UHQ H J R O Q H .DPSHUHQ Q H W W D K F .XVWV HQ O H G Q D Z Q )LHWVHQ H (UIJRHG HQ PXVHD &XOWXXU
6SRUW DDQ ]HH HQ VWUDQG
=HH
:HONRP
0LGGHONHUNH (MIRWX ZSSV XSIVMWQI 1MHHIPOIVOI /YWXLMWXSVMIW .SWITL 'EWWIPEER 1MHHIPOIVOI 8 * XSIVMWQI$QMHHIPOIVOI FI [[[ XSIVMWQI QMHHIPOIVOI FI 3TIRMRKWYVIR NERYEVM XSX IR QIX NYRM IR WITXIQFIV XSX IR QIX HIGIQFIV EPPI HEKIR ZER Y Y ^SQIVTIVMSHI NYPM ¯ EYKYWXYW EPPI HEKIR HSSVPSTIRH STIR ZER Y QYWIYQ KIWPSXIR ST QEERHEK
:HVWHQGH
(MIRWX ZSSV XSIVMWQI ;IWXIRHI :MPPE 0IW >qTL]VW ,IRVM .EWTEVPEER ;IWXIRHI 8 * XSIVMWQI$QMHHIPOIVOI FI [[[ XSIVMWQI QMHHIPOIVOI FI 3TIRMRKWYVIR NERYEVM XSX IR QIX NYRM IR WITXIQFIV XSX IR QIX HIGIQFIV EPPI HEKIR ZER Y Y ^SQIVTIVMSHI NYPM ¯ EYKYWXYW EPPI HEKIR HSSVPSTIRH STIR ZER Y QYWIYQ KIWPSXIR ST QEERHEK
Q OD S Q H ,QIR
;MP NI [IXIR [EEV NI OER FSSKWGLMIXIR [EEV HI ZIVWGLMPPIRHI WTIIPTPIMRIR ^MGL FIZMRHIR © >SIO NI HI 7GLIPTIRPEER IIR [EWWEPSR IIR OMRIWMWX ©# (MX IR ^SZIIP QIIV ZMRH Q NI MR HI^I FVSGLYVI MR TSGOIXJSVQEEX IR OER NI ZVEKIR ,QIR 3OD FMN SR^I XSIVMWXMWGLI HMIRWX MR 1MHHIPOIVOI SJ ;IWXIRHI ,ERHMKIV FIWXEEX RMIX
LXP
OJLHQ %HOJ
OJLTXH %H
%HOJLs %H
XMSR
%GGSQQSHE
4IXIV +IVQSRTVI^ (MVIGXIYV XSIVMWQI
RXIVOYRJX KIQIRX 9
0SKMIW 0S
WMNHI WXIRHI 0SQFEVH HHIPOIVOI ;I &EHGIRXVE 1M OIRWZIVI 7GLSVI IJ½RKI 1ERRI MPWOIVOI ,MRXIVPERH 0 VW /ETIPPI ; 7PMNTI 7MRX 4MIXI IVOI IVMWQI 1MHHIPO (MIRWX ZSSV XS OI 1MHHIPOIV .SWITL 'EWWIPEER * 8 I FI POIVO MHHI XSIVMWQI$Q VW HI 0IW >qTL] IVMWQI ;IWXIR RHI (MIRWX ZSSV XS ;IWXI ,IRVM .EWTEVPEER * 8 POIVOI FI XSIVMWQI$QMHHI
.SLRR] (IZI] 7GLITIR ZER XSIVMWQI
1MGLIP 0ERHY]X &YVKIQIIWXIV
U QNDOHQGH H W Q H P H (YHQ (YpQHPHQWV 9HUDQVWDOWXQJHQ 0LGGHON
HUNH :
HVWHQGH
8SQ (IHIGOIV :SSV^MXXIV HMVIGXMIGSQMXq Z^[ ::: 1MHHIPOIVOI
-XOL -XLOOHW -XOL
I
QIR XI FIOS
R R
V MW OEPIRHI R I X R I RIQ I (I )ZI XSIVMWQ V S S Z X MIRW ZME HI H
(Y
U H G Q H O D N Q H W Q H HQHP
3UDNWLVFKH LQIR
,QGH[
DJLQD S 9RRUZRRUG D LQ J D S ,QIR D LQ J D S G Q D WU =HH 6 D LQ J D S 6SRUW D LQ J D S Q UH H G LQ . D LQ J D S U X X &XOW DJLQD S OHQ H G Q D : Q H LQD Q J D S )LHWVH W V UL H WR H G :HHWMHV YRRU DJLQD S /RJLHVOLMVW
2EXYYVPMNO QSIX NI EPPI MRJSVQEXMI WRIP IR KIQEOOIPMNO OYRRIR XIVYKZMRHIR (I^I IIRZSYHMKI W]QFSPIR LIPTIR NI HEEV IIR LERHNI FMN ;EEV#
1IIV MRJSVQEXMI#
,QWHUQHW
HONHUNH EH
Z PLGG Z Z U D D Q UI X 6
3T [[[ QMHHIPOIVOI FI ZMRH NI EPPI MRJSVQEXMI SZIV 1MHHIPOIVOI IR LIX XSIVMWXMWGL EERFSH ,ERHMK MW HI [IFGEQ ST LIX WXVERH ZER 1MHHIPOIVOI >S OER NI SRQMHHIPPMNO ^MIR SJ LIX IIR ^SRRMKI HEK MW ;IIX NI RMIX [EX XI HSIR OPMO HER HSSV ST VIGVIEXMI GYPXYYVWXIO OYWXLMWXSVMIW © NI ZMRHX FIWPMWX MIXW REEV NI ^MR 3T LIX MRXIVRIX WYVJIR# -R HI HMIRWX ZSSV XSIVMWQI 1MHHIPOIVOI ±/YWXLMWXSVMIW² .SWITL 'EWWIPEER 1MHHIPOIVOI OER NI LMIVZSSV XIVIGLX 3SO MR HI FMFPMSXLIIO ZER 1MHHIPOIVOI IR HI XVIJTYRXIR ZER ;IWXIRHI IR 0IJ½RKI OER NI KVEXMW KIFVYMO QEOIR ZER MRXIVRIXGSQTYXIVW .I FIXEEPX ZEREJ NEEV € PMHKIPH 1IX NI IMKIR PETXST OER NI MR HI FMFPMSXLIIO KVEXMW ST LIX HVEEHPSSW MRXIVRIX
³:LH QLHW RS UHLV JDD W ZRUGW QLHW JHPLVW PD DU NDQ ZHO YHHO PLVVHQ ´
3UDNWLVFKH LQIR
H K F V L P R Q R *DVWU ZHHNHQGV 8SIVMWQI 1MHHIPOIVOI [IIX MR XI WTIPIR ST HI GYPMREMVI ZIVPERKIRW ZER HI XSIVMWX )PO NEEV [SVHIR KEWXVSRSQMWGLI [IIOIRHW KISVKERMWIIVH (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * XSIVMWQI$QMHHIPOIVOI FI
H E H N U H ON H G LG P LH P ZZZ JDVWURQR
:EPIRXMNR[IIOIRH JIFVYEVM :MIV :EPIRXMNR EER ^II :IVVEW NI KIPMIJHI QIX IIR VSQER XMWGL EVVERKIQIRX MR 1MHHIPOIVOI :IVZSIV MR PMQSYWMRI QIX GLEQTEKRI :VEEK HI :EPIRXMNRFVSGLYVI QIX EPPI QIRY´W IR HI TVMN^IR ZER HI ZIVFPMNJWJSVQYPI EER FMN HI HMIRWX ZSSV XSIVMWQI MR 1MHHIPOIVOI IR ;IWXIRHI 'IRXVYQ 1MHHIPOIVOI ;IWXIRHI &EH ZIVWGLMPPIRHI VIWXEYVERXW 1MHHIPOIVOI ;IWXIRHI ;MNR[IIOIRH ETVMP :SSV HI ZMNJHI OIIV ST VMN KEEX LIX ;MNR[IIOIRH HSSV MR LIX 'EWMRS :IVWGLMPPIRHI [MNRFSY[IVW WXIPPIR LYR TVS HYGXIR ZSSV /SQ KIVYWX QIIKIRMIXIR IR TVSIJ ZER HI LIIVPMNOI [MNRIR 3J OMIW ZSSV IIR EERKITEWX QIRY MR HI HIIPRIQIRHI VIWXEYVERXW 'EWMRS 1MHHIPOIVOI ZIVWGLMPPIRHI VIWXEYVERXW 1MHHIPOIVOI ;IWXIRHI :MW[IIOIRH NYRM 2MIX XI QMWWIR MR LIX LEVXNI ZER ;IWXIRHI &EH LIX :MW [IIOIRH )IR KI^IPPMKI WJIIV [EEV MIHIVIIR OER QIIKI RMIXIR ZER SYHI EQFEGLXIR PIYOI ERMQEXMI IR ZSSVEP ZIIP :-7 'IRXVYQ ;IWXIRHI &EH ZIVWGLMPPIRHI VIWXEYVERXW 1MHHIPOIVOI ;IWXIRHI &MIV[IIOIRH NYRM (I XIVVEWNIW ST HI >IIHMNO WXEER MR LIX XIOIR ZER LIX &MIV[IIOIRH .I OER IV RMIX REEWX OMNOIR FMIV FMIV IR RSK IIRW FMIV )R QIX HI RSHMKI EQFMERGI IR IIR KIZYPH TVS KVEQQE MW LIX IIR RMIX XI QMWWIR [IIOIRH >IIHMNO 1MHHIPOIVOI ZIVWGLMPPIRHI VIWXEYVERXW 1MHHIPOIVOI ;IWXIRHI
3UDNWLVFKH LQIR
0ERHFSY[[IIOIRH WITXIQFIV 3T HI >IIHMNO LIX WXVERH LIX 'EWMRS OER NI IV RMIX REEWX OMN OIR )V [SVHX NI IIR [EEV PERHFSY[PIZIR ZSSVKIWXIPH )\TS´W ZER RIIVLSJHMIVIR IR PERHFSY[QEGLMRIW HIQSRWXVEXMIW FSI VIRQEVOX TVSIZIVXNIW IR ZIIP ERMQEXMI RMIX XI QMWWIR HYW )TIVRE]TPIMR >IIHMNO WXVERH 1MHHIPOIVOI
ZIVWGLMPPIRHI VIWXEYVERXW 1MHHIPOIVOI ;IWXIRHI
'LEQTEKRI[IIOIRH RSZIQFIV (I^I IHIPI HVERO [SVHX [IIV VMNOIPMNO ZSSVKIWXIPH MR LIX 'E WMRS )IR ZSPPIHMK [IIOIRH OER NI OIRRMWQEOIR QIX HI *VERWI GLEQTEKRIFSIVIR &SZIRHMIR MW IV IIR GLEQTEKRI EVVERKI QIRX IR IIR GLEQTEKRIQIRY ZIVFSRHIR EER HMX [IIOIRH 'EWMRS 1MHHIPOIVOI ZIVWGLMPPIRHI LSXIPW ZIVLYYVOERXSVIR VIWXEYVERXW 1MHHIPOIVOI ;IWXIRHI
H E H N U H ON H G LG P LH P R Q ZZZ JDVWUR
Q H W L H W L Y L W F D 2Q]H )HEUXDUL :EPIRXMNRW[IIOIRH ˆ JIFVYEVM
0DDUW 7XEVX I IR PEEXWXI VMX ZER HI HEEKWI ZER ;IWX :PEERHIVIR ˆ QEEVX 7XEVX /&' HEEKWI (I 4ERRI /SOWMNHI ˆ QEEVX
$SULO ;MNR[IIOIRH ˆ ETVMP
0HL %GGSVHISRJIWXMZEP ˆ QIM
-XQL :MW[IIOIRH ˆ NYRM &MIV[IIOIRH ˆ NYRM
-XOL 'EEPW 'SQIH] 'PYF ˆ NYPM 7XVMTJIWXMZEP ˆ NYPM X I Q EYKYWXYW +EPE +SYHIR 4SXPSSH ˆ NYPM -RLYPHMKMRK WXERHFIIPH ˆ NYPM
$XJXVWXV 'EEPW 'SQIH] 'PYF ˆ EYKYWXYW >SQIVLMX ˆ EYKYWXYW ;IWXIRH 0EHMIW 8IRRMWGYT ˆ EYKYWXYW *EOOIPXSGLX ˆ EYKYWXYW
6HSWHPEHU 0ERHFSY[[IIOIRH ˆ WITXIQFIV
1RYHPEHU 'LEQTEKRI[IIOIRH ˆ RSZIQFIV
'HFHPEHU /IVWXQEVOX ˆ HIGIQFIV NERYEVM 2SSVH^IIGVSWW ˆ HIGIQFIV SRHIV ZSSVFILSYH 'LEQTEKRIWGLEXXIRNEGLX ˆ HIGIQFIV 7]PZIWXIVZYYV[IVO ˆ HIGIQFIV 4SSXNI &EHIR ˆ NERYEVM
3UDNWLVFKH LQIR
Q H S H R U J U R 'DJWULSV YR 7TIGMEEP ZSSV KVSITIR ^MNR IV IIR EERXEP HEKYMXWXETTIR YMXKIWXMTTIPH )IR HEKNI YMX HI FERH ZER WXVERH XSX LMRXIVPERH IIR HEKNI 1MHHIPOIVOI QIX IIR FI^SIO EER /YWXLMWXSVMIW SJ :MPPE 0IW >qTL]VW LIX 'EWMRS HI (VSROIRTYX IR IIR XSGLX HSSV LIX TMXXSVIWOI LMRXIVPERH )IR HEKNI EGXMIJ MR ;IWXIRHI IIR YMXWXET ZSP FYMXIREGXMZMXIMXIR -R HI ZSSVQMHHEK OVMNK NI HI OIY^I YMX IIR EERXEP WTSVXMIZI EGXMZMXIMXIR WXVERHWTSVXIR OMGOFMOI ZSPOWWTSVXIR SJ HYMRIRSVMtRXEXMI -R HI REQMHHEK SVKERMWIVIR [I IIR KSGEVXVEPP] [EEVFMN NI TIV XIEQ IIR EERXEP ZVEKIR SZIV ;IWXIRHI OVMNKX (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * XSIVMWQI$QMHHIPOIVOI FI
N U D S G Q D P U R +HW 1 3T IIR WXIIR[SVT ZER HI OIVO ZER 1MHHIPOIVOI PMKX LIX KIQIIRXIPMNO 2SVQERHTEVO .I OER IV MR IIR SEWI ZER VYWX KIRMIXIR ZER LIIP [EX FPSIMIRHI WXVYMOIR IR TPERXIR 6EZSXXIRHI OEFSYXIVW IR IPJIR OYRRIR ^MGL YMXPIZIR ST IIR KVSSX EZSRXYYVPMNO WTIIPTPIMR 3T HI PEEXWXI ^SRHEK ZER QIM KEEX IV IIR KVSSX TEVOJIIWX HSSV [EEVFMN MIHIVIIR LIIP HI HEK KIXVEOXIIVH [SVHX ST IIR XSXEEPWTIOXEOIP QIX QY^MOERXIR EGVSFEXIR IR WXVEEXXLIEXIVEGXW .EEVPMNOW ST HIGIQFIV [SVHX HER [IIV ±7XIVVIR MR LIX 4EVO² KISVKERMWIIVH HEX ZSPPIHMK MR LIX XIOIR WXEEX ZER ±ZYVMKI² ERMQEXMIW (MX EZSRHWTIOXEOIP [SVHX XIPOIRW EJKIWPSXIR QIX IIR WTIXXIVIRH ZYYV[IVO -RJSVQEXMI +VSIRHMIRWX 8 KVSIRHMIRWX$QMHHIPOIVOI FI STIR ZER Y XSX ^SRWSRHIVKERK
3UDNWLVFKH LQIR
DO D P H OO D W H K P R MG WL J +RR " Q WH OD WH MH U WH K F D HYHQ )IR FVIIH ^ERHWXVERH ZER OQ PERK QIX FI[EEOXI ^SRIW IR IIR OQ PERKI [ERHIPHMNO RSHMKIR MIHIVIIR YMX SQ PIOOIV XI SRXWTERRIR 0EEX LIX EPPIQEEP EGLXIV NI IR PEEH HI FEXXIVMNIR [IIV ST %HIQ HI KI^SRHI PYGLX MR IR SRHIVKE HI HIYKH HSIRHI [IVOMRK ZER HI ^II 8IV[MNP HI OMRHIVIR HI KILIMQIR ZER ^II IR WXVERH SRXHIOOIR MW LIX ^EPMK XSIOMNOIR IR VIPE\IR ST LIX WXVERH 1MHHIPOIVOI ;IWXIRHI MW HER SSO IIR FEHTPEEXW SQ JEQMPMIW XI ZIV[IRRIR
H E H N U H N O H ZZZ PLGG
=HH HQ VWUDQG
=ZHPPHQ ,IX QIXIV ^[IQFEH MW IV ZSSV OPIMR IR KVSSX (I EPPIVOPIMRWXIR OYRRIR ^MGL YMXPIZIR MR LIX OMRHIVFEHNI (I KVSXIVI OMRHIVIR OYRRIR ^MGL EQY WIVIR MR HI QIXIV PERKI KPMNFEER )R VIPE\IR HSI NI MR qqR ZER HI FYFFIPFEHIR SJ HI WEYRE I QEMP WTSVXHMIRWX$QMHHIPOIVOI FI 3TIRMRKWYVIR [MRXIV WITXIQFIV XSX NYRM QEERHEK KIWPSXIR HMRWHEK Y IR ZER Y Y WIRMSVIR - Y [SIRWHEK Y IR ZER Y HSRHIVHEK Y IR ZER Y Y WIRMSVIR - Y Y FEERXNI ^[IQQIR FIWGLMOFEEV ZVMNHEK Y IR ZER Y ^EXIVHEK Y IR ZER Y ^SRHEK Y IR ZER Y
3TIRMRKWYVIR ^SQIV
NYPM IR EYKYWXYW IR TEEWZEOERXMI EPPI HEKIR Y
3TIRMRKWYVIR OPIMRI ZEOERXMIW
LIVJWX OIVWX IR OVSOYWZEOERXMI QEERHEK KIWPSXIR HMRWHEK Y IR ZER Y [SIRWHEK Y IR ZER Y HSRHIVHEK Y IR ZER Y ZVMNHEK Y IR ZER Y ^EXIVHEK Y IR ZER Y ^SRHEK Y IR ZER Y
6XUIHQ
7YVJ^SRI
&SVHIR QEOIR NI HYMHIPMNO [EEV NI ST LIX WXVERH OER [MRHWYVJIR XIR [IWXIR ZER IR MR HI SRQMHHIPPMNOI REFMNLIMH ZER HI KSPJFVIOIVW XIV LSSKXI ZER HI 0SYMW 0SKMIVPEER XIR [IWXIR ZER IR MR HI SRQMHHIPPMNOI REFMNLIMH ZER HI WXVERHLSSJHIR ST HI *VERWIPEER &SH]FSEVH [EZIFSEVH WYVJVMHMRK WOMQFSEVH IR [EZIWOM OYRRIR SSO FISIJIRH [SVHIR MR HI^I ^SRIW ST ZSSV[EEVHI HEX IV FI[EOMRK MW
6SRUWVWUDQGHQ 1MHHIPOIVOI WXVERH 4VSWTIV 4SYPPIXWXVEEX ;IWXIRHI WXVERH 1IIY[IRPEER
6SRUWKDOOHQ
:SSV FMRRIRWTSVXIR OER NI MR 1MHHIPOIVOI XI VIGLX MR WTSVXLEPPIR [EX IIR KVSXI HMZIVWMXIMX ZER WTSVXIR QSKIPMNO QEEOX IR XIZIRW MHIEEP MW ZSSV HI SVKERMWEXMI ZER XSVRSSMIR 1MHHIPOIVOI (I &VERHMRK 4STYPMIVIRPEER 0SQFEVHWMNHI (I &EQFYVK &EVSRWXVEEX 0IJ½RKI (I &EVPSOI 7PMNTIWXIIR[IK 7TSVXHMIRWX WTSVXHMIRWX$QMHHIPOIVOI FI
H H ] Q D D W 6SRU
%PW NI LIX WTSVXMIZI X]TI FIRX HER LIIJX 1MHHIPOIVOI ;IWXIRHI NI LIIP [EX XI FMIHIR .EEVPMNOW ^MNR IV ZIVWGLMPPIRHI WTSVXIZIRIQIRXIR IR HI EGGSQQSHEXMI MW YMXQYRXIRH -R 1MHHIPOIVOI ;IWXIRHI OER NI MR QEEV PMIJWX WTSVXLEPPIR XIVIGLX .I ZMRHX IV HI IRMKI KSPJGPYF EER HI ;IWXOYWX IV MW IIR WTSVXTEVO IR RSK ZIIP ZIIP QIIV 3SO ZSSV HI [MIPIVPMIJLIFFIV LIIJX 1MHHIPOIVOI ;IWXIRHI XEP ZER IZIRIQIRXIR 8IRRMW NI PMIZIV# 3J FIR NI IIR JIVZIRX [EXIVWTSVXIV# 1MHHIPOIVOI ;IWXIRHI FMIHX LIX NI EPPIQEEP 7TSVX ^II WXVERH IIR QSSMI QM\ SQ SRHIV PIMHMRK ZER WTSVXERMQEXSVIR NI ZSPPIHMK YMX XI PIZIR .I OMIWX XYWWIR NSKKMRK ½XLIMHWK]Q FIEGLZSPPI] VEJXMRK KSP½RK FIEGLZSIXFEP SJ WTIP IR HMX XMNHIRW HI ^SQIV QEERHIR NYPM IR EYKYWXYW ZER XSX Y QEERHEK XSX ZVMNHEK -W LIX IIR VIKIREGLXMKI HEK HER OER NI MR HI ZSSVQMHHEK XIVIGLX MR HI WTSVXLEP (I &VERHMRK ZSSV HI ZSPKIRHI WTSVXIR FSSKWGLMIXIR ZSPPI]FEP FEWOIXFEP XEJIPXIRRMW FEHQMRXSR IR XEP ZER XSVRSSMIR
6SRUW =HH HQ VWUDQG
´ O H L G R N R U . H ' ³ 6SRUWSDUN
,IX WTSVXTEVO MW EERKIPIKH MR IIR KVSIRI PSRK XYWWIR (I ;EVERHI IR LIX ZSIXFEPZIPH 3RQSKIPMNO NI LMIV XI ZIVZI PIR /MIW QEEV YMX IIR FEWOIXFEPZIPH IIR LMRHIVRMWWIR TEVGSYVW QIX HIEXL VMHI XSY[IRTMWXI EUYETMWXI XIEQ[SVO IR QSIVEWTMWXI IIR WTIIP[IMHI IIR ZMNZIV QIX IMPERH IIR *MRWI PSSTTMWXI OQ IIR QSYRXEMRFMOITEVGSYVW OQ IIR WOEXI VEQT ,IX LMRHIVRMWWIRTEVGSYVW OER IROIP SR HIV FIKIPIMHMRK VIWIVZIVIR FMN HI Z^[ ³;EZIW´ SJ OSQIR REEV HI OIRRMWQEOMRKWHEKIR ZER ³7TSVX EER >II´
^MI TVSKVEQQE 7TSVXHMIRWX (YMRIR[IK 1MHHIPOIVOI
Z^[ ;EZIW
7HQQLV 1MHHIPOIVOI (YMRIR[IK
5XLWHUVFKROHQ
;IWXIRHI 4VMSVMNPEER
ZER ETVMP X I Q IMRH WITX
(IVF] (YMRIR[IK 1MHHIPOIVOI :ER (SSVIR &EHIRPEER ;IWXIRHI
Q UH H G Q R Z O R Y OG UH H Z ³(HQ ´ Q H UG R Z WH W N H WG Q R ZDFKW RP GRRU MRX
3HWDQTXH
1MHHIPOIVOI 0ISTSPHPEER FERIR MRHSSV ;IWXIRHI ;IWXIRPEER FERIR 8YWWIR &VMXWIPEER IR *VERWIPEER FERIR 0SQFEVHWMNHI &EVSRWXVEEX FERIR
:HVWJROI
4MIXIWXVEEX ;IWXIRHI MRJS$[IWXKSPJ FI [[[ [IWXKSPJ FI
%RZOLQJ 'H .HJHO &MI^IRWXVEEX 1MHHIPOIVOI
KIPIKIR EGLXIV 'EVVIJSYV IR 'SPVY]X +IWPSXIR ST HSRHIVHEK FS[PMRKHIOIKIP$WO]RIX FI [[[ FS[PMRKHIOIKIP FI
0LQLJROI >SRRIPEER E ;IWXIRHI >SQIVPEER ;IWXIRHI (YMRIR[IK 1MHHIPOIVOI
6SRUW 6SRUW
W V D R F U H G L V W 7KH RX ZDWHU RI ODQG"
:SSV [MI LIX PMIZIV HVSSK LSYHX SVKERMWIIVX 8LI 3YXWMHIV 'SEWX IIR XSY[IRTEVGSYVW IIR HYMRSVMtRXEXMI SJ WXITXSGLXIR 8LI 3YXWMHIV 'SEWX SVKERMWIIVX SSO EPPI WSSV XIR REXYYVWTSVXIR XIEQFYMPHMRK ZSSV FIHVMNZIR OERX IR OPEVI [IIOIRHW
1IIV MRJSVQEXMI ZMRHX Y ST [[[ XLISYXWMHIVGSEWX FI 8LI 3YXWMHIV 'SEWX &VYKWIZEEVX 2MIY[TSSVX 8 *
J Q L J L Q H U H Y H V 9ODDP W U R S V U H W D Z U R YR ::; ;IWXIRHI MW IIR [EXIVWTSVXGIRXVYQ QIX EPPI JEGMPMXIMXIR :PSX FIVIMO YMXWXIOIRHI TEV OIIVQSKIPMNOLIHIR IIR KVSSX EERFSH WTSV XIR S E [MRHWYVJIR KSPJWYVJIR ^IIVEJXMRK OENEO WXVERH^IMPIR IR^ 1SKIPMNOLIHIR XSX LYYV IR MRMXMEXMI ZSSV MRHMZMHYIPIR SJ KVSITIR MRMXMEXMIHEKIR ZSSV WGLSPIR FIHVMNZIR IR ERHIVI KVSITIVMRKIR :EREJ HI TEEWZEOERXMI MIHIV [IIO IRH KISTIRH XSX IMRH WITXIQFIV -R NYPM IR EYKYWXYW MIHIVI HEK STIR HMX XIPOIRW ZER Y XSX QMRMQYQ ^SRWSRHIVKERK
;IWXIRHI 7MRX 0EYVIMRWWXVERH ZZ[ +IIVX 9]XXIVLSIZIR KIIVX$ZZ[[IWXIRHI FI
6SRUW
,IX WXVERH HI HYMRIR HI ^II© RIVKIRW ZMRH NI IIR VYMQIVI WGLEX [EEV OMRHIVIR ST SRXHIOOMRK OYRRIR KEER
Q H N N H WG Q 2 W V X . H '
1IX IIR WGLEXOMWX ZSP QEXIVMEEP IR IIR ZEOERXMIFSIONI ½ OER NI WEQIR QIX NI OMRH ST SRXHIOOMRK 1MXW IIR OPIMRI [EEV FSVK OER NI HI^I SRXPIRIR FMN HI HMIRWX ZSSV XSIVMWQI 7TERRIRHI EZSRXYVIR VEEHWIPW PIYOI WTIPPIXNIW IR [IIXNIW PSSHWIR NI PERKW HI ZIVWGLMPPIRHI FEHTPEEXWIR %P KILSSVH ZER ¾IWWIRTSWX©# ,IX ^MX IV EPPIQEEP MR (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI 8 * XSIVMWQI$QMHHIPOIVOI FI )ROIP ZIVOVMNKFEEV MR LIX 2IHIVPERHW ;EEVFSVK €
'H 'XLQSLHSHU
.I OER KVEXMW IIR VYK^EONI ZSP MRXIVIWWERX QEXIVMEEP SRXPIRIR FMN HI HMIRWX ZSSV XSIVMWQI .I XVIOX HI HYMRIR MR SJ ST LIX WXVERH IR SRXHIOX EER HI LERH ZER IIRZSYHMKI STHVEGLXNIW LIIP [EX QIIV ZER HI^I TVEGLXMKI REXYYV (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * [EEVFSVK € XSIVMWQI$QMHHIPOIVOI FI )ROIP ZIVOVMNKFEEV MR LIX 2IHIVPERHW
%DE\VLW %PW NI IIR FEF]WMX ^SIOX ZSSV NI OMRHIVIR OER NI XIVIGLX FMN HI FEF]WMXHMIRWX ZER HI ZIVWGLMPPIRHI KI^MRWFSRHIR ZER 1MHHIPOIVOI )ROIP ZSSV PIHIR ZER HI +I^MRWFSRH 0IJ½RKI ;IWXIRHI 0SQFEVHWMNHI 1MHHIPOIVOI ;MPWOIVOI 9 OER SSO XIVIGLX FMN 7SPMHEVMXIMX ZER LIX KI^MR FEF]WMXHMIRWX$WZKL FI 6IHHMI 8IHH]
[[[ VIHHMI XIHH] FI FEF]WMXWIVZMGI [ZP$WSGQYX FI
Q H U H G Q L .
H G Q WH V H : X OR H E D % 6SHHOGRUS Q :HVWHQGH D URRP YD
H 'H NLQGYULHQGHOLMNVWH W
3T [ERHIPEJWXERH ZER LIX WXVERH ZMRH NI &%&)039 IIR KI^IPPMKI XIE VSSQ ZER Q QIX ^SRRIXIVVEW 8IV[MNP HI OMRHIVIR ^MGL YMXPIZIR ST HI WTVMRKOEWXIPIR XVEQTSPMRIW VIY^I PIKSFPSOOIR SJ FEPPIRFEHIR OYR NI IV ZIVTS^IR FMN HMZIVWI ZIVW KIFEOOIR TERRIROSIOIR MNWGSYTIW SJ IIR JVMW FMIVXNI /VMNKIR HI OPIMRXNIW LSRKIV# (ER ^YPPIR HI JVMIXNIW ^IOIV WQEOIR 3SO FMN WPIGLX [IIV MW LIX HYW VIY^IPIYO MR SRW SZIVHIOX WTIIPTEVEHMNW 8SX FMRRIROSVX FMN FIIV &EFIPSY &EFIPSY &EFIPSY 0SQFEVHWMNHIPEER ;IWXIRHI [[[ FEFIPSY FI STIR [SIRWHEK ^EXIVHEK IR ^SRHEK ZER Y XSX Y ZEOERXMITIVMSHIW IPOI HEK STIR
X R O H E %D
:SSV HI OMRHIVIR IR NSRKIVIR MW MR 1MHHIPOIVOI LIIP [EX ZSSVLERHIR :SSV HI XSX NEVMKIR MW IV MR HI OIVWX TEEW IR ^SQIVZEOERXMI KVEFFIPTEW 1IX IIR KVEFFIPTEWNI OER NI HIIPRIQIR EER LIIP [EX PIYOI EGXMZMXIMXIR ORYWXIPIR WTSVXIR YMXWXETTIR ^IPJ OSOIR IR EER RSK IIR KERW TEPPIX ERHIVI FMN^SRHIV FSIMIRHI IR PIYOI EGXMZMXIMXIR ;MI SYHIV MW HER NEEV OER XIVIGLX FMN HI TEVEW[ET IR LIX NIYKHLYMW TEVEZERK -R IPOI WGLSSPZEOERXMI WXEEX LIX NIYKHLYMW STIR ZSSV EPPI X[EEPJ TPYWWIVW )IR [EEMIV EER ST QEEX KIQEEOXI EGXMZMXIMXIR OSQX EER FSH ;MI IIR TEVEW[ETTEWNI EERWGLEJX OER LIX LIPI NEEV HSSV HIIPRIQIR EER HI^I EGXMZMXIMXIR 3SO ZSSV XMIRIVW MW IV LIIP [EX XI FIPIZIR ,IX NIYKHLYMW MW IPOI HEK XMNHIRW HI WGLSSPZEOERXMIW STIR ZER Y XSX Y IR ZER Y XSX Y ST ^EXIVHEK ^MNR [I IV ZER Y XSX Y )POI ZVMNHEKEZSRH IR ZSSV WTIGM EPI KIPIKIRLIHIR SSO ST ^EXIVHEK MW LIX NIYKHLYMW STIR ZER Y XSX Y +IQIIRXIPMNOI NIYKHHMIRWX ;IWXIRHIPEER 1MHHIPOIVOI 8 SJ ZER LIX NIYKHLYMW [[[ TEVEZERK FI NIYKHHMIRWX$QMHHIPOIVOI FI
.LQGHUHQ
*OLMEDQHQ )IR PIYOI QERMIV ZSSV HI OMRHIVIR SQ LIX WXVERH XI FIVIMOIR ^MNR HI ZIVWGLMPPIRHI KPMNFERIR (I^I ^MNR XIVYK XI ZMRHIR PERKW HI >IIHMNO XI 1MHHIPOIVOI IR ;IWXIRHI (I^I ±WGLYMJ EJW² ^MNR WTIGMEEP ST OMRHIVQEEX KIQEEOX HYW ZSSV QEQE´W IR TETE´W MW LIX IROIP XSIOMNOIR 1MHHIPOIVOI >IIHMNO X L Z 4EYP HI 7QIX HI 2EI]IVWXVEEX X L Z .YPIW ZER HIR ,IYZIPWXVEEX X L Z %VXLYV (I +VIIJTPIMR X L Z :PEERHIVIRWXVEEX X L Z /[MRXIWXVEEX
;IWXIRHI >IIHMNO X L Z RV >IIHMNO X L Z 1IIY[IRPEER >IIHMNO X L Z %VIRHPEER /SRMRK 6MHHIVHMNO X L Z 2SSVH^IIPEER /SRMRK 6MHHIVHMNO X L Z *PERHVMEPEER
9HUKXXU YDQ ¿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
Q H O O H W V H R W H Q HQ VNDW HI
SH IWXIR RXIWGLSSP ; I I Q I + 6NDWHUDP I POIVOI IIPTPIMR 7PMNT 0IJ½RKI 7T OSHMIP 1MHHI LSSP I /VS +IQIIRXIWG 7TSVXTEVO ( I H R I WX I WWXVERH ; 7MRX 0EYVIMR
PH ZER -R HI [IVI R I MK V E N ER HI Y[I O HEX ^MN RMI HSIPKVSIT Z S I S H W V E M E O MN R V L K R MG VX &IPE GI VMGLX ^ IR P SZIV MR WTS I (I EKSVEWTE WR P E FMRIVIR FIMH X Q R I S G Q R PI I PI XW I E PE WT LIX (I^I T XMIRIVW KEEX ^IPJ LIFFIR L MG ^ V S S XLIIO Z R PIOOI FEH IR FMFPMS Q I [ ^ R SRXQSIXMRKWT I WW MR XY R OI 1EVOXTPI RVM .EWTEVPEE I 1MHHIPOIV , P S S L WG +IQIIRXI VEEX ;IWXIRHI &SRXI 4MIVWX P S S L WG XI R IQII 0IJ½RKI +
H F D S V D U R J $
Q H Q L H O S O H H S 6
ER 2SVQERHPE O V E 4 MR PI 7XVERHPEER VOXT MW E V H 1 PM E I ' O V MR I PI XPIXT 1MHHIPO ER )HSYEVH 3 PE R I WX I ; EX I ;IWXIRH EX &EVSRWXVE E V PMNTI WX O MN H R I MX SPWWXVEEX MR 7 I /PI S H ' MN W W H XY V V I E F F 0SQ X IR 0EQ WQYMHIWXVEE MO RWZIVI ( H R PE V MR 1ERRIOI K I ,MRXI [ R I I WX WI RXILYMW &VYK 3YH +IQII PIMR MR 7GLSVI T R VI Y I F R I L &‚G
MI X R I 4VIZ IVOI FI WX$QMHHIPO R MI H I XM R I Z TVI
.LQGHUHQ
H
UN H ON H G LG 0 ´ V H UL WR LV WK 0XVHXP ³.XV
,IX ZVSIKIVI TSWXOERXSSV [IVH ZSPPIHMK KIVIWXEYVIIVH ,MIV OVMNK NI LIX ZIVLEEP ZER LSI HI QIR WIR ZVSIKIV LYR ZEOERXMI FIPIIJHIR EER HI OYWX 6IMW HSSVLIIR EPPI FEHTPEEXWIR IR HEX XMNHIRW HI PEEXWXI NEEV 2SK RMIX ^S PERK KIPIHIR [EW IV IROIP HI ^II WXVERH IR HI HYMRIR QIX IIR TEEV IIR^EQI ZMWWIVWLYMWNIW /YWXLMWXSVMIW 8SIVMWQI 1MHHIPOIVOI .SWITL 'EWWIPEER 1MHHIPOIVOI 8 * MRJS$OYWXLMWXSVMIW FI [[[ OYWXLMWXSVMIW FI 3TIRMRKWYVIR NERYEVM XSX IR QIX NYRM IR WITXIQFIV XSX IR QIX HIGIQFIV EPPI HEKIR ZER Y Y ^SQIVTIVMSHI NYPM ¯ EYKYWXYW EPPI HEKIR HSSVPSTIRH STIR ZER Y Y QYWIYQ KIWPSXIR ST QEERHEK
0XVHXP ³9LOOD /HV =pSK\UV´ :HVWHQGH %DG -R HMX FIWGLIVQH IR KIVIWXEYVIIVH FI^SIOIVWGIRXVYQ OER NI FIPIZIR LSI IIR JEQMPMI MR HI NEVIR LEEV ZEOERXMI EER ^II HSSVFVEGLX 3T IIR MRXIVEGXMIZI QERMIV SRXHIO NI IV HI KIWGLMIHIRMW ZER ;IWXIRHI &EH HI ZEOERXMI ZER HI FSYVKISMWMI IR LIX LYMWTIVWSRIIP MR ;IWXIRHI &EH (I PEQFVMWIVMRK IR HI WGLSY[QERXIP FIZEXXIR YRMIOI EVX RSYZIEY IPIQIRXIR SRX[IVT ZER HI ZIVQEEVHI SRX[IVTIV ,IRV] :ER HI :IPHI &MN^SRHIV MW HI FEHOEQIV QIX IIR ZIV^SROIR FEH IR HI EVX RSYZIEY HMWXIPQSXMIZIR MR HI XIKIPW (I OIPHIVOIYOIR MW HER [IIV LIX HSQIMR ZER HI HMIRWXQIMH (I ½PQTNIW XEPVMNOI JSXS´W IR ZSSV[IVTIR KIZIR QSSMI WJIIVFIIPHIR ZER LIX XSIVMWQI XMNHIRW LIX MRXIVFIPPYQ -HIEEP ZSSV IIR HYMO MR NI IMKIR ZIVPIHIR :MPPE 0IW >qTL]VW 8SIVMWQI ;IWXIRHI ,IRVM .EWTEVPEER ;IWXIRHI 8 * MRJS$OYWXLMWXSVMIW FI [[[ OYWXLMWXSVMIW FI 3TIRMRKWYVIR NERYEVM XSX IR QIX NYRM IR WITXIQFIV XSX IR QIX HIGIQFIV EPPI HEKIR ZER Y Y ^SQIVTIVMSHI NYPM ¯ EYKYWXYW EPPI HEKIR HSSVPSTIRH STIR ZER Y Y QYWIYQ KIWPSXIR ST QEERHEK
.XQVW HHN K W R L O E L % XP H V X P Q H (UIJRHG
U X X W O X &
(HQ GRRVMH :HVW 9ODDPV HUIJRHG (I^I IVJKSIHFS\ FIZEX IIR XSTWIPIGXMI ZER TVSZMRGMEPI IVJKSIH [ER HIPVSYXIW (I XVENIGXIR ^MNR KI^MRWZVMIRHIPMNO KIQMHHIPH OQ PERK IR PYWZSVQMK )POI VSYXI MW FIWGLVIZIR MR IIR TVEOXMWGLI FVSGLYVI QIX KIHIXEMPPIIVHI VSYXIOEEVX IR WXVIIOMRJSVQEXMI (I^I LERHMKI ZIV^EQIPFS\ OSWX ½ (I IVJKSIH[ERHIPMRK ZER ;IWXIRHI OQ MW XIZIRW ETEVX XI ZIVOVMNKIR EER ½ &IMHI ^MNR XI ZIVOVMNKIR FMN HI HMIRWX ZSSV XSIVMWQI 1MHHIPOIVOI IR ;IWXIRHI
*UDQG +RWHO %HOOHYXH ,IX +VERH ,SXIP &IPPIZYI MW IIR ZER HI QMNPTEPIR MR HI XSIVMWXMWGLI KIWGLMIHIRMW ZER 1MHHIPOIVOI IR ;IWXIRHI ,IX [IVH SRX[SVTIR HSSV HI FIJEEQHI EVX RSYZIEY EVGLMXIGX 3GXEZI :ER 6]WWIPFIVKLI IR MW XIZIRW IIR FIWGLIVQH KIFSY[ ,IX LSXIP [IVH STKIXVSOOIR MR IR FPIIJ RE ; 3 - EPW IRMKI KIFSY[ SZIVIMRH MR ;IWXIRHI &EH (MX [EW XI HEROIR EER ^MNR FIXSRGSRWXVYGXMI ,IX LSXIP [IVH ZSPPIHMK MR ^MNR SSVWTVSROIPMNOI WXMNP KIVIWXEYVIIVH 8MNHIRW LIX -RXIVFIPPYQ FVEGLXIR LIIP [EX PIHIR ZER HI OSRMROPMNOI JEQMPMI IV LYR ZEOERXMI HSSV >IIHMNO ;IWXIRHI
&DVLQR 0LGGHONHUNH
3T HI FVIHI IR FMNRE OQ PERKI >IIHMNO ZER 1MHHIPOIVOI ZEPX LIX 'EWMRS HEX MR 2SVQERHMWGLI WXMNP [IVH KIFSY[H QIXIIR ST (I &EGGEVE^EEP MW LIX YRMIOI HIGSV ZSSV XEP ZER STXVIHIRW IR ERHIVI IZIRIQIRXIR +IRMIX ZER IIR LIIVPMNOI ZIV[IROSJ½I MR HI KI^IPPMKI ±8EZIVRI SR XLI &IEGL² QIX TVEGLXMK ^MGLX ST ^II ,IX VIWXEYVERX ±-P 'MVGS² MW LIX WXIQQMKI OEHIV ZSSV IIR LIIVPMNO KEWXVSRSQMWGL HMRIV SJ IIR KI^IPPMK EZSRHNI YMX ;EEK NI OERW ST HI VSYPIXXI &PEGO .EGO SJ qqR ZER HI ZIPI WPSXQEGLMRIW IR [MI [IIX WXEEX LIX KIPYO [IP EER NSY[ OERX 1MRMQYQ NEEV PIKMXMQEXMI ZIVTPMGLX KVEXMW XSIKERK >IIHMNO ^ R 1MHHIPOIVOI 8 MRJS$GEWMRSQMHHIPOIVOI FI [[[ GEWMRSQMHHIPOIVOI FI
'URQNHQSXW )MRH HI IIY[ [IVH IIR KVSXI FIXSRRIR [EXIVFEO KIFSY[H SQ HI WXIIHW KVSXIV [SVHIRHI KVSIT XSIVMWXIR ZER HVMRO[EXIV XI OYRRIR ZSSV^MIR (SSV IIR TPSXWI WXMNKMRK ZER LIX KVSRH[EXIV KMRK HI FEO QEEV PMIJWX KVEHIR WGLIIJ WXEER 3RXHIO LSI HI^I ±QMRMXSVIR ZER 4MWE² LIX IZIR[MGLXWKIZSIP ST HI TVSIJ WXIPX /ETIPWXVEEX 1MHHIPOIVOI STIR ZER XSX IR ZER XSX Y 8
'H &DOLGULV
(I 'EPMHVMW MW IIR YMXQYRXIRH ZSSVFIIPH ZER IIR KIFSY[ ZVSIKIV FIWXIQH ZSSV OYYVXSIVMWQI ZSSV EVQI OMRHIVIR ,IX ZVSIKIVI OMRHIVLSQI [IVH MR KIFSY[H IR PEXIV MR HI SSVWTVSROIPMNOI WXEEX KIVIRSZIIVH (I PMKKMRK MR HI HYMRIR ZPEOFMN LIX 7MRX 0EYVIMRWWXVERH KIIJX LIX IIR YRMIOI XSIXW ,IX ZIVFPMNJWGIRXVYQ FMIHX XIKIR[SSVHMK RMIX EPPIIR SRHIVHEO EER KVSITIR QEEV SVKERMWIIVX SSO IIR GSQTPIIX WTSVXMIJ VIGVIEXMITVSKVEQQE MR WEQIR [IVOMRK QIX S E IZIRX SVKERMWEXSV 8LI 3YXWMHIV 'SEWX (MGLXIV FMN HI KSPZIR OER NI RMIX ST ZEOERXMI WTSVXOEQT ^IIOPEW FIHVMNJWYMXWXET SJ EZSRXYYV 7XVERHPEER ;IWXIRHI 8 * GEPMHVMW$QMHHIPOIVOI FI
&XOWXXU
1MHHIPOIVOI LIIJX IIR VMNO GYPXYVIIP EERFSH 8[II ZSP[EEVHMKI GYPXYYV^EPIR IR IIR VMNO ZIVIRMKMRKWPIZIR ^SVKIR ZSSV IIR SZIVZSPPI GYPXYYVEKIRHE -R 1MHHIPOIVOI MW (I &VERHMRK LIX OPSTTIRH GYPXYVIIP LEVX ZER HI KIQIIRXI QIX IIR HMZIVW XLIEXIV IR QY^MIOEERFSH .I OER IV SSO IIR KIZEVMIIVH XLIEXIVEERFSH ZSSV OMRHIVIR QIITMOOIR 7TIIPWI XLIEXIVZSSVWXIPPMRKIR [SVHIR KIOSTTIPH EER IIR PIYOI SQOEHIVMRK QIIWXEP MR HI WGLSSPZEOERXMIW -R (I >[IVZIV MR 0IJ½RKI WXEER LIIP [EX REXMSREEP IR MRXIVREXMSREEP FIOIRHI EVXMIWXIR ST HI TPEROIR -IHIV NEEV MW 0IJ½RKI SSO LIX HIGSV ZSSV 0IJ½RKI 0IYVIR IIR HVMIHEEKW JIWXMZEP QIX HI ½NRWXI WXEEPOEEVX ZER HI LIHIRHEEKWI TST IR VSGOQY^MIO :IVHIV ^MNR HI 1MHHIPOIVOWI HIIPKIQIIRXIR KI^IKIRH QIX IROIPI GYPXYYV^EPIR [EEV LIX PSOEPI GYPXYYVPIZIR ZSPPIHMK XSX ^MNR VIGLX OSQX 1MHHIPOIVOI MW SSO IIR OYRWXKIQIIRXI QIX QSSMI TIVQERIRXI OYRWX[IVOIR IR FSIMIRHI XIRXSSRWXIPPMRKIR ZER PSOEPI OYRWXIREEVW -R QIM ZSVQX HI ;IIO ZER HI %QEXIYVOYRWXIR HI LSSKQMW ZER HI EQEXIYVOYRWX QIX IIR VIIOW MRXIVIWWERXI [SVOWLSTW XIRXSSRWXIPPMRKIR IR ZSSVWXIPPMRKIR
-R HI ^SQIV XVIOOIR [I REEV FYMXIR QIX RIKIR W[MRKIRHI ^SRHEEKWI ETIVMXMIJGSRGIVXIR MR MIHIVI HIIPKIQIIRXI )IR ½NR ZSPOWJIIWXNI QIX KSIHI QY^MIO IR PIOOIVI LETNIW IIR LIYW OPEWWMIO OIVOGSRGIVX IR IIR VIY^I QII^MRKJIIWX ST LIX )TIVRE]TPIMR %PPI MRJS SZIV LIX GYPXYYVEERFSH ZMRH NI ST [[[ QMHHIPOIVOI FI GYPXYYVWXIO 3J NI OER HI FVSGLYVI EERZVEKIR FMN HI GYPXYYVHMIRWX 1IIV MRJS IR VIWIVZEXMIW# 'YPXYYVHMIRWX MR (I &VERHMRK 4STYPMIVIRPEER 1MHHIPOIVOI 8 GYPXYYVHMIRWX$QMHHIPOIVOI FI [[[ QMHHIPOIVOI FI GYPXYYVWXIO
&XOWXXU
%LEOLRWKHHN
)PO NEEV ZMRHIR QIIV HER HYM^IRH XSIVMWXIR HI [IK REEV qqR ZER HI QSHIVRWXI FMFPMSXLIOIR ZER :PEERHIVIR 0IIW NI OVERX LEEP NI I QEMP ST WYVJ KVIXMK ST LIX RIX ^SIO NI JEZSVMIXI QY^MIO OMIW IIR ½ PQ PIIR IIR WTERRIRHI VSQER IR SRXHIO IIR WGLEX EER MRJSVQEXMI IR MRWTMVEXMI /IY^I YMX XMIRHYM^IRH WXVMTW )IR PIYOI TPIO FMN VIKIR[IIV 4STYPMIVIRPEER 1MHHIPOIVOI 6IWIVZEXMI -RXIVRIX FMFPMSXLIIO$QMHHIPOIVOI FI 8VIJTYRX ;IWXIRHI ;IWXIRHIPEER ;IWXIRHI 6IWIVZEXMI -RXIVRIX 7GLSSPWXVEEX 0SQFEVHWMNHI )V MW RSK IIR YMXPIIRTSWX MR 0IJ½ RKI IR qqR MR 7PMNTI
6WULSKHOGHQ 3T HI >IIHMNO PSST NI RSSMX EPPIIR© 0IYO MW HEX NI NI OER PEXIR ZIVKI^IPPIR HSSV SR^I WXVMTLIPHIR &I[SRHIV ^I qqR ZSSV qqR LIX ^MNR IV EP 9VFERYW 7YWOI IR ;MWOI /MIOIFSI .SQQIOI 2IVS 0YGO] 0YOI 7QYVJIR 6SFFIHSIW 0EQFMO %RRIQMIOI IR 6S^IQMIOI *ERR] 'IHVMG IR 1EVWYTMPEQM
&XOWXXU
G Q D UO H OG R S W H K LQ Q OH H )LHWVHQ HQ ZDQG 3RXHIO HI TMXXSVIWOI WXVEXIR IR TPIMRIR ZER 1MHHIPOIVOI ;IWXIRHI 0SQ FEVHWMNHI ;MPWOIVOI 0IJ½RKI 7PMNTI 1ERRIOIRWZIVI 7MRX 4MIXIVW /ETIPPI IR 7GLSVI HI HIIPKIQIIRXIR HMI WXYO ZSSV WXYO WGLMPHIVEGLXMKI TPIONIW ^MNR .I ZMRHX IV X]TMWGLI GEJq´W IR KI^IPPMKI [MROIPXNIW QIX IIR YMXKIFVIMH EWWSVXMQIRX WXVIIOTVSHYGXIR :SSV [MI IV IZIR XYWWIRYMX [MP MW HI GSQFMREXMI ZER KI^SRHI ^MPXI ^IIPYGLX IR HI GLEVQI ZER LIX TSPHIVPERHWGLET IIR EFWSPYXI EERVEHIV &VIP IR :IVQERHIVI [IXIR ^IIV KSIH [EEV ^I SZIV WTVIOIR ,SSK XMNH ZSSV IIR JVMWWI RIYW ,SI OER NI FIXIV HI VYWX IR TVEGLX ZER IIR WXVIIO IVZEVIR HER XI ZSIX SJ TIV ½IXW# -R LIX EGLXIVPERH ZER 1MHHIPOIVOI ;IWXIRHI RIX EGLXIV HI HYMRIRPMNR PMKX IIR WGLMXXIVIRH PERHWGLET ST HI EGXMIZI IR RMIY[WKMIVMKI XSIVMWX XI [EGLXIR %ERZVEEK FVSGLYVI FIXEPIRH (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * XSIVMWQI$QMHHIPOIVOI FI
*RGHOLHYHURXWH NP :HVWKRHNURXWH NP 6FKRRUEDNNHURXWH NP
)UHGG\ 0DHUWHQVURXWH NP
0LOLHXURXWH NP
6SHUPDOLHURXWH NP
7HPSHOKRIURXWH NP
9DDUWURXWH NP
)LHWVHQ HQ ZDQGHOHQ
)LHWVQHWZHUNHQ LQ :HVW 9ODDQGHUHQ 1IX HI ½IXWRIX[IVOOEEVXIR OVMNKX ½IXWIR ±k PE GEVXI² IIR LIIP RMIY[I FIXIOIRMW ,IX GSRGITX HI QIIWX EERXVIOOIPMNOI IR ZIMPMKI ½IXW[IKIR MR ;IWX :PEERHIVIR [IVHIR ZIVFSRHIR XSX IIR WEQIRLERKIRH RIX[IVO ;EEV X[II SJ QIIV ½IXWXVENIGXIR IPOEEV OVYMWIR SRXWXEEX IIR ½IXWORSSTTYRX %ER HI LERH ZER HI RYQQIVW HMI NI ST NI [IK XIKIROSQX WXMTTIP NI ^IPJ NI ½IXWVSYXI YMX IR OER NI SSO HI PIRKXI ZER NI XSGLX FITEPIR
:HVWKRHN 1RRUG :HVWKRHN =XLG %UXJVH 2PPHODQG 1RRUG %UXJVH 2PPHODQG =XLG /HLHVWUHHN :HVW /HLHVWUHHN 2RVW .XVW
(MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * XSIVMWQI$QMHHIPOIVOI FI [[[ [IWXXSIV FI %ERZVEEK FS\ FIXEPIRH
1DWXXUJHELHG 'H :DUDQGHGXLQHQ 8MNHIRW IIR ^SQIVWI ^SRHEK RIQIR [I Y QII MR qqR ZER HI QSSMWXI HYMRIRKIFMIHIR ZER HI 1MHHIROYWX 8MNHIRW HI^I [ERHIPMRK SRKIZIIV Y ZIVRIIQ NI LSI TPERXIR IR HMIVIR ^MGL EERTEWWIR EER FMN^SRHIVI PIZIRWSQWXERHMKLIHIR MR HI HYMRIR 1IX IIR ZPMRHIVRIX MR HI LERH KEER [I ST ^SIO REEV ^ERHSSKNIW IR MGEVYWFPEY[XNIW IR IV [SVHX KIXSSRH LSI REXYYVFILIIV MR HI TVEOXMNO XSX OPIMRI TEVIPXNIW OER PIMHIR© +IPIMHI [ERHIPMRK IROIP 2IHIVPERHWXEPMK IPOI ^SRHEK MR NYPM IR EYKYWXYW SQ Y EER HI [EXIVXSVIR 0SYMW 0SKMIVPEER XYWWIR 1MHHIPOIVOI IR ;IWXIRHI
Z^[ 2EXYYVTYRX [[[ REXYYVTYRX FI [[[ REXYYVTYRX FI QMHHIROYWX
H
1DWXXUJHELHG 'H 6FKXGGHEHXU]
(I 7GLYHHIFIYV^I MW IIR HYMRKIFMIH XYWWIR 0SQFEVHWMNHI IR HI ZEEVX 4PEWWIRHEPI 2MIY[TSSVX ,IX MW qqR ZER HI [IMRMKI KIFMIHIR QIX SYHI OEPOEVQI HYMRIR [EEVHSSV [I LMIV LIIP [EX FMN^SRHIVI TPERXIR ^SEPW KEWTIPHSSVR [IKHMWXIP IR SRHIVEEVHWI OPEZIV EERXVIJJIR %RHIVI FPMOZERKIVW ^MNR HI FYROIVVIWXERXIR YMX HI )IVWXI ;IVIPHSSVPSK IROIP QIX KMHW XI FI^SIOIR (I 7GLYHHIFIYV^I PMKX MQ QIVW ST RSK KIIR KI[IIVWGLSX EJWXERH ZER LIX JVSRX ZER HI )IVWXI ;IVIPHSSVPSK &SZIRHMIR [IVHIR LMIV ST LIX IMRHI ZER HI 8[IIHI ;IVIPHSSVPSK EER^MIRPMNOI ZIVHIHMKMRKW[IVOIR IR IRSVQI FYROIVW EERKIFVEGLX
1DWXXUJHELHGHQ 1DWXXUJHELHG 'H 3XLGHEURHNHQ (I 4YMHIFVSIOIR PMKKIR MIX[EX ZIVWGLSPIR XYWWIR 7PMNTIFVYK IR ;MPWOIVOI (MX [IMHIKIFMIH [IVH ZVSI KIV SRXKSRRIR ZSSV OPIM[MRRMRK IR PEXIV KIFVYMOX ZSSV HI NEGLX 2Y MW LIX IIR YRMIO REXYYVKIFMIH HEX LIIP [EX FMN^SRHIVI TPERXIR IR HMIVIR LIVFIVKX -R HI REXXI [IMHIR ZMRH NI IV ^IPH^EQI TPERXIR ^SEPW FMNZSSVFIIPH PMHWXIRK -R HI ^SQIV ^MI NI IV ZEEO OMIOIRHMIZIR ST NEGLX IR MR HI [MRXIV OSQIR IV LIIP [EX ZSKIPW SZIV[MRXIVIR 3SO ZSSV MRWIGXIR MW LIX IIR FIPERKVMNO KIFMIH [EEV SRHIVQIIV HI KSYHIR WTVMROLEER ZSSVOSQX 2EXYYVTYRX SVKERMWIIVX VIKIPQEXMK [ERHIPMRKIR MR LIX KIFMIH IR ZSSV KVSITIR OYRRIR KIPIMHI [ERHIPMRKIR EERKIZVEEKH [SVHIR
)LHWVHQ HQ ZDQGHOHQ
1DWXXUJHELHG 'H <]HUPRQGLQJ (I -.^IVQSRHMRK MW IIR YMXKIWXVIOX KIFMIH ZER WPMOOIR IR WGLSVVIR QIX IIR YRMIOI ZSKIP IR TPERXIRVMNOHSQ +VSXI REXYYVSRX[MOOIPMRKW[IVOIR LIFFIR LMIV IIR RMIY[ PIIJKIFMIH ZSSV ^IILSRHIR KIGVItIVH :SSV HI [ERHIPMRK ^MNR PEEV^IR EERFIZSPIR 0SQFEVHWMNHI %PPI MRJS SZIV HI REXYYVKIFMIHIR Z^[ 2EXYYVTYRX [[[ REXYYVTYRX FI [[[ REXYYVTYRX FI QMHHIROYWX +IPIMHI [ERHIPMRK IROIP 2IHIVPERHWXEPMK IPOI ZVMNHEK MR NYPM IR EYKYWXYW SQ Y ST HI TEVOMRK FMN LIX IMRHI ZER HI ,EPZIQEERWXVEEX ^MNWXVEEX ZER OYWX[IK XYWWIR 2MIY[TSSVX 7XEH IR ;IWXIRHI &EH EJWPEK REEV 2SZYW 4SVXYW
:DQGHOSDGHQ
3ROGHUSDG NP
+RHYHSDG NP %DPEXUJSDG NP )OHULVSDG NP
<VHODQGSDG NP
6FRUDSDG NP
%ERZVEEK FVSGLYVI FIXEPIRH (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * XSIVMWQI$QMHHIPOIVOI FI
)LHWVHQ HQ ZDQGHOHQ
RRUW
S Z X LH 1 Q D Y Q H Y D WK K F 'H MD
8YWWIR HI WXEHWOIVR IR HI FEHTPEEXW ZER 2MIY[TSSVX PMKX HI QSHIVRI NEGLXLEZIR )YVSTSVX HMI QIIV HER TPI^MIVFSXIR OER SRXZERKIR ,IX MW HER SSO HI KVSSXWXI NEGLXLEZIR ZER 2SSVH )YVSTE (I NEGLXLEZIR XVIOX IIR [EEMIV ZER ^IIPMIJLIFFIVW EER XSIVMWXIR ^IIZEEVHIVW IR HVSQIVW (I FMN^SRHIV IPIKERXI =EGLX 'PYF MW HI KIPMIJHI SRXQSIXMRKWTPEEXW ZER LEVXWXSGLXIPMNOI ^IMPIVW (MIRWX ZSSV XSIVMWQI ::: 2MIY[TSSVX 2MIY[TSSVX NEGLXLEZIR 8 2MIY[TSSVX ZMWWIVWLEZIR MRJS$RMIY[TSSVX FI
UW
R R S Z X LH 1 Q D Y Q H Y D K 'H YLVVHUV 2MIY[TSSVX MW HI QIIWX X]TMWGLI ZMWWIVWLEZIR ZER SR^I OYWX IR FIOIRH SQ ^MNR HEKZIVWI ZMWEERZSIV *MIXW HYW ^IOIV IIRW REEV 2MIY[TSSVX SQ HI ZMWWIVWWGLITIR KEHI XI WPEER (I OEEM WXVEEPX IIR WTIGMEPI EERXVIOOMRKWOVEGLX YMX IIR KEVREEPZERKIV HMI ^MNR ZERKWX EER [EP FVIRKX IIR ZMWWIV HMI ^MNR RIXXIR LIVWXIPX )R REXYYVPMNO WTEVXIPZIVWI ZMW )IR ^SSXNI XSRK TPEHMNW SJ XEVFSX IR HI LIIVPMNOWXI 2MIY[TSSVXWI KEVREPIR :MWQMNR 2MIY[TSSVX 8 Z^[ 4VSQSZMW 8
GH
LM UV H Y D 5 LQ H P R G LH F LQ Y 3UR (SQIMR 6EZIVWMNHI
-R HI HYMRIRKSVHIP XYWWIR 3SWXIRHI IR 1MHHIPOIVOI ^MNR YRMIOI SZIVFPMNJWIPIR YMX HI TPEEXWIPMNOI KIWGLMIHIRMW FI[EEVH KIFPIZIR HI MRHVYO[IOOIRHI ³%XPERXMO[EPP´ HI ZIVHIHMKMRKWKSVHIP ZER HI (YMXWI FI^IXXIV XIKIR EERZEPPIR ZER SZIV ^II HSSV HI KIEPPMIIVHIR XMNHIRW HI FIMHI [IVIPHSSVPSKIR HI VIWXIR ZER LIX QMHHIPIIY[WI ZMWWIVWHSVT ;EPVEZIVWMNHI IR HI KIWGLMIHIRMW ZER 4VMRW /EVIP 6IKIRX ZER &IPKMt XYWWIR IR )IR FSIMIRHI YMXWXET ZIV^IOIVH 4VSZMRGMIHSQIMR 6EZIVWMNHI
3TIRMRKWXMNHIR " 8 * [[[ [IWX ZPEERHIVIR FI VEZIVWMNHI
Q H U X E H 2Q]
Alles wat je moet wet over de Leiestre en ek Boorde & toeris vol tips tische w eetjes
%ERZVEEK FVSGLYVIW (MIRWX ZSSV XSIVMWQI Z^[ ::: 1MHHIPOIVOI ;IWXIRHI 8 SJ * XSIVMWQI$QMHHIPOIVOI FI
.XVWNDDUW 3T HI OYWXOEEVX ZMRH NI IIR SZIV^MGLX ZER HI LMKLPMKLXW SZIV OYWX GYPXYYV REXYYV
:HVWKRHNMHV -R HI ;IWXLSIO ZMRH NI IIR QM\ ZER PERHWGLETTIR ^II LIYZIPW FSWWIR IR ZMNZIVW© HMI ^S WXIVO ZER IPOEEV ZIVWGLMPPIR &SZIRHMIR LIF NI HI MRHYWXVMI HI EQFEGLX OYRWX KEWXVSRSQMI IR ^SZIIP QIIV (I^I ZIVWGLIMHIRLIMH QEEOX LIX HIW XI FSIMIRHIV +E IIRW IIR OMNONI RIQIR FMN HI ZMWWIVW EER ^II HI FSIVIR MR (I 1SIVIR LIX WXEHWZSPO MR HI GIRXVE (MX FSIONI KIIJX NI IIR IMRHIPSSW EERFSH ^S[IP ZSSV HI HEKXSIVMWX EPW ZSSV HI FI[SRIV ZER HI ;IWXLSIO
/HLHNDQWMHV (I 0IMIWXVIIO MW IIR ^IIV EXXVEGXMIZI IR VIGVIEXMIZI VIKMS ;MP NI MRWTMVEXMI STHSIR ZSSV IIR PIYO YMXWXETNI HER MW HMX TSGOIXFSIONI IIR LERHMK LIFFIHMRK 0ERKW HI [EXIVOERX OER NI OIRRMW QEOIR QIX GYPXYYV OYRWX QYWIE SJ MRHYWXVMIIP IVJKSIH 1EEV SSO HI QIIV EGXMIZI TIVWSRIR OSQIR EER LYR XVIOOIR QIX LIX VYMQ EERFSH EER ½IXWIR [ERHIPIR SJ ZEVIR
+HW %UXJVH 2PPHODQG (MX FSIONI PEEX NI OIRRMWQEOIR QIX IIR KVSIRI WXVIIO ZPEOFMN HI ^II IR HI LMWXSVMWGLI WXEH &VYKKI ,IX ZIVIRMKX OEREPIR IR HMNOIR OEWXIPIR IR EFHMNIR FIWGLIVQHI HSVTWKI^MGLXIR IR QSRYQIRXIR LMWXSVMWGLI LSIZIW IR QSPIRW KVSIRHSQIMRIR IR REXYYVVIWIVZEXIR 1IX HI ½IXW HI EYXS SJ XI ZSIX SRXHIO NI HI^I EERXVIOOIPMNOI WXVIIO )IR OSVX SZIV^MGLXNI© HI KIWGLMIHIRMW ZER OEWXIIPLIVIR IR HEQIW LIX MRKITSPHIVHI REXYYVPERHWGLET IR HI IMRHIPS^I VMNIR OVSQKIFSKIR FSQIR HI HSVTIR QIX IIR ZIVLEEP WEKI SJ PIKIRHI MW RSK QEEV IIR HIIP ZER [EX LIX &VYKWI 3QQIPERH X]TIIVX
2Q]H EXUHQ
$IYDO Q
WRHULVWH 7ZHHGHYHUEOLMYHUV HQ
:SSV HI X[IIHIZIVFPMNZIVW IR XSIVMWXIR HMI KIIR KIFVYMO OYRRIR QEOIR ZER HI STLEEPVSRHIW ^MNR IV HI ZIVWGLMPPIRHI EPXIVREXMIZIR M QIIRIQIR REEV NSY[ XLYMWKIQIIRXI M EJWTVIOIR QIX IIR KSIHI FYYV HMI NSY[ KIQIIRXIPMNOI EJZEP^EO ST HI NYMWXI HEK FYMXIR TPEEXWX M MR IIR KIQIIRXIPMNOI ^EO REEV LIX GSRXEMRIVTEVO FVIRKIR LSY VIOIRMRK QIX ½ XSIKERKWKIPH M NSY[ KIQIIRXIPMNOI LYMWZYMP^EO MR IIR SRHIVKVSRHWI GSRXEMRIV TPEEXWIR 1MHHIPOIVOI 3T HI >IIHMNO XIV LSSKXI ZER LIX %VXLYV HI +VIIJTPIMR .IER :ER ,MRWFIVKLWXVEEX %PI\ERHVI 4SRGLSRWXVEEX ;IWXIRHI &EH %VIRHPEER %JZEPOEPIRHIV XI ZIVOVMNKIR FMN HI HMIRWX XSIVMWQI ZER 1MHHIPOIVOI IR ;IWXIRHI
V Q H J D Z U H H S P 3DUNHUHQ YDQ ND (I KIQIIRXI 1MHHIPOIVOI LIIJX IIR JSPHIV XIV FIWGLMOOMRK [EEVMR FIWXYYVHIVW ZER OEQTIIV[EKIRW OYRRIR XIVYKZMRHIR [EEV ^I MR 1MHHIPOIVOI IR ;IWXIRHI QIX HI OEQTIIV[EKIR QSKIR TEVOIVIR ^SEPW IIR TIVWSRIRZSIVXYMK IR OEQTIVIR
SZIVREGLXIR (I^I JSPHIV MW XI ZIVOVMNKIR FMN HI HMIRWX XSIVMWQI ZER 1MHHIPOIVOI IR ;IWXIRHI /EQTIVIR MW XSIKIWXEER MR ;IWXIRHI EER HI ^YMH^MNHI OERX HYMRIR ZER HI /SRMRK 6MHHIVHMNO XYWWIR 7XVERHPEER IR 3GIEERPEER ! XIV LSSKXI ZER LIX 7X 0EYVIMRWWXVERH ZEREJ SOXSFIV XSX HI ZVMNHEK ZSSV HI TEEWZEOERXMI MR 1MHHIPOIVOI ST HI TEVOMRK ZER HI /PIMR /EWXIIPWXVEEX [EEV TPEEXWIR ^MNR ZSSV FILSYHIR ZSSV OEQTIIV[EKIRW ZEREJ SOXSFIV XSX HI ZVMNHEK ZSSV HI TEEWZEOERXMI /SQTEW /EQTIIVEYXSXIVVIMR 7XVERHNYXXIVWHVIIJ ;IWXIRHI 8
H E H N U H N O H G ZZZ PLG
:HHWMHV YRRU GH WRHULVW
Q
WH V R S 2 % + ( Q H V H Q R %HZDDNWH ]
-R 1MHHIPOIVOI IR ;IWXIRHI LIF NI XMNHIRW HI QEERHIR NYPM IR EYKYWXYW QEEV PMIJWX FI[EEOXI ^SRIW IR ),&3 TSWXIR ),&3 7MRX 0EYVIMRW ;IWXIRHI 1IIY[IRPEER ;IWXIRHI 1I^IRPEER ;IWXIRHI 4EYP ,SY]SY\WXVEEX 1MHHIPOIVOI 'EWMRS ;IWX 1MHHIPOIVOI 'EWMRS 3SWX 1MHHIPOIVOI 6IHHMRKWHMIRWX
0DUNWHQ
Q H W N U D P Q ULMN DD EVOX ,IX MW IV PQ I Q Q VS J S O GHONHUNH I
0LG
OX ERXM IV ZER [IOIPMNOWI QEV I H R XI O MZIR IR TVS½XI EV Y Q WR R T S VI I V S I JI F W R I XI EVO SO IZIR H 7XERH[IVOIVWQ SQ IV KIVYWX S / I H R I WX I ; HIPOIV EPPIQEEP MR 1MH OI IR ;IW WQI 1MHHIPOIV VM R I SI X N^ VM SV T ZS I X H RW FMN HI HMI HI O[EPMXIMX IR SSV ZIVOVMNKFEEV EJ FIKMR NYRM IWGLMOFEEV ZER LIX LIPI NEEV H RHQEVOXIR MW F MNOWI QEVOXIR MW ZS IP E IO HI [ R IX I Q IR WX (I PMN VSQIPQEVOX V^MGLXNI ZER HI XIRHI )IR SZI
NWHQ
H PDU V MN OL H N H :
X
EE IX HI 2EI]IVWXV I 7Q O V I I P H PO EY I 4 H
MH X 1 XVEE SVQMHHEK /IVOW V HI OIVO )POI HSRHIVHEKZS MHHEK MW IV FSIVIRQEVOX EGLXI SVQ )POI ^EXIVHEKZS /ETIPPI 7MRX 4MIXIVW ZSSVQMHHEK )POI [SIRWHEK
6WUDQGGRXFKHV 1MHHIPOIVOI WXVERH XIV LSSKXI ZER 3SWXOERX 'EWMRS ;IWXOERX 'EWMRS 4VSWTIV 4SYPPIXWXVEEX :PEERHIVIRWXVEEX >IIHMNO /[MRXIWXVEEX >IIVEZIRPEER 4IPMOEERPEER ;IWXIRHI WXVERH XIV LSSKXI ZER >[EPY[IRPEER ,SIO %VIRHPEER /SRMRK 6MHHIVHMNO *PERHVMEPEER 7YVJ^SRI 3GIEERPEER 7MRX 0EYVIMRWWXVERH 7XVERHPEER
:HHWMHV YRRU GH WRHULVW
9RJHOV YRHGHUHQ 1IIY[IR ZMRHIR KIRSIK ZSIHWIP MR HI [MPHI REXYYV ;ERRIIV [I ^I FMNZSIHIVIR TPERXIR ^I ^MGL WRIPPIV ZSSVX IR ^SVKIR ^I ZSSV SZIVPEWX %PW ^I IIRQEEP HI KIYV ZER ZSIHWIP LIVOIRRIR TMOOIR ^I HI LYMWZYMP^EOOIR WXYO :SKIPW ZSIHIVIR MR LIX STIR FEEV MW ZIVFSHIR XIR^MN FMN ZVMIW[IIV (I [EXIVO[EPMXIMX KEEX LMIVHSSV EGLXIVYMX [EX ZSKIP IR ZMWWXIVJXI XSX KIZSPK LIIJX
G Q D WU V W H K S R Q H UG D D 3
,IX ZIVOIIV QIX VMNHMIVIR MW ZIVFSHIR ST LIX WXVERH FSZIR HI LSSK[EXIVPMNR IR MR HI HYMRIR -R HI TIVMSHI NYRM XSX IR QIX WITXIQFIV MW EPPI ZIVOIIV QIX TEEV HIR IR VMNHMIVIR ST LIX WXVERH ZIVFSHIR XYWWIR QMHHIVREGLX IR Y (MX ZIVFSH OER [SVHIR EERKIHYMH QIX LIX GMVOIPZSVQMK [MX FSVH QIX VSHI VERH ZSSV^MIR ZER LIX WMPLSYIX ZER IIR ^[EVX TEEVH
S WD V S R G Q R K H G W H 0
,SRHIR HMIRIR WXIIHW EER HI PIMFERH KILSYHIR XI [SVHIR MR HI HYMRIR ST HI [ERHIPTEHIR HI OEQTIIVXIVVIMRIR MR STIRFEVI TEVOIR IR TPERXWSIRIR ST HI >II HMNO IR FMRRIR HI FIFSY[HI OSQ (I IMKIREEV QSIX WXIIHW MR LIX FI^MX ^MNR ZER IIR ^EONI ZSSV LIX ZIV[MNHIVIR ZER HI YMX[IVTWIPIR ZER ^MNR HMIV :ER NYRM XSX IR QIX WITXIQFIV MW LIX ZIVFSHIR HI^I HMIVIR EP HER RMIX EER HI PIMFERH XI PEXIR PSTIR ST LIX WXVERH )V ^MNR ^SRIW [EEV ^I LIX LIPI NEEV HSSV QSKIR PSTIR REQIPMNO MR 1MHHIPOIVOI XIR SSWXIR ZER LIX 'EVPXSR KIFSY[ IR MR ;IWXIRHI XIR [IWXIR ZER 7MRX 0EYVIMRW (I^I ^SRIW [SVHIR EERKIHYMH QIX IIR GMVOIPZSVQMK FPEY[ FSVH ZSSV^MIR ZER IIR WMPLSYIX ZER IIR [MXXI LSRH (I XSIKERK XSX LIX WXVERH IR HYMRIR QIX ERHIVI HMIVIR HER LSRHIR IR VMNHMIVIR MW ZIVFSHIR
DO
D OS D D Z UG H Y Q H LJ H MH .LHV
(MX ^MNR TEPIR [EEVST FSZIREER IIR ½KYYV MW EERKIFVEGLX (EX OER IIR ZMW IIR FEREER IIR PSGSQSXMIJ IIR LYMW IIR FSSX SJ IIR FEP ^MNR ,IX HMIRX EPW SVMtRXEXMI ZSSV HI OMRHIVIR IR HI^I WXEER IROIP MR HI FI[EEOXI ^SRIW /MIW IIR ZIVH[EEPTEEP YMX IR LEEP IIR FMNTEWWIRH EVQFERHNI FMN HI HMIRWX ZSSV XSIVMWQI HI VIHHIVW IR HI IIVWXILYPTTSWXIR ,MIVST OER NI IROIPI FIPERKVMNOI KIKIZIRW RSXIVIR ^SEPW REEQ IR XIPIJSSRRYQQIV 3RXLSYH LIX HYW KSIH© NI FIWXI ZVMIRH ST LIX WXVERH MW HI WXVERHVIHHIV
3OH]LHUYDDUWXLJHQ 8IV LSSKXI ZER HI 0SYMW 0SKMIVPEER IR HI 3GIEERPEER MW IV IIR MRWXIIO^SRI ZSSV TPI^MIVZEEVXYMKIR ,MIV OER NI NI ZMWWIVWFSSXNI SJ NI TPI^MIVZEEVXYMK MR ^II WXIOIR (I^I ^SRI MW [IP ZIVFSHIR ZSSV NIXWOM´W
&DELQHYHUKXXU %PFIVX 'SIRI 1 3SWX^MNHI 'EWMRS :EEVXHMNO >YMH 7PMNTI
´X /EFMIRXNI 2SRGGPI * ;IWX^MNHI 'EWMRS 3RHIV[MNWWXVEEX 1MHHIPOIVOI
&E^EV 7XYHMS 2SRGGPI * ;IWX^MNHI 'EWMRS 3RHIV[MNWWXVEEX 1MHHIPOIVOI
&IEGLLYX ;IWXIRH :ERHIRHVMIWWGLI 1 >IIHMNO ¯ FYW ;IWXIRHI
:HHWMHV YRRU GH WRHULVW
:DDU ORJHUHQ ]HH" DDQ ,SXIPW
/RJLHV
&IH FVIEOJEWX 'EQTMRKW 4VEOXMWGLI MRJS
1MRM FEV /EQIV W XSIKEROIPMNO ZSSV VSPWXSIPKIFVYMOIVW ,SRHIR XSIKIPEXIR 8: ST HI OEQIV 8IPIJSSR ST HI OEQIV W 0MJX 4EVOMRK SJ KEVEKI 6IWXEYVERX 7EYRE
+RWHO ([FHOVLRU
:SPPIHMK KIVIRSZIIVH LSXIP ST QIXIV ZER LIX 'EWMRS 9PXVEQSHIVRI OEQIVW QIX ¾EXWGVIIRW IR MRPSSTHSYGLIW 2-)9; WXYHMS´W QIX JVSRXEEP ^II^MGLX ,SRHIR XSIKIPEXIR WYTTPIQIRX >SRRIXIVVEW :IV^SVKH SRXFMNX XSX Y %PXMNH STIR %VXLYV (I +VIIJTPIMR % 1MHHIPOIVOI 8 * MRJS$LSXIPI\GIPWMSV FI [[[ LSXIPI\GIPWMSV FI
+RWHO 6FKRRUEDNNHKRHYH
7GLMPHIVEGLXMKI LSIZI EER HI -.^IV QMHHIR LIX KVSIR +IPIKIR ST QMR ZER LIX WXVERH 0Y\YIY^I OEQIVW QIX FEH HSYGLI XZ IR VYMQI TVMZEXI TEVOMRK 7TIIPTPIMR QIX XVEQTSPMRI ½IXWZIVLYYV ½IXWTPERRIXNIW FMRRIRWTIIP^EEP XYMR IR XIVVEW +EWXVSRSQMWGLI [IIOIRHW LIX KERWI NEEV HSSV 6IWXEYVERX k PE GEVXI *SPHIV IR TVMNWPMNWX ST EERZVEEK 7GLSVIWXVEEX 1MHHIPOIVOI 7GLSVI 8 * MRJS$WGLSSVFEOOILSIZI FI [[[ WGLSSVFEOOILSIZI FI
+RWHO :HUH 'L
'IRXVEEP KIPIKIR LSXIP VIWXEYVERX ST QIXIV ZER LIX WXVERH 9MXWXIOIRH VIWXEYVERX QIX ZMWWTIGMEPMXIMXIR %PPI OEQIVW QIX QSHIVR GSQJSVX 9MXKIFVIMH SRXFMNXFYJJIX 7EYRE IR ^SRRIXIVVEW 4EYP HI 7QIX HI 2EI]IVWXVEEX 1MHHIPOIVOI 8 * MRJS$LSXIP[IVIHM FI [[[ LSXIP[IVIHM FI
=HHVWHU YDNDQWLHV
>IIWXIV 7YMXILSXIP MR ;IWXIRHI &EH 0Y\YIY^I IR XVIRH] WYMXIW ST Q ZER HI ^II QIX ETEVXI WPEETOEQIV [SSROEQIV OIYOIR IR XIVVEW &IEGLWXYHMS´W MR ;IWXIRHI &EH >YMHKIVMGLXI QSHIVRI WXYHMS´W QIX PEXIVEEP ^II^MGLX IR MRKIVMGLX QIX OMXGLIRIXXI %TEVXLSXIP >IIKEPQ MR 1MHHIPOIVOI /EQIVW QIX OMXGLIRIXXI IR ^YMHKIVMGLX FEPOSR ST ZEOERXMIHSQIMR MR HI HYMRIR WPIGLXW Q ZER HI ^II 3SO FYRKEPS[W XSX TIVWSRIR 7TIIPTPIMR GEJIXEVME IR ^[IQFEH NYPM EYK %TEVXLSXIP >SR IR >II MR ;IWXIRHI 6YMQI WXYHMS´W IR ETTEVXIQIRXIR JEQMPMIOEQIVW QIX SJ WPTO OIYOIR [SSROEQIV IR XIVVEW ST Q ZER HI ^II 7TIGMEPI ZSSV^MIRMRKIR ZSSV QMRHIVZEPMHIR 3ZIVHIOX ^[IQFEH -HIEPI KVSITWEGGSQSHEXMI ,SXIPWIVZMGI MRFIKVITIR YMXKIFVIMH SRXFMNXFYJJIX QSKIPMNO ;IIOZIVFPMNJ SJ QMH[IIO QSKIPMNO ^SRHIV LSXIPWIVZMGI ,IX LIPI NEEV STIR 1IIY[IRPEER ;IWXIRHI 8 * ZEOERXMIW$^IIWXIV GSQ [[[ ^IIWXIV GSQ %PPI PSGEXMIW ^MNR LIIP LIX NEEV KISTIRH
/RJLHV
+RWHO .ULVWRIIHO
+IPIKIR MR LIX GIRXVYQ ZER 1MHHIPOIVOI &EH 0MKX ST QIXIV ZER LIX WXVERH IR LIX 'EWMRS 1SHIVRI OEQIVW QIX EPPI GSQJSVX FEH HSYGLI XSMPIX 8: TIRWMSR ZEREJ â&#x201A;¬ TIV TIVWSSR TIV HEK 8MNHIRW HI [MRXIVQEERHIR SSO STIR XMNHIRW [IIOIRH 6SSOZVMN VIWXEYVERX IR LSXIP 0ISTSPHPEER 1MHHIPOIVOI 8 * LSXIP OVMWXSJJIP$WO]RIX FI [[[ LSXIP OVMWXSJJIP FI
+RWHO 5HVWDXUDQW 6SOHQGLG
6YWXMK JEQMPMILSXIP QIX EPPI GSQJSVX +IPIKIR ST QIXIV ZER LIX WXVERH IR HI ^II /EQIV QIX SRXFMNX QSKIPMNOLIMH XSX TIRWMSR SJ ZSP TIRWMSR (IQSGVEXMWGLI TVMN^IR /EQIVW QIX HSYGLI SJ FEH XSMPIX IR 8: 3TIR KERW LIX NEEV 1IIY[IRPEER ;IWXIRHI 8 * MRJS$LSXIPWTPIRHMH FI [[[ LSXIPWTPIRHMH FI
-HXJGYHUEOLMIFHQWUXP 'HO +X]R
-HIEEP GIRXVYQ ZSSV ^IIOPEWWIR IR NIYKHZIVFPMNZIR QIX IIR [EVQI OMRHKIVMGLXI WJIIV IR MRJVEWXVYGXYYV /EQIVW ZER XSX TIVWSRIR QIX ZIVWGLMPPIRHI PIIJVYMQXIW +I^SRHI IR HIYKHHSIRHI QEEPXMNHIR (EKIPMNOWI TSIXWFIYVXIR (SSVKIHVIZIR EGXMZMXIMXIR IR TVSKVEQQESRHIVWXIYRMRK 'IRXVEEP KIPIKIR ST [ERHIPEJWXERH ZER WXVERH STIRFEEV ZIVZSIV WTIIPTEVO ^[IQFEH IR WTSVX^EEP ;IWXIRHIPEER 1MHHIPOIVOI 8 * 8[IIHI LYMW 7EMRX %RXSMRI 4]P]WIVPEER /SOWMNHI MRJS$HIPLY^S FI [[[ HIPLY^S FI
&DPSLQJ =RPHU]RQ
,IIVPMNOI ZEOERXMITPEEXW ZSSV Y IR Y[ OMRHIVIR 6YWXMK KIPIKIR REFMN HYMR ^II IR WXVERH %PPI GSQJSVX VYMQI WXERHTPEEXWIR ZIV^SVKH WERMXEMV 1SHIVRI ZEOERXMI[SRMRKIR IR XVIOOIVWLYXXIR %ERXVIOOIPMNO WTIIPTPIMR KVEXMW WTIOXEOIP IR OMRHIVERMQEXMI NYPM IR EYKYWXYW )PMWEFIXLPEER ;IWXIRHI 0SQFEVHWMNHI 8 * [[[ ^SQIV^SR FI
.DPSHHUYHUEOLMISDUNHQ 0DUYD 0LG¶V 3DUN
4PEEXWIR ZVMN ZSSV VIWMHIRXMtPI GEVEZERW )MKIR ZIVOSST ZER RMIY[I GEVEZERW &Â&#x201A;VWXRIV 3´,EVE 6MHSVIZ 8VMKERS %PPI GSQJSVX HMZIVWI WTSVXGPYFW VIWXEYVERX OERXMRI JVMXYYV 'IRXVEEP IR XSGL VYWXMK KIPIKIR ZIVKYRH HSSV 8SIVMWQI :PEERHIVIR 1EVZE (YMRIR[IK ;IWXIRHI 8 * 1EVZE ,IMV[IK 1MHHIPOIVOI 8 * 1EVZE 7XIIRSZIRWXVEEX 1MHHIPOIVOI 8 * [[[ QEVZETEVOIR FI 1MH´W 4EVO (YMRIR[IK 1MHHIPOIVOI 8 * MRJS$QEVZETEVOIR FI
UGH ED P /R H ' J LQ RQ Z LH QW ND YD Q H QJ &DPSL /MRHZVMIRHIPMNO ZEOERXMIGIRXVYQ QIX WTIXXIVIRHI ERMQEXMI 1EOOIPMNO FIVIMOFEEV QIX LIX STIRFEEV ZIVZSIV ST [ERHIPEJWXERH ZER LIX WXVERH 8SIVMWXMWGLI TPEEXWIR ZSSV GEVEZERW IR XIRXIR :IVLYYV ZER ZEOERXMI[SRMRKIR IR XVIOOIVWLYXXIR :IV^SVKH WERMXEMV KI^IPPMKI GEJIXEVME VIWXEYVERX JVMXYYV [MROIP IR TVEGLXMKI ZMWZMNZIV
)PMWEFIXLPEER 0SQFEVHWMNHI 1MHHIPOIVOI 8 * MRJS$HIPSQFEVHI FI [[[ HIPSQFEVHI FI
&DPSLQJ 3ROGHUYDOOHL 6YWXMKI PMKKMRK 1SHIVRI JEQMPMIGEQTMRK KIPIKIR ST QIXIV ZER LIX WXVERH 4PEEXW ZSSV WXEGEVEZERW XVIOGEVEZERW QSFMPLSQIW IR XIRXIR :IVLYVIR ZER [IIOIRHLYMWNIW IR GEVEZERW /MRHZVMIRHIPMNO ERMQEXMI ZSSV KVSSX IR OPIMR ;IWXIRHIPEER ;IWXIRHI 8 * MRJS$GEQTMRKTSPHIVZEPPIM FI [[[ GEQTMRKTSPHIVZEPPIM FI
9DNDQWLHGRUS 0DULQDSDUN
/PIMRWGLEPMK ZEOERXMIHSQIMR /[EPMXEXMIJ LSSKWXEERHI FYRKEPS[W ZSSV XSX TIVWSRIR QIX XYMR /MRHIVWTIPIR 6YMQI TEVOIIVKIPIKIRLIMH (I TPEEXW FMN YMXWXIO ZSSV IIR VYWXMKI JEQMPMIZEOERXMI 7XIIRWXVEEX ;IWXIRHI 8 * MRJS$QEVMRETEVO FI [[[ QEVMRETEVO FI
/RJLHV
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
FR V HU XZ UD % / UD DE 9 LH RW P UR GS 9DVWJRH
%EROSST :IVOSST ,IVZIVOSST 7TIGMEPMWEXMI RMIY[FSY[TVSNIGXIR 463.)'8 +30* %>96 -: 463.)'8 1-(7 %>96 -- 463.)'8 1-(7 %>96 --2MIY[ MR LIX GIRXVYQ ZER 1MHHIPOIVOI 1-(7 %>96 : qqRWKI^MRW[SRMRKIR QIX WPEET OEQIVW KEVEKI IR XYMR MRHMZMHYIPI KEVEKIFS\IR 9 OER SRW EERFSH FI[SRHIVIR ST [[[ ZEFVE FI 0ISTSPHPEER 1MHHIPOIVOI 8 * MRJS$ZEFVE FI [[[ ZEFVE FI
V
WLH 9HUNRRS YDVWJRHG ( 6 3 SURSHU &)0+-7',) /978 :IVOSST LIVZIVOSST EEROSST IR RMIY[FSY[ ZER SRVSIVIRH KSIH
74%%27) /978 8SJ >SR ^II FIVKIR MR LIX LIMP^EEQ QIHMXIVVEER QMGVSOPMQEEX ZER HI 'SWXE &PERGE 9[ IMKIR ZEOERXMI[SRMRK SJ ETTEVXIQIRX QIX TERSVEQMWGL ^MGLX ST QIVIR SJ ST HI 1MHHIPPERHWI ^II ZPEOFMN KSPJ XIRRMWGPYFW NEGLX IR ZPMIKLEZIRW /ERXSSV &IPKMt 0ISTSPHPEER 1MHHIPOIVOI 8 * KWQ I W T TVSTIVXMIW$WO]RIX FI [[[ IWT TVSTIVXMIW GSQ /ERXSSV 7TERNI 'EPPI *IVRERHS (I 6SNEW 8SVVIZMINE %PMGERXI 8 * KWQ MRJS$IWTMRXIVREXMSREP RIX [[[ IWTMRXIVREXMSREP RIX
$JHQWVFKDS %HFXH
3R^I WTIGMEPMXIMX :IVOSST ZIVLYYV IR FILIIV ZER ZEOERXMI[SRMRKIR ;MN ZIVLYVIR SSO TIV [IIO IR [IIOIRH 3SO MR LIX [MRXIVWIM^SIR ^IIV EERXVIOOIPMNOI TVMN^IR %TT WPTO >IIHMNO TIVW ;IIO ZEREJ â&#x201A;¬ ;IIOIRH ZEREJ â&#x201A;¬ 4IVWSSRPMNOI WIVZMGI +VEXMW OPIYVIRGEXEPSKYW &VIRK IIR ZMVXYIIP FI^SIO EER SRW VYMQ EERFSH ZER ETTEVXIQIRXIR ZME SR^I WMXI >IIHMNO 1MHHIPOIVOI 8 * MRJS$FIGYI FI [[[ FIGYI FI
*URHS &DHQHQ :IVLYYV ZER QIIV HER ZEOERXMIZIVFPMNZIR +VEXMW ZIVLYYVGEXEPSKYW ST EERZVEEK :IVLYYV ST NEEVFEWMW :IVOSST SRVSIVIRH KSIH 6YMQ EERFSH LIVZIVOSTIR IR O[EPMXEXMIZI RMIY[FSY[TVSNIGXIR &ILIIV QIHI IMKIRHSQ :IV^IOIVMRKIR ZEWXKSIH 9 ZMRHX SRW ZSPPIHMK EERFSH ST LIX MRXIVRIX [[[ KVSITGEIRIR FI 0ISTSPHPEER 1MHHIPOIVOI 8 SJ * QMHHIPOIVOI$KVSITGEIRIR FI [[[ KVSITGEIRIR FI
$JHQFH ,QIR ,PPR :IVLYYV :IVOSST &ILIIV :IVLYYV TIV QEERH TIV HEKIR IR TIV [IIO +VEXMW ZIVLYYVGEXEPSKYW ST EERZVEEK :IVOSST WTIGMEPMWEXMI ZER LIVZIVOSST 4IVWSSRPMNOI WIVZMGI 9 ZMRHX SRW EERFSH MRGPYWMIJ JSXS´W ST SR^I [IFWMXI .SWITL 'EWWIPEER 1MHHIPOIVOI 8 * MRJS$EKIRGIMRJSMQQS FI [[[ EKIRGIMRJSMQQS FI
/RJLHV
,PPR (UD /D 3ODJH :IVLYYV ZEOERXMIZIVFPMNZIR OIY^I YMX [SRMRKIR :IVOSST ZEWXKSIH HSSVPSTIRH QIIV HER EERFMIHMRKIR :IVOSST RMIY[FSY[ OIY^I YMX TVSNIGXIR &ILIIV QIHI IMKIRHSQ KIFSY[IR :IV^IOIVMRK ZEWXKSIH XIKIR FVERH IR ERHIVI KIZEVIR 1IIV [IXIR# [[[ PETPEKI FI (MWXIPPEER ;IWXIRHI &EH 8 * MRJS$PETPEKI FI
,PPR 'HSOD
:IVLYYV IR ZIVOSST ZER WXYHMS´W IR ETTEVXIQIRXIR ZSSV MIHIVW FYHKIX :VEEK SR^I KVEXMW FVSGLYVI +IWTIGMEPMWIIVH MR LIVZIVOSTIR IR FILIIV ZER QIHI IMKIRHSQ 4IVWSSRPMNOI WIVZMGI 6EEHTPIIK SR^I [IFWMXI ST [[[ MQQSHITPE FI :IVXVSY[IR MW SRW WPIYXIP[SSVH 1IIY[IRPEER % ;IWXIRHI 8 * MQQSHITPE$FIPKEGSQ RIX [[[ MQQSHITPE FI
,PPR %HDFK
:IVLYVMRK TIV [IIO IR TIV [IIOIRH %PP MRGPYWMZI JSVQYPI ZIVFVYMO XSIKERK ^[IQFEH WEYRE %(70 LSXWTSXW &IPKEGSQ -R KIFSY[ QIX JVSRXEEP ^II^MGLX WXYHMS ZEREJ â&#x201A;¬ TIV [IIO ¾EX OEQIV ZEREJ â&#x201A;¬ TIV [IIO ¾EX OEQIVW ZEREJ â&#x201A;¬ TIV [IIO >IIHMNO 1MHHIPOIVOI 8 * MRJS$MQQSFIEGL FI [[[ MQQSFIEGL FI
,PPR 1RXYHOOH $JHQFH
:IVLYVMRK :IVOSST &ILIIV MR ;IWXIRHI 1MHHIPOIVOI WMRHW :IVLYVMRK TIV QEERH HEKIR [IIO IR [IIOIRH :IVOSST VYMQI OIY^I MR LIVZIVOSST )ROIPI RMIY[FSY[TVSNIGXIR 7XIIHW ST ^SIO REEV RMIY[I [SSRWXIR ZSSV FIWXEERH GPMtRXIIP +VEXMW WGLEXXMRK ST EERZVEEK &ILIIV QIIV HER SRVSIVIRHI KSIHIVIR MR FILIIV -RJS ST EERZVEEK (MWXIPPEER ;IWXIRHI 8 * MRJS$RSYZIPPIEKIRGI FI [[[ RSYZIPPIEKIRGI FI
$JHQFH 0X\OH
:IVLYYV ZIVOSST ZER SRVSIVIRH KSIH 6YMQI OIY^I YMX ETTEVXIQIRXIR IR WXYHMS´W )ZIRIIRW %TEVXLSXIP (I ;ERHIPEEV LSXIPOEQIVW QIX OMXGLIRIXXI ZEREJ â&#x201A;¬ +VEXMW GEXEPSKYW ,IRVM .EWTEVPEER ;IWXIRHI 8 * EKIRGIQY]PI$WO]RIX FI [[[ LSXIPHI[ERHIPEEV FI [[[ EKIRGIQY]PI FI
$JHP (I KVSSXWXI OIY^I WXYHMS´W ETTEVXIQIRXIR IR ZEOERXMILYMWNIW XI LYYV IR XI OSST 1IX ^MGLX ST ^II SSO QIX ^[IQFEH :IVLYVMRK ZSSV OSVXI IR PERKI ZEOERXMI SJ ZSSV [IIOIRHNI YMX +VEXMW MRJSFVSGLYVI QIX JSXS´W IR TVMN^IR %KIQ ,SSJHOERXSSV >IIHMNO 1MHHIPOIVOI 8 * EKIQ$EKIQ FI [[[ EKIQ FI %KIQ >IIHMNO 1MHHIPOIVOI 8 * $EKIQ FI %KIQ 6IEP 6IRq 1SYGLSXXIWXVEEX 1MHHIPOIVOI 8 * VIEP$EKIQ FI %KIQ >ERHVSSW >IIHMNO ;IWXIRHI 8 * [IWXIRHI$EKIQ FI
$JHQFH 'XPR :IVLYYV ZER ZEOERXMI[SRMRKIR QEERH HEKIR [IIO :IVOSST ZER SRVSIVIRH KSIH 7XIIHW VYMQ EERFSH MR LIVZIVOSST )ROIPI RMIY[FSY[TVSNIGXIR &ILIIV ZER QIHI IMKIRHSQQIR 9[ ZIVXVSY[IR [EEVH +VEXMW GEXEPSKYW ST EERZVEEK 9 ZMRHX SRW SSO ST [[[ EKIRGIHYQS FI >IIHMNO ;IWXIRHI 8 * MRJS$EKIRGIHYQS FI [[[ EKIRGIHYQS FI
/RJLHV
+RWHOV
Middelkerke > Categorie Hotels: H Excelsior*** Were-Di*** Aparthotel Zeegalm** Isaura** ‘t Kasteeltje** Kristoffel** Hostellerie Renty** Atlanta* Middelkerke > Categorie Logementshuis: 0 Zeebries Westende > Categorie Hotels: H Melrose*** Roi Soleil*** Suitehotel Zeester*** Aparthotel De Wielingen** Aparthotel Zon en Zee ** De Rotonde** De Zeeparel** Hotel De La Poste** Sint-Laureins** Splendid** Hostellerie Villa Isba** Westendia** The Cottage* Westende > Categorie Logementshuis: 0 De Wandelaar Leffinge > Categorie Hotels: H Meeuwenoord** Schore > Categorie Hotels: H Schoorbakkehoeve*** Slijpe > Categorie Hotels: H Abdeshof**
9HUKXXUNDQWRUHQ
Middelkerke Agem Agem 2000 Agem Real Agentschap Becue Agence Depoorter Agence Depoorter West Agence Info Immo Agence Kimpe & De Cuman Agence Sissau nv Agentuur Philip ESP Properties/Dakimmo (vastgoed) Groep Caenen BC Immo + Greengarden Immo Beach Immo Costa Immo Dobbelaere Immo Sissau nv Immo Vandenbossche - Van Ravels VABRA - L Brauwers & co/Golf Azur Westende Agem Zandroos Agence Muyle Immo BC Beachstudio’s Dumo Immo Depla Immo Era La Plage Immo l’Atelier Immo Moenaert Nouvelle Agence Zeester Residenties/Zeester Vakanties
/RJLHV Adres Arthur De Greefplein 9a Paul de Smet de Naeyerstraat 19 Duinenweg 493 Koninginnelaan 86 Westendelaan 72 Leopoldlaan 39 Louis Logierlaan 51 Koninginnelaan 46
Telefoon +32 059 30 18 31 059 30 11 88 059 30 53 38 059 30 38 13 059 30 35 29 059 30 21 64 059 31 20 77 059 30 58 44
E-mail info@hotelexcelsior.be info@hotelweredi.be vakanties@zeester.com info@hotelisaura.be kasteeltje@telenet.be hotel.kristoffel@skynet.be info@renty.be Fax 059 31 00 32
Leopoldlaan 192
0475 98 38 76
dezeebries@skynet.be
Henri Jasparlaan 127 Charles de Broquevillelaan 17 Meeuwenlaan 30 Irislaan 38 Vakantiestraat 1 Zeedijk 300 bus 7 Henri Jasparlaan 181 Distellaan 39 Strandlaan 12 Meeuwenlaan 20 Henri Jasparlaan 148 Duinenlaan 35 Henri Jasparlaan 150
059 30 18 67 / 059 31 20 65 059 30 08 08 059 30 63 24 059 30 33 64 058 23 08 55 059 30 04 95 059 30 53 38 059 31 07 33 058 23 39 58 059 30 00 32 059 30 23 64 058 23 36 63 059 30 65 25
hotel@melrose.be hotel.roi.soleil.westende@skynet.be vakanties@zeester.com info@dewielingen.be zonenzee@zeester.com Fax 059 30 34 95 vakanties@zeester.com info@delapostehotel.be info@st-laureins.be info@hotelsplendid.be hotelisba@telenet.be hotelwestendia@skynet.be info@hotelthecottage.be
Portiekenlaan 19
059 30 04 76
agencemuyle@skynet.be
Vaartdijk Zuid 60
059 30 22 36 / 0476 63 43 31
info@meeuwenoord.be
Schorestraat 61
051 55 50 92
info@schoorbakkehoeve.be
Abdisweg 15a
059 31 16 64
info@abdeshof.be
Adres Zeedijk 293 Zeedijk 241 René Mouchottestraat 30 Zeedijk 146 Zeedijk 63 Zeedijk 206 Joseph Casselaan 2 Zeedijk 39 Zeedijk 127 - 128 Zeedijk 30 Leopoldlaan 54 Leopoldlaan 150 Westendelaan 100 Zeedijk 286 Leopoldlaan 99 Duinenweg 493 Leopoldlaan 101 Zeedijk 201 Leopoldlaan 85
Telefoon +32 059 31 20 31 059 30 17 79 059 30 00 00 059 30 13 62 059 30 28 56 059 30 09 99 059 30 27 47 059 30 09 20 / 059 30 03 97 059 30 19 91 059 30 20 88 059 31 22 23 / 0475 34 08 87 059 30 50 50 / 059 30 06 01 059 31 03 10 059 30 17 02 059 31 49 49 059 30 63 24 059 30 06 95 059 30 29 91 059 30 07 03
E-mail agem@agem.be 2000@agem.be real@agem.be info@becue.be info@depoorter.be info@depoorterwest.be info@agenceinfoimmo.be info@kimpe-decuman.be info@sissau.be info@agentuurphilip.be e.s.p.properties@skynet.be middelkerke@groepcaenen.be info@immobc.be info@immobeach.be info@immocosta.be info@gid.be bouwbedrijf@sissau.be info@immovandenbossche.be info@vabra.be
Zeedijk 309 Henri Jasparlaan 177 Meeuwenlaan 9 Meeuwenlaan 30 Zeedijk 346 Meeuwenlaan 24A Distellaan 34 Distellaan 49 Arthur Meynneplein 2 Koning Ridderdijk 43 Distellaan 6 Meeuwenlaan 30
059 30 31 79 059 30 04 76 059 31 03 10 059 30 63 24 059 30 30 16 059 30 12 52 059 30 15 13 059 30 11 14 059 31 45 31
westende@agem.be agencemuyle@skynet.be info@immobc.be vakanties@zeester.com info@agencedumo.be immodepla@belgacom.net info@laplage.be info@immolatelier.be info@immo-moenaert.be
059 30 06 23 059 30 63 24
info@nouvelleagence.be info@zeester.com
VOLMVW Lombardsijde Immo Trends
Dorpsplein 46
058 23 19 98 / 058 23 19 90
info@immotrends.be
Adres Sluisvaartstraat 50
Telefoon +32 059 30 20 14
E-mail info@zeester.be
Bassevillestraat 81 Bassevillestraat 141 Elisabethlaan 1 Elisabethlaan 4 Westendelaan 178 Lombardsijdelaan 171
058 23 73 43 058 22 30 25 058 23 73 96 058 23 68 39 059 30 17 71 058 23 48 04
info@kacbcamping.be westende@kompascamping.be Fax 058 23 28 17 info@delombarde.be info@campingpoldervallei.be camping.evergreen@pandora.be
Oostendelaan 195 Heirweg 7 Duinenweg 169 Loviestraat 14 Heirweg 33 Spermaliestraat 122 Duinenweg 509 Heirweg 25 Steenovenstraat 4 Duinenweg 489
059 31 07 88 059 30 10 65 059 30 43 42 059 31 10 33 059 30 08 61 059 30 34 49 059 30 09 56 059 30 06 89 059 30 11 57 059 30 30 20
duinenvallei@telenet.be mercatorpark@skynet.be info@marvaweekendparken.be bvba.luna@hotmail.be Fax 059 31 47 50 info@marvaweekendparken.be info@marvaweekendparken.be info@marvaweekendparken.be camping@mijnplezier.be
Koninklijke Baan 160 Westendelaan 341
058 23 39 63 058 23 32 54
info@campingalbatros.be info@campingwestende.be
Duinenweg 539 Duinenweg 493
059 30 18 73 059 30 53 38
info@jonckershof.be vakanties@zeester.com
Bassevillestraat 141 Steenstraat 4
058 22 30 25 058 23 61 04
info@kompasvakantiewoningen.be info@marinapark.be
Essex Scottishlaan 141 Vakantiestraat 3
058 24 13 19 058 22 21 00
duindal@pandora.be info@duinenzicht.be
Lombardsijdelaan 235
058 24 13 19
info@dezeekameel.be
.DPSHHUWHUUHLQHQ Middelkerke Zeester*** Westende K.A.C.B.**** Kompas Camping *** Zomerzon*** De Lombarde** Poldervallei** Evergreen*
.DPSHHUYHUEOLMISDUNHQ Middelkerke Duinenvallei** Mercator** Midâ&#x20AC;&#x2122;s Park** Residentiepark Cosmos** bvba Tourist** Zeemeeuw** Marva I** Marva II** Marva III** Mijn Plezier* Westende Albatros*** Westende**
9DNDQWLHGRUSHQ Middelkerke Jonckershof Noordzeepark Zeegalm Westende Kompas vakantiewoningen Marinapark
9DNDQWLHKXL]HQ Westende Duindal Duinenzicht Lombardsijde Vakantieverblijf De Zeekameel
9DNDQWLH RS GH KRHYH HQ RS KHW SODWWHODQG Slijpe De Wolkerie www Nieuw Tempelhof w Het Zwaluwnest wwww
Sint-Niklaasstraat 4 Tempelhofstraat 15 Zwarteweg 9
0495 22 59 29 0497 30 90 04 059 31 39 02 / 0476 66 35 23
info@dewolkerie.be nieuw.tempelhof@vakantiehoeve.be info@hetzwaluwnest.be
Lekestraat 10
051 55 59 17
info@landgoeddekastanjeboom.be
Westendelaan 24
059 30 00 56
info@delhuzo.be
Strandlaan 1
058 22 45 00
calidris@middelkerke.be
Brugsesteenweg 41
051 55 50 19
info@spermaliehoeve.be
Telefoon +32 058 23 38 75
E-mail lombardsijde@cdsca.be
*DVWHQNDPHUV Schore Landgoed de Kastanjeboom
-HXJGYHUEOLMYHQ Middelkerke Del Huzo Westende Calidris Sint-Pieters-Kapelle Spermaliehoeve
0LOLWDLU RQWVSDQQLQJVFHQWUXP Nieuwpoort CDSCA
Adres Kustweg 101
/RJLHVOLMVW
;\ jc`djk\ m\igcXXkj`e^ `e D`[[\cb\ib\$N\jk\e[\
@e]f nnn%[\c`ae%Y\ $ '.' ))' )'' '#*'Ñ&d`e
0(+'* $ nnn%d`eb%Y\
D`[[\cb\ib\$N\jk\e[\ bXe Yf^\e fg \\e l`k\idXk\ ^f\[ XXeYf[ mXe ;\ C`ae% <i `j `e [\ \\ijk\ gcXXkj [\ È^\nfe\É BljkkiXd d\k q`ae _f^\ ]i\hl\ek`\ \e [\ BljkkiXd O$kiX [`\ qfn\c Êj dfi^\ej Xcj Êj Xmfe[j D`[[\cb\ib\ \e N\jk\e[\ XXe[f\k% ;XXieXXjk Y\jZ_`bk D`[[\cb\ib\$N\jk\e[\ dXXi c`\]jk fm\i 0 mXjk\ Yljc`ae\e \e ffb [\ df^\c`ab_\`[ kfk _\k e\d\e mXe \\e 9\cYlj% Bfikfd# n`\ q`Z_ je\c \e \]]`Z` ek n`c m\igcXXkj\e# b`\jk mffi ;\ C`ae%