Issuu on Google+

>YZZ…c!YZWViiZcZc VXi^Zhkddg:jgdeV ?VVgkZghaV\qGVeedgiVccjZa

9Zh^Y‚Zh!YZhY‚WVih!Zi YZhVXi^dchedjgaÉ:jgdeZ

'%&&


>C=DJ9 8DCI:CJ



KDDGHI:AA>C<qEGwH:CI6I>DC>( LZa`dbhilddgYkVcKddgo^ihiZg6ccZKVcAVcX`Zgq BdiYÉ^cigdYjXi^dceVgaVEg‚h^YZciZ6ccZKVcAVcX`Zg DcihiVVcq=^hidg^fjZ K^h^ZZcB^hh^ZqK^h^dcZiB^hh^dc Eg^dg^iZ^iZcqEg^dg^i‚h GdaVahdg\Vc^hVi^ZkVc]ZibVVihX]VeeZa^_`b^YYZckZaYq GaZZciVcifjÉdg\Vc^hVi^dcYZaVhdX^‚i‚X^k^aZ



9:76II:Cq9w76IH>, 6XijVa^iZ^iq6XijVa^i‚ BZY^iZggVcZB^YYV\ZcqB^Y^hYZaVB‚Y^iZggVc‚Z



8JAIJJGq8JAIJG:>. 8jaijgZaZVkdcYZcqHd^g‚ZhXjaijgZaaZh <ZaZ^YZWZodZ`ZcqK^h^iZh\j^Y‚Zh 9V\kVc:jgdeVq?djgc‚ZYZaÉ:jgdeZ



?DC<:G:Cq?:JC:H>&' 7ZhiZbb^c\:jgdeVq9Zhi^cVi^dc:jgdeZ EZYV\d\^ZqE‚YV\d\^Z IddahqDji^ah :jgdeZZhKg^_l^aa^\ZghlZg`qHZgk^XZKdadciV^gZ:jgde‚Zc



>CI:GC6I>DC66Aq>CI:GC6I>DC6A>&* GVVYkVcYZaZYZc^c7Za\gVYdq8dchZ^aYZhbZbWgZh|7Za\gVYZ :B>IgV^c^c\6XVYZbnqIgV^c^c\6XVYZbnB:> ;ZYZgVaZKZg\VYZg^c\^cLVghX]Vjq6hhZbWa‚Z;‚Y‚gVaZ|KVghdk^Z

    

8DBBJC>86I>:q8DBBJC>86I>DC>&+ E:GHqEG:HH:>&, HIGJ8IJJGqHIGJ8IJG:>&HI:JCqHDJI>:C>'% E6GIC:GHqE6GI:C6>G:H>'% &


'


KDDGHI:AA>C< EGwH:CI6I>DC



L:A@DBHILDDG9K6CKDDGO>IHI:G6CC:K6CA6C8@:Gq BDI9É>CIGD9J8I>DCE6GA6EGwH>9:CI:6CC:K6CA6C8@:G

7ZhiZ:77"kg^ZcYZc! '%&&lVhc^ZiWZeVVaYZZc\gVcYXgj_VVg#IdZ\Z\ZkZc!lZ`gZ\ZclZaZZcc^ZjlZgZ\Zg^c\bZiZZcj^i\ZWgZ^YgZ\ZZgV`" `ddgYcV*(+YV\ZckVcdcYZg]VcYZa^c\ZcZc^beVhhZ!bVVg^c:jgdeVlVhYZ]ddelZaZg\kZgodZ`#9ZÒcVcX^…aZZc ZXdcdb^hX]Z Xg^h^h ^h dd` ZZc hdX^VaZ Xg^h^h \ZldgYZc kddg kZaZ :jgdeZVcZc# KddgVa YZ <g^Z`Zc! bVVg dd` kZaZ >ZgZc! Edgij\ZoZcZcHeVc_VVgYZc!kddgVa_dc\ZbZchZc!]ZWWZc]ZiZg\iZkZgYjgZcZc\VVcdeodZ`cVVgZZcWZiZgZidZ`dbhi ^cZZcVcYZgaVcY#9Z:jgdeZhZaZ^YZghgZV\ZZgYZckVV`Èidda^iiaZVcYiddaViZÉ#Hda^YVg^iZ^iijhhZcaVcYZc^hZgVbeZgZc hiZZYh kV`Zg ldgYi :jgdeV Yddg o^_c Wjg\Zgh kZglZchi dbYVi oZ \ZZc lVgb :jgdeZZh ]Vgi kdZaZc `adeeZc# <ZZgi BV` hX]gZZ[o^_cldZYZZclVc]dde]^ZgdkZgcZZg^cÈ9Z]dcYkVcI^hbVÉ#Æ:g^hZZchX]gZZjlZcYZWZ]dZ[iZVVcZZcc^Zjl XjaijgZZaZceda^i^Z`:jgdeZZhgZkZ^aÇhX]g^_[iBV`Zc]^_k^cYiYVi]ZiXgZ…gZckVcZZc:jgdeZhZejWa^Z`ZZZc]Z^YcjYZ ]dd\hiZeg^dg^iZ^ibdZi`g^_\Zc#6VcYViejWa^Z`ZYZWVil^aYZ:jgdeZhZ7ZlZ\^c\"7Za\^…:77Wa^_kZcbZZlZg`Zc!dd` Äd[b^hhX]^ZckddgVaÄ^c`lVYZYV\Zc#9Vi]ZWWZclZdd`^c'%&&\ZYVVc!bZiYZWViiZcdkZgWZaVc\g^_`Z:jgdeZhZ`lZh" i^Zh!bZiXjaijgZaZVkdcYZcdbVcYZgZ:jgdeZVcZcWZiZgiZaZgZc`ZccZc!bZiVXi^k^iZ^iZcbZi_dc\ZgZc#9Vc`o^_ZZc\dZYZ hVbZclZg`^c\bZidcoZeVgicZghZcYVc`o^_YZ^coZikVc]ZiiZVbZckVcdcoZaZYZc# '%&&lVhdd`ZZc_VVgkVcV[hX]Z^YcZbZc#KVcdcoZY^gZXig^XZBV^iZ6WgVbY^ZZZcc^ZjlZhegdc\lVV\i^c]VVgaddeWVVc Zcl^ZlZZZc\dZYZkVVgiidZlZchZc#:ZcYgdZk^\Z\ZWZjgiZc^h^c'%&&lVh]ZidkZga^_YZckVcdjY:jgdeZZh8dbb^hhVg^h ZcB^c^hiZgkVcHiVViL^aan9Z8aZgXf#=ZilVhdcYZgo^_c^c^i^Vi^Z[Zckddgo^iiZghX]VeYViYZ:jgdeZhZ7ZlZ\^c\7Za\^… c^ZjlaZkZclZgY^c\ZWaVoZc^c&..'!idZcj^iYZ9ZZchZZc;gVchZgZ[ZgZcYVdkZg]ZiKZgYgV\kVcBVVhig^X]iWaZZ`YVi YZ`add[ijhhZcYZejWa^Z`Zde^c^ZZc]Zi:jgdeZZh^ciZ\gVi^ZegdXZhVahbVVg\gdiZglZgY#9Z:77lZchiYVcdd`]VVg WZldcYZg^c\ZcgZheZXikddgL^aan9Z8aZgXfj^iiZYgj``ZcZcoVao^X]^co^_ccV\ZYVX]iZc^hWa^_kZc^coZiiZcdbYZ`add[ ijhhZcWjg\ZgZc:jgdeViZY^X]iZc#DbYVi]ZiYZWVidkZgYZ`dZghkVc:jgdeVbZZgYVcdd^icdY^\^h# 8]ZghVb^hYjB:7! AÉVcc‚Z'%&&cɂiV^ieVhjc\gVcYXgj#8ZgiZh!dcVejVkd^gjccdjkZVj\djkZgcZbZciVkZXjcZaVg\ZXdVa^i^dcVegƒh*(+ _djghYZc‚\dX^Vi^dchZiYÉ^beVhhZ!bV^hZc:jgdeZ!aÉZhed^gcɂiV^ieVhVjgZcYZo"kdjh#AVXg^hZÒcVcX^ƒgZZi‚Xdcdb^fjZ Zhi‚\VaZbZciYZkZcjZjcZXg^hZhdX^VaZedjgYZcdbWgZjm:jgde‚Zch#HjgidjiedjgaZh<gZXh!bV^hVjhh^edjgWZVj" XdjeYÉ>gaVcYV^h!YZEdgij\V^hZiYÉ:heV\cdah!ZceVgi^Xja^ZgaZh_ZjcZh!fj^aVhjeedgiZcibVaZifj^kdci|aVgZX]ZgX]Z YÉjcVkZc^gbZ^aaZjgYVchYÉVjigZheVnh#AZhY^g^\ZVcihZjgde‚Zchdcig‚V\^hdjkZci»idda^iiaZVcYiddaViZ¼#>anVeZjYZ hda^YVg^i‚ZcigZaZheVnhZiaÉ:jgdeZZhiYZeajhZceajhhdjkZcibVjY^iZeVghZhX^idnZcheVgXZfjÉ^ahcZgZhhZciZcieVh VhhZoXZiiZ^YZci^i‚Zjgde‚ZccZ#6XZhj_Zi!<ZZgiBV`V‚Xg^ihVXdaƒgZZihdcY‚hZhed^gYVchaZ»AZX]^ZcYZI^bV¼#»>a nVjcWZhd^cXg^VciYÉjcZcdjkZaaZgZcV^hhVcXZXjaijgZaaZZieda^i^fjZZjgde‚ZccZ¼!‚Xg^iBV`Zi^aeZchZfjZaVXg‚Vi^dc YÉjcZjc^i‚Zjgde‚ZccZejWa^fjZYd^i„igZaVeajh\gVcYZeg^dg^i‚#AZBdjkZbZci:jgde‚Zc"7Za\^fjZhdj]V^iZXdci^cjZg |eVgi^X^eZg|XZY‚WViejWa^X!Vjhh^ÄZiegdWVWaZbZciYVkVciV\Z"YVchaZhbVjkV^h_djgh#CdjhaÉVkdch[V^iZc'%&&VkZX YZhY‚WVihhjgYÉ^bedgiVciZhfjZhi^dchZjgde‚ZccZh!YZhhd^g‚ZhXjaijgZaaZhedjgVeegZcYgZ|b^ZjmXdccVˆigZYÉVjigZh Zjgde‚ZchZiYZhVXi^k^i‚hVkZXaZh_ZjcZh#:iXZ!\g}XZ|aVWdccZXdaaVWdgVi^dcVkZXcdheVgiZcV^gZhZiVjmZ[[dgihYZ aɂfj^eZZiYZcdhbZbWgZh# '%&&‚iV^i‚\VaZbZcijcZVcc‚ZYÉVY^Zjm#6cdigZY^gZXig^XZBV‰i‚6WgVbfj^eadc\ZYVchjcZcdjkZaaZXVgg^ƒgZegd[Zh" h^dccZaaZZi|fj^cdjhhdj]V^idchWdckZci#Jcig^hiZ‚k‚cZbZciZc'%&&‚iV^iaZY‚XƒhYZaÉVcX^ZcXdbb^hhV^gZZjgde‚Zc Zi b^c^higZ YÉwiVi L^aan 9Z 8aZgXf# 8ɂiV^i | hdc ^c^i^Vi^kZ Zi hdjh hV Eg‚h^YZcXZ fjZ aZ BdjkZbZci :jgde‚Zc"7Za\^fjZ gZXZkV^ijchdj[ÓZcdjkZVjZc&..'!adghfjZaZhg‚[‚gZcYjbhYVcd^hZi[gVcV^hhjgaZigV^i‚YZBVVhig^X]idcibdcig‚fjZ aɂXVgiZcigZaÉde^c^dcejWa^fjZZiaZegdXZhhjhYÉ^ci‚\gVi^dcZjgde‚ZccZhɂiV^iV\gVcY^#AZB:7hdj]V^iZYdcXZmeg^bZg hdcVYb^gVi^dcZihdcgZheZXi|L^aan9Z8aZgXfZi!ZchVb‚bd^gZ!edjghj^kgVhZhZ[[dgihedjgXdbWaZgaZ[dhh‚ZcigZaZh X^idnZchZiaÉ:jgdeZ#EVgXZfjZaZY‚WVihjgaɂkdaji^dcYZaÉ:jgdeZZhieajhfjZ_VbV^hc‚XZhhV^gZ#

(




DCIHI66Cq=>HIDG>FJ:

&.)-8dc\gZhkVc9Zc=VV\> &.)-AZ8dc\gƒhYZaV=VnZ 9Z :jgdeZhZ 7ZlZ\^c\ lZgY ^c &.)- de\Zg^X]i Yddg ZZc VVciVa :jgdeZhZ egdb^cZciZc lVVgdcYZg e^dc^Zgh Vah 8]jgX]^aa!HeVV`!YZ<VheZg^Zc6YZcVjZg#Eda^i^X^Zc^YZV" a^hiZckVcVaaZhigZ``^c\Zc`lVbZc^c9Zc=VV\hVbZcbZi VahhigZZ[YdZaZc^YZVVa:jgdeViZWZ]dZYZckddgZZcc^Zjl \ZlVeZcYXdcÓ^Xi#9^i]^hidg^hX]Xdc\gZhlVh‚‚ckVcYZ WZaVc\g^_`hiZ ^c^i^Vi^ZkZc Y^Z cV YZ IlZZYZ LZgZaYddgad\ lZgYZc\ZcdbZcdbddgad\ZckZgYZZaY]Z^Ykddg\dZYj^i dchXdci^cZciiZWVccZcZciZodg\ZckddgkgZYZ!hiVW^a^iZ^i ZchVbZclZg`^c\# AZBdjkZbZci:jgde‚ZcV‚i‚[dcY‚Zc&.)-eVgaZhe^dc" c^ZghYZaÉ:jgdeZiZahfjZ8]jgX]^aa!HeVV`!6YZcVjZgZiYZ <VheZg^#9Zh]dbbZheda^i^fjZhZiYZh^Y‚Va^hiZhhZhdci gVhhZbWa‚h|AV=VnZVkZXaÉdW_ZXi^[VbW^i^ZjmYZeg‚hZg" kZgaÉ:jgdeZYÉjccdjkZVjXdcÓ^i#8ZXdc\gƒh]^hidg^fjZV ‚i‚jcZYZh^c^i^Vi^kZheg^cX^eVaZheg^hZhVegƒhaVHZXdcYZ <jZggZBdcY^VaZedjgWVcc^gY‚Òc^i^kZbZciaV\jZggZZiaV Y^k^h^dcYZcdigZXdci^cZciZiedjgkZ^aaZg|aVeV^m!aVhiVW^" a^i‚ZiaVXdde‚gVi^dc#



K>H>::CB>HH>:qK>H>DC:IB>HH>DC

>YZZ…c! YZWViiZc Zc VXi^Zh kddg :jgdeV 9Z :jgdeZhZ 7ZlZ\^c\"7Za\^… :77 ^h ZZc ilZZiVa^\Z! eajgVa^hi^hX]Z b^YYZckZaYdg\Vc^hVi^Z! Y^Z ^_kZgi kddg ZZc kZgZc^\Y Zc YZbdXgVi^hX] :jgdeV! YVi Y^X]i W^_ YZ Wjg\Zgh hiVVi# K^V j^iZZcadeZcYZ VXi^k^iZ^iZc idZ\Vc`Za^_` kddg ZZc gj^b ej" Wa^Z`!odVahYZWViiZc!XjaijgZaZVkdcYZcZceZYV\d\^Zkddg _dc\ZgZc!egdWZgZclZYZ:jgdeZhZJc^ZWZ\g^_eZa^_`ZgZc idZ\Vc`Za^_`ZgiZbV`Zc# 9Zh ^Y‚Zh! YZh Y‚WVih Zi YZh VXi^dch edjg aÉ:jgdeZ AZ BdjkZbZci :jgde‚Zc"7Za\^fjZ B:7 Zhi jcZ dg\Vc^hV" i^dcW^a^c\jZZieajgVa^hiZYZaVhdX^‚i‚X^k^aZ!VXi^kZYVchaV egdbdi^dcYÉjcZ:jgdeZY‚bdXgVi^fjZ!jc^ZZiegdX]ZYZ hZhX^idnZch#HZhcdbWgZjhZhVXi^k^i‚hdjkZgiZhVj\gVcY ejWa^X! XdbbZ aZh Y‚WVih! aZh hd^g‚Zh XjaijgZaaZh Zi aZh [dgbVi^dch _ZjcZh! dci edjg dW_ZXi^[ YZ [V^gZ XdbegZcYgZ aÉJc^dcZjgde‚ZccZ!YZ[dgbZg!YÉ^c[dgbZgZiYZYdccZgaV eVgdaZhjgaÉ:jgdeZ#

)




EG>DG>I:>I:CqEG>DG>IwH

:ZcWgZZYcZilZg`> JcaVg\Zg‚hZVjYZigVkV^a 9Z:77]ZZ[iYddgYZ_VgZc]ZZcZZcj^i\ZWgZ^YcZilZg`kVc eVgicZghX]VeeZcde\ZWdjlYbZiVbWVhhVYZhZcXjaijgZaZ XZcigVkVcYZ:jgdeZhZa^YhiViZc!kZghX]^aaZcYZ7Za\^hX]Z b^c^hiZg^Zh!\ZYZXZcigVa^hZZgYZdg\Vc^hVi^ZhY^ZZkZcZZch YZ :jgdeZhZ egdbdi^Z idi YdZa ]ZWWZc! :jgdeZhZ ^chiZa" a^c\Zc!bVVgdd`bZicZilZg`ZckVckgdjlZcdg\Vc^hVi^Zh! _dc\ZgZcdg\Vc^hVi^Zh! jc^kZgh^iZ^iZc! eda^i^Z`Z eVgi^_Zc Zc :jgdeZhZdg\Vc^hVi^Zh#9ZoZWgZYZkZgiV``^c\bVV`iYViYZ :77ZZck^c\ZgdeYZedah]djYikVclVi^cYZbVVihX]Ve" e^_aZZ[i# AZB:7VY‚kZadee‚VjÒaYZhVcc‚ZhjckVhiZg‚hZVjYZ XdciVXihVkZXaZhVbWVhhVYZhZiXZcigZhXjaijgZahYZheVnh bZbWgZh YZ aÉJ: WVh‚h | 7gjmZaaZh! eajh^Zjgh b^c^hiƒgZh WZa\Zh! YZh VhhdX^Vi^dch Y‚XZcigVa^h‚Zh VnVci ‚\VaZbZci edjgdW_ZiaVegdbdi^dcYZaÉ:jgdeZ!aZh^chi^iji^dchZjgd" e‚ZccZh! YZh g‚hZVjm VhhdX^Vi^[h [‚b^c^ch! YZh VhhdX^V" i^dchYZ_ZjcZh!YZhjc^kZgh^i‚h!aZheVgi^heda^i^fjZhZiYZh dg\Vc^hVi^dch Zjgde‚ZccZh# 8Z aVg\Z g‚hZVj eZgbZi Vj B:7YZgZhiZgZcXdciVXiVkZXaZhg‚Va^i‚hXdcXgƒiZhYZaV hdX^‚i‚X^k^aZ#

?dc\ZgZc^c]Zi]VgikVcYZhigjXijjg> AÉ:jgdeZedjgaZh_ZjcZhZieVgaZh_ZjcZh

:Zcdg\Vc^hVi^ZbZiWZigd``ZcaZYZc> JcZk^ZVhhdX^Vi^kZVkZXYZhbZbWgZhVXi^[h

DbYViYZ:77\Zadd[iYVi_dc\ZgZcZZcXZcigVaZgdaheZaZc^c ]Zi:jgdeVkVcbdg\Zc!lZgY^c'%%%ZZcÈ?dc\ZgZcXdb^i‚É de\Zg^X]i lVVgW^ccZc hijYZciZc Zc egd[Zhh^dcZaZ _dc\Z" gZc o^X] VXi^Z[ ^coZiiZc kddg YZ :jgdeZhZ \ZYVX]iZ# =Zi ?dc\ZgZcXdb^i‚kZgiZ\ZclddgY^\idd`YZ7Za\^hX]ZV[YZ" a^c\kVcYZÈ?dc\Z:jgdeZhZ;ZYZgVa^hiZcÉ?:;#

9Z:77^hZZcdg\Vc^hVi^Zj^i]ZibVVihX]VeeZa^_`b^YYZc" kZaY lVVgW^_ ^cY^k^YjZc! dg\Vc^hVi^Zh d[ WZYg^_kZc o^X] Vah a^Y`jccZcVVchaj^iZc#9ZVXi^k^iZ^iZc!^c\Z`VYZgYYddgZZc GVVYkVc7ZhijjgZc\Zdg\Vc^hZZgYYddgZZcegd[Zhh^dcZZa hZXgZiVg^VVi!ldgYZcdcYZghiZjcYYddgYZaZYZc#

6kZX aV Xdck^Xi^dc Yj gaZ XZcigVa fjÉdXXjeZci aZh _ZjcZh YVchaZ[jijgYZaÉ:jgdeZ!aZB:7VXg‚‚Zc'%%%jcÈ8db^i‚ _ZjcZhÉ Vj hZ^c YjfjZa YZh ‚ijY^Vcih Zi YZh _ZjcZh egd" [Zhh^dccZahbdW^a^h‚heVgaÉ^Y‚ZZjgde‚ZccZhdciVXi^[hZi Zmeg^bZciaZjghVk^h#AZ8db^i‚_ZjcZhgZeg‚hZciZ‚\VaZ" bZciaVhZXi^dcWZa\ZYZhÈ?ZjcZh:jgde‚Zch;‚Y‚gVa^hiZhÉ ?:;#

AZB:7ZhijcZdg\Vc^hVi^dcYZaVhdX^‚i‚X^k^aZ|aVfjZaaZ eZjkZci VY]‚gZg YZh bZbWgZh ^cY^k^YjZah! YZh VhhdX^V" i^dch dj YZh ZcigZeg^hZh# AZh VXi^k^i‚h! ZcXVYg‚Zh eVg jc 8dchZ^a YÉVYb^c^higVi^dc Zi dg\Vc^h‚Zh eVg jc hZXg‚iVg^Vi egd[Zhh^dccZa!hdcihdjiZcjZheVgaZhbZbWgZh#

DeZcXdbbjc^XVi^Z> JcZXdbbjc^XVi^dcdjkZgiZ =dZlZa Zg cd\ cdd^i odkZZa dkZg YZ :J lZgY \ZXdbbj" c^XZZgYZcdd`YZ^chiZaa^c\ZcbZZgZcbZZgegViZcdkZg Xdbbjc^XVi^ZkddgYZ:jgdeZhZWjg\Zgh!Wa^_[iY^ikZZaVad[" ÒX^…aZXdbbjc^XVi^Z#9ZoZ^c[dgbVi^Z^hoZ`ZgcddYoV`Za^_` Zcdcb^hWVVg!bVVgZg^hZZc\gdiZcddYVVcbZZgYdZa" \gdZe\Zg^X]iZ! WZ\g^_eZa^_`Z Zc VVcigZ``Za^_`Z ^c[dgbVi^Z dkZg YZ :J# 9Z :77 egdWZZgi ZZc WZ\g^_eZa^_`Z! bdYZgcZ Zc^ciZgVXi^ZkZbVc^ZgkVcXdbbjc^XZgZciZ]VciZgZcdkZg :jgdeV!lVVgW^_Y^Vadd\!c^ZjlZbZY^VZck^hjZaZVheZXiZc XZcigVVahiVVc# 8dbbjc^fjZghjgaÉ:jgdeZgZhiZjcY‚ÒeZgbVcZciedjg idjhaZhVXiZjghfj^igVkV^aaZcihjgaZhj_Zi#<g}XZ|hdcigV" kV^aYZiZggV^c!aZB:7VY‚kZadee‚jcZZmeZgi^hZZcXdb" bjc^XVi^dc#GZcYgZaZhY‚X^h^dchZjgde‚ZccZhYVchjckd" XVWjaV^gZh^beaZbV^heg‚X^h!ZiZcXdjgV\ZgaZY^Vad\jZZi aVeVgi^X^eVi^dcYZbVc^ƒgZajY^fjZZi^ciZgVXi^kZ!ZhijcZ eg^dg^i‚ZhhZci^ZaaZYjB:7#EVgV^aaZjgh!aZB:7Zhi‚\VaZ" bZcieg‚hZcihjgaZh\gVcYhg‚hZVjmhdX^Vjm#

*


AVc\ZiZgb^_c>JcZk^h^dc|adc\iZgbZ 9jjgoVbZdcil^``Za^c\^hZZcXgjX^VVai]ZbV^cYZbVVi" hX]Vee^_kVckVcYVV\#C^ZiVaaZZcl^aYZ:77ZZceZgbV" cZciYZWVideaVc\ZiZgb^_cdkZg:jgdeVhi^bjaZgZcZcYjh ^cY^Zo^cZZcYjjgoVVb`VgV`iZg]ZWWZc#BVVgdd`l^ao^_ ZgkddgWdg\hiVVcYViYZZkZcZbZciZc!iddahZcVXi^ZhY^Z o^_dg\Vc^hZZgib^a^Zjkg^ZcYZa^_`o^_c!dcYZgbZZg^c[jcXi^Z kVc]ZikZgkdZg!YZadXVi^ZZc]ZibViZg^VVa# AZB:7hZbdW^a^hZedjgjcY‚WVieZgbVcZcihjgaÉ:jgdeZ! ^cY‚eZcYVbbZci YZh VXijVa^i‚h edcXijZaaZh# 9Vch hV k^" h^dc|adc\iZgbZ!aZB:7hÉZc\V\Z‚\VaZbZci|dg\Vc^hZg YZh‚k‚cZbZcihYjgVWaZh!fj^i^ZccZciXdbeiZYZ[VXiZjgh Zck^gdccZbZciVjmZihdX^‚iVjm!iZahfjZaZa^ZjYÉVXXjZ^a! aZY^V\cdhi^XbdW^a^i‚!aÉVa^bZciVi^dc!aZhY‚X]Zih!aZbVi‚" g^Zaegdbdi^dccZaZiaZejWa^XX^WaZ#



GDA6AHDG<6C>H6I>:K6C=:I B66IH8=6EE:A>?@B>99:CK:A9q GãA::CI6CIFJÉDG<6C>H6I>DC 9:A6HD8>wIw8>K>A:

EaVi[dgb>EaViZ[dgbZ 6ahilZZiVa^\ZZceajgVa^hi^hX]Zdg\Vc^hVi^Z^hYZ:77\dZY \ZeaVVihi Vah eVgicZg kVc VcYZgZ 7Za\^hX]Z dg\Vc^hVi^Zh! Y^ZgdcYYZoZa[YZi]ZbVÉhlZg`Zc#OZ`ZgVah]Zi\VVidb ]Zi kZg\VgZc Zc kZghegZ^YZc kVc ^c[dgbVi^Z Y^Z cjii^\ ^h kddgYZ:jgdeZhZWjg\Zgh# :iVciYdcc‚hdceajgVa^hbZZihdcW^a^c\j^hbZ!aZB:7V kdXVi^dc | g‚jc^g aZh dg\Vc^hVi^dch WZa\Zh fj^ igVkV^aaZci hjgaZhi]ƒbZhh^b^aV^gZh#Hjgidji!YVchaZXVhd‘^ahÉV\^i YZXdaaZXiZgZiY^[[jhZgYZh^c[dgbVi^dchji^aZhedjgaZgZc" [dgXZbZciYÉjcZ:jgdeZX^idnZccZ#

9^Vadd\>9^Vad\jZ :jgdeV Wa^_[i iZ kVV` ZZc oVV` kVc heZX^Va^hiZc# 9Z :77 l^a ]Zi :jgdeZhZ egd_ZXi Y^X]iZg W^_ YZ Wjg\Zgh WgZc\Zc# K^V ZZc dg^\^cZaZ bVc^Zg kVc kdgb^c\ Zc ^c[dgbVi^Z dkZg :jgdeVl^aoZYZoZY^Vadd\VVc\VVc#=VVgVXi^k^iZ^iZcWgZc" \Zc bZchZc kVc kZghX]^aaZcYZ VX]iZg\gdcYZc hVbZc db YZoZY^Vadd\VVciZ\VVc# AÉ:jgdeZgZhiZigdehdjkZciV[[V^gZYZhe‚X^Va^hiZh#AZB:7 kZjiXdcig^WjZg|jcegd_ZiZjgde‚Zcfj^hd^iXdbeg‚]Zc" h^WaZ edjg aZh X^idnZch Zc Y‚kZadeeVci YZ cdjkZaaZh [dg" bZhYZY^Vad\jZ!ZcXg‚VciYZhdji^ahe‚YV\d\^fjZhZiZc gZc[dgVci aZh a^Zch ZcigZ aZh cdbWgZjhZh XdbbjcVji‚h XjaijgZaaZheg‚hZciZh|7gjmZaaZh#

9ZbdXgVi^Z>9‚bdXgVi^Z 9Z :77 hiVVi kddg YZ egdbdi^Z kVc ZZc YZbdXgVi^hX] :jgdeV#6ahdg\Vc^hVi^ZkVc]ZibVVihX]VeeZa^_`b^YYZc" kZaYl^aoZYVVgW^_VVcYVX]iWZhiZYZcVVcYZhig^_YiZ\Zc VaaZkdgbZckVcdc\Za^_`]Z^Y# :ciVcifjÉdg\Vc^hVi^dcYZaVhdX^‚i‚X^k^aZ!VXi^kZYVchaV egdbdi^dc YÉjcZ :jgdeZ Y‚bdXgVi^fjZ! aZ B:7 hdj]V^iZ eVgi^X^eZg|aVg‚ÓZm^dchjgaVajiiZXdcigZaZgVX^hbZZiaZh Y^hXg^b^cVi^dchYVchaÉJc^dcZjgde‚ZccZ#

+


9w76IH 9:76II:C



68IJ6A>I:>Iq68IJ6A>Iw

9Z :jgdeZhZ 7ZlZ\^c\"7Za\^… ^_kZgi kddg ZZc eZgbVcZci YZWVidkZgVXijZaZ:jgdeZhZkgVV\hij``ZcZcdkZgYZidZ" `dbhikVcYZ:jgdeZhZJc^Z# AZBdjkZbZci:jgde‚Zc"7Za\^fjZegdbZjijcY‚WVieZg" bVcZcihjgaZhfjZhi^dchZjgde‚ZccZhYÉVXijVa^i‚ZihjgaZ [jijgYZaÉJc^dcZjgde‚ZccZ#

9ZWg^ZÒc\kVc]Zi7Za\^hX]kddgo^iiZghX]Ve kVcYZGVVYkVcYZ:J>9‚Wg^ZÒc\YZaVeg‚h^YZcXZ WZa\ZYj8dchZ^aYZaÉJ:&&#%&#'%&& BZi B^V 9ddgcVZgi! WZaZ^YhVYk^hZjg 7j^iZcaVcYhZ OV`Zc kVc:ZghiZB^c^hiZgNkZhAZiZgbZ# 6kZXB^V9ddgcVZgi!XdchZ^aaƒgZedjgaZh6[[V^gZh:igVc\ƒgZh YjEgZb^ZgB^c^higZNkZhAZiZgbZ#

7g^ZÒc\/YZeg^dg^iZ^iZckVc]Zi=dc\VVgh kddgo^iiZghX]VekVcYZGVVYkVcYZ:J> 7g^ZÒc\/AZheg^dg^i‚hYZaVeg‚h^YZcXZ ]dc\gd^hZYj8dchZ^aYZaÉJ:&,#%&#'%&& BZi EZgbVcZci KZgiZ\ZclddgY^\Zg W^_ YZ :J! O#:# EZiZg <nŽg`Žh# >c hVbZclZg`^c\ bZi ]Zi =dc\VVgh 8jaijgZZa >chi^ijji^c7gjhhZa# 6kZXaZGZeg‚hZciVciEZgbVcZci]dc\gd^hVjegƒhYZaÉJ:! H#:#EZiZg<nŽg`Žh#:cXdaaVWdgVi^dcVkZXaÉ>chi^iji8jaijgZa =dc\gd^h|7gjmZaaZh#

7g^ZÒc\/YZeg^dg^iZ^iZckVc]ZiEddah kddgo^iiZghX]VekVcYZGVVYkVcYZ:J> 7g^ZÒc\/AZheg^dg^i‚hYZaVeg‚h^YZcXZ edadcV^hZYj8dchZ^aYZaÉJ:%+#%.#'%&& BZiB#BVg^jho9VXV!=dd[YkVcYZ9^Zchi>chi^iji^dcZaZZc ?jg^Y^hX]ZOV`ZckVcYZEZgbVcZciZKZgiZ\ZclddgY^\^c\ kVcEdaZc# 6kZX B# BVg^jho 9VXV! 8dchZ^aaZg! 8]Z[ YZ aV hZXi^dc 6[[V^gZh >chi^iji^dccZaaZh Zi A‚\VaZh YZ aV GZeg‚hZciVi^dc EZgbVcZciZYZaVG‚ejWa^fjZYZEdad\cZ#

AÉZjgdhXZei^X^hbZYVchidjhhZh‚iVihÄ 9ZWVi^c]Zi;gVch'%#&%#'%&& 9Z:jgdeZhZJc^ZldgYi\ZXdc[gdciZZgYbZiZZc\gdZ^ZcYZ deedh^i^ZiZ\Zc]VVgWZaZ^Y!]VVg^chiZaa^c\ZcZc]Ziegd_ZXi kVc:jgdeZhZ^ciZ\gVi^Z#I^_YZchYZoZYZWViVkdcYlZgYdc" YZgodX]i]dZZc^c]dZkZggZYZ:JYZoZ]Zi]dd[Y`VcW^ZYZc# BZiCd…aBjnaaZ!:gZ"Y^gZXiZjgkVcYZ:jgdeZhZ8dbb^hh^Z! Da^k^Zg ?dg^h! =dd[Y kVc ]Zi 9ZeVgiZbZci :jgdeV kVc ]Zi K7D! Hde]^Z =Z^cZ! dcYZgodZ`hiZg VVc YZ JA7 Zc =j\] 7Vgidc"Hb^i]!8dbbjc^XVi^ZXdchjaZci!Y^ZkddgodlZaYZ :jgdeZhZ 8dbb^hh^Z Vah ]Zi :jgdeZZh EVgaZbZci ]ZZ[i \ZlZg`i# BdYZgVidg lVh 9Zc^h Hid``^c`! Kddgo^iiZg kVc YZ :jgdeZhZ I]^c` IVc` Edjg aV Hda^YVg^i‚ Zc a^Y kVc YZ GVVYkVc7ZhijjgkVcYZ:77#>chVbZclZg`^c\bZi]Zi >c[dgbVi^ZWjgZVjkVc]Zi:jgdeZZhEVgaZbZci^c7Za\^…# AÉJc^dcZjgde‚ZccZZhiXdc[gdci‚Z|jcZdeedh^i^dcXgd^h" hVciZXdcigZhZheda^i^fjZh!hZh^chi^iji^dchZiaZegd_ZiYÉ^c" i‚\gVi^dcZjgde‚ZccZ#8ZiiZhd^g‚ZY‚WViVeZgb^hYÉZmead" gZgXdbbZciZiYVchfjZaaZbZhjgZaÉJ:eZjin[V^gZ[VXZ# 6kZX Cd…a BjnaaZ! 9^gZXiZjg ]dcdgV^gZ YZ aV 8dbb^hh^dc Zjgde‚ZccZ! Da^k^Zg ?dg^h! 8]Z[ Yj 9‚eVgiZbZci Zjgd" e‚ZcYZaV;:7!Hde]^Z=Z^cZ!X]ZgX]ZjhZ|aÉJA7Zi=j\] 7Vgidc"Hb^i]!8dchjaiVciZcXdbbjc^XVi^dc!VcX^ZcV\Zci | aV 8dbb^hh^dc Zjgde‚ZccZ Zi Vj EVgaZbZci Zjgde‚Zc# BdY‚gViZjg/ 9Zc^h Hid``^c`! Eg‚h^YZci Yj I]^c` IVc` Zjgde‚ZcEdjgaVHda^YVg^i‚ZiVYb^c^higViZjgYjB:7#:c XdaaVWdgVi^dc VkZX aZ 7jgZVj YÉ>c[dgbVi^dc Yj EVgaZbZci Zjgde‚ZcZc7Za\^fjZ#

,




B:9>I:GG6C:B>996<:Cq B>9>H9:A6Bw9>I:GG6Cw:

9Z BZY^iZggVcZ B^YYV\Zc W^ZYZc iZa`Zch de ]Zi jjg kVc YZajcX]kVc&'j(%idi&)jZZcYZWViVVcWZigZ[[ZcYZ]Zi :jgdeZhZWZaZ^Y^c]ZiB^YYZaaVcYhOZZ\ZW^ZY#OZldgYZc \Zdg\Vc^hZZgY^chVbZclZg`^c\bZi]ZiB:9:6>chi^ijji# AZhB^Y^hYZaVB‚Y^iZggVc‚ZegdedhZci|aÉ]ZjgZYjY‚_Zj" cZgYZ&'](%|&)]YZY‚WViigZYÉjci]ƒbZYZaVeda^i^fjZ b‚Y^iZggVc‚ZccZ YZ aÉJ:! Zc XdaaVWdgVi^dc VkZX aÉ>chi^iji B:9:6#

9ZiZgj\`ZZgkVcYZ6gVW^hX]ZX^k^ZaZ bVVihX]Vee^_^cYZcVhaZZekVcYZgZkdaji^Z ^cIjcZh^…>AZgZidjgYZhhdX^‚i‚hX^k^aZhVgVWZh |aVhj^iZYZaVg‚kdaji^dcijc^h^ZccZ'%#%&#'%&& HVaVb@VlV`^W^ GZhZVgX]9^gZXidgW^_]ZiÈ6gVWGZ[dgb>c^i^Vi^kZÉZcdcYZg" odZ`ZgW^_YZV[YZa^c\HdX^VaZZcEda^i^Z`ZLZiZchX]VeeZc! Jc^kZgh^iZ^i kVc 6bhiZgYVb Ä 9^gZXiZjg YZ GZX]ZgX]Z Vj 8ZcigZ >c^i^Vi^kZ edjg jcZ G‚[dgbZ 6gVWZ Zi X]ZgX]Zjg Vj 9‚eVgiZbZci YZh HX^ZcXZh HdX^VaZh Zi Eda^i^fjZh! Jc^kZgh^i‚YÉ6bhiZgYVb#

GZkdaji^Zh^c]ZiB^YYZc"DdhiZc/lZa`Zgda heZZaiYZ:J4>G‚kdaji^dchVjBdnZc"Dg^Zci/ fjZagaZ_djZaÉJ:4&-#%(#'%&& BVg^Zi_ZHX]VV`Z :jgdeVgaZbZciha^YÄ:jgdY‚eji‚Z#

9Z6gVW^hX]ZaZciZZcYZHX]Zc\ZcodcZ> AZeg^ciZbehVgVWZZiaɂkdaji^dcYZaÉZheVXZ HX]Zc\Zc%,#%+#'%&&

9ZidZigZY^c\kVcIjg`^_ZidiYZ:jgdeZhZJc^ZÄ 9‚WViZcC‚ZgaVcYV^h(&#&%#'%&& DkZg YZ kddg" Zc cVYZaZc kVc Ijg`hZ idZigZY^c\ idi YZ :jgdeZhZJc^Z#BZi<“aZgIjgVc!KaVVbheVgabZciha^YZc hZcVig^XZkddghe#V!9^g`GdX]ijh!egd[ZhhdgVVcYZAZhh^jh =d\ZhX]dda! BZ]bZi 6# HVn\^c! VYkdXVVi Zc Wad\\Zg Zc egd[Zhhdg9g#9ZabVgi^cd!@JAZjkZc#BdYZgVi^ZYddg6Vgdc Ddbh":77#=ZiYZWVilZgYkddgV[\Z\VVcYddgZZckddg" hiZaa^c\ kVc ]Zi idcZZa\ZoZahX]Ve ÈAZ``Zgc^_É Zc \Zkda\Y YddgZZcgZXZei^ZbZiIjg`hZheZX^Va^iZ^iZc#>chVbZclZg" `^c\bZi:jgdeV9^gZXi6cilZgeZcZcYZIjg`hZJc^ZkVc 7Za\^…^c]Zi`VYZgkVcK^aV8VWgVa# 9^hXjhh^dc hjg aV fjZhi^dc YÉVY]‚h^dc YZ aV Ijgfj^Z Vj hZ^cYZaÉJc^dcZjgde‚ZccZ#6kZX<“aZgIjgVc!Y‚eji‚ZVj EVgaZbZci;aVbVcYZih‚cVig^XZedjgaZhe#V!9^g`GdX]ijh! egd[ZhhZjg|aVAZhh^jh=d\ZhX]dda!BZ]bZi6#HVn\^c!_j" g^hiZ!VjcdbYZaV9‚a‚\Vi^dcYZaVIjgfj^ZVjegƒhYZaÉJ: Zi egd[ZhhZjg 9g# 9ZabVgi^cd! @JAZjkZc# 9‚WVi bdYZg‚ eVg6VgdcDdbhÄB:7#AZY‚WVi‚iV^ihj^k^YÉjcZg‚XZei^dc VkZXYZhhe‚X^Va^i‚hijgfjZh#:cXdaaVWdgVi^dcVkZX:jgdeZ 9^gZXi6ckZghZiaÉJc^dcIjgfjZYZ7Za\^fjZYVchaZXVYgZ YZK^aV8VWgVa#

-

BZaX]^dgLVi]ZaZi HiVVihhZXgZiVg^hkddgB^\gVi^ZZc6h^ZaWZaZ^YÄHZXg‚iV^gZ YÉ:iVi|aVB^\gVi^dcZi|aÉ6h^aZ#

=ZigZYYZckVcYZ9dYZOZZ!ZZchaZjiZa idikgZYZ^c]ZiB^YYZc"DdhiZc4>HVjkZgaVbZg BdgiZ!jcZc_ZjedjgaVeV^mVjEgdX]Z"Dg^Zci4 '&#%+#'%&& H‚WVhi^Zc7djhhd^h EdhiYdXidgVVadcYZgodZ`ZgVVc]Zi>chi^ijjikddg:jgdeZhZ HijY^Zh kVc YZ JA7 Ä Edhi YdXidgVci | aÉ>chi^iji YÉ:ijYZh :jgde‚ZccZYZaÉJA7#


8JAIJJG 8JAIJG:



8JAIJG:A:6KDC9:Cq HD>Gw:H8JAIJG:AA:H

9ZXjaijgZaZVkdcYZcDciYZ`:jgdeVkdgbZcZZcj^i\ZaZ" oZc`VchdbYZXjaijgZaZY^kZgh^iZ^ikVcYZ:jgdeZhZa^Y" hiViZcZc`VcY^YVVi"a^YhiViZciZdciYZ``Zc#BZiY^i^c^i^V" i^Z[ l^a YZ :jgdeZhZ 7ZlZ\^c\"7Za\^… Y^Vadd\ WZkdgYZgZc ZcWgj\\ZchaVVcijhhZcYZkZghX]^aaZcYZ\ZbZZchX]Ve" eZc^c7gjhhZa!]dd[YhiVYkVc:jgdeV#BZiYZhiZjckVc]Zi 7gjhhZah=dd[YhiZYZa^_`<ZlZhi# AZh hd^g‚Zh XjaijgZaaZh 9‚XdjkZgiZ :jgdeZ gZeg‚hZciZci jcZdXXVh^dcjc^fjZYÉZmeadgZgaVY^kZgh^i‚XjaijgZaaZZjgd" e‚ZccZYZh:iVihbZbWgZhYZaÉJ:ZiYZheVnhXVcY^YVih# 6kZXXZiiZ^c^i^Vi^kZ!aZBdjkZbZci:jgde‚Zc"7Za\^fjZhdj" ]V^iZegdbdjkd^gaZY^Vad\jZZiaVXg‚Vi^dcYZa^ZchZcigZaZh XdbbjcVji‚heg‚hZciZh|7gjmZaaZh!8Ve^iVaZYZaÉ:jgdeZ# 6kZXaZhdji^ZcYZaVG‚\^dcYZ7gjmZaaZh"8Ve^iVaZ#

Ig^d;^ZhiV%)#%(#'%&& 6kdcY \Zdg\Vc^hZZgY ^c ]Zi `VYZg kVc YZ aVcYZc kVc ]Zi ÈIg^d Kddgo^iiZghX]VeÉ kVc YZ GVVY kVc YZ :J0 HeVc_Z! 7Za\^…Zc=dc\Vg^_Z#6gi^ZhiZcj^iYZoZa^YhiViZckVcYZ:J lZgYZcj^i\ZcdY^\YdbYZXjaijgZaZVheZXiZckVc]jcaVcY kddg iZ hiZaaZc# 8dcXZgi! YVch Zc kddgYgVX]i hidcYZc de ]Zi egd\gVbbV# 9VVgcV lZgYZc heZX^Va^iZ^iZc j^i YZ Yg^Z aVcYZc\ZhZgkZZgYde]Zig^ibZkVcZZc=dc\VVghZ9?#>c hVbZclZg`^c\bZiYZ8jaijgZaZ9^ZchikVcYZ6bWVhhVYZ kVc=dc\Vg^_ZZcYZKZgiZ\ZclddgY^\^c\kVc7jYVeZhi# 9VchaZXVYgZYZaVeg‚h^YZcXZYj8dchZ^aYZaÉJ:eVgaZig^d :heV\cZ!7Za\^fjZZi=dc\g^Z!aZB:7Vdg\Vc^h‚jcZhd^" g‚ZXjaijgZaaZbZiiVciZckVaZjgXZhigd^heVnh#9ZhVgi^h" iZhdg^\^cV^gZhYZXZh:iVihbZbWgZhYZaÉJ:hZhdciegd" Yj^ih edjg [V^gZ Y‚Xdjkg^g YZh VheZXih XjaijgZah ine^fjZh# AVhd^g‚Z‚iV^ieaVX‚ZhdjhaZh^\cZYZaVgZcXdcigZZcigZ aZh igd^h XdbbjcVji‚h Vjidjg YZ XdcXZgih! heZXiVXaZh Zi Òabh#AVhd^g‚ZhÉZhiXaijg‚ZZcY‚\jhiVciYZhhe‚X^Va^i‚h adXVaZhVjiZbedYÉjcZ9?ZiiZ]dc\gd^hZ#:cXdaaVWdgVi^dc VkZX aZ HZgk^XZ 8jaijgZa YZ aÉ6bWVhhVYZ YZ =dc\g^Z Zi aV GZeg‚hZciVi^dcYZaVK^aaZYZ7jYVeZhi#

.


 GZY^hXdkZg8gdVi^V'-#%+#'%&& >c]Zi`VYZgkVcYZ@gdVi^hX]ZdcYZg]VcYZa^c\ZckddgZZc bd\Za^_`Z VVchaj^i^c\ W^_ YZ :jgdeZhZ Jc^Z! dg\Vc^hZZgYZ YZ:77ZZcXjaijgZaZVkdcYdb]Zi]^hidg^hX]ZZg[\dZYkVc ]Zi aVcY iZ dciYZ``Zc Zc YZ @gdVi^hX]Z \ZbZZchX]Ve ^c 7Za\^…iZdcibdZiZc#De]Ziegd\gVbbVhidcYZcegd_ZXi^Zh kVckZghX]^aaZcYZ`dgiÒabhZcZZcYZWVidkZg@gdVi^…Vah '-hiZa^YhiVVikVcYZ:JbZiYZ6bWVhhVYZjgkVc@gdVi^…^c 7Za\^…O#:#9]g#7dg^h<g^\^XZc9g#7ZgcVgYHcdn!Egd[Zhhdg VVcaÉ>chi^ijiYÉ:ijYZh:jgde‚ZccZhJ8A#:glVhdd`bj" o^Z`kVck^da^hi9Vc^Za@job^c!\Zkda\Yddg`Zcc^hbV`^c\h" VXi^k^iZ^iZc# >c hVbZclZg`^c\ bZi YZ 6bWVhhVYZ kVc YZ GZejWa^Z`@gdVi^…^c7Za\^…# 6 aÉdXXVh^dc YZ aV ÒcVa^hVi^dc YZh c‚\dX^Vi^dch YÉVY]‚" h^dc|aÉJ:!aZB:7Vdg\Vc^h‚jcZhd^g‚ZXjaijgZaaZVnVci edjg dW_ZXi^[ aV Y‚XdjkZgiZ Yj eVig^bd^cZ XjaijgZa XgdViZ Zi aV gZcXdcigZ VkZX aV XdbbjcVji‚ XgdViZ YZ 7Za\^fjZ# Adgh YZ XZiiZ hd^g‚Z! eajh^Zjgh Xdjgih b‚igV\Zh hjg aV 8gdVi^Z dci ‚i‚ egd_Zi‚h! aÉ6bWVhhVYZjg YZ aV G‚ejWa^fjZ YZ8gdVi^Z!H#:#7dg^h<g^\^X!Zi7ZgcVgYHcdn!egd[ZhhZjg| aÉ>chi^ijiYÉ:ijYZh:jgde‚ZccZhJ8A!dcibZc‚jcY‚WVi! fj^ hÉZhi Xaijg‚ eVg jc eZi^i XdcXZgi Yj k^dadc^hiZ XgdViZ 9Vc^Za @job^c# :c XdaaVWdgVi^dc VkZX aÉ6bWVhhVYZ YZ aV G‚ejWa^fjZYZ8gdVi^ZZc7Za\^fjZ#

=ZgDciYZ`BVaiVq6aVgZY‚XdjkZgiZYZBVaiZ %&#&'#'%&& CV ]Zi WZ`^_`Zc kVc YZ BVaiZhZ Òab » 9VffZi ^m"M^" iV ¼ È>beaVXVWaZ 7gj^cZÉ! \ZgZVa^hZZgY Yddg @ZccZi] HX^XajcV!lVhZgi^_YkddgYZWVibZiO#:#E^ZggZ8a^kZ6\^jh! 6bWVhhVYZjgkVcBVaiV^c7Za\^…dkZgYZBVaiZhZeda^i^Z` Zc ZXdcdb^Z Zc YZ gZaVi^Zh kVc ]Zi aVcY bZi YZ :J# 9Z VkdcYlZgYV[\ZhadiZcbZiZZcfj^oZcW^_]dgZcYZBVaiZhZ kZghcVeZg^c\Zc# >c hVbZclZg`^c\ bZi YZ EZgbVcZciZ KZgiZ\ZclddgY^\^c\kVcBVaiVW^_YZ:JZcYZ6bWVhhVYZ kVcBVaiV^c7Za\^…# 6egƒh aV egd_ZXi^dc Yj Xdjgi b‚igV\Z » 9VffZi ^m"M^iV ¼ È>beaVXVWaZ 7gj^cZÉ! g‚Va^h‚ eVg @ZccZi] HX^XajcV! aZh eVgi^X^eVcihdciejedhZgaZjghfjZhi^dch|H#:#E^ZggZ8a^kZ 6\^jh!6bWVhhVYZjgYZBVaiZ!VjXdjghYÉjcY‚WVihjgaZh VheZXihhdX^deda^i^fjZhZi‚Xdcdb^fjZhYZBVaiZZihZhgZ" aVi^dchVkZXaÉJ:#AVhd^g‚ZhÉZhiXaijg‚ZeVgjcfj^ohjg BVaiZZieVgaVY‚\jhiVi^dcYZfjZafjZhhe‚X^Va^i‚hbVaiV^" hZh#:cXdaaVWdgVi^dcVkZXaVGZeg‚hZciVi^dcEZgbVcZciZ YZBVaiZVjegƒhYZaÉJ:ZiaÉ6bWVhhVYZYZBVaiZ#

&%

<:A:>9:7:OD:@:Cq K>H>I:H<J>9w:H

9^Vadd\dcYZg;VjkZh"=dc\VVgh[Vjk^hbZqHiVY]j^h 7gjhhZa>9^Vad\jZYZ;VjkZh";Vjk^hbZ]dc\gd^hq =iZaYZK^aaZYZ7gjmZaaZh',#%'#'%&& >c ]Zi `VYZg kVc ]Zi =dc\VVgh Kddgo^iiZghX]Ve dg\Vc^" hZZgYZYZ:77ZZcWZodZ`VVcYZiZciddchiZaa^c\dkZg]Zi =dc\VVghZ [Vjk^hbZ/ ZZc l^aYZ! gZhdajji bdYZgcZ hX]^a" YZg`jchiY^ZVVcaZjciW^_]Zi;gVchZkddgWZZaY!bVVgWZ" ha^hi]VVgZ^\Zc]Z^Y]ZZ[i#9ZoZiZciddchiZaa^c\WgZc\iZZc *%"iValZg`ZchVbZcj^iWZaVc\g^_`Z=dc\VVghZbjhZV"Zc eg^k‚XdaaZXi^Zh# Dg\Vc^h‚Z|aÉdXXVh^dcYZaVEg‚h^YZcXZ]dc\gd^hZ#6jY‚" WjiYjMMZh^ƒXaZ!YZhVgi^hiZh]dc\gd^hgZegZccZciaÉji^a^" hVi^dcYZaVg\ZhVeaVihYZXdjaZjghk^kZhVj[Vjk^hbZ!Zc eaZ^cZhhdg|EVg^h#>ahaÉVhhdX^Zci|aVigVY^i^dccVijgVa^hiZ ]dc\gd^hZfj^k^hZ|gZegdYj^gZaVg‚Va^i‚YZaVbVc^ƒgZaV eajhdW_ZXi^kZfjÉ^ahd^i#AZ9^Vad\jZYZ;VjkZhg‚jc^ieajh YZ *% ÃjkgZh ^hhjZh YZh bjh‚Zh Zi XdaaZXi^dch eg^k‚Zh ]dc\gd^h#




96<K6C:JGDE6q ?DJGCw:9:AÉ:JGDE:%,#%*#'%&&

De . bZ^ &.*% oZiiZ GdWZgi HX]jbVc o^_c kddghiZa j^iZZc dbZZc\Zdg\Vc^hZZgY:jgdeVidihiVcYiZWgZc\Zc#BZiY^i kddghiZa!YViWZ`ZcYhiVViVahÆYZkZg`aVg^c\kVcHX]jbVcÇ! lZgY]ZihiVgihX]di\Z\ZkZckddgYZ:jgdeZhZZZcbV`^c\! Y^Z j^iZ^cYZa^_` ]ZZ[i \ZaZ^Y idi lVi kVcYVV\ YZ :jgdeZhZ Jc^Z^h#OViZgYV\,bZ^'%&&kdcYYjh]Zi;ZZhikVc:jgdeV eaVVih#CZiVahZa`_VVg!cdY^\iYZ:jgdeZhZWjjgi]Zi\gdiZ ejWa^Z`j^ikddgZZcYV\kdaVc^bVi^ZZckddghiZaa^c\Zckddg ^ZYZgZZc# 9Z :jgdeZhZ ^chiZaa^c\Zc deZcYZc iZkZch ]jc YZjgZc#9Z^YZVaZ\ZaZ\Zc]Z^Ydbo^X]iZ^c[dgbZgZcdkZg :jgdeVZc]VVglZg`^c\!Zc^cYZWViiZ\VVcbZi:jgdeZhZ kZgiZ\ZclddgY^\Zgh# 9Vc`o^_ YZ de`dbhi kVc iVag^_`Z kg^_" l^aa^\Zgh lVgZc YZ :77 Zc ?:;"7Za\^… ZkZcZZch kVc YZ eVgi^_ de YZ ZheaVcVYZ kVc ]Zi :jgdeZZh  EVgaZbZci bZi Y^kZghZVXi^k^iZ^iZc:jgdeZhZXjeXV`Zh!h_dZaWV`lZYhig^_Y! fj^o!^c[d½ AZ.bV^&.*%!GdWZgiHX]jbVceg‚hZciV^ihVegdedh^i^dc gZaVi^kZ|jcZdg\Vc^hVi^dcYZaÉ:jgdeZ#8ZiiZegdedh^i^dc! XdccjZhdjhaZcdbYZÆY‚XaVgVi^dcHX]jbVcÇ!ZhiXdch^" Y‚g‚Z XdbbZ aÉVXiZ YZ cV^hhVcXZ YZ aÉJc^dc Zjgde‚ZccZ# AZhVbZY^,bV^'%&&VkV^iYdcXa^ZjaV;„iZYZaÉ:jgdeZ# 8dbbZ X]VfjZ Vcc‚Z! aZ fjVgi^Zg Zjgde‚Zc Xdck^V^i aZ \gVcY ejWa^X | jcZ _djgc‚Z edcXij‚Z YÉVc^bVi^dch Zi YZ heZXiVXaZh edjg idjh# AZh ^chi^iji^dch Zjgde‚ZccZh djkgV^Zci ‚\VaZbZci aZjgh edgiZh! aÉdXXVh^dc ^Y‚VaZ YZ hÉ^c[dgbZg hjg aÉ:jgdeZ Zi hdc [dcXi^dccZbZci! Zi YZ Y‚" WViigZVkZXYZhgZhedchVWaZhZjgde‚Zch#AZB:7Zi?:;" 7Za\^fjZ ‚iV^Zci ‚\VaZbZci YZ aV eVgi^Z hjg aÉZheaVcVYZ YjEVgaZbZciZjgde‚ZcVkZXY^kZghZhVXi^k^i‚hXjeXV`Zh Zjgde‚Zch!XdcXdjgh!fj^o!^c[dh###\g}XZ|aVeVgi^X^eVi^dc YZcdbWgZjmW‚c‚kdaZh#

I]ZEdlZgd[;VciVhn"BdYZgcZZc]ZYZcYVV\hZ `jcij^iEdaZcq7DO6G>I]ZEdlZgd[;VciVhn"6gi bdYZgcZZiXdciZbedgV^cYZEdad\cZq7DO6G (%#%-#'%&& <Zdg\Vc^hZZgY^c]Zi`VYZgkVc]ZiEddahKddgo^iiZghX]Ve# EdaZc`ZcYZZZcWZld\Zceda^i^Z`Z\ZhX]^ZYZc^h#>chX]g^a XdcigVhi bZi Y^i WZZaY kVc ZZc ZZjl^\ dcYZgYgj`iZ cVi^Z hiVViZZcWadZ^ZcYZXjaijjg#>c]ZiVWhjgYZZc]Zi[VciVh" i^hX]Z odX]iZc EddahZ `jchiZcVVgh ZZc VcilddgY de YZ X]Vdi^hX]ZlZg`Za^_`]Z^Y0bZi]jcgZWZahZ`jchil^aYZcoZ Y^Zc^ZidcikajX]iZcbVVgkZZaZZgdbWdjlZc#CVVhihaZj" iZalZg`Zcj^iYZEddahZ`jchikVc&.ZZc'%ZZZjl!dbkVi YZiZciddchiZaa^c\lZg`kVc\ZgZcdbbZZgYZ]ZYZcYVV\hZ EddahZ`jchiZcVVghVahB^gdhaVl7Va`V!Bdc^`VHdhcdlh`V ZcL^a]ZbHVhcVa#>chVbZclZg`^c\bZiYZ9^Zchi8jaijjg kVcYZ6bWVhhVYZkVcEdaZc^c7Za\^…# Dg\Vc^h‚Z|aÉdXXVh^dcYZaVEg‚h^YZcXZedadcV^hZ#6jM>MZ ZiMMZh^ƒXaZ!|aVhj^iZYZeajh^ZjghdeegZhh^dch!aVEdad\cZ XdccV i jcZ XjaijgZ Ódg^hhVciZ# JhVci YZ aÉVWhjgYZ Zi Yj [VciVhi^fjZ! YZh Vgi^hiZh edadcV^h XdciZbedgV^ch! Ydci B^gdhaVl7Va`V!Bdc^`VHdhcdlh`VZiL^a]ZbHVhcVa!dci g‚edcYjVjX]VdhYjg‚ZaeVgYZhVXiZhZbegjcihYZg‚h^h" iVcXZ#AZjgegdYjXi^dcY^Vad\jZVkZXYZhÃjkgZhe]VgZhYZ aÉVgiedadcV^hYjM>MZZiMMZh^ƒXaZ#:cXdaaVWdgVi^dcVkZXaZ HZgk^XZ8jaijgZaYZaÉ6bWVhhVYZYZEdad\cZZc7Za\^fjZ#

&&


?DC<:G:C ?:JC:H



7:HI:BB>C<:JGDE6q 9:HI>C6I>DC:JGDE:

%)3%+#%'#'%&& GZh^YZci^ZZakdgb^c\hlZZ`ZcYdkZg:jgdeV!WZhiZbYkddg _dc\ZgZckVcYZaVVihiZ\gVVYkVc]Zib^YYZaWVVgdcYZg" l^_h!kddg]Zi&&Z_VVgdeg^_#+%_dc\ZgZccVbZcYZZa#9Z WZYdZa^c\ kVc Y^i lZZ`ZcY ^h db _dc\ZgZc YZ :jgdeZhZ Jc^Z de ZZc c^ZjlZ! heZZahZ Zc ^ciZgVXi^ZkZ l^_oZ iZ aV" iZc dciYZ``Zc bZi dcYZg bZZg \gdZehY^hXjhh^Zh! aj" Y^Z`ZVXi^k^iZ^iZc!YZWVilZYhig^_YZcZcdcibdZi^c\ZcbZi :jgdeVgaZbZcihaZYZc#>chVbZclZg`^c\bZid#V#6ccZKVc AVcX`ZgKddgo^ihiZg:77!7VgiHiVZh:jgdeVgaZbZciha^Y! EZiZgKVc@ZbhZ`ZEZgbVcZciZKZgiZ\ZclddgY^\^c\kVc 7Za\^… W^_ YZ :J Zc Egd[# =ZcYg^` Kdh# BZi YZ hiZjc kVc iVag^_`Z\Zbdi^kZZgYZkg^_l^aa^\Zgh?:;"7Za\^…Zc:jgdeV 9^gZXi 6cilZgeZc ^c ]Zi `VYZg kVc 6cilZgeZc":jgdeZhZ ?dc\ZgZc]dd[YhiVY'%&&# LZZ`ZcY YZ [dgbVi^dc g‚h^YZci^ZaaZ hjg aÉ:jgdeZ! YZhi^c‚ Vjm_ZjcZhYjYZgc^ZgYZ\g‚YZaÉZchZ^\cZbZcihZXdcYV^" gZ!edjgaV&&ZVcc‚ZXdch‚Xji^kZ#+%_ZjcZhdcieVgi^X^e‚# AÉ^Y‚Z‚iV^iYZ[V^gZY‚Xdjkg^gaÉJc^dcZjgde‚ZccZVjm_Zj" cZhYZbVc^ƒgZcdkVig^XZZi^ciZgVXi^kZ|igVkZghYZhY^h" Xjhh^dchYZ\gdjeZ!YZhVXi^k^i‚hajY^fjZhZiYZhgZcXdc" igZhVkZXYZhY‚eji‚hZjgde‚Zch#6kZXZ#V#BVg^cZGdbZo^c JA7! =j\jZh I]^WVji HZXg‚iV^gZ <ZcZgVa B:7! BVcV A^kVgY_Vc^8V[‚7VWZaZi:bbVcjZaKVaaZch8dbb^hh^dc Zjgde‚ZccZ#6kZXaZhdji^ZcYZcdbWgZjmW‚c‚kdaZhbdi^" k‚h?:;"7Za\^fjZZi:jgdeZ9^gZXi|6ckZghYVchaZXVYgZ YZ»6ckZgh"8Ve^iVaZjgde‚ZccZYZaV_ZjcZhhZ'%&&¼#

%,3&%#%(#'%&& GZ^h cVVg HX]Zc\Zc! AjmZbWjg\ Zc HigVVihWjg\ kddg +% BVhiZghijYZciZc:JHijY^Zh#9ZoZgZ^h\VViY^ZeZg^cde YZ lZg`^c\ kVc YZ :jgdeZhZ ^chiZaa^c\Zc Zc aVVi YZ hij" YZciZc idZ ]jc `Zcc^h iZ idZihZc VVc YZ lZg`Za^_`]Z^Y# De ]Zi egd\gVbbV/ WZodZ` VVc ]Zi =d[ kVc ?jhi^i^Z! ]Zi :jgdeZZhEVgaZbZci!YZGVVYkVc:jgdeVZc]Zi]j^hkVc GdWZgi HX]jbVc# <Zdg\Vc^hZZgY ^c hVbZclZg`^c\ bZi YZ Jc^kZgh^iZ^i <Zci ]Zi 8Zcigjb kddg :J"hijY^Zh! Egd[# =ZcYg^` Kdh# BZi YZ hiZjc kVc :jgdeVgaZbZcihaZYZc @Vi]aZZcKVc7gZbeiZc6ccZb^ZCZnih# KdnV\Z | HX]Zc\Zc! AjmZbWdjg\ Zi HigVhWdjg\ edjg +% ‚ijY^Vcih Zc BVhiZg YɂijYZh Zjgde‚ZccZh# 8Z kdnV\Z eZgbZiYÉVeegd[dcY^gaZhXdccV^hhVcXZhYZh_ZjcZhhjgaZ [dcXi^dccZbZciYZh^chi^iji^dchZjgde‚ZccZhZiYZiZhiZg aZjgh XdccV^hhVcXZh# 6j egd\gVbbZ/ k^h^iZ | aV 8djg YZ ?jhi^XZ!VjEVgaZbZciZjgde‚Zc!Vj8dchZ^aYZaÉ:jgdeZZi |aVbV^hdcYZGdWZgiHX]jbVc#Dg\Vc^h‚ZcXdaaVWdgVi^dc VkZXaÉJc^kZgh^i‚YZ<VcYaZ8ZcigZYÉ:ijYZhJ:YjEgd[# =ZcYg^` Kdh# 6kZX aZ hdji^Zc YZh Y‚eji‚Zh Zjgde‚ZccZh @Vi]aZZcKVc7gZbeiZi6ccZb^ZCZnih#

%*3%,#%)#'%&& 9Z _dc\ZgZc Y^Z YZZacVbZc VVc ]Zi _dc\ZgZclZZ`ZcY ^c 6cilZgeZc lZgYZc j^i\ZcdY^\Y kddg YZoZ hijY^ZgZ^h cVVg HigVVihWjg\dbYZWVh^hkdgb^c\XdcXgZZiiZbV`ZcZcYZ _dc\ZgZciZaViZco^Zc]dZYZ:jgdeZhZeda^i^Z`^cgZVa^iZ^i lZg`i#(*_dc\ZgZccVbZcYZZaVVcYZoZjc^Z`ZgZ^hlVVg" ^c d#V# ]Zi :jgdeZZh EVgaZbZci! ]Zi :jgdeZhZ ?dc\ZgZc 8ZcigjbkVcYZGVVYkVc:jgdeV!]ZibjhZjbkVc6ahVXZ" BdhZaaZZc]Zi=j^hkVcGdWZgiHX]jbVclZgYZcWZodX]i# BZiYZhiZjckVc:jgdeVgaZbZciha^Y6ccZ9ZakVjm# 9jgVciigd^h_djghaZheVgi^X^eVcihYjlZZ`"ZcYYZ[dgbV" i^dc|6ckZgh‚iV^Zci^ck^i‚h|Y‚Xdjkg^gaÉJc^dcZjgde‚Zc" cZ hdjh Y^kZgh VheZXih# AZ ed^ci Xjab^cVci ‚iV^i aV k^h^iZ Yj EVgaZbZci Zjgde‚Zc | HigVhWdjg\ Zc XdbeV\c^Z YZ aÉZjgdY‚eji‚Z6ccZ9ZakVjm#9ÉVjigZhVXi^k^i‚hdci‚\VaZ" bZci‚i‚dg\Vc^h‚ZhedjgaZhXdchX^Zci^hZgVjegd_ZiZjgd" e‚ZcbV^hVjhh^aZjg[V^gZY‚Xdjkg^gaVk^aaZYZHigVhWdjg\# 6jegd\gVbbZhZigdjkV^iVjhh^aVk^h^iZYZaVbV^hdcYZ GdWZgi HX]jbVc! Yj 8ZcigZ Zjgde‚Zc YZ aV ?ZjcZhhZ dj ZcXdgZYjB‚bdg^VaYZaÉ6ahVXZ"BdhZaaZ#6kZXaZhdji^ZcYZ aV9‚eji‚ZZjgde‚ZccZ6ccZ9ZakVjm#

&'




E:96<D<>:qEw96<D<>:

:jgdeVYV\q?djgc‚ZZjgde‚ZccZ 8daaƒ\ZHV^ciZ"K‚gdc^fjZ|A^ƒ\Z(&#%(#'%&& 9Z eZYV\d\^hX]Z eadZ\ kVc ]Zi 8daaZ\Z HV^ciZ"K‚gdc^fjZ kVcAj^`dg\Vc^hZZgih^cYhYg^Z_VVgZZceZYV\d\^hX]ZYV\ dkZg:jgdeVkddgYZaZZga^c\ZckVc]ZiaVVihiZ_VVgb^YYZa" WVVg# 9Z :jgdeZhZ 7ZlZ\^c\"7Za\^… ^h Xd"dg\Vc^hVidg Zc eZYV\d\^hX]ZeVgicZgkVcYZoZYV\!Y^Zkddg&*%aZZga^c\Zc ldgYi\Zdg\Vc^hZZgY#9ZhegZ`Zgh]ZWWZc]ZidkZgY^kZghZ i]ZbVÉh!odVahYZ]^hidg^Z`!YZj^iWgZ^Y^c\ZcVcYZgZVXij" ZaZdcYZglZgeZc#BZid#V#L^aan=‚a^cKZgiZ\ZclddgY^\^c\ kVcYZ:jgdeZhZ8dbb^hh^Z^c7Za\^…# AÉ:jgdeZ Zhi jcZ YZh bVi^ƒgZh ^bedgiVciZh YZh Xdjgh YZ +ƒbZhZXdcYV^gZ#6ÒcYZbdcigZgVjb^ZjmaZh\gVcYhZc" _Zjm Zjgde‚Zch Vjm ‚aƒkZh! aɂfj^eZ YZh egd[ZhhZjgh YZh bVi^ƒgZhXdcXZgc‚ZhZiaZBdjkZbZci:jgde‚Zc"7Za\^fjZ dci b^h hjg e^ZY jcZ _djgc‚Z YZ Xdjgh XdchVXg‚Z | aÉ:j" gdeZ VkZX jc egd\gVbbZ YZ Xdc[‚gZcXZh Ydcc‚Zh eVg YZhhe‚X^Va^hiZhYZaÉJ:#AZhi]ƒbZhYZXZiiZVcc‚ZXdj" kgV^Zci YZh hj_Zih YZ aÉVXijVa^i‚ iZah fjZ aZh Eg‚h^YZcXZh YZaÉJ:!aÉJ:Zihdc‚aVg\^hhZbZciZiaÉJ:ZiaZ_djgcVa^hbZ# AZh ‚aƒkZh VkV^Zci ‚\VaZbZci aÉdeedgijc^i‚ YZ hÉZmeg^" bZgZiYZYdccZgaZjgVk^hadghYZhY‚WVih#6kZXZ#V#L^aan =‚a^c GZeg‚hZciVi^dc YZ aV 8dbb^hh^dc Zjgde‚ZccZ Zc 7Za\^fjZ#

?:;IgV^c^c\9Vnh&.3'%#&&#'%&& 9^i lZZ`ZcY lZgY \Zdg\Vc^hZZgY kddg _dc\ZgZc bZi^ciZ" gZhhZkddg?:;"7Za\^…?dc\Z:jgdeZhZ;ZYZgVa^hiZcZcYZ :jgdeZhZ7ZlZ\^c\"7Za\^…ZckddgY^Z\ZcZcY^Zo^X]l^aaZc ^coZiiZckddgYZidZ`dbhikVc?:;"7Za\^…Yddga^YiZldg" YZckVcZZcad`VaZV[YZa^c\#De]Ziegd\gVbbV/^caZ^YZcYZ hZhh^Zh! ?:;"kVVgY^\]ZYZc ldg`h]deh! higViZ\^hX]Z hZh" h^Zh Zc cVijjga^_` ZZc dckZg\ZiZa^_` [ZZhi_Z ^c 6cilZgeZc# =ZiiZVbkVcYZ:jgdeZhZ7ZlZ\^c\"7Za\^…lVhdd`VVc" lZo^\Zc\V[egZhZciVi^ZhdkZgcZilZg`ZcZcadWWnZc# 8Z lZZ`"ZcY V ‚i‚ dg\Vc^h‚ edjg aZh _ZjcZh ^ci‚gZhh‚h eVg ?:;"7Za\^fjZ ?ZjcZh :jgde‚Zch ;‚Y‚gVa^hiZh Zi aZ BdjkZbZci :jgde‚Zc"7Za\^fjZ Zi edjg XZjm fj^ hdj]V^" iV^Zci Xdcig^WjZg Vj [jijg YZ ?:;"7Za\^fjZ Zc YZkZcVci bZbWgZ YÉjcZ hZXi^dc adXVaZ# 6j egd\gVbbZ/ hZhh^dc YÉ^cigdYjXi^dc! ?:; h`^aah ldg`h]deh! hZhh^dch YZ higVi‚" \^ZZiW^Zch’gjcZ[„iZ^cdjWa^VWaZ|6ckZgh#Aɂfj^eZYj BdjkZbZci:jgde‚Zc"7Za\^fjZ‚iV^ieg‚hZciVkZXYZheg‚" hZciVi^dchhjgaZcZildg`^c\ZiaZadWWn^c\#

&(




IDDAHqDJI>AH

:jgdeV^clddgYZcZcWZZaYZc> 9ZhbdihZiYZh^bV\ZhedjgaÉ:jgdeZ LZa`ZWZiZ`Zc^h]ZZ[i:jgdeV^cdchYV\Za^_`haZkZc4LVi YZc`ZcWZ`ZcYZ7Za\ZcdkZg:jgdeV4LVi\VViZgkZghX]d" aZcVX]iZgYZWZ\g^eeZcÈHX]Zc\ZcÉ!È:KHÉ!È:gVhbjhÉ4:c lVVgdbhiVVcZgilVVa[hiZggZcdeYZ:jgdeZhZkaV\4=Zi YdZakVcY^iÈeZYV\d\^hX]VaWjbÉ!^hYZ:jgdeZhZJc^Zde ZZc VVc\ZeVhiZ bVc^Zg kddg iZ hiZaaZc VVc aZZga^c\Zc j^i YZ aVVihiZ \gVVY kVc ]Zi hZXjcYV^g dcYZgl^_h# =Zi Y^Zci WdkZcY^Zc Vah dcYZghiZjcZcY ^chigjbZci kddg aZZg`gVX]" iZcdb]jcaZhhZcdkZg:jgdeV^ciZaZ^YZc!iZ^aajhigZgZc! deiZ[g^hhZcd[iZWZ\ZaZ^YZc#<ZgZVa^hZZgYbZiYZhiZjc kVcYZKZgiZ\ZclddgY^\^c\kVcYZ:jgdeZhZ8dbb^hh^Z^c 7Za\^…# FjZa hZch YdccZg | XZiiZ :jgdeZ fj^ ^cÓjZcXZ cdigZ k^Z fjdi^Y^ZccZ4 FjZ eZchZci aZh eZghdccVa^i‚h WZa\Zh YZ aÉ:jgdeZ4FjZh^\c^ÒZciaZhbdihXdbbZHX]Zc\Zc!HK:! :gVhbjh4 Edjgfjd^ n V"i"^a YdjoZ ‚id^aZh hjg aZ YgVeZVj Zjgde‚Zc4AÉdW_ZXi^[YZXZiVaWjbe‚YV\d\^fjZZhiYZeg‚" hZciZg aÉJc^dc Zjgde‚ZccZ Vjm ‚ijY^Vcih YZ aÉZchZ^\cZ" bZci hZXdcYV^gZ hje‚g^Zjg# >a Zhi Xdcj XdbbZ hjeedgi e‚YV\d\^fjZ edjg aZh egd[ZhhZjgh ZchZ^\cVci aV bVi^ƒgZ! bV^h Vjhh^ XdbbZ YdXjbZci ^aajhigVi^[ edjg idji X^idnZc ^ci‚gZhh‚YZb^ZjmXdbegZcYgZaÉJ:#G‚Va^h‚VkZXaZhdj" i^ZcYZaVGZeg‚hZciVi^dcYZaV8dbb^hh^dcZjgde‚ZccZZc 7Za\^fjZ#

EZYV\d\^hX]Z9K9>9K9e‚YV\d\^fjZ 9Z:77^hXdci^cjdeodZ`cVVgc^ZjlZiddahdb_dc\ZgZc dkZg ]Zi :jgdeZhZ egd_ZXi iZ ^c[dgbZgZc de ZZc ]ZaYZgZ! aZj`Z Zc ^ciZgVXi^ZkZ bVc^Zg Zc dd` db aZZg`gVX]iZc iZ dcYZghiZjcZc^c]jcaZhhZcdkZgYZ:J#CVVhiZZceZYV" \d\^hX] VaWjb dcil^``ZaYZ YZ :77 ZZc ZYjXVi^ZkZ 9K9 dkZgYZ:J!WZhiVVcYZj^iilVVa[]dd[Yhij``Zc!Y^ZZa`ZZc VheZXid[ZZcWZkdZ\Y]Z^YkVcYZ:JWZhegZ`Zc\ZhX]^Z" YZc^h!^ciZgcZbVg`i!]Zi:jgdeZhZWjg\ZghX]Ve!Zco###9Z 9K9lZgY^c\Zhegd`Zc^c]Zi;gVch!cVYViZZgYZg^c'%%. ZZcCZYZgaVcYhiVa^\Z9K9lZgY\ZgZVa^hZZgY#<ZgZVa^hZZgY bZiYZhiZjckVcYZCVi^dcVaZAdiZg^_# AZB:7X]ZgX]ZXdci^cjZaaZbZci|egdedhZgYZcdjkZVjm dji^ahedjg^c[dgbZgaZh_ZjcZhYZbVc^ƒgZXaV^gZ!ajY^fjZ Zi ^ciZgVXi^kZ hjg aZ egd_Zi Zjgde‚Zc bV^h Vjhh^ edjg VX" XdbeV\cZgaZhZchZ^\cVcihYVchaZjghXdjghhjgaÉJ:#:c bVg\ZYZaÉVaWjbe‚YV\d\^fjZ!aZB:7VXg‚‚jc9K9e‚YV" \d\^fjZhjgaÉJ:Zc[gVcV^h#>aZhiXdbedh‚YZYdjoZX]V" e^igZh!eg‚hZciVciX]VXjcjcVheZXidjjcZXdbe‚iZcXZYZ aÉJ: ]^hid^gZ! bVgX]‚ ^ci‚g^Zjg! X^idnZccZi‚ Zjgde‚ZccZ! ZiX##G‚Va^h‚VkZXaZhdji^ZcYZaVAdiZg^ZCVi^dcVaZ#

&)



:JGDE::HKG>?L>AA><:GHL:G@q H:GK>8:KDADCI6>G::JGDEw:C

:jgdeZZh Kg^_l^aa^\ZghlZg` :KH `VYZgi ^c ]Zi Ndji] ^c 6Xi^dc egd\gVbbV kVc YZ :jgdeZhZ 8dbb^hh^Z# =Zi \ZZ[i_dc\ZgZcYZ`Vchdbkg^_l^aa^\ZghlZg`iZYdZckddg bVm^bjb&'bVVcYZc^cZZcaVcYkVcYZ:jgdeZhZJc^Z d[ ZaYZgh ^c YZ lZgZaY# =Zi :KH"egd\gVbbV ^h deZc kddg _dc\ZgZc ijhhZc &- Zc (% _VVg# =Zi hZXgZiVg^VVi kVc YZ :77dcik^c\6aZmVcYgVCVha^c!dkZg\Z`dbZcj^iEdaZcZc ddghegdc`Za^_` V[`dbhi^\ j^i GjhaVcY# 9VVgcVVhi odcY YZ :77HVgV]9ZXaZgXfj^i!Vahkg^_l^aa^\hiZg!cVVg]Zi8ZcigZ GdWZgiHX]jbVc^cBZio;gVc`g^_`# AZegd\gVbbZNdji]^c6Xi^dcYZaV8dbb^hh^dcZjgde‚Zc" cZ d[[gZ Vjm _ZjcZh :jgde‚Zch aV X]VcXZ YÉVeedgiZg jcZ Xdcig^Wji^dcg‚ZaaZVjbdcYZZi|aZjgegdegZk^Z\g}XZVj HZgk^XZKdadciV^gZ:jgde‚ZcHK:#8ZYZgc^ZgaZjgYdccZ aÉdeedgijc^i‚ YÉZmeg^bZg aZjg Zc\V\ZbZci eZghdccZa eVg YZhVXi^k^i‚hYZkdadciVg^VicdceVn‚Zh|iZbeheaZ^cYVch jceVnh‚igVc\Zg!VjhZ^cYZaÉJc^dcZjgde‚ZccZdjZcYZ" ]dgh# >a hdj]V^iZ Y‚kZadeeZg aV hda^YVg^i‚! aV Xdbeg‚]Zc" h^dcbjijZaaZZiaVida‚gVcXZeVgb^aZh_ZjcZh!Xdcig^WjVci V^ch^ Vj gZc[dgXZbZci YZ aV Xd]‚h^dc hdX^VaZ Vj hZ^c YZ aÉJc^dcZjgde‚ZccZZi|aVegdbdi^dcYZaVX^idnZccZi‚VX" i^kZYZh_ZjcZh#8ZiiZVcc‚Z!aZB:7VaZeaV^h^gYÉVXXjZ^aa^g 6aZmVcYgVCVha^c!gjhhZYZEdad\cZ#AZB:7V‚\VaZbZci Zckdn‚ HVgV] 9ZXaZgXf XdbbZ kdadciV^gZ Zc ;gVcXZ! Vj 8ZcigZGdWZgiHX]jbVc!egƒhYZBZio#


>CI:GC6I>DC66A >CI:GC6I>DC6A



G669K6C9:A:9:CK6C9::JGDE:H: 7:L:<>C<>CI:GC6I>DC66A>C 7:A<G69D>8DCH:>A9:HB:B" 7G:H9JBDJK:B:CI:JGDEw:C >CI:GC6I>DC6A¿7:A<G69: ',3'-#%*#'%&&

9ZGVVYkVcYZaZYZckdcYeaVVih^c]ZiHZgk^hX]ZeVgaZ" bZciZclZgYkddgV[\Z\VVcYddgZZcYZWVibZiVahi]ZbV »YZidZigZY^c\kVcHZgk^…idiYZ:J¼!YVihVbZck^ZabZi YZ]^hidg^hX]ZVggZhiVi^ZkVcYZddgad\hb^hYVY^\ZgGVi`d Ÿ BaVY^X!ZZcWZaVc\g^_`ZhiVe^c]ZiidZigZY^c\hegdXZh# Dg\Vc^h‚ | aÉ6hhZbWa‚Z cVi^dcVaZ YZ aV G‚ejWa^fjZ YZ HZgW^Z! aZ 8dchZ^a V ‚i‚ eg‚X‚Y‚ eVg jc Y‚WVi hjg aZ i]ƒbZ YZ » aÉVY]‚h^dc YZ aV HZgW^Z | aÉJ: ¼! Xd‰cX^" YVci VkZX aÉVggZhiVi^dc ]^hidg^fjZ Yj Xg^b^cZa YZ \jZggZ Ÿ fj^ YZkgV^i Vkd^g jcZ \gVcYZ ^cÓjZcXZ hjg GVi`d BaVY^X! aÉVXX‚a‚gVi^dcYjegdXZhhjhYÉVY]‚h^dcYZaVHZgW^Z|aÉJ:#



:B>IG6>C>C<6869:BNq IG6>C>C<6869:BNB:> &-3')#%+#'%&&q')3(%#%.#'%&&

9Z IgV^c^c\ 6XVYZbn ldgYi bZZgYZgZ `ZgZc eZg _VVg \Z" dg\Vc^hZZgY Yddg YZ :jgdeZhZ 7ZlZ\^c\ >ciZgcVi^dcVVa Zc^hZZcdeaZ^Y^c\kddghijYZciZc!Y^Z]jc`Zcc^hkVcYZ :jgdeZhZJc^Zl^aaZckZgY^ZeZcZclZchZcW^_iZaZgZcdkZg ]ZiYV\Za^_`hkZgg^X]iZlZg`^c7gjhhZa!o^_]Zi^cYZ^chiZa" a^c\Zc!YZadWWn\gdZeZcd[YZC<Dh#HZXgZiVg^h"<ZcZgVVa! =j\jZh I]^WVji! Zc Egd_ZXiaZ^YhiZg! :ak^gV 7j^_^c`! Vc^" bZZgYZcYZkddgW^_ZhZhh^Zh# AV IgV^c^c\ 6XVYZbn V a^Zj! eajh^Zjgh [d^h hjg aÉVcc‚Z! | aÉ^c^i^Vi^kZYjBdjkZbZci:jgde‚Zc>ciZgcVi^dcVa#>ahhÉV\^i YÉjcZ [dgbVi^dc edjg aZh ‚ijY^Vcih fj^ hdj]V^iZci Veegd" [dcY^g aZjgh XdccV^hhVcXZh hjg aÉJc^dc Zjgde‚ZccZ Zi XdbegZcYgZ YVkVciV\Z aV g‚Va^i‚ YZh igVkVjm Z[[ZXij‚h | 7gjmZaaZh eVg aZh ^chi^iji^dch! aZh \gdjeZh YZ adWWn^c\ Zi aZhDC<h#=j\jZhI]^WVji!HZXg‚iV^gZ\‚c‚gVaYjB:7!Zi :ak^gV7j^_^c`!8]Z[YZEgd_Zih!dciVc^b‚XZhhZhh^dch#



;:9:G6A:K:G<69:G>C< K6C9::JGDE:H:7:L:<>C< >CI:GC6I>DC66A>CL6GH8=6J> 6HH:B7Aw:;w9wG6A:9JBDJK:B:CI :JGDEw:C>CI:GC6I>DC6A¿K6GHDK>: '*3'+#&&#'%&&

:Zc 7Za\^hX]Z YZaZ\Vi^Z lVh VVclZo^\ de YZ 6a\ZbZcZ KZg\VYZg^c\! lVVg ZZc c^Zjl 7jgZVj! bZi Kddgo^iiZg ?d AZ^cZc!lZgYkZg`doZcZclVVgZZcgZZ`hgZhdaji^ZhlZg" YZc\dZY\Z`ZjgYkddgZZchiZg`Zg!bZZgkZgZc^\Y:jgdeV# JcZY‚a‚\Vi^dcWZa\ZVeVgi^X^e‚|a6hhZbWa‚Z[‚Y‚gVaZVj XdjghYZaVfjZaaZjcZcdjkZaaZ9^gZXi^dc!eg‚h^Y‚ZeVg?d AZ^cZc! V ‚i‚ ‚ajZ Zi d‘ jcZ h‚g^Z YZ g‚hdaji^dch dci ‚i‚ VYdei‚ZhedjgjcZ:jgdeZeajh[dgiZZieajhjc^Z#

&*


8DBBJC>86I>DC 8DBBJC>86I>:

LViWZigZ[iXdbbjc^XVi^Z!cZZbiYZ:77YZgdakVceaVi" [dgbVVck^V]VVglZ`Za^_`hZc^ZjlhWg^Z[!]VVglZWh^iZZc ]VVgVVclZo^\]Z^YdeYZhdX^VaZcZilZg`Zc# :c iZgbZh YZ Xdbbjc^XVi^dc! aZ B:7 hdj]V^iZ _djZg jc gaZ YZ eaViZ[dgbZ k^V hV cZlhaZiiZg ]ZWYdbVYV^gZ! hdc h^iZlZWZihVeg‚hZcXZhjgaZhg‚hZVjmhdX^Vjm#

C^ZjlhWg^Z[qCZlhaZiiZg >ZYZgZ lZZ` dcikVc\Zc bZZg YVc (%%% VWdccZZh ZZc c^ZjlhWg^Z[bZiYZVXi^k^iZ^iZckVcYZ:77!Vahdd`ZkZcZ" bZciZckVceVgicZgh!VcYZgZkZgZc^\^c\Zcd[^chiZaa^c\Zc# 9Z Wg^Z[ WZkVi ZkZcZZch VXijZaZ a^c`h bZi WZigZ``^c\ idi :jgdeV^c7Za\^…#BZc`Vco^X]\gVi^h^chX]g^_kZckddgYZ c^ZjlhWg^Z[k^VYZlZWh^iZ# 8]VfjZ hZbV^cZ! aZ B:7 Zckd^Z | eajh YZ (%%% VWdcc‚h jcZcZlhaZiiZgVccdcVcihZhegdegZhVXi^k^i‚h!bV^h‚\V" aZbZciXZaaZhYÉVjigZh^chiVcXZhfj^dg\Vc^hZciYZh‚k‚cZ" bZcih|kdXVi^dcZjgde‚ZccZZc7Za\^fjZ!YdcicdheVgiZ" cV^gZh! VjigZh VhhdX^Vi^dch dj ^chi^iji^dch# AV cZlhaZiiZg XdbegZcY ‚\VaZbZci YZh a^Zch ^ci‚gZhhVcih fj^ XdjkgZci aZhVXijVa^i‚hZjgde‚ZccZh#DceZjihÉnVWdccZg\gVij^iZ" bZcik^VaVeV\ZYÉVXXjZ^aYjh^iZlZW#

LZWh^iZlll#ZjgdeZhZ"WZlZ\^c\#WZq H^iZlZWlll#bdjkZbZci"ZjgdeZZc#WZ CVVhi ZZc V\ZcYV Y^Z gZ\ZabVi^\ \Z“eYViZ ldgYi! o^_c de YZ lZWh^iZ i]ZbVYdhh^Zgh iZgj\ iZ k^cYZc :jgdeZZh 7jg\Zg^c^i^Vi^Z[!½!eZYV\d\^hX]ZiddahZccjii^\Za^c`h# :cbVg\ZYZaÉV\ZcYVb^h|_djgg‚\ja^ƒgZbZci!aZh^iZlZW YjB:7eg‚hZciZYZhYdhh^Zgh|i]ƒbZ^c^i^Vi^kZX^idnZc" cZ Zjgde‚ZccZ!½! YZh dji^ah e‚YV\d\^fjZh Zi YZh a^Zch ji^aZh#

HdX^VaZcZilZg`ZcqG‚hZVjmhdX^Vjm 9Z :77 ^h VVclZo^\ de YZ hdX^VaZ cZilZg`Zc ;VXZWdd`! A^c`ZY^c!Il^iiZg!;a^X`gZcNdjijWZ# AZB:7[V^ieVgi^ZYZhg‚hZVjmhdX^Vjm;VXZWdd`!A^c`ZY^c! Il^iiZg!;a^X`gZiNdjIjWZ#

&+


E:GH EG:HH:

'&#%&#'%&& AVA^WgZ7Za\^fjZ>ÈEVhYÉZ[[ZiYdb^cdÉ

&+#%'#'%&& HiVbebZY^V!YZLZgZaYbdg\Zc#WZ> ÈAVVihiZ_VVghaZgZcW^_de7ZhiZbb^c\:jgdeVÉ

&,#%(#'%&& :jgdeZVcKd^XZ>ÈEgdbdi^c\:J>ciZ\gVi^dcÉ

%.#'%&& <dZY<ZkdZa>È6c\Za^fjZ'*aVVi_dc\ZgZc `Zcc^hbV`ZcbZi:jgdeVÉ

&+#%.#'%&& 7Za\^jb#WZ>È9ZhbdihZiYZh^bV\ZhedjgaÉ:jgdeZÉ

(&#&%#'%&& I]Z7gjhhZahIg^WjcZ>È:jgdhXZei^X^hbÄl]ViÉhVaai]Z [jhhVWdji4É

&,


HIGJ8IJG: HIGJ8IJJG

GVVYkVc7Zhijjgq8dchZ^aYÉ6Yb^c^higVi^dc'%&%3'%&' Kddgo^ihiZgqEg‚h^YZciZ"6ccZK6CA6C8@:G K^XZ"Kddgo^iiZg"E]^a^eeZ9:768@:GCA:jgdeVgaZbZciha^Y K^XZ"Eg‚h^YZciZ"6ccZ9:AK6JM;G9‚eji‚ZZjgde‚ZccZ HZXg‚iV^gZ\‚c‚gVa"=j\jZhI=>76JI;G!>ciZgcVi^dcVa6[[V^gh6Yk^hZg"<GDJE:H EZcc^c\bZZhiZg"9g^Zh86AA:CHCA;D97jY\Zi

CZYZgaVcYhiVa^\ZaZYZc BVgX7:AA:CH"=ZVYd[Jc^i:miZgcVa6jY^iÄ:jgdeZhZ8dbb^hh^Z 9g^Zh86AA:CHÄ;D97jY\Zi IVc\jnYZA:HIG:"Egd_ZXi8ddgY^cVidg"6\dg^V GjWZcADB76:GI"Egd\gVbBVcV\Zg":jgdeZhZ8dbb^hh^Z 6chE:GHDDCH"6Yk^hZjg"KZgW^cY^c\hWjgZVj7gjhhZa":jgdeV A^ZkZcI68@"6Y_jcXi"`VW^cZihX]Z[KaVVbhK^XZ"B^c^hiZgEgZh^YZci7djg\Zd^h :a^hVWZi]K:AA:"Egd_ZXibZYZlZg`Zg":jgdeZVcV =ZcYg^`KDH"Egd[Zhhdg:jgdeZhZEda^i^Z`"J<Zci

BZbWgZh;gVcXde]dcZh 6ccZ"BVg^Z76C:H8J"Egd_ZXiBVcV\Zg"9<:aVg\^hhZbZciÄ8dbb^hh^dcZjgde‚ZccZ 8]g^hi^cZ76JFJ>H"9^gZXig^XZ":jgdeZ9^gZXi7gVWVcilVaadc B^X]ZaZ8>6K6G>C>"Eg‚h^YZci"JZ[ Da^k^ZgYZ7J:<:G"Egd_ZXi6hh^hiVci AVjgZci=:AA:76JI"8dchZ^aaZgÄ;‚Y‚gVi^dcYÉZcigZeg^hZh <Zd[[gdn@:CH>:G"6hh^hiVcieVgaZbZciV^gZ"EVgaZbZciZjgde‚Zc 9Zc^hHID@@>C@"Eg‚h^YZci"I]^c`IVc`EdjgaVHda^YVg^i‚ =j\jZhI=>76JIÄ>ciZgcVi^dcVa6[[V^gh6Yk^hZg"<GDJE:H

9j^ihiVa^\a^Y>BZbWgZ<ZgbVcde]dcZ EZiZgI=DB6H"6cX^Zc8]Z[Yj7jgZVjYjE:Zc7Za\^fjZ

&-


:gZkddgo^iiZghqEg‚h^YZcihYÉ=dccZjg L^aan9:8A:G8F”"B^c^hiZgkVcHiVVi!DjY:jgdeZZh 8dbb^hhVg^hqB^c^higZYÉwiVi!6cX^Zc8dbb^hhV^gZ Zjgde‚Zc E]^a^eeZYZH8=DJI=::I:YZI:GK6G:CI" :gZVbWVhhVYZjgq6bWVhhVYZjg=dcdgV^gZ 8]VgaZh";ZgY^cVcYCDI=DB7"B^c^hiZgkVcHiVViq B^c^higZYÉwiVi

:gZHZXiVg^hhZc"<ZcZgVVaqHZXg‚iV^gZh<‚c‚gVjm =dcdgV^gZh 8VgadAJN8@MÄ9^gZXiZjg"KZgW^cY^c\hWjgZVj7gjhhZa" :jgdeVq9^gZXiZjg"7jgZVjYZA^V^hdc7gjmZaaZh":jgdeZ Cd…aBJNAA:Ä:gZ9^gZXiZjg":jgdeZhZ8dbb^h^Zq 9^gZXiZjg]dcdgV^gZ"8dbb^hh^dcZjgde‚ZccZ

HZXgZiVg^VViqHZXg‚iVg^Vi'%&& BV‰i‚67G6BÄ9^gZXig^XZ AVZi^i^iV9:;6J8DCK6AÄ8]Z[YZEgd_Zi :ak^gV7J>?>C@ÄEgd_ZXiaZ^YhiZg A^cKVclVnZcWZg\]ÄEgd_ZXiaZ^YhiZg 8]g^hide]Z9:C>HÄEgd_ZXiVhh^hiZci BV‰i‚K6C9:JGH:CÄHiV\^V^gZ FjZci^c<:C6G9"HiV\^V^gZ ;Vccn8DDAH"HiV\^V^gZ 6aZmVcYgVC6HA>C":jgdeZZhKg^_l^aa^\ZghlZg`qHZgk^XZ KdadciV^gZ:jgde‚Zc

&.


HDJI>:C HI:JC

E6GI:C6>G:H E6GIC:GH

'%


:jgdeZhZ7ZlZ\^c\"7Za\^…kolqBdjkZbZci:jgde‚Zc"7Za\^fjZVhWa DjYZg\ZbaVVc+(6kZcjZYÉ6jYZg\]Zb 7gjhhZa&%)%7gjmZaaZh lll#ZjgdeZhZ"WZlZ\^c\#WZqlll#bdjkZbZci"ZjgdeZZc#WZ ^c[d5ZjgdeZhZ"WZlZ\^c\#WZq^c[d5bdjkZbZci"ZjgdeZZc#WZ I ('''(&%+''q; ('''-%%.+* KZgVcilddgYZa^_`Zj^i\ZkZgq:Y^iZjggZhedchVWaZ 6ccZKVcAVcX`Zg!Kddgo^ihiZg$Eg‚h^YZciZ GZVa^hVi^ZqG‚Va^hVi^dc AVZi^i^VYZ;VjXdckVa:ak^gV7j^_^c`!Egd_ZXiaZ^YhiZgh$8]Z[hYZegd_Zih BZiYZhiZjckVcYZ@VchZaVg^_kVcYZ;#D#9#:ZghiZB^c^hiZgZcYZ;#D#9#7j^iZcaVcYhZOV`Zc# 6kZXaZhdji^ZcYjH#E#;#8]VcXZaaZg^ZYjEgZb^ZgB^c^higZZiYjH#E#;#6[[V^gZh‚igVc\ƒgZh#


Rapport annuel MEB 2011