Issuu on Google+

GI@EK<DGJ&yKy)''0

E—,

HL8E;C<JDyK@<IJ ;<C8DFEK8>E< J<:FEAL>L<EK 8L=yD@E@E I<E:FEKI<8M<:HL8KI< A<LE<J=<DD<J;<JJFDD<KJ

8L:ÄLI ;<EFKI<G8KI@DF@E< =8LE<<K=CFI<<E J8MF@<DFEK9C8E:


<;@KF

JFDD8@I< GFIK=FC@F C8DFEK8>E<8L=yD@E@E 8D9@8E:<98CEy8@I< 8LKFLI;<J>I8E;JC8:J M`eZ\ekIfccXe[ :fGi„j`[\ek JXmf`\Dfek9cXeZKfli`jd\

;\e`j9flZ_\k :fGi„j`[\ek JXmf`\Dfek9cXeZKfli`jd\

Kflk\jkkfli`jd\¿ CXJXmf`\\kcX?Xlk\$JXmf`\jfek[„jfidX`ji„le`\j[Xejlej\lc\jgXZ\ kfli`jk`hl\1JXmf`\Dfek9cXeZ#Xgg\ccXk`fehl\efljXmfej[fee„\~cX [\jk`eXk`fe`cpXkif`jXej%<cc\„mfhl\kflk~cX]f`jefki\_`jkf`i\\k efki\^„f^iXg_`\1cXJXmf`\#Xlki\]f`j:fdk„gl`j;lZ_„#[fekeflj ]†k\ifejcËXegifZ_X`ec\(,'…d\Xee`m\ijX`i\[\cXi„le`fe~cX=iXeZ\#\k c\Dfek9cXeZ#jfdd\k\lifg„\e[\Y\Xlk„hl`efljkf`j\[\kfljZk„j# [lefi[Xljl[\k[Ë\jk\efl\jk% Feg\lkfj\i[`i\hlË`Z`kflk\jkkfli`jd\%CXefk`fegi\e[kflkjfej\ej \eJXmf`\Dfek9cXeZhlXe[`cjËX^`k[\È]X`i\lekfligflijË`ejkil`i\É~ cXdXe`…i\[\jXi`jkfZiXk\jXe^cX`j\emfpX^\XlO@O…d\#`em\ek\lij[l Èkfli`jdÉ%@cpXkXek~mf`i\e\]]\k#~m`j`k\i#~^f”k\i#~i\eZfeki\i#~ j˄kfee\i#~k\ek\ikflkXlcfe^[\cËXee„\Z_\qeflj#\eki\Z`d\j\kcXZj% C\jY\Xlodf`j[˄k„gifg`Z\j~cË`k`e„iXeZ\#Xkk`j\ekeXkli\cc\d\ekcX Zli`fj`k„% Efljmflj`em`kfej~kflie\ic\jgX^\j[l,…d\eld„if[\JXmf`\Dfek 9cXeZDX^Xq`e\\emfljcX`jjXek^l`[\i¿;\cX:_Xiki\lj\[\D„cXe~cX YXii`…i\[\cË<jj\`ccfe#mfljgi\e[i\qgcX`j`i~m`j`k\iZ\j„[`ÔZ\j[fek cËXiZ_`k\Zkli\kiX[l`kcËXiki\c`^`\lo#d`c`kX`i\#Zfek\dgfiX`e¿ LeXlki\kpg\[\Yk``eZXie\c\]lkli[liXYc\Æi\]l^\j#^Šk\j#i\jkXliXekj [ËXck`kl[\Zfejkil`kj~cX]f`j[XejlejflZ`[\Zfe]fik\k[˄Zfefd`\ [˄e\i^`\Æ\kj„[l`k[\gclj\egclj[\m`j`k\lij2efljXmfejmflclmflj \egXic\i% <kgl`j#`cpXcX]Xle\\kcXÕfi\j`i\dXihlXYc\j[\efj8cg\j~i\g„i\i XlZflij[Ële\iXe[fee„\#k\cc\^pgX…k\i„`ekif[l`k[\gl`jg\l%Mflj ]\i\qXljj`cXZfeeX`jjXeZ\[\hlXki\]\dd\jhl`\o\iZ\ekle\XZk`m`k„ \edfekX^e\#XcgX^`jk\j#^l`[\j#XZZfdgX^eXki`Z\jfl^Xi[`\ee\j[\ i\]l^\j¿LeZ_f`o[\m`\hlË\cc\jeflj]fekgXikX^\i\ehl\chl\jc`^e\j%%% Ki…jY\cc\jaflie„\j\eg\ijg\Zk`m\G\id\kk\q$efljj`dgc\d\ek[\mflj [`i\Z\Z`1Xcc\qmf`i[\gi…j¿

8L:ÄLI;< EFKI<G8KI@DF@E<

$@dgi`d„jligXg`\i„ZfZ\ik`ԄXm\Z\eZi\jm„^„kXc\j%

CXi\gif[lZk`fe#d†d\gXik`\cc\#[\jXik`Zc\j\k`ccljkiXk`fej\jk`ek\i[`k\%;fZld\ekefeZfekiXZkl\c%>iXkl`k#e\g\lk†ki\m\e[l% G_fkf[\Zflm\ikli\1ŸDXi`\;Xlg_`e%<em`^e\kk\1c\^pgX…k\YXiYl1Ÿ8ekfepDXi^Xc`[X$C\j]fikj[\cË<jj\`ccfe1Ÿ=fe[Xk`fe=XZ`d&G%C\dX`ki\%

10 16 20

8:KL8C@KyJ

28

C8=8LE<<KC8=CFI<

29

D@<LO:FDGI<E;I< EFJG8PJ8><J ?<9<I><D<EKJ

34 36

GIF;L@KJ;LK<IIF@I

40

K?<ID8C@JD<

42

I<:<KK<J

44

J8MF@<DFEK9C8E: ÁGFIKy<;<D8@E F==@:<J;<KFLI@JD< <EJ8MF@<<K?8LK<$J8MF@<

;`i\Zk\li1I„dp:_Xid\kXek :ffi[`eXk`fe„[`kfi`Xc\18c`Z\IXdljXc`Z\%iXdlj7jXmf`\$dfek$YcXeZ%Zfd I„[XZk`fe1JXiX_Dfc`eX$nnn%XckXc$\[`k`fej%]i ;`i\Zk`fe8ik`jk`hl\1:„c`e\>fd\ikBXc`jk\e\  FekgXik`Z`g„~c˄cXYfiXk`fe[\Z\dX^Xq`e\1 JXmf`\Dfek9cXeZKfli`jd\\kc\jj\im`Z\j[„m\cfgg\d\ek.*\k.+1M„ife`hl\9XccXe]Xk$:„Z`c\9„eXi[$MXc„i`\9\ik\kFq\e$ :cXl[`\ 9cXeZ $ JXY`e\ :_XYXeZ\ $ Dli`\c ;\ccX D\X $ Alc`\ ;\jX^\ $ DXi`\ ClZ\ =i\jZliXk $ :fi`ee\ IX`_ $ :Xk_\i`e\ Ifljj\p $ 8`ej`hl\19\ieXi[9Xc$<cf[`\9flk\k$Jk„g_Xe`\:Xdgfj$JpcmX`e:Xjjfee\k$GXjZXc:_Xg\ccXe[$K_`\iip:f]Ôe\k$DXi`\:fcc`fk K_„c…e\$DXi`\;Xlg_`e$PXee;\ii`\i$G_`c`gg\;liXe[$G_`c`gg\<piXl[$M`i^`e`\=XYi\$D`Z_\c>i`jXi[$IXg_X‡c>l`cc„$DXik`e\ AXej$AXZhl\c`e\AfiZ`eIfZ_$Ef„d`\CXZ_\eXc$;`[`\iC\Cfjk\Z$9i`^`kk\CXMXe$8cX`eC`mXZ_\$A\XeClhl\k$>\e\m`…m\DX]Xpfe$ ;\cg_`e\DXi^l`eAXii`\i$ClZDfi\Xl$M`eZ`Xe\DflifemXcc\:_Xi\`cc\$>XjkfeDlcc\i$<mpEfi[$K_`YXlckFljkip$>`cc\jI\m`Xc$ D„cXe`\KXek$Jpcm`Xe\KXm\ie`\i$GXki`Z`XKlm\i`$Alc`\M`eZ\ek$DXi`\Q`dd\idXee% @dgi\jj`fe1 

4

45 46


+

GFIK=FC@F

  

JN@E>8LJFDD<K

ŸJXmf`\Dfek9cXeZ&CXejXi[

<e JXmf`\ Dfek 9cXeZ# c\j XdXk\lij [\ ^fc] g\lm\ek jËX[fee\i ~ c\li gXjj`feXm\Z[\ki…jefdYi\logXiZflij#).kiflj#(/kiflj#0kiflj\k [\jgXiZflij„Zfc\j% CX [`m\ij`k„ [\j j`k\j f]]i\ le\ ^iXe[\ mXi`„k„ [\ ZXiXZk„i`jk`hl\j k\Z_e`hl\j[\jgXiZflij2gifÔcjmXccfee„jXlYfi[[lCXZ[l9fli^\k# jli c\j Zfk\Xlo [Xej c\j mXcc„\j ^cXZ`X`i\j# [Xej le\ i„j\im\ eXkli\cc\ gifk„^„\%%% C\ ^fc] [Ëym`Xe# Xl Yfi[ [l C„dXe f“ j\ [„iflc\ Z_Xhl\ Xee„\cËym`XeDXjk\ij#\jkZfej`[„i„gXi\o\dgc\Zfdd\cËle[\jgclj Y\Xloj`k\j[Ë<lifg\% :_Xhl\^fc]gifgfj\[\j]fidlc\j[`]]„i\ek\j#[ljkX^\[Ë`e`k`Xk`feXl g\i]\Zk`fee\d\ek#gflic\j\e]Xekjflgflic\jX[lck\j%Jl`mXekmfki\ \em`\#c\j^i\\ej[\JXmf`\\k[\?Xlk\$JXmf`\jËf]]i\ek~mflj%

>fc]j[\JXmf`\\k[\?Xlk\$JXmf`\1 › 8`o$C\j$9X`ej 1 >fc] [Ë8`o$C\j$9X`ej › 8mfi`Xq 1 >fc] [Ë8mfi`Xq$Dfiq`e\ › 9fjj\p 1 >fc] [\ 9fjj\p › :_Xdfe`o$Dfek$9cXeZ 1 >fc] [\ :_Xdfe`o › ym`Xe$c\j$9X`ej1ym`XeDXjk\ij>fc]:clY›=cX`e\1>fc][\=cX`e\C\j:Xiifq› >`\q1>fc][\>`\qcXZ[Ë8ee\Zp›C\>iXe[9fieXe[1>fc]ÉC\IfZ_\i9cXeZÉ› C\j8iZj1>fc][l:_Xek\c›C\j>\kj1>fc][\j>\kjg_fkfZ`$[\jjflj › D\^…m\1>fc][lDfek[Ë8iYf`j›D„i`Y\c1>fc][\D„i`Y\c›I\`^e`\i1>fc] ZclY[Ë<j\ip›JX`ek$DXik`e$9\cc\ml\1>fc][l9\cm„[…i\›KXccf`i\j1>fc] :clY[lcXZ[Ë8ee\Zp›K`^e\j1>fc][\K`^e\j% I\kiflm\qkfljc\j^fc]jjli1nnn%jXmf`\$dfek$YcXeZ&\k\ ilYi`hl\Z_f`j`i&XZk`m`k„j


,

D8>J8MF@<DFEK9C8E:E—,

  

<EKI<:@<C<KK<II< E„\\e?Xlk\$JXmf`\#Z\eË\jkgXjle_XjXi[j`cXgiXk`hl\ [lgXiXg\ek\\jkle\XZk`m`k„g_Xi\[\JXmf`\Dfek9cXeZ% <e \]]\k# c\j j`k\j [Ë\emfc jfek gXik`Zlc`…i\d\ek mXi`„j \k efdYi\lo \e JXmf`\ \k \e ?Xlk\$JXmf`\% Mflj gflii\q mfc\i\eki\cXZj\kdfekX^e\j\kcXj\ejXk`fe#hl\chl\jf`k c\ c`\l [\ [„ZfccX^\# \jk kflaflij le`hl\% CËXYj\eZ\ [\ i\g…i\#cXj„i„e`k„\kc\jj\ejXk`feji\jj\ek`\jcfij[lmfc e\ [f`m\ek gXj ]X`i\ flYc`\i c\j i…^c\j „c„d\ekX`i\j [\ j„Zli`k„% CËX„ifcf^`\#cXd„k„f#cË\em`ifee\d\ek^„f^iXg_`hl\jfek [\j„c„d\ekj~gi\e[i\\eZfej`[„iXk`fe\k~dXŠki`j\iXmXek [\jË\emfc\i% C\j„Zfc\j[\gXiXg\ek\gifgfj\ek[\jjkX^\j[Ë`e`k`Xk`fe# [\]fidXk`fefl[\g\i]\Zk`fee\d\ek% Áe\gXjdXehl\iZ\k„k„1cXZflg\[ldfe[\[\gXiXg\ek\ [\KXccf`i\j[l(*Xl)'al`e)''0% yhl`g\d\ek1ZXjhl\#ZfdY`eX`jfe\ejX`jfe_`m\ieXc\fl \eZXj[\mfc[\cfe^l\[li„\#mf`c\#j\cc\kk\#X`c\#_XieX`j# gXiXZ_lk\[\j\Zflij]fik\d\ekZfej\`cc„#iX[`f%

ŸJXmf`\Dfek9cXeZ&QmXi[fe

GflikflkjXmf`i1nnn%jXmf`\$dfek$YcXeZ&\k\

8lZfc[\cË<g`e\#[„ZfccX^\Xm\Zml\jlic\cXZ[Ë8`^l\Y\c\kk\%


GFIK=FC@F

ŸJXmf`\Dfek9cXeZ&;\jX^\

-

C8M<IK@:8C@KyGFLIKFLJC<J>FéKJ E„\jXld`c`\l[lO@O\d\j`…Zc\[Xejc\j_Xlk\jdfekX^e\jXlki`Z_`\ee\j#c\jgi\d`…i\jm`\]\iiXk\feki„\cc\d\ekmlc\afli[Xej c\j ;fcfd`k\j cfij [\ cX gi\d`…i\ ^l\ii\ dfe[`Xc\% :\j Xd„eX^\d\ekj [Ëfi`^`e\ d`c`kX`i\ g\id\kkX`\ek [\ ]iXeZ_`i [\j gXif`j ifZ_\lj\j#^iZ\~le`k`e„iX`i\aXcfee„[\ZYc\j#YXii\Xlo\kgXjj\i\cc\j% CXgi\d`…i\m`X]\iiXkXÈkfli`jk`hl\ÉX„k„Zi„„\\e(0*-gXic\:clY8cg`e@kXc`\e%CËXZk`m`k„XZfeelle\„mfclk`fe`dgfikXek\\k g\id\k[\ZfdYc\ic\jXdXk\lij[\j\ejXk`fej]fik\j1gfekj[\j`e^\#Ôc\k¿ Cl[`hl\#cXm`X]\iiXkXi\jk\le\XZk`m`k„jgfik`m\[\dXe[Xekle\Yfee\Zfe[`k`feg_pj`hl\%CËXZZfdgX^e\d\ekgXilegif]\jj`fee\c [`gcd„ g\lk †ki\ Zfej\`cc„% 8m\Z gclj [\ +, m`\ ]\iiXk\ [\ e`m\Xlo [`]]„i\ekj# mflj kiflm\i\q# \e JXmf`\ Dfek 9cXeZ# [\ hlf` jXk`j]X`i\kflk\jmfj\em`\j%I\ej\`^e\q$mflj% yHL@G<D<EKK<:?E@HL<1 DXk„i`\c1cfe^\ Xm\Z XYjfiY\lij [\ Z_fZ# YXl[i`\i# ZXjhl\# dfljhl\kfej kpg\ m`X ]\iiXkX# le\ cfe^\ jlggc„d\ekX`i\ gflimflj ÈmXZ_\iÉ\kmflji\gfj\i\eZflij[Ë`k`e„iX`i\flgflimfljX`[\i~]iXeZ_`ilejligcfdYleg\lg_pj`hl\% I\kiflm\qkflk\jefjm`\]\iiXk\jli1nnn%jXmf`\$dfek$YcXeZ&\k\ilYi`hl\Z_f`j`i&XZk`m`k„j

C\cXZ[\cX>`kkXqml[\gl`jcXm`X]\iiXkX[lIfZ[lM\ek%


.

D8>J8MF@<DFEK9C8E:E—,

 LE<8LKI<=8xFE;<;y:FLMI@IC<:@<C

Ÿ<GGCD9

C\mfc~mf`c\\jkdf`ejZfeelhl\c\gXiXg\ek\flc\[\ckXgcXe\% :Ë\jkkflkj`dgc\d\ek[lmfc\egcXe\li% Gclj`\lijgfjj`Y`c`k„j1c\[„ZfccX^\Xlki\l`cfl\ekflk\ Xlkfefd`\gcXe\li„hl`g„[Ëledfk\li %Le\]f`jcËXck`kl[\ jfl_X`k„\#mflj[„Z`[\qXcfij[\gcXe\i% @ejkXcc„Zfe]fikXYc\d\ek#mflj\ek\e[i\qj\lc\d\ekleÔc\k [ËX`imfljiXgg\c\ihl\mfljmflj[„gcXZ\qiXg`[\d\ek% <ehl\chl\jc\ƒfejXm\Zledfe`k\li#mfljXggi\e[i\q~ mfc\i%C\mfcj\[„Zfdgfj\\e+g_Xj\j1[„ZfccX^\#mfcgcXe„# lk`c`jXk`fe[\jXjZ\e[XeZ\j#\kY`\ej”i#Xkk\ii`jjX^\% GiXk`hl\1c\jgclja\le\j[\mifek†ki\Xjj\q^iXe[j\em`ife (#,'d gfligfik\ilegXiXZ_lk\\k†ki\Xjj`jZfe]fikXYc\d\ek% CX]fidXk`fef]ÔZ`\cc\Zfdd\eƒXekc\gcljjflm\ekm\ij(+Xej# c\mfcj\lc\jkgfjj`Yc\[…j(,Xej#Xgi…jleXggi\ek`jjX^\\e [flYc\ZfddXe[\%

C\dXjj`][lDfek$9cXeZml[lZ`\c%

)y:FC<J<EJ8MF@<DFEK9C8E:1 CËyZfc\[\G`cfkX^\GcXe\liC„dXeDfek$9cXeZ<GGCD9 ~ ?XY…i\GfZ_\%J`kl„\e_Xlk[\cXMXcc„\M\ik\jlic\j`k\ [\jDf`j\j%:\kk\„Zfc\gifgfj\[`]]„i\ek\j]fidlc\j[\ [„Zflm\ik\Xl$[\jjlj[\cXZ_XŠe\[lDfek$9cXeZ% C\:\eki\JXmfpXi[[\Mfc~Mf`c\8cg`e:JMM8 ~:_Xcc\j$ c\j$<Xlogi…j[\:_XdY„ip%C\:\eki\JXmfpXi[[\Mfc~Mf`c\ 8cg`e\jkleZclYjgfik`][„[`„le`hl\d\ek ~cXgiXk`hl\ [lmfc~mf`c\% I\kiflm\qc\j„Zfc\jjli1nnn%jXmf`\$dfek$YcXeZ&\k\


GFIK=FC@F

J<EJ8K@FEJ>8I8EK@<J GFLIC8E8><<E<8LM@M< CXeX^\\e\Xlm`m\\jkle\XZk`m`k„^i`jXek\#XZZ\jj`Yc\Xlgclj^iXe[ efdYi\~Zfe[`k`feY`\ej”i[\jl`mi\c\ji…^c\j[\j„Zli`k„%Jli]\i jlic\jmX^l\j[\jkfii\ekj[fee\[\jj\ejXk`fejle`hl\j% CËXggi\ek`jjX^\\jkiXg`[\\kc\Õfkk\li\edfljj\mfljj\ik~cX]f`j [Ë\dYXiZXk`fe\k[\gifk\Zk`fe%8kk\ek`fe~giXk`hl\iZ\kk\XZk`m`k„ [\dXe`…i\\eZX[i„\Xm\Zledfe`k\li[`gcd„%J\cfec\ZcXjj\d\ek [\ji`m`…i\j#le^\d`e`dld\jkgi„i\hl`j% CX[`m\ij`k„\kcXhlXc`k„[\ji`m`…i\j\eJXmf`\Dfek9cXeZjfekc~ gflimfljgifgfj\iY`\e[ËXlki\jXZk`m`k„jÈiX]iXŠZ_`jjXek\jÉgfli kflj1c\ZXef‡$bXpXb\eiXe[fee„\#jlic\>l`\ijgXi\o\dgc\#mflj g\id\kkiX[ËXggi„Z`\ic\ZXiXZk…i\jXlmX^\\kd\im\`cc\lo[Ële\ i`m`…i\kiXehl`cc\2c\bXpXbgcljjgfik`]#Xm\Zj\ejXk`fejXjjli„\jjli cË@j…i\flc\>`]]i\flY`\e\eZfi\c\iX]kgfliledfd\ek[\gli gcX`j`i[\^c`jj\jlic\;fife[\9fq\c#cË8im\#c\>`]]i\#c\j;iXej\j% yhl`g\d\ekjl`mXekcËXZk`m`k„1ZXjhl\#^`c\k[\jXlm\kX^\#Õfkk\li# ZfdY`eX`jfee„fgi…e\#gX`i\[\gXcd\j% GflikflkjXmf`ijlic\jXZk`m`k„j\e\Xlom`m\j1 nnn%jXmf`\$dfek$YcXeZ&\k\

ŸJXmf`\Dfek9cXeZ&CXejXi[

/


D8>J8MF@<DFEK9C8E:E—, 

ŸJXmf`\Dfek9cXeZ&CXejXi[

0

LEK<II8@E;<A<L@;y8CGFLIC<J8DFLI<LO;LMyCF CXZ\ekX`e\[Ë`k`e„iX`i\jZpZcfkfli`jk`hl\jYXc`j„\[\JXmf`\Dfek9cXeZg\id\kk\ek[\gXik`i~cXZfehl†k\[\ki„jfijZXZ_„j\k[\jgcljY\Xlo gXpjX^\j[\jmXcc„\jXcg`e\j%C\jXdXk\lij[\YXcX[\jkiXehl`cc\jXggi„Z`\ifekc\j`k`e„iX`i\jj„Zli`j„j[\jm„cfiflk\j\kmf`\jm\ik\j#c\cfe^[lCXZ [l9fli^\kfl[lCXZ[Ë8ee\Zp%C\^iXe[`k`e„iX`i\[\cXm„cfiflk\È[lC„dXe~cXD\iÉgfliiXiXm`ic\j]Xd`cc\jgfli[„Zflmi`ic\ji`Z_\jj\j[lI_e\ \ehl\chl\jZflgj[\g„[Xc\jfl]\iXc\Yfe_\li[\jgXjj`fee„jjfl_X`kXekgXik`igflile^iXe[mfpX^\%Á[„Zflmi`i[…jc\gi`ek\dgj#cXeflm\cc\ gfik`fe[\cXm„cfiflk\[\jGi„Xcg\jg\id\kkXek[\i\c`\i8ee\Zp~8cY\ikm`cc\g_fkfZ`$[\jjlj % EËflYc`fejgXjc\j^iXe[jZfcjkiXm\ij„jgXicXIflk\[\j>iXe[\j8cg\j\ki„^lc`…i\d\ek]iXeZ_`gXic\jgclj^iXe[jZ_Xdg`fej[lKfli[\=iXeZ\1c\ >Xc`Y`\i#c\jDfek\kj#cË@j\iXe#cX:fcfdY`…i\#c\:fc[\j8iXm`j¿;\jXjZ\ej`fejdpk_`hl\jgflilejflm\e`i`dg„i`jjXYc\% GflikflkjXmf`ijlic\ZpZcfkfli`jd\1nnn%jXmf`\$dfek$YcXeZ&\k\


GI@EK<DGJ$yKy)''0 ('

C8DFEK8>E<8L=yD@E@E

ŸDXi`\;Xlg_`e

HL8E;C<JDyK@<IJ ;<C8DFEK8>E< J<:FEAL>L<EK 8L=yD@E@E

8lki\]f`j#c\j]\dd\j[\j8cg\j„kX`\ekgXpjXee\j#gXie„Z\jj`k„% Hl`jfekXlafli[Ë_l`c\jY\i^…i\j#XZZfdgX^eXki`Z\j#^l`[\j[\ _Xlk\$dfekX^e\\k^Xi[`\ee\j[\i\]l^\hl`j\jfekXggifgi`„\j Z\jd„k`\ij[\cXdfekX^e\kiX[`k`fee\cc\d\eki„j\im„j Xlo_fdd\j6Áhl\cc\j[`]ÔZlck„jjfek$\cc\jZfe]ifek„\j6 :fdd\ekZfeZ`c`\ek$\cc\jm`\g\ijfee\cc\\km`\\edfekX^e\6 8lZÅli[\JXmf`\Dfek9cXeZ#\eki\kiX[`k`fe\k]„d`e`k„# i\eZfeki\Xm\ZZ\ja\le\j]\dd\j[\jjfdd\kj#hl`Zfeal^l\ek _„i`kX^\gXjkfiXc\ki„Xc`k„[Ële\mfZXk`fe%


((

D8>J8MF@<DFEK9C8E:E—,

C8ÈI8E;F$ÛE<È

ŸDXi`\;Xlg_`e

Xi`\;Xlg_`eX*,Xej#\jkfi`^`eX`i\[\ cX i„^`fe gXi`j`\ee\# dX`j e\ jËp XkkXi[\iX gXj cfe^k\dgj% <cc\ gi„]…i\iX „mfhl\ijXk\e[i\\e]XeZ\#gfli\ei\k\e`i \jj\ek`\cc\d\ek c\j mXZXeZ\j jZfcX`i\j g\e[Xekc\jhl\cc\j\cc\i\m\eX`k~JX`ekJfic`e [Ë8im\j#[XejcXdX`jfe]Xd`c`Xc\%DXi`\\jk le\g\k`k\Ôcc\ki…jgifZ_\[\cXeXkli\#gfli hl`cXiXe[fee„\Zfejk`kl\le\XZk`m`k„ i„afl`jjXek\%Eflii`jgXi[\jXee„\j[\ giXk`hl\\kle\_`jkf`i\]Xd`c`Xc\#cËXeZiX^\ \kc\jXkkXZ_\j\eJXmf`\jfekki…j]fikj% <e(00.#DXi`\;Xlg_`e[„ZifZ_\jfe[`gcd\ [Ë`e^„e`\liX^ifefd\%ÁcË_\li\[\jZ_f`o gfjk$YXZ#c\jX]Ôe`k„jYlZfc`hl\j[\cË\e]XeZ\ j\Zi`jkXcc`j\ek\ele\]fidXk`fegif]\jj`fee\cc\ hl`e\mXgXjjXejiXggfikXm\Zc\gXjj„%CX gi\d`…i\X]]\ZkXk`fe[\DXi`\cË\dd…e\~ cXk†k\[\cX=;J<8=„[„iXk`fe;„gXik\d\ekXc\ [\jJpe[`ZXkj[Ë<ogcf`kXk`fe8^i`Zfc\ [\ cË8i[…Z_\%:Ë\jkg\e[XekZ\kk\Xee„\hl\c\ YkYc\jj\1DXi`\\jkg\ljlic\k\iiX`e% ½A˄kX`jcf`e#ki…jcf`e[\jgifYc…d\jhlfk`[`\ej [\jX^i`Zlck\lij\k[\jgXpjXej%A\mflcX`j mf`i[\jZ_Xdgj#†ki\\ekfli„\[\mXZ_\j\k [Ëe\j¾#j\jflm`\ekDXi`\% 9`\ehlË\cc\Xggi„Z`\~jXaljk\mXc\lic\ Zfek\el[\j\j„kl[\j#hl`cl`Zfe]…i\le miX`jXmf`i\klei\Zlcjlic\jZ_fj\j#c\ ZfejkXk\jkc`dg`[\1†ki\\e]\id„\[Xejle Yli\XljXej†ki\\egi`j\[`i\Zk\jXm\Zc\j Z_fj\j[\cËX^i`Zlckli\#Z\eË\jkgXjgfli\cc\% CXe„Z\jj`k„[\]X`i\legf`ek\k[\i„Õ„Z_`i

ŸDXi`\;Xlg_`e

D

j„i`\lj\d\ek~j\jXjg`iXk`fejcËXd…e\kflkeXkli\cc\d\ek~gXjj\icË_`m\i[Xejjfeg`\[$~$ k\ii\jXmfpXi[%CXgi`j\[\ZfejZ`\eZ\\jkhlXj``dd„[`Xk\1cXm`\[\DXi`\\jk`Z`#\kZË\jk Xljj``Z`hlË`cpXcËfggfikle`k„[\]X`i\hl\chl\Z_fj\%Gl`jhl\jfe„gXefl`jj\d\ekg\ijfee\c gXjj\gXic\ZfekXZkXm\ZcXeXkli\#\cc\[„Z`[\[\jËXkk\c\i~cXgi„gXiXk`fe[l[`gcd\ [ËXZZfdgX^eXk\li\edfekX^e\%;\loXejgcljkXi[#cXa\le\]\dd\fYk`\ekXljj`Xm\ZjlZZ…j c\[`gcd\[ËXZZfdgX^eXk\li[\kfli`jd\„hl\jki\%J\lc_`Z1\cc\j\kiflm\\eqfe\kfli`jk`hl\# \kc\jgif]\jj`fee\cjjfek[„a~i\cXk`m\d\ekefdYi\lo[XejcXmXcc„\%%%

C<JÛE<J#M8C<LI8AFLKy<8LO98C8;<J <e)'''#DXi`\XZ_…k\j\j[\logi\d`\ij„hl`[„jZ\hl`cl`Zfe]…i\c\jkXklk[ËX^i`Zlcki`Z\  \kXZZflZ_\[\jfegi\d`\i\e]Xek%Ác˄gfhl\#jfe`[„\[\gifgfj\ile\]fidlc\[\ iXe[fee„\jfi`^`eXc\j\jklemiX`gXi`%8lafli[Ë_l`#DXi`\;Xlg_`ejËXdlj\~[`i\hlË\e_l`k Xej#\cc\Xdlck`gc`„jfeefdYi\[Ëe\jgXihl`eq\\k[Ë\e]XekjgXikif`j% CXa\le\]\dd\fYk`\ekki…jm`k\c\cXY\cÈ=\id\g„[X^f^`hl\É#gflicXjkilZkli\\e[li[Xej cXhl\cc\\cc\g\lkXZZl\`cc`i[\jZcXjj\j\kkiXmX`cc\ijli[\jgXee\Xlog„[X^f^`hl\j%ÁZk„ [\Z\cX#DXi`\Zfek`el\[ËXZZfdgX^e\ic\jgifd\e\lijXm\Zj\je\j%CËfYa\Zk`]\jk[\g\id\kki\ Xlo]Xd`cc\jhl`fek[\j\e]Xekj\eYXj^\[\gXik`ikflj\ej\dYc\\eiXe[fee„\1c\je\j mfekX`[\i~gfik\ic\jjXZj\kjflcX^\ic\jgcljg\k`kjcfijhlË`cjj\ifek]Xk`^l„j%8m\Zlek\c ZfdgX^efe[\iflk\#c\j\e]XekjXYfi[\ekcXYXcX[\gclj]XZ`c\d\ek%½FekfdY\m`k\Xdfli\lo [\cËe\¾#[`kdXc`Z`\lj\d\ekDXi`\% C\jaflie„\jjfekY`\efZZlg„\j#\k[`]]…i\ek[Ële\jX`jfe~cËXlki\1e\kkfpX^\[\cËXj`e\i`\# jf`eXloY†k\j#XZZl\`c[\jZcXjj\jdXk`e\kXgi…j$d`[`#aflie„\jgfik\jflm\ik\jc\jf`i% ½Üki\le\]\dd\[Xejled`c`\ldfekX^eXi[\jk#[\]Xƒfe^cfYXc\#leXkflk%C\j_fdd\jjfek Xjj\q„kfee„jhlXe[aËXii`m\Xm\ZdXY„kX`cc…i\[\Z`ehe\jXii`d„\~dXmf`kli\\khl\a\ ]X`jleZi„e\Xljlile\iflk\[\dfekX^e\#ZfeÔ\DXi`\%C\ji\cXk`fejjfekkflaflijjpdgXk_`hl\j \kZfi[`Xc\j#i\jg\Zkl\lj\j[\dfekiXmX`c%C\j^\ej[f`m\ekgi\jj\ek`icXil[\jj\[\jXZk`m`k„j# hl`#`c\jkmiX`#d\g…j\gXi]f`j#jlikflkjlicXgXik`\X^i`Zfc\1]X`i\c\jgXiZj#kiXejgfik\ic\j g`hl\kj#\kZ%HlXe[#\egc\`e_`m\i#leklpXl[Ë\Xlj\YflZ_\~ZXlj\[l^\c#c~#fl`#ZË\jk [„jX^i„XYc\%C\Zk„dXel\c#Xm\ZcË^\#\jk[\df`ej\edf`ej]XZ`c\¾#gflijl`k$\cc\%


GI@EK<DGJ$yKy)''0

DXi`\;Xlg_`e^Xi[\iXj\je\jaljhlË~cXÔe\kj\gcXŠk~[`i\hlË\cc\ gXik`iX\ei\kiX`k\Xm\Z\lo%;\Z\d„k`\i[\dfekX^e\#DXi`\\ogc`hl\ hl\c\gclj[„c`ZXkeË\jkgXjkXekcXg„e`Y`c`k„[lkiXmX`c#dX`jc\]X`k [\afe^c\i\eg\idXe\eZ\1½CË\ogcf`kXk`feX^i`Zfc\\jk~Z\ekd…ki\j# dX`jc\Yli\Xl\jk~cXdX`jfe2c\k„c„g_fe\jfee\c\jf`i#`ceËpXgXj miX`d\ek[\Zflgli\e\kk\%Fl`#c\gclj[„c`ZXk#i„g…k\$k$\cc\#ZË\jk hl\a\jl`jd…i\XmXek[ˆki\Z_\][Ë\ogcf`kXk`fe%%%¾%Le\j\dX`e\ XmXekcXeX`jjXeZ\[\jX[\ie`…i\Ôcc\#DXi`\Zfe[l`jX`k\eZfi\cX Y„kX`cc…i\%%%

ŸIXg_X‡c>l`cc„

C8DFEK8>E<8L=yD@E@E

DXi`\;Xlg_`e$IXe[fee„\j\kYXcX[\jXm\Z[\je\j nnn%Yflii`Zfk%Zfd&Xe\j\edfekX^e\

E

ŸIXg_X‡c>l`cc„

f„d`\CXZ_\eXce\j\kiflm\gXjÆgflic\dfd\ekÆ~cXk†k\ [Ële\ki`Yl[\YXdY`ej#dX`jX\eZfddleXm\ZDXi`\;Xlg_`e legXiZflijle`m\ij`kX`i\ZfekiXi`„% Ef„d`\X*(Xej%<cc\\jkY\i^…i\jlicËXcgX^\[\cË8`^l`cc\#le\gXiZ\cc\ [\k\iiX`ehl`„gflj\cXZfcc`e\[\Dfiq`e\%8mXek[ˆki\Y\i^…i\# Ef„d`\\jkle\g\k`k\Ôcc\hl`^iXe[`k[Xejlele`m\ijZ`kX[`e#[l Zk„[\M\pi`\i$[l$cXZ\e?Xlk\$JXmf`\%Jfeg…i\#G`\ii\CXZ_\eXc# \jkle\Ô^li\Y`\eZfeel\[\jXcgX^\jgl`jhlË`cj\kiflm\~cXk†k\ [\cXJ<8JfZ`„k„[ËyZfefd`\8cg\jki\ [\cX?Xlk\$JXmf`\%GflikXek# Ef„d`\Xjjli\hl\Z\cXe\cËXgXj[`i\Zk\d\ek`eÕl\eZ„\[Xejj\j Z_f`o%;\jXZk`m`k„jgXk\ie\cc\j#\cc\XgXikX^„[\jdfd\ekjc\n\\b$ \e[#XlZfekXZk[\Y\i^\ij#Xjj`jk„~[\jZfdYXkj[\i\`e\j[XejcX mXcc„\[\:_Xdfe`o%½AËX`dX`jY`\ec\jXe`dXlo#dX`jÈjXejgcljÉ#¾ [`kEf„d`\%<cc\fYk`\ekleYXZc`kk„iX`i\#\eZ_XŠe\jlikif`jXee„\j [\]XZXm\Z[XejcË`[„\[Ëfi^Xe`j\i[\jd`jj`fej_ldXe`kX`i\j[Ële gf`ek[\ml\ali`[`hl\\kX[d`e`jkiXk`]%8lk\id\[\j\j„kl[\j# Ef„d`\Zfdd\eZ\~j\[`i\hlË\cc\XZ_f`j`cXdXlmX`j\Ôc`…i\%;\ i\kfli[ËlemfpX^\\kXl[„kfli[Ële\Zfem\ijXk`fe#jfeg…i\gcX`jXek\ \ecl`gifgfjXek[ËX`[\ile[\jÈ^Xij[\c~$_XlkÉ%CXa\le\]\dd\# Xcfij^„\[Ële\m`e^kX`e\[ËXee„\j#c\gi\e[Xldfk\kgXikkiXmX`cc\i \eXcgX^\%C\i\jgfejXYc\[\cË\ogcf`kXk`feX[\jmXZ_\j~kiX`i\#[l

ŸIXg_X‡c>l`cc„

½ÜKI<9<I>ßI<# :Ë<JKLEDF;<;<M@<¾

ŸIXg_X‡c>l`cc„

()

]ifdX^\~gif[l`i\%J`cË\og„i`\eZ\_ldX`e\j\i„m…c\ZXkXjkifg_`hl\# cXkiX`k\\kcX]XYi`ZXk`fecl`gcX`j\ekXlgf`ek[\]X`i\#cËXee„\jl`mXek\# le\ jX`jfe \e Jl`jj\# Xm\Z [\j ?„i`ej# Xl$[\jjlj [\ :iXej$ DfekXeX% Ef„d`\Xggi\e[m`k\hl\#[Xejc\g\k`kdfe[\[\jY\i^\ijXcgX^`jk\j# `cpX[\lodXe`…i\j[\kiXmX`cc\i1†ki\jXcXi`„iXkkXZ_„~le\ \ogcf`kXk`fe#flY`\eXmf`ijfegifgi\kiflg\XlXgi…jXmf`ijl`m` le\]fidXk`fe\kgclj`\lijdf`j[\jkX^\%GflijXmf`iZ\hlË\cc\ jfl_X`k\miX`d\ek#Ef„d`\jX`khlË\cc\[f`k]X`i\c\dXo`dld [Ë\og„i`\eZ\jgfjj`Yc\%JX[\ie`…i\Xm\ekli\Xm\Zc\jmXZ_\jcX`k`…i\j cË\dd…e\[Xejc\9\Xl]fikX`e#lek\iiX`eal^„gXjj`feeXekdX`jki…j [li%G\e[XekZ`ehjX`jfej\jk`mXc\jjlZZ\jj`m\j# Ef„d`\ kiXmX`cc\iX gfli c\ Zfdgk\ [\ gclj`\lij\ogcf`kXk`fejXmXek[\j\kflie\i m\ijc\jkiflg\Xlofm`ej\k[\kiXmX`cc\igfli jfegifgi\Zfdgk\%<egXiXcc…c\#\eg„i`f[\ _`m\ieXc\#\cc\gXik`iX[Xejc\jl[#f]]i`ijX Zfdg„k\eZ\~[ËXlki\jjkilZkli\jX^i`Zfc\j% ½9\i^…i\\jklek\id\Xjj\q^„e„i`hl\%@cm\lk [`i\Y\XlZflg\kg\l[\Z_fj\j~cX]f`j¾# jfli`kEf„d`\%LeY\i^\i#flle\Y\i^…i\# jËfZZlg\[XmXekX^\[\jfm`ejc\jYi\Y`jgXi \o\dgc\ hl\[\jYfm`ejfegXic\Xcfij[\ ÈmXZ_\ijÉ %CË`[„\#ZË\jk[ËXmf`icXZ_Xi^\[Ële kiflg\Xl#j\lcfl~gclj`\lij%:\cXj`^e`Ô\\e Xmf`ialjk\cX^Xi[\#\eXjjli\ij`dgc\d\ekcX kiX`k\flY`\e\eZfi\le`hl\d\ekcX]XYi`ZXk`fe [\jgif[l`kj%FlY`\ec\jkif`j~cX]f`j%


(*

D8>J8MF@<DFEK9C8E:E—,

CË\jj\ek`\c[lkiXmX`c6Hl\c\jY†k\jX`\ek~dXe^\i#hlË\cc\jjf`\ek \e„kXk~cX[„jXcg\\khl\cËXcgX^\jf`k\eki\k\el%:Ë\jkc\jfc\`c\k cXk\dg„iXkli\\ok„i`\li\hl`ipk_d\ekcXaflie„\%Kkc\dXk`e#XmXek hlË`ce\]Xjj\kifgZ_Xl[#Ef„d`\\dd…e\c\jY†k\j#hl`gkli\ek \e^„e„iXcaljhlË~((_%<ed`c`\l[\aflie„\#Ef„d`\c\jgXihl\XÔe hlË\cc\jÈZ_d\ekÉ#ZË\jk$~$[`i\hlË\cc\jild`e\ek\k]Xjj\ekcXj`\jk\% :\jpjk…d\[\Zfek\ek`fecl`g\id\k„^Xc\d\ek[\È]ld\iÉc\jqfe\j gi„XcXYc\d\ek[„YifljjX`cc„\j%C\jgifd\e\lijm`\ee\ek~cXi\eZfeki\ [\cXY\i^…i\#j\]X`i\\ogc`hl\iZ\d„k`\ijlic\hl\cc\jXgi`fi`jfek efdYi\lo%C\jY†k\jj\ifeki\cZ_„\j\e]`e[ËXgi…j$d`[`gl`j i\gXihl„\jgflicXel`k%½G_pj`hl\d\ek#a\jX`jhl\a\Z_\iZ_\~d\ [„g\ej\i#~d\[„gXjj\i¾#jflc`^e\cXa\le\]\dd\%CXgXk`\eZ\\k cËfYj\imXk`fe[\jY†k\j#c\ipk_d\[\m`\hl\Z\cX`dgfj\#eË\jkgXj j`dgc\%;\gl`jg\l#Ef„d`\Xjfegifgi\kiflg\Xl#)''Yi\Y`j$d…i\j [fek\cc\jËfZZlg\Xm\Zle\Xkk\ek`feԄmi\lj\%GflicXg„i`f[\ \jk`mXc\#m`\ee\ekjËXaflk\iXlkiflg\Xlc\jYi\Y`j[Ële„c\m\li Xi[„Z_f`j% Ef„d`\ZfeÔ\hl\#Zfdd\[XejcXgclgXik[\jd„k`\ij#\cc\X[”j\ YX^Xii\igflij\]X`i\i\jg\Zk\i%DX`jc\dfe[\X^i`Zfc\iXa\le`k2c\j Y\i^…i\jjfek[\gclj\egcljefdYi\lj\j\kXggi„Z`„\j%½8lafli[Ë_l`# ZË\jkgclj]XZ`c\#a\eËX`gclj~aljk`Ô\idXgi„j\eZ\#e`~[flk\i ZfejkXdd\ek[\d\jZfdg„k\eZ\j%AËX`kiflm„led„k`\ihl`d\ g\id\k [\m`mi\\k[ËXjjflm`i gclj`\lij [\d\j gXjj`fej# a\e\ cËXYXe[fee\iX`gXjZfdd\ƒX\ka\e\dËXkkXZ_\gclj~Z\hl\g\ej\ek c\jXlki\j%¾ Ef„d`\kiXmX`cc\[\_fij\k`cpX[\jdfd\ekj[\^iZ\#jl]ÔjXdd\ek i„^lc`\ijgfliXmf`i\em`\[\Zfek`el\i%CXcld`…i\#cXjpdY`fj\Xm\Z c\jY†k\j#c\jgXpjX^\j#c\m\ek% Ef„d`\gXic\[\c`Y\ik„%Jfeipk_d\\jk]XiflZ_\d\ekc`„~Z\cl` [\jY†k\j#[feZ]fiZ„d\ekZfekiX`^eXek#dX`jZ\eË\jkgXjZ\hl` i\jk\#hlXe[\cc\„mfhl\jfekiXmX`c%%%

ŸGXki`Z`XKlm\i`

;<JAFLIEy<JIPK?Dy<JG8IC<GÛKLI8>< ;<J9I<9@J

 GXki`Z`X\ejb`[\iXe[fee„\#gflicËflm\ikli\[li\]l^\%

½HL8E;A<JL@J <EDFEK8>E<#C<DFE;< I<KIFLM<J<J9<CC<J:FLC<LIJ¾

@

cpXle\m`e^kX`e\[ËXee„\j#c\jgXpjX^\j\eZ_Xek\lij[\cX_Xlk\ dfekX^e\fekXkk`i„GXki`Z`XKlm\i`Zfdd\leX`dXek%=`cc\[\ d`c`kX`i\#e„\XlJ„e„^Xc#GXki`Z`XKlm\i`e˄kX`kgXj[`jgfj„\~„mfcl\i [Xejle\em`ifee\d\ekdfekX^eXi[%%%<cc\i\eZfeki\jfegi\d`\i Xdfli\lo#Xcg`e`jk\\k_Xlk$jXmfpXi[#\kXm\Zcl`m`\ek]fe[\ijX ]Xd`cc\~JX`ek$>\imX`j%:Ë\jkgfli\cc\le\i„m„cXk`fe%GXki`Z`XgiXk`hl\ XcfijXjj`[”d\ekXcg`e`jd\#\og„[`k`fej\kkiXmX`cc\\ekXekhlË\ej\`^eXek\ g\e[Xekle\[`qX`e\[ËXee„\j%½:fdd\ekjË\jk]X`kc\m`iX^\\eki\ \ej\`^e\d\ek\k^\jk`fe[\^Šk\6Á]fiZ\[\[\dXe[\i[\jd`j\j\e [`jgfe`Y`c`k„#`ife`j\GXki`Z`X#aËX`gi„]„i„d\d\kki\~dfeZfdgk\% A\jfl_X`kX`j^„i\idfek\dgjZfdd\`cd\gcX`jX`k\kgiXk`hl\icX dfekX^e\~dfe^f”k¾%JXejZfeeX`jjXeZ\gXik`Zlc`…i\[\cXZl`j`e\ \k[\cËXZZl\`c#GXki`Z`XX[feZZfdd\eZ„gXi^„i\ile^Šk\ZfddleXc j`kl„jlic\gcXk\Xl[\JfcX`jfe%G\e[Xekhl`eq\Xej#Z\cXcl`g\id\k

[\kiXmX`cc\i\k[\jËfZZlg\i[\j\j[\loÔcc\j#kflk\em`mXek\e dfekX^e\%CË\em`\[\k\e`ilei\]l^\Xkflaflijkifkk„[XejcXk†k\ [\GXki`Z`X%8`ej`#c\j\e]Xekj^iXe[`jjXek#\cc\Xgfjklc„\kfYk\elcX ^\jk`fe[\j.+gcXZ\jhlËf]]i\c\i\]l^\[\K†k\Ifljj\#g\iZ_„~ *)''d…ki\j[Xejc\dXjj`][lDfek$9cXeZ%½J\ejXk`fee\c¾#i„jld\ GXki`Z`X#~c˄mfZXk`fe[\Z\kk\i\jgfejXY`c`k„#~cËfi„\[\jXj`o`…d\ jX`jfe\jk`mXc\Xli\]l^\%

KyDF@EGI@M@Cy>@y ;L>I8E;;yG8IK ;XejcXgif]\jj`fe#GXki`Z`XjXmfli\cËXZZl\`c#c\kiXmX`c[˄hl`g\\kc\j i\cXk`fejXm\Zc\jXcg`e`jk\j\kc\j^l`[\j%CXgfglcXk`fe\jkki…j _„k„if^…e\\kc\ji\eZfeki\jjfekY\cc\j#kflk\jXe`d„\jgXicËXdfli [\cX_Xlk\dfekX^e\%C\Dfek$9cXeZ\jkcXgi`eZ`gXc\[\jk`eXk`fe Xl[„gXik[li\]l^\%Jflm\ek#`cjËX^`k[Ële\XjZ\ej`fe`ek\ej\2gfli Z\ikX`ej#Z\j\iXcXj\lc\\kcËle`hl\]f`jhlË`cj^iXm`ifekc\dpk_`hl\


GI@EK<DGJ$yKy)''0

C8DFEK8>E<8L=yD@E@E

ŸGXki`Z`XKlm\i`

ŸGXki`Z`XKlm\i`

(+

C\i\]l^\[\K†k\Ifljj\# ml[\gl`jcX]XZ\efi[[l9`feeXjjXp% ?„c`gfikX^\#gfliXggifm`j`fee\i c\i\]l^\\em`mi\j\kdXk„i`\c%

jfdd\k%%%GXki`Z`X\jkgi„j\ek\aljk\XmXek c\dfd\ekhl`gi„Z…[\c\[„gXik#XZZfdgX^e\ Xm\Zc\jfli`i\lejflm\e`ihl`#[Ëfi\j\k[„a~# jËXeefeZ\`dg„i`jjXYc\% <cc\Xmfl\e\gXjjfl]]i`i[\c˄cf`^e\d\ek% :_Xhl\Xee„\#gflicËflm\ikli\\kcXd`j\ \egcXZ\[li\]l^\#\cc\jËf]]i\le\dfek„\ \ejb`[\iXe[fee„\%Ledfd\ek[„c\ZkXYc\ gfliZ\kk\Xdfli\lj\[\cXdfekX^e\#gXiZ\ hlË\ejl`k\#g\e[Xekc\jhlXki\df`j[Ëflm\ikli\ [l(\ial`eXl*'j\gk\dYi\ #c\ipk_d\j\iX `ek\ej\½CËle`m\ij\ok„i`\li\jk_fjk`c\# ZË\jkZ\ikX`e#X]Ôid\GXki`Z`X#dX`jc\jiXggfikj jfekki…jZ_Xc\li\lo\kaËpgl`j\Y\XlZflg [\ jXk`j]XZk`fe% CX dXa\li\ gXik`\ [\j g\ijfee\jhl`j„aflie\ek~K†k\Ifljj\jfek [\j_fdd\j%:Ë\jkgi\jhl\gcljj`dgc\[ˆki\ le\]\dd\[XejZ\d`c`\l[Ë_fdd\j#Z\cX Xee`_`c\c\ji`mXc`k„j\kXjjX`e`kc\ji\cXk`fej% C\ gclj `dgfikXek# ZË\jk [ËXmf`i ÈcË\jgi`k dfekX^e\É#ÈcËXggifZ_\dfekX^e\ɾ%HlXe[ \cc\Xk\id`e„jXjX`jfe#GXki`Z`XYi`Zfc\jfe Z_Xc\k#jËf]]i\gc„k_fi\[\jfik`\j\edfekX^e\ \kZ_flZ_flk\jX]Xd`cc\%<cc\jËfZZlg\iX[l i\]l^\kXekhlË\cc\\eXliXcX]fid\g_pj`hl\# cXdfk`mXk`fe#c\gcX`j`i\kc˄e\i^`\%Á+/Xej# \cc\gi\jj\ek\eZfi\[\efdYi\lj\j\kY\cc\j Xee„\j[\mXek\cc\%%% 

GXki`Z`XKlm\i`$I\]l^\[\K†k\Ifljj\ Flm\ik[\al`e~j\gk\dYi\ <ejX`jfeXl'+,',/)+0.

KIF@JM@<J<ELE<# C@y<JÁC8DFEK8>E<%%%

J

pcm`Xe\KXm\ie`\i\jkeXk`m\[\:_Xdfe`o \kX^iXe[`~J\imfq%<e]Xek#\cc\Zflik c\jZXdgX^e\j#c\jZfcc`e\j\kc\jdfekX^e\j% C\jXc\ekflij[lm`ccX^\jfekle`dd\ej\ k\iiX`e[\a\l#\kcXg\k`k\Ôcc\gXjj\[\j _\li\j~i\g„i\ic\jZ_\d`ej#[„Zflmi`ic\j jfliZ\j#dlck`gc`\ij\j`k`e„iX`i\j%8lÔc[\j Xee„\j#c\jdljZc\jjËX]]”k\ek\kcXZfe[`k`fe g_pj`hl\^X^e\\e\e[liXeZ\\k\egfk\ek`\c2 Jpcm`Xe\jË\ekiXŠe\iXg`[\d\ekXm\Zc\ZclY [\jb`Xcg`e[\:_Xdfe`o#dX`j\oZ\cc\Xljj` \ejb`[\]fe[%Ák\cgf`ekhl\g\e[Xekj`o Xej#[\(.~)*Xej#\cc\]\iXgXik`\[\cËyhl`g\ [\ =iXeZ\ [\ jb` [\ ]fe[ \k m`Yi\iX [l hlfk`[`\e[Ële\m„i`kXYc\Xk_c…k\\cc\j\iX kif`j]f`j:_Xdg`fee\[\=iXeZ\\kgXik`Z`g\iX ~kif`j:_Xdg`feeXkj[ldfe[\ %ÁZk„[\ Z\jkXklk[\_Xlk$e`m\Xl#cXc`jk\[\j\j Zflij\j\edfekX^e\j˄gXefl`k#ZXi`c\jk `dg\ejXYc\hl\Jpcm`Xe\pi\efeZ\%%%CX [„Zflm\ik\[lÈgcljcf`eÉ\k[lÈgclj_XlkÉ i\jk\jfec\`kdfk`mgi`eZ`gXc%HlXe[Jpcm`Xe\ hl`kk\cXZfdg„k`k`fe#\cc\gXjj\jfe[`gcd\ [\dfe`ki`Z\[\jb`\kgXiZflikc\j8cg\j Xm\Zj\jZfdgX^efej[\Zfi[„\%Jb`\lj\#

fl`#dX`jXcg`e`jk\#jlikflk%JXj\Zfe[\m`\ Zfdd\eZ\%½>i`dg\i#ZË\jk]X`i\Z\hl\cËfe m\lk[\jfeZfigj#ZË\jkc\gcX`j`i[ËXmf`ikflj j\j j\ej# ZË\jk cËX`jXeZ\ [l [„gcXZ\d\ek m\ik`ZXc¾#\ogc`hl\$k$\cc\%JfeZXiXZk…i\#j\j Xgk`kl[\j#jfek]Xƒfee„jgXilejX`e\jgi`k [\Zfdg„k`k`fe%Ki…ja\le\#Jpcm`Xe\g\i[ jfegi\d`\idXi`\edfekX^e\#\kXggi\e[ [\jjfdd\kjcË_ld`c`k„\kcX]iX^`c`k„[\j †ki\j#le[`jZflijhl\k\eX`k[„a~jfeg…i\# cfijhlË`c„mfhlX`kcXil[\jj\\kcXm„i`k„[\ cXdfekX^e\%%%8gi…j[\jXee„\j[ËXcg`e`jd\ `ek\ej`]#g\e[Xekc\jhl\cc\j\cc\Xaflk\~j\j \og„[`k`fej_`dXcXp\ee\j[fekcX]XZ\jl[$ fl\jk[\cË<m\i\jk [\jflm\ikli\j[\mf`\j \e=iXeZ\#\e@kXc`\#\eEfim…^\fl\eZfi\ XlG„ifl#Jpcm`Xe\fYk`\ekjfe[`gcd\[\ ^l`[\[\_Xlk\dfekX^e\%<cc\j\kiflm\†ki\ cXgi\d`…i\]\dd\`ek„^i„\~cXgi\jk`^`\lj\ :fdgX^e`\[\j>l`[\j[\:_Xdfe`o%

LE<I<:FEE8@JJ8E:<# LE<AF@<@DD<EJ<#D8>@HL<% :fdd\gi\d`…i\jd`jj`fej#Jpcm`Xe\^l`[\iX j\gkDfek$9cXeZ[ËX]Ôc„\>l`[\#Z\cXm\lk [`i\ÈZ\cl`hl`mX[\mXekÉ#hl`dfeki\#hl` Zfej\`cc\%:\cl`hl`X`[\%½AËX`d\[fee\i# aËX`d\gXikX^\i¾#ZfeÔ\Jpcm`Xe\%<e_`m\i#


D8>J8MF@<DFEK9C8E:E—,

ŸJpcmX`eDXjjfee\k

ŸJpcmX`eDXjjfee\k

(,

;\^XlZ_\~[if`k\1^flcfkk\Ég\k`kM`b`e^ÉXlDfek ;fc\ek*/)+d #]XZ\efi[[\cË8`^l`cc\[lD`[`%

\cc\\dd…e\j\jZc`\ekj\e_fij$g`jk\#jlic\jZXjZX[\j[\^cXZ\#jli c\j]XZ\jefi[\kjlihl\chl\jZflij\j%<e„k„#cXk\e[XeZ\\jk [XmXekX^\~cË\jZXcX[\jliifZ_\ifl[Xejc\jÈ+'''É[\j8cg\j%GXi iXggfik~j\jZfcc…^l\jdXjZlc`ej#Jpcm`Xe\XgXi]f`jc\j\ek`d\ek[\ [\mf`i# Xm\Z cË^\# j\ gi„gXi\i [`]]„i\dd\ek# gi`m`c„^`\i gclj [Ë\ekiXŠe\d\ek\kgclj[\gcX^\j[\i„Zlg„iXk`fe%½CX]\dd\mX df`ejcf`e[XejcXjfl]]iXeZ\#[XejcËXck„iXk`fe[\jfeZfigj#hl\c\j _fdd\j#[`k$\cc\j`dgc\d\ek%ÁcXdX`jfe#cX]\dd\Xle\gcXZ\ Y\XlZflggclj`dgfikXek\[XejcË_Xidfe`\[\cX]Xd`cc\%C\jf`i#d\j Zfcc…^l\j^l`[\jd\kk\ekc\jg`\[jjfljcXkXYc\kXe[`jhl\df`#c\ dXk`e#XmXek[\gXik`igflicXaflie„\#aËX`[„a~gi„gXi„c\[Še\i¾ Xaflk\$k$\cc\\ei`Xek% 8lafli[Ë_l`Jpcm`Xe\X,(Xej#\kle\Ôcc\[\ki\`q\Xej#hlË\cc\\dd…e\ gXi]f`j^i`dg\i%½8mf`ile\e]Xek#ZË\jkjXmf`i[\m\e`i\eZfi\gclj gil[\ek#ZfeZ…[\Jpcm`Xe\%CËXm\e`i6:fek`el\ic\gcljcfe^k\dgj gfjj`Yc\~\dd\e\ic\j^\ej\edfekX^e\#dX`jZË\jkc\Zfigjhl` [„Z`[\iX%%%;\kflk\]Xƒfe#dlidli\Jpcm`Xe\[Xejlejfli`i\#a\e\ dË`dX^`e\gXjm`\`cc`i¿¾%

Jpcm`Xe\KXm\ie`\i >l`[\[\_Xlk\dfekX^e\ nnn%Z_Xdfe`o$^l`[\j%Zfd

CXil[\jj\[\jZfe[`k`fej[\m`\\k[˄mfclk`fe[Xej lele`m\ij~[fd`eXek\dXjZlc`e\#Z\jhlXki\]\dd\j \efek]X`kleXkflk%C\liZXgXZ`k„[\kiXmX`c\k [\i„j`jkXeZ\#X]fiZ„c\i\jg\ZkXlkfli[Ë\cc\j% Ági„j\ekkflk\jc\jhlXki\#Xdfli\lj\j[\ cXdfekX^e\#eË\ei\k`i\ekhlËle\^iXe[\_Xidfe`\%%% gXiZ\hl\c\gclj`dgfikXek„kX`k[\m`Yi\iXm\Z c\j_Xlkjjfdd\kj[\JXmf`\Dfek9cXeZ%%%


GI@EK<DGJ$yKy)''0

8D9@8E:<98CEy8@I< 8LKFLI;<J>I8E;JC8:J

(-

ŸJXmf`\Dfek9cXeZ&?lZ_\kk\

C<J+>I8E;JC8:J ;<J8MF@<DFEK9C8E:

ŸJXmf`\Dfek9cXeZ&D`cfZ_Xl

ŸJXmf`\Dfek9cXeZ&CXejXi[

Cfij[\jmXZXeZ\j[˄k„#gXjj`dgc\[\ZfeZ`c`\ic\j\em`\j[\j\e]XekjXm\ZZ\cc\j[\jgXi\ekj ;XejcX]Xd`cc\C`iXe[#DXefe#(+Xej#\kA„i„d`\#-Xej#m\lc\ek~kflkgi`oXcc\i~cXd\i% DX`jc\lijgXi\ekjfekfgk„gflic\j^iXe[jcXZj[\JXmf`\\k[\?Xlk\$JXmf`\% 8dY`XeZ\YXce„X`i\^XiXek`\

ŸJXmf`\Dfek9cXeZ&:_XYXeZ\

;\_Xlk\eYXj1 gfik\kZ_k\Xl[\I`m\jflDfekaflo #~K_fefe$c\j$9X`ej ]XZ\~cXi`m\Jl`jj\\kc\AliX% Pmf`i\#c\gfik% GcX^\[\jXYc\[lcXZC„dXe%

JFLM<E@IJ;LC8:CyD8E Chère Nathalie, Cet été, on a préparé le camping-car, direction les grands lacs de Savoie Mont Blanc ! Depuis le temps que j’entends qu’au cœur des Alpes, il y a “la mer à la montagne”, je voulais en avoir le cœur net ! Je t’écris du lac Léman, première étape de notre tournée. Plages de sable fin à Excenevex, eaux chaudes, douceur de vivre : j’ai même pu faire quelques séances de bronzage bienvenues à Thonon-les Bains, tout en sachant Manon et Jérémie en sécurité sur les plages surveillées. Antoine a même pu faire du ski nautique et de la voile. On peut vraiment tout essayer! Au programme, un tour au marché pour acheter quelques produits locaux, une dégustation de féra fraichement pêchée, la visite du jardin des 5 Sens à Yvoire et une fin de journée qui se terminera par une balade sur les sentiers du Balcon du Léman, avec cette drôle d’impression de longer la mer... nous avons même pu faire une croisière sur un bateau solaire qui s’appelle l’Aquarel ! un moment unique. Bien des bises, Andréa F]ÔZ\[\kfli`jd\[\K_fefe$c\j$9X`ej K„c%1'+,'.(,,,,$nnn%k_fefec\jYX`ej%Zfd nnn%jXmf`\$dfek$YcXeZ&^iXe[j$cXZj


Salut Victor ! re, Maman m’a obligé à écrire au moins une lettre, alors, je lui dicte et elle écrit ! Finalement, avec Manon, on se dit que c’est vraiment raiment chouette, les lacs d’ici ! C’est comme à la mer, sauf qu’on fait encore re plus de choses autour du lac, sans reprendre le camping-car ! À Annecy, je passe des heures à regarder les parapentes et les grands qui s’éclatent en catamaran. tamaran.. J’ai hâte qu’on aille se balader sur la voie verte, te, tu sais que j’adore le vélo ! Papa m’a dit qu’on va pouvoir découvrir Annecy cyy et ces alentours à vélo avec un guide, et qu’on s’arrêtera ’arrêtera a même visiter une vieille prison et des châteaux ! Il fait chaud et on mange plein de glaces ! Salut ! Jérémie rémie

C\ZXeXcc\K_`fl\kc\jM`\`cc\jGi`jfej[Ë8ee\Zp

ŸJXmf`\Dfek9cXeZ&CXejXi[

JFLM<E@IJ;LC8:;Ë8EE<:P

D8>J8MF@<DFEK9C8E:E—,

ŸJXmf`\Dfek9cXeZ&:_XYXeZ\

(.

:_k\Xl[\D\ek_fe$JX`ek$9\ieXi[ Xl[\jjlj[lcXZ[Ë8ee\Zp

Mf`c`\ijlic\cXZ[Ë8ee\Zp

ŸJXmf`\Dfek9cXeZ&:_XYXeZ\

ŸJXmf`\Dfek9cXeZ&QmXi[fe

F]ÔZ\[\kfli`jd\[Ë8ee\Zp K„c%1'+,'+,''**$nnn%cXZ$Xee\Zp%Zfd nnn%jXmf`\$dfek$YcXeZ&^iXe[j$cXZj GXefiXdXjlic\cXZ[Ë8ee\Zp[\gl`jc\IfZ[\j9Ål]j


GI@EK<DGJ$yKy)''0

8D9@8E:<98CEy8@I<8LKFLI;<J>I8E;JC8:J

ŸJXmf`\Dfek9cXeZ&?lZ_\kk\

(/

GcX^\[lC`[f~8`o$c\j$9X`ej\kc\cXZ[l9fli^\k%

JFLM<E@IJ;LC8:;L9FLI><K

C’est moi!

Chère Mamie, Maman et Papa nous ont dit sur le trajet qu’on allait passer quelques jours près du plus grand lac naturel de France. Presque la mer ! On ne voit pas la fin du lac quand on le regarde en longueur ! Et avec la température (24— en moyenne l’été), on s’y croit vraiment ! La première journée a été bien remplie : Jérémie et moi avons commencé par faire un vrai château de sable sur la plage surveillée du Bourget pendant que papa s’est rendu sur la base nautique pour essayer la planche à voile et le wake board. On peut faire tous les sports nautiques dans ce lac, c’est vraiment super. Après la visite de l’aquarium du lac du Bourget, on a loué un bateau pour descendre tout le canal de Savières, et on a essayé de voir les castors ! C’était super. Le moment qu’on a préféré, c’est quand on est allés manger une glace le soir au petit port d’Aix-les-Bains, et se promener pour regarder les bateaux, comme l’année dernière à la mer ! Demain, après la visite de l’Abbaye d’Hautecombe, les parents nous ont promis de louer des MKK pour faire la ligne « Lac et Montagnes ». On pourra même s’arrêter au port du Bourget, pour aller regarder la mise à l’eau des avirons. Il paraît que c’est un très vieux club, qui a été fondé il y a plus d’un siècle ! bisous

Manon

F]ÔZ\[\kfli`jd\[Ë8`o$c\j$9X`ej K„c%1'+.0//-/''$nnn%X`oc\jYX`ej%Zfd

G†Z_\lijlic\cXZ[l9fli^\k%

Gfik[l9fli^\k\kc\I_e\%

ŸJXmf`\Dfek9cXeZ&?lZ_\kk\

ŸJXmf`\Dfek9cXeZ&?lZ_\kk\

ŸJXmf`\Dfek9cXeZ&QmXi[fe

nnn%jXmf`\$dfek$YcXeZ&^iXe[j$cXZj

:XeXc[\JXm`…i\j


D8>J8MF@<DFEK9C8E:E—,

ŸJXmf`\Dfek9cXeZ&D`cfZ_Xl

(0

JFLM<E@IJ;LC8: ;Ë8@>L<9<C<KK< Chers Karine et Jacques,

Les eaux sont incroyablement claires, presque turquoises ! Ici, les bateaux à moteur thermique sont interdits. Je vais me remettre à pêcher en toute sérénité. Il paraît que les ombles chevaliers et les lavarets sont délicieux! Il y a aussi une base internationale d’aviron, mais surtout de quoi se régaler entre les sept plages aménagées et tous les sports de pleine nature (le kayak de randonnée , vous connaissiez ?). Cet après-midi, on emmène les enfants faire de l’accrobranche. Quant à moi, je me laisserais bien tenter par un baptême de parapente ! Je pense que nous allons faire une halte quelques jours, histoire de profiter des randonnées alentour, et de cet écosystème assez remarquable (des kilomètres de roselières, et deux petites îles sauvages !). Une vraie surprise, que la découverte de ce lac et de ses légendes incroyables... À bientôt,

ŸJXmf`\Dfek9cXeZ&;l]i\je\ ]i\je\

Antoine

ŸK_`ebjkfZbAlg`k\i`dX^\j

Je vous envoie cette carte de Savoie, depuis le lac d’Aiguebelette, dernière étape de notre tournée des grands lacs en Savoie Mont Blanc. Ce fut une semaine riche en activités et en découvertes ! L’ambiance balnéaire qui règne autour de ces lacs est assez extraordinaire. Les eaux de ce lac ont la particularité d’être parmi les plus chaudes et les plus douces de France. Le lac est appelé “la perle d’émeraude” et mérite bien son surnom !

;\ ;\_Xlk\eYXj1 BXp BXpXbjlic\cXZ[Ë8@^l\Y\c\kk\% GXiZflijXm\ekli\CXZ[Ë8`^l\Y\c\kk\% GXi

F] F]ÔZ\[\kfli`jd\[Ë8`^l\Y\c\kk\ K„c%1'+.0*-''')$nnn%cXZ$X`^l\Y\c\kk\%Zfd K„ nn nnn%jXmf`\$dfek$YcXeZ&^iXe[j$cXZj


GI@EK<DGJ$yKy)''0 )'

8L:ÄLI;<EFKI<G8KI@DF@E< 8

C8:?8IKI<LJ<;<DyC8E#

Ÿ8cX`eC`mXZ_\

GåC<;yG8IK<D<EK8C ;Ë8IK:FEK<DGFI8@EÁK8E@E><J LEC@<L;<I<E:FEKI<<EKI<G8KI@DF@E<<K8IK

C\:cfŠki\[\cX:_Xiki\lj\[\D„cXe%


D8>J8MF@<DFEK9C8E:E—,

Ÿ8cX`eC`mXZ_\

)(

Ml\\ok„i`\li\ [\cX:_Xiki\lj\[\D„cXe

:

Ë\jkleg\k`kY`aflXiZ_`k\ZkliXc#Z_Xi^„[Ë_`jkf`i\#hl`j˄gXefl`k\ekiflmXekle\j\Zfe[\ m`\[Xejc˄Zi`ehl\cl`f]]i\ekc\j[„Zfij[\cXmXcc„\[l>`]]i\%CX:_Xiki\lj\[\D„cXe# XeZ`\e dfeXjk…i\ ]fe[„ Xl O@@@…d\ j`…Zc\# gclj`\lij ]f`j m`Zk`d\ [Ë`eZ\e[`\j# X ml jX Z_Xg\cc\\kjfeZcfŠki\†ki\ZcXjj„jDfeld\ekj_`jkfi`hl\j#jlZZ\jj`m\d\ek\e(0*)\k(0..%Hl\c „kX`kcË`ek„i†kgflic\:fej\`c^„e„iXc\kcËF;8:F]ÔZ\;„gXik\d\ekXc[Ë8Zk`fe:lckli\cc\ [\ ?Xlk\$JXmf`\ [\ Z_f`j`i cX :_Xiki\lj\ [\ D„cXe gfli `ejkXcc\i le gc\ [„gXik\d\ekXc [ËXik Zfek\dgfiX`e6½@cjËX^`jjX`k[\i\e[i\]fik\kg„i\ee\c\c`\e\eki\Zi„Xk`fe\kgXki`df`e\¾# \ogc`hl\8cX`eC`mXZ_\#Z_Xi^„[\d`jj`fegflicËXikZfek\dgfiX`e%½ÁcXdXe`…i\[Ële[`Xcf^l\ \eki\Z\j`k\_`jkfi`hl\\kefki\„gfhl\Zfek\dgfiX`e\#Z\kk\`e`k`Xk`m\g\id\kXljj`[\]X`i\m\e`i cXZlckli\\ed`c`\liliXc2cXÈ[„Z\ekiXc`j\iÉ#\ehl\chl\jfik\#gfli`ii`^l\icË\ej\dYc\[lk\ii`kf`i\ [„gXik\d\ekXc ¾# Xaflk\ c\ Zfdd`jjX`i\ ^„e„iXc [\j c`\lo% CX :_Xiki\lj\ [\ D„cXe \jk [feZ [\gl`j)'',c\ZX[i\gi`m`c„^`„[Ë\ogfj`k`fej#[\i„j`[\eZ\j[ËXik`jk\j#[˄[lZXk`feXik`jk`hl\\e d`c`\ljZfcX`i\%


GI@EK<DGJ$yKy)''0

8L:ÄLI;<EFKI<G8KI@DF@E<

Ÿ8cX`eC`mXZ_\

))

C\jaXi[`ej[\cX:_Xiki\lj\i„m…c\ekle]XYlc\logXiZ[\jZlcgkli\jZfek\dgfiX`e\j jli hlXki\ _\ZkXi\j% Á gXik`i [l + al`cc\k )''0 \k gfli kflk\ cX jX`jfe \jk`mXc\# cË\ogfj`k`fek\dgfiX`i\[\jfYa\kjÈjli[`d\ej`fee„jÉ[\C`c`Xe9fli^\XkXe`d\iXc\ j`k\%½;„Zflmi\qlej`k\gXki`dfe`Xc\oZ\gk`fee\c#i`Z_\[\.''Xej[Ë_`jkf`i\\k cX`jj\q$mflj „kfee\i gXi cX gi„j\eZ\ [ËÅlmi\j [ËXik`jk\j Zfek\dgfiX`ej hl` [`Xcf^l\ekXm\ZZ\kk\_`jkf`i\$c~%%%¾#ZfeZclk8cX`eC`mXZ_\#Xe`d„[l[„j`i[ËXd\e\i c\^iXe[glYc`Z~cX:_Xiki\lj\[\D„cXe%

CX:_Xiki\lj\[\D„cXeF;8: @e]fidXk`fej\ki\ej\`^e\d\ekjjli1 :_Xiki\lj\[\D„cXe$.+++'KXe`e^\j K„c%1'+%,'%+,%-*%.. ;\_Xlk\eYXj1 Ml\[lZcfŠki\#Xm\Z`ejkXccXk`feXik`jk`hl\ fljli1F]ÔZ\[\kfli`jd\[\KXe`e^\j [\>_pjcX`e9\ik_fcfe% K„c„g_fe\1'+,'*+),', <ogfj`k`fe[ËfYa\kjjli[`d\ej`fee„j nnn%kXe`e^\j%Zfd [\C`c`Xe9fli^\Xk%

ŸC`c`Xe9fli^\Xk

Gclj[Ë`e]fidXk`fej1nnn%Zlckli\.+%]i


)*

JLIC<JG8J;<CË8IK:FEK<DGFI8@E LEyKyGFLIG8I:FLI@IC<JC@<LO ;Ë8IK:FEK<DGFI8@E<E?8LK<$J8MF@<

D8>J8MF@<DFEK9C8E:E—,

Ÿ=fe[Xk`feJXcfdfe

@

dglcj„\kZffi[fee„gXicËF;8:#c\gifa\k[\]„[„i\ic\jki\`q\ jkilZkli\jg\idXe\ek\jc`„\j~cËXikZfek\dgfiX`eXlohlXki\ Zf`ej[l[„gXik\d\ekX[„YflZ_„jlicXZi„Xk`fe[ËleI„j\Xl [ËyZ_Xe^\ ;„gXik\d\ekXc gfli cË8ik :fek\dgfiX`e [\ ?Xlk\$ JXmf`\%C\jki\`q\jkilZkli\jZlckli\cc\j#_Xidfe`\lj\d\eki„gXik`\j jlic\k\ii`kf`i\#j\jfekd`j\jXl[`XgXjfegflii„gfe[i\~le\ Z_Xik\ XjjliXek le e`m\Xl [\ hlXc`k„ [\ [`]]lj`fe Xik`jk`hl\# le [`jgfj`k`][\d„[`Xk`fe\k[ËXZZfdgX^e\d\ek#\kcË\em`\[\]X`i\[\ c˄[lZXk`feXik`jk`hl\Xlgi…j[\jglYc`ZjjZfcX`i\j%CË`[„\\jk[\ gifgfj\i~kfljc\jglYc`ZjlegXiZflij[Ë\ogfj`k`fejXik`jk`hl\jhl` c\j\dd…e\XlohlXki\Zf`ej[l[„gXik\d\ek#[\cXM`ccX[lGXiZ~ 8ee\dXjj\Xl:\eki\Zlckli\c[\=cX`e\\egXjjXekgXicX:_Xg\cc\ [\cXM`j`kXk`fe~K_fefe$c\j$9X`ejfl\eZfi\cË8ikfk_…hl\\kc\ Dlj„\$:_k\Xl~8ee\Zp%:\i„j\Xlm\lkg\id\kki\~Z_XZle[\ kiflm\i\egifo`d`k„[\ji\cX`j[ËXikZfek\dgfiX`e\k[Ë`ejZi`i\c\ [„gXik\d\ek [Xej le\ [peXd`hl\ Zlckli\cc\ [˄Z_Xe^\j \k [\ ZfccXYfiXk`fe%CXmXc\liXaflk„\[\Z\i„j\Xl6<eXggi„_\e[Xek cË\ogi\jj`fe[\Z\jc`\lo#ZË\jkkflk\cXi`Z_\jj\[\jk\ii`kf`i\j[\cX ?Xlk\$JXmf`\hl\Z_XZleg\lk[„Zflmi`i%

C\gXiZ[\cX=fe[Xk`feJXcfdfe%Älmi\[\>fidc\p\kCXg`\%

ŸF[XZ.+

ŸF[XZ.+

Gclj[Ë`e]fidXk`fej1nnn%Zlckli\.+%]i

CX:_Xg\cc\[\cXM`j`kXk`fe%

:Xik\[li„j\Xl[„gXik\d\ekXc [ËXikZfek\dgfiX`e.+

@E=FID8K@FEJGI8K@HL<J HLË<JK$:<HL<CËF;8:6

C

ËF;8:F]ÔZ\;„gXik\d\ekXc[Ë8Zk`fe:lckli\cc\ \jklej\im`Z\ Xee\o\[l:fej\`c^„e„iXc[\cX?Xlk\$JXmf`\hl`Xgflid`jj`fe [\d\e\i[\jXZk`fej[\]fe[jlic\j\Zk\liZlckli\cXle`m\Xl [l[„gXik\d\ek%CXmfZXk`fegi`eZ`gXc\[\cËF;8:\jk[\g\id\kki\ ~kfljc\jglYc`ZjcËXZZ…j~cXZlckli\jfljkflk\jj\j]fid\j1Z`e„dX# k_„ki\#jZlcgkli\#[Xej\#Xikj[\cXil\#dlj`hl\#\kZ%GXiZlckli\# cËF;8: \ek\e[ Èflm\ikli\É# ½ le\ flm\ikli\ hl` eflj g\id\k [\ i\d\kki\\eZXlj\efki\m`j`fe[ldfe[\#[\jZ_fj\j#\khl`Zfeki`Yl\ ~eflj[„m\cfgg\i\ekXekhlË`e[`m`[l¾#jflc`^e\M`eZ`Xe\DflifemXcc\ :_Xi\`cc\#Z_Xi^„\[\Zfddle`ZXk`fe~cËF;8:% CËF;8:e\j\gcXZ\gXji„\cc\d\ek[Xejc˄m„e\d\ek`\c2`cXjjli\ kflk le kiXmX`c [\ jflk`\e \em\ij c\j jkilZkli\j \k c\j \ek`k„j Zlckli\cc\j 1 ZfdgX^e`\j k_„kiXc\j# g\k`k\j jXcc\j [\ jg\ZkXZc\j

fl [\ Z`e„dX [ËXik \k [Ë\jjX`# Xik`jk\j# c`\lo [Ë\ogfj`k`fe [ËXik Zfek\dgfiX`e#XjjfZ`Xk`fej#\kZ%Kfljc\j„k„j#cËF;8:gifgfj\[\j k\dgj]fikj#hl`mfek[\@k`e„iX`i\Y`j#gif^iXddXk`fe[\jg\ZkXZc\j m`mXekjXl:_k\Xl[\:c\idfek ~[\lo\ogfj`k`fej[ËXikgcXjk`hl\# Z\cc\[\cX:_kX`^e`…i\\kZ\cc\[\cX:_Xiki\lj\[\D„cXe%<ec`\e Xm\ZcX;8:;`i\Zk`fe[\j8]]X`i\j:lckli\cc\j #cËF;8:d…e\[\j XZk`fejkiXejm\ijXc\j[\mXcfi`jXk`fe[lgXki`df`e\XiZ_„fcf^`hl\# XiZ_`k\ZkliXc\kd„dfi`Xc% Gc\[\i\jjfliZ\\k[ËXZZfdgX^e\d\ek#cËF;8:kiXmX`cc\~Z\hl\ kfljc\j_XY`kXekj[\cX?Xlk\$JXmf`\gl`jj\ek[`jgfj\i[Ële\f]]i\ Zlckli\cc\[\hlXc`k„\kgiXk`hl\i[\jXZk`m`k„jXik`jk`hl\j%

Gclj[\i\ej\`^e\d\ekj1nnn%Zlckli\.+%]i


GI@EK<DGJ$yKy)''0

)+

8L:ÄLI;<EFKI<G8KI@DF@E<

98II@ßI<;<CË<JJ<@CCFE <ED8LI@<EE<# LE<M@<D@C@K8@I<<E8LK8I:@< ;<II@ßI<C<JI<DG8IKJ;<J=FIKJ%%%

Ÿ=fe[Xk`fe=XZ`d&G%C\dX`ki\ nnn%]fe[Xk`fe$]XZ`d%]i


),

D8>J8MF@<DFEK9C8E:E—,

G

Ÿ1AXZhl\c`e\AfiZ`eIfZ_

\iZ_„j\eki\8mi`\lo\k8ljjf`j\e DXli`\ee\#c\j]fikj[\cË<jj\`ccfefek XYi`k„~gclj`\lij„gfhl\j[\j^Xie`jfej d`c`kX`i\j[fekcXgi`eZ`gXc\XZk`m`k„„kX`k cXjlim\`ccXeZ\%<e\]]\k#c\j]fik`ÔZXk`fej i„Xc`j„\j~gXik`i[\(/(.]X`jX`\ekf]ÔZ\ [˄c„d\ekj[\[`jjlXj`fegfli`dgi\jj`fee\i cË\ee\d`gfk\ek`\c\kc\[„ZfliX^\i% :\j ZfejkilZk`fej i\e]\idX`\ek \e c\li j\`ele\m`\d`c`kX`i\Xjj\qXljk…i\gl`jhl\ gi`eZ`gXc\d\ekipk_d„\gXic\jkflij[\ ^Xi[\\kcË\ekiXŠe\d\ek%;Xejc\jYk`d\ekj [\ZXj\ie\d\ek#c\jgX`ccXjj\j`dg\ijfee\cc\j „kX`\ekfZZlg„\j\e]feZk`fe[\jkflij[\ ic\[\jlim\`ccXeZ\%C\jd`c`kX`i\j„kX`\ek Xjj\q`jfc„j#jlikflkcË_`m\i%C\iXm`kX`cc\d\ek~ 8ljjf`j\ecX`kX^\j\kgif[l`kj]iX`jjpdYfc`jX`k c\jj\lcjiXi\jdfd\ekj[\Zfddle`ZXk`fe \eki\c\j^Xie`jfej\kcXgfglcXk`fecfZXc\% ;Xejc\j\eZ\`ek\j[\j]fikj#fee\giXk`hlX`k gXj[˄c\mX^\%J\lcjhl\chl\j]flij~gX`e#hl` [\d\li\ek\eZfi\Xlafli[Ë_l`#k„df`^e\ek [\Z\hl`XjjliXcXYXj\[\cËXc`d\ekXk`fe [\jd`c`kX`i\j% Ÿ=fe[Xk`fe=XZ`d&G%C\dX`ki\ nnn%]fe[Xk`fe$]XZ`d%]i

<dYc…d\[\jk`iX`cc\lijdXifZX`ej


GI@EK<DGJ$yKy)''0

8L:ÄLI;<EFKI<G8KI@DF@E<

Ÿ=fe[Xk`fe=XZ`d&G%C\dX`ki\ nnn%]fe[Xk`fe$]XZ`d%]i

Ÿ=fe[Xk`fe=XZ`d&G%C\dX`ki\ nnn%]fe[Xk`fe$]XZ`d%]i

ŸAXZhl\c`e\AfiZ`eIfZ_^

)-

;\_Xlk\eYXj1 Efd[Ëled`c`kX`i\% =fik[\cË<jj\`ccfe%

:Ë\jk ~ cË`e`k`Xk`m\ [\ Z\ikX`ej _XY`kXekj [\ Df[Xe\ hl\ hl\chl\j ZX]„j ]li\ek Xd„eX^„j[Xejc\_Xd\Xl[\cË<jj\`ccfe% 8lafli[Ë_l`#le\dX`jfegfikXekcË\ej\`^e\ ÈÁcË<jj\`ccfeÉ\o`jk\kflaflij#Zfdd\gfli iXgg\c\iZfdY`\ecË\e[if`kXcfe^k\dgj„k„ c\j\lcc`\l[\[`jkiXZk`fe[\jd`c`kX`i\j% ;\Z\kk\m`\\ehlXj`$XlkXiZ`\#jlYj`jk\ek [\efdYi\lo[\jj`ej\k^iX]Ôk`j#k„df`ej [\j^Xie`jfejjlZZ\jj`m\j%;Xejle\[\j Z_XdYi„\j[l=fikM`Zkfi$<ddXel\c#fe g\lkXg\iZ\mf`ic\jkiXZ\j[\j\jhl`jj\j[\j k`iX`cc\lijdXifZX`ejhl`XmX`\ek[\jj`e„jlile dli#~c˄gfhl\[\cXj\Zfe[\^l\ii\dfe[`Xc\# c\j\dYc…d\j[\c\liYXkX`ccfe1ledfek \dYc„dXk`hl\[lDXifZ#legXcd`\i#X`ej` hlËled`eXi\k%8l[„kfli[\cXm`j`k\[\j]fikj [\cË<jj\`ccfe#ZË\jkXljj`ÉcXg\k`k\_`jkf`i\É hl\c\jm`j`k\lijg\lm\ek[„Zflmi`i%

I\d\iZ`\d\ekj~AXZhl\c`e\AfiZ`e IfZ_#I\jgfejXYc\:lckli\\k gXki`df`e\Æ:fddleXlk„[\ :fddle\j?Xlk\DXli`\ee\&MXef`j\

=fik[\cË<jj\`ccfe @e]fidXk`fej\ki\ej\`^e\d\ekjjli1 F]ÔZ\[\kfli`jd\[Ë8ljjf`j DX`jfe[Ë8ljjf`j .*,''8ljjf`j K„c%'+.0)'*'/'$=Xo%'+.0)'+')* <$dX`c1`e]f7Xljjf`j%Zfd :_Xhl\dXi[`Xgi…jd`[`\eal`cc\k$Xf”k# le\m`j`k\^l`[„\[lj`k\mflj\jkgifgfj„\% @ejZi`gk`fe~cXDX`jfe[Ë8ljjf`j%


).

D8>J8MF@<DFEK9C8E:E—,

G@<II<J$=FIK<J;<J8MF@<ž

Ÿ=fe[Xk`fe=8:@DÆG%C\dXŠki\

Xl gXpjX^\ kfli`jk`hl\ [\ cX JXmf`\% @cj i\kiflm\eki„^lc`…i\d\ekm`\cfij[\jm`j`k\j ^l`[„\j fl c\ k\dgj [\ hl\chl\j i\gi„j\ekXk`fej k_„kiXc\j% 8lkXek [ËfZZXj`fej[\ZfejXZi\ihl\chl\j_\li\j ki…j`ek„i\jjXek\j~c\li[„Zflm\ik\%

I\d\iZ`\d\ekj~DXi`\:fcc`fk K_„c…e\#:_Xi^„\[\cË`e]fidXk`fe \k[\ji\cXk`fejgi\jj\[\cX=8:@D

Ÿ=fe[Xk`fe=8:@DÆG%C\dXŠki\

Ÿ=fe[Xk`fe=8:@DÆG%C\dXŠki\

:i„„\e(00,#cË`k`e„iX`i\G`\ii\j$]fik\j[\ JXmf`\žgifgfj\cX[„Zflm\ik\[\[`o$j\gk j`k\j]fik`Ԅj#aXcfeeXekcË\jgXZ\\kc\k\dgj% M„i`kXYc\jj\ek`e\cc\j[\g`\ii\ji„gXik`\j kflkXlcfe^[\jmXcc„\jXcg`e\j#`cjjfekc\j k„df`ej ]`^„j [Ële\ _`jkf`i\ d`cc„eX`i\ dflm\d\ek„\%;\cXil`e\d„[`„mXc\#~cX ]f`jdpjk„i`\lj\\kifdXek`hl\#Xlm`\lo ]fikYc\jj„gXicX]fc`\[\j_fdd\j#Z\j \ej\dYc\j [„]\ej`]j YX`^e\ek [Xej le\ Xkdfjg_…i\\emf”kXek\#gifgi\~\eZ_Xek\i cË`dX^`eX`i\[lm`j`k\li% C\lijj`k\j^iXe[`fj\j#\eZ_jj„j[Xejle „Zi`e [\ dfekX^e\j ~ c˄^Xc [\ c\lij gXefiXdXjcXi^\d\ekflm\ikjjlic\jmXcc„\j \em`ifeeXek\j#ZfdYc\ifekc\jZfek\dgcXk`]j% CËXdXk\li [\ Y\c flmiX^\ Xggi„Z`\iX cX gifl\jj\XiZ_`k\ZkliXc\[\Z\ikX`eje`[j [ËX`^c\c\=fik[lK„c„^iXg_\~MXccf`i\#c\ =fik[\cXGcXkk\~9fli^$JX`ek$DXli`Z\#cX I\[flk\il`e„\XlZfc[lG\k`kJX`ek$9\ieXi[ # cË\em\i^li\[\hl\chl\jZfcfjj\j\e[fid`j c\=fikM`Zkfi$<ddXel\c[XejcXYXii`…i\ [\cË<jj\`ccfe~8ljjf`j#c\=fik[\KXd`„~ D\iZlip #kflkZfdd\c\jf`eXggfik„~cX gclj df[\jk\ d\liki`…i\% :\j ]fikj \k Z_k\XloXggfik\ekle\kflZ_\fi`^`eXc\

;\_Xlk\eYXj1 MXccf`i\#=fik[lK„c„^iXg_\% JX`ek$G`\ii\[Ë8cY`^ep#:_k\Xl[\D`fcXej% =fik[\MXi`jj\cc\#XiZX[\j)%

@E=FID8K@FEJGI8K@HL<JC8=FE;8K@FE=8:@D CX=fe[Xk`fe=XZ`dd…e\#[\gl`j(0.-#[\j XZk`fejjlic\k\ii`kf`i\jXmfpXi[j\cfehlXki\ ^iXe[jXo\j~[\jk`eXk`fe[\jglYc`ZjcfZXlo fl[\gXjjX^\[XejcXi„^`fe% CXmXcfi`jXk`fe[lgXki`df`e\Zlckli\c\e JXmf`\#efkXdd\ek[Xejc\GXpj[ËXik\k [Ë_`jkf`i\[\j?Xlk\jmXcc„\j[\JXmf`\ž hlË\cc\Xe`d\[\gl`jjXZi„Xk`fe#\e(00(% 8lafli[Ë_l`# cX =fe[Xk`fe [„m\cfgg\ [\j XZk`m`k„j Xlkfli [\ + `k`e„iX`i\j [\ [„Zflm\ik\1 ›8iZ_`g\cj[ËXck`kl[\ž1C\jjkXk`fej[\jgfikj [Ë_`m\i#mX`jj\Xlo[\je\`^\j~cËXiZ_`k\Zkli\ `eefmXek\fljkXk`fejm`ccX^\j#i\Յk\ekle Xd„eX^\d\ekXl[XZ`\lo[\cXdfekX^e\ \kcË_`jkf`i\[\j_fdd\jhl`fek`dX^`e„ [\eflm\Xlo\jgXZ\j[\cf`j`ij%

›:_\d`ej[lYXifhl\ž1C\jefdYi\lj\j „^c`j\j\kZ_Xg\cc\j[\JXmf`\i\Z…c\ekleXik ]f`jfeeXekXl[„Zfi\olY„iXek#~cXjkXklX`i\ i`Z_\ \k Xlo a\lo [\ cld`…i\ „kfeeXekj% Df[\jk\j ~ cË\ok„i`\li# jfdgkl\lj\j ~ cË`ek„i`\li#\cc\jk„df`^e\ek[\cX]\im\li [\jZfddleXlk„jdfekX^eXi[\j\eki\c\j OM@@…d\\kOM@@@…d\j`…Zc\j% ›G`\ii\j]fik\j[\JXmf`\ž1[\gl`jc\Z_k\Xl d„[`„mXcaljhlË~cËflmiX^\[\cXc`^e\DX^`efk [\j8cg\j#Z\k`k`e„iX`i\i„m…c\cËX[XgkXk`fe [\j]fik`ÔZXk`fejXld`c`\lXcg`e#c˄mfclk`fe [\j jpjk…d\j [„]\ej`]j# cË_`jkf`i\ [\ cX ]ifek`…i\\k[\cXDX`jfe[\JXmf`\% › K\ii\j [\j 8cg\jž 1 CX [„Zflm\ik\ [\ k\iif`ijjXmfpXi[jZ_f`j`jgflicXhlXc`k„ [\c\liXiZ_`k\Zkli\kiX[`k`fee\cc\#c\lij

gXpjX^\jX^i`Zfc\j\kc\lijgif[l`kj#g\id\k [\d`\loZfdgi\e[i\c\j]fe[\d\ekj[\ cXjfZ`„k„iliXc\#\k[\ZfeeXŠki\cË_`jkf`i\ gXjj`feeXek\[\Z\lohl`cËfek]Xƒfee„\% ÁZk„[\Z\cX#cX=8:@Djflk`\ekcXm`\ c`kk„iX`i\\eGXpj[\JXmf`\\efi^Xe`jXek [\ji\eZfeki\jXm\Zc\j„Zi`mX`ej#„[`k\[\j flmiX^\j[\mXcfi`jXk`fe[lgXki`df`e\\k d…e\ [\j XZk`fej [\ i\Z_\iZ_\ jli [\j k_„dXk`hl\jjg„Z`Ôhl\jXlok\ii`kf`i\j[\ cXdfp\ee\\k[\cX_Xlk\dfekX^e\%

Gclj[\i\ej\`^e\d\ekj1 nnn%]fe[Xk`fe$]XZ`d%]i


GI@EK<DGJ$yKy)''0

C

Ë\ogfj`k`feg_fkf^iXg_`hl\Xii`m\[\ 9ilo\cc\j#f“\cc\\jki\jk„\hl\chl\j df`j#\kjËXggi†k\~jlYc`d\icXjXcc\ kflkaljk\i„efm„\[\cX>iXe^\YXk\c`…i\# j`kl„\jlic\j`k\[\cË8YYXp\Z`jk\iZ`\ee\ [Ë?Xlk\ZfdY\%:\Yk`d\ek[lO@@@…d\#hl` „kX`k~cËfi`^`e\lemXjk\^i\e`\i[fekcX gXik`\YXjj\j\imX`k[\_Xe^Xi~YXihl\j#X ]X`k\e)''.cËfYa\k[ËlegcXe[\i\mXcfi`jXk`fe [l gXki`df`e\ \k kiflm\ [„jfidX`j le\ j\Zfe[\ m`\ \e „kXek le c`\l gi`m`c„^`„ [ËXe`dXk`fej\k[Ë\ogfj`k`fejZlckli\cc\j\e JXmf`\%CË\ogfj`k`fehl\cX>iXe^\YXk\c`…i\ XZZl\`cc\iX[l),al`eXl*'Xf”k)''0\jk le`hl\% <e(,''#D`Z_\c8e^\eËXgXj),XejcfijhlË`c XZ_…m\cXgi\d`…i\\kcXgcljZ„c…Yi\[\j\j G`\k~#le\ZfddXe[\[\jk`e„\~cX:_Xg\cc\ [\jIf`j[\=iXeZ\~cX9Xj`c`hl\JX`ek$G`\ii\% JZlcgk„\[Xejlej\lcYcfZ[\dXiYi\[\ :XiiXi\#cXG`\k~d\jli\(d.+[\_Xlk#\k i\gi„j\ek\cXM`\i^\Xjj`j\#k\eXekjlij\j ^\efloc\Zfigj[l:_i`jkkflk\ek`\i%

CË\ogfj`k`fe g_fkf^iXg_`hl\ [\ IfY\ik ?lgbXXZ\cX[\gXik`Zlc`\ihl\c\jZc`Z_„j fek „k„ gi`j \e c\li k\dgj [Xej [\j Z`iZfejkXeZ\j \oZ\gk`fee\cc\j% <e (0-+# cfijhl\cXG`\k~\jk\emfp„\XloykXkj$Le`j gflicË<ogfj`k`fe@ek\ieXk`feXc\[\E\n$ Pfib#IfY\ik?lgbX\jkj`dgc\d\ekZ_Xi^„ [\i„Xc`j\ile\g_fkf^iXg_`\gflile[`jhl\ jflm\e`i% GXjj`fee„[\g_fkf^iXg_`\#IfY\ik?lgbX gi\e[iX[\jd`cc`\ij[\Zc`Z_„j#\eef`i\k YcXeZ#\eZflc\li#jfljkfljc\jXe^c\j\k~ kflk\jc\j_\li\j[lafli\k[\cXel`k%;\ Z\dfd\ek`ek`d\Xm\ZcXG`\k~eXŠkifekle c`mi\\kle\\ogfj`k`fe%Gcljg\ijfee\eËXliX cËfZZXj`fe[\cXg_fkf^iXg_`\iXm\Zle\ k\cc\gifo`d`k„%%% ;\gl`jgclj[\[`oXej#cË\ogfj`k`fe[\IfY\ik ?lgbX j`ccfee\ cË<lifg\ \k cX =iXeZ\# gifmfhlXekgXikflkf“\cc\jËXii†k\le\ ^iXe[\„dfk`fe%<jgXZ\jZ„ef^iXg_`hl\ `[„Xc#cX>iXe^\9Xk\c`…i\f]]i`iXg\e[Xek [\lodf`jlejg\ZkXZc\dXa\li%

ŸIfY\ik?lgbX

ŸIfY\ik?lgbX

ŸIfY\ik?lgbX

CË8998P<;Ë?8LK<:FD9<# ?åK<;ËLE<<OGFJ@K@FE LE@HL<JLIC8G@<KÁ

ŸIfY\ik?lgbX

8:KL8C@KyJ

)/

Ml\\ok„i`\li\[\cX^iXe^\ JXcc\gi`eZ`gXc\i„efm„\%

CXG`…kX @e]fidXk`fej\ki\ej\`^e\d\ekjjli1 >iXe^\YXk\c`…i\[\cËXYYXp\[Ë?Xlk\ZfdY\ <ogfj`k`fe[l),al`eXl*'Xf”k)''0 Kfljc\jaflijjXl]c\jdXi[`j ('_$()_›(+_$(/_ M\ek\[\jY`cc\kj1 jligcXZ\~cX>iXe^\9Xk\c`…i\ Gc\`ekXi`]1*E KXi`]i„[l`k1)Egflic\j^iflg\j# c\j]Xd`cc\j#c\jY`cc\kj^iflg„j<ogf"YXk\Xl >iXkl`kgflic\jdf`ej[\(/Xej Gflikflji\ej\`^e\d\ekj Zfdgc„d\ekX`i\jjlic\jgi`o1 :fekXZk\icËF]ÔZ\[\Kfli`jd\[Ë8`o$c\j$9X`ej


GI@EK<DGJ$yKy)''0

C8=8LE<<KC8=CFI< C8

)0

D8>J8MF@<DFEK9C8E:E—,

?@JKF@I<#M<IKLJ <KJ<:I<KJ;<JGC8EK<J

:

Ë\jkle]X`k1c\j_fdd\jj\j\im\ek [\jgcXek\j[\gl`jcXel`k[\jk\dgj% ;ËXYfi[Xc`d\ekX`i\j#\cc\jfekgiflm„ c\lij]XZlck„jZliXk`m\j\keËfekZ\jj„[\gl`j [ˆki\\ogcf`k„\jjfljkflk\jc\lij]fid\j% <e\]]\k#kflk\jc\jgXik`\j[\cXgcXek\ g\lm\ek†ki\lk`c`j„\j%C\jgcXek\jhl\cËfe kiflm\\eJXmf`\Dfek9cXeZjfek[\jgcXek\j [\dfekX^e\\kc\li_`jkf`i\[f`kY\XlZflg XloZfe[`k`fej[`]ÔZ`c\j[Xejc\jhl\cc\j\cc\j m`m\ek%:fdd\c\jgcXek\j[\jd\ijfl[\j [„j\ikj#c\jgcXek\j[\efjdfekX^e\jfek jljËX[Xgk\i~[\jXc„XjZc`dXk`hl\jZfekiXi`„j \k fek [„m\cfgg„ \e Z\cX [\j hlXc`k„j Y`fcf^`hl\jgXik`Zlc`…i\j%CXhlXc`k„[\jjfcj \kcXgli\k„[\cËX`ii\e]fiZ\ekc\lijm\iklj%

Ÿ<mpEfi[

C\jgXpjX^\j[\JXmf`\Dfek9cXeZXYi`k\ekle\Õfi\i`Z_\[\gi…j [\*'''\jg…Z\j%;\efdYi\lj\jmXi`„k„jjfekgifk„^„\j[Xej[\j \jgXZ\jgi„j\im„\jZXic\lijlim`\\jkXljj`gi„Z`\lj\hl\c\lij m\iklj%Lk`c`j„\j[Xejc\jZfdgfj`k`fej[\d„[`ZXd\ekjfljlYc`d„\j ~cXkXYc\[\j^iXe[jZ_\]j#[„Zflmi\qhl\chl\j$le\j[\Z\jgcXek\j Xlod`cc\jhlXc`k„j¿

LE<G?8ID8:@<>I8E;<LI E8KLI< C\g„i`d…ki\dfekX^eXi[\jkle\m„i`kXYc\ g_XidXZfg„\\egc\`eX`i1c\jgi`eZ`g\j XZk`]j\okiX`kj[\gcXek\jk\cc\jhl\cËXie`ZX [\jdfekX^e\jflcXZ\ekXli„\aXZ„\#jfek [`i\Zk\d\ek\emfp„\j[Xejc\jcXYfiXkf`i\j gflicX]XYi`ZXk`fe[\Z\ikX`ejd„[`ZXd\ekj% GXid`c\j[`qX`e\j[Ë\jg…Z\ji\Z\ej„\j\e dfekX^e\#hl\chl\jgcXek\jjË`ccljki\ekgXi cË\]ÔZXZ`k„[\c\liXZk`fe%CX^\ek`Xe\aXle\# ^iXe[\_\iY\ifYljk\[fek`c]XlkXkk\e[i\ j\gk~[`oXejXmXek[\gflmf`i\ei„Zfck\i c\jiXZ`e\j#Xgclj[\hl`eq\m\iklj#~cX]f`j XifdXk`hl\j\kd„[`Z`eXc\j% C\jXcgX^\j[\j8cg\jf]]i\eklek\iiX`e i`Z_\\k[`m\ij`Ԅ\ek\id\j[\gcXek\j% GflikXek#c\liZl\`cc\kk\\jkj„i`\lj\d\ek i„^c\d\ek„\# X]`e hl\ c\j \jg…Z\j e\ [`jgXiX`jj\ekgXj%GfligifÔk\i[\jm\iklj ZliXk`m\j \k XifdXk`hl\j [\j gcXek\j [\ efj dfekX^e\j kflk \e i\jg\ZkXek cË\em`ifee\d\ek#c\d`\lo\jk[\j\i\e[i\ [Xejc\j_\iYfi`jk\i`\j%

I\d\iZ`\d\ekj~ympEfi[#jg„Z`Xc`jk\ [\jgcXek\jd„[`Z`eXc\j\kZlc`eX`i\j%

;\_Xlk\eYXj1 :\ekXli„\le`Õfi\Z\ekXli\Xle`ÕfiX % >\ek`Xe\aXle\^\ek`XeXclk\X %


GI@EK<DGJ$yKy)''0

C8=8LE<<KC8=CFI<

C<:8:?<$:8:?< ;<J8E@D8LO?FDF:?IFD<J CX[`m\ij`k„[\jgXpjX^\j\eJXmf`\Dfek9cXeZX`ekif[l`k\ekfljc`\lo#dX`jjlikflk\eXck`kl[\#le\ ]Xle\gXik`Zlc`…i\d\eki`Z_\#gXi]f`jXkpg`hl\%8l[„kfli[Ële\iXe[fee„\#mfljjligi\e[i\qg\lk$ †ki\[\j\jg…Z\j_fdfZ_ifd\j#m„i`kXYc\jjg„Z`Xc`jk\j[lZXdflÕX^\%%%

Ÿ>\kkp`dX^\j

?

fdfZ_ifd`\#[\È_fdfÉd†d\ \k ÈZ_ifd`\ÉZflc\li #\jklegifZ\jjlj hl`m`j\#Z_\qc\jXe`dXlo#~X[fgk\i cXd†d\Zflc\lihl\c\d`c`\lXdY`Xek[Xej c\hl\c`cj„mfcl\ek%CË_fdfZ_ifd`\\jkXljj` cXZXgXZ`k„[ËleXe`dXc~j\Zfe]fe[i\Xm\Z le\em`ifee\d\ek`e\ik\k\chl\c\jXYc\ flcXifZ_\#fl~[„m\cfgg\i#cfij[Ële\ dl\gfeZkl\cc\#le\Zflc\ligifZ_\[\j ZXiXZk„i`jk`hl\jjX`jfee`…i\j%:\kk\]XZlck„\jk ki…jcXi^\d\eki„gXe[l\Z_\qc\j`em\ik„Yi„j# dX`jg\lkXljj`j\i\eZfeki\iZ_\qkfljc\j ^iflg\j[ËXe`dXlo1dXdd`]…i\j#f`j\Xlo# Xdg_`Y`\ej#i\gk`c\j#gf`jjfej#\kkfljc\j ^iflg\j[Ë`em\ik„Yi„j#d†d\j`Z\cX\jkgclj ÕX^iXekZ_\qc\jgXg`ccfej%

JKI8Ky>@<F==<EJ@M< FL;y=<EJ@M<6

Ÿ>\kkp`dX^\j

J`[XejcXdXa\li\gXik`\[\jZXj#cË_fdf$ Z_ifd`\Xgg\c„\hl\chl\]f`jZXdflÕX^\fl d`d„k`jd\ Zfej`jk\~Z\hl\c\jXe`dXlo gXjj\ek`eXg\iƒlj[Xejc\li\em`ifee\d\ek gflij\gi„dle`i[\jXkkXhl\j#\cc\g\lk gXi]f`jj\im`i~[\jÔejf]]\ej`m\j%CËXiX`^e„\ ZiXY\ \jk [`k\ _fdfZ_ifd\ cfijhlË\cc\ k\ek\[\jligi\e[i\jXgif`\jlile\k`^\ [\gcXek\%

Ÿ>\kkp`dX^\j

*'


<eJXmf`\Dfek9cXeZ#cXe\`^\\jkc\gi`eZ`gXc]XZk\li[Ë_fdfZ_ifd`\% C`…mi\mXi`XYc\#cX^fg…[\\k_\id`e\jfekc\jkif`jgi`eZ`gXlojg„Z`d\ej i\dXihlXYc\j[\efjdfekX^e\j%C\gi\d`\i\jklem„i`kXYc\jg„Z`Xc`jk\ [lZXdflÕX^\1`cgi\e[leg\cX^\YcXeZ\e_`m\ihl`[„dXii\gXi j\j\oki„d`k„jgXkk\j\kfi\`cc\j \khl`j˄k\e[\ejl`k\~kflkc\ Zfigj%D†d\kfgfgflic\cX^fg…[\Xcg`e#g\k`kf`j\Xl^i`j\e„k„# kfkXc\d\ekYcXeZ~gXik`i[\efm\dYi\#\khl`m`k~Z\kk\„gfhl\~cX c`d`k\[\je\`^\j„k\ie\cc\j%CË_\id`e\X[fgk\\cc\Xljj`le\Zflc\li YcXeZ_\\e_`m\i#~cË\oZ\gk`fe[\jXhl\l\#hl`i\jk\ef`i\% ;„efd`eXk\liZfddle~Z\jkif`jXe`dXlo1leg\cX^\hl`mXi`\Xm\ZcX k\dg„iXkli\Z\ik\j#dX`j[fekc\Z_Xe^\d\ekXeefeZ\cËflm\ikli\ [\cXjX`jfe[\jXdflij:fdd\j`#Xgi…jc\j\]]fikj[\ZXdflÕX^\ [\ cË_`m\i# c\ k\dgj „kX`k \e]`e m\el ~ cX ^iXe[\ gXiX[\ [\ cX i\gif[lZk`fe¿

D8>J8MF@<DFEK9C8E:E—,

Ÿ>\kkp`dX^\j

*(

I\d\iZ`\d\ekj~9\ieXi[9Xc#[\cË8JK<IJ# :fej\imXkf`i\[\j\jgXZ\jeXkli\cj[\?Xlk\$JXmf`\% K„c%1'+,'--+.,( nnn%Xjk\ij%Xjjf%]i

D8@JFêJ<:8:?< C<;8?L6

Ÿ>\kkp`dX^\j

J

pdgXk_`hl\ Xic„j`\ee\ [\ efj dfekX^e\j# c\ [X_l i\jj\dYc\iX`k ~ le cXdX [fek c\j gXkk\j [\ ^XlZ_\ j\iX`\ek gclj Zflik\j hl\ c\j gXkk\j [\ [if`k\# c\ ZfekiX`^eXek X`ej` ~ j\ [„gcXZ\i kflaflij [Xej cX d†d\ [`i\Zk`fe#jXejgflmf`i]X`i\[\d`$kfli%:\kk\Y`qXii\i`\XliX`k ZXlj„kXek[ËXZZ`[\ekjhlË\cc\XliX`kÔe`gXi[„Z`d\ihlXj`d\ek kflk\cË\jg…Z\#i\c„^lXekX`ej`c\[X_lXliXe^[\j\jg…Z\jXljj` iXi\j hl\ j`e^lc`…i\j%%% <e i„Xc`k„# c\ [X_l \jk le Xe`dXc `dX^`eX`i\#e„[\cXgifg\ej`feeXiiXk`m\[\jZfek\lijfl[\j ]XiZ\lij%:\kÈXkkiXg\$e`^Xl[Ègi\e[iX`kjXjfliZ\Xl[„Ylk[l j`…Zc\cfijhl\#[Xejc\jqfe\jiliXc\j#leȄkiXe^\iÈ„kX`k [\gXjjX^\%C\jgcX`jXek`ej\ei`X`\ekXcfij[\Yfe ZÅli~j\j[„g\ej#iXZfekXekcXZ_Xjj\Xl [X_l\k`d`kXekd†d\jfeZi`%

Ÿ>\kkp`dX^\j

F“j\ZXZ_\c\[X_l68jjli„d\ekXl ZÅli[\jc„^\e[\j\eJXmf`\Dfek$ 9cXeZ%%%


GI@EK<DGJ$yKy)''0

*)

C8=8LE<<KC8=CFI<

Ÿ8ekfe`DXi^Xc`[X

8L:ÄLI;ËLE< Iy@EKIF;L:K@FE IyLJJ@<1 C<>PG8ßK<98I9L

Le^pgX…k\m`k\edfp\ee\aljhlË~*'Xej%


ŸAlc`\e?\li\k

**

D8>J8MF@<DFEK9C8E:E—,

CXi„`ekif[lZk`fe[Ë\jg…Z\j \emf`\[\[`jgXi`k`fejfek kflaflijZ_fj\j[„c`ZXk\j% :\cc\[l^pgX…k\YXiYl# dXa\jkl\lomXlkfli[\gi…j [\kif`jd…ki\j[Ë\em\i^li\# \jkleY\c\o\dgc\[\i„ljj`k\%

E

Ÿ;Xm`[A\eep

flj jfdd\j \e (0.)% >`cY\ik 8d`^l\j# `e^„e`\li ~ cX ;;8= ;`i\Zk`fe ;„gXik\d\ekXc\ [\ cË8^i`Zlckli\\k[\cX=fi†k \kGXlc>„ifl[\k# „d`e\ekfie`k_fcf^l\#k\ek\ekle\gi\d`…i\ i„`ekif[lZk`fe~gXik`i[Ëf`j\Xlogi„c\m„j \e8j`\#dX`jcË`e`k`Xk`m\j\jfc[\gXile „Z_\Z%Le\Yfee\[`qX`e\[ËXee„\jgclj kXi[#c\j[\lojZ`\ek`Ôhl\j\kgXjj`fee„j jË`ejg`i\ek[\cXd„k_f[\[\i„`ekif[lZk`fe gifgfj„\gXic\jXlki`Z_`\ej#hl`Zfej`jk\ ~cX`jj\ijË\emfc\i[\a\le\j^pgX…k\j`jjlj [˄c\mX^\%C\jgi\d`\ijjg„Z`d\ejjfek cZ_„j\e(0/-[XejcXmXcc„\[lIXli`j\e 8lki`Z_\%CËXee„\jl`mXek\#Z\j\iXXlkfli[\ cXZfddle\[lI\gfjf`i\e?Xlk\$JXmf`\ [\i\Z\mf`ilecZ_\i[\^pgX…k\j%8lkfkXc#

C\^pgX…k\YXiYl\jkcËle[\jhlXki\ ^iXe[jmXlkflij\lifg„\ej%

(,-f`j\Xloj\ifekd`jXlmfc\eki\(0/-~ )''/#\e?Xlk\$JXmf`\#\eJl`jj\#\e@kXc`\# [Xejc\D\iZXekfli\kc\j8cg\jDXi`k`d\j% CXi\ZfeeX`jjXeZ\[\kfljZ\j\]]fikjj\iX i„Zfdg\ej„\gXicXeX`jjXeZ\[lgi\d`\i a\le\^pgX…k\YXiYl#leg\k`k_Xlk$jXmfpXi[ e„\eeXkli\[Xejc\dXjj`][l9Xi^p%

AljhlË~Z`ehXej\kXmXek[\j\j„[\ekXi`j\i# c\a\le\^pgX…k\\]]\Zkl\le\jfik\[\cfe^ mfpX^\`e`k`Xk`hl\%%%

CËyHL8II@JJ<LI ;<JDFEK8>E<J

<JGß:<JFLJ?8LK< JLIM<@CC8E:<

:fdd\ekm`kc\^pgX…k\6@cj\eflii`k gi\jhl\\oZclj`m\d\ek[Ëfj#[fek`cZXjj\ c\jkifg^ifjdfiZ\Xlojlic\jg`\ii`\ijgfli \e`e^„i\ic\j]iX^d\ekj%>iZ\~jfe^fj`\i „cXjk`hl\#\k~[\gl`jjXekjjlZj[`^\jk`]j# c\^pgX…k\kiflm\[XejZ\jYflkj[Ëfj[\j gifk„`e\j#[\j^iX`jj\j#\k[\jj\cjd`e„iXlo% C\mXlkfliXlgcldX^\m\ekiXcfiXe^„afl\ lem„i`kXYc\ic\jXe`kX`i\\ej\eflii`jjXek [\ZX[Xmi\j[\Z_Xdf`j#[\Yflhl\k`ej\k [ËXe`dXlo[˄c\mX^\%Fe[„efdYi\kif`j Zflgc\j\eJXmf`\[Xejc\GXiZeXk`feXc [\cXMXef`j\ #\kkif`j\e?Xlk\$JXmf`\# [Xejc\jdXjj`]j[l9Xi^p#[\j8iXm`j\k[l >`]]i\[XejcXi„j\im\eXkli\cc\[\J`ok$ GXjjp %Ágifgfj[\Z\i\Z\ej\d\ek#DXi`\ Q`dd\idXee#Z_Xi^„\[\d`jj`fe]Xle\# gi„Z`j\1½`c\jkgclj]XZ`c\[\[`i\ZfdY`\e `cpX[\Zflgc\jZXiY\XlZflg[\a\le\j f`j\Xloe\jfekgXi]f`jhl\[\gXjjX^\¾% C\ja\le\j^pgX…k\jjfek\e\]]\k\iiXk`hl\j \kj\[„gcXZ\ekcfij[\c\lijgi\d`…i\j Xee„\jaljhlË~cË^\[\+&,Xej [Xejkflk cËXiZXcg`e[\j8cg\jDXi`k`d\jXlo8cg\j Xlki`Z_`\ee\j %

GXiZ\hl\c\Ylk\jk[\[„m\cfgg\i\k [\dX`ek\e`ile\m„i`kXYc\gfglcXk`fe Xlkfefd\[\^pgX…k\jYXiYlj[Xejc\j 8cg\j#c\mXlkfliY„e„ÔZ`\[„jfidX`j[Ële gcXe[\i\jkXliXk`feeXk`feXc\kXcg`e%;\j XZk`fej[\gi„j\imXk`fejfekd\e„\jgfli „m`k\ic\jZfcc`j`fejXm\Zc\jZYc\jX„i`\ej# c\[„iXe^\d\ek#cË\dgf`jfee\d\ek#c\ YiXZfeeX^\%%%Le\d\`cc\li\c\Zkli\[\cX jkilZkli\^„e„k`hl\[\Z\jmXlkflij[f`k†ki\ d\e„\ZXicXgfglcXk`feXcg`e\[\^pgX…k\ gfliiX`kjfl]]i`i[ljpdgkd\[lÈ^flcfk [˄kiXe^c\d\ek^„e„k`hl\É#le\X]]\Zk`fehl` kflZ_\c\jgfglcXk`feji„`ekif[l`k\j#`jjl\j [Ële\g\k`k\gfglcXk`fe]fe[Xki`Z\%½CËle`hl\ Z\eki\[˄c\mX^\[\>pgX…k\YXiYl\e=iXeZ\ j\j`kl\\e?Xlk\$JXmf`\#gflijl`kDXi`\ Q`dd\idXee2ZË\jk[`i\cX]fik\i\jgfejXY`c`k„ [\efj[\lo[„gXik\d\ekj\k[\cXI„^`fejli cXjXlm\^Xi[\[\cË\jg…Z\Xm\ZcXgi„j\eZ\ [\j`oZflgc\ji\gif[lZk\lijjlic\jhl`eq\ hl\Zfdgk\kflkcËXiZXcg`e%%%¾

I\d\iZ`\d\ekj~DXi`\Q`dd\idXee :_Xi^„\[\d`jj`fe]Xle\Xl:fej\imXkf`i\ [\j<jgXZ\jEXkli\cj[\?Xlk\$JXmf`\%


GI@EK<DGJ$yKy)''0

D@<LO:FDGI<E;I<EFJG8PJ8><J

*+

ŸClZDfi\Xl

ŸClZDfi\Xl

:FDD<EKC<J>C8:@<IJ FEK=8xFEEyC<JG8PJ8><J <EJ8MF@<DFEK9C8E:%

;\^XlZ_\~[if`k\1DXjj`][\j8iXm`j#Z_lk\[\j„iXZj[l^„Xek#m`k\jj\[˄Zflc\d\ekdXo`dld [Xejc\dXjj`][lDfek$9cXeZ1[\lod…ki\jgXiafli

JXm`\q$mfljhl\c\jgclj^iXe[j ^cXZ`\ij]iXeƒX`jj\kiflm\ek\e JXmf`\Dfek9cXeZ6

C

XD\i[\^cXZ\#j`kl„\[Xejc\dXjj`] [lDfek$9cXeZ\khl`d\jli\feq\ b`cfd…ki\j[\cfe^#\jkc\gcljcfe^ ^cXZ`\i]iXeƒX`j[\d„kifgfc\%CË_`jkf`i\[\ Z\j^`^Xek\jhl\jdXjj\j[\^cXZ\\jkki…j Xek„i`\li\~cXgi„j\eZ\[\cË_fdd\jli k\ii\#dX`jeË\jk„kl[`„\hl\[\gl`jg\l%8l Dfp\eÛ^\#c\j^cXZ`\ij]X`jX`\ekg\li% @c]Xl[iXXkk\e[i\cËXm…e\d\ek[\cËXcg`e`jd\# ~ gXik`i [\ (./-# gfli Zfdd\eZ\i ~ c\j

ZfeeXŠki\%;Xejc\j8cg\j#c\j^cXZ`\ijjfek gi„j\ekj [\gl`j gi…j [\ kif`j d`cc`fej [ËXee„\j%C\li_`jkf`i\\jkc`„\XlomXi`Xk`fej [lZc`dXk\kXlo^iXe[\j…i\j^cXZ`X`i\j%;\ ]XƒfejZ_„dXk`hl\#gflihlËle^cXZ`\ij\ ]fid\\kj\dX`ek`\ee\#cËXggfik[\e\`^\ [f`k \oZ„[\i cX g\ik\ [\ ^cXZ\ [l\ ~ cX ]fek\% ;Xejc\j8cg\j#c\j^cXZ`\ijfek]Xƒfee„# jZlcgk„c\jgXpjX^\j%C\j^iXe`k\j[lDfek$ 9cXeZ\k[\9\cc\[fee\gfik\ek\eZfi\c\j kiXZ\j]iXŠZ_\j[\cX[\ie`…i\^cXZ`Xk`fe%C\j cXZj[l9fli^\kfl[lC„dXejfekj`dgc\d\ek [\jc`\lof“c\j^cXZ`\ijfekZi\lj„c\jfc gcljhlËX`cc\lij%;\d†d\#\eJXmf`\\k\e

?Xlk\$JXmf`\#c\jmXcc„\j\eLfl\eXl^\# ZË\jk$~$[`i\Xm\Z]fe[gcXk\kÕXeZjXYilgkj  [f`m\ek c\li dfig_fcf^`\ Xlo ^cXZ`\ij# ZfekiX`i\d\ekXlomXcc„\j\eMZfdd\\e DXli`\ee\fl\eKXi\ekX`j\gXi\o\dgc\ # hl`#\cc\j#i„jlck\ek[\c˄ifj`fe[\j\Xlo% Gcljcf`e#~Cpfe#c\j^cXZ`\ijfekcX`jj„[\ ^ifjYcfZj#Zfdd\c\ÈZX`ccflÉ[\:k\$ Ifljj\flcXdfekX^e\[\=flim`…i\% ;\gl`jlej`…Zc\c\j^cXZ`\ijjfekd\jli„j kfljc\jXej%C\lim`k\jj\\kc\li[`i\Zk`fe [\[„gcXZ\d\ek[„g\e[\ek[\gclj`\lij ]XZk\lij1c\lidXjj\#c\lik\dg„iXkli\[\ ^cXZ\#c\Zc`dXk#cXkfgf^iXg_`\#\kZ%CXm`k\jj\ dfp\ee\ [˄Zflc\d\ek [\ efj ^cXZ`\ij


ŸClZDfi\Xl ŸClZDfi\Xl

*,

ŸClZDfi\Xl

Ÿ:fcc\Zk`feClZDfi\Xl&Dlj„\8cg`e%

C\>cXZ`\i[\9`feeXjXp

D\i[\^cXZ\\e(/-'%

D\i[\^cXZ\\e)''-%

Xcg`ej\jk[\hl\chl\jZ\ek`d…ki\jgXiafli% <cc\g\lkXkk\`e[i\aljhlË~[\lod…ki\jgXi afli[XejcXZ_lk\[\j„iXZj[l^„XekjlicX D\i[\^cXZ\@ceËpXhlË~i\^Xi[\iXlkfli[\ eflj1gXikflk#\eJXmf`\Dfek9cXeZ#Z\j „Zflc\d\ekjfekcX`jj„[\jkiXZ\j]XjZ`eXek\j [\c\ligi„j\eZ\%%%

I\d\iZ`\d\ekj~ClZDfi\Xl# ^cXZ`fcf^l\\k[fZk\li \e^„f^iXg_`\Xcg`e\% Gclj[\i\ej\`^e\d\ekj1 nnn%dfi\XlclZ%Zfd Gf`ek\ ?\cYifee\i[XejcXMXcc„\9cXeZ_\%

D8>J8MF@<DFEK9C8E:E—,


GI@EK<DGJ$yKy)''0

?y9<I><D<EKJ ?y

*-

8L:ÄLI;<J?y9<I><D<EKJ I<JGFEJ89C<J<EJ8MF@<DFEK9C8E:

ŸM`eZ\ekK_`„YXlk

JXmf`\Dfek9cXeZi`d\Xm\ZY\Xlk„[\j gXpjX^\j\kXik[\m`mi\%(…i\[\jk`eXk`fe dfe[`Xc\[\jgfikj[Ë_`m\i\kdfekX^e\ gi„]„i„\[\j=iXeƒX`jc˄k„#efjk\ii`kf`i\j d„i`k\ekhl\cËfegi„j\im\c\lijXkflkj]iX^`c\j% Gfik„gXile\mfcfek„leXd`d\\k[\j \e^X^\d\ekj]fikj#c\kfli`jd\[liXYc\eË\jk [„jfidX`jgcljle[floi†m\dX`jle\i„Xc`k„# Zfdd\\ek„df`^e\cXdlck`gc`ZXk`fe [\j_„Y\i^\d\ekjkfli`jk`hl\jm\ik% Kflie„\[\hl\chl\jgifgi`„kX`i\j%

ŸM`eZ\ekK_`„YXlk

K

;\_Xlk\eYXj1 CX=\id\[\Ef„d`\#ml\[\cË\ok„i`\li Le\[\jZ_XdYi\j[l^Šk\

=\id\[\Ef„d`\ nnn%cX]\id\[\ef\d`\%Zfd

flki„Z\dd\ek#c\j>Šk\j[\=iXeZ\JXmf`\fekcXY\cc`j„le\ hlXc`ÔZXk`fe\em`ifee\d\ekXc\Xgg\c„\ÈyZf^`k\jžÉ%>`cc\j \kDXi`\$:_i`jk`e\I\m`Xcjfekc\jgifgi`„kX`i\j[\cËle[\j Z`ehyZf^`k\jžhl\[„efdYi\cXJXmf`\%C\liÈ=\id\[\Ef„d`\É# \jkj`kl„\~D\iZlip#XlZÅli[lGXiZeXkli\ci„^`feXc[ldXjj`] [\j9Xl^\j% ½CX[„dXiZ_\jË\jk]X`k\g\k`k~g\k`k#gi„Z`j\>`cc\jI\m`Xc%<cc\\jk c\]il`k[\efki\j\ej`Y`c`k„[˄Zf$Z`kfp\ejgifZ_\j[\cXeXkli\\k i\jg\Zkl\lo[\jXi`Z_\jj\%C\ki`[\j[„Z_\kj#ZË\jkY`\e#dX`jaljk\ efidXc%Fee\[\miX`kgcljjË\e]„c`Z`k\i#dX`j\e]X`i\leXlkfdXk`jd\# le\„m`[\eZ\%@[\dgflic\jXdgflc\jYXjj\ZfejfddXk`fe%@c]Xlk [feZXcc\igcljcf`e¾%GfliXc`d\ek\ic\lii„Õ\o`fe#c\j^„iXekjj\ [fZld\ek\ekcfe^k\dgj#\kjXm\ekhl\cËXggc`ZXk`feZfeZi…k\[\ c\lijfl_X`k[\gifgfj\ile_„Y\i^\d\eki\jgfejXYc\gXjj\[ËXYfi[ gXic\Z_f`o[\jdXk„i`Xlo%CX]XƒX[\#hl`Xcc`\\e[l`k~cXZ_Xlo\k YXi[X^\\ed„c…q\#\jk\eg`\ii\j[lgXpj#Xm\Zle\kf`kli\i\Zflm\ik\ [ËXi[f`j\j%GflicË`jfcXk`fe#[\cXcX`e\[\Z_Xemi\\k[\cXflXk\[\ Z\cclcfj\2gflic\jg\`ekli\j#[\cË_l`c\[\c`ejg„Z`XcYf`j\i`\j\k le`hl\d\ek[\jg`^d\ekjeXkli\cj%Hl\jk`fegfj`k`fee\d\ek#cX ]\id\\jkfi`\ek„\gc\`ejl[\kXgflimf`j`ej[`i\Zkj[\jgiX`i`\j \eg\ek\[flZ\#leil`jj\Xl\k[\jm\i^\ij%C\Zfe]fikk_\id`hl\ \jkXjjli„gXile\Z_Xl[`…i\~^iXelc„j[\Yf`j\k)'d)[\ZXgk\lij jfcX`i\j% >`cc\jI\m`Xcj\gcXŠk~ZXcZlc\i1½ ?Xidfe`\[lj`k\Xm\Zjfe \em`ifee\d\ek"jflZ`[\dXŠki`j\[\j„e\i^`\j4k\e[i\m\ijcX dX`jfe[\je„^XnXkkjC\jXik`jXejhl`efljfekXZZfdgX^e„j[Xej Z\kk\[„dXiZ_\fekkflj„k„jfcc`Z`k„j[XejleiXpfe[\('bd%:Ë\jk ƒXXljj`#c˄Zfcf^`\¾#Xaflk\$k$`c%GifZ_X`e\j„kXg\jm\ijc\Èkflk i\jgfejXYc\É#[\jg\k`k\jXZk`fej[\j\ej`Y`c`jXk`feXloj\ek`\ij \em`ifeeXekj^iZ\~cËXZhl`j`k`fe[Ëe\j#hl`gfliiX`\ekXZZfdgX^e\i c\j_k\j%Gfli†ki\\e_Xidfe`\Xm\ZcË\em`ifee\d\ek#`c]Xlkc\ Zfdgi\e[i\#Xcc\i~jXi\eZfeki\#kflZ_\ic\jdXk„i`Xlohl`fekj\im` ~]Xƒfee\ic\^Šk\#Ȅ[lhl\iÉ\ehl\chl\jfik\#ZfeZclk>`cc\jI\m`Xc%


9\i^\i`\[lD`iXm`[` nnn%Y\i^\i`\[ld`iXm`[`%Zfd

ŸCX9\i^\i`\[lD`iXm`[`

M

M„i`kXYc\df[…c\[\i„efmXk`fe('' „Zfcf^`hl\#cX9\i^\i`\[lD`iXm`[` \jkj`kl„\~?Xlk\m`cc\$>fe[fekflk gi…j[\9fli^JX`ekDXli`Z\\eKXi\ekX`j\% <cc\f]]i\[\loZ_XdYi\j[Ë_k\j[Xejle\ Yk`jj\[\(/(,#XeZ`\ee\]\id\[\cËXii`…i\ ^iXe[$g…i\[\cËXZkl\cc\gifgi`„kX`i\[\j c`\lo#>\e\m`…m\9fliiXq$DX]Xpfe%CË_XY`kXk \jk\eXZZfi[Xm\Zkfljc\jgi`eZ`g\j[l [„m\cfgg\d\ek[liXYc\#\kgfliZXlj\1 >\e\m`…m\ X i\Yfe[` jli jX ]fidXk`fe gi\d`…i\[„ZfiXki`Z\\kZfej\`c\edXk„i`Xlo Y`f gfli`dX^`e\i\ki„efm\i\ek`…i\d\ek c\j\jgXZ\j[\m`\[\cX9\i^\i`\%½:fdd\ Y\XlZflg[Ë\eki\eflj#\ogc`hl\k$\cc\#aËX` i„Xc`j„hl\efki\dXe`…i\[\Zfejkil`i\\k [\i„efm\iefjdX`jfejeË\jkgXjkflaflij \eXZZfi[Xm\Zc\jgi`eZ`g\j]fe[Xd\ekXlo [\cXeXkli\%¾ ygl`j\d\ek[\ji\jjfliZ\j#jliZfejfddXk`fe [\j„e\i^`\jgfcclXek\j¿XlkXek[\d\eXZ\j gflic\j^„e„iXk`fej]lkli\jhl`fekXd\e„ >\e\m`…m\~cXi\Z_\iZ_\[liX`jfeeXYc\# [\c˄hl`c`Yi\#[lZfdgifd`jc\gcljaljk\% JX [„dXiZ_\ X „k„ i„Zfdg\ej„\ gXi cX hlXc`ÔZXk`fe<em`ifee\d\ek[\:c„mXZXeZ\j# cXY\ceXk`feXc[\cfZXk`fej[\mXZXeZ\j[\ hlXc`k„Zi„„\e(00,#i\Zfeel\kX^i„„gXi c\d`e`jk…i\[lkfli`jd\% Á cX 9\i^\i`\ [l D`iXm`[`# cX [„dXiZ_\ „Zfcf^`hl\e\jËXii†k\gXjXli\ZpZcX^\[\j \Xlolj„\jflXlogf†c\j~^iXelc„j%½AËX` gi`jcXi„jfclk`fe[\kiXmX`cc\i\egfcclXek c\ df`ej gfjj`Yc\# Xm\Z [\j dXk„i`Xlo eXkli\cj#Z\ik\j#dX`ja\k`\ejXljj`~Xggc`hl\i Xlhlfk`[`\e[\jd„k_f[\ji\jg\Zkl\lj\j [\jcf`j[lY`\e$†ki\¾#Xaflk\>\e\m`…m\% 8kk\ek`m\#cXgifgi`„kX`i\[\jc`\logifgfj\ [\jg\k`kj$[„a\le\ijY`f#Zfjd„k`hl\jY`f# \k`em`k\j\j_k\j~j\gifd\e\i[Xejc\ m\i^\i [\ cX gifgi`„k„# f“ j\ Zkf`\ek Z\i`j`\ij#gf`i`\ij#Zf^eXjj`\ij#g†Z_\ij\k [ËXeZ`\ee\jmXi`„k„j[\gfdd`\ij#c\kflk \eki\k\eljjXejgif[l`kjZ_`d`hl\j% C\jgifZ_X`ejgifa\kj6;\jkf`c\kk\jj…Z_\j# lejXleXXlYf`j#leaXi[`e[Ë_\iYfi`jk\i`\ \khl\chl\jilZ_\j#\eki\Xlki\j

D8>J8MF@<$DFEK9C8E:E—,

Ÿ>i\^D`jkiXc

*.

Ml\\ok„i`\li\\k`ek„i`\li\[\cX9\i^\i`\%

E

`Z_„XlZÅli[lGXiZeXkli\cI„^`feXc [\j9Xl^\j#cË?\iY`\i[\cX:cXgg\ \jkleXeZ`\eZfigj[\]\id\1ZË\jk le\ZfejkilZk`fee\lm\hl`XcXgXik`ZlcXi`k„# \egclj[\gifgfj\i[\jZ_XdYi\j[Ë_k\j# [Ëf]]i`i le\ \ogcf`kXk`fe X^i`Zfc\ \e X^i`Zlckli\ Y`f Xl j\`e [\ cXhl\cc\ c\ gifgi`„kX`i\#G_`c`gg\;liXe[#X^i`Zlck\li [\gl`j)'')#Zlck`m\[\jgcXek\jd„[`Z`eXc\j# XifdXk`hl\j\kZlc`eX`i\j%C\j+'''d)[\ Zlckli\j˄k\e[\ek~Z\ekd…ki\j[\cXdX`jfe \k\dYXld\ekcËX`i[lEfp\i#g\k`kYfli^ [\_Xd\Xloj`kl„jfljc\j]XcX`j\j[lÕXeZ fl\jk[lDXi^„i`Xq%Le\Õfg„\[\Zflc\lij \k[\j\ek\lij[„c`ZXk\ji„m…c\ekc\jjXm\lij \kc\jgXi]ldj[\jdfekX^e\jjXmfpXi[\j1 `c p X c~# \e Zlckli\# [\ cX dXlm\# [l d`cc\g\ikl`j#hlXki\jfik\j[\d\ek_\#c\j

kiX[`k`fee\cjk`cc\lc&m\im\`e\&k_pd#[\cX jXl^\#[lj\igfc\k#[ljflZ`#[l]\efl`c#[\ cËXYj`ek_\#[lYc\l\k\kY`\e[ËXlki\jgcXek\j \eZfi\% G_`c`gg\;liXe[X`d\~[`i\hlË\eZl\`cc\kk\# c\k\iiX`e]X`khl\chl\jd`cc`\ij[Ë_\ZkXi\j1 XlY„g`e\#X`c[\jflij#ZflZfl#„^cXek`\i# ^\ek`Xe\#fik`\\kjli\Xlef`im`\e[ifek gXij\d\ic\jZcX`\j[lj„Z_f`i#XmXek[\ [\m\e`i[\jk`jXe\jXlom\ikljY„e„Ôhl\j% ½HlË\cc\jjf`\ekZlck`m„\jflZl\`cc`\j#gi„Z`j\ G_`c`gg\;liXe[#c\jgcXek\jjfek\ogcf`k„\j jXej \e^iX`j Z_`d`hl\ e` g\jk`Z`[\j [\ jpek_…j\%<cc\jjfeki„Zfck„\j\kki`„\j~cX dX`egfliZfej\im\ic\dXo`dld[\c\lij hlXc`k„j%¾ @e^„e`\liX^ifefd\[\]fidXk`fe#G_`c`gg\ ;liXe[ X jfl_X`k„ Xggfik\i le\ mXc\li


GI@EK<DGJ$yKy)''0

?y9<I><D<EKJ

Xaflk„\ ~ j\j Z_XdYi\j [Ë_k\j% CX ]\id\ gfjj…[\ jfe cfk [ËXd„eX^\d\ekji\jgfejXYc\j#Xm\ZcXgi„j\eZ\[Ële\fjjXkli\\e Yf`j#[Ële\Z_Xl[`…i\~^iXelc„j#[ËleYXi[X^\\eYf`ji\Zk`ԄjXej cXjli\\k[\g\`ekli\j`ek„i`\li\jÈY`fÉ%;\gl`j#c\gifgi`„kX`i\[\ cË?\iY`\i[\cX:cXgg\gifgfj\„^Xc\d\ek[\jj`ifgj#c`hl\lij\k Xg„i`k`]j~YXj\[\gcXek\j#\egclj[\j\jk`jXe\j\k[„ZfZk`fej% D\dYi\[\cË8[XY`f#8jjfZ`Xk`fegflic\;„m\cfgg\d\ek[\ cË8^i`Zlckli\9`fcf^`hl\ #G_`c`gg\;liXe[jË\jkmlXkki`Yl\igflijX ]\id\c\jcXY\cjÈGXe[X\keXkli\É#le\i\ZfeeX`jjXeZ\Zfeaf`ek\d\ek Zi„„\gXic\NN=#c\jGXiZEXkli\cjI„^`feXlo\kc\j>Šk\j[\ =iXeZ\%

ŸG_`c`gg\;liXe[

ŸG_`c`gg\;liXe[

*/

?\iY`\i[\cX:cXgg\ nnn%c_\iY`\i[\cXZcXgg\%Zfd

Ÿ:_Xc\kcË@^cff

C

;\_Xlk\eYXj1 GXee\XlojfcX`i\j~cË@^cff%

Ë@^cff\jkle_k\ci\jkXliXek[ËXck`kl[\#kif`j„kf`c\j#dX`j j\jgifgi`„kX`i\j#GXjZXc:_Xg\ccXe[\kAXZhl\j<piXl[#j\ gcX`j\ek~[`i\hl\jfe]feZk`fee\d\ekjli[\lojX`jfej„k„ \k_`m\i jËXggXi\ek\[XmXekX^\~Z\cl`[Ëlei\]l^\[\dfekX^e\% J\gfj`k`fee\iZfdd\le„kXYc`jj\d\eki\jgfejXYc\e˄kX`kgXj Z_fj\„m`[\ek\#Xlml[\cXkfgf^iXg_`\[lc`\l\k[\jZfe[`k`fej gXik`Zlc`…i\jhlË`e[l`kle\em`ifee\d\ek[\_Xlk\dfekX^e\cË@^cff \jkXljfdd\k[lDfek[Ë8iYf`j#~(/**d#\eki\D\^…m\\kJX`ek$ >\imX`j %C\gf`ek[\[„gXikm\ijle_„Y\i^\d\eki\jgfejXYc\# [Xejc\jXee„\j(00)&(00*#X„k„c`„~cX[`]ÔZlck„[ËfYk\e`i[\cË\Xl gfkXYc\%;Xejefki\i„Õ\o`fe#\ogc`hl\GXjZXc:_Xg\ccXe[#eflj Xmfejg\ej„~kflkZ\hl\efljgflii`fej]X`i\gfli„Zfefd`j\i cË\Xl%GfliZ\cX#efljXmfejd`j\egcXZ\le]fiX^\#df[`Ԅefj jpjk…d\j[˄ZcX`iX^\\k`ejkXcc„[\jgXee\XlojfcX`i\jk_\id`hl\j +/d)[\jk`e„j~cË\XlZ_Xl[\ %CË`[„\„kX`kXljj`[\j\ej`Y`c`j\icX Zc`\ek…c\Xm\Zc\Z_Xe^\d\ek[lc`e^\j`e„Z\jjX`i\#lejpjk…d\[\ kf`c\kk\j~Z\cclc\jXm\ZdfeeXp\lijXÔe[Ë`eZ`k\i~cXi\jgfejXY`c`jXk`fe [\jlk`c`jXk\lij#\k[\jdfljj\lij~„Zfefd`\j[Ë\Xl#Xaflk\AXZhl\j <piXl[%CX[„dXiZ_\m\ijle\^\jk`fei\jgfejXYc\[\c˄kXYc`jj\d\ek X[feZ„k„XdfiZ„\gXifYc`^Xk`fem`j$~$m`j[\cË\Xl#dX`j\cc\\jk


D8>J8MF@<DFEK9C8E:E—,

Ÿ:_Xc\kcË@^cff

*0

CË@^cff[Xejjfe_XY`k[Ë_`m\i%

CË@^cff nnn%c`^cff%Zfd

Ÿ>XjkfeDlcc\i

m`k\[\m\el\le\Zfem`Zk`feXggc`hl„\~ cË\ej\dYc\[\jXlki\j„e\i^`\j% CË_k\c$i\jkXliXekX[_…i\ ~ Dfek 9cXeZ yZfKfli`jd\#le\XjjfZ`Xk`fe[fekc\Ylk \jk[ËX`[\ic\jgif]\jj`fee\cj[lkfli`jd\~ `ek„^i\ile\[„dXiZ_\[\[„m\cfgg\d\ek [liXYc\%

>

GXid`c\ji„]„i\eZ\j[\>XjkfeDlcc\i#Y`\e Zfeel\j[\jXcg`e`jk\j#feZfdgk\\eki\ Xlki\jc\i\]l^\[\j:fejZi`kj)-('d #X`ej` hl\[\loZfejkilZk`fejjlicXmf`\ZcXjj`hl\ [ËXjZ\ej`feXlDfek$9cXeZ1c\i\]l^\[\ K†k\Ifljj\*(/'d \kZ\cl`[lE`[[ËX`^c\ )+('d %<eZflij[\ZfeZ\gk`fe#c\gifa\k [li\]l^\8cY\ik@\i).*'d % ;Xejc\ZX[i\[Ële\i\ZfejkilZk`fe[Ële i\]l^\\o`jkXek\e_Xlk\dfekX^e\#ZË\jk$ ~$[`i\Xl$[\c~[\))''d[ËXck`kl[\#c\j gi`eZ`gXloi\g…i\jhl`aXcfee\ekc\jg_Xj\j [\ZfeZ\gk`fe\k[\jl`m`[\kiXmXlojlij`k\ jfek`e_„i\ekjXlgf`ek[\ml\#~cË\og„i`\eZ\ \k~cXj\ej`Y`c`k„[\cËXiZ_`k\Zk\%CXkflk\ gi\d`…i\gXik`ZlcXi`k„[\Z\kpg\[\Yk`d\ek \jk[ˆki\`jfc„[\kflkc`\lliYXe`j„\k[feZ „hl`g„\ei„j\Xlo%½CXZfeZ\gk`fe[f`k jË\em`jX^\i[Xejc\i\jg\Zk[lj`k\eXkli\c [Ëfi`^`e\#Z\hl`[\dXe[\le\Yfee\c\Zkli\ \kZfdgi„_\ej`fe[lc`\l¾#gflijl`k>Xjkfe

ŸDXi`\$ClZ\=i\jZliXk

XjkfeDlcc\i#leXiZ_`k\Zk\hl`gi\e[ [\cX_Xlk\li%%% <eJXmf`\Dfek9cXeZ#Z\ikX`e\j ZfejkilZk`fejfekcXgXik`ZlcXi`k„[ˆki\ Zfeƒl\jXm\Z[\jZfekiX`ek\jkfgf^iXg_`hl\j jg„Z`Ôhl\j1Z\cc\jhlË`e[l`kcX_Xlk\dfekX^e\% >XjkfeDlcc\i\jkleXiZ_`k\Zk\hl`#XlÔc [\jXee„\j#X\oZ\cc„[XejcXZfeZ\gk`fe [\Z\jgifa\kjgXjkflk~]X`kZfdd\c\j Xlki\j#gl`jhlË`cj[f`m\ekk\e`iZfdgk\[\ gXiXd…ki\jk\cjhl\c\i\jg\Zk[ld`c`\l [Ëfi`^`e\#cËXZ_\d`e\d\ek[\jdXk„i`Xlo \kcX]feZk`feeXc`k„[\cË\ej\dYc\[Xej[\j Zfe[`k`fejjflm\ek_fjk`c\j%½<eXck`kl[\#cX [„dXiZ_\[\ZfeZ\gk`fe\jk\eXggXi\eZ\ ki…j]feZk`feeXc`jk\dX`jjfdd\kflk\\e XZZfi[Xm\ZcXÉkiX[`k`fedfekX^eXi[\É [ËX[XgkXk`fe~led`c`\li`^fli\lo¾\ogc`hl\ c\gif]\jj`fee\c%

;\_Xlk\eYXj1i\]l^\[lE`[[Ë8`^c\)+('d #i\]l^\[\K†k\Ifljj\%

Dlcc\i%CË`[„Xc~Xkk\`e[i\6Hl\c\Yk`d\ek gl`jj\k\e[i\m\ijle\Xlkfefd`\„e\i^„k`hl\% >XjkfeDlcc\iXaflk\1½gfliZ\cX#`c]Xlk Z_f`j`i[\jdXk„i`Xloj`dgc\j~d\kki\\e Ålmi\#~\eki\k\e`i\kXljj`c\jdf`ejZf”k\lo gfjj`Yc\j~kiXejgfik\i%Cfijhl\Z\cX\jk gfjj`Yc\#aË\jjX`\[Ëlk`c`j\ic\jdXk„i`Xlo [`jgfe`Yc\j`ej`kl#Zfdd\Z\cXX„k„c\ZXj gflicXg`\ii\[lj`k\lk`c`j„\gflic\i\]l^\ [lE`[[Ë8`^c\%¾

C\j`k\eXkli\cfl`#dX`jc\j_fdd\jXljj`Le gifa\kXiZ_`k\ZkliXchl`mfl[iX`kZ_Xkfl`cc\i c\jZ`d\j\jk[ËXYfi[legifa\khl`iXjj\dYc\ le\„hl`g\gcli`[`jZ`gc`eX`i\m\eXekZfdg`c\i c\jZfeeX`jjXeZ\jc\jgclj[`m\ij\j1^Xi[`\ej# ^l`[\j#dX`jXljj`_p[if^„fcf^l\j#`e^„e`\lij k_\id`Z`\ej#`e^„e`\lij[\jkilZkli\#gXpjX^`jk\j# jXejflYc`\ic\j\eki\gi`j\j#hl`i„Xc`j\ek c\i\]l^\[Xej[\jZfe[`k`fejZc`dXk`hl\j jflm\ek[`]ÔZ`c\j¿


GI@EK<DGJ$yKy)''0

GIF;L@KJ;LK<IIF@I GI

+'

C<M@>EF9C<D@CCyE8@I<;<:<M@EJ J8LMyG8ILE<GF@>Ey<;Ë?FDD<J <eJXmf`\Dfek9cXeZ#cXkiX[`k`fem`k`Zfc\i\dfek\~cX?Xlk\$8ek`hl`k„%ymfhl„\j\ek\id\j „cf^`\logXic\jXlk\lijcXk`ejGc`e\\k:fcld\cc\#c\jm`^e\j[\cË8ccfYif^`\j\jfek„gXefl`\j jli[\jjfcjmXi`„jX[i\kj#i`m\j[\cXZ#Zfk\XloZXcZX`i\j#\kZ% %8cX]Xm\li[ËlejXmf`i$]X`i\d`cc„eX`i\ jflm\ekkiXejd`j[\^„e„iXk`fe\e^„e„iXk`fe#fei\Z\ej\))Zilj8F:%

:

M`\lojXikf\eg`\ii\jj…Z_\j#i„efm„\e)'''gXic\j:fdgX^efej[lKfli[\=iXeZ\%

[\kif`j_fdd\j1\eXmi`c(00.#c\dX`i\ ;\e`jG\iiflo#c\m`^e\ifeD`Z_\c>i`jXi[# \k8e[i„:lik`ccXk#[\cËXjjfZ`Xk`feM`mi\\e KXi\ekX`j\#]fekc\gXi`]fl[\]X`i\i\m`mi\cX m`^e\d`cc„eX`i\%Kflk\jc\jd\j[\Yfee\ mfcfek„[\:\m`ej#]fik\d\ekXkkXZ_„\j ~c\lijm`^e\j#j\^i\]]\ek~Z\gifa\k\k gXim`\ee\ek~]„[„i\ic\j),'gifgi`„kX`i\j [lk\iiX`e%C\jX`[\j[l[„gXik\d\ek#[\cX i„^`fe\k[\cËykXkm`\e[ifekXgglp\icXd`j\ \eÅlmi\[lgifa\k% D`Z_\c>i`jXi[[\m`\e[iXc\^\jk`feeX`i\ m`k`Zfc\[lj`k\%C\jm`^e\jjfeki\YXgk`j„\j \e(000È;fdX`e\[\j8i[f`j`…i\jÉ%Ki…j m`k\#\e)'')#le\gi\d`…i\i„Zfck\m`\ek i„Zfdg\ej\i c\j \]]fikj [\ c˄gfg„\

ŸD`Z_\c>i`jXi[

C\j„Zi`kjc\jgcljXeZ`\ejhl`„mfhl\ek cË_`jkf`i\[\jm`^e\j[\:\m`eji\dfek\ekXl O@…d\j`…Zc\#^iZ\~cËXggfik[Ële[\j=i…i\j [\cË8YYXp\[\KXd`„#dX`jfe`dX^`e\hl\ c\jm`^e\j„kX`\ekY`\egcljXeZ`\ee\j%:\m`ej \jkleg\k`km`ccX^\[\YXjj\KXi\ekX`j\# XZZifZ_„jlileZk\Xl\eki\8cY\ikm`cc\\k Dflk`\ij%C\Z_\d`ehl`cfe^\cËXi†k\[\cX Zfcc`e\\kd…e\~cX:_Xg\cc\[l:XcmX`i\ \jkaXcfee„[\g\k`kjfiXkf`i\j% CXgXik`ZlcXi`k„[lj`k\\jkhl\c\dXehl\ [Ë_\li\j[Ë\ejfc\`cc\d\ek\jkZfdg\ej„ gXilejfcYi”cXek#Zfej„hl\eZ\[Ëlek\iiX`e \jj\ek`\cc\d\ekZfdgfj„[\jZ_`jk\#le\ ifZ_\]\l`cc\k„\#hl`ZXgk\c\jfc\`c%:\kk\ k\ii\j`Z_Xl[\jlicXhl\cc\fee\g\lkgfj\i j\jdX`ej[liXekc\jaflie„\j[˄k„i„m…c\ lek\iif`ile`hl\\e=iXeZ\% DX`ji\m\efej~cË_`jkf`i\%Jlic\jgXik`\j[l Zfk\Xlj„gXi„\jgXileifZ_\i\kle\qfe\ Yf`j„\#cXm`^e\\jkZlck`m„\aljhl\[Xejc\j Xee„\j.'#g„i`f[\f“c\jYf`ji\Zfcfe`j\ek cË\dgcXZ\d\ekXl[„ki`d\ek[\jg`\[j[\ m`^e\%;„j`ek„i†k\k[„jXdfligflicXm`^e\1 Z\j`k\gflikXek`eZifpXYc\d\ekXkpg`hl\ \jkg\l~g\lcX`jj„~cËXYXe[fe%%% CË_`jkf`i\[\jm`^e\j[\:\m`ejj\j\iX`kXii†k„\ c~#dX`jZ˄kX`kjXejZfdgk\ijlicË`ek\im\ek`fe

ŸD`Z_\c>i`jXi[

„gX^\j YcXeZj aXZhl…i\# Xck\jj\# ifljjXee\ \kZ„gX^\jifl^\j^XdXp \k dfe[\lj\  ^„e…i\ek \em`ife Z_Xhl\Xee„\ (+d`cc`fej[\Yflk\`cc\j# jf`k'#)[\cXgif[lZk`fe]iXeƒX`j\%:\kk\ kiX[`k`feXeZ\jkiXc\[\cXm`^e\\jkXeZi„\ aljhl\[XejcXkfgfepd`\[\jc`\lo$[`kj 8`dXm`^e\ ~ Afe^`\lo# cX GcXekXq# \kZ% % ;„Zflmi`ic\jm`^efYc\j[\JXmf`\Dfek 9cXeZ#ZË\jkXljj`[„Zflmi`i[\eflm\Xlo c`\lo#[\jdf[\j[\m`\[`]]„i\ekj#kflk \ek`\i ZfejXZi„j ~ cX m`e`Zlckli\% Jli cX iflk\kfli`jk`hl\[\jm`ej#„kXg\~:\m`ej# f“cXm`^e\iXZfek\[ËXYfi[le\_`jkf`i\ [Ë_fdd\j%%%

D`cc\Xej[\jl\ligfliZfejkil`i\\k\eki\k\e`i c\jdlij\eg`\ii\jj…Z_\j%


ŸD`Z_\c>i`jXi[

+(

Zfcc\Zk`m\2d`\lo\eZfi\#\cc\[„efk\[Ële\ hlXc`k„hl`[„gXjj\c\j\jg„iXeZ\j Gflig„i\ee`j\ic\gifa\k#D`Z_\c>i`jXi[ [„Z`[\[\jËXjjfZ`\i~lea\le\m`^e\ife# 9i`Z\Fdfek#Xii`m„\e)''*[\:_XdgX^e\% C\j [\lo _fdd\j [„Z`[\ek [ËXggc`hl\i c\jgi`eZ`g\j[\cXY`f[peXd`\jlic\lij j`o_\ZkXi\j[\k\iiX`e2`cjYXee`jj\ekkflj c\jgif[l`kjZ_`d`hl\jXÔe[ËXl^d\ek\icX hlXc`k„[\c\lim`e%½CXY`f[peXd`\g\id\k~ cXm`^e\[\d`\lojË`[\ek`Ô\iXlk\iif`i1jXej \e^iX`jZ_`d`hl\j#c\jgcXekj[\m`^e\mfek Z_\iZ_\i[Xejc\jfc\kc\jflj$jfccË\ogi\jj`fe [lk\iif`i¾#\ogc`hl\D`Z_\c>i`jXi[%

;<JM@EJI<:FEELJ G8IC<JGIF=<JJ@FEE<CJ ?XY`kl\cc\d\ek#c\jm`^efYc\j[\JXmf`\ j˄gXefl`jj\ekjli[\jjfcjZXcZX`i\j2Z\ eË\jkgXjc\ZXj~:\m`ej#[fekc\jjfcjjfek XZ`[\j#gi\jhl\^iXe`k`hl\j#\kZË\jkc~kflk\ jX]fiZ\1c\i„jlckXkhlXc`kXk`]\jkj`jflk\el

D8>J8MF@<DFEK9C8E:E—,

hl\c\;fdX`e\[\j8i[f`j`…i\je\gif[l`k Xlafli[Ë_l`hl\[\j^iXe[jm`ej1JZ_`jk\# HlXikq \k 8d„k_pjk\% C\j Z„gX^\j jfek cË8ck\jj\#cXAXZhl…i\#CXIfljjXe\#C\G`efk ^i`j#CXDfe[\lj\YcXeZ_\gflic\jYcXeZj2 cXDfe[\lj\ef`i\\kc\G\ijXegflic\j ifl^\j%I\ZfeeX`jjXeZ\lck`d\#[\efdYi\lo Z_\]j„kf`c„j[\JXmf`\Dfek9cXeZ#[fek DXiZM\piXk#8cX`eG„i`ccXk\kA\XeJlcg`Z\ \eki\Xlki\j#fek`eZclj[Xejc\liZXik\c\ m`e[\:\m`ej% CË_`jkf`i\[\jm`^e\j[\:\m`ejX\eZfi\[\ Y\cc\jgX^\j[\mXek\cc\%;„Zflmi`ijfem`e# ZË\jk[„Zflmi`ilegXpjX^\d\im\`cc\lo#]X`k [\g\k`kjj\ek`\ij\k[\ml\j`dgi\eXYc\j# dX`j ZË\jk jlikflk ]X`i\ _fee\li ~ cX ZfddleXlk„[\gXjj`fee„jhl`Xg\id`j [\c\i\jjljZ`k\i%%%

;fdX`e\[\j8i[f`j`…i\j nnn%[fdX`e\[\jXi[f`j`\i\j%]i GXefiXdXjlic\jm`^e\j%

C<J:@I:L@KJ;<JM@>EF9C<J<EJ8MF@<DFEK9C8E: :i„„~cË`e`k`Xk`m\[\jm`^e\ifej\k[\je„^fZ`Xekj[l:fd`k„@ek\igif]\jj`fee\c[\jM`ej[\JXmf`\#c\:`iZl`k[\jm`^efYc\j[\ JXmf`\gifgfj\kif`j`k`e„iX`i\j\eJXmf`\Dfek9cXeZgfli[„Zflmi`icX[`m\ij`k„[\jm`ej[\JXmf`\% CX:fdY\[\JXmf`\#~hl\chl\jb`cfd…ki\jXljl[$fl\jk[\:_XdY„ip#\jkcË`k`e„iX`i\hl`[„Ylk\~JX`ek$9Xc[fg_gflii\af`e[i\ c\m`ccX^\[Ë8gi\dfek%Mflj†k\j[XejcXqfe\[\gif[lZk`fe[\cË8gi\dfek#XlZf\li[lgclj^iXe[j\Zk\lim`k`Zfc\jXmfpXi[%C\ gXiZflijkiXm\ij\\ejl`k\:_XgXi\`ccXe#c\cXZJX`ek$8e[i„#DpXej\kC\jDXiZ_\j#Ô\]j[\cËXgg\ccXk`fe8Ypd\j%;`i\Zk`fec\jg`„dfekj [lGXiZeXkli\ci„^`feXc[lDXjj`][\j9Xl^\j#i\kflim\ijDfekd„c`XeXm\Zle\_Xck\XlDlj„\i„^`feXc[\cXm`^e\\k[lm`e#\k cË`k`e„iX`i\gi\e[Ôe[Xejc\g\k`km`^efYc\[\Dfek\id`ef[~JX`ek$A\f`i\$Gi`\li„%

ŸJXmf`\Dfek9cXeZ&QmXi[fe

LeXlki\`k`e„iX`i\1:_XlkX^e\\kAfe^`\lo#YflZc\hl`Xgfligf`ek[\[„gXikc\jgXpjX^\j[\cË8mXek$GXpjjXmfpXi[%8[fjj„j~ cXdfekX^e\[\cËyg`e\#c\jZ_XidXekjm`ccX^\j[\JX`ek$A\Xe$[\$:_\m\cl#9`cc`…d\#Afe^`\lo\kClZ\p[„k`\ee\ekc\jXgg\ccXk`fej Dfek_flo#DXi\jk\c\kAfe^`\lo%8lYflk[lcXZ[l9fli^\k#ZË\jkc\m`^efYc\[\:_XlkX^e\%CË`k`e„iX`i\gXjj\\ejl`k\gi…j[\cË8F: J\pjj\c#i„glk„gflij\jm`ej\]]\im\jZ\ekj% <eÔe#[`i\Zk`fec\MXc[\jLjj\j#ifpXld\[\ cXIfljj\kk\[\=iXe^p% CË`k`e„iX`i\[lC„dXe\k8im\Zfdd\eZ\gXi le\[„Zflm\ik\[lm`edfljj\lo[Ë8pq\%Fe Zfek`el\m\ijc\YXj:_XYcX`j#f“c\m`^efYc\ [\:i„gpj˄k\e[jlic\jZfddle\j[\;flmX`e\# 9XccX`jfe\kCf`j`e%C\m`ccX^\[\JZ`\qgifgfj\ [\[„^ljk\ic\Zil[\DXi`^eXe%8K_fefe$c\j$ 9X`ej#gXlj\_`jkfi`hl\Xl:_k\Xl[\I`gX`cc\# le`hl\c`\l[\gif[lZk`fe[lm`eYcXeZ[\ I`gX`cc\%Le\YflZc\XlZf\li[lm`^efYc\[\ DXi`ek\id`e\c\Z`iZl`k%

nnn%jXmf`\$dfek$YcXeZ&[\Zflm\ik\

M`ccX^\[Ë<Zfc\% GXiZeXkli\ci„^`feXc[lDXjj`][\j9Xl^\j%


GI@EK<DGJ$yKy)''0

K?<ID8C@JD< K

)?@JKF@I<J ;Ë<8LOK?<ID8C<J

CX:_Xg\cc\[\ c˄kXYc`jj\d\ek k_\idXc#j\lcm\jk`^\ [\cXZXkXjkifg_\ [\j9X`ej%

CXkiX[`k`fek_\idXc\\jkXeZi„\\eJXmf`\Dfek9cXeZ[\gl`j cË8ek`hl`k„%C\jIfdX`ejm\eX`\ek[„a~jf`^e\ic\lijdXlo^iZ\ ~[\j\XloZ_Xi^„\j\ed`e„iXlo%C\jjfliZ\j#i„m„c„\jgXi c\jXjg„i`k„j[li\c`\]#fek[fee„eX`jjXeZ\#\eJXmf`\\k?Xlk\$ JXmf`\#~_l`km`cc\j[Ë\Xlo%I\ml\[\[„kX`cjli[\lo[\Z\j „kXYc`jj\d\ekjk_\idXlohl`efljZfek\ekXljj`le\gXik [\c\licfe^l\ _`jkf`i\%%%

C

Ë_`jkf`i\[\jK_\id\j\jkdflm\d\ek„\% 8lZfdd\eZ\d\ek[\cX[„Zflm\ik\ [\cXjfliZ\#\e(/'-#`cpXle\jgi`k ZcX`imfpXek#Afj\g_DXi`\>fekXi[#efkX`i\ ~ JX`ek$>\imX`j% :\k _fdd\ [ËX]]X`i\j Zfekifm\ij„XliX`k\lm\ek[Ële\jfliZ\ [Ë\XlZ_Xl[\j`kl„\Xl]fe[[\cX^fi^\[l 9feeXek%;`jZi…k\d\ek#`c]X`kXeXcpj\ic\j \Xlo\k#Xli\^Xi[[\ji„jlckXkj\eZfliX^\Xekj hlËfecl`Zfddle`hl\#iXZ_…k\c\jk\ii\j f“j\kiflm\cXjfliZ\d`iXZlc\lj\%ÁgXik`i [\Z\kk\[„Zflm\ik\\k[\jXd„eX^\d\ekj `dX^`e„jgXiAfj\g_>fekXi[#c\jYX`ej[\ JX`ek$>\imX`jmfekZfeeXŠki\lei\dXihlXYc\ \jjfi1c\jmfpX^\lij\eiflk\gflic\Dfek$ 9cXeZ \k c\j kfli`jk\j ]fek „kXg\ [Xej c˄kXYc`jj\d\ek[fekcXi\efdd„\]X`kc\ kfli[\=iXeZ\\k[Ë<lifg\%@c]Xlk[`i\hl\ Z\j\Xlok_\idXc\jjfek#~cËfi`^`e\#[\j \Xlo [\ gcl`\ `eÔcki„\j [Xej c\ jfc# hl` mfpX^\ekki…jcfe^k\dgj#[Xejc\j[`]]„i\ek\j ZflZ_\j[\cXk\ii\#j\^fi^\XekXlgXjjX^\ [Ëfc`^f$„c„d\ekjXmXek[\i\aX`cc`i~cXjli]XZ\ ~+':—%

C<GyI@GC<JFLK<II8@E ;<J<8LOK?<ID8C<J GXjj`fee„gXicË_`jkf`i\[\Z\jK_\id\j# K_`\iip :f]Ôe\k# [`i\Zk\li [\ c˄kXYc`j$ j\d\ek[\gl`j(00/#gi„Z`j\1[Xejc\ZXj [\j\Xlo[\JX`ek$>\imX`j#Z\mfpX^\[li\ -'Xej#lek\dgjgclkkcfe^\khl`XZ\cX [\gXik`Zlc`\ihlË`ceËXgXj„k„X]]\Zk„gXi c\ki`Z`ld#le„c„d\ekiX[`fXZk`]hl`jË\jk `em`k„ [Xej kflk\j c\j \Xlo [\ gcl`\# Xl c\e[\dX`e [l cXeZ\d\ek [\j gi\d`…i\j

YfdY\jk_\idfelZc„X`i\j%DX`jcË_`jkf`i\ [\jk_\id\jeËXgXjkflaflij„k„Xljj`j`dgc\% ;XejcXel`k[l((Xl()al`cc\k(/0)leÕfk [\Yfl\\k[\^cXZ\[„mXc\cXdfekX^e\# [„kil`jXekjlijfegXjjX^\c\m`ccX^\[l 9`feeXp# c\j \ogcf`kXk`fej X^i`Zfc\j# c\j Yk`d\ekj\k\dgfikXek[\jm`\j_ldX`e\j% 8ldXk`e#kflk\cXmXcc„\[\cË8im\\jkjflj c\Z_fZ[\Z\kk\Zflc„\d\liki`…i\#hlËfe Xgg\cc\iX ÈcX ZXkXjkifg_\ [\j 9X`ejÉ% ;\c˄kXYc`jj\d\ekk_\idXce\jlYj`jk\ifek hl\cX:_Xg\cc\\kc\jjflj$jfcj[\cËXeZ`\e Yk`d\ek# [XkXek [l (0…d\# f“ j\ kiflm\ kflaflijcXjfliZ\>fekXi[%

ifdX`e#fe[„Z…c\efegXjle\#dX`j[\lo jfliZ\j [Ë\Xl Z_Xl[\# hl` Zflc\ek jXej `ek\iilgk`fe\egc\`eZÅli[\cXm`cc\[Ë8`o$ c\j$9X`ej#c„^…i\d\ekjli„c\m„\~*''d [ËXck`kl[\%C\j[\lojfliZ\j#\jgXZ„\jcËle\ [\cËXlki\[Ë~g\`e\(,'d#jfekYXgk`j„\j ÈjfliZ\[ËXcleÉ\kÈjfliZ\[\jfl]i\É#\k XeefeZ\eki\jg\Zk`m\d\ek+'#/—\k*.#.—[\ k\dg„iXkli\dfp\ee\%CË\Xl[\Z\j[\lo jfliZ\j gifm`\ek [\ cX d†d\ eXgg\ jflk\iiX`e\#`[\ek`Ԅ\jfljc\cXZ[l9fli^\k# ~)'''d\e[\ƒ~%

K?<ID<JE8K@FE8LO;Ë8@O1 LE98@E;Ë?@JKF@I<

C\jK_\id\j[Ë8`o$c\j$9X`ejj\ifek]Xƒfee„j XlÔc[\jj`…Zc\jgXile\jlZZ\jj`fe[Ë`ccljki\j g\ijfeeX^\j# hl` Zfeki`Yl\ifek ~ c\li dXe`…i\XliXpfee\d\ek[\c˄kXYc`jj\d\ek% <e(.0*#c\9k`d\ekIfpXc\jk`eXl^li„gXi cXDX`jfe[\JXmf`\#\ecXg\ijfee\[lIf` M`Zkfi$8d„[„\@@@%

I

\Zfeel\j[\gl`jcË8ek`hl`k„#c\jm\iklj [\cË\XlZ_Xl[\[Ë8`o$c\j$9X`ejfek \e^\e[i„cXZfejkilZk`fe[\efdYi\lo Yk`d\ekjk_\idXlo%ÁcËfi`^`e\#jfljcË<dg`i\

ŸK_\id\j[\JX`ek$>\imX`j

K?<ID<J;<J8@EK$><IM8@J1 <EKI<:FLG;LJFIK<K D@I8:C<;<C8>yFCF>@<

ŸK_\id\j[\JX`ek$>\imX`j

+)

=XƒX[\[\jK_\id\j[\JX`ek$>\imX`j%

;L9<8LDFE;< Á8@O$C<J$98@EJ


+*

D8>J8MF@<DFEK9C8E:E—,

Ÿ=iXeZb8i[`kf8C9

8:KL8C@KyJ1 C8Cy:?ßI<%%%JËF==I<LE< :LI<;<I8A<LE@JJ<D<EK CXjkXk`fek_\idXc\[\CXC„Z_…i\XZ_…m\ cX(…i\g_Xj\[\jXi„efmXk`fe1eflm\Xl]fiX^\# eflm\cc\jZXY@e\j[\jf`ej#X^iXe[`jj\d\ek [lgXiZk_\idXc%%%:\kk\gi\d`…i\Zli\[\ iXa\le`jj\d\ek~j„[l`kc\jkfli`jk\j\kc\lij XZZfdgX^eXk\lij%CËXZk`femXj\gflijl`mi\ gXicXZi„Xk`fe[ËleZ\eki\[\jf`ej[\Y`\e$ †ki\[\jk`e„~cXgi„m\ek`fe\k~cXi\d`j\ \e]fid\%

=XƒX[\[\jK_\id\j:_\mXcc\p%

JfljEXgfc„fe@\i#le\gXik`\[\cXZfli m`\ekgifÔk\i[\jY`\e]X`kj[\cË\Xl[Ë8`o% <e(/'/#ZË\jkcXjÅli[\cË\dg\i\li#GXlc`e\ 9fi^_…j\#hl`m`\ekj„aflie\i[XejZ\c`\l [˄c„^XeZ\\k[\i„Zfe]fikgflijf`^e\i j\jdXlo%CË`dg„iXki`Z\Afj„g_`e\cXi\af`e[iX \e (/('% C\j k_\id\j [Ë8`o$c\j$9X`ej jpdYfc`j\eklec`\lgi`m`c„^`„#f“cËfejf`^e\ cXjXek„\kcXd„cXeZfc`\%JËpjlZZ…[\ekc\j c`kk„iX`i\j CXdXik`e\# ;ldXj# 9XcqXZ# DXlgXjjXek\kM\icX`e\Z\[\ie`\i#jXejc\ jfl#i„ki`Yl\iXjXZli\\ecX`jjXekhl\chl\j [\jj`ej\kjfee\kj %GcljkXi[#c˄kXYc`jj\d\ek i\Z\miXcXI\`e\M`Zkfi`XgXikif`j]f`j#gl`j c\ gi„j`[\ek :Xiefk# cX Z„c…Yi\ J`jj`# @dg„iXki`Z\ [Ë8lki`Z_\# X`ej` hl\ c\ Zfdgfj`k\li :Xd`cc\ JX`ek$JX‡ej \k [\ ^iXe[jefdj[\cËXlkfdfY`c\fl[\cX_Xlk\ Zflkli\% 8lafli[Ë_l`#c\jK_\id\j:_\mXcc\pjfek `dgcXek„j[`i\Zk\d\ek~gifo`d`k„[l]fiX^\ ~^iXe[\gif]fe[\li%CË\Xlp\jkX`ej`gl`j„\ ~cX[\dXe[\#\kg\lkZfej\im\ikflk\jj\j m\ikljZXi\cc\eË\jkaXdX`jÈjkfZb„\É%8l i\^Xi[[\Z\gXjj„_ldX`e\k_`jkfi`hl\# c\jK_\id\j[Ë8`o$c\j$9X`ejfek\eZfi\[\ Y\cc\jgX^\j~„Zi`i\%%%

EFJM@CC<JK?<ID8C<J 8`o$C\j$9X`ej.*  ;\lo„kXYc`jj\d\ekj K_\id\jEXk`feXlo K„c%'+.0*,*/,' nnn%k_\idX`o%Zfd K_\id\j[\DXic`fq K„c%'+.0-(.0-( nnn%X`oc\jYX`ej%Zfd 9i`[\j$C\j$9X`ej.* K„c%'+.0,,)*++ nnn%k_\id\j$Yi`[\jc\jYX`ej%]i :_Xcc\j$C\j$<Xlo.* K„c%'+.0.('-)' nnn%m`cc\$Z_Xcc\jc\j\Xlo%Zfd <m`Xe$C\j$9X`ej.+ K„c%'+,'.,')*' nnn%c\jk_\id\j\m`Xe%Zfd CXC„Z_…i\$C\j$9X`ej.* K„c%'+.0))-'*' nnn%cX$c\Z_\i\%Zfd JX`ek$>\imX`j$C\j$9X`ej C\=Xp\k.+ K„c%'+,'+.,+,+ nnn%k_\id\j$jX`ek$^\imX`j%Zfd K_fefe$C\j$9X`ej.+ K„c%'+,')-(.)) nnn%k_\id\j$k_fefe%]i

98C@E<8< LE<EFLM<CC< D8IHL<HL@ :FLC<;<JFLI:<%%% CX=„[„iXk`feI_e\$8cg\jK_\idXc\#hl` i\^iflg\[\gl`j(0/0c\j(,jkXk`fej[\cX i„^`fe#jfl_X`k\[„m\cfgg\ilegfj`k`fee\d\ek eflm\Xl\kZfddle#Xlkfli[\cXefk`fe[\ Y`\e$†ki\ ^cfYXc [\ cX g\ijfee\ \e \Xl k_\idXc\\k&fld`e„iXc\#Xm\ZgfliXdY`k`fe [\[\m\e`icX[\jk`eXk`fe]iXeƒX`j\[ld`\lo$ †ki\\k[\cXi\d`j\\e]fid\% ½CËfYa\Zk`][\Z\eflm\Xlgfj`k`fee\d\ek Xlkfli[lY`\e$†ki\^cfYXc\e\Xlk_\idXc\ \k&fld`e„iXc\#\ogc`hl\;`[`\iC\Cfjk\Z# m`Z\$gi„j`[\ek[\cX=„[„iXk`fe#\jk[\gflmf`i gifgfj\i~Z_XZlelegXiZflijg\ijfeeXc`j„ m\ijc\d`\lo$†ki\%@cjËX^`k[ˆki\~c˄Zflk\ [\jXkk\ek\j[\cXg\ijfee\#\k[\cl`f]]i`i [\jgif[l`kj`eefmXekjjf`ej#j„aflij#Xk\c`\ij  hl`#~cË`dX^\[\efki\dXihl\#kiX[l`j\ek efki\ mfcfek„ [\ [\m\e`i cX i„]„i\eZ\ `eZfekflieXYc\[Ële\gi`j\\eZ_Xi^\[\cX jXek„gXicË\Xlk_\idXc\%¾


++

)I<:<KK<J ;<EFJ>I8E;J$DßI<J

Ÿ9\ieX[\kk\Dfc`eX

Ÿ9\ieX[\kk\Dfc`eX

Dfkj[Ëfi[i\[\jgcXkj[ËXekXe1Zfej`jkXeZ\\kj`dgc`Z`k„#c\kflkgi„gXi„Xm\Z[\jgif[l`kj [lk\iif`i%Mf`Z`[\loi\Z\kk\j]XZ`c\j~i„Xc`j\i1cËle\eflii`k\kcËXlki\i„Zfe]fik\

C<J8>E<CFKJ Jfik\j [\ ^ifj iXm`fc`j ^iXk`e„j \k ]flii„j ~ cX m`Xe[\ gXi]ld„\Xlo_\iY\j#c\jX^e\cfkjiXgg\cc\ifekg\lk$†ki\~ Z\ikX`ej c\ gcXk [\ c\li \e]XeZ\% Efj ^iXe[j$d…i\j c\j gi„gXiX`\ek \k c\j j\imX`\ek XZZfdgX^e„j [\ hl\chl\j c„^ld\j[laXi[`e% GflicXgk\1 ),'^[\]Xi`e\ (''^[\Y\lii\ )Ål]j (kXjj\[Ë\Xlk`…[\ Z\i]\l`c&g\ij`c j\c&gf`mi\ 

GflicX]XiZ\1 )''^[\m`Xe[\[\dflkfe_XZ_„\ ki…jÔe\Zl`k\ ,'^[\kfdd\]iXŠZ_\[\j9Xl^\j ,'^[\gXid\jXeig„ )Ål]j (gf`^e„\[Ëfj\`cc\ (gf`^e„\[˄g`eXi[j

=X`i\ le\ gk\ \k cX`jj\i i\gfj\i Xl df`ej [\lo fl kif`j _\li\j%?XZ_\ic\j_\iY\j#c\jgi\jj\i#d„cXe^\iXloXlki\j `e^i„[`\ekj%yk\e[i\cXgk\\e[\loXYX`jj\j„^Xc\j%JlicX gi\d`…i\ [`jgfj\i i„^lc`…i\d\ek [\j g\k`kj kXj [\ ]XiZ\ [\cX^ifjj\li[Ële\ef`o %Dfl`cc\i[Ë\Xl]if`[\c\kfli[\ Z\j^Xie`kli\j%:flmi`iXm\ZcX[\lo`…d\XYX`jj\[\gk\\k gi\jj\ikflkXlkfli[\jg\k`kjkXj#gflijfl[\ic\jXYX`jj\j \ej\dYc\% ;„kX`cc\i c\j X^e\cfkj# ~ cX iflc\kk\ [\ek„\# \e dfiZ\Xlo [\ -Zd [\ Zk„% GfZ_\i [\lo d`elk\j ~ cË\Xl Yfl`ccXek\jXc„\%D\kki\~^iXk`e\i[XejlegcXkXl]fliXm\Z Y\lii\\k^ilp…i\ig„aljhlË~Z\hl\cËXjg\Zk[\jX^e\cfkj gi\ee\le\k\`ek\afc`d\ek[fi„\%

nnn%jXmf`\$dfek$YcXeZ&\k\

C<JI@JJFC<J

;\jj\ik kiX[`k`fee\c [\j ]Xd`cc\j # Z\kk\ i\Z\kk\ [\ ^iXe[$d…i\# kpg`hl\d\ek jXmf pXi[\# j\ gi„j\ek\ Zfdd\ le g\k`k Z_Xljjfe ^Xie` [\ ZfeÔkli\ fl [\ ]il`kjj\Zj#jf`kZl`kXl]fli#jf`k\ e]i`kli\%C\ji`jjfc\j Èi„qflc„jÉ fl Èi„jlc\jÉ# \e gXkf `j  „kX`\ek jlikflk j\im`\j~cËfZZXj`fe [\]†k\j#\k gi„g Xi„\j\ehlXek`k„ gflicX]Xd`cc\#c\mf`j`eX^\\kc\j Xd`j% I`jjfc\j~cX]iXdYf`j\ *''^[\gk\Yi`j„\ *^ifjj\jZl`cc…i\j~jflg\[\Zfe Ôkli\[\]iXdYf`j\ le\Y`jZfkk\ ykXc\q Ôe\d\ek cX gk\ \k  [„Zflg \q [\j Z\iZc\j [\ ('Zd%D„cXe^\qcXY`jZfkk\„ZiXj„\ Xm\ZcXZfeÔkli\ gfli Xmf`i le d„cXe^\ Xjj\q j\Z mflj gflm\q Xljj` i\dgcXZ\icXY`jZfkk\gXileg\l[ \gfl[i\[ËXdXe[\j % =X`k\j[\g\k`kjkXjXlZ\eki\[\ cXgk\#i\gc`\q$cX\k jfl[\q$cX\edfl`ccXekc\jYfi[j\ e]fid\[\Z_Xljjfe% Gcfe^\qc\jZ_Xljjfej[XejcX]i`kl i\Y`\eZ_Xl[\%Gfli le\ m\ij`fe gclj c„^…i\# mflj gfl m\q gifZ„[\i [\ d†d\ Xm\Z [\ cX gk\ ]\l`cc\k„\ hl\ mflj Zl`i\q Xl ]fli(,d`e~(/'—%


J8MF@<DFEK9C8E: ÁGFIKy<;<D8@E%%%

+,

D8>J8MF@<DFEK9C8E:E—,

C\jdfekX^e\jjfekXZZ\jj`Yc\j~kflj%%%:_f`j`jj\qmfki\dfp\e[\kiXejgfik%>iZ\~cËle[\ji„j\Xloiflk`\ij gXid`c\jgclj[\ej\j[\=iXeZ\#cË\ej\dYc\[\jjkXk`fej[\jb`#m`cc\j\km`ccX^\jjfek]XZ`c\d\ekXZZ\jj`Yc\j hl\cc\hl\jf`kcXjX`jfe%CXJE:=[\jj\ikkflk\jc\jmXcc„\jXcg`e\jgXic`X`jfeji„^lc`…i\j%,X„ifgfikj[fek [\lo`ek\ieXk`feXlo[\jj\im\ekcX[\jk`eXk`fe\klejpjk…d\[\eXm\kk\jg\id\k[\i\af`e[i\mfki\c`\l [\mXZXeZ\j\eJXmf`\Dfek9cXeZ% <E8M@FE1 8„ifgfikCpfeJX`ek$<olg„ip K„c%'/)-/''/)-'#(,EKK:&de nnn%cpfe%X\ifgfik%]i KiXej]\ikgXieXm\kk\j1 nnn%Xck`Ylj%Zfd :_XdY„ipJXmf`\8„ifgfik K„c%'+.0,++0,+ nnn%Z_XdY\ip%X\ifgfik%]i 8„ifgfik8ee\Zp ?Xlk\$JXmf`\Dfek$9cXeZ K„c%'+,').*''nnn%Xee\Zp%X\ifgfik%]i >i\efYc\@j…i\8„ifgfik JX`ek>\f`ij K„c%'+.--,+/+/ nnn%^i\efYc\%X`igfik%Zfd 8„ifgfik@ek\ieXk`feXc [\>\e…m\ @e]fidXk`fej1 K„c%''+(0'',.(,'' 8ZZl\`c=iXeZ\1 K„c%''+()).0/)''' nnn%^mX%Z_ <EMF@KLI<1 ykXk[\jiflk\j1 @e]fjiflk\j9`jfe=lk„ K„c%'/)-'))'))'#(,EKK:&de nnn%Y`jfe$]lk\%\hl`g\d\ek%^flm%]i nnn%dXggp%]i nnn%m`Xd`Z_\c`e%]i

D„k„fJXmf`\ K„c%'/0)-/').* '#*+EKK:&de

D„k„f?Xlk\$JXmf`\ K„c%'/0)-/').+ '#*+EKK:&de

<EKI8@E1 nnn%mfpX^\j$jeZ]%Zfd @e]fji„j\imXk`fejJE:=1*-*, nnn%Xck`Ylj%Zfd C`X`jfejgXiXlkfZXij J8MF@<#>8I<JIFLK@ßI<J Dflk`\ij1 K„c%'+.0)+)++JX`ek$A\Xe$[\$DXli`\ee\1 K„c%'+.0,0/,,( ?8LK<$J8MF@<# >8I<JIFLK@ßI<J 8ee\Zp1 i\ej\`^e\d\ekjXlgi…j [\cËf]ÔZ\[lkfli`jd\ K„c%'/0)*,*,*, 8ee\dXjj\1 K„c%'+,'*/+)'/ :clj\j1 K„c%'+,'0/'./( K_fefe$C\j$9X`ej1 K„c%'+,')-+(*)

J8MF@<DFEK9C8E: IyJ<IM8K@FE CËyHL@G<;<J8MF@<DFEK9C8E:IyJ<IM8K@FE MFLJGIFGFJ<<KMFLJ:FEJ<@CC<;<KIßJEFD9I<LO JyAFLIJ<K?y9<I><D<EKJ%:FEK8:K<QEFLJ%

;\dXe[\qc\j^l`[\jj„aflijgi`ek\dgj&„k„&Xlkfde\\k_`m\i#[Xejc\jhl\cjmfljkiflm\i\qle\j„c\Zk`fe [\j„aflij\k[Ë_„Y\i^\d\ekj\eJXmf`\Dfek9cXeZ%%% flZc`hl\qjli nnn%jXmf`\$dfek$YcXeZ%Zfdgfli[„Zflmi`ile\j„c\Zk`fe[Ë`[„\jj„aflij fi`^`eXc\j% :fekXZk\qefki\„hl`g\[\Zfej\`cc\ijmfpX^\jgflile[\m`jg\ijfeeXc`j„Xl1

e—`e[`^f'/)'''.*.+'#((/EKK:&d`e flZfee\Zk\q$mfljjlic\j`k\nnn%jXmf`\$dfek$YcXeZ%Zfd fl\dX`c1i\jX7jXmf`\$dfek$YcXeZ%Zfd


GI@EK<DGJ$yKy)''0

F==@:<J;<KFLI@JD< J8MF@<<K?8LK<$J8MF@<

+-

8 8Yfe[XeZ\$.+*-'›0*'d K„c%1"**' +,'.*')0' nnn%XYfe[XeZ\%fi^ 8`^l\Y\cc\$.*))'›*)*d K„c%1"**' +.0*-)0)+ nnn%fk$X`^l\Y\cc\%]i 8`ccfe$c\$A\le\$.**+'›('''d K„c%1"**' +.0,+-*-, nnn%c\jX`ccfej%Zfd 8`d\$DZfkcXGcX^e\$.*)(+›-0'd K„c%1"**' +.0,,-.'' nnn%X`d\$jXmf`\%Zfd 8`o$c\j$9X`ej$.*('(›)*-d K„c%1"**' +.0//-/'' nnn%X`oc\jYX`ej%Zfd 8cY\ej&>i„jp$jli$8`o$.*+('›*,'d K„c%1"**' +.0,+(,.) nnn%ZZ$ZXekfeXcY\ej%]i 8cY\ikm`cc\$.*)''›*+,d K„c%1"**' +.0*)'+)) nnn%XcY\ikm`cc\%Zfd 8cY`\q$Dfekife[$.**''›(,''d K„c%1"**' +.0,0*'+/ nnn%XcY`\q$dfekife[%Zfd 8cYp$jli$:_„iXe&8cYXeX`j$.+,+'›+''d K„c%1"**' +,'-/*0++ nnn%XcYXeX`j.+$kfli`jd\%Zfd 8e[`ccp$.+*,'›.+'d K„c%1"**' +,'*).*-+ nnn%c\g\k`kgXpj%Zfd 8ee\Zp$.+'''›++/d K„c%1"**' +,'+,''** nnn%cXZ$Xee\Zp%Zfd 8ee\Zp$c\$M`\lo$.+0+)›,''d K„c%1"**' +,')*/-+) nnn%dX`i`\$Xee\Zp$c\$m`\lo%]i 8ee\dXjj\$.+(''›+**d K„c%1"**' +,'0,'.(' nnn%Xee\dXjj\$X^^cf$kfli`jd\%Zfd 8iZjC\j $.*.''›(/''d K„c%1"**' +.0'.(),. nnn%c\jXiZj%Zfd 8i†Z_\j$9\Xl]fik$.*).'›('/'d K„c%1"**' +.0*/*.,. nnn%Xi\Z_\j$Y\Xl]fik%Zfd 8ljjf`j$.*,''›(,''d K„c%1"**' +.0)'*'/' nnn%Xljjf`j%Zfd 8mfi`Xq$.+(('›(/''d K„c%1"**' +,'.+')(( nnn%Xmfi`Xq%Zfd

9 9Xcd\$[\$J`cc`e^pCX $.+**'›,''d K„c%1"**' +,'-/./.' nnn%cXYXcd\[\j`cc`e^p$_Xlk\jXmf`\%Zfd 9\Xl]fik&DX`jfe[l9\Xl]fikX`e .*).'›.,'d K„c%1"**' +.0*/*/-) nnn%c\Y\Xl]fikX`e%Zfd

9\cc\mXlo$.++.'›0()d K„c%1"**' +,'.*.(,* nnn%Y\cc\mXlo%Zfd 9\ie\o$.+,''›0,,d K„c%1"**' +,'.*-'.) nnn%Y\ie\o%]i 9\jjXej$.*+/'›(.,'d K„c%1"**' +.0',0-,) nnn%Y\jjXej%Zfd 9`fkC\ &MXcc„\[Ë8lcgj$.++*'›/)'d K„c%1"**' +,'.)(,(, nnn%mXcc\\[Xlcgj%Zfd 9f‡^\&MXcc„\M\ik\$.++)'›.*0d K„c%1"**' +,'*0,++nnn%mXcc\\$m\ik\%Zfd 9f^…m\$.+),'›0),d K„c%1"**' +,'*--+*) nnn%Yf^\m\%]i 9fee\mXc$jli$8iZ$.*+/'›(/''d K„c%1"**' +.0',0,0, nnn%Yfee\mXc$jli$XiZ%Zfd 9fee\m`cc\$.+(*'›+,'d K„c%1"**' +,'0.*/*. nnn%kfli`jd\$]XlZ`^ep$^c`\i\j%]i 9fkk`…i\jC\j &JX`ek$GXeZiXZ\$.**''›(*''d K„c%1"**' +.0/*).'0 nnn%Yfkk`\i\j$aXii`\i%Zfd 9fli^\k$[l$CXZC\ &9fli[\Xl$.**.(›),'d K„c%1"**' +.0),'(00 nnn%c\Yfli^\k[lcXZ%]i 9fli^$JX`ek$DXli`Z\&C\j8iZj .*.''›/''d K„c%1"**' +.0'.(),. nnn%c\jXiZj%Zfd 9fq\c$.**,'›0''d K„c%1"**' +.0,,'*.. nnn%fk$Yfq\c%Zfd 9iXdXej&*g\k`kjm`ccX^\j$.*,''›())'d K„c%1"**' +.0)',(-. nnn%*g\k`kjm`ccX^\j%Zfd 9iXjj\jC\j &M`lq\eJXccXq$.++0'›,/,d K„c%1"**' +,'*,0(/* nnnn%c\jYiXjj\j%Zfd 9i`[\j$c\j$9X`ej$.*,.)›-''d K„c%1"**' +.0,,)'-+ nnn%Yi`[\j$c\j$YX`ej%Zfd

: :Xiifq$[Ë8iZ_\jC\j $.+*''›((+'d K„c%1"**' +,'0''''+ nnn%c\jZXiifq%Zfd :\cc`\ijÆ.*)-'›(*''d K„c%1"**' -'.+.,()0 nnn%cXlq`\i\%]i :_Xcc\j$c\j$<Xlo$.*(0'›)0'd K„c%1"**' +.0.)/-(0 nnnn%m`cc\$Z_Xcc\jc\j\Xlo%Zfd :_XdY„ip$.*'''›).'d K„c%1"**' +.0**+)+. nnn%Z_XdY\ip$kfli`jd\%Zfd :_XdYi\CX $.*(*'›+.'d K„c%1"**' +.0,-**,/ nnn%kfli`jd\$cX$Z_XdYi\%Zfd

:_Xdfe`o$Dfek$9cXeZ$.++''›('*,d K„c%1"**' +,',*'')+ nnn%Z_Xdfe`o%Zfd :_XdgX^ep$\e$MXef`j\$.**,'›(),'d K„c%1"**' +.0,,'-,, nnn%Z_XdgX^ep%Zfd :_XeXq$.**('›),'d K„c%1"**' +.0,+,0,0 nnn%Z_XeXq%]i :_Xg\cc\[Ë8Yfe[XeZ\CX $.+*-'›('''d K„c%1"**' +,'.*,(+( nnn%cXZ_Xg\cc\.+%Zfd :_k\c$.+*0'›((/'d K„c%1"**' +,'.*))++ nnn%Z_Xk\c%Zfd :_k\cXi[C\ &:Åli[\j9Xl^\j$ .*-*'›.,'d K„c%1"**' +.0,+/+)/ nnn%c\jYXl^\j%Zfd :_XlkX^e\CX &Il]Ô\lo$.**('›)''d K„c%1"**' +.0,+,+.) nnn%Z_XlkX^e\%Zfd :cljXqCX $.+))'›('+'d K„c%1"**' +,'*)-,'' nnn%cXZcljXq%Zfd :clj\j$.+*''›+/,d K„c%1"**' +,'0/*(.0 nnn%Zclj\j%]i :fcc`e\j[lC„dXe&G\ii`^e`\i$.+,,'›,+'d K„c%1"**' +,'.)'('+ nnn%ZZ$Zfcc`e\j[lc\dXe%]i :fdYcflo$.+0)'›0/'d K„c%1"**' +,',/-'+0 nnn%ZfdYcflo%Zfd :fekXd`e\j$Dfekaf`\C\j  .+(.'›((-+d K„c%1"**' +,'+.'(,/ nnn%c\jZfekXd`e\j%Zfd :fiY`\iC\ $.**''›(,,'d K„c%1"**' +.0/*'+'+ nnn%c\$ZfiY`\i%Zfd :fi[fe$.+.''›0''d K„c%1"**' +,',/'(,. nnn%Zfi[fe%]i :fliZ_\m\c$.*())›(/,'d K„c%1"**' +.0'/'')0 nnn%ZfliZ_\m\c%Zfd :iXem\j$JXc\j$.+*/'›,*.d K„c%1"**' +,'*(-',. j%`%ZiXem\j$jXc\j7nXeX[ff%]idX`c :i\jk$MfcXe[&:f_\eefq$.*,0'›()*'d K„c%1"**' +.0*(-),. nnn%Zi\jkmfcXe[$Zf_\eefq%Zfd :ilj\`cc\j$.+*,'›./*d K„c%1"**' +,'++)'0) nnn%ljj\j$\k$Yfie\j.+%Zfd

; ;flZp$:fdY\cflm`…i\$.*)-'›(),'d "**' +.0))0+(. nnn%mXcdfi\c%Zfd ;fljjXi[$.+)('›+.-d K„c%1"**' +,'++/(-0 nnn%jfliZ\j$cXZ$Xee\Zp%Zfd

;flmX`e\$.+(+'›+)'d K„c%1"**' +,'0+(',, nnn%m`cc\$[flmX`e\%]i

< yZ_\cc\jC\j &MXcc„\[\:_Xiki\lj\ .**-'›*0)d K„c%1"**' +.0*-,-)+ _kkg1&&gX^\jg\ijf$fiXe^\%]i& fkmXcc\\[\Z_Xiki\lj\ ym`Xe$c\j$9X`ej$.+,'(›*.,d K„c%1"**' +,'.,'+)nnn%\m`Xekfli`jd%Zfd <oZ\e\m\o$.+(+'›*0,d K„c%1"**' +,'.)/0)) nnn%\oZ\e\m\o%]i

= =Xm\i^\j$.+)('›,(,d K„c%1"**' +,'++-')+ nnn%jfliZ\j$cXZ$Xee\Zp%Zfd =„ZcXqCX &JXmf`\$>iXe[$I\mXi[ .*)*'›(*,'d K„c%1"**' +.0),/'+0 nnn%jXmf`\^iXe[i\mXi[%Zfd =cX`e\$.+*''›(-''d K„c%1"**' +,'0'/''( nnn%ÕX`e\%Zfd =cld\k&MXc[Ë8icp$Dfek9cXeZ .*,0'›('''d K„c%1"**' +.0*(-('/ nnn%Õld\k$dfekYcXeZ%Zfd =iXe^p&MXc[\jLjj\j$.+).'›*),d K„c%1"**' +,'*))-+' nnn%f]ÔZ\$kfli`jd\$]iXe^p%Zfd

> >\kjC\j $.+)-'›((.)d K„c%1"**' +,'.,/'/' nnn%c\j^\kj%Zfd >`\kkXqCX $.*,0'›((''d K„c%1"**' +.0*)0(0' nnn%cX$^`\kkXq%Zfd >iXe[$9fieXe[C\ $.++,'›0*+d K„c%1"**' +,'')./'' nnn%c\^iXe[YfieXe[%Zfd >iXe`\i$jli$8`d\$.*)('›(),'d K„c%1"**' +.0,,+-++ _kkg1&&^iXe`\ijXmf`\%]i\\%]i

? ?XY…i\$GfZ_\$.++)'›0,-d K„c%1"**' +,'*0,++nnn%mXcc\\$m\ik\%Zfd ?Xlk\DXli`\ee\&CXejc\Yfli^ .*+/'›(+''d K„c%1"**' +.0',0(,. nnn%_Xlk\dXli`\ee\%Zfd ?flZ_\jC\j $.+*('›('''d K„c%1"**' +,',,,'-) nnn%c\j_flZ_\j%Zfd


+.

D8>J8MF@<DFEK9C8E:E—,

A AXii`\i$.**''›(+''d K„c%1"**' +.0/*).'0 nnn%Yfkk`\i\j$aXii`\i%Zfd

B BXi\cc`jC\j $.*/.'›(-''d K„c%1"**' +.0,0,'*nnn%bXi\cc`j%Zfd

C CXZ[Ë8`^l\Y\c\kk\&C„g`e$c\$CXZ$ .*-('›*.*d K„c%1"**' +.0*-''') nnn%cXZ$X`^l\Y\c\kk\%Zfd C„Z_…i\CX $.*)-'›++'d K„c%1"**' +.0)),(-' nnn%cX$c\Z_\i\%Zfd Cl^i`e$.+,''›+(*d K„c%1"**' +,'.-''*/ nnn%dX`i`\%cl^i`e.+%fi^ Clcc`e&MXc[Ë?\idfe\$.++.'›/,'d K„c%1"**' +,'.*/)', nnn%mXcc\\$[l$Yi\mfe%Zfd

D DXe`^f[$.+)*'›0,'d K„c%1"**' +,'++0)++ nnn%dXe`^f[%Zfd D\^…m\$.+()'›(((*d K„c%1"**' +,')().)/ nnn%d\^\m\%Zfd D„^\m\kk\$.++0'›0''d K„c%1"**' +,'*,.+*) nnn%Xcg\j[lc\dXe%Zfd D\ek_fe$JX`ek$9\ieXi[$.+)0'›+/'d K„c%1"**' +,'-'.'-+ nnn%i`m\gc\`ejfc\`c%Zfd D\el`i\jC\j $.*++'›(/,'d K„c%1"**' +.0''.*'' nnn%c\jd\el`i\j%Zfd D„i`Y\c$.*,,'›(+,'d K„c%1"**' +.0'/-''( nnn%d\i`Y\c%e\k D\jj\ip$.+(+'›+)/d K„c%1"**' +,'0+.,,, nnn%d\jj\ip$kfli`jd\%Zfd D`\ljjpJfddXe[ $.+++'›-*-d K„c%1"**' +,'*+*'-0 nnn%d`\ljjp$jfddXe[%Zfd Df[Xe\&G:;KK\iiXDf[XeX$ .*,''›(','d K„c%1"**' +.0',)/,/ k\iiXdf[XeX7nXeX[ff%]idX`c DfekZ_Xm`e$c\j$:fZ_\j$.*)('›(),'d K„c%1"**' +.0'./)/) nnn%dfekZ_Xm`e$c\jZfZ_\j%Zfd Dfekd„c`Xe$.*/''›)/,d K„c%1"**' +.0/++))* nnn%dfekd\c`Xe%Zfd Dfekd`e$.+)('›('''d K„c%1"**' +,'++-')+ nnn%jfliZ\j$cXZ$Xee\Zp%Zfd Dfeki`fe[&MXcc„\[Ë8lcgj$.+(('›0,'d K„c%1"**' +,'.)(,(, nnn%mXcc\\[Xlcgj%Zfd Dfek$JXofee\o$.+(*'›('''d K„c%1"**' +,'0-0.). nnn%m`ccX^\[l]XlZ`^ep%Zfd Dfi`ccfe$.+++'›-0'd K„c%1"**' +,'0'(,.nnn%dfi`ccfe%]i Dfiq`e\$.+(('›0/'d K„c%1"**' +,'.+.).) nnn%dfiq`e\$Xmfi`Xq%Zfd

Df”k`\ij$.*-''›+/'d K„c%1"**' +.0)+'+)* nnn%fk$dflk`\ij%Zfd

E EfidXCX $.*,''›(*,' K„c%1"**' +.0)'*(+nnn%cX$efidX%Zfd Efki\$;Xd\$[\$9\cc\ZfdY\$.*,0'›((,'d K„c%1"**' +.0*(-(+' nnn%efki\[Xd\[\Y\cc\ZfdY\%Zfd

G GXjjp$.+(0'›('''d K„c%1"**' +,',//',) nnn%gXjjp$dfek$YcXeZ%Zfd G\`j\p$MXccXe[ip$.*)('›(-,'d K„c%1"**' +.0'.0+)/ nnn%g\`j\p$mXccXe[ip%Zfd G\k`k$9fieXe[$c\j$>c`…i\jC\ $.+(*'›.*)d K„c%1"**' +,''*,)*/ nnn%g\k`k$YfieXe[$c\j$^c`\i\j%Zfd GcX^e\CX $>iXe[\GcX^e\$.*)('›(0.'d K„c%1"**' +.0,,-.'' nnn%X`d\$jXmf`\%Zfd GcX^e\$DfekXcY\ik$.*)('›(*,'d K„c%1"**' +.0'0..** nnn%dfekXcY\ik%Zfd GiXcf^eXe$cX$MXef`j\$.*.('›(+('d K„c%1"**' +.0'/.0'/ nnn%giXcf^eXe%Zfd GiXq$jli$8icp$.+()'›('*-d K„c%1"**' +,')(0',. nnn%giXqjliXicp%Zfd GlYc`\i$8dg_`fe$.+,''›,''d K„c%1"**' +,'.'''-* nnn%fk$glYc`\i%Zfd

I I\gfjf`iC\ $.+0,'›0/'d K„c%1"**' +,'0/(/'( nnn%kfli`jd\%]i&f]ÔZ\%[\%kfli`jd\& c\i\gfjf`i%_kd IfZ_\$jli$=fifeCX $.+/''›,+.d K„c%1"**' +,''**--/ nnn%cXifZ_\jli]fife%Zfd IfZ_\kk\CX &MXc>\cfe$.*(('›*-,d K„c%1"**' +.0),,*() nnn%kfli`jd\%mXc^\cfe%Zfd Ifj`…i\CX $DfekmXc\qXe$.*.''›(/,'d K„c%1"**' +.0'-/',( nnn%cXifj`\i\%e\k Ild`ccp&8cYXeX`j$.+(,'›**+d K„c%1"**' +,'-+,/*) nnn%XcYXeX`j.+$kfli`jd\%Zfd

J JX`ek$:fcfdYXe$[\j$M`ccXi[j& MXcc„\[\jM`ccXi[j$.*(*'›((,'d K„c%1"**' +.0,-)+,* nnn%jX`ek$ZfcfdYXe%Zfd JX`ek\$=fp$KXi\ekX`j\$.*-+'›(,,'d K„c%1"**' +.0'-0,(0 nnn%jX`ek\]fp%e\k JX`ek$=iXeƒf`j$Cfe^Z_Xdg$.*(*'›(-,'d K„c%1"**' +.0,0(',nnn%fkjÕ%Zfd JX`ek$>\e`o$jli$>l`\ij&MXc>l`\ij$ .*)+'›0''d K„c%1"**' +.-*(-*(nnn%mXc^l`\ij%Zfd JX`ek$>\imX`j$c\j$9X`ej$.+(.'›/,'d K„c%1"**' +,'+..-'/ nnn%jk$^\imX`j%e\k

JX`ek$A\Xe$[Ë8im\j$.*,*'›(-''d K„c%1"**' +.0,0.**' nnn%jaX.*%Zfd JX`ek$A\Xe$[Ë8lcgj&MXcc„\[Ë8lcgj$ .++*'›/('d K„c%1"**' +,'.)(,(, nnn%mXcc\\[Xlcgj%Zfd JX`ek$A\Xe$[\$DXli`\ee\$.**''›,-.d K„c%1"**' +.0/*,(,( nnn%jX`eka\Xe[\dXli`\ee\%Zfd JX`ek$A\Xe$[\$J`ok$.++,'›0-'d K„c%1"**' +,'').'(+ nnn%jX`eka\Xe[\j`ok%Zfd JX`ek$Afi`fq&I`m\^XlZ_\[lcXZ[Ë8ee\Zp$ .++('›+-,d K„c%1"**' +,',)+',nnn%m`j`k$cXZXee\Zp%]i JX`ek$Alc`\e$\e$>\e\mf`j$.+(-'›+-/d K„c%1"**' +,''+.(-* nnn%kfli`jd\$^\e\mf`j%]i JX`ek$DXik`e$[\$9\cc\m`cc\$.*++'›(,,'d K„c%1"**' +.0'')''' nnn%jk$dXik`e$Y\cc\m`cc\%Zfd JX`ek$G`\ii\$[Ë<eki\dfek& MXcc„\[\j<eki\dfekj$.*-.'›-,'d K„c%1"**' +.0-,/(0' nnn%Z_Xiki\lj\$kfli`jd\%Zfd JX`ek$Jfic`e$[Ë8im\j$.*,*'›(,,'d K„c%1"**' +.0,0.(.. nnn%jX`ekjfic`e[Xim\j%Zfd JX`j`\jC\j $.*-)'›(-,'d K„c%1"**' +.0*/0'*' nnn%c\jjX`j`\j%Zfd JXccXeZ_\j$.+.'(›,*'d K„c%1"**' +,',/'+), nnn%jXccXeZ_\j%Zfd JXdf‡ej$.+*+'›.)'d K„c%1"**' +,'*++')/ nnn%jXdf\ej%Zfd JZ`\q$.+(+'›*-'d K„c%1"**' +,'.)-+,. nnn%kfli`jd\$jZ`\q%Zfd J„\q$.*.''›0''d K„c%1"**' +.0+(''(, nnn%fkj\\q%Zfd J\imfq$.+*('›/(-d K„c%1"**' +,'+.)(-/ nnn%j\imfq%Zfd J\mi`\i&I`m\^XlZ_\[lcXZ[Ë8ee\Zp$ .+*)'›+,-d K„c%1"**' +,',)+',nnn%m`j`k$cXZXee\Zp%]i J\pjj\c$.+0('›),/d K„c%1"**' +,',0)-,nnn%ljj\j$\k$Yfie\j.+%Zfd J`ok$=\i$~$:_\mXc$.+.+'›.-'d K„c%1"**' +,'*++0*nnn%j`ok]\iXZ_\mXc%Zfd Jfcc`…i\j$JXi[`…i\j$*g\k`kjm`ccX^\j$ .*,''›(*''d K„c%1"**' +.0)',(-. nnn%*g\k`kjm`ccX^\j%Zfd

K KXccf`i\j$.+)0'›+.'d K„c%1"**' +,'-'.'-+ nnn%kXccf`i\j%]i KXd`„9\cc\$ykf`c\&D\iZlip$.*)''›,,'d K„c%1"**' +.0*)*.,* nnn%kXd`\$Y\cc\$\kf`c\%]i j`$kXd`\Y\cc\\kf`c\7nXeX[ff%]i KXe`XCX $.*(),›(+''d K„c%1"**' +.0'/+'+' nnn%cXkXe`X%Zfd KXe`e^\j$GiXq[\Cpj$.+++'›-+)d K„c%1"**' +,'*+*.,0 nnn%giXq[\cpj$jfddXe[%Zfd

K\id`^efe$CX$MXef`j\$*g\k`kjm`ccX^\j$ .*,''›(*''d K„c%1"**' +.0)',(-. nnn%*g\k`kjm`ccX^\j%Zfd K_fccfe$c\j$D„d`j\j$.+,''›('''d K„c%1"**' +,'.'0''( nnn%k_fccfec\jd\d`j\j%Zfd K_e\j$MXcJlc\ej$.+)*'›-)-d K„c%1"**' +,'')'')nnn%k_fe\j$mXcjlc\ej%Zfd K_fefe$c\j$9X`ej$.+)''›+),d K„c%1"**' +,'.(,,,, nnn%k_fefec\jYX`ej%Zfd K_fi\ej$>c`…i\j&GXpj[\=`cc`…i\$ .+,.'›-.+d K„c%1"**' +,'))+'*( nnn%gXpj[\Ôcc`\i\%Zfd K`^e\j$.**)(›)(''d K„c%1"**' +.0+''++' nnn%k`^e\j%e\k Kfljjl`i\CX $.**''›(/''d K„c%1"**' +.0/*'-'nnn%cX$kfljjl`i\%Zfd

L

 L^`e\&?„ip$jli$L^`e\$.*+''›+''d K„c%1"**' +.0*.,-** nnn%l^`e\%Zfd

M MXc:\e`j$CXejc\Yfli^$.*+/'›(+''d K„c%1"**' +.0',)*-nnn%mXcZ\e`j%Zfd MXc:\e`j$CXejc\m`ccXi[$.*+/'›(,''d K„c%1"**' +.0',00(, nnn%mXcZ\e`j%Zfd MXc[Ë@j…i\$.*(,,›(/,'d K„c%1"**' +.0'-'--' nnn%mXc[`j\i\%Zfd MXcK_fi\ej$.*++'›)*''d K„c%1"**' +.0'''/'/ nnn%mXck_fi\ej%Zfd MXc]i„alj$.*,''›(,,'d K„c%1"**' +.0',**/* nnn%mXc]i\alj%Zfd MXccf`i\$.*+,'›(+*'d K„c%1"**' +.0,0'*0- nnn%mXccf`i\%e\k MXccfiZ`e\$.+--'›()-'d K„c%1"**' +,',+-'.( nnn%mXccfiZ`e\%Zfd MXcd\`e`\i$.*+,'›(,''d K„c%1"**' +.0,0,*-0 nnn%mXcd\`e`\i%Zfd MXcdfi\c$.*)-'›(+''d K„c%1"**' +.0'0/,,, nnn%mXcdfi\c%Zfd M\iZ_X`o$.+++'›.0'd K„c%1"**' +,'0'(''/ nnn%m\iZ_X`o%Zfd M\pi`\i$[l$CXZ$.+)0'›,(+d K„c%1"**' +,'-'.'-+ nnn%i`m\gc\`ejfc\`c%Zfd M`ccXif^\i$.*-+'›('.0d K„c%1"**' +.0'-0-.* nnn%m`ccXif^\i%]i

P

 P\ee\$.*(.'›)*'d K„c%1"**' +.0*-.(,+ nnn%p\ee\$kfli`jd\%]i Pmf`i\$.+(+'›*/'d K„c%1"**' +,'.)/')( nnn%pmf`i\kfli`jd%Zfd



Savoie Mont Blanc Magazine N°5 - Printemps/Eté 2009