Issuu on Google+

Gfcˆk`ZXB[edY_eCeh|dWYkiW[dIWdB|pWheWb]eX[hdWZehZ[9eb_cWfehl_ebWhbWb[o g}^`eX9kbjkhW

DWY_edWb

Fh[i[djWd[Z_Y_ÂŒd [dd|^kWjbZ[bW 9edij_jkY_ÂŒdf|]_dW'+

/[khef[ei"Wb Jh_gk[W\hedjWh| WDk[lWP[bWdZW

9kWjheC_bfWiJ[Wjhe Ykcfb['&W‹ei"^eoY[b[XhW Yed9edjhWZ_YY_ed[i 9edjhWZ_YY_ed[if|]_dW(&

D@C<E@F 

 

 



 8zF+#EèD<IF(+*(  +$&&  *)GĂ?>@E8J 

:FC@D8 M@<IE<J )-;<=<9I<IF ;<)'('

mmm$c_b[d_eYeb_cW$Yec$cn f[h_eZ_iceYedYWh|Yj[h

7fhk[XWkd|d_c[[b9ed]h[ieZ[b;ijWZebWB[ogk[<_`WbWi8Wi[ifWhWH[ckd[hWY_Â&#x152;dZ[I[hl_Zeh[iFÂ&#x2018;Xb_Yei

=eX[hdWdj[iZ[Y_Z_h|d beibÂ&#x2021;c_j[iZ[ikik[bZe

Â&#x161;IÂ&#x152;bei[h|diWdY_edWZeigk_[d[ij[d]WdkdiWbWh_ecWoehWbfh[i_Z[dj[Z[bWh[fÂ&#x2018;Xb_YW Â&#x161;;dYWZWeh]Wd_iceZ[]eX_[hdei[Yh[Wh|kdWYec_i_Â&#x152;dfWhWgk[Z[i_]d[beiiWbWh_eif$, I;H=?E 9;HL7DJ;I

?d]h[ie[d(&&/h[fh[i[djW[bf[eh[d(&WÂ&#x2039;ei

?dl[hi_Â&#x152;d[njhWd`[hW Z_h[YjWYWoÂ&#x152;[d+&

IÂ&#x152;be[djhWhed()c_b'-&c_bbed[iZ[ZÂ&#x152;bWh[i[b WÂ&#x2039;efWiWZe"i[]Â&#x2018;dI[Yh[jWhÂ&#x2021;WZ[;YedecÂ&#x2021;W f$'-

;bWiWbjeWbWhWpÂ&#x152;d :XicfjDXiÂ&#x2C6;e <hWkZ[f[h_eZÂ&#x2021;ij_Ye WZeicWdei

7kjeh_ZWZ[iZ[]eX_[hde"cÂ&#x192;Z_YWioWYWZÂ&#x192;c_YWiWYkZ_[hedWo[hWbWYebeYWY_Â&#x152;dZ[bbWfh_c[hWf_[ZhWZ[b^eif_jWb

OWYedijhko[d^eif_jWbFk[hjWZ[>_[hhe ;ijWh|b_ijeWdj[iZ[\[Xh[heZ[(&''"Yed+&Yedikbjeh_eicÂ&#x192;Z_Yei"bWXehWjeh_e" |h[WZ[_cW][d"),ik_j[i"YWf_bbW"h[ijWkhWdj["\WhcWY_Woi[hl_Y_eiWZ_Y_edWb[if$.

;bfh[i_Z[dj[<[b_f[9WbZ[hÂ&#x152;d ^WY[X_[d[dbWc[djWhgk[ Wb]kdeic[Z_eib[^W]WdZ[ f[h_YeiWbh[fheZkY_hoh[iWbjWh YkWdjedWhYec[diW`[ikh][$ F[hedeiÂ&#x152;be[ie0Z[X_Â&#x152;jWc# X_Â&#x192;dh[fheXWhgk[ik]eX_[hde [`[hpWbW_dZ[Y[dj[fh|Yj_YWZ[ ÂşfW]WhkdWfh_c[hWfbWdWZ[ lWh_eic_bbed[iZ[f[ieiÂť$ Ikh[l[bWY_Â&#x152;d\k[Wo[h[d bWY_kZWZZ[CÂ&#x192;h_ZWi[YY_Â&#x152;d C_d_ij[h_eFÂ&#x2018;Xb_YeZ[[ijW [Z_Y_Â&#x152;d"ZedZ[h[fheY^Â&#x152;be kikWbZ[gk[[ieic[Z_eide

bei_Z[dj_Ă&#x2026;YÂ&#x152;Wj_Y[dkdÂşfhe# Xb[cWZ[f[hY[fY_Â&#x152;dÂť"fehgk[ fkXb_YWdÂş[dfh_c[hWfbWdWoW jeZeYebehÂťj[njeiZ[cWdjWio YWhjkb_dWiYedc[diW`[iZ[bW Z[b_dYk[dY_Weh]Wd_pWZW$ 7iÂ&#x2021;"Z_`e"[iYecei[Âş[n# fWdZ[[bc[diW`[gk[bei Yh_c_dWb[igk_[h[dZ[`Wh[dbW ieY_[ZWZfWhWWj[hheh_pWhbWÂť$ IWbleYkWdZe^Wodel[ZWZ [dbeiZ_Y^eiZ[fheXWXb[i Yh_c_dWb[iÂŤgkÂ&#x192;jWbEiWcW8_d BWZ[d[dl_Z[eiWj[hheh_pWdj[i e[bf[hZÂ&#x152;dZ[Ei_[b9|hZ[dWi Wo[h5"[ih[fheY^WXb[gk[ c[Z_eib[^W]WdZ[f[h_Ye$ F[heYecfhWhdejWifh[# i[djWZWiYeceÂşf[h_eZÂ&#x2021;ij_YWiÂť l_b[i]WY[j_bbWiYedij_jko[kd \hWkZ[WZeicWdeifW]WZeh ofW]WZefWhWbeib[Yjeh[i$

YcWh_d6c_b[d_e$Yec

>eo[iYh_X[dCl`jD`^l\c>feq}c\qF|]$)?Â&#x201E;Zkfi8^l`cXi:XdÂ&#x2C6;e#AX`if:Xc`okf8cYXii}e#:`if>Â?d\qC\pmX#AfXhlÂ&#x2C6;eCÂ?g\q$;Â?i`^X#:Xicfj DfkXF|]i$*%+D`^l\c8ZfjkXMXi^Xj#GXYcf>Â?d\qF|]$'(=Â&#x201E;c`o:fikÂ&#x201E;j:XdXi`ccf#8c\aXe[ifDfiXc\jF|]$');}m`[\8i\eXF|]$('


l_[hd[i(,Z[ <[Xh[heZ[(&'&

&@C<E@F

BMGSFOUF

97@7<K;HJ; Cl`jD`^l\c >feq}c\q

%FCVFOPBNBMP

& ?d\hW#[i#jehjkhW$;d[bc_hWZehZ[bW9kcXh["bWiYbeWYWii[^Wdkd_ZeWbfhe]hWcWZ[Z[YehWY_ŒdZ[kdWYebed_WcWh]_dWb Z[bi_]beNN?"YkWdZebWifh_eh_ZWZ[iZ[bWi_dij_jkY_ed[ilk[bl[dbWi[ifWbZWiWbfh[i[dj[fWhWie‹WhYed[bZ[iWhhebbeZ[b\kjkhe

FMBMBDSfO IWb_ceiZ[=kWj[cWbW$;i

Y_[hjegk[WbeiZ_fkjWZeii[b[iYh_j_YWik _cfheZkYj_l_ZWZoZ_ifei_Y_ŒdWbc[deh [i\k[hpe"f[hekdeoWdeiWX[i_[if[eh gk[i[fed]WdWjhWXW`Wh"o[iel_[d[ WYebWY_Œdfehgk[Wo[hbeiWXd[]WZei jh_XkdeiWfheXWhedkdWb[]_ibWY_Œdgk[ i_cfb[c[dj[dej_[d[^[Y^khW$I[jhWjW Z[bWB[ogk[<_`WbWi8Wi[ifWhWbWiH[ck# d[hWY_ed[iZ[beiI[hl_Zeh[iF‘Xb_YeiZ[b ;ijWZeobeiCkd_Y_f_ei"c_icWgk[ejeh# ]WWjh_XkY_ed[iWbeifhef_eiWbYWbZ[i" Z_fkjWZei"i[Yh[jWh_eiofehikfk[ije [b]eX[hdWZeh"fWhWgk[fhefed]Wd[b iWbWh_egk[gk_[h[d]WdWhfehikWbj‡i_ce i[hl_Y_eWbeiYeb_c[di[i$BWfhefk[ijW [iZ[bF7Dobeifh__ijWi"[dYWdjWZeiZ[bW l_ZWbWh[ifWbZWhed$FWhW[iei‡i[fed[d Z[WYk[hZe$

Dk[lWiWd]h[$;ij[Z‡Wl_i_jWh|

9eb_cW[bfh[i_Z[dj[dWY_edWbZ[7b_WdpW @el[dfehbW:[ceYhWY_W"H[dƒ<k`_mWhW Cedj[bed]e$FWhWcWoeh[iZWjeiZ_Y^W

eh]Wd_pWY_ŒdY_l_b[ij|b_]WZWWbcW]_ij[# h_eoWbFWhj_ZeDk[lW7b_WdpW"WZ[c|igk[ [bY_jWZeb‡Z[h[id_[jeZ[bWfh[i_Z[djWZ[b I_dZ_YWjeDWY_edWbZ[JhWXW`WZeh[iZ[ bW;ZkYWY_ŒdIDJ;";bXW;ij^[h=ehZ_bbe$ E`Wb|gk[[b`el[dfeb‡j_YedeWdZ[iŒbeZ[ ]_hWfWfWbej[hW"ojhW_]Wfhefk[ijWide# l[ZeiWigk[en_][d[dWbbbWcWZefWhj_Ze Z[beicW[ijheiokdWWbj[hdWj_lWfWhWbW `kl[djkZ"jWdZ[iYWhh_WZWfeh[ijeiZ‡Wi$

«<WbjWZ[YeehZ_dWY_Œd5

:[iZ[Z_Y_[cXh[bei_dl[hi_ed_ijWiZ[b ^eif_jWbFk[hjWZ[>_[hhe"_d\ehcWhedWb =eX_[hdeZ[b;ijWZebWZ[Y_i_ŒdZ[h[Y^W# pWh[bj[hh[degk[b[i^WX‡WdeXi[gk_WZe [d[bCWdY^Œd"i[]‘di[_d\ehcŒWo[h[d bWYebeYWY_ŒdZ[bWfh_c[hWf_[ZhW$Fehbe jWdjedei[[dj_[dZ[fehgkƒ[ij[Wikdje i_]k[Yed\b_YjkWdZeWbWiWkjeh_ZWZ[i"oW gk[^WY[kdeiZ‡Wi[bWbYWbZ[YWf_jWb_de Z_`egk[i[_dl[ij_]Wh‡WbWfei_X_b_ZWZZ[ h[leYWhbWf[hckjWZ[ZedWY_ŒdZ[bj[# hh[deWb]eX_[hde"YkWdZefh[Y_iWc[dj[

[bcWdZWjWh_e[ijWjWbZ_`egk[[ieoW[i feYefheXWXb[fehgk[[bckd_Y_f_eoW YedijhkoŒkd`WhZ‡d[d[bj[hh[degk[ b[i^WX‡WZWZebWWZc_d_ijhWY_Œd[ijWjWb$ 7^ehW\WbjWl[h"gkƒi[^Wh|Yed[bj[hh[de" gk[[dZ[\_d_j_lW"oW[ikdl[hZWZ[he cWdY^Œd[d[bWhhWdgk[Z[bWiWZc_d_i# jhWY_ed[iYWf_jWb_dWo[ijWjWb$

8_Y_l_b‡pWj[$FWhWjeZeiWgk[bbeiZ[

[if‡h_jk[YebŒ]_Ye"Yecfhec[j_ZeiYed bWYWcfW‹WYedjhWbWeX[i_ZWZ"gk[b[i ]kij[f[ZWb[Wh^WijWieXh[hk[ZWi"o gk[deb[j[cWdWbf_jeZ[beiYeY^[i"d_Wb º^Wpj[fW½bb|»Z[beijWn_ijWi"[ij[l_[hd[i WfWhj_hZ[bWi-Z[bWdeY^[i[h[Wb_pWh| kdX_Y_fWi[egk[h[Yehh[h|bWYehjWhkjW Z[bFWhgk[Z[bWF_[ZhWB_iW^WijW[b@WhZ‡d D‘‹[p$Eh]Wd_pWZefehWieY_WY_ed[i Y_l_b[i"Yed[ij[fWi[ei[fh[j[dZ[gk[ bWiWkjeh_ZWZ[iYec_[dY[dWWZ[YkWh[i# fWY_eikhXWdeifWhWgk[fk[ZWdY_hYkbWh YedjhWdgk_b_ZWZWgkƒbbeigk[fh[\_[h[dbW X_Y_Yb[jWYecec[Z_eZ[jhWdifehj[$

njaopkVa`ehhkbqaqj^qajlnaoe) `ajpa*?]nhkoO]hej]o(qjrehh]jk* Ahrana`e_pklklqh]n_qahc]ajh] l]na``ao`ad]_apnaohqopnko*An) jaopkah>qajkoaklkja]?]nhkoah I]hk(ajahei]cej]nek*Aoh]lnq`aj_e]_kjpn] h]`aoiaoqn]*Ahbej]hbahev`ahoatajekaj.,,, ranoqoah=lk_]heloeo`a-550* O]^aikomqah]o_ko]ojkokjp]joeilhao( lankjklk`aikoarep]nhk*Va`ehhkaopƒ_]oeaj qjla`aop]huO]hej]o(iqu_an_]`ahko_Žn_qhko `ahejbeanjk*Aoqjnapn]pkoeilh“j(da_dk_kj ^nk_d]ckn`]*H]_kj`aj]`aO]hej]o`af]qj aol]_ekiŽjeikl]n]lkj`an]noqo]ncqiajpko* H]^a]pebe_]_e“jh]e_]`aVa`ehhkl]o]lkn]hpk oqooehaj_ekoajqj]_kjopah]_e“j`acn]j`ao pai]o6Bk^]lnk](=cq]o>h]j_]ouLaiatC]pa( lkn_ep]no“hkpnao* Ah]oqjpkjkaopƒnaoqahpk(aj^qaj]ia`e`] lknmqajkpajaikopk`]h]ejbkni]_e“jmqa ja_aoep]ikol]n]aiepenqjfqe_ek_kjiƒobqj) `]iajpk*Jkd]uqj]cn]j^ekcn]bŽ]`ajejcqjk `aaopko`koatlnaoe`ajpao(jep]ilk_kaopq`eko `ap]hh]`komqarej_qhajahaopehklanokj]h_kj hkonaoqhp]`ko`a_]`]oatajek*¼An]Va`ehhkah cn]j`ai“_n]p]mqaaiance“ah.`afqhek`ah .,,,;OeO]hej]oan]p]jk^oaoerkajahi]jafk `aoq]caj`](¼_“ikaomqaoahao]heankjp]jp]o _ko]o`a_kjpnkh]hbej]h`aoqoatajek; Ahlanek`kmqar]`a-544].,,,aoqjk`a hkoikiajpkoiƒoeilknp]jpao`ah]deopkne] _kjpailknƒja]`aIŠte_k(lankhkmqao]^a) iko`aŠhaoqjnkila_]^av]oej_kilhapk*@a ravaj_q]j`k]l]na_aqj]jqar]leav]*Aop] oai]j](O]hej]orkhre“]h]_]nc](ajoq]bƒjlkn kbna_anoqranoe“j`ahkoda_dko*Ajqjarajpk `ah?ajpnk`aAopq`ekoAolejko]Uchaoe]od]^h“ `ahannkn`a`e_eai^na(lknajŠoei]k_]oe“j u_nepe_“h]_kj`q__e“j`ahoeopai]bej]j_eank `qn]jpah]caope“j`aVa`ehhk*Ah]hv]`ah]op]o]o `aejpanŠoaj-551bqahaoer](`efk*H]]lanpqn] `ahoeopai]^]j_]nek]h_]lep]hatpn]jfankbqa _kjpn]ne]]hkoejpanaoaoj]_ekj]hao* =?]nhkoO]hej]oha_kjpaop]nkjNk^anpk Danjƒj`avuF]eiaOann]*@eankjnaolqaop] lqjpq]h]]hcqjko`aoqo]ncqiajpko6ah_]) lep]hatpn]jfankjkaoi]hkajoŽieoik(`efk ah^]jmqank*H]paknŽ]`ahannkn`a`e_eai^naao iquoeilheop](`efkahoa_nap]nek`aD]_eaj`]mqa `qn“.4`Ž]oajah_]nck*H]_neoeojkoaej_q^“ ajqjiao(atlhe_“F]eiaFkoŠOann]* Ah`a^]pabqa^qajk(lankoaheiep“]qj] lamqa’]l]npa`ahlanek`kaj_qaope“j*H]r]hk) n]_e“j`aO]hej]o`aCknp]ne`a^anŽ]eniƒo]hhƒ `ahkmqal]o“aj-550*¼?“iklkj`an]najh] ^]h]jv]h]onabkni]oaopnq_pqn]haomqaeilqho“ u_kjoecqe“;(¼mqŠr]hknkpknc]n]h]o]_qo]_ekjao `a_knnql_e“jmqalao]jok^naŠh; AnjaopkVa`ehhkuhkooaeo]’ko`aoq]`ie) jeopn]_e“jiana_ajqjaopq`eklnkbqj`k*Bqa `aiajko]iƒo(ajpŠniejko`anaoqhp]`kou na]hev“h]iafknajpnac]`abej]h`aoatajek `ahko˜hpeiko_q]najp]]’ko*D]oe`kqjat lnaoe`ajpa(`aat_al_e“j*Ah˜je_kmqanajqj_e“ ]h]lajoe“j(lank6¼Aokaooqbe_eajpal]n]_kj) oe`an]nhkqjcn]jlnaoe`ajpa;Iq_dkoleajo]j mqaoŽ(lknmqahk_kil]n]j_kjao]c]hanŽ]mqa ej_hqua]A_darannŽ](H“lavLknpehhk(@ah]I]) `ne`(O]hej]ouBkt* ¼@aran`]`O]hej]obqap]ji]hkuVa`ehhk(p]j ^qajk;Aop]iko]jpaqjcn]jieopanekuo“hk lk`naikonaokhranhkoearep]ikoh]ook^naoei) lhebe_]_ekjao*Jkoejpanao]ahhŽiepalahecnkok`a h]o_ko]o6Ahh]`n“jdkjaopk(ah]oaoejkoajoe^ha( ah]pakoqlanope_ekok(`e_aahao_nepknNk^anp >nksjejc*Ok^naO]hej]ouVa`ehhk(]^qj`]j h]o]jŠ_`kp]ouh]ohauaj`]oqn^]j]o(lank ao_]oa]jhkopn]^]fko`aejraopec]_e“j* @ao`a h] ?]f] Bqanpa( aopa _khqijeop] ]rajpqn]qj]del“paoeo*?]nhkoO]hej]oaopƒ oq^aopei]`kuAnjaopkVa`ehhk(ok^nar]hkn]`k* R]h`nŽ]h]laj]nalajo]njqaopnkfqe_ekok^na aopkolanokj]fao(]qjmqaaopkjkmqeana`a_en mqahkmqaoecqaaohh]i]nhao?]nhkoAh>qajk uAnjaopkAhI]hk*.D


BMGSFOUF

D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

5SBTDFOEJu gk[beiZ_fkjWZei\[Z[hWb[iZ[bFH?

Z[iYedeY_[hedbWfhefk[ijWZ[h[\ehcW febÂ&#x2021;j_YWZ[ikYehh[b_]_edWh_eCWdb_e <WX_e8[bjhed[iYeceÂş[bfheo[YjeZ[b fWhj_ZeÂť"Z[ifkÂ&#x192;iZ[gk[[bb[]_ibWZeh HeX[hje7hcWdZe7bXeh[iokdWZ[Y[dW Z[ehWZeh[iYk[ij_edWhedbW_d_Y_Wj_lW o[n_]_[hedbW_dYbki_Â&#x152;dZ[iki fbWdj[Wc_[djei$ :khWdj[ikYÂ&#x152;dYbWl[fh[l_eWbWi[i_Â&#x152;d Z[Wo[h[d[bFWbWY_eZ[IWdB|pWhe" bWXWdYWZWjh_Yebeh[dYWX[pWZWfeh <hWdY_iYeHe`WiWYehZÂ&#x152;feh[bbefh[i[djWh ikfhef_W_d_Y_Wj_lWo"[djeZeYWie" Yedi[dikWhYedikiYecfWÂ&#x2039;[hei i[dWZeh[ikdfheo[YjeÂ&#x2018;d_YeZ[b H[lebkY_edWh_e?dij_jkY_edWb$ I_dei[fed[dZ[WYk[hZe[bbeiÂą

:Ă&#x2018;7 9ED :Ă&#x2018;7 ?Â&#x201E;Zkfi 8^l`cXi :XdÂ&#x2C6;e

+

qheÂ&#x192;j=j`n]`ad]`k_qiajp]`k ajqj]npÂ&#x17D;_qhk`ah`e]nekH]N]vÂ&#x201C;j $./+.+-,%qj]iÂ&#x192;o`ah]ooejn]vkjao mqa]mqaf]j]jqaopn]klejeÂ&#x201C;j lÂ&#x2DC;^he_](]h]ravp]jao_Â&#x160;lpe_]u p]j_nÂ&#x160;`qh]* Bnajpa]h]ranoeÂ&#x201C;jaj]qca`amqaah ck^eanjkba`an]hlnkpacah]o]_pere`]`ao `ah_Â&#x192;npah`aOej]hk]u`aoqfabahacaj`]) nek(Fk]mqÂ&#x17D;jAh?d]lkCqviÂ&#x192;j(qjk`ahko dki^naoiÂ&#x192;one_kouiÂ&#x192;olk`ankoko`ah iqj`k(oacÂ&#x2DC;jh]ne_]ulk`anko]nareop] Bkn^ao(=j`n]`ad]paje`kahahaiajp]hei) lqhoklanek`Â&#x17D;ope_k(_]`]raviÂ&#x192;oao_]ok(`a ^qo_]n`]pko`qnkook^naahpai]* Hkoaj_kjpnÂ&#x201C;ajah=ph]o`ah]oacqne) `]`uh]`abajo]`aIÂ&#x160;te_k(`ah]Â&#x2019;k.,,5( lq^he_]`klknah?kha_perk`a=jÂ&#x192;heoeo`a Oacqne`]`_kj@aik_n]_e](?]oa`a=*?*( qjcnqlk`aaola_e]heop]oejpanao]`koaj oeopai]pev]nh]ejbkni]_eÂ&#x201C;jaji]pane]`a oacqne`]`u`abajo]*$Ah=ph]oaopÂ&#x192;`eolkje)

&M $IBQP IFDIPT Z DSFFODJBT ^hal]n]oq`ao_]nc]ajss*oacqne`]`_kj `aik_n]_e]*knc%* OacÂ&#x2DC;jhko`]pko`ahnabane`k=ph]oĂ&#x2026;(na) oqhp]mqaahj]n_kpn]Ă&#x161;_]jpaiÂ&#x192;olnkpace`k lknahck^eanjkba`an]h(Fk]mqÂ&#x17D;jAh?d]lk CqviÂ&#x192;j(aop]i^eÂ&#x160;jahiÂ&#x192;ockhla]`k* Ajpnaah]Â&#x2019;k.,,2uah]Â&#x2019;k.,,5bqankj `apaje`]o-0ieh2.3lanokj]orej_qh]`]o ]h_Â&#x192;npah`aOej]hk](qj]_q]np]l]npa$.0!% `apk`kohko`ahej_qajpao`apaje`kolkn j]n_kpnÂ&#x192;Ă&#x161;_kajaoko]Â&#x2019;ko* =jejcÂ&#x2DC;jkpnk_Â&#x192;npahoaha_]lpqn]nkj iÂ&#x192;oieai^nko*@ah_Â&#x192;npah`ahCkhbk(bqj) `]`klknKoeah?Â&#x192;n`aj]o(ej_q^]`kn`ahko paie^haoVap]o(bqankj`apaje`koajaoko ]Â&#x2019;ko-,ieh122ieai^nko$-3!%(0ieh iajkomqahko`apaje`ko`aAh?d]lk* @ah]^]j`]`ahko?]nnehhkBqajpao(mqa klan]aj?dedq]dq](bqankj`apaje`ko5 ieh51,$-2!`ahpkp]h`ahko`apaje`ko%*U `ah_Â&#x192;npah`aPefq]j](2ieh21-$--!%* Dq^kkpnko-5ieh-,,aj_]n_ah]`komqa

jklanpaja_aj]jejcqjk`aaoko_Â&#x192;npahao $.5!%* Pajaiko(lqao(oeoqik^eaj$oeailna oqiki]h%(qjcn]jpkp]h`a2,ieh440 `apaje`kolknj]n_kpnÂ&#x192;Ă&#x161;_k(`ahko_q]hao h]i]uknl]npa`ahkoe`ajpeĂ&#x161;_]`ko_kj ]hcÂ&#x2DC;j _Â&#x192;npah lanpaja_aj ]h `a Ah ?d]lk CqviÂ&#x192;j* Oaeilkjaoejai^]nckh]_naaj_e](]haj) p]`]lknh]o`a_h]n]_ekjao`aqjl]jeop] `ahej]fa(ah`elqp]`kI]jqah?hkqpdean(`a mqaAh?d]lkuoq_Â&#x192;npahokjhkolnkpace`ko `ahck^eanjk* ?kikhkiqaopn]jFqheÂ&#x192;j=j`n]`auah =ph]oĂ&#x2026;(h]o_ebn]ojk`]jl]n]oqopajp]naop] _naaj_e]*H]_na`qhe`]`(oÂ&#x17D;* =hckdaikoda_dki]hhkoia`ekoaj pk`kaopapeailk(aj]hckdaiko_kh]^kn]) `k$fqjpk_kjh]nareop]Bkn^ao%l]n]`]n] hqvaop]klejeÂ&#x201C;jlÂ&#x2DC;^he_]p]jdkolep]h]ne]]h nqiknup]jnabn]_p]ne]]hkoda_dko*.D WYWc_d6c_b[d_e$Yec

gk[7dZhÂ&#x192;iCWdk[bBÂ&#x152;f[pEXhWZehYWkiÂ&#x152; oWZ_l_i_Â&#x152;d[d[bFJ"fehgk[c_[djhWi Wb]kdeiiedb[Wb[i^WijW[bĂ&#x2026;dWb"^Wo ejheigk[cWd_Ă&#x2026;[ijWd_dYed\ehc_ZWZ fehikYedijWdj[_d`[h[dY_W[dbWi Z[Y_i_ed[ifWhj_Z_ijWi$

"OEBTVFMUB

HWfÂ&#x192;

Cn]jnarqahk_]qoÂ&#x201C;h]_khqij]`a?enkCÂ&#x201C;iav Haur]pepqh]`]Ă&#x17D;AhPseppanjkomqeanai]p]n `aiea`kĂ?(lqaohko_kiajp]nekona_e^e`ko ajh]lÂ&#x192;cej]`aIEHAJEK(B]_a^kkguhko pseppo`ahkoha_pknaooqi]nkj***

;bdk[lecej_leZ[Z_iYh[fWdY_W\k[hed bWiZ[YbWhWY_ed[iZ[BÂ&#x152;f[pEXhWZeh"gk_[d Z[iZ[[b;ijWZeZ[CÂ&#x192;n_YebWdpÂ&#x152;kdde hejkdZeWbWiWb_WdpWiYed[bF7D"f[i[ Wgk[oW^WoWY[hYWc_[djeifWhWkdW YeWb_Y_Â&#x152;defei_jehW[dbW[dj_ZWZhkcXe W(&''$

ÂżNfTEF

  PQJOJPOFT

8k[dc[diW`[fWhW;dh_gk[F[Â&#x2039;WD_[je" h[fheY^WdbeiWb_WdY_ijWi$

gk[de[ibWi[cWdWZ[7bedie

&MUFNBTFHVJSf FOFMBJSF

Bk`WcX_e$Fh_c[he[bbb[]k[gk[b[Z_ebW EDKoW^ehWÂą BWZ_h[YjehWZ[b?dij_jkjeFeb_jÂ&#x192;Yd_Ye DWY_edWb"OebenÂ&#x152;Y^_jb8kijWcWdj["jkle gk[[b[]_hYedYk|bi[Yh[jWh_egk[ZWXW X_[doZ[`Â&#x152;fbWdjWZeWbZ[;ZkYWY_Â&#x152;d"Wb deWi_ij_hWbWZ[l[bWY_Â&#x152;dZ[bWfbWYWZ[b 7hY^_le>_ijÂ&#x152;h_YeZ[bW;iYk[bWIkf[h_eh Z[?d][d_[hÂ&#x2021;WC[Y|d_YWo;bÂ&#x192;Yjh_YW" fehgk[<[hdWdZe=Â&#x152;c[pCedj"j_jkbWhZ[ I[]eX"i[[nj[dZ_Â&#x152;fehZei^ehWi[d[b \eheieXh[bWh[\ehcWfebÂ&#x2021;j_YW[d[bFeb_Âą ObWZ_h[YjehWZ[b?FDÂą\[b_pZ[bWl_ZW$

gk[^eo[ijWh|[dbW<[h_W

?dj[hdWY_edWbZ[bB_XheZ[C_d[hÂ&#x2021;W[b[n Z_h_][dj[dWY_edWbZ[bF7DCWdk[b;if_de fWhWfhecel[hikb_XheLebl[hW[cf[pWh" [d[bgk[^WY[kdW_dl_jWY_Â&#x152;dWbWYjkWb fWd_icefWhWh[]h[iWhWikiehÂ&#x2021;][d[i" YecefWhj[Z[bWi'*fh[i[djWY_ed[igk[ ^Wh[Wb_pWZe[dZ_l[hiWiY_kZWZ[i$ 7f[iWhZ[gk[bWfh[i[djWY_Â&#x152;doWbW h[Wb_pÂ&#x152;[dbWi_dijWbWY_ed[iZ[bfWhj_Ze [deYjkXh[fWiWZe";if_deh[Wb_pÂ&#x152;kdW ]_hWdWY_edWbfWhWh[bWdpWh[bj[njeo [ijWl[pi[b[Xh_dZÂ&#x152;kd[ifWY_efWhW ZWhbeWYedeY[hZkhWdj[[boWjhWZ_Y_edWb [dYk[djhe[Z_jeh_Wb$

Zeifehjh[i

FEBĂ&#x2018;J?97 9;HE AX`if :Xc`okf 8cYXii}e

$

q]j`kjkpajÂ&#x17D;]h]iajkn`q`] ok^nahkojerahao`a]^qnneieaj) pk]h_]jv]`kolknh]na]l]ne_eÂ&#x201C;j lÂ&#x2DC;^he_]`a?]nhkoO]hej]o]p]_]j) `k_kjlnkbqj`]ejolen]_eÂ&#x201C;jah _hÂ&#x192;oe_kĂ&#x17D;Ukjkbqe(bqaPapÂ&#x160;Ă?(mqajkona_ap]j ahoklknÂ&#x17D;bankl]npe`kIÂ&#x160;te_k)>khere]`kj`a( ja_ao]ne]iajpa(pajÂ&#x17D;]jmqad]^anfqc]`kArk Ikn]haol]n]lkjanha]hck`aaik_eÂ&#x201C;j* =dÂ&#x17D;oarekmqahkmqaaopÂ&#x192;fk`e`kjkao p]jpkh]l]pne]iate_](oejkahaomqai]`a lnal]n]_eÂ&#x201C;j`ahR]o_k=cqenna*N]vÂ&#x201C;j`aiÂ&#x192;o l]n]mqaf]noa`amqaIÂ&#x160;te_kaopÂ&#x160;ajahoÂ&#x160;lpeik hqc]naji]pane]`aĂ&#x203A;kfan](_q]j`k`a^anÂ&#x17D;] aop]najahlneiank* Uieajpn]oh]aqbkne]uahl]nkteoik_qj`Â&#x17D;]j ajpnamqeajaopk`]rÂ&#x17D;]jkd]^Â&#x17D;]jl]`a_e`kqj ]p]mqanalajpejk`aj]n_khaloe]l]i^khan]( oaiak_qnneÂ&#x201C;mqah]pailkn]`]`a`eo_qhl]o aopehkPecanSkk`oaopÂ&#x192;aj]lkcak6Ckiavlqjg _kjoqodksi]o_]^nkpdanaj?eq`]`FqÂ&#x192;nav(Ah

/P QBHP QBSB RVF NF QFHVFO Z MVFHP NF QFSEPOFO R]o_k=cqenna_kjoqaola_pÂ&#x192;_qhkaopehkFq]jepk ajh]Baiatbqp*OÂ&#x201C;hkqjkor]heajpao(_kikO]) hej]o(jkkbna_aj`eo_qhl]o(oejkmqanal]npaj _qhl]o*h(]hateienoa`ahannkn`a`e_eai^na uatecenh]iate_]jev]_eÂ&#x201C;j`ah]^]j_]$lank l]o]`ep]lknh]^kho]`ar]hknaol]n]jkl]c]n eilqaopko_kikNk^anpkDanjÂ&#x192;j`av(mqa`a) Ă&#x161;aj`ah]atpn]jfanev]_eÂ&#x201C;j`ah]^]j_]lknmqa oqo_kjj]_ekj]haookjna]_eko]h]chk^]hev]) _eÂ&#x201C;j%(ha`afÂ&#x201C;]Va`ehhkh]naolkjo]^ehe`]``a ]mqahh]_neoeoajpn]Â&#x2019;]^ha(_kikoe]`kjJapk u]hkdq^ean]]^oqahpkh]deopkne]* Lankh]`eo_qhl]`ahikiajpkaoh]`a Koeah?Â&#x192;n`aj]oCqehhÂ&#x160;j(athÂ&#x17D;`an`ah_Â&#x192;npah `ahCkhbk(mqa`aolqÂ&#x160;o`aqj]pailkn]`] ajahejĂ&#x161;anjk_]n_ah]neku]jmqeu_kjqj] oajpaj_e]`a.1]Â&#x2019;ko]_qaop]o(le`eÂ&#x201C;lan`Â&#x201C;j lknoqo]__ekjao(p]jpk]IÂ&#x160;te_k(Aop]`ko Qje`kou]oqb]iehe]*?d]ha* ?kjaop]opaj`aj_e]o(aolankmqa]Fahelehhk jkoahak_qnn]kbna_an`eo_qhl]olknbqopec]n

]hkoia`ekolkn`]nhalq^he_e`]`cn]pqep]]h j]n_ku`eopknoekj]nh]lan_al_eÂ&#x201C;jok^naah lnk^hai]`ah]ejoacqne`]`*Koa](j]`]iÂ&#x192;o hÂ&#x2DC;_e`kmqap]l]nahokh_kjqj`a`kuatecen mqajkoa_q^n]jh]ojkpkne]o]_pere`]`ao`ah _neiajknc]jev]`k(`ao`aj]n_ki]jp]od]op] `ao_q]npev]ieajpko(l]n]rerenpk`]rÂ&#x17D;]iÂ&#x192;o bahe_ao*Qjdkiaj]fa]h]opaoeobkteop]o`kj) `ah]cajpaaop]nÂ&#x17D;]iÂ&#x192;o_kjpajp]oe`af]n]`a haanlaneÂ&#x201C;`e_komqajkiÂ&#x192;opalkjaj`ai]h dqikn*UmqÂ&#x160;i]n]rehh]mqa]Ă&#x161;niamqa(ieaj) pn]o]hck^eanjkha_qaop]iehhkjaolq^he_ep]n oqok^n]oajhkoia`eko(]hkoi]ha]jpaohao o]hacn]peoo]henajlneian]lh]j](_ko]mqaao lnÂ&#x192;_pe_]iajpaqjdkiaj]fa(lnkrej_e]jku oej_alehh]n(`ah_hÂ&#x192;oe_khklavlknpehheop]6Ă&#x17D;Jk l]ckl]n]mqaialacqajĂ?* Khkmqaaohkieoik(lkn_]`]`eaviqanpko `ah?d]lk(ia`a^anÂ&#x17D;]j`]nqj`ao_qajpk]h iajko`a-1!(jkoa]jc]_dko*.D `W_he$YWb_nje6c_b[d_e$Yec


D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

B7 >?IJEH?7 ;D 8H;L; :`if >d\q C\pmX

3

9K8Ñ9KBE ;IJH7Jx=?9E :Xicfj DfkX

$

]`] `Ž] ao iƒo ]`ien]^ha* Cajkii]H]^peajapk`]oh]o _q]he`]`ao`ahjqarkpelk`a ailnao]omqamqanaikoran ajIŠte_k6-%ennqilaajqj ian_]`k]l]najpaiajpai]`qnkulnare]) iajpa`kiej]`klknailnao]oatpn]jfan]o7 .%jkao_kjraj_ekj]hajoq_kiqje_]_e“j d]_e]ah_heajpa7/%ejreanpaajejraopec]_e“j u`ao]nnkhhk70%`]l]okoÚniaoajoqao) pn]pace] `a ejpanj]_ekj]hev]_e“j7 u 1% ao pn]jol]najpa* Aoaop]˜hpei]_]n]_panŽope_]h]mqa]iŽ iad]hh]i]`kh]]paj_e“j*Cajkii]H]^ _]`]`Ž]aoiƒopn]jol]najpau_]`]`Ž]he^n] ^]p]hh]omqaj]`ea]jpaooa]pnare“]he^n]n* AhafailhkiƒojŽpe`k`amqaaopkaoqj] na]he`]`aoh]he^an]_e“j`aoqonaoqhp]`ko Új]j_eanko]jq]haod]_aqjl]n`a`Ž]o(aj

;D FH?L7:E

0SMBOEP UBNCJlO FT TV NVFSUP  QSFTJEFOUF $BMEFSuO ]’koajah_]nck(_qhl“]Aop]`koQje`ko `ah]iqanpa`ahlnaoklkhŽpe_kÏ* Oac˜jhkob]iehe]nao`aKnh]j`k(bqa] h]dqahc]`ad]i^nalknh]ol]hev]oupkn) pqn]o_kjop]jpaoajh]_ƒn_ah*Knh]j`ke^] ]_qilhen0/]’ko*An]]h^]’ehulhkiank aejpacn]jpa`ahIkreieajpk=hpanj]per] Nalq^he_]j]*=lnej_elek`a.,,/aopqrk `koiaoaoajqj]_ƒn_ah`a]hp]oacqne`]`( ]_qo]`k`a`ao]_]pk*=laj]oo]he“(hk`a) pqreankj`ajqarkajh]oejeaopn]na`]`] _kjpn]]_pereop]o(lanek`eop]o(lkap]o(`a i]nvk`a]mqah]’k*Uu]jqj_]o]he“* AjahikiajpkajmqaKnh]j`kiknŽ]( N]˜h?]opnkan]dqŠola``eopejcqe`k`ah

ck^eanjkiate_]jkajh]Nerean]I]u]*Ah lnaoe`ajpa?]h`an“jhk]l]l]_d“_kik] qjreafk_]i]n]`]* Oarkhre“]d]^h]n`ah]ejiejajpareoep] `a?]h`an“j]H]D]^]j]*OeÚj]hiajpaoa _kj_nap](¼d]^h]nƒo“hk_kjh]_nai]`ah] `e_p]`qn]`ahko?]opnk;=oŽl]na_a*Lkn) mqahko?]opnkjkaopƒj`eolqaopko]mqahk d]c]_kjÎcqo]jko_kjpn]nnarkhq_ekj]neko _neiej]haoÏ*?kikKnh]j`k* Bahe_e`]`ao(lnaoe`ajpa?]h`an“j(lknoq `elhki]_e]lnk)N]˜h(lnk)Be`ah*Knh]j`kao p]i^eŠjqjiqanpkoquk* Bahe_e`]`ao*.D ]ec[pb[olW6c_b[d_e$Yec

6OUJQPDVJEBEPTP

[bfW‡iZ[bdkdYW`WXWp

apkik`ah]lnajo]ejpanj]_ekj]h `ahfqarao6Î@eoe`ajpao`apk`]o h]opaj`aj_e]ooaikrehev]nkj ]uanaj?q^]l]n]lnkpaop]n lknh]iqanpa`ahklkoepknu lnaok`a_kj_eaj_e]Knh]j`kV]l]p](b]hha) _e`kajqjdkolep]h`aH]D]^]j]pn]o41 `Ž]oajdqahc]`ad]i^na*Hkoklkoepknao]h nŠceiaj`ahkodani]jko?]opnk_]heÚ_]j hkoq_a`e`k`aÐ_neiajlnaia`ep]`kÑÏ* Iƒo6ÎH]o]qpkne`]`ao_q^]j]ona]hev]nkj `a_aj]o`a`apaj_ekjaoajr]ne]o_eq`]`ao `ah]eoh]l]n]arep]nh]]oeopaj_e]`ahko`e) oe`ajpao]hajpeannk`aV]l]p]*Ahlnaoe`ajpa _q^]jk(N]˜h?]opnk(mqa]uan_qilhe“`ko

-B USBOTQBSFODJB EF (FOPNNB -BC ahmqa_kiqje_“hkmqalnƒ_pe_]iajpaj]`ea ajh]ej`qopne]b]ni]_Šqpe_]mqeanad]_an6 h]orajp]o]jq]haolknlnk`q_pk* Lnac˜jpaoaha]h]oÚhe]hao`ah]olnej_el]hao ailnao]ob]ni]_Šqpe_]oaop]`qje`ajoao( ^nepƒje_]ouoqev]o_qƒhbqaahikjpk`arajp] ajlaoko`a_]`]ia`e_]iajpkuahnaoqhp]`k oanƒqj]kl]_e`]`panne^ha*Hkoejoe`ano`a h]ej`qopne]_kjk_ajhko`]pko(uhkor]hknao ]cnac]`kolkn_kil]’Ž]oqahajnarah]noa7 jk]oŽh]orajp]olkn_]`]lnk`q_pk* LankCajkii]H]^oŽhkd]_a*@ap]hoqanpa( `efkahieŠn_khaomqaraj`e“/34iehhkjao `alaoko`a=oalte](hkmqanalnaoajp“1,! `a_na_eieajpkranoqo.,,47kmqaraj`e“ /,!iƒo`aJegvkj(hhac]j`k]..1iehhkjao `alaoko*@aCajkln]vkh(lknafailhk(mqa oenral]n]h]c]opnepeouahnaÛqfk(raj`e“-0. iehhkjao`alaoko*Cajkii]H]^]qiajp“

oqorajp]oajlaokojkiej]hao24!`qn]jpa .,,5* Oej`q`](Nk`neckDannan]aopƒ_]p]lqh) pƒj`koa]hkiƒocn]j]`k`ah]jqar]caja) n]_e“jailnao]ne]hiate_]j]$aj`e_eai^na l]o]`kajaopaaol]_ekha_kjoe`an]ikoah lanokj]fa`ajack_eko`a.,,5*Hko`]pko narah]`koaop]oai]j]hk_knnk^kn]j%*Ajah ƒi^epkejpanj]_ekj]haopku]oa`apa_p“(uah BknkA_kj“ie_kIqj`e]hhad]_kjrk_]`k u]]oqnaqje“jh]pejk]iane_]j]aopa]^neh aj?]np]caj]* Cajkii]H]^k^pqrkqjA^ep`]`aieh -0/iehhkjao`alaokoaj.,,5*Koa](pea) ja`ejankl]n]oacqen_kiln]j`ki]n_]o unalkoe_ekj]nh]oajahian_]`kj]_ekj]h* Aop]aomqevƒh]deopkne]ailnaj`a`kn]`a h]˜hpei]`Š_]`]ajIŠte_k*.D cejWYWhbei'&&6]cW_b$Yec

BMGSFOUF

AfXhlˆe Cg\q$ ;i`^X M%

-BTBMJBO[BT EF$BMEFSuO D]u_ko]omqa`a^anŽ]j`aoejrajp]noa* Bhknaopƒj*

&

hpai]`ah]o]he]jv]olnkikre`]o lknahL=J_kjoqoajaiecko kncƒje_ko`ahLN@)LP(mqajk na_kjk_ajh]Lnaoe`aj_e]_kjo) pepq_ekj]h`aBahela?]h`an“j(hk p]_d]j`aaolqnekulnkiqarajh]hacŽpei] `aH“lavK^n]`kn(okjqjpai]na_qnnajpa `a`eo_qoe“j* Qjko]b]rkn(`e_eaj`kmqaahÚj(`annkp]n ]hLNE(fqopeÚ_]hkoia`ekoumqaaoalnkua_pk oqlan]oqo`ebanaj_e]o(ukpnkoaj_kjpn]( ]ncqiajp]j`kmqaaoqj]uqjp]ieajpk _kjpn]j]pqn]* @ah]o]he]jv]od]jd]^h]`kpk`kohko ]_pknaolkhŽpe_kolankjkahlnaoe`ajpaBahela ?]h`an“j(]hiajkojkl˜^he_]iajpa(ulkn aokoahklnacqjpŠ`qn]jpaqj]ajpnareop]( ahi]npao(ajh]Nerean]I]u](`qn]jpah] ?qi^naH]pejk]iane_]j]uAh?]ne^a* Na_kjk_eaj`kh]_kilhafe`]``ahpai] `ah]o]he]jv]o(`efkmqabkni]jl]npa`a qj]aopn]pace]aha_pkn]h(_kjrajeajpakej) _kjrajeajpa(]h]mqad]jna_qnne`kpk`ko hkol]npe`ko(_]`]raviƒo* Qj]`ah]o_]qo]omqaatlhe_]jahnaoqhp]`k aha_pkn]h`afqhekl]o]`kbqankjh]o]he]jv]o( lknafailhk`ahLNE($_kjahRan`a%mqahalan) iepaj_kjokhe`]nqj]i]uknŽ]ajah?kjcnaok mqaoejp]hao]he]jv]ojkdq^ean]paje`k* =lqjp“mqaajahlnklekL=Joad]j`]`k ao]o]he]jv]ouna_kn`“h]`aNk`khbkAhevkj`k( _kjahLN@aj@qn]jck(d]_a.,]’ko* UoanaÚne“]oqoej_kjrajeajpao* @ao`e^qf]jk`ehquajiq_dkh]e`ajpe`]` `ahkol]npe`ko(lankp]i^eŠjajpeaj`kmqa ajpnahkolqjpko]b]rknmqaejrk_]jmqeajao h]olnkiqaraj(aomqah]qje“jd]_ah]bqanv]* D]uqj]h“ce_](]ra_ao`ai]oe]`koeilha(`a mqah]qje`]`lqa`a]lknp]nhkmqah]okha`]` aha_pkn]h`aqjl]npe`kjk]lknpa*Lankia l]na_amqaaoqjpai]]^okhqp]iajpa`eo) _qpe^haup]i^eŠjoeoaao_]l]v`alnaoajp]n qj]e`a]_kdanajpa`ack^eanjkkjk* @qn]jpaoqcaope“j_kiklnaoe`ajpa`ah L=J$-552)55%(ahahaiajpk`ae`ajpe`]` e`akh“ce_]devkmqah]o]he]jv]obqan]jh] at_al_e“j(]_alp“mqa]hcqj](_kikh]`a Uq_]pƒjd]_ajqara]’ko(bqj_ekj“(lank kpn]obn]_]o]nkjaopnalepko]iajpa* Aj?]h`an“j]lna_ekqj]`eop]j_e]_kj h]o]he]jv]omqaoql]npe`kd]oqo_nepk_kj oqoajaieckolkhŽpe_kouqj`af]nmqa?Šo]n J]r]klanaoq]caj`]aha_pkn]h* Uahlakn`ahkoiqj`kol]n]]i^kooanŽ] mqapn]oh]naj`e_e“j`ah]lh]v]l]jeop]] _]i^ek`a]hcqj]re_pkne]ah0`afqhek(Šop]o jkoa`ean]j* Ajpkj_aooŽ(½]`e“o(?Šo]n

H[jWb[i -*BNAJPA*Hkooaj]`knao`ah@E=d]nƒj]_pk `alnaoaj_e]ajh]_]il]’]`aC]^ejk?qŠ( ]_kn`]nkj?]nhkoJ]r]nnapau?Šo]nJ]r]7 .*PNKEG=*Ajh]ej]qcqn]_e“j`ah]_qi) ^naaopqreankjlnaoajpaopnaock^anj]`knao( Uq_]pƒj(Ran]_nqvuMqejp]j]Nkk*Hkopnao `ahLNE7u .*QN>=JE@=@*ErkjjaKnpac]oamqaf“_kj Banj]j`kC“iavIkjplknd]^anoe`kecjkn]`] ajhkolnal]n]perko`ah]cen]lnaoe`aj_e]h `a]uan(uao_q_d“`eo_qhl]opahab“je_]o*U `ahLnaoe`ajpa(naol]h`kl˜^he_k* Jkoraikoahi]npao(lankajlner]`k*.D bef[pZeh_]W6c_b[d_e$Yec




l_[hd[i(,Z[ <[Xh[heZ[(&'&

$PMJNB

P

Z_fkjWZei"b[o[iofWhj_Zei

9ed]h[ieZ[b;ijWZeWfheXŒfehkdWd_c_ZWZbW_d_Y_Wj_lWfh[i[djWZWfehbWXWdYWZWZ[7YY_ŒdDWY_edWb

Bei]eX[hdWdj[iZ[Y_Z_h|d WYk|djebb[]Wh|ikiWbWh_e Ød_YWc[dj[i[h|diWdY_edWZeigk_[d[ij[d]WdkdiWbWh_ecWoehWbZ[bfh[i_Z[dj[ Z[bWh[f‘Xb_YWeWkdikf[h_eh`[h|hgk_Ye$JWXkbWZeh[iZ[ik[bZeWfb_YWh|dZ[iZ[(&'' I;H=?E 9;HL7DJ;I

9eb_cW3DXi`f8cY\ikfJfcˆj<jg`efjX

&

h ?kjcnaok `ah Aop]`k]lnk^“lkn qj]jeie`]`h]Hau mqaBef]h]o>]oao l]n]h]oNaiqja) n]_ekjao`ahkoOan) re`knaoL˜^he_ko`ahAop]`kuhko Iqje_eleko(ieoi]mqakpknc] ]pne^q_ekjao]hkock^anj]jpao u]qpkne`]`aol]n]mqabefajoqo lnklekooqah`ko* H]eje_e]per]bqalnaoajp]`]lkn h]bn]__e“j`ahL=Jajah?kjcnaok `ahAop]`ku]uanoalnaoajp“ah `e_p]iaj_knnaolkj`eajpa(ieoik mqaej_hquao]j_ekjaol]n]hko oanre`knaomqaat_a`]jhkoo]h]) nekomqaoaaop]^ha_anƒjajqj p]^qh]`knaop]p]h* @e_d]haceoh]_e“jk^hec]]_na]n qj]_kieoe“jaj_]`]qj]`ah]o ejopepq_ekjaoqknc]jeoikol˜^he) _ko(aj`kj`aoaaop]^ha_anƒah p]^qh]`knmqabef]nƒh]]oecj]_e“j `ahoqah`k`ahkobqj_ekj]nekomqa h]^knajajh]ajpe`]`l˜^he_]`a mqaoapn]pa* Ao`a_enmqaoanƒjhkolnkleko bqj_ekj]nekoejpacn]jpao`aqj] `apaniej]`]ajpe`]`l˜^he_]mqea) jaooaaj_]ncqaj`alnklkjanhko _nepanekomqaoanrenƒj`a^]oal]n] `apaniej]nh]onaiqjan]_ekjao

FWhW[ijWdk[lWb[olejWhedW\Wlehbei(+Z_fkjWZeiWi_ij[dj[iWbW‘bj_cWi[i_ŒdZ[bfh_c[hf[h_eZeehZ_dWh_e

o]h]ne]hao`ahkooanre`knaol˜^he_ko `a_]`]ejopepq_e“j* =`aiƒo(oaaola_ebe_]mqaaj ahlnaoqlqaopk`aacnaoko`a_]`] `alaj`aj_e]oaej_hqenƒahp]^qh]) `kn`anaiqjan]_ekjaol]n]hko oanre`knaol˜^he_ko(ieoikmqa `apaniej]nƒhkoikjpko^nqpko `ahoqah`kmqalan_e^]_]`]qj] `aao]o]qpkne`]`ao* H] hau `a o]h]neko aop]^ha_a o]j_ekjaol]n]hkobqj_ekj]neko mqa]qpkne_ajqjoqah`ki]ukn ]h`ahlnaoe`ajpa`ah]nal˜^he_] koqoqlaneknfanƒnmqe_k7p]i^eŠj l]n] mqeajao ]qpkne_aj fq^eh]) _ekjao(hemqe`]_ekjaok_nŠ`epko mqajkoaaj_qajpnaj`eolqaopko ajh]haukoa]j]qpknev]`kolkn `elqp]`ko* Ajqjk`aoqo]npŽ_qhkopn]j) oepkneko(h]jqar]haumqanacq) h]nƒhkoo]h]nekoaop]^ha_amqahko p]^qh]`knaol]n]h]]lhe_]_e“j`a oqah`ko_kiajv]nƒj]bqj_ekj]n `ao`a.,--(]`aiƒomqaoaaop]^ha_a qjlh]vk`a`koiaoaouia`ekl]n] h]ejpacn]_e“j`ah]o_kieoekjao aj_]`]ejopepq_e“j* H]haul]jeop]bqanaol]h`]`] lknahrkpk`ahko.1`elqp]`ko mqa]_q`eankj]h]oaoe“j`a]uan( ˜hpei]`aaopalneianlanek`kkn`e) j]nek`aoaoekjao`ahlneian]’k `aafan_e_ek_kjopepq_ekj]h*.&

FehkiWh_dZ[X_ZWc[dj[h[Ykhieiofhe]hWcWif‘Xb_Yei"ofeh^WY[hfhei[b_j_ice"Wi[]khWbWXWdYWZWfWd_ijW

BeY^eZ[dkdY_WWb]eX[hdWZeh[dIWdB|pWhe ;IF;9?7B

9eb_cW3D`c\e`f

-

] ^]j_]`] `ah L=J aj h] ?ƒi]n]`a@elqp]`ko(aj rkv`ahhaceoh]`knHakj_ek Iknƒj Oƒj_dav( `ajqj_e“ mqa ahck^anj]`kn`a?khei](I]nek =jcqe]jkIknajk(ej_qnne“aj`eran) o]orekh]_ekjao]h]?kjopepq_e“j u]h]hau]hd]_anqokej`a^e`k`a hkona_qnokoulnkcn]i]ol˜^he_ko ajqj]_pk`ack^eanjk(]hlknp]n lnkl]c]j`]l]npe`eop]* =oeieoik(atdknp“]h]=q`epknŽ] Oqlanekn`ah]Ba`an]_e“j$=OB%(]h EBA(]hEAAu]hKoeb]c]eje_e]nh]o ]__ekjao_knnaolkj`eajpaol]n] ejraopec]nu(ajoq_]ok(o]j_ekj]n aop]oennacqh]ne`]`ao* IknƒjOƒj_davdevkqok`ah] pne^qj]l]nh]iajp]ne]l]n]`ajqj)

_e]nmqaahl]o]`k4`aba^nankaj h]_khkje]=n^kha`]o`ah?]niaj( `ahiqje_elek`aRehh]`aãhr]nav( ahck^anj]`kn=jcqe]jkIknajk _aha^n“qjarajpkl˜^he_kl]n] `]n]_kjk_anh]_kjopnq__e“j`ah leokbeniaj˜iank-,,`ajpnk`ah lnkcn]i]cq^anj]iajp]hÎ?eaj `Ž]o-,,^ajabe_ekol]n]pk`koÏ( ]_kil]’]`k lkn h] ]h_]h`ao] >naj`]CqpeŠnnavRac](ahoa_na) p]nekcajan]h`aCk^eanjk(Fao˜o Knkv_k=hb]nkulknahpepqh]n`a @ao]nnkhhkOk_e]h(DŠ_pknIe_dah ?]i]naj]* =cnac“ mqa `a ]_qan`k _kj ejbkni]_e“jlnklkn_ekj]`]lkn paopeckolnaoaj_e]haouhk_]lp]`k aj`erano]obkpkcn]bŽ]o(=jcqe]jk Iknajklknp“ajpk`kikiajpk qj]_]ieo]ran`a_kjahhkckpelk

CWh_e7d]k_Wdei[Z[`Œl[h[d[l[djeZ[]eX_[hdeYedikYWc_iWZ[bFH? `ahLNE(rekh]j`kh]?kjopepq_e“j LkhŽpe_]`ahkoAop]`koQje`koIate) _]jkouh]jkni]pere`]`recajpa aji]pane]aha_pkn]hmqalnkdŽ^a

ahqok`ahkona_qnokol˜^he_kou lnkcn]i]o`ack^eanjkl]n]h] lnkik_e“j`ah]ei]cajlanokj]h u`ahkol]npe`kolkhŽpe_ko*

ÎAjahIŠte_k`adkujklqa`a laniepenoamqaajjejc˜jkn`aj `ack^eanjkd]u]mqeaj]lnkra_da oq_kj`e_e“jl˜^he_]l]n]oqolnk) lekoejpanaoaoul]n]hkobejao`a qjcnqlklknaj_ei]`ahejpanŠo cajan]h*H]`aik_n]_e]ateca`a pk`kohko]_pknao(uajaola_e]h`a hkock^anj]jpao_qilhen_kjh] hau(_kjahAop]`k`a@ana_dkujk lnaoajp]j`klnkcn]i]ocq^anj]) iajp]hao^]fkh]^]j`an]`ajejc˜j l]npe`klkhŽpe_kÏ(`efk* L]n]bej]hev]n(_kjbe“ajmqa aop]`ajqj_e]oenr]l]n]bnaj]n aoapelk`a]__ekjaomqa(]oacqn“( ]ba_p]jah`ao]nnkhhk`aik_nƒpe_k `ahl]Žo* Ahlqjpk`a]_qan`kbqapqn) j]`k]h]Fqjp]`a?kkn`ej]_e“j LkhŽpe_]*.&


l_[hd[i(,Z[ <[Xh[heZ[(&'&

;bF7Dieb_Y_jŒgk[dekj_b_Y[be]ej_feiZ[bFH?

FH?#FWdWb\h[dWd [n^ehjeYedjhW CWh_e7d]k_Wde BWZ[b[]WZWZ[bW

I[Z[ieb[iWYkiWZW Z[^WY[hfhei[b_j_ice fehbeijh_Yebeh[i 9eb_cW3D8J<

-

]obn]__ekjao`ahLNE)L]j]h ajh]HREHaceoh]pqn]oajac]) nkj]naol]h`]nqjatdknpk l]n]mqaahafa_qperkaop]p]hoa ]^opajc]`aqpehev]nhkckpelko`a oql]npe`kajarajpkol˜^he_ko( _kik hk d]^Ž]j lh]jpa]`k hko haceoh]`knao hk_]hao `a =__e“j J]_ekj]h* @qn]jpah]oaoe“jkn`ej]ne]`a ]uan(hko`elqp]`ko^h]jmqe]vq) hao^qo_]nkjnalhe_]nahatdknpk mqaahOaj]`k`ah]Nal˜^he_]u] na]hev“]I]nek=jcqe]jk(]mqeaj le`eankj]^opajanoa`aqpehev]n hkckpelko`aoql]npe`kaj]_pko `a_]nƒ_panl˜^he_k* Oejai^]nck(h]i]uknŽ]mqa ejpacn]jh]obn]__ekjao`ahLNE( Jqar]=he]jv]uah`elqp]`k˜je_k

`ahL]npe`k`ahPn]^]fk(na_d]v“p]h ejpaj_e“ju]`aiƒolnkle_e“qj ^nara`a^]paok^nah]]_pq]_e“j p]jpk`abqj_ekj]nekopne_khknao _kikl]jeop]o* Pn]oh]lnaoajp]_e“j`ahatdknpk lknl]npa`ah]`elqp]`]L]pne_e] Hqck(hkolneeop]ole`eankj_kj) cnqaj_e]]oqodki“hkcko`a=__e“j J]_ekj]h(lqao]ncqiajp]nkjmqa h]`ahac]`]`aOa`aokh(Aoian]h`] ?ƒn`aj]o(ajnalape`]ok_]oekjao d]_kiape`kennacqh]ne`]`aonah]) _ekj]`]o_kjoql]npe`k* Ej_hqok( ah `elqp]`k lkn ah iqje_elek`aEtph]dq]_ƒj(Caniƒj RencajRan`qv_k(]oacqn“mqau] ejpanlqokqj]`ajqj_e]_kjpn] h]`ahac]`]`aOa`aokh(Îlknmqa ajh]_kiqje`]``aP]i]h]d]j _kj`e_ekj]`khko]lkuko]h]lnare] ]behe]_e“j]hL=JÏ* H]o bn]__ekjao _kej_e`eankj ajmqalk`nŽ]jl]o]noapk`kah `Ž]rajpeh]j`koqlqaop]oennacq) h]ne`]`ao`abqj_ekj]neko`ahko `kol]npe`ko(u`aolqŠo`aaok lnk_a`eankj]`aoa_d]nh]lnk) lqaop]^h]jmqe]vqh*.&

;d[bfheY[ieZ[[b[YY_ed[i_dj[hdWiZ[bFH:

<hWdY_iYeHeZh‡]k[pd_[]Wgk[ ^WoW\Wleh_j_icefehYWdZ_ZWjei 9eb_cW3D8J<

&

h `enecajpa aop]p]h `ah LN@(Bn]j_eo_kNk`nŽcqav C]n_Ž]( `aoiejpe“ mqa aopŠ]_pq]j`kl]n_e]hiajpaaj ahlnk_aokejpanjkmqa_kj_hqenƒ ahln“teik`kiejck_kjh]aha_) _e“j`a`enecajpaoiqje_el]hao( p]h_kikhk]_qo]nkjejpacn]jpao `ah]_knneajpaJqar]Evmqean`]* =hnaola_pk(ahlnaoe`ajpa`ah Oa_nap]ne]`kAop]p]h`ahLN@ej`e_“ mqajkaolkoe^ha_]nc]nh]^]h]jv] d]_e]`apaniej]`ko_]j`e`]pko( pk`]ravmqahkonalnaoajp]jpao`a _]oehh](]oŽ_kikahlnklek“nc]jk aha_pkn]h(Îhk_kilkjajieai^nko `apk`]oh]o_knneajpaoÏ* H]rŽolan](hkoiehep]jpao=`khbk J˜’avCkjvƒhavuCneoah`]I]npŽjav _nepe_]nkjh]o˜hpei]o]__ekjao`a oq`enecajpa(]mqeaj]_qo]j`a Îfqjp]noaÏ_kjl]npe`kokbe_e]heop]o u]`aiƒo(`aajpqn^e]nahlnk_aok ejpanjk_kjoqb]rknepeoikd]_e] `apaniej]`ko]olen]jpao* Ajb]pev“ mqa hko _]j`e`]pko `aJqar]Evmqean`]aEvmqean`] @aik_nƒpe_]J]_ekj]hu]n]pebe_]) nkjoq_kilnkieok`ajkeilqc) j]nhkonaoqhp]`ko`ahln“teik

`kiejck(Îlank]`aiƒo`apn]^]f]n _kjh]o`enecaj_e]omqanaoqhp]j aha_p]oÏ* H]iajp“mqaao]ieoi]]_pepq` jkateop]lknl]npa`ahko_]j`e) `]pko`aJqar]Evmqean`](Îahhko jkoa_]hi]nkj(oecqajd]^h]j`k `ahko`]`ko_]nc]`ko`aqjoan) re`kn7ieajpn]omqalknl]npa`ah IkreieajpkLklqh]n?kheiajoa( _nepe_]jahbnajpa_kjkpnkol]npe) `ko(_q]j`kaokaoqjnaokhqperk `ah?kjcnaokj]_ekj]hÏ* Na_kn`“mqa`e_dkknc]jeoik nalnaoajp]ahiƒteik“nc]jk`a ck^eanjk`ahLN@(Î]dŽoa`apan) iej“mqalk`Ž]ikona]hev]n]he]j) v]o_kjahL]npe`k`ahPn]^]fku ?kjrancaj_e](]oŽ_kik_kj_q]h) mqeankpnkmqaoaoqia]hpn]^]fk `ah]evmqean`](]at_al_e“j`ah LNEuL=JÏ* Iƒo]`ah]jpa(Bn]j_eo_kNk`nŽ) cqavoq^n]u“mqau]oaaj_qaj) pn]pk`kheopkl]n]h]aha__e“j`a `enecajpao iqje_el]hao mqa oa na]hev]nƒahln“teik`kiejck( `kj`aoaaolan]h]rkp]_e“j`a /iehlanna`eop]omqa]_q`enƒj] hko-0_ajpnko`arkp]_e“jmqaoa q^e_]nƒjajhqc]naol˜^he_ko`a hko-,iqje_eleko*.&

$PMJNB


$PMJNB l_[hd[i(,Z[ <[Xh[heZ[(&'& ;b^eif_jWbfh_lWZej[dZh|kdW_dl[hi_ŒdZ[*&&c_bbed[iZ[f[ieio][d[hWh|*&&[cfb[eiZ_h[Yjei

OWYedijhko[d[bFk[hjWZ[>_[hhe H[Y^WpWhed[b

j[hh[deZ[bCWdY^Œd fehgk[Wi‡beZ[Y_Z_Œ bWYeckd_ZWZcƒZ_YW ;dZ_Y_[cXh[Z_`[hed

Wb]eX_[hdegk[de WY[fjWh‡Wd[bf[Z_e ZedWZefeh]eX_[hde 9eb_cW3?\`[`[\C\e>lk`„ii\q

$

kjqj]ejranoe“j`a0,, iehhkjao`alaoko(]uanah ck^anj]`knI]nek=jcqe]) jkIknajkuNk`khbk=_kop]Ckj) vƒhav(`ena_pkncajan]h`ah?ajpnk IŠ`e_k`aAola_e]he`]`aoLqanp] `aDeannk(_khk_]nkjh]lneian] lea`n]`ahdkolep]hlner]`kmqa cajan]nƒ0,,ailhako`ena_pko* Ahlnkua_pk(mqaaop]nƒheopk]j) pao`aba^nank`ahln“teik]’k( paj`nƒ1,_kjoqhpknekoiŠ`e_ko( h]^kn]pknek(ƒna]`aei]caj(/2 oqepao(_]lehh](naop]qn]jpa(b]ni]_e] uqj]oanea`aoanre_eko]`e_ekj]hao l]n]hkcn]nqj]]paj_e“jejpacn]h `apk`kohkol]_eajpao* Ajaharajpk(hkoejranoekjeop]o ejrep]nkj]h]_kiqje`]`iŠ`e) _]`ah]ajpe`]`]bkni]nl]npa `ahdkolep]hLqanp]`aDeannk(]oŽ p]i^eŠjoa]jqj_e“mqaln“tei]) iajpaÚni]nƒjqj]_qan`k`a _kh]^kn]_e“j_kjh]Qjeranoe`]` `a?khei]*

I;H=?E 9;HL7DJ;I

Nk`khbk=_kop]Ckjvƒhav(`ena_pkn cajan]h`ah?ajpnkIŠ`e_kÎLqanp]`a DeannkÏ(ejbkni“mqa`e_dkdkolep]h oa_kjopnqenƒajqjpannajk`aqj] da_pƒna](ah_q]hbqa]`mqene`klkn h]lnkle]ailnao]* Ajaopaoajpe`k(`ao_]np“mqa hkoejranoekjeop]od]u]jna_d]v]`k ahpannajkmqahao`kj“Ck^eanjk `ahAop]`k(lknh]lkhŠie_]mqaoa cajan“(ok^napk`klknmqaajoq ikiajpkoaaola_qh“mqaahat i]j`]p]nek _kheiajoa Oehranek ?]r]vko?a^]hhkoaop]^]ejrkhq) _n]`kajahlnkua_pk* =_kop]Ckjvƒhav`af“^eaj_h]nk mqah]ailnao]`a_e`e“na_d]v]nah pannajk`ahI]j_d“j(mqahaod]^Ž] kbna_e`kahck^eanjkaop]p]h(lknmqa ]oŽhk_kjoe`an“h]lnkle]_kiqje`]` ia`e_]mqahko]lku]6ÎJkokpnko lajo]ikomqah]ejranoe“jan]ia) fknajaop]vkj]$jknpa%(]oŽjkohk i]jebaop“h]_kiqje`]`iŠ`e_]u lknaok]mqŽhkde_eikoÏ(`efk* Oajpaj_e“mqa`ao`a`e_eai^na haejbkni]nkj]hck^anj]`knmqa nark_]n]h]`kj]_e“jmqahaodevkah Ck^eanjk`ahAop]`k(uajahiao`a ajankoahk_kiqje_]nkj`ai]jan] kÚ_e]h]pn]rŠo`aqjkÚ_ek* Nk`khbk=_kop]i]jebaop“mqa ]hjk]_alp]nh]`kj]_e“j`ahpanna) jk(Šoparqahra]oanlnklea`]``ah aop]`k* Ah]’kl]o]`kah]uqjp]ieajpk _]lep]hejkhalaniqp“]hck^eanjkah pannajk`ahI]j_d“j_kjqjr]hkn `a-4iehhkjao`alaoko(l]n]mqah] ]`iejeopn]_e“jaop]p]hoahknac]h]n] ]hdkolep]hLqanp]`aDeannk*.&

7okZWh|W\WY_b_jWhbWWf[hjkhWZ[[cfh[iWi

9ec_[dpWWef[hWh[b 9[djheCkd_Y_fWbZ[ D[]eY_eiZ[9eb_cW 9eb_cW38c\o:XiYXaXc9\iY\i

&

h`ena_pkn`aBkiajpkA_kj“) ie_k`ahD*=uqjp]ieajpk `a?khei](=h^anpk=n]ieo Decqan](uah`ena_pkn`ah?ajpnk Iqje_el]h`aJack_eko`ah]_])

lep]h( RŽ_pkn =j]u] Oal˜hra`]( ]jqj_e]nkjajnqa`]`alnajo] h]obqj_ekjao`aaopa_ajpnk(mqa lnapaj`a]uq`]n]lanokj]omqa mqean]j]^nenqj]ailnao](`ai]) jan]iƒobƒ_eh(nƒle`]u_“ik`]( lknoanajqjieoikhqc]n*

7hW‡pZ[bYed\b_YjeYed[b[cfh[iWh_ejWkh_de

8h[dZWd_[]WckbjWZ[bJh_XkdWb Z[be9edj[dY_eieYedjhWbWL_bbW 9eb_cW38:9

-

]]h_]h`ao]`aRehh]`aãhr]nav( >naj`]CqpeŠnnavRac](jac“ mqaahPne^qj]h`ahk?kjpaj) _ekok=`iejeopn]perk$P?=%dq^ean] iqhp]`k]hiqje_elek_kj1,o]h]) nekoiŽjeiko(lknjkd]_an_]ok]

h]oqolajoe“j`ah_kjÛe_pkfqnŽ`e_k mqa]˜j_knnaajaopapne^qj]h* ÎH]iqhp]`a1,o]h]nekoaob]ho]( `a^e`k]mqajkoaiqhp“lknmqad]u qj]il]nk(r]neko]il]nko(ahlnk_aok fqnŽ`e_k]˜joecqa(uaok_knnaolkj) `a]hpne^qj]hÏ(ej`e_“h]lnaoe`ajp] iqje_el]h(ajajpnareop]*

7kjeh_ZWZ[iYeb_c[di[iZ[Z_l[hieid_l[b[ii[Z_[hedY_jWWo[hfWhWbWYebeYWY_ŒdZ[bWfh_c[hWf_[ZhW

1PDPWJBCMFRVFFM.BODIuOSFHSFTFBMNVOJDJQJP ;b]eX[hdWZehCWh_e7d]k_WdeCeh[de_kjoe)

lnklea`]`mqaoaaj_qajpn]ajh]_khkje]o]jp]>ƒn) `an“lk_kre]^hamqaoar]u]]nacnao]nahpannajk ^]n](Îuu]_na]nkjejbn]aopnq_pqn](koa](u]peajaj `ahI]j_d“j]h]uqjp]ieajpk`a?khei](`aolqŠo `ao]nnkhh]`kqjf]n`Žj]dŽ(ajpkj_aoial]na_amqa `amqahkoejranoekjeop]o`alqanp]`aDeannk`a_e) jkpaj`nŽ]iq_dkoajpe`k$nacnao]nh]lnklea`]` `ean]jna_d]v]nhk* ]h]uqjp]ieajpk%Ï*@efkmqafqjpk_kjah]h_]h`a( Ahi]j`]p]nek`efkmqa_q]j`kah=uqjp]ieaj) `abejenƒjahqokmqaoaha`]nƒ]hI]j_d“j* pklaniqp“]hCk^eanjk`ahAop]`kahpannajk(h] ]`iejeopn]_e“jaop]p]hha_a`e“]hiqje_elekqj] 9eb_cW3?C>

=n]ieoDecqan]`aop]_“mqa aopa_ajpnk_kj_ajpn]qj]Îkbe_ej] bqj_ekj]h(]__aoe^ha(ik`anj]( ]pn]_per]u_kjaop]_ekj]ieajpk( _kjhkooanre_eko`ah]o`alaj) `aj_e]oiqje_el]hao(aop]p]hao u ba`an]hao iƒo eilknp]jpao ajahlnk_aok`a]lanpqn]o`a ailnao]oÏ* ?kjahÚj`a]cehev]nhkopnƒiepao( ajaopaaol]_ekd]u`ahac]_ekjao `ahOanre_ek`a=`iejeopn]_e“jPne) ^qp]ne](`ahEjopepqpkIate_]jk`ah OacqnkOk_e]h(`ah]Oa_nap]nŽ]`a O]hq`(?e]l]_kr(h]Qjeranoe`]``a ?khei]$`kj`a`aop]_]ahrŽj_qhk _kjh]ej_q^]`kn]`aailnao]o( Ailnaoan%(@ena__e“j`aA_khkcŽ]( `aHe_aj_e]o?kian_e]hao(`aLh]) ja]_e“juKn`aj]ieajpkQn^]jk(

`aHe_aj_e]o`a?kjopnq__e“j(u `aPaoknanŽ]* @aop]_]nkjmqa]mqŽoa`]Šjb]oeo ]hoanre_ek`ahOeopai]`a=lan) pqn]Nƒle`]`aAilnao]o$O=NA%( Îlknhkmqaoalqa`ak^pajanqj] he_aj_e]_kian_e]hajqjh]lok`a peailkajpna/,iejqpkou-., iejqpkoÏ* @aecq]hbkni](RŽ_pkn=j]u] atlhe_“mqa_qajp]j_kjoanre_eko ajhŽja]l]n]hkopnƒiepao(lqao pn]^]f]jÎ_kjqjokbps]na˜je_k ajoqpelk]jerahj]_ekj]h(mqa laniepah]_kiqje_]_e“jajpna `alaj`aj_e]oÏ(u]mqa_ki^ej] hkooanre_eko`ahkooa_pknaook_e]hao u`ajerahao`ack^eanjk* =n]ieoDecqan]`aop]_“mqa ajh]]_pq]he`]`lnk_ao]j/(.,,

oanre_eko]hiaoupeajajqjlnk) ia`ek `a -., reoep]jpao ]h `Ž] ^qo_]j`k_q]hmqean]lkuko(lqao ajaop]kÚ_ej]oakbna_ajr]neko oanre_eko(_kik^kho]`apn]^]fk( _]l]_ep]_e“j(rej_qh]_e“jl]n]ah Új]j_e]ieajpk(]oaoknŽ]`aai) lnaj`a`knao(]uq`]]lnk`q_pknao _kheiajoao(ajpnakpnko* =i^kobqj_ekj]neko]Úni]nkj mqa`ao`a.,,3(_q]j`kahaopq`ek Î@kejc>qoejaooÏlkoe_ekj“]?khei] _kikahj˜iankkj_aajh]heop] j]_ekj]h`aÎ`“j`aaoiƒobƒ_eh d]_anjack_ekoÏ(`aolqŠorejkh] _anpeÚ_]_e“jEOK5,,-6.,,,lkn l]npa`ahO=NA7u]l]n].,,5(ah lnkcn]i]O=NAan]_kjoe`an]`kah _q]npkhqc]nj]_ekj]hl]n]ailnaj) `anjack_ekobƒ_ehiajpa*.&

@aecq]hbkni](i]jebaop“mqa `ahailnao]nek?Šo]n=i^nev(_kj mqeajhhar]aopa_kjÛe_pk(jkd]o]) ^e`kj]`](uiajko`ah]`ai]j`] mqa(`efk(ejpanlkj`nŽ](oejkan]Šh mqeajknc]jev]n]h]o_knne`]obkni]) haomqau]l]o]nkjajaop]oBeaop]o ?d]nnkp]qnej]o`a.,-,* Îhaopƒajoq`ana_dk`amqanan na_qlan]noqejranoe“j(lankjkdaiko o]^e`kj]`]]hnaola_pkÏ(`aop]_“( na_kn`]j`kmqahkmqalnaoqjp]) iajpad]^Ž]ejranpe`kan]j_]oe 5,,iehlaoko* Ok^naaopkoBaopafko(ej`e_“mqa ajahiqje_elekaopƒjÎiquo]peo)

ba_dko`ah]cajpa(`ah]o_knne`]o( `ah]]Ú_e“jp]qnej]mqapeajaah iqje_elek(u]mqadq^klanokj]o mqarejeankj`a`ebanajpaol]npao( ]hcqjko`akpnkol]Žoao(h]ran`]` jkohhar]ikoqjiqu^qajo]^kn`a ^k_](ok^napk`klknaho]h`k^h]j_k( u]mqah]ob]iehe]olqa`aj`eobnqp]n( d]d]^e`kiq_d]l]npe_el]_e“jaj h]o_]^]hc]p]o(d]uqj]iqu^qaj] `eolkoe_e“j`ah]cajpal]n]`eobnqp]n h]oÚaop]oÏ* =`aiƒo(_kjÚni“mqaajahiao `ai]nvk_kjpejq]nƒejop]h]`]H] Lap]pan](aej_hqokoarah]lkoe^ehe) `]``amqaoana]he_aj`ko_knne`]o

bkni]haoiƒo*ÎDaikoreopkmqaaj i]nvkajH]Lap]pan]oar]]baopaf]n ahIao`ah>e_ajpaj]nek(mqanaiko mqah]oao_qah]or]u]juh]reoepaj(mqa r]u]j]qj]f]nela]`](mqahkra]j _kikqj]l]npa_qhpqn]h(mqara]j h]deopkne]`ajqaopn]oÚaop]o(mqa aopŠ]^eanp]]hl˜^he_kÏuajpkj_ao nai]n_“h]lkoe^ehe`]``aknc]jev]n iƒoaj_eannkop]qnejko* Ok^nahko^ajaÚ_eko`ahkobaopa) fko(h]]h_]h`ao]]oacqn“mqaoaaopƒ na]hev]j`kÎqj`e]cj“ope_k`a_qƒjp] cajpa]_q`a]h]_]^]hc]p](`ah]`a) nn]i]a_kj“ie_](`a_qƒjpkoaaopƒ cajan]j`klknoqreoep]Ï*.&


D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

D_[]Wgk[bWfWh|b_i_igk[ik\h_ŒkdW[ijkZ_Wdj[i[Z[XWWbX_ebŒ]_Ye

$PMJNB

I[h|kdjejWbZ[.-c_b.-+Zei_ifWhW[b[ijWZe

;ii[]khWbWlWYkdW ?d_Y_WbWi[cWdWZ[ lWYkdWY_Œd[bi|XWZe libW_dÆk[dpW0IWbkZ :[djheZ[bW`ehdWZW

J7F?HE

BWkhj_YWh_Wfeij[h_eh

WbWZei_ifk[Z[i[h kdWh[WYY_ŒdWbƒh_YW" i[‹WbŒbWZ[f[dZ[dY_W

%

+

;bh[fh[i[djWdj[Z[IWbkZZ[iYWhjŒgk[[bc[Z_YWc[djei[Wf[b_]heie Ej`e_“mqaeje_e]hiajpaaopa _]okoalk`nŽ]_]p]hkc]n_kik qj]]hance]uatlhe_“mqaoad] `ebqj`e`kmqa]mqahhkol]_eajpao mqaoa]j]hŠnce_ko]h]lnkpaŽ) j]`ahdqark(jkoahao`a^a`a ]lhe_]nh]`koeol]n]lnkpacan) hko`ahrenqo_kjpn]h]ejbhqajv] dqi]j]* Danjƒj`avLe_d]n`katlhe_“ mqaahlneian_q]`nk(h]qnpe_]ne]( lk`nŽ]oanqj]na]__e“j]hŠnce_] ]h]r]_qj]Îlankah_q]`nklko) paneknjkÏ7ao`a_en(h]l]nƒheoeo `ah]oatpnaie`]`ao* Î@a^aiko`ad]_andej_]leŠ ajmqah]naolqaop]]h]r]_qj]

aileav]_kikpnaok_q]pnkoa) i]j]o`aolqŠo`amqaoa]lhe_]( ]oŽaomqaoeoqna]__e“jdq^ean] oe`klknh]r]_qj](oadq^ean] lnaoajp]`kd]op]aoalanŽk`ku jkejia`e]p]iajpa_kikoq_a) `e“Ï(oa’]h“* H]oai]j]l]o]`](h]Oa_nap]nŽ] `aO]hq`_kheiajoaejbkni“mqa qj]fkraj`a.-]’kobqapn]oh]`]`] `aaiancaj_e]]Cq]`]h]f]n]ah l]o]`kjqara`aba^nanklknmqa jklk`Ž]ikranoqoleanj]ou ^n]vko(aokhaoq_a`e“`aolqŠo `amqaoar]_qj“_kjpn]h]ej) bhqajv]dqi]j]7h]aopq`e]jpa oaaj_qajpn]aop]^ha*.&

I[Yed\ehcŒkdWh[kd_ŒdZ[jhWXW`efWhWZ[j[YjWhbWfheXb[c|j_YW

FWddWhZ[j[YjWi[_iYWieiZ[ [nfbejWY_Œdi[nkWb_d\Wdj_b 9eb_cW3?C>

&

j .,,5 ah Lnkcn]i] `a Lnaraj_e“ju=paj_e“j] Je’ko(Je’]ou=`khao_ajpao ajNeaock$L]jj]n%`apa_p“mqaoaeo

jWcX_ƒdi[Wfb_YWh| bWlWYkdWYedjhWbW _dÆk[dpW^kcWdW 9eb_cW3?C>

9eb_cW3?\`[`[\C\e>lk`„ii\q

koahepkDanjƒj`avLe_d]n`k( oqlanreoknj]_ekj]h`ah?aj) pnk`aO]hq``ah]Ejb]j_e] u=`khao_aj_e](`ao_]np“mqah] l]nƒheoeo`ahko^n]vkouleanj]omqa oqbne“qj]aopq`e]jpa_kheiajoa qjeranoep]ne]d]u]oe`kqj]na]_) _e“jjac]per]h]r]_qj]_kjpn]h] ejÛqajv]dqi]j]* H]fkrajaopq`e]jpaoar]_qj“ _kjpn]ahrenqo=+D-J-(lank`ao) lqŠo`ana_e^enh]`koeo(oqoatpna) ie`]`aoejbaneknaouoqlaneknao _kiajv]nkj]l]n]hev]noa(lknhk mqabqapn]oh]`]`]`aaiancaj_e] ]h]_eq`]``aCq]`]h]f]n]* =uanajh]ajpnareop](ahbqj_ek) j]nekba`an]h]Úni“mqah]oejrao) pec]_ekjaoiŠ`e_]omqaoade_eankj `ao_]np]nkjmqah]fkrajiqfan dq^ean]oqbne`kqj]l]nƒheoeoaj oqoleanj]ou^n]vkolknh]r]_qj] _kjpn]h]ejbhqajv]dqi]j](]qjmqa `efkmqah]qnpe_]ne]mqalnaoajp“ ajoq_qanlkoŽaopƒnah]_ekj]`] _kj`e_dkia`e_]iajpk* ÎJkd]ujejc˜jarajpk]`ran) okcn]rajeajIŠte_k(jeajah iqj`kmqaoad]u]nah]_ekj]`k `ai]jan]_]qo]h`ah]r]_qj]*Ah _]okaola_ebe_k`ah]fkraj`a.- ]’ko`aa`]`oaaopƒ]j]hev]j`ku hkmqalk`aiko`a_en`ai]jan] lnaheiej]naomqah]oepq]_e“j jkaopƒnah]_ekj]`]_kjh]r]) _qj]Ï(`efk*

;IF;9?7B

iajknao`aa`]`an]jatlhkp]`ko oatq]hiajpa* Hk]jpaneknhkejbkni“ah_kkn) `ej]`kn`ahlnkcn]i]L]jj]n(P]) u`aDqck?knkj]H“lav(iejqpko ]jpao`a_kiajv]nqj]naqje“j

`apn]^]fkl]n]_kjk_anh]oepq]) _e“j`ah_kian_ekoatq]hejb]jpeh aj?khei]* Ajaopaaj_qajpnk(ajahmqa l]npe_el]nkj`ena_pknao`ahƒna] `a_kiqje_]_e“j`a`ebanajpao

ahoƒ^]`k.3`aba^nank]hrean) jao1`ai]nvkoahhar]nƒ] _]^kh]lneian]oai]j]j]) _ekj]h`aO]hq`(aj`kj`aoaaop]nƒj ]lhe_]j`k43ieh431r]_qj]o(ajpna ahh]oh]]jpelkhekieahŽpe_]u_kjpn] h]ejÛqajv]dqi]j]* Ahoa_nap]nek`aO]hq`(O]˜h=`]ia >]nnapk(]oacqn“mqaaopƒc]n]jpe) v]`]h]_k^anpqn]`ar]_qj]_e“j( lknhkmqa]`ebanaj_e]`ad]_aqjko ]’ko(ajaop]k_]oe“jjkoa_knnaah neaock`amqah]o`koeooapaniejaj ]jpao`amqa_kj_hqu]h]oai]j] j]_ekj]h* =Úni“mqapk`]oh]or]_qj]o( ej_hqe`]h]`ah]ejÛqajv]dqi]j]( u]aopƒjaj?khei](uoaaj_qajpn]j aj“lpei]o_kj`e_ekjao(lknhkmqa ejrep“]h]lk^h]_e“j]]_q`en_kj pk`]h]_kjÚ]jv]]]lhe_]noah]o`koeo mqaoaaop]nƒjkbna_eaj`kajhko`e) banajpaolqaopko`ar]_qj]_e“jmqa oaejop]h]nƒjajpk`kahaop]`k* @ao`aahln“teikoƒ^]`koar]) _qj]nƒ]h]lk^h]_e“jejb]jpeh`a lnaao_kh]nulnei]ne](]h]oiqfanao `a-.]00]’ko`aa`]`7h]oai^]) n]v]`]ouahl˜^he_kajcajan]hmqa `aoaar]_qj]noa_kjpn]ahpŠp]jku h]ejÛqajv]dqi]j]* @qn]jpahkooeapa`Ž]omqa]^]n_]j h]Oai]j]J]_ekj]h`aR]_qj]_e“j( oa]`iejeopn]nƒh]r]_qj]kn]hpelk o]^ej]je’koiajknao`a1]’ko(_kj h]Új]he`]``ai]jpajanann]`e_]`] h]lkhekieahepeo* Ah]jpennkp]renqo(]jpejaqik) _k_k(lajp]r]hajpaudal]pepeo>oa

ejop]j_e]ocq^anj]iajp]hao(]oŽ _kikia`eko`a_kiqje_]_e“j(ah _kkn`ej]`kn`aL]jj]n(`efkmqa lneian]iajpaoaaopƒ^qo_]j`k oqi]naobqanvko]Új`ahkcn]n oajoe^ehev]n]h]ok_ea`]`_erehaj aopapai]* Oa`efkmqal]n]_kjk_an(na_k) jk_anu`ao]hajp]nh]pn]p]upnƒÚ_k `alanokj]o(aoeilknp]jpamqaoa _kieaj_a]pn]^]f]nl]n]_ki^]pen aopabaj“iajkmqaaopƒ]ba_p]j`k ]je’kouje’]o`ah]ajpe`]`* DqckP]u`a?knkj]atlhe_“mqa lneian]iajpaoapaj`nƒmqa`abejen ahlh]j`apn]^]fkl]n]ej_e`enaj

:Wh|dfh[\[h[dY_WWbeid_‹ei ]lhe_]nƒ]hkoiajknao`aqj]’k `aa`]`(oac˜jh]ejbkni]_e“jmqa oalnklkn_ekj“(]oŽp]i^eŠjd]^nƒ pk`]oh]o`koeomqalaniep]j_ki) lhaiajp]nhkoaomqai]o^ƒoe_ko`a r]_qj]_e“j* =oeieoik(oanabknv]nƒh]]`) iejeopn]_e“j`aoqlhaiajpko`a rep]iej]=(iqhperep]iŽje_ko(vej_( deannklnkÚhƒ_pe_kuƒ_e`kb“he_k7 p]i^eŠjoaejbkni]nƒ]h]oi]`nao uhkoiajknao`a_ej_k]’kook^na h]lnaraj_e“j`ah]oajbania`]`ao `e]nnae_]oaejba__ekjaonaolen]pk) ne]o]cq`]o(oqi]jafkajahdkc]n uh]e`ajpeÚ_]_e“j`ahkooecjko`a ]h]ni]* D]^nƒ-5-ieh/33]__ekjao`a o]hq`ajpk`kahaop]`k(oac˜jej) bkni“h]Oa_nap]nŽ]`aO]hq`* Ajaopaarajpk(]`aiƒo`ah] Oa_nap]ne]`aO]hq`(l]npe_el]nƒj ahEjopepqpkIate_]jk`ahOacqnk Ok_e]h(ahEjopepqpk`aOacqne`]`u Oanre_ekoOk_e]hao`ahkoPn]^]f]`knao ]hOanre_ek`ahAop]`k(ah@EBaop]p]h( ahAfŠn_epkuh]Vkj]J]r]h*.&

lkhŽpe_]o`alnaraj_e“j`ah]pn]p] `alanokj]o*=oŽp]i^eŠjnao]hp“ h]eilknp]j_e]`amqapk`]oh]o lanokj]ooaoajoe^ehe_aju]_p˜aj aj_kjpn]`aaopabaj“iajk* H]atlhkp]_e“joatq]hejb]jpeh aoh]qpehev]_e“j`aje’ko(je’]o u ]`khao_ajpao aj ]_pere`]`ao oatq]haol]n]h]o]peob]__e“j`ahko ejpanaoaou`aoako`aqj]lanokj] kcnqlk`alanokj]o(]_]i^ek`a `ejankqkpnkpelk`a^ajaÚ_eko i]pane]hkaik_ekj]h(oac˜joa atlhe_“]pn]rŠo`abkhhapkomqa ahL]jj]nnal]npe“]hko]oeopajpao ]harajpk*.&


$PMJNB

l_[hd[i(,Z[ <[Xh[heZ[(&'&

:[djheZ[bfhe]hWcWº9eb_cWL[hZ[»Z[bFbWd;ijWjWbZ[:[iWhhebbe

?dij_jkY_ed[iZ_iYkj[d YŒceiWd[Wh[bW]kW ;IF;9?7B

 

FehjWb[i

Dk[leceZ[beZ[Z[iWhhebbe

;Yedec_ijWi0kh][d h[\ehcWi\_dWdY_[hWi T?kjahlnkl“oepk`a^qo_]n hko_kjoajoko`ahkoa_kjkieop]o ajahaop]`k(l]n]_kjranpenoaaj ahjqarklnaoe`ajpa`ah?khacek J]_ekj]h`aA_kjkieop]o(ah`elq) p]`kba`an]hFao˜o=h^anpk?]jk RŠhavoanaqje“_kjahcnaiekhk) _]h(l]n]atpanj]nh]ja_aoe`]``a qjjqarkik`ahk`a`ao]nnkhhk a_kj“ie_k]l]npen`anabkni]o lkhŽpe_]ua_kj“ie_]lnkbqj`]o( h]o_q]hao]peaj`]jh]ojqar]oja) _aoe`]`aook_e]hao* Ajah]_pk(?]jkRŠhav`efkmqa`a _kjranpenoaajpepqh]nah?khacek( oana]hev]nƒqj]_]il]’]j]_ekj]h `aail]`nkj]ieajpk`aa_kjk) ieop]o(u]mqaoa]olen]]mqaah knc]jeoikoa_kjreanp]ajah_ajpnk `ah`a^]paa_kj“ie_kj]_ekj]h(u nao]hp“h]eilknp]j_e]`amqaaj ah?khacekJ]_ekj]haopŠjpk`ko hkoa_kjkieop]o`ahl]Žo*

FWhj_Y_fWd((fh_cWh_Wi

BWdpWdfhe]hWcWZ[ _d]bƒi[d[b[ijWZe Ahoa_nap]nek`aA`q_]_e“j(

BWfbWd_ÅYWY_Œd[d[b\ec[djeZ[bYk_ZWZeZ[bW]kW[ikdj[cWfh_cehZ_WbfWhW[bZ[iWhhebbeZ[b[ijWZe"i[]khŒ[bZ_h[YjehZ[bW9_WfWYel

FWhj_Y_fWhedbW

9_WfWYel"[b?l[Yeb" 9edW]kW"9edW\eho Kd_l[hi_ZWZZ[9eb_cW 9eb_cW38c\o:XiYXaXc9\iY\i

1

]n]h]lh]jebe_]_e“j`ahk mqaoanƒahpai]`a]cq] lkp]^ha(o]ja]ieajpk(_qe) `]`ku_qhpqn]`ah]cq](`ajpnk `ahlnkcn]i]Î?khei]Ran`aÏ`ah Lh]jAop]p]h`a@ao]nnkhhk(dq^k qj]naqje“j`ah]`erano]o`alaj) `aj_e]o(_kik?e]l]_kr(Era_kh( ?kj]cq](?kj]bknuh]Qjeranoe`]` `a?khei](oac˜jhkejbkni]`k

lknah`ena_pkn`ah]?e]l]_kr( êo_]nR]haj_e]Ikjpao* Ej`e_“mqah]naqje“joana]he) v“_kjhko_kiepŠoiqje_el]hao `a]cq]lkp]^hauo]ja]ieajpk ]oŽ _kik _kj `ena_pknao u na) lnaoajp]jpao `a Era_kh( ?kj]) cq](?kj]bknuh]Qjeranoe`]` `a?khei](_kjh]bej]he`]``a `aeje_e]nhkopn]^]fkoajhkpk) _]jpa]hpai]`a]cq]lkp]^ha( o]ja]ieajpk(_qe`]`ku_qhpqn] `ah]cq]7]cnac“mqaoapeajah] aj_kieaj`]`a_kkn`ej]naop]o h]^knao`ajpnk`ahkmqaoanƒah lnkcn]i]Î?khei]Ran`aÏ(Îmqaao h]oqopajp]^ehe`]``ah`ao]nnkhhk `ah]re`]ajahaop]`kÏ*Hqack ]jqj_e“mqaoana]hev]nƒjiƒo

naqjekjao(`a^e`k]h]op]na]o mqahaobqankj]oecj]`]o* @e_d]onaqjekjaona]hev]nƒj ajPa_kiƒj(I]jv]jehhku]hcq) j]okpn]oiƒoajh]vkj]qn^]j]7 R]haj_e]Ikjpao`a_h]n“mqaÎh] ejpaj_e“jaomqah]cajpa(h]ok_ea`]` _ereh(h]cajpalnkbaoekjeop](l]npa pŠ_je_](l]npa_eajpŽÚ_](pk`]oh]o l]npaol]npe_elajuklejaj]_an_]`a _“ikmqeanajmqahharaikoahLh]j Aop]p]h`a@ao]nnkhhk(uajoacqj`k $pŠniejk%_“ik_kjoacqeikomqa l]npe_elajajpai]op]jeilknp]j) pao(_kikaoahpai]`ah_qe`]`k `ah]cq]uo]ja]ieajpkÏ* Ah`ena_pkn`a?e]l]_kr]oacqn“ p]i^eŠjmqaoapeajah]rkhqjp]` `amqaaopkoa_kjreanp]ajÎqj

lh]j]_kn`a]h]oja_aoe`]`ao`ah] _eq`]`]jŽ](l]n]cajan]nqj^aja) Ú_ek]h]cajpa(ao`a_enmqajkoa d]c]ahlh]joepki]naj_qajp]]h] lk^h]_e“j(lknmqahqackoalqa`aj d]_anlh]jao`ao`aqjc]^ejapa( _ko]mqajkaona_kiaj`]^ha(u ]dkn]oŽmqanaikomqah]_eq`]) `]jŽ]aopŠl]npe_el]j`kÏ* Atlhe_“mqaI]nek=jcqe]jk haod]ej`e_]`kmqaÎajpnaiƒo bknkooana]he_ajl]n]]j]hev]nhko pai]o(mqa`]nƒiƒo_kjokhe`]`kah lh]jaop]p]huajpnaiƒol]npe_ela h]cajpa(d]^nƒqj_kilnkieok i]uknÏ*L]n]Új]hev]n(`efkmqa aop]nƒjpn]^]f]j`klknap]l]o(uÎah -,`ai]nvkoaaop]nƒajpnac]j`k h]ejbkni]_e“jÏ.&

:[iZ[Wo[hi[Y[b[XhWbW??H[kd_ŒdH[]_edWbZ[bWpedW9[djhe#EYY_Z[dj["\_dWb_pW^eo

9eb_cW"i[Z[Z[h[kd_ŒdZ[bWI;F =eX_[hde<[Z[hWb

e\h[Y[h|*&&c_bX[YWi [djeZe[bfW‡i[ij[W‹e" '&&c_bc|igk[[d(&&/ 9eb_cW3@mfee\9XiXaXj

$

khei]aooa`ah]EENaqje“j Nacekj]h`ah]Oa_nap]nŽ] `aA`q_]_e“jL˜^he_]$OAL%( dku_kj_hquajh]ofknj]`]o`a pn]^]fkajpnahkonalnaoajp]jpao `ah]vkj]?ajpnk)K__e`ajpa(ej)

pacn]`]lknhkoaop]`ko`a=cq]o) _]heajpao(Cq]j]fq]pk(J]u]nep( F]heo_k(V]_]pa_]o(Ie_dk]_ƒju ?khei]* =`ƒj>h]j_k?]ilko(nalna) oajp]jpa`ah]kÚ_ej]`aoanre_eko ba`an]hao`a]lkuk]h]a`q_]_e“j ajjqaopnkaop]`k(na_kjk_e“mqaah k^faperk`ah]naqje“jaoar]hq]nh] _]he`]``ah]a`q_]_e“jajh]nace“j ?ajpnk)K__e`ajpa*Oa]^kn`]nƒj lqjpko`ah]]caj`]aopn]pŠce_]( _kikh]nareoe“j`ahko]r]j_ao `ahlh]joa_pkne]h`aa`q_]_e“j( h]]he]jv]lknh]_]he`]``ah]a`q)

_]_e“j(h]ejbn]aopnq_pqn]bŽoe_]u a`q_]per](ahna_kjk_eieajpk`a h]r]he`avkÚ_e]huah]jƒheoeo`a hkolnkcn]i]o`a^a_]o* ÎR]iko]nareo]nhko]r]j_ao mqapeajah]nabkni]ejpacn]hl]n] h]a`q_]_e“jia`e]oqlaneknu l]n]h]a`q_]_e“j^ƒoe_](hko`ko aopƒjaj_]iejkuaoeilknp]jpa mqarkhmqaikojqaopn]o]lna) _e]_ekjao]hnaola_pkÏ(]lqjp“7 ajoacqe`](d]^h“`ah]eilknp]j_e] `aejopepqpko`ao_ajpn]hev]`ko ]h]OALÌ_kikh]Qjeranoe`]` Pa_jkh“ce_]`aI]jv]jehhkÌmqa

]uq`]j]]ilhe]nh]_k^anpqn] ajahjerahoqlanekn6ÎH]_k^an) pqn]ajaopajerahoŽaoqj]`a h]o p]na]o laj`eajpao( r]iko ^]op]jpaoaoc]`koÏ(na_kjk_e“ >h]j_k?]ilko* Aopa]’k(ahck^eanjkba`an]h kbna_anƒ0,,ieh^a_]o]jerah j]_ekj]hÌ-,,iehiƒomqaah]’k l]o]`kÍ_kjhkmqalnapaj`aei) lqho]nh]bkni]_e“ja`q_]per]`a lanokj]o`a^]fkona_qnoko*=`ƒj >h]j_kjkoqlklna_eo]n_qƒjpko `aaoko]lkukooa_]j]hev]nŽ]j aj?khei]*.&

Ba`ane_kN]jcahHkv]jk(ejbkni“ mqa?khei]l]npe_el]nƒ_kikao) p]`klehkpk]jerahj]_ekj]hajqj lnkcn]i]l]n]eil]npenh]i]pane] `aejchŠoajao_qah]olnei]ne]o* N]jcahHkv]jkej`e_“mqaajah lehkp]fal]npe_el]n]j..lnei]ne]o( ^ajabe_e]j`k].0,,]hqijko`a lneiankuoacqj`kcn]`k]hna_e^en oqo_h]oao`aejchŠo(l]n]hk_q]h_kj) _hqu“h]_]l]_ep]_e“j`a`ena_pknao `aao_qah](oqlanreoknao(fabao`a oa_pknu`k_ajpaomqaeil]npenƒjh]o _h]oao]l]npen`ah-¸`ai]nvk* =cnac“mqah]OALd]lnkua_p]`kh] ]lhe_]_e“j`aaopalnkcn]i]`]j`k eje_ekajahlnaoajpa_e_hkao_kh]n( ]paj`eaj`k]lneiankuoacqj`k cn]`k(ajah_e_hkao_kh]n.,-,).,-- oaej_hqenƒ]hkopan_ankou_q]npko cn]`kou`qn]jpaah_e_hk.,--).,-. ]hko2cn]`ko`alnei]ne]*

ºBWck`[hYeb_c[di[Z[b(&'&»

?dij_jkjeZ[bWCk`[h YedleYWWYedYkhie

Ck^eanjk`ahAop]`k(lnaoe) `aj_e]oiqje_el]haouahEjopepqpk ?kheiajoa`ah]iqfan$E?I%(aj _kjiaikn]_e“j`ah@Ž]Ejpanj]) _ekj]h`ah]Iqfan(h]jv]jh]_kj) rk_]pkne]ÎH]Iqfan?kheiajoa `ah]’k.,-,Ï* H]lnklqaop]lqa`aoan`abkn) i] ej`ere`q]h k ejopepq_ekj]h( ejbkni“Hakjkn`ah]Ikn]>Šf]n( @ena_pkn]Cajan]h`ahE?I*H]o ^]oaomqai]n_]h]_kjrk_]pkne] okjh]ooecqeajpao6l]npe_el]nƒj h]olnklqaop]omqaoanabean]j] iqfanao_kheiajoao`aj]_eieajpk kmqapajc]jiƒo`a1]’ko`a n]`e_]najahaop]`kujkd]u]j oe`kaha_p]o_kikIqfan`ah]’k ]jpanekniajpa* @a^anƒ`ao_ne^enoaajqjiƒteik `a1_q]npehh]ooq_qnnŽ_qhqirep]ak deopkne]`are`]7oapeaja`ahŽiepa`a ajpnac]ah/`ai]nvk`a.,-,*


l_[hd[i(,Z[ <[Xh[heZ[(&'&

$PMJNB

HWZ_e]hW\‡Wi

CXjZXYXŒl\cXjjXcmXifeXc ZXdgf[\\jk`Xa\ZXkXjki]`Zf ;ij[`k[l[i[dHWZ_e]hW\‡WiYedHeX[hje<$B[lo[ijkl_[hedYece_dl_jWZei0@eiƒL[hZkpYe"i[Yh[jWh_e Z[:[iWhhebbeHkhWboDWpWh_eHeZh‡]k[p"fh[i_Z[dj[Z[b9ec_jƒ;ijWjWbZ[IWd_ZWZL[][jWb

C

]ohhqre]onaceopn]) `]o]eje_ek`aaopa .,-, na_qan`]j ah baj“iajk `a ÐAh Je’kÑ(`a-55.mqa oalnkhkjc“lknpnaooai]j]ou `af“qj]cn]j_]jpe`]``a]cq]( ¼`af“lanfqe_ekok^ajabe_eko]h _]ilk`a?khei]; Ahoa_nap]nekRan`qv_kej`e_“ mqaoapn]p“`aqj]hhqre]]pŽle_]( k_]oekj]`]lknh]ajpn]`]`aqj bnajpabnŽkuqj]o]he`]`a]ena _]heajpa `ah K_Š]jk L]_Žbe_k( mqa]haj_kjpn]noalnkrk_]nkj h] lna_elep]_e“j( ieoi] mqa lqa`a_kjoe`an]noa_kikdeo) p“ne_]*D]op]ahikiajpkoad]j lnaoajp]`kpnaolna_elep]_ekjao ajh]oieoi]o_kj`e_ekjao* Lkn oq l]npa( ah p]i^eŠj lnk`q_pkn ]cnŽ_kh] J]v]nek Nk`nŽcqav(]_alp“`ao_kjk_an ahknecaj`ahbaj“iajk(]qjmqa hk_kjoe`an]_kjoa_qaj_e]`ah _]i^ek_heiƒpe_kmqaoareraaj ahiqj`k*

H[]_ijheWYkckbWZe0fh[Y_f_jW# Y_ŒdZ['c_bccY‘X_Yei FkoŠRan`qv_k]lqjp“mqah]o hhqre]obqankj`aajpna-01u./1 iehŽiapnkoajpk`kahaop]`k( `]j`kqjlnkia`ek`a-5-iehŽ) iapnkoajh]_]lep]h`a?khei]u `a-iehiehŽiapnko_˜^e_koaj pk`kh]ajpe`]`7_ebn]deop“ne_]( `]`kmqaaj.,,5oanaceopn]nkj ajpna/*4u0iehŽiapnkoajah iao`aba^nank* Nk`nŽcqavnabene“mqa]`aiƒo `ah]ohhqre]ooanaceopn“qj`ao) _ajok`apailan]pqn]ajahjknpa `a?khei](]qjmqaajPa_kiƒj dq^kpailan]pqn]oi]uknao] h]o`ah]’kl]o]`k(_q]j`koa`ek qj]oepq]_e“j]pŽle_](]hnaceopn]n qj`ao_ajoki]uknmqalqokaj neaock]hcqjko_qhperko*

;ijWl[pbeifhedŒij_Yei\k[hed Y[hj[hei ?eanp]iajpahkolnkj“ope_ko`ah _hei]jkoqahajoanp]j_kjbe]^hao( lankajaop]k_]oe“jhko]reoko aiepe`kolkn?kj]cq]jkb]hh]nkj( ¼ahbaj“iajku]paniej“;(hko ejrep]`ko_kjpaop]nkj6 Ah`enecajpa`aO]je`]`Racap]h atlhe_“mqaah_]i^ek_heiƒpe_kjk laniepao]^an_qƒj`kk_qnnenƒj aopapelk`aarajpkok_qƒj`k eje_e]nƒh]oamqŽ]* Lknoql]npa(ahpepqh]n`aOa`an( i]jebaop“mqa]qjmqajkoa]j

FKORAN@QV?K _eajlkn_eajpk_kjÚ]^haohkolnk) j“ope_ko`ahpeailk(hkolnk`q_) pknao`a^aji]jpajanoa]pajpko ]hko]reokoiapaknkh“ce_koupki]n lnareoekjao*

7\_hcW:[iWhhebbeHkhWbgk[i‡ ^kXeX[d[\_Y_ei Ahbqj_ekj]nekaop]p]h]cnac“mqa ]lao]n`amqaoŽd]u]ba_p]_ekjao( dq^ki]ukn^ajaÚ_ek(lqaoh]o lnao]opqreankjqj]_]lp]_e“j eilknp]jpaajaopko`Ž]o(]`aiƒo mqahkoi]jpkobnaƒpe_kooana_q) lan]nkjjkp]^haiajpa* ÎH]lnao]>]oehek>]`ehhknalknp] lk_kiƒo.,iehhkjao`aiapnko _˜^e_ko*H]lnao]Pnkfao/*1iehhk) jao(p]i^eŠjatpn]o]hku]_]lp]`k ajh]ohhqre]ojkni]hao(ieajpn]o mqaajh]H]cqj]`a=iah]oa _]lp]nkj.*.iehhkjaoiƒoÏ* Ej`e_“mqa]jpah]lk_]_]l) p]_e“j`a]cq]ajahlanek`k`ah pailkn]h(oad]^Ž]lajo]`kjk `]nhao]cq]]pk`kohkolnk`q_) pknao( lank aop] ˜hpei] lna_e) lep]_e“j]here]h]oepq]_e“jaj aopa]ola_pk*Dq^kiƒohhqre]o ajhkohŽiepao_kjF]heo_k(d]_e] ahlkjeajpa* Ran`qv_k]lqjp“mqahkoao_q) nneieajpkoj]pqn]hao]heiajp]nkj ]hNŽk=nianŽ]uaopklaniepenƒ i]jpajan_ann]`]oh]olnao]o( Î]lnkra_d]j`k aopk oa lk`nƒ _ann]nh]lnao]qjko`Ž]oiƒol]n] lk`an]oacqn]nah]cq]l]n]hko ˜hpeiko`Ž]o`ahran]jkÏ*

J=V=NEKNK@NæCQAV(

;b i[Yjeh f[YkWh_e [i [b c|i X[d[\_Y_WZe Ah oa_nap]nek _kjbeni“ mqa d]u ^ajaÚ_ekulanfqe_eklnk`q_pk`a h]o_]^]’qah]o*Lknqj]l]npahko iƒo^ajaÚ_e]`kookjhkoc]j]`anko( u]mqa`ah]o12,iehda_pƒna]o( 0.2 ieh okj `aopej]`]o l]n] h]o qje`]`ao`alnk`q__e“ju]dŽah o]h`kaolkoeperk* =^qj`“mqaahoa_pknde`nk]cnŽ) _kh]p]i^eŠjo]hac]j]j`k_kjh]o hhqre]o`a^e`k]h]na_]nc]`ahko i]jpko]_qŽbankouah]dknnkmqa oalnk`q_aajh]ajancŽ]ahŠ_pne_]( lknmqaahda_dk`a`qn]nqjiao oej nac]n nalnaoajp] qj ]dknnk oqop]j_e]h* Ok^naaopaieoikpai](J]v]nek Nk`nŽcqav]_kp“mqah]opkniaj) p]o]lknp]j^ajabe_eko`eopejpko ]hkok^paje`ko]pn]rŠo`ah]cq] nk`]`]*ÎH]olh]jp]oiqaopn]jqj iafkn]ola_pklknh]_]jpe`]``a jepn]pkmqahao]lknp]ah]cq]`a hhqre](]qjmqaah]cq]oa]o“hkah _kj`q_pklknahmqaajpn]jhko jqpneajpao]pn]rŠo`ah]on]Ž_aoÏ( atlhe_“*

<k[c|iX[dƒÅYegk[f[h`kZ_Y_Wb Ahlnaoe`ajpa`ah?kiepŠ`aO]je`]` ]oaran“mqahko]ba_p]`kookjhko lnk`q_pknao`alhƒp]jk`a^e`k] h]olkoe^haoajbania`]`aomqah] bnqp]lqa`alnaoajp]nhqack`ah]o hhqre]o*Ajah_]ok`ahko_]’anko( Šopkod]jpaje`kmqalkolkjanh] _koa_d]*=˜j_kjhk]jpanekn(]oa)

cqn“mqah]o_]^]’qah]oo]hr]j]h _]ilk`ahaope]fa* ÎHko_k_kpankouhkol]l]uanko oa^ajaÚ_e]nkjajcajan]h*Hkmqa `]’]]hl]l]ukajiajkn_]jpe`]` okjhkodkjckomqalq`najh]bnqp]( u]mqaaoqj_qhperkmqa`qn]iƒo `aqj]’kuoa`a^aaop]nlnal]n]`k l]n]ahpeailk`ahhqre]o*Ahi]ukn lnk^hai]n]`e_]ajmqah]n]Žvaoiqu `ahe_]`](lknhkmqaoeb]hp]ktecajk ajh]peann](oalean`aaop]n]ŽvÏ* Ej`e_“mqa`a^e`k]hlk^napai) lkn]h`ahhqre]o(h]peann]aop]^]oa_] uh]olna_elep]_ekjaol]o]`]obqankj bƒ_ehiajpa]^okn^e`]oajhkopanna) jko(hkmqalaniepe“mqajkdq^ean] i]uknlanfqe_ekajh]on]Ž_ao* Lknoql]npa(ahoa_nap]neki]je) baop“mqahkoc]j]`ankooa^ajaÚ_e]j _kjahoqnceieajpk`al]opkomqa napk’]j_kjh]dqia`]`*ÎLanfq`e_“ ]hkon]opnkfko`ai]Žvmqamqa`]^]j(

Ao_q_d]aop]ejpanao]jpa ajpnareop]ajsss*n]`ek) haru*_ki N]`ekcn]bŽ]ooapn]jo) iepahkofqarao]h]o46/, `ah]i]’]j](N]`ekcn]bŽ]o ajH]NH`a?khei]ajah 3-,`a=I(N]`ekI]t`a Pa_kiƒjajah4-,`a=Iu ajGHeajP`aI]jv]jehhk( ajah5/*3`aBI*

mqaaoqj]bqajpa`a]heiajp]_e“j l]n]ahc]j]`k(_q]j`khhqara oalq`nau]jkoenraÏ*

C|iZ[)+c_b^[Yj|h[WiW\[Y# jWZWifehbWiYWXW‹k[bWi D]_aqjko`Ž]o(h]Oa_nap]nŽ]`a @ao]nnkhhkNqn]hoanaqje“_kj hkolnk`q_pknao_kheiajoaol]n] ar]hq]nah`]’k_]qo]`klknh]o hhqre]o(_kj_hquaj`kmqahko lnk`q_pkomqanalknp]jlan`e`]o okjh]odknp]hev]o(aola_e]hiajpa ahiah“j(fepki]pa(o]j`Ž]u_deha* D]u/,,da_pƒna]o`aiah“j ]ba_p]`]o(ieh1,,`ao]j`Ž]( .-ieh.,,da_pƒna]o]ba_p]`]o `ahei“j(542`al]l]u](/ieh 5,,da_pƒna]o`ai]jcklan) `e`]o(1ieh/,,da_pƒna]o`a lhƒp]jku.ieh0,,da_pƒna]o `ap]i]nej`k* J]v]nekNk`nŽcqavatlqokmqa ]hkolnk`q_pknao`ai]jcku`a hei“jhao]ba_p“mqahkoƒn^khao oaaj_kjpn]^]j_kjh]Ûkn]_e“j iƒobqanpa(Îlknhkmqaah`]’k lk`nŽ]oan`aajpna-,u.,!l]n] hko mqa jk bqiec]nkj( lank mqeajaooa]`ah]jp]nkj_kjh] bqiec]_e“jjkpaj`nƒji]ukn lnk^hai]Ï* =_alp“mqah]^]f]ajh]lnk) `q__e“jlaniepenƒmqaahlna_ek ajahian_]`k]qiajpa(]qjmqa ateopah]ej_anpe`qi^naajah`]’k Új]hmqaoqnf]]_kjoa_qaj_e] `ah]o_]^]’qah]o*

8kiYW]eX_[hde[ijWjWbfŒb_pW Z[ '( cZf fWhW Wi[]khWh Ykbj_lei Hkoejrep]`konaÚneankjmqa`]`k ]hkoi]hkoi]jafko(hkooacq) nkopqreankjmqa`ao]l]na_an lknmqa]`aiƒohkoaomqai]o mqaoa_kjpailh]^]jjkan]j p]j_kjrajeajpao*Î@a^e`k]hk ]jpanekn(hkolh]p]jankoaj_]) ^av]`kolknBn]j_eo_kDqaok bkni]nkjoqlnklekbkj`k`a ]oacqn]ieajpkÏ(naÚne“J]v]nek Nk`nŽcqav* Lknoql]npa(ahoa_nap]nekFkoŠ Ran`qv_k]`ah]jp“mqaaopƒjaj lhƒpe_]o_kjqj]ejop]j_e]hh]i]`] Lnkcn]i]`a=lkuk]?kjpej) caj_e]o?hei]pkh“ce_]o*ÎAjhqc]n `aqj]^kho]l]n]_kjpejcaj_e]o mqajk]h_]jv]nŽ]l]n]]lku]n _kjhko`]’ko(oa]oacqn]nŽ]_]`] _qhperk_kjqj]l“hev]pkp]h`a -.iehhkjao`alaoko(_kjh]mqa oa]oacqn]nŽ]j1,iehda_pƒna]o ajh]ajpe`]`(_kjh]]lknp]_e“j `a5iehhkjao`ah]Ba`an]_e“j u/`ahck^eanjkaop]p]hÏ*

9edYbki_ed[i L]n]ahlnaoe`ajpa`ah?kiepŠAop]p]h `aO]je`]`(J]v]nekNk`nŽcqav( hko^ajaÚ_eko`ah]o_]^]’qah]o]h aop]`kokji]uknaomqahkolan) fqe_eko(ajqj]lnklkn_e“j`a3] /*Ieajpn]omqal]n]ahoa_nap]nek `a@ao]nnkhhkNqn]hFkoŠRan`qv_k( h]lnklkn_e“j`a^ajaÚ_eko]lan) fqe_ekoao`a2]0*


"DFOUPT

PQJOJuOl_[hd[i(,Z[ <[Xh[heZ[(&'&

7=;D:7FEBÑJ?97 C_]k[b7YeijWLWh]Wi

9eb_cW

-BIPSBEFMBT EFGJOJDJPOFT

'

ahela?]h`an“jDejkfko]d]klp]`k lknlnerehace]noqnkh`afaba`a l]npe`kck^anj]jpaok^naah`aoq i]j`]pk_kjopepq_ekj]h_kiklna) oe`ajpa`apk`kohkoiate_]jko*Aj h]Dkn]`ah]o@abeje_ekjao)]oŽ(_kji]u˜o_qh] eje_e]h)(BA?=Hd]lnabane`koanl]jeop](]jpaomqa faba`aAop]`ku`ack^eanjk*=hhƒŠh* Ahlnaoe`ajpal]jeop]Bahela?]h`an“ju] `aikopn“]pk`kohkoiate_]jkomqajkaoqj dki^naajmqeajoalqa`]_kjbe]n*Jkaoqj] lanokj]mqa_qilh]oql]h]^n]*Jkhaejpanao] ]_pq]n]lac]`k]hkor]hknaoŠpe_komqanecajh] re`]aj_ki˜j`ahkoiate_]jko*Qjdki^na mqajkpeajanaolapklknoql]h]^n](jklqa`a pajannaolapklknj]`]***uu]reikomqa]oŽ]_p˜] ahl]jeop]lnaoe`ajpa?]h`an“jDejkfko]* Ah]oqjpk`ah]o]he]jv]oajpnahkol]jeop]o uhkol]npe`ko`aevmqean`](l]npe_qh]niajpaah LN@(d]ikopn]`k_kj_h]ne`]`mqalknaj_ei] `ahkor]hknaoejpnŽjoa_ko`ahkol]npe`ko(aopƒj hkoejpanaoao`a?]h`an“jDejkfko]uhkoiq_d]) _dkomqapeaja_kikaj_]nc]`ko`ah_kiepŠ j]_ekj]h`ahL=J* BA?=Ho]^amqa]aop]]__e“j_knnaolkj`anƒ( oac˜jh]pan_an]hau`aJaspkj(qj]na]__e“j`ah] ieoi]ejpajoe`]`(lank`aoajpe`k_kjpn]nek*Hko naoqhp]`kooaranƒjajah?kjcnaok`ah]Qje“j* H]olneian]oare`aj_e]o`aahhkaopƒju]ajh] lnklqaop]`anabkni]lkhŽpe_]lnaoajp]`]lkn ahoaj]`knI]jhekB]^ek>ahpnkjaouah`eo_qnok `ah]lnaoe`ajpaj]_ekj]h`ahLNE(>a]pnevL]na`ao( ajah]jerano]nek`ah]?PI(ahieŠn_khao.0`a ba^nank* Lkn_kjoe`an]nhk`aoqikejpanŠo(nalnk`qv_k l]npaooqop]j_e]hao`a`e_dk`eo_qnok* H]re`]lkhŽpe_](a_kj“ie_]uok_e]h`a IŠte_k]pn]reao]lknqjkoikiajpkoran`]) `an]iajpacn]raou`khknkoko*H]`ana_d]u]

FWXbe=Œc[p

&M OP BM OP



/ejpaha_pq]haoulkhŽpe_koajna_aok jkohh]i]j]]lnk^]nh]onabkni]o lnklqaop]olkn?]h`an“ju_kjrk) _]j]`a_enjk]hjk*Daikopaje`k Štepkajahjk]h]lner]pev]_e“j`a h]ej`qopne]lapnkhan](]haj_]n_ah]ieajpk`a hko_kjoqie`knao`a`nkc]o(]h]b]_qhp]``a hko]cajpao`alkhe_Ž]`aejr]`en_q]hmqean `kie_ehek(ajpnakpnko`ebŽ_ehaopn]j_aojac]) perko*Lankdaikooe`k]lh]op]`kolknahoŽaj ah]qiajpk`aeilqaopkoajlhaj]na_aoe“j( hkooq^afan_e_ekolnaoqlqaop]haoajk^n]o l˜^he_]o(h]ej_kiqje_]_e“j`anakolkno“hk iaj_ekj]n]hcqj]o`annkp]o* Ajqjl]Žomqaoa`e_a`aik_nƒpe_kah jkbkni]l]npaej`eolajo]^ha`ahoeopai]* ½?qƒjpkojkde_eankjb]hp]l]n]eila`en`e_) p]`qn]oucqann]o½?qƒjpkojkb]hp]nkjaj Aop]`koQje`kol]n]`apajan]Na]c]ju] >qod=dkn](_q]j`k?]h`an“jlnklkjamqaah Afa_qperklqa`]oqolaj`anc]n]jpŽ]o_q]j`k oaha]jpkfa(¼d]^nŽ]mqa`a_enmqaoŽ_kjp]h `a^]f]noa`ah]heop]`ah]cajan]_e“j`ahjk; ¼Paj`nŽ]ikop]i^eŠjmqa]lku]nh]e`a]`a ?]h`an“j`amqaahlnaoe`ajpahaceohalkn `a_napk^]fkh]hh]i]`]]Úni]per]Ú_p];

BWiYedi[# Yk[dY_WiZ[ kdWWYY_ŒdjWd [ij‘f_ZWYece bWYec[j_ZW feh[bfh[i_# Z[dj[9WbZ[hŒd oikickY^W# Y^ei"i[]khW# c[dj[j[dZh| Yedi[Yk[dY_Wi Z[iWijheiWi fWhW[bfW‡i

;d kd fW‡i gk[ i[ Z_Y[ Z[ceYh|j_Ye" [b de \ehcW fWhj[  _dZ_if[d# iWXb[ Z[b i_ij[cW$ ¬9k|djei de ^_Y_[hed \WbjW fWhW _cf[Z_h Z_YjWZkhWi o ]k[hhWi >W i_Ze [b i‡ [b YWkiWdj[ Z[ ckY^ei Z[ijhepei o YWbWc_ZWZ[i

`aikopn“mqajklqa`ajeo]^ack^anj]n*=h `aoailhaku]h]ej_anpe`qi^naajh]re`]`a hkopn]^]f]`knaoiate_]jkou`aoqob]iehe]o oa]’]`a(l]n]_kilhap]nah_q]`nk(h]_na_eajpa dkopehe`]``ahck^eanjkd]_e]hkopn]^]f]`knaou oqoknc]jev]_ekjao* Jklk`aikokhre`]n(lna_eo]iajpadku(aj ah]jerano]nek`ahj]_eieajpk`ah]?PI(mqaah fkrajBe`ahRahƒvmqav(ajpkj_aoiqufkraj(_kj) pne^qu“`ai]jan]`apaniej]jpaajh]`eo_qoe“j uajh]ah]^kn]_e“j`ah]HauBa`an]h`ahPn]^]fk `a-5/-(_kikp]ilk_klk`aikoje`a^aiko ecjkn]nmqabqah]?kjba`an]_e“j`aPn]^]f]) `knao`aIŠte_k(oqolnej_el]hao`enecajpao( oqo]^kc]`kouoqohaceoh]`knao(l]npe_el]nkj `ai]jan]iqu]_per]ajh]ah]^kn]_e“j`ah] ]_pq]hHauBa`an]h`ahPn]^]fk* @enecajpaooej`e_]hao(`elqp]`kouoaj]`knao k^nankoaejpaha_pq]hao]hoanre_ek`ahlnkhap]) ne]`k(_kjpne^quankj`ai]jan]`apaniej]jpa ajpk`kahlnk_aoklkhŽpe_k(ok_e]huhaceoh]perk mqa_qhiej“_kjh]lnkiqhc]_e“j`ah]haceoh]) _e“jh]^kn]hrecajpa* H]ohauao(_kil]’an]ou_kil]’ankopn]^]) f]`knao(okjhko_]q_aolknhkomqa`a^a`eo_qnnen h]re`]`apk`]ok_ea`]`mqa]olena]`ao]nnkhh]noa `ai]jan]_erehev]`]uajqji]n_k]nikjekok* Okjhkoejopnqiajpko`ah]_kjreraj_e]ok_e]h( okjp]i^eŠjhkoejopnqiajpkomqaamqel]n]j ]hko_eq`]`]jkoaj_kj`e_ekjao`aecq]h`]` _q]j`kh]haceoh]_e“jao`a_]nƒ_panok_e]h* Ajjqaopnkl]Žoh]haceoh]_e“jh]^kn]h(lanba_) pe^ha_kikaoajpk`kikiajpk(devklkoe^haah pnel]npe`eoikuh]nalnaoajp]_e“joej`e_]hajh] `eo_qoe“j`ahkolnk^hai]o`a_]nƒ_panh]^kn]h* C]n]jpev“mqah]o_kjmqeop]omqaahikreieajpk narkhq_ekj]nekd]^Ž]lh]oi]`kajah]npŽ_qhk -./?kjopepq_ekj]hlq`eaoajnach]iajp]noaaj _]`]pŽpqhk(aj_]`]]npŽ_qhk`ah]HauBa`an]h`ah Pn]^]fkoaaj_qajpn]j_kj_ajpn]`koh]deopkne]u ahlnaoajpa`aiq_d]o`ah]ohq_d]omqa`eankj hkopn]^]f]`knao`aIŠte_k* Ahck^eanjk`ah]`ana_d](_kjqj]ejoeopaj) _e]`ecj]`aiafkn_]qo](`e_amqaajjqaopnk l]Žoaoej`eolajo]^hakqj]jqar]hauh]^kn]h kqj]onabkni]omqah]oik`ebemqajoqop]j) _e]hiajpa* ¼@amqŠoapn]p];¼Oapn]p]`a`a^ehep]n]hko oej`e_]pko`apn]^]f]`knao;¼Oapn]p]`aaopanehe) v]nh]aoaj_e]`ah]_kjpn]p]_e“j_kha_per];¼Oa

pn]p]`anach]iajp]nat_aoer]iajpaah`ana_dk `adqahc]d]op]ahlqjpk`ad]_anhk`ao]l]na_an ajh]lnƒ_pe_];¼Oapn]p]`amqah]oailnao]ou ahck^eanjkoaajpnkiap]jajhko]oqjpkooej) `e_]haomqao“hk_kilapaj]hkopn]^]f]`knao; ¼Oapn]p]`a]^]n]p]nah`aole`k(`ab]_ehep]nah `aole`k`ahkopn]^]f]`knaoajjki^na`aqj] oqlqaop]ik`anjev]_e“jk`aqj]ajc]’ko]bha) te^ehev]_e“j`ah]onah]_ekjaoh]^kn]hao;¼Oapn]p] `ab]_ehep]nh]lnkheban]_e“j`aaokojack_ekomqa l]n]ar]`enh]hau(`]joanre_eko]_eanp]oailna) o]o_qu]ieoe“jiƒomqalnk`q_enaoahq`en]hko oej`e_]pkou]^]n]p]nh]i]jk`ak^n];¼Oapn]p] `aknc]jev]nqjnaceopnkoaha_perk`aoej`e_]pko; ¼Oapn]p]`aqj]]`iejeopn]_e“jlnkailnao]ne]h `ah]ohh]i]`]opki]o`ajkp];¼Aomqah]l]v h]^kn]hmqeana`a_enatlhkp]_e“joejlnkpaop]o u]qoaj_e]`a`abajo]o`ahkoejpanaoao`ahko pn]^]f]`knao; ½êec]jhk^eaj(oe`aaokoapn]p](oeaoklna) paj`aj(oe]aok]olen]j(mqajk_qajpaj_kj jkokpnko(mqajk_qajpaj_kjh]bqanv]lkhŽpe_]( ok_e]hul]nh]iajp]ne]`ahL]npe`kNarkhq_ekj]) nekEjopepq_ekj]h*D]op]]mqŽh]_ep]* ?kikoalqa`aran(h]o_kjoa_qaj_e]o`a qj]]__e“jp]jaop˜le`]_kikh]_kiape`]lkn ahlnaoe`ajpa?]h`an“juoqoiq_d]_dko(oacq) n]iajpapaj`nƒ_kjoa_qaj_e]o`ao]opnko]ol]n] ahl]Žo* >eaj`e_aB]_qj`k?]^n]hmqaqjaop˜le`k _kiapaaopqle`a_aouqjcanajpa(canajpa_ao* ?]h`an“jDejkfko]d]]_pq]`kajh]Dkn]`a h]o@abeje_ekjao_kikah_hƒoe_kcanajpa`ao_nepk lkn?]^n]h*

H]lhqn]he`]`jkaoejikreheoik*opaao lnk`q_pk`aqj]i]h]i]jan]`a_kj`q_en h]hq_d]lkhŽpe_](`a]qoaj_e]`ahe`an]vck* ¼MqŠdevk?]h`an“jbnajpa]h]_neoeo;Na]hev“ _kjahLNEqj]ranckjv]jpauranckjvko] _k]he_e“jl]nh]iajp]ne]l]n]]qiajp]nh]o _]nc]oeilkoeper]ou`af]n]hkokhec]n_]ooej l]c]neilqaopko* Hko]^]fkÚni]jpao_kjpn]ahjko“hk`e) _ajoŽ]hlnkua_pk`a?]h`an“jlankecjkn]j kpn]olnklqaop]o*¼Jkaopƒj`a]_qan`k_kj ahnabanŠj`qib]_qhp]perklklqh]nl]n]mqa hko_eq`]`]jkolqa`]jrkp]nh]ohauaok^fa) p]`]o;¼Jkaopƒj`a]_qan`k_kjah`ana_dk _eq`]`]jk`anark_]nahi]j`]pk`ahkock) ^anj]jpao;¼P]ilk_k]_alp]jahlha^eo_epk _kikejopnqiajpk_kjahmqah]i]uknŽ] lqa`]naokhranhko_kjÛe_pkook^napai]o `ah]]`iejeopn]_e“jl˜^he_]; JkoŠ`a`“j`ao]_]jhko]^]fkÚni]jpao mqaaoiafknmqaahrkpkjac]perkoa]`a) paniej]jpaajqj]aha__e“j*Aopkaohkmqa ]lku]j]hatecenmqaoa]`iep]h]oacqj`] rqahp]lnaoe`aj_e]h*Lank(]`aiƒo(h]ck^an) j]^ehe`]`(_kikhahh]i]j]aok(_]na_a`a oajpe`k_q]j`klaniepamqaahrkpkjac]perk oaeilkjc]ajh]oqnj]o*Aoiq_dkiafkn mqaoack^eanja_kjqjlnkcn]i]]lku]) `kajahrkpklkoeperk*Hkmqaoa^qo_]ao h]b]^ne_]_e“j]npeÚ_e]h`aqj]i]uknŽ]]^) okhqp]oejeilknp]n_“ikoa]h]ok_ea`]`* H]lnklqaop]`a?]h`an“jaolaknlknmqa aoqjlh]j_kji]’]6lnklkjamqah]aha_) _e“j`ahaceoh]`knaooahhara]_]^k]hieoik

peailkmqah]oacqj`]rqahp]lnaoe`aj_e]h( _kjhk_q]hhkol]npe`komqajkoaq^emqaj ajh]`eolqp]Új]hmqa`]nŽ]j^knn]`koajah ?kjcnaok*Aopk˜hpeikjkateopaajjejcqj] l]npa`ahiqj`k* ¼Hko]^]fkÚni]jpaojkaopƒj`a]_qan`k _kjh]]qpkjkiŽ]`ahIejeopanekL˜^he_ku `ah]=q`epknŽ]Oqlanekn`ah]Ba`an]_e“j( _kj]__e“jlaj]hl]n]aop]˜hpei];¼P]i) lk_kaopƒj`a]_qan`k_kjmqaateop]fqe_ek lkhŽpe_kklan]jpauoalqa`]jnaikran] hko]hpkobqj_ekj]nekoejalpkou]^qoerko; ¼=_]okjkaoja_ao]nek]_]^]n_kjaoao]ejapa hh]i]`k`ao]bqankl]n]mqahkohaceoh]`knao( ck^anj]jpaouiejeopnko`ah]?knpamqaoa]j ]_qo]`ko`a]hc˜j`ahepk_kil]nav_]j]jpa h]fqope_e]_kik_q]hmqeankpn]lanokj]; H]lnklqaop]`a?]h`an“jmqa]qiajp] `ana_dko_eq`]`]jkoaoh]nah]per]]h]o_]j) `e`]pqn]oej`alaj`eajpao(h]_q]hÚcqn]ajah lnkcn]i]`ahLN@`ao`ad]_aiq_dko]’ko( lank_kj]__aokcn]pqepk]n]`ekupahareoe“j u_kjÚj]j_e]ieajpkl˜^he_k* Hko]^]fkÚni]jpaojkoh]jv]jqj]lape_e“j* @e_aj(Î=iecko$;%haceoh]`knao6]lnqa^ajh]o nabkni]ou`aikoeje_ek]h`a^]pa`abkj) `k6¼mqŠbqpqnkmqanaikol]n]IŠte_k;Ï ?q]hmqean]lk`nŽ]lajo]nmqah]o_ko]ookj ]hnarŠo*Lneiankoa]^naah`a^]pauhqackoa rkp]*Mqevƒlknaopkahi]jeÚaopkÎJk]h] cajan]_e“j`ahjkÏ]lku]oej]ncqiajpkohko lqjpkolnaoajp]`kolkn?]h`an“jaecjkn] lkn_kilhapkh]olnklqaop]o`ahko`aiƒo l]npe`ko*¼=oŽoaiafkn]qjl]Žo;.D

JH;I9EC;DJ7H?EI7BC7H=;D -*Ah`ahac]`k`ahEOOOPA(QheoaoCkjvƒhavC]n_Ž]( ajpnac“hkolneianko1,`a-(1,,^kpemqejao`a lneianko]qteheko(]h`enecajpa`ah]oa__e“jRE `ahOJPA(Fao˜oRehh]jqar](l]n]mqaoa]j`eopne) ^qe`koajpnaahcnaieki]ceopane]h* Ecq]hiajpa(oaejop]h]nƒqji“`qhkaola_e]h `ar]_qj]_e“j_kjpn]h]ejbhqajv]=+D-J-(`kj`a hk`eolkjc]ah`enecajpaoej`e_]h(l]n]lnkpacan] i]aopnko(]hqijko(l]`nao`ab]iehe]ulanokj]h ]`iejeopn]perk`ah]oao_qah]o`ah]ajpe`]`* .*H]ha]hp]`peajaqj_kn]v“jpn]jmqehk* Od]gaola]na /*?kjpn]h]aopqle`av(d]op]hko`ekoaohq_d]j ajr]jk*Ckapda.&


l_[hd[i(,Z[ <[Xh[heZ[(&'&

97D9?ED;HE

B79?K:7::;B7IF7HEJ7I

<ƒb_n9ehjƒi9WcWh_bbe

7b[`WdZheCehWb[i

$BODJuO NBNCJTB

4

eailnadaokopaje`kmqao“hkhko^eaj]heiajp]`kolqa) `ajd]_andqahc]o`ad]i^na*Knh]j`kV]l]p](lnaok lkhŽpe_kaj?q^]`ao`a-53.(d]oe`k(d]op]`kj`ahha) c]ieajpaj`eieajpk(ahlneianoandqi]jkajiknen ]_kjoa_qaj_e]`aqj]_pk]oŽ*Ahikperk`aoq]uqjk oqe_e`]an]na_h]i]nmqaahck^eanjk`ahko?]opnkhana_kjk_ean] oq_kj`e_e“j`alneoekjank`a_kj_eaj_e]*Hko]en]`kona_h]ikoej) panj]_ekj]haouahlao]natlnao]`klknN]˜h?]opnklk_k]here]jah ]_kjpa_eieajpk* H]klkoe_e“j]hck^eanjk_q^]jk(`ap]jh]nc]deopkne]_kikah ]jpebn]jmqeoik`ahatehekaol]’kh(ao_eanp]iajpalk_kjqianko]( jkhhac]]hiehh]n`alanokj]oajh]eoh]*Oqknc]jev]_e“jaolna_]ne] uh]nalnaoe“jajoq_kjpn]aooeopaiƒpe_](]`aiƒo`a]lku]`]lkn h]lk^h]_e“jajcajan]h(lknpaiknk_kjre__e“j*Aokoda_dkoje ejr]he`]joq`ana_dkok^an]jk]h]ateopaj_e]u]hnaolapk`akpnko lqa^hko(l]npe_qh]niajpaahiate_]jk* H]onah]_ekjao`ahkock^eanjkoiate_]jko_kjah`a?q^]d]j l]o]`klknhkoatpnaiko`aqjr]erŠj_khko]hmqar]`ao`ah]okhe) `]ne`]`iƒoejpajo]]h]i]f]`anŽ]Í_kiaoupar]oÍiƒoejoqho]* Lankhkock^eanjkoiate_]jkojkd]je`khafkolknh]onaolqaop]o* Re_ajpaBktbqalqaopkajne`Ž_qhk]h`]noa]_kjk_anh]ocn]^]) _ekjao`aoqo_kjrano]_ekjao7ahck^eanjk`aBahela?]h`an“j(dku p]jokhŽ_epk]Înacqh]nev]nÏh]onah]_ekjao_kjh]eoh](oakhre`“_kj `ai]oe]`]n]le`avokola_dko]`amqaqjk`ahkolneiankoulk_ko l]Žoaoaj_ann]noqobnkjpan]o]hkoiate_]jkoajaho]ejapa`ah] l]j`aie]`ad]_aqj]’kbqalna_eo]iajpa?q^]*Ahpn]p]ieajpk mqaoa`ek]h]`ahac]_e“j`ahaceoh]`knaoiate_]jko`apqneoik lkhŽpe_kaj?q^]bqakopajpko]iajpabnŽk* Qj]`ah]oiq_d]oi]jebaop]_ekjao`ahAop]`kb]hhe`kiate_]jk aooqlkhŽpe_]atpanekn(qjk`ahkolk_ko_]ilkoajahmqapn]`e) _ekj]hiajpaateopeankj(`qn]jpaah]^knna_e`klne]pk(lnej_eleko bqj`]iajp]haou]_pepq`ao_h]n]o^eaj`aÚje`]o* Ajh]iqanpa`ah_q^]jkV]l]p]d]uqj]klknpqje`]``ana_qlan]n qjlk_k`ah]_]n]lan`e`]*Pajckh]_anpav]`amqajkoad]nƒ*.D \[b_n$Yehj[i6ckbj_c[Z_ei$Yec

C_b[d_e9eb_cW"FkXb_YWY_Œd:_Wh_WšW‹e*šDe$'*)'$<[Xh[he(,"(&'&šD‘c[heZ[9[hj_\_YWZeZ[H[i[hlWejeh]WZefeh[b?dij_jkjeDWY_edWbZ[:[h[Y^ei Z[7kjeh0[djh|c_j[$šD‘c[heZ[9[hj_\_YWZeZ[B_Y_jkZZ[9edj[d_Ze0[djh|c_j[šD‘c[heZ[9[hj_\_YWZeZ[B_Y_jkZZ[J‡jkbe0[djh|c_j[šEjeh]WZeifehbW 9ec_i_Œd9Wb_\_YWZehWZ[FkXb_YWY_ed[ioH[l_ijWi?bkijhWZWiZ[bWI[Yh[jWh‡WZ[=eX[hdWY_ŒdšFkXb_YWZeoZ_ijh_Xk_Zefehf[h_ŒZ_YeC?B;D?E:?7H?EI$7$Z[ 9$L$š:ec_Y_b_eZ[bW?cfh[i_ŒdoFkXb_YWY_Œd07l[dWDe$'-"9eb$=hWd`Wi;ic[hWbZW"9$F$&/.'&"Cƒn_Ye:$<$šJ[bi0+*#*+#(/#./š:_ijh_XkY_ŒdKd_ŒdDWY_edWb Z[;nf[dZ[Zeh[iZ[F[h_ŒZ_YeiZ[Cƒn_YešFh[Y_e0+$&&š;bYedj[d_ZeZ[beiWhj‡Ykbei[ih[ifediWX_b_ZWZ[nYbki_lWZ[beiWkjeh[išJeZeibeiZ[h[Y^ei [ij|dh[i[hlWZeišGk[ZWfhe^_X_ZWbWh[fheZkYY_ŒdfWhY_WbejejWbZ[bcWj[h_WbfkXb_YWZei_dYedi[dj_c_[djefeh[iYh_jeZ[bei[Z_jeh[išBW_d\ehcWY_Œd Yedj[d_ZW^Wi_ZeeXj[d_ZWZ[\k[dj[igk[i[Yedi_Z[hWd\_Z[Z_]dWi$

9eb_cW eb_cW

&YQFEJFOUFT NBODIBEPT

&

jh]_eq`]`(ukpajck hqc] nao mqa j e l kn ] o k i k  r e o e p k *  L k n afailhk(ahKttk`a h]aomqej]`aEcj]_ek O]j`kr]huBahelaOarehh]`ahNŽk*Je l]n]_kiln]nqj_de_hadalh]jp]`k jelh]jp]nŠ]dŽqjlea*F]iƒo*Lknhk iajkoieajpn]ojk_]i^eajh]o _en_qjop]j_e]o]n^“na]omqaiƒo `ah]jpanah]p]nŠ*UaokmqahkoKttko _qajp]j_]oeoeailna_kjieoeil]) pŽ](]hcqj]o_ko]oeilknp]jpaoajie re`]d]jk_qnne`k]hejpaneknkaj nah]_e“j_kjaop]opeaj`]o* U]qjmqa]dŽjkraj`]j_de_hao( hkieoikda`a_e`e`k_kjnah]_e“j ]haop]^ha_eieajpk`aajbnajpa(ah lneianOp]n^q_go`ajqaopn]_eq`]` _]lep]h*Ecq]hiajpa(jkpajckj]`] aj_kjpn]`apki]nia(oehhack] pajanah`ejankoqbe_eajpa(qj^qaj _]bŠaj]hc˜jhk_]h`ahkoiq_dko Op]n^q_gonal]npe`kolknahiqj`k( ]qju_kjh]b]i]$jkoŠoe_eanp]k ejbqj`]`]%mqapeajaj`aatlhkp]n] hko_]bape_qhpknao`ajqaopn]ooahr]o* =aop]pn]joj]_ekj]hoaha]_qo](lkn afailhk(`ad]_anl]ckoieoŠnneiko lknah]nkiƒpe_k(uraj`anhk]qj lna_ek_kil]n]per]iajpaiquaha) r]`k(ahar]`Žoeik(u]lqaopkajp]v]( kajr]okiafkn`e_dk(uoejjejc˜j ^ajabe_ekl]n]oqoailk^na_e`ko lnk`q_pknao*Lknhkiajkoaopkjko ejbkni]ahb]ikokhe^nk`aJ]kie Ghaej(Jkhkck(_]oeqj]^e^he]l]n]h]o dkn`]ochk^]heb“^e_]o`ahkn^a* Lankjkaoie_]ok*Ienahece“jjk pkhan]aopaOp]n^q_gouaopaKttk`a h]iqu_kj_nap]aomqej]iaj_ek) j]`](lknn]vkjaoiqu`ebanajpao ]h]oaocneie`]olknh]lanek`eop] _]j]`eajoa*Ieon]vkjaookjiqu hk_]hao(iƒomqachk^]heb“^e_]o*K mqevƒoiafkn`e_dkpk`]rŽ]6ieo n]vkjao okj chk^]hebŽhe_]o* =ik ajpn]’]^haiajpa]aopalh]jap](p]j ckhla]`kurehelaj`e]`k(mqevƒjk p]jpklknh]i]h]rkhqjp]`lankoŽ lknh]ecjkn]j_e](u_]`]ravmqaqj ƒn^khao]nn]j_]`kk]npan]iajpa iqpeh]`k(ia`qaha_kikoebqan] ieleah]h]mqaoahadenean]* @a aop] i]jan]( oe oeajpk h] eilaneko]ja_aoe`]``a_kiln]n qj _de_ha lkn ao] vkj]( _nqvk h] ]raje`]uhk]`mqeank(lknafai) lhk( aj h] B]ni]_e] Cq]`]h]f]n] mqaoaq^e_]ajh]aomqej]oqn`a ajbnajpa(at]_p]iajpaajah_nq_a `ah]oieoi]o_]hhao(lank^]fkh] oki^n]`aqjkoajkniaoh]qnahao `ah]ej`e](_qu]bnkj`]d]oe`knao) lap]`]pk`]rŽ]$uaolankmqalkn oeailna%lknah=uqjp]ieajpk*Aj _q]jpk]h_]bŠ(jkni]hiajpahkpkik aj_]o](kajh]_]o]`aqj]ieckk ]iec]kb]iehe]n*Lankaj_]ok`a eilaneko]ja_aoe`]`_]hhafan](ia aooqbe_eajpahk_]hev]nqjKttkkqj Gekogk`kj`apajc]h]oacqne`]`mqa jkoap]h“kpn]omqeh“jejc˜jƒn^kh l]n]d]_ankopajpko]oqb]_d]`]( ]bej`ad]_ania`aieja_ao]ne] `koeo`a_]baŽj](]qjlna_eklkn

7ce[djhW# ‹WXb[c[dj[W [ij[fbWd[jW" jWd]ebf[WZe ol_b_f[dZ_WZe" gk_p|dejWdje fehbWcWbW lebkdjWZf[hei‡ fehbW_]dehWd# Y_W"oYWZWl[p gk[kd|hXeb [iWhhWdYWZe eWhj[hWc[dj[ ckj_bWZe"c[ Zk[b[Yecei_ \k[hWc_f_[b WbWgk[i[b[ ^_h_[hW

PQJOJuO

_eanpkiq_dkiƒoik`an]`kmqa ajahOp]n^q_go`ai]nn]o* Lank^qajk(_kjhk`e_dkd]op] ]mqŽ(aopƒreopkmqajkaoahlna_ek `ah_]bŠchk^]h`aaopaOp]n^q_go aj l]npe_qh]n( hk mqa ia iqara ]jkikrania(lna_eo]iajpa(aj `ena__e“j]`e_dkaop]^ha_eieajpk( jejejc˜j]ncqiajpke`akh“ce_k( _kikmqevƒohko`aJ]kieGhaej(oejk ]hckiq_dkiƒooaj_ehhk*Aopko`ko hk_]hao(ahKttkuahOp]n^q_go`a aop]aomqej]ajaola_e]h(pkhan]nkj ujk`q`kmqad]op]lnkikreankj( h]`ao]l]ne_e“j`alna_eko]o_kl]o racap]hao(lknqjh]`k`aqjejiajok cq]i˜_deh(`ar]nekoh]qnahao`ah] ej`e]hacaj`]neko(na`q_e`ko]dkn]] _]oej]`]ajah_]iahh“j`ah]Ecj]_ek O]j`kr]h(uqjƒn^kh`ahl]jajbh]) mqa_e`k]ckhla`ai]_dap]vkoaj ahOp]n^q_go*Uaomqauk(lknnach] rkhqjp]ne]iajpa]oqie`](jk]oeopk k_kjoqikajhk_]hao_“ilhe_ao`a h]`abknaop]_e“j_ep]`ej]*Mqevƒoa] qj]ia`e`]at]can]`]kej_ki) lnajoe^hal]n]iq_dko*Ej_hqok`a iŽjeikeil]_pk(lqaopkmqa_]oe j]`]lean`aaopaKttkoejkha_kilnk qj_de_ha(k]mqahOp]n^q_gooejk ha_kilnkqj_]bŠ(lankok^napk`k lknmqaaoqj]nach]iquiŽ](ujk h]lnkiqarkjed]cklnkl]c]j`] l]n]mqakpnkoh]]oqi]j*Okuqj banreajpa_nauajpa`ah]he^anp]`u h]_kj_eaj_e]lanokj]hao* Lank]oŽ_kikaopkohk_]hao(d]u kpnko*Lknafailhk(ajah^kqhar]n` ?]iejkNa]h(jelkn]okikoaia k_qnnenŽ]najp]nahhk_]h]hmqaha_an) _aj]nkjajbnajpaqjƒn^khejiajok j]`]iƒol]n]mqaoarean]h]b]_d]`] uahhapnankmqalna_eo]iajpa`e_a6 oanajp]*U]ialnkiapŽjkajpn]n f]iƒo]hkohk_]haomqaaopƒj_kjopnq) uaj`kajh]aomqej]`aR*?]nn]jv] uahPan_an=jehhkLanebŠne_k(fqjpk ]hNŽk?khei](umqaha_kop]nkjh] re`]]_q]j`kiajko`kodecqan]o `ap]i]’ku]iqudkjkn]^ha*Ulkn oqlqaopk(de_afqn]iajpkokhaija `ajkklan]niajeqj]lŠj`e_aaj ahDkolep]hLqanp]`aDeannkmqa e^]]_kjopnqenoaajhkmqabqan] AhI]j_d“j(umqaha_kop“h]re`] _q]j`kiajko]3,ƒn^khao*Iƒo`a _eaj(oac˜jhkoa_khkceop]o*$Oa`e_a bƒ_eh(lankieleahoqlqn]o]jcna _q]j`khkao_ne^k%* =dkn] naoqhp]( u] p]h]`ko hko ƒn^khao( mqa ah dkolep]h lner]`k oa _kjopnqenƒ aj ah jknpa `a h] _eq`]`* D]ck rkpko l]n] mqa ah =uqjp]ieajpk`a?khei](]dkn]mqa peajaqjlnaoe`ajpaiqje_el]h`a lnkbqj`]rk_]_e“j]i^eajp]heop]( na_qlanaahpannajk`aAhI]j_d“j( hknabknaopa(ud]c]`aŠopaqjƒna] ran`aajre`e]^ha(`kj`alqa`]naa) `q_]noa]jqaopnko_eq`]`]jkoajah _qe`]`kurajan]_e“j]hkoƒn^khao `ap]hhacn]j`a(hkomqa`a^ean]j rkhran]`]nr]hknae`ajpe`]`]aop] _eq`]`i]hhh]i]`]`ah]o^ahh]o lankaoienne]`]ol]hian]o* ¼Uoanƒiq_dkla`ennao_]p]n( _qe`]nu]hajp]nqjcajankokaol]_ek ran`a(lknafailhkqjcn]jl]nmqa iapnklkhep]jk(ajahjknpa`ah] _eq`]`( mqa ao h] vkj] `ao`a h] _q]hoa`aolnaj`ajjqaopnkonŽko u]nnkuko_ep]`ejko; D]uiƒomqa`a_en(lanklknhk lnkjpk ]reok mqa jk da mqep]`k ah `a`k `ah najch“j6 rku lkn h] ajpnareop]_kjAhC]pk(aoah]`n“j nkila_neop]hao(`arkpk(Šhjkohk atlhe_]nƒlknmqŠ(`ah]O]jpŽoei] Iqanpa*.




D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

/BDJPOBM

P

;Z_jeh0'SBODJTDP(BSEVtP feb‡j_YW6c_b[d_eZ_Wh_e$Yec$cn

;b9;DiebWc[dj[bWihWj_\_YŒ"Wi[]khW@eiƒ=edp|b[pCeh\‡d

F7D0bWiWb_WdpWibWi WhcWhedbei[ijWZei ;bi[Yh[jWh_e][d[hWbfWd_ijWd[]Œgk[[bZ[ib_dZ[Z[bWiYeWb_Y_ed[i P YbWl[i c[hc[[bcWh][dZ[d[]eY_WY_ŒdZ[bfh[i_Z[dj[9WbZ[hŒd1i_d[cXWh]e" [bfh__ijW@[i‘iCkh_bbeWYkiŒWbcWdZWjWh_eZ[d[]eY_WhYedYWdZ_ZWjei D;BBO I7B7I

Cƒn_Ye38e^„c`ZXD\iZX[f# =\ieXe[f;Xd`}ep;Xe`\cM\e\^Xj

-

]`enecaj_e]`ahL=J j]_ekj]hp]i^eŠjoa `aohej`“`ad]^anpa) fe`kh]o]he]jv]o_kjh] evmqean`](]h]oacqn]n oqoa_nap]nekcajan]h(FkoŠCkjvƒhav IknbŽj(mqabqalape_e“j`ah]o `enecaj_e]ohk_]haouah?AJo“hk h]on]peÚ_“* Oejai^]nck(]_h]n“mqaahhk jkhanaop]i]ncaj`ajack_e]) _e“jlkhŽpe_]]hLnaoe`ajpa`ah] Nal˜^he_](lknmqaahL=Jpeaja oqolnkle]ob]_qhp]`ao* Ajajpnareop](CkjvƒhavIknbŽj oa’]h“mqah]kleje“j`ahlnaoe`aj) pa?]h`an“jaonaolap]^ha(lknmqa bej]hiajpad]uqj]_]p]ieajpk ]h]o`a_eoekjaomqaoapki]j]h ejpanekn`ahL=J(Îulqaoahl]npe`k peajamqaoacqenajoqlnkle] h“ce_](ajoqlnkle]aopn]pace] aha_pkn]hpki]j`kh]o`a_eoekjao mqaha_knnaolkj`]Ï* Oahalnacqjp“oeajpkj_aoah L=Ju?]h`an“ji]n_d]jlknÎ_qan) `]ol]n]hah]oÏ(]hkmqaCkjvƒhav IknbŽjnaolkj`e“mqajk(lknmqa ah?kiepŠAfa_qperkJ]_ekj]hhk ˜je_kmqad]da_dkaon]peÚ_]n `a_eoekjao`ahl]jeoikhk_]h* ÎEjoeopk(aopkjkbqaqj]ao) pn]pace]`ah?kiepŠAfa_qperkJ]) _ekj]h*Ao]hckmqaoqnce“`ao`a d]_aiq_dŽoeikpeailk]jerah hk_]h(lknmqa(lknafailhkK]t]_]( d]_aiq_dkoiaoaomqaoareaja

;bZ[icWhgk[ 9;bfh[i_Z[dj[<[b_f[9WbZ[hŒd WÅhcŒ[bc_ƒhYeb[igk[Yedik WlWbei_dƒij["[bF7Dfk[Z[ \ehcWhWb_WdpWi$

9I_d[cXWh]e"WZc_j_Œgk[ [iW[ijhWj[]_Wh[fh[i[djWkd ºY_[hjeZ[iZ_Xk`Wc_[dje»[dbW _Z[dj_ZWZZ[beifWhj_Zei$

9JWcX_ƒdWY[fjŒgk[[iWi Wb_WdpWidei_[cfh[Yedjh_Xk# o[dWgk[i[fk[ZW][d[hWhkd WcX_[dj[fWhWbeiWYk[hZei$

=edp|b[pCeh\‡d_pgk_[hZWZ_`egk[ikfWhj_ZeZ[X[i[]k_hikfhef_WbŒ]_YW[b[YjehWb d]^h]j`k(Új]hiajpaah?AJh] n]peÚ_]uajaoa_kjpatpkr]iko ]oacqen]_pq]j`kajah_kiepŠ j]_ekj]hÏ(]Úni“* U]cnac“6Îhkmqajkokpnkodaiko `e_dkaomqaajhko_q]pnk_]oko ajhkomqadaiko]_kn`]`kenaj ]he]jv](hkmqad]da_dkah?AJao n]peÚ_]nhkmqad]joe`k`a_eoek) jao`ahko“nc]jkoajh]ajpe`]`(k oa]mqaaopkoqnce“jk_kikqj] aopn]pace]j]_ekj]h`aen]]he]j)

v]o(oejk_kikqj]`ai]j`]`a hkol]jeop]ou`ahko_eq`]`]jko `a_kjopnqen]_qan`k_kjkpn]o bqanv]olkhŽpe_]omqahhac]n]j] oanatepkokoÏ*

H[l_hWbWefei_Y_Œd Ahoaj]`knlneeop]Fao˜oIqnehhk G]n]i ]_qo“ `ena_p]iajpa ]h lnaoe`ajpaBahela?]h`an“ju]oq oa_nap]nekl]npe_qh]n(HqeoBahela >n]rkIaj](`ajack_e]nlanok)

j]hiajpa_kjhko_]j`e`]pkomqa Îlalaj]jÏ`ahLNE* =oacqn“mqah]o]he]jv]od]j paje`k_kikao_aj]nekh]okÚ_ej]o `aHkoLejko*Î=iŽiacqop]nŽ] mqaoe`aran]oaopƒajao]e`a]( mqaukh]_kil]npenŽ](`amqah]o ]he]jv]o(hkda`e_dkiq_d]ora_ao( okjqjbn]q`a]h]_eq`]`]jŽ]¼lkn mqŠajoq`aol]_dkoad]_ajh]o _ep]o]hko_]j`e`]pkomqar]j] en]hL=J;Aolnacqjp]ÅÏ

Ieajpn]o( =haf]j`nk Aj_e) j]o(_kkn`ej]`kn`ah]^]j_]) `]lanna`eop]ajh]?ƒi]n]`a @elqp]`ko( _kjoe`an“ mqa ah `aohej`a`ahlnaoe`ajpaBahela ?]h`an“jnaola_pk]h]o]he]jv]o ajpnaLN@uL=Jbkni]jl]npa `aqj]aopn]pace]Îl]n]arep]n ah`apaneknk`aoq]he]jv]bqj) `]iajp]h_kjahLNEmqaaoh] mqahkd]hacepei]`kÏ* Oejai^]nck(nao]hp“mqaahpepq) h]n`ahAfa_qperk`a^ai]jpajanoa ]haf]`k`aaopa]oqjpk(lknmqaÎaj lneianhqc]naoqj]oqjpkmqajkha _kilapa*AhAfa_qperkba`an]h`a^a oannaolapqkok`ahko]oqjpkoej) panjko`ahkol]npe`kolkhŽpe_ko ej`alaj`eajpaiajpa`aoqlqjpk `areop]Ï* =oqrav(ahp]i^eŠjlanna`eop] Fao˜oV]i^n]jk(oa’]h“mqal]na) _ean]mqaÎailav“Bahela?]h`an“j] `k^h]nh]oi]jko]jpah]olnaoekjao `ahLNE***UkjkoŠmqeŠjoa]iƒo `Š^ehkiƒobqanpaÏ*.D

@7L?;H =7H9Ñ7

:[Y_Z_ZWiW_hYedkdiebeYWdZ_ZWjefWhW(&'(

Ieb_Y_jWdh[]_ijhefWhW \h[dj[Z[_pgk_[hZWi Cƒn_Ye3C`c`XeXGX[`ccX p?\c`f[fif:}i[\eXj

&

h@eƒhkcklknh]Na_kjopnq__e“j `aIŠte_k(mqaejpacn]jLN@( LPu?kjrancaj_e](okhe_ep“]h EBAoqnaceopnk_kikbnajpalkhŽpe_k una_kjk_e“mqaiƒo]hhƒ`amqa aj.,-,d]uaop]`ko`kj`ajkd]j

_kj_nap]`k]_qan`koaha_pkn]hao(oq k^faperkaohhac]n].,-._kjqj] _]j`e`]pqn]˜je_]]h]Lnaoe`aj_e] `ah]Nal˜^he_]* I]jqah?]i]_dkOkhŽo(_kkn) `ej]`kn`ahbnajpa(]oacqn“mqa Îiƒo]hhƒ`ah]o_en_qjop]j_e]o`ah ikiajpkÏuhko`aoaj_qajpnko ajpnahkopnaol]npe`kou_kj=j)

`nŠoI]jqahH“lavK^n]`knlkn h]o]he]jv]o_kjahL=J(Îpajaiko h]`apaniej]_e“j`aqjenh]obqan) v]o`ah]evmqean`]ajqjlnkua_pk `a_]i^ek`anqi^kuqjokhk _]j`e`]pkd]_e].,-.Ï* Ah_kkn`ej]`kn`ahbnajpaokopqrk mqaÎahLNEe^]]c]j]nh]oaha__ek) jaoaj.,-.(lank]dkn]peajamqa `a_enmqar]]c]j]nh]oaha__ekjao lknmqau]jkaopƒjoacqnko`amqa aopkoa]_eanpkÏ* Lknaok(atlhe_“mqaahbnajpa ]lkop]nƒlneianklknahlnkcn]i] u`aolqŠolknah_]j`e`]pkulqj) pq]hev“mqahko]olen]jpao_kik H“lavK^n]`knuI]n_ahkA^n]n` u]d]j]_alp]`kmqaahiŠpk`k

Ehj[]W"9WcWY^eo7dWoW

`aoaha__e“joa]ah`ahiafknlk) oe_ekj]`k(lankÎ]_kil]’]`k`a qj]jack_e]_e“jlkhŽpe_]Ï* Fao˜oKnpac](lnaoe`ajpaj]_ekj]h `ahLN@(`aop]_“mqah]evmqean) `]o“hkd]]r]jv]`k_q]j`koa qjeÚ_](Î`af]j`kh]o`ebanaj_e]o oa_qj`]ne]o`ah]`kÏ* =h^anpk=j]u](hŽ`anj]_ekj]h `ahLP(]oacqn“mqah]`a_eoe“j`a oql]npe`k`al]npe_el]najaopa bnajpaaoÎpkp]h(ao`abejeper]ujkd]u r]_eh]_e“j`ajejc˜jcŠjankÏ* =oqrav(ahhŽ`an`a?kjrancaj_e]( HqeoS]hpkj(]_qo“mqacnqlko`a ejpanŠomqalnapaj`aji]jpajan qjoeopai]at_hquajpa`ao_]heÚ_]j u_ki^]pajh]o]he]jv]o*.D


D@C<E@F

;ijWb[d]kW[i

^WXbWZWfehc|i Z[Zeic_bbed[iZ[ f[hiedWi[d[bfW‡i :[X[jhWZkY_hi[W

bWib[d]kWi_dZ‡][dWi c|i_cfehjWdj[i0 C_]k[bB[Œd#Fehj_bbW Cƒn_Ye3C\k`Z`XJ}eZ_\q

"

l]na_a]dkn]h]?kjopepq_e“j LkhŽpe_]ajh]hajcq]mqa d]^h]nkjJav]dq]h_“ukphu ?q]qdpaik_(ahe`eki]ej`Žcaj] recajpaajiq_dkopannepkneko`ah l]Žo]hoand]^h]`]lkn]hna`a`kn `a`koiehhkjao`alanokj]o* H]a`e_e“j`a=i]ph]j]dq]pehe Ph]dpkhePhajIate_]iadJa_de_k) heopheOajph]j]dq]pehku]joana]hev“ _kjahlnkl“oepk`ao]h`]nqj]`a h]oi˜hpelhao`aq`]omqaoapeaja _kjhkolqa^hkoknecej]neko(]oŽhk na_kjk_eankj(`qn]jpaoqlnaoaj) p]_e“j(oaj]`knao`ah]Nal˜^he_]( deopkne]`knaoupn]`q_pknao*

l_[hd[i(,Z[ <[Xh[heZ[(&'&

I[iWbZWkdWZ[kZWYedbeifk[Xbeieh_]_dWh_ei

;Z_jWd[dd|^kWjbbW 9edij_jkY_ŒdFeb‡j_YW Ahdeopkne]`knIecqahHa“j)Lkn) pehh](ajoq_]he`]``a_kjoafank`a ?kieoe“jAola_e]haj_]nc]`]`a hkoBaopafko`ah>e_ajpaj]nek`ah] Ej`alaj`aj_e]u`ah?ajpaj]nek `ah]Narkhq_e“jIate_]j]`ah Oaj]`k(oa`enece“ajjƒdq]ph] hkoej`Žcaj]o`ao_aj`eajpaokne) cej]neko`aaop]peann]* ÎNa_kjkv_kmqadkuaoqjcn]j `Ž](qj`Ž]`achkne]lknmqacn]_e]o ]h]eje_e]per]`ah]deopkne]`kn] L]pne_e]C]ha]j]u]h]`a_eoe“j `ah Oaj]`k oa pn]`q_a h] ?]np] I]cj] ] qj] hajcq] ej`Žcaj]( h] hajcq] iƒo d]^h]`]* Aolank mqah]?kjopepq_e“joapn]`qv_] lknhkiajko]h]ohajcq]oiƒo eilknp]jpaoÍietpa_](v]lkpa_](

kpkiŽulqnŠla_d]Í(]qjmqau] o]^aikomqabqapn]`q_e`]`ao`a -5-3]h]hajcq]i]u](uq_]pa_]Ï( `aop]_“ahna_eŠjc]h]n`kj]`k_kj ahLnaiekLnŽj_ela`a=opqne]o`a ?kiqje_]_e“juDqi]je`]`ao* =qj_q]j`kIŠte_kpeajaqj]h]nc] deopkne]_kjopepq_ekj]h(mqal]npe“ _kjh]?kjopepq_e“j`a?ƒ`ev`a-4-.( l]o]j`klknh]o`a-4.0u-413(d]op] hhac]n]h]?]np]I]cj]`a-5-3(`efk mqabqad]op]ah]’k`a-55._q]j`k oana_kjk_eankjhko`ana_dko`ahko ej`Žcaj]o(_kjh]nabkni]]h]npŽ_qhk .¸_kjopepq_ekj]h(mqaaop]^ha_e“mqa IŠte_kaoqjl]ŽolhqneŠpje_k(lhq) ne_qhpqn]hulhqnehejcqŽope_k* =hÚj]hev]nh]ajpnac]`a`eran) okoafailh]nao`ah]?]np]I]cj]

aj jƒdq]ph ] hko nalnaoajp]jpao `a`erano]o_kiqje`]`aoej`Žca) j]o`ahAop]`k`aIŠte_k(Lqa^h] uah@eopnepkBa`an]h(lknl]npa`a ?]nhkoJ]r]nnapaNqev(lnaoe`ajpa `ahOaj]`k(ah`k_pknajdeopkne] IecqahHa“j)Lknpehh]oq^n]u“mqa oaaopƒhq_d]j`kl]n]mqahkoej`Ž) caj]omqaokjh]n]Žviƒodkj`]`a IŠte_k(pajc]joqhqc]n*

=_hei_Z_ec|j_Yei H]deopkne]`kn]L]pne_e]C]ha]j]ej) `e_“mqa]ha`ep]nahpatpk_kjopepq) _ekj]hajjƒdq]ph(oaejpajp]Îo]h`]n qj]`ah]o`aq`]omqapajaiko_kj hkolqa^hko`aaop]opeann]o(^]oa`a jqaopn]e`ajpe`]`j]_ekj]hÏ*Na_kn`“ mqa]hcqjkoaop]`ko`ah]Nal˜^he_]

OBDJPOBM

_kikDe`]hck(Lqa^h]uRan]_nqvd]j pn]`q_e`koq?kjopepq_e“jaop]p]h]h jƒdq]ph(lankajah_]ok`ahAop]`k `aIŠte_koapn]`qfk]hi]v]dq]( ]hkpkiŽu]hi]ph]pvej_] Î=h_na]noah]_kieoe“joaj]pk) ne]hl]n]h]o]_pere`]`ao`ajqaopnko _ajpaj]neko(oaaop]^ha_e“_kik lnekne`]`^qo_]nh]l]npe_el]_e“j `ah]o_kiqje`]`aoej`Žcaj]o*Aj aopaoajpe`keje_e]nkjhkopn]^]fko l]n]pn]`q_enh]?]np]mqanecah] _kjreraj_e]`apk`kohkoiate_]jko ]h]ohajcq]oej`Žcaj]o*Ï @ko]’kohahhar“]hao_nepknej) `Žcaj]J]p]hekDanjƒj`avpn]`q_en h]?kjopepq_e“j]h]hajcq]jƒdq]ph Ímqa_ka`ep“ahBkj`k`a?qhpq) n]A_kj“ie_]Í(`a^e`k]mqaaj _]`]_kiqje`]`_]i^e]jhkocenko e`ekiƒpe_ko* ÎIareajh]ja_aoe`]``a_na]n jqar]ol]h]^n]oajpnakpn]o6`elqp]`k( l]h]_ek(haceoh]`kn(fqav(_eq`]`]jk uiq_dkokpnko_kj_alpkomqa]l]) na_ajajahrk_]^qh]nekÅahpn]^]fk jkaopƒ_kj_hqe`k(ao]laj]oaheje_ek `aqjh]nck_]iejk*Aoja_ao]nek mqahk_kjkv_]jjqaopnkodani]) jkojƒdq]ph)d]^h]jpaol]n]mqahk ajnemqav_]juoahk]lnkleajl]n] afan_anpk`kooqo`ana_dko*Ï.D

7YkiWdgk[beic_d_ijheidk[lWc[dj[fh[j[dZ[db[]_ibWh1i[f[hY_X[dºjk\eiWkjeh_jWh_ei»

H[\ehcWi[ijhkYjkhWb[i

I[dWZeh[ilWdYedjhW[b\WbbeZ[ bW9ehj[gk[b_c_jWikief_d_ed[i

;ij_[cfeZ[ Z[Y_hb[ºi‡W Cƒn_Ye»0F7D [dIWdB|pWhe

I7H7 ;I9E87H

FWXbe=Œc[pZ_Y[

P YbWl[i

gk[beiYebeYW\h[dj[ WbWikX`[j_l_ZWZZ[bW ef_d_ŒdZ[kd`k[p

9WcX_eZ[i[‹Wb[i 9;bcWhj[ifWiWZeC?B;D?E

:_Wh_efkXb_YŒgk[Z_fkjWZeiZ[ FH?"F7DoFH:h[ifWbZWhedbW h[iebkY_ŒdZ[bW9ehj[gk[b_c_jW bW_dckd_ZWZZ[beib[]_ibWZeh[i fehikiZ_Y^eioef_d_ed[i\k[hW Z[bWWYj_l_ZWZfWhbWc[djWh_W$

Cƒn_Ye38e^„c`ZXD\iZX[f

&

hL=JajahOaj]`klnaoajp“ oqeje_e]per]`anabkni]o l]n]]cehev]nah`ao]bqank `ahaceoh]`knao_q]j`k_kiapaj `ahepko*=hieoikpeailk(h]ieoi] ^]j_]`]l]jeop]_ann“Úh]o_kjLNE uLN@l]n]nalnk^]nh]naokhq_e“j `ah]Oqlnai]?knpamqa]_kp]ao] lnannkc]per](]h]_qo]nmqajqar]) iajpaah“nc]jkfq`e_e]hlnapaj`a haceoh]nuoalan_e^ajÎpqbko]qpk) nep]nekoÏl]n]]_qo]n]h?kjcnaok `apk`kohkoi]hao`ahl]Žo* =heje_e]nh]oaoe“j(ah_kkn`ej]`kn l]jeop](Cqop]rkI]`ank(lnaoajp“ oqeje_e]per]`anabkni]o]hko]n) pŽ_qhko22u---(hqack`amqaajh] naqje“jlhaj]ne]_kjoq^]j_]`]oa `eo_qpe“h]naokhq_e“j`ah]?knpau oa_kj_hqu“mqa]ba_p]h]he^anp]``a atlnaoe“j`ahkohaceoh]`knao* I]`ankoq^n]u“mqa`ajejcqj] i]jan]oalnapaj`ackv]n`abqank( _kikqjoej“jeik`alnerehaceku iq_dkiajko`aeilqje`]`* ÎAhbqank_kjopepq_ekj]hoejhŽ) iepao(ah_q]hd]oe`k]_kil]’]`k `alnƒ_pe_]ore_eko]o]hi]ncaj`ah `ana_dku`a]jŠ_`kp]oranckjvko]o( oad]jpn]`q_e`kajqjlnkbqj`k na_d]vk`ah]lk^h]_e“jd]_e]h] _h]oalkhŽpe_]Ï(]_alp“* Oejai^]nck(devkjkp]nmqahk mqaoanamqeanaaoik`anjev]nao] becqn](mqep]j`klnk_a`eieajpkomqa

9BW9ehj[Z[j[hc_dŒgk[ Z_fkjWZeioi[dWZeh[iied _dl_ebWXb[ifehbWief_d_ed[igk[ cWd_Å[ij[d[d[bZ[i[cf[‹eZ[ ikiYWh]ei$

9F[heWYbWhWhedgk[bWief_#

FWd_ijWifh[i[djWhed_d_Y_Wj_lWZ[h[\ehcWifWhWW]_b_pWh[bZ[iW\k[he hkd]_ajpknpqkok(l]n]mqamqeaj `ahej_]oa]oqfapk`ao]j_ekjaou jkck_a`aeilqje`]`* Aj`a^]palkopanekn(ahlanna`eop] L]^hkC“iav_qaopekj“ahb]hhk`a hkoiejeopnko(lknmqa_khk_]]hko haceoh]`knaobnajpa]h]oq^fapere`]` `ah]kleje“j`aqjfqav(`a_q]j`k oaaobqj_ekj]nekuhko]_qo“`aaop]n pajp]`ko]haceoh]n`ai]jan]ejpan) iepajpauaokÎao`ahe_]`kÏ* ÎAjmqŠlnkcn]i]`apahareoe“j lqa`k_nepe_]n]qjoa_nap]nek`a Aop]`k(lknafailhk(mqajkoa]`ah ?]j]h`ah?kjcnaok*H]bqj_e“jl]n) h]iajp]ne]oejao]_kilhap]he^anp]` aop]nƒ]iaj]v]`]Ï(oajpaj_e“*

=jki^na`ahLNE(ahoaj]`knFao˜o Iqnehhk`efkmqajkhalnak_ql]h] naokhq_e“j`ahkoiejeopnko(lknmqa oalqa`anaokhran_kjnabkni]o`a hau(lankoŽ]hanp]ah]i^eajpaaj mqaoa`]lknmqaoamqeananaolkj) o]^ehev]n]h?kjcnaokd]op]`ah]o ejaÚ_eaj_e]o`ahkock^eanjko* @abaj`e“ah`ana_dk`aatlnaoe“j u_qaopekj“6¼?q]j`kjko`knieiko u]jkokikooaj]`knao;(¼]h]dkn] mqarku]h^]’k`afk`aoanhk;Ï νU]^]op]`ahpqbk]qpknep]nekmqa hkmqalnapaj`a_qhl]n]h?kjcnaok `apk`k(jkaoiƒomqal]n]k_qhp]n h]oejaÚ_eaj_e]o`akpnkoÏ Ajahieoikoajpe`k(ahl]jeop]

d_ed[igk[l_[hjWd[d\kdY_ed[i W`[dWiWikbWXehb[]_ibWj_lW de]epWdZ[bWfhej[YY_ŒdZ[bW 9edij_jkY_Œdo"fehjWdje"[d[i# jeiYWieii‡feZh|di[h`kp]WZei fehbWl‡WY_l_b$

=haf]j`nkV]l]p]]_qo“]hkoie) jeopnko`alnapaj`annaopnejcenh] Îhe^anp]`o]cn]`]`aatlnaoe“jÏ`a hkohaceoh]`knao(]oŽ_kik`aqj] ]_pepq`ejfanaj_eop](`alh]jk(`a h]?knpa* H]iajp“mqahkoiejeopnkod]) u]j_kjbqj`e`khkmqaoecjeÚ_]ah `aoaila’k`ah]bqj_e“j(_kjah `ah_]ncku]`renpe“oeah?kjcnaok oaoqfap]]h]aopne_p]ejpanlnap]) _e“jejfanaj_eop]mqad]aiepe`k h]Oqlnai]?knpa`aFqope_e]`ah] J]_e“j(Îjkd]uhaceoh]`knmqaoa o]hra(k^re]iajpa`aoanna_kjra) je`k_erehiajpa]jpahkolnkleko pne^qj]haoÏ*.D

Cƒn_Ye3;Xe`\cM\e\^Xj p=\ieXe[f;Xd`}e

&

hcnqlkl]nh]iajp]nek`ah L=Jajh]?ƒi]n]`a@e) lqp]`kooa_kilnkiape“] eilqho]nqjikreieajpk]b]rkn `ahÎOŽÏ(ajnalqaop]]h`aolhac]`k ÎJk]h]cajan]_e“j`ahJkÏajah mqa`eopejpkohŽ`anao`akleje“j hh]i]nkj]h?kjcnaoku]h]obqanv]o lkhŽpe_]oÎ]`af]n]pnƒo`ebanaj_e]o iajknaouahejpanŠo_kuqjpqn]h( ]b]rkn`aqj]reoe“j`abqpqnk ]q`]vu]hajp]`kn]Ï* H]^]j_]`]l]jeop]oa’]h“mqa Îu]aoiqu]hpkah_kopkok_e]h`a qjIŠte_koejnabkni]o*H]ocn]j) `aopn]jobkni]_ekjaomqaqncaj] IŠte_kjklqa`ajaolan]niƒo*Jk jkolqa`ajl]n]hev]nh]_kuqjpqn] aha_pkn]hjehkoejpanaoaol]npe`eop]o* Ahejikreheoikaoahlakn_]iejk l]n]qj]ok_ea`]`aji]n_d]u _kjcn]j`ao_]naj_e]oÏ* Lknahhk(naepan]nkjoq_ki) lnkieok l]n] pn]^]f]n _kj pk) `kohkocnqlkol]nh]iajp]neko ajh]?ƒi]n]`a@elqp]`kouaj ahOaj]`k(Î_kjahÚj`anaolkj) `an_kjfqjp]iajpaahna_h]ik `ahkoiate_]jko]hkomqajko `a^aikou_kjhkomqaaop]iko _kilnkiape`ko7aopeailk`a mqaaop]cajan]_e“jha`ec]oŽ] IŠte_k*Aopeailk`aqjl]Žo _kjnabkni]oÏ* =pn]rŠo`aqj_kiqje_]`k na_kjk_eankjÎahƒjeik`a`eopej) pkocnqlkook_e]haoul]npe`eop]o l]n]o]_]n]`ah]jpaqj]nabkni] lkhŽpe_]mqalaniep]]hl]Žo_kjo) pnqenqjbqpqnkiafknÏ*.D




D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

.1

P

C_d_ij[h_e ;Z_jeh0'SBODJTDP(BSEVtP F‘Xb_Ye cf6c_b[d_eZ_Wh_e$Yec$cn

@7L?;H =7H9Ñ7

BWZ[f[dZ[dY_Wh[ifedZ[WbW[ijWZkd_Z[di[@Wd[jDWfeb_jWde

I‡^Wo[ijWZe Z[Z[h[Y^e[d 9_kZWZ@k|h[p0 =eX[hdWY_Œd H[o[i8W[pW0ºWgk‡

^WoZ[b_dYk[dj[igk[ gk_[h[dZ[i[ijWX_b_pWh" f[hebWb[o[ij|l_][dj[» F_ijeb[heic[deh[i

Z[[ZWZWjWYWdkdW i[YkdZWh_Wo^_[h[dW kdWbkcdeZ[')W‹ei Cƒn_Ye3JljXeX?\ie}e[\q

&

hck^eanjkba`an]hpn]) ^]f]_kjfqjp]iajpa _kjh]ok_ea`]`l]n] lnaoanr]nahaop]`k`a `ana_dk aj ?eq`]` Fqƒnav(?dedq]dq](ia`e]jpah] lnareoe“j(_]q_aknaokhq_e“j`a _kjÛe_pkolknrŽ]oejopepq_ekj]hao ufqneo`e__ekj]hao* =oŽhkejbkni“h]Oa_nap]nŽ]`a Ck^anj]_e“jajnaolqaop]]h]o`a) _h]n]_ekjao`ah]pepqh]n`aOacqne`]` Ejpanj]`aAop]`koQje`ko(F]jap J]lkhep]jk(mqeajh]rŽolan]]oacqn“ mqaajao]_eq`]`bnkjpanev]Îjk ateopaaop]`k`a`ana_dkÏ*

H]`alaj`aj_e]mqaaj_]^av] Banj]j`kC“iavIkjp`ap]hh“aj qj_kiqje_]`kmqaahck^eanjk ba`an]h]_p˜]l]n]lnaoanr]nh]o _kj`e_ekjao `a oacqne`]` mqa atecajuiana_ajhkofq]najoao( ia`e]jpa]__ekjaomqaaopƒjkneaj) p]`]o]bknp]ha_anh]lnaoaj_e]`ah] ]qpkne`]`l˜^he_]u`ao]npe_qh]nh] _]l]_e`]`klan]per]`ah]o^]j`]o _neiej]hao* ÎAjh]lnaoajpa]`iejeopn]_e“jah ck^eanjkd]naolkj`e`k`ai]jan] `a_e`e`]uokhe`]ne]]h]ookhe_epq`ao `a]mqahh]oajpe`]`ao`kj`ad]u qj]bqanpalnaoaj_e]`ah_neiaj knc]jev]`kÏ(lqjpq]hev“* Ck^anj]_e“jna_kn`“mqah]o bqanv]oba`an]hao`aoi]jpah]nkj na`aoklan]per]o(hkcŽope_]ouÚj]j) _ean]o`ah]`ahej_qaj_e]knc]jev]`]( ]`aiƒo`a_]lpqn]n]eilknp]jpao hŽ`anaouklan]`knao(naolkjo]^hao `apn]Ú_]ncn]j`ao_]jpe`]`ao`a `nkc]u`a_kiapani˜hpelhaodk) ie_e`ekoajao]ajpe`]`* H]Oa_nap]nŽ]`aCk^anj]_e“j n]peÚ_“mqaahck^eanjkba`an]h qpehev]nƒpk`]h]bqanv]`ahAop]`k l]n]okiapan]mqeaj(ia`e]jpa h]rekhaj_e](lkjc]ajneaockh] ejpacne`]``ahkoieai^nko`ah]

ok_ea`]`k`ahkolnkleko]cajpao `ah]]qpkne`]`* Ahck^anj]`knFkoŠNauao>]av] ]oacqn“lknoql]npamqaÎahaop]`k `a`ana_dkaopƒrecajpa(ahda_dk `amqad]u]cnqlko`a`ahej_qaj) paolnapaj`eaj`k`aoaop]^ehev]n h]oejopepq_ekjaojkmqeana`a_en mqaajqj]_eq`]`_kikFqƒnav jkd]uaop]`k`a`ana_dkÏ* Aj p]jpk( qj cnqlk ]ni]`k ]p]_“h]oa_qj`]ne]ba`an]h5`a aop]_eq`]`_kjqjo]h`k`aqj ]hqijk`a-/]’kodane`kur]neko i]aopnkouaopq`e]jpao_kj_neoeo janreko]o*D]u_ej_k`apaje`ko(aj oqi]uknŽ]iajknao`aa`]`* Hkoda_dkok_qnnaj04dkn]o `aolqŠo`amqa]hqijko`ah?>PEO -.4uah>]_dehhanao5le`eankj]h ck^anj]`kni]uknoacqne`]`* Lknoal]n]`k(h]oa_nap]ne]`a A`q_]_e“ju?qhpqn]aop]p]h(Cq]) `]hqla?d]_“jIkjƒnnav(ejbkni“ `ah]afa_q_e“j`ah_kkn`ej]`kn `ah]lkhe_Ž]iqje_el]h(=jpkjek Kh]cqaNŽko(]^]pe`kajh]lqanp] `ah]ao_qah]lnei]ne]`kj`ad]^Ž] `af]`k]oqdefk*.D 9ed_d\ehcWY_ŒdZ[@kWd@eiƒ=WhY‡W 7cWhe[?]dWY_e7bpW]W

<[hdWdZe=Œc[pCedj"j_jkbWhZ[bWZ[f[dZ[dY_W\[Z[hWb

0TJFM$fSEFOBTQJEFQFSEuO  Ei_[b9|hZ[dWi=k_bbƒd"[nb‡Z[hZ[bY|hj[bZ[b=eb\e"f_Z_Œ Z_iYkbfWifehikiº[hheh[i»WCƒn_Ye";ijWZeiKd_Zeiu]oqb]iehe](

ajh]]q`eaj_e]ajh]mqabqaoajpaj_e]`k].1]’ko`alneoe“j* ÎLe`k`eo_qhl]o]iel]Žo(IŠte_k(]Aop]`koQje`ko(]ieaolko]u aola_e]hiajpa]ieodefkolknpk`kohkoannknaomqada_kiape`kÏ( `efk?ƒn`aj]oCqehhŠj(mqeaj]jpao`aoq`apaj_e“jaj.,,/bqa _kjoe`an]`kqjk`ahkolnej_el]haoj]n_kpn]Ú_]jpaoiate_]jko* AhathŽ`an`ah_ƒnpah`ahCkhbkbqaoajpaj_e]`kaopaieŠn_khaolkn h]fqavba`an]hDeh`]P]cha].1]’ko`alneoe“jajqj]]q`eaj_e] _aha^n]`]^]fkatpnai]oia`e`]o`aoacqne`]`u]lqanp]_ann]`] l]n]i]jpajanoqlnk_aokfq`e_e]hajoa_napkd]op]ahÚj]h* Oq`eo_qhl]ukpnko`ap]hhao`ah]]q`eaj_e]bqankj`]`ko]_kjk_an aopafqaraoajatpn]_pko`aqj]pn]jo_nel_e“j`ahkolnk_a`eieajpko lknahlane“`e_kPdaDkqopkj?dnkje_ha(hqack`amqaahnkp]perk hkookhe_ep]n]ajqj]ik_e“j* Lknkn`aj`ah]fqav(h]pn]jo_nel_e“j_kilhap]`ah]]q`eaj_e]oa i]jpaj`nƒajnaoanr]d]op]ahln“teik.2`ai]uk* MWi^_d]jed3/PUJNFY

FH?oFH:[dIWdBWpWheh[jWdWbFh[i_Z[dj[WZ[ceijhWhgk[de\Wleh[Y[WWb]‘dY|hj[b

9h_j_YW9WbZ[hŒdfkXb_YWY_ŒdZ[dWhYecWdjWi OkYWj|d3Cfi\eXCg\q

&

hlnaoe`ajpaBahela?]h`a) n“j_nepe_“mqahkoia`eko hharaj]oqolneian]olh]) j]oh]oj]n_ki]jp]omqa_qahc]j hkod]ilkjaoaj`erano]ol]npao `ahl]Žouoa’]h“mqaaoaaol]_ek _kop]nŽ]iehhkjao`alaoko]qj l]npe_qh]nk]hck^eanjkba`an]h oemqeoean]j_kjpn]p]nhk* @efkmqad]umqeajaooaaj_]n) c]j`aatl]j`enahiajo]fa`ahko _neiej]haooejnal]n]najmqah]

ei]caj`ahl]Žooara]ba_p]`]( lknhkmqaoalnkjqj_e“]b]rkn`a ÎqjiŽjeik`anaolkjo]^ehe`]` naola_pk]IŠte_k(`ahkmqaoa d]_a(oa`e_akoai]jeÚaop]Ï* Ajqjaj_qajpnk_kjailna) o]neko`ah]_]lep]huq_]pa_](ah Lnaoe`ajpa`efkmqahk]jpaneknjk oecjeÚ_]mqajkd]u]lnk^hai]o ajahl]Žou]lnkra_d“h]klknpqje) `]`l]n]h]jv]nqjnapk]mqeajao ejoej˜]jmqaoqck^eanjk`a^a ]^]j`kj]nh]hq_d]]jpej]n_k* ÎPajaikoqjlnk^hai]na]h`a

ejoacqne`]`mqad]umqa_ki^]pen( uoe]hcqeajpeajaqj]]hpanj]per]( ½lqaomqaiahk`ec]Lankpajaiko mqaajbnajp]nhk*Ï ?nepe_“]mqeajaoÎejoej˜]jÏmqa oq]`iejeopn]_e“j`a^a]^]j`kj]n ao]hq_d](]qjmqaejia`e]p]iaj) pa_ajoqn“mqaao]ork_aoÎjkhk atlnaoaj]^eanp]iajpaÏ* Aoa`e]cj“ope_kaopƒamqerk_]`k( oa’]h“ahi]j`]p]nek(lqaoÎ]hjk iapanoa_kjahhko$hkoj]n_ko%oa bqankjatl]j`eaj`kuatl]j`eaj) `kd]op]]lk`an]noa`ah]re`]`a

iq_d]o_kiqje`]`aoÏ* =`iepe“mqaah_ki^]pa]h] _neiej]he`]`]r]jv](lankÎare`aj) paiajpajkr]]oancn]pqepkje bƒ_eh6oanŽ]na]hiajpaeilkoe^haa ejcajqklajo]nmqar]]naokhranoa ajah_knpklh]vkÏ(oa’]h“*

H[jeZ[bWefei_Y_Œd Ajh]?ƒi]n]`a@elqp]`ko(LNEu LN@nap]nkj]hlnaoe`ajpaBahela ?]h`an“j]`aikopn]najhkoda) _dkomqajkoaaopƒb]rkna_eaj`k ]jejc˜j_ƒnpah*

Ah_kkn`ej]`kn`ahLN@(=ha) f]j`nkAj_ej]o(oa’]h“mqaÎoed] d]^e`kiƒo`a10ieh`apaj_ekjao hec]`]o]hj]n_kpnƒÚ_k$h]OOLba`an]h d]^h“]uan`a3.ieh%ulk_kiƒo `a5,,_knnaolkj`aj]h_ƒnpah`a Oej]hk](lqaoare`ajpaiajpad]u qj_ƒnpahb]rkna_e`kÏ* Ajp]jpk(hkohaceoh]`knaolneeo) p]oFknca?]nhkoN]iŽnavu=hbkj) okJ]r]nnapaLne`]ailh]v]nkj ]hAfa_qperkba`an]h]`aikopn]n _kjda_dkou`apaj_ekjaomqaoq ck^eanjk_ki^]palknecq]h]h] knc]jev]_e“j`aFk]mqŽjAh?d]lk Cqviƒju]hkokpnko_ƒnpahao`ah j]n_kpnƒÚ_k(lqaoh]oaop]`Žope_]o are`aj_e]jhk_kjpn]nek*.D <[hdWdZe:Wc_|do:Wd_[bL[d[]Wi


D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

/FHPDJPT @Wdi

;Z_jeh0)VHP(PO[fMF[ d[]eY_eiZ\6c_b[d_e$Yec

H[fh[i[djW[bZ[iY[diec|ii[l[heZ[beiÂ&#x2018;bj_cei(&WÂ&#x2039;ei

:_l_iWi  :Â&#x152;bWh :Â&#x152;bWhĂ&#x2026;n ;khe B_XhW



9ecfhW L[djW '($.()& '($.(-+  '($.+&) '-$(&)+ '-$*.+) '/$).&' '/$,/+.

   

?dl[hi_Â&#x152;d[njhWd`[hW YWoÂ&#x152;+&$-[d(&&/ Beih[Ykhiei\eh|d[eiikcWhed''c_b*'-cZZ[bWÂ&#x2039;efWiWZe" YedjhWbei()c_b'-&Z[(&&.1i[jhWjWZ[bd_l[bc|iXW`eZ[bW?;: Z[iZ['//,"YkWdZei[kX_YÂ&#x152;[d/c_b'.,c_bbed[iZ[ZÂ&#x152;bWh[i

C[hYWZeXkhi|j_b

Fh[i[djWYWÂ&#x2021;ZW^_ijÂ&#x152;h_YWo[bf[ehd_l[b[d')WÂ&#x2039;ei D?L;B"C?B;I:;C?BBED;I:;:Ă&#x2022;B7H;I

Ă&#x2018;dZ_Y[ 7YjkWb ?F9 )'",*/$'& :em@ed[i '&")('$&) IF '"'&($/* DWiZWg ("()*$(( 8el[ifW ,,"'('$&* BWj_X[n )"),+$-&

LWh$ #&$**  #&$+'  #&$(  #&$&.  &$+&  #'$( 

7YY_ed[i8CL  Fh[Y_e LWh$ B78 )-$)& ,$+' =?=7DJ; '.$&& +$.. 9E:KI7 -$/. +$&( JIJ;D7H?I (,*$,/ #'&$.+ >;H:;P '.$(& #*$(' 7NJ;B '&$-/ #*$'/

/$'/

'($.)

'($,,

')$-)

J7I7:;9H;9?C?;DJE"L7H?79?Ă&#x2022;DFEH9;DJK7B

'-$-/

(-$*+

()$&+

',$**

()$,.

('$/.

'/$*)

(-$+)

()$'-

''$*(

+*$)& *'$,/

**$&-

)/$,-

(/$+.

>Wo[cfh[iWi_dj[h[iWZWi

     

.$*#'$)+

#)$+.

#-$(& #''$,& #',$&) #'+$.)

#(.$,/

#+&$-(

'//,

'//-

'//.

'///

(&&&

(&&'

(&&(

(&&)

(&&*

(&&+

(&&,

(&&-

(&&.

(&&/

<K;DJ;07d|b_i_iC?B;D?EYed_d\ehcWY_Â&#x152;dZ[9[fWboI[Yh[jWhÂ&#x2021;WZ[;YedecÂ&#x2021;W

*$*/  *$,,  *$-,  *$/++&  *$*&/'fi  &$()  )$(+

9ecceZ_j_[i  Fh[Y_e LWh CWÂ&#x2021;p ).)$(+ #&$-.  Jh_]e +&)$-+ #'$/+  7pÂ&#x2018;YWh ()$-&& #($.-  C[pYbWc[n$ -&$'- #($(*Zbi  MJ? -.$'- #'$.)Zbi  8h[dj -,$(/ #'$.&Zbi  9[dj[dWh_e '-",&& #'&&fi  Ehe ''&,$&& -$'Zbi  FbWjW ',$&++ &$&++Zbi 

CWYhe[YedecÂ&#x2021;W F?8?L#Jh_c(&&/ ?dĂ&#x2020;WY_Â&#x152;d[d[ :[i[cfb[e[d[ H[i[hlWi

;

;

#($) *$*, +$.- /)"-+&cZZ

MĂĄs indicadores en tiempo real en:

milenio.com

CÂ&#x192;n_Ye38ekfe`f?\ie}e[\q

-

]`a_eoeÂ&#x201C;j`ahkoejran) oekjeop]o`alkopanc]n lh]jao`ajack_ekopqrk _kiknaoqhp]`kmqah] ejranoeÂ&#x201C;jatpn]jfan]`e) na_p]$EA@%ah]Â&#x2019;kl]o]`koqi]n] oÂ&#x201C;hk--ieh0-3*1iehhkjao`a`Â&#x201C;h]nao( _ebn]mqanalnaoajpÂ&#x201C;qj`aolhkia `a1,*3lkn_eajpk(naola_pk]hko ./ ieh -3, iehhkjao naceopn]`ko aj.,,4* Aopa`ao_ajokaoahiÂ&#x192;obqanpa k^oanr]`klknhkiajko`ao`a-55,( uahjerahiÂ&#x192;o^]fk`ao`a-552(_q]j) `kh]EA@oqiÂ&#x201C;5ieh-42iehhkjao `a`Â&#x201C;h]nao* Ă&#x17D;Aop]_ebn]naoqiaaheil]_pkmqa pqrkahl]Â&#x17D;olknh]_neoeoa_kjÂ&#x201C;ie_] ah]Â&#x2019;kl]o]`k*H]`ao]_ahan]_eÂ&#x201C;jaj

ahoa_pkni]jqb]_pqnank(h]_]Â&#x17D;`]`a h]oatlknp]_ekjao(fqjpk_kjh]_ne) oeo`ahoa_pknĂ&#x161;j]j_eank(pqrk_kik _kjoa_qaj_e]mqah]oailnao]ou]jk dq^ean]jna]hev]`kiÂ&#x192;oejranoekjao ajahl]Â&#x17D;oĂ?(`efkFkoÂ&#x160;Hqeo`ah]?nqv( `ena_pkn`ah_ajpnk`aejraopec]_eÂ&#x201C;j aja_kjkiÂ&#x17D;]uĂ&#x161;j]jv]o`ahPa_jk) hÂ&#x201C;ce_k`aIkjpannau* Ah@eopnepkBa`an]hbqah]ajpe) `]`iÂ&#x192;o]ba_p]`](_kjqj]_]Â&#x17D;`]`a iÂ&#x192;o`a1iehiehhkjao`a`Â&#x201C;h]nao( oacqe`] `a V]_]pa_]o( @qn]jck( ?k]dqeh](>]f]?]hebknje](aop]`ko hec]`ko]h]]_pere`]``ah]i]mqeh] ui]jqb]_pqn]* Ă&#x17D;Aj.,-,d]^nÂ&#x192;qjej_naiajpk ajnaejranoekjao`aailnao]ou] ejop]h]`]o(lankjkjqar]oejranoek) jao(hk_q]hd]oe`kqj]_kjop]jpa ajhkoÂ&#x2DC;hpeiko]Â&#x2019;koajahl]Â&#x17D;o(_kj

hkmqaoaaop]nÂ&#x192;ko_eh]j`kaj-1ieh iehhkjao`a`Â&#x201C;h]nao(mqaoe^eajao lkoeperk(jkoanÂ&#x192;oqĂ&#x161;_eajpal]n]l]he]n h]`ao]_ahan]_eÂ&#x201C;j`aaopaej`e_]`knĂ?( ]Â&#x2019;]`eÂ&#x201C;ahaola_e]heop]* OanÂ&#x192;d]op].,--(]cnacÂ&#x201C;(_q]j`k IÂ&#x160;te_katlaneiajpaqj]na_qlan]) _eÂ&#x201C;jiÂ&#x192;olnkjqj_e]`]ajh]ajpn]`] `a_]lep]haobknÂ&#x192;jako(oejai^]nck(hko jqarkoeilqaopkoajahl]Â&#x17D;ohkd]_aj iajko]pn]_perkl]n]mqaejranoek) jeop]oatpn]jfankona]he_ajjack_eko ajahpannepknekj]_ekj]h* Ahnalknpa`ah]Oa_nap]nÂ&#x17D;]`a A_kjkiÂ&#x17D;]lna_eo]mqaahĂ&#x203A;qfk`a ejranoeÂ&#x201C;jlnkrejklnej_el]hiajpa `aAop]`koQje`ko$1,*5lkn_eajpk%( Dkh]j`]$-.*4lkn_eajpk%(Lqanpk Ne_k$-,*.lkn_eajpk%(?]j]`Â&#x192;$5*- lkn_eajpk%(Aol]Â&#x2019;]$1*1lkn_eajpk% uNaejkQje`k$/*3lkn_eajpk%*

bejec[YedYWbcW"fehgk[ h[ikbjWgk[bWi[cfh[iWi fhel[[ZehWiZ[bi[hl_Y_eZ[ j[b[\edÂ&#x2021;WY[bkbWhdei[ZWd WXWijeYedbW[dehc[YWdj_ZWZ Z[ieb_Y_jkZ[iZ[kikWh_eigk[ XkiYWdYedYh[jWh[bh[]_ijheZ[ ikY[bkbWh"ikcWdc_b[ibeigk[ h[fehjWdbWcedi[h]W[dgk[

i[^WYedl[hj_Ze[i[fheY[ie" ofehgk[ckY^eiZ[[bbei WXehjWZebWc_i_Â&#x152;d$;bfheXb[cW ^Wi_ZejWd\k[hj[gk[[dbW 9e\[j[bWdWb_pWdWbWh]Wh[bfbWpe fWhW[bh[]_ijhe$

Jk k^op]jpa ah ao_aj]nek _ki) lhe_]`k`a.,,5(l]n]aopa]Â&#x2019;k( ah knc]jeoik `a lnkik_eÂ&#x201C;j `a ejranoekjao(LnkIÂ&#x160;te_kejbkniÂ&#x201C; mqaoapeajaje`ajpeĂ&#x161;_]`]o.33ai) lnao]o_kjlkoe^ehe`]`ao`a]pn]an _]lep]h]hl]Â&#x17D;o* Ă&#x17D;@ao`aLnkIÂ&#x160;te_kpajaiko.33 e`ajpebe_]`]oajpk`kahiqj`k_kik klknpqje`]``aejranpenajIÂ&#x160;te_k* U]ajap]l]i]`qn]`ah]jack_e]) _eÂ&#x201C;j(d]uiÂ&#x192;o`a-,,lnkua_pkomqa lqa`ajnalnaoajp]nejranoekjao( aj_]ok`a_kj_nap]noa(lkniÂ&#x192;o`a --iehiehhkjao`a`Â&#x201C;h]nao(amqer]) hajpa]qj]cajan]_eÂ&#x201C;j`aailhako lkpaj_e]h`a0.iehlh]v]oĂ?(`efkaj ajpnareop]ah`ena_pkncajan]h`ah knc]jeoik(>nqjkBann]ne* Ajpk`kohko_]oko(d]uqjoa) cqeieajpklqjpq]hl]n]_kj_nap]n ahjack_ek(]qjmqana_kjk_eÂ&#x201C;mqa jkpk`]oafan_anÂ&#x192;joqolnkua_pko ajIÂ&#x160;te_k7oejai^]nck(lanoeopa qjbqanpaejpanÂ&#x160;olknaop]najah l]Â&#x17D;o( aj nq^nko _kik ej`qopne] ]ankaol]_e]h(]qpkikpnev(ajajan) cÂ&#x17D;]onajkr]^haouajlnkua_pko`a ejbn]aopnq_pqn]* ?kj^]oaaj_ebn]o`a.,,5(]h/- `a`e_eai^nal]o]`k(LnkIÂ&#x160;te_k _kj_napÂ&#x201C;00lnkua_pko`aejran) oeÂ&#x201C;jamqer]hajpao]0ieh.55*3 iehhkjao `a `Â&#x201C;h]nao( lk_k iÂ&#x192;o `a/,lkn_eajpk`ah]ejranoeÂ&#x201C;j bknÂ&#x192;ja]mqaajpnÂ&#x201C;]hl]Â&#x17D;oah]Â&#x2019;k ]jpanekn*.D

*O

7FSTJPOFT Cedi[h]W

;

C[hYWZeZ[Z_d[he 9[j[i(.ZÂ&#x2021;Wi 9[j[i/'ZÂ&#x2021;Wi 9[j[i'.(ZÂ&#x2021;Wi J??;(.ZÂ&#x2021;Wi K:? B_Xeh Fh_c[HWj[

Naola_pk`ah]ej_e`aj_e]mqa lk`nÂ&#x17D;]cajan]nhkolnk^hai]omqa lnaoajp]Cna_e]uAol]Â&#x2019;](_kiajpÂ&#x201C; mqaahaba_pku]oanaoeajpalnej_e) l]hiajpaajh]ejranoeÂ&#x201C;j`a_]npa) n]ajahoa_pkn^qnoÂ&#x192;peh(ok^napk`k lknh]ej_anpe`qi^namqacajan] hkolnkcn]i]o`a]lkuklknl]npa `ah]QjeÂ&#x201C;jAqnkla]*

I_kij[ZoWbe_dj[djÂ&#x152;"iWXh| begk[b[Z[Y_cei"f[hei_de be^W^[Y^e"[ic[`ehgk[

Â&#x161;Â&#x161;Â&#x161;

=WdWZehb_cf_e F[c[nZ_eWYedeY[h[b\Wbbe Yed[b]WdWZehZ[bfWgk[j[ )Z[YecXkij_Xb[ib_cf_ei gk[Yecfh[dZ[eXhWi[dbWi h[Ă&#x2026;d[hÂ&#x2021;WiZ[C_dWj_jb|doIWb_dW 9hkp$;b]WdWZeh\k[?97"YedkdW e\[hjWZ[,('$,,cZZ$




D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

'SPOUFSBT

P

;Z_jeh[i0*SFOF4FMTFS)PSBDJP#FTTPO \hedj[hWi$Z\6c_b[d_e$Yec

9kXW$Beifh_dY_fWb[iZ_Wh_eibeYWb[icWdjkl_[hedWo[h[bi_b[dY_e[djehdeWbYWie

>edZkhWi$9WcX_e

EjheiZeiZ_i_Z[dj[i" [d^k[b]WZ[^WcXh[

BeXeY[iŒWb `[\[c_b_jWh gk[Z_h_]_Œ [b]ebf[ J[]kY_]WbfW38^\eZ`Xj

& Z[kd]hWdZ_ifei_j_lefeb_Y_WbfWhW[l_jWhYkWbgk_[hfei_Xb[_dY_Z[dj[ ;bWYj_l_ijWEhbWdZePWfWjW\k[[dj[hhWZe[d8Wd[i[dc[Z_e

H;KJ;HI

bW>WXWdW3DXel\cAlXeJfdfqX

#

]fk_kjpnkhlkhe_e]h( Knh]j`kV]l]p]P]) i]uk na_e^e“ oa) lqhpqn] ]uan aj h] kneajp]hhk_]he`]``a >]jao(pn]ojklk`anok^nareren ]4/`Ž]o`adqahc]`ad]i^na ajlneoe“j(ieajpn]oh]i]uknŽ] `ahko_q^]jkooecqaoej_kjk_an ahda_dk(k_qnne`kahi]npaoaj H]D]^]j](]41,geh“iapnko]h kaopa`ahhqc]n`aoqoalahek(h] hk_]he`]``a>]jao(ajh]lnkrej_e] `aDkhcqŽj* Ajp]jpk(aha_kjkieop]klkoepkn êo_]nAolejko]?dalaejbkni“] IEHAJEKmqakpnkoÎ`kolnaoko lkhŽpe_ko(A`q]n`k@Ž]vu@eko`]`k Ckjvƒhav(oa`a_h]n]nkj]uanaj dqahc]`ad]i^naajokhe`]ne`]` _kjV]l]p]Ï*=i^kobkni]jl]npa `ahcnqlk`ahko31aj_]n_ah]`ko aj.,,/u_qilhaj_kj`aj]o`a .-u.,]’ko`a_ƒn_ahnaola_per]) iajpa(ajh]k__e`ajp]hlnkrej_e] `aLej]n`ahNŽk(lqjpq]hev“* Ahajpeannk`aV]l]p]pn]jo_q) nne“Îajpnah]ooeapauh]ojqara `ah]i]’]j]Ï`ahfqaraoulk_k `aolqŠoNaej]P]i]uk`a_h]n“ pahab“je_]iajpa]qjia`ek`a lnajo]bn]j_Šo`ao`a>]jao6ÎH] iqanpa`aiedefkiapeajamqa `]niq_d]bqanv](r]hkn*Iq_dko dani]jko$klkoepknao%ia]_kil]) ’]nkj(lankdaikooe`knalneie`ko u_qopk`e]`kolknhko]cajpao`a h]oacqne`]``ahAop]`kÏ* Oac˜jkpn]obqajpao_kjoqhp]) `]o]mqŽ(ajahejpanekn`ah]_]o]( `kj`aoanaceopn“ahrahknek(Îoa naqjeankj /, lanokj]oÏ u `ao) lqŠoÎoaoqi]nkj]hoalahekqj]o

C|iZ[Y_[dÅhcWiYedijWXWd^WijWWo[h[dkdb_XheZ[YedZeb[dY_Wi[dYWiWZ[bWefei_jehWBWkhWFebb|d _q]jp]o`a_aj]o`a_eq`]`]jko( ok^napk`kf“rajao(ud]^h]nkjh] i]`nauqjatlnaoklkhŽpe_k`a >]jaoÏ*Ah]_pereop]Ahev]n`kOƒj) _davejbkni“mqaÎajpna1,u-,,Ï lanokj]obqankj`apaje`]o]jpao `ahbqjan]humqa`ao`ah]jk_da `ahieŠn_khaopk`kohko]__aoko ]h]hk_]he`]`Îaop]^]jpki]`ko lknh]lkhe_Ž]Ï( Lknoql]npa(hkolnej_el]hao `e]nekohk_]haooai]jpqreankj ajoehaj_ekajpknjk]h_]ok* Ahoehaj_ek`ahlnaoe`ajpa^n]oeha) ’k(HqevEjƒ_ekHqh]`]Oehr](bnajpa

]h]iqanpa`aV]l]p]cajan“]uan _nŽpe_]o]hi]j`]p]nek(]_qo]`k`a Îej`qhcaj_e]Ïbnajpa]rekh]_ekjao `ahko`ana_dkodqi]jkoajl]Ž) oao_kjoe`an]`ko]iecko*ÎOacq) n]iajpah]`elhki]_e]^n]oeha’] `a^anŽ]i]jebaop]noa`a]hcqj] i]jan](lknmqad]qpehev]`kqj `k^han]oankÏ(atlnao“ahat_]j_e) hhanHqevBahelaH]ilnae](ajqj] ajpnareop]at_hqoer]mqalq^he_“ ]uanah`e]nekBkhd]`aO]kL]qhk* Î?q]j`koapn]p]`al]Žoaod]_e]hko mqapeajaoeil]pŽ](_kikaoah_]ok `a?q^]($>n]oeh%jk`e_aj]`](]qj

;K$9kcXh[Yedh[fkXb_YWdeideWY[hYŒfei_Y_ed[i

EXWcWWÅhcWgk[i[]k_h| WZ[bWdj[bWh[\ehcWZ[iWbkZ MWi^_d]jed38^\eZ`Xj

&

hlnaoe`ajpaaop]`qje`ajoa >]n]_gK^]i]]`renpe“]uan mqar]]oacqen]`ah]jpa _kjoqnabkni]`ah]o]hq`(_kjk oejah]lkuk`ahkonalq^he_]jko( ]h]o]he`]`aqjh]nckaj_qajpnk

pahareo]`k`a`eo_qoekjaook^naah lnkua_pkmqaaopƒ^hkmqa]`kajah ?kjcnaok*ÎJklk`aiko`a^]pen `qn]jpaqj]’kiƒoaopa]oqjpkÏ( `efkK^]i]]h_kj_hqenoqÎ_qi) ^naÏ`aoeapadkn]o_kj_an_]`a 0,l]nh]iajp]neko`ai“_n]p]o unalq^he_]jko(]hkomqad]^Ž]

ejrep]`k]`eo_qpenahlnkua_pk* H]naqje“jl]na_ad]^anbn]_]o]`k ajoqk^faperk`a]_an_]nlkoe_ekjao* K^]i]`efkd]^anjkp]`k]hkh]nck `ah]o`eo_qoekjao]hcqjkolqjpko `a_kjrancaj_e]_kjh]klkoe_e“j( ajl]npe_qh]naj]ola_pko`ah]na) bkni]_kikahnabane`k]hkoannknao

_q]j`kd]u]rekh]_ekjaoare`ajpao `a`ana_dkodqi]jko*?q]j`kah _]okk_qnna_kjl]Žoaod]_e]hko _q]haojkpeajap]jp]oeil]pŽ](ao _]l]v`aoan^]op]jpaaopne`ajpaÏ( ]ncqiajp“H]ilnae]* E`Šjpe_]`a_al_e“jatlnao“ah `eoe`ajpa_q^]jkI]jqah?qaop]( oa_nap]nekcajan]h`ahL]npe`k=n_k Lnkcnaoeop](mqeaj(ajajpnareop] at_hqoer]_kj_a`e`]lknpahŠbk) jk`ao`aH]D]^]j]]h`e]nek K Chk^k(okopqrkmqaHqh]Î`a^anŽ] d]^anlnkpaop]`kÏlknh]iqanpa `aV]l]p]*.D

iŠ`e_ko(]hian_]`k`ahkooacqnko u]h_kopk`ah]o]hq`* Oej ai^]nck( na_kjk_e“ mqa ateopaj lkoe_ekjao Îbehko“be_]oÏ iqu]haf]`]oajpna]i^ko_]ilko* P]i^eŠjl]na_e“ej`e_]nmqaaop]^] `eolqaopk]na_qnnen]qj]pƒ_pe_] haceoh]per]_kjpnkranpe`]_kjk_e`] _kikÎna_kj_ehe]_e“jÏ(mqalaniepenŽ] ]`klp]nqj]nabkni]`ah]o]hq` laoa]h]_]l]_e`]``a^hkmqak`ah] iejknŽ]nalq^he_]j]ajahOaj]`k* μD]uoqÚ_eajpaaobqanvkl]n]mqa ajqjiao(ajlk_]ooai]j]o(ajoaeo oai]j]o(lk`]ikoaba_per]iajpa hhac]n]]hck;Ï(lnacqjp“]oqoklk) jajpao*ÎOejkhkhkcn]iko(ajpkj_ao

hlnaoe`ajpa`aDkj`qn]o( LknÚnekHk^k(_ao“]uan]h faba`ahAop]`kI]ukn?kj) fqjpk(NkiakRƒomqav(mqa`enece“ ahckhlaiehep]n_kjpn]ahajpkj_ao lnaoe`ajpaI]jqahVah]u]ah.4`a fqjekl]o]`k*RƒomqavÎl]o]]oq _kj`e_e“j`anapenkÏ(]jqj_e“ah lnaoe`ajpa( mqeaj aj ah ieoik ]_pkfqn]iajp“]hcajan]h?]nhko =jpkjek?qŠhh]n_kikoqopepqpkaj h]iƒtei]fan]nmqŽ]iehep]n* Ahjki^n]ieajpk`a?qŠhh]n(mqa oa`aoaila’]^]_kik]q`epkn`a h]oBqanv]o=ni]`]o(Îk^a`a_a]hk mqaaoahi]j`k`aoqhaceoh]_e“j ejpanj]Ï(atlnao“Hk^k]hlnaoaj) p]najh]?]o]`aCk^eanjk]hjqark j˜iankqjk`ahkoiehep]naodkj) `qna’ko*Hk^k_]i^e“p]i^eŠj] kpnko_q]pnkieai^nko`ah]Fqjp]`a ?ki]j`]jpao(eilhe_]`kopk`koaj ahckhla`aAop]`k_kjpn]ahajpkj_ao lnaoe`ajpa_kjopepq_ekj]hmqahad] r]he`k]Dkj`qn]oqjh]ncklanek`k `a]eoh]ieajpkejpanj]_ekj]h* H]Fqjp]aopƒejpacn]`]lknah fabauoq^faba`ahAop]`kI]ukn?kj) fqjpkuhkofabao`ah]on]i]o`ah AfŠn_epk(h]J]r]huh]Bqanv]=Šna]* ÎAhcajan]h?qŠhh]noaha__ekj]nƒ] mqeajaok_ql]nƒjhko_]nckoajh] Fqjp]`a?ki]j`]jpaoÏ(atlhe_“ ahi]j`]p]nek(aha_pkaj_kie_eko ajjkreai^nal]o]`ku]hbnajpa `ahck^eanjk`ao`aahl]o]`k.3`a ajank*=oeieoik(ahpne^qj]hlaj]h `aPacq_ec]hl]`e_p“aopafqarao ia`e`]ooqopepqper]o`a_ƒn_ah]h atiejeopnk`a@abajo]=nŽope`ao IafŽ]u]h]atiejeopn]`aAjancŽ]( I]un]IafŽ](`ko_kh]^kn]`knao `ahck^eanjk`ah`alqaopkI]jqah Vah]u]]_qo]`ko`abn]q`a* =oeieoik(oacqe`knao`aVah]u]( ejpacn]`koajahBnajpa`aNaoeopaj_e] Lklqh]n(o]heankj]uan]h]o_]hhao] atecenmqaoanabkniah]?kjopepq_e“j( _kjah]lkuk`ahkoi]aopnko(mqa l]n]nkjoqoh]^knaol]n]oqi]noa ]h]ikrehev]_e“j*.D

leajokmqar]]oanja_ao]nek]r]j) v]nupki]n_eanp]o`a_eoekjao(uao l]n]aokmqaoenrajh]oaha__ekjaoÏ( ]cnac“(]Úni]j`kmqaÎh]i]uknŽ] `ahkoaop]`qje`ajoaoleajo]mqa qjrkpk`ah]i]uknŽ]$oeilha%ao _kdanajpaÏ* ÎBn]j_]iajpa(mqa`Šiqu`ao) ehqoekj]`k_kjahnaoqhp]`kÏ(`efkah faba`ah]iejknŽ]nalq^he_]j]`ah Oaj]`k(Iep_dI_?kjjahh(]ho]hen`a h]naoe`aj_e]_an_]j]]h]?]o]>h]j_] `kj`aoana]hev“h]naqje“j*.D

% c_b[d_e$Yec 

8kigk[[bl_Z[e[d0


D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

5FOEFODJBT

j[dZ[dY_Wi6c_b[d_e$Yec

P YbWhWXeoW F7JE7BF;JHĂ&#x2022;B;E



Pi_Y$$$ <78H?P?E H7:7;BB?%;<;

Kd[Yebe]_ijWlebkdjWh_ekj_b_pW kdWjeWbbWfWhWh[j_hWhh[ijeiZ[ f[jhÂ&#x152;b[eZ[kdfWjeh[iYWjWZeZ[b hÂ&#x2021;eBWcXheY[hYWZ[CedpW"?jWb_W$;b FejWcX_Â&#x192;d\k[W\[YjWZefehkdW \k]W[dkdWh[Ă&#x2026;d[hÂ&#x2021;W$

Â&#x2030;/BUJWBTEFBMHzODBMMFKuOPTDVSP EFVOB DBMMFPCTDFOB EFBRVFMMBSFOPNCSBEB DJVEBE -POESFT$POUPEBFTUBQSPTUJUV DJuOZCPSSBDIFSBTFTJODSFpCMFRVFFTUF CBSDPIBZBQPEJEPBSSJCBSB"EFMBJEFÂ&#x160; @W_c[i8[bb"eĂ&#x2026;Y_Wbc[dehZ[kddWlÂ&#x2021;egk[l_W`Â&#x152;W7kijhWb_W[d

'.)."WbZ[iYh_X_h[dikZ_Wh_eWkdWifheij_jkjWigk[i[kd_[hed WbWjh_fkbWY_Â&#x152;d[dXkiYWZ[kdWl_ZWc[`eh[dbWiYebed_Wi$

P l[djWdW QPSDJFOUP Z[beifWY_[dj[iikZW\h_YWdeiYedjkX[hYkbei_ijWc# X_Â&#x192;dj_[d[d[bl_hkiZ[_dckdeZ[Ă&#x2026;Y_[dY_W^kcWdW$ JhWjWhbWiZei[d\[hc[ZWZ[iZ[\ehcWi_ckbj|d[W iWblW[bZeXb[Z[l_ZWigk[Wfb_YWhkd[d\egk[fWhW WXehZWhfh_c[hebWJ8"h[fehjWhed_dl[ij_]WZeh[i$

BWj[Ydebe]Â&#x2021;Wfk[Z[c[`ehWhbWiYedZ_Y_ed[iZ[l_ZWZ[bWieY_[ZWZ"Wi[]khW

@eiÂ&#x192;DWhhe0bWY_[dY_WWokZW WbZ[iWhhebbeZ[bei;ijWZei ;bh[YjehZ[bWKd_l[hi_ZWZDWY_edWb7kjÂ&#x152;decWZ[CÂ&#x192;n_YeikiYh_X_Â&#x152; kdYedl[d_eYed8W`W9Wb_\ehd_Wofh[i[djÂ&#x152;YkWjhe]hWdZ[ifheo[Yjei fWhW[bEXi[hlWjeh_e7ijhedÂ&#x152;c_YeDWY_edWbZ[IWdF[ZheC|hj_h

>x9JEH JxBB;P

;di[dWZW893I\[XZZ`Â?e

&

hna_pkn`ah]QJ=I(FkoÂ&#x160; J]nnkNk^hao(]oacqnÂ&#x201C; mqa`a^aikooqi]n aobqanvkoulkpaj_e]n hkona_qnoko_kjmqa _kjp]iko*Ă&#x17D;Pajaikop]na]o`eran) o]o(lank`ao`ah]_eaj_e]oalqa`a ]lku]nah`ao]nnkhhk`aqj]ajpe`]` ba`an]per]u`ajqaopnkl]Â&#x17D;oĂ?* AjIÂ&#x160;te_k(]^qj`Â&#x201C;(oej_eaj_e] dku`Â&#x17D;]aoiÂ&#x192;o`ebÂ&#x17D;_ehaj_kjpn]nah `ao]nnkhhk(lknmqa_kjh]pa_jk) hkcÂ&#x17D;]aob]_pe^ha_kjpne^qen]mqa iafknajh]o_kj`e_ekjao`are`] `ah]ok_ea`]`* Ajh]oqo_nel_eÂ&#x201C;j`aqj_kjra) jekajpnah]_]o]`aaopq`ekouah ck^eanjk`a>]f]?]hebknje](J]nnk Nk^haooaÂ&#x2019;]hÂ&#x201C;mqarereikoajqj] an]`ah_kjk_eieajpk(lknhkmqa namqaneiko_eq`]`]jkoejbkni]`ko7 aoej`eolajo]^haeilqho]np]na]o `a`k_aj_e]u`erqhc]_eÂ&#x201C;j*?kjah ck^anj]`kn`a>]f]?]hebknje](FkoÂ&#x160; Koqj](]oaranÂ&#x201C;mqah]qjeranoe`]`( ]hkh]nck`aoqdeopkne]uok^napk`k ajh]o`Â&#x160;_]`]ona_eajpao(peaja_h]nk mqaqjk`aoqolnej_el]hao_ki) lnkieokoao_kjh]ok_ea`]`* Lknoql]npa(Koqj]IehhÂ&#x192;j]oa) cqnÂ&#x201C;mqah]Ă&#x161;ni]`ah_kjrajek`] ]>]f]?]hebknje]h]klknpqje`]` `ana]hev]n]__ekjaoaola_Â&#x17D;Ă&#x161;_]oaj j]jkpa_jkhkcÂ&#x17D;](qjk`ahkoleh]nao `ahbqpqnkejia`e]pk`ah]ajpe`]`* P]i^eÂ&#x160;j(]cn]`a_eÂ&#x201C;]h]qjeranoe`]` oqrkhqjp]``ad]_anatpajoerkah ^ajaĂ&#x161;_ek`ah]ejraopec]_eÂ&#x201C;j_eaj) pÂ&#x17D;Ă&#x161;_]`ahiÂ&#x192;o]hpkjerahajaopko pai]o`abnkjpan]* Ajoqklknpqje`]`(L]^hk=ha) fkHÂ&#x201C;lav(lnaoe`ajpaiqje_el]h`a Ajoaj]`](`efkmqa_kjh]_eaj_e] aejopepq_ekjao]_]`Â&#x160;ie_]omqah] eilqho]j(aop]hk_]he`]`peajaqj ran`]`ankje_dk`aklknpqje`]`ao `a`ao]nnkhhk*@aajpnaahh]o`aop]) _]h]QJ=I(mqa_kjahpn]^]fk`a oqoejraopec]`knaou]_]`Â&#x160;ie_ko

KdeZ[beifh_dY_fWb[iYecfhec_ieiZ[bWKD7C[iYedbWieY_[ZWZ"WĂ&#x2026;hcÂ&#x152;

7JHJMBODJBQBUFSOBEFSFEFTTPDJBMFT BWKD7Ch[Yec[dZÂ&#x152;WbeifWZh[iZ[\Wc_b_W h]o]lhe_]_ekjao(ah`ao]bÂ&#x17D;kaomqaej_qnoekjajaj l_]_bWh ]oqodefkoajh]ona`aook_e]hao(ej_hqok(

oeaj`kl]npa`aoqo_kjp]_pko(lqaoah`ao]bÂ&#x17D;k`a lnkpacanhko`]pkolanokj]hao`aiajknaojkn]`e_] ajdann]ieajp]opa_jkhÂ&#x201C;ce_]o_kik_]j`]`kok ^hkmqako(oejkajh]naolkjo]^ehe`]`lanokj]hu h]ej_qnoeÂ&#x201C;j`ahkol]lÂ&#x192;oajaokoaol]_eko* Nq^Â&#x160;j=mqejkHqj](faba`ah`al]np]iajpk`a Oacqne`]`aj?Â&#x201C;ilqpk`ah]@ena__eÂ&#x201C;jCajan]h `aOanre_eko`a?Â&#x201C;ilqpk=_]`Â&#x160;ie_k`ah]QJ=I( ]oacqnÂ&#x201C;mqaaop]najpnahko_kjp]_pko`aoqodefko lqa`a]uq`]n]mqa_kjkv_]j_ko]o(cqopkoud]op] hko]iecko_kjhkomqaejpan]_pÂ&#x2DC;]j* =qjmqa]hcqjkol]lÂ&#x192;o`ao_kjk_ajiq_d]o`a d]_kjpne^qe`k]h_na_eieajpk`ah iqje_elek* H]QJ=IlnaoajpÂ&#x201C;hko_q]pnk cn]j`aolnkua_pkoejpanj]_ekj]hao l]n]ahK^oanr]pknek=opnkjÂ&#x201C;ie)

ahh]ol]n]Ă&#x17D;aop]n_an_]`ahkofÂ&#x201C;rajao(jkoÂ&#x201C;hkajh] _]o]uao_qah](oejkp]i^eÂ&#x160;jajh]na`Ă?(]oacqnÂ&#x201C;* Lnkde^enhkjkaoh]okhq_eÂ&#x201C;j(aoiafknaop]n ejbkni]`kou]hlaj`eajpa`ahkmqad]_ajhko ]`khao_ajpaouiÂ&#x192;o^eajoa`a^aj_kjk_and]op] h]olkhÂ&#x17D;pe_]o`alner]_e`]`mqajkoeilkjaj`apan) iej]`kooepeko*Ajk_]oekjao(Ă&#x17D;lknĂ&#x203A;kfan]`ahaanah `k_qiajpknah]_ekj]`kjko]^aikomqalqa`aj d]_an_kjjqaopnko`]pkoĂ?(atlhe_Â&#x201C;=mqejkHqj]* =qjmqaateopaqj]hau`alnkpa__eÂ&#x201C;j`a`]pko lanokj]hao(oaaj_qajpn]]lac]`]]h]naolkjo]^ehe) `]``ahck^eanjk7lankd]^h]j`k`ana`aook_e]hao jkateopaqj]_qan`k*

_kJ]_ekj]h`aO]jLa`nkIÂ&#x192;npen $K=J)OLI%(]_]nck`ahEjopepqpk`a =opnkjkiÂ&#x17D;]*Qjk`aahhkooanaĂ&#x161;ana ]h]ejop]h]_eÂ&#x201C;jajahK^oanr]pknek `aqjpahao_kleknk^Â&#x201C;pe_k`a-*/ia)

pnko(`ajkiej]`kP]es]j)=iane_] K__qhp]pekjOqnrau(Ă&#x161;j]j_e]`klkn h]=_]`aie]`a?eaj_e]o`aP]esÂ&#x192;j uh]Qjeranoe`]``aD]nr]n`* =`aiÂ&#x192;o(kpnk_kj_eanja]qj

lnkua_pkajahmqahkock^eanjko `aBn]j_e]u?dej]`ao]nnkhh]jqj] ieoeÂ&#x201C;jaol]_e]hl]n]ahaopq`ek`ah _eahkajn]ukoc]i](]pn]rÂ&#x160;o`aqj k^oanr]pkneko]pahep]hmqa_kjpailh] h]ejop]h]_eÂ&#x201C;j`a`kopahao_kleko Â&#x201C;lpe_k)ejbn]nnkfk nk^Â&#x201C;pe_ko `a -*/iapnkol]n]`]noacqeieajpk ]aopkoarajpko*?dej]ejop]h]nÂ&#x192; qjkajoqpannepknekuBn]j_e]d] oaha__ekj]`kahoepek`ahK=J)OLI l]n]q^e_]nahkpnk* D]_aqjl]n`a]Â&#x2019;koh]QJ=I( fqjpk_kjahEJ=KA(uh]oqjeranoe) `]`ao`a?]hebknje]u`a=nevkj] eje_eÂ&#x201C;h]_kjopnq__eÂ&#x201C;julqaop]aj klan]_eÂ&#x201C;jajahK=J)OLI`aqj pahao_klek`a2*1i`a`eÂ&#x192;iapnk mqana]hev]nÂ&#x192;qji]lak`ah_eahk*Ao qjlnkua_pkÂ&#x2DC;je_kajoqpelk(uh] oajoe^ehe`]``ahejopnqiajpkoanÂ&#x192; iehra_aoi]ukn]h]`ahi]lakaj ejbn]nnkfkiÂ&#x192;o`ap]hh]`kna]hev]`k d]op]h]ba_d]*Ah_kopkaopei]`kao `a-1,iehhkjao`a`Â&#x201C;h]nao* P]i^eÂ&#x160;joalh]jpa]ejop]h]nqjk `ahko_ej_kpahao_klekonk^Â&#x201C;pe_ko`a 2,_ajpÂ&#x17D;iapnko`ah]na`aol]Â&#x2019;kh] >kkpaol]n]ahoacqeieajpkÂ&#x201C;lpe_k `an]ukoc]i]*?kjaop]_ekjaoaj Aol]Â&#x2019;](Nqoe]uJqar]Vah]j`](`e) _d]na`laniepenÂ&#x192;h]k^oanr]_eÂ&#x201C;j `ak^fapko]opnkjÂ&#x201C;ie_koaj]i^ko daieobaneko_ahaopao*OanÂ&#x192;Ă&#x161;j]j) _e]`]_kj_]lep]he^ankuIÂ&#x160;te_k oaaj_]nc]nÂ&#x192;`aoqejop]h]_eÂ&#x201C;ju i]jpajeieajpk* Ah?ajpnk`aJ]j_k_eaj_e]ou J]jkpa_jkhkcÂ&#x17D;]$?JJ%p]i^eÂ&#x160;j lnaoajpÂ&#x201C; ]hcqjko `a oqo lnk) ua_pko(ajpnahkomqa`aop]_]h] _na]_eÂ&#x201C;j`aqj`al]np]iajpkaj ^ekj]jkpa_jkhkcÂ&#x17D;](h]]lanpqn]`a h]he_aj_e]pqn]`aejcajeanÂ&#x17D;]ajj]) jkpa_jkhkcÂ&#x17D;](uh]_na]_eÂ&#x201C;j`ah] Qje`]``aJ]jk_]n]_panev]_eÂ&#x201C;j uJ]jkb]^ne_]_eÂ&#x201C;j* ?]nhko=nÂ&#x192;i^qnk(_kkn`ej]`kn`a Ejraopec]_eÂ&#x201C;j?eajpÂ&#x17D;Ă&#x161;_]`ah]QJ=I( oaÂ&#x2019;]hÂ&#x201C;mqaaop]]he]jv]aopn]pÂ&#x160;ce_] _kj>]f]?]hebknje]laniepenÂ&#x192;oacqen _kjpne^quaj`k]h]bkni]_eÂ&#x201C;j`a na_qnokodqi]jko(h]cajan]_eÂ&#x201C;j `alnkua_pko`aejraopec]_eÂ&#x201C;ju`a) o]nnkhhk(]oÂ&#x17D;_kikl]n]lnk_qn]n ah`ao]nnkhhkok_e]hua_kjÂ&#x201C;ie_k ]pn]rÂ&#x160;o`ah]_eaj_e]*.D




D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

$VMUVSB

;Z_jeh0"SJFM(PO[fMF[ YkbjkhW6c_b[d_eZ_Wh_e$Yec$cn

P jec[dejW

PZ[b_jeic[deh[i$$$

<EB9BEH;D;B9;DJHE:;9EB?C7

$VFOUBORVFMB%JSFDDJuOEF-JUFSBUVSB EFM*OTUJUVUP/BDJPOBMEF#FMMBT"SUFTFTUf QSFQBSBOEPVOBSFWJTUBWJSUVBM1PSMPRVF TFTBCF TFSfMBO[BEBBMDJCFSFTQBDJPFO VOBTDVBOUBTTFNBOBT-BJEFBFTRVFTFB VOGPSPQBSBOVFWBTFTDSJUVSBTZVOFTQBDJP QBSBNPTUSBSFMBDFSWPMJUFSBSJPEFM*/#"

;b<[ij_lWb=kWZWbkf[BÂ&#x152;f[pB[Â&#x152;dfh[i[djW^eol_[hd[i(,Z[\[Xh[heW fWhj_hZ[bWi'/0)&^ehWiWbXWbb[j<ebabÂ&#x152;h_YeZ[9egk_cWjb|dÂş7gk[jpWbb_Âť"[d [b`WhZÂ&#x2021;dB_X[hjWZZ[bWYWf_jWbYeb_c[di[$;dbWYeckd_ZWZZ[bC_nYeWj[" [dL_bbWZ[Ă&#x17D;blWh[p"i[fh[i[djWh|[b8Wbb[jÂşBei9efWb[iÂťo[bÂş8Wbb[j <ebabÂ&#x152;h_Ye?d\Wdj_bZ[b:?<Âť"Z[C_dWj_jb|d$C_[djhWi"[d[b`WhZÂ&#x2021;dfh_dY_fWbZ[ 9ecWbWi[fh[i[djWh|Âş:Wd_[b<hWdYeoiki^emhWdY^[heÂť"WfWhj_hZ[bWi -0&&Z[bWjWhZ[$

9eb_cW3@mfee\9XiXaXj

-

]?kil]Â&#x2019;Â&#x17D;]`aPa]pnk ?q]pnkIehl]oaopÂ&#x192;`a Ă&#x161;aop]6Baopaf]nÂ&#x192;oq`Â&#x160;_e) ik_qilha]Â&#x2019;ko_kjqj Baoper]h`aIkjÂ&#x201C;hkcko mqaoalnaoajp]nÂ&#x192;`qn]jpahkolnÂ&#x201C;te) iko_ej_k`aoai]j]oĂ&#x152;ailav]j) `kdkuĂ?ajaha`eĂ&#x161;_ek`ap]hhanao Ă&#x17D;=haf]j`nkN]jcahDe`]hckĂ?(aj?]o] `ah]?qhpqn]*Hkoaola_pÂ&#x192;_qhko_k) iajv]nÂ&#x192;jajlqjpk`ah]o.,6/, dkn]o*H]ajpn]`]aohe^na* F]jap Lejah]( bqj`]`kn] `a h] _kil]Â&#x2019;Â&#x17D;] `a pa]pnk atlaneiaj) p]h(]oacqnÂ&#x201C;mqalknĂ&#x161;j]h_]jv]j] ]lna_e]nh]bkni]_eÂ&#x201C;j`aqjlÂ&#x2DC;^he_k6 Ă&#x17D;Jqaopnk_kj_alpk`apa]pnkaopÂ&#x192; hhajk`a]^opn]__ekjao(`a_kj_alpko u`aoecjeĂ&#x161;_]`ko(d]_aikok^n]o mqalnkle_e]jh]naĂ&#x203A;ateÂ&#x201C;j*=qjmqa h]cajpaiq_d]ora_ao_naamqajk ao_]l]v`aajpaj`anaopapelk`a aola_pÂ&#x192;_qhkoiajko_kjraj_ekj]hao( jkoaj_kjpn]iko_kjmqaoÂ&#x17D;hkcn]j ]ni]nqj]lan_al_eÂ&#x201C;jiqu_h]n]`ahk mqaejpajp]iko`a_enĂ?(oq^n]uÂ&#x201C;* Uaomqa(ajoqoaola_pÂ&#x192;_qhko( `aop]_]qj]la_qhe]nlnklqaop] aopÂ&#x160;pe_]6qj]iav_h]`aejop]h]) _eÂ&#x201C;jupa]pnk(]`aiÂ&#x192;o`aoqpehao nabanaj_e]o]atlnaoekjaohepan]ne]o kle_pÂ&#x201C;ne_]omqalnkrk_]jmqaah aola_p]`knĂ&#x17D;pajc]qj]reraj_e] lanokj]hÂ&#x17D;oei]`a_]`]k^n]Ă?*RanÂ&#x201C;) je_]O]jiecqah(]_pnevu`ena_pkn]( ]oacqnÂ&#x201C;mqaqjk`ahkocn]j`ao hkcnko `a h] _kil]Â&#x2019;Â&#x17D;] d] oe`k _na]nqjlÂ&#x2DC;^he_kaola_Â&#x17D;Ă&#x161;_kmqa oalnak_ql]lknah_na_eieajpk `ah]_kil]Â&#x2019;Â&#x17D;]* Ajnqa`]`alnajo](Nq^Â&#x160;jLÂ&#x160;nav =jcqe]jk(oa_nap]nek`a?qhpqn]( ]oacqnÂ&#x201C;6Ă&#x17D;Oqoaola_pÂ&#x192;_qhkoaopnq) f]jah]hi]Ă?Ă&#x2026;u]mqah]o_na]_ekjao Ă&#x152;ao_nep]ou`enece`]olknahhko(aj

P `Wdi

BWYecfWÂ&#x2039;Â&#x2021;WZ[j[Wjhe[nf[h_c[djWb"Z_h_]_ZWfeh@Wd[j^F_d[bW" \[ij[`Wh|Yedkd<[ij_lWbZ[CedÂ&#x152;be]eiZkhWdj[beii_]k_[dj[i Y_dYe\_d[iZ[i[cWdW$ÂşIki[if[Yj|Ykbei[ijhk`Wd[bWbcWÂť" ikXhWoÂ&#x152;HkXÂ&#x192;dFÂ&#x192;h[p7d]k_Wde"i[Yh[jWh_eZ[9kbjkhW

9kWjheC_bfWi WfW]WbW

ZÂ&#x192;Y_cWl[b_jW )PZBSSBODB'FTUJWBMEF.POuMPHPT ;if[Yj|Ykbe

7Yjeh%7Yjh_p

<[Y^Wi

9edjhWZ_YY_ed[i

CWh_ieb9|hZ[dWi

(,Wb(.Z[\[Xh[he

Lebl[hWZ[Y_h[bcWh

9Â&#x192;iWh<W`WhZe

+Wb-Z[cWhpe

Ă&#x2018;dj_cW

7h_WZdW=Wbl|d

'(Wb'*Z[cWhpe

7dkX_i

9^h_ij_WdHWd][b

'/Wb('Z[cWhpe

C_dWiXW`ebWf_[b

<behBWh_ei

(,Wb(.Z[cWhpe I;H=?E 9;HL7DJ;I

YbWl[i FWhWgk[lWoWi 9Beikd_f[hiedWb[ii[Z[iWhhebbW# h|d[d[b[Z_\_Y_eZ[jWbb[h[iÂş7b[# `WdZheHWd][b>_ZWb]eÂť"kX_YWZeiW kdYeijWZeZ[bW9WiWZ[bW9kbjkhW Z[9eb_cW"[dfkdjeZ[bWi(&0)& ^ehWi$;djhWZWb_Xh[$

oqi]uknÂ&#x17D;]Ă?r]jail]l]`]o`a reraj_e]olanokj]hao*@aop]_]mqa ahrekhejeop]@Â&#x192;re`aJe_khhejed] _kilqaopkiÂ&#x2DC;oe_]knecej]hl]n] h]olnk`q__ekjao`ah]_kil]Â&#x2019;Â&#x17D;](u mqaahlkap]RÂ&#x17D;_pknI]jqah?Â&#x192;n`aj]o haod]laniepe`khhar]n]ao_aj]l]npa `aoqo_na]_ekjaohepan]ne]o* Ajqj]^naral]npe_el]_eÂ&#x201C;j(hko ejpacn]jpao`ah]_kil]Â&#x2019;Â&#x17D;]d]^h]nkj `ahlnklÂ&#x201C;oepk`aoqpn]^]fk]_pk) n]h6Ă&#x17D;Hkmqa]iÂ&#x17D;iaejpanao]ao lnkikranaop]Ă&#x161;hkokbÂ&#x17D;]`amqa] ra_aoh]oreraj_e]o`khknko]ookj qjlah`]Â&#x2019;kmqajkolqa`a_kj`q) _en]h]he^anp]`$Ă&#x2026;%oÂ&#x201C;hkpajaiko qj]re`](ud]umqarerenh]hkiafkn lkoe^haĂ?(oq^n]uÂ&#x201C;BhknH]neko* Aop]oanea`aaola_pÂ&#x192;_qhkoqje) lanokj]haod]_ajqjiet`ar]neko pai]oĂ&#x152;`ao`ah]^Â&#x2DC;omqa`]`ah] he^anp]`(]h`eobnqpa`ahkolh]_a) naoĂ?(lankpk`kod]jl]o]`klkn ahp]iev`ah]oajoe^ehe`]``ahko `eavejpacn]jpao`ah]_kil]Â&#x2019;Â&#x17D;] ?q]pnkIehl]o(mqeajaoeilneiaj qjoahhk_kjoqi]n_]`]lnklqao) p]aopehÂ&#x17D;ope_]aj_]`]qj]`aoqo lnk`q__ekjaopa]pn]hao* ?q]pnk Iehl]o peaja lh]jao ajlqanp]6_kj`eav]Â&#x2019;ko`apn]) ua_pkne]]_qaop]oaolan]jlk`an bknp]ha_anh]lkoe^ehe`]``a_na]n qjp]hhan`apa]pnkol]n]jeÂ&#x2019;kou ]`khao_ajpao*.D J7F?HE

BWYecfWÂ&#x2039;Â&#x2021;WZ[j[Wjhee\h[Y_Â&#x152;Wo[hkdWYed\[h[dY_WZ[fh[diWfWhW Z[jWbbWhbeifehc[deh[iZ[bWY[b[XhWY_Â&#x152;dZ[ik'&Wd_l[hiWh_e

;dfkdjeZ[bWi(&0)&^hi$i[[ijh[dW^eo[bcedÂ&#x152;be]e9edjhWZ_YY_ed[i" YedCWh_ieb9|hZ[dWi1[dikfh_c[h[d\h[djWc_[djeWbfÂ&#x2018;Xb_Ye


D@C<E@F

l_[hd[i(,Z[ <[Xh[heZ[(&'&

DVMUVSB

?dl_del[h_jWi QPS%fWJEF"SFOB

/PTUBMHJBT 2

qaatpn]’]deopkne]ia_kjp]opa( N]i“j*Iamqa`Šlajo]j`kaj ahh]lknqj^qajn]pk*Mqevƒo( `aolqŠo`aao_q_d]nh](lajoŠ ajqjna^koa`ab]jp]oŽ](]oŽ _kikahh]ckmqa`ao^kn`]^]oqo]cq]oaj ]mqahh]p]n`a`areajpk*Hqackia]_kn`Š `aqjieŠn_khao`ahhqre](_q]j`k`aolqŠo `a_knnanlknqj^qajn]pkajah]cq]_ank( h]ohq_ao`ah]p]n`a_anailav]nkj]lejp]n _khknaojqj_]]jpaoreopkouh]dean^]oa rkhre“lh]pa]`](ah]enahhar]^]ahi]nu ukiaoajpŽ]ej_naŽ^haiajpabahev*OŽ(h] b]jp]oŽ]pn]joep]lknhkooajpe`kouik) `eÚ_]ahajpknjk(N]i“j*Aoahikiajpk oq^heia`aaopa`kjoajoe^haup]jlk_k na`epq]^ha(qj]cn]_e]`ane_kooai^n]`] ]h]v]n(ajahpann“jiƒobŠnpehkajpnahko oqn_kooa`eajpko`a]cq](umqalknecq]h ajcaj`n]f]n`ejaouÛknao*Hhar]opa_kjpeck pqoaiehh]*=mqah`Ž]Ûkna_e“* Ahnqe`k`ah]ikpk_e_hap]oank^“ie oqa’k*Hqackahnqiknokn`k`aqjl]) mqapapen]`kajh]_k_dan]*Ah`aole]`]`k ]_ahan“j`a`aola`e`]paniej“_kjah ˜hpeikejpajpk`a]pn]l]nhk*Ahh]`n“j pajŽ]lneo]*Iahar]jpŠl]n]ranhkmqa d]^Ž]_]jfa]`klknieoqa’k*Ajahna) _knne`kpqrapeailkl]n]qjdƒhepk`a jkop]hce]d]_e]hko_]npanko`a]jp]’k( hkomqahhac]^]jajh]^e_e_hap]ud]op] oamqa`]^]j]_d]nh]nqjn]pepk]jpao `aoacqenha*Hko_]npankomqaoarkhrŽ]j _kjk_e`ko(mqao]hq`]^]j]hhhac]n(oa `aola`Ž]j]i]^haiajpaumqa]_kik) `]^]jh]o`ena__ekjaoamqerk_]`]o(u] mqa]hbeju]_]^k(aop]^]j]hp]jpk`a pk`kohko`aopej]p]neko*H]`aola`e`]`a hko_]npanko`adkuaoqj]bqi]nkh]`a ikpk_e_hap]`ao_]n^qn]`]ajh]_k_dan]* Jeik`k(khre`]nhkooanƒiƒobƒ_eh* Ia`efkie]ieckJapkO]jp]j](mqa h]hh]i]`]ajpn“lkn]dŽ`ah]ooaeo`ah] p]n`a*Qjj˜iankejqoq]hoai]n_“ajh] l]jp]hh]`aoqpahŠbkjk_ahqh]n*H]rkv`ah kpnkh]`kan]h]`aqj]oa’knep]]i]^ha( atlhe_]j`kmqah]_kil]’Ž]pahab“je_]`a knecajjkpajŽ]qj_kjrajek`aajh]_a_kj h]_kil]’Ž]na_alpkn](]oŽmqah]˜je_] bkni]`ak^pajanh]_kiqje_]_e“jan] ajh]ik`]he`]`l]n]_k^n]n*)¼=_alp];)

±c[WYehZƒZ[kd c_ƒhYeb[iZ[bbkl_W" YkWdZeZ[ifkƒiZ[ Yehh[hfehkdXk[dhWje [d[bW]kWY[he"bWibkY[i Z[bWjWhZ[Y[h[cf[# pWhedWf_djWhYebeh[i dkdYWWdj[il_ijeio bW^_[hXWi[lebl_ŒfbW# j[WZW"[bW_h[bb[lWXW [bcWhooec[i[dj‡W _dYh[‡Xb[c[dj[\[b_p± ejmqene“h]oa’knep]*Ia`efkJapkmqaoah] lajo“qjejop]jpa(hqackna_kn`]j`khko na_qnnajpaobn]q`aolknaop]rŽ]_kjpaopk mqajk*H]hh]i]`]oa_knp“(`af]j`k]ie ]iecklajo]perk*¼MqeŠjd]^nƒoe`k;)(oa lnacqjp]^]]nnalejpeŠj`koa`ajkd]^an ]_alp]`k*H]_qnekoe`]`jkp]n`“iq_dk ajoan]l]c]`]*@aolqŠo`aqj]ia`e] dkn](ahieoikj˜iankn]nkrkhre“]_k) iqje_]noa*=dkn]Japkejpannqile“h] oa’knep]]h]olneian]ol]h]^n]o6)=_alpk( ]_alpk)(ha`efk*H]rkvmqaao_q_d“aj oqpahŠbkjkhkhhaj“`acqopk* N]i“j_]iej]lknh]o_]hhao`a?de_]ck* U]d]paniej]`koqdkn]nek`apn]^]fk(lank ajaopa`Ž]jkpeajaƒjeik`anacnao]naj oq`al]np]iajpk*=_]`]l]ok oqo^kpejao`af]jqjlk_k `alkhrk`a_aiajpkaj

h]^]jmqap]*D]`af]`kh]k^n]oejoemqean] o]_q`enoaahqjebknia*Qj]ravlqaop]oq _d]i]nn]`aleah_khkn_dk_kh]paoad]^Ž] h]nc]`k_]oe]_eac]o*Ajpnahkon]o_]_ea) hkouh]opeaj`]ohqfko]o(qj]iqhpepq``a lanokj]ol]na_ajaop]nr]c]j`k_kikŠh( oejnqi^kÚfk*Ajh]oaomqej]o(oajp]`ko ajhkonaomqe_eko`ah]o^]jmqap]o(kpnko u]oad]j_]jo]`k`a`a]i^qh]n*)¼MqŠ aopkud]_eaj`k]mqŽ;)(oalnacqjp]N]i“j( ieajpn]oahjq`kajh]c]nc]jp]u]_]oejk hk`af]naolen]n*Aolknahhkmqa`a_e`aenoa ]oajp]nqjn]pkbnajpa]hh]ckIe_dec]j( `ao]Ú]j`kahreajpkdah]`k*H]pneopav]ha mqep]ah]ena* Ahl]mqapa]i]nehhkrajŽ]`ahafko(hk mqajkhk]qpknev]^]]d]_anp]jpkao_ƒj) `]hk*=qjmqah]Úni]]h_]h_a`ah]_]np] an]iqu]_na`ep]`](jkpajŽ]]qpkne`]` ]hcqj]ok^naieooqa’ko*=hejpanekn`ah l]mqapad]^Ž]p]i^eŠjqjre`ak*Mqepƒj) `kiah]ik`knn](lajoŠmqaahnaiepajpa iana_Ž]qj]ilheklan`“j(u]mqajkan] naolkjo]^ehe`]`oqu]ah]pannev]fa`aoqo o]hq`kou`aoako`aqj^qaj]’kjqark* H]ikhaope]`af“aol]_ek]qj]oajo]_e“j _ƒhe`]u]cn]`]^ha*Jkoad]jkhre`]`k `aiŽ(lajoŠ*@aran`]`(ah_kjpaje`k iad]^Ž]`af]`koknlnaj`e`k* Iahkd]^Ž]_kiajp]`kiedani]jk Nk^e*H]hh]i]`]na_e^e`]lknJapkbqah] _kjÚni]_e“j*At]_p]iajpad]_aqj]’k( h]rkvieopaneko]aopqrkajh]_]o]`aie dani]jkajPqnŽj*@aolqŠo`a_kjk_anoa ajahBahheje(]mqŽaj?khei](u]i^ko_kj h]_]^av]ajahbqp^kh(rkhreankj]_nqv]noa ajh]o_]j_d]o`ah?]j]raoa(ahamqelk`a oacqj`]`ereoe“jlnkbaoekj]hep]he]j]aj `kj`aNk^eoa`aoaila’]]_pq]hiajpa _kik`ena_pkn`alknperk*Ahikperkbqah] _kjpn]p]_e“j`ahfkrajFa]j=nj]q`(ah defk`a]npa*Ah]_kjpa_eieajpkhh]i“ h]]paj_e“j`ahkoia`eko*Ah]qpkn `ah]hh]i]`]bqaahejrep]`k `ar]nekolnkcn]i]opaha) reoerkoudqŠola``a

dWjkhWjekhi(&&&6oW^ee$_j H[ijWkhWdj["[dej[YW of_pp[h‡W<[bb_d_1 <[b_f[I[l_bbWZ[bH‡e))+

;IF;9?7B

I[hW_dWk]khWZWW\_dWb[iZ[cWhpe

=kWZWbW`WhWh[Y_X_h| ck[ijhWieXh[CW\WbZW =kWZWbW`WhW3@^eXZ`f;}mXcfj

$

q]j`kh]def]`aqjk_qilha oqomqej_a(ahlnkcajepkn aolnao]`aoajpeieajpko aj_kjpn]`ko*Lknqjh]`k(h]je’] oad]_kjranpe`kajiq_d]_d]u aileav]]pki]noqlnklek_]iejk uaokhklkjah]_“je_k7lknahkpnk( aopƒbahev`amqah]iqfanpajc] Úcqn]o u rk_ao lnkle]o* Hk `a oeailnaaoahbaopafk(lknhkmqa oaa_d]h]_]o]lknh]rajp]j]*Ah

baoper]h_qhpqn]hejb]jpehL]lenkh]o _qilhaoqomqej_a*Uoqo_na]`knao d]jknc]jev]`kqj]^qaj]Úaop]( j]`]iƒouj]`]iajkomqa_kj h]lnaoaj_e]`ah]apanj]I]b]h`]( _kjh]atlkoe_e“jAhiqj`koac˜j I]b]h`]( H]iqaopn]_kjp]nƒ_kj`eopejpko i“`qhkol]n]mqahkolamqa’ko oab]iehe]ne_aj_kjahlanokj]fa _na]`klknahFk]mqŽjO]hr]`knH]) r]`k(Mqejk(ul]n]mqahkoiƒo cn]j`aoh]na_knn]j_kjjkop]hce]*

dkjkn`ahkoajpnaj]ieajpko`ah]Fqraj) pqou`ahPknejk(]`aiƒo`a]l]na_anaj pk`kohkolane“`e_ko*Jep]jpkodkjknaohk oa`qfankj(ujkmqeokmqa`]noa]pn]^]f]n ]dŽ(aj`kj`ahaohhkreankjklknpqje`]) `ao*)hpeajaqj]e`a]Úf])(ia`efkie dani]jkNk^e* N]i“jbnajpa]hh]ck(ajahbnŽklqj) v]jpa*Oqdefk_qilhaqj]’k(ah`Ž]`a dku*Oqien]`]oamqa`]Úf]ajah]cq] aj_naol]`]lknah]ena*)=hhŽ(ajahaolafk `a]cq](ailav“]]oki]noaqjatpn]’k `e^qfk*=l]na_e“?khei]`ao`aah]hpk(hko rkh_]jaouh]_eq`]`*LajoŠajqj]]hq) _ej]_e“j(umqevƒohkan]*Hqack]l]na_e“ ah^]nnekuh]_]o]`aieol]`nao*HkraŽ] pk`k_kikoeaopqrean]ajah_eja)(ia _kjp]^]aik_ekj]`k*)AjpnŠajie_]o]( re]iedefkuoqÚaop]`a_qilha]’ko* Hqackpk`k`ao]l]na_e“*Hkre_kjaopko kfko(pahkfqnk)* Ahre`ak_kjpajŽ]hko_]i^eko]raje`ko ajh]_eq`]`ajhko˜hpeiko]’ko(]`aiƒo `alnaoajp]nhko]_kjpa_eieajpko`a.,--( _kikh]atlkoe_e“j`ah]O]_n]Oej`kja( ahi]jpko]cn]`k`aPqnŽj(mqahhar]nƒ ]ie_eq`]``aknecajiehhkjao`alana) cnejko(uah]jerano]nek`ahko-1,]’ko `ah]qje`]``ahl]Žo(]baopaf]noaajaop] _eq`]`*H]_]np](Úni]`]lknahlnaoe`ajpa iqje_el]h(paniej]^]]oŽ6)Aolankmqaaopa re`ak]jeia]jqaopnko_kj_eq`]`]jko naoe`ajpaoajahatpn]jfank]nacnao]n] PqnŽj(]`aiƒomqa]bkiajp]nh]ei]caj `aoq_eq`]``aknecajajoqo]_pq]hao _kiqje`]`ao `a naoe`aj_e]*) Aj_]nck _qilhe`k* H]rkv`aahkpnkh]`k`ahpahŠbkjkan] re^n]jpa(naŽ]uhqack_]oehhkn]^]lknh] aik_e“j*JapkO]jp]j]p]i^eŠjaop]^] aqb“ne_k( lknmqa ]h jacnk ha pki]iko _]ne’k* )Jkeilknp]oehkmqeana_kjpn]p]nh] Fqrajpqo_kikk^oanr]`knkahIehƒjk ahKheilemqa`aHe“j*Jkeilknp]oeha kbna_ajpn]^]fk`a_kiajp]neop]ajAoljk ajBktOlknp)(iad]^Ž]`e_dkNk^e* )hpeajaqj]e`a]Úf]*Oaiqana`a jkop]hce]lkn?khei])* )D]^h“>eueg)(ia`efkJapk* )MqŠoqanpareren]mqŽ)(ha_kj) paopŠ*.&

BWck[ijhWYedjWh|YedZ_ij_djeicŒZkbei

Ajpnakpnkoh]atlkoe_e“j_kjp]nƒ _kjqj]lnaoajp]_e“j`ahkolanok) j]fao(hkoiqj`ko(ahp]hhan`ahko ejrajpkouhkocqopkou`eocqopko `aI]b]h`]*H]iqaopn]naolkj`a]h ikjp]famqaknecej]hiajpana]hev“ ahIqoak>]nnehapa`ah]_eq`]``a ?“n`k^](=ncajpej]*H]`ena_pkn] `aaopaiqoak(O]^ej]Rehh]cn]( `efkmqah]atlkoe_e“jpeajaqj] lnaoajp]_e“j`aoaopnq_pqn]`]u lk_kbkni]h(_kjh]e`a]`amqahko je’kooa]_anmqajuhaoejpanaoa _kjk_aniƒook^naahlanokj]fa uah]qpkn]ncajpejk* @aolqŠo `a oq lnaoajp]_e“j `qn]jpaahbaoper]hL]lenkh]o(mqa oana]hev]nƒ`ah.]h3`aI]nvk(I]) b]h`]lnkhkjc]nƒoqaop]j_e]ajh] _eq`]`]hiq`]noa]hIqoakN]˜h =jcqe]jk`aCq]`]h]f]n]*.D




l_[hd[i(,Z[ <[Xh[heZ[(&'&

QBTBUJFNQPT

[bj_[cfe Yehh[e6c_b[d_eYeb_cW$Yec$cn

YhkY_]hWcW 3

4

5

6

11 13

15

18 23

21 24

27

28

34 39

43

29

40

35

36

41

47 51

56

45 48

52

37

42

44

46

25

31

33

38

10

17 20

30 32

9

16

19

26

8

12

14

22

7

49 53

54

50 55

57

>EH?PEDJ7B;I0'$FWjh_WZ[b[iYh_jeh >EH?PEDJ7B;I0'$FWjh_WZ[b[iYh_jeh=_elWdd_ I‡cXebeiZ[boeZeocWnm[bb$'+$H‡eZ[Ik_pW$ FWf_d_" Wkjeh Z[ Kd ^ecXh[ WYWXWZe$ ,$ '-$B[d]kWfhel[dpWb$'.$9ehj[pWZ[[dY_dW$ FWjh_WZ[b[iYh_jehB[efebZe7bWi"WkjehZ[ '/$Øj_bZ[ij_dWZeWbWjWgk[eWbWZ[\[diW BWH[][djW$''$=hWdZ[iehZ[d$'($9WhYec[h$')$ fbkhWb$('$7c_d"[nZ_YjWZehZ[K]WdZW$(($

J[bƒ\edei Z[_dj[hƒi

Fh[Å`ed[]Wj_le$()$L[dj_bWh|i$(+$ Z[F[h‘"WÆk[dj[Z[bCWZh[Z[ :_eiW]h_[]WZ[bWbkdWdk[lW$ :_ei$',$Gk[h[Z"WZehWZ$'-$7Xe# (,$FWjh_WZ[:eije_[lia_"Wkjeh hh[Y_c_[dje$'/$JhWdi\ehcWh|[d WY[hebWikf[hÅY_[eYehj[Z[kd Z[ 9h_c[doYWij_]e$ (.$7b[W# Y_ŒdZ[YeXh[oY_dY$)&$LepZ[b _dijhkc[djeZ[^_[hhe_dl[hj_Ze$ Whh_[he$)'$9Wc_be@eiƒ"[iYh_jeh (&$H[Y_f_[dj[ZedZ[i[YebeYW [ifW‹eb"WkjehZ[BW\Wc_b_WZ[ bWiWbfbkhWb$()$;iYkY^Whb[$(*$ FWiYkWb:kWhj[$)($FWjh_WZ[FWXbe FWiWhZ[Z[djhe^WY_WW\k[hW$(-$ D[hkZW"WkjehZ[9h[fkiYkbWh_e$ I_dZ_YWjeZ[7Yjeh[i?dZ[f[d# )+$HW_d[hCWh_W"fe[jWdWY_Ze Z_[dj[ii_]bW$(/$FWh[Y_Ze$)($ [dFhW]W"WkjehZ[;b[]‡WiZ[b 9kXh_hYedYhece$))$F[h‡eZe :k_de$).$LepZ[Whhkbbe$)/$FWjh_W Z[,&c_dkjei$)*$Fhk[XWkdW X[X_ZWfWhWl[h_ÅYWhikYWb_ZWZ$ Z[b[iYh_jeh@WY_djeZ[;l_W"h[Ye# f_bŒ[dHWc_bb[j[Z[lWh_WiÆeh[i ),$Fh[Å`egk[i_]d_ÅYWc_b$)-$ feƒj_YWieXhWiZ[Wkjeh[iZ[ ;l_jWhkdf[b_]he$*&$9kXh_hYed ikfW‡i$*($9kWjhe[dd‘c[hei kdWcWj[h_W]hWiW$*'$7if_hW# hecWdei$*)$C[jWbfh[Y_eie$**$ Y_Œdfeh[bYedeY_c_[djeebW 7Zl[hX_egk[[nfh[iWfh_eh_ZWZ fei[i_ŒdZ[Wb]e$*-$;ifeiWZ[ Z[j_[cfeobk]Wh$*+$EdZkbWY_Œd$ 8eep8_Xb_W$*/$FWhj_Zefeb‡j_Ye *,$7fŒYef[Z[cWc|$*.$Okdgk[ gk[Z_h_][8[Wjh_pFWh[Z[i$+'$ Z[beifbWj[hei$+&$DejWcki_YWb 7Xh[l_WjkhWiZ[YkbecX_eoZ[ _dl[hj_Ze$+'$FWjh_WZ[bfe[jW ikh$+($I‡cXebeZ[bXWh_e$+*$7dj_# @eiƒCWhj‡"WkjehZ[?icW[b_bbe$ ]kWY_kZWZZ[beiYWbZ[ei$++$ +)$Kd_ZWZced[jWh_WZ[bWKd_Œd J[hc_dWY_ŒdZ[Wkc[djWj_le$ ;khef[W$+,$IkijhW[h"^WbbWhbW <[hdWdZe9edjh[hWi Z_\[h[dY_W[djh[ZeiYWdj_ZW# IEBK9?ÕD7B7DJ;H?EH IEBK9?ÕD7B7DJ;H?EH Z[i$+-$;nf[b[hbWeh_dW$ P I N A C A T E F L O R L;HJ?97B;I0'$>WY[hkdWYeiW I L A N A T U I W[`[cfbeei[c[`WdpWZ[ L A E P I M O L S A ejhW$($7dj[iZ[Yh_ije_d_# O V E J A S A D A L I D Y_Wb[i$)$>e]Wh$*$I‡cXe# T E N A Z A S O N A D A beiZ[boeZeoen‡][de$+$ O S E S R I A O D A S 9eY[hƒW\k[]eZ_h[Yjekd M V E R J A I Wb_c[dje$,$;gk_leYWh$-$Lep I R I S B A E I N E S kiWZWfWhWZ[j[d[hWbWi R E G A L A R A D O R E YWXWbb[h‡Wi$.$7d_cWbWYk|# I Z A D O S A L O S A S j_Ye$/$J[hc_dWY_Œdl[hXWb$ S O I C A M A L L E '&$Ef[hWY_Œde_cfh[i_Œd A C O L O D O R Z[YkWbgk_[hW][dj[[d[b R O M O D O N O S U R A fWY_[dj[$'*$H‡eZ[bikh[ij[

?dijhkYY_ed[i0 Bb[dWYWZWikX#YkWZh‡YkbWZ[)n)Yedbei d‘c[heiZ[b'Wb/WfWhj_hZ[beigk[oW[ij|d i[‹WbWZei[dYWZWY[bZW"f[hedeh[f_jWi d_d]‘dd‘c[he[dkdWc_icW\_bW"YebkcdWe ikXYkWZh‡YkbW$

žFbWd[jIodZ_YWj_ed

2

IebkY_ŒdZ[bWdj[h_eh

1

ikZeak

8ecX[hei9eb_cW)'(#+.+.š8ecX[heiL_bbWZ[ÎblWh[p)''#,&,,š9hkpHe`W9eb_cW)')#.-.-š9hkpHe`WJ[Yec|d)(*#'&&'š9hkpHe`W7hc[h‡W)((#&-'&š9hkpHe`WCWdpWd_bbe)),#+--&šFhej[YY_Œd9_l_b9eb_cW)')#&)''š Fhej[YY_Œd9_l_bJ[Yec|d)(*#&('+šFhej[YY_Œd9_l_bC_dWj_jb|d)),#&&/'šFhej[YY_Œd9_l_b9kWk^j[ceY)(.#&.&/šFhej[YY_Œd9_l_bCWdpWd_bbe)),#-)&&šF<F9eb_cW)(.#&-(+šF<FJ[Yec|d)(*#+&+&šF<FCWdpWd_bbe)),# +,--šFeb_Y_W;ijWjWbFh[l[dj_lW)'(#(&/&š7d][b[iL[hZ[i9eb_cW)),#,,&&šJh|di_jeoL_Wb_ZWZ9eb_cW)'*#/('(šJh|di_jeoL_Wb_ZWZ9egk_cWjb|d)()#&'''šJh|di_jeoL_Wb_ZWZCWdpWd_bbe)((#'/*,šJh|di_jeoL_Wb_ZWZL_bbW Z[ÎblWh[p)',#))',šJh|di_jeoL_Wb_ZWZ7hc[h‡W)((#&'/'š


Y_d[<

l_[hd[i(,Z[ <[Xh[heZ[(&'&

Y_d[

()

;IJH;DEI

7 BW<k[dj[:[b7ceh 9edj_d‘W[dYWhj[b[hW 7 7c[b_W IjWhZkij0[bc_ij[h_e 8 H[jhWjeZ[<Wc_b_W Z[bW[ijh[bbW 8 H[]h[iW

;ijW^_ijeh_WYec_[dpW[dkdWf[# 8 7b<_beZ[ZWEiYkh_ZWZ gk[‹WY_kZWZZ[?d]bWj[hhWogk[ 8 ;bL_]_bWdj[<WdjWicW j[hc_dW[dbk]Wh[igk[[n_ij[d 9 ;bI^em:[FebeFebeH[YWh]WZe iŒbe[d[bh[_deZ[bW_cW]_dWY_Œd$

[d9eb_cW

 9ec[djWh_eioik][h[dY_WiYehh[e6c_b[d_eYeb_cW$Yec$cn ;dYWhj[b[hW  7D?C79?ÕD

;

BW<k[dj[:[b7ceh 7

;

7770BWF[b‡YkbW 7 ;d[bckdZeZ[bWibkY^WiZ[777Jh_fb[7bei eZ_ei[djh[hkZeiojƒYd_Yei^Wd[n_ij_ZeZ[iZ[ i_[cfh["f[hedkdYWiWb_[hedZ[beib‡c_j[iZ[b h_d]$$$¬^WijW^eoJeZeYec_[dpWZkhWdj[kdW deY^[Z[bkY^Wi"YkWdZeBWFWhaWb[Whh[XWjW [bYWcf[edWjeW7X_iceD[]he"h[ikh]_[dZe Yed[ijebeiWdj_]keih[dYeh[io[bfbWdZ[ WYWXWhYedbW777$7feoWZefeh9^[iicWdo 9oX[hdƒj_Ye"7X_ice_d_Y_Wikl[d]WdpW$ :_h[Yjeh07bX[hje9^_deHeZh‡]k[p%=ƒd[he0 7d_cWY_Œd%9bWi_\_YWY_Œd07%:khWY_Œd0--% FW‡iEh_][d0Cƒn_Ye%7‹e0(&&/

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0:E80',0)&% '.0)&CWj_dƒ[I|Xo:ec0'(0)&%'*0(& 9_dƒfeb_i0:_Wh_e0:E80'*0+&%',0+& CWj_dƒ[:ec0'(0'&

9?;D9?7<?99?ÕD F[hYo@WYaiedoBei:_ei[i :[bEb_cfe0;bBWZhŒd:[bHWoe 8 B[hcWd"kdd_‹eWfWh[dj[c[dj[dehcWb" Z[iYkXh[gk[[i^_`eZ[Fei[_ZŒdogk[ik c[`ehWc_]e"=hel[h"[ikdi|j_he$7fWhj_hZ[ W^‡"h[Yehh[h|dbei;ijWZeiKd_ZeifbW]WZeiZ[ cedijhkeic_jebŒ]_YeifWhWh[ijWkhWh[behZ[d YŒic_YeWdj[iZ[gk[i[fed]W[bieb[d[bZ‡W c|ibWh]eZ[bW‹e$F[hYoXkiYWWokZWh"h[Ykf[hWh bWfWp"h[iYWjWhWikcWZh[oYecfh[dZ[hgk_ƒd [iƒbc_ice"WZ[c|iZ[YedeY[hWikfWZh[$ JeZekdh[je"ofWhWYkcfb_hbeiŒbeYk[djWYed Wf[dWi'&Z‡Wi$ J_jkbeeh_]_dWb0F[hYo@WYaiedJ^[ Ebocf_Wdi0J^[B_]^jd_d]J^_[\%:_h[Yjeh0 9^h_i9ebkcXki%7Yjeh[i0F_[hY[8heidWd" HeiWh_e:Wmied"KcWJ^khcWd%:khWY_Œd0 ''.%FW‡iEh_][d0;K%9WdWZ|%7‹e0(&'&

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0:E80

',0*+%'/0'+CWj_dƒ[I|Xo:ec0''0*& 9_dƒfeb_i0:_Wh_e0:E80'+0&+%'-0*&%(&0'& CWj_dƒ[:ec0'(0(& :_Wh_e0IK80',0'&%'.0*&%('0'& CWj_dƒ[:ec0')0)&

7lWjWh 8 ;dbWƒf_YWWl[djkhWº7lWjWh»"@Wc[i9Wc[hed" [bZ_h[YjehZ[ºJ_jWd_Y»"deibb[lWWkdckdZe [if[YjWYkbWhgk[[ij|c|iWbb|Z[dk[ijhW _cW]_dWY_Œd$;dbWZ_ijWdj[bkdWZ[FWdZehW"kd ^ƒhe[i[[cXWhYW[dkdWjhWl[i‡WZ[Wl[djkhWi oZ[iYkXh_c_[djeic_[djhWigk[[dYWX[pWkdW XWjWbbW^[hŒ_YWfWhWiWblWhWbWY_l_b_pWY_Œd$ J_jkbeeh_]_dWb07lWjWh%:_h[Yjeh0@Wc[i 9Wc[hed%:khWY_Œd0'+&%FW‡iEh_][d0;K% 7‹e0(&&/

9_dƒfeb_iCWdpWd_bbe0:_Wh_e):IK80 '*0)&%'.0&&CWj_dƒ[I|Xo:ec0''0'+ 9_dƒfeb_i0:_Wh_e):IK80'+0&&%'.0&+

9EC;:?7

;

;bI^em:[FebeFebe 9 H[YWh]WZe

8[j^Ah_ij[d8[bb"kdWWcX_Y_eiWd[eoehgk_dW i_dik[hj[[d[bWceh"h[Wb_pWkdl_W`[WHecW" ZedZ[Z[cWd[hWZ[iW\_Wdj[jecWWb]kdWi ced[ZWic|]_YWiZ[kdW\k[dj[Z[Wceh" [dY[dZ_[dZebWfWi_ŒdZ[gk_[d[ibWi^Wd Whhe`WZe0kdcW]dWj[Z[bWiiWbY^_Y^Wi:Wddo :[l_je"kdcW]eYWbb[`[he@ed>[hZ[h"kd f_djehWceheieM_bb7hd[jjokd[]eYƒdjh_Ye ceZ[be:WnI^[fWhZ$F[heYkWdZekd [dYWdjWZehh[fehj[he@ei^:k^Wc[bbW f[hi_]k[Yed_]kWb[djki_Wice"«YŒceiWXh| 8[j^i_[bWcehZ[ƒb[i[bl[hZWZ[he5 J_jkbeeh_]_dWb0M^[d?dHec[%:_h[Yjeh0CWha Ij[l[d@e^died%7Yjeh[i0@ei^:k^Wc[b"@ed >[Z[h"M_bb7hd[jj"7d`[b_YW>kijed"Ah_ij[d8[bb %9bWi_\_YWY_Œd07%:khWY_Œd0/&%FW‡iEh_][d0 ;ijWZeiKd_Zei%7‹e0(&'&

9_dƒfeb_iCWdpWd_bbe0

:_Wh_e0IK80'*0*&%',0*&%'.0+&%('0&& CWj_dƒ[I|Xo:ec0'(0*+ 9_dƒfeb_i0:_Wh_e0IK80'-0'+%'/0'+%('0'+

:H7C7

;

7c[b_W 7

BW]WdWZehWZ[bEiYWh">_bWhoImWda" h[]h[iWfWhW_dj[hfh[jWhW7c[b_W;Wh^Whj"gk_[d i[Yedl_hj_Œ[dbWfh_c[hWck`[h[dWjhWl[iWh[b EYƒWde7jb|dj_Ye[d`kd_eZ['/(.$F[hede\k[ [iWik‘d_YW^WpW‹W"oWgk[jWcX_ƒd_dj[djŒ h[Wb_pWh[bfh_c[hlk[beWbh[Z[ZehZ[bckdZe h[Yehh_[dZebWb‡d[W[YkWjeh_WbZ[bWJ_[hhW" Wkdgk[Z[i]hWY_WZWc[dj[[dYedjhŒbWck[hj[ c_[djhWiieXh[lebWXW[bEYƒWdeFWY‡\_Ye[b(Z[ `kb_eZ['/)-$ J_jkbeeh_]_dWb07c[b_W%:_h[Yjeh0C_hWDW_h% 7Yjeh[i0>_bWhoImWda"H_Y^WhZ=[h["CWh_dW 7jed["L_h]_d_WCWZi[d%:khWY_Œd0'''%FW‡i Eh_][d0;ijWZeiKd_Zei%7‹e0(&&/

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0IK80'-0&&%

'/0)&%((0&+CWj_dƒ[I|Xo:ec0'(0'+%'*0)+ 9_dƒfeb_i0:_Wh_e0IK80',0(&%'/0'&%('0)& CWj_dƒ[:ec0')0+&

;

H[jhWjeZ[<Wc_b_W 8

C_Y^W[bJWobehH[odebZih[]h[iWWbbk]Wh gk[bel_eYh[Y[h"iŒbefWhWjefWhi[Wikbb[]WZW Yedkdjh|]_YeWYedj[Y_c_[dje$;ij[ikY[ie^Wh| gk[bWi^_ijeh_WiZ[jeZeibei_dj[]hWdj[iZ[bW \Wc_b_WYedl[h`WdfWhWfeZ[hbe]hWhWi‡"iWdWh jeZWibWi^[h_ZWiZ[bfWiWZe$ J_jkbeeh_]_dWb0<_h[\b_[i_dj^[=WhZ[d% :_h[Yjeh0:[dd_iB[[%7Yjeh[i0@kb_WHeX[hji" HoWdH[odebZi"M_bb_[c:W\e[";c_boMWjied" 9Whh_[#7dd[Ceii$%:khWY_Œd0'&&c_d$%FW‡i Z[eh_][d0;$K$7$%7‹e0(&&.

HEC7D9; H[]h[iW 8

CWh‡Wo;hd[ijel_l[d\[b_Y[iZ[iZ[ ^WY[i_[j[W‹ei1[bbW[njhW‹W[bWcehZ[ik cWh_ZeojWcX_ƒd[ij|Z[fh_c_ZW"oWgk[ƒb W‘ddegk_[h[j[d[h^_`ei$;ij|i_jkWY_Œdb[ ^WY[f[diWhgk[;hd[ijej_[d[kdWWcWdj[$ BWic[`eh[iWc_]WiZ[CWh‡Wb[ik]_[h[dj[d[h kdWh[]h[i_ŒdWl_ZWifWiWZWifWhW[dj[dZ[h c[`ehikh[bWY_Œdi[dj_c[djWb$9kWdZej[hc_dW ikj[hWf_W"[bbWh[]h[iWYedl[dY_ZWgk[[ikdW fh_dY[iWlWiYWZ[bi_]beNL"Yecfhec[j_ZW Yed[bWcehZ[ikl_ZW"f[heikcWh_Zede Yecfh[dZ[of_[diWgk[[bbWbe[d]W‹W$ :_h[Yjeh07b[`WdZhe=edp|b[p#FWZ_bbW%7Yjeh[i0 @W_c[9Wc_b"8bWdYWIeje"@Wl_[hJebeiW" CWh_WdWF[‹WblW%:khWY_Œd0//%FW‡iEh_][d0 Cƒn_Ye%;ifW‹W%7‹e0(&&/

9_dƒfeb_i0:_Wh_e0;IF0'*0+&%'-0'&% '/0*&%((0'&CWj_dƒ[:ec0'(0+&

:‡WZ[Bei;dWcehWZei 8'+ ;ij[\_bc[Yedkd[b[dYeckbj_[ij[bWhh[jhWjW lWh_Wi^_ijeh_WiZ[Wceh0kdWe\_Y_WbZ[b[`ƒhY_je gk[WXWdZedW?hWaogk[l_W`W^WijWBei Îd][b[i[dkdlk[be[d[bgk[jWcX_ƒdlWkd ^ecei[nkWb1[bZk[‹eZ[kdW\beh[h‡Wgk[b[ fhefed[cWjh_ced_eWikY^_YWogk[[dh[Wb_ZWZ [ij|[dWcehWZeZ[ikWc_]W$JWcX_ƒdWfWh[Y[ kdW`kX_bWZWgk[\k[[d]W‹WZWfehikcWh_Ze" kdWYWpWjWb[djei[dWcehWZWZ[kdYWhj[he"o kdWfkXb_Y_ijWgk[de[dYk[djhW[bWceho[ij| iebW[b:‡WZ[IWdLWb[dj‡d$ J_jkbeeh_]_dWb0LWb[dj_d[ i:Wo%:_h[Yjeh0 =WhhoCWhi^Wbb%7Yjeh[i0JWobehBWkjd[h" 8hWZb[o9eef[h"7dd[>Wj^WmWo"@[ii_YW8_[b% :khWY_Œd0'(+%FW‡iEh_][d0;K%7‹e0(&'&

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0IK80('0*+ CWj_dƒ[I|Xo:ec0'*0&& 9_dƒfeb_i0:_Wh_e0IK80',0*&%'/0&+%('0*& CWj_dƒ[:ec0'*0&&

;

J>H?BB;H ;bL_]_bWdj[<WdjWicW 8#'+

;ijWY_djWZ[\WdjWi‡W"hecWdY[o Wl[djkhWii[Z[iWhhebbW[d[bBedZh[i Yedj[cfeh|d[eokdWc[jhŒfeb_i\kjkh_ijW h[]_ZWfeh[b\khehh[b_]_eie$;ibW^_ijeh_W Z[YkWjheWbcWif[hZ_ZWi"Z_l_Z_ZWifehZei ckdZeifWhWb[bei[dZ_h[YY_ŒdWkdY^egk[ [nfbei_le"WfWhj_hZ[gk[kdWi_cfb[XWbWZ[Y_Z[ [bZ[ij_deZ[jeZei$ J_jkbeeh_]_dWb0<hWdabod%:_h[Yjeh0=[hWbZ CYCehhem%7Yjeh[i0;lW=h[[d"HoWd F^_bb_ff["IWcH_b[o%=ƒd[he0J^h_bb[h% 9bWi_\_YWY_Œd08#'+%:khWY_Œd0/.%FW‡iEh_][d0 H[_deKd_Ze%<hWdY_W%7‹e0(&&.

9_dƒfeb_i0:_Wh_e0IK80',0(&%'.0)+%(&0*&

;

7b<_beZ[ZWEiYkh_ZWZ 8#'+

?dl_Yjki 7

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0((0&& 9_dƒfeb_i0:_Wh_e0('0'&

9_dƒfeb_iCWdpWd_bbe0

:_Wh_e0IK80'/0'&%('0+& 9_dƒfeb_i0:_Wh_e0IK80'/0'&%('0+&

9_dƒfeb_iCWdpWd_bbe0

:_Wh_e0IK80(&0'+%((0)& 9_dƒfeb_i0 :_Wh_e0IK80'+0)&%'-0)&%'/0+&%((0&&

J;HHEH ;b>ecXh[BeXe 8#'+ ;ijWdk[lW[djh[]WZ[b\Wceief[hiedW`[ jhWdiYkhh[[dbW?d]bWj[hhWl_Yjeh_WdW"Wb_]kWb gk[bWY_djWeh_]_dWbZ['/*'gk[YedjWXWYedBed 9^Wd[o@h$[d[bheb[ij[bWh$7^ehW"8[d_Y_e:[bJehe _dj[hfh[jWWBWmh[dY[JWbXej"kd^ecXh[gk[" jhWiikh[]h[ieWikY_kZWZdWjWb"[icehZ_Ze fehkd^ecXh[beXe"YedbeYkWbYec_[dpWkdW j[hh_Xb[l_ZWdeYjkhdW$ J_jkbeeh_]_dWb0J^[Meb\cWd%:_h[Yjeh0@e[ @e^dijed%7Yjeh[i0>k]eM[Wl_d]"8[d_Y_e Z[bJehe";c_bo8bkdj"7dj^edo>efa_di% =ƒd[he0J[hheh%9bWi_\_YWY_Œd08#'+%:khWY_Œd0 '&(%FW‡iEh_][d0;ijWZeiKd_Zei%7‹e0(&&/

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0IK80'+0)&% '-0*+%(&0&&%((0(&CWj_dƒ[:ec0')0&& 9_dƒfeb_i0 :_Wh_e0IK80'+0'&%'-0(&%'/0)&%('0*&

CC9_d[cWi 7l$CWh‡W7^kcWZWZ[=Œc[po;dh_gk[9ehedW Ceh\‡dDe$)-'"9eb$9Wcf[ijh["FbWpWºIeh_WdW»" L$Z[7$"9eb$

J[b$)'#'#)(#') mmm$ccY_d[cWi$Yec 7:C?I?ÕD0 =;D;H7B0+&%C_ƒhYeb[i0), '§$<kdY_Œd%;ijkZ_Wdj[i%D_‹ei[?DI;D0*(

9_dƒfeb_i 9EB?C70)[h$7d_bbeF[h_\ƒh_YeDe$)&'";ig$7l$ ?]dWY_eIWdZelWb"FbWpWP[djhWb_W$9eb_cW C7DP7D?BBE0FWi[eZ[bWi=Wl_ejWi De$*+&"IWbW]kW 

J[b$)(),(()9eb_cW )'*))+,*+.IWbW]kW"Cpe$ mmm$Y_d[feb_i$Yec$cn

C_ƒhYeb[i[nY[fjeZ_Wi\[ij_lei0)( CWj_dƒ[i"d_‹ei")[hW$[ZWZ o[ijkZ_Wdj[iZ[B#LYedYh[Z[dY_Wb0)Fhe^_X_ZWbW[djhWZWWc[deh[iZ['W‹e

:_Wh_e0IK80'-0&+%'/0(&%('0)& CWj_dƒ[I|Xo:ec0'(0++%'+0&&

;ijW[ikdWefehjkd_ZWZ‘d_YWfWhWl[h[b [njhWehZ_dWh_ejWb[djeZ[bYŒc_YeFebeFebe [dbWYeceZ_ZWZZ[bWiiWbWiZ[Y_d["Yedkd fh[Y_eWYY[i_Xb[fWhWjeZei$Kd[nY[b[dj[i^em [dl_le]hWXWZe[d7bjW:[\_d_Y_Œd[d[bJ[Wjhe 9[djhe9kbjkhWbIWd7d][b[dbW9_kZWZZ[Cƒn_Ye" [if[Y_Wbc[dj[fWhWY_d[i"Yed[b[njhWehZ_dWh_e jWb[djeZ[FebeFebeYedjWdZebeic[`eh[iY^_ij[i Yecfb[jWc[dj[dk[lei$ :_h[Yjeh0?lWd>k[hjW"@eh][KhZWf_bb[jW %7Yjeh[i0FebeFebe%=ƒd[he09ec[Z_W% 9bWi_\_YWY_Œd09%:khWY_Œd0'&+%FW‡iEh_][d0 Cƒn_Ye%7‹e0(&&/

C_bbW@elel_Y^_dj[hfh[jWWbWZeYjehW7X_]W_b Job[h"gk_[dl_W`WWkdfk[XbeZ[7bWiaWfWhW _dl[ij_]Wh_d[nfb_YWXb[iZ[iWfWh_Y_ed[igk[^Wd ikY[Z_ZeZ[iZ[^WY[*&W‹ei"[dbWigk[fWh[Y[ [ijWh_dlebkYhWZe[b=eX_[hde<[Z[hWbZ[;ijWZei Kd_Zei$Kd\_bc[XWiWZe[d^[Y^eih[Wb[i$ J_jkbeeh_]_dWb0J^[<ekhj^A_dZ%:_h[Yjeh0 EbWjkdZ[EikdiWdc_%7Yjeh[i0C_bbW@elel_Y^" ;b_WiAej[Wi"M_bbFWjjed"9eh[o@e^died% =ƒd[he0J^h_bb[h%9bWi_\_YWY_Œd08#'+%:khWY_Œd0 /.%FW‡iEh_][d0;ijWZeiKd_Zei%7‹e0(&&/

7:C?I?ÕDCWdpWd_bbe0 =[d[hWb*/

9_dƒfeb_iCWdpWd_bbe0

;ijWf[b‡YkbW"Z_h_]_ZWfeh[b]WdWZehZ[bEiYWh" 9b_dj;WijmeeZ"Yk[djWbW_dif_hWZehW^_ijeh_W Z[YŒceD[biedCWdZ[bWCeh]Wd<h[[cWd ikcW\k[hpWiYed[bYWf_j|dCWjj:WcedZ[b [gk_feZ[hk]XoZ[IkZ|\h_YWfWhWWokZWho kd_hWikfW‡i$;bfh[i_Z[dj[CWdZ[bW"h[Y_ƒd [b[]_Ze"iWX[gk[ikfW‡ii[cWdj_[d[hWY_Wb o[YedŒc_YWc[dj[Z_l_Z_Zefeh[bZ[if[hjWh Z[bWf[hj^[_Z$9h[o[dZegk[fk[Z[`kdjWhW ik][dj[WjhWlƒiZ[bb[d]kW`[kd_l[hiWbZ[b Z[fehj["CWdZ[bWh[‘d[WbZ[iWcfWhWZe[gk_fe Z[IkZ|\h_YWc_[djhWij_[d[dkdW_diŒb_jW fWhj_Y_fWY_Œd[dbW9efWZ[bCkdZeZ['//+"gk[ beibb[lWWbfWhj_ZeZ[YWcf[edWje$ :_h[Yjeh09b_dj;WijmeeZ%7Yjeh[i0Ceh]Wd <h[[cWd"CWjj:Wced"IYejj;WijmeeZ" @kb_WdB[m_i%:khWY_Œd0'))%FW‡iEh_][d0 ;ijWZeiKd_Zei%7‹e0(&&/

;b9kWhje9edjWYje 8#'+

;ijWY_djW[ikdW^_ijeh_WZ[ikif[diei_jkWZW [djh[bWfeb‡j_YWobei]hWdZ[id[]eY_ei"ocWhYW [bh[]h[ieWbWfWdjWbbW]hWdZ[fWhW[bWYjehC[b =_Xied"jhWilWh_eiW‹eiZ[Wki[dY_W$;bl[j[hWde J^ecWi9hWl[d=_Xied[ikdfWZh[iebj[heo Z[j[Yj_l[Z[^ec_Y_Z_eiZ[bWFeb_Y‡WZ[8eijed$ 9kWdZeik‘d_YW^_`W";ccW8e`WdWDelWael_Y Z[l[_dj_YkWjheW‹eiZ[[ZWZ"[iWi[i_dWZW W\k[hWZ[ikYWiW"jeZe[bckdZeWikc[gk[ J^ecWi[hW[beX`[j_le$F[he9hWl[dieif[Y^W beYedjhWh_eoi[[cXWhYW[dkdWc_i_ŒdfWhW Wl[h_]kWhbWl[hZWZ[hWhWpŒdZ[bWi[i_dWje$ J_jkbeeh_]_dWb0;Z][E\:Whad[ii%:_h[Yjeh0 CWhj_d9WcfX[bb%7Yjeh[i08e`WdWDelWael_Y" HWoM_dijed["C[b=_Xied":Wddo>kijed% =ƒd[he0J^h_bb[h%9bWi_\_YWY_Œd08#'+%:khWY_Œd0 ''-%FW‡iEh_][d0;ijWZeiKd_Zei%H[_deKd_Ze %7‹e0(&'&

9_dƒfeb_iCWdpWd_bbe0:_Wh_e0IK80',0'+% '.0*+%('0'+CWj_dƒ[I|Xo:ec0''0(&%')0*+ 9_dƒfeb_i0:_Wh_e0C79HEF7DJ7BB7IK80 ',0*&%'/0&+%('0)&CWj_dƒ[:ec0'*0(&

7:C?I?ÕD9eb_cW0 :[B#:"Z[ifk[iZ[bWi'+0&&^hi0++ C_ƒhYeb[i[nY[fjeZ_Wi\[ij_lei0). CWj_dƒ[iWdj[i'+0&&"d_‹eio)[hW$[ZWZ** ;ijkZ_Wdj[iZ[B#LYedYh[Z[dY_Wb0** Fhe^_X_ZWbW[jdhWZWWc[deh[iZ[)W‹ei IWbWZ_]_jWb07Zkbje-)%d_‹eio)hW[ZWZ,.

=EB:;D9?D;C7N <[b_f[I[l_bbWZ[bH‡e(&'"BeYWb,*"@WhZ_d[iZ[ L_ijW>[hceiW9eb_cW"9eb$

J[b$)'#(#&'#-) mmm$Y_d[cWiZ[bYekdjho$Yec$cn% Fhe]hWcWY_Œdik`[jWWYWcX_ei_dfh[l_eWl_ie



c2010-02-26