ArticlePDF Available

Apprécier les effets unilatéraux des fusions en utilisant la théorie des jeux

Authors:
! "#$%&'!(!)%**+,-.!
!"#$%&#''()*)!"#$%&#'() +
!"#$%&'#()*+),-.++/)0
,&$#-.(./)*),&$#0(.1) 2
1%2")3+//+4/!55+)6
!77(89:#()"#;)#<<#=;)2&:"%=8(%2$)'#;)<2;:>&;)#&)
2=:":;%&=)"%)=?8>(:#)'#;)@#2$) 6
A89:"#)1/!B*C)D
/#);#9(#=)7(><#;;:>&&#")#&)'(>:=)9>EE2&%2=%:(#F)
>G":H%=:>&)9>EE2&#)%)"I#&;#EG"#)'#;)%9=#2(;)'#;)
7(>9#'2(#;)'#)9>&92((#&9#) D
*#&:;)J!+/3.K+AL)M)A%=?#(:&#),5B-,) N0
/%)(OH"#)'#)(%:;>&)#&)'(>:=)9>EE2&%2=%:(#)'#)"%)
9>&92((#&9#)#&=(#)#$9"2;:>&)><<:9:#""#)#=)#$:;=#&9#)
><<:9:#2;#) N0
3.04$15&''-)6)78&#15&8"./0.) 9:
A>2()'I!77#")'#)3(2$#""#;)0P)'89#EG(#)NQQR) SQ
/I%77":9%G:":=8)'#;)':;7>;:=:>&;):&=#(':;%&=)"#;)
7(%=:T2#;)(#;=(:9=:U#;)%2$)9>&9#&=(%=:>&;) SP
V>=#);>2;)"I%((W=)'#)"%)A>2()'I!77#")'#)3(2$#""#;))
'2)0P)'89#EG(#)NQQR) SP
/%2(#&=)X!.Y!VB-BZ)1:#((#)XK44BV+-)M)
+"8>&>(#)5[//B+.) SP
3.04$15&''-)#/)-%&$);.1$.-)78&#15&8"./0.)<.=$&'#$1>
) ?@
1#=#()JC-BVALZ)\#(":&'#)3[.+Y)M)L%(#")
5!.A\!V*) P]
!8&%5.1.)A.B../104'5)6)C%BB8/'8$D).8&%5D.//.
) E@
\#&'(:^)_B!+V+)M)3(%E)\KK.+/3+L+) R]
L(>&:#^)U%&)?#=)+2(>7#;#)E#'#':&H:&H;(#9?=) R]
`6#)=(:E#;=#()NQQab!
F%&8B) @2
_#(;"%H)/2&9?<>(2E)5#'#':&H:&H) ]6
+8&)@%%()&:#2c#)3#"H:;9?#)E#'#':&H:&H;c#=):&)'#)
7(%^=:@^F)##&)##(;=#);=%&')U%&)d%^#&) ]6
3#(&%(')_!V)*+)J!//+)*+)X\+/AL+)M)L%(#")
5!.A\!V*) ]6
,0$8'(#'6),0$8'(#$D1) @?
)
!!
!"#$%&'(")*+,--())
3#"H:;9?#)5#'#':&H:&H!
./,0/+$/+12))
A>&92((#&9#)3#"H#)
!
!""#$%&$'()&*%+,+-.$'()&*%+&/+($&#!
!"#$%&"'(")$*('$)&$+(,,&$)&$-.&,/0&1$+'/%0++1!2,#34+1.-5!
262676!89-&55.4:;!'%0.#1!<&-%=+0%44.>.!89-&>>.:;!4,'!/+#!$.1!
?.1.#50$+==.4,@3!0%*,1A!/+#!$.1!B4%C+4!D%*=.1,1,%#!2+E!
D.#1.-!8<&-%=+0%44.>.:!
-&$'()0&("10).+,+2"10).+$&+-.$'()0"/!
!"#$23"0$4"561$+'/%0++1!F44.#!G!H/.-I!227;!
%#'.-E,@5=-%J.55%-!K6L69-&55.4!
7"89#$)"#$7(:,$;3.8:,1$=-%J.55.&-!L#,/.-5,1A!0+1$%4,M&.!'.!
2%&/+,#;!',-.01.&-!D.#1-.!'.!'-%,1!'.!4+!0%#5%**+1,%#!
8DND:;!9,@O%#'.-!P%%>4.-++-!Q,@35&#,/.-5,1.,1!B-%#,#>.#!
<5&9(('$=(&61$/%%-O,11.-!/+#!'.!Q++'!/%%-!'.!R.'.',#>,#>!
7"89#$)"#$7(5"3/0$>('$?(@6&&,&1$$%%>4.-++-!S6L62.&/.#!.#!
L#,/.-5,1.,1!/+#!F*51.-'+*;!%&'(/%%-O,11.-!'.=+-1.*.#1!
<0%#%*,.!S6L62.&/.#!
!"#$7&5&"$+@53'/01$+'/%0++1!)1,CC.!
-&$'()0&3&(%&)'%03+,+4&(%.)'0%&+$&+%.$'()0"/!
A("&,$!("/.(')1$E.1.#50$+==.4,@3!*.'.E.-3.-!LB.#1;!+11+0$A!
C,@!'.!N,.#51!/%%-!'.!R.'.',#>,#>!
-&$'()0&%''$+,+-.$'()0"/!
B&"8&'$?(C3(:1$4,'!/+#!'.!Q++'!/+#!'.!R.'.',#>,#>;!
+0+'.*,50$!0%#5&4.#1;!QLB.#1!
D.8E(6$?.&,,3'F6G8"5.1$+'/%0++1!T+&1+!N&1,4$!
H))@$2&$<E3I5&"1$<&-%=.5.!D%**,55,.;!NB!R.'.',#>,#>!
+8:5&"$2&*"8&1$/,0.('.0++#!S6L62.&/.#!J+0&41.,1!
-.0$15>.4..-'$.,';!.U=.-1(4,'!Q++'!/%%-!'.!R.'.',#>,#>!
J('6$-3,,3(E61$+'/%0++1!<&C.4,&5!
73&""&$-8993'&51$+/%0+1;!V-.5$J,.4'5!9-&03$+&5!N.-,#>.-!
K'F&$-8*(&"&1$$%%>4.-++-!LB.#1!.#!<&-%=+0%44.>.!
D8'@$B8"361$W.+#!R%##.1!=-%J.55%-!K6L69-&55.4!
7(5"3/0$!("/.(')1$+&',1.&-;!D%#5.,4!'.!4+!D%#0&--.#0.!
D88'$!:66/.8851$+&',1.&-;!Q++'!/%%-!'.!R.'.',#>,#>!
B.-C.#!7+&E.45;!5.#,%-!4.>+4!+'/,5%-!S9D!B-%&=!TK!
?L/3,&$7,(3)@1$D%*=.1,1,%#!D%&#5.4!9-,1,5$!X.4.0%*;!2%#'%#!
%L(5"3/&$78'&51$'%0.#1!++#!LF#1E.-=.#!.#!Q++'5$..-!P%J!/+#!
9.-%.=!F#1E.-=.#!
B('$<5&&',('51!+'@&#01(5.0-.1+-,5!T+1,%#+4.!F-C.,'5-++'!
%&"5$<5:,&'61$+&',1.&-(>.#.-++4;!Q++'!/%%-!'.!R.'.',#>,#>!
23"0$>(')&"E&&"6/.1!+'/%0++1!D4.+-I!B%114,.C!)1..#!G!
P+*,41%#!227;!>+51=-%J.55%-!LB.#1!
B:"3('$>('$7("@61$+'/%0++1!9+3.-!G!R0S.#O,.!
M"('0$+3I/0E('61$+'/%0++1!D%#1-+51!(!<&-%=.+#!G!9&5,#.55!
2+E!
2&'36$+(&,N"8&/01$+/%0+1!F5$&-51;!=-%J.55.&-!L62696!
B8.('$O6&G@'1$+'/%0++1;!2,#34+1.-5!262676!
-&&"5$P8''&0&@'1$+'/%0++1!R%#+-'!NYP&451;!+0+'.*,50$!
0%#5&4.#1!<&-%=..5!"#51,1&&1!LB.#1!
!
!
5556)71,%(767&
+
!80)9&:&%+,+;'03"/+$<.$0)0"/+
R+34&!!
)%*.-551-++1!Z[(Z\;!]^Z_!F#1E.-=.#!
1.46!^[(][Z!]`!^^!
J+U!^[(][[!]a!]`!
,#J%b*+34&6C.!
EEE6*+34&6C.!
=7"//&1&/)+
c!Z]^;(!
d!+J4./.-,#>.#!=.-!@++-!
<.#!+C%##.*.#1!4%%=1!=.-!3+4.#'.-@++-!.#!E%-'1!+&1%*+1,50$!
/.-4.#>'!C.$%&'.#5!%=O.>>,#>![!*++#'.#!/%%-!$.1!C.>,#!/+#!
..#!#,.&E.!@++->+#>6!
d!4,/-+,5%#5!=+-!+#!
2Y+C%##.*.#1!0%&/-.!4Y+##A.!0,/,4.6!"4!.51!=-%4%#>A!
+&1%*+1,M&.*.#1!5+&J!-A5,4,+1,%#![!*%,5!+/+#1!4YA0$A+#0.6!
"))T!Ze_[(Z^^_!
<626!`ZZfZ^]ZfZ^_!
!
+ +
+!+3+4+ 5667+8+9+ .+:+3+ +
!
[!
,&$#-.(./)*),&$#0(.1))
,55&D0#.&)(.1).GG.$1)8/#('$D&'8=)".1)
G81#%/1)./)8$#(#1'/$)(')$4D%&#.)".1)
H.8=))))))
;201+3/11/)12<</=+
!
2&$9:63&$5:66&'$5G&&$8')&"'&E3'F&'$)3&$(/53&9$Q3I'$8C$.&5R
Q&,9)&$ 6&FE&'5$ *('$ &&'$ E("05$ 0('$ .&&,$ G(5$ &99&/5&'$ 5&R
G&&F#$ D"()3538'&&,$ 8')&"6/.&3)5$ E&'$ 5G&&$ 688"5&'$ &99&/R
5&'#$H'&"Q3I)6$36$&"$6C"(0&$*('$)&$F&/8S")3'&&")&$&99&/5&'$
G(''&&"$ )&$ 9:63&$ (9F&65&E)&$ F&)"(F3'F&'$ E8F&,3I0$
E((05#$4')&"Q3I)6$ 36$ &"$ 880$6C"(0&$ *('$ :'3,(5&"(,&$ &99&/R
5&'$*('$ 9:63&6$89$&99&/5&'$)3&$'3&5$(9.('0&,3I0$ Q3I'$ *('$&&'$
&*&'5:&,&$/8,,:63&#$%3''&'$)&$/(5&F8"3&$*('$)&$:'3,(5&"(,&$
&99&/5&'$ G8")5$ &&'$ *&")&"$ 8')&"6/.&3)$ F&E((05$ 5:66&'$
)"3&$5@C&6$*('$&99&/5&'1$E&5$'(E&$)&$&99&/5&'$*88"$)&$/8'R
/:""&'53&1$)&$ )8&,5"&99&').&3)6&99&/5&'$ &'$)&$ 65"(5&F36/.&$
&99&/5&'#$2&Q&$ N3I)"(F&$F&&95$&&'$8*&"Q3/.5$*('$)&$ &/8'8R
E36/.&$('(,@6&$*('$)&Q&$&99&/5&'#$$
>6+>/)%"$*()0"/+
?6! 2+! J&5,%#! .#1-.! '.&U! 8%&! =4&5,.&-5:! J,-*.5! +01,/.5! 5&-!
&#!*g*.!5.>*.#1!'.!*+-0$A!.51!5&50.=1,C4.!'.! 0+&5.-!'.!
#%*C-.&U! .JJ.15;! 1+#1! =%&-! 4.5! J,-*.5! M&,! J&5,%##.#1! M&.!
=%&-! 4.&-5! 0%#0&--.#1.5! .1! =%&-! 4.5! 0%#5%**+1.&-5! '.5!
C,.#5! %&! 5.-/,0.5! =-%'&,15! =+-! 1%&1.5! 0.5! J,-*.56! H#!
',51,#>&.! >A#A-+4.*.#1! '.&U! >-+#'.5! 0+1A>%-,.5! 'Y.JJ.156!
H#!=+-4.! 'Y&99&56$ /88")8''L6! M&+#'! 4+! J&5,%#! J+0,4,1.! '.5!
0%*=%-1.*.#15! 0%44&5,J5! 81+0,1.5! %&! .U=4,0,1.5:! .#1-.! 4.5!
J,-*.5;!4.&-! =.-*.11+#1! 'Y+&>*.#1.-! 4.5! =-,U6! K&!M&.! 0.5!
.JJ.15! 5%#1! ',JJ,0,4.5! h! A1+C4,-;! #%&5! 4.5! 4+,55%#5! '.! 0i1A!
'+#5!4+! =-A5.#1.! +#+4I5.!.1!#%&5!#%&5!0%#0.#1-%#5! 5&-! 4.5!
.JJ.15$',15$ '8'R/88")8''L6! %&! :'3,(5L"(:T$ '.5! J&5,%#5;!
0Y.51(h(',-.! 4.5! .JJ.15! M&,! #.! 5%#1! =+5! 1-,C&1+,-.5! 'Y&#.!
!!!!!!!!!!!!!!!
!
j! 7-%J.55.&-!'YA0%#%*,.! +&! ?U=H! .1! h! 4YK4-RV8:*(3'$</.88,$
89$ !('(F&E&'5! '.! 4YL#,/.-5,1A! D+1$%4,M&.! '.! 2%&/+,#!
8+'-.55.k!K%,.!'&!Q%*+#!7+I5;![d;!Z[d_!2%&/+,#(4+(T.&/.l!
0%&--,.4k! =+&46C.44.J4+**.b&04%&/+,#6C.:6! 2Y+&1.&-! 1,.#1! h!
-.*.-0,.-! <51.44.! N.-04+I.;! m+##! RA#,n-.;! 7+&4! T,$%&4! .1!
7+1-,03! K+#! D+I5..4.! =%&-! 4.&-5! 0%**.#1+,-.5! .1!
5&>>.51,%#56!
A/.#1&.44.! 0%44&5,%#6Z! D%**.! #%&5! +44%#5! 4.! *%#1-.-! 0,(
'.55%&5;!4.5!.JJ.15!&#,4+1A-+&U!-A5&41.#1!'.!4+!0%*C,#+,5%#!
'.! 1-%,5! 1I=.5! 'Y.JJ.15k! 4.5! .JJ.15! o!'.! 0%#0&--.#0.!p;! 4.5!
.JJ.15!o!'Y.JJ,0+0,1A!p!.1!4.5!.JJ.15!o!51-+1A>,M&.5!p6!!
@6! T%1-.! %C@.01,J! .51! '.! =-A5.#1.-! 4.5! >-+#'.5! 4,>#.5! '.!
4Y+#+4I5.! A0%#%*,M&.! '.5! 0.5! 1-%,5! 1I=.5! 'Y.JJ.15!
&#,4+1A-+&U! '.5! J&5,%#56! 7%&-! 0.! J+,-.;! #%&5!
0%**.#0.-%#5!8h!4+!5.01,%#!"":!=+-!=-A5.#1.-!4.5!.JJ.15!4.5!
=4&5! ,**A',+15! M&.! 5%#1! 4.5! .JJ.15! '.! 0%#0&--.#0.! .1!
'Y.JJ,0+0,1A6!<#5&,1.!8h!4+! 5.01,%#!""":;! #%&5!+C%-'.-%#5!4.5!
.JJ.15! 51-+1A>,M&.5! .#! -.0%&-+#1! h! 4+! 1$A%-,.! '.!
4Y%->+#,5+1,%#!,#'&51-,.44.;!M&,!&1,4,5.!.44.(*g*.!4.5!%&1,45!
'.!4+!1$A%-,.!'.5!@.&U6!T%&5!*%#1-.-%#5!.#!=+-1,0&4,.-!M&.!
4.5! .JJ.15! 51-+1A>,M&.5! '.5! J&5,%#5! 'A=.#'.#1;! '.! J+q%#!
0-&0,+4.;! '&! 1I=.!'.! 0%#0&--.#0.! h! 4+M&.44.! 5.! 4,/-.#1! 4.5!
J,-*.56! <#J,#! 8h! 4+! 5.01,%#! "K:;! 5&-! C+5.! '.5! 0%#0.=15!
1$A%-,M&.5! M&.! #%&5! +&-%#5! ,#1-%'&,15;! #%&5! 1.#1.-%#5! '.!
-A=%#'-.! h! '.&U! M&.51,%#5! '.! C+5.k! 8+:! 4+! J&5,%#! .51(.44.!
C"8935(N,&! =%&-! 4.5! J,-*.5! M&,! .#/,5+>.#1! '.! J&5,%##.-!r!
8C:! 4+! J&5,%#! .51(.44.! )L63"(N,&! =%&-! 4Y.#5.*C4.! '.! 4+!
5%0,A1A6!T%&5!0%#04&-%#5!h!4+!5.01,%#!K6!
A6! <#! =-A+*C&4.! h! #%1-.! +#+4I5.;! #%1%#5! M&.! #%&5! #%&5!
0%#0.#1-%#5!5&-!'.5!,#'&51-,.5!8,:!%4,>%=%4,51,M&.5!80Y.51(h(
',-.! M&.! 4.! #%*C-.! '.! J,-*.5! .51! 5&JJ,5+**.#1! -.51-.,#1!
=%&-!M&.!0$+0&#.!=%55n'.!&#!0.-1+,#!=%&/%,-!'.!*+-0$A:!
.1!8,,:!=-%'&,5+#1!&#!C,.#!%&!5.-/,0.!$%*%>n#.6!F4%-5!M&.!
4+! =-.*,n-.! 0+-+01A-,51,M&.! .51! =+-1+>A.! =+-! 4+! >-+#'.!
*+@%-,1A! '.5! ,#'&51-,.5;! 4+! 5.0%#'.! .51! 4Y.U0.=1,%#! =4&1i1!
!!!!!!!!!!!!!!!
!
Z! T%&5! &1,4,5%#5! ,0,! 4+! 1.-*,#%4%>,.! +*A-,0+,#.! 8o!&#,4+(
1.-+4!.JJ.015!p!/.-5&5!o!0%%-',#+1.'!.JJ.015!p:6!2.!0%#0.=1!.&(
-%=A.#!'.! o!'%*,#+#0.!0%44.01,/.p!=.&1!g1-.! /&! 0%**.!-.#(
/%I+#1!h!4+!*g*.!,'A.!M&.!4.5!.JJ.15!0%%-'%##A56!
>??(@&"/(+1/%+/))/*%+0A"12*@(20B+$/%+)0%"-A%+/A+0*"1"%2A*+12+*'@-("/+$/%+#/0B+
+ +
+!+3+4+ 5667+8+9+ .+:+3+ +
!
d!
M&.!4+!-n>4.6!2Y$I=%1$n5.!'.! C,.#! $%*%>n#.! .51! 1%&1.J%,5!
=-+1,M&.! '+#5! 4.! 5.#5! %s! .44.! #%&5! =.-*.1! '.! J+,-.!
+C51-+01,%#!'.! 4+! M&.51,%#!'.!4+! 'AJ,#,1,%#! '&!*+-0$A! 8/&!
M&.!4.!C,.#! .51! $%*%>n#.;! ,4!5&JJ,1!.#! .JJ.1! 'Y,#04&-.!1%&5!
4.5! =-%'&01.&-5! '+#5! 4Y+#+4I5.:6! <#! =-A5.#0.! '.! =-%'&,15!
',JJA-.#0,A5;! ,4! J+&'-+,1! C,.#! 5t-! 0%**.#0.-! =+-! 'AJ,#,-!
M&,! .51! 0%#0&--.#1! '.! M&,;! +/+#1! '.! =%&/%,-! +#+4I5.-! 4.5!
.JJ.15! 'Y&#! =-%@.1! '.! J&5,%#6! TA+#*%,#5;! 4Y+#+4I5.! '.! 0.5!
.JJ.15! 5&,/-+,1! 1-n5! 4+->.*.#1! 4.5! =-,#0,=.5! M&.! #%&5!
'A/.4%==%#5!'+#5!4.5!5.01,%#5!M&,!5&,/.#16]!!
>>6+B&3+&##&)3+$&+("/(*%%&/(&+&)+$<&##0('(0).+$&3+#*30"/3+
C6!u&+#'!%#!A/%M&.!4.5!.JJ.15!&#,4+1A-+&U!'.5!J&5,%#5;! 4.5!
=-.*,.-5!.JJ.15!M&,!/,.##.#1!h!4Y.5=-,1!5%#1!'.5!$+&55.5!'.!
=-,U;! '.5! ',*,#&1,%#5! '.! 0+=+0,1A! '.! =-%'&01,%#;! '.5!
',*,#&1,%#5! '.! M&+4,1A! %&! '.! /+-,A1A! M&,! -A5&41.#1! '.! 4+!
5&==-.55,%#;! '&! J+,1! '.! 4+! J&5,%#;! '.! 4+! 0%#0&--.#0.! h!
4+M&.44.! 5.! 4,/-+,.#1!4.5! =+-1,.5! M&,! J&5,%##.#16! 2+! 5%&-0.!
'.! 0.5! .JJ.15;! M&.! #%&5! +==.4%#5! &99&56$)&$ /8'/:""&'/&;!
5Y,'.#1,J,.!+,5A*.#16!F/+#1!J&5,%#;!0$+M&.!J,-*.!0$%,5,1!5+!
51-+1A>,.! h! 4Y+&#.! '.! 5%#! =-%=-.! =-%J,16! 2.! J+,1! M&Y&#.!
',*,#&1,%#! '.! 5%#! =-,U! 8%&! &#.! +&>*.#1+1,%#! '.! 5+!
M&+#1,1A:! .#1-+v#.! &#.! ',*,#&1,%#! '&! =-%J,1! '.5! J,-*.5!
0%#0&--.#1.5! #Y+JJ.01.! .#! -,.#! 5%#! 0$%,Ul! 0Y.51! 0.! M&Y%#!
+==.44.! &#! &99&5$ &T5&"'&;! M&,! #Y+! =+5! 'Y,#0,'.#0.! 5&-! 4.!
0$%,U! '.! 4+! J,-*.! M&,! 4.! >A#n-.6! F=-n5! J&5,%#;! 4.5! 0$%,U!
51-+1A>,M&.5! 5.-%#1! =%5A5! h! 4Y+&#.! '&! =-%J,1! 585(,! '.5!
J,-*.5! M&,! J&5,%##.#16! 2.5! J,-*.5! J&5,%##A.5! 1,.#'-%#1!
'A5%-*+,5! 0%*=1.! '&! J+,1! M&Y&#.! +&>*.#1+1,%#! '.! 4+!
M&+#1,1A!=+-!&#.!J,-*.!',*,#&.!4.!=-%J,1!'.!4Y+&1-.!J,-*.!.1!
'%#0;! 4.! =-%J,1! 1%1+4! '.! 4Y.#1,1A! J&5,%##A.6! <#! 'Y+&1-.5!
1.-*.5;! 4+! J&5,%#! .#1-+v#.! &#.! 3'5&"'(,36(538'! '.5! .JJ.15!
.U1.-#.5! M&,! .U,51+,.#1! +/+#1! 4+! J&5,%#6! FJ,#! '.! -A'&,-.!
o!4.!*+4!M&Y.44.5!5.!J+,5+,.#1!p;! 4.5!J,-*.5!J&5,%##A.5!/%#1!
=-%'&,-.!*%,#5!.1!/.#'-.!=4&5!0$.-! M&Y.44.5!#.!4.!J+,5+,.#1!
,5%4A*.#1! +&=+-+/+#16! 7-,5! 5A=+-A*.#1;! 4.5! .JJ.15! '.!
0%#0&--.#0.! ,#0,1.#1! 4.5! J,-*.5! h! J&5,%##.-! 8=&,5M&.! 0.4+!
4.&-! =.-*.1! 'Y+&>*.#1.-! 4.&-5! =-%J,15:! *+,5! -.#'.#1! 4+!
J&5,%#! ,#'A5,-+C4.! 'Y&#! =%,#1! '.! /&.! 5%0,+46! <#! .JJ.1;!
4Y+00-%,55.*.#1! '.! =-%J,1! =%&-! 4Y.#5.*C4.! '.5! J,-*.5! #.!
0%*=.#5.!=+5! 4+! -A'&01,%#! '.!C,.#(g1-.!'%#1!5%&JJ-.#1!4.5!
0%#5%**+1.&-5! h! 0+&5.! '.! 4+! -A'&01,%#! '.! 0%#0&--.#0.!
5&-!4.!*+-0$A6!
D6! u&+#'! %#! A/%M&.! 4.5! .JJ.15! #%#(0%%-'%##A5! '.5!
J&5,%#5;! %#! =.#5.! +&55,! +&U! >+,#5! 'Y.JJ,0+0,1A! M&.! =.&1!
.#1-+v#.-! 4+! J&5,%#! =%&-! 4.5! J,-*.5! M&,! J&5,%##.#16! H#!
=+-4.;!'.!*+#,n-.!>A#A-,M&.;!'.!6@'&"F3&6!=%&-!'A0-,-.!4.5!
-A'&01,%#5! '.! 0%t15! M&.! =.-*.11.#1! 4YA4,*,#+1,%#! '.!
J%#01,%#5! -.'%#'+#1.5;! 4.! -.'A=4%,.*.#1! %&! 4+!
-.51-&01&-+1,%#! '.5! J%#01,%#5! .U,51+#1.5;! 4+!
!!!!!!!!!!!!!!!
!
]! T%&5!,#',M&.-%#5;!.#!0%&-5!'.!-%&1.;!0%**.#1!4Y+#+4I5.!'%,1!
g1-.! 4A>n-.*.#1! +'+=1A.! M&+#'! %#! =-.#'! .#! 0%*=1.! 4+!
',JJA-.#0,+1,%#!'.5!=-%'&,156!
0%*=4A*.#1+-,1A! '.5! +01,/,1A5! '.5! ',JJA-.#1.5! =+-1,.5;! 4.!
=%&/%,-!'.!#A>%0,+1,%#!+00-&!/,5(h(/,5!'.5!J%&-#,55.&-5!%&!
'.5! ',51-,C&1.&-5;! w! D.5! &99&56$ )W&993/(/35L! -.#J%-0.#1! 4.5!
.JJ.15!'.!0%#0&--.#0.!=%&-!0.!M&,!.51!'.!4+!=-%J,1+C,4,1A!'.!
4+! J&5,%#! =%&-! 4.5! J,-*.5k! #%#! 5.&4.*.#1! 4.5! J,-*.5! M&,!
J&5,%##.#1! A4,*,#.#1! 4+! 0%#0&--.#0.! h! 4+M&.44.! .44.5! 5.!
4,/-+,.#1;! *+,5! .44.5! +0M&,n-.#1! +&55,! &#! +/+#1+>.!
0%#0&--.#1,.4! 5&-! 4.5! +&1-.5! J,-*.5! .#! =-%'&,5+#1! '.!
*+#,n-.! =4&5! .JJ,0+0.6! <#! -./+#0$.;! M&+#'! ,4! 5Y+>,1!
'YA/+4&.-! 4+! 'A5,-+C,4,1A! 5%0,+4.! '.! 4+! J&5,%#;! 4.5! .JJ.15!
'Y.JJ,0+0,1A! @%&.#1! .#! 5.#5! ,#/.-5.! '.5! .JJ.15! '.!
0%#0&--.#0.k!+4%-5! M&.! 4.5! .JJ.15! '.! 0%#0&--.#0.! +*n#.#1!
4.5! J,-*.5! M&,! J&5,%##.#1! h! +&>*.#1.-! 4.5! =-,U! .1! h!
',*,#&.-!4.5!M&+#1,1A5! =-%'&,1.5;! 4.5! 5I#.->,.5! =.-*.11.#1!
h! 4Y.#1,1A! J&5,%##A.! '.! =-%'&,-.! =4&5! h! =-,U! '%##A! %&! '.!
J,U.-!&#!=-,U!=4&5! J+,C4.! h! =-%'&01,%#! '%##A.6!"4!.51! '%#0!
=%55,C4.! M&Y&#.! J&5,%#! 5%,1! 5%0,+4.*.#1! 'A5,-+C4.! 5,! 4.5!
>+,#5! 'Y.JJ,0+0,1A! 5&==4+#1.#1! 4+! =.-1.! '.! C,.#(g1-.!
-A5&41+#1!'.!4+!-A'&01,%#!'.!0%#0&--.#0.!5&-!4.!*+-0$A6!
E6!2Y+#+4I5.!M&,!=-A0n'.!-.51.!1%&1.J%,5!,#0%*=4n1.!'+#5!4+!
*.5&-.! %s! 4.5! .JJ.15! &#,4+1A-+&U! #.! 5Y+--g1.#1! =+5! +&U!
.JJ.15!'.!0%#0&--.#0.!.1!'Y.JJ,0+0,1A6!"4!0%#/,.#1!.#0%-.!'.!
5Y,#1.--%>.-! 5&-! 4.5! "L(/538'6! '.5! J,-*.5! .U1A-,.&-.5! h! 4+!
J&5,%#6!D.5!-A+01,%#5!.#1-+v#.#1!0.!M&.!#%&5!+==.4%#5!4.5!
o.JJ.15!51-+1A>,M&.5!p! '.! 4+! J&5,%#6! 7%&-! +==-A$.#'.-!
0%--.01.*.#1! 0.5! o!-A+01,%#5! .#! 0$+v#.!p;! #%&5! #%&5!
1%&-#%#5!/.-5!4+!1$A%-,.!'.! 4Y%->+#,5+1,%#! ,#'&51-,.44.!.1!4+!
1$A%-,.!'.5!@.&U6!
>>>6+8)0F03&%+F'+)G."%0&+$&3+H&*I+J"*%+'/'FK3&%++
F&3+&##&)3+3)%').90L*&3+$&3+#*30"/3+
M6!F&! *%*.#1! %s! #%&5! A0-,/%#5! 0.5! 4,>#.5;! Q,%! X,#1%! .51!
5&-!4.!=%,#1!'Y+0M&A-,-!F40+#l!0.!5%#1!'.&U!J,-*.5!+01,/.5!
5&-!&#!*g*.!*+-0$A;!.1!'%#0!-,/+4.5;!M&,!=-%@.11.#1! '.!#.!
=4&5!.#!J%-*.-!M&Y&#.!5.&4.6!2.! *+-0$A!.#!M&.51,%#;!0.4&,!
'.! 4+! =-%'&01,%#! 'Y+4&*,#,&*;! =.&1! g1-.! M&+4,J,A!
'Y8,3F8C8,&;! 0Y.51(h(',-.! &#! *+-0$A! 5&-! 4.M&.4! &#! #%*C-.!
-.51-.,#1! '.! J,-*.5! .51! +01,J6[! 2YA1&'.! '.5! 0%*=%-1.*.#15!
'.5!J,-*.5!5&-!'.5!*+-0$A5!.#!%4,>%=%4.!.51!4Y%C@.1!0.#1-+4!
'.! 4+! 5.L8"3&$ )&$ ,W8"F('36(538'$ 3'):65"3&,,&6! D.! 0$+*=!
1$A%-,M&.;! ,55&! '.! 4+! *,0-%A0%#%*,.;! 5Y.51! 1-+#5J%-*A! .1!
0%#5,'A-+C4.*.#1!'A/.4%==A!'.=&,5!&#.!1-.#1+,#.!'Y+##A.5!
.#!J+,5+#1!&#.!&1,4,5+1,%#!0-%,55+#1.!'.5!%&1,45!'.!4+!5.L8"3&$
)&6$ I&:T6! D.44.(0,;! ,#,1,+4.*.#1! 'A/.4%==A.! =+-! '.5!
*+1$A*+1,0,.#5;! 5Y+==4,M&.! +&U! =-%C4n*.5! '.! 'A0,5,%#!
o!*&41,(=.-5%##.45!p;! 0Y.51(h(',-.! '.5! 5,1&+1,%#5! '+#5!
4.5M&.44.5! =4&5,.&-5! =-.#.&-5! '.! 'A0,5,%#5! 8'.5!
o!@%&.&-5!p:! %C1,.##.#1! +&! 1.-*.! '.! 4.&-! ,#1.-+01,%#! '.5!
!!!!!!!!!!!!!!!
!
[! <#! ]^^a;! 4.5! 0,#M! =4&5! >-%5! =-%'&01.&-5! 'Y+4&*,#,&*!
'A1.#+,.#1!.#5.*C4.!=4&5!'.!4+!*%,1,A!'.5!=+-15!'.!*+-0$A!8h!
5+/%,-! Z_;`x! =%&-! F?FD;! '%#1! F40%+! 'A1,.#1! a^x! '.5!
=+-15l! Z];_x! =%&-! D$+40%l! e;ex! =%&-! F40+#l! ax! =%&-!
B4.#0%-.l!\;_x!=%&-!9P7!9,44,1%#:6!
;201+3/11/)12<</+
+ +
+!+3+4+ 5667+8+9+ .+:+3+ +
!
\!
-A5&41+15! M&,! 5%#1! J%#01,%#! '.! 4+! /8EN3'(368'! '.5!
'A0,5,%#5!=-,5.5!=+-!0$+0&#!'Y.&U6!
N6!2.5!5,1&+1,%#5!'.!0.!1I=.!>A#n-.#1!'.!4Y3'5&")LC&')('/&!
65"(5LF3X:&! 0+-! 4.5! 'A0,5,%#5! './,.##.#1! '.5! 0$%,U! '.!
65"(5LF3&;!M&,!'%,/.#1!g1-.!=-,5!.#!1.#+#1!0%*=1.!'.5!0$%,U!
.1!'.5! -A+01,%#5! =%55,C4.5!'.5!+&1-.5!@%&.&-56! Q,%!X,#1%!.1!
F40+#! =.&/.#1! g1-.! /&5;! +&! *g*.! 1,1-.! M&.! D$+40%;!
B4.#0%-.;! 9P7! 9,44,1%#! .1! 'Y+&1-.5;! 0%**.! 4.5! @%&.&-5!
+01,J5! 5&-! 0.! *+-0$A;! '%#1! 4.5! -A5&41+15! 84.5! =-%J,15:!
'A=.#'.#1! '.! 4+! 0%*C,#+,5%#! '.5! 'A0,5,%#5! 8M&+#1! +&U!
0+=+0,1A5!'.!=-%'&01,%#;!+&U! =-,U;! .10:! =-,5.5! =+-! 0$+0&#6!
<1! %#! ,*+>,#.! C,.#! M&.! 0$+M&.! =-%'&01.&-! 'Y+4&*,#,&*!
0$%,5,1! 5.5! 0+=+0,1A5! '.! =-%'&01,%#! .#! 0$.-0$+#1! h!
5Y+'+=1.-! +&! *,.&U! +&U! 0+=+0,1A5! M&.! 4.5! =-%'&01.&-5!
0%#0&--.#15! 5%#1! 5&50.=1,C4.5! 'Y,#51+44.-6! 2.! 0%#0.=1! '.!
C+5.! =%&-! '%##.-! &#.! =-A',01,%#! -,>%&-.&5.! '.5! 0$%,U!
=%5A5! =+-! 4.5! J,-*.5! .51! 0.4&,! 'YLX:3,3N"&!)&$ ;(6.6d! N.!
J+q%#! >-%55,n-.;! %#! =.&1! 'A0-,-.! 4YAM&,4,C-.! '.! T+5$!
0%**.!&#.!5,1&+1,%#!%s!0$+M&.!@%&.&-!J+,1!'&!*,.&U!M&Y,4!
=.&1! A1+#1! '%##A! 0.! M&.! J%#1! 4.5! +&1-.56! 74&5!
-,>%&-.&5.*.#1;!0Y.51! &#.!5,1&+1,%#!'%#1! +&0&#! @%&.&-! #Y+!
'Y,#1A-g1! h! 'A/,.-! '.! J+q%#! &#,4+1A-+4.6! 2.5! 51-+1A>,.5!
0$%,5,.5!5%#1!+4%-5!E:5:&,,&E&'5$8C53E(,&66!
O6! 2YA1+=.! 5&,/+#1.! 0%#5,51.! h! 5.! '.*+#'.-! 5&-! M&%,!
=%-1.#1! 4.5! 0$%,U! M&.! =%5.#1! 4.5! J,-*.56! 2.5! 0$%,U! M&,!
-.55%-1.#1!'.!4+!>.51,%#!M&%1,',.##.!'.5!.#1-.=-,5.5!8.1!M&,!
5%#1!0.&U!M&,!#%&5!,#1A-.55.#1!,0,:!=%-1.#1!.55.#1,.44.*.#1!
5&-! 4+! M&+#1,1A! 80%*C,.#! =-%'&,-.!r:! .1! 5&-! 4.! =-,U! '.!
/.#1.6!u&+#1,1A5!.1!=-,U!5%#1!-+-.*.#1!0$%,5,5! '.! *+#,n-.!
5,*&41+#A.6! N+#5! 0.-1+,#.5! ,#'&51-,.5;! 4.5! J,-*.5!
A=-%&/.-%#1!=4&5!'.!',JJ,0&41A!h!*%',J,.-!4.5!M&+#1,1A5!M&.!
4.5!=-,Ul! '+#5! 'Y+&1-.5! ,#'&51-,.5;! 0.! 5.-+! 4Y,#/.-5.6! F,#5,;!
5,! %#! 0%#5,'n-.! 4+! 0%#0&--.#0.! .#1-.! 1%&-(%=A-+1.&-5;! %#!
5Y+=.-q%,1! M&.! 4.5! 0+=+0,1A5! 5%#1! J,U.5! h! 0%&-1! 1.-*.!
8+/,%#5!.1! $i1.45! 5%#1! -A5.-/A5!=4&5! 'Y&#! +#! +/+#1!0$+M&.!
5+,5%#:!.1!M&.!4.5! =-,U! 5%#1! +@&51A5! =%&-! /.#'-.! 1%&1.5! 4.5!
0+=+0,1A5! 8=+-! .U.*=4.;! =+-! '.5! -A'&01,%#5! '.! '.-#,n-.!
*,#&1.:6! F! 4Y,#/.-5.;! '+#5! 4.! 5.01.&-! '.! 4+! /.#1.! =+-!
0%--.5=%#'+#0.;! 4.5! 0+1+4%>&.5! 0%&/-.#1! 5%&/.#1! &#!
5.*.51-.;!0.!M&,!5,>#,J,.!M&.!4.5!=-,U!#.!=%&--%#1!=+5! g1-.!
+@&51A5! '&-+#1! 0.11.! =A-,%'.! .1! M&.! 0.! 5%#1! '%#0! 4.5!
M&+#1,1A5!/.#'&.5! M&,! 5Y+@&51.-%#1! +&U! =-,U! .U,51+#156! 2.5!
0+-+01A-,51,M&.5!'.!4Y,#'&51-,.!'A1.-*,#.#1!'%#0!M&.44.!.51!
4+! /+-,+C4.! 8=-,U! %&! M&+#1,1A:! M&,! 5Y+@&51.! 4.! =4&5!
J+0,4.*.#1! .1;! =+-1+#1;! M&.4! +5=.01! '&! 0%*=%-1.*.#1! '.5!
!!!!!!!!!!!!!!!
!
d! W%$#! T+5$! +! 0%#1-,C&A! '.! *+#,n-.! 'A1.-*,#+#1.! h!
5I51A*+1,5.-! 4+! #%1,%#! 'YAM&,4,C-.! '+#5! 4.5! 0%#1.U1.5!
'Y,#1.-+01,%#! 51-+1A>,M&.6! "4! +! %C1.#&! 8+/.0! Q.,#$+-'! ).41.#!
.1! W%$#! P+-5+#I,:! 4.! 7-,U! T%C.4! 'YA0%#%*,.! .#! Z``d! .1! .51!
*,.&U! 0%##&! '&! >-+#'! =&C4,0! '.=&,5! 4+! =+-&1,%#! '.! 5+!
C,%>-+=$,.!8=%-1A.! .#5&,1.! h! 4YA0-+#:;! 4$ %&(:539:,$!3');! M&,!
'A0-,1!5%#!>A#,.!*+1$A*+1,M&.!.1! -.4+1.! 5%#! 0%*C+1! +/.0! 4+!
50$,O%=$-A#,.6!
+&1-.5!J,-*.5! 0$+0&#.! 0%#5,'n-.! 0%**.! A1+#1! &#! A4A*.#1!
J,U.! '.! 5%#! .#/,-%##.*.#1! '.! *+-0$A6! u&+#'! 4.! =-,U!
5Y+@&51.! =4&5! J+0,4.*.#1! 80%**.! '+#5! 4.! 0+5! '.5! 1%&-5(
%=A-+1.&-5!%&!5&-!4.!*+-0$A!'.!4Y+4&*,#,&*:;!0$+M&.!J,-*.!
/+!=-.#'-.!0%**.!&#.!'%##A.!4.5!M&+#1,1A5!8%&! 0+=+0,1A5!
'.!=-%'&01,%#:!'.5!+&1-.5!J,-*.56!<#!-./+#0$.;!M&+#'!0Y.51!
4+!M&+#1,1A!M&,!5Y+@&51.!=4&5!J+0,4.*.#1!80%**.!'+#5!4.!0+5!
'.!4+!/.#1.!=+-! 0%--.5=%#'+#0.:;! 0.! 5%#1! =4&1i1!4.5!+&1-.5!
=-,U!M&.!0$+M&.!J,-*.!=-.#'-+! 0%**.! &#.! '%##A.6! N+#5!
4.! @+->%#! '.! 4+! 1$A%-,.! '.! 4Y%->+#,5+1,%#! ,#'&51-,.44.;! %#!
=+-4.! '.! 0%#0&--.#0.! =+-! 4.5! M&+#1,1A5;! %&! Y$ ,($ ?8:"'85;!
'+#5!4.!=-.*,.-!0+5!.1!'.!0%#0&--.#0.!=+-!4.5!=-,U;!%&!Y$,($
%&"5"(');!'+#5!4.!5.0%#'!0+56\!
?P6! T%&5! /%&4%#5! *+,#1.#+#1! 'A/.4%==.-! 4+! 1$n5.!
5&,/+#1.k!4.!1I=.!'.!0%#0&--.#0.!8=+-!4.5!M&+#1,1A5!%&!=+-!
4.5! =-,U:! 'A1.-*,#.! 4+! *+#,n-.! '%#1! 4.5! J,-*.5! -A+>,55.#1!
+&U! 'A0,5,%#5! '.5! +&1-.5! J,-*.5! .1;! =+-! 4h;! 4.5! .JJ.15!
51-+1A>,M&.5! '.5! J&5,%#56! 74&5! =-A0,5A*.#1;! #%1-.! 1$n5.!
5YA#%#0.!0%**.!5&,16!
! u&+#'! 4+! 0%#0&--.#0.! 5.! J+,1! =+-! 4.5! M&+#1,1A5;! 4.5!
J,-*.5! -A+>,55.#1! .#! J+,5+#1! /+-,.-! 4.&-5! 0$%,U! .#!
',-.01,%#5! %==%5A.5!8&#.! +&>*.#1+1,%#! '.! M&+#1,1A!
=+-!&#.!J,-*.!.#1-+v#.!&#.!)3E3':538'!'.!M&+#1,1A!=+-!
4.5!J,-*.5!-,/+4.5:!+4%-5! M&.!M&+#'!4+! 0%#0&--.#0.!5.!
J+,1! =+-! 4.5! =-,U;! 4.5! -A+01,%#5! .#1-+v#.#1! '.5! 0$%,U!
0%#/.->.#15!8&#.!+&>*.#1+1,%#!'.!=-,U!=+-!&#.!J,-*.!
.#1-+v#.! &#.! (:FE&'5(538'! '.! =-,U! =+-! 4.5! J,-*.5!
-,/+4.5:6!
??6!7%&-! A1+C4,-!0.11.!1$n5.;!0%**.#q%#5!=+-! 0%*=-.#'-.!
4+! *+#,n-.! '%#1! &#.! J,-*.! =-.#'! 5+! 'A0,5,%#! 5&-! &#!
*+-0$A!%4,>%=%4,51,M&.6!u&Y,4!5Y+>,55.!'.!0$%,5,-!4.!=-,U!%&!
4+! M&+#1,1A;! 4+! J,-*.! M&,! 0$.-0$.! h! *+U,*,5.-! 5%#! =-%J,1!
=-.#'! 5+! 'A0,5,%#! .#! J%#01,%#! '.! 4Y,*=+01! M&Y&#.!
*%',J,0+1,%#! '.! 4+! /+-,+C4.! '.! 0$%,U! +! 5&-! 5%#! =-%J,16!
D%**.! 4.! -+,5%##.*.#1! =.-1,#.#1! 5.! J+,1! h! 4+! *+->.;! %#!
5Y,#1A-.55.! '%#0! h! 4+! C"8935(N3,35L$ E("F3'(,&! 'Y&#.!
*%',J,0+1,%#! '.! 4+! M&+#1,1A! %&! '&! =-,U6! D.11.! #%1,%#!
-A=%#'!h! 4+! M&.51,%#!5&,/+#1.k! 5,! 4+!J,-*.! /.#'! &#.!&#,1A!
5&==4A*.#1+,-.! 8%&! 5,! .44.! +&>*.#1.! 5%#! =-,U! 'Y&#!
0.#1,*.:;!'+#5!M&.44.! ',-.01,%#! /+! /+-,.-! 5%#! =-%J,1!r! L#.!
=-%J,1+C,4,1A! *+->,#+4.! =%5,1,/.! =%&55.-+! 4+! J,-*.! h!
+&>*.#1.-! '+/+#1+>.! 5+! M&+#1,1A! %&! 5%#! =-,Ul! &#.!
=-%J,1+C,4,1A! *+->,#+4.! #A>+1,/.! 4Y,#0,1.-+;! h! 4Y,#/.-5.;! h!
C%&>.-!'+#5!4Y+&1-.!5.#56!2.!*+U,*&*!'.!=-%J,1!5.-+!'%#0!
+11.,#1!4h!%s!4+!=-%J,1+C,4,1A!*+->,#+4.!.51!#&44.!80+-!,4!#YI!+!
=4&5!'Y,#1A-g1!#,! h! +&>*.#1.-! #,! h! ',*,#&.-! 5+! /+-,+C4.! '.!
!!!!!!!!!!!!!!!
!
\! F&>&51,#!D%&-#%1!8Z_^Z(Z_ee:!=-%=%5+;!.#!Z_[_;!4.!=-.*,.-!
/A-,1+C4.! *%'n4.! '.! '&%=%4.l! 5%#! *%'n4.! 8=-AJ,>&-+#1! 4.5!
1-+,1.*.#15! *%'.-#.5! C+5A5! 5&-! 4+! 1$A%-,.! '.5! @.&U:!
-.=-A5.#1+,1!'.&U!J,-*.5!0$%,5,55+#1!4+! M&+#1,1A! '.! =-%'&,1! h!
*.11-.!5&-!4.!*+-0$A6!<#!Z__[;!W%5.=$!9.-1-+#'!8Z_]](Z`^^:!
-.J%-*&4+!4.!*%'n4.!'.!D%&-#%1!.#!5&==%5+#1!M&.!4.5!J,-*.5!
0$%,5,55.#1!4.5!=-,U!=4&1i1!M&.!4.5!M&+#1,1A56!
>??(@&"/(+1/%+/))/*%+0A"12*@(20B+$/%+)0%"-A%+/A+0*"1"%2A*+12+*'@-("/+$/%+#/0B+
+ +
+!+3+4+ 5667+8+9+ .+:+3+ +
!
a!
0$%,U:6!L#.!J,-*.!.#!=%5,1,%#!'.!*%#%=%4.!5.!0%#1.#1.-+!
'.!0.!-+,5%##.*.#1!=%&-!+55.%,-!5+!'A0,5,%#6!<#!-./+#0$.;!
,4!#Y.#! /+! =+5! '.! *g*.! =%&-! &#.! J,-*.! .#! %4,>%=%4.;! 0+-!
0.44.(0,! '%,1! A>+4.*.#1! 5.! '.*+#'.-! 0%**.#1! 4+!
=-%J,1+C,4,1A! *+->,#+4.! '.! 5%#! =-%=-.! 0$%,U! .51! +JJ.01A.!
=+-! 4.5! 0$%,U! '.5! J,-*.5! 0%#0&--.#1.56! <1! 0Y.51! ,0,! M&.! 4.!
1I=.! '.! 0%#0&--.#0.! ,#1-%'&,1! &#.! ',JJA-.#0.!
J%#'+*.#1+4.6!!
?@6! u&+#'! 4+! 0%#0&--.#0.! 5.! J+,1! =+-! 4.5! M&+#1,1A5;! 4+!
=-%J,1+C,4,1A! *+->,#+4.! '.! 4Y+&>*.#1+1,%#! '.! 4+! M&+#1,1A!
=%&-! &#.! J,-*.! '%##A.! 8',5%#5! 4+! J,-*.! Z:! .51! "L):35&!
4%-5M&Y&#.! J,-*.! -,/+4.! 8',5%#5! 4+! J,-*.! ]:! +&>*.#1.! 5+!
=-%=-.! M&+#1,1A6! 7%&-M&%,!r! 2Y+&>*.#1+1,%#! '.! M&+#1,1A!
=+-!4+!J,-*.!]!+! =%&-!.JJ.1!'.!J+,-.!',*,#&.-!4.!=-,U! 5&-!4.!
*+-0$A!8/&! M&.! 0.4&,(0,! 5Y+@&51.! =+-! -+==%-1! h! 4+! M&+#1,1A!
1%1+4.! *,5.! 5&-! 4.! *+-0$A! =+-! 4Y.#5.*C4.! '.5! J,-*.5;! '.!
*+#,n-.!h!+55&-.-! 4YA>+4,1A!.#1-.!4Y%JJ-.!.1! 4+! '.*+#'.:6! ),!
4.!=-,U!C+,55.;!,4!'./,.#1!*%,#5!,#1A-.55+#1!=%&-!4+!J,-*.!Z!
'Y+&>*.#1.-!5+!=-%=-.!M&+#1,1A6!H#!.#!'A'&,1!M&.!4+!J,-*.!
Z! 5Y+'+=1.-+! +&! *,.&U! h! 4Y.U=+#5,%#! '.! 4+! M&+#1,1A! =+-! 4+!
J,-*.! ]! .#! -A'&,5+#1! 5+! =-%=-.! M&+#1,1A6! N%#0;! ,&6$ /.83T$
65"(5LF3X:&6$Z,&6$ X:('535L6[$ )&6$93"E&6$"3*(,&6$L*8,:&'5$&'$
6&'6$8CC86L66!
?A6!2Y,#/.-5.! 5.! =-%'&,1! M&+#'! 4+! 0%#0&--.#0.! 5.!J+,1! =+-!
4.5! =-,U6! "0,;! 5,! 4+! J,-*.! ]! +&>*.#1.! 5%#! =-,U;! 0.4+!
(EC,393&"(! 4+! =-%J,1+C,4,1A! *+->,#+4.! 'Y&#.! +&>*.#1+1,%#!
'.!=-,U! =%&-! 4+! J,-*.!Z6! <#! .JJ.1;!5,! 4+! J,-*.! ]!/.#'! =4&5!
0$.-;!0.-1+,#5! '.! 5.5! 04,.#15! +&-%#1!1.#'+#0.! h! 5.!1%&-#.-!
/.-5! 4+! J,-*.! Z;! M&,! 1-%&/.-+! 'n5! 4%-5! =4&5! =-%J,1+C4.!
'Y+&>*.#1.-! 5%#! =-%=-.! =-,U6! "4! .#! -A5&41.! M&.!,&6$ /.83T$
65"(5LF3X:&6$ Z)('6$ /&$ /(6R/31$ ,&6$ C"3T[$ )&6$ 93"E&6$ "3*(,&6$
L*8,:&'5$)('6$,($E\E&$)3"&/538'6a!
>Q6+R%"#0)'70F0).+&)+$.30%'70F0).+$&3+#*30"/3++
&/+#"/()0"/+$*+)KJ&+$&+("/(*%%&/(&+
?C6! R+,#1.#+#1! M&.! #%&5! +/%#5! ,'.#1,J,A! 4.5! 1-%,5! 1I=.5!
'Y.JJ.15!&#,4+1A-+&U;!#%&5!/%&4%#5!#%&5!=-%#%#0.-!5&-!4.&-!
,#J4&.#0.! 0%*C,#A.;! '.! *+#,n-.! h! +#+4I5.-! 5,! &#.! J&5,%#!
.51! =-%J,1+C4.! =%&-! 4.5! J,-*.5! M&,! J&5,%##.#1! .1f%&! .51!
'A5,-+C4.!=%&-!4Y.#5.*C4.!'.!4+!5%0,A1A6!7%&-!0.!J+,-.;!#%&5!
+44%#5!#%&5! 4,/-.-!h!&#!.U.-0,0.!',1! '.!65(53X:&$/8EC("L&6!
DY.51(h(',-.!M&.;! =%&-! 4Y%4,>%=%4.! 5%&5! -./&.;! #%&5! +44%#5!
0%*=+-.-! 4YAM&,4,C-.! '.! T+5$! M&.! 4Y%#! %C1,.#1! +/+#1! 4+!
J&5,%#!h!0.4&,!M&.!4Y%#!%C1,.#'-+,1!+=-n5!4+!J&5,%#6!D%**.!
#%&5! 4Y+/%#5! /&! =4&5! $+&1;! &#.! J&5,%#! *%',J,.! 4.! o!@.&!
!!!!!!!!!!!!!!!
!
a! T%1%#5! M&.! 4Y(EC,35:)&! '.! 4+! -A+01,%#! '.5! +&1-.5! J,-*.5!
8M&.44.! M&.! 5%,1! 4+! ',-.01,%#! '.! 0.11.! -A+01,%#:! .51! &#.!
J%#01,%#! ,#/.-5.! '.! 4+! ',JJA-.#0,+1,%#! '.5! =-%'&,156! <#!
'Y+&1-.5!1.-*.5;!=4&5!4.5!=-%'&,15!5%#1!',JJA-.#0,A5;!*%,#5!4.5!
J,-*.5! -A+>,55.#1! +&U! *%',J,0+1,%#5! '.! =-,U! %&! '.! M&+#1,1A!
'.!4.&-5!0%#0&--.#1.5!8/&!M&.!4+!0%#0&--.#0.! .51! .44.(*g*.!
*%,#5! -&'.:6! N%#0;! 4.! 0+'-.! '.! C,.#! $%*%>n#.! M&.! #%&5!
0%#5,'A-%#5!,0,!>A#n-.!4.5!-A+01,%#5!4.5!=4&5!J%-1.56!
0%#0&--.#1,.4!p! '.! '.&U! *+#,n-.56! NY&#.! =+-1;! .44.! -A'&,1!
4.! #%*C-.! '.! @%&.&-5! 80Y.51(h(',-.! 4.! #%*C-.! 'Y.#1,1A5!
',51,#01.5;!=-.#.&5.5!'.!'A0,5,%#5:!'+#5!4.!*+-0$Al!0.!5%#1!
4.5! .JJ.15! '.! 0%#0&--.#0.! A/%M&A5! +&! =+-+>-+=$.! d6e!
NY+&1-.! =+-1;! 4+! J&5,%#! .51! 5&50.=1,C4.! '.! *%',J,.-! 4.5!
=%5,1,%#5!-.4+1,/.5!'.5!@%&.&-5!-.51+#15!8/&!M&.!4+!#%&/.44.!
.#1,1A! J&5,%##A.! =.&1! CA#AJ,0,.-! '.! 5I#.->,.5;! 0%**.!
,#',M&A! +&! =+-+>-+=$.! \:l! 0.! 5%#1! 4.5! .JJ.15! 'Y.JJ,0+0,1A6!
V,#+4.*.#1;! 4.! =+55+>.! 'Y&#! AM&,4,C-.! '.! T+5$! h! 4Y+&1-.!
'A=.#'!'.5!*%',J,0+1,%#5!'.!0$%,U!M&Y.#1-+v#.#1!4.5!.JJ.15!
=-A0A'.#15!'+#5!4.!0$.J!'.!4Y.#1,1A!J&5,%##A.;!+,#5,!M&.!'.5!
-A+01,%#5! M&.! 0.5! *%',J,0+1,%#5! .#1-+v#.#1! '&! 0i1A! '.5!
J,-*.5! $%-5(J&5,%#l! 0.! 5%#1! 4.5! .JJ.15! 51-+1A>,M&.56! 7%&-!
A/+4&.-!4Y,*=+01! 0%#@%,#1! '.!0.5! 1-%,5! 1I=.5! 'Y.JJ.15;! #%&5!
0%#1-+51%#5!'.&U!0+5!'.!J,>&-.6!
!"#$%&'()*#*+,)-.&)*#
?D6! )&==%5%#5! '+#5! &#! =-.*,.-! 1.*=5! M&.! 4.5! .JJ.15!
'Y.JJ,0+0,1A! 84.5! 5I#.->,.5:! 5%#1! -.4+1,/.*.#1! J+,C4.5! =+-!
-+==%-1! +&U! .JJ.15! '.! 0%#0&--.#0.6! H#! %C5.-/.! '%#0! &#.!
$+&55.! '.! =-,U! .1! &#.! C+,55.! '.! M&+#1,1A! '.! 4+! =+-1! '.!
4Y.#1,1A! J&5,%##A.! =+-! -+==%-1! h! 4+! 5,1&+1,%#! M&,! =-A/+4+,1!
+/+#1! 4+! J&5,%#6! F@%&1%#5! *+,#1.#+#1! 4.5! .JJ.15!
51-+1A>,M&.56! u&+#'! 4+! 0%#0&--.#0.! 5.! J+,1! =+-! 4.5!
M&+#1,1A5;! #%&5! +/%#5! /&! M&.! 4.5! 0$%,U! 51-+1A>,M&.5!
A/%4&.#1! .#! 5.#5! %==%5A56! T%&5! =%&/%#5! '%#0! ',-.!
M&Y+=-n5!4+!J&5,%#;!4.5! J,-*.5! $%-5! J&5,%#! /%#1!(:FE&'5&"!
4.&-5! M&+#1,1A5! .#! -A+01,%#! h! 4+! C+,55.! '.! =-%'&01,%#! '.!
4Y.#1,1A!J&5,%##A.6!"4!5Y+>,1!4h!'Y&#.!-A+01,%#!(F"&663*&!'.!4+!
=+-1! '.5! +&1-.5! J,-*.5;! =&,5M&Y.44.! /+! h! 4Y.#0%#1-.! '.5!
,#1A-g15! '.! 4Y.#1,1A! J&5,%##A.! .#! -A'&,5+#1! 4+! =-%J,1+C,4,1A!
'.!4+!J&5,%#6!2Y.JJ.1!#AJ+51.!'.!0.11.!-A+01,%#!+>-.55,/.!'.5!
+&1-.5! J,-*.5! .51! 1.4! M&.! =.&! '.! J&5,%#5! /%#1! g1-.! @&>A.5!
0%**.! =-%J,1+C4.5! 80Y.51(h(',-.! =.-*.11+#1! h! 4Y.#1,1A!
J&5,%##A.!'.! >A#A-.-! &#! =-%J,1! 5&=A-,.&-! h! 4+! 5%**.! '.5!
=-%J,15! M&.! 4.5! J,-*.5! .#/,5+>.+#1! 4+! J&5,%#! %C1.#+,.#1!
+&=+-+/+#1:6!"4!.51!.#!.JJ.1!=%55,C4.!'.!*%#1-.-!'.!*+#,n-.!
+#+4I1,M&.! M&.! 5,! 4+! J&5,%#! #Y.#1-+v#.! +&0&#! >+,#!
'Y.JJ,0+0,1A;!4+! J&5,%#! #.! 5.-+! =-%J,1+C4.!M&.! 5,! .44.!-A&#,1!
+&!*%,#5!_^x!'.5!J,-*.5!=-A5.#1.5!5&-!4.!*+-0$A6_!F&1+#1!
',-.! M&.! M&+#'! 4.5! 5I#.->,.5! 5%#1! ,#.U,51+#1.5! %&! 1-n5!
J+,C4.5;! 4.5! J&5,%#5! 5%#1! $+&1.*.#1! ,*=-%C+C4.5! '+#5! &#!
*+-0$A! %s! 4+! 0%#0&--.#0.! 5.! J+,1! =+-! 4.5! M&+#1,1A56! o!<1!
0Y.51! 1+#1! *,.&U!p;! +(1(%#! .#/,.! '.! ',-.! =+-0.! M&.! 0.5!
J&5,%#5!#.!5%#1!=+5!'A5,-+C4.5!'Y&#!=%,#1!'.!/&.!5%0,+46!<#!
.JJ.1;! C,.#! M&.! 4.5! J,-*.5! $%-5! J&5,%#! +&>*.#1.#1! 4.&-5!
M&+#1,1A5!5&,1.!h!4+!C+,55.!'.!M&+#1,1A!'.!4Y.#1,1A!J&5,%##A.;!
%#!=.&1! *%#1-.-!M&.!4+!M&+#1,1A!1%1+4.! *,5.! 5&-!4.!*+-0$A!
5.-+!=4&5!J+,C4.!+=-n5!4+!J&5,%#;!0.!M&,!-A'&,-+!4.!C,.#(g1-.!
!!!!!!!!!!!!!!!
!
e! 7+-!.U.*=4.;! 5,! 4.! *+-0$A! 0%*=1.!,#,1,+4.*.#1!Z^! J,-*.5! .1!
M&.! [! J,-*.5! 'A0,'.#1! '.! J&5,%##.-;! ,4! I! +&-+! _! 0.#1-.5! '.!
'A0,5,%#!',51,#015! +=-n5! 4+!J&5,%#!8h! 5+/%,-!4+!#%&/.44.!.#1,1A!
J&5,%##A.!.1! 4.5! e! J,-*.5! M&,! #.! 5%#1! =+5! 0%#0.-#A.5! =+-! 4+!
J&5,%#:6!
_! K%,-!)+4+#1;!)E,1O.-!.1!Q.I#%4'5!8Z`_[:6!
;201+3/11/)12<</+
+ +
+!+3+4+ 5667+8+9+ .+:+3+ +
!
e!
'.5!0%#5%**+1.&-56!<1!5,!4Y%#!+'',1,%##.! +&!C,.#(g1-.!'.5!
0%#5%**+1.&-5! 4.5! =-%J,15! -A+4,5A5! =+-! 4.5! J,-*.5! =%&-!
%C1.#,-! &#.! *.5&-.! '&! C,.#(g1-.! 5%0,+4! =%&-! 4.! *+-0$A!
5%&5! -./&.;! %#! =.&1! *%#1-.-! A>+4.*.#1! M&.;! 5%&5! 0.5!
0%#',1,%#5;! 1%&1.! J&5,%#! -A'&,1! 4.! C,.#(g1-.! 5%0,+4! .1! '%,1!
'%#0!g1-.!,#1.-',1.!=+-!4.5!+&1%-,1A5!'.!4+!0%#0&--.#0.6!
?E6! u&Y.#! .51(,4! 4%-5M&.! 4+! 0%#0&--.#0.! 5.! J+,1! =+-! 4.5!
=-,U!r! <#! 0%*C,#+#1! #%5! +#+4I5.5! =-A0A'.#1.5;! #%&5!
0%#04&%#5!5+#5!=.,#.!M&.!4Y.#1,1A!J&5,%##A.!/+!+&>*.#1.-!
5%#! =-,U! .1! M&.! 4.5! J,-*.5! $%-5! J&5,%#! /%#1! -A+>,-! .#!
+&>*.#1+#1! 4.5! 4.&-5! A>+4.*.#16! 7%&-! 0.! M&,! .51! '.! 4+!
'A5,-+C,4,1A! '.! 4+! J&5,%#;! 4.! 0%#51+1! .51! %#! #.! =.&1! =4&5!
04+,-k!/&!M&.!1%&5!4.5!=-,U! +&>*.#1.#1;!%#!0%#04&1!8.#0%-.!
=4&5! #.11.*.#1! M&.! '+#5! 4.! 0+5! =-A0A'.#1:! M&Y,4! 0%#/,.#1!
'Y,#1.-',-.!4+!J&5,%#6!7+-!0%#1-.;!4.!0%#51+1!0$+#>.!'&!0i1A!
'.! 4+! =-%J,1+C,4,1A! '.! 4+! J&5,%#6! R+,#1.#+#1;! 4+!
*%',J,0+1,%#! '.! 0%*=%-1.*.#1!'.5! J,-*.5! M&,! J&5,%##.#1!
8$+&55.!'&!=-,U:!,#'&,1!&#.!-A+01,%#!(E3/(,&!'.!4+!=+-1!'.5!
J,-*.5! $%-5! J&5,%#! 8h! 5+/%,-! &#.! $+&55.! '.5! =-,U!
A>+4.*.#1:;! 0.! M&,! -.#'! 4+! J&5,%#! =4&5! =-%J,1+C4.6! "0,;! %#!
=.&1! *%#1-.-! M&.! 1%&1.! J&5,%#! +&>*.#1.! 4.! =-%J,1! '.5!
J,-*.5! M&,! J&5,%##.#1;! *g*.! 5,! .44.5! #.! 5%#1! M&.! '.&U!
=+-*,!&#!>-+#'!#%*C-.!'Y+&1-.5!J,-*.56!2Y,#1.-',01,%#!'.5!
J&5,%#5!+!'%#0!A#%-*A*.#1!'.!=%-1A.!'+#5!0.!0+5(0,!8+4%-5!
M&Y.44.! A1+,1! =4&1i1! /,-1&.44.! '+#5! 4.! 0+5! =-A0A'.#1!
=&,5M&Y%#! A1+,1! +*.#A! h! 0%#04&-.! M&.! 4.5! J&5,%#5! #.!
-,5M&.#1!>&n-.!'.!/%,-!4.!@%&-:6!
?M6! T%1%#5! +&! =+55+>.! M&.;! '+#5! 4.5! '.&U! 0+5! M&.! #%&5!
/.#%#5! '.! 0%#5,'A-.-;! 4.5! J,-*.5! $%-5! J&5,%#! NL'L93/3&'5!
'.!4+!J&5,%#6!<#!.JJ.1;!4.5!J,-*.5!M&,!J&5,%##.#1!-A'&,5.#1!
4+!0%#0&--.#0.!#%#!5.&4.*.#1!.#1-.!.44.5! *+,5! +&55,! '+#5!
4Y.#5.*C4.!'.!4Y,#'&51-,.;!0.!M&,!=-%J,1.!h!1%&1.5!4.5!J,-*.56!
H#! =.&1! '%#0! 5A-,.&5.*.#1! *.11-.! .#! '%&1.! 4Y%C@.01,/,1A!
'%#1! J.-+,.#1! =-.&/.! '.5! J,-*.5! -,/+4.5! M&,! 5.-+,.#1!
.#1.#'&.5! =+-! 4.5! +&1%-,1A5! '.! 4+! 0%#0&--.#0.! 4%-5! '.!
4Y,#51-&01,%#!'Y&#!=-%@.1!'.!J&5,%#6`!
/"#$0-1)*#*+,)-.&)*#
?N6! u&+#'! 4.5! >+,#5! 'Y.JJ,0+0,1A! '&5! +&U! 5I#.->,.5! 5%#1!
5&JJ,5+**.#1!A4./A5;! ,45! =.&/.#1! 4Y.*=%-1.-! 5&-! 4.5! .JJ.15!
'.! 0%#0&--.#0.! .1! J+,-.! .#! 5%-1.! M&.! 4Y.#1,1A! J&5,%##A.!
(:FE&'5&!,($X:('535L$C"8):35&!8:$)3E3':&$ 68'$ C"3T6! D.4+!
#.! *%',J,.! .#! -,.#! #%1-.! +#+4I5.! '.5! .JJ.15! 51-+1A>,M&.56!
D.-1.5;! 4Y,*=&45,%#! '.! 'A=+-1! 0$+#>.! '.! 5,>#.;! *+,5! 4+!
',-.01,%#! '.5! -A+01,%#5! '.5! +&1-.5! J,-*.5! 5.! 0%#J%-*.!
1%&@%&-5!h!4+!1$n5.!M&.!#%&5!+/%#5!A#%#0A.!+&!=+-+>-+=$.!
`6!F,#5,;!'+#5! &#.! 0%#0&--.#0.! =+-!4.5! M&+#1,1A5;! %#! +&-+!
M&.! 4Y+&>*.#1+1,%#! '.! M&+#1,1A! =+-! 4+! J,-*.! J&5,%##A.!
.#1-+v#.-+!&#.!',*,#&1,%#!'.!M&+#1,1A!'.!4+!=+-1!'.5!J,-*.5!
!!!!!!!!!!!!!!!
!
`! D.! =%,#1! .51! 04+,-.*.#1! *,5! .#! A/,'.#0.! =+-! K+#! D+I5..4.!
8]^^\:;! M&,! ,#5,51.! A>+4.*.#1! 5&-! 4Y,*=%-1+#0.! 'Y&1,4,5.-! 4.5!
%&1,45! '.! 4+! 1$A%-,.! '.5! @.&U! =%&-! A/+4&.-! 0%--.01.*.#1! 4.5!
=-%@.15!'.!J&5,%#!.1!+0M&,5,1,%#6!
$%-5!J&5,%#6!NA5%-*+,5;!0Y.51!4Y.#1,1A!J&5,%##A.!M&,!+>,1!'.!
*+#,n-.!+>-.55,/.! 8.#! =-%'&,5+#1! =4&5:;! 0.! M&,! 4&,! =.-*.1!
'.! CA#AJ,0,.-! 'Y&#.! -A+01,%#! (E3/(,&! '.5! J,-*.5! -,/+4.5!
8M&,!=-%'&,5.#1! *%,#5:6! L#! #,/.+&! 5&JJ,5+#1!'.! 5I#.->,.5!
-.#'!'%#0!4.5!J&5,%#5!=-%J,1+C4.5!4%-5M&.!4+!0%#0&--.#0.!5.!
J+,1! =+-! 4.5! M&+#1,1A56! D.4+! #.! 5,>#,J,.! 1%&1.J%,5! =+5! M&.!
0.5! J&5,%#5! 5%#1! A>+4.*.#1! 'A5,-+C4.5! 'Y&#! =%,#1! '.! /&.!
5%0,+46!"4! .51! .#! .JJ.1! =%55,C4.! M&.! 4.5! 5I#.->,.5! 0%#Jn-.#1!
&#! +/+#1+>.! 0%#0&--.#1,.4! 5&JJ,5+#1! h! 4Y.#1,1A! J&5,%##A.!
8>+>.! '.! =-%J,1+C,4,1A! '.! 0.11.! J&5,%#:! *+,5! #.! 5&JJ,5.#1!
=+5!h! 0%*=.#5.-! 4.5! .JJ.15! #AJ+51.5! '.! 4+! -A'&01,%#! '.! 4+!
0%#0&--.#0.!=%&-! 4.5! 0%#5%**+1.&-56!7%&-! M&.! 4+! J&5,%#!
+&>*.#1.! 4.! C,.#(g1-.! 5%0,+4;! ,4! J+&1! M&.! 4.5! 5I#.->,.5!
5%,.#1!/-+,*.#1!5&C51+#1,.44.56!
?O6!),!4+! 0%#0&--.#0.! 5.! J+,1! =+-! 4.5! =-,U;! 4.5! J,-*.5!$%-5(
J&5,%#!-A+>,-%#1!h!4+!C+,55.!'.!=-,U!'.!4Y.#1,1A!J&5,%##A.!.#!
-A'&,5+#1! A>+4.*.#1! 4.&-! =-,U6! "0,;! 4.! 0%*=%-1.*.#1!
+>-.55,J! '.! 4Y.#1,1A! J&5,%##A.! 8=+-! &#.! C+,55.! '.! =-,U:!
.#1-+v#.! &#.! -A=%#5.! +>-.55,/.! '.! 4+! =+-1! '.5! +&1-.5!
J,-*.5;! 0.! M&,! -A'&,1! 4+! =-%J,1+C,4,1A! '.! 4+! J&5,%#6!
D.=.#'+#1! 4+! ',*,#&1,%#! >A#A-+4.! '.5! =-,U! #.! =.&1! M&.!
CA#AJ,0,.-!+&U!0%#5%**+1.&-56!H#!+--,/.!'%#0!h!4+!*g*.!
0%#04&5,%#!M&.!=%&-!4+!0%#0&--.#0.!=+-!4.5!M&+#1,1A5k!=%&-!
'.5! 5I#.->,.5! 5&JJ,5+**.#1! ,*=%-1+#1.5;! 4+! J&5,%#! =.&1!
g1-.! 'A5,-+C4.! 'Y&#! =%,#1! '.! /&.! 5%0,+4! 0+-! 4.5! >+,#5!
'Y.JJ,0+0,1A! 0%*=.#5.#1! 4.5! .JJ.15! #A>+1,J5! -A5&41+#1! '.! 4+!
-A'&01,%#!'.!0%#0&--.#0.!5&-!4.!*+-0$A6!
Q6+2"/(F*30"/+
@P6! <#! &1,4,5+#1! 4.5! .#5.,>#.*.#15! '.! 4+! 1$A%-,.! '.!
4Y%->+#,5+1,%#! ,#'&51-,.44.;! .&U(*g*.5! A04+,-A5! =+-! 4.5!
+==%-15! '.! 4+! 1$A%-,.! '.5! @.&U;! #%&5! +/%#5! '%##A! &#.!
+#+4I5.! 5I#1$A1,M&.! '.5! .JJ.15! &#,4+1A-+&U! '.5! J&5,%#5!
.#1-.! J,-*.5! +01,/.5! 5&-! &#! *+-0$A! .#! %4,>%=%4.6! 2.5!
=-,#0,=+4.5! 4.q%#5! h! 1,-.-! '.! 0.11.! +#+4I5.! 5%#1! 4.5!
5&,/+#1.56!u&.! 4Y%#! /.&,44.!A/+4&.-! 5,! '.5! J&5,%#5!/%#1! 5.!
=-%'&,-.! 80.! M&,! 'A=.#'! '.! 4.&-! =-%J,1+C,4,1A! =%&-! 4.5!
J,-*.5!0%#0.-#A.5:!.1!5Y,4!0%#/,.#1!%&!#%#!'.5!4.5!+&1%-,5.-!
80.! M&,! 'A=.#'! '.! 4.&-! 'A5,-+C,4,1A! 'Y&#! =%,#1! '.! /&.!
5%0,+4:;! ,4! 0%#/,.#1! '.! -A=%#'-.! h! '.&U! M&.51,%#5!
J%#'+*.#1+4.56! 8+:! 2+! J&5,%#! .#1-+v#.(1(.44.! '.5! >+,#5!
'Y.JJ,0+0,1A! 85I#.->,.5:! =%&-! 4.5! J,-*.5! M&,! J&5,%##.#1! .1;!
5,! %&,;! M&.44.! .#! .51! 4.&-! +*=4.&-!r! 8C:! F! M&.4! 1I=.! '.!
0%#0&--.#0.! 4.5! J,-*.5! 5.! 4,/-.#1(.44.5! 5&-! 4.! *+-0$A! .#!
M&.51,%#!r!D$%,5,55.#1(.44.5!=4&1i1!4.5!M&+#1,1A5!h!=-%'&,-.!
%&! 4.! =-,U! +&M&.4! /.#'-.! 0.5! M&+#1,1A5!r! <#! 0-%,5+#1! 4.5!
-A=%#5.5! h! 0.5! M&.51,%#5;! %#! =.&1! J%-*&4.-! 4.5! =-,#0,=.5!
5&,/+#15! 8M&.! #%&5! -A5&*%#5! '+#5! 4.! 1+C4.+&! h! '%&C4.!
.#1-A.! 0,('.55%&5:6! <3$ ,&6$ 6@'&"F3&6$ 68'5$ 3'&T365('5&6$ 8:$
9(3N,&61$ ,&6$ C"8I&56$ )&$ 9:638'$ 68'5$ C,:6$ 6:6/&C53N,&6$
)WLE('&"$ )&$ 93"E&6$ 6&$ /8'/:""&']('5$ C("$ ,&6$ C"3T$ C,:5^5$
X:&$ C("$ ,&6$ X:('535L6$ E(361$ &'$ 58:5$ L5(5$ )&$ /(:6&1$ '&$
C&:*&'5$ C(6$ "&/&*83"$ ,W(*(,$ )&6$ (:58"35L6$ )&$ ,($
/8'/:""&'/&$ Z/("$ )&$ 5&,,&6$ 9:638'6$ "L):36&'5$ ,&$ N3&'R\5"&$
>??(@&"/(+1/%+/))/*%+0A"12*@(20B+$/%+)0%"-A%+/A+0*"1"%2A*+12+*'@-("/+$/%+#/0B+
+ +
+!+3+4+ 5667+8+9+ .+:+3+ +
!
_!
68/3(,[#$ V($ C"L6&'/&$ )&$ 6@'&"F3&6$ C,:6$ 3EC8"5('5&6$
(:FE&'5&$ ,($ C"8935(N3,35L$ )&6$ C"8I&56$ )&$ 9:638'$ &5$ C&:5$
E\E&$,&6$"&')"&$)L63"(N,&6$)W:'$C83'5$)&$*:&$68/3(,_$3,$@$($
)8'/$ ,3&:$ )W(:58"36&"$ )&6$ 9:638'6$ X:3$ FL'L"&"(3&'5$ )&6$
F(3'6$ )W&993/(/35L$ C&"E&55('5$ )&$ /8EC&'6&"$ ,&6$ &99&56$
'LF(5396$6:"$,($/8'/:""&'/&$X:W&'5"(`'&$ :'&$ "L):/538'$ ):$
'8EN"&$)&$93"E&6$(/53*&6$6:"$,&$E("/.L#!
2"/(*%%&/(&+J'%+F&3S+
!
T*'/)0).3+ R%0I+
U'07F&3+
V&5,%#!'8'$
C"8935(N,&!
.1!'8'$
)L63"(N,&!
V&5,%#!
C"8935(N,&!
*+,5!'8'$
)L63"(N,&!
4K/&%90&3+S+
U"%)&3+
V&5,%#!
C"8935(N,&!
.1!C&:5R\5"&$
)L63"(N,&!
V&5,%#!
C"8935(N,&!
.1!C&:5R\5"&$
)L63"(N,&!
!
2343-),5)*#
9<QXQFTN;! W6! 8Z__[:6! X$A%-,.! R+1$A*+1,M&.! '.! 4+!
Q,0$.55.!)%0,+4.6!B8:"'(,$)&6$<(*('56;!d``(\^_6!
DHLQTHX;! F6! 8Z_[_:6! =&/.&"/.&6$ 6:"$ ,&6$ 7"3'/3C&6$
!(5.LE(53X:&6$ )&$ ,($ D.L8"3&$ )&$ ,($ =3/.&66&;! -AA',1,%#!
Z`ed;!D+4*+##(2A/I;!7+-,56!
TF)P;! W6! 8Z`\^:! y<M&,4,C-,&*! =%,#15! ,#! #(=.-5%#! >+*.5y!
7"8/&&)3'F6$ 89$ 5.&$ ;(538'(,$ 4/()&E@$ 89$ </3&'/&6![a8Z:k !
d_(d`6!
)F2FTX;! )6?6;! )?"Xz<Q;! )6! .1! Q<mTH2N);! Q6! 8Z`_[:6!
y2%55.5! V-%*! P%-,O%#1+4! R.->.-k! X$.! <JJ.015! %J! +#!
<U%>.#%&5! D$+#>.! ,#! "#'&51-I! )1-&01&-.! %#! D%&-#%1(
T+5$! <M&,4,C-,&*y;! a:("5&",@$ B8:"'(,$ 89$ H/8'8E3/6! `_k!
Z_\(Z``6!
KFT!DFm)<<2<;!76!8]^^\:6!yL5,#>!<0%#%*,05!,#!F#1,1-&51!
N.0,5,%#5k! V,/.! 2.55%#5! J-%*! 1$.! <&-%=.+#! )0.#.y;!
D3I)6/."395$ *88"$ H/8'8E3&$ (')$ !('(F&E&'5;! /%46! 2;! \k!
_^\(_][6!
!
ResearchGate has not been able to resolve any citations for this publication.
ResearchGate has not been able to resolve any references for this publication.