Accompagnement du changement et incompréhensions : les consultants en accompagnement du changement face aux incompréhensions autour de leur métier

(1)

HAL Id: dumas-02924445

https://dumas.ccsd.cnrs.fr/dumas-02924445

Submitted on 28 Aug 2020

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Copyright

les consultants en accompagnement du changement face

aux incompréhensions autour de leur métier

Chloé Guillon

To cite this version:

Chloé Guillon. Accompagnement du changement et incompréhensions : les consultants en accompa-gnement du changement face aux incompréhensions autour de leur métier. Sciences de l’information et de la communication. 2018. �dumas-02924445�

(2)

École des hautes études en sciences de l'information et de la communication – Sorbonne Université

77, rue de Villiers 92200 Neuilly-sur-Seine I tél. : +33 (0)1 46 43 76 10 I fax : +33 (0)1 47 45 66 04 I celsa.fr

Master professionnel

Mention : Information et communication

Spécialité : Communication Ressources humaines et conseil Option : Conseil, management et organisations

Accompagnement du changement et incompréhensions

Les consultants en accompagnement du changement

face aux incompréhensions autour de leur métier

Responsable de la mention information et communication Professeure Karine Berthelot-Guiet

Tuteur universitaire : Florian Malaterre

Nom, prénom : GUILLON Chloé Promotion : 2017-2018

Soutenu le : 19/09/2018

(3)

! ! ! ! ! ! ! ! ! ! ! ! ! !

(4)

! !"#"$%&"#"'()*

*

_&! 2&3&2#/&! ,$+,&(! %&(! N&2($..&(! `+/:! N*2! %&+2(! #$.(&/%(! &,! %&+2! */'&:! 3a$.,! N&23/(! '&! N2-(&.,&2!#&!3-3$/2&:!#$.#%+(/$.!'a+.&!&JN-2/&.#&!'a+.!*.!&.!*NN2&.,/((*T&!'*.(!%&!#$.(&/%A!_&! ,/&.(!b!2&3&2#/&2!N%+(!(N-#/1/`+&3&.,!B!

!!

•! V-$#*'/&! 5S7YOPS75! &,! ]%$2/*.! MUVU\cPPc:! 2&(N&#,/8&3&.,! 3*! 2*NN$2,&+(&! N2$1&((/$..&%%&!&,!3$.!2*NN$2,&+2!+./8&2(/,*/2&A!

_&! 2&3&2#/&! V-$#*'/&! N$+2! ($.! &.,)$+(/*(3&! '*.(! 3$.! (+d&,! '&! 2&#)&2#)&:! (*! '/(N$./6/%/,-!&,!(&(!2&3*2`+&(!,$+d$+2(!N*2,/#+%/e2&3&.,!&.2/#)/((*.,&(A! _&!2&3&2#/&!-T*%&3&.,!]%$2/*.!`+/!*!&+!b!#f+2!'&!3a*##$3N*T.&2!'*.(!%*!#$.(,2+#,/$.! '&!3&(!2-1%&J/$.(!&.!-,*.,!$+8&2,!b!3&(!N2$N$(/,/$.(!&,!($+2#&!'&!(+TT&(,/$.(!&,!'a*3-%/$2*,/$.(A! V&+2!'/(N$./6/%/,-!&,!%&+2(!2&,$+2(!3a$.,!6&*+#$+N!*/'-&!'*.(!%*!2&(,/,+,/$.!'&!3$.!,2*8*/%A! !! •! M$.!&.,2&N2/(&!&,!N%+(!(N-#/1/`+&3&.,:!%*!N2*#,/#&!'*.(!%*`+&%%&!da*/!&11&#,+-!3$.!*..-&! 'a*NN2&.,/((*T&!

_&! (+/(! 2&#$..*/((*.#&! '&! %a$NN$2,+./,-! `+/! 3a*! -,-! '$..-&! '&! 3a/.8&(,/2! '*.(! '&(! 3/((/$.(!'&!#$.(&/%!'/11-2&.,&(!&,!(,/3+%*.,&(:!'*.(!+.&!*,3$(N)e2&!'&!,2*8*/%!(@3N*,)/`+&!&,! 6/&.8&/%%*.,&A!

_&! 2&3&2#/&! &.! N*2,/#+%/&2! 3*! 3*g,2&! 'a*NN2&.,/((*T&:! `+/! (a&(,! *((+2-&! `+&! d&! ,/2&! %&! 3*J/3+3!'&!#&,,&!&JN-2/&.#&:!&,!`+/!3a*!*/'-&!b!N2&.'2&!'+!2&#+%!(+2!3&(!(/,+*,/$.(!'&!,2*8*/%! &,!*!#$.,2/6+-!b!3&(!2-1%&J/$.(!(+2!3$.!(+d&,!'&!3-3$/2&!&,!3$.!3-,/&2A! _&!,/&.(!*+((/!b!2&3&2#/&2!%&(!#$.(+%,*.,&(!/.,&28/&L-&(!'*.(!%&!#*'2&!'&!#&!3-3$/2&A! V&+2!2&T*2'!(+2!%&+2!3-,/&2!&,!%a)$..h,&,-!'&!%&+2!2-1%&J/$.!(+2!%&+2!N2$1&((/$.!3a$.,!6&*+#$+N! *NN$2,-!&,!$.,!T+/'-!3&(!N2$N2&(!2-1%&J/$.(A! !! •! M$.!&.,$+2*T&!N$+2!($.!($+,/&.!,$+,!*+!%$.T!'&!#&,,&!*..-&!&,!%$2(!'&!%*!2-'*#,/$.!'&!#&! 3-3$/2&A!! M&(!#*3*2*'&(!'&!#%*((&!N$+2!%&+2!($+,/&.:!%&+2!*/'&!&,!%&+2!($+2/2&!,$+,!*+!%$.T!'&!#&,,&! 6&%%&!*..-&:!`+/!.a*+2*/,!N*(!-,-!%*!3h3&!(*.(!&%%&(A!

7.! 3&2#/! N*2,/#+%/&2! b! Q-%e.&! &,! R@2/&%%&! `+/! $.,! -,-! N2-(&.,&(! '*.(! 3&(! 3$3&.,(! '&! '$+,&(!&,!'a&.,)$+(/*(3&!'+2*.,!,$+,&!#&,,&!*..-&A!!! M&(!N*2&.,(:!N$+2!%&+2!*/'&!N2-#/&+(&!'*.(!%*!2&%&#,+2&!'&!#&!'$#+3&.,!&,!%&+2!f/%!#2/,/`+&! &,!&J,-2/&+2A! !! •! c,!6/&.!(i2:!,$+,&!%a-`+/N&!N-'*T$T/`+&!'+!RcV5U! N$+2!%&(!&.(&/T.&3&.,(!&,!%a*##$3N*T.&3&.,!'&!`+*%/,-!'-%/82-(!N&.'*.,!#&(!D!*..-&(:! &.!N*2,/#+%/&2!#&,,&!*..-&!'&!M*(,&2!=!&.!*NN2&.,/((*T&:!(/!&.2/#)/((*.,&A!M&2#/!N$+2!#&,,&!N2/(&! '&!'/(,*.#&!&,!#&,,&!2-1%&J/8/,-!,$+d$+2(!&.#$+2*T-&(:!`+/!N&23&,,&.,!'&!2&(($2,/2!'&!#&!M*(,&2! *8&#!+.!2&#+%!&,!+.&!3*,+2/,-!(+2!.$,2&!3-,/&2A! ! !

(5)

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

"#! $%&!8+,&.()",)&!8<",:%!'"35+*&!%.CI-%-%&!'%3'(%C%&!5"8%!"!("!(%.3!-%)*%3!+.!$",&!(;%-2"33"&!'+.3!

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

8#! $%&!/."(*)%&A!&"0+*3I%)3%!%)!"''3+8<%&!&'%8*5*/.%&!M!("!/.%&)*+,!$%&!&+5)!&N*((&!%)!$%&!8+-'%)%,8%&!$%!

&%30*8%! ==!

8+! '")(%".-!,).'$),?3'0/!")&%"#),-.)$-.',#/#.).%"#)&!55!(!,-.)/)0-##$-)-")-C!&-"(-) DE!

(6)

!

2#! $%&!3%&.()")&!/.*!,%!&+,)!'"&!%0*$%,)&!"!'%38%0+*3! OJ!

8#! .,%!*-'+3)",8%!$+,,%%!".!5+,$!-"*&!".&&*!"!("!5+3-%A!'"35+*&!$%83%$*2*(*&%%! OK!

$#! (%!2%&+*,!$;"''+3)%3!$.!)",:*2(%!"!(;*,)",:*2(%! OP!

;+! ,-.)0-#3%&-.)&?/((%01/2"-0-"#)&')(3/"2-0-"#)4)-"#$-)"-(-..!#-)-#)&!.#/"(!/#!%") AE!

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

*+! '"-)0-(%""/!../"(-)&-.)(,!-"#.)-"(%$-)"%")"-2,!2-/F,-)C!.@/@C!.)&')(%".-!,)&-),?/((%01/2"-0-"#)&')

(3/"2-0-"#) HA!

"#! ("!3%$+,$",8%!$%!(;*,8+-'3%<%,&*+,!5"8%!".!8<",:%!9!%C'%3*%,8%!$;.,%!-*&&*+,! PK!

2#! %,8+3%!.,%!("3:%!-%8+,,"*&&",8%!B! D1!

8#! (;"88+-'":,%-%,)!$.!8<",:%-%,)!9!23*/.%!%,!'(.&!".C!'3+?%)&!B! 6LL!

8+! ,-)(,!-"#)&%!#@!,)(%01$-"&$-),?'#!,!#-)&')(3/"2-)6) *E<!

"#! 0%,$3%!M!/.%((%!'3%&)")*+,!B! 6L=!

2#! (%!8+,&.()",)!%,!"88+-'":,%-%,)!$.!8<",:%-%,)!,%!'%.)!'"&!"&&.3%3!("!3%.&&*)%!$%!

(;"88+-'":,%-%,)!$.!8<",:%-%,)!"!(.*!&%.(! 6LK!

8#! (%!2%&+*,!$%!(;"$<%&*+,!$.!)+'!-",":%-%,)!%)!$.!&+.)*%,!$%!&'+,&+3&!9!83%%3!(;"$<%&*+,!".!'3+?%)! 6L1! $#! (%!8+,&%*(!%,!"88+-'":,%-%,)!$.!8<",:%-%,)!,%!'%.)!'"&!&%!5"*3%!&%.(!M!"88%&!".C!)%-'&!%)!".C!

3%&&+.38%&A!$*55.&*+,!$%!(;*-'.(&*+,!$.!8<",:%-%,)! 667!

;+! ,-.)(%"&!#!%".)1$-/,/F,-.)/),/)(%01$-3-".!%")&-),?'#!,!#-)&')(3/"2-) **D! "#! (%!2%&+*,!$;.,%!8%3)"*,%!&%,&*2*(*)%!9!0+*3!(;<.-"*,!$%33*%3%!(%!-%)*%3! 66K! 2#! 5"*3%!(;%C'%3*%,8%!$%!(;%8<%8!$;.,!'3+?%)!&",&!8<",:%!'+.3!8+-'3%,$3%!&+,!.)*(*)%! 66D! 8#! .,%!3%%((%!%,%3:*%!$%&!8+,&.()",)&!$%'(+4%%A!.,%!2")"*((%!-%,%%! 676! <+! .#$/#-2!-.)0!.-.)-")1,/(-)1%'$)&-0%"#$-$),?'#!,!#-)&')(3/"2-) *8<! "#! $%-+,)3%3!("!,%8%&&*)%!$.!8<",:%!%,!"-+,)!$.!'3+?%)! 67=!

(7)

! 2#! 8+--%,8%3!'"3!8+,0"*,83%!$%!(;.)*(*)%!$.!8<",:%A!'3%-*%3%!%)"'%!$;.,!'3+?%)! 67D! 8#! $+,,%3!%,0*%! 6JL! $#! $%0%(+''%3!.,%!8+,5*",8%!'"3!$%&!'3+'+&*)*+,&!'3+:3%&&*0%&!Q!(%!8<",:%!9!.,%!'+(*)*/.%!$%!'%)*)&!'"&!6J6! !C+! (%"(,'.!%") *;H! C+! F!F,!%2$/13!-)$/!.%""--) *! C!+! /""-9-.) *! /+! -"#$-#!-".) *! ",,%C%!L!9!:.*$%!$;%,)3%)*%,! 6! ",,%C%!6!9!%,)3%)*%,!6!9!(%"! J! ",,%C%!7!9!%,)3%)*%,!7!9!-"3*+,! 6J! ",,%C%!J!9!%,)3%)*%,!J!9!&"3"<! 7D! ",,%C%!=!9!%,)3%)*%,!=!9!5(+3%,8%! ==!

",,%C%!O!9!%,)3%)*%,!O!9!8"3+(*,%! O1!

",,%C%!K!9!%,)3%)*%,!K!9!?.(*%! 17!

",,%C%!1!9!%,)3%)*%,!1!9!-"3*,%! P1!

F+! 2!5.)-#)0-0-.)1/$#/2-.).'$).,/(I)1/$)$/11%$#)/')1$%B-#) *E*!

5*:.3%!6!9!%C%-'(%!$%!:*5!'+&)%!&.3!("!8<"*,%!$%$*%%!9!>!,+.&!'%,$",)!(%&!7LLL!")%(*%3&!$%!("!&%-"*,%!

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

'(.&!$%!8+(("2+3")*5! 6L=!

C!!+! $-.'0-) *ED!

-")5$/"J/!.) *ED!

-")/"2,/!.) *EA!

(8)

! !

(9)

W*T&!G!(+2!GH=!

!"#$%&'(#)%"*

!

Va*##$3N*T.&3&.,! '+! #)*.T&3&.,! &(,! /.'/(N&.(*6%&! b! %*! 2-+((/,&! '&(! N2$d&,(! '&! ,2*.(1$23*,/$.A!!!

5*.(!*%%&2!d+(`+ab!/3*T/.&2!`+&!3*!#$.8/#,/$.!-,*/,!.-#&((*/2&3&.,!N*2,*T-&!N*2!,$+(:!&.! &.,2&N2/(&!$+!'*.(!%&!#$.(&/%:!d&!N&.(*/(:!&.!#$33&.j*.,!3$.!*%,&2.*.#&!'*.(!+.!'-N*2,&3&.,! '-'/-!b!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,:!`+&!d&!.a/.,&28/&.'2*/(:!"&./-*+/-+:!`+&!(+2!'&(!N2$d&,(! $k!%a+,/%/,-!'&!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!(&2*/,!N&2j+&:!N+/(`+a/.,-T2-&!*+J!N2$d&,(A!_a*/! '$.#! #$33&.#-! 3$.! *..-&! 'a*NN2&.,/((*T&! E,*.,! &.! #$+2(! `+a&.! &.,2&N2/(&F! *8&#! %a/'-&! `+&! %a+,/%/,-!'&!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!(+2!%&(!3/((/$.(!'&!,2*.(1$23*,/$.!$+!'a/.(,*%%*,/$.! '&!.$+8&*+J!(@(,e3&(!'a/.1$23*,/$.!E5OF!(&2*/,!#$..+&!&,!2&#$..+&:!&,!`+&!#a&(,!'a*/%%&+2(!N$+2! #&%*!`+&!%&(!#%/&.,(!1&2*/&.,!*NN&%!b!.$+(A!_&!3&!'/(*/(!`+a/%!-,*/,!N$((/6%&!`+&!#&2,*/.&(!3/((/$.(! (a&11&#,+&.,! (*.(! *##$3N*T.&3&.,! '+! #)*.T&3&.,:! 3*/(! `+&! %&(! 3/((/$.(! *+J`+&%%&(! d&! N*2,/#/N&2*/(:! &.! ,*.,! `+&! #$.(+%,*.,&! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,:! 3&! 3&,,2*/&.,! &.! #$.,*#,!*8&#!'&(!*#,&+2(!#$.(#/&.,(!'&!%a+,/%/,-!'a+.&!'-3*2#)&!'a*##$3N*T.&3&.,A!!

!

_a&11&#,+&!3$.!*NN2&.,/((*T&!#)&l!7WR!]2*.#&:!1/%/*%&!12*.j*/(&!'a7WR:!T2$+N&!3$.'/*%! %&*'&2! '*.(! %&! '$3*/.&! '&(! ,&#).$%$T/&(! '&! %a/.1$23*,/$.A! Va&.,/,-! 7WR! 5&28/#&(! 2&T2$+N&! %&(! *#,/8/,-(!'&!#$.(&/%!'a7WR!&,!*((/(,&!%&(!&.,2&N2/(&(!'*.(!%&+2(!N2$#&((+(!'&!,2*.(1$23*,/$.A!U+! (&/.!'a7WR!5&28/#&(:!d&!(+/(!N$(/,/$..-&!'*.(!%*!N2*#,/#&G_{!m!W&$N%&!n!c.T*T&3&.,!o:!'-'/-&!b!}

%a*##$3N*T.&3&.,!)+3*/.!'&(!,2*.(1$23*,/$.(:!&.!,*.,!`+&!R$.(+%,*.,&!01"23%&4"2"3%)%2*A! ?$+(!/.,&28&.$.(!'$.#!(+2!%&!8$%&,!01"23%!'&!3/((/$.(!'/8&2(&(:!%*!N2*#,/#&!-,*.,!3+%,/(&#,$2/&%%&! &,!(a*,,*#)*.,!b!,$+(!%&(!,@N&(!'&!N2$d&,(!'&!,2*.(1$23*,/$.A!S.!N&+,!.$,&2!`+a7WR!-,*.,!#$..+! '*.(! %&! '$3*/.&! '&(! ,&#).$%$T/&(! '&! %a/.1$23*,/$.:! '&! .$362&+(&(! 3/((/$.(! N$2,&.,! (+2! '&(! ,2*.(1$23*,/$.(! /.1$23*,/`+&(:! '/T/,*%&(:! $+! &.#$2&! 3&,,*.,! &.! d&+! %a/.,&%%/T&.#&! *2,/1/#/&%%&A! V&(! #$.(+%,*.,(! '&! %*! N2*#,/#&! W&$N%&! n! c.T*T&3&.,:! '/,&! m!Wnc!o:! /.,&28/&..&.,! '$.#! (+2! %a*##$3N*T.&3&.,!)+3*/.!'&!#&(!N2$d&,(A!!!!!!!

S2:!%a+.&!'&(!#)$(&(!`+/!3a*!6&*+#$+N!(+2N2/(&!(+2!3*!N2&3/e2&!3/((/$.:!'+2*.,!%*`+&%%&! da*/!,2*8*/%%-!(+2!%&!#)*.,/&2!m!R$.'+/,&!'+!#)*.T&3&.,!o!*8&#!3*!3*.*T&2:!!#$.(+%,*.,&!(&./$2:! '*.(! %&! #*'2&! '&! %*! 3/(&! &.! N%*#&! 'a+.&! ($%+,/$.! /.1$23*,/`+&! U#)*,(:! &(,! %*! 12-`+&.#&! '&(! `+&(,/$..&3&.,(! (+2! #&! &.! `+$/! #$.(/(,*/,! %&! ,2*8*/%! '&(! #$.(+%,*.,(! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,!(+2!#&,,&!3/((/$.A!_&!3&!(+/(!2&.'+!#$3N,&!`+a/%!@!*8*/,!'&(!/.#$3N2-)&.(/$.(!$+! 2*##$+2#/(!b!N2$N$(!'+!#$.,&.+!'+!#)*.,/&2!R$.'+/,&!'+!#)*.T&3&.,!(+2!#&!N2$d&,A!!

W*2!*/%%&+2(:!da*/!-,-!*+((/!,2e(!-,$..-&!N*2!%*!2&3/(&!&.!`+&(,/$.!'&(!*NN2$#)&(!`+&!3*! 3*.*T&2! ($+)*/,*/,! &.T*T&2! N$+2! *##$3N*T.&2! *+! 3/&+J! %&! #)*.T&3&.,! (+2! #&! N2$d&,!B! .$,*33&.,!(+2!%*!N$((/6/%/,-!'&!2&.#$.,2&2!%&(!*#,&+2(:!'a*./3&2!'&(!*,&%/&2(!#$%%*6$2*,/1(:!$+!'&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(10)

W*T&!=!(+2!GH=!

3&,,2&! %a+,/%/(*,&+2! *+! #&.,2&! '&(! 2-1%&J/$.(A! q&(! *NN2$#)&(! `+&! d&! N&.(*/(! +.*./3&3&.,! 2&#$..+&(! #$33&! -,*.,! '&! 6$..&(! N2*,/`+&(! &,! '&(! 1*#,&+2(! '&! 2-+((/,&:! -,*/&.,! 2&d&,-&(:! `+&(,/$..-&(!$+!3/(&(!b!'/(,*.#&!N*2!%&!#%/&.,A!V*!8*%&+2!*d$+,-&!'&(!$+,/%(:!`+/!-,*/&.,!b!3&(! @&+J!#$..+(!&,!'$.,!%a+,/%/,-!-,*/,!2&#$..+&:!-,*/&.,!'&!3h3&!-#*2,-(!N*2!%&!#%/&.,A!W%+(!&.#$2&:! %&(!*+,2&(!*#,&+2(!'a7WR!N2-(&.,(!(+2!%*!3/((/$.:!(&36%*/&.,!&+J!*+((/!`+&(,/$..&2!%&!#$.,&.+! &,! (a/.,&22$T&2! (+2! %*! 8*%&+2! *d$+,-&! '&! #&(! *NN2$#)&(! &,! $+,/%(A! W$(/,/$..-(! *8&#! .$+(! (+2! %*! M*g,2/(&!'aS+82*T&:!2&(N&#,/8&3&.,!&.!,*.,!`+&!R)&1!'&!W2$d&,!&,!'&!R$.(+%,*.,!(+2!%&!#)*.,/&2! m!R$.(,2+#,/$.!UNN%/#*,/8&!o!E#)*2T-!'+!2&#+&/%!'&(!6&($/.(!3-,/&2(F:!/%(!N$((e'&.,!,$+(!'&+J!+.&! (-./$2/,-! &,! +.&! &JN-2/&.#&! '*.(! %*! #$.'+/,&! '&! N2$d&,(! '&! ,2*.(1$23*,/$.! `+/! 2&.'*/,! %&+2(! `+&(,/$..&3&.,(!(+2!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!6&*+#$+N!N%+(!(+2N2&.*.,(!N$+2!3$/A! c.!#$.,*#,!'/2&#,!*8&#!&+J:!da*/!.$,-!`+&!%&+2(!`+&(,/$.(!-,*/&.,!2&'$.'*.,&(!&,!*3&.*.,!N*21$/(! 3*!3*.*T&2!b!'$+,&2!'&!%&+2!#$3N2-)&.(/$.!'&!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!&,!($.!+,/%/,-A!!!!!!

R&(!`+&(,/$..&3&.,(:!,*.,!(+2!%&!#$.,&.+!'&(!*NN2$#)&(!&,!'&(!$+,/%(:!`+&!(+2!%&+2!+,/%/,-:! -,*/&.,! .$362&+J:! 12-`+&.,(:! 8&.*.,! '$.#! b! %*! 1$/(! /.'/2&#,&3&.,! '+! #%/&.,:! 3*/(! *+((/! N%+(! '/2&#,&3&.,!'a*+,2&(!#$.(+%,*.,(!'a7WRA!!

!

R&(!N2&3/&2(!-,$..&3&.,(:!`+/!.$+22/((&.,!%a/'-&!'a+.!(+d&,!'&!3-3$/2&:!($.,!#$.1$2,-(! N*2! %a$6(&28*,/$.! '&! '/8&2(&(! (/,+*,/$.(! &,! #&2,*/.(! #$33&.,*/2&(! &.,&.'+(! '*.(! 3*! W2*#,/#&! W&$N%&! n! c.T*T&3&.,:! *.#/&..&3&.,! W&$N%&! n! R)*.T&:! (N-#/*%/(-&! (+2! m!%a*##$3N*T.&3&.,! )+3*/.! '&(! ,2*.(1$23*,/$.(!o:! #$3N$(-&! 'a+.&! #/.`+*.,*/.&! '&! #$.(+%,*.,(! m!01"23%&

4"2"3%)%2*!oA!!

_a&.,&.'(! N*2! &J&3N%&! +.&! #$.(+%,*.,&! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! '/2&! `+&! #a&(,!%*!N2&3/e2&!1$/(!`+a&%%&!&(,!#)&l!+.!#%/&.,!`+/!#$3N2&.'!%a+,/%/,-!'+!01"23%!&,!`+a&%%&!.a*!N*(! b!#$.8*/.#2&A!W*2*'$J*%&3&.,:!#&,,&!#$.(+%,*.,&!/.,&28/&.,!(+2!#&,,&!3/((/$.!*%$2(!`+&!%&!8$%&,! *##$3N*T.&3&.,! '+! #)*.T&3&.,& *! -,-! 2*d$+,-! m!&.! #*,*(,2$N)&!o! #*2! %&! '-N%$/&3&.,! 'a+.! .$+8&%!$+,/%!5O!(a&(,!1*/,!'*.(!N%+(/&+2(!N*@(!(*.(!*##$3N*T.&3&.,:!&,!%&!N2$d&,!(&!)&+2,&!b!+.! 2&d&,A!5&%$.!&%%&:!#a&(,!%a&JN-2/&.#&!'a+.!.$.Z*##$3N*T.&3&.,!`+/!&JN%/`+&!`+&!%&(!*#,&+2(!'&! %a&.,2&N2/(&!.&!($.,!N%+(!b!#$.8*/.#2&!'&!%a+,/%/,-!'&!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,A!c.!3/2$/2:! %*!(/,+*,/$.!/.,&22$T&!(+2!%*!N&2,/.&.#&!'&!3&,,2&!&.!N%*#&!%&!'-N%$/&3&.,!'a+.!5O!'*.(!N%+(/&+2(! N*@(:!(*.(!*##$3N*T.&3&.,!'+!#)*.T&3&.,!*+!'-N*2,A!!

W%+(! &.#$2&:! 3&(! $6(&28*,/$.(! '&! ,&22*/.! 3&! '$..&.,! %a/3N2&((/$.! `+&! %&! 1*/,! 'ah,2&! #$.12$.,-! b! %a/.#$3N2-)&.(/$.! '&! (&(! /.,&2%$#+,&+2(! E#%/&.,(:! *+,2&(! #$.(+%,*.,(:! &.,$+2*T&AAAF! 1*#&!*+!#$.(&/%!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!.a&(,!N*(!2*2&!N$+2!%&(!#$.(+%,*.,(!'&!%*! W2*#,/#&!W&$N%&!n!c.T*T&3&.,A!!

!

q&!N%+(:!(/!#&!`+&(,/$..&3&.,!.a&(,!N*(!2*2&:!/%!.a&(,!N*(!*.&#'$,/`+&!#*2!/%!/.,&22$T&!'&(! N&2($..&(! (+2! %&! #f+2! 3h3&! '&! %&+2! 3-,/&2:! &,! '$.#! (+2! +.&! N*2,! '&! %&+2! /'&.,/,-A! R&,,&! /.#$3N2-)&.(/$.:! &.! '-N*((*.,! +.&! (/3N%&! 3-#$..*/((*.#&! '+! #$.,&.+! &J*#,! '+! #$.(&/%! &.!

(11)

W*T&!D!(+2!GH=!

*##$3N*T.&3&.,!'+!#)*.T&3&.,:!&.!*%%*.,!d+(`+ab!`+&(,/$..&2:!2&3&,,2&!&.!`+&(,/$.!3h3&!(*! #2-'/6/%/,-! &,! ($.! +,/%/,-:!,$+#)&! 1/.*%&3&.,!b!'&(!*(N&#,(!/'&.,/,*/2&(!&,!'&(!#2$@*.#&(!`+&! %&(! #$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!N&+8&.,!*8$/2!'*.(!%&+2!,2*8*/%A!! ]/.*%&3&.,:!(/!#&(!(/,+*,/$.(!3a$.,!,*.,!/.,&22$T-&!&,!(/!#&!($.,!#&(!`+&(,/$..&3&.,(!`+&! d0*/!8$+%+!/.,&22$T&2!N%+,r,!`+&!'0*+,2&(:!#a&(,!N&+,Zh,2&!*+((/!N*2#&!`+&!#&(!(/,+*,/$.(!*8*/&.,!'&(! /3N%/#*,/$.(!N%+(!N2$1$.'&(!`+&!'&!3&!3&,,2&!1*#&!b!+.&!3-#$..*/((*.#&!$+!/.#$3N2-)&.(/$.(! '+!#$.,&.+!'&!3$.!3-,/&2:!$+!'+!3$/.(!'+!3-,/&2!`+&!da*(N/2&!b!&J&2#&2A!c.!`+&(,/$..*.,!(*! 8*%&+2!*d$+,-&!&,!($.!+,/%/,-:!&%%&(!`+&(,/$..*/&.,!3&(!#2$@*.#&(!B!#&!`+&!d&!1*/(!&(,!+,/%&!48$/2&! /.'/(N&.(*6%&Z! &,! *##$3N*T.&! %&(! (*%*2/-(! '*.(! '&(! ,2*.(1$23*,/$.(! `+/! %&(! ,$+#)&.,! '/2&#,&3&.,:! ,$+,! &.! N&23&,,*.,! *+J! &.,2&N2/(&(! '&! 3/&+J! 2-+((/2! %&+2(! N2$d&,(A! R&(! (/,+*,/$.(! `+&(,/$..*/&.,!*+((/!%*!#2-'/6/%/,-!'&!3$.!#f+2!'&!3-,/&2:!'*.(!%*!1*j$.!'a*6$2'&2!%&(!N2$d&,(!&,! '&!N2$N$(&2!'&(!*NN2$#)&(!'a*##$3N*T.&3&.,!N$+2!N&23&,,2&!*+!#%/&.,!'&!2-+((/2!*+!3/&+J!($.! N2$d&,!'&!#)*.T&3&.,A!c,!1/.*%&3&.,:!`+&(,/$..*/&.,!(+2!,$+,!+.!&.(&36%&!'&!#)$/J!`+&!d0*/!1*/,(! B! N*2#$+2(! +./8&2(/,*/2&:! #)$/J! '+! RcV5U! &,! '&! #&! 3*(,&2:! *8&#! &(N$/2! $+! N%+,r,! *36/,/$.:! '&! N$+8$/2!*NN$2,&2!`+&%`+&!#)$(&!'&!#$.#2e,&3&.,!+,/%&!b!'&(!N2$d&,(:!,$+,!&.!&J&2j*.,!+.!3-,/&2! `+/!3&!N%*/,A!

!

_a*/! */.(/! ($+)*/,-! 3a/.,&22$T&2! N%+(! &.! N2$1$.'&+2! (+2! %*! #$3N2-)&.(/$.! '+! #$.(&/%! &.! *##$3N*T.&3&.,!'+!#)*.T&3&.,!&,!%&(!&JN-2/&.#&(!'&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'*.(! %*!N&2#&N,/$.!'&!%&+2!3-,/&2!&,!'&!%&+2!+,/%/,-A!!

!

s! *Z,Z/%! '&(! -%-3&.,(! (N-#/1/`+&(! *+! #$.(&/%! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! `+/! 2&.'&.,!($.!*NN2-)&.(/$.!.$.!/33-'/*,&:!'/11/#/%&!$+!`+/!-#)*NN&.,!*+J!/.'/8/'+(!`+/!.a&J&2#&.,! N*(!#&!3-,/&2!t!

!

R$33&.,!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!N*2%&.,Z/%(!'&!%&+2!3-,/&2!t! p+&%(! ($.,! %&(! ,&23&(! `+a/%(! +,/%/(&.,! N$+2! (&! '-#2/2&! &,! &JN%/`+&2! %&+2! 3-,/&2! b! %&+2(! '/11-2&.,(! /.,&2%$#+,&+2(!t!!

!

]*#&!b!'&(!`+&(,/$..&3&.,(!8$/2&!'&(!2&3/(&(!&.!`+&(,/$.!'+!#$.,&.+!'&!%&+2!,2*8*/%!&,! '&!($.!+,/%/,-:!`+&%(!($.,!%&(!-%-3&.,(!`+/!N&23&,,&.,!*+J!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+! #)*.T&3&.,! '&! (&! (&.,/2! %-T/,/3&!t! Sk! %&(! #$.(+%,*.,(! &.! *##$3N*T.&3&.,! ,2$+8&.,Z/%(! %&+2! (&.,/3&.,!'&!%-T/,/3/,-!N2$1&((/$..&%%&!t!!!

!

p+&%%&(! ($.,! %&(! 3-,)$'&(! '&! ,2*8*/%! '&(! #$.(+%,*.,(! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! t! c,:! N*2,/#/N&.,Z&%%&(! b! %*! #$3N2-)&.(/$.! '&! %&+2! 3-,/&2:! $+! (+(#/,&.,Z&%%&(! '&(! /.,&22$T*,/$.(!t!!

(12)

W*T&!H!(+2!GH=!

W%+(!&.#$2&:!&(,Z/%!1/.*%&3&.,!N2$6%-3*,/`+&!`+&!%&+2(!/.,&2%$#+,&+2(!.&!#$3N2&..&.,!N*(! %&! #$.,&.+! '+! ,2*8*/%! '&(! #$.(+%,*.,(! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,!t! $+! `+a/%(! .&! %a*NN2-)&.'&.,!N*(!'*.(!(*!,$,*%/,-!$+!&.!*/&.,!+.&!#$3N2-)&.(/$.!*NN2$J/3*,/8&!t!! S+!&(,Z/%!/3N$2,*.,!N$+2!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!'&!(a*((+2&2! `+&!%&+2!3-,/&2!&(,!#$3N2/(!t!! UN2e(!,$+,:!$.,Z/%(!82*/3&.,!6&($/.!`+&!%&+2(!/.,&2%$#+,&+2(!#$3N2&..&.,!%a+,/%/,-!'&!%&+2! '-3*2#)&!'a*##$3N*T.&3&.,!N$+2!`+&!%&!N2$d&,!($/,!2-+((/!t!! ! Va&.d&+!'&!#&!3-3$/2&!(&2*!'&!`+&(,/$..&2!(+2!#&!`+/!N&+,!&JN%/`+&2!%a/.#$3N2-)&.(/$.! '&! #&! `+a&(,! %&! #$.(&/%! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,A! p+&%(! ($.,! %&(! -%-3&.,(! '0&JN%/#*,/$.! b! #&,,&! /.#$3N2-)&.(/$.! (+2! %*! 3*./e2&! 'a*##$3N*T.&2! %&(! /.'/8/'+(! '*.(! '&(! N2$d&,(! '&! ,2*.(1$23*,/$.!t! _&! #)&2#)&2*/! b! *.*%@(&2! %&(! &JN-2/&.#&(! '&! #$.(+%,*.,(! &.! *##$3N*T.&3&.,!'+!#)*.T&3&.,!'*.(!%a&JN2&((/$.!'&!%&+2!3-,/&2!&,!%*!2&N2-(&.,*,/$.!`+a/%(!$.,! '&!(*!'-1/./,/$.:!'&!(&(!(N-#/1/#/,-(:!3*/(!*+((/!'&!($.!+,/%/,-!$+!'&!(*!.-#&((/,-A!! ! M$.!(+d&,!'a&.`+h,&!N&+,!*/.(/!(&!2-(+3&2!*/.(/!B!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+! #)*.T&3&.,!1*#&!*+J!/.#$3N2-)&.(/$.(!*+,$+2!'&!%&+2(!*#,/8/,-(A!! !

_a/.,&22$T&2*/! */.(/! %&(! /.#$3N2-)&.(/$.(! *+,$+2! '+! #$.(&/%! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! &.! 3&! '&3*.'*.,!B! +,"-* .'/00/* 1/-'$/* 02,(#)3)#4* &'* (%"-'0#,"#* /"*

,((%15,6"/1/"#*&'*(7,"6/1/"#*/-#8/00/*(%"&)#)%""4/*5,$*0,*9"%":*(%15$47/"-)%"*.'/* -/-*)"#/$0%('#/'$-*%"#*&/*-%"*14#)/$*;*!

!

W$+2! 2-N$.'2&! b! #&,,&! N2$6%-3*,/`+&:! da$2T*./(&2*/! 3$.! *2T+3&.,*,/$.! *+,$+2! '&! D! )@N$,)e(&(!B!!! ! Q@N$,)e(&!G!B!%&(!#$.,$+2(!'+!3-,/&2!'a*##$3N*T.&3&.,!'+!#)*.T&3&.,!($.,!1%$+(A! R&,,&!)@N$,)e(&!(a*,,*#)&2*!b!&JN%$2&2!%&(!-%-3&.,(!`+/:!/.,2/.(e`+&3&.,:!N&+8&.,!2&.'2&! %*!#$3N2-)&.(/$.!'+!#$.(&/%!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!/.#&2,*/.&A! ! Q@N$,)e(&!=!B!%&(!3-,)$'$%$T/&(!'a*##$3N*T.&3&.,!'+!#)*.T&3&.,!.&!N*2,/#/N&.,!N*(! .-#&((*/2&3&.,!b!%*!2&#$..*/((*.#&!'+!3-,/&2A!! R&,,&!)@N$,)e(&!3a*3e.&2*!b!`+&(,/$..&2!%&!2r%&!'&(!3-,)$'$%$T/&(!'a*##$3N*T.&3&.,! '+!#)*.T&3&.,:!%&+2!#$..*/((*.#&&&,!%&+2!+,/%/(*,/$.!N*2!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+! #)*.T&3&.,A!!! ! Q@N$,)e(&!D!B!%*!#$3N2-)&.(/$.!#%/&.,!'&!#&!`+a&(,!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!&,! '&!($.!+,/%/,-!&(,!+.!-%-3&.,!/.'/(N&.(*6%&!b!%*!2-+((/,&!'&(!N2$d&,(!'&!,2*.(1$23*,/$.!

(13)

W*T&!K!(+2!GH=!

R&,,&! )@N$,)e(&! /.,&22$T&2*! %&! 6&($/.! '&! #$3N2-)&.(/$.! '&! %a*##$3N*T.&3&.,! '+! #)*.T&3&.,A!!

!

W$+2! 2-1%-#)/2! b! #&(! `+&(,/$.(:! d&! 3a*NN+/&2*/! (+2! 3&(! $6(&28*,/$.(! '&! ,&22*/.! E.$,&(! 'a$6(&28*,/$.(!&,!8&26*,/3F!2-#$%,-&(!,$+,!*+!%$.T!'&!3$.!*NN2&.,/((*T&A!_a*/!3&.-!9!&.,2&,/&.(! (&3/Z'/2&#,/1(! *8&#! '&(! #$.(+%,*.,(! '&! 3*! N2*#,/#&:! (N-#/*%/(-&! '*.(! m!%a*##$3N*T.&3&.,! )+3*/.! '&(! ,2*.(1$23*,/$.(!oA! _a*/! /.,&22$T-! b! %*! 1$/(! '&(! N2$1/%(! d+./$2! &,! (&./$2:! *8&#! '&(! N*2#$+2(!'/11-2&.,(:!+.&!1$23*,/$.!2&%*,/8&!b!%*!#$.'+/,&!'+!#)*.T&3&.,!$+!.$.:!*@*.,!,$+(!'-db! &11&#,+-!'&(!3/((/$.(!#)&l!N%+(/&+2(!#%/&.,(A!R&(!&.,2&,/&.(!$.,!&+!N$+2!$6d&#,/1!'a*##-'&2!b!N%+(! 'a&JN-2/&.#&(!&,!-,*@&2!3&(!)@N$,)e(&(A!_&!#)&2#)*/(!b!(*8$/2!(0/%(!-,*/&.,!($+8&.,!#$.12$.,-(!b! #&(!(/,+*,/$.(!'a/.#$3N2-)&.(/$.!1*#&!b!%&+2!3-,/&2:!#$33&.,!/%(!%&(!8/8*/&.,:!%&(!*6$2'*/&.,:!%&(! #$.,$+2.*/&.,!$+!N&+,Zh,2&!(0&.!*112*.#)/((*/&.,A!

_&! N2&.'2*/! *+((/! *NN+/! (+2! N%+(/&+2(! '$#+3&.,(! /.,&2.&(! ,&%(! `+&! '&(! (+NN$2,(! '&! N2-(&.,*,/$.(!'&!N2*#,/#&(:!'&(!-,+'&(:!'&(!-#)*.T&(:!$+!&.#$2&!'&(!(+NN$2,(!'&!N2-(&.,*,/$.(! '&!3-,)$'&(!'a*##$3N*T.&3&.,!'+!#)*.T&3&.,!N2$N2&(!b!7WRA!! _&!N2&.'2*/!-T*%&3&.,!#$..*/((*.#&!'&(!'/(#$+2(!N2$'+/,(!N*2!'a*+,2&(!#*6/.&,(:!($+(!%*! 1$23&!'a-,+'&(!$+!'&!3-,)$'&(!N*2!&J&3N%&A!! c.1/.:!N%+(/&+2(!%&#,+2&(!(N-#/*%/(-&(!E$+82*T&(!&,!*2,/#%&(!'&!2-1-2&.#&F!*NN$2,&2$.,!+.! -#%*/2*T&!(+NN%-3&.,*/2&!b!3$.!-,+'&A!

V*! 2-1%&J/$.! 3&.-&! ,$+,! *+! %$.T! '&! 3$.! 3-3$/2&! (a*NN+/&2*! -T*%&3&.,! (+2! +.! `+&(,/$..&3&.,! '&! 3$.! &.8/2$..&3&.,A! _&! 3a/.,&22$T&2*/! (+2! 3&(! 2&((&.,/(! &,! 3$.! N$(/,/$..&3&.,!&.!,*.,!`+&!#$.(+%,*.,&!&.!*%,&2.*.#&!#)&l!7WR!]2*.#&:!'*.(!%*!N2*#,/#&!W&$N%&! n!c.T*T&3&.,A!_a/.,&22$T&2*/!*+((/!%&!N$(/,/$..&3&.,!'&!%*!N2*#,/#&!B!(&+%&!N2*#,/#&!01"23%!'a+.! T2$+N&! N%+(! #$..+! N$+2! (&(! /.,&28&.,/$.(! (+2! '&(! N2$d&,(! '&! ,2*.(1$23*,/$.! /.1$23*,/`+&A! R$33&.,! %*! W2*#,/#&! W&$N%&! n! c.T*T&3&.,! 'a7WR! N2-(&.,&Z&%%&! %a*##$3N*T.&3&.,! '+! #)*.T&3&.,!&,!#$33&.,!(&(!#$.(+%,*.,!01"23%&4"2"3%)%2*!(&!2&N2-(&.,&.,!%&+2!3-,/&2!t!!

!

q&! N*2! 3$.! N$(/,/$..&3&.,! &,! 3&(! 3*,-2/*+J! 'a-,+'&:! &.! N*2,/#+%/&2! 3&(! &.,2&,/&.(! `+*%/,*,/1(!&,!3&(!$6(&28*,/$.(!'&!,&22*/.:!3&.-&(!&.!,*.,!`+&!#$.(+%,*.,&!01"23%&4"2"3%)%2*:! d&!#&.,2&2*/!3&(!2&#)&2#)&(!(+2!%&!N$/.,!'&!8+&:!%a&JN-2/&.#&!&,!%&(!2&((&.,/(!'+!#$.(+%,*.,!&.! *##$3N*T.&3&.,!'+!#)*.T&3&.,A!!

!

Ra&(,! '$.#! '*.(! +.&! *%,&2.*.#&! &.,2&! *.*%@(&(! 2-1%&J/8&(:! $6(&28*,/$.(! &3N/2/`+&(! '&! ,&22*/.(:!*.*%@(&(!'$#+3&.,*/2&(!&,!-#2/,(!(#/&.,/1/`+&(!`+&!da*/!($+)*/,-!#$.(,2+/2&!3*!'-3*2#)&:! `+/!(a*2,/#+%&!&.!,2$/(!,&3N(!N2-(&.,-(!#/Z*N2e(A!

!

q*.(!+.!N2&3/&2!,&3N(:!d&!3a*,,*#)&2*/!*+J!#$.,$+2(!'+!#$.(&/%!&.!*##$3N*T.&3&.,!'+! #)*.T&3&.,A!R$33&.,!&(,Z/%!N&2j+!N*2!%&(!*#,&+2(!`+/!&J&2#&.,!#&!3-,/&2!t!R$33&.,!&(,Z/%!2&j+!

(14)

W*T&!I!(+2!GH=!

&,!#$3N2/(!'&(!*#,&+2(!`+/!.a&J&2#&.,!N*(!#&!3-,/&2!t!s!*Z,Z/%!'&(!-%-3&.,(!(/.T+%/&2(!*+!#$.(&/%! &.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!`+/!2&.'&.,!($.!*NN2-)&.(/$.!'/11/#/%&!t!5/!$+/:!`+&%%&(!($.,! %&(! #$.(-`+&.#&(! N$+2! %&(! #$.(+%,*.,(! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,!t! R$33&.,! *NN2-)&.'&.,Z/%(!&,!N2-(&.,&.,Z/%(!%&+2!3-,/&2!t!!!

!

q*.(! +.! '&+J/e3&! ,&3N(:! d&! 3&! '&3*.'&2*/! '*.(! `+&%%&! 3&(+2&! %&! #$.(+%,*.,! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! &(,! '$,-! 'a+.&! 6$g,&! b! $+,/%! R)*.T&! N$+8*.,! %+/! N&23&,,2&! 'a*NN$2,&2! '&! %a&JN&2,/(&! b! ($.! /.,&28&.,/$.!t! p+&%(! ($.,! %&(! $+,/%(! 'a*##$3N*T.&3&.,! '+! #)*.T&3&.,!t!R$33&.,!($.,Z/%(!+,/%/(-(!N*2!%&(!#$.(+%,*.,(!&,!N&2j+(!N*2!%&(!*+,2&(!*#,&+2(!t!U! N*2,/2!'&!`+&%(!-%-3&.,(!%&!#$.(+%,*.,!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!8*!N$+8$/2!1*/2&!8*%$/2! (*!#2-'/6/%/,-!t!p+&%(!($.,!%&(!-%-3&.,(!`+/!%+/!N&23&,,2&!'&!(&!(&.,/2!%-T/,/3&!'*.(!($.!3-,/&2!t!! ! c.1/.:!d&!3&!N&.#)&2*/!(+2!%*!'/11/#+%,-!`+&!N&+,!2&N2-(&.,&2!%*!'-3$.(,2*,/$.!'&!%a+,/%/,-!'+! R)*.T&!N$+2!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!&,!3&!'&3*.'&2*/!'*.(!`+&%%&! 3&(+2&! #a&(,! +.! &11$2,! `+a/%(! '$/8&.,! 2-&%%&3&.,! #$.'+/2&! N$+2! %*! 2-+((/,&! '&! %&+2(! 3/((/$.(! 'a*##$3N*T.&3&.,!'&(!,2*.(1$23*,/$.(A!!!!

(15)

W*T&!9!(+2!GH=! !<* =/* (%"-/)0* /"* ,((%15,6"/1/"#* &'* (7,"6/1/"#*>* '"* 14#)/$* &)??)()0/* @* -,)-)$*;* ! p+a&(,Z#&!`+/:!'*.(!%*!.*,+2&!3h3&!'+!#$.(&/%!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,:!N&+,! 2&.'2&!(*!#$3N2-)&.(/$.!'/11/#/%&!N$+2!'&(!/.,&2%$#+,&+2(!`+/!.a*NN*2,/&..&.,!N*(!b!#&,!+./8&2(!t!! ! q*.(!+.!N2&3/&2!,&3N(:!/%!#$.8/&.,!'&!(&!N&.#)&2!(+2!%*!'-1/./,/$.!3h3&!'+!#$.(&/%!&.! *##$3N*T.&3&.,!'+!#)*.T&3&.,:!*1/.!'a-,+'/&2!(&(!#$.,$+2(!&,!%*!3*./e2&!'$.,!%&(!#$.(+%,*.,(! &.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!(&!2&N2-(&.,&.,!%&+2!3-,/&2!&,!N&2j$/8&.,!(*!#$3N2-)&.(/$.! N*2!%&+2(!/.,&2%$#+,&+2(A!! ! +,* -'*./01*23')*/3*24.&'&(&0'*21*%0')"&/*"'*3%%0#536'"#"'(*21*%73'6"#"'(* ! W$+2!#$33&.#&2:!d&!($+)*/,&!2&8&./2!(+2!%a+.!'&(!-%-3&.,(!`+/!3a&(,!1/.*%&3&.,!*NN*2+! #$33&! +.! N2$6%e3&! *+! 3$3&.,! '&! %a-#2/,+2&! '&(! N2&3/e2&(! %/T.&(! '&! #&! 3-3$/2&!B! #&%%&! '&(! *NN&%%*,/$.(A!! ! "5& 6%(&"77%$$"*+/2(&)8$*+7$%(&%*&2/2&9:8+;"$%2*%(& ! •! 6%(&"77%$$"*+/2(&)8$*+7$%(& ! V&!#$.(&/%!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!&(,!(+d&,!b!'/11-2&.,&(!*NN&%%*,/$.(!`+/!%&! 2&.'&.,! *((&l! '/11/#/%&! b! (*/(/2A! U##$3N*T.&3&.,! '+! #)*.T&3&.,:! *##$3N*T.&3&.,! *+! #)*.T&3&.,:! #$.'+/,&! '+! #)*.T&3&.,:! *##$3N*T.&3&.,! )+3*/.! '&(! ,2*.(1$23*,/$.(:! 3*/(! *+((/!'&(!*NN&%%*,/$.!*.T%*/(&(!B!01"23%:!01"23%&4"2"3%)%2*<&=%/7$%&"2'&>-3"2+?"*+/2u!!!

V*! #$.12$.,*,/$.! b! %*! '/8&2(/,-! '&(! *NN&%%*,/$.(! (a&(,! 1*/,&! 'e(! %*! 2&#)&2#)&! '&! 3$.! *%,&2.*.#&:!%$2(`+&!%*!2&#)&2#)&!(&!1*/(*/,!N*2!3$,!#%-A!V&!#)$/J!'&(!3$,(!N$+8*/,!'$.#!2-'+/2&:! $+82/2!$+!'+!3$/.(!$2/&.,&2!%&(!2-(+%,*,(!'&!3&(!2&#)&2#)&(A!!

!

_a*/!/.,-T2-!%*!N2*#,/#&!m!W&$N%&!n!c.T*T&3&.,!o!'a7WR:!*.#/&..&3&.,!*NN&%-&!m!W&$N%&! n!R)*.T&!o:!&.!,*.,!`+&!m!R$.(+%,*.,!01"23%&4"2"3%)%2*!oA!!

O%! &(,! b! .$,&2! `+a7WR! &(,! +.! T2$+N&! /.,&2.*,/$.*%:! #&! `+/! &JN%/`+&! %&(! *NN&%%*,/$.(! &.! *.T%*/(!b!%*!1$/(!N$+2!%&(!N$(,&(!&,!%&(!m!N2*#,/#&(!oA!M$.!&JN-2/&.#&!*+!(&/.!'&!%*!N2*#,/#&!&,!%$2(! '&(!'/11-2&.,&(!'/(#+((/$.(:!3&!3$.,2&.,!`+&!%&!,&23&!m!01"23%!o!&(,!2-T+%/e2&3&.,!+,/%/(-!&.,2&! %&(!#$.(+%,*.,(!'&!%*!N2*#,/#&:!N$+2!N*2%&2!'&!.$(!$112&(:!'&!.$(!3/((/$.(!$+!'&!.$(!($+)*/,(!'&! N$(/,/$..&3&.,!(+2!'&(!3/((/$.(A!!!!

W%+(!&.#$2&:!%a$112&!'a*NN2&.,/((*T&!b!%*`+&%%&!da*/!2-N$.'+!3&.,/$..&!`+&!%*!W2*#,/#&!&(,! m!'-'/-&! b! %a*##$3N*T.&3&.,! )+3*/.! '&(! ,2*.(1$23*,/$.(!oA! R&,,&! &JN2&((/$.! &(,! 2-#+22&.,&!

(16)

W*T&!^!(+2!GH=! '*.(!%&(!'$#+3&.,*,/$.(!7WR:!.$,*33&.,!'*.(!%*!N2-(&.,*,/$.!'&!%*!N2*#,/#&!'&(!N2$N$(/,/$.(! #$33&2#/*%&(A!c.!&11&,:!%a-,+'&!'$#+3&.,*/2&!3a*!N&23/(!'&!2&%&8&2!`+&!%&!'/(#$+2(!'&!%*!W2*#,/#&! (+2!(&(!N2*,/`+&(!(&!1*/(*/,!($+(!%&!8$#*6+%*/2&!m!01"23%!o!&,!m!*##$3N*T.&3&.,!)+3*/.!'&(! ,2*.(1$23*,/$.(!oA!! ! W$+2!*+,*.,:!/%!&(,!/.,-2&((*.,!'&!2&3*2`+&2!`+&!%&(!3$,(!#)$/(/(!N*2!%&(!#$.(+%,*.,(!`+&! da*/!/.,&28/&L-(!8*2/&.,!N*2!2*NN$2,!b!#&(!'&+J!&JN2&((/$.(A!V*!1*j$.!'&!(&!N2-(&.,&2!.a&(,!*/.(/! N*(!'+!,$+,!+./1$23/(-&A!c.!&11&,:!%*!N2&3/e2&!`+&(,/$.!'&!3&(!&.,2&,/&.(!B!m!,+!1*/(!`+$/!'*.(!%*! 8/&!t!o!*!&.T&.'2-!'&(!2-N$.(&(!*((&l!8*2/-&(A! ! U/.(/:!V-*:!M*2/$.!&,!_+%/&!(&!N2-(&.,&.,!N*2!2*NN$2,!b!%&+2!2*,,*#)&3&.,!*+!(&/.!'a7WR:! (*.(!/.'/`+&2!%&+2!,/,2&!#$3N%&,!$+!%&+2!(N-#/*%/(*,/$.A!! V-*!2-N$.'!B!m!_&!(+/(!#$.(+%,*.,&![W&$N%&!n!c.T*T&3&.,]!o!EU..&J&!GF!&,!M*2/$.:!'&!%*! 3h3&!3*./e2&!B!m!_&!(+/(!#$.(+%,*.,&!#)&l!7WR:!'$.#!#)&l![Wnc]!#$33&!,+!%&!(*/(!o!EU..&J&! =FA!_+%/&:!&%%&!N*2%&!'&!($.!N*2#$+2(!&,!'&!($.!N$(/,/$..&3&.,!B!m!R*!1*/,!9!*.(!`+&!d&!(+/(!#)&l! 7WR:! .$,*33&.,:! da*/! 1*/,! =! *.(! 'a*NN2&.,/((*T&:! &,! j*! 1*/,! K! *.(! `+&! d&! (+/(! '*.(! %*! N2*#,/#&! -`+/8*%&.,&!01"23%!o!EU..&J&!IF! ! qa*+,2&(!#$.(+%,*.,&(!(&!'-1/./((&.,!*((&l!'/2&#,&3&.,!N*2!%&!,@N&!'&!N2$d&,(!`+a&%%&(!$.,! &11&#,+-(A!Ra&(,!%&!#*(!'&!R*2$%/.&!`+/!&JN%/`+&!B!m!d&!,2*8*/%%&!'$.#!#)&l!7WR!&,!(+2!'&(!N2$d&,(! '&!,2*.(1$23*,/$.:!(+2!'/11-2&.,(!*(N&#,(!'&!%*!,2*.(1$23*,/$.:!%&(!*(N&#,(!PQ:!'$.#!%&(!*(N&#,(! 3-,/&2(!PQ:!&,!'&(!*(N&#,(!'a*##$3N*T.&3&.,!'+!#)*.T&3&.,A!o!EU..&J&!KF! ! Ra&(,!N*21$/(!*+((/!%&!,/,2&!'+!N$(,&!`+/!&(,!N2-#/(-!%$2(!'&!.$,2&!-#)*.T&!#$33&!%&!1&2$.,! 2&(N&#,/8&3&.,!V-*!&,!M*2/.&B!m!d&!3a*NN&%%&!m!>-3"2+?"*+/2"$&01"23%&@/2(8$*"2*&o:!$+/!'$.#!$+/:! #a&(,!j*!S#$.(+%,*.,&!01"23%T!o!EU..&J&!GF!&,!B!m!#)&l!7WR!N+2&3&.,:!d&!(+/(!#&!`+a$.!*NN&%%&! +.!S[2*'&!9T:!'$.#!#a&(,!5&./$2!R)*.T&!M*.*T&2!#)&l!%&!'-N*2,&3&.,![W&$N%&!n!c.T*T&3&.,]!o! EU..&J&!9F! !

S.! N&+,! .$,&2! `+&! %&(! ,&23&(! '&! m!#$.'+/,&! '+! #)*.T&3&.,!o:! m!*##$3N*T.&3&.,! '+! #)*.T&3&.,!o:!m!*##$3N*T.&3&.,!*+!#)*.T&3&.,!o:!m!*##$3N*T.&3&.,!'&(!,2*.(1$23*,/$.(!o! $+!m!01"23%&)"2"3%)%2*!o:!($.,!*+((/!+,/%/(-(!N*2!%&(!#$.(+%,*.,&(:!'e(!3*!N2&3/e2&!`+&(,/$.! $+! *+! #$+2(! '&! %a&.,2&,/&.A! V&+2! +(*T&! .a&(,! N*(! 2&(,2&/.,:! +.&! #$.(+%,*.,&! N$+8*.,! ,2e(! 6/&.! +,/%/(&2!%a+.!'&(!,&23&(!b!+.!3$3&.,!'&!3$.!&.,2&,/&.:!&,!+.!*+,2&!+.!N&+!N%+(!,*2'A!!

O%!&(,!*((&l!12*NN*.,!'&!8$/2!`+&:!(/!7WR!.$23&!($.!'/(#$+2(!'*.(!%&(!N2-(&.,*,/$.(!'&!%*! N2*#,/#&!&,!(&!2&(,2&/.,!*+J!,&23&(!'&!01"23%!&,!'a*##$3N*T.&3&.,!'&(!,2*.(1$23*,/$.(:!#&,,&! 2&(,2/#,/$.!.&!(a*NN%/`+&!N*(!*+J!#$.(+%,*.,(!'*.(!%&+2!N2-(&.,*,/$.A!V*!($#/*%/(*,/$.!*+!(&/.!'&! %*! N2*#,/#&! .&! (&! 1*/,! '$.#! *NN*2&33&.,! N*(! N*2! %a*'$N,/$.! '+! 3h3&! 8$#*6+%*/2&! $+! N*2! +.&!

(17)

W*T&!<!(+2!GH=!

+./1$23/(*,/$.!'+!'/(#$+2(A!_&!.$,&!'a*/%%&+2(!`+a$.!.&!3a*!d*3*/(!2&N2/(&:!$+!'/,!`+&%%&!1$23+%*,/$.! +,/%/(&2!%$2(!'&!3&(!-#)*.T&(A!

!

W%+(! &.#$2&:! /%! &(,! /.,-2&((*.,! 'a$6(&28&2! `+a+.! 3h3&! #$.(+%,*.,! +,/%/(&! N%+(/&+2(! 1$23+%*,/$.(! '+2*.,! .$,2&! &.,2&,/&.A! V&(! ,&23&(! (&36%&.,! T%/((&2! &,! N$+8$/2:! '+! #$+N:! h,2&! /.,&2#)*.T&*6%&(A!!

5*2*)!+,/%/(&!N*2!&J&3N%&!,2$/(!*NN&%%*,/$.(!N$+2!2-N$.'2&!b!3*!N2&3/e2&!`+&(,/$.!B!!

m!U%$2(:! d&! (+/(! #$.(+%,*.,&! &.! #$.'+/,&! '+! #)*.T&3&.,:! $+! R)*.T&! M*.*T&3&.,:! *##$3N*T.&3&.,!'+!#)*.T&3&.,A!o!!EU..&J&!DF!

U+!1/%!'&(!&.,2&,/&.(!d&!3&!2&.'(!*/.(/!#$3N,&!`+&!%&(!*NN&%%*,/$.(!($.,!T%/((*.,&(:!b!%*! 1$/(!'&!%*!N*2,!'&(!/.,&28/&L-&(!&,!'&!%*!3/&..&A!U/.(/:!da*8*/(!*8*.,!3&(!&.,2&,/&.(!N2/(!%*!'-#/(/$.! 'a&((*@&2!'&!N2&.'2&!%*!N2&3/e2&!*NN&%%*,/$.!+,/%/(-&!N*2!%*!#$.(+%,*.,&!/.,&22$T-&!&,!'&!%a+,/%/(&2! N$+2!%*!(+/,&!'&!%a&.,2&,/&.:!*1/.!'a+,/%/(&2!%a*NN&%%*,/$.!`+a&%%&!,2$+8&!%*!N%+(!*'*N,-&A!S2:!d&!3&!(+/(! 2&.'+! #$3N,&! b! %a-,+'&! '&! %a&.,2&,/&.! `+&! da*8*/(! 3$/Z3h3&! m!1*/(! %a&22&+2!o! 'a+,/%/(&2! +.! *+,2&! ,&23&A!!

!

S.!$6(&28&!+.&!8*2/-,-!'*.(!%&(!'-.$3/.*,/$.(!+,/%/(-&(!N*2!%&(!#$.(+%,*.,&(!'a+.&!3h3&! N2*#,/#&!N$+2!(&!N2-(&.,&2:!*/.(/!`+&!'*.(!%&(!1$23+%*,/$.(!`+a&%%&(!/.'/`+&.,!N2-1-2&2!+,/%/(&2!$+! +,/%/(&2!%&!N%+(!($+8&.,A!!

W%+(! &.#$2&:! $.! N&+,! $6(&28&2! +.! T%/((&3&.,! '&(! 3$,(! &,! '&(! 1$23+%*,/$.(! `+/! *'8/&.,! '*.(!%&!'/(#$+2(!&,!`+/!N*2*g,!N&+!#$.(#/&.,!'&!3*!N*2,!&,!'&!#&%%&!'&(!/.,&28/&L-&(A!R&%*!#2-&! +.! 1%$+! *+,$+2! '&! %*! N2$1&((/$.:! '-.$33-&! N*2! +.&! 3+%,/,+'&! 'a*NN&%%*,/$.(! N*2! %&(! /.'/8/'+(! 3h3&(!`+/!&J&2#&.,!#&!3-,/&2A!!

R&%*!'$..&!'$.#!%a/3N2&((/$.!`+&!%&(!1$23+%*,/$.(!(&!8*%&.,!$+!'+!3$/.(!2&.8$/&.,!b!%*! 3h3&!#)$(&!N$+2!%&(!#$.(+%,*.,&(!&.!*##$3N*T.&3&.,!/.,&22$T-&(A!W$+2,*.,:!%&(!-%-3&.,(!'&! '/(#$+2(! '&(! #$.(+%,*.,&(! /.,&22$T-&(! &,! 3&(! $6(&28*,/$.(! '&! ,&22*/.! /.'/`+&.,! d+(,&3&.,! %&! #$.,2*/2&A!

!

•! 6%(&"77%$$"*+/2(&2/2&9:8+;"$%2*%(& !!

V&(! ,&23&(! 'a*##$3N*T.&3&.,:! '&! #$.'+/,&! $+! &.#$2&! '&! 01"23%! (&36%&.,! '$.#! #$)*6/,&2! '*.(! %&(! '/(#$+2(! (+2! %&! #$.(&/%! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,A! W$+2! *+,*.,:! ($.,Z/%(!#$.(/'-2-(!&J*#,&3&.,!'&!%*!3h3&!3*./e2&!N*2!%&(!#$.(+%,*.,(!`+/!,2*8*/%%&.,!'*.(!#&! '$3*/.&!t!!

(18)

W*T&!G>!(+2!GH=!

q*.(! 3&(! &.,2&,/&.(:! da*/! -,-! 12*NN-&! N*2:! N*2*'$J*%&3&.,:! %&(! T%/((&3&.,(! '*.(! .$(! -#)*.T&(!&.,2&!%&(!'/11-2&.,&(!'-.$3/.*,/$.(:!&,!%a*,,*#)&3&.,!$+!%*!N2-1-2&.#&!'&(!#$.(+%,*.,(! N$+2!#&2,*/.&(!'-.$3/.*,/$.(!N%+,r,!`+&!'a*+,2&(A!

!

W*2! &J&3N%&:! %$2(! '&! 3&(! &.,2&,/&.(:! b! N%+(/&+2(! 2&N2/(&(! '&(! #$.(+%,*.,&(! 3&! '/(&.,! N2-1-2&2!+.&!*NN&%%*,/$.:!d+(,&!*N2e(!&.!*8$/2!+,/%/(-!+.&!*+,2&A!!

U/.(/:! *%$2(! `+a&%%&! 8/&.,! '&! 3&! '/2&! `+a&%%&! 1*/(*/,! m!#&! `+a$.! *NN&%%&! '&! %*! #$.'+/,&! '+! #)*.T&3&.,!o:!%$2(`+&!d&!%a/.,&22$T&!(+2!(&(!N2-1-2&.#&(:!M*2/.&!3&!2-N$.'!B!!

m!u!U##$3N*T.&3&.,!*+!#)*.T&3&.,A!U##$3N*T.&3&.,!*+!#)*.T&3&.,!#a&(,!#&!`+/!N*2%&2*!%&! N%+(!N$+2!3$/A!o!EU..&J&!9F!!

q&!3*./e2&!*((&l!(/3/%*/2&:!b!3*!N2&3/e2&!`+&(,/$.!m!`+a&(,Z#&!`+&!,+!1*/(!'*.(!%*!8/&!t!o:! ]%$2&.#&! 2-N$.'! m!_&! (+/(! #$.(+%,*.,&! &.! #$.'+/,&! '+! #)*.T&3&.,A!o! N+/(! /.'/`+&:! `+&%`+&(! (&#$.'&(! N%+(! ,*2'!B! m!p+*.'! d&! 1*/(! *,,&.,/$.:! d&! '/(! m!*##$3N*T.&3&.,! '+! #)*.T&3&.,!oA!o! EU..&J&!HF!

!

V&(!'-.$3/.*,/$.(!N*2*/((&.,!1/.*%&3&.,!.$.!-`+/8*%&.,&(!'*.(!%&(!2&N2-(&.,*,/$.(:!%&(! #$.(+%,*.,(!@!*,,*#)*.,!+.&!8*%$2/(*,/$.!N%+(!$+!3$/.(!1$2,&!&,!+.&!#$.#&N,/$.!'/11-2&.,&A!U/.(/:!(/! &%%&(! 1$.,! 2-1-2&.#&! b! +.! 3h3&! +./8&2(:! %&(! &JN2&((/$.(! .&! ($.,! N*(! .-#&((*/2&3&.,! /.,&2#)*.T&*6%&(!&,!%&(!#$.(+%,*.,&(!.a@!*,,*#)&.,!N*(!1$2#-3&.,!%*!3h3&!(/T./1/#*,/$.A!q*.(!%&(! /3*T/.*/2&(:! &%%&(! -8$`+&.,! +.&! #$.#&N,/$.! '+! 3-,/&2! &,! '&! (*! N2*,/`+&! `+/! N&+8&.,! h,2&! '/11-2&.,&(A!Ra&(,!*/.(/!`+&!%a$.!N&+,!2&3*2`+&2!`+&!%&(!#$.(+%,*.,&(!$.,!'&(!m!N2-1-2&.#&(!o!B!!

W*2! &J&3N%&:! 5*2*):! %$2(`+a&%%&! N*2%&! '&! %a*NN&%%*,/$.! m!#$.(+%,*.,! 01"23%!o! 3&! '/,!B! m!3*/(!#a&(,!N*(!3$.!N2-1-2-!o!EU..&J&!DFA!7.&!'/11-2&.#&!&(,!'$.#!.$,*6%&:!N$+2!&%%&:!&.,2&!%&(! ,&23&(!'&!01"23%&&,!'a*##$3N*T.&3&.,!'+!#)*.T&3&.,:!*((&l!N$+2!`+a&%%&!#$.(/'e2&!'a*/%%&+2(! `+&! %*! N2&3/e2&! &JN2&((/$.! .&! 2&.8$/&! N*(! .-#&((*/2&3&.,! b! ($.! 3-,/&2! '*.(! ($.! &(N2/,! N+/(`+a&%%&!*d$+,&!B!m!da*/!%a/3N2&((/$.!`+&!j*!.&!2&N2-(&.,&!N&+,Zh,2&!N*(!)@N&2!6/&.!#&!`+&!3$/! d&!#$.(/'e2&!`+&!#a&(,!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!o!EU..&J&!DFA! W%+(!&.#$2&:!'a*+,2&(!#$.(+%,*.,&(!&JN2/3&.,!+.&!'/11-2&.#&!&.,2&!%&(!,&23&(!&,!%*!2-*%/,-! b!%*`+&%%&!/%(!2&.8$/&.,A!U/.(/:!R*2$%/.&!/.'/`+&!B!! m!M$/!N&2($..&%%&3&.,!d&!(+/(!N%+(!'*.(!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!`+&!'*.(!%*!#$.'+/,&!v! '*.(!%*!#$.'+/,&!/%!@!*!+.&!8$%$.,-!'a/3N$(&2!%&(!#)$(&(:!&,!*##$3N*T.&2!/%!@!*!N%+(!+.&!8$%$.,-! '&!($+,&./2!%*!,2*.(1$23*,/$.!'&(!*#,&+2(A!o!EU..&J&!KFA!! V&(!'&+J!,&23&(!2&.8$/&.,!'$.#!N$+2!&%%&(!b!'&+J!3*./e2&(!'/11-2&.,&(!'a*NN2-)&.'&2!%&! 3-,/&2A!! !

(19)

W*T&!GG!(+2!GH=!

7.&! (/,+*,/$.! '&! 3$.! &JN-2/&.#&! 3a*! 'a*/%%&+2(! 3/(! &.! -8/'&.#&! 3&(! N2$N2&(! 2&N2-(&.,*,/$.(! &,! N2-1-2&.#&(! `+&! da*,,*#)*/(! *+J! ,&23&(! '&! #$.'+/,&! '+! #)*.T&3&.,! &,! 'a*##$3N*T.&3&.,!'+!#)*.T&3&.,A!!

c.!&11&,:!%$2(!'a+.&!'/(#+((/$.!*8&#!+.&!*3/&!#$.#&2.*.,!+.!,2*8*/%!'&!T2$+N&!N2-N*2-! '*.(! %&! #*'2&! '&! (&(! #$+2(:! da*/! -,-! ,2e(! (+2N2/(&! '&! %a&.,&.'2&! '/2&! `+a&%%&(! *8*/&.,! '*.(! %&+2! N2-(&.,*,/$.!+,/%/(-!%*!N)2*(&!B!m!W%+(!`+&!'&!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,:!'&!%*!#$.'+/,&! '+!#)*.T&3&.,!oA!!

Ra&(,! '*.(! 3*! 2-*#,/$.! '&! (+2N2/(&! `+&! d&! 3&! (+/(! 2&.'+! #$3N,&! '&! %*! '/11-2&.#&! '&! 2&N2-(&.,*,/$.! `+&! da*8*/(! '&! (&(! ,&23&(! &,! '&! 3&(! N2$N2&(! N2-1-2&.#&(:! N$2,-&! (+2! #&! `+&! 2&.8$@*/,!N$+2!3$/!%a&JN2&((/$.!'a*##$3N*T.&3&.,!'+!#)*.T&3&.,!N%+,r,!`+&!'&!#$.'+/,&A!! ! 5&%$.!]%$2&.#&:!%*!'/11-2&.#&!'&!N&2#&N,/$.!&.,2&!%&(!,&23&(!'a*##$3N*T.&3&.,!$+!'&! #$.'+/,&!'+!#)*.T&3&.,!&(,!*+((/!N2-(&.,&!#)&l!%&(!#%/&.,(!#)&l!`+/!&%%&!/.,&28/&.,A!!c%%&!,-3$/T.&! &.!&11&,!B!! m!3$/!da*/!&+!'&(!#%/&.,(!`+/!3a$.,!'/,!B!m!$+/:!3*/(!*##$3N*T.&3&.,!'+!#)*.T&3&.,:!/%!.a@!*!N*(! *((&l!'&!%&*'&2()/N!o:!/%!@!&.!*!`+/!N2-1e2&.,!#$.'+/,&!'+!#)*.T&3&.,!&,!*+!#$.,2*/2&!/%!@!&.!*!`+/! '/(&.,!m!.$.:!$.!.&!#$.'+/,!N*(!%&!#)*.T&3&.,:!$.!%a*##$3N*T.&A!oA!o!EU..&J&!HFA!! V$2(!'a+.&!#$.8&2(*,/$.:!R*2$%/.&!3a&JN%/`+&!'a*/%%&+2(!+,/%/(&2!%a*NN&%%*,/$.!m!#$.'+/,&!'+! #)*.T&3&.,!o!(+2!(*!3/((/$.:!#*2!#a&(,!#&%%&!+,/%/(-&!N*2!($.!#%/&.,:!*%$2(!`+a&%%&Z3h3&!N2-1e2&! %a*NN&%%*,/$.!m!*##$3N*T.&3&.,!'+!#)*.T&3&.,!oA!V$2(`+&!d&!%*!`+&(,/$..&!(+2!%&!(+d&,:!&%%&!3&! '/,!@!8$/2!%*!3*./e2&!'&!1$.#,/$..&2!,2e(!'/2&#,/8&!'&!($.!#%/&.,:!`+/!*!,&.'*.#&!b!N&.(&2!`+a/%!1*+,! '/2&!N$+2!`+&!#&!($/,!1*/,:!&,!*8$/2!+.&!#$33+./#*,/$.!,2e(!'&(#&.'*.,&A!O%!@!*!'$.#:!N$+2!&%%&! *+((/:! '&(! 2&N2-(&.,*,/$.(! '/11-2&.,&(! *,,*#)-(! *+J! ,&23&(! #$.'+/,&! &,! *##$3N*T.&3&.,! `+/! ,-3$/T.&.,!'a+.&!#$.#&N,/$.!'/11-2&.,&!'&!%*!'-3*2#)&A!!

q&22/e2&! %&(! '&+J! *NN&%%*,/$.(:! #a&(,! '$.#! 1/.*%&3&.,! +.&! '/11-2&.#&! 'a*NN2$#)&! &,! '&! '-3*2#)&!`+/!&(,!N&2j+&:!b!%*!1$/(!N*2!%&(!#$.(+%,*.,(:!3*/(!*+((/!N*2!#&2,*/.(!#%/&.,(A!! !

!

_&! N*2%&2*/(! N2/.#/N*%&3&.,! '*.(! 3$.! 3-3$/2&! '&! 01"23%! $+! 'a*##$3N*T.&3&.,! '+! #)*.T&3&.,:! `+/! #$22&(N$.'&.,! N$+2! %*! N2&3/e2&! b! %a*NN&%%*,/$.! '&! 3$.! N$(,&:! &,:! N$+2! %*! (&#$.'&:!b!%a*NN&%%*,/$.!`+&!da+,/%/(&!%&!N%+(!.*,+2&%%&3&.,!N$+2!&JN2/3&2!#&!`+&!d&!1*/(!'*.(!%*!8/&! &,! `+&! da*/! ($+8&.,! ,2$+8-! '*.(! 3&(! $6(&28*,/$.(! '&! ,&22*/.! 1*8$2/(-&! N*2! %&(! #$.(+%,*.,(! N*2! 2*NN$2,! b! %a&JN2&((/$.! #$.'+/,&! '+! #)*.T&3&.,:! `+&! %a$.! 2&,2$+8&! N%+(! '*.(! %&(! -#2/,(! (+2! %*! 3*,/e2&!$+!'*.(!%&(!&.8/2$..&3&.,(!#%/&.,A!

!

Y/&.! `+a/.,&28&2,/(! *+! 1/%! '&(! &.,2&,/&.(:! %&(! '/11-2&.,(! ,&23&(! N$+8*.,! '-(/T.&2! %a*#,/8/,-! '&(! #$.(+%,*.,(! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! .&! ($.,! '$.#! N*(! #$.(/'-2-(! #$33&! -`+/8*%&.,(A!!

(20)

W*T&!G=!(+2!GH=! •! 6%(&'92/)+2"*+/2(&7$8(&/8&)/+2(&7"-$"2*%(&A&& ! W%+(!&.#$2&:!#&2,*/.&(!*NN&%%*,/$.(!($.,!#$.(/'-2-&(!#$33&!N%+(!$+!3$/.(!N*2%*.,&(!N*2! %&(!#$.(+%,*.,(!/.,&22$T-(A!! ! 5/!5*2*)!/.'/`+&!.&!N*(!*NN2-#/&2!%a+,/%/(*,/$.!'&!%*!'-.$3/.*,/$.!01"23%!#a&(,!B!! m!N*2#&!`+&!1/.*%&3&.,!d&!,2$+8&!`+a$.!.&!8$/,!N*(!,2$N:!&.1/.!d&!.&!(*/(!N*(!(/!#a&(,!N*2#&!`+a$.!.&! 8$/,!N*(!,2$N!#&!`+a/%!@!*!'&22/e2&:!$+!da*/!%a/3N2&((/$.!`+&!#a&(,!,&%%&3&.,!+,/%/(-!N$+2!N*2%&2!'&!,$+,! &,!'&!2/&.!o!EU..&J&!DFA!! !

q&! 3*./e2&! 2-#+22&.,&:! %&(! #$.(+%,*.,&(! /.,&22$T-&(! `+*%/1/&.,! %&! ,&23&! '&! #$.(+%,*.,!

01"23%! ,2$N! %*2T&:! 1%$+! &,! 3$/.(! #$3N2-)&.(/6%&! N$+2! %&+2(! /.,&2%$#+,&+2(! `+&! %&(! ,&23&(!

12*.j*/(A! c.! &11&,:! %&! ,&23&! '&! m!#$.(+%,*.,! 01"23%!o! 2&.8$@*.,! b! m!#$.(+%,*.,! 01"23%&

4"2"3%)%2*&o!(&36%&!*8$/2!&+!N%+(/&+2(!,2*'+#,/$.(!B!R$.(+%,*.,!&.!#$.'+/,&!'+!#)*.T&3&.,!&,! #$.(+%,*.,!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,:!`+/:!#$33&!$.!8/&.,!'&!%&!3$.,2&2:!.&!($.,!N*(! #$.(/'-2-(!#$33&!2&.8$@*.,!b!%*!3h3&!N&2#&N,/$.!'&!%*!N2*,/`+&A!! ! #5& 6%(&'92/)+2"*+/2(&-%2;/B"2*&C&82%&-9"$+*9&.$/8%& ! V&!1%$+!*+,$+2!'&(!,&23&(!`+/!'-(/T.&.,!%&!#$.(&/%!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,! &(,!-8$`+-!N*2!'/11-2&.,&(!N&2($..&(A!q*.(!%&+2!*2,/#%&!m!;$+(!N2&.'2&l!&.!#)*2T&!%&!#r,-!)+3*/.! '+!N2$d&,!o:!M*2/&!Yc?cqc\\SZMcscP!&,!V*+2&.,!wOVVcMcx!&JN%/`+&.,!`+&:!(/!%a&JN2&((/$.! m!#$.'+/,&!'+!#)*.T&3&.,!o!&(,!'&!N%+(!&.!N%+(!N2-(&.,&!'*.(!%&(!&.,2&N2/(&(:!'*.(!%&(!$112&(! 'a&3N%$/! */.(/! `+&! '*.(! %&(! /.,/,+%-(! '&! 1$23*,/$.! #$.,/.+&:! #a&(,! +.! ,&23&! `+/! (+(#/,&! '&(! /.,&22$T*,/$.(A!c.!&11&,:!&.!,*.,!`+&!2&(N$.(*6%&(!'&!3*(,&2:!/%(!(&!'/(&.,!!

m!(*.(! #&((&! #$.12$.,-(! *+J! /.,&22$T*,/$.(! 'a-,+'/*.,(:! '&! N2$1&((/$..&%(! &.! &.,2&N2/(&! &,! '&! #$%%eT+&(!*#*'-3/`+&(:!.$+(!/.,&2N&%%*.,!(+2!%a/3N2-#/(/$.!'+!,&23&:!`+*%/1/-!'&!m!3$,!8*%/(&!o:!(+2! %*! 1*/6%&((&! '&! (&(! 1$.'&3&.,(! ,)-$2/`+&(! &,! (+2! %*! 2-*%/,-! '&! (&(! %/&.(! *8&#! %&(! (#/&.#&(! ($#/*%&(A!o=_!

!

V&!1%$+!*+,$+2!'&(!/.,/,+%-(!'&!#&!3-,/&2!&(,!*+((/!-8$`+-!N*2!M*2/.&!`+/!N*2%&!'&!m!T2*.'&! 6$g,&! $k! ,+! N&+J! 3&,,2&! N%&/.! '&! #)$(&(!o! &.! N*2%*.,! '&! %*! #$.'+/,&! '+! #)*.T&3&.,! N+/(! '&! m!T2$((&!6$g,&!.$/2&!o!&.!N*2%*.,!'+!01"23%&4"2"3%)%2*!EU..&J&!9F!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

=_{!M*2/&!Yc?cqc\\SZMcscP:!V*+2&.,!wOVVcMcx!m!;$+(!N2&.'2&l!&.!#)*2T&!%&!#r,-!)+3*/.!'+!N2$d&,!}

oA!W*2*'$J&(!&,!3*%&.,&.'+(!'&!%a*##$3N*T.&3&.,!'&(!#)*.T&3&.,(!&.!&.,2&N2/(&:!D";/+-EF3+-!=>G9y=! E?z!H>F:!NA!HKZK=A!W*T&!H9!

(21)

W*T&!GD!(+2!GH=! !

W%+(!&.#$2&:!$.!N&+,!.$,&2!`+&!%&(!.$,/$.(!'&!m!#)*.T&3&.,!o!$+!'&!m!,2*.(1$23*,/$.!o! .&!(&36%&.,!N*(!N*2%&2!'a&%%&(Z3h3&(!&,!N&+8&.,!2&#$+82/2!'&(!2-*%/,-(!,2e(!'/8&2(&(A!!

c.! &11&,:! +.! #)*.T&3&.,! (&! '-1/./,! #$33&! +.&! m!*#,/$.:! 1*/,! '&! #)*.T&2:! '&! 3$'/1/&2! `+&%`+&! #)$(&:! N*((*T&! 'a+.! -,*,! b! +.! *+,2&!o!v! m!1*/,! 'ah,2&! 3$'/1/-:! #)*.T-!v! 3$'/1/#*,/$.:! ,2*.(1$23*,/$.!o!v!m!M$'/1/#*,/$.!N2$1$.'&:!2+N,+2&!'&!2@,)3&!v!,$+,!#&!`+/!2$3N,!%&(!)*6/,+'&(:! 6$+%&8&2(&! %a$2'2&! -,*6%/!oDA! 7.&! ,2*.(1$23*,/$.! &(,! +.&! m!*#,/$.! '&! ,2*.(1$23&2!o!v! m!N*((*T&! 'a+.&! 1$23&! b! +.&! *+,2&!o!v! m!3$'/1/#*,/$.:! #)*.T&3&.,!oH_{A! V&(! ,&23&(! (&36%&.,! '$.#! *((&l!}

N2$#)&(:!3h3&!(/:!'*.(!%&(!/.,/,+%-(:!N*2!&J&3N%&!#)&l!7WR:!/%(!.&!($.,!N*(!+,/%/(-(!N$+2!'-(/T.&2! %*!3h3&!#)$(&A!!

q*.(!+.!%/82&!6%*.#!/.,/,+%-!{w)@!*!6+(/.&((!#*(&!1$2!@1"23%&)"2"3%)%2*|:!N+6%/-!N*2! OYM![%$6*%!Y+(/.&((!5&28/#&(:!%*!'/11-2&.#&!&.,2&!{*-"2(./-)"*+/2|!&,!{@1"23%|!&(,!-8$`+-&A!O%!@! &(,!'/,!B!!

m!R)*.T&3&.,! 1*/,! 2-1-2&.#&! b! '&(! *'*N,*,/$.(! N2$T2&((/8&(! $+! '&! 1*/6%&! *3N%&+2A! [AAA]! \2*.(1$23*,/$.!1*/,!2-1-2&.#&!b!+.!8*(,&!#)*.T&3&.,!`+/!N&+,!1$2,&3&.,!*3-%/$2&2!%&!1+,+2!N*@(*T&! 'a+.&!$2T*./(*,/$.A![AAA]!Y/&.!`+&!%&(!,&23&(!m!#)*.T&3&.,!o!&,!m!,2*.(1$23*,/$.!o!($/&.,!+,/%/(-(! '&!3*./e2&!/.,&2#)*.T&*6%&:!%*!'/11-2&.#&!(&!,2$+8&!'*.(!%a*3N%&+2!'+!#)*.T&3&.,A!oK_!I_&

U/.(/:!%&(!3$,(!#)*.T&3&.,!&,!,2*.(1$23*,/$.!2&.8$/&.,!b!'&(!'-1/./,/$.(!'/11-2&.,&(!&,!$.! N&+,! '$.#! %-T/,/3&3&.,! N&.(&2! `+&! (&! N2-(&.,&2! #$33&! 1*/(*.,! '&! %a*##$3N*T.&3&.,! '+! #)*.T&3&.,! $+! '&! %a*##$3N*T.&3&.,! '&(! ,2*.(1$23*,/$.(! %&! 1$.,! N$+2! 2&.8$@&2! ! +.&! *NN2-)&.(/$.!'&!%&+2!3-,/&2!'/11-2&.,&A!W$+2!*+,*.,:!/%!&(,!6/&.!*+((/!/.'/`+-!`+&!%&(!,&23&(!($.,! N*21$/(! +,/%/(-(! %a+.! N$+2! %a*+,2&:! '$.#! N2$6*6%&3&.,! *+((/! #$3N2/(! %a+.! N$+2! %a*+,2&A! R&%*! N&+,! N*2,/#/N&2!'+!1%$+!&.,$+2*.,!%&(!3-,/&2(!'&!#$.(&/%!*+,$+2!'&(!,2*.(1$23*,/$.(!&,!'+!#)*.T&3&.,A!!

!

W$+2! 1/./2:! /%! &(,! b! .$,&2! `+&! %&(! .$,/$.(! 3h3&! '&! #)*.T&3&.,! &,! '&! ,2*.(1$23*,/$.(! 2&.8$/&.,!b!+.&!3+%,/,+'&!'&!#*(!#$.#2&,(A!c.!&11&,:!%a*3N%&+2!&,!%*!.*,+2&!3h3&!'a+.!#)*.T&3&.,! $+!'a+.&!,2*.(1$23*,/$.!N&+8&.,!h,2&!3+%,/N%&(:!.$,*33&.,!*+!(&/.!'&!%a&.,2&N2/(&A!5*.(!'2&((&2! +.&!%/(,&!&J)*+(,/8&:!+.!#)*.T&3&.,!N&+,!h,2&!/.1$23*,/`+&:!(,2*,-T/`+&:!#$33&2#/*%!$+!&.#$2&! $2T*./(*,/$..&%A!V*!'/8&2(/,-!'&(!#)*.T&3&.,(!(&!2-N&2#+,&!(+2!%*!'/8&2(/,-!'&(!N2$d&,(!&11&#,+-(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! D_!V*2$+((&!B!_{),,N(ByyLLLA%*2$+((&A12y'/#,/$..*/2&(y12*.#*/(y#)*.T&3&.,yGHIG=t`}#)*.T&3&.,~GHH^D}_!! H_!V*2$+((&!B!_{),,N(ByyLLLA%*2$+((&A12y'/#,/$..*/2&(y12*.#*/(y,2*.(1$23*,/$.y9<GGIt`},2*.(1$23*,/$.~9^GI>}_!! K_{!\2*'+#,/$.!N2$N$(-&!b!N*2,/2!'+!,&J,&!$2/T/.*%!B!m!R)*.T&!2&1&2(!,$!/.#2&3&.,*%!$2!(3*%%Z(#*%&!*'*N,*,/$.(A!}

[AAA]! \2*.(1$23*,/$.! 2&1&2(! ,$! &J,&.(/8&! #)*.T&! ,)*,! #*.! T2&*,%@! /3N2$8&! ,)&! 1+,+2&! %*.'(#*N&! $1! *.! $2T*./l*,/$.A! [AAA]! U%,)$+T)! ,)&! ,&23(! {#)*.T&|! *.'! {,2*.(1$23*,/$.|! *2&! +(&'!/.,&2#)*.T&*6%@:! ,)&! '/11&2&.#&!/(!/.!,)&!3*T./,+'&!$1!#)*.T&A|!

I_{!OYM!O.(,/,+,&!1$2!Y+(/.&((!;*%+&:!M*/.T!#)*.T&!L$2AAAL)/%&!,)&!L$2!&&N(!#)*.T/.T:!)$L!R)*.T&!}

(22)

W*T&!GH!(+2!GH=! N*2!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,A!Ra&(,!'a*/%%&+2(!+.!-%-3&.,!`+/!-,*/,!3/(! &.!*8*.,!N*2!6&*+#$+N!'&(!#$.(+%,*.,&(!`+&!da*/!/.,&22$T-&(A!! U/.(/:!V-*!N*2%&!'&!m!(N&#,2&!o!,2e(!%*2T&!'&!#&!`+/!8*!N$+8$/2!h,2&!1*/,!'*.(!'&(!3/((/$.(! '&!#$.'+/,&!'+!#)*.T&3&.,A! ! U/.(/:!N$+2!R*2$%/.&:!%*!N2&3/e2&!2*/($.!`+/!&JN%/`+&!%*!#$.1+(/$.!'&(!N&2($..&(!(+2!#&! `+a&(,! %&! #$.(&/%! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! &(,!B! m!qa*6$2'! N*2#&! `+&! #&! ($.,! '&(! ,&23/.$%$T/&(!`+/!.&!($.,!N*(!#$3N%e,&3&.,!#$3N2/(&(!o!EU..&J&!KF!

!

c.! 2*/($.! 3h3&! '&! #&,,&! '/8&2(/,-:! $.! 8$/,! b! `+&%! N$/.,! %&! ,&23&! '&! #$.(+%,*.,! &.! *##$3N*T.&3&.,! '+! #)*.T&3&.,! N&+,! 2&.8$@&2! b! '/11-2&.,&(! 2&N2-(&.,*,/$.(:! '&! %*! N*2,! '+! %$#+,&+2!$+!'&!%a/.,&2%$#+,&+2:!#&!`+/!N&+,!N*2,/#/N&2!b!+.!2&%*,/1!1%$+!*+,$+2!'&!#&(!3-,/&2(A!! !

@5& G2&7/+2*&@/))82&H&"@@/)7"32%-&$I18)"+2&'"2(&$I"'/7*+/2&'I82&@1"23%)%2*&

!

5+2!%*!6*(&!'&!#&,,&!'/8&2(/,-!'&!N2$d&,(!*+J`+&%(!N&+,!2&.8$@&2!%&+2!/.,/,+%-!'&!N$(,&:!%&(! #$.(+%,*.,(! $.,! 'a*/%%&+2(! N*21$/(! '+! 3*%! b! &JN%/`+&2! #&! &.! `+$/! #$.(/(,&! %&+2! 3-,/&2A! V&! '-.$3/.*,&+2!#$33+.!'&!%&+2(!*#,/8/,-(!/'&.,/1/-!&(,!B!%a)+3*/.A!!

!

q*.(! 3&(! 2&#)&2#)&(:! d&! 3&! 2&.'(! #$3N,&! `+&! m!%a)+3*/.!o! &(,! ($+8&.,! 3/(! &.! *8*.,! N$+2!N*2%&2!'+!3-,/&2!'&!#$.(+%,*.,!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,A!!

S.! N&+,! 'a*/%%&+2(! .$,&2! `+a/%! &(,! N2-(&.,! '*.(! %a/.,/,+%-! &JN%/#*,/1! &,! (@.,)-,/`+&! '&! %*! N2*#,/#&!W&$N%&!n!c.T*T&3&.,!B!m!*##$3N*T.&3&.,!)+3*/.!'&(!,2*.(1$23*,/$.(!oA!!

V&!#$.(+%,*.,!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,!&(,!'$.#!#&%+/!`+/!*##$3N*T.&!%&(! /.'/8/'+(!'*.(!+.!N2$d&,:!`+/!(a$##+N&!'&!%*!m!N*2,/&!)+3*/.&!o!'a+.!N2$d&,A!!

V&! ,/,2&! '&! %a*2,/#%&! '&! Yc?cqc\\SZMcscP! (+2! %*! #$.'+/,&! '+! #)*.T&3&.,! &(,! '&! #&! N$/.,!'&!8+&!*((&l!N*2%*.,!B!m!J/8(&7-%2'-%?&%2&@1"-3%&$%&@K*9&18)"+2&'8&7-/L%*!oA!R&!,/,2&!&(,! 'a*/%%&+2(!*((&l!/3*T-!N+/(`+a/%!(+TTe2&!`+&:!'*.(!+.!N2$d&,!'$..-:!$.!N&+,!&.!&J,2*/2&!%&!m!#r,-! )+3*/.!o!`+/!(&2*!N2/(!&.!#)*2T&!N*2!%&(!#$.(+%,*.,(!&.!*##$3N*T.&3&.,!'+!#)*.T&3&.,A!!

Va&JN2&((/$.! '&! m!7%/7$%& (+'%!o! &.! *.T%*/(! &(,! *+((/! N2-(&.,&! '*.(! %&(! '/(#$+2(! (+2! %&! #$.(&/%! &.! m!@1"23%& )"2"3%)%2*!oA! U/.(/:! W2$(#/:! `+/! 1*/,! '&(! 2&#)&2#)&(! (+2! %&! 01"23%&

4"2"3%)%2*:!%&!#*2*#,-2/(&!'&!%*!3*./e2&!(+/8*.,&!B!m!#)*.T&!3*.*T&3&.,!,*&(!#*2&!$1!,)&!

N&$N%&! (/'&! $1! #)*.T&!o9_{:! `+&! %a$.! N$+22*/,! ,2*'+/2&! N*2!B! m!%a*##$3N*T.&3&.,! '+! #)*.T&3&.,!}

(a$##+N&!'&!%*!N*2,/&!m!N&2($..&(!o!'a+.!#)*.T&3&.,A!oA!!V&!1*/,!'&!3*.*T&2!%&!m!7%/7$%&(+'%&/.&

@1"23%!o!&(,!&JN%/#/,-!#$33&!m!%&!3*.*T&3&.,!(@(,-3*,/`+&!'&!%a/3N%/#*,/$.!&,!'a*'$N,/$.!'&(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

9_!W2$(#/!B!_{),,N(ByyLLLAN2$(#/A#$3y#)*.T&Z3*.*T&3&.,y,)$+T),Z%&*'&2()/NZ%/62*2@y,)&ZL)*,ZL)@Z*.'Z)$LZ}

(23)

W*T&!GK!(+2!GH=!

(*%*2/-(! %$2(`+&! %a$2T*./(*,/$.! #)*.T&! %*! 1*j$.! '$.,! %&! ,2*8*/%! 8*! h,2&! &11&#,+-A! ]/.*%&3&.,:! %*! #$.'+/,&! '+! #)*.T&3&.,! (&! #$.#&.,2&! (+2! #$33&.,! */'&2! %&(! (*%*2/-(! b! *##+&/%%/2:! *'$N,&2! &,! +,/%/(&2!+.!#)*.T&3&.,!'*.(!%&+2!,2*8*/%!'&!,$+(!%&(!d$+2(!o^<A!! ! q*.(!3&(!&.,2&,/&.(:!%&(!&JN2&((/$.(!1*/(*.,!2-1-2&.#&!b!%*!N*2,/&!)+3*/.&!'a+.!N2$d&,!&,! %a*,,&.,/$.!N$2,-&!*+J!m!/.'/8/'+(!o!($.,!2-T+%/e2&3&.,!-8$`+-&(!N*2!%&(!#$.(+%,*.,&(!/.,&22$T-&(A!! ! U/.(/:!]%$2&.#&!'-1/./,!%a*##$3N*T.&3&.,!'+!#)*.T&3&.,!#$33&!B!! m!%a&.(&36%&!'&(!*#,/$.(!`+/!8$.,!N&23&,,2&!*+J!/.'/8/'+(!#$.#&2.-(![AAA]!'&!8/82&!+.!#)*.T&3&.,! &,!'&!N*((&2!'a+.!(,*'&!*#,+&%!b!+.!(,*'&!1+,+2:!.$+8&*+A!q*.(!#&2,*/.&(!'-1/./,/$.(!$.!'/,!`+&!#a&(,! %a*(N&#,!)+3*/.!'+!N2$d&,A!W*2#&!`+&!'*.(!%&!N2$d&,!6/&.!(i2!,+!*(!%*!N*2,/&!,&#)./`+&:!(+2,$+,!#)&l! .$+(:!,+!*(!%&!1$.#,/$..&%:!6&($/.(!3-,/&2(:!%&(!N2$#&((+(!&,!,$+,!j*:!&,!N+/(!&,!6/&.!,+!*(!`+*.'! 3h3&!%&(!)$33&(:!%&(!/.'/8/'+(!&,!1/.*%&3&.,!#a&(,!`+*.'!3h3&!&+J!`+/!1$.,!`+&!j*!2-+((/((&!$+! N*(!`+$/A!o!EU..&J&!HFA!! !

U! %*! 1/.! '&! .$,2&! &.,2&,/&.:! _+%/&! 2&#&.,2&! .$(! '/(#+((/$.(! *+,$+2! '&! #&,,&! .$,/$.! '&! N&2($..&(!&,!%a)+3*/.!d+(,&3&.,!B!m!c.!1*/,:!N2&.'2&!'+!2&#+%!(+2!`+a&(,Z#&!`+&!j*!8&+,!'/2&!1*/2&! '+!01"23%:!&,!6/&.!#a&(,!82*/3&.,!*##$3N*T.&2!'&(!N&2($..&(!&,!'&!%a)+3*/.!o!EU..&J&!IFA!! W$+2!&%%&:!#a&(,!'$.#!%a-%-3&.,!#&.,2*%!&,:!#$33&!&%%&!%a*d$+,&!&.(+/,&:!#&%+/!`+/!'$..&!'+! (&.(!b!($.!,2*8*/%!&,!'*.(!%&`+&%!&%%&!N+/(&!(*!2&#$..*/((*.#&!B!! m!&,!3$/!#a&(,!#&!`+/!3a*NN$2,&!'&!%*!2&#$..*/((*.#&!`+*.'!d&!1*/(!#&!,2*8*/%Z%bA!R&!.a&(,!N*(!,*.,! %&!(+##e(!'+!N2$d&,!$+!%a*#,/$.!'+!3*.*T&3&.,:!#a&(,!%&(!N&2($..&(!`+&!da*##$3N*T.&!$+!*8&#! %&(`+&%%&(!da*/!,2*8*/%%-!N$+2!1*/2&!&.!($2,&!`+a/%(!*')e2&.,!*+!N2$d&,!$+!`+a/%(!(&!(&.,&.,!b!%a*/(&!*8&#! %*!.$+8&%%&!1*j$.!'&!,2*8*/%%&2!$+!`+a/%(!*/&.,!'&(!$NN$2,+./,-(!'*.(!%&+2!,2*8*/%A!c,!6/&.!#a&(,!#&,,&! 2&%*,/$.!`+&!,+!#2-&(!*8&#!&+J!&,!#&!`+&!,+!#$.(,2+/(!*8&#!&+J!`+/!N$+2!3$/!&(,!)@N&2!8*%$2/(*.,:!%&! 2&(,&!#a&(,!3$/.(!/3N$2,*.,A!W*2#&!`+&!#a&(,!j*!`+/!.$+22/,:!#a&(,!%b!`+&!,+!8$/(!82*/3&.,!%a/3N*#,!'&! #&!`+&!,+!*(!*NN$2,-!&,!%a+,/%/,-!'&!#&!`+&!,+!*(!1*/,A!o!o!EU..&J&!IF! !

W$+2! M*2/$.:! #&,! *,,*#)&3&.,! b! N2&.'2&! &.! #$3N,&! %a)+3*/.! '*.(! '&(! N2$d&,(! (&! (@(,-3*,/(&!*+((/!'*.(!%&(!3*./e2&(!'a*6$2'&2!'/11-2&.,&(!N2$6%-3*,/`+&(!'&!,2*8*/%!3h3&!)$2(! 'a+.!N2$d&,A!c.!2&%*,*.,!+.&!&JN-2/&.#&:!&%%&!&JN%/`+&!*/.(/!B!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ^_{!\2*'+/,!'&N+/(!%&!,&J,&!$2/T/.*%!B!m!O,!/(!,)&!(@(,&3*,/#!3*.*T&3&.,!$1!&3N%$@&&!&.T*T&3&.,!*.'!} *'$N,/$.!L)&.!,)&!$2T*./l*,/$.!#)*.T&(!)$L!L$2!L/%%!6&!'$.&A!7%,/3*,&%@:!#)*.T&!3*.*T&3&.,!1$#+(&(! $.!)$L!,$!)&%N!&3N%$@&&(!&362*#&:!*'$N,!*.'!+,/%/l&!*!#)*.T&!/.!,)&/2!'*@Z,$Z'*@!L$2A!o!! <_!W2$(#/!B!_{),,N(ByyLLLAN2$(#/A#$3y#)*.T&Z3*.*T&3&.,y,)$+T),Z%&*'&2()/NZ%/62*2@y,)&ZL)*,ZL)@Z*.'Z)$LZ} $1Z#)*.T&Z3*.*T&3&.,!!