Issuu on Google+


;^MÜS\RP[&P/XV1W]P[Y[S\P\ >][PP]LOO[P\\! -_PW^P9B 1OVXW]XW-.?!7B   ;RX]Xâ[LYR\ 1\]L]P-[NRS_P\/XXY/XXY[SOP[>]PYRPWáLa-[]SQLN]/XÜÜPN]X[\ 2X[P`X[O /R[S\]XYRP[6AXNS 5W][XO^N]SXW /XXY/XXY[SOP[ ?RS\POS]SXW  0P\SâW>]PYRPWáLa -^]RX[ >]PYRPWáLa-ÜÜ[SâR]\[P\P[_PO9XYL[]XQ]RS\MXXUVLbMP][LW\VS]]POX[[PY[XO^NPOSWLWb QX[VMbLWbVPLW\`S]RX^]YP[VS\\SXWQ[XV]RPY^MÜS\RP[PaNPY]SWâM[SPQPaNP[Y]\QX[^\PSWY^MÜSNS]bLWO [P_SP`\  /XW][SM^]X[\&/XXY/XXY[SOP[8S\L/LVL[âX/R[S\AXNS0SPâX/XÜÜPN]X[\ 2X^[]R1OS]SXW                            5>.9%#$%%#!;[SW]POSW/LWLOL  Mb]RPL^]RX[XQ]RS\MXXU?RPMXXUL^]RX[[P]LSW\\XÜPNXYb[SâR]]XRS\X[RP[NXW][SM^]SXW\]X]RS\ MXXU







;[PQLNP

 5LVY[S_SÜPâPO]XRL_PYÜLbPOLYL[]SW]RPP\]LMÜS\RVPW]XQ]RP0SPâXAXNS;[XTPN]LÜ\X]XRL_P YL[]WP[PO`S]R]RP0SPâXAXNS-[]2X^WOL]SXWSWM[SWâSWâ]RS\QS[\]Y[SW]PONXÜÜPN]SXWXQ0SPâX´\ `X[U\]X]RPY^MÜSNSÜÜ^VSWL]SWâRS\NXW\SOP[LMÜP\USÜÜLWOWL[[L]S_PYX`P[L\LYLSW]P[`RSÜP PaYLWOSWâX^[UWX`ÜPOâPXQ]RS\SVYX[]LW]L[]S\]  ábSW][XO^N]SXW]X0SPâX`L\QS[\]SW\YS[POMb[PLOSWâ]RPNX_P[\]X[bQPL]^[POSWL>]L[\LWO>][SYP\ Y^MÜSNL]SXWSW6^WP%# ?RS\NXVYPÜÜSWâOP\N[SY]S_PL[]SNÜPÜPOVb`SQPBPWObLWO5]XOS\NX_P[ 0SPâXLWORS\L[]O^[SWâL\RX`SWâL]]RP4PSOPÜMP[â:QQSNP[\/Ü^M?RS\`L\]RPMPâSWWSWâ`S]RX^[ QS[\]Y^[NRL\P±#`]Y[]f^Y(fme_&fgYe²  0^[SWâL_S\S]L]]RPRXVPXQ0SPâXLWORS\`SQP4PÜâLSW>NR`P]cSWâPW`P`P[PO[L`W]XLW ^WQSWS\RPOYLSW]SWâSW0SPâX´\\]^OSXBPSVVPOSL]PÜbQPÜ]]RPN[PL]S_PMPL^]bXQ]RS\±`X[USW Y[Xâ[P\\²BP`P[PLMÜP]XYP[\^LOP0SPâX]XNXVYÜP]P]RPYLSW]SWâQX[^\LWOX^[YL]SPWNP`L\ \XXW[P`L[OPO?RS\`L\][^ÜbLW^WQX[âP]]LMÜPY[S_SÜPâP]XRL_P`S]WP\\POMX]R]RPN[PL]SXWLWO NXVYÜP]SXWXQ]RS\YLSW]SWâ±"mfeYlja[]\aaelf²`RSNR`PPWTXbL\LVL\]P[YSPNP]XOLb;%  BS]R]RS\MXXU5\P]X^]]XSW][XO^NP]RP[PLOP[]X\XVPXQ0SPâX´\OS\]SWN]S_PL[] 5WY[PYL[SWâQX[]RS\LO_PW]^[PL\LÜX_P[XQL[]L[NRS]PN]^[PYRX]Xâ[LYRbLWOâLÜÜP[bPaYÜX[L]SXW5 RL_P\PL[NRPOVLWb\X^[NP\`RSÜPNXVV^WSNL]SWâ`S]R0SPâXNXÜÜPN]X[\?RP[P\^Ü]SWâPQQX[]\RL_P ÜPO]X]RS\\PÜPN]SXWXQ`RL]5QPPÜL[P\XVPXQ]RPVX\]SW\YS[SWâYLSW]SWâ\XQ0SPâX´\[PYP[]XS[P  5MPÜSP_P]RL]-[]S\WX]LWPWOM^]LY[XNP\\SW_XÜ_SWâLÜÜVLWWP[XQYPXYÜP-\SOPQ[XV]RPL[]S\]\ ]RPV\PÜ_P\]RPL[]`X[ÜOS\VLOP^YXQNXÜÜPN]X[\N^[L]X[\L[NRS]PN]\M^\SWP\\VPWWXWY[XQS] X[âLWScL]SXW\YL][XW\LWO]RX\PXQ^\`RXâLSWYÜPL\^[PQ[XV\SVYÜb_SP`SWâLWOSW]P[LN]SWâ`S]R L[]?RS\S\P\YPNSLÜÜb][^PXQ]RX\P`RXL[P0SPâX:`WP[\LWO/XÜÜPN]X[\°LÜÜ]LUSWâYL[]SW\XVP `Lb]XQX\]P[]RPN[PL]SXWY[XNP\\  ?R[X^âRM[SWâSWâLÜÜ]RP\P_XSNP\]XâP]RP[LWOSW][XO^NSWâ[PLOP[\]X0SPâX´\-[]5L]]PVY]]X Y[X_SOPLN[X\\\PN]SXWXQ]RS\áL\]P[´\YXP]SNLÜ`X[ÜO?RS\MXXUâS_P\]RX\P`RXL[PN^[SX^\]RP VPLW\]XQSWOL`Lb]XPaYP[SPWNP#`]]Ymlqf^a]_f  ábRPL[]QPÜ]]RLWU\âXX^]]XVb\^YYX[]P[\8S\L/LVL[âXLWO7LVS/XXY[SOP[`S]RX^]`RX\P ]S[PÜP\\PQQX[]\LWOYL]SPWNP]RS\MXXU`X^ÜOWX]RL_PMPPW[PLÜScPOáb\YPNSLÜ]RLWU\]X/R[S\AXNS LWO±/XXY²/XXY[SOP[XQ]RP0SPâXAXNS-[]2X^WOL]SXW`RXRL_PQX[VLWbbPL[\PaYÜX[PO]RP `X[U\XQ0SPâXXWPXQ1^[XYP´\VX\]Y[XÜSQSNLWOSVYX[]LW]?`PW]SP]R/PW]^[b;LSW]P[\  ?RS\MXXUNPÜPM[L]P\]RPS[\NRXÜL[ÜbSW_P\]SâL]SXWSW]Xª#`]]Ymlqf^a]_f >]PYRPWáLa  




 

2X[P`X[O

?RP[PY[P\PW]L]S_P\LVYÜSWâXQ0SPâX´\`X[UY[P\PW]PORP[PSWLÜMPS] Q[LN]SXWLÜXQ]RPL[]S\]´\MXObXQ`X[US\LVS[[X[SW]X]RPVSWOXQL ][L_PÜP[?RPP_P[^WQXÜOSWâNL]LÜXâ^P]RL]\PPV\]XMPYP[PWWSLÜÜb ^WNX_P[POLWOM[X^âR]]XÜSâR]S\L][L_PÜXâ^PPLNRSWOS_SO^LÜ`X[UL OSL[b-ÜYSWPÜLWO\NLYP\áX[XNNLWMLcLL[\VXWL\]P[SP\NR^[NRP\ 4L[ÜPZ^SW´\O[P\\SWâ[XXV\ML[[XXV\>X^]R`P\]P[W-VP[SNLWOP\P[]\ 0XVP\]SN\´Z^L[]P[\LÜÜVL[U]RP0SPâXVLY8SUPXWPXQRS\NRP[S\RPO NRL[LN]P[\LWO\^MTPN]\áSâ^PÜOP/P[_LW]P\´0XW<^SaX]POPÜLáLWNRL 0SPâX´\Z^P\]`L\XWPXQY^[YX\PLWOMPL^]b5WQ^ÜQSÜÜVPW]XQ]RS\ Y^[\^S]0SPâX][L_PÜPONXW\]LW]ÜbNXÜÜPN]SWâSVLâP\SWRS\VSWOLWO ÜPL_SWâRS\VL[UXWâLÜÜP[b`LÜÜ\LWORX]PÜÜXMMSP\5]RL\MPPW \^ââP\]PO]RL]]RP[PPaS\]\]RX^\LWO\XQ0SPâXYLSW]SWâ\LWOO[L`SWâ\bP] ]X\^[QLNP4P`L\MPbXWOY[XÜSQSNQX[0SPâX]XN[PL]P`L\]XM[PL]RP4S\ YLSW]\LWONRL[NXLÜ`P[P]RPXabâPW]RL]\^\]LSWPORSV?RPPQQX[]ÜP\\ \YPPOXQRS\NXWQSOPW]\][XUP\]RP[P\^Ü]SWâ\RLYP\LWOOPNS\S_P LYYÜSNL]SXWXQNXÜX[\NXVV^WSNL]POSOPL\ÜSUPLWXÜO5]LÜSLWVLW âP\]SN^ÜL]SWâOS[PN]SXW\]XLÜX\]-VP[SNLW]X^[S\]-\LNRSÜO5`L]NRPO RSVYLSW]SW]RS\VLWWP['L\RP\YXUP]XVPRS\QX[PL[VLWORLWO\`PY] SWLWL[N]X[P_PLÜLRX[\PLWO[SOP[;P[RLY\S]S\]RP^WS_P[\LÜÜLWâ^LâP XQ0SPâX´\L[]]RL]`L\]RP\X^[NPXQLYYPLÜ]X]RPá^Ü]SWL]SXWLÜ\ -VP[SNLW\3P[VLW\/LWLOSLW\LWO>`S\\]RL]MX^âR]LWONXÜÜPN]PO\X VLWbXQRS\YLSW]SWâ\SW3LÜÜP[SP\SW3P[VLWb5]LÜbLWO>`S]cP[ÜLWOLWO ]R[X^âRX^]3P[VLWbSW-VP[SNLW:QQSNP[\/Ü^M\0SPâXLWORS\â[PL] ÜX_P4PÜâLNXWWPN]PO`S]RRS\YL][XW\LWOXQ]PWQX[VPOÜL\]SWâ Q[SPWO\RSY\LWOÜSQPÜXWâ[PÜL]SXW\RSY\`S]R]RPV-\RS\V^\PLWORS\ YL[]WP[4PÜâL´\YL[]XQ]RP0SPâX\]X[bNLWWX]MPX_P[\]L]POBS]R4PÜâL 0SPâX´\OPVPLWX^[`L\P_P[YÜPL\LW]USWOLWON^[SX^\




 

 4S\MP\]QSâ^[L]S_PYLSW]SWâ\[P_PLÜNLVL[LOP[SPLWO]R[X^âRÜSWPL[ NXW_PW]SXW\]RL]O[L`]RP_SP`P[SW]X]RP\NPWPÜSUPLN]X[\Y^ÜÜSWâ L^OSPWNPVPVMP[\XW]RP\]LâP5W]RP^Ü]SVL]PSVS]L]SXWXQ-[] [PLÜÜSQP[PÜL]SXW\RSY\QX[VPOL[X^WO0SPâXLWORL_PPWO^[PO]RP OPNLOP\\SWNPRS\^W]SVPÜbLWOPL[ÜbOPL]R?RP0SPâX[POS\NX_P[b VX_PVPW]VPVX[SLÜScPOSW]RPYLâP\XQ]RS\QS[\]0SPâXMXXUS\ M[SWâSWâYPXYÜP]XâP]RP[`RXL[P]PÜÜSWâ\]X[SP\LWO\RL[SWâ]RPS[ÜX_P XQL[]SWL`Lb]RL]`X^ÜOYÜPL\P0SPâX ?XÜXXU^YXW]RPSVLâP\SW]RS\NXÜÜPN]SXWS\]XYP[NPS_P]RP`X[ÜO ]R[X^âR]RPPbP\XQ0SPâXL\]X[b]PÜÜP[LWOLO[PLVP[?X\]^Ob]RP ÜSWP\LWO]RP\RLOX`\`S]RSW]RP\P`X[U\S\]XLWLÜbcP]RP\USÜÜXQL ]PNRWSNSLW'LVL\]P[XQY^[YX\PQ^Ü\][XUPLWOPQQPN]?XMPRXÜO]RP LÜVXWOPbPO\^MTPN]\\]L[SWâQ[XVL0SPâXNLW_L\S\]XNXWWPN]`S]R ]RPVSWOLWO]RPVPVX[bXQLWL[]S\]NLYLMÜPXQYRX]XâPWSN[PNLÜÜXQ WX]XWÜb]RP_S\^LÜM^]XQ]RPPVX]SXWLÜL\YPN]\XQYÜLNP\YPXYÜPLWO ]SVP\YL\]0SPâXN[PL]POL[]WX]QX[L[]\LUPM^]]X\RL[PRS\^WS_P[\P `S]R]RP`X[ÜO0SPâX`L\Lâ^L[OSLWXQRS\QX[MPL[P[\´L[]LWO Y[P\P[_POSWRS\`X[U]RP\bVMXÜ\XQ]RPYL\]`S]RX^]ÜXXUSWâMLNU5W ]RS\`Lb0SPâX`L\LNXWWPN]SXW]X]RPâ[PL]5]LÜSLWLWO>YLWS\R áL\]P[\0SPâXLOX[WPOVXOP[WVX]SQ\`S]RMSMÜSNLÜ[PQP[PWNP\LWO ][LOS]SXWLÜPVMPÜÜS\RVPW]\M[SOâSWâSWLNXW]SW^^VRS\NÜL\\SNLÜ ][LSWSWâSW]RP2ÜX[PW]SWP=PWLS\\LWNP`S]R]RPQ^]^[S\]NXWNPY]\LWO N^MS\]NXW\][^N]\XQRS\OLb @WLQ[LSO]X_PW]^[PQ[XVâPW[P]XâPW[P0SPâX`L\L]XWNP\]bÜS\]SNLÜÜb ^WNXWQSWPOLWO][^P]XRS\L[]S\]SN[XX]\4S\`X[US\SW\]LW]Üb [PNXâWScLMÜP]XNXÜÜPN]X[\]RL]UWX`0SPâX `jaklfh`]j%f[a







2X[4PÜâL 

 ?RP!bPL[\-W]XWSX0SPâXAXNS\RL[PO`S]R`SQP 4PÜâL0[‚\\ÜP[`P[PMbP_P[b\]LWOL[O0SPâX´\MP\] NXW][SM^]SWâbPL[\]X]RP`X[ÜOXQâ[PL]L[]

 Z][Yg]gfj] a]_f 

5W]RL]Z^L[]P[NPW]^[b0SPâXY[XO^NPOLWP\]SVL]PO XSÜYLSW]SWâ\LWOVLWb]RX^\LWO\XQO[L`SWâ\ `S]RRS\ÜX_P4PÜâLMbRS\\SOP 




5W][XO^N]SXW 

?RS\MXXUNPÜPM[L]P\0SPâX´\PaNPY]SXWLÜYX[][LbLÜXQMPL^]b0SPâX\L`L\YPN]\ XQMPL^]bSWLÜÜYP[\XW\LWOLÜÜ]RSWâ\Q[XVR^VLWYL\\SXWLWOYL]RX\]X]RP `XWOP[XQWL]^[PLWO]X]RPM[PL]R]LUSWâPZ^SWP4P][LW\QP[[POVPVX[b]X NLW_L\Q[XVRS\_L\]NXÜÜPN]SXWXQ\WLY\RX]\]LUPWMb]RPNLVP[LXQRS\VSWO  1_P[bYP[\XWRL\]RPS[X`WYP[NPY]SXWXQMPL^]b5W%# 0SPâXOP\N[SMPO`S]R RPL_b5]LÜSLWLNNPW]]RPMPL^]bRP\PP\SW]RPQPVLÜP&  •gYedffcYlofgYe€l`akak[]j]ZjYd^]]dae_&`]edac]^YlofgYe€Zmad\ %]emkl`YloYqdac]kcaeeqofgYe€Zmad\%]emkl`YloYq–  0SPâX`L\\VS]]PWMb]RPMPL^]bXQLÜÜQPVLÜP\;ÜPW]SQ^Ü][PL\^[P\L`LS]bX^SW ]RS\NPÜPM[L]SXWXQ]RPMPL^]bXQ0SPâX  ?RP[PS\LWX]RP[QLNP]XQ0SPâXOPPYÜbSWâ[LSWPOQ[XVRS\PaYX\^[P]XVLW´\ QSâR]QX[\^[_S_LÜ0SPâXÜS_PO]R[X^âR]RP`X[ÜO´\â[PL]OPY[P\\SXWLWO]RP`L[ XQ`L[\`RSNRY[X_SOPOLWPWOÜP\\\]LâPXQNRL[LN]P[\MPQX[PRSV'YPXYÜP`RX `X[P]RPVS\QX[]^WP\XQÜSQPXW]RPS[QLNP\0SPâXSW]P[WLÜScPO]RPS[QPPÜSWâ\ `RSNRRPÜL]P[YX[][LbPOL\RP[PVPVMP[PO]RPV0SPâXSWRS\ÜSQP]SVPY^] ]RX^\LWO\XQ]RP\PQLNP\]XYLYP[LWONLW_L\0SPâX´\â[LWOWPYRP` /R[S\]XYRP[AXNS\LSOS]MP\]  •Y[`gfn]g]el`Y\alk_j]YlgYkl]jk€Zmll`]j]Yj]n]jq^]oo`f[fmd\ [j]Yl]Yjlme[fe^ae]\ZqYkae_d]klqd]dac]a]_f–  5UWP`0SPâXYP[\XWLÜÜbQX[$bPL[\5W%"#`RPW0SPâXQS[\]\YXUP]XVPRP `L\W´]]RP[P4S\\][XWâY[P\PWNPNLVP]R[X^âRRS\YX`P[Q^ÜYLSW]SWâ\`RSNR \]XXOX^]LMX_PLÜÜ]RPX]RP[\SVVPOSL]PÜbNXVVLWOSWâVbL]]PW]SXWáb`SQP ;L]]SLWL[]RS\]X[bVLTX[OPNÜL[PO±1VX]SXWOPYSN]PO]RL]bX^NLWQPPܲ 




  

BPMX^âR]X^[QS[\]0SPâX5MPNLVPLOOSN]POBPX`W!OXcPWYLSW]SWâ\\SâWPO •a]_f–9P_P[RL\]RP[PMPPWL]SVPSW !bPL[\]RL]`PRL_PWX]RLOL]ÜPL\]L OXcPW0SPâX\OS\YÜLbPOXWX^[`LÜÜ\LÜXWâ\SOPX]RP[L[]S\]\XQY[XVSWPWNP  5W%"#0SPâX]XÜOVP  •#f\jYo€lfhYael€akgqkfmd€ZdYec[YenYkakgqda^]lfZ]_aeY_Yae–  ?X[PLÜScPYL\\SXWLWOYL]RX\LVXWâ\]X^[X`WNXÜÜPN]SXW\]^Ob•#`]dfoe– `S]RÜSQP´\RL[O\RSY\P]NRPOSW]X]RPÜSWP\XQRS\QLNP2X[YX`P[LWOYL\\SXW [PLN]]X•Y%afd]erY–2X[YX`P[LWOMPL^]b[PÜS\R•%YdaYel"lYddafe–  -WOQX[]RPY[XQX^WO_SP`]RPWPa]]`XYLâP\RP[POP_X]PO]X]RPSNXWSN •ja]e\k–']RP0SPâXVL\]P[YSPNP\PPWSWjl]okSW%# •ja]e\k–`L\LÜ\X Y^MÜS\RPOXW-[]SQLN]/XÜÜPN]X[\NXVL\]RP0SPâXAXNS;LSW]SWâXQ]RPBPPUMb 8S\L/LVL[âXXWáL[NR!L\YL[]XQ]RP±0PL]RMb:SÜLWO/LW_L\²\P[SP\ >RP`[X]P•#`]]kk]e[]f^“ja]e\k”akl`]ljYekalafef^f\q€Xae\€Ye\"hajal€ ]p]ghda^qae_l`]`mgYeZ]ae_ae\a^^]j]elh]jkfeYYkljYekalafelYc]khdY[]–  •ja]e\k–RL\X]RP[\YPNSLÜ\SâWSQSNLWNP:W]RPMLNUS\•janYl]fdd][lafefq Y^^fmb–`[S]]PWSWRP[RLWO@WOP[]RL]SWRP[R^\MLWO´\S\•Yo\Yl–5]`L\ 6XbLWO6L`OL]9LQQX^T`RXVLOPLMSâSVYLN]XW]RPÜPâLNbXQ0SPâX.PQX[P ±0SPâX²RPRLO\SâWPORS\`X[U\±AXNS²-Ü]RX^âRYPXYÜPNLÜÜPORSVa]_fRS\ MS[]RWLVP`L\elfeafeef[]erf%f[a|%[`]]}9X•a]_f–5W%"!""L] ]RPPWNX^[LâPVPW]XQ6XbLWO6L`OL]]RX^\LWO\XQYLSW]SWâ\LWOO[L`SWâ\ ]RP[PLQ]P[^W]SÜRS\OPL]RSW%$!`P[PVX\]Üb\SâWPO•a]_f–2X[_SOPX\LWO RS\]X[SNLÜ[PQP[PWNP\3XXâÜP±0SPâXAXNS²      9X`QPL\]bX^[PbP\XW]RPMPL^]bXQ0SPâX  /XXY/XXY[SOP[ 0SPâX4S\]X[SLW




vja]e\kvakYZkljY[llfl`]hYaelae_{kljm]g]Yeae_ #`]]kk]e[]f^vja]e\kvakl`]ljYekalafef^vf\q€Xae\Ye\ "hajalv#`akha][]]p]ghda^a]kl`]`mgYeZ]ae_ae\a^^]j]el h]jkfeYkYkljYekalafelYc]khdY[]#`]h]jkfeYfel`]d]^l |f\q}`a_`da_`lkY\]hd]l]\da^]^fj[]o`ad]l`]h]jkfeYfe l`]ja_`l|Xae\}]pm\]k\]khYaje\ael`][]el]jl`] h]jkfeY|"hajal}akael`]vda_`lv&`ad]l`akakYe]gflafeYd [j]Ylafe^fj€l`]^f[Ydhfael€l`]hal[`]jYe\d]gfek€ Yj]Y[fghd]l]fhhfkal]lfl`]YmjYf^l`akhYaelae_ kYZkljY[lYkl`]lald]aklfl`akha][]€alk]elaj]lqak[fghd]p Z]lo]]e]gflafeYe\efe]gflafeYZfmlljYekalafeae_




•ja]e\k–[Y  ' X




0SPâXWX]XWÜb\L`LWO [PLÜScPOR^VLWQ[LSÜ]b]RP OP\S[PLWOÜXWâSWâXQ]RP R^VLW]XMP\XVP]RSWâ VX[P\PPUSWâM^]WX]]X QSWO'M^]LÜ\XRP^WOP[\]XXO VLW´\LWSVLÜSW\]SWN]]X X_P[YX`P[XQQ\P]Mb]RP XMTPN]´\SW\]SWN]]X[P\S\]L\ OPYSN]POSWRS\YLSW]SWâXQ 8LASXÜPWcL








 Y%afd]erYadfeYenYk' X janYl]fdd][lafeffhffhja\]j




:Q]PWNXÜÜPN]X[\XQSW]P[WL]SXWLÜL[]S\]0SPâX Y^[NRL\POLNÜX`WQX[]RPS[QS[\]YSPNPLWO]RPW PaYLWOPOSW]XX]RP[VX[P\XYRS\]SNL]PO0SPâX âPW[P\>PÜOXVOSOLM^bP[XQ0SPâX\]XYL]XWÜb XWPYSPNP  ?RS\S\]RPQS[\]]SVPLWb`RP[P]RL]LNXÜX[SVLâP XQ]RS\Y[XVSWPW]0SPâXAXNSYLSW]SWâ#`]dfoe RL\MPPW[P_PLÜPOSWRL[ONXYbY[SW]?RP X[SâSWLÜ0SPâXYLSW]SWâ`L\\]XÜPW  0SPâXAXNSNXVV^WSNL]P\]X]RP_SP`P[LW LVLcSWâLVX^W]XQYL]RX\\XOPPYÜbQPÜ]Q[XV ]RPSWWP[NX[PXQ]RS\R^VLWMPSWâYL]RX\\X SWOPÜSMÜP]RL]LWbLVX^W]XQNÜX`WYLSW]NLWWX] OS\â^S\P?RPPVX]SXW\LWOQPPÜSWâ\SW]RS\YSPNP ÜPWO]X`LW]SWâ]XMP^WOP[\]XXOLWOQPPÜ\LQP ?RPY^[PWP\\XQ`RS]PYLSW]NÜPLW\SWâ]RP Pa]P[WLÜRSOSWâ]RPSW]P[WLÜLWOL`LW]]XM[SWâ QX[]R]RP][^P\PÜQBL\S]LYX[][LbLÜXQ0SPâX RSV\PÜQ+  "lfd]edfoeadfeYenYk ' X




8P\:OLÜS\Z^P\   BPUWX`\^[Y[S\SWâÜS]]ÜPLMX^]]RS\XWPXQ]RPVX\]VX\]SOPW]SQSLMÜb0SPâX YLSW]SWâ\8P\:OLÜS\Z^P\OL]P\Q[XV]RP%#\5]`L\L_P[bÜL[âPYLSW]SWâ M^]]RPPaLN]\ScPS\WX]UWX`W5WNXW_P[\L]SXW\`S]R4PÜâLAXNSS]\`L\ Y^[NRL\POMbL0XN]X[XQáPOSNSWPSW3P[VLWbBRL]S\]RS\YLSW]SWâLWO `RbS\S]\XLOVS[PO+  8P\:OLÜS\Z^P\S\2[PWNRQX[4L[PVLWOX[SâSWL]P\Q[XV]RP?^[US\R`X[O XOLÜUVPLWSWâNRLVMP[VLSO?RP`X[OSWVXOP[W]SVP\VPLW\/XWN^MSWP ?RPNPW][LÜQSâ^[PXQ]RS\4L[PVS\L`XVLW`S]R[PORLS[YX[][LbPO`S]RLW LÜLML\]P[^[WX[TL[8SUP\XVLWb0SPâXYLSW]SWâ\`P\PP]RP-ÜLML\]P[@[W SWS]\[PLÜQX[VLWOSWLN^MS\][PY[P\PW]L]SXW?RS\QSâ^[PS\[PQP[PW]SLÜ]X áL[báLâOLÜPWP]RPáb[[RMPL[P[LWOYL][XWP\\XQ`Lb`L[O`XVPWLWO ]RP^[WRP[NXW]LSWP[XQXSW]VPW]>RPS\O[LYPOSWbPÜÜX`LWOS\QÜLWUPOMb `XVPWSW[POLWOMÜ^PQX[VSWâL][SLWâÜPXQ]RPY[SVL[bNXÜX[\  ?RPYLSW]SWâS\M[SâR]LWO_SM[LW]]RP`XVPWL[PMPL^]SQ^ÜSW]RPS[âLcPLWO L\SWâÜPVLÜPQX[VS\\PPWÜXXUSWâXW]RPV  5\PÜPN]PO]RS\YLSW]SWâL\]RPRXVPYLâPSVLâPXQ]RPOSPâX_XNSNXV`PM\S]P VLWbbPL[\LâXMPNL^\PXQS]\NXVYX\S]SXWNXÜX[LWO^WVS\]LULMÜP 0SPâXWP\\;P[RLY\S]S\]RP0SPâXPbP\X[]RPÜLbP[PON^MS\VVLbMPS]S\ ]RP[PÜSâSX^\\bVMXÜS\VX[]RP\YÜL\RXQÜSâR]XW]RP\RX^ÜOP[XQ]RPáL[b áLâOLÜPWP\Z^PNPW][LÜQSâ^[P'M^]]RS\YLSW]SWâS\XWPXQRS\Z^SW]P\\PW]SLÜ YLSW]SWâ\LWO5RL_PWP_P[ÜLSOPbP\XWS]M^]RL_PXWÜb]RPSVLâP\XQS]]RL] RL_P\^[_S_PO]RPOPNLOP\ `jak%f[a 







fgY_]lfXffj]|Xfl`]jYe\`ad\}adfeaZj]ZfYj\ 'X









jl`aklfjql][`ea[aYekoaddfe]\Yq]p][ml]l`]aj[mjafkalqlfYeko]j l`]im]klafeÂ&#x201A;&`Yl[Ymk]kl`]memkmYdkmj^Y[]l]plmj]lfka_`lYe\ lfm[`ael`akhYaelae_Â&#x2021;#`]kaghd]Yeko]jÂ&#x201A;a]_fhYael]\fn]jYhYaelae_l`Yl \a\eÂ&#x201D;lg]]l`akkYlak^Y[lafe #`]gaeml]a]_fYhhda]\`akka_eYlmj]lf`ake]o kl]ddYj[j]YlafeÂ&#x20AC;aloYkkhfc]e^fjZqY[fdd][lfj 

"ladda^]&al`XYe\fdae]adeYenYk ' X








YYe[]\]k][`]mjkadfeYenYk ' X




YgZaea  adoal`"Ye\feYenYk pX







 

  ]j]akYefhhhfjlmealq^fjl`]j]Y\]jlf hYmk]lf^mddqj]dak`l`]Zj]Yl`lYcae_hfo]j Ye\Z]Ymlqf^l`]]imae]Â&#x192;[Yhlmj]\ael`] Yjlf^kmjj]YdYkfedqa]_f[fmd\Â                  

#`]j]]efjk]adfeYenYkp X


%YdaYel"lYddafeadfeYenYk' X




5W%# 0SPâX`L\SW_S]PO]XYL[]SNSYL]PSW]RP]R-WW^LÜ .19105/?591-[]-`L[O\SW9D 0SPâX\RX`POWXSW]P[P\] 5XQQP[PO]XM^b0SPâX\N[PL]SXWSWLO_LWNPXW]RPNXWOS]SXWS] `X^ÜOMP\^MVS]]PO]X]RP.19105/?591P_PW]0SPâXLâ[PPO 0SPâXRLONXVYÜP]PQ[PPOXVXW`RL]]XYLSW] ?RS\%# Q^ÜÜSVLâP#!C"/á\LWOML\POYLSW]XWNLW_L\ `S]R]RP!/á.19105/?591MX]]ÜP]LUPWSWOXX[\WL]^[LÜ ÜSâR]WXQÜL\R\RX`\]RP[P\^Ü]L\\^MVS]]PO]X]RP .19105/?591P_PW]  8XXUNÜX\PÜbL]]RS\NÜX\P^YXQ]RP .19105/?591MX]]ÜP 9X`ÜXXUNÜX\PÜb]X]RP[SâR]L]]RP\PNXWOQ^ÜÜSVLâP]LUPWSW WL]^[LÜÜSâR]X^]\SOPXW6LWXQ]RP\LVPYLSW]SWâ BRL]RLYYPWPO]X]RP.19105/?591MX]]ÜP+5]\âXWP 

]e]\a[lae]adoal`"Ye\feYenYk ' X


BRPW0SPâXÜPL[WPORPOSOWX]`SWRP[P]LÜSL]POLWO XMÜS]P[L]PO]RP.19105/?591MX]]ÜPLWOS]´\ÜLMPÜ\.PQX[P5 NX^ÜOYSNU^YVbYLSOSWLO_LWNP±.19105/?591²YLSW]SWâ 0SPâXRLONÜLWOP\]SWPÜbYLSW]POX^]LÜÜP_SOPWNPXQRS\ OS\\LYXSW]SWâ.19105/?591PaYP[SPWNP0SPâX][LW\QX[VPO]RP .19105/?591MX]]ÜPSW]XL ²YSWUYS]NRP[LOOSWâLRLWOÜP 4P[PS\LNÜX\P^YXQ0SPâX´\SVYP[QPN]YLSW]X_P[LÜÜPÜ\PSW]RP YLSW]SWâS\PaLN]Üb]RP\LVP  5`X^ÜORL_PY[PQP[[POQ[XVLWRS\]X[SNLÜ_LW]LâP]RL]]RP .19105/?591MX]]ÜP[PVLSWPOL\YLSW]PO4X`P_P[]RPYSWU YS]NRP[L\]RP\^M\]S^]^]PQS]\]RPNXVYX\S]SXWWSNPÜbVLbMP P_PWSVY[X_SWâS]L\]RPLOOPORLWOÜPM[PLU\LN[X\\]RP`RS]P âL[VPW]QXÜÜX`SWâ]RPÜSWPXQ]RPWPNUOX`W`L[O /XXY/XXY[SOP[

]e]\a[lae]Xf\a^a]\flld]adoal`"Ye\feYenYk ' X


-MX^]%#!]RS\ÜL[âPPL[Üb#\ XSÜYLSW]SWâMb0SPâX`L\\]XÜPW `RPW]RP:âOPW.[X`WQLVSÜb VX_PO]XLWP`RXVPSW/XÜX[LOX >Y[SWâ\/XÜX[LOX?RPb\L`S] `[LYYPOLWOâXXW]X]RPVX_SWâ ][^NUM^]]RL]`L\]RPÜL\]]SVPS] `L\\PPW?RPbRLOLÜL[âP NXÜÜPN]SXWXQ0SPâX`X[U\XQL[] \X]RPbOSOWX]WX]SNP SVVPOSL]PÜbXWP`L\VS\\SWâ ?RS\\]XÜPW0SPâXXSÜYLSW]SWâS\ XWLÜL[âPNLW_L\'LVL[_PÜÜX^\ NXÜX^[Q^ÜN^MS\]SNYX[][LbLÜXQL W^OPL\XWÜb0SPâXNX^ÜOOX



 

 


Â&#x2022;#`]m\]vadfeYenYk ]kl  'X [Y ]Yjdq{k


#`]ak`]jg]e”kXajY[mdfmkYl[` adoal`"Ye\feYenYk' X










 4XVVP\\^[รœLYรœLรขP 2Sรข^[L]S_P :SรœXW/LW_L\%C/รก




a]_fakha[lmj]\ae`ak"[`o]lrae_]e"lm\afofjcae_fe "mfeflja[]\aaelf




"mfeflja[]\aaelfadfeYenYk' X janYl]fdd][lafe"l]h`]eYe\&]e\qXYp




?RPMX^WOÜP\\N[PL]S_S]bXQ 0SPâXS\OS\YÜLbPOSW]RS\ SVVP[\S_POP_X]SXWLÜ YLSW]SWâ8P-VSNRP 5]NLY]^[P\L\]^WWSWâ NXVYX\S]SXW]R[X^âRX^] P_P[bSWNR?RP\L]^[L]PO NXÜX^[\L[PRSâRÜSâR]PO`S]R LWLYYÜSNL]SXWXQ NL[L] âXÜOÜPLQ

janYl]fdd][lafe]fj_]Ye\ak]d]]Ye 


]ga[`]#]gh]jYYe\fd\]Y^' X 


"aghda[alqakl`]mdlagYl]kfh`akla[Ylafe 




fghfkarfe]\am\fadfeYenYk' X janYl]fdd][lafe]fjYecdae




±5LV`S]R0SPâX bPL[\LWO5LV\]SÜÜLVLcPOMb]RP`LbRPO[L`\² ]d_Y%f[a€ – 




m\]ae]jYoae_ ' X




     

áLWbVL\]P[\\^NRL\ALW 3XâRLWO;SNL\\XYLSW]PO \PÜQYX[][LS]\L\OSO0SPâX  4P[PL[P]`XPaLVYÜP\ \RX`SWâOSQQP[PW]VXXO\ ÜSâR]LWOLâP\




]jmekld]jme\"]aeXf\]dadfeYenYk' X 


3L]RP[SWâ\XQBS\OXVQ[XV8SQP´\1aYP[SPWNP\

Y#jYllfjaYadfeYenYk










]m]fee]adfeYenYk p X






       ajdkY[] ' Xadfe  YenYk        BSP\MLOPW3P[VLWbS\LNS]bXQN^Ü]^[PLWOMPL^]b ?X^[S\]\Q[XVLÜÜNX[WP[\NLWMPQX^WO`LÜUSWâLWO \RXYYSWâXW]RPQLVX^\BSÜRPV\][L\\P5]S\]RP[P ]RL]>SPâQ[SPO0LRV\OS\YÜLbPOVLâWSQSNPW]`X[U\ Mb0SPâXSWRS\Ü^a^[SX^\âLÜÜP[b\YLNP  4P[PS\LWPaNP[Y]Q[XVLNL]LÜXâ^POP\SâWPOMb -OXÜYRáP[U]?L^W^\\]PSW3P[VLWb]RP]X`W `RP[P0SPâX´\`SOX`4PÜâLNXW]SW^P\]XÜS_P  •a]_f[j]Yl]kofjckf^Yjlo`a[`Yj]^mddf^ ]phj]kkafeYe\lag]d]kkZ]Ymlq€o`a[`\]]hdq aghj]kkYe\^Yk[aeYl]h]fhd]oal`alk]p[]hlafeYd  Yhh]Yd€Ye\aekladdl`]\]kaj]lfhfkk]kk– ª4P[[0LRV\              




3S[ÜB5]R>]SÜÜSQP?PVYP[L"C$/á 




]Yl`aeYlld]adfemjdYh 'X[Y  


e]f^Y^]ol`fmkYe\a]_f”kq]llfZ]^fme\




-`X[UXQL[]Q[XV0SPâX\SVLâSWL]SXW'SWL]X]LÜÜb OSQQP[PW]âPW[P]RPVLWXQVLWb\]bÜP\N[PL]PO ?RP8LOb






#`]Y\qadfeYenYk 'X




m\] ' X




YkXf\]dd\]kmekld]jk#]gh]jY ' X




Y[]f^Y(fme_&fgYeadfeYenYk ' X janYl]fdd][lafe"l]h`]eYe\&]e\qXYp




m\]mZakgadfeYenYk' X 




  "mjj]YdakgakYklqd]f^Yjlklj]kkae_l`] kmZ[fek[afmkf^efejYlafeYdka_ea^a[Ye[]ae agY_]jq  XYkl]jkf^"mjj]Ydakg€XY_jall]€Yda€\] `aja[f€`Yn]]Y[`Z]]ehYa\`fgY_]Zq a]_foal`]p[]dd]e[]€q]la]_fmeaim]dq klYe\kYdfe]€Ykk]]eae•]keagYmp–€#`] •j]]efjk]–€•j]Ygae_&fgYe€–Ye\ •%YdaYel"lYddafe–`]j]ae akYYgYj_f



 


]keagYmpadfeYenYk 'X




a]Xmk]enfe]jeYkmkdYkkYael"]ja]k' X 





XY\feeYYe\`ad\adfeYenYk' X janYl]fdd][lafeÂ&#x20AC;dfj]e[]Ye\add"lfdaYj 


]mpm]ee]kadd]kadfeYenYk ' X









fjk]k#]gh]jY'X




fe mapfl]Ye\YjYk[ffe mapfl]\]ddYXYe[`Y fe mapfl] adfeYenYk' XadfeYenYk ' Xal`f_jYh` '

X 4P[PL[PNPW]รœb^WPL[]RPO0XW <^SaX]POPรœรœLรกLWNRLXQPa][LX[OSWL[b OP]LSรœLWOVL\]P[Q^รœNXW_PbLWNP ?RS\รœL]P\]0XW<^SaX]PQSWOS\Lรœ\XSW ]RP_PSWXQ9/BbP]RLWO PVMPรœรœS\RPO`S]R]RPQSรข^[L]S_PLWO SVY[P\\SXWS\]SNQรœX^[S\RP\XQ0SPรขX BS]RPLNRWP`0SPรขX0XW<^SaX]P]RL] S\OS\NX_P[PO`PMPรขSW]XYSPNP]RP `X[U\]XรขP]RP[รœSUP\]X[bMXL[O\XQ]RP 9X_Pรœ 

?RP][PPLWNRX[\]RPQX[Pรข[X^WO`S]RL \`S[รœSWรขM^QQ\Ub]RL]QLOP\SW]XL `SWOVSรœรœXW]RP4X[ScXW?RPNPW][Lรœ รกLWXQ8LรกLWNRLP[PN]XW]RPMLNUXQ ]RPPVLNSL]PO=XNSWLW]P\^[_Pb\]RP รœLWO\NLYP?RP\PรœSWP\PรœXWรขL]PLWO Pa]PWO0XW<^SaX]P ?RP`X[ULYYPL[\L\SQS]`L\]X[WQ[XV ]RPYLรขP\XQ]RPOP/P[_LW]P\ VLW^\N[SY]

?RPรกSรข^PรœOP/P[_LW]P\NรœL\\SN9X_Pรœ ?RP5WรขPWSX^\3PW]รœPVLW0XW<^SaX]P XQ8LรกLWNRLS\L\]X[bXQ0XW <^SaX]PLVLW]RL]N[PL]PO]RP @WS_P[\PSW`RSNRRPรœS_POLWOQX[ `RSNRRPQX^รขR]/XW\SOP[POMbVLWb ]XMP]RPรข[PL]P\]`X[UXQQSN]SXWP_P[ `[S]]PW]RP#]R/PW]^[bรกL\]P[YSPNP S\L]LรœPXQLO_PW]^[P^WรœSUPรœb RP[XS\VQL[NPOPNPY]SXWLWOLMX_P LรœรœSVLรขSWL]SXW




0SPâXN[PL]POW^VP[X^\YLSW]SWâ\LWOO[L`SWâ\XQ0XW<^SaX]P :SÜ\`L]P[NXÜX^[\LWOÜS]RXâ[LYR\LVXWâ]RPV0SPâX`L\ NXWWPN]PO]X]RP\]X[bL\RPRSV\PÜQ`L\L][L_PÜP[LWOXWP`RX ][LW\QX[VPO]RP`X[ÜOMPQX[PRSVSW]XRS\X`W_P[\SXWXQ[PLÜS]b `S]RX^]LNL[PQX[RX`X]RP[\SW]P[Y[P]PORSVX[RS\YXSW]XQ _SP`5W]RS\[PâL[O0SPâX\RL[PO]RL]`RSNRVX]S_L]POVLWbXQ RS\L[]S\]SNQX[MPL[P[\LWONXW]PVYX[L[SP\]XYLSW]0XW<^SaX]P ?RPYLSW]SWâ\L[PPaZ^S\S]PSW[SNRNXÜX[LWOOPÜSMP[L]P M[^\R`X[U?RPNXÜX[\L[P]RX\PXQPL[]RLWO\Ub0SPâX]XXURS\ ]SVP`S]R]RP\PYSPNP\?RP\]bÜPS\^W^\^LÜQX[0SPâXSW]RL]S] MÜPWO\LNXVYX\S]SXW[PVSWS\NPW]XQ]RP9/BbP]RNÜL\\SN SÜÜ^\][L]SXW\QX[`X[U\ÜSUP?[PL\^[P5\ÜLWOLWO=XMSW\XW/[^\XP `S]RLWSVY[P\\SXWS\]SNÜLWO\NLYPLWOQSâ^[P\ 0SPâXSW][XO^NP\^\]X>LW\XW/L[[L\NX?RP.LNRPÜX[XQ-[]\SW ]RPYLSW]SWâQL[ÜPQ]Y[PNPOSWâYLâP/L[[L\NX`L\SWS]SLÜÜb ÜL^WNRPOSW.XXU?`XXQ]RP9X_PÜL\L[PNPW]â[LO^L]PXQ]RP @WS_P[\S]bXQ>LÜLVLWNL/L[[L\NXS\LVS\NRSP_X^\LWO`S]]b NRL[LN]P[]RL]NXW\YS[P\`S]R]RPY[SP\]LWO]RPML[MP[ NXWNP[WPOQ[SPWO\XQ0XW<^SaX]PXWLYÜLW]X[P]^[W0XW <^SaX]P]XRS\_SÜÜLâPLWO]XN^[PRSVXQ]RPSW\LWS]b]RL]O[S_P\ RS\WXMÜPLWOOPÜ^OPOZ^P\]0SPâXYLSW]\]RP\NPWP`RP[P0XW <^SaX]P[PTPN]\]RPL]]PVY]\Mb/L[[L\NX]XOS\\^LOPRSVQ[XVRS\ TX^[WPbBP\PP>LWNRX;LWcLRS\QSâ^[P\P]SW]RPMLNUâ[X^WO `S]RX^]OPQSWS]SXWQSaSWâRS\âLcPXW/L[[L\NXLWO0XW<^SaX]P `jaklfh`]j%f[a

  




aj[mk]fhd]adfeYenYk' X 


je]klfl`]dfoeadoal`"Ye\feYenYk'X 







fj^Ym^X]efj[Y'X




#`]fmhd]jYoae_ ' X

]Ydd]jae]jYoae_ ' X




]k]mp!]mkjYoae_

' X 


/ÜX`W\&•"a_eYlmj]ae[dm\]kYklYg]%f[a– janYl]fdd][lafe]d_Y%f[a€a]_f%f[aklYl]




Yjd]caeaedm]adfeYenYk' X




#Yer]jae]eimYj]d ' X#`j]]Ye[ae_m\]k

j]]efjk]jYoae_' X




d\XYe 








jfg]eY\]fgY_]lf\]`aja[fadfeYenYk' X




fghfkalafeZkljY[l"mjj]YdakgadfeYenYk' X 







Yael]jYe\Xf\]dadfeYenYk ]d_Y%f[afdd][lafea]_f%f[aklYl]




fg]\a]%]e]la]e]adfeYenYk' X 


]#]Ylj]adfeYenYkp X 


?RS\NXÜX[OSâS]LÜSVLâPXQ0SPâX\ %"!XSÜYLSW]SWâ]LUPWMb4PÜâL AXNSS\]S]ÜPOYYgada]5]S\XWP XQ]RPXÜOP\]SW4PÜâL\YP[VLWPW] NXÜÜPN]SXWXQ]RP0SPâX1\]L]P  4PÜâL\PÜPN]PO]RS\YLSW]SWâ]X [PY[P\PW]]RPPVX]SXW\XQ]RPÜX\\ XQ0SPâXL\S]`L\QPL]^[POSWMÜLNU LWO`RS]PSW]RP2^WP[LÜ9X]SNP ?RS\YLSW]SWâRXÜO\Lâ[PL]P[ VPLWSWâQX[4PÜâLL\\RPRL\ NRX\PW]XWP_P[YL[]`S]RS]






YYgadd]adfeYenYkpX 


?RP\NPWPXW]RP\]LâPXQ³8P?Rvq][P´ \PP\]RPYÜLbP[\OS\YÜLbSWâ [P_P[PWNPLWO\LOWP\\  -W^[WOPYSN]\ÜX\\  0SPâXÜPL_P\S]QX[bX^]XYLSW]]RP WPa]\NPWPSWbX^[SVLâSWL]SXW  




]#`Ã&#x2021;=lj]adfeYenYkp X 








&`]ea]_foYkeflqa]d\ae_lf l`][feklYelj]im]klk^jfg`ak Y\gaj]jk^fjY[dfoe€Yefd\gYe€ fjYgfl`]jYe\[`ad\€`]f^l]e ofmd\d]l`akgae\Ye\`akZjmk` lYc]^da_`lael`]ajfoeY\n]elmj] fe[YenYk  •#`]^ajkl^]odae]k\][a\]l`] o`fd]hYaelae_–˜a]_f  "falakoal`•#`]!]\Ye\–€Ye ]p`adYjYlae_ljYn]dael`] kmjj]Ydakg_]ej]o`]j]a]_f ]p[]dd]\ 

0SPâXYLSW]SWâ?RP=PO4LWO

 




#`]!]\Ye\adfeYenYk'X 


khfajadfeYenYk ' X janYl]fdd][lafe€ae\Y]Yllq







Â&#x201C;ɧdYm^fdrÂ&#x201D;hjfm\dqj]ka\]kael`]]jgYedYof^^a[]kf^]ld]ndZj][`lÂ&#x20AC; Y_a^l^jfg`ak\][]Yk]\^Yl`]jjeklÂ&#x20AC;YeYna\a]_ffdd][lfjo`fhmj[`Yk]\ l`]ofjc\aj][ldq^jfga]_ffn]jY_dYkkf^oae]ael`]]YjdqÂ&#x201D;kYll`] Yfe\fdYj]klYmjYelae!Ygkl]aeÂ&#x20AC;]jgYeq 

 


dYm^fdr|dfoek}adfeYenYk€ p X 




 

j]Ygae_&fgYeadfeYenYk' X





dYmlakl&Yl]j[fdfj' X 


]mpadd]kYmd]madfefYj\ p X




&`]j]akl`ak]rYee]dac]a]_fofjcefo‡ 


"fdalm\]adfeYenYk ' X janYl]fdd][lafe`jaklae]`Ye




#`ak!fgYe]kim]a]_fYjlofjc`Ykq]llfZ]^fme\







]fe[]jl\]Yjd]imaekadfeYenYk' X 


"hYeak`YajadfeYenYk' X 


lYdaYek&al`X]dfeadfeYenYk'X 


fee][feYlmjYXfjlYadfeYenYk' X 


jfmhf^ak`]jg]eadfeYenYk' X 


d\XYeoal`Yjd]imaeadfeYenYk 'X 


]kYe[]mk]kjYoae_ p

X




YYdfmak]#]gh]jYp X[Y




fghfkalafeYn][XYe\fdae]adfeYenYkp X




fghfkarafe]\am\a#]gh]jYfefYj\ p X




]fld]madfeYenYk 'X




dY]e]lj]adfeYenYk'X 


:WPXQ]RPâ[PL]1^[XYPLW/S]b´\S\;L[S\5]S\ ]R[X^âR]RS\YLSW]SWâ±YekY!m]–]RL]•#`]alq f^a_`l²S\UPY]L��S_PLWON^[[PW] 4P[P0SPâXN[PL]POLWSVVP[\S_P`X[UNLY]^[SWâ \]^WWSWâOP]LSÜ`RSNRPaYÜXOP\`S]RNXÜX[?RS\XSÜ XWNLW_L\S\LYP[QPN]OPYSN]SXWXQLVXVPW]SW]RP \][PP]\XQ;L[S\5]´\\SVYÜPMPL^]bNX^YÜPO`S]R]RP NXVYÜPaS]bXQQX[V\][SUP\bX^L]P_P[bÜP_PÜT^\] ÜSUP;L[S\S]\PÜQ`S]RS]´\PÜXZ^PW]bP]\^M]ÜP OPYSN]SXW\XQS]´\YPXYÜP2SWObX^[P\NLYP`S]R]RP NXVMSWL]SXWXQYPXYÜP\][^N]^[PLWO]RPPWP[âbXQ MPSWâ•e#`]"lj]]lk–  •YekdY!m]–janYl][fdd][lafe€ "l]h`]eYe\&]e\qXYp

 



 


YekdY!m]adfeYenYkp X 











           3FDBMMJOHUIFøBWPVSPGIJTZPVUIGVMTUVEJFTPG HSFBUNBTUFST #PUUJDFMMJBOE.JDIFMBOHFMP  %JFHP7PDJHJWFTVTBUBTUFJOIJTPXONBTUFS TUZMF  /PUFUIFNJMLZøFTIPGUIFGFNBMFUPSTPBOE BUPVDIPGTVSSFBMJTNUIBUCSJOHTUPHFUIFSB QJDUPSJBMGBOUBTZ  %JFHPUSVMZiDFMFCSBUFECFBVUZwJOIJTXPSLT -JTB$BNBSHP






XYkim]k\]dYfg]\a]lYda]ee]adfeYenYk'X 





%""!`L\]RPÜL\]NRLY]P[SW]RPAXNSP[L `RPWWX0SPâX\SâWL]^[Pâ[LNPOLWbXQRS\ ]RX^\LWO\XQYLSW]SWâ\LWOO[L`SWâ\OXWP^Y]X ]RL]]SVP  5W%"á[=.^[SX`WP[XQ]RPY[P\]SâSX^\ >NRÜX\\âLÜP[SPSWE‡[SNR>`S]cP[ÜLWO[PNXâWScPO 0SPâX´\Pa][LX[OSWL[b]LÜPW] 4PY[X_SOPO0SPâXRS\QS[\]Q^ÜÜb\YXW\X[PO L[]S\]SW[P\SOPWNP\]^OSX  -\SâWSQSNLW]VSÜP\]XWPá[.^[S´\^Y\NLÜP NÜSPW]PÜPQL_X[POÜL[âP[PLÜS\]SNYLSW]SWâ\XQRX[\P\ 0SPâX^WOP[RS\WLVP-W]XWSXAXNSNXVYÜSPO `S]RLZ^LÜS]bPZ^LÜ]X]RPMP\]XQ]RPVL\]P[\L\ \PPWSW±4X[\P\=LNSWâ²LWO±-Ü]^WO6^Wâ²  >PPYLâP"QX[]RPMPâSWWSWâXQ]RP0SPâXP[L `RSNRÜL\]PO]R[X^âR%$! 




fjk]k!Y[ae_'X€adfeYenYk€ka_e]\%f[a janYl]fdd][lafef^"a\\Yjl`Ydd     ?RS\;LSW]SWâ`L\X[SâSWLÜÜb\XÜOMb>NRÜX\\âLÜL[SPSWE^[SNR>`S]cP[ÜLWOSW]RP%"%"!YP[SXOBRPWNXWQS[VPO]RL]]RPYLSW]SWâ `L\LÜPâS]SVL]P0SPâX>SOOL[]R8LÜÜ]RPY[P\PW]X`WP[\LSO&³(fmkYqal”kYa]_f€lfg]al”kkladdY%f[au–




4-82/19?@=D:800513: A:/5á->?1=B:=7 05>/:A1=10



±-Ü]^WO6^Wâ²`L\QPL]^[POSW]RP %"!WP`\YLYP[LOMb>NRÜX\\ 3LÜP[SPSWE^[SNR>`S]cP[ÜLWO?RP LOSW]RP9P^PE^[SNRP[EPS]^Wâ \Lb\±-W]XWSXAXNS²]RP`X[US\ \SâWPO±0SPâX²SWÜX`P[[SâR]  bPL[\LQ]P[]RP>NRÜX\\3LÜP[SP\XÜO S]±-Ü]^WO6^Wâ²\RX`PO^YSW 2ÜX[SOL]S]ÜPO±4X[\P\3[LcSWâ²SWLW L^N]SXWNL]LÜXâ^P9X]SNP]RP\]bÜP =PLÜS\V0SQQP[PW]Q[XV]RP SVY[P\\SXWS\]âPW[P-W]XWSXAXNSRLO Q[PZ^PW]POY[SX[]X>NRÜX\\âLÜP[SP' LWOLQ]P[^WOP[]RP0SPâX\SâWL]^[P




•dlme\me_–fjk]kjYrae_adfeYenYk ' X




0SO]RP0SPâXAXNS;[XTPN]QSWO>LSW]-W]XWSX X[]RP[P_P[\P+>LSW]-W]XWSX]RPWLVP\LUPXQ -W]XWSXAXNSS\YXY^ÜL[ÜbUWX`WL\>LSW] -W]RXWb]RP\LSW]QX[QSWOSWâÜX\]]RSWâ\4P QX^WO^\2X^[bPL[\XQ\PL[NRSWâ`L\MÜPLUQX[ ]RPÜX\]`X[U\XQL[]Q[XV]RPAXNSP[L   o`]el`]a]_fka_eYlmj]oYkefl mk]\5WÜL]]P[LW5]LÜSLWRS\]X[SLWáL[SX AXNSYefl`]jZjYe[`f^l`]%f[a^Ygadqlj]] \P[PWOSYS]X^\ÜbPVP[âPO`S]RLWXÜOYLSW]SWâXQ >LSW]-W]XWSX\SâWPO±%f[a –>XVP `PÜÜSW]PWOPOYP[\XWSW]RPYL\]RLO]X^NRPOS] ^Y`S]RRX^\PYLSW]L\\PPWRP[P=P\]X[L]SXW S\WPNP\\L[b5][P\SOP\SW]RP]SWbLWNSPW] NR^[NRáLOXWWLOPS?P[VSWSSW]RPNPW]^[SP\ XÜO_SÜÜLâPXQ3L\YP[SWL`RP[P0SPâX`L\MX[W ?RPáLbX[XQ3L\YP[SWL3[PâX[SX3LÜÜPÜÜX \LbSWâ±?RP;PXYÜPXQ3L\YP[SWLWPPO]XUWX` RS\L[]²LWWX^WNPO]RL]LYÜLZ^P`SÜÜMPYÜLNPO XW]RPRXVPXQ]RP3L\YP[SWLMS[]RYÜLNPXQ -W]XWSX0SPâXAXNS







j]k[faeYkh]jaeYlYdq 

2[P\NXYLSW]SWâ\L[PLRLÜÜVL[UXQ]RP5]LÜSLW=PWLS\\LWNPLWO

L\L\]^OPW]XQ]RL]NÜL\\SNYP[SXO0SPâX`L\UWX`W]XYLSW] VLWb  1_PWLQ]P[]RPVLWbOPNLOP\XQ`PL[SW]RPX^]P[LS[>LSW] -W]RXWbXQ;LO^LS\PL\SÜb[PNXâWScPOSWRS\NÜL\\SNYX\P NL[[bSWâ]RP5WQLW]/R[S\]`S]RL\]LÜUXQ`RS]PÜSÜSP\]RL]NLW ML[PÜbMPVLOPX^]WPL[RS\[SâR]\RX^ÜOP[?RS\±2[P\NX²`X[U [P\PVMÜP\]RP>LSW]-W]XWSXSW]RP0SPâXXSÜYLSW]SWâSW áLOXWWLOPS?P[VSWS:W[SâR]SW]RPQ[P\NXS\>LSW]2[LWNP\NL OS;LXÜL  ?RP0SPâXAXNS-[]2X^WOL]SXWPa]PWO\S]\â[L]S]^OP]XáL[SX AXNS9SNXÜL=L\YLLWO1ÜS\LMP]]L/L][LVMXWPQX[]RS\RS\]X[SN NXW][SM^]SXW]X]RP0SPâXAXNSÜPâLNb `jak%f[a 




:W]RPM^SÜOSWâNÜX\P]X0SPâX´\RXVP]RS\ÜXWâ SâWX[POMLOÜb`PL]RP[POQ[P\NX\SâWPOAXNS`L\ LÜ\XQX^WO5]S\XWÜb]RP\PNXWOXQ]PW\XQ R^WO[PO\XQYLSW]SWâ\LWOO[L`SWâ\0SPâX \NL]]P[POL[X^WO1^[XYPLWO9X[]R-Q[SNLQ[XV RS\%MS[]R^W]SÜ%!#`RPWRPâL_P\XVP \UP]NRP\]XRS\WPYRP`?XWb\SâWPO0AXNS?RPW LWPVY]bMÜLWU^W]SÜ]RPQP`%""! >NRÜX\\âLÜP[SPOS\NX_P[SP\




a]_fkYkl&fjc

 ?RPYP[\S\]PW]^[âP]XO[L`]RL] YX\\P\\PO0SPâXQ[XVLbX^WâNRSÜO NL[[SPOSW]X0SPâX´\ÜL\]RX^[\  ?RP\PNXWO`PPUPWOXQ0PNPVMP[%$! ]RP[P`L\LWXYPWRX^\PSW0SPâX´\ RXVPLWO\]^OSX'RP`L\]XX`PLU]X L]]PWO  DP]RPQX^WO]RP\][PWâ]R]XO[L`XWP VX[PYSPNPQX[LOXX[Y[ScPRS\ÜL\]`X[U XQL[]QX[]RPY^MÜSNLN^MS\]SWU O[L`SWâ




mZakla[ecfeYh]j




"OUPOJP%*&(07PDJ (BTQFSJOB*UBMZ "VHVTU%FDFNCFS  


kdfe_Yko]dan]Yda^]f^[mjafkalqYe\hYkkafel`]j]akYZalf^a]_faeYddf^mk &]e\qXYp







?RP.PL^]bXQ0SPâX  

0SPâXS\XWPXQ]RPQP`L[]S\]SNYP[\XWLÜS]SP\`RX\P YLSW]SWâ\[PLÜÜbLYYPLÜ]XYPXYÜP?RPb^WOP[\]LWO ]RPbâP]PaNS]POLMX^]LWO]RPb[PLÜÜbPWTXbÜS_SWâ `S]R0SPâX´\L[]?RPMPL^]bXQRS\YLSW]SWâ\LWO ]RPOP\S[PXQYX\\P\\SXWL[PXQ]PW\XSVVPW\P]RL] YPXYÜPâ[LO^LÜÜbLNZ^S[PVX[PLWOVX[PXQRS\ `X[U0SPâXM^bP[\\XXWMPNXVP0SPâXNXÜÜPN]X[\²

>SPâQ[SPO0LRV\




5IF#FBVUZPG%JFHP 1SFGBDF4UFQIFO.BY 'PSFXPSE$ISJTUPQIFS7PDJ 'PSFXPSE$POUJOVFE$ISJTUPQIFS7PDJ %FEJDBUJPOUP)FMHB7PDJ *OUSPEVDUJPO$PPQ$PPQSJEFS *OUSPEVDUJPO$POUJOVFE$PPQ$PPQSJEFS 5XP1BHF4QSFBEi'SJFOETw0JMPO$BOWBT 'SJFOET$POUJOVFE9$. $PNNFOUBSZSFi-B7JPMFO[Bw -B7JPMFO[B0JMPO$BOWBT9$. $PNNFOUBSZCZ$PPQSJEFS 4UPMFO1BJOUJOHPGi5IF$MPXOw  3FXBSEPรฒ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รถFE#PUUMF0JMXJUI4BOEPO$BOWBT9$. $PNNFOUBSZ$PPQSJEFS3F4UPMFOT0JM1BJOUJOH5IF/VEF  3FXBSE0รฒFSFEGPSSFUVSO DPOUBDU EJFHPWPDJQSPKFDU!HNBJMDPN i5IF/VEF0JMPO$BOWBTFTU9$.DBFBSMZhT 5IF'JTIFSNFOT.JSBDVMPVT$BUDI0JMXJUI4BOEPO$BOWBT9 $.5XP1BHF4QSFBE 5IF'JTIFSNFOT.JSBDVMPVT$BUDI0JMXJUI4BOEPO$BOWBT9 $.$POUJOVFE &BSMZ%JFHP7PDJTJHOFE1BJOUJOHEFQJDUJOHBi#BUI4DFOFw -PDBUJPOVOLOPXO )PNNFTTVSMBQMBHF'JHVSBUJWF0JMPO$BOWBT9$. 1IPUPPG%JFHPJOIJT4DIXFU[JOHFO4UVEJPXPSLJOHPO i4VPOPUSJDFEJ-JOUP 4VPOPUSJDFEJ-JOUP0JMPO$BOWBT9$. $PNNFOUBSZ-F"NJDIF -F"NJDIF5FNQFSBBOE(PME-FBG9$.



2VPUBUJPO $PNQPTJ[POFEJ/VEP0JMPO$BOWBT9$. 2VPUBUJPO )FMHB7PDJ /VEF-JOF%SBXJOH9$. %JFHP4FMG1PSUSBJUXJUIDPNNFOUT %FS,VOTUMFSVOE4FJO.PEFM0JMPO$BOWBT9$. 5XP1BHF4QSFBEi(BUIFSJOHTPG8JTEPNw 5XP1BHF4QSFBE$POUJOVFE-B5SBUUPSJB0JMPO$BOWBT #MBDLBOE8IJUF%SBXJOHEFQJDUJOHBOBSUJTUTTUVEJPXJUIUXP OVEFรถ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

 


)BSMFLJOJO#MVF0JMPO$BOWBT9$. 5ISFF*NBHFT  5BO[FSJOFO"RVBSFM8JUI(MBTT9$.  (SFFO)PSTF%SBXJOH9$.  5ISFF%BODJOH/VEFT 0ME.BO4J[FBOE-PDBUJPO6OLOPXO -PDBUJPOEFUBJMT6OOPXO -PDBUJPOEFUBJMT6OLOPXO 1SPNFOBEF)PNBHFUPEF$IJSJDP0JMPO$BOWBT9$. $PNQPTJUJPO"CTUSBDU4VSSFBMJTN0JMPO$BOWBT9$. -PDBUJPO%FUBJMT6OLOPXO 1BJOUFSBOE.PEFM0JMPO$BOWBT $PNFEJF7FOFUJFOF0JMPO$BOWBT9$. -F5FBUSF0JMPO$BOWBTY$. /BSSBUJWFGPS-B'BNJMMF -B'BNJMMF0JMPO$BOWBTY$. /BSSBUJWFGPS-F5Iรร‰USF -F5Iรร‰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

-F1PU#MFV0JMPO$BOWBT9$. "MB'FOFUSF0JMPO$BOWBT9$. /BSSBUJWFGPS%BOTMB3VF %BOTMB3VF0JMPO$BOWBTY$. -PDBUJPO%FUBJMT6OLOPXO -PDBUJPO%FUBJMT6OLOPXO +FVOF)PNNF.VTJDJFO0JMPO$BOWBT9$. -JTB$BNBSHP$PNNFOUBSZ 1BJOUJOH5JUMF6OLOPXO .BTRVFTEFMB$PNFEJF*UBMJFOOF0JMPO$BOWBT9$. -PDBUJPO%FUBJMT6OLOPXO /BSSBUJWFGPS%JFHP4JHOBUVSF %JFHPQIPUPJO4UVEJP )PSTFT3BDJOH9$. 0JMPO$BOWBT TJHOFE"7PDJ /BSSBUJWFGPSi"MUVOE+VOHwGFBUVSJOHBOFXTQBQFSDMJQQJOH GSPNUIFUJNF i"MUVOE+VOHw)PSTFT(SB[JOH0JMPO$BOWBT9$. /BSSBUJWFGPS4BJOU"OUPOJP1BJOUJOH 3FDFOUMZEJTDPWFSFE4BJOU"OUPOJP1BJOUJOHTJHOFE70$* /BSSBUJWFGPS%JTDPWFSFE'SFTDPJO(BTQFSJOB$ISJT7PDJ 1IPUPPGUIF%JFHP'SFTDPJO(BTQFSJOB /BSSBUJWFGPS%JFHPTรถOBMXPSL $VCJTUJD*OLPO1BQFS 1IPUPPG%JFHPJOB(BSEFO4FUUJOH$B *NBHFPG%JFHPXPSLJOHJOIJTTUVEJP $MPTJOH2VPUBUJPO4JFHGSJFE%BINT 





Antonio DIEGO Voci