIV0MIJIVJÇLMKOIMXYRHr^Y ZIVPÇWWMKOIMX VIEPMWMIVX [IVHIR WSPP &IM IMRIV ZIVÇRHIVXIR %VFIMXW^IMXKIWXEPXYRK MWX HEV

²FIVLMREYW^YFIV²GOWMGLXMKIRHE—9RXIVRILQIRRMGLXYREFLÇRKMKEVFIMXIRHI)MRLIM XIRWMRH)MRI^IMXPMGLI%FWXMQQYRK^[MWGLIRFIXVMIFPMGLIV/SSTIVEXMSRFIWSRHIVWWMRR JÇPPMKFIM>YPMIJIVFIXVMIFIRQY—FIMHIV)MRJ²LVYRKRIYIV%VFIMXW^IMXW]WXIQIIMRKITPERX [IVHIR :IV^ELRYRK YRH 7]RGLVSRMWMIVYRK HIV %VFIMXW^IMXIR ^[MWGLIR HIR 9RXIVRIL QIRFIHIYXIXRSGLL¸LIVI%RJSVHIVYRKIRERIMRMRRSZEXMZIW%VFIMXW^IMXQEREKIQIRX (MIWIWFIWXILXHEVMRJPI\MFPI%VFIMXW^IMXVIKIPYRKIRWS^YKIWXEPXIRHE—HMIHEQMXZMIP JEGLMR%YWWMGLXKIWXIPPXI%VFIMXW^IMXWSYZIVÇRMXÇXJ²VHMI&IWGLÇJXMKXIRXEXWÇGLPMGLVIEPM WMIVFEV[MVH)VWGL[IVIRHOSQQXLMR^YHE—NIREGL&IWGLÇJXMKXIRKVYTTI>IMXWSYZIVÇRM XÇX KER^ YRXIVWGLMIHPMGL KIJ²PPX [MVH HMI %VFIMXW^IMX[²RWGLI HIV &IWGLÇJXMKXIR EPWS HYVGLEYW WILV YRXIVWGLMIHPMGL KIPEKIVX WMRH (E^Y FIHEVJ IW FIXVMIFPMGLIV 6IKIPYRKW WXVYOXYVIRHMIHIR7TEKEX^[MWGLIRMRHMZMHYIPPIRFIXVMIFPMGLIRYRHOSPPIOXMZIR-RXIVIW WIRFIWXQ¸KPMGLQMXIMRERHIVZIVQMXXIPR

;IMPHMIWI4VS^IWWIr[MISFIRFIWGLVMIFIRRMGLXWIPXIRIMRIQyQYHHIPMRKXLVSYKLl ÇLRIPRIFIRRMGLXTPERZSPPWSRHIVREPPIRJEPPWTVEKQEXMWGLZIVPEYJIR[IVHIR[MGLXMKI :IVÇRHIVYRKIRHIV6ELQIRFIHMRKYRKIRLÇYJMKRMGLXMR+ERKKIWIX^XSHIVQMXFIHEGLX (MIWKMPXMRFIWSRHIVIQ1E—IJ²VIMRIREGLLEPXMKI5YEPMJM^MIVYRKWTSPMXMOHIRRHMIWILEX RMGLXWQMXEHLSGERFIVEYQXIR%RTEWWYRKWUYEPMJM^MIVYRKIR^YXYRWSRHIVRFIHEVJHIV JIWXIR:IVEROIVYRKZSR5YEPMJMOEXMSRW^IMXIRMQ%VFIMXWTVS^I—

:IVWXÇVOX[MVHHMIWI8IRHIR^KER^[IWIRXPMGLHYVGLIMRI^YRILQIRHI(IPIKEXMSRHIV :IVERX[SVXYRKJ²V%VFIMXW^IMX%VFIMXWIMRWEX^YRH EYGL 5YEPMJMOEXMSRWIVLEPX ER HMI&I WGLÇJXMKXIR&IMWTMIPW[IMWIFIWXILIRKVS—I9RXIVWGLMIHI^[MWGLIR4PERYRKYRH9QWIX

^YRK^&IMRIWFIWXMQQXIR%VFIMXW^IMXQSHIPPW[IRR^[EVQILV>IMXEYXSRSQMIJ²VHMI

&IWGLÇJXMKXIR UYE 1SHIPP MRXIRHMIVX [MVH HMI FIXVMIFPMGLIR 7XVYOXYVIR EFIV ER EPXIR ,MIVEVGLMIRJIWXLEPXIRYRHOIMRIEYWVIMGLIRHIR4EVXM^MTEXMSRWQ¸KPMGLOIMXIRHIV&IWGLÇJ XMKXIR FIM 4PERYRKWIRXWGLIMHYRKIR YRH 6IWWSYVGIRIMRWEX^ ZSVWILIR (MI 0²GOIR YRH 4PERYRKWHIJM^MXIFIMHIV6ISVKERMWEXMSRHIV9RXIVRILQIR[IVHIRWSKEVILIVZIVHIGOX MRHIQ HMI &IWGLÇJXMKXIR YRXIV HIQ (IGOQERXIP IMRIV 0IVRIRHIR 3VKERMWEXMSR ^YRIL QIRHHEQMXOSRJVSRXMIVXWMRHHMIWI0²GOIREF^YTYJJIVR

(6)

(EW)VJSVHIVRMWHIV9RXIVRILQIREYW;IXXFI[IVFWKV²RHIRMQQIVWGLPEROIV^YTVSHY

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+ER^ MQ +IKIRWEX^ ^YQ WIMX .ELVIR FIWGL[SVIRIR &IHIYXYRKW^Y[EGLW FIXVMIFPMGLIV

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&IWGLÇJXMKXIR^YV²GOKIWXIPPX[IVHIRQ²WWIR9RHHMIWI6MWMOIRIRXWXILIRMRWFIWSRHI VIHERR[IRRHMI4IVWSREPHIGOIRMGLXEYWVIMGLIRHMWX

(IV2YX^IRZSR>IMXOSRXIRLÇRKXJ²VHMI&IWGLÇJXMKXIREPWSZSR^[IM*EOXSVIREF>Y RÇGLWXWMRHHMIWZIVFMRHPMGLVIKYPMIVXI6IGLXI²FIV/SRXIRJ²LVYRKYRH*VIM^IMXIRXREL

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QI >YQ ^[IMXIR WMRH IW EFIV KIVEHI HMI EVFIMXWSVKERMWEXSVMWGLIR :SVEYWWIX^YRKIR

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;IKIWMGL[IGLWIPWIMXMKFIJVYGLXIRYRHIVKÇR^IR

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7GLPY—JSPKIVYRKIRJ²VHMI^YO²RJXMKI6IKYPMIVYRKZSR%VFIMXW^IMXYRH5YEPMJM^MIVYRK

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RELQIR ZSQ %VFIMXKIFIV QMXJMRER^MIVX [IVHIR HMI HIQ 9RXIVRILQIR OIMRI :SVXIMPI FVMRKIR[²VHIR

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XIFIMHIV/EPOYPEXMSRZSR4VSNIOXIXEXWZSRZSVRLIVIMRMR%RWGLPEKKIFVEGLX[IVHIR(E

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HMIWI/EPOYPEXMSRIRNIHSGLEYJQ¸KPMGLWXSTXMQEPIR+I[MRRIV[EVXYRKIRFEWMIVIRMWX^Y FIJ²VGLXIRHE—HMIZSQ%VFIMXKIFIVZSPPJMRER^MIVXIR;IMXIVFMPHYRKWQE—RELQIRQ¸K PMGLWXKIVMRKKILEPXIR[IVHIRYRHPIX^XPMGLEYJHMIMRHMZMHYIPPERKIWXVIRKXIR5YEPMJM^MI VYRKWQE—RELQIREY—IVLEPFHIV%VFIMXW^IMXKIWIX^X[MVH

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%VFIMXFIV²GOWMGLXMKIR%YWLERHPYRKWTVS^IWWI²FIV6IWWSYVGIRIMRWEX^EVFIMXWSVKERMWE XSVMWGLI :SVEYWWIX^YRKIR :IVXVIXYRKWVIKIPYRKIR /SQTIXIR^ZIVXIMPYRKIR [IVHIR RMGLXZIVFMRHPMGLKIVIKIPXYRHLEPXIRWSQMXHEW%VFIMXW²FIVPEWXYRKWTVSFPIQPEXIRX(IV :IVWYGL ²FIV MRHMZMHYIPP ZIVIMRFEVXI %VFIMXW^IMXFYHKIXW HIR IV[EVXFEVIR %VFIMXWERJEPP ZSVEF^YUYERXMJM^MIVIRWXILXZSVHIVFIWSRHIVIR7GL[MIVMKOIMXI\ERXIJIWX^YPIKIR[EW SLRI/IRRXRMWHIV6ELQIRFIHMRKYRKIROEYQOEPOYPMIVFEVMWX)RXPEWXYRKZSRXÇKPMGLIQ

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(MI :SVEYWWIX^YRKIR J²V :IVXVIXYRKWVIKIPYRKIR Q²WWIR QMX ,MPJI HIV 7GLEJJYRK IMRIW FVIMXIR 5YEPMJMOEXMSRWEYJFEYW MR HIV &IPIKWGLEJX IVWX IMRQEP LIVKIWXIPPX [IV HIR

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>YWÇX^PMGLI2IYIMRWXIPPYRKIR

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+IREYI %YJKEFIRHIJMRMXMSR YRH rEFWXMQQYRK QMX HIR /YRHIR FIM %YJXVEKWEF WGLPY— %YWWGLPY— TIVQERIRXIV :IVÇRHIVYRKIR HIV %YJKEFIRMRLEPXI [ÇLVIRH HIW 4VSNIOXZIVPEYJWHMIMRHIV6IKIP^YEYW/YRHIRWMGLXOSWXIRRIYXVEPIR4VSNIOXZIVPÇR KIVYRKIRJ²LVIR

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(21)

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