81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
8QJ L %UDVLOV VWRUE\VOXP HU HW XQGHUYLVQLQJVKHIWH IUD .ROLEUL ± &KLOGUHQ DW 5LVN )RXQGDWLRQ 9L GULYHU IRUHE\JJHQGH DUEHLG EODQW EDUQ RJ XQJH L HQ DY YHUGHQV VW¡UVWH E\HU ± 6mR 3DXOR %UDVLO 'HU GULYHU YL DNWLYLWHWVVHQWUH Ã&#x20AC;HUH VWHGHU EnGH L HWDEOHUWH RJ Q\H VOXPRPUnGHU NDOW IDYHODHU 'LVVH SUHJHV DY IDWWLJGRP VRVLDOH SUREOHPHU RJ VY UW GnUOLJH ER RJ RSSYHNVWIRUKROG , GHWWH KHIWHW YLO GX In HW Q UPHUH LQQEOLNN L GH SUREOHPHU RJ XWIRUGULQJHU VRP PHQQHVNHQH L GLVVH RPUnGHQH VOLWHU PHG 'X InU P¡WH GHP GLUHNWH RJ OHVH RP GHUHV WDQNHU RJ GU¡PPHU RP HW EHGUH OLY RJ GHUHV UHÃ&#x20AC;HNVMRQHU UXQGW VLQ HJHQ VLWXDVMRQ , WLOOHJJ InU GX PXOLJKHWHQ WLO n IRUG\SH GHJ L nUVDNVVDPPHQKHQJHQH VRP OLJJHU EDN HW VDPIXQQ SUHJHW DY Vn HNVWUHPH IRUVNMHOOHU VRP GHW EUDVLOLDQVNH +HIWHW HU EHUHJQHW Sn XQGHULVQLQJ L YLGHUHJnHQGH VNROH RJ XQJGRPVVNROHQV ¡YHUVWH WULQQ 3n YnUH KMHPPHVLGHU HU GHW WLOJMHQJHOLJ HW XQGHUYLVQLQJVRSSOHJJ PHG RSSJDYHU WLO KHIWHW
,QQKROG
%5$6,/ )DNWD
8UEDQLVHULQJ RJ 6725%<352%/(0(5
$UEHLGHU PHG %$51 , )$5(621(1
)RONV KYHUGDJ XQGHU 67(5.( ./$66(6.,//(5
.5,0,1$/,7(7 2* 1$5.27,.$ EOH GUDWW LQQ L QDUNRWLND RJ UDQVPLOM¡HW
./$66(6.,//(5 2* 6.2/(6<67(0 %UDVLO ± ´NRQWUDVWHQHV ODQG´
629 3$ *$7(1 IUD KDQ YDU nU
+LVWRULHQ RP *5(*25< 60,7+
.ULPLQHOOH HU %$51$6 ,'2/(5
.2/,%5,5('(7 DNWLYLWHWVWLOEXG IRU EDUQ RJ XQJH
9(/*(5 *$7(1 IUHPIRU IRUHOGUHQH
%2/6$ )$0,/,$ (Q KMHOS WLO GH DOOHU IDWWLJVWH
7HNVW %-$57( 6725(681' 5HGDNVMRQ 725,// :,671(5 'HVLJQ 9,9, .8+1/( 9,9,''(6,*1 12 )RWR *5(*25< 60,7+ 9,9, .8+1/( %-$57( 6725(681' 52$5 &+5,67,$16(1 (,5,. %5(..( 7U\NN 0(',$75<..
%5$6,/ )$.7$ 635c. 32578*,6,6. )2/.(7$// 0,// 9(5'(16 67 567( /$1'
67 567( %< 62 3$8/2 0,// ,11%
%13 '2//$5 ,11% (.675(0 )$77,*'20 81'(5 '2//$5 '$* 0,//,21(5 3(5621(5 67<5()250 ) '(5$/ 5(38%/,.. '(02.5$7, +29('67$' %5$6,/,$ 5,2 '( -$1(,52 )5(0 7,/
+29('5(/,*,21(5 520(56. .$72/6. 3527(67$17(5
+,6725,( %UDVLO DQWDV n KD Y UW ERVDWW DY XUEHIRONQLQJ L PLQVW nU , EOH ODQGHW RSSGDJHW DY GHQ SRUWXJLVLVNH RSSGDJHO VHVUHLVHQGH 3HGUR ÈOYDUHV &DEUDO 3RUWXJLVHUQH NRORQLVHUWH ODQGHW IUDP WLO %UDVLO ¿NN VLQ XDYKHQJLJKHW L 8QGHU NROR QLWLGHQ YDU GH YLNWLJVWH YDUHQH JXPPL JXOO NDIIH RJ EUDVLOWUH SDX GR EUDVLO NRQRPLHQ YDU EDVHUW Sn DUEHLGVNUDIWHQ WLO VODYHU VRP EOH KHQWHW IUD 9HVW $IULND %UDVLO DYVNDIIHW VODYHULHW VRP VLVWH ODQG L YHUGHQ L
PHG DPELVL¡VH PnOVHWQLQJHU LQQHQ PHQQHVNHUHWWLJKHWHU /DQ GHW KDU IRUWVDWW VWRUH SUREOHPHU LQQHQIRU VLYLOH ¡NRQRPLVNH RJ VRVLDOH UHWWLJKHWHU PHQ Sn GHQ DQGUH VLGH KDU LQQI¡ULQJHQ DY GHPRNUDWLHW JLWW LQQE\JJHUQH IXOO \WULQJVIULKHW RJ DOOPHQQ VWHPPHUHWW
1 5,1*6/,9 'HOHU DY %UDVLO KDU HW YHOXWYLNOHW Q ULQJVOLY WLO WURVV IRU DW VWRUH GHOHU DY EHIRONQLQJHQ OHYHU L IDWWLJGRP /DQGHW HNVSRUWH )2/. UHU EO D ODQGEUXNVYDUHU WHNVWLOHU VNRW¡\ HOHNWURQLVN XWVW\U RJ %UDVLO HU YHUGHQV VW¡UVWH ODQG PHG PLOOLRQHU LQQE\JJHUH PRWRUNM¡UHW¡\ NRQRPLVN XWYLNOLQJ HU VY UW XMHYQW JHRJUD %HIRONQLQJHQ EHVWnU DY HWWHUNRPPHUH HWWHU VODYHQH RJ LP ¿VN IRUGHOW 2PUnGHQH L 6¡U %UDVLO KDU NRPPHW OHQJVW RJ 6mR PLJUDQWHU IUD (XURSD RJ $VLD ,PPLJUDQWHQH NRP KRYHGVDNOLJ 3DXOR UHJLRQHQ KDU GHQ PHVW RPIDWWHQGH LQGXVWULHQ 1RUG¡VW IUD ,WDOLD 7\VNODQG 3ROHQ 3RUWXJDO 6SDQLD RJ -DSDQ %UDVLO %UDVLO HU SUHJHW DY ODYW XWYLNOHW ODQGEUXN RJ GHQQH UHJLRQHQ KDU RJVn PDQJH VYDUWH RJ EODQGLQJVIDUJHGH KDU GHQ VW¡UVWH EHIRONQLQJVDQGHOHQ VRP OHYHU L IDWWLJGRP PHG U¡WWHU WLO DIULNDQVNH VODYHU )OHUWDOOHW DY EUDVLOLDQHUQH HU KYLWH 8UEHIRONQLQJHQ XWJM¡U XQGHU DY LQQE\JJHUQH *-(/' 2* ,1)/$6-21 RJ GHWWH WDOOHW KDU VXQNHW HWWHU KYHUW VRP GH KDU NRPPHW L 'H VW¡UVWH SUREOHPHQH IRU EUDVLOLDQVN ¡NRQRPL KDU Y UW JMHOG NRQWDNW PHG UHVWHQ DY EHIRONQLQJHQ RJ LQÀDVMRQ 3n RJ WDOOHW YDU LQÀDVMRQHQ Sn ÀHUH KXQGUH SURVHQW (Q SODQ IRU LQÀDVMRQVEHNMHPSHOVH EOH LYHUNVDWW L 67<5(6(77 3ODQR 5HDO RJ GHQ NODUWH n VHWWH HQ HIIHNWLY VWRSSHU IRU %UDVLO KDU VLGHQ Y UW HQ I¡GHUDO UHSXEOLNN PHG GHO LQÀDVMRQHQ %UDVLO KDU L SHULRGHU KDWW YHUGHQV VW¡UVWH XWHQ VWDWHU )UD WLO YDU ODQGHW HW PLOLW UGLNWDWXU (WWHU ODQGVJMHOG RJ UHQWHU RJ DYGUDJ KDU XWJMRUW HQ VWRU DQGHO DY LQQI¡ULQJHQ DY GHPRNUDWLHW L ¿NN ODQGHW HQ JUXQQORY RIIHQWOLJH XWJLIWHU
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
85%$1,6(5,1* 6725%<352%/(0(5
%5$6,/ 3c 7$//(7 9$5 (1 )2/.(9$1'5,1* )25 0,//,21(5 $9 0(11(6.(5 )5$ /$1'6%<*' 7,/ %< 32/,7,.(51( 9,//( 02'(51,6(5( %5$6,/ '( 9,//( +$ ,1'8675, , %<(1( (1 6/,. ,1'8675,$/,6(5,1* +$5 2*6c 6.-('' , 9(67/,*( /$1' 0(1 , )$77,*( /$1' 620 %5$6,/ 6.-(5 (1 6/,. 3526(66 0(5 8.21752/ /(57 85%$1,6(5,1*(1 +$5 *,77 *,*$17,6.( %<(5 0(' 6/80205c'(5 )$77,*'20 2* .5,0,1$/,7(7 ,I XWTQ\QSMZVM [I\[M\ Xs ¦SWVWUQ[S ^MS[\ Q JaMVM JTM TIVL[JaOLI VMLXZQWZQ\MZ\ 5MV[ LM\ WXX[\WL ^MS[\ WO U]TQOPM\MZ Q JaMVM ^IZ NI\\QOLWUUMV Xs TIVLM\ MVWZU ,I *ZI[QT JMOaV\M [QV QVL][\ZQI TQ[MZQVO SWU WO[s UMSIVQ[MZQVOMV \QT TIVL[JaOLI IZJMQL[SZIN\ JTM W^MZƦLQO WO NI\\QOLWUUMV MVLI UMZ XZMS¥Z ;IU\QLQO [SR¦\ ]\^QSTQVOMV Q JaMVM NIZ\ /RMVVWU \ZIV[Q[\WZZILQWMV S]VVM NI\ \QOM Xs TIVL[JaOLI P¦ZM PQ[\WZQMZ WU JaMZ UML RWJJU]TQOPM\MZ WO NZMU\QL[PsX :M[]T\I\M\ OI^ [MO [MT^ NWTS [\Z¦UUM\ QVV UW\ JaMVM WO Q XMZQWLMVM LI \¦ZSMV Xs TIVL[JaOLI ^IZ Xs [Q\\ ^MZ[\M ^IZ Æ]S\MV QVV \QT JaMVM [\¦Z[\ 1 ! JWLLM I^ *ZI[QT[ JMNWTSVQVO Q JaMVM UMV[ Q ^IZ LMVVM IVLMTMV ¦S\ \QT ;MT^ WU *ZI[QT QSSM MZ LM\ MVM[\M TIVLM\ Q ^MZLMV [WU PIZ WXXTM^L I^NWTSVQVO I^ TIVL[ JaOLI PIZ XZW[M[[MV PMZ Os\\ UaM ZI[SMZM WO ^¥Z\ UMZ ]SWV\ZWTTMZ\ MVV Q N MS[ -]ZWXI
I^ [Sa[SZIXMZM ;IU\QLQO ^IZ JaMV[ JMNWTSVQVO[^MS[\ ]\MV SWV\ZWTT NZI UaVLQOPM\MVM[ [QLM 1UUQOZIV\MVM [I\\M WXX [QVM [S]Z LMZ LM NIV\ MV TMLQO XTI[[ ]IV[M\\ WU LM PILLM TW^ MTTMZ QSSM ,M JMVa\\M\ LM\ LM S]VVM ÅVVM" \ZMI^NITT XTI[\ MTTMZ ZMSTIUMXTISI\MZ 0^MZSMV [SWTM PMT[M^M[MV XWTQ\Q ^IVV MTTMZ STWISS STIZ\M s PMVOM UML Q ]\ ^QSTQVOMV [¥ZTQO QSSM Q LM NI\\QOM [T]UWUZsLMVM [WU UaVLQOPM\MVM JZaLLM [MO TQ\M WU
1 *ZI[QT ÆWUUM\ JaMVM W^MZ I^ NI\\QOM UMVVM[SMZ ,M SWU UML MV LZ¦U WU M\ JMLZM TQ^ UMV LM [\WL LMZ UML \W \WUUM PMVLMZ WO LM Us\\M N¦Z[\ [SINNM [MO IZJMQL ,M N¦Z[\M sZMVM Q [\WZJaMV ^IZ ITT\QL \¦NNM -\\MZ P^MZ\ \WS QUUQOZIV\MVM[ TQ^ ]TQSM ZM\VQVOMZ 6WMV STIZ\M s SIZZM \QT [MO MV [SQSSMTQO RWJJ WO ÅSS M\IJTMZ\ [MO Q JaMV[ UQL LMTSTI[[M 5MV NWZ IVLZM ^IZ ZM[]T\I\M\ I^ Æ]S\MV NZI TIVL[JaOLI[ NI\\QOLWU I\ LM PMTTMZ MVL\M Q JaMV[ NI\\QOLWU
,M\\M ^IZ WO[s LM\ \QsZM\ *ZI[QT ^IZ ZIUUM\ I^ ORMTL[SZQ[M QVÆI [RWV ¦SWVWUQ[S \QTJISMOIVO WO JMLZQN\MZ [WU JTM TIO\ VML \IT TM\ WU\ITM[ [WU *ZI[QT[ ¹\IX\M \QsZº XOI LMV ¦SWVWUQ[SM SZQ[MV 1 XMZQWLMV ^IZ LM\ MV MS[XTW[Q^ ¦SVQVO Q [T]U WO [W[QITM XZWJTMUMZ Q ;rW 8I]TW ,M [aVTQOM \MOVMVM Q ;rW 8I]TW ^IZ ^WS[MVLM [T]UWUZs LMZ IZJMQL[TMLQOPM\ SZQUQVITQ\M\ WO ^WTL 1 T¦XM\ I^ LM\\M \QsZM\ JTM LZIX[NZMS^MV[MV \ZMLWJTM\
0^I [WU MZ ^MZ[\ I^ NI\\QOLWUUMV Q Ja MTTMZ Xs TIVL MZ LM\ LMT\M UMVQVOMZ WU *ZI[QT[ [\WZJaMZ PIZ [T]U VIZSW\QSI ^WTL WO STWISSMV [WU Æa\MZ Q OI\MVM 4IVL[JaOLI PIZ LMZQUW\ UaM UQVLZM VIZSW \QSI SZQUQVITQ\M\ WO LZIX UMV \QT ORMVORMTL MZ QVV\MS\MV LMZ TI^MZM []T\MV UMZ ]\JZML\ WO JWTQONWZPWTLMVM MVLI ^MZZM
;rW 8I]TW MZ Q LIO LMT\ UML MV JaSRMZVM LMZ LM ÆM[\M \QTP¦ZMZ UQL LMTSTI[[MV WO VWMV \QTP¦ZMZ W^MZSTI[[MV 1 ]\SIV\MV I^ ;rW 8I]TW PIZ JaMV MV XMZQNMZQ LMZ LM NI\\QOM [T]UWUZsLMVM TQOOMZ 1 UMLQI WU\ITM[ LM [WU JWZ LMZ [WU ¹W[ UIZOQVIQ[º MTTMZ ¹LM UIZOQVITQ[MZ\Mº ,I UMVM[ ]VLMZXZQ^QTMOMZ\M ]\MV ]\LIVVMT[M [WU MZ MS[ST]LMZ\ NZI ZM[\MV I^ [IUN]VVM\ ,M NI\\QOM PILLM N¦Z Q \QLMV U]TQOPM\ \QT s Ns MV RWJJ Xs \MS[\QTNIJZQSSMV MTTMZ TQOVMVLM [TQS I\ LM W^MZ \QL S]VVM SWUUM [MO ]\ I^ NI\\QOLWUUMV 5MV Q LIO PIZ JaMV NWZIVLZM\ [MO WO Ns\\ M\ UMZ S]VV[SIX[SZM^MVLM V¥ZQVO[TQ^ [TQS I\ LM NI\\QOM ]\MV ]\LIVVMT[M PIZ UIVOM N¥ZZM U]TQOPM\MZ WO LM ZMOVM[ LMZNWZ [WU UIZOQVITQ[MZ\M
62 3$8/2 %/( (1'5(7 )5$ 60c%< 7,/ 0(*$%< 0(' 6725( 6/80205c'(5 ;rW 8I]TW MZ ;¦Z )UMZQSI[ [\¦Z[\M Ja UML UQTTQWVMZ QVVJaOOMZM ,ZIZ ^Q QUQLTMZ\QL sZ \QTJISM \QT JMOaVVMT[MV I^ ! \ITTM\ ^IZ LMV JIZM MV [UsJa UML QVVJaOOMZM *MNWTSVQVO[MS[XTW[RW VMV Q ;rW 8I]TW PIVLTM\ WU \W NMVWUMVMZ" MV Ja [WU S]VVM \QTJa ¦SWVWUQ[SM U]TQOPM\MZ NWZ LM PMTLQOM [IU\QLQO [WU NWTS ^QTTM ^MSS NZI TIVL[JaOLI[ NI\\QOLWU \¦ZSM WO []T\ )TTM LM [\WZM JaMVM Q *ZI[QT WXXTM^LM \QT[\Z¦UQVOMV I^ NWTS NZI TIVL[ JaOLI 5MV ;rW 8I]TW ^IZ LQ\ LM ÆM[\M LZW NWZ LM\ ^IZ LMZ LM JM[\M RWJJU]TQOPM\MVM NIV\M[ 3INNMXZWL]S[RWVMV Q WUZsLM\ PILLM OQ\\ [\WZ I^SI[\VQVO WO XMVOMVM JTM XT¦aL QVV Q V¥ZQVO[TQ^M\ Q ;rW 8I]TW ,M\ JTM JaOOM\ ^MQMZ WO QVL][\ZQ JaMV ^WS[\M Q JsLM JZMLLMV WO P¦a LMV 7UZsLM\ [WU \QLTQOMZM ^IZ I\TIV\Q[S [SWO MVL\M [WU MV [SWO
<QT \ZW[[ NWZ ITTM XZWJTMUMVM UML LMV WNNMV\TQOM QVNZI[\Z]S\]ZMV PILLM QUUQOZIV\MVM \QT ;rW 8I]TW U]TQOPM\MZ \QT s Ns [MO MV RWJJ -\\MZ MV \¦NN XMZQWLM UML s M\IJTMZM [MO STIZ\M M\\MZ MV [\]VL LM ÆM[\M s RWJJM [MO WXX Q JaMV[ UQLLMTSTI[[M *aMV ÅSS LMZNWZ M\ JZI ZaS\M [WU QORMV JQLZW \QT s ¦SM LMV SZIN\QOM JMNWTSVQVO[\QT[\Z¦UUQV OMV
,M NI\\QOM [T]UWUZsLMVM PIZ ITT\QL Ns\\ TI^M[\ XZQWZQ\M\ I^ UaVLQO PM\MVM ,M ]VLMZXZQ^QTMOMZ\M PIZ MV\MV ^¥Z\ ]\MV MTTMZ Us\\M ^MV\M TMVOM Xs WNNMV\TQOM OWLMZ [WU ^MQ ^IVV [¦XXMT\¦UUQVO MTTMZ NWZ LMV [IS[ [SaTL XWTQ\Q ,QILMUI [WU MZ JaLMTMV LMZ +PQTLZMV I\ :Q[S LZQ^MZ 3WTQJZQZMLM\ UIVOTM\ XWTQ\Q PMT\ NZIU \QT ! ! ,QILMUI JTM [M\\ Xs [WU M\ TW^T¦[\ WUZsLM LMZ QVVJaOOMZVM [S]TTM WZLVM WXX Xs MOMVPsVL :M[]T\I\M\ ^IZ I\ LM\ LIVVM\ [MO MOVM [sSIT\M ¹ R][\QKMQZW[º XZQ^I\XMZ[WVMZ [WU PMVZM\\M\ LM\ LM UMV\M ^IZ NWZJZa\MZM ,QI LMUI PILLM Xs LM\ ^MZ[\M MV LZIX[NZMS^MV[ OIVOMZ P¦aMZM MVV Q 6WZOM 1 PMTM ;rW 8I]TW [SRMZ Z]VL\ LZIX Q sZM\ \QT \ZW[[ NWZ I\ JaMV PIZ M\ XWTQ\Q Xs WU\ZMV\ UMVV WO S^QVVMZ º .2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
)RONV KYHUGDJ XQGHU VWHUNH NODVVHVNLOOHU , %UDVLO WUHQJHU GH ULNH GH IDWWLJHV ELOOLJH DUEHLGVNUDIW RJ GH IDWWLJH WUHQJHU GH ULNHV SHQJHU PHQ GHW EOLU VMHO GHQ QRH YHQQVNDS PHOORP GHP 'H IDWWLJH YLO JMHUQH ER Vn Q UW VRP PXOLJ GH ULNH IRU GD KDU GH NRUWHVW YHL WLO DUEHLG PHQ GH ULNH YLO LNNH KD HW IDWWLJ QDERODJ Sn JUXQQ DY NULPLQDOLWHWHQ , %UDVLO JMHPPHU GH ULNH VHJ EDN K¡\H PXUHU PHG SLJJWUnG RJ HOHNWULVNH JMHUGHU PHG YDNWHU YHG LQQJDQJHQ RJ KLVVLJH KXQGHU L KDJHQ %DUQ IUD RYHU RJ PLGGHONODVVHQ KROGHU VHJ IRU GHW PHVWH L VLWW WU\JJH KMHP IRU n OHNH PHQV EDUQD IUD XQGHUNODVVHQ IRU GHW PHVWH OHNHU L JDWHQ
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
,M NI\\QOM Q *ZI[QT ^M\ OWL\ P^I M\ TQ^ UML XMVOMZ SIV QVVMJ¥ZM 8s <> SIV LM [M [sXMWXMZIMZ WU ZQSM UMVVM[SMZ UML LaZM [UaSSMZ SIJZQWTM\MZ WO [^¦UUMJI[[MVO Q PIOMV 1 J]\QSSMVM [MZ LM PaTTMZ N]T TM I^ LM [IUUM ^IZMVM [WU Q ^sZ ^M[\TQOM LMT I^ ^MZLMV 5IV ^QT WN\M [M I\ NI\\QOM SIV PI MV LZ¦U WU UIVOM I^ LM UI\MZQMTTM OWLMVM [WU MZ MV [MT^N¦TOM Q ^sZ LMT I^ ^MZLMV -V NI\\QO RMV\M Xs sZ S]VVM NWZ\MTTM WU [QV [\WZM LZ¦U [WU ^IZ s [SINNM [MO MV UWJQT\MTMNWV VsZ P]V JTM [\WZ .WZ LM NI\\QOM MZ UWJQT\MTMNWVMV SIV[SRM LM\ ^QS\QO[\M [\I\][[aUJWTM\ ,M NI\\QOM SIV PI MV [\MZS I[XQZI[RWV \QT ^sZ ^MT[\IVL 6sZ LM N¦Z[\ NsZ XMVOMZ MZ LM\ ^IVTQO s JZ]SM LMU Xs UI\MZQMTTM OWLMZ [WU [SIXMZ MV N¦TMT[M I^ \QTP¦ZQOPM\ \QT LMV ZQSM ^MZLMV
%(9(*(5 '8 '(* ,11 , (7 )$77,* 205c'( (5 '(7 ) 567( 620 6/c5 '(* +925 3(17 ./('' )2/. *c5 7,/ 75266 )25 +925 /,7( 3(1*(5 '( +$5 '( )$77,*( (5 2337$77 $9 6,1 9(5',*+(7 2* ./ 5 (5 .$16.-( '(7 '( 35,25,7(5(5 0(67 (77(5 0$7 '( )$77,*( , %5$6,/ *c5 620 5(*(/ , 6$1'$/(5 0(1 '(7 ),11(6 +,6725,(5 20 )$77,*( 620 7$5 3c 6.2 1c5 '( 6.$/ 87 )25 c +$1'/( '( (5 5('' )25 c %/, 29(56(77 $9 %(7-(1,1*(1 )25', '( *c5 ./('' 620 )$77,*(
1 M\ TIVL UML [\WZM WO [aVTQOM [W[QITM ]TQSPM\MZ SIV LM\ JTQ ^QS\QO s UIZSMZM [QV MOMV XW[Q[RWV Q PQMZIZSQM\ ;SIT UIV Xs MV ÅV ZM[\I]ZIV\ UM\MZ TMVOZM JWZ\ Q OI\MV [aVM[ VWMV LM\ MZ ^QS\QO s SR¦ZM NWZ MT TMZ[ SIV LM\ [M ]\ [WU L] MZ NWZ NI\\QO \QT s PI JQT 1 PMQ[MZ Xs TQ\\ ÅVMZM [\MLMZ SIV UIV ÅVVM MOVM PMQ[SR¦ZMZM \QT s \ZaSSM QVV SVIXXMV NWZ NWTS ,M\ PM^LM[ I\ LM\\M MZ MV IZ^ NZI [TI^MZQM\ WO I\ LM\ OQZ MV [\I \][N¦TMT[M s PI º\RMVMZMº Z]VL\ [MO
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
./$66( 6.,//(5 2* 6.2/( 6<67(0
%5$6,/ 207$/(6 2)7( 620 µ.2175$67(1(6 /$1'µ %5$6,/ +$5 6$00( 5,.'20 620 9(5'(16 5,.(67( /$1' 0(1 2*6c 6$00( )$77,*'20 620 9(5'(16 )$77,*67( /$1' 12(1 )c 5,.( 5(,6(5 0(' +(/, .237(5 7,/ 2* )5$ $5%(,' 0(1 6$07,',* 35(*(6 *$7(1( $9 7,**(5( 2* /$1'(7 +$5 0,//,21(5 0(11(6.(5 620 /(9(5 )25 81'(5 '2//$5 '$*(1 '( )/(67( %5$6,/,$1(5( %(),11(5 6(* (7 67(' 0(/ /20 '( (.675(0( <77(5381.7(1( 2* +(5 ),11(6 0$1*( 626,$/( 6-,.7 0(' 6725( )256.-(//(5
.WZNI\\MZMV :M` ) 0]L[WV WU\IT\M STI[[M[SQTTMVM Q *ZI[QT [TQS" º,M [W[QITM ]TQSPM\MVM UMLN¦ZMZ [XQ[[Ã&#x2026;VLQOM NWZUMZ NWZ LQ[SZQUQVMZQVO QVVMVNWZ JWTQOUIZSMLM\ ]\LIVVMT[M WO IZJMQL[TQ^ [TQS I\ XMZ[WVMZ NZI JM[\MU\M [W[QITM [RQS\ PIZ MV \MVLMV[ \QT s WXXPWTLM [MO Q [QVM MOVM UQTR¦MZ ,M XZQ^QTMOMZ\M JWZ Q XMVM VIJWTIO ^IVTQO^Q[ [MV \ZIT\ JMTQOOMVLM OsZ Xs XZQ^I\[SWTMZ SR¦ZMZ JQTMZ WO PIVLTMZ Q [\WZM SR¦XM[MV\ZM .I\\QOM Q JaMVM JWZ Q [T]UWUZsLMZ MTTMZ Q NRMZV\TQOOMVLM WNNMV\TQOM P][XZW[RMS\MZ PIZ TIVOM J][[ZMQ[MZ \QT RWJJ OsZ Xs WNNMV\ TQOM [SWTMZ WO PIVLTMZ Xs UQVLZM []XMZUIZSMLMZ MTTMZ TWSITM [UsJ] \QSSMZ º 1 *ZI[QT MZ LQVM U]TQOPM\MZ Q TQ^M\ [\aZ\ I^ P^MU L] PIZ [WU NIZ WO UWZ 6M[\MV ITTM [WU TM^MZ Q NI\\QOLWU Q *ZI[QT PILLM WO[s NI\\QOM NWZMTLZM ,M\ MZ QSSM ]U]TQO s SWUUM [MO ]\ I^ NI\\QOLWUUMV L] JTM N¦L\ QVV Q UMV MZ \QLSZM^MVLM WO SZM^MZ MV SWUJQVI[RWV I^ PIZL\ IZJMQL \sTUWLQOPM\ WO L] J¦Z PMT[\ PI \QTNMTLQOPM\MVM Xs LQV [QLM )\ LM ¦SWVWUQ[SM NWZ[SRMTTMVM OsZ Q IZ^ NWZSTIZM[ WN\M UML LM\ JZI [QTQIV[SM [SWTM^M[MVM\ ;a[\MUM\ MZ LMT\ Q WNNMV\TQOM [SWTMZ WO XZQ^I\M [SWTMZ 1 LM XZQ^I\M OZ]VV[SWTMVM MZ S^ITQ\M\MV OWL UMV[ JIZV Q WN NMV\TQOM [SWTMZ TÂ¥ZMZ [^Â¥Z\ TQ\M 8s OZ]VV I^ LM [\WZM [W[QITM ]TQSPM\M
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
VM Q *ZI[QT MZ NWZMTLZMVM [^¥Z\ WXX\I\\ I^ s Ns [QVM JIZV QVV Xs OWLM [SWTMZ WO PIZ NWZMTLZMVM ZsL JTQZ JIZVI [MVL\ \QT OWLM XZQ^I\[SWTMZ 8ZQ^I\[SWTMVM SW[\MZ ^IVTQO^Q[ NZI · SZWVMZ XMZ UsVML -V ^IVTQO UQLLMTSTI[[MQVV\MS\ SIV ^IZQMZM NZI · SZWVMZ WO VsZ LM [MVLMZ [QVM JIZV Xs XZQ^I\[SWTMZ ^QT [SWTMXMVOMVM ]\OR¦ZM MV [\WZ IVLMT I^ LMZM[ QVV\MS\ =VLMZXZQ^QTMOMZ\M NIUQTQMZ ^QT [RMTLMV STIZM s Ns [QVM JIZV QVV Xs XZQ^I\[SWTMZ WO LM MVLMZ Xs LM LsZTQOM WNNMV\ TQOM [SWTMVM 5MV Q *ZI[QT MZ LM\ IVVMZTMLM[ Xs ]VQ^MZ[Q\M\[VQ^s MVV Xs OZ]VV[SWTMVQ^s 5aVLQOPM\MVM XZQWZQ\MZMZ ]VQ^MZ[Q\M\[]\LIVVQVO P¦a\ WO UaVLQOPM\MVM JM\ITMZ OIVOMZ UMZ NWZ MV ]VQ^MZ[Q\M\[ [\]LMV\ MVV MV MTM^ Q OZ]VV[SWTMV ,MZNWZ MZ S^ITQ\M\MV Xs WNNMV\TQOM ]VQ^MZ[Q\M\MZ OWLM WO LM MZ JMLZM MVV LM XZQ^I\M ]VQ^MZ[Q\M\MVM )T\[s JTQZ NWZ[SRMTTMV Q S^ITQ\M\ UMTTWU LM\ XZQ^I\M WO WNNMV\TQOM WU^MVL\ Xs LM\\M VQ^sM\ Q NWZPWTL \QT P^I LM\ MZ Xs OZ]VV[SWTMVQ^s 5MV NWZ s SWUUM QVV Xs LM OWLM WNNMV\TQOM ]VQ^MZ[Q\M\MVM Us UIV ORMVVWU MV \M[\ 0MZ Us LM NI\\QOM [WU OQSS Xs LsZTQOM WNNMV\TQOM OZ]VV[SWTMZ SWVS]ZZMZM UML LM XZQ^QTMOMZ\M [WU OQSS Xs OWLM XZQ ^I\[SWTMZ 1 LMVVM SWVS]ZZIV[MV PIZ LM NI\\QOM [Us U]TQOPM\MZ ,MZ[WU LM NI\\QOM [SIT QVV Xs M\ ]VQ^MZ[Q\M\ SIV LM JM\ITM NWZ s Os Xs M\ LsZTQO XZQ^I\ ]VQ^MZ[Q\M\ UMV LM\ PIZ LM [RMTLMV ZsL \QT
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
.2/,%5,5('(7
+,6725,(1 20 *5(*25< 60,7+
.2/,%5,5('(7 (5 (7 $9 ),5( 6(175( 0(' $.7,9,7(767,/%8' )25 %$51 2* 81*( 6(175(1( ),1$16,(5(6 , +29('6$. $9 .2/,%5, ² &+,/'5(1 $7 5,6. )281'$7,21 8s 3WTQJZQZMLM\ NWZMOsZ IS\Q^Q\M\MZ [WU PQXPWX JZMISLIVKM [QZS][ KIXWMQZI NW\JITT UITQVO \MOVQVO NWZUQVO WO UaM IVVM\ 6WMV Ns I^ JIZVI JWZ LMZ UMV LM Ã&#x2020;M[\M JWZ PRMUUM WO JM[¦SMZ 3WTQJZQZMLM\ Ã&#x2020;MZM LIOMZ Q ]SMV *M\QVOMT[MV MZ I\ LM LMT\IZ Xs [SWTMV UMV Xs [MT^M 3WTQJZQZMLM\ IZZIVOMZM[ QSSM WZLQVÂ¥Z ]VLMZ^Q[VQVO 3WTQJZQZMLM\ TQOOMZ Q QLaTTQ[SM WUOQ^MT[MZ TQSM ^ML MV QVV[R¦ UMV L] [SIT QSSM LZI TIVO\ N¦Z QLaTTMV JZa\M[ WO L] Ã&#x2026;VVMZ [T]U[\Z¦S LMZ NWTS JWZ \M\\ Q \M\\ Q [S]Z WO LMZ STWISSMV ]\MVNWZ ZMVVMZ NZQ\\ .TMZM I^ LQ[[M [\Z¦SMVM MZ SWV\ZWTTMZ\ I^ VIZSW\QSIORMVOMZ UML SZIN\QOMZM ^sXMV MVV XWTQ\QM\ 7UZsLM\ XZMOM[ I^ Z][XZWJTMUMZ SZQUQVITQ\M\ ^WTL WO LZIX 5IVOM JIZV TQLMZ ]VLMZ ^WTL \Z][TMZ MTTMZ [MS[]MTTM W^MZOZMX ;Us JIZV ^MTOMZ Q VWMV \QTNMTTMZ s NWZTI\M NWZMTLZMVM NWZ s JW TIVO[ OI\MVM Q [MV \Z]U I^ ;rW 8I]TW )VLZM W^MZ\IZ M\\MZ P^MZ\ ºIZ^MVº NZI LM ^WS[VM WO MVLMZ [WU SZQUQVMTTM VIZSWUIVM MTTMZ LZIX[UMVV
62/*7( $/7 +$1 (,'( /ZMOWZa ;UQ\P [QV SIUX NWZ LM NI\\QOM JIZVI Q *ZI[QT JMOaV\M NZI MV ^QTTI Q 7[ ]\MV NWZ *MZOMV ;WU sZQVO \WS PIV [Q\\ TQ^[ JM[T]\VQVO [WTO\M ^QTTIMV [QV I]S[RWVMZ\M JWZ\ LM\ PIV MQLM WO LZW \QT *ZI[QT 0IV [\QN\M\ WZOIVQ[I[RWVMV +PQTLZMV I\ :Q[S NWZ s PRMTXM OI\MJIZV Q ;rW 8I]TW 0IV ^Q[[\M I\ SIUXMV NWZ s ZMLLM OI\MJIZV ^QTTM JTQ \]VO UMV PIV ^Q[[\M WO[s I\ P^Q[ PIV QSSM PILLM [WTO\ PRMUUM\ [Q\\ ^QTTM LM\ JTQ\\ IT\NWZ MVSMT\ NWZ PIU s ^MVLM \QTJISM \QT 6WZOM
c 6(/*( +86(7 9$5 +$16 0c7( c 79,1*( 6(* 6(/9 *-(1120 233*$9(1 +$1 +$''( 7$77 3c 6(* )^OR¦ZMT[MV \QT /ZMOWZa ;UQ\P ^IZ LZI[\Q[S UMV QSSM QUX]T[Q^ ;WU [¦VV I^ MV JZQ\Q[S WNÃ&#x2026;[MZ PILLM PIV JWLL Q -OaX\ WO ;QVOIXW ZM WO ZMQ[\ UaM WO Ã&#x2026;SS [M UaM NI\\QOLWU WO UMVVM[SMTQOM TQLMT[MZ 5MV LM\ [WU ORWZLM [\MZSM[\ QVV\ZaSS Xs PIU ^IZ Ã&#x2026;TUMV 8Q`W\M
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
MV LWS]UMV\IZ WU OI\MJIZV Q ;rW 8I]TW .QTUMV ^Q[\M ^WS[VM UMVVM[SMZ[ JZ]\ITQ\M\ WO Zs[SIX UW\ ][SaTLQOM JIZV /ZMOWZa S]VVM TI\\ QVV\ZaSSMVM NZI Ã&#x2026;TUMV Os\\ Q OTMUUMJWSMV WO NWZ\[I\\ [Q\\ \ZaOOM TQ^ Q MV ^QTTI ]\MVNWZ *MZOMV 5MV LMV [\MZSM ]ZM\\ NMZLQOPM\MV Q ^MZLMV WO LMV [^ISM QVV[I\[MV NWZ s OR¦ZM VWM UML LM\ ^IZ VWM PIV ¦V[SM\ s OR¦ZM VWM UML $5%(,'(7 0(' *$7(%$51 ,I /ZMOWZa [\IZ\M\ [Q\\ IZJMQL TIVO[ OI\MVM Q ;rW 8I]TW ^IZ LM\ ^IV[SMTQO s ^Q\M P^WZ PIV [S]TTM JMOaVVM WO PIV [VISSM\ Q JMOaV VMT[MV QSSM XWZ\]OQ[Q[S 5MV PIV ¦V[SM\ s SWUUM \M\\M[\ U]TQO QVVXs OI\MJIZVI WO ^QTTM NWZ[\s P^WZNWZ LM ^IZ LMZ WO P^WZLIV LM \MVS\M ,MZNWZ [W^ PIV Q XMZQWLMZ [IUUMV UML LMU Xs OI\MV -\\MZ P^MZ\ Ã&#x2026;SS PIV MV QLaTTQ[S TIVLMQMVLWU Q ]\SIV\MV I^ JaMV LMZ PIV M\IJTMZ\M M\ NW[\MZPRMU WO [\IZ\M\ ZMPIJQ TQ\MZQVO I^ OI\MJIZVI h LZQ^M M\ NW[\MZPRMU NWZ OI\MJIZV ^IZ MV ^IV[SMTQO RWJJ NWZLQ LM PILLM TM^L M\ TQ^ VMLSR¦Z\ I^ LWX 5MV ZMPI JQTQ\MZQVOMV OI^ ZM[]T\I\MZ WO Ã&#x2020;MZM OI\MJIZV
;TQSM JIZV JMÃ&#x2026;VVMZ [MO ºQ NIZM[WVMVº WO LM\ MZ JIZV Q NIZM[WVMV [WU [SIT PRMTXM[ ORMVVWU LM\ NWZMJaOOMVLM IZJMQLM\ Xs 3WTQJZQZMLM\ 0MZ MZ LM\ QVOMV [WU [QMZ I\ MVSMT\M JIZV MZ ºNWZ TQ\M Q NIZM[WVMVº \QT s LMT\I Xs [MV\MZM\ 0MZ [SIT JIZV NZI LM UM[\ ^IV[SMTQO[\QT\M NIUQTQMZ Ns ^Â¥ZM [IUUMV UML JIZV NZI UMZ ZM[[]Z[ZQSM NIUQTQMZ )^ JIZVI Xs 3WTQJZQZMLM\ ^QT VWMV STIZM [MO OZMQ\ UMV[ IVLZM SIV PI^VM Xs OI\MV MTTMZ Q VIZSW\QSI\ZIÃ&#x2026;SSMV 0^MU LM\ OsZ JZI UML WO P^MU LM\ OsZ OIT\ UML ^M\ UIV ITLZQ Xs NWZPsVL .TMZM JIZV SIV TM^M M\ TQ^ [WU [MZ ZMTI\Q^\ \ZaO\ WO [\IJQT\ ]\ UMV [Q\]I[RWVMV SIV JZs\\ MVLZM [MO .WZ VWMV I^ JIZVI MZ [Q\]I[RWVMV ITTMZMLM [^Â¥Z\ SZQ\Q[S WO LI SIV /ZMOWZa ;UQ\P WO IV[I\\M Xs 3WTQJZQZMLM\ [M\\M Q ^MZS UMZ WU NI\\MVLM \QT\IS WO SIV VWMV OIVOMZ WO[s PRMTXM NWZMTLZMVM \QT JIZVI
JTM M\\MZ P^MZ\ N¦Z\ \QTJISM \QT M\ VWZUIT\ TQ^ ;IU\QLQO ^IZ IZJMQLM\ \]VO\ WO LM\ ^IZ XZM OM\ I^ \¦NNM VML\]ZMZ ,M\ \aVO[\M ^IZ s UQ[\M ,QMOW WO ?MVLMZ ,M \W \QLTQOMZM OI\MJIZVI [s ]\ \QT s PI SWUUM\ Xs ZM\\ SR¦T UMV UQ[\M\ TQ^M\ Q ]VO ITLMZ ?MVLMZ JTM [S]\\ I^ XWTQ\QM\ LI PIV ^IZ ! sZ UMV[ ,QMOW JTM [S]\\ sZ OIUUMT ]\MVNWZ MV JIZ M\\MZ MV SZIVOMT )25(%<**(1'( $5%(,' %$51 , )$5(621(1 -\\MZ P^MZ\ Ã&#x2026;SS /ZMOWZa \ZWMV Xs I\ IZJMQLM\ J]ZLM LZQ^M[ NWZMJaOOMVLM )ZJMQLM\ UML s NRMZVM JIZV NZI OI\MV ^IZ \]VO\ WO SZM^MVLM 5MV[ VWMV JIZV JTM NRMZVM\ NZI OI\MV SWU PMTM \QLMV VaM OI\MJIZV \QT /ZMOWZa UMV\M LM\ ^QTTM ^Â¥ZM UMZ MNNMS\Q^\ s NIVOM WXX JIZVI N¦Z LM PI^VM\ Xs OI\MV WO ZM[]T\I\M\ JTM MV WUTMOOQVO \QT NWZMJaOOMVLM IZJMQL 1 SWU 3WTQJZQZMLM\ Q OIVO M\ [MV\MZ UML IS\Q ^Q\M\MZ NWZ W^MZ JIZV WO ]VOM Q NIZM[WVMV ;MV\MZM\ JTM M\\MZP^MZ\ [s XWX]TÂ¥Z\ I\ UIV OQSS Q OIVO UML s JaOOM [Us Ã&#x2026;TQITMZ M\\MZ UWLMTT I^ 3WTQJZQZMLM\ [WU JTM SIT\ [sSIT\M 3WTQJZQMOO
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
9(/*(5 *$7(1
µ)/8.7(1 )5$ +-(00(7 7,/ *$7(1 (5 (7 1$785/,* 29(5/(9(/6(6,167,1.7 +26 %$51$µ
)5(0)25 )25(/'5(1(
*$7(%$51 (5 %$51 620 6(/9 9(/*(5 c )25 /$7( 6,1( )25(/'5( *$7(%$51$ *-Â&#x2018;5 (7 9$/* 620 .$1 9,5.( (.675(07 0(1 352%/(0(1( '( )/<.7(5 )5$ (5 2*6c (.675(0( )25(/'5(1( '(5(6 (5 )$77,*( 0(1 '(1 0$7(5,(//( )$77,*'200(1 (5 ,..( '(7 (1(67( 352%/(0(7 %$51$ 6/,7(5 0(' 0(5 $/925/,* (11 )$77,*'200(1 (5 $7 +-(00(1( 35(*(6 $9 1$5.27,.$ $/.2+2/ 2* 92/'( /,*( )25(/'5( '(7 (5 '(77( %$51$ )/<.7(5 )5$ '( 9,/ 9(.. 2* *$7(1 (5 (1(67( 67('(7 c )/<.7( 7,/ *5(*25< 60,7+ +$5 -2%%(7 , 0$1*( c5 0(' c )c 9(.. %$51 )5$ '(7 60(57()8//( /,9(7 3c *$7(1 +$1 +$5 ./$57 c 5(''( /,9(7 7,/ )/(5( $9 '(0 0(1 2*6c 0c77( 6( 0$1*( 620 +$5 (1'7 6,1( /,9 , 81* $/'(5 0(16 *5(*25< +$5 $5%(,'(7 0(' c 5(''( *$7(%$51 +$5 +$1 (77(5+9(57 )2567c77 +925)25 60c %$51 $9 (*(1 9,/-( 9(/*(5 c 629( /$1*6 )257$8(1(
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
·,M\ JMOaVVMZ UML I\ OI\MV MZ TMSMXTI[[MV \QT JIZVI .I\\QOM PRMU PIZ QSSM XTI[[ \QT I\ JIZVI SIV TMSM QVVM [s LI [SRMZ ITT TMSMV Xs OI\MV 0RMUUM Us JIZVI WN\M TM^M UML [\WZM XZWJTMUMZ UML [QVM NWZMTLZM ,M PIZ TQ\MV M^VM \QT s WXXLZI JIZVI WO LM SIV PI [\WZM Z][XZWJTMUMZ ,M\ [SIXM[ MV ][QSSMZPM\ PW[ JIZVI X O I NWZMTLZMVM[ WXXN¦Z[MT -\\MZP^MZ\ \ZMSSMZ JIZVI [MO ]VVI NWZMTLZMVM WO PWTLMZ [MO UMZ WO UMZ Xs OI\MV LM OZ]MZ [MO NWZ s LZI PRMU /I\MV JTQZ LMZM[ IVLZM PRMU WO LM [¦SMZ MV QVVJQT\ \ZaOOPM\ Q OI\MV [MT^ WU LMV MZ N]TT I^ SZQUQVITQ\M\ WO VIZSW\QSI ,M NI\\QOM JWZ Q [T]UWUZsLMVM Q ]\SIV\MV I^ [\WZJaMV UMV VsZ JIZVI JTQZ TQ\\ MTLZM sZ JMOaVVMZ LM s \I J][[MZ QVVW^MZ UW\ [MV\Z]U I^ JaMV 1 [MV\Z]U I^ ;rW 8I]TW [MZ LM SR¦XM[MV\ZM N]TTM I^ ^IZMZ ,M [MZ LMV [IUUM UI\MZQMTTM ZQSLWUUMV [WU LM PIZ [M\\ Xs [sXM[MZQMVM Xs JZI[QTQIV[S <> *ZI[QT MZ N]TT I^ Ã&#x2026;TUMZ WU ZQSM ^MT TaSSMLM WO Q LM Ã&#x2020;M[\M NI\\QOM PRMU Ã&#x2026;VVM[ M\ <> IXXIZI\ LMZ NI\\QOM JIZV NsZ [M UMVVM[SMZ [WU ^MT\MZ [MO Q ZQSLWU *IZVI \QT\ZMSSM[ I^ LM\\M ·LM ¦V[SMZ [MO QVVW^MZ \QT JaSRMZVMV LMZ J]\QSSMVM TQOOMZ 0MZ SWUUMZ LM NWZ\ Q SWV\IS\ UML JIZV [WU ITTMZMLM MZ OI\MJIZV Xs N]TT\QL ,M ^QT NWZ\MTTM WU P^WZLIV UIV SIV \QOOM \QT [MO XMVOMZ MTTMZ [\RMTM LM ^Q[MZ P^WZ UIV SIV [W^M W[^ ;TQS ZMSZ]\\MZMZ MS[Q[\MZMVLM OI\MJIZV VaM UMLTMUUMZ WO JIZVI NZI LM NI\\QOM PRMUUMVM PIZ N]V VM\ [MO M\ Va\\ PRMU Xs OI\MV TIVO\ ^MSS NZI NWZMTLZMVM[ XZWJTMUMZ 4IVO[ NWZ\I]MVM U¦\MZ LM ^MTUMVMVLM UMVVM[SMZ [WU OQZ XMVOMZ [VWX UI\ STÂ¥Z MTTMZ \MXXMZ \QT OI\MJIZVI ,Q[[M SIZIS\MZQ[MZMZ /ZMOWZa [WU NIT[SM PRMTXMZM [WU JIZM NsZ TQ^M\ Xs OI\MV Q JaSRMZVMV \QT s ^QZSM UMZ NZQ[\MVLM WO ^QT JQLZI \QT s ¦SM OI\MJIZV[XZWJTMUM\
/ZMOWZa RWJJMZ Q LIO UML NWZMJaOOQVO UMV PIV RWJJM\ \QLTQOMZM UML ZMPIJQTQ\MZQVO I^ OI\MJIZV WO LI [SRMLLM W^MZOIVOMV \QT M\ Va\\ TQ^ OZIL^Q[ -V [\]VL TM^LM JIZVI \W TQ^ 1 XMZQWLMZ Xs OI\MV WO Q XMZQWLMZ Q [Q\\ VaM NW[\MZPRMU PW[ /ZMOWZa *IZVI Us S]VVM LIVVM -\\MZ P^MZ\ UQ[\MZ JIZVI SWV\IS\MV UML LM\ \QLTQOMZM TQ^M\ WO LM [MO M\ ZMITQ[\Q[S JQTLM I^ P^I LM \W TQ^MVM QVVMJÂ¥ZMZ WO LM Us [M SWV \QTXI[[MZ [MO TQ^M\ Xs OI\MV 1 ! I^ \QTNMTTMVM JMOaVVMZ LM UML \ZI[\MV UMTTWU LM \W TQ^MVM [TQS I\ LM [MT^ ^MTOMZ s JZa\M [QVM JsVL VIZSW\QSI MTTMZ TQU[VQNÃ&#x2026;VO NWZ s L¦a^M []T\MV WO TQLMT[MVM Q TQ^M\ [Q\\ \QT OI\MTQ^M\ =VLMZ ZMPIJQTQ\MZQVOMV ^MSS NZI OI\MV PILLM LM \W [M\\ ,M XZMOM[ UMZ WO UMZ I^ TQ^M\ Xs OI\MV WO M\\MZ P^MZ\ MZ LM\ ^MZZM STÂ¥Z M\\ [WU LM JZ]S\M Xs OI\MV WO M\\ [WU LM JZ]S\M Q NW[\MZPRMU WO ^MZZM s Ns LMU ZMPIJQTQ\MZ\ ,M JTQZ [s [\MZS\ \QTXI[[M\ TQ^M\ Xs UM\ ,I LM SWU \QT NW[\MZPRMUUM\ JTM LM OIUTM Ã&#x2026;TTM\M STÂ¥ZVM X]\\M\ OI\MV I\ LM\ JTQZ ^IV[SMTQO s S]\\M NWZJQVLMT[MV UML OI\MV ]UQLLMT Q MV [S]NN WO LM Ã&#x2026;SS VaM ZMVM STÂ¥Z >QTTM LM \QTJISM \QT OI\MV ^IZ LM\ JIZ\ /ZMOWZa NWZ\MTTMZ WU \W OI\MJIZV NZI ;rW 8I]TW [WU JTM PMV\M\ I^ UML LM ZMVM STÂ¥ZVM WO Xs QORMV UML LM [SQ\VM Ã&#x2026;TTM\M STÂ¥ZVM 1 ZM\\ NZI OI\MV WO XTI[[MZ\ PW[ ILWX\Q^NWZMTLZM Q =;) WO )][\ZITQI JMOaVVMT[MV ^IZ LM\ ITT\QL ^IV[SMTQO NWZ JIZVI s \QTXI[[M [MO LM\ VaM UMV[ LM ^IZ WO sZ OIUTM ,M\\M UMVMZ /ZMOWZa MZ M\ MS[MU TQ^M\ Q NW[\MZPRMUUM\ UML SZI^ WO WXXOI^MZ ,M\ \aVO[\M ^IZ s \QT XMT Xs MV ]PMTLQO NZMUOIVO[Us\M ,M \ZMVOMZ MV OZIL^Q[ W^MZOIVO XI[[M [MO [SWTMV WO LM Z¦U\M ]\ L¦ZMZ WO Ã&#x2020;aS\M\ W^MZ ORMZLMZ /RMV ^MSS NZI OI\MV WO J¦Z QSSM JTQ \I\\ ^MSS [s JZs\\ ,M \W \QLTQOMZM VWU XZWOZIUUM\ \QT /ZMOWZa PIZ PIV STIZ\ s ZMPIJQTQ\MZM M\ \W[QNZM\ OI\MJIZVI [TQ\MZ Q LIO UML [\WZM NZ][\ZI[RWVMZ WO X[aSQ[SM XZWJTMUMZ IV\ITT OI\MJIZV -\ MS[MUXMT MZ .IJQW [WU MZ QV\MZ^R]M\ Q MV IVVMV ,MV MVM RMV\MV MZ Q LIO sZ WO JWZ Q )][\ZITQI 0]V UMVMZ I\ P]V IZ\QSSMT Ã&#x2020;aS\M\ W^MZ ORMZLMZ /RMVVWU XZWOZIUUM\ \QT /ZMOWZa PIZ PILLM M\ JMLZM TQ^ Xs OI\MV Q ;rW 8I]TW MVV P]V PIZ LM\ Q )][\ZITQI PIV STIZ\ s ZMPIJQTQ\MZM M\ \W[QNZM\ IV\ITT OI\MJIZV -\ MS[MUXMT MZ [WU ^WS[MV .IJQW [WU MZ QV\MZ^R]M\ Q MV IVVMV IZ\QSSMT º .2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
$5%(,'(5 0('
,YRQH HU NXOWXUNRRUGLQDWRU Sn .ROLEULUHGHW
%$51 1 ( 1 2 6 ( 5 , )$
620 %$51 233/(9'( +81 6(/9 '(1 %5$6,/,$16.( )$77,*'200(1 '$ ,921( 9$5 c5 0,67(7 )$5(1 -2%%(1 +$1 +$''( -2%%(7 620 '- 2* %/( 1Â&#x2018;'7 7,/ c 6(/*( 3/$7( 6$0/,1*(1 0(' 6,1( )$925,77$57,67(5 )25 c )256Â&#x2018;5*( )$0,/,(1 '$ 3(1*(1( )5$ 3/$7(6$0/,1*(1 9$5 %58.7 233 %(*<17( +$1 c 6(/*( 0Â&#x2018;%/(1( 0(1 ,921( )257(/ /(5 $7 +81 6c 0$1*( 620 +$''( '(7 0<( 9(55( (11 '(0 6RP NXOWXUNRRUGLQDWRU HU KXQ Qn PHG Sn n JL EDUQ IUD IDWWLJH IDPLOLHU PXOLJKHWHQ WLO n VSLOOH IRWEDOO GDQVH V\QJH GULYH WHDWHU RJ P\H DQQHW 'HWWH VNDO Y UH HQ PRWYHNW PRW DOOH GH QH JDWLYH IDNWRUHQH L RSSYHNVWPLOM¡HW WLO EDUQD 9L VS¡U KHQQH Q UPHUH RP DUEHLGHW KXQ HU PHG Sn JMHQQRP .ROLEULUHGHW
[MV MTTMZ W^MZSTI[[MV ,M NsZ SIV[SRM ! +YLONH SUREOHPHU ¿QQHV L SZWVMZ XMZ LIO UMV PIZ JIZM RWJJ LIOMZ KYHUGDJHQ WLO EDUQ RJ XQJH VRP Q UsVMLMV WO VWMV UsVMLMZ SIV LM ^¥ZM GHOWDU L GLQH DNWLYLWHWHU Sn PMT\ ]\MV RWJJ 8ZWJTMUM\ MZ QSSM JIZM I\ .ROLEULUHGHW" QVV\MS\MV MZ TI^ UMV WO[s I\ QVV\MS\MV MZ 3WTQJZQZMLM\ TQOOMZ Q M\ WUZsLM UML UaM [^¥Z\ ][QSSMZ .WZMTLZMVM TM^MZ Q M^QO ][QS ^WTL ;WU WN\M[\ MZ ]VOLWU JsLM WNZM WO SMZPM\ WO JMSaUZQVO NWZ s [SINNM XMVOMZ WO W^MZOZQXMZM 5MV XZWJTMUM\ MZ QSSM JIZM LMV Na[Q[SM ^WTLMV .ZaS\MV MZ [\WZ NWZ s JTQ M\ UIVOTMZ W^MZ[S]LL \QT s \I [MO I^ JIZVI <a XQ[SM ¹ZQ[QSWNIUQTQMZº PIZ WN\M M\ [\WZ\ IV\ITT I^ WNZMVM WO VWMV PIZ LZIX[\Z][TMZ PMV JIZV UML Ns sZ UMTTWU P^MZ\ JIZV ,M PIZ OMVLM W^MZ [MO 1 LM\\M UQTR¦M\ [SIT LM\ WO[s QSSM ZsL \QT JIZVMPIOM ,MZ[WU LM PIZ RWJJ ^MTLQO TQ\M \QT NWZ I\ ]VOLWU JTQZ LZI\\ QVV JTQZ JIZVI QORMV PRMUUM WO JTQZ Q JM[\M NITT Q VIZSW\QSIUQTR¦M\ MV\MV [WU [MTOMZM MTTMZ JZ]SMZM -\ IVVM\ XZWJTMU UML UIVOM JIZV XI[[M\ Xs I^ M\ MTLZM JIZV .WZMTLZMVM PIZ QSSM SZMN\MZ \QT s N¦TOM WXX JIZVI [QVM [TQS I\ NZI LM\\M WUZsLM\ MZ I\ LM MVLMZ [WU OI\M JIZV ,Q[[M SWUUMZ [WU ZMOMT NZI NIUQTQMZ Q LMZ[WU LM JTQZ LZI\\ QVV Q SZQUQVMTTM ORMVOMZ MTTMZ VIZSW\QSIUQTR¦MZ ^QT LM WXXLIOM LM\\M [^¥Z\ ^IV[SMTQOM [Q\]I[RWVMZ LMZ NWZMTLZMVM [MQV\ WO PMTTMZ QSSM PI ZM[[]Z[MZ \QT s OR¦ZM WN\M [TQ\MZ UML ITSWPWTXZWJTMUMZ VWM .DQ GX EHVNULYH HQ W\SLVN +YD HU GH VW¡UVWH IDUHQH EUDVLOLDQVN IDPLOLH GHU EDUQD HU L IRU EDUQD" IDUH VRQHQ" *IZV Q NIZM[WVMV TM^MZ WN\M Q NI\\QOM NIUQTQMZ 5IVOM NsZ SWV\IS\ UML ITSWPWT VIZSW\QSI MTTMZ ^sXMV ,M\\M SIV LM U¦\M Q PRMUUM\ UML Z][XZWJTMUMZ 5WZ WO NIZ P^Q[ JMOOM Q VIJWTIOM\ MTTMZ Xs [SWTMV 8ZQ^I\[SWTMVM MZ \QT [\MLM Q JIZVI[ TQ^ MZ MV\MV IZJMQL[T¦[M MTTMZ PIZ MV ][QSSMZ RWJJ ,MZ[WU LM RWJJMZ [WU UQLLMTSTI[[MV OsZ Xs PIZ OWL SWV\ZWTT UML I\ LM\ QSSM [TQXXMZ QVV VIZSW\QSI WO MZ LM\ WN\M SWV\ZIS\T¦[\ WO LM ^M\ I\ LM VsZ ^sXMV 5MV Xs LM WNNMV\TQOM [SWTMVM MZ LM\ [WU PMT[\ SIV UQ[\M RWJJMV -TTMZ LM RWJ VM[\MV QVOMV SWV\ZWTT UML LM\\M 7N\M MZ JMZ TQ\\ PMZ WO LMZ ]\MV VWMV NI[\ T¦VV .WZ MS[MUXMT PIZ UIVOM LIO[IZJMQL LMZ LM OR¦Z VIJWTIOMVM \QT JIZVI JMTI[\M\ UML VIZSW \QSI ,M ^MZ[\M [\MLMVM ^QT LM\ NWZMOs SR¦X PRMUUMIZJMQL PW[ NIUQTQMZ Q UQLLMTSTI[
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
[ITO WO JZ]S I^ VIZSW\QSI LMZ JIZVI TMSMZ *Z]SMV I^ VIZSW\QSI MZ WN\M sXMVTa[ WO JTQZ MV VI\]ZTQO LMT I^ LMZM[ P^MZLIO 1 OI\MV LMZ RMO JWLLM \QLTQOMZM PILLM VIZSW\QSI[MTOMZVM MV [XMQLMZ Xs P^MZ\ PR¦ZVM [WU PWTL\ ]\SQSS M\\MZ XWTQ\QM\ ,MZ RMO JWZ Q LIO MZ LM\ QSSM [s QTTM 6WMV VIJWTIO MZ JMLZM MVV IVLZM +YRUGDQ NDQ GHUH Sn .ROLEULUHGHW IRUKLQGUH DW EDUQ NRPPHU Sn IHLO NXUV" .¦Z[\ Us ^Q OQ JIZVI Ta[\ \QT s SWUUM PQ\ WO LI Us ^Q PI VWMV IS\Q^Q\M\MZ [WU \QT\ZMSSMZ JIZVI >Q PIZ M\ ^IZQMZ\ \QTJ]L QVVMV [XWZ\ S]V[\ WO S]T\]Z 6sZ LM MZ PMZ T¥ZMZ ^Q LMU \QVO [WU LQ[[M JIZVI QSSM T¥ZMZ Xs [SWTMV >Q MZ WXX\I\\ I^ s T¥ZM LMU NWZ[SRMTT Xs P^I [WU MZ ZM\\ WO OIT\ >Q TMOOMZ ^MS\ Xs IV[^IZ LQ[QXTQV WO [IUIZ JMQL 0MZ [SIT UIV \I IV[^IZ NWZ [QVM MOVM WXXOI^MZ UMV WO[s PRMTXM IVLZM UML s OR¦ZM [QVM WXXOI^MZ =VOLWU[TMLMZVM ^sZM N¦TOMZ WO[s UML Xs P^MZLIO[TQ^M\ \QT JIZVI ;MT^ WU LMVVM SIV ^QZSM ]XZWJTMUI\Q[S SIV \QVO NWZ\ MVLZM [MO WO LM SIV N MS[ ZW\M [MO JWZ\ Q [\WNN MTTMZ XZWJTMUMVM Q PRMUUM\ SIV ^¥ZM [s [\WZM I\ LM ^MTOMZ s Z¦UUM \QT OI\MV 0^Q[ NIUQTQM[Q\]I[RWVMV \QT JIZVI MZ ^IV[SMTQO Us ^Q QVV WO PRMTXM ZM[\MV I^ NIUQTQMV
.5,0,1$/,7(7 .20 6(* 87 $9 2*.5,0,1$/,7(7 2 * 1 1$5.$25.727,,..$$ '$ (648,/2 9$5 , 7(1c5(1( %/( +$1 '5$77 ,11 , 1$5.27,.$ 2* 5$16 0,/-Â&#x2018;(7 , 6Â2 3$8/2 0(1 (77(5 +9(57 ,116c +$1 $7 '(77( 9$5 (7 /,9 +$1 0c77( .200( 6(* 87 $9 ± 2* '(7 ./$57( +$1 (648,/2 (5 %/$17 '( )c 620 67$57(7 (7 1<77 2* %('5( /,9 2* +$1 (1'7( 233 620 81* '206/('(5 9(' .2/,%5,5('(7 )25 c -2%%( 0(' %$51 , )$5(621(1
;WU \MVsZQVO OQSS -[Y]QTW Xs SWSIQV WO ^IZ UML Q MV ORMVO [WU TM^LM I^ s ZIVM J]\QSSMZ []XMZUIZSMLMZ WO JISMZQMZ 1 LIO PIZ -[Y]QTW ZIVM\ [QV [Q[\M J]\QSS WO [VQNNM\ [QV [Q[\M LW[M SWSIQV 0IV MZ NIUQTQMNIZ WO PIZ Os\\ NZI s ^Â¥ZM ZIVMZ \QT s JTQ JIZVM WO ]VOLWU[TMLMZ LMZ PIV LZQ^MZ Z][ WO SZQUQVITQ\M\[NWZMJaO OMVLM IZJMQL 8Q[\WTMV MZ Ja\\M\ ]\ UML MV UQSZWNWV [WU PIV JZ]SMZ \QT s ZIXXM [QVM MOMVSWUXWVMZ\M Ts\MZ µ(1 *$1* 5(63(.7(57( )2/. 0(* )25 3,672/(1 -(* %$5 81'(5 6.-257(1 0,1 1c (5 -(* 5(63(.7(57 )25 '(1 3(562 1(1 -(* (5 2* )25 -2%%(1 -(* *-Â&#x2018;5 6,(5 (648,/2 µ
0IV ¦V[SMZ I\ ]VOMVM [SIT TÂ¥ZM I^ LM OITM ^ITOMVM PIV [MT^ ORWZLM ,M\ TQ^M\ PIV MV OIVO ZW\M\ [MO QVV Q ^QZSM\ [XMVVMVLM WO OTIUWZ¦[\ NZI ]\[QLMV 5MV PIV Ã&#x2026;SS M\\MZ P^MZ\ MZNIZM I\ ^QZSMTQOPM\MV ^IZ MV IVVMV ,M\ MZ LMVVM ^QZSMTQOPM\MV PIV ^QT JIZVI [SIT NWZ[\s >Q [X¦Z -[Y]QTW WU JIZVI PIV RWJJMZ UML ^M\ WU PIV[ NWZ\QL [WU ZIVMZ ·)TTM PMZ Q WUZsLM\ [WU SRMVVMZ UMO ^M\ WU UQV NWZ\QL WO LMV ^QTTM LM\ ^Â¥Z\ ]U]TQO s [SR]TM 2MO [VISSMZ UaM UML JIZVI WU LM \QVOMVM RMO MV OIVO ORWZLM µ0c/(7 (5 $7 0,1( (5)$5,1*(5 6.$/ .811( %58.(6 7,/ 12( $7 %$51$ 6.$/ )2567c $7 '(77( (5 (7 )(,/ 6325 c 6/c ,11 3c µ
2MO SWU UMO ]\ I^ M\ TQ^ UML SZQUQVITQ\M\ WO VIZSW\QSI UMV LM\ ORWZLM QSSM ITTM ^MVVMVM UQVM WO UIVOM I^ LMU TM^MZ QSSM Q LIO
*IZVLWU[PRMUUM\ \QT -[Y]QTW ^IZ XZMOM\ I^ ITSWPWT WO LWX UMV LMV [\MZSM[\M X[aSQ[SM XsSRMVVQVOMV \ZWZ PIV Us PI ^Â¥Z\ JZ]\ITQ\M\MV \QT NIZMV -\\MZ MV \¦NN WXX^MS[\ JMOaV\M LM\ s Os OIT\ NWZ -[Y]QTW Q sZ[ ITLMZMV -V SWUXQ[ LZW UMO UML Xs VI\\MTQ^M\ PMZ Q ;rW 8I]TW ,I RMO ^IZ JMOaV\M RMO s RWJJM [WU ,2 2MO [XQT\M Xs NM[\MZ Q J]Z[LIOMZ WO Q JZaTT]X ,M\ ^IZ [\WNN W^MZIT\ WO RMO ZW\M\ UMO NWZ\ JWZ\ Q PI[R -[Y]QTW OQSS ZI[S\ NZI PI[R \QT SWSIQV 3WSI QVMV \WS M\\MZ P^MZ\ [\aZQVOMV W^MZ TQ^M\ PIV[ 3WSIQVMV ^IZ SZIN\QO LMV \WS PMT\ SWV\ZWTT W^MZ SZWXXMV UQV ;\WNNM\ ^IZ LaZ\ WO ^Q JTM LM[XMZI\M M\\MZ XMVOMZ ;Q\\ N¦Z[\M ZIV JMOQSS -[Y]QTW [WU sZQVO UML VWMV ^MVVMZ -V UIVV [S]TTM QVV Q OIZI[RMV UML UW\WZ[aSSMTMV [QV .WTS [WU Us [\WXXM NWZ s sXVM OIZI[RMV JTQZ WN\M ZIVM\ Q *ZI[QT WO LM\ MZ LMZNWZ LM Ã&#x2020;M[\M PIZ I]\WUI\Q[SM KIZXWZ\MZ Q LM\\M TIVLM\ /RMVOMV \QT -[Y]QTW JM^Â¥XVM\ [MO W^MZNIT\ UW\WZ[aSSMTMQMZMV WO \WS [aSSMTMV [WU LM LMUWV\MZ\M WO [WTO\M ^QLMZM ,M NWZ\[I\\M UML ^Â¥XVMLM ZIV WO Ã&#x2026;VIV[QMZ\M SWSIQVNWZJZ]SM\ [Q\\ UML s ZIVM J]\QSSMZ []XMZUIZSMLMZ WO JISMZQMZ ,M ^IZ \ZM Ã&#x2026;ZM ZIVMZM P^MZ OIVO =\MVNWZ [I\\ ITT\QL MV ^IS\ Q JQTMV LMZM[ WO PWTL\ ]\SQSS M\\MZ XWTQ\QM\ 1VVM \Z]M\ LM \QT [MO SI[[MJMPWTLVQVOMV UML ^sXMV VM[\MV ITT\QL P¦aM Xs SWSIQV h UI[SMZM [MO ^IZ LM QSSM [s V¦aM UML LM PILLM Q JM[\M NITT MV KIX[ [WU LM LZW VMLW^MZ IV[QS\M\ ·,M\ ^IZ QSSM [s UIVOM ^QLMWSIUMZIMZ LMV OIVOMV [TQS [WU Q LIO NWZ\MTTMZ -Y]QTW .WTS [WU ^IZ LMZ QVVM Ã&#x2026;SS PMT TMZ QSSM UML [MO [s UaM I^ P^WZLIV ^Q [s ]\ IT\ [SRMLLM ^MTLQO ZI[S\
´
0XVLNNHQ HU GHW VRP I\OOHU KYHUGDJHQ PLQ
µ
-[Y]QTW NWZ\MTTMZ I\ LM ITTMZ Ã&#x2020;M[\M [WU JMOsZ ZIV Q *ZI[QT MZ Xs^QZSM\ I^ [\WNN ´'23$ 0(11(6.(5 +$5 1(67(1 ,1*(1 7$1.( )25 .216(.9(1 6(1( $9 +9$ '( *-Â&#x2018;5 '( 7(1.(5 .81 +(5 2* 1c $/'5, +9,/.(1 %(7<'1,1* 12( +$5 )25 (77(5 7,'(1 '( 6(5 12( '( )c5 /<67 3c +$5 (7 (//(5 $11(7 %(+29 2* 6c *-Â&#x2018;5 '( (7 5$1 7$1.(9,5. 620+(7(1 '(5(6 (5 2075(17 %257( µ
5MV P^WZLIV SWU L] LMO Xs ZM\\ SR¦T \QT [T]\\' ·-V SIUMZI\ QV\ZWL][MZ\M UMO NWZ 7ZLITQVI [WU RWJJM\ Xs 3WTQJZQZMLM\ 0]V \WS UMO UML \QT 3WTQJZQZMLM\ 0MZ U¦\\M RMO /ZMOWZa ;UQ\P [WU WXXLIOM\ UQV QV\MZM[[M NWZ U][QSS WO LMZUML JTM U][QSSMV LM\ [WU NaT\M P^MZLIOMV UQV /ZMOWZa SIV NWZ\MTTM I\ -[Y]QTW ^IZ TM\ \MZM s ZMPIJQTQ\MZM MVV IVLZM SZQUQVMTTM NWZLQ PIV PILLM MV [s [\MZS UW\Q^I[RWV NWZ s [\IZ\M M\ Va\\ TQ^ ·2MO ORWZLM LM\ STIZ\ NWZ PIU I\ PIV [MT^ Us\\M \I IV [^IZ NWZ P^WZLIV PIV ^QTTM TM^M ZM[\MV I^ TQ^M\ [Q\\ 2MO [I \QT -[Y]QTW I\ PIV S]VVM MV\MV SWUUM \QT W[[ WO ^¥ZM UML Xs U][QSSIS\Q^Q\M\MVM ^sZM MTTMZ NWZ\[M\\M LM\ OIUTM TQ^M\ ,M\ ^IZ -[Y]QTW [MT^ [WU Us\\M \I LM\\M ^ITOM\ WO LI ^ITO\M PIV W[[
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
629 3c *$7(1 IUD KDQ YDU nU , '$* (5 )$%,2 )$5 +(5 (5 +$1 6$00(1 0(' 6,1 6Â&#x2018;11
)DELR IRUORW KMHPPHW VLWW GD KDQ YDU nU RJ KDYQHW Sn JDWHQ +DQ OHYGH HW OLY VRP JDWHEDUQ WLO KDQ EOH nU GD *UHJRU\ 6PLWK JLNN L JDQJ PHG HQ W¡II RJ ODQJYDULJ MREE IRU n In KDP WLOEDNH WLO HW QRUPDOW OLY , GDJ HU )DELR nU KDQ HU JODG IRU DW KDQ IRUWVDWW OHYHU RJ KDQ NDQ IRUWHOOH RP HQ EDUQGRP VRP KDQ LNNH XQQHU QRHQ µ'$ -(* /(9'( 3c *$7(1 620 %$51 0Â&#x2018;77( -(* )2/. 620 %(+$1' /(7 0(* 620 (7 '<5 2* 620 6Â&#x2018;33(/ '$ -(* *,.. 581'7 2* 7,**(7 +Â&#x2018;57( -(* )2/. 620 5237( µ6.$)) '(* $5%(,'µ (//(5 µ9$*$%21'2µ %5$6,/,$16. 6.-(//625' µ
.IJQW JTM OI\MJIZV [WU sZQVO ;QVM N¦Z[\M TM^MsZ JWLLM PIV Q M\ [\IJQT\ PRMU UMV M\\MZ P^MZ\ NWZ^MZZM\ NWZPWTLMVM [MO 5WZMV Ã&#x2026;SS [\WZM ITSWPWTXZWJTMUMZ WO IVOZMX JsLM ^WS[VM WO JIZV .IZMV NWZTW\ M\\MZ P^MZ\ UW ZMV UMV TW\ .IJQW ^Â¥ZM QORMV 5WZMV JZ]S\M MV ^IVV[TIVOM [WU XQ[S Xs .IJQW WO sZ OIUUMT JMOaV\M PIV s Z¦UUM Q XMZQWLMZ .¦Z[\M VI\\MV Xs OI\MV W^MZVI\\M\ PIV ]\MV NWZ MV JMV[QV[\I[RWV M\\MZ I\ UWZMV PILLM WXXN¦Z\ [MO \Z]MVLM \QLTQOMZM WU S^MTLMV 1 MV XMZQWLM ^IZ PIV LMT^Q[ PRMUUM WO LMT^Q[ Xs OI\MV UMV LM\ JTM \QT [T]\\ OI\MV [WU JTM PIV[ N]TT\QL[PRMU -\\MZ MV [\]VL Ã&#x2026;SS PIV \QTJ]L WU LWX WO JTM M\\MZ P^MZ\ I^PMVOQO [TQS [WU LM Ã&#x2020;M[\M IVLZM OI\MJIZV ·6sZ RMO [MZ LIOMV[ OI\MJIZV [X¦Z RMO UMO P^MU LM\ MZ [WU SIV ZMLLM LMU ,M\ MZ Ã&#x2020;MZM ^MTUMVMVLM UMVVM[SMZ [WU \ZWZ LM OR¦Z OWLM \QVO NWZ OI\MJIZVI ,M SR¦XMZ TQ\\ UI\ WO OQZ TQ\\ XMVOMZ ,M\ MZ OWL\ UMV\ UMV LM\ PRMTXMZ QVOMV\QVO NWZ LM\ MZ QSSM LM\ LM \ZMVOMZ ,M Us PI VWMV [WU MZ Q [\IVL \QT s PRMTXM LMU W^MZ TMVOZM \QL .¦Z /ZMOWZa Ã&#x2026;SS UMO JWZ\ NZI OI\MV ^IZ LM\ UIVOM [WU ¦V
[SM\ s OR¦ZM VWM OWL\ NWZ UMO 5MV NWTS PRITX UMO JIZM TQ\\ WO ITLZQ VWS \QT s Ns UMO JWZ\ NZI OI\MV NWZ OWL\ ;WU OI\MJIZV JTM RMO WN\M \I\\ UML QVV Q P][M\ \QT NWTS WO LM STIXXM\ UMO TQ\\ Xs [S]TLMZMV WO OI^ UMO UI\ UMV [s [SRMLLM LM\ ITLZQ VWM UMZ ·5MV /ZMOWZa ^IZ IVVMZTMLM[ PIV RWJJM\ TMVOM WO PIZL\ VWS 0ILLM LM\ QSSM ^Â¥Z\ NWZ PIU ^QTTM RMO QSSM TM^L Q LIO 1 JMOaVVMT[MV LI RMO \ZINN /ZMOWZa ^IZ RMO ZMLL PIU 6sZ L] JWZ Xs OI\MV \ZMNNMZ L] PMTM \QLMV NIZTQOM NWTS WO L] ^M\ ITLZQ P^MU [WU MZ P^MU 2MO JTM UML \QT P][M\ \QT /ZMOWZa UMV RMO Z¦U\M LMZQNZI OIVOMZ ,M\ ^IZ QSSM ITT\QL M\ MVSMT\ NWZPWTL UMTTWU W[[ WO LM\ ^IZ UaM SWVÃ&#x2020;QS\MZ /ZMOWZa NWZ\MTTMZ I\ ITTM OI\MJIZVI PIV PIZ RWJJM\ UML Ã&#x2020;MZM OIVOMZ Ã&#x2020;aS\M\ \QTJISM \QT OI\MV :¦UVQVOMVM [SRMLLM ITT\QL Q SWVÃ&#x2020;QS\ [Q\]I[RWVMZ WO /ZMOWZa \ZWZ Z¦UVQVOMVM ^IZ MV PM^V UW\ PIU NWZ s OQ PIU LsZTQO [IU^Q\\QOPM\ 0IV \ZWZ WO[s I\ W^MZOIVOMV \QT M\ NW[\MZPRMU ^IZ ^IV[SMTQO NWZ LMU NWZLQ LM PILLM TM^L M\ TQ^ Xs OI\MV ]\MV SZI^ MTTMZ
WXXOI^MZ 6sZ LM SWU \QT NW[\MZPRMUUM\ \QT /ZMOWZa JTM LM WN\M ]\ZaOOM ,M Us\\M \QTXI[[M [MO Z]\QVMZ WO LMZUML WXX[\WL TM\\ SWVÃ&#x2020;QS\MZ ,M\ [\¦Z[\M XZWJTMUM\ UML LM \QLTQOMZM OI\MJIZVI ^IZ s Ns LMU Xs [SWTMV .IJQW MZ Q LIO sZ WO PIZ ^Â¥Z\ JWZ\M NZI OI\MV [QLMV PIV ^IZ 0IV MZ OQN\ WO PIZ MV [¦VV NZI M\ \QLTQOMZM NWZPWTL .IJQW RWJJMZ Q LIO [WU LM[QOVMZ WO TIOMZ IT\ NZI XTISI\MZ \QT [Us ^Q[Q\\SWZ\ ,M\ \QLTQOMZM OI\MJIZVM\ [QMZ I\ PIV \ZQ^M[ UML TQ^M\ WO NWZ\MTTMZ I\ PIV S]VVM \MVSM [MO s [\]LMZM ORMZVM UI\MUI \QSS ;MT^ WU NZMU\QLMV \QT .IJQW \QT[aVM TI\MVLM SIV [M TW^MVLM ]\ \ZWZ /ZMOWZa I\ JIZVLWUUMV ^QT XZMOM PIU ZM[\MV I^ TQ^M\ ·.IJQW PIZ ^IV[SMTQO NWZ s LQ[QXTQVMZM [MO WO VsZ PIV U¦\MZ M\ XZWJTMU JTQZ LM\ WN\M TIO\ \QT [QLM ,M\\M MZ ^IVTQO NWZ XMZ[WVMZ [WU MV OIVO TM^LM Xs OI\MV LMZ LM JZ]S\M VIZSW \QSI WO ORWZLM ISS]ZI\ P^I LM ^QTTM ]\MV [\Z]S\]Z Z]VL\ [MO ,M JTM ^IV\ \QT MV NWZU NWZ TQ^ [WU ITT\QL ^QT XZMOM LMU M\ TQ^ ]\MV SZI^ ,M PIZ WO[s UQ[\M\ [\ILQMZ Q M\ JIZV[ ]\^QSTQVO WO PIZ TQ\MV NWZ[\sMT[M NWZ P^I [WU MZ VWZUIT\ NWZ XMZ[WVMZ Xs LMZM[ ITLMZ '$ *5(*25< +$''( )c77 )$%,2
.5,0,1(//( (5 ,..( /(1*(5 %$51$6 ,'2/(5 :WVQ\W MZ NW\JITT\ZMVMZ Xs 3WTQJZQZMLM\ 0IV NWZ\MTTMZ I\ Q NI\\QOM ]VLMZXZQ^QTQOMZ\M WUZsLMZ Q *ZI[QT MZ SZQUQVMTTM WO VIZSW\Q SI[MTOMZM WN\M [\WZM NWZJQTLMZ NWZ LM ]VOM *IZVI [MZ VIZSW\QSITMLMZM Os Z]VL\ UML XMVM ST¥Z LaZM JQTMZ ^ISZM LIUMZ WO UaM XMVOMZ ,M J¥ZMZ ^sXMV WO NWTS PIZ MVWZU ZM[XMS\ NWZ LMU )T\NWZ WN\M JTQZ VIZSW\Q SITMLMZVM QLWTMZ NWZ JIZVI WO LM\ MZ [TQS JIZVI ¦V[SMZ s JTQ VsZ LM JTQZ [\WZM
9(.. )5$ *$7(1 2* 6.8//( 6(1'( +$0 3c 6.2/(1 6$ +$1 7,/ +$0 µ1c (5 '(7 9,.7,* $7 '8 35Â&#x2018;9(5 c 233)Â&#x2018;5( '(* 620 (1 c5,1*µ
·,M\ MZ LQ[[M PWTLVQVOMVM ^Q Us UW\^QZSM WO ^Q Us OQ JIZVI LM ZM\\M UsT[M\\QVOMVM [QMZ :WVQ\W [WU TMLMZ NW\JITT¦S\MVM Xs
3WTQJZQZMLM\ :WVQ\W NWZ\MTTMZ I\ VsZ JIZVI SWUUMZ Q sZ[ITLMZMV \QTJaZ VIZSW\QSI TMLMZVM LMU WN\M VWMV ZMIT NWZ s OR¦ZM [Us \RMVM[\MZ NWZ LMU ,M \RMVMZ SIV[SRM TQ\\ XMVOMZ Xs s ^IZ[TM P^Q[ XWTQ\QM\ MZ Xs ^MQ WO LI JZ]SMZ JIZVI WN\M LZIOMVM [QVM \QT s OQ [QOVIT 6sZ JIZVI PIZ JTQ\\ TQ\\ MTLZM ORMZVM Z]VL\ sZ MZ LM Xs ^MQ QVV Q MV ^MTLQO SZQ\Q[S ITLMZ WO SIV TM\\ TI [MO ZMSZ]\\MZM \QT UMZ IT^WZTQOM RWJJMZ ·,M\ MZ LI LM JMOaVVMZ s Ns IUJQ[RWVMZ [SIT ZMITQ[MZM [MO WO JTQ VWM ,M NsZ MV NWZM[\QT TQVO WU I\ Vs [SIT LM JTQ VIZSW\QSITMLMZM [MT^ [QMZ :WVQ\W
µ9L MREEHU IRU n In EDUQD WLO n IRUVWn DW GHWWH HU IHLO YHL n EHJL VHJ XW Sn 'H VNM¡QQHU LNNH IDUHQH L GHWWH RJ GH KDU LNNH Vn PDQJH DQGUH PXOLJKHWHU L OLYHW 'HW HU GLVVH PXOLJKHWHQH YL Pn JL GHP 3n PLQH IRWEDOOWUHQLQJHU YLO MHJ JL GHP HQ PnOVHWWLQJ RP n EOL IRW EDOOVSLOOHU LVWHGHQIRU QDUNRWLNDOHGHU VLHU 5RQLWR µ
)$%,2 69$57( µ0(1 -(* 9(7 -2 ,1*(17,1* 20 +925'$1 (1 c5,1* 6.$/ 233)Â&#x2018;5( 6(*µ
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
%2/6$ )$0,/,$
7,/ )256.-(// )5$ 125*( +$5 ,..( %5$6,/,$1(5( (5)$5,1* 0(' $7 67$7(1 %(7$/(5 87 75<*' 7,/ '(0 620 +$5 0,167
HQ KMHOS WLO GH IDWWLJVWH %5$6,/ +$5 69$.( 75$',6-21(5 )25 9(/)(5'667$7 2* )25 '( 620 ,..( 0$.7(5 c 7$ 9$5( 3c 6(* 6(/9 .$1 1 '(1 9 5( %811/ 6 1 ITTM JaMZ MZ \QOOMZM WO PRMUT¦[M [aVTQOM TIVO[ OI\MVM 4IVLM\ PIZ [\WZM ZM[[]Z[MZ UMV PIZ QSSM UIS\M\ s T¦[M [QVM [\WZM [W[QITM XZWJTMUMZ =\MVTIVL[ORMTL WO QVÆI[RWV PIZ WXX QORMVVWU PQ[\WZQMV TIO\ [\MZSM JMOZMV[ VQVOMZ Xs [\I\MV[ U]TQOPM\ \QT s ÅVIV[QMZM \QT\IS UW\ LM [W[QITM XZWJTMUMVM 1 JTM 4]TI LI ;QT^I ^ITO\ \QT XZM[QLMV\ NWZ *ZI[QT 4]TI SWU NZI MV NI\\QO NIUQTQM WO [WU TQ\MV O]\\ TQ^V¥Z\M PIV [MO [WU [SWX][[MZ ,I 4]TI SWU \QT UIS\MV PILLM PIV OQ\\ T¦N\MZ WU ºV]TT []T\º WO PILLM M\
UsT WU UQV[\ UsT\QLMZ XMZ LIO NWZ ITTM .WZ s JMSRMUXM LMV UM[\ MS[\ZMUM NI\\QO LWUUMV QVVN¦Z\M PIV XZWOZIUUM\ *WT[I .IUQTQI NIUQTQM[\QXMVL 0MZ JTQZ LM\ OQ\\ M\ TQ\M ¦SWVWUQ[S JQLZIO \QT LM ITTMZ NI\\QO[\M NIUQTQMVM 1 [VQ\\ ]\JM\ITM[ SZ XMZ NIUQTQM XMZ UsVML .WZ UQTTQWVMZ I^ UMVVM[SMZ Q MV [^¥Z\ ^IV [SMTQO [Q\]I[RWVMV PIZ LM\ TQTTM ¦SWVWUQ[SM JQLZIOM\ ^¥Z\ SR¥ZSWUUMV\ 5MV SZQ\QSSMV I^ XZWOZIUUM\ PIZ WO[s ^¥Z\ [\WZ 5W\[\IV LMZM I^ \ZaOLMWZLVQVOMV PIZ WU\IT\ LMV [WU ºXWX]TQ[UMº WO 4]TI PIZ JTQ\\ SZQ\Q[MZ\ NWZ s PI SR¦X\ [MO XWX]TIZQ\M\ JTIV\ LM NI\ \QO[\M ^MTOMZVM
[WU PIZ UQV[\ 5IVOM PIZ LMZNWZ XZWJTMUMZ UML s IS[MX\MZM LM\\M XZQV[QXXM\ ,I *WT[I .IUQTQI JTM QVVN¦Z\ \ZWLLM VWMV I\ UW\\I SMZVM [\WZ\ [M\\ JIZM ^QT LZQSSM WXX XMVOMVM 6WMV UMVMZ WO[s I\ ZMVM XMVOM]\JM\ITQVOMZ JIZM ^QT OR¦ZM LMU I^PMVOQOM ,M [WU UW\ \IZ \ZaOLMV ^QT JIZM TM^M Xs [\¦\\MV WO OR¦ZM UQVLZM NWZ s [SINNM [MO MV QVV\MS\ WO SWUUM [MO ]\ I^ NI\\QOLWUUMV >MZLMV[JIVSMV PIZ ORWZ\ ÆMZM [\]LQMZ I^ *WT[I .IUQTQI WO LMZM[ WXXNI\VQVO I^ XZWOZIUUM\ MZ I\ LM\ OQZ M\ OWL\ JQLZIO \QT s ZML][MZM NI\\QOLWUUMV WO PIZ ORWZ\ [Q\]I[RWVMV TQ\\ JMLZM NWZ UIVOM [WU PIZ LM\ [^¥Z\ ^IV[SMTQO 5M[\MXIZ\MV I^ \ZaOLMV JZ]SM[ Xs UI\ [SWTM[ISMZ WO ST¥Z \QT JIZVI
<QT NWZ[SRMTT NZI 6WZOM PIZ QSSM JZI[QTQIVMZM MZNIZQVO UML I\ [\I\MV JM\ITMZ ]\ \ZaOL \QT LM
%ROVD )DPLOLD HU HQ WU\JGHRUGQLQJ UHWWHW PRW GH DOOHU IDWWLJVWH L %UDVLO I¡UVW RJ IUHPVW GH VRP GLVSRQHUHU XQGHU GROODU SHU GDJ 3URJUDP PHW RPIDWWHU PLOOLRQHU DY ODQGHWV PLOOLRQHU LQQE\JJHUH 8WJLI WHQH WLO SURJUDPPHW XWJM¡U DY %UDVLOV VWDWOLJH XWJLIWHU %ROVD )DPLOLD JLU WU\JG WLO IDPLOLHU RJ LNNH WLO HQNHOWSHUVRQHU )DPLOLHQH PRWWDU NU SHU IDPLOLH KYHU PnQHG %HO¡SHW DYKHQJHU DY IDPLOLHQV LQQWHNW RJ KYRU PDQJH EDUQ GHW HU L IDPLOLHQ 3URJUDPPHW VNDO Y UH HW VLNNHUKHWVQHWW IRU GH DOOHU IDWWLJVWH 0\QGLJKHWHQH UHWWHU VW¡WWHQ PRW NYLQQHQH L IDPLOLHQH 'HWWH IRUGL HUIDULQJHU YLVHU DW EUDVLOLDQVNH NYLQQHU KDU HQ PHU DQVYDUOLJ EUXN DY SHQJHU HQQ PHQQ RJ EUXNHU SHQJHQH Sn IDPLOLHQ LNNH VHJ VHOY 'H SULRULWHUHU PHU ODQJVLNWLJH WLQJ VRP KHOVH HUQ ULQJ RJ XWGDQQLQJ
0\QGLJKHWHQH VWLOOHU YLVVH NUDY WLO PRWWDNHUQH DY WU\JGHQ )DPLOLHQHV EDUQ VNDO GHOWD Sn VNROHQ RJ GHUVRP HW EDUQ KDU K¡\HUH IUDY U HQQ RJ VWU\NHU WLO HQ JUDG PHU HQQ pQ JDQJ EOLU EHO¡SHW UHGXVHUW $OOH L IDPLOLHQ VNDO EHV¡NH KHOVHVWDVMRQHU PHG MHYQH PHOORPURP RJ EDUQD VNDO YDNVLQHUHV 0nOHW PHG %ROVD )DPLOLD HU n EHNMHPSH VXOW IDWWLJGRP RJ LQQWHNWV VNMHYKHWHU %ROVD )DPLOLD VNDO RJVn UHGXVHUH %UDVLO VLQ IUHPWLGLJH IDWWLJGRP YHG n PRWLYHUH IRUHOGUH WLO n VHQGH EDUQD WLO VNROH RJ KHOVHVWDVMRQHU 9HUGHQVEDQNHQ HU PHG Sn n ¿QDQVLHUH %ROVD )DPLOLD 'HUHV XQGHUV¡ NHOVHU YLVHU DW PHVWHSDUWHQ DY WU\JGHQ EUXNHV Sn PDW VNROHVDNHU RJ NO U WLO EDUQD
3HQJHQH XWEHWDOHV JMHQQRP HW VODJV PLQLEDQNNRUW 'HWWH HU JMRUW IRU n IRUKLQGUH DW GH KDYQHU L ORPPHQ Sn NRUUXSWH E\UnNUDWHU RJ SROLWLNHUH
81*
, %5$6,/6 6725%<6/80
.2/,%5, XQGHUYLVQLQJVKHIWH
.2/,%5, XQGHUYLVQLQJVKHIWH
81*
, %5$6,/6 6725%<6/80
Â&#x2018;QVNHU GLQ VNROH \WWHUOLJHUH LQIRUPDVMRQ RP .ROLEUL&$5) RJ YnUW DUEHLG HOOHU KDU GHUH O\VW WLO n ELGUD PHG QRH L DUEHLGHW PHG EDUQ RJ XQJH L %UDVLOV VWRUE\VOXP"
.ROLEUL&$5) $.7,9,7(7(5 2* 67Â&#x2018;77( 08/,*+(7(5
.2/,%5,)5,9,//,* 9L WUHQJHU VWDGLJ Ã&#x20AC;HUH IULYLOOLJH WLO n GULYH &DIp %UDVLO RJ EXWLNNHQ RJ JDOOHULHW L 7HDWHUJDWHQ .2/,%5,6.2/( +DU GX O\VW WLO n NQ\WWH VNROHQ GLQ RSS WLO YnUW LQIRUPDVMRQV RJ DNWLYLWHWVRSSOHJJ NDQ YL WLOE\ XOLNH WLONQ\WQLQJVIRUPHU .2/,%5,)$''(5 0HVWHSDUWHQ DY YnUW DUEHLG HU ¿QDQVLHUW DY HQNHOW SHUVRQHU VNROHU RJ EHGULIWHU (QNHOWSHUVRQHU NDQ YHUYH VHJ VRP .ROLEUL)DGGHU Sn YnUH KMHPPHVLGHU .2/,%5,3$571(5 %HGULIWHU NDQ YHUYH VHJ VRP VW¡WWHVSLOOHUH RJ VSRQVRUHU Sn YnUH KMHPPHVLGHU .ROLEUL&$5) HU HQ OLWHQ RUJDQLVDVMRQ RJ YL ¡QVNHU n EHV¡NH VNROHU Vn ODQJW YL KDU DQOHGQLQJ RJ UHVVXUVHU WLO GHW 'HUVRP GHUH YLO KD EHV¡N DY RVV WD NRQWDNW Vn YLO YL VWUHNNH RVV ODQJW IRU n In GHW WLO
.ROLEUL ² &KLOGUHQ $W 5LVN )RXQGDWLRQ 7HDWHUJDWHQ %HUJHQ
WHOHIRQ LQIR#FDUI QR ZZZ FDUI QR