Page 1

36



=@D6 I>2D 7=23 4LS[ H^H` MH[ HUK I\YU JHSVYPLZ MHZ[

<7.9(+, @6<9 +0,; ;6+(@

 UL^ ^H`Z [V LH[ OLHS[O` PU 

    ;VUL \W HSS V]LY ^P[OV\[ [OL N`T

325 52J 2E E96 @77:460 -P]L \S[PTH[L TVVKI\Z[PUN ^VYRV\[Z

73<:! *663 -0;20; )<@: /,(3;/@ )9,(2-(:; )6>3:

>(5; ;6 .6 =,.(5&

4HRL Z\YL `V\ YLHK [OPZ Ã&#x201E;YZ[

2 7:E J@F DE2CED 96C6 "! Y`e ecV_Ud W`c j`fc SVde S`Uj VgVc

2 7=2E EF>>J

Z_ " ^`gV

W

    @V\ QHHG [V [Y` [OPZ [YHPUPUN TL[OVK




*VU[LU[Z 1HU-LI 

&! -P[ULZZ [YLUKZ

;`YH )HURZ» LH[PUN [PW

#'

-HJL %& THZRZ

(% *HW FRRUGLQDWHG

D92A6 FA

 -P[ULZZ UV[LIVVR -PUK `V\Y WYLMLJ[ MP[ULZZ WHY[ULY [OYLL VM [OL ILZ[ OLHKWOVULZ L_WLY[ ^PU[LY Y\UUPUN [PWZ  ,_LYJPZL ZVTL LTV[PVU ;OL ILZ[ [`WLZ VM ^VYRV\[Z [V Z\P[ `V\Y Z[H[L VM TPUK  -P[ULZZ L_WLY[ / -»Z MP[ULZZ LKP[VY [HSRZ HIV\[ [OL UL^S` WYV]LU TLYP[Z VM Z\ZWLUZPVU [YHPUPUN  TPU\[L [VUL\W 8\PJR TV]LZ \ZPUN [OL UL^ RP[ `V\ NV[ MVY *OYPZ[THZ

62E D>2CE

 -VVK UV[LIVVR ;OL SH[LZ[ UL^Z VU KHPY` MH[ JHSJP\T JH\[PVU [OYLL VM [OL ILZ[ UL^`LHY KPL[Z  (THaPUN VH[Z ,_JP[PUN UL^ [^PZ[Z MVY WVYYPKNL SV]LYZ [V [Y`  9LJPWL YL]HTW +LSPJPV\Z OLHS[O` Z^LL[ [YLH[Z  5\[YP[PVU L_WLY[ / -»Z U\[YP[PVU LKP[VY [HSRZ HIV\[ OV^ ^L»YL ZO\UUPUN MHKK` KPL[Z  +PL[ KPHY` 6S`TWPJ YV^LY HUK HYT` THQVY /LH[OLY :[HUUPUN

962=E9J J@F

 /LHS[O UV[LIVVR >O` `V\ ZOV\SK ZVY[ V\[ `V\Y ^VYRSPML IHSHUJL 3Pa ,HYSL»Z UL^ ^LSSILPUN IVVR [OYLL VM [OL ILZ[ OVTL KL[V_ RP[Z  :SLLW [PNO[ ( ZSLLW L_WLY[ L_WSHPUZ [OL PUNYLKPLU[Z MVY H NVVK ZS\TILY  -646 = 1646 .L[ [OL IHSHUJL YPNO[ IL[^LLU NVPUN V\[ HUK Z[H`PUN PU  )LH\[` UV[LIVVR .L[ [V NYPWZ ^P[O [OL UL^ JYHaL JY`VZ[PT\SH[PVU  )LH\[` IHN ;OL SH[LZ[ L_JP[PUN I\`Z

762EFC 6D

 ;OL / - MP[ULZZ MVYLJHZ[ -PUK V\[ HIV\[ [OL OV[[LZ[ UL^ ^VYRV\[Z RP[ HUK MP[ULZZ M\LS  »Z OLHS[O` MVVK [YLUKZ +PZJV]LY ^OH[ L_JP[PUN [OPUNZ `V\ TH` IL LH[PUN MYVT ZH]V\Y` WVYYPKNL [V ºIVVKSLZ»  ;VHZ[ `V\Y OLHS[O 9HPZL H OLHS[OPLY NSHZZ [OHURZ [V [OL SH[LZ[ KL]LSVWTLU[Z PU KYPURZ HSJVOVSPJ HUK º]PYNPU»  ;OL ZTHY[ NPYS»Z N\PKL [V NVPUN ]LNHU /V^ [V LTIYHJL =LNHU\HY` ¶ HUK IL`VUK ¶ HUK Z[H` OLHS[O`

    

$


 7OV[VNYHWOLY! ,DQ 'HUU\ :[`SPZ[! .HOOLH 'DJJHWW 4VKLS! .LP +DUWZHOO / 4! -R &OD\WRQ *SV[OPUN! (ODVWLF %DFN %UD 2Q]LH DW DFWLYHLQVW\OHFRP &KDOOHQJH 5XQ 6KRUWV 6ZHDW\ %HWW\ VZHDW\EHWW\FRP  $PHOLD +RRGLH URXQG ZDLVW  =DD]HH ]DD]HHFRXN

%"

36



=@D6 I>2D 7=23

"!#

>(5; ;6 .6 =,.(5&

4HRL Z\YL `V\ YLHK [OPZ Ã&#x201E;YZ[

2 7:E J@F DE2CED 96C6

4LS[ H^H` MH[ HUK I\YU JHSVYPLZ MHZ[

&'

<7.9(+, @6<9 +0,; ;6+(@

"! Y`e ecV_Ud W`c j`fc SVde S`Uj VgVc

 UL^ ^H`Z [V LH[ OLHS[O` PU 

   

##

2 7=2E EF>>J

   

325 52J 2E E96 @77:460

-P]L \S[PTH[L TVVKI\Z[PUN ^VYRV\[Z

@V\ QHHG [V [Y` [OPZ [YHPUPUN TL[OVK

;OPZ TVU[O»Z JV]LY TVKLS

2PT /HY[^LSS [LSSZ \Z OV^ ZOL»SS Z[H` TV[P]H[LK [V [YHPU [OPZ `LHY º0 MPUK P[ LHZPLY [V Z[H` TV[P]H[LK ^OLU 0 OH]L HU L]LU[ [V [YHPU MVY ZV 0»T KVPUN [OL 3VUKVU 4HYH[OVU 0[»SS NL[ TL V\[ZPKL [V [YHPU PU HSS ^LH[OLYZ»

 -HZOPVU *VVYKPUH[L `V\Y ^OVSL ^VYRV\[ V\[MP[ MVY H IVSK SVVR  .L[ [OL SVVR >OH[ [V ^LHY VU [OL ZSVWLZ

J@ F E:> 6

 :WH UL^Z ( [VW *YVH[PHU ZWH VU [OL ILH\[PM\S +HSTH[PVU JVHZ[  :RP PUZ[Y\J[VY ZJOVVS (IPNHPS )\[JOLY [YHPUZ [V [LHJO VU ZUV^  )HJR [V ISHJR ( UL^ YLJPWL IVVR [OH[ OLSWZ `V\ KP[JO [OL ZJHSLZ HUK MP[ PU[V `V\Y 3)+  *SVZLY [V UH[\YL 0UZWPYPUN MVVK MYVT H TLTILY VM [OL 9P]LY *V[[HNL [LHT

)" :SVWL Z[`SL

%     

        

""!

W

73<:! *663 -0;20; )<@: /,(3;/@ )9,(2-(:; )6>3:

8J> DE J = 6

&!

Z_ " ^`gV

;VUL \W HSS V]LY ^P[OV\[ [OL N`T

")

''

H@C<@ FE 92?53@@ <

 ;HYNL[ aVUL /V^ [V IVVZ[ `V\Y IPJLWZ  ;OL ^PSK ^VYRV\[ 4P_ WHSLV MP[ULZZ HUK OLH]` ^LPNO[Z MVY H ^PUUPUN JVTIV  -P[ RUV^SLKNL -P[ULZZ NLHY ^P[O HU LJV JVUZJPLUJL  4V]L VM [OL TVU[O ;Y` [OL YL]LYZL ^HSRV\[ MVY NYLH[ ZOV\SKLYZ  2P[ [LZ[ 9LMSLJ[P]L Y\UUPUN QHJRL[Z  9\U RUV^SLKNL 3LHYU HIV\[ Y\U Z[YLHRPUN  9\U L_WLY[ :OV\SK `V\ KV H ^HYT\W HUK H JVVSKV^U&  :\JJLZZ Z[VY` º)V\UJPUN VU H [YHTWVSPUL ZH]LK T` SPML»

""# DF3D 

:\IZJYPIL [V / [OPZ TVU[O HUK NL[ [OYLL PZZ\LZ VM [OL WYPU[LK HUK KPNP[HS THNHaPULZ MVY Q\Z[  WS\Z H -9,, MP[ULZZ IHUK :LL WHNL  MVY KL[HPSZ

C68F= 2C D

 ,KP[VY»Z SL[[LY  (IV\[ `V\ >OH[ `V\»]L ILLU \W [V [OPZ TVU[O  -P[ I\aa )VVR [PJRL[Z MVY [OL UL^ )HSHUJL -LZ[P]HS [Y` PJL `VNH NL[ HU PUZWPYPUN UL^ KPHY`  º4` SPML PU H KH`» :HYHO 4HJ MP[ULZZ MHZOPVU KLZPNULY HUK TVKLS  >L»YL [HSRPUN [V¯ ;= HUK YHKPV WYLZLU[LY 1HZTPUL /HYTHU


  



        

      

#TV FKTGEVQT .WE[ CPF * (rU DGCWV[ YTKVGT ;CPCT CV VJG NCWPEJ QH .KFNrU PGY HKVPGUU TCPIG CV 4GDGN TGDGNEQWM



HK LUV\NO VM /00;& :V V]LY ZTVV[OPLZ& *V\SKUยป[ JHYL SLZZ HIV\[ JPYJ\P[Z& >LSS 0ยป]L NV[ NVVK UL^Z H ^OVSL OVZ[ VM L_JP[PUN UL^ MP[ULZZ HUK MVVK [YLUKZ HYL ZL[ [V OP[ [OL <2 PU  ยถ HUK `V\ยปSS MPUK [OLT HSS PU [OPZ PZZ\L 6\Y PUZPKLY L_WLY[Z WYLKPJ[ [OH[ [OPZ `LHY `V\ยปSS IL Z^HWWPUN IV_PUN MVY OPNOPU[LUZP[` HX\H ^VYRV\[Z YLHSS` ZTVV[OPLZ MVY WLYMVYTHUJL Q\PJLZ HUK /00; JPYJ\P[Z MVY ^LPNO[Z JSHZZLZ -PUK V\[ TVYL PU ยบ;OL / - -P[ULZZ -VYLJHZ[ยป WHNL  ;OLU KPZJV]LY [OL UL^ ^H`Z [V LH[ ^LSS I` [\YUPUN [V ยบยปZ /LHS[O` -VVK ;YLUKZยป WHNL  -YVT ZH]V\Y` `VNO\Y[Z HUK JOHYJVHS KL[V_ KYPURZ [V JVJVU\[ ^OL` WYV[LPU HUK PUZLJ[ LULYN` IHYZ OLHS[O` LH[PUN Q\Z[ NV[ H ^OVSL SV[ TVYL PU[LYLZ[PUN 6UL [YLUK [OH[ SVVRZ ZL[ [V Z[H` PZ ]LNHU LH[PUN .VPUN TLH[MYLL OHZ UL]LY ILLU ZV WVW\SHY HUK L]LU H[OSL[LZ HYL THRPUN [OL Z^P[JO ;OPURPUN VM [Y`PUN P[ MVY =LNHU\HY`& ;\YU [V ยบ;OL :THY[ .PYSZยป .\PKL [V .VPUN =LNHUยป WHNL  [V THRL Z\YL `V\ YLHW [OL ILULMP[Z /HWW` OLHS[O` UL^ `LHY

* ( YTK 'XG OGGVU UKPIGT 5CO $CKNG[ CV VJG QRGPKPI QH %JCORPG[Ur DGCWV[ EQNNGIG

(KVPGUU OQFGN *CNNC -QRRGN QP VJG UGV QH VJG RJQVQUJQQV HQT QWT PGY qOKPWVG ;QIC %WTGUr /CI$QQM QWV VJKU OQPVJ

    6UZ $0C*  -C2$== -= 6<4#F$# &4< $22-= F0-=*-2) C# K <-= F0-=*-2) C#! '? *<C$<*4F=$ C! 42#42 5 @     F=<-6C-42= 6<-$= 75D -==F$=8  BD3933! F<46$ ร?(9(%! $=C 4& C*$ 4<0# B@39DM F=<-6C-42= $2;F-<-$= M%(( (33 5?@D> H$<=$= :(( 5?3' '3E%3' 1-0 *$0C*2#&-C2$===$<H-$*$060-2$949F/ 20-2$ =F=<-$< =$<H-$ *2)$ K4F< ##<$==! <$2$I K4F< =F=<-6C-42 4< <$64<C 6<40$1= C 12)$1K1)=949F/   

    ! 1<K41$<-<-=+F/941      ! 0FK6-2C4-<-=+F/941   ,     ! =F=-<-=+F/941      ! -H4<K=1$#-)1-0941         ! $H$94))$264$0)1-0941                

 

+! MEM ?3M? @@M%         0-LG.LK$<-#$22-=949F/! MEM ?3M? @?D@

'/HUK-THNHaPUL

      

  =F4=2GI-00-1=#$22-=949F/! MEM ?3M? @?EM        

 <0KGC-H-00$#$22-=949F/! MEM ?3M? @?ME      <$$G2$I#$22-=949F/! MEM ?3M? @'%5          )$4<)-2G<$-##$22-=949F/! MEM ?3M? @'D?               $F2-$G40K$#$22-=949F/! MEM ?3M? @D%D           <$$G=$$C2*#$22-=949F/! MEM ?3M? @'(?        *$ $#- 42=F0C2C= C#! M5(ED '@3''D            ! MEM ?3M? @(E(         ! MEM ?3M? @%'%        ! MEM ?3M? @5??        

! MEM ?3M? @55@       ! MEM ?3M? @(%3  

  ! MEM ?(E3 (M'%

OLHS[OHUKMP[ULZZFTHN

        ,  ! MEM ?3M? @5DE

      ! MEM ?3M? @''M

         ! MEM ?3M? @'(5                                          $22-= F0-=*-2) C#! DM 0$H$02# C<$$C! 42#42 5 ( 9 $0 MEM ?3M? @MMM J MEM ?3M? @'5@ <-2C$# -2 C*$  KK2#$*1 -$=C$< 42 $*0& 4& $22-= F0-=*-2) C#9 -=C<-FC-42 K $K14F< -=C<-FC-42 C#! E =C 4F0C<K H$2F$! 42#42 5 39 $0 MEM ?(E3 (MMM *$ *$0C* 2# &-C2$== -2&4<1C-42 6<$=$2C$# -2 C*-= 1)L-2$ -= -2C$2#$# = 2 $#FC-420 <$=4F<$ 2# -= 24C -2C$2#$# =  =F=C-CFC$ &4< 1$#-0 #H-$9 42=F0C K4F< #4C4< $&4<$ 6$<&4<1-2) 2K 4& C*$ $J$<-=$= -2 C*-= 44/ 4< 2K 4C*$< $J$<-=$ 6<4)<11$! 6<C-F0<0K -& K4F <$ 6<$)22C! $0#$<0K 4< *H$ *<42- 4< <$F<<-2) 1$#-0 42#-C-42=9 4 24C CC$16C 2K 4& C*$ $J$<-=$= I*-0$ F2#$< C*$ -2&0F$2$ 4& 04*40 4< #<F)=9 -=42C-2F$ 2K $J$<-=$ C*C F=$= K4F 6-2 4< #-=41&4<C 2# 42=F0C  1$#-0 $J6$<C9 $-C*$< C*$ FC*4< 4& C*$ -2&4<1C-42 24< C*$ 6<4#F$< 24< #-=C<-FC4<= 1/$ 2K I<<2CK 4& 2K /-2# -2

/HUK-4HNHaPUL

<$)<# C4 C*$ 42C$2C 4& C*$ -2&4<1C-42 6<$=$2C$# -2 C*-= 1)L-2$9

$0C*  -C2$==! 46K<-)*C EM55 K $22-= F0-=*-2) C#9 00 <-)*C= <$=$<H$#9 $0C*  -C2$== -=  C<#$1</ 2# 1K 24C $ F=$# 4< <$6<4#F$# -2 C*$  4< $6F0- 4& <$02# I-C*4FC C*$ 6$<1-==-42 4& $22-= F0-=*-2) C#9 $0C*  -C2$== -= 6F0-=*$# -2 C*$  2# $6F0- 4& <$02# K $22-= F0-=*-2) C# 2# -= =40# =F.$C C4 C*$ &4004I-2) C$<1= 21$0K C*C -C =*00 24C I-C*4FC C*$ I<-CC$2 42=$2C 4& C*$ F0-=*$<= &-<=C )-H$2 $ 0$2C! <$=40#! *-<$# 4FC 4< 4C*$<I-=$ #-=64=$# 4& K IK 4& <#$ C 14<$ C*2 C*$ <$411$2#$# =$00-2) 6<-$ =*4I2 42 C*$ 4H$< 2# C*C -C =*00 24C $ 0$2C! <$=40# 4< *-<$# 4FC -2  1FC-0C$# 42#-C-42 4< -2 2K F2FC*4<-=$# 4H$< K IK 4& <#$ 4< &&-J$# C4 4< = 6<C 4& 2K 6F0-C-42 4< #H$<C-=-2)! 0-C$<<K 4< 6-C4<-0 1CC$< I*C=4$H$<9  

       !         2-40$G#1=#$22-=949F/! :(( 7M8EM ?3M? @5D( " 46K<-)*C $22-= F0-=*-2) -1-C$#9 $0C* 2# -C2$== -=  C<#$1</ 4& $0-J $22-=9 *$ C$JC 66$< -2 C*-= 1)L-2$ -= C4C00K *04<-2$ &<$$9 *$ 66$< 1F2&CF<$< *= $$2 -2#6$2#$2C0K $<C-&-$# -2 4<#2$ I-C* C*$ <F0$= 4& C*$ 4<$=C C$I<#=*-6 4F2-09

OHUKMTHN


 



AV__j|d SVReV_ UVacVddZ`_ hZeY ViVcTZdV

J@F 7ZXYeZ_X UVacVddZ`_ TV]VS Z_daZcReZ`_ R_U deRjd]Z^ dVTcVed

36 2E:? 8 > J 5 6>@? D

+67$

5 /(77(5

0»T H TV[OLY VM MP]L`LHYVSK [^PUZ >OLU [OL` ^LYL [^V TVU[OZ» VSK 0 ILJHTL KLLWS` KLWYLZZLK HUK KL]LSVWLK THQVY HU_PL[` ^P[O PUZVTUPH 0»K SLM[ T` QVI HZ HU /9 JVUZ\S[HU[ HUK ^HZ Z\KKLUS` H Z[H`H[OVTL T\T I\[ [OL SHJR VM ZSLLW HUK ZVJPHS PZVSH[PVU ZVVU [VVR P[Z [VSS 4` KVJ[VY ^HZ X\PJR [V WYLZJYPIL HU[PKLWYLZZHU[Z 0 [VVR [OLT MVY ZP_ ^LLRZ I\[ OH[LK P[ HUK KLJPKLK [V [Y` L_LYJPZL PUZ[LHK 0 Z[HY[LK SP]PUN VMM [OL MLLSPUN VM ILPUN H^HRL MLLSPUN MP[ HUK OHWW` [OYV\NO [OL TPZ[ 0 OH]LU»[ SVVRLK IHJR 5V^ 0 ^HU[ [V TV[P]H[L V[OLYZ ZV 0»]L ZPNULK \W [V KV H WLYZVUHS [YHPUPUN JV\YZL 0 ^PZO KVJ[VYZ ^V\SK WYLZJYPIL L_LYJPZL HZ 0»T UV^ H OHWW` T\T ^P[O OHWW` JOPSKYLU 7HYT .PSS 4PKKSLZL_

=F4J >64< 7:EDA@

º/V^ 0 NL[ 3)+ 9LHK`» +LJLTILY PZZ\L ^HZ H IYPSSPHU[ HY[PJSL 0 ^VYR OHYK H[ T` MP[ULZZ I\[ P[ UL]LY O\Y[Z [V SLHYU TVYL MYVT HU L_WLY[ SPRL 3\J` 4LJRSLUI\YNO 3\J` OHZ THKL [OL [YHUZP[PVU MYVT YLHSP[` Z[HY [V MP[ULZZ LU[YLWYLUL\Y ^P[O LHZL /LY LU]PHIS` [VULK IVK` OHZ TV[P]H[LK THU` WLVWSL SPRL T`ZLSM [V NL[ H [YPT WO`ZPX\L 0»T NVPUN [V PUJVYWVYH[L OLY [VW [PWZ HUK TV]LZ PU[V T` MP[ULZZ ZJOLK\SL HUK 0 UV[L [OH[ OLY Z[YPJ[ ^VYRV\[ WSHU NVLZ OHUK PU OHUK ^P[O H OLHS[O` KPL[ ¶ ZVTL[OPUN 0 ULLK [V WH` TVYL H[[LU[PVU [V ;OHUR `V\ :HSP )\Y[VU *VY^LU

DE2JDG6=E6 EC:4<D

*HSVYPLSHKLU JVJR[HPSZ MHTPS` TLHSZ HUK RLLWPUN [YPT KLMPUP[LS` KV UV[ NV [VNL[OLY

H C:E 6 :? 2 ? 5 H : ? 

;OPZ TVU[O 7HYT ^PUZ H <:5 :OHWL<W I\UKSL ^VY[O   ;OL WYPaL PUJS\KLZ <:5 +PL[ M\LS *OVJVSH[L HUK :[YH^ILYY` RN WYV[LPU [\IZ  LHJO H :OHWL<W =LZ[ ;VW   H 7PUR :OHRLY   HUK  *OVJ -\KNL +PL[ >OL` )HYZ    0[»Z VM[LU H Z[Y\NNSL [V NL[ `V\YZLSM [V [OL N`T K\YPUN WHY[` ZLHZVU º0[»Z JVSK 0»T [PYLK HUK [OL N`T ^PSS Z[PSS IL [OLYL PU 1HU\HY`» `V\ [LSS `V\YZLSM L]LY` `LHY ;OPZ `LHY PZ KPMMLYLU[ ;LHT <:5 ^HU[ [V YL^HYK [OVZL ^OV ZH` º56» [V JYPZWZ HUK 5L[MSP_ HUK º@,:» [V WYV[LPU HUK [OL N`T =PZP[ <:5JV\R:/(7,<7 MVY NP]LH^H`Z" >05;,9:/(7,<7

0 ^HZ LHNLY [V SLHYU OV^ 0 JV\SK Z[H` Z]LS[L V]LY [OL MLZ[P]L ZLHZVU HUK IL`VUK HUK [OHURZ [V º-H[)\YU :LJYL[Z» +LJLTILY PZZ\L HUK `V\Y UVUVUZLUZL WSHU [V OLSW I\PSK T\ZJSL SVVR TVYL [VULK HUK NL[ WLYTHULU[ YLZ\S[Z [OL ZHML OLHS[O` HUK UH[\YHS ^H` 0 UV^ RUV^ OV^ [V KV P[ 0 YLHSPZL OV^ PTWVY[HU[ P[ PZ [V RLLW VU [YHJR L]LU K\YPUN H WLYPVK VM PUK\SNLUJL 0»T YLHSS` NYH[LM\S /HWW` 5L^ @LHY 2LSZPL 4HJ2PU[VZO 5L^ ALHSHUK

  

HYRe|d j`fc WZe_Vdd X`R] W`c #!"(0

º0»T ZV PUZWPYLK I` :[YPJ[S` *VTL +HUJPUN 0»T NVPUN [V MPUK H SVJHS ZHSZH JSHZZ +HUJLY IVK` OLYL 0 JVTL» 7ULVK 6SHQFHU º0»]L ]V^LK [V Y\U T` MPYZ[ 2 ¶ ZOV\SK IL H NVVK ^H` [V ISP[a [OVZL _THZ WV\UKZ [VV» 'RQQD .D\ º0 ^HU[ [V NL[ MP[ LUV\NO [V JSPTI 4V\U[ 2PSPTHUQHYV [OPZ Z\TTLY ZV 0»T OP[[PUN [OL N`T IPN [PTL )YPUN P[ VU» 6XVLH :ULJKW

7$/. 72 86 >L SV]L OLHYPUN MYVT `V\ ,THPS SL[[LYZ'PYPZ\RJVT -HJLIVVR MHJLIVVRJVT/HUK-THNHaPUL ;^P[[LY '/HUK-THNHaPUL 0UZ[HNYHT /LHS[OHUKMP[ULZZFTHN >YP[L [V / - THNHaPUL 0YPZ 7\ISPZOPUN  *OHY[LYOV\ZL :[ 3VUKVU ,*4 /(

)     

        


 



                               

'" %"# # "$" " &"( $# # ( %  ## ( %" !"#  #$

  

'''"$ " 


 

 

&6<9 .<0+, ;6 ;/, /6;;,:; ;/05.: ;

'

      

%, *(5F; >(0; -69 (3(5*, ,:;0=(3 ( )9(5+ 5,> ,=,5; *<9(;,+ )@ -0;5,:: 05-3<,5*,9 '(55( $(5 112 ;/(;F: -<33 6- 05:70905. 7,673, :<*/ (: >,33;9(=,33,+ -66+0,: >693+*3(:: -0;5,:: ;9(05,9: (5+ (>,05:70905.

@6.0: >/6 (33 >(5; ;6 /,37 @6< (*/0,=, ( ),;;,9 :,3- 605 05 ;/, <9)(5 ;90(;/365 9<5 # (5+ @6.( >(;*/ *662,9@ +,46: (5+ 36(+: 469, ;F: (; #/, 3+ #9<4(5 9,>,9@ 65+65 (@   964 C  )(3(5*,-,:;0=(3*64

5+ )<@ ;/0: 465;/    

65F; 1<:; <:, ;/, )6905. *(3,5+(9 65 @6<9 7/65, #/, =,9@ (@ (;;,9:

  >,,2;6=0,> +0(9@ )@ 76:0;0=0;@ )36..,9 (50 0 0996 C  -69 +,:2 +0(9@ C  76*2,; +0(9@ (4(A65*6<2 0: -<33 6- ),(<;0-<3 (9;>692 (5+ 05:70905. 465;/3@ ;/,4,: ;/052 36=, -69.0=,5,:: (5+ (+=,5;<9, (5+ >,,23@ 8<6;,: ;6 /,37 @6< ;6 9,-3,*; ; (04: ;6 /,37 @ + /,37 @6< ;(2, 76:0;0=, (*;065 ,=,9@ +(@ 556@05.3@ (; @6<

 

  

   

66:; @6<9 ,5+697/05: >0;/ ( :76; 60*, @6.( (5+ 4,+0;(;065 65 ( -6<9+(@ 9,;9,(; :;(@05. (; <969( "(-(90 (47 05 ">,+0:/ (73(5+ ",::065: (9, 9<5 )@ !,),**( 1B92 ( (;<9, #6<90:4 :7,*0(30:; (5+ 69+0* &6.( 5:;0;<;, ;,(*/,9 >/6 ),30,=,: ;/,9, (9, 4(5@ ),5,-0;: ;6 ,?,9*0:05. 6<;+669: 05 ;/, *63+ ";(@ 05 *6:@ ;9(+0;065(3 3(==< ;,5;: ,516@ >(94<7 :,::065: 05 ;/, :(<5( (5+ ,(; +,30*06<: 36*(3 796+<*, #/, *, &6.( %05;,9 !,;9,(; 9<5: -964 ,)9<(9@  (5+ (9*/     (5+ *6:;: C 

77 (*;0=,569;/:,

5

      4 & :,  &.  "4&9 $ $4+  &.&6/ " 44" #&.$  $ / 4/ $ 4 #./"$ $ "#":  4 &$": 4 &$" 46. /.7 $ $"$ $ 8  :&6 $ /($ 4 $ 4 " 4 &$ 8 4 $46. / :&6 /$6" 6( $/  $ "&&! &64 & 4 ". "// 8"" /(&44 $ 44" .. ./ $  ./ & (.: &.  &64/  $ 4! $ 4 7 8/ 8 " 4&/4 $ #./#""&8/ &7. 4  .&8"+ 4-/ (.4 & 4 $&(:  4./ &/: &""4 / /4.4 .&# 3'' (. $ 4 )/"(/ :$/4./+&+6!+

  

6=, ( :76; 6- 6--70:;, :2005. ,33@ (5:,5F: 5,> :20 1(*2,; 0: 4(+, -69 @6< #/, 6>+,98<,,5 )6(:;: 904(6-;F: 0556=(;0=, )9,(;/()3, 05:<3(;065 904(6-;D "03=,9 5:<3(;065 *;0=, E ;/, 653@ 05:<3(;065 ;/(; 6--,9: )6;/ )9,(;/()030;@ (5+ <54(;*/,+ ;/,94(3 7967,9;0,: -69 /0./6*;(5, (*;0=0;0,: :6 @6< +65F; /(=, ;6 3(@,9 <7 :6 4<*/ ; *6:;: C  :/67/,33@/(5:,5*64

     :&6 " ! " /4$ $ 4& #6/  &$ &64&&. 7$46./ :&6-"" "&7 4 &"! 

8 ##.  6&+ 4-/  ( "# / ;  .4 / &!  $ 84.(.&& "64&&4 /(!. 8 4   ( .&44 7 .6  . /  / " &$ / $+  4" "&&( $ 4 " 48 /4/ &"/ $ "&!/ 4 /(!. $4& (" (.44: #6  $: 8 .  $  /64 &$ 6( 44#$4 # $ / :&6 $ /4 ! 4 4& /" ! /6./ 4&&+ 6: 48& &. /4.& /&6$+ .&# 3%+% %0 #;&$+&+6!+     




 '+( )'-2.  2 5 '" 7 .'-2 $  '-" .   , ( , #&, !,! !& 1!. ,! !  (#!&,(   , (( 0,  !1$

5

'4,- '$ " ! 67 -'#

& '-$'" 7

.   , (  . %. !1 (, ,! ! , (,.   !&, (, !(, !  2&!,$ /& 3 & (#!&,(   ,/,( &  .  , #&) &! 1  ,! , ( ,! 0 (.&    ,& (  # #&!& ! 1 (((  .  ,( .' &!!     !   . . !& )'# $ 5$2.

$ '7 $ '4" 2-2 6 2 ""  ""

6 $2 # -' . $   2$.. '$5$2 '$

#& -3"*

.   #,& -3"*

"2. !

''2 #)

.  -3"* !/ -3"*

.  -3"*

 1 / ,( ( !., %.1 (!  !& /(, , 0(, ,!1 2' .4- 7'4- )"+

'2" '7 '$ 2 '$ $ !. 1 -3"* & -3"*

5 4) 2' 38* 6$ 7'4 ''! $'6

8(0( /%8 %%8 "4".$2+'+4!

-   + &( " '+  " 0 " '+( -'( +' +   ( "' ++ 0 +   '' +( / 0 -   0 -'   0 + + -( +(     + % -'   -' ( ,)!!% ' 0 -     ' -(.   0 #    +   / ' ( 0 -' '( '+ +' ('$  / + ( + "'"  0 -'  0 (   0 "' ++ 0 -'     '' +(% -' + -' "' +   -' ( !)%     +  0  ( '  +  .' 0   '   '' +(%


 DRcRY ^`UV]]Z_X R e`a Wc`^ eYV TfccV_e T`]]VTeZ`_

{>J =:76 :? 2 52J|

DRcRY >RT $) WZe_Vdd WRdYZ`_ UVdZX_Vc EYV ^`UV] R_U TcVReZgV UZcVTe`c `W 3cZeZdY j`XR hVRc ScR_U >R_f\R =ZWV eR]\d XVeeZ_X Z_daZcVU



^HRL \W H[ HT HUK KYPUR H ZV`H TPSR SH[[L I\[ [OH[»Z HZ YV\[PUL HZ T` KH` NL[Z 0 [Y` [V NV PU[V [OL 4HU\RH 3PML THU\RHSPML JVT VMMPJLZ PU -\SOHT L]LY` ;\LZKH` >LKULZKH` HUK ;O\YZKH` ¶ Z[H`PUN PU JP[`JLU[YL OV[LSZ VU 4VUKH`Z HUK -YPKH`Z ZV 0 JHU X\PJRS` NL[ [V HWWVPU[TLU[Z HUK JHZ[PUNZ ¶ I\[ 0 HSZV KV SV[Z VM PU[LYUH[PVUHS [YH]LS ^P[O TVKLSSPUN QVIZ NVPUN [V [YHKL MHPYZ VY KVPUN X\HSP[` JVU[YVS JOLJRZ H[ V\Y MHJ[VYPLZ HUK ULLK [V IL VWLU [V ILUKPUN PU HU` KPYLJ[PVU [V NL[ L]LY`[OPUN KVUL º0 NV[ PU]VS]LK ^P[O 4HU\RH 3PML ^OLU 0 ^HZ JHZ[ I` [OL 4+ 3LVUPL ,SS`H[[ PU P[Z MPYZ[ JHTWHPNU 0 ^HZ  HUK HSYLHK` [OPURPUN HIV\[ ^OH[ 0»K KV HM[LY T` JHYLLY ^HZ V]LY ;OYLL JHTWHPNUZ MVY 4HU\RH 3PML SH[LY 0 YLHSPZLK 0 SV]LK [OL IYHUK HUK ^HU[LK [V IL H WHY[ VM P[ ZV MVY MV\Y `LHYZ 0 ^VYRLK MVY MYLL PU IL[^LLU TVKLSSPUN QVIZ THRPUN [LH WHJRPUN IV_LZ NLULYHSS` T\JRPUN PU HUK SLHYUPUN L]LY`[OPUN 0 JV\SK ;OLU VUL KH` 0 [VVR H NHTISL I` W\[[PUN [^V VM T` V^U [LJOUPJHS KYH^PUNZ VM ZVTL `VNH SLNNPUNZ HUK H `VNH IHN VU 3LVUPL»Z KLZR :OL OHK [OL `VNH IHN THKL" P[ ZVSK YLHSS` ^LSS HUK ZPUJL [OLU 0»]L THKL T` ^H` \W [OL YHURZ V]LY UPUL `LHYZ [V [OL WVZP[PVU 0»T PU UV^ ¶ ILPUN YLZWVUZPISL MVY KLZPNUPUN L]LY` JVSSLJ[PVU 0[ ^HZ H ZSV^ VYNHUPJ WYVJLZZ HUK 0»T ZV NYH[LM\S [V 3LVUPL MVY [HRPUN H JOHUJL VU TL»

    "&!$ "  "  ' "%  %$  %  " "$ !   % '

5 6D: 8 ? 7@ C = : 7 6

DRcRY|d X`e` d_RT\

@_V `W DRcRY|d cVTV_e UVdZX_d

2 52J |D H@C <

º-VY TL Z[HY[PUN H UL^ JVSSLJ[PVU PZ HSS HIV\[ [OL º4` ^VYR UL]LY YLHSS` Z[VWZ HZ JVSV\YZ HUK 0 VM[LU KYH^ MYVT HY[PZ[Z» VPS WHPU[PUNZ 0»T WHY[ VM [OL ^OVSL JYLH[P]L MVY T` JVSV\Y WHSL[[L 6UJL 0»]L WYVJLZZ MYVT JOVZLU HUK UHTLK T` JVSV\YZ [OH[ {7`c W`fc jVRcd KLZPNUPUN JSV[OLZ NP]LZ TL H TVVK MVY [OL JVSSLJ[PVU HJJLZZVYPLZ : h`c\VU W`c HUK 6\Y (> YHUNL JHSSLK ;OL [V HY[KPYLJ[PUN WcVV SVehVV_ ZOVV[Z HUK ILPUN 4PKUPNO[ .HYKLU PZ PUZWPYLK I` [OL ^`UV]]Z_X [`Sd| [OL MHJL VM [OL IYHUK LHYS` ^VYRZ VM 3\JPHU -YL\K ^OLU OL WHPU[LK ^VTLU ^P[O SV[Z VM I` TVKLSSPUN [OL NYLLUZ 0U [LYTZ VM Z[`SL J\[ MP[ HUK MHIYPJ [OLYL»Z JVSSLJ[PVUZ 9PNO[ UV^ 0»T PU [OL SV[Z [V JVUZPKLY L]LU KV^U [V [OL ^HZO HUK K`L TPKKSL VM SH\UJOPUN V\Y :: [LJOUPX\LZ VM TH[LYPHSZ MYVT HU LJVSVNPJHS WVPU[ JHTWHPNU 0»T VMM [V 4VYVJJV [V VM ]PL^ ;OLYL»Z H O\NL JYVZZV]LY YPNO[ UV^ ^P[O ZOVV[ P[ ZVVU MPUPZOPUN (> HUK H[OSLPZ\YL ^LHY ^OLYL WLVWSL KLTHUK WLYMVYTHUJL ^HP[PUN MVY [OL MPYZ[ ZHTWSLZ [V PU [OL N`T HUK Z[`SL VU [OL Z[YLL[ 3LNNPUNZ OH]L HYYP]L WS\Z JOVVZPUN JVSV\YZ MVY YLWSHJLK KLUPT HZ H MHZOPVU Z[HWSL I\[ KLZPNUPUN :: (TPKZ[ HSS [OH[ 0»]L HSZV Q\Z[ [OLT MVY SV\UNPUN PZ ]LY` KPMMLYLU[ [V KLZPNUPUN ZOV[ H IPN JHTWHPNU MVY <UPXSV SLNNPUNZ MVY HU HK]HUJLK `VNP ^OV»Z NL[[PUN PU[V ^OPJO 0 MPUK HTHaPUN HZ 0 JHU»[ YLHSS` KLLW WVZ[\YLZ HUK ULLKZ H ]LY` OPNO MYVU[ ILSPL]L [OH[ HM[LY  `LHYZ 0»T Z[PSS HUK IHJR YPZL HUK aLYV MHIYPJ [YHUZWHYLUJ` [V TVKLSSPUN B:HYHO PZ YLWYLZLU[LK I` H]VPK L_WVZ\YL ¶ ZV THU` IV_LZ ULLK [PJRPUN» 4VKLSZ 6ULD >L»YL HSZV SH\UJOPUN

                    

H ZTHSS TLUZ^LHY JHWZ\SL JVSSLJ[PVU PU [OL UL^ `LHY ¶ 0»T ZV NYH[LM\S MVY [OL ]LYZH[PSP[` PU T` SPML º-VY LULYN` 0 LH[ ZP_ ZTHSS TLHSZ L]LY` KH` 4` NV[V ZUHJR PZ H ^OVSL H]VJHKV ^P[O JVJVU\[ VPS ZWYLHK VU ZV\YKV\NO IYLHK ^P[O NYLLU QHSHWLUVZ ZJYHTISLK LNN HUK H ZWYPURSL VM JVYPHUKLY [OV\NO 0 SV]L H ^HYTPUN Z[L^ ^P[O H WVY[PVU VM RHSL HUK IYLHK PU [OL L]LUPUN (M[LY H JYHa` KH` 0 KV OV[ `VNH MVSSV^LK I` H ZVHR \ZPUN 5LHS»Z @HYK :LH^LLK (YUPJH -VHTPUN )H[O   MVY TS" ULHSZ`HYKYLTLKPLZJVT 0»T H UPNO[ IPYK I\[ [Y` [V NV [V ZSLLW ILMVYL TPKUPNO[»

D2C29|D 7@@5 E:AD O 0 [Y` [V LH[ L]LY` [^V OV\YZ [V H]VPK NL[[PUN SV^ ISVVK Z\NHY 0 HS^H`Z JHYY` VH[JHRLZ HUK H JOVJVSH[L ZV`H TPSR HZ HU LTLYNLUJ` ZUHJR O 5\[ I\[[LY ZHJOL[Z HYL H OHUK` MPSSPUN HUK [HZ[` WVZ[`VNH ZUHJR [OH[ NP]L TL LULYN` VU T` ^HSR OVTL ^OLU T` SLNZ HYL SPRL QLSS` O 6TLNH   VPSZ HYL RL` MVY [OL VW[PT\T OLHS[O VM `V\Y ZRPU OHPY HUK QVPU[Z 0 PUJS\KL LNNZ H]VJHKV VPS` MPZO HUK U\[Z PU TLHSZ [V NL[ TPUL

    

"$




          

W -P[ 5V[LIVVR -PUK `V\Y PKLHS L_LYJPZL WHY[ULY W ,_LYJPZL ZVTL LTV[PVU /V^ [V ^VYR V\[ [V Z\P[ `V\Y Z[H[L VM TPUK W -P[ ,_WLY[ >OH[ Z\ZWLUZPVU [YHPUPUN JHU KV MVY `V\ W 4PU\[L ;VUL <W /V^ [V \ZL MP[ULZZ RP[ [V NL[ YLZ\S[Z

"%     

        


 

7:E?6DD ?6HD @ H@C<@FE 7:I6D @ 6IA6CE 25G:46

        7YLNUHU[ HUK KVU»[ MLLS SPRL L_LYJPZPUN& /LYL»Z ZVTL L_[YH PUJLU[P]L ;OL L_LYJPZL H TV[OLY[VIL KVLZ K\YPUN WYLNUHUJ` TH` IL HZ LMMLJ[P]L H[ WYV[LJ[PUN OLY JOPSK MYVT HNLYLSH[LK OLHS[O YPZRZ HZ [OL L_LYJPZL [OL JOPSK KVLZ ^OLU [OL`»YL HU HK\S[ 9LZLHYJO VU TPJL H[ [OL <UP]LYZP[` VM 2LU[\JR` MV\UK [OH[ YLK\JPUN [OL TV[OLY»Z V_PKH[P]L Z[YLZZ KHTHNL KVUL [V [OL IVK` I` TVSLJ\SLZ JHSSLK MYLL YHKPJHSZ [OYV\NO L_LYJPZL OLSWLK [OLPY VMMZWYPUN MPNO[ Z[YLZZ HUK KLJYLHZLK [OL YPZR VM VILZP[` HUK HNLYLSH[LK HUK JOYVUPJ KPZLHZL L]LU PU[V HK\S[OVVK ;PTL MVY H ^HSR

    

"&


7:E?6DD



    92?5J 9625A9@?6D

          "' *) " , '# )''  # &( $ ) )       " +'  *   #"  ) '

         '  + - )"#  ''",  '# +"  +  # &( $ ) '# , "  * " '"#  "' #)

     7RS SHUVRQDO WUDLQHU 0DWW 5REHUWV PDWWUREHUWV FRXN

ã+DYH D VWULFW JRDO LQ SODFH E\ WKH HQG RI 'HFHPEHU 0DNH D SODQ RI GD\V \RXâUH JRLQJ WR UXQ DQG VWLFN WR LW ZKDWHYHU WKH ZHDWKHU :DUP XS \RXU H[WUHPLWLHV SURSHUO\ WR KHOS DYRLG LQMXU\ ò WKLQN FDOI UDLVHV DQG ZDONLQJ OXQJHV WR JHW WKH EORRG SXPSLQJ 'ULQN WKH VDPH DPRXQW DV \RX ZRXOG LQ VXPPHU :HDU EUHDWKDEOH OD\HUV VR \RX FDQ VKHG VRPH DV \RX ZDUP XS 8VH D IRDP UROOHU EHWZHHQ UXQV WR NHHS \RXU OLPEV VXSSOHÈ&#x2019; "' ' '##         

  

!      "               "        !   "          " 

   "  "       

 "    "   

                   "        "             

          " "               

"           

#"

6- .@4 .6,9: +65»; >07, ;/, >6926<; ),5*/ (-;,9 <:, @<*2

        ;OL UL_[ [OYLL `LHYZ ^PSS IL IPN VULZ MVY ^VTLU»Z ZWVY[ HZ )YP[HPU ^PSS OVZ[ [OYLL NSVIHS L]LU[Z! [OL  0** >VTLU»Z *YPJRL[ >VYSK *\W  >VTLU»Z /VJRL` >VYSK *\W HUK [OL  5L[IHSS >VYSK *\W 7OL^ ;V TH_PTPZL VU Z\JO H TVTLU[V\Z VJJHZPVU [OL ,UNSHUK HUK >HSLZ *YPJRL[ )VHYK ,UNSHUK /VJRL` HUK ,UNSHUK 5L[IHSS HZZVJPH[PVUZ OH]L JS\IILK [VNL[OLY [V SH\UJO H [OYLL`LHY JHTWHPNU JHSSLK ;LHT<W ^OPJO OVWLZ [V PUZWPYL M\[\YL NLULYH[PVUZ [V NL[ PU]VS]LK PU ZWVY[ :[\KPLZ ZOV^ Q\Z[  WLY JLU[ VM NPYSZ HNLK  TLL[

WO`ZPJHS HJ[P]P[` N\PKLSPULZ )` NP]PUN YLNPZ[LYLK ZJOVVSZ [OL VWWVY[\UP[` [V HJJLZZ MYLL [YHPUPUN HUK YLZV\YJLZ ]PH [OL [LHT\WLUNSHUK JVT WVY[HS P[»Z OVWLK  `LHYVSK NPYSZ HJYVZZ [OL JV\U[Y` ^PSS [Y` [LHT ZWVY[ 5V^ [OH[»Z ^OH[ ^L JHSS NPYS WV^LY

   # ( #*  )$     &&* $  &   # &  !  * '$ " 

          "  #',# "! # '  # &( $ #'"" ) '#  #' ( )"#  , ' # + # #+ '"#


6iVcTZdV d`^V

 )HK KH` H[ ^VYR& .VPUN OLSS MVY SLH[OLY PU [OL N`T HZ HU HU[PKV[L JV\SK OH]L H KL[YPTLU[HS LMMLJ[ VU `V\Y OLHS[O /LYL»Z OV^ [V JOVVZL [OL ILZ[ ^VYRV\[ MVY `V\Y Z[H[L VM TPUK

")     

        


   



V]L [V IH[[LY [OH[ W\UJOIHN VY ZTHZO H /00; ZLZZPVU [V YLSLHZL `V\Y WYLZZ\YL ]HS]L& >VYRPUN V\[ ^OPSL `V\»YL [PJRLK VMM JV\SK PUJYLHZL `V\Y YPZR VM H OLHY[ H[[HJR ;OH[»Z HJJVYKPUN [V [OL SH[LZ[ KH[H MYVT H UL^ Z[\K` PU [OL QV\YUHS *PYJ\SH[PVU (ZZLZZPUN ^OH[  OLHY[ H[[HJR WH[PLU[Z KPK HUK MLS[ PU [OL SLHK\W [V [OLPY H[[HJR YLZLHYJOLYZ KPZJV]LYLK [OH[ MLLSPUN HUNY` HUK L_LYJPZPUN ^LYL JVTTVUWSHJL ;OPZ OHZ SLK HUHS`Z[Z [V ILSPL]L [OH[ ILPUN HUNY` VY ^VYRPUN V\[ JV\SK KV\ISL `V\Y YPZR VM H OLHY[ H[[HJR I\[ KVPUN IV[O [VNL[OLY JV\SK [YPWSL [OL [OYLH[ 5V[ HSS HJ[P]P[PLZ HYL IHK UL^Z ¶ YLSH_PUN ^VYRV\[Z Z\JO HZ NLU[SL `VNH VY 7PSH[LZ JV\SK KLM\ZL `V\Y HUNLY ;OL THPU J\SWYP[ PZ PU[LUZL L_LYJPZL ,_WLY[Z HYN\L [OH[ [V\NO ^VYRV\[Z HUK HUNLY IV[O JH\ZL ISVVK ]LZZLSZ [V UHYYV^ ^OPJO JV\SK HMMLJ[ OV^ T\JO V_`NLUH[LK ISVVK PZ KLSP]LYLK [V [OL OLHY[ /V^L]LY 4H\YLLU ;HSIV[ ZLUPVY JHYKPHJ U\YZL MVY [OL )YP[PZO /LHY[ -V\UKH[PVU HKKZ [OH[ JHYKPHJ MHPS\YL [LUKZ [V OH]L H TVYL JSPUPJHS YVV[ JH\ZL º/LHY[ H[[HJRZ HYL THPUS` JH\ZLK I` H[OLYVZJSLYVZPZ [OL I\PSK\W VM MH[[` WSHX\L PU [OL HY[LYPLZ ^OPJO JHU JH\ZL H ISVVK JSV[ [V MVYT [OH[ SLHKZ [V H OLHY[ H[[HJR» >OPSL L_LYJPZL TH` UV[ HS^H`Z IL [Y\S` JH[OHY[PJ P[»Z VM[LU WYL[[` NVVK MVY `V\Y LTV[PVUHS OLHS[O :V ILMVYL `V\ NV PU[V HU LTV[PVUHS TLS[KV^U JOLJR V\[ V\Y [VW MP]L ^VYRV\[ Z[YH[LNPLZ [V NL[ `V\ IHJR VU [YHJR

   

EV^aVcRefcV cZdZ_X0 Ecj =j__V C`SZ_d`_|d e`a AZ]ReVd ^`gVd W`c TR]^Z_X U`h_

E96 C6=2I2E:@? A@D6 =ZV `_ R ^Re `_ j`fc SRT\ hZeY j`fc \_VVd SV_e WVVe YZahZUeY RaRce CVde j`fc Rc^d `_ j`fc aV]gZd `c Sj j`fc dZUVd 4YVT\ j`fc aV]gZd Zd ]VgV] R_U j`fc daZ_V cVeRZ_d Zed _RefcR] TfcgVd ER\V R WVh ScVReYd hZUV R_U Wf]] Z_e` eYV SRT\ R_U dZUVd `W j`fc cZSTRXV 3cVReYV Z_ R_U Y`]U 3cVReYV `fe R_U cV]VRdV

 E96 DE2C7:D9 DeRce Z_ eYV cV]RiReZ`_ a`dV R_U ScVReYV Z_ 3cVReYV `fe R_U cRZdV `_V Rc^ SRT\ Rd ZW e` e`fTY eYV W]``c SVYZ_U j`f 2e eYV dR^V eZ^V d]ZUV eYV `aa`dZeV ]VX RhRj Z_e` R_ VieV_UVU a`dZeZ`_ 3cVReYV Z_ R_U Y`]U 3cVReYV `fe R_U cVefc_ e` eYV deRce CVaVRe `_ eYV `eYVc dZUV

 C@== 5@H?D DeR_U hZeY WVVe YZahZUeY RaRce 3V_U j`fc \_VVd R ]Zee]V 3cVReYV Z_ Rd j`f _`U j`fc YVRU W`chRcUd 3cVReYV `fe R_U c`]] j`fc V_eZcV daZ_V W`chRcUd R_U U`h_ C`]] f_eZ] j`f TR_ X` _` WfceYVc 3cVReYV Z_ 3cVReYV `fe Rd j`f c`]] j`fc daZ_V SRT\ fa

,46;065(3 4,3;,9

         

 

( W\UJO IHN TH` ZLLT SPRL [OL ILZ[ Z[YLZZ YLSPL]LY I\[ L_WLY[Z ^HYU [OH[ TLU[HS I\YUV\[ JV\SK ZLYPV\ZS` PTWLKL `V\Y ^VYRV\[ ( Z[\K` PU [OL 1V\YUHS VM :WVY[ HUK ,_LYJPZL 7Z`JOVSVN` YLWVY[Z [OH[ Y\UULYZ ^OV YHJLK HM[LY [HRPUN H Z[YLZZM\S JVTW\[LY [LZ[ WLYMVYTLK MHY ^VYZL [OHU MYLZOTPUKLK JVTWL[P[VYZ (UK [OPUNZ JV\SK NL[ ^VYZL º>OLU `V\Y HKYLUHS NSHUKZ HYL MH[PN\LK HU PU[LUZP]L OV\Y VM Y\UUPUN VU [OL [YLHKTPSS JV\SK IL [OL ^VYZ[ [OPUN [V KV» ZH`Z +Y :VOLYL 9VRLK H\[OVY VM ;OL ;PYLKULZZ *\YL HUK OLHS[O L_WLY[ H[ 6TUP`H 4LKP*SPUPJ º;OL NSHUKZ THRL OVYTVULZ PUJS\KPUN HKYLUHSPUL UVYHKYLUHSPUL HUK JVY[PZVS ^OPJO JVU[YVS L]LY` Z`Z[LT PU V\Y IVK` MYVT ISVVK WYLZZ\YL [V TL[HIVSPZT ;OL` JHU IL W\[ \UKLY Z[YHPU I` LTV[PVUHS Z[YLZZ HUK KVPUN PU[LUZP]L L_LYJPZL ^PSS THRL [OPZ ^VYZL» 46=,: ;6 (=60+! /LH]` ^LPNO[ [YHPUPUN /00; ZLZZPVUZ HUK V[OLY Z[YLU\V\Z

^VYRV\[Z [OH[ ^PSS W\[ TVYL Z[YHPU VU [OL HKYLUHSZ 46=,: ;6 ,4)9(*,! >HSRPUN `VNH 7PSH[LZ NLU[SL Z^PTTPUN HUK SPNO[ HJ[P]P[PLZ [OH[ ^VU»[ W\ZO `V\Y IVK` [V L_OH\Z[PVU ,46;065(3 4,3;,9

 

 

.V[ [OL ^PU[LY IS\LZ& +H[H ZOV^Z [OH[ L_LYJPZL JHU IL H NYLH[ YLN\SH[VY VM KLWYLZZP]L Z`TW[VTZ (JJVYKPUN [V YLZLHYJO MYVT [OL <UP]LYZP[` VM *HSPMVYUPH PU (TLYPJH [OVZL ^OV L_LYJPZL OH]L IL[[LY TLU[HS MP[ULZZ [OHU [OVZL ^OV HYL PUHJ[P]L >O`& )LJH\ZL HJ[P]P[` PUJYLHZLZ SL]LSZ VM [^V UL\YV[YHUZTP[[LYZ ^OPJO OLSW IHSHUJL LTV[PVUHS OLHS[O ¶ NS\[HTH[L HUK NHTTH HTPUVI\[`YPJ HJPK .()( 0[ HSZV IVVZ[Z OHWW` OVYTVULZ º+HPS` L_LYJPZL PZ [OL LHZPLZ[ ^H` [V PUJYLHZL `V\Y ZLYV[VUPU SL]LS» HKKZ :OVUH >PSRPUZVU U\[YP[PVUPZ[ H[ :\WLYMVVK<2JVT º)\[ THRL Z\YL `V\ JOVVZL HU HJ[P]P[` `V\ LUQV` 0M `V\ MLLS SPRL

`V\»YL MVYJPUN `V\YZLSM [V KV P[ P[ TH` UV[ OH]L [OL YPNO[ LMMLJ[» 46=,: ;6 (=60+! (U`[OPUN [OH[ MLLSZ SPRL H JOVYL 0M `V\ OH[L [OL N`T NV Y\UUPUN 0M `V\ OH[L Y\UUPUN [Y` NHYKLUPUN 46=,: ;6 ,4)9(*,! 6\[KVVY L_LYJPZL VY ºNYLLU L_LYJPZL» OHZ H WVZP[P]L LMMLJ[ VU TVVK ;Y` ^HSRPUN Y\UUPUN VY J`JSPUN ,46;065(3 4,3;,9

 

(U`VUL ^OV OHZ L]LY ILLU [OYV\NO H IYLHR\W RUV^Z [OH[ L_LYJPZL PZ [OL \S[PTH[L º0»T IL[[LY VMM ^P[OV\[ `V\» HJ[P]P[` ,_WLY[Z HYN\L [OH[ L_LYJPZL JHU OLSW NYPL]LYZ ILJH\ZL P[ NP]LZ [OLT H ZLUZL VM JVU[YVS K\YPUN H [PTL ^OLU [OL` MLLS [OL` OH]L SP[[SL WV^LY V]LY [OL ZP[\H[PVU º(U`VUL ^OV OHZ LUK\YLK NYPLM JHYYPLZ HU LTV[PVUHS WHPU ^OPJO JHU IL ZPNUPMPJHU[S` YLK\JLK ^P[O L_LYJPZL» ZH`Z :\ZHU /LWI\YU WZ`JOVSVNPZ[ H[ Z\ZHUOLWI\YUJSPUPJZJVT º0[ THRLZ `V\ MLLS IL[[LY ILJH\ZL [OL UL\YV[YHUZTP[[LYZ [OH[ HYL YLSLHZLK ¶ LUKVYWOPUZ ZLYV[VUPU KVWHTPUL ¶ HYL TVVK LUOHUJLYZ» 46=,: ;6 (=60+! ;OL MP[ULZZ ^VYSK PZ `V\Y V`Z[LY ¶ HSS L_LYJPZL PZ H NYLH[ KPZ[YHJ[PVU MYVT WHPUM\S LTV[PVUZ 46=,: ;6 ,4)9(*,! 9\UUPUN ^HSRPUN J`JSPUN HUK V[OLYZ MVYTZ VM JHYKPV OH]L ILLU ZOV^U [V PTWYV]L TVVK ,46;065(3 4,3;,9

 

0M `V\ Z\MMLY MYVT YLN\SHY IV\[Z VM HU_PL[` OP[[PUN [OL N`T JV\SK OLSW J\YI `V\Y WHUPJ ( Z[\K` W\ISPZOLK PU [OL QV\YUHS 7Z`JOVZVTH[PJ 4LKPJPUL ZOV^Z [OH[ [OVZL Z\MMLYPUN MYVT ºOPNOHU_PL[` ZLUZP[P]P[`» ^OPJO PZ KLZJYPILK HZ HU PU[LUZL MLHY VM [OL UH\ZLH KPaaPULZZ WHSWP[H[PVUZ HUK ZOVY[ULZZ VM IYLH[O [OH[ HJJVTWHU` WHUPJ ^LYL SLZZ HU_PV\Z HM[LY KVPUN HJ[P]P[` -\Y[OLY YLZLHYJO ZOV^Z HJ[P]P[PLZ [OH[ MVJ\Z VU NLU[SL JVU[YVSSLK TV]LZ Z\JO HZ 7PSH[LZ JHU KPHS KV^U Z`TW[VTZ Z\JO HZ H WV\UKPUN OLHY[ Z^LH[PUN HUK UH\ZLH º:JPLU[PZ[Z H[ [OL <UP]LYZP[` VM 7P[[ZI\YNO OH]L PKLU[PMPLK H JPYJ\P[ [OH[ KPYLJ[S` SPURZ WHY[ VM [OL IYHPU [V [OL HKYLUHS TLK\SSH ;OL ZHTL UL[^VYR PZ HSZV HZZVJPH[LK ^P[O [OL WHY[ VM V\Y IYHPU [OH[ JVU[YVSZ TV]LTLU[Z» L_WSHPUZ 3`UUL 9VIPUZVU MV\UKLY VM )VK` *VU[YVS 7PSH[LZ IVK`JVU[YVSWPSH[LZJVT 46=,: ;6 (=60+! :VTL YLWVY[Z Z\NNLZ[ Z\KKLU L_WVZ\YL [V PU[LUZL L_LYJPZL ^OPJO JH\ZLZ H OPNO OLHY[ YH[L JHU PUK\JL MLLSPUNZ VM WHUPJ 46=,: ;6 ,4)9(*,! >VYRV\[Z [OH[ MVJ\Z VU IYLH[O Z\JO HZ `VNH 7PSH[LZ HUK IHYYL JHU OLSW ZSV^ HUK JHST [OL TPUK Q      "*


 



    

 

  

 

" * %&* -" " . " " *" %& .   

 % & + & *" * % &* %,   ", %  %& 45 245, 03-452(7043 (3+ 74 5,.067,5 43103,

---$ *" "% %*.$"$+

 /#!/ (''    " *" "% %*.$"$+



 

# #    ! # ' $  !  !  $  !   # '  !    " # ! #       ;     !   "       $  "    "  ! "      ;   !,.067,5,+ /(507: 46 5,(67 (3*,5 (5,   "   46 ,590*(1 (3*,5 #5867  "   9(50(3 (3*,5 *7043  "  &42,3 % (3*,5 06 ,67()106/,+ 83+,5 7/, /(5070,6 0+ 483+(7043 /(507: 4   

   

   


                  

7:E?6DD 6IA6CE :? DFDA6?D6

)LLU H]VPKPUN Z\ZWLUZPVU [YHPUPUN H[ [OL N`T& +VU»[ ¶ [OL SH[LZ[ YLZLHYJO WYV]LZ [OH[ [OL WVY[HISL IP[ VM RP[ JV\SK IL H Z\WLYLMMLJ[P]L ^H` [V IVVZ[ `V\Y IVK` 0[ KL]LSVWZ WV^LY [V[HSIVK` Z[YLUN[O HUK JVYL Z[YLUN[O WS\Z I\YUZ JHSVYPLZ (UK P[ KVLZ [OPZ \ZPUN Q\Z[ `V\Y IVK`^LPNO[ HZ YLZPZ[HUJL 7YVISLT PZ SP[[SL ZJPLU[PMPJ L]PKLUJL IHJRLK [OLZL JSHPTZ ¶ \U[PS UV^ ;OL (TLYPJHU *V\UJPS VU ,_LYJPZL HUK YLZLHYJOLYZ MYVT >LZ[LYU :[H[L *VSVYHKV <UP]LYZP[` Z[\KPLK [OL JHYKPVYLZWPYH[VY` T\ZJ\SHY UL\YVTV[VY HUK MSL_PIPSP[` ILULMP[Z VM HU LPNO[^LLR ;9? :\ZWLUZPVU ;YHPUPUN WYVNYHTTL :P_[LLU OLHS[O` TLU HUK ^VTLU HNLK  `LHYZ VSK KPK H TPU\[L ;9? JSHZZ [OYLL [PTLZ H ^LLR MVY [^V TVU[OZ PUJS\KPUN ;9? S\UNLZ W\ZO\WZ W\SS\WZ JOLZ[ WYLZZLZ YV^Z ZX\H[Z WSHURZ HUK J\YSZ ;OL WHY[PJPWHU[Z» VULYLWL[P[PVU TH_PT\T 94 T\ZJSL Z[YLUN[O MSL_PIPSP[` HUK T\ZJ\SHY LUK\YHUJL ^LYL HSZV [LZ[LK ;OL YLZ\S[Z HYL YLHZZ\YPUN ,_LYJPZLYZ I\YU[ HU H]LYHNL VM ULHYS`  JHSVYPLZ

K\YPUN LHJO Z^LH[ ZLZZPVU ;OL` KV^UZPaLK [OLPY ^HPZ[ JPYJ\TMLYLUJL HUK IVK`MH[ WLYJLU[HNL ;OLPY ISVVK WYLZZ\YL KLJYLHZLK HUK [OLYL ^HZ HSZV H ZPNUPMPJHU[ PUJYLHZL PU [OLPY 94 MVY [OL SLN WYLZZ ILUJO WYLZZ J\YS HUK W\ZO\W L_LYJPZLZ :V PM `V\»]L ILLU ^VUKLYPUN ^OH[ Z\ZWLUZPVU [YHPUPUN JV\SK KV MVY `V\Y MP[ULZZ [OL HUZ^LY PZ ºH SV[» (KK P[ [V `V\Y ^LLRS` ^VYRV\[ YLNPTL [V Z[HY[ YLHWPUN ZVTL VM [OLZL HTHaPUN YL^HYKZ

6A:4 6G6?ED

/LYL»Z VUL MVY MP[ULZZ Q\URPLZ ¶ L_[LUKLK ^VYRV\[Z HYL UV^ H [OPUN -YVT [^V OV\YZ VM IV_PUN [V H ^LLRLUK»Z ^VY[O VM KHUJL MP[ULZZ L]LU[Z HYL VU [OL YPZL :\YL `V\ JHU ZX\LLaL HU LMMLJ[P]L ^VYRV\[ PU[V  TPU\[LZ I\[ ^OLU `V\ SV]L Z^LH[PUN ^O` UV[ THRL H KH` VM P[& /LYL HYL H ML^ L]LU[Z [V SVVR V\[ MVY -0./; 23<) ;/, +9<4 )(:: >6926<;! 3V]L IV_PUN& ;OPZ [V\Y MYVT [OL WVW\SHY -PNO[ 2S\I ^VYRV\[ IYPUNZ [^V OV\YZ VM JVTIH[Z[`SL L_LYJPZL [V <2 ]LU\LZ PU :V\[OHTW[VU ,ZZL_ 4HUJOLZ[LY HUK )YPZ[VS )VVR H[ MPNO[RS\IJV\R A<4)(;/65! ( A\TIH[OVU PZ H A\TIH KHUJL L]LU[ [OH[»Z UVYTHSS` OLSK MVY H NVVK JH\ZL :L]LYHS PUZ[Y\J[VYZ [HRL [OL SLHK HUK P[ JHU SHZ[ MVY [OYLL OV\YZ :LHYJO MVY ZWLJPHS L]LU[Z VU a\TIHJVT )664 *@*3, <9)(5;90! 3VUKVU J`JSPUN Z[\KPV )664 OHZ [LHTLK \W ^P[O MP[ULZZ L]LU[ )HSHUJL -LZ[P]HS [V OVZ[ H [OYLLOV\ZL ZLZZPVU ^P[O WYVJLLKZ NVPUN [V 7YVQLJ[ >H[LYMHSS +H[LZ HYL [V IL JVUMPYTLK 3VN VU[V IVVTJ`JSLJV\R [V IL PU [OL RUV^

   % ! !  ! % !   (%"!  !  )') &# )&)

{

DfdaV_dZ`_ ecRZ_Z_X UVgV]`ad a`hVc e`eR]S`Uj decV_XeY R_U T`cV decV_XeY a]fd Sfc_d TR]`cZVd|

7`cXVe 9::E W`c _`h Re ]VRde R_U cR^a fa j`fc WZe_Vdd hZeY R eh`Y`fc h`c\`fe

@? E96 C:D6

7()4% 30)$%2 NK;:G <EBF;BG@

*SPTIPUN PZ VU V\Y YHKHY YPNO[ UV^ 3HZ[ Z\TTLY P[ ^HZ HKKLK [V [OL ;VR`V  6S`TWPJ ZJOLK\SL HUK PUKVVY JSPTIPUN THRLZ H NYLH[ ^PU[LY ZWVY[ >VUKLYPUN OV^ P[ ^VYRZ& ,HJO JSPTILY H[ [OL 6S`TWPJZ ^PSS JVTWL[L PU [OYLL KPZJPWSPULZ ¶ SLHK JSPTIPUN KVUL VU H SVUN YV\[L ^P[O H YVWL MVY WYV[LJ[PVU IV\SKLYPUN KVUL VU V]LYOHUNPUN YV\[LZ ^P[O H JYHZO TH[ HUK ILZ[ VM HSS ZWLLK JSPTIPUN MHZ[LZ[ [V [OL [VW ^PUZ :\WLY L_JP[LK& <Z [VV (UK [OH[»Z ^O` UV^ PZ [OL WYPTL [PTL [V NP]L [OL HJ[P]P[` H NV 0UKVVY JSPTIPUN PZ [OL WLYMLJ[ ^H` [V IVVZ[ `V\Y IVK` V]LY [OL JVVSLY TVU[OZ 0[»Z NYLH[ MVY ILNPUULYZ ILJH\ZL TVZ[ JLU[YLZ WYV]PKL RP[ HUK PUZ[Y\J[PVU 0[»SS IVVZ[ M\SSIVK` Z[YLUN[O HNPSP[` HUK JHYKPV MP[ULZZ 0[»Z H IVVU [V `V\Y IYHPU HZ `V\ MVJ\Z VU ^OH[ OHUK VY MVV[OVSK [V [HRL UL_[ 7S\Z P[ ^PSS WYLWHYL `V\ MVY Z\TTLY JSPTIPUN >OP[L :WPKLY PZ 3VUKVU»Z UL^LZ[ HUK IPNNLZ[ JSPTIPUN ^HSS IVHZ[PUN TVYL [OHU  JSPTIPUN YV\[LZ HUK  IV\SKLY WYVISLTZ 0[»Z [OL WLYMLJ[ WSHJL [V NL[ [V NYPWZ ^P[O [OL ZWVY[ =PZP[ ^OP[LZWPKLYJSPTIPUNJVT [V NP]L P[ H NV     

#"


?6H<:E "! >@G6D

405<;, ;65,<7

8`e d`^V _Vh \Ze W`c 4YcZde^Rd0 Ecj eYVdV ^`gVd e` YV]a j`f ^R\V eYV ^`de `W Ze

5` VRTY ^`gV Z_ `cUVc hZeY _` cVde Z_ SVehVV_ 5` eYV TZcTfZe ehZTV cVdeZ_X W`c fa e` '! dVT`_Ud SVehVV_ TZcTfZed

2

CVdZdeR_TV SR_U cVgVcdV ]f_XV ecZTVad VieV_dZ`_

EZ^V+ "# VRTY dZUV H`c\d+ =VXd X]feVd dY`f]UVcd ecZTVad T`cV

3

DeR_U hZeY j`fc WVVe e`XVeYVc Y`]UZ_X R cVdZdeR_TV SR_U SVYZ_U j`fc SRT\ hZeY j`fc ]VWe YR_U SVYZ_U j`fc _VT\ R_U j`fc cZXYe YR_U Re j`fc ]`hVc SRT\ 2 DeVa j`fc ]VWe W``e SRT\ e` R cVgVcdV ]f_XV SV_UZ_X S`eY \_VVd <VVaZ_X j`fc cZXYe YR_U deZ]] VieV_U j`fc ]VWe V]S`h R_U U` R_ `gVcYVRU ecZTVad VieV_dZ`_ 3 Rd j`f deVa j`fc ]VWe W``e W`chRcU e` eYV deRceZ_X a`dZeZ`_ DhRa j`fc Rc^ a`dZeZ`_d R_U cVaVRe eYV dVbfV_TV SVW`cV dhZeTYZ_X ]VXd


  

5f^SSV]] dY`f]UVc hR]\

CVad+ $! H`c\d+ DY`f]UVcd faaVc SRT\ R_U T`cV DeR_U hZeY j`fc WVVe YZahZUeY RaRce \_VVd d]ZXYe]j SV_e R_U j`fc S`ee`^ ^fdT]Vd dbfVVkVU eZXYe HZeY j`fc Rc^d decRZXYe R_U aR]^d efc_VU Z_ d` eYVj|cV WRTZ_X VRTY `eYVc Y`]U j`fc Uf^SSV]]d d` eYVj|cV cVdeZ_X `_ eYV e`a `W j`fc eYZXYd ER\V j`fc cZXYe Rc^ R_U cRZdV Ze d` Ze|d UZcVTe]j `gVcYVRU 2 eYV_ cRZdV R_U ]`hVc j`fc Rc^d f_eZ] eYVj ^VVe Z_ eYV ^ZUU]V aRcR]]V] e` W]``c 3 HR]\ j`fc Rc^d fa R_U U`h_ d^``eY]j d` eYRe S`eY Rc^d Tc`dd Rd eYVj cVRTY eYV ^ZUU]V `W eYV cR_XV `W ^`eZ`_

2

3

<Vee]VSV]] X`S]Ve dbfRe

CVad+ "& H`c\d+ =VXd X]feVd T`cV faaVc SRT\ R_U Rc^d

 8: %''1  %'' 1')   %+)  6#'6%     $ +2% +1  16%26% %)     1+ 61--: 1+- 5,30** .82-1+0+08&/0 96: 66: )'%) +(-122%+) ""%)"2 5 ! .296:66:0+(/0  1+ 816; %21%)%)" #+2 57*0** .82-1+0+08&/0

ER\V Y`]U `W j`fc \Vee]VSV]] hZeY S`eY YR_Ud R_U Y`]U Ze Re TYVde YVZXYe deR_UZ_X hZeY j`fc WVVe d]ZXYe]j hZUVc eYR_ YZahZUeY RaRce e`Vd efc_VU d]ZXYe]j `fe 2 9Z_XV Re eYV YZad R_U SV_U j`fc \_VVd d` j`f ]`hVc Z_e` R dbfRe \VVaZ_X j`fc TYVde ]ZWeVU Re R]] eZ^Vd R_U eYV \Vee]VSV]] T]`dV 3 CVgVcdV eYV ^`gV^V_e R_U deR_U fa Sj afdYZ_X eYc`fXY j`fc YVV]d

3

2

C`eReZ_X dbfRe [f^a

CVad+ & VRTY dZUV H`c\d+ BfRUd YR^decZ_Xd X]feVd R_U T`cV DeR_U hZeY j`fc WVVe YZahZUeY RaRce R_U j`fc Rc^d Sj j`fc dZUVd 3V_U j`fc \_VVd R_U ]`hVc Z_e` R dbfRe a`dZeZ`_ 2 DhZ_X j`fc Rc^d SRT\ Sj j`fc YZad e` acVaRcV j`fcdV]W W`c [f^aZ_X ;f^a fa 3 c`eReZ_X j`fc S`Uj Z_ ^ZURZc d` j`f ]R_U WRTZ_X eYV `eYVc hRj Z_ R dbfRe a`dZeZ`_ 4 CVefc_ e` eYV deRce a`dZeZ`_ R_U cVaVRe E:A+ ;f^aZ_X `_e` R DeVa ^R\Vd eYZd ^`gV ^`cV TYR]]V_XZ_X

2

3

4

7@C 36DE C6DF=ED <66A 2 DEC@?8 4@C6 2?5 8@@5 A@DEFC6 5FC:?8 >@G6D     

#$




          

W -VVK 5V[LIVVR ;OL [Y\[O HIV\[ KHPY` MH[ W (THaPUN VH[Z ,_[LUK `V\Y WVYYPKNL YLWLY[VPYL W 9 LJPWL 9L]HTW 7V^LY IHSS ZUHJRZ W 5\[YP[PVU ,_WLY[ .VVKI`L MHK KPL[Z W +PL[ +PHY` 9V^LY /LH[OLY :[HUUPUN 4),

#%     

        


 

?FEC:E:@? E:AD @ 5:6E 25G:46 @ 7@@5 724ED

  



 >HU[ H ZPTWSL ^H` [V SVZL H SP[[SL ^LPNO[ WVZ[ *OYPZ[THZ& +YPUR TVYL ^H[LY <WWPUN `V\Y ^H[LY PU[HRL KPYLJ[S` YLSH[LZ [V LH[PUN ML^LY JHSVYPLZ HJJVYKPUN [V UL^ <: YLZLHYJO ( <UP]LYZP[` VM 0SSPUVPZ Z[\K` L_HTPULK [OL KPL[HY` OHIP[Z VM TVYL [OHU  HK\S[Z HUK MV\UK [OH[ TVZ[ WLVWSL ^OV PUJYLHZLK [OL HTV\U[ VM WSHPU ^H[LY [OL` KYHUR YLK\JLK [OLPY KHPS` JHSVYPL PU[HRL HUK SV^LYLK [OLPY JVUZ\TW[PVU VM MH[ Z\NHY HUK ZVKP\T [V IVV[ :PW \W

    

#&


7@@5



D@F?5 3:E6

º>YP[PUN KV^U L]LY`[OPUN [OH[ `V\ W\[ PU `V\Y TV\[O YLHSS` OLSWZ» ;= WLYZVUHSP[` ;`YH )HURZ

.LFNVWDUW \RXU QHZ\HDU ZHLJKW ORVV ZLWK WKHVH KDQG\ KHOSHUV %($7 7+( %/2$7 $ KHDOWK\ JXW LV NH\ IRU ZHLJKW PDLQWHQDQFH 1HZ 8GRâV &KRLFH 6XSHU  *ROG æ XGRVFKRLFHFRXN LV D SRWHQW EOHQG RI SURELRWLFV IRU VXSSRUWLQJ GLJHVWLRQ QXWULHQW DEVRUSWLRQ DQG D IODW WXP 3$7+ 72 68&&(66 /RRNLQJ IRU D VHQVLEOH GLHW" 2XU3DWK æZHHN RXUSDWK FRXN ZHHN OLIHVW\OH LPSURYHPHQW SODQ LQFOXGHV D ILWQHVV SURJUDPPH DQG WUDFNLQJ GLHW SODQV SHUVRQDO PHQWRU DQG EHKDYLRXUDO DGYLFH IRU NJ ZHLJKW ORVV *22' *87 *8,'( /RVH [PDV SRXQGV LQ  GD\V ZLWK 7KH * 3ODQ 'LHW Å&#x17D; 7KH 5HYROXWLRQDU\ GLHW IRU JXWKHDOWK\ ZHLJKW ORVV 2FWRSXV æ E\ $PDQGD +DPLOWRQ #'     

        

   

   " &  #  !'' '''         # #  & "   " " &                

         &    &      # "      

&  $   $    "  

   &" "  "  

 # "    & !        "   & " %       

 & " "    #     "    #     &         &   &    " & "    "    

(M[LY HUHS`ZPUN  `LHYZ VM TLKPJHS [LZ[Z VU TVYL [OHU  WLVWSL YLZLHYJOLYZ MYVT 1VOUZ /VWRPUZ 4LKPJPUL OH]L JVUJS\KLK [OH[ [HRPUN JHSJP\T PU [OL MVYT VM Z\WWSLTLU[Z TH` YHPZL [OL YPZR VM WSHX\L I\PSK\W PU HY[LYPLZ HUK OLHY[ KHTHNL /V^L]LY [OL YLZLHYJOLYZ JH\[PVU [OLPY ^VYR VUS` KVJ\TLU[Z HU HZZVJPH[PVU HUK KVLZ UV[ WYV]L JH\ZL HUK LMMLJ[ ;OL PZZ\L VUS` ZLLTZ [V HYPZL PU WLVWSL [HRPUN JHSJP\T Z\WWSLTLU[Z PU L_JLZZ VM [OLPY ULLKZ :V PM `V\YL LH[PUN H JHSJP\TYPJO KPL[ KVU[ [HRL JHSJP\T H[ HSS HUK PM `V\ KV ULLK H [VW\W THRL Z\YL P[Z Q\Z[ [OH[ ¶ ZH` \W [V [OL 9+( VM TN HUK UV TVYL



  

   5\[YP[PVUPZ[ )LYUHKL[[L 2LVNO MVY *54

º4HRL H ZTVV[OPL ^P[O H

IHUHUH H OHUKM\S VM ZWPUHJO U\[ TPSR KHPY` HS[LYUH[P]L [IZW VM JOPH ZLLKZ HUK [ZW VM JHYVI MVY H NYLH[ JVTIV VM JVTWSL_ JHYIZ OLHS[O` MH[Z WYV[LPU HUK U\[YPLU[Z MVY LULYN` TL[HIVSPZT -VY Z\Z[HPULK LULYN` Z[HIPSPZL ISVVK Z\NHY ¶ [OPUR JVTWSL_ JHYIZ HUK X\HSP[` WYV[LPU WS\Z OLHS[O` MH[Z MVY M\LS» *54 [YHPUZ Z[\KLU[Z MVY JHYLLYZ PU UH[\YHS [OLYHWPLZ" UH[\YVWH[O`\RJVT

       

  

 


  

                 



 

 

LMVYL `V\ [\YU [OL WHNL ILJH\ZL `V\ KVU»[ UVYTHSS` LH[ ZH\ZHNLZ YLHK VU ;OLZL HYL MHY MYVT VYKPUHY` IHUNLYZ 4HKL I` H MHTPS`Y\U 5VY[O @VYRZOPYL I\ZPULZZ [OLZL HUK V[OLY WYVK\J[Z PUJS\KPUN KLSPJPV\Z ILLM I\YNLYZ TLH[IHSSZ WVYR ZH\ZHNLZ V[OLY [`WLZ VM JOPJRLU ZH\ZHNLZ HUK ]LNNPL VMMLYPUNZ Z\JO HZ [OL KLSPJPV\Z 5\[Z (IV\[ *OLLZL :H\ZHNLZ HUK :\WLY .YLLUZ )HSSZ HYL THKL PU ZTHSS IH[JOLZ JVU[HPUPUN X\HSP[` PUNYLKPLU[Z HUK MYLZO OLYIZ [OH[ HYL HZ [OL KLKPJH[LK [LHT W\[Z P[ ºMHTLYZ»THYRL[ X\HSP[`» >VUKLYPUN ^OH[»Z PU [OLT& >LSS [OLYL»Z  WLY JLU[ )YP[PZO JOPJRLU MVY H Z[HY[" WS\Z  WLY JLU[ WLWWLY` ^H[LYJYLZZ ZVTL SLTVU aLZ[ JVYUMSV\Y WSLU[` VM UH[\YHS ZLHZVUPUNZ HUK UV[ T\JO LSZL 5V[ VUS` HYL [OL` UH[\YHSS` SV^ PU MH[ [OL`»YL NS\[LU HUK KHPY`MYLL [VV :V\UK [VV NVVK [V IL [Y\L& >L KVU»[ [OPUR ZV /LYL HYL [OL ]P[HS Z[H[Z MVY ^OH[ `V\»SS MPUK PU [^V JOPWVSH[HZ! JHSVYPLZ N WYV[LPU N MH[ N ZH[\YH[LZ N JHYIVO`KYH[L N Z\NHY N ZHS[ ;OL` T\Z[ IL L_WLUZP]L [OLU `V\»K [OPUR )\[ [OL WHJR VM  ALZ[` *OPJRLU *OPWVSV[HZ N [OH[ HWWLHY PU [OL YLJPWL ILSV^ MVY L_HTWSL JVZ[Z Q\Z[  MYVT OLJRMVVKJV\R HUK Z\WLYTHYRL[Z UH[PVU^PKL 0YYLZPZ[PISL HSS YV\UK

     6HUYHV   SDFN RI  =HVW\ &KLFNHQ &KLSRODWDV  KDQGIXO IUHVK FRULDQGHU VWDONV OHDYHV VHSDUDWHG

 OLWUH FKLFNHQ VWRFN  UHG FKLOOLHV VOLFHG J SDN FKRL J R\VWHU PXVKURRPV VOLFHG PO VR\ VDXFH J FRRNHG HJJ QRRGOHV J EDPERR VKRRWV J VOLFHG VSULQJ RQLRQ



.YPSS [OL ZH\ZHNLZ MVY  TPU\[LZ HUK ZSPJL PU[V YPUNZ [OLU ZL[ HZPKL

*OVW [OL JVYPHUKLY Z[HSRZ HUK PU H SHYNL ZH\JLWHU HKK [OL JOPJRLU Z[VJR Z[HSRZ HUK  VM [OL ZSPJLK JOPSSPLZ HUK IYPUN [V [OL IVPS

9LK\JL [OL OLH[ HUK HKK [OL X\HY[LYLK WHR JOVP JOVWWLK V`Z[LY T\ZOYVVTZ HUK ZV` ZH\JL HUK ZPTTLY MVY  TPU\[LZ

5V^ HKK [OL JVVRLK UVVKSLZ [OL ZSPJLK ZH\ZHNL HUK [OL IHTIVV ZOVV[Z HUK ZPTTLY MVY  TPU\[LZ



+P]PKL PU[V  KLLW IV^SZ HUK NHYUPZO ^P[O ZWYPUN VUPVU JVYPHUKLY SLH]LZ HUK [OL V[OLY ZSPJLK JOPSSP



-HUJ` [Y`PUN ZVTL TVYL TV\[O^H[LYPUN YLJPWLZ& /LHK [V OLJRMVVKJV\R MVY TVYL PUZWPYH[PVU HUK [V I\` [OL WYVK\J[Z VY MPUK [OLT PU Z\WLYTHYRL[Z Z\JO HZ >HP[YVZL :HPUZI\Y`»Z HUK ;LZJV


 

 &#

2>2K:?8

3`cVU hZeY j`fc a`ccZUXV cVaVce`ZcV0 Ecj eYVdV _Vh ViTZeZ_X ehZded `_ eYV T]RddZT ScVR\WRde

B

\PJR JVTMVY[PUN HUK IYPTTPUN ^P[O ZSV^YLSLHZL LULYN` WVYYPKNL PZ Q\Z[ HIV\[ [OL WLYMLJ[ Z[HY[ [V H ^PU[LY»Z KH` )\[ SL[»Z MHJL P[ ZVTL[PTLZ `V\Y [HZ[L I\KZ JYH]L H SP[[SL TVYL L_JP[LTLU[ >LSS OV^ HIV\[ H]VJHKV WVYYPKNL ^P[O JOPSSP" ZH]V\Y` WVYYPKNL ^P[O SLTVUYVHZ[LK MLUULS VY JVMMLL HUK ^HSU\[ WVYYPKNL& )HRLK WVYYPKNL YH^ WVYYPKNL ZH]V\Y` WVYYPKNL& @LZ [OL O\TISL IV^S VM VH[Z OHZ ZOLK P[Z VSKMHZOPVULK PTHNL HUK 0UZ[HNYHT PZ H^HZO ^P[O V]LY H TPSSPVU Z[`SPZO ZUHWZ VM [OL Z[HWSL

V 2G@425@ A@CC:586 H:E9 DH66E 49:==:

(]VJHKV VU WVYYPKNL TH` ZV\UK VKK I\[ [OL ZX\LLaL VM SLTVU SPM[Z [OL [HZ[L HUK ^OLU P[Z [VWWLK ^P[O [OL Z^LL[ JOPSSP WYV]PKLZ H WLYMLJ[ OHYTVU` VM MSH]V\YZ

4HRLZ  IV^SZ

:^LL[ JOPSSP QHT ñ MYLZO YLK JOPSSP  [IZW OVUL` 7VYYPKNL N VH[Z TS ^H[LY TS TPSR HU` RPUK :X\LLaL VM SLTVU Q\PJL ;VWWPUN  YPWL H]VJHKV

N TP_LK U\[Z HUK ZLLKZ  [OPU ZSPJLZ NVVK Y`L IYLHK -L^ KV[Z VM I\[[LY  [ZW ZVM[ IYV^U Z\NHY )LYY` JVTW[L N TP_LK H\[\TU ILYYPLZ MYVaLU PZ MPUL  [ZW JHZ[LY Z\NHY 7VYYPKNL N Q\TIV VH[Z TS ^H[LY TS I\[[LYTPSR  [ZW JHZ[LY Z\NHY 7PUJO VM ZHS[

N    & #)&    # &   #  & & #&"#      )& & *   ("  '  & "  '&# '& & "#  #&   ##& * N    & ""     & " &#      ("  '  & " , '&# N  ( & (  "( & #  #&       & & #&"# (  & ""  & )#  & )& & (   "++  & #)&   

N  & "* "*    & '&#  # #  & #& '& & ") &## "!'&* & #& & " '" N " & & ( & ,$ #  "  &+ & "* "   " ##"  #" & "' # &  &" * & )& '&&"  ") #' "   "  '&#    & & '& & ""#  #' "  # '   (" )  &  #)* " '   & ""# & & N     & ""  " &#  &" # '     &* ("

4HRLZ  IV^SZ

          

3FEE6C>:=< A@CC:586

;OPZ YLJPWL JVTLZ MYVT 3VUKVU»Z +HUPZO YLZ[H\YHU[ :UHWZ  9`L

0U [OLPY UL^ IVVR VM IYLHRMHZ[ IV^S YLJPWLZ :WVVU  /HYKPL .YHU[ (UUPL 4VYYPZ HUK 1VUU` :OPTTPU VMMLY H JOHW[LY VM X\PJR HUK LHZ` WVYYPKNL YLJPWLZ \ZPUN H ]HYPL[` VM NYHPUZ HUK [VWWPUNZ 7VYYPKNL PZ ZV ]LYZH[PSL `V\ JHU THRL H ]LYZPVU [V ZH[PZM` L]LU [OL Z[YPJ[LZ[ KPL[HY` YLX\PYLTLU[Z HUK [HZ[L I\KZ» ZH`Z 4VYYPZ º0U P[Z ZPTWSLZ[ MVYT ¶ VH[Z ^H[LY HUK TPSR ¶ P[»Z [OL WLYMLJ[ IHZL MVY HSS RPUKZ VM MSH]V\YZ TLHUPUN `V\ JHU OH]L H KPMMLYLU[ IV^S L]LY` KH` VM [OL ^LLR» 9LHK VU MVY [^V YLJPWLZ [OH[ ^PSS OH]L `V\ Q\TWPUN V\[ VM ILK PU [OL TVYUPUN

("* )  & " '&  '&# N  #& " #)&##  #&" &"' & & #& "* "' # "#"( # " #"  )& & ""* &

& #& '&#  # #  & "  "* "' # 6SRRQ E\ $QQLH 0RUULV DQG -RQQ\ 6KLPPLQ 4XDGULOOH e

    

#*


26 / &8, !.1$# %]1 8.41 2-]6!. 1# ]1 2*(2~

* ] 1 %(-# .43 ,] 1$ 66 2-.9]-$4* ".,


  

 

97 E:AD 2=>@?5D ART\VU hZeY YVR]eYj ^`_`f_dRefcReVU WRed a]fd ^RX_VdZf^ R_U a`eRddZf^ X``U W`c YVRce cReV R_U S]``U acVddfcV eYVdV _fed RcV XcVRe W`c YVRce YVR]eY R_U R]d` T`_eRZ_ d\Z_ S``deZ_X gZeR^Z_ 6

4HRL H IH[JO VM [OLZL U\[YPLU[WHJRLK IP[LZ MVY ^OLU `V\ ^HU[ H Z^LL[ [YLH[

@

52E6D 8cVRe _RefcR] V_VcXj S``deVcd eYVdV dhVVe UcZVU WcfZed RcV R aRT\VU hZeY XfeWcZV_U]j UZVeRcj WZScV EYVj R]d` T`_eRZ_ Zc`_ R_U gZeR^Z_d 2 X``U W`c j`fc VjVd R_U < S``ded S`_Vd R_U S]``U a]fd ]`ed `W ^Z_VcR]d

  -  ' /   ( /' ( 1   -- !0   /('( ,#"#   2.2* .)))

 $/- % & - /' ( -  - - (   '  ,.#  # -  0'(  0(

@

49:2 D665D 2S]V e` RSd`cS fa e` "# eZ^Vd eYVZc hVZXYe hYV_ d`R\VU Z_ hReVc R_U aRT\VU hZeY ScRZ_WcZV_U]j `^VXR$d eYVdV eZ_j dVVUd RcV WZ]]Z_X R_U T`_eRZ_ ^Z_VcR]d Z_T]fUZ_X ^R_XR_VdV X``U W`c j`fc S`_Vd

49 @4@ =2E 6  49 : 2 2 ? 5 4@ 4@?FE A@H6C 32==D 4HRLZ  J DOPRQGV ZLWK VNLQ RQ J 0HGMRRO GDWHV SLWWHG  WEVS RUJDQLF UDZ FDFDR SRZGHU  WEVS RUJDQLF UDZ FRFRQXW RLO PHOWHG  WEVS PDSOH V\UXS  ODUJH RUDQJH ]HVW DQG MXLFH  WEVS FKLD VHHGV J SXIIHG TXLQRD J PRLVW FRFRQXW IODNHV RU VKUHGGHG FRFRQXW

" 7SHJL [OL HSTVUKZ PU H MVVK WYVJLZZVY HUK WYVJLZZ \U[PS MPULS` JOVWWLK

(KK [OL KH[LZ JHJHV WV^KLY JVJVU\[ VPS THWSL Z`Y\W aLZ[ HUK VYHUNL Q\PJL 7YVJLZZ \U[PS [OL TP_[\YL JVTLZ [VNL[OLY HUK `V\ OH]L H WHZ[LSPRL TP_[\YL 0M [OL TP_[\YL PZ [VV [OPJR HUK UV[ WYVJLZZPUN ZTVV[OS` HKK H SP[[SL TVYL VYHUNL Q\PJL [V SVVZLU

TP_ HSS [OL PUNYLKPLU[Z [VNL[OLY \U[PS ^LSS JVTIPULK ;HZ[L MVY Z^LL[ULZZ HUK HKK H SP[[SL TVYL THWSL Z`Y\W PM KLZPYLK

#

$

;YHUZMLY [OL TP_[\YL PU[V H IV^S :[PY PU [OL JOPH ZLLKZ HUK W\MMLK X\PUVH [OLU

%

:WYPURSL [OL JVJVU\[ MSHRLZ VU[V H JSLHU Z\YMHJL ^L[ [OL WHSTZ VM `V\Y OHUKZ ^P[O H SP[[SL JVSK ^H[LY HUK YVSS [OL TP_[\YL PU[V ^HSU\[ZPaLK IHSSZ VU [VW VM [OL MSHRLZ & 9LMYPNLYH[L MVY H[ SLHZ[  VY  OV\YZ ILMVYL ZLY]PUN @V\ JHU Z[VYL [OLZL PU HU HPY[PNO[ JVU[HPULY PU [OL MYPKNL MVY [OYLL [V MV\Y ^LLRZ

    

$"


        

          

?FEC:E:@? 6IA6CE D@ =@?8 7255J 5:6ED

0[ ZLLTZ ^L»YL MPUHSS` Z[HY[PUN [V HWWYLJPH[L [OH[ OLH[O` LH[PUN PZ H ^H` VM SPML YH[OLY [OHU ZVTL[OPUN [V KPW PU HUK V\[ VM HUK 0 [OPUR [OH[»Z IYPSSPHU[ (JJVYKPUN [V YLZLHYJO JVTTPZZPVULK I` >HP[YVZL HSTVZ[ [OYLL X\HY[LYZ VM )YP[VUZ ZLL OLHS[O` LH[PUN HUK SVVRPUN HM[LY [OLTZLS]LZ HZ WHY[ VM ^OV [OL` HYL -HKK` KPL[Z ZLLT [V IL VU [OL KLJSPUL HUK TVYL [OHU OHSM VM [OVZL WVSSLK ZHPK [OH[ LH[PUN ZLUZPIS` PZ WHY[ VM [OLPY KHPS` YP[\HS YH[OLY [OHU ZVTL[OPUN [OL` KV YLHJ[P]LS` VY LWPZVKPJHSS` ;OL Z\WLYTHYRL[»Z YLZLHYJO HSZV ZOV^LK [OH[ ZP_ PU  VM \Z LH[ MYLZOLY SPNO[LY MVVKZ [OHU ^L KPK MP]L `LHYZ HNV ;OL VSK PKLH [OH[ OLHS[O` MVVK PZ ISHUK HUK \UPTHNPUH[P]L PZ JOHUNPUN HUK Z\WLYTHYRL[Z OH]L ILLU KVPUN [OLPY WHY[ PU [OPZ I` WYVK\JPUN OLHS[OPLY TLHS VW[PVUZ [OH[ [HZ[L NYLH[ 6M JV\YZL JOLHWLY HUK L]LU OLHS[OPLY PZ [V THRL `V\Y V^U ZPTWSL TLHSZ MYVT ZJYH[JO ;Y` T` [OYLL [VW [PWZ [V IVVZ[ [OLPY HWWLHS MHZ[

{

EYV `]U ZUVR eYRe YVR]eYj W``U Zd S]R_U R_U f_Z^RXZ_ReZgV Zd TYR_XZ_X|

O .L[ YVHZ[PUN 9VHZ[PUN ]LN THRLZ [OLT [HZ[L TVYL [YLH[SPRL [OHU ]PY[\V\Z .V LHZ` VU [OL JVVRPUN VPS [OV\NO O (KK H OLHS[O` JY\UJO 0U SPL\ VM IH[[LY ZWYPURSL IHRLK MPZO MPSSL[Z ^P[O OHSM HUK OHSM IYLHKJY\TIZ HUK 7HYTLZHU WS\Z H NYH[PUN VM SLTVU aLZ[ HUK JYPZW \W \UKLY [OL NYPSS O .V MVY JVSV\Y )YPNO[ UH[\YHS MVVK O\LZ THRL MVVK SVVR TVYL HWWLHSPUN (KK H NHYUPZO VM WVTLNYHUH[L ºQL^LSZ» NSVZZ` YLK WLWWLY VY ZVTL ]PIYHU[ NYLLU WHYZSL`

>R\V j`fc `h_ ^Z]\dYR\Vd e` Rg`ZU a`eV_eZR]]j YRc^Wf] RUUZeZgVd

255:E:G6 H@CCJ ,T\SZPMPLY HKKP[P]LZ \ZLK [V PTWYV]L [OL [L_[\YL HUK ZOLSM SPML VM SV[Z VM WYVJLZZLK MVVKZ OH]L ILLU ZOV^U [V HS[LY [OL N\[ IHJ[LYPH VM TPJL PU H ^H` [OH[ JV\SK PUJYLHZL PUMSHTTH[PVU HUK JVSVU JHUJLY YLJLU[ YLZLHYJO W\ISPZOLK PU [OL QV\YUHS *HUJLY 9LZLHYJO ZOV^Z ;OPZ ZLLTZ X\P[L HSHYTPUN MYHURS` I\[ MVY JVU[L_[ P[»Z MHPY [V WVPU[ V\[ [OH[ [OL U\TILY VM HKKP[P]LZ NP]LU [V [OL TPJL PU [OL Z[\K` ^HZ THU` TVYL [PTLZ

OPNOLY [OHU PZ HSSV^LK PU [OL O\THU MVVK Z\WWS` 5VUL[OLSLZZ P[ WH`Z [V IL JH\[PV\Z HUK PM `V\ HSYLHK` OH]L HU PUMSHTTH[VY` IV^LS JVUKP[PVU P[ JV\SK IL ^VY[O JOLJRPUN SHILSZ HUK NP]PUN [OL [^V LT\SZPMPLYZ \ZLK PU [OL TV\ZL Z[\K` ¶ JHYIV_`TL[O`SJLSS\SVZL , HUK WVS`ZVYIH[L  , ¶ H TPZZ @V\»YL TVZ[ SPRLS` [V MPUK [OLT PU MVVKZ Z\JO HZ PJL JYLHT HUK TPSR ZOHRLZ ^OLYL [OL` OLSW Z[VW VPS HUK ^H[LY ZLWHYH[PUN

DE:== @C DA2C<=:?80

 , SUHIHU GULQNLQJ VSDUNOLQJ ZDWHU WR VWLOO EXW LV WKLV 2. DV ,·YH

UHDG WKH EXEEOHV PLJKW QRW EH VR JUHDW IRU PH"

 :WHYRSPUN ^H[LY HZ SVUN HZ P[»Z \UMSH]V\YLK PZ THZZP]LS` IL[[LY [OHU H Z\NHY` MPaa` KYPUR VY L]LU H KPL[ VUL HUK VM[LU JVU[HPUZ TPULYHSZ /V^L]LY ZWHYRSPUN ^H[LY»Z JHYIVUH[PVU WYVJLZZ PU]VS]LZ KPZZVS]PUN JHYIVU KPV_PKL ^OPJO WYVK\JLZ JHYIVUPJ HJPK HUK THRLZ P[ TPSKS` HJPKPJ 0M `V\»YL ZPWWPUN ZWHYRSPUN ^H[LY HSS KH` P[ JV\SK [OLVYL[PJHSS` JVU[YPI\[L [V [OL LYVZPVU VM [VV[O LUHTLS [VV ZV 0»K Z\NNLZ[ \ZPUN H Z[YH^ [V Z[VW ZV T\JO MSV^PUN V]LY `V\Y [LL[O HSZV \ZL H Z[YH^ PM `V\»YL HKKPUN H ZSPJL VM SLTVU [V `V\Y ^H[LY (UK KVU»[ IL K\WLK I` MSH]V\YLK MPaa` ^H[LYZ ¶ [OLZL HYL HZ IHK HZ H KPL[ MPaa` KYPUR HJPKP[`^PZL HUK JHU JVU[HPU Z\NHY $#     

        


  

     /LH[OLY :[HUUPUN ;OL KV\ISL 6S`TWPJ YV^PUN NVSK TLKHSSPZ[ HUK HYT` THQVY  YL]LHSZ ^OH[ ZOL LH[Z ^OLU [YHPUPUN

3C 62 < 72DE

=F? 49

5:??6C

EC62ED

º>OPSL 0 ^HZ [YHPUPUN MVY 9PV 0»K NL[ \W H[ HT HUK LH[ >LL[HIP_ ^P[O ZLTPZRPTTLK TPSR UH[\YHS `VNO\Y[ HUK ZVTL ILYYPLZ HUK KYPUR VYHUNL Q\PJL 0»K [OLU OLHK [V [YHPUPUN H[ *H]LYZOHT ULHY 9LHKPUN HUK Z[HY[ ^HYTPUN \W H[ HT +\YPUN [YHPUPUN 0»K KYPUR HU :0: .V ,SLJ[YVS`[L ZWVY[Z KYPUR ZJPLUJLPUZWVY[JVT [V RLLW TL O`KYH[LK 0»K [OLU OH]L H ZLJVUK IYLHRMHZ[ VM H JPUUHTVU IHNLS [^V WVHJOLK LNNZ HUK TH`IL H ZH\ZHNL VY WPLJL VM IHJVU WS\Z H JVMMLL HM[LY [YHPUPUN 0»K HSZV KYPUR H MYLZO MY\P[ ZTVV[OPL ;OLYL»Z H .) U\[YP[PVUPZ[ ^OV NP]LZ `V\ HK]PJL VU ^OH[ [V LH[»

º0U [OL UL_[ [YHPUPUN ZLZZPVU 0»K LH[ [^V :0: .6 ,ULYN`  ,SLJ[YVS`[L NLSZ [V RLLW T` LULYN` \W [OLU MVY S\UJO 0»K OH]L H OV[ TLHS Z\JO HZ SHTI [HNPUL VY ZWHNOL[[P )VSVNULZL 6\Y JOLM ^V\SK HKK PU SV[Z VM ]LN HUK ZLLKZ HUK [OPUNZ [V IVVZ[ [OL U\[YPLU[Z 0»K HSZV LH[ ZVTL MY\P[ ILMVYL T` [OPYK [YHPUPUN ZLZZPVU K\YPUN ^OPJO 0»K KYPUR HU :0: >OL` 7YV[LPU *OVJVSH[L KYPUR VY LH[ :0: >OL` NLSZ HUK KYPUR ^H[LY (M[LY^HYKZ 0»K OH]L H JLYLHS IHY HU :0: .6 ,ULYN` IHY VY H OHT HUK JOLLZL ZHUK^PJO >L [YHPULK MVY [OYLL [V ZP_ OV\YZ H KH`»

º0»K \Z\HSS` LH[ ZVTL[OPUN SPRL JOPJRLU YPJL HUK ]LNL[HISLZ I\[ UV[ [VV T\JO =LNL[HISLZ ^LYL TVZ[S` Z[LHTLK I\[ ZVTL[PTLZ YVHZ[LK HZ H [YLH[ 7YLILK 0»K OH]L H OV[ JOVJVSH[L HUK NV [V ILK HIV\[ WT»

º0 SV]L ZPTWSL TPSR JOVJVSH[L HUK PJLJYLHT ¶ HU` MSH]V\Y VY [`WL»

?FEC:E:@?:DE|D G6C5:4E

? f e cZ e Z`_ Zde 7 Z`_ R 9f _eV c

º/H]PUN H NSHZZ VM VYHUNL Q\PJL ^P[O IYLHRMHZ[ PZ HU L_JLSSLU[ PKLH ILJH\ZL [OL ]P[HTPU * MYVT [OL Q\PJL ^PSS OLSW IVVZ[ /LH[OLY»Z PYVU PU[HRL I` JVU]LY[PUN [OL PYVU PU [OL JLYLHS PU[V H MVYT ^OPJO JHU IL TVYL LHZPS` HIZVYILK I` [OL IVK` >OLU `V\»YL [YHPUPUN HZ PU[LUZLS` HZ /LH[OLY P[ JHU IL OHYK [V NL[ LUV\NO JHSVYPLZ [V M\LS `V\Y [YHPUPUN MYVT MVVK HSVUL HUK [V MPUK [OL [PTL [V LH[ [OPZ T\JO ^OPJO PZ ^O` /LH[OLY \ZLZ H SV[ VM Z\WWSLTLU[Z /LH[OLY JV\SK Z^HW IPZJ\P[Z MVY H IV^S VM JLYLHS [V NP]L OLY SLZZ Z\NHY HUK TVYL KPL[HY` MPIYL ]P[HTPUZ HUK TPULYHSZ»

$%     

        

º0 ILSPL]L H IHSHUJLK ]HYPLK KPL[ ZOV\SK NP]L `V\ TVZ[ VM [OL U\[YPLU[Z `V\ ULLK 0U ^PU[LY ^L»K [HRL L_[YH ]P[HTPU * [V OLSW RLLW JVSKZ HUK NLYTZ H[ IH` HUK ^V\SK NL[ Z\WWSLTLU[Z PM ^L ^LYL MV\UK [V IL SHJRPUN PU ZH` ]P[HTPU + VY PYVU»

42=@C:6D º+\YPUN [YHPUPUN SHZ[ ^PU[LY 0 ^HZ SVZPUN ^LPNO[ ^OLU 0 ^HZ LH[PUN  [V  JHSVYPLZ H KH` ZV 0 OHK [V \W P[ [V  I` LH[PUN SP[[SL HUK VM[LU»

D4@C6

( "!

    .&  *%  & %*/ %*%   & %&, % %/  %%  -  - &!& * * !,%&, % /! % &" &  %/ % /,  - && * % /  &!%*&  *& .* .% && *&&  ,*%*  -"  ,* % ,* * %   %/ % / & % #%/ % &$ -&* %/"",(% %   0+ '00 '00"

E62 º0 SV]L H J\W VM [LH WVZ[ [YHPUPUN ¶ I\PSKLY»Z ^P[O TPSR UV Z\NHY 0[»Z H TPSP[HY` OHIP[ ¶ [LH HUK [VHZ[ VY IPZJ\P[Z ;OL U\[YP[PVUPZ[ ^HZU»[ Z\YL HIV\[ [OL IPZJ\P[Z I\[ ^OLU ZOL YLHSPZLK 0 ULLKLK [OL JHSVYPLZ ZOL YLSH_LK HIV\[ P[ 0 H[L OVTLTHKL MSHWQHJRZ [VV HZ `V\ RUV^ ^OH[»Z PU [OLT»

DFAA=6>6?ED


    





   



 




          

W /LHS[O 5V[LIVVR /VTL KL[V_ PKLHZ W :SLLW [PNO[ ;PWZ VU NL[[PUN TVYL ZO\[L`L W 7Z`JOVSVN` /V^ [V NL[ [OL IHSHUJL YPNO[ IL[^LLU NVPUN V\[ HUK Z[H`PUN PU W )LH\[` 5V[LIVVR *Y`VZ[PT\SH[PVU W )LH\[` )HN ;OL SH[LZ[ I\`Z

$'     

        


   =2E6DE ?6HD @ >:?5 2?5 3@5J @ 6IA6CE 25G:46

   (UV[OLY YLHZVU [V ZH` UV [V HU[PIPV[PJZ! [OL` JV\SK Z[VW UL^ IYHPU JLSSZ NYV^PUN (JJVYKPUN [V H Z[\K` PU [OL QV\YUHS *LSS 9LWVY[Z WYVSVUNLK HU[PIPV[PJ [YLH[TLU[ PU TPJL ZLLTLK [V HMMLJ[ IYHPU M\UJ[PVU I` SV^LYPUN [OL ^OP[L ISVVK JLSS JV\U[ PU [OL IVK` 4VYL [LZ[Z ZOV^LK [OL ^OP[L ISVVK JLSSZ HJ[LK HZ H JVTT\UPJH[VY IL[^LLU IYHPU PTT\UL Z`Z[LT HUK N\[ ;OLYL»Z ZVTL NVVK UL^Z [OV\NO! PM `V\ KV OH]L [V [HRL HU[PIPV[PJZ [HRPUN WYVIPV[PJZ HUK L_LYJPZPUN JHU OLSW YL]LYZL [OPZ ULNH[P]L ZPKL LMMLJ[

    

$(


962=E9



       

      ", 8$4+ $8 61 4  "  +" $+" %8 6 " 1 '03:- &4+,)$!()  $7 $"1",  +", ,4&+ " &$6+ +" 1, "  6 " 4)

     ,1+1 8$4+ 61 $,, 61  1$7 1"*, +"  ' +$! 02%)  8- 1$71") $)4(  #::  $+, $ 1+ +" 4, " 1+ +" 5 ,,  8)

 

     

'U 1LJHO &DUWHU &(2 RI WKH 2UDO +HDOWK )RXQGDWLRQ ã&DVHV RI PRXWK FDQFHU KDYH ULVHQ E\  SHU FHQW LQ WKH SDVW GHFDGH ,W FDQ DIIHFW DQ\RQH DQG HDUO\ GLDJQRVLV LQFUHDVHV WKH FKDQFH RI EHDWLQJ WKH GLVHDVH IURP  WR  SHU FHQW ,I \RX KDYH D PRXWK XOFHU ODVWLQJ PRUH WKDQ WKUHH ZHHNV UHG DQG ZKLWH SDWFKHV RU XQXVXDO VZHOOLQJV VHH \RXU GHQWLVW LPPHGLDWHO\ LW FRXOG VDYH \RXU OLIH <RXU GHQWLVW LV WUDLQHG WR VSRW PRXWK FDQFHU VR GRQâW PLVV \RXU FKHFNXS )RU GHWDLOV YLVLW PRXWKFDQFHURUJ $)  1  1",,         

  

" ,) # '  , )"# ' ,)" #!  + " " +"

   +  ,  ' ,)"  '  , "# '  #+# + "# "  # " "# " ' *"#',  ,* #,    '"  ")  )### *" (% , "# # + +" " " '  - )"#

+  #' ## '  $ )"# +  '"    "" # "# " ,#   '  +   "   " ' '# +' "  +"  #  ''"#  ' ')"  '     ' ' ,

" Z_ %      

>HU[ [V LH[ ^LSS SVVR ^LSS HUK SP]L ^LSS PU & ;OL 3Pa ,HYSL >LSSILPUN @LHYIVVR 3Pa ,HYSL  PZ I\YZ[PUN ^P[O UH[\YHS OLHS[O HUK ILH\[` [PWZ YLJPWLZ HUK OVTL PKLHZ MVY ZWYPUN Z\TTLY H\[\TU HUK ^PU[LY +PW PU[V P[Z ILH\[PM\S WHNLZ MVY L]LY`KH` PUZWPYH[PVU ¶ MVSSV^ 3Pa»Z [^VKH` JSLHUZL THRL `V\Y V^U OVTL OLYIHS YLTLKPLZ KV H OVTL MHJPHS THZZHNL HUK [Y` OLY MLHZ[ VM KLSPJPV\Z ZLHZVUHS YLJPWLZ 0[»Z H ILH\[PM\S NPM[ MVY H MYPLUK VY `V\YZLSM

h`c\Vcd YRgV eR\V_ eZ^V `WW UfV e` decVdd eYZd jVRc R_U Ze|d \VVaZ_X eh` eYZcUd `W fd RhR\V Re _ZXYe

   #( #      & '#$ # # & ( # #& #   !# $ & &'#( '"

    

1& "1$  $! ,& 61 $8 98 8, 6 1 $ '0%.- 5$8)()  61 51!", " !"+ , 1, , 8 ,!$$1 "+5,1 ,6 6 1$78 " "$4+, 1 $8)


   

  

    

 # )!  !#   '  # & %    # #! ! !    # # #  &  %# '  )%  #  # #! #  )% % %%  # # #$  #& !)!# ! ! #  )%  %!# # #  !# # %!#! #  #  !! &! #  #  # #! %!# #  )%  % ( %!&   $ # ) '# #! %%  !!% !! !%    #! '  )%  )  ! !% #  )% ! #  ## !! #) # # '  &  # !% # )%   ## #! !                                  


 

 E:89E

HR_e e` d]f^SVc hV]] R_U hR\V WVV]Z_X cVWcVdYVU0 :e|d eZ^V e` XVe d`^V ]ZXYe

2

Z [OL UPNO[Z KYH^ PU HUK [OL KH`Z NL[ KHYRLY P[»Z VUS` UH[\YHS [V JYH]L TVYL [PTL \UKLY [OL K\]L[ )\[ KPK `V\ RUV^ [OH[ SHJR VM KH`SPNO[ [OYV\NO [OL ^PU[LY TVU[OZ JHU HJ[\HSS` WSH` OH]VJ ^P[O `V\Y ZSLLW& 0U OPZ UL^ IVVR :SLLW :THY[LY!  LZZLU[PHS Z[YH[LNPLZ [V ZSLLW `V\Y ^H` [V H IL[[LY IVK` IL[[LY OLHS[O HUK IPNNLY Z\JJLZZ /H` /V\ZL   ZSLLW L_WLY[ :OH^U :[L]LUZVU L_WSHPUZ [OH[ NL[[PUN TVYL Z\USPNO[ K\YPUN [OL KH` PZ RL` [V NL[[PUN NVVK ZO\[L`L º( NYLH[ UPNO[»Z ZSLLW ILNPUZ [OL TVTLU[ `V\ ^HRL \W PU [OL TVYUPUN» ZH`Z :[L]LUZVU º@V\Y ZSLLW J`JSL VY JPYJHKPHU [PTPUN Z`Z[LT PZ JVU[YVSSLK I` [OL HTV\U[ VM Z\USPNO[ `V\ YLJLP]L K\YPUN [OL KH`» (UK P[ ZLLTZ P[»Z TVYUPUN SPNO[ [OH[»Z TVZ[ PTWVY[HU[

YLWVY[LK WO`ZPJHS HPSTLU[Z SV^LY ]P[HSP[` HUK WVVYLY ZSLLW X\HSP[`» ZH`Z :[L]LUZVU (SVUN ^P[O YLN\SH[PUN `V\Y ZSLLW^HRL J`JSLZ Z\USPNO[ JVU[YVSZ [OL YLSLHZL VM [OYLL OVYTVULZ RL` [V ZSLLWPUN ^LSS HUK ^HRPUN YLMYLZOLK ¶ ZLYV[VUPU [OL OHWW` OVYTVUL JVY[PZVS º`V\Y I\PS[PU TVYUPUN JVMMLL WV[» HZ :[L]LUZVU JHSSZ P[ HUK TLSH[VUPU [OL ºNL[ NVVK ZSLLW» OVYTVUL º.L[[PUN KPYLJ[ Z\USPNO[ V\[KVVYZ MVY H[ SLHZ[ OHSM HU OV\Y OHZ ILLU ZOV^U [V WYVK\JL [OL TVZ[ ILULMP[» ZH`Z :[L]LUZVU 6M JV\YZL ^OLU `V\»YL ^YHWWLK \W PU ^PU[LY SH`LYZ P[»Z UV[ LHZ` [V NL[ Z\USPNO[ KPYLJ[S` VU `V\Y ZRPU )\[ P[»Z [OL HJ[PVU VM Z\USPNO[ OP[[PUN `V\Y L`LZ» VW[PJHS YLJLW[VYZ [OH[ [YPNNLYZ [OL ILULMP[Z º,]LU VU H JSV\K` KH` `V\Y IVK` ^PSS NP]L `V\ H MH]V\YHISL YLZWVUZL» ZH`Z :[L]LUZVU -VSSV^ OPZ [PWZ HUK `V\ JHU SVVR MVY^HYK [V Z^LL[ KYLHTZ HSS ^PU[LY



   

>OLU P[ JVTLZ [V ZSLLW ILULMP[Z HSS Z\USPNO[ PZ UV[ JYLH[LK LX\HS º@V\Y IVK` JSVJR PZ TVZ[ YLZWVUZP]L [V Z\USPNO[ PU [OL LHYS` TVYUPUN IL[^LLU ! HUK ! ,_WVZ\YL [V Z\USPNO[ SH[LY PZ Z[PSS ILULMPJPHS I\[ KVLZU»[ WYV]PKL [OL ZHTL ILULMP[» ZH`Z :[L]LUZVU 6M JV\YZL [OPZ PZ [YPJR` K\YPUN [OL KLW[OZ VM ^PU[LY I\[ [Y` [V NL[ V\[ZPKL K\YPUN [OPZ WYPTL[PTL SPNO[ WLYPVK

º4VYUPUN SPNO[ [YPNNLYZ `V\Y IVK` [V WYVK\JL VW[PTHS SL]LSZ VM KH`[PTL OVYTVULZ [OH[ YLN\SH[L `V\Y IPVSVNPJHS JSVJR» ZH`Z :[L]LUZVU º;VV SP[[SL UH[\YHS SPNO[ K\YPUN [OL KH` HUK [VV T\JO HY[PMPJPHS SPNO[ L_WVZ\YL PU [OL L]LUPUN ^PSS PTWHJ[ `V\Y HIPSP[` [V ZSLLW ^LSS H[ UPNO[» ( Z[\K` VU VMMPJL ^VYRLYZ MV\UK [OH[ [OVZL ^OV OHK UV HJJLZZ [V ^PUKV^Z NV[  WLY JLU[ SLZZ L_WVZ\YL [V UH[\YHS SPNO[ HUK HZ H YLZ\S[ ZSLW[ HU H]LYHNL VM  TPU\[LZ SLZZ LHJO UPNO[ º;OPZ ZSLLW KLMPJP[ YLZ\S[LK PU TVYL

" 36 2? 62C=J 3:C5

# E2<6 2 3C62<

0M `V\ OH]L UV UH[\YHS KH`SPNO[ PU `V\Y VMMPJL IL Z\YL [V NL[ V\[ZPKL VY ULHY H ^PUKV^ PU `V\Y JVMMLL IYLHR VY H[ S\UJO[PTL MVY H[ SLHZ[  [V  TPU\[LZ ,]LU VU HU V]LYJHZ[ KH` [OL Z\U»Z YH`Z JHU NL[ [OYV\NO HUK WVZP[P]LS` PUMS\LUJL `V\Y OVYTVUL M\UJ[PVU

$ =@D6 E96 DF?8=2DD6D

+PK `V\ RUV^ `V\Y ZOHKLZ JV\SK IL Z[VWWPUN `V\ NL[[PUN H NVVK UPNO[»Z ZSLLW& ;V NL[ [OL ILULMP[Z VM Z\USPNO[ P[ ULLKZ [V KPYLJ[S` OP[ [OL IHJR VM `V\Y L`LZ º:\UNSHZZLZ PUOPIP[ [OL UH[\YHS L_WVZ\YL VM SPNO[ `V\ ULLK [V HZZ\YL OLHS[O` OVYTVUHS ZLJYL[PVUZ HUK OLHS[O` ZSLLW» ZH`Z :[L]LUZVU º:V [Y` [V H]VPK ^LHYPUN ZOHKLZ PU [OL Z\U Q\Z[ MVY [OL ZHRL VM MHZOPVU»

% 72<6 :E

0M `V\»YL Z[\JR PUKVVYZ ^P[O SP[[SL UH[\YHS SPNO[ JVUZPKLY PU]LZ[PUN PU H UH[\YHS KH`SPNO[ SHTW ;OLZL HYL VM[LU WYLZJYPILK [V [YLH[ ZLHZVUHS HMMLJ[P]L KPZVYKLY :(+ I\[ ZOV\SK VUS` IL H [VW\W VY SHZ[ YLZVY[ º(S[OV\NO [OLZL KL]PJLZ HYL JSPUPJHSS` WYV]LU [V IL OLSWM\S L]LU [OL ILZ[ SPNO[ IV_ ^VU»[ NP]L `V\ HZ T\JO WOV[V[OLYHW` ILULMP[ HZ  TPU\[LZ V\[ZPKL VU HU V]LYJHZ[ KH`» ZH`Z :[L]LUZVU

:SLLW :THY[LY I` :OH^U :[L]LUZVU /H` /V\ZL  


      

               

    

         !  

   

       

         

           

  




7@>@



;@>@ 2cV j`f RWcRZU j`f|cV ^ZddZ_X `fe `c cV]ZVgVU e` SV deRjZ_X Z_0 9VcV|d Y`h e` XVe eYV SR]R_TV cZXYe

?

V WSHUZ MVY [OL ^LLRLUK& 5V WYVISLT -VY THU` VM \Z Z[H`PUN PU PZ [OL UL^ NVPUN V\[ ¶ WHY[PJ\SHYS` PU [OL WVZ[*OYPZ[THZ WLYPVK ^OLU [OL ZVMH HUK ;= ZLLT ZV T\JO TVYL HWWYVWYPH[L HUK HWWLHSPUN [OHU `L[ HUV[OLY IPN UPNO[ VU [OL [PSLZ ;OL L_WLYPLUJL L]LU OHZ P[Z V^U HJYVU`T 1646 QV` VM TPZZPUN V\[ 0[»Z [OL WVSHY VWWVZP[L VM -646 MLHY VM TPZZPUN V\[! H SV[ VM V\Y MYPLUKZ TH` IL V\[ WHY[`PUN LUQV`PUN SHZ[TPU\[L ^PU[LY IYLHRZ VY JH[JOPUN \W V]LY KPUULY I\[ ^L YLHSS` JV\SKU»[ JHYL SLZZ 6Y JV\SK ^L& <USPRL -646 1646 OHZU»[ `L[ ILLU H^HYKLK HU LU[Y` PU [OL 6_MVYK ,UNSPZO +PJ[PVUHY` +LMPULK HZ ºHU_PL[` [OH[ HU L_JP[PUN VY PU[LYLZ[PUN L]LU[ TH` J\YYLU[S` IL OHWWLUPUN LSZL^OLYL VM[LU HYV\ZLK I` WVZ[Z ZLLU VU ZVJPHS TLKPH» -646 LHYULK P[Z WSHJL PU  >L»YL HSS MHTPSPHY ^P[O [OL MLLSPUN /VTL HSVUL `V\ PKS` JOLJR -HJLIVVR VY 0UZ[HNYHT HUK MPUK `V\YZLSM ZJYVSSPUN [OYV\NO H ZLYPLZ VM NSHTVYV\Z ZLSMPLZ JVJR[HPSZ HUK PUMPUP[` WVVSZ ,]LY`VUL LSZL ZLLTZ [V IL V\[ [OLYL OH]PUN [OL [PTL VM [OLPY SP]LZ ¶ HUK `V\»YL HSYLHK` J\YSLK \W PU `V\Y W`QHTHZ PU MYVU[ VM 7VPU[SLZZ *LSLIYP[PLZ

C62=:EJ 4964<           

9LJLU[ [PTLZ OH]L ZLLU H IHJRSHZO HNHPUZ[ [OPZ Z[JLU[\Y` ]LYZPVU VM ºRLLWPUN \W

^P[O [OL 1VULZLZ» OV^L]LY HUK ^L»YL ^PZPUN \W [V [OL ^H`Z VM [OL ZVJPHS TLKPH ZOV^VMMZ >L»]L UV^ JVTL [V YLHSPZL [OH[ [OLZL IYHNNPUN WVZ[Z HYL PU]HYPHIS` H YVZL[PU[LK ]LYZPVU VM ^OH[»Z YLHSS` OHWWLUPUN (M[LY HSS PM WLVWSL HYL YLHSS` ZV JH\NO[ \W PU [OLZL THNPJHS TVTLU[Z ^O` KV [OL` MLLS [OL ULLK [V Z[VW HUK HK]LY[PZL [OL MHJ[ VU -HJLIVVR& 0UKLLK WLVWSL ^OV [HRL H IYLHR MYVT -HJLIVVR ILJVTL OHWWPLY TVYL KLJPZP]L HUK SLZZ Z[YLZZLK HM[LY Q\Z[ VUL ^LLR HJJVYKPUN [V H  +HUPZO Z[\K` :V TH`IL P[»Z [OL MYPLUKZ ^OV HYLU»[ [YLH[PUN \Z HSS [V H ISV^I`ISV^ HJJV\U[ VM [OLPY ^LLRLUKZ ^L ZOV\SK YLHSS` IL LU]`PUN )\[ PZ HJJLW[PUN [OH[ H UPNO[ V\[ TH` UV[ IL HZ H[[YHJ[P]L HZ P[»Z WHPU[LK YLHSS` H NVVK LUV\NO YLHZVU [V Z[H` PU HSS [OL [PTL& >OLU P[»Z JVSK V\[ZPKL HUK `V\Y IHUR IHSHUJL HUK ^HPZ[SPUL HYL Z[PSS YLJV]LYPUN MYVT [OL MLZ[P]L ZLHZVU P[ JHU IL [LTW[PUN [V [\YU KV^U L]LY` PU]P[H[PVU VY THRL H SHZ[TPU\[L L_J\ZL HIV\[ ILPUN [PYLK HUK LMMLJ[P]LS` SPL VU [OL ZVMH HUK ^HP[ MVY ZWYPUN [V HYYP]L :VTL[PTLZ [OV\NO P[»Z PTWVY[HU[ [V THRL HU LMMVY[ >OLU P[ JVTLZ [V THPU[HPUPUN V\Y WZ`JOVSVNPJHS ^LSSILPUN TLL[PUN \W ^P[O JSVZL MYPLUKZ PZ Q\Z[ HZ

PTWVY[HU[ HZ RUV^PUN ^OLU P[»Z ^PZLY [V Z[H` OVTL

86E 2 32=2?46

;OL RL` VM JV\YZL PZ [V Z[YPRL H OLHS[O` IHSHUJL IL[^LLU Z[H`PUN JVUULJ[LK HUK [HRPUN ZVTL [PTL V\[ MVY `V\YZLSM º0M ^L»YL JVUZ[HU[S` ZLHYJOPUN V\[ [OL UL_[ MVYT VM L_[LYUHS HT\ZLTLU[ ^L MHPS [V U\Y[\YL V\Y V^U ZLUZL VM ^LSSILPUN HUK JVU[LU[TLU[» ZH`Z WZ`JOV[OLYHWPZ[ /PSKH )\YRL OPSKHI\YRLJV\R º0[»Z UV[ H X\LZ[PVU VM Z[H`PUN PU ]LYZ\Z NVPUN V\[ ZV T\JO HZ ILPUN OHWW` ^P[O ^OH[ ^L»YL JOVVZPUN [V KV H[ HU` NP]LU [PTL >OLU ^L»YL TVYL PU [\UL ^P[O ^OH[ ^L NLU\PULS` ULLK -646 ILJVTLZ SLZZ VM H KYP]L» (UK ^OLU `V\ KV VW[ [V Z[H` OVTL [OLYL HYL WSLU[` VM ^H`Z [V THRL [OL VJJHZPVU TVYL TLHUPUNM\S HUK WZ`JOVSVNPJHSS` UV\YPZOPUN 1\Z[ HZ `V\»K Z[YP]L [V NL[ [OL TVZ[ MYVT H IPN UPNO[ V\[ [Y` [V NL[ [OL TVZ[ MYVT `V\Y X\PL[ UPNO[ PU ;HRL [OL VWWVY[\UP[` [V TLKP[H[L KV ZVTL `VNH IHRL H JHRL WSH` H T\ZPJHS PUZ[Y\TLU[ ^YP[L H SL[[LY YLHK H IVVR VY `LZ ^H[JO 7VPU[SLZZ *LSLIYP[PLZ ¶ KV ^OH[L]LY P[ [HRLZ [V THRL `V\ MLLS YLSH_LK HUK YLMYLZOLK

4D96= 7 96= A 4 ,HJO PZZ\L ^L IYPUN `V\ [OL ILZ[ HK]PJL MYVT [OL ZLSMOLSW JSHZZPJZ ;OPZ TVU[O ^L SVVR H[ ;OL 7V^LY VM /HIP[ I` *OHYSLZ +\OPNN    9HUKVT /V\ZL 0U H U\[ZOLSS! ;OPZ IVVR HYN\LZ [OL RL` [V HU LMMLJ[P]L L_LYJPZL YLNPTL Z\Z[HPULK ^LPNO[ SVZZ YL^HYKPUN

YLSH[PVUZOPWZ HUK H Z\JJLZZM\S JHYLLY SPLZ PU \UKLYZ[HUKPUN OV^ OHIP[Z ^VYR (^HYK^PUUPUN ^YP[LY +\OPNN L_WSHPUZ OV^ LHJO OHIP[ ^L MVYT ¶ ^OL[OLY P[»Z V]LYLH[PUN VY WYPVYP[PZPUN [OL ^YVUN [HZRZ H[ ^VYR

¶ JHU IL IYVRLU KV^U PU[V [OYLL Z[LWZ! J\L YV\[PUL HUK YL^HYK )` HZZPNUPUN UL^ J\LZ HUK YL^HYKZ ^L JHU LZ[HISPZO UL^ YV\[PULZ ( U\NNL[! *OHUNL JHU IL [V\NO I\[ TVZ[ OHIP[Z JHU IL YLZOHWLK

     

%$


 

      !                   "   "" "     

   

$   

      


  

:<)A,96 :205*(9,



?@E63@@<

          

 1 /' 3 '(   -' - ' - /( - '/   / (  '  1 -' 0' '      - (- ' (&( 1$ ( '(-3  /-3  -  ( 1   -  ( /' -    '3(-/ - 1   (  (1 - !'0 (&(  ' ' / -  - (  1 3 ( 1-'&( '/ '

'( 1 $   3 2!'((       / ( ",. ' (2 / () ($ # -    - !' /! -' 3( 1  /  

' !3 ",. ' /' ( -(   %  & !! -')  /$ # - ( -   2' - '00 3/'  $ ' 3( (/- ",* ' )  '( (! '$ # (  (-(  !! -'$

$

`W eYV SVdes @G6C?:89E >2D<D

=``\ j`fc SVde hZeY eYV ]ReVde ac`UfTed

46=63C:EJ 72G@FC:E6

4`]]VTeZ`_ 8]R^ 4cjdeR]d 8V] =Z_Vc Z_ C`T\ 4YZT\ R_U ?ZXYe 7VgVc #** W`c &^] dfaVcUcfXT`^

Ë&#x201D;;OL ISHJR HUK [OL IS\L [VNL[OLY JVTWSLTLU[ T` W\YWSL OHPY [VUL» 5PJVSL :JOLYaPUNLY ZPUNLY

,?7,9; ;07

                  

            =@F:D6 52CE7@C5 >2<6FA 2CE:DE =@F:D652CE7@C54@>

30A ,(93, :<7,9:205 6=,950./; 4(:2 æ IRU PO XNOL]HDUOHFRP ( WPSSV^` WSHU[WHJRLK JYLHT ^P[O 7LYZPHU ZPSR [YLL L_[YHJ[ MVY TVYL YLSH_LK IYPNO[LYSVVRPUN UV\YPZOLK ZRPU I` TVYUPUN )(3(5*, 4, 9,:;69, (5+ 9,73,50:/ 6=,950./; 9,7(09 4(:2 æ IRU PO EDODQFHPHFRXN 4VYVJJHU IP[[LY VYHUNL MSV^LY PZ [OL O`KYH[PVUIVVZ[PUN OLYV OLYL ;OPZ PZ WLY JLU[ UH[\YHS HUK S\ZJPV\ZS` JVTMVY[PUN 690.05: +9052 <7 05;,5:0=, 6=,950./; 4(:2 76+ æ IRU PO ORRNIDQWDVWLFFRP -LLK `V\Y ZRPU ^P[O H]VJHKV HUK HWYPJV[ VPSZ HUK YLWHPYPUN 1HWHULZL ZLH^LLK 0KLHS MVY JVTIH[[PUN SVUNOH\S HLYVWSHUL HPY JVU     

%&




362FEJ 328               $

#

%

"

&

( '

 9P[\HSZ >PU[LY 7YV[LJ[PVU :7-  MVY TS" \RYP[\HSZJVT 6MM MVY ZVTL ^PU[LY Z\U& 7HJR [OPZ VPSIHZLK O`KYH[PUN Z\U JYLHT HUK SPW IHST ^P[O ZOLH I\[[LY 7YV[LJ[Z HNHPUZ[ [OL JVSK HUK ^PUK [VV  3»6JJP[HUL (YStZPLUUL ,H\ KL ;VPSL[[L

 MVY TS" \RSVJJP[HULJVT ;OPZ ZJLU[»Z Z\I[SL IV\X\L[ VM YVZL Z^LL[ ]PVSL[ HUK ZHMMYVU JVUQ\YLZ \W [OL ILH\[` NYHJL

HUK T`Z[LY` VM [OL YLMPULK ^VTLU VM (YSLZ 7YV]LUJL

L`LSPKZ ^P[O [OLZL WPNTLU[Z VY HWWS` [V [OL PUULY YPT MVY HU PU[LUZL UPNO[[PTL SVVR

 6T 4PYHJSL :LY\T  MVY TS" VTZRPUJHYLJV\R .L[ H YHKPHU[ NSV^ WVZ[ MLZ[P]P[PLZ ^P[O L_[YHJ[Z VM SHYJO HUK JHZZPH HUN\Z[PMVSPH 7LW[PKLZ HUK IV[HUPJHS L_[YHJ[Z YLK\JL [OL HWWLHYHUJL VM MPUL SPULZ [V YLWHPY HUK YL]P]L

 =V`H :LYLULYNPZL

 MVY TS" ]V`HPL +L[V_PM` TVPZ[\YPZL HUK LHZL Z[PMM T\ZJSLZ ^P[O ZLH^LLK L_[YHJ[ HUK L]LUPUN WYPTYVZL HUK YVZLOPW VPSZ PUM\ZLK ^P[O ILYNHTV[ NPUNLY HUK NYHWLMY\P[

 05( ;OL *VSV\Y 2HQHS

 " PUHJVT *YLH[L H KH`[PTL MSPJR VU `V\Y

 4VYVJJHUVPS 9LZ[VYH[P]L /HPY 4HZR  MVY TS" MLLS\UPX\LJVT

%'             

;OPZ THZR WLUL[YH[LZ PU[V [OL OHPY ZOHM[ [V YLWHPY KHTHNL MYVT JOLTPJHS [YLH[TLU[Z HUK LU]PYVUTLU[HS Z[YLZZ ^OPSL YLZ[VYPUN LSHZ[PJP[` HUK Z[YLUN[O  4/a /`KYH[L /VSPZ[PJ +H` 5\[YP[PVU  MVY TS" WSHU[TLIV[HUPJZJVT /HYULZZ [OL KP]PUL ZJLU[ HUK [OLYHWL\[PJ ILULMP[Z VM YVZL V[[V TVYPUNH VPS ZHSPJVYUL ZHTWOPYL HUK VSP]L ZX\HSHUL MVY HSSKH` TVPZ[\YL YL[LU[PVU KHPS` U\[YP[PVU HUK SPWPK YLWHPY


    

        ! !& & , !) ! & &     

+&

' !!)!  %'  !  ,  !!&   

=)34:) :#: (A 4=43%-:%+) ?%'' +):%)= :3 (A %):3+=:+3A -3%+ : :# '+? 3: 4': '+?.  1( )+: +(-':'A 4:%4 ?%:#     

=)34:) :#: ) )' ?%:#%) (A ;$%44= 4=43%-:%+) -3%+ ) )+ =3:#3 (+)A ?%''  %: 3+( (A +=):. # ; %44=4 ) 3 "%: 3 (%) :+ &- ?#:>3 %.

7 7 

 



  "

  

   

    

   

   $ 

       &  &   &  ; %44=4 +3 9; :#) 9<,.** >3A 6 %44=4  ! * (  & !     "(  & 

!!   & ,  &  ; %44=4 +3 9; :#) 9,5.** >3A 6 %44=4  ! * (  & !   

= ' !!)! +     

+3 $! " =      

34%4:) ) = * "( +) :# %"%:' 44 -3% ) # +) :# 4#+- -3% % A+= +):%)= A+=3 4=43%-:%+) =   * , 4:3%"#: :+ A+=3 ++3 %4%: ! ! )# &  &!! 0=+:%)" +3 + "- +3 -3%): / %"%:' +3 "- +3 -3%): +)'A

        

$#"%'       

(%$#'" % ** (' ) (  '   $ '' "($  !  += ?%''  ' :+ >%? A+=3 4=43%-:%+) :%'4 +)'%) : %$ ''4 ?%'' +4: 5- -3 (%)=: -'=4 A+=3 :'-#+) +(-)A24 44 #3". %: %4 '%(%: :+ :# %34: , B +334 +)'A. '4 ''+? < A4 +3 '%>3A.  +)'A +3. ))%4 ='%4#%)" : 343>4 :# 3%"#: :+ 3-' :#%4 "%:.

)&   ,5B,   &  &   &  )&   ,5B,   & ,  &

: ') %)  !4# ?%:# :#%4 @-344 =''$+A ?+3&+=: :++'. # 34%4:) ) %4  >+=3%: +3 ()A -+-' 4 %:24 '%"#:?%"#: -+3:' ) >3A >34:%' :+ =4.  "3: 34=':4 ?%:#+=: %):33%)" ?%:# A+=3 =4A

 4#='.

 


   

      



  

("  !""&   



  



       !

  +  #$' (&   ! !&  &   (&   ! !& *  " ) "& # ! (& (" *(! &  * " ""  !


 

EYV 97

7:E?6DD 7@C642DE 6\Y L_LYJPZL WYLKPJ[PVUZ MVY [OL `LHY [V JVTL HYL PU ¶ HUK [OL`»YL WYL[[` L_JP[PUN 9LHK VU [V MPUK V\[ HIV\[ [OL OV[[LZ[ UL^ ^VYRV\[ RP[ HUK MP[ULZZ M\LS [YLUKZ >69+:! :HYHO 0]VY`


#!"'

0 /* /-%/ 2 *-/* -)!)-3 1)/-*   -** *** - - -   *** 1-  "-*-3 -)0 -)#   -* -* 1 -/ -  - 13 1 -)  .4 +$  -*- - ) - )   !)-*  " # )0* *- 3)(* -! /) -** -)*  1) -3 31- -)   *-)- -)  ) *- -   /) -! 0* -* 3)$ /- 1- 1  1& ' -3  -)(     1)/-* --  -3  ) - !-  /*/ )-*( *3*  --1* ) -** )*- $   - *0) 1- * 1  - 0) - 2- . -*$

4@@= 4=2DD6D

+ ¶ )6<;08<, .@4:+ )HYY`»Z )VV[JHTW :WPU N`TZ 9LILS `VNH Z[\KPVZ /LHY[JVYL ¶  ^HZ [OL `LHY VM [OL IV\[PX\L JSHZZ (UK P[»Z UV[ OHYK [V ZLL ^O` HZ [OL IV\[PX\L JSHZZ OHZ ZV T\JO [V VMMLY PUJS\KPUN H \UPX\L VM[LU S\_\YPV\Z ZWHJL [OH[ ZWLJPHSPZLZ PU H ZTHSS ZL[ VM PUUV]H[P]L ^VYRV\[Z HUK JVTLZ ^P[O H OPNOS` ZVJPHISL H[TVZWOLYL HUK HU L_JS\ZP]L MLLS )\[ ^P[O 0UZ[HNYHT VMMLYPUN HU PUJYLHZPUN HTV\U[ VM ^VYRV\[ PUZWPYH[PVU HUK OPNOZ[YLL[ Z[VYLZ WYV]PKPUN MP[ULZZ JSHZZLZ MYLL VM JOHYNL ^L JHU»[ OLSW I\[ ^VUKLY ^OL[OLY IV\[PX\L ^VYRV\[Z OH]L YLHJOLK [OLPY WLHR >H[JO [OPZ ZWHJL [V MPUK V\[ + ¶ :;@30:,+ *3(::,:+ ;OPZ PZ [OL `LHY [OH[ IPNJOHPU N`TZ ^PSS MPNO[ IHJR >P[O [OL L_WLJ[H[PVU VM [OL H]LYHNL N`T NVLY OPNOLY [OHU L]LY ILMVYL SHYNL N`T NYV\WZ HYL OH]PUN [V \W [OLPY ^VYRV\[ NHTL ^P[O H YHUNL VM UL^ LX\PWTLU[ HUK L_JP[PUN JSHZZLZ ,_WLJ[ OPNOS` Z[`SPZLK ^VYRV\[Z VU [OL N`T ZJOLK\SL º([ -P[ULZZ -PYZ[ ^L»]L HSYLHK` Z[HY[LK [V PU[YVK\JL IV\[PX\LZ[`SL JSHZZLZ &#     

        

Z\JO HZ :V\S)VK` HUK .SV^ H[ UV L_[YH JVZ[ [V V\Y TLTILYZ» ZH`Z 4H[[OL^Z :V\S)VK` )HYYL HUK :V\S)VK` )HYYL <UOP[JOLK HYL -P[ULZZ -PYZ[»Z 7PSH[LZ `VNH KHUJL HUK Z[YLUN[O [YHPUPUN ISLUKZ ^OPSL .SV^ [HRLZ WSHJL PU H KHYR :WPU Z[\KPV ^P[O \UPX\L =LSVILSS ^LPNO[Z HUK <= SPNO[Z 0[»Z SLZZ ISHUK N`T Z[\KPV HUK TVYL PUZWPYPUN IV\[PX\L ZWHJL

C64@G6CJ 7F6=

+ ¶ 796;,05 -66+:+ ;OL ^VYSK ^LU[ H IP[ NHNH MVY WYV[LPU PU  (Z TVYL VM \Z SVVRLK [V MVSSV^ H WYV[LPUYPJO KPL[ ¶ ZVTL[OPUN WPVULLYLK I` JLSLIYP[PLZ Z\JO HZ 1VL >PJRZ HUK 9POHUUH ¶ WYV[LPU ^HZ ZV WVW\SHY PU MHJ[ [OH[ P[ ILJHTL VUL VM [OL [VW ZLHYJO [LYTZ VU .VVNSL º7YV[LPU PZ UV[ VUS` ULLKLK MVY V\Y T\ZJSLZ I\[ HSZV MVY I\PSKPUN OLHSPUN HUK YLWHPYPUN TVZ[ VM [OL V[OLY [PZZ\LZ PU V\Y IVK` HZ ^LSS HZ WYVK\JPUN H YHUNL VM ]P[HS Z\IZ[HUJLZ Z\JO HZ HU[PIVKPLZ HUK OVYTVULZ» L_WSHPUZ

:OVUH >PSRPUZVU U\[YP[PVUPZ[ H[ Z\WLYMVVK\RJVT -VVK JVTWHUPLZ X\PJRS` WPJRLK \W VU [OPZ ^P[O U\TLYV\Z IYHUKZ YLSLHZPUN WYV[LPULUOHUJLK WYVK\J[Z PUJS\KPUN >HYI\Y[VUZ /PNO7YV[LPU IYLHKZ HUK :OYLKKPLZ 4H_ 7YV[LPU JLYLHS + ¶ 73(5; 76>+,9:+ >OPSL WYV[LPULUOHUJLK MVVKZ HYL Z\YL [V JVU[PU\L [V MPSS Z\WLYTHYRL[ ZOLS]LZ [OLYL ^PSS IL HU PUJYLHZPUN KLTHUK MVY WSHU[IHZLK WYV[LPU WV^KLYZ 0U HUZ^LY [V [OL NYV^PUN [YLUK MVY ]LNHUPZT WSHU[ WV^KLYZ OH]L HSYLHK` Z[HY[LK [V MS` VMM [OL ZOLS]LZ º( RN WLYZVU ULLKZ HYV\UK N VM WYV[LPU WLY KH` ^OPJO PUJYLHZLZ PM [OL`»YL HJ[P]L VY [Y`PUN [V I\PSK Z[YLUN[O» ZH`Z >PSRPUZVU º)LJH\ZL [OL YPJOLZ[ ZV\YJLZ VM WYV[LPU HYL HUPTHS MVVKZ ]LNL[HYPHUZ HUK LZWLJPHSS` ]LNHUZ TH` Z[Y\NNSL [V NL[ LUV\NO VM P[» :\UMSV^LY W\TWRPU HUK WLH WYV[LPU WV^KLYZ HYL SPRLS` [V IL ZV\NO[ HM[LY I` MP[ULZZ MHUZ ;Y` UH[\YHS IYHUKZ Z\JO HZ 5H[\YLZ 7S\Z :\UMSV^LY VY 7LH 7YV[LPU   MVY N" UH[\YLZWS\ZJV\R

A6CD@?2=:D65 7:E?6DD

+ ¶ .,5,;0* 796-0305.+ (Z H UH[PVU ^L ^HU[ [V RUV^ TVYL HIV\[ V\Y IVKPLZ [OHU L]LY ILMVYL +5( MP[ULZZ [LZ[PUN OHZ [HRLU [OL KPL[ HUK MP[ULZZ THYRL[ I` Z[VYT V]LY [OL WHZ[ [^V `LHYZ ;OYV\NO H ZPTWSL JOLLR Z^HI ZHTWSL +5( [LZ[PUN WYV]PKLYZ JHU [LSS `V\ ^OL[OLY `V\»YL ZLUZP[P]L [V JHYIZ ^OL[OLY `V\»SS YLZWVUK ^LSS [V OPNOPU[LUZP[` I\[ ZOVY[ K\YH[PVU L_LYJPZL VY PM `V\»YL NLUL[PJHSS` I\PS[ MVY SVUNKPZ[HUJL L_LYJPZL ;OLYL HYL UV^ U\TLYV\Z IYHUKZ [V JOVVZL MYVT PUJS\KPUN -P[ULZZ.LULZ MP[ULZZNLULZJVT HUK +5(-P[ KUHMP[JVT 7S\Z ZVTL IV\[PX\L N`TZ L]LU VMMLY +5( [LZ[PUN HZ WHY[ VM H MP[ULZZ WHJRHNL 0[»Z H NYLH[ ^H` [V VW[PTPZL `V\Y [YHPUPUN HUK U\[YP[PVU WS\Z PZ SPRLS` [V JVU[PU\L [V WPJR \W PU WVW\SHYP[` V]LY [OL JVTPUN `LHY + ¶ )064(92,9 )664+ 0U (TLYPJH YPNO[ UV^ TLHZ\YLTLU[Z [OH[ NV IL`VUK [OL UVYTHS ^LPNO[ HUK OLPNO[ WYV[VJVSZ HYL KYP]PUN L_LYJPZL WYVNYHTTPUN PU L_JP[PUN ^H`Z ( JS\Z[LY VM WLYZVUHS [YHPUPUN ZWV[Z HYL VMMLYPUN IPVTHYRLY [YHJRPUN ^OPJO PUJS\KLZ [LZ[PUN [OPUNZ Z\JO HZ ISVVK + IVK` THWWPUN =6 TH_ HUK ZSLLW X\HSP[` [V WYV]PKL H TVYL OVSPZ[PJ WLYZWLJ[P]L VM H JSPLU[»Z V]LYHSS MP[ULZZ HUK OLHS[O /LYL PU [OL <2 ^L»]L HSYLHK` OHK H [HZ[L VM [OPZ OLHS[O KH[H V]LYSVHK ^P[O -P[ULZZ -PYZ[»Z )PV(NL VMMLYPUN H WYVNYHTTL [OH[ KL[LYTPULZ


 

`V\Y ºMP[ULZZ» HNL [OYV\NO H ZLYPLZ VM OLHS[O SPMLZ[`SL HUK WO`ZPJHS [LZ[Z )\[ `V\ JHU JLY[HPUS` L_WLJ[ TVYL IPVTHYRLY ^VYRV\[ WYVNYHTTLZ [V OP[ [OL L_LYJPZL ZJLUL PU 

8J> D49@@=

+ ¶ )6?05. :,::065:+ ( OPNOLULYN` H[TVZWOLYL TVVK SPNO[PUN HUK JVVS JSHZZ MVYTH[ ¶ I\aa` IV_PUN ^VYRV\[Z ^LYL IPN PU " UVUL TVYL [OHU 3VUKVU»Z 9LILS 9\TISL ^VYRV\[ YLILS JV\R ;OL IV_PUN ^VYSK»Z HUZ^LY [V H :WPU JSHZZ ZL[ [OL MP[ULZZ ^VYSK HSPNO[ ^P[O P[Z OPNOPU[LUZP[` QHIJYVZZW\UJO PU[LY]HSZ HUK YV^Z VM ZOPU` IV_PUN IHNZ )\[ IV_PUN PZU»[ NVPUN HU`^OLYL PU  ;OPZ 1HU\HY`

0)- OLH]`^LPNO[ JOHTWPVU (U[OVU` 1VZO\H PZ IHJRPUN [OL SH\UJO VM 3VUKVU»Z MPYZ[ IV\[PX\L IV_PUN N`T )?9 I_YSVUKVU JVT ^OPJO ^PSS IVHZ[ P[Z V^U :^LH[ I` )?9 JSHZZ JVUJLW[ I` -LIY\HY` 7YLWHYL [V WHJR H W\UJO + ¶ >(;,9 >6926<;:+ >OPSL IV_PUN Z[H`Z WVVS JSHZZLZ HYL ZL[ [V LJSPWZL [OL PUKVVY JSHZZ ZJLUL ^P[O H SVUNH^HP[LK THRLV]LY -VYNL[ HX\H JSHZZLZ HPTLK H[ [OL VSKLY L_LYJPZLYZ ^H[LY ^VYRV\[Z ^PSS \ZL [OL WVW\SHY /00; TL[OVK [V HWWLHS [V `V\UNLY N`TNVLYZ [OPZ `LHY ,_WLJ[ [V NL[ OVVRLK VU JSHZZLZ Z\JO HZ MSVH[MP[ H TPU\[L /00; ^VYRV\[ MYVT HX\HWO`ZPJHS HX\HWO`ZPJHSJVT [OH[ PU]VS]LZ KVPUN I\YWLLZ S\UNLZ HUK ZX\H[Z VU HU HX\HIHZL IVHYK *OLJR [OL ^LIZP[L HUK ZLL PM [OLYL»Z H JSHZZ PU H SLPZ\YL JLU[YL

        $ .!) ) )     ))  *0+)  - & +) )) , ,'   +&!' +'  '%+)'   %+'  & "%+!/'$ #$

E@A EC24<6CD

-VY [OL ZLJVUK `LHY Y\UUPUN ^LHYHISLZ HYL [OL (*:4»Z [VW MP[ULZZ [YLUK (JJVYKPUN [V H Z\Y]L` I` ;OL 9\UUPUN )\N [OLZL HYL [OL MH]L IYHUKZ MVY Y\UULYZ



 7ZeSZe

 E`^E`^

8Rc^Z_     

&$


C:D6 @7 E96 >249:?6D ULHY `V\ 6Y =PYNPU (J[P]L»Z UL^ /`KYV ZLZZPVU H TPU\[L JSHZZ [OH[ ZLLZ TLTILYZ KV H TP_ VM SVUNKPZ[HUJL SHWZ HUK ZOVY[KPZ[HUJL ZWYPU[Z º:^PTTPUN JHU IL H SP[[SL TVUV[VUV\Z I\[ /`KYV WV^LYLK I` :WLLKV PZ KPMMLYLU[» L_WSHPUZ +HU )\SSVJR :WLLKV Z^PT MP[ULZZ HK]PZVY` JVHJO º0[ ^PSS UV[ VUS` PUJYLHZL `V\Y ^H[LY LMMPJPLUJ` HUK HSSYV\UK MP[ULZZ I\[ HSZV THRL Z^PTTPUN TVYL LUQV`HISL» 2\KVZ [V [OH[

DA@CED D92<6D

+ ¶ :<7,9 :466;/0,:+ ,]LY`VUL PZ SVVRPUN MVY H MP[ULZZ ZOVY[J\[ HUK PU  ^L MV\UK P[ PU [OL MVYT VM U\[YPLU[WHJRLK ZTVV[OPLZ 4HKL WVW\SHY I` [OL 5\[YP)\SSL[ U\[YPI\SSL[JVT HUK ZVSK [V [OL ^VYRV\[ ^VYSK I` [OL NYV^PUN U\TILY VM ZOHRL IHYZ H[ N`TZ Z\JO HZ 9LILS VY )HYY`»Z )VV[JHTW Z\WLYMVVK ZTVV[OPLZ ^LYL V\Y NV[V YLJV]LY` ZOHRL MVY H MP_ VM MY\P[ WYV[LPU HUK NVVK MH[Z ,]LY` OPW OLHS[OMVVK JHMt OHK H Z\WLYMVVK ZTVV[OPL VY [^V VU [OL TLU\ HUK H JSLHULH[PUN JVVRLY` IPISL ^HZU»[ ^VY[O P[Z ^LPNO[ PU RHSL \USLZZ P[ OHK H ZOHRL YLJPWL :\WLYMVVK ZTVV[OPLZ ^LYL ZHPK [V IL L]LY`[OPUN V\Y IVKPLZ ULLKLK [V YLWHPY HUK YLJV]LY HM[LY [V\NO L_LYJPZL )\[ I` [OL LUK VM  ^L»K OP[ V\Y ZTVV[OPL WLHR HUK UL^ ^VYRV\[ KYPURZ ^LYL VU [OL OVYPaVU + ¶ 7,9-694(5*, 1<0*,:+ ,U[LY WLYMVYTHUJLIVVZ[PUN Q\PJLZ 5P[YH[LZ MV\UK PU ILL[YVV[ Q\PJL OH]L KVTPUH[LK [OL ZWVY[Z ZJPLUJL OLHKSPULZ HZ H ^H` VM THRPUN \Z NV MHZ[LY MVY SVUNLY ZHUZ [OL OHYK ^VYR (UK YLJLU[ YLZLHYJO MYVT [OL <UP]LYZP[` VM ,_L[LY ZOV^Z [OH[ [OL JS )LL[ 0[ :WVY[ :OV[   MVY " ILL[P[JVT ^OPJO JVU[HPUZ TN VM UP[YH[L PTWYV]LZ ZWYPU[ HUK OPNOPU[LUZP[` PU[LYTP[[LU[ Y\UUPUN WLYMVYTHUJL )\[ PM P[»Z O`KYH[PVU `V\»YL HM[LY JVSKWYLZZLK ^H[LYTLSVU Q\PJL PZ ILPUN OHPSLK HZ [OL ILZ[ WVZ[^VYRV\[ YLJV]LY` KYPUR MVY  ZLL V\Y MVVK [YLUKZ MLH[\YL VU WHNL  7HJRLK ^P[O HU[PV_PKHU[Z HZ ^LSS HZ WV[HZZP\T [V LHZL T\ZJSL ZVYLULZZ HUK 3*P[Y\SSPUL MVY H MHZ[LY YLJV]LY` ^H[LYTLSVU Q\PJL JV\SK IL `V\Y NV[V KYPUR

9::E D6DD:@?D

+ ¶ )6+@>,0./; *09*<0;:+ 7\ZO\WZ W\SS\WZ I\YWLLZ TV\U[HPU JSPTILYZ ¶ [OLZL HYL [OL [`WLZ VM TV]LZ `V\ JHU L_WLJ[ [V MPUK PU H IVK`^LPNO[ /00; ZLZZPVU 2P[ PZU»[ YLX\PYLK ^OPJO THRLZ P[ &%     

        

-VYNL[ YV^Z VM [YLHKTPSSZ [OLYL»Z H UL^ YHUNL VM *= RP[ ZL[ [V ZOHRL \W `V\Y PUN`T /00; ZLZZPVUZ /LYL HYL [OL [OYLL THJOPULZ [V SVVR V\[ MVY H[ H -P[ULZZ -PYZ[ JLU[YL ULHY `V\

 ;OL (ZZH\S[ )PRL 0M `V\ SPRL WHPU `V\»SS SV]L [OL HZZH\S[ IPRL 0[»Z WVW\SHY ^P[O *YVZZMP[[LYZ HUK ZJHSLZ H\[VTH[PJHSS` [V RLLW \W ^P[O `V\ HZ `V\ W\ZO W\SS HUK WLKHS ^P[O MVYJL ;OL OHYKLY `V\ ^VYR [OL OHYKLY P[ ^VYRZ ¶ HNHPUZ[ `V\ ;OH[»Z ZHKPZ[PJ" HZZH\S[MP[ULZZWYVKJ\[ZJVT

 ;OL :RP,YN 0UZWPYLK I` 5VYKPJ ZRPPUN [OPZ [V\NO IP[ VM RP[ PZ H NYLH[ ^H` [V I\PSK Z[YLUN[O HUK LUK\YHUJL WHY[PJ\SHYS` PU [OL HYT SLN HUK JVYL T\ZJSLZ 0[ IVHZ[Z [^V \WWLY JHISLZ ^OPJO `V\ KYP]L KV^U^HYKZ PU H ZRPPUN TV[PVU HUK PZ H SV^PTWHJ[ VW[PVU MVY [OL PUQ\Y`WYVUL" JVUJLW[JV\R

 ;OL :7(9* 3VVRPUN SPRL H JYVZZ [YHPULY ^P[O Z[H[PVUHY` OHUKSLZ ;OL :7(9* ^OPJO Z[HUKZ MVY :[YLUN[O 7V^LY (JJLSLYH[LK 9LZPZ[HUJL *HYKPV PZ [OL \S[PTH[L MH[ I\YULY 0[ IVHZ[Z [^V TVKLZ ¶ JPYJ\P[ HUK PU[LY]HS ¶ MVY PU[LUZL ZLZZPVUZ" J`IL_PU[SJVT

Z\WLYHMMVYKHISL 7S\Z [OL ZOVY[K\YH[PVU I\[ OPNOPU[LUZP[` LMMVY[Z UVYTHSS` WLYMVYTLK PU H JPYJ\P[ MVYTH[ THRL P[ YLHSS` [PTLMYPLUKS` HZ ^LSS (K]VJH[LK I` MP[ULZZ PUMS\LUJLYZ HJYVZZ [OL NSVIL Z\JO HZ 2H`SH 0[ZPULZ HUK [OL ;VUL 0[ <W NPYSZ [OLZL HYL [OL ^VYRV\[Z `V\ ZH^ WVW \W VU `V\Y 0UZ[HNYHT MLLK PU  º;OL NYLH[ [OPUN HIV\[ IVK`^LPNO[ [YHPUPUN PZ `V\ KVU»[ ULLK HU`[OPUN V[OLY [OHU [OL ^PSSPUNULZZ [V ^VYR OHYK MVY H ZOVY[ WLYPVK VM [PTL» ZH`Z WLYZVUHS [YHPULY 1VZPHO /\U[L º0[ I\YUZ MH[ I\PSKZ SLHU T\ZJSL PTWYV]LZ TL[HIVSPZT HUK PZ H NYLH[ ^H` [V IVVZ[ `V\Y TVVK»

+ ¶ >,0./;,+ 05;,9=(3:+ /LH]` Z[YLUN[O ^VYR HUK OPNOPU[LUZP[` PU[LY]HS [YHPUPUN TL[OVKZ JVTL [VNL[OLY PU [OL SH[LZ[ IYLLK VM /00; ¶ ^LPNO[LK PU[LY]HS ^VYRV\[Z *SHZZLZ Z\JO HZ =PYNPU (J[P]L»Z 0YVU A<< ^VYRV\[ ^OPJO JVTIPULZ VSKZJOVVS ^LPNO[SPM[PUN ^P[O OLHY[YL]]PUN IVK`^LPNO[ TV]LZ HYL HSYLHK` WVW\SHY HTVUN L_LYJPZLYZ (UK `V\»SS ZLL H SV[ TVYL JPYJ\P[Z[`SL Z[YLUN[O ZLZZPVUZ WVWWPUN \W VU N`T JSHZZ ZJOLK\SLZ PU  º)SLUKPUN [OL T\ZJSLI\PSKPUN ILULMP[Z VM ^LPNO[ ^VYR ^P[O [OL [PTL LMMPJPLU[ WYVZ VM /00; [YHPUPUN [OLZL ^VYRV\[Z ^PSS ZJ\SW[ T\ZJSL THZZ MHZ[ HUK SLH]L [OL IVK` I\YUPUN JHSVYPLZ PU [OL  OV\YZ HM[LY L_LYJPZL» ZH`Z /\U[L º3VVR V\[ MVY ZWLJPMPJ ^VYRV\[ WSHUZ WVW\W ZLZZPVUZ N`T JSHZZLZ HUK IVV[JHTWZ @V\ JHU L_WLJ[ [V I\YU H SV[ VM MH[ KVPUN [OLZL ^VYRV\[Z»

3:@?:4 EC2:?:?8

+ ¶ ,4: >6926<;:+ 3HZ[ `LHY ,SLJ[YPJHS 4\ZJSL :[PT\SH[PVU ,4: ^VYRV\[Z SVVRLK ZL[ [V [HRL L_LYJPZL [V H UL^ SL]LS :[HY[PUN V\[ HZ H YLOHIPSP[H[P]L [OLYHW` [OH[»Z WVW\SHY HTVUN ZWVY[Z Z[HYZ [OL [LJOUVSVN` THKL P[Z ^H` PU[V [OL ^VYRV\[ ^VYSK :V OV^ KVLZ P[ ^VYR& ,SLJ[YVKLZ HYL WSHJLK VU [OL IVK` ZLUKPUN HU LSLJ[YPJHS PTW\SZL [OH[ Z[PT\SH[LZ T\ZJSLZ )` JH\ZPUN TVYL PU[LUZL T\ZJSL JVU[YHJ[PVUZ [OHU H ]VS\U[HY` L_LY[PVU [OH[»Z ^OLU `V\ KLJPKL [V SPM[ H ^LPNO[ ,4: PZ ZHPK [V HJJLSLYH[L T\ZJSL NYV^[O HUK ^LPNO[ SVZZ 7YV]PKLY ,-P[ LMP[[YHPULYZJV\R JSHPTLK [OL ^VYRV\[ JV\SK HJ[P]H[L  WLY JLU[ VM [OL IVK`»Z THPU T\ZJSLZ ^OPJO ^V\SK ZH]L VU [YHPUPUN [PTL )\[ ZHKS` ,4:» YLZ\YNLUJL VU[V [OL MP[ULZZ WSH[MVYT ZLLTZ [V OH]L MPaaSLK V\[ MVY UV^ + ¶ )-9 ;9(0505.+ )SVVK -SV^ 9LZ[YPJ[PVU )-9 [YHPUPUN HSZV RUV^U HZ VJJS\ZPVU [YHPUPUN OV^L]LY JV\SK IL [OL UL_[ IPN [OPUN <ZPUN [YHPUPUN IHUKZ [OH[ HYL WSHJLK HYV\UK [OL SLNZ VY HYTZ [OPZ L_LYJPZL TL[OVK ^VYRZ I` YLZ[YPJ[PUN `V\Y ISVVK MSV^ [V `V\Y ]LPUZ I\[ UV[ `V\Y HY[LYPLZ ;OPZ OLSWZ KLSP]LY V_`NLUYPJO ISVVK [V [OL [HYNL[ T\ZJSLZ ^OPJO JV\SK PUJYLHZL NHPUZ PU T\ZJSL ZPaL HUK Z[YLUN[O 0[»Z HSYLHK` H WVW\SHY TL[OVK HTVUN IVK`I\PSKPUN MHUZ HUK ^HZ MPYZ[ KPZJV]LYLK I` 1HWHULZL @VZOPHRP :H[V PU   >P[O Z[YLUN[O [YHPUPUN Z[PSS NVPUN Z[YVUN )-9 [YHPUPUN PZ ZHPK [V IL H YPZPUN Z[HY PU [OL NSVIHS MP[ULZZ JVTT\UP[` 


  962=E9J

7@@5  EC6?5D

>L»]L [HSRLK [V [OVZL PU [OL RUV^ [V MPUK V\[ ^OH[ ^L»SS HSS IL LH[PUN PU [OL JVTPUN `LHY )\[[LYU\[ ZX\HZO IVVKSLZ HUK ZH]V\Y` WVYYPKNL HU`VUL& 803%4 $MBSF )BSHSFBWFT

&'     

       

PK `V\ LTIYHJL JV\YNL[[P JVJVU\[ VPS HUK ZTVV[OPLZ HUK WHJR PU [OL WYV[LPU [OPZ `LHY& >HU[ [V RUV^ ^OPJO UL^ Z\WLYMVVKZ `V\ JHU SVVR MVY^HYK [V LH[PUN PU & 0UK\Z[Y` PUZPKLYZ OH]L ILLU I\Z` KL]LSVWPUN [OL SH[LZ[ WYVK\J[Z PU YLZWVUZL [V V\Y I\`PUN OHIP[Z ZV YLHK VU [V MPUK V\[ ^OH[»Z PU Z[VYL MVY `V\ HUK ^O` 0[»Z [PTL [V NL[ L]LU TVYL HK]LU[\YV\Z¯


         HZeY dfXRc `WW eYV ^V_f dRg`fcj Zd hYVcV Ze|d Re  Z_T]fUZ_X j`XYfced d_RT\ SRcd a`ccZUXV R_U XcR_`]Rd :_ 2^VcZTR eYVj|cV Z_WfdZ_X eYV W]Rg`fcd `W TRcc`e SVVec``e dhVVe a`eRe` R_U e`^Re` Z_e` j`XYfce W`c R dRg`fcj hZeY R YZ_e `W dhVVe RTT`^aR_Z^V_e e` R]] d`ced `W W``U d` d``_ j`f|]] SV a`aaZ_X dRg`fcj j`XYfce Z_e` j`fc dY`aaZ_X SRd\Ve e`` =``\ `fe W`c dRg`fcj X]feV_WcVV d_RT\ SRcd dfTY Rd CfUV 9VR]eY|d SVVec``e af^a\Z_ `c dhVVe a`eRe` SRcd **a W`c R $&X SRc, cfUVYVR]eYT`^ 2_U ecj ^R\Z_X dRg`fcj a`ccZUXVd R_U XcR_`]Rd hZeY W``Ud dfTY Rd Rg`TRU`  WZ_U cVTZaVd Z_ Da``_ 2__ZV >`ccZd R_U ;`__j DYZ^^Z_|d _Vh ScVR\WRde cVTZaV S``\ dVV aRXV #*

 -66+0, 4,(3 20;:

:DQW WR HDW KHDOWKLO\ EXW WRR EXV\ WR FRRN" ,Q WKH SDVW ZH PLJKW KDYH WXUQHG WR IUR]HQ UHDG\ PHDOV EXW LQ  ZHâOO FRQWLQXH FRRNLQJ QXWULWLRQILOOHG PHDOV DW KRPH XVLQJ PHDO NLWV GHOLYHUHG WR RXU GRRU $UULYLQJ FRPSOHWH ZLWK SKRWR UHFLSH FDUGV WKHVH VFKHPHV VDYH \RX VKRSSLQJ DQG SUHSSLQJ WLPH E\ ZHLJKLQJ RXW DQG GHOLYHULQJ DOO WKH LQJUHGLHQWV +HOORIUHVKFRXN ZKLFK ZRUNV LQ SDUWQHUVKLS ZLWK -DPLH 2OLYHU ZKRVH UHFLSHV LW XVHV LV SUREDEO\ WKH EHVWNQRZQ EXW RWKHUV LQFOXGH 0LQGIXOFKHIFRP DQG 5LYHUIRUG 2UJDQLF )DUPHUV ULYHUIRUGFRXN  6XSHUPDUNHWV DUH JHWWLQJ LQ RQ WKH DFW WRR :DLWURVH LV FXUUHQWO\ WULDOOLQJ ã'LQQHU IRU 7RQLJKWâ PHDOIRUWZR NLW EDJV LQ  EUDQFKHV

$ H2E6C>6=@? ;F:46

&0 &0+ &&%/. 1.+*  , 3+ 1.+$#&% !/  1 ##  . + %" .& + .+  1&+"&/.* .+$#&% +3+., ,', $.&# ,$ .&2  , % , +  % '&.,, /$ %  .+/## % 1   , $/,# +&0+3* % & .,  ,. %, , 3&% 1& $%. &%, 1.+$#&% % + ,&% +/%" % &0*  #,& %&1 &#,  ,." %      &# '+,, &..# 1.+$#&% !/ * , ##& ($##&+ %",*&*/") $", !/  +&$ &#'+,, 1.+$#&% % %.#&/'   % . % %'%%. ,.&+, % %  .+&,*     

&(


 *6*65<;: -69,=,9

>L Z[PSS SV]L [OPZ [YVWPJHS MVVK I\[ IYHUKZ Z\JO HZ ;OL .YVV]` -VVK *VTWHU` NYVV]`MVVKJV\R HYL UV^ L_WLYPTLU[PUN ^P[O JVJVU\[ HZ MSV\Y Z\NHY KLSPJPV\Z VU WVYYPKNL HUK WYV[LPU 4LHU^OPSL 4V[PVU 5\[YP[PVU TV[PVUU\[YP[PVUJVT PZ THRPUN JVJVU\[IHZLK ZWVY[Z Z\WWSLTLU[Z Z\JO HZ 6YNHUPJ *VJVU\[ >OL` 7YV[LPU ^OPJO JVU[HPUZ JVJVU\[ MSV\Y OPNOMPIYL OPNO WYV[LPU ^P[O OLHS[O` LULYNPZPUN MH[[` HJPKZ ^OL` JVUJLU[YH[L HUK H KHZO VM JVJVU\[ WHST Z\NHY MVY UH[\YHS SV^.0 Z^LL[ULZZ ;OL IPNNLZ[ JVJVU\[ ZLUZH[PVUZ [OPZ `LHY [OV\NO ^PSS IL QHT ]PULNHY HUK QLYR` KLO`KYH[LK JVJVU\[ MSLZO ;Y` )\RV 6YNHUPJ»Z *VJVU\[ 1HT I\RVMVVKZJVT THKL MYVT JVJVU\[ TPSR HUK ULJ[HY HUK )PVUH»Z IPVUHJV\R JVJVU\[ ]PULNHY MLYTLU[LK JVJVU\[ ZHW

% DFDE2:?23=6 7:D9

.  ' -+ /&& -+ +' '-'++0$ &'  '- &&+' / +' 0&  & & &1 ' ++%' &+ '-'+ 0 + & +/&' - ! ( '#&"  &' ' + -'+& #  - +    &1 &-+' +   &+   & &+ /'  0 &'0 / &+0  + %' &'+ &1 & +  22 & +   &+# '-&0%' + %' '+ .& &+&    '  ' '0 / 0 ' / +&  +'    &1 '  + '+ , +'#  ;/, 5,?; *6<9.,;;0

&RXOG WKLV EH WKH \HDU RI WKH ERRGOH" :H PD\ KDYH H[KDXVWHG WKH WKLQJV \RX FDQ GR ZLWK FRXUJHWWL DQG FDXOLIORZHU ãULFHâ EXW KHDOWK\ IRRGLHV VWLOO ORYH WKH LGHD RI UHSODFLQJ FDUEV ZLWK YHJHWDEOHV DQG VXSHUPDUNHWV NHHS FRPLQJ XS ZLWK QHZ SURGXFWV 7KLV \HDUâV YHJHWDEOH FDUE VXEVWLWXWHV DUH OLNHO\ WR EH EXWWHUQXW VTXDVK VSLUDOLVHG LQWR ãERRGOHVâ DXEHUJLQHV WXUQHG LQWR EXQV ãSDVWDâ VKHHWV DQG FKLSV DQG VZHHW SRWDWRHV DV ãWRDVWâ VLPSO\ FXW VOLFHV DQG SRS WKHP LQ WKH WRDVWHU  /RRN RXW WRR IRU JOXWHQIUHH SHD SDVWD DQG HGDPDPH VSDJKHWWL DQG ò LQ 6DLQVEXU\âV ò ãULFHâ PDGH IURP EHHWURRW &)     

        

    DeZT\Z_X fa W`c eYV V_gZc`_^V_e R_U R_Z^R] hV]WRcV Xc`hZ_X _f^SVcd `W aV`a]V hZ]] SV SfjZ_X `cXR_ZT Z_ #!"( VgV_ ZW Ze ^VR_d aRjZ_X R SZe ^`cV {4`_df^Vcd hR_e e` \_`h hYVcV eYVZc W``U T`^Vd Wc`^ R_U SV]ZVgV `cXR_ZT W``U Zd W``U eYVj TR_ ecfde| dRjd eYV D`Z] 2dd`TZReZ`_ EYV 2dd`TZReZ`_ cVa`ced R dZi aVc TV_e Z_TcVRdV Z_ `cXR_ZT dR]Vd eYc`fXY dfaVc^Rc\Ved `gVc eYV aRde jVRc Sfe d`^V dfaVc^Rc\Ved dfTY Rd DRZ_dSfcj|d RcV dVVZ_X WRc XcVReVc Z_TcVRdVd  Z_T]fUZ_X R &( aVc TV_e jVRc`_jVRc cZdV Z_ dR]Vd `W `cXR_ZT dRfTVd R_U aRdeR R_U "( aVc TV_e Z_ dR]Vd `W WcVdY `cXR_ZT a`f]ecj 2 Xc`hZ_X _f^SVc RcV SfjZ_X `cXR_ZT gVXVeRS]Vd eYc`fXY S`i dTYV^Vd dfTY Rd eYV `_V Sj CZgVcW`cU @cXR_ZT 7Rc^Vcd hY` dRjd dR]Vd RcV fa "! aVc TV_e jVRc `_ jVRc HV|]] R]d` SV SfjZ_X `cXR_ZT hYV_ Ze T`^Vd e` YVR]eY R_U SVRfej ac`UfTed dR]Vd `W hYZTY Z_TcVRdVU Sj #"' aVc TV_e Z_ #!"&


 

       EYV SZX W``U ScR_Ud YRgV SVV_ RUUZ_X gZeR^Z_ 5 e` ZeV^d dfTY Rd ^RcXRcZ_V R_U Z_WR_e W`c^f]R ^Z]\ W`c jVRcd Sfe UfV e` hZUVc RhRcV_Vdd RS`fe eYV cZd\d e` `fc YVR]eY `W ]`h ]VgV]d `W gZeR^Z_ 5 ^`cV W``UZV ScR_Ud RcV _`h RUUZ_X eYV _fecZV_e e` eYVZc ac`UfTed GZeR^Z_ 5 Zd VddV_eZR] W`c YV]aZ_X j`f RSd`cS TR]TZf^ R_U aY`daY`cfd W`c YVR]eYj S`_Vd R_U R UVWZTZV_Tj Zd eY`fXYe e` YRgV ^R_j UVecZ^V_eR] VWWVTed `_ `gVcR]] YVR]eY EYV SVde _RefcR] d`fcTV Zd df_]ZXYe Sfe Rd eYRe|d `WeV_ Z_ dY`ce dfaa]j Z_ eYV F< d`^V dfaVc^Rc\Ved Z_T]fUZ_X >D RcV _`h V_cZTYZ_X eYVZc acV aRT\VU dR_UhZTYVd R_U dR_UhZTY c`]]d hZeY gZeR^Z_ 5 7``Ud eYRe RcV _RefcR]]j cZTY Z_ eYZd Z^a`ceR_e gZeR^Z_ Z_T]fUV ^RT\VcV] dRcUZ_Vd R_U VXXd

 2(3,;;,: (5+ :796<;:

6WLOO HDWLQJ NDOH" .HHS XS ò WKH QHZ VXSHUIRRG EUDVVLFD LQ WRZQ LV NDOHWWHV .DOHWWHV LQ FDVH \RXâUH QRW IDPLOLDU ZLWK WKHP DUH D %ULWLVKEUHG FURVV EHWZHHQ NDOH DQG %UXVVHOV VSURXWV ORRN OLNH PLQL FDEEDJHV DQG DUH JUHDW EODQFKHG WKHQ VWLUIULHG RU URDVWHG 0LOGHU DQG VZHHWHU WKDQ %UXVVHOV VSURXWV NDOHWWHVâ IDQV LQFOXGH *Z\QHWK 3DOWURZ DQG 0LUDQGD .HUU :H ZRQâW EH WXUQLQJ RXU EDFNV RQ WKH KXPEOH %UXVVHOV VSURXW WKRXJK ò 6DLQVEXU\âV UHSRUWV $XJXVW VDOHV RI WKH YLWDPLQ& ULFK YHJ ZHUH XS  SHU FHQW WKLV \HDU *UDWH WKHP UDZ LQWR VDODGV

"! ?@FC:D9 3@H=D

!2"4 + "4 "  "  +/*)+ "+/ $"$2* +/+    + 5 /" * +" 2*  16#,'  +"  5 "" /* + "2*+ "4+ %+"  "4 + 2 "* ($$) "4+& 3 " "3* *" *' 5)*  "+"$ " * + $*"/ + 2/+   ++ /"$$ 4/ +$5 "* *5 *++ +' ""*5 4*/*+ +2 +   " + 3 $  /+ $"$2*  */     + 2   /*  2      

"2*+ "4 "+/  .0'6'     

&*


"" 5C:?<:?8 7@C E96 8FE

., , ' &'1  '0 ,  1 , /& 0 ' 0%  ,.& , &, &' '. ' .  & , ! ,' ,1 ., ,& !!1$ . '  '!& &, , & ",',  ,   0,., , '0,''# &1 & .& 0 & ' 0%'  ,,%' &, 0, / & &'$ , & 0&.1 &&' ,&  0&.,$ .1 ,  '  ' '.!&&,'( '.&1%' & ', ''  & "+ $- &  ,&#  '' / &' 1 )) !& , 1& 1&$ , & ',' , &  .$ &1 .&' & ".&'&$ $.#   .,  .' &  "+-$2 & 22( !,&$#$

  

6ReZ_X TYRcT`R] Zd R cVUY`e ecV_U :e|d SVV_ fdVU W`c eY`fdR_Ud `W jVRcd Rd R _RefcR] UVe`i Rd Ze d`R\d fa e`iZ_d Z_ eYV S`Uj EYV W`c^ W`f_U Z_ W``U R_U UcZ_\ Zd RTeZgReVU TYRcT`R] ^RUV Wc`^ _RefcR] d`fcTVd dfTY Rd T`T`_fe dYV]]d 6iaVTe e` WZ_U Ze Z_ R_jeYZ_X Wc`^ e`_ZTd R_U T`T\eRZ]d e` VjVTReTYZ_X S]RT\ SfcXVc Sf_d dRg`fcj hRWVcd R_U SZdTfZed ^RTRc``_d R_U ZTV TcVR^d @_ eYV UcZ_\d Wc`_e 3`eR_ZT =RS S`eR_ZT]RST`f\ Zd ]VRUZ_X eYV hRj hZeY Zed :d`e`_ZT [fZTV '! W`c ) S`ee]Vd ^RUV hZeY ^VUZTR] XcRUV TYRcT`R] R]cVRUj SVZ_X fdVU Sj da`cedaV`a]V HRZec`dV Zd dV]]Z_X R 4YRcT`R] D^`\VU DR]^`_ 3RXV] UVgV]`aVU Sj 9Vde`_ 3]f^V_eYR] Rd hV]] Rd >Z]]Vc|d 5R^dV]d TYRcT`R] hRWVcd

9,(+,9 6--,9 )\` 3P]PUN ;LH MVY [OL ZWLJPHS WYPJL VM  PUJS\KPUN W W YYW   I` JHSSPUN 4HJTPSSHU +PYLJ[ VU    HUK X\V[PUN [OL YLMLYLUJL º/<»

 5,> 565>/,(; -36<9:

:LWK JURZLQJ QXPEHUV RI SHRSOH FXWWLQJ GRZQ RQ JOXWHQ H[FLWLQJ QHZ IORXUV DUH DUULYLQJ RQ VKHOYHV $ IDYRXULWH ZLOO EH EXFNZKHDW D VHHG SURGXFHG E\ WKH UKXEDUE IDPLO\ ZKLFK LV EHLQJ XVHG LQ QRRGOHV EOLQLV DQG JDOHWWHV %UHWRQ SDQFDNHV  0DNH WKHP DW KRPH XVLQJ 'RYHV )DUP GRYHVIDUPFRXN EXFNZKHDW IORXU &KLFNSHD JUDP IORXU LV DOVR SRLVHG WR VRDU LQ SRSXODULW\ DOUHDG\ PDNLQJ DQ DSSHDUDQFH DV &KLFNSHD ZDIHUV DW KLJKHQG UHVWDXUDQWV VXFK DV )HUD DW &ODULGJHV IHUDDWFODULGJHVFRXN  /RRN RXW WRR IRU +RGPHGRGâV IORXUV KRGPHGRGVFRXN  PDGH IURP SHDV IDYD EHDQV DQG TXLQRD 2U WU\ FULFNHW IORXU \HV IURP FULFNHWV IURP JDWKUIRRGVFRP VHH QR   7KH QHZHVW NLG RQ WKH EORFN WKRXJK LV WLJHU QXW IORXU PDGH IURP WKH WLQ\ PLQHUDOULFK URRW YHJHWDEOH 9LVLW WKHWLJHUQXWFRPSDQ\FRXN '!     

        


 

  

 /VYYPMPLK H[ MVVK ^HZ[L ¶ [OL <2 Z[PSS IPUZ

 IPSSPVU ^VY[O VM MVVK LHJO `LHY PUJS\KPUN  IPSSPVU HWWSLZ ¶ ^L»SS IL MPUKPUN TVYL JYLH[P]L ^H`Z VM [HJRSPUN P[ [OPZ `LHY :V ^L»SS IL LH[PUN YVV[ [V SLHM WPJRSPUN HUK ZV\WTHRPUN ZOVWWPUN SP[[SL HUK VM[LU YH[OLY [OHU PU VUL IPN ZOVW HUK I\`PUN PU I\SR ZV [OLYL»Z SP[[SL VY UV WHJRHNPUN MYVT Z[VYLZ Z\JO HZ ;OL +Y` .VVKZ :[VYL [OLKY`NVVKZZ[VYLJVT VY KPYLJ[ MYVT WYVK\JLYZ >L»SS HSZV IL ZHS]PUN V\Y JVUZJPLUJLZ I` I\`PUN OLHS[O` MVVK WYVK\J[Z [OH[ HYL [OLTZLS]LZ THKL MYVT MVVK ^HZ[L :UHJ[ ZUHJ[JV\R MVY PUZ[HUJL THRLZ MY\P[ QLYR` ZUHJRZ MYVT MY\P[ HUK ]LN [OH[ OHZ ILLU YLQLJ[LK MVY ILPUN [VV ZTHSS [VV \NS` VY [VV HI\UKHU[ ¶ PU  P[ ZH]LK HYV\UK  [VUULZ VM MVVK :\WLYTHYRL[Z ^PSS HSZV IL KVPUN [OLPY IP[ I` ZLSSPUN KPZJV\U[LK ^VUR` ]LN HUK NYV^PUN U\TILYZ VM \Z ^PSS IL LH[PUN PU WH`HZ`V\ MLLS JHMtZ Y\U I` ;OL 9LHS 1\UR -VVK 7YVQLJ[ YLHSQ\URMVVKWYVQLJ[VYN [OH[ JVU]LY[Z MVVK KLZ[PULK MVY ^HZ[L PU[V OLHS[O` HUK KLSPJPV\Z TLHSZ >L»SS HSZV IL

"% 4@EE286 4966D6 C6EFC?D

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

SURWHLQ VKDNHV" 1RZ \RX FDQ JHW D ZRUNRXW ERRVW E\ PXQFKLQJ FULFNHWV ò SUREDEO\ QRW ZKROH EXW JURXQG LQWR IORXU DQG SRSSHG LQWR HQHUJ\ EDUV ã&ULFNHWV DUH WKH ZRUOGâV PRVW QXWULWLRXV DQG VXVWDLQDEOH VRXUFH RI SURWHLQâ VD\V 6KDPL 5DGLD FRIRXQGHU RI (DW *UXE HDWJUXEFRXN  ZKLFK PDNHV FULFNHW IORXU HQHUJ\ EDUV LQ &RFRQXW &DFDR DQG &UDQEHUU\ 2UDQJH æ IRU   ã7KH LQVHFWV DOVR SURYLGH LURQ FDOFLXP DQG ]LQF DQG SOHQW\ RI RPHJDâ KH VD\V *DWKU )RRGV DOVR XVHV FULFNHW IORXU LQ LWV &UREDU HQHUJ\ EDUV æ IRU IRXU JDWKUIRRGVFRP  /RRN RXW WRR IRU &ULFNHW %RORJQHVH VDXFH PDGH E\ 2QH +RS .LWFKHQ RQHKRSNLWFKHQFRP       

'"


9HPZL H NSHZZ K\YPUN [OL WHY[` ZLHZVU ^P[O [OL SH[LZ[ OLHS[OPLY [PWWSLZ 803%4 (BCSJFMMF /BUIBO

:

 J@FC

962=E9

e|d aRcej dVRd`_ RXRZ_  R eZ^V hYV_ VgV_ eYV T]VR_Vde]ZgZ_X R^`_X fd RcV eV^aeVU e` YRgV R S``kj UcZ_\ `c eh` EYV F<|d R]T`Y`] Z_eR\V c`T\Ved  aV`a]V `fe `_ {3``kV 3]RT\ 7cZURj| eYV WZ_R] 7cZURj SVW`cV 4YcZde^Rd RcV ]Z\V]j e` U`h_ eh` R_URYR]W eZ^Vd ^`cV R]T`Y`] eYR_ eYVj fdfR]]j U` R_U dR]Vd `W S``kV Z_ afSd T]fSd cVdeRfcR_ed R_U Y`eV]d X` fa Sj "%# aVc TV_e 2_U eYRe|d SRU _Vhd W`c `fc hRZde]Z_Vd 5cZ_\Vcd hZ]] U`h_ _VRc]j %!!! ]ZbfZU TR]`cZVd UfcZ_X eYV WVdeZgV dVRd`_  eYV VbfZgR]V_e `W #!! TY`T`]ReV T`Z_d 2_U hY` YRd_|e dhVcgVU eYV Xj^ SVTRfdV `W R WVdeZgV YR_X`gVc `c U`h_VU WZkkj UcZ_\ R_U WcZVU W``U cReYVc eYR_ R S`h] `W a`ccZUXV eYV ^`c_Z_X RWeVc0


'* $

)\[ [OPZ `LHY [OPUNZ ^PSS IL KPMMLYLU[ 5V :HU[H ^VU»[ IL IYPUNPUN ^PSSWV^LY VU OPZ ZSLPNO ¶ I\[ `V\»SS IL HISL [V PTIPIL ^P[OV\[ JVTWYVTPZPUN `V\Y ^OVSLZVTL SPMLZ[`SL X\P[L ZV T\JO ;OHURZ [V [OL L_WSVZPVU PU OLHS[O` OLKVUPZT IHYZ HUK KYPURZ IYHUKZ HYL ^PZPUN \W [V [OL MHJ[ [OH[ ^L ^HU[ OLHS[OPLY VW[PVUZ ^OLU ^L»YL V\[ WHY[`PUN VY LU[LY[HPUPUN H[ OVTL -YVT IHYZ ZLY]PUN ILH\[PM\S IV[HUPJHS JVJR[HPSZ HUK Z\TW[\V\Z Z\WLYMVVK TVJR[HPSZ [V YLZ[H\YHU[Z Z[VJRPUN ZVWOPZ[PJH[LK UVUHSJVOVSPJ ZWPYP[Z HUK ZOVWZ ZLSSPUN SV^Z\NHY JOHTWHNUL [OLYL HYL TVYL VW[PVUZ [OHU L]LY ILMVYL MVY [OVZL ^OV WYLMLY KYPURZ ^P[O ILULMP[Z

  

 

7LY\ZL [OL KYPURZ TLU\ VM HU` \WZJHSL IHY VY WVW\W ZWLHRLHZ` HUK `V\»SS MPUK TV\[O^H[LYPUN KLZJYPW[PVUZ VM KYPURZ JVUJVJ[LK MYVT PUNYLKPLU[Z `V\»K L_WLJ[ [V MPUK PU H Q\PJL IHY VY OLHS[O MVVK ZOVW RHSL[PUP HU`VUL& VY JSHZZPJ JVJR[HPSZ ^P[O HU HYVTH[PJ [^PZ[ YVZLTHY` NPU MPaa ¶ `\T +HUKLS`HU )HY H[ [OL 4VUKYPHU 3VUKVU OV[LS OHZ ^OVSLOLHY[LKS` LTIYHJLK [OL [YLUK ^P[O P[Z /\U[LY .H[OLYLY :OHTHU HUK ,_WSVYLY JVJR[HPS TLU\ PUZWPYLK I` WSHU[Z HUK [OL IV[HUPJHS ^PSKZ VM [OL JV\U[Y`ZPKL 5LHY )YPZ[VS ;OL ,[OPJ\YLHU YLZ[H\YHU[ ZLY]LZ HU L_JP[PUN YHUNL VM KYPURZ PUJS\KPUN ºZWPYP[\V\Z JVJR[HPSZ» SHJLK ^P[O P[Z OVTLNYV^U MY\P[ HUK OLYIZ HUK SVUN KYPURZ IHZLK VU UVUHSJVOVSPJ KPZ[PSSLK ZWPYP[Z ;OL HSS\YL VM [OLZL KYPURZ [V H NYV^PUN U\TILY VM MP[ULZZ MHUZ PU ZLHYJO VM H OLHS[OPLY WVZ[^VYRV\[ MP_ PZ VI]PV\Z >O` \UKV HU OV\Y VM OHYK ^VYR PU [OL N`TVU H `VNH TH[ ^P[O H NSHZZ VM YLN\SHY IVVaL ^OLU `V\ JHU ZPW H JVJR[HPS [OH[»Z JYHURLK\W ^P[O Z\WLYMVVKZ VY PUM\ZLK ^P[O OLHS[O IVVZ[PUN PUNYLKPLU[Z& (M[LY ZTHZOPUN `V\Y 7) PU 3VUKVU `V\ JV\SK ZPW H .\UWV^KLY .PTSL[ THKL ^P[O HU[PV_PKHU[ NYLLU [LH H[ 4HYJ\Z >HYLPUN»Z ;YLK^LSS»Z YLZ[H\YHU[ ^OPSL HM[LY H /00; JSHZZ PU ,KPUI\YNO `V\ JV\SK NS\N H JVJR[HPS [OH[ JVU[HPUZ ]P[HTPU*YPJO MYLZO MY\P[ HUK OLYIZ Z\JO HZ [HYYHNVU HUK JVYPHUKLY PU ;YLHJSL )HY HUK 2P[JOLU

  



-VY [OVZL ^OV ^HU[ [V JVTWSL[LS` J\[ V\[ HSJVOVS [OLYL»Z UV ULLK [V THRL KV ^P[O HU \UPUZWPYPUN ZVM[ KYPUR VU UPNO[Z V\[

)HYYLZ[H\YHU[Z Z\JO HZ 9LKLTW[PVU YLKLTW[PVUIHYJV\R JH[LY [V [OL  WLY JLU[ VM 3VUKVULYZ ^OV UV^ JOVVZL [V IL [LL[V[HS º>L PKLU[PMPLK H [YLUK ¶ H NYV^PUN U\TILY VM WLVWSL HYL JOVVZPUN [V SLHK OLHS[OPLY SPMLZ[`SLZ HUK TVYL WLVWSL HYL Z^LY]PUN IVVaL ¶ HUK MLS[ [OLYL ^HZ H ULLK MVY HU HSJVOVSMYLL ZHUJ[\HY` [OH[ MLLSZ SPRL H [YLH[» ZH`Z JVMV\UKLY *H[OLYPUL :HS^H` (SVUNZPKL YH^ ]LNHU MVVK 9LKLTW[PVU ZLY]LZ PUK\SNLU[ KYPURZ Z\JO HZ )LL[V[PUP ^P[O ILL[YVV[ Q\PJL VYHUNL Q\PJL SPTL Q\PJL HUK JVJVU\[ ^H[LY HUK *VJVYP[H JVJVU\[ ^H[LY SPTL HUK HNH]L Z`Y\W THYNHYP[H Z[`SL KLZPNULK [V THRL `V\ OHWW` UL]LY O\UNV]LY )L`VUK [OL JHWP[HS IVVaLMYLL IHYZ HYL HSZV OH]PUN H TVTLU[ JH[LYPUN [V [OL NYV^PUN U\TILY VM [LL[V[HSSLYZ TVYL [OHU  WLY JLU[ VM `V\UN WLVWSL HYL HIZ[LTPV\Z HJJVYKPUN [V [OL 6MMPJL VM 5H[PVUHS :[H[PZ[PJZ ¶ [OLYL»Z ;OL )YPUR PU 3P]LYWVVS HUK *HMt :VIHY PU 5V[[PUNOHT ^P[O V[OLY V\[WVZ[Z VM 9LKLTW[PVU PU [OL WPWLSPUL (S[OV\NO :HS^H`  PZU»[ [LL[V[HS ZPUJL ZL[[PUN \W 9LKLTW[PVU [OYLL `LHYZ HNV ZOL»Z ILLU KYPURPUN TVYL

"* (  ($  $ )$  ' * )'  %%  $($ + ) *(  %  ' ''#% $ ( )' %( $%!# OLHS[OPS` º0 KYPUR H SV[ SLZZ UV^ HUK PU H TVYL TPUKM\S ^H` [OHU ILMVYL (ZPKL MYVT UV TVYL ºSVZ[ L]LUPUNZ» 0»]L SVZ[ ^LPNO[ HT MHY MP[[LY OH]L TVYL LULYN` HUK ZSLLW IL[[LY [OHU 0 \ZLK [V ^OPSL Z[PSS LUQV`PUN [OL L_WLYPLUJL VM ZPWWPUN H MHI\SV\Z JVJR[HPS» /LY L_WLYPLUJL PZ ZOHYLK I` *OYPZ[PUL 9PZI`  KPYLJ[VY VM [OL (SJVOVS-YLL :OVW HSJVOVSMYLLJV\R ^OV Z[HY[LK [V J\[ IHJR VU OLY KYPURPUN PU  º)` Z^P[JOPUN [V TVZ[S` UVUHSJVOVSPJ ILLY HUK ^PUL 0 UL]LY MLLS 0»T TPZZPUN V\[ VU [OL NVVK WHY[Z ¶ [HZ[L HUK [L_[\YL ¶ VM KYPURPUN IVVaL I\[ 0 MLLS H IPN KPMMLYLUJL" T` LULYN` SL]LSZ HYL OPNO 0»]L ILLU HISL [V RLLW PU NYLH[ WO`ZPJHS ZOHWL HUK 0 MLLS IL[[LY RUV^PUN 0»T UV[ \UULJLZZHYPS` L_WVZPUN T`ZLSM [V PUJYLHZLK YPZR VM Z[YVRL OLHY[ KPZLHZL HUK T`YPHK V[OLY KPZLHZLZ»

  

0M `V\»YL Z[H`PUN PU `V\ KVU»[ OH]L [V TPZZ V\[ VU OLHS[OPLY KYPURPUN ;OLZL KH`Z `V\ JHU RUVJR \W `V\Y V^U Z\WLYMVVK JVJR[HPSZ I` HKKPUN H ZWSHZO VM ]VKRH [V JVSKWYLZZLK MYLZO Q\PJL Z\JO HZ 0TIPILY`»Z ,_V[PJ VY 9VV[Z   MVY TS" PTIPILY`SVUKVUJVT )SLUK IV[HUPJHS JVJR[HPSZ VY TVJR[HPSZ ^P[O ZVTL OLSW MYVT VUL VM [OL UL^ YLJPWL THU\HSZ VU [OL ZOLS]LZ JOLJR V\[ ;OL 4VJR[HPS 4HU\HS /HYKPL .YHU[   VY ;OL *YHM[ VM *VJR[HPSZ 7HYYHNVU   VY WVW VWLU H IV[[SL VM SV^LYJHSVYPL MPaa :RPUU` 7YVZLJJV PZ [OL SH[LZ[ HKKP[PVU [V H WVY[MVSPV VM SV^LYZ\NHY ZWHYRSPUN ^PULZ KL]LSVWLK I` ;OVTWZVU :JV[[ MV\UKLY (THUKH ;OVTWZVU º;OL J\YYLU[ MVJ\Z VU JSLHU LH[PUN PZ JV\WSLK ^P[O H NYV^PUN H^HYLULZZ VM JSLHU KYPURPUN» ZOL ZH`Z º0[»Z HIV\[ ILJVTPUN H JVUZJPV\Z JVUZ\TLY HUK THRPUN Z\YL `V\ OH]L [OL MHJ[Z ILMVYL `V\ Z[HY[ ZPWWPUN +YPURPUN SLZZ Z\NHY HUK ML^LY JOLTPJHSZ PZ IL[[LY MVY `V\» >L»SS YHPZL H NSHZZ [V [OH[ 9LHK VU MVY [OL OLHS[OPLZ[ I\`Z


>HU[ [V [VHZ[ ^P[OV\[ PTIPIPUN \UULJLZZHY` JHSVYPLZ VY Z\NHY& 2LLU [V H]VPK H OHUNV]LY VY ULLK [V J`JSL VY KYP]L OVTL& /LYL»Z ^OH[ [V WV\Y PU `V\Y NSHZZ

"

EY`^ad`_  DT`ee D\Z__j Ac`dVTT` ;OPZ MYLZO HUK MY\P[` 7YVZLJJV PZ SPNO[ HUK SP]LS` `L[ JVU[HPUZ Q\Z[  JHSVYPLZ WLY TS HUK OHZ  WLY JLU[ ML^LY JHSVYPLZ JVTWHYLK [V THU` V[OLY 7YVZLJJVZ 0[»Z THKL MYVT 0[HSPHU NYHWLZ Z^LL[LULK I` [OL Z\U ZV YLX\PYLZ TPUPTHS HKKLK Z\NHY N VM WLY SP[YL PU MHJ[ HUK P[»Z JLY[PMPLK VYNHUPJ HUK ]LNHU ZV `V\ JHU ZPW N\PS[MYLL  IV[[SL WLY JHZL VM ZP_" [OVTZVUHUKZJV[[JVT

#

DVVU]Za 8RcUV_ "!) R_U DVVU]Za DaZTV *% )PSSLK HZ º[OL ^VYSK»Z MPYZ[ KPZ[PSSLK UVUHSJVOVSPJ ZWPYP[» :LLKSPW PZ H]HPSHISL PU [^V LX\HSS` JVTWSL_ HUK KLSPJPV\Z MSH]V\YZ HUK ILH\[PM\S IV[[SLZ 5LP[OLY JVU[HPUZ HKKLK Z\NHY UVY Z^LL[LULYZ ;OL UL^LY [PWWSL PZ .HYKLU  H NYLLU HUK MSVYHS ISLUK VM WLHZ HUK OLYIZ PUJS\KPUN ZWLHYTPU[ HUK YVZLTHY` 0[ THRLZ MVY H TLHU JVJR[HPS I\[ PZ ILZ[ LUQV`LK TP_LK ^P[O LSKLYMSV^LY [VUPJ V]LY WSLU[` VM PJL  MVY JS" ZLLKSPWKYPURZJVT

"

#

'%     

        

$

>R\Vcd  4` :_WfdVU HZ_V 4`T\eRZ]d (]HPSHISL PU [^V MSH]V\YZ ¶ *YHUILYY` 9VZL /PIPZJ\Z HUK 3PTL 4PU[ /PIPZJ\Z ¶ [OPZ SPNO[S` ZWHYRSPUN ]LNHUMYPLUKS` KYPUR JVU[HPUZ Q\Z[ MV\Y WLY JLU[ HSJVOVS I` ]VS\TL HI] HUK  JHSVYPLZ WLY ZLY]PUN 0[»Z H MY\P[` ^PUL ZWYP[a ZV PZ SV]LS` VU P[Z V^U VY WHPYLK ^P[O SPNO[ TLHSZ  WLY JS IV[[SL" ZHPUZI\Y`ZJV\R

%

D2DDJ 4ZUcV >P[O Q\Z[  JHSVYPLZ WLY TS [OPZ JSHZZ`SVVRPUN HUK LSLNHU[[HZ[PUN JPKLY PZ NS\[LUMYLL HUK THKL MYVT YLHS MY\P[ Q\PJL ;OYLL MSH]V\YZ ¶ VYPNPUHS WLHY HUK YVZt ¶ HYL JYHM[LK HJJVYKPUN [V [YHKP[PVUHS TL[OVKZ HUK LHJO PZ JVTWSL_ HUK YLMYLZOPUN ;Y` [OL YVZt ^OPJO OHZ H WSLHZPUN [HUN VM WPURMSLZOLK HWWSLZ -YVT  MVY JS" ZLSMYPKNLZJV\R

&

HVZ_\`_ZX >Vc]`e ( M\SSIVKPLK KLHSJVOVSPZLK YLK ^PUL THKL MYVT TLYSV[ NYHWLZ @V\ NL[ [OL M\SS ISHJRILYY`YPJOULZZ VM H YLN\SHY 4LYSV[ ^P[OV\[ [OL IVVaL ^OPJO OHZ ILLU YLTV]LK K\YPUN HU L]HWVYH[PVU WYVJLZZ [OH[ SLH]LZ SLZZ [OHU  WLY JLU[ HI] ,UQV` P[ HZ `V\ ^V\SK H YLN\SHY IV[[SL VM YLK  " HSJVOVSMYLLJV\R

$

%

'

2cT`ScRVf 4cRWe HYVRe 3VVc ;OPZ HSJVOVSMYLL ^OLH[ ILLY PZ MYLZO M\SSIVKPLK HUK MPSSLK ^P[O ]P[HTPUZ THRPUN P[ H NYLH[ JOVPJL MVY H WVZ[^VYRV\[ KYPUR 0[ HSZV JVU[HPUZ  WLY JLU[ ML^LY JHSVYPLZ [OHU [OL HSJVOVSPJ ]LYZPVU ¶ ZV P[ ^VU»[ \UKV HSS VM `V\Y OHYK ^VYR 0[ JVZ[Z  WLY JHZL VM  _ TS IV[[SLZ" HSJVOVSMYLLJV\R Q

&

'

      

     


                ( ;(7 8  8(7."4 %4 ; (( *.(74 (. ."'$ ;(7- %(8 4( 4%% 8.;(' (74, (9-/ ;(7.  ' H`^V_|d 7Ze_Vdd ' 9VR]eY  7Ze_Vdd &<"'/ 8 #("' (./ 4( %7' 4   $   #   %  "  $ $!   9./ 9"%% .('"/ 4  8.; /4 (( ' ."'$ *.(74/ 4 4 %* $* ."4"/ 9(&' %4 ;+ .(& .% ./ ' /8(7.; /'$/ 4( /&((4 "/ ' #7"/ 9"''./ ( 4  9./ 9"%%  ''(7' "' 4  *."% 6=)0 "//7/ ( H7 ' 97+ ( ('-4 %; 8(4 (. ;(7. 4(* *.(74/ 4(;

-RDQQD .QLJKW 0DU\ &RPEHU :RPHQ¶V )LWQHVV DQG +HDOWK )LWQHVV



  " ""    #      

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

            

     

       *."< "/ 8"%% (. (8. )1/ ('%;+ .8% "/ '(4 "'%7+   *."< "/ 8%" (. /": &('4 / .(& 4  4 4  9"''. "/ '(4""+ .."8% .(& 6*&+ *.47. 4"& 7* 4( 1*& 4  (%%(9"' ;+


 %$' $#%

( ' 

G682?

HYVeYVc Ze|d W`c GVXR_fRcj `c W`c ]`_XVc R gVXR_ UZVe YRd _VgVc SVV_ d` a`af]Rc 3VW`cV j`f [f^a `_ eYV R_Z^R]WcVV SR_UhRX`_ cVRU `_ W`c ViaVce eZad ^R\V eYV TYR_XV eYV YVR]eYj hRj 803%4 :BOBS "MLBZBU

% %    *+"  $%$) $ %%*$ !!%   $'% !$%  !'% ' % *  % '$' '$ *' $'% %( % + ' $'+  (   *' % * % %(!$$% ) ' % %%" (%  $ % )$' '  ) ' % +$%  $ *% %  (% ) ''  '$#%  $* '$ $ +($% ( (! *'(' ' %*  '$ %  %'$" (%' , +$%  *   ' '$%' $  )'$ ' )  *% ' *' *  %  + %'$ %"  *( %+ *+ $ (% ' *$   '$( ) '$% '' + ' *% '+ $ !%')" ''     

        

8C66? EC6?5

5V^ P[»Z UV SVUNLY H MYPUNL SPMLZ[`SL HUK TVYL [OHU OHSM H TPSSPVU WLVWSL PU [OL <2 MVSSV^ ]LNHU WYPUJPWSLZ I` L_JS\KPUN TLH[ MPZO ZLHMVVK HUK KHPY` ZVTL H]VPK OVUL` HZ ^LSS ;OPZ MPN\YL PZ \W  WLY JLU[ MYVT  `LHYZ HNV (STVZ[ MV\Y TPSSPVU HYV\UK MP]L [V ZP_ WLY JLU[ VM [OL WVW\SH[PVU HYL UV^ ]LNL[HYPHU HUK H [OPYK VM )YP[Z PKLU[PM` [OLTZLS]LZ HZ MSL_P[HYPHU (JJVYKPUN [V [OL =LNHU :VJPL[` [OLZL [YLUKZ WYV]L ]LNHUPZT PZ UV^ VUL VM )YP[HPU»Z ºMHZ[LZ[ NYV^PUN SPMLZ[`SL TV]LTLU[Z» 0U  [OL SH\UJO VM ]LNHU H^HYLULZZ TVU[O =LNHU\HY` H[[YHJ[LK  WLVWSL [V ZPNU \W HUK WSLKNL [V NVPUN ]LNHU MVY 1HU\HY` ;OL MVSSV^PUN `LHY [OPZ U\TILY ZVHYLK [V ULHYS`  HUK PU  P[ HSTVZ[ KV\ISLK [V  >P[O H[[P[\KLZ JOHUNPUN HUK ]LNHUPZT UV SVUNLY KLLTLK HU L_[YLTL ^H` VM LH[PUN Z\WLYTHYRL[Z OH]L JH\NO[ \W [VV ;OPZ `LHY ZHSLZ VM ]LNHU MVVKZ H[ 6JHKV YVZL I` H O\NL  WLY JLU[ ;OLYL»Z WYVIHIS` UL]LY ILLU H IL[[LY [PTL [V NP]L ]LNHUPZT H NV ^P[O PTWYV]LK JOVPJLZ L]LY`^OLYL `V\ SVVR! MYVT ^LSSULZZ MVVKZ I\YZ[PUN VMM Z\WLYTHYRL[ ZOLS]LZ MYPLUKS`=Z VU


YLZ[H\YHU[ TLU\Z [V KHPY`MYLL WYV[LPU ZOHRLZ PUNYLKPLU[JVUZJPV\Z Z\WWSLTLU[Z HUK L]LU ]LNHU ILH\[` WYVK\J[Z

A=2?E 36?67:ED

,H[PUN H WSHU[IHZLK KPL[ TVYL ]LNL[HISLZ ^OVSLNYHPUZ SLN\TLZ HUK SLZZ TLH[ PZ UV^ YLJVNUPZLK HZ UV[ VUS` U\[YP[PVUHSS` Z\MMPJPLU[ I\[ HSZV H ^H` [V YLK\JL [OL YPZR VM THU` JOYVUPJ PSSULZZLZ Z\JO HZ VILZP[` OLHY[ KPZLHZL KPHIL[LZ OPNO ISVVK WYLZZ\YL HUK L]LU TVY[HSP[` º>LSSWSHUULK ]LNL[HYPHU KPL[Z JHU IL U\[YP[PV\Z HUK OLHS[O`» ZH`Z ;OL (ZZVJPH[PVU VM <2 +PL[P[PHUZ )+( IKH\RJVT º:[\KPLZ OH]L ZOV^U [OL` HYL HZZVJPH[LK ^P[O SV^LY YPZRZ VM OLHY[ KPZLHZL OPNO ISVVK WYLZZ\YL ;`WL  KPHIL[LZ VILZP[` JLY[HPU JHUJLYZ HUK SV^LY JOVSLZ[LYVS SL]LSZ ;OPZ JV\SK IL ILJH\ZL Z\JO KPL[Z HYL SV^LY PU ZH[\YH[LK MH[ JVU[HPU ML^LY JHSVYPLZ HUK TVYL MPIYL HUK WO`[VU\[YPLU[ZWO`[VJOLTPJHSZ ^OPJO JHU OH]L WYV[LJ[P]L WYVWLY[PLZ [OHU UVU]LNL[HYPHU KPL[Z» º>LSS WSHUULK» PZ [OL RL` ZH`Z ,SHPUL (SSLY[VU KPL[PJPHU HUK ZWVRLZWLYZVU MVY


GVXR_Zd^ YRd R Xc`hZ_X acVdV_TV `_ :_deRXcR^ 3Vj`_TÃ&#x2020;

6]]ZV 8`f]UZ_X

DeV]]R >T4Rce_Vj

[OL )+( º( OLHS[O` KPL[ PUJS\KLZ H ^PKL ]HYPL[` VM MY\P[Z ]LNL[HISLZ HUK ^OVSLNYHPUZ ZV Z^HW ZH[\YH[LK MH[Z MYVT HUPTHS WYVK\JL MVY \UZH[\YH[LK MH[Z MV\UK PU U\[Z H]VJHKV VSP]L YHWLZLLK HUK OLTW VPSZ ( KPL[ VM Z\NHY L]LU ¸OLHS[O`¹ Z\NHY HY[PMPJPHS JVU]LUPLUJL HUK Q\UR MVVKZ TH` IL SV^ VU TLH[ I\[ ^VU»[ IL NVVK MVY `V\ 6US` I` MVSSV^PUN [OL YLJVTTLUKLK U\[YP[PVUHS N\PKLSPULZ JHU `V\ YLHW [OL ILULMP[Z VM WSHU[IHZLK LH[PUN» ZOL ZH`Z

5:6E 42FE:@?

>P[OV\[ [OL YPNO[ U\[YPLU[ TP_ H WSHU[ IHZLK VY ]LNHU KPL[ JHU OH]L P[Z WP[MHSSZ :[\KPLZ OH]L ZOV^U IV[O ]LNL[HYPHUZ HUK ]LNHUZ HYL WYVUL [V KLMPJPLUJPLZ PU ) JHSJP\T PYVU aPUJ [OL SVUNJOHPU MH[[` HJPKZ ,7( HUK +/( HUK MH[ZVS\ISL ]P[HTPUZ Z\JO HZ ( HUK + ¶ HSS U\[YPLU[Z ULJLZZHY` MVY WO`ZPVSVNPJHS M\UJ[PVU º>OLYL KV `V\ NL[ `V\Y WYV[LPU MYVT&» PZ WLYOHWZ [OL MPYZ[ X\LZ[PVU HZRLK VM TVZ[ ]LNHUZ (UK PUKLLK Z[\KPLZ ZOV^ [OH[ THU` ]LNHU KPL[Z HYL [VV SV^ PU [OPZ U\[YPLU[ 6M [OL  HTPUV HJPKZ [OH[ THRL \W WYV[LPU UPUL JHSSLK LZZLU[PHS HTPUV HJPKZ JHU VUS` IL HJX\PYLK [OYV\NO `V\Y KPL[ (UPTHS ZV\YJLZ VM WYV[LPU HYL JVUZPKLYLK ºJVTWSL[L» WYV[LPU ILJH\ZL ')     

        

[OL` JVU[HPU HSS [OLZL LZZLU[PHS HTPUV HJPKZ 7SHU[ ZV\YJLZ Z\JO HZ ILHUZ SLU[PSZ HUK U\[Z HYL ºPUJVTWSL[L» ILJH\ZL [OL` SHJR ZVTL LZZLU[PHS HTPUV HJPKZ ;OL`»YL HSZV SLZZ LHZPS` KPNLZ[LK /V^L]LY H ML^ WSHU[ ZV\YJLZ VMMLY JVTWSL[L WYV[LPU! ZV` X\PUVH HTHYHU[O HUK ZWPY\SPUH º(Z V[OLY WSHU[ WYV[LPUZ HYL UV[ HZ JVTWSL[L LH[ H ]HYPL[` VM ZV\YJLZ MVY PUZ[HUJL MYVT ILHU ZWYV\[Z YH^ ZWPUHJO SLU[PSZ ZLZHTL [HOPUP VH[Z HUK TPSSL[ [V LUZ\YL HSS LZZLU[PHS HTPUV HJPKZ HYL HJX\PYLK» ZH`Z (SSLY[VU º@V\ KVU»[ ULLK [V JVTIPUL

             

    

               6gV <R]Z_Z\ _fecZeZ`_R] eYVcRaZde

E9C66 G682? 72G@FC:E6D H2=?FED ¶ OPNO PU VTLNH [OPZ RP[JOLU J\WIVHYK Z[HWSL [HZ[LZ L]LU IL[[LY HM[LY ZVHRPUN ,H[ ^HSU\[Z HZ H ZUHJR VY [VWWLK VU[V ZHSHKZ YPJL VY ZWLS[ KPZOLZ 0UKPNV /LYIZ 6YNHUPJ >HSU\[Z JVTL PU H YLZLHSHISL HPY[PNO[ MVPS WV\JO

 MVY N" PUKPNVOLYIZJV\R

AC@E6:? A@H56C ¶ PM `V\»YL J\YYLU[S` VU HU L_LYJPZL YLNPTL [OH[ JHSSZ MVY L_[YH WYV[LPU HKK H ^OL`MYLL ZOHRL WVZ[ ^VYRV\[ >L SV]L UL^ /\LS ^OPJO JVU[HPUZ UH[\YHS ^OVSLMVVKZ MVY H U\[YPLU[ YPJO OPNOWYV[LPU OPNOMPIYL SV^Z\NHY JVTWSL[L TLHS 0[»Z H T\Z[[Y`  MVY RN   WLY TLHS


  

WYV[LPUZ H[ LHJO TLHS Q\Z[ THRL Z\YL `V\ JVUZ\TL H ]HYPL[` K\YPUN [OL KH`»

   =ZdR 8RheY`c_V Zd R gVXR_ ReY]VeV hY` cVacVdV_ed EVR^ 83 Z_ eYV 6fc`aVR_ DacZ_e 5fReY]`_

86E 2 32=2?46

=LNHUZ JHU HSZV IL SV^ PU [OL HU[P PUMSHTTH[VY` VTLNH VPSZ (3( HUK P[Z KLYP]H[P]LZ ,7( HUK +/( -SH_ZLLK VPS JOPH ZLLK VPS OLTW ZLLKZ ^HSU\[Z ZV`ILHUZ ZLH^LLK [VM\ HUK SPUZLLKZ HYL HSS NVVK ZV\YJLZ VM (3( I\[ P[»Z ,7( HUK +/( MV\UK PU VPS` MPZO [OH[ HYL TVZ[ ILULMPJPHS [V OLHS[O ;OL IVK` JHU JVU]LY[ (3( [V ,7( HUK +/( I\[ UV[ [OH[ LMMLJ[P]LS` TLHUPUN ZVTL ]LNHUZ HYL SV^ :V P[»Z PTWVY[HU[ [V LH[ HZ THU` VM [OLZL VTLNH YPJO MVVKZ HZ WVZZPISL 0[ TH` HSZV IL ^VY[O [HRPUN H +/( Z\WWSLTLU[ KLYP]LK MYVT HSNHL YH[OLY [OHU MPZO º>OPSL [OLYL HYL UV YLJVTTLUKLK KHPS` HTV\U[Z `V\Y VTLNH PU[HRL ZOV\SK IL NYLH[LY [OHU VTLNH PU[HRL VTLNH VPSZ HYL MV\UK PU ]LNL[HISL VPSZ HUK ZWYLHKZ» HK]PZLZ (SSLY[VU 0[»Z VM[LU HZZ\TLK [OH[ H KHPY`MYLL KPL[ ^VU»[ VMMLY LUV\NO JHSJP\T I\[ [OLYL HYL WSLU[` VM UVUKHPY` ZV\YJLZ MYVT JOPJRWLHZ SLU[PSZ HUK [VM\ [V SLHM` NYLLUZ º0M `V\ MVJ\Z VU YLHS WSHU[ MVVKZ [OLYL»Z UV YLHZVU ^O` H ]LNHU KPL[ ZOV\SKU»[ Z\WWS` VW[PTHS HTV\U[Z VM JHSJP\T» ZH`Z )HPSL` º0[»Z HSS HIV\[ JOVVZPUN ZV\YJLZ [OH[ HYL ^LSS HIZVYILK» :LL ILSV^ MVY KL[HPSZ ;OLYL HYL WSLU[` VM ]LNHU PYVU ZV\YJLZ [VV Z\JO HZ SLHM` NYLLUZ SLU[PSZ ILHUZ HSTVUKZ HUK ZLH^LLK º(NHPU WSHU[ ZV\YJLZ HYL SLZZ ^LSS HIZVYILK I\[ I` PUJS\KPUN ]P[HTPU *YPJO MVVKZ ^P[O LHJO TLHS `V\ JHU PTWYV]L HIZVYW[PVU» HKKZ )HPSL` ;OL VUL RL` U\[YPLU[ `V\ JHU»[ NHPU MYVT H ]LNHU KPL[ PZ ]P[HTPU ) ULLKLK MVY `V\Y ULY]V\Z Z`Z[LT HUK WYVK\J[PVU VM YLK ISVVK JLSSZ º>OPSL ZVTL ]LNHU MVVKZ Z\JO HZ ZLH ]LNL[HISLZ HUK MLYTLU[LK [VM\

>:D@ A2DE6 ¶ [OPZ MLYTLU[LK ZV`ILHU WHZ[L PZ HU HUJPLU[ 1HWHULZL Z\WLYMVVK YPJO PU ) ]P[HTPU 2 WYV[LPU HUK MPIYL HZ ^LSS HZ LUa`TLZ HUK IHJ[LYPH [OH[ HPK KPNLZ[PVU <ZL P[ HZ H Z[VJR MVY UVVKSLZ VY JHZZLYVSLZ VY HZ H IHZL MVY THYPUHKLZ HUK KYLZZPUNZ *SLHYZWYPUN 6YNHUPJ )YV^U 9PJL 4PZV 7HZ[L  MVY N" JSLHYZWYPUNJV\R

{>j V_VcXj ]VgV]d RcV YZXY R_U :|gV dVV_ ^j WZe_Vdd Z^ac`gV Rd R gVXR_ : _`h YRgV A3d Z_ ^`de cf__Z_X UZdeR_TVd R_U TR_ ]ZWe YVRgZVc hVZXYed eYR_ SVW`cV >j ^fdTf]Rc T`^a`dZeZ`_ YRd X`_V fa e`` hZeY ]`hVc WRe ^Rdd 7`c ScVR\WRde : YRgV Y`^V^RUV ^fdV]Z hZeY f_dhVVeV_VU R]^`_U ^Z]\ R_U ac`eVZ_ a`hUVc >ZU ^`c_Z_X Ze|d R Y`^V^RUV aVR ac`eVZ_ dYR\V hZeY daZcf]Z_R `c SRc]Vj XcRdd \R]V TRdYVh _fed R_U WcfZe `c gVXVeRS]V [fZTV 7`c ]f_TY Ze|d R e`Wf dR]RU hZeY gVX eYV_ :|]] d_RT\ `_ R ac`eVZ_ SRc `c R_ Raa]V hZeY eRYZ_Z 7`c UZ__Vc Ze|d _fe c`Rde `c dVZeR_ hYVRe ^VRe R_U R d`jR j`XYfce|

OH]L ILLU JYLKP[LK ^P[O JVU[HPUPUN ) [OLZL VUS` JVU[HPU PUHJ[P]L MVYTZ [OH[ JHU HJ[\HSS` ISVJR [OL HJ[P]P[` VM [Y\L ) ZV ZOV\SKU»[ IL \ZLK HZ H YLSPHISL ZV\YJL» L_WSHPUZ )HPSL` :V PM `V\»YL NVPUN ]LNHU `V\ ULLK [V LH[ WSLU[` VM ]P[HTPU ) MVY[PMPLK MVVKZ VY [HRL H ) Z\WWSLTLU[ <S[PTH[LS` P[»Z HIV\[ JOVVZPUN `V\Y MVVKZ JHYLM\SS` +PL[PJPHU /LH[OLY 9\ZZLSS H[ ;OL =LNHU :VJPL[` ]LNHUZVJPL[`JVT ZH`Z H JHYLM\SS` IHSHUJLK ]LNHU KPL[ JHU TLL[ HSS `V\Y U\[YP[PVUHS ULLKZ º0M `V\»YL [OPURPUN HIV\[ NVPUN ]LNHU THRL Z\YL `V\ SLHYU OV^ [V LH[ H IHSHUJLK WSHU[IHZLK KPL[ PUJS\KPUN [OL YVSLZ VM MVY[PMPLK MVVKZ HUK Z\WWSLTLU[Z» ZOL ZH`Z º;OL =LNHU :VJPL[` OHZ H ^LHS[O VM U\[YP[PVUHS YLZV\YJLZ VUSPUL» :V ILMVYL `V\ [Y` [OL UVTLH[LNNZVYKHPY` [YLUK OLYL HYL [OL [OPUNZ [V L_WLJ[ HUK OV^ [V THRL ]LNHUPZT ^VYR MVY `V\

[YHUZP[PVUPUN [V H ]LNL[HYPHU KPL[ ILMVYL `V\ M\SS` JVU]LY[ [V H ]LNHU KPL[



HYRe|d j`fc ^`eZgReZ`_0 (ZR `V\YZLSM ^O` `V\»YL HKVW[PUN [OPZ ^H` VM LH[PUN (YL `V\ JVUJLYULK HIV\[ ^OH[ NVLZ VU PU [OL TLH[ HUK KHPY` PUK\Z[YPLZ HUPTHS ^LSMHYL PZZ\LZ VY LU]PYVUTLU[HS JVUJLYUZ& 4H`IL `V\Y TV[P]H[PVUZ HYL YVV[LK PU WLYJLP]LK OLHS[O ILULMP[Z ^LPNO[ SVZZ VY ZPTWS` ]LNHU J\YPVZP[` -VY TL P[ ^HZ H UH[\YHS L_[LUZPVU VM ILPUN ]LNL[HYPHU H KLJPZPVU 0 THKL H[ UPUL `LHYZ VSK MVY L[OPJHS YLHZVUZ 5V^ 0 ZPTWS` KVU»[ ^HU[ [V Z\WWVY[ HU PUK\Z[Y` VY MHYTPUN TL[OVKZ 0 KVU»[ ILSPL]L PU HUK 0 ^HU[ [V SVVR HM[LY T` OLHS[O ;HRL [PTL [V [OPUR HIV\[ ^OH[»Z KYP]PUN `V\ ILJH\ZL [OL Z[YVUNLY `V\Y JVU]PJ[PVU [OL TVYL SPRLS` `V\ HYL [V Z[PJR [V P[ ([ [OL ZHTL [PTL OV^L]LY H]VPK ZOHTPUN VY Q\KNPUN V[OLYZ H[ [OL KPUULY [HISL ILJH\ZL `V\ KVU»[ ^HU[ [V SVZL MYPLUKZ V]LY P[ 9LTLTILY [OPZ PZ `V\Y JOVPJL HUK UV[ L]LY`VUL ZOHYLZ [OL ZHTL VWPUPVUZ



5`_|e SV ]Rkj VRe hV]] ( ]LNHU KPL[ JHU IL YPJO PU OLHS[O` MVVKZ HUK MPIYL HZ ^LSS HZ ILPUN SV^ PU ZH[\YH[LK MH[Z I\[ P[»Z Z[PSS WVZZPISL [V IL HU \UOLHS[O` ]LNHU º(]VPK JVU]LUPLUJL MVVKZ VY MPSSPUN \W VU Z\NHYSVHKLK ZUHJRZ ¶ [OL IVK` KVLZU»[ KPZ[PUN\PZO IL[^LLU NVVK Z\NHY VY IHK :\NHY PZ Z\NHY PZ



ER\V Ze d]`h]j hZeY SRSj deVad .VPUN MYVT M\SSISV^U TLH[ LH[LY [V JVTWSL[LS` HUPTHSMYLL V]LYUPNO[ JV\SK IL H [HSS VYKLY ,]LU NVPUN MYVT ]LNL[HYPHU [V ]LNHU JHU IL JOHSSLUNPUN ZV IL YLHSPZ[PJ HUK [HRL P[ ZSV^S` º>VYR VU VUL TLHS H[ H [PTL HUK I\PSK H JVYL ZLSLJ[PVU VM [OYLL [V MV\Y VW[PVUZ [V YV[H[L ILMVYL ^VYRPUN \W [V H ^PKLY ZLSLJ[PVU» HK]PZLZ (SSLY[VU @V\ JHU HSZV NYHK\HSS` YLK\JL `V\Y TLH[ JVUZ\TW[PVU I`     

'*


Z\NHY» ^HYUZ 2HSPUPR º-VJ\Z VU ^OVSL WSHU[ MVVKZ WHJRLK ^P[O U\[YPLU[Z -VYNL[ HIV\[ TLH[ Z\IZ[P[\[LZ ^OPJO HYL SVHKLK ^P[O HKKP[P]LZ HUK HY[PMPJPHS PUNYLKPLU[Z» ZOL ZH`Z º,H[ YLHS MVVKZ PU [OLPY TVZ[ UH[\YHS Z[H[LZ WSHU HOLHK HUK WYLWHYL MVVKZ [V LUZ\YL `V\Y TLHSZ HYL U\[YP[PV\Z [HZ[` HUK Z\WWVY[ `V\Y IVK`»



AcVaRcReZ`_ Zd \Vj :[H`PUN OLHS[O` PZ UV[ Q\Z[ ^OH[ `V\ LH[ I\[ OV^ `V\ HIZVYI P[ .L[[PUN PU[V [OL OHIP[ VM ZVHRPUN U\[Z ZLLKZ

SLN\TLZ W\SZLZ HUK NYHPUZ [V PTWYV]L [OLPY HIZVYIHUJL PZ PTWVY[HU[ LZWLJPHSS` ^OLU [OL`»YL H ZPNUPMPJHU[ ZV\YJL VM `V\Y WYV[LPU º;OLZL MVVKZ JVU[HPU H JVTWV\UK JHSSLK WO`[PJ HJPK HUK YLWLH[LK L_WVZ\YL JHU JYLH[L KHTHNL PU `V\Y N\[» L_WSHPUZ 2HSPUPR º7O`[PJ HJPK JHU HSZV PTWHPY [OL HIZVYW[PVU VM JHSJP\T PYVU HUK THNULZP\T» ZOL HK]PZLZ º:V ZVHR [OLZL MVVKZ HUK YPUZL [OLT [OVYV\NOS` ILMVYL WYLWWPUN [OLT ^OPJO TPNO[ IL JVVRPUN VY KLO`KYH[PUN 0U]LZ[PUN PU H NVVK KLO`KYH[VY PZ ^VY[O^OPSL PM `V\»YL ]LNHU»

86E D>2CE H:E9 DFAA=6>6?ED

>OPSL WSHU[ MVVKZ WYV]PKL HU HZZVY[TLU[ VM U\[YPLU[Z ZVTL TH` IL VU [OL SV^ LUK /LYL HYL MV\Y LZZLU[PHS U\[YPLU[Z HSS ]LNHUZ ULLK [V RUV^ HIV\[ 5V[ VUS` PZ PYVU LZZLU[PHS MVY OLHS[O` ISVVK H NVVK PTT\UL Z`Z[LT LULYN` SL]LSZ KL[V_PMPJH[PVU HUK [O`YVPK OLHS[O P[»Z HSZV RL` MVY TVVK OLHS[O HUK OHWWPULZZ º0M `V\ MVSSV^ H ]LNHU KPL[ `V\»SS ULLK HIV\[ [^PJL HZ T\JO KPL[HY` PYVU HZ H UVU]LNL[HYPHU» ZH`Z (SSLY[VU º7SHU[ ZV\YJLZ VM PYVU HYL SLZZ ^LSS HIZVYILK [OHU OHLT PYVU [OH[ `V\ MPUK PU TLH[ MPZO HUK HUPTHS WYVK\J[Z Z\JO HZ LNNZ HUK JOLLZL» 62E :E+ *VTIPUL SLN\TLZ [VM\ [LTWLO HUK NYLLU SLHM` ]LN ^P[O ]P[HTPU *YPJO MVVKZ [V HPK HIZVYW[PVU DFAA=6>6?E :E+ )S\L0YVU 3PX\PK 0YVU Â&#x2030; MVY TS" IS\LPYVUJV\R HSZV JVU[HPUZ ]P[HTPU* WHJRLK ^PSK ILYYPLZ ]P[HTPU ) MVSPJ HJPK HUK aPUJ

3"#+ 5LLKLK MVY YLK ISVVK JLSS WYVK\J[PVU HUK [OL ULY]V\Z Z`Z[LT ]P[HTPU ) PZ ]P[HS MVY [OL IYHPU 0M `V\»YL SV^ VU [OL ]P[HTPU `V\ JHU Z\MMLY MH[PN\L HUK HU_PL[` º5VU]LNHUZ NL[ ) ]PH TPSR JOLLZL LNNZ I\[[LY HUK `VNO\Y[ I\[ WSHU[IHZLK MVVKZ HYL UV[ H ZV\YJL ^L JHU LMMLJ[P]LS` \ZL >VTLU SVVRPUN [V JVUJLP]L ZOV\SK HSZV WSH` H[[LU[PVU [V ) SL]LSZ» ZH`Z U\[YP[PVUHS [OLYHWPZ[ 3VYUH +YP]LY+H]PLZ 62E :E+ *VUZ\TL [^V [V [OYLL WVY[PVUZ H KH` VM )MVY[PMPLK MVVKZ JLYLHSZ IYLHK VY [HRL H Z\WWSLTLU[ HK]PZLZ )HPSL` DFAA=6>6?E :E+ >PSK 5\[YP[PVU -VVK.YV^U =P[HTPU ) 7S\Z Â&#x2030; MVY  JHWZ\SLZ" ^PSKU\[YP[PVUJVT JVTLZ PU H UH[\YHS MVYT

G:E2>:? 5+

42=4:F>+ 6UL VM [OL TVZ[ ]P[HS

:HYHO1HUL *YH^MVYK ^PSS IL MYVU[PUN [OL UL^ ZLYPLZ VM >VYSK»Z :[YVUNLZ[ 4HU MVY *OHUULS  MYVT +LJLTILY  [V 1HU\HY`   :OL PZ HSZV Z[HYYPUN PU ;OL /H[[VU .HYKLU 1VI [V IL YLSLHZLK VU 4HYJO " ZHYHOQHULJYH^MVYKJVT" YLKJHYWL[NYLLUKPL[JVT

:C@?+

,_WVZ\YL [V Z\USPNO[ OLSWZ `V\Y IVK` THRL ]P[HTPU + ¶ ^P[OV\[ P[ [OLYL»Z HU PUJYLHZLK YPZR VM VZ[LVWVYVZPZ =P[HTPU + RLLWZ `V\Y IVULZ [LL[O HUK T\ZJSLZ OLHS[O` HUK PZ ]P[HS MVY L]LY`[OPUN MYVT TVVK [V WYV[LJ[PUN `V\ MYVT JHUJLY 0[ HSZV HPKZ `V\Y IVK` PU [OL HIZVYW[PVU VM PYVU HUK JHSJP\T º-VVK ZV\YJLZ VM ]P[HTPU + HYL SPTP[LK [OL THPU ZV\YJLZ ILPUN VPS` MPZO LNNZ HUK VMMHS» ZH`Z )HPSL` 62E :E+ º*VUZPKLY ]P[HTPU +MVY[PMPLK MVVKZ Z\JO HZ TPSR HS[LYUH[P]LZ HUK T\ZOYVVTZ» ZH`Z )HPSL` DFAA=6>6?E :E+ =P[HZOPUL =LNHU =P[HTPU + P\ Â&#x2030; MVY  [HISL[Z" ]LNL[VSVN`JVT (WWYV]LK I` [OL =LNHU :VJPL[` P[»Z [OL MPYZ[ ]LNHU ]P[HTPU +

(!     

     

TPULYHSZ MVY [OL IVK` ¶ MYVT `V\Y IVULZ [V `V\Y IYHPU ¶ JHSJP\T PZ PU THU` WSHU[IHZLK MVVKZ I\[ HIZVYW[PVU YH[LZ ]HY` MYVT MP]L [V  WLY JLU[ JV^»Z TPSR PZ  WLY JLU[ º-VY L_HTWSL ZWPUHJO HUK ILL[ NYLLUZ HYL HSZV OPNO PU V_HSH[LZ ^OPJO IVUK [V JHSJP\T HUK YLK\JL P[Z HIZVYW[PVU» ZH`Z )HPSL` º2HSL T\Z[HYK NYLLUZ HUK IYVJJVSP HYL SV^ PU V_HSH[LZ 62E :E+ @V\ ULLK [OYLL WVY[PVUZ KHPS` VM MVY[PMPLK MVVKZ Z\JO HZ TS VM UVUKHPY` TPSR VY N VM UVUKHPY` `VNO\Y[ DFAA=6>6?E :E+ =LNHUPJP[P` *HSJP\T ,_[YH Â&#x2030;  MVY  [HISL[Z" ]LNHUPJP[` JVT ;OL ]P[HTPU + HUK THNULZP\T TP_ HPKZ JHSJP\T HIZVYW[PVU HUK OLSWZ IVULZ



D^Z]V Re cVdeRfcR_e deRWW ,H[PUN V\[ KVLZU»[ OH]L [V IL [OH[ KPMMPJ\S[ PM `V\»YL H ]LNHU 4` WLYZVUHS L_WLYPLUJL OHZ HS^H`Z ILLU [V IL MSL_PISL HUK VWLUTPUKLK ^P[O [OL TLU\ ZPKLZ KPZOLZ HYL H NVVK WSHJL [V MPUK TLH[ HUK KHPY`MYLL VW[PVUZ 0 KVU»[ NL[ O\UN \W VU TPU\[L [YHJLZ VM KHPY` HZ SVUN HZ P[»Z UV[ [OL THPU PUNYLKPLU[ HUK 0»T HS^H`Z Z\WLYMYPLUKS` [V Z[HMM ^OLU HZRPUN MVY H ]HYPH[PVU H WPaaH [VWWLK ^P[O ZWPUHJO PUZ[LHK VM JOLLZL PZ UL]LY H WYVISLT [OHURM\SS` º0[»Z TVYL PTWVY[HU[ [V ZP[ HUK LUQV` `V\YZLSM [OHU ZP[ [OLYL Z[YLZZPUN V\[» ZH`Z 2HSPUPR º;OLYL ZOV\SK UL]LY IL H MLHY HIV\[ MVVK»



3V aReZV_e U`_|e dhVRe Ze *OVVZL HUPTHSMYLL ^OLYL]LY P[»Z YLHZVUHIS` WVZZPISL ZV [OH[ P[ ILJVTLZ H SPMLZ[`SL JOVPJL [OH[ `V\ JHU LUQV` YH[OLY [OHU KYLHK >OL[OLY [OH[ TLHUZ YLSH_PUN `V\Y KPL[HY` YLZ[YPJ[PVUZ PU ZVJPHS ZL[[PUNZ VY LH[PUN ]LNL[HYPHU YH[OLY [OHU ]LNHU ^OLU VU [OL YVHK P[»Z \W [V `V\ [V KLJPKL )L JVUMPKLU[ HKHW[HISL HUK JYLH[L `V\Y V^U IV\UKHYPLZ ^P[OV\[ N\PS[ ;OH[ ^H` `V\»SS IL HISL [V YLHW HSS [OL ILULMP[Z VM `V\Y HUPTHSMYLL KPL[ ^P[OV\[ HU` \UULJLZZHY` WYLZZ\YL 

   EG acVdV_eVc 5; RTecVdd R_U ^`UV] DRcRY;R_V 4cRhW`cU 15;DRcRY;R_V ]`gVd YVc gVXR_ UZVe

{: hV_e gVXR_ ") ^`_eYd RX` e` ecj eYV ##5Rj CVg`]feZ`_ UZVe R eYcVVhVV\ a]R_eSRdVU a]R_ Z_daZcVU Sj 3Vj`_TÃ&#x2020; R_U TYVW >RcT` 3`cXVd : da`\V e` `eYVc gVXR_d Z_T]fUZ_X eYV XcZ^V >4 ;>6 hY` dV_e ^V ]Z_\d `_ WRTe`cj WRc^Z_X :e TYR_XVU ^j ]ZWV 2 ejaZTR] URj ^ZXYe SV X]feV_WcVV a`ccZUXV hZeY R]^`_U ^Z]\ R S]RT\ SVR_ TYZ]]Z hZeY Sc`h_ cZTV R_U deVR^VU \R]V W`c ]f_TY R_U R ^fdYc``^ deZcWcj W`c UZ__Vc HYV_ :|^ _`e `_ R dfaVc ]VR_ UZVe :|]] ]`RU fa `_ d^``eYZVd R_U [fZTVd >j dfXRc Z_eR\V YRd WR]]V_ R_U :|gV XZgV_ fa R]T`Y`] : WVV] R^RkZ_X :|^ ecRZ_Z_X hZeY 1>T<V_kZDRXVc7Ze_Vdd R_U SfZ]UZ_X ^fdT]V `_ _` ^VRe 2]]>fdT]V?`>VRe >j gVXR_ Raa GZRaaZ ]Rf_TYVd VRc]j #!"(|


E G 4  / W 3RA

.ASFGRW ,HQR  

3OagR`W\Y ZWR >S`TSQb T]` ]\ bVS U]

KEATE RGE CAKNÉ HEQ É¡NÉ  3AMRAƤ 1XWUL 3UR  :  > ¶ OPNO WV^LY VMMLYZ H MHZ[LY HUK TVYL LMMLJ[P]L ^H` VM L_[YHJ[PUN U\[YPLU[Z <W [V H THZZP]L  SP[YL ¶ H SHYNLY JHWHJP[` HSSV^Z MVY TVYL OLHS[O` MY\P[ ]LNL[HISLZ HUK Z\WLYMVVKZ [V IL WHJRLK PU[V `V\Y Z\WLY ZTVV[OPLZ

;OL \UPX\L T\S[PW\YWVZL ISHKL KLZPNU LUHISLZ TH_PT\T ]P[HTPU HUK U\[YPLU[ YLSLHZL ^OPSZ[ Z[PSS ILPUN HISL [V LMMLJ[P]LS` JOVW HUK JY\ZO PJL

$YDLODEOH LQ VWRUH 12:

KRFRODWH &KHUU\ 6PRRWKLH  N JHJHV WV^KLY  N OLTW ZLLKZ  N JOLYYPLZ ^P[O Z[VUL YLTV]LK  N H]VJHKV  N ZWPUHJO  TS HSTVUK TPSR  ZJVVW VM WYV[LPU WV^KLY

&DFDR %DQDQQD 6PRRWKLH  N JHJHV WV^KLY  N JOPH ZLLKZ  N MYVaLU IHUHUH  N Z[YH^ILYYPLZ  TS JVJVU\[ TPSR  ZJVVW VM WYV[LPU WV^KLY




 

  

W -HZOPVU >LHY JVVYKPUH[PUN WPLJLZ MVY TH_PT\T PTWHJ[ W .L[ [OL SVVR ;\YU OLHKZ VU [OL ZSVWLZ [OPZ ZRP ZLHZVU

(#     

        


  7:E 72D9:@? @ 4@@= <:E @ DEJ=6 25G:46

  =PJ[VYPH»Z :LJYL[ 3PNO[^LPNO[ )YH  HUK ;OL 7SH`LY 9\U :OVY[ " ]PJ[VYPHZZLJYL[JVT ;VWZLSSPUN (TLYPJHU \UKLY^LHY IYHUK =PJ[VYPH»Z :LJYL[ RUV^Z H [OPUN VY [^V HIV\[ IYHZ HUK W\[Z P[Z L_WLY[PZL PU[V P[Z MHU[HZ[PJSVVRPUN ZWVY[Z YHUNL [VV ;OL TLKP\T Z\WWVY[ IYLH[OHISL IYH PU [OL WPJ[\YL IVHZ[Z ^PYLSLZZ J\WZ HUK H Z\WLYJVTM` LSHZ[PJ IHUK ^P[O UV JSHZWZ VY OVVRZ +L[HPSZ Z\JO HZ HKQ\Z[HISL YHJLYIHJR Z[YHWZ OLSW `V\ NL[ [OL MP[ Q\Z[ YPNO[ ^OPSL H J\[V\[ KL[HPS PU [OL IHJR \WZ [OL Z[`SL Z[HRLZ :WPU RPJRIV_ HUK [YHPU OHYK PZ [OL TLZZHNL ;OL TLKP\TYPZL ZOVY[Z IVHZ[ I\PS[PU RUPJRLYZ HU PUZPKL WVJRL[ HUK ^PJRPUN MHIYPJ 0[»Z H NYLH[SVVRPUN V\[MP[ MVY H ZLUZPISL WYPJL

    

($


9625

  

*R IRU D FRRUGLQDWHG ORRN ZLWK EROG JUDSKLFV IRU EXFNHW ORDGV RI LPSDFW ZKDWHYHU \RXU DFWLYLW\


6WWVZP[L 7`YHTPK )YH  *HW[HPU (URSL ;PNO[  IV[O (SHSH H[ ;OL :WVY[Z ,KP[" :WVY[ *OHSR )HN  4VVU H[ *V[Z^VSK 6\[KVVY ;OPZ WHNL 9HJLYIHJR 7YPU[LK )YH   ;LJOMP[ .YHWOPJ 0UJO :OVY[ ;PNO[Z   IV[O (KPKHZ" 7YPTYVZL :( *SPTIPUN /HYULZZ  )SHJR +PHTVUK H[ *V[Z^VSK 6\[KVVY" =HWV\Y = *SPTIPUN :OVLZ  :JHYWH H[ *V[Z^VSK 6\[KVVY 7/6;6.9(7/,9! +HOHQ 0DUVGHQ :;@30:;! .HOOLH 'DJJHWW


6WWVZP[L ;OL :JVYL 7LYMVYTHUJL 3LNNPUNZ  ;OL :JVYL 7LYMVYTHUJL *YVZZ 6]LY )HJR  IV[O >L HYL /HUKZVTL" *OHSR )HN HUK :OVLZ HZ ILMVYL ;OPZ WHNL 6]LYKYP]L :WVY[Z )YH  7YV 6]LYKYP]L *HWYPZ  IV[O 5PRL MYVT 1+ :WVY[Z" >VYRV\[ .SV]LZ  :P_[` 5PUL[` H[ :[`SL :WVY[PM" :OVLZ HZ ILMVYL


7YPU[ )YH   =LZ[   3LNNPUNZ    HSS <:( 7YV" *SPTIPUN /HYULZZ HZ ILMVYL" :OVLZ HZ ILMVYL :[VJRPZ[Z (KPKHZ HKPKHZJV\R *V[Z^VSK 6\[KVVY JV[Z^VSKV\[KVVYJVT 1+ :WVY[Z 1+ZWVY[ZJV\R ;OL :WVY[Z ,KP[ [OLZWVY[ZLKP[JVT :[`SL :WVY[PM Z[`SLZWVY[PMJVT <:( 7YV \ZHWYVJV\R >L (YL /HUKZVTL ^LHYLOHUKZVTLJVT /(09 4(2,<7! 1V *SH`[VU ' QVJSH`[VUJVT 46+,3! /H`SL` ' > 4VKLS 4HUHNLTLU[ >P[O [OHURZ [V >OP[L :WPKLY <YIHU *SPTIPUN -VY TVYL PUMVYTH[PVU HIV\[ JSPTIPUN VY [V THRL H IVVRPUN ZLL ^OP[LZWPKLYJSPTIPUNJVT VY JHSS     


 8      

 

$:1   01"17& &

(:0 *0"&7 - " "7$ 1:10"*7"(& "&$:1  

= 8 "11:1 ( $7!  "7&11 "& *0"&7 & " "7$ (0 (&$> 68 *$:1   01"17& & =   "  ! (& " "7$ 11 & !     " >(: !((1 7( (&7"&: >(:0 1:10"*7"(& =   "# <"7!"& 7!  (& >(:0 *0"&7 1:10"*7"(&

 7(7$ ( 6 ( 7! *0"&7 - " "7$ 1:10"*7"(& *0" (;01 11 7( (:0 " "7$ "7"(& 1;"& 29+ (& 7! " "7$ 1:10"*7"(& 07, 0"&7 & " "7$ :&$ 1:10"*7"(&1 0 ;"$$ =$:1";$> "07 0(%      " "7$ 1:10"*7"(&1 0 :00&7$> ;"$$ (& " !(& "  & "&$ "0, "7 "1 $"%"7 7( 7! "017 )? (001 (&$>, $1 $$(< 9 >1 (0 $";0>,  (&$> (0, &&"1 :$"1!"& 7 010;1 7! 0" !7 7( 0*$ 7!"1 "7,

  

&&"1% 1,(,:#4!$7!&7&11 (0

$$ ? '' )238 .:(7"& ( $ (0 0"&7 - " "7$ .:(7"& ( $ (0 0"&7 (&$>

$$1 <"$$ (17 2* *0 %"&:7 *$:1 >(:0 7$*!(& (%*&>/1 11 !0 ,


   *#65 1((

    &$$ ,5&+1*    &67 &+ + 1 $  028- &67 6   ! +#+ 028- &67 &!++7 $&5&+ &", 0%8- &67&+ + 1 ,$ !1 03.- &67 &&+4$ $&5 $1, 0'8 (+&674!*&*4!)

:^LH[` )L[[` 3\_L 9PIILK )VIISL /H[

" Z^LH[`IL[[`JVT

06'4 4/'4

5 3@2C H @ D?

HRLY -SL_P O\[L " ZUV^HUKYVJRJVT

18' 9' Z.[YL[JO`



E96 =@@<

L ;OL TLTIYHU Y L K H[ +LMLUV]PKLZ NYL HUK WY YVVMPUN W ^H[LYLH[OHIPSP[` Y I

)L IVSK HUK IYH]L VU [OL ZSVWLZ PU JVSV\YJSHZOPUN ZRP ^LHY +10 10

4PZ[ :UV^IVHYK SLZ " YV_`\RJV\R

-''2 %

,PKLY >VT 1HNLY 1HJRL[ " ZUV^HUKYVJRJVT

$116 72 '#5; 4+&'4 (#0%; 2#065

*VS\TIPH >VTLU»Z 4PSSLUUP\T )S\Y 7HU[Z " ZUV^HUKYVJRJVT

)H[HSLVU >VTLU»Z ]LWV^KLY IVHYK " IVHYKHZ`S\TJVT

:HSVTVU 0]` )VH :[Y1R[ :UV^IVHYK )VV[Z " ZUV^IVHYK HZ`S\TJVT




          

W :WH ( S\_\Y` *YVH[PHU ZWH W ;YH]LS 3LHYUPUN [V IL H ZRP PUZ[Y\J[VY W )HJR [V ISHJR 5HKPH :H^HSOH»Z 3)+MYPLUKS` YLJPWLZ W  *SVZLY [V UH[\YL :PTWSL `L[ ZOV^Z[VWWPUN KPZOLZ

)#     

        


 

962=E9J C64:A6D @ DA2 2?5 H6==36:?8 @ EC2G6=

   (YL `V\ VUL VM [OL  WLY JLU[ VM WLVWSL ^OV KPKU»[ [HRL HSS [OLPY OVSPKH` HSSV^HUJL MYVT ^VYR [OPZ `LHY& 4VKLYU ^VYR J\S[\YL TPNO[ THRL `V\ MLLS N\PS[` MVY [HRPUN [PTL VMM I\[ P[»Z RL` [V `V\Y TLU[HS ^LSSILPUN [V YLJOHYNL `V\Y IH[[LYPLZ L]LY` ZV VM[LU :[HY[ [OL UL^ `LHY HZ `V\ TLHU [V NV VU HUK IVVR H ZWH IYLHR VY OVSPKH` WYVU[V >L IL[ `V\»SS WLYMVYT IL[[LY H[ ^VYR OH]PUN OHK ZVTL KV^U [PTL

    

)$


 

;OL SH[LZ[ WHTWLYPUN WSHJLZ WYVK\J[Z HUK [YLH[TLU[Z

4C@2E:2?

    

6XQ *DUGHQV 'XEURYQLN 5LZ[SLK PU[V [OL OPSSZPKL YPNO[ VU [OL +HSTH[PHU JVHZ[ ^P[O H KLZPNU PUZWPYLK I` [YHKP[PVUHS 4LKP[LYYHULHU ]PSSHNLZ :\U .HYKLUZ +\IYV]UPR JVUZPZ[Z VM H SHYNL UPULZ[VYL` THPU OV[LS I\PSKPUN HUK ZTHSSLY HWHY[TLU[ I\PSKPUNZ VY 9LZPKLUJLZ ZJH[[LYLK HYV\UK [OL OPSSZPKL HSS ^P[O Z[\UUPUN ]PL^Z V]LY [OL (KYPH[PJ :LH HUK ,SHMP[P PZSHUKZ +\IYV]UPR PZ Q\Z[ H [^VHUKHOHSM OV\Y MSPNO[ H^H` MYVT 3VUKVU HUK P[Z T\Z[ZLL VSK [V^U PZ HZ L]LY` IP[ HZ WOV[VNLUPJ HUK JOHYTPUN HZ [OL [VW 0[HSPHU [V^UZ P[ OHZ ILLU ZLHTSLZZS` YLI\PS[ ZPUJL P[ [VVR H IH[[LYPUN K\YPUN [OL ZPLNL PU [OL *YVH[PHU ^HY VM PUKLWLUKLUJL MYVT [OL MVYTLY @\NVZSH]PH PU   :\U .HYKLUZ YLZVY[ ZP[Z Q\Z[ [V [OL UVY[O VM [OL JP[` HUK PZ H OH]LU VM JHST KLZWP[L P[Z HTWSL ZPaL P[ IVHZ[Z ZL]LYHS IHYZ JHMtZ HUK YLZ[H\YHU[Z ZOVWZ MV\Y Z^PTTPUN WVVSZ H ZWH RPKZ» JS\I HUK ZWVY[Z JLU[YL

DA2

E96 9@E6=

6WLULK PU   HUK WSH`PUN OVZ[ [V [OL SPRLZ VM )YHK 7P[[ ;VT *Y\PZL HUK .LYHYK )%     

        

)\[SLY RLLW HU L`L V\[ [OL OV[LS JVTWSL_ OHZ H WLHJLM\S \WTHYRL[ H[TVZWOLYL ;OL SHYNL YHUNL VM YLZ[H\YHU[Z HUK JHMtZ KV[[LK HYV\UK [OL NYV\UKZ JH[LYZ [V HSS [HZ[LZ HUK I\KNL[Z ¶ [OL VULZ 0 [YPLK ^LYL HSS VM HU PTWYLZZP]LS` OPNO Z[HUKHYK ( T\Z[ [Y` ^OPSL `V\»YL OLYL PZ [OL [VWUV[JO

ZOHYLZ [OL NYLH[ ]PL^Z V\[ [V ZLH 0[ ^HZ UHTLK HZ [OL ILZ[ 3\_\Y` 9LZVY[ :WH PU *YVH[PH PU [OL >VYSK 3\_\Y` :WH (^HYKZ  (UK ^P[O NVVK YLHZVU 0[ IVHZ[Z ZL]LYHS [YLH[TLU[ YVVTZ HU T PUKVVY WVVS HUK H O`KYV[OLYHW` WVVS ^P[O ZLH ]PL^Z WS\Z H [LWPKHYP\T JVHS ZH\UH ZHS[

                     !      ZLHMVVK ;OL ULHYI` HYLH PZ MHTV\Z MVY P[Z KLSPJPV\Z V`Z[LYZ ^OPJO ^L [YPLK ^P[O H KLSPJPV\Z IHZPS ZOHSSV[ HUK ]PUHPNYL[[L KYLZZPUN PU ;OL 4HYRL[ YLZ[H\YHU[ VUL L]LUPUN ;OL YLZVY[ MLLSZ NYLLULY HUK TVYL H\[OLU[PJ [OHU THU` OVSPKH` YLZVY[Z WHY[S` [OHURZ [V [OL ILH\[PM\SS` SHUKZJHWLK ^HSR^H`Z [OH[ TLHUKLY [OYV\NO [OL NYV\UKZ MSHURLK I` TH[\YL VSP]L WPUL HUK JP[Y\Z [YLLZ -HTPSPLZ HYL ^LSS JH[LYLK MVY [OHURZ [V [OL OPNOZWLJ ZWHJPV\Z ^LSSLX\PWWLK ZLSMJH[LYPUN HWHY[TLU[ I\PSKPUNZ L_JLSSLU[ RPKZ» JS\I Z^PTTPUN WVVSZ HUK WSH` HYLH

E9 6 DA2

;OL ZWHJPV\Z ZPUNSLZ[VYL` TVKLYU I\PSKPUN ZP[Z \UVI[Y\ZP]LS` H[ [OL MVV[ VM [OL THPU OV[LS WHY[S` K\L [V P[Z NYLLU YVVM HUK

ZH\UH OHTTHT HUK Z[LHT YVVT 0 OHK H ^VUKLYM\S :WH ,_WLYPLUJL THZZHNL  L\YVZ MVY HU OV\Y \ZPUN SVJHSS` PUZWPYLK 6JJV WYVK\J[Z VJJVVUSPULJVT ;OL


  E CJ E 9: D   

/      0

[OLYHWPZ[ HWWSPLK T` JOVZLU VPS ^P[O Q\Z[ [OL YPNO[ HTV\U[ VM WYLZZ\YL ;OL :WH I` 6JJV H[ :\U .HYKLUZ PZ [OL MPYZ[ ZWH PU *YVH[PH [V \ZL 6JJV»Z OVTLNYV^U UH[\YHS ZWH WYVK\J[Z ^P[O PUNYLKPLU[Z [OH[ PUJS\KL HJ[P]L WSHU[ OLYI TPULYHS HUK MSV^LY LZZLUJLZ PUZWPYLK I` [OL KP]LYZL UH[\YHS YLZV\YJLZ VM [OL +HSTH[PHU *VHZ[ ;OL ZWH»Z L_JLSSLU[ [YLH[TLU[ TLU\ PUJS\KLZ M\SSKH` WHJRHNLZ" ILH\[` [YLH[TLU[Z" JV\WSLZ» [YLH[TLU[Z HUK L]LU [YLH[TLU[Z MVY [LLUHNLYZ ( =P[HSP[` IHY ZLY]LZ OLHS[O` UVUHSJVOVSPJ JVJR[HPSZ Q\PJLZ HUK ZUHJRZ HUK `V\ JHU NYHI H Z\USV\UNLY HUK ZVHR \W ZVTL YH`Z HUK ]PL^Z WVZ[[YLH[TLU[

MYVT [OYLL V\[KVVY Z^PTTPUN WVVSZ ¶ PUJS\KPUN H X\PL[LY HK\S[ZVUS` VUL [\JRLK H^H` H[ VUL LUK VM [OL YLZVY[ VY H JOPSK MYPLUKS` VUL ULHY H WSH` HYLH HUK JHMt PU [OL [OPJR VM [OPUNZ @V\ JHU L]LU [Y` QL[ ZRPPUN ^H[LYZRPPUN KP]PUN HUK TVYL MYVT [OL THYPUH HYLH I` [OL ILHJO /VW VU [OL OV[LS»Z ZO\[[SL IVH[ HUK IL ^OPZRLK [V +\IYV]UPR PU HYV\UK  TPU\[LZ ¶ ^O` UV[ SVVR HYV\UK [OL [V^U [OLU ^HSR \W [OL

 

  

/HK H OLJ[PJ KH`& 9\U H IH[O SPNO[ [OL )PYJO )YVVR 3PTP[LK ,KP[PVU ,]LYNYLLU :JLU[LK *HUKSL   MVY N" IPYJOHUKIYVVRJV\R [OLU SPL IHJR HUK PTHNPUL `V\»YL VU H ^VVKSHUK ^HSR VU H JYPZW ^PU[LY»Z KH` ,UQV` [OL [VW UV[LZ VM MPY IHSZHT HUK JY\ZOLK WPUL HUK [OL ^HYT ^VVK` IHZL VM JLKHY T\ZR HUK HTILY HUK SLH]L `V\Y [YV\ISLZ ILOPUK HZ `V\ SVZL `V\YZLSM HTVUN TVZZ` [YLL [Y\URZ HUK S\ZO MLYUZ ¶ MPN\YH[P]LS` ZWLHRPUN VM JV\YZL ;OPZ JHUKSL OLSWZ WYV]PKL H ZVV[OPUN HU[PKV[L [V H [V\NO KH` H[ [OL VMMPJL ^OLU P[»Z JVSK HUK KHYR V\[ZPKL HUK JVTT\UPUN ^P[O UH[\YL PZ UV[ HU VW[PVU¯

 ;8? =2#82 (2 &%?8 82#3  &# !8"8!2*? #& !8. # !8 ;3#)( #& 2)' 7: )2 9A '#(;83-

!2. 2##3 &#(# )()(4 %2##3-)-;% +)2 &#(#3 (8#)(=# <#3#8 &# !8;3#)(-(8,1 )8 && (8#" #( 828'(83 ( 8) #(<)&< #(<3#< *2);23 8)  8#< ( ()8 && #&3 2 &;?!#3 (= &# !8"8!2*? 828'(8 #3 #& )2 ;&& 3%#( 8!8 (3 3)' &)= )2 # ?);02 3;2#( 2)' #22#88#)( '#& *# '(88#)( )2 2(33- !  8!()&) ? ;33 2 &# !8 ( (2 #(22 &# !8 ( #3 3;#8& )2 && 3%#( 8?*3! 8!2*#38 8 8! ')2( 2##3 &#(# +8 8! )3*#8& ) 8 )!( ( &#@8!, #238 );&"&(3 '? 3%#( ;3#( #8  3%#(2 *2);83 +<#8 -)-;%,- ! 8!( &#  8=)"*28 $&&?"&#% 3!8 '3% #(;3 =#8! '2#( )&& ( *2)#)8#3 ( *&(8 >8283 )(8) '?   8! ))&#( 8 #3 <2? 3))8!#( !( ' 8! '#( 8;2  8!

 '3% #> )( 8)* )2  82

23 38)2'82))*2 &))% 803 8! )'#(8#)( ) &# !8 #(;3#( 8!2); ! 8! &"'3% #( 2#(83 8!8 !&*3 8) 2# !8( ( #2' 3%#( ( 8!8 '%3 8!#3 828'(8 #2(8 2)' )8!2 &# !8 8!2*#3(&#% &32 8!8 !83 8! 3%#( 8) ;3 82;' ( 2)<2? 8! 8?* ) &# !8 ;3 #( 8!#3 828'(8 '#83 (2 ? 8!8 )3(08 !2' 3%#( ( !3 ( &#(#&&? *2)<( 8) 2; #(&''8#)( # =);( !&#( ( <( 3%#( 8)(- !2 =3 !2&? (? 3(38#)(- 8 &3) #(233 &)) ( )>? ( &)= )2 &)=? 3%#(3 *28 ) 8! 828'(8  =3 #<( #8 13 )#&"2 &* )<2? 2' =!#!  **&# )2 #< (# !83 )2  ')#38;2- #8  ?28#( 3% +7:: )2 5'&, =)2%3 =&& 8))-1

Z[LLW OPSS ILOPUK P[ MVY HTHaPUN ]PL^Z& *`JSL [V\YZ HYL HSZV H]HPSHISL MYVT [OL OV[LS

E96 AC:46

( 9LZPKLUJL HWHY[TLU[ JVZ[Z MYVT  L\YVZ HWWYV_  WLY UPNO[ IHZLK VU [^V WLVWSL ZOHYPUN ( Z[HUKHYK KV\ISL YVVT PU [OL THPU OV[LS I\PSKPUN JVZ[Z MYVT  L\YVZ HWWYV_  WLY UPNO[ =PZP[ K\IYV]UPRZ\UNHYKLUZJVT

 

  

86E 24 E:G6

@V\»YL ZWVPS[ MVY JOVPJL H[ [OL HTHaPUNS` ^LSSLX\PWWLK ZWVY[Z JLU[YL ^P[O L_JLSSLU[ N`T ^OLYL `V\ JHU OPYL H WLYZVUHS [YHPULY JSPTIPUN ^HSS [LUUPZ JV\Y[Z ^O` UV[ IVVR PU MVY H [LUUPZ SLZZVU& L_LYJPZL Z[\KPVZ ^P[O MP[ULZZ HUK `VNH JSHZZLZ HUK H MP]LHZPKLMVV[IHSS WP[JO +VU»[ TPZZ H KPW PU [OL ZLH PU [OL SV]LS` KLZPNUH[LK Z^PTTPUN HYLH MYVT [OL ZTHSS ZOPUNSL ILHJO PU MYVU[ VM [OL OV[LS ¶ [HRL H ZUVYRLS HUK THZR [V ZLL [OL ZJVYLZ VM WYL[[` MPZO 5V[ H ILHJO MHU& ;HRL `V\Y WPJR     

)&


D<: :?DECF4E@C



(JJVTWSPZOLK ZRPLY (IPNHPS )\[JOLY NVLZ IHJR [V IHZPJZ VU [OL :^PZZ ZSVWLZ HZ ZOL SLHYUZ OV^ [V [LHJO ZRPPUN

»T ZRPPUN H[ H ZUHPS»Z WHJL VU ZUV^ ^P[O [OL [PUPLZ[ NYHKPLU[ `V\ JHU HJ[\HSS` SPKL VU `L[ JVUJLU[YH[PUN OHYKLY VU T` [LJOUPX\L [OHU ^OLU 0»T MS`PUN KV^U H V N\SS` PU ^HPZ[KLLW WV^KLY MLHYPUN MVY T` SPML >OH[»Z ^VYZL 0 RUV^ 0»T UV[ NL[[PUN P[ YPNO[! T` IHJR»Z [VV \WYPNO[ 0»T SVVRPUN H[ [OL MSVVY HUK 0»T JVUJLU[YH[PUN ^H` [VV OHYK +HTTP[ ¶ ^O` PZ [OPZ Z[\MM UV[ LHZ`& CTG VU KP %GTXKPKC UQTVU GP JO GU 0»T ZRPPUN VU [OL ALYTH[[ HT TG K COG TG #RTGUUM VJCP KP DKIP T RG GC .SHJPLY PU :^P[aLYSHUK HZ P[»Z EJ EJ W O TPKZ\TTLY I\[ Z[H`PUN PU LY]PUPH 0[HS` Q\Z[ [OL V[OLY ZPKL VM [OL 4H[[LYOVYU ^VYRPUN T` ^H` Z[\KPV\ZS` [OYV\NO H JV\YZL ^P[O [OL >HYYLU :TP[O :RP (JHKLT` [OH[ ^PSS OVWLM\SS` LUK PU TL ILJVTPUN H 3L]LS ;^V ZRP PUZ[Y\J[VY ^P[O )'     

        

[OL 0YPZO (ZZVJPH[PVU VM :UV^ZWVY[Z 0UZ[Y\J[VYZ 0(:0

DEC 2:89E CF??: ? 8 ;`WPJHSS` HJJPKLU[WYVUL 0»]L QVPULK [OPZ JV\YZL [V^HYKZ [OL LUK OH]PUN KVUL WHY[ VM P[ PU ;OL :UV^ *LU[YL H[ /LTLS /LTWZ[LHK HZ 0 IYVRL T` ^YPZ[ H[ [OL ^YVUN TVTLU[ ;OL :UV^ *LU[YL YLN\SHYS` OVZ[Z JV\YZLZ MVY ZRPLYZ [V NHPU [OLPY 0(:0 3L]LS 6UL X\HSPMPJH[PVU · ^OPJO HSSV^Z `V\ [V [LHJO VU PUKVVY ZSVWLZ HUK T\Z[ IL [HRLU PU VYKLY [V WYVNYLZZ [V 3L]LS ;^V @V\ HSZV OH]L [V KV JV\YZLZ PU V\[KVVY MPYZ[ HPK HUK JOPSK WYV[LJ[PVU HUK KV [OL YLX\PYLK U\TILY VM [LHJOPUN OV\YZ PU VYKLY [V NL[ [V [OL UL_[ SL]LS )\[ OLYL 0 HT VU [OL NSHJPLY Z\U ILH[PUN KV^U MYVT H JSLHY IS\L ZR` WYPZ[PUL ZUV^ \UKLY T` ZRPZ Z[Y\NNSPUN [V UHPS ºZ[YHPNO[ Y\UUPUN» [OL MPYZ[ Z[HNL VM ZSPKPUN VU ZUV^


   

HUK [OL KYLHKLK ZUV^ WSV\NO 0M P[ ZV\UKZ HZ PM 0»T W\[[PUN T`ZLSM [OYV\NO OLSS 0»T UV[ YLHSS` 0»T LUQV`PUN [OL PYVU` VM [OL JOHSSLUNL 0»]L ILLU ZRPPUN MVY TVZ[ VM T` SPML HUK ^OPSL 0»T OHWW` [V Q\TW VMM H M[ JSPMM ZRP YPKPJ\SV\Z Z[LLWZ HUK [Y\KNL VU ºZRPUZ» \WOPSS I` [OL SPNO[ VM H OLHK[VYJO 0»]L HS^H`Z ILLU OVWLSLZZ H[ [Y`PUN [V [LHJO HU`VUL ¶ ^OL[OLY MHTPS` VY MYPLUK ;OLYL»Z MHY TVYL [V P[ [OHU [LSSPUN ZVTLVUL [V ºILUK aL RULLZ» HZ 0»T X\PJRS` SLHYUPUN 0»]L QVPULK ^OH[ >HYYLU :TP[O JHSSZ OPZ .HW@LHY :RP 0UZ[Y\J[VY 7YVNYHTTL ¶ H UPUL^LLR JV\YZL [OH[ [HRLZ `V\ MYVT aLYV [V OLYV PU LP[OLY *LY]PUPH K\YPUN [OL Z\TTLY VY =LYIPLY PU [OL ^PU[LY ;OL JV\YZL OHZ H  WLY JLU[ WHZZ YH[L · `L[ HZ [OL ^LLRZ WYVNYLZZ 0 MLHY 0»SS YLK\JL [OH[ WHZZ YH[L HZ T` ZRPPUN KPZPU[LNYH[LZ ^OLU 0 ILNPU [V V]LY[OPUR [OL ^OVSL [OPUN 3LHYUPUN [V IL H ZRP PUZ[Y\J[VY PZ HIV\[ \UKLYZ[HUKPUN [OL MVYJLZ PU]VS]LK PU ZRPPUN ¶ NYH]P[` TV]LTLU[ IHSHUJL HUK Z[LLYPUN ¶ HZ ^LSS HZ [OL ^H` `V\Y IVK` ^VYRZ IPVTLJOHUPJHSS` HUK [OL ^H` ZRP LX\PWTLU[ PU[LYHJ[Z ^P[O HSS VM [OH[

     

7F ? :? E 9 6 DF ? ;V IL H NVVK PUZ[Y\J[VY `V\ T\Z[ IL JVUMPKLU[ H[ NP]PUN SLZZVUZ [V IL ZHML HUK YLZWVUZPISL VU [OL ZSVWLZ · HUK IL HISL [V KLTVUZ[YH[L OV^ [V KV [OPUNZ WLYMLJ[S` ([ 3L]LS 6UL HUK ;^V [OH[ TLHUZ W\[[PUN VU ZRPZ ZUV^ WSV\NOPUN HUK WHYHSSLS [\YUZ )` [OL LUK VM [OL JV\YZL ^L HSZV OH]L [V KLTVUZ[YH[L [V [OL L_HTPULY [OH[ ^L JHU ZRP ZOVY[ [\YUZ SVUN Z^LLWPUN JHY]LK [\YUZ HUK IL HZ WYVMPJPLU[ PU TVN\SZ HZ ^L HYL H[ [OPURPUN \W M\U KYPSSZ [V NL[ ILNPUULYZ ZUV^ WSV\NOPUN ^P[O JVUMPKLUJL :V\UK SPRL H SV[& 0[ PZ ¶ I\[ P[»Z M\U :\TTLY ZRPPUN PZ HIV\[ NL[[PUN \W LHYS` OP[[PUN [OL ZSVWLZ I` HT ILJH\ZL [OL` JSVZL I` WT" IHZRPUN PU Z\UZOPUL [OLU OLHKPUN IHJR [V *LY]PUPH PU [OL JHISL JHY `V\ JHU»[ ZRP KV^U ILJH\ZL HS[OV\NO [OL NSHJPLY H[ T OPNO PZ JV]LYLK PU ZUV^ [OL SV^LY ZSVWLZ HYL JV]LYLK PU JV^Z NYHaPUN [V LUQV` H IP[ VM MYLL [PTL ILMVYL LHYS` L]LUPUN JSHZZYVVT ZLZZPVUZ HUK ]PKLV HUHS`ZPZ 4` MLSSV^ Z[\KLU[Z ¶ 3H\YLU ,]PL 1VKP 9VIPU ,VPU )LJR` HUK 3PaaPL ¶ YHUNL PU HNL MYVT  [V  HUK ^OPSL H JV\WSL HYL ^VYRPUN HZ ZRP PUZ[Y\J[VYZ H[ PUKVVY ZSVWLZ PU /LTLS /LTWZ[LHK HUK 4PSMVYK 2L`ULZ [OL YLTHPUKLY ]HY` MYVT HJ[VYZ [V WYVWLY[` KL]LSVWLYZ [V M\SS[PTL Z[\KLU[Z >L»YL HSS LP[OLY SVVRPUN [V Z\WWSLTLU[ V\Y PUJVTL I` ^VYRPUN HZ HU PUZ[Y\J[VY H JV\WSL VM ^LLRZ H `LHY VY JOHUNL JHYLLY LU[PYLS` (Z H

OLHS[O MP[ULZZ HUK [YH]LS ^YP[LY ^OV ZWLJPHSPZLZ PU ZRPPUN 0 MHSS PU[V [OL JHTW VM ^HU[PUN [V [LHJO ºVU [OL ZPKL» I\[ HZ [PTL ^LHYZ VU 0 ILJVTL ZV WHZZPVUH[L HIV\[ ILJVTPUN HU PUZ[Y\J[VY 0 MPUPZO [OL JV\YZL YLZVS]PUN [V JVU[PU\L VU [V 3L]LS ;OYLL

7 =J : ? 8 4@ =@ FCD *LY]PUPH PZ [LHTPUN ^P[O TV\U[HPU L_WSVYLYZ K\YPUN [OL Z\TTLY · S`PUN PU [OL SLL VM [OL 4H[[LYOVYU P[»Z H THNUL[ MVY ^HSRLYZ JSPTILYZ TV\U[HPU IPRLYZ HUK [YHPS Y\UULYZ WS\Z ZRP [LHTZ MYVT HSS V]LY ,\YVWL +#5+ KPUVTWEVQT &WPECP ETK · Z\TTLY PZ TVZ[ KLMPUP[LS` UV[ #DKICKNrU UVTCKIJVTWPPKP VKSWGU I VGEJPKSWG H X\PL[ [PTL (M[LY ILYH[PUN T`ZLSM MVY H MVY[UPNO[ 0 MPUHSS` NL[ [V NYPWZ ^P[O T` ZUV^WSV\NO HUK ZOVY[ WHYHSSLS [\YUZ · [V ZRP HZ MHY HMPLSK HZ 1HWHU HUK *HUHKH IV[O VM ^OPJO ^LYL [OYLH[LUPUN [V JH\ZL 0U [OL ZOVY[ [LYT 0 WSHU [V \ZL P[ [V [LHJO T` KV^UMHSS ;V^HYKZ [OL LUK VM [OL H[ T` SVJHS KY` ZRP ZSVWL HUK V]LY H JV\YZL >HYYLU OPTZLSM JVTLZ V\[ [V QVPU JV\WSL VM ^LLRZ [OPZ JVTPUN ZLHZVU PU OPZ [LHT VM 1VYKHU -PVUH 9VYHPNO HUK :^P[aLYSHUK I\[ [OL ^VYSK»Z T` V`Z[LY 9VI · HSS [LHJOPUN OLYL MVY [OL Z\TTLY HUK 0 SLH]L ^P[O T` ZPNO[Z ZL[ VU KVPUN · HUK HM[LY ^H[JOPUN TL NL[ T` RUPJRLYZ T` 3L]LS ;OYLL Q PU H [^PZ[ VUL TVYUPUN V]LY ZOVY[ [\YUZ OL Z\NNLZ[Z 0 MVYNL[ HIV\[ [Y`PUN ZV OHYK HUK ZRP SPRL 0 ^V\SK PU H JV\SVPY KLLW N\SS` HZ PM 724E 7:=6 0»T HJ[\HSS` LUQV`PUN P[ O ;OL JV\YZL JVZ[Z Â&#x2030; PU 3PRL THNPJ L]LY`[OPUN JSPJRZ PU[V WSHJL ^PU[LY HUK Â&#x2030; PU Z\TTLY HUK VU [OL MPUHS KH` VM [OL ^LLRSVUN PUJS\KPUN SPM[ WHZZ HUK L_HT 0(:0 L_HTPULY +\UJHU WHZZLZ TL HJJVTTVKH[PVU [V T` PTTLUZL YLSPLM 6]LY H JLSLIYH[VY` -VY TVYL KL[HPSZ ]PZP[ ZWHNOL[[P )VSVNULZL HUK WYVZLJJV P[ ^HYYLUZTP[OZRPHJHKLT`JVT ILNPUZ [V ZPUR PU [OH[ 0 OH]L H NSVIHS X\HSPMPJH[PVU 0 JV\SK \ZL [V [LHJO WLVWSL

2SZXRZ] YRd R X` Re eVRTYZ_X

    

)(


{EYZd Zd R WR_eRdeZT hRj e` deRce j`fc URj Rd Ze|d aRT\VU Wf]] `W ac`eVZ_ R_U WZgV `W j`fc dVgV_ RURj|




324< E@

    



º

LU KVU»[ \UKLYZ[HUK [OL ^H`Z ^L ^VTLU YLSH[L [V V\Y JSV[OLZ @LZ [OL` TH` ZH` ¸`V\ SVVR UPJL¹ I\[ MVY \Z [OL [OV\NO[ VM SVVRPUN NVVK PU H SP[[SL ISHJR KYLZZ PZ HIV\[ SVVRPUN K`UHTP[L MLLSPUN LTWV^LYLK L_\KPUN JVUMPKLUJL HUK UV[ [OPURPUN HIV\[ HU` ISLTPZOLZ» :V ZH`Z [OL 3VVZL >VTLU OVZ[ HUK 4PYYVY MVVK JVS\TUPZ[ 5HKPH :H^HSOH PU OLY UL^ IVVR 3P[[SL )SHJR +YLZZ +PL[ 2`SL )VVRZ   :H^HSOH JVUMLZZLZ [V OH]PUN [YPLK L]LY` KPL[ V\[ [OLYL HUK SPRL ZV THU` ILMVYL OLY UV[ VUS` KPK ZOL W\[ [OL ^LPNO[ Z[YHPNO[ IHJR VU ZOL NHPULK TVYL >OPJO PZ ^O` ZOL»Z JVTL \W ^P[O H WSHU MVY RLLWPUN [OL ^LPNO[ VMM SVUN [LYT º;OPZ WOPSVZVWO` VM LUQV`PUN ^OH[ `V\ LH[ ^OPSL KPL[PUN PZ [OL ^H` 0 SVZ[ HUK RLW[ VMM [OYLL HUK H OHSM Z[VUL» ZOL ZH`Z 0[»Z HSZV HIV\[ ILPUN YLHSPZ[PJ º0 Q\Z[ ^HU[LK [V SVVR HUK MLLS HZ NVVK HZ 0 JV\SK ^P[O T` IVK` [`WL UV[ ZVTLVUL LSZL»Z» :H^HSOH ILSPL]LZ VUL VM [OL IPNNLZ[ LULTPLZ [V ^LPNO[ SVZZ PZ `V\Y IH[OYVVT ZJHSLZ YLJV\U[PUN [OL THU` [PTLZ [OL WVZP[P]P[` ZOL MLS[ HM[LY H ^LLR VM ºZ[PJRPUN [V H KPL[» ^HZ KHZOLK PU HU PUZ[HU[ PM [OL ZJHSLZ KPKU»[ YLMSLJ[ OLY ºNVVK ILOH]PV\Y» :OL \UKLYZ[HUKZ ^LSS OV^ LHZPS` NHPUPUN H WV\UK VY [^V JHU ZLUK `V\ YLLSPUN [V [OL RP[JOLU [V Z^HSSV^ `V\Y KPZHWWVPU[TLU[ ^P[O H ZSPJL VM JHRL @V\ TH` UV[ ^HU[

   

=``\ R_U WVV] R^RkZ_X Z_ j`fc =35 hZeY R ]Zee]V YV]a Wc`^ ?RUZR DRhR]YR

[V [HRL :H^HSOH»Z HK]PJL VM SP[LYHSS` ZTHZOPUN [OL ZJHSLZ ^P[O H OHTTLY I\[ IHUPZOPUN [OLT MYVT `V\Y KPL[ WSHU ^PSS ZOL ILSPL]LZ NV H SVUN ^H` [V OLSWPUN `V\ Z\JJLLK PU `V\Y ^LPNO[SVZZ NVHSZ -VY OLY P[»Z TVYL HIV\[ OV^ `V\Y IVK` SVVRZ [OHU OV^ T\JO P[ ^LPNOZ º0 \ZL T` MH]V\YP[L SP[[SL ISHJR KYLZZ [V RLLW TL VU [YHJR» ZOL ZH`Z º0M [OL aPW ZSPWZ \W ^P[OV\[ TL IYLHRPUN PU[V H YLKMHJLK Z^LH[ 0»T KVPUN Q\Z[ MPUL 0M UV[ 0 J\[ KV^U MVY H JV\WSL VM KH`Z» ;V [OPZ LUK :H^HSOH KL]PZLK OLY [OYLL^LLR 3)+ WSHU ^OPJO J\[Z KV^U VU KLZZLY[Z HUK IVVaL HZ ^LSS HZ H ZP_^LLR VW[PVU MVY H ZSV^LY I\[ TVYL PUK\SNLU[ YV\[L [V H ZSPTTLY `V\ ;OL WSHUZ PUJS\KL WSLU[` VM JSLHULH[PUN YLJPWLZ ¶ 8\PUVH WVYYPKNL ^P[O HWWSL HUK ILYYPLZ" 4VYUPUN HM[LY ZTVV[OPL ZWPUHJO HUK NPUNLY HUK *V\YNL[[P W\[[HULZJH I\[ [OLYL»Z H OLHS[O` [HRL VU VSK MH]V\YP[LZ [VV )HJVU I\[[PLZ ;\YRL` JS\I ZHYUPLZ HUK N\PS[MYLL *OPJRLU [PRRH HYL HSZV VU [OL TLU\ 5V[ MVYNL[[PUN VM JV\YZL :H^HSOH»Z 4HNPJ ^LPNO[SVZZ ZV\W º0[»Z THNPJ ILJH\ZL PM 0 OH]L H ZTHSS IV^S VM P[ ILMVYL H TLHS 0 THNPJHSS` LH[ OHSM HZ T\JO HZ 0 ^V\SK OH]L KVUL ^OLU 0 ^HZ H THQVY IPUNLY» 9LSLU[SLZZS` VW[PTPZ[PJ [OPZ IVVR THRLZ `V\ MLLS `V\ OH]L H MYPLUK ^OV RUV^Z Q\Z[ OV^ `V\ MLLS YVV[PUN MVY `V\ HSS [OL ^H` PU[V `V\Y 3)+ 7HY[` [PTL& )YPUN P[ VU

º>OLU [OL ZJHSLZ KVU»[ YLÃ&#x2026;LJ[ ^OH[ ^L MLLS ^L NV PU[V ZLSMZHIV[HNL TVKL 0UZ[LHK YLWSHJL IP[LZPaLK JO\URZ VM JOVJVSH[L ^P[O IP[LZPaLK VM JO\URZ VM L_LYJPZL ;OLZL [OPUNZ HSS HKK \W»

7F ?<J 7 C : E E2E2D 6HUYHV  3HU VHUYLQJ  JHSVYPLZ N MH[ N ZH[\YH[LZ N Z\NHYZ N ZHS[ 2OLYH RLO IRU JUHDVLQJ  ODUJH HJJV  FDUURW SHHOHG DQG FRDUVHO\ JUDWHG  FRXUJHWWH FRDUVHO\ JUDWHG $ KDQGIXO RI IUHVK IODWOHDI SDUVOH\ FKRSSHG

Ä&#x201D; RQLRQ JUDWHG RU ILQHO\ FKRSSHG Ä&#x2122; UHG SHSSHU ILQHO\ FKRSSHG  WEVS SHDV  VOLFHV RI WRPDWR 6HD VDOW DQG IUHVKO\ JURXQG EODFN SHSSHU 7YLOLH[ [OL V]LU [V  *NHZ THYR  HUK ]LY` SPNO[S` NYLHZL H ZP_OVSL UVUZ[PJR T\MMPU [YH` ^P[O VSP]L VPS



>OPZR [OL LNNZ PU H SHYNL IV^S ^P[O H NVVK WPUJO VM ZHS[ HUK ISHJR WLWWLY (KK [OL JHYYV[ HUK JV\YNL[[L ;OLU Z[PY PU [OL YLTHPUPUN PUNYLKPLU[Z L_JLW[ [OL [VTH[V HUK WV\Y PU[V [OL T\MMPU [YH` ;VW LHJO T\MMPU ^P[O H ZSPJL VM [VTH[V )HRL MVY  TPU\[LZ VY \U[PS Q\Z[ ZL[



      )*


{:|gV \ZT\VU TRcSd e` eYV \VcS R_U ^RUV eYZd WRg`fcZeV hZeY ]`hWRe ac`eVZ_ cZTY TYZT\V_ ScVRded|

49: 4 < 6 ? { 3 C FD49 6 EE2D| 6HUYHV  3HU VHUYLQJ  JHSVYPLZ N MH[ N ZH[\YH[LZ N Z\NHYZ N ZHS[  VNLQOHVV ERQHOHVV FKLFNHQ EUHDVWV 2OLYH RLO VSUD\ Ä&#x2122; JDUOLF FORYH FUXVKHG Ä&#x201D; VPDOO UHG RQLRQ YHU\ ILQHO\ FKRSSHG $ KDQGIXO RI FKRSSHG IUHVK EDVLO 6HD VDOW DQG IUHVKO\ JURXQG EODFN SHSSHU *UHHQ VDODG WR VHUYH

*!     

        

7\[ [OL JOPJRLU IYLHZ[Z VU H MSH[ Z\YMHJL JV]LY [OLT ^P[O IHRPUN WHWLY HUK IHZO ^P[O H YVSSPUN WPU \U[PS [OL`»YL HSS [OL ZHTL [OPJRULZZ

/LH[ H UVUZ[PJR MY`PUN WHU ^P[O H SPK V]LY H TLKP\T OLH[ :WYH` [OL IYLHZ[Z VU VUL ZPKL ^P[O VPS HUK ZLHZVU ^LSS VU IV[O ZPKLZ 7\[ [OL JOPJRLU PU[V [OL OV[ WHU VPSLKZPKL KV^U [V ZLHY \U[PS P[ [\YUZ ^OP[L [OLU [\YU P[ V]LY



7\[ H [PNO[MP[[PUN SPK VU [OL WHU YLK\JL [OL OLH[ HUK JVVR MVY  TPU\[LZ V]LY H ]LY` SV^ OLH[ ¶ KV UV[ SPM[ [OL SPK 9LTV]L MYVT [OL OLH[ HUK Z[PSS ^P[OV\[ SPM[PUN [OL SPK SLH]L [V YLZ[ MVY  TPU\[LZ ;OPZ ^PSS NP]L `V\ WLYMLJ[S` JVVRLK TVPZ[ JOPJRLU ¶ PM `V\ MVSSV^ [OL PUZ[Y\J[PVUZ L_HJ[S`



4LHU^OPSL TP_ [VNL[OLY HSS [OL YLTHPUPUN PUNYLKPLU[Z HUK ZLHZVU ^P[O ZHS[ HUK ISHJR WLWWLY 7PSL [OL TP_[\YL VU[V [OL JOPJRLU IYLHZ[Z HUK ZLY]L ^P[O ZHSHK




{EYV URc\ T`T`R a`hUVc XZgVd Ze R_ Z_eV_dV TY`T`]ReVj eRdeV eYRe|d WZ_ZdYVU `WW aVcWVTe]j hZeY eYV Tcf_TYj _fed|

8 C6 6 5J 8 :C =| D 4 9 @4@= 2E6 A F55:?8 6HUYHV  3HU VHUYLQJ  JHSVYPLZ N MH[ N ZH[\YH[LZ N Z\NHYZ N ZHS[  EDQDQDV SHHOHG VOLFHG WKHQ IUR]HQ  VPDOO DYRFDGR SHHOHG DQG VWRQHG  VWLFN\ SLWWHG 0HGMRRO GDWHV VRDNHG LQ KRW ZDWHU IRU  PLQXWHV WKHQ GUDLQHG

 WEVS JRRGTXDOLW\ FRFRD SRZGHU  WVS WRDVWHG FKRSSHG KD]HOQXWV 7\[ HSS [OL PUNYLKPLU[Z HWHY[ MYVT [OL

OHaLSU\[Z PU H ISLUKLY HUK ISP[a \U[PS ZTVV[O ;YHUZMLY [V [^V ZTHSS IV^SZ ZWYPURSL [OL OHaLSU\[Z V]LY [OL [VW HUK LH[ PTTLKPH[LS`

;HRLU MYVT 5HKPH :H^HSOH»Z 3P[[SL )SHJR +YLZZ +PL[ I` 5HKPH :H^HSOH 7\ISPZOLK I` 2`SL )VVRZ   7OV[VNYHWO` I` 4HQH :TLUK

D2H2=92|D E:AD @? DA665:?8 FA J@FC H6:89E =@DD 0M `V\»YL UV[ \ZLK [V L_LYJPZPUN [HRL P[ ZSV^S` 0 Z[HY[LK ^P[O Q\Z[  TPU\[LZ H KH` \U[PS 0 L]LU[\HSS` NV[ MP[ LUV\NO [V Y\U [^V THYH[OVUZ >HSRPUN PZ [OL TV[OLYZOPW VM L_LYJPZL 0[ IVVZ[Z ^LPNO[ SVZZ PZ SV^ PTWHJ[ HUK `V\ KVU»[ ULLK HU` ZWLJPHS LX\PWTLU[ VY HU` WLUUPLZ PU `V\Y W\YZL [V KV P[ .P]L YLIV\UKPUN H NV ¶ P[ OHZ aLYV PTWHJ[ H OPNO JHSVYPL I\YU HUK PTWYV]LZ T\ZJSL [VUL HUK IVUL Z[YLUN[O 0[ ^HZ L]LU KLZJYPILK PU H 5(:( Z[\K` ºHZ [OL TVZ[ LMMPJPLU[ LMMLJ[P]L MVYT VM L_LYJPZL `L[ KL]PZLK I` THU» +PN V\[ VUL VM `V\Y MH]V\YP[L KYLZZLZ [OH[ UV SVUNLY MP[Z HUK RLLW P[ VU H OHUNLY PU M\SS ]PL^ ,]LY` [PTL `V\»YL [LTW[LK [V LH[ ZVTL[OPUN [OH[ ^PSS ZHIV[HNL `V\Y WSHU [HRL H SVVR H[ P[ *SVZL `V\Y L`LZ HUK [HRL `V\YZLSM IHJR [V OV^ NYLH[ `V\ MLS[ ^OLU ^LHYPUN P[ )LJH\ZL OV^L]LY `V\ ^LYL ILMVYL `V\ JHU IL [OH[ HNHPU

     *"


EYZd dR]RU aRZcd R d^``eY cZTY TfcU hZeY Tcf_TYj cRUZdYVd 7cVdY XRcUV_ YVcSd R_U ]V^`_ RUU WcRXcR_TV

.H[OLY I` .PSS 4LSSLY 8\HKYPSSL  7OV[VNYHWO`! (UKYL^ 4VU[NVTLY`




  

?2EFC6 =`gV W``U0 =Z\V eYV `feU``cd0 AcVaRcV e` SV Z_daZcVU e` TcVReV R^RkZ_X UZdYVd Sj T`__VTeZ_X ^`cV hZeY eYV _RefcR] h`c]Us

 

  

º

` YLZWLJ[ MVY HUK HWWYLJPH[PVU VM NVVK MYLZO ZLHZVUHS PUNYLKPLU[Z HUK ^OLYL [OL` JVTL MYVT OH]L ZOHWLK HUK OVULK [OL ^H` 0 JVVR» ZH`Z .PSS 4LSSLY H\[OVY VM .H[OLY 8\HKYPSSL  ;OPZ PZ UV Z\YWYPZL ^OLU `V\ OLHY [OH[ [OL JOLM MVVK ^YP[LY MVVK Z[`SPZ[ HUK JVVRLY` [LHJOLY OHZ ILLU WHY[ VM [OL 9P]LY *V[[HNL [LHT MVY V]LY  `LHYZ ^VYRPUN JSVZLS` ^P[O IHJR[VUH[\YL IHJR[VIHZPJZ MVVKPL Z\WLYZ[HY /\NO -LHYUSL` >OP[[PUNZ[HSS º0U H ZLUZL [OLU .H[OLY OHZ ILJVTL H WOPSVZVWO` MVY H TVYL TPUKM\S ^H` [V JVVR HUK LH[» ZH`Z 4LSSLY º4` IVVR PZ ]LY` T\JO HIV\[ [OH[ TVTLU[ VM WSLHZ\YL ^OLU ^L MPYZ[ [HZ[L H KPZO ;OH[ MYHJ[PVU VM [PTL NP]LU V]LY [V [OL HWWYLJPH[PVU VM HSS [OH[ THRLZ H TV\[OM\S VM MVVK H QV`» 4LSSLY»Z MPYZ[ JVVRLY` IVVR MLH[\YLZ SVJHS ZLHZVUHS PUNYLKPLU[Z HUK [OV\NO THU` VM [OL KPZOLZ HYL ZOV^ Z[VWWPUN OL ZH`Z OPZ HWWYVHJO KVLZU»[ JHSS MVY JVTWSL_ WYVJLZZLZ VY [YPJR` [LJOUPX\LZ º4` Z[`SL VM JVVRPUN PZ ZPTWSL HUK MVY [OL TVZ[ WHY[ X\PJR 4VYL VM[LU [OHU UV[ T` YLJPWLZ JVU[HPU Q\Z[ [OYLL VY MV\Y THPU PUNYLKPLU[Z JVTIPULK PU Z\JO H ^H` HZ [V JVTWSLTLU[ LHJO V[OLY ^P[OV\[ JVTWYVTPZL» OL ZH`Z >OH[ LSL]H[LZ OPZ YLJPWLZ [V HUV[OLY SL]LS OV^L]LY PZ OPZ \ZL VM \UJVU]LU[PVUHS JVTIPUH[PVUZ /V^ HIV\[ 4\[[VU [HY[HYL ^P[O WHUYVHZ[LK V`Z[LYZ ^PSK NHYSPJ MSV^LYZ :WYPUN JHIIHNL ^P[O OVUL` HUK ZWYV\[LK SLU[PSZ VY ZWPKLY JYHI ^P[O SVNHUILYYPLZ SLTVU aLZ[ HUK MLUULS [VWZ MVY L_HTWSL& :WSP[ PU[V ZLJ[PVUZ MYVT -HYT [OPUR KHPY` WYVK\JL HUK TLH[ [V :LHZOVYL ZLH^LLK T\ZZLSZ HUK TVYL [V >VVKSHUK T\ZOYVVTZ ^PSK MY\P[Z HUK ZX\PYYLS ¶ `LZ YLHSS` HUK -PLSK NHTL HUK SV[Z TVYL [OL IVVR»Z YLJPWLZ HUK ILH\[PM\S PTHNLZ [VNL[OLY ^P[O P[Z \UKLYS`PUN TLZZHNL THRL `V\ ^HU[ [V ZSV^ KV^U NL[ JSVZLY [V UH[\YL HUK SP]L [OL NVVK SPML UV^

   

4FC 5 H:E9 C 25:D9 6 D  DAC:?8 @?:@? D  96 C3 D 6HUYHV  3HU VHUYLQJ  JHSVYPLZ N MH[ N ZH[\YH[LK MH[ N WYV[LPU N MPIYL N JHYIZ N Z\NHY N ZHS[  UDGLVKHV ZLWK WKHLU JUHHQ WRSV  VSULQJ RQLRQV  RU  PLQW VSULJV OHDYHV SLFNHG  VPDOO EXQFK RI GLOO  WEVS H[WUDYLUJLQ ROLYH RLO -XLFH DQG ILQHO\ JUDWHG ]HVW RI  OHPRQ J IUHVK VKHHSâV RU JRDWâV FXUG 6DOW DQG IUHVKO\ JURXQG EODFN SHSSHU >HZO [OL YHKPZOLZ YLTV]PUN HU` [PYLK SLH]LZ <ZPUN OHSM VM [OLT ZSPJL [OL YVV[Z HJYVZZ [OLPY JPYJ\TMLYLUJL PU[V YV\UKZ VM ¶TT [OPJR 7SHJL [OL YHKPZO ZSPJLZ PU H IV^S" ZL[ HZPKL [OL [VWZ



;YPT HU` YVV[Z MYVT [OL ZWYPUN VUPVUZ [OLU [OPUS` ZSPJL [OL I\SIZ HUK TVZ[ VM [OL Z[LTZ H[ HU HUNSL (KK [OL VUPVU ZSPJLZ [V [OL ZSPJLK YHKPZO



*OVW OHSM [OL TPU[ SLH]LZ HUK OHSM [OL KPSS HUK Z[PY [OLT [OYV\NO [OL YHKPZO HUK VUPVU TP_[\YL ^P[O  [HISLZWVVU VM [OL VSP]L VPS OHSM [OL SLTVU Q\PJL HUK H SP[[SL VM [OL SLTVU aLZ[ :LHZVU ^P[O ZHS[ HUK WLWWLY [OLU Z[PY HNHPU *\[ [OL YLTHPUPUN YHKPZOLZ PU OHSM MYVT YVV[ [V [PW [Y`PUN [V RLLW [OL NYLLU SLH]LZ H[[HJOLK [V LHJO OHSM



;V HZZLTISL WSHJL H ZWVVUM\S VM J\YK VU `V\Y WSH[L (YYHUNL OHSM [OL YHKPZO OHS]LZ HUK [OL YLZLY]LK [VWZ HYV\UK [OL WSH[LZ [OLU ZJH[[LY V]LY OHSM [OL KYLZZLK YHKPZO HUK VUPVU TP_[\YL ;LHY V]LY [OL YLTHPUPUN KPSS ZJH[[LY [OL YLTHPUPUN ^OVSL TPU[ SLH]LZ VSP]L VPS HUK SLTVU Q\PJL :LHZVU HNHPU" ZLY]L

º/H]L H NV H[ NH[OLYPUN ZVTL VM `V\Y MVVK MVY MYLL Z[YHPNO[ MYVT [OL OLKNLYV^ VY [OL ZLH ZOVYL ( ZPTWSL ^HSR ^P[O H IHZRL[ PU OHUK JV\SK NP]L `V\ [OL IHZPZ VM H ZH[PZM`PUN Z\WWLY»

     *$


EC@ FE H:E9 A:4< =65 4 F4F> 36 C DA6=E  96C3 D 6HUYHV  3HU VHUYLQJ  JHSVYPLZ N MH[ N ZH[\YH[LK MH[  N WYV[LPU N MPIYL N JHYIVO`KYH[L N Z\NHY N ZHS[ Ä&#x2122; ILUP FXFXPEHU SHHOHG Ä&#x2122; VPDOO UHG RQLRQ ILQHO\ GLFHG  WEVS FLGHU YLQHJDU  WVS JROGHQ FDVWHU VXJDU J SHDUOHG VSHOW  VPDOO EXQFK RI PLQW OHDYHV SLFNHG VWHPV UHVHUYHG  WEVS H[WUDYLUJLQ ROLYH RLO J FRRNHG WURXW FRROHG VNLQ DQG ERQHV UHPRYHG  VPDOO EXQFK RI FRULDQGHU -XLFH RI Ä&#x2122; OHPRQ 6DOW DQG IUHVKO\ JURXQG EODFN SHSSHU

:WSP[ [OL OHSM J\J\TILY PU OHSM HSVUN P[Z SLUN[O :JVVW V\[ [OL ZLLKZ [OLU ZSPJL [OL J\J\TILY PU[V JT OHSMTVVUZ HUK WSHJL PU H IV^S (KK [OL VUPVU ]PULNHY HUK Z\NHY HUK WSLU[` VM ZHS[ HUK WLWWLY <ZL H ZWVVU [V JVTIPUL [OL PUNYLKPLU[Z [OLU ZL[ HZPKL [V THYPUH[L

7SHJL [OL WLHYSLK ZWLS[ PU H ZPL]L HUK YPUZL ^LSS ;YHUZMLY [V H WHU HUK JV]LY ^P[O JVSK ^H[LY 7SHJL [OL WHU V]LY H OPNO OLH[ HUK IYPUN [OL SPX\PK \W [V H ZPTTLY (KK [OL TPU[ Z[LTZ [V [OL ZWLS[ WHU ZV [OL` MSH]V\Y [OL NYHPU HZ P[ JVVRZ HUK JVVR MVY ¶ TPU\[LZ \U[PS [OL ZWLS[ PZ [LUKLY I\[ YL[HPUZ ZVTL IP[L +YHPU [OL ZWLS[ PU H JVSHUKLY HUK HSSV^ [V Z[HUK MVY  TPUZ



0U H SHYNL IV^S JVTIPUL [OL ZWLS[ ^P[O [OL J\J\TILY ZSPJLZ HUK [OL J\J\TILY KYLZZPUN (KK [OL VSP]L VPS ZLHZVU ^P[O ZHS[ HUK WLWWLY" JVTIPUL



EYZd cVTZaV h`c\d SVRfeZWf]]j hZeY dVR SRdd `c ScVR^ e`` 3V XV_Vc`fd hZeY eYV YVcSd ]V^`_ R_U `]ZgV `Z]

4,33,9»: º.(;/,905.» 7/036:67/@ O >OLU 0 NV NH[OLYPUN 0 NV V\[ PU[V [OL SPNO[ HUK HPY VM [OL SHUKZJHWLZ [OH[ Z\YYV\UK TL ILJH\ZL ZVTL[PTLZ [OL ILZ[ ^H` [V NL[ NYLH[ PUNYLKPLU[Z PZ I` NVPUN KPYLJ[S` [V [OL ZV\YJL

-SHRL [OL [YV\[ PU[V SHYNL WPLJLZ HUK NLU[S` [\YU P[ [OYV\NO [OL ^HYT NYHPUZ *OVW HSS I\[ H ML^ VM [OL TPU[ SLH]LZ HUK HSS I\[ H ML^ ZWYPNZ VM JVYPHUKLY (KK [OLZL [V [OL ZHSHK ZWVVU [OL ZHSHK VU[V H WSH[[LY HUK KYPaaSL ^P[O SLTVU Q\PJL :JH[[LY V]LY [OL ^OVSL OLYIZ



O ;OYV\NO \ZPUN [OL ZLHZVUHS PUNYLKPLU[Z 0»T WHY[PJ\SHYS` MVUK VM BPU [OPZ IVVRD 0 OVWL [V NP]L L]LY` OVTL JVVR HU PKLH VM JVU[L_[" H ZLUZL VM [OL WYVK\J[P]L HUK ILH\[PM\S WSHJLZ [OLZL MVVKZ JVTL MYVT O ;Y` Z[VWWPUN H[ H MHYT NH[L

*%     

        

VUJL PU H ^OPSL VY JOH[[PUN [V [OL MPZOLYTLU H[ [OL OHYIV\YZPKL .V [V H ºWPJR`V\Y V^U» JVVWLYH[P]L @V\ ULHYS` HS^H`Z LUK \W ^P[O [OL MYLZOLZ[ TVZ[ KLSPJPV\Z PUNYLKPLU[Z @V\»SS Z\WWVY[ [OLT KPYLJ[S` HUK ZLL ^OLYL `V\Y MVVK JVTLZ MYVT

O (SS [OL NVYNLV\Z [L_[\YLZ [HZ[LZ HUK ZTLSSZ VM [OL KPZOLZ HYL V^LK PU WHY[ [V [OL JVVR»Z JHYLM\S Z\YL OHUK I\[ HSZV [V [OL QV\YUL` [OL PUNYLKPLU[ OHZ THKL 0 SPRL [V [OPUR [OL HJ[ VM JVVRPUN PZ HU PUNYLKPLU[»Z ºSHZ[ KHUJL» HUK 0 MPUK [OH[ YL^HYKPUN




EYZd T`]`fcWf] VRc]j Rfef^_ dR]RU Zd d` VRdj 4Y``dV cZaV aVRcd Sfe _`e `gVccZaV Rd j`f U`_|e hR_e eYV^ e` ScVR\ fa Z_ eYV aR_

7 C: 65 A6 2 C D H: E9 C @2DE C 6 5 @ ?:@?D  4C:DA65 AFJ =6?E:=D 6HUYHV  3HU VHUYLQJ  JHSVYPLZ N MH[ N ZH[\YH[LK MH[ N WYV[LPU N MPIYL N JHYIVO`KYH[L N Z\NHY N ZHS[ J 3X\ OHQWLOV ULQVHG  UHG RQLRQV HDFK FXW LQWR  ZHGJHV  WEVS H[WUDYLUJLQ ROLYH RLO  ULSH SHDUV  NQRE RI EXWWHU -XLFH RI Ä&#x2122; OHPRQ 6DOW DQG IUHVKO\ JURXQG EODFN SHSSHU /LH[ [OL V]LU [V *NHZ THYR 

7\[ [OL YPUZLK SLU[PSZ PU H TLKP\T WHU JV]LY ^P[O ^H[LY HUK ZL[ V]LY H OPNO OLH[ )YPUN [V H ZPTTLY [OLU JVVR MVY ¶ TPU\[LZ \U[PS [OL SLU[PSZ OH]L ZVM[LULK I\[

YL[HPU ZVTL IP[L +YHPU [OLT [OLU SLH]L [OLT PU [OL JVSHUKLY HUK HSSV^ [OL Z[LHT [V L]HWVYH[L 4LHU^OPSL WSHJL [OL VUPVU ^LKNLZ PU H YVHZ[PUN [YH` ^P[O  [HISLZWVVUZ VM [OL VSP]L VPS [VZZ [V JVH[ HUK ZLHZVU ^P[O WSLU[` VM ZHS[ HUK WLWWLY 9VHZ[ [OL VUPVU PU [OL V]LU MVY ¶ TPU\[LZ VY \U[PS [OL ^LKNLZ HYL ZVM[ HUK Z[HY[PUN [V JVSV\Y 9LTV]L MYVT [OL V]LU HUK ZL[ HZPKL



:SPJL LHJO WLHY PU[V X\HY[LYZ YLTV]L [OL JVYLZ [OLU J\[ LHJO X\HY[LY PU OHSM HNHPU THRPUN  ^LKNLZ VM WLHY /LH[ [OL I\[[LY HUK  [HISLZWVVU VM [OL YLTHPUPUN VPS PU H SHYNL MY`PUN WHU V]LY H TLKP\T OLH[ >OLU [OL I\[[LY HUK VPS



TP_[\YL PZ I\IISPUN HKK [OL WLHY ZSPJLZ [V [OL WHU -Y` [OLT NLU[S` MVY ¶ TPU\[LZ VU LHJO ZPKL VY \U[PS [OL` OH]L [HRLU VU H SP[[SL JVSV\Y 9LTV]L [OL WLHY ^LKNLZ MYVT [OL WHU HUK RLLW [OLT ^HYT 3LH]PUN [OL MY`PUN WHU VU [OL OVI PUJYLHZL [OL OLH[ [V TLKP\T¶OPNO (KK [OL YLTHPUPUN VPS MVSSV^LK I` [OL JVVRLK SLU[PSZ :LHZVU ^P[O H SP[[SL ZHS[ HUK WLWWLY HUK MY` [VZZPUN YLN\SHYS` MVY ¶ TPU\[LZ VY \U[PS [OL SLU[PSZ HYL JYPZWLK



(YYHUNL [OL ^HYT YVHZ[ VUPVUZ HUK WLHYZ VU H SHYNL ZLY]PUN WSH[[LY :JH[[LY V]LY [OL SLU[PSZ KYPaaSL V]LY [OL SLTVU Q\PJL HUK IYPUN [V [OL [HISL Z[YHPNO[ H^H` Q



      *&


    #' "   " "  %

  #  #' " $" 

&&& "$$ &&& " "$$




86E J@FC <:5D :? D92A6

7:E?6DD <:5D 7F? H2JD E@ 86E J@FC 49:=5 24E:G6

@? D2=6

 ***

24E:G:E:6D  :562D 7@C E96 H9@=6 72>:=J

5 6Rc]j jVRcd e` eVV_d 5 6iaVce XfZUV]Z_Vd 5 DeVaSjdeVa RUgZTV 5 9VR]eYj VReZ_X eZad

."(";*/&

7F? 24E:G:E:6D

6IA6CE 25G:46 24E:G:EJ :562D

DEC6E49 6I6C4:D6D

    

H:56=68865 7@CH2C5 36?5

2_ RTeZgV ]ZWVdej]V dY`f]U SV R WR^Z]j RWWRZc 9VcV|d VgVcjeYZ_X j`f _VVU e` \_`h e` deRce ^`gZ_X ^`cV hZeY VRTY `eYVc

24E:G6 25 3C62<D



                                           $  +22 (*,0 ! - *! "2 0' !( #,(   ' !,'  !   ,*'*! (,(*( **  &( *-*0 -( # ( !' ! *'  -'!  * *' (!!   !   * #!# '!,  *  * *'  (  !*' .!'(  0!, . * 0!,'  *! ! #0(0  * 0!, *!!  *!   *- (*0$   * !! .( ( ** 0!,   *- .* 0!,' ( *&( (0 *!  #0( *-*0  ',' #'* ! 0!,'  0&( '!,*    !  (! .  0!,'  '!.( ,# -  ** /'( (  *,' #'* ! $  *- 0 (*0 ( *(   *( !' 0!, *!!  /'( . !, ,# ( 0 *    0!, ! * - *! (' %,*0 * .* 0!,' ' *! # * *&( . . 

E96 :>A@CE2?46 @7 G2C:6EJ

 #  * (  0 ! (' *-*0 !#*! ( !' !* !,*(    !!'($   !!' *-*0 .  !,' 0!,'  !* *! *  ! * ! (   *- 1!   * (!0 !' ( *'0 #(*( (, ( .*   !,*!!' /'( ! '( *( !. , %, '.'($ (' (!.( ** *!0&( ' '    (( .* * *,'  -'!  * * 0(*'0&( 0!,*   0* !,*!!' *-*0(  '* #!(*- /#' ( ##0 !'(   '! * 0!, (*'( *! !' 0  -'!  * ((,($

*,( - (!. ** ' .! /'( !  *,' /#'  '*' ((*   !.' #!(**-*0 !! #'((,'$ *&( !*  !* *! !' (! ! !,*( *!*'   /#!' * *( '*- (,(*! ( # 0!,' 0 *! *  *  - 0 *0# !  -'!  *$

J@FC :?5@@C 49@:46D

5@ 49@C6D

4@3C2 EYZd a`dV decVeTYVd R_U decV_XeYV_d eYV S`Uj R_U TR_ R]d` YV]a eVV_d e` cV]Ri

EYZd h`c\d hV]] hYV_ T`^SZ_VU hZeY >`f_eRZ_ a`dV

Efc_ hReTYZ_X EG _e` R_ RTe gV YRSZe Sj R]]`TRe _X R UZWWVcV_e ViVcT dV e` TVceRZ_ RUgVced J`f T`f]U UR_TV VgVcj e ^V R TY`T`]ReV RU T`^Vd `_ `c ^RjSV j`f T`f]U cf_ `_ eYV da`e hYV_ j`f dVV R da`ced T`^^VcTZR]

4]VR_Z_X eYV Y`fdV Sfc_d TR]`cZVd R_U j`f TR_ YV]a j`fc TYZ]UcV_ deRj RTeZgV Sj XVeeZ_X eYV^ Z_g`]gVU Efc_ Ze Z_e` R XR^V Sj dVVZ_X hY` TR_ T]VRc fa eYV ^Vdd Z_ R aRceZTf]Rc c``^ eYV bfZT\Vde `c XZgV j`f_X \ZUd eYVZc `h_ ^Z_Z Sc``^ e` YV]a j`f hZeY dhVVaZ_X fa

9@H E@ 5@ :E

9@H E@ 5@ :E

O DeRce Z_ >`f_eRZ_ a`dV a""# 3cVReYV `fe R_U eR\V `_V deVa `fe e` eYV cZXYe eYV ]V_XeY `W `_V ]VX O 3cVReYV Z_ cRZdV eYV Rc^d fa d` eYVj RcV aRcR]]V] h eY eYV dY`f]UVcd EYVj dY`f]U W`c^ R E dYRaV hZeY eYV e`cd` O EYV_ ScVReYV `fe SV_U W`chRcU Wc`^ eYV YZad R_U d`WeV_ eYV \_VVd O 3V_U eYV V S`hd R_U Y`]U VRTY `_V h eY eYV `aa`dZeV R_U e` R]]`h eYV e`cd` R_U Rc^d e` R_X O DeRj W`]UVU Z_ eYZd a`dZeZ`_ W`c dZi e` VZXYe ScVReYd

O 9RgV j`fc eVV_ ] V `_ eYVZc SV] j `_ eYV W ``c DecVeTY eYV ]VXd SRT\ d` eYV e`ad `W eYV WVVe RcV `_ eYV W]``c DacVRU YR_Ud `_ eYV W]``c f_UVc eYV dY`f]UVcd 9fX eYV V]S`hd SRT\ _e` eYV S`Uj O EYV_ ScVReYV Z_ decRZXYeV_ eYV Rc^d e` ZWe eYV TYVde `WW eYV W]``c R_U afdY f_eZ] eYV YZad SVXZ_ e` ]ZWe `WW eYV W]``c 6_dfcV eYV YZa RcVR deRjd T`__VTeVU e` eYV W]``c O 9`]U W`c "& $! dVT`_Ud ScVReYZ_X VRdZ]j CV]VRdV SRT\ e` eYV W]``c h eY R X``U ScVReY `fe ^RjSV VgV_ R Y dd

?FEC:E:@?

     2 SR]R_TVU UZVe hZ]] XZgV R_ RTeZgV S`Uj R]] eYV _fecZV_ed Ze _VVUd EYV 6RehV]] 8fZUV dY`hd j`f hYRe WR^Z ZVd dY`f]U SV VReZ_X

=6E|D 52?46 Efc_ fa eYV ^fdZT R_U dYR\V Ze 5R_TZ_X d R XcVRe hRj e` XVe j`fc \ZUd ^`gZ_X hYVeYVc j`f U` e W`c Wf_ `c Rd R XR^V J`f_XVc TY ]UcV_ ]`gV a]RjZ_X ^fd TR] deRefVd hYV_ R ecRT\ V_Ud WcVVkV Z_ j`fc UR_TV a`dVd f_eZ] eYV ^fd T deRced RXRZ_

6DD6?E:2= <:E +    

# )    * ((

36?67:ED

+            +        +         +         

" " %     



24E:G:EJ D64E:@?

6DD6?E:2= <:E +    

36?67:ED

+      +          

     +      +        

" " &     

#

E@55=6CD E@ E66?D

E96 7@@5 8C@FAD

     +3 0 # 40!, ,$3! "  3& $4+  0+ $ 0 $$ 5 0) " 0$ 0 0 !,0 4 &$+0$#, $ +30 # 4 4+7 7) #7 07& $ &+$30 $3 0, 50+ +$8# ## + $+ 3) # &$+0$# , 0 ," , 9 $ +30 '$+ 6"&! # &&! $+ &+( 0+ 0!,&$$#, $ 40!, 19 $ + +30 $+ %9"! $ +30 3)     , " , $# +$7+0 $ , ,3 , &$00$, + # &,0) , $$, ,$3! "  3& 3,0 $4+  0+ $ 0 $$ 5 0) &0 $+ 5$!+# # + + 4+,$#, 00 + !$5 # ,!0 0 # ,3+ ,3 , 5$!50 &,0 +$5# + # &$00$, 50 0+ , #,)

"

   0 ,$" $+" $ &+$0# 50+ 0*, #, &3!,, , "0 $+  ,) " $+ 05$ &$ 0$#, $ ,3,0#!7,$3+ ,  5  $# $ 5 ,$3!  $!7) $" "0, +  # 0 ,$  +3! $ 37# 007 3 , # 0 $$   "0$, 7$3 3,) 3 0 "$3#0 $ &+$,, # + "0 7 3 0 300# 0 $5# 0$ #$ "$+ 0 -9  7)

9f^R_ SVZ_Xd _RefcR]]j hR_e e` ViVcTZdV eYV \Vj Zd e` WZ_U eYV aYjdZTR] RTeZgZej eYRe dfZed eYVZc _VVUd EYZd Zd VdaVTZR]]j ecfV hYV_ Ze T`^Vd e` \ZUd| WZe_Vdd HYRe|d Wf_ W`c R eVV_RXVc ^Rj _`e SV cZXYe W`c R e`UU]Vc d` Ze|d Z^a`ceR_e e` TY``dV RTeZgZeZVd eYRe RcV RXV Raac`acZReV D` hV|gV UVdZX_VU eYZd dVTeZ`_ hZeY eYV RXV R_U UVgV]`a^V_e ]VgV] `W eYV TYZ]U Z_ ^Z_U @gVc eYV W`]]`hZ_X aRXVd j`f|]] WZ_U RUgZTV R_U RTeZgZeZVd eYRe RcV Raac`acZReV W`c UZWWVcV_e RXV Xc`fad CV^V^SVc eYRe TYZ]UcV_ UVgV]`a Re eYVZc `h_ f_ZbfV aRTV d` Ze|d R]d` Z^a`ceR_e e` UVTZUV hYRe Wf_TeZ`_R] ]VgV] j`fc TYZ]U Zd Re 8` W`ceY R_U XVe WZe % $     

%

# + 29%. 0 $4+#"#0 +&! 0 05!! !0 50 0 05!! 3  , #5 0  $# !07 0# , ,&!0 3& #0$ +#0 #30+0$#! +$3&,) $54+ 0 #$5 &!, $$, 00 +  # 0 ,3+ $+ ,!0 $ 0, 0 &!0 ,3,0# 00 5 30 $5# $# 0,) ! 7 0, ,3 , $!4 $! + #$5 $# 0 &!0 # 0$  0# # ,"!! "$3#0,) +7 0$ 0  4+07 $ $$, +$"  +$3& 0$ $#,3"  5 +# $ #30+#0,) , 3 , $+ 4+7$# 6&0 !+#  05$ # 3#+ 5$ 4 +#0 #30+ 0$#! #,) !+#   5# 05$ # 4 ,$3! +3!!7 3! 3& 0$ 0#  !07 0 0 *, , $# 0 05!! 3 $4+  &+$ $ 0")

$ " # !  0   # ,

5:6E E:AD

E` `cUVc j`fc T`aj gZdZe ^RXS``\dT`^



07 7+0 " 0$ +# ,6 0$ 0 !,,, $ !3 '50+ !$50 "!  ,3++ +# , 0 $( 4+7 7) +7 0$ !"0 0 "$3#0 $ ,3+ +30 3, # ,"$$0, 0$ %9"!  7)

          4 ,$" $ "  +7 50+ 0*, "! $+ # !0+#04 ,3 , $+0 ,$7 " ! , , + $$ ,$3+, $ 40"#, # !3") $$, !$50 # !$5 ,3+ $&0$#, 5+ &$,,!)  + 6"&! +# $# &+ #0 0 " +0+ 0# ," , "" 4+ , + 4  ," !+ "$3#0 $ 0 3!! 0 & $30

     07 0, + !,$ # "&$ 0#0 & 0 $  !# 0 &0 $+ 3#,03+0 $ !, ,3 , $!4 $ ! $+ +&, $ ! # 0 0, # ,"!! "$3#0, # 7 0$  $, !$5+ 0 ,&+, $4+ 300+                !      !     !  !  !       !    




  



 



 

  

  

,

 +&3$+! $ 5&+!&31   

 

$4 #  4$. $21 2!1 $. 1 11/1 !/$ /.3 1 ./1 $ 2/) /6' 3.6  4$. $21 / 2!1 .$2#  ' !!   !11! $21 6$2./! # 6$2,!! #/1#1!6 .3 1.1/ 1!$. 1$ 6$2. 1#// !3!  # &./$#! /11/1/' 1. 6$2 3 % "#21/ $. 7  6 6$2,!! # 1 .1 & # 1.1 11,/ $"$.1! $. 6$2'







  '    ' # &.1 $. 4.  " # "6 !' .1 $. 41 !$// # 2.## 1' 1,/ 1$& #$1+       

      

-/ 2#(2   /&!6 &21/ 6$2 # $#1.$! /$4# 6$2 51!6 $4 "#6 !$./ 6$2-. 2.## 3.6 "#21 # /11# 1316 !3! 1.1/ 1.$2$21 6$2. 4$. $21' 1-/ # #.!6 "$131# 1$$! 11 &2// 6$2 1$ !!# 6$2./! !& /1 6$2. $! # $#1.$!!# 6$2. 41 "#"#1'

++ 7 (&$ &$" $ &+ 4 - 1 &$ & &3+ %  -1&+-  ($ . 7-  5!  $ -1&+ #&$-1+1 &$  37 &5  7 1+  6(+1 4   + " 4+7  +  +&# - 3+$1

+(&$ 8'/8 /.2888 &+ 4 - 1 555)1$---3(+-1&+)&)3!


H@C<@FE 92?53@@< @ "' A286D @7 6IA6CE 25G:46 2?5 :?DECF4E:@?

:?D:56

    

"!! ERcXVe k`_V 3fZ]U j`fc SZTVad "!# EYV hZ]U h`c\`fe >Zi aR]V` WZe_Vdd R_U YVRgj hVZXYed "!) 7Ze \_`h]VUXV 7Ze_Vdd XVRc hZeY R_ VT` T`_dTZV_TV ""! >`gV `W eYV ^`_eY EYV cVgVcdV hR]\`fe """ <Ze eVde CVW]VTeZgV cf__Z_X [RT\Ved ""# Cf_ \_`h]VUXV 7Z_U `fe ZW cf_ decVR\Z_X|d W`c j`f ""% Cf_ ViaVce DY`f]U j`f U` R hRc^ fa R_U T``]U`h_0 ""& DfTTVdd de`cj {3`f_TZ_X `_ R ecR^a`]Z_V dRgVU ^j ]ZWV|

    

**


E2C86E K@?6

;OPZ TVU[O L_WLY[ [YHPULY 1LHU*SH\KL =HJHZZPU V^ULY VM > 7LYMVYTHUJL N`TZ [HRLZ `V\ [OYV\NO [OL ILZ[ IPJLWZ MYVU[ VM HYTZ L_LYJPZLZ [V OLSW `V\ I\PSK \W `V\Y HYT Z[YLUN[O

3:46AD

2C>D -VJ\Z VU [OPURPUN HIV\[ W\SSPUN [OYV\NO `V\Y IPJLWZ HZ `V\ JVTL [V [OL [VW VM [OL TV]L

" DFDA6?D:@? 4FC=

"!!     

        

7SHJL `V\Y MLL[ KPYLJ[S` ILSV^ [OL OHUKSLZ VM [OL Z[YHW .YHI [OL OHUKSLZ ^P[O [OL \UKLYOHUK NYPW HUK SLHU IHJR ^P[O HYTZ Z[YHPNO[ RLLWPUN `V\Y MLL[ MPYTS` WSHU[LK -SL_ `V\Y LSIV^Z IYPUNPUN `V\Y MVYLHYTZ [V `V\Y IPJLWZ HUK ZX\LLaPUN OHYK H[ [OL [VW :[YHPNO[LU `V\Y HYTZ HNHPU



36?67:ED+ ;OLZL HYL H NYLH[ IPJLWZ I\YULY [OH[ HSZV THRL `V\ ^VYR [V Z[HIPSPZL `V\Y ^OVSL IVK` HUK JVYL (KQ\Z[ [OL OLPNO[ VM [OL Z\ZWLUZPVU Z[YHWZ ZV [OL`»YL SL]LS ^P[O `V\Y JOLZ[

   

E@A E:A 2LLW `V\Y HIZ NS\[LZ HUK [OPNOZ ZX\LLaLK [OYV\NOV\[


EC2:?:?8 K@?6

# 5F>336== 92>>6C 4FC= 3V_VWZed+ +\TIILSS OHTTLY J\YSZ HYL H NYLH[ ]HYPH[PVU VU [OL \Z\HS IPJLWZ J\YS ^OLYL `V\Y WHSTZ MHJL \W HZ [OL` WSHJL [OL MVJ\Z VU [OL SVUN OLHK VM [OL IPJLWZ ^VYRPUN `V\Y HYTZ MYVT H ZSPNO[S` KPMMLYLU[ HUNSL >P[O `V\Y HYTZ Z[YHPNO[ KV^U I` `V\Y ZPKLZ HUK `V\Y WHSTZ MHJPUN LHJO V[OLY OVSK H K\TIILSS PU LHJO OHUK ( :SV^S` YHPZL [OL K\TIILSSZ [V^HYKZ `V\Y ZOV\SKLYZ ZX\LLaPUN `V\Y IPJLWZ HZ `V\ JVTL [V [OL [VW VM [OL TV]LTLU[ ) 2LLWPUN `V\Y HYTZ JSVZL [V `V\Y ZPKLZ ZSV^S` SV^LY `V\Y HYTZ [V [OL Z[HY[PUN WVZP[PVU

2

3

 "!( %% "   !! $!"   %  '!'    !! #*!+     #( % +)##

$ 49:?FA

3V_VWZed+ 5V[ Q\Z[ NYLH[ MVY `V\Y IPJLWZ JOPU\WZ HYL LX\HSS` LMMLJ[P]L MVY V]LYHSS \WWLYIVK` Z[YLUN[O ;OL` HSZV OP[ `V\Y NYPW MVYLHYTZ IHJR HUK JVYL >P[O `V\Y WHSTZ MHJPUN [V^HYKZ `V\ NYHI H IHY VY YPUNZ H[ ZOV\SKLY ^PK[O VY SLZZ ( 2LLW `V\Y JVYL [PNO[ HUK YHPZL `V\YZLSM \ZPUN `V\Y IPJLWZ HUK IHJR T\ZJSLZ [V H WVPU[ ^OLYL `V\Y JOPU PZ HIV]L [OL IHY VY IV[[VT VM [OL YPUNZ ) /VSK MVY H ZLJVUK VY [^V [OLU SV^LY `V\YZLSM \U[PS `V\Y HYTZ HYL M\SS` L_[LUKLK ;OPUR HIV\[ W\SSPUN `V\Y LSIV^Z [OYV\NO `V\Y YPIZ [V LUNHNL HSS VM `V\Y IHJR T\ZJSLZ

3

2

% :?4=:?6 4FC= 2

3

3V_VWZed+ ;OLZL HYL H NYLH[ ^H` [V PZVSH[L [OL IPJLWZ HZ `V\ J\YS `V\Y HYTZ \W ^OPSL HSZV WYV]PKPUN NYLH[ Z[YL[JO ^OLU `V\Y HYTZ HYL L_[LUKLK 3PL VU HU PUJSPUL ILUJO /VSKPUN H K\TIILSS PU LHJO OHUK HZ `V\ ^V\SK PU H UVYTHS Z[HUKPUN K\TIILSS J\YS L_[LUK `V\Y HYTZ Z[YHPNO[ KV^U ZV `V\Y HYTZ HYL PU H Z[YL[JOLK WVZP[PVU ( :X\LLaPUN `V\Y IPJLWZ MSL_ `V\Y LSIV^Z IYPUNPUN `V\Y MVYLHYTZ \W [V `V\Y IPJLWZ ) 7H\ZL H[ [OL [VW ILMVYL SV^LYPUN `V\Y HYTZ ZSV^S` [V [OL Z[HY[ WVZP[PVU 

7LYZVUHS [YHPULY 1LHU*SH\KL =HJHZZPU V^UZ > 7LYMVYTHUJL N`TZ PU 3VUKVU /L OHZ HK]PZLK H[OSL[LZ ZWVY[Z IYHUKZ HUK MPST JVTWHUPLZ HZ ^LSS HZ ^VYRPUN PU U\[YP[PVU M\UJ[PVUHS TLKPJPUL HUK YLOHIPSP[H[PVU =PZP[ ^WLYMVYTHUJLN`TJVT

    

"!"


H@C<@FE

* !/+ #+!  !0 + "! !/+$ * - 1*++ . !.*% + + !/+ 0  /!/ +-*  - !-! + 0 * +   #-  *0  +&.--  * $ ! - 2 -! !  /*2-  + !**-2 0-* 2!. 0 - -! "*!*  " +&.- !* !!+- 2!.* !!* -! %  "*! + -- 0 +"  +! . - !!  - - - +"-+ ! "*!*   -  /* 0-+ !/  -  *-*  - +-2 ."  *  -- 0 !*- -! +"  - ! + !/ - "--* +%  -* * -/)+ #/* -/%!%.$ -+- 0!*!.- *! ..% !   0!!2 "* !/+ 0- /2 -+ -+ 0 ++ "*!/+ - +- ! !- 0!*+% (*! .. ! + !+!! 0--  0- !-2 -*   -! . ! - "!0* ! 2!.* !2 * 2!.* !/ -+   /* +-*! * *+.-+) +2+ - *

* -/)+ !/ - ++!*   *-!* ! *! ..% (0* *"+   /* !+ 0 /* +*!.+  + 2 .+  "*-. - &.+   - 2!.  -! -.* ." - - 0- .. +-2 !-2 1*++) 0% .+- -  ! - + - / 0! )+  +0* -!  - + -*  % !!+-  1"!+/ +-* -   1-2 ".+ .*   !!+ ! !*+ -+ + - "*- 0!*!.!*  !/*+ 0! 0 - -! *  0 -  - &.+%   - !! 0+ + -- 2!.  /  ! *- !0 !* 2!. + ." !*  ++ - 2!.* *+- * -/ 2 -*2 !.* 1.+/ -+-* 0!*!.-+ !0% * 2!. *2 -!  - .* '


H@C<@FE

E96

 H@C<@FE 3ULPDO ZRUNRXWV" 7KH\ UH VR ODVW \HDU ,I \RX UHDOO\ ZDQW WR XQOHDVK \RXU LQQHU DQLPDO LWâV WLPH WR FRPELQH SDOHR ILWQHVV ZLWK KHDY\ VWUHQJWK WUDLQLQJ


H@C<@FE

"

3:46AD 4FC= C6AD+ "! :[HUK \W Z[YHPNO[ ^P[O H K\TIILSS PU LHJO OHUK H[ HYTZ SLUN[O ( 2LLWPUN `V\Y \WWLY HYTZ Z[PSS L_OHSL HUK J\YS [OL ^LPNO[Z \W ^OPSL JVU[YHJ[PUN `V\Y IPJLWZ ) 5L_[ PUOHSL HUK ZSV^S` ILNPU [V SV^LY [OL K\TIILSSZ IHJR [V [OL Z[HY[PUN WVZP[PVU

2

3

8@C:==2 C6AD+ "! ;OPZ PZ VUL VM [OL ILZ[ K`UHTPJ TV]LTLU[Z [V VWLU \W `V\Y OPWZ :[HY[ Z[HUKPUN ^P[O `V\Y MLL[ ^PKLY [OHU ZOV\SKLY^PK[O HWHY[ ;Y` [V RLLW `V\Y MLL[ MSH[ VU [OL MSVVY [OLU ILUK V]LY HUK YLHJO `V\Y OHUKZ V\[ VU [OL NYV\UK PU MYVU[ VM `V\ ( :OPM[ `V\Y ^LPNO[ MVY^HYK [V `V\Y OHUKZ VU [OL NYV\UK HUK Q\TW `V\Y MLL[ [V^HYKZ [OLT ) [Y`PUN [V NL[ [OLT [V [OL V\[ZPKL `V\Y OHUKZ

2

3

362C 4C2H= C6AD+ "! ;OL ILHY JYH^S Z[YLUN[OLUZ `V\Y TPKZLJ[PVU HUK PTWYV]LZ `V\Y HIPSP[` [V Z[HIPSPZL `V\Y ZWPUL .L[ KV^U VU HSS MV\YZ ¶ [Y` [V RLLW `V\Y OHUKZ \UKLY `V\Y ZOV\SKLYZ HUK YHPZL `V\Y I\T PU [OL HPY 3PM[ `V\Y RULLZ VMM [OL NYV\UK HSSV^PUN [OL WVZ[\YL VM `V\Y IVK` [V IL UH[\YHS 4V]L MVY^HYKZ MVY MV\Y Z[LWZ ( [OLU IHJR^HYKZ MVY MV\Y )

2

36?E@G6C C@H C6AD+ "& :[HUK \W MLL[ ZOV\SKLY^PK[O HWHY[ RULLZ ZSPNO[S` ILU[ )LUK `V\Y [VYZV MVY^HYK HUK RLLW P[ H[ H ¢ HUNSL [V [OL MSVVY ( 7\SS [OL IHYILSS [V `V\Y Z[LYU\T ^OPSL MSL_PUN `V\Y LSIV^Z HUK W\SSPUN `V\Y ZOV\SKLY ISHKLZ PU [V^HYKZ `V\Y ZWPUL ) [OLU YL[\YU [V [OL Z[HY[PUN WVZP[PVU 4HRL Z\YL `V\Y IHJR PZ RLW[ Z[YHPNO[ [OYV\NOV\[ [OL TV]LTLU[

2

2

3 "!%     

        

3

3


@G6C9625 AC6DD C6AD+ "! .YPW [OL IHYILSS PU HU V]LYOHUK NYPW ^P[O WHSTZ ZSPNO[S` ^PKLY [OHU ZOV\SKLY^PK[O HWHY[ >YHW `V\Y [O\TIZ HYV\UK [OL IHY HUK V]LY `V\Y MPUNLYZ 7VZP[PVU [OL IHY PU [OL OLLS VM `V\Y WHSTZ 9LZ[ [OL IHY VU `V\Y JSH]PJSLZ JVSSHY IVULZ THRPUN Z\YL `V\Y LSIV^Z HYL WVPU[PUN KV^U HUK `V\Y MVYLHYTZ HYL ]LY[PJHS :[HUK [HSS MLL[ ZOV\SKLY^PK[O HWHY[ ^P[O `V\Y JOLZ[ \W ( -P_ `V\Y L`LZ MVY^HYK [HRL H KLLW IYLH[O PU HUK L_OHSL HZ `V\ KYP]L [OL IHYILSS V]LY `V\Y OLHK ) 2

3

E@A E:A

5`_e R]hRjd U` eYV dR^V eYZ_X Re eYV Xj^ EcjZ_X _Vh ^`gVd eYRe fdV j`fc ^fdT]Vd Z_ UZWWVcV_e hRjd hZ]] YV]a j`f Rg`ZU eYV UcVRUVU a]ReVRf




   


H@C<@FE

#

324< DBF2E C6AD+ "! :[HUK ^P[O MLL[ ZOV\SKLY^PK[O HWHY[ 7SHJL [OL IHYILSS Z[YHPNO[ VU [OL IHJR WHY[ VM `V\Y ZOV\SKLYZ ( -SL_ H[ `V\Y OPWZ [OLU ILUK `V\Y RULLZ HUK ZX\H[ HSS [OL ^H` KV^U HZ PM ZP[[PUN VU H JOHPY \U[PS `V\Y [OPNOZ HYL WHYHSSLS [V [OL MSVVY 3LHU `V\Y [VYZV MVY^HYK PM `V\ MLLS `V\Y OLLSZ HYL \UZ[HISL VU [OL NYV\UK ) 9L[\YU [V [OL Z[HY[PUN WVZP[PVU ^P[OV\[ SVJRPUN `V\Y RULLZ H[ [OL LUK VM [OL TV]LTLU[ 9LTLTILY [V RLLW `V\Y IHJR Z[YHPNO[ H[ HSS [PTLZ

3

7C@8 DBF2E C6AD+ #! ;OPZ ^PSS I\PSK \W SHJ[PJ HJPK PU `V\Y SLNZ HUK THRL [OLT I\YU 4HRL Z\YL `V\Y MLL[ HYL H SP[[SL ^PKLY [OHU ZOV\SKLY^PK[O HWHY[ )LUK `V\Y RULLZ RLLWPUN `V\Y MLL[ MSH[ VU [OL MSVVY /VVR `V\Y HYTZ PUZPKL `V\Y SLNZ THRPUN Z\YL `V\Y LSIV^Z Z[H` WPUULK HNHPUZ[ `V\Y PUULY [OPNOZ HUK `V\Y WHSTZ HYL [V\JOPUN PU H WYH`PUN WVZP[PVU +YVW [V H KLLW ZX\H[ 9HPZL `V\Y OPWZ ZV [OH[ `V\Y SLNZ HYL ULHYS` M\SS` L_[LUKLK I\[ RLLW ILUKPUN MVY^HYK H[ [OL ^HPZ[ ZV `V\Y LSIV^Z Z[H` NS\LK [V `V\Y RULLZ :[HUK \W HUK YLWLH[

FAC:89E C@H C6AD+ "! :[HUK ^P[O MLL[ ZOV\SKLY^PK[O HWHY[ RULLZ ZSPNO[S` ILU[ /VSK [OL IHYILSS PU HU V]LYOHUK NYPW ^P[O `V\Y OHUKZ ZOV\SKLY^PK[O HWHY[ ( )LUK `V\Y LSIV^Z HUK SPM[ `V\Y ZOV\SKLYZ [V IYPUN [OL IHYILSS \W [V `V\Y JOPU ) :SV^S` SV^LY [OL ^LPNO[ HUK YLWLH[

2

    "#     !!#        

2

3

362DE C6249 C6AD+ # I "# R]eVc_ReV ]VXd :[HUK ^P[O `V\Y MLL[ OPW^PK[O HWHY[ HUK JYV\JO KV^U ^P[O `V\Y OHUKZ \UKLY `V\Y ZOV\SKLYZ ,_[LUK `V\Y SLNZ PU[V H M\SS WSHUR WVZP[PVU )LUK `V\Y YPNO[ RULL HUK IYPUN P[ [V [OL V\[ZPKL VM `V\Y YPNO[ LSIV^ 2LLWPUN `V\Y WHSTZ WSHU[LK YL]LYZL [OL TV[PVU IHJR [V WSHUR [OLU JYV\JO WVZP[PVU 9LWLH[ ^P[O [OL SLM[ SLN HUK JVU[PU\L HS[LYUH[PUN Q

:8F2?2 C6AD+ "! ;OPZ ^VYRZ `V\Y HYTZ SLNZ HUK JVYL PU VUL K`UHTPJ TV[PVU :[HY[ VU HSS MV\YZ ^P[O `V\Y SLNZ Z[YL[JOLK ILOPUK `V\ :[H` VU [OL IHSSZ VM `V\Y MLL[ ( 4V]L `V\Y SLM[ OHUK MVY^HYK HUK `V\Y YPNO[ SLN \W H IP[ ^P[O [OL RULL MHJPUN V\[^HYKZ HUK MVV[ VMM [OL MSVVY 5L_[ W\ZO `V\Y IVK` KV^U PU[V H WYLZZ\W WVZP[PVU ) (Z `V\ JVTL \W MYVT [OPZ WVZP[PVU W\[ `V\Y YPNO[ OHUK PU MYVU[ YPNO[ MVV[ VU [OL MSVVY HUK ILUK `V\Y SLM[ SLN +V H WYLZZ\W VU [OPZ ZPKL *VU[PU\L [OPZ TV]PUN MVY^HYKZ 2

3

    

"!(


8C66? J@FC

 3V]L L_LYJPZL I\[ ^PZO `V\Y ^VYRV\[ RP[ ^HZ IL[[LY MVY [OL LU]PYVUTLU[& 0[ JV\SK IL ;OL SH[LZ[ IYLLK VM MP[ULZZ IYHUKZ PZ ZL[ [V JSLHY `V\Y JVUZJPLUJL



V\ TH` UV[ YLHSPZL P[ I\[ `V\Y L_LYJPZL OHIP[ JV\SK IL PUJYLHZPUN `V\Y JHYIVU MVV[WYPU[ ;OL TV\U[PUN H]HPSHIPSP[` VM HMMVYKHISL ^VYRV\[ RP[ TLHUZ [OH[ MP[ULZZ MHZOPVU OHZ QVPULK [OL [VUZ VM JSV[OLZ HUK [L_[PSLZ [OH[ NV Z[YHPNO[ [V SHUKMPSS ZP[LZ L]LY` `LHY 0U [OL <2 HSVUL YL[HPSLYZ HYL HSSVJH[PUN TVYL ZWHJL [V HJ[P]L^LHY LUJV\YHNPUN \Z [V I\` OVYKLZ VM P[ HUK HZ H JVUZLX\LUJL [OYV^ HU PUJYLHZPUN HTV\U[ VM ºVSK» RP[ H^H` 0U MHJ[ -LIY\HY`  KH[H ZOV^Z [OH[ V]LY  WLY JLU[ VM \Z IV\NO[ ZWVY[Z^LHY V]LY H WLYPVK VM Q\Z[  TVU[OZ HZ H[OSL[PJ ^LHY ILJVTLZ H RL` "!)     

     

P[LT VU V\Y ZOVWWPUN SPZ[Z ;OPZ TPNO[ L_WSHPU ^O` `V\Y ^VYRV\[ ^HYKYVIL PZ I\SNPUN ^P[O N`T SLNNPUNZ PU L]LY` JVSV\Y HUK MHIYPJ )\[ JV\SK `V\Y JOVPJL VM MP[ RP[ IL IL[[LY MVY [OL LU]PYVUTLU[& (J[\HSS` `LZ P[ JV\SK (Z [OL ^VYSK ILJVTLZ TVYL NYLLUJVUZJPV\Z H UL^ IYLLK VM Z\Z[HPUHISL MP[ULZZ ^LHY PZ LTLYNPUN 4HKL MYVT YLJ`JSLK MHIYPJZ HUK TH[LYPHSZ [OH[ OH]L SP[[SL LU]PYVUTLU[HS PTWHJ[ H NYV^PUN U\TILY VM LJVMYPLUKS` ZWVY[Z SPULZ HYL ZL[ [V OP[ `V\Y MP[ULZZ YHKHY

        

*OLTPJHSZ Z\JO HZ [OL WLZ[PJPKLZ \ZLK K\YPUN JYVW MHYTPUN JHU WVSS\[L [OL LU]PYVUTLU[ ;OL MHIYPJ MVY H ZPUNSL ;ZOPY[ JHU YLX\PYL NHSSVUZ VM ^H[LY [V JYLH[L (UK [OH[»Z Q\Z[ [OL Z[HY[ VM [OPUNZ -VY[\UH[LS` `V\ JHU THRL [OL KLJPZPVU [V I\` LHY[O MYPLUKS` MP[ULZZ ^LHY /LYL HYL [OL TH[LYPHSZ [V SVVR V\[ MVY¯  :?DF=2E:@? 64@ 9LZLHYJO ZOV^Z [OH[ UV WHY[ VM [OL WSHUL[ PZ MYLL MYVT WSHZ[PJ ^HZ[L Z\JO HZ

KPZJHYKLK IV[[SLZ ;OH[»Z ^O` IYHUKZ HYL SVVRPUN MVY ^H`Z [V YL\ZL [OL TH[LYPHSZ :`U[OL[PJ PUZ\SH[PVU JVTWHU` 7YPTH3VM[ YLJLU[S` SH\UJOLK [OL 0UZ\SH[PVU ,JV MHIYPJ HU LHY[OMYPLUKS` [OLYTHS TH[LYPHS [OH[»Z THKL MYVT YLJ`JSLK IV[[SLZ 6UL 4VU[HUL 7YPZT =LZ[ " TVU[HNULJV\R JVU[HPUZ ZP_ YLJ`JSLK IV[[SLZ >V^  32>3@@ ( WVW\SHY TH[LYPHS \ZLK I` `VNH IYHUKZ [V THRL IV[O HWWHYLS HUK TH[Z IHTIVV PZ HU LJVJYVW >O`& )LJH\ZL NYV^PUN IHTIVV YLX\PYLZ UV PYYPNH[PVU VY MLY[PSPZLY ^OPJO PZ NVVK UL^Z MVY [OL WSHUL[ 7S\Z JVTWHYLK [V JV[[VU J\S[P]H[PVU [OL JYVW ULLKZ ]LY` SP[[SL ^H[LY [V ISVVT 0[»Z H MHZ[NYV^PUN WSHU[ [OH[ YLNLULYH[LZ ZV ^OH[ PZ J\[ KV^U ^PSS X\PJRS` IL YLWSHJLK  64@?J= (IHUKVULK MPZOPUN UL[Z HYL H WYVISLT ;OLYL HYL HYV\UK  VM [OLT PU [OL ^VYSK»Z VJLHUZ [YHWWPUN THYPUL SPML )LJH\ZL U`SVU PZ UVUIPVKLNYHKHISL ,JVU`S `HYU YL\ZLZ [OL HIHUKVULK MPZOPUN ^HZ[L [V JYLH[L H UL^ MHIYPJ 4HU` Z^PT^LHY HUK V\[KVVY IYHUKZ Z\JO HZ


7:E?6DD <?@H=6586

-PUPZ[LYYL HUK :WLLKV IVHZ[ ,JVU`S MHIYPJ PU THU` VM [OLPY WLYMVYTHUJL WYVK\J[Z /VVYH`

       

 $ JURZLQJ QXPEHU RI ODEHOV DUH LQYHVWLQJ LQ WKH IXWXUH RI RXU SODQHW +HUH LV MXVW D KDQGIXO RI RXU IDYRXULWH RQHV

2UZURd F]ecR3``de F_TRXVU ARc]Vj EcRZ_Vcd "$***, RUZURdT`f\

.SVIHS ZWVY[Z IYHUK (KPKHZ OHZ YLJLU[S` SH\UJOLK WYVK\J[Z THKL MYVT 6JLHU 7SHZ[PJ 9LHS 4HKYPK HUK -* )H`LYU 4\UPJO OH]L LJVMYPLUKS` (KPKHZ MVV[IHSS RP[Z (UK `V\ JHU UV^ W\YJOHZL VUL VM [OL  WHPYZ VM (KPKHZ <S[YH)VVZ[ <UJHNLK 7HYSL` Y\UUPUN ZOVLZ PUZWPYLK I` VJLHU ^H]LZ HUK THKL MYVT VJLHU ^HZ[L

-VY [OL N`T VY `VNH (ZX\P[O»Z HJ[P]L^LHY YHUNLZ HYL THKL MYVT L[OPJHSS`ZV\YJLK IHTIVV HUK JLY[PMPLK VYNHUPJ JV[[VU MHIYPJZ [OH[ HYL RPUK [V [OL LU]PYVUTLU[ ;OL IYHUK NVLZ [OH[ L_[YH TPSL [V LUZ\YL [OL TH[LYPHSZ HYL VM NYLH[ X\HSP[` TLHUPUN [OL`»YL Z\Z[HPUHISL JOLTPJHS MYLL HUK ZVM[ VU `V\Y ZRPU

            

3`SS]V Da`ce ***, X``feU``cdT`f\

,JVU`S PZ H NYLH[ WLYMVYTHUJL MHIYPJ MVY Z^PT HWWHYLS ^OPJO PZ ^O` THU` VM :WLLKV»Z UL^ SPULZ HYL THKL MYVT [OL Z[\MM ;OL MHIYPJ MVY :WLLKV»Z YLJLU[ /  (J[P]L YHUNL ^OPJO PZ THKL MVY IV[O WVVS HUK UVUWVVS ^VYRV\[Z PUJS\KLZ  WLY JLU[ LJVU`S `HYU DaVVU` 9ɽ! 2TeZgV 4RacZ AR_ed &&, 5L^ daVVU`T`^

2dbfZeY =ZgV 7Rde 3`Re_VT\ E`a &*, RdbfZeY]`_U`_T`^

4HRL Z\YL `V\Y N`T IV[[SL PZ LHY[OMYPLUKS` [VV ,]LY` `LHY  IPSSPVU WSHZ[PJ IV[[SLZ LUK \W PU SHUKMPSS 9H[OLY [OHU I\` MPS[LYLK ^H[LY MYVT H Z[VYL HYT `V\YZLSM ^P[O H )VIISL IV[[SL [OH[ JVTLZ ^P[O P[Z V^U MPS[LY [OH[ ^PSS W\YPM` [OL LX\P]HSLU[ VM  ZPUNSLZLY]L WSHZ[PJ ^H[LY IV[[SLZ 0[»Z HSZV )7( WO[OHSH[L HUK

4YR\cR 3cR *&, aR^R]`_U`_T`^

^VYRV\[ IYHUK 7(4( L[OPJHSS` ZV\YJLK MHIYPJZ [V LUNPULLY P[Z HJ[P]L^LHY @VNH ^LHY MYVT [OL MPYZ[ JVSSLJ[PVU ;OL *OHRYH *VSSLJ[PVU PZ THKL MYVT H Z\Z[HPUHISL JOHYJVHS IHTIVV TH[LYPHS H MHIYPJ ^OPJO WHPYZ YLJ`JSLK IHTIVV ^P[O LSHZ[HUL [V YLK\JL [OL LU]PYVUTLU[HS PTWHJ[ VM [OL NHYTLU[

 @462? A=2DE:4 0U H IPK [V YLK\JL VJLHU ^HZ[L (KPKHZ [LHTLK \W ^P[O 7HYSL` MVY [OL 6JLHUZ PU (WYPS  ;OL YLZ\S[ ^HZ 6JLHU 7SHZ[PJ H YLJ`JSLK TH[LYPHS THKL MYVT WSHZ[PJ IV[[SLZ JVSSLJ[LK MYVT JVHZ[HS HYLHZ I` [OL 7HYSL` .SVIHS *SLHU\W 5L[^VYR HUK 9LTV[L 0ZSHUK 0U[LYJLW[PVU VWLYH[PVUZ 1\Z[ [OPUR VM P[ HZ THYPUL KLIYPZ \WJ`JSPUN  96>A ;OPZ K\YHISL MPIYL KVLZU»[ YLX\PYL OLYIPJPKLZ VY WLZ[PJPKLZ [V NYV^ ^OPJO TLHUZ [OH[ P[»Z YLHSS` NVVK [V [OL LU]PYVUTLU[ 6U P[Z V^U P[ JHU IL H SP[[SL YV\NO VU [OL ZRPU ZV JSV[OPUN THU\MHJ[\YLYZ [LUK [V ISLUK P[ ^P[O VYNHUPJ JV[[VU ^OPJO \ZLZ SLZZ ^H[LY HUK ML^LY WLZ[PJPKLZ JVTWHYLK [V UVUVYNHUPJ JV[[VU [V LUZ\YL [OH[ P[»Z ZVM[ HNHPUZ[ ZRPU

       

 64@ H2D9 >OLU `V\»]L MPUPZOLK `V\Y ^VYRV\[ KVU»[ ZSH[OLY `V\Y IVK` PU HU \UMYPLUKS` IVK` ^HZO 4PJYVILHKZ HYL IP[Z VM WSHZ[PJ MV\UK PU ZVTL JVZTL[PJZ >OLU [OL`»YL ^HZOLK KV^U [OL KYHPU [OL` WVSS\[L [OL VJLHU HUK KHTHNL [OL JYLH[\YLZ [OH[ SP]L PU [OLT 0U MHJ[ MPZO L]LU LH[ [OL TPJYVILHKZ 3VVR MVY IYHUKZ [OH[ YLM\ZL [V \ZL TPJYVILHKZ PU [OLPY WYVK\J[Z Z\JO HZ 5LHS»Z @HYK 9LTLKPLZ ULHSZ`HYKYLTLKPLZJVT  6I6C4:D6 6E9:42==J ;OPURPUN HIV\[ [HRPUN `V\Y ^VYRV\[ PUKVVYZ& >PU[LY ^VYRV\[Z [LUK [V YLX\PYL H SV[ VM LSLJ[YPJP[` ^OL[OLY P[»Z [V WV^LY [OL [YLHKTPSS H[ [OL N`T VY M\LS `V\Y T\ZPJ ZWLHRLYZ H[ OVTL 7YVISLT PZ [OL MVZZPS M\LSZ [OH[ HYL I\YU[ [V JYLH[L LSLJ[YPJP[` W\[ [VUZ VM *6 PU[V [OL H[TVZWOLYL ^OPJO JVU[YPI\[LZ [V NSVIHS ^HYTPUN *VUZPKLY L_LYJPZPUN VU `V\Y V^U Z[LHT I` Y\UUPUN J`JSPUN VY [YHPUPUN ^P[O MYLL ^LPNO[Z @V\ JV\SK HSZV [OPUR HIV\[ PM `V\ YLHSS` ULLK HUV[OLY WHPY VM SLNNPUNZ  24E:G6 4@>>FE6 +YP]PUN HUK [HRPUN [OL I\Z HYLU»[ ]LY` LU]PYVUTLU[HSS`MYPLUKS` ;OLZL WVW\SHY JVTT\[PUN TL[OVKZ JYLH[L JVUNLZ[PVU UVPZL WVSS\[PVU HUK *6 LTPZZPVUZ )` ^HSRPUN J`JSPUN VY Y\UUPUN YH[OLY [OHU KYP]PUN [V ^VYR `V\»SS IL NL[[PUN H MP[ULZZ MP_ ^OPSL HSZV YLK\JPUN [OL *6 LTPZZPVUZ [OH[ `V\ HKK [V [OL H[TVZWOLYL 0[»Z H UV IYHPULY Q     

"!*


>@G6 @7 E96 >@?E9

DE6A E@ :E >VYR `V\Y \WWLY IVK` ^P[O [OPZ OHUK` KVHU`^OLYL L_LYJPZL

$ " 3RT\

2LLW `V\Y IHJR PU H UL\[YHS WVZP[PVU [OYV\NOV\[ +VU»[ SL[ [OL SV^LY WHY[ HYJO

# DY`f]UVcd

2LLW `V\Y ZOV\SKLYZ [PNO[ HUK IHJR LUNHNLK ZV `V\Y \WWLY IHJR KVLZU»[ ZHN

C6G6CD6 A=2?< H2=<@FE

;OPZ PZ H MHU[HZ[PJ M\SSIVK` L_LYJPZL [OH[ OP[Z `V\Y JVYL HUK ZOV\SKLYZ OHYK 0[ ULLKZ SV[Z VM WYHJ[PJL [V NL[ P[ YPNO[

9@H E@ 5@ :E

""!     

        

MLL[ IHJR HZ MHY HZ `V\ JHU \U[PS `V\ JHU UV SVUNLY RLLW `V\Y ZWPUL UL\[YHS O 7H\ZL PU [OL L_[LUKLK WVZP[PVU HYTZ HIV]L `V\Y OLHK ILMVYL ^HSRPUN `V\Y MLL[ IHJR [V [OL Z[HY[ WVZP[PVU

7LYZVUHS [YHPULY 1LHU*SH\KL =HJHZZPU V^UZ > 7LYMVYTHUJL N`TZ PU 3VUKVU /L HK]PZLZ H[OSL[LZ ZWVY[Z IYHUKZ HUK MPST JVTWHUPLZ HZ ^LSS HZ ^VYRPUN PU U\[YP[PVU M\UJ[PVUHS TLKPJPUL HUK YLOHIPSP[H[PVU =PZP[ ^WLYMVYTHUJLN`TJVT



O :[HY[ PU H [HSS WSHUR WVZP[PVU ^P[O `V\Y OHUKZ \UKLY `V\Y ZOV\SKLYZ HUK NS\[LZ HIZ HUK [OPNOZ LUNHNLK O 2LLWPUN `V\Y IHJR PU H UL\[YHS WVZP[PVU LUNHNL `V\Y HIZ I` [\JRPUN `V\Y OPWZ \UKLY HUK Z[HY[ [V ^HSR `V\Y MLL[ IHJR O 2LLW `V\Y OHUKZ MP_LK PU [OL Z[HY[ WVZP[PVU HUK ^HSR `V\Y

#

    

"

 (#&4 00$(  $&& /&(   $0   )& (!'(3    # )4$0 65))    *)/30 / ( 3/$(/0 ')&.0 )5(- 5 &( 54/6$!"3 2 7 +(5&(-)-4%,

$ =VXd

4HPU[HPU [LUZPVU [OYV\NOV\[ [OL ^OVSL TV]L RLLWPUN `V\Y X\HKZ JVYL HUK NS\[LZ LUNHNLK


<:E E6DE

@? E6DE  

2D:4D =:E6D9@H H:?E6C ;24<6E æ DVLFVFRP

º.YLH[ MVY JOPSS` KH`Z [OPZ PZ JVTM` [V ^LHY HUK TV]LZ ^LSS ^P[O `V\Y IVK` 0[ IVHZ[Z ^H[LY HUK ^PUKYLZPZ[HU[ ZVM[ZOLSS MHIYPJ VU [OL MYVU[ I\[ OHZ Z[YL[JO` IY\ZOLKRUP[ WHULSZ VU [OL ZPKLZ HUK IHJR [V ^PJR TVPZ[\YL H^H` 0 HSZV HWWYLJPH[LK [OL SVUN JVZ` J\MMZ ^P[O [O\TI SVVWZ ;OL V WYPU[ PUJS\KLZ H ^PKL Z[YPW VM KV[[LK YLMSLJ[P]L TH[LYPHS KV^U [OL TPKIHJR HUK HYTZ I\[ Q\Z[ H YLMSLJ[P]L SVNV H[ [OL MYVU[ ;OL YLMSLJ[P]L TH[LYPHS VU [OL HYTZ KPKU»[ ^VYR ]LY` ^LSS [OV\NO ZV [VNL[OLY ^P[O [OL KHYR IHJRNYV\UK JVSV\Y VU [OL ]LYZPVU 0 [YPLK [OPZ ^HZ UV[ ]LY` ]PZPISL H[ UPNO[ .YLH[ MVY Z\WLYJVSK ^PU[LY KH`[PTL \ZL [OV\NO» ?:8 9EE :>6 G :D :3: =: EJ A6 C7@C>2? 46 9 9 9 9

97 TYZVW dfS 6^^R =VhZd YVRUd `fe Z_ eYV URc\ e` dVV Y`h gZdZS]V eYVdV [RT\Ved RcV

99

K2<E: 24E:G6 7=2D9 7@CH2C5 CF??:?8 ;24<6E æ ]DNWLDFWLYHFRP

º;OPZ PZ H NYLH[]HS\L VW[PVU MVY ILNPUULY Y\UULYZ ^OV»K SPRL H ZOLSS QHJRL[ [OH[ JHU KV\ISL \W MVY NLULYHS \ZL HZ P[ OHZ H YLSH_LK MP[ HUK H OVVK ;OL ^OVSL QHJRL[ PZ THKL MYVT IYLH[OHISL ^H[LYYLZPZ[HU[ YLMSLJ[P]L TH[LYPHS HUK P[ NSV^Z SPRL H ILHJVU PU JHY OLHKSPNO[Z 0[ HSZV IVHZ[Z [^V PU]PZPISL aPWWLK OHUK WVJRL[Z H[ [OL MYVU[ HUK IHJR ]LU[Z ZV `V\ JHU SL[ VMM ZVTL Z[LHT ( NVVK JOVPJL MVY [OVZL ^OV KV ZOVY[LY Y\UZ H[ HU LHZPLY WHJL JVTT\[LY J`JSPZ[Z VY L]LU \YIHU KVN ^HSRLYZ P[»Z UV[ [OL TVZ[ IYLH[OHISL JOVPJL HUK Y\Z[SLZ H IP[ *OVVZL MYVT NYL` VY IS\L» ? : 8 9 EE: > 6 G: D :3 : =: E J A 6C 7@ C > 2? 4 6 9 9 9

99999

D2F4@?J D C67=6I ;24 æ VDXFRQ\FRP

AC@G:K A:I6=:E6 H@>6?D CF??:?8 ;24<6E æ SURYL]VSRUWVFRP

º;OL Z\WLYYLMSLJ[P]L HYLHZ HYL [OV\NO[M\SS` PUJVYWVYH[LK PU[V [OL SVVR VM [OPZ QHJRL[ HUK HWWLHY KHYR NYL` PU KH`SPNO[ ;OLYL HYL ^PKL YLMSLJ[P]L Z[YPWZ VU [OL [^V \ZLM\S MYVU[ WVJRL[Z HUK H SHYNL HYLH HJYVZZ [OL \WWLY IHJR HUK V]LY [OL [VW VM [OL ZOV\SKLYZ ;OL MS\VYV WPUR [YPTTPUN KL[HPSZ THRL `V\ H SP[[SL TVYL ]PZPISL PU KH`[PTL [VV 0[»Z ILZ[ MVY ZTHSSLY Y\UULYZ HZ P[»Z ]LY` ZOVY[ PU SLUN[O ZP[[PUN YPNO[ VU [OL ^HPZ[ IHUK VM T` SLNNPUNZ ;OPZ ZVM[ ^PUKWYVVM Z\WLYSPNO[ QHJRL[ PZ JVTM` [V ^LHY HUK [OLYL HYL ]LU[Z H[ [OL IHJR ^OPJO OLSW WYV]PKL L_JLSSLU[ IYLH[OHIPSP[` 0[ PZU»[ ^H[LY YLZPZ[HU[ [OV\NO» ?: 89 EE :>6 G:D:3:=: EJ A6 C7@C>2 ?46 9 9 9 9

9999

º:LYPV\Z ZWLLK` Y\UULYZ ^PSS SV]L [OPZ Z\WLYSPNO[^LPNO[ ZOLSS 0[ JVTLZ PU VYHUNL VY ^OP[L JVSV\YZ HUK 0 [YPLK [OL ^OP[L ]LYZPVU ;OL SPNO[ JVSV\Y JVTIPULK ^P[O THU` [OPU Z[YPWLZ VM YLMSLJ[P]L TH[LYPHS KV^U [OL MYVU[ HUK IHJR THRL P[ OPNOS` ]PZPISL H[ UPNO[ ZOHTL [OL Z[YPWLZ KVU»[ JVU[PU\L VU[V [OL HYTZ [OV\NO +LZWP[L P[Z SPNO[ ^LPNO[ [OPZ OVVKSLZZ QHJRL[ WHJRZ PU ZVTL PTWVY[HU[ [LJO` MLH[\YLZ 0[»Z ^PUK HUK ^H[LYYLZPZ[HU[ ^P[O H YLHSS` OPNO JVSSHY [V RLLW V\[ [OL JOPSS WS\Z P[»Z SVUNLY H[ [OL IHJR [OHU [OL MYVU[ ^OPJO 0 SPRL MVY HLZ[OL[PJZ HZ ^LSS HZ [OL TVYL WYHJ[PJHS YLHZVU VM RLLWPUN `V\ ^HYTLY HUK KYPLY 0[ HSZV IVHZ[Z [^V MYVU[ OHUK WVJRL[Z HUK HUV[OLY \ZLM\S VUL [\JRLK H^H` H[ [OL IHJR VM [OL YPNO[ OPW 3HYNL TLZO WHULSZ \UKLY `V\Y HYTZ RLLW `V\ ^LSS ]LU[PSH[LK HUK `V\ JHU JPUJO PU [OL IV[[VT VM [OL QHJRL[ 0M `V\ ^HU[LK [V [HRL P[ VMM TPKY\U `V\ JV\SK [PL P[ YV\UK `V\Y ^HPZ[ VY OVSK P[ HUK IHYLS` UV[PJL P[»Z [OLYL ;OL VMMJLU[YL MYVU[ aPW PZ H Z[`SPZO [V\JO ;OPZ QHJRL[ ^V\SK ^VYR ^LSS MVY J`JSPUN [VV»

? :8 9EE : >6 G :D : 3: = : EJ 9 9 9 9 9 A 6C 7@C > 2? 4 6 9 9 9 9 9

593 C67=64E:G6 CF??:?8 ;24<6E æ ZLJJOHFRXN

º( NYLH[SVVRPUN ZOLSS ^OLYL [OL YLMSLJ[P]P[` PZ H THPU MLH[\YL 0U MHJ[ [OL YLMSLJ[P]L KV[ WH[[LYU [OH[ JV]LYZ TVZ[ VM [OPZ IYHUK UL^ KLZPNU LUOHUJLZ [OL HLZ[OL[PJ VM [OL QHJRL[ 7LYMLJ[ MVY YHPU` Y\UZ HUK SPNO[ HZ H MLH[OLY P[ JHU WHJR H^H` PU[V [OL UPJLS` V\[ VM [OL ^H` ZPKL WVJRL[ HUK 0 KV SPRL H OVVK MVY ^HYT\WZ HUK JVVSKV^UZ PM P[»Z WHY[PJ\SHYS` JVSK VY ^L[ ZV 0»T NSHK [OPZ OHZ VUL 4HKL MYVT U`SVU [OL QHJRL[ OHZ H 7< JVH[PUN VU [OL PUZPKL [V THRL P[ ^H[LY YLZPZ[HU[ ;OLYL HYL ]LU[Z VU [OL IHJR ZV `V\ KVU»[ Z[LHT \W [VV T\JO WS\Z H KYH^JVYK OLT (]HPSHISL PU NYHWL VY ISHJR H ZSPNO[ KV^UZPKL PZ [OL TH[LYPHS Y\Z[SLZ» ? : 8 9 EE: > 6 G : D : 3: = :EJ A 6C 7@ C >2 ? 4 6 9 9 9 9

9999

    

"""


CF?<?@H=6586

DY`f]U j`f cf_

6G6CJ 52J0 0[ JV\SK JYHUR \W `V\Y Y\UUPUN MP[ULZZ HUK L]LU NP]L `V\ ZVTL ZLYPV\Z R\KVZ I\[ PZ Y\UUPUN KHPS` [OL YPNO[ JOHSSLUNL MVY `V\&

""#     

        


CF?<?@H=6586

THYH[OVU OHZ ZWLU[ [OL SHZ[  `LHYZ VM OPZ SPML Y\UUPUN L]LY` KH` HUK UV^ OVSKZ [OL ^VYSK YLJVYK MVY P[ 0[»Z ILLU Z\JO H Z\JJLZZ [OH[ [OL /PSS` IYHUK LUJV\YHNLZ V[OLYZ [V 9\U,]LY`+H` I` QVPUPUN [OL JS\I H[ YVUOPSSJVTY\UL]LY`KH` L]LY` 6J[VILY (UK [OLYL HYL V[OLY Y\U Z[YLHR NYV\WZ HUK JOHSSLUNLZ V\[ [OLYL ( X\PJR ZLHYJO VU -HJLIVVR TPNO[ SLHK `V\ [V VUL [OH[»Z SVJHS [V `V\ 0M `V\ ^HU[ [V Z[HY[ `V\Y V^U Y\U Z[YLHR JOHSSLUNL [OL Y\SLZ HYL LHZ` [V MVSSV^! `V\ JOVVZL OV^ THU` KH`Z ^LLRZ VY `LHYZ `V\ ^HU[ [V IL VU H Y\U Z[YLHR MVY [OLU Y\U L]LY` KH` \U[PS [OL [PTL»Z \W 0[»Z UV[ HIV\[ Y\UUPUN HZ MHY HZ `V\ JHU L]LY` KH` ¶ I\[ P[ KVLZ WH` [V OH]L H WSHU 0U MHJ[ H SP[[SL IP[ VM Z[Y\J[\YL PZ RL` [V H]VPKPUN PUQ\Y` HUK YLHWPUN [OL ILULMP[Z >VUKLYPUN OV^ [V KV P[ ZHMLS`& >L HZRLK 5PJR (UKLYZVU OLHK JVHJO MVY :H\JVU` <2 ^OV [YHPUZ H[OSL[LZ [V Y\U L]LY` KH` OV^ [V THRL P[ H OLHS[O` OHIP[

<?@H J@ FC =: >: ED

5PJR (UKLYZVU [YHPUZ IV[O LSP[L THYH[OVULYZ HUK RLLU M\UKYHPZLYZ PU Y\U Z[YLHRPUN" ]PZP[

Y\UUPUN^P[O\ZJVT '5PJR(UKLYZVU9\U

          

H

HU[ [V RPJR VMM [OL UL^ `LHY ^P[O H Y\UUPUN JOHSSLUNL& ;Y` ºY\U Z[YLHRPUN» *VU[YHY` [V OV^ P[ ZV\UKZ Y\U Z[YLHRPUN KVLZ UV[ PU]VS]L [HRPUN HSS VY HU` VM `V\Y RP[ VMM 8\P[L [OL VWWVZP[L HJ[\HSS` ¶ P[ WH`Z [V RLLW `V\Y Y\UUPUN RP[ ULHYI` H[ HSS [PTLZ >O`& )LJH\ZL Y\U Z[YLHRPUN PU]VS]LZ Y\UUPUN L]LY` KH` MVY H ZL[ U\TILY VM KH`Z -YVT ISVNNLYZ HUK M\UKYHPZLYZ [V L_WLYPLUJLK THYH[OVULYZ HU PUJYLHZPUN U\TILY VM Y\UULYZ HYL [HYNL[PUN [OPZ KHPS` JOHSSLUNL HZ H ^H` [V YHTW \W [OLPY Y\UUPUN TVQV 6M JV\YZL P[»Z UV[ H UL^ JVUJLW[ 9VU /PSS [OL L_6S`TWPHU ^OV VUJL OLSK [OL MHZ[LZ[ [PTL MVY [OL

5@ D@ >6 { C6DE CF ? D|

+VU»[ Z[HY[ H Y\U Z[YLHR ^P[OV\[ H YLJV]LY` WSHU -VY VUL KH` L]LY` ^LLR VY VUL KH` L]LY`  KH`Z NV MVY H ZOVY[KPZ[HUJL LHZ` Y\U ;OPZ PZ ºHJ[P]L YLJV]LY`» HUK NP]LZ `V\Y IVK`»Z [PZZ\LZ H JOHUJL [V YLNYV^ HUK YLWHPY -\LS `V\Y IVK` ^LSS HUK NL[ WSLU[` VM ZSLLW º;OL YLHS HY[ VM PTWYV]PUN HZ H Y\UULY JVTLZ MYVT OV^ ^LSS `V\ JHU YLJV]LY» ZH`Z (UKLYZVU

>2DE 6C J@ FC >@E:G2E:@? -PYZ[ [OPUNZ MPYZ[! ^O` KV `V\ ^HU[ [V NV VU H Y\U Z[YLHR& 7LYOHWZ `V\ ^HU[ [V PTWYV]L HZ H KPZ[HUJL Y\UULY HYL TV[P]H[LK I` P[Z ZLUZL VM HK]LU[\YL VY Q\Z[ ^HU[ [V ZWLUK TVYL [PTL KVPUN H ZWVY[ `V\ SV]L /V^L]LY MVY ZVTL WLVWSL P[ JHU IL H ZPNU VM H Y\UUPUN HKKPJ[PVU º;OLYL HYL VUL VY [^V WLVWSL ^OV ^PSS IL VU H Z[YLHR [V Q\Z[PM` V]LY[YHPUPUN» ZH`Z (UKLYZVU º;OL` TH` OH]L \UKLYS`PUN PZZ\LZ Z\JO HZ U\[YP[PVU WYVISLTZ VY SV^ ZLSMLZ[LLT HUK JHU»[ ILHY [V [HRL H KH` VMM» :V\UK MHTPSPHY& -VJ\Z VU JVUX\LYPUN YLZ[ HUK YLJV]LY` ILMVYL [OPURPUN HIV\[ H Y\U Z[YLHR

7 : ?5 J@FC =6G6=

º9\U Z[YLHRPUN PZ UV[ H ILNPUULY»Z [OPUN H[ HSS» ^HYUZ (UKLYZVU º@V\ ULLK [V OH]L ILLU LZ[HISPZOLK HZ H Y\UULY MVY H ^OPSL WYVIHIS` H ML^ `LHYZ VY TVYL ZV [OH[ `V\ JHU RUV^ ^OL[OLY `V\»YL [OL ZVY[ VM WLYZVU ^OV JHU JVWL ^P[O P[ (PT [V [VSLYH[L H[ SLHZ[ MP]L VY ZP_ KH`Z VM Y\U [YHPUPUN H ^LLR ILMVYL LTIHYRPUN VU H Z[YLHR JOHSSLUNL

<UKLYZ[HUKPUN `V\Y IVK` PZ RL` 9\U Z[YLHRPUN PZU»[ MVY L]LY`VUL 0M `V\ RUV^ `V\»YL WYVUL [V PUQ\Y` KVU»[ KV P[ º0 JVHJO HU \S[YH Y\UULY ^OV Y\UZ L]LY` KH` HUK KVLZU»[ NL[ PUQ\YLK /L»Z ILLU VU H Y\U Z[YLHR MVY HIV\[ MV\Y `LHYZ HUK SPML PZ NYLH[» ZH`Z (UKLYZVU º0 HSZV JVHJO Y\UULYZ ^OV JHU ZLYPV\ZS` VUS` Y\U MV\Y VY MP]L [PTLZ H ^LLR HUK PM [OL` Y\U TVYL [OL`»SS NL[ PUQ\YLK +LJPKL ^OH[ ZVY[ VM Y\UULY `V\ HYL HUK ^OH[ `V\Y IVK` JHU JVWL ^P[O»

D6E J@ FC 8@2= D

5V^ [OPZ PZ HU PTWVY[HU[ VUL ¶ ^OH[ KV `V\ L_WLJ[ [V NL[ V\[ VM Y\U Z[YLHRPUN& 7LYOHWZ `V\ ^HU[ [V YHPZL SV[Z VM TVUL` MVY JOHYP[` .YLH[ 4H`IL `V\ ^HU[ [V ILJVTL H Z[YVUNLY KPZ[HUJL Y\UULY ¶ HUV[OLY NVVK WVPU[ 0M `V\ ^HU[ [V PTWYV]L `V\Y 2 [PTL OV^L]LY KVU»[ L]LU [OPUR HIV\[ P[ º0M `V\»YL ZLYPV\Z HIV\[ ZWLLKPUN \W V]LY 2 VY 2 `V\»SS OH]L [V KV ZVTL ]LY` [V\NO PU[LY]HS ZLZZPVUZ» L_WSHPUZ (UKLYZVU º;OLZL HYL KLZ[Y\J[P]L HUK L]LU ^P[O YLZ[ KH`Z PU IL[^LLU [OLT `V\ JHU LUK \W MLLSPUN ]LY` [PYLK» 7HYHKV_PJHSS` H KPZ[HUJL Y\UULY KVPUN H TP_ VM LHZ` Y\UUPUN [OYLZOVSK Y\UUPUN HUK THYH[OVU WHJL ^VYR JHU ^OPSL Y\UUPUN M\Y[OLY [OHU H 2 H[OSL[L L_WLYPLUJL SLZZ KHTHNL [V [OL IVK` HUK IL IL[[LYZ\P[LK [V H Y\U Z[YLHR .V MPN\YL Q     

""$


CF??:?8 B2

:e|d SVeeVc e` U` deReZT decVeTYVd a`decf_ cReYVc eYR_ SVW`cV j`fc cf_

CF??:?8 6IA6CE

B

, QHYHU ZDUP XS RU FRRO GRZQ ZKHQ , JR UXQQLQJ 6KRXOG ,"

2

0 HS^H`Z KV H ^HYT\W [V LHZL PU[V Y\UUPUN LSPTPUH[PUN [OL º[V_PJ  TPU\[LZ» 0 V[OLY^PZL NL[ ^OLYL 0 MLLS Z[PMM IYLH[OSLZZ HUK OLH]` >HYTPUN \W NYHK\HSS` YHPZLZ T\ZJSL HUK JVYL [LTWLYH[\YL OLHY[ YH[L HUK IYLH[OPUN MYLX\LUJ`" MPYPUN \W [OL ULY]LZ [OH[ JVU[YVS T\ZJSL TV]LTLU[ HUK YLSLHZPUN LUa`TLZ PU]VS]LK PU LULYN` TL[HIVSPZT :JPLU[PMPJ L]PKLUJL YLNHYKPUN H WLYMVYTHUJL ILULMP[ OV^L]LY PZ ZSPT 6UL YLJLU[ Z[\K` MV\UK H ZTHSS PUJYLHZL PU KPZ[HUJL JV]LYLK PU H TPU\[L Y\UUPUN [YPHS HM[LY H ^HYT\W JVTWHYLK [V ZP[[PUN X\PL[S` I\[ V[OLY Z[\KPLZ OH]L YLWVY[LK UV WLYMVYTHUJL ILULMP[ >OH[ HIV\[ PUQ\Y` YPZR& (Z H JVHJO 0»]L UV[PJLK TVYL WLVWSL Z\Z[HPU ZVM[[PZZ\L PUQ\YPLZ ^OLU [OL` HYYP]L SH[L MVY H ZLZZPVU HUK KVU»[ ^HYT \W" I\[ HNHPU [OL ZJPLU[PMPJ L]PKLUJL PZ TP_LK :[\KPLZ ]HY` ^PKLS` PU [LYTZ VM OV^ [OL` KLMPUL H ^HYT\W HUK ^OH[ P[ LU[HPSZ [OV\NO :VTL ZPTWS` [LZ[ [OL LMMLJ[Z VM WYLY\U Z[H[PJ Z[YL[JOPUN [OPUR

Z[HUKPUN Z[PSS OVSKPUN `V\Y OLLS [V `V\Y IV[[VT VU PUQ\Y` YPZR ^OPJO 0 ILSPL]L LUJV\YHNLZ T\ZJSLZ [V SLUN[OLU ^OLU [OL`»YL HIV\[ [V JVU[YHJ[ T\S[PWSL [PTLZ ZV [OL` SVZL WV^LY º+`UHTPJ Z[YL[JOPUN» [OPUR SLN Z^PUNZ PZ H IL[[LY ^HYT\W PTWYV]PUN `V\Y MSL_PIPSP[` ^P[OV\[ ZHWWPUN Z[YLUN[O 0»K Z[HY[ ^P[O ZVTL ^HSRPUN HUK TVIPSP[` L_LYJPZLZ Z\JO HZ HYT JPYJSLZ [VYZV [^PZ[Z SPM[PUN RULLZ [V JOLZ[ VY OLLSZ [V I\T HZ `V\ ^HSR HUK ^HSRPUN VU [OL IHSSZ VM `V\Y MLL[ ;OLU Z[HY[ QVNNPUN HUK KV TVYL K`UHTPJ Z[YL[JOLZ HUK TV]LTLU[Z Z\JO HZ ZRPWWPUN ZPKLZ[LWWPUN HUK OPNO RULLZ -PUPZO ^P[O H ML^ ºZ[YPKLZ»! ZOVY[ Z^PM[WHJLK Y\UZ VM HYV\UK T ^OLYL `V\ MVJ\Z VU NVVK MVYT HUK Z[H`PUN YLSH_LK ;OL HPT VM H JVVSKV^U PZ [OL YL]LYZL VM [OL ^HYT\W! P[»Z HIV\[ YL[\YUPUN [OL IVK`»Z Z`Z[LTZ [V H YLZ[PUN Z[H[L I` NYHK\HSS` ZSV^PUN KV^U YH[OLY [OHU Z[VWWPUN Z\KKLUS` @V\ JV\SK ZPTWS` YLZLY]L [OL SHZ[ JV\WSL VM TPU\[LZ VM `V\Y Y\U MVY ZSV^PUN `V\Y WHJL NYHK\HSS` [V H ^HSR /HYK L]PKLUJL HIV\[ [OL ILULMP[Z VM H JVVSKV^U PZ HSZV ZSPT I\[ 0»K KLMPUP[LS` YLJVTTLUK `V\ KV P[ PM `V\ OH]L [PTL

""%     

        

?6H <:E H@>6?|D CFD9 $ % E:89ED :>AF=D6 )!, ZTVScVR\VcT`^ DeRj T`dj Z_ eYVdV ScVReYRS]V decVeTY #'!X^ ^VcZ_`S]V_U ]VXXZ_Xd hZeY R e`fTY `W =jTcR W`c decVeTY 7]Re]`T\ dVR^d \VVa TYRWZ_X Re SRj R_U eYVcV|d R kZa a`T\Ve R_U T`^Wj hZUV hRZdeSR_U EC:36 DA@CED 6?8:?66C65 =@?8 D=66G65 K:A ;24<6E '&, ecZSVda`cedT`^ ?VVU R_ ViecR ]RjVc W`c hZ_eVc0 EcZSV Da`ced| _Vh EcZSV 6]ZeV T`]]VTeZ`_ Z_T]fUVd eYZd dfaVcT`^Wj ]ZXYehVZXYe decVeTY e`a :e|d dhVRehZT\Z_X ScVReYRS]V R_eZSRTeVcZR] R_U YRd eYf^SY`]Vd E96 ?@CE9 7246 7=:89E D6C:6D 7FD6 ;24<6E "(!, eYV_`ceYWRTVT`^, 4`^SRe SRU hVReYVc hZeY`fe XVeeZ_X e`` dhVRej Z_ eYZd RhRcUhZ__Z_X _Vh [RT\Ve EYZd Zd E?7|d ]ZXYeVde ^`de ScVReYRS]V hZ_U R_U hReVc cVdZdeR_e [RT\Ve W`c eYV ecRZ]

E96 @?6 E@ CF?

8]`fTVdeVc HZ_eVc >RcReY`_ 7VScfRcj & #!"( 5LLK ZLYPV\Z [YHPUPUN TV[P]H[PVU MVY [OL MLZ[P]L WLYPVK& @V\ JV\SK LU[LY [OPZ YVHK YHJL ;OL JV\YZL JVTWYPZLZ H SVVW PU 8\LKNLSL` HUK /HYK^PJRL [OLU NVLZ V]LY [OL JHUHS VU[V [OL THPU SVVW [OYV\NO [OL ]PSSHNLZ VM ,STVYL HUK 3VUNUL`" IL`VUK[OLSPTP[H[PVUZVYN\R

          

)' Y\UUPUN JVHJO 6DP 0XUSK\ HUZ^LYZ `V\Y [YHPUPUN X\LZ[PVUZ


C6256C DF446DD

           ;OL MV\UKLY VM )VVNPL V\UJL 1LUU` )LSJOLY  Z\Y]P]LK HU HJJPKLU[ [OHURZ [V OLY Z[YVUN S\UNZ

{H

OLU 0 ^HZ  0 OHK H OVYZLYPKPUN HJJPKLU[ ZV 0»]L HS^H`Z OHK WYVISLTZ ^P[O T` RULLZ ;OLU [OYLL `LHYZ HNV ^OLU 0 ^HZ VU OVSPKH` PU :WHPU H NPYS MLSS VMM H TV\U[HPU HUK 0 ^LU[ [V YLZJ\L OLY 0U [OL WYVJLZZ 0 [YHWWLK T` MVV[ ZUHWWPUN T` JY\JPH[L SPNHTLU[ ;OL PTWHJ[ [VVR V\[ T` JVSSH[LYHS SPNHTLU[Z ZVTL JHY[PSHNL HUK KHTHNLK T` IHJR 0[ ^HZ OVYYLUKV\Z 0[ [VVR TL [^V TVU[OZ [V NL[ IHJR [V [OL <2 HZ 0 HSZV OHK H KLLW ]LPU [OYVTIVZPZ [OH[ [YH]LSSLK [V T` S\UNZ HUK MV\Y W\STVUHY` LTIVSPZTZ ;OL WHPU ^HZ OVYYPMPJ I\[ [OL KVJ[VYZ [VSK TL IV\UJPUN OHK WYVIHIS` ZH]LK T` SPML ILJH\ZL P[ OHK THKL T` S\UNZ ZV LMMPJPLU[ ;OL ISVVK JSV[ ^V\SK WYVIHIS` OH]L RPSSLK ZVTLVUL LSZL»

  %       & !     " ! $ !$"$ 

C65:D4@G6C:?8 >J 3@F?46

º>OLU 0 ^HZ NYV^PUN \W :[LW HLYVIPJZ ^HZ HSS [OL YHNL I\[ ILJH\ZL VM T` YPKPUN HJJPKLU[ 0 Z[Y\NNSLK ^P[O MSVVY L_LYJPZLZ ZV 0 KLJPKLK [V [Y` ^VYRPUN V\[ VU H [YHTWVSPUL 0»K YLHK HU HY[PJSL HIV\[ OV^ IV\UJPUN ^HZ NVVK MVY `V\Y S`TWOH[PJ Z`Z[LT HUK ILJH\ZL P[ ^HZ SV^ PTWHJ[ `V\ JV\SK ^VYR YLHSS` OHYK )LMVYL SVUN T` ZRPU ^HZ SVVRPUN NYLH[ T` OHPY ZOVUL HUK 0 SVZ[ ^LPNO[ 4` MYPLUKZ Z[HY[LK HZRPUN ^OH[ 0»K ILLU KVPUN HUK [OV\NO[ [OLYL T\Z[ IL H UL^ THU PU T` SPML >OLU 0 [VSK [OLT HIV\[ [OL [YHTWVSPUL [OL` HZRLK PM [OL` JV\SK OH]L H NV (M[LY [OH[ 0 [VVR HU ,_LYJPZL [V 4\ZPJ X\HSPMPJH[PVU W\[ HU HK PU [OL SVJHS WHWLY HUK IV\NO[  TVYL [YHTWVSPULZ :VVU 0 OHK  HUK ^HZ [LHJOPUN [^V JSHZZLZ H UPNO[ º(M[LY [OL HJJPKLU[ PU :WHPU H [VW ZWLJPHSPZ[ [VSK TL 0 ULLKLK ZP_ TVU[OZ VM YLZ[ ILMVYL 0 JV\SK L]LU JVUZPKLY YLJVUZ[Y\J[PVU )\[ 0 [OV\NO[ PM [OL SPRLZ VM +H]PK )LJROHT JV\SK \ZL [YHTWVSPULZ MVY YLOHI ZV JV\SK 0 (Z 0»T HSZV H ZWVY[Z [OLYHWPZ[ 0 RUL^ ^OH[ ^HZ ULLKLK ZV 0 HKKLK H OHUKSL [V [OL [YHTWVSPUL [OH[ ^V\SK SL[ TL W\ZO KV^U HUK \ZL [OL YLZPZ[HUJL VM [OL ZWYPUNZ 6UJL ^L WVZ[LK H ]PKLV VM P[ VUSPUL P[ ^LU[ ]PYHS º5V^ )VVNPL )V\UJL IVVNPLIV\UJLJVT KVLZ L]LY`[OPUN MYVT IPY[OKH` WHY[PLZ MVY [OYLL`LHYVSKZ [V ILNPUULYZ» JSHZZLZ TLU»Z ZLZZPVUZ HUK º?[YLTL» ?[YLTL \ZLZ /00; [LJOUPX\LZ ^P[O WS`VTL[YPJZ HUK SV[Z VM OPNOL_WSVZP]L TV]LZ PUJS\KPUN IV_PUN >L HSZV \ZL A\TIH TV]LZ QHaa Z[LWZ ZWSP[Z HUK Q\TW [\JRZ 0[»Z ZV QV`M\S HUK H THZZP]L LUKVYWOPU YLSLHZL»

 

{: ]ZgV Sj W`fc h`cUd+ SV]ZVW Y`aV T`fcRXV R_U \Z_U_Vdd EYVj|cV YV]aWf] XfZUV]Z_Vd ZW j`f|cV dVeeZ_X fa j`fc `h_ WZe_Vdd SfdZ_Vdd|

@?H2C5D 2?5 FAH2C5D

º0»T ULHYS`  UV^ HUK 0»T OH]PUN [OL ILZ[ [PTL VM T` SPML +\YPUN [OL ^LLR 0 ^VYR PU [OL VMMPJL ^P[O V\Y [LHT VM UPUL HUK H[ [OL ^LLRLUKZ 0»T PU [OL Z[\KPV JOVYLVNYHWOPUN >L IYPUN V\[ UL^ YV\[PULZ HUK T\ZPJ L]LY` LPNO[ ^LLRZ ZV WLVWSL KVU»[ WSH[LH\ 0 ZWLUK T` [PTL TLL[PUN HTHaPUN WLVWSL [YH]LSSPUN [OL ^VYSK HUK [OYV^PUN )VVNPL )V\UJL WHY[PLZ 0»]L [YHPULK  PUZ[Y\J[VYZ ¶ ^L OH]L HYV\UK  PU [OL <2 HUK HYL Z[LHKPS` NVPUN NSVIHS >L»]L Q\Z[ SH\UJOLK PU *OPJHNV HUK [OL (TLYPJHU /LHY[ -V\UKH[PVU ^HU[Z [V NL[ OLH]PS` PU]VS]LK ^P[O \Z [VV»     ""&




J@FC  *OLJR V\[ [OL SH[LZ[ L_JP[PUN WYVK\J[Z MYVT [OL ^VYSK VM OLHS[O HUK MP[ULZZ

H 9 2E 6 4 K6 >20

=FIFCJ E62D

(M[LY KPZJV]LYPUN [OH[ 5PSL JYVJVKPSLZ OH]L [OL TVZ[ WV^LYM\S PTT\UL Z`Z[LT VU ,HY[O 9LWJPSSPU JYLH[LK H \UPX\L HU[PTPJYVIPHS HUK HU[PPUMSHTTH[VY` *YVJVKPSL 6PS )HST MVY WLVWSL ^P[O LJaLTH ZLUZP[P]L HUK KHTHNLK ZRPU 0[ JVZ[Z MYVT  MVY TS" YLWJPSSPUW\YLJV\R

,TIYHJL [OL QV` VM O`NNL [OYV\NO [OLZL S\_\Y` [LHZ HSS WHJRLK PU IPVKLNYHKHISL W`YHTPK IHNZ ;OLYL HYL  PUK\SNLU[ ISLUKZ [V JOVVZL MYVT PUJS\KPUN 4HYaPWHU *OVJVSH[L )YV^UPL HUK 9O\IHYI =HUPSSH MYVT  ;V LUQV`  VMM `V\Y MPYZ[ VUSPUL VYKLY \ZL JVKL º/ -» H[ JOLJRV\[" OVVNS`[LHJVT

H@ C <@F E 3@ @ <

H6:89E=@DD 5C@AD

-\ZPVU ^VYRV\[Z PZ [OL JVTWSL[L ^VYRV\[ MVY `V\Y TPUK IVK` HUK ZV\S ;OPZ UL^ UVUPTWHJ[ JVUKP[PVUPUN WYVNYHTTL KLMPULZ Z[YLUN[OLUZ YLZ[VYLZ HUK U\Y[\YLZ `V\ ¶ ^P[OV\[ [OL \ZL VM LX\PWTLU[  " O\THURPUL[PJZJVT

>HU[ [V SVZL ^LPNO[& =P[H +YVWZ 5H[\YHS >LPNO[ 3VZZ -VYT\SH I` 5\[YH]P[H JVU[HPUZ NYLLU [LH THJH YVV[ HSVL ]LYH HUK TVYL [V OLSW `V\Y IVK` I\YU JHSVYPLZ )\` P[ H[ U\[YH]P[HJV\R \ZPUN KPZJV\U[ JVKL º]P[HKYVWZ» MVY  VMM [OL \Z\HS WYPJL VM  

> : DE 2 ? 5 5C :?< 

3 C FD9 AC @E64E@C

/`KYH[L ZL[Z H UL^ Z[HUKHYK PU O`KYH[PVU ¶ TPZ[PUN HUK KYPURPUN 4PZ[PUN OLSWZ [V JVVS `V\ KV^U VU [OL V\[ZPKL ^OPSL JSLHUZPUN PTW\YP[PLZ MYVT `V\Y ZRPU +YPURPUN RLLWZ `V\ ]P[HS HUK JVVS VU [OL PUZPKL ;OL L[OPJHSS` KLZPNULK ^H[LY IV[[SL JVZ[Z  " O`KYH[LJVT

:[LYPWVK JSPWVU [VV[OIY\ZO WYV[LJ[VY MYLZOLUZ HUK WYV[LJ[Z `V\Y [VV[OIY\ZO MVY \W [V [OYLL TVU[OZ ^P[O HJ[P]L ]HWV\YZ 0KLHS MVY OVTL [YH]LS HUK [OL N`T 0[ MP[Z THU\HS HUK LSLJ[YPJ [VV[OIY\ZOLZ HUK KVLZU»[ ULLK JHISLZ VY IH[[LYPLZ )\` H[ )VV[Z (ZKH :HPUZI\Y`»Z :\WLYKY\N" Z[LYPWVKJV\R

=@H42= ?@ @5 =6 D

ALYV 5VVKSL :UHJR 7V[Z ^LYL ^PUULY VM /VSSHUK )HYYL[[»Z /LHS[O` 4HNHaPUL )LZ[ >LPNO[ 4HUHNLTLU[ 7YVK\J[  ;OL`»YL [OL SV^LZ[JHSVYPL WV[ UVVKSL PU [OL ^VYSK HUK [OL MPYZ[ ZOPYH[HRPIHZLK RVUQHJ WSHU[ WV[ UVVKSL [V IL THKL (KK IVPSPUN ^H[LY HUK Z[PY  " aLYVUVVKSLZJVT

A@C E23 =6 A@H 6 C

2LLW `V\Y ºTVIPSL» TVIPSL ^P[O V\Y YHUNL VM WVY[HISL YLJOHYNLHISL WV^LY WHJRZ ;OL WLYMLJ[ J\YL MVY ºWYLTH[\YL IH[[LY` L_OH\Z[PVU» V\Y ZVSHY HUK WV^LY IHURZ OH]L WV^LYLK L_WLKP[PVUZ PU [OL ([SHU[PJ (YJ[PJ HUK /PTHSH`HZ *HSS     VY ]PZP[ TVIPSLZVSHYJOHYNLYZJV\R

EC2: ? H:E9 EF ?6 D

6\[Y\U [OL JVTWL[P[PVU ^P[O [OLZL ^PYLSLZZ ZWVY[Z OLHKWOVULZ MLH[\YPUN NYLH[ ZV\UK X\HSP[` :^LH[YLZPZ[HU[ J\Z[VTMP[ LHYI\KZ JVTIPUL ^P[O [OL JY`Z[HSJSLHY ZV\UK [V OLSW `V\Y MP[ULZZ L]VS]L ^P[O `V\Y WLYZVUHS ZV\UK[YHJR MYVT [OL 2P[:V\UK 6\[Y\U ,]VS\[PVU " RP[ZV\UKJV\R


   

,Q YQPŚV NGV 2CTMKPUQPŚU YKP

  a e  e B c

B) b) 8j~) `~Bjb F U 8j~ ƖLjŎƀú

"    

           ' %' "

& !$  !$ &$ !! &$ !!

'



 

&!





! 

Ņ ŸĜčĹ ƚŞ ƴĜŸĜƋ ƵƵƵţĹåƵüŅųåŸƋĵ°ų°ƋĘŅĹţÎŅţƚĩ

,QKP JGT

  %#     #   %       % '   $(! #     # # &   #    

   

   

& %!  $&$$   $   %  

          

        ' " .* - ' "!  " * -    '#' .*"# ' ' '

 ,"'#  '# #'   *  /)/$/$%(( *+ . #  *

        

                                                   

                        #&         %%%"$ "

     

    


   

H6|C6 E2=<:?8 E@

;Rd^Z_V 9Rc^R_     #!      !  !    ! "   

;OL ;= WYLZLU[LY  [LSSZ \Z HIV\[ OV^ ILPUN ]LNHU M\LSZ OLY OLJ[PJ SPMLZ[`SL

" H9J 5:5 J@F 8@ G682?0 º0»K ILLU ]LNL[HYPHU ZPUJL [OL HNL VM ZP_ ILJH\ZL 0 KPKU»[ ^HU[ [V LH[ HUPTHSZ I\[ P[ ^HZU»[ \U[PS 1HU\HY`  [OH[ 0 YLHSPZLK [OL L_[LU[ VM [OL Z\MMLYPUN [OL` ^LU[ [OYV\NO [V OLSW MLLK \Z 0 ^HZ Z[Y\NNSPUN [V IYLHZ[MLLK T` UL^IVYU KH\NO[LY HUK ^VUKLYPUN OV^ JV^Z JVUZ[HU[S` WYVK\JL TPSR 0 KPZJV]LYLK [OL`»YL HY[PMPJPHSS` PUZLTPUH[LK [OLU ZLWHYH[LK MYVT [OLPY VMMZWYPUN [V IL YLN\SHYS` TPSRLK ILMVYL ILPUN RPSSLK MVY ILLM HM[LY H ML^ `LHYZ ^OLU [OLPY WYVK\J[PVU YH[L NVLZ KV^U»

# H92E =:76DEJ=6 492?86D 92G6 J@F >2560 º5V[ THU` 0 KV HSS T` ZOVWWPUN PU Z\WLYTHYRL[Z ILJH\ZL [OL` VMMLY ZV THU` ]LNHUMYPLUKS` WYVK\J[Z UV^ HUK 0 SV]L [V JVVR MHTPSPHY KPZOLZ Z\JO HZ ]LNHU ZOLWOLYK»Z WPL ,H[PUN HIYVHK JHU IL OHYKLY ^OLU 0»T ^VYRPUN I\[ [OLYL»Z HS^H`Z JOPWZ 0 HSZV Z[PJR [V ]LNHU MHZOPVUZ ZO\UUPUN SLH[OLY ^VVS HUK ZPSR 0 OH]L HU VSK SLH[OLY QHJRL[ [OH[ 0 KVU»[ RUV^ ^OH[ [V KV ^P[O ILJH\ZL ^LHYPUN P[ ZLLTZ O`WVJYP[PJHS HUK [OYV^PUN P[ H^H` ZLLTZ ^HZ[LM\S 4HU` ]LNHUZ ZH` `V\ JHU ^LHY HU P[LT PM P[»Z 7=* WYL]LNHU JSV[OPUN»

% E6== FD 23@FE E96 G682?F2CJ 42>A2:8? º4` NVPUN ]LNHU JVPUJPKLK ^P[O [OL ]LY` MPYZ[ =LNHU\HY` ]LNHU\HY`JVT ¶ H JHTWHPNU ^OPJO LUJV\YHNLZ `V\ [V LH[ WSHU[IHZLK MVVKZ MVY [OL ^OVSL VM 1HU\HY` 0[»Z NYLH[ ILJH\ZL `V\ JHU [Y` [OL SPMLZ[`SL ILMVYL M\SS` JVTTP[[PUN [V P[ VY UV[ WS\Z P[ OHWWLUZ H[ [OL [PTL VM `LHY ^OLU WLVWSL ^HU[ [V KL[V_ HUK LH[ OLHS[OPS` @V\ JHU SVZL ^LPNO[ ZV X\PJRS` VU H ]LNHU KPL[ ¶ K\YPUN T` ZLJVUK WYLNUHUJ` PU  0 ^HZ IHJR PU T` QLHUZ ^P[OPU [^V ^LLRZ VM NP]PUN IPY[O ¶ I\[ [OH[»Z Q\Z[ VUL ILULMP[ 6[OLYZ NV ]LNHU ILJH\ZL VM [OL L[OPJZ VY [OL KLJYLHZLK LU]PYVUTLU[HS PTWHJ[»

$ 9@H 5@ J@F C6=2I H96? J@F 86E E96 E:>60

º0 SV]L ]PZP[PUN ZWHZ H[ OV[LSZ HUK HPYWVY[Z MVY H THZZHNL MHJPHS VY YLMSL_VSVN` 0[»Z NYLH[ [V IL HISL [V Z^P[JO VMM MVY HU OV\Y 0 HSZV WHTWLY T`ZLSM H[ OVTL ^P[O HU HTHaPUN ]LNHU WYVK\J[ YHUNL JHSSLK :WH ;LJOUVSVNPLZ 0[Z 6_`NLUH[LK 9LUL^HS *VTWSL_ :LY\T   MVY TS" ]LNHUILH\[`ZRPUJHYLJV\R PZ L_WLUZP]L I\[ V\[Z[HUKPUN 0 RPK `V\ UV[ P[»Z NV[ YPK VM T` Z\U KHTHNL HUK THRLZ `V\Y ZRPU UV[PJLHIS` KL^` WS\TW HUK NSV^PUN»

& 9@H 5@ J@F DE2J :? D92A6 2D 2 3FDJ H@C<:?8 >F>0 º>P[O NVVK JSLHU U\[YP[PVU 0 \ZLK [V IL PUJYLKPIS` MP[ ILMVYL OH]PUN RPKZ 0 ^HZ H MP[ULZZ PUZ[Y\J[VY I\[ [OLZL KH`Z 0 Q\Z[ KVU»[ OH]L [OL [PTL [V L_LYJPZL 0 TPZZ MLLSPUN Z[YVUN I\[ 0 KV MLLS ]LY` OLHS[O` ,ULYN` ^PZL 0 KVU»[ [OPUR 0»K IL HISL [V Z\Y]P]L [YH]LSSPUN HIYVHK MVY ^VYR ^P[O T` RPKZ ^OV UL]LY ZSLLW [^V ^LLRZ V\[ VM L]LY` TVU[O PM 0 KPKU»[ LH[ [OL ^H` 0 KV :VTL[PTLZ 0 SVVR H[ T` ZJOLK\SL HUK ^VUKLY ^OH[ 0»T KVPUN I\[ P[»Z MPUL ILJH\ZL 0»T M\SS VM ILHUZ OH OH»     

"##


41

#,)6,)4 ;27 %4) /22.-1+ 62 5733246 +)1)4%/ (%-/; ,)%/6, 24 ,%8) % 53)'-*-' ,)%/6, -16)4)56    

-5 %1 %(8%1')( 4%1+) 2* 1764-6-21%/ 342(7'65 ()5-+1)( 62 5733246 ;274 1764-6-21%/ -16%.) %1( /-*) 56%+) 1))(5 #-6, 28)4 ;)%45 2* "-6%&-26-'5 ):3)4-)1') 6,)4)5 12 920)15 5733/)0)16 4%1+) 024) 4)/-)( 21 6,%1 #)//920%1

*420          



##$   

-)/5)1  '%1 4%'.

420  73)4(47+ 2//%1(  %44)66  573)40%4.)65 ,)%/6, 5624)5 -1()3)1()16 3,%40%'-)5



  

 !5 2 920)15 5733/)0)16 &4%1(

26%/ 28)4%+) "%/7) %/)5  9 )  %4',




H:E9 :?DE28C2> DE2C

N

"% 52JD   <:4<DE2CE J@FC 7:E?6DD  5C@A A@F?5D 72DE

X #hVV\ h`c\`fe a]R_ X 6ReT]VR_ cVTZaVd X 9VR]eYj UZVe eZad




<:4<DE2CE J@FC



AY`e`XcRaYj+ EYV 3`Uj 3ZS]V Sj 2]ZTV =ZgVZ_X "%**+ 9RcaVc EY`cd`_d Zd `fe _`h 6UZe`c+ >Rcj 4`^SVc, H`cUd+ DRcRY :g`cj, 2ce 5ZcVTe`c+ =fTj AZ_e`, 4YZVW DfSVUZe`c+ DYVZ]R CVZU

9`_V R YVR]eYZVc S`Uj Z_ eh` hVV\d hZeY eYZd ViVcTZdV R_U UZVe a]R_ Wc`^ aVcd`_R] ecRZ_Vc SVdedV]]Z_X RfeY`c R_U :_deRXcR^ dV_dReZ`_ 4]VR_ 6ReZ_X 2]ZTV



2=:46 =:G6:?8

U^Ze Ze  VgVcj jVRc j`f ^R\V eYV dR^V cVd`]feZ`_ e` VRe SVeeVc h`c\ `fe ^`cV R_U aVcYRad ]`dV R ]Zee]V hVZXYe 3fe Sj eYV eZ^V ;R_fRcj YRd aRddVU j`f|gV R]cVRUj WR]]V_ `WW eYV YVR]eY R_U WZe_Vdd hRX`_ 2]ZTV =ZgVZ_X  SVeeVc \_`h_ Rd 4]VR_ 6ReZ_X 2]ZTV e` YVc %%(!!! :_deRXcR^ W`]]`hVcd  TR_ dj^aReYZdV DYV ecZVU VgVcj bfZT\S`UjWZi SVW`cV cVR]ZdZ_X eYRe R dfdeRZ_RS]V VReZ_X a]R_ R_U T`_dZdeV_e ViVcTZdV dTYVUf]V

hVcV \Vj e` R YVR]eYZVc S`Uj R_U YRaaZVc ^Z_U 2_U _`h dYV|d X`Z_X e` dVe j`f `_ eYV aReY e` Y`_Z_X R Y`eeVc S`Uj e`` EYZd ViT]fdZgV "%URj ViVcTZdV a]R_ R_U VReZ_X RUgZTV hZ]] ac`gZUV j`f hZeY eYV \_`h]VUXV j`f _VVU e` deRce SfZ]UZ_X R SVeeVc aYjdZbfV :e|d _`e R]] RS`fe ]``\d  2]ZTV|d ecZVU R_U eVdeVU eVTY_ZbfVd hZ]] Z^ac`gV j`fc ^``U R_U YV]a j`f WVV] ^`cV V_VcXVeZT Rd hV]] A]fd j`f|]] SV W`c^Z_X YVR]eYj YRSZed eYRe T`f]U ]Rde R ]ZWVeZ^V D` RcV j`f cVRUj W`c eYV _Vie TYRaeVc0

4@?E6?ED

A%+ >VVe 2]ZTV A'+ 8Ve deRceVU A)+ J`fc "%URj a]R_ A"!+ HRc^fa ^`gVd A"#+ EYV h`c\`fed A#&+ EYV UZVe A#'+ 4]VR_VReZ_X eZad A#)+ EYV cVTZaVd A$%+ ?Vie deVad

/LHS[O -P[ULZZ 


 

: {: 42? 96=A J@F 3F:=5 2   

AVcd`_R] ecRZ_Vc R_U W``UZV 2]ZTV =ZgVZ_X R\R 4]VR_ 6ReZ_X 2]ZTV YRd Z_daZcVU eY`fdR_Ud `W h`^V_ e` Y`_V R dec`_XVc YVR]eYZVc R_U YRaaZVc S`Uj 2_U _`h dYV|d YVcV e` YV]a j`f e`` 9VcV|d Y`hs



SPJL 3P]LPUN OHZU»[ HS^H`Z ILLU JVU[LU[ ^P[O OLY IVK` (Z H [LLUHNLY ZOL `V`V KPL[LK HUK MVYNLK UV[LZ [V NL[ V\[ VM ZWVY[Z JSHZZLZ )\[ [OYLL `LHYZ HNV ^OPSL [YHPUPUN HZ H KHUJLY H[ )PYK *VSSLNL PU :PKJ\W ZOL KLJPKLK [V JSLHU \W OLY KPL[ 6\[ ^LU[ WYVJLZZLK TLHSZ HUK PU JHTL ^OVSLZVTL U\[YP[PV\Z MVVK ;OL  /LHS[O -P[ULZZ       

JOHUNL ^HZ HSTVZ[ PTTLKPH[L ¶ (SPJL OHK TVYL LULYN` OLY ZRPU PTWYV]LK HUK ZOL ZSLW[ IL[[LY 2UV^PUN [OH[ OLY PTWYV]LK KPL[ YLX\PYLK H ZTHY[ L_LYJPZL YLNPTL (SPJL Z[HY[LK MVSSV^PUN H ILZWVRL [YHPUPUN WSHU :OL ^HZ HSYLHK` KHUJPUN YLN\SHYS` I\[ P[ ^HZU»[ LUV\NO º0 ILNHU SLHYUPUN HIV\[ Z[YLUN[O [YHPUPUN HUK MV\UK P[ H ^LSJVTL HS[LYUH[P]L [V [OL OV\YZ ZWLU[ PU [OL KHUJL Z[\KPV Z\YYV\UKLK I` NPYSZ PU SLV[HYKZ» ZOL


L_WSHPUZ º;OL N`T YLHSS` ILJHTL T` ¸TL [PTL¹ HUK 0 MLSS PU SV]L ^P[O I\PSKPUN Z[YLUN[O HUK HZ H JVUZLX\LUJL NHPUPUN JVUMPKLUJL» 0U  (SPJL KLJPKLK [V JLTLU[ OLY SV]L MVY N`T ^VYR I` X\HSPM`PUN HZ H WLYZVUHS [YHPULY º4` 0UZ[HNYHT MVSSV^PUN ^HZ NYV^PUN X\P[L Z\IZ[HU[PHSS` HUK 0 MLS[ H YLZWVUZPIPSP[` [V LUZ\YL [OH[ 0 LK\JH[LK T`ZLSM HZ T\JO HZ WVZZPISL ZV [OH[ 0 YLHSS` ^HZ H JYLKPISL ZV\YJL ^P[OPU [OL MP[ULZZ PUK\Z[Y`» (Z H [LZ[PTVU` [V OV^ T\JO (SPJL LUQV`Z OLSWPUN V[OLYZ VU [OLPY MP[ULZZ QV\YUL`Z ZOL UV^ [YHPUZ MP[ULZZ MHUZ MP]L [V ZP_ KH`Z H ^LLR HUK OHZ H YHWPKS` PUJYLHZPUN JSPLU[ IHZL (SPJL PZ H\[OVY VM ILZ[ZLSSPUN IVVR ;OL )VK` )PISL   " /HYWLY ;OVYZVUZ :OL PZ H OLHS[O` SP]PUN HUK PU[LYUL[ ZLUZH[PVU ^OV OHZ JSVJRLK \W ULHYS`  MVSSV^LYZ VU 0UZ[HNYHT HUK ILJVTL H RL` WSH`LY PU [OL JSLHU LH[PUN TV]LTLU[

6I6C4:D6 D>2CE

0[»Z [Y\L ¶ ZVTL[PTLZ L_LYJPZL JHU ZLLT SPRL H JOVYL )\[ YLZLHYJO MYVT *VYULSS <UP]LYZP[` PU [OL <: ZOV^Z [OH[ LUQV`PUN RLLWPUN MP[ PZ [OL RL` [V MVYTPUN SVUNSHZ[PUN YLZ\S[Z ;OL ZJPLU[PZ[Z SLK WLVWSL VU VUL VM [^V ^HSRZ ¶ H ºZJLUPJ ^HSR» HUK HU ºL_LYJPZL ^HSR» ;OVZL ^OV ]PL^LK [OLPY ^HSR HZ L_LYJPZL ^LYL SLZZ OHWW` TVYL MH[PN\LK HUK TVYL SPRLS` [V V]LYLH[ WVZ[^VYRV\[ [OHU [OVZL ^OV LUQV`LK [OL ^HSR (SPJL ^VYRZ V\[ I` [OPZ ZLU[PTLU[! º0 [LSS WLVWSL [V KV ZVTL[OPUN [OH[ [OL` LUQV`» ZOL ZH`Z º;OLYL»Z UV WVPU[ PU KYHNNPUN `V\YZLSM [OYV\NO H ^VYRV\[ OH[PUN L]LY` TPU\[L VM P[ ILJH\ZL `V\ MLLS `V\ OH]L [V )LPUN HJ[P]L ZOV\SK IL MVY SPML UV[ VUS` MVY [OL ZP_ ^LLRZ ILMVYL `V\Y Z\TTLY OVSPKH` ZV P[»Z PTWLYH[P]L `V\ MPUK H ^H` VM RLLWPUN HJ[P]L [OH[ MP[Z PU ^P[O `V\Y SPMLZ[`SL HUK [OH[ `V\ LUQV` ;OPZ PZ [OL L_LYJPZL WSHU `V\»YL TVZ[ SPRLS` [V Z[PJR [V» -VY (SPJL [OH[ OHZ TLHU[ Z[YLUN[O [YHPUPUN :OL [YHPUZ MP]L [PTLZ H ^LLR I\[ JSHPTZ UV[ [V IL H ZSH]L [V OLY ZJOLK\SL º;OPUNZ JHU JOHUNL @V\ ULLKU»[ MLLS [PLK KV^U [V VUL ^H` VM ^VYRPUN V\[ ILJH\ZL P[»Z HTHaPUN [V [Y` ZVTL[OPUN UL^ [OH[ YLPNUP[LZ `V\Y

2=:46|D 52:=J 7@@5 A=2? 3C62<72DE+ {: R]hRjd deRce hZeY R T`WWVV R_U R ac`eVZ_aRT\VU ScVR\WRde e` WfV] ^j S`Uj W`c eYV URj RYVRU :|^ R YfXV WR_ `W VReZ_X VXXd W`c ScVR\WRde d` R ejaZTR] ^VR] h`f]U SV SfeeVcj dTcR^S]VU VXXd `_ e`Rde hZeY d`^V XcVV_d| >:552J D?24<+ {>j ^`c_Z_Xd TR_ SV Sfdj hZeY T]ZV_ed Sfe :|]] R]hRjd YRgV R d_RT\ Re Rc`f_U ""R^ e` eZUV ^V `gVc f_eZ] ]f_TY 2 WRg`fcZeV Zd 8cVV\ j`XYfce hZeY WcfZe `c R YR_UWf] `W _fed| =F?49+ {=f_TYVd RcV dZ^a]V : SRdV VRTY `_V Rc`f_U R X``U d`fcTV `W TRcS`YjUcReV R_U ac`eVZ_ hYZTY : fdfR]]j ^R\V Z_ RUgR_TV 8cZ]]VU dR]^`_ efc\Vj `c TYZT\V_ hZeY dhVVe a`eRe` R_U gVX h`_|e hZ_ RhRcUd W`c acVdV_eReZ`_ Sfe U`Vd eYV ecZT\| 27E6C?@@? D?24<+ {3j %a^ : fdfR]]j YR_\Vc RWeVc R_`eYVc d_RT\ : fdV ac`eVZ_ dYR\Vd W`c T`_gV_ZV_TV d` YRgZ_X `_V `W eY`dV Z_ eYV RWeVc_``_ V_dfcVd :|^ WVV]Z_X Wf]] f_eZ] UZ__Vc| 5:??6C+ {: VRe UZ__Vc Re RS`fe )a^ =Z\V ]f_TY eYV ^VR] Zd SRdVU Rc`f_U R X``U d`fcTV `W ac`eVZ_ TRcS`YjUcReVd R_U WRed Rd hV]] Rd ]`RUd `W gVX 2 ejaZTR] ^VR] h`f]U SV XcZ]]VU dR]^`_ hZeY hY`]VXcRZ_ cZTV c`RdeVU efc^VcZT daZTVU TRf]ZW]`hVc R_U WcVdY TY`aaVU T`cZR_UVc| DH66E EC62E+ {2WeVc UZ__Vc : R]hRjd WR_Tj R dhVVe ecVRe d` : WZ_ZdY hZeY R UVddVce >j WRg`fcZeV Zd 8cVV\ j`XYfce hZeY Wc`kV_ cRdaSVccZVd R_U _fe SfeeVc UcZkk]VU `_ e`a :e eRdeVd ]Z\V ZTV TcVR^ R_U Zd eYV SVde hRj e` V_U eYV URj|

/LHS[O -P[ULZZ

L_LYJPZL TV[P]H[PVU» ZOL HKKZ º;OPZ PZ HS^H`Z ZVTL[OPUN 0 [Y` [V KV PM 0 NL[ Z[\JR PU H Y\[ ^P[O T` [YHPUPUN 7S\Z PM 0»T YLHSS` I\Z` T` [YHPUPUN MHSSZ SV^ VU [OL WYPVYP[` SPZ[ ¶ HUK [OH[»Z 62 [VV»

62E 2 36EE6C H2J

;OL ^LSSULZZ ^VYSK OHZ NVUL JYHa` MVY JSLHU LH[PUN ^OPJO H[ P[Z TVZ[ IHZPJ TLHUZ LH[PUN U\[YPLU[KLUZL ^OVSLMVVKZ [OH[ OH]LU»[ ILLU [HTWLYLK ^P[O (MPJPVUHKVZ JSHPT [OH[ P[»Z UV[ H MHK KPL[ I\[ H ^H` VM SPML [OH[ PU]VS]LZ \UKLYZ[HUKPUN U\[YP[PVU LH[PUN OV^ UH[\YL PU[LUKLK HUK SLHYUPUN [V JVVR HSVUN [OL ^H` (UK [OL YLZ\S[Z HYL ^VY[O Z[YP]PUN MVY ¶ [OVZL ^OV OH]L ºJSLHULK \W» [OLPY KPL[ YLWVY[ ILULMP[Z Z\JO HZ TVYL LULYN` ^LPNO[ SVZZ IL[[LY HWWL[P[L JVU[YVS HUK PTWYV]LK ZRPU ;OL ILZ[ IP[ PZ [OH[ JSLHU LH[PUN KVLZU»[ OH]L [V PU]VS]L KP[JOPUN `V\Y MH]V\YP[L MVVKZ I\[ PUZ[LHK SVVRPUN MVY OLHS[OPLY ^H`Z VM JYLH[PUN [OLT +PL[Z HYL [VV VM[LU HIV\[ KLWYP]H[PVU" JSLHU LH[PUN PZ HIV\[ KL]V\YPUN MVVK PU HSS P[Z UH[\YHS NSVY` º0 LUQV` L]LY`[OPUN [OH[ 0 LH[» HNYLLZ (SPJL º0[ TH` ZV\UK H JSPJOt I\[ 0 KVU»[ [Y` [V THRL T` TLHSZ SVVR NVVK MVY 0UZ[HNYHT ¶ 0 ^HU[ [OLT [V [HZ[L [OH[ NVVK HZ ^LSS» ;OPZ TPNO[ L_WSHPU ^O` O\UKYLKZ VM [OV\ZHUKZ VM WLVWSL HYL OVVRLK VU [OL ZVJPHS TLKPH Z[HY»Z 0UZ[HNYHT HJJV\U[ >P[O LHZ` [HZ[` YLJPWLZ Z\JO HZ JOVJVSH[L HUK IHUHUH WYV[LPU WHUJHRLZ ^P[O ISHJRILYYPLZ HUK WVTLNYHUH[L ZLLKZ VY WVHJOLK LNNZ ^P[O ZWPJ` JOVYPaV RHSL H]VJHKV HUK ZLLKZ P[»Z LHZ` [V ZLL [OH[ (SPJL»Z HWWYVHJO [V LH[PUN PZ HZ HK]LU[\YV\Z HZ P[ PZ KLSPJPV\Z (UK P[ NL[Z YLZ\S[Z ¶ HZ `V\»YL HIV\[ [V MPUK V\[

EYV 3`Uj 3ZS]V Sj 2]ZTV =ZgVZ_X "%**, 9RcaVc EY`cd`_d


   

86E 7:E

 

J`f h`_|e XVe cVdf]ed UZaaZ_X Z_ R_U `fe `W R h`c\`fe a]R_ 9VcV|d Y`h e` deRce ViVcTZdZ_X e`URj R_U deZT\ hZeY Ze W`cVgVc



      

                 





PK `V\ RUV^ [OH[ ZVTL VM [OL MP[[LZ[ WLVWSL HYL HSZV [OL TVZ[ JVUZPZ[LU[ L_LYJPZLYZ& ;OL` KVU»[ ^PTW V\[ VM [YHPUPUN HM[LY H IHK KH` H[ ^VYR UVY KV [OL` ISHTL SHJR VM [PTL MVY ZRPWWPUN [OL N`T (UK [OLZL Z\JJLZZM\S ^VYRV\[ [`WLZ JLY[HPUS` KVU»[ L_WLJ[ [V ZSPT KV^U V]LYUPNO[ 0UZ[LHK [OL` WLYZPZ[ ^P[O [OLPY L_LYJPZL WSHU [V YLHW [OL YLZ\S[Z 4HRPUN L_LYJPZL H OHIP[ PZ RL` (JJVYKPUN [V YLZLHYJO W\ISPZOLK PU [OL QV\YUHS /LHS[O 7Z`JOVSVN` WLVWSL ^OV HZZVJPH[L L_LYJPZL ^P[O H ZWLJPMPJ J\L VY [YPNNLY HYL SPRLS` [V ^VYR V\[ MYLX\LU[S` 0[ ULLKU»[ IL JVTWSPJH[LK ¶ `V\ TPNO[ NV MVY H Y\U ^OLU `V\ OLHY `V\Y TVYUPUN HSHYT VY Z[VW VMM H[ [OL N`T VU `V\Y ^H` OVTL MYVT ^VYR ;OL HUZ^LY PZ [V MVYT ZVTL ZVY[ VM YLWL[P[P]L ILOH]PV\Y [OH[ ^PSS YLPUMVYJL `V\Y L_LYJPZL WSHU (UK [OH[»Z UV[ [OL VUS` [OPUN `V\ JHU KV (SPJL PUZPZ[Z [OH[ L_LYJPZL KVLZU»[ OH]L [V IL H JOVYL 0UZ[LHK P[ JHU IL HU LHZ` OHIP[ [V THRL [OH[ KVLZU»[ ULLK [V IL IYVRLU /LYL HYL (SPJL»Z [VW [PWZ MVY JYLH[PUN H ^VYRV\[ WSHU [OH[ ^PSS Z[HUK [OL [LZ[ VM [PTL

SV]L YH[OLY [OHU ZWLUKPUN HU OV\Y PU [OL N`T ^HUKLYPUN HYV\UK \ZPUN THJOPULZ `V\ JHU»[ ^VYR HUK [OH[ `V\ OH[L ,]LU PM `V\Y JOVZLU L_LYJPZL PZ H IYPZR TPU\[L ^HSR ^P[O [OL KVN I\NN` VY P7VK [OH[»Z MHU[HZ[PJ ILJH\ZL P[»Z :64,;/05. º;OL L_LYJPZLZ PU [OPZ WSHU HYL PKLHS MVY HU`VUL ^OV MPUKZ [OL N`T IVYPUN L_WLUZP]L KH\U[PUN VY WVPU[SLZZ 0[»Z [OL WLYMLJ[ RPUK VM L_LYJPZL MVY WLVWSL ^OV HYL ZOVY[ VU [PTL SPRL [V IL JOHSSLUNLK HUK ^HU[ YLHS YLZ\S[Z ;OL WYVNYHTTL KVLZU»[ YLX\PYL H MHUJ` N`T TLTILYZOPW H WLYZVUHS [YHPULY VY SVHKZ VM LX\PWTLU[ `V\»SS \ZL H ML^ [PTLZ HUK [OLU SLH]L [V NH[OLY K\Z[ PU [OL \WZ[HPYZ J\WIVHYK»

# >2<6 J@FC D6DD:@?D 249:6G23=6

º0M `V\ V]LYJVTWSPJH[L [OPUNZ VY THRL `V\Y ZLZZPVU SHZ[ [VV SVUN `V\»YL

" 7:?5 6I6C4:D6D J@F =:<6

º;OPZ PZ 2,@ ¶ `V\ ^VU»[ Z[PJR [V HU` MVYT VM L_LYJPZL PM `V\ JHU»[ Z[HUK [OL [OV\NO[ VM KVPUN P[ 0»T H NYLH[ ILSPL]LY [OH[ `V\ HJOPL]L MHY TVYL WO`ZPJHSS` HUK TLU[HSS` I` KVPUN  TPU\[LZ VM ZVTL[OPUN `V\  /LHS[O -P[ULZZ      

N\HYHU[LLK [V Z[VW K\L [V SHJR VM [PTL ,_LYJPZL PZ [OL LHZPLZ[ [OPUN [V IHUPZO MYVT H MYH\NO[ VY OLJ[PJ KH` ^OLU PYVUPJHSS` P[»Z VM[LU [OL [OPUN [OH[ ^PSS THRL `V\ MLLS IL[[LY PUZ[HU[S` HUK YLSPL]L HU` Z[YLZZ º0[ PZU»[ HIV\[ L_LYJPZPUN [^PJL H KH` MVY ZL]LU KH`Z [V KYHTH[PJHSS` SVZL ^LPNO[ 0[»Z HIV\[ SVUN[LYT OLHS[O` SP]PUN ;OPZ PZ UV[ H X\PJRMP_ ^LPNO[SVZZ WYVNYHTTL [OH[ LUKZ \W ^P[O [OL ^LPNO[ ILPUN HSS WPSLK IHJR VU HZ ZVVU HZ `V\ NV IHJR [V `V\Y ºUVYTHS» ^H` VM SP]PUN ;OPZ PZ HIV\[ JYLH[PUN H UL^ ºUVYTHS» [OH[ ILJVTLZ WLYTHULU[»

$ 5@ >@C6 E92? J@FC H@C<@FED

º;V YLHJO `V\Y NVHS `V\ T\Z[ HSZV MVSSV^ H WYVWLY KPL[ +PL[ PZ [OL JY\_ VM [OL LU[PYL WSHU HUK PZ [OL MV\UKH[PVU VM H OLHS[O` IVK` HUK H OLHS[O` TPUK ¶ P[ PZ  WLY JLU[ VM ^OH[ `V\ ULLK [V ^OPW `V\YZLSM PU[V ZOHWL»

% DE2CE C:89E

º0[»Z PTWVY[HU[ HS^H`Z [V KV H ^HYT\W ZLZZPVU ILMVYL L_LYJPZPUN [V PUJYLHZL T\ZJSL [LTWLYH[\YL HUK H]VPK PUQ\Y` >HYTPUN\W JHU IL HZ ZPTWSL HZ QVNNPUN VU [OL ZWV[ VY KVPUN ZVTL Q\TWPUN QHJRZ ¶ HU`[OPUN [V PUJYLHZL `V\Y OLHY[ YH[L HUK NL[ `V\Y ISVVK JPYJ\SH[PUN [V WYLWHYL `V\Y T\ZJSLZ MVY H ^VYRV\[ 0[»Z HSZV PTWVY[HU[ [V YLTLTILY [V RLLW `V\YZLSM O`KYH[LK [OYV\NOV\[ `V\Y ^VYRV\[ I` KYPURPUN WSLU[` VM ^H[LY»


E96 A=2? 2]ZTV|d ViT]fdZgV "% 5Rjd E` D]Z^ a]R_ Zd dZ^a]V  U` eYcVV h`c\`fed `_ >`_URj HVU_VdURj R_U 7cZURj eYV_ a]V_ej `W URZ]j RTeZgZej `_ j`fc URjd `WW 2_U eYV `_]j VbfZa^V_e j`f _VVU Zd R a]ReW`c^ R deVa hZ]] U` R_U R ^Re EYZd ^R\Vd Ze eYV aVcWVTe a]R_ ZW j`f hR_e e` [f^adeRce j`fc WZe_Vdd Wc`^ eYV T`^W`ce `W j`fc `h_ Y`^V :e|d R]d` eYV ZUVR] dTYVUf]V ZW j`f|cV YVRUZ_X `WW `_ Y`]ZURj `c RcV defT\ Re 2f_eZV ;R_V|d W`c ?Vh JVRc  eYZd "%URj a]R_ Zd eYV f]eZ^ReV ecRgV] T`^aR_Z`_ W`c eY`dV eZ^Vd hYV_ j`f cVR]]j TR_|e ^R\V Ze e` eYV Xj^ @W T`fcdV Ze|d _` fdV dZ^a]j X`Z_X eYc`fXY eYV ^`eZ`_d EYV ViVcTZdVd RcV ^VR_e e` SV e`fXY R_U hZ]] cVbfZcV R SZe `W VWW`ce d` j`f|]] _VVU e` SV Y`_Vde hZeY j`fcdV]W RS`fe Y`h YRcU j`f|cV h`c\Z_X 9`hVgVc XVe eYc`fXY eYV _Vie eh` hVV\d R_U j`f|]] SV hV]] `_ j`fc hRj e` ^R\Z_X h`c\Z_X `fe R ]ZWVeZ^V YRSZe 2_U YVj j`f ^ZXYe VgV_ deRce e` V_[`j ViVcTZdZ_X Rd hV]]

M


  

J@FC "%52J H@C<@FE



CVRUj e` dYRaVfa0 7`]]`h 2]ZTV|d eh`hVV\ a]R_ e` SVXZ_ j`fc [`fc_Vj e` R WZeeVc R_U YVR]eYZVc j`f

V THRL L_LYJPZL H OHIP[ `V\ OH]L [V

E96 6I6C4:D6D

-LH[\YPUN ZVTL VM [OL M\U TV]LZ MYVT (SPJL»Z IVVR ;OL )VK` )PISL [OPZ KH` WSHU ^PSS PU[YVK\JL `V\ [V H ML^ RL` L_LYJPZLZ :[PJRPUN ^P[O (SPJL»Z L[OVZ [OH[ L_LYJPZL ZOV\SK IL HJOPL]HISL LHJO ^VYRV\[ KVLZU»[ SHZ[ MVY OV\YZ 0U MHJ[ HSS `V\ ULLK [V JVTWSL[L LHJO Z^LH[ ZLZZPVU PZ HYV\UK  TPU\[LZ ;PTL LMMLJ[P]L HUK Z\YL [V YL] \W `V\Y OLHY[ YH[L [OL ^VYRV\[Z HYL ZL[ PU H JPYJ\P[ MVYTH[ ;OPZ TLHUZ [OH[ `V\ KV [OL TV]LZ IHJR[VIHJR ^P[O SP[[SL VY UV YLZ[ IL[^LLU L_LYJPZLZ HUK [OLU [HRL H TLYL  ZLJVUKZ» YLZ[ IL[^LLU [OL JPYJ\P[Z [V JH[JO `V\Y IYLH[O ;OL ILULMP[Z VM [OPZ HWWYVHJO HYL [OH[ P[ [LZ[Z Z[HTPUH KL[LYTPUH[PVU HUK Z[YLUN[O ^P[OV\[ PTWHJ[PUN VU `V\Y [PTL 7S\Z P[»Z H WYL[[` M\U ^H` [V ^VYR V\[ [VV @V\»SS ULLK [V HSSVJH[L [OYLL KH`Z H ^LLR [V L_LYJPZL HUK ^L HSZV YLJVTTLUK [OH[ `V\ ZJOLK\SL PU VUL KH` VM HJ[P]L YLJV]LY` ;OPZ TPNO[ IL H SV^PU[LUZP[` `VNH JSHZZ NLU[SL Z^PTTPUN ZLZZPVU VY H SVUN ^HSR ^P[O [OL MHTPS` :[H` HJ[P]L PU `V\Y KHPS` SPML I` ^HSRPUN [V [OL ZOVWZ UV[ [V TLU[PVU H]VPKPUN ZWLUKPUN [VV T\JO [PTL ZP[[PUN KV^U HUK `V\»SS IL ^LSS VU `V\Y ^H` [V H OLHS[OPLY IVK` /LYL»Z OV^ [OL UL_[ [^V ^LLRZ SVVR¯


                      

   

E96 A=2? >@?

>VYRV\[

"

>@?

>VYRV\[

"

EF6D 9,:;

EF6 9,:;

H65

>VYRV\[

# H65

>VYRV\[

#

E9FC 9,:;

E9FC 9,:;

/LHS[O -P[ULZZ 

7C:

>VYRV\[

$ 7C:

>VYRV\[

$

D2E

DF?

D2E

DF?

(*;0=, 9,*6=,9@! >(32 +6 @6.( .6 -69 ( .,5;3, :>04

(*;0=, 9,*6=,9@! >(32 +6 @6.( .6 -69 ( .,5;3, :>04

9,:;

9,:;


E96

  5` eYZd daVVUj hRc^fa c`feZ_V e` ^RiZ^ZdV j`fc h`c\`fe aVcW`c^R_TV



V\ TH` IL LHNLY [V ILNPU Z^LH[PUN I\[ ILMVYL KVPUN `V\Y MPYZ[ ZL[ VM S\UNLZ [HRL [PTL [V ^HYT \W >OPSL KVPUN H OHUKM\S VM SV^PU[LUZP[` TV]LZ TH` ZLLT [V IL H KYHPU VU `V\Y ]HS\HISL [PTL MPUKPUN H ML^ TPU\[LZ MVY H ^HYT\W ^PSS JLY[HPUS` WH` VMM ;OL WYL^VYRV\[ YP[\HS YLHKPLZ `V\Y IVK` MVY L_LYJPZL I` PUJYLHZPUN `V\Y JVYL [LTWLYH[\YL Q\TWZ[HY[PUN IYHPU[VT\ZJSL JVTT\UPJH[PVU S\IYPJH[PUN `V\Y QVPU[Z HUK NL[[PUN `V\ PU [OL aVU MVY ^VYRPUN V\[ ;OL UL[ YLZ\S[ PZ [OH[ `V\»SS WLYMVYT IL[[LY OH]L H YLK\JLK YPZR VM PUQ\Y` HUK IL PU [OL YPNO[ MYHTL VM TPUK MVY L]LY` ZLZZPVU +`UHTPJ TV]LZ [OH[ ^PSS TVIPSPZL `V\Y QVPU[Z HU HJ[P]H[L [OL T\ZJSLZ `V\»YL HIV\[ [V \ZL PU `V\ ^VYRV\[ HYL RL` +V [OPZ MV\YTV]L YV ILMVYL L]LY` Z^LH[ ZLZZPVU

  %" $" $! 

 !   !#!  ! "   %"  "! ! " !    ! " 

!  !"  # "% Â&#x20AC; 2=:46


 

=@H6C 3@5J 6I6C4:D6D

FAA6C 3@5J  23 6I6C4:D6D

766E 6=6G2E65 8=FE6 3C:586D

7F==3@5J AFD9FAD

C6AD+  ?   ZLJVUK YLZ[ IL[^LLU ZL[Z O 7SHJL IV[O OLLSZ VU HU LSL]H[LK WSH[MVYT HIV\[ H MVV[ VMM [OL MSVVY ZV [OH[ `V\Y [VLZ HYL WVPU[PUN \W^HYKZ ( O 7SHJL [OL [VW VM `V\Y IHJR VU [OL MSVVY [OLU KYP]L `V\Y OPWZ \W^HYKZ [V JYLH[L H IYPKNL WVZP[PVU ) 3V^LY `V\YZLSM KV^U HNHPU O 4HRL Z\YL `V\ LUNHNL `V\Y NS\[LZ HUK KVU»[ YVSS `V\Y RULLZ PU VY V\[ O 6UJL `V\»YL MLLSPUN ^HYT HUK LULYNPZLK TV]L VU[V [OL UL_[ ^HYT\W L_LYJPZL

C6AD+  ?   ZLJVUK YLZ[ IL[^LLU ZL[Z O :[HY[ ^P[O IV[O OHUKZ VU [OL MSVVY ZOV\SKLY^PK[O HWHY[ O 2LLW `V\Y MLL[ [VNL[OLY ILOPUK `V\ YLZ[PUN VU [OL IHSSZ VM `V\Y MLL[ O )LUK H[ [OL LSIV^ LUZ\YPUN `V\Y LU[PYL IVK` YLTHPUZ MSH[ ZV UV KPWWPUN H[ `V\Y OPWZ VY [OYV\NO `V\Y IHJR ( O 2LLW `V\Y IHJR Z[YHPNO[ HUK \ZL `V\Y JVYL [V Z[HIPSPZL `V\YZLSM [OYV\NO `V\Y HIKVTPUHS T\ZJSLZ O 7\ZO [OYV\NO `V\Y JOLZ[ HUK L_[LUK `V\Y HYTZ [V SPM[ `V\Y IVK` [OLU KYP]L \W [V H M\SS L_[LUZPVU )

3

3

2 2

H2=<:?8 =F?86D

C6AD+  ?   ZLJVUK YLZ[ IL[^LLU ZL[Z O :[HUK \W Z[YHPNO[ ^P[O `V\Y MLL[ [VNL[OLY WSHJPUN `V\Y OHUKZ I` `V\Y ZPKLZ 4HRL Z\YL [OH[ `V\ W\ZO `V\Y JOLZ[ V\[ HUK OH]L `V\Y ZOV\SKLYZ IHJR ( O >P[O `V\Y MLL[ Z[PSS [VNL[OLY Z[LW VUL MVV[ MVY^HYKZ PU[V H S\UNL WVZP[PVU O )LUK IV[O RULLZ [V HIV\[ H  HUNSL (Z `V\ WSHJL `V\Y MVV[ VU [OL MSVVY PU MYVU[ VM `V\ THRL Z\YL `V\Y RULL PZ PU SPUL ^P[O `V\Y HURSL@V\Y IHJR RULL ZOV\SK HSZV IL Q\Z[ HIV]L [OL MSVVY ) O 4HRL Z\YL `V\Y RULLZ KVU»[ YVSS PU VY V\[ [OLU KYP]L HUK W\ZO \W V\[ VM [OL S\UNL \U[PS IV[O MLL[ TLL[ [VNL[OLY HNHPU O 9LWLH[ VU `V\Y V[OLY SLN

>@F?E2:? 4=:>36CD

C6AD+  _   ZLJVUK YLZ[ IL[^LLU ZL[Z O :[HY[ PU W\ZO\W WVZP[PVU ^P[O `V\Y HYTZ ^PKLY [OHU `V\Y ZOV\SKLYZ HUK W\[ `V\Y IVK`^LPNO[ V]LY `V\Y OHUKZ O ,UZ\YL `V\Y HYTZ HYL LP[OLY ZPKL VM `V\Y JOLZ[ ^P[O `V\Y OHUKZ MHJPUN MVY^HYKZ O )LUK H[ [OL LSIV^ ZSPNO[S` LUZ\YPUN `V\Y LU[PYL IVK` YLTHPUZ JVTWSL[LS` MSH[ ¶ UV KPWWPUN H[ [OL OPWZ VY [OYV\NO `V\Y IHJR ,_[LUK `V\Y HYTZ ZV `V\ THRL H MSH[ WSHUR O 2LLWPUN VUL MVV[ VU [OL MSVVY IYPUN VUL RULL PU [V^HYKZ `V\Y JOLZ[ ( (S[LYUH[L IL[^LLU `V\Y SLM[ HUK YPNO[ RULL HZ PM Y\UUPUN H[ H X\PJR WHJL ) O ,UZ\YL `V\Y JVYL YLTHPUZ ZVSPK HUK [OLYL PZ UV KPWWPUN [OYV\NO `V\Y WLS]PZ VY IHJR O 0UJYLHZL `V\Y ZWLLK HZ PM `V\»YL Y\UUPUN VU `V\Y OHUKZ

2

3

3

/LHS[O

2


H@C<@FE " =@H6C 3@5J

"

+VU»[ [LUZL `V\Y ZOV\SKLYZ 2LLW [OLT IHJR HUK YLSH_LK ^P[O `V\Y JOPU \W

4HRL Z\YL `V\Y MYVU[ RULL PZ KPYLJ[S` HIV]L `V\Y HURSL HUK UV[ L_[LUKLK IL`VUK `V\Y [VLZ .L[ SV^ PU [OL S\UNL +YVW `V\Y IHJR RULL [V^HYKZ [OL NYV\UK [V THRL `V\Y T\ZJSLZ ^VYR OHYK

2

3

H2=<:?8 =F?86D =6E|D 86E DE2CE65 *VTWSL[L [OL ^HYT\W VU WHNLZ  [OLU WLYMVYT  YLWL[P[PVUZ VM LHJO VM [OL MVSSV^PUN TV]LZ ;OL L_LYJPZLZ ZOV\SK IL WLYMVYTLK PU H JPYJ\P[ IHJR[VIHJR ^P[O H TPUPTHS YLZ[ IL[^LLU TV]LZ 9LZ[ MVY VUL TPU\[L IL[^LLU LHJO JPYJ\P[ HUK KV H[ SLHZ[  YV\UKZ VM [OPZ ^VYRV\[

O :[HUK \W Z[YHPNO[ ^P[O `V\Y MLL[ [VNL[OLY WSHJPUN `V\Y OHUKZ I` `V\Y ZPKLZ 4HRL Z\YL [OH[ `V\ W\ZO `V\Y JOLZ[ V\[ HUK OH]L `V\Y ZOV\SKLYZ IHJR ( O >P[O `V\Y MLL[ Z[PSS [VNL[OLY Z[LW VUL MVV[ MVY^HYK PU[V H S\UNL WVZP[PVU O )LUK IV[O RULLZ [V H Â&#x2021; HUNSL VY [OLYLHIV\[Z (Z `V\ WSHJL `V\Y MVV[ VU

 /LHS[O -P[ULZZ         

[OL MSVVY PU MYVU[ VM `V\ THRL Z\YL `V\Y RULL PZ PU SPUL ^P[O `V\Y HURSL ;OL IHJR RULL ZOV\SK IL Q\Z[ HIV]L [OL MSVVY ) O 4HRL Z\YL `V\Y RULLZ KVU»[ YVSS PU VY V\[ [OLU KYP]L HUK W\ZO \W V\[ VM [OL S\UNL \U[PS IV[O MLL[ TLL[ [VNL[OLY HNHPU O 9LWLH[ VU [OL V[OLY SLN


  

DTf]ae dec`_X eYZXYd R_U X]feVd hYZ]V h`c\Z_X j`fc T`cV hZeY eYVdV \ZeWcVV ]VX ViVcTZdVd

#

2LLW `V\Y JOLZ[ \W HUK L`LZ MHJPUN MVY^HYKZ [OYV\NOV\[ [OL TV]LTLU[

)YHJL `V\Y HI T\ZJSLZ [V H]VPK HU` YV\UKPUN VM `V\Y IHJR HUK [Y\UR

@V\Y RULLZ ZOV\SK IL PU H UL\[YHS WVZP[PVU [V H]VPK HU` Z[YHPU [OYV\NO [OL QVPU[Z

3 2

DBF2E ;F>AD O ;OPZ TV]L PZ ZPTPSHY [V [OL IHZPJ ZX\H[ I\[ [OPZ [PTL `V\»YL NVPUN [V Q\TW HZ `V\ JVTL IHJR \W O :[LW `V\Y MLL[ ZSPNO[S` ^PKLY [OHU OPW^PK[O HWHY[ ^P[O `V\Y MLL[ H[ H JVTMVY[HISL HUNSL LP[OLY ^P[O `V\Y [VLZ MHJPUN MVY^HYKZ VY ZSPNO[S` [\YULK V\[ O 2LLW `V\Y JOLZ[ \W *SHZW `V\Y OHUKZ PU MYVU[ VM `V\Y JOLZ[ [V HPK [OPZ

/LHS[O -P[ULZZ 

O )YLH[OL PU HUK SV^LY `V\YZLSM KV^U ¶ HZ PM `V\ ^LYL NVPUN [V ZP[ VU H JOHPY ¶ ^P[OV\[ `V\Y RULLZ YVSSPUN PU VY V\[ HUK THRL Z\YL `V\Y OLLSZ Z[H` VU [OL NYV\UK ( O 2LLWPUN `V\Y JOLZ[ \W HUK `V\Y RULLZ Z[\YK` KYP]L \W [OYV\NO `V\Y SLNZ HUK NS\[LZ Q\TWPUN \W HZ `V\ JVTL V\[ VM `V\Y ZX\H[ )


  

$ 2

7\ZOPUN [OYV\NO [OL MVV[ [OH[»Z VU [OL WSH[MVYT HZ `V\ YPZL ^PSS YLHSS` ^VYR `V\Y IV[[VT T\ZJSLZ

@V\Y MYVU[ RULL ZOV\SK IL ILU[ [V HIV\[ H Â&#x2021; HUNSL ILMVYL `V\ Z[LW VU[V [OL WSH[MVYT

,UZ\YL [OH[ `V\Y ^OVSL MVV[ PZ VU [OL Z[LW ILMVYL `V\ YPZL \W VU[V [OL WSH[MVYT

3

DE6A FAD

O 7SHJL H Z[\YK` JOHPY VY IV_ PU MYVU[ VM `V\ VY Z[HUK PU MYVU[ VM H Z[HPY O :[LW \W HUK WSHJL `V\Y ^OVSL MVV[ ¶ UV[ Q\Z[ `V\Y [VLZ ¶ VU [OL Z\YMHJL THRPUN Z\YL `V\Y RULL KVLZU»[ L_[LUK V]LY `V\Y [VLZ ( O (Z `V\ WSHJL `V\Y MVV[ VU [OL WSH[MVYT W\ZO YPNO[ [OYV\NO `V\Y OLLS

 /LHS[O -P[ULZZ        

ZV [OH[ `V\ YLHSS` ^VYR `V\Y NS\[LZ YH[OLY [OHU Q\Z[ W\ZOPUN \W VU `V\Y [VLZ VY [OL MYVU[ VM `V\Y MVV[ O 6U [OL W\ZO \W KYP]L [OYV\NO VUL SLN [OLU IYPUN [OL V[OLY [V TLL[ P[ ) O :[LW IHJR KV^U ^P[O [OL MPYZ[ SLN [OLU YLWLH[ [OL TV]L ^P[O [OL VWWVZP[L SLN SLHKPUN


  

%

:X\LLaL `V\Y NS\[LZ OHYK H[ [OL [VW VM [OL TV]LTLU[ [V YLHSS` MLLS [OL I\YU

,UNHNL `V\Y HIZ K\YPUN [OPZ L_LYJPZL HZ [OPZ ^PSS WYL]LU[ `V\ MYVT V]LYL_[LUKPUN `V\Y IHJR

3

7VPU[ `V\Y [VLZ \W [V LUZ\YL `V\ KVU»[ W\ZO MYVT `V\Y OLLSZ HUK [OH[ [OL WV^LY JVTLZ MYVT `V\Y OPWZ

2

8=FE6 3C:586D

O 7SHJL IV[O OLLSZ VU HU LSL]H[LK WSH[MVYT ¶ HIV\[ H MVV[ VMM [OL MSVVY ¶ ZV [OH[ `V\Y [VLZ HYL WVPU[PUN \W^HYKZ ( O 7SHJL [OL [VW VM `V\Y IHJR VU [OL MSVVY [OLU KYP]L `V\Y OPWZ \W^HYKZ [V JYLH[L H IYPKNL WVZP[PVU ) [OLU SV^LY KV^U HNHPU

/LHS[O -P[ULZZ 

O 4HRL Z\YL [OH[ `V\ LUNHNL `V\Y NS\[LZ HUK [OH[ `V\ KVU»[ YVSS `V\Y RULLZ PU VY V\[


H@C<@FE # 23D  FAA6C 3@5J

" )YHJL `V\Y JVYL [OYV\NOV\[ [OL L_LYJPZL [V H]VPK `V\Y IHJR VY WLS]PZ KYVWWPUN

4HPU[HPU H X\PJR WHJL I\[ KVU»[ TV]L ZV MHZ[ [OH[ `V\»YL JVTWYVTPZPUN `V\Y MVYT

3

2

2LLW `V\Y OHUKZ WSHU[LK VU [OL MSVVY HUK `V\Y ZOV\SKLYZ WYLZZLK KV^U

>@F?E2:? 4=:>36CD =6E|D 86E DE2CE65 *VTWSL[L [OL ^HYT\W VU WHNLZ  HUK [OLU KV LHJO VM [OL MVSSV^PUN TV]LZ MVY  ZLJVUKZ ;OL L_LYJPZLZ ZOV\SK IL WLYMVYTLK PU H JPYJ\P[ IHJR[VIHJR ^P[O  ZLJVUKZ» YLZ[ IL[^LLU TV]LZ 9LZ[ MVY VUL TPU\[L HM[LY LHJO JPYJ\P[ HUK HPT [V KV H[ SLHZ[  YV\UKZ VM [OPZ ^VYRV\[

O :[HY[ PU W\ZO\W WVZP[PVU ^P[O `V\Y HYTZ ^PKLY [OHU `V\Y ZOV\SKLYZ [OLU W\[ `V\Y IVK`^LPNO[ V]LY `V\Y OHUKZ O ,UZ\YL `V\Y HYTZ HYL LP[OLY ZPKL VM `V\Y JOLZ[ ^P[O `V\Y OHUKZ MVY^HYKZ O )LUK H[ [OL LSIV^Z ZSPNO[S` LUZ\YPUN `V\Y IVK` YLTHPUZ MSH[ ¶ UV KPWWPUN H[ [OL OPWZ VY [OYV\NO [OL IHJR ,_[LUK `V\Y HYTZ ZV `V\ THRL H MSH[ WSHUR

 /LHS[O -P[ULZZ         

O 2LLWPUN VUL MVV[ VU [OL MSVVY IYPUN VUL RULL PU [V^HYKZ `V\Y JOLZ[ ( (S[LYUH[L IL[^LLU `V\Y SLM[ HUK YPNO[ RULL HZ PM Y\UUPUN H[ H X\PJR WHJL ) O ,UZ\YL `V\Y JVYL YLTHPUZ ZVSPK HUK [OLYL»Z UV KPWWPUN [OYV\NO `V\Y WLS]PZ VY IHJR O 0UJYLHZL `V\Y ZWLLK HZ PM `V\ HYL Y\UUPUN VU `V\Y OHUKZ


  

9`_V eY`dV UVWZ_VU Rc^d R_U RSd j`f|gV R]hRjd hR_eVU hZeY eYZd ef^^j R_U e`cd` h`c\`fe

#

9HPZL `V\Y HYT [V^HYKZ [OL ZR` :[YHPNO[LU `V\Y HYT HZ T\JO HZ WVZZPISL

+VU»[ SL[ `V\Y IVK` KYVW 2LLW `V\Y OPWZ \W ^OLU PU [OL ZPKL WVZP[PVU

)YHJL `V\Y JVYL [V RLLW `V\Y IVK` PU H Z[YHPNO[ SPUL ^OLU PU [OL WSHUR WVZP[PVU

3

2

DE2C EH:DE O :[HY[ PU H W\ZO\W WVZP[PVU RLLWPUN `V\Y HYTZ H[ M\SS L_[LUZPVU HZ PU [OL WSHUR WVZP[PVU ( O 6WLU VUL HYT V\[ SH[LYHSS` ZV `V\Y LU[PYL IVK` MHJLZ VUL ZPKL ) O 2LLW `V\Y OPWZ \W HUK `V\Y JVYL [PNO[ ^P[O `V\Y OLHK PU SPUL [OLU YLWLH[ [OL TV]L VWLUPUN \W `V\Y VWWVZP[L HYT

/LHS[O -P[ULZZ 


  

$

+VU»[ [LUZL VY SPM[ `V\Y ZOV\SKLYZ [V^HYKZ `V\Y LHYZ 2LLW [OLT YLSH_LK

9LSH_ `V\Y ULJR RLLWPUN S

:X\LLaL `V\Y NS\[LZ HUK IYHJL `V\Y HIZ MVY Z[HIPSP[`

3

2

AFD9 FAD O :[HY[ ^P[O IV[O OHUKZ VU [OL MSVVY ZOV\SKLY^PK[O HWHY[ O 2LLW `V\Y MLL[ [VNL[OLY ILOPUK `V\ YLZ[PUN VU [OL IHSSZ VM `V\Y MLL[ O )LUK H[ `V\Y LSIV^Z LUZ\YPUN `V\Y LU[PYL IVK` YLTHPUZ JVTWSL[LS` MSH[ ZV UV KPWWPUN H[ [OL OPWZ VY [OYV\NO `V\Y IHJR ( O 2LLW `V\Y IHJR Z[YHPNO[ HUK

 /LHS[O -P[ULZZ        

\ZL `V\Y JVYL [V Z[HIPSPZL [OYV\NO `V\Y HIKVTPUHS T\ZJSLZ O 7\ZO [OYV\NO `V\Y JOLZ[ HUK L_[LUK `V\Y HYTZ [V SPM[ `V\Y IVK` [OLU KYP]L \W [V M\SS L_[LUZPVU )


  

% @V\Y OHUKZ ZOV\SK IL LP[OLY ZPKL VM `V\Y OPWZ :[HY[ PU [OPZ WVZP[PVU ILMVYL TV]PUN VMM [OL WSH[MVYT

(]VPK HYJOPUN `V\Y IHJR VY O\UJOPUN MVY^HYKZ HUK KVU»[ [^PZ[ `V\Y [VYZV

2

@V\Y MLL[ JHU IL MSH[ VU [OL MSVVY VY [V THRL P[ [V\NOLY H^H` MYVT `V\Y IVK` HUK MSL_LK

3

EC:46A 5:AD O :P[ VU [OL LKNL VM H Z[\YK` JOHPY Z[HPY VY IV_ HUK WSHJL `V\Y OHUKZ VU LP[OLY ZPKL VM `V\ ^P[O `V\Y OHUKZ WVPU[PUN MVY^HYKZ @V\Y OHUKZ ZOV\SK IL HWWYV_PTH[LS` ZOV\SKLY^PK[O HWHY[ O ,KNL VMM [OL JOHPY ZV [OH[ `V\Y MLL[ HYL LP[OLY M\SS` L_[LUKLK ZV `V\ YLZLTISL H YL]LYZL WSHUR VY WSHJL

/LHS[O -P[ULZZ 

[OLT ZV [OH[ `V\Y SLNZ HYL H[ H YPNO[ HUNSL ;OPZ PZ `V\Y Z[HY[PUN WVZP[PVU ( O )LUK H[ `V\Y LSIV^Z [V KPW [OL IVK` JYLH[PUN H Â&#x2021; HUNSL ^P[O `V\Y OPWZ ) O +YP]L \W [OYV\NO `V\Y HYTZ IHJR [V `V\Y PUP[PHS WVZP[PVU O +VU»[ \ZL `V\Y SLNZ [V OLSW ¶ HSS [OL HJ[P]P[` ZOV\SK IL [OYV\NO `V\Y JVYL HUK `V\Y HYTZ


H@C<@FE $ 7F== 3@5J

"

2LLW `V\Y [VYZV \WYPNO[ HUK KVU»[ HYJO `V\Y IHJR 9LSH_ `V\Y ZOV\SKLYZ +VU»[ SL[ [OLT [LUZL VY O\UJO MVY^HYKZ

@V\Y MYVU[ RULL MHJLZ MVY^HYKZ HUK KVLZU»[ L_[LUK IL`VUK `V\Y MYVU[ [VLZ

3,;»: .,; :;(9;,+ *VTWSL[L [OL ^HYT\W VU WHNLZ  HUK [OLU KV LHJO VM [OL MVSSV^PUN TV]LZ MVY  ZLJVUKZ ;OL L_LYJPZLZ ZOV\SK IL KVUL PU H JPYJ\P[ IHJR[VIHJR ^P[O  ZLJVUKZ» YLZ[ IL[^LLU TV]LZ 9LZ[ MVY H TPU\[L IL[^LLU LHJO JPYJ\P[ HUK HPT [V KV H[ SLHZ[  YV\UKZ VM [OPZ ^VYRV\[

O (Z ^P[O [OL >HSRPUN 3\UNLZ VU WHNL  YLTLTILY [V RLLW `V\Y JOLZ[ \W HUK LUZ\YL `V\Y RULLZ KVU»[ YVSS PU VY V\[ ( O ;OPZ [PTL `V\»YL NVPUN [V Q\TW \W Z^P[JO SLNZ TPKHPY HUK SHUK IHJR PU [OL S\UNL WVZP[PVU *VU[PU\L HS[LYUH[PUN MVY [OL ZL[ K\YH[PVU )

 /LHS[O -P[ULZZ         


  

E`_V fa R]] `gVc Sj S]RdeZ_X j`fc S`Uj hZeY eYZd VbfZa^V_eWcVV e`eR]S`Uj TZcTfZe

#

9LHJO `V\Y HYTZ V]LYOLHK HZ `V\ Q\TW OPNO PU[V [OL HPY

3

2LLW `V\Y HIZ LUNHNLK ^OLU PU [OL WSHUR WVZP[PVU [V Z\WWVY[ `V\Y IHJR

*OHSSLUNL `V\YZLSM I` THPU[HPUPUN H X\PJR WHJL ¶ I\[ UV[ ZV X\PJR [OH[ `V\ JVTWYVTPZL MVYT

O 3`PUN MSH[ WSHJL `V\Y OHUKZ KPYLJ[S` VU [OL MSVVY PU MYVU[ VM `V\ ( O 7YLZZ `V\YZLSM \W PU[V H JYV\JOLK WVZP[PVU HUK Q\TW \W^HYKZ ) ILMVYL JYV\JOPUN IHJR KV^U O 9L[\YU [V `V\Y VYPNPUHS WVZP[PVU ^P[O `V\Y OHUKZ MSH[ VU [OL MSVVY

/LHS[O -P[ULZZ 


  

$

3PM[ `V\Y JOLZ[ HUK RLLW `V\Y NHaL \W [V Z[VW `V\Y IHJR MYVT YV\UKPUN

+YP]L ^P[O `V\Y HYTZ PU H Y\UUPUN TV[PVU [V PUJYLHZL [OL ZWLLK VM [OPZ TV]L

*OHSSLUN `V\YZLSM I` T HZ MHZ[ HZ ` JHU ^P[OV JVTWYVTPZ MVYT

2

O <ZPUN H Z[\YK` JOHPY IV_ VY Z[HPY [HW VUL [VL VU [OL JOHPY ( [OLU X\PJRS` [HW [OL V[OLY ) O <ZL `V\Y HYTZ [V WV^LY `V\ HUK HKK ZWLLK O 9LTLTILY [V RLLW `V\Y JOLZ[ \W

 /LHS[O -P[ULZZ         


  

3L[ `V\Y NHaL MVSSV^ `V\Y OHUKZ [V H]VPK [LUZPUN `V\Y ULJR

% +VU»[ Z^PUN `V\Y HYTZ VY TV]L PU H QLYR` THUULY 2LLW P[ JVU[YVSSLK

(UJOVY `V\Y OLLSZ [V [OL MSVVY [V Z[H` Z[HISL

O :P[ \W ^P[O `V\Y RULLZ ILU[ HUK `V\Y MLL[ MSH[ VU [OL MSVVY O 3LHU IHJR ZSPNO[S` RLLWPUN `V\Y HIZ [PNO[ ZV [OH[ `V\»YL H[ HU HUNSL O *SHZW `V\Y OHUKZ [VNL[OLY ( O ;^PZ[ MYVT ZPKL [V ZPKL ) LUZ\YPUN [OH[ `V\ RLLW `V\Y OLHK PU SPUL HUK `V\ KVU»[ YV\UK `V\Y SV^LY IHJR

/LHS[O -P[ULZZ 


 

E96



4]VR_ VReZ_X Zd eYV UZVe Sfkkh`cU hZeY R dfcacZdZ_X]j dZ^a]V T`_TVae  e` WfV] j`fc S`Uj hZeY _RefcR] W``Ud eYRe eRdeV XcVRe 9VcV|d Y`hs



YVT [OL SH[LZ[ IV\[PX\L JHMt [V `V\Y 0UZ[HNYHT MLLK [OL JSLHU LH[PUN [YLUK PZ ZOV^PUN UV ZPNU VM SL[[PUN \W ¶ I\[ ^OH[ KVLZ P[ TLHU [V LH[ JSLHU& (J[\HSS` P[»Z Z\YWYPZPUNS` ZPTWSL 9H[OLY [OHU MVJ\ZPUN VU ^OH[ PZU»[ NVVK MVY [OL IVK` P[»Z HIV\[ [HRPUN JHYL [V

JVUZ\TL ^OH[ PZ NVVK MVY [OL IVK` (UK [OH[ TLHUZ LH[PUN HUK JVVRPUN ^P[O ^OVSLMVVKZ [OH[ OH]LU»[ ILLU WYVJLZZLK YLMPULK VY OHUKSLK 0U V[OLY ^VYKZ [OL HPT PZ [V LH[ WYVK\J[Z [OH[ HYL HZ JSVZL [V [OLPY UH[\YHS MVYT HZ WVZZPISL -VY (SPJL P[»Z HSS HIV\[ T\UJOPUN VU U\[YPLU[KLUZL MVVKZ [OH[ ^PSS JYLH[L UV\YPZO HUK M\LS H OLHS[O` TPUK HUK IVK` :V\UK SPRL OHYK ^VYR& 0[ PZU»[

*SLHU MVVKZ KVU»[ OH]L [V [HZ[L ISHUK HUK [OL` ZOV\SKU»[ IL KPMMPJ\S[ [V JVVR ^P[O 0U MHJ[ JSLHU TLHSZ JHU ¶ HUK ZOV\SK ¶ IL KLSPJPV\Z UV[ [V TLU[PVU LHZ` [V THRL PM `V\»YL WYLZZLK MVY [PTL 6]LY [OL UL_[ ML^ WHNLZ (SPJL L_WSHPUZ OV^ [V Z[HY[ JSLHUPUN \W `V\Y KPL[ WS\Z ZOL YL]LHSZ H ML^ OLHS[O` YLJPWLZ MYVT OLY IVVR ;OL )VK` )PISL [OH[ ^PSS OLSW `V\ NL[ Z[HY[LK (YL `V\Y [HZ[L I\KZ YLHK`&

:E|D H@C<65 7@C E96>  :E 42? H@C< 7@C J@F E@@

+ 409(5+( 2,99 9\TV\YLK [V NYV^ OLY V^U ]LNL[HISLZ HUK SV]L JVVRPUN 2LYY PZ H IPN MHU VM [OL JSLHU LH[PUN HWWYVHJO º0 MPUK [OL TVZ[ ZH[PZM`PUN MVVK PZ MVVK [OH[»Z M\SS VM SPML ZV P[»Z YH^ HUK JSLHU HUK VYNHUPJ» ZH`Z [OL TVKLS

+ .>@5,;/ 7(3;96> ;OL Z\WLYZSPT MVVKPL OHZ THKL UV ZLJYL[ VM OLY H[[LTW[ [V J\[ V\[ JVMMLL HSJVOVS ^OLH[ KHPY` HUK HSS WYVJLZZLK MVVKZ ;OL Z[HY ZH`Z! º0 LH[ VYNHUPJ MVVK HUK SV[Z VM ^OVSL NYHPUZ 0 LH[ SVJHSS` 0 LH[ ZLHZVUHSS`»

/LHS[O -P[ULZZ 

+ 1,::0*( (3)( ;OL HJ[YLZZ ILSPL]LZ PU UH[\YHS WYVK\J[Z MVY HSS HYLHZ VM OLY SPML ¶ MYVT KPL[ [V ILH\[` I\`Z (JJVYKPUN [V [OL ISVN ;V 3P]L HUK +PL[ PU 3( 1LZZ JSHPTZ! º@V\ JHU THRL HU HTHaPUN PUK\SNLU[ TLHS ^P[O MYLZO VYNHUPJ WYVK\JL HUK MVVK»


    

62E 4=62?

  6Re ^`cV hVZXY ]Vdd R_U WVV] XcVRe  TR_ VReZ_X T]VR_ UV]ZgVc eYV cVdf]ed Ze ac`^ZdVd0



      %"  "  $   "   " #     $      

THYRL[LK MVVK PZ YLHKPS` H]HPSHISL HUK LHZ`[VJVVR I\[ P[Z JVUZ\TW[PVU PZ Z[LHKPS` PUJYLHZPUN V\Y ^HPZ[SPULZ

<66A :E C62=

;OL WYVISLT PZ [OH[ ^L HYLU»[ LH[PUN ºYLHS MVVKZ» HU` TVYL 7HJRHNLK NVVKZ IV\NO[ MYVT MVVK YL[HPSLYZ OH]L H [LUKLUJ` [V IL V]LYS` WYVJLZZLK ;OL`»YL SVHKLK ^P[O U\[YPLU[WVVY JHSVYPLZ HUK WHJRLK ^P[O WYLZLY]H[P]LZ VY HKKP[P]LZ [V WYL]LU[ ZWVPSHNL HUK PUJYLHZL ZOLSM SPML (UK [OLZL MVVKZ JHU ULNH[P]LS` HMMLJ[ V\Y OLHS[O 5V[ HSS WYVJLZZLK MVVKZ HYL IHK MVY `V\ [OV\NO -YLLaPUN ]LNL[HISLZ HUK MY\P[ JHU WYLZLY]L [OLPY ]P[HTPUZ )\[ THU` WYVK\J[Z Z\JO HZ IYLHRMHZ[ JLYLHSZ HUK YLHK` TLHSZ JVU[HPU HKKLK Z\NHY ZHS[ VY MH[ ^OPJO JHU JH\ZL WLVWSL [V LH[ TVYL [OHU [OL YLJVTTLUKLK KHPS` HTV\U[Z

=:G6 =@?86C

,H[PUN JSLHU ^PSS LUJV\YHNL `V\ [V [HRL JVU[YVS VM `V\Y KPL[ @V\»SS LH[ \UWYVJLZZLK ^OVSLMVVKZ Z\JO HZ MY\P[ ]LNL[HISLZ ^OVSL NYHPUZ HUK SLHU TLH[Z HUK `V\ ^VU»[ LH[ WHJRHNLK MVVKZ SVHKLK ^P[O HY[PMPJPHS PUNYLKPLU[Z

2=:46|D 4=62? 62E:?8 E:AD

5@

>R\V d^R]] TYR_XVd WZcde =VRc_ R_U f_UVcdeR_U eYV gR]fV `W TR]`cZVd AcVaRcV cVTZaVd Z_ RUgR_TV 4V]VScReV W``U eYRe ^R\Vd j`f WVV] XcVRe R_U j`f V_[`j ^R\Z_X CV^V^SVc j`f TR_|e `feecRZ_ R SRU UZVe



9@H 2=:46 492?865 96C 5:6Es 367@C6

:[HY[PUN ^LPNO[! UPUL HUK H OHSM Z[VUL

27E6C

*\YYLU[ ^LPNO[! LPNO[ Z[VUL

)9,(2-(:;! ;^V ZSPJLZ VM [VHZ[ ^P[O I\[[LY HUK QHT

)9,(2-(:;! 6UL ZSPJL VM [VHZ[LK Y`L IYLHK ^P[O ZJYHTISLK LNNZ

:5(*2! :\NHY` JLYLHS IHYZ

:5(*2! 9PJL JHRLZ ^P[O WLHU\[ I\[[LY

3<5*/! 1HJRL[ WV[H[V ^P[O [\UH IHRLK ILHUZ HUK JOLLZL

3<5*/! 7LYPWLYP ZWPJLK JOPJRLU ^P[O I\[[LYU\[ ZX\HZO HUK IYVJJVSP

:5(*2! *VMMLL HUK IPZJ\P[Z +055,9! :WHNOL[[P IVSVNULZL HUK SV[Z VM JOLLZL

:5(*2! /VTLTHKL IHUHUH T\MMPU +055,9! .YPSSLK [\YRL` ^P[O ^HYT SLU[PSZ ML[H HUK [VTH[V ZHSHK HUK RHSL

! /LHS[O -P[ULZZ         "

2TT`cUZ_X e` eYV F_ZeVU ?ReZ`_d| EYV DeReV `W 7``U R_U 2XcZTf]efcV #!"$



U [OL <2 ^L OH]L [OL OPNOLZ[ YH[LZ VM VILZP[` PU >LZ[LYU ,\YVWL 6ILZP[` SL]LSZ OH]L TVYL [OHU [YLISLK PU [OL WHZ[  `LHYZ HUK L_WLY[Z LZ[PTH[L [OH[ OHSM [OL WVW\SH[PVU JV\SK IL L_JLZZP]LS` V]LY^LPNO[ I`  ;OL JVUZLX\LUJL VM [OPZ PZ KPYL ¶ HU PUJYLHZLK YPZR VM PSSULZZLZ Z\JO HZ KPHIL[LZ JHUJLY HUK OLHY[ KPZLHZL >OPSL PUHJ[P]P[` PZ WHY[PHSS` [V ISHTL V\Y KPL[ OHZ H SV[ [V HUZ^LY MVY 7YVJLZZLK OPNOJHSVYPL HUK JSL]LYS`


96C6 2C6 2=:46|D 8@E@ DE2A=6D 8C66? G686E23=6D

6ReZ_X ]VRWj WZSc`fd gVX RZUd R_U Z^ac`gVd UZXVdeZ`_ R_U ac`gZUVd ^ZTc`_fecZV_ed dfTY Rd Zc`_ R_U TR]TZf^ :e|d R]d` YZXY Z_ R_eZ`iZUR_ed DaZ_RTY \R]V TRSSRXV R_U Sc`TT`]Z RcV X``U ViR^a]Vd

4@4@?FE @:=

HYj T`T`_fe `Z]0 EYZd `Z] Zd 2]ZTV|d acVWVccVU TY`ZTV `W T``\Z_X `Z] SVTRfdV `W Zed YZXY d^`\V a`Z_e F_]Z\V df_W]`hVc `c `]ZgV `Z] Ze|d ]Vdd UR^RXVU R_U TYV^ZTR]]j R]eVcVU hYV_ YVReVU R_U U`Vd_|e UV_RefcV

2G@425@D

?`e `_]j U` Rg`TRU`d eRdeV UV]ZTZ`fd eYVj|cV R]d` ViecV^V]j X``U W`c j`f EYVj ac`gZUV gZeR^Z_ 6 a`eRddZf^ R_U Zc`_ R_U R a]V_eZWf] d`fcTV `W X``U ^`_`f_dRefcReVU WRed

962=E9J 72ED

EYV W`fc ^RZ_ ejaVd `W WRe Z_ `fc UZVe RcV+ ^`_`f_dRefcReVU WRed a`]jf_dRefcReVU WRed dRefcReVU WRed R_U ecR_d WRed F_dRefcReVU WRed ^`_` R_U a`]j RcV `WeV_ TR]]VU {YVR]eYj WRed| R_U RcV W`f_U Z_ Rg`TRU`d _fed aVR_fe SfeeVc `Z]j WZdY R_U T``\Z_X `Z]d EYVdV RcV ]`RUVU hZeY _fecZV_ed HV _VVU e` Rg`ZU ecR_d WRe hYZTY TR_ SV W`f_U Z_ TYZad ^RcXRcZ_V R_U WRde W``U Rd eYVdV TR_ T`_ecZSfeV e` TR_TVc YVRce UZdVRdV R_U UZRSVeVd

96C32=  7CF:E E62D Ecj R ^fX `W hRc^ WcfZe `c YVcSR] eVR Z_deVRU `W cVRTYZ_X W`c dfXRc]`RUVU d_RT\d

=62? AC@E6:?D

Ac`eVZ_ dfTY Rd TYZT\V_ R_U WZdY YRd SVV_ dY`h_ e` SV #&$! aVc TV_e ^`cV dReZReZ_X eYR_ eYV `eYVc W``U Xc`fad d` hZ]] \VVa j`f Wf]]Vc W`c ]`_XVc

Z\NHY ZHS[Z ZH[\YH[LK MH[Z HUK [YHUZ MH[Z ;OL LH[PUN HWWYVHJO PZ ZPTWSL HUK \USPRL MHK KPL[Z KVLZU»[ PU]VS]L JHSVYPL JV\U[PUN VY KLWYP]H[PVU :JPLUJL IHJRZ P[Z ILULMP[Z ¶ H WSL[OVYH VM Z[\KPLZ ZOV^ [OH[ H WSHU[YPJO KPL[ JHU PTWYV]L OLHS[O ^OPSL M\Y[OLY YLZLHYJO ZOV^Z [OH[ H OPNO PU[HRL VM ZH[\YH[LK MH[Z VY Z\NHYZ JHU YLK\JL SPML L_WLJ[HUJ` ;OLYL PZ UV OHYK HUK MHZ[ Y\SL MVY JSLHU LH[PUN OV^L]LY 0[»Z HIV\[ MPUKPUN H Z\Z[HPUHISL ^H` VM LH[PUN SLZZ VM [OL IHK Z[\MM HUK TVYL VM [OL NVVK MVVK 7S\Z P[»Z PTWVY[HU[ [V [LHT H OLHS[O` KPL[ ^P[O YLN\SHY L_LYJPZL 4HU` WLVWSL MVSSV^ [OL  N\PKLSPUL PU ^OPJO [OL` MVJ\Z  WLY JLU[ VM [OLPY LMMVY[Z VU KPL[ HUK  WLY JLU[ VU HJ[P]P[` 0U OLY IVVR (SPJL PZ X\PJR [V WVPU[ V\[ [OH[ LH[PUN ^LSS ULLKU»[ IL H JOVYL º;OLYL HYL /LHS[O -P[ULZZ 

^H`Z VM THRPUN HSS `V\Y MH]V\YP[L MVVKZ OLHS[O` ¶ P[ PZ Q\Z[ H X\LZ[PVU VM SLHYUPUN OV^» ZOL ZH`Z º0 HT UV[ H JOLM I\[ H JVVR PU T` V^U OVTL 0 SV]L L_WLYPTLU[PUN ^P[O MSH]V\Y HUK [L_[\YL /LHS[O` KVLZU»[ LX\HS IVYPUN»

)

5@?|E

H`ccj EYV cVTZaVd RcV _`e ViaV_dZgV 3]R^V R YVTeZT ]ZWVdej]V W`c VReZ_X SRU]j 7VV] Rd ZW j`f|cV `_ R UZVe 3V e`` YRcU `_ j`fcdV]W CV^V^SVc UVTZUZ_X e` ^R\V R TYR_XV Zd eYV WZcde deVa




>@C?:?8 >62=D

           

 

    

3C62<72DE "

8C66< J@89FCE H:E9 42C2>6=:D65 4:??2>@? 32?2?2 2?5 ?64E2C:?6

:LY]LZ!  0UNYLKPLU[Z N .YLLR `VNO\Y[ *VJVU\[ VPS MVY MY`PUN  IHUHUH ZSPJLK  ULJ[HYPUL Z[VULK HUK J\[ PU[V ZLNTLU[Z .YV\UK JPUUHTVU [V K\Z[  [IZW HSTVUK I\[[LY

4L[OVK <   "       <           "   

  

          

   "  "  "    <         

           

   " <         !

     

 /LHS[O -P[ULZZ      


3C62<72DE #

8C:==65 A@CE@36==@ >FD9C@@>D H:E9 8@2E|D 4966D6 A6DE@ 2?5 C@4<6E :LY]LZ!  0UNYLKPLU[Z *VJVU\[ VPS  SHYNL 7VY[VILSSV T\ZOYVVTZ N NVH[»Z JOLLZL .YH[LK aLZ[ VM ë SLTVU N YVJRL[  [IZW WLZ[V ;VHZ[LK Y`L IYLHK VW[PVUHS :LH ZHS[ HUK MYLZOS` NYV\UK ISHJR WLWWLY 4L[OVK <     <                

               #          %          <    

      "      $                      "    <  !             "          $$    <  ! "  #      

         

            

/LHS[O -P[ULZZ 




>:552J >62=D =F?49 "

C@2DE65 E@>2E@6D 2?5 2G@425@ @? D@FC5@F89 E@2DE

                       

:LY]LZ!  0UNYLKPLU[Z  JOLYY` [VTH[VLZ OHS]LK ñ [ZW TLS[LK JVJVU\[ VPS  YPWL H]VJHKV OHS]LK Z[VUL YLTV]LK HUK WLLSLK 1\PJL VM ñ SLTVU :LH ZHS[ HUK MYLZOS` NYV\UK ISHJR WLWWLY  ZSPJLZ VM [OPJR ZV\YKV\NO IYLHK [VHZ[LK )HSZHTPJ NSHaL MVY KYPaaSPUN N YVJRL[ 4L[OVK <      <        #  $$ !      !            %   <     

    " ! 

              #  #     <     

              $$

!    $     !   

% /LHS[O -P[ULZZ      




                     

=F?49 #

;6C< 49:4<6? H:E9 >2?8@ D2=D2 :LY]LZ!  0UNYLKPLU[Z  ZRPUSLZZ JOPJRLU IYLHZ[Z  [IZW QLYR WHZ[L :LH ZHS[ HUK MYLZOS` NYV\UK ISHJR WLWWLY ñ THUNV WLLSLK Z[VUL YLTV]LK HUK KPJLK PU[V ZTHSS JO\URZ ñ YLK VUPVU MPULS` KPJLK  SHYNL ZHSHK [VTH[V KLZLLKLK HUK MPULS` KPJLK

ë J\J\TILY KLZLLKLK HUK MPULS` KPJLK ñ YLK JOPSSP KLZLLKLK HUK MPULS` KPJLK +YPaaSL VM SPTL Q\PJL  ZTHSS OHUKM\S VM MYLZO TPU[ JOVWWLK  ZTHSS OHUKM\S VM MYLZO JVYPHUKLY JOVWWLK *VVRLK YPJL [V ZLY]L VW[PVUHS 4L[OVK <     /LHS[O -P[ULZZ 

<        !        !        #        %     #   <  !   "            $$ !                  <             !              




6G6?:?8 >62=D 5:??6C "

H2C> C@2DE65 3FEE6C?FE DBF2D9 <2=6 2?5 76E2 D2=25 H:E9 A@>68C2?2E6 :LY]LZ!  0UNYLKPLU[Z

                   

 

-69 ;/, :(3(+ *VJVU\[ VPS N I\[[LYU\[ ZX\HZO WLLSLK HUK J\[ PU[V ZTHSS JO\URZ :LH ZHS[  ZTHSS YLK VUPVU MPULS` KPJLK  SHYNL OHUKM\S VM RHSL [V\NO Z[LTZ YLTV]LK HUK SLH]LZ [VYU  ZTHSS [VTH[VLZ OHS]LK N ML[H JOLLZL JY\TISLK N WVTLNYHUH[L ZLLKZ -69 ;/, +9,::05.  [IZW L_[YH ]PYNPU VSP]L VPS  [IZW JPKLY ]PULNHY  NHYSPJ JSV]L MPULS` JY\ZOLK :LH ZHS[ HUK MYLZOS` NYV\UK ISHJR WLWWLY 4L[OVK < ( , , !0 ,! "5*-5* )  ( & < )  3!/(  ) ,  # ! !! /, ! $, )4 ! .5# ! %   ))  , /,,( /, )'/ ) / , , )  ,3 !0(& #(  1, #  ! ) , , #  ! !  ,( 3& ! ), !( .5 ,! -5  /,) ,!))  , )'/ )   1 3 ,(!/ , !!  ,& <  , )  !/ , ! !! /, !  (3  #   , ( ! !     ,! ,!)  !!  ,3 !( !/, 0  /,)& <   !! )) ,   ( ! !  ,! ,!)  )   , !! /,,( /, )'/ ) (/ ,  #!( , ))& < !   , ())  2 , !0 ! ( 0  (   ( ,!,(&  #  ! ) ,  ###(  2   !( #!/(  !0( , )  & -. /LHS[O -P[ULZZ   , , ))!  &!&/


                     

D?24<

DFA6C7@@5 49@4@=2E6 AC@E6:? D>@@E9:6

:LY]LZ!  0UNYLKPLU[Z -YVaLU IHUHUHZ  [IZW JHJHV WV^KLY ñ [ZW ]HUPSSH WV^KLY  [IZW WLHU\[ I\[[LY VY V[OLY U\[ I\[[LY  ZJVVW VM ^OL` WYV[LPU WV^KLY JOVJVSH[L MSH]V\Y PM WVZZPISL I\[ UH[\YHS VY ]HUPSSH ^PSS ^VYR [VV TS ^H[LY 4L[OVK <   !       "  !   

5:??6C #

D2=>@? 2G@425@ 2?5 32=D2>:4 E@>2E@6D H:E9 AFJ =6?E:=D 2?5 2 4:ECFD 5C6DD:?8 :LY]LZ!  0UNYLKPLU[Z  WS\T [VTH[VLZ OHS]LK :LH ZHS[ HUK MYLZOS` NYV\UK ISHJR WLWWLY  [ZW L_[YH ]PYNPU VSP]L VPS TS IHSZHTPJ ]PULNHY  ZHSTVU MPSSL[Z  IHI` NLT SL[[\JL ZOYLKKLK ñ J\J\TILY OHS]LK KLZLLKLK HUK J\[ PU[V JO\URZ  YPWL H]VJHKV Z[VUL YLTV]LK HUK J\[ PU[V ZTHSS JO\URZ N W\` SLU[PSZ JVVRLK  [ZW JOVWWLK MYLZO JOP]LZ

-69 ;/, +9,::05.  [IZW SLTVU Q\PJL  [ZW +PQVU T\Z[HYK  [IZW JPKLY ]PULNHY  [IZW L_[YH ]PYNPU VSP]L VPS 4L[OVK <      <                         ""

                 !        /LHS[O -P[ULZZ 

           

    <         

         

     !    <     !    

                  

!      <        

             <         ""      


 

E2<6 E96

  J`f|gV ^RUV Ze J`f|gV WZ_ZdYVU eYV "%URj h`c\`fe a]R_ R_U YRgV deRceVU e` `gVcYRf] j`fc UZVe D` hYRe _Vie0

<66A 6I6C4:D:?8

0M `V\ LUQV`LK [OL KH` WSHU [OLYL»Z UV[OPUN [V Z[VW `V\ MYVT YLWLH[PUN P[ )\[ [V JVU[PU\L [V ZLL YLZ\S[Z `V\ ULLK [V V]LYSVHK `V\Y IVK` I` KVPUN TVYL @V\ JV\SK JOHUNL [OL ]HYPHISLZ ¶ KV LHJO TV]L MVY SVUNLY I` PUJYLHZPUN [OL U\TILY VM YLWL[P[PVUZ VY [PTL ZWLU[ L_LYJPZPUN (KK ^LPNO[ [V [OL TV]LZ 6Y PUJYLHZL [OL MYLX\LUJ` VM `V\Y [YHPUPUN I` KVPUN [OL M\SSIVK` ^VYRV\[ [^PJL H ^LLR -VY TVYL L_LYJPZL PUZWPYH[PVU ;OL )VK` )PISL I` (SPJL 3P]LPUN   " /HYWLY ;OVYZVUZ PZ V\[ UV^



   

   

        





M `V\»YL YLHKPUN [OPZ WHNL `V\Y [^V Z^LH[` ^LLRZ HYL V]LY @V\»]L JVTWSL[LK (SPJL»Z  +H`Z ;V :SPT WSHU HUK OH]L L]LU JVVRLK H ML^ VM OLY JSLHU YLJPWLZ HZ ^LSS 5V^ ^OH[& -PYZ[ [OPUNZ MPYZ[ JLSLIYH[L I` [HRPUN H KH` VMM MYVT Z[Y\J[\YLK L_LYJPZL HUK NVPUN MVY H UPJL ^HSR 5L_[ JVUZPKLY [OH[ `V\Y IL[[LY IVK` QV\YUL` KVLZU»[ LUK OLYL 5V TH[[LY OV^ OHYK `V\»]L [YHPULK VY OV^ ^LSS `V\»]L LH[LU YL[\YUPUN [V H ZLKLU[HY` SPMLZ[`SL HUK H KPL[ WHJRLK ^P[O LTW[` JHSVYPLZ ^PSS ZLL `V\Y OLHS[O` IVK` KL[LYPVYH[L ¶ MHZ[ ;OPZ WSHU PZ HSS HIV\[ THRPUN H SPMLSVUN KLJPZPVU [V IL MP[[LY OLHS[OPLY HUK OHWWPLY HUK [OH[ Z[HY[Z I` MVYTPUN NVVK KPL[HY` OHIP[Z HUK H YLN\SHY L_LYJPZL YV\[PUL [OH[ ^PSS Z[PJR +VU»[ RUV^ ^OLYL [V NV MYVT OLYL& 0M `V\ ULLK ZVTL TVYL IVK` HUK MVVK PUZWPYH[PVU OLYL»Z ^OH[ ^L Z\NNLZ[ `V\ KV UL_[

JSLHU LH[PUN I` SVVRPUN MVY TVYL OLHS[O` YLJPWL PKLHZ UV[ [V TLU[PVU [HRPUN [OL [PTL [V YLHK [OL PUNYLKPLU[Z VM [OL MVVK `V\ LH[ (Z H NVVK Y\SL VM [O\TI PM H MVVKZ[\MM OHZ H SVUN ZOLSM SPML P[»Z UV[ ]LY` UH[\YHS 0M `V\ SV]LK (SPJL»Z YLJPWLZ OLY UL^ IVVR ,H[ >LSS ,]LY` +H`   " /HYWLY ;OVYZVUZ OP[Z [OL ZOLS]LZ VU +LJLTILY   0[»Z WHJRLK ^P[O


Health fitness uk january 2018  

Upgrade your diet today. 18 new ways to eat healthy in 2018. 10 hot trends for your best body ever, a fit starts here

Health fitness uk january 2018  

Upgrade your diet today. 18 new ways to eat healthy in 2018. 10 hot trends for your best body ever, a fit starts here

Advertisement