L[baecc[d j_b [j boij f[dj ^`[c c[Z ^´o jh_li[bi\Wajeh$ Middelthunsgate 13
v v v r r zv u ~ ~vx}z x
C_ZZ[bj^kdi ]Wj[ ')
=`[ddec] [dZ[ Eff^ebZihecc[j ^Wh l_dZk[h _ f X[]][ i_Z[h iec iaWf[h [d boi e] f[d \´b[bi[$
<WajW
EffZhW]idkcc[h0 .'*&&,,
J_bX[^´h0 :[j ]`´h[i effc[haiec fW --.1 do b_ij[ l[Zh$ j_bX[^´h e] b´i´h[ \hW Deh][i ;_[dZecic[]b[h\ehXkdZ iec ]`[bZ[h \hW &'$&($(&'($ <´b][h l[ZbW]j$ ?dj[]h[hj[ ^l_j[lWh[h c[Z\´b][h Xeb_][d$
8[j[]d[bi[0 C_ZZ[bj^kdi ]Wj[ ')" &),.Eibe$ 7dZ[bidh$ _ C_ZZ[bj^kd 8eb_]iWc[_[" eh]$ dh$ //+,,'.*+$ =dh$ ('+" Xdh$ '++ _ Eibe aecckd[$
AecckdWb j_badojd_d]0 AecckdWb[ Wl]_\j[h [h _dabkZ[hj _ \[bb[iaeijdWZ[d[$
Jof[ [_[dZec0 B[_b_]^[j Fh_iWdjoZd_d]0 Ah$ *$//&$&&&"# ! eca$
;_[h0 CWZ[b[_d[ IjhWdZ 9^h_ij_Wd IjhWdZ
L[hZ_jWaij0 +$'&&$&&&"#
C[]b[h\_hcW0 Eibe 7I eh]$dh0 //* +(* /*'
<Wij[ b´f[dZ[ aeijdWZ[h f[h cdZ0 ( ./-"# ?dabkZ[h[h0 AecckdWb[ Wl]_\j[h" aWX[b#JL" \[bb[i \ehi_ah_d]" Zh_\j e] l[Zb_a[^ebZ" c[Z c[h$
:_l[hi[0 8eb_][d ^Wh \[hZ_]Wjj[ij kjij[Zj '/('$ <´b][h l[ZbW]j$ :[j \eh[b_]][h _aa[ ]eZa`[dj[ Xo]d_d]ij[]d_d][h \hW aecckd[d$ :[j l_j[i Z[h\eh _aa[ ec Xeb_][d [h [dZh[j kj _\hW Z[ ]eZa`[dj[ Xo]d_d]ij[]d_d][d[$
AecckdWb[ Wl]_\j[h0 AecckdWb[ Wl]_\j[h [h _dabkZ[hj _ \[bb[iaeijdWZ[d[$ 8jW % 8hW % F#hec0 '', % '&* % '&* c($ Fh_c³hhec0 =Wd]" iel[hec" ijk[" iel[hec (" iel[hec )" a`´aa[d" XWZ%mY$
?dj[h[ii[dj[h eff\ehZh[i j_b kdZ[hi´a[ Xeb_][d ]eZj \´h [l[djk[bb XkZ]_ld_d]" ]`[hd[ iWcc[d c[Z iWaaodZ_]$ 8eh[jjibW][j ^Wh b[]WbfWdj \eh \eh\Wbj[ \[bb[iaeijdWZ[h _^^j Xeh[jjibW]ibel[d +#(&$ FWdj[j [h X[]h[di[j effWZ j_b (=" = 3 \eba[jho]Z[di ]hkddX[b´f $
EfflWhc_d]0 B[_b_]^[j[d lWhc[i fh_c³hj eff l[Z ^`[bf Wl [b[ajh_i_j[j c[Z fWd[beld[h" iWcj ]kbllWhc[ f XWZ[j$:[j [h e]i eff\´hj _ddXo]][j f[_i c[Z ]bWiiZ´h f a`´aa[d[j" iWcj cedj[hj l[Zeld _ ijk[d$
:oh[^ebZ [h j_bbWjj$
;d[h]_Wjj[ij0 EfflWhc_d]iaWhWaj[h EhWdi`[$ ;d[h]_aWhWaj[h =
:[j effboi[i ec Wj _d][d aWd [_[ c[h [dd je Xeb_]i[ai`ed[h _ iWc[_[j" `\h$ bel ec [_[hi[ai`ed[h (($
FWha[h_d]0 =Wj[fWha[h_d] [jj[h ij[Z[ji X[ij[cc[bi[h$ :[j aWd l³h[ ckb_]^[j \eh b[_[ fWha[h_d]ifbWii \b[h[ ij[Z[h _ d³hech Z[j$
IWc[_[j ^Wh b[]WbfWdj \eh \eh\Wbj[ \[bb[iaeijdWZ[h _^^j [_[hi[ai`edibel[d (+$ FWdj[j [h X[]h[di[j effWZ j_b \eba[jho]Z[di ]hkddX[b´f$
8o]][c j[0 >[dj[j \hW l[hZ_# e] b d[jWaij0 7djWh ij´fj f ijWX_b[ aecfh_c[hj[ cWii[h$ =hkddckh _ ij´fj X[jed]$ Ojj[hl[]][h _ j[]bij[_diaedijhkai`ed iec [h kjl[dZ_] fkii[j$ JWa Wl i[h e] if[hh[aedijhkai`ed$ KdZ[hjWa Wl hkfWd[b j[aa[j c[Z jWafWff e] WdjWjj jWaij[_d$ JWa[j [h akd _dif_i[hj \hW XWaa[d_l $
8o]d_d][d b_]][h kdZ[h XoWdj_alWh[di ]kb[ b_ij[ el[h X[lWh_d]il[hZ_][ Xo]d_d][h$ ?^^j i[b][hi [][d[hab³h_d]iia`[cW0 '+$ Ijoh[b[Z[h ^Wh do j_bijWdZihWffehj$
7Z]Wd] j_b kjb[_[0 ;_[dZecc[d aWd akd b[_[i kj j_b Xeb_]\ehcW --.1b$ 8eb_][d ^Wh _aa[ kjb[_[ckb_]^[j[h iec eff\obb[h e\\[djb_]h[jjib_][ ahWl j_b kjb[_[[d^[j[h$
:_l[hi[ \eh^ebZ l[Z [_[dZecc[d0 '$ Dojj YWbb_d]#Wdb[]] `WdkWh (&'* ($ Do kj]Wd]iZ´h Z[i[cX[h (&') c[h XhWdd e] boZi_aa[h $ )$ L[dijh[ aea[jeff d[Z[" ^Wh iahkZZ i[] Wl de[d ]Wd][h$ L[dj ( c_dkjj[h \´h f _]`[d$
<ehi_ah_d]0 A`´f[h Zk Xeb_] ]`[ddec 8eW ;_[dZecic[]b_d] aWd Zk j[]d[ 8eb_]a`´f[h\ehi_ah_d] ]`[ddec >;BF$ <ehi_ah_d][d j[]d[i i[d[ij l[Z aedjhWajii_]d[h_d]$ AedjWaj ]`[hd[ c[]b[h \eh kj\obb[dZ[ _d\ehcWi`ed ec 8eb_]a`´f[h\ehi_ah_d] e] >;BF$
?^^j jWaij0 ;_[h effboi[h Wj Z[j \eh[b_]][h [d ckb_]^[j j_b a`´f[ h be\j[j el[h ^l_i cWd iakbb[ ´dia[h e] kjl_Z[$ >[d]i[b f Z´h el[h eld [h Z[\[aj" h[\$ i[b][h$
H[]kb[h_d]0 ;_[dZecc[d [h h[]kb[hj j_b Xeb_]\ehcW --.1b$ <eh ojj[hb_][h[ effboid_d][h i[ l[ZbW]j[ h[]kb[h_d]iaWhj" c[Z X[ij[cc[bi[h$ ;bb[h aedjWaj c[]b[h$ :[j \eh[b_]][h fbWd\ehibW] _dd[d\eh aWhjkjid_jj$ ;_[dZecc[d b_]][h _dd kdZ[h aecckd[Z[bfbWd A:F#') e] A:F#88$
+
<WajW
8o]][ h0 '/&/ Jecj0 )'& c($ ;_[j jecj
Boi e] f[d *#heci i[bl[_[h c[Z ]eZ ijWdZWhZ$ IoZl[ijb_] l[dZj XWbaed] c[Z ieb ZW][d ]`[ddec$ L[bZh[l[j iWc[_[$ Kc_ZZ[bXWh j_b]Wd] j_b CW`ehijkW$ <he]d[h ijWZ_ed jh_aa[ijeff \ c[j[h kddW$ ;da[b j_b]Wd] j_b <he]d[hfWha[d$
,
L[baecc[d
C_ZZ[bj^kdi ]Wj[ ')
'&
D8 8OJJ D7LD$ HecdWld$
C_ZZ[bj^kdi ]Wj[ ')
'*
Ijk[
2 Ijeh _ddl[dZ_] jWa^´oZ[ e] cWd][ l_dZki\bWj[h ]_h ]eZ hec\´b[bi[$ AbWii_ia hkdZeld iec [j Z[aehWj_lj c´X[b 4
:_jj do[ ^`[c
A`´aa[d[j [h fhWaj_ia effXo]][j \eh Waj_l Xhka" Z[h aea[# e] lWia[ied[ iWcj WhX[_Zi\bWj[ f X[da[d [h fbWii[hj _ [d fhWaj_ia e] WdX[\Wbj jh[aWdj#\ehc$ B[]] e]i c[ha[ j_b _dZkai`edijeff[d iec X_ZhWh j_b hWia[h[ j_bX[h[Zd_d] e] ij[a[eld[di fbWii[h_d] _ WhX[_Zi^´oZ[" e] [d ^[dZ_] Z[jWb` iec _iX_jcWia_d f a`´b[iaWf[j$ IaWf_ddh[Zd_d][d [h \hW Il[W" e] Wbb[ ^l_j[lWh[h c[Z\´b][h$
B[_b_]^[j[di ]`[ddec] [dZ[ hecb´id_d] aecX_d[hj c[Z fbWii[h_d] _ \`[hZ[ [jWi`[" ^´oj el[h j[hh[d][j" X_ZhWh j_b ]`[ddecijh´cd_d] Wl Z[j dWjkhb_][ ZW]iboi[j e] [d boi[h[ Wjcei\³h[ iec aecc[h if[i_[bj ijk[d e] a`´aa[d[j j_b ]eZ[$ Hecb´id_d][d ^Wh _ i[] i[bl e]i [j f[dj fh[]" c[Z ]`[ddec]Wd] kj[d Z´h[h X Z[ \hW [djh [d j_b ijk[d e] l_Z[h[ _dd j_b a`´aa[d[j$ Iecc[hij_Z l_b Zk e]i effb[l[ ojj[hb_][h[ [d \ehZ[b c[Z fbWii[h_d] ´l[hij _ Xo]][j # [d XWbaed] kj[d el[hXo]] e] _ ij[Z[j ]eZ[ ieb\eh^ebZ$ >[h\hW ^Wh Zk e]i \_dj kjiod _ h[jd_d] <he]d[hfWha[d" iWcj cej Z[ l[bleaid[ jh³hd[ kj[d\eh iec Xb_h ]h´dd[ _ jWaj c[Z l h[d$ 8Wbaed][di eh_[dj[h_d] _ ioZl[ijb_] h[jd_d] _ fd[ ec]_l[bi[h i_ah[h e]i Wj Zk ^Wh ieb[d \hW hkdZj abeaa[d '' j_b bWd]j kj f al[bZ[d c_Zjiecc[hi$
7bb[ b[_b_]^[j[di jh[ iel[hec [h fbWii[hj cej iWcc[ ioZb_][ ojj[hl[]] e] ^Wh Wbb[ de[ kb_a ij´hh[bi[$ >Wh Zk _aa[ X[^el \eh jh[ iel[hec" aWd [jj [bb[h je ]`[hd[ e]i \kd][h[ iec ^eXXohec e] [j ijehj mWba#_d Ybei[j$ >el[Ziel[hecc[j Xoh f [j X[^W][b_] ijehj e] f[dj fh[]" c[Z h_a[b_] fbWii \eh [d ZeXX[bi[d] e] ikffb[h[dZ[ dWjjXehZ$ 8WZ[j \_dd[h Zk XWa[d\eh a`´aa[d[j" e] [h icWhj _ddh[Z[j c[Z ^`´hd[iaWf e] i[hlWdj" iWcj fbWii j_b X Z[ lWia[cWia_d e] j´ha[jhecc[b$
Ijk[di \Wied] e] ij´hh[bi[ ]`´h Z[j [da[bj c´Xb[h[ c[Z ie\W]hkff[ e] [j ij´hh[ if_i[XehZ d³hc[h[ a`´aa[d[j e] f[_i[d # ]eZ[ ec]_l[bi[h j_b ijkdZ[d[ hkdZj XehZ[j$
'-
C_ZZ[bj^kdi ]Wj[ ')
C_ZZ[bj^kdi ]Wj[ ')
Ijk[d " if_i[ijk[d e] a`´aa[d[j ^[d][h iWcc[d _ [d Z[bl_i f[d b´id_d]$
vf[dj c[bbec if_i[ijk[ e] a`´aa[d$
()
C_ZZ[bj^kdi ]Wj[ ')
(,
)&
A`´aa[d[j ^Wh _dZkai`edijeff e] aec\oh fbWii[hj _ ^e\j[^´oZ[$
Beh[c _fikc Zebeheh[c _fikc Zebeh hWXWhXhW Yedi[gk[h Beh[c _fikc Zebeheh[c _fikc Zebeh hWXWhXhW Yedi[gk[h Beh[c _fikc Zebeheh[c _fikc Zebeh hWXWhXhW Yedi[gk[h Beh[c _fikc Zebeheh[c _fikc Zebeh hWXWhXhW Yedi[gk[h
C_ZZ[bj^kdi ]Wj[ ')
8WZ[j [h \b_ibW]j e] Wh[Wbc[ii_] ]eZj _ddh[Z[j c[Z ]eZ fbWii \eh Zki`^`´hd[ e] fbWii \eh lWia[i´ob[$
87:;HEC
)+
).
>el[Ziel[hec
>el[Ziel[hecc[j Xoh f [j X[^W][b_] ijehj e] f[dj fh[]" c[Z h_a[b_] fbWii \eh [d ZeXX[bi[d] e] ikffb[h[dZ[ dWjjXehZ$
*&
Iel[hec (
>Wh Zk _aa[ X[^el \eh jh[ iel[hec" aWd [jj [bb[h je ]`[hd[ e]i \kd][h[ iec ^eXXohec e] [j ijehj mWba#_d Ybei[j$
*(
**
DWXebW]ifhe\_b
*+
D³hech Z[
[d Wl Z[ cWd][ aW\ [d[ \eh [d aeff lWhc ^o]][" [bb[h jW [j WlXh[aa \hW ^WdZb[hkdZ[d c[Z de[ ]eZj X_j[ _$ F Z[ iebh_a[ iecc[hZW][d[ [h <he]d[hfWha[d [j ^[hb_] ij[Z j_bXh_d][ de[d j_c[h _ ]h[ii[j" [dj[d c[Z [d ]eZ Xea [bb[h \Wleh_jjcki_aa[d f ´h[j$ F l[_ j_b fWha[d aWd Zk ijeff[ _ddec aei[b_][ 9e\\_ ;ifh[iieXWh e] jW c[Z Z[] [d hoa[dZ[ aW\\[if[i_Wb_j[j$ Ec ieb[d iakbb[ Xb_ \eh ^[j ^Wh Zk ckb_]^[j j_b a`´b[ Z[] hWiaj d[Z _ <eh]d[hXWZ[j$ >[h WhhWd][h[i Z[j hb_][ l[hZ[dic[ij[hiaWf[j _ Z´Zi_d]" ijkf[ij_b[d iec iaWb ^W effij jj d[jjeff ^[h f ibkjj[d Wl '/,&#jWbb[j$ :k jWh Z[] [da[bj j_b e] \hW b[_b_]^[j[d c[Z X Z[ jh_aa" Xkii e] [][d X_b$ D³hc[ij[ jh_aa[ijeff [h <he]d[h ijWZ_ed" de[d \ iah_jj kddW ojj[hZ´h[d"
? C_ZZ[bj^kdi ]Wj[ ') l_b Zk Xe Zk c_Zj f CW`ehijkW" akd \ iah_jj kddW 8e]ijWZl[_[di kj[b_l e] ab[i\ehh[jd_d][h" c[di ^el[Zfehj[d j_b _Zobb_ia[ <he]d[hfWha[d [h kdZ[h (&& c[j[h _ cejiWjj h[jd_d]$ 8[b_]][d^[j[d [h [j il³hj ]kdij_] kj]Wd]ifkdaj d h Zk ´dia[h d³h^[j j_b de[ Wl Z[j X[ij[ Xo[d aWd Xo f Wl \ehh[jd_d][h" _ aecX_dWi`ed c[Z [j kjlWb] ]eZ[ h[ijWkhWdj[h e] akbjkh[bb[ j_bXkZ$ ? iWcc[ ]Wj[ \_dd[h Zk Z[d b_bb[" Wi_Wj_ia[ h[ijWkhWdj[d 9khho A[jY^kf iec [h a`[dj \eh i_d _dj_c[ beaWb[ e] i³hfh[][Z[ _dj[h_´h$ F iah el[h ]Wj[d" l_i | l_i <he]d[h IjWZ_ed" \_dd[h Zk h[ddec[hj[ DeZ[[ c[Z if[dd[dZ[ h[jj[h _dd[d\eh Wi_Wd \ki_ed$ B_jj b[d][h ioZ [h 8´b][d e] Ce_ 8h_ia[Xo l[b l[hZj [j X[i´a" a`[dj \eh i_d ]eZ[
úā
úĀ
úÿ
úĂ
úă
úþ úý
úû úü
*,
&*$ ;ZZ[haeff[d j[Wj[h D³hc[ij[ cWjXkj_aa [h H_c_" _ j_bb[]] ^Wh Zk KbjhW e] 9eef$
&*$ IJ7H8K9AI 9E<<;; 8bWdj aW\\[j_bXoZ[hd[ \_dd[h Zk IjWhXkYai
&*$ A7<<;8H;DD;H?;J 7bj[hdWj_lj \_dd[h Zk aW\\[Xh[dd[h_[j _ LWbaoh_[]Wj[d$
&+$@79E8 77BBI F[h\[aj c´j[fbWii \eh [j fWh Zh_da[h c[Z l[dd[h$
&*$ <HEC7=;H?; J_bXoh [j Xh[Zj kjlWb] Wl eij[h$ F[h\[aj j_b h´Zl_dial[bZ[d[$
&*$ 9EBKII;KC A?DE A_deal[bZ5 = ^`[cc[\hW d h \_bch[abWc[d ijWhj[h$
&*$ DE:;; J_bXoh akb_dWh_ia[ effb[l[bi[h$ Kj[i[hl[h_d] ec iecc[h[d$
&*$ <HE=D;HF7HA;D % L?=;B7D:IF7HA;D <eh ]h_bb_d]" jkh] _d] e] b´f[jkh$
D³hech Z[j % 8[b_]][d^[j
&&$ C_ZZ[bj^kdi ]Wj[ ') >[h Xeh Zk i[djhWbj" c_Zj f CW`ehijkW$
*-
:eakc[dj[h
<eh \_dd[ h[b[lWdj[ effboid_d][h ec b[_b_]^[j[d X[i´a l h ^`[cc[i_Z[0 XeW[_[dZec$de%^`[c%.'*&&,,$ ?dj[h[ii[dj[h eff\ehZh[i j_b i[jj[ i[] _dd _ Z_ii[ effboid_d][d[ \´h XkZ]_ld_d][d$ F ^`[cc[i_Z[d l h \_dd[h Zk \´b][dZ[ _d\ehcWi`ed0
#JWaij kj\´hj Wl 9^h_ij_Wd M_[b]eip" ZWj[hj0 &.$&*$(&'* #;][d[hab³h_d]" ZWj[hj0 (.$&)$(&'* #KX[ah[\j[j ]hkddXeaikjiah_\j" 7`ekh fh$0(.$&)$(&'* #I[ai`ed[h_d]#Effboid_d][h \hW \ehh[jd_d]i\´h[h" ZWj[hj0 &-$&*$(&'* #L[Zj[aj[h e] >kiehZ[dih[]b[h #vhic´j[ \eh h (&'( #Fhejeaebb #H[]kb[h_d]iaWhj c[Z X[ij[cc[bi[h" ZWj[hj0 &($&*$'* #7h[WbX[ah[\j[bi[ c[Z c b[Xh[l" ZWj[hj0 &($&*$'* #AecckdWb j_badojd_d] lWdd e] Wlb´f " ZWj[hj0 &($&*$'* #<[hZ_]Wjj[ij" ZWj[hj0 '/(' #C_ZZ[bj^kdi ]Wj[ ') h[] A_ha[l[_[d *' # ?ddh XWZ#M9 # ;ai#Zea Wjj[ij[hj '/+( #C_ZZ[bj^kdi ]Wj[ ') h[] A_ha[l[_[d *' #H[^WX_b_j[h_d] # <[hZ_]Wjj[ij '/., #C_ZZ[bj^kdi ]Wj[ ') h[] A_ha[l[_[d *' # LWWd_d]i^ki # ;ai#Zea Wjj[ij[hj '/') #C_ZZ[bj^kdi ]Wj[ ') #8hkai[dZh_d] \hW Xeb_] j_b Z[bl_i \ehh[jd_d] #IbkjjdejWj ^[db[]][bi[ # (&')
*.
FbWdj[]d_d]
:eakc[dj[h FbWdj[]d_d]
*/
L?AJ?= ?D<EHC7I@ED
L[hZ_jWaij0 Ah$ +'&&&&&"# B d[jWaij0 Ah$ *(&&&&&"# B_]d_d]il[hZ_0 B_ad_d]il[hZ_ \eh _ddj[ajiW --.1h[j (&'(" _^^j Xh[l \hW IaWjj ¤ij ZWj[hj0 Ecaeijd_d][h0 * //& &&&"# Fh_iWdjoZd_d] ,'/."# 7dZ[b Wl \[bb[i]`[bZ #################### * //, '/."# JejWbfh_i [aiab$ ecaeijd_d][h Ecaeijd_d][h0 '-("# FWdj[Wjj[ij a`´f[h +(+"# J_d]b$][Xoh eXb_]Wi`ed +(+"# J_d]b$][Xoh ia`´j[ '(* -+&"# :eakc[djWl]_\j \ehkjiWjj iWb]iikc0 * //& &&&"# ).-+"# ;_[hia_\j[][Xoh jh[aa[i _ eff]`´h[j # A@¤F;H #################### '(/ .*-"# Ecaeijd_d][h jejWbj #################### + '(, &*+"# JejWbfh_i _dab$ ecaeijd_d][h
I[b][hi l[Z[hbW] j_b c[]b[h0 8eW ;_[dZecic[]b_d] cejjWh [d fhel_i`ed fW --.1 &"/ fhei[dj iec l[Z[hbW] \eh ]`[ddec\´h_d][d Wl iWb][j% effZhW][j$ 8eW ;_[dZecic[]b_d] ^Wh h[jj j_b W --.1 ah[l[ Z[ad_d] Wl kjb[]]$ ;_[dZecic[]b[h\eh[jWa[j ^Wh h[jj j_b l[Z[hbW] Z[hiec ^WdZ[b[d _aa[ aecc[h _ ijWdZ \eh kj\´hj WhX[_Z c[Z ah$ ' +&&"# _^^j j_c[b_ij[$ :e] [j cWaiX[b´f fW --.1 '& j_c[h$ J_bh[jj[b[]]_d]0 Ah$ . +&&"# Eff]`´hi^edehWh0 Ah$ ) +&&"# ?dj[hd[jjWddedi[h_d]0 Ah$ ) &&&"# Iah[ZZ[hioZZ[ fheif[aj[h0 Ah$ + &&&"# 7Zc_d_ijhWi`edi][Xoh0 Ah$ ) +&&"# L_id_d][h0 Ah ( &&&"# fh l_id_d]$ :_l[hi[0 :oh[^ebZ [h j_bbWjj$ :[j effboi[i ec Wj _d][d aWd [_[ c[h [dd je Xeb_]i[ai`ed[h _ iWc[_[j" `\h$ bel ec [_[hi[ai`ed[h (($ 8o]d_d][d ij h eff\´hj f XoWdj_alWh[di ]kb[ b_ij[ el[h X[lWh_d]il[hZ_][ Xo]d_d][h$ I[hl_jkjj[h%h[jj_]^[j[h \hW fWdj[Xea0
D80 H[]d[ijoaa[j \ehkji[jj[h Wj Z[j akd j_d]boi[i [d b d[eXb_]Wi`ed e] Wj [_[dZecc[d i[b][i j_b fh_iWdjoZd_d] Eff]`´h0 A`´f[ikc" iWcj ecaeijd_d][h" iaWb l³h[ _dd[ f c[]b[hi ab_[djaedje _dd[d el[hjW][bi[$ El[hjW][bi[0 ;jj[h WljWb[ c[Z i[b][h$ ;_[hia_\j[\ehi_ah_d]0 I[b][h ^Wh j[]d[j [_[hia_\j[\ehi_ah_d]$ <eh^ebZ l[Z Xeb_][d0 <eh \[_b e] cWd]b[h eff\ehZh[i :[ j_b ]hkdZ_] ]`[ddec]Wd] Wl [_[hi [][deff]Wl[ ZWj[hj (.$&)$(&'* e] jWaij ZWj[hj &.$&*$(&'* iec \´b][h l[ZbW]j$ L_ eff\ehZh[h Wbb[ j_b W --.1 jW c[Z Xo]d_d]iaodZ_] \W]cWdd \eh d³hc[h[ ]`[ddec]Wd] Wl Xeb_][d$
<eh X[^ebZ ec fWdj[\hW\Wbb0 :[j jWi \ehX[^ebZ ec fWdj^Wl[hi iWb]iiWcjoaa[$ FWhj[d[ [h _dd\ehijW --.1jj c[Z Wj el[dd[ldj[ \ehX[^ebZ cW --.1 l³h[ WlabWhj _dd[d el[hjW][bi[ aWd \_dd[ ij[Z e] Wj el[hjW][bi[ _ iW --.1 \Wbb cW --.1 kji[jj[i j_b el[dd[ldj[ [h WlabWhj$ A`´f[h X[i aedjhebb[h[ c[Z c[]b[h\eh[jWa[j Wj \ehX[^ebZ [h WlabWhj \´h cWd el[hjWh Xeb_][d I[b][h [h _dd\ehijW --.1jj c[Z Wj el[dd[ldj[ \ehX[^ebZ cW --.1 eff\obb[i \´h ^[bj [bb[h Z[bl_i eff]`´h aWd \eh[jWi$ Ec _aa[ el[dd[ldj[ \ehX[^ebZ ]W --.1h _ ehZ[d ^[l[i aedjhWaj[d kj[d ojj[hb_][h[ ecaeijd_d][h \eh a`´f[h$ ;l[djk[bj _ddX[jWbj X[b´f j_bXWa[X[jWb[i j_b a`´f[h _ i_d ^[b^[j" _ j_bb[]] j_b [l[djk[bb[ effj`[dj[ h[dj[h$ >l_jlWia_d]ibel[d0 ;_[dZecic[]b[h[d [h \hW '$'$&* kdZ[hbW]j Bel ec ^l_jlWia_d]$ :[jj[ _dd[X³h[h Wj [_[dZecic[]b[h[d ^Wh fb_aj j_b
L?AJ?= ?D<EHC7I@ED
W --.1 c[bZ[ \hW j_b ¤aeah_c ec [lj$ c_ij[da[b_][ jhWdiWai`ed[h$
8kZ]_ld_d]0 7bb[ XkZ iaWb _dd]_i iah_\jb_] j_b c[]b[h$ :[j \´hij[ XkZ[j iaWb _dd]_i f XkZia`[cW f \´hj XkZ]_l[hi i_]dWjkh$ ? j_bb[]] c XkZ]_l[h ^W b[]_j_c[hj i[]$ I[d[h[ XkZ aWd _dd]_i f[h [#feij j_b0 jecco6XeW[_[dZec$de" fh$ ICI [bb[h f[h \Wn j_b c[]b[h0 (('',&&'$8kZ aWd e]i _dd]_i l_W XkZ]_ld_d]ifbWjj\ehc f d[jj [bb[h Wff$ L[b][i Z[dd[ b´id_d]" [h Z[j _aa[ ahWl j_b i[dZ[ Z[j \´hij[ XkZ[j f XkZia`[cW$ C[]b[h iaWb i idWhj iec ckb_] X[ah[\j[ iah_\jb_] el[d\eh XkZ]_l[h Wj XkZ [h cejjWjj$ 8kZ iec _aa[ [h iah_\jb_]" [bb[h iec ^Wh aehj[h[ Wai[fj\h_ij [dd j_b ab$ '($&& ZW][d [jj[h i_ij[ Wddedi[hj[ l_id_d]" l_b _aa[ Xb_ \ehc_Zb[j j_b i[b][h$ ;j XkZ [h X_dZ[dZ[ \eh XkZ]_l[h d h XkZ[j [h aecc[j j_b i[b][hi akddiaWf$ I[b][h ij h \h_jj j_b Wai[fj[h[ [bb[h \ehaWij[ [j^l[hj XkZ" e] [h i b[Z[i _aa[ \ehfb_aj[j j_b Wai[fj[h[ Z[j ^´o[ij[ XkZ[j f [_[dZecc[d$ C[]b[h iaWb" _ Z[d ]hWZ Z[j [h d´Zl[dZ_d] e] ckb_]" _d\ehc[h[ Z[ _dlebl[hj[ _ XkZhkdZ[d
C_ZZ[bj^kdi ]Wj[ ')
Æ7i _iÇ0 ;_[dZecc[d i[b][i _ Z[d ijWdZ Z[d lWh l[Z a`´f[hiX[i_aj_][bi[$ :[jj[ X[joh Xb$W$ Wj Z[j akd \eh[b_]][h [d cWd][b d h0 A`´f[h _aa[ ^Wh \ jj effboid_d][h iec i[b][h a`[dj[ [bb[hc jj[ a`[dd[ j_b" e] iec a`´f[h ^WZZ[ ]hkdd j_b h[]d[ c[Z \ " [bb[h d h i[b][h ^Wh ]_jj kh_aj_][ effboid_d][h ec[_[dZecc[d$ :[jj[ ]`[bZ[h b_a[l[b XWh[ Z[hiec cWd aWd ] kj \hW Wj Z[j ^Wh l_ha[j _dd f WljWb[d Wj effboid_d][d[ _aa[Xb[ ]_jj$ L_Z[h[ aWd Z[j \eh[b_]][ [d cWd][b d h [_[dZecc[d [h _ l[i[djb_] Z hb_][h[ ijWdZ [dd a`´f[h ^WZZ[ ]hkdd j_b h[]d[c[Z kj \hW a`´f[ikcc[d e] \eh^ebZ[d[ [bb[hi" [bb[h d hjecj[Wh[Wb[j [h l[i[djb_] c_dZh[ [dd eff]_jj$A`´f[h aWd Z[h\eh _aa[ f X[hef[ i[] de[d WdZh[ X[ij[cc[bi[h [jj[h Wl^b$ AWf_jj[b )" [dd Z[j iec \´b][h Z_h[aj[ Wl )#/$ :[jj[ h[Zki[h[h i[b][hi WdilWh [jj[h Wl^[dZ_d]ibel[d e] l_b l³h[ [d Z[b Wl aedjhWajil_ba h[d[" Z[hiec cWd _aa[ h[i[hl[h[h i[] cej Wl^b$ )#/ l[Z XkZ]_l_d]$
iah_\jb_] ec ijWjki _ XkZ]_ld_d][d$ C[]b[h [h \ehfb_aj[j j_b b[]][ j_b h[jj[ \eh [d \ehilWhb_] Wll_ab_d] Wl XkZhkdZ[d" e] \eh Wj XkZ[d[ iaWb akdd[ Xb_ X[^WdZb[j e] l_Z[h[\ehc_Zb[j iah_\jb_] j_b Wbb[ _dlebl[hj[ fWhj[h" c [j^l[hj XkZ ^W [d j_bijh[aa[b_] bWd] Wai[fj\h_ij$ I[b][h c iah_\jb_] Wai[fj[h[ XkZ[j \´h XkZWai[fj aWd \ehc_Zb[i j_b XkZ]_l[h$ 8kZ\eh^´o[bi[h iaWb Z[h\eh ^W Wai[fj\h_ij f c_d_ckc )& c_dkjj[h \hW XkZ[j _dd]_i$ I[b][h e] a`´f[h ^Wh ahWl f \ kjb[l[hj aef_ Wl XkZ`ekhdWb[d ijhWai [jj[h Wj ^WdZ[b [h aecc[j _ ijWdZ$ 7bb[ iec ^Wh _dd]_jj XkZ f [_[dZecc[d aWd f \eh[if´hi[b \ [d aef_ Wl Wdedoc_i[hj XkZ`ekhdWb [jj[h Wj XkZhkdZ[d [h Wlibkjj[j$ <eh ´lh_] l_i[i j_b Z[j ¼<ehXhka[h_d\ehcWi`ed ec XkZ]_ld_d]½" iec [h _ddjWjj _ iWb]ieff]Wl[d iWcc[d c[Z XkZia`[cW$
L?AJ?= ?D<EHC7I@ED
AbWii_ia[ Z[jWb`[h _ jhWff[eff]Wd][d
Jecco <h_[ijWZ
Jb\0 /+ // +) (& CW_b0 jecco6XeW[_[dZec$de
Ec c[]b[h[d0 Jecco ^Wh [d ijeh _dj[h[ii[ \eh \eje" boZZ[i_]d" ]hW\_ia Z[i_]d e] cWha[Ziaecckd_aWi`ed" de[ ^Wd X[dojj[h i[] Wl _ i_jj ZW]b_][ l_ha[$ >Wd ^Wh `eXX[j iec c[]b[h _ '& h e] ijWhj[j 8eW _ (&&,$ >Wd ^Wh i_Z[d effijWhj[d ^Wjj [j ijehj \eaki f fh[i[djWi`ed$<h_[ijWZ ]`ehZ[ XbWdj Wdd[j Z[j iec Xb[ a h[j j_b Deh][i X[ij[ Xeb_]fheif[aj _ (&'&" _ \´b][ Deh][i ;_[dZecic[]b[h\ehXkdZi \W]`kho$ >Wd Xb[ _ (&') a h[j j_b vh[ji =kbbc[]b[h \eh i_d \_bcfh[i[djWi`ed _ f[d abWii[" _ j_bb[]] j_b ^´ij[ ^[b[ jh[ Z_fbec[h _ Z[d ]`[l[ =kbbc[]b[ha h_d][d$ Jecco ^Wh _ddh[jj[j i[] cej if[i_[bb[ [_[dZecc[h c[Z i³hfh[] iec X[^´l[h [d iah[ZZ[hioZZ fh[i[djWi`ed$ Akdij[d \Wd][ e] aecckd_i[h[ \´b[bi[d Wl ^`[cc[j [h de[ iec jh_]][h Jecco$
Ec 8eW ;_[dZec0 8eW ;_[dZec Xb[ [jWXb[hj _ (&&, e] l_ cWha[hj[ eii hWiaj _ Z[j de[ aedi[hlWj_l[ c[]b[hbWdZiaWf[j c[Z [d do j_bd³hc_d] j_b Xeb_]fh[i[djWi`ed e] c[Z do[ _Z[[h f ^lehZWd Zh_l[ [j [_[dZecic[]b_d]iaedjeh$ <eh eii ^WdZb[h [_[dZecic[]b_d] ec je j_d]0 IWb] e] effb[l[bi[h$ =eZ[ effb[l[bi[h Akdd[ Z[jj[ fWii[ iec :[h[i do[ ^`[c5 I[dZ _dd XkZia`[cW[j iec b_]][h f l h ^`[cc[i_Z[$ 8[dojj \Waidkcc[h0 (( '' ,& &' [bb[h iYWd e] i[dZ f[h [feij$ = h Zk c[Z fbWd[h ec i[b][5 8eW ;_[dZecic[]b_d] lWdj =kbbc[]b[h[d \eh Deh][i X[ij[ fheif[aj _ (&&." (&&/ e] (&'&$ ? j_bb[]] j_b vh[ji =kbbc[]b[h (&') _ f[d abWii[$ @[] jWh ]`[hd[ [d fhWj c[Z Z[] ec ^lehZWd l_ iWcc[d" X[ij aWd fh[i[dj[h[ Z_jj ^`[c$
+*
v |r}}v uv s }zxü z |r}}v uv y{v~ÿ
s rvzv u ~ÿ