ICTU Pre-Budget Submission 2012

Irish Congress of Trade Unions

Shifting to Growth & Jobs Pre-Budget Submission 5V]LTILY

*VU[LU[Z

2L` 9LJVTTLUKH[PVUZ MVY )\KNL[

0U[YVK\J[PVU

;OL ,\YVWLHU *VU[L_[

;OL ,JVUVTPJ )HJRNYV\UK

+LSP]LYPUN 1VIZ .YV^[O

;H_H[PVU

>VYR (J[P]H[PVU >LSMHYL

,X\HSP[`

6+(

7YP]H[PZH[PVU

9LMVYTPUN *VYWVYH[L .V]LYUHUJL

(WWLUKPJLZ

< UKLY[HRL HU PU]LZ[TLU[ Z[PT\S\Z VM â&#x201A;¬ IU H `LHY MVY [OYLL `LHYZ [V JYLH[L ZVTL UL^ QVIZ V]LYHSS HUK IVVZ[ .+7 I` WLY HUU\T 0 U[YVK\JL H UL^ [H_ YH[L MVY PUKP]PK\HS PUJVTLZ V]LY â&#x201A;¬ HSVUN ^P[O H >LHS[O ;H_ 7YVMP[HISL JVYWVYH[LZ T\Z[ JVU[YPI\[L TVYL I` YLZ[YPJ[PUN ^YP[L VMMZ HIVSPZO :(97 [HJRSL [H_ M\NP[P]LZ HUK JSHTW KV^U VU L]HZPVU HUK H]VPKHUJL 0 U[YVK\JL [OL -PUHUJPHS ;YHUZHJ[PVU ;H_ ,< JV\U[YPLZ OH]L HSYLHK` HNYLLK [V KV ;OL [H_ JV\SK YHPZL â&#x201A;¬ TPSSPVU HUU\HSS` MVY 0YLSHUK ; OL ,< T\Z[ T\[\HSPZL 0YLSHUK»Z IHUR KLI[Z ^OPJO ^LYL Y\U \W I` WYP]H[L IHURZ +LHS LMMLJ[P]LS` ^P[O [OL 0YPZO 7LUZPVU JYPZPZ ^P[O WVSPJPLZ [OH[ IVVZ[ WLUZPVU [HRL \W HUK WOHZL PU [OL YLMVYT VM Z[H[L WLUZPVUZ YHPZPUN [OL HNL MVY WLUZPVU [HRL \W [V HSSV^ ^VYRLYZ [PTL [V HKQ\Z[ HUK WYLWHYL , _[LUK [OL WLYPVK VM HKQ\Z[TLU[ [V HUK YL]LYZL [OL WSHUULK YH[PV VM ZWLUKPUN J\[Z [V [H_ YPZLZ * VUNYLZZ Z\WWVY[Z 3HIV\Y 4HYRL[ (J[P]H[PVU I\[ P[ T\Z[ IL MHPY HUK MVJ\ZLK VU LUJV\YHNPUN WLVWSL PU[V [OL ^VYRMVYJL HUK UV[ Q\Z[ H ^H` VM THUHNPUN L_WLUKP[\YL J\[Z )YVHKLU [OL HWWYLU[PJLZOPW Z`Z[LT HUK PU[YVK\JL H @V\[O .\HYHU[LL [V OLSW SPUR `V\UN

WLVWSL [V ZRPSSZ [YHPUPUN HUK [OL ^VYRWSHJL 0UJYLHZL [OL LMMLJ[P]LULZZ VM TVUP[VYPUN VM LTWSV`TLU[ Z[HUKHYKZ [V Z[H\UJO [OL OHLTVYYOHNL VM [H_ YL]LU\L ILPUN SVZ[ ILJH\ZL VM TPZN\PKLK W\ISPJ WYVJ\YLTLU[ WYHJ[PJLZ ,MMLJ[P]L WVSPJPLZ HYL ULLKLK [V HKKYLZZ WV]LY[` [YHWZ HUK M\LS WV]LY[` ;OLYL T\Z[ IL MHY NYLH[LY LMMVY[Z [V [HJRSL PULX\HSP[` ;OL UL^ LSPNPIPSP[` JYP[LYPH MVY [OL Z[H[L WLUZPVU MVY L_HTWSL PTWHJ[Z TVZ[ ZL]LYLS` VU ^VTLU ;OL SL]LS VM J\[IHJRZ PU KPZHIPSP[` M\UKPUN [V KH[L ¶ V]LY [OL WHZ[ MV\Y `LHYZ OHZ NVUL [VV MHY HUK T\Z[ IL YL]LYZLK ;OLYL T\Z[ IL UV WYP]H[PZH[PVU VM THQVY PUKPNLUV\Z LU[LYWYPZLZ [V YLWH` [OL KLI[Z VM MHPSLK 0YPZO IHURZ 0UKPNLUV\Z LU[LYWYPZL ZOV\SK IL KL]LSVWLK \UKLY 5L^,YH HUK ILJVTL HU LUNPUL VM [OL YLJV]LY` UV[ L]PZJLYH[LK ; OL MVJ\Z VU W\ISPJ ZLJ[VY YLMVYT OHZ KL[YHJ[LK MYVT [OL ULJLZZP[` [V YHKPJHSS` YLMVYT JVYWVYH[L NV]LYUHUJL PU [OL WYP]H[L ZLJ[VY ^OLYL VIZLZZP]L ZLJYLJ` HUK WLY]LYZL PUJLU[P]LZ HIV\UKLK HUK [OL LTWOHZPZ ^HZ VU KLHS THRPUN YH[OLY [OHU JYLH[PUN ]HS\L ;OPZ T\Z[ ILJVTL H WYPVYP[` [V Z[VW [OL TPZ[HRLZ VM [OL WHZ[ ILPUN YLWLH[LK

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

2L` 9LJVTTLUKH[PVUZ MVY )\KNL[

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

0YLSHUK YLTHPUZ \UKLY [OL ;YVPRH WYVNYHTTL VM HZZPZ[HUJL -PZJHS [HYNL[Z HYL ILPUN TL[ I\[ [OLYL PZ UV YLJV]LY` ;OL 04- UV^ HKTP[Z [OH[ WYVNYHTTLZ VM H\Z[LYP[` HYL IV\UK [V MHPS \USLZZ HJJVTWHUPLK I` TLHZ\YLZ [OH[ Z\WWVY[ LJVUVTPJ NYV^[O! ¸;OL Ã&#x201E;YZ[ SLZZVU PZ [OH[ Ã&#x201E;ZJHS JVUZVSPKH[PVU LMMVY[Z ULLK [V IL JVTWSLTLU[LK I` TLHZ\YLZ [OH[ Z\WWVY[ NYV^[O! Z[Y\J[\YHS PZZ\LZ ULLK [V IL HKKYLZZLK HUK TVUL[HY` JVUKP[PVUZ ULLK [V IL HZ Z\WWVY[P]L HZ WVZZPISL ¹ ;OPZ Z[\K` PZ IHZLK VU [OL 04-»Z HUHS`ZPZ VM `LHYZ VM W\ISPJ KLI[ KLÃ&#x201E;JP[Z 7VY[\NHS YL]LYZLK P[Z WSHU MVY HU PU[LYUHS KL]HS\H[PVU [OYV\NO ^HNL J\[Z HUK PUZ[LHK PZ PUJYLHZPUN [H_LZ 0YLSHUK PZ PU [OL Ã&#x201E;M[O `LHY VM YLJLZZPVU 7VSPJ` PZ JSLHYS` MHPSPUN ;OL ILZ[ ZVS\[PVU PZ [V JOHUNL WVSPJ` UV[ [Y` OHYKLY 0YLSHUK ULLKZ [V WSV[ H UL^ KPYLJ[PVU \UKLY H UL^ LJVUVTPJ HUK ZVJPHS WSHU

1 (Z 5VILS 7YPaL ^PUUPUN LJVUVTPZ[ (THY[`H :LU OHZ VIZLY]LK! ¸;OL TVYHS HWWLHS VM H\Z[LYP[` PZ KLJLW[P]LS` OPNO ºPM P[ O\Y[Z P[ T\Z[ IL KVPUN ZVTL NVVK» I\[ P[Z LJVUVTPJ PULMMLJ[P]LULZZ OHZ ILLU JSLHY H[ SLHZ[ ZPUJL 2L`ULZ»Z KLI\URPUN VM º[OL YLTLK` VM H\Z[LYP[`» PU [OL .YLH[ +LWYLZZPVU VM [OL Z ^P[O \ULTWSV`TLU[ HUK PKSL JHWHJP[` K\L [V H SHJR VM LMMLJ[P]L KLTHUK ¸0[ PZ HSZV ZLSM KLMLH[PUN PU YLK\JPUN W\ISPJ KLÃ&#x201E;JP[Z ILJH\ZL H\Z[LYP[` [LUKZ [V KLWYLZZ LJVUVTPJ NYV^[O ZV YLK\JPUN H NV]LYUTLU[»Z YL]LU\L 4\JO VM [OL ,\YVaVUL OHZ ILLU ZOYPURPUN YH[OLY [OHU L_WHUKPUN ZPUJL [OL PUJLW[PVU VM [OLZL WVSPJPLZ ¹ ;OLZL ^YVUN¶OLHKLK WVSPJPLZ OH]L OP[ THU` WLVWSL OHYK ;OLYL HYL

SLZZ WLVWSL H[ ^VYR UV^ [OHU PU

*VUNYLZZ YLWLH[LKS` ^HYULK [OH[ [OL WLYPVK VM HKQ\Z[TLU[ ¶ PU ^OPJO [V YLK\JL [OL KLÃ&#x201E;JP[ [V VM .+7 ^HZ [VV ZOVY[ HUK ^V\SK PUÃ&#x2026;PJ[ KHTHNL 0UP[PHSS` [OL HKQ\Z[TLU[ WLYPVK ^HZ [V IL VUS` [OYLL `LHYZ [OLU P[ ^HZ L_[LUKLK [V MV\Y HUK P[ PZ UV^ Ã&#x201E;]L )\[ NP]LU [OL WYVSVUNLK LJVUVTPJ HUK WVSP[PJHS JYPZPZ PU ,\YVWL HUK UV WYVZWLJ[Z VM LJVUVTPJ NYV^[O ^L ILSPL]L P[ UV^ ULLKZ [V IL L_[LUKLK [V H[ SLHZ[ ZL]LU `LHYZ [V 0 4- 6J[VILY ,JVUVTPJ 6\[SVVR *OHW[LY ¸;OL .VVK [OL )HK HUK [OL <NS`! `LHYZ VM KLHSPUN [OL W\ISPJ KLI[ V]LYOHUNZ ¹ ,N -PUHUJPHS ;PTLZ :LW[LTILY ¸7VY[\NHS Z^HWZ WH` J\[ WSHU MVY [H_ YPZLZ¹

( :LU .\HYKPHU YK 1\S`

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

0U[YVK\J[PVU

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

7VSPJ` OHZ ILLU JV\U[LYWYVK\J[P]L ^P[O MHSSPUN PUJVTLZ OPNO \ULTWSV`TLU[ HUK KPZHWWLHYPUN W\ISPJ ZLY]PJLZ 0U HKKP[PVU ^L ZH^ UL[ LTPNYH[PVU VM [V (WYPS ;HISL ;OL *VSSHWZL PU 0YPZO ,JVUVTPJ .YV^[O

*OHUNL

.+7

â&#x201A;¬ IU â&#x201A;¬ IU

.57

â&#x201A;¬ IU â&#x201A;¬ IU

+VTLZ[PJ â&#x201A;+LTHUK 8

â&#x201A;8

:V\YJL! *:6 5H[PVUHS 0UJVTL ( *Z

-YVT ;HISL P[ JHU ILLU ZLLU [OH[ .+7 OHZ MHSSLU I` HSTVZ[ WLY JLU[ HUK .57 OHZ MHSSLU I` HU L]LU NYLH[LY HTV\U[ ZPUJL H MHSS VM ZVTL

+VTLZ[PJ KLTHUK JLU[YHS [V QVIZ HUK SP]PUN Z[HUKHYK ^HZ KV^U I` H THZZP]L

I` :WYPUN HUK P[ PZ Z[PSS MHSSPUN 5VTPUHS LJVUVTPJ NYV^[O Ã&#x201E;N\YLZ HYL H[ SL]LSZ ;OLYL HYL ML^ NYLLU ZOVV[Z YLNYL[[HIS` ;OL VUS` [HYNL[ ILPUN TL[ PZ VU KLÃ&#x201E;JP[ YLK\J[PVU ;^V [OPYKZ VM [OL ºHKQ\Z[TLU[» VM â&#x201A;¬ IU [V LUK OHZ ILLU PU J\[Z PU W\ISPJ ZLY]PJLZ HUK VUS` VUL [OPYK OHZ ILLU PU PUJYLHZLK [H_H[PVU SHYNLS` [OL SLZZ WYVNYLZZP]L [H_LZ 0[ PZ WSHUULK [V THPU[HPU [OPZ PTIHSHUJL PU [OL HKQ\Z[TLU[ [V L]LU [OV\NO P[ PZ UV[ ^VYRPUN

*VUNYLZZ YLP[LYH[LZ [OH[ [OL J\[Z ZOV\SK IL NYLH[S` ZJHSLK KV^U ^P[O T\JO TVYL YHPZLK PU [H_H[PVU *\[Z O\Y[ [OL ]\SULYHISL TVZ[ HUK ZVTL â&#x201A;¬ IPSSPVU OHZ HSYLHK` ILLU L_[YHJ[LK MYVT [OL LJVUVT` PU J\[Z ZPUJL [OL JYPZPZ ILNHU ;OPZ PZ [OL LX\P]HSLU[ VM VM .57 ;OPZ OHZ OHK H KL]HZ[H[PUN PTWHJ[ VU [OL TVYL ]\SULYHISL ZLJ[PVUZ VU ZVJPL[` VU KVTLZ[PJ KLTHUK HUK JVUÃ&#x201E;KLUJL ;OLYL ^PSS IL H JHYY` MVY^HYK VM HNYLLK ZH]PUNZ VU [OL W\ISPJ ZLJ[VY WH` IPSS \UKLY *YVRL 7HYR ;OLYL PZ YVVT MVY NYLH[LY LMÃ&#x201E;JPLUJPLZ [OYV\NO [PNO[LY JVU[YVS HUK J\[Z PU [OL JVZ[ VM W\ISPJ JVU[YHJ[Z HUK W\ISPJ WYVJ\YLTLU[ )V[O HYL O\NL ZWLUKPUN WYVNYHTTLZ JV]LYPUN JVUZ\S[HU[Z HJJV\U[HU[ SH^`LYZ HUK TLKPJPULZ L[J ;OL IHSHUJL PU [OL HKQ\Z[TLU[ ZOV\SK IL THKL \W VM PUJYLHZLK [H_LZ VU [OVZL ^OV HYL ]LY` ^LSS VMM ZLL (WWLUKP_ ;OL SL]LS VM J\[Z WYVWVZLK I` .V]LYUTLU[ H[ [OL YH[PV VM ! PZ T\JO TVYL KLÃ&#x2026;H[PVUHY` VU [OL LJVUVT` [OHU ZH` [OL YL]LYZL VM [OH[ YH[PV >L ULLK [V [YHUZMVYT [OPZ ]PJPV\Z JPYJSL PU[V H ]PY[\V\Z VUL ^P[O H WSHU [V JYLH[L UL[ UL^ QVIZ I` LUK :07;< OHZ ZL[ V\[ H WSHU [V HJOPL]L [OPZ PU H THUULY ^OPJO JOHSSLUNLZ [OL VY[OVKV_` [OH[ OHZ JSLHYS` MHPSLK V]LY [OL SHZ[ Ã&#x201E;]L `LHYZ 0U ZOVY[ ^L HYL ZL[[PUN V\[ H ]PHISL UL^ JV\YZL [OH[ PZ JHWHISL VM IYPUNPUN LTWSV`TLU[ NYV^[O HUK JVUÃ&#x201E;KLUJL IHJR [V 0YLSHUK :07;< ¸;V^HYKZ H 5L^ *V\YZL¹

2

:PUJL [OL LHYS` TVU[OZ VM ^L OH]L ZLLU H ZOPM[ PU VWPUPVU HTVUN TVZ[ I\[ UV[ HSS LJVUVTPZ[Z ;OL THQVYP[` UV^ YLJVNUPZL [OL PTWVY[HUJL VM WYVTV[PUN NYV^[O ,]LU HK]VJH[LZ VM H\Z[LYP[` PUJS\KPUN [OL 04- UV^ JHSS MVY H ZPT\S[HULV\Z NYV^[O Z[PT\S\Z WHJRHNL

Â&#x2039; ( `V\[O LTWSV`TLU[ VY ;YHPUPUN .\HYHU[LL MVY HSS `V\UN WLVWSL

;OL ,\YVWLHU :VJPHS 4VKLS

;OL KLÃ&#x201E;UPUN JOHYHJ[LYPZ[PJ VM ,\YVWLHU ZVJPL[` PZ [OL ,\YVWLHU :VJPHS 4VKLS *VUNYLZZ YLJVNUPZLZ [OH[ [OL 0YPZO .V]LYUTLU[ PZ Z[Y\NNSPUN [V THPU[HPU ^OH[ OHZ ILLU H YLSH[P]LS` \UKLYKL]LSVWLK 0YPZO ZVJPHS TVKLS YLSH[P]L [V ,\YVWL PU ]LY` [V\NO [PTLZ *VUNYLZZ Z\WWVY[Z [OL WVZP[PVU VM [OL ,\YVWLHU ;YHKL <UPVU *VUMLKLYH[PVU ^OPJO OHZ WYVWVZLK [OL HKVW[PVU VM H :VJPHS *VTWHJ[ MVY ,\YVWL

>L ILSPL]L [OL 0YPZO .V]LYUTLU[ ZOV\SK THRL [OL PU[YVK\J[PVU VM H :VJPHS *VTWHJ[ H WYPVYP[` VM P[Z ,< 7YLZPKLUJ` PU HZ H TLHUZ VM JV\U[LYPUN [OL KVTPUHUJL VM \UZ[HISL THYRL[Z HUK [OL L_JLZZP]L WV^LY VM JVYWVYH[PVUZ PU ,\YVWL ;OL :VJPHS *VTWHJ[ JVTWYPZLZ H U\TILY VM RL` LSLTLU[Z PUJS\KPUN! Â&#x2039; ,UOHUJLTLU[ VM [OL YVSL VM [OL ,\YVWLHU *LU[YHS )HUR HZ SLUKLY VM SHZ[ YLZVY[ LUHISPUN P[ [V PZZ\L ,\YVIVUKZ Â&#x2039; .YV^[O HUK PU]LZ[TLU[ WYVNYHTTLZ HKHW[LK [V LHJO JV\U[Y` Â&#x2039; 9LN\SH[PVU [V ZLJ\YL H [YHUZWHYLU[ Ã&#x201E;UHUJPHS ZLJ[VY H[ [OL ZLY]PJL VM [OL YLHS LJVUVT` Â&#x2039; 0U[YVK\J[PVU VM H -PUHUJPHS ;YHUZHJ[PVU ;H_

Â&#x2039; 4LHZ\YLZ [V PTWYV]L [OL X\HSP[` VM QVIZ HUK [OL W\YZ\P[ VM HJ[P]L SHIV\Y THYRL[ WVSPJPLZ Â&#x2039; 9LKPZ[YPI\[P]L HUK NYHK\H[LK [H_H[PVU VU PUJVTL HUK ^LHS[O ò ;OL LUK VM [H_ OH]LUZ [H_ L]HZPVU º[H_ JVTWL[P[PVU» [H_ MYH\K JVYY\W[PVU HUK \UKLJSHYLK ^VYR

Â&#x2039; 7VSPJPLZ [V LUK [OL WH` NHW IL[^LLU ^VTLU HUK TLU ¶ HSS ^HNL Ã&#x2026;VVYZ ZOV\SK YLZWLJ[ *V\UJPS VM ,\YVWL Z[HUKHYKZ VU MHPY ^HNLZ ;OLYL T\Z[ IL NYLH[LY JVVWLYH[PVU HUK JVVYKPUH[PVU VM LJVUVTPJ WVSPJPLZ HUK PU]LZ[TLU[Z [OH[ WYVTV[L H NYLLULY LJVUVT` PU ,\YVWL ;OLYL T\Z[ IL YLMVYT VM JVYWVYH[L NV]LYUHUJL PU [OL WYP]H[L ZLJ[VY ZOPM[PUN MYVT ºZOHYLOVSKLY ]HS\L» [V [OL ]HS\LZ VM HSS Z[HRLOVSKLYZ! ^VYRLYZ JVUZ\TLYZ JVTT\UP[` HUK [OL LU]PYVUTLU[ 0[ T\Z[ IL WHY[ VM H JSLHY WVSP[PJHS HUK PUZ[P[\[PVUHS MYHTL^VYR [OH[ YLÃ&#x2026;LJ[Z [OPZ JVTTVU KLZ[PU` PU WHY[PJ\SHY [OYV\NO [OL JYLH[PVU VM ,\YVIVUKZ H Z[YVUNLY YVSL MVY [OL ,\YVWLHU *LU[YHS )HUR PU THUHNPUN [OL JYPZPZ JVU]LYNLUJL HUK JVVYKPUH[PVU VM [H_ WVSPJPLZ JVYWVYH[L [H_ IHZLZ HUK YH[LZ VM [H_H[PVU YHWPK PTWSLTLU[H[PVU VM [OL -PUHUJPHS ;YHUZHJ[PVU ;H_ HUK H T\JO TVYL KL[LYTPULK Ã&#x201E;NO[ HNHPUZ[ [H_ OH]LUZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;OL ,\YVWLHU *VU[L_[

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;V YLTHPU [Y\L [V [OL NVHS SHPK KV^U PU [OL ,< ;YLH[PLZ VM ¸PTWYV]LK SP]PUN HUK ^VYRPUN JVUKP[PVUZ ZV HZ [V THRL WVZZPISL [OLPY OHYTVUPZH[PVU¹ [OPZ UL^ ,\YVWLHU NV]LYUHUJL T\Z[ HSZV LUZ\YL X\HSP[` LTWSV`TLU[ MHPY ^HNLZ LX\HS [YLH[TLU[ HUK NVVK ZVJPHS WYV[LJ[PVU ;OL +LJLU[ >VYR HNLUKH T\Z[ ILJVTL H WYPVYP[` HJYVZZ ,\YVWL IV[O HZ H TLHUZ VM KYP]PUN YLJV]LY` HUK HZ [OL IHZPZ VM H TVYL LX\P[HISL HUK Z\Z[HPUHISL ZVJPL[`

;OL :VJPHS 4VKLS PU 0YLSHUK 0YLSHUK T\Z[ TV]L [V^HYKZ [OL ^PKLY ,< TVKLS PU [LYTZ VM NYLH[LY YL]LU\L MYVT [H_H[PVU >P[O SV^ [H_LZ HUK SV^ W\ISPJ ZWLUKPUN YLSH[P]L [V V[OLY ,< Z[H[LZ [OL X\HSP[` HUK JHWHJP[` VM 0YPZO W\ISPJ ZLY]PJLZ ^PSS YLTHPU ILSV^ ,\YVWLHU Z[HUKHYKZ (Z -PN\YL ZOV^Z 0YLSHUK»Z [V[HS NV]LYUTLU[ YL]LU\L PZ [OL SV^LZ[ VM [OL ,< JV\U[YPLZ 0U [OL TPKKSL VM H KLLW JYPZPZ [OPZ PZ PUJVTWYLOLUZPISL V[OLY [OHU PU [LYTZ VM ºZTHSS Z[H[L» ;LH 7HY[` PUZWPYLK PKLVSVN`

Figure 1. Government Revenue as Percentage of GDP, 2012 55 50 45 40 35

a Sw nd ed e Fr n an Be ce lg iu m Au st ria N EU eth Ital y (1 erla 5 co nds un tr G ies) er m a Po ny rtu g G al Lu re e Un xem ce ite bo d Ki urg ng do m Sp ain Un Ire ite lan d d St at es

nl Fi

25

ar k

30

De nm

Source: Ameco (EU)

. +7 PZ [OL JVYYLJ[ ÄN\YL YH[OLY [OHU .57 PU [OPZ JVU[L_[ HZ 45*Z HYL PUJS\KLK PU [OL [H_ IHZL

;OL LJVUVTPJ JYPZPZ OHZ SHZ[LK H SVUN Ã&#x201E;]L `LHYZ ;OLYL HYL ML^ NYLLU ZOVV[Z ¶ Q\Z[ L_WVY[Z HUK [OL YLK\J[PVU PU PU[LYLZ[ VU `LHY IVUKZ (SS V[OLY LJVUVTPJ M\UKHTLU[HSZ HYL WLYMVYTPUN WVVYS` ;OL 0YPZO *YHZO VM ^HZ JH\ZLK I` [OL IHURPUN ZLJ[VY ^OPJO SLU[ MHY [VV T\JO [V [OL ^YVUN WLVWSL HUK ZLJ[VYZ ;OL SLHKLYZOPW VM [OL ,\YVWLHU LSP[L H[ HSS SL]LSZ PZ JSLHYS` PUJHWHISL VM IYPUNPUN Z[HIPSP[` [V [OL <UPVU HUK LZWLJPHSS` [V [OL ,\YV ^OPJO PZ Z[PSS \UKLY [OYLH[ 0[ PZ RUV^U [OH[ ^OLU [OLYL PZ H KLLW YLJLZZPVU VU [VW VM H THQVY Ã&#x201E;UHUJPHS JYPZPZ P[ [HRLZ T\JO SVUNLY [V YLJV]LY ;OL SL]LS VM H\Z[LYP[` PZ [VV OHYZO ;OL YLJV]LY` WLYPVK PZ [VV ZOVY[ ;OL TP_ VM J\[Z HUK [H_LZ PZ L_HJLYIH[PUN [OL JYPZPZ

,_[LUKPUN [OL ;PTLMYHTL MVY (KQ\Z[TLU[ ;OVZL ^OV YLQLJ[LK V\Y JHSSZ MVY H SVUNLY WLYPVK VM HKQ\Z[TLU[ [V YLK\JL [OL KLÃ&#x201E;JP[ TH` OH]L NLU\PULS` ILSPL]LK [OH[ [OLPY [HYNL[ JV\SK IL TL[ HUK NYV^[O YLZ[VYLK ;OL [HYNL[ MVY [OL KLÃ&#x201E;JP[ YLK\J[PVU TH` Z[PSS IL YV\NOS` VU JV\YZL I\[ H[ ^OH[ ZVJPHS HUK LJVUVTPJ JVZ[& 0[ PZ UV[ NVVK LUV\NO [V ISHTL [OL WYVSVUNLK YLJLZZPVU PU ,\YVWL MVY V\Y PSSZ ;OL PTWHJ[ VM [OL O\NL HKQ\Z[TLU[ VM J\[Z PU 0YPZO W\ISPJ ZWLUKPUN JVTIPULK ^P[O VM[LU YLNYLZZP]L [H_ PUJYLHZLZ â&#x201A;¬ IU VY LX\P]HSLU[ [V VM .57 OHZ KL]HZ[H[LK KVTLZ[PJ KLTHUK LTWSV`TLU[ HUK JVUÃ&#x201E;KLUJL 9LPUOHY[ HUK 9VNVMM

3

;OL JVZ[ VM OPNOLY PU[LYLZ[ WH`TLU[Z VU IVYYV^PUN V]LY H SVUNLY WLYPVK ^V\SK UV[ PTWHJ[ HK]LYZLS` HZ [OL` ^V\SK IL TVYL [OHU VMMZL[ I` LJVUVTPJ NYV^[O ([ HU HZZ\TLK H]LYHNL IVYYV^PUN YH[L VM HU L_[LUZPVU VM [OL [PTLMYHTL [V ^V\SK JVZ[ HU HKKP[PVUHS â&#x201A;¬ T PU IHZLK VU Z[H[PJ JHSJ\SH[PVUZ /V^L]LY PU [OL YLHS LJVUVT` [OL PTWHJ[ ^PSS IL ZPNUPÃ&#x201E;JHU[S` HMMLJ[LK I` [OL X\HSP[` HUK JVTWVZP[PVU VM JOHUNLZ [V IV[O NV]LYUTLU[ YL]LU\L HUK L_WLUKP[\YL [OYV\NO P[Z WVZP[P]L PTWHJ[ VU NYV^[O PU .+7 LTWSV`TLU[ HUK [O\Z [H_ YL]LU\LZ *VUNYLZZ OHZ WYVWVZLK HU PU]LZ[TLU[ Z[PT\S\Z VM â&#x201A;¬ IPSSPVU V]LY [OYLL `LHYZ ^OPJO ^V\SK IVVZ[ [OL SL]LS VM .+7 I`

P L I` V]LY â&#x201A;¬ T HUU\HSS`

>YP[L 6MM VY 4\[\HSPZH[PVU VM 0YLSHUK»Z 7YP]H[L )HUR +LI[Z *VUNYLZZ KLTHUKZ [OL T\[\HSPZH[PVU VM 0YLSHUK»Z IHUR KLI[Z ^OPJO ^LYL Y\U \W I` WYP]H[L IHURZ IVYYV^PUN MYVT ^PSSPUN IHURZ PU .LYTHU` )YP[HPU -YHUJL )LSNP\T HUK [OL YLZ[ VM ,\YVWL ;OL SHZ[ NV]LYUTLU[ MVVSPZOS` HNYLLK [V YLWH` HSS VM [OLZL KLI[Z PU M\SS ^P[O PU[LYLZ[ HUK ^P[OV\[ RUV^PUN OV^ Z[HNNLYPUN [OL` ^LYL ;OL ZVJPHSPZH[PVU VM [OL WYP]H[L ZLJ[VY IHUR KLI[Z I` H ZTHSS LJVUVT` SPRL 0YLSHUK ^PSS OHUN V]LY 0YPZO JP[PaLUZ MVY NLULYH[PVUZ \USLZZ HUK \U[PS [OL ,\YVWLHU <UPVU HZZPZ[Z PU [OPZ T\[\HS WYVISLT

*VUNYLZZ +LSP]LYPUN .YV^[O HUK 1VIZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;OL ,JVUVTPJ )HJRNYV\UK

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

(Z LJVUVTPZ[ 4PJOLHS /\KZVU OHZ ZHPK! ¸+LI[Z [OH[ JHU»[ IL WHPK ^VU»[ IL 7VZ[WVUPUN [OL KH` VM YLJRVUPUN PTWVZLZ H ULLKSLZZS` KLZ[Y\J[P]L PU[LYYLNU\T VM H\Z[LYP[` PU ^OPJO [OL Ã&#x201E;UHUJPHS ZLJ[VY L_[YHJ[Z HZ T\JO YL]LU\L HZ P[ JHU ¹ ;OL ZVS\[PVU PZ ZVTL RPUK VM IHUR KLI[ ^YP[L VMM VY T\[\HSPZH[PVU

( +PMMLYLU[ (KQ\Z[TLU[ *VUNYLZZ HJJLW[Z [OL YLHSP[` VM UL_[ `LHY»Z I\KNL[HY` [HYNL[Z MVY [OL KLÃ&#x201E;JP[ /V^L]LY P[ PZ PTWVY[HU[ [OH[ ^L! Â&#x2039; 3PTP[ [OL KL]HZ[H[PUN PTWHJ[ VM Ã&#x201E;ZJHS H\Z[LYP[` VU KVTLZ[PJ KLTHUK NYV^[O HUK LTWSV`TLU[ PU H MHY NYLH[LY ^H` [OHU OHZ ILLU H[[LTW[LK [V KH[L

;OL H]LYHNL LMMLJ[P]L [H_ YH[LZ VU OPNO PUJVTL PUKP]PK\HSZ JV\SK IL ZPNUPÃ&#x201E;JHU[S` PUJYLHZLK ;OL LMMLJ[P]L YH[L VM PUJVTL [H_ PZ SLZZ [OHU WLY JLU[ MVY OPNO PUJVTL LHYULYZ \W [V â&#x201A;¬ H `LHY ^OV ^LYL ZOLS[LYLK I` WYVWLY[` [H_ IYLHRZ PU ;OL` H[ SLHZ[ WH` H TPUPT\T [H_ \UKLY [OL OPNO PUJVTL LHYULYZ» YLZ[YPJ[PVU ^OPJO NLULYH[LK â&#x201A;¬ T PU [OH[ `LHY ^OPJO ^V\SK V[OLY^PZL UV[ OH]L ILLU WHPK I` [OLZL ^LHS[O` WLVWSL 0[ PZ ZVTL[PTLZ JSHPTLK [OH[ J\[[PUN L_WLUKP[\YL PZ H TVYL LMÃ&#x201E;JPLU[ ^H` VM YLK\JPUN .V]LYUTLU[ KLÃ&#x201E;JP[Z [OHU YHPZPUN [H_LZ ;OPZ ]PL^ PZ UV[ JVUÃ&#x201E;YTLK I` H YL]PL^ VM [OL YLSL]HU[ SP[LYH[\YL

Â&#x2039; :PNUHS H Ã&#x201E;YT PU[LU[PVU [V NYHK\HSS` YLK\JL [OL NV]LYUTLU[ KLÃ&#x201E;JP[ HUK KLI[ [OYV\NO WY\KLU[ Ã&#x201E;ZJHS HKQ\Z[TLU[Z HUK NYV^[O LUOHUJPUN PU]LZ[TLU[ Â&#x2039; (S[LY [OL JVTWVZP[PVU VM Ã&#x201E;ZJHS HKQ\Z[TLU[ V]LY [PTL [V TV]L 0YLSHUK \W JSVZLY [V ,\YVWLHU UVYTZ VM [H_H[PVU HUK YL]LU\L [V LUZ\YL [OL YPJO WH` H MHPYLY ZOHYL 0YLSHUK YLTHPUZ H SV^ [H_ LJVUVT` *VUNYLZZ PZ UV[ WYVWVZPUN [V TV]L [V H OPNO [H_ LJVUVT` 9H[OLY ^L WYVWVZL H IHSHUJLK HUK NYHK\HS PUJYLHZL PU YL]LU\L HZ [OL LJVUVT` ILNPUZ [V NYV^ HNHPU HUK HZ [OVZL VU OPNO PUJVTLZ WH` [OLPY ZOHYL VM HKQ\Z[TLU[

/\KZVU 4 PU ¸;OL )\IISL HUK )L`VUK ¹ 0ZSL[

ZLL 5L]PU ,JVUVTPJ 9LZLHYJO 0UZ[P[\[L

;OL IPNNLZ[ VIZ[HJSL [V JYLH[PUN LTWSV`TLU[ PZ [OL KLWYLZZLK Z[H[L VM KVTLZ[PJ KLTHUK PU [OL 0YPZO LJVUVT` 0[ MLSS I` H Z[HNNLYPUN MYVT WLHR I` 8 VM HUK PZ MVYLJHZ[ [V MHSS M\Y[OLY PU ;OL ZVS\[PVU PZ LJVUVTPJ NYV^[O PU]LZ[TLU[ HUK QVI JYLH[PVU ^OPJO JHU NLULYH[L UL^ YL]LU\L HUK ZH]L VU W\ISPJ ZWLUKPUN I` NL[[PUN WLVWSL IHJR [V ^VYR +VTLZ[PJ KLTHUK ^HZ H THQVY JVTWVULU[ VM [OL OPNO NYV^[O HJOPL]LK PU [OL YLHS *LS[PJ ;PNLY `LHYZ 0U ZOVY[ L_WVY[Z HYL PTWVY[HU[ I\[ [OL` HSVUL HYL PUZ\MÃ&#x201E;JPLU[ [V NLULYH[L Z\Z[HPUHISL NYV^[O HUK QVIZ PU Z\MÃ&#x201E;JPLU[ U\TILYZ ;OL .V]LYUTLU[»Z Z[H[L SLK Z[PT\S\Z WSHU HUUV\UJLK PU 1\S` ^HZ H NVVK Z[HY[ HUK *VUNYLZZ ILSPL]LZ [OH[ PM P[ PZ PTWSLTLU[LK ^LSS P[ ^PSS IVVZ[ WYP]H[L ZLJ[VY JVUÃ&#x201E;KLUJL SLHKPUN [V M\Y[OLY NYV^[O PU]LZ[TLU[ Z[PT\S\Z *VUNYLZZ OHZ SVUN ^HYULK [OH[ YLJV]LY` ^V\SK [HRL MHY SVUNLY HZ [OPZ YLJLZZPVU JHTL VU [VW VM H KLLW Ã&#x201E;UHUJPHS JYPZPZ ;OPZ Z`UJOYVUPZLK YLJLZZPVU PU ,\YVWL HSVUN ^P[O WYVISLTZ PU [OL <: ^HZ THKL ^VYZL ^P[O ZPT\S[HULV\Z KLÃ&#x2026;H[PVUHY` WVSPJPLZ PU THU` JV\U[YPLZ *VUNYLZZ OHZ WYVWVZLK H [HYNL[LK MYVU[SVHKLK Z[YH[LNPJ PU]LZ[TLU[ VM HU H]LYHNL VM â&#x201A;¬ IU LHJO `LHY V]LY [OL UL_[ [OYLL `LHYZ PU HKKP[PVU [V [OL JVTTP[[LK W\ISPJ JHWP[HS WYVNYHTTL" HU HUU\HS IVVZ[ ^VY[O HSTVZ[ HZ H ZOHYL VM .+7 [V [OL 0YPZO LJVUVT`

6,*+ ,JVUVTPJ 6\[SVVR +LSP]LYPUN .YV^[O 1VIZ 9L]PZLK ,KP[PVU :\TTLY

4

6\Y WSHU PZ T\JO TVYL HTIP[PV\Z [OHU [OL NV]LYUTLU[»Z I\[ [OL 1\S` HUUV\UJLTLU[ ^HZ H Z[LW PU [OL YPNO[ KPYLJ[PVU 0U [OPZ )\KNL[ ^L JHSS MVY TVYL HTIP[PVU HUK MVY MVJ\ZLK PKLHZ MVY PU]LZ[TLU[ [V IL ZL[ V\[ ;OL PU]LZ[TLU[ Z[PT\S\Z WYVWVZLK PZ VUS` VUL WHY[ VM H SVUN [LYT Z[YH[LN` [V HJOPL]L LJVUVTPJ YLJV]LY` Z\Z[HPUHISL KL]LSVWTLU[ HUK NYLH[LY LX\HSP[` 6\Y VIQLJ[P]L PZ [V KLSP]LY T\JO ULLKLK Z[YH[LNPJ PUMYHZ[Y\J[\YL H[ H MHPY JVZ[ [OH[ ^OLYL WVZZPISL ^V\SK IL RLW[ VMM [OL :[H[L»Z IHSHUJL ZOLL[ ;OPZ ^V\SK L_WLJ[ [V NLULYH[L PU [OL VYKLY VM QVIZ WLY HUU\T 0[ ^V\SK ILNPU [V VMMZL[ [OL KLÃ&#x2026;H[PVUHY` PTWHJ[ VM Ã&#x201E;ZJHS H\Z[LYP[` ^OPJO OHZ HSYLHK` [HRLU â&#x201A;¬ IU V\[ VM [OL LJVUVT` V]LY [OL WHZ[ MV\Y `LHYZ [V LUK ! ;OL PU]LZ[TLU[ Z[PT\S\Z ^V\SK! H /LSW [V YLZ[HY[ KVTLZ[PJ LJVUVTPJ HJ[P]P[`" I 4LL[ ]P[HS SVUN [LYT PUMYHZ[Y\J[\YL ULLKZ HUK YLK\JL [OL KLÃ&#x201E;JP[" J )VVZ[PUN WYP]H[L PU]LZ[VYZ» JVUÃ&#x201E;KLUJL HUK NP]L WLVWSL NYLH[LY OVWL" K 9LK\JL SVUN [LYT Z[Y\J[\YHS \ULTWSV`TLU[ HUK" L )VVZ[ SVUN [LYT NYV^[O HUK JVTWL[P[P]LULZZ >L ZL[ V\[ ^OLYL [OL M\UKZ MVY Z\JO H Z[PT\S\Z JV\SK IL ZV\YJLK MYVT H TP_ VM W\ISPJ WYP]H[L HUK ,\YVWLHU PU[LYUH[PVUHS ZV\YJLZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

+LSP]LYPUN 1VIZ .YV^[O

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

-PN\YL ! ;OL WYVWVZLK ZV\YJLZ VM -\UKPUN

Private pension funds

European Investment Bank

Commercial semi states/ State Holding Company

Upwards of â&#x201A;¬3bn per annum over 3 years

0[ PZ *VUNYLZZ» ]PL^ [OH[ 0YLSHUK OHZ UV JOVPJL I\[ [V W\[ PU WSHJL H Z\Z[HPUHISL NYV^[O Z[YH[LN` ;OL ,:90 OHZ JSHPTLK [OH[ HU` Z[PT\S\Z WYVNYHTTL ^V\SK IL M\[PSL HZ [OL VWLUULZZ VM [OL 0YPZO LJVUVT` ^V\SK PTWS` OPNO SLHRHNL VM HU` Ã&#x201E;ZJHS IVVZ[ HUK [OH[ HJJLZZ [V M\UKPUN ^V\SK WYV]L [VV KPMÃ&#x201E;J\S[

NPRF

RPJRZ[HY[ [OL KVTLZ[PJ LJVUVT` I` Ã&#x2026;LL[PUN YLMLYLUJL [V WYL]PV\Z JOHW[LYZ PU 0YLSHUK»Z LJVUVTPJ OPZ[VY` ;OLYL HYL PTWVY[HU[ SLZZVUZ [V IL [HRLU MYVT [OL L_WLYPLUJLZ VM [OL »Z »Z HUK »Z I\[ HIHUKVUPUN HU` OVWL VM YL]P]PUN [OL LJVUVT` PZ JLY[HPUS` UV[ VUL VM [OLT

-VY [OL ,:90 HUK V[OLYZ P[ PZ ZPTWS` UV[ NVVK LUV\NO [V KPZTPZZ HU` H[[LTW[ [V

0U +LSP]LYPUN .YV^[O 1VIZ *VUNYLZZ WVPU[LK V\[ [OH[ 0YLSHUK»Z PU]LZ[TLU[ YLJVYK V]LY [OL LSL]LU `LHYZ \U[PS [OL *YHZO H]LYHNLK H ]LY` Z[YVUN VM .57 WH ;OPZ ^HZ VUL VM [OL OPNOLZ[ SL]LSZ VM W\ISPJ PU]LZ[TLU[ PU [OL ^VYSK ILJH\ZL ^L ^LYL H[[LTW[PUN [V JH[JO \W ^P[O ,\YVWL /V^L]LY ^P[O [OL L_JLW[PVU VM V\Y PU[LY JP[` YVHK UL[^VYR ^L HYL Z[PSS ^LSS ZOVY[ VM [OL ,\YVWLHU SL]LSZ VM LK\JH[PVU OLHS[O HUK [LSLJVTT\UPJH[PVUZ MHJPSP[PLZ 0YLSHUK»Z PUMYHZ[Y\J[\YL OHZ UV[ YLHJOLK JVU[PULU[HS ,\YVWLHU Z[HUKHYKZ

,:90 :\TTLY 8[LYS` :V\YJL! *:6 0UW\[ 6\[W\[ [HISLZ

: LL :LJ[PVU VU 0UMYHZ[Y\J[\YL PU ¸0YLSHUK»Z *VTWL[P]LULZZ :JVYLJHYK¹ 5** +\ISPU

@L[ JVTWHYLK ^P[O V[OLY ZLJ[VYZ JVUZ[Y\J[PVU OHZ H YLSH[P]LS` SV^ PTWVY[ JVU[LU[ H[ HUK ^OPSL [OPZ ^PSS ]HY` HJJVYKPUN [V KPMMLYLU[ JP]PS LUNPULLYPUN HUK I\PSKPUN WYVQLJ[Z [OL PTWVY[HU[ WVPU[ PZ [OH[ [OL YVSSPUN V\[ VM T\JO ULLKLK PUMYHZ[Y\J[\YL WYVQLJ[Z JHU IL WYPVYP[PZLK HJJVYKPUN [V [OLPY PTWVY[ JVU[LU[ HUK SHIV\Y PU[LUZP[`

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

0[ PZ ZPTWS` UV[ NVVK LUV\NO [V KPZTPZZ HU` H[[LTW[ [V RPJRZ[HY[ [OL KVTLZ[PJ LJVUVT`

;VV THU` VM V\Y JOPSKYLU HYL Z[PSS ILPUN [H\NO[ PU WYLMHIZ HUK W\ISPJ OLHS[O MHJPSP[PLZ HUK W\ISPJ [YHUZWVY[ SPURHNLZ WHY[PJ\SHYS` PU [OL ^LZ[ YLTHPU PUHKLX\H[L >L ^LYL JH[JOPUN \W ^P[O ,\YVWL I\[ ^LYL Z[VWWLK ZOVY[ 5VY PZ P[ L]LU [OL ]PL^ VM I\ZPULZZ [OH[ ^L H[[HPULK ,\YVWLHU SL]LSZ VM W\ISPJ PUMYHZ[Y\J[\YL MYVT [OL LSL]LU `LHY PU]LZ[TLU[ IVVZ[ 0U H >VYSK ,JVUVTPJ -VY\T :[\K` I\ZPULZZ L_LJ\[P]LZ YHURLK 0YLSHUK H SV^ V\[ VM JV\U[YPLZ MVY V\Y X\HSP[` VM PUMYHZ[Y\J[\YL HUK ZPNUPÃ&#x201E;JHU[S` ILSV^ [OL 6,*+ H]LYHNL ;OL 5H[PVUHS *VTWL[P[P]LULZZ *V\UJPS OHZ ZHPK ¸KLÃ&#x201E;JPLUJPLZ YLTHPU ¹

>P[O KVTLZ[PJ KLTHUK UV^ IHJR H[ [OL SL]LSZ VM [LU `LHYZ HNV PU HUK Z[PSS MHSSPUN HZ -PN\YL ZOV^Z HZPKL MYVT H ISPW PU LHYS` K\L [V PTWVY[Z VM THJOPULY` QVIZ ZOV\SK IL [OL U\TILY VUL LJVUVTPJ WYPVYP[` Figure 4. GDP, GNP & Domestic Demand 46,000 44,000

42,000 40,000 38,000 36,000 34,000 32,000

Figure 3. Domestic Demand - Still Falling

30,000

41,000

28,000 26,000

39,000

1

20

12

Q

1

1 20

11

Q

1 20

10

Q

1 20

09

Q

1 20

08

Q

1 20

07

Q

1

Q 06

20

20

05

Q

1

1 20

04

Q

1

Q 03

20

20

02

Q

1

Q 01

20

20

00

Q

1

24,000

37,000 35,000

Gross Domestic Product

33,000

Total Domestic Demand Gross National Product

31,000

Source: CSO, National Income Accounts.

29,000 27,000

Source: CSO, National Income Accounts.

1

3 20

12

Q

1 20

11

Q

3 20

11

Q

1 20

10

Q

3

Q 10

20

20

09

Q

1

3 20

09

Q

1 20

08

Q

3 20

08

Q

1 20

07

Q

3

Q

20

07

Q 06

20

20

06

Q

1

25,000

-PN\YL HIV]L ZOV^Z [OL MHSS PU .+7 PU .57 HUK WHY[PJ\SHYS` PU KVTLZ[PJ KLTHUK ZPUJL [OL WLHR PU (SS [OYLL SPULZ HYL UVYTHSS` ZSVWPUN Z[LHKPS` \W^HYK PU H WLYMVYTPUN LJVUVT`

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;OL 1VIZ *YPZPZ ;OL ZJHSL VM [OL QVIZ WYVISLT PZ PSS\Z[YH[LK I` -PN\YL ;OLYL OHZ ILLU H MHSS VM QVIZ ZPUJL WLHR PU [V 8 ;OPZ PZ HSTVZ[ H MHSS VM ;OPZ TLHUZ ^L OH]L HSTVZ[ VUL PU Ã&#x201E;]L SLZZ WLVWSL H[ ^VYR [OHU Q\Z[ Ã&#x201E;]L `LHYZ HNV

Figure 6. Trends in the rate of unemployment.

16 14 12 10 8

Figure 5. Huge Drop in Jobs since 2007 6 2200 2150

4

2100

2

2050 2000 1950 1900 1850 1800 1750 07 20 Q1 07 20 Q3 08 20 Q1 08 20 Q3 09 20 Q1 09 20 Q3 10 20 Q1 10 20 Q3 11 20 Q1 11 20 Q3 12 Q 1

1700 20

Source: CSO

-PN\YL ZOV^Z [OL O\NL YPZL PU \ULTWSV`TLU[ MYVT Q\Z[ V]LY [V ULHYS` PU SH[L (UK ^P[O LTPNYH[PUN PU \W [V UL[ [OL VMÃ&#x201E;JPHS YH[L PZ RLW[ KV^U JVUZPKLYHIS` (JJVYKPUN [V VMÃ&#x201E;JPHS KH[H MYVT [OL *:6 ^OLU [OVZL ^OV HYL ^PSSPUN [V ^VYR HUK ^OV HYL Z[H`PUN PU [OL OVTL VY PU LK\JH[PVU HYL PUJS\KLK PU [OL Ã&#x201E;N\YLZ [OL YH[L VM \ULTWSV`TLU[ YPZLZ [V

0 2006

2007 2008

Source: CSO

2009

2010

2011 2012

5

0UJYLHZPUN 9L]LU\L [OYV\NO ;H_H[PVU

JP[PaLUZ ^PSS WH` HU HKKP[PVUHS â&#x201A;¬ PU [H_LZ VU JVUZ\TW[PVU SPRL =(;

4\JO TVYL YL]LU\L JHU IL YHPZLK I` PUJYLHZPUN [H_LZ VU \ULHYULK PUJVTL ^LHS[O ;OPZ JHU IL KVUL I` [HJRSPUN [H_ ZOLS[LYZ" W\YZ\PUN [H_ M\NP[P]LZ ^P[O ]PNV\Y" JSHTWPUN KV^U OHYK VU [OL :OHKV^ ,JVUVT`" PTWVZPUN H ^LHS[O [H_" LUZ\YPUN [OL SHYNLZ[ JVYWVYH[PVUZ JVU[YPI\[L TVYL NP]LU [OH[ [OL JYPZPZ ^HZ NLULYH[LK I` ZVTL VM [OLPY SHYNLZ[ PUKPNLUV\Z TLTILYZ [OL IHURZ HUK WYVWLY[` ZWLJ\SH[VYZ

;OPZ LSP[PZ[ PKLVSVN` PZ O\Y[PUN [OL LJVUVT` HUK \UKLYTPUPUN ZVJPHS JVOLZPVU -\Y[OLY [OL LJVUVTPJ PTWHJ[ VM PUJYLHZLK PUJVTL [H_ VU OPNO PUJVTLZ ^V\SK IL WVZP[P]L ZOPM[PUN PULY[ ZH]PUNZ [V W\ISPJ L_WLUKP[\YL

;V KH[L V]LY [OYLL V\[ VM L]LY` MP]L L\YVZ YHPZLK PU UL^ [H_ TLHZ\YLZ ZPUJL OHZ ILLU MYVT ^VYRPUN WLVWSL 1\Z[ VM [H_ JOHUNLZ OH]L ILLU [HYNL[LK H[ [OL IL[[LY VMM ;OL HS[LYUH[P]LZ [V [OL J\YYLU[ MHPSPUN LJVUVTPJ WVSPJ` HYL ZL[ V\[ PU [OPZ Z\ITPZZPVU PU :07;<»Z ;V^HYKZ H 5L^ *V\YZL HUK PU [OL 5L]PU 0UZ[P[\[L»Z 8\HY[LYS` ,JVUVTPJ 6IZLY]LY

0UJVTL ;H_ ;OL Z[H[LK WVZP[PVU VM [OPZ NV]LYUTLU[ PZ UV[ [V PUJYLHZL PUJVTL [H_ ;OPZ PZ UV[ Z\Z[HPUHISL UVY PZ P[ LX\P[HISL 0UJVTL [H_ PZ [OL TVZ[ WYVNYLZZP]L [H_ HUK ULLKZ [V YPZL [V PUJYLHZL YL]LU\L *VUNYLZZ YLQLJ[Z [OL NYV^PUN YPNO[ ^PUN [LUKLUJ` [V KLZJYPIL PUJVTL [H_ HZ [OL QVI KLZ[Y\J[P]L [H_ ^OLU LZWLJPHSS` YLNYLZZP]L [H_LZ SPRL =(; HYL WYVTV[LK HZ [OL HS[LYUH[P]L 6US` VM [H_ YL]LU\L YHPZLK [OPZ `LHY ^PSS JVTL MYVT PUJVTL [H_ -VY L_HTWSL MVY L]LY` â&#x201A;¬ YHPZLK PU PUJVTL [H_ :LL :07;<

>L HYL TVKLZ[S` WYVWVZPUN H UL^ [VW YH[L VM PUJVTL [H_ VM MVY PUKP]PK\HS PUJVTLZ V]LY â&#x201A;¬ H `LHY ;O\Z H JV\WSL ^P[O HU PUJVTL VM â&#x201A;^PSS VUS` WH` [OL YH[L VU [OL [VW â&#x201A;(U HS[LYUH[P]L [V H YH[L VM VU [OLZL PUJVTLZ VM V]LY â&#x201A;¬ HZ NV]LYUTLU[ PUZPZ[Z P[ ^PSS UV[ YHPZL PUJVTL [H_LZ PZ [V W\[ VU H :VJPHS :VSPKHYP[` *OHYNL H[ H ZPTPSHY SL]LS -\Y[OLY <:* HUK 79:0 ZOV\SK HWWS` [V PUJVTL MYVT HSS ZV\YJLZ ;OVZL VU SV^ WH` ZOV\SK IL WYV[LJ[LK ¶ [OL` HSYLHK` WH` WYVWVY[PVUH[LS` OPNO KPYLJ[ [H_LZ 0U -YHUJL [OL NV]LYUTLU[ PU[YVK\JLK H [VW YH[L VM VU ]LY` OPNO PUJVTLZ PU 1\S` ,]LU PU [OL <2 ^OLYL [OL ;VYPLZ YLK\JLK [OL [VW YH[L P[ PZ Z[PSS HIV]L V\Y V^U [VW YH[L MYVT [V 0U :^LKLU [OL YH[L PZ HUK PU )LSNP\T P[ PZ

-YHUJL TV]LK [V YHPZL â&#x201A;¬ IU L_[YH MYVT [OL ^LHS[O` HUK JVTWHUPLZ PU 1\S` ;OL ¸JVU[YPI\[PVU L_JLW[PVULSSL Z\Y SH MVY[\UL¹ PZ H VUL [PTL Z\YJOHYNL VU ^LHS[O` PUKP]PK\HSZ» HZZL[Z

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;H_H[PVU

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;OPZ ^LHS[O [H_ ^PSS YHPZL â&#x201A;¬ IU PU HKKP[PVUHS [H_LZ PU (UV[OLY â&#x201A;TPSSPVU ^PSS IL YLHWLK I` LUKPUN H WH`YVSS [H_ OVSPKH` 6[OLY Z[LWZ PUJS\KL Z\YJOHYNLZ MVY VPS HUK Ã&#x201E;UHUJPHS JVTWHUPLZ LHJO YHPZPUN HU HKKP[PVUHS â&#x201A;¬ TPSSPVU HUK H SL]` VU KP]PKLUKZ HUK Z[VJR VW[PVUZ ;OLYL PZ HU L_[YH [H_ VU IPN JVTWHUPLZ -YHUJL PZ H[ SLHZ[ LUZ\YPUN [OH[ [H_ PZ HWWSPLK MHPYS` I` [H_PUN [OL ^LHS[O` HUK OPNOS` WYVÃ&#x201E;[HISL JVYWVYH[PVUZ 6U JOPSKJHYL 0YPZO NV]LYUTLU[Z THKL H WVSPJ` LYYVY ;OL` KLJPKLK PU SPUL ^P[O SPILYHS LJVUVTPJ [OPURPUN [V NP]L [OL TVUL` KPYLJ[S` [V WHYLU[Z PUZ[LHK VM PU]LZ[PUN PU JOPSKJHYL PUMYHZ[Y\J[\YL ;O\Z 0YLSHUK OHZ VUL VM [OL TVZ[ L_WLUZP]L TVKLSZ VM LHYS` JOPSKOVVK JHYL PU ,\YVWL *OPSKJHYL JVZ[Z PTWVZL H ZPNUPÃ&#x201E;JHU[ I\YKLU [V [OVZL MHTPSPLZ ^OV ULLK [V \ZL [OLT -\Y[OLYTVYL )LULÃ&#x201E;[ PU 2PUK PZ UV^ JOHYNLK VU ^VYRWSHJL JYLJOLZ HUK [OPZ ZOV\SK IL YLTV]LK (JJVYKPUN [V YLJLU[ YLZLHYJO +\YRHU 6»/HUSVU JOPSKJHYL JVZ[Z HTV\U[ [V

VM PUJVTL MVY [OVZL HNLK ;O\Z [OL [H_H[PVU VM *OPSK )LULMP[ PZ H ]LY` KPMÃ&#x201E;J\S[ PZZ\L *VUNYLZZ OHZ Z[H[LK [OH[ [OLYL PZ H Z[YVUN JHZL PU LX\P[` MVY Z\JO H [H_ ^P[O [OPZ Z[H[L ILULÃ&#x201E;[ ^OPJO PZ JVZ[S` NVPUN [V [OL OPNOLZ[ LHYULYZ /V^L]LY ^L JVUJS\KLK [OH[ PU [OL HIZLUJL VM H WYVWLYS` Z\WWVY[LK HUK : HYRVa` OHK J\[ ^LHS[O [H_LZ HUK LSPTPUH[LK [OL WH`YVSS [H_ VU V]LY[PTL OV\YZ *VTWHUPLZ ^PSS WH` H WLY JLU[ [H_ VU Z[VJR VW[PVUZ \W MYVT WLY JLU[ ,_LJ\[P]LZ YLJLP]PUN [OL VW[PVUZ ^PSS IL SL]PLK H[ WLY JLU[ \W MYVT WLY JLU[

YLZV\YJLK JOPSKJHYL Z`Z[LT PU 0YLSHUK SVJHS JYuJOLZ LHYS` LK\JH[PVU L[J ¶ HSVUN ^P[O [OL MHJ[ [OH[ [OL WH`TLU[ PZ THKL KPYLJ[S` [V ^VTLU *VUNYLZZ JV\SK UV[ Z\WWVY[ [OL [H_H[PVU VM *OPSK )LULÃ&#x201E;[ HUK HSZV VWWVZLZ J\[[PUN P[ /V^L]LY PM HZ P[ OHZ ILLU Y\TV\YLK [OVZL LHYUPUN V]LY â&#x201A;¬ H `LHY TH` IL [H_LK VU *OPSK )LULÃ&#x201E;[ *VUNYLZZ ^V\SK UV[ KPZHNYLL ;OL M\UKZ ZOV\SK NV [V M\UK H WYVWLYS` YLZV\YJLK JOPSKJHYL Z`Z[LT PU [OPZ JV\U[Y` 0U [OL TLKP\T [LYT [OL TVZ[ Z\Z[HPUHISL ZVS\[PVU TH` SPL PU [OL JVUJLW[ VM H YLM\UKHISL [H_ JYLKP[ MVY LHJO JOPSK I\[ [OPZ YLX\PYLZ M\Y[OLY Z[\K`

:(97 ¶ <UKLYTPUPUN 7\ISPJ ;Y\Z[ PU [OL ;H_ :`Z[LT ( RL` WYPUJPWSL VM [H_H[PVU PZ [OH[ HSS PUJVTLZ HYL [H_LK LX\HSS` ;OL PU[YVK\J[PVU VM H [^V [PLY PUJVTL [H_ Z`Z[LT ¶ [OL :WLJPHS (ZZPNULL 9LSPLM 7YVNYHTTL :(97 PU SHZ[ `LHY»Z )\KNL[ \UKLYTPULZ [OPZ WYPUJPWSL 0[ HSSV^Z JLY[HPU OPNO PUJVTL LHYULYZ ¶ â&#x201A;¬ [V â&#x201A;¬ H `LHY [V WH` VUL [OPYK SLZZ PUJVTL [H_ [OHU HSS V[OLYZ ;OL [PTPUN VM [OPZ [H_ Z\IZPK` MVY OPNO LHYULYZ ^HZ L_[YHVYKPUHY` VJJ\YYPUN H[ H [PTL ^OLU! H .V]LYUTLU[ PZ H[[LTW[PUN [V PU[YVK\JL H WYVWLY[` [H_ HUK VY ^H[LY JOHYNLZ" I ^L RUV^ OV^ [H_ L_LTW[PVUZ [H_ ZOLS[LYZ MVY [OL ]LY` YPJO JVU[YPI\[LK [V [OL JYPZPZ HUK J [OL JV\U[Y` PZ PU [OL TPKZ[ VM P[Z KLLWLZ[ Ã&#x201E;ZJHS JYPZPZ L]LY

.V]LYUTLU[ ZOV\SK UV[ IL \UKLYTPUPUN P[Z V^U [H_ Z`Z[LT ,Z[HISPZOPUN H [H_ ZJOLTL [V MHJPSP[H[L [H_ H]VPKHUJL I` JLY[HPU OPNOS` WHPK MVYLPNU L_LJ\[P]LZ PZ KP]PZP]L HUK PKLVSVNPJHS :(97 HSZV JVU[YHKPJ[Z [OL WYPUJPWSL VM OVYPaVU[HS LX\P[` HUK UHYYV^Z [OL [H_ IHZL 5VIVK` L_JLW[ JVYWVYH[L HWVSVNPZ[Z PU [OL HJJV\U[PUN HUK SLNHS Ã&#x201E;YTZ ILSPL]LZ [OH[ [OLZL WLVWSL HYL ZV ]HS\HISL [OH[ ^L OH]L [V JVYY\W[ [OL [H_ Z`Z[LT [V NL[ [OLT [V ^VYR PU 0YLSHUK ;OL YVSL VM HJJV\U[PUN Ã&#x201E;YTZ PU [OPZ Z\JJLZZM\S SVII`PUN K\YPUN [OPZ JYPZPZ PZ ^VY[O L_HTPUPUN HZ HU L_HTWSL VM OV^ 0YLSHUK PZ NV]LYULK ZLL (WWLUKP_ 0U [OPZ JVU[L_[ *VUNYLZZ PZ WSLHZLK [OH[ [OL .V]LYUTLU[ ^OPJO WYVTPZLK [V PTWYV]L [OL -60 SLNPZSH[PVU ^OPJO LUHISLK [OL W\ISPJ [V ]PL^ [OPZ RPUK VM HJ[P]P[` ^PSS PTWSLTLU[ [OL -60 YLMVYTZ PU M\SS 0U [OPZ JVU[L_[ *VUNYLZZ HSZV ^LSJVTLZ YLWVY[Z [OH[ [OL NV]LYUTLU[ PZ [V YL]PL^ [OL ZLJYL[P]L HUK V]LYS` PUÃ&#x2026;\LU[PHS 0-:* *SLHYPUN /V\ZL .YV\W HU PUZPKLYZ» NYV\W ^OPJO OHZ \UK\L PUÃ&#x2026;\LUJL VU THU` HZWLJ[Z VM W\ISPJ WVSPJ` PUJS\KPUN [H_H[PVU [OL Z\JJLZZ VM P[Z VWWVZP[PVU [V [OL -;; ILPUN H JHZL PU WVPU[

;OL 4PUPT\T 0UJVTL ;H_ ;OL TPUPT\T PUJVTL [H_ MVY OPNO LHYULYZ ¶ HPTLK H[ [OVZL YPJO WLVWSL Z[PSS \ZPUN H]VPKHUJL ZJOLTLZ ZOV\SK IL PUJYLHZLK [V HUK [OL [OYLZOVSK YLK\JLK [V â&#x201A;O [[W! WLY NV] PL NV]LYUTLU[ JVTTP[[LK [V NYLH[LY VWLUULZZ [YHUZWHYLUJ` HUK HJJV\U[HIPSP[` OV^SPU

;H_ -\NP[P]LZ ;OL *VTTPZZPVU VU ;H_H[PVU YLJVTTLUKLK [OH[ ^OLYL H [H_ M\NP[P]L L_PSL»Z THPU JLU[YL VM ]P[HS PU[LYLZ[ PZ PU 0YLSHUK VY PM [OL` HYL HZZLZZLK VU H WLYTHULU[ OVTL [LZ[ [OLU [OL` ZOV\SK IL VISPNLK [V WH` [H_ OLYL ;OL KH` [LZ[ MVY [H_ YLZPKLUJ` W\YWVZLZ ZOV\SK IL YLK\JLK [V H[ SLHZ[ KH`Z HZ VI[HPUZ PU [OL <2 I\[ P[ ZOV\SK WYLMLYHIS` IL J\[ [V KH`Z (S[LYUH[P]LS` [OLYL TPNO[ IL H IYVHKLY KLÃ&#x201E;UP[PVU VM YLZPKLUJL [V PUJS\KL [OL WLYZVUZ ºJLU[YL VM ]P[HS PU[LYLZ[Z» VY [OLPY ºWSHJL VM HIVKL » 0[ PZ NHSSPUN [V ZLL [H_ M\NP[P]LZ THPU[HPUPUN THUZPVUZ PU 0YLSHUK PU ^OPJO [OL` W\YWVY[LKS` KV UV[ SP]L

7YVWLY[` )HZLK ;H_ :\IZPKPLZ *VUNYLZZ PZ KLLWS` KPZHWWVPU[LK [OH[ [OLZL [H_ Z\IZPKPLZ HYL Z[PSS JVU[PU\PUN ;OL` ILULÃ&#x201E;[LK OPNO PUJVTL LHYULYZ PU]LZ[VYZ PU UVU WYVK\J[P]L HZZL[Z HUK JVU[YPI\[LK T\JO [V [OL *YHZO *VUNYLZZ OHZ YLWLH[LKS` JHSSLK MVY VIQLJ[P]L *VZ[ )LULÃ&#x201E;[ HUHS`ZLZ VM HSS [H_ IYLHRZ [V HZZLZZ ^OL[OLY [OL` NLULYH[L WVZP[P]L YLZ\S[Z PU [LYTZ VM QVIZ PUJVTL HUK ]HS\L HKKLK 0[ PZ KPZHWWVPU[PUN [OH[ [OL YLWVY[ \UKLY[HRLU I` [OL +LWHY[TLU[ VM -PUHUJL VU [OLZL [H_ Z\IZPKPLZ HWWLHYZ [V IL SHYNLS` Z\IQLJ[P]L [V Q\Z[PM` [OL JVU[PU\H[PVU VM [OLZL [H_ Z\IZPKPLZ VU ZVTL^OH[ [LU\V\Z NYV\UKZ :LL (WWLUKP_

O [[W! [H_WVSPJ` NV] PL ^W JVU[LU[ \WSVHKZ KV^USVHKZ 7YVWLY[` )HZLK 9LSPLMZ 0TWHJ[ (ZZLZZTLU[ WKM

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

0[ PZ NHSSPUN [V ZLL [H_ M\NP[P]LZ THPU[HPUPUN THUZPVUZ PU 0YLSHUK PU ^OPJO [OL` W\YWVY[LKS` KV UV[ SP]L

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

*VUNYLZZ JHSSZ VU [OL +LWHY[TLU[ [V \UKLY[HRL [OLZL Z[\KPLZ PU M\[\YL ^P[O TVYL HJHKLTPJ YPNV\Y ZL[[PUN V\[ P[Z HZZ\TW[PVUZ HUK WYLQ\KPJLZ PU HK]HUJL HUK HSZV [OL WVSP[PJHS JVUZ[YHPU[Z \UKLY ^OPJO [OL Z[\K` PZ ILPUN \UKLY[HRLU >L ILSPL]L [OLZL WYVWLY[` IHZLK [H_ YLSPLMZ ^PSS UV[ Z\Y]P]L WYVWLY ZJY\[PU`

7LUZPVUZ ;OL 0YPZO 6JJ\WH[PVUHS 7LUZPVU Z`Z[LT PZ NVPUN [OYV\NO H JYPZPZ ^OPJO JV\SK TLHU P[ ^PSS JVSSHWZL LU[PYLS` V]LY [OL UL_[ ML^ TVU[OZ ;OL HUUV\UJLTLU[ I` H U\TILY VM ]LY` SHYNL +LÃ&#x201E;ULK )LULÃ&#x201E;[ +) ZJOLTLZ [OH[ [OL` PU[LUK [V ^PUK \W TH` JH\ZL H KVTPUV LMMLJ[ HZ V[OLY ZJOLTLZ MHJPUN ZL]LYL KPMÃ&#x201E;J\S[PLZ ^PSS ZPTWS` MVSSV^ Z\P[ ;OL WYVISLTZ MHJLK I` VJJ\WH[PVUHS WLUZPVU ZJOLTLZ HYL K\L [V [OL ,\YVWLHU Ã&#x201E;UHUJPHS JYPZLZ HUK [OL MHPS\YL VM [OL 0YPZO 7LUZPVU YLN\SH[VY` Z`Z[LT ;OLZL WYVISLTZ OH]L ILLU THKL ^VYZL I` [OL :VJPHS >LSMHYL 7LUZPVU (J[ ^OPJO OHZ ZPNUHSSLK [V [Y\Z[LLZ [OH[ ULP[OLY [OL YLN\SH[VY UVY [OL NV]LYUTLU[ HYL ^PSSPUN [V OLSW ZJOLTLZ [V ^LH[OLY [OL J\YYLU[ Z[VYT 9L]LU\L HUK I\KNL[HY` WVSPJ` T\Z[ HSZV [HRL ZVTL VM [OL ISHTL MVY ^OH[ OHZ OHWWLULK 0U [OL WHZ[ PU IVVT `LHYZ [OL 9L]LU\L»Z WVSPJ` ZL]LYLS` ^LHRLULK ZJOLTLZ I` MVYJPUN [Y\Z[LLZ [V LSPTPUH[L ZV JHSSLK ºZ\YWS\ZLZ» ^OPJO JV\SK OH]L HJ[LK HZ H OLKNL PU [OL KV^U[\YU -\Y[OLYTVYL [OL VWWVY[\UPZ[ YHPKPUN VM [OL ZJOLTLZ I` [OL .V]LYUTLU[ 7LUZPVU 3L]` OHZ \UKLYTPULK WYLKPJ[HIPSP[` ^OPJO PZ JY\JPHS MVY SVUN [LYT WLUZPVU WSHUUPUN ;Y\Z[LLZ LTWSV`LYZ HUK ^VYRLYZ HYL MHZ[ SVZPUN JVUÃ&#x201E;KLUJL [OH[ WLUZPVU ZH]PUNZ

^PSS IL ZHML ;OL NV]LYUTLU[ HWWLHYZ [V ILSPL]L [OH[ [OLZL M\UKZ KV UV[ ILSVUN [V [OL WLVWSL ^OV LHYULK [OLT HUK WHPK PU[V [OLT I\[ YH[OLY JHU IL SL]PLK YHPKLK H[ HU` YH[L [OL NV]LYUTLU[ KLJPKLZ ;OPZ OHZ OHK [OL LMMLJ[ VM \UKLYTPUPUN JVUÃ&#x201E;KLUJL H[ [OL ]LY` [PTL ^OLU ^VYRLYZ HYL ILPUN HZRLK [V HJJLW[ ZTHSSLY WLUZPVUZ H[ NYLH[LY JVZ[ >OLU [Y\Z[LLZ HYL Ã&#x201E;_PUN JVU[YPI\[PVU YH[LZ [OL` ULLK [V RUV^ PU [OL SVUN [LYT OV^ JVU[YPI\[PVU YH[LZ ^PSS IL [YLH[LK MVY [H_H[PVU W\YWVZLZ 3L]PLZ ^OPSL \UMHPY HUK \UQ\Z[ HYL WYLMLYHISL [V [H_PUN JVU[YPI\[PVUZ ILJH\ZL [OL WHPU JHU IL WHZZLK VU [V KLMLYYLK TLTILYZ HUK WLUZPVULYZ 0M P[ PZ PU[LUKLK [V ZPNUPÃ&#x201E;JHU[S` JOHUNL [OL [H_ [YLH[TLU[ VM JVU[YPI\[PVUZ ^OPJO ^PSS MHSS VUS` VU [OL HJ[P]L TLTILYZ VM ZJOLTLZ P[ ^PSS OHZ[LU [OL JVSSHWZL VM [OL WLUZPVU Z`Z[LT *VUNYLZZ HNHPU JHSSZ MVY [OL YLIH[PUN VM [OL SL]` MVY [OVZL ZJOLTLZ ^OPJO PU]LZ[ PU 0YLSHUK ;OL NV]LYUTLU[ ZOV\SK UV[ THRL HU` KLJPZPVUZ VU [V OV^ P[ JHU PUJYLHZL [OL [H_ [HRL MYVT WLUZPVUZ ¶ L_JLW[ MVY [OVZL VU OPNO WLUZPVUZ P L NLULYH[PUN WLUZPVUZ HIV]L â&#x201A;¬ HZ WLY [OL 7YVNYHTTL MVY .V]LYUTLU[ \U[PS [OL` OH]L H JSLHY \UKLYZ[HUKPUN VM ^OL[OLY [OL ^OVSL 0YPZO 7LUZPVU Z`Z[LT OHZ H SVUN [LYT M\[\YL *VUÃ&#x201E;KLUJL PU WLUZPVUZ OHZ [HRLU H IH[[LYPUN HUK ^VYRLYZ HYL ILJVTPUN TVYL HUK TVYL YLS\J[HU[ [V ºZH]L» [OLPY TVUL` MVY SP[[SL VY UV YL[\YU ;OLYLMVYL P[ PZ PTWVY[HU[ [V [YLHK ]LY` JHYLM\SS` HYV\UK [OL PZZ\L VM WLUZPVUZ PU [OPZ I\KNL[ H[ OPZ TVZ[ \UJLY[HPU [PTL MVY WLUZPVU ZJOLTLZ 0[ PZ X\P[L WVZZPISL [OH[ PU H ML^ `LHYZ [OLYL TH` IL ML^ PM HU` WLUZPVU JVU[YPI\[PVUZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

[V [H_ H[ HSS ;OPZ ^PSS SLH]L [OL Z[H[L [V WYV]PKL MVY H SHYNLY U\TILY VM VSKLY WLVWSL PU [OL M\[\YL *VUNYLZZ ILSPL]LZ [OLYL ZOV\SK IL H\[V LUYVSTLU[ PU WLUZPVUZ

-\Y[OLYTVYL [OL YLK\J[PVU PU HUU\HS WLUZPVU LU[P[SLTLU[Z K\L [V SVUNLY X\HSPM`PUN WLYPVKZ ^PSS PTWHJ[ HK]LYZLS` VU THU` ;OPZ J\[ PZ WHY[PJ\SHYS` \UMHPY [V ^VTLU WHY[PJ\SHYS` [OVZL ^OV [VVR [PTL V\[ [V TPUK JOPSKYLU

;OL HUU\HS LHYUPUNZ SPTP[ MVY [OL TH_PT\T WLUZPVU JVU[YPI\[PVU ZOV\SK IL YLK\JLK MYVT â&#x201A;¬ [V â&#x201A;¬

;O\Z ^VYRLYZ ^P[O HU H]LYHNL VM HUU\HS JVU[YPI\[PVUZ Z[HUK [V SVZL â&#x201A;LHJO `LHY MVY SPML

:[H[L 7LUZPVUZ 7LUZPVU YLMVYT T\Z[ [HRL WSHJL V]LY H SVUN WLYPVK [V HSSV^ ^VYRLYZ [V HKQ\Z[ ;OL ZWLLK H[ ^OPJO V\Y Z[H[L WLUZPVU HNL PZ [V JOHUNL [HRLZ UV HJJV\U[ VM [OL SLNP[PTH[L L_WLJ[H[PVUZ VM ^VYRLYZ ^OV OH]L WHPK ZPNUPÃ&#x201E;JHU[ HTV\U[Z VM 79:0 V]LY THU` `LHYZ 5LP[OLY KVLZ P[ HSSV^ [OLT [PTL [V HS[LY [OLPY WLUZPVU HYYHUNLTLU[Z [V JVWL ^P[O \W [V [OYLL `LHYZ ^OLYL [OL` HYL SPRLS` [V OH]L UV ^VYR HUK UV PUJVTL ;OL J\YYLU[ WSHU PZ [OH[ Z[H[L WLUZPVU LU[P[SLTLU[Z ^PSS IL KLSH`LK \U[PS HNL I` HUK I`

*VUNYLZZ [OLYLMVYL WYVWVZLZ H T\JO SVUNLY WOHZPUN PU VM HSS [OL UL^ YL[PYLTLU[ HNL WYV]PZPVUZ HUK HZZVJPH[LK ILULÃ&#x201E;[ JOHUNLZ

<WVU YL[PYLTLU[ H[ HNL P[ ZLLTZ [OH[ THU` ^PSS OH]L [V JSHPT \ULTWSV`TLU[ ILULÃ&#x201E;[ ;OLYL PZ SP[[SL NHPU PU [OPZ MVY [OL Z[H[L HUK P[ HKKZ [V PUZLJ\YP[` MVY VSKLY JP[PaLUZ 6\Y KPZJ\ZZPVUZ ^P[O 0),* HUK [OL *0- SLHK \Z [V ILSPL]L [OH[ TVZ[ LTWSV`LYZ ^PSS UV[ YL[HPU ^VYRLYZ IL`VUK [OLPY JVU[YHJ[ HNL ;OPZ JV\SK SLHK [V ZLYPV\Z PUK\Z[YPHS \UYLZ[ HZ ^VYRLYZ ^PSS YLZPZ[ ILPUN ZHJRLK PU[V WV]LY[` 0[ PZ \[[LYS` ^YVUN [OH[ WLVWSL ^OV OH]L ^VYRLK MVY HUK `LHYZ HUK WHPK 79:0 ZOV\SK IL MVYJLK VU[V ºQVI ZLLRLYZ HSSV^HUJL» H[ [OL LUK VM [OLPY ^VYRPUN SPML

,TWSV`LLZ 6\[Z[HUKPUN ,U[P[SLTLU[Z ;OL 7YV[LJ[PVU VM ,TWSV`LLZ ,TWSV`LYZ» 0UZVS]LUJ` (J[Z ¶ WYV[LJ[ JLY[HPU V\[Z[HUKPUN LU[P[SLTLU[Z YLSH[PUN [V [OL WH` VM LTWSV`LLZ PU [OL L]LU[ VM [OLPY LTWSV`LY ILJVTPUN ºPUZVS]LU[» *\YYLU[S` [OL 0UZVS]LUJ` 7H`TLU[ :JOLTL ^PSS WH` V\[ [V HU LTWSV`LL PM [OL` OH]L ILLU WH`PUN M\SS 79:0 HUK PM [OLPY LTWSV`LY PZ PUZVS]LU[ KLÃ&#x201E;ULK HZ ILPUN PU SPX\PKH[PVU YLJLP]LYZOPW VY SLNHSS` IHURY\W[ /V^L]LY PU JPYJ\TZ[HUJLZ ^OLYL [OL LTWSV`LY ZPTWS` JLHZLZ [YHKPUN HUK ^HSRZ H^H` [OL ^VYRLYZ OH]L UV YPNO[ [V H WH`TLU[ MYVT [OL 0UZVS]LUJ` :JOLTL ;OPZ JVU[YHZ[Z ^P[O [OL 9LK\UKHUJ` 7H`TLU[ :JOLTL ^OPJO VWLYH[LZ PU H KPMMLYLU[ THUULY [V [OL 0UZVS]LUJ` 7H`TLU[ :JOLTL PU [OH[ VU WYVK\J[PVU VM H SL[[LY MYVT [OL LTWSV`LY»Z HJJV\U[HU[ [V [OL LMMLJ[ [OH[ [OL LTWSV`LY JHUUV[ HMMVYK [V WH` YLK\UKHUJ` [OL +LWHY[TLU[ JHU WH` P[ ;OL KLI[ [YHUZMLYZ [V [OL +LWHY[TLU[ ^OV JHU YLJV]LY P[ MYVT [OL LTWSV`LY >L ^HU[ [OL 0UZVS]LUJ` -\UK [V VWLYH[L

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

PU H THUULY ZPTPSHY [V [OL 9LK\UKHUJ` 7H`TLU[ :JOLTL P L [ OH[ VU WYVK\J[PVU VM H SL[[LY MYVT [OL LTWSV`LYZ HJJV\U[HU[ VY ZPTPSHY H\[OVYP[` [OL 0UZVS]LUJ` -\UK JHU WH` V\[ [V [OL LTWSV`LLZ [ OH[ [OL 4PUPZ[LY JHU YLJV]LY [OL KLI[ MYVT [OL LTWSV`LY

*VYWVYH[PVU ;H_ 0YPZO WVSPJ`THRLYZ HYL UV[ LUNHNPUN PU KLIH[L VU *VYWVYH[PVU ;H_ *; (Z ,\YVWL TV]LZ [V^HYKZ NYLH[LY Ã&#x201E;ZJHS \UPVU [H_H[PVU PZ H THQVY WHY[ VM Z\JO H Ã&#x201E;ZJHS HJJVYK :VTL 0YPZO WVSPJ`THRLYZ HKOLYL [V ^OH[ PZ LZZLU[PHSS` H UH[PVUHSPZ[PJ ºILNNHY [O` ULPNOIV\Y» WVSPJ` VU [OL SV^ *VYWVYH[PVU ;H_ *\YPV\ZS` [OPZ H[[P[\KL PZ OLSK I` WLYZVUZ ^OV ILSPL]L [OLTZLS]LZ [V IL ºLU[O\ZPHZ[PJ ,\YVWLHUZ » ;OPZ ]PL^ PZ KLLWS` YLZLU[LK I` V\Y WHY[ULY Z[H[LZ PU ,\YVWL 0[ PZ [PTL [V ULNV[PH[L VU [OL PZZ\L HUK UV[ SL[ L]LU[Z KL[LYTPUL [OL \S[PTH[L V\[JVTL >OPSL *VUNYLZZ HNYLLZ [OH[ 0YLSHUK OHZ ILLU ^LSS ZLY]LK I` P[Z ºÃ&#x201E;YZ[ TV]LY HK]HU[HNL» VU [OPZ [H_ P[ PZ UV[ [OL ºJVYULYZ[VUL» VM PUK\Z[YPHS WVSPJ` ;OL NSVIHS ºYHJL [V [OL IV[[VT» ^P[O YLNHYK [V [H_PUN JVYWVYH[PVUZ PZ KPTPUPZOPUN P[Z LMMLJ[P]LULZZ HUK PTWHJ[ VM V\Y WVSPJ` <S[PTH[LS` [OL ILULÃ&#x201E;JPHYPLZ HYL [OL IPN T\S[PUH[PVUHS JVYWVYH[PVUZ [OH[ WH` SLZZ HUK SLZZ [H_ I` WSH`PUN VMM ZV]LYLPNU Z[H[LZ HNHPUZ[ LHJO V[OLY 0[ PZ [PTL [OH[ 0YLSHUK ULNV[PH[LK ^P[O V\Y ,\YVWLHU WHY[ULYZ VU [H_ JVVYKPUH[PVU ¶ UV[ [H_ OHYTVUPZH[PVU

;OPZ L_JLYW[ MYVT H 5L^ @VYR ;PTLZ YLWVY[ KVLZ UV[OPUN [V LUOHUJL 0YLSHUK»Z YLW\[H[PVU! ¸(WWSL ^HZ H WPVULLY VM HU HJJV\U[PUN [LJOUPX\L RUV^U HZ [OL º+V\ISL 0YPZO >P[O H +\[JO :HUK^PJO » ^OPJO YLK\JLZ [H_LZ I` YV\[PUN WYVÃ&#x201E;[Z [OYV\NO 0YPZO Z\IZPKPHYPLZ HUK [OL 5L[OLYSHUKZ HUK [OLU [V [OL *HYPIILHU ;VKH` [OH[ [HJ[PJ PZ \ZLK I` O\UKYLKZ VM V[OLY JVYWVYH[PVUZ · ZVTL VM ^OPJO KPYLJ[S` PTP[H[LK (WWSL»Z TL[OVKZ ZH` HJJV\U[HU[Z H[ [OVZL JVTWHUPLZ ¹ -\Y[OLYTVYL [OVZL ^OV HYL VWWVZLK [V HU` HKKP[PVUHS [H_ JVU[YPI\[PVU MYVT [OL JVYWVYH[L ZLJ[VY PU [OPZ [PTL VM JYPZPZ JP[L [OL MHJ[ [OH[ [OL WYVWVY[PVU VM *VYWVYH[PVU ;H_ WHPK PU 0YLSHUK PZ HWWYV_PTH[LS` [OL ZHTL HZ [OH[ WHPK PU THU` V[OLY JV\U[YPLZ 0[ PZ HYN\LK [OH[ V\Y SV^ YH[L KVLZ UV[ KL[YHJ[ MYVT YL]LU\L /V^L]LY P[ PZ [OL SHYNL PTWHJ[ VM [YHUZMLY WYPJPUN ^OPJO HY[PÃ&#x201E;JPHSS` IVVZ[Z 0YPZO *; YL]LU\L (Z ZVVU HZ [OLYL PZ H JOHUNL PU [OL <: [H_ WVSPJ` VY TVYL JV\U[YPLZ MVSSV^ [OL YHJL [V [OL IV[[VT ^L ^PSS SVZL [OPZ THU\MHJ[\YLK HK]HU[HNL ;OPZ PZ H THQVY YPZR ^OPJO ZOV\SK IL MHJLK \W [V >OLU [OL .V]LYUTLU[ KLJPKLK [V YLK\JL [OL YH[L VM *; MYVT PU [V Q\Z[

I` *VUNYLZZ HYN\LK [OH[ [OL UL^ YH[L ^HZ [VV SV^ >L HNYLLK [OH[ P[ ZOV\SK IL YLK\JLK [V

WYV]PKLK [OL THU` L_LTW[PVUZ ^LYL YLZ[YPJ[LK [V IYPUN [OL UVTPUHS HUK LMMLJ[P]L YH[LZ JSVZLY [VNL[OLY 5@; [O (WYPS

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

:VTL ^YP[L VMMZ ^LYL LSPTPUH[LK PUP[PHSS` I\[ [OLU V[OLY [H_ IYLHRZ ^LYL HKKLK Z\JO HZ 9 + JYLKP[Z L_LTW[PVUZ MVY Z[HY[ \WZ L[J 4VZ[ KLK\J[PVUZ HNHPUZ[ *VYWVYH[PVU ;H_ HYL LTPULU[S` Q\Z[PÃ&#x201E;HISL PUJLU[P]LZ Z\JO HZ ^LHY HUK [LHY VU WSHU[ HUK THJOPULY` I\[ ZVTL ZOV\SK IL LSPTPUH[LK HUK V[OLYZ YLK\JLK ;OLYL ZOV\SK IL H YL]PL^ VM [OL *; IHZL! [OH[ PZ [OL IHZPZ VU ^OPJO [OL [H_ PZ SL]PLK ;OLYL HYL [VV THU` KLK\J[PVUZ HNHPUZ[ [OL UVTPUHS YH[L VM ^OPJO OH]L [OL LMMLJ[ VM YLK\JPUN P[ [V aLYV PU ZVTL PUZ[HUJLZ 0U HKKP[PVU ZVTL VM 0YPZO JVTWHUPLZ KV UV[ WH` HU` *; ILJH\ZL THU` KV UV[ THRL Z\MÃ&#x201E;JPLU[ WYVÃ&#x201E;[Z ;OL LMMLJ[P]L YH[L VM *VYWVYH[PVU ;H_ PZ VM JV\YZL MHY SV^LY [OHU [OL UVTPUHS YH[L :[L^HY[ L_WSVYLK [OL HYLH VM LMMLJ[P]L [H_ WH`TLU[Z HUK ^HYUZ [OH[ P[ PZ JVTWSL_ HUK KLWLUKLU[ VU KLÃ&#x201E;UP[PVU HUK PU[LYWYL[H[PVU <ZPUN <: KH[H VU Ã&#x201E;YTZ PU 0YLSHUK OL MV\UK [OH[ ¸<: Ã&#x201E;YTZ [`WPJHSS` WHPK HU LMMLJ[P]L YH[L VM [H_ VM IL[^LLU HUK ¹ PU [OL Z[\K` WLYPVK I\[ OL HSZV MV\UK [OH[ ZVTL WH` L]LU SLZZ HZ KV THU` 0YPZO Ã&#x201E;YTZ ;OLYL OHZ ILLU HU HI\ZL VM ZVTL W\ISPZOLK KH[H I` HWVSVNPZ[Z MVY [OL SV^ [H_ YH[L -VY L_HTWSL VUL YLN\SHYS` JP[LK Z[\K` JHYYPLK V\[ I` H Ã&#x201E;YT VM HJJV\U[HU[Z KLJSHYLK [OLYL ^HZ HU LMMLJ[P]L YH[L VM

PU -YHUJL HNHPUZ[ V]LY OLYL

>OPJO LUJV\YHNLZ PU]LZ[TLU[ PU TVKLYU LX\PWTLU[ 4VZ[ HYL ZTHSS WYVWYPL[VYZ HUK TVZ[ [HRL WYVÃ&#x201E;[Z V\[ PU YLT\ULYH[PVU ^OPSL THU` V[OLYZ HYL Z[Y\NNSPUN :[L^HY[ ZLL IPISPVNYHWO`

6U JSVZLY L_HTPUH[PVU [OL -YLUJO Ã&#x201E;YTZ ^LYL ºZTHSS JVTWHUPLZ» ^OVZL UVTPUHS YH[L ^HZ VUS` ;OPZ PZ MHY SV^LY [OHU [OL UVYTHS UVTPUHS YH[L VM

[OH[ VI[HPUZ 0U HKKP[PVU [OL YH[L VM 0YPZO Ã&#x201E;YTZ ^HZ IVVZ[LK I` PUJS\KPUN PU]LZ[TLU[ PUJVTL :\JO KPZOVULZ[` PU KLIH[L KVLZ UV[ IYPUN JSHYP[` 9LNYL[[HIS` THU` TLKPH JVTTLU[H[VYZ ^LYL [HRLU PU I` [OPZ WYVWHNHUKH 0[ PZ [PTL MVY 0YLSHUK [V KLIH[L [OPZ PZZ\L PU H TH[\YL ^H` HUK [V ULNV[PH[L VU [OL PZZ\L ^P[O ,\YVWL HZ P[ TV]LZ [V NYLH[LY Ã&#x201E;ZJHS \UPVU ;OL HS[LYUH[P]L ILPUN W\YZ\LK [VKH` PZ LZZLU[PHSS` [V SL[ L]LU[Z KL[LYTPUL [OL \S[PTH[L V\[JVTL

(]VPKHUJL! 3VZZLZ -VY^HYK 6UL HYLH ^OPJO [OL .V]LYUTLU[ T\Z[ L_HTPUL PZ [OL [YLH[TLU[ VM SVZZLZ >L ULLK [V Z[VW [OL YLWH`TLU[ VM THU` [H_LZ VU WYVÃ&#x201E;[Z ^OPJO OH]L ILLU WHPK HSYLHK` I` VMMZL[[PUN [VKH`»Z SVZZLZ HNHPUZ[ LHYSPLY WYVÃ&#x201E;[Z ;OPZ PZ KLWSL[PUN [H_ YL]LU\L *VTWHUPLZ OH]L [OL MHJPSP[` [V [HRL H JVYWVYH[L SVZZ IHJR [V [OL WYL]PV\Z `LHY VM [YHKPUN" [V TV]L SVZZLZ PU H JVTWHU` IL[^LLU [YHKLZ ^OPSL [OLYL PZ HSZV H MHJPSP[` MVY ;LYTPUHS 3VZZLZ ^OPJO HSSV^Z H SVZZ [V TV]L IHJR MVY [OYLL `LHYZ ^OLU H JVTWHU` JLHZLZ ;OLZL NLULYH[L YLWH`TLU[Z VM [H_ PU THU` JHZLZ ;OPZ PZ \UHJJLW[HISL HZ [OL` HYL VM K\IPV\Z LJVUVTPJ PTWHJ[ WHY[PJ\SHYS` PU [OLZL Z[YHP[LULK [PTLZ <UKPZ[YPI\[LK 9LZLY]LZ JHU ZP[ VU [OL IHSHUJL ZOLL[ OH]PUN JVU[YPI\[LK VUS`

[V [OL Z[H[L \U[PS [OL KPYLJ[VYZ YLHJO

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

HNL ;OL KPYLJ[VYZ [OLU ºYL[PYL» ^P[O H S\TW Z\T [HRLU V\[ VM [OL YLZLY]LZ ^OPJO PZ PUKP]PK\HSPZLK MVY O\ZIHUK HUK ^PML H[ â&#x201A;¬ LHJO [H_ MYLL \UKLY *.; Y\SLZ HUK KVLZ UV[ H[[YHJ[ PUJVTL [H_ VY <:* ;OPZ PZ \UHJJLW[HISL

0M [OL .V]LYUTLU[ JHUUV[ Ã&#x201E;UK [OL JV\YHNL [V LSPTPUH[L [OPZ [OLU P[ ZOV\SK H[ SLHZ[ H[[YHJ[ *HWP[HS (JX\PZP[PVUZ ;H_ VY H[ SLHZ[ H *HWP[HS (JX\PZP[PVUZ [`WL WLUHS[` ZPTPSHY [V [OH[ VU KPZ[YPI\[HISL [Y\Z[Z [OH[ HYL SLM[ ZP[[PUN ;OL HYLH VM KLK\J[PVU VM PU[LYLZ[ T\Z[ IL L_HTPULK 0U WYL]PV\Z )\KNL[ Z\ITPZZPVUZ *VUNYLZZ Z\NNLZ[LK H SPTP[ VU PU[LYLZ[ WHPK I` JVTWHUPLZ HZ H WLYJLU[HNL VM H JVTWHU`»Z HZZL[Z VY ZH` ,)0;+( ;OPZ ^V\SK WYL]LU[ JVYWVYH[L YHPKLYZ SVHKPUN [OL [HYNL[LK JVTWHU` ^P[O KLI[ ^OPJO PZ [OLU Z\IZPKPZLK I` [OL [H_WH`LYZ ^OPSL ZPT\S[HULV\ZS` [HRPUN V\[ KP]PKLUKZ L]LU ^OLU SVZZTHRPUN ;OPZ VJJ\YYLK ^P[O ,PYJVT ^OPJO ^HZ H ^LSS Y\U JVTWHU` ^OLU PU Z[H[L V^ULYZOPW ;OL WYHJ[PJL VM HSSV^PUN PU[LYLZ[ JOHYNLK I\[ UV[ WHPK HZ H KLK\J[PVU HNHPUZ[ [H_ ZOV\SK IL [LYTPUH[LK MVY[O^P[O ;OPZ WYHJ[PJL PZ JVTTVU ;OL PU[LYLZ[ PZ HSSV^LK MVY [H_ W\YWVZLZ KLZWP[L [OL MHJ[ P[ OHZ UV[ ILLU WHPK HUK PU JHZLZ ^PSS UV[ IL WHPK ;OPZ NLULYH[LZ H SHYNLY SVZZ ^OPJO JHU IL ZLU[ IHJR HNHPUZ[ H WYVÃ&#x201E;[HISL `LHY PU H [LYTPUHS ZP[\H[PVU 0[ PZ [V[HSS` ^YVUN [OH[ [OL 0YPZO [H_WH`LY YL^HYKZ [OL V^ULYZ VM H JVYWVYH[L LU[P[` ^P[O H YLWH`TLU[ VM [H_ 0[ ZOV\SK IL UV[LK [OH[ UVUL VM [OL HIV]L HMMLJ[Z MVYLPNU JVTWHUPLZ HZ PU NLULYHS [OL` THRL WYVÃ&#x201E;[Z WH` [OLPY IHURZ HUK KPZ[YPI\[L [OLPY YLZLY]LZ IHJR OVTL

0U [OL J\YYLU[ I\KNL[HY` ZP[\H[PVU P[ PZ PTWLYH[P]L HUK PUJ\TILU[ [OH[ .V]LYUTLU[ JSVZLZ [OL THU` SVVWOVSLZ Z[PSS HYL ILPUN L_WSVP[LK [V YLK\JL [OL LMMLJ[P]L YH[L VM *; I` [OL V^ULYZ VM WYVÃ&#x201E;[HISL JVTWHUPLZ -PUHSS` *VUNYLZZ PZ JVUJLYULK HIV\[ THU` VM [OL [H_ ^YP[L VMMZ HYV\UK ZV JHSSLK 9 + ;OL [V[HS 9 + [H_ JYLKP[ Z\IZPK` ^HZ H THZZP]L â&#x201A;¬ T IL[^LLU HUK >L Z\ZWLJ[ [OH[ [OLYL TH` IL ZVTL K\IPV\Z WYHJ[PJLZ HUK THU` VM [OL 9 + [H_ JYLKP[Z ZOV\SK IL [LYTPUH[LK PM [OL` KV UV[ NP]L NVVK ]HS\L [V [OPZ JV\U[Y` ;OLZL [H_ Z\IZPKPLZ T\Z[ IL YL]PL^LK HUK Z\IQLJ[ [V H WYVWLY WYVMLZZPVUHS JVZ[ ILULÃ&#x201E;[ HUHS`ZPZ >L VIQLJ[ [V [OL YHPKPUN VM [OL KLWSL[LK :VJPHS 0UZ\YHUJL -\UK I` HSSV^PUN JVTWHUPLZ [V VMMZL[ 79:0 HNHPUZ[ 9 + >L ^LSJVTL [OL JVZ[ ILULÃ&#x201E;[ HUHS`ZPZ WYVTPZLK I` [OL .V]LYUTLU[ I\[ PUZPZ[ [OH[ P[ PZ JHYYPLK WYVMLZZPVUHSS` WLYOHWZ I` PU[LYUH[PVUHS JVUZ\S[HU[Z

;(?,: 65 <5,(95,+ 05*64, *HWP[HS .HPU ;H_ *.; *HWP[HS .HPUZ ZOV\SK IL [H_LK HZ PUJVTL ^P[O SV^LY KPZJV\U[LK YH[LZ MVY SVUN [LYT NHPUZ (M[LY THU` `LHYZ VM JHTWHPNUPUN I` *VUNYLZZ LJVUVTPJ L]LU[Z MVYJLK [OL .V]LYUTLU[ [V HKKYLZZ [OLZL \UMHPY [H_LZ VU NHPUZ HUK PUOLYP[HUJLZ HUK ZH]PUNZ ;H_ VU ^VYR OHK ILLU MHY OPNOLY [OHU [H_ VU \ULHYULK PUJVTL HS[OV\NO ZVTL WYVNYLZZ OHZ ILLU THKL 0U [OL WHZ[ [H_LZ VU NHPUZ ^LYL WYVNYLZZP]L ILPUN HZ OPNO HZ VU ZOVY[ [LYT HZZL[Z HUK H[ MVY `LHYZ \U[PS [OL` ^LYL J\[ PU [V ^P[O KL]LSVWTLU[ SHUK ILPUN [H_LK H[

;OL YLJLU[ PUJYLHZL MYVT [V

PZ ^LSJVTL 0M [OL 2LUU` 9LWVY[ YLJVTTLUKH[PVUZ VU YL aVULK SHUK HYL UV[ PU[YVK\JLK [OL YH[L VU [OPZ SHUK ZOV\SK IL PUJYLHZLK [V

:WLJPÃ&#x201E;J WYV[LJ[PVUZ TPNO[ IL YLX\PYLK PU JHZLZ VM WLVWSL SP]PUN PU PUOLYP[LK WYVWLY[` ^OLYL [OLZL ILULÃ&#x201E;JPHYPLZ HYL VU SV^ PUJVTLZ /V^L]LY [OL JHWP[HS NHPUZ PULX\P[` ^OPJO T\Z[ UV^ IL HKKYLZZLK PZ [OL

YLK\J[PVU PU *.; SPHIPSP[` VU [OL [YHUZMLY VM I\ZPULZZLZ VY MHYTZ [V H JOPSK ;OPZ PZ MHY [VV OPNO HU L_LTW[PVU LZWLJPHSS` PU HU LJVUVT` ^P[O ZV THU` V\[ VM ^VYR HUK ZV THU` V[OLYZ Z[Y\NNSPUN [V THRL LUKZ TLL[

;OPZ KLK\J[PVU MYVT [H_ MH]V\YPUN [OVZL IVYU ^P[O H NVSKLU ZWVVU PU [OLPY TV\[O TLHUZ [OH[ ]PHISL I\ZPULZZLZ ^OPJO TPNO[ IL ZVSK VU [V YLHS LU[YLWYLUL\YZ PUZ[LHK WHZZ \U[H_LK [V [OVZL ^OV TH` SL[ [OLT MHPS

0UOLYP[HUJL VY *HWP[HS (JX\PZP[PVUZ ;H_ *(; :PTPSHYS` P[ PZ UV[ [OL QVI VM [OL Z[H[L [V MHJPSP[H[L [OL HK\S[ JOPSKYLU VM [OL ^LHS[O` PU YL[HPUPUN PUOLYP[LK I\ZPULZZLZ /V^L]LY [V MHJPSP[H[L [YHUZMLYZ [V [OL HISL [OL [H_ KLK\J[PVU ZOV\SK IL YLK\JLK MYVT [OL L_[YHVYKPUHYPS` OPNO [V ^P[O HU L_[LUKLK WLYPVK MVY WH`TLU[ ;OL [OYLZOVSK MVY PUOLYP[HUJL *(; MYVT WHYLU[Z [V JOPSKYLU OHZ ILLU YLK\JLK WYVNYLZZP]LS` MYVT H WLHR VM â&#x201A;¬ PU [V â&#x201A;¬ ;OPZ PZ TVZ[ ^LSJVTL *VUNYLZZ ^V\SK SPRL M\Y[OLY WYVNYLZZP]L JOHUNLZ PU [OPZ [H_ SPRL YH[L PUJYLHZLZ HUK [PNO[LUPUN \W VU -HTPS` ;Y\Z[Z ;OLYL ^HZ H WYVNYLZZP]P[` PU [OPZ [H_ ^P[O YH[LZ YPZPUN VU ZSPJLZ VM HZZL[Z MYVT UPS [V 0U [OL JYPZPZ [OLYL PZ H Z[YVUN JHZL MVY H UPS YH[L VU HZZL[Z \W [V ZH` â&#x201A;VU [OL UL_[ â&#x201A;¬ HUK ZV VU YPZPUN [V VU [OVZL HZZL[Z V]LY ZH` â&#x201A;¬

( >LHS[O ;H_ 0YLSHUK OHZ OHK H Ã&#x201E;ZJHS JYPZPZ MVY Ã&#x201E;]L `LHYZ 0[ ^PSS SHZ[ MVY THU` TVYL (U LMMLJ[P]L ^H` [V HZZPZ[ PU YLK\JPUN [OL KLÃ&#x201E;JP[ PZ H ^LHS[O [H_ HZ THU` V[OLY JV\U[YPLZ OH]L *VUNYLZZ ILSPL]LZ [OLYL ZOV\SK IL HU HUU\HS [H_ VU ^LHS[O HIV]L â&#x201A;¬ TPSSPVU [OPZ ILPUN KLÃ&#x201E;ULK HZ [OL J\YYLU[ ]HS\L VM HSS HZZL[Z PUJS\KPUN [OL L_JLZZ VM â&#x201A;¬ T PU [OL ]HS\L VM WYP]H[L OV\ZLZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

(U LMMLJ[P]L ^H` [V HZZPZ[ PU YLK\JPUN [OL KLÃ&#x201E;JP[ PZ H ^LHS[O [H_

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

-YHUJL SLNPZSH[LK [V YHPZL â&#x201A;¬ IU L_[YH MYVT [OL ^LHS[O` HUK JVTWHUPLZ PU 1\S` >LHS[O [H_LZ HYL PTWVZLK VU MVY[\ULZ V]LY â&#x201A;¬ T HUK HZ P[ PZ WYVNYLZZP]L [OVZL ^P[O V]LY â&#x201A;¬ TPSSPVU ^PSS WH` TVYL [OHU KV\ISL ^OH[ [OL` OHK L_WLJ[LK [V WH` VU [OLPY ^LHS[O 0U 5VY^H`

VM [OL HK\S[ WVW\SH[PVU WH` H

^LHS[O [H_ VU HZZL[Z L_JLLKPUN 562 â&#x201A;¬

7YVK\J[PVU [H_LZ HYL T\JO TVYL KPMÃ&#x201E;J\S[ [V THUPW\SH[L ;OH[ PZ ^O` VPS HUK NHZ JVTWHUPLZ KV UV[ SPRL [OLT

;OL 7YVWLY[` ;H_

6;/,9 ;(?,: 9V`HS[PLZ VU 4PULYHS 9LZV\YJLZ *VUNYLZZ OHZ SVUN HYN\LK [OH[ [OL

VPS NHZ HUK V[OLY TPULYHS YV`HS[` [H_ VU WYVK\J[PVU HIV]L H JLY[HPU [OYLZOVSK ZOV\SK IL YLPU[YVK\JLK ;OPZ ZOV\SK IL PU HKKP[PVU [V [OL L_PZ[PUN *VYWVYH[PVU ;H_ YLNPTL 0[ PZ PUHKLX\H[L ILJH\ZL PU [OL L]LU[ VM H ]LY` SHYNL VPS NHZ VY TPULYHS Ã&#x201E;UK [OVZL YLZV\YJLZ V^ULK I` [OL WLVWSL VM 0YLSHUK ^PSS IL \U[H_LK >OH[ PZ [H_LK [VKH` HYL VUS` [OL WYVÃ&#x201E;[Z VU [OL I\ZPULZZ VM L_[YHJ[PVU (SS KL]LSVWTLU[HS SVZZLZ MYVT V[OLY L_WSVYH[PVU JVZ[Z JHU IL VMMZL[ HNHPUZ[ [OLZL [H_HISL WYVÃ&#x201E;[Z YLK\JPUN [OLT KYHTH[PJHSS` ZVTL[PTLZ [V aLYV ;OLYL HYL [VV THU` L_LTW[PVUZ \UKLY [OL J\YYLU[ *; YLNPTL ^OPJO JHU HUK HYL THUPW\SH[LK I` [OL HJJV\U[PUN WYVMLZZPVU [V YLK\JL [OPZ [H_ [V ULNSPNPISL YH[LZ

+ LUR 6SP]LY ¸;H_ 9LMVYT PU 5VY^H` ¹ 6,*+ 0[ PZ UV[ HWWSPLK H[ [OL ZHTL YH[L HJYVZZ HSS HZZL[ JSHZZLZ ^P[O YLK\J[PVUZ MVY OV\ZPUN HUK WLUZPVUZ L_LTW[ +LUR PZ JYP[PJHS VM WYLMLYLU[PHS [YLH[TLU[ VM ZVTL HZZL[ JSHZZLZ

0M H THQVY VPS VY NHZ Ã&#x201E;LSK PZ MV\UK VMM [OL JVHZ[ VM 0YLSHUK ¶ PUJYLHZPUNS` SPRLS` ^P[O YPZPUN WYPJLZ HUK PUUV]H[P]L [LJOUVSVN` [OPZ YLZV\YJL VM [OL 0YPZO WLVWSL ^PSS IL NP]LU H^H` ^P[OV\[ HWWYVWYPH[L JVTWLUZH[PVU

;OL 7YVWLY[` ;H_ ^PSS IL PU[YVK\JLK PU [OPZ )\KNL[ ;OPZ UL^ 7YVWLY[` ;H_ T\Z[ IL MHPY HUK WYVNYLZZP]L ;OL Ã&#x201E;HZJV [OH[ ^HZ [OL PU[YVK\J[PVU VM [OL OV\ZLOVSK JOHYNL PZ H ZHS\[HY` SLZZVU MVY WVSPJ`THRLYZ *VUNYLZZ ^HU[Z [OPZ [H_ [V IL PU[YVK\JLK PU [HUKLT ^P[O [OL RL` WYV]PZPVUZ VM [OL 2LUU` 9LWVY[ VM 0UZ[LHK VM H SHUKV^ULY VY MHYTLY ZLSSPUN SHUK ^OPJO OHZ ILLU YL aVULK I` [OL W\ISPJ H\[OVYP[` MVY KL]LSVWTLU[ H[ H THZZP]L WYLTP\T OL VY ZOL T\Z[ ZLSS P[ [V [OL Z[H[L VY SVJHS H\[OVYP[` ;OL` [OLU NHPU H Z\IZ[HU[PHS WYLTP\T VM 0M [OL Z[H[L THRLZ TVYL MYVT YLZHSL [V H KL]LSVWLY [OL NHPU ^PSS IL \ZLK MVY JVTT\UP[` ZLY]PJLZ SPRL ^H[LY YVHKZ ZJOVVSZ 7VSP[PJHS SLNP[PTHJ` MVY H UL^ WYVWLY[` [H_ PU 0YLSHUK YLZ[Z VU [^V MHJ[VYZ! H 0 U H WYVNYLZZP]L HUK MHPY THUULY P[ T\Z[ [HYNL[ [OL ]HY`PUN KLNYLLZ VM OV\ZPUN ^LHS[O [OH[ L_PZ[ HJYVZZ [OPZ JV\U[Y` ;OL [H_ ZOV\SK IL SV^ VU ZTHSS OV\ZLZ HUK WYVNYLZZP]L [OLYLHM[LY I ; OL WYVWLY[` [H_ SPHIPSP[` T\Z[ MHJ[VY PU H OV\ZLOVSK»Z HIPSP[` [V WH` -HPS\YL [V HKKYLZZ [OLZL [^V THPU PZZ\LZ YPZRZ SV^ KLNYLLZ VM JVTWSPHUJL HUK O[[W! ^^^ ZJYPIK JVT KVJ ;OL 2LUU` 9LWVY[

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

[OYLH[LUZ [V \UKLYTPUL V[OLY YL]LU\L YHPZPUN TLHZ\YLZ PU[YVK\JLK I` [OL .V]LYUTLU[ ;OLYL ZOV\SK IL H TLJOHUPZT ^OPJO JV\SK HKQ\Z[ [OL WYVWLY[` [H_ SPHIPSP[` [V MHJ[VY PU OV\ZLOVSK PUJVTL PUJS\KPUN HU HKQ\Z[TLU[ MVY KLWLUKLU[Z ;OLYL T\Z[ HSZV IL LX\P[HISL YLSPLM [V I\`LYZ ^OV WHPK Z[HTW K\[` IL[^LLU HUK (UV[OLY HWWYVHJO ^V\SK IL H :P[L =HS\H[PVU ;H_ :=; ^OPJO ^V\SK IL SL]PLK VU HSS SHUK aVULK MVY KL]LSVWTLU[ ¶ PUJS\KPUN YLZPKLU[PHS ZP[LZ HUK SHUK IHURZ OLSK I` WYVWLY[` ZWLJ\SH[VYZ

-PUHUJPHS ;YHUZHJ[PVU ;H_ -;; >L Z\WWVY[ [OL PU[YVK\J[PVU VM H -PUHUJPHS ;YHUZHJ[PVU ;H_ -;; ^OPJO JV\SK YHPZL â&#x201A;¬ TPSSPVU H `LHY PU 0YLSHUK ;OL *YHZO VM ^HZ SHYNLS` JH\ZLK I` IHURLY NYLLK 0YLSHUK»Z IHUR JVSSHWZLZ ^LYL WYVWVY[PVUH[LS` [OL SHYNLZ[ PU [OL ^VYSK 9LJLU[ L]LU[Z PU [OL <2 ^P[O [OL 3PIVY HUK /:)* ZJHUKHSZ KLTVUZ[YH[L [OL J\S[\YL VM LU[P[SLTLU[ PZ Z[PSS HSP]L HUK ^LSS PU IHURPUN (SS VM 0YLSHUK»Z IHURZ ^V\SK OH]L MHPSLK ^P[OV\[ ]HZ[ Z[H[L Z\IZPKPLZ 0[ PZ \UHJJLW[HISL [OH[ [OPZ NV]LYUTLU[ ZOV\SK OPKL ILOPUK [OL )YP[PZO PU VWWVZPUN [OL -;; PU ,\YVWL HM[LY [OL WHPU PUÃ&#x2026;PJ[LK VU JP[PaLUZ I` V\Y IHURZ ;OL -;; ^V\SK PTWVZL H [PU` [H_ VU [YHUZHJ[PVUZ HUK KL[LY ZWLJ\SH[PVU ;OL .V]LYUTLU[ ZOV\SK JLHZL VY TVYL KL[HPS ZLL -PUHUJPHS ;YHUZHJ[PVU ;H_! ( -HPY HUK :\IZ[HU[PHS *VU[YPI\[PVU MYVT [OL -PUHUJPHS :LJ[VY *VUNYLZZ 6J[VILY

[V JV]LY MVY [OL IHURLYZ KYVW P[Z \UJYP[PJHS H[[P[\KL [V [OL 0-:* HUK Ã&#x201E;UHSS` HJ[ PU V\Y JP[PaLUZ» PU[LYLZ[Z

*HY ;H_LZ >P[O [OL TV]L [V SV^LY LTPZZPVU JHYZ HUK V[OLY ]LOPJSLZ I` THU\MHJ[\YLYZ P[ TH` IL [PTL [V YL]LY[ [V PTWVZPUN OPNOLY [H_LZ VU L_WLUZP]L JHYZ LZWLJPHSS` SHYNL :<= [`WL ]LOPJSLZ

7\ISPJ ;YHUZWVY[ -\LS ;H_LZ ;OL JVZ[ VM M\LS MVY W\ISPJ [YHUZWVY[ VWLYH[VYZ PZ UV^ H[ H WYVOPIP[P]L SL]LS ( ZJOLTL KPK L_PZ[ ^OLYL H YLIH[L JV\SK IL JSHPTLK I\[ P[ ^HZ HIVSPZOLK HZ H YLZ\S[ VM HU ,< +PYLJ[P]L @L[ [OL <2 OHZ PU WSHJL H ZJOLTL RUV^U HZ [OL )\Z :LY]PJL 6WLYH[VYZ .YHU[ ^OPJO YLM\UKZ ZVTL VM [OL -\LS +\[` PUJ\YYLK I` VWLYH[VYZ VM YLNPZ[LYLK SVJHS I\Z ZLY]PJLZ ;OL K\[` HUK [OL YLIH[L WH`HISL WLY SP[YL MVY KPLZLS IPVKPLZLS IPVL[OHUVS HUK \USLHKLK WL[YVS PZ W WLY SP[YL ^P[O YLIH[LZ VM W WLY RPSV MVY UH[\YHS NHZ \ZLK HZ H YVHK M\LS HUK M\LSZ V[OLY [OHU UH[\YHS NHZ PU *VUNYLZZ WYVWVZLZ [OH[ H ZJOLTL ZPTPSHY [V [OH[ VWLYH[PUN PU [OL <2 IL L_HTPULK HZ WHY[ VM [OL I\KNL[HY` WYVJLZZ [V HZZPZ[ W\ISPJ [YHUZWVY[

;H_ (KTPUPZ[YH[PVU ;H_ *OLH[Z 0[ PZ NHSSPUN MVY [H_ JVTWSPHU[ ^VYRLYZ [V ZLL IPSSPVUHPYLZ ZLUKPUN [OL IPSS MVY L_[YH]HNHU[ ^LKKPUN JHRLZ [V [OLPY JVTWHU` MVY WH`TLU[ ;OLZL YL]LSH[PVUZ KLTHUK H [V\NO HWWYVHJO [V [OL 0YPZO

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

JVYWVYH[L HUK ZLSM LTWSV`LK ºLU[LYWYPZL» ZLJ[VY >L HYL PU H KLLW JYPZPZ HUK [OPZ T\Z[ IL Z[HTWLK V\[

HU`^OLYL ;OL` OH]L UV SV`HS[` [V WSHJL VY WLYZVU ;OL` ZOV\SK IL THYNPUHSPZLK )\[ Ã&#x201E;YZ[ [OL` ZOV\SK IL [H_LK

0U [OPZ JYPZPZ aLYV [VSLYHUJL ZOV\SK IL ZOV^U I` 9L]LU\L [V [H_ JOLH[Z HUK L]LU ZTHSS WH`TLU[Z ºPU JHZO»

;OL 0YPZO NV]LYUTLU[ ZOV\SK [HRL H T\JO Z[YVUNLY WVZP[PVU VU VMMZOVYL [H_ OH]LUZ ;H_ OH]LUZ JH\ZL WV]LY[`

;V [OPZ LUK [OLYL ZOV\SK IL THU` TVYL H\KP[Z VM [OL ZLSM LTWSV`LK HUK VM JVTWHUPLZ ^P[O [YHJPUN IHJR VM PU]VPJLZ [V ZTHSS Z\WWSPLYZ WHY[PJ\SHYS` PU [OL OHYK OP[ JVUZ[Y\J[PVU PUK\Z[Y` ;OL YLJLZZPVU OHZ LUJV\YHNLK [OL NYV^[O VM [OL )SHJR ,JVUVT` HUK JVTWSPHU[ [H_WH`LYZ \Z\HSS` [OL IL[[LY LTWSV`LYZ HYL H[ H KPZHK]HU[HNL

;OL ;H_ 1\Z[PJL 5L[^VYR ZH`Z! ¸;H_ OH]LUZ VMMLY UV[ VUS` SV^ VY aLYV [H_LZ I\[ ZVTL[OPUN TVYL >OH[ [OL` KV PZ [V WYV]PKL MHJPSP[PLZ MVY WLVWSL VY LU[P[PLZ [V NL[ HYV\UK [OL Y\SLZ SH^Z HUK YLN\SH[PVUZ VM V[OLY Q\YPZKPJ[PVUZ \ZPUN ZLJYLJ` HZ [OLPY WYPTL [VVS ¹

6\Y PUJVTL [H_ Z`Z[LT HSSV^Z ZVTL ZLSM LTWSV`LK WLYZVUZ [V WH` SLZZ PUJVTL [H_ [OHU [OL` ZOV\SK ;OL 7(@, HSSV^HUJL [HJP[S` YLKYLZZLZ [OL PTIHSHUJL ZVTL^OH[ IL[^LLU LTWSV`LLZ HUK [OVZL VU :JOLK\SL + 0[ T\Z[ UV[ IL J\[ (\KP[Z I` 9L]LU\L UV[ VUS` OH]L [OL JHWHJP[` [V YHPZL ]HZ[ Z\TZ VM \UKLYWHPK [H_LZ L]LY` `LHY [OL` HSZV NP]L JVUÃ&#x201E;KLUJL [V JVTWSPHU[ [H_ WH`LYZ [OH[ [OL Z`Z[LT PZ HZ MHPY HZ P[ JHU IL ;OH[ PZ UV[ [OL MLLSPUN PU 0YLSHUK ;OLYL ZOV\SK IL MHY TVYL H\KP[Z VM [H_H[PVU VM ZLSM LTWSV`LK MHYTLYZ PUJVYWVYH[LK LU[P[PLZ HUK VM WHY[ULYZOPWZ WHY[PJ\SHYS` SH^ Ã&#x201E;YTZ ;OL ,< OHZ ILLU ZVM[ VU [OL :^PZZ [H_ L]HKLYZ HUK MHY [VV [VSLYHU[ VU [OL [H_ OH]LUZ ^P[OPU [OL IYVHK NLVNYHWOPJHS HYLH VM [OL ,< ;OL YPJO VY /PNO 5L[ >VY[O 0UKP]PK\HSZ /5>0Z HZ [OL` WYLMLY [V IL JHSSLK YLZPKL PU [H_ OH]LUZ SPRL 4VUHJV (UKVYYH HUK 1LYZL` HUK JVTT\[L LHZPS` PU[V [OL ,< [V THRL [OLPY TVUL` HUK [HRL P[ ºOVTL» [V IL SPNO[S` [H_LK VY \U[H_LK ;OPZ UL^ Z\WLY YPJO LSP[L WH` UV [H_

0[ HYN\LZ [OH[ [OPZ ¸JVYY\W[LK PU[LYUH[PVUHS PUMYHZ[Y\J[\YL HSSV^PUN tSP[LZ [V LZJHWL [H_ HUK YLN\SH[PVU PZ HSZV ^PKLS` \ZLK I` JYPTPUHSZ HUK [LYYVYPZ[Z (Z H YLZ\S[ [H_ OH]LUZ HYL OLPNO[LUPUN PULX\HSP[` HUK WV]LY[` JVYYVKPUN KLTVJYHJ` KPZ[VY[PUN THYRL[Z \UKLYTPUPUN Ã&#x201E;UHUJPHS HUK V[OLY YLN\SH[PVU HUK J\YIPUN LJVUVTPJ NYV^[O HJJLSLYH[PUN JHWP[HS Ã&#x2026;PNO[ MYVT WVVY JV\U[YPLZ HUK WYVTV[PUN JVYY\W[PVU HUK JYPTL HYV\UK [OL ^VYSK ¹ 9LJLU[ 04- YLZLHYJO ZOV^Z THQVY KPZJYLWHUJPLZ IL[^LLU WVY[MVSPV HZZL[Z HUK SPHIPSP[PLZ PU ZLSLJ[LK VMMZOVYL JLU[YLZ ;OL KH[H ZOV^Z WVY[MVSPV HZZL[Z OLSK I` MVYLPNULYZ PU 3\_LTIV\YN [V IL ^VY[O <: [YPSSPVU H[ [OL LUK VM ^OPSL WVY[MVSPV PU]LZ[TLU[ SPHIPSP[PLZ YLWVY[LK I` [OL NV]LYUTLU[ Z[VVK H[ <: [YPSSPVU H <: [YPSSPVU VY KPMMLYLUJL ;OL *H`THU 0ZSHUKZ YLWVY[Z IPSSPVU PU WVY[MVSPV HZZL[Z I\[ [YPSSPVU PU SPHIPSP[PLZ ; H_ 1\Z[PJL 5L[^VYR O[[W! ^^^ [H_Q\Z[PJL UL[ JTZ MYVU[FJVU[LU[ WOW&PKJH[HY[$ SHUN$

4HYJO +H]PK )HPU O[[W! ^^^ [H_Q\Z[PJL UL[ JTZ \WSVHK WKM 04-F F;YPSSPVUZ WKM

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

¸;OL MHJ[ [OH[ THU` \UKLJSHYLK M\UKZ PU VMMZOVYL HJJV\U[Z HYL OLSK PU JHZO KLWVZP[Z UV[ PU WVY[MVSPV PU]LZ[TLU[Z TLHUZ [OL Z\T PZ SPRLS` [V IL T\JO OPNOLY ¹ ;OL 04- ILSPL]LZ [OL Z\T VM [OL L_[LYUHS HZZL[Z HUK SPHIPSP[PLZ VM ^OH[ P[ JHSSZ ZTHSS PU[LYUH[PVUHS Ã&#x201E;UHUJPHS JLU[YLZ ¶ VUS` H WHY[ VM [OL VMMZOVYL WPJ[\YL HUK L_JS\KPUN VMMZOVYL JLU[YLZ Z\JO HZ :^P[aLYSHUK HUK [OL *P[` VM 3VUKVU ¶ PZ [YPSSPVU ;OL .V]LYUTLU[ T\Z[ HSZV [HRL [V\NO HJ[PVU VU L]HZPVU [OYV\NO VMMZOVYL HJJV\U[Z PU :^P[aLYSHUK HUK V[OLY Z[H[LZ ;OL <2 KPK H KLHS ^P[O :^P[aLYSHUK ^OPJO PZ ZPTPSHY [V VUL KVUL I` .LYTHU` PU (\N\Z[ ^OPJO HSSV^Z L]HKLYZ [V LZJHWL I\[ ^OPJO ^HZ [V IYPUN PU HYV\UK Â&#x2030; IU H SP[[SL SLZZ [OHU WLY JLU[ VM [OL <2»Z Ã&#x201E;ZJHS KLÃ&#x201E;JP[ ;OL :^PZZ IHURZ ^PSS WH` [OL [H_LZ HUVU`TV\ZS` HUK PU I\SR ;O\Z [OL [H_ L]HKLYZ ^PSS SHYNLS` LZJHWL ,\YVWL ULLKZ [V HJ[ PM MHP[O PU [OL [H_ Z`Z[LT HUK [O\Z PU [OL KLTVJYH[PJ Z`Z[LT PZ UV[ [V IL M\Y[OLY \UKLYTPULK 0[ PZ [V[HSS` \UHJJLW[HISL PU H KLLW Ã&#x201E;ZJHS JYPZPZ [OH[ [OL .V]LYUTLU[ HUK W\ISPJ IVKPLZ H^HYK HU` JVU[YHJ[Z [V VMMZOVYL JVTWHUPLZ ^OPJO H]VPK WH`PUN [H_ VU [H_ M\UKLK W\ISPJ ZLY]PJLZ ^OL[OLY [OLZL IL MVY I` +\ISPU *P[` [V VMMZOVYL JVTWHU` .YL`OV\UK >HZ[L VY [OL /:, [V P[Z VMMZOVYL IHZLK JVYWVYH[PZLK HK]PZVYZ *VUNYLZZ JHSSZ VU [OL .V]LYUTLU[ [OYV\NO [OL +LWHY[TLU[ VM 7\ISPJ ,_WLUKP[\YL 9LMVYT +7,9 [V LSPTPUH[L Z\JO JVU[YHJ[Z MVY[O^P[O HUK [V LUK [OL OPYL VM HU` VM [OL HJJV\U[PUN HUK SLNHS Ã&#x201E;YTZ ^OPJO LZ[HISPZO THQVY [H_ H]VPKHUJL ZJOLTLZ

>L HSZV JHSS VU [OL +7,9 [V L_WHUK VU P[Z WHWLY ,U[LYWYPZL :\WWVY[Z [V JVTWYLOLUZP]LS` X\HU[PM` HSS [OL IPSSPVUZ VM L\YV PU KPYLJ[ HUK PUKPYLJ[ W\ISPJ Z\IZPKPLZ [V [OL 0YPZO HUK MVYLPNU LU[LYWYPZL ZLJ[VY PU 0YLSHUK .V]LYUTLU[ ZOV\SK IL [OL WYPTHY` HNLU[ MVY [OL WYVTV[PVU HUK WYHJ[PJL VM L[OPJHS I\ZPULZZ ;OL +LWHY[TLU[ T\Z[ ZL[ \W H \UP[ [V Z\WLY]PZL HSS W\ISPJ JVU[YHJ[Z [V LUZ\YL [OL SH^ PZ ILPUN HKOLYLK [V VU ZHML[` [H_ JVTWSPHUJL HUK YLK\JL SLHRHNL MYVT [OL 0YPZO LJVUVT`

7YVJ\YLTLU[ *VUNYLZZ OHZ ILLU THKL H^HYL VM JHZLZ ^OLYL [OLYL PZ ZPNUPÃ&#x201E;JHU[ SVZZ VM [H_ YL]LU\L [OYV\NO H TPZN\PKLK HWWYVHJO [V W\ISPJ WYVJ\YLTLU[ ;OPZ PZ TVZ[ WYL]HSLU[ PU JVUZ[Y\J[PVU HUK HYLHZ VM MHJPSP[PLZ THUHNLTLU[ Z\JO HZ JSLHUPUN HUK ZLJ\YP[` >OH[ PZ OHWWLUPUN PZ [OH[ [LUKLYPUN PZ ZV [PNO[ [OH[ VUS` [OVZL JVTWHUPLZ ^PSSPUN [V PNUVYL SHIV\Y Z[HUKHYKZ Z\JO HZ 9LNPZ[LYLK ,TWSV`TLU[ (NYLLTLU[Z ^PSS NL[ JVU[YHJ[Z *VTWSPHUJL TVUP[VYPUN PZ UV[ HKLX\H[L [V WYL]LU[ [OPZ :V ^OH[ OHWWLUZ PU THU` JHZLZ PZ [OH[ [OL ^VYR NVLZ V\[ZPKL [OL :[H[L 0U [OL WYVJLZZ ^VYRLYZ HYL KPZHK]HU[HNLK YLW\[HISL LTWSV`LYZ JHUUV[ Z\Y]P]L HUK [OL ,_JOLX\LY SVZLZ YL]LU\L >OH[ Z[HY[Z V\[ HZ HU LMMVY[ [V NL[ IL[[LY ]HS\L MYVT [OL :[H[L ILJVTLZ H ZLSM KLMLH[PUN VYKPUHUJL ;OL VUS` ^H` [V JV\U[LY [OPZ PZ [V PU]VS]L LTWSV`LYZ HUK \UPVUZ PU H QVPU[ [LHT LMMVY[ ^P[O [OL 5H[PVUHS ,TWSV`TLU[Z 9PNO[Z )VK` [V LUZ\YL SHIV\Y Z[HUKHYKZ JVTWSPHUJL :\JO JVVWLYH[PVU ^HZ LU]PZHNLK ^OLU [OL )VK` ^HZ Ã&#x201E;YZ[ LZ[HISPZOLK

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

>VYR (J[P]H[PVU >LSMHYL

*VUNYLZZ ^LSJVTLK [OL NV]LYUTLU[ JVTTP[TLU[ YLNHYKPUN UV M\Y[OLY J\[Z [V ZVJPHS ^LSMHYL YH[LZ ;OPZ PZ PTWVY[HU[ MVY [OL THU` KLWLUKLU[ VU ZVJPHS ^LSMHYL HUK PU THPU[HPUPUN KVTLZ[PJ KLTHUK ^OPJO OHZ JVSSHWZLK ZPUJL ;OL ,< :VJPHS 0UJS\ZPVU 3P]PUN *VUKP[PVUZ :03* Z\Y]L` VM W\ISPZOLK PU 4HYJO MV\UK [OH[ [OL KPZWVZHISL PUJVTL VM WVVYLZ[ OV\ZLOVSKZ MLSS I` PU H ZPUNSL `LHY ^OPSL [OL PUJVTL VM [OL YPJOLZ[ YVZL I`

0[ PZ \UHJJLW[HISL [OH[ [OL [VW VM [OL 0YPZO WVW\SH[PVU OHZ ULHYS` [PTLZ TVYL KPZWVZHISL PUJVTL [OHU [OL WVVYLZ[

YLJLP]L JVTWHYLK [V ;OPZ NHW ^HZ LPNO[ [PTLZ TVYL IHJR PU 0[ PZ YLNYL[[HISL [OH[ NV]LYUTLU[ WVSPJ` PZ WHY[S` [V ISHTL MVY KYP]PUN [OL ^PKLUPUN NHW ;OPZ )\KNL[ T\Z[ IL MYHTLK PU Z\JO H ^H` HZ [V HZJLY[HPU P[Z PTWHJ[ VU [OL ]\SULYHISL 7V]LY[` WYVVÃ&#x201E;UN PZ LZZLU[PHS (SS I\KNL[HY` TLHZ\YLZ T\Z[ UV^ IL Z\IQLJ[ [V HU LX\HSP[` H\KP[ ^OLYL H M\SS KPZ[YPI\[PVUHS HUHS`ZPZ PZ \UKLY[HRLU [V PKLU[PM` OV^ KPMMLYLU[ NYV\WZ PU ZVJPL[` HYL SPRLS` [V IL HMMLJ[LK

;OL (ZZH\S[ VU :LJVUKHY` :VJPHS >LSMHYL )LULÃ&#x201E;[Z 0U [OL )\KNL[ *OHYSPL 4J*YLL]` [VVR â&#x201A;¬ T V\[ VM [OL :VJPHS -\UK ^OPJO OHK H Z\YWS\Z VM â&#x201A;¬ IU H[ [OL LUK VM ;OPZ TVUL` ILSVUNLK [V 0YPZO ^VYRLYZ HZ KPK [OL â&#x201A;¬ IU PU [OL 5H[PVUHS 7LUZPVU 9LZLY]L -\UK TVZ[ VM ^OPJO OHZ ILLU ^HZ[LK VU WYVWWPUN \W [OL WYP]H[L IHURZ

6

*VUNYLZZ PZ NYLH[S` KPZ[\YILK I` [OL YLK\J[PVU PU ZLJVUKHY` ZVJPHS ^LSMHYL ILULÃ&#x201E;[Z >OPSL P[ PZ \UKLYZ[HUKHISL [OH[ [OL NHW IL[^LLU YL]LU\L HUK W\ISPJ ZWLUKPUN T\Z[ IL YLK\JLK [OL ºHKQ\Z[TLU[» MVJ\Z VU J\[Z HZ VWWVZLK [V [H_H[PVU TLHUZ YLK\J[PVUZ PU W\ISPJ ZLY]PJLZ ;OL J\[Z PU KLU[HS [YLH[TLU[ WYV]PZPVU ZWLJPÃ&#x201E;JHSS` WHPK MVY I` ^VYRLYZ» HUK LTWSV`LYZ» 79:0 OHZ OP[ ^VYRPUN JSHZZ WLVWSL OHYKLZ[ 4HU` HYL UV^ H]VPKPUN WYL]LU[H[P]L [YLH[TLU[ HZ [OL` HYL \UJLY[HPU VM [OL JVZ[ ;OL YLK\J[PVUZ PU MYLL WYL]LU[H[P]L JHYL [YLH[TLU[Z T\Z[ IL YL]LYZLK HZ H WYPVYP[` 0M [OL NV]LYUTLU[ ^PSS UV[ KV [OPZ PU )\KNL[ P[ ZOV\SK HUUV\UJL [OH[ P[ ^PSS IL H WYPVYP[` ^OLU [OL YLJV]LY` JVTLZ ;OPZ PZ H ZTHSS WHY[ VM KLMLUKPUN :VJPHS ,\YVWL (Z P[Z JVU[YPI\[PVU [V J\[ W\ISPJ ZWLUKPUN M\Y[OLY [OL 04- OHZ Z\NNLZ[LK J\[[PUN ZVTL \UP]LYZHS ZVJPHS ILULÃ&#x201E;[Z ;OL JHZL MVY LUKPUN \UP]LYZHS ILULÃ&#x201E;[Z JHU IL THKL PU[LSSLJ[\HSS` I\[ [OL Z[YVUNLZ[ KLMLUJL PZ [OH[ Z\JO WH`TLU[Z YLPUMVYJL ZVJPHS ZVSPKHYP[` ;OL PTWVY[HUJL VM ZVJPHS ZVSPKHYP[` PU [OLZL [Y`PUN [PTLZ JHUUV[ IL \UKLYLZ[PTH[LK 0[ PZ [OLYLMVYL ]P[HS [OH[ H U\TILY VM \UP]LYZHS ZVJPHS ILULÃ&#x201E;[Z MVY HSS IL THPU[HPULK L]LU PU [Y`PUN [PTLZ /PNOLY PUJVTL [H_LZ VU OPNO PUJVTLZ JHU THRL \W ZOVY[MHSSZ 0U WHY[PJ\SHY *VUNYLZZ JHSSZ MVY [OL YL[LU[PVU VM MYLL [YH]LS MVY VSK HNL WLUZPVULYZ ^OV OH]L SLNP[PTH[L L_WLJ[H[PVUZ [OH[ ^OH[ [OL` WHPK MVY ^PSS IL [OLYL MVY [OLT SH[LY 4LHUZ [LZ[PUN PZ L_WLUZP]L HUK [OL JVZ[ VM P[Z HWWSPJH[PVU [V ^OH[ HYL J\YYLU[S` \UP]LYZHS ILULÃ&#x201E;[Z T\Z[ IL MHJ[VYLK PU [VV

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

(J[P]H[PVU >VYR >LSMHYL *VUNYLZZ Z\WWVY[Z [OL 5VYKPJ ºÃ&#x2026;L_PZLJ\YP[`» TVKLS VM YVI\Z[ ZVJPHS WYV[LJ[PVU HUK Z[YVUN HJ[P]L SHIV\Y THYRL[ WVSPJPLZ [V WYVTV[L LTWSV`TLU[ ;OL TVZ[ YLJLU[ L]PKLUJL MYVT 5,:* PUKPJH[LZ [OH[ 0YLSHUK»Z ZVJPHS ^LSMHYL Z`Z[LT PZ UV[ WHY[PJ\SHYS` NLULYV\Z [V ^VYRLYZ ^OV ILJVTL \ULTWSV`LK 6UL ^H` VM PTWYV]PUN HJ[P]H[PVU V\[JVTLZ ^V\SK IL [V YLZ[VYL ZVTL VM [OL ILULÃ&#x201E;[Z ^OPJO MVYTLYS` HJJY\LK [V ZVJPHS ^LSMHYL YLJPWPLU[Z ;OPZ JVUZ[P[\[LZ HU PU[HUNPISL PUJLU[P]L [V ^VYR ;OL WYVJLZZ VM PUJYLHZPUN [OL KPMMLYLU[PHS IL[^LLU QVIZLLRLYZ ILULÃ&#x201E;[ HUK HSSV^HUJLZ WH`TLU[ ZOV\SK ILNPU ^P[O [OPZ )\KNL[ I` PUJYLHZPUN QVIZLLRLYZ» ILULÃ&#x201E;[ WH`TLU[ SL]LSZ I` H TVKLZ[ HTV\U[ (J[P]H[PVU ZOV\SK IL ZLLU [V IL MHPY HUK KPYLJ[LK H[ LUJV\YHNPUN WLVWSL PU[V [OL ^VYRMVYJL YH[OLY [OHU HZ H ^H` VM THUHNPUN L_WLUKP[\YL J\[Z 7YVWLY HJ[P]H[PVU YLX\PYLZ HU PU[LUZL SL]LS VM X\HSP[` ZLY]PJL ( U\TILY VM ]HN\L WYVWVZHSZ OH]L ILLU HPYLK YLNHYKPUN JVU[YHJ[PUN ZVTL VM [OPZ ^VYR [V WYP]H[L ZLJ[VY HNLUJPLZ (U` Z\JO WYVWVZHS ZOV\SK OH]L [V JSLHYS` KLTVUZ[YH[L OV^ [OPZ ^V\SK PTWYV]L V\[JVTLZ MVY \ULTWSV`LK WLVWSL 0U HKKP[PVU HJHKLTPJ L]PKLUJL MYVT JV\U[YPLZ Z\JO HZ (\Z[YHSPH ZOV^Z ZVTL JVTWHUPLZ LUNHNLK PU ºJOLYY` WPJRPUN» ^OLYL ZVTL JSPLU[Z YLJLP]L WYPVYP[` [YLH[TLU[ VY [OL JVU]LYZL WYHJ[PJL VM ºWHYRPUN» ^OLYL [OL HNLUJ` WH`Z H JV]LY[ Z\IZPK` [V HU LTWSV`LY [V WSHJL TVYL V[OLY JSPLU[Z PU H Z\JJLZZPVU VM SV^ WHPK QVIZ

;OLYL PZ H ULLK [V KL]LSVW [OL WYVWVZLK @V\[O .\HYHU[LL ILPUN WYVWVZLK I` [OL ,< HUK [OL ,\YVWLHU ;YHKL <UPVU *VUMLKLYH[PVU /V^L]LY ^L ULLK [V LUZ\YL [OH[ WYVNYHTTLZ VY PUP[PH[P]LZ VMMLYLK \UKLY Z\JO H N\HYHU[LL HYL VM H OPNO X\HSP[` ;OPZ T\Z[ UV[ IL H JHZL VM Q\Z[ YL IHKNPUN L_PZ[PUN PUP[PH[P]LZ HZ ^HZ [OL JHZL ^P[O [OL ZVJPHS N\HYHU[LL VM [OL LHYS` Z >L ULLK [V SLHYU MYVT [OL L_WLYPLUJL VM V[OLY JV\U[YPLZ *V\U[YPLZ ^P[O ^LSS KL]LSVWLK HWWYLU[PJLZOPW Z`Z[LTZ OH]L H ZPNUPÃ&#x201E;JHU[S` SV^LY YH[L VM `V\[O \ULTWSV`TLU[ >L T\Z[ IYVHKLU [OL HWWYLU[PJLZOPW Z`Z[LT [V PUJS\KL THU` V[OLY VJJ\WH[PVUZ PU [OL JH[LYPUN OVZWP[HSP[` JVTTLYJL HUK SVNPZ[PJZ ZLJ[VYZ ( NYLH[LY LTWOHZPZ VU I\PSKPUN H `V\UN WLYZVU»Z SPUR ^P[O [OL ^VYRWSHJL PZ KLZPYHISL 5L^ HUK TVYL KP]LYZL HWWYLU[PJLZOPWZ ^PSS OLSW [V JV\U[LY [OL WYVISLT VM [OL \UKLY HJOPL]LTLU[ VM `V\UN THSLZ PU [OL LK\JH[PVU Z`Z[LT ;OPZ ^PSS PU [\YU NV ZVTL ^H` [V^HYKZ TLL[PUN [OL WYVISLT VM 5,,;: UV[ PU LTWSV`TLU[ LK\JH[PVU VY [YHPUPUN ;OL KLZPNU VM HU` YL]PZLK Z`Z[LT ZOV\SK IL IHZLK VU HU L]HS\H[PVU VM ^OH[ ^VYRZ ILZ[ PU [OL L_PZ[PUN M\Y[OLY LK\JH[PVU ZLJ[VY ;OPZ PZ ILZ[ HJOPL]LK I` L]HS\H[PUN [OL JVTWSL[PVU YH[LZ PU ]HYPV\Z WYVNYHTTLZ M\SS JLY[PÃ&#x201E;JH[L HZ WLYJLU[HNL VM Z[HY[LYZ HUK WYVNYLZZPVU YH[LZ VM WHY[PJPWHU[Z PU [OL ZLJ[VY Z[\KPLK 3VUN [LYT \ULTWSV`TLU[ OHZ YLHJOLK

VM [V[HS \ULTWSV`TLU[ 6SKLY SV^LY ZRPSSLK THSLZ THU` VM [OLT MVYTLY JVUZ[Y\J[PVU ^VYRLYZ MVYT [OL THPU JVOVY[ ;OL MHPS\YL [V HKKYLZZ [OL ZWLJPÃ&#x201E;J

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

YLX\PYLTLU[Z VM [OPZ NYV\W ^PSS OH]L ZPNUPÃ&#x201E;JHU[ ZVJPHS JVUZLX\LUJLZ *VUNYLZZ OHZ SVUN HYN\LK [OH[ PU WHYHSSLS [V WYV]PKPUN H Z[PT\S\Z MVY JHWP[HS HUK PUMYHZ[Y\J[\YHS ^VYRZ H SVJHS SHIV\Y THYRL[ JSH\ZL T\Z[ IL PUJS\KLK PU HSS Z[H[L WYVJ\YLTLU[ HUK [LUKLYPUN [V LUZ\YL [OH[ [H_WH`LY PU]LZ[TLU[Z OLSW NL[ [OVZL J\YYLU[S` V\[ VM ^VYR IHJR PU[V YLHS LTWSV`TLU[ >L ILSPL]L [OH[ [OLYL PZ HU HWWL[P[L HTVUN LTWSV`LYZ [V KPZJ\ZZ H IYVHKLUPUN VM [OL HWWYLU[PJLZOPW Z`Z[LT 0U VYKLY [V OH]L [OL TH_PT\T LTWSV`TLU[ LMMLJ[ HU` Z\JO PUP[PH[P]L ZOV\SK IL Z\WWVY[LK I` H UL^ WVSPJ` VU ZVJPHS JSH\ZLZ [OH[ ^V\SK LUZ\YL Z\JJLZZM\S IPKKLYZ MVY Z[H[L JVU[YHJ[Z TLL[ KLTHUKPUN [HYNL[Z MVY LTWSV`PUN X\V[HZ VM HWWYLU[PJLZ HUK SVUN [LYT \ULTWSV`LK

( /PNOLY 9H[L VM 79:0 MVY (I\ZP]L ,TWSV`LYZ :VTL LTWSV`LYZ HYL THUPW\SH[PUN ^VYRPUN [PTL NLULYH[PUN \UKLY LTWSV`TLU[ HUK \ZPUN [OL ZVJPHS PUZ\YHUJL M\UK [V Z\WWVY[ [OLPY LMMVY[Z (JJVYKPUN [V [OL 5L]PU ,JVUVTPJ 9LZLHYJO 0UZ[P[\[L 0YLSHUK»Z YH[L VM \UKLYLTWSV`TLU[ PZ [OL [OPYK OPNOLZ[ PU [OL ,< 7YLJHYPV\Z JVU[YHJ[Z VM LTWSV`TLU[ MVY WLYPVKZ HZ SV^ HZ [^V OV\YZ H ^LLR HYL JH\ZPUN ^VYRLYZ [V MHSS IHJR VU QVIZLLRLYZ WH`TLU[Z HUK VY MHTPS` PUJVTL Z\WWSLTLU[ ;OPZ ^HZ UL]LY [OL PU[LU[PVU ILOPUK [OL PU[YVK\J[PVU VM YLK\JLK LTWSV`LY»Z 79:0 )HK LTWSV`LYZ ZOV\SK UV[ IL Z\IZPKPZLK I` [OL Z[H[L ;OPZ JVUJVJ[LK WH[[LYU VM ZOVY[ [PTL ^VYRPUN OHZ OHK [OL LMMLJ[ VM Z\IZPKPZPUN IHK LTWSV`TLU[ WYHJ[PJLZ HUK WYLJHYPV\Z

^VYR 9LJLU[ YLZLHYJO I` 4HUKH[L [YHKL \UPVU ZOV^Z V]LY H X\HY[LY VM P[Z TLTILYZOPW OHZ JVU[YHJ[Z VM SLZZ [OHU OV\YZ H ^LLR 0U HKKP[PVU [OL WH[[LYU VM H]HPSHIPSP[` KLTHUKLK I` LTWSV`LYZ THRL P[ PTWVZZPISL MVY ^VYRLYZ [V PUJYLHZL [OLPY LHYUPUNZ I` NL[[PUN HUV[OLY QVI ;OPZ W\[Z HU PUJYLHZLK Z[YHPU VU [OL ZVJPHS ^LSMHYL Z`Z[LT ;OL Z[\K` HSZV ZOV^Z [OH[ THU` ^VYRLYZ ^OV ^VYR WHY[ [PTL KV ZV PU]VS\U[HYPS` HUK ^V\SK ^VYR TVYL OV\YZ PM [OL` JV\SK 0UZ\YHUJL ^VYRZ VU [OL IHZPZ VM ZOHYPUN YPZRZ HUK WYPJPUN YPZRZ 7LVWSL ^OV \UKLY[HRL YPZR` HJ[P]P[PLZ Z\JO HZ ZTVRPUN VY KYP]PUN OPNO WV^LYLK ZWVY[Z ]LOPJSLZ \UKLYZ[HUK [OPZ *VUNYLZZ ILSPL]LZ [OLYL ZOV\SK IL H OPNOLY YH[L VM LTWSV`LYZ 79:0 MVY JVTWHUPLZ ^OLYL WYLJHYPV\Z JVU[YHJ[Z HYL JVTTVUWSHJL ;OLYL ZOV\SK IL JSLHY SLNPZSH[PVU PU[YVK\JLK [V KLÃ&#x201E;UL LTWSV`TLU[ HUK ZLSM LTWSV`TLU[ HUK ZV OLSW LSPTPUH[L IVN\Z ºZLSM LTWSV`TLU[ »

0UKL_ VM 7YLJHYP[` (U PUKL_ VM WYLJHYP[` ZOV\SK IL KL]PZLK ¶ IHZLK WLYOHWZ VU TLKPHU SLUN[O VM H ^LLRS` ^VYR JVU[YHJ[ JVTWHYLK [V [OL [V[HS U\TILY VM OV\YZ VM VWLUPUN ;OPZ ^V\SK KPZJV\YHNL LTWSV`LY ILOH]PV\Y ^OPJO Z\WWVY[Z WYLJHYPV\Z JVU[YHJ[Z ^OPSL HSSV^PUN [OL ZVJPHS PUZ\YHUJL M\UK [V JVU[PU\L P[Z Z\WWVY[ VM [OVZL LU[LYWYPZLZ OP[ I` WLYPVKPJ KV^U[\YUZ HUK ZOVY[ [PTL ^VYRPUN

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

7V]LY[` [YHWZ 0[ PZ PTWVY[HU[ [V [HJRSL WV]LY[` [YHWZ Z\JO HZ [OL SVZZ VM TLKPJHS JHYK LU[P[SLTLU[ MVY SV^ PUJVTL LHYULYZ HZ [OL` KPZJV\YHNL WLVWSL MYVT [HRPUN \W ^VYR

-\LS 7V]LY[` *VTWLUZH[PVU ZOV\SK IL PU[YVK\JLK [V OLSW TP[PNH[L [OL WYVISLT VM M\LS WV]LY[` HUK IYVHKLU M\LS HSSV^HUJL JV]LYHNL [V OV\ZLOVSKZ PU YLJLPW[ VM -HTPS` 0UJVTL :\WWSLTLU[

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

,X\HSP[`

.YLH[LY ^VYRWSHJL LX\HSP[` JV\SK HPK V\Y LJVUVTPJ YLJV]LY` HUK OLSW LUZ\YL [OH[ ^L JYLH[L H TVYL Z\Z[HPUHISL NYV^[O TVKLS PU [OL `LHYZ [V JVTL ;OVZL ZVJPL[PLZ [OH[ WYPVYP[PZL LX\HSP[` HJYVZZ HSS ZWOLYLZ VM ZVJPHS HUK LJVUVTPJ SPML HYL TVYL Z[HISL SLZZ WYVUL [V JYPZPZ HUK TVYL LJVUVTPJHSS` LMÄJPLU[ [OL 5VYKPJ JV\U[YPLZ ILPUN H ÄUL L_HTWSL +\YPUN [OL WYVWLY[` HUK JYLKP[ IVVT HSS [OL L]PKLUJL Z\NNLZ[Z [OH[ 0YLSHUK ILJHTL H TVYL \ULX\HS WSHJL (UK [OL L]PKLUJL UV^ PZ [OH[ [OL H\Z[LYP[` KYP]L OHZ HNNYH]H[LK [OH[ PULX\HSP[` )\KNL[ [OLYLMVYL ZOV\SK LUZ\YL [OH[ HU` TLHZ\YLZ [HRLU HYL HZZLZZLK MVY [OLPY PTWHJ[ VU KPMMLYLU[ NYV\WZ ZV HZ [V LUZ\YL M\Y[OLY PULX\HSP[` PZ UV[ JYLH[LK ;OL J\[Z [V OVTL OLSWZ ^LYL ^YVUN HUK ZOV\SK IL YL]LYZLK PTTLKPH[LS` (SZV HZ ^L V^U [OL IHURZ PU [OL JVUÅPJ[ IL[^LLU J\Z[VTLYZ HUK [OL IHURZ» ULLK [V IL YLJHWP[HSPZLK H IHSHUJL T\Z[ IL Z[Y\JR ;O\Z ]HYPHISL PU[LYLZ[ YH[LZ T\Z[ IL MHPY ;OL UL^ ,X\HSP[` /\THU 9PNO[Z *VTTPZZPVU ,/9* PZ WV[LU[PHSS` HU PTWVY[HU[ Z[LW MVY LX\HSP[` HUK O\THU YPNO[Z PU 0YLSHUK ;Y\L PUKLWLUKLUJL YLX\PYLZ [OH[ P[ OHZ [OL O\THU HUK ÄUHUJPHS YLZV\YJLZ [V M\SS` JHYY` V\[ P[Z L_[LUKLK THUKH[L ;OLYLMVYL [OL ,/9* ZOV\SK IL WYV]PKLK ^P[O HU HKLX\H[L I\KNL[ ZV P[ PZ MYLL [V \UKLY[HRL P[Z HJ[P]P[PLZ Z\IQLJ[ [V HWWYVWYPH[L HJJV\U[HIPSP[` [V [OL WHYSPHTLU[ HUK [V Z[H[L»Z PUKLWLUKLU[ H\KP[VY

/LHS[O ;OL 7\ISPJ /LHS[O :LY]PJL ZOV\SK IL THPU[HPULK PU VYKLY [V M\SÄS [OL :[H[L»Z VISPNH[PVU [V WYV]PKL OLHS[OJHYL MVY [OVZL ^OV ULLK P[ ;OL /:, OHZ YLJVYKLK

7 UL^ YLJPWPLU[Z VM TLKPJHS JHYKZ ZPUJL *VUZLY]H[P]L LZ[PTH[LZ Z\NNLZ[ [OH[ VM [OL 0YPZO WVW\SH[PVU PZ UV^ KLWLUKHU[ VU [OL :[H[L MVY P[Z TLKPJHS JHYL ULLKZ 0U [OL JVU[L_[ VM [OL WYVWVZLK I\KNL[ J\[ VM Á T MVY OLHS[O PU P[ ^PSS ZPTWS` UV[ IL WVZZPISL [V WYV]PKL OLHS[OJHYL ZLY]PJLZ [V [OVZL [OH[ ULLK P[ ;OPZ JVOVY[ VM JP[PaLUZ KVLZ UV[ OH]L [OL VW[PVU VM H[[LUKPUN H WYP]H[L OVZWP[HS VY WYP]H[L TLKPJHS MHJPSP[` VY PUKLLK H .7 ;OL` ZPTWS` JHUUV[ HMMVYK P[ ;OLYLMVYL [OL J\YYLU[ LSPNPIPSP[` JYP[LYPH MVY TLKPJHS JHYKZ ^PSS OH]L [V IL WYV[LJ[LK HUK [OL :[H[L T\Z[ WYV[LJ[ [OL OLHS[O I\KNL[ [V HSSV^ JP[PaLUZ [OL IHZPJ O\THU YPNO[ VM HJJLZZ [V OLHS[OJHYL ^OLU HUK PM [OL` ULLK P[

;H_LZ 7LUZPVUZ ;OL UL^ LSPNPIPSP[` JYP[LYPH MVY Z[H[L WLUZPVUZ ^VYR HNHPUZ[ LX\HSP[` ;OL` PTWHJ[ TVZ[ HK]LYZLS` VU ^VTLU -PUKPUNZ MYVT [OL NLUKLY HUHS`ZPZ VM )\KNL[ ZOV^LK [OH[ [OL PTWHJ[ VM JOHUNLZ [V [OL Z`Z[LT VM [H_H[PVU KPZWYVWVY[PVUH[LS` HMMLJ[LK ^VTLU HUK [OL IPN ^PUULYZ ^LYL LHYULYZ V]LY HWWYV_PTH[LS` € R ^OVZL PUJVTL PUJYLHZLK HZ H YLZ\S[ VM [OL JOHUNLZ :PNUPÄJHU[S` TVYL TLU HYL JVUJLU[YH[LK PU [OL OPNOLY PUJVTL KLJPSLZ ^OPJO TLHUZ [OL` ILULÄ[LK KPZWYVWVY[PVUH[LS` I` [OPZ TLHZ\YL 0U JVU[YHZ[ [OL JOHUNLZ OHK H KPZWYVWVY[PVUH[LS` ULNH[P]L PTWHJ[ VU ^VTLU :\JO ÄUKPUNZ WVPU[ [V [OL ULLK MVY HU LX\HSP[` Z[H[LTLU[ ^P[O LHJO I\KNL[ ^OPJO ^V\SK UV[L [OL KPZ[YPI\[PVUHS PTWHJ[ VM TLHZ\YLZ HJYVZZ NLUKLY HUK V[OLY NYV\UKZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;OL ULLK MVY Z\JO TLHZ\YLZ PZ HSZV PSS\Z[YH[LK I` [OL ,\YVWLHU *VTTPZZPVU»Z SH[LZ[ HUU\HS YLWVY[ VU NLUKLY LX\HSP[` ^OPJO ZOV^Z [OH[ PTWYV]PUN LX\HSP[` IL[^LLU ^VTLU HUK TLU PZ LZZLU[PHS [V [OL ,<»Z YLZWVUZL [V [OL J\YYLU[ LJVUVTPJ JYPZPZ ;OL YLWVY[ SVVRZ H[ WYVNYLZZ V]LY [OL WHZ[ `LHY PU [HJRSPUN [OL YLTHPUPUN NHWZ IL[^LLU ^VTLU HUK TLU PU LTWSV`TLU[ [OL LJVUVT` HUK ZVJPL[` PU NLULYHS >OPSL ZVTL WYVNYLZZ OHZ ILLU THKL PU PUJYLHZPUN [OL U\TILY VM ^VTLU PU [VW QVIZ PU I\ZPULZZ HUK PU UHYYV^PUN [OL NLUKLY WH` NHW THQVY JOHSSLUNLZ YLTHPU ,< JV\U[YPLZ ULLK [V NL[ TVYL ^VTLU PU[V [OL SHIV\Y THYRL[ PM [OL` HYL [V TLL[ [OL ,<»Z V]LYHSS VIQLJ[P]L VM LTWSV`TLU[ YH[L MVY HSS HK\S[Z I` :[\KPLZ OH]L ZOV^U [OH[ NLUKLY KP]LYZP[` WH`Z VMM HUK JVTWHUPLZ ^P[O OPNOLY WLYJLU[HNLZ VM ^VTLU VU JVYWVYH[L IVHYKZ WLYMVYT IL[[LY [OHU [OVZL ^P[O HSS THSL IVHYKZ

+PZHIPSP[` /\THU 9PNO[Z *VUNYLZZ PZ ]LY` JVUJLYULK HIV\[ [OL SL]LS VM J\[IHJRZ PU +PZHIPSP[` M\UKPUN [V KH[L ¶ V]LY [OL WHZ[ MV\Y `LHYZ HUK [OL PUL]P[HISL ULNH[P]L PTWHJ[ [OPZ PZ OH]PUN VU V\Y HIPSP[` [V THPU[HPU X\HSP[` LZZLU[PHS ZLY]PJLZ (S[OV\NO P[ Z[HY[LK MYVT H SV^ IHZL [OLYL ^HZ ZPNUPÃ&#x201E;JHU[ PU]LZ[TLU[ I` [OL :[H[L PU [OL KL]LSVWTLU[ VM ZLY]PJLZ [V TLL[ [OL ULLKZ VM WLVWSL ^P[O PU[LSSLJ[\HS KPZHIPSP[PLZ V]LY [OL WLYPVK [V K\YPUN ^OPJO H ILZ[ WYHJ[PJL HWWYVHJO [V X\HSP[` ZLY]PJL WYV]PZPVU ^HZ HKVW[LK ;OL Z\IZ[HU[PHS J\[Z PU M\UKPUN V]LY YLJLU[ `LHYZ OHZ TLHU[ HU \UYH]LSSPUN VM T\JO VM [OPZ NVVK ^VYR ;OL TLHZ\YL VM HU` ZVJPL[` PZ

OV^ ^LSS P[ SVVRZ HM[LY P[Z TVZ[ ]\SULYHISL JP[PaLUZ *VUNYLZZ KLTHUKZ [OH[ [OLYL IL UV M\Y[OLY J\[Z PU KPZHIPSP[` M\UKPUN PU [OL MVY[OJVTPUN I\KNL[ 0[ PZ HSZV PTWVY[HU[ [V WYV[LJ[ [OL PUJVTL Z\WWVY[Z HUK ZLY]PJLZ [OH[ WLVWSL ^P[O KPZHIPSP[PLZ ULLK HUK W\ISPZO HU PTWSLTLU[H[PVU WSHU MVY [OL 5H[PVUHS +PZHIPSP[` :[YH[LN` *VUNYLZZ PZ HSZV VM [OL ]PL^ [OH[ ^L T\Z[ JVU[PU\L ^P[O [OL YLMVYT WYVNYHTTL ZL[ V\[ PU [OL .V]LYUTLU[»Z TLU[HS OLHS[O WVSPJ` ( =PZPVU MVY *OHUNL HUK HKOLYL [V [OL WYVTPZLK YPUN MLUJPUN VM â&#x201A;¬ TPSSPVU HUU\HSS` MYVT [OL OLHS[O I\KNL[ [V KL]LSVW JVTT\UP[` ZLY]PJLZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

6+(

0YLSHUK T\Z[ JVU[PU\L [V THRL WYVNYLZZ [V^HYKZ [OL <5 [HYNL[ VM ZWLUKPUN VM UH[PVUHS PUJVTL VU V]LYZLHZ HPK I` 0[ PZ PU 0YLSHUK»Z PU[LYLZ[ [V Z[YLUN[OLU [OL MV\UKH[PVUZ VM H Z[HISL HUK Z\Z[HPUHISL PU[LYUH[PVUHS LJVUVTPJ VYKLY I` PU]LZ[PUN PU V]LYZLHZ HPK 0YLSHUK JHU JVU[YPI\[L [V I\PSKPUN H UL^ NSVIHS JVTT\UP[` HUK I\PSK WHY[ULYZOPWZ [OH[ ^PSS ILULÄ[ \Z UV^ HUK PU[V [OL M\[\YL

8

;OL KLJPZPVU [V WYP]H[PZL ]HS\HISL Z[H[L HZZL[Z [V WH` VMM WYP]H[L IHURZ» KLI[Z VY [V M\UK H QVIZ PUP[PH[P]L PZ H NYH]L TPZ[HRL LZWLJPHSS` ^OLU HZZL[ WYPJLZ HYL ]LY` SV^ ;OL Z\WWVZLK Z\WLYPVYP[` VM º[OL WYP]H[L ZLJ[VY» OHZ ILLU [V[HSS` \UKLYTPULK I` [OL ULLK [V UH[PVUHSPZL H ]HZ[ ZLJ[PVU VM P[ ¶ H[ LUVYTV\Z JVZ[ ¶ Q\Z[ [V ZH]L P[ MYVT P[ZLSM ;OL YLJVYK VM WYP]H[PZH[PVU PU 0YLSHUK PZ IHK ;OL ,PYJVT KLIHJSL NYLH[S` KLSH`LK [OL YVSS V\[ VM MHZ[ \UP]LYZHS IYVHKIHUK (Z H JVUZLX\LUJL VM WYP]H[PZH[PVU [OPZ Z[YH[LNPJ JVTWHU` ^HZ HZZL[ Z[YPWWLK [V Z\JO HU L_[LU[ I` WYP]H[L LX\P[` Ã&#x201E;YTZ [OH[ P[ JVSSHWZLK PU 4HYJO 5L]LY HNHPU ZOV\SK JYP[PJHS PUMYHZ[Y\J[\YHS Ã&#x201E;YTZ IL WYP]H[PZLK PU 0YLSHUK ^OLYL [OL` JHU IL HZZL[ Z[YPWWLK I` [OL ºPU]LZ[VYZ» ^OV J\[ PU]LZ[TLU[ WYVNYHTTLZ HUK KP]LY[ [OL WYVJLLKZ [V KP]PKLUKZ HUK V[OLY JHZO WH`TLU[Z MVY [OLTZLS]LZ )\[ P[ ZLLTZ [OL SLZZVUZ VM [OPZ KLIHJSL Z[PSS NV \USLHYULK HUK WYP]H[PZH[PVU VM ZVTL VM V\Y ILZ[ PUKPNLUV\Z Ã&#x201E;YTZ PZ JVU[LTWSH[LK I` [OL WV^LYZ [OH[ IL

.VVK YLHZVUZ [V VWWVZL WYP]H[PZH[PVU -PYZ[ P[ PZ [OL ^HNLZ VM [OL SV^LZ[ WHPK ^OPJO HYL [HYNL[LK [V NLULYH[L WYVÃ&#x201E;[Z PU [OL WYP]H[PZLK \[PSP[PLZ :LJVUKS` [OL T`[O VM [OL HSSLNLK Z\WLYPVYP[` VM [OL WYP]H[L ZLJ[VY OHZ ILLU Z\ZWLJ[ MVY H SVUN [PTL I\[ [OL JVSSHWZL VM [OL ^OVSL 0YPZO IHURPUN ZLJ[VY [OL 8\PUU .YV\W HUK THU` O\NL ZWLJ\SH[VY Ã&#x201E;YTZ ZOV^Z \ULX\P]VJHSS` [OH[ H SHYNL WHY[ VM [OL 0YPZO WYP]H[L ZLJ[VY TVKLS PZ ]LY` PULMÃ&#x201E;JPLU[

9 -VYTLY JVTTLYJPHS Z[H[L V^ULK IHURZ SPRL (** IHUR 0*** )HUR 0YPZO 3PML (ZZ\YHUJL *VTWHU` T\[\HSZ Z\JO HZ ;:) HUK [OL I\PSKPUN ZVJPL[PLZ ^LYL WYP]H[PZLK HUK OH]L OHK [V IL YLZJ\LK I` [OL [H_WH`LY VY Z\WWVY[LK I` UL^ MVYLPNU WHYLU[ JVTWHUPLZ ;OL` ^LYL JSLHYS` IL[[LY Y\U PU W\ISPJ VY T\[\HS V^ULYZOPW ;OPYKS` ZLSSPUN VMM VM ^OH[ HYL THQVY PUKPNLUV\Z Ã&#x201E;YT PNUVYLZ [OL PTWVY[HU[ HYLH VM ºZ[YH[LNPJ PUK\Z[YPHS WVSPJ` » ,]LY` ZTHSS VWLU LJVUVT` ULLKZ H U\TILY VM KLJLU[ PUKPNLUV\Z Ã&#x201E;YTZ VM ZJHSL >OPSL ZTHSS VWLU LJVUVTPLZ ULLK H TP_ VM MVYLPNU HUK PUKPNLUV\Z Ã&#x201E;YTZ 0YLSHUK OHZ WLYOHWZ [VV OPNO H KLWLUKLUJL VU MVYLPNU Ã&#x201E;YTZ ;OL MHPS\YL VM Z\JO H SHYNL ZLNTLU[ VM PUKPNLUV\Z WYP]H[L Ã&#x201E;YTZ TH` WYV]L [V ZVTL [OH[ 0YPZO JHWP[HSPZT PZ HU HIQLJ[ MHPS\YL /V^L]LY ^P[O YLMVYT [YHUZWHYLUJ` HUK UL^ MVYTZ VM NV]LYUHUJL PUJS\KPUN ^PKLY YLWYLZLU[H[PVU VU [OLPY IVHYKZ PUKPNLUV\Z Ã&#x201E;YTZ VM ZJHSL JHU NYV^ HNHPU PU HKKP[PVU [V [OL Z[H[L Ã&#x201E;YTZ HUK [OL V[OLY Z\Y]P]PUN 0YPZO Ã&#x201E;YTZ SPRL *9/ HUK [OL MVYTLY JVVWZ MVVK JVTWHUPLZ L[J -V\Y[OS` [OL IHURPUN Z`Z[LT PZ ZV PTWVY[HU[ [V H TVKLYU LJVUVT` [OH[ H[ SLHZ[ VUL VM [OL UH[PVUHSPZLK IHURZ T\Z[ IL YL[HPULK PU Z[H[L V^ULYZOPW ,]LU .VSKTHU :HJOZ [VW L_LJ\[P]L 1PT 6 5LPSS JHSSLK MVY [OL <2 [V YL[HPU VUL IHUR PU W\ISPJ JVU[YVS -PUHSS` Z[H[L V^ULK JVTTLYJPHS Ã&#x201E;YTZ HYL HTVUN [OL SHYNLZ[ TVZ[ WYVÃ&#x201E;[HISL HUK ^LSS Y\U Ã&#x201E;YTZ PU [OPZ JV\U[Y` 0[ PZ [OL SVNPJ VM [OL THKOV\ZL [OH[ KPJ[H[LZ [OL` ZOV\SK IL ZVSK VMM [V YLWH` [OL O\NL NHTISPUN KLI[Z VM WYP]H[L 0YPZO IHURZ 1 PT 6»5LPSS [LSSZ 5L^ZUPNO[ ¸[OH[ )YP[HPU TPNO[ ULLK H Z[H[L IHJRLK IHUR¹ 1\S`

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

7YP]H[PZH[PVU

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

9LMVYTPUN *VYWVYH[L .V]LYUHUJL

;OL KLIH[L VU W\ISPJ ZLJ[VY YLMVYT KPZ[YHJ[Z MYVT H TVYL PTWVY[HU[ PZZ\L H[ [OL OLHY[ VM [OL JVSSHWZL VM ¶[OL \[[LY MHPS\YL [V YLMVYT WYP]H[L ZLJ[VY NV]LYUHUJL *LU[YHS [V [OL JVSSHWZL ^LYL [OL WLY]LYZL PUJLU[P]LZ MVY [VW L_LJ\[P]LZ [OH[ ZH^ [OLT YL^HYKLK MVY IHK ILOH]PV\Y WS\Z [OL WYL LTPULUJL HMMVYKLK ºZOHYLOVSKLY ]HS\L» PU 0YPZO JVTWHU` SH^ *VTWHU` SH^Z NV]LYUPUN WYP]H[L VY W\ISPJ SPTP[LK JVTWHUPLZ T\Z[ IL YHKPJHSS` YLMVYTLK ^P[O H ZOPM[ MYVT [OL UHYYV^ PU[LYLZ[Z VM ZOHYLOVSKLYZ [V [OL IYVHKLY Z[HRLOVSKLY TVKLS ;OL YLJLU[ 3PIVY IHUR ZJHUKHS PU [OL <2 HUK [OL L_[YHVYKPUHY` YLT\ULYH[PVU VM IHUR IVZZLZ OHZ JSLHYS` KLTVUZ[YH[LK [OH[ [OLYL PZ SP[[SL JVUULJ[PVU IL[^LLU ZOHYLOVSKLYZ HUK ZLUPVY L_LJ\[P]LZ PU WYP]H[L JVTWHUPLZ PU YLHSP[` 0YPZO JVTWHU` SH^ PZ KLLWS` Ã&#x2026;H^LK NP]PUN HSS ºWV^LY» [V ZOHYLOVSKLYZ ^OV HYL KPMM\ZLK HUK SHYNLS` PTWV[LU[ >VYRLYZ Z\WWSPLYZ HUK JVUZ\TLYZ HYL TVYL VY SLZZ PNUVYLK \UKLY JVTWHU` SH^ ( ZOPM[ [V [OL ]LY` Z\JJLZZM\S .LYTHU TVKLS VM JV KL[LYTPUH[PVU PZ VUL VW[PVU [OH[ ZOV\SK IL JVUZPKLYLK

10

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

(WWLUKPJLZ

(77,5+0? ! <5+<, 05-3<,5*,&

*VUNYLZZ PZ [OL SHYNLZ[ JP]PS ZVJPL[` VYNHUPZH[PVU PU 0YLSHUK 0U [OPZ YLW\ISPJ ^L OH]L HSTVZ[ TLTILYZ )\[ ^L ^LYL [HRLU HIHJR H[ YLWVY[Z OPNOSPNO[PUN [OL LHZL VM HJJLZZ [V [OL +LWHY[TLU[ VM -PUHUJL I` [OL LSP[L HJJV\U[PUN Ã&#x201E;YTZ ^OV ZLLTLK [V ^YP[L [OL SLNPZSH[PVU ;OL WYVMLZZPVUHS Ã&#x201E;YTZ HYL WHPK I` HUK YLWYLZLU[ IPN I\ZPULZZ 0[ OHZ YLHK` HJJLZZ [V NV]LYUTLU[ H[ HSS [PTLZ I\[ P[ ZLLTZ P[Z PUÃ&#x2026;\LUJL PZ KPZWYVWVY[PVUH[L *VST 2LLUH VM [OL 0YPZO ;PTLZ ZHPK ^OPSL P[ PZ UV[ Z\YWYPZPUN [OH[ ¸NSVIHS Ã&#x201E;UHUJPHS HK]PJL Ã&#x201E;YTZ Z\JO HZ +LSVP[[L HUK 274. ^V\SK SVII` NV]LYUTLU[ VU ILOHSM VM [OLPY T\S[PUH[PVUHS JSPLU[Z¹ P[ PZ ¸Z\YWYPZPUN [OH[ [OL JVU[HJ[ PZ ZV JSVZL [OH[ [OL Ã&#x201E;YTZ HYL PU]VS]LK PU Z\ITP[[PUN KYHM[ SLNPZSH[PVU¹ [V [OL +LWHY[TLU[ *VUVY 6»)YPLU MYVT 274. LTHPSLK [OL +LWHY[TLU[ VM -PUHUJL ZH`PUN [OL )PSS OHK ILLU TL[ ^P[O KPZHWWVPU[TLU[ ¸0[ PZ OHYK [V \UKLYZ[HUK [OL JHW VM H Z[HNNLYPUN â&#x201A;¬ H `LHY \USLZZ `V\ ILSPL]L [OH[ ^L ^HU[ [OL PTWVY[HU[ WLVWSL [V JVTL OLYL I\[ UV[ [OL YLHSS` YLHSS` PTWVY[HU[ WLVWSL ¹ OL JSHPTLK /PZ 274. ;H_ 7HY[ULY 1VOU )YHKSL` ZHPK ¸0»T HJ\[LS` H^HYL VM [OL WVSP[PJHS JVUJLYUZ Z\YYV\UKPUN [OPZ SLNPZSH[PVU¹ I\[ [OLYL PZ H MHPY HTV\U[ VM KPZHWWVPU[TLU[ HTVUN [OL T\S[PUH[PVUHS JSPLU[Z /V^L]LY OL JVUÃ&#x201E;KLU[S` HZZLY[LK [OH[ ¸0 ILSPL]L [OPZ JHU IL HKKYLZZLK ^P[O H ML^ *VTTP[[LL :[HNL HTLUKTLU[Z ¹ 0 YPZO ;PTLZ (WYPS *VST 2LLUH ¸(JJV\U[PUN Ã&#x201E;YTZ WSH`LK RL` YVSL PU MVYLPNU L_LJ\[P]LZ» [H_ IYLHR ZJOLTL¹ HUK HSZV I` 2LLUH VU [OL ZHTL KH` ¸4\S[PUH[PVUHSZ ILULÃ&#x201E;[ HZ [OLPY Ã&#x201E;UHUJPHS HK]PZLYZ WPSL WYLZZ\YL VU NV]LYUTLU[Z ¹

(Z H THQVY JP]PS ZVJPL[` VYNHUPZH[PVU PU 0YLSHUK *VUNYLZZ PZ KLLWS` WLY[\YILK I` [OL KLLW YLHJO HUK SL]LS VM HJJLZZ HUK KLLW PUÃ&#x2026;\LUJL I` HJJV\U[PUN Ã&#x201E;YTZ WHPK I` WV^LYM\S T\S[PUH[PVUHS JVYWVYH[PVUZ [V SVII` 0YPZO W\ISPJ ZLY]HU[Z OH]L H NVVK YLJVYK VM THPU[HPUPUN [OL W\ISPJ PU[LYLZ[ I\[ PU [OL TVKLYU ^VYSK KLLW WVJRL[Z HWWLHY [V OH]L KPZWYVWVY[PVUH[L YLHJO PU ^PLSKPUN Z\JO PUÃ&#x2026;\LUJL MVY T\S[PUH[PVUHS JVYWVYH[L PU[LYLZ[Z [OL [H_H[PVU Z`Z[LT ;OL )PN -V\Y HJJV\U[PUN Ã&#x201E;YTZ OH]L [VV T\JO WV^LY KVTPUHUJL PU [OLPY Ã&#x201E;LSKZ HUK PUÃ&#x2026;\LUJL PU V\Y JV\U[Y` HZ PU THU` V[OLY JV\U[YPLZ ;OL` KVTPUH[L [OL HJJV\U[PUN WYVMLZZPVUHS IVKPLZ [OL 0UZ[P[\[L VM ;H_H[PVU PU 0YLSHUK HUK [OL I\ZPULZZ TLKPH VM[LU ^P[O JVTTPZZPVULK ¸YLWVY[Z¹ 274. ^HZ [OL HJJV\U[HU[ [V (0) [OL SHYNLZ[ 0YPZO IHUR ^OPJO JVSSHWZLK L]LU [OV\NO P[Z H\KP[LK HJJV\U[Z ZOV^LK SHYNL WYVÃ&#x201E;[Z ^OLU P[ ^HZ PU MHJ[ THRPUN O\NL SVZZLZ 0[ YLWSHJPUN 7>* PU HM[LY [OL 9\ZUHR ZJHUKHS IYVRL 274. HSZV ]LYPÃ&#x201E;LK [OL HJJV\U[Z VM -PUNSL[VU»Z HUK >HSZO»Z Ã&#x201E;LMKVT 0YPZO 5H[PVU^PKL ^OPJO OHK UV IHZPZ PU YLHSP[` 7>* ^HZ H\KP[VY [V )HUR VM 0YLSHUK K\YPUN [OL IVVT 0[ ^HZ WHPK H Z[HNNLYPUN â&#x201A;¬ T IL[^LLU HUK HUK \[[LYS` MHPSLK [V ZLL [OH[ [OL IHUR ^HZ NVPUN I\Z[

( ZPKL MYVT +LMWH ^OPJO MVY[\UH[LS` ^HZ [HRLU V]LY I` /`WV 9LHS ZH]PUN [OL 0YPZO [H_WH`LY H ]HZ[ Z\T PU IHPSV\[ M\UKZ (Z [OL .LYTHU [H_WH`LY OHZ OHK [V YLZJ\L +LMWH ^OPJO OHK ILLU HU 0YPZO IHUR [V Q\Z[ WYPVY [V P[Z JVSSHWZL THU` .LYTHUZ HYL KLLWS` YLZLU[M\S VM P[Z NV]LYUHUJL HUK YLN\SH[PVU

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

,YUZ[ HUK @V\UN ^LYL H\KP[VYZ [V (UNSV HUK ILZPKLZ MHPSPUN [V ZLL [OH[ [OL IHUR ^HZ NVPUN I\Z[ P[ MHPSLK ¸[V ZLL¹ [OL â&#x201A;¬ IU PU SVHUZ [V P[ MYVT 0YPZO 3PML HUK 7LYTHULU[ , @ HSZV ¸H\KP[LK¹ [OL HJJV\U[Z VM ,): 0[ MHPSLK ¸[V ZLL¹ [OL â&#x201A;¬ T SVHU [V :LHUPL -P[aWH[YPJR +LSVP[L YLWSHJLK , @ H[ (UNSV 0[ ^HZ HSZV [OL H\KP[VY [V )SV_HT Z[VJRIYVRLYZ ^OPJO YLJLU[S` ^LU[ I\Z[ ,YUZ[ HUK @V\UN ^LYL HSZV [OL H\KP[VYZ [V 3LOTHU )YV[OLYZ [OL` MHPSLK [V UV[PJL PSSLNHS WH`TLU[Z I` *OPX\P[H )YHUKZ 0U[LYUH[PVUHS HUK V[OLY ZJHUKHSZ SPRL 6S`TW\Z PU 1HWHU ^OPJO [OL` H\KP[LK ;OL (0) H\KP[VYZ 7YPJL>H[LYOV\ZL*VVWLYZ UV^ OH]L H JVU[YHJ[ [V WYV]PKL 0U[LYUHS (\KP[ :LY]PJLZ [V 5(4( H Z[H[L IVK` 274. H\KP[VYZ MVY [OL )HUR VM 0YLSHUK HYL (\KP[ *V VYKPUH[VY 3VHU =HS\H[PVU HUK (ZZVJPH[LK :LY]PJLZ [V 5(4( ;OL )PN -V\Y HJJV\U[PUN Ã&#x201E;YTZ HYL RL` WSH`LYZ PU KL]PZPUN THQVY [H_ H]VPKHUJL ZJOLTLZ ^OPJO JVZ[Z [OL VYKPUHY` [H_WH`LY TPSSPVUZ HUK ^OPJO ILULÃ&#x201E;[ IPSSPVUHPYL JVYWVYH[PVUZ HUK TPSSPVUHPYL PUKP]PK\HSZ 0U WYL]PV\Z )\KNL[ Z\ITPZZPVUZ *VUNYLZZ OHZ ZHPK [OH[ HU` Ã&#x201E;YT MV\UK [V IL ILOPUK H [H_ H]VPKHUJL ZJOLTL VM ZJHSL ZOV\SK IL WYLJS\KLK MYVT HU` Z[H[L JVU[YHJ[Z MVY ZL]LYHS `LHYZ ;OL KVTPUHUJL VM [OL )PN -V\Y HJJV\U[HUJ` IVKPLZ HUK [OLPY PUÃ&#x2026;\LUJL PU NV]LYUTLU[ PZ VM ZLYPV\ZS` JVUJLYU [V [OVZL ^OV [OPUR JHWP[HSPZT ZOV\SK IL Y\U I` P[Z V^U Y\SLZ /V^ [OLZLZ ZLJYL[P]L Ã&#x201E;YTZ OHUKSL [OLPY THU` JVUÃ&#x2026;PJ[Z VM PU[LYLZ[ IL[^LLU [OL WHY[Z VM [OLPY I\ZPULZZLZ PZ 0 U [OL SPNO[ VM ZJHUKHSZ P[ PZ YLTHYRHISL [OH[ [OPZ OHZ UV[ ILLU KVUL ;OL MHJ[ [OH[ ¸W\ISPJ ZLJ[VY YLMVYT¹ KVTPUH[LZ KLIH[L ZOV^Z [OL WV^LY VM [OL LJVUVTPJ LSP[L [V ZL[ [OL WVSP[PJHS HNLUKH

KLLWS` X\LZ[PVUHISL 1\Z[ HZ [OL` LZJHWLK ZHUJ[PVUZ VY Ã&#x201E;ULZ MVY [OLPY H\KP[Z VM [OL ZP_ 0YPZO IHURZ ^OPJO MHPSLK H[ LUVYTV\Z JVZ[ [V [OL JP[PaLUZ HUK LZWLJPHSS` [V V\Y TLTILYZ ^OV ^VYR PU THU` VM [OLPY Ã&#x201E;YTZ [OLPY Z\WWSPLYZ HUK J\Z[VTLYZ 0[ PZ \UHJJLW[HISL [OH[ HSS [OLZL WYVMLZZPVUHS Ã&#x201E;YTZ ^OPJO ^LYL RL` MHJPSP[H[VYZ PU [OL \S[PTH[L JVSSHWZL VM [OL 0YPZO IHURZ HYL Z[PSS ILPUN H^HYKLK I` Z[H[L HNLUJPLZ ^P[O JVU[YHJ[Z ^VY[O TPSSPVUZ LHJO `LHY ZPUJL [OL JVSSHWZL 6UL L_HTWSL [LSSZ HSS ( SLHK HY[PJSL VU [OL MYVU[ WHNL VM [OL 0YPZO ;PTLZ X\V[LK H /PNO *V\Y[ Q\KNL ^OV ZHPK [OH[ ¸ZVTL WYVMLZZPVUHSZ ^LYL MLHZ[PUN VU JHYJHZZLZ VM Ã&#x201E;YTZ¹ 1\KNL 4J.V]LYU JVUKLTULK [OL SL]LS VM MLLZ JOHYNLK I` ,YUZ[ HUK @V\UN ;OL MLLZ ^LYL â&#x201A;MVY Ã&#x201E;]L TVU[OZ ^VYR ;OL YL]LSH[PVUZ PU 6J[VILY [OYV\NO -60 VM [OL PUJYLKPISL PUÃ&#x2026;\LUJL VM 0-:* *SLHYPUN /V\ZL .YV\W [OL NYV\W VM Ã&#x201E;UHUJPHS PUZPKLYZ JOHPYLK I` [OL :LJYL[HY` .LULYHS VM [OL ;HVPZLHJO»Z +LWHY[TLU[ [LSSZ \Z H SV[ HIV\[ [OL KPZ[VY[LK ^VYRPUNZ VM V\Y KLTVJYHJ` ;OPZ NYV\W VM IHURLYZ HUK [OLPY WHPK HK]PZVYZ OHZ ILLU Z\JJLZZM\S PU ^PUUPUN THU` [H_ IYLHRZ HUK SPNO[ YLN\SH[PVU MVY Ã&#x201E;UHUJPHS ZLY]PJLZ 0[ L]LU WLYZ\HKLK [OL 0YPZO .V]LYUTLU[ [V YLQLJ[ [OL ,< TV]L [V PUJVYWVYH[L [OL -PUHUJPHS ;YHUZHJ[PVUZ ;H_ W\[[PUN 0YLSHUK H[ VKKZ [V TVZ[ VM [OL ,\YVaVUL JV\U[YPLZ H[ [OL ]LY` [PTL ^OLU 0YLSHUK ULLKZ HSSPLZ HZ ^L ZLLR KLI[ YLSPLM

0 YPZO ;PTLZ 1\S` ¸:VTL WYVMLZZPVUHSZ MLHZ[PUN VU JHYJHZZLZ VM Ã&#x201E;YTZ Q\KNL ZH`Z¹ , N 0YPZO ;PTLZ 6J[ ¸0-:* SVII` NYV\W WV^LYM\S PU ZOHWPUN WVSPJ` ¹

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

(77,5+0? ! ( 7669 (;;,47; (; 1<:;0-@05. 7967,9;@ ;(? )9,(2: ;OL 7YVWLY[` )HZLK ;H_ :\IZPKPLZ HYL JVU[PU\PUN ;OL +LWHY[TLU[ VM -PUHUJL H[[LTW[LK H JVZ[ ILULÃ&#x201E;[ Z[\K` VM [OLZL [H_ Z\IZPKPLZ ¶ ¸7YVWLY[` )HZLK ;H_ 9LSPLMZ 0TWHJ[ (ZZLZZTLU[¹ 9LNYL[[HIS` P[ HWWLHYZ [V IL H SHYNLS` Z\IQLJ[P]L HWWYVHJO [V Q\Z[PM` [OL JVU[PU\H[PVU VM [OLZL [H_ Z\IZPKPLZ *VUNYLZZ PZ KPZHWWVPU[LK ILJH\ZL [OLZL [H_ Z\IZPKPLZ ILULÃ&#x201E;[LK OPNO PUJVTL LHYULYZ PU]LZ[VYZ PU UVU WYVK\J[P]L HZZL[Z HUK JVU[YPI\[LK T\JO [V [OL *YHZO VM PU [OL 0YPZO LJVUVT` HUK HYL JVZ[S` *VUNYLZZ OHZ ZV\NO[ *VZ[ )LULÃ&#x201E;[ HUHS`ZLZ MVY THU` `LHYZ VM HSS [H_ IYLHRZ [V HZZLZZ ^OL[OLY [OL` NLULYH[L WVZP[P]L YLZ\S[Z PU QVI PUJVTL HUK ]HS\L HKKLK ;OPZ H[[LTW[ HWWLHYZ UV[ [V IL HZ VIQLJ[P]L HZ P[ ZOV\SK IL ;OL YLWVY[ HYN\LK [OH[ [OL [H_ [HRL ^V\SK IL YLK\JLK ILJH\ZL VM [OL OPNO LHYULYZ» YLZ[YPJ[PVU HSYLHK` JSH^Z IHJR ZVTL [H_ LJVUVTPJ HJ[P]P[` PZ KV^U HUK PM V^ULY VJJ\WPLYZ ^LYL L_JS\KLK ^OPJO PZ UV[ \UYLHZVUHISL ( UL[ Ã&#x201E;N\YL MVY H [H_ `PLSK VM â&#x201A;¬ T PU ^P[O PTTLKPH[L [LYTPUH[PVU PZ HSZV NP]LU ;OL H\[OVYZ ZLLTLK [V IL ^VU V]LY I` Z\ITPZZPVUZ ^OPJO HYN\LK [OH[ THU` WYVWLY[PLZ ^LYL UV[ NLULYH[PUN PUJVTL [OLTZLS]LZ I\[ ^LYL ZOLS[LYPUN YLU[HS PUJVTL MYVT V[OLY WYVWLY[PLZ HUK ZV ^LYL WLYZ\HKLK [OH[ [OL [LYTPUH[PVU ^V\SK OH]L H ZL]LYL PTWHJ[ VU [OLZL WYVWLY[` PU]LZ[VYZ HUK PU [\YU P[ JV\SK OP[ [OL L_JOLX\LY ^P[O ^OH[ P[ JHSSLK ¸KV^UZ[YLHT L_JOLX\LY JVZ[Z¹ ;OL` HWWLHY [V OH]L

ILLU WLYZ\HKLK I` ILULÃ&#x201E;JPHYPLZ SPRL [OL *0- HUK WYP]H[L OVZWP[HS WYVTV[LYZ [OH[ [OL Z\IZPKPLZ ZOV\SK IL SLM[ PU WSHJL ;OL YLWVY[ [LU\V\ZS` HYN\LK [OH[ HZ [OL [H_ IYLHRZ ¸PUJYLHZLK LJVUVTPJ HJ[P]P[`¹ ^OPJO ^HZ KLHK^LPNO[ \U^HU[LK HUK \S[PTH[LS` KLZ[Y\J[P]L HUK ¸HKKP[PVUHS LTWSV`TLU[ JYLH[PVU ¹ [OL Z\IZPKPLZ ZOV\SK IL JVU[PU\LK ;OL YLWVY[ JSHPTLK [OH[ [OL [H_ IYLHRZ M\SÃ&#x201E;SSLK W\ISPJ WVSPJ` VU H YLNLULYH[PVU HUK I OLHS[OJHYL /V^L]LY [OL YLWVY[ PNUVYLK [OL MHJ[ [OH[ [OL [H_ IYLHRZ VYPNPUHSS` PU[LUKLK MVY \YIHU YLNLULYH[PVU NYL^ V\[ VM JVU[YVS ILJHTL KPMM\ZLK JYLH[LK KLHK^LPNO[ ^OPJO PZ WHY[PHSS` JVUJLKLK HUK JVZ[ \W [V â&#x201A;¬ IU NYVZZ PU [H_ MVYLNVUL YL]LU\L 0[ PNUVYLK [OL MHJ[ [OH[ [OLZL W\ISPJ Z\IZPKPLZ IVVZ[LK WYP]H[L ZPJ TLKPJPUL HUK IVVZ[LK 0YLSHUK»Z [^V [PLY OLHS[O Z`Z[LT 0[ MV\UK [OH[ ¸KLZWP[L [OL WV[LU[PHS NHPU [V [OL :[H[L MYVT H [LYTPUH[PVU VM YLSPLMZ SVUN [LYT HUK PTTLKPH[L JVZ[Z ^V\SK VJJ\Y PUJS\KPUN WVZZPIS` PU [LYTZ VM YLW\[H[PVUHS LMMLJ[Z ^OPJO TH` PTWHJ[ VU Ã&#x201E;ZJHS HUK V[OLY LJVUVTPJ PUZ[Y\TLU[Z VM [OL :[H[L ¹ /V^L]LY 0YLSHUK»Z YLW\[H[PVU HZ H WSHJL [V KV I\ZPULZZ OHZ HSYLHK` ILLU KHTHNLK ILJH\ZL VM [OL HJ[PVU VM [OL IHURZ [OL HJJV\U[PUN Ã&#x201E;YTZ [OL I\ZPULZZ LSP[L [OL WVSPJ` LSP[L [OL -PUHUJPHS 9LN\SH[VY HUK V[OLY Ã&#x201E;ZJHS WVSPJPLZ K\YPUN [OL IVVT 0[ PZ \USPRLS` [OH[ HU` TVYL KHTHNL JHU IL KVUL [V 0YLSHUK»Z YLW\[H[PVU I` [LYTPUH[PUN VUL VM [OL RL` ULV SPILYHS WVSPJPLZ [H_ Z\IZPKPLZ [V WYVWLY[` PU]LZ[VYZ ^OPJO JVU[YPI\[LK [V V\Y KV^UMHSS

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

;OPZ HWWLHYZ [V IL HU 6Y^LSSPHU HWWYVHJO YH[OLY [OHU H YLHS HUHS`ZPZ ;OPZ YLWVY[ MVSSV^Z VU MYVT HUK LHYSPLY +LW[ VM -PUHUJL ¸Z\Y]L`¹ VM [OL ILULÃ&#x201E;JPHYPLZ VM [OL ),: :JOLTLZ ^OPJO UV[ Z\YWYPZPUNS` MV\UK [OH[ [OL` SPRL [OL Z\IZPKPLZ HUK [O\Z P[ JVUJS\KLK [OH[ [OL ZJOLTL ^HZ ^VY[O^OPSL >OPSL [OL YLWVY[ KVLZ HKTP[ P[ ^HZ \UKLY[HRLU PU YLZWVUZL [V SVII`PZ[Z W P[ LYYLK VU [OL ZPKL VM HJJVTTVKH[PUN [OLT ;OL YLWVY[Z MYVT [OL ;H_ :[YH[LN` .YV\W PU JVU[YHZ[ ^OPSL [HRPUN [PTL [V W\ISPJH[PVU HYL NLULYHSS` L]PKLUJL IHZLK

(77,5+0? ! *6:;05. ;/, ;(? )9,(2: (YLHZ ^OLYL [H_LZ JHU HUK ZOV\SK IL YHPZLK PU )\KNL[ 0UJVTL ;H_LZ /PNO 0UJVTL ,HYULYZ *VUNYLZZ OHZ Z\NNLZ[LK THU` KL[HPSLK YLMVYTZ [V WLYZVUHS [H_ KLK\J[PVUZ V]LY [OL `LHYZ 6\Y WYVWVZHSZ JLU[YLK VU LX\P[` ;OLZL OH]L PUJS\KLK J\YIPUN WLUZPVU HSSV^HUJLZ MVY OPNO PUJVTL LHYULYZ H JLPSPUN VU HY[PZ[»Z L_LTW[PVUZ WH[LU[ YV`HS[PLZ HUK ^L MV\NO[ [V ^PU HU LUK [V [OL ISVVKZ[VJR PUK\Z[Y` L_LTW[PVU 4HU` OH]L *VUNYLZZ» [H_ YLMVYTZ OH]L ILLU PTWSLTLU[LK (SS YLTHPUPUN PUJLU[P]LZ ZOV\SK UV^ IL YLMVYTLK LX\P[HIS` [V YHPZL T\JO ULLK JHZO ;OLZL JOHUNLZ JV\SK YHPZL [LUZ VM TPSSPVUZ ( 5L^ ;VW 9H[L VM ;H_ VM VU /PNO ,HYULYZ ;H_ [V IL YHPZLK MYVT PUJYLHZL PU PUJVTL [H_ YH[L [V MVY PUKP]PK\HSZ LHYUPUN V]LY â&#x201A;¬ !

9L]LU\L! â&#x201A;¬ T )HZLK VU 78 :LW[ (U PUJYLHZL VM VU <:* VU /PNO ,HYULYZ HIV]L â&#x201A;=LYZPVUZ JV\SK IL HS[LYUH[P]LZ [V [OL HIV]L [VW YH[L PUJYLHZL 9L]LU\L! â&#x201A;¬ T )HZLK VU 78 :LW[

: \Y]L` [OL ILULÃ&#x201E;JPHYPLZ VM )\ZPULZZ ,_WHUZPVU :JOLTL ),: HUK :LLK *HWP[HS :JOLTL :*: +LW[ -PUHUJL

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

,UK ;H_ )YLHRZ MVY /PNO ,HYUPUN -VYLPNU ,_LJ\[P]LZ :(97 .HPU MYVT LUKPUN /PNO 0UJVTL -VYLPNU ,_LJ\[P]LZ :(97 3V^ `PLSK I\[ YLZ[VYLZ OVYPaVU[HS LX\P[` [V [OL PUJVTL [H_ Z`Z[LT 9L]LU\L! â&#x201A;¬ T 7LY )\KNL[ WHNL ) 9LK\JL [OL ;OYLZOVSK MVY /PNO ,HYULYZ [V â&#x201A;.HPU MYVT YLK\JPUN [OYLZOVSK MVY OPNO LHYULYZ [V â&#x201A;¬ R HUK YHPZPUN [H_ MYVT

[V

9L]LU\L! â&#x201A;¬ T ,Z[PTH[L IHZLK VU +LW[ VM -PUHUJL Z[\K` VM [OPZ [H_ YLZ[YPJ[PVU 0UJVTL ;H_ VU ,_PSLZ VY ;H_ -\NP[P]LZ ;PNO[LU \W YLZPKLUJL YLZ[YPJ[PVU HUK HZ [OL` HYL OPNO UL[ ^VY[O PUKP]PK\HSZ PL YPJO [OL `PLSK PZ OPNO 9L]LU\L! â&#x201A;¬ T 6^U LZ[PTH[L 0UJYLHZLK ;H_LZ VU /PNO ,HYULYZ 7LUZPVUZ ;OL TH_PT\T WLUZPVU JVU[YPI\[PVU ZOV\SK IL YLK\JLK MYVT â&#x201A;¬ [V â&#x201A;9L]LU\L @PLSK â&#x201A;¬ T )HZLK VU H +LW[ -PUHUJL ;:. WHWLY ^OLYL H YLK\J[PVU MYVT â&#x201A;¬ [V â&#x201A;¬ NP]LZ â&#x201A;¬ T H `LHY .HPU MYVT /PNOLY 79:0 VU (I\ZP]L ,TWSV`LYZ ;OLZL HYL [OL IVZZLZ ^OV JHSS ^VYRLYZ PU H[ TPUPT\T UV[PJL HUK ^OLU [OPUNZ HYL ZSHJR [LSS [OLT [OH[ [OL` JHU NV OVTL 0M [OL NV]LYUTLU[ YL^HYKZ QVI JYLH[PUN LTWSV`LYZ ^P[O HSS RPUKZ VM [H_ IYLHRZ PUJS\KPUN SV^LY 79:0 [OLU P[ ZOV\SK H[

SLHZ[ WLUHSPZL L_WSVP[LYZ PM VUS` [V SL]LS [OL WSH`PUN Ã&#x201E;LSK MVY KLJLU[ LTWSV`LYZ @PLSK â&#x201A;¬ T )HZLK \W [OL [V[HS 79:0 `PLSK MYVT LTWSV`LYZ H[ â&#x201A;¬ IU PU ^L [HRL VUS` VM [V[HS HZ V\Y LZ[PTH[L VM [OL WYVWVY[PVU ^OV HYL HI\ZP]L [V [OLPY LTWSV`LLZ MVY [OLZL [V NL[ [OPZ LZ[PTH[L *\YI ;H_ )YLHRZ MVY *VYWVYH[LZ ;OPZ [OPZ JYPZPZ ^HZ JH\ZLK I` H ZLJ[PVU VM [OL PUKPNLUV\Z JVYWVYH[L ZLJ[VY ¶ [OL IHURZ HUK ZWLJ\SH[VYZ *VYWVYH[L 0YLSHUK OHZ WHPK UV[ VUL HKKP[PVUHS JLU[ [V OLSW 0YLSHUK PU [OL YLJV]LY` 6US` [OL WVVY HUK TPKKSL LHYULYZ OHK WHPK PU J\[Z HUK [H_ YPZLZ ;OL JVYWVYH[L ZLJ[VY PUJS\KPUN [OL IHURZ OH]L THZZP]L SVZZLZ [V ZL[ HNHPUZ[ M\[\YL WYVÃ&#x201E;[Z MVY `LHYZ [V JVTL HUK ZVTL ^PSS [Y` [V VMMZL[ [OLT HNHPUZ[ WYL]PV\Z WYVÃ&#x201E;[Z VU ^OPJO [H_ ^HZ WHPK ;OPZ T\Z[ IL J\YILK HZ V\Y [H_ IHZL ^PSS IL LYVKLK HZ [OLYL ZOV\SK IL UV Z[H[L ZWVUZVYLK Z\IZPK` MVY YLJRSLZZ [YHKPUN ;OL LMMLJ[P]L YH[L WYVÃ&#x201E;[ [H_ WHPK I` [OL JVYWVYH[L ZLJ[VY PZ HYV\UK

KLWLUKPUN VU WYVÃ&#x201E;[HIPSP[` HUK [OL `LHY *VUNYLZZ YLJVNUPZLZ [OH[ 0YLSHUK PZ [OL VM[LU [OL ILULÃ&#x201E;JPHY` VM [YHUZMLY WYPJPUN [OL +\[JO :HUK^PJO HUK V[OLY HY[PÃ&#x201E;JPHS [H_ WSHUUPUN THUVL\]YLZ I\[ [OL JVYWVYH[L ZLJ[VY T\Z[ JVU[YPI\[L TVYL HUK ^L WYVWVZL YLZ[YPJ[PUN HSSV^HUJLZ HUK ^YP[L VMMZ [V PUJYLHZL LMMLJ[P]L JVYWVYH[L [H_ YL]LU\L I` V]LY H WLYPVK VM H ML^ `LHYZ 7V[LU[PHS 9L]LU\L PU ! â&#x201A;¬ T ,Z[PTH[L IHZLK VU â&#x201A;¬ IU [H_ WHPK PU I` [OL ZLJ[VY ^OLYL [OL LMMLJ[P]L YH[L PZ VY WLY JLU[

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

-PUHUJPHS ;YHUZHJ[PVU ;H_ ;OL -;; [H_ PZ ILPUN PTWSLTLU[LK PU [LU ,< Z[H[LZ ^P[O 0YLSHUK MVSSV^PUN [OL <2 PU VW[PUN V\[ *VUNYLZZ ILSPL]LZ 0YLSHUK ^PSS PTWSLTLU[ P[ ZOVY[S` HZ WHY[ VM H X\PK WYV X\V VU YLSPLM VU IHUR KLI[ PU H ZOV^ VM ZVSPKHYP[` PU ,\YVWL @PLSK â&#x201A;¬ T ,Z[PTH[L IHZLK VU ,:90 *) YLWVY[ ,< *VTTPZZPVU 9LWVY[ *VUNYLZZ YLWVY[ HUK ;H_ 0UQ\Z[PJL MYVT ;(:* I\[ UV[ VU [OL L]HZP]L HUZ^LY [V H 78 VU [O VM 6J[VILY 9V`HS[PLZ VU 4PULYHS 9LZV\YJLZ

PU HKKP[PVU [V [OL OPNOLY JVYWVYH[L [H_ YH[L ;OL 2PUZHSL NHZÃ&#x201E;LSK VU ^OPJO ^L KPK NL[ H YV`HS[` VYPNPUHSS` PZ JSVZL [V KLWSL[PVU I\[ [OL *VYYPI NHZ Ã&#x201E;LSK PZ ULHY YLHK` 0YLSHUK OHZ ,\YVWL»Z IPNNLZ[ SLHK aPUJ TPULZ PU ;HYH HUK 3PZLLU HUK V[OLY KLWVZP[Z [VV @PLSK PU â&#x201A;¬ T 6^U LZ[PTH[L ,SPTPUH[L (SS 7YVWLY[` ;H_ )YLHRZ ;OL SLNHJ` [H_ IYLHRZ JVZ[ [OL YLZ[ VM \Z [H_WH`LYZ â&#x201A;¬ T PU (ZZ\TPUN [OL Ã&#x201E;N\YL PZ YLK\JLK P[ ^PSS Z[PSS `PLSK H Z\IZ[HU[PHS Z\T PU @PLSK â&#x201A;¬ T IHZLK VU 78 VM :LW[ HUK LZ[PTH[LZ VU 9L]LU\L :[H[PZ[PJHS 9LWVY[

<ULHYULK 0UJVTL HUK >LHS[O *HWP[HS .HPUZ ;H_ ;OL YH[L VM *HWP[HS .HPUZ ;H_ PZ UV^ H[

^OLYLHZ [OL THYNPUHS YH[L VM PUJVTL [H_ PZ >L WYVWVZL YHPZPUN [OL YH[L VM *.; I` [V PU [OL )\KNL[ >L HSZV WYVWVZL [OH[ H WYVWVY[PVU VM [OL NHPUZ VU [OL KPZWVZHS VM WYP]H[L YLZPKLUJLZ PU ]HS\L VM V]LY â&#x201A;¬ T IL Z\IQLJ[ [V *.; HUK [OH[ [OL UVYTHS WYPUJPWSL WYP]H[L YLZPKLUJL L_LTW[PVU JHUUV[ IL H]HPSLK VM TVYL [OHU VUJL L]LY` `LHYZ @PLSK â&#x201A;¬ T )HZLK VU ]HYPV\Z 78Z PUJS\KPUN [O :LW[

*HWP[HS (JX\PZP[PVU ;H_ *HWP[HS (JX\PZP[PVU ;H_ ^HZ PUJYLHZLK PU SHZ[ ML^ )\KNL[Z 0[ OHK ILLU L]PZJLYH[LK MVY THU` `LHYZ ILMVYL ( YL]LYZPVU [V ZL]LYHS WYVNYLZZP]L YH[LZ IHZLK VU YPZPUN [OYLZOVSKZ HIVSPZOLK PU ZOV\SK IL YL PU[YVK\JLK (SZV [OL KLK\J[PVU VU PUOLYP[PUN H I\ZPULZZ VY MHYT ZOV\SK IL YLK\JLK [V

7V[LU[PHS 9L]LU\L! â&#x201A;¬ T ,Z[PTH[LZ IHZLK VU 78Z VM 6J[VILY HUK :LW[ +09; ;H_ ( YPZL [V ^V\SK YHPZL TVYL YL]LU\L 7V[LU[PHS 9L]LU\L! â&#x201A;¬ T 78 :LW[

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

>LHS[O ;H_ ( ^LHS[O [H_ VM VU [OVZL ^P[O ^LHS[O VM V]LY â&#x201A;¬ T MVY [OL UL_[ `LHYZ >LHS[O ^V\SK IL KLÃ&#x201E;ULK HZ J\YYLU[ ]HS\L VM HSS UL[ HZZL[Z PUJS\KPUN WYP]H[L OVTLZ PU L_JLZZ VM â&#x201A;¬ T ]HS\L

:OPM[ [OL -PYZ[ KH`Z VM 0SSULZZ *V]LY MYVT ;H_WH`LY [V ,TWSV`LYZ ;OPZ PZ UV[ YL]LU\L YHPZPUN I\[ H )\KNL[ J\[ VY TVYL HJJ\YH[LS` H ZOPM[ HZ WYVWVZLK I` +LW[ VM :VJPHS 7YV[LJ[PVU

7V[LU[PHS 9L]LU\L! â&#x201A;¬ T

,Z[PTH[L IHZLK VU (JJV\U[Z VM [OL :VJPHS 0UZ\YHUJL -\UK H[ IL[^LLU HUK WLY JLU[ VM [OL PSSULZZ ILULÃ&#x201E;[

,Z[PTH[LZ IHZLK VU *:6 KH[H VM OV\ZLOVSK ^LHS[O .HTISPUN ;H_LZ (U PUJYLHZL PU NHTISPUN [H_ VUSPUL VU JV\YZL L[J VM

7V[LU[PHS 9L]LU\L! â&#x201A;¬ T )HZLK VU 78 :LW[ ,_JPZL ;H_LZ ( TVKLZ[ PUJYLHZL PU JHYIVU [H_ MYVT â&#x201A;[V â&#x201A;¬ H [VUUL ^V\SK YHPZL HYV\UK â&#x201A;¬ T HUK J VU JPNHYL[[LZ ^V\SK YHPZL â&#x201A;¬ T 9L]LU\L â&#x201A;¬ T *SHTWKV^U VU ;H_ ,]HZPVU HUK (]VPKHUJL 0YLSHUK»Z LSP[L OHZ H SVUN OPZ[VY` VM [H_ L]HZPVU (\KP[Z HYL ]LY` NVVK H[ L_WVZPUN ^LIZ VM L]HZPVU ;OLYL PZ Z[PSS T\JO L]HZPVU HUK [OPZ JYPZPZ PZ [OL [PTL [V YLHSS` JYHJRKV^U I\[ [OL Z[HMM H[ YL]LU\L ^HZ J\[ I` IL[^LLU HUK HUK OHZ WYVIHIS` MHSSLU M\Y[OLY ZPUJL 7V[LU[PHS 9L]LU\L! â&#x201A;¬ T â&#x201A;¬ T 6^U LZ[PTH[L

7V[LU[PHS 9L]LU\L! â&#x201A;¬ T

;V[HS 7VZZPISL ;H_ 9L]LU\L â&#x201A;¬ IU [V â&#x201A;¬ IU

*VUJS\ZPVU

;OPZ PZ H TLU\ ^P[O [OL WV[LU[PHS [V YHPZL HKKP[PVUHS [H_ YL]LU\L VM IL[^LLU â&#x201A;HUK â&#x201A;¬ IU PU )\KNL[ ;OL ;YVPRH HUK .V]LYUTLU[ ^HU[ HU (KQ\Z[TLU[ VM [H_ J\[Z HUK [H_LZ [V[HSSPUN â&#x201A;¬ IU THKL \W VM [H_LZ VM â&#x201A;¬ IU VM ^OPJO HYV\UK IU PZ HSYLHK` MHJ[VYLK PU MYVT SHZ[ `LHY HUK J\[Z VM HYV\UK â&#x201A;¬ IU *VUNYLZZ Z\NNLZ[Z H SLZZ KL[YPTLU[HS HUK TVYL WYVNYLZZP]L ^H` PZ [V YHPZL V]LY â&#x201A;¬ IU PU [H_LZ ;OLZL YLMVYTZ ^V\SK THRL [OL [H_ Z`Z[LT TVYL WYVNYLZZP]L NLULYH[L NYLH[LY SL]LSZ VM PUJVTL PU [OL M\[\YL HUK YLUKLY [OL I\SR VM WYVWVZLK J\[Z \UULJLZZHY` ;OPZ YL]LU\L PZ YHPZLK SHYNLS` MYVT OPNO PUJVTL LHYULYZ LZWLJPHSS` [OVZL ^OV WH` SV^LY LMMLJ[P]L YH[LZ [OHU THU` [H_WH`LYZ 0[ PZ MYVT \ULHYULK ^LHS[O HUK NHPUZ Z[PSS [H_LK H[ SV^LY LMMLJ[P]L YH[LZ [OHU PUJVTLZ PU ZWP[L VM NVVK WYVNYLZZ PU YLJLU[ `LHYZ HUK MYVT JVYWVYH[L PUJVTLZ ^OPJO [O\Z MHY OH]L ILLU L_LTW[LK MYVT OLSWPUN V\[ PU [OL JYPZPZ

5V[LZ

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

9LMLYLUJLZ

)HJO :[LMHU 4HY[PU )LaUVZRH HUK =PR[VY :[LPULY º( >LHS[O ;H_ VU [OL 9PJO [V )YPUN KV^U 7\ISPJ +LI[& 9L]LU\L HUK +PZ[YPI\[PVUHS ,MMLJ[Z VM H *HWP[HS 3L]`» .LYTHU 0UZ[P[\[L MVY ,JVUVTPJ 9LZLHYJO )LYSPU! +0>

+LWHY[TLU[ VM -PUHUJL ,JVUVTPJ 0TWHJ[ VM 7V[LU[PHS *OHUNLZ [V 3LNHJ` 7YVWLY[` ;H_ 9LSPLMZ O[[W! [H_WVSPJ` NV] PL ^W JVU[LU[ \WSVHKZ KV^USVHKZ 7YVWLY[` )HZLK 9LSPLMZ 0TWHJ[ (ZZLZZTLU[ WKM +LJLTILY

)LYNPU (KLSL ;OVTHZ *VULMYL` 1VOU -P[a.LYHSK HUK 0KL 2LHYUL` º;OL )LOH]PV\Y VM [OL 0YPZO ,JVUVT`! 0UZPNO[Z MYVT [OL /,94,: 4HJYV ,JVUVTPJ 4VKLS» >VYRPUN 7HWLY +\ISPU! ,JVUVTPJ HUK :VJPHS 9LZLHYJO 0UZ[P[\[L

+LWHY[TLU[ VM -PUHUJL H 0YLSHUK :[HIPSP[` 7YVNYHTTL <WKH[L +\ISPU! +LWHY[TLU[ VM -PUHUJL

*VUNYLZ Z -PUHUJPHS ;YHUZHJ[PVU ;H_! ( -HPY HUK :\IZ[HU[PHS *VU[YPI\[PVU MYVT [OL -PUHUJPHS :LJ[VY 6J[VILY *VUNYLZZ HUK LHYSPLY `LHYZ 7YL )\KNL[ :\ITPZZPVUZ +\ISPU *LU[YHS )HUR VM 0YLSHUK 8\HY[LYS` )\SSL[PU (WYPS +\ISPU! *LU[YHS )HUR *LU[YHS :[H[PZ[PJZ 6MÃ&#x201E;JL 8\HY[LYS` 5H[PVUHS /V\ZLOVSK :\Y]L` 8\HY[LY +\ISPU! *:6 *VTTPZZPVU VU ;H_H[PVU *VTTPZZPVU VU ;H_H[PVU 9LWVY[ +\ISPU! :[H[PVULY` 6MÃ&#x201E;JL *VSSPUZ 4PJOLmS HUK 4HY` >HSZO ;H_ ,_WLUKP[\YLZ! 0UMVYTH[PVU HUK 9L]LU\L -VYNVUL ¶ [OL L_WLYPLUJL VM 0YLSHUK ;YPUP[` ,JVUVTPJ 7HWLYZ :LYPLZ

+LWHY[TLU[ VM -PUHUJL H 4LTVYHUK\T VM <UKLYZ[HUKPUN 4H` +\ISPU! +LWHY[TLU[ VM -PUHUJL +LWHY[TLU[ VM 7\ISPJ ,_WLUKP[\YL HUK 9LMVYT 0UMYHZ[Y\J[\YL HUK *HWP[HS 0U]LZ[TLU[ ! 4LKP\T ;LYT ,_JOLX\LY -YHTL^VYR 5V]LTILY +\ISPU! :[H[PVULY` 6MÃ&#x201E;JL +LW[ VM 7\ISPJ ,_WLUKP[\YL HUK 9LMVYT *VTWYLOLUZP]L 9L]PL^ VM ,_WLUKP[\YL *,,< *YVZZ *\[[PUN 7HWLY 5V ¸,U[LYWYPZL :\WWVY[Z ¹ :6 +\ISPU O[[W! WLY NV] PL JVTWYLOLUZP]L YL]PL^ VM L_WLUKP[\YL +\MM` +H]PK 1VZLWO +\YRHU HUK ,KKPL *HZL` 8\HY[LYS` ,JVUVTPJ *VTTLU[HY` :\TTLY 9LZLHYJO )\SSL[PU +\ISPU! ,JVUVTPJ HUK :VJPHS 9LZLHYJO 0UZ[P[\[L

+LUR 6SP]LY ¸;H_ 9LMVYT PU 5VY^H` ¹ 6,*+

,YP_VU 3LUUHY[ º;OL 9LOU 4LPKULY TVKLS PU :^LKLU! P[Z YPZL JOHSSLUNLZ HUK Z\Y]P]HS» +LWHY[TLU[ VM ,JVUVTPJZ :[VJROVST <UP]LYZP[` :[VJROVST :^LKLU

+LWHY[TLU[ VM -PUHUJL H ,JVUVTPJ HUK -PZJHS 6\[SVVR +\ISPU

,YUZ[ @V\UN ,JVUVTPJ ,`L :\TTLY -VYLJHZ[ 1\UL

0YPZO *VUNYLZZ VM ;YHKL <UPVUZ 7YL )\KNL[ :\ITPZZPVU 5V]LTILY

,\YVWLHU *VTTPZZPVU ,\YVWLHU ,JVUVTPJ -VYLJHZ[ :WYPUN ,\YVWLHU ,JVUVT` c WYV]PZPVUHS ]LYZPVU +PYLJ[VYH[L .LULYHS MVY ,JVUVTPJ HUK -PUHUJPHS (MMHPYZ )Y\ZZLSZ! ,\YVWLHU *VTTPZZPVU .VVKIVK` 0YPZO ,JVUVT` 8 /LHS[O *OLJR 4H` /\KZVU 4PJOHLS ¸;OL )\IISL HUK )L`VUK ¹ 0ZSL[ 0U[LYUH[PVUHS 4VUL[HY` -\UK ,JVUVTPJ 6\[SVVR *O O[[W! ^^^ PTM VYN L_[LYUHS W\IZ M[ ^LV WKM J WKM 6J[VILY >HZOPUN[VU + * !

0U[LYUH[PVUHS 4VUL[HY` -\UK 0U[LYUH[PVUHS 4VUL[HY` -\UK :P_[O 9L]PL^ <UKLY [OL ,_[LUKLK (YYHUNLTLU[ :[HMM 9LWVY[ ¶ 0YLSHUK 4H` 04- *V\U[Y` 9LWVY[ 5V >HZOPUN[VU + * ! 0U[LYUH[PVUHS 4VUL[HY` -\UK 0YPZO *VUNYLZZ VM ;YHKL <UPVUZ +LSP]LYPUN .YV^[O HUK 1VIZ ¶ -\UKPUN H 4HQVY 5L^ 0U]LZ[TLU[ 7YVNYHTTL MVY 0YLSHUK +\ISPU 9LZLHYJO I` 4(5+(;, [YHKL \UPVU [P[SL&& 5** ¸0YLSHUK»Z *VTWL[P]LULZZ :JVYLJHYK¹ O[[W! ^^^ MVYMHZ PL W\ISPJH[PVUZ MLH[\YLKW\ISPJH[PVUZ [P[SL LU WOW +\ISPU 5*) 0YPZO ,JVUVT` 4VUP[VY 1\UL

5L]PU ,JVUVTPJ 9LZLHYJO 0UZ[P[\[L 8\HY[LYS` ,JVUVTPJ -HJ[Z :WYPUN +\ISPU! 5L]PU ,JVUVTPJ 9LZLHYJO 0UZ[P[\[L 5VY[OLYU )HUR 8\HY[LYS` :LJ[VYHS -VYLJHZ[ 8 4HYJO

6YNHUPZH[PVU MVY ,JVUVTPJ *VVWLYH[PVU HUK +L]LSVWTLU[ 6,*+ ,JVUVTPJ 6\[SVVR =VS\TL 0ZZ\L 7HYPZ! 6,*+ 7>* 5VY[OLYU 0YLSHUK ,JVUVTPJ 6\[SVVR 4HYJO 7YVNYHTTL MVY .V]LYUTLU[ JP[H[PVU ULLKLK 9LPUOHY[ HUK 9VNVMM ¸;OPZ ;PTL PZ +PMMLYLU[! ,PNO[ *LU[Y\YPLZ VM -PUHUJPHS -VSS`¹ 7YPUJL[VU 5L^ 1LYZL` :07;< ¸;V^HYKZ H 5L^ *V\YZL¹ :[L^HY[ 1PT º*VYWVYH[PVU ;H_! /V^ 0TWVY[HU[ PZ [OL *VYWVYH[L ;H_ 9H[L PU 0YLSHUK&» 0UZ[P[\[L MVY 0U[LYUH[PVUHS 0U[LNYH[PVU :[\KPLZ +PZJ\ZZPVU 7HWLY 5V +\ISPU 000: ;(:* *OYPZ[PHU (PK ;H_ 0UQ\Z[PJL! -VSSV^PUN [OL ;H_ ;YHPS O[[W! ^^^ [HZJUL[ PL \WSVHK Ã&#x201E;SL ;HZJ

)VVRSL[ ( WNF39 >,) WKM +\ISPU =HYSL` + 9L]PL^ VM ;H_ 7VSPJ` PU 5VY[OLYU 0YLSHUK H]HPSHISL H[ O[[W! ^LIHYJOP]L UH[PVUHSHYJOP]LZ NV] \R K >VYSK ,JVUVTPJ -VY\T ;OL .SVIHS *VTWL[P[P]LULZZ 9LWVY[ ¶ .LUL]H! >VYSK ,JVUVTPJ -VY\T

Printed by Trade Union Labour

www.ictu.ie 31/32 Parnell Square Dublin 1 Ireland

Carlin House 4 - 6 Donegall Street Place Belfast BT1 2FN Northern Ireland

Phone: +353 1 8897777 Fax: +353 1 8872012 E-mail: congress@ictu.ie www.ictu.ie

Phone: +02890 247940 Fax: +02890 246898 E-mail: info@ictuni.org www.ictuni.org