axel kaiser - la fatal ignorancia

168
4I NI\IT QOVWZIVKQI 4I IVWZM`QI K]T\]ZIT LM TI LMZMKPI NZMV\M IT I^IVKM QLMWT~OQKW XZWOZM[Q[\I

Upload: rogerio-c-correa

Post on 26-Nov-2015

81 views

Category:

Documents


6 download

DESCRIPTION

aa

TRANSCRIPT

  • 4INI\ITQOVWZIVKQI4IIVWZM`QIK]T\]ZITLMTILMZMKPI

    NZMV\MITI^IVKMQLMWT~OQKWXZWOZM[Q[\I

  • +WXaZQOP\!1V[\Q\]\W,MUWKZIKQIa5MZKILW+WXaZQOP\!)`MT3IQ[MZ

    P\\X"___LMUWKZIKQIaUMZKILWKTKWV\IK\W(LMUWKZIKQIaUMZKILWKT

    1UXZM[WMV+a+1UXZM[WZM[

    1;*6MLQKQ~VQUXZM[I"! ! 1;*6MLQKQ~VMTMK\Z~VQKI"! ! 1V[KZQXKQ~VZMOQ[\ZWLMXZWXQMLILQV\MTMK\]IT6

    8ZQUMZIMLQKQ~VR]TQW!;MO]VLIMLQKQ~VUIZbW

    ,Q[M}WLMXWZ\ILI"+WV[]MTWAn^IZ4IZZIyV,QIOZIUIKQ~V"-5,,Q[M}W.W\WOZINyILMXWZ\ILI"___[P]\\MZ[\WKSKWU

    4I[QLMI[[WVLMTIM`KT][Q^IZM[XWV[IJQTQLILLMTI]\WZ6WKWUXZWUM\MVIT1V[\Q\]\W,MUWKZIKQIa5MZKILWY]M[~TWIK\IKWUWMLQ\WZ

  • )@-43)1;-:

    4INI\ITQOVWZIVKQI4IIVWZM`QIK]T\]ZITLMTILMZMKPI

    NZMV\MITI^IVKMQLMWT~OQKWXZWOZM[Q[\I

  • ) TI[ XMZ[WVI[ LM TI UMV\ITQLIL V]M[\ZI TI[ QLMI[ TI[LWK\ZQVI[TM[XZWL]KMV]VI^MZLILMZI]Z\QKIZQIMVKIUJQWMVTIQbY]QMZLITILQ[K][Q~VQV\MTMK\]ITM[Un[XWLMZW[I

    +IZTW[4IZZIyV8ZM[QLMV\MLM:MVW^IKQ~V6IKQWVIT

    4IPQ[\WZQILM TIP]UIVQLILM[ TIPQ[\WZQILM TI[ QLMI[;WVTI[QLMI[TI[\MWZyI[aTI[LWK\ZQVI[TI[Y]MO]yIVTIIKKQ~VLMTPWUJZM LM\MZUQVIV TW[ VM[ T\QUW[ Y]M u[\M XMZ[QO]M a TIMTMKKQ~VLMTW[UMLQW[Y]MMUXTMIXIZIITKIVbIZ\ITM[VM[

    4]L_QO^WV5Q[M[

    9]QMVM[KWV\ZWTIVTI[WXQVQWVM[LM]VX]MJTWKWV\ZWTIV[][IKKQWVM[

    2MIV2IKY]M[:W][[MI]

  • !+76
  • +PQTMaMTVLMTIPQ[\WZQI"TIZM\QZILILMTI[QLMI[TQJMZITM[ ! -TXZWaMK\WM[\I\Q[\ILMTIQbY]QMZLIKPQTMVI=VZM^MTILWZQVNWZUMMTIJWZILWXWZ5QLMXTIVaTI=VQ^MZ[QLILLM+PQTM

    4I,MUWKZIKQI+ZQ[\QIVIaMT,MKnTWOW[WKQITQ[\I"LW[XZWX]M[\I[KWV[\Q\]KQWVITM[XIZI\MZUQVIZKWVMT[Q[\MUIMKWV~UQKWTQJMZIT

    4W[MNMK\W[QLMWT~OQKW[LMTIKZQ[Q[VIVKQMZI"MTVWKQ^WLM[XZM[\QOQWLMTKIXQ\ITQ[UW

    :QKIZLW4IOW[aTIXZWX]M[\IZMLQ[\ZQJ]\Q^IQO]ITQ\IZQI"MTM[\I\Q[UWLMTXZWOZM[Q[UWUWLMZLW

    4I1OTM[QI+I\~TQKIKWUWWJRM\Q^WLMTQO]ITQ\IZQ[UWXZWOZM[Q[\I -TZM^Q[QWVQ[UWKWUWIZUILMTIT]KPIXWTy\QKIQLMWT~OQKILMTIQbY]QMZLI"MTKI[W)TTMVLM

    +)8

  • 8:47/7ITI[MO]VLIMLQKQ~V-TXZMKQWLMV]M[\ZITQJMZ\IL

    4WVQKWY]M[MVMKM[Q\IXIZIMT\ZQ]VNWLMTUITM[Y]MTW[PWUJZM[J]MVW[VWPIOIVVILI

    -LU]VL*]ZSM

    +PQTM[MMVKIUQVIPIKQIMTNZIKI[W+WVM[\MLQIOV~[\QKWKWUMVbIJI-T+PQTMY]M^QMVM TQJZWX]JTQKILWMTI}WMVMTY]MXTIV\MIJIY]MV]M[\ZWKIUQVWITLM[IZZWTTW [MMVKWV\ZIJIMV[MZQWXMTQOZWXZWL]K\WLMTIKILI^MbUn[QV\MV[IZM\~ZQKIZMLQ[\ZQJ]\Q^IQO]ITQ\IZQIaLM]VIQVOMV]IM QZZM[XWV[IJTM IK\Q\]L I]\WKWUXTIKQMV\M LM XIZ\M LM TIuTQ\MMKWV~UQKI[WKQITaXWTy\QKILMTXIy[4IN~ZU]TILMTQJMZ\ILY]MVW[PIJyIXMZUQ\QLWKWV^MZ\QZVW[MVMT NIZWLM )UuZQKI 4I\QVI []OMZy MV\WVKM[ M[\IJI [QMVLW XZWOZM[Q^IUMV\MLM[\Z]QLIIV\MTIXI[Q^QLILLM[][[]X]M[\W[O]IZLQIVM[

    ;QJQMVTIWJZIN]M\MUILMLQ[K][Q~VMV]VQ^MZ[QLILM[MQV[\IVKQI[[WKQITM[TWOZIVLW]VIQUXWZ\IV\MKQZK]TIKQ~VMVKyZK]TW[LMQV]MVKQIM[\IVWLQ~XQMIVQVOV\QXWLMIKKQ~VXIZINZMVIZV]M[\ZWKIUQVWPIKQIMTNZIKI[W4I.I\IT1OVWZIVKQI"TIIVWZM`QIK]T\]ZITLMTILMZMKPINZMV\MITI^IVKMQLMWT~OQKWXZWOZM[Q[\I[]ZOQ~KWUW]V[MO]VLWM[N]MZbWQV\MTMK\]ITLM[\QVILWI TWOZIZM[MWJRM\Q^W-[KZQ\WMV MT TQJZWXTIV\MIJIY]MMTKWV[MV[WMV\WZVWIT[Q[\MUIMKWV~UQKWTQJMZITMV+PQTM[MM[\IJIZM[Y]MJZIRIVLWKWV[QVO]TIZ^MTWKQLILaY]MTIZM[XWV[IJTMKMV\ZITLMMTTWMZITILMZMKPIMKWV~UQKIXWTy\QKIa[WKQITK]aIIVWZM`QIK]T\]ZITM[\IJIXI^QUMV\IVLWMT KIUQVWXIZI MT M[\IJTMKQUQMV\WLM]VIPMOMUWVyIQLMWT~OQKIM[\I\Q[\ILMLM[I[\ZW[I[KWV[MK]MVKQI[-ZIK]M[\Q~VLM\QMUXWIL^MZ\yXIZIY]MMTUWLMTW

  • 4INI\ITQOVWZIVKQI

    MKWV~UQKW[MX][QMZIIJQMZ\IaXJTQKIUMV\MMVK]M[\Q~VIUMVIbIVLWV]M[\ZITQJMZ\ILJQMVM[\IZaXIb[WKQIT

    4W[ M^MV\W[ LM TW[ T\QUW[ LW[ I}W[ PIV KWVZUILWLMUIVMZIITIZUIV\MTI[\M[Q[aXZMLQKKQWVM[LMIUJW[TQJZW[M[XMKQITUMV\MLM4I.I\IT1OVWZIVKQI8WZXZQUMZI^MbMVM`Q[\Q~]VZMKPIbWKWVKZM\WIT[Q[\MUIMKWV~UQKWLMTQJZMMUXZM[IMVKIZVILWMV]VIZM\~ZQKIZIJQW[IUMV\MIV\QUMZKILWY]MTWOZ~KIX\]ZIZaLMNWZUIZMTIVPMTWXWX]TIZXWZ]VUIaWZXZWOZM[W0IJTIZLMY]MTIJI\ITTILMTI[QLMI[M[\nXMZLQLIXI[~I[MZITOWKWUVMV\ZMQV[QOVM[UQMUJZW[LMTILMZMKPIXWTy\QKIaLMTIKTI[MMUXZM[IZQITY]MMV\QMVLMVTWY]MM[\nZMITUMV\MMVR]MOW4IUMV\IJTMUMV\M PI \MVQLW Y]M TTMOIZ ]V X]V\W LM Y]QMJZM MVMT KWV\ZI\W MKWV~UQKW[WKQIT NWZRILW MV TW[ !XIZIY]MUn[XMZ[WVI[\WUMVKWV[KQMVKQI[WJZMTIOZI^MLILLMM[\MNMV~UMVW

    -TXWZY]u[MPIXMZLQLWXWZIPWZITIJI\ITTILMTI[QLMI[M[KTIZW"MVTIT\QUILuKILIaUMLQIXZWL]K\WLMTINI\ITQOVWZIVKQILMTILMZMKPIMTXZWaMK\WM[\I\Q[\IZMLQ[\ZQJ]\Q^WVWMVKWV\Z~ZM[Q[\MVKQIUn[Y]MIQ[TILIUMV\M;IT^WM`KMXKQWVM[TIKMV\ZWLMZMKPIMKWV~UQKIaXWTy\QKI[MLMLQK~IKW[MKPIZTW[JMVMKQW[LMT[Q[\MUIMKWV~UQKWTQJMZIT [QVKWUXZWUM\MZ[MKWV[]LMNMV[I-[\MKWZ\WXTIKQ[UWQUXQLQ~Y]M[MIL^QZ\QMZII\QMUXWTIIUMVIbIY]M[MQVK]JIJIMVMT[MVWLMT[Q[\MUI1VKT][WPWaTIVI\]ZITMbILMM[\IIUMVIbIXIZMKMQVKWUXZMVLQLIXWZ]VIKTI[MMUXZM[IZQIT a XWTy\QKI Y]M PIUW[\ZILW XWKW KIZnK\MZ aM[KI[IKTIZQLILZM[XMK\WI[][QLMI[8]M[TIZILQKITQbIKQ~VLMTIXZWX]M[\IM[\I\Q[\IMZIXZM^Q[QJTM\IV\WXWZTIT~OQKILM[][XZMUQ[I[KWUWXWZ[]VMKM[QLILLMXMZUIVMKMZXWTy\QKIUMV\MZMV\IJTM

    4I IKMX\IKQ~V \ZIV[^MZ[IT LM TI T~OQKI M[\I\Q[\I ZMLQ[\ZQJ]\Q^IY]MK]M[\QWVIMT[Q[\MUILMTQJMZ\ILMKWV~UQKIMVMTUMRWZLM TW[KI[W[VW[ TTM^IZnI TIKZMIKQ~VLM]V-[\ILWLMJQMVM[\IZI[`QIV\MY]MXZWJIJTMUMV\MPIJZn

  • )@-43)1;-:

    LMY]MJZIZMVITO]VI[LuKILI[aMVMTXMWZITLM[IZZWTTWLMV]M^W[XZWaMK\W[]\~XQKW[-V+PQTMM[\WT\QUWaI[MWJ[MZ^IMVMTZM[]ZOQUQMV\WLMXZM\MV[QWVM[LMZMITQbIZ]VI\IJ]TIZI[IXIZIQV[\ITIZ]VV]M^WWZLMVMKWV~UQKWa[WKQIT6W[M\ZI\IIY]y[~TWLMTW[KWU]VQ[\I[[QVWLM]VKZMKQMV\MVUMZWLMIKILuUQKW[M[\]LQIV\M[aXIZTIUMV\IZQW[)TO]VW[ [yV\WUI[ QVKQXQMV\M[LM M[\MV]M^W ZMNWZUQ[UWZILQKITTWKWV[\Q\]aMVTIXZM\MV[Q~VLMZMN]VLIZTI:MXJTQKIUMLQIV\M ]VI V]M^I KWV[\Q\]KQ~V MT ZMKTIUWXWZTIVIKQWVITQbIKQ~VLMZMK]Z[W[VI\]ZITM[ TIUWZITQVIIV\QT]KZWaMTPQ[\uZQKWLQ[K]Z[WLMLMV]VKQIMUXZM[IZQIT5QMV\ZI[ \WLW M[W WK]ZZM LM[LM MT OWJQMZVW TI KMV\ZWLMZMKPI []UMZOQLI MV ]V XZIOUI\Q[UW []QKQLI MVLW[IXW[\]TILW[M[\I\Q[\I[ NWZbIVLWI TI QbY]QMZLIUWLMZILIIM`\ZMUIZI]VUn[[]XW[QKQ~V8IZITMTIUMV\MLM[LM[]QV\MZQWZZMJZW\IMTKTn[QKWXWX]TQ[UWKWZXWZI\Q^Q[\IY]MLMVQ~ITILMZMKPIITWTIZOWLMTIPQ[\WZQILM+PQTMaY]M[MKZMyIMZZILQKILW

    -T M[KMVIZQW [QV L]LI M[ IVyUQKIUMV\M LM[WTILWZ;QVMUJIZOW\WLI^yIVWM[\IZLMXIZIZMIKKQWVIZ-`Q[\MMV TI [WKQMLILKPQTMVI]V \MZZMVW NuZ\QTXIZI[MUJZIZ TI[QLMI[LM TI TQJMZ\ILLM TIZM[XWV[IJQTQLILQVLQ^QL]ITLMTMUXZMVLQUQMV\WaLMTM[N]MZbW+WV\ZIZQIUMV\MITIKWV^QKKQ~VLMZZW\Q[\ILMTIKMV\ZWLMZMKPIXWTy\QKI\WLI[M[\I[QLMI[[WVXWX]TIZM[aMTMK\WZITUMV\MZMV\IJTM[;Q[M[IJMV\ZIV[UQ\QZ[MX]MLMOIVIZKWVMTTI[

    8MZWILMUn[IV[MKWV[MZ^IVZMTI\Q^IUMV\M QV\IK\W[TW[ XQTIZM[ LMT [Q[\MUI MKWV~UQKWY]MVW[ XMZUQ\Q~ [ITQZLMT XIV\IVW \MZKMZU]VLQ[\I Y]M KIZIK\MZQb~ V]M[\ZI PQ[\WZQIVIKQWVITPI[\IPIKMI}W[-[\I[LW[[WVZIbWVM[[]KQMV\M[XIZIY]M\WLW[\WUMUW[XIZ\MMVTIJI\ITTIQV\MTMK\]ITaXWTy\QKIMVWZLMVIM^Q\IZTILM[\Z]KKQ~VLMTWY]MKWV\IV\WM[N]MZbW[MTWOZ~8]M[VILQMY]MLIZnTQJZMLMTI[KWV[MK]MVKQI[[QV]M[\ZI[WKQMLILI^IVbIXWZMTKIUQVWLM TIWLQW[QLILLMKTI[M[LMTXWX]TQ[UWM[\I\Q[\Ia

  • 4INI\ITQOVWZIVKQI

    LMT[IKZQKQWLMV]M[\ZITQJMZ\ILMVMTMV[IVOZMV\ILWIT\IZLMTIQO]ITLIL

    9]QMVM[KZMMVY]MPIaITOWLMV]M[\ZWIK\]IT[Q[\MUIXWTy\QKWaMKWV~UQKWI[MO]ZILWQOVWZIV\W\ITUMV\MMTLMUWTMLWZXWLMZY]MTI[QLMI[\QMVMV[WJZMTIZMITQLIL,MXI[WMT]LMV\IUJQuV[]ZM[XWV[IJQTQLILKWUWO]IZLQIVM[LMIY]MTTW[XZQVKQXQW[Y]M [][\MV\IV[]XZWXQWJQMVM[\IZ

  • 8:-.)+17

    -[ ]VI ZMITQLIL JI[\IV\M M^QLMV\M Y]M+PQTM PI M`XMZQUMV\ILW]VXZWKM[WLMZMQbY]QMZLQbIKQ~VLM[LMTILuKILILMT!MVILMTIV\M8ZWKM[WY]MXIZ\MXWZTWQV\MTMK\]ITI\ZI^M[IVLWTWXWTy\QKWTWMKWV~UQKWaTW[WKQIT*I[\I]VI[QUXTMWJ[MZ^IKQ~VITKIUJQWLMMRMY]MPIM`XMZQUMV\ILWTILQ[K][Q~VXJTQKILM]VWXZWL]K\Q^WI]VWM[MVKQITUMV\MZMLQ[\ZQJ]\Q^WM[\I\Q[\IXIZILIZ[MK]MV\ILMMTTW4IUMV\IJTMUMV\MMV]VXIy[Y]MPIPMKPWLMTI[MVK]M[\I[[]NM\QKPMVIKQWVIT TW[IZO]UMV\W[Y]MVW[MIXWaMVMVMTTI[\QMVLMVIVWKWV^MVKMZIU]KPW[K]aIKIXIKQLILLMWJ[MZ^IKQ~V[MMVK]MV\ZII\ZWILI8WZM[WVWUMPIY]MLILWUn[ZMUMLQWY]MQVKT]QZITO]VW[LI\W[Y]MZMMRIVMTPMKPWQVLM[UMV\QJTMLMY]MTI[QLMI[LMQbY]QMZLIM[LMKQZIY]MTTI[KWV\ZIZQI[IT [Q[\MUIMKWV~UQKW TQJMZITa XIZ\QLIZQI[ LM ]V -[\ILW QV\MZ^MV\WZ a ZMLQ[\ZQJ]\Q^W[WVXZMLWUQVIV\M[MV\ZM TIXWJTIKQ~VKPQTMVI4W[LI\W[Y]MM`XWVOWIKWV\QV]IKQ~V[WVUMZIUMV\MQT][\ZI\Q^W[aXZM\MVLMVLIZK]MV\I[QUXTMUMV\MLMTPMKPWLMY]MUn[ITTnLMTI[LQ^MZ[I[QV\MZXZM\IKQWVM[Y]M[MX]MLIVPIKMZM`Q[\M PWa ]V \MZZMVW NuZ\QT XIZI TI [QMUJZI LMT LQ[K]Z[WM[\I\Q[\IIVQ^MTXWX]TIZ,Q[K]Z[WY]MPIZMKWJZILW^QOWZIV\MTIXI[Q^QLILIUuJQKILMTILMZMKPIKPQTMVIMVIZJWTnVLW[MV]M^IUMV\MKWUW^MZMUW[KWVXZWN]VLQLILMVTI [MO]VLIXIZ\MLM M[\M TQJZWXWZ IUXTQW[ [MK\WZM[LM TIKTI[M XWTy\QKI VIKQWVIT KWV ]V WJRM\Q^W JI[\IV\M LMVQLW"TQY]QLIZMT[Q[\MUIMKWV~UQKWTQJMZITLMTW[+PQKIOWJWa[-[\MM[MTVMNI[\WKIUQVWY]MXTIV\MITIQV\MTMK\]ITQLILaTIKTI[MXWTy\QKIXZWOZM[Q[\IIK\]ITMTY]M[~TWX]MLMZMKWZZMZ[MXIOIVLWKWVV]M[\ZITQJMZ\ILaXZW[XMZQLIL;WKQITQ[\I[

  • 4INI\ITQOVWZIVKQI

    UWLMZILW[[WKQITQ[\I[LM[KWTOILW[aLMUWKZI\IKZQ[\QIVW[\WLW[ IX]V\IV MV M[ILQZMKKQ~VA T~OQKIUMV\M TIUI[IK]aIWXQVQ~V [MLMVMIXIZ\QZLM TWY]M \ZIV[UQ\MV [][TyLMZM[XWTy\QKW[MQV\MTMK\]ITM[[M[]UIIM[\MIVPMTWM[\I\Q[\IQO]ITQ\IZQW>MIUW[TW[[QO]QMV\M[LI\W[

    -V!!ZMKQuVKWUMVbILW[TW[OWJQMZVW[LMTI+WVKMZ\IKQ~V[~TWMT LMTW[KPQTMVW[LMKyIY]MMTQVOZM[WLMJyI[MZUn[QO]ITQ\IZQWa]VXMV[IJIY]Mu[\M\MVyIY]M[MZMV\MVLQLWKWUW]VQVKMV\Q^WXIZI[]XMZIZ[M+I[QLW[LuKILI[LMOWJQMZVW[aXZuLQKI[WKQITQ[\ILM[X]u[MTLQKMY]MMTQVOZM[WLMJM[MZUn[QO]ITQ\IZQWKI[QMTLWJTMY]MMV!!a]VUIOZW UMVW[LMTIUQ\ILKZMMY]MMTQVOZM[WLMJM[MZ]VQVKMV\Q^WXIZIPIKMZTI[KW[I[UMRWZMVMT\ZIJIRW;MOVMVK]M[\I[ZMITQbILI[IXZQVKQXQW[LMTOWJQMZVW[WKQITQ[\ILM:QKIZLW4IOW[TI[XMWZM[LM[QO]ITLILM[XIZITW[KPQTMVW[[WVTI[LMQVOZM[W[KWV]VaT]MOWTI[LMML]KIKQ~VKWV]VY]MKWUW[IJMUW[ [WV LMZQ^ILI[ LM TI XZQUMZI ) MTTW [M []UI ]VLMKPQTMVW[Y]MKZMMY]MMTLM[IZZWTTWMKWV~UQKWPIJMVMKQILW[~TWI]VIUQVWZyIa]VUIOZWY]M^MMVuTTIPMZZIUQMV\IXIZIMTQUQVIZTIXWJZMbI)TUQ[UW\QMUXW]VXQMV[IY]MTILQ[\IVKQIMV\ZMXWJZM[aZQKW[[MIOZIVLILMUWLWY]MPIJZnUn[XWJZM[LMV\ZWLMTW[XZ~`QUW[ I}W[ a ]VIZUIY]M M[ QV\QT I\IKIZTILM[QO]ITLILMVTIML]KIKQ~V[QVW[MZM[]MT^MVTI[LM[QO]ITLILM[MKWV~UQKI[4W[ZM[XWV[IJTM[LMTI[LM[QO]ITLILM[[WVMVXZQUMZT]OIZMT-[\ILWKWV]VT]MOW

    >MZ"8WVMVKQILM2W[u5QO]MT1bY]QMZLWMV"+PQTMMVKZQ[Q[';MUQVIZQWWZOIVQbILWXWZMT5W^QUQMV\W0]UIVQ[\I+ZQ[\QIVWR]V\WIT+MV\ZWLM1VVW^IKQ~V8JTQKILMTI=VQ^MZ[QLIL;IV\WMZ"8MZKMXKQWVM[K]T\]ZITM[LMTILM[QO]ITLILM[\]LQWZMITQbILWXWZMT,MXIZ\IUMV\WLM;WKQWTWOyILMTI=VQ^MZ[QLILLM+PQTMaTI=VQLILLM-[\]LQW[8ZW[XMK\Q^W[LM5QLMXTIVMVMTXMZyWLW!!!,Q[XWVQJTMMV"P\\X"___UQLMXTIVKTILUQVLWKLM[KIZOI[KMV\ZWLWKKMV\ZWLWK!XLN T\QUI^Q[Q\I"!)M[\M QVNWZUMLMLQKIZu]VKIXy\]TWM[XMKQITMVTI[MO]VLIXIZ\MLMTTQJZWMVMTY]MIVITQbIZuTI TMK\]ZIUIZ`Q[\IY]MPIKMLM TI ZMITQLIL[WKQITKPQTMVIa [][ ZILQKITM[XTIV\MIUQMV\W[IV\QTQJMZITM[KWUWMRMXZWOZIUn\QKWLMTXZWOZM[Q[UW

  • )@-43)1;-:

    TW[MUXZM[IZQW[KWV]V!aVITUMV\MMTQVLQ^QL]WKWV]V

    ,MTW[M[\]LQW[KQ\ILW[[MKWVKT]aMMV\ZMW\ZI[KW[I[Y]MXIZITIUIaWZXIZ\MLMTW[KPQTMVW[MT-[\ILWM[ZM[XWV[IJTMLMTI[LM[QO]ITLILM[MVMT[MV\QLWLMVWQV\MZ^MVQZXIZIKWZZMOQZTI[UQMV\ZI[TW[MUXZM[IZQW[[WVZM[XWV[IJTM[MVMT[MV\QLWLMOMVMZIZTI[=VIMVK]M[\ILMVM[LM ZI\QKIM[\IKWVKT][Q~V"TIUIaWZyILMTW[KPQTMVW[M[\nLMIK]MZLWWU]aLMIK]MZLWMVY]MMT-[\ILW\MVOIMUXZM[I[LM]\QTQLILXJTQKI #Y]MM`Q[\I]VI).8M[\I\IT #Y]MI]UMV\MVTW[JIVKW[M[\I\ITM[aY]MMT\ZIV[XWZ\MXJTQKWM[\uMVUIVW[LM]VIMUXZM[IM[\I\IT ,MTUQ[UWUWLW TIUIaWZyILM TW[ MVK]M[\ILW[ !LQRW[MZXIZ\QLIZQWLMY]M\WLI[TI[]VQ^MZ[QLILM[XI[MVIUIVW[LMT-[\ILWaLMY]MM`Q[\I]VIKILMVILM[]XMZUMZKILW[M[\I\IT!-TOWJQMZVW[WKQITQ[\ILM*IKPMTM\KWV[]^Q[KMZITLM[KWVIVbIMVTITQJMZ\ILXWZ[]X]M[\WKMTMJZ~TIVW\QKQI"X]MLM[MZY]MTIOMV\MM[\u^QMVLWMVMT-[\ILWTIOIZIV\yIXIZIMVNZMV\IZTI[JIZJIZQLILM[aMT[IT^IRQ[UWLMTTQJMZITQ[UWMKWV~UQKWLQRWMTMV\WVKM[UQVQ[\ZW^WKMZWLMOWJQMZVW.ZIVKQ[KW>QLIT

    )][\MLXWLZnXIZMKMZTMQVKZMyJTMY]MLM[X]u[LMTNZIKI[WM[\ZMXQ\W[WLM TW[ [Q[\MUI[M[\I\Q[\I[aLMTu`Q\WIZZWTTILWZLMTWY]M[MTTIU~KIXQ\ITQ[UWXWX]TIZTIUIaWZyILMY]QMVM[PIV[QLWXZMKQ[IUMV\MTW[JMVMKQILW[LMT[Q[\MUIMKWV~UQKWTQJMZITM[LMKQZTIUI[ILMKPQTMVW[XQMV[MY]MMT-[\ILWMUXZM[IZQWMQV\MZ^MV\WZLMJMZMOZM[IZMVOTWZQIaUIRM[\IL8MZWM[\WVWM[ZIZWM[Un[M[IJ[WT]\IUMV\MMV\MVLQJTMMQVKT][WMZIXZM^Q[QJTM4WY]MXI[IM[Y]MLM[LM Y]M ZM\WZV~ TI LMUWKZIKQI IT XIy[ TI LMZMKPI KPQTMVIXWTy\QKIMKWV~UQKIa[WKQITV]VKIZMITQb~]V\ZIJIRWLM

    1JyL 4IMVK]M[\IN]MZMITQbILIXWZTI=VQ^MZ[QLIL,QMOW8WZ\ITM[>MZ"P\\X"___]LX

    KTKWU]VQKILW[ MVK]M[\IP\UT\QUI^Q[Q\I"! >MZ"P\\X"___TIVIKQWVKTXZWV\][VW\QKQI[^[Q\MIZ\QK XIO[

    P\UTT\QUI^Q[Q\I"!

  • 4INI\ITQOVWZIVKQI

    XMVM\ZIKQ~VK]T\]ZITMQLMWT~OQKWXIZIKWV[WTQLIZTI[QLMI[TQJMZITM[[WJZMTI[Y]M[MJI[IV]M[\ZW[Q[\MUILMUMZKILW+~UW[MZnMT NZIKI[WMVM[\IUI\MZQIY]MVQ [QY]QMZIPI[QLWKIXIbLMIZ\QK]TIZ]VI]\uV\QKWXZWaMK\WXWTy\QKWMVLW[LuKILI[ATIZIb~VXWZTIY]MVWTIPIPMKPWM[JI[\IV\M[QUXTM"TILMZMKPIKPQTMVI[IT^WM[KI[I[M`KMXKQWVM[VWMV\QMVLMVQKZMMMVMTXWLMZLMTI[QLMI[aLMTIK]T\]ZIKWUWNIK\WZM[LMKQ[Q^W[LMTIM^WT]KQ~VXWTy\QKIMKWV~UQKIa[WKQIT;]MTMZML]KQZ[][KI\MOWZyI[LMIVnTQ[Q[IT~OQKI[XZWL]K\Q^I[\uKVQKIMQVKMV\Q^W[WT^QLIVLWY]MMT[MZP]UIVW [M U]M^M N]VLIUMV\ITUMV\M XWZ TI[ KZMMVKQI[XZMR]QKQW[M[\MZMW\QXW[^ITWZM[MQLMI[Y]MTM\ZIV[UQ\MMTKWTMOQWTIQOTM[QITINIUQTQITI]VQ^MZ[QLILTI\MTM^Q[Q~VTW[TQJZW[MT\MI\ZWTIU[QKIM\K

  • !

    )@-43)1;-:

    JI\ITTIXWZ TIK]T\]ZI6W[MPIWNZMKQLW]VIIT\MZVI\Q^IZMIT a UMVW[ ]V XZWaMK\W XWTy\QKW KWV KWV\MVQLW A M[Y]MIT[MK\WZMVKIZOILWLMM[\M\ZIJIRWVWTMQV\MZM[IM[\M\MUIXMWZIV"[]MTMLM[XZMKQIZ\WLWTWY]MP]MTIIK]T\]ZIaM[M\QXWLMKW[I[QV\QTM[;QMTXMKILWWZQOQVITLMTIQbY]QMZLIMVMTU]VLWKWUWLQRW0IaMSM[TIIZZWOIVKQIMTLMTILMZMKPIKPQTMVIY]M\QMVM]VIKIXIKQLIL\ZMUMVLIXIZIU]KPI[KW[I[XMZWNZIKI[IZW\]VLIUMV\MMVM[\IUI\MZQI [QV L]LI M[ TI QOVWZIVKQI)]VY]MLMJ]MVI NMM[\I QOVWZIVKQI ZM[]T\IVWKQ^IXIZIMTJQMVM[\IZLMTXIy[X]M[ [QV ]V QV\MTQOMV\M M QV\MV[W \ZIJIRW LM XMVM\ZIKQ~VK]T\]ZITVWX]MLMUIV\MVMZ[MIW\MMT[Q[\MUIMKWV~UQKWTQJMZITY]MPIXMZUQ\QLWMVZQY]MKMZ[MI\WLW[LM[LMMTUn[ZQKWITUn[XWJZM;QVTIT]KPIXWZTIQUIOMVM[LMKQZXWZMTXZM[\QOQWLMT[Q[\MUIMTI^IVKMXZWOZM[Q[\IM[QVKWV\ZIZZM[\IJTMaKWVuTV]M[\ZWMUXWJZMKQUQMV\WaXuZLQLILMTQJMZ\IL

    8IZI KWV\MVMZ M[\I IUMVIbI TI LMZMKPI KPQTMVI a MVOMVMZITY]QMVM[I[XQZIVI]VI[WKQMLILUn[TQJZMaXZ~[XMZILMJMVMV\MVLMZY]MMTNIK\WZLMUIaWZOZI^Q\IKQ~VMVTIM^WT]KQ~V[WKQITaMKWV~UQKILM]VXIy[[WVTI[QLMI[a TW[ QV\MTMK\]ITM[*I[\IKWVLM\MVMZ[M]V QV[\IV\MMVMT[QOTW@@XIZIWJ[MZ^IZITOW\IV[QUXTM-VuTTI[LWK\ZQVI[PMZUIVI[VIKQWVIT[WKQITQ[\IaUIZ`Q[\IIUMVIbIZWVKILI]VII[]\]ZVWKWVLM[\Z]QZXWZKWUXTM\WTIKQ^QTQbIKQ~VWKKQLMV\ITAN]MZWV\IUJQuVTI[QLMI[TI[Y]MM^Q\IZWVM[ILM[\Z]KKQ~VaVWKWUW[M[]MTMKZMMZ]VI[]MZ\MLMR][\QKQIXWu\QKIMTJQMV[QMUXZM\MZUQVIXZM^ITMKQMVLW[WJZMMTUITVQTIXZMLM[\QVIKQ~VPQ[\~ZQKI6WTWY]MM^Q\~MT\ZQ]VNWVITLMTI[\QZIVyI[[WKQITQ[\I[N]MMTIZL]W\ZIJIRWLMUQTTWVM[LM[MZM[P]UIVW[Y]MLQMZWVTIJI\ITTIXWZY]MKZMyIVMVTITQJMZ\IL

    0WaMVLyIU]KPW[XIZMKMVPIJMZWT^QLILWY]MKWUWTILMTKWU]VQ[UWTIPQ[\WZQILMTVIbQ[UWM[N]VLIUMV\ITUMV\MTIPQ[\WZQILMTI[QLMI[6QTW[ZMOyUMVM[KWU]VQ[\I[VQ

  • 4INI\ITQOVWZIVKQI

    0Q\TMZPIJZyIV[QLWXW[QJTM[[QVW[MP]JQMZI^MZQKILWIV\M[]VTIZOWaXZWOZM[Q^WZM\ZWKM[WLMTI[QLMI[TQJMZITM[QZZILQILI[LM[LM1VOTI\MZZIPIKQIMTM[\MaMVXIZ\QK]TIZLMTMTMUMV\WQVLQ^QL]ITQ[\I[MUJZILWXWZMT+ZQ[\QIVQ[UWaKWV[WTQLILWMVMT:MVIKQUQMV\W-[M[MMTMUMV\WY]MPWa^MUW[KIZOILWLM]V QV[IVWa NIT[WM[\QOUILM QVUWZITQLILMTY]M[MMVK]MV\ZIMVMTMRMLMTIT]KPIQLMWT~OQKIUn[NMZWbY]MPIaIXZM[MVKQILWTIPQ[\WZQIP]UIVIa[MZn[QMUXZM[][]J[Q[\MVKQIWIVQY]QTIUQMV\WMTNIK\WZY]MQVKTQVIZnTIJITIVbIPIKQITITQJMZ\ILaMTXZWOZM[WWPIKQITI\QZIVyIaTILMKILMVKQI

    -T ZWTY]M R]OIZWV TI[ QLMI[ M[LMKQZ TITW[WNyIa TW[QV\MTMK\]ITM[MVMTI[KMV[WLMTVIbQ[UWMV)TMUIVQIaMTM[XIZKQUQMV\W LMT [WKQITQ[UW MV MTU]VLW VW X]MLM [MZ[]JM[\QUILW 0IaMS IKQMZ\I IJ[WT]\IUMV\M K]IVLW LQKMY]MMTVIKQWVIT[WKQITQ[UWVWN]M]VI[QUXTMZM^]MT\IKWV\ZI TI ZIb~V VQ ]VUW^QUQMV\W QZZIKQWVIT [QV \ZI[NWVLWQV\MTMK\]ITITO]VW;QN]MZII[y[W[\QMVMMTUW^QUQMV\W[MZyIU]KPWUMVW[XMTQOZW[WY]MTWY]MM[8MZWVILIUn[ITMRILWLMTI^MZLILVQUn[MVOI}W[W4I[LWK\ZQVI[LMTVIKQWVIT[WKQITQ[UW[WVTIKQUILM]VITIZOIM^WT]KQ~VQLMWT~OQKILM]VXZWKM[WMVMTY]MPIVXIZ\QKQXILWXMV[ILWZM[Y]MMRMZKQMZWV]VIOZIVQV]MVKQIU]KPWUn[ITTnLM TI[ NZWV\MZI[LM)TMUIVQI;MXQMV[M TWY]M[MY]QMZI[WJZM[][XZMUQ[I[LMXIZ\QLITWKQMZ\WM[Y]MTW[PWUJZM[Y]M MVOMVLZIZWV TI[ V]M^I[ LWK\ZQVI[ M[KZQ\WZM[ ^QOWZW[W[PIVLMRILW TI QUXZWV\ILM [][ QLMI[ [WJZMMTXMV[IUQMV\WM]ZWXMWMV\MZW,M[IZZWTTIZWV[][Q[\MUIKWVZQO]ZW[IKWV[MK]MVKQIa]VI^MbY]M[MIKMX\IVTI[XZMUQ[I[QVQKQITM[VWM[XW[QJTMM[KIXIZI[]T~OQKI-[[QUXTMUMV\MMTKWTMK\Q^Q[UWTQJZMLM\WLI[TI[P]MTTI[LM]VI\ZILQKQ~VQVLQ^QL]ITQ[\IY]MX]LQMZIMUJIZIbIZ[]ZMITQbIKQ~V

    -V+PQTMLM[OZIKQILIUMV\MM[\IZMITQLILM[QOVWZILIaLM[XZMKQILIXWZY]QMVM[LMJQMZIVI[]UQZ]VZWTXZW\IO~VQKWMVTILMNMV[IaLQN][Q~VLMTI[QLMI[LMTQJMZ\ILVMKM[IZQI[

    .ZQMLZQKP0IaMS+IUQVWLM;MZ^QL]UJZM)TQIVbI5ILZQL! XX

  • )@-43)1;-:

    XIZITWOZIZ]VI]\uV\QKWXZWOZM[WMKWV~UQKWa[WKQIT-[JI[\IV\MWJ^QWXIZIY]uVW[MVOI}IUW[Y]M TI[MTQ\M[MKWV~UQKI[ [WKQITM[ a XWTy\QKI[ LM LMZMKPI LM[XZMKQIVXMTQOZW[IUMV\M\WLWY]MPIKMZQV\MTMK\]ITIM`KMXKQ~VLMIY]MTTW[ ZMV\IJTM[MVLQVMZWKWUW TIMKWVWUyIaKQMZ\I[nZMI[LMTLMZMKPW4I^MZLILM[Y]MKWVXWKI[M`KMXKQWVM[MT\MUIQV\MTMK\]ITaK]T\]ZIT[QUXTMUMV\MVWQV\MZM[IMVTW[KyZK]TW[LMLMZMKPITWY]MM`XTQKIMTPMKPWLMY]M]VIXIZ\MN]VLIUMV\ITLMTIKTI[MLQZQOMV\MXZMKQ[IUMV\MTIMVKIZOILILMXZWUW^MZTI[QLMI[TQJMZITM[XZM[MV\M[MZQI[TQUQ\IKQWVM[MVTIKWUXZM[Q~VLMTW[NMV~UMVW[[WKQITM[Y]M TI ZWLMIV-[MLM[XZMKQWXWZ TW QV\MTMK\]ITPIOMVMZILW]VMNMK\WXMZ^MZ[W"IXM[IZLMT QVUMV[WXWLMZMKWV~UQKW LMT [MK\WZ KITQKILW KWUW LMZMKPI TI PMOMUWVyIK]T\]ZITMV+PQTMTIMRMZKMN]VLIUMV\ITUMV\MTIQbY]QMZLI-VW\ZI[XITIJZI[TIQbY]QMZLIQV]aMU]KPWUn[[WJZMTI[UMV\M[aMUWKQWVM[LMTI[XMZ[WVI[Y]MTILMZMKPIaXWZ\IV\W\IUJQuV[WJZM[]NWZUILM^W\IZ

    4I PMOMUWVyI K]T\]ZIT LM TI QbY]QMZLI PI XMZUQ\QLWY]M[][ QLMI[PIaIVOIVILW^ITQW[W\MZZMVWMVTW[nUJQ\W[Un[LQ^MZ[W[IM`XMV[I[LMM[XIKQW[LM TQJMZ\ILaLMKQMZ\W[^ITWZM[N]VLIUMV\ITM[XIZITIKWV[MZ^IKQ~VLM]VI[WKQMLIL [IVI a X]RIV\M-T M[TWOIVLM TI QO]ITLIL M[ MTUMRWZMRMUXTWj[\M[MPIM[\IJTMKQLWLMUIVMZIIKZy\QKIa\ZIV[^MZ[ITMVTILQ[K][Q~VXJTQKIKPQTMVIKI][IVLW]VLI}W\ZMUMVLWITIQUIOMVLMTI[uTQ\M[Y]M[QVMV\MVLMZTWY]MPIaLM\Zn[QVKT][WTWZMIZUIaKIUJQIVLWMTMRMLMTI[XWTy\QKI[XJTQKI[PIKQI]V\QXWLMUWLMTWKWZZMK\WZLMLM[QO]ITLILM[Y]MPINZIKI[ILWPI[\ITI[IKQMLIL

    4ILMZMKPIVWIL^QMZ\MMT[]\QTI^IVKMLMTIWLQW[QLILLMKTI[M[Y]M[MPIV]\ZQLWLMTILM[QO]ITLILMKWV~UQKIa

    :M[XMK\WITI]\QTQbIKQ~VLMTKITQKI\Q^WLMZMKPIUMXIZMKMY]MMVZQOWZM[QVIXZWXQILWX]M[IUQR]QKQWVWX]MLMPIJTIZ[MLMTIM`Q[\MVKQILM]VILMZMKPIKPQTMVIaUMVW[TI\QVWIUMZQKIVI-[\WXWZY]MVWM`Q[\M]VIN]MZbILMQLMI[WZOnVQKIMQLMV\QKIJTMKWUWLMZMKPILMTIUIVMZIKWUWTIPIaMVTIQbY]QMZLI;QVMUJIZOWLIZuMVM[\MTQJZWIT\uZUQVWLMZMKPIMT][WKWUVLMUWLWLMVWKWVN]VLQZITTMK\WZ

  • 4INI\ITQOVWZIVKQI

    [WKQITM`Q[\MV\MMVMTXIy[aTIZMOQ~VXIZIZMKWJZIZ^QOWZ8ZMWK]XILW[[~TWLMTIUIKZWMKWVWUyIUIZKWMVMTK]IT[MLMVM[]u`Q\WMKWV~UQKWPIVLM[K]QLILWK]M[\QWVM[LWUu[\QKI[KWUW TW[ QLMWTWOQbILW[XZWOZIUI[LMML]KIKQ~VMVKWTMOQW[XJTQKW[TIZM[\I]ZIKQ~VLM[yUJWTW[[WKQITQ[\I[ LM TW[Un[ LQ^MZ[W[ \QXW[ TMOQ[TIKQWVM[ LM KTIZWK]}WIV\QJ]ZO]u[aMVOMVMZITTI[LQ^MZ[I[^yI[Y]M[MPIV IJQMZ\W XIZI TWOZIZ TI ZMKWV[\Z]KKQ~V a LQN][Q~V LMTQLMIZQW[WKQITQ[\IMV[]^MZ[Q~VUWLMZVI

    )[yTI[KW[I[]VWLMTW[XZWX~[Q\W[LMM[\MTQJZWM[ZMUMKMZ [QIKI[WM[W N]MZMXW[QJTMI TI[uTQ\M[LMLMZMKPI[MIVTQJMZITM[WKWV[MZ^ILWZI[XIZI[IKIZTI[LMTIXMTQOZW[IXI[Q^QLILQV\MTMK\]ITMVTIY]M[MMVK]MV\ZIV8IZIMTTWM`XTQKIZuKWVUIaWZXZWN]VLQLILMTMVWZUMZWTY]MR]MOIVTI[QLMI[KWUWUWLMTILWZI[LMTIZMITQLILTIN]VKQ~V\ZI[KMVLMV\ITY]MK]UXTMVTW[QV\MTMK\]ITM[MVM[MUQ[UW[MV\QLWaIL^MZ\QZuLMXI[W[WJZMTW[ZQM[OW[Y]MKWVTTM^ILM[K]QLIZM[\ILQUMV[Q~V

    1V\MV\IZuXWZTW\IV\WI]VY]MXIZMbKIQT][WZQWQV^Q\IZI\WUIZKWVKQMVKQI[WJZMM[\MI[]V\W\IVIRMVWITI[XZMWK]XIKQWVM[LMTI^QLILQIZQIXMZWLM\IV\WQUXIK\W[WJZMV]M[\ZWLM[\QVW6WPIaY]MMY]Q^WKIZ[M"TW[MNMK\W[LMTILMZZW\IK]T\]ZITI[yWK]ZZMKWVTI[QLMI[MUMZOMVLMUIVMZI XI]TI\QVI \ZIV[NWZUIVLW [QOQTW[IUMV\M TI ZMITQLIL[WKQITPI[\IPIKMZTIQZZMKWVWKQJTM

    +WUW MT TMK\WZ aI PIJZn IL^MZ\QLW u[\M VW XZM\MVLM[MZ]VTQJZWKWV\QVOMV\MY]MIJIZY]MK]M[\QWVM[XWTy\QKI[LMTUWUMV\WI]VY]MWKI[QWVITUMV\M [MPIOI ZMNMZMVKQII MTTI[ 4I IT][Q~V I TI[ MVK]M[\I[ VW KWV[\Q\]aM MV VQVOVKI[W]VI[XMK\WM[MVKQITLMM[\MMV[IaW[QVW[~TW]VUIZKWY]M[QZ^MXIZIKWV\M`\]ITQbIZTILQ[K][Q~V4I\M[Q[KMV\ZITLMTTQJZWXWZ\IV\W\ZI[KQMVLMITKIVKM[XIZ\QK]TIZM[IX]V\IVLWI]VIZMITQLIL^nTQLIMV\WLW\QMUXWaT]OIZI [IJMZ" Y]M [WV TI[ QLMI[ a TW[ QV\MTMK\]ITM[ I \ZI^u[ LMTI K]T\]ZI Y]QMVM[ LMVMV TI M^WT]KQ~V [WKQIT XWTy\QKI a

  • )@-43)1;-:

    MKWV~UQKI LM ]V XIy[ -V KWV[MK]MVKQI TW Y]M [M LQOIPWa [MZn]VIXTI\INWZUIXIZI TI[LQ[K][QWVM[LMT N]\]ZW-T \QMUXWLQZn Y]M \IV ZMTM^IV\M PI [QLW M[\M IXWZ\M MVTIJI\ITTILMTI[QLMI[a[QTWOZ~WVWUWLQKIZMVITOWTINI\IT QOVWZIVKQIY]MKIUXMIMVIUXTQW[KyZK]TW[LM TQLMZIbOWMKWV~UQKWaXWTy\QKW-V\WLWKI[WMVTWY]MIM[\MM[N]MZbWZM[XMK\IUMJI[\IKWV]VIKMZ\MbIXIZI[MV\QZTWXTMVIUMV\MR][\QKILW"M[QUXW[QJTMOIVIZ]VIJI\ITTIY]MVW[MXMTMI

    )`MT3IQ[MZ;IV\QIOWIJZQTLM!

  • +)8

  • 4INI\ITQOVWZIVKQI

    TW[WRW[IIY]MTTW[Y]MKZMMVY]MMTU]VLWQV\MTMK\]ITM[QV\QTaVWUMZMKMUIaWZXZMWK]XIKQ~V8IZ\IUW[KWVTIXZQUMZIQLMI

    ) K]ITY]QMZI Y]M KWVWbKI ITOW LM TI QUIOMV Y]M TW[M]ZWXMW[\QMVMVLMV]M[\ZWKWV\QVMV\MVWX]MLMLMRIZLMZM[]T\IZTMK]ZQW[IM[INI[KQVIKQ~VY]MPQ[\~ZQKIUMV\MPIVM`XMZQUMV\ILWKWVV]M[\ZW[XZWaMK\W[ZM^WT]KQWVIZQW[;]IUWZXWZO]MZZQTTMZW[[IVO]QVIZQW[KWUWMT+PM/]M^IZI[] QLWTI\ZyI VI][MIJ]VLIXWZ \QZIVW[ KWUW.QLMT+I[\ZWa [] IJQMZ\I [QUXI\yI XWZ OWJMZVIV\M[ KWV ^WKIKQ~V I]\WZQ\IZQI KWUW-^W5WZITM[a0]OW+Pn^MbLIVK]MV\ILMM[\MNMV~UMVW6WM[]VUQ[\MZQWY]MMV-]ZWXI\WLWXZWaMK\WZM^WT]KQWVIZQWaLQK\I\WZQITTI\QVWIUMZQKIVWY]MVW[MIKITQKILWLMNI[KQ[\IOMVMZI]VIM[XMKQMLMPQXVW\Q[UWIKZy\QKWKWVKQ\IVLW[QUXI\yI[LM NWZUIJI[\IV\M\ZIV[^MZ[IT,M\Zn[LM\WLWM[\W[MM[KWVLM]VIQLMIY]MPI[QLWKI\I[\Z~KIXIZIV]M[\ZWKWV\QVMV\MaY]MPI[QLWXW\MVKQILIXWZLQ^MZ[W[QV\MTMK\]ITM[MVTIPQ[\WZQIM`\MVLQuVLW[M KWV [QVO]TIZ ^QZ]TMVKQI XWZ MTU]VLW LM[IZZWTTILW M]ZWXMW ;M \ZI\I LM TI QLMILMT J]MV [IT^IRM TIY]M[MZMUWV\II\QMUXW[LMTLM[K]JZQUQMV\WLM)UuZQKI+WUWZMK]MZLI+IZTW[:IVOMTMV]VIWJZIY]MLMJQMZI[MZ TMK\]ZIWJTQOILILM \WLW TI\QVWIUMZQKIVWUn[WUMVW[TM\ZILWMVTIuXWKILMTLM[K]JZQUQMV\WKQMZ\I\MWTWOyIIZUIJIY]M,QW[VWPIJyILM[\Z]QLWMTXIZIy[W[WJZMTIMZ"+IZTW[:IVOMT,MTJ]MV[IT^IRMITJ]MVZM^WT]KQWVIZQW5WV\M^QTI-LQ\WZM[+IZIKI[!

  • )@-43)1;-:

    VWPIJyIZQKW[VQXWJZM[VQ[]XMZQWZQLILXWTy\QKIITO]VIaVW[MKWVWKyIVXITIJZI[KWUW\ZIQKQ~VUMV\QZII^IZQKQIWMV^QLQI-ZIMT[MZP]UIVWIV\M[LMTIKIyLI]V[MZVWXMZ^MZ\QLWXWZ TI KQ^QTQbIKQ~V M]ZWXMIY]M:W][[MI]LMV]VKQIJI KWUW MT [UU]U LM TI LMKILMVKQI=V [MZ [QVIY]MTTI[XI[QWVM[Y]MR][\QKIVTIM`Q[\MVKQILMTMaM[a[QVVWKQWVM[LMXZWXQMLILXZQ^ILIZM[XWV[IJTM[MOVMTUQ[UW:W][[MI]LMLIZQVQKQWITIM`MKZIJTMKQ^QTQbIKQ~VKWV\WLI[[][O]MZZI[LM[QO]ITLILM[aI\ZWKQLILM[!

    -[\I QLMI LMT J]MV [IT^IRM M[ [MOV:IVOMT TI ZM[XWV[IJTMLMTKWUXTMRWLMK]TXIY]MPI[\IPWa\QMVMVTW[M]ZWXMW[ ZM[XMK\W LMT ZWT Y]M R]OIZWV MV TW[ XIy[M[ LMT\MZKMZU]VLWaXIZ\QK]TIZUMV\MMV)UuZQKI4I\QVI-TTW[PIJZyIV^MVQLWIKWV\IUQVIZKWV[]LM[XZMKQIJTMKQ^QTQbIKQ~VITW[J]MVW[[IT^IRM[IXMZ^MZ\QZTW[aILM[\Z]QZ[]QVWKMVKQIQUXWZ\IVLWTI[LM[XZMKQIJTM[TMaM[MQV[\Q\]KQWVM[KWZZ]X\I[aIV\QVI\]ZITM[KWUWTIXZWXQMLILXZQ^ILIIV\M[ QVM`Q[\MV\MMV)UuZQKIaIPWZIN]MV\MLM\WLI[ TI[LM[QO]ITLILM[aUITM[[WKQITM[4IXZWXQMLILXZQ^ILIQUXMLQZyIMTLMZMKPWVI\]ZITITOWKMQO]ITQ\IZQWLM\WLW[TW[JQMVM[aNZ]\W[LMTI

  • 4INI\ITQOVWZIVKQI

    IV\M[LMY]M TW[M]ZWXMW[KWUMVbIZIV[][IY]MWa[MUJZIZIV TIKWZZ]XKQ~VaY]MK]IT:WJQV0WWL T]KPIXWZZMM[\IJTMKMZMTWZLMVVI\]ZITaX]ZW

    )]VY]M][\MLVWTWKZMI\WLI[M[\I[XI\ZI}I[K]T\Q^ILI[XWZXMV[ILWZM[LMTI\ITTILM:W][[MI]NWZUIVXIZ\MLMTI^Q[Q~VM]ZWXMI[WJZM)UuZQKI4I\QVIPI[\IMTLyILMPWaATI[KWV[MK]MVKQI[LMM[\I[NIT[I[QLMI[XZWUW^QLI[XWZPWZLI[LMQV\MTMK\]ITM[M]ZWXMW[a TI\QVWIUMZQKIVW[VW[WVUMVWZM[,M[LMM[KnVLITW[IZIybLMTIXMTyK]TILM5MT/QJ[WV)XWKITQX\WY]MMVNZMV\~LMUIVMZILQZMK\IaOZnKIITW[M]ZWXMW[KWVTIWJ[KMVIKZ]MTLILLMTW[Ib\MKI[XI[IVLWXWZTIIJQMZ\IILWZIKQ~VLMLQK\ILWZM[aTI[QUXI\yIXWZKI]LQTTW[XWX]TQ[\I[PI[\I]VLQZMK\WIXWZ\MLMKIXQ\ITM[M]ZWXMW[ITW[JZIbW[Un[M`\ZMUW[LMTW[UW^QUQMV\W[ QVLQOMVQ[\I[ TI\QVWIUMZQKIVW[;QV QZUn[ TMRW[MVMTKI[WLM+PQTMTW[OZ]XW[M`\ZMUQ[\I[Y]MKWVNWZUIVTI+WWZLQVILWZI)ZI]KW5ITTMKW ZMKQJMV IXWaW LQZMK\WLM[LM -[XI}I .ZIVKQI0WTIVLI a W\ZW[ XIy[M[ Y]M ^MVITW[QVLyOMVI[KWUWM`XTW\ILW[aLQ[KZQUQVILW[XWZMT[Q[\MUIVMWTQJMZITKWV\ZIMTK]ITT]KPIVPMZWQKIUMV\M XIZI M^Q\IZ [] M`\QVKQ~V KWUW K]T\]ZI -V -]ZWXI [MU]M[\ZIVLWK]UMV\ITM[LMKQ]LILMVKQ]LIL[WJZMMT\MUIUIX]KPMXQLQMVLWKWTIJWZIKQWVM[MVLQVMZWXIZITIKI][IY]M\WKITIJZILMTW[IKWUXTMRILW[M]ZWXMW[-VTI[XIV\ITTI[aLQ[MZ\IKQWVM[[M^MVQVLyOMVI[IOZMLQLW[XWZTIXWTQKyILM\MVQLW[a[]NZQMV\M[^yK\QUI[LMOZIVLM[KWV[WZKQW[NWZM[\ITM[Y]MXZM\MVLMVIZZMJI\IZTM[\WLI[[][\QMZZI[

    -T\MUI5IX]KPMMV-]ZWXIOWbILM]VIXWX]TIZQLILLMTIY]M]VKPQTMVWXWKWQVNWZUILW[M[WZXZMVLMZyI-[]V \MUILMUWLIMV\ZM QV\MTMK\]ITM[ a KyZK]TW[IKILuUQKW[-TTTIUILWLMTM[KZQ\WZXWZ\]O]u[aXZMUQW6WJMTLMTQ\MZI\]ZI2W[u;IZIUIOWIXZQVKQXQW[LMTOWJQMZVWLM*IKPMTM\MTI}WQV^Q\nVLWTIIUQZIZITW[UIX]KPM[LQKMJI[\IV\M[WJZMMTXW[QKQWVIUQMV\WLMM[\MI[]V\WMVTIIOMVLIQV\MTMK\]ITM]ZWXMIAM[\WVWM[V]M^WAIMV

  • !

    )@-43)1;-:

    TIM`XZQUMZILIUINZIVKM[I,IVQMTTM5Q\\MZZIVL[MPIJyILILWMTT]RWLMKZQ\QKIZITMV\WVKM[XZM[QLMV\M:QKIZLW4IOW[XWZTILM\MVKQ~VLMUIX]KPM[Y]MPIJyIVJTWY]MILWKIZZM\MZI[XIZILM\MVMZ TI KWV[\Z]KKQ~VLM TI KMV\ZIT PQLZWMTuK\ZQKILMTIT\W*yW*yW

    )[y[MM`IKMZJILM[LM-]ZWXIMT^QWTMV\Q[UWUIX]KPMMTY]MXWZ[]X]M[\WKWUWLQKMMV]VIZ\yK]TWLMTIMLQKQ~VKPQTMVILM4M5WVLMLQXTWUI\QY]MMTIV\ZWX~TWOW:W[IUMT5QTTIUnVVWM[Un[Y]M]VIT]KPITMOy\QUIKWV\ZIMT[Q[\MUIVMWTQJMZITQUX]M[\WMVTILQK\IL]ZIUQTQ\IZXIZIZMK]XMZIZ[][LMZMKPW[IVKM[\ZITM[

    -[\I[[WV[~TWITO]VI[U]M[\ZI[LMTTMOILWLMTIQLMILMTJ]MV[IT^IRMY]M TW[M]ZWXMW[PIVK]T\Q^ILWXWZ[QOTW[aY]MTW[PITTM^ILWIIXTI]LQZaIXWaIZLQK\IL]ZI[UW^QUQMV\W[\MZZWZQ[\I[aZM^WT]KQWVM[MVMTXI[ILWa\IUJQuVPWa+W[I[KWUWTI[LM[KZQ\I[Un[IZZQJI[WVMV[M}ILI[MVTI[ ]VQ^MZ[QLILM[ a KWTMOQW[ LWVLM TW[ IT]UVW[ X]M[\W[MVUIVW[LM TI QV\MTMK\]ITQLILXZWOZM[Q[\IY]MXZMLWUQVI MV-]ZWXI IXZMVLMV I [MV\QZ K]TXI a I R][\QKIZ TW[QV\MV\W[XWZZMK]XMZIZM[MXIZIy[WXMZLQLWMVY]M^Q^yIVTW[IV\QO]W[XZQUQ\Q^W[TI\QVWIUMZQKIVW[)TO]VW[QVKT][W^QMVMVIV]M[\ZWKWV\QVMV\MIQV\MOZIZ[MIM[\W[OZ]XW[LMZMLMV\WZM[

    -TLI}WLMM[\I[ QLMI[J]MV[IT^IRQ[\I[PI[QLWMNMK\Q^WaKWVKZM\WXIZIV]M[\ZWKWV\QVMV\MaKWV\QVIKI][nVLW[MI}WII}WM[\QU]TILWKWUWLQKM2MIV.ZIVtWQ[:M^MTMVMTXZ~TWOWLMT TQJZWKWUMV\ILWXWZMT][WY]M TW[M]ZWXMW[PQ[\~ZQKIUMV\MPIVPMKPWLM)UuZQKI4I\QVIKWUWIXWaWLMNnJ]TI[,MM[\INWZUIIVK]IVLW[QVL]LI[MIUW[TW[TI\QVWIUMZQKIVW[TW[XZQUMZW[ZM[XWV[IJTM[LMTI XZWXIOIKQ~V LMUQ\W[ VMNI[\W[ -]ZWXI PIKM [] XIZ\MWNZMKQuVLWVW[]VM[\yU]TWXZWLQOQW[WMVMTPMKPWY]MTW[M[XMRQ[UW[LMV]M[\ZI QUIOQVIKQ~Va TI[M`K][I[Y]MVW[ >MZ":W[IUMT5QTTIUnV4IKWVNZWV\IKQ~VUIX]KPMKWV\ZIMT[Q[\MUIVMWTQJMZIT

    KPQTMVWMV"4M5WVLMLQXTWUI\QY]M0Q[\WZQIaT]KPI[LMTX]MJTWUIX]KPM-LQ\WZQIT)V+ZMMUW[MVTW[;]M}W[;IV\QIOW

  • 4INI\ITQOVWZIVKQI

    NWZRIUW[ [WV LM^]MT\I[ LMT M`\ZIVRMZW M[\IUXILW[ KWV]VKMZ\QKILWLMI]\MV\QKQLILLMKWVKQMVKQI]VQ^MZ[IT

    4I QLMI LMT J]MV [IT^IRM Y]M ILMUn[ [M I^QVW U]aJQMVKWV\MWZyI[ QUXMZQITQ[\I[KWUWTI[Y]MPIM[XIZKQLWMT]Z]O]IaW-L]IZLW/ITMIVWa [MOV TI[K]ITM[V]M[\ZIXWJZMbI [MLMJMI TIM`XTW\IKQ~VXWZXIZ\MLMXIy[M[LM[IZZWTTILW[a^QKM^MZ[ITIZQY]MbILMMTTW[[MM`XTQKIXWZTWY]MVW[PIV[]KKQWVILWMRMZKMPI[\IMTLyILMPWa]VIQV]MVKQIZMIT-TTIXMZUQ\MM`XTQKIZVW[MVXIZ\MNMV~UMVW[KWUXTM\IUMV\MIK\]ITM[KWUWMTLMT4WJJa5IX]KPMMV-]ZWXIaVW[LIT]KM[XIZIMV\MVLMZM[IQZZIKQWVITNI[KQVIKQ~VKWVTIY]MTW[M]ZWXMW[UQZIVI4I\QVWIUuZQKI)]VY]M[MILQNyKQTKZMMZTWTIQLMILMTJ]MV[IT^IRMMVM[MKWV\M`\W[MMVK]MV\ZIY]Qbn[\IV^QOMV\MKWUWPIKMKQVKW[QOTW[;QO]QMVLW[]LM[XZMKQWIVKM[\ZITXWZMTKWVWKQUQMV\W I]\uV\QKW LM V]M[\ZW KWV\QVMV\MU]KPW[ M]ZWXMW[ [MMVK]MV\ZIVKWV^MVKQLW[LMY]M TW[ \MZZWZQ[\I[UIX]KPM[MVMT []ZLM+PQTM [WVXWJZM[^yK\QUI[LM TI ZMXZM[Q~VaLQ[KZQUQVIKQ~VLMOZIVLM[aXWLMZW[I[KWZXWZIKQWVM[NWZM[\ITM[aLMT-[\ILWKPQTMVWIVKIX\]ZILWXWZMTUWLMTWVMWTQJMZITLM8QVWKPM\8WZM[WTW[VIVKQIVaLMMVLMVMV [][I\IY]M[ \MZZWZQ[\I[Y]M^MVKWUW]VI [ITQLILM[M[XMZILIITIKZ]MV\IXMZ[MK]KQ~VZIKQ[\ILMY]QMVM[[~TWJ][KIV[MZZM[XM\ILW[MV[]X]ZMbIIVKM[\ZITTQJZM[LMTI[KWZZ]XKQWVM[LMTIKQ^QTQbIKQ~VKIXQ\ITQ[\I,MM[\INWZUIMTIOZQK]T\WZMVMIUW[IPWZIJZM^MUMV\MW\ZIQLMIY]MN]MKTI^MMVMTLM[IZZWTTWLM7KKQLMV\MaY]MVW\QMVMVILIY]M^ MZKWVMTUQ\WLMTJ]MV[IT^IRM8WKW[KWVWKMVTIQV]MVKQIY]M

    +IZTW[:IVOMT7X+Q\X ;WJZMM[\MX]V\WPIJTuKWVUIaWZLM\MVKQ~VMVUQIV\MZQWZTQJZW-T+PQTMY]M^QMVM

    LWVLMM`XTQY]uTW[MNMK\W[aTIZIQOIUJZMUIZ`Q[\ILMTI[\MWZyI[QUXMZQITQ[\I[Y]MKIUXMIVMV)UuZQKI4I\QVI

  • )@-43)1;-:

    \]^W MT T~[WNW QVOTu[ .ZIVKQ[ *IKWV MV MT LM[IZZWTTW LMTIZM^WT]KQ~VQVL][\ZQIT*IKWVKZMILWZLMTI\MWZyILMTIQVL]KKQ~VN]MMTXZQUMZWMVXZWUM\MZY]MTITQJMZIKQ~VLMTIP]UIVQLIL[MTWOZIJII\ZI^u[LMTKWVWKQUQMV\W;MOVuTI\ZI^u[LMTIKQMVKQIMTPWUJZMITKIVbIZyITINMTQKQLIL]VN]\]ZWM[XTMVLWZW[WTWOZIVLW[]XMZIZMV\ZMW\ZW[ TW[UITM[LM TIXWJZMbI-[\I QLMILM TI I]\WTQJMZIKQ~VUI\MZQITI \ZI^u[LMT KWVWKQUQMV\W KWUWIX]V\IMTT~[WNWI][\ZQIKW3IZT8WXXMZKWV[\Q\]a~MTKPQ[XIbWQVQKQITLMTIZM^WT]KQ~VQVL][\ZQITQVOTM[ITIY]MMVXZQUMZIQV[\IVKQIN]M]VIZM^WT]KQ~VTW[~KIaZMTQOQW[I

    4I XZWUM[I LM *IKWV LQKM 8WXXMZ M[\QU]TI TI MUXZM[IaTIKWVIVbIMV[yUQ[UW)TQMV\IITW[PWUJZM[ILMXMVLMZLM[yUQ[UW[MVTIJ[Y]MLILMKWVWKQUQMV\WaLMM[\IUIVMZII QVLMXMVLQbIZ[MLM TI ZM^MTIKQ~VLQ^QVIaLMIV\QO]I[\ZILQKQWVM[*IKWVN]MI[yMTXWZ\ILWZLMTUMV[IRMLM TI 1T][\ZIKQ~VY]MKWZ\~KWV TIKZMMVKQIKZQ[\QIVI \ZILQKQWVIT [MOV TIK]ITPIJyIY]MM[XMZIZ TIW\ZI^QLIXIZILQ[NZ]\IZLMTXWZ^MVQZ)XIZ\QZLM*IKWVMTTMUIXI[~I[MZMTKTn[QKWLQKPWLMY]M,QW[Ia]LIITY]M[MIa]LII[yUQ[UW4IXZWUM[ILMXWLMZaZQY]MbIM[\IJIPMKPIa TI KQ^QTQbIKQ~V M]ZWXMI TI I[]UQ~ M`\MVLQuVLW[MMVMTU]VLWMV\MZW

    -TMRMUXTWLM*IKWVVW[XMZUQ\MMV\ZIZMVTIY]M[MOV8WXXMZ M[ TI QLMILMUIaWZ QUXWZ\IVKQIPQ[\~ZQKI a[QV TI K]ITXWZ KQMZ\W7KKQLMV\MVW [MZyI TWY]M M[PWaaVQ][\MLVQaWM[\IZyIUW[LWVLMM[\IUW[;M\ZI\ILMTIQLMIY]M\IVJQMVM`XZM[~8TI\~VMV[]ITMOWZyILMTIKI^MZVI[MOVTIK]ITTW[[MZM[P]UIVW[XWLMUW[KWVWKMZTI^MZLILIJ[WT]\IQLMIY]MPWa[IJMUW[NIT[IXMZWY]MLMVQ~MTK]Z[WLMTIM^WT]KQ~VWKKQLMV\ITKWUWVQVO]VIW\ZI 8TI\~V TI PIJyI NWZU]TILW MV TI :MXJTQKI LWVLM[W[\]^W Y]M \WLW[ KWVWKyIUW[ TI ^MZLIL IV\M[ LM VIKMZ

    3IZT8WXXMZ4I QV]MVKQILM TI[ QLMI[TW[~KI[MV TIPQ[\WZQILM-]ZWXI MV":M^Q[\I-[\]LQW[8JTQKW[6;IV\QIOW! X!

  • 4INI\ITQOVWZIVKQI

    XMZW Y]M IT TTMOIZ I M[\MU]VLW [QUXTMUMV\M TI WT^QLnJIUW[a[~TW\MVyIUW[QUnOMVM[LQN][I[LMMTTI;M\ZI\IMV\WVKM[[MOV8TI\~VLM]\QTQbIZTIZIb~VXIZI^MZUn[ITTnLM TI[ [WUJZI[a ZMKWVWKMZI[y TI ^MZLIL-[\MWX\QUQ[UWMXQ[\MUWT~OQKWZM[]ZOMMVMT:MVIKQUQMV\WaKWV*IKWVKWUW]VWLM[][Un`QUW[M`XWVMV\M[:MKPIbIVLWMT \ZIJIRWM[XMK]TI\Q^WKWUWN]MV\MLMTKWVWKQUQMV\WM[\WM[TIQLMI[MOVTIK]ITTI^MZLIL[MX]MLMKWVWKMZ[QVVMKM[QLILLMWJ[MZ^IZ TIVI\]ZITMbI*IKWVXZWXWVMTIWJ[MZ^IKQ~VLMTIVI\]ZITMbIKWUWTINWZUILMM[\IJTMKMZTMaM[aKWUWVQKIN]MV\MLMTKWVWKQUQMV\WKQMV\yKW=VI^MbKWVWKQLITI^MZLILXWZM[W[UMLQW[M[\IUMZMKyIIJ[WT]\WZM[XM\W)[y*IKWVVW[~TWZMITQb~]VOQZWMVTI[NWZUI[LMKWVWKQUQMV\WLMTIuXWKI[QVWY]MILMUn[PQbWLMTZM[XM\WXWZTI[^MZLILM[KQMV\yKIUMV\MZM^MTILI[KI[Q]VWJRM\WLMK]T\WY]MVQVOVUQ[\QKQ[UWXWLyILQ[K]\QZKWVTWK]ITQVQKQ~]VIZM^WT]KQ~VKQMV\yKI[QVXZMKMLMV\M[MVTIPQ[\WZQIP]UIVI8IZI>WT\IQZM*IKWVN]M]VWLMTW[Un[OZIVLM[PWUJZM[LMTIPQ[\WZQI]VT~[WNWY]MT]KP~KWV\ZITIQOVWZIVKQILMTI[]VQ^MZ[QLILM[aY]QMVQVI]O]Z~VW[~TWTITW[WNyI[QVW\IUJQuVTINy[QKIM`XMZQUMV\IT;MOV>WT\IQZMQVKT][WTI[\M[Q[LM6M_\WVPIJyIV[QLWaI[]OMZQLI[XWZ*IKWV8IZIMTT~[WNWNZIVKu[TIZMTM^IVKQILM*IKWVMVTIPQ[\WZQIM[OQOIV\M[KI"IV\M[LMuTKI[Q\WLW[TW[LM[K]JZQUQMV\W[PIJyIV[QLWWJZILMTIbIZ

    4I[LW[QLMI[Y]MPM\ZI\ILWJZM^MUMV\MJI[\IZyIVXIZI[MX]T\IZK]ITY]QMZIZO]UMV\WY]MVMOIZITI QUXWZ\IVKQILMTW[QV\MTMK\]ITM[aTI[QLMI[MVMTLM[IZZWTTWLMTIPQ[\WZQIP]UIVI-VTWY]M[QO]MLMM[\IXZQUMZIXIZ\MLMT TQJZW^WaIXZWN]VLQbIZMTIVnTQ[Q[M`XTQKIVLWTINWZUIMVY]MMTU]VLWLMTI[QLMI[aLMTIK]T\]ZI\IVLM[XZMKQILW[XWZTW[[MK\WZM[LMLMZMKPIMV+PQTMWXMZIV[WJZMTI[UMV\M[LMTW[PWUJZM[TI[]aIaTIUyILM\MZUQVIVLW[][IKKQWVM[

    >MZ">WT\IQZM;WJZMMTKIVKQTTMZ*IKWVMV"+IZ\I[TW[~KI[ a W\ZW[ M[KZQ\W[;IZXM5ILZQL! XX

  • )@-43)1;-:

    aWXQVQWVM[IL^QZ\QMVLWLMXI[W[WJZMMTPnJQT][WY]MTIQbY]QMZLIPIKMLMM[\ILQUMV[Q~V

    4ILMZMKPIaMTXMTQOZW[WLM[XZMKQWXWZTITW[WNyI

    )XM[IZLMPIJMZ[]XMZILWPIKM\QMUXWMT]UJZITLMJQMVM[\IZVMKM[IZQW KWUWXIZILMLQKIZUn[ \QMUXW a ZMK]Z[W[I\MUI[QV\MTMK\]ITM[aK]T\]ZITM[V]M[\ZIuTQ\M[WKQITaMKWV~UQKIVWPILM[IZZWTTILW]VQV\MZu[[MZQWXWZNWUMV\IZTWQV\MTMK\]IT6Q [QY]QMZIPI I]UMV\ILW [][\IVKQITUMV\M [][M[N]MZbW[XWZK]T\Q^IZ[MI[yUQ[UITWK]ITY]MLIMVM^QLMVKQIMVU]KPW[KI[W[KWV]VI[QUXTMKWV^MZ[IKQ~V8IZ\QK]TIZUMV\M[WZXZMVLMV\MZM[]T\IMTY]MXMZ[WVIRM[KWVVW\ILW[LMTU]VLWLMTW[VMOWKQW[IJWOILW[MUXZM[IZQW[WXWTy\QKW[LMU]M[\ZMV[MZQW[XZWJTMUI[ITMVNZMV\IZ[MKWV\MUI[Y]M\ZI[KQMVLIVTWY]M0MOMTTTIU~^QLIKWVKZM\IKWUW[QN]MZIV[JQ\IUMV\MIZZWRILW[I]VQVUMV[WanZQLWLM[QMZ\W

    -[\MXZW^QVKQIVQ[UW QV\MTMK\]ITY]MKWV[Q[\M MVKZMMZY]MMTU]VLW[MZML]KMITWY]MKWVWKMUW[M[]VZI[OWKIZIK\MZy[\QKWLMIY]MTTIM\IXIMVTIK]ITTW[\MUWZM[ITQUMV\QKQW[VW[QUX]T[IVIKWVKMV\ZIZ\WLI[V]M[\ZI[MVMZOyI[MVIK]U]TIZZQY]MbI-VMTKI[WLMJ]MVIXIZ\MLMTIuTQ\M KPQTMVI TI []XMZIKQ~VLM TI M\IXIUI\MZQITQ[\I M[IMVY]MLM[M[XMZILIUMV\MT]KPIUW[XWZI[MO]ZIZV]M[\ZI[]J[Q[\MVKQIVW [MPI \ZIL]KQLWIVMVMTLM[IZZWTTWLM]VIKWV[KQMVKQIZMM`Q^IVQUMVW[MV]VKIUJQW[][\IVKQITLMPnJQ\W[ QV\MTMK\]ITM[4WKQMZ\WM[Y]MU]KPW[LM[][QV\MOZIV\M[^Q^MV]VIZMITQLILXW[\UI\MZQITQ[\IMVTW[PMKPW[TIXTI\IaIM[\nXWZTWY]MLMR~LM[MZ]VI]ZOMVKQIXMZWKWV[MZ^IV]VIUMV\ITQLILUI\MZQITQ[\IJI[\IV\MXZQUIZQI[QO]MVXMZ[QO]QuVLWTIKWUW[QN]MZITWUn[QUXWZ\IV\M MV TI ^QLI ;WV TI[UQ[UI[XMZ[WVI[ Y]M T]MOW[]MTMVY]MRIZ[MK]IVLWTI[KW[I[IVLIVUITXMZWY]MVWPIKMVU]KPWXWZKIUJQIZTI[

  • 4INI\ITQOVWZIVKQI

    6WLMJMUW[MVOI}IZVW[ TI[uTQ\M[KPQTMVI[X]LQMVLWLM[\QVIZU]KPy[QUW[Un[ZMK]Z[W[ITKWV[]UWLMK]T\]ZIa [WJZM \WLW I I[]UQZ]V ZWT KZ]KQIT MV TI LMVQKQ~VLMTI[ QLMI[ LWUQVIV\M[ MV TI [WKQMLIL [IT^W PWVZW[I[ M`KMXKQWVM[TMLMRIM[MKIUXWITIQbY]QMZLIA[MTWLMRIKWUWPMUW[LQKPWXWZY]MMVM[\W[KyZK]TW[MTU]VLWLMTI[QLMI[aLMTIK]T\]ZIMVOMVMZITM[LM[XZMKQILWXWZ[MZQV\QT>yK\QUI[LMM[MIZZIQOILWXZMR]QKQW[WVKIZZMZI[]VQ^MZ[Q\IZQI[ KWUW [WKQWTWOyI TW[WNyI KQMVKQI XWTy\QKIPQ[\WZQIIZ\MWIV\ZWXWTWOyITI[Y]M[WVUIT^Q[\I[MQVKT][WTTMOIVI[MZXZWPQJQLI[ITW[R~^MVM[Y]MWKI[QWVITUMV\M[MUIVQM[\IVQV\MZM[ILW[MVMTTI[

    -[\MXWZKQMZ\WM[]VMZZWZOQOIV\M[KWY]M QUXTQKIVWMV\MVLMZTI]\QTQLILaMTXWLMZXWTy\QKWa[WKQITY]M\QMVMVTI[QLMI[K]aW[XZWNM[QWVITM[LMVWUQVILW[QV\MTMK\]ITM[[WVKIXIKM[LMKIUJQIZMTK]Z[WLM TIPQ[\WZQIXIZIJQMVa TI[Un[LM TI[^MKM[XIZIUIT4I^MV\IMVTW[-[\ILW[=VQLW[LMKIUQ[M\I[aX~[\MZ[KWVTIKIZILM5IZ`M`KTIUIVLW"[WZZaO]a[Q\_I[R][\IVQLMIM[U]KPWUn[LMKQLWZILMTWY]MXWLZyIXMV[IZ[MAM[Y]MTI[QLMI[LMM[\MXMZ[WVIRMY]MO][\IJILM[KZQJQZ[MI[yUQ[UWKWUWZI\~VLMJQJTQW\MKIMTXIZILQOUILMTQV\QTLQZyIUW[MV+PQTMQV]aMZWVLMKQ[Q^IUMV\MMV TIPQ[\WZQILM TIP]UIVQLIL\Q}uVLWTILM KZyUMVM[UQ[MZQI[ a I\ZWKQLILM[AVWPIaL]LILMY]M[]TMOILWXMZL]ZII]VY]MKWVW\ZW[ZW[\ZW[PI[\IPWa+WUWuTTMOQWVM[LMXMV[ILWZM[UMVW[KWVWKQLW[PIVNWZUI\MILWMTK]Z[WLMTIPQ[\WZQIKWV\ZQJ]aMVLWI[yILMVQZV]M[\ZI[]MZ\M8WZM[WTIKWUVIZUIKQ~V[MOVTIK]IT TITW[WNyIM[ QV\QTM[M`\ZMUILIUMV\MXMTQOZW[IXWZY]MTITW[WNyITIKQMVKQILMTI[QLMI[XWZTTIUIZTILMITO]VINWZUIWM[\QTW\ZI[KQMVLMITI]\QTQLILXMZWMVVQVOVKI[WM[QV\QT,MPMKPWM[\IQV\QTLQ[KQXTQVIM[TIZM[XWV[IJTMLMTW[Un[OZIVLM[I^IVKM[aLMTI[XMWZM[KI\n[\ZWNM[LMTIPQ[\WZQI

  • )@-43)1;-:

    2IKY]M[5IZQ\IQVMTXMV[ILWZKI\~TQKWUn[QUXWZ\IV\MLMT [QOTW@@ MZI KI\MO~ZQKW MV M[\IUI\MZQI jT MZI ]VKWV^MVKQLWLMY]MTI[QLMI[U]M^MVITW[PWUJZM[aY]MXWZ\IV\WTIT]KPIXWZTI[QLMI[M[ITOWY]MRIUn[[MLMJMLM[K]QLIZ;WJZM TI QUXWZ\IVKQILM TITW[WNyIMV TI^QLILM XMZ[WVI[ KWUW ][\ML a KWUW aW5IZQ\IQV M[ MVNn\QKW"6]M[\ZI[LMKQ[QWVM[XZnK\QKI[LMXMVLMVLMTIXW[\]ZIILWX\ILIIV\M TI[ K]M[\QWVM[T\QUI[ [WJZM TI[Y]MMTXMV[IUQMV\W P]UIVW M[ KIXIb LM XZMO]V\IZ[M 8WZ M[\IZIb~VTW[[Q[\MUI[TW[~KW[Y]MVW[MLQZQOMVPIKQI]VI]\QTQLILaIXTQKIKQ~VXZnK\QKI[XZWL]KMV KWUW QVLQY]uITXZQVKQXQW]VQUXIK\W[WJZMTIPQ[\WZQIP]UIVI

    6Q][\MLVQaWVMKM[Q\IUW[LMLQKIZVW[ITITW[WNyIXIZIY]MM[\ILM\MZUQVMV]M[\ZINWZUILMXMV[IZ*I[\IKWVY]MW\ZW[TWPIOIVaVW[W\ZW[M[\MUW[M`X]M[\W[I[][QLMI[I\ZI^u[LMTITQ\MZI\]ZITI\MTM^Q[Q~VTIXZMV[ITIQOTM[QITI]VQ^MZ[QLILXIZIY]MXMV[MUW[LMKQMZ\IUIVMZIa\WUMUW[KQMZ\I[LMKQ[QWVM[)[yXWZMRMUXTWTIUIaWZyILMTW[KI\~TQKW[V]VKIPITMyLWI;IV\W

  • 4INI\ITQOVWZIVKQI

    TTM^IZI TIXZnK\QKI TWK]ITKWV[\Q\]aM]VIIUMVIbIXMZUIVMV\MaKWVKZM\IXIZIMTJQMVM[\IZLMTI[[WKQMLILM[aLMT[MZP]UIVW1LMWTWOyI[KWUWMTVIKQWVIT[WKQITQ[UWaMTUIZ`Q[UW[WVKTIZy[QUW[MRMUXTW[LMMTTW-VIUJW[KI[W[TIZ]X\]ZIZILQKITKWVTI[QLMI[Y]MPIJyIVXMZUQ\QLWMT XZWOZM[W PIKQI [WKQMLILM[Un[ TQJZM[ aUWLMZVI[ N]MKWVL]KQLWXZQUWZLQITUMV\MXWZXMV[ILWZM[K]aI[V]M^I[\MWZyI[XMVM\ZIZWVXZQUMZW]VQ^MZ[QLILM[aT]MOWM[\Z]K\]ZI[XWTy\QKI[a[WKQITM[)UJI[QLMWTWOyI[KWVKQJQMZWVTIXW[QJQTQLILLMKZMIZU]VLW[XMZNMK\W[I\ZI^u[LMTXWLMZ.]MZWVLWK\ZQVI[K]MZXW[LMXMV[IUQMV\WY]MVW^QMZWVTQUQ\IKQ~VITO]VIMVMTXWLMZLM[][QLMI[aITPIKMZTWKQMZ\IUMV\MLMUW[\ZIZWVLQKPWXWLMZXMZWMV[]LQUMV[Q~VUn[UIKIJZI

    -[\M XWLMZ LM TI[ QLMI[ a LM TI K]T\]ZI KWUW M[XIKQWXIZI LQN]VLQZ QLMI[ M[ ITOW Y]M TI QbY]QMZLI [QMUXZM PI\MVQLWU]aKTIZWLM[LM5IZ`MVILMTIV\M5IZ` KWUW][\MLZMKWZLIZnKZQ\QKIJIITW[T~[WNW[LM[]uXWKIXWZTQUQ\IZ[M[~TWIM`XTQKIZMTU]VLWM[LMKQZXWZVW][IZTITW[WNyIaTI[QLMI[KWUWPMZZIUQMV\ILMXWLMZKWVMTVLMQV]QZ[WJZMTW[QV\MTMK\]ITM[aTI[UI[I[-VTILuKQUI\M[Q[[WJZM.M]MZJIKP TWLQKM[QVZWLMW["4W[T~[WNW[[MPIVTQUQ\ILWIQV\MZXZM\IZMTU]VLWLMLQ^MZ[I[UIVMZI[#LMTWY]M[M\ZI\IM[LM\ZIV[NWZUIZTW

    8IZI Y]QMVM[ [QO]MV ^MZ\QMV\M[ [WKQITQ[\I[ K]ITY]QMZI[MI[]VI\]ZITMbI TITW[WNyIaXWZ\IV\WTI[QLMI[[WV]VQV[\Z]UMV\WLMXWLMZ-VW\ZI[XITIJZI[TI[QLMI[[WVM[MVKQITUMV\M\QTM[a []WJRM\WM[MTXWLMZaVWZMMRIZTI^MZLIL-[\INWZUILMKWVKMJQZTITW[WNyIVW[XMZUQ\MMV\MVLMZXWZY]uTIQbY]QMZLIMRMZKM\IVIJZ]UILWZIPMOMUWVyIMVMTKIUXWLMTWQV\MTMK\]ITaK]T\]ZITITZMLMLWZLMTXTIVM\I"[M\ZI\ILMM[\ZI\MOQI[XIZII[MO]ZIZ[M]VIXTI\INWZUILMXWLMZZMITN]VLIUMV\ITUMV\MXWTy\QKW -[\MI[XMK\WLMTITW[WNyIUIZ`Q[\IXIZMKMKWV\ZILQK\WZQWKWVMTPQ[\WZQKQ[UWY]M

    XZWNM[I4WY]MVWZM[]T\ILQ[K]\QJTMMV\WLWKI[WM[Y]MMTUIZ`Q[UWXZWU]M^M]VIJQMZ\WIK\Q^Q[UWQV\MTMK\]IT

  • )@-43)1;-:

    8MVM\ZIZTIK]T\]ZIM[I[y]VWJRM\Q^WM[\ZI\uOQKWLM\WLW[WKQITQ[\I8WZM[WJ][KIVQVT\ZIZ[MMV\WLWWZLMVLMQV[\Q\]KQWVM[LMUWLWLMM[XIZKQZ[][QLMI[XIZIY]MTIOMV\MY]MTI[QV\MOZIKWUQMVKMIIK\]IZLMIK]MZLWIMTTI[1Z^QVO3ZQ[\WTXMV[ILWZKWV[MZ^ILWZLMVW\IJTMQV]MVKQIMVTW[-[\ILW[=VQLW[VW[IL^QMZ\MY]M]VXMY]M}WKIUJQWMVTW[K]ILZW[QV\MTMK\]ITM[X]MLMXZWL]KQZ\ZIV[NWZUIKQWVM[ZMTM^IV\M[PIKQMVLW[ITaIO]ITWY]MKZMyIUW[Un[[~TQLW)L^QZ\QMVLW[WJZMMTXWLMZQUXMZKMX\QJTMXMZWXW\MVKQITUMV\M TM\ITLM TI[ QLMI[3ZQ[\WTLQKM"4I^MZLILM[Y]MTI[ QLMI[ [WV IJ[WT]\IUMV\M QUXWZ\IV\M[ 4I[UI[Q^I[ aIXIZMV\MUMV\M[~TQLI[QV[\Q\]KQWVM[LMK]ITY]QMZ[WKQMLILMKWV~UQKI[XWTy\QKI[aZMTQOQW[I[M[\nV[QMUXZMIUMZKMLLMTI[QLMI[MVTIKIJMbILMTI[XMZ[WVI[Y]MX]MJTIVM[\I[QV[\Q\]KQWVM[4IQV]MVKQILMTI[QLMI[M[\IVOZIVLMY]M]VUyVQUWKIUJQWMVMTKTQUI QV\MTMK\]ITX]MLM\ZIV[NWZUIZY]Qbn[TMV\IUMV\MXMZWLMUIVMZIQVM`WZIJTM]VIQV[\Q\]KQ~VKWVWKQLIMVITOWQZZMKWVWKQJTM

    4WY]M3ZQ[\WTIL^QMZ\MMVM[\MXI[IRMM[K~UWKQMZ\W[^ITWZM[MQV[\Q\]KQWVM[Y]M[MM[\QUIVN]VLIUMV\ITM[XIZIMT[IVWLM[IZZWTTWLMTI[WKQMLILNIUQTQIQOTM[QI-[\ILWM\K X]MLMV ^MZ[M [JQ\IUMV\M KWV\IOQILI[ XWZ V]M^I[QLMI[WJQMVQLMI[aI[]XMZILI[KMZKMVIVLWMTZM[WZ\M^IT~ZQKW [WJZM MT K]IT LM[KIV[IV=VI QV[\Q\]KQ~V N]VKQWVIJQMVMV TIUMLQLIMVY]M TI u\QKIY]M QV[XQZIIY]QMVM[TI QV\MOZIVM[LMKQZ [][^ITWZM[M QLMI[XMZUIVMKMV^QOMV\M[AXIZIMTTW[MZMY]QMZMLMXMZ[WVI[Y]MLMMVLIVLQKPI[ QLMI[ a ^ITWZM[ XMZUIVMV\MUMV\M LMUIVMZI \ITY]MVW[MIVLM[XTIbILW[XWZIV\Q^ITWZM[8WZM[W3ZQ[\WTTTIUIIXZMWK]XIZ[MLMTW[K]ILZW[QV\MTMK\]ITM[X]M[M[IPyLWVLM\WUIVNWZUIV]M^I[QLMI[Y]M^IVQZZILQIVLW[]\QTUMV\MTI[N]MZbI[[WKQITM[PI[\IPIKMZLMTI[WKQMLILITOWQZZMKWVWKQJTM

    1Z^QVO3ZQ[\WT=\WXQ[UWIV\QO]WaUWLMZVWMV":M^Q[\I-[\]LQW[8JTQKW[6;IV\QIOW! !X

  • 4INI\ITQOVWZIVKQI

    ;QO]QMVLW M[\I TyVMI IZO]UMV\IT XWLMUW[ LMKQZ Y]MTW[XMWZM[MVMUQOW[aITI^MbTW[UMRWZM[O]IZLQIVM[LMTI[ QV[\Q\]KQWVM[ [WV TW[ QV\MTMK\]ITM[)MTTW[UM ZMNMZQZuM[XMKQITUMV\M MV ]V KIXy\]TW IXIZ\M )V\M[UM QV\MZM[IXZWN]VLQbIZMVTI]\QTQLILY]MMTXZWOZM[Q[UWLMQbY]QMZLII\ZQJ]aMITI[QLMI[KWUWNIK\WZUW^QTQbILWZLMUI[I[LMXWLMZ XWTy\QKW X]M[UMXIZMKM Y]M M[ M[MVKQIT XIZI MV\MVLMZ[]WJ[M[Q~VXWZTIPMOMUWVyIK]T\]ZITI[yKWUWTI^MV\IRIY]MPITWOZILWMVM[\IUI\MZQI

    4IQbY]QMZLIaTI[QLMI["MTTMVO]IRMKWUWIZUIXWTy\QKI

    -V MT KIXy\]TW IV\MZQWZ ^QUW[ Y]M XIZI TI QbY]QMZLI TI[QLMI[[WVQV[\Z]UMV\W[Y]M\QMVMVXWZWJRM\W\ZIV[NWZUIZMTU]VLWUMLQIV\MTIIKKQ~VXWTy\QKI-VW\ZI[XITIJZI[XIZIMTXZWOZM[Q[UWTI[QLMI[[WV]VIZUIK]aWWJRM\Q^WM[MTXWLMZ-`XTQY]MUW[]VXWKWUn[M[\MX]V\WaIVITQKMUW[K~UWXQMV[ITIQbY]QMZLIMVM[\IUI\MZQIXIZIMV\MVLMZXWZY]u[][QLMI[IZZI[IVMVTI[WKQMLILAI[IJMUW[Y]MTITW[WNyIM[LMKQZTI[QLMI[[WVN]VLIUMV\ITM[XIZIMT XZWOZM[Q[UW ;MOV MT NZIVKu[ 4]Q[ )T\P][[MZ ]VW LMTW[ QV\MTMK\]ITM[UIZ`Q[\I[Un[KWVVW\ILW[LMT[QOTW@@TI TW[WNyI WZQMV\I IT X]MJTW MV [] T]KPI LM KTI[M[ Ia]LnVLWTMILQ[\QVO]QZMV\ZMTI[QLMI[XWTy\QKI[UWZITM[M[\u\QKI[M\KY]M[]X]M[\IUMV\M TM [QZ^MVaY]MuTKITQKIKWUW TI[ QLMI[ ^MZLILMZI[ a TI[ Y]M VW TM [QZ^MV Y]M[MZyIVNIT[I[!-V\uZUQVW[IK\]ITM[XWLZyIUW[LMKQZ[QO]QMVLWTIT~OQKILMQbY]QMZLIY]MTI[QLMI[KI\~TQKI[XWZMRMUXTWVWTM[QZ^MVITX]MJTWa[WVXWZ\IV\WQLMI[NIT[I[ILQNMZMVKQILMTI[XZWOZM[Q[\I[Y]M[QTM[QZ^MVa[WV^MZLILMZI[,MTIUQ[UIUIVMZIQLMI[KWUWTITQJMZ\ILLMMUXZM[IMTXZQVKQXQWLM[]J[QLQIZQMLILLMT-[\ILW TI

    ! 4]Q[)T\P][[MZ4ITW[WNyIKWUWIZUILMTIZM^WT]KQ~V+]ILMZVW[LMT8I[ILWa8ZM[MV\M

  • !

    )@-43)1;-:

    M`QJQTQLIL TIJWZITa TI ZM[XWV[IJQTQLIL QVLQ^QL]ITMV\ZMW\ZI[[MZyIVQLMI[NIT[I[aXWZ\IV\WXMZR]LQKQITM[XIZIMTX]MJTW8WZMTKWV\ZIZQWQLMI[KWUWTI[MO]ZQLILTIJWZITTIR][\QKQI[WKQITaXZW\MKKQ~VM[\I\IT[MZyIV^MZLILMZI[aJMVMKQW[I[XIZIMTX]MJTW

    8MZWPIaW\ZWI[XMK\WN]VLIUMV\ITMVTIM[\ZI\MOQIXZWOZM[Q[\I Y]M TIUMV\IJTMUMV\M XWKW[ XIZMKMV IL^MZ\QZ ;M\ZI\ILMTMV^MVMVIUQMV\WLMTTMVO]IRMWMVW\ZI[XITIJZI[LM TI QV[\Z]UMV\ITQbIKQ~VY]MPQ[\~ZQKIUMV\MPIPMKPW TIQbY]QMZLILMTW[KWVKMX\W[XIZII[yTI^IZKMZMJZW[ITI[UI[I[-TUQ[UW)T\P][[MZ[MMVKIZOILMM`XTQKIZTW"8WZY]uZIb~VTITW[WNyIT]KPIMV\WZVWITI[XITIJZI['4I[ZMITQLILM[LMTIT]KPILMKTI[M[M[\nVZMXZM[MV\ILI[XWZUMLQWLM QLMI[Y]M [WVZMXZM[MV\ILI[XWZUMLQWLMXITIJZI[-VTIT]KPIXWTy\QKIQLMWT~OQKIaTW[~KITI[XITIJZI[\IUJQuV[WVIZUI[M`XTW[Q^W[KITUIV\M[a^MVMVW[

    )Y]y )T\P][[MZ [W[\QMVM ]VI K]M[\Q~V K]aW IVnTQ[Q[ M[LMUn`QUI QUXWZ\IVKQIXIZIKWUXZMVLMZMTXWLMZLM TI[QLMI[" TI[ZMITQLILM[Y]M][\MLaaWWJ[MZ^IUW[ TI[ZMXZM[MV\IUW[MVV]M[\ZIUMV\MXWZUMLQWLMQLMI[Y]MI[]^MbZMXZM[MV\IUW[][IVLWXITIJZI[-[\WM[ N]VLIUMV\IT4I[XITIJZI[ MT TMVO]IRM KWV[\Q\]aMV MT QV[\Z]UMV\WUMLQIV\MMTK]ITTW[[MZM[P]UIVW[VW[ZMXZM[MV\IUW[MTU]VLW+]IVLW][\MLXQMV[I TW PIKM XZQVKQXITUMV\M I \ZI^u[ LMTTMVO]IRMa[]KIXIKQLILLMMV\MVLMZMTU]VLWM[\nLQZMK\IUMV\MZMTIKQWVILIKWV[]KIXIKQLILLMUIVMRIZMTTMVO]IRM8WZM[W]VILQ[K][Q~VMV\ZMM`XMZ\W[[WJZMNy[QKIY]nV\QKITMZM[]T\IZnKWV\WLI[MO]ZQLILQVKWUXZMV[QJTMAM[Y]MMTTMVO]IRMLMTINy[QKIM[XIZI][\MLaXIZIUy]VTMVO]IRMLM[KWVWKQLWXWZTW\IV\WVW\MVMUW[VQVO]VIXW[QJQTQLILLMMV\MVLMZK~UWN]VKQWVIM[ILQUMV[Q~VLMTU]VLW=[\MLaaW[QVL]LIMV\MVLMZyIUW[UMRWZMTU]VLW[Q[]XQuZIUW[LMNy[QKIY]nV\QKI4WUQ[UW[MIXTQKIXIZITIMKWVWUyITI[WKQWTWOyITIX[QKWTWOyIMTLMZMKPWTIPQ[\WZQIM\K

    1JyLX!

  • 4INI\ITQOVWZIVKQI

    )[yKWUWMTTMVO]IRMVW[TTM^IIMV\MVLMZLM]VI]W\ZINWZUIMTU]VLWLM TIUQ[UIUIVMZIX]MLM TTM^IZVW[IVW MV\MVLMZ VILI W I MV\MVLMZTW LMUIVMZI KWUXTM\IUMV\MNIT[I-[TWY]MWK]ZZMMVMTKI[WLMTI[QLMWTWOyI[4W[ LQ[K]Z[W[ XWTy\QKW[ QLMWT~OQKW[ M[\QTW0Q\TMZ W+I[\ZW]\QTQbIVMTTMVO]IRMaTIK]T\]ZIMVOMVMZITXIZI\ZIV[UQ\QZQLMI[LM\ITNWZUIY]M\MZUQVMVNWZUIVLWXIZ\MLMTTMVO]IRMLMTI[UI[I[)\ZI^u[LMM[\MXZWKM[WTI[XMZ[WVI[[QVLIZ[MK]MV\IUWLQKIV[]KWUXZMV[Q~VLMTU]VLWaXWZ\IV\W[]WXQVQ~VLMTU]VLW,QKPWLMW\ZINWZUI[][KMZMJZW[[WVTI^ILW[9]QMVQVKWZXWZITIT]KPILMKTI[M[MV [] TMVO]IRMXWZMRMUXTW^II QV\MZXZM\IZ TI ZMITQLILKWUWTILM]VKWVQK\WMV\ZMKTI[MLWUQVIV\MaKTI[MM`XTW\ILIMV\ZMMUXZM[IZQWa\ZIJIRILWZAIVW^IIXMV[IZY]MUQMV\ZI[UMRWZTM^IaIITIMUXZM[IUMRWZTM^IIQZIuT[QVWY]M^IKZMMZY]MTWM[\nVM`XTW\IVLWaY]MLMJMXZW\MOMZ[MLMTW[IJ][W[LMY]MM[^yK\QUI

    +WVKMX\W[LMNnKQTI[QUQTIKQ~VaITI^MbLMOZIVKIZOIQLMWT~OQKIaMUW\Q^IKWUWT]KPILMKTI[M[X]MLMV[MZMVM`\ZMUWTM\ITM[^MZLILMZW[M`XTW[Q^W[W^MVMVW[KWUWLMKyI)T\P][[MZ=VI^MbQVKWZXWZILW[KWUWKI\MOWZyILMZMXZM[MV\IKQ~VLMTIZMITQLILMVU]KPW[KI[W[UWLQKIVMTXMV[IUQMV\WaMVKWV[MK]MVKQI TILMKQ[Q~VaIKKQWVM[LM TI[XMZ[WVI[,MIPy TI QUXWZ\IVKQIY]M TW[UIZ`Q[\I[W\WZOIVIKIX\]ZIZXITIJZI["-[\MKWUJI\MTW[~KWXWZTI[XITIJZI[M[]VIXIZ\MLMTKWUJI\MXWTy\QKW4ITW[WNyIUIZ`Q[\ITMVQVQ[\IVWX]MLMZMITQbIZ[]\ZIJIRW\M~ZQKWIJ[\ZIK\W ZQO]ZW[W [Q[\MUn\QKW [QVW KWV TI KWVLQKQ~VLMT]KPIZ\IUJQuVXWZXITIJZI[U]a[IJQI[KWVKMX\W\MWZyILQITuK\QKIITQMVIKQ~VM\Ka[WJZMXITIJZI[U]a[QUXTM[PWUJZM[UI[I[X]MJTWT]KPILMKTI[M[

    )]VY]MX]MLIXIZMKMZITOWKWVN][WM[\M \MUIM[ \IVQUXWZ\IV\MY]MM[KIXIbLMUIZKIZTILQNMZMVKQIMV\ZM]VI[WKQMLILTQJZMY]MI^IVbIa]VIUMVW[TQJZMY]M[MM[\IVKI

    1JyLX

  • )@-43)1;-:

    8WLZyIUW[ [QUXTQKIZ \WLW TW IV\MZQWZ MV MT LQKPW PIaY]MLMKQZ TI[KW[I[XWZ []VWUJZM;QVW[LM\MVMUW[IIVITQbIZTWVW[^IUW[IXMZKI\IZLMY]MM[MLQKPWIX]V\IM`IK\IUMV\M I TWUQ[UWY]M ^MVQUW[ M`XTQKIVLW,MKQZTI[KW[I[XWZ[]VWUJZMM[ZMMRIZTI^MZLILM[LMKQZTW[PMKPW[MVTI[XITIJZI[+]IVLWM[\WVW[MPIKMTI[XMZ[WVI[KIX\IVQLMI[NIT[I[[WJZMTI[KW[I[QLMI[Y]MVW\QMVMVVILIY]M ^MZ KWV TI ZMITQLIL6WPIaUMRWZUIVMZILMTWOZIZY]M TI[XMZ[WVI[IKMX\MVM QVKT][WIXWaMVIJ][W[aIJMZZIKQWVM[Y]MUIVQX]TIZMT TMVO]IRM-[ TWY]MPIKyIVTW[[WKQITQ[\I[KWU]VQ[\I[aTW[[WKQITQ[\I[VIbQ[0Q\TMZXWZMRMUXTWLMKyIY]M[]LQK\IL]ZIMZITI^MZLILMZILMUWKZIKQI [] M[\ILWXWTQKQIT MT ^MZLILMZW M[\ILW KWV[\Q\]KQWVITa [] \QZIVyI TI^MZLILMZI TQJMZ\IL,M QO]ITUWLW;\ITQVPIJTIJILMTILMUWKZIKQI[W^Qu\QKIUQMV\ZI[LMKyIY]M []KWV[\Q\]KQ~VMZITIVQKIKWV[\Q\]KQ~VLMUWKZn\QKIUMV\MXMZNMK\IMVMTU]VLW )KI[WKWVKMX\W[ KWUW M[W[ VW []MVIV NIV\n[\QKW[' 9]QuV XWLZyIWXWVMZ[M I TI KWV[\Q\]KQ~VXMZNMK\IUMV\MLMUWKZn\QKIa I TI ^MZLILMZI TQJMZ\IL'A I[yUQTTWVM[ LM XMZ[WVI[TW[[QO]QMZWVaILUQZIZWVMVMTU]VLWMV\MZWIXM[IZLMY]MTIZMITQLILMZI\W\ITUMV\MTIWX]M[\II TILMKTIZILI"IUJW[MZIV\W\ITQ\IZQ[UW[[IVOZQMV\W[Y]MVILI\MVyIVLMLMUWKZn\QKW[

    ,M[LM T]MOW TIUIVQX]TIKQ~V LMT TMVO]IRM KWUWXIZ\MLMTIT]KPIXWTy\QKIVWM[KW[ILMTXI[ILW-VTWTWKIT\MVMUW[]VKI[WU]aKWVKZM\W"MT

  • 4INI\ITQOVWZIVKQI

    ]VIKI\n[\ZWNMQVKWUXM\MVKQIXWTy\QKINZIKI[WLMT-[\ILWaXMZ[WVI[P]UQTTILI[MV\ZMW\ZI[QLMI[VMOI\Q^I[;Q[MP]JQMZIKIUJQILWMTVWUJZMa[MTMP]JQMZIX]M[\WXWZMRMUXTW;Q[\MUI*QKMV\MVIZQWMVXWKW\QMUXW[MPIJZyITQUXQILWLMTI[UMV\M[LMUQTTWVM[LMXMZ[WVI[OZIVXIZ\MLMTIKIZOILM QLMI[ a MUWKQWVM[VMOI\Q^I[ I[WKQILI[ I TIXITIJZI

  • )@-43)1;-:

    +IXQ\ITQ[UWaR][\QKQI[WKQIT"LW[KI[W[LMMV^MVMVIUQMV\WLMTTMVO]IRM

    0MUW[^Q[\WY]M TWUn[XMTQOZW[WLM TI[UIVQX]TIKQWVM[LMTTMVO]IRMM[Y]Mu[\I[ITUWLQKIZTINWZUIMVY]MTI[XMZ[WVI[ MV\QMVLMV TI ZMITQLIL [WV KIXIKM[ LM \ZIV[NWZUIZ[M MV ]VI TM\IT IZUI XWTy\QKI Y]M XWVM MV ZQM[OW MTJQMVM[\IZLMTI[[WKQMLILM[-[TWY]MXI[IKWVMTKWVKMX\WLMR][\QKQI[WKQITIZUIN]VLIUMV\ITMVMTLQ[K]Z[WXWTy\QKWLMQbY]QMZLIaY]MMV+PQTM[MPIQV[\ITILWLMNWZUI\ZIV[^MZ[IT>MIUW[K~UWWXMZI

    +]IVLWPIJTIVLMR][\QKQI[WKQITTW[XZWOZM[Q[\I[Y]QMZMVLMKQZ]VIKW[IJI[\IV\MLMVQLIaKTIZI" ZMLQ[\ZQJ]QZTIZQY]MbI-TTW[I[]UMVY]MM[QVR][\WY]MPIaILM[QO]ITLILLMQVOZM[W[aXWZM[WLQKMVY]MPIaY]MZMLQ[\ZQJ]QZ)]VY]M I ITO]VW[ XIZMbKI UMLQIVIUMV\M ZIbWVIJTM IXZQUMZI ^Q[\I TI ^MZLIL M[ Y]M M[\W VW ZM[Q[\M MTUMVWZIVnTQ[Q[8ZQUMZWXWZY]MM[QUXW[QJTM[IJMZL~VLMM[\nMTTyUQ\MMV\ZMTW[WKQITUMV\MR][\WMQVR][\W-[QVR][\WY]M]VN]\JWTQ[\IY]MIXMVI[[IJMPIJTIZOIVMY]QVQMV\I[^ MKM[Un[Y]M]VXZWNM[WZLMKWTMOQW'4MY]Q\IUW[XWZTIN]MZbIITN]\JWTQ[\IMV\WVKM[aTMLIUW[ITXZWNM[WZ'+]nV\W[MZyI R][\W Y]Q\IZTM W ' 6W [MZn Y]MMT N]\JWTQ[\IOIVI TWY]MOIVIXWZY]MUQTTWVM[LMXMZ[WVI[IK\]IVLWTQJZMUMV\MPIVLMKQLQLW^MZTW[XIZ\QLW[LM[]MY]QXWKWUXZIZ[][KIUQ[M\I[M[KWOMZTI[UIZKI[Y]Mu[\M XZWUWKQWVI M\K' A [Q MT QVOZM[W LMT N]\JWTQ[\I [MLMJMIY]MUQTTWVM[LMXMZ[WVI[Y]MVQ[MKWVWKMVMV\ZM[yPIVLMKQLQLWTQJZMUMV\MZMKWVWKMZ[]\ITMV\WaM[N]MZbWXIOIVLWXWZTI[I\Q[NIKKQ~VY]MTM[XZWL]KM[]\ZIJIRWLMN]\JWTQ[\I[MX]MLMZMITUMV\MLMKQZY]MM[QVR][\WTWY]MOIVI'7J^QIUMV\MVW

    4TM^MUW[IPWZITIUn`QUILMTIR][\QKQI[WKQITIVQ^MTP]UIVQ\IZQWaXZMO]V\uUWVW[ TW[QO]QMV\M"M[ R][\WY]MPIaIXIy[M[ ZQKW[aXIy[M[XWJZM['6W^IIKWV\M[\IZ]V

  • 4INI\ITQOVWZIVKQI

    XZWOZM[Q[\IVWM[R][\WXWZTW\IV\WTW[XIy[M[ZQKW[\QMVMVY]M LIZTM LQVMZW I TW[ XWJZM[0I[\I IPy TTMOIV 8MZW [Q][\ML\QMVMTIWXWZ\]VQLILTTM^MI]VXZWOZM[Q[\IUn[ITTnaXZMOV\MTM[QM[\IZyILQ[X]M[\WIXZWXWVMZY]M+PQTMLM[\QVM]V\MZKQWLMTWY]MXZWL]KMXIZILWVIZTWI0IQ\yAXWZY]uVW')TILWLM0IQ\y+PQTMM[]VXIy[ZQY]y[QUW;Q[MTMM`QOMITZQKWLMV\ZWLM+PQTMY]MTMLMITXWJZMXWZY]u0IQ\yVWTMX]MLMM`QOQZI+PQTMY]MTMLu')KI[WTW[XWJZM[LMITTnVWUMZMKMVR][\QKQI[WKQIT'

    +WUWX]MLM^MZMTM[TWOIVLMR][\QKQI[WKQITVW\QMVM[MV\QLWM[]VKWVKMX\W^IKyWATWM[XWZY]MK]IVLWPIJTIUW[LMR][\QKQI[QMUXZMVW[ZMNMZQUW[I]VIKWVL]K\IP]UIVI^WT]V\IZQI-[R][\WY]MaWZM[XM\MTIXZWXQMLILLMW\ZWa M[ QVR][\WY]MW\ZWVW ZM[XM\M TIUyI8MZWVWM[ QVR][\W[Q]V \MZZMUW\WLM[\Z]aMUQXZWXQMLILLMM[WKQMZ\IUMV\MVWX]MLWK]TXIZIVILQM4I R][\QKQIM[IV\M\WLW]VIMV\QLILUWZITY]MXZM\MVLMWZQMV\IZVW[IKMZKILMV]M[\ZWLMJMZXIZIKWVTW[LMUn[;MZnQVR][\WMTY]MWJZMXMZR]LQKIVLWI]V\MZKMZWXMZWVWX]MLM[MZQVR][\WITOWY]MVW [M [QO]MLM TI ^WT]V\ILP]UIVI-V KWV[MK]MVKQI VW M[ QVR][\W Y]MPIaIXMZ[WVI[ Y]MVIKMV KWVMVNMZUMLILM[ W MV LM[^MV\IRI MKWV~UQKI XWZ MRMUXTWX]M[MVVQVO]VILMM[I[[Q\]IKQWVM[PIQV\MZ^MVQLWTI^WT]V\ILP]UIVI)Y]yTTMOIUW[ITIM[MVKQILMTXZWJTMUI"TW[[WKQITQ[\I[QV\MV\IVPIKMZXIZMKMZY]MTILM[QO]ITLILLMQVOZM[W[M[QVR][\IaKWUWTIR][\QKQIQUXTQKI^WT]V\ILP]UIVIMV\WVKM[\QMVMY]MPIJMZZM[XWV[IJTM[TW[ZQKW[a^yK\QUI[ LM TI QVR][\QKQI TW[ XWJZM[

  • )@-43)1;-:

    TI MVKIZOILI LM LM\MZUQVIZ TW Y]M [M KWV[QLMZI R][\W WQVR][\WMVK]IV\WILQ[\ZQJ]KQ~VLMJQMVM[aLM QUXWVMZLQKPWXTIVLMLQ[\ZQJ]KQ~VITZM[\WLMTW[QVLQ^QL]W[-[\WT\QUWXTIV\MI]VXZWJTMUIILQKQWVITY]MVWZUITUMV\MXI[ILM[IXMZKQJQLWIXM[IZLM[]OZI^MLIL"ITIJI[MLMTIR][\QKQI[WKQIT[MMVK]MV\ZITIKWMZKQ~VM[LMKQZMT][WLMTI^QWTMVKQI8WZY]MXIZIY]Q\IZTMI][\MLaLIZTMIW\ZWMTOWJQMZVWKTIZIUMV\M TW \QMVMY]MPIKMZXWZ TI N]MZbI# [Q][\MLVWK]UXTMTMXI[IVU]T\I[WTWUM\MVXZM[W8WZTW\IV\WVWTMY]MLIUn[WXKQ~VY]M[WUM\MZ[MI TW[LQK\ILW[LMTII]\WZQLILXMZLQMVLWI[yVW[~TW[]LQVMZWaMVKWV[MK]MVKQIMT\QMUXWY]MQV^QZ\Q~XIZIWJ\MVMZTW[QVWTIXW[QJQTQLILUQ[UILMMTMOQZM[LMKQZ[]TQJMZ\IL

    4W Y]M TW[ XZWOZM[Q[\I[ LM QbY]QMZLI VW MV\QMVLMV M[Y]M TI R][\QKQI [WKQIT W LQ[\ZQJ]\Q^I \MVyI [MV\QLW MV XMY]M}I[ KWU]VQLILM[ XZQUQ\Q^I[ MV Y]M TW[UQMUJZW[ [MMVKWV\ZIJIV KWUXTM\IUMV\M []JWZLQVILW[ MV [] IK\]IZIT QV\MZu[ KWUV a XWZ \IV\W KIZMKyIV LM \WLI TQJMZ\IL,MPMKPWKWUWM`XTQKI0IaMSTW[QUX]T[W[MUWKQWVITM[Y]MPI[\IPWaVW[TTM^IVIKWV[QLMZIZQVR][\I]VIZMXIZ\QKQ~VLM[QO]ITLMTIZQY]MbI[WVZMUQVQ[KMVKQI[LMTXMZyWLWXZQUQ\Q^WMVY]MTW[PWUJZM[NWZUIJIVXMY]M}I[JIVLI[LM KIbILWZM[ ZMKWTMK\WZM[ a Y]M LQ[\ZQJ]yIV LM UIVMZIQO]ITQ\IZQIMT ZM[]T\ILWLM TWWJ\MVQLWMV TI[M`K]Z[QWVM[LMKIbIaZMKWTMKKQ~V8IZITWOZIZM[\ILQ[\ZQJ]KQ~VMY]Q\I\Q^IPIJyI]VII]\WZQLIL]VRMNMY]M[MMVKIZOIJILMLQ[\ZQJ]QZ K]JZQMVLW TI[ VMKM[QLILM[ LM TW[UQMUJZW[ LMTIJIVLI

  • 4INI\ITQOVWZIVKQI

    LMZQY]MbIaJQMVM[\IZV]VKIIV\M[^Q[\W8MZWQVKT][WMVMTKI[WLM\ZQJ][XZQUQ\Q^I[M[LQ[K]\QJTMY]MPIaIM`Q[\QLW]VILQ[\ZQJ]KQ~VR][\ILMTW[ITQUMV\W[aLMUn[JQMVM[LM[]J[Q[\MVKQIX]M[VILIQUXMLyIITRMNM\ZQJITJMVMKQIZI]VW[Un[Y]MIW\ZW[

    4I R][\QKQI [WKQIT ^QWTMV\I LQZMK\IUMV\M TI[ N]MZbI[QUXMZ[WVITM[ LMTUMZKILW aXWZ \IV\W TI TQJMZ\IL,ILWY]MMTUMZKILWVWZM[XWVLMI]VXTIVLMTQJMZILW[QVWIN]MZbI[ M[XWV\nVMI[ Y]M VW [WV WZOIVQbILI[ LMUIVMZIKWV[KQMV\M TW[ ZM[]T\ILW[ Y]M u[\M XZWL]KM [~TW X]MLMV[MZR][\W[8MZW[Q][\MLUM\MTIR][\QKQI[WKQITMV\ZMUMLQWILMUn[LMTIQUXW[QJQTQLILLMLMVQZTWY]MM[R][\WaLMY]M\MVLMZnY]M][IZTIN]MZbIXIZIQUXWVMZTWXI[IITOWXMWZ+]IVLWTII]\WZQLIL\MVOIY]MLMKQLQZIY]QuV\WKIY]u KW[I I Y]QuV KZMM ][\ML Y]M ^I I XZQ^QTMOQIZ' 8]M[WJ^QIUMV\MIIY]MTTW[OZ]XW[LMQV\MZu[TW[]KQMV\MUMV\MXWLMZW[W[KWUWXIZII[MO]ZIZTM[]XMZUIVMVKQIMVMTXWLMZ7^IUW[IKZMMZMVTIQVVQ\I[IJQL]ZyIJWVLILM QUXIZKQITQLILLMXWTy\QKW[aJ]Z~KZI\I['4W[OWJQMZVW[\QMVLMVI [I\Q[NIKMZM[K]LILW[MVMT [TWOIVLM TI R][\QKQI[WKQITIOZ]XW[LMQV\MZu[MVXMZR]QKQWLMTZM[\WLMTI[WKQMLIL)[yM[\MXZWKM[W\ZIV[NWZUILWZLMTWZLMV[WKQITQV[XQZILWMVMTM[XMRQ[UWLMTIR][\QKQI[WKQITM[\nTMRW[LMTWOZIZTWY]MKIJZyIM[XMZIZ"-TX]MJTWMVTI[MO]ZQLILLMY]MKIJMITKIVbIZITOWXIZMKQLWITIR][\QKQI[WKQITPIW\WZOILWITW[OWJQMZVW[XWLMZM[Y]MM[\W[VWX]MLMVVMOIZ[MI]\QTQbIZMVTI[I\Q[NIKKQ~VLMTI[I[XQZIKQWVM[LM]VVUMZW[QMUXZMKZMKQMV\MLM QV\MZM[M[XIZ\QK]TIZM[Y]MI[]^MbPIVIXZMVLQLWI]\QTQbIZMT[u[IUWLMTIR][\QKQI[WKQIT

    ,MM[\MUWLW^MUW[K~UWMTKWVKMX\WLMR][\QKQI [WKQITaTI[XZM\MV[QWVM[LMT[WKQITQ[UWLM]VIXIZ\MKIZMKMLM[QOVQKILWMV[WKQMLILM[UWLMZVI[MVY]MTILQ[\ZQJ]KQ~V

    ;WJZMM[\W^MZ".ZQMLZQKP0IaMS-TI\I^Q[UWLMTIR][\QKQI[WKQITMV":M^Q[\I-[\]LQW[8JTQKW[6;IV\QIOW! !

    .ZQMLZQKP0IaMS,MZMKPWTMOQ[TIKQ~VaR][\QKQI>WT11=VQ~V-LQ\WZQIT5ILZQL!!XX

  • )@-43)1;-:

    LMJQMVM[M[KWV[MK]MVKQILMTI[\ZIV[IKKQWVM[LMUQTTWVM[LMXMZ[WVI[IK\]IVLWTQJZMUMV\MaLMW\ZI[QZ^MXIZIQVKZMUMV\IZMTXWLMZLMTW[OWJQMZVW[aLMOZ]XW[LMQV\MZu[MVXMZR]QKQWLMTZM[\WLMTW[UQMUJZW[LM]VI[WKQMLIL

    7\ZWKI[WMUJTMUn\QKWLMT][WLMXITIJZI[WKWVKMX\W[KWUWIZUIXWTy\QKIPIWK]ZZQLWKWVMTKWVKMX\WKIXQ\ITQ[UW;MOV0IaMSu[\M[~TWN]MMY]QXIZILWKWVTIIV\y\M[Q[LMT[WKQITQ[UWIXIZ\QZLM!I}WMVY]M[MX]JTQK~TIZM^WT]KQWVIZQIWJZILM?MZVMZ;WUJIZ\,MZ5WLMZVM3IXQ\ITQ[U][-VMTTIMTKWVKMX\W[MQLMV\QK~XWZXZQUMZI^MbKWVTW[QV\MZM[M[LMTW[XW[MMLWZM[LMTKIXQ\IT[]X]M[\IUMV\MKWV\ZIZQW[ITW[LMTXZWTM\IZQILW;MQVKWZXWZ~I[yMV]V[WTWKWVKMX\WTIQLMILMT]KPILMKTI[M[-[\I\MZOQ^MZ[IKQ~VLMT\uZUQVWKIXQ\ITQ[UWN]MVMNI[\ITM^IV\IVLW]VIXZWN]VLIIVQUIL^MZ[Q~VMV\ZMY]QMVM[MZIVMVZMITQLIL[][XZQVKQXITM[JMVMKQIZQW[I[IJMZTW[XMZ\MVMKQMV\M[ITXZWTM\IZQILW4IQLMILMTIV\IOWVQ[UWM[MVKQITLMQV\MZM[M[KIZMV\MLM\WLWN]VLIUMV\WXZMVLQ~a[MOMVMZITQb~MVMTU]VLWKWV\ITXW\MVKQIY]MI]VLM[X]u[LM TI/]MZZI.ZyIMVXTMVW[QOTW@@1MT \uZUQVWUIV\QMVM]VI]VQ^MZ[ITKWVVW\IKQ~VLMQVUWZITQLILIXM[IZLM[]ZW\]VLWu`Q\WMVUMRWZIZTI[KWVLQKQWVM[LM^QLILMTI[UI[I[XIZ\QK]TIZUMV\MLMTW[Un[XWJZM[

    -[\W VW[ TTM^I LM ZMOZM[W I TI NWZUI MV Y]M WXMZI MTTMVO]IRMMVV]M[\ZIZMXZM[MV\IKQ~VaR]QKQW[[WJZMTIZMITQLIL :MKIXQ\]TMUW[ MT XZWKM[W" ]VI ^Mb QVKWZXWZILWKWUWKI\MOWZyILMZMXZM[MV\IKQ~VLMTIZMITQLILTIKIZOI[MUnV\QKILMT KWVKMX\WKIXQ\ITQ[UW M[LMKQZ TI[ QLMI[KWUXZMVLQLI[MVuTPIKMV[]\ZIJIRWKWV\ZQJ]aMVLWILMVQZMV]VILM\MZUQVILILQZMKKQ~VTIQV\MZXZM\IKQ~VLMTIZMITQLILLMY]QMVM[ TWPIVQVKWZXWZILWMVM[\MKI[WLMTW[XZWTM\IZQW[

    =\QTQKMUW[ ]VI QUIOMV LMT XWTQ\~TWOW Q\ITQIVW /QW^IVQ;IZ\WZQXIZIM`XTQKIZMTNMV~UMVWY]M^MVQUW[LM[KZQJQMVLW

    .ZQMLZQKP0IaMS4INI\ITIZZWOIVKQI"TW[MZZWZM[LMT[WKQITQ[UW=VQ~V-LQ\WZQIT5ILZQL!!X

  • 4INI\ITQOVWZIVKQI

    ,QKM ;IZ\WZQ LMRIVLW MV M^QLMVKQI TI \nK\QKI XZWOZM[Q[\IY]MZMTI\IJI)T\P][[MZaY]M[QVL]LIZM[]T\IIUXTQIUMV\MIXTQKIJTMITI[UIVQX]TIKQWVM[QLMWT~OQKI[LMTTMVO]IRM"-TUIZ`Q[UWM[KWUW]VXIZLMOINI[WUMRWZI]VKWUW]VW[IV\MWRW["PIKM^MZMTU]VLW\ITaKWUWTWT\ZIV[][IXZQWZQAMTPMKPWM[Y]MTI[OINI[UIZ`Q[\I[^QIRIVR]V\WITI\MZUQVWTWOyIUIZ`Q[\IKWVMT^WKIJ]TIZQWLMTUIZ`Q[UW5QMV\ZI[[QOIUW[LQKQMVLWXWZMRMUXTWLMUWKZIKQIKIXQ\ITQ[\ITILMUWKZIKQI[MZnMV\MVLQLIaUITMV\MVLQLIKWUW]V[Q[\MUILMLWUQVQWMKWV~UQKWaVWKWUW]VIM[\Z]K\]ZIXWTy\QKI,MTUQ[UWUWLWUQMV\ZI[[QOIUW[LQKQMVLWLMUWKZIKQIJ]ZO]M[IKWV\QV]IZMUW[^QMVLWXWZ\WLW[TILW[KTI[M[a[QVQM[\ZW[QV\MZM[M[LMKTI[MaVW^MZMUW[\WLI[TI[LMUn[KW[I[Y]MKWUXWZ\ITILMUWKZIKQIAI[yQVLMVQLIUMV\M

    ,QNyKQTUMV\M X]MLM M`XTQKIZ[M LM UIVMZI Un[ KTIZI K~UW TI[ QLMI[ Y]M LMVMVV]M[\ZI[ ZMXZM[MV\IKQWVM[UMV\ITM[X]MLMVLM[O]ZIZTIXMZKMXKQ~VY]M\MVMUW[LMTIZMITQLIL4I[QLMI[aTW[KWVKMX\W[Y]MTI[KWUXZMVLMVN]VKQWVIVKWUWOINI[Y]MX]MLMV[MZUn[WUMVW[IR][\ILI[ITI^MZLIL-[\WKWVTTM^IMTZQM[OWLMY]MIVK]IVLWTIZMITQLILQVLQY]M]VIKW[ITIQV\MZXZM\IKQ~VI\ZI^u[LMTI[ QLMI[ QV[\ITILI[X]MLMWXWVMZ[MIJ[WT]\IUMV\MIMTTIOMVMZIVLWKWV[MK]MVKQI[\ZIV[NWZUILWZI[LM[I[\ZW[I[

    -TXWLMZKWV\ZINnK\QKWLMTI[QLMI[

    4WIV\MZQWZVW[XTIV\MI]VIV]M^ILQUMV[Q~VLMTXWLMZLMTI[QLMI[Y]M[WTMUW[LM[K]QLIZIXM[IZLM[]MVWZUMXW\MVKQITLM[\Z]K\Q^WI[IJMZ"u[\I[X]MLMVa[]MTMV[MZUn[KWV^QVKMV\M[aXWLMZW[I[Y]MTW[UQ[UW[PMKPW[-TKI[WLMTIIVQUIL^MZ[Q~VLMTW[XZWTM\IZQW[XIZIKWVMT[Q[\MUIKIXQ\ITQ[\IY]MTW[JMVMKQIJIaMTM[\QOUILMQVUWZITQLIL

    /QW^IVVQ;IZ\WZQ4ILMUWKZIKQILM[X]u[LMTKWU]VQ[UW)TQIVbI5ILZQL!!XX

  • !

    )@-43)1;-:

    Y]MIVXM[I[WJZMMTKIXQ\ITQ[UWIXM[IZLM[MZMT[Q[\MUIUn[ M`Q\W[W LM TI PQ[\WZQI P]UIVI VW[ MV[M}I Y]MLMXZWL]KQZ[M]VIKWVNZWV\IKQ~VMV\ZMQLMI[aPMKPW[TI[QLMI[X]MLMVXMZNMK\IUMV\MXZM^ITMKMZIV [QMVLWKWUXTM\IUMV\MNIT[I[8WLZyIUW[LMVWUQVIZIM[\ILQUMV[Q~VLMTXWLMZLMTI[QLMI[KWUWXWLMZKWV\ZINnK\QKW

    =VMRMUXTWKI[QXI\WT~OQKWLMM[\MXWLMZ KWV\ZI NnK\QKWLMTI[QLMI[TWKWV[\Q\]aMTINMY]MXWTy\QKW[MQV\MTMK\]ITM[[WKQITQ[\I[UIV\]^QMZWVL]ZIV\MLuKILI[MVTW[ZMOyUMVM[KWU]VQ[\I[IXM[IZLMPIJMZZM[]T\ILWLM[LMMTXZQVKQXQWMV]VKWUXTM\WNZIKI[WMKWV~UQKWa[WKQITaLMPIJMZM[KZQ\W]VWLMTW[KIXy\]TW[Un[I\ZWKM[LMTIPQ[\WZQIP]UIVI8IZI2MIV.ZIVtWQ[:M^MTM[IY]yLWVLMLMJMUW[ZMQV\ZWL]KQZMTXIXMTLMTI[ZMXZM[MV\IKQWVM[UMV\ITM[MVTIPQ[\WZQIMV\MVLQMVLWXWZZMXZM[MV\IKQWVM[UMV\ITM[IY]MTTI[Y]MVWXZWKMLMVLMTIZMITQLIL"4I[QLMI[U]M^MVITU]VLW[WJZM\WLWTI[UITI[;Q\WLW[TW[R]QKQW[[WJZMTIZMITQLIL M[\]^QMZIV [IKILW[LM MTTI [Q \WLW[ [MP]JQMZIVKWVNZWV\ILWTMITUMV\MKWVMTTIMTKWU]VQ[UWP]JQMZIL]ZILWUMVW[LM[MQ[[MUIVI[

    :M^MT\WKI]VI[XMK\WKTI^MMVTILQ[K][Q~V"TI[QLMI[VW[WVVMKM[IZQIUMV\MXZWL]K\WLM TI ZMITQLILaUMVW[IV[WVKWVNZWV\ILI[KWVMTTIXIZIMNMK\W[LMUMLQZ[]^MZIKQLIL-[M[MQZZMITQ[UWTWY]MPIKM\IV[ML]K\WZI[aITUQ[UW\QMUXW\IVXMTQOZW[I[IKQMZ\I[QLMI[ITM`\ZMUWLMXWVMZMVRIY]M[Q[\MUI[Y]MPIVLMUW[\ZILW[MZM`Q\W[W[MVTIXZnK\QKIKWUWXWLZyIWK]ZZQZXMZNMK\IUMV\MMV+PQTM7K]ZZQ~KWVTIOMVMZIKQ~VLMT Y]MKWVLMV~MTKIXQ\ITQ[UWLMUWKZn\QKWWKKQLMV\ITM`XZM[IVLW[]ILUQZIKQ~VXWZMT[Q[\MUIZMITUMV\M NZIKI[ILWY]MMZIMT [WKQITQ[\I-VM[\MKI[WITQO]ITY]MMVMTLMTKIXQ\ITQ[UWZMTI\ILWXWZ0IaMSMTLQ^WZKQW MV\ZM TI ZMITQLIL a TI[ QLMI[ \MZUQV~ ZM[WT^QuVLW[MMV NI^WZ LM TI[ T\QUI[>MIUW[ TI M`XTQKIKQ~V LM:M^MT"

    2MIV.ZIVtWQ[ :M^MT-T ZMVIKQUQMV\W LMUWKZn\QKW 8TIbI a 2IVM[ -LQ\WZM[ *IZKMTWVI!!X

  • 4INI\ITQOVWZIVKQI

    4II][MVKQILMZMTIKQ~VMV\ZMTIZMITQLILaV]M[\ZIM[\QUIWV]M[\ZWLM[XZMKQWXWZMT [Q[\MUIXWTy\QKWY]M TMLINWZUIM[NZMK]MV\MK]IVLWMT[Q[\MUIM[J]MVWTWUQ[UWY]MK]IVLWM[UITW6]VKIY]Qbn[ \]^WUMRWZu`Q\W]V\QXWLMWZOIVQbIKQ~V[WKQITKWUWMTKIXQ\ITQ[UWLMUWKZn\QKWMV\ZM!a! 6]VKIVQVOVW\ZWPIJyIIXWZ\ILW\IV\I XZW[XMZQLIL I \IV OZIV VUMZW LM OMV\M I XM[IZLMTI[KZQ[Q[a\IV\IR][\QKQIIXM[IZLMTI[LM[QO]ITLILM[MV KWUXIZIKQ~V KWV MT XI[ILW KWUWKWV MT ZM[\WLM TI[[WKQMLILM[KWV\MUXWZnVMI[A[QVMUJIZOWL]ZIV\M\WLWM[\M XMZyWLW MT KIXQ\ITQ[UWa TI LMUWKZIKQI [M [QV\QMZWVK]T\]ZITUMV\M^MVKQLW[-V[]N]MZWQV\MZQWZTW[UQMUJZW[LMM[\I[WKQMLILQVKT][WTW[Y]MVWMZIVVQKWU]VQ[\I[VQUIZ`Q[\I[VQ[WKQITQ[\I[W[WKQITLMU~KZI\I[W[IJIVIXMVI[KZMMZMVMTTIaMV[][LQ[K]Z[W[LMNMVLMZTI4W[LMU~KZI\I[MVOZIVVUMZWIT\QMUXWY]MZMKPIbIJIVMTUIZ`Q[UW[M^MyIVa[MR]OIJIVI\ZI^u[LMTW[WRW[UIZ`Q[\I[\IV\WUn[K]IV\WY]MM[\W[[MPIJyIVIXZWXQILWLMTIML]KIKQ~VaTIK]T\]ZI!

    +WUWKWV[MK]MVKQILMM[\IQV]MVKQIIXTI[\IV\MLMTI[QLMI[UIZ`Q[\I[MVTI[WKQMLILWKKQLMV\ITMV! TIR]^MV\]LLMTI[OZIVLM[KQ]LILM[LMTU]VLWTQJZM[MITb~KWV\ZIMT[Q[\MUIVW[WTIUMV\MXIZILMV]VKQIZ[][LMNMK\W[[QVWKWV^Q[\I[ILM[\Z]QZTMaZMKPIbIZTMMVJTWY]M)PWZIJQMVQV[Q[\M:M^MTMVVQVOVW\ZWUWUMV\WLMTIPQ[\WZQIMVVQVOVW\ZW\QXWLMWZOIVQbIKQ~V[WKQITXI[ILIWXZM[MV\M [MKWV[\I\IJI]VVQ^MTLM^QLIUn[IT\WLM[QO]ITLILM[Y]MN]MZIVPI[\IM[MX]V\WMV^yI[LMZML]KKQ~V]VI[WTQLIZQLILUn[KWUXZMV[Q^I]VITQJMZ\ILKQ^QTUn[ZMIT]VIML]KIKQ~VMV^yI[LM]VIUn[IUXTQILQ[\ZQJ]KQ~VMV\ZMTI[KTI[M[[WKQITM[]VI^QLILMTI[QLMI[TI[IZ\M[LMTI[TM\ZI[LMTIKQMVKQIUn[QVLMXMVLQMV\M[LMK]ITY]QMZKWV\ZWT9]M[QVMUJIZOW]VIOMVMZIKQ~VMV\MZIPIaIXMZKQJQLWM[\IKQ^QTQbIKQ~VKWUW\IVM`MKZIJTMaZMXZM[Q^IY]MUMZMKQMZITI

    ! 1JyLX

  • )@-43)1;-:

    U]MZ\MaY]MVILILMMTTIUMZMKyI[MZ[IT^ILWWUMRWZILWLMNWZUIY]MLMJyI[MZIVQY]QTILIMTTWQUXTQKI]VIV\IOWVQ[UWQV\MOZITMV\ZMTWQLMITaTWZMITMV\ZMTIM`XMZQMVKQI^Q^QLIa TI \ZIL]KKQ~V QV\MTMK\]ITLMM[\IM`XMZQMVKQI.QVITUMV\M:M^MTLM[\IKI]VI[XMK\WLMZMTM^IVKQIOQOIV\M[KI" +]IVLW XMV[IUW[ Y]M TW[ ZM^WT\W[W[ LM ! ^MVyIVMV[]UIaWZXIZ\MLM TI[OZIVLM[]VQ^MZ[QLILM[aLMTI[OZIVLM[M[K]MTI[LM7KKQLMV\MM[LMKQZY]MXW[MyIVTW[UMRWZM[VQ^MTM[LMKWVWKQUQMV\WaIKKM[WITIQVNWZUIKQ~VLMTU]VLW[MUQLMMTIJQ[UWY]MX]MLM[MXIZIZITIK]T\]ZILMTIKWUXZMV[Q~V

    6W^ITMTIXMVIIPWVLIZMVMT\MUIX]M[MTXI[IRMLM:M^MTZM[]T\IJI[\IV\MKTIZWMVK]IV\WITXWLMZY]MX]MLMV TWOZIZ KQMZ\I[ QLMI[ IV K]IVLW u[\I[ [MIV IJQMZ\IUMV\MKWV\ZIZQI[ITIZMITQLIL;yM[VMKM[IZQWZMXIZIZMVMTPMKPWLMY]MNMV~UMVW[KWUWTI[ZM^]MT\I[LMUIaWLMT [MM`XTQKIVXWZ]VILMZZW\IIVQ^MTK]T\]ZITLMIY]MTTI[QLMI[ Y]M ZI\QKIV a LIV [MV\QLW I TI ZMITQLIL M`Q[\MV\MMV]VLM\MZUQVILWKWV\M`\WMKWV~UQKWa[WKQITTWOZIVLW\ZIV[NWZUIZ TI[ ZMXZM[MV\IKQWVM[UMV\ITM[ QVKT][WLM TW[JMVMKQILW[LMT[Q[\MUI8WZM[WTIKWV^QKKQ~VLMY]MTW[PMKPW[JI[\IVXIZIXMZ[]ILQZaUW^QTQbIZW\ZIVY]QTQbIZITI[UI[I[MTLQ[K]Z[W\MKVWKZn\QKWaTIIZZIQOILIKZMMVKQILMY]MMTKWV[]UWM[]VIOIZIV\yILMM[\IJQTQLILM[XMTQOZW[IaNIT[I-[XMTQOZW[IXWZY]MVW[TTM^IILM[K]QLIZMTXQTIZKMV\ZITLM\WLW[Q[\MUIY]MKWV[Q[\MMVMTKWV[MV[WMV \WZVW I LM\MZUQVILI[ QLMI[ a M[ NIT[W XWZY]M KWUWJQMV[M}ITI:M^MTTII][MVKQILMZMTIKQ~VMV\ZMTIZMITQLILa V]M[\ZW R]QKQW ZM[XMK\W I MTTI [M MVK]MV\ZI \IV ^QOMV\MMV IY]MTTW[ [Q[\MUI[ Y]M N]VKQWVIV KWUW MV TW[ Y]MVWN]VKQWVIV-[IM[TIZIb~VXWZTIK]ITKWUWLMKyIUW[Un[I\Zn[[MZMY]QMZMLMTIXMZUIVMV\MLMNMV[IaLQN][Q~VLMIY]MTTI[QLMI[Y]MZI\QKIVa[][\MV\IVTW[PMKPW[AM[M

    1JyLX 1JyL

  • 4INI\ITQOVWZIVKQI

    XZMKQ[IUMV\MPI[QLWKWUWPILQKPWMT \M~TWOW5QKPIMT6W^IS MT \IT~V LM )Y]QTM[ LMT KIXQ\ITQ[UW LMUWKZn\QKWL]ZIV\MUn[LMLW[[QOTW[;QUXTMUMV\MVWPIIXMTILWITM[XyZQ\]TWY]MTWPITTM^ILWINZIKI[IZMV\uZUQVW[K]T\]ZITM[KMLQuVLWTMMTM[XIKQWITI[KWZZQMV\M[XZWOZM[Q[\I[

    -TZWTLMTW[QV\MTMK\]ITM["TIIUMVIbIMVK]JQMZ\I

    0MUW[^Q[\WPI[\IIY]yK~UWTI[QLMI[QV]aMVMVMTK]Z[WLMTW[IKWV\MKQUQMV\W[aMTXWLMZY]M\QMVMVMVK]IV\W IZUI XWTy\QKI+WZZM[XWVLM IPWZI PIJTIZ LMT ZWT Y]MLM[MUXM}IVTW[XZWNM[QWVITM[LMTI[QLMI[M[LMKQZTW[QV\MTMK\]ITM[ KWUVUMV\M \IV LM[XZMKQILW[ MVUMLQW[ LMLMZMKPI-T IVnTQ[Q[ M[ LM []UI QUXWZ\IVKQI XWZY]M VW[XMZUQ\MKWUXZMVLMZ]VILQUMV[Q~VN]VLIUMV\ITLMTXWLMZ [WKQIT Y]M VWZUITUMV\M XI[I LM[IXMZKQJQLI XIZI MTPWUJZMKWUVY]M[~TWQLMV\QKIXWLMZMVMTLQVMZWMTXZM[\QOQWTI\MKVWTWOyIaTIXWTy\QKI;QVMUJIZOWa\IT^MbXZMKQ[IUMV\MXWZY]MV]M[\ZI K]T\]ZIUWLMZVIPIU]T\QXTQKILWKWUWV]VKIITPWUJZMKWUVTI\IZMILMM`IUQVIZTIQV]MVKQIY]MX]MLMVMRMZKMZaLMPMKPWMRMZKMVTW[ QV\MTMK\]ITM[ MV TI^QLILMXMZ[WVI[KWUW][\MLaaWM[Un[ VMKM[IZQI Y]M V]VKI -[ KQMZ\W Y]M MV KI[Q \WLWMTU]VLWTI[UI[I[PIVM`XMZQUMV\ILW[][\IV\Q^I[UMRWZI[ML]KIKQWVITM[MVMTT\QUW[QOTWXMZWXIZMKMJI[\IV\MKTIZWY]MMTTIVWPIOMVMZILW]VI]UMV\WMV[]KIXIKQLILZMM`Q^I"M[\I[[WV\IVXMZUMIJTM[KWUW[QMUXZMITI[QLMI[LMUWLI4I^MZLILM[Y]MTI[UI[I[[WVML]KILI[XIZIXZWL]KQZaVWXIZIZMM`QWVIZITOWY]Mu[\I[RIUn[PIVPMKPWXWZ TW LMUn[-[\WVWY]QMZM LMKQZ Y]M [MIV\WV\I[ a Y]M VW X]MLIV LQ[\QVO]QZ KW\QLQIVIUMV\M MV\ZMTWY]M TI[JMVMKQI a TWY]M TI[XMZR]LQKI [QVWY]MXWZ

    5QKPIMT6W^IS-TM[XyZQ\]LMTKIXQ\ITQ[UWLMUWKZn\QKW-LQKQWVM[

  • )@-43)1;-:

    TIVI\]ZITMbILM[]IK\Q^QLILM[\ZQK\IUMV\MXZWL]K\Q^IVW[WVKIXIKM[LMOMVMZIZQLMI[XZWXQI[VQ\IUXWKWLM^MTIZXWZMTJQMVM[\IZLMIY]MTTI[QV[\Q\]KQWVM[VMKM[IZQI[XIZIMTJ]MVN]VKQWVIUQMV\WLMTI[WKQMLIL

    8MZW^IUW[ITX]V\W+]IVLWPIJTIUW[LMTZWTLMTW[QV\MTMK\]ITM[ XWLMUW[ NWZU]TIZVW[ LW[ XZMO]V\I[ ZMTIKQWVILI[ a ITUQ[UW \QMUXW M[MVKQITUMV\M LQ[\QV\I[ 4IXZQUMZIKWV[Q[\MMVXZMO]V\IZ[MXWZMTZWTLMTW[ QV\MTMK\]ITM[MVK]IV\WIOMV\M[PQ[\~ZQKW[-VW\ZI[XITIJZI[XWZTIXIZ\QKQXIKQ~VWZM[XWV[IJQTQLILY]MXWLMUW[I\ZQJ]QZTM[MVMTLM^MVQZLMTW[IKWV\MKQUQMV\W[PQ[\~ZQKW[

    4I[MO]VLIXZMO]V\IKWV[Q[\MMVZMM`QWVIZMV\WZVWITI N]VKQ~VY]MLMJMZyIVK]UXTQZ TW[ QV\MTMK\]ITM[-[\IXZMO]V\IXWZ[]X]M[\W[MMVK]MV\ZILQZMK\IUMV\MKWVLQKQWVILIITI[KWVKT][QWVM[M`\ZIyLI[LMTIXZQUMZIX]M[[QN]MZIMTKI[WY]MTW[QV\MTMK\]ITM[VW\]^QMZIVVQX]LQMZIV\MVMZUIaWZQVKQLMVKQIMVMTLM[IZZWTTWPQ[\~ZQKWMV\WVKM[MTM`IUMVIKMZKILM[]WJTQOIKQ~VUWZITXIZIKWVTI[WKQMLILXMZLMZyI\WLIZMTM^IVKQI

    +WUMVKMUW[MV\WVKM[LIVLWITO]VI[T]KM[IKMZKILMTZWTLM TW[ QV\MTMK\]ITM[MVMTK]Z[WLM TIPQ[\WZQI;QJQMVM[KQMZ\WTW[IKWV\MKQUQMV\W[PQ[\~ZQKW[QVKQLMVMVTIXMZKMXKQ~V a MT R]QKQW LM Y]QMVM[ TW[ M`XMZQUMV\IV XIZMKMY]MU]KPWUn[ QV]aMMTXMV[IUQMV\WMV TIOMVMZIKQ~VLM LQKPW[ IKWV\MKQUQMV\W[ A TI ZIb~V M[ Y]M KWUW ^QUW[ITKWUMV\IZI5IZQ\IQVMTXMV[IUQMV\WXZMKMLMITIIKKQ~V -[\W [QOVQKI Y]M TI PQ[\WZQI M[ MV XIZ\M QUXWZ\IV\MI]VY]MVWM`KT][Q^IUMV\MMTZM[]T\ILWLMTI[QLMI[XZQVKQXQW[aKWVKMXKQWVM[Y]MLM[IZZWTTITIUMV\MP]UIVITI[Y]MX]M[\I[MVXZnK\QKIOMVMZIVLM\MZUQVILI[\ZIV[NWZUIKQWVM[[WKQITM[,MIPyTIQUXWZ\IVKQIOQOIV\M[KILMM[IK]M[\Q~V[]X]M[\IUMV\MQV\QTY]MM[TITW[WNyIaLMIPy\IUJQuV TIMVWZUMZMTM^IVKQILM TW[ QV\MTMK\]ITM[Y]MKWV[]IK\Q^QLILLMVMVMVOZIVUMLQLIMTK]Z[WLMTIPQ[\WZQI+WV \WLI ZIb~VLMKyIMTT~[WNWaMKWVWUQ[\I QVOTu[ 2WPV

  • 4INI\ITQOVWZIVKQI

    ;\]IZ\5QTTY]MM[ QUXW[QJTMM[\]LQIZ TIPQ[\WZQI[QVMV\MVLMZY]MTITMKKQ~VLILIITIP]UIVQLILXWZKILIuXWKIa[QMUXZMUMVW[XZMKQILILMY]MTITW[WNyIM[XMK]TI\Q^IY]MXIZITW[M[XyZQ\][[]XMZKQITM[XIZMKMKW[I\IVITMRILILMTW[VMOWKQW[LMTI^QLIaLMTW[QV\MZM[M[^Q[QJTM[LMTI[OMV\M[M[MVZMITQLILTIY]MMVM[\MU]VLWMRMZKMUn`QUIQV]MVKQI[WJZMTW[P]UIVW[aTIY]M\IZLMW\MUXZIVW[]Ja]OIK]ITY]QMZIQV]MVKQI[IT^WTI[Y]MMTTIUQ[UILMJMWJMLMKMZ

    >MUW[ TIZMTM^IVKQIY]M5QTTI[QOVII TITW[WNyIaITUQ[UW\QMUXWK~UWKWVKQMZ\WLM[XZMKQW[MZMMZMIIY]MTTW[M[XyZQ\][[]XMZKQITM[QVKIXIKM[LMMV\MVLMZ[]QUXWZ\IVKQIMVTW[I[]V\W[P]UIVW[8IZI5QTTY]MM[KZQJyIMVTI1VOTI\MZZILMT[QOTW@1@M[\IM[]VITMKKQ~VY]MVW[PILILW]VIaW\ZI^ MbTIPQ[\WZQILMTIP]UIVQLILTMKKQ~VY]MPI[QLWTIUMV\IJTMUMV\MQOVWZILI-[LQNyKQTQUIOQVIZ]V TTIUILWUn[LQZMK\WIXZMWK]XIZ[MXWZMTU]VLWLMTI[ QLMI[aIXZM[\IZI\MVKQ~VI TWY]MLQKMVaPIKMV TW[QV\MTMK\]ITM[=VXIZLMLuKILI[LM[X]u[TIPQ[\WZQITMLIZyITIZIb~VV]M^IUMV\MI5QTTY]QMVVWITKIVb~I^MZMTI[KMV[WLMTKWU]VQ[UWaMTVIbQ[UW

    4WXZMWK]XIV\MM[Y]MIVLM[X]u[LM\IVPWZZMVLW[MXQ[WLQW[ TI TMKKQ~V I Y]M [M ZMMZM5QTT VW XIZMKM PIJMZ[QLWMV\MVLQLIAM[\IIZUIKQ~VLM5QTTKWUWLQKM0IaMSVW[M \ZI\ILM]V R]QKQWLMVQLWXWZ[]KWV\M`\WPQ[\~ZQKWaXWZ\IV\WQVIXTQKIJTMMVW\ZI[uXWKI[[QVWLM]VI^MZLILKWV^QOMVKQIMV\WLW[TW[\QMUXW[TWZMKWVWbKIUW[WVW-TUQ[UW0IaMS[MMVKIZOILMM`XTQKIZVW[XWZY]uVWPMUW[[QLWKIXIKM[LMIXZMVLMZTITMKKQ~V"[M\ZI\ILM]VI^MZLIL\IVXWKWMV\MVLQLIXWZY]MTIQV]MVKQILMTW[XMV[ILWZM[IJ[\ZIK\W[MVTIUI[I\IV[WTWWXMZIQVLQZMK\IUMV\M)[y TW[ PWUJZM[ ZIZIUMV\M [IJMV WTM[QUXWZ\I[IJMZ[QTI[QLMI[OMVMZITM[LMTIuXWKIMVY]M 5QTT2;*MV\PIU4WVLWVIVL?M[\UQV[\MZ:M^QM_ MV".ZQMLZQKP0IaMS

    4W[N]VLIUMV\W[LMTITQJMZ\IL=VQ~V-LQ\WZQIT5ILZQL!X .ZQMLZQKP0IaMS4W[N]VLIUMV\W[LMTITQJMZ\ILX 1JyL

  • )@-43)1;-:

    ^Q^MVXZWKMLMVLM)ZQ[\~\MTM[WLM4WKSMLM:W][[MI]WLM5IZ`WLMITOVXZWNM[WZK]aI[WXQVQWVM[M[\]^QMZWVLMUWLIMV\ZMTW[QV\MTMK\]ITM[^MQV\MI}W[I\Zn[4IUIaWZyIRIUn[TMa~TI[WJZI[VQ[QY]QMZIKWVWKQ~TW[VWUJZM[LMTW[I]\WZM[K]aI[KWVKMXKQWVM[MQLMITM[PIVTTMOILWINWZUIZXIZ\MLM[]XMV[IUQMV\W

    -[LMM[\INWZUIQVLQZMK\Ia[]J\MZZnVMIKWUWTW[QV\MTMK\]ITM[TTMOIVITI[UI[I[XWVQMVLWMVKQZK]TIKQ~VLM\MZUQVILI[QLMI[8WZM[WVWM[VMKM[IZQWPIJMZTMyLWI5IZ`XIZILMNMVLMZQLMI[UIZ`Q[\I[KWUW\IUXWKWM[VMKM[IZQWPIJMZTMyLWI;IV\W

  • 4INI\ITQOVWZIVKQI

    TI XZMO]V\I Y]M ^MVQUW[ M`IUQVIVLW6W[ LQKM Y]M TI[QLMWTWOyI[Y]MXZWL]RMZWV \WLW[ TW[ MZZWZM[ a KI\n[\ZWNM[LMT [QOTW@@VW N]MZWV]V TWOZW LM TI[U]T\Q\]LM[ [QVWPIbI}I[LM TW[ [M]LWMZ]LQ\W[ a [M]LW QV\MTMK\]ITM[.]MZWVXZWXIOILI[XWZTI[Kn\MLZI[]VQ^MZ[Q\IZQI[aN]MZWVLQ[MUQVILI[XWZTIXZMV[ITI[VW^MTI[aWJZI[\MI\ZITM[aXWZTI[XMTyK]TI[aTIZILQWj[\I[QLMWTWOyI[KWV\QVI5Q[M[IOZMOIVLW]VLI\WN]VLIUMV\ITLMJMVMTXWLMZY]MPWa\QMVMVITPMKPWLMY]M\WLW[TW[UMLQW[LMKWU]VQKIKQ~V[MPIV^WTKILWI[][XIZ\QLIZQW[a\WLW[[][WXW[Q\WZM[PIV[QLW^QZ\]ITUMV\M[QTMVKQILW[

    9]uZM[XWV[IJQTQLILKIJMMV\WVKM[ITW[QV\MTMK\]ITM[MVTW[OZIVLM[LM[I[\ZM[[WKQITM[LMTIPQ[\WZQIaMVOMVMZITMVMTK]Z[WPQ[\~ZQKW';QO]QMVLWTITyVMILM5QTT0IaMSa5Q[M[W\ZWyKWVWLMTTQJMZITQ[UW3IZT8WXXMZLI]VIZM[X]M[\IY]M QVKT][WXIZMKM M`IOMZILI" VW[W\ZW[ TW[ QV\MTMK\]ITM[PMUW[PMKPWMTUn[\MZZQJTMLI}WL]ZIV\MUQTM[LMI}W[4W[I[M[QVI\W[MVUI[IIVWUJZMLM]VIQLMILM]VILWK\ZQVI]VI\MWZyIW]VIZMTQOQ~VN]MZWVWJZIV]M[\ZIQV^MVKQ~VV]M[\ZILMTW[QV\MTMK\]ITM[

    8WXXMZXWZKQMZ\WVWM`IOMZI+WUWXWKW[uTM[\]LQ~MTQV]RWY]MKQMZ\I[LWK\ZQVI[aKWZZQMV\M[LMXMV[IUQMV\WX]MLMV TWOZIZ MV MT K]Z[W PQ[\~ZQKW6ILQM PI LMRILW MVM^QLMVKQIKWVUIaWZT]KQLMbMTKIZnK\MZ\W\ITQ\IZQWaNITIbLMTUIZ`Q[UWaLM[][XZMK]Z[WZM[QV\MTMK\]ITM[LM[LM8TI\~VPI[\I0MOMT8WXXMZLM[MVUI[KIZ~LM[LM[][WZyOMVM[TI[LWK\ZQVI[PQ[\WZQKQ[\I[LMTI[K]ITM[TIUIaWZM`XZM[Q~VUWLMZVIN]MZWVMTKWU]VQ[UWaMTVIbQ[UW-TPQ[\WZQKQ[UWM[]VI^MZLILMZIXI\WTWOyI QV\MTMK\]ITKWV[Q[\MV\MMVI[]UQZY]MTIPQ[\WZQI[MMVK]MV\ZILM\MZUQVILIXWZTMaM[Y]MX]MLMVaLMJMV[MZLM[MV\ZI}ILI[XWZTI[KQMVKQI[[WKQITM[XMZUQ\QuVLWVW[I[yXZMLMKQZMTN]\]ZWLMTIM^WT]KQ~V

    1JyL 3IZT8WXXMZ-VJ][KILM]VU]VLWUMRWZ8IQL~[*IZKMTWVI!!X

  • )@-43)1;-:

    PQ[\~ZQKI8IZI5IZ`TITMaY]MZQOMTIPQ[\WZQIM[LMKIZnK\MZMKWV~UQKIa[M\ZIL]KMMVTIT]KPILMKTI[M[XWZTI[]XZMUIKyIMKWV~UQKITIY]MPIJZnLM\MZUQVIZQVM^Q\IJTMUMV\MKWVMT\ZQ]VNWLMTIKTI[MXZWTM\IZQIMTMOQLIXWZTIPQ[\WZQIXIZI\ZIV[Q\IZPIKQI]VI[WKQMLILLMIJ]VLIVKQIMQO]ITLIL8IZITW[VIbQ[TI[TMaM[Y]MZQOMVTIPQ[\WZQI[WVLM\QXWJQWT~OQKI[aKWV[Q[\QZnVMVTI[]XMZQWZQLILLM]VIZIbIMTMOQLIXWZTIM^WT]KQ~VXIZILWUQVIZMTU]VLW-VIUJW[KI[W[TITMaPQ[\~ZQKIXMZUQ\MM`XTQKIZMTXI[ILWMTXZM[MV\MaMTN]\]ZW6IbQ[UWaUIZ`Q[UW[MXZM[MV\IVI[yKWUWLWK\ZQVI[KQMV\yKI[LM^ITQLMbQVK]M[\QWVIJTM

    -[ NnKQT QUIOQVIZ TI[ KWV[MK]MVKQI[ Y]M X]MLMV LMZQ^IZ[MLMM[\I[LWK\ZQVI[aMTZQM[OWY]MMVOMVMZITQUXTQKIK]ITY]QMZLWK\ZQVIPQ[\WZQKQ[\IAVWPIaL]LILMY]MM[I[QLMI[LM[IZZWTTILI[XWZ]VITIZOITILMQV\MTMK\]ITM[QV]aMZWVLMKQ[Q^IUMV\MMVMTK]Z[WLMTIPQ[\WZQIMRMZKQMVLW QV]MVKQI[WJZM \WLW\QXWLMXMZ[WVI[LM[LM TI[Un[ML]KILI[ITI[Un[QOVWZIV\M[

    )]VY]MX]MLIXIZMKMZ [WZXZMVLMV\MMTPMKPWLMY]MUMV\M[ XZMXIZILI[ a M[\]LQILI[ [M LMRMV IZZI[\ZIZ XWZQLMI[aLWK\ZQVI[\IV[QVQM[\ZI[TI^MZLILM[Y]MVWM[ITOWXWKWKWUV+WUMV\IVLWTI[^QVK]TIKQWVM[LMTITW[WNyILM0MQLMOOMZKWVTILWK\ZQVIVIbQ/MWZOM;\MQVMZZMITQbI]VIIZUIKQ~VJI[\IV\MZM^MTILWZIMVM[M[MV\QLW"-[]V[MKZM\WI^WKM[LQKMY]M TW[ QV\MTMK\]ITM[LMJQJTQW\MKIaTW[PWUJZM[Y]M[MXI[IV[]^QLIZWLMILW[LMXITIJZI[LM\M`\W[X]MLMVM`XMZQUMV\IZKWVM[XMKQITQV\MV[QLILTI[[ML]KKQWVM[LMTI[XZWX]M[\I[XWTy\QKI[^QWTMV\I[XIZ\QK]TIZUMV\MK]IVLW\IT^QWTMVKQIVW\WKII[]XZWXQIXMZ[WVI .]MZI LM0MQLMOOMZ a XWZ KQMZ\W5IZ` LW[KI[W[MUJTMUn\QKW[MVM[M[MV\QLW[WVMTT~[WNWM`Q[\MVKQITQ[\I NZIVKu[ 2MIV8I]T;IZ\ZMaMTLZIUI\]ZOWITMUnV

    >MZ"3IZT8WXXMZ4I[WKQMLILIJQMZ\Ia[][MVMUQOW[+IXy\]TW /MWZOM;\MQVMZ0MQLMOOMZ.WVLWLM+]T\]ZI-KWV~UQKILM5u`QKW5u`QKW!!!

    X

  • 4INI\ITQOVWZIVKQI

    *MZ\WT\ *ZMKP\ -T XZQUMZW VW [~TW WX\~ XWZ QOVWZIZ TI[I\ZWKQLILM[ LM TI=VQ~V ;W^Qu\QKI M QVKT][W R][\QKIZTI[[QVWY]MLMTQJMZILIUMV\MNIT[QK~TWY]M[IJyILMM[IUI[IKZMLMUMVKQITY]MN]MTI:M^WT]KQ~V+]T\]ZITMV+PQVI-T[MO]VLWN]M]VIJQMZ\WLMNMV[WZLMTI[XWTy\QKI[LMI[M[QVI\W[MTMK\Q^WM[\ITQVQ[\I[aLMTZuOQUMVKWU]VQ[\ILMTI)TMUIVQI7ZQMV\IT

    8MZW VW M[ VMKM[IZQW QZ \IV TMRW[ XWZY]M \IUJQuV MV+PQTMPIa]VOQOIV\M QV\MTMK\]IT NI[KQVILWKWV TI^QWTMVKQI;M\ZI\ILMTUn`QUWWZO]TTWLMTI[ TM\ZI[VIKQWVITM[MTXWM\I8IJTW6MZ]LIY]QMVMTWOQ~IJQMZ\IUMV\MI]VWLM TW[ LQK\ILWZM[ Un[ [IVO]QVIZQW[ a LM[XQILILW[ LM TIPQ[\WZQILM TIP]UIVQLIL MT TyLMZLM TI=VQ~V;W^Qu\QKI2W[MXP;\ITQV)M[\MXMZ[WVIRMK]aIMVNMZUQbIKZ]MTLILM[KWUXIZIJTMKWVTILM0Q\TMZa5IW6MZ]LILMLQK~VQUn[VQUMVW[Y]M]VILM[][KuTMJZM[7LI[MVTIY]MTWMV[ITb~KWUWMTUn[OZIVLMLMTW[PWUJZM[[MVKQTTW[4IILUQZIKQ~VaIXZWJIKQ~VLM6MZ]LIXWZ;\ITQVa [][I[M[QVI\W[MVUI[IM[M`XTyKQ\I-V []+IV\W/MVMZITLM!MTXWM\ILQKM";\ITQVITbITQUXQIKWV[\Z]aMNWZ\QKIXZM[MZ^IUQZIXZW\MOMITQUMV\IXMZW\IUJQuVKI[\QOIAM[\WM[K]IV\WY]MZyILMKQZW[KIUIZILI["PIKMNIT\IMTKI[\QOW4]MOW6MZ]LI[MLMKTIZI]VQVKWVLQKQWVITaWZO]TTW[W [MO]QLWZLMT TyLMZOMVWKQLI";\ITQVQIVW[4TM^IUW[M[\MVWUJZMKWVWZO]TTW;\ITQVQIVW[-[M[\ITIRMZIZY]yILMV]M[\ZW\QMUXW-V[][T\QUW[I}W[TIXITWUI4I8IbTI MZZIV\M ZW[I XMZ[MO]QLI [M LM\]^W MV [][ PWUJZW[ a;\ITQV MT OQOIV\M TI TM^IV\~I TIIT\]ZILM [] NZMV\M)[y^QMZWVTIXIbX]MJTW[LQ[\IV\M[

    :M[]T\IM^QLMV\MITIT]bLM[][M[KZQ\W[a\IUJQuVLM[]\ZIaMK\WZQI XWTy\QKIUIZ`Q[\I Y]M KWUW \IV\W[ W\ZW[ QV\MTMK\]ITM[6MZ]LI [QV\Q~ ]VI NI[KQVIKQ~V QZZM[Q[\QJTM XWZ TI^QWTMVKQI

    ,QKPWTWIV\MZQWZ TIZM[X]M[\IIV]M[\ZI[MO]VLIXZMO]V\IKIMXWZ[Q[WTI4IZM[XWV[IJQTQLILY]MKIJMM[XMZIZ

  • !

    )@-43)1;-:

    LM TW[ QV\MTMK\]ITM[ ^I MVLQZMK\I ZMTIKQ~VKWVMT ZWTY]MLM[MUXM}IVMVTI[WKQMLILaTIQV]MVKQIY]MTWOZIVITKIVbIZ8WXXMZ QVL]LIJTMUMV\M \MVyI ZIb~VK]IVLWLQRWY]MTW[ QV\MTMK\]ITM[[MPITTIJIVLM\Zn[LMU]KPI[LMTI[XMWZM[ \ZIOMLQI[ LM TI PQ[\WZQI a KWUW J]MV TQJMZIT XWZKQMZ\WXMV[IJIY]MTW[ QV\MTMK\]ITM[VW[~TWX]MLMV[QVWY]MLMJMVPIKMZ\WLWTWXW[QJTMXWZM^Q\IZTI[-TZIbWVIUQMV\WLM8WXXMZM[MVM`\ZMUWJn[QKWXMZWVWXWZMTTWLMUMVWZZMTM^IVKQI"LILWY]MTW[QV\MTMK\]ITM[PIV\MVQLW]VI ZM[XWV[IJQTQLIL LM\MZUQVIV\M MVUI[IKZM[ O]MZZI[I[M[QVI\W[aW\ZI[N]MV\M[LMUQ[MZQIP]UIVIM[Y]M\QMVMV TIWJTQOIKQ~VUWZITLMKWZZMOQZMTKIUQVWIVLILWa]\QTQbIZ[]XWLMZXIZIKWV[\Z]QZ]VU]VLWUMRWZ-VM[M[MV\QLWM[U]KPW TWY]MVW[W\ZW[XWLMUW[PIKMZLQKM8WXXMZAXZW[QO]M"+]IVLWLQOWVW[W\ZW[UMZMMZWITW[QV\MTMK\]ITM[I[MZM[P]UIVW[QV\MZM[ILW[MVTI[QLMI[#MVM[XMKQITITW[Y]MTMMVaI^MKM[M[KZQJMV

    4I[ZMM`QWVM[LM8WXXMZZMKQuVKQ\ILI[Y]MM`X][WMV]VIKWVNMZMVKQIMV)TMUIVQIJIRWMT\y\]TW

  • 4INI\ITQOVWZIVKQI

    IK\Q\]LKWUXI\QJTMKWV TI TQJMZ\IL4IUWLM[\QIKWV[Q[\M][IVLW]VIM`XZM[Q~VLM5QTT MVI[]UQZY]M TW[PWUJZM[VW[WVQVNITQJTM[#Y]M[][^MZLILM[MVTIUIaWZXIZ\MVW[WVUn[Y]M^MZLILM[IUMLQI[

    -[\IKWVKQMVKQILMV]M[\ZINITQJQTQLILaLMV]M[\ZI[TQUQ\IKQWVM[ aI XTIV\MILI[ XWZ ;~KZI\M[ \QMVM ]VI KWV[MK]MVKQIu\QKIOQOIV\M[KI"TI\WTMZIVKQI-VM[\W8WXXMZ[MPIKMMKWLM>WT\IQZMXIZIY]QMVTI\WTMZIVKQIMZITIKWV[MK]MVKQI LQZMK\I LM KWV[\I\IZ V]M[\ZI NITQJQTQLIL P]UIVI8MZWILMUn[LMJMUW[[MZPWVM[\W[LMJMUW[I[]UQZV]M[\ZW[MZZWZM[V]M[\ZINITQJQTQLILV]M[\ZIQOVWZIVKQI

    -[\IM[MV\WVKM[TIXZQUMZIWJTQOIKQ~VLM\WLWQV\MTMK\]ITaLM\WLIXMZ[WVIXWLZyIUW[LMKQZ"I[]UQZ[]NITQJQTQLILa[MZPWVM[\W[MVZMKWVWKMZ[][MZZWZM[MQOVWZIVKQI;QVL]LI[QM[\IUn`QUIP]JQMZI[QLW[MO]QLIMTU]VLW[MPIJZyIIPWZZILWNMV~UMVW[KWUWMTVIbQ[UWMTKWU]VQ[UWaXZWJIJTMUMV\M \IUJQuVU]KPI[O]MZZI[ZMTQOQW[I[8MZWILMUn[VW[M^Q\IZyIUW[QVV]UMZIJTM[I\ZWXMTTW[aIOZM[QWVM[MVTI^QLILQIZQI[QIKMX\nZIUW[Y]MVWM[\IUW[MVXW[M[Q~VLMTI^ MZLILaY]MV]M[\ZI[WXQVQWVM[[~TW\QMVMVLMZMKPWIXZM^ITMKMZK]IVLW[WUM\QLI[ITI[ZMOTI[LMTLQnTWOWZIKQWVITPIVLMUW[\ZILW[MZTI[UMRWZM[aMVVQVOVKI[WLMUIVMZILMVQ\Q^I

    )PWZIJQMVKWUWM[WJ^QW[QMUXZMPIJZnQV\MTMK\]ITM[a XWZ \IV\W QLMI[ LM[\Z]K\Q^I[ -[W M[ QVM^Q\IJTM a M[ ]VWLMTW[ZM[]T\ILW[LMTI[WKQMLILIJQMZ\I4ITQJMZ\ILLMY]MLQ[NZ]\IUW[MV7KKQLMV\MXIZIM`XZM[IZVW[MQVNWZUIZVW[\IUJQuVM[MTM[XIKQWXIZIY]M[]ZRIVQLMI[LM[\Z]K\Q^I[8WZMTTW[MZMY]QMZMLMQV\MTMK\]ITM[MVKIZOILW[LMLMNMVLMZM`XTQKIZ ZMQV\MZXZM\IZ a KZMIZ IY]MTTI[ QLMI[ M[MVKQITM[XIZITIKWV[MZ^IKQ~VLM]VI[WKQMLIL[IVIaX]RIV\M-[WM[TWY]MTILMZMKPIVWMV\QMVLMMV+PQTM;QVQV\MTMK\]ITM[Y]M 2WPV;\]IZ\5QTT;WJZMTITQJMZ\IL;IZXM5ILZQL! X! ,MJMIKTIZIZ[MY]MTI\WTMZIVKQIXIZI8WXXMZXWZKQMZ\W\QMVMTyUQ\M[TW[Y]MLQKMVZM

    TIKQ~VKWV[]I]\WKWV[MZ^IKQ~V-V]VIXITIJZIVWXWLMUW[\WTMZIZITW[QV\WTMZIV\M[ 3IZT8WXXMZ-VJ][KILM]VU]VLWUMRWZX

  • )@-43)1;-:

    I[]UIV TILMNMV[ILMT [Q[\MUIMKWV~UQKW TQJMZIT IVQ^MTLMQLMI[aVW[~TWIVQ^MT\uKVQKWVWPIaVILIY]MPIKMZ-TNZIKI[WIVQ^MTK]T\]ZITLMT[Q[\MUIKIXQ\ITQ[\IVWM[PWaU]aLQ[\QV\WITWY]MMZIMV\QMUXW[LMTI[ZM^]MT\I[LMT 4I^MZLILM[Y]MVWX]MLMLIZ[MXWZ[MV\ILWY]MTIMKWVWUyITQJMZITMV+PQTMTTMO~XIZIY]MLIZ[MaY]MXWZ\IV\WVW ZMY]QMZMLMO]IZLQIVM[UMVW[IVMV]VKWV\QVMV\MKWUW)UuZQKI4I\QVIY]M [QMUXZM TIPILM[XZMKQILW^Q[KMZITUMV\M4IM^WT]KQ~VLMTM[Y]MUITQJMZITLMTILuKILILMTW[WKPMV\IITM[Y]MUIQV\MZ^MVKQWVQ[\ILMVM[LMTW[VW^MV\IMVILMTIV\MM[]VI[M}ITKTIZIMVM[M[MV\QLW6W[M[\IUW[P]VLQMVLWMV TIUMLQWKZQLILM[\I\Q[\IaM[W[MLMJMMVOZIVXIZ\MIY]MIVQ^MTK]T\]ZITMT[Q[\MUITTIUILWNIT[IUMV\MVMWTQJMZITPI NZIKI[ILWAM[\MNZIKI[WKWUWLQRW5QKPIMT6W^IS[WJZMMTKIXQ\ITQ[UWVWPI[QLWLM\MZUQVILWXWZ]VIKWVR]VKQ~VLMI[\ZW[MVMT KQMTW [QVWY]MM[]V ZM[]T\ILWLMT QV\MTMK\W TWY]MY]QMZMLMKQZY]MTW[ZM[XWV[IJTM[LMM[\MNZIKI[W[WVTW[K][\WLQW[LM[]M[XyZQ\]M[LMKQZTW[QV\MTMK\]ITM[KTuZQOW[aMVOMVMZITY]QMVM[\ZIV[Q\IVMVMTU]VLWLMTI[QLMI[

    4I[QLMI[KWUWNIK\WZLMXZWOZM[W"MTUW\WZWK]T\WLMTKIXQ\ITQ[UW

    )[yKWUWTI[QLMI[X]MLMVP]VLQZVW[\IUJQuVX]MLMV[IKIZVW[ILMTIV\M=VM`KMTMV\MIVnTQ[Q[[WJZMTIOQOIV\M[KIQUXWZ\IVKQI Y]M \QMVMV TW[ ^ITWZM[ a TI[ KZMMVKQI[ MV MTXZWOZM[W LM TI[ [WKQMLILM[ TW KWV[\Q\]aM TI KuTMJZM WJZILMT [WKQ~TWOWaMKWVWUQ[\IITMUnV5I`?MJMZ4I u\QKIXZW\M[\IV\MaMTM[XyZQ\]LMTKIXQ\ITQ[UW-VMTTI?MJMZXTIV\MIY]MMTLM[IZZWTTWLMTKIXQ\ITQ[UWWKKQLMV\ITY]M[MXIZ~TIMKWVWUyI LWUu[\QKI LM TI QVL][\ZQI a LM[IZZWTT~ TI KWV\IJQTQLILZIKQWVITN]MMTZM[]T\ILWLMKQMZ\W[^ITWZM[IK]}ILW[T]MOWLMTXZWKM[WLM:MNWZUIY]M\]^WT]OIZMVMT

    5QKPIMT6W^IS7X+Q\X

  • 4INI\ITQOVWZIVKQI

    [QOTW@>1aLMTK]IT[]ZOQMZWVTI[ZMTQOQWVM[XZW\M[\IV\M[-VKWV\ZI[\MKWVTIKWVKMXKQ~VY]MQUXMZIJIPI[\ITINMKPITWXZWXQWaM[XMKyKWLMTI:MNWZUI[MOV?MJMZM[MTPIJMZIKMV\]ILWMTUI\Qbu\QKWaI]UMV\ILW TIXZQUIZMTQOQW[I KWVKMLQLI IT \ZIJIRW MV MTU]VLW ZIKQWVITQbILWMVXZWNM[Q~V!?MJMZM`XTQKIY]MMVIY]MTTW[X]MJTW[MVY]M[MM`XIVLQ~MTXZW\M[\IV\Q[UWaIM`Q[\yI]VIKQMZ\IKWVKMXKQ~VZMTQOQW[ILMTIXZWNM[Q~VY]M[M^MKTIZIUMV\MZMMRILIMVTI[XITIJZI[ITMUIVIJMZ]N aMVTIQVOTM[IKITTQVOY]MXWLZyIV [MZ \ZIL]KQLI[ KWUWTTIUIUQMV\W-VTIu\QKIXZW\M[\IV\MMT\ZIJIRW[MMV\QMVLMWZQOQVITUMV\MKWUW]VTTIUILWLMKIZnK\MZLQ^QVWY]MVWX]MLM[MZLM[I\MVLQLW

    =VWLMTW[XZQUMZW[M[KWTTW[Y]M\]^WY]MMVNZMV\IZMTKIXQ\ITQ[UWN]MTIUMV\ITQLIL\ZILQKQWVITQ[\I-T\ZILQKQWVITQ[UWKWV[Q[\yIMVKQMZ\I[KZMMVKQI[aPnJQ\W[Y]M[MMVKWV\ZIJIV IZZIQOILW[ MV TI uXWKI XZMKIXQ\ITQ[\I M[MVKQITUMV\MWX]M[\W[ITIu\QKILMT\ZIJIRWaTIIK]U]TIKQ~VLMZQY]MbI=VKI[WQT][\ZI\Q^WLMM[\M\ZILQKQWVITQ[UW[M}ITI?MJMZ[MLQWMVTIMKWVWUyIIOZyKWTI+WVMTVLMQVKZMUMV\IZMTZMVLQUQMV\WMV\QMUXW[LMKW[MKPITWY]MZM[]T\IJIKZy\QKWXIZIVWLMRIZ TIXZWL]KKQ~VI TI []MZ\MLMTI[^IZQIJTM[KTQUn\QKI[U]KPW[MUXZM[IZQW[IOZyKWTI[I]UMV\IZWV TW[ [ITIZQW[ XWZ ]VQLIL KW[MKPILI ;M M[XMZIJI Y]M KWV M[W TW[ WJZMZW[ KW[MKPIZyIVUn[ ]VQLILM[XIZIOMVMZIZQVOZM[W[M`\ZIWZLQVIZQW[MVXWKW\QMUXW;QVMUJIZOWWK]ZZQ~M`IK\IUMV\MTWKWV\ZIZQW8IZI[WZXZM[ILMTW[MUXZM[IZQW[IOZyKWTI[MTITbILM[ITIZQW[XWZ]VQLILKW[MKPILIVWI]UMV\~[QVWY]MLQ[UQV]a~MTZMVLQUQMV\WLMTW[WJZMZW[Y]QMVM[MVT]OIZLMQVKZMUMV\IZ[]XZWL]K\Q^QLIL TI ZML]RMZWV a IKWUWLIZWV IT V]M^W [ITIZQW\ZIJIRIVLW[~TWPI[\I\MVMZ[]KQMV\MXIZIUIV\MVMZ[]M[\QTWLM^QLI\ZILQKQWVIT4IIXMTIKQ~VIT[MV\QLWLMTT]KZWLMZQ^~I[yMV]VKWUXTM\WNZIKI[W

    ! 5I`?MJMZ4Iu\QKIXZW\M[\IV\MaMTM[XyZQ\]LMTKIXQ\ITQ[UW;IZXM5ILZQL! X!

  • )@-43)1;-:

    )LQNMZMVKQILMM[MM[XyZQ\]\ZILQKQWVITQ[\IZUMUMV\M IZZIQOILW MV TI \ZILQKQ~V LM TI uXWKI TW[UW^QUQMV\W[XZW\M[\IV\M[IV\Q \ZILQKQWVITQ[\I[MV\ZM TW[Y]MVW[MKWV\IJIXZWXQIUMV\MMT T]\MZIVQ[UWXZWUW^yIVVW[~TWMTKIZnK\MZZMTQOQW[WLMT\ZIJIRW[QVWTIQLMILMTIXZMLM[\QVIKQ~V;MOVM[\IQLMI,QW[PIJyILM[\QVILWLM[LM]VXZQVKQXQWIITO]VW[PWUJZM[I[MZKWVLMVILW[ITIU]MZ\MUQMV\ZI[W\ZW[[MZyIV[IT^ILW[aOWbIZyIVLMTI^QLIM\MZVI8IZITIV]M^ILWK\ZQVIXZW\M[\IV\MTW[KWVLMVILW[VWXWLyIV [MZIa]LILW[VQXWZ [IKMZLW\M[VQXWZ QOTM[QIITO]VI a \IUXWKW XWLyIV [IT^IZ[M XWZ [][ WJZI[ -[\IJIV[QUXTMUMV\MXMZLQLW[4IVQKIUIVMZILMLM[K]JZQZ[QTWY]MM[XMZIJIIKILIK]ITMZITI[IT^IKQ~VMZIMTMRMZKQKQWUM\~LQKWa[Q[\MUn\QKWLMT\ZIJIRWXZWNM[QWVIT-TPWUJZM[MZyIQV[\Z]UMV\WLMTXWLMZLQ^QVWa[]\ZIJIRW]VINWZUILMPWVZIZI,QW[aLMIa]LIZITOuVMZWP]UIVW-VM[MKWV\M`\WMTu`Q\WMVTIXZWNM[Q~VKWV[\Q\]yI]VI[M}ITMVMT[MV\QLWLMTIOZIKQILQ^QVIM[LMKQZ]VIXZ]MJILMPIJMZ[QLWMTMOQLWXIZITI[IT^IKQ~V4WUQ[UW[MIXTQKIJIITITIJWZLMMUXZM[IZQW)LQNMZMVKQILMTIKWVKMXKQ~VXI]TQVILMTIIK]U]TIKQ~VLMTIZQY]MbIY]MTI^MyIKWUWITOWXMKIUQVW[WXIZI MTXZW\M[\IV\Q[UWM[\I MZI MT ZM[]T\ILWLMT K]UXTQUQMV\W LM ]V LMJMZ KWV,QW[" Y]QMV X]LQMVLWIK]U]TIZ ZQY]MbIVW TWPIKyI QVK]UXTyI]VUIVLI\WLQ^QVW-[\MV]M^WMVNWY]MXZWZQY]MbIQJIIKWUXI}ILWLM ]V NuZZMW I[KM\Q[UW LMZQ^ILW LM TIUM\WLQbIKQ~V LMTI ^QLIXZWNM[QWVIT KWUWVQKW KIUQVWXIZI WJ\MVMZ WKWVZUIZTIOZIKQILQ^QVI-[MI[KM\Q[UWY]MMVTIKWVKMXKQ~VKZQ[\QIVIIV\MZQWZ[MXZIK\QKIJI[~TWXWZTW[UWVRM[IQ[TILIUMV\MMVTW[UWVI[\MZQW[N]MLM[IZZWTTILWXWZMT XZW\M[\IV\Q[UW KWUW ]V [Q[\MUI LM ^QLI XIZI KQ^QTM[;]WJRM\Q^WN]MTIZIKQWVITQbIKQ~VLMTIKWVL]K\IM[LMKQZKIXIKQ\IZITW[PWUJZM[MVTIIZUIKQ~VLM[][UW\Q^W[KWV[\IV\M[ML]KnVLWTW[MV[]XMZ[WVITQLIL-VM[MUIZKWTIZQY]MbI[~TWMZIUITIK]IVLWQVKQ\IJIITIXMZMbIW

  • 4INI\ITQOVWZIVKQI

    ITOWKMLM \WLW[ TW[XTIKMZM[Y]MMTTIXWLyIWNZMKMZ \MVLMVKQI Y]M MZI MT XZQVKQXIT MVMUQOW LM TI ^QLI I[Ku\QKIaZIKQWVIT-TKWV[]UWMZIK]QLILW[IUMV\MZM[\ZQVOQLWaTILMNMV[ILMT \ZIJIRWKWUWWJTQOIKQ~VLQ^QVI TTMO~I \ITX]V\WY]MQVKT][W[MXMV[IJIY]MMTZQKWY]MVW\ZIJIRIJIVWLMJyI \MVMZ LMZMKPW I KWUMZ X]M[ QVK]UXTyI KWV []UIVLI\WLQ^QVW=VXI[IRMLM:QKPIZL*I`\MZXZMLQKILWZX]ZQ\IVWY]M?MJMZKQ\IMV[]WJZIZM[]T\IJI[\IV\MM[KTIZMKMLWZZM[XMK\WITIKWVKMXKQ~VXZW\M[\IV\MLMTIZQY]MbIaMT\ZIJIRW-T\M`\WLQKMTW[QO]QMV\M";Q,QW[W[U]M[\ZI]VKIUQVWY]MW[^IIXZWXWZKQWVIZUn[ZQY]MbIY]M[QO]QMVLWKIUQVWLQ[\QV\WaTWZMKPIbnQ[XIZI[MO]QZMTY]MW[MVZQY]MKMZnUMVW[XWVuQ[WJ[\nK]TW[I]VWLMTW[VM[LM^]M[\ZI^WKIKQ~VKITTQVOaW[VMOnQ[I[MZILUQVQ[\ZILWZM[LM,QW[aIIKMX\IZ[][LWVM[XIZI]\QTQbIZTW[MV[][MZ^QKQWK]IVLWjTW[TWM`QOMAT]MOWIL^QMZ\M"8WLuQ[\ZIJIRIZXIZI[MZZQKW[VWXIZIXWVMZT]MOW^]M[\ZIZQY]MbIIT [MZ^QKQWLM^]M[\ZI [MV[]ITQLILa^]M[\ZW[XMKILW[[QVWXIZIPWVZIZKWVMTTII,QW[

    ,MM[\INWZUITIV]M^Iu\QKIXZW\M[\IV\MVW[~TWZWUXQ~KWVMT\ZILQKQWVITQ[UWMVMT [MV\QLWLM QV\MZXZM\IZMT \ZIJIRW KWUW ]V UIVLI\W LQ^QVW [QVW Y]M ILMUn[TMOQ\QU~ TI IK]U]TIKQ~V LM ZQY]MbI Y]M PI[\I MV\WVKM[\MVyI ]VI KWVVW\IKQ~V XMKIUQVW[I MV TI \ZILQKQ~V KI\~TQKI-[\WXWZ[]X]M[\W[QOVQK~]VIZM^WT]KQ~VLM[LMMTX]V\WLM^Q[\IXZWL]K\Q^W)TITQJMZIKQ~VLMTM[XyZQ\]LMT]KZWLM \WLI[[][ \ZIJI[[M[]U~MTKIZnK\MZI[Ku\QKWLMTIu\QKIXZW\M[\IV\MUIVQNM[\ILWMV]VIZM[\ZQKKQ~VLZn[\QKILMTKWV[]UW\WLW TWK]ITLMZQ^~KWUWZM[]T\ILWMVTIIK]U]TIKQ~VLMKIXQ\ITAKWUWI[]^Mbu[\MVWXWLyIOI[\IZ[MQV\QTUMV\MMV\WVKM[[~TWXWLyI[MZQV^MZ\QLWKWVVM[XZWL]K\Q^W[U]T\QXTQKnVLW[MIVUn[XIZIXI[IZ[MLMOMVMZIKQ~VMVOMVMZIKQ~V

    1JyLX! 1JyLX!

  • )@-43)1;-:

    -V[yV\M[Q[XWLMUW[ZM[]UQZMTM[XyZQ\]LMTKIXQ\ITQ[UWKWUW TI ^ITWZIKQ~V u\QKI LMT \ZIJIRW QVKM[IV\M ZMITQbILW[Q[\MUn\QKIUMV\MMVTIXZWNM[Q~VTIY]MKWV[\Q\]aMITI^MbMTUMLQWI[Ku\QKW[]XMZQWZaTIVQKIKWUXZWJIKQ~V[MO]ZIa^Q[QJTMLMTII]\MV\QKQLILLMTINM,MTWIV\MZQWZ[M[QO]M]VIKWVKT][Q~VY]MXWLZyI[MZJI[\IV\M[WZXZMVLMV\MXIZIU]KPW[LM[LM MTX]V\WLM^Q[\I ^IT~ZQKW" MT KIXQ\ITQ[UW KWUW [M}ITI MTUQ[UW?MJMZVILI \QMVMY]M^MZKWVMTINnVLMT]KZWQTQUQ\ILW[QVW\WLWTWKWV\ZIZQW"M[\MLMJMZyIKWV[QLMZIZ[MXZMKQ[IUMV\MKWUWMTNZMVWWXWZTWUMVW[TIUWLMZIKQ~VZIKQWVITLMM[\MQUX]T[WQZZIKQWVITT]KZI\Q^W)Y]QMVM[MV\WVKM[KITQKIJIVITKIXQ\ITQ[UW KWUW TI TW[WNyI LM TI I^IZQKQI?MJMZ ZM[XWVLMY]Mu[\MM[MTQLMITLMTPWUJZMPWVZILWaLQOVWLMKZuLQ\WaZMK]MZLIY]MKIXQ\ITQ[UWMV\MVLQLWKWUWIUJQKQ~VLM[UMLQLIM`Q[\Q~MV+PQVI1VLQIa*IJQTWVQIMV\ZMW\ZI[ZMOQWVM[LMTU]VLW

    -TKI[WLMT[]ZOQUQMV\WLMTKIXQ\ITQ[UWKWUWZM[]T\ILWLMTI[QLMI[ZMTQOQW[I[LWUQVIV\M[MV[M}IY]MTI[KZMMVKQI[a^ITWZM[X]MLMV [MZU]KPWUn[XWLMZW[W[Y]MMTUMZWQV\MZu[QVLQ^QL]ITMV\MVLQLWKWUW]VIMK]IKQ~VMV\ZMKW[\W[ a JMVMKQW[ a Y]M XWZ \IV\W I LQNMZMVKQI LM TW Y]MXTIV\MIVKQMZ\I[LWK\ZQVI[MKWV~UQKI[MT[MZP]UIVWVW[MU]M^MM`KT][Q^IUMV\MXWZQVKMV\Q^W[

    )[yKWUWMVMT[WKQITQ[UWN]MZWVTI[QLMI[K]T\Q^ILI[XWZTMOQWVM[LMQV\MTMK\]ITM[TI[Y]MIUMVIbIZWVKWVLM[\Z]QZTIKQ^QTQbIKQ~VWKKQLMV\ITMVMTKIXQ\ITQ[UWN]MZWVTI[QLMI[aKZMMVKQI[LM[IZZWTTILI[IXIZ\QZLMTI:MNWZUIIK]}ILI[XWZ]VITIZOITILMXMV[ILWZM[ZMTQOQW[W[aTIQKW[TWY]MXMZUQ\Q~^MVKMZMT\ZILQKQWVITQ[UWaKIUJQIZVITUMV\MTI[QWVWUyIMKWV~UQKIaK]T\]ZITLM7KKQLMV\M

    1JyLX 1JyLX

  • 4INI\ITQOVWZIVKQI

    4INITIKQILMTW[QVKMV\Q^W[

    4INIT[IKZMMVKQI[MOVTIK]ITV]M[\ZWKWUXWZ\IUQMV\WM[KI[Q M`KT][Q^IUMV\M MT ZM[]T\ILW LQZMK\W LM QVKMV\Q^W[ M[JI[\IV\MM`\MVLQLIMVKyZK]TW[LMLMZMKPI*QMVX]M[\W[TW[QVKMV\Q^W[LQKMVTI[XMZ[WVI[[MQVKTQVIZnVIIK\]IZLMUIVMZIMKQMV\MaXZWL]K\Q^I-[\WTWWyUW[ILQIZQWLMXIZ\MLMMUXZM[IZQW[MKWVWUQ[\I[aXWTy\QKW[MVV]M[\ZWXIy[

    )]VY]MM[\MMVNWY]MMKWV~UQKWLMTIKWVL]K\IP]UIVI[QVL]LIM[JI[\IV\MIKMZ\ILW\IUJQuVXZM[MV\I[MZQI[QV[]KQMVKQI[4IUn[M^QLMV\MM[Y]MVWI[QOVIVQVOVZWTZMTM^IV\MITI[QLMI[aTW[^ITWZM[KWUWNIK\WZM[LMKQ[Q^W[LMTIKWVL]K\IP]UIVI;QUXTMUMV\MI[]UMY]MM`Q[\QMVLWKQMZ\I[KWVLQKQWVM[LM QVNWZUIKQ~V TIXMZ[WVIWJZIZnVMKM[IZQIUMV\MJ][KIVLW[I\Q[NIKMZ[] QV\MZu[)[yMT [MZP]UIVW[QMUXZMIK\]IZyI[WJZMTIJI[MLM]VKnTK]TWLMKW[\W[KWV\ZIJMVMKQW[

    6W^IUW[IZMXM\QZTWY]M[MPIM`X]M[\WMVKIXy\]TW[IV\MZQWZM[ZM[XMK\WITINWZUIMVY]MTI[QLMI[aTW[^ITWZM[LMVMVTIIKKQ~VP]UIVIX]M[PIY]MLILWJI[\IV\MKTIZW*I[\IKWVZMKWZLIZMTMRMUXTWLM?MJMZ[WJZMTIUMV\ITQLIL\ZILQKQWVITQ[\IXIZIMV\MVLMZY]MMT[MZP]UIVWVW[MZML]KMI]VIKITK]TILWZIIVK]IVLWKQMZ\IUMV\MPIaJI[\IV\MLMM[WaY]MU]KPI[^MKM[TITMK\]ZIMQV\MZXZM\IKQ~VY]MPIKMLMTU]VLWX]MLM QVKT][W QVKTQVIZ[]KWVL]K\IMV]VILQZMKKQ~VY]MTWXMZR]LQY]MLM[LMMTX]V\WLM^Q[\ILM[]QV\MZu[

    ,W]OTI[6WZ\PXZMUQW6WJMTLMMKWVWUyIY]MPI[QLW]VOZIVKZy\QKWLMTMVNWY]MMKWV~UQKWLMTIKWVL]K\IP]UIVIIZUIY]MTW[UWLMTW[UMV\ITM[Y]MO]yIVTI\WUILMLMKQ[QWVM[LMTI[XMZ[WVI[[WVUn[KWUXTMRW[a[M^MVLQZMK\IUMV\MQV]MVKQILW[XWZ^IZQIJTM[QLMWT~OQKI[aZMTQOQW[I[I[yKWUWXWZXZMR]QKQW[aUQ\W[LM\WLW\QXWTWY]MM[VMKM[IZQWMVKI][IZMVQV[\Q\]KQWVM[LMUWLWLMPIKMZ^QIJTM MT UMZKILW" TI[ QLMI[ QLMWTWOyI[ UQ\W[ LWOUI[

  • )@-43)1;-:

    a XZMR]QKQW[ \QMVMV QUXWZ\IVKQI XWZY]M LM[MUXM}IV ]VXIXMTKTI^MMVTI\WUILMLMKQ[QWVM[aTW[KW[\W[LM\ZIV[IKKQ~V \MZUQVIV PIKQMVLW Y]M TW[ UMZKILW[ [MIVU]aQUXMZNMK\W[WY]M[QUXTMUMV\MVWM`Q[\IV

    -VW\ZI[XITIJZI[TI[QLMI[UQ\W[aXZMR]QKQW[[WVKIXIKM[LMIVQY]QTIZMTUMZKILW[QVWM`Q[\MVQV[\Q\]KQWVM[KIXIKM[LMKIVITQbIZTI[ILMK]ILIUMV\M-[\W\QMVMXIZ\QK]TIZQUXWZ\IVKQIMVTW[UMZKILW[XWTy\QKW[LQKM6WZ\PX]M[MVMTTW[ZM[]T\IU]aLQNyKQTUMLQZTWY]M[MQV\MZKIUJQIaXWZ\IV\WM`QOQZMTK]UXTQUQMV\WLMTWXZWUM\QLWXWZTWY]MMTVQ^MTLMKWQVKQLMVKQIMV\ZMTW[QV\MZM[M[LMTMTMK\WZaTI[XWTy\QKI[IXTQKILI[M[UyVQUW,ILITIQUXMZNMKKQ~VLMM[MUMZKILWTWY]M\MZUQVIXZM^ITMKQMVLWKWUWKZQ\MZQW[LMLMKQ[Q~V[WVM[\MZMW\QXW[QLMWT~OQKW[XZMR]QKQW[aK]M[\QWVM[Y]MXWKW\QMVMVY]M^MZKWVKnTK]TW[LMJMVMKQW[

    -[\W T\QUW ZM[]T\I LM ZMTM^IVKQI OQOIV\M[KI XIZI MV\MVLMZXWZY]uTIQbY]QMZLI[]MTM\ZQ]VNIZMV)UuZQKI4I\QVI6WZ\PVW[I^IVbITIZM[X]M[\I"KWUWTW[MTMK\WZM[VWX]MLMV ZMITUMV\MUMLQZ TI KWVKWZLIVKQI MV\ZM [][ QV\MZM[M[aTI[XWTy\QKI[IXTQKILI[XWZTW[OWJQMZVW[MV\WVKM[ZMK]ZZMVIUQ\W[aM[\MZMW\QXW[ITUWUMV\WLMMTMOQZAM[[IJQLWY]QMVM[[WVTW[KIUXMWVM[LMTIUQ\WTWOyIaMTUIVMRWLMTI[QLMI[I\ZI^u[LMTTMVO]IRM8WZM[WTIQbY]QMZLII]VK]IVLW TWPIOIU]aUITMVMTOWJQMZVW TWOZI [ITQZMTMOQLI]VIaW\ZI^Mb[WJZM TIJI[MLMM[XMRQ[UW[KWUWTIR][\QKQI[WKQITMTLQ[K]Z[WLMTIQO]ITLILa[][]X]M[\IXZMWK]XIKQ~V XWZ TW[ XWJZM[A M[ Y]M KWUWLQKM6WZ\PKWVZUIVLWTI\M[Q[LMTXWLMZKWV\ZINnK\QKWLMTI[QLMI[LM[IZZWTTILIMV]VKIXy\]TWIV\MZQWZ\ITKWUWWK]ZZMKWVTIZMTQOQ~VaKQMZ\I[LWK\ZQVI[XWTy\QKI[TI[QLMWTWOyI[[WVUI\MZQILMNMIV\M[Y]MLMTIZIb~Va[]J[Q[\MVXM[MITI[IJZ]UILWZI[XZ]MJI[MVKWV\ZIZQW

    ,W]OTI[6WZ\P9]uY]MZMUW[LMKQZK]IVLWPIJTIUW[LMZIKQWVITQLIL'MV":M^Q[\I-[\]LQW[8JTQKW[6;IV\QIOW!!X

    1JyLX

  • 4INI\ITQOVWZIVKQI

    AY]uPIaLM TILMZMKPIW TW[ [MK\WZM[VWXZWOZM[Q[\I[ MV M[\M K]ILZW' *]MVW KWUW TI LMZMKPI VW LM[\QVIVQ\QMUXWVQLMUI[QILW[ZMK]Z[W[ITU]VLWLMTI[QLMI[aXQMV[IKI[QM`KT][Q^IUMV\MMV\uZUQVW[LMXZWL]K\Q^QLILKWV^MVKQLILMY]M TW[ [MZM[P]UIVW[VW[UW^MUW[ [~TWXWZQVKMV\Q^W[MV\WVKM[T~OQKIUMV\MVWI\ZIMITI[UI[I[)TVW\ZIV[UQ\QZQLMI[TILMZMKPIVWTWOZIKWVO]ZIZ]VIQLMV\QLILVQXMZTIZ[MKWUWZMNMZMV\M8MWZIV\MZUQVIM[\QOUI\QbILIXWZ TW[UQ\W[aXZMR]QKQW[Y]M TI QbY]QMZLIPnJQTUMV\M\ZIV[UQ\MITI[UI[I[I\ZI^u[LM\MTM[MZQM[LQ[K]Z[W[XWTy\QKW[Kn\MLZI[]VQ^MZ[Q\IZQI[KWT]UVI[LMWXQVQ~VM\K+P]XI[IVOZM[M`XTW\ILWZM[NIKPW[XIZ\QLIZQW[LMTOZIVKIXQ\ITaXQVWKPM\Q[\I[[WVITO]VW[LMTW[KWVKMX\W[KWVY]MI[\]\IUMV\MTIQbY]QMZLIPITWOZILWQLMV\QKIZITILMZMKPIKPQTMVIAIVWMVOI}IZ[MXWZY]MM[I^Q[Q~V\WZKQLIM[XZMKQ[IUMV\M]VILMTI[KWV[MK]MVKQI[LMTLM[XZMKQWLMTILMZMKPIXWZTIK]T\]ZIaTI[QLMI[-[XZWL]K\WLMU]KPW\QMUXW[QVPIKMZ]V\ZIJIRWLMQUIOMV

    )PWZIJQMV [Q TM KZMMUW[I6WZ\PaMT [MZP]UIVWVW[~TW [MU]M^MXWZ QVKMV\Q^W[ LMJMUW[ KWVKT]QZY]M MV MTUMZKILWXWTy\QKW M[XMKQITUMV\M TI[ XZWX]M[\I[ \uKVQKI[VWI\ZIMZnVXWZ[y[WTW[ITI[UI[I[UMVW[IVMVXIy[M[KWVJIRW[VQ^MTM[ML]KIKQWVITM[;MZMY]QMZMLM]VZMTI\WLMNWVLWY]MXZWU]M^IM[\MZMW\QXW[^ITWZM[MQLMI[NI^WZIJTM[ITI[WKQMLILTQJMZMKWUWTI[Y]MLMMVLMVTI[LMZMKPI[MVW\ZI[XIZ\M[LMTU]VLW-[WIa]LIZnIMUXIZMRIZTI[KW[I[MVTIT]KPIXWZTI[QLMI[aMVTIKWV\QMVLIMTMK\WZIT[QVTIXI\u\QKIVMKM[QLILLMM[XMZIZY]M]VOWJQMZVWLMQbY]QMZLI\MZUQVMIZZ]QVIVLWITXIy[XIZI\MVMZWXKQWVM[LMTTMOIZITXWLMZ

    -TXWLMZMTMK\WZITLMTI[QLMI[

    -`Q[\M]VILQZMK\IZMTIKQ~VIXIZMV\MUMV\MQOVWZILIXWZJ]MVIXIZ\MLMTI[uTQ\M[aTW[[MK\WZM[LMLMZMKPIKPQTMVW[

  • !

    )@-43)1;-:

    a TI\QVWIUMZQKIVW[ MV\ZM TI[ QLMI[ \ZIV[UQ\QLI[ a TI LMKQ[Q~VMTMK\WZITLM TI[UI[I[+WV6WZ\P^QUW[Y]M]VILMTI[ZIbWVM[LMM[\IZMTIKQ~VM[Y]MMVMTUMZKILWXWTy\QKW TW[XZMR]QKQW[aM[\MZMW\QXW[ QLMWT~OQKW[KWV[\Q\]aMVTW[KZQ\MZQW[LMLMKQ[Q~VXWZM`KMTMVKQI;QM[IIZUIKQ~VTIIVITQbIUW[ITIT]bLMTKWV\M`\WTI\QVWIUMZQKIVWMVMTY]M+PQTM[MMVK]MV\ZITIZMITQLILM[IVUn[LZIUn\QKI)UuZQKI4I\QVI[MKIZIK\MZQbIXWZ]VIIZZIQOILIUQ\WTWOyIQbY]QMZLQ[\IY]MPIKM\ZMUMVLIUMV\MLQNyKQTMTXZWOZM[W-VXWKI[XIZ\M[LMTU]VLWMTTMVO]IRMTIPQ[\WZQIaTI[QLMI[[MLM[^QZ\IVLMTINWZUIMVY]M[MPIKMMV)UuZQKI4I\QVI a+PQTM VW M[ TI M`KMXKQ~V6W MV\ZIZu MV LM\ITTM[X]M[[WJZMM[\W[MPIM[KZQ\WIJ]VLIV\MUMV\MXMZWLQZuY]M[QMVLWM[\M]VLI\WL]ZWZM[]T\IXIZ\QK]TIZUMV\MIZZQM[OILWWT^QLIZ TILMNMV[ILMTI[ QLMI[a^ITWZM[VMKM[IZQW[XIZIMTXZWOZM[WLMV]M[\ZI[[WKQMLILM[)LQNMZMVKQILMTW[XIy[M[LM[IZZWTTILW[MV+PQTMaMVTW[XIy[M[LMV]M[\ZIZMOQ~VMTXZWaMK\WLMTTMOIZITLM[IZZWTTWXMVLMLM]VNZnOQTPQTWY]MM[TITMOQ\QUQLILXWX]TIZLMTW[[Q[\MUI[MKWV~UQKW[8WZLM[OZIKQIMTTI[]MTM[MZXZWKTQ^MI[Q[\MUI[ LMUIO~OQKW[ a XWX]TQ[\I[ Y]M XZWUM\MV [WT]KQWVM[UnOQKI[I TW[XZWJTMUI[ [WKQITM[LM TW[Y]M [M ZM[XWV[IJQTQbIITVMWTQJMZITQ[UW1LMI[LMM[IM[XMKQMPIV^]MT\WI \WUIZ ^QOWZ MV+PQTM PWZILIVLW TI TMOQ\QUQLIL [WJZMTIY]MLM[KIV[IMT[Q[\MUIMKWV~UQKWY]MaILMUI[QILI[^WKM[IK][IVLMVMWTQJMZITaZM[XWV[IJTMLMZMXZWL]KQZTILM[QO]ITLIL4IU]\IKQ~VLMT-[\ILWPIKQI]VM[Y]MUIQV\MZ^MVKQWVQ[\IJMVMNIK\WZY]MVILI\QMVMY]M^MZKWVTWKWV[\Z]QLWMVTILuKILILMTW[WKPMV\ILIK]MV\ILMM[\MNMV~UMVW,MM[\IUIVMZI TI [WKQMLILKPQTMVIPIKIUJQIVLW TMV\I XMZW QVM`WZIJTMUMV\M a LMVW ZM^MZ\QZ[M TI

    ;WJZMM[\M\MUIX]MLMKWV[]T\IZ[MUQTQJZW-T+PQTMY]M^QMVM;IV\QIOWK]aIXZQUMZIXIZ\MIJWZLIM[\IK]M[\Q~V7\ZW[\M`\W[LMQV\MZu[[WJZMTIUI\MZQI[WV"-TUIV]ITLMTXMZNMK\WQLQW\ITI\QVWIUMZQKIVWLMT^IZW>IZOI[4TW[I+IZTW[)TJMZ\W5WV\IVMZa8TQVQW)X]TMaW5MVLWbI.IJZQKIV\M[LMUQ[MZQILMTW[UQ[UW[I]\WZM[,MTJ]MV[IT^IRMITJ]MVZM^WT]KQWVIZQWLM+IZTW[:IVOMTa+]MV\W[+PQVW[LM)VLZu[7XXMVPMQUMZ

  • 4INI\ITQOVWZIVKQI

    \MVLMVKQITW[MO]QZnPIKQMVLWPI[\IPIKMZ[MQZZMKWVWKQJTM8MZWIV\M[LMMV\ZIZMVTI[KWV[MK]MVKQI[LMTI^IVKMLM

    TI[ QLMI[ M[\I\Q[\I[ IVITQKMUW[ LM[LM W\ZI XMZ[XMK\Q^I TINWZUIMVY]MMTTI[\ZIL]KQLI[MVXWLMZMTMK\WZITPIVQLWMZW[QWVIVLWTITMOQ\QUQLILLMT[Q[\MUIMKWV~UQKWTQJMZITQUXMZIV\MMV+PQTM:WJMZ\,IPTKQMV\Q[\IXWTy\QKWaXZWNM[WZLMTI=VQ^MZ[QLILLMAITMM`XTQKIY]MPIaLQ^MZ[W[NIK\WZM[ Y]M KWVK]ZZMV MV TI NWZUIKQ~V LM KZMMVKQI[ LMTW[QVLQ^QL]W[=VWLMMTTW[M[MTIKKM[WITI[QLMI[8IZI\MVMZIKKM[WI]VIQLMIM[VMKM[IZQWY]MM[\INWZUMXIZ\MLMV]M[\ZWMV\WZVWMVW\ZI[XITIJZI[Y]MVW[^MIUW[M`X]M[\W[IM[IQLMILMUIVMZIUn[WUMVW[ZMO]TIZ-TXMZyWLWKZy\QKWXIZIY]MM[IM`XW[QKQ~V[]Z\IMNMK\W[[MLIMVTIR]^MV\]LLMKILIXMZ[WVIY]MM[MTXMZQWLWLMUIaWZZMKMX\Q^QLIL-VM[MUWUMV\WTIQV]MVKQILMY]QMVM[XZWX]OVIVTI[QLMI[M[LM^Q\ITQUXWZ\IVKQIaKWV\ZQJ]QZnMVJ]MVIXIZ\MILMVQZTI[KZMMVKQI[LMTI[V]M^I[OMVMZIKQWVM[-TKWTMOQWTI]VQ^MZ[QLILaTIQOTM[QIZM[]T\IVI[yLM\MZUQVIV\M[MVY]QMVM[M[\nVMVXMZyWLWLMNWZUIKQ~V)PWZIJQMVTINWZUIKQ~VZMKQJQLIPIZnY]MTI[XMZ[WVI[[MQVKTQVMVXWZ KQMZ\I[XZMNMZMVKQI[XWTy\QKI[ ZMXZM[MV\I\Q^I[LMTI[KZMMVKQI[ILY]QZQLI[MVMTXMZyWLWNWZUI\Q^W,IPTKQ\IMTMRMUXTWLMTIQV]MVKQIY]M\]^QMZWVTI[]VQ^MZ[QLILM[ QVOTM[I[MV TILQN][Q~VaKZQ[\ITQbIKQ~VLM TI[ QLMI[TQJMZITM[ MV MT [Q[\MUI XWTy\QKW LM TI 1VLQI a MV TI[ ]VQ^MZ[QLILM[ QVLQI[ 8IZI,IPT MT [Q[\MUI XWTy\QKW LM \QXWWKKQLMV\ITMVTI1VLQIN]MTIKWV[MK]MVKQILMTINWZUIKQ~VZMKQJQLIXWZQV\MTMK\]ITM[TyLMZM[aLQ^MZ[W[MZ]LQ\W[MVTI[]VQ^MZ[QLILM[QVOTM[I[aTTMOII[W[\MVMZY]M[QMVT]OIZLMPIJMZ M[\ILW M`X]M[\W[ TW[ M[\]LQIV\M[ QVLQW[ I TI[ QLMI[TQJMZITM[ TW P]JQMZIV M[\ILW I QLMI[ IV\QLMUWKZn\QKI[ aIV\QTQJMZITM[LQNyKQTUMV\MMVTI1VLQI[MPIJZyIIJQMZ\WMTIKKM[WI]VIXWTQIZY]yI-VMTKI[WLM+PQTMWK]ZZQ~ITOW[QUQTIZ-T[Q[\MUIMKWV~UQKWTQJMZITQUXTMUMV\ILWMVMT

    :WJMZ\,IPT4IXWTQIZY]yI

  • )@-43)1;-:

    OWJQMZVWUQTQ\IZM[\]^WIKIZOWLMR~^MVM[Y]MPIJyIVM[\]LQILWMKWVWUyIMV]VQ^MZ[QLILM[VWZ\MIUMZQKIVI[N]VLIUMV\ITUMV\MMVTILM+PQKIOW-VM[MT]OIZM[\]^QMZWVM`X]M[\W[ LQZMK\IUMV\M I TI[ QLMI[ LM5QT\WV .ZQMLUIVK]aI NWZUILMMV\MVLMZ TI[XWTy\QKI[XJTQKI[a TIXWTy\QKIMKWV~UQKIMVOMVMZIT QV[XQZ~LQZMK\IUMV\MMTUWLMTWQV\ZWL]KQLWMV+PQTM;QMVT]OIZLM+PQKIOWJWa[TIXWTy\QKIMKWV~UQKIKPQTMVITIP]JQMZIVLMVQLW5W[KJWa[W8IZQ[JWa[RIUn[PIJZyIM`Q[\QLWMTUQTIOZWKPQTMVWaTI QV[\Q\]KQWVITQLIL MKWV~UQKI IK\]IT [MZyIU]a LQ[\QV\II TWY]MKWVWKMUW[.]MM[IXIZ\QK]TIZa ZM^WT]KQWVIZQIKWVKMXKQ~VLMTIMKWVWUyILM[IZZWTTILIXWZTIM[K]MTILM+PQKIOWaIV\M[XWZTIM[K]MTII][\ZQIKILMMKWVWUyITWY]MXMZUQ\Q~I+PQTM[WJZM[ITQZMVTIZMOQ~VAU]KPI[LMM[I[ QLMI[ [WV \IUJQuV TI[ Y]M ZQOMV TI MV[M}IVbILM TIMKWVWUyI MV TI[ ]VQ^MZ[QLILM[Un[ XZM[\QOQW[I[ LMT XIy[PI[\IMTLyILMPWa

    ,MT IZO]UMV\W IV\MZQWZ M[ NnKQT KWVKT]QZ TW XMTQOZW[WY]MZM[]T\IMTLM[XZMKQWXWZTIK]T\]ZIaTINWZUIKQ~VQV\MTMK\]IT4I[WJZI[LM \MI\ZW TW[ TQJZW[ TIML]KIKQ~VMV]VQ^MZ[QLILM[TIU[QKIMTIZ\M\WLWM[WKWV\ZQJ]aM