Spring 2011 BCU Magazine

Page 1

IYPHYJSPMM \UP]LYZP[`

ZWYPUN

MVY^HYK [OPURPUN MHZ[ TV]PUN MVYL]LY [YHUZMVYTPUN


SL[[LY MYVT [OL WYLZPKLU[ .YLL[PUNZ¯ 5V^ PU [OL ILNPUUPUN Z[HNL VM PTWSLTLU[H[PVU V\Y Z[YH[LNPJ WSHU OHZ ILJVTL WHY[ VM V\Y KHPS` ^VYR HUK SP]LZ >OPSL P[ JOHSSLUNLZ \Z [V JVU[PU\HSS` [YHUZMVYT V\YZLS]LZ HUK V\Y PUZ[P[\[PVU I` SVVRPUN HUK [OPURPUN MVY^HYK ^L HYL SP]PUN [OL WSHU ^P[O LHJO KLJPZPVU LHJO WYVQLJ[ HUK ^P[O LHJO Z[\KLU[ HZ V\Y W\YWVZL 6UL VM [OL JVUZ[HU[Z VM [OL ^VYSK VM OPNOLY LK\JH[PVU HUK IL`VUK PZ [OL WYVTPZL VM JVU[PU\HS JOHUNL >L OH]L JVTTP[[LK [V MVY^HYK [OPURPUN PU [OL MHJL VM [OH[ JVUZ[HU[ JOHUNL 6\Y JVTTP[TLU[Z HUK KLJPZPVUZ HYL [V KV ^OH[ ^L KV ILZ[ ¶ LK\JH[L Z[\KLU[Z PU H ^H` [OH[ WYLWHYLZ [OLT MVY Z\JJLZZ PU [OPZ ^VYSK 6\Y [OLTL MVY [OPZ W\ISPJH[PVU PZ ¸MVY^HYK [OPURPUN MHZ[ TV]PUN HUK MVYL]LY [YHUZMVYTPUN ¹ ;OPZ Z\TTHYPaLZ V\Y HPT VM [\YUPUN [OL WYVZWLJ[Z VM JOHUNL PU[V PUUV]H[PVU [V TLL[ [OL ULLKZ VM [VTVYYV^»Z SLHYULYZ ¶ SLHYULYZ ^OV ^PSS IL LUNHNLK HU`^OLYL HU`[PTL PU [OL SLHYUPUN WYVJLZZ

*VU[LU[Z H OPZ[VY` VM Z\JJLZZ JHTW\Z UL^Z

MHJ\S[` YL]PL^

@V\ ^PSS YLHK HIV\[ [OL JOHUNLZ [OH[ ZL[ [OL Z[HNL MVY YLHSPaPUN V\Y Z[YH[LNPJ NVHSZ ¶ YLZ[Y\J[\YPUN V\Y HJHKLTPJ KP]PZPVUZ TV]PUN [V ZLTLZ[LYZ ^P[O H 1 [LYT KLZPNUPUN UL^ WYVNYHTZ ^P[O PU[LYUH[PVUHS JV\YZLZ HUK HKHW[PUN UL^ [LJOUVSVN` SLHKPUN [V NYLH[LY TVIPSP[` HUK PU[LYHJ[P]L ¸[YHUZMVYTH[PVUHS SLHYUPUN ¹ 5V TH[[LY [OL JOHSSLUNLZ [OH[ SPL HOLHK ^L HYL KLKPJH[LK [V M\SÄSSPUN V\Y *H[OVSPJ -YHUJPZJHU TPZZPVU VM ZLY]PJL JHYPUN HUK VWLUULZZ [V HSS PU HU LU]PYVUTLU[ [OH[ PZ KLKPJH[LK [V [LHJOPUN HUK SLHYUPUN 9LZ[ HZZ\YLK V\Y TPZZPVU PZ JVUZ[HU[ HUK JVU[PU\LZ [V IL V\Y JV\YZL MVY [OL M\[\YL H[ )YPHY *SPMM

JSPMM UV[LZ

.VK»Z )SLZZPUNZ

MLH[\YL Z[VY` MV^HYK [OPURPUN MHZ[ TV]PUN MVYL]LY [YHUZMVYTPUN

HUU\HS ZJOVSHYZOPWZ

)L]LYS` ( >OHY[VU 7YLZPKLU[

IJ\ ZWVY[Z \WJVTPUN L]LU[Z

%&8

6\Y 4PZZPVU

)YPHY *SPMM <UP]LYZP[` PZ H JVTT\UP[` JVTTP[[LK [V OPNOLY LK\JH[PVU ^P[OPU H SPILYHS HY[Z HUK *H[OVSPJ WLYZWLJ[P]L 0U [OL -YHUJPZJHU [YHKP[PVU VM ZLY]PJL JHYPUN HUK VWLUULZZ [V HSS )YPHY *SPMM LTWOHZPaLZ X\HSP[` LK\JH[PVU MVY P[Z Z[\KLU[Z JVTIPUPUN H IYVHK PU[LSSLJ[\HS IHJRNYV\UK ^P[O JHYLLY KL]LSVWTLU[ ;OL <UP]LYZP[` JOHSSLUNLZ P[Z TLTILYZ [V NYV^ PU ZLSM H^HYLULZZ HUK PU [OLPY YLSH[PVUZOPWZ [V V[OLYZ HUK [V .VK 2Q WKH FRYHU %ULDU &OLII 8QLYHUVLW\ V QHZ DFDGHPLF GLYLVLRQ FKDLUSHUVRQV OHIW WR ULJKW 'U 7HG :LOVRQ 'U 5LFKDUG 3HWHUVHQ 'U 6DP 6KDQNV $QQH *DUUHDQV DQG 'U 6HDQ %XUWRQ 1RW SLFWXUHG 'U 3DXO 2OVRQ


4H`

ยธ PU [OL :OHKLยน 4\ZPJHS ;OLH[YL

4H`

/VUVYZ *VU]VJH[PVU

4H`

4H`

4H` 1\UL

1\S`

4H` 1\UL

(\N

,\YVWL /PZ[VY` ;V\Y

)HJJHSH\YLH[L 4HZZ

7HYPZ HUK (TZ[LYKHT (Y[ ;V\Y

4H`

1\UL

*VTTLUJLTLU[

1\UL

;OL )SHJR /PSSZ ,_WLYPLUJL -YLZOTLU 6YPLU[H[PVU -YLZOTLU 6YPLU[H[PVU -YLZOTLU 6YPLU[H[PVU

(\N

*SHZZLZ ILNPU

5H[\YHS /PZ[VY` VM /H^HPP

6LVWHU &DURO %HVFK 26) 9LFH 3UHVLGHQW 6LVWHUV RI 6DLQW )UDQFLV RI 'XEXTXH 0RXQW 6DLQW )UDQFLV 7LP %URZQ 3UHVLGHQW %URZQ &RQVWUXFWLRQ &RPSDQ\ .DUHQ &KHVWHUPDQ &RPPXQLW\ /HDGHU 0DUJDUHW 'RODQ 0 ' 5HWLUHG 3K\VLFLDQ DQG 0HGLFDO (GXFDWRU 5HYHUHQG 0LFKDHO (USHOGLQJ 3DVWRU 6DLQW -RVHSK &KXUFK DQG 6DLQW %RQLIDFH &KXUFK

)VHYK VM 7UXVWHHV

\WJVTPUN L]LU[Z

(ULF %HUWQHVV &(2 3KLOOLSV .LOQ 6HUYLFHV /WG

=PZP[ IYPHYJSPMM LK\ MVY L]LU[ [PTLZ HUK SVJH[PVUZ

0LFKDHO (OOZDQJHU 3DUWQHU 5DZOLQJV 1LHODQG .LOOLQJHU (OOZDQJHU -DFREV 0RKUKDXVHU DQG 1HOVRQ //3

JYLH[L `V\Y V^U SLNHJ`

6WHYHQ 0 )UHHPDQ &(2 36.: //&

+V `V\ ^HU[ [V THRL H KPMMLYLUJL PU [OL SP]LZ VM Z[\KLU[Z H[ )YPHY *SPMM& ( ZPTWSL ^H` [V LUZ\YL [OH[ H )YPHY *SPMM LK\JH[PVU PZ H]HPSHISL [V M\[\YL NLULYH[PVUZ PZ [OYV\NO H ILX\LZ[ PU `V\Y ^PSS VY SP]PUN [Y\Z[ @V\ TH` SLH]L H ZWLJPร J Z\T VM TVUL` H WLYJLU[HNL VM `V\Y LZ[H[L VY H WPLJL VM WYVWLY[` [V )YPHY *SPMM ( ILX\LZ[ HSZV WYV]PKLZ [H_ YLSPLM HUK LUHISLZ `V\ [V YL[HPU JVU[YVS VM `V\Y HZZL[Z K\YPUN `V\Y SPML[PTL >L OVWL `V\ ^PSS JVUZPKLY H ILX\LZ[ [V )YPHY *SPMM <UP]LYZP[` PU `V\Y LZ[H[L WSHUZ -PUK TVYL PUMVYTH[PVU H[ ^^^ IYPHYJSPMM LK\ ZLSLJ[ (S\TUP HUK -YPLUKZ HUK [OLU >H`Z [V .P]L 6Y JVU[HJ[ 4PRL 1VYNLUZLU H[ TPRL QVYNLUZLU'IYPHYJSPMM LK\ VY

5V[L! ;OPZ PUMVYTH[PVU PZ UV[ PU[LUKLK HZ SLNHS HK]PJL WSLHZL JVU[HJ[ `V\Y H[[VYUL` MVY SLNHS HK]PJL

1VPU <Z

.L[ HSS VM [OL SH[LZ[ )*< PUMVYTH[PVU VU -HJLIVVR

*SPMM :OVW

:OVW VUSPUL H[ ^^^ JSPMMZOVW JVT [V ร UK [OL WLYMLJ[ )*< HWWHYLS :^LH[Z ;ยปZ OVVKPLZ HUK TVYL

9LHK <Z 6USPUL

/LSW \Z ยธ*HYL MVY *YLH[PVUยน I` YLHKPUN )YPHY *SPMM <UP]LYZP[` 4HNHaPUL VUSPUL :PTWS` LTHPS `V\Y WYLMLYLUJL [V 3L_H /H^RPUZ'IYPHYJSPMM LK\ 6USPUL THNHaPUL YLHKLYZ ^PSS YLJLP]L HU LTHPS UV[Pร JH[PVU MVY LHJO UL^ PZZ\L

/HRQDUG *LOO 3UHVLGHQW / 3 *LOO ,QF 0DUN *LQJHU\ 3UHVLGHQW &XVWRP :RRGZRUNV /WG &KDUOHV +DUVWDG 5HWLUHG 6WDรณ 9LFH 3UHVLGHQW RI &RUSRUDWH 0DUNHWLQJ 3M &RUSRUDWLRQ -DPHV -HQVHQ &(2 *UHDW :HVW &DVXDOW\ &RPSDQ\ 6LVWHU &DWK\ .DWRVNL 26) 'LUHFWRU RI 'HYHORSPHQW 6LVWHUV RI 6DLQW )UDQFLV RI 'XEXTXH 0RXQW 6DLQW )UDQFLV

&DURO\Q /HPDQ 3K ' 3URIHVVRU RI 1XUVLQJ (PHULWD %ULDU &OLรณ 8QLYHUVLW\ &RPPXQLW\ /HDGHU -DPHOH\ /HYLFK &RPPXQLW\ /HDGHU &UDLJ 0F*DUU\ 3UHVLGHQW %DOWUD\ //& 0RVW 5HYHUHQG 5 :DONHU 1LFNOHVV %LVKRS 'LRFHVH RI 6LRX[ &LW\ %HWK 1RHO &RPPXQLW\ /HDGHU 9LUJLQLD 3HWHUVRQ &RPPXQLW\ /HDGHU 6LVWHU 1DQF\ 6FKUHFN 26) &KDLUSHUVRQ %RDUG RI 7UXVWHHV 3UHVLGHQW 6LVWHUV RI 6DLQW )UDQFLV RI 'XEXTXH 0RXQW 6DLQW )UDQFLV 'DYLG 6LPPRQV 'LUHFWRU RI 'HYHORSPHQW (TXDO -XVWLFH :RUNV 5REHUW 6SHDUV 3UHVLGHQW ([HFXWLYH $GYLVRU\ 6HUYLFHV //&

%ULDU &OLII 8QLYHUVLW\ 0DJD]LQH VWDII 3DXOD 'DPRQ &RUH\ 9RQGUDN DQG 6KDULVXH :LOFR[RQ &RQWULEXWRUV 6LVWHU -HDQ %HULQJHU -DUHG %RGDPPHU 1LFRODV &DUULHU 'DPRQ /H[D +DZNLQV $QQ +RHSSQHU 6X]\ +RHYHW 0LNH -RUJHQVHQ $O\VVD .HOOHU -HII /D)DYRU -HVVLFD 0XUDQR .DWK\ :HEHU DQG 1DQ :LOVRQ %ULDU &OLII 8QLYHUVLW\ 0DJD]LQH LV DQ RIILFLDO SXEOLFDWLRQ RI %ULDU &OLII 8QLYHUVLW\ 6LRX[ &LW\ ,RZD %ULDU &OLII 8QLYHUVLW\ 0DJD]LQH LV SXEOLVKHG WKUHH WLPHV D \HDU &RS\ULJKW i E\ %ULDU &OLII 8QLYHUVLW\ %ULDU &OLII 8QLYHUVLW\ ZLOO QRW GLVFULPLQDWH IRU DQ\ UHDVRQ SURKLELWHG E\ ODZ DQG H[SUHVVO\ SURKLELWV DQ\ IRUP RI XQODZIXO KDUDVVPHQW

'LDQH :HUWK 0 ' 3K\VLFLDQ &DUGLRYDVFXODU $VVRFLDWHV 3& %HYHUO\ $ :KDUWRQ 3UHVLGHQW %ULDU &OLรณ 8QLYHUVLW\ 6LVWHU 0RQD :LQJHUW 26) 5HWLUHG 6LVWHUV RI 6DLQW )UDQFLV RI 'XEXTXH 0RXQW 6DLQW )UDQFLV &KLF :ROIH 3UHVLGHQW 2รดFH 6\VWHPV &RPSDQ\


IJ\ ZWVY[Z *OHYNLYZ .V 5H[PVUHS ,]LY` `LHY *OHYNLY ^PU[LY H[OSL[LZ OH]L H ZLYPV\Z OHIP[ VM JVTWL[PUN PU [OL UH[PVUHSZ HUK [OPZ `LHY ^HZ UV KPMMLYLU[ ;OL ^VTLU»Z IHZRL[IHSS [LHT X\HSPÄLK MVY P[Z ZLJVUK Z[YHPNO[ 5(0( +P]PZPVU 00 5H[PVUHS *OHTWPVUZOPW ;OL` ^LYL YHURLK [OPYK PU [OL < : PU [V[HS ZJVYPUN VMMLUZL HUK ÄYZ[ PU Z[LHSZ ^P[O WLY JVU[LZ[ 4HRPUN [OLPY [O UH[PVUHS [V\YUHTLU[ HWWLHYHUJL [OL TLU»Z IHZRL[IHSS [LHT ÄUPZOLK [OL `LHY ^P[O H YLJVYK ;OL *OHYNLYZ ^LYL YHURLK PU [OL 5(0( ;VW HSS ZLHZVU SVUN HUK JSPTILK HZ OPNO HZ 5V *VTWL[PUN PU [OL UH[PVUHS ^YLZ[SPUN [V\YUHTLU[ ^LYL (SS (TLYPJHU ZLUPVY 1VZO 9VNLYZ ^OV ÄUPZOLK [OL `LHY ^P[O H YLJVYK HUK ZLUPVY AHJR 4\SSPUZ HUK ZVWOVTVYL 4H[[ :VSVTVU 4\SSPUZ ^HZ )*<»Z ZLJVUK MV\Y [PTL UH[PVUHS X\HSPÄLY HUK ÄUPZOLK [OL `LHY ^P[O H WYVNYHT ILZ[ YLJVYK 4\SSPUZ ^VU [OL WV\UK [P[SL H[ .7(* *OHTWPVUZOPWZ ILJVTPUN [OL ZLJVUK *OHYNLY PU OPZ[VY` [V ^PU H JVUMLYLUJL [P[SL :VWOVTVYL OLH]`^LPNO[ 4H[[ :VSVTVU HSZV X\HSPÄLK MVY UH[PVUHSZ 9,6,7 86

-VY TVYL VU *OHYNLY H[OSL[PJZ 5PJ 5LSZVU UL^S` UHTLK OLHK JVHJO ]PZP[ ^^^ IJ\JOHYNLYZ JVT )*< TLU Z IHZRL[IHSS )YPHY *SPMM [YHJR HUK ÄLSK JVTWL[LK PU [OL 5(0( 0UKVVY ;YHJR HUK -PLSK *OHTWPVUZOPWZ ^OLYL ZLUPVY ,YPR 3PUKZH` HUK Q\UPVY (SS (TLYPJHU :HT (JOLHTWVUN LHYULK (SS (TLYPJHU OVUVYZ (SZV JVTWL[PUN H[ UH[PVUHSZ ^LYL ZLUPVY (ZOSL` :WHYRZ Q\UPVY 3Pa )LUQHTPU ZVWOVTVYLZ ;HYH *VJRLYPSS 4HKKPL )VYLY HUK 2H[PL )LSK[ HUK MYLZOTLU .HIIP 2H[LZ HUK 1H`UH :WLJO[

*VHJO )HYY` 9L[PYLZ >OLU [OL TLU»Z IHZRL[IHSS ZLHZVU LUKLK OLHK JVHJO ;VKK )HYY` HUUV\UJLK OPZ YL[PYLTLU[ +\YPUN OPZ [LU\YL H[ )*< *VHJO )HYY` SLK [OL *OHYNLYZ [V H ZL]LU `LHY YLJVYK VM HUK [^V UH[PVUHS [V\YUHTLU[ ILY[OZ

*VHJO ;VKK )HYY` HUUV\UJLK OPZ YL[PYLTLU[ H[ [OL LUK VM [OL TLU Z IHZRL[IHSS ZLHZVU

+\YPUN [OL ZLHZVU OL SLK [OL *OHYNLYZ [V H YLJVYK H ZLHZVU SVUN 5(0( UH[PVUHS YHURPUN HUK H ZWV[ PU [OL 5(0( +P]PZPVU 00 4LU»Z )HZRL[IHSS 5H[PVUHS *OHTWPVUZOPW 0U OL ^HZ UHTLK *VHJO VM [OL @LHY I` [OL .YLH[ 7SHPUZ ([OSL[PJ *VUMLYLUJL

-PUPZOPUN OPZ ZL]LU[O HUK ÄUHS ZLHZVU ^P[O [OL *OHYNLYZ )HYY` OVSKZ HU PTWYLZZP]L SPZ[ VM WYL]PV\Z JVHJOPUN OVUVYZ PUJS\KPUN 50(* *VHJO VM [OL @LHY 5(0( +PZ[YPJ[ *VHJO VM [OL @LHY :PV\_SHUK *VHJO VM [OL @LHY HUK 0V^H :THSS *VSSLNL *VHJO VM [OL @LHY HTVUN V[OLYZ (ZZPZ[HU[ JVHJO 5PJ 5LSZVU ^OV OHZ ILLU ^P[O [OL WYVNYHT MVY MV\Y `LHYZ ^HZ UHTLK OLHK JVHJO


[Y\Z[LL MLH[\YL 4PRL ,SS^HUNLY 0 ^HZ IVYU PU 4PUULHWVSPZ I\[ 4` ^PML VM `LHYZ 5HU ,SS^HUNLY NYL^ \W PU :PV\_ *P[` ^OLYL 0 WHZZLK H^H` PU 0 THYYPLK H[[LUKLK 0TTHJ\SH[L *VUJLW[PVU *HYVS`U ALSSTLY PU *HYVS`U ,SLTLU[HY` :JOVVS HUK )PZOVW HUK 0 SPRL [V YPKL TV[VYJ`JSLZ 3HZ[ /LLSHU *H[OVSPJ /PNO :JOVVS Z\TTLY H NYV\W VM \Z YVKL V\[ [V 9LK (M[LY NYHK\H[PUN MYVT 4VYUPUNZPKL 3VKNL 4VU[ HUK [OPZ `LHY ^L»SS YPKL *VSSLNL 0 ^LU[ [V [OL <UP]LYZP[` [V 5VY[O *HYVSPUH VM 0V^H ^OLYL 0 YLJLP]LK H SH^ KLNYLL 4` WYPTHY` V\[ZPKL PU[LYLZ[ 4PRL ,SS^HUNLY HUK OPZ ^PML *HYVS`U ¸0»T Z[Y\JR I` OV^ THU` (M[LY SH^ ZJOVVS 0 PZ THPU[HPUPUN UL^ Z[\KLU[Z JOVZL )*< YL[\YULK [V :PV\_ JVU[HJ[ ^P[O T` ILJH\ZL VM [OL SV`HS[` HUK *P[` [V QVPU [OL JOPSKYLU HUK NYHUKJOPSKYLU 4` JVTT\UP[` 9H^SPUNZ 5PLSHUK LU[O\ZPHZT J\YYLU[ Z[\KLU[Z PU]VS]LTLU[ PUJS\KLZ ZLY]PUN VU [OL :PV\_ 3H^ -PYT PU 0 OH]L MVY )YPHY *SPMM ¹ *P[` :`TWOVU` )VHYK 5H[P]P[` *O\YJO 7HYPZO ILJHTL H WHY[ULY PU *V\UJPS HUK *H[OVSPJ *OHYP[PLZ )VHYK 0»T HSZV HUK OH]L ILLU H TLTILY VM [OL +V^U[V^U 2P^HUPZ *S\I HUK [OLYL L]LY ZPUJL 0 KV [YPHS ^VYR [OL :PV\_SHUK @ OH]L H Z\IZWLJPHS[` PU KLMLUKPUN TLKPJHS THSWYHJ[PJL JHZLZ HUK KV ([ )YPHY *SPMM 0 HT PTWYLZZLK ^P[O [OL KLNYLL VM KLKPJH[PVU NLULYHS SP[PNH[PVU 0 HSZV HT H SLNHS Z[\KLU[Z OH]L [V [OL PUZ[P[\[PVU 0»T Z[Y\JR I` OV^ THU` UL^ JV\UZLS MVY [OL *H[OVSPJ +PVJLZL VM Z[\KLU[Z JOVZL )*< ILJH\ZL VM [OL SV`HS[` HUK LU[O\ZPHZT J\YYLU[ :PV\_ *P[` Z[\KLU[Z OH]L MVY )YPHY *SPMM

UL^ TLTILYZ [V IVHYK VM [Y\Z[LLZ 1HTLZ 1LUZLU HUK 9VILY[ :WLHYZ

1HTLZ 1LUZLU

( )YPHY *SPMM NYHK\H[L 1HTLZ 1LUZLU º PZ *,6 VM .YLH[ >LZ[ *HZ\HS[` *VTWHU` PU :V\[O :PV\_ *P[` 5LI /L ILNHU OPZ JHYLLY HZ H WHY[ [PTL LTWSV`LL ^OPSL OL ^HZ H Z[\KLU[ H[ )YPHY *SPMM +\YPUN OPZ [LU\YL 1LUZLU OHZ OHK ZL]LYHS SLHKLYZOPW YVSLZ H[ .YLH[ >LZ[ PUJS\KPUN THUHNLY VM ;Y\JRTLU <UKLY^YP[LYZ ]PJL WYLZPKLU[ VM <UKLY^YP[PUN HUK L_LJ\[P]L ]PJL WYLZPKLU[ VM [OL >LZ[LYU 9LNPVUHS 6MÄJL /L PZ [OL YLJPWPLU[ VM [OL KPZ[PUN\PZOLK (S\TUP 7YVMLZZPVUHS (^HYK /L HUK OPZ ^PML *HYSH OH]L [OYLL JOPSKYLU

9VILY[ :WLHYZ OVSKZ H IHJOLSVY»Z KLNYLL MYVT +HY[TV\[O *VSSLNL HUK THZ[LY»Z KLNYLLZ MYVT /HY]HYK <UP]LYZP[` HUK [OL <UP]LYZP[` VM :V\[OLYU *HSPMVYUPH /L PZ WYLZPKLU[ VM ,_LJ\[P]L (K]PZVY` :LY]PJLZ 33* +HRV[H +\ULZ : + 7YL]PV\ZS` :WLHYZ ^HZ *,6 VM 0U4V;_ 0UJ HUK *66 HUK *-6 VM :LUZVY^H]L ;LJOUVSVN` 0UJ 0U HKKP[PVU OL OLSK SLHKLYZOPW WVZP[PVUZ H[ .H[L^H` 0UJ PUJS\KPUN ZLUPVY ]PJL WYLZPKLU[ VM (TLYPJHZ HUK ]PJL WYLZPKLU[ VM PU[LYUH[PVUHS VWLYH[PVUZ /L HUK OPZ ^PML *OYPZ[PUL OH]L [OYLL JOPSKYLU 9VILY[ :WLHYZ


H OPZ[VY` VM Z\JJLZZ -H[OLY 7H\S /VLZPUN :;3 » »

VYKHPULK H +PVJLZHU WYPLZ[

+PYLJ[VY VM =VJH[PVUZ (YJOKPVJLZL VM 6THOH 5LI

(Z KPYLJ[VY VM =VJH[PVUZ 0 V]LYZLL *H[OVSPJ *HTW\Z 4PUPZ[Y` MVY [OL <UP]LYZP[` VM 5LIYHZRH HUK H Z\TTLY JH[LJOL[PJHS WYVNYHT MVY `V\[O ,HJO KH` 0 OH]L VWWVY[\UP[PLZ [V ZLY]L HZ H WYPLZ[ HUK ZWPYP[\HS MH[OLY MVY ZLTPUHYPHUZ JVSSLNL Z[\KLU[Z HUK `V\UN WLVWSL ^OV ^HU[ [V RUV^ TVYL HIV\[ .VK»Z JHSS PU [OLPY SP]LZ .VK PZ ISLZZPUN \Z ^P[O H OLYVPJ NLULYH[PVU ¶ `V\UN WLVWSL YLZWVUKPUN [V .VK»Z SV]L PU PTWVY[HU[ UL^ ^H`Z

)YPHY *SPMM ^HZ ZTHSS LUV\NO [V KL]LSVW THU` MYPLUKZOPWZ ^P[O MHJ\S[` HUK Z[\KLU[Z HSPRL I\[ P[ ^HZ L_WHUZP]L LUV\NO [V OLSW TL ZLL [OH[ SPML ^HZ UV[ HIV\[ TL (JHKLTPJHSS` HUK ZVJPHSS` 0 ^HZ JOHSSLUNLK [V SLHK HUK KLZPYL L_JLSSLUJL 0 ILNHU [V YLHSPaL 1LZ\Z ^HZ JHSSPUN TL [V ZLLR [OL M\SSULZZ VM [Y\[O HUK SPML ^P[O /PT 4` )YPHY *SPMM L_WLYPLUJL ¶ T` WLYZVUHS WYH`LY T` NYV^PUN SV]L MVY [OL ZHJYHTLU[HS SPML VM 4HZZ HUK 9LJVUJPSPH[PVU HUK T` KLZPYL [V NYV^ PU ]PY[\L HUK ZLY]PJL ¶ NH]L TL LUV\NO JV\YHNL [V LU[LY ZLTPUHY` 0U 0 ^HZ

*` >HRLTHU »

*,6 (\[OVY 2L`UV[L :WLHRLY 6THOH 5LI .L[[PUN T` KLNYLL H[ )YPHY *SPMM ^HZ UV[ Q\Z[ HU LK\JH[PVU ¶ P[ YLHSS` ZOHWLK TL 4` WYVMLZZVYZ RUL^ T` WV[LU[PHS HUK JHSSLK TL \W [V NYLH[ULZZ )LJH\ZL VM )YPHY *SPMM 0 ^HZ WYLWHYLK WVSPZOLK JVUÄKLU[ HUK JVTWL[LU[ [V W\YZ\L H THZ[LY»Z KLNYLL HUK LUNHNL PU H ]HYPL[` VM SLHKLYZOPW YVSLZ 5V^ 0 HT *,6 VM T` V^U JVTWHU` ¶ *` >HRLTHU 0UJ -VY [OL WHZ[ `LHYZ 0 OH]L ILLU ^VYRPUN PU[LYUH[PVUHSS` ¶ ZWLHRPUN JVHJOPUN HUK [YHPUPUN ^P[O JSPLU[Z Z\JO HZ [OL :VJPL[` MVY /\THU 9LZV\YJL 4HUHNLTLU[ -LKLYHS 9LZLY]L )HUR =LYPaVU >PYLSLZZ HTVUN THU` V[OLYZ 0U T` ^VYR 0 JOHSSLUNL JVU]LU[PVUHS ^PZKVT PU SLHKLYZOPW HUK WYVTV[L H UL^ TVKLS VM NYLH[ SLHKLYZOPW 4` IVVR 9LHSP[` )HZLK 3LHKLYZOPW ¶ +P[JO [OL +YHTH 9LZ[VYL :HUP[` [V [OL >VYRWSHJL ;\YU ,_J\ZLZ 0U[V 9LZ\S[Z 1VZZL` )HZZ ^HZ W\ISPZOLK SHZ[ `LHY

3H\YH 2LHUL »

-PYL ;LJOUPJPHU ;OL 5H[\YL *VUZLY]HUJ` 0 Z[HY[LK ^VYRPUN MVY ;OL 5H[\YL *VUZLY]HUJ` ;5* [OYV\NO [OL )*< (UUH )LHS 0U[LYUZOPW ^OPJO PNUP[LK T` WHZZPVU MVY LU]PYVUTLU[HS ^VYR )YPHY *SPMM M\Y[OLY N\PKLK T` JHYLLY WH[O ^P[O L_WLYPLU[PHS SLHYUPUN PU :V\[O +HRV[H (YRHUZHZ 2HUZHZ ;L_HZ HUK V[OLY HTHaPUN WSHJLZ

:PUJL NYHK\H[PVU 0 OH]L ^VYRLK VU ;5* QVIZ PU 5VY[O *HYVSPUH ^OLYL 0 MLS[ ]LY` WYP]PSLNLK [V OLSW YLZ[VYL [OL ^PSKLYULZZ [OLYL 0U *SLHY 3HRL : + 0 ^HZ VU H ÄYL JYL^ HUK [OPZ ZWYPUN 0 ^HZ VU H ;5* QVI PU 4HY`SHUK 0[ PZ H ISLZZPUN [V ZLL UL^ WSHJLZ TLL[ UL^ WLVWSL HUK THRL H WVZP[P]L PTWHJ[ I` PTWYV]PUN UH[\YHS OHIP[H[Z 4` ^VYR PZ ]LY` YL^HYKPUN


HUU\HS ZJOVSHYZOPWZ +VUH[PVUZ 0UZWPYL ;VTVYYV^»Z 3LHKLYZ +VUH[PVUZ [V [OL (UU\HS :JOVSHYZOPW -\UK OLSW THRL P[ WVZZPISL MVY WLYJLU[ VM )YPHY *SPMM Z[\KLU[Z [V YLJLP]L ÄUHUJPHS HPK HUU\HSS` PUJS\KPUN 1LZZPJH /LLYLU H Q\UPVY MYVT 3L 4HYZ 0V^H ¸;VKH`»Z Z[\KLU[Z ^PSS IL [VTVYYV^»Z SLHKLYZ ¹ ZHPK /LLYLU H ZH_VWOVUL WSH`LY PU [OL )*< 1Haa ,UZLTISL ¸:V L]LY` KVUH[PVU ILULÄ[Z HSS VM \Z ¹ ( Z[\KLU[ HZZPZ[HU[ PU [OL 6MÄJL VM 0UZ[P[\[PVUHS (K]HUJLTLU[ /LLYLU WYVTV[LZ [OL ]HS\L VM KVUH[PUN [V [OL M\UK I` WLYZVUHSS` ^YP[PUN SL[[LYZ HUK THRPUN WOVUL JHSSZ [V HS\TUP ¸;OL (UU\HS :JOVSHYZOPW -\UK

[YHUZMVYTZ PUKP]PK\HS HJ[Z VM NLULYVZP[` PU[V H JVTT\UP[` VM HZZPZ[HUJL MVY [OL UL_[ NLULYH[PVU VM SLHKLYZ ¹ ZHPK /LLYLU ^OV OVSKZ H NYHKL WVPU[ H]LYHNL ;V ILJVTL H WHY[ VM V\Y JVTT\UP[` VM KVUVYZ ^OV HYL ^VYRPUN [VNL[OLY [V PUZWPYL M\[\YLZ THRL H NPM[ [V [OL (UU\HS :JOVSHYZOPW -\UK H[ ^^^ IYPHYJSPMM LK\ HS\TUP VY I` THPSPUN H KVUH[PVU [V [OL )YPHY *SPMM 6MÄJL VM 0UZ[P[\[PVUHS (K]HUJLTLU[ 9LILJJH :[YLL[ :PV\_ *P[` 0V^H

1LZZPJH /LLYLU 3L 4HYZ 0V^H

[OL

UJO ^P[O

:JOVSHYZOPW 3\UJO 4VYL [OHU HS\TUP Z[\KLU[Z LTWSV`LLZ MHUZ HUK MYPLUKZ OLSWLK YHPZL ULHYS` H[ [OL :P_[O (UU\HS 3\UJO ^P[O [OL *OHYNLYZ ZJOVSHYZOPW M\UKYHPZLY PU -LIY\HY` H[ ;L_HZ 9VHKOV\ZL PU :PV\_ *P[` 7YVJLLKZ MYVT [OL S\UJO ^OPJO ^HZ ZLY]LK I` )*< JVHJOLZ HUK Z[\KLU[ H[OSL[LZ ^PSS ILULÄ[ )*<»Z (UU\HS :JOVSHYZOPW -\UK ¸;OPZ PZ VUL VM THU` M\U ^H`Z ^L IYPUN WLVWSL [VNL[OLY MVY H NVVK JH\ZL ¹ ZHPK 1LMM 3H-H]VY

SHKZ H[ 3\

SS [LHT ZLY]LZ ZH YPU -YHUR OL *OHYNLY ]VSSL`IH ZOTHU ,

[ )*< -YL ZL[[LY VU ,YPU PZ H *OHYNLYZ

]PJL WYLZPKLU[ MVY 0UZ[P[\[PVUHS (K]HUJLTLU[ ¸>L HYL NYH[LM\S [V L]LY`VUL ^OV JVU[YPI\[LK [V [OPZ `LHY»Z L]LU[ ¹ ;OL 3\UJO ^P[O [OL *OHYNLYZ ^HZ ZWVUZVYLK I` -PILY*VTT VM :PV\_ *P[` HUK ;L_HZ 9VHKOV\ZL

)*< *O HYNLYZ ) YLU[VU ) HUK 1HR YV^U L

:OPWSL`

4PJOHL

S *VSSPZVU


JSPMM UV[LZ 0U 4LTVYPHT 3HYY` /HYYPUN[VU

3VUN[PTL )YPHY *SPMM LTWSV`LL 3HYY` /HYYPUN[VU 3H\YLS 5LI WHZZLK H^H` VU 4HYJO ( 9LZ\YYLJ[PVU 4HZZ PU OVUVY VM 3HYY` ^HZ OLSK VU 4HYJO PU [OL *OHWLS VM 6\Y 3HK` VM .YHJL VU JHTW\Z 3HYY` ^HZ IVYU VU 1HU PU :PV\_ *P[` /L NYHK\H[LK MYVT 3H\YLS *VUJVYK /PNO :JOVVS PU HUK <UP]LYZHS ;LJOUPJHS 0UZ[P[\[L 6THOH PU /L ^HZ PU [OL < : (YT` MYVT HUK ZLY]LK PU =PL[UHT /L LUQV`LK ^VVK^VYRPUN HUK ZWLUKPUN [PTL ^P[O MHTPS` HUK MYPLUKZ /L ^PSS IL NYLH[S` TPZZLK H[ )YPHY *SPMM

<WKH[L @V\Y 0UMVYTH[PVU =PZP[ ^^^ IYPHYJSPMM LK\ ZLSLJ[ ¸(S\TUP -YPLUKZ¹ HUK JSPJR ¸<WKH[L @V\Y 0UMVYTH[PVU ¹ 6Y JHSS 1LZZPJH 4\YHUV KPYLJ[VY VM (S\TUP 9LSH[PVUZ H[

»Z 7H[YPJPH 3H=LSSL +\MM` » HUK OLY O\ZIHUK 1HTLZ JLSLIYH[LK [OLPY [O ^LKKPUN HUUP]LYZHY` VU 5V] »Z *OHYSLUL :OHYYHO :VRVSV^ZRP » HUK OLY O\ZIHUK 3LVUHYK JLSLIYH[LK [OLPY [O ^LKKPUN HUUP]LYZHY` VU +LJ »Z +Y 9PJOHYK /L[[PUNLY » ^HZ UHTLK [OL :PV\_ *P[` 5VVU :LY[VTH *S\I»Z :LY[VTHU VM [OL @LHY MVY *HYVSL .LVYNL 7HYYPULSSV » HUK OLY O\ZIHUK 1VZLWO JLSLIYH[LK [OLPY [O ^LKKPUN HUUP]LYZHY` VU (WYPS »Z ;LYYP )LH\TVU[ (ZRLSZVU » :PV\_ *P[` YLJLP]LK [OL >VTLU 7\YZ\PUN ;Y\[O (^HYK VU 4HYJO H[ [OL >VTLU VM ,_JLSSLUJL )HUX\L[ PU :PV\_ *P[` »Z *VUUPL 6ILYYL\[LY )HYYL[[ » :PV\_ *P[` YLJLP]LK [OL >VTLU :[YP]PUN [V 0TWYV]L [OL 8\HSP[` VM 3PML (^HYK VU 4HYJO H[ [OL >VTLU VM ,_JLSSLUJL )HUX\L[ PU :PV\_ *P[` »Z 1LYY` > *VUV]LY 00 » HUK 9VZHSPUH =HSSL ^LYL THYYPLK VU :LW[ ;OL JV\WSL YLZPKLZ PU 3HZ =LNHZ 5L] (THUKH :[PKMVSL >VYKLU » HUK )VII` >VYKLU ^LYL THYYPLK VU 1\S` (SL_ 2HaVZ » HUK 1LZZPJH 7PUUL` 2HaVZ ^LYL THYYPLK VU (\N ;OL JV\WSL YLZPKLZ PU +HRV[H +\ULZ : + (SPZVU /LUKLYZVU )HSSPL[ » HUK (HYVU )HSSPL[ » ^LYL THYYPLK VU 1\UL ;OL JV\WSL YLZPKLZ PU :LYNLHU[ )S\MM 0V^H 1H`UH )LYLUZ )HJa^HZRP » HUK 1VOU )HJa^HZRP ^LYL THYYPLK VU :LW[ ;OL JV\WSL YLZPKLZ PU 6THOH 5LI >PSSPHT +HY^PU 1Y » ^HZ UHTLK KPYLJ[VY VM JOVYHS HJ[P]P[PLZ HUK WYVMLZZVY VM T\ZPJ H[ >LZ[LYU 0V^H ;LJO *VTT\UP[` *VSSLNL :PV\_ *P[` 2LUKHSS 1\UNL 2SPWWLUZ[LPU » HUK (KHT 2SPWWLUZ[LPU » ^LYL THYYPLK 6J[ ;OL JV\WSL YLZPKLZ PU *VSVYHKV :WYPUNZ *VSV (T` ,IZLU :OLWHYK » HUK +H]PK :OLWHYK » ^LYL THYYPLK VU +LJ ;OL JV\WSL YLZPKLZ PU <UP]LYZP[` 7SHJL >HZO 9`HU 7YH[OLY » HUK *PHYYH :WLYY` 7YH[OLY ^LYL THYYPLK VU 1\UL ;OL JV\WSL YLZPKLZ PU :PV\_ *P[` -YPLUKZ VM )YPHY *SPMM =PYNPUPH ¸.PUU`¹ 7L[LYZVU )YPHY *SPMM <UP]LYZP[` ;Y\Z[LL YLJLP]LK [OL 4HYPS`U 4\YWO` 3PML[PTL (JOPL]LTLU[ (^HYK VU 4HYJO H[ [OL >VTLU VM ,_JLSSLUJL )HUX\L[ :PV\_ *P[` -\[\YL *OHYNLYZ )YVVR )\SRLSL` » *LU[LY]PSSL <[HO H NPYS 7PWLY 8\PUU :[LYUZ )\SRLSL` IVYU :LW[ 9VZH 7VY[a 7L[LYZVU » HUK (UK` 7L[LYZVU 1HJRZVU 4PUU H IV` 1HJVI +H]PK IVYU 5V] /L QVPUZ 4H[OL^ HUK 5PJOVSHZ 1PSS 9VZLUTL`LY )VKHTTLY » HUK 1HYLK )VKHTTLY » :PV\_ *P[` [^PU IV`Z ;YPZ[HU 4`SLZ HUK 3HUKVU +LHU IVYU 5V] 0U 4LTVYPHT 9VILY[ *YH`UL 6RVIVQP 0V^H WHZZLK H^H` +LJ 9VILY[ ZLY]LK VU [OL )YPHY *SPMM <UP]LYZP[` )VHYK VM ;Y\Z[LLZ MYVT [V

7YVMLZZVY .LVYNL -YHUNLKHRPZ » :PV\_ *P[` WHZZLK H^H` -LI -VY TVYL [OHU `LHYZ .LVYNL ^HZ WYVMLZZVY VM I\ZPULZZ HKTPUPZ[YH[PVU H[ )YPHY *SPMM /LSLU .SLLZVU :PV\_ *P[` WHZZLK H^H` VU +LJ /LSLU ZLY]LK VU [OL )YPHY *SPMM <UP]LYZP[` )VHYK VM ;Y\Z[LLZ MYVT [V 3HYY` /HYYPUN[VU 3H\YLS 5LI WHZZLK H^H` VU 4HYJO 3HYY` ^HZ H SVUN[PTL MHJPSP[PLZ LTWSV`LL H[ )YPHY *SPMM »Z 4HY` ,SSLU 5LP[NL /V^ » 4HURH[V 4PUU WHZZLK H^H` VU 4HYJO 4HY` *H[OLYPUL .SLHZVU +PLOS º >H\RLL 0V^H WHZZLK H^H` VU 1HU »Z 4HYNHYL[ ¸7LNN`¹ -L`KLY )YV\ZHYK » 4PZZPVU =PLQV *HSPM WHZZLK H^H` VU +LJ :PZ[LY 9LNPUH ,K^PU *VSSPUZ 6:- » +\I\X\L 0V^H WHZZLK H^H` VU +LJ :PZ[LY 9LNPUH ^HZ [OL JHTW\Z U\YZL H[ )YPHY *SPMM MYVT [V HUK WYVMLZZVY VM IPVSVN` MYVT [V *SH`[VU 5LTTLYZ O\ZIHUK VM 1LHUUPL @VLYNLY 5LTTLYZ » 3L 4HYZ 0V^H WHZZLK H^H` VU 5V] *VSSLLU *V\NOSVU 4HN\PYL » 0V^H -HSSZ 0V^H WHZZLK H^H` VU 5V] 4 4HYN\LYP[L 4PU[VU 9HPUL` » :PV\_ *P[` WHZZLK H^H` VU 5V] ;OVTHZ 4 9VJOMVYK O\ZIHUK VM 1LHUUL /L`PUN 9VJOMVYK » WHZZLK H^H` VU -LI »Z 3H\YLU -VYUPH O\ZIHUK VM 4HY` +LUUPZVU -VYUPH » 1LMMLYZVU : + WHZZLK H^H` VU +LJ 7H\S = 4LSV` » :PV\_ *P[` WHZZLK H^H` VU 4HYJO :PZ[LY 4HY` /LSLU :LP]LY[ 6:- » +\I\X\L 0V^H WHZZLK H^H` VU 4HYJO »Z +H]PK -Y` O\ZIHUK VM 2HYLU 9VKNLYZ -Y` » :PV\_ *P[` WHZZLK H^H` VU +LJ 4HYPS`U 2H[OLYPUL 4V[a +H]PKZVU » ;\ZJVSH 0SS WHZZLK H^H` VU 4HYJO »Z 7HTLSH 4J4HUPNHS +H]PZ ^PML VM )YPHU +H]PZ » +HRV[H *P[` 5LI WHZZLK H^H` VU -LI +LIYH 5LTP[a :L_[VU ^PML VM 4PJR :L_[VU » +HUI\Y` 0V^H WHZZLK H^H` VU +LJ 9VNLY /LY\T O\ZIHUK VM (T` ;LTWSL[VU /LY\T » ,Z[OLY]PSSL 0V^H WHZZLK H^H` VU 5V] 3H\YLS +LTHYLZ[ :OL]LY » :PV\_ *P[` WHZZLK H^H` VU 4HYJO 9VILY[ 2H\ZWLKHZ » 4PUULHWVSPZ 4PUU WHZZLK H^H` VU 5V] 9PJR >`HU[ » *V\UJPS )S\MM 0V^H WHZZLK H^H` VU -LI »Z :[L]LU -VZ[LY O\ZIHUK VM 5HUJ` .HILSTHUU -VZ[LY » 4HUZÄLSK 0V^H WHZZLK H^H` VU 5V] *H[OLYPUL :JV[[ (UKLYZVU » :PV\_ *P[` WHZZLK H^H` VU 5V]


2LSS` 1V 4J+VUULSS » ;= WYVK\JLY ^YP[LY 9VU :JOHYH 7YVK\J[PVUZ 4PUULHWVSPZ 4PUU

;OL THZZ JVTT\UPJH[PVU WYVNYHT H[ )YPHY *SPMM WYLWHYLK TL MVY H SHYNLY TLKPH THYRL[ 0 HT H [LSL]PZPVU WYVK\JLY HUK ^YP[LY MVY ZL]LYHS [LSL]PZPVU ZOV^Z [OH[ HPY UH[PVUHSS` HUK SVJHSS` 0 SPRL OH]PUN T` OHUK PU H Z[VY` MYVT ILNPUUPUN [V LUK HUK [OLU ^H[JOPUN P[ HPY VU H UL[^VYR ( OPNOSPNO[ ^HZ HZZPZ[PUN ^P[O [OL ¸4VUZ[LY8\LZ[¹ ZOV^Z [OH[ HPYLK VU

+HU 4J*HY[` »

*66 6YHUNL *P[` (YLH /LHS[O :`Z[LT 6YHUNL *P[` 0V^H

[OL /PZ[VY` *OHUULS :VTL[PTLZ P[»Z M\U [V Z[LW PU MYVU[ VM [OL JHTLYH SPRL [OL Ã…` ÄZOPUN MLH[\YL 0 KPK PU >PZJVUZPU ^P[O T` MH[OLY 1PT 4J+VUULSS HUK H 7OLHZHU[Z -VYL]LY ZLNTLU[ 0 KPK PU T` OVTL[V^U 9V`HS 0V^H 0U 0 ^HZ WHY[ VM H ;LHT ,TT` MVY /\U[ VM H 3PML[PTL 0 HSZV HT H MYLLSHUJL ^YP[LY MVY ZL]LYHS W\ISPJH[PVUZ HUK ^HZ YLJVNUPaLK I` [OL 3VYPHU /LTPUN^H` :OVY[ :[VY` >YP[PUN *VU[LZ[ PU 0U T` ^VYR 0 HT H TLTILY VM [OL HKTPUPZ[YH[PVU [LHT [OH[ V]LYZLLZ [OL LU[PYL OLHS[O Z`Z[LT PUJS\KPUN T\S[PWSL JSPUPJZ H OVZWP[HS [^V U\YZPUN OVTLZ H YL[PYLTLU[ JVTT\UP[` OVTL OLHS[O JHYL HUK /VZWPJL ;OL TVZ[ YL^HYKPUN HZWLJ[Z VM T` WVZP[PVU HYL TLU[VYPUN Z[HMM HUK W\YZ\PUN PTWYV]LTLU[Z PU J\Z[VTLY ZH[PZMHJ[PVU HUK WH[PLU[ JHYL [OYV\NO [OL PTWSLTLU[H[PVU VM V\Y TPZZPVU JVYL ]HS\LZ HUK THRPUN MVSRZ ZTPSL

(UKYtZ (Y[\UK\HNH » .YHK\H[L :[\KLU[ <UP]LYZP[` VM :PV\_ -HSSZ

0 JHTL [V [OL < : VU H ZVJJLY ZJOVSHYZOPW (M[LY H[[LUKPUN H JVTT\UP[` JVSSLNL PU >LZ[LYU 5LIYHZRH 0 [YHUZMLYYLK [V )*< 0 YLHSS` SV]LK WSH`PUN ZVJJLY HUK ILPUN H WHY[ VM [OL )YPHY *SPMM JVTT\UP[` 0 NYHK\H[LK ^P[O H IHJOLSVY»Z KLNYLL PU I\ZPULZZ HKTPUPZ[YH[PVU HUK O\THU YLZV\YJL THUHNLTLU[ )*< NH]L TL HSS [OL [VVSZ [V IL Z\JJLZZM\S PU SPML )LJH\ZL VM T` )YPHY *SPMM LK\JH[PVU HUK T` IPSPUN\HS ZRPSSZ 0 ^HZ OPYLK \WVU

(Z HU HKQ\UJ[ PUZ[Y\J[VY MVY THU` `LHYZ H[ )*< 0 OH]L LUQV`LK [LHJOPUN I\ZPULZZ HKTPUPZ[YH[PVU HUK O\THU YLZV\YJL THUHNLTLU[ JV\YZLZ ;OL RL` TPSLZ[VULZ PU T` SPML HYL H JSVZLY ^HSR ^P[O *OYPZ[" H `LHY THYYPHNL HUK MYPLUKZOPW ^P[O T` ^PML ;OLYLZH 2YPLUZ » [OL RPUKLZ[ WLYZVU 0»]L L]LY RUV^U" HUK V\Y [^V ZVUZ 4PJOHLS HUK 9`HU ^OV OH]L ILLU [Y\L ISLZZPUNZ [V \Z .VK OHZ ISLZZLK TL ^P[O T\JO T\JO TVYL [OHU 0 ^PSS L]LY KLZLY]L

NYHK\H[PVU PU H YL[HPS WVZP[PVU ^OLYL 0 ^HZ WYVTV[LK [V THUHNLY PU [OYLL TVU[OZ *\YYLU[S` 0 HT W\YZPUN T` THZ[LY»Z PU I\ZPULZZ HKTPUPZ[YH[PVU HUK THUHNLTLU[ H[ [OL <UP]LYZP[` VM :PV\_ -HSSZ : + 0 YLJLU[S` ILNHU KVPUN PU[LYUH[PVUHS YLJY\P[PUN MVY )YPHY *SPMM PU T` OVTL[V^U PU ,J\HKVY 0 OVWL [V THRL H KPMMLYLUJL


JHTW\Z UL^Z ;L_[IVVR 9LU[HS 7YVNYHT :H]LZ :[\KLU[Z 4VUL` ;OPZ ZWYPUN [OL 9V[O *HTW\Z )VVRZ[VYL SH\UJOLK ¸9LU[ <ZL HUK 9L[\YU ¹ HU PUUV]H[P]L [L_[IVVR YLU[HS WYVNYHT KLZPNULK [V SV^LY [OL JVZ[ VM [L_[IVVRZ MVY Z[\KLU[Z ¸9LU[PUN [L_[IVVRZ PZ N\HYHU[LLK [V ZH]L Z[\KLU[Z TVUL` VU [OL JVZ[ VM UL^ IVVRZ ¹ ZHPK 5HUJ` >H[ZVU THUHNLY 9V[O *HTW\Z )VVRZ[VYL ¸-VY L_HTWSL H IVVR [OH[ ZLSSZ MVY YLU[Z MVY (UV[OLY IVVR [OH[ ZLSSZ MVY YLU[Z MVY ¹ >H[ZVU L_WSHPULK ¸;OLYL HYL UV ZOPWWPUN MLLZ HUK [OLYL PZ UV ^HP[PUN ^OLU YLU[PUN [L_[IVVRZ 7S\Z

YL\ZPUN [L_[IVVRZ PZ LU]PYVUTLU[HSS` MYPLUKS` HUK WYVTV[LZ V\Y LMMVY[Z [V NV NYLLU VU JHTW\Z ¹ (KHT 4J(SWPUL (KHT 4J(SWPUL ZLUPVY I\ZPULZZ HKTPUPZ[YH[PVU H ZLUPVY I\ZPULZZ HKTPUPZ[YH[PVU THQVY MYVT :PV\_ *LU[LY 0V^H ZHPK OL»Z L_JP[LK HIV\[ [OL ZH]PUNZ ¸>OLU 0 YLU[LK H [L_[IVVR 0 ZH]LK TVYL [OHU WLYJLU[ ¹ 4J(SWPUL ZHPK ¸0 [OPUR P[»Z H NYLH[ ^H` [V OLSW \Z ZH]L TVUL` VU [OL IVVRZ ^L ULLK ¹

:0-, ;LHT 9HURZ 5V PU 9LNPVUHS *VU[LZ[ )*<»Z :[\KLU[Z PU -YLL ,U[LYWYPZL :0-, [VVR -PYZ[ 7SHJL PU [OL :0-, 9LNPVUHS *VTWL[P[PVU OLSK YLJLU[S` PU 4PUULHWVSPZ 4PUU *VTWL[PUN HNHPUZ[ JVSSLNLZ HUK \UP]LYZP[PLZ MYVT [OL <WWLY 4PK^LZ[ )*< LHYULK [VW OVUVYZ MVY PUUV]H[P]L WYVQLJ[Z ZLY]PJL [V V[OLYZ HUK ZJOVSHYZOPWZ HUK NYHU[Z MVY ;HUaHUPHUZ :0-, HSZV YLJLP]LK [OL :LY]PJL (^HYK MVY KLTVUZ[YH[PUN V]LYHSS L_JLSSLUJL PU WYVQLJ[Z JVTTP[TLU[ [V [OL <UP]LYZP[` Z\Z[HPUHIPSP[` HUK ÄUHUJPHS WLYMVYTHUJL 0U 4H` )*< ^PSS HK]HUJL [V [OL 5H[PVUHS :0-, *VTWL[P[PVU PU 4PUULHWVSPZ

1\Z[ MVY 2PKZ ¶ ,HZ[LY -\U HUK .HTLZ

%&8

7HPU[PUN M\U I\UU` MHJLZ ^H[JOPUN HUPTHS IHSSVVUZ PU [OL THRPUN HUK JYLH[PUN JVSVYM\S ,HZ[LY IHZRL[Z ^LYL [OL WYLS\KL [V O\U[PUN MVY ,HZ[LY LNNZ PU [OL :[HYR :[\KLU[ *LU[LY PU (WYPS :[\KLU[ 1H`UH :WLJO[ @HUR[VU : + WHPU[Z [OL MHJL VM 4LNHU >PSJV_VU HNL


+Y :HT\LS :OHURZ KP]PZPVU JOHPYWLYZVU MVY NLULYHS LK\JH[PVU HZZPZ[HU[ WYVMLZZVY VM [OLH[YL WYLZLU[LK ¸(YTHNLKKVU PU [OL (IZ[YHJ[¹ H[ [OL (UU\HS *VUMLYLUJL VM [OL (TLYPJHU :VJPL[` MVY ;OLH[YL 9LZLHYJO PU :LH[[SL >HZO

+Y 1LYLT` 6^LUZ HZZPZ[HU[ WYVMLZZVY VM T\ZPJ WLYMVYTLK [OL ^VYRZ VM /H`KU *OVWPU 4LUKLSZZVOU :JO\THUU HUK .V[[ZJOHSR H[ )*< HUK *V^SL` *VSSLNL PU (YRHUZHZ *P[` 2HU

+Y 3PUKH /HYYPUN[VU HZZPZ[HU[ WYVMLZZVY VM [OLVSVN` OHK OLY HY[PJSL [P[SLK ¸(\ZJO^P[a *HYTLS! 0U[YVK\JPUN :[\KLU[Z [V [OL *VTWSL_P[PLZ VM 0U[LYYLSPNPV\Z +PHSVN\L¹ W\ISPZOLK PU 3LHYU ;LHJO 7YL]LU[ /VSVJH\Z[ ,K\JH[PVU PU [OL Z[ *LU[\Y` I` :L[VU /PSS <UP]LYZP[` 7YLZZ /LH[OLY *YHPN 6SKZLU HZZVJPH[L WYVMLZZVY VM ZVJPHS ^VYR WYLZLU[LK ¸,[OPJHS 7YHJ[PJL +\YPUN ;V\NO ,JVUVTPJ ;PTLZ¹ H[ [OL <UP]LYZP[` VM 0V^H PU 0V^H *P[` -VY TVYL MHJ\S[` YL]PL^Z WSLHZL ]PZP[ [OL UL^Z ZLJ[PVU H[ ^^^ IYPHYJSPMM LK\

.LVYNL 7 -YHUNLKHRPZ ( ;YPI\[L [V 6\Y *VSSLHN\L 4LU[VY HUK -YPLUK 0[ ^HZ ^P[O NYLH[ ZHKULZZ [OH[ [OL )YPHY *SPMM JVTT\UP[` TV\YULK [OL SVZZ VM SVUN[PTL WYVMLZZVY .LVYNL -YHUNLKHRPZ » ^OV WHZZLK H^H` VU -LI ;V OVUVY OPZ SPML HUK SLNHJ` [OL )*< JVTT\UP[` NH[OLYLK MVY H TLTVYPHS WYH`LY ZLY]PJL PU [OL *OHWLS VM 6\Y 3HK` VM .YHJL VU -LI 6U -LI ULHYS` MHTPS` MHJ\S[` Z[HMM HUK Z[\KLU[Z H[[LUKLK H M\ULYHS 4HZZ HSZV PU [OL *OHWLS VM 6\Y 3HK` VM .YHJL

¸>L OH]L SVZ[ H JVSSLHN\L WYVMLZZVY TLU[VY HUK MYPLUK ¹ ZHPK 7YLZPKLU[ )L]LYS` ( >OHY[VU ¸.LVYNL»Z KLKPJH[PVU HUK JVTTP[TLU[ [V )YPHY *SPMM PZ UV^ H SLNHJ` ^L OVUVY ^P[O T\JO YLZWLJ[ HUK NYH[P[\KL ¹ +\YPUN OPZ [LU\YL .LVYNL KPYLJ[LK J\YYPJ\S\T KL]LSVWTLU[ PTWSLTLU[LK [LJOUVSVN` HUK SLK [OL VUSPUL ,SS\TPUH[L [LJOUVSVN` 0U OL ^HZ YLJVNUPaLK ^P[O [OL +PZ[PUN\PZOLK -HJ\S[` :JOVSHY (^HYK

4LTVYPHS NPM[Z TH` IL KPYLJ[LK [V [OL -VY TVYL [OHU `LHYZ .LVYNL [H\NO[ LJVUVTPJZ HUK ÄUHUJL H[ )YPHY .LVYNL HUK )L[O -YHUNLKHRPZ ,UKV^LK *SPMM -VY T\JO VM [OH[ [PTL OL ZLY]LK :JOVSHYZOPW H[ )YPHY *SPMM HZ JOHPYWLYZVU VM [OL +LWHY[TLU[ VM )\ZPULZZ (KTPUPZ[YH[PVU


MHJ\S[` YL]PL^

%&8

+Y 9PJOHYK :[LPUIHJO WYVMLZZVY VM T\ZPJ WLYMVYTLK ZL]LYHS JVUJLY[Z ^P[O ]PVSPZ[ )YL[[ +L\IULY PU [OL .SLUU 9PKNL :LYPLZ 5L^ 1LYZL` [OL :PV\_ *P[` *OHTILY 4\ZPJ :LYPLZ [OL :PV\_ *P[` (Y[ *LU[LY HUK [OL *YLZJLUKV *VUJLY[ :LYPLZ +Y *HZPTPY :[YVPR HZZPZ[HU[ WYVMLZZVY VM [OLVSVN` H[[LUKLK [OL (UU\HS 4LL[PUN VM [OL :VJPL[` VM )PISPJHS 3P[LYH[\YL PU ([SHU[H .H 2LUUL[O )LYN HZZVJPH[L WYVMLZZVY VM LK\JH[PVU H[[LUKLK [OL -HSS *VUMLYLUJL VM [OL 0V^H (ZZVJPH[PVU VM *VSSLNLZ MVY ;LHJOLY ,K\JH[PVU PU (TLZ

+Y 4HYPH 6»4HSSL` HZZPZ[HU[ WYVMLZZVY VM ,UNSPZO WYLZLU[LK H WHWLY [P[SLK ¸3LVUVYH :HUZH` HUK [OL /HP[PHU 9L]VS\[PVU¹ H[ [OL 4PK^LZ[ 4VKLYU 3HUN\HNL (ZZVJPH[PVU *VUMLYLUJL PU *OPJHNV

:OLYPKHU >PNNPU[VU HZZVJPH[L WYVMLZZVY VM :WHUPZO WYLZLU[LK H WHWLY [P[SLK ¸;OL º.YLH[ 4LU» VM 3H ;YPUP[HYPH! 7VY[YH`HSZ VM 1\HU 7HISV +\HY[L 9HT}U 4H[xHZ 4LSSH HUK -YHUJPZJV KLS 9VZHYPV :mUJOLa PU +VTPUPJHU :JOVVSIVVRZ¹ H[ [OL ,PNO[O )PLUUPHS 0U[LYUH[PVUHS *VUMLYLUJL VM [OL (MYV 3H[PU (TLYPJHU 9LZLHYJO (ZZVJPH[PVU PU 3PTH 7LY\ +Y >PNNPU[VU HSZV WYLZLU[LK ¸;OL º6[OLY» :PKL VM 7VSP[PJZ! 1VHX\xU )HSHN\LY 1VZt -YHUJPZJV 7L|H .}TLa HUK [OL (U[P /HP[PHU 5H[PVU¹ H[ [OL :V\[OLHZ[LYU *V\UJPS VM 3H[PU (TLYPJHU :[\KPLZ H[ <UP]LYZP[` VM 5VY[O *HYVSPUH >PSTPUN[VU *\YYLU[S` ZOL PZ

JVTWSL[PUN [OL THU\ZJYPW[ MVY OLY IVVR 3LHYUPUN [V )L +VTPUPJHU! 5H[PVU 0KLU[P[` HUK [OL /HP[PHU 6[OLY PU +VTPUPJHU :JOVVSIVVRZ <UP]LYZP[` VM (SHIHTH 7YLZZ


MVY^HYK [OPURPUN MHZ[ TV]PUN 3VVRPUN MVY^HYK [V [OL `LHY ^L HYL ^HZ[PUN UV [PTL SH\UJOPUN [OL M\[\YL H[ )*< 6\Y :[YH[LNPJ 7SHU OHZ [OL KYP]PUN NVHS [V IL *H[OVSPJ -YHUJPZJHU KLTVUZ[YHIS` OPNO X\HSP[` HNPSL Z\Z[HPUHISL HUK [YHUZMVYTLK PU WYVK\J[ WSHJL HUK WLVWSL¯

>P[O V\Y L`LZ HUK TPUKZ VU [OL M\[\YL )*< PZ [OPURPUN TV]PUN HUK [YHUZMVYTPUN ^P[O H ZPUNSL W\YWVZL ¶ ZLY]PUN [OL SLHYULY VM [VTVYYV^ 6\Y WSHU ZOV^Z MHJ\S[` HUK Z[\KLU[Z ^VYRPUN ZPKL I` ZPKL [V JYLH[L ZOHYL HUK \S[PTH[LS` WYLWHYL MVY H KPMMLYLU[ ^VYSK ¶ H ]LY` NSVIHS KP]LYZL HUK K`UHTPJ ^VYSK ;OL ]LY` JVYL VM [OL )YPHY *SPMM L_WLYPLUJL YLX\PYLZ KLÄUPUN KL]LSVWPUN HUK KLSP]LYPUN HJHKLTPJ WYVNYHTZ KPZ[PUN\PZOLK I` YPNVY YLW\[H[PVU HUK Z\JJLZZ 6\Y WYVJLZZ ILNPUZ [OPZ MHSS ^OLU [OL -YHUJPZJHU JVYL ILJVTLZ WHY[ VM L]LY` UL^ Z[\KLU[ Z L_WLYPLUJL :[\KLU[Z HUK MHJ\S[` ^PSS LUNHNL PU PU[LYUZOPWZ WYHJ[PJ\TZ VY JSPUPJHS YLZLHYJO [V LUZ\YL HU L_WLYPLU[PHS SLHYUPUN JVTWVULU[ PU HSS HYLHZ VM Z[\K` ¸.P]LU [OL K`UHTPJZ VM OPNOLY LK\JH[PVU THRPUN [OL LU[PYL ^VYSK V\Y JSHZZYVVT PZ JYP[PJHS [V [OL SVUN [LYT Z\JJLZZ VM V\Y Z[\KLU[Z ¹ ZHPK +Y 7H\S 6SZVU HZZVJPH[L WYVMLZZVY VM ZVJPVSVN` KP]PZPVU JOHPYWLYZVU VM ZVJPHS HUK ILOH]PVYHS ZJPLUJLZ :[\KLU[Z YL[\YUPUN [V JHTW\Z [OPZ MHSS ^PSS LUNHNL PU PU[LYKPZJPWSPUHY` L_WLYPLUJLZ L_WSVYL JYLH[P]L SLHYUPUN VWWVY[\UP[PLZ HUK ILULÄ[ MYVT [OL YLJLU[ YLZOHWPUN VM [OL )*< VYNHUPaH[PVUHS Z[Y\J[\YL :L]LU UL^ HJHKLTPJ KP]PZPVUZ WYVTPZL HNPSP[` Ã…L_PIPSP[` HUK JVSSHIVYH[PVU )` MVZ[LYPUN H J\S[\YL VM L_JLSSLUJL )YPHY *SPMM ^PSS YLZWVUK [V [OL JOHUNPUN UH[\YL VM [OL ^VYRWSHJL >P[O H MVJ\Z VU L_WLYPLU[PHS SLHYUPUN WYVNYHT KL]LSVWTLU[ HUK HZZLZZPUN MVY L_JLSSLUJL )YPHY *SPMM Z[\KLU[Z ^PSS SLHYU KPMMLYLU[S` )*< PZ JVTTP[[LK [V [YHUZMVYTPUN V\Y JHTW\Z MHJPSP[PLZ HUK PUMYHZ[Y\J[\YL >L WSHU [V ILNPU ^P[O /LLSHU /HSS HUK TV]L MVY^HYK ^P[O ^PYLSLZZ UL[^VYRPUN [V LUZ\YL ¸JSHZZYVVTZ ^P[OV\[ ^HSSZ¹ HUK JVU[PU\LK PU[LYHJ[P]L JVSSHIVYH[P]L L_WLYPLUJLZ @V\ ULLK VUS` YLJHSS V\Y JVYL ]HS\LZ [V \UKLYZ[HUK V\Y WSHUZ HUK `V\ ULLK VUS` \UKLYZ[HUK V\Y TPZZPVU [V ZOHYL PU V\Y JVTTP[TLU[


[LHJOPUN HUK SLHYUPUN ;YHUZMVYTPUN ;LHJOPUN HUK 3LHYUPUN )LNPUUPUN [OPZ MHSS )YPHY *SPMM ^PSS IL VU H ZLTLZ[LY Z`Z[LT ^P[O H 1HU\HY` [LYT 1 [LYT HUK 4H` [LYT 4HRPUN [OL [YHUZP[PVU MYVT H [YPTLZ[LY [V H ZLTLZ[LY HJHKLTPJ JHSLUKHY HMMVYKZ V\Y Z[\KLU[Z THU` PUUV]H[P]L HUK K`UHTPJ SLHYUPUN VWWVY[\UP[PLZ PUJS\KPUN H NYLH[LY ]HYPL[` VM L_WLYPLUJLZ UL^ JV\YZLZ PUJYLHZLK Ã…L_PIPSP[` HUK TVYL [PTL (Y[ Z[\KLU[ (THUKH *Y\PZL >LZSL` 0V^H SLH]LZ =LUPJL VU H )*< (Y[ :[\K` ;V\Y [V 0[HS` SHZ[ 4H` :[\KLU[Z HUK 5HU >PSZVU HZZPZ[HU[ WYVMLZZVY VM HY[ HSZV ]PZP[LK -SVYLUJL (ZZPZP 9VTL 7VTWLPP :VYYLU[V HUK [OL 0ZSHUK *HWYP

¸>P[O ZLTLZ[LYZ Z[\KLU[Z ^PSS OH]L TVYL JVUJLU[YH[LK [PTL [V KPNLZ[ JV\YZL JVU[LU[ [V JVTWSL[L PU[LYUZOPWZ HUK WYHJ[PJ\TZ NP]PUN [OLT TVYL YLHSPZ[PJ SLHYUPUN HUK ^VYR L_WLYPLUJLZ ¹ ZHPK (UUL .HYYLHUZ HZZPZ[HU[ WYVMLZZVY HUK KP]PZPVU JOHPYWLYZVU VM I\ZPULZZ HKTPUPZ[YH[PVU

6\[ VM [OL 6YKPUHY` 1 [LYT ,_WLYPLUJLZ 6UL L_HTWSL VM [OL THU` ^H`Z ZLTLZ[LYZ L_WHUK [OL )*< L_WLYPLUJL PZ [OYV\NO 1 [LYT ^OPJO HSSV^Z [PTL IL[^LLU ZLTLZ[LYZ MVY LUYPJOLK SLHYUPUN L_WLYPLUJLZ PUJS\KPUN PU[LYUH[PVUHS Z[\K` [V\YZ HUK J\S[\YHS PTTLYZPVUZ

:[\KLU[Z ^PSS [YH]LS VU [OL ^PSKSPML HUK LJVSVN` Z[\K` [V\Y [V [OL .HSmWHNVZ 0ZSHUKZ ,J\HKVY ^OLYL [OL` ^PSS VIZLY]L ZVTL VM [OL Z\I ZWLJPLZ VM LUKHUNLYLK .HSmWHNVZ [VY[VPZLZ :[\KLU[Z HSZV ^PSS JH[JO H NSPTWZL VM [OL IS\L MVV[LK IVVI` RUV^U MVY P[Z JVTPJHS SVVR :WHUPHYKZ JHSSLK [OLT IVIVZ JSV^UZ

.HSmWHNVZ 0ZSHUKZ >PSKSPML HUK ,JVSVN` PU ,J\HKVY ‹ IPVSVN` :VJPHS 4LKPH 4HYRL[PUN ‹ I\ZPULZZ HKTPUPZ[YH[PVU .YPTT»Z -HPY` ;HSLZ ‹ ,UNSPZO -YHUJPZJHU 3PML PU 0[HS` ‹ -YHUJPZJHU JVYL ;V[HS -P[ULZZ ‹ /7,9 =PL[UHT ,_WLYPLUJL ‹ OPZ[VY` :[\K` -YHUJPZJHU 4PZZPVUZ PU *HSPMVYUPH ‹ -YHUJPZJHU JVYL :[\K` (IYVHK PU .\H[LTHSH ‹ ZVJPHS ^VYR :WHUPZO 5@* ;OLH[YL HUK (Y[ ,_WLYPLUJL ‹ [OLH[YL 4PZZPVU HUK +PZJPWSLZOPW PU /VUK\YHZ ‹ [OLVSVN`

.YHK\H[L 4HUHNLTLU[ *LY[PÄJH[L 7YVNYHT (S`ZZH 2LSSLY HU HY[ LK\JH[PVU THQVY /\TWOYL` 5LI JHW[\YLZ [OL PU[LYPVY KVTL VM :HPU[ 7L[LY»Z )HZPSPJH 9VTL 2LSSLY ^HZ VU [OL )*< (Y[ :[\K` ;V\Y [V 0[HS` SHZ[ 4H`

;OL UL^ .YHK\H[L 4HUHNLTLU[ *LY[PÄJH[L PZ HU VMMLYPUN MVY HK\S[ SLHYULYZ >P[O [OL NVHS VM SLHKPUN [V H THZ[LY»Z KLNYLL PU THUHNLTLU[ [OL .YHK\H[L 4HUHNLTLU[ *LY[PÄJH[L PZ MVY PUKP]PK\HSZ ^P[O IHJOLSVY KLNYLLZ ^OV HZWPYL [V IL SLHKLYZ PU [OL ^VYRWSHJL ;OL WYVNYHT PZ Ã…L_PISL HJJVTTVKH[PUN HUK HMMVYKHISL

MVYL]LY [YHUZMVYT

;OLVSVN` 4HQVY 0UJYLHZLK Ã…L_PIPSP[` PZ I\PS[ PU[V LHJO [OLVSVN` [YHJR ^P[OPU [OL YLKLZPNULK [OLVSVN` THQVY :[\KLU[Z JHU MVJ\Z VU HZWLJ[Z VM [OLVSVN` [OH[ ILZ[ Ä[ [OLPY M\[\YL WSHUZ 5L^ JV\YZLZ PUJS\KL [OL *O\YJO PU [OL >VYSK *OYPZ[PHU :WPYP[\HSP[` HUK 7YH`LY *OYPZ[PHU (U[OYVWVSVN` .VK ¶ -H[OLY :VU HUK /VS` :WPYP[ HUK ZL]LYHS :JYPW[\YL JV\YZLZ [OH[ MVJ\Z VU WHY[PJ\SHY IVVRZ HUK [OLTLZ PU [OL )PISL 0U HSS [OLVSVN` JV\YZLZ Z[\KLU[Z ^PSS L_WSVYL [OLVSVNPJHS [VWPJZ I` YLHKPUN PTWVY[HU[ 7H[YPZ[PJ 4LKPL]HS HUK JVU[LTWVYHY` [OLVSVNPJHS [YLH[PZLZ


¸6\Y UL^ HJHKLTPJ KP]PZPVUZ HYL YLZWVUZP]L [V [OL HJHKLTPJ PZZ\LZ VM [OL KH` HUK KP]PZPVU JOHPYWLYZVUZ ^PSS OLSW I\PSK Z\WWVY[ MVY V\Y WYVNYHTZ HTVUN V\Y HS\TUP HUK MYPLUKZ ¹ ¶ >PSSPHT ; 4HUNHU 7O + +LHU VM (JHKLTPJ (MMHPYZ

)*<»Z (WWSL P7HK 7YVNYHT ¶ :[\KLU[ MVJ\ZLK -\[\YL KYP]LU

(Z H WHY[ VM [OL <UP]LYZP[`»Z Z[YH[LNPJ WSHU )YPHY *SPMM OHZ JYLH[LK UL^ HJHKLTPJ KP]PZPVUZ (Y[Z HUK /\THUP[PLZ

+Y :LHU )\Y[VU JOHPYWLYZVU (Y[ 4HZZ *VTT\UPJH[PVUZ 4VKLYU 3HUN\HNLZ 4\ZPJ ;OLH[YL ;OLVSVN` 7OPSVZVWO`

)\ZPULZZ (KTPUPZ[YH[PVU

(UUL .HYYLHUZ JOHPYWLYZVU )\ZPULZZ (JJV\U[PUN 4HYRL[PUN /\THU 9LZV\YJL 4HUHNLTLU[

,K\JH[PVU

*OHPYWLYZVU [V IL HUUV\UJLK

.LULYHS ,K\JH[PVU

+Y :HT :OHURZ JOHPYWLYZVU -YHUJPZJHU *VYL /VUVYZ 7YVNYHT

5H[\YHS HUK 4H[OLTH[PJHS :JPLUJLZ

+Y ;LK >PSZVU JOHPYWLYZVU )PVSVN` ,U]PYVUTLU[HS :JPLUJL *OLTPZ[Y` 7O`ZPJZ 4H[OLTH[PJZ *VTW\[LY :JPLUJL :HYH ;OVTWZVU YLMLYLUJL HUK PUZ[Y\J[PVUHS SPIYHYPHU H[ )*< ZOV^Z PUJVTPUN )YPHY *SPMM MYLZOTLU VUL VM THU` HWWZ VU [OL P7HK

TPUN

)YPHY *SPMM <UP]LYZP[` ^PSS YL]VS\[PVUPaL [OL ^H` Z[\KLU[Z SLHYU HUK JVTT\UPJH[L I` WYV]PKPUN (WWSL P7HK [HISL[Z [V HSS MYLZOTLU ILNPUUPUN PU MHSS

¸)YPHY *SPMM <UP]LYZP[` PZ HIV\[ PUUV]H[PVU HUK L_JLSSLUJL PU SP]PUN SLHYUPUN HUK ^VYRPUN ¹ ZHPK :[L]L 1HUV^PHR ]PJL WYLZPKLU[ MVY :[\KLU[ +L]LSVWTLU[ ¸;HISL[ [LJOUVSVN` HKKZ K`UHTPJ UL^ KPTLUZPVUZ HUK PU[LYHJ[PVUZ [V V\Y SLHYUPUN JVTT\UP[` ¹ 1HUV^PHR UV[LK >P[O [OL P7HK WYVNYHT Z[\KLU[Z ^PSS \ZL [OL UL^LZ[ HUK ILZ[ [LJOUVSVN` H]HPSHISL LUHISPUN [OLT [V ILJVTL HNPSL RUV^SLKNLHISL HUK LU[LYWYPZPUN SLHKLYZ

¸;OPZ PZ ZV JVVS ¹ ZHPK ,YPJH 3V=HU H 5VY[O /PNO ZLUPVY ^OPSL WSH`PUN H ZVSHY Z`Z[LT HWW PU + VU HU P7HK ¸0 ^VU»[ OH]L [V IVYYV^ T` TVT»Z P7HK HU`TVYL ¹ HKKLK 3V=HU ^OV ^PSS IL H MYLZOTHU H[ )YPHY *SPMM [OPZ MHSS

5\YZPUN HUK /LHS[O :JPLUJLZ +Y 9PJOHYK 7L[LYZLU JOHPYWLYZVU 5\YZPUN /LHS[O 7O`ZPJHS ,K\JH[PVU 9LJYLH[PVU 6[OLY OLHS[O YLSH[LK WYVNYHTZ

:VJPHS HUK )LOH]PVYHS :JPLUJLZ

+Y 7H\S 6SZVU JOHPYWLYZVU /PZ[VY` 7VSP[PJHS :JPLUJL 7Z`JOVSVN` :VJPVSVN` *YPTPUHS 1\Z[PJL :VJPHS >VYR


121 352),7 25* 8 6 3267$*( 3$,'

5HEHFFD 6WUHHW ‡ %R[ 6LRX[ &LW\ ,RZD WHO RU H[W ZHE ZZZ EULDUFOLII HGX

6$9( 7+( '$7(

3(50,7 12 6,28; &,7< ,$

5HWUDFH \RXU VWHSV 5HFRQQHFW ZLWK \RXU IULHQGV 5HOLYH \RXU %ULDU &OLII H[SHULHQFH

6(37 2&7

:$7&+ )25

'(7$,/6 :DQW WR FRQWDFW IRUPHU FODVVPDWHV" (PDLO MHVVLFD PXUDQR#EULDUFOLII HGX

‡ &ODVV 5HXQLRQV ‡ $OXPQL $WKOHWLF (YHQWV ‡ &DPSXV 7RXUV ‡ $OXPQL $ZDUGV %UXQFK ‡ $OXPQL 0DVV


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.