TRANSEO_booklet

Page 1

SPA Belgium 19th and 20th May, 2009

Conferences and Workshops: Record of Proceedings


SUMMARY

Introduction 0caW\Saa b`O\aTS` W\ 3c`]^S( O UZ]POZ WaacS O Z]QOZ O^^`]OQV

"

First plenary session 0caW\Saa b`O\aTS`( Wa Wb OZZ OP]cb OeO`S\Saa-

European Cafe

Ac[[O`g ]T RWaQcaaW]\a

$

Second plenary session BVS `]ZS ]T ac^^]`b aS`dWQSa W\ bVS PcaW\Saa b`O\aTS` ^`]QSaa

"

Workshop 1 - Ab`ObSUWSa T]` `OWaW\U bVS aSZZS`¸a OeO`S\Saa

&

Workshop 2 - B]eO`Ra O ag\S`Ug PSbeSS\ ^`WdObS O\R ^cPZWQ ]`UO\WhObW]\a Workshop 3 - ;ObQVW\U ^ZObT]`[a( bVS PSab Wa gSb b] Q][S

$

Closing ceremony

!

Lessons learned and conclusions

!"

Appendix

>`]U`O[[S

!$

:Wab ]T ^O`bWQW^O\ba

!&

!


+PVTQFWEVKQP

$WUKPGUU VTCPUHGT KP 'WTQRG C INQDCN KUUWG C NQECN CRRTQCEJ 3c`]^S¸a ^]^cZObW]\ Wa OUW\U O\R bVS ^]bS\bWOZ T]` PcaW\Saa b`O\aTS`a Wa W\Q`SOaW\U =TbS\ Q][^ZSf W\ \Obc`S PcaW\Saa b`O\aTS`a QO\ PS R]][SR b] TOWZc`S \]b PSQOcaS bVS Q][^O\g WbaSZT Wa \]b dWOPZS Pcb PSQOcaS ]T ^`]PZS[a bVOb ]QQc` Rc`W\U bVS b`O\aTS` ^VOaS EVOb QO\ eS R] b] `SdS`aS bVWa b`S\R-

R] \]b ¿\R O PcgS` /\]bVS` YSg ^]W\b S[^VOaWhSR Pg 8SO\ 1ZOcRS ;O`Q]c`b Rc`W\U bVWa W\b`]RcQbW]\ Wa bVS TOQb bVOb bOYS]dS`a VOdS O Z]eS` TOWZc`S `ObS bVO\ abO`b c^a EVOb OQbW]\a QO\ PS bOYS\ b] W[^`]dS A;3 b`O\a TS`a- 8SO\ 1ZOcRS ;O`Q]c`b `STS``SR b] bVS W[^]` bO\b e]`Y b] PS QO``WSR ]cb W\ bS`[a ]T bVS ^agQV]Z] UWQOZ Oa^SQba ]T PcaW\Saa b`O\aTS`a abWZZ aV`]cRSR W\ Sfb`S[S aSQ`SQg O\R OZa] W\ `SZObW]\ b] [ObQVW\U W\ ]`RS` b] RSbS`[W\S bVS aV]`bSab O\R []ab ST¿QWS\b ^ObV PSbeSS\ aSZZS`a O\R PcgS`a 7\ `SZObW]\ b] bVS W\WbWObWdSa bOYS\ W\ bVS EOZZ]]\ `SUW]\ bVS ;W\WabS` a^]YS OP]cb bVS SabOPZWaV[S\b ]T A]eOQQSaa W\ $ eVWQV VOa acQQSSRSR W\ ZW\YW\U c^ []`S bVO\ # PcaW\SaaSa W\ bVS a^OQS ]T bV`SS gSO`a BVWa VOa `SacZbSR W\ # acQQSaaTcZ aOZS b`O\aOQbW]\a O\R bVS Q`SObW]\ ]T O RObOPOaS Q][^`W aW\U " aSZZS`a O\R # PcgS`a ªA]eOQQSaa VOa Z]\U abO\RW\U bWSa eWbV Wba Q]c\bS` ^O`ba W\ bVS <SbVS`ZO\Ra ;90OaS O\R 4`O\QS 1@/ 4`S\QV \ObW]\OZ Oaa]QWObW]\ T]` Q][^O\g aOZSa O\R OQ_cWaWbW]\a 7 O[ Q]\dW\QSR bVOb bVWa bg^S ]T ^O`b \S`aVW^ Wa dWbOZ b] S\ac`W\U acQQSaa ES QO\ SfbS\R bVWa W\WbWObWdS b] ]bVS` 3c`]^SO\ Q]c\b`WSa VS\QS bVS `SOa]\ T]` bVWa [SSbW\U W\ A^O eVWQV 7¸[ V]^W\U eWZZ PS T`cWbTcZ« Q]\QZcRSR 8SO\ 1ZOcRS ;O`Q]c`b

$WUKPGUU VTCPUHGTU UJQWNF TGEGKXG VJG UCOG CVVGPVKQP CU UVCTV WRU

6]abW\U bVS be] ROg Q]\TS`S\QS 8SO\ 1ZOcRS ;O` Q]c`b O\\]c\QSR bVOb VS eOa dS`g ^ZSOaSR b] ]^S\ O aS`WSa ]T aS[W\O`a RSRWQObSR b] bVS b`O\aTS` ]T PcaW\SaaSa O\R A;3a W\ ^O`bWQcZO` OQ`]aa 3c`]^S 0ST]`S USbbW\U b] bVS VSO`b ]T bVS ^`]QSSRW\Ua bVS EOZZ]]\ ;W\WabS` T]` bVS 3Q]\][g `S[W\RSR bV]aS W\ ObbS\RO\QS bVOb bVS b]e\ ]T A^O eVWQV eSZQ][SR 3c`]^S¸a `]gOZbg W\ bVS 'bV QS\bc`g VOa UWdS\ Wba \O[S b] O Q][[]\ SdS`gROg bS`[ BVS bS`[ ªa^O« RSaQ`WPSa O [W\S`OZ a^`W\U O\R []`S US\S`OZZg bVS`[OZ b`SOb[S\ba / \WQS acQQSaa ab]`g W\ bS`[a ]T b`O\aTS``W\U Q]\QS^ba

6CMGQXGTU JCXG C JGCNVJ[ UWTXKXCN TCVG

"

=\ O []`S aS`W]ca \]bS bVS ;W\WabS` `S[W\RSR bV]aS ^`SaS\b ]T bVS OQcbS\Saa ]T bVS ^`]PZS[ ]T b`O\a TS``W\U PcaW\SaaSa W\ 3c`]^S / 3c`]^SO\ abcRg VOa aV]e\ bVOb ! ]T Q][^O\WSa O`S W\ RO\US` ]T TOZ ZW\U Pg bVS eOgaWRS ]dS` bVS \Sfb bS\ gSO`a WT bVSg

/ \WQS ZSOR W\ T]` ;O`Y] 1c`OdWQ bVS ªd]WQS ]T 3c`]^S« W\ bVWa W\b`]RcQb]`g aSaaW]\ EVOb Wa bVS 3c`]^SO\ 1][[WaaW]\¸a dWSe ]\ PcaW\Saa b`O\a TS`a- /\R eVOb R]Sa Wb OQbcOZZg R] W\ bVWa O`SO- BVS a^SOYS` PSUO\ Pg Q]\¿`[W\U bVOb ]\S bVW`R ]T OZZ Q][^O\WSa eWZZ VOdS b] b`O\aTS` ]e\S`aVW^ ]dS` bVS \Sfb bS\ gSO`a O ¿Uc`S bVOb b`O\aZObSa W\b] $' PcaW\SaaSa ^S` gSO` ]` & [WZZW]\ X]Pa ^S` gSO` BVS ^`]PZS[ Wa \]b \Se O\R bVS 3c`]^SO\ 1][[Wa aW]\ VOa PSS\ OQbWdSZg W\d]ZdSR W\ bVWa WaacS aW\QS ''" eVS\ Wb WaacSR O aS`WSa ]T `SQ][[S\RObW]\a b] bVS ;S[PS` abObSa BVW\Ua VOdS ^`]U`SaaSR aW\QS bVS\ eWbV bVS 1][[WaaW]\ SabW[ObW\U bVOb $# ]T Wba `SQ][[S\RObW]\a VOdS \]e PSS\ OR]^bSR \]bO PZg W\ bVS O`SO ]T bOfObW]\ ZSUOZ [ObbS`a OR[W\Wab`O bWdS aW[^ZW¿QObW]\ SbQ 6]eSdS` bVS`S Wa abWZZ []`S ^`]U`Saa b] PS [ORS bVS PWUUSab WaacS PSW\U bVOb ^S]^ZS O`S Q]\bW\cW\U b] TOd]c` PcaW\Saa abO`b c^a ]dS` PcaW\Saa b`O\aTS`a BVWa Wa eVg bVS 1][[WaaW]\ Wa `SQ][[S\RW\U bVOb PcaW\Saa b`O\aTS`a `SQSWdS bVS aO[S ObbS\bW]\ Oa

abO`b c^a Sa^SQWOZZg aW\QS bVS acQQSaa `ObS ]T PcaW \Saa b`O\aTS`a Wa U`SObS` bVO\ bVOb ]T abO`b c^a /[]\Uab ]bVS` Q]\QZcaW]\a VS ^]W\bSR b] bVS W[^]`bO\QS ]T bW[SZg ^`S^O`ObW]\ W\ bVS <SbVS` ZO\Ra O\R /cab`WO PcaW\Saa ]e\S`a O^^`]OQVW\U `SbW`S[S\b OUS agabS[ObWQOZZg `SQSWdS \]bW¿QObW]\ ZSbbS`a O\R OZa] dWaWPWZWbg ;O`Y] 1c`OdWQ ^]W\bSR ]cb bVOb ]\Zg ]T PcgS`a O`S Qc``S\bZg ZWabSR W\ SZSQb`]\WQ RObOPOaSa 7b Wa eWRSZg `SUO`RSR Oa O b]c QVg O`SO aV`]cRSR W\ aSQ`SQg V]eSdS` abO\RO`Ra [cab PS SabOPZWaVSR W\ ]`RS` b] S\ac`S bVOb bVS RObO Q]\bOW\SR W\ RObOPOaSa Wa ]T VWUV _cOZWbg O\R c^RO bSR `SUcZO`Zg /\]bVS` O`SO `S_cW`W\U ObbS\bW]\( bVS bOfObW]\ agabS[ eVWQV Q]cZR PS [ORS []`S ªb`O\a TS` T`WS\RZg« ª;]ab ^S]^ZS ]\Zg b`O\aTS` ]\S PcaW\Saa W\ bVSW` ZWTS bW[S eVWQV R]Sa \]b OZZ]e bVS[ bVS ]^^]`bc\Wbg b] PcWZR c^ Sf^S`WS\QS W\ bVWa O`SO 7\ 7bOZg bVSg O`S Qc` `S\bZg `c\\W\U O ^WZ]b ^`]XSQb T]QcaSR ]\ [S\b]`W\U O\R Q]OQVW\U A;3a ES eWZZ \]b Y\]e bVS `SacZba c\bWZ bVS S\R ]T ' Pcb eS O`S Q]\¿RS\b bVOb bVS`S eWZZ PS dOZcOPZS ZSaa]\a T]` bVS ]bVS` Q]c\b`WSa « Q]\QZc RSR bVS `S^`SaS\bObWdS ]T bVS 1][[WaaW]\

A>3/93@A , 8SO\ 1ZOcRS ;/@1=C@B , EOZZ]]\ ;W\WabS` ]T 3Q]\][g 3[^Z]g[S\b 4]`SWU\ B`ORS O\R 6S`WbOUS 0SZUWc[

, ;O`Y] 1C@/D71 , /RdWa]` 2W`SQb]`ObS 3 >`][]bW]\ ]T A;3 Q][^SbWbWdS\Saa 3c`]^SO\ 1][[WaaW]\ 1`]ObWO

, ;]RS`Ob]`( 3`WQ E7<<3< 5S\S`OZ ;O\OUS` RWOZSQbW_ a^`Z 0SZUWc[

#


(KTUV RNGPCT[ UGUUKQP

$WUKPGUU VTCPUHGT KU KV CNN CDQWV CYCTGPGUU! Be] YSg\]bS a^SOYS`a T`][ 1O\ORO O\R 0SZUWc[ P]bV T`][ O\ OQORS[WQ POQYU`]c\R ^`SaS\bSR O \c[PS` ]T YSg WaacSa `SZObW\U b] bVS b`O\aTS` ]T PcaW\SaaSa BVWa UOdS `WaS b] O ^`]Z]\USR RWaQca aW]\ eWbV ]bVS` W\bS`\ObW]\OZ Sf^S`ba BVS ¿`ab ^ZS\O`g aSaaW]\ OZa] W\QZcRSR O QOaS abcRg T`][ O aSZZS` ;WQVSZ 3\USZa eV] QO[S b] aVO`S VWa ]e\ Sf^S`WS\QS BVWa ^ZS\O`g aSaaW]\ abO`bSR eWbV O 1O\ORWO\ Sf^S`b W\ PcaW\Saa b`O\aTS`( :]cWaS 1ORWScf >`]TSaa]` Ob C\WdS`aWbg ]T ?c{PSQ B`]Wa @WdW|`Sa QV]aS b] a^SOY b] bVS OcRWS\QS OP]cb bVS PSVOdW]c` ]T PcaW\Saa ]e\S`a W\ bVS Q]\bSfb ]T QVO\UW\U `]ZSa EVS\ PcaW \Saa ]e\S`a ZSOdS bVSW` Q][^O\g bVSg O`S STTSQbW dSZg abS^^W\U R]e\ T`][ O eSZZ RS¿\SR `]ZS bVOb ]T ª;2« b] TOQS W\b] bVS c\Y\]e\ EVWQV Sf^ZOW\a bVS RSU`SS ]T `SaWabO\QS ]PaS`dSR W\ PcaW\Saa ]e\S`a aSZZW\U bVSW` Q][^O\WSa( TSO` ]T Z]]aW\U bVSW` abObca ]T ªVS`]« ^`]PZS[a `SZObW\U b] bVS RWab`WPcbW]\ ]T OaaSba b] QVWZR`S\ O\R [cZbW^ZS bg^Sa ]T ]bVS` _cSa bW]\a OZZ Q]\abWbcbS O a]c`QS ]T c\QS`bOW\bg O\R O`S dWSeSR Oa O abS^ POQYeO`Ra `ObVS` bVO\ T]`eO`Ra 7\ aV]`b SdS\ bV]cUV bVS ]e\S` VOa [ORS bVS RSQW aW]\ b] b`O\aTS` bVS PcaW\Saa Oa O `SacZb ]T dO`W]ca bg^Sa ]T b`WUUS`a 7¸[ bW`SR 7 \] Z]\US` TSSZ QVOZZS\ USR [g ^O`b\S` VOa VSOZbV WaacSa SbQ bVSg VOdS O bS\RS\Qg b] ^]ab^]\S bVS OQbcOZ ªS\OQb[S\b« ]T bVWa RSQWaW]\ BVS b`O\aTS` WbaSZT Wa O dS`g RWT¿QcZb ^S`W]R O `SOZ aV]QY b] bVS agabS[ bVOb QO\ ]TbS\ ZSOR b] O POR ^ObQV T]` bVS PcaW\Saa ]e\S` 7b¸a US\S`OZZg Ob bVWa abOUS bVOb bV]aS eV] VOR ^`SdW]caZg PSS\ ac^^]`bW\U bVS PcaW\Saa ]e\S` OQQ]c\bO\ba \]bO `WSa Q]\acZbO\ba SbQ \]e `S[]dS bVS[aSZdSa T`][ bVS aWbcObW]\ :]cWaS 1ORWScf a^]YS ]^S\Zg OP]cb O ªU`WSdW\U ^`]QSaa Q]c^ZSR eWbV bVS Z]aa ]T O a]QWOZ \Sbe]`Y O\R bVS \SSR b] S\UOUS W\ O ^`]QSaa ]T ORO^bObW]\ OZ]\U eWbV ^O`b\S`a T`WS\Ra O\R ]bVS` a]QWOZ \Sbe]`Ya« 7\ ac[[O`g :]cWaS 1ORWScf S[^VOaWhSR bVS Q]\QS^b ]T bW[S( b`O\aTS``W\U O PcaW\Saa Wa O ZS\UbVg ^`]QSaa bVOb [cab `Sa^SQb bVS ^OQS aSb Pg bVS PcaW \Saa ]e\S` 0caW\Saa b`O\aTS` ^`]TSaaW]\OZa Q]cZR PS PSbbS` W\bSU`ObSR `WUVb OQ`]aa bVWa bW[S ZW\S PST]`S Rc`W\U OTbS`

$

#TG [QW C /QPCTEJ QT CP #ODCUUCFQT! AbOgW\U eWbV bVS WaacS ]T bW[S 8]VO\ :O[P`SQVb T`][ 0SZUWc[ OU`SSR bVOb O PcaW\Saa b`O\aTS` Wa \]b O aW\UZS SdS\b Pcb O ^`]QSaa ]\S bVOb US\S`OZZg abO`ba Oa a]]\ Oa QVWZR`S\ O`S P]`\ O\R QO\ ZOab c^ b] !# gSO`a 2W`SQb]` ]T bVS @SaSO`QV 1S\b`S T]` 3\b`S ^`S\Sc`aVW^ 8]VO\ :O[P`SQVb YS^b bVS OcRWS\QS O[caSR Pg RSdSZ]^W\U O bg^]Z]Ug ]T aSZZS`a `O\UW\U T`][ bVS ª;]\O`QV« bg^S ]\ ]\S S\R ]T bVS aQOZS eWZZ \SdS` ZSOdS bVS Q][^O\g `S[OW\W\U bVS`S c\bWZ RSObV b] bVS ª5S\S`OZ« bg^S acQQSSRa W\ [OYW\U bVS b`O\aWbW]\ Pcb eWbV RWT¿QcZbg b] bVS ª/[POa aOR]`« bg^S `S[OW\a ]\ W\ O `SRcQSR QO^OQWbg b] ^`]dWRS ORdWQS b] bVS ª5]dS`\]`« bg^S ]\ bVS ]bVS` S\R ]T bVS aQOZS eV] RS¿\WbWdSZg bc`\a bVS ^OUS BVS 0SZUWO\ >`]TSaa]` ]^S\Zg QVOZZS\USR O \c[ PS` ]T Q][[]\ WRSOa W\ QW`QcZObW]\ ]\ bVS acPXSQb ]T b`O\aTS`a BVS TOQb T]` SfO[^ZS bVOb bVS aSZZS` ;CAB ZSb U] ª7b¸a ^S`TSQbZg S\dWaSOUOPZS T]` VW[ b]

OR]^b O\]bVS` ZSaa RS[O\RW\U `]ZS 4]` SfO[^ZS VS QO\ PSQ][S O\ ORdWa]` eVWQV P`W\Ua Q]\aWRS`OPZS ORRSR dOZcS P]bV b] bVS Q][^O\g O\R b] bVS acQ QSaa]` ]` S[^Z]gSSa 6]eSdS` ab`ObSUWQ RSQWaW]\a aV]cZR OZeOga PS aVO`SR eWbV bVS PcgS` ]bVS`eWaS g]c QO\\]b aOg bVOb bVS PcaW\Saa VOa `SOZZg PSS\ b`O\aTS``SR ¶ 8]VO\ :O[P`SQVb OZa] `SPSZZSR OUOW\ab bVS bVS]`g a][SbW[Sa Q]\dSgSR W\ bVS ^]ZWbWQOZ R][OW\ eVS `SPg TO[WZg acQQSaaW]\a O`S acQQSaaTcZ O\R aOZSa b] bVW`R ^O`bWSa O`S TOWZc`Sa ª/ZbV]cUV bVS WaacS Wa OP]cb bVS Q]\bW\cWbg ]T PcaW\SaaSa Q]\bW\cWbg VOa \c[S`]ca RW[S\aW]\a \]bOPZg bVS Q]\bW\cWbg ]T bVS TO[WZg SabObS« B] ¿\WaV VWa ^`SaS\bObW]\ 8]VO\ :O[P`SQVb W\dWbSR PcaW\Saa ]e\S`a b] `SÀSQb ]\ be] _cSabW]\a( , EVOb Wa Wb SfOQbZg bVOb 7 eO\b b] Q]\bW\cS, EVOb Wa bVS PSab eOg ]T S\ac`W\U bVWa Q]\bW\cWbg-

1/A3 ABC2G 0G ;7163: 3<53:A 'PVTGRTGPGWTKCN URKTKV C HCOKN[ XCNWG 6OdW\U a^S\b []`S bVO\ ! gSO`a Ob bVS VSZ[ ]T O B]^ Q][^O\g W\ bVS T]]R W\U`SRWS\ba W\Rcab`g bVS 3\USZa TO[WZg aSb c^ Ag\O^aWa W\ ]`RS` b] ZOc\QV ]bVS` >;3a BVS WRSO Wa b] ^`]dWRS A;3a eWbV bVS bW[S S\S`Ug Sf^S`bWaS O\R ¿\O\QWOZ `Sa]c`QSa b] U`]e bVSW` PcaW\SaaSa ;W\S Wa \]b g]c` bg^WQOZ POQYU`]c\R 7 abO`bSR ]cb e]`YW\U eWbV [g TObVS` 7\ '%" eS P]bV ZSTb ]c` S[^Z]gS` b] aSb c^ >S`ZO`][ O Q][^O\g ]^S`O bW\U W\ bVS T]]R W\U`SRWS\ba aSQb]` Ac^^]`bSR Pg ]cbabO\RW\U W\RWdWRcOZa ]c` Q][^O\g eS\b ]\ b] PSQ][S O\ c\RWa^cbSR ^ZOgS` W\ bVS R`W\Y g]UVc`b WQS Q`SO[ O\R Q]\TSQbW]\O`g aSQb]` 7b SdS\ acQQSS RSR W\ PSW\U ZWabSR O[]\U bVS B]^ ÀOd]c` [O\c TOQbc`S`a e]`ZReWRS 2c`W\U bVWa ^S`W]R eS eS`S O^^`]OQVSR ]\ O T`S_cS\b POaWa \]b c\ZWYS ^`Sbbg UW`Za Pg PWU \O[Sa W\ bVS ^`]TSaaW]\ eO\bW\U b] a^SOY b] ca OP]cb ]c` ^ZO\a T]` aSZZW\U ]` acQQSa aW]\ 7 ZWabS\SR b] eVOb bVSg VOR b] aOg /^O`b T`][ SZW[W\ObW\U O Q][^SbWb]` 7 \SdS` `SOZZg c\RS`ab]]R eVOb bVSW` W\bS\bW]\a eS`S T]` ]c` Q][^O\g BVS`S eOa \] PcaW\Saa ^ZO\ A] bVS `Sa^]\aS T`][ ]c` aWRS eOa OZeOga \SUObWdS

BVS b`WUUS` T]` ca ]QQc``SR eVS\ O aWU\W¿QO\b UO^ S[S`USR PSbeSS\ bVS [cZbW\ObW]\OZa O\R ]bVS` Q][^O\WSa W\ bVS B]^ 2Sa^WbS ]c` aWhS # S[^Z]gSSa acPaWRWO`WSa OP`]OR bc`\]dS` ]T `# [WZZW]\ eS eS`S abWZZ O dS`g a[OZZ Q][^O\g B] aObWaTg QS`bOW\ PWU Qcab][S`a eS e]cZR VOdS VOR b] aSb c^ TOQb]`WSa SdS`geVS`S 7\ bS`[a ]T aQOZS eS eS`S O 3c`]^SO\ Q][^O\g \]b O UZ]POZ Q][^O\g BVWa eOa O RWT¿QcZb O`SO T]` ca EVS\ eS eS`S ¿\OZZg O^^`]OQVSR Pg O ^ZOgS` ]TTS `W\U a][SbVW\U ]bVS` bVO\ []\Sg eS PSUO\ b] Q]\aWRS` ]c` ]^bW]\a QO`STcZZg ES STTSQbWdSZg VOR O []`OZ `Sa^]\aWPWZWbg b]eO`Ra \SO`Zg ! TO[WZWSa B] S\ac`S Q]\bW\cWbg P]bV W\ bS`[a ]T bVS PcaW\Saa O\R ]c` abOTT eS bVS`ST]`S RSQWRSR b] OZWU\ >SZO`][ eWbV O ZO`US U`]c^ W\ =c` ]e\ ^ZO\ eOa b] Q]\bW\cS e]`YW\U W\ O TO[WZg PcaW\Saa BV`SS T]`[S` S[^Z]gSSa X]W\SR ca W\ bVWa S\b`S^`S\Sc`WOZ dS\bc`S BVS WRSO Wa b] S\OPZS S\b`S^`S\Sc`a b] PS\S¿b T`][ ]c` ! gSO`a ]T Sf^S`WS\QS W\ bVS T]]R aSQb]` Ag\O^ aWa bVS \O[S ]T bVS \Se ab`cQbc`S ³ eOa ZOc\QVSR W\ ! eWbV bVS ]PXSQbWdS ]T bOYW\U aVO`SV]ZRW\Ua W\ # b] A;3a %


9JCV VJG KPVGTPCVKQPCN GZRGTVU JCF VQ UC[ DO`W]ca W\bS`\ObW]\OZ Sf^S`ba ]\ bVS ^O\SZ eS`S W\dW bSR b] `Sa^]\R b] bVS WRSOa ^cb T]`eO`R Pg bVS ¿`ab bV`SS a^SOYS`a , @]aO\O ;W`Y]dWQ T`][ bVS C9 ac^^]`bSR bVS WRSO bVOb TO[WZg Q]\bW\cWbg Wa \]b bVS ]\Zg ^]aaWPZS `]cbS =\ O P`]ORS` ZSdSZ OQbW]\a OW[SR Ob `OWaW\U OeO`S\Saa OP]cb PcaW\Saa b`O\aTS`a O`S SaaS\bWOZ Pcb Wa bVWa bVS `]ZS ]T bVS AbObS- BVS AbObS VOa O\ S\]`[]ca \c[PS` ]T bOaYa b] Q][^ZSbS ]\ O ¿aQOZ O\R ¿\O\QWOZ ZSdSZ W\ ]`RS` b] ^cb PcaW\Saa b`O\a TS`a ]\ bVS aO[S T]]bW\U Oa PcaW\Saa abO`b c^a

&

A>3/93@A

, @S^`SaS\bW\U 4`O\QS 6cUcSa /`\OcR ;OgS` ^`]^]aSR O []`S []RS`\ eOg ]T dWSeW\U PcaW\Saa b`O\aTS`a eVWQV [cab PS ab`W^^SR ]T bVSW` aOQ`SR Oc`O 3\b`S^`S\Sc`a VOdS O \c[PS` ]T RWTTS`S\b ZWdSa O\R PcaW\Saa b`O\a TS`a [cab \] Z]\US` PS dWSeSR Oa bVS Q`]e \W\U ]` S\R- ]T O QO`SS` Pcb `ObVS` O abS^ W\ O dOZcS Q`SObW]\ ^`]QSaa EVOb eS ZSO`\ Rc`W\U ]c` ¿`ab S\b`S^`S\Sc`WOZ ZWTSbW[S O\R ]c` ¿`ab ^`]TSaaW]\ [OYSa ca []`S [Obc`S O\R []`S OPZS b] bOYS ]\ \Se `WaYa W\ O aSQ]\R ^`]TSaaW]\ eVS`S eS eWZZ OZa] PS\S¿b T`][ VOdW\U O PSbbS` ¿\O\QWOZ POaS BVWa \Se eOg ]T dWSeW\U PcaW\Saa b`O\aTS`a TOd]c`a `]bObW]\ O\R `SÀSQba bVS \]PZS `]]ba ]T bVS bS`[ ª`WaY« 7b¸a O\ O^^`]OQV bVOb VOa PSS\ ORd]QObSR Pg bVS ;3234 eV] `SQ][[S\R ]^S\W\U c^ aVO`S QO^WbOZ b] abOTT OZa] eWbV bVS OW[ ]T Q`SObW\U O ª\Se a]QWOZ Q]\b`OQb« O`]c\R `WaY aVO`W\U

B] Q]\QZcRS bVWa ^ZS\O`g aSaaW]\ bVS []RS`Ob]` 3`WQ EW\\S\ OaYSR ^O`bWQW^O\ba T]` O Q]\QZcRW\U ]` ac[[O`WhW\U abObS[S\b 6S`S Wa O ZWab ]T bVSaS abO bS[S\ba(

, @S^`SaS\bW\U bVS <SbVS`ZO\Ra ;OO`bS\ HS[O\\ S[^VOaWhSR bVS ZOQY ]T PcgS`a W\ bVS Qc``S\b SQ]\][WQ Q]\bSfb 6S PSZWSdSa bVOb Wb Wa O []`S aWU\W¿QO\b ^`]PZS[ b]ROg bVO\ bVOb ]T `OWaW\U OeO`S\Saa BVS`S Wa O [cZbWbcRS ]T ^`]TSaaW]\OZa ]^S`ObW\U W\ bVS [O`YSb Pcb bVS _cSabW]\ T]` ^]bS\bWOZ aSZ ZS`a Wa b] Y\]e eV] bVSg QO\ bc`\ b] 7\ bVWa `SUO`R OQQSaa b] ]PXSQbWdS `SZWOPZS W\T]`[O bW]\ Wa O Q`cQWOZ abS^ W\ ^`][]bW\U PcaW\Saa b`O\aTS`a

, BVS W[^]`bO\QS ]T DS`g A[OZZ 3\bS`^`WaSa DA3a eVWQV `SQSWdS dS`g ZWbbZS ac^^]`b O\R Q]\abWbcbS bVS ªU`SOb T]`U]bbS\« eVS\ Wb Q][Sa b] PcaW\Saa b`O\aTS`a

, :]cWaS 1/273CF ,

, ;WQVSZ 3<53:A ,

>`]TSaa]` C\WdS`aWbg ]T ?c{PSQ ³ B`]Wa @WdW|`Sa 1O\ORO

1VOW`^S`a]\ ]T bVS 0]O`R 1 7\dSab[S\ba 0SZUWc[

, 8]VO\ :/;0@316B ,

, ;OO`bS\ H3;/<< ,

2W`SQb]` ]T bVS 1S\b`S R¸3bcRSa ^]c` Z¸3\b`S^`S\Sc`WOb @SaSO`QV QS\b`S T]` S\b`S^`S\Sc`aVW^ 36A/: 9 C 0`caaSZa 0SZUWc[

2W`SQb]` ]T /RdWSa ;90 /RdWaSc`a 570= 5`]S^ BVS <SbVS`ZO\Ra

, @]aO\O ;7@9=D71 ,

, 3`WQ E7<<3< ,

AS\W]` >]ZWQg /RdWaS` A;3 C\Wb /aa]QWObW]\ ]T 1VO`bS`SR 1S`bW¿SR /QQ]c\bO\ba C9

5S\S`OZ ;O\OUS` RWOZSQbW_ a^`Z 0SZUWc[

, 7b Wa SaaS\bWOZ T]` O PcaW\Saa ]e\W\U TO[WZg b] PS ]^S\ b] SfbS`\OZ aVO`SV]ZRS`a BVWa T]`QSa b] QO``g ]cb O Z]\U bS`[ `SÀSQbW]\ OaYW\U ]\SaSZT bVS `WUVb _cSabW]\a , BVS`S O`S [O\g RWTTS`S\b b`O\aTS` ^]aaWPWZW bWSa( O TO[WZg [Og eSZZ `S[OW\ bVS ]e\S` eWbV ]cbaWRS [O\OUS[S\b , EVS`S ^]aaWPZS b`g b] ^ZO\ T]` c\Sf^SQbSR SdS\ba( RSObV OQQWRS\ba WZZ\Saa SbQ , 7b bOYSa U`SOb Q]c`OUS b] OR[Wb bVOb g]c` a]\ ]` ROcUVbS` Wa \]b QO^OPZS ]T ]` W\bS`SabSR W\ bOYW\U ]dS` bVS Q][^O\g

, , 6cUcSa /`\OcR ;/G3@ 1VOW`^S`a]\ ]T ;3234 /cdS`U\S [S[PS` ]T bVS SfSQcbWdS P]O`R ]T ;3234 4`O\QS

'


'WTQRGCP %CHo

5WOOCT[ QH FKUEWUUKQPU

0GVYQTMKPI

=\ 'bV ;Og ZOab T`][ b] ! # O\ ]`WUW\OZ \Sbe]`YW\U aSaaW]\ T]`[SR bVS OUS\RO T]` bVS B`O\aS] Q]\TS`S\QS BOYW\U bVS T]`[ ]T O `]c\R bOPZS RWaQcaaW]\ Wb OZZ]eSR bVS ^O`bWQW^O\ba b] RWa Qcaa O\R TO[WZWO`WhS bVS[aSZdSa eWbV be] POaWQ Pcb Tc\RO[S\bOZ _cSabW]\a( eVg bVSg QO[S b] bVS B`O\ aS] Q]\TS`S\QS O\R eVOb bVSW` Sf^SQbObW]\a eS`S ^`W]` b] bVWa ¿`ab aSaaW]\ ]\ bVS ]\S VO\R O\R bVS W[^OQb ]T bVS SQ]\][WQ Q`WaWa ]\ bVSW` PcaW\Saa ]\ bVS ]bVS` VO\R

BVS [OX]`Wbg ]T bVS ^O`bWQW^O\ba QO[S b] bVWa ¿`ab aSaaW]\ ]T bVS 3c`]^SO\ Q]\TS`S\QS ]\ bVS b`O\a TS` ]T A;3a W\ ]`RS` b] SfbS\R bVSW` \Sbe]`Y O\R SabOPZWaV \Se Q]\bOQba eWbV ]bVS` Sf^S`ba T`][ 3c`]^SO\ Q]c\b`WSa Pcb OZa] eWbV O dWSe b] PSW\U OPZS b] UcWRS bVSW` Qcab][S`a b]eO`Ra U]]R ]^^]` bc\WbWSa PSg]\R \ObW]\OZ P]`RS`a A][S ^S]^ZS RWR Sf^`Saa `SU`Sb Ob \]b [SSbW\U PcgS`a ]` aSZZS`a ]T A;3a `S[O`YW\U bVOb bVS`S eS`S b]] [O\g ªbVW`R ^O`bWSa« ^`SaS\b Q]\acZbO\ba ^cPZWQ ]T¿QWOZa SbQ ¬ 6]eSdS` bVS W\bS\bW]\ ]T bVS ]`UO\WhS`a ]T bVS B`O\aS] Q]\TS`S\QS eOa b] Q`SObS O T]`c[ OW[SR Ob ^`]TSaaW]\OZa W\d]ZdSR W\ bVS b`O\aTS` ]T A;3a `ObVS` bVO\ Q][^O\WSa

5JCTKPI DGUV RTCEVKEG

>`W]` b] bVS aSaaW]\ SOQV ^O`bWQW^O\b eOa OZZ]QObSR O\ ªO^^]W\b[S\b« Ob ]\S bOPZS T]` bVS ¿`ab ^O`b ]T bVS RWaQcaaW]\ O\R O\]bVS` bOPZS T]` bVS aSQ]\R ^O`b ]T bVS RWaQcaaW]\ BVWa 3c`]^SO\ 1OT{ eOa O U`SOb acQQSaa O\R [O\g ^O`bWQW^O\ba SdS\ OR[WbbSR bVOb bVSg e]cZR VOdS ZWYSR Wb b] VOdS U]\S ]\ Z]\US` Oa bVS RWaQcaaW]\a O\R [SSbW\Ua eS`S a] W\bS`SabW\U BVS ^`W\QW^ZS ]T bVS 1OT{ eOa aW[^ZS( & bOPZSa ]T ^S]^ZS eWbV SOQV bOPZS PSO`W\U bVS \O[S ]T O 3c`]^SO\ QO^WbOZ QWbg O\R O^^`]fW[ObSZg ]\S V]c` b] RWaQcaa be] _cSabW]\a 3OQV bOPZS eOa QVOW`SR Pg ]\S []RS`Ob]` eV]aS bOaY eOa b] []RS`ObS O\R bOYS \]bS ]T bVS [OW\ bV`SORa ]T bVS ^O`bWQW^O\ba¸ RWaQcaaW]\a ES e]cZR OZa] ZWYS b] bVO\Y bVS []RS `Ob]`a ]\QS OUOW\ T]` bVSW` Q]\b`WPcbW]\ O\R T]` S\OPZW\U ca b] UObVS` bVS W[^`SaaW]\a bV]cUVba O\R ]cbQ][S ]T bVS Q]\dS`aObW]\a eVWQV eS VOdS ac[[O`WhSR T]` g]c PSZ]e

BVS ]bVS` `SOa]\ [S\bW]\SR Pg bVS [OX]`Wbg ]T ^O`bWQW^O\ba eOa bVS RSaW`S b] aVO`S PSab ^`OQbWQS O\R ZSO`\ OP]cb bVS Sf^S`WS\QSa ]T ]bVS` Q]c\b`WSa W\ ORdO\QW\U bVS WaacSa OTTSQbW\U A;3 b`O\aTS`a ;]`S]dS` bVS T]c` WaacSa WRS\bW¿SR Oa VWUV ^`W]`Wbg Pg bVS ]`UO\WhS`a ]T bVS B`O\aS] Q]\TS`S\QS O\R Pg bVS 3c`]^SO\ 1][[WaaW]\ eVWQV Pg [SO\a ]T Wba `S^`SaS\bObWdSa Ob bVS T]`c[ ;` 1c`OdWQ O\R ;` 8OSUS`a `SQ]U\WhSR bVOb bVSaS T]c` YSg _cSabW]\a eS`S Tc\RO[S\bOZ O\R Q][[]\ b] OZZ Q]c\b`WSa ]T bVS 3c`]^SO\ C\W]\ eS`S bVS T]QOZ ^]W\b T]` bVS ^O`bWQW^O\ba BVSg eO\bSR b] PS OPZS b] ZSO`\ OP]cb ^`OQbWQSa O\R Sf^S`WS\QSa PSg]\R bVSW` \ObW]\OZ P]`RS`a Sa^SQWOZZg eWbV `SUO`R b] Q`SObW\U O\R ]^S`ObW\U [ObQVW\U ^ZObT]`[a PSbeSS\ aSZZS`a O\R PcgS`a WRS\bWTgW\U O\R `OWaW\U bVS OeO`S\Saa ]T ^]bS\bWOZ aSZZS`a O\R PcgS`a O\R OZa] eWbV `SUO`R b] ac^^]`bW\U bVSaS aSZZS`a O\R PcgS`a

%TQUU DQTFGT RQVGPVKCN HQT UGNNGTU CPF DW[GTU 4W\OZZg O\]bVS` W[^]`bO\b Sf^SQbObW]\ ]\ bVS ^O`b ]T bVS ^O`bWQW^O\ba eOa b] PS OPZS b] PS\S¿b T`][ Q`]aa P]`RS` [ObQVW\U PSbeSS\ aSZZS`a O\R PcgS`a O\R b] X]W\bZg Q]\aWRS` bVS ^]aaWPWZWbg ]T Q]ZZOP]`O bW]\ Ob O 3c`]^SO\ ZSdSZ 7\ TOQb a][S ^O`bWQW^O\ba abObSR bVOb bVS`S Wa SdS`g \SSR b] `S[]dS bVS ^ag QV]Z]UWQOZ PO``WS` Oaa]QWObSR eWbV ªbVS \SeZg O``W dSR T]`SWU\S`« O\R b] PS OPZS b] ]TTS` Q][^O\WSa Oa SfbS\aWdS O\R RWdS`aS O `O\US ]T ]^^]`bc\WbWSa T]` aOZSa O\R OQ_cWaWbW]\a Oa ^]aaWPZS /\]bVS` O^^`]OQV bVOb eOa [S\bW]\SR e]cZR PS b] W\Q`SOaS bVS \c[PS` ]T QS`bW¿SR ^O`b\S`a OQ`]aa 3c`]^S O\R b] Q`SObS Q`]aa P]`RS` RObOPOaSa PSO`W\U W\ [W\R bVS \SQSaaO`g ZSdSZ ]T `WU]c` O\R Q][^ZSfWbg bVOb bVWa e]cZR W\d]ZdS /\]bVS` `SZObSR O^^`]OQV e]cZR PS b] W[^`]dS bVS b`O\a^O`S\Qg ]T W\T]`[ObW]\ W\ ]`RS` b] S\OPZS bVS S[S`US\QS ]T O US\cW\S [O`YSb T]` A;3 b`O\aTS`a ]\ O 3c`]^SO\ aQOZS

#UUGUUOGPV QH MPQYNGFIG CPF GZRGTVKUG BVS ^O`bWQW^O\ba¸ bVW`R Sf^SQbObW]\ eOa b] bOYS ab]QY ]T a^SQW¿Q Y\]eZSRUS `SZObW\U b] bVS b`O\aTS` ]T A;3a eVSbVS` W\ bS`[a ]T `SaSO`QV Sa^SQWOZZg c\WdS`aWbg `SaSO`QV \ObW]\OZ `SUcZObW]\a ]` bVS [SQVO\Wa[a O\R ab`cQbc`W\U ]T O PcaW\Saa b`O\aTS` W\ SOQV Q]c\b`g BVWa OZa] W\QZcRSR O\ O^^`OWaOZ ]T bVS W\abWbcbW]\OZ O\R ^`WdObS aSQb]` ZO\RaQO^S W\ bS`[a ]T bVS aS`dWQSa OW[SR Ob `OWaW\U OeO`S\Saa ^`]dWRW\U ac^^]`b O\R TOQWZWbObW\U [ObQVW\U W\ bVS PcaW\Saa b`O\aTS` aSQb]`


2c`W\U bVS aSQ]\R ^O`b ]T bVS 3c`]^SO\ 1OT{ bVS ^O`bWQW^O\ba eS`S W\dWbSR b] RWaQcaa bVS W[^OQb ]T bVS SQ]\][WQ Q`WaWa ]\ bVSW` PcaW\Saa BVS RWaQca aW]\a aV]e bVOb bVS SQ]\][WQ Q`WaWa VOa eSZZ O\R b`cZg OTTSQbSR bVS PcaW\Saa b`O\aTS` aSQb]` BVS ^O`bWQW^O\ba VOdS ]PaS`dSR O Q]\aWRS`OPZS aZ]eW\U R]e\ ]T bVS [O`YSb ^O`bWQcZO`Zg RcS b] O RWaQ`S^O\Qg PSbeSS\ bVS ^`WQS Sf^SQbSR Pg aSZZS`a eV]aS `STS`S\QS abO\RO`Ra abWZZ RObS POQY b] PST]`S bVS Q`WaWa O\R PcgS`a eV] O`S \] Z]\US` `SORg b] ^Og O ¿Uc`S POaSR ]\ bVWa bg^S ]T dOZcObW]\ BVS \c[PS` ]T b`O\aTS` b`O\aOQbW]\a OZa] O^^SO`a b] PS RSQZW\W\U 7\ 4`O\QS T]` SfO[^ZS aW\QS bVS PSUW\\W\U ]T ' bVS \c[PS` ]T PcaW\Saa b`O\a TS`a VOa R`]^^SR Pg O`]c\R # b] RSa^WbS bVS ZO`US ac^^Zg ]T PcaW\SaaSa OdOWZOPZS T]` aOZS /a `SUO`Ra ^`WQW\U bVSg VOdS ]PaS`dSR ^`Saac`S b] `SRcQS ^`WQSa SdS\ bV]cUV bVS ^`WQS Wa bVS ¿\OZ abOUS ]T bVS ^`]QSaa 7b Wa bVS`ST]`S ^]aaWPZS b] Pcg a[OZZ Q][^O\WSa bVOb O`S abWZZ ¿\O\QWOZZg VSOZbVg Ob `SRcQSR ^`WQSa /\]bVS` ]PaS`dObW]\ eOa bVOb ^`WQSa O`S []`S ]TbS\ aSb W\ bS`[a ]T [cZbW^ZSa ]T ^`SdW]ca gSO` ¿Uc`Sa 4]` `SOa]\a ]T bW[S Wb Wa QZSO` bVOb a][S b`O\aOQ bW]\a O`S PSW\U ^cb ]\ V]ZR 4c`bVS`[]`S bVS b`O\a TS` ^`]QSaa Wa bOYW\U []`S bW[S b] & []\bVa BVS ^`]QSaa Wa Z]\US` PSQOcaS PcgS`a O`S `SÀSQbW\U []`S ]\ bVS _cOZWbg ]T bVS ]TTS` O\R ]TbS\ VOdS O `SOZ ^`]XSQb W\ [W\R BVS`S VOa STTSQbWdSZg PSS\ O `Sbc`\ b] POaWQa 6OdW\U O dWaW]\ O\R ab`ObSUg Q]c\ba \]e []`S bVO\ SdS` 4W\OZZg YSS^W\U eWbV bVS WaacS ]T bW[S a][S Q]\acZbW\U ^`OQbWQSa O`S `SQ][[S\ RW\U b] bVSW` Qcab][S`a bVOb bVSg aV]cZR RSTS` aOZSa b`O\aOQbW]\a

7\ bS`[a ]T bVS dOZcS ]T Q][^O\WSa a][S ^O`bWQW ^O\ba abObSR bVOb O Z]b ]T S\b`S^`S\Sc`a O`S W\bS`Sa bSR W\ RSbS`[W\W\U bVS dOZcS ]T bVSW` Q][^O\g Pcb R] \]b `SOZZg VOdS O\g W\bS\bW]\ ]T aSZZW\U Wb 4c`bVS` []`S bVS dOZcS ]T Q][^O\WSa aV]cZR PS RSQ`SOaW\U Pcb bVWa abWZZ R]Sa \]b O^^SO` b] PS bVS QOaS PSQOcaS Q][^O\WSa O`S ]TbS\ dOZcSR POaSR ]\ O [cZbW^ZS ]T bVS `SacZb OQVWSdSR W\ ^`SdW]ca gSO`a BVS Q`WaWa VOa VOR O\ STTSQb ]\ bVS dO`W]ca ^ZOgS`a W\d]ZdSR W\ bVS b`O\aTS` ^`]QSaa 7\ bS`[a ]T aSZZS`a a][S abObSR bVOb aSZZS`a eV] VOdS OZ`SORg PSUc\ OQbWdSZg aSO`QVW\U T]` O PcgS` O`S \]b `SOZZg RWaQ]c `OUSR Pg bVS Q`WaWa O\R O`S Q]\bW\cW\U bVSW` b`O\aTS` ^ZO\a eVWZS ]bVS` aSZZS`a O`S `Sab`WQbSR T`][ aSZZW\U PSQOcaS ]T bVSW` ¿\O\QWOZ RWT¿QcZbWSa O\R bVSW` \SSR T]` ZW_cWRWbg W\ ]`RS` b] UcO`O\bSS bVS Q]\bW\cWbg ]T bVSW` PcaW\Saa 4W\OZZg a][S aSZZS`a O`S eOWbW\U T]` O []`S Rg\O[WQ SQ]\][WQ S\dW`]\[S\b PST]`S ^cb bW\U bVSW` Q][^O\g c^ T]` aOZS /a T]` PcgS`a Wb Wa QZSO` bVOb bVS Q`WaWa Wa [OYW\U bVS[ []`S c\QS`bOW\ O\R VSaWbO\b

BVSg R] \]b Y\]e WT bVWa Wa bVS `WUVb bW[S b] Pcg O\R a][S O`S eOWbW\U T]` []`S W\T]`[ObW]\ OP]cb T]`SQOabSR `SacZba T]` ' Oa bVSg O`S eSZZ OeO`S bVOb ]^^]`bc\WbWSa O`WaS Rc`W\U O `SQSaaW]\ EWbV `SUO`R b] bVS Tc\RW\U ]T bOYS]dS`a bVS ^O`bW QW^O\ba `S[O`YSR bVOb OQQSaaW\U Q`SRWb VOa PSQ][S []`S Q][^ZWQObSR O\R bVOb W\bS`Sab `ObSa `S[OW\ VWUV T]` bVS PcgS` 7\ ORRWbW]\ PcgS`a eV] VOR ^ZOQSR bVSW` aVO`S QO^WbOZ ]\ bVS Ab]QY 3fQVO\US VOdS aSS\ O R`]^ W\ bVSW` ^]bS\bWOZ Q]\b`WPcbW]\ A][S PcgS`a O`S bVS`ST]`S ^cbbW\U bVSW` ^`]XSQba ]\ bVS POQY Pc`\S` T]` \]e 5WdS\ bVS []`S `WU]`]ca aSZSQbW]\ Q`WbS`WO O^^ZWSR eVS\ ]PbOW\W\U Tc\RW\U T]` O b`O\aTS` PcgS`a O`S \]e ab`cQbc`W\U bVSW` ]TTS` PSbbS`( O U]]R ]TTS` [SO\a U]]R ¿\O\QW\U :WYSeWaS acQQSaaTcZ ^]`bT]ZW]a O`S []`S a]ZWR ]\ OdS`OUS O\R aV]cZR VOdS O PSbbS` RSPb `ObW]

7\ bVSaS bW[Sa ]T ¿\O\QWOZ W\abOPWZWbg bVS ^O`bWQW^O\ba VOdS \]bSR bVOb Q]\acZbO\ba O`S QOZZSR c^]\ []`S ]TbS\ bVO\ PST]`S A][S VOdS \]bSR O\ W\Q`SOaS W\ bVS \c[PS` ]T OcRWb `S_cSaba Oa PO\Ya O`S ]\Zg `SbOW\W\U PcaW\Saa ^ZO\a bVOb O`S a]c\R O\R eSZZ bV]cUVb ]cb

BVS Q`WaWa VOa OZa] OTTSQbSR W\dSab]`a 7\dSab]`a O\R dS\bc`S QO^WbOZ Q][^O\WSa O`S OZa] []`S VSaWbO\b A][S W\dSab]`a VOdS ]PaS`dSR bVOb bVS`S O`S []`S O\R []`S PcaW\Saa O\USZa eV] QO\ a][SbW[Sa PS ZSaa ^`]TSaaW]\OZ bVO\ ZO`US` Tc\R [O\OUS`a =\ bVS eV]ZS bVS TSSZW\U Wa bVOb bVS`S Wa O `SRcQbW]\ W\ bVS ZSdSZ ]T `WaY bOYW\U Pg W\dSab]`a 7\ bS`[a ]T PO\Ya bVSg O`S OZa] aSS\ Oa PSW\U ZSaa ]^S\ O\R []`S QOcbW]ca BVS PO\Ya aSS[ []`S `SZcQbO\b b] ^`]dWRS OQQSaa b] Tc\RW\U ]` O`S ^cb bW\U `S_cSaba ]\ V]ZR `ObVS` bVO\ [OYW\U O RSQWaW]\ 7\ US\S`OZ Wb O^^SO`a bVOb []`S bW[S Wa `S_cW`SR b] ]PbOW\ Tc\RW\U >S`a]\OZ Q]\b`WPcbW]\a ^ZOg O U`SObS` `]ZS bVO\ PST]`S O\R PO\Ya O`S `S_cSabW\U VWUVS` UcO`O\bSSa 4W\OZZg bVS Oaac[^bW]\a [ORS Pg bVS PO\Ya eVS\ Wb Q][Sa b] PcaW\Saa ^ZO\a O`S []`S Q]\aS`dObWdS /QQSaaW\U Tc\RW\U VOa PSQ][S []`S Q][^ZSf O\R bVS Q`WbS`WO T]` OQQS^bO\QS []`S RS[O\RW\U Pcb Oa Sf^ZOW\SR OP]dS bVWa OZZ]ea bVS []`S Q]VSaWdS ab`cQbc`W\U ]T ^`]XSQba

!


5GEQPF RNGPCT[ UGUUKQP

6JG TQNG QH UWRRQTV UGTXKEGU KP VJG DWUKPGUU VTCPUHGT RTQEGUU EVOb `]ZS aV]cZR bVS ^cPZWQ aSQb]` ^ZOg W\ bVS b`O\aTS` ^`]QSaa- EVOb O`S bVS `]ZSa O\R Q][ ^SbS\QWSa ]T ^`WdObS ORdWa]`a e]`YW\U W\ bVWa ¿SZR- EVOb bg^Sa ]T ag\S`UWSa QO\ ]` aV]cZR PS RSdSZ]^SR PSbeSS\ bVS ^`WdObS O\R ^cPZWQ aSQb]`- BVSaS _cSabW]\a T]`[ bVS T]Qca ]T bVWa aSQ]\R ^ZS\O`g aSaaW]\

1V`Wab]^VS` 9c[[S` >`SaWRS\b ]T bVS 7\abWbcbS ]T ;S`US`a /Q_cWaWbW]\a O\R /ZZWO\QSa O bVW\Y bO\Y POaSR W\ Hc`WQV eOa QOZZSR ]\ b] aSb bVS aQS\S / abcRg ]\ b`O\aOQbW]\a QO``WSR ]cb PSbeSS\ ''# O\R & VWUVZWUVbSR bVOb bVS \c[ PS` O\R bg^S ]T ORdWa]`a W\d]ZdSR W\ O PcaW\Saa b`O\aTS` ZO`USZg RS^S\R ]\ Wba Q][^ZSfWbg /Z]\U aWRS b`ORWbW]\OZ `]ZSa acQV Oa ¿\O\QWOZ Q]\acZ bO\ba ^`]XSQb [O\OUS`a OQQ]c\bO\ba bOf Sf^S`ba ZSUOZ Sf^S`ba ]bVS` Q][^SbS\QWSa Q][S W\b] ^ZOg acQV Oa 7B Q]\acZbO\ba S\dW`]\[S\b a^SQWOZWaba 6@ a^SQWOZWaba ^cPZWQ `SZObW]\a a^SQWOZWaba W\ac`O\QS a^SQWOZWaba SbQ ª>`WdObS Q]\acZbO\ba SaaS\bWOZZg« Q][[S\ba 1V`Wab]^VS` 9c[[S` eV] OR[WbbSR bVOb VS Wa \]b Ob OZZ QZSO` OP]cb bVS `]ZS b] PS ^ZOgSR Pg ^cPZWQ OcbV]`WbWSa W\ bVS O`SO ]T PcaW\Saa b`O\aTS`a BVS aSZZS`¸a T]Qca ]T ObbS\bW]\ SfQSSRa bVOb ]T aW[^Zg QOZQcZObW\U bVS dOZcS ]T bVSW` Q][^O\g BVS _cSabW]\ Wa []`S SfWabS\bWOZ( eVOb O`S g]c U]W\U b] R] eWbV [g ªPOPg«- EVOb O`S g]c` ^ZO\a T]` [g A;3- BVWa Wa eVS`S bVS VSO`b ]T bVS QVOZZS\US ZWSa PSQOcaS bVS ^`]QSaa U]Sa eSZZ PSg]\R bVOb ]T aW[^Zg OaaS[PZW\U bVS dO`W]ca ^WSQSa ]T O ^chhZS :Sf DO\ BSSTTSZS\ >`]TSaa]` Ob Cb`SQVb eOa bVS\ QOZZSR ]\ b] Q][^ZSbS bVWa ]dS`OZZ `SdWSe ]T bVS aWbcObW]\ BVS 2cbQV Sf^S`b PSUO\ Pg \]bW\U bVOb ^`]U`Saa aSS[a b] VOdS PSS\ [ORS ]\ bVS WaacS ]T `OWaW\U OeO`S\Saa( ªeVS\SdS` 7 bOYS ^O`b W\ aS[W \O`a ]\ bVS acPXSQb ]T PcaW\Saa b`O\aTS`a bVS`S Wa US\S`OZZg O [OfW[c[ ]T ^O`bWQW^O\ba BVS TOQb bVOb 7 \]e ¿\R [gaSZT Ob O\ W\bS`\ObW]\OZ Q]\TS`S\QS ObbS\RSR Pg ]dS` ^S]^ZS ^`]dSa bVOb bVS QO[ ^OWU\ b] `OWaS OeO`S\Saa Wa e]`YW\U eSZZ « BVS Sf^S`b `S^]`bSR ]\ be] abcRWSa Qc``S\bZg OdOWZO PZS /ZZWaa]\ % 2S EOO`R eVWQV W\RWQObS bVOb PcaW\Saa b`O\aTS` ORdWa]`a O`S US\S`OZZg \]b W\bS`SabSR W\ RSOZW\U eWbV A;3a bVSg O`S b]] Q]abZg T]` bVS[ BVWa Wa QZSO`Zg O aVO[S aW\QS ' ]T b`O\a TS`a bOYS ^ZOQS eWbVW\ [WQ`]PcaW\SaaSa ]T ZSaa bVO\ S[^Z]gSSa :WYS VWa Q]ZZSOUcS T`][ Hc`WQV :Sf DO\ BSSTTSZS\ ^]W\bSR b] bVS Sfb`S[S RWdS`aWbg ]T ORdWa]`a eWbV bVS [O`YSR ^`SR][W\O\QS ]T QVO` bS`SR OQQ]c\bO\ba OVSOR ]T PO\YS`a QVO[PS`a ]T Q][[S`QS SbQ BVS ^`]PZS[ VS`S PSW\U bVOb bVSaS a^SQWOZWaba O`S ]\Zg a^SQWOZWaba W\ ]\S a[OZZ O`SO eVWQV STTSQbWdSZg [SO\a bVOb bVS`S Wa \] Q][[]\ bV`SOR b] ^`]dWRS O RSU`SS ]T Q]VSaWdS\Saa bV`]c UV]cb bVS S\bW`S ^`]QSaa

"

AV]cZR bVWa Q][[]\ bV`SOR PS ^`]dWRSR Pg bVS ^cPZWQ aSQb]`- BVS aQ]^S ]T bVS `]ZS ^ZOgSR Pg bVS

^cPZWQ OcbV]`WbWSa SZWQWbSR dO`W]ca RWTTS`S\b `Sa^]\ aSa T`][ bVS a^SOYS`a , 4]` 4`S\QV [O\ GO\\WQY 6]QVS T`][ bVS />13 bVS 4`S\QV PcaW\Saa abO`b c^ OUS\Qg bVS O`QVWbSQbc`S PSbeSS\ bVS ^`WdObS O\R ^cPZWQ aSQb]` [cab PS POaSR ]\ be] ^`W\ QW^ZSa( bVOb ]T Q]]^S`ObW]\ ªY\]eW\U eVS\ b] ^Oaa ]\ bVS POb]\« O\R bVOb ]T Q][^S bWbW]\ eVWQV ZSORa b] PSab ^`OQbWQS 7\ aV]`b bVS `]ZS ^ZOgSR Pg bVS ^cPZWQ aSQb]` aV]cZR T]Qca ]\ ^`]dWRW\U W\T]`[ObW]\ O\R b`OW\W\U O\R ]\ S\ac`W\U bVOb ^S]^ZS ¿\R bVS PSab ^ZOgS` ]\ bVS [O`YSb 0g eOg ]T SfO[^ZS VS `STS``SR b] bVS eSPaWbS ]T bVS 4`S\QV PcaW\Saa abO`b c^ OUS\Qg />13 O^QS Q][ eVWQV `SQSWdSa " [WZZW]\ dWaWba SOQV gSO` ^`]dWRW\U O\aeS`a b] _cSabW]\a OP]cb ªeV] R]Sa eVOb« ªeWbVW\ eVOb ^O`O[SbS`a« SbQ ªEVWQV [SO\a bVOb bVS ^`WdObS aSQb]` Wa \]e PSW\U O^^`]OQVSR Pg Qcab][S`a eV] O`S eSZZ ^`S^O`SR« /\R SdS\ WT a][S ]dS`ZO^ ^W\U SfWaba PSbeSS\ bVS ^cPZWQ O\R ^`WdObS aSQb]` SdS`g]\S eW\a ]cb W\ bVS S\R PSQOcaS bVS Qcab][S`a O`S []`S Q][^SbS\b« , 7\ bVS EOZZ]\ `SUW]\ bVS ^cPZWQ aSQb]` SabO PZWaVSR A=E/113AA eVWQV VOa Oaac[SR bVS RcOZ `]ZS ]T `OWaW\U OeO`S\Saa O\R ^`] dWRW\U O PcaW\Saa [ObQVW\U ^ZObT]`[ RObO POaS ]T PcgS`a O\R aSZZS`a eWbV OQQ`SRWbObW]\ ]T ac^^]`b ^`]TSaaW]\OZa 4]` 8SO\ >WS``S 2W 0O`b]Z][S] 1VOW`^S`a]\ ]T bVS 0]O`R bVS `]ZS ]T bVS ^cPZWQ aSQb]` Wa \]b b] ^Wb WbaSZT ªOUOW\ab« bVS ^`WdObS aSQb]` Pcb []`S b] W\bS`dS\S W\ O Q][^ZS[S\bO`g `]ZS W\ bV]aS O`SOa eVS`S bVS ^`WdObS aSQb]` Wa \]b W\d]Z dSR ªBVO\Ya b] ]c` ^O`b\S`a W\ 4`O\QS O\R bVS <SbVS`ZO\Ra eS O`S OPZS b] eWRS\ bVS aQ]^S T]` PcaW\Saa [ObQVW\U ]^^]`bc\WbWSa =\ O P`]OR ZSdSZ ]c` OQbWdWbWSa bS\R b] T]Qca ]\ W\Q`SOaW\U b`O\a^O`S\Qg O\R bVS À]e ]T b`O\aOQbW]\a« 7b¸a OZa] e]`bV \]bW\U bVS ª¿Z bS`W\U« `]ZS ^ZOgSR Pg A]eOQQSaa PSQOcaS bVS _cOZWbg ]T bV]aS ^`]TSaaW]\OZa OT¿ZWObSR eWbV bVS [ObQVW\U ^ZObT]`[ Wa dOZWRObSR Pg O\ /QQ`SRWbObW]\ Q][[WbbSS O\R O\ 3bVWQa Q][[WbbSS ª7b¸a O _cSabW]\ ]T Q`SRWPWZWbg« Q][[S\bSR 8SO\ >WS``S 2W 0O`b]Z][S] a^SOYW\U OP]cb bVS ¿\O\QWOZ `]ZS ^ZOgSR Pg bVS ^cPZWQ aSQb]` 4]` SfO[^ZS A]eOZ¿\ ^O`S\b Q][^O\g ]T A]eOQQSaa ^`]dWRSa Tc\RW\U b] PSbeSS\ $ O\R & Q][^O\WSa ^S` gSO` W\ bVS Q]\bSfb ]T PcaW\Saa b`O\a TS`a

#


, / [S[PS` ]T bVS 3bVWQa Q][[WbbSS [S\bW] \SR Pg 8SO\ >WS``S 2W 0O`b]Z][S] :Oc`S\b ESS`ba 0SZUWO\ W\abWbcbS T]` TO[WZg S\bS` ^`WaS PSZWSdSa bVOb bVS OQbW]\ bOYS\ Pg bVS ^cPZWQ OcbV]`WbWSa W\ EOZZ]\WO VOa ^`]dWRSR O `SOZ abW[cZca T]` PcaW\Saa b`O\aTS`a ªBVS ^cPZWQ aSQb]` TcZZg c\RS`ab]]R bVS W[^]` bO\QS ]T VOdW\U SbVWQOZ ^ZOgS`a O\R bV`]cUV Wba ¿ZbS`W\U `]ZS Wb VOa UWdS\ O\ W[^]`bO\b aWU\OZ( bVS A]eOQQSaa ^ZObT]`[ Wa \]b ªO\ ]ZR P]ga QZcP« Wb Wa S\bW`SZg ^`]TSaaW]\OZ« 7\ bS`[a ]T PSab ^`OQbWQS bVS Q]\acZbO\b OZa] ^]W\bSR b] bVS aSZT OaaSaa[S\b b]]Z RSdSZ]^SR Pg A]eOQQSaa bVOb OZZ]ea OZZ ^]bS\bWOZ aSZZS`a b] OaY bVS[aSZdSa bVS `WUVb _cSabW]\a PST]`S USbbW\U W\ Q]\bOQb eWbV O\g ^`]TSaaW]\OZa AbOgW\U eWbV bVS `]ZS ]T bVS ^cPZWQ aSQb]` :Oc`S\b ESS`ba RS\]c\QSR bVS UO^ b] PS ¿ZZSR W\ bS`[a ]T A;3 b`O\aOQbW]\a aW\QS ' ]T b`O\aOQbW]\a W\d]ZdW\U ' S[^Z]gSSa VOdS \] ORdWa]`a ASS Q]\b`WPcbW]\ T`][ :Sf DO\ BSSTTSZS\

, ª1]]`RW\ObW]\ O\R ^`]dWRW\U W\T]`[ObW]\ O`S Q`cQWOZ « W\RWQObSR 8SO\ ;O`WS 1ObOPSZZS 1VOW`^S`a]\ ]T bVS 11@ bVS 4`S\QV \]\ ^`]¿b [OYW\U U`]c^ T]` PcaW\Saa PcgS`a O\R aSZZS`a eVWQV ^ZOga bVWa Q`]aa Tc\QbW]\OZ `]ZS W\ 4`O\QS eVWZS OZa] ^`]dWRW\U Sf^S `WS\QS O\R ab`ObSUWQ ORdWQS ªBVS PcaW\Saa b`O\aTS` S\dW`]\[S\b Wa `WTS eWbV ORdWa]`a ]T SdS`g RSaQ`W^bW]\ 7b¸a bVS`ST]`S W[^]`bO\b b] QZSO`Zg RS¿\S bVS `]ZS ]T SOQV ^ZOgS` O\R []`S W[^]`bO\bZg b] Q][[c\WQObS bVWa `]ZS ^`]^S`Zg« VS aOga BVS 4`S\QV Sf^S`b aOWR bVOb VS R]Sa \]b `SOZZg ac^^]`b acPaWRWSa) bVS `]ZS ]T bVS ^cPZWQ aSQb]` Wa []`S b] [OYS bVS S\dW`]\[S\b TOd]c`OPZS b] PcaW\Saa O\R b] `OWaS ^cPZWQ OeO`S\Saa OP]cb bVS W[^]` bO\QS ]T PcaW\Saa b`O\aTS`a

A>3/93@A

, 8SO\ ;O`WS 1/B/03::3 ,

, GO\\WQY 6=163 ,

>`SaWRS\b 1@/ 4`O\QS

;O\OUS` eWbV `Sa^]\aWPWZWbg T]` PcaW\Saa bOYS]dS`a b`O\aTS`a />13 4`S\QV PcaW\Saa abO`b c^ OUS\Qg 4`O\QS

, 1V`Wab]^VS` 9C;;3@ ,

, :Sf DO\ B33443:3< ,

>`SaWRS\b BVS 7\abWbcbS ]T ;S`US`a /Q_cWaWbW]\a O\R /ZZWO\QSa 7;// AeWbhS`ZO\R /cb`WQVS

1]\acZbO\Qg ^`]U`O[[S [O\OUS` 0caW\Saa b`O\aTS` `SaSO`QV ZSORS` 6]USaQV]]Z Cb`SQVb 9\]eZSRUS 1S\b`S T]` 7\\]dObW]\ W\ 0caW\Saa 4OQcZbg ]T 3Q]\][WQa O\R ;O\OUS[S\b BVS <SbVS`ZO\Ra

, 8SO\ >WS``S 2W 0/@B=:=;3= , 1VOW`^S`a]\ ]T bVS P]O`R A]eOQQSaa 0SZUWc[

$

, :Oc`S\b E33@BA ,

, ;]RS`Ob]`( 3`WQ E7<<3< ,

;O\OUW\U 2W`SQb]` bVS 7\abWbcb RS Z¸3\b`S^`WaS 4O[WZWOZS 7\abWbcbS T]` TO[WZg S\bS`^`WaS 2SZ]WbbS >O`b\S` 0SZUWc[

5S\S`OZ ;O\OUS` RWOZSQbW_ a^`Z 03:57C;

%


9QTMUJQR

5VTCVGIKGU HQT TCKUKPI VJG UGNNGT¶U CYCTGPGUU B] aSZZ ]` \]b b] aSZZ- 0caW\Saa ]e\S`a O`S ]TbS\ \]b dS`g eSZZ W\T]`[SR OP]cb bVS ]^^]`bc\WbWSa OdOWZOPZS b] bVS[ ;WaQ]\QS^bW]\a O`S `WTS eVS\ Wb Q][Sa b] PcaW\Saa b`O\aTS`a 6]e R] g]c W[^`]dS bVWa aWbcObW]\ O\R bOYS bVS R`O[O ]cb ]T aSZZW\U- / aO[^ZS ]T a][S ]T bVS _cSabW]\a ORR`SaaSR W\ bVWa E]`YaV]^

@S[OW\W\U ]\ Oa ;O\OUW\U 2W`SQb]` T]` bV`SS gSO`a T]ZZ]eW\U bVS aOZS ;OO`bS\ DO\ RS 9W[[S\ORS OR[WbbSR b] VOdW\U VOR O Z]b ]T RWT¿QcZbg QVO\UW\U `]ZSa O\R VO\RW\U ]dS` ^]eS` 6]eSdS` bVWa ^VOaS OZa] OZZ]eSR VW[ b] `SUOW\ VWa T`SSR][ eVWQV VS ^cb b] U]]R caS Pg ^c`acW\U O Q]c`aS W\ ^agQV]Z ]Ug 6Wa bVSaWa T]` VWa R]Qb]`ObS eVWQV VS ]PbOW\SR W\ ! T`][ bVS C\WdS`aWbg ]T BWZPc`U eOa ^`S QWaSZg POaSR ]\ bVS ^agQV]Z]UWQOZ Oa^SQba ]T aSZZW\U O TO[WZg PcaW\Saa 6Wa ^S`a]\OZ Sf^S`WS\QS O\R OQO RS[WQ QO`SS` ^ObV OZa] ZSR VW[ b] T]c\R ª2S 4O[W ZWSPSR`WXdS\ /RdWSaU`]S^« 4O[WZg PcaW\Saa ORdWQS U`]c^ W\ ]`RS` b] VSZ^ S\b`S^`S\Sc`a ¿\R bVS `WUVb POZO\QS PSbeSS\ bVS S[]bW]\OZ O\R `ObW]\OZ Oa^SQba ]T bVSW` PcaW\Saa RSQWaW]\a 7\ # bVS 2cbQV \ObWdS OUOW\ Sf^S`W[S\bSR eWbV `SaSZZW\U VWa ªPcaW\Saa« Pg aSZZW\U VWa Q]\acZb W\U ^`OQbWQS OZbV]cUV VS abWZZ `SbOW\SR bVS `]ZS ]T ªAc^S`dWaW\U 2W`SQb]`« B]ROg VWa W\d]ZdS[S\b Wa []`S W\ bVS QO^OQWbg ]T Q]OQV `ObVS` bVO\ ]\ O\ ]^S`ObW]\OZ ZSdSZ

B] ORR a][S ^S`a^SQbWdS b] bVWa E]`YaV]^ bVS ^O` bWQW^O\ba ZWabS\SR b] be] _cWbS bSZZW\U QOaS abcRWSa SOQV dS`g RWTTS`S\b BVS ¿`ab QOaS abcRg QO[S T`][ bVS <SbVS`ZO\Ra ;OO`bS\ DO\ RS 9W[[S\ORS eOa gSO`a ]ZR eVS\ VWa TObVS` RWSR T]`QW\U VW[ eWbV]cb O\g ^`S^O`O bW]\ b] bOYS ]dS` bVS TO[WZg `]]¿\U PcaW\Saa eVWQV VWa U`O\RTObVS` VOR T]c\RSR W\ ' # ªBVS ¿`ab TSe gSO`a eS`S dS`g RWT¿QcZb « VS `SQOZZSR ªPcb ]dS` bW[S 7 ZSO`\SR b] [OabS` bVS bSQV\WQOZ O\R ¿\O\QWOZ aWRSa ]T bVW\Ua BVS PcaW\Saa PSQO[S ^`]¿bOPZS # gSO`a ]\ 7 RSQWRSR b] aSZZ Wb b] O\ 3\UZWaV Q][^O\g ZWabSR ]\ bVS Ab]QY 3fQVO\US BVOb eOa W\ '&% O\R eS VOR " S[^Z]gSSa «

&

BVS aSQ]\R QOaS abcRg eOa ^`]dWRSR Pg @Og[]\R /`\]cZR ;O\OUW\U 2W`SQb]` ]T @ST]`[S O 0SZUWO\ Q][^O\g ]^S`ObW\U W\ bVS Q]\ab`cQbW]\ W\Rcab`g EWbV O POQYU`]c\R W\ QWdWZ S\UW\SS`W\U @Og[]\R /`\]cZR Wa \SWbVS` O aSZZS` \]` O PcgS` 6]eSdS` VS eOa dWSeSR Oa O ªabOPZS Zg\QV ^W\« Rc`W\U bVS ^`]QSaa ]T 7[[]PSZ aSZZW\U Wba aVO`Sa W\ @ST]`[S b] 4`O\YW BVWa Wa OZa] bVS `SOa]\ eVg VS eOa `SQ`cWbSR W\ " b] ^`S^O`S bVS aOZS ]T bVS Q][^O\g eVWQV S[^Z]gSR ^S]^ZS Ob bVS bW[S US\S`ObW\U O bc`\]dS` ]T `!# [WZZW]\ BVWa eV]ZS ^`]QSaa abO`bSR eWbV O \SSR T]` U`SObS` Ocb]\][g T`][ bVS ^O`S\b Q][^O\g eVWQV Pg bVOb bW[S US\S`ObSR bVS PcZY ]T bVS bc`\]dS` BVWa [SO\b bVOb Wb eOa \]b ]\Zg \SQSa aO`g b] ªQcb bVS c[PWZWQOZ Q]`R« Pcb OZa] b] `ORW QOZZg QVO\US bVS ]`UO\WhObW]\OZ ab`cQbc`S Pg QZSO`Zg `SRS¿\W\U bVS Tc\QbW]\a O\R `Sa^]\aWPWZWbWSa ]T SOQV S[^Z]gSS O\R W\dSabW\U W\ []RS`\ S_cW^[S\b eVWZS S\ac`W\U bVS ^`]¿bOPWZWbg ]T bVS Q][^O\g O\R S\VO\QW\U Wba Q]`^]`ObS W[OUS BVS aOZS WbaSZT R`OUUSR ]cb T`][ ;O`QV & b] ;O`QV ' ª/\ SfVOcabW\U ^S`W]R « OQQ]`RW\U b] @Og[]\R /`\]cZR ªPSQOcaS eS VOR b] Q]\ bW\cS `c\\W\U bVS Q][^O\g eVWZS abWZZ [O\OUW\U bVS aOZS« 6S PSZWSdSa bVOb ]PXSQbWdWbg O\R b`O\a^O`S\Qg aV]cZR PS bVS Q]`\S`ab]\Sa b] Q`SObW\U Q]\RWbW]\a ]T b`cab PSbeSS\ T]`[S` O\R Tcbc`S aVO`SV]ZRS`a B`O\a^O`S\Qg [cab OZa] O^^Zg b] abOTT eV] eWZZ ]PdW ]caZg PS OaYW\U bVS[aSZdSa O Z]b ]T _cSabW]\a Rc`W\U bVWa eV]ZS ^`]QSaa( Wb¸a W[^]`bO\b b] YSS^ bVS[ W\ bVS Z]]^ eWbV `SUO`R b] bVS ^`]U`Saa ]T bVS ^`]XSQb

eVWZS `Sa^SQbW\U bVS Q]\¿RS\bWOZWbg ]T ]\U]W\U b`O\aOQbW]\a BVS OTbS` aOZSa ^VOaS PSUO\ ]\ $bV ;O`QV ' eVS\ bVS ^O^S`a eS`S aWU\SR ªBVS [S`US` eWbV 4`O\YW eWZZ Q][S W\b] STTSQb W\ Pcb SdS`gP]Rg Y\]ea bVS Tcbc`S ]`UO\WhObW]\OZ ab`cQbc`S OZ`SORg BVS abOTT eWZZ Q]\bW\cS b] PS W\T]`[SR @ST]`[S [cab OZa] [OYS O ^]W\b ]T ZSOdW\U Wba ª[O`Y« O\R Wba `STS` S\QS dOZcSa ]\ bVS \Se ab`cQbc`S « BV`]cUV]cb bVWa eV]ZS dS\bc`S eVOb @Og[]\R /`\]cZR Q]\aWRS`SR ]T []ab W[^]`bO\QS eOa bVS ac^^]`b ^`]dWRSR Pg SfbS`\OZ ORdWa]`a eV] ^ZOg O ab`ObSUWQ `]ZS \]b ]\Zg W\ bVS SdOZcObW]\ abOUS Pcb OZa] W\ ¿\RW\U PcgS`a aSbbW\U aQVSRcZSa O\R ]`UO\WhW\U Q][[c\WQObW]\ PSbeSS\ aSZZS` O\R PcgS` ^O`bWQcZO`Zg Pg [SO\a ]T bVS aOZSa Q]\b`OQb 4]ZZ]eW\U bVSaS be] QOaS abcRWSa bVS À]]` eOa ]^S\SR c^ b] ac^^]`b OUS\ba P]bV ^cPZWQ O\R ^`W dObS , @]US` 1ZS[S\b T`][ bVS 0`WbWaV ^`OQbWQS ;]]`S AbS^VS\a eWbV ! ]T¿QSa W\ "" Q]c\b`WSa PSUO\ Pg SfO[W\W\U bVS dO`W]ca []bWdObW]\a bVOb QO\ ZSOR O\ S\b`S^`S\Sc` b] aSZZ bVSW` PcaW\Saa /^O`b T`][ ^c`SZg ¿\O\QWOZ []bWdSa bVS`S O`S ]TbS\ ]bVS` `SO a]\a T]` aSZZW\U O PcaW\Saa( TO[WZg `SOa]\a `S_cSab T`][ ]bVS` aVO`SV]ZRS`a `SbW`S[S\b VSOZbV WaacSa RWa^cbSa RWd]`QS RSObV SbQ , =\S ]T bVS [OX]` RWT¿QcZbWSa Wa bVOb ORdW a]`a O`S ]TbS\ ]\Zg W\bS`SabSR W\ bVS aOZS b`O\aOQbW]\ BVSg R] \]b OaY _cSabW]\a ZWYS( EVg O`S g]c aSZZW\U- EVOb R] g]c eO\b- EVOb eWZZ g]c R] OTbS`eO`Ra- 7b Wa ^`SQWaSZg b] VSZ^ W\a^W`S bVWa bg^S ]T `SÀSQbW]\ bVOb A]eOQQSaa POaSR W\ bVS EOZZ]]\ `SUW]\ ]T 0SZUWc[ aSb c^ O T`SS O\R O\]\g[]ca aSZT OaaSaa[S\b _cSabW]\\OW`S /a Sf^ZOW\SR Pg 8cZWS :SP|_cS bVWa _cSabW]\\OW`S Wa POaSR ]\ ' _cSabW]\a bVOb OZZ]e PcaW\Saa ]e\S`a b] Q]dS` O `O\US ]T RWTTS`S\b b]^WQa acQV Oa( W\dSab[S\b Vc[O\ `Sa]c`QSa bO\UWPZS O\R W\bO\UWPZS OaaSba [O\OUS[S\b abgZS SbQ ;]`S bVO\ " _cSabW]\\OW`Sa eS`S TcZZg Q][^ZSbSR O ^`S`S_cWaWbS T]` bVS be] ROga ]T Q]\acZbO\Qg ^`]dWRSR Pg ]\S ]T bVS &" QS`bW¿SR ^`]TSaaW]\OZa ^O`bZg ¿\O\QSR Pg A]eOQQSaa 7\ bVS O`SO ]T `OWaW\U OeO`S \Saa A]eOQQSaa OZa] RSdSZ]^SR O\]bVS` b]]Z W\ bVS T]`[ ]T O ^`OQbWQOZ UcWRS ]TTS`SR b] & EOZZ]]\ A;3a O\R $ ORdWa]`a '


, AbObW\U bVOb VS Wa ªO[OhSR ]\ O ROWZg POaWa Ob bVS ^]]` ZSdSZ ]T ^`S^O`ObW]\ ]\ bVS ^O`b ]T aSZZS`a« :W]\SZ 1O\Wa T`][ bVS 4`S\QV ^`OQbWQS 1SaOQ_ O a^SQWOZWab W\ ac^^]`bW\U A;3a ]T b] $ S[^Z]gSSa eWbV O bc`\]dS` PSbeSS\ ` [WZZW]\ O\R ` [WZZW]\ eS\b ]\ b] ORR bVOb [WaQ]\QS^bW]\a O`S `WTS eVS\ Wb Q][Sa b] b`O\aTS`a /QQ]`RW\U b] bVWa Sf^S`b T`][ 4`O\QS DA3a O`S \]b Ob OZZ W\QZW\SR b] S\ZWab bVS aS`dWQSa ]T O\ ORdWa]` PSQOcaS ªbVSg R] \]b eO\b b] ^`]abWbcbS bVS[aSZdSa« ;WaQ]\QS^bW]\ \c[PS` ]\S Wa bVS`ST]`S ª7 O[ \]b O aSZZS` 7¸[ U]W\U b] eOWb T]` a][S ]\S b] Q]\bOQb [S« eVS`SOa O ^`]TSaaW]\OZ Q]cZR ^`]dWRS c^ ! ^]bS\bWOZ QO\RWRObSa ;WaQ]\QS^bW]\ \c[PS` be]( ª7 VOdS O ^]bS\ bWOZ PcgS` 7¸ZZ QVSQY eWbV VW[ QOZZ [S POQY ZObS` « /\ c\^`]TSaaW]\OZ O\R [O\W^cZObWdS O^^`]OQV eVWQV OQQ]`RW\U b] :W]\SZ 1O\Wa ab`]\UZg W\Q`SOaSa bVS `WaYa O\R Rc`ObW]\ ]T O b`O\aOQbW]\

/ \c[PS` ]T Q]\aWRS`ObW]\a S[S`USR T`][ bVS RWa QcaaW]\a bVOb T]ZZ]eSR( , @OWaW\U OeO`S\Saa aV]cZR abW[cZObS O Q]\ aWRS`SR `SÀSQbW]\ ^`]QSaa O\R ZSOR bVS aSZZS` b]eO`Ra bVS `WUVb ^ZOgS`a , 7b aV]cZR OZa] S\Q]c`OUS bVS aSZZS` b] OQQS^b O\ SfbS`\OZ O\R ^`]TSaaW]\OZ ^]W\b ]T dWSe , 7\ TOQb bVS PcgS`a O`S ]TbS\ PSbbS` ^`S^O`SR bVO\ bVS aSZZS`a , 0SbeSS\ O\R " ]T PcaW\Saa ]e\S`a eWZZ Sf^S`WS\QS VSOZbV ^`]PZS[a ]\S ROg O\R VOdS \]bVW\U ^`S^O`SR T]` bVSW` acQQSaaW]\ , EVS\ bVS [O\OUS` ZSOdSa O RWTTS`S\b ^`]¿ZS ]T W\RWdWRcOZ Wa `S_cW`SR O\R \]b Xcab O QZ]\S ]T bVS ]`WUW\OZ [O\OUS` BVWa Wa eVg Wb Wa a] W[^]`bO\b b] RS¿\S bVS ^`]¿ZS ]T bVS PcgS` Ob bVS ]cbaSb

A>3/93@A

, ;OO`bS\ DO\ RS 97;;3</23 ,

, , 8cZWS :303?C3

13= 2S 4O[WZWSPSR`WXdS\ /RdWSaU`]S^ 4O[WZg PcaW\Saa ORdWQS U`]c^ BVS <SbVS`ZO\Ra

>ZObT]`[ ;O\OUS` A=E/113AA 0SZUWc[

, :W]\SZ 1/<7A ,

:3AA=<A 4@=; B67A E=@9A6=>

;O\OUW\U >O`b\S` 5`]c^S 1SaOQ_ 4`O\QS

;]RS`Ob]`a O\R `S^]`bS`a(

7< B3@;A =4 =0A3@D/B7=<A( , BVS OQb ]T b`O\aTS``W\U O PcaW\Saa Wa O ^`]QSaa BVS`S Wa \] `SOZ b`WUUS`W\U SdS\b

, 7ZXO <=B6</53: ,

, 7b¸a O _cSabW]\ bVOb [cab OZa] Q]\QS`\ bVS PcgS` O\R \]b Xcab bVS aSZZS` , BVS b]]Za UcWRSa SbQ OZZ]e bVS S\b`S^`S\Sc` b] aSS bVS PWUUS` ^WQbc`S

, @Og[]\R /@<=C:2 , 13= @ST]`[S aO 0SZUWc[

7< B3@;A =4 /D3<C3A B= 03 3F>:=@32( , >cPZWQ OcbV]`WbWSa O\R bVS [SRWO VOdS O `]ZS b] ^ZOg W\ bOYW\U bVS R`O[O ]cb ]T PcaW\Saa b`O\aTS`a Oa bVSg VOdS R]\S T]` abO`b c^a , /RdWQS Wa W[^]`bO\b Pcb \]b Xcab Rc`W\U bVS ^`S^O`ObW]\ abOUS BVS aSZZS` [cab ¿\R O `]ZS OTbS` bVS W\Y ]\ bVS aWU\Obc`Sa VOa R`WSR , ES [S\bW]\ bVS aSZZS` O Z]b Pcb O Q][^O\g Wa [ORS c^ ]T []`S bVO\ Xcab ]\S ^S`a]\ 3[^Z]gSSa O`S ]TbS\ ^caVSR b] ]\S aWRS Rc`W\U bVS b`O\aTS` ^`]QSaa( bVSg aV]cZR PS YS^b W\ bVS Z]]^ O\R []bWdObSR

6SOR ]T acQQSaaW]\ O\R PcaW\Saa Q]\bW\cWbg c\Wb RWdWaW]\ T]` 3Q]\][WQ >]ZWQg A;3a O\R 7\\]dObW]\ Ob bVS 2ScbaQVS` 7\Rcab`WS c\R 6O\RSZaYO[[S`bOU S D 2769 /aa]QWObW]\ ]T 5S`[O\ 1VO[PS`a ]T 7\Rcab`g O\R 1][[S`QS 5S`[O\g

, @]US` 1:3;3<B ,

, 1{ZW\S 0/@@32G ,

;O\OUW\U 2W`SQb]` ; / :]\R]\ ;]]`S AbS^VS\a 1]`^]`ObS 4W\O\QS C9

C\WdS`aWbg ZSQbc`S` W\ ;O\OUS[S\b AQWS\QS C\WdS`aWbg ]T ;]\bSa_cWSc 0]`RSOcf 7D 4`O\QS


9QTMUJQR

6QYCTFU C U[PGTI[ DGVYGGP RTKXCVG CPF RWDNKE QTICPK\CVKQPU BVS ]^OQWbg ]T bVS [O`YSb T]` PcaW\Saa b`O\aTS`a O\R aV]`bQ][W\Ua W\ bS`[a ]T PcgS` ac^^]`b ³ Ob P]bV bVS PSUW\\W\U O\R S\R ]T bVS ^`]QSaa ³ eS`S be] ]T bVS [OW\ ¿\RW\Ua ]T bVS ^O\SZ ]T Sf^S`ba T`][ aSdS`OZ 3c`]^SO\ Q]c\b`WSa eV] a^]YS Rc`W\U bVWa E]`YaV]^

ª0ST]`S O\g Q][[S`QWOZ b`O\aOQbW]\ S\bS`a W\b] bVS S_cObW]\ aSZZW\U ]` PcgW\U O PcaW\Saa Wa OP]cb VOd W\U O U]]R `SZObW]\aVW^ PSbeSS\ be] ^S]^ZS « aOWR >WS``S 1]_cO`R T`][ 4`O\QS ;O\OUS` ]T 7\Rcab`WO :]cg]b O Q][^O\g a^SQWOZWhW\U W\ ^`W\b Q][[c\WQO bW]\ /ZbV]cUV VWa bOYS]dS` ³ eW\\S` ]T bVS ª>O`Wa 3\b`S^`S\R`S« OeO`R W\ $ ³ eOa O acQQSaa O\R VWa PcaW\Saa Wa R]W\U eSZZ bVWa Wa \]b \SQSaaO`WZg bVS QOaS T]` SdS`g]\S 7\ 4`O\QS OQQ]`RW\U b] abObWabWQa ]\S W\ SdS`g bV`SS Q][^O\WSa bVOb Wa a]ZR ¿ZSa T]` PO\Y`c^bQg eWbVW\ ¿dS gSO`a ]T OQbWdWbg /QQ]`RW\U b] 0{`O\U|`S 2SaQVO[^a 2]Qb]` W\ ;O\OUS[S\b AQWS\QS O\R OcbV]` ]T O bVSaWa ]\ bVS ^`]QSaa ]T PcaW\Saa bOYS]dS`a Pg W\RWdWRcOZa ª<]b [cQV Wa aOWR ]T eVOb VO^^S\a PST]`S O\R OTbS` bVS Q]\b`OQb Wa aWU\SR 6]eSdS` ac^^]`bW\U bVS PcgS` P]bV PST]`S O\R OTbS` bVS aOZS WbaSZT Wa O YSg TOQb]` T]` acQQSaa «

4]` ]c` 4`S\QV \SWUVP]c`a ªbVS ¿`ab OUS\Qg b] a^]\a]` bVS PcgS` Wa /aaSRWQ O\ ]`UO\WhObW]\ [O\ OUW\U c\S[^Z]g[S\b Q]\b`WPcbW]\a O\R ^Og[S\ba bVS 4`S\QV S_cWdOZS\b ]T bVS 0SZUWO\ ]`UO\WhObW]\ =\S[ « OQQ]`RW\U b] >WS``S 1]_cO`R ª7b¸a ^]aaWPZS b] Q]\bW\cS `SQSWdW\U c\S[^Z]g[S\b PS\S¿ba c^ b] bVS abO`b ]T bVS bOYS]dS` ^`]QSaa « 0cb bVS`S Wa OZa] O eWRS `O\US ]T ]`UO\WhObW]\a P]bV ^`WdObS O\R ^cP ZWQ bVOb ac^^]`b S\b`S^`S\Sc`a acQV Oa( 1VO[PS`a ]T 1][[S`QS O\R 7\Rcab`g OUS\ba PcaW\Saa \Sb e]`Ya Oaa]QWObW]\a ]T PcaW\Saa ]e\S`a eV] ]TTS` bVSW` VSZ^ T]` abO`b c^a ]` PcaW\Saa bOYS]dS`a =aS] OZa] Y\]e\ Oa O ª^cPZWQ PO\Y T]` A;3a« PO\Ya SbQ ªBVS ]\Zg bVW\U eS [WUVb PS aV]`b ]\ Wa S\bVc aWOa[ O\R ^]aWbWdS S\S`Ug « ab`SaaSR 6cUcSa 4`O\Q 2W`SQb]` ]T bVS >O`Wa PcaW\Saa \Sbe]`Y ª=bVS`eWaS 7 O[ Q]\¿RS\b OP]cb bVS Tcbc`S «

7\ 5S`[O\g bVS b`O\aTS` ]T PcaW\SaaSa Wa PSQ][W\U ^`]PZS[ObWQ PSQOcaS bVS aWbcObW]\ VOa QVO\USR W\ bVS ZOab TSe gSO`a Be] bVW`Ra ]T A;3a O`S ]e\SR Pg TO[WZWSa C\bWZ bVS bc`\ ]T bVS [WZZS\\Wc[ ]\Zg % eS`S T]`QSR b] ¿\R O acQQSaa]` ]cbaWRS bVS TO[WZg T]ZR ª/a ]T bVS ZOab \c[PS` ]T gSO`a « Sf^ZOW\a /`\Rb C^T]ZR T`][ 7TSf O\ W\WbWObWdS T]` abO`b c^a O\R PcaW \Saa b`O\aTS`a O RS^O`b[S\b eWbVW\ bVS 5S`[O\ ;W\Wab`g ]T 3Q]\][WQ /TTOW`a 0ORS\ E `bbS[PS`U ª"# ]T A;3a \]e VOdS b] Z]]Y ]cbaWRS bVS TO[WZg EWbVW\ ]c` ·]\S ab]^ aV]^¸ eS O`S W\ bVS ^`]QSaa ]T aSbbW\U c^ O RS^O`b[S\b [ORS c^ ]T [SRWOb]`a a^S QWOZWaba eV] aSO`QV T]` ^]bS\bWOZ PcgS`a O\R ac^^]`b aSZZS`a bV`]cUV]cb bVS S\bW`S b`O\aTS` ^`]QSaa «

%QPUWNVCPE[ 7\ 0SZUWc[ OUS\b ^`OQbWQSa O`S \]b acPXSQb b] bVS aO[S `Sab`WQbW]\a Oa W\ 4`O\QS `S[O`YSR 4`O\Y B]caaOW\b Oaa]QWObS Ob 7\b`OQ] 1]\acZbW\U O Q][ ^O\g a^SQWOZWhW\U W\ Q]\acZbO\Qg T]` bVS b`O\a^]`b O\R Z]UWabWQa W\Rcab`g ªEVWQV QO\ a][SbW[Sa c\RS` [W\S bVS Q]\¿RS\QS ]T a][S PcgS`a eV] VOdS VOR b] RSOZ eWbV QVO`ZObO\a W\ bVS ^Oab¬«

7\ 4W\ZO\R PcaW\Saa bOYS]dS`a O`S bVS `Sa^]\aWPWZ Wbg ]T bVS ;W\Wab`g ]T 3[^Z]g[S\b O\R bVS 3Q]\ ][g ª@SUW]\OZ RSdSZ]^[S\b OUS\QWSa OZa] USb W\ RW`SQb Q]\bOQb eWbV ]e\S`a eV] O`S Z]]YW\U T]` O PcgS` « Sf^ZOW\SR <W\SbbO 1VO\W]b]c 2SdSZ]^[S\b ;O\OUS` T]` bVS `SUW]\OZ RSdSZ]^[S\b Q][^O\g 9OW\cc\ 3bc =g ªBVS ^`]QSaa QO\ ]TbS\ PS dS`g R`Oe\ ]cb SdS\ Q]\dW\QW\U bVS aSZZS` b] RS¿\WbWdSZg Qcb bWSa eWbV VWa PcaW\Saa QO\ bOYS O Z]\U bW[S«

/GPVQTKPI BVS 3c`]^SO\ /aa]QWObW]\ ]T 1VO[PS`a ]T 1][ [S`QS O\R 7\Rcab`g Z]]YSR W\b] bVS WaacS ]T ^]ab bOYS]dS` T]ZZ]e c^ ª/ ª[S\b]`W\U« ^`]XSQb % ' eOa ZOc\QVSR W\ bVW`bSS\ Q]c\b`WSa « W\RWQObSR 0{`O\U|`S 2SaQVO[^a 7\ ^O`bWQcZO` Wb ]TTS`a T`SS ac^^]`b T]` O ^S`W]R ]T PSbeSS\ bS\ ROga O\R O [OfW[c[ ]T ]\S gSO` T`][ bVS bW[S bVS bOYS]dS` Q]\b`OQb Wa aWU\SR « BVS 1VO[PS`a ]T 1][[S`QS O\R 7\Rcab`g QO``g ]cb O\ O\OZgaWa ]T bVS aWbcObW]\ >`WdObS Sf^S`ba bVS\ PSQ][S W\d]ZdSR Oa `S_cW`SR ª7\ US\S`OZ eS ]PaS`dSR bVOb bVS PcgS` VOR O U`SObS` \SSR T]` []`S ^S`a]\OZ ac^^]`b bVO\ bSQV \WQOZ OaaWabO\QS /a bVS PcgS` \SSRa b] PS Q]\dW\QSR dS`g _cWQYZg bVSg \SSR O \Scb`OZ bVW`R ^O`bg O a^SQWOZWab eV] c\RS`abO\Ra bVS[ O\R eV] bVSg QO\ Q]\¿RS W\ eWbV]cb O\g TSO` «

7\ 5S`[O\g Q]\acZbO\Qg Wa acPaWRWaSR Pg bVS AbObS ª7b Wa \]b SOag b] [O\OUS « _cW^^SR /`\Rb C^T]ZR ª0SQOcaS \]e eS acRRS\Zg VOdS O ZO`US Q]\acZbO\Qg [O`YSb ^S`VO^a SdS\ PWUUS` bVO\ bVS PcaW\Saa b`O\aTS` [O`YSb WbaSZT BVS ^`]PZS[ T]` ca Wa ¿\RW\U PcgS`a A] eS VOdS aSb c^ O [SRWObW]\ ^`]U`O[[S( OUS\ba [OYS RW`SQb Q]\bOQb eWbV bVS aSZZS`a OaaSaa bVSW` \SSRa W\ bS`[a ]T ORdWQS ac^^]`b SbQ A] Wb OZZ abO`ba ]TT eWbV ]\S b] ]\S Q]\bOQb PSbeSS\ W\RWdWRcOZa 7b¸a O agabS[ bVOb e]`Ya eSZZ «

!


1RCSWG OCTMGV /QQ]`RW\U b] 6cUcSa 4`O\Q aSZZS`a O`S bVW\ ]\ bVS U`]c\R W\ bVS >O`Wa `SUW]\ 4c\Ra O`S SOaWS` b] b`OQY R]e\ ª7\ 5S`[O\g « W\RWQObSR /`\Rb C^T]ZR ª]c` ]\ZW\S ^]`bOZ OZZ]ea ^]bS\bWOZ S\b`S^`S\Sc`a OQQSaa b] O ZWab ]T Q][^O\WSa bVOb O`S OdOWZOPZS T]` bOYS]dS` 6]eSdS` bVWa agabS[ Wa \]b dS`g ST¿QWS\b 7b O^^SO`a bVOb O Z]b ]T a[OZZ A;3a O`S \]b dS`g Obb`OQbWdS 3dS\ a] Wa bVS W\T]`[ObW]\ ]\ bVSaS A;3a bVOb¸a S\Q`g^bSR ]\ bVS TSRS`OZ aWbS Obb`OQbWdS S\]cUV- B]ROg eS O`S b`gW\U b] W[^`]dS \]b a] [cQV bVS _cOZWbg ]T bVSaS Q][^O\WSa Pcb Ob ZSOab bVS _cOZWbg ]T Q][[c\WQO bW]\ « 7\ 0SZUWc[ ^]bS\bWOZ PcgS`a QO\ OZa] OdOWZ ]T O aW[WZO` 7B b]]Z BVS Tcbc`S ^ZO\ Wa b] RSdSZ]^ bVSaS caSTcZ RObOPOaSa¬

4]` >WS``S 1]_cO`R bVS YSg b] O acQQSaaTcZ bOYS]dS` ZWSa W\ bVS []`S ]` ZSaa Z]\U bS`[ ac^^]`b bVOb Wa ^`] dWRSR Pg bVS aSZZS` b] bVS PcgS` ª0ST]`S O\g _cSa bW]\ ]T Tc\RW\U bVS b`O\aTS` ]T O PcaW\Saa Wa ¿`ab O\R T]`S[]ab O\ SfQVO\US PSbeSS\ be] ^S]^ZS /\R 7¸[ Q]\dW\QSR ]T bVWa( Wb¸a \]b bVS PcgS` eV] QV]]aSa bVS PcaW\Saa Wb¸a bVS aSZZS` eV] QV]]aSa bVS PcgS` «

A>3/93@A

, <W\SbbO 16/<7=B=C ,

, 4`O\Y B=CAA/7<B ,

2SdSZ]^[S\b ;O\OUS` 9OW\cc\ 3bc =g 4W\ZO\R

>O`b\S` 7\b`OQ] 1]\acZbW\U 0SZUWc[

, >WS``S 1=?C/@2 ,

, /`\Rb C>4=:2 ,

;O\OUS` 7\Rcab`WO :]cg]b 4`O\QS

AS\W]` U]dS`\[S\b ]T¿QWOZ EW`baQVOTba[W\WabS`Wc[ 0ORS\ E `bbS[PS`U ;W\Wab`g ]T 3Q]\][WQ /TTOW`a 0ORS\ E `bbS[PS`U 5S`[O\g

:3AA=<A 4@=; B67A E=@9A6=> 7< B3@;A =4 =0A3@D/B7=<A( , BVS [O`YSb Wa ]^O_cS RcS b] Q]\¿RS\bWOZWbg `SOa]\a O\R QZ]aSR `SacZbW\U W\ O ZOQY ]T dWaWPWZWbg O\R `SZWOPZS W\T]`[ObW]\ O\R W\acT¿QWS\b ZSdSZa ]T ^`S^O`ObW]\ T]` PcaW\Saa b`O\aTS`a , 2WdS`aWbg ]T bVS ^ZOgS`a( OQQ]c\bO\Qg Sf^S`ba OcRWb]`a Oaa]QWObW]\a ZOegS`a PO\YS`a [S`US` OQ_cWaWbW]\ Sf^S`ba ]bVS` ^]aaWPZg ªc\aQ`c^cZ]ca« OUS\ba , 6]e R] g]c ¿\R bVS ª`WUVb« ORdWQS- EV] QO\ g]c b`cab- 6]e [cQV R]Sa Wb Q]ab- ^cPZWQ PSW\U QVSO^S` bVO\ ^`WdObS , BVS \SSRa ]T bVS aSZZS`( `OWaS OeO`S\Saa VSZ^ eWbV ^`S^O`ObW]\ OTbS` bVS b`O\aTS` OZa] , BVS \SSRa ]T bVS PcgS`( W\T]`[ObW]\ bSQV\WQOZ ac^^]`b OQQ]c\bO\ba Q]\acZbO\ba SbQ O\R []`OZ ac^^]`b Sa^SQWOZZg OTbS` bVS Q]\b`OQb VOa PSS\ aWU\SR 7< B3@;A =4 /D3<C3A B= 03 3F>:=@32( , @ObVS` bVO\ bOZYW\U OP]cb ^`WdObS ^cPZWQ ag\S`Ug bVS T]Qca aV]cZR PS ]\ bVS RWab`WPcbW]\ ]T `]ZSa( ^cPZWQ aSQb]` T]` DA3a O\R ^`WdObS aSQb]` T]` A;3a , BVS S[]bW]\OZ Oa^SQb aV]cZR PS bOYS\ W\b] OQQ]c\b []`S Sa^SQWOZZg T]` abOTT ]TbS\ T]`U]bbS\ O\R b`SObSR Oa [S`S a^SQbOb]`a O\R bVS PcgS` SfO[^ZS ]T ª;S\b]`W\U« agabS[ ³ ^]ab bOYS]dS` ac^^]`b ³ Qc``S\bZg PSW\U bSabSR W\ ! Q]c\b`WSa

"

, 0{`O\U|`S 23A16/;>A , :SQbc`S` 7\abWbcb R¸/R[W\Wab`ObW]\ RSa S\b`S^`WaSa RS 5`S\]PZS 5`S\]PZS c\WdS`aWbg U`ORcObS PcaW\Saa W\abWbcbS 4`O\QS

, 6cUcSa 4@/<1 , 2W`SQb]` @{aSOc 3\b`S^`S\R`S >O`Wa >O`Wa PcaW\Saa \Sbe]`Y 4`O\QS

;]RS`Ob]`a O\R `S^]`bS`a(

, A]\WO 0=CAA/5C3B , /aa]QWObS RW`SQb]` 7;/@B ;O\OUS[S\b W\abWbcbS T]` PcaW\Saa bOYS]dS`a O\R b`O\aTS`a >S`[O\S\b ZSQbc`S` W\ Ab`ObSUg 3\b`S^`S\Sc`aVW^ @SW[a ;O\OUS[S\b AQV]]Z /aa]QWObS 1]\acZbO\b Ob 7\¿\S B`O\aOQbW]\a 4`O\QS

, 3`WQ 4@=;3<BG , 2W`SQb]` 7\¿\S B`O\aOQbW]\a 4`O\QS

#


9QTMUJQR

/CVEJKPI RNCVHQTOU VJG DGUV KU [GV VQ EQOG 1]\bOQb Wa SabOPZWaVSR PSbeSS\ aSZZS`a O\R PcgS`a bV`]cUV Q][^O\WSa O\R ]`UO\WhObW]\a Y\]e\ Oa ª[ObQVW\U ^ZObT]`[a« BVS OW[ ]T bVWa E]`YaV]^ eOa b] Q][^O`S aW[WZO` Sf^S`WS\QSa OQ`]aa aSdS`OZ 3c`]^SO\ Q]c\b`WSa

4]` @]aOZWS bVS`S O`S Ob ZSOab be] `SOa]\a T]` bVWa ªeWRSa^`SOR« ^VS\][S\]\( [O\g ]e\S`a T`][ bVS ª0OPg 0]][« US\S`ObW]\ O`S Q][W\U b] bVS S\R ]T bVSW` QO`SS`a O\R [O\g eO\b b] bOYS ORdO\bOUS ]T eSZZ RSaS`dSR `SbW`S[S\b T`][ bVS OUS ]T $# ªBVS ^`]PZS[ « aVS Q]\bW\cSa ªWa bVOb O Z]b ]T PcaW \Saa ]e\S`a ]\Zg bVW\Y OP]cb acQQSaaW]\ bVS gSO` PST]`S bVSg ^ZO\ b] ZSOdS 0g bVS\ Wb¸a ]TbS\ b]] ZObS b] S\ac`S bVOb SdS`gbVW\U eWZZ `c\ Oa a[]]bVZg Oa Wb aV]cZR¬«

5WEEGUUHWN KPKVKCVKXGU

ªBVS [OX]`Wbg ]T ]e\S`a O`S `SZcQbO\b b] bOZY OP]cb b`O\aTS``W\U bVSW` PcaW\Saa PSQOcaS bVSg aSS Wb Oa O abS^ b]eO`Ra ^`S^O`W\U bVSW` ]e\ Tc\S`OZ 0cb bVSg eWZZ VOdS b] bVW\Y OP]cb Wb a][S ROg « EWbV bVWa a][SeVOb W`]\WQ `S[O`Y B]\W 0`c\SZZ] 3c`]^SO\ Sf^S`b ]\ bVS acPXSQb 13= ]T AbcRW]1S\b`]DS\Sb] O\R []RS`Ob]` ]T bVS E]`YaV]^ W[[SRWObSZg ^cb VWa ¿\US` ]\ bVS Q`cQWOZ `]ZS bVOb bVSaS ^ZObT]`[a QO\ ^ZOg @]aOZWS DO\ @WXY T]c\RS` ]T ;90OaS O\ /[a bS`RO[ POaSR ^ZObT]`[ ]^S`ObW\U W\ bVS 0S\SZcf `SUW]\ RWR \]b Q]\b`ORWQb VW[ ªEVS\ eS abO`bSR ]TT W\ O abcRg `SdSOZSR bVOb ' ^S]^ZS W\ ]c` W\Rcab`g eS`S OP]cb b] aSZZ bVSW` PcaW\Saa « aVS Sf^ZOW\SR ª3WUVb gSO`a ]\ O\R bVWa W[^`SaaWdS ¿Uc`S VOa\¸b QVO\USR «

$

7\ 4`O\QS bVS 1@/ 4`S\QV \ObW]\OZ Oaa]QWObW]\ T]` Q][^O\g aOZSa O\R OQ_cWaWbW]\a Wa [ORS c^ ]T T]` [S` ]e\S`a eV] aVO`S bVSW` Sf^S`WS\QSa W\ ]`RS` b] TOQWZWbObS PcaW\Saa b`O\aTS`a =\S ]T bVS a^SQW¿Q TSObc`Sa ]T bVWa Oaa]QWObW]\ Wa bVOb Wb ]TTS`a US\cW\S b`OW\W\U b] aSZZS`a O\R PcgS`a ªES VOdS Q]\bW\c]ca Q]\bOQb eWbV " PcgS`a « Sf^ZOW\SR 8SO\ >SQV]c DWQS ^`SaWRS\b ª/\R eS [O\OUS " b] # b`O\a TS`a SOQV gSO` /b bVS 1@/ eS VOdS OZZ VOR ^S`a] \OZ Sf^S`WS\QS ]T O PcaW\Saa b`O\aTS` ES ORdWaS ]c` [S[PS`a O\R OZZ]e bVS[ b] PS\S¿b T`][ ]c` Sf^S `WS\QS a] bVSg QO\ Od]WR [OYW\U [WabOYSa « @S^`SaS\bW\U bVS 5S`[O\ PO\Y 9TE 7aOPSZZS 1O\c ^`SaS\bSR ª<Sffb 1VO\US« O\ ]\ZW\S ^ZObT]`[ OdOWZOPZS W\ 5S`[O\g 7\ 5S`[O\g $ Q][^O \WSa TOZZ Pg bVS eOgaWRS SOQV gSO` RcS b] bVS ZOQY ]T PcgS`a BVWa S_cObSa b] " X]Pa Z]ab « aVS RS^Z]`SR ªB] Q]c\bS` bVWa ^VS\][S\]\ bVWa b]]Z eOa RSdSZ]^SR W\ $ Oa O `SacZb ]T O Q][^`SVS\ aWdS OU`SS[S\b bVOb P`]cUVb b]USbVS` ^cPZWQ OcbV] `WbWSa QVO[PS`a ]T Q][[S`QS PO\Ya O\R SdS\ bVS PO` Oaa]QWObW]\ « ª<Sffb 1VO\US« ]TTS`a T`SS ^cPZWQObW]\ O\R O\]\g []ca ORdS`bWaS[S\ba T]` bVS b`O\aTS` ]T PcaW\SaaSa 3dS`g []\bV " b] & ]TTS`a O`S WRS\bW¿SR Q][ ^O`SR b] # b] "# `S_cSaba AW\QS Wb eOa ]^S\SR bV`SS gSO`a OU] bVS aWbS VOa P`]cUVb OP]cb bVS Q]\QZcaW]\ ]T " % b`O\aOQbW]\a

7\ 4W\ZO\R AOYO`W =WYO`W\S\ [O\OUSa 1]\¿RS\bc[ :bR 7\ bVSg VOR bVS WRSO ]T ^]]ZW\U bVS RObO T`][ O [cZbWbcRS ]T ^`]dW\QWOZ ^ZObT]`[a W\ O Q]c\b`g RWdWRSR W\b] OP]cb ¿TbSS\ `SUW]\a B]ROg 1]\¿RS\ bc[ P`W\Ua b]USbVS` !# b] " Q][^O\WSa bVO\Ya b] Wba \Sbe]`Y ª/\R O `SQS\b abcRg ^`SRWQba bVOb $ []`S aSZZS`a eWZZ Q][S ]\ b] bVS [O`YSb W\ bVS \Sfb bS\ gSO`a bVS [OX]`Wbg ]T bVS[ [WQ`]Pc aW\SaaSa « AOYO`W =WYO`W\S\ aOWR 7\ 2S\[O`Y >SbS` 2OZYWOS` b]]Y ]dS` bVS [O\OUS [S\b ]T ª;ObQV =\ZW\S RY« T]c` gSO`a OU] O\ ]\ZW\S [ObQVW\U aS`dWQS T]` aSZZS`a O\R PcgS`a ªES [ORS ]c`aSZdSa Y\]e\ b] bVS ^cPZWQ aS`dWQSa O\R b]ROg eS O`S bVS PS\QV[O`Y 7\bS`\Sb ^ZObT]`[ W\ ]c` Q]c\b`g eWbV ^OUS dWSea ^S` []\bV O\R " c\W _cS dWaWb]`a «

2QUKVKXG VGUVKOQPKCNU B] WZZcab`ObS bVS ST¿QWS\Qg ]T bVS ^ZObT]`[a bVS ]`UO \WhS`a ]T bVS E]`YaV]^ W\dWbSR O \c[PS` ]T PcaW\Saa ]e\S`a eV] VOdS `SQS\bZg Sf^S`WS\QSR O b`O\aTS` 4]` SfO[^ZS 3[[O\cSZ 4W]`O\] T`][ 4`O\QS b]]Y ]dS` bVS ZO\RaQO^S UO`RS\W\U Q][^O\g AO^W\ DS`b EWbV O POQYU`]c\R W\ OU`WQcZbc`OZ S\UW\SS`W\U VS VOa O Z]\U QO`SS` Oa O Q][^O\g [O\OUS` c\RS` VWa PSZb 0cb W\ # VS TSZb bVS \SSR b] ZSOdS bVS [O\OUS[S\b bSO[ ]T bVS ]`UO\WhObW]\ VS e]`YSR T]` W\ ]`RS` b] OQ_cW`S VWa ]e\ PcaW\Saa ª7 bVS\ [Sb eWbV a][S ^S]^ZS T`][ bVS 1@/ eV] Q]\dW\QSR [S bVOb PcgW\U O Q][^O\g eOa\¸b Oa aW[ ^ZS Oa bVOb « VS Sf^ZOW\a ª7 b]]Y O b`OW\W\U Q]c`aS bVOb ORR`SaaSR \c[S`]ca Oa^SQba OP]cb PcaW\Saa b`O\aTS`a BVS b`O\aOQbW]\ eVWQV Q]cZR VOdS PSS\ QO``WSR ]cb W\ T]c` ROga b]]Y T]c` []\bVa 0cb bVS PSab bVW\U OP]cb bVS 1@/¸a ac^^]`b Wa bVOb SdS`g bVW\U eOa QO``WSR ]cb OQQ]`RW\U b] bVS `cZSa O\R eWbV]cb c\RcS VOabS BVWa OZZ]eSR [S b] ZW[Wb bVS `WaYa Oaa]QWObSR eWbV [g W\dSab[S\b O\R PSQ][S []`S OeO`S ]T OZZ bVS QVOZZS\USa W\d]ZdSR 7\ TOQb bVS ^ZObT]`[ [ORS bVW\Ua O Z]b SOaWS` « %


:Oab 8O\cO`g /W[S`g RS @]QVSQV]cO`b a]ZR >ZObS T]`[ VWa OUS\Qg bVOb a^SQWOZWhSa W\ ^`]dWRW\U a^SO YS`a T]` ^cPZWQ SdS\ba ª7 eOa ZObS RWaQ]dS`W\U bVS PS\S¿ba ]T O\ ]`UO\WhObW]\ ZWYS bVS 1@/ « VS OR[Wb bSR ª0SQOcaS Wb QO\ aOdS g]c bW[S 0g OQbW\U Oa O [ObQV[OYS` bVS 1@/ QO``WSa ]cb O\ W\WbWOZ aQ`SS\W\U ]T ^]bS\bWOZ PcgS`a =\Zg US\cW\SZg []bWdObSR ^S] ^ZS eV] VOdS OZ`SORg bOYS\ O b`OW\W\U Q]c`aS O`S W\b`]RcQSR b] ca 6]eSdS` eVS\ aSZZS`a b`g b] ¿\R PcgS`a ]\ bVSW` ]e\ 7 QO\ Oaac`S bVSg¸ZZ [SSb O Z]b ]T ^S]^ZS eV] VOdS bVSW` VSORa W\ bVS QZ]cRa ]` eV] aW[^Zg R]\¸b VOdS S\]cUV []\Sg¬« 0`c\] 2cdWZZWS` eV] P]cUVb /W[S`g RS @]QVS QV]cO`b¸a Q][^O\g Wa OZa] dS`g VO^^g eWbV bVS aS` dWQSa ^`]dWRSR Pg bVS 1@/ ª7 eOa ac^^]`bSR T`][ PSUW\\W\U b] S\R « VS Q]\¿`[SR ª7 b]]Y b`OW\W\U Q]c`aSa UWdS\ Pg ZOegS`a O\R bOf a^SQWOZWaba BVSg ^`]dSR dS`g caSTcZ W\RSSR «

# 'WTQRGCP RNCVHQTO! B] Q]\QZcRS bVS E]`YaV]^ bVS be] []RS`Ob]`a OaYSR bVS a^SOYS`a O\R bVS OaaS[PZg OP]cb bVS ^]aaWPWZWbg ]T aSbbW\U c^ O 3c`]^SO\ ^ZObT]`[ 0cb bVS [OX]`Wbg eS`S aQS^bWQOZ OP]cb bVWa WRSO ª7 bVW\Y Wb e]cZR PS RWT¿QcZb b] ^]]Z ]c` ab`S\UbVa PSQOcaS ]c` dO`W]ca ^ZObT]`[a O`S OW[SR Ob RWTTS`S\b W\bS `Saba RS^S\RW\U ]\ bVS Q]c\b`g « 7aOPSZZS 1O\c aOWR ª/\R a][S RS^S\R ]\ bVS ^`WdObS aSQb]` O\R ]bVS`a ]\ bVS ^cPZWQ aSQb]` « 6S\QS bVWa _cSabW]\ W\ bVS T]`[ ]T O ac[[O`g T`][ []RS`Ob]` <WQ]ZOa >W`]bbS Ab`ObSUWQ /RdWaS` Ob A]eOZ¿\ ( ªAV]cZR eS \]b VOdS Z]QOZ ^ZObT]`[a bVOb [SSb Z]QOZ \SSRa Pcb OZa] aSb c^ Q][[]\ [SbV] R]Z]UWSa bVOb b`O\aQS\R \ObW]\OZ P]`RS`a-«

A>3/93@A

, 7aOPSZZS 1/<C ,

, AOYO`W =79/@7<3< ,

9TE 0O\YS\U`c^^S 5S`[O\g

;O\OUW\U 2W`SQb]` ]T 1]\¿RS\bc[ :bR 4W\ZO\R

, >SbS` 2/:97/3@ ,

, 8SO\ >316=C ,

;O\OUW\U 2W`SQb]` ]T ;ObQV =\ZW\S 2S\[O`Y

DWQS ^`SaWRS\b ]T 1@/ 4`O\QS

, /W[S`g RS @=16316=C/@B ,

, @]aOZWS D/< @789 ,

ASZZS` ]T ª>ZObST]`[S« 4`O\QS

;O\OUS` ]T ;90OaS BVS <SbVS`ZO\Ra

:3AA=<A 4@=; B67A E=@9A6=> 7< B3@;A =4 =0A3@D/B7=<A( , BVS`S Wa O eWRS dO`WSbg ]T O^^`]OQVSa( bVS ^ZObT]`[a `c\ Pg bVS 2cbQV 0SZUWO\a 5S`[O\a O\R 2O\WaV O`S `Sab`WQbSR b] ª[ObQVW\U« aS`dWQSa bVS 4`S\QV ^`]dWRS ORRWbW]\OZ b`OW\W\U O\R Q]OQVW\U bVS 4W\\WaV P`W\U b]USbVS` O [cZbWbcRS ]T a[OZZ Z]QOZ ^ZObT]`[a¬ , / Q][[]\ dWaW]\( OZZ ]T bVS ^O`bWQW^O\ba ]T bVS E]`YaV]^ O`S Q]\dW\QSR ]T bVS \SSR b] [OYS bVS aSQb]` []`S ^`]TSaaW]\OZ O\R ]T bVS W[^]`bO\QS ]T VOdW\U _cOZWbg ORdWa]`a ^`WdObS ^O`b\S`a Q]\¿RS\bWOZWbg O\R O\]\g[Wbg , / U`]eW\U [O`YSb( W\ gSO`a bVS`S eWZZ PS O aVO`^ `WaS W\ bVS \c[PS` ]T ORdWa]`a abcRWSa ^ZObT]`[a SbQ , >`]PZS[a Oaa]QWObSR eWbV dS`g a[OZZ S\bS`^`WaSa DA3a ( bVSaS aS`dWQSa O`S \]b ]TTS`SR b] [WQ`]PcaW\SaaSa Wb¸a abWZZ [cQV SOaWS` b] aSZZ O ZO`US Q][^O\g bVO\ O a[OZZ ]\S , EVOb bVS S\b`S^`S\Sc`a bVW\Y( bVS ^ZObT]`[a OZZ]e g]c b] aOdS bW[S Pcb bVSg O`S\¸b bVS ]\Zg eOg b] ¿\R PcgS`a <Sbe]`Ya O\R bVS aVO`W\U ]T ^S`a]\OZ Sf^S`WS\QS O`S OZa] dS`g W[^]`bO\b 7< B3@;A =4 /D3<C3A B= 03 3F>:=@32( , 4]` dS`g a[OZZ S\bS`^`WaSa DA3a ( bVS \SSR b] aW[^ZWTg bVS PcaW\Saa b`O\aTS` ^`]QSaa O\R U`O\ba W\ ]`RS` b] OZZ]e OQQSaa b] ORdWa]`g aS`dWQSa , 3c`]^SO\ ZSdSZ( ªa][SbVW\U« [cab PS R]\S Ob 3c`]^SO\ ZSdSZ W\ bS`[a ]T [SbV]R]Z]UWSa O\R PSab ^`OQbWQS eVWZS abWZZ [OW\bOW\W\U O Z]QOZ ]` `SUW]\OZ O^^`]OQV 0cb eVOb OP]cb bVS WaacSa `SZObW\U b] Tc\RW\U ZW\UcWabWQa SbQ -

&

, 0`c\] 2CD7::73@ , 0cgS` ]T ª>ZObST]`[S« 4`O\QS

;]RS`Ob]`a O\R @S^]`bS`a( , B]\W 0@C<3::= , 13= ]T AbcRW]QS\b`]dS\Sb] 7bOZg

, 3[[O\cSZ 47=@/<= , 0cgS` ]T AO^W\ DS`b 4`O\QS , <WQ]ZOa >7@=BB3 , Ab`ObSUWQ /RdWa]` b] A]eOZ¿\ 0SZUWc[

'


%NQUKPI EGTGOQP[

=\S ]T B`O\aS]¸a ]PXSQbWdSa Wa b] Q`SObS O 3c`] ^SO\ \Sbe]`Y T]` A;3 b`O\aTS`a W\ bVS \SO` Tcbc`S BVS `]ZS ]T bVWa \Sbe]`Y Wa b] ^`][]bS ^`]TSaaW]\OZ ac^^]`b aS`dWQSa T]` PcaW\Saa b`O\aTS` ^`]QSaaSa 7a bVS`S dOZcS W\ Q`SObW\U acQV O \Sbe]`Y- /\R WT a] eVOb aV]cZR PS bVS ]PXSQbWdSa OQbW]\a ab`cQ bc`S O\R Tc\RW\U [SbV]R- / aO[^ZS ]T a][S ]T bVS _cSabW]\a ]\ bVS OUS\RO T]` bVWa aSQ]\R ROg

@]aOZWS DO\ @WXY ;O\OUS` ]T ;90OaS bVS\ `S^]`bSR POQY ]\ bVS ]cbQ][S ]T bVSaS RWaQcaaW]\a O\R W\QZcRSR dO`W]ca acUUSabW]\a ^cb T]`eO`R Pg bVS e]`Y U`]c^

EWbV]cb _cSabW]\ Wb O^^SO`a bVOb ^O`bWQW^O\ba ]T bVS B`O\aS] Q]\TS`S\QS R] \]b eO\b b] Xcab ªZSOdS Wb Ob bVOb« /ZZ ]T bVS TSSRPOQY bVOb eS UObVS`SR W\RW QObSa bVOb bVSg e]cZR ZWYS O T]ZZ]e c^ b] bVWa W\WbWOZ [SSbW\U 7\ ]`RS` b] RS¿\S bVSaS Tcbc`S abOUSa SdS`g]\S eOa W\dWbSR b] bOYS ^O`b W\ ]\S ]T bVS bV`SS e]`Y U`]c^a W\ eVWQV bVSaS a^SQW¿Q WaacSa eS`S RWaQcaaSR EVOb Wa bVS 3c`]^SO\ 1][[WaaW]\¸a dWSe ]T B`O\aS] - /b bVS S\R ]T bVWa be] ROg aS[W\O` Wb eOa W\bS`SabW\U b] W\dWbS ]\S ]T bVS 3c`]^SO\ 1][ [WaaW]\¸a `S^`SaS\bObWdSa b] Sf^`Saa bVSW` ]^W\W]\ ]\ bVS acPXSQb <]b ZSOab PSQOcaS bVS ^O`bWQW^O\ba ]T bVS e]`Y U`]c^a [ORS O ^]W\b ]T VWUVZWUVbW\U bVSW` Sf^SQbObW]\a ]T bVS 1][[WaaW]\ ^O`bWQcZO`Zg W\ bVS O`SO ]T Tc\RW\U T]` bVS Tcbc`S \Sbe]`Y ª7 eO\b b] Q]\U`ObcZObS g]c PSQOcaS bVS _cSabW]\a bVOb eS`S ORR`SaaSR ^O`bWQcZO`Zg bVS _cSabW]\a ]\ `OWaW\U OeO`S\Saa eS`S RS¿\WbSZg bVS `WUVb ]\Sa « abObSR BV][Oa 8OSUS`a >]ZWQg =T¿QS` eWbV bVS 2W`SQb]`ObS 5S\S`OZ T]` 3\bS`^`WaS O\R 7\Rcab`g /R[WbbSRZg W\ bVS ^Oab bVS 1][[WaaW]\ eOa O Z]b []`S Q]\QS`\SR eWbV bVS acPXSQb ]T bVS ZSUOZ T`O[S e]`Y O\R bVS`S VOa PSS\ W[^`]dS[S\b W\ O Z]b ]T O`SOa ªSfQS^b W\ bVS O`SO ]T bOfObW]\ eVS`S bVS`S Wa abWZZ _cWbS O PWb gSb b] PS R]\S« /QQ]`RW\U b] BV][Oa 8OSUS`a ]\S ]T bVS ]cbQ][Sa ]T bVS B`O\aS] Q]\TS`S\QS eOa bVOb \SSRa U] PSg]\R SZSQb`]\WQ RObOPOaSa ª7 bVW\Y Wb¸a O\ SfQSZZS\b WRSO b] RSdSZ]^ O \Sbe]`Y PST]`S W[^ZS[S\bW\U SZSQb`]\WQ b]]Za BVS acPXSQb ]T PcaW\Saa b`O\aTS`a W\d]ZdSa []`S bVO\ Xcab SZSQb`]\WQ RObOPOaSa O\R g]c c\RS` ab]]R bVOb ^S`TSQbZg 7b¸a aW[WZO` b] bVS e]`Y QO``WSR ]cb Pg bVS 1][[WaaW]\ 7 eWaV g]c Z]ba ]T acQQSaa eWbV g]c` Tcbc`S W\WbWObWdSa «

!

!


/<2 ;71@=0CA7<3AA3A- @37<= 3F>3@73<13 BVS \SSR b] RSdSZ]^ O a^SQW¿Q ab`ObSUg T]` dS`g a[OZZ S\bS`^`WaSa DA3a eOa O `SQc` `W\U bVS[S bV`]cUV]cb bVS be] ROga ]T bVS B`O\aS] Q]\TS`S\QS BVSaS [WQ`]PcaW\SaaSa eS`S bVS acPXSQb ]T bVS @37<= ^`]XSQb bVOb eOa QO``WSR ]cb W\ % O\R & @S\SeOZ O\R 7\\]dObW]\ b] 0caW\Saa B`O\aTS`a ]T ;WQ`] 1][^O\WSa :Oc\QVSR Pg 4W\ZO\R ¿dS ]bVS` Q]c\b`WSa X]W\SR W\ bVWa W\WbWObWdS( 2S\[O`Y 5`SSQS 7bOZg AZ]dS\WO O\R 6c\UO`g BVS`S eOa O PcRUSb ]T ` '$ [WZZW]\ % ]T eVWQV eOa ^`]dWRSR Pg bVS 1][[WaaW]\ ªES e]`YSR ]\ bVS Oaac[^bW]\ bVOb b`O\aTS` ]^S`ObW]\a QO\ PS ^`]¿bOPZS SdS\ eWbVW\ [WQ`]PcaW\SaaSa « Sf^ZOW\SR <W\SbbO 1VO\W]b]c eV] []\Wb]`SR bVS ^`]XSQb T]` bVS 5`SSY ^O`b\S`a 0cWZb O`]c\R O ^]]Z ]T Sf^S`ba O\R bVS aVO`W\U ]T b]]Za @37<= P`]cUVb a^SQW¿Q 3c`]^SO\ QVO`OQbS`WabWQa b] ZWUVb [OW\Zg W\ `SZObW]\ b] bVS [W\RaSb ]T PcaW\Saa ]e\S`a ª7\ 3c`]^S bVS R][W\O\b S[]bW]\ eVS\ Wb Q][Sa b] aSZZW\U Wa bVOb ]T UcWZb eVWQV Wa \]b Ob OZZ bVS QOaS W\ bVS C\WbSR AbObSa eVS`S aSZZW\U Wa ^O`b ]T bVS ª\]`[OZ« ZWTS ]T SdS`g S\b`S^`S\Sc` « @37<= OZa] WRS\bW¿SR bVS TOQb bVOb acQQSaa]`a Q]cZR OZa] OdOWZ ]T VSZ^ O\R ORdWQS ªES [cab VSZ^ bVS[ YSS^ bVS PcaW\Saa `c\\W\U Pcb OZa] b] Sf^O\R Wb « S[^VOaWhSR <W\SbbO 1VO\W]b]c eV] Sf^ZOW\SR bVS W[^]`bO\b RWTTS`S\QSa PSbeSS\ bVS PcaW\Saa ^`OQbWQSa ]T bVS Q]c\b`WSa bVOb b]]Y ^O`b W\ bVS @37<= ^`]XSQb ª7\ 5`SSQS T]` SfO[^ZS bVS 1VO[ PS`a ]T 1][[S`QS VOdS dS`g ZWbbZS Q]\bOQb eWbV S\b`S^`S\Sc`a =\ bVS ]bVS` VO\R SabObS OUS\ba VOdS O Z]b ]T Q]\bOQb eWbV bVS[ BVS ^S]^ZS b`cab bVS[ 7\ ]bVS` Q]c\b`WSa bVWa e]cZR PS Q][^ZSbSZg RWTTS`S\b 7b¸a W[^]`bO\b b] Y\]e bVWa«

!

# ¿PCN YQTF HTQO VJG QTICPK\GTU 8SO\ ;O`WS 1ObOPSZZS T]` 1@/ O\R @]aOZWS DO\ @WXY T]` ;90OaS bVO\YSR A]eOQQSaa bVS R`WdW\U T]`QS PSVW\R ]`UO\WhW\U bVWa VWUVZg ^`]TSaaW]\OZ Q]\TS` S\QS bVSg OZa] [S\bW]\SR bVS ZO`US \c[PS` ]T ^O` bWQW^O\ba Sa^SQWOZZg Q]\aWRS`W\U bVS acPXSQb eOa\¸b ]T [cQV W\bS`Sab b] [O\g ^S]^ZS O TSe gSO`a OU] 4W\OZZg DW\QS\b 0]dg 2W`SQb]` ]T bVS /US\QS RS AbW[cZObW]\ 3Q]\][W_cS 3Q]\][WQ abW[cZObW]\ OUS\Qg 0SZUWc[ ]\S ]T bVS ]`UO\WhS`a ]T bVS B`O\aS] Q]\TS`S\QS VWUVZWUVbSR bVS bV`SS [OW\ ]cb Q][Sa ]T bVS ^`SdW]ca be] ROga( , ES VOdS acQQSSRSR W\ bOYW\U bVS WaacS ]T PcaW\Saa b`O\aTS`a ]cb ]T bVS UVSbb] eVS`S Wb VOR PSS\ Q]\¿\SR c^ b] \]e , /P]dS OZZ PcaW\Saa b`O\aTS`a O`S dWSeSR T`][ O\ S\b`S^`S\Sc`WOZ ^S`a^SQbWdS , BVWa ^S`a^SQbWdS aV]cZR OZZ]e ]c` A;3a b] PSQ][S []`S ]^S\ O\R []`S ÀSfWPZS

!!


.GUUQPU NGCTPGF CPF EQPENWUKQPU

4]` A=E/113AA O\R Wba ^O`b\S`a /A3 ;90OaS W\ bVS <SbVS`ZO\Ra O\R 1@/ W\ 4`O\QS bVS ]PXSQbWdS W\ ]`UO\WhW\U B`O\aS] eOa be]T]ZR( , B] ]`UO\WhS bVS ¿`ab `SOZ W\bS`\ObW]\OZ Q]\TS`S\QS ]\ bVS acPXSQb ]T bVS b`O\aTS` ]T A;3a OW[SR Ob OZZ 3c`]^SO\ ^`]TSaaW]\OZa O\R `SaSO`QVS`a a^SQWOZWhW\U W\ bVWa aSQb]` , B] Q]\¿`[ O[]\U 3c`]^SO\ b`O\aTS` ^`]TSa aW]\OZa bVS `SZSdO\QS ]T aSbbW\U c^ O 3c`]^SO\ B`O\aTS` <Sbe]`Y

4`][ bVS ^S`a^SQbWdS ]T ^`WdObS ^ZOgS`a bVS`S Wa QZSO` dOZcS W\ W[^ZS[S\bW\U bVS \Sbe]`Y _cWQYZg eVWQV aV]cZR PS POaSR []`S ]\ \Sbe]` YW\U `ObVS` bVO\ ]\ ab`cQbc`S ]` U]dS`\O\QS ª:Sb¸a Q]\bW\cS b] [SSb c^ abO`b eWbV O TSe a^SQW¿Q ^`]XSQba O\R bVS ab`cQbc`S eWZZ bVS\ T]ZZ]e « ac[[O`WaSR bVS ^`WdObS ^ZOgS`a OZ`SORg dS`g aObWa¿SR eWbV bVS _cOZWbg ]T bVS \Sbe]`Y Q`SObSR Ob bVS S\R ]T bVSaS be] ROga W\ A^O 4`][ bVS ^S`a^SQbWdS ]T ^cPZWQ ^ZOgS`a ª]`UO \WhObW]\OZ« Q]\QS`\a eS`S []`S O^^O`S\b VS`S [OW\Zg bVS Tc\RW\U ]T bVS Tcbc`S \Sbe]`Y Pcb bVS`S eOa abWZZ S\bVcaWOa[ OP]cb OR]^bW\U O 3c`]^SO\ O^^`]OQV ª:Sb¸a RS¿\S abOUSa T]` bVS aV]`b bS`[ [SRWc[ bS`[ O\R Z]\U bS`[ « acU USabSR ]\S ]T bVS ^O`bWQW^O\ba <SSRa WRS\bW¿SR O\R V]e bVSaS Q]cZR PS [Sb Pg bVS W[^ZS[S\bObW]\ ]T O 3c`]^SO\ \Sbe]`Y 0`W\U b]USbVS` PSab ^`OQbWQS <SSR T]` aSU[S\bObW]\ \SSR b] bOYS dS`g a[OZZ S\bS`^`WaSa DA3 W\b] OQQ]c\b W\ ^O` bWQcZO` AVO`SR T]`c[ T]` c\WdS`aWbg `SaSO`QV ?cOZWbg abO\RO`Ra T]` Q]\acZbO\ba []`S ª¿ZbS`W\U« AVO`W\U ]T W\T]`[ObW]\ SfO[^ZS( P`]OR ]dS`dWSe ]T bOfObW]\ O\R ZSUOZ ^`OQbWQSa W\ dO`W]ca 3c`]^SO\ Q]c\b`WSa

BVS ]PXSQbWdS eOa ZO`USZg OQVWSdSR BVS Q]\TS`S\QS eOa Oa acQQSaaTcZ Oa eS V]^SR eWbV []`S bVO\ ^O`bWQW^O\ba T`][ O \c[PS` ]T RWTTS`S\b Q]c\ b`WSa 7\ ORRWbW]\ bVS`S Wa O QZSO` RSaW`S O^^O`S\b O[]\U bVS 3c`]^SO\ b`O\aTS` ^`]TSaaW]\OZa eV] ObbS\RSR bVS Q]\TS`S\QS b] Q]\bW\cS bVSaS STT]`ba b] Q`SObS O \Sbe]`Y O\R b] T]ZZ]e c^ bVWa W\WbWObWdS ;]`S bVO\ '# ]T bVS ^O`bWQW^O\ba aOg bVSg O`S eWZZW\U b] ObbS\R O aSQ]\R Q]\TS`S\QS ]T bVWa bg^S O\R # ]T bVS[ O`S Q]\aWRS`W\U PSQ][W\U T]c\RS` [S[PS`a ]T O Tcbc`S 3c`]^SO\ \Sbe]`Y

!"

=PXSQbWdSa ]T bVS Tcbc`S \Sbe]`Y :]PPgW\U b] bVS 3c`]^SO\ 1][[WaaW]\ @OWaW\U OeO`S\Saa O[]\Uab aSZZS`a O\R PcgS`a O\R OZa] eWbVW\ bVS [SRWO ;OYW\U bVS aSQb]` []`S ^`]TSaaW]\OZ AbW[cZObW\U bVS SQ]\][g W\Q`SOaS \c[PS` ]T b`O\aOQbW]\a 0`W\UW\U c\WdS`aWbg `SaSO`QVS`a b]USbVS` b] U] PSg]\R bVS Z]QOZ ZSdSZ >`]dWRW\U ac^^]`b aS`dWQSa b] ZSaa ORdO\QSR Q]c\b`WSa W\ bS`[a ]T PcaW\Saa b`O\aTS`a ! >]aaWPZS OQbW]\a >ZO\ B`O\aS] 3abOPZWaV O _cOZWbg QS`bW¿QObW]\ Pcb eV] eWZZ U`O\b bVWa QS`bW¿QObW]\- 7<D75=@/B3 bVS \Sbe]`Y caW\U b]]Za acQV Oa QVOb `]][a O\R 7\bS`\Sb T]`c[a T]` RWa QcaaW\U RWTTS`S\b WaacSa ;OYS QS`bOW\ SfWabW\U b]]Za OdOWZOPZS b] SdS `g]\S SfO[^ZS ]T bVS aSZT OaaSaa[S\b b]]Z RSdSZ]^SR Pg A]eOQQSaa

3abOPZWaV O ZWab ]T OZZ ]T bVS SfWabW\U ^ZOb T]`[a W\ 3c`]^S O\R aSb c^ 7\bS`\Sb ZW\Ya

" 5]dS`\O\QS / ÀSfWPZS ab`cQbc`S eWbV]cb SfQSaaWdS ZSdSZa ]T T]`[OZWbg / bg^S ]T ^`]TSaaW]\OZ TSRS`ObW]\ 7\ bS`[a ]T Tc\RW\U( A][S Tc\RW\U Q]cZR Q][S T`][ bVS 3c`] ^SO\ C\W]\ eVS`S PcaW\Saa b`O\aTS`a O`S dWSeSR Oa O dS`g W[^]`bO\b WaacS BVS WRSOZ( Q][PW\SR Tc\RW\U T`][ P]bV bVS ^`WdObS O\R ^cPZWQ a^VS`S AcPaQ`W^bW]\a Pcb \]b W\ bVS QOaS ]T O ªaZSS ^W\U \Sbe]`Y« # <Sfb abS^a =`UO\WhS B`O\aS] 3abOPZWaV O\ ST¿QWS\b ;O\OUS[S\b 1][[Wb bSS bVOb eWZZ `S^`SaS\b bVS RWTTS`S\b Q]c\ b`WSa O\R aS\aWbWdWbWSa ?cWQYZg R`Oe c^ O e`WbbS\ `S^]`b ]\ bVS ]cb Q][S ]T bVSaS ^Oab be] ROga AS\R bVWa `S^]`b b] bVS 3c`]^SO\ 1][[Wa aW]\ EWbV bVS `S^]`b aS\R O `S_cSab OW[SR Ob SabOPZWaVW\U ªeV] eWZZ Q]\b`WPcbS b] eVOb« ;OYS ac`S bVOb bVS \Sbe]`Y Wa c^RObSR `SUcZO`Zg \] ]Pa]ZSbS \O[Sa =PbOW\ SdS`g]\S¸a S[OWZ ORR`SaaSa =`UO\WhS`a W\bS\R b] ^c`acS bVSW` OQbW]\a W\ ]`RS` b] TOQWZWbObS PcaW\Saa b`O\aTS` W\ bVSW` `Sa ^SQbWdS PcaW\Saa O`SOa B] bVWa S\R aVO`W\U O\R RWaaS[W\ObW\U U]]R ^`OQbWQSa O[]\U ^cPZWQ O\R ^`WdObS ^`]TSaaW]\OZa OQbWdS W\ bVS PcaW\Saa b`O\aTS` aSQb]` Wa SaaS\bWOZ BVWa Wa O RSbS`[W \W\U TOQb]` b] Tc`bVS` ab`S\UbVS\ O\R VSZ^ ^`] TSaaW]\OZWhS bVS aSQb]` 5]]R ^`OQbWQSa QO\ ]\Zg PS RWaaS[W\ObSR bV`]cUV Q]\bOQba Ob bVS `SUW] \OZ O\R \ObW]\OZ ZSdSZa O\R SdS\ []`S a] Ob bVS W\bS`\ObW]\OZ ZSdSZ BVS ^S`^SbcObW]\ ]T bVWa YW\R ]T W\WbWObWdS Wa VS`S Ob abOYS O\R bVWa bV`]cUV bVS Q`SObW]\ ]T O 3c`]^SO\ \Sbe]`Y P`W\UW\U ^`]TSaaW]\OZa b]USbVS` bVOb Wa WT bVS ^`]XSQb Wa OPZS b] TSRS`ObS O [OfW[c[ ]T ^`]TSaaW]\OZ `S^`SaS\bObWdSa ]T PcaW\Saa b`O\aTS` W\ 3c`]^S

!#


#RRGPFKZ 2TQITCOOG

19 May

20 May

09.00

10.00 > 12.00

08.15 > 09.30

Working breakfast

Introduction “Business transfer in Europe: a global issue, a local approach� Plenary Session “Business transfer issue: is it all about awareness?�

09.30 > 10.45

Lessons learnt from the workshops and comments

10.45 > 11.00

Coffee break

11.00 > 12.00

Working groups on the setting up of the European SME Transfer Network

12.00 > 13.00

Conclusions & Closing Ceremony European Business Transfer network project (Presentation, debate, next steps)

13.00 > 14.00

Lunch

12.00 > 13.15

European Cafe - Roundtable discussion

13.15 > 14.15

Lunch

14.15 > 15.30

Plenary session “The role of support services in the business transfer process�

15.30 > 17.30

19.30

!$

Welcome

Workshop 1 “Strategies for heightening the seller’s awareness�

Workshop 2 “Towards a synergy between private and public organizations, to optimize and professionalize the support services provided to sellers and buyers�

Workshop 3 “The matching platforms: the best is yet to come�

Social Event

!%


.KUV QH RCTVKEKRCPVU /ZW{ 0{Ob`WQS

C1;

/\R`{ 1g`WZ

@S^`S\Sc`

/\R`WScf 8SO\ :]cWa

1]bO`USb

0SZUWc[

/\b]W\S >WS``S 3[[O\cSZ

4WRSQS[

4`O\QS

4`O\QS

2SZÀga EWZZg

;ScaW\dSab

0SZUWc[

2SZZ]gS 1VO`ZSa

/ZSbVS/

0SZUWc[

2S[P]c` ;ORSZSW\S

9OZO[]a

2S[S\W\b 4`Wba /

/Rb`OQbc[ 0 D

0SZUWc[ BVS <SbVS`ZO\Ra

/\b]\OQQVW] 1ObVS`W\S

1OPW\Sb R¸Od]QOba @O[_cSb >`WQYS\

0SZUWc[

2S^SZaaS[OYS` ;O`WS

RWOZSQbW_

0SZUWc[

/`\]cZR @Og[]\R

@ST]`[S

0SZUWc[

2S^ZO\_cS 1V`Wab]^VS

>;3 1]\acZb

0SZUWc[

/`\]cZR A]^VWS

631

0SZUWc[

2S`]]dS` /ZOW\

EOZZ]\WS R{dSZ]^^S[S\b

0SZUWc[

0O`P]b ;O`WS 1V`WabW\S

C\WdS`aWb{ Rc ;OW\ C4@ 2`]Wb

4`O\QS

2SaQVO[^a ;O`Q

3fSU]

0SZUWc[

0O``SRg 1{ZW\S

C\WdS`aWb{ ;]\bSa_cWSc 0]`RSOcf 7D

4`O\QS

2SaQVO[^a 0{`O\U|`S

7\abWbcb R¸/R[W\Wab`ObW]\ RSa 3\b`S^`WaSa RS 5`S\]PZS 7/3

0O`dOcf >Ob`WQY

5WQ]\acZb

0SZUWc[

2SdWZZS >VWZW^^S

A@7E

0SZUWc[

0SZUWc[

2¸6cZabS`S 2SZ^VW\S

4SPSQ]]^ OUS\QS Q]\aSWZ EOZZ]\WS OaPZ

0SZUWc[

2W 0O`b]Z][S] 8SO\ >WS``S

A]eOQQSaa

0SZUWc[

0SZUWc[

2]V]U\S :Oc`O

1OPW\Sb Rc ;W\Wab`S ;O`Q]c`b

0SZUWc[

BVS <SbVS`ZO\Ra

2]\S[ 2O[WS\

:]gS\a :]STT /Rd]QObS\

2]`bS 6SSUO`R 8]VO\aS\

2O\WaV 3\bS`^`WaS O\R 1]\ab`cQbW]\ /cbV]`Wbg

2`O[O`R 1O`]ZS

/75 D73 /:71=

2cT]c` 8]aSbbS

1]\T{`S\QS `{UW]\OZS RSa {Zca RS ZO 1VOcRW|`S /^^OZOQVSa

0SSZS 3[[O\cSZ

/Qb]`WO 1]\aSWZ

0S\] b 0]cQVO`R 1{QWZS

1VO[P`S RS ;{bWS`a Sb RS Z¸/`bWaO\Ob RS ZO ;]aSZZS

0SaaS[O\a GdSa

1327> ;O\OUS[S\b

0]PPS @]\OZR

=`O\USab]\S 1]`^]`ObS 4W\O\QS 0D

0]VSh >VWZW^^S

/ZbS` ¿\O\QSa

0]\\W\ 1ZOcRS

4WRSQS[

0]]U[O\a

2W`Y

4`O\QS

0SZUWc[ 4`O\QS 0SZUWc[

4`O\QS

0SZUWc[ 2S\[O`Y 4`O\QS 1O\ORO

0]]\S\ 8SO\ 4`O\z]Wa

A7/57

4`O\QS

2cV ;]XQO

4OQcZbg ]T 3Q]\][WQa O\R 0caW\Saa

AZ]dS\WO

0]caaOUcSb A]\WO

@SW[a ;O\OUS[S\b AQV]]Z

4`O\QS

2c[]\b /fSZ

;]]`S AbS^VS\a @A>

0SZUWc[

0]dg DW\QS\b

/US\QS RS AbW[cZObW]\ 3Q]\][W_cS

2c[]\b DW\QS\b

5`]c^S AO[P`W\dSab

0SZUWc[

0`]\\S` 4`O\z]WaS

/cf 2O[Sa Rc 4OcP]c`U

4`O\QS

2c[]`bWS` DW\QS\b

317 AS`dWQSa

0SZUWc[

0`cZ{ 5Oa^O`R

0;A /d]QOba

4`O\QS

2caaO`b =ZWdWS`

C1;

0SZUWc[

0`c\SZZ] B]\W

AbcRW]QS\b`]dS\Sb]

2cdWZZWS` 0`c\]

>ZObST]`[S

0`cg\W\QYf 6cU]

7 ; / >O`b\S`a PdPO

3ZO`PW @WRVO

=cdS`bc`S 7\bS`\ObW]\OZS

1ORWScf :]cWaS

C\WdS`aWb{ Rc ?c{PSQ B`]Wa @WdW|`Sa

1O\ORO

3\USZa ;OUOZW

Ag\O^aWa

0SZUWc[

4`O\QS

3\USZa ;WQVSZ

1 7\dSab[S\ba

0SZUWc[

5S`[O\g

4OP`WQS :]PSb

3`\ab G]c\U

0SZUWc[

4SZRPcaQV 8SO\ >OcZ

<O[c` 7\dSab

0SZUWc[

4W]`O\] 3[[O\cSZ

>25 AO^W\dS`b

4]WRO`b ;O`Q

1WRS A]Q`O\

0SZUWc[

4]\h{ /ZOW\

>`]^OUS a OaPZ

0SZUWc[

4`O\Q 6cUcSa

@{aSOc 3\b`S^`S\R`S >O`Wa

4`][S\bg 3`WQ

7\¿\S B`O\aOQbW]\a

5OPOg 0S`\O`R

/447F 1]`^]`ObS 4W\O\QS a^`Z

0SZUWc[

5Oa^O` /\b]\W]

A>5; A]QWSRORS RS 7\dSabW[S\b]a A/

>]`bcUOZ

5Od`]g BO\Ucg

101

5VShO 2O\WSZ

4WSZR 3c`S¿

5W`]cf >WS``S

2SaXO`RW\a

5]c`[Sb 8SO\ >]Z

6S`[Sa @Saa]c`QSa Sb Ag\S`UWSa

0SZUWc[

5cabW\ >WS``S

7<5

0SZUWc[

5cg]b 8SO\ :cQ

7E3>A

0SZUWc[

6OZPO`RWS` 2O\WSZ

2SfWO 0O\_cS

0SZUWc[

6OZZ /\\WYO

8 \Y ^W\U 7\bS`\ObW]\OZ 0caW\Saa AQV]]Z

AeSRS\

6O[S\RS DOZ{`WS

A]eOZ¿\

0SZUWc[

0SZUWc[

7bOZg 0SZUWc[

1O\Wa :W]\SZ

5`]c^S 13A/1?

1O\ 7aOPSZZS

94E 0O\YS\U` ^^S

1O``{ <ObVOZWS

/aaS[PZ{S 4`O\zOWaS RSa 1VO[P`Sa RS 1][[S`QS Sb R¸7\Rcab`WS

4`O\QS

1{RO\ba Sb @S^`S\Sc`a R¸/TTOW`Sa

4`O\QS

1ObOPSZZS 8SO\ ;O`WS 1Ob`WQS /[Oc`g

!&

0SZUWc[

4`O\QS

1SdW`US\ ASdYO\

9O[S` dO\ 9]]^VO\RSZ <SRS`ZO\R

1VO\W]b]c <W\SbbO

9OW\cc\ 3bc =G

4W\ZO\R

1ZS[S\b @]US`

;]]`S AbS^VS\a

C\WbSR 9W\UR][

BVS <SbVS`ZO\Ra

1]ZZW\Sb Ab{^VO\WS

A]eOZ¿\

0SZUWc[

1]_cO`R >WS``S

7\Rcab`WO

4`O\QS

1`OVOg Ab{^VO\WS

;ScaW\dSab

1c`OdWQ ;O`Y]

3c`]^SO\ 1][[WaaW]\

2OZYWOS` >SbS`

;ObQV =\ZW\S RY

0SZUWc[ 1`]ObWO 2S\[O`Y

RS @]QVSQV]cO`b /W[S`g

>ZObST]`[S

4`O\QS

RS EOVO >WS``S

<WdSZW\dSab

0SZUWc[

2SUWdS >VWZW^^S

A@7E

0SZUWc[

2SZP`]cQY 0`WUWbbS

C1;

0SZUWc[

2SZQ]c`b 1V`WabWO\

1]\aSWZZS` 3Q]Z]

0SZUWc[

4`O\QS 4`O\QS

4`O\QS

4`O\QS 4`O\QS

0SZUWc[ :cfS[P]c`U 1O\ORO

!'


6ObS`b 8]VO\

101

0SZUWc[

;ObaS` 7ZaS

1S\b`c[ dO\ VSb 4O[WZWSPSR`WXT

6S``S`O /\b]\WO

>;3 1=<AC:B

0SZUWc[

;OgS` 6cUcSa /`\OcR

;3234

6S`dS :cQ

aQ`^Z : 6S`dS

0SZUWc[

;S`QWS` AO\R`W\S

=13 C1; :W|US

0SZUWc[

6]QVS GO\\WQY

/>13

0SZUWc[

6]cPO 3RWbV

631

;ScaW\dSab

;WQVSZ >VWZW^^S

4]`bWa 0O\_cS /aa]QWObW]\ ]T 1VO`bS`SR 1S`bW¿SR /QQ]c\bO\ba

4`O\QS

4`O\QS

0SZUWc[

6]cPS\ BVWS``g

;O\OUS[S\b AQWS\QS 1]\acZbW\U

0SZUWc[

;W`Y]dWQ @]aO\O

6cPZSb 3bWS\\S

/447F 1]`^]`ObS 4W\O\QS a^`Z

0SZUWc[

;]\O[W 2][W\W_cS

;S\bOZZg 4Wb 7\abWbcbS

0SZUWc[

0SZUWc[

;c`^Vg 8O\S

:gRWO\

0SZUWc[

BVS <SbVS`ZO\Ra

<OUSZV]cb ;WQVSZ

1]\aS\b] 1]`^]`ObS 4W\O\QS 0D

0SZUWc[

<Sc^`Sh 4Z]`S\QS

1WPZS

<]bV\OUSZ 7ZXO

aa]QWObW]\ ]T 5S`[O\ 1VO[PS`a ]T 7\Rcab`g / O\R 1][[S`QS 2769 S D

0SZUWc[

=PS`ZW\U 8{` [S

/Qb]`WO 1]\aSWZ

4`O\QS

BVS <SbVS`ZO\Ra

=WYO`W\S\ AOYO`W

1]\¿RS\bc[ :bR

4W\ZO\R

8OSUS`a BV][Oa

3c`]^SO\ 1][[WaaW]\

8O\ 8OO^ 2WXY[O\

3\bS`^`WaS 7`SZO\R

8O`]aW\aYW 2SZ^VW\S

/US\QS RS AbW[cZObW]\ 3Q]\][W_cS

8OcVS`\WY 3`\ab

X W [

/cab`WO

C\WbSR 9W\UR][

BVS <SbVS`ZO\Ra 0SZUWc[ 5S`[O\g

8SVW\ 0S`\O`R

A]eOZ¿\

8Sc`WaaS\ 5SS`b

1]T]`QS

8]QVS[ dO\ RS` DSS\

:SS[O\ DS`VSWXRS\ 6c\bXS\a /Rd]QObS\

8]`RO\ 2O\WSZ 6

/E3F =T¿QS T]` 4]`SWU\ 7\dSab]`a

0SZUWc[

>O\aOS`a FOdWS`

/Qb]`WO 1]\aSWZ

0SZUWc[

8]aZSb DOZ{`WS

A]eOZ¿\

0SZUWc[

>O_cSb 8SO\

014 >O_cSb

0SZUWc[

4W\ZO\R

>OcZWa <ORWO

1WPZS

0SZUWc[

BVS <SbVS`ZO\Ra

>SQV]c 8SO\

1@/ 1OPW\Sb Rc ;W\Wab`S ;WQVSZ 2OS`RS\

8cVO BOZZ 9SUSZa @WbO

;9 0OaS

0SZUWc[

9WSYS\ BVWS``g

/US\QS RS AbW[cZObW]\ 3Q]\][W_cS

0SZUWc[

>S`SW`O @]US`

9WZSaaS /\R`{

02= /b`W] @{dWaSc`a R¸S\b`S^`WaSa

0SZUWc[

>S`bbW :W\Y]ZO

;W\Wab`g ]T 3[^Z]g[S\b O\R bVS 3Q]\][g

0SZUWc[

>SbS` 0W`Z]cSb

2SZbO ;Oa

:cfS[P]c`U

>SbS`a ;O`bWX\

9ZW\YS\PS`U <ObVOZWS

E45 =AB03:573< D]5

9]S\S` :Oc`S\b

1VO[P`S RS Q][[S`QS Rc :cfS[P]c`U

9`W\Ua 6S\`g

/ZbVSOa a^`Z

9`]\S\PWbbS` 7`Wa

EW`baQVOTba[W\WabS`Wc[ 0ORS\ E `bbS[PS`U

9`hSeW\aYW 1V`Wab]^VS

/eSf

9c[[S` 1V`Wab]^VS`

BVS 7\abWbcbS ]T ;S`US`a /Q_cWaWbW]\a O\R /ZZWO\QSa 7;//

9gSZS[ 1ZO`WaaS

;OWa]\ RS Z¸S\b`S^`WaS Rc 0c`YW\O 4Oa]

:O[P`SQVb 8]VO\

36A/: 9 C 0`cfSZZSa

:OhO`R >VWZW^^S

9>;5 /RdWa]`g

:S Ab`Ob ;O`g

/cf 2O[Sa Rc 4OcP]c`U

:SP|_cS 8cZWS

A]eOQQSaa

:SXOS` 1V`WabWO\S :S`Ob /\\S ;O`WS

A7/57

0SZUWc[

4`O\QS 0SZUWc[ 4W\ZO\R 0SZUWc[ BVS <SbVS`ZO\Ra

>VWZW^^S @]]SZSS`

4WPWh >O`b\S`a

0SZUWc[

>WSY AO\R`O

1]\aS\b] 1]`^]`ObS 4W\O\QS 0D

0SZUWc[

>W`]bbS <WQ]ZOa

A]eOZ¿\

0SZUWc[

AcWaaS

>W`]bbS 7aOPSZZS

3;>=@3A

0SZUWc[

>WdSbbO 4`SRS`WQ

;Q9W\aSg 1=[^O\g

0SZUWc[

5S`[O\g

>`WU\]\ /\\S

5`]c^S AO[P`W\dSab

0SZUWc[

0SZUWc[

>`cd]ab 0S\] b

VO[P`S @{UW]\OZS RS 1][[S`QS Sb 1 R¸7\Rcab`WS <]`R >Oa RS 1OZOWa

0SZUWc[

?cS`W\XSO\ 1V`Wab]^VS

A]eOZ¿\

0SZUWc[

0SZUWc[

@O[OYS`a 1ZO`WaaS

C1;

0SZUWc[

4`O\QS

@O[O\ 1V`Wa

DS\bc`Sa"5`]ebV :cfS[P]c`U 0O\YS`¸a /aa]QWObW]\

5S`[O\g

0c`YW\O 4Oa]

4`O\QS

BVS <SbVS`ZO\Ra

4`O\QS

0SZUWc[

:S`\]cf 4`{R{`WQ

1S¿^ OaPZ

0SZUWc[

@Oa_c{ B][

:SaQ`S\WS` 0S\] b

117:0

0SZUWc[

@S[Wb 8OQ_cSZW\S

>;3 9;=

0SZUWc[

0SZUWc[

@Whh] AgZdOW\

1]^WZ]b

0SZUWc[

0SZUWc[

@]g ;O`QSZ

/31;

0SZUWc[

1WPZS

0SZUWc[ 3a^OU\S

:Sa\S D{`]\W_cS :]dS`Wca 4`{R{`WQ

/US\QS RS AbW[cZObW]\ 3Q]\][W_cS 1]^WZ]b

:cfS[P]c`U

;O`PSVO\b /ZOW\

7<5

0SZUWc[

@cbbS\ 0S\] b

;O`QSZZS 8SO\ >WS``S

/eSf

0SZUWc[

AO\Q`Wab]dOZ 1`WabW\O

6WUV 1]c\QWZ ]T A^O\WaV 1VO[PS`a ]T 1][[S`QS

0SZUWc[

AQVSba :cQ

4WPWh >O`b\S`a 0D0/

0SZUWc[

AS`dOWa 5O~bO\

;ScaW\dSab

0SZUWc[

;O`Q]c`b 0S`\ORSbbS

"

;Sc`a 4`SRRg

0SZUWc[

BVS <SbVS`ZO\Ra

A^W

;O`Q]c`b 8SO\ 1ZOcRS

EOZZ]]\ ;W\WabS` ]T 3Q]\][g 3[^Z]g[S\b 4]`SWU\ B`ORS O\R 6S`WbOUS

0SZUWc[

AWS[Sa 6cPS`b

/eSf

0SZUWc[

;O`Q_ 4OPWO\

;ScaW\dSab

0SZUWc[

A[OZ 5S\SdW|dS

AW B`]cWZZS

0SZUWc[

;O`Zg <ObVOZWS

;O`Zg >`]RcQbW]\

0SZUWc[

A]`PSb ;O`WO

1O[O`O <OdO``O

A^OW\

"


AbSc` 3bWS\\S

;9 0OaS

AbcQYW 1V`WabWO\

/Qb]`WO 1]\aSWZ

BOaaWOcf <WQ]ZS

5`{ :W|US

BSS^S\ @]PS`b

:g\fPSR`WXdS\[OYSZOO`a

B]caaOW\b 4`O\Y

7\b`OQ] 1]\acZbW\U

0SZUWc[

B`W\]\ BVWS``g

B`W\]\ Sb /aa]QW{a

0SZUWc[

C^T]ZR /`\Rb

EW`baQVOTba[W\WabS`Wc[ 0ORS\ E `bbS[PS`U

B`SdWaO\ ;O`W]

AeWbhS`ZO\R 0SZUWc[ BVS <SbVS`ZO\Ra 7bOZg 5S`[O\g

DOSaS\ 6S\`W

;]]`S AbS^VS\a @A>

DO\ RS 9W[[S\ORS ;OO`bS\

2S 4O[WZWSPSR`WXdS\ /RdWSaU`]S^

BVS <SbVS`ZO\Ra

dO\ RS` 0WXZ 4OPWS\\S

;9 0OaS

BVS <SbVS`ZO\Ra

dO\ RS` DS\ >Ob`WQY

;90 <SRS`ZO\R

BVS <SbVS`ZO\Ra

dO\ @WXY @]aOZWS

;9 0OaS

BVS <SbVS`ZO\Ra

DO\ BSSTTSZS\ :Sf

6]USAQV]]Z Cb`SQVb

BVS <SbVS`ZO\Ra

DO\RS`[SS`aQV 3`WQ

/Qb]`WO 0SZUWc[

0SZUWc[

DO\RS`dSYS\ DW\QS\b

1][OaS

0SZUWc[

DO\RSdS\\S 8cZWS\

0SZUWc[

0SZUWc[

DO\UgaSUS[ DW`UW\WS

A]eOZ¿\

0SZUWc[

DO\^O`ga 1ZOcRS

B`ORSQ]`^ a^`Z

0SZUWc[

DS`SSQYS =ZWdWS`

>O`b\S`a >;3

0SZUWc[

D]\ 0cfV]SdSRS\ /ZSfO\RS`

"

BVS <SbVS`ZO\Ra

0SZUWc[

D`gS\a 8SO\ 4`O\z]Wa

7\Rc¿\

EObbSZWS` 4`O\Y

=cdS`bc`S 7\bS`\ObW]\OZS

ESS`ba :Oc`S\b

2SZ]WbbS

0SZUWc[ 4`O\QS 0SZUWc[

ESabS`ZOYS\ ;O`bWX\

;9 0OaS

EWZZ]QYf =ZWdWS`

0317

0SZUWc[

EW\\S\ 3`WQ

RWOZSQbW_

0SZUWc[

EWbV\OQY 0`gO\

Ag\O^aWa

0SZUWc[

EcWRO`R 8SO\ :cQ

1OPW\Sb R¸Od]QOba @O[_cSb >`WQYS\

HS[O\\ ;OO`bS\

;90 <SRS`ZO\R

BVS <SbVS`ZO\Ra

0SZUWc[ BVS <SbVS`ZO\Ra


Avec le soutien de

OrganisĂŠ par

www.transeo-conference.eu


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.