docCriação e Manutenção de Uma Organização Democrática
download 
Report Transcription
Criação e Manutenção de Uma Organização Democrática
*YPHsqVL4HU\[LUsqVKL<TH 6YNHUPaHsqV+LTVJYm[PJHKL ;YHIHSOHKVYLZ0UMVYTHPZ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS! :\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ 5TLYV 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV -[\I[uZQMLMUIV]IQ[LMWZQMV\ItM[KWUQVNWZUItM[[WJZMI7ZOIVQbItrWVI-KWVWUQI1VNWZUIT NWQM[KZQ\IKWUW]UIZM[XW[\Io[[WTQKQ\ItM[NMQ\I[XWZ[QVLQKI\W[MWZOIVQbItM[LM\ZIJITPILWZM[Y]M XMLQZIUQLuQI[XZn\QKI[[WJZMKWUW[MWZOIVQbIZVIMKWVWUQIQVNWZUIT<ZI\I[MLM]UI\MV\I\Q^ILM LQ[[MUQVIZI[M`XMZQwVKQI[LI[XM[[WI[Y]MRnM[\rWI\]IVLWVIWZOIVQbItrWLW[\ZIJITPILWZM[QVNWZUIQ[ -[\MXZWRM\WNWQQVQKQILWXMTW+WUQ\wLM+WWZLMVItrW1V\MZVIKQWVIT1++XIZI7ZOIVQbItrWLI -KWVWUQI1VNWZUITKWUXW[\WXMTI)[[WKQItrWLM<ZIJITPILWZI[)]\VWUI[LIÑVLQI;-?);\ZMM\6M\ 1V\MZVIKQWVIT+WVNMLMZItrWLW[;QVLQKI\W[LM/IVI/<=+#+WVNMLMZItrW<ZIJITPQ[\ILI6QOuZQI 64+#0WUM6M\LW;]LM[\M)[Qn\QKW+WVNMLMZItrW:M^WT]KQWVnZQILW[7XMZnZQW[M+IUXWVM[M[LW 5u`QKW+:7+MI.MLMZItrW/MZITLW[;QVLQKI\W[LM+WUuZKQWLW6MXIT/-.76< -[KZQ\WXWZ+PZQ[\QVM*WVVMZLQZM\WZILW8ZWOZIUILM 7ZOIVQbItrWM:MXZM[MV\ItrWLI?1-/7 .W\WLIKIXI"5IZ\PI+PMV ,M[QOVM4IaW]\"2]TQIV4]KSPIU4]KSPIU+ZMI\Q^M -LQtrWM8]JTQKItrW";\ZMM\VM\1V\MZVIKQWVITM?1-/7 :M^Q[rW*ZI[QT"4]KQIVI1\QSI_I ___[\ZMM\VM\WZObI ____QMOWWZO ! *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ :\TmYPV =PZqV.LYHS! 7ZOIVQbItrWVI-KWVWUQI1VNWZUIT ;]J[yLQW[*QJTQWOZnÅKW[XIZI)Z\QK]TILWZM[ QQQ 8ZWJTMUI[M,M[IÅW[" 7[<ZIJITPILWZM[1VNWZUIQ[MU,QNMZMV\M[;M\WZM[^ 0U[YVK\sqV 6M[\MTQ^ZW 7ZOIVQbItM[LMUWKZn\QKI[LM\ZIJITPILWZM[ JI[MILI[VIÅTQItrW ,M[IÅW[QV\MZVW[ 6Z3xKLYLZKVZ;YHIHSOHKVYLZUH,JVUVTPH0UMVYTHS 9]ITQLILM[ 5]TPMZM[4yLMZM[ 4QLMZIVtI+WTM\Q^I <TH)HZL-VY[L 7-[\I\]\W 8WTy\QKI[8ZWKMLQUMV\W[M>ITWZM[ (,ZJVSOHKVZ3xKLYLZ!67YVJLZZV,SLP[VYHS 8ZQVKyXQW[LI-TMQtrW 7ZOIVQbItrWLM]UI-TMQtrW )X~[IMTMQtrW +WUWTQLIZKWU[Q\]ItM[LQNyKMQ[ 7HY[PJPWHsqVL;VTHKHKL+LJPZqV7LSVZ(ÄSPHKVZ +WV[\Z]trWLM]UIJI[MNWZ\M +WUWZMITQbIZZM]VQM[JMU[]KMLQLI[ -[\IVrWuIVQKIUIVMQZI")T\MZVI\Q^I[XIZII:M]VQrW P 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 7YLZ[HsqVKL*VU[HZ 8ZM[\ItrWLMKWV\I[ÅVIVKMQZI[ 8ZM[\ItrWLMKWV\I[XWTy\QKI ,K\JHsqVL-VY[HSLJPTLU[VKVZ;YHIHSOHKVYLZ -L]KItrWNWZUITMQVNWZUIT ! -L]KIZW[<ZIJITPILWZM[XIZI+WV[\Z]QZI7ZOIVQbItrW +IXIKQ\ItrWXIZIW\ZIJITPW -`XMZQwVKQI[LM)XZMVLQbILW .WV\M[M:MNMZwVKQI[*QJTQWOZnÅKI[ )OZILMKQUMV\W[ )OZILMKMUW[I\WLW[W[\ZIJITPILWZM[IZ\QK]TILWZM[M[]I[WZOIVQbItM[Y]MKWV\ZQJ]yZIULQZM\I W]QVLQZM\IUMV\MVIXZWL]trWLM[\M[O]QI[)OZILMKQUMV\W[M[XMKQIQ[o8I\0WZV+WWZLMVILWZI 1V\MZVIKQWVITLI;\ZMM\VM\1V\MZVIKQWVITXMTI[[]OM[\M[MKWV[MTPW[^ITQW[W[IWTWVOWLWXZWKM[[W#M IW+Za[\IT,QKS[KWTIJWZILWZIXW[MV\ILWLI)[[WKQItrW1V\MZVIKQWVITLM)[[WKQItM[LM-L]KItrW IW[<ZIJITPILWZM[1.?-)Y]MLM][]XWZ\MIWXTIVMRIUMV\WLW[TQ^ZW[6W[[IOZI\QLrWIW[ UMUJZW[N]VKQWVnZQW[LI;\ZMM\VM\1V\MZVIKQWVITIW1V[\Q\]\WLM,M[MV^WT^QUMV\WLW<ZMQVIUMV\W ;]XWZ\MM-L]KItrWXIZIW<ZIJITPW,1<;-4)Mo[5]TPMZM[VW-UXZMOW1VNWZUIT"/TWJITQbIVLW M7ZOIVQbIVLW?1-/7.QVITUMV\MVW[[IOZI\QLrWo.]VLItrW.WZLXWZXZW^QLMVKQIZN]VLW[o ;\ZMM\VM\1V\MZVIKQWVITVIXZWL]trWLW[TQ^ZW[ +ZuLQ\WLI[NW\W[" +IXI"5IZ\PI+PMV:M]VQrWLW;-?)ÑVLQI >Q[rW/MZIT",I^M;XWWVMZ;IXI\MQZW[5WVO~TQI +PZQ[*WVVMZ5]TPMZM[VW5MZKILW5ISWTI/IVI 5IZ\PI+PMV"-TI*PI\\N]VLILWZILW;-?)ÑVLQI ;\ZMM\6M\"4IVtILW;\ZM\6M\+WVOZM[[WÎNZQKILW;]T 4]KQI.MZVIVLMb":M]VQrWLW[+I\ILWZM[LM:MKQKTn^MQ[=Z]O]IQ 4]KQI.MZVIVLMb"+WVNMZwVKQI5]VLQITLW[+I\ILWZM[LM:MKQKTn^MQ[+WTUJQI 4-):6"\I`Q[\I[.QTQXQVI[ PP *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ =PZqV.LYHS 7ZOIVQbItrWVI-KWVWUQI1VNWZUIT" ;]J[yLQW[*QJTQWOZnÅKW[XIZI)Z\QK]TILWZM[ 7[5IV]IQ[ )[uZQMuKWUXW[\ILM[MQ[UIV]IQ[LMWZQMV\ItM[" :MKZ]\IVLW<ZIJITPILWZM[1VNWZUIQ[XIZI 7ZOIVQbItM[,MUWKZn\QKI[LM<ZIJITPILWZM[# +ZQItrWM5IV]\MVtrWLM=UI7ZOIVQbItrW ,MUWKZn\QKILM<ZIJITPILWZM[1VNWZUIQ[# :M[WT]trWLW[8ZWJTMUI[+W\QLQIVW[LW[<ZIJITPILWZM[1VNWZUIQ[# 6MOWKQItM[+WTM\Q^I[XIZIW[<ZIJITPILWZM[1VNWZUIQ[# :M[WT]trWLI[,Q[X]\I[MV\ZMW[<ZIJITPILWZM[1VNWZUIQ[MW[ ,M\MV\WZM[LW8WLMZ# )trW+WTM\Q^IXIZIW[<ZIJITPILWZM[1VNWZUIQ[ PPP 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 7[7JRM\Q^W[ -[\I[uZQMLMUIV]IQ[LMWZQMV\ItM[\MUWWJRM\Q^WLMI]`QTQIZI[XM[[WI[Y]M\wUI \IZMNILMWZOIVQbIZ\ZIJITPILWZM[VIMKWVWUQIQVNWZUIT;]IQV\MVtrWuLIZQLuQI[ XZn\QKI[IW[IZ\QK]TILWZM[MUZMTItrWIWY]MLM^M[MZNMQ\WMKWUWNIbwTW =[WLW[5IV]IQ[LM7ZQMV\ItM[ 7[UIV]IQ[LMWZQMV\ItM[NWZVMKMUQLuQI[WZQMV\ItrWMM`MUXTW[Y]M^WKwXWLM ]\QTQbIZIWWZOIVQbIZ\ZIJITPILWZM[QVNWZUIQ[ =\QTQbMW[" % KWUW]UUIV]ITLMWZQMV\ItM[XIZIWZOIVQbItrW"IXZW^MQ\MI[QLuQI[ TQ[\I[MM`XMZQwVKQI[# % KWUWNWV\MLMQVNWZUItM["TMQIMKWUXIZ\QTPM[M]KWVPMKQUMV\WKWU W]\ZW[# % XIZIOMZIZQLuQI["KZQMVW^I[NWZUI[LMNIbMZI[KWQ[I[# % KWUW]UINMZZIUMV\ILMXTIVMRIUMV\W"]\QTQbMI[M\IXI[MI[M[\ZI\uOQI[ XIZIIR]LnTWMU[M]XTIVMRIUMV\W# % XIZIMV[QVIZMNWZ\ITMKMZ"MULQ[K][[M[QVNWZUIQ[[MUQVnZQW[W] \ZMQVIUMV\W[ <Zw[XZQVKyXQW[KPI^MLIWZOIVQbItrW % .IbMZUMTPWZQI[ZMIQ[QUMLQI\I[MKWVKZM\I[VI^QLILW[\ZIJITPILWZM[# % ,IZIW[\ZIJITPILWZM[]UIVWtrWLWXWLMZY]MMTM[XW[[]MU# % )T\MZIZI[ZMTItM[LMXWLMZ ¸:LQHLU[\ZPHZTHKVJVTWYVTL[PKVPUV]HKVYLJYPH[P]VLTZ\HZPUPJPH[P]HZKLVYNHUPaHYL TVIPSPaHYVZ[YHIHSOHKVYLZUHLJVUVTPHPUMVYTHS¹ 3_I[Q)L])UIVS_IP;MKZM\nZQW/MZITLI+WVNMLMZItrWLW[;QVLQKI\W[LM/IVI[M\MUJZWLMMUXZWV]VKQIUMV\WVI +WVNMZwVKQILI1++[WJZM7ZOIVQbItrWVI-KWVWUQI1VNWZUIT P] *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 8ZWJTMUI[M,M[IÅW[" 7[<ZIJITPILWZM[1VNWZUIQ[MU,QNMZMV\M[;M\WZM[ :L[VY .Y\WV 7YPVYPKHKLZ +LZHÄVZWHYHH6YNHUPaHsqV +IUMT[ NMQZIV\M[M UI[KI\M[ ,QZMQ\WMM[XItWXIZI^MVLMZ# 1VNZIM[\Z]\]ZIXIZII^MVLI"XZW\MtrW KWV\ZIQV\MUXuZQM[LMX~[Q\WLM UMZKILWZQI[JIVPMQZW[MnO]I# 8ZW\MtrWKWV\ZIZMXZM[[rWLIXWTyKQI# ;MO]ZIVtI# +WVKWZZwVKQI·XZW\MtrWKWV\ZIMNMQ\W[ IL^MZ[W[# )KM[[WIWKZuLQ\W )]\VWUW[·VrW[rWKWV[QLMZILW[ \ZIJITPILWZM[VMUXWZ[QUM[UW[VMU XMTW[W]\ZW[# +WV\ZWTMXMTW[XWTy\QKW[XMTI¹UnÅIº# 5MLWLMZMXZM[[rWLI[I]\WZQLILM[· XWTyKQI# +WVKWZZwVKQILMV\ZWLWXZ~XZQWOZ]XWM KWUW[M\WZNWZUIT# <MUXW]\QTQbILWVIWZOIVQbItrW[QOVQÅKI UMVW[\MUXWVW\ZIJITPW# ;MUN~Z]V[LMVMOWKQItrWKWTM\Q^I <ZIJITPILWZMI[ VWLWUQKyTQW 5M[UIZMVLIUM[UW[JMVMNyKQW[M XZW\MtrWY]M\ZIJITPILWZM[LIQVL[\ZQI# 1LMV\QÅKItrWLWMUXZMOILWZ# .QULIM`XTWZItrWXWZQV\MZUMLQnZQW[# )KM[[WI\ZIJITPWZMO]TIZ# 5MTPWZQILI[Y]ITQÅKItM[# )KM[[WIW[UMZKILW[I]\VWUW[# )KM[[WIKZuLQ\WI]\VWUW[ 1[WTILI[VI[KI[I[QV^Q[y^MQ[# .IT\ILM\MUXW·IKIZOIL]XTILI[ U]TPMZM[Y]M\ZIJITPIUNWZIM\wUY]M K]QLIZLIKI[I# 5MLWLMXMZLMZWMUXZMOW# 1UXMLQLI[LM[IQZLMKI[IXWZUW\Q^W[ ZMTQOQW[W[MK]T\]ZIQ[# <ZIJITPWQVNIV\QT# 6rWKWJMZ\I[XMTITMOQ[TItrW\ZIJITPQ[\IW] KWU[Q\]ItrWQVLMÅVQLI <ZIJITPILWZM[ LW[M\WZLM \MKQLW[ :MVLIUyVQUI# ,QZMQ\WLMWZOIVQbItrW# -`KM[[WLMPWZI[\ZIJITPILI[# ;MO]ZIVtIVWMUXZMOW# <ZIJITPILWZI[U]TPMZM[[rW^Q[\I[KWUW ¹[IbWVIQ[ºKWUWKWUXTMUMV\WVIZMVLI# )J][WLW[[QVLQKI\W[# ;MUXZM\ZIJITPIUMUXMY]MVI[WÅKQVI[ +I\ILWZM[ LMUI\MZQIT ZMKQKTn^MT )KM[[W,QZMQ\WIWUI\MZQITZMKQKTn^MT# 1V\MOZItrWIW[[Q[\MUI[LMOM[\rWLM ZM[yL]W[[~TQLW[# <ZIJITPWMU]UVy^MTUIQ[IT\WLI KILMQILMZMKQKTIOMU# 8ZMtW[R][\W[XMTW[ZMKQKTn^MQ[# :MKWVPMKQUMV\W[MUMTPWZIVW[\I\][# ;ILMM[MO]ZIVtI# .QULIM`XTWZItrWXWZQV\MZUMLQnZQW[ *IQ`W[\I\][MI]\WM[\QUI# 5MLWLMXMZLMZW\ZIJITPW# 5MLWMLMXMVLwVKQILW[QV\MZUMLQnZQW[# +WVKWZZwVKQIMV\ZMW[UMUJZW[LWOZ]XW# <MUXWXIZI[MZM]VQZ[QOVQÅKIXMZLILM ZMVLI# <ZIJITPWQVNIV\QT# 6rWKWJMZ\W[XMTITMOQ[TItrW\ZIJITPQ[\I# ] 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV <ZIJITPILWZM[ IOZyKWTI[ MUÆWZM[\IM XM[KILWZM[ ,QZMQ\Wo\MZZIMIW][WLI\MZZI# ,QZMQ\WIW[ZMK]Z[W[VI\]ZIQ[# <ZIJITPWZMO]TIZ# )KM[[WIZMK]Z[W[MMY]QXIUMV\W[# )KM[[WIWKZuLQ\WMIW[UMZKILW[ 4WKIQ[LQ[XMZ[W[# 4WKIQ[Q[WTILW[MLQ[\IV\M[# <ZIJITPWQVNIV\QT# 6rWXZW\MOQLW[XMTITMOQ[TItrW\ZIJITPQ[\I# <ZIJITPW[IbWVITMQV\MZUQ\MV\M <ZIJITPILWZM[ LWUu[\QKW[ :MKWVPMKQUMV\WKWUW\ZIJITPILWZM[# 8ZW\MtrWKWV\ZILMUQ[[rWMI[[uLQW# 4QJMZLILMLMWZOIVQbItrW# 4QJMZLILMLMU]LIZLM\ZIJITPW· QUQOZIV\M[# 5MVW[PWZI[\ZIJITPILI[UIQ[LM[KIV[W# 5MTPWZM[KWVLQtM[LMUWZILQI 1[WTILW[VI[KI[I[QV^Q[y^MQ[ 5MLWLW[XI\ZM[MLMXMZLMZWMUXZMOW# ,MXMVLwVKQILWXI\ZrWXIZII[[MO]ZIZ UWZILQIM\K 6rWXZW\MOQLW[XMTITMOQ[TItrW\ZIJITPQ[\I# .IT\ILM\MUXWTWVOI[RWZVILI[# 5MLWLI[I]\WZQLILM[QUQOZIV\M[ <ZIJITPILWZM[ LW[M\WZLM \ZIV[XWZ\M[LM XI[[IOMQZW[ ]ZJIVW[ )KM[[WIZW\I[MXI[[IOMQZW[# 8ZW\MtrWKWV\ZII[[uLQW# ;ILM[MO]ZIVtIXZW\MtrWKWV\ZI IKQLMV\M[# -[\IKQWVIUMV\WMQVNZIM[\Z]\]ZI# 8ZMtWLIOI[WTQVIM\IZQNI[# +WVKWZZwVKQI·XZW\MtrWKWV\ZIMNMQ\W[ IL^MZ[W[ 5WJQTQLILM# +WVKWZZwVKQIMV\ZMW[UMUJZW[LWOZ]XW MKWUW[M\WZNWZUIT# +WV\ZWTMXMTW[XWTy\QKW[XMTI¹UnÅIº# )UMItIXWZXIZ\MLW[XI\ZM[# 5MLWLWI[[uLQWLMI]\WZQLILM[·XWTyKQI# <MUXWXIZI[MZM]VQZ[QOVQÅKIXMZLILM ZMVLI <ZIJITPILWZI[ U]TPMZM[LM \WLW[W[[M\WZM[ )KM[[WIKZMKPM[ILMY]ILI[[MO]ZI[MLM XZMtWIKM[[y^MT# ;ITnZQWUI\MZVQLILM# ;MO]ZIVtINy[QKI# 8ZW\MtrWKWV\ZII[[uLQW[M`]IT# 1O]ITLILMLMZMVLIXIZI\ZIJITPWLM UM[UW^ITWZ# )KM[[WIZMVLIUIQWZXIZI\ZIJITPW []XMZQWZ 5MLWMNIT\ILMKWVÅIVtI# *IZZMQZI[K]T\]ZIQ[MZMTQOQW[I[# .ZMYMV\MUMV\MMUTWKIQ[LQ[XMZ[W[# ;M\WZLWUQVILWXWZPWUMV[# .IT\ILM\MUXW# +ZMKPMMI\MVLQUMV\WLWUQKQTQIZ <WLW[ \ZIJITPILWZM[ QVNWZUIQ[ :MVLI[UMTPWZM[MUIQ[[MO]ZI[# 5MTPWZIVI[KWVLQtM[LM\ZIJITPW# 8ZW\MtrW[WKQIT ]P *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 0U[YVK\sqV 6M[\M4Q^ZW >WKwMVKWV\ZIZnQVNWZUItM[MQLuQI[XZn\QKI[[WJZMKWUWILUQVQ[\ZIZ]UI WZOIVQbItrWLMUWKZn\QKILM\ZIJITPILWZM[QVNWZUIQ[6~[IVITQ[IUW[W\QXWLM TQLMZIVtIVMKM[[nZQI#ITO]V[LW[LWK]UMV\W[Jn[QKW[Y]M[MZrWVMKM[[nZQW[KWUW WM[\I\]\W#MITO]V[LW[XZWKM[[W[Y]MLMÅVMU]UIWZOIVQbItrWLMUWKZn\QKI KWUWMTMQtM[MZM]VQM[MÅKIbM[7TQ^ZWMVNI\QbIW[XZQVKyXQW[LMUWKZn\QKW[XWZ M`MUXTWIXIZ\QKQXItrWXTMVIMTQLMZIVtILI[U]TPMZM[M]UITQLMZIVtIKWTM\Q^IM Y]MXZM[\MKWV\I[LM[]I[ItM[6I[MtrWÅVITWTQ^ZWIXZM[MV\IQLuQI[MM`XMZQwVKQI[ XZn\QKI[[WJZMNWZUItrWXIZI\ZIJITPILWZM[QVNWZUIQ[6WÅVITLWTQ^ZW^WKw MVKWV\ZIZnI\Q^QLILM[LMIXZMVLQbILWY]MXWLMU[MZ]\QTQbILI[MULQ[K][[M[M [MUQVnZQW[MXWLMUKWV\ZQJ]QZXIZIZMNWZtIZITQLMZIVtILMUWKZn\QKIMI[XZn\QKI[ WZOIVQbIKQWVIQ[ 7ZOIVQbItM[LMUWKZn\QKI[LM\ZIJITPILWZM[JI[MILI[VIÅTQItrW ¸<THVYNHUPaHsqVIHZLHKHUHÄSPHsqVt\THVYNHUPaHsqVUHX\HSVZHÄSPHKVZHZ [YHIHSOHKVYHZZqVVZ\Z\mYPVZKVZZLY]PsVZKHVYNHUPaHsqVVZNLZ[VYLZLZL\ZWYVWYPL[mYPVZ¹ -TI*PI\\N]VLILWZILI;-?)ÑVLQI 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 9]IVLWNITIUW[LIKZQItrWLM]UIWZOIVQbItrWLM\ZIJITPILWZM[QVNWZUIQ[\MUW[ MUUMV\MU]Q\WUIQ[LWY]MZMKZ]\IZMI]UMV\IZWVUMZWLMIÅTQILW[6W[[W WJRM\Q^WuKZQIZMUIV\MZ]UIWZOIVQbItrWILUQVQ[\ZILIMKWV\ZWTILIXWZMTM[ I\ZI^u[LMM[\Z]\]ZI[MXZWKM[[W[WZOIVQbIKQWVIQ[LMUWKZn\QKW[<MUW[MUUMV\M IKZQItrWMUIV]\MVtrWLM]UIWZOIVQbItrW ,MÅVQtrW Y]MZMXZM[MV\MLMNI\WW[QV\MZM[[M[LM\WLW[ ,MUWKZIKQI W[[M][IÅTQILW[PWUMV[MU]TPMZM[6W[[W /W^MZVIVtIXMTWXW^WIÅTQILW[ WJRM\Q^WuOIZIV\QZY]MIWZOIVQbItrWXMZL]ZM I\ZI^u[LIXIZ\QKQXItrW LQZM\IMW]LM]U[Q[\MUILM =UIWZOIVQbItrWLMUWKZn\QKILM ZMXZM[MV\IV\M[MTMQ\W[ \ZIJITPILWZM[JI[MILIVIÅTQItrWXWLMI[[]UQZ 7ZOIVQbItrWLMUWKZn\QKI LQNMZMV\M[NWZUI[8WLM[MZ]U[QVLQKI\W *I[MILIVW[XZQVKyXQW[M ]UII[[WKQItrW]UIZMLM]UIKWWXMZI\Q^I XZn\QKI[LILMUWKZIKQI LM\ZIJITPILWZM[MV\ZMW]\ZI[-TIXWLM[MZ OZIVLMW]XMY]MVI#U]VQKQXITVIKQWVITW] QV\MZVIKQWVIT;M][IÅTQILW[XWLMU[MZ\ZIJITPILWZM[QVNWZUIQ[\ZIJITPILWZM[ NWZUIQ[W]]UUQ[\WLMIUJW[;MRITnY]ITNWZ[]INWZUIW][M]VWUMMTI[M N]VLIUMV\IMUM[\Z]\]ZI[LMJI[MLMUWKZn\QKI[MNWZ\M[WÅKQVI[XZWXZQMLILMZ]ZIT M[\IKQWVIUMV\WZ]II\MZZW[IVQ\nZQWM\KMuLQZQOQLIXWZ]UITQLMZIVtIMTMQ\IY]M XZM[\IKWV\I[IW[UMUJZW[-TIN]VKQWVIKWU]UWJRM\Q^WKTIZWZM[XITLILIXWZ ^ITWZM[MXZQVKyXQW[[~TQLW[ ,M[IÅW[QV\MZVW[ 6]VKIuNnKQTILUQVQ[\ZIZ]UIWZOIVQbItrWLMUWKZn\QKIJI[MILIVIÅTQItrW8MTW NI\WLMW[IÅTQILW[[MZMUW[XZWXZQM\nZQW[W[OM[\WZM[MW[JMVMÅKQnZQW[WXZWKM[[W LM\WUILILMLMKQ[M[uNZMYMV\MUMV\MTMV\WMKWUXTQKILWM[]IILUQVQ[\ZItrW MOM[\rWVrW[rWU]Q\WMÅKQMV\M[8IZIW[\ZIJITPILWZM[QVNWZUIQ[ILUQVQ[\ZIZ]UI WZOIVQbItrWMÅKIbMLMUWKZn\QKIuITOWXIZ\QK]TIZUMV\MLM[IÅILWZ" ,M[IÅW"-[KWTPMZW\QXWKMZ\WLMTyLMZ)TO]V[TyLMZM[^wULMWZOIVQbItM[ KWU]UPQ[\~ZQKWLMXZn\QKI[WZOIVQbIKQWVIQ[NZIKI[MVrWLMUWKZn\QKI[)TO]V[ Y]MZMU[MZTyLMZM[XIZIXZWUW^MZ[M][XZ~XZQW[QV\MZM[[M[7]\ZW[[rWKWZZ]X\W[M ITO]V[[rWIXILZQVPILW[LMXWTy\QKW[W]KZQUQVW[W[0n]UXZMLWUyVQWLMPWUMV[ VW[KIZOW[LMTQLMZIVtIUM[UWY]IVLWIUIQWZQILW[IÅTQILW[[rWU]TPMZM[ ,M[IÅW",M[MV^WT^MZI[IX\QLM[MWKWVPMKQUMV\WVMKM[[nZQW[XIZI ILUQVQ[\ZIZ]UIWZOIVQbItrW5]Q\W[\ZIJITPILWZM[VIMKWVWUQIQVNWZUIT *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ \Q^MZIUXW]KIWXWZ\]VQLILMLMILY]QZQZJWIY]ITQÅKItrWMML]KItrWNWZUIT -TM[U]Q\I[^MbM[KIZMKMULMKWVÅIVtIMM`XMZQwVKQIXIZIILUQVQ[\ZIZJMU[]I[ WZOIVQbItM[ ,M[IÅW"<MZLQVPMQZW[]ÅKQMV\MXIZIZMITQbIZW[WJRM\Q^W[LI WZOIVQbItrW)[WZOIVQbItM[JI[MILI[VIÅTQItrWLMXMVLMULI[KWV\ZQJ]QtM[ XIOI[XWZ[M][IÅTQILW[7[\ZIJITPILWZM[QVNWZUIQ[OMZITUMV\M[rWXWJZM[MVrW XWLMUXIOIZKWV\ZQJ]QtM[IT\I[MW]XMZQ~LQKI[5]Q\I[^MbM[uLQNyKQTIZZMKILIZ I[KWV\ZQJ]QtM[XWZKI][ILIXWJZMbILW[UMUJZW[LILQ[\pVKQILW[TWKIQ[WVLM UWZIUMLINIT\ILMQV[\Q\]QtM[ÅVIVKMQZI[6rWuNnKQTMVKWV\ZIZLWILWZM[LQ[XW[\W[ IIXWQnTW[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 6Z3xKLYLZKVZ;YHIHSOHKVYLZUH,JVUVTPH0UMVYTHS 7[TyLMZM[XWLMUNIbMZKZM[KMZW]IZZ]QVIZ]UIWZOIVQbItrW9]IVLWW[TyLMZM[ [rWNWZ\M[ZMXZM[MV\I\Q^W[\ZIJITPIULMNWZUIKWTM\Q^IMW]^MU[M][IÅTQILW[ IWZOIVQbItrWXWLMXZW[XMZIZ5I[Y]IVLWW[TyLMZM[[rWQVLQ^QL]ITQ[\I[MIOMU IXMVI[J][KIVLW[M]XZ~XZQWQV\MZM[[MI[WZOIVQbItM[XWLMUUWZZMZW][M\WZVIZ ^IbQI[ 7IZ\QK]TILWZW]IIZ\QK]TILWZI\MU]UQUXWZ\IV\MXIXMTLMTQLMZIVtI1[\WWKWZZM Y]IVLWMTMW]MTIu]UTyLMZMTMQ\W]UN]VKQWVnZQWVWUMILWW]]U^WT]V\nZQW=U IZ\QK]TILWZTyLMZOMZITUMV\MuWQVLQ^yL]WY]MMV[QVIMWZQMV\IW[TyLMZM[ZMKuU MTMQ\W[8WLM\MZY]M\ZIJITPIZKWUW[TyLMZM[RnM`Q[\MV\M[IR]LIVLWW[IU]LIZ[]I IJWZLIOMUM[M]M[\QTW 9]ITQLILM[ =[MITQ[\IIJIQ`WXIZII^ITQIZ[]I[XZ~XZQI[Y]ITQLILM[LMTQLMZIVtIMKWUW WZQMV\ItrWXIZIW]\ZW[IZ\QK]TILWZM[TyLMZM[LM\ZIJITPILWZM[MIÅTQILW[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 4Q[\I" 9]ITQLILM[LM]UJWUTyLMZLM\ZIJITPILWZM[QVNWZUIQ[ ,\¯ D -[\W]KWUXZWUM\QLWKWUW[WJRM\Q^W[XWTy\QKI[M^ITWZM[LIWZOIVQbItrW +WUXZWUM\WUMMU[MZ^QZW[QV\MZM[[M[LW[IÅTQILW[ ;W]]UIXM[[WIY]MMV\MVLMW[IÅTQILW[MM[\W]XZ~`QUWLMTM[ ;W]PWVM[\WM[QVKMZW :M[XMQ\WI[WXQVQM[LI[W]\ZI[XM[[WI[ ;W]R][\WIWTQLIZKWUXM[[WI[LM[M`WZMTQOQrWZItIMKWV^QKtrWXWTy\QKILQNMZMV\M[ ;W]]UIXM[[WIY]MW]^MWY]MW[IÅTQILW[\wUILQbMZMIRWMUVWUMLMTM[ ;W]KIXIbLM\ZIJITPIZKWTM\Q^IUMV\MMKWV\ZQJ]QZKWUWXIZ\MLM]UOZ]XW ;W]KIXIbLMQV[XQZIZMQVÆ]MVKQIZI[W]\ZI[XM[[WI[ -[\W]LQ[XW[\WIIKMQ\IZZM[XWV[IJQTQLILM )LUQ\WUM][MZZW[MIXZMVLWKWUMTM[ ;W][MV[y^MTo[Y]M[\M[LMOwVMZWMM[\W]KWUXZWUM\QLWKWUWNWZ\ITMKQUMV\WLI[U]TPMZM[ <MVPWKWVÅIVtIMUUQUMVW[IÅTQILW[ 5IV\MVPWUMKITUW\ZIVYQTWMVrWXMZKWIXIKQwVKQI[WJXZM[[rW ;W]LQXTWUn\QKWP]UQTLMM\MVPW\I\WIWTQLIZKWUI[XM[[WI[ ;W]KWZIRW[WMKIXIbLMLMNMVLMZIWZOIVQbItrWMIUQU ;W]KPMQWLMQVQKQI\Q^I^QOWZMMVMZOQI ,\UqV¯ .ITWLMUIQ[ +WV[QLMZWUM]UM[XMKQITQ[\IMU\WLW[W[I[[]V\W[ ,WUQVWINWZUILMXMV[IZLW[W]\ZW[ 5IVQX]TWXIZI[MZ^QZUM][XZ~XZQW[QV\MZM[[M[ .ItW][WQVLM^QLWLW[ZMK]Z[W[LIWZOIVQbItrW +WV[QLMZWUM]UTyLMZXIZI\WLII^QLI )LIX\ILWLM1.?-))+ZQItrWLM]UI7ZOIVQbItrWM:MXZM[MV\ItrW,MUWKZn\QKILM<ZIJITPILWZM[LI-KWVWUQI 1VNWZUIT"=UUIV]ITMUL]I[XIZ\M[ *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 5]TPMZM[4yLMZM[ ¸,SLZLWYLVJ\WHJVTV[LTWVX\LL\WHZZVMVYHKLJHZH/mT\P[HZYL\UPLZL[VKHZHZOVYHZ X\LWHZZVSVUNLKVZHSqVJVUZ[P[\LT\TZtYPHWLYKHKLYLJLP[H¹ -TQIVM9]MLZIWOW;QVLQKI\W6IKQWVITLM+IJMTMQZMQZI[M-[\M\QKQ[\I[LM*]ZSQVI.I[WC;A6)+-EMU1<=+ =VQWV>QM_V£UIZtWLM )[U]TPMZM[[rWNZMYMV\MUMV\MM`KT]yLI[LMXW[QtM[LMTQLMZIVtIXWZ^nZQW[ UW\Q^W["¹QV\MZVW[ºKWUWINIT\ILMKWVÅIVtIW]IKZMVtILMY]MW[TyLMZM[LM^MU [MZPWUMV[M¹M`\MZVI[ºKWUWIZMTQOQrWI[I\Q\]LM[\ZILQKQWVIQ[LW[PWUMV[ MW[INIbMZM[LWUu[\QKW[MWK]QLILWLW[ÅTPW[5I[Y]IVLWTPM[NWQLILI]UI WXWZ\]VQLILMI[U]TPMZM[XZW^IZIUY]MXWLMU[MZM`KMTMV\M[TyLMZM[))[[WKQItrW LM5]TPMZM[)]\VWUI[;-?)LIÑVLQIuWUIQWZMUIQ[JMU[]KMLQLW[QVLQKI\W LM\ZIJITPILWZI[QVNWZUIQ[LWU]VLW;M][IÅTQILW[MTyLMZM[[rW\WLW[U]TPMZM[ -[\ZI\uOQI[XIZIQVKMV\Q^IZITQLMZIVtILI[U]TPMZM[ % >Q[MW[PWUMV["XZWUW^IIKWV[KQMV\QbItrWKWV\M[\MI\ZILQtrWML]Y]M[WJZM QO]ITLILMMV\ZMW[OwVMZW[# % >Q[MI[U]TPMZM["XZWUW^IIKWV[KQMV\QbItrWUMTPWZMIKWVÅIVtI[]XMZMUMLW[ KWV[\Z]IIX\QLM[LwM`MUXTW[# % >Q[MI[M[\Z]\]ZI["M[\IJMTMtIUM\I[MKW\I[XIZIU]TPMZM[MUXW[QtM[LM TQLMZIVtIKZQMMLw[\I\][IKWUQ\w[LMU]TPMZM[OIZIV\IY]MY]M[\M[LMOwVMZW NItIUXIZ\MLIXI]\I# % >Q[MW[TyLMZM["U]LMIUMV\ITQLILMKWV\M[\MI^WV\ILMXWTy\QKIKWV\M[\MW QV\MZM[[MXZ~XZQW -`XMZQwVKQI[" 5]TPMZM[TyLMZM[Y]M^MVKMUIZM[Q[\wVKQI ¹-]VrWMZI]ULMTM[UI[\WUMQ]UII\Q\]LMº *MI]\a/IbINWQMTMQ\I\M[W]ZMQZILM]U[QVLQKI\WY]MWZOIVQbI^I\ZIJITPILWZM[NWZUIQ[MQVNWZUIQ[LW ^IZMRW-TINWQIXZQUMQZIU]TPMZI[MZMTMQ\IXIZI]UKIZOWLMTQLMZIVtI ¹7[W]\ZW[\Zw[KIZOW[[rWWK]XILW[XWZPWUMV[-TM[IOQIUKWUW[MM]VrWNW[[M]ULMTM[-TM[[MZM]VQIU M\WUI^IULMKQ[M[UMLMQ`IVLWLMNWZI-TM[V]VKIUMMV^QI^IULWK]UMV\W[-]KPMOI^IIWM[KZQ\~ZQW XIZI]UIZM]VQrWMUMLI^IKWV\ILMY]MMTM[\QVPIU\WLIIKWZZM[XWVLwVKQIMM]VrW\QVPIVILI<]LW Q[\WNWQ[M\WZVIVLWU]Q\WNZ][\ZIV\MXWZY]MI[XM[[WI[UMTQOI^IUXIZIXMLQZQVNWZUItM[MM]VrW[IJQIY]M ]UILMKQ[rW\QVPI[QLW\WUILI,MKQLQ\WUIZ]UII\Q\]LM,Q[[MIMTM[Y]MMZI]UIXMVIY]MVrWY]Q[M[[MU \ZIJITPIZKWUQOW-]^QUXIZIÅKIZ7[IÅTQILW[UMMTMOMZIUMM]XZM\MVLWNIbMZUM]\ZIJITPW8WZÅUI[ KWQ[I[KWUMtIZIUILIZKMZ\W)OWZIMTM[[MUXZMUM\MTMNWVIUMUMQVKT]MUMU\WLI[I[LMKQ[M[º 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV ¹-TM[IKZMLQ\IUVW[KW[\]UM[MVIK]T\]ZIUI[M]UW[\ZMQIMTM[Y]MMZIKIXIbº )VVI,TIUQVQNWQMTMQ\IZMXZM[MV\IV\M[QVLQKITMU]UIXMY]MVINnJZQKILMZMKQKTIOMULMUM\IQ[MUY]M IUIQWZQILW[UMUJZW[MZIUPWUMV[¹-]VrW[IJQIXWZY]MMTM[\QVPIUUMMTMOQLW-TM[IKZMLQ\I^IU VW[KW[\]UM[MVIK]T\]ZIMLQbQIU"¹6~[OW[\IUW[LW[QVLQKI\WUI[ITyLMZu]UIU]TPMZ7Y]MVW[[I[ U]TPMZM[TnMUKI[I^rWLQbMZ'6W[[IK]T\]ZIVrWXMZUQ\MY]M]UIU]TPMZM[\MRIoVW[[INZMV\Mº5I[I[ I\Q\]LM[LW[PWUMV[MUZMTItrWIUQUKWUMtIZIUIU]LIZIW[XW]KW[Y]IVLWMTM[XMZKMJMZIUY]MM]MZI ]UITyLMZKIXIbMY]MMTM[XWLQIUKWV\IZKWUQOWXWQ[M]XIZ\QKQXI^ILI[ZM]VQM[KWUW[]IZMXZM[MV\IV\MM TPM[ZMTI\I^ILMXWQ[WY]MPI^QI[QLWLQ[K]\QLW.]QZMMTMQ\IKWUOZIVLMIXWQWº )LIX\ILWLM,Q\[MTI+]Z[WLI.]VLItrWLM,M[MV^WT^QUMV\WLM4QLMZIVtI.MUQVQVI2WPIVM[J]ZOWUIQWLM 4QLMZIVtI+WTM\Q^I ¸3\[LJVU[YHVLZWxYP[VKVºNYHUKLOVTLT»¹ ¸3\[LJVU[YHVLZWxYP[VKVZJxYJ\SVZMLJOHKVZ¹ )UQTIZ+IJZIT =ULW[XZQVKyXQW[LM]UIWZOIVQbItrW ,MÅVQtrW LM\ZIJITPILWZM[LMUWKZn\QKIuI 4QLMZIVtI+WTM\Q^I TQLMZIVtIKWTM\Q^I6IXZn\QKIWY]M[M^w ¹4QLMZIVtIKWTM\Q^I[QOVQÅKI TQLMZIVtINMQ\IXWZ]UOZ]XW NZMYMV\MUMV\MuY]MI[I[[WKQItM[LM \ZIJITPILWZM[QVNWZUIQ[\wUTyLMZM[XWLMZW[W[ LMXM[[WI[MVrWXWZ]UVQKW QVLQ^yL]WW]IXMVI[ITO]UI[ MKIZQ[Un\QKW[Y]MIOMU[WbQVPW[1[\WXWLM XM[[WI[LWOZ]XWº)UQTIZ+IJZIT [MZWZM[]T\ILWLMVWZUI[K]T\]ZIQ[WTyLMZu =VQLILMM4]\I!! IKMQ\WKWUWIÅO]ZILMI]\WZQLILMY]M\WUI LMKQ[M[MUVWUMLI[XM[[WI[W]LMQV\MZM[[MXZ~XZQWTQLMZIVtI[QOVQÅKIKWV\ZWTM MIKM[[WILQVPMQZWZMK]Z[W[MXWLMZ;M][IÅTQILW[M[M][TyLMZM[TyLMZM[MU XW\MVKQITXWLMUM[\IZIKW[\]UILW[IM[\M\QXWLMUWLMTWMM[\QTWLMTQLMZIVtI7[ TyLMZM[M`Q[\MV\M[XWLMUZM[Q[\QZoU]LIVtI7[IÅTQILW[XWLMU\MZUMLWW]VrW\MZ QV\MZM[[MMUKWV\M[\nTW;MZnVMKM[[nZQWIOQZKWUKI]\MTIIWXZWXWZ]UIU]LIVtI XIZI]UITQLMZIVtIKWTM\Q^I5W[\ZM[]I[^IV\IOMV[IW[TyLMZM[M`Q[\MV\M[UI[WUIQ[ QUXWZ\IV\MuUW[\ZIZM[\I[^IV\IOMV[I[M][IÅTQILW[9]IVLWM[\Q^MZWZOIVQbIVLW \ZIJITPILWZM[QVNWZUIQ[MU]U[QVLQKI\WRnM[\IJMTMKQLWW[ZMXZM[MV\IV\M[LW[ \ZIJITPILWZM[QVNWZUIQ[LM^MUNIbMZXIZ\MLITQLMZIVtIKWTM\Q^I *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ )ZO]UMV\W[MUNI^WZLITQLMZIVtIKWTM\Q^I )TQLMZIVtIKWTM\Q^Iu]UITQLMZIVtINWZ\MXWZY]M" % % % % % % % % % % +WUJQVII[QLuQI[KZQI\Q^QLILMMM`XMZQwVKQILM\WLW[# )XZW^MQ\IUMTPWZI[IX\QLM[MXWV\W[NWZ\M[LMKILIXM[[WI# ,nIXWQWU\]W# +WUXIZ\QTPIWXWLMZ# +WUXIZ\QTPII[ZM[XWV[IJQTQLILM[# ,Q^QLMWMTWOQW# .IKQTQ\II\ZIV[XIZwVKQI# +WUJI\MIKWZZ]XtrWMWIJ][WLMXWLMZ# +WUJI\MWQVLQ^QL]ITQ[UW# .WZ\ITMKMI[KIXIKQLILM[LMTQLMZIVtILM\WLW[W[UMUJZW[LWOZ]XW 4QLMZIVtILMJIQ`WXIZIKQUI ¸(SPKLYHUsHUqVWVKLZLYPTWVZ[HKLJPTHWHYHIHP_V,SLKL]L]PYKLIHP_VWHYHX\LH VYNHUPaHsqVWVZZHWLYTHULJLYKPUoTPJHLÄJHaL\UPKH¹ )KILMUQILI;-?) )TQLMZIVtIKWTM\Q^I\IUJuU[QOVQÅKI]UITQLMZIVtIY]M[MMVKWV\ZIM[XITPILIXWZ \WLIIWZOIVQbItrWMVrWM[\nIXMVI[VW\WXW=UIWZOIVQbItrWLMUWKZn\QKIXW[[]Q ^nZQW[Vy^MQ[LMTyLMZM[7[TyLMZM[LMJI[M[rWWMTWLQZM\WMV\ZMW[IÅTQILW[MW[ TyLMZM[LW\WXWJMUKWUWKWUW[IZ\QK]TILWZM[MN]VKQWVnZQW[LIWZOIVQbItrW-TM[ [rWW[TyLMZM[LW\WXWLMIUIVPr+]QLMXIZIKWVKMV\ZIZ[M][M[NWZtW[XIZIKWV[\Z]QZ M[\MVy^MTLMTQLMZIVtI9]IVLWM[\Q^MZWZOIVQbIVLW\ZIJITPILWZM[QVNWZUIQ[MU]U [QVLQKI\WM[\IJMTMKQLW[MZnQUXWZ\IV\y[[QUWLM[MV^WT^MZ]UITQLMZIVtIIXIZ\QZLW[ XZ~XZQW[\ZIJITPILWZM[QVNWZUIQ[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ <TH)HZL-VY[L =UIWZOIVQbItrWLM\ZIJITPILWZM[QVNWZUIQ[NWZ\MXW[[]Q]UIJI[MNWZ\M KWUXW[\ILMIÅTQILW[I\Q^W[]UITQLMZIVtIZMXZM[MV\I\Q^IMKWTM\Q^IM]UXZWKM[[W LMUWKZn\QKWLM\WUILILMLMKQ[M[8IZINIbMZKWUY]MM[\M[MTMUMV\W[N]VKQWVMU R]V\W[]UIWZOIVQbItrWXZMKQ[ILMWJRM\Q^W[M[\Z]\]ZI[MZMOZI[KTIZI[-TIXZMKQ[I LMXWTy\QKI[MLMXZWKMLQUMV\W[-[\M[LM^MUM[\IZLWK]UMV\ILW[XWZM[KZQ\WM[MZMU ILW\ILW[NWZUITUMV\M;M^WKwM[\Q^MZKZQIVLW]UIVW^IWZOIVQbItrW\MZn]UI nZL]I\IZMNIXIZIMTIJWZIZM[\M[LWK]UMV\W[5I[[MM[\I\IZMNINWZJMUZMITQbILI Q[\WIKIJIZnM^Q\IVLWXZWJTMUI[MLQÅK]TLILM[VWN]\]ZW;M^WKw[RnNWZUIU]U [QVLQKI\WM[\IJMTMKQLWY]MIOWZIM[\nWZOIVQbIVLW\ZIJITPILWZM[QVNWZUIQ[\IT^Mb \MVPIUY]MU]LIZ[M]M[\I\]\W 7-[\I\]\W 7M[\I\]\Wu]UKWVR]V\WLMZMOZI[IKMQ\I[XWZ\WLW[W[IÅTQILW[K]RWWJRM\Q^Wu WZQMV\IZIKWVL]\ILIWZOIVQbItrW<WLW[W[IÅTQILW[TyLMZM[MN]VKQWVnZQW[LM^MU K]UXZQTI7M[\I\]\W" % 8ZW\MOMILMUWKZIKQI# % +WV\uUW[XZQVKyXQW[M^ITWZM[LIWZOIVQbItrW# 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV % -L]KIMNWZ\ITMKMW[IÅTQILW[# % 8ZW\MOMKWV\ZIUnILUQVQ[\ZItrWQVLQ[KQXTQVIMKWZZ]XtrW# % ;MZ^MLMWZQMV\ItrWMUKI[WLMKWVÆQ\W =UM[\I\]\WLM^M" % ;MZKWVPMKQLWMM[\IZLQ[XWVy^MTI\WLW[W[IÅTQILW[# % ;MZMTIJWZILWMZM^Q[\WXMZQWLQKIUMV\M;MNWZVMKM[[nZQW[WNZMZMUMVLI[Y]M IKWV\MtII\ZI^u[LMXZWKM[[W[LMUWKZn\QKW[# 7M[\I\]\Wu]ULWK]UMV\WR]ZyLQKW;MUXZMY]MXW[[y^MTMTMLM^M[MZZMOQ[\ZILW R]V\WIW[~ZOrW[KWUXM\MV\M[ =UIVW^IWZOIVQbItrWXZMKQ[IZnLM[MV^WT^MZ]UKWVR]V\WLMZMOZI[XIZIWZQMV\IZ [M]\ZIJITPWI\uXWLMZMTIJWZIZMILW\IZ]UM[\I\]\W>WKwu]UMTWQUXWZ\IV\M MV\ZMWM[\I\]\WMW[IÅTQILW[>WKwLM^MKMZ\QÅKIZ[MLMY]MW[MTM[XIZ\QKQXMULI MTIJWZItrWLM]UVW^WM[\I\]\WW]LIMUMVLILM]URnM`Q[\MV\MMW]\MVPIU KWVPMKQUMV\WLWM[\I\]\WM`Q[\MV\M)MTIJWZItrWLM]UM[\I\]\WXWLM[MZ]UI M`KMTMV\MNMZZIUMV\IXIZIML]KIZMNWZ\ITMKMZW[IÅTQILW[JMUKWUWI]UMV\IZ[]I KWVÅIVtIMKWUXZWUM\QUMV\W 7Y]MLM^MNIbMZXIZ\MLM]UM[\I\]\W' ;M]M[\I\]\WLM^MZQIQVKT]QZ" % 7[WJRM\Q^W[LIWZOIVQbItrW# % 9]MU[rW[M][IÅTQILW[# % +WUWW[IÅTQILW[[rWZMXZM[MV\ILW[VIWZOIVQbItrWM[\Z]\]ZI[# % +WUY]MNZMYwVKQIMTM[[MZMVMUTyLMZM[IÅTQILW[# % +WUWW[TyLMZM[[MKWU]VQKIUKWUW[IÅTQILW[# % 9]MU[rWW[TyLMZM[# % ,MY]MNWZUIW[TyLMZM[[rWMTMQ\W[# % 9]IVLWMKWUY]MNZMYwVKQIW[TyLMZM[[rWMTMQ\W[UIVLI\W# % .]VtM[ZM[XWV[IJQTQLILM[MXWLMZM[LW[TyLMZM[# % )ZMXZM[MV\ItrWLI[U]TPMZM[MLI[TyLMZM[# % ,MY]MNWZUII[ÅVIVtI[[rWILUQVQ[\ZILI[MI]LQ\ILI[# % )trWLQ[KQXTQVIZMINI[\IUMV\WLMTyLMZM[# ;M]M[\I\]\WLM^M[MZKTIZWMKWUXZMMV[y^MTXIZIW[IÅTQILW[ *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ -`XMZQwVKQI[" 8ZWKM[[WLMMTIJWZItrWLM]UM[\I\]\W 7ZOIVQbItrWLM>MVLMLWZM[)UJ]TIV\M[LW9]wVQIMTIJWZI[M]M[\I\]\W ))TQIVtI6IKQWVITLM>MVLMLWZM[)UJ]TIV\M[M+WUMZKQIV\M[1VNWZUIQ[LW9]wVQI3-6);>1<NWQ TIVtILIWÅKQITUMV\MMU)V\M[LQ[[W[]IXZQVKQXITI\Q^QLILMNWQKWV[WTQLIZIÅTQItrWMMTIJWZIZW M[\I\]\W=U+WUQ\w,QZM\Q^WMTIJWZW]]UIXZQUMQZIUQV]\ILWM[\I\]\WKWUWIXWQWLMIKILwUQKW[ [QVLQKITQ[\I[M]UI76/KWU]VQ\nZQI-[\IUQV]\INWQMV^QILIo[[]I[)TQIVtI[=ZJIVI[LM^MVLMLWZM[ IUJ]TIV\M[ÅTQILI[Y]MIKWUXIZ\QTPIZIUKWU[M][IÅTQILW[I[[WKQItM[TWKIQ[KWTM\IVLW[]I[WXQVQM[ 7NMMLJIKSMI[MUMVLI[XZWXW[\I[XMTW[IÅTQILW[LI[WZOIVQbItM[LMJI[MNWZUIZIUIJI[MXIZIIZM]VQrW [MO]QV\MLW+WUQ\w,QZM\Q^W7M[\I\]\WNWQZMLQOQLWVW^IUMV\MMMV^QILWUIQ[]UI^Mbo[)TQIVtI[ =ZJIVI[Y]MXWZ[]I^MbWLQ[K]\QZIUKWU[M][IÅTQILW[-TM[MV^QIZIUVW^I[MUMVLI[KWUWXZMXIZItrW XIZII:M]VQrW6IKQWVITLM,MTMOILW[)[MUMVLI[NWZIULQ[K]\QLI[VIZM]VQrW7[XIZ\QKQXIV\M[ LIZM]VQrWIXZW^IZIUWM[\I\]\WMWILW\IZIU1[\WIJZQ]WKIUQVPWXIZIW[LMTMOILW[MTMOMZMUW[ ZMXZM[MV\IV\M[VIKQWVIQ[LI3-6);>1< <PM;\ZMM\<ZILMZ*WTM\QU1VNWZUI\Q^W7ÅKQITLI3-6);>1<IJZQTLM );\ZMM\6M\1V\MZVIKQWVITOIZIV\MIXTMVIZMXZM[MV\ItrWLI[U]TPMZM[ 7M[\I\]\WLI;\ZMM\6M\1V\MZVIKQWVITOIZIV\MY]MIZMXZM[MV\ItrWLI[U]TPMZM[VI[M[\Z]\]ZI[LMTQLMZIVtI MLM\WUILILMLMKQ[M[[MRINWZUITQbILIMVrWLMQ`ILIIWIKI[W 7+WV[MTPW1V\MZVIKQWVIT ¹[MZMVMIV]ITUMV\M[MVLWZMXZM[MV\ILWXWZWVbMIÅTQILW[MTMQ\W[ITuULWXZM[QLMV\MQV\MZVIKQWVIT LW^QKMXZM[QLMV\M[MKZM\nZQWM\M[W]ZMQZWLW[Y]IQ[XMTWUMVW[LM^MU[MZU]TPMZM[º :MXZM[MV\IV\M[1V\MZVIKQWVIQ[ ¹,WQ[W]UIQ[LW[Y]I\ZWZMXZM[MV\IV\M[QV\MZVIKQWVIQ[MTMQ\W[LM^MU[MZU]TPMZM[º -[\I\]\WLI;\ZMM\6M\1V\MZVI\QWVIT___[\ZMM\VM\WZObI 8WTy\QKI[8ZWKMLQUMV\W[M>ITWZM[ 8WTy\QKI[ <WLI[I[WZOIVQbItM[XZMKQ[IULM]UKWVR]V\WLMXWTy\QKI[)[XWTy\QKI[VW[LQbMU Y]ITuVW[[IXW[QtrWMUZMTItrWI]UILM\MZUQVILIY]M[\rW-TI[WZQMV\IUW \ZIJITPWLIWZOIVQbItrW=UIWZOIVQbItrWXWLM\MZXWTy\QKI[[WJZMU]Q\I[Y]M[\M[ )[XWTy\QKI[I[[QUKWUW]UM[\I\]\WLM^MU[MZK]UXZQLI[XMTW[TyLMZM[MIÅTQILW[ -TIJWZM[]I[XWTy\QKI[I\ZI^u[LM]UXZWKM[[WLMUWKZn\QKW)LW\M[]I[XWTy\QKI[VI M[\Z]\]ZIIXZWXZQILIMVWVy^MTIXZWXZQILW8IZIXWTy\QKI[N]VLIUMV\IQ[U]Q\I[^MbM[ uVMKM[[nZQW]UKWVOZM[[W 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 7XZWKM[[WLI[XWTy\QKI["-`MUXTW -TIJWZItrW LI8WTy\QKI 1LMV\QÅKIZ Y]M[\M[ VMKM[[QLILMLI XWTy\QKI +WTM\IZ QVNWZUItM[ M`MUXTW[ )LWtrWLI8WTy\QKI +WV[WTQLIZ NMMLJIKSLW[ IÅTQILW[ MTIJWZIZVW^IUQV]\I )XZM[MV\IZ MUNWZW[XWZM` +WVOZM[[W 8TIVMRIZ ItM[ Y]MU Y]IVLW )OQZ )^ITQIZ TyLMZM[ IÅTQILW[ 5]LIZ' MTIJWZIZ VW^IUMV\M 1UXTIV\ItrW LI8WTy\QKI :M^Q[rWLI8WTy\QKI ,MÅVQtM[ 8WTy\QKI[ 8W[QtM[ILW\ILI[XWZ]UIWZOIVQbItrW Y]MWZQMV\IU[]I[ItM[ 8ZWKMLQUQMV\W[ +WUWPIKMZTI[KW[I[8I[W[I[MO]QZ[M K]IVLW[MQUXTMUMV\IVXWTy\QKI[ 9]M[\M[LMXWTy\QKI"-`MUXTW +WUW\MUXW^WKwMTIJWZIZnXWTy\QKI[ [WJZM]UIIUXTIOIUILMY]M[\M[)[ WZOIVQbItM[LM\ZIJITPILWZM[QVNWZUIQ[ QUXTIV\IZIUVW[M[\nOQW[QVQKQIQ[LI WZOIVQbItrWITO]V[LW[[MO]QV\M[\QXW[ LMXWTy\QKI[LMXMVLMVLWLW[M\WZMLI[ KQZK]V[\pVKQI[" *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ +WV[]T\IZ W[IÅTQILW[XIZIWJ\MZ QLuQI[ 5QV]\I MTIJWZILI XMTWKWUQ\w KWV[MTPMQZW[ ,MJI\M KWVKWZLIZ MV\ZIZMU KWV[MV[W ^W\IZ )LWX\IZ XWZNWZW[XWZ M`+WVOZM[[W +WV[]T\IZ W[IÅTQILW[XIZIWJ\MZ NMMLJIKS 5WVQ\WZ [Q[\MUI[ M[\Z]\]ZI[ % 8WTy\QKI[ÅVIVKMQZI[KWUWIQVLMXMVLwVKQIÅVIVKMQZIM[][\MV\IJQTQLILMVrW KWVKM[[rWLMMUXZu[\QUW[XM[[WIQ[XMTIWZOIVQbItrWKWV\ZQJ]QtM[ZML]bQLI[XIZI \ZIJITPILWZM[QVNWZUIQ[MUWZOIVQbItM[UQ[\I[MILUQVQ[\ZItrWLI[ÅVIVtI[# % 8WTy\QKI[LMZMTIKQWVIUMV\WXWTy\QKWKWUWQVLMXMVLwVKQIXWTy\QKIITQIVtI[ MÅTQItM[# % 8WTy\QKI[WZOIVQbIKQWVIQ[KWUWQO]ITLILMMV\ZMW[OwVMZW[QVKT][rWLM \ZIJITPILWZM[QUQOZIV\M[MINWZUILMTQLIZKWUI]\WZQLILM[XI\ZM[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 8ZWKMLQUMV\W[ 2]V\IUMV\MKWUWM[\I\]\WMI[XWTy\QKI[uXZMKQ[WPI^MZ]UKWVR]V\WLM XZWKMLQUMV\W[Y]MM[\IJMTMtIKWUWI[KWQ[I[LM^MU[MZNMQ\I[MY]MUMLQLI[LM^MU [MZ\WUILI[7XZWKMLQUMV\WXIZIIZMITQbItrWLMMTMQtM[OMZITUMV\MNIbXIZ\M LWM[\I\]\WXIZI[IT^IO]IZLIZILMUWKZIKQIVIWZOIVQbItrW<ZI\I[MLMITOWY]M \WLW[W[IÅTQILW[LM^MU\MZJMUKTIZW=UXZWKMLQUMV\WXIZINIbMZ]UXMLQLW LMUI\MZQITLMM[KZQ\~ZQWKWV\]LWXWLMM[\IZLM[KZQ\WMU]UUIV]ITXIZIW M[KZQ\~ZQWMU]UUMUWZIVLWW]XWLMNIbMZXIZ\MLM]UIKWZLW^MZJIT7XM[[WIT LWM[KZQ\~ZQWMITO]V[TyLMZM[XZMKQ[IU\MZKWVPMKQUMV\WLM[\MXZWKMLQUMV\W+ZQMM NWZUITQbMW[XZWKMLQUMV\W[oUMLQLIY]MIWZOIVQbItrW[MLM[MV^WT^M >ITWZM[M8ZQVKyXQW[ 6W[[W[^ITWZM[MXZQVKyXQW[KWV[\Q\]MUIJI[M LM\]LWWY]MNIbMUW[+WUWIZ\QK]TILWZ ,MÅVQtrW >ITWZM[ TyLMZuQUXWZ\IV\MY]M^WKwLMNMVLIW[ +ZMVtI[XZQVKyXQW[W]VWZUI[ ^ITWZM[MXZQVKyXQW[LM[]IWZOIVQbItrW Y]MWZQMV\IUINWZUIKWUW]U WZQMV\IVLWW[IÅTQILW[MW]\ZW[TyLMZM[ QVLQ^yL]WW]OZ]XW[MKWUXWZ\I >WKw[IJMY]IQ[[rWW[^ITWZM[MXZQVKyXQW[ LM[]IWZOIVQbItrW')TO]UI[WZOIVQbItM[ MTIJWZIULMKTIZItM[KTIZI[LM[M][^ITWZM[MXZQVKyXQW[ -`XMZQwVKQI[" >ITWZM[LIWZOIVQbItrW )3-6);>1<LM[KZM^M[M][^ITWZM[ ¹7[>ITWZM[.]VLIUMV\IQ[LI)TQIVtI[rWW[[MO]QV\M[" % % % )ITQIVtIVrWLQ[KZQUQVIZnXWZUW\Q^W[LMLMÅKQwVKQINy[QKIOwVMZWQLQWUIZMTQOQrWM\ZQJW MV\ZMW]\ZW[# )ITQIVtINIZnWXW[[y^MTXIZILMNMVLMZI\ZIV[XIZwVKQIMIXZM[\ItrWLMKWV\I[VIOM[\rWLM[M][ I[[]V\W[QV\MZVW[# )ITQIVtINIZnWXW[[y^MTXIZIOIZIV\QZY]MW[LQZMQ\W[KWV[\Q\]KQWVIQ[LW[KWUMZKQIV\M[ [MRIUZM[XMQ\ILW[º <PM;\ZMM\<ZILMZ3-6);>1< *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ (,ZJVSOHKVZ3xKLYLZ!67YVJLZZV,SLP[VYHS -U]UIWZOIVQbItrWLMUWKZn\QKILM\ZIJITPILWZM[W[IÅTQILW[\wUWLQZMQ\WMW LM^MZLMM[KWTPMZ[M][XZ~XZQW[TyLMZM[I\ZI^u[LM]UXZWKM[[WMTMQ\WZIT7[TyLMZM[ MTMQ\W[XWZ[]I^MbVWUMQIUW]\ZW[KWUWW[IZ\QK]TILWZM[ZMU]VMZILW[Y]M\wU XIXuQ[LMTQLMZIVtI-[\M[TyLMZM[¹[MK]VLnZQW[ºXZM[\IUKWV\I[IW[TyLMZM[MTMQ\W[M I\ZI^u[LM[\M[IW[IÅTQILW[ 8ZQVKyXQW[LI-TMQtrW % 7[IÅTQILW[MTMOMU[M][XZ~XZQW[TyLMZM[# % ;MUI[[uLQWW]\ZI\IUMV\WQVR][\W# % =UIÅTQILW]U^W\WW]^W\WXZWXWZKQWVITIXTQKI[MIWZOIVQbItM[# % ;MULQ[KZQUQVItrWLMZItIZMTQOQrWW]WZQMV\ItrW[M`]ITW]Y]ITY]MZW]\ZW\QXW LMLQ[KZQUQVItrW# % +WVÅLMVKQITQLILMIUMVW[Y]MW[MTMQ\WZM[\MVPIUIKWZLILWWKWV\ZnZQWW]W M[\I\]\WI[[QUWLM\MZUQVM 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 7ZOIVQbItrWLM]UI-TMQtrW 8I[[W6UMZW=U"8ZMXIZM[MXIZIIMTMQtrW % +WVPMtII[ZMOZI[MW[XZWKMLQUMV\W[ >MZQÅY]M[M]M[\I\]\WMW]ZMOZI[MTMQ\WZIQ[;MVrWPW]^MZVMVP]UIMTIJWZM ]UKWVR]V\WLMZMOZI[MIXZM[MV\MI[IW[IÅTQILW[XIZIIXZW^ItrW % ,MÅVIWMTMQ\WZILW 7[\ZIJITPILWZM[MTMOMZrW[M][ZMXZM[MV\IV\M[XWZZ]IXZWL]\W^MVLQLWXWV\W LM\n`QKWUuZKQWMnZMI' % -L]Y]MW[TyLMZM[MW[IÅTQILW[ 7Y]Mu]UIMTMQtrW' 1UXWZ\pVKQILIMTMQtrWXIZIW[IÅTQILW[XIZIIWZOIVQbItrWMXIZII LMUWKZIKQI# +WUWIMTMQtrW[MZnILUQVQ[\ZILI# +ZQ\uZQW[XIZIITQLMZIVtIY]ITQLILM[OwVMZW % 8ZMXIZMI[Y]M[\M[XZn\QKI[ 7ZOIVQbMILI\IMWTWKITKWUJI[\IV\MIV\MKMLwVKQI# 7ZOIVQbMR]V\Wo[I]\WZQLILM[XI\ZrWVW[KI[W[MUY]MQ[\WNWZVMKM[[nZQW# 8ZW^QLMVKQMI[KuL]TI[MTMQ\WZIQ[MI[]ZVI[MUKI[WLM^W\W[MKZM\W# ,MÅVIY]MU[]XMZ^Q[QWVIZnIMTMQtrW# ,MÅVIY]MUNIZnIKWV\IOMULW[^W\W[MKWVÅZUIZnW[ZM[]T\ILW[# +MZ\QÅY]M[MLMY]MW[IÅTQILW[[MRIUQVNWZUILW[I\MUXW# +WTM\MI[QVLQKItM[MQVNWZUMW[IÅTQILW[ 8IZIIR]LnTWVIXZMXIZItrWLI[MTMQtM[KWUW[IÅTQILW[^WKwXWLMZMITQbIZ ZM]VQM[M[XMKQIQ[M[QU]TItM[LMMTMQtrWM[XMKQITUMV\MVWKI[WLMWZOIVQbItM[ VW^I[W]KWUVW^W[LMTM[>WKwXWLMKZQIZ]UXIVÆM\W[QUXTM[KWUM`XTQKItM[ [WJZMI[MTMQtM[>WKwXWLMNIbMZ]UKIZ\IbXIZI[MZIÅ`ILWVW[TWKIQ[LM\ZIJITPW >WKwXWLM\ZMQVIZ]UOZ]XWLM^WT]V\nZQW[Y]MQV[\Z]QZrWW[MTMQ\WZM[KQZK]TIVLW XMTW[TWKIQ[LM\ZIJITPWW]QVLWI\uIKWU]VQLILMW]KI[ILW[\ZIJITPILWZM[ 1VKMV\Q^M]UILQ[K][[rWIJMZ\IM[I]Ln^MT[WJZMW\QXWLMTyLMZLMY]MI WZOIVQbItrWXZMKQ[I6rW\MV\MQVÆ]MVKQIZW]XZM[[QWVIZW[IÅTQILW[I^W\IZMU^WKw W]MU[M]KIVLQLI\W+WV\M[\MXZM[[]XW[\W[W]UQ\W[[WJZMITQLMZIVtI>WKwXWLM ]\QTQbIZITO]UI[LI[QLuQI[IJIQ`WXIZIIR]LIZMU[]I[LQ[K][[M[R]V\IUMV\MKWUI 4Q[\IIKQUI *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ )M[KWTPILW[TyLMZM["^WKwKWVKWZLI' 5Q\W[LI4QLMZIVtI' =UTyLMZLM^M[MUXZM\MZ]UIJWINWZUItrW =UTyLMZLM^MNITIZQVOTw[W]W]\ZITyVO]IVI\Q^I# 7[TyLMZM[UIQ[QUXWZ\IV\M[LM^MU[MZPWUMV[# =UTyLMZLM^M[MZITO]uUY]M[MQUXWVPIMNITMU]Q\WVI[ZM]VQM[# =UTyLMZLM^M\MZ[\I\][MKWVUQKWMW]XWTy\QKW 8ZQVKQXIQ[+ZQ\uZQW[LM4QLMZIVtI' =UTyLMZLM^MUW[\ZIZ]UKWUXZWUM\QUMV\WNWZ\MMOMV]yVWKWUIWZOIVQbItrW# =UTyLMZLM^M[MUXZM[MZÅMTIWUIVLI\WLIWZOIVQbItrW# =UTyLMZLM^M[MUXZM[MZKIXIbMM[\IZLQ[XW[\WXIZI\ZIJITPIZKWTM\Q^IUMV\M# =UTyLMZLM^M[MZPWVM[\WIJMZ\WM]UIXM[[WILMXZQVKyXQW[# =UTyLMZLM^M[MZ^MZLILMQZIUMV\M[MV[y^MTo[Y]M[\M[LMOwVMZW ,1+)"6rWXIZ\ILWXZM[[]XW[\WLMY]MU]TPMZM[MPWUMV[\wU KPIVKM[QO]IQ[LM[MZMUMTMQ\W[<MV\MMV`MZOIZITuULW~J^QW*][Y]M LQ[KZQUQVItrWWK]T\IW]NI\WZM[Y]MQUXMLMUY]MI[U]TPMZM[KWVKWZZIUo MTMQtrW5W[\ZMY]MI[U]TPMZM[XWLMUMLM^MU[MMTMQ\I[XIZIXW[QtM[LM TQLMZIVtI,wU]Q\WQVKMV\Q^Wo[U]TPMZM[XIZIY]MKWVKWZLMUMUKWVKWZZMZo MTMQtrWOIZIV\QVLWY]MMTI[ZMKMJMZrWIXWQW 8I[[W6UMZW,WQ[":MITQbMI-TMQtrW % 5I\MZQIQ[ +MZ\QÅY]M[MLMY]MXW[[]Q\WLWWUI\MZQITVMKM[[nZQWKWUWKIVM\I[KuL]TI[ MTMQ\WZIQ[]ZVI[Å\IXIZI[MTIZI[]ZVI[MNWTPI[LMXIXMTOZIVLM[XIZIM[KZM^MZ WVWUMLW[KIVLQLI\W[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV % +WV\ZWTMLW\MUXW +PMO]MKMLWXIZIOIZIV\QZY]M\]LWM[\MRIIKMZ\ILWIV\M[LWPWZnZQWUIZKILW XIZIWQVyKQWLI^W\ItrW % 1VNZIM[\Z]\]ZILI^W\ItrW 5WV\MI[M[\Z]\]ZI[VMKM[[nZQI[VWZMKQV\WMUJIQ`WLM]UInZ^WZMW]VW UMZKILWM\K+I[WVrWKWV[QOIZM]VQZW[\ZIJITPILWZM[XIZII^W\ItrW^WKw \IT^Mb\MVPIY]MQZI\u[]I[KI[I[IW[KIUXW[o[Z]I[;M\Q^MZY]MXZWKMLMZ LM[\INWZUIWUMTPWZuY]ML]I[XM[[WI[NItIUM[\I\IZMNIR]V\I[ % ¹7ÅKQIQ[ºMTMQ\WZIQ[ +MZ\QÅY]M[MLMY]MM[\MRIUXZWV\W[MY]MZMITQbMUI[MTMQtM[LMNWZUITQ^ZM R][\IMWZLMVILI1[\WuU]Q\WQUXWZ\IV\MQVLMXMVLMV\MUMV\MLW\QXWLM MTMQtrW[MRIXWZ^W\W[MKZM\WW]I\ZI^u[LM]UUu\WLWUMVW[NWZUITKWUW TM^IV\IZI[UrW[)MTMQtrWLM^M[MZOMV]yVIM[MUIQVÆ]wVKQILW[KIVLQLI\W[ W]LI[XM[[WI[Y]MW[IX~QIU7[IÅTQILW[LM^MU[M[MV\QZKWVÅIV\M[Y]IV\WI M[\IY]M[\rW;M^WKwM[\Q^MZZMITQbIVLW]UI^W\ItrW[MKZM\I[MZnY]MUWV\W] ]UM[Y]MUIXIZIIR]LIZI[XM[[WI[Y]MVrW[IJMUTMZ' % +uL]TI[MTMQ\WZIQ[ 9]IVLWNWZMU][ILI[KuL]TI[I[UM[UI[LM^MU[MZO]IZLILI[MUTWKIT[MO]ZW I\u[]IKWV\IOMU 8I[[W6UMZW<Zw["8ZWKM[[MW[ZM[]T\ILW[LIMTMQtrW % .ItIIKWV\IOMULW[^W\W[ 6W[KI[W[MUY]MI^W\ItrWNWZNMQ\IKWUW[MTMQ\WZM[TM^IV\IVLWI[UrW[I KWV\IOMUuNMQ\IVIPWZIXWZXM[[WI[VWUMILI[XIZIM[\I\IZMNI)^IV\IOMU LM[\M[Q[\MUIuY]M\WLW[XWLMU^MZQUMLQI\IUMV\MY]MUOIVPW]XWLMVLW ^MZQÅKIZIKWV\IOMU)LM[^IV\IOMUuY]MI[XM[[WI[XWLMU[M[MV\QZ XZM[[QWVILI[I^W\IZW]VrW^W\IZMUITO]uU6WKI[WLW^W\W[MKZM\WMU]ZVI QVLQ^yL]W[[MZrWQVLQKILW[MIXZW^ILW[XIZINIbMZIKWV\IOMU)^IV\IOMU LM[\MUu\WLWuY]M\WLW[ÅKIUTQ^ZM[XIZI^W\IZVWKIVLQLI\WLM[]IXZMNMZwVKQI [MU[M[MV\QZXZM[[QWVILW[ % :MOQ[\ZMW[ZM[]T\ILW[ 4Q[\MW[ZM[]T\ILW[UW[\ZIVLWWVUMZWLM^W\W[LILW[XIZIKILIKIVLQLI\W 8I[[W6UMZW9]I\ZW",Q^]TO]MW[ZM[]T\ILW[ )[[QUY]MNWZXW[[y^MTLQ^]TO]MW[ZM[]T\ILW[IW[IÅTQILW[MIW[KIVLQLI\W[MTMQ\W[ )XZM[MV\MW[VW^W[TyLMZM[IW[IÅTQILW[ *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ )X~[IMTMQtrW % .ItI]UIZM]VQrWKWUW[TyLMZM[ )[[QUY]MNWZXW[[y^MTNItI]UIZM]VQrWKWUW[TyLMZM[QVNWZUIVLWW[LM []I[N]VtM[MLM^MZM[+MZ\QÅY]M[MLMY]MZMKMJIU\WLW[W[LWK]UMV\W[Y]M XZMKQ[IZrWKWUWWM[\I\]\WI[XWTy\QKI[WKZWVWOZIUILI[ZM]VQM[ % 1V[\Z]I 7ZOIVQbM]UXZWOZIUIKWV\yV]WLMQV[\Z]trWXIZIW[TyLMZM[6rWM[XMZM]U XZWOZIUINWZUITLMQV[\Z]trWXIZIITQLMZIVtI % .ItIW[\ZIJITPIZ 7[VW^W[TyLMZM[LM^MUIXZMVLMZKWTWKIVLWIUrWVIUI[[I-TM[LM^MU KWUMtIZQUMLQI\IUMV\MIK]UXZQZ[M][LM^MZM[5IV\MVPI[M[MUXZMMU KWV\I\WKWUMTM[,wKWV[MTPW[MIXWQW % 5IV\MVPIZMOQ[\ZW[ )ZY]Q^MMUIV\MVPIW[ZMOQ[\ZW[LIMTMQtrWMU]UT]OIZ[MO]ZWI[WZOIVQbItM[ ZMOQ[\ZILI[VWZUITUMV\MO]IZLIU[M][ZMOQ[\ZW[XWZKQVKWIVW[6]VKI[M [IJMY]IVLWITO]uUKWV\M[\IZn]UITQLMZIVtIW][MPI^MZnITO]UKWVÆQ\WMU ZMTItrWoUM[UI +WUWTQLIZKWU[Q\]ItM[LQNyKMQ[ ¸6ZSxKLYLZUqVX\LYPHTMHaLYLSLPsLZLT\P[HZ]LaLZHNPHTJVTV\THTmÄHWLSHMHS[HKL WYLZ[HsqVKLJVU[HZL[YHUZWHYvUJPH¹ .MLMZItrW1V\MZVIKQWVITLW[<ZIJITPILWZM[LW<ZIV[XWZ\M1<.8ZWRM\WLM8M[Y]Q[I/TWJIT[WJZMI7ZOIVQbItrWLM <ZIJITPILWZM[1VNWZUIQ[LW<ZIV[XWZ\M:MTI\~ZQW/MZIT >WKwXZW^I^MTUMV\M\MZnY]MTQLIZKWU[Q\]ItM[LQNyKMQ[TQOILI[o[MTMQtM[;MW[ \ZIJITPILWZM[VrW\wU\ZILQtrWLMXIZ\QKQXItrWMLMKWV\I\WKWU]UIWZOIVQbItrW LMUWKZn\QKIMV\rW^WKw\MZnY]MIR]LIZIKWV[\Z]QZM[\I\ZILQtrW)[MO]QZ^WKw MVKWV\ZIZn]UILM[KZQtrWLMITO]UI[[Q\]ItM[KWUY]M^WKwXWLMZn[MLMXIZIZ 7Y]M^WKwNIZQIVM[[M[KI[W['6rWPn]UIVQKIZM[XW[\I8IZI[]XMZIZM[\M[ WJ[\nK]TW[oLMUWKZIKQI^WKwXZMKQ[IZnMV\MVLMZW[XZWJTMUI[Y]MM[\rWXWZ\Zn[ LMTM[M\MZKIXIKQLILMLMTQLIZKWUI[XM[[WI[6M[\MKWV\M`\WITOWN]VLIUMV\ITu \MZIÅTQILW[NWZ\M[MJMUQVNWZUILW[Y]MXW[[IUIR]LnTW 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV -`XMZQwVKQI[" ,M[KZuLQ\WLILMUWKZIKQI"7Y]MMTM[LQbMUUI[ VMU[MUXZMI^WKw 8ZM[W[VWXI[[ILW ¹-]N]VLMQII[[WKQItrW;MUXZMN]QWTyLMZ8WZY]MM]XZMKQ[W[MZMTMQ\W'6rWUM^MVPIKWUM[\I[QLuQI[ VW^I[MKPMQI[LMVW^MPWZI[6W[[WRMQ\WLM\ZIJITPIZ\MULILWKMZ\W\WLW[M[\M[IVW[º :MT]\IV\M[MUIJZQZUrWLWXWLMZ ¹.]QMTMQ\WXZM[QLMV\MLW[QVLQKI\WPnKQVKWIVW[-[\W]NIbMVLW]UJWU\ZIJITPW7Y]MQUXWZ\I[MIOWZI \MVPWUQVPIXZ~XZQIMUXZM[I'5M]KWZItrWIQVLIM[\nR]V\WIW[\ZIJITPILWZM[-TM[NIbMUWY]MM]LQOW XWZY]MKWVÅIUMUUQUMY]MZMUY]MM]ÅY]M6QVO]uUÅKIZnKWV\ZIUQUMV\rWXWZY]MNIbMZ]UI MTMQtrW'º 8IOWXIZIÅKIZ ¹>W]OIZIV\QZY]MKWV\QV]IZMQ[MVLWTyLMZLII[[WKQItrWLW[NMQZIV\M[MNIZMQKWUY]MW[\ZIJITPILWZM[ IX~QMU[]IZMMTMQtrWKWUWKWV[MTPMQZW5MLwZXQI[MUMIR]LMILIZIW[\ZIJITPILWZM[ITOWY]M VMKM[[Q\MU9]MZWUW[\ZIZTPM[Y]M\MVPWXWLMZMQVÆ]wVKQIº ,QNIUILW ¹7;Z.MZVIVLMbLW8IZ\QLW88M[\n\MV\IVLWQUXMLQZUQVPIMTMQtrWXWZY]MM]VrWLW]IXWQWVMUIMTM VMUI[M]XIZ\QLW-TMM[\nM[XITPIVLWJWI\W[VIKWU]VQLILMMMV\ZMW[\I`Q[\I[LQbMVLWY]M[W]M[XQrWLI XWTyKQILM\ZpV[Q\Wº ¹5M]UIZQLWVrW^IQLMQ`IZº ¹6rWXW[[WKWVKWZZMZoMTMQtrWKWUWTyLMZ5M]UIZQLWVrWUMLMQ`IQZIZM]VQM[6rWXW[[WUMZM]VQZ KWUPWUMV[[MMTMVrWM[\Q^MZR]V\Wº 5]TPMZM[VrWXWLMU[MZTyLMZM[ ¹2IUIQ[^W\IZMUW[MU]UIU]TPMZ)[U]TPMZM[[rWNZIKI[LMUIQ[XIZITQLMZIZ6QVO]uU^IQLIZW]^QLW[I ]UIU]TPMZº 7[TyLMZM[OIVPIULQVPMQZW ¹<WLW[Y]MZMU[MZTyLMZXWZY]MW[TyLMZM[KWV\ZWTIUY]MU\MUIKM[[WIW[UMTPWZM[UI\MZQIQ[XIZI ZMKQKTIOMU-TM[O]IZLIUWUMTPWZXIZI[Q0nKIVLQLI\W[XIZI]UKIZOWLMTQLMZIVtI1[\W^IQKI][IZ U]Q\IJZQOIº *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 7HY[PJPWHsqVL;VTHKHKL+LJPZLZWLSVZ(ÄSPHKVZ )JI[MLM]UIWZOIVQbItrWLMUWKZn\QKI[rWIÅTQILW[I\Q^W[QVNWZUILW[KWU XIZ\QKQXItrWXTMVIY]M\WUIULMKQ[M[KWTM\Q^IUMV\M]\QTQbIVLWI[M[\Z]\]ZI[M XZWKMLQUMV\W[LIWZOIVQbItrW1[\WVrWuITOWNnKQTLMI\QVOQZ8IZIW[\ZIJITPILWZM[ QVNWZUIQ[M[XMKQITUMV\MW[I]\VWUW[W]Y]MOIVPIUXWZXZWL]trWW\MUXWOI[\W MUI\Q^QLILM[XIZIIWZOIVQbItrW[QOVQÅKI\MUXWXMZLQLWXIZIOIVPIZLQVPMQZW)[ WXWZ\]VQLILM[LMXIZ\QKQXItrWU]Q\I[^MbM[[rWTQUQ\ILI[XWZM`MUXTWVW[KI[W[MU Y]MW[TWKIQ[LM\ZIJITPWMVKWV\ZIU[MM[XITPILW[W]Y]IVLWW[XI\ZM[WJZQOIU W[\ZIJITPILWZM[I\ZIJITPIZTWVOI[RWZVILI[)XIZ\QKQXItrWXTMVIVI^QLILI WZOIVQbItrWuXIZ\QK]TIZUMV\MLQNyKQTXIZII[U]TPMZM[ >WKw\MZnY]MTM^IZMUKWV[QLMZItrWM[\I[MW]\ZI[LQÅK]TLILM[MU[]I[M[\Z]\]ZI[ VIWZOIVQbItrWLMZM]VQM[MNMZZIUMV\I[LMKWU]VQKItrW;M^WKwM[\Q^MZ\ZIbMVLW \ZIJITPILWZM[QVNWZUIQ[XIZI]U[QVLQKI\WRnM`Q[\MV\M^WKwXZW^I^MTUMV\M\MZnY]M IR][\IZ[]I[M[\Z]\]ZI[MXZn\QKI[IÅULM[MILIX\IZIW[\ZIJITPILWZM[QVNWZUIQ[ <IT^Mb^WKwXZMKQ[MUWLQÅKIZ[M]M[\I\]\W<IT^Mb^WKw\MVPIY]MXMZ[]ILQZW[TyLMZM[ MIÅTQILW[LW[QVLQKI\WXIZIY]MQ[\W[MRINMQ\W;M[M][QVLQKI\W[MUXZM\M^MTyLMZM[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV LW[M`WUI[K]TQVW^WKwXZMKQ[IZ\WUIZUMLQLI[XIZIOIZIV\QZY]MI[U]TPMZM[[MRIU ZMXZM[MV\ILI[ +WV[\Z]trWLM]UIJI[MNWZ\M 7XZQUMQZWKWUXWVMV\MN]VLIUMV\ITLM]UIWZOIVQbItrWLM\ZIJITPILWZM[ OMZITUMV\Mu"=UOZ]XWLMIÅTQILW[MU]UTWKITLM\ZIJITPW#=UIKWUJQVItrW LMTWKIQ[LM\ZIJITPWXWZM`MUXTW]UIZ]IKWU^MVLMLWZM[IUJ]TIV\M[Y]M \ZIJITPIULMNWZUIQVLQ^QL]IT#=UIKI\MOWZQIWK]XIKQWVITW]XZWÅ[[QWVITLMV\ZW LM]UIKWU]VQLILMXWZM`MUXTWXM[[WI[Y]M\ZIJITPIUMUKI[IKWVNMKKQWVIVLW XZWL]\W[LMKW]ZW-[\I[]VQLILM[Jn[QKI[MTMOMZrW[M][XZ~XZQW[TyLMZM[MK]QLIZrW LM[M][INIbMZM[LQnZQW[9]IVLWIWZOIVQbItrW^IQITuULWVy^MTTWKITuKWU]UY]M I[]VQLILM[Jn[QKI[MTMRIUZMXZM[MV\IV\M[XIZIM[\Z]\]ZI[[]XMZQWZM[LIWZOIVQbItrW 7Y]MIKWV\MKMVIJI[MXWZ\IV\WINM\IIWZOIVQbItrWLMKQUIXIZIJIQ`W8WZ M`MUXTW[M]UIKI\MOWZQIWK]XIKQWVITVrWM[\Q^MZXTMVIUMV\MZMXZM[MV\ILIVI JI[MuQUXZW^n^MTY]MM[\MRIXTMVIUMV\MZMXZM[MV\ILIVW\WXW;MTyLMZM[LW[M`W NMUQVQVWVrWNWZMUMTMQ\I[MUVy^MTTWKITPI^MZnXW]KIKPIVKMLMY]MU]TPMZM[ [MRIUMTMQ\I[XIZIXW[QtM[LMTQLMZIVtIMUVy^MTVIKQWVIT 7\MUXWOI[\WKWV[\Z]QVLW]UIJI[MNWZ\Mu\MUXWJMUOI[\W/I[\M\MUXW" % % % % % % % % % % KWUIÅTQILW[MTyLMZM[TWKIQ[# XIZILM[MV^WT^MZM[\Z]\]ZI[LMJI[MILMY]ILI[# XIZIM[\IJMTMKMZUIVMQZI[IXZWXZQILI[LMNIbMZI[KWQ[I[# XIZIQVNWZUIZMQV[\Z]QZIÅTQILW[MTyLMZM[# XIZIIXWQIZW[TyLMZM[MU[]I[N]VtM[# XIZIXZWUW^MZIMTMQtrWLMTyLMZM[U]TPMZM[# XIZIIXWQIZI[TyLMZM[# XIZI\ZMQVIZTyLMZM[XIZIQV[\Z]QZM\ZMQVIZW]\ZW[# XIZIUIV\MZW[\ZIJITPILWZM[UWJQTQbILW[MI\Q^W[# XIZIIR]LIZW[\ZIJITPILWZM[IWJ\MZOIVPW[KWVKZM\W[MIXZMVLMZTQtM[ 7[TyLMZM[LMJI[M[rW^Q\IQ[XIZIY]ITY]MZWZOIVQbItrW;]IN]VtrWuZMKZ]\IZVW^W[ IÅTQILW[QV[\Z]yTW[[WJZMIWZOIVQbItrW\MV\IZZM[WT^MZI[[]I[Y]M[\M[LMQV\MZM[[M M[M][XZWJTMUI[ZMXZM[MV\nTW[VI[M[\Z]\]ZI[LIWZOIVQbItrWLIZTPM[]UZM\WZVW MQVNWZUItM[[WJZMIUM[UI)TuULQ[[WMTM[XWLMU[MZZM[XWV[n^MQ[XWZKWJZIZI[ KWV\ZQJ]QtM[LW[IÅTQILW[,wIMTM[W\ZMQVIUMV\WMIXWQWVMKM[[nZQW *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ +WUWZMITQbIZZM]VQM[JMU[]KMLQLI[ ;]IWZOIVQbItrW\WUIZnIUIQWZQILM[]I[LMKQ[M[QUXWZ\IV\M[MUZM]VQM[)[ ZM]VQM[[rW]UINMZZIUMV\ILILMUWKZIKQI)[ZM]VQM[XMZUQ\MUY]MW[IÅTQILW[ MW][M][ZMXZM[MV\IV\M[" % % % % 8IZ\QKQXMULQZM\IUMV\MVI\WUILILMLMKQ[M[# .ItIUKWUY]MW[TyLMZM[XZM[\MUKWV\I[# /IVPMUM`XMZQwVKQIKWVPMKQUMV\WMIX\QLM[XIZIILUQVQ[\ZIZIWZOIVQbItrW# 1LMV\QÅY]MU[MKWUIWZOIVQbItrWMKWUW]\ZW[IÅTQILW[ 7[QVOZMLQMV\M[LM]UIZM]VQrWJMU[]KMLQLI[rWW[[MO]QV\M[" % % % % % % *WUXTIVMRIUMV\WMXZMXIZW# :MOZI[MXZWKMLQUMV\W[KTIZW[XIZIIZM]VQrW# 8I]\I[JMUMTIJWZILI[# 8ZM[QLMV\MLIZM]VQrWJMUQVNWZUILWMPIJQTQLW[W# ,MKQ[M[KTIZI[# )\I[JMUZMLQOQLI[ -IX~[IZM]VQrW" % *WUZMTI\W# % 1UXTMUMV\ItrWLI[LMKQ[M[ )XTQY]MM[\M[QVOZMLQMV\M[I\WLI[I[[]I[ZM]VQM[)R][\MW[IWVy^MTLMNWZUITQLILM M`QOQLI8WZM`MUXTWVW[KI[W[MUY]M^WKwKWV^WKW]]UIZM]VQrWLM]ZOwVKQI KWU]UOZ]XWLMIÅTQILW[XIZIIR]LIZIZM[WT^MZ]UKWVÆQ\WQUMLQI\WKWUI[ I]\WZQLILM[^WKwXZW^I^MTUMV\MVrW\MZn]UIXI]\INWZUITW]I\I-V\ZM\IV\W^WKw XWLMZnLMKQLQZQVNWZUITUMV\MY]IQ[Y]M[\M[[MZrWLQ[K]\QLI[XI]\I>WKwXWLMZn \IUJuU\WUIZVW\I[LIZM]VQrWI\I 8I[[W=U"8TIVMRMMXZMXIZM[MXIZIIZM]VQrW ,1+)6rW[]JM[\QUMIQUXWZ\pVKQILM]UJWUXTIVMRIUMV\WLM[]I[ ZM]VQM[¹!LM]UIZM]VQrWJMU[]KMLQLIIKWV\MKMIV\M[LW[M]QVyKQWº )TIV*ISMZMU,Q\[MTI7ZOIVQbIVLWZM]VQM[KWUw`Q\W 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV :MOZI[MXZWKMLQUMV\W[XIZIIZM]VQrW :MOZI[MXZWKMLQUMV\W[KTIZW[LM^MUWZQMV\IZI[ZM]VQM[>MZQÅY]M[MMTM[Rn M`Q[\MU-TM[XWLMUM[\IZLM[KZQ\W[MU[M]M[\I\]\WW]VW[XZWKMLQUMV\W[6M[\M KI[W[]IN]VtrWuOIZIV\QZY]M\WLW[KWVPMtIUMMV\MVLIUI[ZMOZI[LIVLWIXWQW IWXZM[QLMV\MLIZM]VQrW;M^WKwM[\Q^MZ\ZIJITPIVLWKWU]UIWZOIVQbItrWVW^I ^WKwXWLMIR]LIZIWZQMV\IZIMTIJWZItrWLI[ZMOZI[MXZWKMLQUMV\W[>WKwXZMKQ[IZn QVKT]QZITO]V[W]\WLW[W[Q\MV[IJIQ`WLMXMVLMVLWLW\QXWLMZM]VQrW" % 9]MULM^MXIZ\QKQXIZ# % 9]IV\W[IÅTQILW[LM^MUM[\IZXZM[MV\M[XIZIY]MIZM]VQrWXW[[I\MZQVyKQW Y]~Z]U# % +WUY]MNZMYwVKQIM[\M\QXWLMZM]VQrWLM^M[MZZMITQbILW# % .]VtM[LWXZM[QLMV\MLW[QV\MOZIV\M[LILQZM\WZQIMLW[N]VKQWVnZQW[# % ,MY]MNWZUIMY]IVLWW[LWK]UMV\W[LM^MU[MZLQ[\ZQJ]yLW[# % :MOZI[XIZINIbMZ][WLIXITI^ZITQUQ\M[LM\MUXWTM^IV\IZIUrW# % ,MY]MNWZUII[LMKQ[M[[MZrW\WUILI[# % 8ZWKMLQUMV\W[LM^W\ItrW# % +WUWZM[WT^MZKWVÆQ\W[ )XI]\I )XI]\IuWLWK]UMV\WUIQ[QUXWZ\IV\MLIZM]VQrW)XI]\ILM[KZM^MW[Q\MV[I [MZMULQ[K]\QLW[MIWZLMULILQ[K][[rW)V\M[LMMTIJWZIZIXI]\ILMKQLIXWZY]M ^WKwXZMKQ[ILIZM]VQrWMWY]MXZM\MVLMI\QVOQZKWUIUM[UI)WMTIJWZIZIXI]\I KWTWY]MW[Q\MV[XZQWZQ\nZQW[XMZ\WLWQVyKQW.ItI]UIZMÆM`rW[WJZMKILIQ\MUM XMZO]V\M[MWWJRM\Q^WY]MLM[MRIUW[I\QVOQZKWUM[\MQ\MU;MZnY]MY]MZMUW[ \WUIZ]UILMKQ[rWNIbMZ]UIZMKWUMVLItrWLQ[K]\QZW]MTIJWZIZ]UXTIVW'7 QLMITuY]MWXZM[QLMV\M[MKZM\nZQWMW]\ZW[QV\MOZIV\M[LILQZM\WZQIKWVKWZLMU KWTM\Q^IUMV\MKWUIXI]\I ;M^WKw[W]JMZY]MUXIZ\QKQXIZnLIZM]VQrWLQ[\ZQJ]IIXI]\IMW]\ZW[LWK]UMV\W[ KWUIV\MKMLwVKQIXIZIY]MW[IÅTQILW[\MVPIU\MUXWLM[MXZMXIZIZ+I[W[M\ZI\M LM]UIZM]VQrWVIY]IT[MRIVMKM[[nZQI]UIIUXTIXIZ\QKQXItrWLQ[\ZQJ]IXIVÆM\W[ IÅ`MKIZ\IbM[MKWV[QOI^WT]V\nZQW[XIZILQ^]TOnTI *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ ,1+)"+MZ\QÅY]M[MLMY]MW[Q\MV[QVKT]yLW[VIXI]\IXMTI[U]TPMZM[ W]LMQV\MZM[[MM[XMKQITXIZII[U]TPMZM[VrWÅY]MUVWÅVITLIXI]\I 1[\WIKWV\MKMU]Q\I[^MbM[VI[WZOIVQbItM[KWV[KQMV\MW]QVKWV[KQMV\MUMV\M 0WZnZQWMTWKIT 5IZY]M]UPWZnZQWMTWKITILMY]ILWo[VMKM[[QLILM[LI[XM[[WI[Y]MQZrWXIZ\QKQXIZ 8TIVMRMXIZIY]MIZM]VQrW[MRIK]Z\I7[IÅTQILW[VrW\wUU]Q\W\MUXW<MV\MTM^IZ MUKWV[QLMZItrWI[VMKM[[QLILM[LI[U]TPMZM[-TI[XZMKQ[IULMITO]uUXIZIK]QLIZ LM[M][ÅTPW[';MZnY]M]UÅVITLM[MUIVIuUMTPWZLWY]MNIbMZIZM]VQrWoVWQ\M' .]VtM[MZM[XWV[IJQTQLILM[ 8TIVMRMY]MUQZnXZM[QLQZIZM]VQrWNIbMZII\IIXZM[MV\IZLQNMZMV\M[I[[]V\W[M XZMXIZIZW[LWK]UMV\W[;M^WKw[W]JMZY]M\ZI\IZnLMY]M[\M[XWTwUQKI[XTIVMRMI UMTPWZNWZUILMNIbwTWIÅULMM^Q\IZKWVÆQ\W[MIR]LIZIKPMOIZI]UILMKQ[rW ,1+))TO]V[LM[M][IÅTQILW[\IT^MbVrW[IQJIUTMZ+WV[QOIWIXWQW LW[Y]M[IJMU-VKWV\ZMW]\ZI[NWZUI[LMLQ^]TOIZW[I[[]V\W[XIZI LQ[K][[rW)TO]V[LMTM[\IT^MbNITMUW]\ZWQLQWUI6rW[MM[Y]MtILMXZW^QLMVKQIZ I\ZIL]trW 8I[[W,WQ[":MITQbItrWLIZM]VQrW 8ZM[QLQZIZM]VQrW <WLIZM]VQrWXZMKQ[ILM]UXZM[QLMV\MITO]uUY]MKWVL]bIMKWV\ZWTMIZM]VQrW 5M[UWV]UIZM]VQrWQVNWZUIT^WKw^MZnY]M[MUXZMPnITO]uUY]MTQLMZII LQ[K][[rW/MZITUMV\M]UTyLMZ\ZIJITPILWZXZM[QLQZn[]I[ZM]VQM[-UITO]UI[ [Q\]ItM[^WKwUM[UWXWLMZnXZM[QLQZ]UIZM]VQrWKI[W^WKwITuULMIZ\QK]TILWZ \IUJuUNWZ]UTyLMZ\ZIJITPILWZ7XZM[QLMV\Mu]UIXMtIKPI^MXIZI]UIZM]VQrW JMU[]KMLQLI>WKwLM^MLIZIMTMMTI]UJWU\ZMQVIUMV\W=[MITQ[\IXIZI XZMXIZIZ[MXIZIIZM]VQrWI^ITQnTIMXZM[QLQTI 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 4Q[\I" 8ZM[QLQZ]UIZM]VQrW D 6X\LKL]VMHaLY& 8ZMXIZIZUMJMUXIZII[ZM]VQM[ +WVPMKMZI[Y]M[\M[I[MZMULQ[K]\QLI[MW[WJRM\Q^W[LIZM]VQrW +PMOIZIWTWKITLIZM]VQrWIV\M[LM[M]PWZnZQWLMQVyKQW ;MO]QZIXI]\I 1VKMV\Q^IZIXIZ\QKQXItrW /IZIV\QZY]MI[U]TPMZM[XIZ\QKQXMUMZMKMJIUIXZW\MtrWLWXZM[QLMV\M ,M[MVKWZIRIZILWUQVItrWLIZM]VQrWXWZITO]V[QVLQ^yL]W[IXMVI[ 1VKMV\Q^IZMW]^QZLQNMZMV\M[XWV\W[LM^Q[\I >ITWZQbIZMZM[XMQ\IZ\WLI[I[KWV\ZQJ]QtM[ <MV\IZ\ZIbMZo[]XMZNyKQMXI]\I[WK]T\I[ /IZIV\QZY]MIZM]VQrWWKWZZI[MUKWV\ZI\MUXW[MKWV\ZWTIZW\MUXW 1V\MZ^QZ[MW[IÅTQILW[ZMXM\QZMUW[\MUI[MLM[XMZLQtIZMUW\MUXW /IZIV\QZY]MW[WJRM\Q^W[LIZM]VQrW[MRIUI\QVOQLW[ /IZIV\QZY]MW[XIZ\QKQXIV\M[LIZM]VQrW\WUMULMKQ[M[KTIZI[KWVKWZLIVLW[WJZMUMLQLI[I [MZMU\WUILI[ /IZIV\QZY]MW[IÅTQILW[[IQIULIZM]VQrWKWVÅIV\M[LMY]MI[LMKQ[M[NWZIU\WUILI[ LMUWKZI\QKIUMV\M·UM[UW[MLQ[KWZLIZMULI[UM[UI[ 6X\LUqVKL]VMHaLY& ,WUQVIZIZM]VQrWNITIVLW\MUXWLMUIQ[[WJZMW[\~XQKW[LQ[K]\QLW[ 1UXWZUQVPIXZ~XZQIWXQVQrWMXWV\W[LM^Q[\I 6rWLIZKPIVKMo[XM[[WI[Y]M\wUXWV\W[LM^Q[\ILQ^MZOMV\M[ 5IVQX]TIZI[LMKQ[M[ <WUILILMLMKQ[M[ ²[^MbM[I[ZM]VQM[IVLIUMUKyZK]TW7 XZM[QLMV\MVrWKWV[MO]MNIbMZKWUY]MI[XM[[WI[ \WUMULMKQ[M[;MRIÅZUM;QOIW[XI[[W[ IJIQ`W+]QLMXIZITM^IZI[LQ[K][[M[I]UI KWVKT][rW ,MÅVQtM[ +WV[MV[W =UILMKQ[rWL]ZILW]ZIY]MKWV\I KWUWIXWQW\W\ITLW[IÅTQILW[ 5MQW\MZUW =UILMKQ[rWKWUIY]ITI[XM[[WI[ KWV[MO]MUKWV^Q^MZ *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ % 7J\MVPI]UIIUXTIOIUILMWXQVQM[[WJZMIY]M[\rWLM]UOZIVLMVUMZW LMXM[[WI[# % .ItIKWUY]MI[XM[[WI[Y]MM[\rWKITILI[M`XZM[[MU[]I[WXQVQM[# % ;MXIZMKMPI^MZ]UIKWZLWXW]XM\MUXWXMZO]V\IVLWY]MUVrWM[\nLMIKWZLW# % ;WUMW[XWV\W[LM^Q[\ILQ^MZOMV\M[MMUY]MXWLMZQIUZM[]T\IZ# % .ItIKWUY]MW[XIZ\QKQXIV\M[LIZM]VQrWZMÆQ\IULMNWZUIZMITQ[\I[WJZMI XW[[QJQTQLILMLM]UILMKQ[rW[MZKWTWKILIMUXZn\QKI# % <MV\MWJ\MZ]UKWV[MV[WW]KPMO]MI]UUMQW\MZUW;MQ[\WVrWLMZKMZ\W XIZ\IXIZI]UI^W\ItrWMLMKQLIXMTIUIQWZQI# % :M[]UIILMKQ[rWÅVITLMNWZUIKTIZIMXZMKQ[I# % +WVÅZUMWIKWZLWITKIVtILW<WUMK]QLILWXIZIVrW[]XWZY]MIWXQVQrW M`XZM[[IXMTWQVLQ^yL]WUIQ[MTWYMV\MW]XMTWT\QUWINITIZ[MRIILMKQ[rW LM\WLW[ )\I[ >WKwXZMKQ[I\MZ]UZMOQ[\ZWXZMKQ[WLM[]I[ZM]VQM[[MRIUMTI[NWZUIQ[W] QVNWZUIQ[1[\WWIR]LIZnIM^Q\IZUITMV\MVLQLW[MKWVÆQ\W[VWN]\]ZW)[I\I[" % % % % % ;rWWZMOQ[\ZWLMLMJI\M[LMKQ[M[MI]\WZQbItM[# 1VNWZUIUY]MUuIXM[[WIZM[XWV[n^MTXMTIQUXTIV\ItrWLI[LMKQ[M[# 4MUJZIUW[IÅTQILW[WY]MMTM[\wUY]MNIbMZLMXWQ[LIZM]VQrW# )R]LIUVWIUWVQ\WZIZWXZWOZM[[W# +WV[\Q\]MUWXWV\WLMXIZ\QLIXIZI[]IXZ~`QUIZM]VQrW 4Q[\I" :MLItrWLII\I 5HYL\UPqV D >WKwZMOQ[\ZW]' 7\y\]TWLIZM]VQrW 7T]OIZPWZnZQWLQIMLI\ILIZM]VQrW 9]MUXIZ\QKQXW]LIZM]VQrWQVKT]QVLWWVWUMLWXZM[QLMV\MMLIXM[[WIZM[XWV[n^MTXWZZMLQOQZII\I 9]MU[MLM[K]TXW]XWZVrWXWLMZXIZ\QKQXIZ )XI]\I 9]MUXZWX[MILW\W]II\ILIT\QUIZM]VQrW 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 8WV\W[XZQVKQXIQ[LILQ[K][[rW )LMKQ[rWW]XZWXW[\IMY]MUINMbMIIXWQW] )UMLQLII[MZ\WUILIMW[ZM[]T\ILW[M[XMZILW[ 9]IVLWIUMLQLI[MZn\WUILI )Y]MU[MZnZMTI\ILWWZM[]T\ILWLIUMLQLI (W}ZHYL\UPqV ;]II\I -[\nJMUZMLQOQLIM[MO]MW[\y\]TW[LW[Q\MV[LIXI]\ILIZM]VQrW' jKTIZIMLQZM\I' jNnKQTLMTMZMMV\MVLMZ' -[\nV]UMZILILMNWZUI[QUXTM[MNnKQTLM[MO]QZ' -[\nJMUWZOIVQbILIuXZMKQ[INWQ^MZQÅKILIMKWZZQOQLI' .WQLQ[\ZQJ]yLIZIXQLIUMV\M' )LIX\ILWLM,1<;-4)7ZOIVQbIVLWZM]VQM[KWUw`Q\W 8I[[W<Zw[")X~[IZM]VQrW :MTI\WLIZM]VQrW )X~[KILIZM]VQrWW[ZMXZM[MV\IV\M[MTyLMZM[LM^MUIXZM[MV\IZ]UZMTI\WIW[ IÅTQILW[MUOMZIT;MUXZMY]MXW[[y^MTZMVIW[\ZIJITPILWZM[<ZIJITPMMU\WLW[ W[Vy^MQ[LIWZOIVQbItrW;MUXZMXZMXIZM[M]ZMTI\WK]QLILW[IUMV\M;M^nZQI[ XM[[WI[\Q^MZMUY]MIXZM[MV\IZ[M]ZMTI\WLwIMTI[]UZM[]UWLI[XZQVKQXIQ[ LMKQ[M[ItM[MZM\WZVWVMKM[[nZQW[1[\WI[IR]LIZnIUQVQUQbIZWZQ[KWLMLQ^]TOIZ ^MZ[M[U]Q\WLQNMZMV\M[LM]UIZM]VQrWMLM[]I[LMKQ[M[ 1UXTMUMV\ItrW <WUMK]QLILWXIZIXTIVMRIZINWZUIKWUWI[LMKQ[M[[MZrWQUXTMUMV\ILI[.ItIM ZM[XWVLII[[MO]QV\M[XMZO]V\I[" 9]IQ[[rWI[\IZMNI[' 9]MUZMITQbIZnKILI\IZMNI' )\uY]IVLWI\IZMNILM^M[MZÅVITQbILI' 9]MZMK]Z[W[[rWVMKM[[nZQW[MY]IQ[Rn[MMVKWV\ZIULQ[XWVy^MQ[' +WUWQ[\W[MZnUWVQ\WZILW' -V\rWQUXTMUMV\MWXTIVW *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ -[\nVrWuIVQKIUIVMQZI"IT\MZVI\Q^I[XIZIIZM]VQrW ²[^MbM[^WKwXZMKQ[IIXZM[MV\IZ]UZMTI\WIW[IÅTQILW[W]VMKM[[Q\I\WUIZLMKQ[M[ UI[VrWKWV[MO]M[MZM]VQZ1[\WVrWLM^M[MZ^QZLMLM[K]TXIXIZI]UTyLMZ\WUIZ LMKQ[M[[WbQVPWW]IOQZ[MU]UII]\WZQbItrWLW[IÅTQILW[7Y]MXWLM[MZNMQ\W VM[\I[Q\]ItrW' ;M^WKw\Q^MZ]UIZMLMJMULM[MV^WT^QLILMTyLMZM[LMJI[MMLM\ZIJITPILWZM[ ^WT]V\nZQW[]\QTQbMM[\I[ZMLM[XIZINWZVMKMZQVNWZUItM[MKWTM\IZWXQVQM[-TM[ XWLMUKWV^WKIZXMY]MVI[LQ[K][[M[MUOZ]XWMUT]OIZM[IXZWXZQILW[W]^Q[Q\IZW[ QVLQ^yL]W[MU[M]TWKITLM\ZIJITPWKI[I[MMUXWV\W[LMMVKWV\ZW[WKQIT ;M^WKw\Q^MZ]U\MTMNWVMKMT]TIZ^WKwXWLM[MKWU]VQKIZLQZM\IUMV\MKWUW[ IÅTQILW[7]\IT^Mb^WKwKWV\MKWUWIXWQWLMIZ\QK]TILWZM[Y]MXWLMULQ[K]\QZI[ Y]M[\M[KWUW[IÅTQILW[VInZMIMUY]MMTM[\ZIJITPIUUWZIU ;MUXZMY]MXW[[y^MTM`XTWZMW]\ZI[\MKVWTWOQI[8IZIZM]VQM[LMM`MK]\Q^W[MLM TQLMZIVtI[\IT^Mb^WKwKWV[QOIWZOIVQbIZ]UIZM]VQrWXWZ\MTMNWVM\MTMKWVNMZwVKQI W]]UIZM]VQrWI\ZI^u[LM[M]KWUX]\ILWZ][IVLWXZWOZIUI[LM^WbOZI\]Q\W[KWUW W;3A8->WKwXWLMZQINIbMZLQ[K][[M[I\ZI^u[LMMUIQT¹[ITILMJI\MXIXWºW] UMV[IOMULM\M`\WXMTWKMT]TIZ 6MVP]ULM[\M[Uu\WLW[uQLMITXWZY]MMTM[[rWQVNWZUIQ[MLMXMVLMUUIQ[LW[ QVLQ^yL]W[LWY]MLMXZWKMLQUMV\W[IJMZ\W[M[\Z]\]ZILW[MKWTM\Q^W[)TO]V[LW[ XMZQOW[[rWW[[MO]QV\M[" % 1VKWV[Q[\wVKQI[,QNMZMV\M[XM[[WI[LrWZMTI\W[U]Q\WLQNMZMV\M[LWUM[UW M^MV\WW]LIUM[UILMKQ[rWKI][IVLWKWVN][rW# % 1V\MZXZM\ItrWMZZILI)[XM[[WI[XWLMUQV\MZXZM\IZLMUIVMQZIMZZILII[ LMKQ[M[W]WXQVQM[ZMQ^QVLQKItM[LW[\ZIJITPILWZM[# % 1VNWZUItM[MZZILI[)[XM[[WI[XWLMULMTQJMZILIUMV\MLIZQVNWZUItM[ MZZILI[XIZIXZWUW^MZ]UILM\MZUQVILIXW[QtrWW]XWZQV\MZM[[MXZ~XZQW# % *WI\W[MNWNWKI)[LQ[K][[M[QVNWZUIQ[KWUWI[ZMITQbILI[XMTWKMT]TIZXWLMU IKIJIZOMZIVLWJWI\W[Y]M[MM[XITPIUXMTIWZOIVQbItrW -VKWV\ZMNWZUI[LMTQUQ\IZM[\M[XMZQOW[" % ;MUXZMXTIVMRMK]QLILW[IUMV\MIIJWZLIOMUI[MZ]\QTQbILI# % +MZ\QÅY]M[MLMY]M\WLI[I[XM[[WI[MV^WT^QLI[VWXZWKM[[WM[\MRIUKQMV\M[LW Y]MuM[XMZILW# 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV % )LUQVQ[\ZM\]LWLIUIVMQZIUIQ[NWZUITXW[[y^MT[MO]QVLWW[XZWKMLQUMV\W[ 8WZM`MUXTWXZMXIZM]UIXI]\IXIZI]UI\MTMKWVNMZwVKQIMVWUMQM]U XZM[QLMV\M#+PMO]MI]UIKWZLWMUZMTItrWIXZWKMLQUMV\WKWU]UXIZI ZM]VQM[MI]UIXI]\IXIZILQ[K][[M[MUXMY]MVWOZ]XW+PMO]MI]U IKWZLWMUZMTItrWo[UMV[IOMV[XWZKMT]TIZ1[\WIR]LIZnIUIV\MZWNWKW M^Q\IVLWY]MI[ZM[WT]tM[IKIJMU^QZIVLWNWNWKIMJWI\W[# % -TIJWZMZM[]UW[K]Z\W[LI[ZM]VQM[XIZIIXZM[MV\IZW[ZMTI\W[,M[KZM^II[ LMKQ[M[LMNWZUIKTIZI,QOIY]MI]\WZQbItM[W]WXQVQM[W[IÅTQILW[\wUY]M LIZ,wM[\ILWK]UMV\ItrWI\WLI[I[XM[[WI[Y]M\MZrWY]MIXZM[MV\IZZMTI\W[ XIZIM^Q\IZY]MLwMUZMTI\W[LQNMZMV\M[MQVKWV[Q[\MV\M[W]QVNWZUItM[MZZILI[# % ;MUXZMY]MXW[[y^MTNItIKWUY]M\WLW[KWVKWZLMUMUUIV\MZ]UZMOQ[\ZW LWY]MIKWV\MKM]MU[]I[ZM]VQM[\MTMKWVNMZwVKQI[LQ[K][[M[QVNWZUIQ[M KWV^MZ[I[XMTWKMT]TIZ# % +PMO]MI]UIKWZLWMUZMTItrWI]UXZWKM[[WNWZUITXIZIKWTM\IZ\WLI[I[ LQNMZMV\M[NWV\M[LMQVNWZUItrWMXIZIXZMXIZIZI[I]\WZQbItM[MW]\WUIZ LMKQ[M[1VNWZUMW[IÅTQILW[LMY]MNWZUIQ[\W[MZnNMQ\W *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 7YLZ[HsqVKLJVU[HZ )LMUWKZIKQI[~XWLMN]VKQWVIZ[MW[TyLMZM[ZMITUMV\MXZM[\IZMUKWV\I[XMZIV\MW[ IÅTQILW[I\ZI^u[LMM[\Z]\]ZI[MXZWKM[[W[LMUWKZn\QKW[jM[XMKQITUMV\MQUXWZ\IV\M \MZ]UIXZM[\ItrWLMKWV\I[ÅVIVKMQZI[MXWTy\QKI[MU[]IWZOIVQbItrW<ZI\I[MLI[ nZMI[KWUXW\MVKQITXIZIKWZZ]XtrWMW]KWVÆQ\W[ 8ZM[\ItrWLMKWV\I[ÅVIVKMQZI[ 5]Q\W[\ZIJITPILWZM[QVNWZUIQ[Rn\Q^MZIUUn[M`XMZQwVKQI[4yLMZM[LMWZOIVQbItM[ ÅbMZIUXZWUM[[I[XMOIZIU[M]LQVPMQZWMÅbMZIU][WQVLM^QLWLWUM[UW )OWZILM[KWVÅIULMY]ITY]MZWZOIVQbItrW5]Q\I[WZOIVQbItM[LM\ZIJITPILWZM[ []K]UJQZIUXWZY]MW[TyLMZM[VrWXZM[\IZIUKWV\I[LMUIVMQZIILMY]ILII[M][ IÅTQILW[VW\WKIV\Mo[ÅVIVtI[LIWZOIVQbItrW8WZW]\ZWTILWY]IVLWI[ÅVIVtI[ [rWJMUILUQVQ[\ZILI[Q[\WIR]LIINIbMZKWUY]MW[\ZIJITPILWZM[KWVÅMUMU[]I WZOIVQbItrW1[\WIR]LIIWZOIVQbItrWIILY]QZQZ]UIJWIZMX]\ItrW 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV +WV\ZQJ]QtM[LW[UMUJZW["]UINMZZIUMV\IXIZII XZM[\ItrWLMKWV\I[' ¸*VU[HYJVTHIVH]VU[HKLKVZ[YHIHSOHKVYLZKLWHNHYHJVU[YPI\PsqVKLHÄSPHKVUqVtV PKLHS4HPZ[LTWVLWLYZL]LYHUsHZqVULJLZZmYPVZWHYHL_WSPJHYVZILULMxJPVZKHZPUKPJHSPaHsqV WHYHL_WSPJHYX\LHZJVU[YPI\PsLZKLHÄSPHKVZJ\Z[HTTLUVZX\L\THJLY]LQHX\LT\P[HZ ]LaLZVZ[YHIHSOHKVYLZILILT[VKVZVZKPHZ¹ 1JZIPQUIBISIZQLI71<)+<:)>[WJZM*]ZSQVI.I[WMU=VQWV>QM_1<=+UIZtWLM =UIWZOIVQbItrWLMUWKZn\QKIJMUKWV[\Q\]yLIM`QOQZnY]MW[IÅTQILW[XIO]MU[]I[ KWV\ZQJ]QtM[W]LwMUW]\ZW\QXWLMKWV\ZQJ]QtrWZMO]TIZoWZOIVQbItrW1[\WLM^M [MZNMQ\WXWZY]MW[IÅTQILW[\wUIXW[[MMWKWV\ZWTMLIWZOIVQbItrWXWLMVLWLM[\I UIVMQZILMUWV[\ZIZ[M]KWUXZWUM\QUMV\W-XMTWNI\WLMM[\IZMUKWV\ZQJ]QVLW KWULQVPMQZWOIVPWKWULQÅK]TLILMMTM[M`QOMU[IJMZKWUWMTMM[\n[MVLWOI[\W WJZQOIVLWW[TyLMZM[IXZM[\IZKWV\I[)TuULQ[[Wu]UINWZUILMOIZIV\QZY]MI WZOIVQbItrWXMZUIVMtIQVLMXMVLMV\M[][\MV\n^MTXZM[\IVLWKWV\I[XMZIV\M[M][ IÅTQILW[ 6WMV\IV\WI[WZOIVQbItM[LM\ZIJITPILWZM[QVNWZUIQ[NZMYMV\MUMV\MVrW KWV[MO]MUKWTWKIZ\WLW[M[\M[XZQVKyXQW[MUXZn\QKI7[IÅTQILW[[rWXWJZM[M\wU LQÅK]TLILMXIZIXIOIZI[KWV\ZQJ]QtM[-TM[XWLMUZMT]\IZMULIZLQVPMQZW[MVrW \Q^MZMUKMZ\MbILMY]MMTMM[\IZn[MO]ZWMLMY]M[MZnJMU]\QTQbILW>WKw\IT^Mb \MVPIY]MKWJZIZWLQVPMQZWXM[[WITUMV\MLMKILIQVLQ^yL]W·]UUu\WLWLQNyKQT [MU[MO]ZIVtIMVrW[Q[\MUn\QKW;M^WKwÅbMZXIZ\MLM]U[QVLQKI\WRnM[\IJMTMKQLW Y]MM[\nWZOIVQbIVLW\ZIJITPILWZM[QVNWZUIQ[uKWV^MVQMV\MM`QOQZXZWKMLQUMV\W[ LQNMZMV\M[XIZIIKWJZIVtILI[KWV\ZQJ]QtM[W]]UIKWV\ZQJ]QtrWM[XMKQITXIZIW[ \ZIJITPILWZM[QVNWZUIQ[-[\M[UMQW[\MZUW[\IT^Mb[MRIUVMKM[[nZQW[UI[XWLMU MVNZIY]MKMZIXZM[\ItrWLMKWV\I[ >WKwXZMKQ[IZnQUXTIV\IZWUIQWZVUMZWXW[[y^MTLMLQ[XW[Q\Q^W[LMXZW\MtrWMU [M][[Q[\MUI[LMKWJZIVtIMVIILUQVQ[\ZItrWLI[ÅVIVtI[>WKwXZMKQ[IZnLMTMOIZ XWLMZIW[IÅTQILW[KWU]V[XIZIXZW\MOwTW[MXZW\MOMZIWZOIVQbItrW )KWV[MTPMW[IÅTQILW[[WJZM[M]LQZMQ\WI" % =UIILUQVQ[\ZItrWÅVIVKMQZIZM[XWV[n^MT\ZIV[XIZMV\MMPWVM[\I# % .IbMZXMZO]V\I[MWJ\MZZM[XW[\I[[WJZMI[ÅVIVtI[# % :MKMJMZXMZQWLQKIUMV\MZMTI\~ZQW[ÅVIVKMQZW[[WJZMWLQVPMQZWZMKMJQLWMKWUW WLQVPMQZWuOI[\W# *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ % -`IUQVIZLWK]UMV\W[ÅVIVKQMZW[# % 7J\MZQVNWZUItM[[WJZMXWTy\QKI[MXZWKMLQUMV\W[ÅVIVKMQZW[ )KWV[MTPMW[IÅTQILW[I\WUIZUMLQLI[XZn\QKI[IÅULM[MXZW\MOMZMU" % 1V[Q[\QVLWVIMUQ[[rWLM]UZMKQJWIX~[MNM\]IZ]UXIOIUMV\W# % 1V[Q[\QVLWVIKWUXZW^ItrWLMÅTQItrWXWZM`MUXTW]UIKIZ\MQZILMIÅTQILW# % 1VNWZUIVLWQUMLQI\IUMV\MWLMXIZ\IUMV\WZMXZM[MV\IV\M[M\Q^MZMUITO]UI L^QLIW]ITO]UXZWJTMUI -`XMZQwVKQI[" +WV\ZQJ]QtM[LW[IÅTQILW[ =UIXWTy\QKIÅZUM =U[QVLQKI\WLMKI\ILWZM[LMTQ`WVIÑVLQI\MUI[MO]QV\MXWTy\QKI"¹;MW[IÅTQILW[IKZMLQ\IUVIWZOIVQbItrW MTM[\wUY]MXIOIZ]UIKWV\ZQJ]QtrWXIZIIUM[UI6ILIu[]J[QLQILWMIQVLQ[XW[QtrWLMOI[\IZLQVPMQZW LM[VMKM[[IZQIUMV\M\WZVW][MXIZ\MLIK]T\]ZIWZOIVQbIKQWVITº 8+PQSIZUIVM46IZIaIV3IOIL3IKP8I\ZI3I[P\ISIZQ8IVKPIaI\C;QVLQKI\WLM+I\ILWZM[E=U-[\]LWLM+I[W ;]J[yLQW[KZ]bILW[ ¹7[[QVLQKI\W[LMXMVLMULI[KWV\ZQJ]QtM[XIOI[XWZ[M][IÅTQILW[)KIXIKQLILMLMXIOIZI[KWV\ZQJ]QtM[ LMXMVLMLIZMVLIZMO]TIZWY]MuITOWLQNyKQTXIZIW[\ZIJITPILWZM[LIMKWVWUQIQVNWZUIT8WZ\IV\WVW QVyKQWVrWM[XMZn^IUW[Y]MXIOI[[MUI[KWV\ZQJ]QtM[7[IÅTQILW[LW[QVLQKI\W[M[MV[QJQTQbIZIUMIOWZI XIZ\MULWXZQVKyXQWLMY]MW[UIQ[NWZ\M[IR]LIUW[UIQ[NZIKW[º .@7_][I.6>,W\ZIJITPW5IZOQVITIW6MO~KQW+MV\ZIT +WJZILWZM[M[XMKQIQ[LMKWV\ZQJ]QtM[ 7;QVLQKI\WLW[<ZIJITPILWZM[/MZIQ[MLW[<ZIV[XWZ\M[WZOIVQbI\ZIJITPILWZM[LWUu[\QKW[QUQOZIV\M[7 ;QVLQKI\W\M^MY]MILIX\IZ[M][Uu\WLW[LMN]VKQWVIUMV\W-TMIOWZIXW[[]Q]UOZ]XWLMQVLQ^yL]W[Y]M KWJZIUI[KWV\ZQJ]QtM[XIZIW[QVLQKI\WXWZY]MU]Q\I[U]TPMZM[VrWXWLMUXIOIZV]UJIVKW-TI[VrW KWV[MO]MUIJZQZKWV\I[JIVKnZQI[ ,QIVI0WTTIVL8ZM[QLMV\MLW+WUQ\wLM5]TPMZM[LW1<=+MVKIZZMOILILIQO]ITLILMVW</?=JZQ\pVQKW 1<=+7V4QVM ;M^WKwVrWKWV[MO]QZOMZIZLQVPMQZW[]ÅKQMV\MI\ZI^u[LI[KWV\ZQJ]QtM[XIOI[XMTW[ IÅTQILW[XIZINIbMZ\]LWY]MY]Q[MZVIWZOIVQbItrW\IT^Mb[MRIXZMKQ[WMVKWV\ZIZ VW^I[NWZUI[LMÅVIVKQIZI[I\Q^QLILM[5I[uQUXWZ\IV\MUIV\MZWXZQVKyXQW LI[KWV\ZQJ]QtM[XIOI[XMTW[UMUJZW[9]ITY]MZLM[^QWLM[\IXW[QtrWLM^M[MZ IUXTIUMV\MLQ[K]\QLWIKWZLILWLMUWKZI\QKIUMV\MMZM^Q[\WXMZQWLQKIUMV\M 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV ,WItM[ 5]Q\W[[QVLQKI\W[MWZOIVQbItM[QVNWZUIQ[LM\ZIJITPILWZM[KWUXTMUMV\IUIZMVLI WJ\QLIKWUI[KWV\ZQJ]QtM[LW[IÅTQILW[KWULWItM[5]Q\I[LM[\I[WZOIVQbItM[ LMXMVLMUU]Q\WLMLWItM[1[\WXWLM[MZXMZQOW[W7[LWILWZM[XWLMUQUXWZ[]I[ XZ~XZQI[XI]\I[W]M`QOQZITOWMU\ZWKIKWUWNI^WZM[XWTy\QKW[jQUXWZ\IV\MY]M []IWZOIVQbItrWXW[[]IXWTy\QKI[KTIZI[[WJZMIWZQOMULMY]MU[MLM^MUIKMQ\IZ LWItM[MKWUY]MWJRM\Q^WMuXZMKQ[W\MZXZWKMLQUMV\W[ÅVIVKMQZW[MZMTI\~ZQW[ KTIZW[ +WUQ[[rW )TO]UI[WZOIVQbItM[WJ\wUZMKMQ\II\ZI^u[LMKWV\ZI\W[MKWUQ[[M[7[ \ZIJITPILWZM[QVNWZUIQ[OMZITUMV\MVrW\wUIKM[[WoXZM^QLwVKQI[WKQITW]I[MZ^QtW[ ÅVIVKMQZW[-TM[XZMKQ[IULMI[[Q[\wVKQIUuLQKIMXZW\MtrWXIZI[]IIXW[MV\ILWZQI 8ZMKQ[IULMIKM[[WIWUQKZWKZuLQ\W5]Q\I[WZOIVQbItM[NIbMUXIZKMZQI[KWU XTIVW[LM[ILMW]MUXZM[I[Y]MNWZVMKMUUQKZWKZuLQ\WXIZII]`QTQIZ[M][ IÅTQILW[8WZ[]I^MbW[XZM[\ILWZM[LM[MZ^QtWLrW]UIKWUQ[[rWoWZOIVQbItrW -[\IKWUQ[[rWWÅKQITuo[^MbM[KWUXTMUMV\ILIKWUXZWXQVI[LILI[IW[TyLMZM[ W]IZ\QK]TILWZM[QVKMV\Q^IVLWIKWZZ]XtrW>WKwLM^MM[\IZKQMV\MLM[\MZQ[KW +MZ\QÅY]M[MLMY]M[]I[M[\Z]\]ZI[IXZW^IUWM[Y]MUI+MZ\QÅY]M[MLMY]MW[ IÅTQILW[ZMKMJIUW[ZMTI\~ZQW[KWUXTM\W[ +]QLILWKWUWLQVPMQZW ;]IWZOIVQbItrWLM^MK]QLIZLWLQVPMQZW % :M[XWV[IJQTQLILMÅVIVKMQZIXZn\QKI" )[[]UI[WUMV\MI[WJZQOItM[Y]MKWV[MO]QZnK]UXZQZ# 8IO]MWY]M^WKwMVKWUMVLW]KWUXZW]W]][W]XWZM`MUXTW\MTMNWVMUI[# 5IV\MVPIZMOQ[\ZW[MLWK]UMV\ItrWIXZWXZQILW[LM\WLWWLQVPMQZWY]M MV\ZIM[IQ# /]IZLMWLQVPMQZWMU]UT]OIZ[MO]ZW# 1UXTMUMV\MXWTy\QKI[XZWKMLQUMV\W[M[Q[\MUI[# 1UXTMUMV\MKWV\ZWTM[ZyOQLW[# =[MWLQVPMQZWLW[\ZIJITPILWZM[IXMVI[XIZIWWJRM\Q^WXZM\MVLQLW# -VKWV\ZMITO]uUKWUKWVPMKQUMV\WMUÅVIVtI[XIZIIR]LnTWKWUI KWV\IJQTQLILM *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ % 8ZM[\ItrWLMKWV\I[ÅVIVKMQZI[XZn\QKI" -TIJWZMWZtIUMV\W[M[QOIW[oZQ[KI# 8ZM[\MKWV\I[IW[IÅTQILW[QVNWZUIVLWW[[WJZMINWZUIKWUWWLQVPMQZWu OI[\W# )XZM[MV\MZMTI\~ZQW[ÅVIVKMQZW[IXZWXZQILW[I\WLW[W[Vy^MQ[LI WZOIVQbItrW# ;QOII[XWTy\QKI[MXZWKMLQUMV\W[IXZW^ILW[LMUWKZI\QKIUMV\M# +WUJI\IIUnILUQVQ[\ZItrWÅVIVKMQZIMW][WQVLM^QLWLW[ZMK]Z[W[N QVIVKMQZW[ -^Q\M % /]IZLIZM][IZLQVPMQZW^Q^WXIZIXIOIUMV\W[# % ,IZI]UQVLQ^yL]WZM[XWV[IJQTQLILM\W\ITXIZI\ZI\IZLM\WLW[W[I[XMK\W[LI[ ÅVIVtI[# % ;Q\]ItM[MUY]MI[XM[[WI[XWLMUÅKIZ\MV\ILI[I¹\WUIZMUXZM[\ILWºW] ]\QTQbIZLMNWZUIMZZILIWLQVPMQZW# % +MLMZIIUMItI[MQV\QUQLItrW 8ZM[\ItrWLMKWV\I[XWTy\QKI 7[XWTy\QKW[o[^MbM[]\QTQbIUW[\ZIJITPILWZM[LIMKWVWUQIQVNWZUITKWUW¹K]ZZIT MTMQ\WZITº7[XWTy\QKW[NZMYMV\MUMV\M^Q[IUW[^MVLMLWZM[IUJ]TIV\M[NMQZIV\M[ \ZIJITPILWZM[LW\ZIV[XWZ\MXWZY]M[rWU]Q\W[M^Q[y^MQ[²UMLQLIY]M[]I WZOIVQbItrWÅKIZUIQ[NWZ\MQVLMXMVLMV\MUMV\MLW[M\WZMUY]MI\]I^WKwXWLMZn MVKWV\ZIZXWTy\QKW[Y]M\MV\IZrWQVÆ]MVKQnTW7[XWTy\QKW[XWLMUWNMZMKMXZWXQVI[ MU\ZWKILM[M]IXWQWMLM[]IIR]LIXIZIKWV[MO]QZ^W\W[1[\WTM^IILQ^Q[M[MV\ZMW[ \ZIJITPILWZM[ITuULMQVKMV\Q^IZINWZUItrWLMWZOIVQbItM[KWVKWZZMV\M[1[\WIKIJI NIbMVLWKWUY]MW[\ZIJITPILWZM[LMQ`MULMKWVÅIZMU[]IWZOIVQbItrWMMUN]\]ZI[ WZOIVQbItM[ +WUWIZ\QK]TILWZ^WKwXZMKQ[IXZWK]ZIZ[QVIQ[LMQVÆ]wVKQIXWTy\QKIQVLM^QLI +WUJI\IIIR]LIVLWINWZ\ITMKMZILMUWKZIKQIMIXZM[\ItrWLMKWV\I[<ZIJITPM KWUW[TyLMZM[MKWUW[IÅTQILW[XIZI" % +PMOIZI]UIKWZLWIZM[XMQ\WLMXWTy\QKI[KTIZI[MUZMTItrWoQVLMXMVLwVKQI XWTy\QKIMWZOIVQbIKQWVIT# % /IZIV\QZY]M\WLW[KWVPMtIUMMV\MVLIUI[XWTy\QKI[# % .WZ\ITMKMZITQLMZIVtIKWTM\Q^I# 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV % .WZ\ITMKMZIK]T\]ZILM]UITQLMZIVtIIJMZ\IM\ZIV[XIZMV\M# % .WZ\ITMKMZW[IÅTQILW[MI]UMV\IZ[]IKWVÅIVtIXIZIY]MY]M[\QWVMU# % 4QUQ\IZI[WXWZ\]VQLILM[MUY]MW[TyLMZM[XW[[IUNMKPIZVMO~KQW[ QVLQ^QL]ITUMV\M# % /IZIV\QZY]MW[QVLQ^yL]W[LW[LQNMZMV\M[Vy^MQ[LIWZOIVQbItrW[MZMVIU# % 1V[Q[\QZMUZMTI\~ZQW[XMZQ~LQKW[XWZM[KZQ\W# % )^ITQIZXW[[y^MQ[ITQIVtI[<ZI\I[MLM]UIITQIVtILMXZQVKyXQW[JI[MILIMU QV\MZM[[M[MWJRM\Q^W[KWU]V['<ZI\I[MLM]UIITQIVtI\n\QKIXIZII\QVOQZ]U WJRM\Q^WLMK]Z\WXZIbW' % /IZIV\II\WUILILMLMKQ[M[LMUWKZn\QKI[MNWZUIQ[[WJZMITQIVtI[XWTy\QKI[M XW[QtM[XWTy\QKI[ *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ ,K\JHsqVL-VY[HSLJPTLU[VKVZ;YHIHSOHKVYLZ )[I\Q^QLILM[XZn\QKI[LMIXZMVLQbILWLW[\ZIJITPILWZM[KWV[\Q\]MU]UINMZZIUMV\I M`KMTMV\MXIZIKWV[\Z]QZMUIV\MZWZOIVQbItM[LM\ZIJITPILWZM[LIMKWVWUQI QVNWZUITLMUWKZn\QKI[MMÅKIbM[-TIIR]LIINWZ\ITMKMZW[\ZIJITPILWZM[XMZUQ\QVLW Y]MKWV\ZWTMUMILUQVQ[\ZMU[]IWZOIVQbItrWMVNZMV\MUI[I]\WZQLILM[MUMTPWZMU []I[Q\]ItrWLM\ZIJITPW =UIZ\QK]TILWZLM\ZIJITPILWZM[LIMKWVWUQIQVNWZUITu]UML]KILWZ=UTyLMZLW[ \ZIJITPILWZM[LIMKWVWUQIQVNWZUITu]UML]KILWZ>WKw[MMV^WT^MZnVIML]KItrWM VWNWZ\ITMKQUMV\WLM[M][IÅTQILW[MLW[TyLMZM[LMLQNMZMV\M[UIVMQZI[8MTWNI\WLMW[ ZMK]Z[W[OMZITUMV\M[MZMUTQUQ\ILW[M[XMKQITUMV\MMUVy^MTTWKIT^WKwXZMKQ[IZn\MZ LM[MV^WT\]ZIMKZQI\Q^QLILMXIZIMVKWV\ZIZWXWZ\]VQLILM[ML]KIKQWVIQ[ -L]KItrWNWZUITMQVNWZUIT )ML]KItrWLW[\ZIJITPILWZM[VIMKWVWUQIQVNWZUITuNZMYMV\MUMV\MQVNWZUIT [MVLWZMITQbILIL]ZIV\M[]I[I\Q^QLILM[LQnZQI[)ML]KItrWWKWZZMVWTWKITLM \ZIJITPW"MUZM]VQM[LQ[K][[M[QVNWZUIQ[L]ZIV\MVMOWKQItM[W]ItrWKWTM\Q^I )TO]UI[I\Q^QLILM[ML]KIKQWVIQ[[rWUIQ[¹NWZUIQ[ºXWZY]M^WKwWZOIVQbW]]U [MUQVnZQWW]]UI[M[[rWLMI\Q^QLILM[LMIXZMVLQbILWXZn\QKI[MU]UIZM]VQrWW] MTIJWZW]UI\MZQIQ[LM[\QVILW[IQVNWZUIZW]IXWQIZW[\ZIJITPILWZM[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV ,1+)">WKwVrWXZMKQ[ILMU]Q\WLQVPMQZWXIZIML]KIZ)M`XMZQwVKQIu WUMTPWZXZWNM[[WZ7TPMXIZII[I\Q^QLILM[KWUWTPW[LMML]KILWZ<QZM TQtM[LI[M`XMZQwVKQI[LWLQIILQI -L]KIZW[<ZIJITPILWZM[XIZI+WV[\Z]QZI7ZOIVQbItrW 9]IVLWNITIUW[MUML]KItrWLW[\ZIJITPILWZM[OMZITUMV\MWY]M\MUW[MUUMV\M uIML]KItrWY]MIR]LIIKWV[\Z]QZIWZOIVQbItrW\WZVIVLW[M]\ZIJITPWMÅKIb-TI ZMNWZtIIKIXIKQLILMI]\WKWVÅIVtIKWVPMKQUMV\WMIX\QLM[LW[IÅTQILW[MLW[ TyLMZM[LMNWZUIY]MMTM[XW[[IUILUQVQ[\ZIZ[]IWZOIVQbItrWMMVNZMV\IZW[Y]M[M MVKWV\ZIUMUXW[QtM[LMXWLMZMI]\WZQLILM1[\WQVKT]Q" % <ZMQVIUMV\WXIZILM[MV^WT^MZIX\QLM[XIZIILUQVQ[\ZIZIWZOIVQbItrWXWZ M`MUXTWMV\MVLMZWY]M[rWI[WZOIVQbItM[LM\ZIJITPILWZM[WXIXMTLW[ TyLMZM[KWUWILUQVQ[\ZIZI[ÅVIVtI[WZOIVQbIZI[\ZIJITPILWZI[U]TPMZM[# % <ZMQVIUMV\WXIZILM[MV^WT^MZIX\QLM[XIZI\ZI\IZLMY]M[\M[KWUW[ILMM [MO]ZIVtIVW\ZIJITPWXZM^QLwVKQI[WKQIT01>)1,;VMOWKQItM[# % -L]KItrW[WJZMI[Q\]ItrWXWTy\QKIMKWVUQKI[WKQITMR]ZyLQKI ,1+)"4MUJZM[MLMY]M^WKwM[\nTQLIVLWKWUIL]T\W[7[IL]T\W[ UM[UWY]MKWUXW]Y]y[[QUIML]KItrWNWZUIT^wUKWU]UIJIOIOMU LMIXZMVLQbILW[MM`XMZQwVKQI[7[IL]T\W[IXZMVLMUUMTPWZY]IVLW" % % % % )IXZMVLQbIOMUIXZW^MQ\I[]IM`XMZQwVKQI# 7KWV\MLWuZMTM^IV\MXIZI[]I[^QLI[# -TM[XZMKQ[IU[IJMZW]Y]MZMZMUNIbMZUMTPWZ# 8IZ\QKQXIULMNWZUII\Q^ILMI\Q^QLILM[XZn\QKI[ *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ -`XMZQwVKQI[" -VKWV\ZIVLW]UI[WT]trW" -L]KItrWLW[\ZIJITPILWZM[VIMKWVWUQIQVNWZUIT 4WKIQ[LMMV[QVW 6I[Z]I[ 6IÑVLQII[TyLMZM[LI)[[WKQItrWLM5]TPMZM[)]\VWUI[;-?)MV[QVIUI[U]TPMZM[MU[]I[XZ~XZQI[ KWU]VQLILM[5]VQLI[LM[IKWTI[MI^MV\IQ[M[XMKQIQ[KWUKIZ\IbM[MUI\MZQIQ[LQLn\QKW[MTI[WZOIVQbIU I]TI[K]Z\I[MUM[XItW[KWU]VQ\nZQW[W]VI[Z]I[WVLMI[U]TPMZM[UWZIUM\ZIJITPIU8WZM`MUXTWI[ IOMV\M[LM[ILMLI;-?)MV[QVIUIMTI[Y]M[\M[LM[ILMM[MO]ZIVtIKWUWV]\ZQtrWMWZQMV\ItrW[M`]IT M\IUJuUY]M[\M[TQOILI[IW[QVLQKI\W +PZQ[*WVVMZ?1-/7;-?)+WZVMTT8ZWOZIUILM,QnTWO)PUMLIJILÑVLQI 6WTQ`rW ¹-]U]Q\I[^MbM[^QW5IZKW[KPIUIZW]\ZW[Y]I\ZWW]KQVKWMKWUMtIZINITIZ[WJZMI[M`XMZQwVKQI[LMW]\ZW[ KI\ILWZM[VW*ZI[QTKWUWMTM[[MWZOIVQbIZIUMW[JMVMNyKQW[Y]MKWV[MO]QZIUI\ZI^u[LIWZOIVQbItrWI QUXWZ\pVKQILM[M]\ZIJITPWKWUWXZWÅ[[rWWWZO]TPWY]MW[KI\ILWZM[LM^MU\MZKWUWZMKQKTILWZM[Y]M KWV\ZQJ]MUXIZIILMNM[ILWUMQWIUJQMV\MM[WJZMIVMKM[[QLILMQUMLQI\ILM\ZI\IZLWNMKPIUMV\WLWTQ`rWº 3I\PTMMV5QTTIZ+TI[[MLM+I\ILWZM[LM5I\MZQITZMKQKTn^MT"8WTy\QKIVI-KWVWUQI1VNWZUITMU ]U4Q`rW*ZI[QTMQZW=VQ^MZ[QLILM*ZW_V .MZZIUMV\I[MUu\WLW[ML]KIKQWVIQ[ 5IV]IQ[LM\ZMQVIUMV\W 7+WVOZM[[WLW[;QVLQKI\W[LM/IVIMTIJWZW]UIV]IQ[LM\ZMQVIUMV\WLQZQOQLW[ILQNMZMV\M[OZ]XW[ MV^WT^QLW[VIWZOIVQbItrWLM\ZIJITPILWZM[QVNWZUIQ["N]VKQWVnZQW[ILUQVQ[\ZI\Q^W[LMIÅTQILI[ MVKIZZMOILW[LIWZOIVQbItrWLW[\ZIJITPILWZM[QVNWZUIQ[IZ\QK]TILWZM[Y]MKWV[\Q\]MUWMTWLMTQOItrW MV\ZM]U[QVLQKI\WMOZ]XW[LIMKWVWUQIQVNWZUITTyLMZM[MUI[[WKQItM[LM\ZIJITPILWZM[LIMKWVWUQI QVNWZUITXZQVKQXIQ[TyLMZM[LI[IÅTQILI[ .@7_][]/PIVI<=+IXZM[MV\ItrWVW[MUQVnZQWZMOQWVITLI1.?-)5ITI_Q *WTM\QV[QVNWZUI\Q^W[ ))[[WKQItrWLM+I\ILWZM[MU2IZLQULI[.TWZM[:QWLM2IVMQZWKZQW][M]XZ~XZQWJWTM\QUQVNWZUI\Q^W UMV[ITW5MV[IOMQZWLI>MZLILM8ZQUMQZIUMV\MWNWKWLWJWTM\QUMZIQVNWZUIZIW]\ZW[KI\ILWZM[[WJZMW XTIVWLMNMKPIUMV\WLWTQ`rWKWVKTIUIVLWW[oItrW-TMKWV\uU[MtM[[WJZMI[M`XMZQwVKQI[MI\Q^QLILM[ LW[KI\ILWZM[MUW]\ZI[KQLILM[JZI[QTMQZI[[WJZMI[ILMM[MO]ZIVtILW[KI\ILWZM[VW\yKQI[OMZIQ[MM^MV\W[ MKQ\ItM[XIZIZMÆM`rWMUMLQ\ItrW 35QTTIZ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 8]JTQKQLILMLMUI[[I 7;aVIbMJW[QVLQKI\WLMUW\W\I`Q[\I[LM*MVQV]\QTQbI^MyK]TW[LMX]JTQKQLILMMKIUQ[M\I[KWU[TWOIV[MU []I[KIUXIVPI[ML]KIKQWVIQ[ :MTI\~ZQW1<. <MI\ZW +MZKILMLW[KQMV\W[ZMKQKTILWZM[LW[KQMV\W[KQ]LILIVW[aUQMUJZW[LMTIXZMV[I^QMZWVTIXZM[MV\IKQ~VLM LW[WJZI[\MI\ZITM[IKMZKILMTI^QLILMTW[ZMKQKTILWZM[WZOIVQbILIXWZMT33838[QVLQKI\WLMZMKWOMLWZM[ LMLM[XMZLQKQW[1VLQI4IXZQUMZIWJZIN]M]VILZIUI\QbIKQ~V[WJZMMTLQIZQWLM]VIZMKQKTILWZIJZI[QTMZI a[]PQRI4I[MO]VLIWJZIN]MZWVTI[M`XMZQMVKQI[LMTI^QLILMKQVKWZMKQKTILWZM[M[KZQ\IaXZM[MV\ILIXWZ MTTW[UQ[UW[-[\MM^MV\WN]MML]KI\Q^WXIZITW[\ZIJIRILWZM[aMTXJTQKW 33838-[\]LQWLM+I[W 5[QKI 7[KI\ILWZM[LMUI\MZQITZMKQKTn^MTXWZ[MZMUVI[]IUIQWZQIIVITNIJM\W[MVKWV\ZIU[MQUMZ[W[VI\ZILQtrW WZIT-TM[[MTMUJZIULW[IKWV\MKQUMV\W[I\ZI^u[LMZMNZM[=[IUKIVtM[M[rWQVKMV\Q^ILW[IKWUXWZ[]I[ XZ~XZQI[TM\ZI[[WJZM\MUI[[WKQIQ[U][QKILI[KWU[]I[XZ~XZQI[UMTWLQI[NWTKT~ZQKI[\ZILQKQWVIQ[ 33838-[\]LWLM+I[W +IZVI^IT ));5):-]UIKWWXMZI\Q^ILMKI\ILWZM[LMUI\MZQITZMKQKTn^MTLW*ZI[QTWZOIVQbIIV]ITUMV\M]U KIZVI^ITLMZ]I)[NIV\I[QI[][ILI[VWLM[ÅTM[rWNMQ\I[LMUI\MZQIQ[KWTM\ILW[XMTW[\ZIJITPILWZM[1[\W XMZUQ\MIW[\ZIJITPILWZM[^Q^MVKQIZW[JMVMNyKQW[XZn\QKW[M[QUJ~TQKW[LIZMKQKTIOMU1[\WW[IR]LIIML]KIZ W]\ZW[\ZIJITPILWZM[MWXJTQKWMUOMZIT[WJZMW\ZIJITPW^ITQW[WY]MW[KI\ILWZM[NIbMUXMTI[WKQMLILM .MZVIVLW:M[MVLM-[\]LWLM+I[WLW8ZWRM\W)[UIZM 7ZQMV\ItrWLMVW^W[UMUJZW[ 6I[.QTQXQVI[W;QVLQKI\W6IKQWVITLM<ZIJITPILWZM[LW<ZIV[XWZ\M6<=Y]MWZOIVQbI\ZIJITPILWZM[ LW\ZIV[XWZ\MQVNWZUIQ[Ln]U;MUQVnZQW*n[QKWLM7ZQMV\ItrWo[VW^I[NMLMZItM[ÅTQILI[7[MUQVnZQW LQ[K]\MI[Q\]ItrWLW[M\WZLM\ZIV[XWZ\MMLW[\ZIJITPILWZM[LM[\M[M\WZLn]UIQV\ZWL]trWIW[QVLQKITQ[UW MIXZM[MV\IW[XZQVKyXQW[WJRM\Q^W[MI\Q^QLILM[LW6<=-[\M[MUQVnZQWuWNMZMKQLWIW[QV\MOZIV\M[LI LQZM\WZQIVWVy^MTLMNMLMZItrWMVWVy^MTTWKITIXMTWUMVW[\Zw[XM[[WI[W]QV\MOZIV\M[LILQZM\WZQILM KILII[[WKQItrWTWKITY]MXMZ\MVKMUo[NMLMZItM[ :MTI\~ZQW1<. *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ -`XMZQwVKQI" )TuULI\MWZQI"=URWOWML]KI\Q^WLW;-?) 7JRM\Q^W" )R]LIZU]TPMZM[IÅTQILI[IMV\MVLMZY]MXWZNIbMZMUXIZ\MLM]U[QVLQKI\WMTI[LM^MU\ZIJITPIZKWUW WJRM\Q^WKWU]ULMT]\IZKWV\ZIW[XZWJTMUI[Y]MMTI[^Q^MUVW[M]KWUuZKQWMVWTWKITLMUWZILQI=U WJRM\Q^WKWU]UXWLM[MZILMUIVLIXMTIUMTPWZQIVIZMVLIJV][ZMVLIUyVQUIY]MXWLMU[MZLMKQLQLI[ KWTM\Q^IUMV\M 5u\WLW" -[\MRWOWXWLMZM]VQZIU]TPMZM[IÅTQILI[+WTWY]M]UKWXWMU]UILQ[\pVKQILMIXZW`QUILIUMV\M UM\ZW[XIZITIVtIUMV\W-V\ZMO]MI\WLI[I[U]TPMZM[]UXMLItWLMXIXMT.ITMXIZI\WLI[TIVtIZMUW XMLItWLMXIXMTLMV\ZWLWKWXW,MXWQ[XMtIXIZIMTI[ZMKWTPMZMU\WLW[W[XMLItW[LMXIXMT)OWZIXMtI XIZIMTI[NWZUIZMU]UOZ]XWMXIZIR]V\IZMU\WLW[W[XMLItW[LMXIXuQ[MU]UIJWTI[~XIZIIKMZ\IZMU LMV\ZWLWKWXW -[\MRWOWXWLM[MZRWOILWL]ZIV\MIUQV]\W[ :M[]UWMTQtrW" 9]IVLWU]TPMZM[IÅTQILI[QVLQ^QL]ITUMV\M\MV\IUI\QVOQZ]UKWXWKWU]UXMLItWLMXIXMTMTI[VrW KWV[MO]MUITKIVtIZWWJRM\Q^W-V\ZM\IV\WY]IVLW[MIOZ]XIUZM]VQVLWW[XMLItW[MU]UIJWTIMTI[ KWV[MO]MUM`MK]\IZI\IZMNI6M[[M[MV\QLWM[[MRWOWMV[QVII[IÅTQILI[Y]M[MQVLQ^QL]ITUMV\MMTI[\MV\IU T]\IZXWZLMUIVLI[KWUWZMVLIUyVQUIW]Y]ITY]MZW]\ZWLQZMQ\W\ZIJITPQ[\IMTI[VrWITKIVtIUWw`Q\W [WbQVPI[-V\ZMV\IV\W[MMTI[[M]VMUM[MWZOIVQbIUI[KPIVKM[LMITKIVtIZMUW[]KM[[W[rWOZIVLM[ 5IVITQ;PIP;-?)5IZtWLM! ,1+)"¹+ILIXM[[WIMV[QVI]UIXM[[WIº8ZWXWVPIo[]IWZOIVQbItrW IILWtrWLM[\MTMUILMTQJMZ\ItrWLIÎNZQKILW;]T-L]Y]MMNWZ\ITMtIW[ \ZIJITPILWZM[XIZIY]MMTM[ML]Y]MUMNWZ\ITMtIUW]\ZW[.ItIKWUY]MQ[[W[MRI WLM^MZLMKILITyLMZMLMKILIIÅTQILWº +IXIKQ\ItrWXIZIW\ZIJITPW 7[\ZIJITPILWZM[LIMKWVWUQIQVNWZUITU]Q\I[^MbM[LMXMVLMULM[]I[ WZOIVQbItM[XIZIZMKMJMZ]U\ZMQVIUMV\WY]MUMTPWZM[]IY]ITQÅKItrWXZWÅ[[QWVIT MWXWZ\]VQLILM[LMOMZItrWLMZMVLI6rW[M\ZI\ILM]UI\IZMNINnKQTXIZI]UI WZOIVQbItrWKIZMV\MLMZMK]Z[W[;MVrWNWZXW[[y^MTIVOIZQIZ^MZJI[XIZIXZWRM\W[ M[XMKQIQ[LMKIXIKQ\ItrW^WKwXWLMMVKWV\ZIZUIVMQZI[LMNIbMZKWUY]MW[UIQ[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV Y]ITQÅKILW[¹MV[QVMUºW[UMVW[Y]ITQÅKILW[W]WZOIVQbIZ[M[[M[LMIXZMVLQbIOMU KWTM\Q^IW]KWV[MO]QZWI]`yTQWLM^WT]V\nZQW[)W\ZI\IZLM[]I[VMKM[[QLILM[KZ]KQIQ[ MQUMLQI\I[W[\ZIJITPILWZM[QVNWZUIQ[XMZKMJMZrWIZMTM^pVKQILIWZOIVQbItrW1[\W XWLMIR]LIZIMZO]wTIMNWZ\ITMKwTI *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ )\Q^QLILM[ LM)XZMVLQbILW )\Q^QLILM":MITQbItrWLMZM]VQM[JMU[]KMLQLI[ 7JRM\Q^W )R]LnTWI\WZVIZI[ZM]VQM[UIQ[MÅKIbM[ <IZMNI ,Q^QLIU[MMUOZ]XW[ 8ZMXIZM]UY]ILZWKWUWWY]M[M[MO]MIJIQ`W" 7YVISLTH ;PWVZKLYL\UPqV 7VZZx]LPZ:VS\sLZ -`MUXTW" 7[TyLMZM[[MUXZMKPMOIU I\ZI[ILW[o[ZM]VQM[ :M]VQM[MV\ZMW[LQNMZMV\M[Vy^MQ[ LIWZOIVQbItrW :M]VQM[OMZIQ[KWUW[ \ZIJITPILWZM[ :MITQbIZ]UILQ[K][[rWKWTM\Q^ILM TQLMZIVtI[)[[QVITMWXZWJTMUILW KWUXWZ\IUMV\WLW[TyLMZM[ 7J\MVPILMTM[]UKWUXZWUM\QUMV\W XIZIU]LIZ 4M^IV\MIY]M[\rWR]V\WIW[ IÅTQILW[V]UIZM]VQrWMXMtIY]M IXZM[MV\MU]UI[WT]trW ,Q[K]\IW[XZWJTMUI[Y]M^WKw\MUW]XWLMZQI\MZKWUI[ZM]VQM[ 1LMV\QÅY]MXW[[y^MQ[[WT]tM[XIZIM[\M[XZWJTMUI[ 8ZMMVKPIWY]ILZWMXZMXIZM[MXIZIIXZM[MV\nTWIW[W]\ZW[OZ]XW[ 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV )\Q^QLILM[ LM)XZMVLQbILW )\Q^QLILM"-VKWV\ZIZWXWZ\]VQLILM[LMIXZMVLQbILW 7JRM\Q^W /MZIZQLuQI[[WJZMKWUWML]KIZMNWZ\ITMKMZW[\ZIJITPILWZM[LMUIVMQZIQVNWZUIT M[MUOI[\IZU]Q\WLQVPMQZW <IZMNI <ZIJITPIVLWR]V\W[MU]UOZ]XW" +ZQM]UITQ[\I\MUXM[\ILMLMQLuQI[KWU\WLI[I[WXWZ\]VQLILM[XW[[y^MQ[ Y]M^WKw\MUXIZIML]KIZMNWZ\ITMKMZW[IÅTQILW[LM[]IWZOIVQbItrW¹VW \ZIJITPWº-`MUXTW"MU]UIZM]VQrWOMZITLMIÅTQILW[M`XTQY]MMLQ[K]\IKWUW MV\MVLMUW[I[VMOWKQItM[MKWUWMTI[N]VKQWVIU.ItI]UILZIUI\QbItrW -UL]XTI[" 8MO]M]UILI[QLuQI[MXTIVMRMMULM\ITPM[KWUW^WKwQZnQUXTMUMV\nTI 9]MUuWOZ]XWIT^W' 7Y]M^WKwM[XMZIZQII\QVOQZ' 7Y]M^WKwNIZQI' 7Y]MXMZO]V\I[^WKwNIZQI' 9]MZMK]Z[W[[MZQIUVMKM[[nZQW[' *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ -VU[LZL9LMLYvUJPHZ)PISPVNYmÄJHZ +PMV5IZ\PI)T\MZ:MVIVI2PIJ^ITI:I^Q3IVJ]Z6QLPQ5QZIVQ3IZT7[VMZIVL +IZWT:QKPIZL[ML[5MUJMZ[PQX*I[ML7ZOIVQbI\QWV[WN \PM8WWZ":MÆMK\QWV[)N\MZIV -`XW[]ZMIVL,QITWO]M8ZWOZIU_Q\P;-?)QV/]RIZI\7ZOIVQbItM[LW[XWJZM[JI[MILI[ VIÅTQItrW"ZMÆM`M[LMXWQ[LM-`XW[QtrWM,QnTWOWKWU;-?)MU/]RIZI\ÑVLQI 2IVMQZW P\\X"____QMOWWZOXIXMZ[]VQNMUG5*78G-,8G+WUXMVLQ]UG2IV XLN +PQSIZUIVM8WWZVQUIIVL6IZIaIV4I`UQ7ZOIVQ[QVO\PM=VWZOIVQ[ML")+I[M;\]LaWN \PM 3IOIL3IKP8I\ZI3I[P\ISIZQ8IVKPIaI\<ZILM=VQWVWN ?I[\MXQKSMZ[7ZOIVQbIVLWW6rW WZOIVQbILW"-[\]LWLM+I[WLM3IOIL3IKP8I\ZI3I[P\ISIZQ8IVKPIaI\;QVLQKI\WLW[ +I\ILWZM[P\\X"____QMOWWZOXZWOZIUGIZMI[WZOGZMXKI[MSSXSXXLN ,1<;-4)7ZOIVQ[QVO[]KKM[[N]TUMM\QVO[2WPIVVM[J]ZO7ZOIVQbIVLW:M]VQM[KWU w`Q\W .6>.ZWU5IZOQVIT?WZS\W+WZM*][QVM[["-]ZWXMIV\ZILM]VQWV[WZOIVQbQVOQV\PM QVNWZUITMKWVWUa:MXWZ\WN IVQV\MZVI\QWVITKWVNMZMVKM,W<ZIJITPW5IZOQVITIW6MO~KQW +MV\ZIT"7ZOIVQbIVLW;QVLQKI\W[-]ZWXM][VI-KWVWUQI1VNWZUIT:MTI\~ZQWXIZI]UI +WVNMZwVKQI1V\MZVIKQWVIT0WTIVLI5IQW ___M\]KWZO15/XLN.6>GJZWKP]ZMXLN 1V\MZVI\QWVIT.MLMZI\QWVWN ?WZSMZ[¼-L]KI\QWV)[[WKQI\QWV[1.?-)*]QTLQVO,MUWKZI\QK ?WZSMZ[¼7ZOIVQ[I\QWVIVL:MXZM[MV\I\QWVQV\PM1VNWZUIT-KWVWUa)UIV]ITQV\_WXIZ\[ +WV[\Z]QVLW7ZOIVQbItM[M:MXZM[MV\ItM[,MUWKZn\QKI[LM<ZIJITPILWZM[VI -KWVWUQI1VNWZUIT=U5IV]ITMU,]I[8IZ\M[ 1V\MZVI\QWVIT<ZIV[XWZ\?WZSMZ[¼.MLMZI\QWV1<.7ZOIVQ[QVO1VNWZUIT<ZIV[XWZ\?WZSMZ[" /TWJIT:M[MIZKP8ZWRMK\7^MZ^QM_:MXWZ\7ZOIVQbIVLW<ZIJITPILWZM[VW<ZIV[XWZ\M 1VNWZUIT"8ZWRM\WLM8M[Y]Q[I/TWJIT:MTI\~ZQW/MZIT ___Q\NOTWJITWZOML]KI\QWV-L]:M[MIZKPKNU 1V\MZVI\QWVIT<ZILM=VQWV+WVNMLMZI\QWV7V4QVM*]TTM\QV[IVL;XW\TQOP\1V\MZ^QM_[^IZQW][*WTM\QV[ 7VTQVMM-V\ZM^Q[\I[MUNWKW^nZQI[___Q\]KK[QWZO 3-6);>1<7NÅKQIT6M_[TM\\MZ<PM;\ZMM\<ZILMZ*WTM\QU7ÅKQIT7>MVLMLWZLM:]I )UJ]TIV\M 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 4]VL.ZIVKQMIVL2QTTQIV6QKPWT[WV<WWT[NWZ)L^WKIKa";WKQIT8ZW\MK\QWVNWZ1VNWZUIT ?WZSMZ[.MZZIUMV\I[XIZI:MQ^QVLQKItrW"8ZW\MtrW;WKQITXIZI<ZIJITPILWZM[1VNWZUIQ[ +IUJZQLOM"?1-/7IVL0WUMVM\<PIQTIVL P\\X"____QMOWWZOX]JTQKI\QWV[<WWT[G.WZG)L^WKIKaXLN 5QTTIZ3I\PTMMV:MKaKTQVO+TI[["8WTQ\QK[WN \PM1VNWZUIT-KWVWUaI\I*ZIbQTQIV/IZJIOM ,]UX;M\WZLI:MKQKTIOMU"8WTy\QKI[XIZII-KWVWUQI1VNWZUITMU]U4Q`rW *ZI[QTMQZW,Q[[MZ\ItrWLM5M[\ZILWVrWX]JTQKILI=VQ^MZ[QLILMLM*ZW_V ;UQ\P;\QZTQVO4M\¼[7ZOIVQbM);A6,1+778PIVLJWWSNWZ\ZILM]VQWV[ IVLKWWXMZI\Q^M[IJW]\WZOIVQbQVO_WZSMZ[QV\PMQVNWZUITMKWVWUa.MZZIUMV\I[XIZI :MQ^QVLQKItrW"8ZW\MtrW;WKQITXIZI<ZIJITPILWZM[1VNWZUIQ[=UI8]JTQKItrW +WVR]V\ILI14771<1+)IVL1+.<= P\\X"___QTWWZOLaVMUXMV\LWK[. 5IV]IT[aVLQKWWXGZMXWZ\XLN ?MJ[Q\M[ ___Q\]KK[QWZO ____QMOWWZO ___[M_IWZO ___[M_IIKILMUaWZO ___[\ZMM\VM\WZObI ___PWUMVM\[W]\PI[QIWZO ___PWUMVM\[MI[QIWZO ___QTWWZO ___QN_MIWZO ___KI_QVNWWZO ___OTWJITTIJW]ZWZO ___LQ\[MTIWZObI ___LWUM[\QK_WZSMZ[ZQOP\[WZO +MV\ZWLM:MK]Z[W[ 71V[\Q\]\WLM,M[MV^WT^QUMV\WXIZI<ZMQVIUMV\W-V[QVWM)XWQWIW[ <ZIJITPILWZM[,1<;-4)VIÎNZQKILW;]TXW[[]Q]UOZIVLMIKMZ^WLMUI\MZQIT LQLn\QKW[WJZM[QVLQKI\W[QV\MZVIKQWVIQ[MVIKQWVIQ[-[\M[UI\MZQIQ[NWZIU IUXTIUMV\M]\QTQbILW[VIMTIJWZItrWLW[UIV]IQ[8IZIIKM[[IZM[\M[[]J[yLQW[MV\ZM MUKWV\I\WKWUQVNW(LQ\[MTIWZObI *YPHsqVL4HU\[LUsqVKL<TH6YNHUPaHsqV+LTVJYm[PJHKL;YHIHSOHKVYLZ0UMVYTHPZ 56;(: 6YNHUPaHsqVUH,JVUVTPH0UMVYTHS!:\IZxKPVZ)PISPVNYmÄJVZWHYH(Y[PJ\SHKVYLZ5TLYV 56;(: