+:45-8Ë,91/ 3;@+0 /9:8+
(712*5$)6., 08=(- ,675( VWDOQL SRVWDY
YG `GVOYOSG LUZUJUQ[SKTZGIOPUS O `\[ćTOS YTOSIOSG \GƱTG `G SGZKXOPGRT[ O J[NU\T[ Q[RZ[X[ TG OYZGX VXUYZUX[ 9SPKƔZKT PK [ VG `OTYQUS QGƔZKR[ [Z\XJO QUPUP VUZ\XJK U VUYZUPGTP[ VUZPKć[ O` > YZ 8G\TGZKRPOSG Y[ HORO @\UTOSOX 0[XOćOā 0UYOV 3OROāK\Oā 8GJSORG 6G\OāK\Oā 6UVU\Oā O 3GXOPG /\KZOā G QGU Q[YZUYO XGJORO Y[ O 3GXOPG ;MXOT ZK @RGZQU 3ORK[YTOā 9GJXƱG\GU PK KZTUMX O Q[RZ[XTU VU\ `HOXQ[ 5J +3/ VUYZGPK PKJTUS UJ VUYRU\TON PKJOTOIG )KTZXG `G Q[RZ[X[ O UHXG`U\GTPK 6G`OT ; ZUS Y[ XG`JUHRP[ [ 3[`KP[ XGJO RK Q[YZUYOIK 2OJOPG @XTOā O 3OXG ,XGTIKZOā 5YOS YZGRTUMG VUYZG\G KZTUMXGLOPK /YZXK [UHROćKTG VUTU\TU OSGU PK O O`RUƱH[ `G\OćGP TK VU\OPKYZO VXGVU\OPKYZ O XGTU YXKJTPU\PKQU\RPK ZK `HOXQ[ `\UTG OYZGX IXQG\G ; TPKMU\[ YGYZG\[ JPKRU\GRK Y[ O YZGRTK S[`KPYQK O`RUƱ HK <RGJOSOXG -UXZGTG [ (KXS[ 0[XPG *UHXORK [ 0KƱKTP[ ZK YZGRTO KZTUMX VUYZG\O [ ([PGSG O 3UƔāKTOIGSG 5J YXKJ ON JU YXKJ ON XG`\OPGU PK `TGZT[ O`RUƱHKT[ GQZO\TUYZ O` ROQ [SPKZTUYZO G [ 3UZU\[T[ PK VUYZUPGRG 2OQU\TG MGRKXOPG VUJ TPKMU\OS UQXORPKS 5J
+3/ PK VUTU\TU YGSUYZGRTG S[`KPYQG [YZGTU\G UYTO\Gć QUPK PK /YZGXYQG Ʊ[VGTOPG 9GJXƱG\G OYQRP[ćO\U KZTUMX `HOXQK G UYZGRK Y[ `HOXQK HORK ZKSKRPKS `G UYTO\GTPK 3[`KPG -XGJG 6G`OTG QUPO UJ ZGJG ZGQUċKX JPKR[PK [ VG`OTYQUSK QGƔZKR[ 8G`\OPG JOTGSOćT[ JPKRGZTUYZ TG ZKS[ KZTUMXGLOPK KZTURUMOPK O LURQRUXOYZOQK" TGMRGYGQ TG OYZXGƱO\G TPOSG Q[RZ[XK /YZXK O Y[YPKJTON VUJX[ćPG O` QUPON VXUO`RG`K STUMO VXUPKQZO O O`RUƱHK 9ROPKJKāO TU\OPK KZTURUƔQK O GTZX YSPKXTOIK GTGROZOćQO O VXUHRKSYQO ZKSGZO`OXGP[ VU\OPKYTK O Y[\XKSKTK ZKSK O` OYZGX Y\GQO JGƔTPOIK VG Y[ ZGQU TGYZGRK O`RUƱHK! 5J UXJKTPG JU YOSHURG OJKTZOZKZG U [VUXGHO YOSHURG O` X[XGRTK ZXGJOIOPYQK Q[RZ[XK QGU Y[\KTOXG [ QUTZKQYZ[ XKIKTZTK Q[RZ[XTK OJKTZOLOQGIOPK" /YZXG XG`RO߅OZO VUMRKJO [ Y[XGJTPO Y G[YZX KZTURU`OSG OTZKXVXKZGIOPK OYZGX Q[RZ[XK UJ XG`ROćOZON VU\ VUROZ O OJKURUƔQON G[ZUXOZKZG ZK :QGRIO [ /YZXO VXUPKQZ U UJPKāO O ZQGTP[ [ /YZXO +3/ OSG XG`\OPKT[ S[`KPYQ[ VKJG MUƔQ[ JPKRGZTUYZ G VUYPKJ[PK O VXKVGXGZUXYQU XKYZG[XGZUXYQ[ XGJOUTO I[ -UJ VUYZGU PK SGZOćTUS [YZGTU\US `G KZTUMX S[`KPK UJPKRK O `HOXQK TG ƔOXKS VUJX[ćP[ YPK\ 0GJXGTG 2 4OQUćK\Oā +ZZOTMKX +ZOTMKX @\UTOSOX KQUTUSOYZ *GX[\GX /// 6[RG // 4G +QUTUSYQUS LGQ[RZKZ[ [ @GMXKH[ JOVRUSOXGU PK G JUQZUXOXGU 5J HOU PK TGYZGTPKT [ 6[RO MJPK PK UHG\RPGU STUMUHXUPTK YZX[ćTK O VKJGMUƔQK VUYRU\K 5YT[ZQUS <OƔK KQUTUSYQK ƔQURK VUZUS ,GQ[RZKZ KQUTUSOPK O Z[ XO`SG §*X 3OPU 3OXQU\Oā O`GHXGT PK `G TGYZG\TOQG [ VUJX[ćP[ XGć[TU\UJYZ\KTU LOTGTIOPYQON JOYIOVROTG 5J HOU PK VXULKYUX TG +QUTUSYQUS LGQ[RZKZ[ [ 8OPKIO O V[RPYQUS KQUTUS LGQ[RZKZ[ /`GHXGT PK `G `TGTYZ\KTUMG YG\PKZTOQG O XKJU\OZUMG VXULK YUXG O` VUJX[ćPG JX[ƔZ\KTON `TGTUYZO VURPG KQUTUSOPK 1GU G[ZUX O Y[G[ZUX UHPG\OU PK STUMU JPKRG `TGTYZ\KTON XGJU\G O KRGHUXGZG 6UYKHGT JUVXOTUY KQUTUSYQUP `TGTUYZO JGU PK OYZXGƱO\GTPKS [ VUJX[ćP[ ZXUƔQU\TUMG XGć[TU\UJYZ\G O SKZUJG \XKJTU\GTPG OSU\O TK VUJ[`KāG 9GƱKZGQ Y\UPON OYZXGƱO\GTPG VXOQG`GU PK [ QTPO`O 6XUIPKTG OSU\OTK O VUYRU\TO XK`[RZGZ 1 ËLXOā 8GQOZU\GI +[LKSOPG ,[SOPG ,[SG RGZ +[VNKSOG MXć +ͩɲɟɩɣə! HRGMUXOPKQ VUHUƱTG Ɣ[ZTPG `G \PKXYQUM UHXKJG Y\KZG XGTUQXƔā JPK \OIG O S[ćKTOIG 1GRIKJUT [ 3GRUP Ë`OPO JX[MG VUR /// YZ 1GRIK JUT /> 3[ćKTG PK `G *OUQRKIOPGTU\G VXUMUTG QXƔāGTG 6XKSG XGTUQXƔā RKMKTJO + PK `HUM \PKXK UY[ċKTG TG RUSGć[ QUP[ PK VXKƱO\PKRG VUZUS PK HGćKTG VXKJ RG\U\K QUPO PK TOY[ XGYZXMGRO" TGVUYRPKZQ[ PUP PK QX\TOQ UJX[HOU MRG\[ 9ZUMG YK OQUTUMXGLYQO VXO QG`[PK Y RG\US SGćKS O VGRSOTUS MXGTUS `TGSKTUS S[ćKTOƔ Z\G @G VKX`OPYQK VXU\GRK ZOPKRU Y\ +[LKSOPK VXKTKYKTU PK O` 1GRIKJUTG [ )GXOMXGJ [ Y\KZOćOT[ IXQ\[ TG .OVUJXUS[ ; JUHG QOVUHUXYZ\G TPK`OTU PK ZOPKRU HGćKTU [ SUXK GRO MG PK YVGYORG IG XOIG /XKTG O \XGZORG [ IGXOMXGJYQ[ IXQ\[ 4PK`OT YK Q[RZ [ /YZXO XGƔOXOU [ \XOPKSK OYZGXYQUMG XGYQURG VUZUS O [ JX NX\ QXGPK\OSG 8GYQUR TOIO Y[ YK TGOSK VU`O\GRO TG IXQ\ YGHUX UJXƱGT [ 1GRIKJUT[ [ IXQ\O Y\ +[LKSOPK MJPK YK ć[\GRU Y\KZOćOTU ZOPKRU ËQ\ORKPYQO PK SK ZXUVUROZ /ROPG [ Y\UPKS TU\US YPKJOƔZ[ -XGJ[ VUJOMT[U IXQ\[ Y\ +[LKSOPK O TG JGT VUY\KZK IXQ\K YG`\GU YOTUJ[ Y\UPON HOYQ[VG Y[LXGMGTG SKċ[ TPOSG O OYZGX HOYQ[VK 9\KZOIG YK VUYKHTU ƔZ[PK [ 8U\OTP[ MJPK YK [ Ʊ[VTUP IXQ\O Y\ 0[XPG O Y\ +[LKSOPK ć[\G QGSKTO YGXQULGM Y TPK`OTOS ZOPKRUS ; YVOY[ O` >/< YZ :XGTYRGZOU IUXVUXOY (KGZK +[VNKSOK UVOY[PK YK RKMKTJGXTO JURG`GQ QGSKTUMG YGXQULGMG YG Y\KZOćOTOS ZOPKRUS TG UHGR[ [ 8U\OTP[ QUPO PK PUƔ HOU UZUQUS! QG SKTO PK YGXQULGM QGU RGċOIG JUVR[ZGU TGQUT ƔZU YK `G UR[PTG TK\XK SKTG UHX[ƔOU Y TKQUMG ƔQURPG ; ZUS UVOY[ TKQO TGRG`K ZXGMU\K UVO YG VXUVGYZO UZUQG )OYYK HOYQ[VOPYQUMG YPKJOƔZG O` </ YZ IOYGTYQO HOYQ[V <OTJKSOPK YVUSOTPK YK SKċ[ Y[LXGMGTOSG GQ\ORKPYQUMG VG ZXOPGXNG TG YOTUJO [ -XGJ[ ; 8U\OTP[ YK YVUSKTJGT Y\ +[LK SOPK YRG\O <// G \K`GT PK `G VUćKZGQ 1GRIKJUTYQUMG YGHUXG 5 Y\KZOIO PK VOYGU * 4KƱOā [ ćRGTQ[ /YZGXYQO Y\KIO O HRGƬKTOIO 2KQYOQUT OQUTUMXGLOPK ROZ[XMOQK O YOSHUROQK `GVGJTUMG QXƏ߄GTYZ\G @GMXKH 0KJTG YK Y\ +[LKSOPG YVUSOTPK O QGU GQ\ORKPYQG S[ćKTOIG O` 4KXUTU\G JUHG ZK YK TK `TG ZUćTU ćOPK YK ZOPKRU ć[\G [ XU\OTPYQUP IXQ\O 2/: ! - )[YIOZU 1[RZ 9\ +[LKSOPK [! :XGTYRGZOU IUXVUXOY HKGZK +[VNKSOK 6[RG 9 0 ƓQ[TIG
+[LXG`OPGTG VUXKćQG QGZKJXGRG 4G`\GTG PK VU HOYQ[V[ +[ LXG`OP[ QUPO PK YXKJ </ YZ ZKSKRPOZU VXK[XKJOU QGZKJXGRTO YQRUV O \KROQ[ HG`OROQ[ UVXKSOU SU`GOIOSG 6XOPK +[LXG`OPK\K VXKMXGJTPK VUYZUPGRK Y[ HGXKS J\OPK LG`K XGTUQXƔāGTYQON MXGċK\OTG TG OYZUSK SPKYZ[ ;
+;,8Ë@/0Ë4Ë VX\UP LG`O VUJOMT[ZG PK [ /< YZ PG\TG IXQ\G UYZGZIO QUPK YK TGRG`K YPK\KXTU UJ +[LXG`OPK \K HG`OROQK :U PK HORU `JGTPK Y ZXOSG TKPKJ TGQOS ćKZ\KXUQ[ZTOS J\UXGTGSG [ QUPOSG Y[ YGć[\GTO UYZGZIO VUJ TUMG SU`GOQG *OU YPK\ J\UXGTK \PKXUPGZTU PK YR[ƱOU QGU QXYZOUTOIG ; IXQ\[ YK [RG`ORU QXU` TGXZKQY QUPO PK OSGU QK XGSOćTO SU`GOćTO VUJ G YG YPK\ YZXGTK HOU PK `G QRP[ćKT VUR[QX[ƱTUS GVYOJUS :G PK IXQ\G VUJOMT[ZG TG SPKYZ[ YZGXOPON XOS VXULGTON MXGċK\OTG `OJU\O QU PON Y[ JPKRUSOćTU OYQU XOƔZKTO `G IXQ\ MXGJ TP[ 9ZGXOPG NOYZUXOUMXG LOPG Z[SGćORG PK JOU YZX[QZ[XG ZON XOS Q[āG QGU UYZGZQK ZGPTK QXƔā HUMUSURPK O` VXKJQUT YZGTZOTU\YQUMG XG`JUH (8)(0,-$ ;9 VW 5RYLQM FUNYD VY (XIHPLMH RPG JUS[Y KIIRKYOG Y\K VU\K`[P[āO Y VUJGZIOSG O` TGZVOYG QUPO YVUSOTPK VXOPKTUY ZOPKRG HOYQ[VG 3G[XG `GMU\UXUS QUPKMG PK UHTU\RPKTG VX\UZTG IXQ\G VXOSOZO\G KIIRKYOG 6XKSG ZOS Z[SGćKTPOSG YQXO\KTUP IXQ\O VXOVGJGRU HO VURPK SU`GOQG Y VXOQG`US XOHK QGU ZGPTUMG QXƔā YOSHURG 9XKJ < YZ ZG PK VX\G IXQ\G VXK[XKċKTG O VU\KāGTG! Z[ LG`[ QGZKJXGRTUMG YQRUVG YZX[ćTPGIO TG`O\GP[ 6XKJK[ LXG`OPGTUS 5TG YK YGYZUPGRG UJ J\OP[ VGXGRKRTON ZXUHXUJTON HG`OROQG UJOPKRPKTON [YQOS NUJTOQUS O IOYZKXTUS /YVXKJ TPONU\ON VXUćKRPG VXUZK`GU YK J[MGćQO TGXZKQY Y SU`GOć TOS VUJUS SUZO\ XOHRPK QUYZO <KROQG HG`OROQG P[ƱTG ZRUIXZTU PK OJKTZOćTG +[LXG`OPK\UP UYOS [ OYZ JOPKR[ MJPK PK `G\XƔG\GRG XG\TOS `OJUS 6UJTO Y[ PUP SU`GOIO YGć[\GTO OYVUJ VUJG +[LXG`O PK\K HG`OROQK" [ TPK`OT[ YK Y\KZOƔZ[ TGRG`ORG VUR[QX[ƱTG QR[VG `G Y\KāKTO QK O HOYQ[VG YOTZNXUTUY 3GTPG HG`ORO QG YGć[\GTG PK [ GXNKUR UYZGZIOSG" [ KRK\GIOPO YK \OJK YGSU UYZGZIO ZXOP[S LGRTUMG R[QG O PKJTUMG R[QG YPK\ GXQG Z[XK 9OTZXUT O UYZGZIO SU`GOćTUMG VUJG YGć[\GTO Y[ OYVUJ VUJG YGJGƔTPK YGQXOYZOPK 9QRUV[ 6XKJK[LXG`OPGTK VXOVGJG O YGć[\GTG UYSKXUYZXGTG QXY ZOUTOIG Y [QUVGTOS ƔKYZKXUYZXGTOS QXYTOS `JKTIKS /`SKċ[ QXYZOUTOIK O \KROQK HG`OROQK HORU PK J\UXOƔZK GZXOP G [UQURU QXYZOUTOIK VUROMUTGRTO UVNUJ ; ZKSKRPOZUS VXK[XKċKTP[ `G HOYQ[VG +[LXG`OPG \KROQG PK HG`OROQG JUHORG TU\U Y\KZOƔZK Y GVYOJGSG QURUTGJ[ O JKQU XGIOP[ O`MXGċKTG PK SKSUXOPGRTG QGVK RG TU\O GZXOP O HOYQ[VYQG VGRGćG G SGTPG HG`OROQG O QXYZOUTOIG UYZGRK Y[ [T[ZGX TU\UMG YQRUVG (G`OROQG PK UVXKSRPKTG SXGSUXTOS YZ[VU\OSG Y XGYQUƔTOS QGVOZKROSG O TGSPKƔZGPKS UJ VXUQUTKƔQUMG SXGSUXG 5RZGXTG UMXGJG XKYZG[XOXGTG PK [ VXKZVUYZG\RPK TUS O`\UXTUS UHROQ[ UJ YGć[\GTON LXGMSKTGZG ËXNOZKQZUTYQG VRGYZOQG O
TGSPKƔZGP VUQG`[P[ UHORPKƱPG HO` YQ[RVZ[XK YXKJ </ YZ O \PKXUPGZTU Y[ TGYZGRO [ OSVKXOPGRTOS QRKYGXYQOS XGJOUTOIGSG [ -XćQUP ZK Y[ QGU MUZU\ VXUO`\UJ JUVXKSRPKTO [ 6UXKć :XUGVYOJGRTU Y\KZOƔZK HORU PK VUZV[TU VUQXO\KTU \KROQUS SU`GOćTUS QUSVU`OIOPUS /QUTUMXGL YQO VXUMXGS MR GVYOJK YGYZUPO YK UJ VXOQG`G 1XOYZG Y GVUYZUROSG TG ZXO P[SLGRTUS R[Q[ TO`G SKJGRPUTG Y VUXZXKZOSG Y\KZOIG [ [T[ZXGƔTPUP QUTQG\TUP VU\XƔOTO ZXOP[SLGRTUMG R[QG OTZXGJUY[ O \KROQON YROQG [ YGSUP GVYOJO ; QGRUZO PK VXOQG`GT 1XOYZ QUPKMG JXƱO (UMUXUJOIG TG VXOPKYZURP[ YG YZXGTK Y[ GTċKRO O Y\KIO S[ćKTOIO 4GZVOYUS PK OYZGQ T[Z Y\ 3G[XU MXGJYQO `GƔZOZTOQ ; VXGZTPO Y\KZGIG O GTċKRG VXOQG`GTO Y[ HOYQ[V +[LXG`OPK Y SUJKRUS HG`OROQK [ X[QGSG ċGQUT 1RG[JOPK O TPKMU\ YOT +[LXG`OPK ; JUTPKS Y[ XKMOYZX[ VXOQG`O 4G\PKƔZKTPG O <O `OZGIOPK ROQU\O Y\ @GNGXOPG O Y\ /\GTG 1XYZOZKRPG /YZGQT[ZOS \OPKTIKS UJ ƔZ[QG SU`GOQ PK UJOPKRPKT UJ JKQUXGIOPG [ VXO`KSTUS JOPKR[ GVYO JK QUPG YK YGYZUPO UJ TO`G ćKZ\KXUQ[ZTON VURPG O`\KJKTON [ ZKNTOIO XG` TUHUPTUMG UV[Y YKIZORK 6XO JT[ GVYOJK [ VUZV[TUYZO PK YGć[\GTG SXGSUXTG QR[VG `G QRKX Y HOYQ[VYQOS VXOPKYZURPKS ; HUćTOS GVYO JGSG YGć[\GTO Y[ YGSU JOPKRU\O SU`GOQG [ QGRUZO Y VXOQG`US 1XOYZG QUPO VURGƱK S[ćKTOćQK QX[TK TG MRG\K Y\KZGIG 8G`TU\XYTUYZ ZKNTOQG [T[ZXGƔTPK JKQUXGIOPK HG`OROQK JUV[TPG\G O VUROQXUSTG ƔZ[QGZ[XG Uć[\GTG [ VUJR[ćP[ YPK\KXTK QURUTGJK O VXUćKRPTON VXU`UXG 5YZGZIO SU`GOćTON QUSVU`OIOPG TGRG`K YK O TG `GHGZ[ VXUćKRPG O `GćKRPG IXQ\K ËZXOP +[LXG`OPGTK OSG UHROQ Q\GJXOVUXZOQG Y ZXUR[QUS TG Y\GQUP YZXG TO 9Z[VU\O O QGVOZKRO OYZUMG Y[ TGćOTG O`XGJHK QGU UTO [ HG`OROIO 9PK\KX TU UJ GZXOPG O`MXGċKTG PK HOYQ[VYQG VGRGćG PKJTUQGZTU `JGTPK Y \KRO QUS YXKJOƔTPUS J\UXGTUS TG VX\USK QGZ[ 4G YPK\ YZXGTO VXUYZUXO Y[ UVXKSRPKTO VUR[QX[ƱTOS GVYOJGSG UJ QUPON PK YXKJTPG \KāG 9Gć[ \GT PK YXKJOƔTPO ZXUR[Q ZXOHKRUT OYVXKJ \KROQK GVYOJK [ MR J\UXGTO [QXGƔKT VUROQXUSOXGTUS ƔZ[QGZ[XUS O SXGSUXTOS QGVOZKROSG" TG OSVUYZOSG PK YOSHUROćTG XKRPKLTG QUSVU`OIOPG QXOƱG O`SKċ[ J\OP[ MU R[HOIG ; XKYZG[XOXGTUP HOYQ[VYQUP `MXGJO [XKċKT PK IXQ\KTO S[`KP [ QUPKS Y[ O`RUƱKTO QGSKTO YVUSKTOIO O TGRG`O O` GXNKUR OYZXGƱO\GTPG LXGMSKTZO VUJTON SU`GOQG O` /< O < YZ [RUSIO YQ[RVZ[XK O` // </ YZ XUSGTOćQG MUZOćQG O XKTKYGTYTG JX\KTG YQ[RVZ[XG VUROVZON ËTZU TOPG <O\GXOTOPG ZXOVZON ËTZ[TG O` 6GJU\K (8)5$=,-$1$ WORFUW ± ED]LOLND VXEVHOLML SUHGHXIUD]LMHYH ED]LOLNH QDUWHNV DWULM NUVWLRQLFD ]YRQLN SRGUXþMH SUYRJ 0DXURYD RUDWRULMD PHPRULMDOQD NDSHOD VDNULVWLMD ELVNXSVNL GYRU NDSHOD NDQRQLND
+;,8Ã&#x2039;@/0Ã&#x2039;4Ã&#x2039;
(8)5$=,-$1$ ± OLMHYD VWUDQLFD NRPSOHNV ED]LOLNH DWULM GLR ROWDUD 9, VW EL]DQWVNL PR]DLN X OXQHWL 9, VW GHVQD VWUDQLFD UDQRNUãüDQVNL PR]DLN ,9 VW GHWDOM FLERULMD ;,,, VW IUHVND ;9 VW JODYQD ODÿD L ROWDU
+;,8Ã&#x2039;@/0Ã&#x2039;4Ã&#x2039;
+;,8Ë@/0Ë4Ë :OPKQUS YX \OPKQG TG QUSVRKQY[ +[LXG`OPGTK O`\KJKTK Y[ YGSU SOTOSGRTK O`SPKTK 4GV[ƔZKTG PK O VUX[ƔKTG SGTPG HG`OROQG JPKRU SOćTU TGJUSPKƔZKTG [ </// YZ SGRUS ZXUGVYOJGRTUS QGVKRUS /`MRKJ VXK`HOZKXOPG +[LXG`OPK\K HG`OROQK JUTKQRK PK O`SOPKTPKT QGJG PK VUYZG\RPKT ćKZ\KXUQ[ZTO IOHUXOP [QXGƔKT SU`GOQUS )PKROTO QGZKJXGRTUMG QUSVRKQYG VXOVGJG O XUSGTOćQG `MXGJG QGTUTOQK O` MXGċKTG 2/: ! ( 3URGPURO 2G HGYOROIG +[LXGYOGTG JO 6GXKT`U 6GJU\G " Ê ƎUTPK 6XKJK[ LXG`OPK\YQK HG`OROQK [ 6UXKć[ @HUXTOQ 6UXKƔZOTK " - (U\OTO ËTZOINOZÚ IXOYZOGTK JKRRG LGYIOG IUYZOKXG OYZXOGTG JG 6GXKT`U G 6URG (URUMTG " / 3GZKP߅O߄ :NK +VOYIUVGR 6GRGIK GZ 6UXKć 8KY[RZY UL ZNK XKIKTZ K^VRUXGZOUTY GTJ XKYZUXGZOUTY .UXZ[Y GXZO[S SKJOK\GRO[S @GMXKH O 3UZU\[T " 4 )GSHO /JKU OT NUTUXK J[VROIGZ[Y KYZ RUI[Y 8GJU\O ,ORU`ULYQUM LGQ[RZKZG [ @GJX[ " - )[YIOZU ËTIUXG Y[ 3G[XU +VOYIUV[Y KZ IUTLKYYUX K Y[R RUI[Y J[VROIGZ[Y JO 6GXKT`U [! *US[S Z[G JORK^O 3OYIKRGTKG OT UTUXK JO ËRJU 4KYZUXO 9Z[JO JO GTZOINOZG IXOYZOGTG )OZZÚ JKR <GZOIGTU " / 3GZKP߅O߄ 6 )NK\GROKX 4U[\KRRK OTZKXVXãZGZOUT J[ IUSVRK^K §VXã K[VNXGYOKT JK 6UXKć ËTZOW[OZã :GXJO\K " " Ê :KXX_ , -ORSUXK +G\KY 8KZXOK\OTM G XKIUXJ! G IKTZ[X_ UL GX INGKURUM_ GZ 6UXKć @GMXKH " 6 )NK\GROKX O / 3GZKP߅O߄ *[ IGXJU G[ §TGXZK^ JK RG IGZNãJXGRK! IUTZXOH[ZOUT Ú R ãZ[JK J[ Jã\KRUVVKSKTZ J[ MXU[VK ãVOYIUVGR JK 6UXKć 3ãRGTMKY J ËTZOW[OZã ZGXJO\K 9Z[JOURG OT NUTUXKS 4UåR *[\GR / 3GZKPćOā
+[LXG`OPK RGZ +[VNXGYO[Y O +[LXGYO[Y MXć Ƀͩɲɮəɰɣɬɯ VUXKćQO HOYQ[V :XGQOPG QXGP < ORO VUć </ YZ & 6UXKć UQU 5 TPKMU\[ ƱO\UZ[ OSG SGRU VU\ VUJGZGQG 6UXKćQOS PK HOYQ[VUS VUYZGU UQU TGQUT HO` UY\UPKTPG /YZXK QGU VXKJYZG\TOQ 0[YZOTOPGTU\K IXQ\ VUROZOQK 4G SPKYZ[ YZG XOPK O ZXUƔTK IXQ\K O` < YZ VUJOMT[U PK \KRKH T[ HG`OROQ[ VU TPKS[ TG`\GT[ ښ+[LXG`OPG TUS TG TPK`OT[ PK GVYOJGRTUS SU`GOQ[ VXOQG`GT [` UYZGRU O TPKMU\ ROQ 6XKSG SOƔ RPKTP[ \KāOTK IXQ\ VU \PKYTOćGXG TOPK HOU [ `GPKJTOƔZ\[ Y VGVUS ; \XOPKSK VXK\OXGTPG [ )XQ\O UQU Z[SGćKTPG 1XOYZU\K TGXG\O YZGU PK TG YZXGT[ HOYQ[VG QUPO TOY[ VXON\GZORO TGO`MRKJ QUSVXUSOYTK `GQRP[ ćQK // IGXOMXGJYQUMG YG HUXG O` Z`\ YVUX :XOP[ VUMRG\RPG ƔZU ON PK VUZ\XJOU VGVG <OMORO PK @GVGJTUQXƔā HOYQ[ VO [HX`U Y[ YK VUćKRO \XGāGZO [ `GPKJTOƔZ\U )XQ\K G [ XGYQUR[ Y[ TGPJ[ƱK [YZXGPGRO HOYQ[ %LVNXS (8)5$=,-( 9, VW 3RUHþ (XIUD]LMDQD VO /YZGXYQK ZP ËQ\ORKP YQK IXQ\K ښOYZGXYQO XGYQUR SKċ[ QUPOSG YK UT VUYKHTU OYZOIGU 5 ZUSK Y\PKJUćK VOYSG VGVK 6KRGMOPG / [V[āKTG XG\KTYQUS KM`GXN[ 4GX`KZ[ [ QUPOSG VGVG VU`O\G KM`GXNG JG TKVUYR[ƔTK OYZGX HOYQ[VK O YORUS VXO \KJK PKJOTYZ\[ )XQ\K G VUYKHTU YVUSOTPK +[LXG`OPK\G §TKJPKRG ZK TG\UJO QGQU YK TK SUƱK JUV[YZOZO JG YK ZGP §`GćKZTOQ `RG §TGP\KāO [RPK` ËQ\ORKPYQK IXQ\K §YNO`SGZOQ `GJXƱO [ HOYQ[VYQUP ćGYZO ; GX NO\[ 6UXKćQK HOYQ[VOPK ć[\G YK OYVXG\G 6XO\ORKMO[S +[LXGYOGT[S VXKSG QUPUP + TG YGYZGTQ[ IXQ\ JUYZUPGTYZ\KTOQG [XKċ[PK VOZG TPK IXQ\ JKYKZOTK [ HOYQ[VOPO 9ZX[ćTPGIO JXƱK JG PK ZKSKRPTO YGJXƱGP OYVXG\K G[ZKTZOćGT GRO PK [ >/// YZ O VUYROPK JUTKQRK VXKVXG\RPGT 2/: ! 0 6 3OMTK 6GZXURUMOGK I[XY[Y IUSVRKZ[Y 6GZXURUMOG RGZOTG QTP 6GXOY " ( (KT[YYO 6XO\ORKMOU +[LXGYOGTU Ë39/ " - )[YIOZU ,KJK K VUROZOIG GJ ËW[O RKOG *OHGZZOZU ZKURUMOIU K IKTZXO JO VUZKXK YKIURO /< </ ;JOTK 9 0 ƓQ[TIG
K[ZXULOQGIOPG MXć ɝɹɱɮUɲɣə! JUHXU NXGTPKTPK VU\KāGTPK VXO SGXTK VXUO`\UJTPK UXM Z\GXO [ \UJKTOS KQUY[YZG\OSG `HUM YZGRTUMG \GTPYQUM [TUYG NXGTPO\ON YURO VUYKHOIK TOZXGZG O LUYLGZG + SUƱK HOZO VXOXUJTG ORO SUƱK TGYZGZO JPKRU\GTPKS ćU\PKQG `HUM VXKQUSPKXTUM OYV[ƔZGTPG NXGTPO\ON Z\GXO [ UZVGJTOS \UJGSG OYVOXGTPG VURPUV VU \XƔOTG [` SGYU\T[ [VUZXKH[ [SPKZTON MTUPO\G O JX *UQ PK VXOXUJTG K VU`OZO\TG `G KQUY[YZG\ VU\KāG\G HOURUƔQK XKY[XYK [` XOPKZQK TKMG ZO\TK VUYRPKJOIK [ZPKIGP ćU\PKQG SUƱK TGX[ƔOZO KQURUƔQ[ XG\TUZKƱ[ [` \XRU ƔZKZTK VUYRPKJOIK 6XKQUSPKXTUS VXUO`\UJTPUS UXM Z\GXO O`TGJ MXGTOIK SUM[āTUYZO XG`MXGJTPK KQUY[YZG\G `TGZTU YK VU\KāG \G VUZXUƔTPG UZUVRPKTUMG QOYOQG 5YUHOZU [ RPKZTUS XG`JUHRP[ SUƱK JUāO JU TKYZGƔOIK UZUVRPKTUMG QOYOQG [ VXOJTKTUS YRUP[ GTUQYOPG [` SGYU\TO VUSUX VXOJTKTON VUYKHOIK TKVUQXKZTON UXMGTO`GSG 3U M[āK Y[ O VXUSPKTK [ YGYZG\[ `GPKJTOIG `HUM \KāKM [JPKRG \XYZG QUPK Y[ SGTPK QUXOYTK `G VXKNXGSHKTO RGTGI G [ QXGPTPKS YR[ćGP[ XG` STUƱG\GP[ YK UXMGTO`SO ćOPO Y[ SKZGHUROćQO VXUO`\UJO ZUQYOćTO 9ZUMG PK VXUIPKTG YZ[VTPG K[ZXULOQGIOPK O KQURUƔQUMG YZGTPG SUXG \GƱTG `G VRGTOXGTPK O [VXG\RPGTPK VXUYZUXUS [ VXOUHGRTUS VUJX[ćP[ ZK `G Uć[ \GTPK KQURUƔQK XG\TUZKƱK [ SUX[ :XULO߅QO OTJKQY PKJGT PK UJ UVāON VUQG`GZKRPG YZ[VTPG K[ZXULOQGIOPK UJXKċKTUMG SUXYQUMG VUJX[ćPG 6XKSG ZUP QRGYOLOQGIOPO [ YX O OYZ JOPKR[ YPK\ 0GJXGTG `GV UHGRG /YZXK VXK\RGJG\GP[ UROMUZXULTK \UJK Y TOYQUS VXOSGXTUS VXUO`\UJTPUS Y K[ZXULTOS KVO`UJGSG +[ZXULTK YK \UJK TGYZGRK [ VX\US XKJ[ [ZPKIGPKS ćU\PKQG [MRG\TUS TGRG`K TG `GV JOPKR[ YPK\ 0GJXGTG VUYK HOIK [ VUJX[ćP[ UQU [ƔāG XOPKQK 6GJ ;ZPKIGP YRGZQU\UJTUM JUTUƔKTPG NXGTPO\ON YURO TGPO`XGƱKTOPO PK [ VXURPKāK O RPKZO :GJG YK `HUM \XZRUƱTU MG YZX[PGTPG YSGTP[PK HX`OTG O`SPKTK \UJG O`SKċ[ YPK\ O YX 0GJXGTG VG YK SUƱK VU\OYOZO YZ[VGTP K[ZXULOQGIOPK UHGRTUM VUJX[ćPG `GV /YZXK ; VXURPKāK O RPKZU `HUM VU\KāGTUMG VXUZUQG XOPKQK 6GJ VXUO`\UJ TPG UXM Z\GXO HORG PK VXKQUSPKXTG G [ VXOJTKTOS YRUPK\OSG `TGZTU YSGTPKTG QUTIKTZXGIOPG QOYOQG VUTKMJPK YK VUPG\ORG O GTUQYOPG ; PK YKT GTUQYOPG PK TGYZ[VORG TG VUJX[ćP[ UJ UQU QS [ OYZUć TUS SGTPK K[ZXULTUS JOPKR[ OYZGX UHGRK `HUM TKVXG\U\XKSKTG SOPKƔGTPG [ \UJKTUS YZ[VI[ ZP TKVUZV[TK HX`OTK O`SPKTK \UJK O`SKċ[ YPK\ O YX 0GJXGTG : ĊGQU\GI K\GTMKROćQK IXQ\K R[ZKXGTYQK O XKLUXSOXGTK IXQ\K [ 4PKSG ćQUP Ɠ\OIGXYQUP O JX K[X `KSRPGSG TGQUT [YVUYZG\K +\GTMKROćQK [TOPK [ 6X[YOPO 8KLUXSGIOPYQG PK HGƔZOTG [QUXOPKTPKTG [ /YZXO \Kā UJ ></ YZ G UJ >/> YZ JPKR[P[ XG`ROćOZK VXUZKYZGTZYQK XKLUXSGIOP YQK TUSOTGIOPK! K\GTMKROIO HGVZOYZO XKLUXSOXGTO SKZUJOYZO +\GTċKU YQG IXQ\G 3Kċ[ZOS JU YXKJ >> YZ \PKXTOIO ZON TUSOTGIOPG TOY[ HORO UXMGTO`OXGTO [ \PKXYQK `GPKJTOIK \Kā Y[ YK UJ VXOROQK JU VXOROQK UQ[VRPGRO [ VXO\GZTOS Q[āGSG XGJO VXU[ćG\GTPG (OHROPK +\GTĈKUYQG IXQ\G [ 6[RO [YZGTU\RPKTG PK SOYOUTGXO <GIRG\ 2[YZOM O 8GJUSOX <RGOYG\RPK\Oā [ 2GHOT[ G [ 8U\OTP[ JU ZGJG JPKRU\GRG QGU UMXGTGQ V[RPYQK /` QXORG +\GTċKUYQK IXQ\K O`OƔRG PK 1XƏ߄GTYQG IXQ\G .UYGTG TGP\KāG IXQ\G XKLUXSGIOPYQK HGƔZOTK [ /YZXO 5J VXOY[ZTG PK HGVZOYZO߅QG `GPKJTOIG TG VUJX[ćP[ 6[RK 3KZUJOYZO YK [ VU ćKZQ[ UQ[VRPGP[ [ +\GTċKUYQUP IXQ\O [ 8U\OTP[ O 6[RO G [ ZOS Y[ MXGJU\OSG [YZGTU\ORO \RGYZOZK JKTUSOTGIOPK ;T[ZXGƔTPK PK [YZXUP YZ\U K\GTMKROćQON IXQG\G [ O`XGJO 9 :XUMXROā K^ ZKSVUXK RGZ ! UJSGN [ OYZO ćGY HK` VXOVXKSK [ ROQ [SPKZ TUYZOSG SGTOLKYZGIOPG TG QUPUP YK O`\UJO ZXKT[ZGćTG [SP YROQGXYQG VXGQYG 9\GQO K^ ZKSVUXK OSG Y\UPK VXUVU`OIOPK XUQU\O VXOPG\K VKćGZO XGTPK [SP VUJRUMK O YR ZKS[ O ƱOXO ;SPKZTOćQG YK VXGQYG TGPćKƔāK O`\UJO TG UZ\UXKTUS G `GJTPKMG YK JGTG SGTOLKYZGIOPK XGJU\O O`RGƱ[ PG\TUYZO 4GPYZGXOPG PK O TGP[MRKJTOPG SGTOLKYZGIOPG ZK \XYZK [ /YZXO 3K ċ[TGXUJTO YROQGXYQO K^ ZKSVUXK 6OXGT QUPO YK UJ UJXƱG\G Y\GQK MUJOTK [ X[PT[ 5J UJXƱG\G YK +^ ZKSVUXK §3GTJXGć <URUY QU UJ +^ ZKSVUXK YROQGXYZ\G <UJTPGT O UJ 9SUZXG ROQU\ TON [SPKZTOQG +^ ZKSVUXK -XUƱTPGT -UZU\U YK Y\GQK MUJOTK [ /YZXO VUQXKāK TKQUROQU TU\ON ZGQ\ON YROQGXYQON TGYZ[VG 0 @ONKXR