• No results found

3/()+-&+01#!4&&%5+)-%&!!

N/A
N/A
Protected

Academic year: 2021

Share "3/()+-&+01#!4&&%5+)-%&!!"

Copied!
135
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)
(2)
(3)
(4)
(5)
(6)

!

!

"#$%&'()*+),)%-.!!

!

!

(7)

!

!

"/.-01#-!!

!

9+&+,#*(!+*#!-&!&##'!%7!,/-'+&.#!%&!8.9!)%!-&.%*A%*+)#!(/()+-&+0-1-)$!-&!);#-*!%*,+&-a+)-%&D!L5#*!)-8#!(/()+-&+0-1-)$!;+(! 8%5#'!7*%8!+!8%*+1!)%2+*'(!+&!-&.*#+(-&,1$!()*+)#,-.!7%./(D!F-77#*#&)!()+,#(!%7!(/()+-&+0-1-)$!+2+*#&#((!+&'!+.)-%&!;+5#! 0##&! -'#&)-7-#'`! +1)#*-&,! );#! 7-*8! .+A+0-1-)-#(! +&'! .;+*+.)#*-()-.(! &##'#'! 7%*! +&! #77#.)-5#! -8A1#8#&)+)-%&D! C*#(#&)1$! 0/(-&#((! ;+(! ()+*)#'! )%! 8%5#! 0#$%&'! ()*+)#,-.! (/()+-&+0-1-)$! -&)%! 2;+)! -(! *#7#**#'! )%! +(! ()+,#! X! (/()+-&+0-1-)$! %*! i3/()+-&+01#!4&&%5+)-%&jD!:;-(!(;-7)!*#I/-*#(!'-77#*#&)!%*,+&-a+)-%&+1!'$&+8-.(!+&'!+!'-77#*#&)!%*,+&-a+)-%&+1!'#(-,&!+&'! );/(!.+11(!7%*!.%8A+&-#(!)%!*+'-.+11$!.;+&,#!);#-*!2+$(!%7!2%*<-&,D!:;-(!()/'$!+-8(!)%!%77#*!8+&+,#*(!,/-'+&.#!%&!;%2!)%! #77#.)-5#1$!%*,+&-a#!-&)#*&+11$!)%2+*'(!+&!-&.*#+(#'!(/()+-&+0-1-)$!+&'!7-&+&.-+1!A#*7%*8+&.#D!!

! :;-(! ()/'$! +-8(! +)! %77#*-&,! 8+&+,#*(! +! 7/&.)-%&+1! 8%'#1! 2;-.;! &%)! (%! 8/.;! 7%./(#(! %&! )*+'-)-%&+1! ()*+)#,-.! 8+&+,#8#&)! A#*(A#.)-5#(! 2-);! +! 7%./(! %&! %A#*+)-%&+1! #S.#11#&.#`! 0/)! *+);#*! '#(.*-0#(! ;%2! );#! (;-7)-&,! 7%./(! %7! (/()+-&+0-1-)$! *#I/-*#(! 71#S-0-1-)$! +&'! -&&%5+)-5#&#((D! K%80-&-&,! );#! &##'! 7%*! (/()+-&+0-1-)$! +&'! -&&%5+)-%&! $-#1'#'! +&! -&&%5+)-%&! .+A+0-1-)$! 8%'#1! %7! %*,+&-a+)-%&+1! 8%'#1`! 1+0#11#'! i:)4/#%+#;*&! <++.=#/%.+! >:<?@A! :;#! 8%'#1! %7! 34! '*+2(! %&! ($()#8(! );#%*$! +&'! *#.#&)! '#5#1%A8#&)(! -&! '$&+8-.! .+A+0-1-)-#(! );#%*$! 7%*! );#! .*#+)-%&! %7! +! 7*+8#2%*<! +''*#((-&,! -&&%5+)-%&!.+A+0-1-)-#(!2-);-&!%*,+&-a+)-%&(!+&'!);#!&##'!7%*!-&)#*+.)-%&!2-);!);#!%*,+&-a+)-%&+1!#&5-*%&8#&)D!:;#!8%'#1! .%&(-()(! %7! P! #1#8#&)(! 2;-.;! +*#! 1-&<#'! );*%/,;! ($&#*,#)-.! *#1+)-%&(;-A(B! ./1)/*#! +&'! 1#+'#*(;-A`! #SA1%*+)-%&`! -&)#*7+.#! 8#.;+&-(8(`! 8#)*-.(`! (<-11(! +&'! )+1#&)(`! ,%5#*&+&.#! +&'! '#.-(-%&Z8+<-&,! +&'! ()*/.)/*#D! 4&! );#! )+01#! 0#1%2! );#! .;+*+.)#*-()-.(!%7!);#!%*,+&-a+)-%&+1!8%'#1!+*#!'#(.*-0#'D!!

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`! 2;-1()! );#! #1#8#&)(! 9#)*-.(`! 3)*/.)/*#! +&'! 4&)#*7+.#! 9#.;+&-(8(!(##8!)%!0*-&,!);#!;-,;#()!.%&)*-0/)-%&!)%!(/()+-&+0-1-)$!A#*7%*8+&.#!7%*!);#!1#+'-&,!.%8A+&-#(D!!

(8)

!

!

23!4%-0&*5#-6&%!

!

75.-16%1/6(6-8! 91.! /)#&,)! 1%! 6%#0)1.6%+(8! :0&,6%)%-! ;)1-50)! &;! /5.6%)..3! <)'! /5.6%)..! ,&*)(.!

/1.)*! &%! -9)! #&%#):-! &;! .5.-16%1/()! 6%%&=1-6&%! #1%! .9&'! 9&'! .-01-)+6#! #&0:&01-)! 1--)%-6&%! -&!

.5.-16%1/6(6-8!-01%.(1-).!6%-&!/5.6%)..!+0&'-93!>96.!.-5*8!:0).)%-.!1!;5%#-6&%1(!,&*)(!-91-!)%1/().!

#&,:1%6).!-&!6%-)+01-)!.5.-16%1/6(6-8!6%!-9)!#&0)!&;!-9)60!&:)01-6&%.!1%*!:0&=6*).!)=6*)%#)!;&0!6-.!

);;)#-6=)%)..3!!

3/()+-&+0-1-)$! ;+(! 0#.%8#! +&! -&.*#+(-&,1$! A*%8-&#&)! 7#+)/*#! -&! 0/(-&#((! )%! 2;-.;! 8+&+,#*(! +*#! #SA#.)#'! )%! *#(A%&'D! 4&-)-+11$!.%8A+&-#(!;+5#!-&.1/'#'!+!2-'#!*+&,#!%7!(%.-+1!+.)-5-)-#(!-&!0/(-&#((!%/)!%7!+!(#&(#!%7!8%*+1-)$!)%!+.)!%&!.;+11#&,#(! %7!);#!,1%0+1-a-&,!2%*1'!2-);!*#(A#.)!)%!(%.-+1`!#.%&%8-.`!#&5-*%&8#&)+1!+&'!./1)/*+1!-((/#(D!L5#*!)-8#!);#!+AA*%+.;!%7! 0/(-&#((! )%! (/()+-&+0-1-)$! ;+(! ;%2#5#*! (;-7)#'! 7*%8! +! 8%*+1! +AA*%+.;! )%! %&#! 7%./(#'! %&! 8+&+,#*-+1! +.)-%&! dY*#'#*-.<`! QTTWeD!4)!-(!+*,/#'!);+)!+!0/(-&#((!.+(#!7%*!+.)-&,!-&!+!8%*#!*#(A%&(-01#!2+$!#S-()(!2;-.;!%77#*(!,*#+)!%AA%*)/&-)-#(!7%*! 0/(-&#((!0%);!-&!);#!7-#1'!%7!(/()+-&+0-1-)$!+&'!-&!)#*8(!%7!7-&+&.-+1!A#*7%*8+&.#!dY*-#'8+&!_!9-1#(`!NUUQf!K/88-&,!#)!+1D`! NUUXf! 9++(#! _! F%*()`! NUUOf! "/*<#! _! E%,('%&`! QTTOeD! :;-(! .%&.#A)-%&! );+)! );#*#! 8+$! 0#! 7-&+&.-+1! 5+1/#! -&! (%.-+1! #&,+,#8#&)!;+(!-&(A-*#'!8+&$!+.+'#8-.(!)%!()/'$!);#!7-&+&.-+1!-8A+.)!%7!(/()+-&+0-1-)$D!M%2#5#*!);#!()+)#!%7!);#!+*)!-&! )#*8(! %7! 8.9! (/()+-&+0-1-)$! .+&! 0#! #77#.)-5#1$! -&.%*A%*+)#'! -&! +! 0/(-&#((! -(! ()-11! -&! -)(! -&7+&.$! d9.^1*%$`! NUUReD! :;-(! -(! (/*A*-(-&,! (-&.#! A*+.)-.+1! ,/-'+&.#! .%/1'! ;#1A! .%8A+&-#(! )%! #SA1%-)! );#-*! 7/11! A%)#&)-+1! -&! );#! 7-#1'! %7! (/()+-&+0-1-)$D! :;#*#7%*#!);-(!()/'$!+-8(!+)!A*%5-'-&,!8+&+,#*(!2-);!+!7/&.)-%&+1!8%'#1!);+)!+11%2(!);#8!)%!#77#.)-5#1$!)*+&(1+)#!);#-*! (%.-+1!+&'!#);-.+1!*#(A%&(-0-1-)-#(!-&)%!'+-1$!%*,+&-a+)-%&+1!A*%.#((#(!+&'!A*+.)-.#(!d=+A)#-&!_!H#8A#`!NUUNeD!!

! :;-(! ()/'$! (;%2(! );+)! 0/(-&#((! .+&! +.)-5#1$! -8A*%5#! -&! );#! +*#+! %7! (/()+-&+0-1-)$! 0$! 1-&<-&,! *#(A%&(-0-1-)$! )%! %AA%*)/&-)$! d"+/8,+*)&#*`! NUUTeD! "$! 8%5-&,! 7*%8! +&! -&-)-+11$! '#7#&(-5#! +&'! -&+.)-5#! )%! +&! +.)-5#! +AA*%+.;! )%2+*'(! (/()+-&+0-1-)$`! -)! .+&! 0#.%8#! +! (%/*.#! %7! %AA%*)/&-)$`! -&&%5+)-%&! +&'! .%8A#)-)-5#! +'5+&)+,#D! :;-(! .;+&,-&,! +))-)/'#! )%2+*'(! (/()+-&+0-1-)$! +1(%! *#I/-*#(! &#2! 7-*8! .+A+0-1-)-#(! (-&.#! )*+'-)-%&+1! %*,+&-a+)-%&(! +*#! &%)! +A)! 7%*! )/*&-&,! (/()+-&+0-1-)$!-&)%!+!0/(-&#((!%AA%*)/&-)$D!:*+'-)-%&+11$!%*,+&-a+)-%&+1!A*%.#((#(!+*#!&+8#1$!,#+*#'!)%2+*'(!#77-.-#&.$!+&'! ;%8%,#&#-)$! -&! 0/(-&#((! dC++/2#! _! "%(#1-#`! NUUWe`! 2;-1#! (/()+-&+0-1-)$! *#I/-*#(! .%8A+&-#(! )%! +.)-5#1$! (#+*.;! 7%*! +! ()*+)#,$!!

(9)

.+A+0-1-)-#(! +&'! +! 7-*8b(! %*,+&-a+)-%&+1! .%&)#S)D! :;-(! ()/'$! 0/-1'(! 7/*);#*! %&! );#! &##'! 7%*! (A#.-7-.! 7-*8! .+A+0-1-)-#(! +&'! A*#(#&)(!+&!-&&%5+)-%&!.+A+0-1-)$!8%'#1!%7!%*,+&-a+)-%&+1!'#(-,&`!2;-.;!-(!;$A%);#(-a#'!)%!#&+01#!8+&+,#*(!)%!7/11$!#SA1%-)! +!0/(-&#((b!A%)#&)-+1!-&!);#!7-#1'!%7!(/()+-&+0-1-)$D!! !

!

232!?).)10#9!#&%-)@-!

:;#! *-(#! %7! (/()+-&+0-1-)$! +(! +! 0/(-&#((! A;#&%8#&%&! ;+(! &%)! ,%&#! 0$! /&&%)-.#'D! 4&! 8+&+,#8#&)! 1-)#*+)/*#! '-77#*#&)! );#%*-#(!;+5#!0##&!A%(#'!);+)!#SA1%*#!);#!+''#'!5+1/#!%7!()*+)#,-.!(/()+-&+0-1-)$D!E-))1#!()/'-#(!;+5#!%77#*#'!8+&+,#*(! A*+.)-.+1! ,/-'+&.#! %&! ;%2! )%! -&.%*A%*+)#! (/()+-&+0-1-)$! -&! );#-*! %A#*+)-%&(f! );-(! );/(! .1#+*1$! %A#&(! /A! +! &#2! *#(#+*.;! +5#&/#!);+)!2-11!0#!A/*(/#'!-&!);-(!()/'$D!!

L5#*!)-8#!1-)#*+)/*#!;+(!#S)#&(-5#1$!()/'-#'!(/()+-&+0-1-)$!-&!%*'#*!)%!+))#8A)!)%!A*%5-'#!#5-'#&.#!%7!()*+)#,-.!0#&#7-)(!%*! 7-&+&.-+1!5+1/#!%7!(/()+-&+0-1-)$D!:;#(#!()/'-#(!;+5#!+))#8A)#'!)%!A*%5-'#!8+&+,#*(!+!)+&,-01#!+*,/8#&)!)%! -&.%*A%*+)#! (/()+-&+0-1-)$! -&)%! );#! 8+-&! 0/(-&#((! ()*+)#,$! dC#*#*+! _! M#2#,#`! NUUPe! D! 4&! 1-)#*+)/*#! .%&(#I/#&)1$! +! 2-'#! *+&,#! %7! ()*+)#,-.! 0#&#7-)(! ;+5#! 0##&! -'#&)-7-#'! *+&,-&,! 7*%8! 8%*+1! %*! #);-.+1! d);#! 2%*);! %7! 5+1/#(e! )%! 1#,+1! d0#))#*! 1#,+1! .%8A1-+&.#e!)%!#.%&%8-.!d);*%/,;!8+*<#)!*#A/)+)-%&e!8%)-5#(D!>#,+*'1#((!%7!);#(#!'-77#*#&)!8%)-5+)-%&(!%7!.%8A+&-#(`! 8+&+,#8#&)! ;+(! ()-11! %7)#&! +0()+-&#'! 7*%8! +.)-5#1$! #&,+,-&,! -&! (/()+-&+0-1-)$! '/#! )%! );#! .%&.#A)-%&! );+)! );#! .%()(! %7! (/()+-&+0-1-)$!%/)2#-,;!);#-*!0#&#7-)(!dY%&)*%'%&+!_!9+.@*#,%*`!NUUReD!>#(#+*.;!;+(!*#(A%&'#'!)%!);-(!.%&.#*&!0$!%5#*1$! ()/'$-&,!);#!1-&<!0#)2##&!);#!1#5#1!%7!(/()+-&+0-1-)$`!%*!);#-*!.%*A%*+)#!(%.-+1!A#*7%*8+&.#!dK3Ce`!+&'!.%*A%*+)#!7-&+&.-+1! A#*7%*8+&.#! dKYCeD! 9/1)-A1#! ()/'-#(! ;+5#! +((#((#'! );-(! 1-&<`! 0/)! );#! #S+.)! *#1+)-%&(;-A! 0#)2##&! K3C! +&'! KYC! *#8+-&(! '#0+)+01#D!:;#!-&.%&(-()#&)!7-&'-&,(!%7!);#!K3CZKYC!*#1+)-%&(;-A!-(!&%)!(%!8/.;!-&71/#&.#'!0$!);#!1#5#1!%7!K3C`!-&()#+'!);-(! ()/'$!+'5%.+)#(!);+)!);#!9#B!-&!2;-.;!.%8A+&-#(!7%./(!%&!(/()+-&+0-1-)$!'#)#*8-&#(!);#-*!A+$!%77D!!

! K1#+*1$`! );#*#! -(! +! &##'! 7%*! *#(#+*.;! %&! ;%2! )%! '#+1! 2-);! -((/#(! %7! (/()+-&+0-1-)$! +)! .%8A+&$Z1#5#1! 2;-.;! -(! #8A;+(-a#'!&%)!%&1$!-&!A*#5-%/(!()/'-#(`!0/)!-)!-(!+1(%!'#8+&'#'!0$!A*+.)-)-%&#*(!dM+&(#&!#)!+1D`!NUUTeD!:;-(!*#(#+*.;!2-);! +!&#2!7%./(`!(;%/1'!7%./(!%&!);#!.%&'-)-%&(!-&!2;-.;!K3C!)*+&(1+)#(!-&)%!7-&+&.-+1!5+1/#dF#&).;#5`!NUUWf!"/*<#!_!E%,('%&`! QTTOf!>%21#$!_!"#*8+&`!NUUUeD!M#*#-&!-&.*#+(-&,1$!);#!)#*8!(/()+-&+01#!-&&%5+)-%&!;+(!0##&!/(#'`!&%)!%&1$!-&!1-)#*+)/*#! 0/)!+1(%!-&!A*+.)-.#D!:;#!-'#+!-(!.*#+)#'!);+)!(/()+-&+0-1-)$!8+$!0#!#77#.)-5#1$!-8A1#8#&)#'!);*%/,;!);#!'#5#1%A8#&)!+&'! -8A1#8#&)+)-%&!%7!&#2!0/(-&#((!8%'#1(!0+(#'!%&!);#!.%&.#A)!%7!(/()+-&+01#!-&&%5+)-%&D!:;-(!-(!&%)!(/*A*-(-&,!(-&.#!);#! '%8+-&(! %7! (/()+-&+0-1-)$! +&'! -&&%5+)-%&! ;+5#! %7)#&! %5#*1+AA#'! -&! A*#.#'-&,! *#(#+*.;D! ^5#&! );%/,;! );#! 1-&<! 0#)2##&! (/()+-&+0-1-)$!+&'!-&&%5+)-%&!;+(!%7)#&!0##&!-8A1-.-)1$!8#&)-%&#'`!%&1$!7#2!A/01-.+)-%&(!;+5#!#SA1-.-)1$!7%./(#'!%&!+!2+$! -&! 2;-.;! (/()+-&+0-1-)$! +&'! -&&%5+)-%&! .+&! 0#! #77#.)-5#1$! .%80-&#'! d9-'))/&! #)! +1D`! NUUPf! K+*A#&)#*! _! H;-)#`! NUUWf! Y%&)*%'%&+!_!9+.@*#,%*`!NUUReD!

(10)

+&'!-&.*#+(-&,1$!-)!;+(!0#.%8#!+..#A)#'!);+)!+&!#77#.)-5#!*#(A%&(#!)%!(/()+-&+0-1-)$!(;%/1'!-&5%15#!+11!7/&.)-%&(!2-);-&!+&! %*,+&-a+)-%&!dC%*)#*!_!=*+8#*`!NUUOf!9++(#!_!F%*()`!NUUOf!Y%()#*!_!@*##&`!NUUUeD!:;#*#7%*#!);-(!()/'$!7%./(#(!&%)!(%! 8/.;!%&!)#.;&-.+1!-&&%5+)-%&(`!0/)!-&()#+'!/(#(!);#!0*%+'#*!'#7-&-)-%&!%7!i(%.-+1!-&&%5+)-%&iD!:;-(!.%&.#A)!'#(.*-0#(!);+)! 8%()!%7!);#!(/..#((!%7!-&&%5+)-%&(!-(!)%!+!(8+11!#S)#&)!'#)#*8-&#'!0$!>#(#+*.;!_!F#5#1%A8#&)!d>_Fe!-&5#()8#&)(!+&'! 1+*,#1$! '#)#*8-&#'! d'#(.*-0#(! PXk! %7! );#! -&&%5+)-%&! (/..#((e! 0$! .;+&,#(! +&'! -8A*%5#8#&)(! -&! -&&%5+)-%&! .+A+0-1-)-#(! dJ%10#*'+!_!J+&!'#&!"%(.;`!NUUWeD!4&&%5+)-%&!(/..#((!);/(!5#*$!8/.;!'#A#&'(!);#!2+$!-&!2;-.;!-&&%5+)-%&!A*%.#((#(!+*#! %*,+&-a#'D!6(!+!*#(/1)`!-&()#+'!%7!.;+&&#11-&,!(/()+-&+0-1-)$!#77%*)(!);*%/,;!(#A+*+)#!+&'!(A#.-7-.!)#.;&%1%,-.+1!A*%,*+8(`! -&&%5+)-%&!+&'!(/()+-&+0-1-)$!(;%/1'!0#!-&)#,*+)#'!-&!);#!.%*#!%7!+&!%*,+&-a+)-%&b(!0/(-&#((!+&'!-&&%5+)-%&!A*%.#((D!

:;-(! ()/'$! 0/-1'(! %&! A*#5-%/(! ()/'-#(! );+)! ;-&)#'! +)! );#! A%((-0-1-)$! %7! +! 1-&<! 0#)2##&! -&&%5+)-%&! .+A+0-1-)$`! %*,+&-a+)-%&+1!'#(-,&!+&'!(/()+-&+0-1-)$!dM+11!_!J*#'#&0/*,`!NUUVf!Y%&)*%'%&+!_!9+.@*#,%*`!NUUReD!4&!A+*)-./1+*!);-(!()/'$! 2-11!0/-1'!%&!+!I/+1-)+)-5#!()/'$!0$!6&&#Z9+*-?#!^1#<+&!dNUUTeD!:;-(!*#(#+*.;!7%./(#'!%&!-&.*#+(-&,!);#!/&'#*()+&'-&,!%7! 2;+)!)$A#!%7!%*,+&-a+)-%&+1!'#(-,&!7%()#*(!.%*A%*+)#!(%.-+1!A#*7%*8+&.#D!4)!.%&.1/'#'!);+)!+&!%++.=#/%.+!C#D#;%*%/B!1.0&*! E.$!.$3#+%F#/%.+#*!0&4%3+!2+(!8%()!+AA*%A*-+)#!7%*!-&.*#+(-&,!K3CD!:;-(!%*,+&-a+)-%&+1!8%'#1!%77#*(!8+&+,#*(!,/-'+&.#!%&! ;%2! )%! -'#&)-7$`! 8+&+,#`! +&'! -8A+.)! );#! ($()#8(! +&'! ()*/.)/*#(! );+)! .+&! 0#! .*#+)#'! )%! -8A*%5#! .%*A%*+)#! (%.-+1! A#*7%*8+&.#!d^1#<+&`!NUUTf!^A()#-&!_!>%$`!NUUQeD!4)!.%&(-()(!%7!(#5#*+1!;$A%);#(#(!%&!.#*)+-&!%*,+&-a+)-%&+1!.;+*+.)#*-()-.(! );+)!+*#!(+-'!)%!-&.*#+(#!(-8/1)+&#%/(1$!+!7-*8b(!-&&%5+)-%&!.+A+0-1-)$!+&'!-)(!K3CD!:;-(!-&&%5+)-%&!.+A+0-1-)$!8%'#1!(;%2(! ;%2!+!;-,;#*!1#5#1!%7!-&&%5+)-5#&#((!%7!%*,+&-a+)-%&`!.*#+)#'!0$!8#+&(!%7!+&!+AA*%A*-+)#!%*,+&-a+)-%&+1!'#(-,&`!1#+'(!)%!+! ;-,;#*!K3C!d^1#<+&`!NUUTeD!!

!

23A!?).)10#9!&/B)#-6=).!

:;-(! ()/'$! +-8(! )%! %77#*! 8+&+,#*(! A*+.)-.+1! ,/-'+&.#! %&! ;%2! )%! #77#.)-5#1$! -&.%*A%*+)#! (/()+-&+0-1-)$! );*%/,;%/)! );#-*! %*,+&-a+)-%&D!:;*##!(#A+*+)#!*#(#+*.;!%0?#.)-5#(!+*#!'#7-&#'`!&+8#1$f!)%!A*#(#&)!+&!%*,+&-a+)-%&+1!8%'#1!%7!3/()+-&+01#! 4&&%5+)-%&`! )%! %77#*! I/+&)-)+)-5#! A*%%7! );+)! );-(! 8%'#1! $-#1'(! +! ;-,;#*! K3C! +&'! 1+()1$! )%! +((#((! 2;#);#*! );-(! ;-,;#*! K3C! )*+&(1+)#(!-&)%!0/(-&#((!5+1/#D!!

Y-*()! %7! +11! );-(! ()/'$! +-8(! +)! 7/*);#*-&,! );#! /&'#*()+&'-&,! %7! );#! *#1+)-%&(;-A! 0#)2##&! (/()+-&+0-1-)$! +&'! -&&%5+)-%&! -&! %*'#*!)%!*#5#+1!-8A%*)+&)!.1/#(!7%*!+!0#))#*!()*+)#,$!'#(-,&!2-);-&!%*,+&-a+)-%&(D!:;#!()/'$!7-11(!+!.+5#+)!-&!1-)#*+)/*#!0$! #SA1%*-&,!);#!*#1+)-%&(;-A!0#)2##&!-&&%5+)-%&!+&'!(/()+-&+0-1-)$!-&!%*'#*!)%!+&(2#*!);#!7/&'+8#&)+1!I/#()-%&!%7!8.9!)%! ()*+)#,-.+11$! -&.%*A%*+)#! (/()+-&+0-1-)$! 2-);-&! +! .%8A+&$b(! %A#*+)-%&(! d=+A)#-&! _! H#8A#`! NUUNf! 9.^1*%$`! NUURf! G%*&+`! NUUOf! 9+*,%1-(! #)! +1D`! NUUPeD! 4&(A-*#'! 0$! );#! +7%*#8#&)-%&#'! -&&%5+)-%&! .+A+0-1-)$! 8%'#1! %7! %*,+&-a+)-%&+1! '#(-,&`! );-(! ()/'$! D$&4&+/4! /8&! .$3#+%F#/%.+#*! 1.0&*! .E! :)4/#%+#;*&! <++.=#/%.+,! ;#*#+7)#*! )%! 0#! *#7#**#'! )%! +(! );#! d%*,+&-a+)-%&+1e! 8%'#1! %7! 34D! :;-(! (;%/1'! 0#! +! 7/&.)-%&+1! 8%'#1! );+)! %77#*(! 8+&+,#*(! A*+.)-.+1! ,/-'+&.#! %&! ;%2! )%! #77#.)-5#1$! -&)#,*+)#! (/()+-&+0-1-)$!);*%/,;%/)!);#-*!#&)-*#!%*,+&-a+)-%&D!!

(11)

;#1A(!8+&+,#*(!)%!#77#.)-5#1$!()##*!-&!);#!'-*#.)-%&!%7!(/()+-&+0-1-)$D!47!);#!*#(#+*.;!'#1-5#*(!A*%%7!);+)!);#!8%'#1!%7! (/()+-&+01#!-&&%5+)-%&!#&+01#(!);#!-&.*#+(#!%7!K3C`!);-(!2%/1'!0#!+&!-&)#*#()-&,!7-&'-&,!(-&.#!-)!2%/1'!-8A1$!);+)! 8+&+,#8#&)!.+&!A*%Z+.)-5#1$!.*#+)#!);#!%*,+&-a+)-%&+1!#&5-*%&8#&)!2;-.;!7%()#*(!.%*A%*+)#!(%.-+1!*#(A%&(-0-1-)$D!! ! :;-*'1$`!);#!()/'$!+-8(!)%!'#1-5#*!A*%%7!%7!);#!7-&+&.-+1!5+1/#!%7!);#!8%'#1!%7!3/()+-&+01#!4&&%5+)-%&!0$!)#()-&,! 2;#);#*!);#!;-,;#*!K3C!+))+-&#'!0$!8#+&(!%7!);#!8%'#1!%7!34!)*+&(1+)#(!-&)%!+!;-,;#*!7-&+&.-+1!A#*7%*8+&.#D!:;-(!-(!&##'#'! (-&.#!2-);%/)!+!.1#+*Z./)!/&'#*()+&'-&,!%7!);#!7-&+&.-+1!0#&#7-)(!7%*!);#!%*,+&-a+)-%&`!8+&+,#8#&)!2-11!&%)!0#!1-<#1$!)%! -&5#()!-&!(/()+-&+0-1-)$!()*+)#,-#(!d"/*<#!_!E%,('%&`!QTTOf!C#*#*+!_!M#2#,#`!NUUPeD!:;#!*#(/1)(!%7!);-(!*#(#+*.;!()#A!2-11! );/(!A*%5-'#!8+&+,#*(!2-);!+*,/8#&)(!);+)!(;%/1'!.%&5-&.#!(/()+-&+0-1-)$!(.#A)-.(!%7!);#!+''#'!5+1/#!%7!);#!8%'#1!%7! 3/()+-&+01#!4&&%5+)-%&!)%!()+<#Z!+&'!(;+*#;%1'#*(!+&'!);#!0%+*'!%7!);#!'-*#.)%*(!d^A()#-&!_!>%$`!NUUQeD!! ! K%&.1/'-&,`!0$!I/+&)-)+)-5#1$!A*%5-&,!);#!8%'#1!%7!3/()+-&+01#!4&&%5+)-%&`!);-(!*#(#+*.;!(##<(!)%!A*%5-'#! 1#+#3&$4!9%/8!D$#C/%C#*!3)%0#+C&!-&!);#!7%*8!%7!+!7/&.)-%&+1!8%'#1!%7!%*,+&-a+)-%&+1!'#(-,&`!2;-.;!-&.*#+(#(!+!7-*8b(! -&&%5+)-%&!.+A+0-1-)$`!K3C!+&'!KYCD!:;#!+(A-*+)-%&!%7!);-(!*#(#+*.;!-(!)%!#8A-*-.+11$!A*%5#!);+)!(/()+-&+01#!-&&%5+)-%&! A*%5-'#(!.%8A+&-#(!2-);!+&!#77#.)-5#!8%'#1!);+)!+11%2(!.%8A+&-#(!)%!#77#.)-5#1$!()##*!-&!);#!'-*#.)-%&!%7!A*%7-)+0-1-)$!+&'! (/()+-&+0-1-)$!(-8/1)+&#%/(1$D!:;#!.%&.1/(-%&(!2-11!%77#*!8+&+,#*(!,/-'+&.#!%&!;%2!)%!#77#.)-5#1$!'#(-,&!+!(/()+-&+0-1-)$! ()*+)#,$!-&!%*'#*!)%!8+S-8-a#!);#!0/(-&#((b!A%)#&)-+1!-&!);#!7-#1'!%7!(/()+-&+0-1-)$D!:;-(!8%'#1!2%/1'!);/(!A%((-01$!#&+01#! 7-*8(!)%!#SA1%-)!);#!7/11!A%)#&)-+1!%7!);#-*!(/()+-&+0-1-)$!+.)-5-)-#(!dK/88-&,!#)!+1D`!NUUXf!9++(#!_!F%*()`!NUUOeD! !

!

23C!?).)10#9!,)-9&*!

:;-(!*#(#+*.;!-(!'-5-'#'!-&)%!7%/*!.%&(#./)-5#!()#A(`!2;-.;!-&)#&'!)%!A*%5-'#!8+&+,#*(!2-);!+!7/&.)-%&+1!8%'#1!);+)!;#1A(! );#8!)%!#77#.)-5#1$!-&)#,*+)#!(/()+-&+0-1-)$!-&!);#-*!%A#*+)-%&(D!!

?).)10#9!D5).-6&%!1%*!EF.-):!0).)10#9!*).6+%!

(12)

K6+50)!2!L!M&%#):-51(!,&*)(N!EF.-):!0).)10#9!*).6+%! ! 7-):!2!O!P51%-6-1-6=)(8!-).-!-9)!,&*)(!&;!75.-16%1/()!4%%&=1-6&%!Q:&.6-6=6.-6#R! MQ!B!:;#!8%*#!+AA*%A*-+)#!);#!%*,+&-a+)-%&+1!'#(-,&Q!);#!;-,;#*!);#!.%*A%*+)#!(%.-+1!A#*7%*8+&.#!dK3CeND! 7-):!A!O!P51%-6-1-6=)(8!-).-!-9)!:&-)%-61(!;6%1%#61(!=1(5)!&;!-9)!,&*)(!&;!75.-16%1/()!4%%&=1-6&%I!/8!-).-6%+!'9)-9)0!-9)!0).5(-6%+! #&0:&01-)!.&#61(!:)0;&0,1%#)!-01%.(1-).!6%-&!1!96+9)0!#&0:&01-)!;6%1%#61(!:)0;&0,1%#)! MN!B!:;#!;-,;#*!);#!1#5#1!%7!(/()+-&+0-1-)$!);#!;-,;#*!);#!.%*A%*+)#!7-&+&.-+1!A#*7%*8+&.#VD! 7-):!2!O!P51%-6-1-6=)(8!-).-!-9)!,&*)(!&;!75.-16%1/()!4%%&=1-6&%!!

(13)

! :;-(!()#A!;%A#(!)%!%77#*!);#!I/+&)-)+)-5#!A*%%7!%7!);#!#&7%*.-&,!*#1+)-%&(;-A!0#)2##&!);#!8%'#1!%7!34!+&'!K3CD! ^5-'#&.#! %&! );#! A%(-)-5#! *#1+)-%&(;-A! 0#)2##&! %*,+&-a+)-%&+1! '#(-,&`! -&&%5+)-%&! .+A+0-1-)$! +&'! .%*A%*+)#! (%.-+1! A#*7%*8+&.#!-(!&%)!+5+-1+01#!)%!);-(!'+$!d9+.@*#,%*!#)!+1D`!NUUP+f!9++(#!_!F%*()`!NUUO`!K/88-&,!#)!+1D`!NUUXeD!:;-(!()#A!-(! 5-)+1!-&!);-(!*#(#+*.;`!+(!);#!#1#8#&)(!%7!);#!8%'#1!%7!3/()+-&+01#!4&&%5+)-%&!&##'!)%!0#!+77-*8#'!7-*()`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

(14)

4&!);-(!()#A!);#!#S)#&)!)%!2;-.;!);#!1#5#1!%7!K3C!-8A+.)(!+!7-*8b(!7-&+&.-+1!A#*7%*8+&.#!-(!+((#((#'`!);-(!-(!%7!-8A%*)+&.#! (-&.#!A*%7-)+0-1-)$!2-11!+12+$(!0#!%7!5-)+1!-8A%*)+&.#!)%!+!7-*8b(!(/*5-5+1!dK+**%11`!QTTQeD!K1#+*1$!);#*#7%*#!A*%7-)+0-1-)$!2-11! +12+$(!*#8+-&!+!8+&+,#*b(!8+?%*!.%&.#*&!dI/%)#eD!C*%5-&,!);#!7-&+&.-+1!5+1/#!%7!);#!8%'#1!%7!3/()+-&+01#!4&&%5+)-%&!-(! );#*#7%*#!#((#&)-+1!+(!-)!%77#*(!8+&+,#8#&)!+!7-&+&.-+1!+*,/8#&)!-&!7+5%/*!%7!+'%A)-&,!);#!8%'#1!-&!);#-*!%*,+&-a+)-%&(! d^A()#-&!_!>%$`!NUUQeD!! ! K6+50)!C!L!7-):!A!N!D51%-6-1-6=)(8!-).-6%+!-9)!(6%$!/)-'))%!M7S!1%*!MKS! !

7-):! CO! M&%*5#-! .)=)01(! #1.)! .-5*6).! Q/8! ,)1%.! &;! 6%F*):-9! 6%-)0=6)'.R! 6%-)%*)*! -&! 1*B5.-! ,&*)(! &;! 75.-16%1/()! 4%%&=1-6&%!!

(15)

!

23E!>9).6.!7-05#-50)!!

<+!.$0&$!/.!4/)0B!/8&!1.0&*!.E!:)4/#%+#;*&!<++.=#/%.+!/8%4!$&4&#$C8!%4!4/$)C/)$&0!#4!E.**.94A!! :;#!A*#(#&)!.;+A)#*!(#*5#(!+(!+&!-&)*%'/.)-%&!)%!);#!*#(#+*.;D!4)!A*%5-'#'!+!(;%*)!%5#*5-#2!%7!);#!*#(#+*.;!.%&)#S)!+&'! -&'-.+)#'!);#!&##'!7%*!);-(!()/'$!%&!3/()+-&+01#!4&&%5+)-%&D!K%&(#I/#&)1$!);#!*#(#+*.;!%0?#.)-5#(!2#*#!*#5#+1#'`!7%11%2#'! 0$!+!A*#(#&)+)-%&!%7!);#!*#(#+*.;!8#);%'!-&)*%'/.-&,!);#!.%&.#A)/+1!8%'#1`!);#!;$A%);#(#(!)%!0#!)#()#'!+&'!);#!7%/*! .%&(#./)-5#!*#(#+*.;!()#A(D!!

K;+A)#*! N! #SA1%*#(! );#! '#5#1%A8#&)! %7! );#! .%&.#A)! %7! (/()+-&+0-1-)$D! 4)! '-(./((#'! );#! )*#&'! 7*%8! +! 8%*+1! +AA*%+.;! )%! (/()+-&+0-1-)$!)%2+*'(!+&!-&.*#+(-&,1$!()*+)#,-.!A%(-)-%&-&,!%7!(/()+-&+0-1-)$!2-);-&!0/(-&#((D!:;-(!()/'$!+*,/#(!.%8A+&-#(! .+&!8%5#!0#$%&'!()*+)#,-.!(/()+-&+0-1-)$!)%2+*'(!);#!()+,#!%7!(/()+-&+01#!-&&%5+)-%&D!!

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a#'!)%!-&.*#+(#!+!.%8A+&$b(!K3C!+&'! KYCD! K;+A)#*!X!A*%5-'#(!+&!+..%/&)!%7!);#!8#);%'%1%,$!/&'#*1$-&,!);-(!*#(#+*.;D!4)!'-(./((#(!);#!*#(#+*.;!(.%A#`!);#!8#);%'(! %7!'+)+!.%11#.)-%&!+&'!);#!2#+<&#((#(!%7!);-(!()/'$D!! K;+A)#*!O!*#5#+1(!);#!*#(/1)(!%7!);#!()/'$D!F#5-+)-%&(!7*%8!);#!8%'#1!%7!3/()+-&+01#!4&&%5+)-%&!A*%5-'#!-&)#*#()-&,!+*#+(! 7%*!+!.%8A1#8#&)+*$!-&Z'#A);!(/*5#$!+)!.%8A+&$!1#5#1D!

K;+A)#*! P! .%&.1/'#(! 0$! (/88+*-a-&,! );#! 8%()! -8A%*)+&)! 7-&'-&,(! +&'! '-(./((#(! );#! );#%*#)-.+1! +&'! 8+&+,#*-+1! -8A1-.+)-%&(!%7!);-(!()/'$D!!

(16)

!!!

A3!V6-)01-50)!0)=6)'!&%!-9)!0&()!&;!/5.6%)..!6%!.5.-16%1/6(6-8!!

!

>96.! #91:-)0! *6.#5..).! -9)! 0&()! &;! .5.-16%1/6(6-8! 6%! /5.6%)..! 1%*! .)0=).! 1.! 1%! 6%-0&*5#-6&%! &;! -9)!

.#&:)!&;!-96.!0).)10#93!>9)!-0)%*!-&'10*.!6%#0)1.)*!.5.-16%1/6(6-8!6%!/5.6%)..!6.!*06=)%!/8!1!'6*)!

01%+)!&;!/5.6%)..!,&-6=1-6&%.3!U=)0!-6,)!1!,&=)!;0&,!1!,&01(!1%*!6%1#-6=)!-&'10*.!1%!6%#0)1.6%+(8!

.-01-)+6#! 1%*! :0&1#-6=)! 1::0&1#9! #1%! /)! %&-)*3! >96.! .96;-! 0)D560).! 1! %)'! '18! &;! '&0$6%+! 1%*!

-96%$6%+3!

!

!

A32!G);6%6%+!.5.-16%1/6(6-8!6%!/5.6%)..!

3/()+-&+0-1-)$!-(!+&!+80-,/%/(!.%&.#A)!+&'!-)!.+&!0#!(##&!)%!-&.1/'#!+18%()!+&$!%01-,+)-%&!0/(-&#((!;+(!)%!(%.-#)$D!4&!);-(! ()/'$!);#!)*-A1#!0%))%8!1-&#!+AA*%+.;!-(!7%11%2#'!+&'!(/()+-&+0-1-)$!-(!'#(.*-0#'!+(!);#!0/(-&#((!.%&)*-0/)-%&!-8A*%5-&,! (%.-+1!+&'!#&5-*%&8#&)+1!.+A-)+1!+&'!)%!#.%&%8-.!'#5#1%A8#&)!(-8/1)+&#%/(1$D! 3-&.#!);-(!()/'$!7%./(#(!%&!+!7-*8b(!A#*7%*8+&.#!-&!);#!7-#1'!%7!(/()+-&+0-1-)$`!-)!-(!+AA+*#&)!);+)!+!.1#+*!'#7-&-)-%&!%7!2;+)! (/()+-&+0-1-)$! #&)+-1(! -(! &##'#'D! 6! .1#+*! '#7-&-)-%&! #&+01#(! +((#((-&,! +! 7-*8b(! A#*7%*8+&.#! -&! );#! 7-#1'! %7! (/()+-&+0-1-)$`! ;#*#+7)#*!)%!0#!*#7#**#'!)%!+(!.%*A%*+)#!(%.-+1!A#*7%*8+&.#!dK3CeD!K%*A%*+)#!(/()+-&+0-1-)$!.+&!0#!'#(.*-0#'!+(!);#!5#;-.1#! )%2+*'(!%*!);#!0/(-&#((!.%&)*-0/)-%&!)%!(/()+-&+01#!'#5#1%A8#&)!d=+A)#-&!_!H#8A#`!NUUNf!^/*%A#+&!K%88-((-%&`!NUUNeD! :;#*#7%*#! -&! +''*#((-&,! );#! .%&.#A)! %7! (/()+-&+0-1-)$! -)! -(! &#.#((+*$! )%! 7-*()! %7! +11! +''*#((! );#! 8#+&-&,! %7! (/()+-&+01#! '#5#1%A8#&)D! C*%0+01$!);#!0#()Z<&%2&!'#7-&-)-%&!%7!(/()+-&+01#!'#5#1%A8#&)!d3Fe!-(!'#(.*-0#'!-&!);#![\Z*#A%*)!mm%/*!.%88%&! 7/)/*#bb!d0#))#*!<&%2&!+(!);#!mm"*/&')1+&'!>#A%*)bbe!+(!i'#5#1%A8#&)!);+)!8##)(!);#!&##'(!%7!./**#&)!,#&#*+)-%&(!2-);%/)! .%8A*%8-(-&,!);#!+0-1-)$!%7!7/)/*#!,#&#*+)-%&(!)%!8##)!);#-*!&##'(!+&'!+(A-*+)-%&(bb!dH%*1'!K%88-((-%&!%&!^&5-*%&8#&)! +&'!F#5#1%A8#&)`!QTRPB!WVeD!K1#+*1$`!-&!);-(!-&71/#&)-+1!'#7-&-)-%&!%7!.%*A%*+)#!(%.-+1!*#(A%&(-0-1-)$!);#!#8A;+(-(!-(!5#*$! 8/.;!%&!(%.-+1!-((/#(!(/.;!+(!;/8+&!*-,;)(!+&'!2%*<-&,!.%&'-)-%&(!d3)#/*#*!#)!+1D`!NUUXeD!:;-(!+AA*%+.;!)%!(/()+-&+0-1-)$!-(! .*-)-.-a#'!7%*!.#&)*+1-a-&,!;/8+&<-&'`!%*!-&!%);#*!2%*'(!+&);*%A%.#&)*-.-)$`!+&'!);#*#0$!A%((-01$!&#,1#.)-&,!#&5-*%&8#&)+1! A*%)#.)-%&! d\+#((`! QTROeD! 6(! );#! #&5-*%&8#&)+1! 8%5#8#&)! ,+-&#'! 8%8#&)/8`! #&5-*%&8#&)+1! -((/#(! 2#*#! -&.*#+(-&,1$! #80*+.#'! +(! (%.-+1! -((/#(! -&! +! 0*%+'#*! (#&(#! dJ+&! 9+**#2-?<`! NUUVeD! :;#(#! &%&Z+&);*%A%.#&)*-.! '#7-&-)-%&(! %7! (/()+-&+0-1-)$! +,+-&! A/)! );#! #&5-*%&8#&)! -&! +! .#&)*+1! A%(-)-%&D! 6&);*%A%.#&)*-.! +&'! &%&Z+&);*%A%.#&)*-.! '#7-&-)-%&(! %7! (/()+-&+0-1-)$!+*#!?/()!#S)*#8#(!+&'!-)!0#.%8#(!.1#+*!);+)!1-)#*+)/*#!-(!'-5-'#'!%5#*!);#!#S)#&)!)%!2;-.;!7-*8(!8+$!0#!;#1'! (%.-+11$!*#(A%&(-01#D!3-&.#!&#-);#*!);#!7%./(!%&!;/8+&<-&'!&%*!);#!7%./(!%&!);#!#&5-*%&8#&)!7/11$!.%5#*(!+!7-*8b(!(%.-+1! *#(A%&(-0-1-)-#(`!+&!-8A*%5#'!'#7-&-)-%&!%7!(/()+-&+0-1-)$!2+(!&##'#'D!

(17)

;+(!)%!-&.1/'#!#.%&%8-.`!1#,+1`!#);-.+1`!+&'!'-(.*#)-%&+*$!dA;-1+&);*%A-.!%*!5%1/&)+*$e!.+)#,%*-#(!%7!0/(-&#((!A#*7%*8+&.#! -&!%*'#*!)%!7/11$!+''*#((!);#!#&)-*#!*+&,#!%7!%01-,+)-%&(!0/(-&#((!)%!(%.-#)$!dK+**%11`!QTPTeD!

!

K6+50)!E!L!S801,6*!&;!M&0:&01-)!7&#61(!?).:&%.6/6(6-8!

!

!K+**%11b(! '#7-&-)-%&! '-77#*(! 7*%8! A*#5-%/(! +AA*%+.;#(! 0$! -&.1/'-&,!+&!#.%&%8-.!#1#8#&)!-&!);#!'#7-&-)-%&!%7!+!7-*8b(! (%.-+1! *#(A%&(-0-1-)-#(D! K+**%11! +*,/#(! );+)! +(! );#! 0+(-.! #.%&%8-.!/&-)!-&!(%.-#)$`!0/(-&#((!;+(!);#!*#(A%&(-0-1-)$!)%! A*%5-'#! );#! ,%%'(! +&'! (#*5-.#(! );+)! (%.-#)$! '#8+&'(`! +&'! )%! (#11! );#8! +)! +! A*%7-)! dK+**%11`! QTPTeD! @#&#*+)-&,! A*%7-)! #&(/*#(! +! 7-*8b(! (/*5-5+1`! 2;-.;! #&+01#(! );#8! )%! .%&)-&/#! A*%'/.-&,!,%%'(!+&'!(#*5-.#(!+&'`!#5#&!8%*#!-8A%*)+&)!-&! );#! .%&)#S)! %7! (/()+-&+0-1-)$`! )%! .%&)-&/#! .%&)*-0/)-&,! )%! +! (/()+-&+01#!(%.-#)$!-&!);#!7/)/*#D!!

! ! :.)$C&I!20#D/&0!E$.1!L#$$.**!>7MM7?A!

!

:;-(! ()/'$! 2-11! +AA*%+.;! (/()+-&+0-1-)$! 0$! -&.1/'-&,! );#! #.%&%8-.! *#(A%&(-0-1-)$! %7! .%8A+&-#(! -&! );#! '#7-&-)-%&! %7! (/()+-&+0-1-)$D!G%;&!^1<-&,)%&!'#5#1%A#'!);#!.%&.#A)!%7!);#!)*-A1#!0%))%8!1-&#!d:"Ee!0#))#*!<&%2&!+(!C#%A1#`!C*%7-)`!C1+&#)! d^1<-&,)%&`! QTTTeD! E-<#! K+**%11b(! '#7-&-)-%&! -)! +1(%! -&.%*A%*+)#(! );#! #.%&%8-.! +(A#.)(! d1-<#! A*%7-)+0-1-)$e! 0#.+/(#! );#$! +*#! +12+$(!-&;#*#&)1$!A+*)!%7!);#!0/(-&#((!%*!8+&+,#8#&)!+AA*%+.;!)%!);#!.%&.#A)!%7!(/()+-&+0-1-)$!d3)#/*#*!#)!+1D`!NUUXeD!6! .1#+*!'-77#*#&.#!0#)2##&!);#!.%&.#A)!%7!:"E!+&'!K+**%11b(!'#7-&-)-%&!-(!);#!7+.)!);+)!K+**%11b(!'#7-&-)-%&!#8A;+(-a#(!1#,+1`! #);-.+1!+&'!A;-1+&);*%A-.!%01-,+)-%&(D!^(A#.-+11$!);#!A;-1+&);*%A-.!*#(A%&(-0-1-)-#(!d.%&)*-0/)#!*#(%/*.#(!)%!);#!.%88/&-)$f! -8A*%5#! );#! I/+1-)$! %7! 1-7#e! +&'! #);-.+1! *#(A%&(-0-1-)-#(! d%01-,+)-%&! )%! '%! 2;+)! -(! *-,;)`! ?/()! +&'! 7+-*e! +*#! '#7-&#'! -&! +! (/0?#.)-5#!2+$D!4&!);-(!()/'$!K3C!;+(!)%!0#!8#+(/*#'!2;-.;!-(!&%)!A%((-01#!2;#&!#8A1%$-&,!+!'#7-&-)-%&!);+)!A/)(!8#+(/*#(! (/.;!+(!i);#!I/+1-)$!%7!1-7#j!+&'!i)%!'%!2;+)!-(!*-,;)j!.#&)*+1D!9%*#%5#*!K+**%11!#SA1+-&(!;%2!(/()+-&+0-1-)$!(;%/1'!+12+$(! 0#!5%1/&)+*$!+&'!i(/0?#.)!)%!+!7-*8b(!-&'-5-'/+1!?/',#8#&)!+&'!.;%-.#j!2;-.;!8+<#(!);-(!'#7-&-)-%&!#5#&!1#((!+AA*%A*-+)#! 7%*!.%8A+*-&,!);#!1#5#1!%7!K3C!%7!'-77#*#&)!7-*8(!dK+**%11`!QTPTB!XUUeD!

! 4&!);-(!()/'$!.%*A%*+)#!(/()+-&+0-1-)$!-(!'#(.*-0#'!+(!);#!0/(-&#((!.%&)*-0/)-%&!)%!(/()+-&+01#!'#5#1%A8#&)`!)%!0#! A*#.-(#`! );#! 0/(-&#((! .%&)*-0/)-%&! )%! #.%&%8-.! '#5#1%A8#&)! 2;-1#! (-8/1)+&#%/(1$! -8A*%5-&,! (%.-+1! +&'! #&5-*%&8#&)+1! .+A-)+1! dA#%A1#! A*%7-)! A1+&#)! Z! :"EeD! :;#! .%&.#A)! %7! (/()+-&+0-1-)$! /(#'! -&! );-(! ()/'$! 0+1+&.#(! (%.-+1! dA#%A1#e`! #.%&%8-.! dA*%7-)e!+&'!#&5-*%&8#&)+1!dA1+&#)e!+(A#.)(!%7!(/()+-&+01#!'#5#1%A8#&)!d^1<-&,)%&`!QTTTeD!!

(18)

!

!

A3A!G)=)(&:,)%-!&;!75.-16%1/6(6-8!6%!/5.6%)..!!

:;#!'*-5#*(!%7!.%8A+&-#(!)%!#&,+,#!-&!(/()+-&+0-1-)$!+.)-5-)-#(!5+*$!2-'#1$!7*%8!-&)*-&(-.!%*!8%*+1!8%)-5+)-%&(!)%!0/(-&#((! *#1+)#'! +*,/8#&)(D! "$! '#(.*-0-&,! 5+*-%/(! 8%)-5+)-%&(! );-(! (#.)-%&! +-8(! )%! +'5+&.#! );#! /&'#*()+&'-&,! %7! 2;+)! '*-5#(! .%8A+&-#(!)%!-&.%*A%*+)#!(/()+-&+0-1-)$!-&!);#-*!%*,+&-a+)-%&D!

!

6(!A*#5-%/(1$!()+)#'`!);#!,1%0+1-a-&,!2%*1'!7+.#(!/(!2-);!.%8A1#S!(%.-+1`!#.%&%8-.`!#&5-*%&8#&)+1!+&'!./1)/*+1!A*%01#8(!)%! 2;-.;! ,%5#*&8#&)(! +1%&#! .+&&%)! A*%5-'#! (%1/)-%&(! d=+A)#-&! _! H#8A#`! NUUNB! VNeD! K%8A+&-#(! ;+5#! -&.*#+(-&,1$! 7#1)! *#(A%&(-01#! )%! *#(A%&'! )%! (%.-+1! A*%01#8(! (/.;! +(! #&5-*%&8#&)+1! A*%)#.)-%&`! )#.;&%1%,-.+1! '#5#1%A8#&)! +&'! A%5#*)$! +11#5-+)-%&D!6(-'#!7*%8!);-(!(#&(#!%7!8%*+1-)$`!.%*A%*+)-%&(!+1(%!()+*)!)%!+.<&%21#',#!);+)!+.)-&,!-&!+!8%*#!*#(A%&(-01#!2+$! 8-,;)!0*-&,!0#&#7-)(!7%*!0/(-&#((!dY*-#'8+&!_!9-1#(`!NUUQeD!3#5#*+1!()/'-#(!;+5#!7%./(#'!%&!2;+)!;+(!'*-5#&!.%8A+&-#(!)%! -&.1/'#!(/()+-&+0-1-)$!-&!);#-*!%A#*+)-%&(D!4&.*#+(-&,1$!(/()+-&+0-1-)$!-(!'*-5#&!0$!()*+)#,-.!*+);#*!);+&!8%*+1!8%)-5#(D!:;-(! (#.)-%&! 2-11! 7-*()! %7! +11! #SA1%*#! 8%*+1! 8%)-5#(! %*! );#! i&%*8+)-5#! .+(#! 7%*! (/()+-&+0-1-)$j! +&'! (#.%&'1$! );#! ()*+)#,-.! %*! 7-&+&.-+1!0#&#7-)(!%7!(/()+-&+0-1-)$`!+1(%!*#7#**#'!)%!+(!);#!i0/(-&#((!.+(#!%7!(/()+-&+0-1-)$jD!3#.%&'1$!()/'-#(!);+)!;+5#!)*-#'! )%! '#1-5#*! A*%%7! %7! );#! 7-&+&.-+1! 5+1/#! %7! (/()+-&+0-1-)$! 2-11! 0#! '-(./((#'D! E+()1$! );#! 5+*-%/(! ()*+)#,-.! 0#&#7-)(! %7! (/()+-&+0-1-)$!2-11!0#!'-(./((#'!0$!*#7#**-&,!)%!);#!'-77#*#&)!()+,#(!%7!(/()+-&+0-1-)$!+2+*#&#((!+&'!+.)-%&D!!

!

A3A32!K0&,!,&01(!-&!.-01-)+6#!.5.-16%1/6(6-8!!

Y*#'#*-.<!dQTTWe!;+(!7%./(#'!%&!#SA1+-&-&,!);#!)*#&'!)%2+*'(!-&.*#+(#'!(/()+-&+0-1-)$!+.)-5-)-#(!-&!0/(-&#((D!M#!+*,/#'!);+)! -&-)-+11$! .%8A+&-#(! #&,+,#'! -&! (/()+-&+0-1-)$! %/)! %7! +&! i%01-,+)-%&! )%! 2%*<! 7%*! (%.-+1! 0#))#*8#&)jD! M#! *#7#**#'! )%! );-(! A;#&%8#&%&!+(!K3>Q!2;-.;!2+(!#(A#.-+11$!A*%8-&#&)!0#7%*#!QTPUD!K%8A+&-#(!+*#!8%)-5+)#'!0$!8%*+1-)$!);+)!)*+&(.#&'(! );#! #.%&%8-.! 8%*+1#D! :;-(! -8A1-#(! );+)! %*,+&-a+)-%&(! +.)! (%.-+11$! *#(A%&(-01#! +&'! /A;%1'! );#-*! 5+1/#(! +&'! A*-&.-A1#(! *#,+*'1#((! %7! +! A%((-01$! '#)*-8#&)+1! -8A+.)! %&! 7-*8! A#*7%*8+&.#! d6(%&,/`! NUUPf! =+)(%/1+<%(! _! =+)(%/1+<%(`! NUUPeD! 4&! ,#&#*+1!);#!+*,/8#&)!);+)!(/()+-&+0-1-)$!-&!0/(-&#((!-(!'*-5#&!0$!);#!'#(-*#!)%!'%!2#11!-(!*#7#**#'!)%!+(!);#!&%*8+)-5#!.+(#! 7%*!K3>!%*!8%*+1!K3>!d"*+&.%!_!>%'*-,/#(`!NUUOeD!!

(19)

!

A3A3A!K6%1%#61(!=1(5)!&;!.5.-16%1/6(6-8!6%!/5.6%)..!

:;#!.%&.#A)-%&!);+)!);#*#!8+$!0#!7-&+&.-+1!5+1/#!-&!(%.-+1!#&,+,#8#&)!;+(!-&(A-*#'!8+&$!+.+'#8-.(!)%!()/'$!);#!8+))#*! %7! 2;#);#*! ()*+)#,-.! (/()+-&+0-1-)$! .+&! ;+5#! +! A%(-)-5#! #77#.)! %&! 7-*8! A#*7%*8+&.#D! 9%()! ()/'-#(! -&5#()-,+)#! );#! *#1+)-%&(;-A!0#)2##&!.%*A%*+)#!(%.-+1!A#*7%*8+&.#!dK3Ce!+&'!.%*A%*+)#!7-&+&.-+1!A#*7%*8+&.#!dKYCe!%*!-&!%);#*!2%*'(!);#! K3CZKYC!1-&<D!6!8%/&)-&,!0%'$!%7!1-)#*+)/*#!;+(!7%./(#'!%&!);#!K3CZKYC!1-&<`!2;-.;!;+(!$-#1'#'!8-S#'!+&'!-&.%&(-()#&)! 7-&'-&,(!dC#+*.#!44!_!F%;`!NUUXf!9+*,%1-(!_!H+1(;`!NUUVf!M-11!#)!+1D`!NUUPf!3;+&<!#)!+1D`!NUUX!9+*,%1-(!#)!+1D`!NUUPf!@*-77-&!_! 9+;%&`! QTTPf! L*1-)a<$! #)! +1D`! NUUVf! >/((%! _! Y%/)(`! QTTPeD! 3%8#! ()/'-#(! A*%5#! );+)! (/()+-&+0-1-)$! -8A+.)(! 7-&+&.-+1! A#*7%*8+&.#!A%(-)-5#1$!dH+''%.<!_!@*+5#(`!QTTPf!C+5+!_!=*+/(a`!QTTOe`!2;-1#!%);#*(!7-&'!);#!K3CZKYC!*#1+)-%&(;-A!)%!0#! &#,+)-5#! dC-+.#&)-&-! 8D`! #)! +1D`! NUUUe! +&'! 1+()1$! (%8#! *#5#+1! &%! .1#+*! *#1+)-%&(;-A! 0#)2##&! (/()+-&+0-1-)$! +&'! 7-&+&.-+1! A#*7%*8+&.#!d@%1'*#$#*!_!F-1)a`!QTTT!f!C#*#*+!_!M#2#,#`!NUUPe!!

6)!7-*()!);#!*#1+)-%&(;-A!0#)2##&!K3C!+&'!KYC!8+$!(##8!-&.%&.1/(-5#`!;%2#5#*!+!*#5-#2!%7!NQ!#8A-*-.+1!()/'-#(!0$! C+5+! +&'! =*+/(a! dQTTOe! '*+2(! +))#&)-%&! )%! );#! 7+.)! );+)! );-(! *#1+)-%&(;-A! 8+$! 0#! 1#((! I/#()-%&+01#! );+&! );%/,;)D! :;#$! +*,/#!);+)!);#!7-&'-&,(!%&!);#!K3CZKYC!1-&<!8+$!0#!1#((!'#0+)+01#`!2;#&!+..%/&)#'!7%*!);#!1-8-)+)-%&(!+&'!'-77#*#&.#(!%7! );#(#!NQ!()/'-#(D!:;#$!#8A;+(-a#!);#!7+.)!);+)!);#(#!NQ!()/'-#(!&%)!%&1$!/(#!'-77#*#&)!2+$(!)%!8#+(/*#!K3C!+&'!KYC`!0/)! ;+5#!+1(%!7%./(#'!%&!'-77#*#&)!)-8#!;%*-a%&(!+&'!'-77#*#&)!-&'/()*-#(!d9.H-11-+8(`!3-#,#1!_!H*-,;)`!NUUOf!C+5+!_!=*+/(a`! QTTOeD!>#,+*'1#((!%7!);#!-&#5-)+01#!-8A+.)!%7!);#(#!8#);%'%1%,-.+1!'-77#*#&.#(!QN!()/'-#(!%7!);#!NQ!()/'-#(!.%&.1/'#'!+! A%(-)-5#!*#1+)-%&(;-A`!R!()/'-#(!A*%5#'!&%!(-,&-7-.+&)!*#1+)-%&(;-A!+&'!Q!()/'$!.%&.1/'#'!);#!K3CZKYC!1-&<!)%!0#!&#,+)-5#D! :;#*#7%*#! );#$! .%&.1/'#'! );+)! i&#+*1$! +11! #8A-*-.+1! ()/'-#(! )%! '+)#! ;+5#! .%&.1/'#'! );+)! 7-*8(! 2;-.;! +*#! A#*.#-5#'! +(! ;+5-&,! 8#)! (%.-+1! *#(A%&(-0-1-)$! .*-)#*-+! ;+5#! #-);#*! %/)A#*7%*8#'! %*! A#*7%*8#'! +(! 2#11! +(! %);#*! 7-*8(! );+)! +*#! &%)! &#.#((+*-1$!(%.-+11$!*#(A%&(-01#j!dC+5+!_!=*+/(a`!QTTOeD!61)#*&+)-5#1$!H%%'!+&'!G%&#(!dQTTXe!;+5#!7%./(#'!%&!7-*8(!);+)! ;+5#! +! A%%*! (%.-+1! A#*7%*8+&.#D! :;#$! .%&.1/'#'! );+)! );#! 7-*8(! );+)! /&'#*A#*7%*8! -&! );#! 7-#1'! %7! (/()+-&+0-1-)$`! +1(%! /&'#*A#*7%*8#'!7-&+&.-+11$D!!

K%&.1/'-&,`!);#!A;#&%8#&%&!;+(!0##&!#S)#&(-5#1$!()/'-#'!+&'!-&!,#&#*+1!-)!-(!+*,/#'!);+)!-&.*#+(-&,!+))#&)-%&! 7%*! (%.-+1`! #);-.+1! +&'! #&5-*%&8#&)+1! -((/#(! -&! 8+&+,#8#&)! -&'##'! 8+$! 0#! 0#&#7-.-+1! 7%*! 0%);! (%.-#)$! +&'! 0/(-&#((! dE%.<#))`!9%%&!_!J-((#*`!NUUOeD!K1#+*1$!);-(!(/88+*$!%7!1-)#*+)/*#!%&!);#!K3CZKYC!1-&<!;+(!'#8%&()*+)#'!);#!'-77-./1)$!-&! %0)+-&-&,! )+&,-01#! A*%%7! %7! );#! K3CZKYC! 1-&<D! 6(-'#! %7! );#! /&.#*)+-&! 7-&+&.-+1! 5+1/#! %7! (/()+-&+0-1-)$`! 0/(-&#((! ;+(! 0##&! '*-5#&!)%2+*'(!+!;-,;#*!1#5#1!%7!(/()+-&+0-1-)$!+(!-)!-(!+*,/#'!);+)!(/()+-&+0-1-)$!8+$!%77#*!0/(-&#((!&%&Z7-&+&.-+1!0#&#7-)(!+(! 2#11D!:;-(!5+*-#)$!%7!0#&#7-)(!(/.;!+(!0*+&'!+&'!*#A/)+)-%&!,+-&(`!1-.#&(#!)%!%A#*+)#`!+&'!A*%.#((!#77-.-#&.$!,+-&(!+&'!*-(<! 8+&+,#8#&)! 2-11! .%&(#I/#&)1$! +1(%! 0#! #SA1%*#'! dC#+*.#! 44! _! F%;`! NUUXf! 3+1a8+&&`! 3)#,#*! _! 4%&#(./Z3%8#*(`! NUUPf! 9+;1#*!#)!+1D`!NUUTf!C%*)#*!_!E-&'#`!QTTXeD!!

!

A3A3C!7-01-)+6#!/)%);6-.!&;!.5.-16%1/6(6-8!!

(20)
(21)

K6+50)!X!L!K6=)!.-1+).!&;!.5.-16%1/6(6-8! ! :.)$C&I!20#D/&0!E$.1!:G)#$&9%4&!PAQA,!Q#+!RDD&+!>5676?A! ! Y-*()!%7!+11`!()+,#!Q!(/()+-&+0-1-)$!2+(!8%()!A*%8-&#&)!'/*-&,!);#!7-*()!2+5#!%7!K%8A1-+&.#!-&!2;-.;!);#!8+&+,#8#&)!%7! (;%*)Z)#*8!*-(<!2+(!+&!-8A%*)+&)!'*-5#*!%7!(/()+-&+0-1-)$!-&!0/(-&#((!dF%+&#`!NUUX`!C%*)#*!_!=*+8#*`!NUUOf!6(%&,/`!NUUPeD! 4&!);#!#+*1$!QTPU(!);#*#!2+(!+&!%5#*+11!.%&.#A)-%&!);+)!#&5-*%&8#&)+1!-8A+.)(!;+'!)%!0#!1-8-)#'`!*#(/1)-&,!-&!+!()*%&,!*-(#! %7! #&5-*%&8#&)+1! 1#,-(1+)-%&! d^1<-&,)%&`! NUUWeD! "/(-&#((! )%%<! +&! 6%1#-6=)! ()+&.#! )%2+*'(! (/()+-&+0-1-)$! +&'! *#(A%&'#'! -&+.)-5#1$!0$!.%&7%*8-&,!+&'!.%8A1$-&,!2-);!1#,-(1+)-%&D!E#,+1!'#A+*)8#&)(!.%&(#I/#&)1$!2#*#!;#1'!*#(A%&(-01#`!(-&.#!&%)! +'#I/+)#1$!*#(A%&'-&,!)%!);#(#!A*#((/*#(!.%/1'!*#(/1)!-&!1#,+1!*-(<`!-&.*#+(#'!.%()(!+&'!*#'/.#'!(+1#(D!!

(22)

1%((! %7! ./()%8#*(! )%! %);#*! 7-*8(! 2-);! +! 0#))#*! *#A/)+)-%&! -&! );#! 7-#1'! %7! (/()+-&+0-1-)$! dM-11`! NUUQeD! 3.;&-#)a! +&'! ^A()#-&! dNUUXe! +&'! "#*,;! #)! +1D! dNUQUe! /&'#*1-&#'! );-(! 7+.)! 0$! A*%5-&,! );+)! -&'##'! );#*#! 8+$! 0#! 7-&+&.-+1! 5+1/#! -&! +! ,%%'! *#A/)+)-%&`!2;-.;!-&!)/*&!.+&!0#!#()+01-(;#'!0$!8#+&(!%7!+&!+.)-5#!(/()+-&+0-1-)$!A%1-.$D!!

! 9%*#%5#*`!-)!-(!(+-'!);+)!(/()+-&+0-1-)$!.+&!0#!(##&!+!()*+)#,-.!+((#)!);+)!;#1A(!)%!A*%)#.)!+!7-*8b(!;/8+&!.+A-)+1! +((#)(D! Y%*! -&()+&.#! +! ,%%'! *#A/)+)-%&! '#*-5#'! 7*%8! (/()+-&+0-1-)$! A#*7%*8+&.#! +1(%! ;#1A(! .%8A+&-#(! )%! 0#.%8#! +&! #8A1%$#*! %7! .;%-.#! d=C9@`! NUUXeD! :;-(! ;+(! 0#.%8#! +&! -8A%*)+&)! 8%)-5+)-%&! +(! -)! 0#.%8#(! -&.*#+(-&,1$! '-77-./1)! 7%*! .%8A+&-#(!)%!*#.*/-)!+&'!*#)+-&!);#!0#()!#8A1%$##(D!L77#*-&,!,%%'!1+0%/*!()+&'+*'(!+&'!+))*+.)-5#!1+0%/*!.%&'-)-%&(!8+$! 0#!+&!-&.#&)-5#!)%!+))*+.)!+&'!+))+.;!);#!0#()!#8A1%$##(!)%!$%/*!7-*8!dF%+&#`!NUUXeD!3/()+-&+0-1-)$!.+&!);/(!0#!(##&!+(!+! ()*+)#,$!);+)!#&;+&.#(!#8A1%$##!8%)-5+)-%&!dWPke!+&'!);#*#0$!);#-*!-&.*#+(#(!#8A1%$##b(!(+)-(7+.)-%&!2-);!);#!A%((-01#! +'5+&)+,#!%7!-&.*#+(-&,!*#)#&)-%&!+&'!A*%'/.)-5-)$!d3#&,#!#)!+1D`!NUUQf!9+;1%/?-`!NUUTeD!

! K1#+*1$!-)!0#.+8#!<&%2&!);+)!*#A/)+)-%&!-&!);#!+*#+!%7!(/()+-&+0-1-)$!.%/1'!1#+'!)%!+!,+-&!%*!1%((!%7!.%8A#)-)-5#! +'5+&)+,#(D! K%8A+&-#(! );/(! -&.*#+(-&,1$! )%%<! +! 0)1#-6=)! ()+&.#! +&'! *#(A%&'#'! )%! ()+<#;%1'#*! A*#((/*#(`! .%&.#*&-&,! (%.-+1`!#&5-*%&8#&)+1!+&'!#.%&%8-.!-((/#(!C>!'#A+*)8#&)(!2#*#!;#1'!*#(A%&(-01#!7%*!+.)-5#!.%88/&-.+)-%&!%&!.%*A%*+)#! (%.-+1!*#(A%&(-0-1-)$!-&!%*'#*!)%!8-&-8-a#!);#!*-(<!%7!(.+&'+1(!d3)#/*#*!#)!+1D`!NUUXeD!

! :;#!(#+*.;!7%*!.%8A#)-)-5#!+'5+&)+,#(!*#1+)#'!)%!(/()+-&+0-1-)$!0#.+8#!#5#&!()*%&,#*!'/*-&,!);#!(#.%&'!2+5#!%7! A/01-.!A*#((/*#!*#7#**#'!)%!+(!iK%8A#)-)-%&j!+&'!*#(/1)#'!-&!()+,#!V!(/()+-&+0-1-)$D!:;-(!2+5#!0*%/,;)!);#!*#+1-a+)-%&!);+)! (/()+-&+0-1-)$! -&! 0/(-&#((! &##'#'! )%! ,%! 7/*);#*! );+&! 1#,+1! .%8A1-+&.#! +&'! );#! 8+&+,#8#&)! %7! -&&%5+)-%&D! K%8A#)-)-%&! A*#((/*#'!.%8A+&-#(!)%!A/*(/#!(/()+-&+0-1-)$!-&!%*'#*!)%!8+-&)+-&!+!()*%&,!8+*<#)!A%(-)-%&D!6!8+*<#)!A%(-)-%&!.%/1'!0#! +))+-&#'!0$!1#-6=)!A%1-.-#(!)%!-8A*%5#!#&5-*%&8#&)+1!A#*7%*8+&.#`!-&!%*'#*!)%!$-#1'!)2%!.%8A#)-)-5#!+'5+&)+,#(f!dQe!8%*#! .%()Z#77-.-#&)! /(#! %7! *#(%/*.#(! +&'! dNe! A*%'/.)! '-77#*#&)-+)-%&! -&! 1-&#! 2-);! .%&(/8#*! '#8+&'(! 7%*! i,*##&j! A*%'/.)(! d@/#&()#*!#)!+1D`!NUUXf!f!C%*)#*!_!E-&'#`!QTTXeD!:;#(#!A%1-.-#(!)%!-8A*%5#!#&5-*%&8#&)+1!A#*7%*8+&.#!2#*#!%7)#&!'#(-,&#'! 0$!#&5-*%&8#&)+1!8+&+,#*(!+&'!A*%.#((!'#(-,&#*(D!

(23)

0#)2##&!-&&%5+)-%&!+&'!(/()+-&+0-1-)$!2-11!0#!#SA1%*#'!-&!);-(!()/'$!-&!%*'#*!)%!-'#&)-7$!;%2!.%8A+&-#(!.+&!8%5#!7*%8! ()+,#!W!)%!()+,#!X!(/()+-&+0-1-)$D!!

! !

!

A3C!M&%#(5.6&%!!

4&! );-(! .;+A)#*! -)! 2+(! #()+01-(;#'! );+)! );-(! ()/'$! #8A1%$(! +! .%8A*#;#&(-5#! '#7-&-)-%&! %7! (/()+-&+0-1-)$`! -&.%*A%*+)-&,! +! 7-*8b(! (%.-+1`! #&5-*%&8#&)+1! +&'! #.%&%8-.! %01-,+)-%&(D! 4)! 0#.+8#! .1#+*! );+)! );#! '*-5#*(! 7%*! .%8A+&-#(! )%! #&,+,#! -&! (/()+-&+0-1-)$!+.)-5-)-#(!5+*$!2-'#1$!7*%8!-&)*-&(-.!%*!8%*+1!8%)-5+)-%&(!)%!0/(-&#((!*#1+)#'!+*,/8#&)(D!:;-(!()/'$!7%./(#(! %&! );#! 0/(-&#((! .+(#! 7%*! (/()+-&+0-1-)$! (-&.#! #5-'#&.#! %7! -)(! 7-&+&.-+1! %*! ()*+)#,-.! 5+1/#! 2-11! %77#*! 8+&+,#*(! +! )+&,-01#! +*,/8#&)!)%!-&.%*A%*+)#!(/()+-&+0-1-)$!-&)%!);#-*!%A#*+)-%&(D!!

!

! 4)! 2+(! .%&.1/'#'! );+)! 0/(-&#((! *#(A%&(#(! )%! (/()+-&+0-1-)$! ;+5#! 0#.%8#! -&.*#+(-&,1$! ()*+)#,-.! +&'! '#8+&'! +! A*%+.)-5#! ()+&.#! +&'! +! &#2! 2+$! %7! 2%*<-&,! +&'! );-&<-&,D! :;-(! ()/'$! -&5#()-,+)#(! 8.9! .%8A+&-#(! .+&! 8%5#! 0#$%&'! ()*+)#,-.!(/()+-&+0-1-)$!-&!%*'#*!)%!-&)#,*+)#!-&&%5+)-%&!+&'!(/()+-&+0-1-)$!);*%/,;%/)!);#!#&)-*#!%*,+&-a+)-%&D!:;#!7-#1'!%7! 3/()+-&+01#!4&&%5+)-%&!-(!#SA1%*#'!-&!+&!+))#8A)!)%!/&.%5#*!2;+)!%*,+&-a+)-%&+1!.+A+0-1-)-#(!+*#!*#I/-*#'!7%*!);#!'-77#*#&)! ()+,#(!%7!(/()+-&+0-1-)$D!3-&.#!3/()+-&+01#!4&&%5+)-%&!-(!+!*#1+)-5#1$!/&#SA1%*#'!.%&.#A)`!()*+)#,-.!(/()+-&+0-1-)$!2-11!0#!);#! ()+*)-&,!A%-&)D!:;#*#7%*#!);#!&#S)!.;+A)#*!%77#*(!0+.<,*%/&'!-&!);#!7-#1'!%7!()*+)#,-.!8+&+,#8#&)`!2;-.;!.%&)*-0/)#!)%!);#! #SA1+&+)-%&`! +&'! '#7-&-)-%&! %7! );#! )$A#! %7! .+A+0-1-)-#(! &##'#'! 7%*! .%8A+&-#(! )%! #77#.)-5#1$! ()##*! -&! );#! '-*#.)-%&! %7! (/()+-&+0-1-)$D!!

(24)

C3!7-01-)+6#!,1%1+),)%-!-9)&06).!&%!.5.-16%1/6(6-8!1%*!!

!!

!

!!!)#&%&,6#!:)0;&0,1%#)!

!

>1$6%+! .-01-)+6#! .5.-16%1/6(6-8! 1.! 1! #()10! .-10-6%+! :&6%-! -96.! #91:-)0! 16,.! -&! .9&'! 9&'! *6;;)0)%-!

1::0&1#9).! ;0&,! .-01-)+6#! ,1%1+),)%-! #1%! /)! ),:(&8)*! -&! /56(*! -9)! /5.6%)..! #1.)! ;&0!

.5.-16%1/6(6-83!4%.6+9-.!;0&,!.-01-)+6#!,1%1+),)%-!.9&'!-91-!1!#&,/6%)*!:)0.:)#-6=)!&;!6%.6*)F&5-!

1%*!&5-.6*)F6%!.-01-)+6#!,1%1+),)%-!:)0.:)#-6=).!,6+9-!/)!,&.-!.5##)..;5(!6%!)@:(16%6%+!.-01-)+6#!

.5##)..!&;!.5.-16%1/6(6-83![%&'()*+)!6%!-9)!;6)(*!&;!.-01-)+6#!.5.-16%1/6(6-8!9)(:.!-&!*);6%)!'91-!-8:)!

&;!;60,!#9101#-)06.-6#.!1%*!#1:1/6(6-6).!10)!%))*)*!-&!,&=)!/)8&%*!.-01-)+6#!.5.-16%1/6(6-8!-&'10*.!

75.-16%1/()!4%%&=1-6&%3!

!

6! (/0()+&)-+1! 0%'$! %7! 1-)#*+)/*#! ;+(! ()/'-#'! );-(! *-(#! %7! ()*+)#,-.! (/()+-&+0-1-)$! -&! %*'#*! )%! *#5#+1! );#! 8#'-+)-&,! +&'! 8%'#*+)-&,! 7+.)%*(! -&71/#&.-&,! );#! *#1+)-%&(;-A! 0#)2##&! (/()+-&+0-1-)$! ()*+)#,-#(! +&'! #.%&%8-.! A#*7%*8+&.#! dE#A%/)*#`! NUUReD!9/1)-A1#!);#%*-#(!%7!()*+)#,-.!8+&+,#8#&)!#S-()`!);+)!A*%5-'#!'-77#*#&)!7*+8#2%*<(!);+)!;#1A!)%!#()+01-(;!#S+.)1$! 2;+)! %*,+&-a+)-%&+1! I/+1-)-#(! +&'! .%8A#)#&.#(! +*#! -8A%*)+&)! -&! '#)#*8-&-&,! );#! (/..#((! %7! +! (/()+-&+0-1-)$! ()*+)#,$D! >%/,;1$! (A#+<-&,! )2%! 8+-&! A#*(A#.)-5#(! %7! ()*+)#,-.! 8+&+,#8#&)! .+&! 0#! -'#&)-7-#'! );+)! %77#*! '-77#*#&)! 0/)! *#1#5+&)! -&(-,;)(!-&)%!8#'-+)-&,!+&'!8%'#*+)-&,!5+*-+01#(!);+)!;#1A!)%!*#7-&#!);#!*#1+)-%&(;-A!0#)2##&!A*%+.)-5#!(%.-+1!()*+)#,-#(! +&'!#.%&%8-.!A#*7%*8+&.#!dE#A%/)*#`!NUUReD!"%);!+*#!0*-#71$!#SA1%*#'!-&!);-(!.;+A)#*D!Y-*()1$!);#!%/)(-'#Z-&!A#*(A#.)-5#(! d*#(%/*.#! '#A#&'#&.#! );#%*$! d>F:e`! -&'/()*-+1! %*,+&-a+)-%&! #.%&%8-.(`! .%&)-&,#&.$! +AA*%+.;`! A%A/1+)-%&! #.%1%,$! +&'! -&()-)/)-%&+1!);#%*$e!+*#!#SA1%*#'!2;-.;!#8A;+(-a#!);+)!);#!(/..#((!%7!+!()*+)#,$!-(!A*#'%8-&+&)1$!'#)#*8-&#'!0$!);#!7-)! 0#)2##&! +! ()*+)#,$! +&'! );#! #S)#*&+1! #&5-*%&8#&)! %7! +! 7-*8D! 3#.%&'1$! );#! -&(-'#Z%/)! A#*(A#.)-5#(! dVDN! /AA#*! #.;#1%&`! *#(%/*.#!0+(#'!5-#2!+&'!'$&+8-.!.+A+0-1-)-#(e!2;-.;!#8A;+(-a#!7#+)/*#(!-&)#*&+1!)%!);#!7-*8!-&!#SA1+-&-&,!%*,+&-a+)-%&+1! A#*7%*8+&.#!dE#A%/)*#`!NUUReD!!

(25)

K6+50)!T!L!796;-!;0&,!.-1+)!E!.5.-16%1/6(6-8!-&!75.-16%1/()!4%%&=1-6&%!!

61);%/,;! +11! );#! +0%5#! 8#&)-%&#'! ()*+)#,-.! 8+&+,#8#&)! A#*(A#.)-5#(! +*#! /(#7/1! -&! '#)#*8-&-&,! 2;+)! %*,+&-a+)-%&+1! .+A+0-1-)-#(! +*#! -8A%*)+&)! 7%*! (/()+-&+0-1-)$! )%! 0#! (/..#((7/1! '/*-&,! ()+,#! W! (/()+-&+0-1-)$`! );#(#! A#*(A#.)-5#(!+*#!&%)!+AA*%A*-+)#!7%*!()+,#!X!(/()+-&+0-1-)$! 2;-.;! *#I/-*#(! +1)#*&+)-5#! .+A+0-1-)-#(D! >+);#*! );+&! 7%./(-&,!%&!i'%-&,!);-&,(!0#))#*j`!2;-.;!-(!%7)#&!.#&)*+1! )%! ()*+)#,-.! 8+&+,#8#&)! A#*(A#.)-5#(`! -&! ()+,#! X! (/()+-&+0-1-)$! );#! 7%./(! (;-7)(! )%2+*'(! i'%-&,! );-&,(! '-77#*#&)1$j! *#I/-*-&,! -&&%5+)-%&! .+A+0-1-)-#(D! K%&(#I/#&)1$! );-(! .;+A)#*! (;%2(! );+)! );#! -&&%5+)-%&! .+A+0-1-)$!8%'#1!%7!LbK%&&%*!A*%5-'#(!);#!7*+8#2%*<!%&! 2;-.;!);#!&#2!8%'#1!%7!3/()+-&+01#!4&&%5+)-%&!-(!0+(#'D!4)!-(!,*%/&'#'!-&!'$&+8-.!.+A+0-1-)-#(!+&'!($()#8(!);#%*$`!+&'!+(! (/.;! -)! #8A;+(-a#(! );#! -&)#,*+)-%&`! 0/-1'-&,! %&! 0%);! -&)#*&+1! +&'! #S)#*&+1! .+A+0-1-)-#(! -&! .;+&,-&,! #&5-*%&8#&)(D! :;-(! 7*+8#2%*<!.%&(-()-&,!%7!(#5#&!-&)#**#1+)#'!#1#8#&)(!-(!+'?/()#'!)%!);#!.+(#!%7!(/()+-&+0-1-)$!+&'!%77#*(!,/-'+&.#!%&!;%2! )%!+'?/()!+!.%8A+&$b(!%*,+&-a+)-%&+1!'#(-,&!0+(#'!%&!);#(#!P!#1#8#&)(!d%*,+&-a+)-%&+1!()*/.)/*#`!-&)#*7+.#!8#.;+&-(8(`! #SA1%*+)%*$!A*%.#((#(`!(<-11(!+&'!)+1#&)(`!,%5#*&+&.#!+&'!'#.-(-%&Z8+<-&,`!./1)/*#!+&'!1#+'#*(;-A`!+&'!8#)*-.(eD!:;#!&#S)! .;+A)#*!2-11!#SA1%*#!);#!(#5#&!#1#8#&)(!%7!);-(!8%'#1!-&!%*'#*!)%!7%()#*!+!7/11!.%8A*#;#&(-%&!%7!);#!-&&%5+)-%&!.+A+0-1-)$! 8%'#1!%7!%*,+&-a+)-%&+1!'#(-,&!);+)!8+&+,#8#&)!.+&!/(#!-&!%*'#*!)%!#77#.)-5#1$!()##*!-&!);#!'-*#.)-%&!%7!-&&%5+)-%&!+&'! (/()+-&+0-1-)$!(-8/1)+&#%/(1$D! ! !

!

C32!U5-.6*)!6%!:)0.:)#-6=).!!

:;#!%/)(-'#Z-&!A#*(A#.)-5#(!#8A;+(-a#!);#!&##'!7%*!+!7-)!0#)2##&!);#!.%8A+&$b(!()*+)#,$!+&'!);#!.%&)#S)!%*!#&5-*%&8#&)! -&!2;-.;!-)!%A#*+)#(D!:;#(#!);#%*-#(!7%./(!%&!);#!&##'!7%*!.%8A1-+&.#!+&'!);#!%AA%*)/&-)$!)%!+'+A)!)%!);#!#&5-*%&8#&)D!4&! );-(! (#.)-%&! (%8#! #S+8A1#(! %7! );#! %/)(-'#Z-&! ()*+)#,-.! 8+&+,#8#&)! );#%*-#(! 2-11! 0#! '-(./((#'! &+8#1$f! *#(%/*.#! '#A#&'#&.#!);#%*$!d>F:e`!-&'/()*-+1!%*,+&-a+)-%&!#.%&%8-.(`!.%&)-&,#&.$!+AA*%+.;`!A%A/1+)-%&!#.%1%,$!+&'!-&()-)/)-%&+1! );#%*$D!!

(26)

'#5#1%A8#&)(! -&! );#! (A#.-7-.! -&'/()*$D! 4&! )#*8(! %7! ()*+)#,$! '#5#1%A8#&)! );-(! -8A1-#(! );+)! +! (/..#((7/1! (/()+-&+0-1-)$! ()*+)#,$!;+(!)%!0#!.%&)#S)!(A#.-7-.!7%*!#+.;!-&'-5-'/+1!0/(-&#((!dJ+&!9+**#2-?<`!NUUVeD! ! :;#!2%*<!%7!C%*)#*!dQTRUe!%&!()*+)#,$!-(!A*%0+01$!);#!8%()!7+8%/(!#S+8A1#!%7!n)*+'-)-%&+1n!%/)(-'#Z-&!);-&<-&,D! 6..%*'-&,!)%!);#!%/)(-'#Z-&!A#*(A#.)-5#(!()*+)#,$!-(!'#)#*8-&#'!0$!#S)#*&+1!d8+*<#)e!.%&()*+-&)(!(/.;!+(!);#!./()%8#*(`! );#!(/AA1-#*(`!#&)*$!0+**-#*(!+&'!);*#+)!%7!(/0()-)/)#(!#).D!C%*)#*!+&'!=*+8#*!dNUUOe!);/(!+*,/#!);+)!);#!8+-&!*#+(%&!2;$! .%8A+&-#(!()*/,,1#!)%!#77#.)-5#1$!-&.%*A%*+)#!(/()+-&+0-1-)$!-&!);#-*!%*,+&-a+)-%&`!-(!);#!7+.)!);+)!);#$!*#,+*'!(/()+-&+0-1-)$! -&! +! )%%! ,#&#*-.! 2+$D! >#+(%&-&,! 7*%8! +&! %/)(-'#Z-&! A#*(A#.)-5#! +! ()*+)#,$! ;+(! )%! 7-)! #+.;! 7-*8b(! (A#.-7-.! %A#*+)-%&(`! A*+.)-.#(!+&'!#&5-*%&8#&)D!:;#*#7%*#!.%8A+&-#(!(;%/1'!*#7*+-&!7*%8!()+&'+*'-a#'!+AA*%+.;#'!)%!(/()+-&+0-1-)$`!-&()#+'! 7-*8(!(;%/1'!+'?/()!-)(!(/()+-&+0-1-)$!()*+)#,$!)%!);#!#S)#*&+1!.%&)#S)!-&!2;-.;!);#$!%A#*+)#D!!

(27)

!

C3A!4%.6*)F&5-!!

K%&)*+*$!)%!);#!%/)(-'#Z-&!A#*(A#.)-5#(`!);#!-&(-'#Z%/)!A#*(A#.)-5#!7%./(#(!%&!-&)#*&+1!7-*8!.;+*+.)#*-()-.(!-&!#SA1+-&-&,!);#! (%/*.#!%7!(/()+-&#'!.%8A#)-)-5#!+'5+&)+,#D!4&()#+'!%7!+..#&)/+)-&,!);#!&##'!7%*!.%8A1-+&.#!+&'!;%8%,#&#-)$`!);#!-&(-'#Z %/)! A#*(A#.)-5#(! ()*#((#(! );+)! #SA1%-)-&,! '-77#*#&.#(! -&! -&)#*&+1! .;+*+.)#*-()-.(! .+&! .*#+)#! +! .%8A#)-)-5#! +'5+&)+,#D! :;#! );*##!0#()!<&%2&!-&(-'#Z%/)!()*+)#,-.!8+&+,#8#&)!);#%*-#(!&+8#1$f!);#!/AA#*!#.;#1%&!);#%*$`!);#!*#(%/*.#Z0+(#'!5-#2! +&'!'$&+8-.!.+A+0-1-)-#(!);#%*$!+*#!'-(./((#'D!

!

:;#!-&(-'#Z%/)!A#*(A#.)-5#(!#SA1+-&!;%2!(/A#*-%*!A#*7%*8+&.#!'*+2(!7*%8!7-*8Z(A#.-7-.!*#(%/*.#(!+&'!.+A+0-1-)-#(!);+)!+*#! 5+1/+01#`! *+*#`! -&-8-)+01#! +&'! &%&Z(/0()-)/)+01#! d"+*&#$`! QTTQeD! K%&)*+*$! )%! );#! %/)(-'#Z-&! +AA*%+.;! -&! 2;-.;! A*#((/*#! 7*%8! );#! #S)#*&+1! #&5-*%&8#&)! -(! %7)#&! (##&! )%! 1#+'! )%! +! .#*)+-&! ;%8%,#&#-)$! +8%&,()! .%8A+&-#(`! );#! -&(-'#Z%/)! A#*(A#.)-5#(! 7%./(#(! %&! #SA1%-)-&,! ;#)#*%,#&#-)$! d@+**-,+! _! 9#1#`! NUUWf! :##.#`! C-(+&%! _! 3;/#&`! QTTPeD! :;#*#7%*#! -)! -(! (/-)+01#! 7%*! #SA1%*-&,! );#! #77#.)(! %7! ()*+)#,-.! (/()+-&+0-1-)$! %&! .%8A+&$! 1#5#1D! H-);-&! );#! -&(-'#Z%/)! A#*(A#.)-5#! (#5#*+1! );#%*-#(!;+5#!0##&!'#5#1%A#'`!'*+2-&,!+))#&)-%&!)%!);#!-8A+.)!%7!+1)#*&+)-5#!-&)#*&+1!.;+*+.)#*-()-.(!%&!7-*8!A#*7%*8+&.#D! :;-(!(#.)-%&!A+$(!+))#&)-%&!)%!);*##!-&(-'#Z%/)!()*+)#,-.!8+&+,#8#&)!);#%*-#(f!);#!/AA#*!#.;#1%&!);#%*$`!);#!*#(%/*.#Z 0+(#'!5-#2!+&'!'$&+8-.!.+A+0-1-)-#(!);#%*$D!

!

C3A32!\::)0!)#9)(&%!-9)&08!!

:;#!/AA#*!#.;#1%&!);#%*$!A%(-)(!);+)!%*,+&-a+)-%&+1!%/).%8#(!+*#!-8A+.)#'!0$!);#!5+1/#(`!0#1-#7(!+&'!.%,&-)-5#!0-+(#(!%7! -8A%*)+&)!+.)%*(!2-);-&!%*,+&-a+)-%&(!dE#A%/)*#`!NUUReD!:;-(!);#%*$!%77#*(!*#1#5+&)!-&(-,;)(!%&!;%2!);#!.%8A%(-)-%&!+&'! .;+*+.)#*-()-.(!%7!);#!/AA#*!8+&+,#8#&)!%7!+!7-*8(!.+&!-8A+.)!%&!);#!#S)#&)!)%!2;-.;!.%8A+&-#(!#&,+,#!-&!(/()+-&+0-1-)$! +.)-5-)-#(!dK+**%11!_!3;+0+&+`!NUQUeD!:;#!%*,+&-a+)-%&+1!%/).%8#(!+*#!(##&!+(!+!*#71#.)-%&!%7!);#!-&(-,;)(!%7!A%2#*7/1!+.)%*(! +&'! );#-*! 0%/&'#'Z*+)-%&+1-)$! 2;-.;! '#)#*8-&#(! ;%2! );#$! +.)! /A%&! -&7%*8+)-%&! );#$! *#.#-5#! dE#A%/)*#`! NUURf! QTV! M+80*-.<!_!9+(%&`!QTRWeD!K%&(#I/#&)1$`!);-(!);#%*$!+*,/#(!);+)!);#!2+$!-&!2;-.;!);#!#&5-*%&8#&)!-(!A#*.#-5#'!0$!);#! 7-*8b(!'#.-(-%&!8+<#*(!-(!8%*#!-8A%*)+&)!);+&!);#!#&5-*%&8#&)!-)(#17D!

(28)

!

C3A3A!?).&50#)F/1.)*!=6)'!

(29)

+*#!'#7-&#'!+(!%*,+&-a+)-%&+1!+&'!()*+)#,-.!*%/)-&#(!0$!2;-.;!8+&+,#*(!+.I/-*#!*#(%/*.#(`!8%'-7$!);#8`!-&)#,*+)#!);#8`! +&'!*#.%80-&#!);#8!)%!,#&#*+)#!&#2!5+1/#Z.*#+)-&,!()*+)#,-#(Dj!d@+**-,+!_!9#1#`!NUUWB!XWe!! !

! F$&+8-.! .+A+0-1-)-#(! );/(! +*#! );#! %*,+&-a+)-%&+1! +&'! ()*+)#,-.! A*%.#((#(! 0$! 2;-.;! 7-*8(! +.;-#5#! &#2! *#(%/*.#! .%80-&+)-%&(!+(!8+*<#)(!#8#*,#`!.%11-'#`!(A1-)`!#5%15#`!+&'!'-#b`!2;-.;!-(!2;$!);#$!+*#!#(A#.-+11$!-8A%*)+&)!-&!+!*+A-'1$! .;+&,-&,! #&5-*%&8#&)! d^-(#&;+*')! +&'! 9+*)-&`! NUUUB! QQUPeD! K;+*+.)#*-()-.(! %7! '$&+8-.! .+A+0-1-)-#(! +*#! );#-*! A+);! '#A#&'#&.#!+&'!);+)!);#(#!%*,+&-a+)-%&+1!A*%.#((#(!+*#!*#1+)#'!)%!7-*8Z(A#.-7-.!*#(%/*.#(!dE+))#8+&`!3.;&#-'#*!_!=/A<#`! NUUPeD! 6..%*'-&,! )%! E+))#8+&! #)! +1D! );#(#! +*#! +1(%! );#! .;+*+.)#*-()-.(! );+)! #SA1+-&! );#! 5+1/#! %7! '$&+8-.! .+A+0-1-)-#(! -&! *#1+)-%&!)%!(/()+-&+0-1-)$`!+&'!#(A#.-+11$!A*%Z+.)-5#!(/()+-&+0-1-)$D!3#5#*+1!%);#*!+/);%*(!;+5#!#8A1%$#'!);#(#!>"C!-&!%*'#*! )%!*#5#+1!2;#);#*!+&'!;%2!(/()+-&+0-1-)$!8+$!.%&()-)/)#!+!/&-I/#!*#(%/*.#!%*!.+A+0-1-)$!)%!+!7-*8(!+&'!);/(!;%2!-)!.+&! -8A+.)! +! 7-*8b(! A#*7%*8+&.#! dM+*)`! QTTXeD! 6! ()/'$! 0$! "*+&.%! +&'! >%'*-,/#(! dNUUOe! #8A1%$! );#! >"J! )%! (;%2! ;%2! (/()+-&+0-1-)$! 8+$! 0*-&,! );#8! 0%);! -&)#*&+1! +&'! #S)#*&+1! 0#&#7-)(D! 4&)#*&+1! 0#&#7-)(! -&.1/'#! );#! '#5#1%A8#&)! %7! &#2! *#(%/*.#(!+&'!.+A+0-1-)-#(`!2;-.;!1#+'!)%!+!8%*#!#77-.-#&)!/(#!%7!*#(%/*.#(D!61(%!+!7-*8b(!(%.-+1!#&,+,#8#&)!8+$!*#(/1)!-&!+! ;-,;#*!.%88-)8#&)!%7!#8A1%$##(!$-#1'-&,!5+*-%/(!+'5+&)+,#(!(/.;!+(!+!1%2#*!+0(#&)##-(8!+&'!)/*&%5#*`!1%2#*!)*+-&-&,! .%()(! +&'! +! ;-,;#*! A*%'/.)-5-)$! d"*+&.%! _! >%'*-,/#(`! NUUOeD! ^S)#*&+1! 0#&#7-)(! %7! (/()+-&+0-1-)$! +*#! -&! )/*&! *#1+)#'! )%! -)(! #77#.)!%&!.%*A%*+)#!*#A/)+)-%&`!2;-.;!.+&!0#!'#(.*-0#'!+(!+&!-&)+&,-01#!*#(%/*.#`!2;-.;!.+&!0#!A%(-)-5#1$!%*!&#,+)-5#1$! +77#.)#'! 0$! '#.-(-%&(! %&! 2;#);#*! %*! &%)! )%! #&,+,#! -&! (/()+-&+0-1-)$! +.)-5-)-#(! +&'! '-(.1%(/*#D! 6'5+&)+,#(! %7! +! ,%%'! *#A/)+)-%&!-&.1/'#!-8A*%5#'!*#1+)-%&(!2-);!#S)#*&+1!A+*)-#(`!-&.*#+(#'!8%*+1#!+&'!.%88-)8#&)!%7!./**#&)!#8A1%$##(!+&'! );#!+))*+.)-%&!%7!0#))#*!#8A1%$##(!d"*+&.%!_!>%'*-,/#(`!NUUOeD!! ! !

!

C3C!78%-9).6.!&;!.-01-)+6#!,1%1+),)%-!:)0.:)#-6=).!

:;#!+0%5#!'-(./((-%&!%7!%/)(-'#Z-&!+&'!-&(-'#Z%/)!()*+)#,-.!8+&+,#8#&)!A#*(A#.)-5#(!;+5#!$-#1'#'!8+&$!*#1#5+&)!-&(-,;)(! );+)! +11! .+&! 0#! /(#'! 2;#&! '#(-,&-&,! &#2! K3>! 8+&+,#8#&)! )%%1(! );+)! #&+01#! 7-*8(! )%! -&.*#+(#! );#-*! K3C! 2;-1()! (-8/1)+&#%/(1$!-&.*#+(-&,!KYCD!:;#!7-&'-&,(!%7!0%);!);#!%/)(-'#Z-&!+&'!-&(-'#Z%/)!A#*(A#.)-5#(!+*#!&%)!8/)/+11$!#S.1/(-5#`! )%!);#!.%&)*+*$!);#$!.+&!0#!.%8A1#8#&)+*$D!K%&(#I/#&)1$!);#!($&);#(-(!%7!);#!5+*-%/(!A#*(A#.)-5#(!;+(!$-#1'#'!&#2!+&'! %7)#&!8%*#!.%8A1#)#!);#%*-#(!%7!()*+)#,-.!8+&+,#8#&)!2;-.;!8+$!0#!8%*#!#77#.)-5#!-&!#SA1+-&-&,!;%2!K3>!+.)-5-)-#(!$-#1'! +!.%8A#)-)-5#!#',#D!

!

C3C32!M1:1/6(6-8!/1.)*!=6)'!

(30)

K6+50)!]!L!75.-16%1/6(6-8!1.!1!*8%1,6#!#1:1/6(6-8!

E+))#8+&! #)! +1D! dNUUPe! -&5#()-,+)#'! );#! *#1+)-%&(;-A! 0#)2##&! );#! );*##! 7+.)%*(!%7!);#!'$&+8-.!.+A+0-1-)-#(!dA*%.#((#(`!A%(-)-%&(!+&'!A+);(e!)%!);#! K3>!)%A-.D!:;#$!.%&.1/'#'!);+)!K3>!+.)-5-)-#(!8+$!0#!+AA1-#'!-&!%*'#*!)%! +'+A)`!A*%.#((#(`!()*+)#,-#(!+&'!%*,+&-a+)-%&+1!()*/.)/*#(!)%!.%&)-&/%/(1$! #&5-*%&8#&)+1! .%&'-)-%&(D! E-<#! '$&+8-.! .+A+0-1-)-#(! K3>! -(! (+-'! )%! 0#! 1-&<#'!)%!+!7-*8b(!-&)#*&+1!*#(%/*.#(D!9%*#%5#*!K3>!-(!(##&!)%!+77#.)!);#! 7-*8b(!.%8A#)-)-5#!A%(-)-%&`!?/()!1-<#!'$&+8-.!.+A+0-1-)-#(!'%!d:##.#!#)!+1D`! QTTPeD!:;#$!+*#!+1(%!(##&!+(!+!'$&+8-.!.+A+0-1-)$!(-&.#!);#$!'#A#&'!%&! A+);!A*%.#((#(!+(!K3>!<&%21#',#!+&'!#SA#*-#&.#!'#5#1%A(!%5#*!)-8#D!4&! );-(! 2+$! K3>! +.)-5-)-#(! .+&! -&71/#&.#! +! 7-*8b(! .%8A#)-)-5#! A%(-)-%&! +&'! );/(!.+&!0#!)/*&#'!-&)%!'$&+8-.!.+A+0-1-)-#(D!! :.)$C&!I!T#//&1#+!&/!#*A,!566KA!! !

!

C3C3A!<1-501(!0).&50#)!/1.)*!=6)'!

4&(A-*#'!0$!);#!&##'!)%!.;+&,#!);#!&+)/*#!%7!#.%&%8-.!+.)-5-)$!-&!%*'#*!)%!+5%-'!-**#5#*(-01#!'+8+,#!)%!);#!A1+&#)n(!0+(-.! #.%1%,-.+1!($()#8(`!3)/+*)!M+*)!dQTTXe!;+(!'#5#1%A#'!+!8%*#!.%8A1#)#!8%'#1!%7!);#!>"J!0$!-&.1/'-&,!+(A#.)(!%7!'$&+8-.! .+A+0-1-)-#(! +&'! +! 1-&<! 2-);! );#! #S)#*&+1! #&5-*%&8#&)D! 6(! #SA1+-&#'! 0#7%*#! );#! )*+'-)-%&+1! >"J! ;+5#! &#,1#.)#'! );#! .%&()*+-&)(!7*%8!);#!0-%A;$(-.+1!#&5-*%&8#&)D!M+*)!dQTTXe!%&!);#!%);#*!;+&'!#80*+.#(!+(A#.)(!%7!'$&+8-.!.+A+0-1-)-#(!0$! -&)#,*+)-&,!);#!.;+11#&,#!%7!);#!&+)/*+1!#&5-*%&8#&)!-&!);#!);#%*$!1+0#1#'!);#!+#/)$#*!$&4.)$C&!;#4&0!=%&9A!M-(!8+-&!A%-&)! -(! );+)! );#! .%&()*+-&)(! +&'! .;+11#&,#(! -&.*#+(-&,1$! A%(#'! 0$! );#! &+)/*+1! #&5-*%&8#&)! 2-11! '*-5#! +&'! +..#1#*+)#! );#! '#5#1%A8#&)!%7!&#2!.+A+0-1-)-#(D!M#!+*,/#(!);+)!);#!0+(-(!7%*!%0)+-&-&,!+!.%8A#)-)-5#!+'5+&)+,#!-&!);#!7/)/*#!-(!*%%)#'!-&! +! (#)! %7! #8#*,-&,! .+A+0-1-)-#(! (/.;! +(! i2+()#! 8-&-8-a+)-%&`! ,*##&! A*%'/.)! '#(-,&! +&'! )#.;&%1%,$! .%%A#*+)-%&! -&! );#! '#5#1%A-&,!2%*1'j!dM+*)`!QTTXeD!!

(31)

!

>1/()!2!L!"!<1-501(!?).&50#)F^1.)*!_6)'!O!M&%#):-51(!K01,)'&0$!!

7-01-)+6#! M1:1/6(6-8!

`%=60&%,)%-1(!G06=6%+!K&0#)! [)8!?).&50#)! M&,:)-6-6=)!"*=1%-1+)!

C%11/)-%&!

C*#5#&)-%&! 9-&-8-a#! #8-((-%&(! #771/#&)(! _!2+()#! K%&)-&/%/(!-8A*%5#8#&)(! E%2#*!.%()(! C*%'/.)!

3)#2+*'(;-A! 9-&-8-a#! 1-7#Z.$.1#! .%()! %7!A*%'/.)(! 3)+<#;%1'#*!-&)#,*+)-%&! C*##8A)!.%8A#)-)%*(! 3/()+-&+01#!

F#5#1%A8#&)! 9-&-8-a#!#&5-*%&8#&)+1!0/*'#&!%7!7-*8!,*%2);!+&'!'#5#1%A8#&)! 3;+*#'!5-(-%&! Y/)/*#!A%(-)-%&!

20.D/&0!E$.1!H#$/!>7MMU?A!

!

!

!

C3C3C!4%.-6-5-6&%1(!L!0).&50#)!/1.)*!:)0.:)#-6=)!

:;#!-&()-)/)-%&+1Z!*#(%/*.#!0+(#'!d4>"e!A#*(A#.)-5#!'#5#1%A#'!0$!K;*-()-&#!L1-5#*!-(!#(A#.-+11$!-&)#*#()-&,!(-&.#!-)!&%)!%&1$! .%80-&#(!)2%!A#*(A#.)-5#(!0/)!-)!+.)/+11$!0*-',#(!);#!-&)#*&+1!+&'!#S)#*&+1!A#*(A#.)-5#(!%7!()*+)#,-.!8+&+,#8#&)D!L1-5#*! .%80-&#'!);#!%/)(-'#Z-&!%*-#&)#'!-&()-)/)-%&+1!);#%*$!+&'!);#!>"J!2;-.;!-(!+&!-&(-'#Z%/)!A#*(A#.)-5#D!L1-5#*!+*,/#'!);+)! i*&4.)$C&4!4&*&C/%.+!#+0!4)4/#%+#;*&!C.1D&/%/%=&!#0=#+/#3&!#$&!D$.E.)+0*B!%+E*)&+C&0,!#/!/8&!%+0%=%0)#*,!E%$1!#+0!%+/&$E%$1! *&=&*,!;B!/8&!%+4/%/)/%.+#*!C.+/&S/!.E!$&4.)$C&!0&C%4%.+4@!dL1-5#*`!QTTPeD!4&!1-&#!2-);!);#!*#(%/*.#Z0+(#'!5-#2!L1-5#*!()+)#(! );+)! 0%);! +! 7-*8b(! *#(%/*.#! .;+*+.)#*-()-.(! +&'! );#! .+A+0-1-)-#(! )%! /(#! );#8! +*#! -8A%*)+&)! A*#./*(%*(! %7! %*,+&-a+)-%&+1! A#*7%*8+&.#D! 3;#! ;%2#5#*! +''(! -'#+(! 7*%8! -&()-)/)-%&+1! );#%*$! )%! );-(! -&(-'#Z%/)! A#*(A#.)-5#! 0$! +*,/-&,! );+)! );#$! .%&)*-0/)#!)%!7-*8!A#*7%*8+&.#!%&1$!)%!);#!#S)#&)!);+)!);#$!+*#!5+1/#'!-&!);#!#S)#*&+1!-&()-)/)-%&+1!.%&)#S)!dL1-5#*`!QTTPB! PQUeD! :;-(! -8A1-#(! );+)! ,%5#*&8#&)! *#,/1+)-%&! %*! .#*)+-&! A%1-.-#(`! .+&! .;+&,#! );#! -&()-)/)-%&+1! .%&)#S)! 8+<-&,! .#*)+-&! *#(%/*.#(!*+*#!%*!5+1/+01#!dL1-5#*`!QTTPeD!!

(32)

!

!

C3E!"!,&=)!/)8&%*!.-01-)+6#!.5.-16%1/6(6-8!!

>#,+*'1#((! %7! );#! #8A-*-.+1! A*%%7! %&! 2+$(! -&! 2;-.;! .%8A+&-#(! .+&! )*+&(1+)#! (/()+-&+0-1-)$! -&)%! +! ()*+)#,-.! 0#&#7-)`! -&! A*+.)-.#!(/()+-&+0-1-)$!%7)#&!*#8+-&(!-(%1+)#'!7*%8!-)(!0/(-&#((!%A#*+)-%&(D!:;#!)*+'-)-%&+1!+AA*%+.;!%77#*#'!0$!()*+)#,-.! 8+&+,#8#&)!1-)#*+)/*#!8+$!&%)!%77#*!%*,+&-a+)-%&(!);#!+AA*%A*-+)#!,/-'+&.#!%&!8.9!)%!8##)!);#!(/()+-&+0-1-)$!.;+11#&,#D! :;-(!(#.)-%&!+*,/#(!);+)!+&!-&&%5+)-%&!.+A+0-1-)$!8%'#1!8+$!0#!);#!<#$!)%!#77#.)-5#1$!-&)#,*+)-&,!(/()+-&+0-1-)$!);*%/,;%/)! );#!%*,+&-a+)-%&D!!

3)*+)#,-.! 8+&+,#8#&)! 1-)#*+)/*#! ;+(! &%)! %&1$! A*%5-'#'! 0/(-&#((! 2-);! (/77-.-#&)! A*%%7! %7! );#! +''#'! 5+1/#! %7! +! .1#+*! (/()+-&+0-1-)$!()*+)#,$D!4)!+1(%!%77#*#'!.1#+*!-&(-,;)(!%&!8#'-+)-&,!+&'!8%'#*+)-&,!5+*-+01#(!);+)!;#1A!)%!0/-1'!);#!0/(-&#((! .+(#! 7%*! (/()+-&+0-1-)$D! >#,+*'1#((! %7! );#! #8A-*-.+11$! A*%5#&! 0#&#7-)(! %7! +''*#((-&,! (/()+-&+0-1-)$! +)! +! ()*+)#,-.! 1#5#1`! -&! A*+.)-.#! -)! 0#.%8#(! .1#+*! );+)! (/()+-&+0-1-)$! ()-11! %7)#&! *#8+-&(! -(%1+)#'! 7*%8! +! 7-*8b(! '+-1$! %A#*+)-%&(! d=+)(%/1+<%(! _! =+)(%/1+<%(`! NUUPeD! ^5#&! );%/,;! .%8A+&-#(! +.<&%21#',#! );#! -8A%*)+&.#! %7! (/()+-&+0-1-)$! 0$! A1+.-&,! );#! )%A-.! %&! );#! ()*+)#,-.!+,#&'+`!5#*$!1-))1#!.%8A+&-#(!;+5#!(/..##'#'!-&!)*+&(7%*8-&,!);#-*!+.)-5-)-#(!+..%*'-&,1$D!:;-(!(##8(!)%!A%-&)!-&! );#! '-*#.)-%&! );+)! );#! )*+'-)-%&+1! +AA*%+.;! %77#*#'! 0$! ()*+)#,-.! 8+&+,#8#&)! 1-)#*+)/*#! 8+$! &%)! %77#*! %*,+&-a+)-%&(! );#! +AA*%A*-+)#!,/-'+&.#!%&!8.9!)%!8##)!);#!(/()+-&+0-1-)$!.;+11#&,#D!!

! :;#! %0()+.1#! )%! +&! #77#.)-5#! -&)#,*+)-%&! %7! (/()+-&+0-1-)$! -&! );#! %*,+&-a+)-%&! -(! &%)! )%! 0#! 7%/&'! -&! +! 1+.<! %7! (/()+-&+01#!+80-)-%&`!0/)!*+);#*!-&!);#!8+&&#*!-&!2;-.;!.%8A+&-#(!+*#!%*,+&-a#'D!H;#*#+(!);#!(/()+-&+0-1-)$!.;+11#&,#! *#I/-*#(! i'%-&,! );-&,(! '-77#*#&)1$j`! .%8A+&-#(! +*#! ,#&#*+11$! %*,+&-a#'! )%! i'%! );-&,(! 0#))#*jD! C%*)#*! +&'! =*+8#*! dNUUOe! -&'##'!+*,/#!);+)!.%8A+&-#(!;+5#!)%%!%7)#&!*#,+*'!(/()+-&+0-1-)$!-&!+!*+);#*!,#&#*-.!8+&&#*`!-&()#+'!%7!(##<-&,!;%2!)%! #80#'!(/()+-&+0-1-)$!-&!);#!%*,+&-a+)-%&!-&!+!2+$!);+)!0#()!(/-)(!+!7-*8b(!(A#.-7-.!%A#*+)-%&(!+&'!A*+.)-.#(D!:;#$!#S;-0-)!);+)! 0$! )*+&(1+)-&,! (%.-+1! *#(A%&(-0-1-)$! -&)%! +! .%8A+&$b(! .%*#! 0/(-&#((! A*%.#((#(! -)! .+&! 0#.%8#! +! (%/*.#! %7! %AA%*)/&-)$`! -&&%5+)-%&! +&'! .%8A#)-)-5#! +'5+&)+,#! -&()#+'! %7! +! .%&()*+-&)! %*! .;+*-)+01#! '##'D! M#&.#`! );#! ./**#&)! +AA*%+.;! )%! (/()+-&+0-1-)$!-&(A-*#'!0$!()*+)#,-.!8+&+,#8#&)!1-)#*+)/*#!'%#(!&%)!(##8!)%!A*%5-'#!0/(-&#((!2-);!);#!&##'#'!,/-'+&.#! +&'! (;%/1'! );#*#7%*#! 0#! *#+((#((#'! +&'! *#A1+.#'! dC%*)#*! _! =*+8#*`! NUUO?A! :;-(! (;-7)! 7*%8! 5-#2-&,! (/()+-&+0-1-)$! +(! +&! %A#*+)-%&+1! #S.#11#&.#! #S#*.-(#! )%! %&#! %7! (/()+-&+01#! -&&%5+)-%&! *#I/-*#(! '-77#*#&)! %*,+&-a+)-%&+1! '$&+8-.(! +&'! '#(-,&D:;-(!()/'$!2-11!);#*#7%*#!#SA1%*#!+&!+1)#*&+)-5#!+AA*%+.;!)%!.%*A%*+)#!(/()+-&+0-1-)$`!2;-.;!.%8#(!7*%8!);#!+*#+!%7! -&&%5+)-%&D!!

(33)

+''*#((#(!-&&%5+)-%&!.+A+0-1-)-#(!-&!%*,+&-a+)-%&(!0$!+1(%!-&.1/'-&,!-&)#*+.)-%&!2-);!);#!%*,+&-a+)-%&+1!#&5-*%&8#&)D!Y%*! );-(! *#(#+*.;! -&! 2;-.;! (/()+-&+0-1-)$! -(! +AA*%+.;#'! 7*%8! +&! -&&%5+)-%&! +&,1#`! );#! +7%*#8#&)-%&#'! .;+*+.)#*-()-.(! +*#! -8A%*)+&)!+(!(#5#*+1!(.;%1+*(!;+5#!()*#((#'!);#!5+1/#!%7!+!'$&+8-.!+&'!-&)#*+.)-5#!A#*(A#.)-5#!*#,+*'-&,!);#!1-&<!0#)2##&! .%*A%*+)#!(/()+-&+0-1-)$!+&'!-&&%5+)-%&!d9-'))/&`!NUUPeD!!

! F$&+8-.! .+A+0-1-)-#(! );#%*$! -&! (A#.-7-.! -(! *#1#5+&)! +(! -)! 7%11%2(! 7*%8! );#! *#(%/*.#Z0+(#'! 5-#2! %7! );#! 7-*8! +(! 8#&)-%&#'!#+*1-#*!-&!);-(!*#(#+*.;`!+&'!+(!(/.;!#8A;+(-a#(!);#!-&)#,*+)-%&`!0/-1'-&,!+&'!*#.%&7-,/*+)-%&!%7!0%);!-&)#*&+1! +&'!#S)#*&+1!.+A+0-1-)-#(!-&!.;+&,-&,!#&5-*%&8#&)(D!:;-(!.+A+0-1-)-#(!5-#2!%7!-&&%5+)-%&!);#*#7%*#!+((#((#(!);#!#S)#&)!-&! 2;-.;! +&! %*,+&-a+)-%&! -(! +01#! )%! 7+.-1-)+)#! -&&%5+)-%&! +&'! %AA%*)/&-)-#(! 7%*! 0/(-&#((! *#&#2+1D! :;#! -&&%5+)-%&! .+A+0-1-)$! 8%'#1! A*#(#&)#'! 0$! LbK%&&%*! dNUURe! .%&(-()(! %7! (#5#&! (#A+*+)#! %*,+&-a+)-%&+1! #1#8#&)(! );+)! +*#! 1-&<#'! );*%/,;! ($&#*,#)-.!*#1+)-%&(;-A(!+&'!+(!+!2;%1#!7%*8!+!8+&+,#8#&)!($()#8!d(##!7-,/*#!QeD!:;#!(#5#&!#1#8#&)(!*#A*#(#&)#'!-&!);#! 8%'#1! +*#B! ./1)/*#! +&'! 1#+'#*(;-A`! #SA1%*+)%*$! A*%.#((#(! d+1(%! *#7#**#'! )%! +(! i#SA1%*+)-%&je`! -&)#*7+.#! 8#.;+&-(8(`! 8#)*-.(`!(<-11(!+&'!)+1#&)(`!,%5#*&+&.#!+&'!'#.-(-%&Z8+<-&,!+&'!%*,+&-a+)-%&+1!()*/.)/*#D!61);%/,;!);#!#1#8#&)(!+*#!);%(#! 7*%8! LbK%&&%*b(! );#%*$`! );#! .%&7-,/*+)-%&! %7! );#! #1#8#&)(! -(! +'?/()#'! 0+(#'! %&! A*#5-%/(! 1-)#*+)/*#! %&! (/()+-&+0-1-)$! -&! %*'#*!)%!0#.%8#!);#!8%'#1!%7!34!dL1-5#*`!QTTPf!C%*)#*!_!=*+8#*`!NUUOf!9-'))/&`!NUUPf!^1#<+&`!NUUTeD!!

(34)

!

E3!75.-16%1/()!4%%&=1-6&%!F!`@:(&06%+!-9)!a!)(),)%-.!!

!

>96.! #91:-)0! :0&=6*).! -9)! /1#$+0&5%*! 6%;&0,1-6&%! %)#)..108! -&! 5%*)0.-1%*! -9)! ,&*)(! &;!

75.-16%1/()!4%%&=1-6&%!Q74R3!>9)!;&0,)0!#91:-)0!)@:(16%)*!-9)!.)()#-6&%!&;!1%!6%%&=1-6&%!#1:1/6(6-6).!

,&*)(I!'96#9!#&%.6.-.!&;!.)=)%!.):101-)!&0+1%6H1-6&%1(!)(),)%-.!-91-!10)!(6%$)*!-90&5+9!.8%)0+)-6#!

0)(1-6&%.96:.!6%!&0*)0!-&!;&0,!1!,1%1+),)%-!.8.-),3!>96.!#91:-)0!*6.#5..).!-9)!a!&0+1%6H1-6&%1(!

)(),)%-.!/8!0);)006%+!-&!1!.)()#-6&%!&;!0)()=1%-!-9)&06).!1%*!#&%#(5.6&%.!&;!:06&0!.-5*6).3!!

4&! );#! A*#5-%/(! .;+A)#*! );#! *#1#5+&.#! %7! +! 7-*8! .+A+0-1-)-#(! 8%'#1! );+)! 7+.-1-)+)#(! (/()+-&+01#! -&&%5+)-%&! ;+(! 0##&! '-(./((#'!+&'!LbK%&&%*b(!7-*8!.+A+0-1-)-#(!7*+8#2%*<!2+(!(#1#.)#'!+(!);#!0+(-(!7%*!);-(!I/+&)-)+)-5#!()/'$D!:;-(!.;+A)#*! 0/-1'(! 7/*);#*! %&! );#! ,#&#*+1! .%&.#A)-%&! );+)! )*+'-)-%&+1! 0/(-&#((! +AA*%+.;#(! )%! (/()+-&+0-1-)$! d,*%/&'#'! -&! ()*+)#,-.! 8+&+,#8#&)e!'%!&%)!#&+01#!.%8A+&-#(!)%!#77#.)-5#1$!-&.%*A%*+)#!(/()+-&+0-1-)$!-&!);#-*!%A#*+)-%&(D!:;-(!.;+A)#*!'-(./((#(! );#! %*,+&-a+)-%&+1! 8%'#1! %7! 34! d(##! 7-,/*#! QeD! 4)! #1+0%*+)#(! %&! );#! P! (#A+*+)#! %*,+&-a+)-%&+1! #1#8#&)(! +&'! );#-*! .%&7-,/*+)-%&`!&+8#1$f!K/1)/*#!_!E#+'#*(;-A`!^SA1%*+)-%&`!4&)#*7+.#!9#.;+&-(8(`!9#)*-.(`!3<-11(!_!:+1#&)(`!@%5#*&+&.#!_! F#.-(-%&Z8+<-&,!+&'!3)*/.)/*#D!:;#!.%&7-,/*+)-%&!%7!);#(#!#1#8#&)(!-(!0+(#'!%&!+!*#5-#2!%7!+.+'#8-.!1-)#*+)/*#!+&'!);#! *#(/1)(!%7!+!I/+1-)+)-5#!()/'$!%7!X!0#()!A*+.)-.#(!0$!^1#<+&!dNUUTe!-&!A+*)-./1+*D!"$!'-(./((-&,!);#!(#A+*+)#!#1#8#&)(!);-(! .;+A)#*!0/-1'(!+!8%'#1!);+)!'#1-&#+)#(!8.9!.%8A+&-#(!.+&!8%5#!7*%8!+&!+))-)/'#!%7!i'%-&,!);-&,(!0#))#*j!)%2+*'(!i'%-&,! );-&,(! '-77#*#&)1$jD! 4)! 2-11! 0#.%8#! .1#+*! );+)! ;#*#-&! -&&%5+)-%&! .+A+0-1-)-#(! +&'! );#! (%.-+1! +))*-0/)#(! %7! +&! %*,+&-a+)-%&! 0#.%8#!-&.*#+(-&,1$!-8A%*)+&)D!!

K6+50)!2b!L!c&*)(!&;!75.-16%1/()!4%%&=1-6&%!

!

Referenties

GERELATEERDE DOCUMENTEN

Begin mei vroegen de Bomenridders per mail aandacht voor het verdwijnen van groen op de bouwkavels Nijverheidsweg.. Diezelfde dag nog reageerde een projectleider en beloofde hier op

Kişinin duygularını kontrol gücünü yitirmesi / veya kontrol

Aan het juiste antwoord op een meerkeuzevraag wordt één

JKLMMNONKPQRMSQSMRKPM*KSKTUSKVMWQKPXXQKYNKZXWQQ[OKONMMNKPXXQ *KRQXXNKSLK\*KYNKN]*KPM*K^QX*\*R*_KJX*SQSMRW\SSMRK`OaQ]NKS mVM KPQONd Q]\8 *RK ne P,M*K Z$$ *K

bestek nr:.

bestek nr:.

[r]

d) Above the critical voltage of 9kV electrons from the K shell can be removed. Filling of these orbitals by L or M orbital electrons results in quantized energy release