Lijfkrant aangepast

Page 1

)&3'45

%& -*+',3"/5 (&;0/%)&*% 13&7&/5*& 4&,46"-*5&*5 70&%*/( 07&3("/( 7*5"-*5&*5 "/5*$0/$&15*&

,3"/5 07&3 )&5 73068&-*+, -*$)"".

DCIL:GE/ DC8@ <G6;>H8= DCIL:GE

7"/ 501 505 5&&/

7PPS 7SPVX FO

?d Z[p[ [Z_j_[0 l[hibWl_d] [d ^e[ `[ [h lWdW\ aecj i[aikWb_j[_j [d [cWdY_fWj_[ Wbb[i el[h Wdj_YedY[fj_[ [[jfheXb[c[d0 Xb_`\ [h d_[j c[[ p_jj[d

:[ b_`\ahWdj _d\ehc[[hj el[h X[bWd]h_`a[ [d if[Y_Ó [a[ lhekm[dpWa[d$ LWd i[aikWb_j[_j jej Wdj_YedY[fj_[0 Z[ B?@<ahWdj l[hj[bj `[ ^e[ ^[j p_j$ K?J=;L;H?@ '' LLL#<D:9:7D:@?:H#CA


%& -*+',3"/5

%& -*+',3"/5 $$

LHEKM;D P?@D =;C?::;B: L?;H @77H L7D >KD B;L;D ED=;IJ;B:

HEG:@:C DC<:K::G '%#%%% LDDG9:C E:G 96< B6CC:C DC<:K::G ,%%%

#FTUFEFO DJSDB ÏÏO KBBS WBO IVO MFWFO BBO EF WSBBH XBU [BM JL BBOEPFO

>k_b[d ][c_ZZ[bZ )& jej ,* a[[h f[h `WWh DK:GA>?9:C ?66GA>?@H 66C =6GI" :C K66IO>:@I:C '+#%%% KGDJL:C

)FCCFO LBOT PQ FFO EFQSFTTJF >[XX[d lWWa WdZ[h[ iocfjec[d X_` [[d ^WhjWWdlWb ZWd Wbb[[d f_`d _d Z[ Xehij0 pm[j[d" c_ii[b_`a^[_Z" Yedij_fWj_[ [d iY^ekZ[habWY^j[d

=:77:C ::C A>8=I:G :C HC:AA:G =6GI 96C B6CC:C/ ,- HA6<:C E:G B>CJJI K K:GHJH ,% HA6<:C E:G B>CJJI B #

:;DA;D =;C?::;B: D;=;D A;;H F;H :7= 77D%EL;H >KD K?J;HB?@A KdaYdZc c^Zi VaaZbVVa ** VVc YZ Òicdgb/ b^c^bVVa ( `ZZg eZg lZZ` '% b^cjiZc hedgiZc

>[XX[d h[][bcWj_] bWij lWd el[h][m_Y^j *) HA>@@:C K::A HA66E" D; @6AB:G>C<HI67A:II:C &!) B>A?D:C KGDJL:C >C C:9:GA6C9

N

O>?C ÈI:KG:9:CÉ )) :C È:G< <:AJ@@><É '( B:I =:I A:K:C

LdgYZc \Zb^YYZaY -( _VVg Ah_`][d '*$&&& a[[h f[h `WWh

=ZWWZc bZZg hbVV`eVe^aaZc de YZ idc\ YVc bVccZc

Z[ Z_W]dei[ XehijaWda[h

P_`d cWiiWWb _d Z[ el[h]Wd]0 ef Z_j cec[dj '", c_b`e[d lhekm[d _d D[Z[hbWdZ @g^_\Zc ]Zi kVV`hi WVVgbdZYZg]Vah`Vc`Zg ijhhZc (* idi )* _VVg

?D>EK:IEF=7L; KgdjlZc dkZg ]jc a^_[

eV\ (

6ci^XdcXZei^Z

eV\ )"*

:ZiegdWaZbZc

eV\ +

HZ`hjVa^iZ^i :bVcX^eVi^Z

eV\ ,"-

KV\^cV";Z^iZc eV\ . Dc\ZlZchi olVc\Zg eV\ &%

KZghaVk^c\

=j^Y =VVg

eV\ &'"&(

6Wdgijh

9Z A^_[XnXajh kVc ZZc kgdjl

eV\ &&

eV\ &) eV\ &*

%F PWFSHBOH LPNU SPOE KF F FO LBO UPU KBBS EVSFO

Ah_`][d h[][bcWj_] )' j[ cWa[d c[j i[aik[[b ]h[diel[hiY^h_`Z[dZ ][ZhW] >;88;D ;;D B?8?:E :7J 7<>7DA;B?@A ?I L7D =;:79>J;D" =;LE;B;DI ;D EC=;L?D=I<79JEH;D

:; B?@<AH7DJ 8dcXZei/ J^i\ZkZg^_&& " lll#\dZYZWdZ`_Zh#ca Kdgb\Zk^c\/ DcX` <gVÒhX] DcilZge " lll#dcX`#ca $ 8dciVXi/ ^c[d5\dZYZWdZ`_Zh#ca 9Z 'Z ZY^i^Z kVc YZ A>?;@G6CI `dbi j^i ^c ]Zi kddg_VVg kVc '%&+

7gdccZc/ =ZVgiigji] 8VbeV^\c! [VXiha^YZh#Xdb! bdk^h^Z#ca! Ig^bWdh! G>KB

>[XX[d ][c_ZZ[bZ [[d [ji ^e][h ?G ZWd cWdd[d

8PSEFO HFNJEEFME


%& -*+',3"/5

(0&% 0. 07&3 5& 13"5&/ $$

-0&4 ž +""3ſ ÈB^_c a^_[ \ZZ[i Yj^YZa^_`Z h^\cVaZc V[ Vah Zg ^Zih b^h ^h# >` lZZi W^_cV Vai^_Y lVi Zg VVc YZ ]VcY ^h Vah ^` Zg\Zch e^_c d[ dc\ZbV` kdZa# B^_c a^X]VVb ]ZghiZai dd` hcZa/ ^` hideiZ cV i^Zc _VVg bZi YZ e^a Zc W^ccZc ZZc bVVcY ]VY ^` b^_c Z^\Zc gZ\ZabVi^\Z! XnXajh lZZg iZgj\#É

7SPVX -JKG ,( \ZZ[i ]VVg a^X]VVb ZZc X^_[Zg , d[ ]d\Zg )* ^h hdbh _VadZgh de ]Zi a^_[ kVc bdYZaaZc ^c i^_YhX]g^[iZc , `g^_\i YVVg oZa[ ZZc b^cYZglVVgY^\]Z^YhXdbeaZm kVc (, o^i WZiZg ^c ]VVg kZa ^c ZZc gZaVi^Z () kdZai o^X] oZa[kZgoZ`ZgYZg ^c ZZc gZaVi^Z (+ kdZai o^X] c^Zi egZii^\ ^c W^`^c^ )& gVV`i \gVV\ lVi `^adÉh `l^_i -& o^i aZ``Zg ^c ]VVg kZa

'"5*." ž ,*/%ſ ÈCV YZ \ZWddgiZ kVc b^_c YdX]iZg! `gZZ\ ^` YZ ZmigV `^adÉh Zg c^Zi bV``Za^_` V[# >` WZc cd\ hiZZYh ^Zih olVVgYZg YVc kgdZ\Zg# >` egdWZZg \ZodcYZg iZ ZiZc/ b^cYZg kaZZh Zc WgddY! bZZg \gdZciZ Zc [gj^i# H^cYh `dgi \V ^` ilZZ `ZZg ^c YZ lZZ` cVVg YZ hedgihX]dda# >` gZc de odÉc WVcY# >` l^a \ZodcY djY ldgYZc#É

Wgdc/ K^kV

.*+/ -*+' "//&,& ž ,*/%&3&/ſ

5FWSFEFO '. odj c^Zih VVc ]VVg a^_[ kZgVcYZgZc '& ^h ]Zi bZZhi iZkgZYZc bZi ]VVg d\Zc &' ^h ]Zi bZZhi iZkgZYZc bZi ]VVg ]VVg && k^cYi ]VVg WdghiZc ]VVg WZhiZ a^X]VVbhYZZa '( ^h ]Zi c^Zi dkZg ]VVg Wj^` &) ^h c^Zi Wa^_ bZi ]VVg WZcZc &' ]ZZ[i \gVV\ VcYZgZ W^aaZc Wgdc/ K^kV

ÈB^_c a^_[ ^h hiZg`! haVc`! \ZkdZa^\ Zc aZc^\# =Zi ^h ]Zi kdZgij^\ kddg b^_c WZhiVVc# >` WZ\^c ZZc b^YYaZ V\Z Wj^`_Z iZ `g^_\Zc! bVVg kZgYZg WZc ^` ]ZZa iZkgZYZc# >` ZZi kZ\ZiVg^hX] Zc WZlZZ\ kZZa# HaZX]iZ \ZlddciZc4 >` Yg^c` b^hhX]^Zc ^Zih iZkZZa l^_c# DjYZg ldgYZc k^cY ^` c^Zi bdZ^a^_`# 6\Z \gVXZ[jaan! i]ViÉh bn bdiid 9dZ b^_ bVVg ZZc I"h]^gi bZi/ &.++ ^h V \ddY nZVg É

;0 ž +""3 ,*/%&3&/ſ ÈB^_c WZcZc bdX]iZc lVi aVc\Zg Zc b^_c WdghiZc lVi \gdiZg! bVVg _V### B^_c a^_[ ^h hiZg` Zc \ZodcY Zc iVbZa^_` \dZY ^c egdedgi^Z# =^Zg bdZi ^` ]Zi bZZ YdZc de YZoZ VVgY`addi# >c kZg\Za^_`^c\ bZi kgdZ\Zg `^_` ^` cj b^aYZg cVVg bZoZa[# >` YdZ YV\Za^_`h nd\V! &* b^cjiZc idi & jjg# 9Vi ]ZZ[i bZ WZljhiZg \ZbVV`i kVc b^_c a^_[ Zc b^_c ]djY^c\# >` YdZ dd` igdjl Wj^`he^ZgdZ[Zc^c\Zc Zc olZb gZ\ZabVi^\# >` ZZi kZZa \gdZciZ Zc lZ^c^\ kaZZh# BVVg ^` ZZi dcgZ\ZabVi^\ Zc hcdZe iZ kZZa#É

1-&6/ ž +""3 ,*/%ſ ÈIdi b^_c ((Z lVh ^` higV`/ eaViiZ Wj^`! hiZk^\Z WdghiZc! gdcYZ W^aaZc# >` WZc cj ]ZghiZaaZcYZ kVc YZ olVc\ZghX]Ve! kddgVa b^_c Wj^` ^h cd\ iZ olVVg# >` ZZi lZ^c^\ idi \ZZc hj^`Zg Zc WgddY Zc YdZ WddYhX]VeeZc W^_ YZ W^dad\^hX]Z l^c`Za# >` YdZ VVc nd\V$ WdYn WVaVcXZ! adde Za`Z YV\ b^c *#%%% hiVeeZc bZi YZ hiVeeZciZaaZg"Vee Zc eV` a^ZkZg YZ ÒZih YVc YZ Vjid# 6YZb]Va^c\h" Zc bZY^iVi^ZdZ[Zc^c\Zc YdZ ^` db \ZZhiZa^_` ^c WVaVch iZ Wa^_kZc# >` WZc igdih de b^_c a^_[/ ]Zi ]ZZ[i ZZc olVc\ZghX]Ve Zc WZkVaa^c\ YddghiVVc! ZZc ]VakZ bVgVi]dc \ZadeZc Zc ilZZ Wjgcdjih dkZgaZZ[Y É

$-"6%*" ž +""3ſ ÈH^cYh ^` ZZc `VciddgWVVc ]ZW! WZc ^` lVi VVc\Z`dbZc# H^cYhY^Zc egdWZZg ^` Yg^Z `ZZg eZg lZZ` iZ hedgiZc# OdaVc\ b^_c W^aaZc c^Zi \VVc ]Vc\Zc Zc b^_c Wj^` eaVi ^h! WZc ^` iZkgZYZc# >` hcdZe c^Zi iZ kZZa! Yg^c` \dZY Zc ]ZX]i kZZa lVVgYZ VVc kdaYdZcYZ cVX]igjhi# >` l^a b^_c a^X]VVb kVc Wj^iZc c kVc W^ccZc \ZodcY ]djYZc#É

-*4& ž +""3ſ ÈB^_c a^_[ ^h! \ZkdZa^\! hiZg`! hiZk^\ Zc WZigdjlWVVg# >` \V de i^_Y cVVg WZY! Yg^c` \ZZc VaXd]da Zc ZZi \ZodcY# >` egdWZZg cVVg YZ -%$'% gZ\Za iZ aZkZc! -% kVc YZ i^_Y bVV` ^` YZ \ZodcYZ `ZjoZ \gdZciZc! kZoZag^_`! kdZYZcY ZiZc YVi ^Zih kddg bZ YdZi ! YZ VcYZgZ '% bV\ ]Zi lVi adhhZg# Db Òi iZ Wa^_kZc adde ^` ^ZYZgZ YV\ &% `b bZi YZ ]dcY# B^_c WZhiZ \ZlddciZ ^h YVi ^` kZZa lViZg Yg^c`# B^_c haZX]ihiZ \ZlddciZ ^h YZ ]dZkZZa]Z^Y `d[ÒZ Y^Z ^` Yg^c`! b^c^bVVa ( ZhegZhhdÉh eZg YV\#É

&7&-*&/ ž ſ ÈCV ZZc dc\Zaj` ]VY ^` ZZc olVgZ ]ZghZchX]jYY^c\ Zc ZZc l]^eaVh]# >` `gZZ\ VaaZgaZ^ gVgZ `aVX]iZc# >` `dc c^Zi bZZg iZ\Zc ]VgYZ \Zaj^YZc! k^Za odbVVg ÓVjl ^c YZ hjeZgbVg`i Zc `dc kVV` b^_c WZY c^Zi j^i`dbZc Èh dX]iZcYh dbYVi b^_c a^X]VVb c^Zi bZZ l^aYZ lZg`Zc# CV * _VVg ^ciZch^ZkZ gZkVa^YVi^Z! ]ZW ^` \ZaZZgY ]dZ ^` YZ WZaVhi^c\ kVc b^_c a^_[ od `Vc YdhZgZc YVi ^` lZZg VaaZh `Vc YdZc lVi ^` l^a# >` `Vc b^_c a^_[ lZZg kZgigdjlZc# =Zi `Vc oZa[ bZZg VVc YVc ^` hdbh cd\ YZc`#É

'&.,& ž ,*/%&3&/ſ ÈB^_c a^_[ ^h `Vedi! dkZg\ZkdZa^\! ]neZgbdW^Za Zc \ZkVVga^_`! Vah ^c/ VVcigZ``Za^_`# B^_c a^X]VVb ^h \ZiZ`ZcY Yddg hZ`hjZZa \ZlZaY# BVVg b^_c a^X]VVb ^h dd` ]Zi ]j^h_Z \ZlZZhi kVc b^_c `^cYZgZc! YVVgYddg `Vc ^` ]Zi VXXZeiZgZc odVah ]Zi ^h# 9ddg gjhi Zc gZ\ZabVVi! ]n\^ cZ Zc \dZYZ kdZY^c\ WZc ^` lZZg \ZodcY \ZldgYZc# >` WZc igdih de b^_c a^_[ dbYVi ^` dcYVc`h YZ [nh^Z`Z hX]VYZ kVc ZZc dcWZ`ZcYZ YVYZg! idX] ZZc hZ`hjZaZ gZaVi^Z `dc deWdjlZc Zc ilZZ `ZZg WZc WZkVaaZc#É

1&53" ž ſ ÈB^_c ejWZgiZ^i hidcY ^c ]Zi iZ`Zc kVc ZZc ZZihiddgc^h# >` ]ZW bZoZa[ j^i\Z]dc\ZgY Zc j^i\Zeji! idi ^` Zg W^_cV VVc dcYZgYddg \^c\# J^iZ^cYZa^_` ]ZZ[i b^_c a^_[ o^X]oZa[ lZiZc iZ ]ZghiZaaZc# >` `Vc lZZg W^_cV VaaZh Zc YVVg WZc ^` igdih de# <ZodcY ZiZc WZiZ`Zci kddg b^_/ Yg^Z `ZZg eZg YV\ kda\Zch YZ djYZglZihZ hX]^_[ kVc k^_[! \ZZc gVgZ \ZlddciZh Zc c^Zi iZ kZZa hcdZeZc#É

73068 (&/&&4,6/%& KgdjlZc gZV\ZgZc kVV` VcYZgh de VVcYdZc^c\Zc! \ZcZZh b^YYZaZc Zc WZ]VcYZabZi]dYZh YVc bVccZc! od Wa^_`i j^i dcYZgodZ`# 9gVc`\ZWgj^` ^h W^_kddgWZZaY hX]VYZa^_`Zg kddg kgdjlZc YVc kddg bVccZc! Zc kgdjlZc ]ZWWZc \ZcdZ\ VVc ZZc aV\ZgZ YdhZg^c\ kVc ZZc haVVeiVWaZi# Kddg YZ `lVa^iZ^i kVc YZ \ZodcY]Z^Yhodg\ ^h ]Zi ZhhZci^ZZa YVi Zg bZZg VVcYVX]i `dbi kddg Y^Z hZ`hZkZghX]^aaZc! oZ\i Egd[# Yg# Id^cZ AV\gd"?VchhZc# 9Z ]dd\aZgVVg KgdjlZchijY^Zh BZY^hX]Z LZiZchX]VeeZc ^h ^cb^YYZah bZi eZch^dZc! bVVg ]ZZ[i kZZa \ZYVVc db hZ`hZkZghX]^aaZc ^c YZ \ZcZZh`jcYZ de YZ `VVgi iZ oZiiZc# AV\gd"?VchhZc/ ÈCd\ c^Zi od aVc\ \ZaZYZc lZgYZc VVcYdZc^c\Zc odVah jg^cZ"^cXdci^cZci^Z Zc WZ``ZcWdYZbegdWaZbZc V[\ZYVVc Vah Y^c\Zc Y^Z Zg cj ZZcbVVa W^_]dgZc cV ZZc olVc\ZghX]Ve# IZ\ZclddgY^\ o^_c Zg g^X]ia^_cZc kddg YZ WZ]VcYZa^c\ kVc jg^cZ"^cXdci^cZci^Z Zc o^_c Zg \ZheZX^Va^hZZgYZ egV`i^_`dcYZghiZjcZgh# KgdjlZc ]ZWWZc de djYZgZ aZZ[i^_Y dd` kV`Zg \Zlg^X]ih`aVX]iZc YVc bVccZc! bZi Vah \Zkda\ WZeZg`^c\Zc ^c ]Zi [jcXi^dcZgZc Zc e^_c# OZ \ZWgj^`Zc Yjh bZZg e^_chi^aaZgh! lVi lZZg YZ ddgoVV` `Vc o^_c kVc bVV\`aVX]iZc# =Zi \ZWgj^` kVc Vhe^g^cZ W^_ ZZc kZgcVjl^c\ kVc YZ `gVchhaV\VYZgh Wa^_`i kddg kgdjlZc dcYZg YZ +* _VVg cV\ZcdZ\ o^caddh iZ o^_c# :Zc VcYZg WZaVc\g^_` \Z\ZkZc ^h YVi kgdjlZc bZZg YVc bVccZc iZ bV`Zc ]ZWWZc bZi eVgicZg\ZlZaY Zc hZ`hjZZa b^hWgj^`! W^ccZc Zc Wj^iZc ]Zi \Zo^c# B^hWgj^` ^c _Z kddg\ZhX]^ZYZc^h `Vc ^ZbVcY de aViZgZ aZZ[i^_Y \ZkdZa^\Zg bV`Zc kddg ZZihiddgc^hhZc! YZegZhh^Z d[ dckZg`aVVgWVgZ e^_c! W^_kddgWZZaY ^c YZ Wj^`#É =Zi M"X]gdbdhddb! lVVgkVc YZ kgdjl Zg ilZZ ]ZZ[i Zc YZ bVc c! ^h \ZcZi^hX] WZaVc\g^_` Zc heZZai ZZc gda ^c YZ kZghX]^aaZc ijhhZc bVccZc Zc kgdjlZc ^c \ZkdZa^\]Z^Y kddg o^Z`iZc# BVVg kZg`aVg^c\Zc kddg kZghX]^aaZc ijhhZc bVccZc Zc kgdjlZc o^_c c^Zi VaaZZc ^c YZ W^dad\^Z Zc YZ \ZcZi^XV iZ k^cYZc! dd` db\Zk^c\h[VXidgZc Zc YZ aZkZchadde kVc kgdjlZc heZaZc ZZc gda# 9ddg YZoZ XdbeaZmZ hVbZc]Vc\ kVc [VXidgZc! ^h ]Zi ZmigV WZaVc\g^_` YVi VgihZc \dZY YddgkgV\Zc cVVg \ZcYZgheZX^ÒZ`Z g^h^Xd[VXidgZc W^_ kgdjlZa^_`Z eVi^ ciZc# BZYZ YVc`o^_ AV\gd"?VchhZc ^h Zg ^c ]Zi bZY^hX] dcYZgl^_h hiZZYh bZZg VVcYVX]i kddg YZoZ hZ`hZkZghX]^aaZc ^c YZ \ZcZZh`jcYZ# Nd \d \^ga


%& -*+',3"/5

%& -*+',3"/5 $$

"/5*$0/$&15*& ?dc\ZgZc dcYZg YZ '* _VVg `jccZc YZ bdgc^c\ V[iZg e^a \gVi^h `g^_\Zc W^_ ZZc HZchZ V[hegVV` W^_ 86H6 `a^c^Z`Zc# :g ^h dd` ZZc bdgc^c\ V[iZg e^a Y^Z _Z idi k^_[ YV\Zc cV dcWZhX]ZgbYZ hZ`h `jci cZbZc# Kddg YZoZ e^a ]ZW _Z ZZc gZXZei kVc YZ ]j^hVgih cdY^\# 6ah _Z _dc\Zg YVc '* WZci! `jc _Z ]^Zgkddg ZZc gZXZei W^_ 86H6 `a^c^Z`Zc`g^_\Zc# Cehd_d] W\j[h if_hWWb ?Z `jci dd` `^ZoZc kddg ]Zi bdgc^c\ V[iZg he^gVVa cddYhe^gVVa # 9ZoZ ^h cd\ WZigdjlWVVgYZg YVc YZ bdgc^c\ V[iZg e^a# =Zi cddYhe^gVVai_Z ^h ZZc `deZg]djYZcY he^gVVai_Z YVi idi k^_[ YV\Zc cV dcWZhX]ZgbYZ hZ`h \ZeaVVihi `Vc ldgYZc# =Zi he^gVVai_Z kddg`dbi ^c .. kVc YZ \ZkVaaZc ZZc olVc\ZghX]Ve# 9Z lZg`^c\ Zc ZkZcijZaZ W^_lZg`^c\Zc o^_c ]ZioZa[YZ Vah W^_ ]Zi \ZldcZ he^gVVai_Z# =Zi cddYhe^gVVai_Z `Vc W^_ odlZa ]j^hVgih Vah 86H6 `a^c^Z`Zc \ZeaVVihi ldgYZc#

"OUJDPODFQUJF JT FFO WFS[BNFMOBBN WPPS BMMF NFUIPEFO FO NJEEFMFO EJF KF LVOU HFCSVJLFO PN CFWSVDIUJOH DPODFQUJF UF WPPSLPNFO )FU BBOCPE WBSJFFSU WBO IPSNPOBMF BOUJDPODFQUJFNJEEFMFO [PBMT EF BOUJDPODFQUJFQJM UPU OPO IPSNPOBMF BOUJDPODFQUJFNJEEFMFO [PBMT DPOEPPNT FO TUFSJMJTBUJF 0WFS IFU BMHFNFFO IFCCFO IPSNPOBMF BOUJDPODFQUJFNJEEFMFO NFFS CJKXFSLJOHFO NBBS CJFEFO [F PPL NFFS CFTDIFSNJOH 4PNNJHF NJEEFMFO [JKO WSJK WFSLSJKHCBBS CJK BQPUIFFL If_hWWbj`[ PG ESPHJTU WPPS BOEFSF IFC KF FFO WFSXJK[JOH WBO EF IVJTBSUT OPEJH :g o^_c ilZZ ineZ he^gVVai_Zh/ ]Zi :[ F_b 9Z e^a ^h ZZc kZZa \ZWgj^`i Zc WZigdjlWVVg Vci^XdcXZei^Zb^YYZa! b^ih _Z ]Zb \dZY \ZWgj^`i# 9Z e^a Wad``ZZgi YZ dkjaVi^Z bVVcYZa^_`hZ Z^hegdc\ ! bVV`i YZ WVVgbdZYZglVcY b^cYZg \ZhX]^`i kddg ^ccZhiZa^c\ kVc ZZc WZkgjX]i Z^i_Z Zc odg\i Zgkddg YVi YZ ^c\Vc\ kVc YZ WVVgbdZYZg dcYddgYg^c\WVVg ldgYi kddg oVVYXZaaZc# 9Z VXi^ZkZ ^c\gZY^…ciZc kVc YZ e^a o^_c YZ ]dgbdcZc dZhigd\ZZc Zc ZZc egd\ZhiV\ZZc# ?Z ha^`i YZ e^a Yg^Z lZ`Zc YV\Za^_`h de ZZc kVhi i^_Yhi^e# LZZ` k^Zg ldgY _Z dc\ZhiZaY Va ^h Y^i \ZZc ZX]iZ bZchigjVi^Z # 6ah Zg igdbWdhZ d[ Wdghi`Vc`Zg ^c _Z [Vb^a^Z kddg`dbi Zc$d[ Vah _Z b^\gV^cZ ]ZWi lVVgW^_ _Z kaZ``Zc$hiZggZi_Zh o^Zi! ldgYi YZ e^a V[\ZgVYZc# Dd` W^_ hdbb^\Z VcYZgZ bZY^hX]Z VVcYdZc^c\Zc ^h ]Zi c^Zi kZghiVcY^\ db YZ e^a iZ ha^``Zc# DkZgaZ\ ]^ZgdkZg bZi _Z Vgih# ;lhW fb[_ij[h 9Z :kgV eaZ^hiZg Zc cjkVg^c\ WZkViiZc YZoZa[YZ ]dgbdcZc Vah YZ e^a# 9Z ZkgV eaZ^hiZg eaV` _Z ‚‚c `ZZg ^c YZ lZZ` de! Yg^Z lZ`Zc VX]iZg Za`VVg Zc YVc ‚‚c lZZ` c^Zi# ?Z `Vc Zg ^c eg^cX^eZ VaaZh bZZ YdZc olZbbZc! ^c WVY! YdjX]Zc bVVg XdcigdaZZg lZa Za`Z YV\ ZkZc d[ ]^_ \dZY o^i#

DklWh_d] 9Z cjkVg^c\ ^h ZZc ÓZm^WZaZ g^c\ Y^Z _Z ^c _Z kV\^cV ^cWgZc\i Zc Yg^Z lZ`Zc `Vc Wa^_kZc o^iiZc# =^ZgcV hide _Z , YV\Zc Zc WgZc\ _Z ]^ZgcV lZZg ZZc c^ZjlZ g^c\ ^c# Kddg e^a! ZkgV eaZ^hiZg Zc cjkVg^c\ \ZaYi YVi _Z YZ WadZY^c\ `Vc dkZghaVVc d[ j^ihiZaaZc Yddg ^c YZ hide"lZZ` Yddg iZ ha^``Zc$eaV``Zc$g^c\Zc# Fh_af_b 9Z eg^`e^a ^h ZZc WZigdjlWVVg Vci^XdcXZei^Zb^YYZa lVVgW^_ _Z ZZch eZg &' lZ`Zc ZZc ^c_ZXi^Z `g^_\i bZi ‚‚c kVc YZ ]dgbdcZc kVc YZ e^a ^c ]d\Z YdhZg^c\# 9^i ]dgbddc odg\i Zgkddg YVi ]Zi ha^_b kVc YZ WVVgbdZYZg]Vah dcYddgYg^c\WVVg ldgYi kddg oVVYXZaaZc! ZZc WZkgjX]iZ Z^XZa c^Zi `Vc ^ccZhiZaZc Zc Zg \ZZcbdgc^c\ V[iZg he^gVVa! He^gVVai_Z Z^hegdc\ eaVVihk^cYi# 9Z bZZhiZ kgdjlZc ldgYZc c^Zi dc\ZhiZaY Vah oZ YZ eg^`e^a \ZWgj^`Zc# ?cfbWded >beaVcdc ^h ]Zi bZZhi WZigdjlWVgZ Vci^XdcXZei^Z b^YYZa# =Zi ^h ZZc hiVV[_Z iZg \gddiiZ kVc ZZc ajX^[Zg YVi dcYZg]j^Yh ^c YZ WdkZcVgb ldgYi \ZeaVVihi# 9^i WZkVi ‚‚c kVc YZ ]dgbdcZc j^i YZ e^a! ^c aV\Z YdhZg^c\# 9Z bZZhiZ kgdjlZc ldgYZc c^Zi dc\ZhiZaY W^_ \ZWgj^` kVc >beaVcdc# :g ^h lZa `Vch de ijhhZci^_Yh WadZYkZga^Zh# =Zi hiVV[_Z `Vc Yg^Z _VVg Wa^_kZc o^iiZc# Cehd_d] W\j[h f_b 9Z bdgc^c\ V[iZge^a cddYe^a kZgb^cYZgi idi bVm^bVVa ,' jjg cV dckZ^a^\Z hZ`h YZ `Vch de olVc\ZghX]Ve# 9Z cddYe^a hidei YZ Z^hegdc\ d[ hiZai YZoZ j^i Zc WZaZi WZkgjX]i^c\ d[ ^ccZhiZa^c\ kVc YZ Z^XZa# 6ah _Z YZ cddYe^a W^ccZc ') jjg cV ]Zi dcWZhX]ZgbYZ \ZhaVX]ihkZg`ZZg ^ccZZbi! kddg`dbi YZoZ ^c .* kVc YZ \ZkVaaZc ZZc olVc\ZghX]Ve# 9Z bdgc^c\ V[iZg e^a $ cddYe^a ^h iZ `dde W^_ Vedi]ZZ`$Ygd\^hi kddg dc\ZkZZg U&)!"! W^_ 86H6 `a^c^Z`Zc U ,!"# Kddg _dc\ZgZc idi '& _VVg ^h YZ cddYe^a \gVi^h de gZXZei kVc YZ ]j^hVgih#

`deZghegVVa Zc ]Zi ]dgbddche^gVVa B^gZcV # =Zi `deZghe^gVVai_Z ^h ZZc eaVhi^X hiVV[_Z kVc ZZc eVVg XZci^bZiZg bZi ZZc `deZgYgVVY_Z Zgdb]ZZc# 9^i

he^gVVa WZkVi \ZZc ]dgbdcZc# =Zi ldgYi ^c YZ WVVgbdZYZg \ZeaVVihi lVVgYddg ]Zi WVVgbdZYZgha^_bka^Zh odYVc^\ kZgVcYZgi YVi ZZc WZkgjX]iZ Z^XZa o^X] c^Zi `Vc ^ccZhiZaZc# =Zi `deZg ^c ]Zi he^gVVa odg\i Zg dd` kddg YVi oVVYXZaaZc b^cYZg kgjX]iWVVg o^_c# BZi ]Zi `deZghe^gVVai_Z ldgY _Z \Zlddc dc\ZhiZaY# ?Z bZchigjVi^Z `Vc aVc\Zg Zc e^_ca^_`Zg o^_c YVc _Z \ZlZcY WZci# =Zi ]dgbddche^gVVa B^gZcV WZkVi ZZc ]dgbddc YVi YZ dkjaVi^Z Z^hegdc\ dcYZgYgj`i# =Zi he^gVVai_Z ldgYi ^c YZ WVVgbdZYZg \ZeaVVihi lVVgYddg YZ bZZhiZ ]dgbdcZc ad`VVa ldgYZc V[\Z\ZkZc Zc Zg b^cYZg ]dgbdcZc ^c YZ gZhi kVc _Z a^X]VVb `dbZc# 9Z B^gZcV `Vc k^_[ _VVg Wa^_kZc o^iiZc# >c kZZa \ZkVaaZc ldgYi YZ bZchigjVi^Z b^cYZg d[ kZgYl^_ci kdaaZY^\#

97I7 ab_d_[a[d Kddg VYk^Zh dkZg Vci^XdcXZei^Z! eaVVihZc kVc >beaVcdc d[ hiZg^a^hVi^Z Zc bdgc^c\ V[iZg b^YYZaZc! `jc _Z iZgZX]i W^_ 86H6 `a^c^Z`Zc# 7Zc _Z dcYZg YZ '* _VVg! YVc `Vc Y^i \gVi^h Zc Vcdc^Zb k^V HZchZ# @^_` kddg kZgYZgZ ^c[d de mmm$YWiWab_d_[a[d$db$


%& -*+',3"/5

%& -*+',3"/5 $$

"OUJDPODFQUJF

IJ;H?B?I7J?; 7^_ 86H6 @a^c^Z`Zc `jc _Z odcYZg lVX]ia^_hi iZgZX]i kddg ]Zi eaVVihZc kVc ZZc he^gVVai_Z# 7^_ ]Zi eaVVihZc Zc W^_ YZ cVXdcigdaZ ldgYi ZZc ZX]dVeeVgVVi \ZWgj^`i db Zg oZ`Zg kVc iZ o^_c YVi ]Zi he^gVVai_Z \dZY o^i# >cY^Zc cdY^\ d[ \ZlZchi ^h ad`VaZ kZgYdk^c\ d[ hZYVi^Z gdZh_Z bd\Za^_`# Ad`VaZ kZgYdk^c\ ^h ^cWZ\gZeZc W^_ YZ WZ]VcYZa^c\# HZYVi^Z `dhi VeVgi U &&%!"# BZi ZZc kZgl^_hWg^Z[ kVc YZ ]j^hVgih! ldgYZc YZ `dhiZc kddg YZ WZ]VcYZa^c\ Yddg W^_cV VaaZ odg\kZgoZ`ZgVVgh kZg\dZY# 9Z idiVaZ `dhiZc a^\\Zc gdcY YZ U '-%!"# =dZkZZa kZg\dZY ldgYi! ]Vc\i V[ kVc _Z odg\kZgoZ`ZgVVg Zc ]Zi Z^\Zc g^h^Xd#

=D: L:G@I HI:G>A>H6I>:4 Ij[h_b_iWj_[ l_W Z[ Xk_a :Zc hiZg^a^hVi^Z k^V YZ Wj^` ]ZZi ZZc aVeVgdhXde^Z# 9Z `^_`Wj^hdeZgVi^Z ldgYi j^i\ZkdZgY Yddg ZZc \ncVZXdadd\ Zc k^cYi eaVVih dcYZg Va\Z]ZaZ kZgYdk^c\ hZYVi^Z # ?Z ldgYi dc\ZkZZg ZZc ]VakZ YV\ de\ZcdbZc# =Zi lZg`i Vah kda\i/ :g ldgYi ZZc `aZ^c hcZZi_Z kVc dc\ZkZZg & Xb dcYZg YZ cVkZa \ZbVV`i# K^V Y^Z deZc^c\ ldgYi YZ Wj^` \ZkjaY bZi `ddaojjg\Vh# 9^i ^h cdY^\ db \dZY o^X]i de YZ Z^aZ^YZgh Zc YZ WVVgbdZYZg iZ `g^_\Zc# 9Z `^_`Wj^h ldgYi k^V ]Zi hcZZi_Z ^c YZ Wj^` \ZWgVX]i# CZi WdkZc ]Zi hX]VVb]VVg ldgYi ZZc ilZZYZ hcZZi_Z \ZbVV`i! lVVgYddg bZi ZZc `aZ^c ^chigjbZci YZ Z^aZ^YZgh ldgYZc V[\ZhadiZc# Ij[h_b_iWj_[ l_W Z[ lW]_dW :Zc hiZg^a^hVi^Z k^V YZ kV\^cV ]ZZi ZZc ]nhiZgdhXde^Z Zc ldgYi ^c CZYZgaVcY j^i\ZkdZgY dcYZg YZ cVVb :hhjgZ bZi]dYZ# 9Z \ncVZXdadd\ WgZc\i Yddg ZZc YjccZ `^_`Wj^h ]nhiZgdhXdde k^V YZ kV\^cV kZZgi_Zh ^c YZ Z^aZ^YZg# 9Z kZZgi_Zh odg\Zc Zgkddg YVi YZ Z^aZ^YZgh W^ccZc Yg^Z bVVcYZc Y^X]i\gdZ^Zc! odYVi oVVYXZaaZc c^Zi bZZg W^_ YZ Z^Zghid``Zc `jccZc `dbZc Zc$d[ ZZc WZkgjX]i Z^i_Z c^Zi `Vc ^cYVaZc cVVg YZ WVVgbdZYZg# 9Z ^c\gZZe Yjjgi b^cYZg YVc &% b^cjiZc# :Zc heZXjajb ZZcYZcWZ` d[ kZgYdk^c\ ^h c^Zi cdY^\# =Zi \VVi Vah kda\i/ :g ldgYi aVjllVgb lViZg ^c YZ WVVgbdZYZg \ZWgVX]i odYVi YZ j^ibdcY^c\ kVc YZ Z^aZ^YZgh WZiZg iZ o^Zc ^h# 9Z Vgih WgZc\i k^V YZ `^_`Wj^h ]Zi kZZgi_Z VVc ^c YZ Z^aZ^YZg# 9^i `Vc lVi `gVbe Zc e^_c ^c YZ Wj^` kZgddgoV`Zc! kZg\Za^_`WVVg bZi bZchigjVi^Ze^_c# 9Z egdXZYjgZ ldgYi ]Zg]VVaY W^_ YZ VcYZgZ Z^aZ^YZg#

7^_ ("* kVc YZ kgdjlZc aj`i YZ ]nhiZgdhXde^hX]Z hiZg^a^hVi^Z c^Zi dbYVi YZ WVVgbdZYZg]Vah bdZ^a^_` Yddg\Vc`Za^_` ^h d[ YZ Z^aZ^YZgh iZ cVjl o^_c# 9^i Wa^_`i eVh i^_YZch YZ ^c\gZZe#

BZZg dkZg hiZg^a^hVi^Z aZZh _Z de/ mmm$ij[h_b_iWj_[$_d\e

;iikh[ 9Z :hhjgZ hiZg^a^hVi^Z bZi]dYZ lZgY ^c '%%& ^c CZYZgaVcY \Z cigdYjXZZgY Yddg 9g# B^X]Za KaZj\Zah! lZg`oVVb W^_ 86H6 `a^c^Z`Zc# KaZj\Zah/ È9Z :hhjgZ WZ]VcYZa^c\ ]ZZ[i kZZa kddgYZaZc iZc deo^X]iZ kVc ÈdjYZglZihÉ hiZg^a^hZgZc k^V YZ Wj^`lVcY# :g ^h \ZZc kZgYdk^c\ cdY^\ Zc YZ kgdjl `Vc bZZ`^_`Zc de ]Zi WZZaYhX]Zgb# =ZZa WZaVc\g^_` ^h dd` YVi oZ Y^gZXi `Vc VVc\ZkZc Vah ]Zi e^_c YdZi# Od ]djYi oZ oZa[ YZ gZ\^Z dkZg YZ WZ]VcYZa^c\! lVi YZ ^c\gZZe ZmigV kZ^a^\ bVV`i#É

>c WZeVVaYZ h^ijVi^Zh `Vc ]Zi kddgYZa^\Zg d[ lZchZa^_` o^_c db YZ WZ]VcYZa^c\ oZa[ iZ WZiVaZc# >c YVi \ZkVa o^_c YZ `dhiZc kVc ]Zi eaVVihZc kVc ZZc he^gVVa U ,%!"# 9VVgcVVhi `dbZc YZ `dhiZc kVc ]Zi he^gVVa U &+*!" ]dgbddche^gVVa B^gZcV d[ U ,%!" `deZghe^gVVa Zc U ,%!" kddg YZ cVXdcigdaZ# 9Z `dhiZc kVc ]Zi he^gVVai_Z `jci j ZkZcijZZa WZiVaZc ^c &' bVVcYZa^_`hZ iZgb^_cZc# @^_` kddg kZgYZgZ ^c[d de mmm$YWiWab_d_[a[d$db

9Z bZY^hX]Z iZgb kddg ]Zi he^gVVai_Z ^h >J9! >cigV"JiZg^cZ 9Zk^XZ# >cigV JiZg^Zc WZiZ`Zci aZiiZga^_` È^c YZ WVVgbdZYZgÉ#

6ah _Z oZ`Zg lZZi YVi _Z \ZZc `^cYZgZc bZZg l^ai! ^h hiZg^a^hVi^Z ZZc odg\ZadoZ Zc kZ^a^\Z kdgb kVc Vci^XdcXZei^Z# BZi ZZc `aZ^cZ! eda^`a^c^hX]Z WZ]VcYZa^c\ WZc _Z kddg Vai^_Y kVc È]Zi \ZYdZÉ V[# AZi lZa/ hiZg^a^hVi^Z ^h ^c eg^cX^eZ dcdb`ZZgWVVg Zc ]Zi WZhX]Zgbi c^Zi iZ\Zc hZ`hjZZa dkZgYgVV\WVgZ VVcYdZc^c\Zc HD6 # MWj _i ij[h_b_iWj_[5 HiZg^a^hVi^Z ^h ZZc deZgVi^Z db YZÒc^i^Z[ iZ kddg`dbZc YVi _Z olVc\Zg ldgYi# 7Z^YZ Z^aZ^YZgh ldgYZc V[\ZhadiZc odYVi oVVYXZaaZc YZ Z^XZa c^Zi `jccZc WZgZ^`Zc Zc WZkgjX]iZc# :g o^_c ^c \gdiZ a^_c ilZZ bVc^ZgZc kVc hiZg^a^hZgZc W^_ kgdjlZc/ k^V YZ Wj^` Zc k^V YZ kV\^cV#

."3*+& ž ſ

È>` ]ZW Zg ZZc aViZc oZiiZc W^_ YZ ]j^hVgih Zc ]Zi YZZY kZghX]g^``Za^_` e^_c# >` ]VY ]Zi a^ZkZg W^_ ZZc heZX^VaZ `a^c^Z` \ZYVVc! bVVg W^_ YZ ]j^hVgih kVai ]Zi dcYZg YZ WVh^hkZgoZ`Zg^c\#É

"//& ž ſ

È>c idiVVa ]ZW ^` k^Zg `ZZg ZZc he^gVVai_Z aViZc eaVVihZc# IlZZ `ZZg lVh ]Zi kZghX]g^``Za^_`! bZi kZZa e^_c! ÓVjlkVaaZc Zc ZZc b^YYV\ bZi lZZVX]i^\Z `gVbeZc ^c WZY# BVVg YZ VcYZgZ `ZgZc \^c\ ]Zi hcZa Zc \dZY# ;^_c ^h ]Zi cdd^i! bVVg ]Zi \^c\ hcZa Zc YZZY \ZZc ZmigZbZ e^_c# Kda\Zch b^_ ^h ]Zi kdaaZY^\ V[]Vc`Za^_` kVc YZ h`^aah Zc ZgkVg^c\ kVc YZ Vgih#É

$"30-*&/ ž ſ

È>` o^i W^_ ZZc \gdiZ ]j^hVgihZcegV`i^_` Zc ]VY heZX^VVa \ZkgVV\Y cVVg YZ\ZcZ Y^Z kZZa ZgkVg^c\ ]ZZ[i bZi he^gVaZc eaVVihZc# =Zi lVh od \Ze^Zei Zc dd` YVVgcV cdd^i Zg\Zch aVhi kVc \Z]VY#É

If_hWWb bWj[d fbWWji[d5 Pe[a [[d Whji c[j [hlWh_d] 6aaZ hddgiZc he^gVaZc ldgYZc Yddg ZZc Vgih \ZeaVVihi Zc kZgl^_YZgY# =Zi ^h YZ bZZhi \ZWgj^`iZ Zc \dZY`ddehiZ bVc^Zg kVc Vci^XdcXZei^Z kddg YZ aVc\Z iZgb^_c Y^Z dd` lZZg dc\ZYVVc \ZbVV`i `Vc ldgYZc# EaVVih^c\ kVc ZZc he^gVVai_Z ^h ZZc gZaVi^Z[ `aZ^cZ ^c\gZZe! bVVg `Vc kZgkZaZcY kdZaZc# =Zi he^gVVai_Z ldgYi ^c YZ WVVgbdZYZg]daiZ \ZWgVX]i Zc `Vc k^_[ idi i^Zc _VVg Wa^_kZc o^iiZc# He^gVaZc ldgYZc W^_ kddg`Zjg ^c\ZWgVX]i i^_YZch YZ bZchigjVi^Z# =Zi ^h YVc oZ`Zg YVi _Z c^Zi olVc\Zg WZci Zc YZ WVVgbdZYZgbdcY ^h kVclZ\Z ]Zi WadZYkZga^Zh ^Zih kZgl^_Y! lVi ]Zi ^cWgZc\Zc kZg\ZbV``Za^_`i# ?Z `jci ]Zi he^gVVai_Z aViZc ^cWgZc\Zc W^_ YZ ]j^hVgih! ^c ]Zi o^Z`Zc]j^h d[ ^c ZZc \ZheZX^Va^hZZgYZ `a^c^Z`# 7ZaVc\g^_` ^h YVi _Z ]Zi aVVi YdZc Yddg ZZc Vgih bZi kZZa ZgkVg^c\ bZi ]Zi ^cWgZc\Zc kVc he^gVVai_Zh# Od adde _Z b^cYZg g^h^Xd de ZZc e^_ca^_`Z ^c\gZZe#

"OUJDPODFQUJF 'BDUT 'JHVSFT & de YZ * kgdjlZc lZgY dd^i dcWZYdZaY olVc\Zg# +% kVc YZ kgdjlZc &*"). _VVg \ZWgj^`i Vci^XdcXZei^Z# Dc\ZkZZg . kVc YZ kgdjlZc ^h de Y^i bdbZci olVc\Zg d[ egdWZZgi YVi iZ ldgYZc# ,+ kVc YZ c^Zi"olVc\ZgZ kgdjlZc l^a VWhdajji c^Zi olVc\Zg ldgYZc# (' \ZWgj^`i YZ e^a Vah Vci^XdcXZei^ZbZi]dYZ! hdbh ^c XdbW^cVi^Z bZi ]Zi XdcYddb# , \ZWgj^`i ]Zi ]dgbddche^gVVa# ( ^h \ZhiZg^a^hZZgY# . kVc YZ kgdjlZc Y^Z c^Zi olVc\Zg l^a ldgYZc Zc lZa hZ`h ]ZZ[i \ZWgj^`i \ZZc Vci^XdcXZei^Z# (( \ZWgj^`i Va bZZg YVc &% _VVg YZoZa[YZ Vci^XdcXZei^Z bZi]dYZ# + l^a dkZghiVeeZc de ZZc VcYZgZ bZi]dYZ# Wgdc/ Gji\ZghLE;


%& -*+',3"/5

%& -*+',3"/5 $$

8JTU KF EBU IFSTUFM WBO FFO FFUTUPPSOJT NPHFMJKL JT Ed][l[[h '& lWd Z[ c[di[d b_`Zj WWd [[d [[jijeehd_i" /& ZWWhlWd _i lhekm$ :[ X[a[dZij[ [[jijeehd_ii[d p_`d 7deh[n_W D[hleiW" mWWhX_` Z[ Wd]ij ec j[ [j[d [d Z_a j[ mehZ[d el[h^[[hij1 [d 8ekb_c_W D[hleiW" mWWhX_` `[ bWij ^[Xj lWd j[hk]a[h[dZ[ [[jXk_[d$ J_`Z[di [[d [[jXk_ d[[c `[ _d aehj[ j_`Z ]hej[ ^e[l[[b^[Z[d le[Zi[b jej `[" Z_[ `[ l[hleb][di fheX[[hj am_`j j[ hWa[d Zeeh j[ XhWa[d" lWij[d e\ Yecf[di[h[d c[j el[hcWj_] ifehj[d [d%e\ ^[j ][Xhk_a lWd bWn[[hc_ZZ[b[d$ ?d Z[ fhWaj_`a Xb_`aj ZWj [[ijijeehd_ii[d ][Yecfb_Y[[hZ _d [baWWh p_jj[d [d d_[j Wbj_`Z fWii[d _d d Zk_Z[b_`a p_[aj[X[[bZ$

&&545003/*44&/

;_dZ[b_`a ]WWj ^[j ]e[Z A^Z`Z (- _VVg / ÈDe b^_c (%Z lZgY ^` o^Z`# >` kdZaYZ bZ aZa^_`! dcoZ`Zg! dc\Zaj``^\ Zc ]ZZa Zg\ kZgYg^Zi^\# >` `dc \ZZc WVVc k^cYZc! ^` `dc b^_c eZhi kZgaZYZc \ZZc eaZ`_Z \ZkZc! ^` ]VY ZZc \ZWgd`Zc ]Vgi Zc ZZc bdZ^a^_`Z gZaVi^Z bZi b^_c bdZYZg# >` kdZaYZ bZ dc\Zaj``^\ Zc Vi b^cYZg Zc b^cYZg# CV bVVcYZc iZ\Zchig^WWZaZc! `lVb YZ WZha^hh^c\/ ^` bdZhi cVVg ZZc `a^c^Z`# CV ZZc ]Va[ _VVg ^ciZgc Zc YVVgcV YV\WZ]VcYZa^c\! \^c\ ]Zi gZYZa^_` bZi ZiZc# BVVg ^` kdZaYZ bZ cd\ cZi od dcoZ`Zg Vah Vai^_Y# CV ZZc _VVg `gZZ\ ^` ZZc iZgj\kVa# >` bZaYYZ bZ VVc W^_ =jbVc 8dcXZgc Zc lZgY cV YZ ^ciV`Z \Z cY^XZZgY kddg 7Z"AZZ; ! ZZc `a^c^hX]Z Wddhi WZ]VcYZa^c\ ^c Edgij\Va# :Zc bVVcY Zgj^i Zc `Z^]VgY VVc bZoZa[ lZg`Zc odcYZg higZhh kVc Wj^iZcV[# =Zi lVh YZ Wddhi Y^Z ^` cdY^\ ]VY 9Z ]jae! hiZjc Zc bdi^kVi^Z Y^Z ^` `gZZ\! ]ZWZWWZc b^_ lZoZca^_` kZgVcYZgY# :g kda\YZc cd\ ZZc bVVcY ilZZYVV\hZ YV\WZ]VcYZa^c\! \ZhegZ``Zc bZi b^_c djYZgh Zc VbWjaVciZ i]ZgVe^Z# 9Z gZaVi^Z bZi b^_c bdZYZg ^h kZgWZiZgY Zc ^` WZc lZZg hVbZc bZi b^_c \gdiZ a^Z[YZ# CVijjga^_` WZc ^` cd\ lZa ZZch dcoZ`Zg! bVVg cdd^i bZZg od Zg\ Vah idZc# >` odZ` ]jae Vah ^` ]Zi cdY^\ ]ZW Zc aj^hiZg cVVg b^_c a^X]VVb Zc cVVg b^_c \ZkdZa# >` cZ\ZZg b^_c \ZYVX]iZc c^Zi bZZg! bVVg hegZZ` oZ j^i# =Zi ^h \dZY \Z`dbZc bZi b^_# >` WZc c^Zi bZZg o^Z`#É

É:[ [[jijeehd_i lWd edp[ ZeY^j[h _i ^[\j_] leeh edi Wbb[cWWb$$$Ê

6c_V/ ÈDcoZ YdX]iZg ]ZZ[i h^cYh ZZc eVVg _VVg egdWaZbZc bZi ZiZc# 6ah \Zo^c o^iiZc lZ ]^ZgYddg Va ZZc i^_Y de ZZc Z^aVcY Zc YVi ^h WZhi ZZcoVVb# 9Z ZZihiddgc^h kVc AVjgV ^h ]Z[i^\ kddg dch VaaZbVVa# =Zi aZ\i ZZc ZcdgbZ Ygj` de ]Zi \Zo^c Zc de YZ gZaVi^Z bZi b^_c eVgicZg# LZ ]ZWWZc kZZa hiZjc VVc YZ ZgkVg^c\hYZh`jcY^\Z i]ZgVeZjiZc# OZ WZ\g^_eZc b^_c YdX]iZg \dZY Yddg ]jc Z^\Zc ZgkVg^c\Zc! bVVg dd` lVi l^_ Vah djYZgh YddgbV`Zc# 6ah ^` YZ i]ZgVeZjiZc ]jc Z^\Zc ZgkVg^c\hkZg]VVa ]ddg kZgiZaaZc! \ZZ[i YVi ]dde# OZ hiVVc cj od `gVX]i^\ ^c ]Zi aZkZc OZ aViZc o^Zc YVi _Z Zg hiZg` j^i `jci `dbZc! bZi WV\V\Z Y^Z _Z edh^i^Z[ `jci ^coZiiZc# 6ah \Zo^c cZbZc l^_ YVi Vah kddgWZZaY# LZ \VVc Y^i egdWaZZb hVbZc de ZZc edh^i^ZkZ bVc^Zg iZ a^_[#É

É7bi fWhjd[h aWd _a X_`ZhW][d WWd ^[j ^[hij[b$Ê ?ZgZbn/ ÈIdZc ^` b^_c kg^ZcY^c dcibdZiiZ! lVh oZ kddg ,* egdXZci YZ ZZihiddgc^h# OZ aVX]iZ lZa! bVVg oZ lVh c^Zi kgda^_`# Cj ^h oZ &%% egdXZci o^X]oZa[# 6ah oZ aVX]i! aVX]i oZ X]i# KVc ^ZbVcY Y^Z Zg c^Zi l^aYZ o^_c! ^h oZ \ZldgYZc idi ZZc kgdjl Y^Z kVc ]Zi aZkZc \Zc^Zi# OdZ` ]jae Vah _Z ZZc ZZihiddgc^h ]ZWi d[ Vah _Z kVc ^ZbVcY ]djYi Y^Z ZgbZZ ldghiZai# >` odj YVi kVc YZ YV`Zc l^aaZc hX]gZZjlZc ?Z `jci Vah eVgicZg ZX]i W^_YgV\Zc VVc ]Zi ]ZghiZa! oZ`Zg Vah _Z ]^Zg^c \dZY WZ\ZaZ^Y ldgYi#É

É?a X[d c_`d Wd]ij[d WWd][]WWd$Ê

&FUQSPCMFNFO 'BDUT 'JHVSFT >c CZYZgaVcY ]ZWWZc odÉc '(#%%% bZchZc 7dja^b^V CZgkdhV! +#%%% bZchZc 6cdgZm^V CZgkdhV Zc dc\ZkZZg &+%#%%% bZchZc ZZc ZZiWj^hiddgc^h# .% kVc YZ bZchZc bZi ZZc ZZihiddgc^h ^h kgdjl# :Zihiddgc^hhZc `dbZc kV`Zg kddg ^c YZ hiVY YVc de ]Zi eaViiZaVcY# >ZYZg _VVg `g^_\Zc odÉc (#)%% bZchZc ^c CZYZgaVcY ZZc ZZihiddgc^h

&% dkZga^_Yi VVc$bZi ZZc ZZihiddgc^h# =Zi Yjjgi \Zb^YYZaY ) _VVg kddg ^ZbVcY bZi ZZc ZZihiddgc^h de odZ` \VVi cVVg ]jae$i]ZgVe^Z# =Zi Yjjgi dc\ZkZZg ZZc _VVg kddgYVi ]^_$o^_ YZ _j^hiZ ]jae ]ZZ[i \ZkdcYZc# :Zc ZZihiddgc^h Yjjgi \Zb^YYZaY + idi , _VVg # 6ah ^c ]Zi WZ]VcYZaeaVc VaaZZc VVcYVX]i ^h kddg ZiZc! ^h ]Zi iZgj\kVaeZgXZciV\Z *% ",% ^c YZ ZZghiZ &- bVVcYZc cV WZ]VcYZa^c\# 7^_cV VaaZ `a^c^hX]Z WZ]VcYZa^c\Zc o^_c \Zg^X]i de ZiZc! higV[[Zc Zc WZadcZc#

:kZa^Zc '* _VVg / ÈKVc `aZ^ch V[ VVc ]VY ^` ZZiWj^Zc# 6ah ^` b^_ kZgYg^Zi^\ kdZaYZ lZgY ^` \Zigddhi bZi ZZc oV` X]^eh d[ hcdZe# >` ]VY Va _dc\ aVhi kVc dkZg\Zl^X]i Zc aZZgYZ bZi b^_c Zbdi^Zh db iZ \VVc! Yddg iZ ZiZc# De ZZc egd" 6cV h^iZ aVh ^` dkZg WgV`Zc# >` egdWZZgYZ ]Zi Zc `lVb iZgZX]i ^c ZZc k^X^ZjoZ X^g`Za kVc ZiZc Zc WgV`Zc# Hdbh ]VY ^` bZZgYZgZ ZZiWj^Zc Zc WgVV`bdbZciZc de ZZc YV\# >c YZ adde YZg _VgZc ]ZW ^` VaaZgaZ^ WZ]VcYZa^c\Zc \ZegdWZZgY kVc \gdZehi]ZgVe^Z idi ^cY^k^YjZaZ i]ZgVe^Z# BVVg ^` kdZaYZ bZ cdd^i X]i WZ\gZeZc# Idi ^` W^_ Hi^X]i^c\ =jbVc 8dcXZgc `lVb# 9Z ZgkVg^c\hYZh`jcY^\Z i]ZgVeZji hcVeiZ egZX^Zh lVVg ^` ]Zi dkZg ]VY Zc i^_YZch YZ i]ZgVe^Z lVgZc Y^i `ZZg \ZZc higV[" Zc WZadc^c\hhnhiZbZc# >` kdZaYZ b^_ ]^Zg lZa kZ^a^\ Zc \V[ YZ i]ZgVeZjiZc b^_c kdaaZ kZgigdjlZc# >` WZc Va b^_c \gdiZ Vc\hiZc VVc\Z\VVc Zc aZZgYZ Z^cYZa^_` egViZc dkZg lVi bZ YlVgh oVi# AVc\oVVb `lVb ^` j^i b^_c ZZiWj^"XdXdc# B^_c oZa[kZgigdjlZc \gdZ^YZ Zc ^` `gZZ\ hiZZYh bZZg ]Zi \ZkdZa YVi ^` Zg bdX]i o^_c# >cb^YYZah WZc ^` `aVVg bZi YZ i]ZgVe^Z Zc a^\i b^_c ZZihiddgc^h ^c ]Zi kZgaZYZc# Kddg ]Zi ZZghi `Vc ^` degZX]i oZ\\Zc YVi ^` \Zaj``^\ WZc É

IJ?9>J?D= >KC7D 9ED9;HD Hi^X]i^c\ =jbVc 8dcXZgc Ä 8Zcigjb kddg ZZihiddgc^hhZc ^h ZZc \ZheZX^Va^hZZgYZ <<OÄ^chiZaa^c\! Y^Z Zg Xdci^cj cVVg higZZ[i db YZ WZhiZ WZ]VcYZa^c\ kddg VaaZ ZZihiddgc^hhZc iZ W^ZYZc de oZh kZhi^\^c\Zc bZi .% bZYZlZg`Zgh# =jbVc 8dcXZgc lZg`i bZi :gkVg^c\hegd[Zhh^dcVah# 9^i o^_c <<O"egd[Zhh^dcVah! Y^Z iZkZch ZgkVg^c\hYZh`jcY^\ \ZcZoZc kVc ZZc ZZihiddgc^h o^_c# =Zi WZhiZ j^i ilZZ lZgZaYZc# CVVhi ]Zi egd[Zhh^dcZZa ^coZiiZc kVc ZgkVg^c\hYZh`jcY^\]Z^Y WZ]VcYZai =jbVc 8dcXZgc ZZihiddgc^hhZc kVcj^i ZZc Z^\Zc k^h^Z# 9ZoZ k^h^Z ^h dcihiVVc kVcj^i YZ ZZihiddgc^h oZa[ Zc ^h \Zg^X]i de YjjgoVVb ]ZghiZa# 9Z ZZihiddgc^h ldgYi kVcj^i YZ `Zgc VVc\ZeV`i Zc hnbeiddbWZhig^_Y^c\ ldgYi YVVgbZZ kZgbZYZc# =jbVc 8dcXZgc W^ZYi ZZc bjai^Y^hX^ea^cV^gZ WZ]VcYZa^c\ kddg ]VVg Xa^ ciZc# OdlZa ^c ZZc VbWjaVciZ kdgb! Vah ^c \gdZehWZ]VcYZa^c\Zc de kZghX]^aaZcYZ adXVi^Zh ^c CZYZgaVcY Zc ZZc `dgi"`a^c^hX]Z Wddhi" WZ]VcYZa^c\ ^c Edgij\Va# I^_YZch VaaZ WZ]VcYZa^c\Zc W^ZYi =jbVc 8dcXZgc dcYZghiZjc^c\ VVc YZ cVVhiWZigd``ZcZc kVc YZ Xa^ ciZc# mmm$^kcWdYedY[hd$db

@^_` dd` ZZch de mmm$_aeealWdc_`$db ZZc dca^cZ dcibdZi^c\heaZ` kddg bZchZc bZi VaaZ kdgbZc kVc ZZc ZZihiddgc^h# ?Z k^cYi Zg adi\ZcdiZc c ZgkVg^c\hYZh`jcY^\Zc! hiZjc Zc ]jae#


%& -*+',3"/5

%& -*+',3"/5 $$

%& 4&,46&-& 3&70-65*& *O EF KBSFO Ō WBO EF WPSJHF FFVX WPOE JO IFU XFTUFO FFO SFWPMVUJF QMBBUT EJF EF QPTJUJF WBO EF WSPVX JO PO[F TBNFOMFWJOH WPPSHPFE WFSBOEFSEF

=^ee^Zh ^c YZ _VgZc È+%

:bVcX^eVi^ZWZlZ\^c\Zc odVah YZ 9daaZ B^cVÉh Z^hiZc Zg`Zcc^c\ Zc \Za^_`]Z^Y kddg kgdjlZc ^c eda^i^Z`Z! bVVihX]VeeZa^_`Z c hZ`hjZaZ kZg]djY^c\Zc# 6aaZ ^chi^iji^Zh lZgYZc `g^i^hX] WZ`Z`Zc/ YZ `Zg`! ]Zi \Zo^c! YZ dkZg]Z^Y! YZ eda^i^Z`! ]Zi \Zo^c Zc ]Zi ]jlZa^_`# =Zi lVh YZ kVc YZ Vci^Vjidg^iV^gZ dekdZY^c\ Zc ÓdlZg edlZg# Kg^_Z a^Z[YZ ]ddgYZ ZgW^_# 7Zkg^_Y^c\ WZiZ`ZcYZ ^bbZgh YVi _Z \ZkdZa Zc \ZYgV\ deZca^_` `dc aViZc o^Zc! dd` hZ`hjVa^iZ^i# HZ`h kZgVcYZgYZ kVc È\ZbZZchX]VeÉ YVi _Z W^ccZc ]Zi ]jlZa^_`! ^c ]Zi Ydc`Zg dcYZg YZ YZ`Zch ]VY db `^cYZgZc iZ bV`Zc! cVVg ^Zih YVi _Z bdX]i YdZc ^c kg^_]Z^Y Zc Wa^_]Z^Y# HZ`h lZgY ZZc gZXgZVi^Z[ \Zcdib^YYZa#

CVijjga^_` lZgY Zg dd` kddg Y^Z i^_Y kg^_Wa^_kZcY \ZkgZZ c! bVVg YZ Va\ZbZcZ bdgVVa lVh YVi cZiiZ bZ^h_Zh È]ZiÉ c^Zi YZYZc# CZiiZ _dc\Zch b^hhX]^Zc lZa! bVVg oZ`Zg c^Zi bZi cZiiZ bZ^h_Zh# HZ`hjZaZ kddga^X]i^c\ lVh ^c Y^Z i^_Y b^c^bVVa Zc kddgcVbZa^_` \Zg^X]i de ]Zi iZX]c^hX]Z VheZXi kVc YZ kddgeaVci^c\# Dd` YZ ^cigdYjXi^Z kVc YZ Vci^XdcXZei^Ze^a heZZaYZ ZZc WZaVc\g^_`Z gda ^c YZ hZ`hjZaZ gZkdaji^Z# Idi YVc idZ lVh Vci^XdcXZei^Z ^c YZ \ZodcY]Z^Yhodg\ cVjlZa^_`h WZhegZZ`WVVg Zc oZ`Zg c^Zi ^c Wj^iZc]jlZa^_`hZ h^ijVi^Zh# K^V YZ CZYZgaVcYhZ KZgZc^\^c\ kddg HZ`hjZaZ =Zgkdgb^c\ lVgZc XdcYddbh Zc eZhhVg^V

kZg`g^_\WVVg# :c hdbb^\Z gj^bYZc`ZcYZ Ygd\^hiZg^_Zc kZg`dX]iZc ]Zi dcYZg YZ iddcWVc`# 6Wdgijh lVh ^c Y^Z i^_Y cd\ hig^`i kZgWdYZc! bVVg lZgY ^aaZ\VVa j^i\ZkdZgY ^c VX]iZgV[ `VbZgi_Zh! Va YVc c^Zi dcYZg bZY^hX]Z WZ\ZaZ^Y^c\# 9Z `dbhi kVc YZ e^a bVV`iZ ZZc Z^cY VVc YZ Vc\hi kddg dc\ZlZchiZ olVc\ZghX]Ve# =Zi bVV`iZ kgdjlZc b^cYZg `lZihWVVg Zc Zg `lVb gj^biZ kddg ]jc Z^\Zc hZ`hjZaZ WZ]dZ[iZh#

%F BMHFNFOF NPSBBM XBT EBU OFUUF NFJTKFT ŌIFUō OJFU EFEFO

IZ\ZclddgY^\ o^_c i]ZbVÉh Vah hZ`hjZaZ \ZodcY]Z^Y Zc kZ^a^\ kg^_Zc dcYZglZgeZc lVVgdkZg deZca^_` \Zhegd`Zc ldgYi# HZ`h ^h \ZodcY! ZZc j^i^c\ kVc a^Z[YZ Zc \Zcdi Zc ^Zih YVi _Z kddgVa kZ^a^\ bdZi YdZc Zc bZi gZheZXi kddg Za`VVgh \gZcoZc#

6a[gZY 8]VgaZh @^chZn &-.) " &.*+ lVh ZZc 6bZg^`VVch W^dadd\ Zc hZ`hjdadd\ Y^Z ZZc WZaVc\g^_`Z gda heZZaYZ ^c YZ hZ`hjZaZ gZkdaji^Z# >c &.)- Zc &.*( ejWa^XZZgYZ ]^_ o^_c WZk^cY^c\Zc ^c YZ od\ZcVVbYZ @^chZn gZedgih# O^_c WZhX]g^_k^c\Zc kVc ]Zi hZ`hjZaZ aZkZc kVc 6bZg^`VVchZ bVccZc Zc kgdjlZc lVgZc deo^ZcWVgZcY# OZ ldgYZc WZhX]djlY Vah YZ ZZghiZ lZiZchX]VeeZa^_`Z hijY^Z dkZg YZ bZchZa^_`Z hZ`hjVa^iZ^i#

>c YZ _VgZc È+% WZ\dc YZ CZYZgaVcYhZ KZgZc^\^c\ kddg HZ`hjZaZ =Zgkdgb^c\ CKH= bZi Vci^XdcXZei^ZhegZZ`jgZc# 9Z edejaVg^iZ^i lVh od \gddi YVi ^c &.+- ZZc VeVgiZ Vci^XdcXZei^Zhi^X]i^c\ lZgY de\Zg^X]i/ YZ Gji\Zgh Hi^X]i^c\# ?Z `dc Zg iZgZX]i kddg kddga^X]i^c\ dkZg YZ e^a Zc kZ^a^\ kg^_Zc# 7Z\^c _VgZc È,% ]VYYZc YZ gj^b kZZgi^\ Gji\Zgh]j^oZc bZZg YVc ]dcYZgYYj^oZcY `aVciZc eZg _VVg de ]jc hegZZ`jgZc# >c YZ _VgZc È-% cVbZc YZ \ZldcZ ]j^hVgihZc edhiZc YZ ^c[dgbVi^Z kddgo^Zc^c\ dkZg#

>c &.+' ejWa^XZZgi A^WZaaZ Vah ZZghiZ \gdiZ kgdjlZcWaVY ZZc Vgi^`Za dkZg YZ e^a# 7Vh^h kVc ]Zi Vgi^`Za lVh ZZc dcYZgodZ` dcYZg &*+ heZX^Va^hiZc lVVgkVc ZZc YZgYZ oZ^ ]Zi ha^``Zc kVc YZ e^a g^h`Vci iZ k^cYZc ^c kZgWVcY bZi kgjX]iWVVg]Z^Yhg^h^XdÉh# A^WZaaZ VYk^hZZgi ]VVg aZoZgh db YZ e^a ]dd\j^i ZZc _VVg iZ \ZWgj^`Zc#

>c &.+. ^cigdYjXZZgi ]Zi i^_YhX]g^[i BVg\g^Zi YZ WZ`ZcYhiZ Zcfj iZ ^c i^_YhX]g^[iZcaVcY/ 9Z <gdiZ BVg\g^Zi :cfj iZ dkZg HZ`hjVa^iZ^i ^c CZYZgaVcY# >c &..( Zc '%%. lZgY dec^Zjl dcYZgodZ` \ZYVVc# 9Z gZhjaiViZc hX]ZihZc ZZc \dZY WZZaY kVc lVi Zg ^h kZgVcYZgY Zc \Za^_` \ZWaZkZc#


%& -*+',3"/5

(0&% 7003 %& 73068 $$

)BOOJ Ō*L MFFG WPPS NJKO QBTTJF *L TUB FSNFF PQ FO HB FSNFF OBBS CFE %F [PFLUPDIU OBBS EF CFUFLFOJT WBO TFLT IFFGU NF UPU FFO DPNQMFFU NFOT HFNBBLU )FU IFFGU NF HFMFFSE WBO NF[FMG UF IPVEFO JFUT EBU WPPS WFFM WSPVXFO NJTTDIJFO OPH XFM NPFJMJKLFS JT EBO IPVEFO WBO FFO BOEFSō

.BJM 'FNBMF JT BM NFFS EBO KBBS E¥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

4&,46"-*5&*5 >Wdd_ [d ;bbW _d '/..

=Vcc^ ?V\ibVc ^h YZ Yg^_kZcYZ `gVX]i VX]iZg BV^a ;ZbVaZ# OZ ]ZZ[i gj^b (% _VVg ZZc gZaVi^Z bZi ]VVg \Za^Z[YZ bZi l^Z oZ ZZc kdalVhhZc oddc ]ZZ[i# >e[ amWc[d `[ ef ^[j _Z[[ lWd CW_b <[cWb[5 È=Zi WZ\dc bZi b^_c Z^\Zc dcoZ`Zg]Z^Y Zc c^Zjlh\^Zg^\]Z^Y cVVg hZ`h Zc YZ gZaVi^Z idi a^Z[YZ# BZi :aaZc bZi l^Z ^` BV^a ;ZbVaZ ^c &.-- hiVgiiZ `dcYZc ^` Z^cYZaddh egViZc Zc Òadhd[ZgZc dkZg Y^i dcYZglZge# =dZ `Vc _Z kVc hZ`h \Zc^ZiZc! Vah Zg odÉc iVWdZ de a^\i4 =dZ `Vc _Z hZ`h ]ZWWZc odcYZg a^Z[YZ! Zc a^Z[YZ odcYZg hZ`h4 =Zi lVgZc gVVYhZah Y^Z kdgb `gZ\Zc idZc ^` ZZc Vgi^`Za aVh dkZg ZZc 6bZg^`VVch edhidgYZgWZYg^_[ kddg hZ`hVgi^`ZaZc kddg Yddg kgdjlZc# 9Vi hegV` bZ VVc# 9Z WZcVYZg^c\ kVc hZ`h Zc hZ`hegdYjXiZc lVh od VcYZgh >` kdcY YZ hZ`hh]deh de YZ lVaaZc Zg\ kgdjldckg^ZcYZa^_`# LZa`Z kgdjl l^a YVVg cVVg W^ccZc! aVVi hiVVc db VYk^Zh kgV\Zc4 :c YVi iZgl^_a k^WgVidgh Zc Y^aYdÉh Zg idX] o^_c kddg dch eaZo^Zg4 BZi BV^a ;ZbVaZ l^aYZc lZ hZ`h edh^i^Z[! hbVV`kda! ^ciZaa^\Zci Zc Vai^_Y bZi a^Z[YZ WZcVYZgZc#É L_XhWjehi [d Z_bZeÊi" m_bb[d lhekm[d ZWj5 ÈCVijjga^_` 9Z k^WgVidg ^h YZ WZhiZ j^ik^cY^c\ kddg ]Zi kgdjlZa^_` dg\VhbZ# 9VVg o^_c YZ bZZhiZ kgdjlZc dcYZgijhhZc lZa VX]iZg# BVVg YZ k^WgVidg ]ZZ[i ZZc

WgZYZg YdZa! _Z `jci Zg _Z Z^\Zc hZ`hjVa^iZ^i bZZ dciYZ``Zc# =Zi \VVi c^Zi VaaZZc db `aVVg`dbZc bVVg db YZ WZaZk^c\ kVc hZ`h# 9^Z o^i kddg ZZc WZaVc\g^_` YZZa ijhhZc YZ dgZc# =Zi ]ZZ[i dd` iZ bV`Zc bZi `Zcc^h kVc hZ`hjVa^iZ^i0 `Zcc^h kVc _Z a^_[ Zc ]dZ ]Zi lZg`i kddg _dj# HZ`h ^h ]ZZa eZghddca^_`# 9Z c ldgYi de\ZldcYZc kVc [Zi^h] d[ WdcYV\Z! YZ VcYZg ^h ZZc ]Z"]d d[ W^# Kddg BV^a ;ZbVaZ ^h ]Zi kVc WZaVc\ YVi ^ZYZgZZc bZi gZheZXi Zc odcYZg V[`Zjg^c\ ]VVg d[ o^_c hZ`hjZaZ WZ]dZ[iZ `Vc WZaZkZc# =ZZa WZaVc\g^_` kddg dch o^_c dd` \dZYZ `lVa^iZ^i Zc ]Zi b^a^Zj# HZ`h egdYjXiZc bdZiZc kVc YjjgoVbZ `lVa^iZ^i o^_c0 \ZZc gdbbZa Zc \ZZc dc\ZodcYZ bViZg^VaZc# Dd` bdZi ]Zi Z[[ZXi kVc ]Zi egdYjXi kdaYdZc# 7^_ il^_[Za egdWZgZc lZ ]Zi oZa[ j^i#É >e[ _i Z[ i[ai_dZkijh_[ _d Z[ W\][bef[d (+ `WWh l[hWdZ[hZ5 È:g o^_c kZZa dcYZgcZbZcYZ kgdjlZc W^_\Z`dbZc Y^Z ]Zi VVco^Zc Zc ]Zi hZ`hegdYjXi Zcdgb ]ZWWZc kZgVcYZgY# L^_ lVgZc YZhi^_Yh YZ ZZghiZ bZi ZZc Zgdi^hX]Z YZh^\c a^c\Zg^Z XdaaZXi^Z! cj o^Z _Z YVi ÈdkZgVaÉ# :c k^WgVidgh `dde _Z iZ\ZclddgY^\ W^_ YZ Ygd\^hi# Dd` de ]Zi \ZW^ZY kVc YZ edgcd bV`Zc kgdjlZa^_`Z gZ\^hhZjgh Zc hZ`hlZg`Zgh h^cYh `dgi Òabh kVcj^i ZZc kgdjlZa^_`Z ^ckVah]dZ`# Edgcd Y^Z dkZg dch \VVi! Y^Z aVVi o^Zc ]dZ kgdjlZc kVc hZ`h \Zc^ZiZc# >` WZc hjeZgigdih de Va Y^Z dcil^``Za^c\Zc ^c YZ hZ`h^cYjhig^Z Zc de ]Zi [Z^i YVi l^_ YVVgW^_ kddgVVc hidcYZc# BVccZc o^_c dkZg^\Zch dd` lZa`db W^_ dch LZ WZ\dccZc dd^i Vah ZZc WZYg^_[ kddg Zc Yddg kgdjlZc! bVVg cdZbZc dch cj BV^a ;ZbVaZ! i]Z dg^\^cVa hZ`h h]de Wn ldbZc# È Ah_`] `[ dee_j [[di ][de[] lWd Wb Z_[ i[ai5 È>` aZZ[ kddg b^_c eVhh^Z >` hiV ZgbZZ de Zc \V ZgbZZ cVVg WZY# 9Z odZ`idX]i cVVg YZ WZiZ`Zc^h kVc hZ`h ]ZZ[i bZ idi ZZc XdbeaZZi bZch \ZbVV`i# =Zi ]ZZ[i bZ

\ZaZZgY kVc bZoZa[ iZ ]djYZc! ^Zih YVi kddg kZZa kgdjlZc Zc bVccZc b^hhX]^Zc cd\ lZa bdZ^a^_`Zg ^h YVc ]djYZc kVc ZZc VcYZg# :^\Zca^Z[YZ ^h YZ WVh^h# 9VVg aZ\\Zc lZ W^_ BV^a ;ZbVaZ YZ cVYgj` de# :^\Zca^Z[YZ ^h dd` YZ WVh^h kVc YZ egV`i^hX]Z ldg`h]deh kVc dcoZ AdkZ 6XVYZbn! ZZc `Zcc^hXZcigjb kddg a^Z[YZ Zc ajhi dcYZg aZ^Y^c\ kVc ZgkVg^c\hYZh`jcY^\Zc# 9Z ldg`h]deh o^_c WZYdZaY db bZi Za`VVg ZgkVg^c\Zc Zc `Zcc^h iZ YZaZc# :Zga^_` Zc deZc egViZc dkZg hZ`h ^h Zg\ aZZgoVVb# :Zc edh^i^ZkZ gZaVi^Z idi _Z Z^\Zc hZ`hjVa^iZ^i! bVV`i \Zaj``^\# 9^Z lZiZchX]Ve bdi^kZZgi b^_ Zcdgb :c ]Zi bdd^Z ^h YVi ]Zi c^Zi j^ibVV`i d[ _Z il^ci^\ d[ iVX]i^\ WZci# HZ`h ^h i^_Yaddh Zc eg^k # L^_ ZgkVgZc ]Zi Vah ZZc kddggZX]i Vah bZchZc dch ZZc `^_`_Z \ZkZc ^c ]jc eg^k aZkZc# GZheZXi Zc Y^hXgZi^Z hiVVc Vai^_Y kddgde#É

7*#3"503 >c YZ &.Z ZZjl YVX]i bZi YVi kgdjlZc È]nhiZg^hX]É lZgYZc Vah ]jc hZ`hjZaZ kZgaVc\Zch c^Zi WZkgZY^\Y lZgYZc# :Zc 7g^ihZ Yd`iZg dcil^``ZaYZ ZZc " &- `^ad lZ\ZcY " ig^aaZcY VeeVgVVi db kgdjlZc iZ WZ]VcYZaZc#

%*-%0

9^aYdÉh o^_c kVc VaaZ i^_YZc# 8aZdeVigV `gZZ\ Zg c kVc \djY kVc ]VVg \Za^Z[YZ 8ZVhVg#

C7?B <;C7B; mmm$cW_b\[cWb[$Yec C^ZjlZ K^_oZahigVVi ' 6bhiZgYVb

:; BEL; 797:;CO 9Z AdkZ 6XVYZbn ^h ZZc hZ`hedh^i^ZkZ eaZ` lVVg _Z iZgZX]i `jci kddg egV`i^hX]Z `Zcc^h Zc `jcYZ de ]Zi \ZW^ZY kVc a^Z[YZ Zc ajhi# Dca^cZ k^cY _Z W^_ YZ AdkZ 6XVYZbn j^i\ZWgZ^YZ ^c[dgbVi^Z dkZg j^iZZcadeZcYZ dcYZglZgeZc odVah hZ`h cV _Z kZZgi^\hiZ! ]Zi <"hedi dg\VhbZ Zc IVd hi^hX]Z a^Z[YZh`jchiZc# 9VVgcVVhi dg\Vc^hZgZc lZ ZkZcih

gdcYdb ^ciZgZhhVciZ hZ`hdcYZglZgeZc Zc ZZc WgZZY hXVaV VVc ldg`h]deh# 9Z `jchi kVc heVc`^c\ dcYZg `c^Z `g^_\Zc4 :gdi^hX]Z eZc^hbVhhV\Z4 7^_ dch aZZg _Z ]Zi ^c ZZc dciheVccZc Zc deZc h[ZZg# 9Z ldg`h]deh ldgYZc \Z\ZkZc ^c YZ l^c`Za kVc BV^a ;ZbVaZ dcYZg ]Zi \Zcdi kVc ZZc ]Ve_Z Zc ZZc YgVc`_Z# bel[WYWZ[co$db



%& -*+',3"/5

%& -*+',3"/5 $$

DC<:L:CHI PM7D=;H5 @; >;8J >;J H;9>J EF ;;D LH?@; A;KP; <_ec ;^db ^h YZ heZX^Va^hi de ]Zi \ZW^ZY kVc dc\ZlZchiZ olVc\ZghX]Ve! V[hiVcY iZg VYdei^Z! _dc\ djYZghX]Ve Zc VWdgijhkZglZg`^c\# ;^db W^ZYi ^c[dgbVi^Z Zc WZ\ZaZ^Y^c\ W^_ `ZjoZkgV\Zc Zc W^_ YZ kZglZg`^c\ kVc ZZc VWdgijh# 9VVgcVVhi YZZai ;^db ]VVg `Zcc^h bZi ejWa^Z`! eda^i^Z` Zc egd[Zhh^dcVah Y^Z YZoZ i]ZbVÉh ^c YZ egV`i^_` iZ\Zc`dbZc# ;^db ]Zaei bZchZc dd` W^_ ]jc odZ`idX]i cVVg W^dad\^hX]Z [Vb^a^Z ^c W^ccZc" Zc Wj^iZcaVcY# J^i\Vc\hejci ^c ]Zi lZg` kVc ;^db ^h YZ `ZjoZkg^_]Z^Y kVc dc\ZlZchi olVc\ZgZ kgdjlZc Zc ]Zi gZX]i de V[hiVbb^c\h\Z\ZkZch#

L/ Òdb#ca :/ ^c[d5Òdb#c I/ %-- &'+ ). %%

Ed][m[dij pmWd][h 6ah _Z dcWZYdZaY olVc\Zg gVV`i! hiV _Z kddg ZZc \gdiZ WZha^hh^c\# L^a _Z _Z olVc\ZghX]Ve lZa d[ c^Zi j^iYgV\Zc4 :Zc WZhaj^i YVVgdkZg cZbZc `Vc ]ZZa bdZ^a^_` o^_c# OZa[h Vah _Z lZZi lVi _Z l^a! `jci _Z idX] cd\ il^_[ZaZc# =Zi ^h YVVgdb ZmigV WZaVc\g^_` YVi _Z lZZi lZa`Z bd\Za^_`]ZYZc Zg o^_c# M[ba[ ce][b_`a^[Z[d p_`d [h5 ?Z `jci Zgkddg `^ZoZc YZ olVc\ZghX]Ve j^i iZ YgV\Zc Zc ]Zi `^cY oZa[ de iZ kdZYZc# 6ah _Z cd\ _dc\ WZci! o^_c Zg ^chiVci^Zh Y^Z _Z YVVgW^_ `jccZc ]ZaeZc# De i^ZcZgbdZYZgh#ca `jc _Z o^Zc lZa`Z ]jae Zg ^c _djl gZ\^d ^h# L^a d[ `Vc _Z YZ odg\ kddg ZZc `^cY cd\ c^Zi oZa[ de _Z cZbZc! YVc `jc _Z Zgkddg `^ZoZc _Z `^cY i^_YZa^_` Yddg VcYZgZc de iZ aViZc kdZYZc eaZZ\odg\ d[ V[ iZ hiVVc iZg VYdei^Z# DkZglZZ\ _Z YZ olVc\ZghX]Ve iZ WZ ^cY^\Zc! YVc ^h VWdgijh ZZc dei^Z# LZa`Z bd\Za^_`]ZYZc _Z ]ZWi! ]Vc\i V[ kVc _Z aZZ[i^_Y Zc YZ Yjjg kVc _Z olVc\ZghX]Ve#

>e[ aec `[ jej [[d X[ibk_j5 6ah _Z Zbdi^dcZZa d[ ^c YZ lVg WZci! `Vc ]Zi bdZ^a^_` o^_c db ZZc lZadkZgld\Zc `ZjoZ iZ bV`Zc# =Zi ]Zaei db _Z \ZYVX]iZc Zc \ZkdZaZch de ZZc g^_ iZ oZiiZc# DehX]g^_kZc lVi _Z YZc`i Zc kdZai \ZZ[i ^co^X]i! cZi Vah ZgdkZg egViZc bZi ^ZbVcY Y^Z _Z kZgigdjli# LZZi _Z c^ZbVcY db ]Zi bZZ iZ YZaZc d[ Yjg[ _Z ]Zi c^Zi iZ kZgiZaaZc! YVc `jc _Z dca^cZ ]jae odZ`Zc k^V olVc\ZglVicj#ca# L^a _Z a^ZkZg ZZc eZghddca^_` \ZhegZ`4 7Za d[ bV^a YVc cVVg ZZc dg\Vc^hVi^Z Y^Z \ZheZX^Va^hZZgY ^h ^c ]jae W^_ dcWZYdZaYZ olVc\ZghX]Ve! odVah ;^db# O^_ `jccZc ZZc \ZhegZ` kddg _Z gZ\ZaZc bZi ZZc ]jaekZgaZcZg W^_ _dj ^c YZ Wjjgi#

PM7D=;H" M7J DK5 ÈOlVc\Zg! lVi cj4É ^h ZZc dca^cZ egd\gVbbV YVi dc\ZlZchi olVc\ZgZ kgdjlZc ]Zaei W^_ ]Zi cZbZc kVc ZZc WZhaj^i dkZg ]Zi Va YVc c^Zi j^iYgV\Zc kVc YZ olVc\ZghX]Ve# =Zi egd\gVbbV aVVi W^_kddgWZZaY o^Zc lVi YZ bd\Za^_`]ZYZc o^_c Vah _Z dc\ZlZchi olVc\Zg WZci# :g ldgYi YVVgW^_ \Z`Z`Zc cVVg aZZ[i^_Y Zc olVc\ZghX]VehYjjg# Dd` W^ZYi ÈOlVc\Zg! lVi cj4É kgV\Zc Zc dZ[Zc^c\Zc Y^Z ]ZaeZc ^c ]Zi `ZjoZegdXZh# De Y^Z bVc^Zg `g^_\ _Z ]VcYkViiZc W^_ ]Zi dgYZcZc kVc \ZkdZaZch Zc \ZYVX]iZc! ]Zi kZg]ZaYZgZc kVc bdi^ZkZc! Zc ]Zi ^c `VVgi WgZc\Zc kVc YZ XdchZfjZci^Zh kVc YZ kZghX]^aaZcYZ `ZjoZbd\Za^_`]ZYZc# 9VVgcVVhi `jc _Z Vcdc^Zb kVcj^i _Z eZghddca^_`Z dca^cZ db\Zk^c\ WZ\ZaZ^Y^c\ `g^_\Zc kVc ZZc \ZheZX^Va^hZZgYZ ]jaekZgaZcZg#

;[d X[ibk_jlehc_d]i][ifh[a X_` <_ec0 ^e[ ]WWj ZWj5 D[ _Z cj a^ZkZg dca^cZ WZ\ZaZ^Y^c\ `g^_\i d[ ZZc [VXZ id [VXZ \ZhegZ` l^a! _Z ldgYi Vai^_Y \Z]daeZc Yddg ]jaekZgaZcZgh Y^Z \ZheZX^Va^hZZgY o^_c ^c YZ egdWaZbVi^Z` kVc dc\ZlZchiZ olVc\ZghX]Ve Zc b^c^bVVa =7D de\ZaZ^Y o^_c# =dZ ]Zi WZhaj^ikdgb^c\h\ZhegZ` kZgaddei ^h V[]Vc`Za^_` kVc ]Zi VVciVa lZ`Zc olVc\ZghX]Ve! aZZ[i^_Y Zc _Z gZaVi^dcZaZ h^ijVi^Z# Hdl^Zhd ldgY _Z kdaaZY^\ \Z c[dgbZZgY dkZg VaaZ bd\Za^_`]ZYZc odYVi _Z ^c VWhdajiZ kg^_]Z^Y `Vc WZhaj^iZc# 9Z cVYgj` a^\i de kZ^a^\]Z^Y! cZjigVa^iZ^i Zc deZc]Z^Y# ;^db \VVi j^i kVc ]Zi oZa[WZhX]^``^c\hgZX]i kVc YZ kgdjl0 _^_ WZci YZ\ZcZ Y^Z WZha^hi#

& DE 9: * KGDJL:C H77AJ xxD A;;H ?D >77H B;L;D DC7:9D:A9 OL6C<:G 7:EFJ?; ;D FB;;=PEH=0 >E; M;HAJ :7J5 7Zc _Z olVc\Zg Zc ^h VWdgijh d[ oZa[ kddg _Z `^cY odg\Zc \ZZc dei^Z4 9Vc `jc _Z dkZglZ\Zc _Z `^cY V[ iZ hiVVc iZg VYdei^Z# 9^i ^h ZZc ^c\g^_eZcYZ WZha^hh^c\ bZi \gdiZ \Zkda\Zc# 7^_ ZZc V[hiVcY iZg VYdei^Z ldgYZc YZ _jg^Y^hX]Z WVcYZc bZi _Z `^cY kZgWgd`Zc# ?Z ]ZWi Vah bdZYZg \ZZc oZ\\ZchX]Ve bZZg Zc ]Zi `^cY `g^_\i YZ cVVb kVc YZ VYdei^ZdjYZgh# OdÉc WZha^hh^c\ cZZb _Z c^Zi odbVVg# 9VVgdb ^h Zg ZZc lZiiZa^_`Z WZYZc`i^_Y kVc Yg^Z bVVcYZc# >c YZoZ eZg^dYZ \VVi YZ WVWn cVVg ZZc i^_YZa^_` dekVc\\Zo^c# 9Z bdZYZg " Zc kVYZg Vah ]^_ WZigd``Zc ^h " `g^_\i ]jae Zc WZ\ZaZ^Y^c\ kVc ;^db# 6ah _Z VVc ]Zi Z^cY kVc YZ Yg^Z bVVcYZc WZhaj^i _Z `^cY V[ iZ hiVVc iZg VYdei^Z! \VVi _Z `^cY kVc ]Zi i^_YZa^_`Z dekVc\\Zo^c cVVg YZ bZchZc Y^Z ]Zi l^aaZc VYdeiZgZc# 6[hiVcY iZg VYdei^Z ^h YZÒc^i^Z[ Zc dcdb`ZZgWVVg# K^cY _Z YVi iZ ^c\g^_eZcY4 9Vc ^h eaZZ\odg\ ZZc bd\Za^_`]Z^Y# EaZZ\odg\ WZiZ`Zci YVi ZZc `^cY i^_YZa^_` ^c ZZc VcYZg \Zo^c \VVi ldcZc# EaZZ\djYZgh ldgYZc \ZodX]i ^c _Z Y^gZXiZ db\Zk^c\! W^ccZc _Z [Vb^a^Z! W^_ WZ`ZcYZc d[ W^_ dcWZ`ZcYZc# 7^_ ZZc eaZZ\eaVVih^c\ Wa^_[i YZ bd\Za^_`]Z^Y kVc XdciVXi ijhhZc _dj! Vah djYZg Zc _Z `^cY WZhiVVc# 9Z _jg^Y^hX]Z WVcY Wa^_[i ^ciVXi#

IZhi^bdc^Vah 7ijh_Z0 É>` lVh '' idZc ^` dcWZYdZaY olVc\Zg lZgY# Kddg VWdgijh lVh ]Zi iZ aVVi# BVVg b^_c h^ijVi^Z lVh od j^io^X]iaddh YVi ]Zi `^cY ]djYZc dd` \ZZc dei^Z lVh# 9VVgdb WZhaddi ^` ]Zi `^cY V[ iZ hiVVc# =Zi WZaVc\g^_`hiZ kdcY ^` YVi b^_c `^cY ^c ZZc a^Z[YZkda \Zo^c odj `dbZc# 9Vi ^h \ZWZjgY# >` WZc ]ZZa aVc\ kZgYg^Zi^\ \ZlZZhi! bVVg ]ZW cdd^i \Zil^_[ZaY VVc b^_c `ZjoZ# B^_c YdX]iZg ]ZZ[i ZZc cdgbVVa aZkZc! oZ \VVi cVVg hX]dda Zc de kV`Vci^Z# 9^c\Zc Y^Z ^` kgdZ\Zg cdd^i ]ZW `jccZc YdZc# Hdbh kdZa ^` bZ hX]jaY^\ db ]dZ ^` Y^c\Zc \ZYVVc ]ZW# BVVg ^` WZc dd` igdih YVi ^` ]Zi eVigddc kVc b^_c djYZgh YddgWgd`Zc ]ZW# >` ]ZW b^_c ZaaZcYZ c^Zi VVc ]VVg Yddg\Z\ZkZc# B^_c YdX]iZg ]ZZ[i ZZc \dZY aZkZc \Z`gZ\Zc#É

?h[d[0 È>` ]VY Va ilZZ `^cYZgZc idZc ^` dckZglVX]i lZZg olVc\Zg gVV`iZ# B^_c bVc l^aYZ \ZZc YZgYZ `^cY# De dch lZg` lVgZc ]Zi dcoZ`ZgZ i^_YZc Zc b^_c bVc YVX]i YVi lZ ]Zi ÒcVcX^ZZa c^Zi odjYZc gZYYZc# HVbZc ]ZWWZc lZ WZhadiZc kddg VWdgijh iZ `^ZoZc# :Zc olVgZ i^_Y kda\YZ# >` ]VY he^_i! ]ZZa kZZa he^_i# B^_c aZkZc lZgY WZ]ZZghi Yddg YZ VWdgijh Zc ^` kdZaYZ bZ ^ciZch kZgYg^Zi^\# K^V ^ciZgcZi `lVb ^` iZgZX]i W^_ Òdb#ca$VWdgijhkZglZg`^c\# 6Vc YZ ]VcY kVc hX]g^_[deYgVX]iZc \^c\ ^` VVc YZ haV\ bZi b^_c `aVX]iZc# >` hX]gZZ[ VVc b^_c WZ\ZaZ^YZg VaaZh lVi ^` ]VY bZZ\ZbVV`i/ ]dZ b^_c bVc Zc ^` idi ]Zi WZhaj^i lVgZc \Z`dbZc! ]dZ YZ YV\ ^c YZ `a^c^Z` lVh! Zc dkZg b^_c hX]VVbiZ Zc hX]jaY\ZkdZa YVVgcV# =Zi kdZaYZ \dZY db ]Zi kVc bZ V[ iZ hX]g^_kZc# >` `gZZ\ dd` Yj^YZa^_`Z [ZZYWVX` lVVg ^` kZgYZg bZZ `dc# B^_c hX]jaY\ZkdZa Zc he^_i o^_c cd\ c^Zi ]ZaZbVVa lZ\! bVVg ^` ]ZW YZ VWdgijh lZa ZZc eaZ` `jccZc \ZkZc# >` Yjg[ Zg cj de iZ kZgigdjlZc YVi YZ ldcYZc ojaaZc ]ZaZc bZi YZ i^_Y#É Hem[dW/ ÈDe b^_c &+Z lZgY ^` dc\ZeaVcY olVc\Zg# >` ha^`iZ YZ e^a! bVVg b^hhX]^Zc lVh ^` ]Zb dd` lZa kZg\ZiZc# >` ]ZW \Zil^_[ZaY dkZg ZZc VWdgijh bVVg idX] \Z`doZc db YZ WVWn iZ ]djYZc# DeZZch lZgY VaaZh VcYZgh# B^_c kg^ZcY a^Zi bZ o^iiZc! Yjh ^` hidcY Zg VaaZZc kddg# >` bdZhi odkZZa YdZc Zc gZ\ZaZc# >` ]VY ZZc ]j^h cdY^\ Zc ZZc j^i`Zg^c\ Zc `dc b^_c deaZ^Y^c\ c^Zi V[bV`Zc### K^V i^ZcZgbdZYZgh#ca ]ZW ^` kZZa ]jae \Z`gZ\Zc# >` aZZgYZ Zg VcYZgZ i^ZcZgbdZYZgh `ZccZc Zc lZ ]ZaeZc Za`VVg bZi i^eh# B^_c djYZgh heg^c\Zc dd` W^_ Zc idZc b^_c oddci_Z ZZc _VVg lVh! `dc ^` dd` lZZg cVVg hX]dda# =Zi ]ZZ[i ZkZc \ZYjjgY! bVVg cj \VVi ]Zi lZZg \dZY bZi bZ É

✪ ;68IH ;><JG:H

✪ ;68IH ;><JG:H

ED8;:E;B: PM7D=;H

J?;D;HCE;:;HI

& de YZ * kgdjlZc gVV`i ZZc `ZZg ^c ]VVg aZkZc dcWZYdZaY olVc\Zg >c '%&( `doZc '+#,*- CZYZgaVcYhZ kgdjlZc kddg V[WgZ`^c\ kVc YZ olVc\ZghX]Ve Dc\ZkZZg .* kgdjlZc eZg _VVg dkZglZ\Zc V[hiVcY iZg VYdei^Z Dc\ZkZZg '* kgdjlZc eZg _VVg `^ZoZc dd` YVVYlZg`Za^_` kddg V[hiVcY iZg VYdei^Z

CZYZgaVcY ]ZZ[i lZgZaYl^_Y c kVc YZ aVV\hiZ \ZWddgiZX^_[Zgh dcYZg i^ZcZgh >c '%&) lVgZc Zg ^c CZYZgaVcY ')'. bdZYZgh _dc\Zg YVc '% _VVg :Zc \gddi eZgXZciV\Z kVc i^ZcZgbdZYZgh ^c CZYZgaVcY ]ZZ[i ZZc 6ci^aa^VVchZ d[ Hjg^cVVbhZ VX]iZg\gdcY

Wgdc/ ;^db! ><O! C>K:A Zc Gji\Zgh

Wgdc/ 87H


%& -*+',3"/5

%& -*+',3"/5 $$

L;HIB7L?D= 7FSTMBBGE XPSEFO JT NFFTUBM NBBS OJFU BMUJKE FFO TMVJQFOE QSPDFT )FU HFCSVJL WBO ESBOL PG ESVHT OFFNU TUFFET WFSEFS UPF WBLFS NFFS WSPFHFS PQ EF EBH %F HSFOT UVTTFO XFM FO OJFU WFSTMBBGE JT OJFU BMUJKE EVJEFMJKL

C?H7=; L;HIB7L?D=IPEH= ;;D >;HIJ;BFHE=H7CC7 LEEH @; L;H:;H; B;L;D C_hW][ L[hibWl_d]ipeh] BdchiZghZlZ\ +* '**( G= 9Zc =VV\ i %--"(*- (, )& de lZg`YV\Zc kVc .#%% idi &,#%% j# i %--"(*- () .+ ร h VkdcYh Zc ^c ]Zi lZZ`ZcY L/ lll#b^gV\ZkZghaVk^c\hodg\#ca :/ ^c[d5b^gV\ZkZghaVk^c\hodg\#ca

B^gV\Z W^ZYi dd` VbWjaVciZ eda^`a^c^hX]Z ]jae W^_ kZghaVk^c\ ^c 6bhiZgYVb! =VVgaZb Zc GdiiZgYVb# C_hW][ l[h^k_ij ef '* eajeX[h (&'+ =Zi c^ZjlZ VYgZh ^h/ BdchiZghZlZ\ &.) '**( GB 9Zc =VV\ 9Z c^ZjlZ `a^c^Z` iZai )% WZYYZc Zc Za`Z `VbZg ]ZZ[i ZZc Z^\Zc id^aZi Zc YdjX]Z

B^gV\Z KZghaVk^c\hodg\`a^c^Z`/ ย WZhiVVi &'!* _VVg ย dcikVc\i '%% '%% Xa^ย ciZc eZg _VVg ย ]Zaei +% kVc ]jc Xa^ย ciZc hjXXZhkda V[`^X`Zc

L^a _Z lZiZc d[ _Z kZghaVV[Y WZci4 De YZ lZWh^iZ kVc B^gV\Z `jc _Z ZZc kZghaVk^c\hiZhi YdZc# MMM$C?H7=;L;HIB7L?D=IPEH=$DB%L;HIB7L?D=IJ;IJ

CWhj^W +. _i ][iY^[_Z[d [d m[hapWWc _d Z[ peh]$ P[ ^WZ [[d fheXb[[c c[j WbYe^eb$ ?d Z[ m_dj[h lWd (&') b_[j p[ p_Y^ lh_`m_bb_] efd[c[d _d C_hW][$

KZghaVV[Y ldgYZc ^h bZZhiVa bVVg c^Zi Vai^_Y ZZc haj^eZcY egdXZh# =Zi \ZWgj^` kVc YgVc` d[ Ygj\h cZZbi hiZZYh kZgYZg idZ/ kV`Zg! bZZg! kgdZ\Zg de YZ YV\### 9Z \gZch ijhhZc lZa Zc c^Zi kZghaVV[Y ^h c^Zi Vai^_Y Yj^YZa^_`# :[p[ i_]dWb[d akdd[d [hef m_`p[d ZWj `[ l[hibWW\Z X[dj0 ย 8dcigdaZkZga^Zh _Z cVb _Z kddg ]Zi c^Zi iZ YdZc### ย HiZZYh bZZg \ZWgj^`Zc Zc$d[ aVc\Zg Yddg\VVc ย KV`Zg \ZWgj^`Zc YVc \ZeaVcY ย >c YZ egdWaZbZc `dbZc d[ \gZcoZc dkZg\VVc Yddg \ZWgj^` ย :g kZZa bZZ WZo^\ o^_c Zc Zg kVV` VVc bdZiZc YZc`Zc ย DcilZcc^c\hkZghX]^_chZaZc dcgjhi! haVeZaddh]Z^Y! ^gg^iVi^Z Vah _Z c^Zi \ZWgj^`i ย BZchZc ^c _Z Y^gZXiZ db\Zk^c\ Y^Z oZ\\Zc YVi _Z ZZc egdWaZZb ]ZWi

9E97รกD;

AVc\Yjg^\ Zc dkZgbVi^\ \ZWgj^` kVc XdXVย cZ `Vc aZ^YZc idi kZghaVk^c\# ?Z ldgYi Zg \ZheVccZc! \Zย gg^iZZgY Zc Z\dย hi^hX] kVc# :c YVi ^h c^Zi VaaZh! lVci XdXVย cZ odg\i dd` kddg \ZaYegdWaZbZc! haVeZaddh]Z^Y! Vc\hiZc Zc ehnX]dhZh# 8dXVย cZ ldgYi c^Zi kddg c^Zih YZ ร l^iiZ hadeZgร \ZcdZbY# =Zi B^gV\Z BdYZa ]Zaei W^_ ]Zi ]ZghiZaaZc kVc ZZc XdXVย cZkZghaVk^c\# 9Z WZ]VcYZa^c\ ldgYi Yddg VaaZ odg\kZgoZ`ZgVVgh kdaaZY^\ kZg\dZY#

7B9E>EB

-* kVc YZ kdalVhhZcZc Yg^c`i VaXd]da# :Zc VaXd]daegdWaZZb kVai YVVgdb c^Zi od hcZa de# IdX] ]ZZ[i ZZc ]Va[ b^a_dZc CZYZgaVcYZgh ZZc Zgchi^\ YgVc`egdWaZZb d[ ZZc VaXd]dakZghaVk^c\# KZaZc kVc ]Zc Wa^_kZc \Zb^YYZaY &% _VVg YddgadeZc bZi Y^i egdWaZZb =Zi kZg\i bdZY db idZ iZ \ZkZc YVi _Z ZZc egdWaZZb ]ZWi# BVVg Yjg[ _Z YZ hiVe iZ oZiiZc! YVc ^h Zg \dZYZ ]jae kddg ]VcYZc 7Z]VcYZa^c\ W^_ B^gV\Z KZghaVk^c\h`a^c^Z` ldgYi &%% kZg\dZY Yddg VaaZ odg\kZgoZ`ZgVVgh#

;;D L;HIB7L?D=IAB?D?;A0 >E; M;HAJ :7J5 :Zc decVbZ ^c kZghaVk^c\h`a^c^Z` B^gV\Z Yjjgi \Zlddca^_` , lZ`Zc# ?Z lddci Zg bZi VcYZgZ bVccZc Zc kgdjlZc bZi kZg\Za^_`WVgZ egdWaZbZc Zc lZg`i hVbZc VVc _Z ]ZghiZa# >ZYZgZZc ]ZZ[i ZZc Z^\Zc haVVe`VbZg# =Zi B^gV\Z BdYZa ^h \Zg^X]i de ^co^X]i `g^_\Zc ^c YZ o^Z`iZ kZghaVk^c\! ]Zi kZg\gdiZc kVc oZaร co^X]i! VVcaZgZc Zc dZ[ZcZc kVc c^Zjl \ZYgV\ Zc ]Zi aZgZc ]Zg`ZccZc kVc g^h^Xdร h de iZgj\kVa# 8ZcigVVa hiVVi ]Zi cZbZc kVc kZgVcilddgYZa^_`]Z^Y kddg _Z Z^\Zc ]ZghiZa# De lZg`YV\Zc o^_c Zg \gdZehegd\gVbbVร h Zc ^cY^k^YjZaZ \ZhegZ``Zc bZi _Z eZghddca^_`Z WZ\ZaZ^YZg! ehnX]dadd\ Zc Vgih# KVcV[ YZ )Z lZZ` \V _Z ZZc YV\ eZg lZZ` cVVg ]j^h! Zc kVcV[ ]Zi )Z lZZ`ZcY ZZc cVX]i ^c ]Zi lZZ`ZcY# Od `jc _Z ร dZ[ZcZcร bZi XaZVc Zc cjX]iZg Wa^_kZc ^c YZ ZX]iZ lZgZaY# 7ZaVc\g^_` dcYZgYZZa kVc YZ WZ]VcYZa^c\ o^_c YZ oZa[]jae\gdZeZc# B^gV\Z W^ZYi ZZc ]ZghiZaegd\gVbbV kddg ]Zi aZkZc! Yjh dd` cV _Z decVbZ WZc _Z lZa`db db YZ oZa[]jae\gdZeZc iZ kda\Zc#

CWhj^W0 ร IdZc b^_c ]jlZa^_` hij` \^c\ Zc b^_c bdZYZg dkZgaZZY! lZgY YZ bZciVaZ Ygj` od \gddi YVi ^` hiZZYh bZZg \^c\ Yg^c`Zc# >` Ygdc` \Zb^YYZaY Yg^Z ร ZhhZc l^_c eZg YV\# IdZc ]Zi de ZZc eZghdcZZah[ZZhi_Z ]ZaZbVVa b^h \^c\! hiZaYZ b^_c lZg`\ZkZg bZ kddg YZ `Zjh/ b^cYZg kZgVcilddgYZa^_` lZg` d[ bZ aViZc decZbZc ^c ZZc `a^c^Z`# Od `lVb ^` iZgZX]i W^_ B^gV\Z! YZ ZZghiZ hiVe ^c b^_c ]ZghiZa# >` ]VY Va kZZa Y^c\Zc \ZegdWZZgY! kVc ehnX]dad\Zc idi ]dbZdeViZc# BVVg W^_ B^gV\Z ]VY ^` kddg ]Zi ZZghi ]Zi \ZkdZa YVi b^_c egdWaZbVi^Z` kVcV[ YZ WVh^h lZgY VVc\ZeV`i# =Zi j^i\ZWgZ^YZ egd\gVbbV! YZ WZ\ZaZ^Y^c\! YZ higjXijjg Zc ]Zi hVbZcaZkZc bZi VcYZgZc/ ]Zi lVh egZX^Zh lVi ^` cdY^\ ]VY db lZZg oZa[kZgigdjlZc iZ `g^_\Zc Zc iZ aZgZc ]dZ ^` de ZZc VcYZgZ bVc^Zg bZi ]Zi aZkZc db `Vc \VVc# =Zi lVh ZZc egdXZh kVc YZegd\gVbbZg^c\ Zc WZljhildgY^c\# >cb^YYZah lddc ^` lZZg oZa[hiVcY^\ Zc \VVi ]Zi \dZY bZi b^_# >` ]ZW he^_i kVc Y^c\Zc Y^Z ^` \ZYVVc ]ZW Zc c^Zi bZZg `Vc iZgj\YgVV^Zc# BVVg ^` WZc dd` ]ZZa Wa^_ Zc de\ZajX]i YVi ^` c^Zi bZZg Yg^c`#ร

OebWdZW +, _i ZeY[dj [d ^[[\j [[d h[bWj_[$ ?d (&') b_[j p[ p_Y^ efd[c[d _d C_hW][ ec lWd ^WWh ZhWdafheXb[[c W\ j[ aec[d$ OebWdZW0 ร Idi b^_c )%Z lVh ^` ZZc \ZoZaa^\]Z^YhYg^c`Zg! YVVgcV lZgY ]Zi egdWaZbVi^hX]# >` Ygdc` ilZZ | Yg^Z a^iZg l]^h`n eZg lZZ`# 9Z ZZghiZ _VgZc `dc ^` ]Zi \dZY kZgWZg\Zc# >` Ygdc` db gjhi^\ iZ ldgYZc! db YZ Ygj`iZ ^c b^_c ]dd[Y iZ YZbeZc# De b^_c ),Z `gZZ\ ^` ZZc Wjgcdji# >` \^c\ cd\ bZZg Yg^c`Zc Zc WZ\dc dd` bZi XdXVย cZ# >` odX]i ]jae ^c YZ gZ\ja^ZgZ kZghaVk^c\hodg\ lVVg ^` kg^_ hcZa Zc hjXXZhkda lZgY WZ]VcYZaY kddg YZ XdXVย cZ# BVVg YZ VaXd]da WaZZ[ ZZc egdWaZZb# >` `gZZ\ YZ Y^V\cdhZ 69=9! VaaZZc lVh Zg W^ccZc YZ gZ\ja^ZgZ odg\ \ZZc WZ]VcYZa^c\ kddg Y^Z YjWWZaZ egdWaZbVi^Z`# K^Vk^V `lVb ^` iZgZX]i W^_ B^gV\Z# >` bdX]i kg^_lZa bZiZZc `dbZc kddg ZZc ^ciV`Z Zc ]Zi kdZaYZ Vah ZZc lVgbZ YZ`Zc# :g lZgY cVVg bZ \Zaj^hiZgY Zc Zg lVh VVcYVX]i kddg ]Zi idiVaZ eaVVi_Z!

c^Zi VaaZZc YZ kZghaVk^c\ bVVg dd` lVi ZgdcYZg oVi# B^gV\Z W^ZYi deadhh^c\Zc Zc ]Zaei _Z lZZg `^_`Zc cVVg YZ idZ`dbhi# OZ `ZccZc YZ lZ\ W^ccZc YZ ]jaekZgaZc^c\ Zc ]ZWWZc \dZYZ hVbZclZg`^c\hkZgWVcYZc bZi VcYZgZ ^chiVci^Zh# 7^_ B^gV\Z ]ZW ^` YZ ]jae \Z`gZ\Zc Y^Z ^` cdY^\ ]VY# >` ]ZW Zg \ZaZZgY YVi ^` ]Zi lย a `Vc ร

9gh# =Vc Aj^_`m ^h kZghaVk^c\hVgih W^_ B^gV\Z KZghaVk^c\hodg\# MWj cWWaj ^[j C_hW][ CeZ[b pe [\\[Yj_[\5 ร =Zi ^h ZZc XdbW^cVi^Z kVc WZ]Vc" YZakdgbZc/ ]Zi \gdZeh" Zc hVbZc" lZg`^c\hZaZbZci! YZ ร adhdร Z kVc YZ oZa[]jae! YZ Xd\c^i^ZkZ \ZYgV\hi]ZgV" e^Zย c! YZ hnhiZZbi]ZgVe^Z Zc " c^Zi dc" WZaVc\g^_`" YZ iZgj\kVaegZkZci^Z# CV YZ decVbZ ^h Zg cd\ ZZc ]Va[ _VVg idi ZZc _VVg cVodg\# L^_ ]ZWWZc dd` kZZa \dZYZ XdciVXiZc ^c YZ ehnX]^Vig^Z# LZ `jccZc bV``Za^_` YddgkZgl^_oZc Zc Xd"WZ" ]VcYZa^c\Zc hiVgiZc# 9^i ^h WZaVc\g^_` lVci ZZc kZghaVk^c\ hiVVi W^_cV cdd^i de o^X]oZa[# :g heZaZc kVV` bZZgYZgZ Y^c" \Zc bZZ! odVah ehnX]^hX]Z egdWaZbZc! ZZc hiddgc^h d[ eZghddca^_`]Z^YhegdWaZ" bVi^Z`# '% kVc dcoZ eVi^ย ciZc ]ZZ[i W^_kddgWZZaY 69=9#ร P_`d X[fWWbZ[ c[di[d ][le[b_][h leeh l[hibWl_d] ZWd WdZ[h[d5 ร <adWVVa \Zo^Zc ]ZZ[i ilZZYZgYZ kVc YZ bZchZc Y^Z kZghaVV[Y o^_c ZZc i]g^aahZZ`Zg"eZghddca^_`]Z^Y Zc ZZcYZgYZ ]ZZ[i aVhi kVc WdkZcbVi^\Z Vc\hi Zc kZgYg^Zi^\]Z^Y# 9Z Y^gZXiZ ddgoVV` kZghX]^ai eZg ^cY^k^Yj bVVg lZ o^Zc lZa kVV` YVi Zg ^c YZ _Zj\Y ^Zih ^h b^h\Z\VVc#ร >[[\j C_hW][ l[[b lhekm[b_`a[ fWj_ย dj[d5 ร :ZcYZgYZ kVc dcoZ eVi^ย ciZc ^h kgdjl! _dc\ Zc djYZg# 7^_ kgdjlZc o^Zc lZ heZX^ร Z`Z VVcYVX]ihejciZc odVah Vc\hi! YZegZhh^Z Zc Wdja^b^Z# >c kZZa \ZkVaaZc heZZai dd` hZ`hjZZa b^hWgj^` ZZc gda# Hdl^Zhd ^h Zg Vai^_Y ZZc aZkZch\ZhX]^ZYZc^h Y^Z ZgVVc ]ZZ[i W^_\ZYgV\Zc YVi oZ c^Zi bZZg `jccZc hideeZc bZi Yg^c`Zc d[ \ZWgj^`Zc# 7^_ B^gV\Z `^_`Zc lZ cVVg YVi ]ZaZ kZg]VVa! cVVg VaaZ ZaZbZciZc Y^Z ZZc gda heZaZc W^_ YZ kZghaVk^c\! Zc YVVg hiZbbZc lZ YZ WZ]VcYZa^c\ de V[# =ZZa WZaVc\g^_` ^h dd` YVi lZ dcoZ eVi^ย ciZc lZZg kddgj^i ]ZaeZc `^_`Zc# 7^_ B^gV\Z hiVVi YZ idZ`dbhi XZcigVVa#ร


%& -*+',3"/5 $$

>K?: >77H C7II7=;

>K?: >77H %BHFMJKLT TUFMMFO XF IVJE IBBS CMPPU BBO VJUMBBUHBTTFO P[PO [POMJDIU BJSDPOEJUJPOJOH LBML [PVUFO FO DIMPPS JO XBUFS FO BMMFSMFJ DIFNJTDIF DSFNFT FO TQPFMJOHFO .FFS EBO UXFF NJMKPFO /FEFSMBOEFST IFCCFO MBTU WBO IVJEQSPCMFNFO [PBMT WFSLMFVSJOH TDIJMGFSJOH VJUESPHJOH KFVL PG IBBSVJUWBM 0N QSPCMFNFO UF WPPSLPNFO JT FFO HPFEF WFS[PSHJOH CFMBOHSJKL 3FJOJHFO JT IFU UPWFSXPPSE

lZaacZhh =Zi lddgY lZaacZhh lZgY X^gXV *% _VVg \ZaZYZc WZYVX]i Yddg YZ 6bZg^`VVch Vgih =VaWZgi 9jcc# =Zi ^h ZZc hVbZckdZ\^c\ kVc YZ lddgYZc lZaa WZ^c\ Zc ÒicZhh# LZaacZhh hiVVi kddg ]Zi odZ`Zc cVVg a^X]VbZa^_`Z Zc \ZZhiZa^_`Z WVaVch# =Zi dbkVi ZZc \ZodcYZ aZkZchhi^_a bZi VVcYVX]i kddg dcihigZhhZc! lVVgYddg _Z WZiZg [jcXi^dcZZgi Zc bZZg \Zaj` ZgkVVgi# IgZ[lddgYZc o^_c/ \ZodcYZ kdZY^c\! ÒicZhh! he^g^ijVa^iZ^i! o^c\Zk^c\! nd\V! bVhhV\Z! gjhi Zc \Zc^ZiZc# LVVg ]Zi lddgY bVhhV\Z kVcYVVc `dbi! ^h dcYj^YZa^_`# =Zi odj `jccZc V[hiVbbZc kVc ]Zi <g^Z`hZ bVhhZ^c `cZYZc ! kVc ]Zi 6gVW^hX]Z bVhh oVX]i d[ ]Zi =ZWgZZjlhZ bVhX]ZhX] WZiVhiZc # >c ',%% k# 8]g# lZgY bVhhV\Z ^c 8]^cV Va \ZWgj^`i Vah \ZodcY]Z^YhWZkdgYZgZcY b^YYZa db WVaVch iZ WgZc\Zc ^c a^X]VVb Zc \ZZhi# Dd` ^c YZ >cY^VhZ igVY^i^Z hiVVi YZ VnjgkZY^hX]Z bVhhV\Z WZ`ZcY Vah egZkZci^Z[ b^YYZa kddg ZZc \dZYZ \ZodcY]Z^Y# >c ]Zi djYZ <g^Z`ZcaVcY lZgY bVhhV\Z \ZWgj^`i W^_ hedgilZYhig^_YZc db WaZhhjgZh Zc kZgbdZ^Y]Z^Y iZ kddg`dbZc# 9^i ^h ZZc kddgadeZg kVc YZ bdYZgcZ hedgibVhhV\Z# CV YZ kVa kVc ]Zi GdbZ^chZ G^_` gVV`iZ ]Zi bVhhZgZc ^c :jgdeV de YZ VX]iZg\gdcY dcYZg ^ckadZY kVc YZ egZjihZ `Zg`# EVh i^_YZch YZ KZga^X]i^c\! idZc VgihZc ]Zi cji kVc bVhhZgZc lZiZchX]VeeZa^_` WZhX]gZkZc! lZgY YZ `jchi kVc ]Zi bVhhZgZc lZZg edejaV^g ^c :jgdeV# >c 6o^… ^h bVhhZgZc Vai^_Y ZZc WZaVc\g^_` dcYZgYZZa kVc YZ Xjaijjg Zc YZ \ZodcY]Z^Yhodg\ \ZlZZhi# :g o^_c kZaZ hddgiZc bVhhV\Z# LZ cdZbZc Zg ZZc VVciVa/ I]V^hZ bVhhV\Z! 8]^cZhZ$H]^Vihj bVhhV\Z! VXjegZhhjjg! 6njgkZY^hX]Z ]dd[YbVhhV\Z! W^cYlZZ[hZabVhhV\Z! Adb^ Adb^ bVhhV\Z! ]di hidcZ bVhhV\Z! da^Z bVhhV\Z! dciheVcc^c\hbVhhV\Z! gZÓZmdad\^Z! hidZabVhhV\Z Zc hedgibVhhV\Z# =Zi WVh^heg^cX^eZ kVc bVhhV\Z ^h ]Zi ]VcYbVi^\ d[ bZi ]jaeb^YYZaZc j^idZ[ZcZc kVc Ygj` de ]Zi a^X]VVb# 9Z bVhhZjg `Vc ]VcYZc Zc k^c\Zgh \ZWgj^`Zc! bVVg dd` ZaaZWd\Zc! kdZiZc! `c^Z…c d[ VgbZc# 9Z Ygj` `Vc kVg^…gZc kVc ZZc a^X]iZ VVcgV`^c\ idi ZZc hiZk^\Z Yjl d[ `cZZYWZlZ\^c\! V[]Vc`Za^_` kVc lZZ[hZa Zc YdZa# 9Z bVhhV\Z `Vc \Zg^X]i o^_c de he^ZgZc! ]j^Y! \Zlg^X]iZc! aZYZbViZc!

^ciZgcZ dg\VcZc Zc$d[ ZcZg\^ZWVcZc Zc bZg^Y^VcZc# =Zi YdZa kVc ZZc bVhhV\Z `Vc \Zg^X]i [nh^Z` o^_c! W^_kddgWZZaY dciheVcc^c\ kVc he^ZgZc! ]ZghiZa cV aZihZa d[ WZ]VcYZa^c\ kVc ]dd[Ye^_c`aVX]iZc# BVVg ]Zi YdZa `Vc dd` WgZYZg o^_c/ kZg]d\^c\ kVc lZZghiVcY! WZiZgZ WadZYX^gXjaVi^Z! hdZeZaZ aZYZbViZc# He^g^ijZaZ bVhhV\Z aZ\i YZ [dXjh de Zbdi^dcZZa d[ ZcZg\Zi^hX] kaV` Zc ]da^hi^hX]Z bVhhV\Z aZ\i YZ cVYgj` de YZ ZZc]Z^Y kVc a^X]VbZa^_` Zc \ZZhiZa^_` lZao^_c# BVhhV\Z ldgYi dd` i]ZgVeZji^hX] ^c\ZoZi W^_ Vc\hi! YZegZhh^Z Zc higZhh# LVi ]Zi YdZa dd` ^h! bVhhV\Z ]ZZ[i Vai^_Y ZZc edh^i^Z[ Z[[ZXi de a^X]VVb ‚c \ZZhi

M;;J@;I ™ YZ ]j^Y ^h ]Zi \gddihiZ dg\VVc kVc _Z a^X]VVb ™ YZ ]j^Y kVc & bZch lZZ\i dc\ZkZZg k^Zg `^ad ™ YZ ]j^Y ]ZZ[i ZZc deeZgkaV`iZ kVc \Zb^YYZaY &!* " ' k^Zg`VciZ bZiZg ™ YZ Y^`iZ kVc YZ ]j^Y kVg^ZZgi kVc %!& bb idi bZZg YVc ) bb ™ YZ kgdjlZc]j^Y ^h dc\ZkZZg &*"'% YjccZg YVc YZ bVccZc]j^Y ™ De & k^Zg`VciZ XZci^bZiZg ]j^Y o^iiZc dc\ZkZZg &%% olZZi`a^ZgZc

™ De & k^Zg`VciZ XZci^bZiZg o^iiZc kZgYZg/ &% ]VgZc! '(% \ZkdZahgZXZeidgZc! &* iVa\`a^ZgZc Zc bZZg YVc )%%#%%% XZaaZc ™ YZ kgdjlZc]j^Y ]djYi WZiZg kdX]i kVhi YVc YZ bVccZc]j^Y ™ kgdjlZc `g^_\Zc ZZgYZg g^beZah YVc bVccZc! bVVg oZ o^_c b^cYZg Y^Ze ™ YZ dcYZg]j^YhZ kZiaVV\ W^_ kgdjlZc bVV`i dch b^cYZg \ZkdZa^\ kddg e^_c ™ YZ E="lVVgYZ ojjg\gVVY ^c YZ ]j^Y kVc kgdjlZc ^h aV\Zg YVc Y^Z kVc YZ bVc! lVVgYddg kgdjlZc ZZc ]d\ZgZ lZZghiVcY ]ZWWZc iZ\Zc WVXiZg^…c

BVhhV\Z ]Zaei W^_/ ™]ZghiZa cV WaZhhjgZ ™higZhh!" Vc\hi" Zc e^_c`aVX]iZc ™XdcXZcigVi^ZegdWaZbZc ™Wad``VYZh ^c he^Zg lZZ[hZa ™haVeZaddh]Z^Y ™haZX]iZ YddgWadZY^c\ ™YZegZhh^Z DMNID8>C: BVhhV\Z WZkdgYZgi YZ egdYjXi^Z kVc ]Zi ]dgbddc dmnidX^cZ# DmnidX^cZ ldgYi dd` lZa ]Zi [ZZa"\ddY ]dgbddc \ZcdZbY dbYVi ]Zi kVc ^ckadZY ^h de \ZkdZaZch kVc lZaWZk^cYZc! ]ZX]i^c\ Zc a^Z[YZ# =Zi ]dgbddc `dbi ^c \gdiZ ]dZkZZa]ZYZc kg^_ W^_ YZ \ZWddgiZ Zc odg\i kddg YZ W^cY^c\ ijhhZc bdZYZg Zc `^cY# =Zi `dbi dd` kg^_ W^_ kZga^Z[Y]Z^Y Zc egZii^\Z VVcgV`^c\#

? BEL; OE=7

Nd\VeVcih kVc :aZ`ig^m AdkZ " e +.!.* 9Z aZ\\^c\ ^h \ZbVV`i kVc '* gZXnXaZY E:I"ÓZhhZc Kddg Va jl nd\V`aZY^c\ Zc VXXZhhd^gZh/ lll#^adkZnd\V#ca


%& -*+',3"/5

%& -*+',3"/5 $$

OE=7 ?I J>; <EKDJ7?D E< OEKJ>$ OEKÊH; EDBO 7I OEKD= 7I OEKH IF?D; ?I <B;N?8B;$

OE=7 Nd\V WZiZ`Zci ÈZZc]Z^YÉ d[ ÈkZgW^cYZcÉ# 6a kZg kddg ]Zi WZ\^c kVc dcoZ _VVgiZaa^c\ lZgY nd\V WZdZ[ZcY# =Zi lVh idZc kddgcVbZa^_` ZZc bVc^Zg db idi ZZc Y^ZeZgZ hiVVi kVc bZY^iVi^Z iZ `dbZc# 9^i ^h cd\ hiZZYh YZ `Zgc kVc nd\V# >c ]Zi lZhiZc `ZccZc lZ kddgVa YZ ]Vi]V nd\V! lVVgW^_ _Z Yddg ]Zi j^ikdZgZc kVc a^X]VVbh]djY^c\Zc VhVcV _Z ]ZaZ hnhiZZb ^c WVaVch WgZc\i/ a^X]VVb! \ZZhi Zc o^Za# 9Z dZ[Zc^c\Zc bV`Zc _Z he^ZgZc! \Zlg^X]iZc Zc lZgkZa`dadb hiZg` Zc hdZeZa# OZ bVhhZgZc _Z dg\VcZc Zc kZgWZiZgZc od YZ lZg`^c\ ZgkVc# OZ WgZc\Zc gjhi Zc dciheVcc^c\ ^c a^X]VVb Zc ]dd[Y# OZ Xdgg^\ZgZc _Z a^X]VVbh]djY^c\ Zc kZg\gdiZc _Z XdcXZcigVi^ZkZgbd\Zc# Nd\V ^h `dgi hVbZc\ZkVi ZZc ZZjlZcdjYZ lZ\ cVVg kZgWZiZg^c\ kVc _Z Va\Z]ZaZ [nh^Z`Z Zc bZciVaZ \ZodcY]Z^Y#

- OE=7#<;?J;D &# Nd\V \VVi dkZg Ó Zm^W^a^iZ^i kVc YZ \ZZhi c^Zi kVc ]Zi a^X]VVb '# >c Nd\V hiVVi YZ VYZb]Va^c\ XZcigVVa (# 9Z adc\Zc ldgYZc \Zo^Zc Vah WZaVc\g^_`hiZ dg\VVc db iZ XdcigdaZgZc/ ^c XVeVX^iZ^i Zc ^c g^ibZ )# Nd\V YdZ _Z ')$,0 Nd\V ^h ZZc b^cYhZi

Online yoga en meditatie Altijd en overal yoga en meditatie met de beste leraren van over de hele wereld: o.a Kino MacGregor, Katiza Satya, Tijn Touber, Govinda Kai en Tenzin Wangyal Rinpoche.

*# Kg^ZcYZa^_`]Z^Y ^h ZZc WZaVc\g^_` dcYZgYZZa kVc nd\V +# Nd\V ]Zaei db YZ [jcXi^Z kVc _Z ^clZcY^\Z dg\VcZc iZ kZgWZiZgZc ,# Db\Z`ZZgYZ nd\V"]djY^c\Zc lZg`Zc Vci^"

9;BBKB?J?I KZZa kgdjlZc ]ZWWZc aVhi kVc XZaaja^i^h h^cVVhVeeZa]j^Y # 8Zaaja^i^h ^h ]Zi \Zkda\ kVc olV``Zg ldgYZcY XdaaV\ZZc ^c YZ ]j^Y# DcoZ ]j^Y WZhiVVi kddg ,% j^i XdaaV\ZZc# 9^i Z^l^i odg\i hiZk^\]Z^Y Zc ZaVhi^X^iZ^i kVc YZ ]j^Y# >c kZgolV`i XdaaV\ZZc dcihiVVc kZiWdaaZi_Zh Y^Z odg\Zc kddg WdWWZai_Zh ^c YZ ]j^Y# KgdjlZc ]ZWWZc kZZa kV`Zg aVhi kVc XZaaja^i^h YVc bVccZc dbYVi dcoZ ]j^Y VcYZgh ^h de\ZWdjlY# 7^_ dch a^\\Zc YZ aVc\Z XdaaV\ZZcZ^l^iiZc de\ZhiVeZaY Vah cVVhi Za`VVg a^\\ZcYZ eaVc`Zc# 7^_ bVccZc a^\\Zc YZ XZaaZc de\ZhiVeZaY Vah \Z`gj^hiZ WV`hiZcZc odVah ^c YZ bjjg kVc ZZc ]j^h# 9^i bVV`i YZ bVccZc]j^Y hiZk^\Zg! lVVgYddg oZ b^cYZg hcZa XZaaja^i^h `g^_\Zc# 9VVgW^_ `dbi YVi kgdjlZc bZZg kZi ]ZWWZc de YZ eaZ` lVVg XZaaja^i^h ]Zi kVV`hi kddg`dbi/ de YZ WdkZcWZcZc# =Zi Zc^\Z YVi egZkZci^Z[ ]Zaei iZ\Zc XZaaja^i^h ^h ZZc \ZodcY Y^ZZi Zc a^X]VVbhWZlZ\^c\#

Probeer nu gratis!

www.thehouseofyoga.com


%& -*+',3"/5

%& -*+',3"/5 $$

78EHJKI )FU LBO HFCFVSFO EBU KF QFS POHFMVL FO PG POHFXFOTU [XBOHFS XPSEU "MT KF [FLFS XFFU EBU KF EF [XBOHFSTDIBQ OJFU XJM VJUESBHFO JT BCPSUVT FFO NPHFMJKLIFJE &S [JKO WFSTDIJMMFOEF CFIBOEFMJOHFO PN FFO [XBOHFSTDIBQ BG UF CSFLFO 8FMLF CFIBOEFMJOH IFU CFTU QBTU CJK KPVX TJUVBUJF IBOHU POEFS BOEFSF BG WBO KF HF[POEIFJE IPFMBOH KF [XBOHFS CFOU FO KF QFSTPPOMJKLF TJUVBUJF *O FFO BCPSUVTLMJOJFL XPSEU HFLFLFO XFMLF CFIBOEFMJOH IFU NFFTU HFTDIJLU JT WPPS KPV

86H6 @a^c^Z`Zc W^ZYi WZigdjlWVgZ Zc YZh`jcY^\Z ^c[dgbVi^Z! VYk^Zh Zc ]jae de ]Zi \ZW^ZY kVc Vci^XdcXZei^Z! dc\ZlZchiZ olVc\ZghX]Ve Zc hZ`hjVa^iZ^i# ?Z `jci Zg iZgZX]i kddg Vci^XdcXZei^Z VYk^Zh Zc gZXZei ! eaVVih^c\ kVc he^gVVai_Z Zc ^beaVciVi^ZhiVV[_Z! HD6 iZhi! hiZg^a^hVi^Z bVc $ kgdjl KVhZXidb^Z $ :hhjgZ Zc ]ZghiZadeZgVi^Z hiZg^a^hVi^Z bVc

KVhdkVhdhidb^Z ! hZ`hjdad\^hX]Z ]jae! VWdgijh Zc VWdgijhe^a# 86H6 @a^c^Z`Zc ]ZZ[i adXVi^Zh ^c 6bhiZgYVb! AZ^YZc! 9Zc =VV\! GdiiZgYVb! <dZh gZ\^d OZZaVcY ! =djiZc gZ\^d JigZX]i Zc BVVhig^X]i# L/ lll#XVhV`a^c^Z`Zc#ca I/ %-- --- )))) :/ ^c[d5XVhV`a^c^Z`Zc#ca

78EHJKI 8;>7D:;B?D=;D '$ 7Xehjkif_b Idi ZZc olVc\ZghX]Ve kVc VX]i lZ`Zc k^Zg lZ`Zc dkZgi^_Y `Vc YZ olVc\ZghX]Ve V[\ZWgd`Zc ldgYZc bZi YZ VWdgijhe^a# >c YZ `a^c^Z` ldgYi ZZc ZX]d \ZbVV`i db iZ WZeVaZc ]dZkZg _Z olVc\Zg WZci# 9ZoZ bZY^XVbZciZjoZ VWdgijh WZhiVVi j^i ilZZ kZghX]^aaZcYZ bZY^X^_cZc Y^Z _Z ^c YZ adde kVc Yg^Z YV\Zc ^ccZZbi# HVbZc odg\Zc oZ Zgkddg YVi YZ olVc\ZghX]Ve ldgYi V[\ZWgd`Zc# ?Z `Vc ]^ZgkVc ZZc YV\ ]Z[i^\ Wj^`e^_c Zc WadZYkZga^Zh ]ZWWZc! Zg bdZi Y^Z YV\ YVc dd` YZ ]ZaZ YV\ ^ZbVcY W^_ _Z o^_c Y^Z lZZi YVi _Z YZ VWdgijhe^aaZc ]ZWi ^c\ZWgVX]i ($ ;[hij[ jh_c[ij[h WXehjkiX[^WdZ[b_d] :Zc olVc\ZghX]Ve dcYZg YZ YZgi^Zc lZ`Zc \ZgZ`ZcY kVcV[ ]Zi WZ\^c kVc YZ aVVihiZ bZchigjVi^Z ldgYi ZZc ZZghiZ ig^bZhiZgWZ]VcYZa^c\ \ZcdZbY# 9Z WZ]VcYZa^c\ ldgYi j^i\ZkdZgY Yddg ZZc VWdgijhVgih Y^Z ldgYi W^_\ZhiVVc Yddg c d[ ilZZ kZgeaZZ\`jcY^\Zc Zc Yjjgi dc\ZkZZg i^Zc b^cjiZc# BZi ZZc oj^\Wj^h_Z ldgYi YZ WVVgbdZYZg]daiZ aZZ\\Zod\Zc# ?Z `g^_\i ZZc eaVVihZa^_`Z kZgYdk^c\ bVVg ]Zi `Vc idX] e^_ca^_` VVckdZaZc! kZg\Za^_`WVVg bZi ZZc ]Z[i^\Z bZchigjVi^Z`gVbe# ?Z `jci dd` `^ZoZc kddg ZZc gdZh_Z hZYVi^Z odYVi _Z c^Zih bZg`i kVc YZ WZ]VcYZa^c\# 9Z lZ`Zc cV YZ WZ]VcYZa^c\ `jc _Z aVhi ]djYZc kVc Wj^``gVbeZc Zc WadZYkZga^Zh! kZg\Za^_`WVVg bZi ZZc cdgbVaZ bZchigjVi^Z#

=E;: EC J; M;J;D KddgV[\VVcY VVc ZZc VWdgijhWZ]VcYZa^c\ ^h Zg Vai^_Y ZZc \ZhegZ` bZi ZZc Vgih# =^_ d[ o^_ WZhaj^i d[ YZ V[\Zhegd`Zc WZ]VcYZa^c\ Yddg `Vc \VVc# 86H6 `a^c^Z`Zc W^ZYi VaaZ Xa^ ciZc _dc\Zg YVc '& _VVg W^_ ZZc VWdgijhWZ]VcYZa^c\ ZZc dcYZgodZ` de X]aVbnY^V Zc \dcdggdZ VVc odcYZg ZmigV `dhiZc#

B;L;DIL7J877H>;?:I=H;DI 6Wdgijh ^h ^c CZYZgaVcY lZiiZa^_` idZ\ZhiVVc idi VVc YZ aZkZchkViWVVg]Z^Yh\gZch# 9ZoZ \gZch a^\i W^_ ') lZ`Zc olVc\ZghX]Ve# >c YZ egV`i^_` ]djYZc YZ bZZhiZ CZYZgaVcYhZ `a^c^Z`Zc Zc o^Z`Zc]j^oZc ZZc WdkZc\gZch VVc kVc gdcY YZ '' lZ`Zc#

)$ Jm[[Z[ jh_c[ij[h WXehjkiX[^WdZ[b_d] KVcV[ YZgi^Zc lZ`Zc olVc\ZghX]Ve \ZgZ`ZcY kVcV[ ]Zi WZ\^c kVc YZ aVVihiZ bZchigjVi^Z hegZ`Zc lZ kVc ZZc ilZZYZ ig^bZhiZg VWdgijhWZ]VcYZa^c\# 9Z WZ]VcYZa^c\ ldgYi j^i\ZkdZgY Yddg ZZc VWdgijhVgih Zc W^_\ZhiVVc Yddg ilZZ kZgeaZZ\`jcY^\Zc Zc Yjjgi dc\ZkZZg ZZc ]Va[ jjg# 9Z kgjX]i ldgYi kZgl^_YZgY bZi WZ]jae kVc ^chigjbZciZc# =Zi ldgYi VVc\ZgVYZc db ZZc gdZh_Z iZ cZbZc i^_YZch ZZc ilZZYZ ig^bZhiZg WZ]VcYZa^c\# 9Z lZ`Zc cV YZ WZ]VcYZa^c\ `jc _Z aVhi ]djYZc kVc olVc\ZghX]VehkZghX]^_chZaZc! odVah b^hhZa^_`]Z^Y d[ \ZheVccZc WdghiZc# Dd` Wj^``gVbeZc Zc WadZYkZga^Zh o^_c cdgbVVa#

M[jj[b_`a l[hfb_Y^j[ mWY^jj_`Z Kddg ZZc VWdgijh \ZaYi ZZc lZiiZa^_`Z WZYZc`i^_Y kVc k^_[ YV\Zc# 9ZoZ lVX]ii^_Y WZYZc`i^_Y \VVi ^c cV ]Zi ZZghiZ \ZhegZ` bZi ZZc ]j^h Vgih# 9^i WZiZ`Zci YVi _Z oZh YV\Zc kddg YZ VWdgijh ZZc \ZhegZ` \Z]VY bdZi ]ZWWZc bZi _Z ]j^hVgih d[ ^c ZZc VWdgijh`a^c^Z`# 7Zc _Z b^cYZg YVc oZhi^Zc YV\Zc dkZgi^_Y! YVc \ZaYi Zg \ZZc lZiiZa^_`Z lVX]ii^_Y#

<79JI <?=KH;I ?VVga^_`h aViZc ^c CZYZgaVcY dc\ZkZZg . de &%%% ^c YZ aZZ[i^_Y kVc &* idi )* _VVg ZZc VWdgijh kZgg^X]iZc ^c ZZc o^Z`Zc]j^h d[ VWdgijh`a^c^Z`# 9^i X^_[Zg ^h YZ aVVihiZ _VgZc WZigZ``Za^_` hiVW^Za# 9Z bZZhiZ VWdgijhhZc ldgYZc \ZYVVc ^c YZ aZZ[i^_Yh\gdZe '%"') _VVg# 6ci^aa^VVchZ Zc Hjg^cVVbhZ kgdjlZc aViZc gZaVi^Z[ kV`Zg ZZc olVc\ZghX]Ve WZ ^cY^\Zc# Wgdc/ lll#XWh#ca

JM?@<;BI5 6ah _Z il^_[Zai Zc c^Zi oZ`Zg lZZi d[ _Z YZ olVc\ZghX]Ve j^i l^ai YgV\Zc d[ aViZc V[WgZ`Zc! YVc `Vc 86H6 @a^c^Z`Zc _Z YddgkZgl^_oZc cVVg ZZc Zg`ZcYZ ^chiZaa^c\ odVah ]Zi ;>DB Y^Z _Z kZgYZg `Vc ]ZaeZc#

<Wj_cW )) `WWh" ][jhekmZ 0 ÈK^_[ _VVg \ZaZYZc ]ZW ^` ZZc VWdgijh aViZc YdZc# >` ]VY ZZc \Z]Z^bZ gZaVi^Z Zc lVh c^Zi \ZigdjlY# >c YZ bdha^bXjaijjg `Vc YVi ZX]i c^Zi IdZc ^` ZgVX]iZg `lVb YVi ^` olVc\Zg lVh! ]ZW ^` \ZZc hZXdcYZ \Zil^_[ZaY# B^_c db\Zk^c\ odj b^_ \Zo^Zc ]ZWWZc Vah dcijX]i^\Z kgdjl Zc ^` odj b^_c [Vb^a^Z iZc hX]VcYZ \ZWgVX]i ]ZWWZc# B^_c kg^ZcY hiZjcYZ bZ# LZ o^_c hVbZc cVVg ZZc `a^c^Z` \Z\VVc# 9Z WZ]VcYZa^c\ k^Za bZZ bVVg ^` bdZhi ]ZZa kZZa kgV\Zc WZVcilddgYZc! d[ ^` ]Zi lZa ZX]i l^aYZ### >` lVh Zg `Vedi kVc bVVg ^` ]VY \ZZc `Zjh# >` bdZhi ]Zi YdZc kddg b^_c kZ^a^\]Z^Y Zc Y^Z kVc b^_c [Vb^a^Z# DcYZgijhhZc WZc ^` bZi b^_c kg^ZcY \ZigdjlY Zc ]ZWWZc lZ ZZc egVX]i^\Z YdX]iZg# BVVg ^` YZc` cd\ gZ\ZabVi^\ VVc b^_c ZZghiZ olVc\ZghX]Ve#É CWh_`[ (, `WWh" i_d]b[ 0 ÈDe b^_c '&Z lZgY ^` dc\ZeaVcY olVc\Zg# >` lVh hjeZg kZga^Z[Y bVVg hijYZZgYZ cd\ Zc lVh idiVVa c^Zi `aVVg kddg ]Zi bdZYZghX]Ve# >` l^hi bZiZZc YVi ^` ]Zi c^Zi l^aYZ ]djYZc# HVbZc bZi b^_c kg^ZcY WZc ^` cVVg YZ ]j^hVgih \Z\VVc Zc Y^Z hijjgYZ dch Yddg cVVg ZZc `a^c^Z`# 9Z WZ]VcYZa^c\ lVh dcegZii^\! ZZc cVVg \ZkdZa# >` lVh kZgYg^Zi^\ bVVg ]ZW \ZZc he^_i \Z]VY# 9Z gZaVi^Z \^c\ ZZc eVVg bVVcYZc aViZg j^i Zc ^` WZc ]ZZa Wa^_ YVi ^` ]ZW `jccZc hijYZgZc# 9Z VWdgijh lVh ZZc ZX]iZ ZnZ deZcZg# H^cYhY^Zc kg^_ ^` cdd^i bZZg dckZ^a^\#É

=;I9>?;:;D?I L7D 78EHJKI 6Wdgijh ^h kVc VaaZ i^_YZc# >c YZ djY]Z^Y lZgY kddgVa \ZWgj^` \ZbVV`i kVc `gj^YZc Zc b^YYZai_Zh db ZZc Z^cY iZ bV`Zc VVc dc\ZlZchiZ olVc\ZghX]Ve# 7^_ YZ djYZ :\neiZcVgZc hbZZgYZc kgdjlZc ]jc kV\^cV ^c bZi `gd`dY^aaZckZi Zc ^c ]Zi djYZ 8]^cV \ZWgj^`iZc kgdjlZc `l^`# DkZg VWdgijh ^h dd` Vai^_Y Y^hXjhh^Z \ZkdZgY# 9Z <g^Z`hZ Òadhdd[ 6g^hidiZaZh (*% k# 8]g# kdcY W^_kddgWZZaY YVi VWdgijh aZ\VVa lVh odaVc\ YZ [dZijh cd\ c^Zi WZld\Zc ]VY! dbYVi Y^i kda\Zch ]Zb WZiZ`ZcYZ YZ dc\ZWdgZc WVWn cd\ \ZZc bZchZa^_`Z o^Za WZoVi# O^_c XdaaZ\V Òadhdd[ Zc Vgih =^eedXgViZh )%% k# 8]g# lVh iZ\ZchiVcYZg# >c ]Zi GdbZ^chZ G^_` lVh VWdgijh ^c hdbb^\Z \ZkVaaZc idZ\ZhiVVc Zc dd` ^c YZ kgdZ\Z >haVb^i^hX]Z lZgZaY bdX]i ]Zi dcYZg WZeVVaYZ dbhiVcY^\]ZYZc odVah W^_ kZg`gVX]i^c\ d[ Vah YZ bdZYZg ^c \ZkVVg kZg`ZZgYZ# =dZlZa \gdiZ X]g^hiZa^_`Z YZc`Zgh Vah 6j\jhi^cjh (*)")(% Zc aViZg I]dbVh kVc 6fj^cd &''*"&',) YZ \ZYVX]iZ\Vc\ kVc 6g^hidiZaZh kda\YZc! lZgY VWdgijh Yddg YZ `Vi]da^Z`Z `Zg` "Zc aViZg dd` YZ egdiZhiVcihZ " odcYZg j^iodcYZg^c\ kZgWdYZc# >c CZYZgaVcY lZgY VWdgijh idi ]VakZglZ\Z YZ _VgZc oZhi^\ WZhX]djlY Vah b^hYg^_[# 6aaZZc de bZY^hX]Z ^cY^XVi^Z `dc ZZc \ncVZXdadd\ ^c ]Zi o^Z`Zc]j^h ZZc VWdgijh j^ikdZgZc# KgdjlZc Y^Z Wj^iZc ]Zi ]jlZa^_` d[ VcYZgho^ch dc\ZlZchi olVc\Zg gVV`iZc! lVgZc VVc\ZlZoZc de \ZkVVga^_`Z Zc ^aaZ\VaZ egV`i^_`Zc odVah WgZ^cVVaYZc Zc oZZehde# DcYZg ^ckadZY kVc YZ bZY^hX]Z kddgj^i\Vc\ Zc ZbVcX^eVi^ZWZlZ\^c\ kZgVcYZgYZ YZ dekVii^c\ dkZg Vci^XdcXZei^Z Zc VWdgijh# 9Z e^a `lVb de YZ bVg`i Zc YZ `Zg` `gZZ\ b^cYZg ^ckadZY# ;Zb^c^hi^hX]Z \gdZeZc odVah YZ 9daaZ B^cVÉh kdZgYZc VXi^Z kddg ]Zi aZ\Va^hZgZc kVc VWdgijh# >c CZYZgaVcY \ZWZjgYZ Y^i ^c &.-%#


%& -*+',3"/5

+""3 &&345& #)

%& -*+',3"/5 $$

:; B?@<9O9BKI K6C ::C KGDJL

8ehij[d DB lZ\Zc \Zb^YYZaY '*% \gVb WZkViiZc dc\ZkZZg * kVc _Z a^X]VVbhkZi ]ZWWZc \Zb^YYZaY XjebVVi -%8 ldgYZc _VVga^_`h (%%% m kZg\gddi | U (%%%!" \VVc ZZgYZg ]Vc\Zc Yddg gd`Zc Y^i iVhi ]Zi ZaVhi^cZ VVc

+""3 7&3-*&'% :[ b_[\Z[ bVV`i \Zaj``^\ odg\i Zgkddg YVi _Z ]Vgi hcZaaZg \VVi `adeeZc

+""3 &&345& ,&&3 0/(&45&-%

+""3 07&3("/(

:[ C[defWkp[ `dbi \Zb^YYZaY W^_ *& _VVg YZ bZchigjVi^Z hidei/ _Z WZci c^Zi bZZg kgjX]iWVVg YZ _VgZc kddg YZ bZcdeVjoZ cdZbZc lZ dkZg\Vc\ ]dZ aVc\ YZ dkZg\Vc\ Yjjgi kZghX]^ai eZg kgdjl hnbeidbZc kVc YZ dkZg\Vc\ o^_c deka^Z\Zgh Zc ]Zk^\ olZiZc

C[dijhkWj_[ ^h ]Zi bVVcYZa^_`h kg^_`dbZc kVc ZZc Z^i_Z kddg WZkgjX]i^c\ W^_ _Z \ZWddgiZ o^iiZc Zg dc\ZkZZg )%%#%%% Z^i_Zh ^c _Z Z^Zghid``Zc bZchigjVi^Z `dbi kVc bZchZh! ]Zi AVi^_chZ lddgY kddg bVVcY '% kVc YZ kgdjlZc ]ZZ[i aVhi kVc ]Zk^\ WadZYkZga^Zh kgdjlZc WVaZc ]Zi bZZhi kVc/ Wj^`e^_c )) ! YddgaZ``Zc )% ! ]dd[Ye^_c (%

+""3 (&4$)&*%&/ IY^[_Z[d \ZWZjgi W^_ () kVc YZ ]jlZa^_`Zc \VVi ^c -% kVc YZ \ZkVaaZc j^i kVc YZ kgdjl YdZc lZ lZ\Zch/ \ZWgZ` VVc a^Z[YZ! \ZWgZ` VVc Xdbbjc^XVi^Z! dcigdjl -% kVc YZ `^cYZgZc Wa^_[i W^_ YZ bdZYZg

+""3 &&345& ;0&/ Pe[d[d YdZc lZ kddg ]Zi ZZghi bZi &( _VVg \Zb^YYZaY YdZc lZ bZZhiVa bZi dch ]dd[Y cVVg gZX]ih \ZYgVV^Y kZgWgj^`i +!) XVadg^Z c eZg b^cjji YdZ _Z bZi () VVc\Zo^X]ihhe^ZgZc

+""3 45&3*-*4"5*& Ij[h_b_iWj_[ ^h ZZc ^c\gZZe lVVgW^_ YZ Z^aZ^YZg dcYZgWgd`Zc ldgYi odg\i Zgkddg YVi _Z c^Zi bZZg olVc\Zg `jci ldgYZc `Vc eda^`a^c^hX] ^c &% b^cjiZc :hhjgZ hiZg^a^hVi^Z bZi]dYZ

+""3 &&345& ,&&3 4&,4 :[ [[hij[ a[[h o^_c lZ \Zb^YYZaY &+!, _VVg \ZWgj^`Zc lZ ^c .& kVc YZ \ZkVaaZc ZZc XdcYddb d[ VcYZg kddgWZ]dZYhb^YYZa `dbi kddg & de ( bZ^h_Zh dckZglVX]i ^h kddg & de ) bZ^h_Zh c^Zi aZj` ]VY '' kVc YZ bZ^h_Zh a^ZkZg cd\ ZkZc j^i\ZhiZaY

+""3 41*3""-5+& >[j if_hWWbj`[0 \ZWgj^`Zc lZ kgdjl &-")* _VVg hiZZYh kV`Zg/ kVc ) ^c '%%( cVVg &( ^c '%&) ^h Zg ^c ilZZ hddgiZc/ bZi Zc odcYZg ]dgbdcZc WZhX]Zgbi c^Zi iZ\Zc HD6 cV kZgl^_YZg^c\ WZc _Z hcZa lZZg kgjX]iWVVg

+""3 ""/ %& 1*-

+""3 6*5453*+,+&

:[ F_b lZgY ^c &.+% kddg ]Zi ZZghi \Z cigdYjXZZgY ^h YZ edejaV^ghiZ kdgb kVc Vci^XdcXZei^Z odg\i Zgkddg YVi Zg \ZZc Z^XZa kg^_`dbi Zc _Z Yjh c^Zi olVc\Zg `jci ldgYZc YZ lZg`^c\ kVc YZ e^a ldgYi kZgodg\i Yddg ]dgbdcZc dZhigd\ZZc Zc egd\ZhiV\ZZc ha^`i + de &% _dc\Z kgdjlZc &-"'* _VVg ha^`i ' de ( kgdjlZc &-")* _VVg

;[d k_jijh_`a`[ `Vc WVVgbdZYZg]Vah`Vc`Zg kgdZ\i^_Y^\ dehedgZc aVVi _Z ]Zi WZhi kVcV[ _Z (%Z Za`Z * _VVg bV`Zc + de YZ &%%% kgdjlZc `g^_\i i^_YZch ]VVg aZkZc WVVgbdZYZg]Vah`Vc`Zg

+""3 (&53068%

>km[b_`a Yjjgi \Zb^YYZaY &) _VVg ldgYi '%% `ZZg eZg YV\ kdaigd``Zc CA

+""3 "#03564 +""3 40" 5&45 ;[d IE7 ^h ZZc \ZhaVX]iho^Z`iZ Zc hiVVi kddg HZ`hjZZa DkZgYgVV\WVgZ 6VcYdZc^c\ ldgYi kZgddgoVV`i Yddg ZZc k^gjh! ZZc WVXiZg^Z d[ ZZc eVgVh^Zi ^h WZhbZiiZa^_` `g^_\ _Z Yddg dcWZhX]ZgbYZ hZ`h d[ ha^_bka^ZhXdciVXi `jc _Z ]ZWWZc odcYZg Zg aVhi kVc iZ ]ZWWZc ^h bZZhiVa \dZY iZ WZ]VcYZaZc Vah oZ de i^_Y dciYZ`i ldgYZc

7Xehjki ldgYi _VVga^_`h j^i\ZkdZgY W^_ . de &%%% kgdjlZc ijhhZc &* Zc )* _VVg ldgYi ]Zi kVV`hi \ZYVVc ^c YZ aZZ[i^_YhXViZ\dg^Z '%"') _VVg ^h ^c CZYZgaVcY lZiiZa^_` idZ\ZhiVVc idi ') lZ`Zc bV\ cV ZZc lZiiZa^_`Z WZYZc`i^_Y kVc * YV\Zc ^h ^aaZ\VVa ^c kZZa aVcYZc ^c AVi^_ch 6bZg^`V! 6[g^`V Zc 6o^ aZ^Yi ^c YZoZ aVcYZc kVV` idi Zgchi^\Z kZgldcY^c\Zc d[ oZa[h YZ YddY

+""3 .03/*/( "'5&3 1*-

+""3 &&345& ,*/%

Cehd_d] 7\j[h F_b A_dZ[h[d WZhX]Zgbi idi ,' jjg cV lZ `g^_\Zc \Zb^YYZaY &!, `^cY dcWZhX]ZgbYZ hZ`h ]dZ hcZaaZg _Z ]Zb ^ccZZbi! ]dZ WZiZg ]^_ lZg`i Zg ^h dd` ZZc bdgc^c\ V[iZg e^a de gZXZei Y^Z idi k^_[ YV\Zc cV YZ dcWZhX]ZgbYZ hZ`h lZg`i idi k^_[ YV\Zc cV YZ dcWZhX]ZgbYZ hZ`h ^h ZZc bdgc^c\ V[iZg he^gVVa WZigdjlWVVgYZg YVc YZ bdgc^c\V[iZge^a

86H6 @a^c^Z`Zc W^ZYi WZigdjlWVgZ Zc YZh`jcY^\Z ^c[dgbVi^Z! VYk^Zh Zc ]jae de ]Zi \ZW^ZY kVc Vci^XdcXZei^Z! dc\ZlZchiZ olVc\ZghX]Ve Zc hZ`hjVa^iZ^i# 86H6 @a^c^Z`Zc ]ZZ[i adXVi^Zh ^c 6bhiZgYVb! AZ^YZc! 9Zc =VV\! GdiiZgYVb! <dZh gZ\^d OZZaVcY ! =djiZc gZ\^d JigZX]i Zc BVVhig^X]i# L/ lll#XVhV`a^c^Z`Zc#ca I/ %-- --- )))) :/ ^c[d5XVhV`a^c^Z`Zc#ca


%& -*+',3"/5

:[ leb][dZ[ [Z_j_[ lWd Z[ B_`\ahWdj aecj k_j _d ^[j leeh`WWh lWd (&',

9ZoZ ZY^i^Z kVc YZ A^_[`gVci `lVb idi hiVcY Yddg hVbZclZg`^c\ bZi YZ kda\ZcYZ eVgicZgh/

9WiW ab_d_[a[d lll#XVhV`a^c^Z`Zc#ca

Ij_Y^j_d] >kcWd 9edY[hd CW_b <[cWb[ lll#]jbVcXdcXZgc#ca lll#bV^a[ZbVaZ#Xdb

<_ec lll#Ă’ db#ca

C_hW][ L[hibWl_d]ipeh] lll#b^gV\ZkZghaVk^c\hodg\#ca

J^[ >eki[ e\ oe]W lll#i]Z]djhZd[nd\V#ca Online yoga en meditatie

Altijd en overal yoga en meditatie met de beste leraren van over de hele wereld: o.a Kino MacGregor, Katiza Satya, Tijn Touber, :; B?@<AH7DJ 8dcXZei/ J^i\ZkZg^_&& lll#\dZYZWdZ`_Zh#ca Kdgb\Zk^c\/ DcX` <gVĂ’ hX] DcilZge lll#dcX`#ca $ 8dciVXi/ ^c[d5\dZYZWdZ`_Zh#ca C[j ZWda WWd edp[ fWhjd[hi Govinda Kai en Tenzin Wangyal Rinpoche. Probeer nu gratis!

www.thehouseofyoga.com


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