Descargar libro - benjamin arditi

Viewer
Transcript

25=:1<9=1A49C9

49B3DC9A 5;B>391;9B<> 7IKD9?ED%E9JK8H;*211

1SITMTVYQILM1SNYMLV<$BMQNMYPMSL 7`\Zb% V\hWTWTab X \agX_XVghT_ cTeTZhTlb' Jhib i\e& ghWXf \ahfhT_Xf XageX abfbgebf% gT_Xf Vb`b VeXXe Xa ce\aV\c\bf pg\Vbf l% `nf Tva% ceTVg\VTe_bf Vb[XeXagX& `XagX Xa fh Vb`cbegT`\Xagb cvU_\Vb l ce\iTWb4 fXe eXfcXghbfb WX _Tf \WXTf WX _bf WX`nf% \aV_hfb VhTaWb ab _Tf Vb`cTegqT4 fXe `bWXfgb TVXeVT WX _T geTfVXa& WXaV\T WX fhf geTUT]bf Vb`b TedhXs_bZb WX _T [\fgbe\T% chXfgb dhX% Vb`b gbWb \aiXfg\ZTWbe `bi\Wb cbe _T cTf\sa WX fTUXe% YhX VTcTm WX eXVbabVXe dhX a\aZva TiTaVX Xa X_ VT`cb WX_ VbabV\`\Xagb chXWX TZbgTe_bdhXThadhXWTcbeVbabVXe'

{8;D@7C?DàH:?J? HFXW\V\baXf(9H?J;H?E ;'L'>TXWb-+0'7fhaV\sa&FTeTZhTl JX_pY'321)-)&+)102* J7F73EfiT_WbIT_XeabfbUeXVhTWebWXHXapCTZe\ggX ;W\V\saT_Vh\WTWbWXHTYTX_FXeba\ J\eTWT3*)))X]X`c_TeXf%]h_\b*212' >XV[bX_WXcsf\gbdhXXfgTU_XVX_T_Xl'

.

9 = 4 9 3 5

FH;I;DJ79?ED''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

**

?DJHE:K99?ED''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

*,

?'

;BJ;HH;DEJ;EH?9E:;BIE9?7& B?ICEC7HN?IJ7''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''' *' BTcebWhVV\sa%_bVhfleTg\bYhaWT`XagT_ WX_W\fVhefb`Tek\fgT''''''''''''''''''''''''''''''''''''''''''''''''' +' ;_fbV\T_\f`b`Tek\fgT'~GhpXfgeTgXZ\TWX _hV[T%dhpceblXVgbWXfbV\XWTW6'''''''''''''''''''''''''''''''

??' B?C?J;I;NFB?97J?LEI:;BC7J;H?7B?ICE >?IJEH?9E'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *' BTVbaYhf\saXageXÖX`TaV\cTV\sa[h`TaTÜ lÖX`TaV\cTV\saWX_lhZbVTc\gT_Ü'''''''''''''''''''''''''''''''''' T' ~9hn_XfX__q`\gXWX_TfbV\T_\mTV\saWX _Tcebc\XWTW6'''''''''''''''''''''''''''''''''''''''''''''''''''''''''' U' ~9hn_ Xf X_ _q`\gX WX_ c_hfiT_be Xa X_ fbV\T_\f`b6;kc_bgTV\sa Xa fbV\XWTWXf cbfVTc\gT_\fgTf'''''''''''''''''''''''''''''''''''''''''''''''''''''''''' +'BTYeTZ\_\WTWWX_aXkbVThfT_XageXXVbab`qT lcb_qg\VT''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ,';_`bWX_bUTfX&fhcXeXfgehVgheTVb`b`bWX& _bWX_TgbgT_\WTWfbV\T_3cTfbfWXhadh\XUeX'''''''''''' T' BTÖih_ZTgTÜWX_XVbab`\V\f`b''''''''''''''''''''''''''''''' U' ;Vbab`\V\f`bfbY\fg\VTWb''''''''''''''''''''''''''''''''''''''' V' HXWhVV\ba\f`bWXV_TfX''''''''''''''''''''''''''''''''''''''''''' W' HXWhVV\ba\f`bfbY\fg\VTWb''''''''''''''''''''''''''''''''''''''

/

*0 *2 +,

+0 +2 ,)

,* ,,0 ,0 ,2 -+ -,

0

-'CTek\f`b%ÖXkVXcV\baXf[\fgse\VTfÜlgXf\f TW&[bV'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ???' 9?;D9?7OFE:;H3B7
1

--

., .. /+ /.

/2

L' 7:?EI7BL7D=K7H:?ICE'B79K;IJ?ED :;BF7HJ?:E'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *' EeZTa\mTV\salcb_qg\VT'''''''''''''''''''''''''''''''''''''''''''''''''''' +' CXf\Ta\f`bcb_qg\Vb3TW\sfT_cTeTW\Z`T_X& a\a\fgT''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' T' ?agXeXfXflÖ`XW\bfWXeXceXfXagTV\saÜ'''''''''''''''''''' U' >Xe`Xaphg\VTliXeWTW3_TgXb_bZqTiTa& ZhTeW\fgTWX_cTeTW\Z`T_Xa\a\fgT''''''''''''''''''''''''''''' V' EeZTa\mTV\salcbWXe3X_cTeg\WbWXibeT fhXagbeabfbV\T_''''''''''''''''''''''''''''''''''''''''''''''''''' ' ,' FTeg\WbffbV\T_\fgTf3_T`\eTWT[TV\T_Tcb_qg\VT*+) T' EVTfbWX_T_sZ\VTÖTag\XfgTWbÜ'''''''''''''''''''''''''''''''' U' ~FTeg\Wbha\V_Tf\fgTb\afg\ghV\sacb_qg\VT6' :\iXef\WTWfbV\T_%ha\WTWcebZeT`ng\VT'''''''''''''''''''

*)* *), *)*). *)1 **. *+) *+,

0* 0, 01 1, 1, 11. 10 12

L?' HEC7DJ?9?ICEOI;9J7H?ICE;D;B ?C7=?D7H?E:;B7I?PGK?;H:7I''''''''''''''''''''''''''''''''' *' BTabV\saWXÖ\`TZ\aTe\bVb_XVg\ibÜ'''''''''''''''''''''''''''''''' +' IhXrbfWXeXib_hV\sa'"7_ZhaTf\aVbaYXfTWTf YTagTfqTfeb`nag\VTfWX_\aYTagX\mdh\XeW\fgT#'''''''''''''''''' T' ?`nZXaXfWX_TeXihX_gT'Hb`Tag\V\f`b pc\Vb''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' U' :XfchpfWX_TUbeeTV[XeTeb`nag\VT'''''''''''''''''''''''' V' Bbf`neg\eXfabchXWXaVbagTe[\fgbe\Tf' ;_cbfgXeWX_9[X'''''''''''''''''''''''''''''''''''''''''''''''''''''' ,' ;_ ÖfXe aTV\baT_Ü Xa X_ W\fVhefb WX _Tf fXVgTf iTaZhTeW\fgTf3 ~W\fgTaV\T`\Xagb Veqg\Vb b eXYbe`h_To\ta6'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' -' JbWbfdhXeqT`bffXefXVeXgTe\bfZXaXeT_Xf' ;_fhXrbWX_TfXVgTcebc\T''''''''''''''''''''''''''''''''''''''''''''''

*+2 *,* *,+ *,, *,*,/

*,0 *,2

2-

20

L??' B79ED:?9?EDFEIC7HN?IJ7'''''''''''''''''''''''''''''''''''''''' *' 7W\sfT_TabfgT_Z\T'''''''''''''''''''''''''''''''''''''''''''''''''''''''''' +' ;__XZTWbWXJbZ_\Tgg\''''''''''''''''''''''''''''''''''''''''''''''''''''''' ,' :X_`Tek\f`bVeqg\VbT_TVeqg\VTWX_`Tek\f`b'''

*-. *-0 *.* *..

2

-'

BTVbaW\V\sacbf`Tek\fgTWX_ceblXVgbfb& V\T_\fgT'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' T' IbV\T_\f`b l WX`bVeTV\T3 Wbf W\fVbag\& ah\WTWXf cTeT Ybe]Te haT Teg\Vh_TV\sa cb_qg\VT'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' U' 9b`c_X]\WTWlXkVXage\V\WTWWX_bfbV\T_'''''''''''''''' V' ;_fbV\T_\f`bVb`bÖXg[bfÜlceblXVgb \ZhT_\gTe\b%WX`bVeng\Vbl_\UXegTe\b'''''''''''''''''''''''

*0*

L???' 8?8B?E=H7
*1*

*)

*.2

*.2 *//

FH;I;DJ79?ED 1UVG NKDTQ GUV] EQORWGUVQ RQT UKGVG GPUC[QU SWG UG TGNC# EKQPCP GPVTG U_ [ CDQTFCP NQU UKIWKGPVGU VGOCU* GN RTQ[GEVQ FGN UQEKCNKUOQ FGEKOQPaPKEQ+ CNIWPCU NKOKVCEKQPGU FGN OCVGTKCNKUOQ JKUVaTKEQ GP NQ SWG TGURGEVC CN PGZQ GPVTG RTQRKGFCF [ GZRNQVCEKaP" CN OQFGNQ DCUG#UWRGTGUVTWEVWTC [ C NCU GZRGTKGPEKCU TGCNGU FG ECODKQ UQEKCN SWG JCP UKFQ LWUVKHKECFCU FGUFG WPC aRVKEC OCTZKUVC+ GN EKGPVKHKEKUOQ EQP SWG UG JC KPVGPVCFQ LWUVKHKECT CN FKUEWTUQ RQN_VKEQ FGN OCTZKUOQ+ NC EGPVTCNKFCF QDTGTC+ GN XCPIWCTFKUOQ [ OQPQENCUKUOQ FG NCU QTICPK\CEKQPGU+ [" HKPCNOGPVG" CNIWPQU GLGU RCTC WP GVJQU UQEKCNKUVC FGOQET]VKEQ$ 1UVQU GPUC[QU PQ GUV]P GPECFGPCFQU RCTC NC GZRQUKEKaP" RQT NQ EWCN RWGFGP UGT NG_FQU UGRCTCFCOGPVG [ GP GN QTFGP SWG GN NGEVQT GUVKOG O]U EQPXGPKGPVG$ >KP GODCTIQ" RWGFG TGUWNVCT RTQXGEJQUQ EQOGP\CT EQP GN RTKOGTQ FG GNNQU CPVGU FG CDQTFCT NQU QVTQU" RWGUVQ SWG EQPUVKVW[G WPC DTGXG U_PVGUKUCTIWOGPVCVKXCFGNFKUEWTUQFGNUQEKCNKUOQOCTZKUVC$ 7CU PQVCU [ NQU DQTTCFQTGU SWG UKTXKGTQP FG DCUG RCTC TGFCEVCT GUVQU GPUC[QU HWGTQP RTGRCTCFQU GPVTG %)(& [ %)('" OKGPVTCU OG FGUGORG`CDC EQOQ KPXGUVKICFQT XKUKVCPVG GP GN 5PU# VKVWVQ FG 5PXGUVKICEKQPGU >QEKCNGU FG NC @PKXGTUKFCF -WVaPQOC FG 8^ZKEQ$ 7G FGDQ C 6WNKQ 7CDCUVKFC O]U SWG WP UKORNG CITCFGEK# OKGPVQ$ /QOQ FKTGEVQT FGN 5PUVKVWVQ GP GUC ^RQEC" PQ UaNQ$FGRQUKVa UW EQPHKCP\C GP WP TGEK^P GITGUCFQ" UKPQ SWG VCODK^P JK\Q RQUKDNG SWG RWFKGUG FGFKECTOG C NGGT G KPXGUVKICT EQP NC O]U EQORNGVC NKDGTVCF FG VGOCU" ETQPQITCOCU [ JQTCTKQU FG VTCDCLQ$ 7CU JQTCU XKQNGVCU VCODK^P KPVGTXKPKGTQP GP GUVQ" CN KIWCN SWG NC DCPFC FGN ;CTPCUQ [ NQU EKWFCFCPQU FG NQU CNTGFGFQTGU FG /Q[QCE]P #GURCEKQ FGUVGTTKVQTKCNK\CFQ SWG FWTCPVG WP VKGORQ HWG NC XGTFCFGTC ECRKVCN FG 8^ZKEQ$ -ITCFG\EQ C 6QU^ /CTNQU =QFT_IWG\" EQORC`GTQ FGN /GPVTQ FG 0QEWOGPVCEKaP [ 1UVWFKQU" SWKGP UG NCU KPIGPKa RCTC GPEQPVTCT GN VKGORQ PGEGUCTKQ RCTC NGGT GN OCVGTKCN [ CRQTVCT UWU EQOGPVCTKQU"XCTKQUFGNQUEWCNGUHWGTQPKPEQTRQTCFQUCNQUVGZVQU+

**

GPEKGTVQOQFQ"UGJCXKUVQEQORNKECFQGPNCVCTGC[GPNCUKFGCU$ 1N IGPGTQUQ CRQ[Q FG NC 2WPFCEKaP ;CDNQ 5INGUKCU FG 8CFTKF" 1URC`C" RGTOKVKa SWG UG RWFKGUG NNGXCT C ECDQ GN VTCDCLQ FGTGFCEEKaPHKPCNFGGUVGNKDTQ$ -UWPEKaP"QEVWDTGFG%)(($

?DJHE:K99?ED ÉCX YT_gT haT VbaVXcV\sa YhaWTWT l T`c_\T WX _T i\WT' J\XaX KW' `\_ iXVXf eTmsa% cXeb% ~WsaWX XaVbageTep _bf `XW\bf cTeT dhX Xfgb VT`U\X6 7VghT_`XagX% lb% T_ `Xabf% ab iXb cbf\U\_\WTW T_ZhaT a\ WX XaVbageTe ha ahXib ce\aV\c\b% a\ WX eXf& cXgTe _bf Tag\Zhbf' 8hfVb% chXf% XfgT \WXT% WX _T dhX gbWb _b WX`nf WXcXaWX% f\a cbWXe [T__Te_TÑ' 9TegTWX=hfgTiX<_ThUXegT =XbeZXITaW'

;a _T 3GPGCNQI_C FG NC OQTCN% ce\`Xeb% l `nf gTeWX Xa 7C XQNWPVCF FG RQFGT_Q% D\XgfmV[X WX`hXfgeT dhX X_ VTenVgXe WX _T ÖiXeWTWÜ ab Xf cheT`XagX abe`Tg\ib f\ab gT`U\pa RQN_VKEQ [ GZKUVGPEKCN$ O XfgTU_XVX% Vb`b ce\aV\c\b Xkc_\VTg\ib ZXaXeT_% haT WbU_X eX_TV\sa XageX iXeWTW l cbWXe Xa ÖXfgXÜ `haWb% X_ `haWb WX [b`UeXf l `h]XeXf WX VTeaX l [hXfb' Fbe haT cTegX% iXeWTW l cbWXe i\XaXa WX _T `Tab chXfgb dhX _T iXeWTW l _bf fTUXeXf dhX _T XahaV\Ta fX \afg\ghlXa Vb`b VbafXVhXaV\T WX haT ib_hagTW WX cbWXe b ib_hagTW WX fXrbeqb Xk\gbfT% _T VhT_ cXe`\gX T _bf ahXibf fXrbeXf \`ce\`\e ha fXag\Wb WXgXe`\aTWb T _bf VbaVXcgbf Xa UTfX T fhf cebc\bf iT_beXf' Fbe bgeT cTVXe_bf fTUXeXf l _Tf iXeWTWXf \afg\gh\WTf bcXeTa Vb`b `XVTa\f`b _XZ\g\`TWbeXf WX_ cbWXe% VbaYbe`TaWb _b dhX C\V[X_
*+

*,

Ka UhXa X]X`c_b WX X__b _b Ue\aWT X_ cebVXfb WX \afg\gh& V\baT_\mTV\sa WX_ W\fVhefb `Tek\fgT WXageb WX_ `bi\`\Xagb fbV\T& _\fgT' ;_ `Tek\f`b Xf ha W\fVhefb WX_ fbV\T_\f`b% cXeb hab eX_Tg\& iT`XagX eXV\XagX' ;a _T pcbVT Xa dhX CTek `he\s% fhf XfVe\gbf XfgTUTa eX_Tg\iT`XagX cbVb W\YhaW\Wbf XageX _bf TVg\i\fgTf WX_ `bi\`\Xagb bUeXeb4 cbVbf cTeg\Wbf bUeXebf fX \WXag\Y\VTa fq `\f`bf Vb`b Ö`Tek\fgTfÜ X% \aV_hfb% X_ VbaVXcgb WX Ö`Tek\f`bÜ XeT hg\_\mTWb Xa ha fXag\Wb cXlbeTg\ib `\XageTf CTek Tva i\iqT' ;f ce\aV\cT_`XagX ZeTV\Tf T _bf XfYhXembf WX AThgf^l dhX Vb`\XamT T TWdh\e\e haT VbaabgTV\sa cbf\g\iT "+#' FXeb% _hXZb WX dhX _bf Ub_V[Xi\dhXf Vbadh\fgTeba X_ cbWXe Xa haT eXib_hV\sa ZXah\aT& `XagX cbch_Te &ThadhX WX WhWbfT Y\_\TV\sa ceb_XgTe\T& eXfh_gTUT W\YqV\_ ab eXVbabVXe Xa X__T _T iXeWTW eXT_\mTWT WX_ `Tek\f`b l _T XY\VTV\T \`c_TVTU_X WX_ _Xa\a\f`b' :Xfchpf WX *2*0% eXfh_gTUT VTf\ \`cbf\U_X _XZ\g\`Te _T iT_\WXm WX cXefcXVg\iTf XfgeTgpZ\VTf ab _Xa\a\fgTf b ab Ub_V[Xi\dhXf% fXT Xa _bf WXUTgXf gXse\Vbf b WXageb WX_ `bi\`\Xagb fbV\T_\fgT' FbVb T cbVb% X_ `Tek\f`b&_Xa\a\f`b fX YhX \WXag\Y\VTaWb Vba X_ ÖfbV\T_\f`bÜ Vb`b gT_ Xa _T cXeVXcV\sa WX _T WXeXV[T l% cbe fhchXfgb% Xa X_ _XaZhT]X% _T beZTa\mTV\sa% _Tf Vbaf\Z& aTfl_TcenVg\VTcb_qg\VTWX_Tf\mdh\XeWTfWXgbWTf_Tf_Tg\ghWXf' ;_ ceXfg\Z\b WX _bf Ub_V[Xi\dhXf l WX fh eXib_hV\sa _Xf cXe& `\gqT WXfVT_\Y\VTe T bgeTf \a\V\Tg\iTf% T fTUXeXf fbV\T_\fgTf W\YXeXagXf' ;a fh pk\gb YnVg\Vb eTW\VTUT _T cehXUT WX fh iXeWTW ",# l XfT iXeWTW \aV\WqT% T fh iXm% Xa _T _XZ\g\`TV\sa WX_ `Tek\f`b Vb`b cenVg\VT cb& _qg\VT' IX geTgT% Xa WXY\a\g\iT% WX ha fXag\Wb \`chXfgb Xa X_ c_Tab abe& `Tg\ibliT_beTg\ibb%_bdhXXf_b`\f`b%WXhaT\_hfgeTV\saWX_ + ' ; f g b [ T f \W b f X r T _ T W b cbe =X beZX f >T h c g% f X Z v a ' \ a W \ V T 8 X ` T e W Ibe] X a É > \ f g b e \ T X V e \ f X W T c e b W h V T b WT i X e W T W X ab ` T e k \ f ` b % 9QXQU 1UVWFQU 9 ;8 H 7 F % L b _ '+ 'D x, %IT b F T h _ b %a b i X ` U e b*21,%c' +/' , ' F Te TV \ g T eT @ h _ \ bH b W e q Z h X m7 e T ` U X e e \ % É _ b dhX V b a i \ X a Xg X a X e V _ T e bWXfWX X _c e \ a V \ c \ bX fd h XT c X f T eW X fh f T a g \ W T W T V g h T _ % X _ _ X a \ a \ f ` bab [T f\ Wb f \ X ` c e Xh ac e \ a V \ c \ b\ a W \ f V h g \ W b WX b e Z T a \ m T V \ s a ld h X %WX ab [ T U X ef\ Wb cbe X _g e \ h a Y bW X _ T e X i b _ h V \ s af b V \ T _ \ f g T X aH h f \ T % W \ Y q V \ _ ` X a g X X f g T e q T [bl e X i X f g \ W b W X _c b a g \ Y \ V T _V b ad h X fX V h \ W T e b aWX T W b e a T e _ b g T a g b I g T _ \ aV b ` b Ihf T W i X e f T e \ b f Ñ 'Lp T fX fh É ~ K a ` b W X _ b v a \ V b 6Ñ % 1NAKGLQ?QRQ ; k g e TD x -% 8 T e V X _ b a T % * 2 1 ) %c' . - '

*-

aXkb XageX fTUXe l cbWXe XahaV\TWb cbe D\XgfmV[X l WXfTeeb__TWb cbfgXe\be`XagX cbe bl% _T cbgXaV\T WX XfX epZ\`Xa WX iXeWTW lT ab Xf gTa Xi\WXagX' :Xageb WX _T \mdh\XeWT fbV\T_\fgT fX [TU_T WX haT ÖVe\f\f WX_ `Tek\f`bÜ WXfWX [TVX `nf WX haT WpVTWT% l Xa _T `TlbeqT WX _bf cTqfXf WX EVV\WXagX _Tf beZTa\mTV\baXf cb_qg\VTf \afc\eTWTf cbe X_ `Tek\f`b fX [T__Ta Xa ha YeTaVb eXgebVXfb' ChV[bf dh\XeXa Tha eXfVTgTe X_ fbV\T_\f`b Vb`b ceblXVgb WX fbV\XWTW% gb`TaWb W\f& gTaV\T WX _bf XfgTWbf WX_ ÖfbV\T_\f`b eXT_`XagX Xk\fgXagXÜ% ceXW\& VTaWb _T aXVXf\WTW WX eXfcXgTe _Tf _\UXegTWXf V\i\_Xf ÖUheZhXfTfÜ l eX\i\aW\VTaWb T_ fbV\T_\f`b Vb`b cXefcXVg\iT dhX cXe`\g\eqT ÖeXT_& `XagXÜeTW\VT_\mTe_TWX`bVeTV\T' FXeb _T W\eXVV\sa T gb`Te ab Xf gTa V_TeT' BT f\ghTV\sa WX `hV[bf Xf f\`\_Te T _T c_TagXTWT cbe <_ThUXeg Xa X_ YeTZ`Xagb V\gTWb' Is_b dhX lT ab fX UhfVT ha ce\aV\c\b YhaWTV\baT_ ha\gTe\b% f\ab `nf U\Xa haT fXe\X WX cThgTf dhX cXe`\gTa eXVb`cbaXe ha cXafT`\Xagb WX \mdh\XeWT' Fbe ha _TWb% fX WXfVbaYqT WX _T iT_\WXm WX_ W\fVhefb `Tek\fgT WX_ fbV\T_\f`b l fX fTUX dhX Xf aXVXfTe\b WXf_\ZTefX WX p_4 cbe X_ bgeb% fX UhfVT haT ahXiT cXefcXVg\iT fbV\T_\fgT% WX`bVeng\VT l _\UXegTe\T% f\a cbWXe [TfgT T[beT [T__Te haT Ybe`h_TV\sa V_TeT VTcTm WX VTcgheTe _T \`TZ\aTV\sa WX _T ZXagX' FTeXVXeqT dhX _T Veqg\VT% TVghT_`XagX `hV[b `nf WXfTeeb__TWT dhX _TbcV\saT_gXeaTg\iT%Wb`\aTXaXkVXfbX_ha\iXefbTeZh`XagTg\ib' ;__b ab WXUXeqT fXe `bg\ib WX `Tlbe ceXbVhcTV\sa chXfgb dhX% T_ eXT_\mTe haT bcbf\V\sa Veqg\VT T _b lT Xk\fgXagX% fX WXUX gXaXe _T VbaV\XaV\T WX dhX X__b chXWX l fhX_X \aib_hVeTe XkVXfbf cbe cTegX WX _b ÖahXibÜ Xa fh _hV[T cbe Xk\fg\e l TY\e`TefX' ~7VTfb ab W\]b 8T& V[X_TeW dhX ha ahXib VbabV\`\Xagb aTVX Xa bcbf\V\sa T _b lT Xk\f& gXagX6 KaT ahXiT Y\_bfbYqT% TY\e`T 7_g[hffXe% Éfs_b Xk\fgX cbe _T cb& -' 8XeaTeWbIbe]%QR$EKV$"c'+1'

*.

f\V\sa dhX bVhcT l fs_b bVhcT XfT cbf\V\sa Vbadh\fgnaWb_T fbUeX X_ c_Tab WX ha `haWb lT bVhcTWb''' Ql cTeT X__bR [Tl dhX cXafTe Xa _bf XkgeX`bf4 XagXaWT`bf cbe Xfgb haT cbf\V\sa Xa _T dhX fX Xaha& V\Ta gXf\f&_q`\gX% WbaWX cTeT [TVXe cbf\U_X X_ cXafT`\Xagb% fX bVh& cT X_ _hZTe WX _b \`cbf\U_XÑ ".#' CTek WXW\Vs VTf\ gbWT fh i\WT T _T Veqg\VT% fXT WX _T Y\_bfbYqT WX_ WXeXV[b% WX _T XVbab`qT cb_qg\VT Uhe& ZhXfT% WX _bf cebZeT`Tf WX _T fbV\T_WX`bVeTV\T T_X`TaT b WX _T Y\_b& fbYqT XfcXVh_Tg\iT&VbagX`c_Tg\iT T_X`TaT' :X XfT Veqg\VT YhX fhe& Z\XaWb X_ `b`Xagb cbf\g\ib% X_ WX_ WXfTeeb__b l WX _T YhaWT`XagT& V\sa WX fh Ö`TgXe\T_\f`b [\fgse\VbÜ% X]X VbaVXcghT_ VXageT_ WX_ `Te& k\f`b' BXa\a hg\_\ms haT `XgnYbeT cTeT \_hfgeTe _T eX_TV\sa XageX Veqg\VT l geTafYbe`TV\sa3 cTeT XaWXeXmTe ha UTfgba% W\VX% ce\`Xeb [Tl dhX WbU_Te_b `nf WX _b aXVXfTe\b' FXeb _T gTeXT WX ÖWbU_Te X_ UTfgsaÜ ab bU_\ZT T_ Veqg\Vb T TWbcgTe haT cXefcXVg\iT f\`pge\VT& `XagX \aiXefT T _T Ve\g\VTWT' JT`cbVb _b Xk\`X WX Vb`XgXe XkVXfbf Xa _T ZXfgTV\sa WX_ `b`Xagb cbf\g\ib WX _T Veqg\VT% X_ WX_ WXfTeeb__b WX fTUXeXf ahXibf b T_gXeaTg\ibf' ;f WXV\e% T_ TcX_Te T_ cebVXW\& `\Xagb WX ÖVheiTe X_ UTfgsaÜ WX_ fXag\Wb Vb`va \`cXeTagX [TV\T ÖX_ bgeb _TWbÜ cTeT geTafYbe`Te_b% f\X`ceX fX VbeeX X_ e\XfZb WX VheiTe_b XaXkVXfbbVheiTe_bWX`Tf\TWbcbVb' BT UvfdhXWT WX _b ahXib fhcbaX haT fXe\X WX WXV\f\baXf WX VTenVgXe gXse\Vb&cb_qg\Vb Vhlbf XYXVgbf \aib_hVeTa haT fXe\X WX ehcgheTf% WXfc_TmT`\Xagbf l geTafYbe`TV\baXf Xa _Tf cenVg\VTf% _bf eXYXeXagXf l _Tf gXf\f Vbafg\ghg\iTf WX_ W\fVhefb fbV\T_\fgT' 9b`b X_ `Tek\f`b [T f\Wb X_ W\fVhefb [\fgse\VT`XagX Wb`\aTagX WX_ fb& V\T_\f`b &\aV_hlXaWb fh cbfgXe\be Xib_hV\sa cbe WXeebgXebf _Xa\& a\fgTf% XfgT_\a\fgTf% `Tb\fgTf h bgebf&% _Tf WXV\f\baXf `XaV\baTWTf fX eXY\XeXa YhaWT`XagT_`XagX T W\V[b W\fVhefb' ;_ paYTf\f Xfgn chXfgb fbUeX _b PQ RWGFG UGIWKT haT iXm dhX fX TVXcgT% Vb`b Xa X_ iXefb WX CTV[TWb% dhX ab chXWX [TUXe ha fb_b VT`\ab chXfgb dhXXfgXfs_bfX[TVXT_TaWTe'

5;C5AA5=>C5>A93>45; B>391;9B<><1AF9BC1

.' Bbh\f 7_g[hffXe% ÉJXf\f WX 7`\XafÑ "*20.#% Xa 0KCN^EVKEC Dx ,% ]h_\b *200% eXi\fgT WX _T YTVh_gTW WX <\_bfbYqT l BXgeTf% Ka\iXef\WTW 7hgsab`T WX FhXU_T%Cpk\Vb%cc'*.)%*..'

*/

*0

É;_ dhX CTek l X_ `Tek\f`b YhXeba VTcT& VXf WX X]XeVXe haT \aY_hXaV\T ceXcbaWX& eTagX l iXeWTWXeT`XagX VTgTfgesY\VT fbUeX W\iXefbf `bi\`\Xagbf bUeXebf ab Xf fs_b eXfh_gTWb WX _T ZXa\T_\WTW b WX_ Xfcqe\gh fTgna\Vb WX CTek' ;_ ceXWb`\a\b WX _T cebWhVV\sa XVbas`\VT l _T VbafXVhXagX TGFWEEKaP WX gbWT cebU_X`ng\VT fbV\T_ l cb_qg\VT ab fba `nf dhX _bf gX`Tf XfgehV& gheTWbeXf WX_ \`TZ\aTe\b WX fh pcbVT "l WX _T ahXfgeT#3 X_ \`TZ\aTe\b WX_ VTc\gT_\f`bÑ $

'$#;IWYVL\KKQeU"SVK\Z_YI[QVN\ULITMU[ISLMSLQZK\YZV TIY^QZ[I$ 7agX _T ceXZhagT3 ~Vs`b fX Vbafg\ghlX _T ha\WTW WX haT fbV\XWTW WTWT% dhp _X VbaY\XeX haT Ybe`T b aTgheT_XmT WXgXe`\aTWT T _T c_heT_\WTW WX cebVXfbf% eX_TV\baXf l YXas`Xabf fbV\T_Xf W\iXefbf6% X_ `TgXe\T_\f`b [\fgse\Vb eXfcbaWX f\a g\ghUXbf3 X_ `bWb WX cebWhVV\sa WX _T i\WT `TgXe\T_ l X_ ceblXVgb WX Wb`\aTV\sa dhX VbeeXfcbaWX T _bf \agXeXfXf l Tfc\eTV\baXf WX haT V_TfX Wb`\aTagX dhXX_`\f`b`bWbWXcebWhVV\saXaZXaWeT';aXfgXfXag\Wb%X_ *' 9beaX_\hf 9Tfgbe\TW\f% ÉIbV\T_\f` TaW 7hgbab`bhf IbV\XglÑ% ?GNQU Dx -,%DXjObe^%Ice\aZ*21)%c'22'

*1

*2

fbV\T_\f`b `Tek\fgT \agXagT Ö_XXeÜ _T eXT_\WTW T geTipf WX ha [\_b VbaWhVgbe YhaWT`XagT_% T fTUXe% _T ceXfXaV\T cXe`TaXagX WX haT VbageTW\VV\sa XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa l WX ha TagTZba\f`bWXV_TfXWXgenfWX_TTcTeXagXW\iXef\WTWfbV\T_' ;_ `TgXe\T_\f`b [\fgse\Vb Xf X_ gXeeXab gXse\Vb Xa X_ VhT_ X_ `Tek\f`b Vbafg\ghlX fhf bU]Xgbf l XfgeTgXZ\Tf' ;a gpe`\abf ZXaX& eT_Xf% XfgX gXeeXab fX Teg\Vh_T T_eXWXWbe WX f\XgX cebcbf\V\baXf TVXeVT WX_TfbV\XWTWl_T[\fgbe\T3 T' BT aTgheT_XmT b TaTgb`qT WX haT fbV\XWTW Xfgn WTWT cbe X_ OQFQ FG RTQFWEEKaP Wb`\aTagX Xa X__T% _T XVbab`qT Vbafg\ghlX fh UTfX b \aYeTXfgehVgheT l X_ W\fVhefb WX _T XVbab`qT cb_qg\VT &cbe _T iqT WX ha g\cb WX fTUXe XfcXVqY\Vb% X_ `TgXe\T_\f`b [\fgse\Vb& cebcbeV\baT _T ce\aV\cT_ __TiX WX TVVXfbcTeTfh\agX_\Z\U\_\WTW4 U' BT JKUVQTKC WX haT fbV\XWTW VhT_dh\XeT Xf _T [\fgbe\T WX _bffhVXf\ibf`bWbfWXcebWhVV\sadhX_T[TaXfgehVgheTWb4 V' JbWb `bWb WX cebWhVV\sa ZXaXeT haT ENCUG FQOKPCPVG dhX fX Vbafg\ghlX T cTeg\e WX hab WX _bf Wbf _hZTeXf cbf\U_Xf dhX chXWXa bVhcTe _bf TZXagXf fbV\T_Xf Xa _Tf eX_TV\baXf WX cebWhVV\sa' Ih ceblXVgb WX Wb`\aTV\sa% Xa gTagb VbW\Y\VT& V\sa WX fhf \agXeXfXf l Ta[X_bf Vb`b V_TfX% fX c_Tf`T Xa _Tf W\iXefTf Ybe`Tf \afg\ghV\baT_Xf% cb_qg\VTf XfgTgT_Xf% VbaVXc& V\baXf pg\VTf% cebWhVV\baXf Vh_gheT_Xf% TagTZba\f`bf l eX& _TV\baXffbV\T_XfWX_TpcbVTWXfhWb`\a\b4 W' ;_ `\f`b `bWb WX cebWhVV\sa XaZXaWeT T haT ENCUG FQOKPCFC [ CPVCIaPKEC VhlT eXf\fgXaV\T VbaWhV\eqT% XiXa& ghT_`XagX% T _T WXfVb`cbf\V\sa WX_ ceblXVgb WX Wb`\aTV\sa Xk\fgXagX l T _T fhfg\ghV\sa WX XfgX cbe X_ ceblXVgb T_gXeaTg\ib X [\fgse\VT`XagX `nf X_XiTWb WX_ VhT_ Xf cbegTWbe _T V_TfX [TfgTXagbaVXfWb`\aTWT4

+)

X' ;_ X_X`Xagb FGVQPCFQT WX _Tf geTafYbe`TV\baXf [\fgse\VTf Xf _T ÖVbageTW\VV\sa ZXaXeT_Ü XageX YhXemTf WX ceb& WhVV\sa Xa Vbag\ahb WXfTeeb__b l eX_TV\baXf WX cebWhVV\sa dhX Xa V\Xegb `b`Xagb fX Vbai\XegXa Xa geTUTf cTeT fh WXfTeeb__b3 ahXiTf l `nf X_XiTWTf eX_TV\baXf WX cebWhVV\sa fs_b chXWXa fheZ\e VhTaWb fX [Ta TZbgTWb _Tf cbf\U\_\WTWXf WXWXfTeeb__bWX_TfYhXemTfcebWhVg\iTfUT]b_bfTag\Zhbf4 Y' ;_ OGECPKUOQ WX _T geTafYbe`TV\sa% X_ Ö`bgbe WX _T [\fgbe\TÜ% _b Vbafg\ghlX _T _hV[T XageX Vb_XVg\i\WTWXf WX TZXagXf fbV\T_Xf dhX bVhcTa _bf Wbf chXfgbf ce\aV\cT_Xf WXf\ZaTWbfcbe_TfeX_TV\baXfWXcebWhVV\saWb`\aTagXf' ' ;fgTf Vb_XVg\i\WTWXf fX Vbai\XegXa Xa TZXagXf WX_ VT`U\b [\fgse\Vb Xa gTagb _bZeTa Vbafg\gh\efX Xa V_TfXf fbV\T_Xf Xa _hV[T cbe _T fbV\XWTW% iT_X WXV\e% Xa _hV[T cbe \`ce\`\e haT WXgXe`\aTWT Ybe`T b ha\WTW T cebVXfbf l eX_TV\baXf fbV\T_Xf lcbeVbageb_Te_T[\fgbe\V\WTWWXXfbfcebVXfbfleX_TV\baXf4 Z' ;_ V\V_b cebZeXf\ib WX FQOKPCEKaP#TGUKUVGPEKC#FQ# OKPCEKaP fX eb`cXeqT% Y\aT_`XagX% Vba X_ WXfc_TmT`\Xagb WX _T UheZhXfqT WX_ cbWXe l Vba X_ TfVXafb WX_ ceb_XgTe\TWb T fh _hZTe% chXfgb dhX fX Tfh`X "\# É_Tf eX_TV\baXf UheZhXfTf WX cebWhVV\sa fba _T v_g\`T Ybe`T TagTZsa\VT WX cebWhVV\saÑ "+#% dhX "\\# X_ f\fgX`T WX cebWhVV\sa VTc\gT_\fgT ceXVXWX T_ fbV\T_\f`b l TchagT T fh cebc\T W\fb_hV\sa WTWTf _Tf Ö_XlXf gXaWXaV\T_XfÜ ThgbWXfgehVg\iTf dhX _X fba \a[XeXagXf% l dhX "\\\# X_ ceb_XgTe\TWb% Vb`b _T V_TfX `nf Xkc_bgTWT l bce\`\WT% T_ X_\`\aTe _T cebc\XWTW ce\iTWT WX _bn `XW\bf WX cebWhVV\sa &_T UTfX `TgXe\T_ cTeT gbWT W\i\f\sa WX V_TfXf& X_\`\aTeqT T_ `\f`bg\X`cbgbWTYbe`TWXbceXf\sa' +' 9Te_bf CTek% ÉFes_bZb T _T Vbage\UhV\sa T _T Veqg\VT WX _T XVbab`qT cb_qg\VT "*1.2# Xa 5PVTQFWEEKaP IGPGTCN C NC ET_VKEC FG NC GEQPQO_C RQN_VKEC "*1.0#% 9hTWXeabf WX FTfTWb l FeXfXagX Dx *% abiXaT XW\V\sa VbeeXZ\WT l Th`XagTWT%Cpk\Vb%*201%c'00'

+*

7 cTeg\e WX XfgX gXeeXab gXse\Vb ZXaXeT_% X_ W\fVhefb `Tek\fgT [T X_TUbeTWb geXf ÖiXeWTWXf YhaWT`XagT_XfÜ T _Tf VhT_Xf Tf\ZaT ha fgTghfWXTGHGTGPVGUcTeTX_Vn_Vh_bXfgeTgpZ\VbXaX_gXeeXabcb_qg\Vb3 T' BT EQPVTCFKEEKaP IGPGTCN XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa fX Vbai\XegX Xa X_ eXYXeXagX dhX \aW\VT _bf `XVTa\f`bf cebWhVgbeXf WX _T ehcgheT l _T Vbaf\Zh\XagX geTafYbe`TV\safbV\XgT_4 U' BT EQPVTCFKEEKaP FG ENCUG ce\aV\cT_% WTWT cbe X_ `bWb WX cebWhVV\sa Wb`\aTagX% cTfT T fXe X_ eXYXeXagX dhX XfgTU_XVX X_ g\cb WX _hV[T l WX TagTZba\f`b dhX VbaWhV\en T_ WXfXaVTWXaT`\Xagb WX _T Ve\f\f l WX_ Vb_Tcfb WX_ f\fgX`T WXXkc_bgTV\sa&Wb`\aTV\saXk\fgXagX4l%Y\aT_`XagX% V' BT ENCUG QDTGTC" avV_Xb YhaWT`XagT_ WX _bf geTUT]TWb& eXf TfT_Te\TWbf% TcTeXVX Vb`b X_ eXYXeXagX cTeT VbaYbe`Te _T \WXag\WTW WX_ fh]Xgb eXib_hV\baTe\b% Xf WXV\e% WX_ fh]Xgb dhX XaVT`Ten l XaVTUXmTen _T _hV[T fbV\T_\fgT Xa i\eghW WX fh Öcbf\V\sa bU]Xg\iTÜ WXageb WX _T XfgehVgheT WX eX_TV\baXf WX cebWhVV\sa% WX fh fgTghf Vb`b !YhXemT fbV\T_ `nf bce\`\WT lXkc_bgTWTÜWX_TfbV\XWTW%WXfh`TlbeqTah`pe\VT%XgV' ;f Xi\WXagX dhX Vba X__b X_ cebU_X`T WX _T aTgheT_XmT WX haT fbV\XWTW% WX fh Ybe`T WX ha\WTW% Xfgn f\X`ceX eXfhX_gb WX TagX`Tab' 7_ WXgXe`\aTe _T XfgehVgheT XVbas`\VT Tf\ZaTWT cbe X_ `bWb WX cebWhVV\sa Wb`\aTagX "cbe X]X`c_b% X_ VTc\gT_\fgT#% fX eXfhX_iX gT`U\pa X_ g\cb WX ha\WTW Xk\fgXagX "Xa XfgX VTfb% UheZhXfT#% chXfgb dhX _T W\iXef\WTW fbV\T_ TcTeXVX Vb`b `XgnfgTf\f WX ha ]hXZb dhX fX WXfTeeb__T Xa ha n`U\gb VXageT_% X_ XVbas`\Vb% WbaWX fX ZXfgT gTagb _T V_TfX VhlT Wb`\aTV\sa fX \`ce\`\en Xa gbWbf _bf \agXefg\V\bf WX_ gX]\Wb fbV\XgT_ Vb`b gT`U\pa _T V_TfX VhlT eXf\fgXaV\T XfgTeqT ceXfXagX Xa gbWbf Xfbf \agXefg\V\bf' 7fq% X_ VbaVXcgb WX ÖbceXf\saÜ% Y\e`X`XagX TaV_TWb Xa X_ n`U\gb XVbas`\Vb% XfgTeqT VbaabgTg\iT& `XagX _\ZTWb T haT XkcXe\XaV\T WX V_TfX% chXfgb dhX XibVTeqT% TagX

++

gbWb% _T Wb`\aTV\sa WX haT V_TfX fbUeX bgeT l _T eXf\fgXaV\T WX haT V_TfX fhUT_gXeaT T XfT bceXf\sa' ;__b eXiX_T _T VeXXaV\T Xa haT abV\sa ÖYhXegXÜ WX gbgT_\WTW Xa X_ fXag\Wb dhX _T c_heT_\WTW WX YXas`Xabf XfgTeqTa _\ZTWbf XageX f\ cbe eX_TV\baXf aXVXfTe\Tf W\VgTWTfcbeX_n`U\gbXVbas`\Vb",#' ($

5SZVKQISQZTVTIY^QZ[I$g@\bMZ[YI[MOQILMS\KPI"X\b WYV_MK[VLMZVKQMLIL0

;fgbf fba _bf _\aXT`\Xagbf ZXaXeT_Xf WX_ gXeeXab gXse\Vb l WX _bf eXYXeXagXf YhaWT`XagT_Xf WX_ W\fVhefb `Tek\fgT% T`Ubf Vbafg\& ghg\ibf WX ha EKGTVQ VKRQ FG UCDGT fbV\T_\fgT' ;fgX fTUXe [T f\Wb W\e\Z\Wb T ha `bi\`\Xagb bUeXeb T_ VhT_ Vbage\Uhls T Ybe`Te% beZTa\mTe l WXfTeeb__Te' JT`U\pa [T f\Wb haT cebchXfgT cTeT ha ahXib g\cb WX fbV\XWTW% haT fbV\XWTW X`TaV\cTWT WX _T Xkc_bgTV\sa l _T bceXf\sa WX V_TfX cbe VhTagb cebcbaX W\fb_iXe _T \afg\ghV\sa WX _T cebc\XWTW ce\iTWT% T _T dhX Vbaf\WXeT Vb`b VbaW\V\sa WX Xk\fgXaV\TWX_TfW\i\f\baXfWXV_TfX' ;fgbf geXf X_X`Xagbf Çha fTUXe% ha `bi\`\Xagb fbV\T_ l ha ceblXVgb WX fbV\XWTWÇ fba Vbafg\ghg\ibf WX _bf W\fVhefbf dhX VbaYbe`Ta X_ VT`cb WX _T TVV\sa cb_qg\VT' ;a XfgX VTfb% fX geTgT TWX`nf WX ha W\fVhefb dhX Xf T _T iXm eXib_hV\baTe\b l fbV\T_\fgT' IXW\VXdhXXfTGXQNWEKQPCTKQabcbedhXceXgXaWTWXfgeh\ei\b_Xa& ,' BT abV\sa ÖYhXegXÜ WX gbgT_\WTW Xf% Xa V\Xegb `bWb% f\`\_Te T _b dhX C\V[X_
+,

gT`XagX X_ beWXa WX VbfTf Xk\fgXagX% f\ab cbe VhTagb cbfgh_T _T aXVXf\WTW WX __XiTe T VTUb haT geTafYbe`TV\sa eTW\VT_ WX _Tf eX_TV\baXf WX cbWXe Xk\fgXagXf Xa _bf W\iXefbf n`U\gbf WX _T i\WT Ç _T XVbab`qT% _T cb_qg\VT% _T Xg\VT Vb`ha\gTe\T% _T cebWhVV\sa WX Ybe`Tf Vh_gheT_Xf% XgV' O fX W\VX UQEKCNKUVC Xa gTagb _hV[T cbe cbaXe Y\a T _T `\fXe\T% bceXf\sa l Xkc_bgTV\sa [h`TaT dhX aTVX l fX eXcebWhVX T _b _TeZb WX _T [\fgbe\T T geTipf WX _Tf WXf\ZhT_WTWXf fbV\T_Xf ZXaXeTWTf cbe _Tf Ybe`Tf WX cebc\XWTW l _bf `bWbf WX W\fge\UhV\saWX_Te\dhXmTfbV\T_' :X T[q dhX X_ fbV\T_\f`b `Tek\fgT fheZ\Wb T cTeg\e WX_ f\Z_b N?N c_TagXT dhX _T _hV[T X`TaV\cTgbe\T WXUX __XiTefX T VTUb UT]b _T Ybe`T WX ha RTQ[GEVQ FG ENCUG$ :\V[b c_TagXT`\Xagb fX iX eXYbemTWb cbe Wbf gXf\f VbaXkTf3 cbe ha _TWb% cbe _T gXf\f dhX _Tf Ybe`Tf cb_qg\VTf% _bf beWXaT`\Xagbf ]heqW\Vbf% _Tf cebWhVV\baXf Vh_gheT_Xf% _bf W\fVhefbf WX _T `beT_ l _T pg\VT% XgV' Vbafg\ghlXa Xf_TUbaXf WX haT VTWXaT Teg\Vh_TWT cbe _Tf Ybe`Tf WX cebc\XWTW Xk\fgXagXf Xa haT fbV\XWTW WTWT4 cbe bgeb _TWb% cbe _T gXf\f dhX _T cebc\XWTW ce\iTWT% Xa gTagb X]X Teg\Vh_TWbe WX XfgT VTWXaT% fX XaVTeaT X`cqe\VT`XagX Xa haT W\`Xaf\sa V_Tf\fgT% Xfgb Xf% Xa _Tf aXVXf\WTWXf l Tfc\eTV\baXf WX haT V_TfX dhX fX [T VbaiXeg\Wb Xa _T V_TfXWb`\aTagX' ;fgb [T `TeVTWb cebYhaWT`XagX _Tf eXY_Xk\baXf `Tek\fgTf TVXeVT WX _T cb_qg\VT l WX _T TVV\sa XfgeTgpZ\VT WXageb WX_ VT`cb cb_qg\Vb% chXfgb dhX [T VbaWhV\Wb T haT `Tlbe fXaf\U\_\WTW l ceXbVhcTV\sa cbe _T VhXfg\sa WX Ödh\pa ZbU\XeaTÜ TagXf dhX cbe X_ cebU_X`T WX_ ÖVb`b Xf ZbUXeaTWTÜ haT fbV\XWTW' 9b`b _b cbaX 8bUU\b3 ÉCTek l ;aZX_f "l genf fhf [hX__Tf ha ]XYX eXib_hV\baTe\b Vb`b BXa\a#% VbaiXaV\Wbf Vb`b XfgTUTa dhX _T XfYXeT WX _T cb_qg\VT XeT _T XfYXeT WX _T YhXemT "Xa _b dhX gXaqTa gbWT _T eTmsa#% fX c_TagXTeba f\X`ceX X_ cebU_X`T WX_ fh]Xgb [\fgs& e\Vb WX XfgT YhXemT% \aW\i\WhT_\mTWb Xa _T V_TfX Wb`\aTagX Xa

+-

VTWT `b`Xagb% `nf U\Xa dhX X_ WX _bf W\iXefbf `bWbf T geTipf WX _bf dhX XfT YhXemT chXWX fXe X]XeV\WT "dhX Xf X_ cebU_X`TWX_Tf\afg\ghV\baXf#Ñ"-#' Fbe Vbaf\Zh\XagX% X_ `Tek\f`b [T \WXag\Y\VTWb _T _hV[T cbe X_ fbV\T_\f`b Vba _Tf _hV[Tf __XiTWTf T VTUb cbe ha fh]Xgb WX V_TfX Xa UhfVT WX fh X`TaV\cTV\sa &_T V_TfX Wb`\aTWT b _T T_\TamT WX V_TfXf(YeTVV\baXfWXV_TfXWb`\aTWTf&VbageThaTV_TfXWb`\aTagX b U_bdhX WX cbWXe XfgehVgheTWb Xa gb`b T haT V_TfX b YeTVV\sa WX V_TfX Wb`\aTagX' :X XfgX `bWb% gTagb Xa X_ fXag\Wb Vb`va WX _bf `Tek\fgTf Vb`b Xa X_ WX fhf TWiXefTe\bf \WXb_sZ\Vbf _\UXeT_Xf% fXe ÖfbV\T_\fgTÜ [T f\Wb \agXeceXgTWb Xa gpe`\abf WX haT _hV[T Xa VbageT WX _Tf Ybe`Tf WX cebc\XWTW dhX fX geTWhVX Xa haT _hV[T cbe geTafYbe`Te eTW\VT_`XagX X_ f\fgX`T WX Wb`\aTV\sa WX V_TfX Xk\f& gXagX' O fXe ÖcebZeXf\fgTÜ [T f\Wb XagXaW\Wb% cbe XfX `\f`b fXag\Wb Vb`va% Vb`b haT \aV_\aTV\sa cbe TcblTe l TVb`cTrTe _Tf _hV[Tf WX _Tf V_TfXf Wb`\aTWTf dhX Tfc\eTa n X`TaV\cTefX T fq `\f`Tf l% Xa X_cebVXfbWX[TVXe_b%X`TaV\cTeT_TfbV\XWTWXagXeT' ;fgb \`c_\VT% Vb`b Xf WX XfcXeTefX% dhX X_ W\fVhefb Tf\ZaT haT cbf\V\sa VXageT_ l ce\i\_XZ\TWT T_ `b`Xagb XVbas`\Vb% chXfgb dhX _T XVbab`qT fX ceXfXagT Vb`b gXeeXab Xa X_ VhT_ "\# TcTeXVXa _Tf Ybe`Tf `TgXe\T_Xf WX _T cebc\XWTW% WX _T Xkc_bgTV\sa l WX _T bceXf\sa WX V_TfX l Vb`b X_ gXeeXab Xa WbaWX "\\# fX W\fge\UhlXa _bf W\iXefbf _hZTeXf bVhcTWbf cbe TZXagXf fbV\T_Xf% _hZTeXf T cTeg\e WX _bf VhT_Xf _Tf W\iXefTf Vb_XVg\i\WTWXf WX TZXagXf fbV\T_Xf fX Vbafg\gh\ena Xa gTagTfV_TfXffbV\T_XfXa_hV[T'

-' DbeUXe\b 8bUU\b% É~;k\fgX haT gXbeqT `Tek\fgT WX_ XfgTWb6Ñ "*20.#% Xa 7e`TaWb F\agb "Vb`c\_TWbe#% f1ZKUVG WPC VGQT_C OCTZKUVC FGN GUVCFQ," Ka\iXef\WTW7hgsab`TWXFhXU_T%Cpk\Vb%*201%c'+2'

+.

;9<9C5B5F?;931C9E>B45; <1C5A91;9B<>89BC>A93>

+/

+0

'$;IKVUN\ZQVUMU[YMkMTIUKQWIKQeUP\TIUIl_kMTIUKQ# WIKQeULMS_\OVLMSKIWQ[ISl$

FbWXe% cebc\XWTW ce\iTWT l V_TfX Wb`\aTagX TcTeXVXa Xa X_ W\fVhefb `Tek\fgT XfgeXV[T`XagX _\ZTWbf% Vbafg\ghlXaWb haT ge\a\& WTW &VXeeTWT X \aW\i\f\U_X cTeT BXa\a l F_X]Tabi% Vba Thgbab`qT eX_Tg\iT XageX fhf cTegXf cTeT 7_g[hffXe l Fbh_TagmTf' 9b`b WXVqT ;c\YTa\b X_ =asfg\Vb% WXfWX X_ `b`Xagb Xa dhX _T W\i\f\sa XageX _Tf cT_TUeTf P`R l WX\R YhX \agebWhV\WT Xa X_ `haWb T geTipf WX _T _Xl% fX chfb haT _nc\WT fbUeX _T \WXT WX fbV\XWTW Vb`b Vb`ha\WTW l fX [\mbcbf\U_XX_aTV\`\XagbWX_TcT_TUeTÖ_TWesaÜ"*#' FXeb X_ g\cb WX aXkb dhX fX [T \`chgTWb T Xfbf geXf X_X`Xagbf l _bf XYXVgbf dhX fX ceXgXaWXa WXe\iTe WX p_ Vbafg\ghlXa ha cebU_X`T Xfc\abfb cTeT X_ `Tek\f`b VbagX`cbenaXb3 TVXcgTe XfX aXkb XageX cebc\XWTW l cbWXe fhcbaX WXYXaWXe _T gXf\f dhX [TVX Vb\aV\W\e _T ÖX`TaV\cTV\sa [h`TaTÜ Vba ÖX`TaV\cTV\sa WX_ lhZb WX_ VTc\gT_Ü l WX _T cebc\XWTW ce\iTWT Xa ZXaXeT_' ÉBT _\UXeTV\sa WX _Tf YhXemTf cebWhVg\iTf &fXrT_T 8ThWe\__TeW& fX VbaYhaWX Vba _T _\UXeTV\sa WX_ [b`UeX3 ~Xf pfgT haT Vbaf\ZaT eXib_hV\baTe\T b _T Vbaf\ZaT WX _T cebc\T XVbab`qT cb_qg\VT6Ñ "+#' ;a X_ VTfb WX IgT_\a% W\VX QEKCN =GUGCTEJ% Lb_' -2%Dx+%DXjObe^%Ih``Xe*21+%c',,1' +' @XTa 8ThWe\__TeW% 1N GURGLQ FG NC RTQFWEEKaP "*20,#% =XW\fT% 8TeVX_baT% *21)%c'*1'

+1

+2

WX _Tf geTUTf \`chXfgTf cbe X_ `bWb WX cebWhVV\sa VTc\gT_\fgT ",#' IX chXWXa XahaV\Te cbe _b `Xabf Wbf YT_fTV\baXf X`cqe\VTf WX XfgT gXf\f' I$

g3\aSMZMSScTQ[MLMSIZVKQISQ`IKQeULMSIWYVWQMLIL0

Fe\`Xeb% ~Vhn_ Xf X_ _q`\gX dhX X_ ceblXVgb fbV\T_\fgT `Te& k\fgT \`cbaX T _T fbV\T_\mTV\sa WX _T cebc\XWTW ce\iTWT6 QEKCN=GUGCTEJLb_'-0%Dx*%DXjObe^%Ice\aZ%c'-.' -'

,)

mTV\sa eXT_ WX _T YT`\_\T3 WXfchpf WX gbWb% XfgT XaZXaWeT Xa Ybe`T W\eXVgT l cXe`TaXagX _T cebc\XWTW ce\iTWT WXfWX X_ `b`Xagb Xa dhX VeXTX_Wb`\a\bWX_Tce\iTV\WTWVb`bgT_' ;a gbWb VTfb% [Tl dhX eXVbabVXe dhX fX geTgT WX ha chagb cbVb V_Teb Xa _Tf eXY_Xk\baXf `Tek\fgTf' Fbe _b ZXaXeT_% fX _b V\eVhafVe\UX T _T XfYXeT WX _T cebWhVV\sa `TgXe\T_3 g\XeeTf TZeqVb_Tf% XfgTU_XV\`\Xagbf ZTaTWXebf b X`ceXfTf WXW\VTWTf T _T geTafYbe& `TV\sa' FXeb% ~dhp cTfT Vba _T XfYXeT WX _T V\eVh_TV\sa% _T XfYXeT Xa _T VhT_ fX eXT_\mTa _Tf `XeVTaVqTf% X_ `XeVTWb Xa WbaWX fX __XiT T VTUb X_ \agXeVT`U\b Vb`XeV\T_6 Db [Tl haT eXfchXfgT ÖV_nf\VTÜ T Xfgb% chXfgb dhX CTek YbVT_\ms fh Veqg\VT T_ VTc\gT_\f`b Xa X_ c_Tab WX _Tf HQTOCU "`bWb WX cebWhVV\sa# l ab Xa X_ WX fhf TGCNK\CEKQPGU GOR_TKECU"f\fgX`TfXVbas`\VbfXfcXVqY\Vbf#' FXeb X_ cebU_X`T cenVg\Vb _b WXUX XaYeXagTe VhT_dh\Xe W\e\ZXagX cb_qg\Vb WX _T \mdh\XeWT `Tek\fgT T_ X_TUbeTe ha cebZeT`T WX TVV\sa% fXT cTeT Vb[Xf\baTe haT YhXemT VbagXfgTgTe\T Xa VTfb WX XfgTe Xa _T bcbf\V\sa b cTeT TW`\a\fgeTe _T fbV\XWTW Xa VTfb WX TVVXWXe T_ ZbU\Xeab b T_ X]XeV\V\b WX VTeZbf V_TiXf Xa _T TW`\a\f& geTV\sa WX_ XfgTWb' :XUX fXe VTcTm WX XfgTU_XVXe Ve\gXe\bf XfgTU_Xf WX fbV\T_\mTV\sa' ~Ghp fX Xkcebc\T% dhp fX aTV\baT_\mT% dhp fX Xf& gTg\mT% dhp fX `TaX]T cbe _T iqT WX X`ceXfTf ThgbZXfg\baTe\Tf l dhp fX `Tag\XaX Xa `Tabf ce\iTWTf6 ;_ cebU_X`T eTW\VT% Xa V\Xegb `b& Wb% Xa _T eXWhVV\sa WX_ ceblXVgb T _T hgbcqT WX _T eXib_hV\sa3 _T eXib& _hV\sa dhX WXfgehlX _T cebc\XWTW ce\iTWT Xf Tan_bZT T _T \`TZXa WX _T ZeTa abV[X che\Y\VTWbeT dhX WTeqT cTfb T ha T`TaXVXe eTW\VT_& `XagX ahXib' I\a X`UTeZb% T__q WbaWX _Tf eXib_hV\baXf Thgb& WXab`\aTWTf fbV\T_\fgTf ghi\Xeba _hZTe% _bf VT`U\bf ab bVhee\Xeba WX XfgX `bWb' O a\dhp WXV\e TVXeVT WX _bf VTfbf Xa WbaWX _Tf YhXemTf WX_T\mdh\XeWT`Tek\fgTTVVXW\XebaT_cbWXecbe_TiqTX_XVgbeT_' J$

g3\aSMZMSScTQ[MLMSWS\Z]ISVYMUMSZVKQISQZTV05^WSV# [IKQeUMUZVKQMLILMZWVZKIWQ[ISQZ[IZ$

IXZhaWb% gT`U\pa fX chXWX VhXfg\baTe _T eXWhVV\sa WX _T Xkc_bgTV\sa T _T \afg\ghV\sa WX _T cebc\XWTW ce\iTWT' I\ cbe

,*

Xkc_bgTV\sa XagXaWX`bf _T Ybe`TV\sa WX _bf \aZeXfbf WX T_Zhabf T cTeg\e WX_ c_hfiT_be ZXaXeTWb cbe bgebf b% _b dhX Xf _b `\f`b% f\ fX WXY\aX T _T Xkc_bgTV\sa Vb`b Tcebc\TV\sa WX g\X`cb WX geTUT]b ab eX`haXeTWb% XagbaVXf Xf cbf\U_X WX`bfgeTe dhX Xa _T KHII% WbaWX ab ceXWb`\aT X_ `bWb WX cebWhVV\sa VTc\gT_\fgT h bgeb UTfTWb Xa _T\afg\ghV\saWX_Tcebc\XWTWce\iTWT%[TlXkc_bgTV\sa' 9Tfgbe\TW\f ".# fX bVhcs WX [TVXe_b T Y\aXf WX _T WpVTWT WX _bf Ü-)% hg\_\mTaWb cTeT X__b _Tf XfgTWqfg\VTf fbi\pg\VTf W\fcba\U_Xf' Ih eTmbaT`\Xagb% UTfTWb Xa _bf cbfgh_TWbf WX _T XVbab`qT cb_qg\VT WXCTek%fXTeg\Vh_TXaUTfXTVhTgebfhchXfgbf3 \' ;_ iT_be WX _T YhXemT WX geTUT]b fX WXgXe`\aT Xa eX_TV\sa T_ Vbfgb WX cebWhV\e haT ha\WTW Xdh\iT_XagX WX YhXemT WX geT& UT]b' ;_ gpe`\ab ÖiT_beÜ Xf hg\_\mTWb Tdhq Xa fh fXag\Wb `Te& k\fgT% Xf WXV\e% Vb`b g\X`cb WX geTUT]b fbV\T_`XagX aXVXfTe\b cTeT cebWhV\e haT `XeVTaVqT VhT_dh\XeT% fXT haT VT`\fT% ha T_Y\_Xeb%Vb`bXaXfgXVTfb%_T`XeVTaVqTÖgeTUT]bÜ' \\' JbWT c_hfiT_qT fX WXfg\aT T _T TVh`h_TV\sa' ;fgX Xf ha fhchXfgb dhX fs_b fX \agebWhVX cTeT f\`c_\Y\VTe X_ `bWX_b l X_ Tan_\f\f3 f\Za\Y\VT dhX ab [Tl T[beeb aTV\baT_ b c_hfiT_be XkVXWXagX eXgXa\Wb cTeT bgebf hfbf% Vb`b cbe X]X`c_b% cTeT fXe\aiXeg\WbcTeT_TTVh`h_TV\saWXVTc\gT_' \\\' IX eXge\UhlX ÖT VTWT dh\Xa WX TVhXeWb T fh geTUT]bÜ' ;fgb ab Xf `nf dhX haT chXfgT Xa cenVg\VT WX _T YT`bfT gXf\f WX CTek TVXeVT WX _Tf eXge\UhV\baXf T _bf cebWhVgbeXf Xa haT fbV\XWTW fb_\WTe\T% WbaWX WXfTcTeXVX X_ TYna WX _hVeb l _T Xkc_bgTV\sa' \i' BT W\YXeXaV\T XageX X_ fT_Te\b `nf T_gb l X_ `nf UT]b cXeV\U\WbabWXUXeqTfXefhcXe\beT_TcebcbeV\saWX*3+';__b .' 9beaX_\hf 9Tfgbe\TW\f% ÉBTf eX_TV\baXf WX cebWhVV\sa Xa _T KHII % Xa 7C UQEKGFCFDWTQET]VKEC"Lb_'*%JhfdhXgf;W\gbeXf%8TeVX_baT%*202'

,+

fX UTfTeqT% cbf\U_X`XagX% Xa haT eXYXeXaV\T WTWT cbe CTek Xa fhf XfVe\gbf fbUeX _T WX`bVeTV\T cbfVTc\gT_\fgT \afc\eTWbf Xa _T 9b`haT WX FTeqf WX *10*3 T__q CTek fXrT_T dhX X_ fT& _Te\b WX _bf eXceXfXagTagXf WX_ chXU_b ab WXUXeqTa fXe `Tlbe dhXX_WbU_XWX_bdhXcXeV\UXhageTUT]TWbeVT_\Y\VTWb' 7[beT U\Xa% fX chXWX fhcbaXe &Vb`b _b [TVX 9Tfgbe\TW\f& dhX ha geTUT]TWbe ab XfcXV\T_\mTWb "W\ZT`bf% ha bUeXeb `TahT_# Vb`\XamT T geTUT]Te `hV[b TagXf dhX hab XfcXV\T_\mTWb "`pW\Vb% \aZXa\Xeb% cXe\bW\fgT% XWhVTWbe h bgeb#% f\`c_X l __TaT`XagX cbe _T W\YXeXaV\T WX g\X`cb aXVXfTe\b cTeT Ybe`Te T hab l bgeb' 9Tfgbe\TW\f hfT _T XWTW WX */ Trbf cTeT X_ ce\`Xeb l WX ,) cTeT X_ fXZhaWb' FXeb _T XWTW WX ]hU\_TV\sa _XZT_ Xf _T `\f`T cTeT T`Ubf% W\ZT`bf% T _bf /) Trbf Vh`c_\Wbf' ;a XfX VTfb% X_ fT_Te\b TahT_ dhX WXUX fXe cTZTWb T VTWT hab fX WXUX WXgXe`\aTe fh`TaWb Wbf VbfTf3 ce\`Xeb% _b dhX VhXfgT `TagXaXe T VTWT hab WheTagX ha Trb "Vb`\WT ce\aV\cT_`XagX% cXeb gT`U\pa fT_hW% i\i\XaWT% ebcT% XfcTeV\`\Xagb% XgV'#4 fXZhaWb% X_ Vbfgb \aiXeg\Wb Xa XWhVTe_bf% dhX fX W\fge\UhlX cebcbeV\baT_& `XagX T _b _TeZb WX _T i\WT XVbas`\VT`XagX TVg\iT WX VTWT hab' 7fq% fXg\XaXdhX3 [YIJIRILVY UVMZWMKQISQ`ILV

[YIJIRILVY MZWMKQISQ`ILV

'!',%**/'$*

'!)&%)&/($&

~Ghp f\Za\Y\VTa Xfgbf eXfh_gTWbf6 ;a X_ VTfb WX_ geTUT]TWbe ab XfcXV\T_\mTWb% _T V\YeT WX *'- \aW\VT _T fh`T WX_ Vbfgb TahT_ WX `TagXaXe_b "Vbfgb `qa\`b WX fhcXei\iXaV\T# l WX _T YeTVV\sa TahT_ WX _bf */ Trbf hfTWbf cTeT Ybe`Te_b W\fge\Uh\WT Xa _bf -- Trbf WX i\WT _TUbeT_ dhX _X dhXWT TagXf WX ]hU\_Te' ;a X_ VTfb WX_ geTUT]TWbe XfcXV\T_\mTWb% fX Tc_\VT \Wpag\Vb Ve\gXe\b3 X_ É*Ñ VbeeXfcbaWX T_ Vbfgb WX fhcXei\iXaV\T TahT_% `\XageTf dhX _T YeTVV\sa É,)(,)Ñ \aW\VT X_ Vbfgb WX Ybe`Te_b WheTagX ,) Trbf W\fge\Uh\Wb T _b _TeZb WX _bf ,) Trbf WX i\WT _TUbeT_ dhX _T fbV\XWTW chXWX Xk\Z\e WX p_

,,

"WTWT _T XWTW WX ]hU\_TV\sa bU_\ZTgbe\T% Y\]TWT% Xa X_ X]X`c_b% T _bf /)Trbf#' FXeb% WX TVhXeWb T _Tf XfgTWqfg\VTf fbi\pg\VTf WX *2,/% Trb hfTWb cbe 9Tfgbe\TW\f cTeT fhf Vn_Vh_bf% _T W\YXeXaV\T XageX X_ dhX eXV\UqT `Xabf l X_ dhX eXV\UqT `nf ab YhX VXeVTaT T _T cebcbeV\sa XfcXeTWT% *'-3+')% f\ab dhX YhX *3+.)% f\XaWb X_ ceb`XW\b aTV\baT_ *3*)' Fhpfgb WX bgeT `TaXeT% f\ _bf Vn_Vh_bf WX 9Tfgbe\TW\f fba VbeeXVgbf% Xa XfX Trb X_ \aZeXfb WX_ V\hWTWTab fbi\pg\Vb dhX ZTaTUT `nfYhX+.)iXVXf`nfT_gbdhXX_WX_V\hWTWTabdhXZTaTUT`Xabf' ;i\WXagX`XagX% _T ThfXaV\T WX _T cebc\XWTW ce\iTWT Vb`b \afg\ghV\sa Wb`\aTagX ab YhX ha bUfgnVh_b cTeT _T Ybe`TV\sa WX `TeVTWTf WXf\ZhT_WTWXf XVbas`\VTf Xa haT fbV\XWTW cbfVTc\gT_\f& gT% Xf WXV\e% cTeT _T Ybe`TV\sa WX _b dhX% Xa ha fXag\Wb Xfge\Vgb% WXUXeqT fXe Vbaf\WXeTWTf Vb`b VTcTf WX ÖXkc_bgTWbeXfÜ l WX ÖXkc_bgTWbfÜ Xa haT fbV\XWTW Xa _T VhT_ lT ab Xk\fgXa WhXrbf WX `XW\bf ce\iTWbf WX cebWhVV\sa' ;a Y\a% cTeT gbWb XYXVgb cenVg\Vb% gbWTf _Tf eXib_hV\baXf Xk\gbfTf eXT_\mTWTf Xa ab`UeX WX_ fbV\T_\f`b `Tek\fgT [Ta TchagTWb YhaWT`XagT_`XagX T_ WXfTeeb__b WX _Tf YhXemTf WX cebWhVV\sa \aWhfge\T_% haT fhXegX WX VTc\gT_\f`b WX XfgTWb f\a _Tf geTW\V\baXf WX`bVeng\Vb&_\UXeT_Xf l Vba TcTeTgbf UhebVeng\VbfWXW\eXVV\sa"/#' ($

;INYIOQSQLILLMSUM^VKI\ZISMU[YMMKVUVTcI_WVSc[QKI$

FXeb _bf cebU_X`Tf WXe\iTWbf WX _T eX_TV\sa XageX Ybe`Tf WX cebc\XWTW% V_TfX% cebWhVV\sa `TgXe\T_ l cbWXe ab gXe`\aTa T[q' ;_ `TgXe\T_\f`b [\fgse\Vb ceXgXaWX Xkc_\VTe `XVTa\f`bf WX ehcgheT l VT`U\b fbV\T_ T cTeg\e WX X_X`Xagbf ZXaXeTWbf Xa _b XVbas`\Vb' F_TagXT dhX YXas`Xabf dhX bVheeXa Xa X_ ]ODKVQ FGN RTQEGUQ RTQFWEVKXQ fba WXgXe`\aTagXf WX _T ZpaXf\f l X_ WXfTeeb__b WX YXas`Xabf l cebVXfbf dhX bVheeXa Xa X_ c_Tab RQN_VKEQ#UQEKCN$ FXeb ab chXWX cebcbeV\baTe cbe fq fb_b _Tf VbaW\V\baXf WX \agX_\Z\U\_\WTW cTeTXfTgeTfcbf\V\sachXfgbdhXabfXiXe\Y\VTa&fT_ibXahaT_sZ\VT /'

,-

V\eVh_Te dhX WT cbe fXagTWb _b dhX WXUX WX`bfgeTe& Wbf fhchXfgbf aXVXfTe\bf cTeT gT_ XYXVgb3 dhX _T XVbab`qT Vbafg\ghlX X_ X]X YhaWTagX WX _b fbV\T_ l _T V_TiX cTeT fh \agX_\Z\U\_\WTW% l dhX _T TVg\iTV\sa cb_qg\VT WX_ cbgXaV\T_ eXib_hV\baTe\b WX _bf ceb_XgTe\bf Xf ceXV\c\gTWbcbeÖ_XlXfÜdhXe\ZXaT_TfYhXemTfXVbas`\VTf' 7VghT_`XagX% fX eXVbabVX dhX X_ fhchXfgb WX _T TVg\iTV\sa cb_qg\VT Vb`b XYXVgb WX _XlXf XVbas`\VTf Xf T_gT`XagX VhXfg\baT& U_X' Db Xk\fgX haT VbeeX_TV\sa PGEGUCTKC XageX haT _sZ\VT XVbas`\VT l haT cb_qg\VT% XageX Ve\f\f XVbas`\VT l `bi\_\mTV\sa cbe X_ VT`U\b' 9eXXe Xa X__b fs_b VbaWhVX T ha g\cb WX eTmbaT`\Xagb cb_qg\Vb Wb`\aTWb cbe haT YT_TV\T% Xfgb Xf% _T WX Tf\ZaTe haT YeTZ\_\WTW \ageqafXVT T _T Wb`\aTV\sa UheZhXfT l% cbe Vbaf\Zh\XagX% VeXXe Xa haT_sZ\VTf\`c_\fgTWX_VT`U\bfbV\T_eTW\VT_' BT YT_TV\T WX _T YeTZ\_\WTW Xfgn _\ZTWT T _T gXf\f WX haT gbgT_\WTW WbgTWT WX ha VXageb YhaWTagX dhX \`ce\`X fh ha\WTW T_ c_heT_ WX YXas`Xabf' I\ fX XfgTU_XVX dhX _T eXcebWhVV\sa WX_ f\fgX`T VTc\gT_\fgT l WX_ Wb`\a\b UheZhpf WXcXaWX WX ha chagb Veqg\Vb% l WX habf fb_b &WTWb cbe _T ÖVbageTW\VV\sa XVbas`\VT VXageT_Ü&% Xagba& VXf gbWT Ve\f\f cb_qg\Vb&\afg\ghV\baT_ TcTeXVXeqT Vb`b VbafXVhXaV\T WX ha ÖWXfUbeWT`\XagbÜ WX haT Ve\f\f Xa X_ n`U\gb XVbas`\Vb' JXse\Vbf Vb`b BXa\a% Jebgf^\% P\abi\Xi% Bh^nVf l bgebf VeXlXeba% cbe _b `Xabf [TfgT *2+)% X_ Trb WX_ IXZhaWb 9baZeXfb WX _T ??? ?agXeaTV\baT_% dhX _T Ve\f\f XVbas`\VT WXfTgTWT Xa 7_X`Ta\T _hXZb WX fh WXeebgT `\_\gTe% ThaTWT Vba _Tf `bi\_\mTV\baXf fbV\T_WX`s& VeTgTf WX _T pcbVT% cbaqTa T XfX cTqf Xa _T ÖTagXfT_TÜ WX haT eXib_hV\safbV\T_\fgT"0#' FXeb cXafTe dhX _T fhcXei\iXaV\T WX fbV\XWTWXf VTc\gT_\fgTf Vb`c_X]Tf l T_gT`XagX W\YXeXaV\TWTf WXcXaWX WX ha chagb WX ehcgheT YhaWT`XagT_ b WX _T VTcTV\WTW WX fhf eXfcXVg\iTf UheZhXfqTf cTeT fT_iTZhTeWTe _T ÖY\fheT Veqg\VTÜ% Xf VTXe Xa _T `\fg\Y\VTV\sa `nf TUfb_hgT';fVTXeXa_bdhX9TVV\Te\[TWXab`\aTWbÖVbaVXcV\baXf 0' FTeT ha eX_Tgb TaXVWsg\Vb WX _T ÖeXib_hV\saÜ T_X`TaT fX chXWX Vbafh_gTe X_ geTUT]b ThgbU\bZenY\Vb WX ;`fg Jb__Xe% @PC LWXGPVWF GP -NGOCPKC% ;W\V\baXf ?`na%8hXabf7\eXf%*2,0%cTeg\Vh_Te`XagXcc'*+2&*01'

,.

beZna\VTf l aXZTg\iTfÜ WX _T Ve\f\f' :Xageb WX_ `Tek\f`b% XfTf VbaVXcV\baXf fX `Ta\Y\XfgTa gbWT iXm dhX fX c\XafT dhX ÉXf _T Ve\f\f Xa _T eX_TV\sa WX cebWhVV\sa _b dhX fX WXfTeeb__T l ZXaXeT_\mT Xa ÖVe\f\fcb_qg\VTÜÑ"1#' ;a XfgX fXag\Wb% f\ _T Wb`\aTV\sa UheZhXfT Xf Xa v_g\`T \af& gTaV\T YenZ\_ cbe VhTagb WXfVTafT Xa ha chagb VXageT_ _bVT_\mTWb Xa _T XVbab`qT% XagbaVXf _T gbeXT WX haT ib_hagTW VbagXfgTgTe\T eTW\& VTeqT Xa TlhWTe T _T `TWheTV\sa WX _T Ve\f\f cTeT _hXZb TfXfgTe X_ Zb_& cX dhX VbaWhV\eqT T _T ehcgheT eXib_hV\baTe\T l T_ WXeeh`UX WX_ Ta& WT`\T]X \afg\ghV\baT_ Xa X_ dhX fX fhfgXagT _T Wb`\aTV\sa UheZhXfT' ;a cT_TUeTf WX 9TVV\Te\% _T gTeXT WX _T beZTa\mTV\sa fbV\T_\fgT Vba& f\fg\eqT XagbaVXf `XeT`XagX ÉXa VbaWhV\e _T ÖVe\f\f YhaWT`XagT_Ü [TfgT a\iX_Xf \afg\ghV\baT_XfÑ% Xf WXV\e% Xa geTf_TWTe haT Ve\f\f XVb& as`\VTT_TffhcXeXfgehVgheTf]heqW\Vb&cb_qg\VTfX\WXb_sZ\VTf"2#' Fbe fh cTegX% X_ fhchXfgb WX _T XVbab`qT Vb`b _bVhf YhaWTagX WX _T W\iXef\WTW fbV\T_ [T XageTWb Xa Ve\f\f cenVg\VT`XagX WXfWX X_ `b`Xagb Xa dhX YhX Ybe`h_TWb T geTipf WX _T `XgnYbeT WX_ XW\Y\V\b% Y\ZheT dhX \_hfgeT W\WnVg\VT`XagX X_ `bWX_b WX gbgT_\WTW fbV\T_ cbfgh_TWb cbe X_ `TgXe\T_\f`b [\fgse\Vb3 haT DCUG Q KPHTCGUVTWEVWTC GEQPaOKEC Vbafg\gh\WT% Xa _b XfXaV\T_% cbe _T Teg\Vh_TV\sa XageX YhXemTf `TgXe\T_Xf l eX_TV\baXf fbV\T_Xf WX cebWhVV\sa% dhX fbfg\XaX l WXgXe`\aT _T aTgheT_XmT WX W\iXefTf UWRGTGUVTWEVWTCU ]heqW\VTf% cb_qg\VTf% \WXb_sZ\VTf% `beT_Xf% XgV' JbWb YXas`Xab W\fVeXgb fX hU\VTeqTXa_TUTfXbXa_TfhcXeXfgehVgheT%chXfgbdhX%cTeTXfgX 1' CTff\`b 9TVV\Te\% ÉJeTafYbe`TV\sa WX_ XfgTWb l ceblXVgb cb_qg\VbÑ "*201#% Xa iTe\bf ThgbeXf% ?GQT_C OCTZKUVC FG NC RQN_VKEC$ 9hTWXeabf WX FTfTWb l FeXfXagX Dx 12% Cpk\Vb% *21*% c' +-+' BT `\f`T _sZ\VT fXrT_T 9TVV\Te\% fX Tc_\VT cTeT Xkc_\VTe _T XkcTaf\sa XfgTgT_3 É_T Ybe`T fbV\T_ dhX Tfh`X X_ WXfTeeb__b WX _Tf YhXemTf cebWhVg\iTf% T geTipf WX_ beWXaT`\Xagb ÖV_nf\VbÜ WX_ `XeVTWb% ceb`hXiX ha VeXV\`\Xagb WX _Tf YhaV\baXf WX_ XfgTWb ' JT`U\pa 7heX_\b 9T`c\ TUbeWT X_ gX`T% W\V\XaWb dhX _T UTfX `TgXe\T_ WX _T gXf\f WX_ aXkb aXVXfTe\b XageX XVbab`qT l cb_qg\VT [T Vb`XamTWb T XageTe Xa Ve\f\f WXfWX Y\aXf WX_ f\Z_b N?N' LpTfX fh TegqVh_b ÉDhXiTf W\`Xaf\baXf WX _T Wb`\aTV\sa VTc\gT_\fgTÑ% Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% 0KUEWVKT GN GUVCFQ"*201#%
,/

5DKF$

`bWX_b WX gbgT_\WTW fbV\T_% ab chXWXa [TUXe YXas`Xabf XkgXeabf T _bfWbfa\iX_XfdhX_TVbaYbe`Ta' ,'

;_`bWX_bUTfX&fhcXeXfgehVgheTVb`b`bWX_bWX_T gbgT_\WTWfbV\T_3cTfbfWXhadh\XUeX'

KaT [hX__T i\f\U_X WX `T_XfgTe WXageb WX_ W\fVhefb `Tek\fgT fX `Ta\Y\XfgT ceXV\fT`XagX Xa _bf \agXagbf cbe \aVbecbeTe gbWb ahX& ib YXas`Xab WXageb WX_ Wb`\a\b Xkc_\VTg\ib WX_ `TgXe\T_\f`b [\fgse\Vb' JT_ Xf Tfq dhX ZeTa cTegX WX _T eXY_Xk\sa gXse\VT WX XfgX f\Z_b [T XfgTWb VXageTWT Xa _T gTeVT WX eXfVTgTe XfT gXf\f' Is_b dhX% Xa _T cenVg\VT% ab [T f\Wb cbf\U_X WXgXaXe X_ Vbag\ahb X \eeXiXef\U_X WXU\_\gT`\Xagb WX_ fgTghf eXYXeXag\T_ Tf\ZaTWb T _T UTfX XVbas`\VT cTeTXkc_\VTecebVXfbffbV\T_Xf' FbVbf fX TgeXiXeqTa [bl T aXZTe _T ceXfXaV\T WX W\iXefTf Y\& fheTf \`cbegTagXf Xa X_ `bWX_b UTfX&fhcXeXfgehVgheT' ;__Tf eXfgTa VeXW\U\_\WTW T _T gXf\f &geTafYbe`TWT Xa \WXT&YhXemT WX VTenVgXe Tk\b`ng\Vb& WX _T ÖUTfX XVbas`\VTÜ WX _T fbV\XWTW Vb`b ce\aV\c\b Xkc_\VTg\ib WX fh Ybe`T WX Vb[Xf\sa l Vb`b `Tge\m WXgXe`\aTagX WX_ VTenVgXe WX _bf W\iXefbf l VbafXVhg\ibf ceblXVgbf WX Wb`\aTV\sa dhX fX fhVXWXa Wa X__T' ;fgb fX chXWX TceXV\Te \agebWhV\XaWb% Vb`b W\fcbf\g\ibf WX VTenVgXe cheT`XagX TaT_qg\Vb% VhTgeb VbegXf fhVXf\& ibf Xa X_ W\fVhefb gXse\Vb WX_ `Tek\f`b WX _bf v_g\`bf Trbf' 9TWT hab WX Xfgbf VbegXf VbeeXfcbaWX T haT Ybe`T WX VbaVXU\e X_ `bWX_b UTfX&fhcXeXfgehVgheT3 X_ XVbab`\V\f`b ih_ZTe% X_ XVbab`\V\f`b fbY\fg\VTWb% X_ eXWhVV\ba\f`b WX V_TfX l X_ eXWhVV\ba\f`b WX V_TfX fbY\fg\VTWb' T'

BTÖih_ZTgTÜWX_XVbab`\V\f`b'

;_ GEQPQOKEKUOQ b _T Öih_ZTgTÜ `Tek\fgT cebc\T`XagX W\V[T% ceXfXagT T gbWb YXas`Xab XkgeT&XVbas`\Vb Vb`b X_X`Xagb fh& cXeXfgehVgheT_ l Vbaf\WXeT T _Tf fhcXeXfgehVgheTf Vb`b f\`c_Xf eXY_X]bf WX _T UTfX XVbas`\VT WX _T fbV\XWTW' 9b`b gT_Xf% fXeqTa \ab& cXeTagXf Xa X_ cebVXfb [\fgse\Vb4 _T [\fgbe\T ÖeXT_Ü WX haT Ybe`TV\sa

,0

fbV\T_ geTafVhee\eqT XkV_hf\iT`XagX Xa X_ a\iX_ WX _T UTfX "*)#' JbWT geTafYbe`TV\sa fX VbaV\UX Vb`b XYXVgb W\eXVgb WX _T VbageTW\VV\sa XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa ce\i\_XZ\TaWb% cbe _b ZXaXeT_% X_ `b`Xagb gpVa\Vb WX _Tf HWGT\CU RTQFWEVKXCU dhX UhfVTa fh Vbag\ahb WXfTeeb__b' 9\gTaWb ha XfVe\gb WX ITag\TZb 9Tee\__b% Xk&IXVeXgTe\b=XaXeT_WX_FTeg\Wb9b`ha\fgTWX;fcTrT"F9;#3 É>Tl bVTf\baXf [\fgse\VTf Xa _Tf dhX X_ TfVXafb WX _T _hV[T WX V_TfXf cXe`\gX eXT_\mTe fT_gbf `b`XagTe\bf dhX iTa `Tf T__n WX_ a\iX_ WX WXfTeeb__b T_VTamTWb cbe _bf `XW\bf WX cebWhVV\sa% cXeb \aWXYXVg\U_X`XagX% __XZT X_ chagb Xa dhX XfgX v_g\`b YTVgbe eXVhcXeT fh \`cbegTaV\T l chXWX VbageTeeXfgTe% T_gXeTe b U_bdhXTe &[TfgT V\Xegb chagb& X_ fT_gb [TV\TTWX_TagXeXT_\mTWbTgeTipfWX_T_hV[TÑ"**#' BT Öih_ZTgTÜ Xfgn qag\`T`XagX _\ZTWT T _XVgheTf _\gXeT_Xf WX_ ;TGHCEKQ WX *1.2 "*+# gXkgb Xa X_ VhT_ CTek \agXagT% cbe ce\& `XeT l va\VT iXm% eXfh`\e fh gXbeqT WX _T [\fgbe\T l WX _T fbV\XWTW' BT gXf\f WX _T [\fgbe\T Vb`b fhVXf\sa cebZeXf\iT l TVh`h& _Tg\iT WX `bWbf WX cebWhVV\sa Xfgn V_TeT`XagX XahaV\TWT Xa XfgX gXkgb4 X_ VTenVgXe gX_Xb_sZ\Vb l XVbab`\V\fgT WX fh VbaVXcV\sa WX _T [\fgbe\T gT`U\pa chXWX TceXV\TefX Xa p_' I\% cbe haT cTegX% _T geTafYbe`TV\sa fbV\XgT_ fX iXe\Y\VT YhaWT`XagT_`XagX VhTaWb ÉahXiTf l `nf T_gTf eX_TV\baXf WX cebWhVV\saÑ WXfc_TmTa T _Tf lT Xk\fgXagXf% _\UXeTaWb Tfq T É_Tf YhXemTf cebWhVg\iTf `TgXe\T_Xf WX _T fbV\XWTWÑ cTeT dhX XfgTf fX f\ZTa WXfTeeb__TaWb4 l f\% cbe bgeT cTegX% Xk\fgXaÉpcbVTfcebZeXf\iTfWX_TYbe`TV\saXVbas`\VTWX_T *)' 9[T`T_ CbhYYX% É>XZX`bal TaW ?WXb_bZl \a =eT`fV\ % Xa fh 3TCOUEK CPF8CTZKUV?JGQT["Hbhg_XZXTaWAXZTaFTh_%BbaWeXf%*202%cc'*/1&+)-' **' ITag\TZb 9Tee\__b% 1WTQEQOOWPKUO CPF VJG >VCVG" BTjeXaVX TaW M\f[Teg% BbaWba%*200%c'*-'BTgeTWhVV\saXfahXfgeT' *+' 9Te_bf CTek% ÉFes_bZbÑ T _T É9bage\UhV\sa T _T Veqg\VT WX _T XVbab`qT cb_qg\VTÑ "*1.2# Xa 5PVTQFWEEKaP IGPGTCN C NC ET_VKEC FG NC GEQPQO_C RQN_VKEC "*1.0#% 9hTWXeabf WX FTfTWb l FeXfXagX Dx *% abiXaT XW\V\sa VbeeXZ\WT l Th`XagTWT%Cpk\Vb%*201%c'00'

,1

fbV\XWTWÑ &gT_Xf Vb`b ÉX_ `bWb WX cebWhVV\sa Tf\ng\Vb% X_ Tag\Zhb% X_ YXhWT_ l X_ `bWXeab UheZhpfÑ&% XagbaVXf% _Tf _hV[Tf WX haT UheZhXfqT TfVXaWXagX dhX \agXagT ha_iXefT_\mTe eX_TV\baXf WX ceb& WhVV\sa VTc\gT_\fgTf fba aXVXfTe\T`XagX ÖcebZeXf\fgTfÜ Xa eX_TV\sa Tdh\XaXf_hV[TacbecXecXghTehabeWXaYXhWT_' >TfgT Tdhq gbWb U\Xa4 fX geTgT gTa fs_b WX haT ceXYXeXaV\T YhaWTWT Xa Ve\gXe\bf cebWhVg\i\fgTf% T_Zb VTeTVgXeqfg\Vb WX _T pcbVT f\ZaTWT cbe ha `bWb WX cebWhVV\sa WX haT cbgXaV\T XkgeTbeW\aTe\T' FXeb ab fX chXWX Xkc_\VTe haT bcV\sa pg\Vb&cb_qg\VT UTfTWT Xa _T geTafcbf\V\sa WX haT _sZ\VT XVbas`\Vb&cebWhVg\i\fgT l% `Xabf Tva% WTe cbe fXagTWb dhX X_ cebVXfb cb_qg\Vb g\XaX ha Y\a lT ceXY\ZheTWb% WXab`\aTWbÖfbV\XWTWfbV\T_\fgTÜ' ;a X_ XVbab`\V\f`b ih_ZTe% chXf% _T UTfX XVbas`\VT TcT eXVX Vb`b ha eXYXeXagX WXgXe`\aTagX Xa X_ fXag\Wb `nf Xfge\Vgb WX _T XkceXf\sa' ;a Trbf eXV\XagXf% ha XkcbaXagb \`cbegTagX WX XfgT cXefcXVg\iT _\gXeT_ [T f\Wb =Xeel 9b[pa "*,# dh\Xa geTgT WX cebUTe dhX% VhTaWb CTek [TU_T WX _T WXgXe`\aTV\sa XVbas`\VT WX _Tf fhcXeXfgehVgheTf% g\XaX Xa `XagX T _Tf HWGT\CU TagXf dhX _Tf TGNCEKQPGU WX cebWhVV\sa% Vba _b VhT_ \agXagT YhaWTe haT bagb_bZqT gXVab_sZ\VTcTeTX_`Tek\f`b' J$

5KVUVTQKQZTVZVNQZ[QKILV$

Fbe fh cTegX% X_ GEQPQOKEKUOQ UQHKUVKECFQ eXVbabVX haT XYXVg\i\WTW XfcXVqY\VT WX _Tf W\iXefTf fhcXeXfgehVgheTf cb_qg\VTf% ]heqW\VTf% \WXb_sZ\VTf% pg\VTf h bgeTf fbUeX _T UTfX XVbas`\VT l% cbe _b gTagb% ab eXWhVX _T [\fgbe\T T cebVXfbf dhX g\XaXa _hZTe cheT l XkV_hf\iT`XagXXaX_VT`cbWX_TXVbab`qT' ;_ ZeTa XkcbaXagX WX XfgT cbf\V\sa Xf Bbh\f 7_g[hffXe% T_ `Xabf Xa fhf XfVe\gbf \a\V\T_Xf TVXeVT WX _T aTgheT_XmT WX _T VbageTW\VV\sa XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa% dhX p_ WXab`\aT ÖVbageTW\VV\sa ZXaXeT_Ü b ÖVbageTW\VV\sa YhaWT`XagT_Ü WX haTfbV\XWTW'7_g[hffXeVbage\UhlsXaYbe`Tf\Za\Y\VTg\iTTeb`cXe *,' =Xeel 9b[Xa% 8CTZU ?JGQT[ QH 4KUVQT[* - 0GHGPUG" EkYbeW Ka\iXef\gl FeXff%;aZ_TaW%*21)'

,2

Vb\_ _T XWNICNC% dhX X_ WXab`\aT ÖXVbab`\V\f`bÜ b _T Ybe`T fhUeXcg\V\T WX _T \agebWhVV\sa WX _T ?WXT [XZX_\TaT Xa X_ \agXe\be WX_ `Tek\f`b' FTeT X__b% _X a\XZT T _T ÖVbageTW\VV\sa ZXaXeT_Ü _T VTcTV\WTW f\`c_X X \aaTgT WX WXfXaVTWXaTe XYXVgbf WX ehcgheT Xa X_ gXeeXab WX _Tf eXceXfXagTV\baXf \WXb_sZ\VTf l WX _T \afg\ghV\baT_\WTW cb_qg\VT l ]heqW\VT' 8TfnaWbfX Xa _T abV\sa WX ÖWXfTeeb__b WXf\ZhT_ ' #[ Vb`U\aTWbÜ WX BXa\a "*-# l Xa _T gXf\f WX
;a VhTagb T _T abV\sa WX gbgT_\WTW% lT Xa ;CTC NGGT 1N /CRKVCN c_TagXT dhX _T VbaVXcV\sa `Tek\fgT WX _T [\fgbe\T l WX _T fbV\XWTW% X_ `TgXe\T_\f`b [\fgse\Vb% WXUXeqT W\fbV\TefX WX gbWT abV\sa WX ÖVXageb YhaWTagXÜ b WX ÖVXageb XfXaV\T_Ü' 7_ [TU_Te WX_ ÖgbWbÜ fbV\T_% pfgX WXUXeqT XagXaWXefX Xa gpe`\abf WX haT ha\WTW Vb`c_X]T dhX XfgehVgheT _bf geXf a\iX_Xf Thgsab`bf `XaV\baTWbf% a\iX_Xf _\ZTWbf XageX fq WX `TaXeT Tf\`pge\VT l VbageTW\Vgbe\T' ;a XfgX ÖgbWbÜ fbV\T_% X_ a\iX_ XVbas`\Vb% NQEWU WX _T ÖVbageTW\VV\sa ZXaXeT_Ü XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa% fs_b chXWX fXe WXgXe`\aTagX ÖXa _T v_g\`T \afgTaV\TÜ' 7fq% Xa fh gXf\f WbVgbeT_ WX *20.% 7_g[hffXe c_TagXT _T VhXfg\sa f\a Tfb`b WX T`U\ZwXWTW T_ W\fg\aZh\e XfgX ÖgbWbÜWX _T ÖgbgT_\WTWÜ WX g\cb [XZX_\Tab&_bdhXTdhq fX [T WXab`\aTWb ÖgbgT_\WTW Xa X_ fXag\Wb YhXegXÜ' BT W\YXeXaV\TV\sa XffXrT_TWTcbe7_g[hffXeWX_Tf\Zh\XagX`TaXeT3

*-' L' ?' BXa\a% 1N KORGTKCNKUOQ" HCUG UWRGTKQT FGN ECRKVCNKUOQ" iTe\Tf XW\V\baXf'

*1' Bbh\f 7_g[hffXe% ÉJXf\f WX 7`\XafÑ% 0KCN^EVKEC Dx ,% @h_\b *200% eXi\fgT WX _T QEKCN ?JGQT[" Lb_' L??% Dx *&+% M\agXe&Ice\aZ *21,% l `\ TegqVh_b ÉKaT ZeT`ng\VT cbf`bWX`T cTeT cXafTe _b fbV\T_Ñ% BQPC -DKGTVC Dx -*&-+% bVghUeX *21/&TUe\_ *210% CTWe\W% cc' *1,&+)/'

*.' QEKCN=GUGCTEJLb_'-0%Dx,%7hgh`a*21)%XfcXV\T_`XagXcc'.*0&.*1' */' Bbh\f 7_g[hffXe% É9bageTW\VV\sa l fbUeXWVgXe`\aTV\saÑ "*2/+#% Xa 7C TGXQNWEKaPVGaTKECFG8CTZ"I\Z_bNN?%Cpk\Vb%*2/1' *0' 5DKF$

-)

Éf\ [X ceXYXe\Wb cTeT CTek _T VTgXZbeqT WX gbWb T _T WX gbgT_\WTW Xf cbedhX Xa X_ VbeTmsa WX _T gbgT_\WTW TVXV[T f\X`ceX haT WbU_X gXagTV\sa3 _T WX Vbaf\WXeTe_T Vb`b haT XfXaV\T TVghT_ dhX TUeTmT Xk[Thfg\iT`XagX gbWTf fhf `Ta\YXfgTV\baXf l% _b dhX eXfh_gT \ZhT_% _T WX WXfVhUe\e T__q Vb`b Xa ha VqeVh_b b Xa haT XfYXeT% VhlTf `XgnYbeTf abf eX`\gXaT>XZX_%haVXagebdhXXffhXfXaV\TÑ"*1#' :XfTYbeghaTWT`XagX% X_ `\f`b 7_g[hffXe eX\agebWhVX XfX ÖVXagebÜ Xa Ybe`T fhUeXcg\V\T% ThadhX _b [TVX WX `TaXeT `hV[b `nf `Tg\mTWTTgeTipfWX_T`XgTYqf\VTWX_TÖWXgXe`\aTV\saXa_Tv_g\`T

-*

\afgTaV\TÜ cbe _T XVbab`qT' ;fgX cbfgh_TWb WX VTenVgXe bagb_sZ\Vb ab Xfgn Vbafgeh\Wb Vb`b bU]Xgb gXse\Vb Xa _T eXY_Xk\sa WX 7_g[hffXe4 a\ f\dh\XeT Xfgn WXfTeeb__TWb WXfVe\cg\iT`XagX' :X [XV[b% _T gXf\f WX _T Öv_g\`T \afgTaV\TÜ chXWX fhce\`\efX f\a dhX fX T_gXeX _T TeZh& `XagTV\sa' Bb dhX Xf `nf% cXe`\g\eqT WXcheTe fh eXY_Xk\sa WX eXfTU\bfXfXaV\T_\fgTf' K$

AML\KKQVUQZTVLMKSIZM$

Fbe fh cTegX% GN TGFWEEKQPKUOQ FG ENCUG" dhX Xfgn _\ZTWb T_ XVbab`\V\f`b fbY\fg\VTWb l% Xa V\Xegb `bWb Xf haT iTe\TagX WX p_% gT`cbVb cbfgh_T haT WXgXe`\aTV\sa W\eXVgT WX _T UTfX fbUeX _Tf fhcXeXfgehVgheTf% f\ab dhX bcgT cbe TW]hW\VTe haT aTgheT_XmT WX V_TfX T gbWb X_X`Xagb fhcXeXfgehVgheT_ "*2#' IX chXWX f\agXg\mTe Xg eXWhVV\ba\f`b WX V_TfX T geTipf WX _T \aiXef\sa WX ha VbabV\Wb TYbe\f`b TVhrTWb cbe CTek3 f\ cTeT CTek ÖgbWT _hV[T WX V_TfXf Xf haT _hV[T cb_qg\VTÜ% cTeT _Tf cXefcXVg\iTf eXWhVV\ba\fgTf ÖgbWT _hV[T cb_qg\VTXfhaT_hV[TWXV_TfXfÜ' 7fq% gXse\Vbf gT_Xf Vb`b D\Vbf Fbh_TagmTf Xa fhf ce\`Xebf geTUT]bf b 7_g[hffXe Xa É?WXb_bZqT l TcTeTgbf \WXb_sZ\Vbf WX_ XfgTWbÑ fhZ\XeXa dhX _T aTgheT_XmT WX _bf fh]Xgbf fbV\T_Xf l cb_qg\Vbf XfgTeqT XfgehVgheTWT Xa gbeab T _T \WXag\WTW WX V_TfX% dhX gbWT \WXb_bZqT cXegXaXVXeqT T haT V_TfX h bgeT% dhX gbWT Ybe`T XfgTgT_ fheZ\eqT WX_ ceblXVgb [\fgse\Vb WX _T V_TfX dhX WXi\XaX Wb`\aTagX% dhX gbWT _hV[T fXeqT haT _hV[T WX V_TfXf l Tfq cbe X_ Xfg\_b' 9b`b W\VX Fbh_TagmTf% ab chXWXa Xk\fg\e TZehcTV\baXf [h`TaTf ÉT_ `TeZXa b cbe XaV\`T WX _Tf V_TfXf% Xa bgeTf cT_TUeTf% dhX fXTa XkgXeaTfTX__TfÑ"+)#' ;f Xi\WXagX dhX Tdhq [Tl haT ehcgheT Vba _T Öih_ZTgTÜ% chXfgb dhX_bfYXas`XabffhcVeVfgehVgheT_XfabTcTeXVXaVb`bf\`c_Xf *2' 9[TagT\CbhYYX%QR$EKV$ +)' D\Vbf Fbh_TagmTf% /NCUUGU KP /QPVGORQTCT[ /CRKVCNKUO "*20-#% DXj BXYg 8bb^f% BbaWba% *200% c' *21' BT geTWhVV\sa Xf ahXfgeT' LpTfX gT`U\pa fh ;QFGT RQN_VKEQ [ ENCUGU UQEKCNGU "*2+1#% I\Z_b NN?% Cpk\Vb% *20.% cc' /2&11 l2CUEKUOQ[FKEVCFWTC"*20)#%I\Z_bNN?%Cpk\Vb%*20-'

-+

Xc\YXas`Xabf dhX VTUT_ZTa fbUeX haT eXT_\WTW [\fgse\VT cheT`XagX XVbas`\VT' Fbh_TagmTf l bgebf \agX_XVghT_Xf&`\_\gTagXf TfbV\TWbf Vba XfgT cXefcXVg\iT UhfVTa X_ `b`Xagb cb_qg\Vb &WX _T TVV\sa% _T _hV[T l X_ `bi\`\Xagb& f\a dhX X__b \`c_\dhX eXahaV\Te T _T ceXX`\aXaV\T XVbas`\VT3 _T XVbab`qT \agXei\XaX T geTipf WX ha `b`Xagb fbV\T_% X_ WX _Tf eX_TV\baXf WX cebWhVV\sa% Xa gTagb WXgXe`\aTagXf WX _bf _hZTeXf bVhcTWbf cbe _bf TZXagXf dhX% T_ WXiXa\e V_TfXf fbV\T_Xf% [Ta WX Vbafg\gh\e fh TVV\sa WX _hV[T Xa Ö`bgbeWX_T[\fgbe\TÜ' L$

AML\KKQVUQZTVZVNQZ[QKILV$

<\aT_`XagX% [TUeqT haT fhXegX WX TGFWEEKQPKUOQ FG ENCUG UQHKUVKECFQ% dhX Vb`U\aT X_X`Xagbf WX _Tf Wbf cXefcXVg\iTf ceX& VXWXagXf' BT gTeVT dhX fX cebcbaX XfgT cXefcXVg\iT Xf _T WX Xkc_\VTe VTfbf gT_Xf Vb`b _T XfcXV\Y\V\WTW WX ahXibf `bi\`\Xagbf fbV\T_Xf b WX _hV[Tf Tag\Vb_ba\T_Xf Xa _T cXe\YXe\T WX_ VTc\gT_\f`b TiTamTWb f\a VTXe Xa X_ eXWhVV\ba\f`b WX V_TfX a\ f\a fT_\e WX_ gXeeXab VbaVXcghT_WX_W\fVhefbWX_`TgXe\T_\f`b[\fgse\Vb' ;_ geTUT]b `nf gX`ceTab WX ;eaXfgb BTV_Th "+*# Xf \_hfgeT& g\ib WX X__b' BTV_Th fX \agXeXfT cbe WXgXe`\aTe _T XfcXV\Y\V\WTW WX TagTZba\f`bf cbVb XfghW\TWbf cbe X_ W\fVhefb `Tek\fgT V_nf\Vb% _bf TagTZba\f`bf dhX p_ WXab`\aT Öcbch_Te&WX`bVeng\VbfÜ' 7 W\YXeXa& V\T WX _bf TagTZba\f`bf WX V_TfX% dhX fX Vbafg\ghlXa T a\iX_ WX_ `bWb WX cebWhVV\sa% BTV_Th fXrT_T dhX _bf TagTZba\f`bf WX_ g\cb cbch_Te&WX`bVeng\Vb fheZXa l fX WXfXaihX_iXa Xa X_ c_Tab WX _T Ybe`TV\sa fbV\T_3 _bf ce\`Xebf VbageTcbaXa T É_bf dhX cbfXXa `XW\bf WX cebWhVV\sa l T _bf dhX ab _bf cbfXXaÑ% `\XageTf dhX _bf v_g\`bf bcbaXa T É_bf WX Tee\UT Vba _bf WX TUT]bÑ' :X XfgX `bWb% BTV_Th bYeXVX haT bcV\sa X_XZTagX cTeT TdhX__bf dhX Xfgna W\fVba& Ybe`Xf Vba _T cbgXaV\T TaT_qg\VT WX_ `TgXe\T_\f`b [\fgse\Vb% cXeb dhXT_TiXmfX`hXfgeTaeXahXagXfTTUTaWbaTefhgXeeXab +*' ;eaXfgb BTV_Th% É
-,

VbaVXcghT_3 _Xf cXe`\gX XagXaWXe l Xkc_\VTe haT ZT`T WX YXas`Xabf cb_qg\Vbf Xa _bf VhT_Xf X_ VTenVgXe WX V_TfX WX _bf Vbage\aVTagXf ab fX cXeV\UX Vba _T a\g\WXm XfcXeTWT a\ bVhcT ha _hZTe VXageT_ Xa fhf ceXbVhcTV\baXf' FXeb Tva Tfq% BTV_Th gT`U\pa gXe`\aT TWbcgTaWb ha eXWhV& V\ba\f`b WX V_TfX T_ Xfg\ch_Te dhX Éf\ ab gbWT VbageTW\VV\sa chXWX fXe eXWhV\WT T haT VbageTW\VV\sa WX V_TfX% gbWT VbageTW\VV\sa Xfgn fbUeXWXgXe`\aTWT cbe _T _hV[T WX V_TfXÑ "++#' ;i\WXagX`XagX% ab TUTaWbaT X_ gXeeXab WX_ `TgXe\T_\f`b [\fgse\Vb% cXeb gT`cbVb WX]T Tgenf X_ eXWhVV\ba\f`b' 7_ \ZhT_ dhX 7_g[hffXe% \agebWhVX ha X_X`Xagb bagb_sZ\Vb &_T `XgTYqf\VT WX _T v_g\`T \afgTaV\T& cTeT fT_iTZhTeWTe _bf eXYXeXagXf `nf VTebf T _T geTW\V\sa `Tek\fgT% _T UTfX XVbas`\VT l _T _hV[T WX V_TfXf' FXeb _b [TVX WX ha `bWb geX`XaWT`XagX TgXahTWb% VTf\ Vb`b ha fT_hWb T _T UTaWXeT T_ `bWX_b UTfX&fhcXeXfgehVgheT dhX `nf gTeWX p_ `\f`b TUTaWbaTeqT "+,#'

XfghW\TWT cbe CTek l VbaiXeg\WT Xa cTeTW\Z`T eXYXeXaV\T_% Xa XfcX]b WX_ Yhgheb dhX TZhTeWTUT T cTqfXf `Xabf WXfTeeb__TWbf WX_ f\Z_b N?N% ]T`nf fX eXc\g\s' Bb `\f`b chXWX WXV\efX TVXeVT WX _T Ybe`T cb_qg\VT WX _T geTaf\V\sa WX_ VTc\gT_\f`b T_ fbV\T_\f`b% \afc\eTWT% Vb`b W\VXa FbegTag\Xeb l LXVT "+-#% Xa X_ `bWX_b ]TVbU\ab WX _T eXib_hV\sa YeTaVXfT WX *012% Vbaf\WXeTWT cbe CTek _T eXib_hV\sa UheZhXfT cbe Tagbab`Tf\T' FXeb a\ _T XkcXe\XaV\T \aZ_XfT a\ _T YeTaVXfT fX eXc\g\Xeba' JbWTf _Tf eXib_hV\baXf fbV\T& _\fgTf WX XfgX f\Z_b W\Y\XeXa WX _T eXZ_T ZXaXeT_ XfcXeTWT% WX_ `bWX_b XkchXfgb cbe CTek' 0G VG H]DWNC PCTTCVWT "ÉWX gq geTgT XfgT [\fgbe\TÑ# cTfs T fXe ha YT`bfb cXeb WXfTYbeghaTWb TYbe\f`b Xa _T \agebWhV& V\sa T haT WX _Tf XW\V\baXf WX 1N /CRKVCN "+.#' Ka enc\Wb i\fgTmb T T_ZhaTfeXib_hV\baXffbV\T_\fgTfXk\gbfTfVbeebUbeTXfgb' BXa\a fX i\b Xa _T aXVXf\WTW WX ]hfg\Y\VTe cbe dhp _T eXib_hV\sa fbV\T_\fgT [TUeqT WX WTefX Xa Hhf\T% X_ cTqf `nf TgeTfTWb WX;hebcT%labXa7_X`Ta\Tb?aZ_TgXeeT%cTqfXfVhlbWXfTeeb__b

*$#
+-' @hTa 9Te_bf FbegTag\Xeb% É;_ fbV\T_\f`b Vb`b VbafgehVV\sa WX ha beWXa cb_qg\Vb WX`bVeng\VbÑ% 0KCN^EVKEC 7rb L?% Dx **% :\V\X`UeX *21*% Ka\iXe& f\WTW 7hgsab`T WX FhXU_T% Cpk\Vb% c' --' FXeb ab fs_b CTek3 _T VbaVXcV\sa ]TVbU\aT WX _T eXib_hV\sa l _T i\f\sa WX _T HXib_hV\sa QEKCN =GUGCTEJ Lb_' -0% Dx *% DXj Obe^% Ice\aZ *21)% c' *-' IT_iTgbeX LXVT fhZ\XeX T_Zb f\`\_Te T_ WXV\e dhX CTek ÉXkgeTcb_T WX _bf cebVXfbf _bVT_Xf l VbaW\& V\baTWbf% V\eVhafVe\gbf T haT YTfX WX _T [\fgbe\T WX _Tf fbV\XWTWXf \aWhfge\T_Xf "WX haT fbV\XWTW \aWhfge\T_#% cebc\XWTWXf Z_bUT_Xf X \aVbaW\V\baTWTf% WXY\& a\WTf Vb`b cebc\XWTWXf WX gbWT \aWhfge\T_\mTV\saÑ' LpTfX ÉHTmsa l eXib_h& V\saÑ% Xa D' 8bUU\b% =' FbagTeT l I' LXVT% /TKUKU FG NC FGOQETCEKC "*21-#% ;W\gbe\T_7e\X_%8TeVX_baT%*21.%c',.'

;a VhTagb T _Tf `bWT_\WTWXf WX_ VT`U\b fbV\T_% _b XahaV\TWb cbe _T WbVge\aT ahaVT fX Vh`c_\s4 gbWTf _Tf XkcXe\XaV\Tf eXib_h& V\baTe\Tf dhX fX [Ta WTWb Xa XfgX f\Z_b Vbafg\ghlXa ÖXkVXcV\baXfÜ T _b dhX XfcXeTUTa CTek l ;aZX_f' BT \afgTheTV\sa WX XfgTWbf fbV\T_\fgTf &\aWXcXaW\XagX`XagX WX f\ fX _bf ]hmZT Vb`b gT_Xf& ab f\Zh\s _T _sZ\VT XfcXeTWT cbe X_ `TgXe\T_\f`b [\fgse\Vb% a\ Xa _b dhX eXfcXVgT T _T fXVhXaV\T _\aXT_ WX `bWbf WX cebWhVV\sa a\ Xa _b dhX fXeXY\XeXT_cebgTZba\f`bceb_XgTe\bWX_TgeTafYbe`TV\sa' ;_ XfdhX`T be\Z\aT_% `bWX_TWb Xa _b XVbas`\Vb T_eXWXWbe WX_TXkcXe\XaV\T\aZ_XfTWX`bWXea\mTV\saX\aWhfge\T_\mTV\sa ++' 5DKF$"c'*++' +,' Fbe X]X`c_b% Xa _bf TegqVh_bf cbfgXe\beXf T _T TcTe\V\sa WX_ _\Ueb V\gTWb% l XfcXV\T_`XagX Xa X_ _\Ueb XfVe\gb Vba]hagT`XagX Vba 9[TagT_ CbhYYX% 4GIGOQP[ CPF >QEKCNKUV >VTCVGI[$ ?QYCTFU C =CFKECN 0GOQETCVKE ?JGQT[" LXefb%BbaWba%*21.'

--

+.' BXa\a VTls Xa _b `\f`b T_ geTgTe WX VbaiXeg\e haT XkcXe\XaV\T eXib_h& V\baTe\T fbV\T_\fgT &&_T ce\`XeT WX X__TfÇ Xa haT fhXegX WX hFG VG H]DWNC PCTTCVWT" Xa eXYXeXagX TUfb_hgb% `bWX_b va\Vb WX _T eXib_hV\sa' :\VX% cbe X]X`c_b% dhX Xk\fgX haT É\aXi\gTU\_\WTW [\fgse\VT WX dhX fX eXc\gT Xa XfVT_T ha\iXefT_ _b bVhee\Wb Xa ahXfgeb cTqf% \`cbegTaV\T dhX WXUX fXe eXVbabV\WT T T_Zhabf WX _bf eTfZbf YhaWT`XagT_Xf WX ahXfgeT eXib_hV\saÑ' LpTfX BT XaYXe`XWTW \aYTag\_ WX_ \mdh\XeW\f`b Xa X_ Vb`ha\f`b "*2+)#% Xa fh :DTCU GUEQIKFCU$;W\gbe\T_FebZeXfb%CbfVv%*2/2%c'.,0'

-.

VTc\gT_\fgT _bf Vb_bVTUT Xa `X]be cbf\V\sa cTeT X__b fXZva _b XfcXeTWb cbe X_ `\f`b CTek' BT ]hfg\Y\VTV\sa WX BXa\a fX UTfs Xa haT gXbeqT TW&[bV% _T ÖgXbeqTÜ WX_ f\fgX`T \`cXe\T_\fgT `haW\T_% haT fhXegX WX VTWXaT Vb`chXfgT cbe _bf W\iXefbf cTqfXf "+/#' 7_Zhabf WX X__bf% f\a fXe aXVXfTe\T`XagX VTc\gT_\fgTf TiTamTWbf% Vbafg\ghlXa Xf_TUbaXf WpU\_Xf WX _T VTWXaT3 Xf Xa Xfgbf cTqfXf% fXrT_T BXa\a% WbaWX fX VbaVXageT ha c_heT_ WX VbageTW\VV\baXf dhX WTa c\X cTeT X_ fheZ\`\Xagb WX ehcgheTf eXib_hV\baTe\Tf' 7fq% _T eXib_hV\sa fbV\T_\fgT ge\haYs Xa ha cTqf fX`\&YXhWT_% ceXWb`\aTagX`XagX VT`cXf\ab l fb_b \aV\c\XagX`XagX VTc\gT_\fgT ZeTV\Tf T dhX% Xa fh `b`Xagb% Hhf\T XeT X_ cTqf `nf WpU\_ WX _T VTWXaT \`cXe\T_\fgT% X_ cTqf dhX VbaWXafTUT Xa fq X_ `Tlbe Vv`h_b% WX VbageTW\VV\baXf dhX _bVb_bVTUTaXa_TTagXfT_TWX_TeXib_hV\sa"+0#' =eT`fV\ YhX `hV[b `nf W\eXVgb l Xkc_qV\gb T_ eXfcXVgb' Fbe ha _TWb% cbedhX VeXqT dhX Xa EVV\WXagX X_ fbV\T_\f`b Xfgn cbe \aiXagTe l% cbe X_ bgeb% cbedhX WXfVe\UqT _T XkcXe\XaV\T Ub_V[Xi\dhX Vb`b ÖTab`T_qTÜ Xa eX_TV\sa T _T Öabe`TÜ gXse\VT XfcXeTWT' JT_ Xf Tfq dhX VTeTVgXe\ms T _T eXib_hV\sa WX EVghUeX Vb`b haT eXib_hV\sa ÖVbageT 1N /CRKVCNi "+1#' 9b`b W\VX 9[XfaXThk% cTeT =eT`fV\% _T eXib_hV\saehfTYhX_b\aXfcXeTWb3

+/'& L'?' XW\V\baXf'

BVa\a%

1N KORGTKCNKUOQ"

HCUG

UWRGTKQT

FGN

ECRKVCNKUOQ"

iTe\Tf

+0' 9b`b W\VX FbhVTh_g TVXeVT WX XfgT cebcbf\V\sa WX BXa\a% ÉX_ ce\i\_XZ\b dhX VbaVXWX T _b dhX fX __T`T f\a eX\efX _T ÖgXbeqTÜ WX_ Xf_TUsa `nf WpU\_ "' ' '# [T cXe`\g\Wb cXafTe TdhX__b dhX [TUqT f\Wb cTeT X_ `Tek\f`b \`ceXi\f\U_X3 _T eXib_hV\sa Xa Hhf\T "'''# O Xa ab`UeX WX XfgT cebcbf\V\sa fX gXeebe\mT gbWT TVV\sa _bVT_ `XW\TagX X_ W\_X`T f\Zh\XagX3 b U\Xa TgTVn\f _bVT_`XagX% cXeb Xf aXVXfTe\b XfgTe fXZheb WX dhX Xf X_ Xf_TUsa `nf WpU\_ VhlT ehcgheT [Ten fT_gTe gbWb% b U\Xa X_ gbWb ab [T fT_gTWb% X_ Xf_TUsa ab XeT X_ `nf WpU\_% X_ TWiXefTe\b ab g\XaX `nf dhX eXVb`cbaXe fh YeXagX% _T eXYbe`T [T eXTUfbeU\Wb ihXfgeb TgTdhXÑ' LXe ÉFbWXeXf l XfgeTgXZ\TfÑ "*200#% Xa 8KETQH_UKEC FGN RQFGT "*200#% ;W\gbe\T_BTF\dhXgT%CTWe\W%*201%cc'*0+&*0,' +1' 9\gTWb cbe @XTa 9[XfaXThk% f4CEGOQU VCDNC TCUC FGN RCUCFQ, - RTQ# RaUKVQ FG NC JKUVQTKC [ FG NQU JKUVQTKCFQTGU "*20/#% I\Z_b NN?% Cpk\Vb% *200% c'+)2'

-/

haT eXib_hV\sa ab VbaYbe`X Vba X_ `bWb WX X`c_Xb fh`\a\fgeTWb cbe X_ Yb__Xgb &Xf WXV\e% ab VbaYbe`X Vba X_ XfdhX`T eXWhVgbe WX _bf gXse\Vbf WX _T ?? ?agXeaTV\baT_% cTeT dh\XaXf 1N /CRKVCN fX eXWhVqT T _T \aX_hVgTU\_\WTW WX _Tf eXib_hV\baXf fbV\T_\fgTf Xa _bf cTqfXf \aWhfge\T_Xf `nf TiTamTWbfÑ"+2#' Fbe fh cTegX% CTb JfX JhaZ ghib dhX TeeXZ_nefX_Tf cTeT Xk& c_\VTe VbaVXcghT_`XagX Vb`b cbWqT cXafTefX f\dh\XeT haT eXib_h& V\sa fbV\T_\fgT Xa ha cTqf ceXWb`\aTagX`XagX TZeqVb_T l Vba ha f\f& gX`T WX Wb`\aTV\sa X`\aXagX`XagX YXhWT_4 cbe dhp haT `TfT WX VT`cXf\abf cbUeXf l geTUT]TWbeXf TZeqVb_Tf WXfX`c_XTWbf cbWqTa Vbafg\gh\efX Xa X_ fh]Xgb eXib_hV\baTe\b fbV\T_\fgT UT]b X_ _\WXeTmZb WX haT \aV\c\XagX l `\abe\gTe\T V_TfX WX geTUT]TWbeXf heUTabf4 l% cbe v_g\`b% cbe dhp haT eXib_hV\sa fbV\T_\fgT gXaWeqT dhX Tfh`\e _T eXT& _\mTV\sa WX haT ÖgTeXT UheZhXfTÜ% gT_ Vb`b _T eXfb_hV\sa WX _T VhXfg\saaTV\baT_' 7_ \ZhT_ dhX Xa X_ VTfb WX _bf Ub_V[Xi\dhXf% Tdhq ahXiT`XagX fX chXWX TceXV\Te _T TcX_TV\sa T Xkc_\VTV\baXf TW&[bV cTeT WTe VhXagT WX _Tf ÖcXVh_\Te\WTWXfÜ WX_ VTfb V[\ab Xa eX_TV\sa T _T Öabe`TÜ gXse\VT WX 1N /CRKVCN$ CTb% W\e\ZXagX UTfgTagX \`TZ\aTg\ib% \agebWh]b haT eXYbe`h_TV\sa WX _T W\T_pVg\VT `Tek\fgT dhX% Tva f\XaWb WpU\_ Vb`b eXY_Xk\sa l cebchXfgT Y\_bfsY\VT% eXfh_gTUT cb_qg\VT`XagX Vbai\aVXagX "Xa XfcXV\T_ cTeT \agX_XVghT_Xf bVV\WXa& gT_Xf VTeXagXf WX XkcXe\XaV\T cb_qg\VT cenVg\VT#' IXZva p_% _T W\T& _pVg\VT ab fX _\`\gT T haT VbageTW\VV\sa cheT l W\eXVgT XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa% a\ fX XaVTeaT haqibVT`XagX Xa Wbf V_TfXf TagTZsa\VTf ZXfgTWTf T cTeg\e WX _Tf eX_TV\baXf WX cebWhVV\sa Wb`\aTagXf4 cbe X_ VbageTe\b% WTWb dhX X_ VbagXkgb Xf f\X`ceX WXgXe`\aTagX WX _Tf Ybe`Tf VbaVeXgTf WX eXfb_hV\sa WX _Tf VbfTf% _T W\T_pVg\VT WXUXeqT VbagX`c_Te VbageTW\VV\baXf ce\`Te\Tf l fXVha& WTe\Tf% cb_b ce\aV\cT_ l cb_b fhUbeW\aTWb WX _T VbageTW\VV\sa% VbageTW\VV\baXf TagTZsa\VTf l ab TagTZsa\VTf l% Y\aT_`XagX% \aV_hfb _Tcbf\U\_\WTWWXdhXfhfX_X`XagbffXVhaWTe\bf%fhUbeW\aTWbflab +2'?U\W'

-0

TagTZsa\VbffXgeTafYbe`XaXafhbchXfgbli\VXiXefT",)#' ;fgb eXTcTeXVX Xa Ybe`T VTf\ \Wpag\VT Xa X_ VTfb i\XgaT`\gT% >b 9[\ C\a[% Lb DZhlXa =\Tc l X_ eXfgb WX_ _\WXeTmZb WX_ FTeg\Wb 9b`ha\fgT WX L\XgaT`% XaYeXagTWbf T haT f\ghTV\sa Tan_bZT T _T WX fhf VbaZpaXeXf V[\abf% gT`U\pa \agebWh]Xeba Xkc_\VTV\baXf TW&[bV `bWX_TWTf T_eXWXWbe WX _T gXf\f WX CTb' :XY\a\Xeba _T f\ghTV\sa WX_ cTqf Xa UTfX T haT VbageTW\VV\sa Öce\aV\cT_Ü l haT ÖfXVhaWTe\TÜ3 _T haT% XageX _T aTV\sa i\XgaT`\gT l fhf TZeXfbeXf &ce\`Xeb _bf \aiTfbeXf ]TcbaXfXf% _hXZb _Tf YhXemTf Vb_ba\T_Xf YeTaVXfTf l% Y\aT_`XagX% _Tf gebcTf WX \agXeiXaV\sa abegXT`Xe\VTaTf4 _T bgeT% XageXgXeeTgXa\XagXfYXhWT_XflVT`cXf\abff\ag\XeeT",*#' ;_ VTenVgXe TW&[bV WX XfgT Xkc_\VTV\sa Xf Xi\WXagX3 WXUX WTe VhXagT WX haT ÖTab`T_qTÜ Xa eX_TV\sa T_ eXYXeXagX gXse\Vb% T fTUXe% WXUX Xkc_\VTe cbe dhp chXWX ge\haYTe haT eXib_hV\sa fbV\T_\fgT Xa ha VbagXkgb Xa X_ VhT_ _T ÖVbageTW\VV\sa ce\aV\cT_Ü ab Xf WX V_TfX% f\ab `nf U\Xa XkceXfT haT _hV[T aTV\baT_% Tag\&Vb_ba\T_\fgT l Tag\&\`cXe\T_\fgT l% TWX`nf% cbe dhp _T VbageTW\VV\sa WX V_TfX% ÖVbageTW\VV\sa fXVhaWTe\TÜ% Xa iXm WX fXe XageX VTc\gT_\fgTf l RTQNGVCTKQU Xf XageX gXeeTgXa\XagXf l ECORGUKPQU$ ;a Y\a% T cXfTe WX _T ThfXaV\T WX ha `bWb WX cebWhVV\sa VTc\gT_\fgT% WX haT V_TfX bUeXeT `TWheT% WX haT VbageTW\VV\sa ce\aV\cT_ dhX Xfghi\XfX Xf& gehVgheTWTT_eXWXWbeWXhacb_bV_Tf\fgTlTcXfTeWXVb_bVTe_T_hV[T ,)' CTb JfX JhaZ% >QDTG NC EQPVTCFKEEKaP "*2,0#% iTe\Tf XW\V\baXf' ;a XfgX VTfb% [Tl ha \agXagb WX ]hfg\Y\VTe _T ÖXfcXV\Y\V\WTWÜ WX_ VTfb V[\ab \agebWh& V\XaWb haT Xkc_\VTV\sa TW&[bV Xa X_ c_Tab WX _T gXbeqT' FXeb% Xf \agXeXfTagX abgTe% cbe VbageTfgX% X_ TcXZb WX _bf W\e\ZXagXf V[\abf T _bf fq`Ub_bf X \afg\ghV\baXf WX _T eXib_hV\sa Ub_V[Xi\dhX WX *2*04 [\V\Xeba WX haT XkcX& e\XaV\T VbaVeXgT ha cTeTW\Z`T TUfb_hgb% ha `bWX_b T gT_ chagb eqZ\Wb dhX fX Vbai\XegX Xa T_Zb e\f\U_X' LT_ZT ha X]X`c_b WX X__b' ;a *2,*% W\VX 9[XfaVThk% VhTaWb _Tf YhXemTf WX CTb [TUqTa ZTaTWb X_ Vbageb_ WX T_ZhaTf mbaTf T geTipf WX haT XfgeTgXZ\T VT`cXf\aT% É_T `TlbeqT fgT_\a\fgT WX _T W\eXVV\sa WX_ F99 "' ' '# \`chfb __T`Te Öfbi\Xgf V[\abfÜ T XfgT VeXTV\sa cb_qg\VT be\Z\aT_' IX ceXgXaWqT VbaYbe`X T_ `bWX_b' IX __Xis _T ceXbVhcTV\sa cbe X_ WXgT__X [TfgT X_XZ\e X_ 0 WX abi\X`UeX cTeT cebV_T`Te Xa _Tf mbaTf eb]Tf X_ TWiXa\`\Xagb WX_TeXcvU_\VTWX_bffbi\XgfV[\abfÑ'LXe9[XfaXThk%QR$EKV$"c'+)2' ,*' Lb DZhlXa =\Tc% 3WGTTC FGN RWGDNQ" X]peV\gb WX_ chXU_b% ;W\V\baXf ;eT% Cpk\Vb%*210'

-1

cbe _T aTV\sa Xa X_ VXageb WX _T eXY_Xk\sa fbUeX _T cb_qg\VT l XfgeTgXZ\T Xa _T Vbafg\ghV\sa WX _Tf YhXemTf eXib_hV\baTe\Tf% _bf i\XgaT`\gTf ]T`nfchf\XebaXaWhWTX_VTenVgXeVRFLDOLVWDWXfh_hV[T' ;fgT _\fgT cbWeqT [TVXefX `nf Xk[Thfg\iT `XW\TagX _T \aVbe& cbeTV\sa WX _Tf XkcXe\XaV\Tf VhUTaT% a\VTeTZwXafX% XgV'% cXeb _b Xk& chXfgb UTfgT cTeT XfgTU_XVXe X_ fgTghf ÖXkVXcV\baT_Ü WX gbWTf XfgTf XkcXe\XaV\Tf eXib_hV\baTe\Tf Xa eX_TV\sa T_ XfdhX`T geTmTWb cbe CTek' 7_ eXfcXVgb% fX chXWX [TU_Te% Vb`b fhZ\XeX CTff\`b IT_iT& Wbe\% WX VhTagb `Xabf geXf ÖVTfbf X]X`c_TeXfÜ Xa _T [\fgbe\T WX_ `Te& k\f`b3 É''' *# WbaWX [T [TU\Wb ha \agXafb WXfTeeb__b VTc\gT_\fgT ]hagb Vba ha T_gb WXfTeeb__b WX`bVeng\Vb% X_ `Tek\f`b ab [T gXa\Wb eXcXeVhf\sa [\fgse\VT4 +# WbaWX [T [TU\Wb ha WXfT& eeb__b VTc\gT_\fgT WX iTe\TWT \agXaf\WTW f\a gXaXe% X`cXeb% haT TWXVhTWT WX`bVeTg\mTV\sa% X_ `Tek\f`b fX [T TY\e`TWb Xa _T VbaV\XaV\T WX _Tf `TfTf geTUT]TWbeTf WX `TaXeT abgTU_X% cXeb X_ WXfTeeb__b VTc\gT_\fgT [T eXfh_gTWb _b UTfgTagX YhXegX Vb`b cTeT \`cXW\e dhX X_ `Tek\f`b fX ib_i\XfX ha YTVgbe eXib_hV\baTe\b TVg\ib4 l ,# WbaWX% Vb`b ce\`Xeb Xa Hhf\T l _hXZb Xa 9[\aT l Xa bgebf cTqfXf TgeTfTWbf% X_ WXfTeeb__b WX_ VTc\gT_\f`b `bWXeab [T f\Wb `bWXfgb b \aV_hf\iX VTf\ ThfXagX l% T_ `\f`b g\X`cb% _T WX`bVeTV\T cb_qg\VT fs_b [T gXa\Wb ha Vb`\Xamb WX TY\e`TV\sa b U\Xa ab fX [T TY\e`TWb ahaVT% X_ `Tek\f`b [T gXa\Wb _T `nk\`T XY\VTV\T eXib_h& V\baTe\T' FXeb Xa XfgX VTfb fh eXfbegX [T f\Wb _T ThfXaV\T WX `TWheXm VTc\gT_\fgT l fh Y\a _T VbafXVhV\sa WX haT `bWXe& a\mTV\sa ab VTc\gT_\fgT' ;fgb WX`hXfgeT dhX% Xa Xfbf cTqfXf% _T eXib_hV\sa [T f\Wb X_ cebWhVgb WX _T WbU_X ThfXaV\T WX_ VTc\gT_\f`b Vb`b VbagXa\Wb XVbas`\Vb&fbV\T_ l WX _T WX`bVeTV\TVb`bYbe`Tcb_qg\VTÑ",+#'

,+' CTff\`bIT_iTWbe\%É;_bVTfbWX_ceblXVgbVb`ha\fgTÑ%7GXKCV]PDx+0% ??;cbVT%ce\`TiXeT*210%c'02'

-2

7_ cbfgh_Te _T _XZ\g\`\WTW WX cXafTe Xa ha c_heT_ WX iqTf T_ fbV\T_\f`b `TagXa\XaWb T _T iXm _T ha\V\WTW WX_ bU]Xgb ÖfbV\T_\f`bÜ dhX Vbafg\gh\eqT X_ chagb WX __XZTWT cTeT gbWTf X__Tf% fX _bZeT haT UQNWEKaP GNGICPVG RGTQ RTGECTKC T _T cTeTWb]T XageX X_ eXYXeXagX l _T XkVXcV\sa' Fbe ha _TWb% _Tf W\YXeXagXf XkcXe\XaV\Tf eXib_hV\baTe\Tf bVhee\WTf T _b _TeZb WX XfgX f\Z_b cTfTa T fXe gTagTf iqTf b VT`\abf T_ fbV\T_\f`b l% cbe Vbaf\Zh\XagX% _Tf W\iXefTf eXY_Xk\baXf TW&[bV dhX geTgTa WX WTe VhXagT WX _Tf ÖcTeg\Vh_Te\WTWXfÜ WX VTWT cTqf cTeT ]hfg\Y\VTe fh VTenVgXe ÖXkVXcV\baT_Ü WX]Ta WX fXe `XeTf eXY_Xk\baXf TW&[bV cTeT VbaiXeg\efX Xa _b dhX cbWeqT WXab`\aTefX% T YT_gT WX ha gXe`\ab `X]be% VGQT_CU TGIKQPCNGU4 cbe X_ bgeb% WX XfgT `TaXeT fX [TVX cbf\U_X _T X_TUbeTV\sa WX W\iXefTf XfgeTgXZ\Tf WXYXaf\iTf Vba X_ Y\a WX cebgXZXe l Vbafb_\WTe _T iT_\WXm WX _T VGQT_C IGPGTCN" Xf WXV\e% X_ gXeeXab fbUeX X_ VhT_ X_ `Tek\f`b VbafgehlX fhf bU]Xgbf &cTeg\Vh_Te`XagX fhf VbaVXcV\baXf WX _T [\fgbe\T% WX _T gbgT_\WTW fbV\T_% WX_ fh]Xgb eXib_hV\baTe\b l WX _T Ybe`T WX _T ehcgheT eXib_hV\baTe\TdhXWXfXaVTWXaTX_VT`U\bfbV\T_' IX W\VX dhX XfgT Xf haT UQNWEKaP GNGICPVG cTeT WTe VhXagT WX _Tf XkVXcV\baXf T _T abe`T% cbe VhTagb X_ W\fVhefb `Tek\fgT WX`hXfgeT haT V\XegT VTcTV\WTW WX eXZXaXeTV\sa% WX \`TZ\aTV\sa l eXTVb`bWb TagX X_ f\aav`Xeb WX VhXfg\baT`\Vagbf fheZ\Wbf T cTeg\e WX_ eXVbabV\`\Xagb WX gT_Xf ÖTab`T_qTfÜ dhX ab [TUqTa f\Wb VbagX`c_TWTf cbe _bf YhaWTWbeXf WX _T WbVge\aT' :X XfgT `TaXeT fX T`c_qT X_ XfcTV\b WX `Ta\bUeT% fXT cTeT _T WXYXafT WX c_TagXT& `\Xagbf `Tek\fgTf Vb`b ÖZhqTfÜ Tva in_\WTf cTeT _T TVV\sa fbV\T_\fgT b cTeT X_ WXfTeeb__b WX \a\V\Tg\iTf fbV\T_\fgTf fheZ\WTf Xa VTWT cTqf l`bWX_TWTfWXTVhXeWbTfhfeXfcXVg\iTfV\eVhafgTaV\Tf' FXeb Xf gT`U\pa haT UQNWEKaP RTGECTKC" cbe VhTagb _T eXZXaXeTV\sa WX_ W\fVhefb Xfgn eXfge\aZ\WT T_ c_Tab WX _Tf iqTf l XfgeTgXZ\Tf% l i\XaX TVb`cTrTWT WX XfYhXembf f\`h_gnaXbf cbe cebgXZXe ha eXfTU\b WX ÖiXeWTWXf YhaWT`XagT_XfÜ &[bl cenVg\VT& `XagX \afbfgXa\U_Xf& fheZ\WTf ceXV\fT`XagX WXageb WX_ gXeeXab gXse\Vb ZXaXeT_ dhX fX ceXgXaWX fT_iTZhTeWTe% Xf WXV\e% X_ `TgXe\T& _\f`b[\fgse\Vb' ;a WXY\a\g\iT% _T aXVXf\WTW WX TcX_Te T eXZ_Tf CF#JQE eXiX_T

.)

haT f\ghTV\sa WX `T_XfgTe Xa X_ `Tek\f`b% ha eXVbabV\`\Xagb WX _T aXVXf\WTW WX VbagX`c_Te _T W\YXeXaV\T' FXeb fs_b Xa Ybe`T bU_\VhT% geTgTaWb WX fT_iTZhTeWTe _T \WXag\WTW eXYXeXaV\T_ WX_ W\fVhefb' Fbe Xfb% Vb`b W\VX BTV_Th% Xa V\Xegb `bWb fX cbWeqT WXV\e dhX É_T [\fgbe\T WX_ `Tek\f`b [T f\Wb _T [\fgbe\T WX _bf XfYhXembf cTeT _\W\Te Vba _T VhXfg\sa WX _T W\YXeXaV\T% cTeT Wb`Xfg\VTe_T WX T_ZhaT `TaXeT XahaW\fVhefbWb`\aTWbcbeha_sZ\VT\WXag\gTe\TÑ",,#'

,,' ;eaXfgb BTV_Th% ÉJeTafYbe`Tmm\baX X Ka\iXef\glbY;ffXk%?aZ_TgXeeT%:\V\X`UeXWX*21*'

JXbeqT

WX_

IbZZXggbÑ%

C\`Xb%

.*

999 395=391G?>45A$ ;16>AC9693139>=45;1A1H>= A5E>;D39>=1A91

.,

;k\fgXa W\iXefbf `bWbf WX VhXfg\baTe X% \aV_hfb% \aiT_\WTe X_ W\fVhefb WX_ TWiXefTe\b% fXT Xa WXUTgXf cb_qg\Vbf b Xa cb_p`\VTf \agX_XVghT_Xf' Fbe X]X`c_b% fX chXWX cbaXe Xa XageXW\V[b _T Vb[X& eXaV\T _sZ\VT WX _T TeZh`XagTV\sa WX_ bcbaXagX% WX`bfgeTaWb dhX [Tl VbageTW\VV\baXf XageX fhf ceX`\fTf l _Tf VbaV_hf\baXf dhX XkgeTX WX X__Tf' JT`U\pa fX chXWX WXU\_\gTe fhf TeZh`Xagbf V\gTaWb hab dhX bgeb X]X`c_b [\fgse\Vb ab VbagX`c_TWb cbe p_% b cbaXe Xa WhWT _T fb_\WXm WX _Tf eXYXeXaV\Tf dhX X`c_XT cTeT ]hfg\Y\VTe l WXYXaWXe fh cbfgheT' ?aV_hfb fX chXWX TVhfTe T_ Vbage\aVTagX WX `Xag\ebfb%V[Te_Tgna%geT\Wbehbcbegha\fgT' '$

5WQZ[MTVSVOcI_]MYLIL$;IWMZILIPMYMUKQIYIKQVUISQZ# [I$

FXeb% TWX`nf WX gbWTf XfgTf `bWT_\WTWXf WX Veqg\VT% ab WX]T WX __T`Te _T TgXaV\sa X_ [XV[b dhX T_Zhabf TcX_Ta ce\aV\cT_`XagX T _T V\XaV\T cTeT iT_\WTe b \aiT_\WTe haT cbf\V\sa' ;_ Ve\gXe\b WX V\Xag\Y\V\WTW Xf XfZe\`\Wb cbe ha UTaWb VhT_dh\XeT cTeT geTgTe WX WXfVT_\Y\VTe X_ W\fVhefb WX fh TWiXefTe\b% fXT g\_WnaWb_b WX ÖXfcX& Vh_Tg\ibÜ X Ö\WXb_sZ\VbÜ% TVhfnaWb_b WX YT_fXTe _T eXT_\WTW b WXf`XeXV\paWb_b cbe ab fXe ha Y\X_ eXY_X]b WX pfgT' ;_ `Tek\f`b fX [T VTeTVgXe\mTWb cbe X`c_XTe WX `TaXeT cebYhfT XfgX g\cb WX TeZh`XagTV\sa' JT_ Xf Tfq% dhX _T cTeX]T V\XaV\T&\WXb_bZqT &XagXa& W\WT Vb`b V\XaV\T &ab V\XaV\T& [T cTfTWb T fXe ha X]X Teg\Vh_TWbe WX fh XfgeTgXZ\T cTeT _XZ\g\`TefX \agX_XVghT_`XagX Vb`b gXbeqT WX _b fbV\T_ l fhf geTafYbe`TV\baXf% l gT`U\pa cTeT VbaiXeg\efX Xa ZhqT ce\i\_XZ\TWT cTeT _T beZTa\mTV\sa l _T TVV\sa WX ha `bi\`\Xagb Xa _hV[TcbeX_fbV\T_\f`b'

..

BT V\XaV\T% fhXrb WX_ eTV\baT_\f`b WX _T ?_hfgeTV\sa l cTaTVXT WX_ cbf\g\i\f`b WX_ f\Z_b N?N% [T f\Wb TUeTmTWT cbe X_ cXafT`\Xagb `Tek\fgT Vba haT YX gTa YhXegX Vb`b cX_\ZebfT' 9\Xagbf WX cXdhXrTf fXVgTf WX \afc\eTV\sa `Tek\fgT f\ZhXa TYXeeTWTf T ha V\Xag\Y\V\f`b WbZ`ng\Vb% _b VhT_ fXeqT ha WTgb cheT`XagX TaXVWs& g\Vb V \ageTfVXaWXagX f\ ab YhXeT cbe VTfbf gT_Xf Vb`b _T UeXiX l TgXeeTWbeT XkcXe\XaV\T WX_ A`Xe HbhZX Xa 9T`UblT4 fh \agXagb WX YhaWTe ha fbV\T_\f`b UTfTWb Xa _T \agXeceXgTV\sa _\gXeT_ WX _bf gXkgbf VTasa\Vbf WX W\iXefbf XkcbaXagXf WX_ fTagbeT_ `Tek\fgT [T cTfTWb T fXe ha eXVhXWb fTaZe\Xagb WX _b dhX chXWX fXe haT fXVgT eTV\baT_\fgT Xa X_ cbWXe' 9b`b WXVqT C\_biTa :]\_Tf% Tag\Zhb VT`TeTWT WX J\gb X \`cbegTagX W\e\ZXagX lhZbXf_Tib VTqWb Xa WXfZeTV\TWXfchpfWX_ge\haYbWX_TeXf\fgXaV\T3 É;a _T [\fgbe\T [hUb fs_b haT eXib_hV\sa Xk\gbfT dhX ab gXe& `\as Xa haT W\VgTWheT3 _T abegXT`Xe\VTaT' FXeb ab cbedhX _bf abegXT`Xe\VTabf fXTa `nf _\fgbf dhX _bf XhebcXbf% f\ab cbedhX gXaqTa _T iXagT]T WX ab VbagTe Vba Y\_sfbYbf eTV\baT& _\fgTf%dhXTgbWTVbfgTdhXeqTaVeXTehaTfbV\XWTW\WXT_Ñ"*#' CXabf i\b_Xagb &ThadhX \ZhT_`XagX cXea\V\bfb& Xf X_ XfYhXemb cbe XaVT]Te _bWb ahXib YXas`Xab fbV\T_ WXageb WX_ `TeVb gXse\Vb dhX abf _XZTeT X_ ZeTa cXafTWbe fbV\T_\fgT WX_ f\Z_b N?N% f\a [TVXe `nf dhX ha `qa\`b WX `bW\Y\VTV\baXf T W\V[b `TeVb' ;fgb Xf T_Zb cTeXV\Wb T _T i\X]T hfTamT V[\aT WX TV[\VTe _bf c\Xf WX _Tf WbaVX__Tf% WXYbe`naWb_bf `XW\TagX iXaWT]Xf dhX cXe`\g\XfXa% Y\aT_`XagX% \agebWhV\e_bf Xa mTcTgbf `\avfVh_bf Xa cbf WX ha \WXT_ WX UX__XmT' ;_ VTfb WX _bf ahXibf `bi\`\Xagbf fbV\T_Xf Xa eX_TV\sa T_ `Tek\f`b Xf VTeTVgXeqfg\Vb WX _bf \agXagbf cbe YbemTe _b ahXib WXageb WX_ `TeVb lT Xk\fgXagX Xa TeTf WX ha Ö\WXT_ fbV\T_\fgTÜ% VhlT iT_\WXm _X Xf VbaYXe\WT cbe fh VTenVgXe% ÖV\XagqY\VbÜ l VhlT Veqg\VT Xf VT_\Y\VTWTVb`beXi\f\ba\f`b%[XeX]qTbTcbfgTfqT'

*' C\_biTa:]\_Tf%1ZEGNUKQT%Cpk\Vb%+0WX`TembWX*21,'

./

;_ TcXZb bUghfb T ha `TeVb gXse\Vb% T ha W\fVhefb VbaiXeg\Wb Xa UTfg\ba T`heT__TWb% Vbafg\ghlX [bl ha iXeWTWXeb bUfgnVh_b cTeT _T `bi\_\mTV\sa cbch_Te l WX`bVeng\VT% cTeT _T TVV\sa fbV\T_\fgT dhX X_`Tek\f`b`\f`bVbaf\WXesf\X`ceXVb`bfhbU]Xg\ibce\be\gTe\b' BT `heT__T l X_ ce\i\_XZ\b VTf\ bagb_sZ\Vb Tf\ZaTWb T_ `Tek\f& `b&UTfg\sa cTeT XaVThmTe _T TVV\sa fbV\T_\fgT [Ta f\Wb Xe\Z\Wbf TcebiXV[TaWb X_ ceXfg\Z\b ZbmTWb cbe X_ eTV\baT_\f`b l X_ W\fVhefb V\XagqY\Vb Xa X_ cXafT`\Xagb bVV\WXagT_ VbagX`cbenaXb4 iXeWTW l TVV\sa fX ceXfXagTa Vb`b VbeeX_Tgbf aXVXfTe\bf WX V\XaV\T l eTmsa' JT_ Xf Tfq% dhX ha W\e\ZXagX eXib_hV\baTe\b Vb`b BXa\a __XZT T WXV\e dhX ÉX_ `Tek\f`b Xf gbWbcbWXebfb cbedhX Xf iXeWTWXebÑ% l dhX ha WXfgTVTWb Y\_sfbYb Vb`b 7_g[hffXe &T_ `Xabf X_ 7_g[hffXe WX _bf XfVe\gbfWX_bfTrbfÜ/)&TY\e`T3 '' X_ `Tek\f`b Xf Vb`b haT ÖZhqT cTeT _T TVV\saÜ' FhXWX fXe haT ÖZhqTÜ cbedhX Xf haT V\XaV\T% l va\VT`XagX cbe XfT ' eTmsa "' ' '# gT`U\pa _Tf V\XaV\Tf aXVXf\gTa haT ÖZhqTÜ% cXeb ab haT ZhqT YT_fT% f\ab haT ZhqT iXeWTWXeT "'''# XfgT ZhqT WX _Tf V\XaV\Tf ab chXWX fXe `Xabf dhX haT ÉZhqTÑ gXse\VT`XagX VT_\Y\VTWT3X_`TgXe\T_\f`bW\T_pVg\VbÑ"+#' BT W\fg\aV\sa XageX _T V\XaV\T l fh ÖZhqTÜ gXse\VT`XagX VT_\Y\VTWT VbeeXfcbaWX T _T W\fg\aV\sa &gT`U\pa \`ch_fTWT cbe 7_g[hffXe& XageX X_ `TgXe\T_\f`b [\fgse\Vb b gXbeqT `Tek\fgT WX _T [\fgbe\T l _T fbV\XWTW cbe haT cTegX% l X_ `TgXe\T_\f`b W\T_pVg\Vb b gXbeqT `Tek\fgT WX_ VbabV\`\Xagb cbe _T bgeT' BT gXbeqT WX _T [\fgbe\T TWdh\XeX X_ fgTghf WX V\XaV\T fs_b Xa gTagb X_ `TgXe\T_\f`b W\T_pVg\Vb _bZeT Vbafg\gh\efX Xa ha YhaWT`Xagb Y\_bfsY\Vb WX VTenVgXe FLHQW`IL& FR% W\VX 7_g[hffXe' :X XfgX `bWb% _T ceXgVaf\sa WX _T V\XaV\T WX cbWXe cebWhV\e VbabV\`\Xagbf VbaY\TU_Xf WXcXaWX WX fh TWbcV\sa WXhaTXc\fgX`b_bZqT&WXhaTXc\fgX`b_bZqTFRUUHFWD%V_TebXfgn';a +' Bbh\f 7_g[hffXe% ÉCTgXe\T_\f`b [\fgse\Vb l `TgXe\T_\f`b W\T_pVg\VbÑ "*2//#% Xa 8CVGTKCNKUOQ JKUVaTKEQ [ OCVGTKCNKUOQ FKCN^EVKEQ$ 9hTWXeabf WX FTfTWblFeXfXagXDx-%Cpk\Vb%c'/*'

.0

X_ cneeTYb Y\aT_ WX fh TegqVh_b% 7_g[hffXe TY\e`T dhX Éab chXWX [TUXe bgeT ÖZhqTÜ cbe XaV\`T WX_ `TgXe\T_\f`b [\fgse\VbÑ% Vba _b VhT_ cebcbaX ha FLHUUH WX _T Y\_bfbYqT l% T_ `\f`b g\X`cb% f\a Tg\fUb WX chWbe% cbaX T_ _XVgbe Xa ZhTeW\T TagX X_ `Tlbe WX _bf `T_Xf \agX_XVghT_Xf%É_TYbe`TcebYTaTWX_TeX_\Z\sa3X_WbZ`Tg\f`bÑ",#' ;fgb &T_ `Xabf Xa cTegX& fX WXUX T haT VeXXaV\T Y\e`X`XagX TaV_TWT Xa _T \`TZ\aTV\sa WX `\_\gTagXf WX Zehcbf `Tek\fgTf% T fTUXe% dhX X_ cXafT`\Xagb `Tek\fgT Vbafg\ghlX _T Öha\WTW WX gXbeqT l cenVg\VTÜ' FTh_ >\efg "-# fbfg\XaX dhX XfT ha\WTW fs_b fX iXe\Y\VT Xa X_ VTfb WX _T Tc_\VTV\sa WX _T gXbeqT `Tek\fgT WX_ VbabV\`\Xagb [\fgse\Vb "`TgXe\T_\f`b [\fgse\Vb# T fh cebc\T cenVg\VT' ;f WXV\e% fs_b chXWX fXe WX`bfgeTWT Xa UTfX T ha TeZh`Xagb ThgbeXYXeVaV\T_% V\eVh_Te%gThgb_sZ\Vb' ;_ chagb WX cTeg\WT cTeT _T Veqg\VT WX >\efg Xf _T VbabV\WT gXf\f Tag\&\WVT_\fgT XkchXfgT cbe CTek Xa X_ :UHIDFLR WX *1.2' IX TY\e`T dhX ab Xf _T VbaV\XaV\T _T dhX WXgXe`\aT T_ fXe% f\ab dhX% cbe X_ VbageTe\b% Xf X_ fXe fbV\T_ X_ dhX WXgXe`\aT _T VbaV\XaV\T WX _bf fh]Xgbf' I\a X`UTeZb% X_ `Tek\f`b gT`U\pa fhX_X c_TagXTe dhX haT TceX[Xaf\sa ÖVbeeXVgTÜ "ÖV\XagqY\VTÜ# WX_ fXe eXdh\XeX haT Ybe`T XfcXVqY\VT WX VbaV\XaV\T "Ö`Tek\f`bÜ#' FXeb f\ X_ VHU WXgXe`\aT _T VbaV\XaV\T% ~Vs`b Xf cbf\U_X dhX _T ÖVbeeXVgTÜ TceX[Xaf\sa WX_ fXe WXcXaWT WX haT Ybe`T WX FRQFLHQFLD6 Chl f\`c_X3 X_ `Tek\f`b TY\e`TdhXfhcenVg\VTVbeeXfcbaWXT_TaTgheT_XmTWX_TeXT_\WTW ,' ;_ cXafT`\Xagb WX 7_g[hffXe ghib ha Z\eb eTW\VT_ W\Xm Trbf `nf gTeWX' JT_ Xf Tfq dhX __XZs T VT_\Y\VTe WX ÖgXbeqT Y\a\gTÜ T fh ÖZhqT iXeWTWXeTÜ WX TagTrb3 É:XV\e dhX _T gXbeqT `Tek\fgT Xf ÖY\a\gTÜ f\Za\Y\VT fhfgXagTe _T \WXT XfXaV\T_ WX dhX _T gXbeqT `Tek\fgT Xf gbWb _b VbageTe\b WX haT Y\_bfbYqT WX _T [\fgbe\T dhX ceXgXaWX ÖXaZ_bUTeÜ% cXafnaWb_b XYXVg\iT`XagX% gbWb X_ WXiXa\e WX _T [h`Ta\WTW "'''#' Xa VbafXVhXaV\T% VeXb dhX WXUX`bf TcTegT`bf cbe XagXeb WX _T \WXT% dhX chXWX XaVbageTefX Tva Xa V\XegTf XkceXf\baXf WX BXa\a X \aV_hf\iX WX =eT`fV\% WX dhX _T gXbeqT `Tek\fgT Xf haT gXbeqT gbgT_% _T Ybe`T WX haT Y\_bfbYqT WX _T [\fgbe\T dhX Vh_`\aT Xa haT cenVg\VT WX_ ITUXe TUfb_hgbÑ' LpTfX É;_ `Tek\f`b Vb`b gXbeqT Y\a\gTÑ% Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% 0KUEWVKTGNGUVCFQ"*201#%\efg% :P 7CY CPF 5FGQNQI[" Hbhg_XWZX TaW AXZTa FTh_% BbaWba% *202'

.1

fbV\T_' 9ba X__b% X_ `Tek\f`b fX Vbai\XegX T _T iXm Xa SURGXFWR WX _T f\ghTV\sa WX TVV\sa b eXT_\WTW fbV\T_ "X_ fXe WXgXe`\aT _T Vba& V\XaV\T# l Xa JX`D FLHQW`ILFD cTeT TceX[XaWXe XfT f\ghTV\sa "_T Vba& V\XaV\TWXgXe`\aTT_fXe#'BTV\eVh_Te\WTWWX_TeZh`XagbXfXi\WXagX' :X T[q dhX X_ W\fVhefb `Tek\fgT c_TagXT ha aXkb WX VTenVgXe Xc\fgX`b_sZ\Vb XageX Vn_Vh_b l f\ghTV\sa3 X_ Vn_Vh_b cb_qg\Vb Xf VbaVXU\Wb cbe XfgX W\fVhefb Vb`b VbabV\`\Xagb WX ha bU]Xgb% Vb`b TceX[Xaf\sa WX haT f\ghTV\sa WXY\a\WT Vb`b bU]Xgb WX VbabV\`\Xa& gb' ;fgb Xf Vb`va T gbWTf _Tf Xc\fgX`b_bZqTf fheZ\WTf WX_ eTV\baT& _\f`b WX _T ?_hfgeTV\sa% _Tf dhX WXUXa cbfgh_Te ha aXkb b eX_TV\sa WX VbeeXfcbaWXaV\T aXVXfTe\T l ZXaXeT_ XageX X_ VbabV\`\Xagb l X_ fXe' BT eTmsa% W\VX Cbe\a% ÉfX UTfT Xa _T \WXT WX dhX Xk\fgX haT TWXVhTV\sa XageX _T \agX_\Z\U\_\WTW eTV\baT_ l X_ fXe WX_ `haWbÑ% T gT_ chagb% TZeXZT% dhX ÉXa fh ceXgXaf\sa Vbadh\fgTWbeT% TUTeVT T_ `\f`b g\X`cb X_ `pgbWb WX VbabV\`\Xagb l _T eXT_\WTW T VbabVXe3 XV[T _bf V\`\Xagbf WX _T TWXVhTV\sa WX _T \WXT T_ bU]Xgb% Xf WXV\e _T iXeWTWÑ".#' FTeT X__b% _Tf Xc\fgX`b_bZqTf fX iXa bU_\ZTWTf T Vbafgeh\e X_ fXe fbV\T_ Vb`b haT VTgXZbeqT WX bU]Xgbf WbgTWbf WX Tge\Uhgbf Tcebc\TWbf T_ cebVXfb WX VbabV\`\Xagb' 9b`b Xa gbWT cXefcXVg\iT eTV\baT_\fgT% fX ceXfhcbaX dhX _b eXT_ Xf eTV\baT_3 Éab fs_b `pgbWb% f\ab i\f\sa WX_ `haWb WbaWX X_ `haWb Xf Xi\WXagX`XagX eTV\baT_' ;_ fXe WX_ `haWb bUXWXVX T haT _XZ\f_TV\sa% haT Te`baqT ha\iXefT_3 p_ Xf XfgT _Xl% XfgT Te`baqTÑ "/#' ;fgb \`ch_fT T_ `Tek\f`b T VbaVXU\e X_ fXe fbV\T_ Vb`b gbgT_\WTW Vhlbf YXas`Xabf Vbafg\ghlXa haT ha\WTW WX XYXVgbf' ;_ fXe fbV\T_ Xf% cbe gTagb% VTcTm WX fXe eXceXfXagTWb Vb`b gbgT_\WTW% iT_X WXV\e% VTcTm WX fXe Tcebc\TWb eTV\baT_`XagXVb`bhaTÖeXT_\WTWÜf\aZh_TebhaqibVT' ;f cbe X__b dhX X_ `Tek\f`b% TZeXZT >\efg% T`cTeTWb cbe _T V\XaV\T l WXYXaW\XaWb fhf cbfgh_TWbf Xa UTfX T haT Xc\fgX`b_bZqT% [TceXgXaW\WbX_TUbeTe_bfbU]Xg\ibfWXfhcenVg\VTlX_VbagXa\Wb .' ;WZTe Cbe\a% BT eTmsa WXfeTV\baT_\mTWTÑ% 7GVTC 5PVGTPCEKQPCN Dx 1% CTWe\W%\ai\Xeab*210&*211%c'-,' /' 5DKF$

.2

WX fh cebZeT`T cb_qg\Vb T cTeg\e WX _T WXYXafT WX ha XfgTWb "eTV\baT_`XagX WXgXe`\aTWb# WX VbfTf aXVXfTe\Tf &cbe X]X`c_b% _bf \`cXeTg\ibf WX_ Ö`bWb WX cebWhVV\sa VTc\gT_\fgTÜ b WX _Tf eXT_\WTWXf WX _T _hV[T WX V_TfXf' ;i\WXagX`XagX% X__b g\XaWX T WXU\_\gTe fh VTcTV\WTW cTeT eXfcbaWXe T VbaW\V\baXf WX _hV[T dhX W\Y\XeXa WX TdhX__Tf Xfg\ch_TWTf cbe _bf V_nf\Vbf "CTek% BXa\a% XgV'#' 9b`b W\VX 9b__Vgg\% gTagb BXa\a Vb`b =eT`fV\ VeXlXeba Xa ha aXkb beZna\Vb XageX gXbeqT l cb_qg\VT% chXfgb dhX Xa _bf XfVe\gbf WX T`Ubf ÉWb`\aT _T Vbai\VV\sa WX dhX Xk\fgX haT gXbeqT "X_ `Tek\f`b# dhX bYeXVX _T V_TiX cTeT XagXaWXe X_ cebVXfb [\fgse\Vb Xa fh ÖgbgT_\WTWÜÑ% fs_b dhX [bl% TZeXZT% lT ÉXfgn Xebf\baTWT _T YX Xa haT gXbeqT dhX TY\e`T cbfXXe _T V_TiX WX_ Vhefb [\fgse\Vb Xa fh ÖgbgT_\WTWÜ b WX cbWXe WXfV\YeTefhfXag\WbZ_bUT_Ñ"0#' ;a XfgX fXag\Wb% [bl >\efg "1# l bgebf g\XaWXa T Vbaf\WXeTe T _T gXbeqT Vb`b ha PHGLR GH F^OFXOR SRO`WLFR% Xfgb Xf% Vb`b W\fcbf\g\ib VTcTm WX Ue\aWTe T _bf TVgbeXf `XW\bf W\fVhef\ibf cTeT VTeTVgXe\mTe "Vbafgeh\e# f\ghTV\baXf l Ve\gXe\bf cTeT eXT_\mTe TVV\baXf "ce\aV\c\bf% bU]Xg\ibf% Ö\WXb_bZqTÜ3 TX_ [TVXe l FaPR [TVXe_b# Xa eX_TV\sa T XfTf f\ghTV\baXf' ;f WXV\e% _T gXbeqT bcXeT Vb`b `XW\b WX ÖchXfgTXaW\fVhefbÜWXhaTf\ghTV\saVhT_dh\XeT' ;_ Vn_Vh_b ab \`c_\VT haT WXe\iTV\sa WX gT_ b VhT_ f\ghTV\sa cb_qg\VT T cTeg\e WX haT eXW ]Xenedh\VT WX eX_TV\baXf aXVXfTe\Tf% f\ab haT TVg\i\WTW WX FRQVWUXFFLaQ WX _T f\ghTV\sa Vb`b gT_' BT f\ghTV\sa f\X`ceX Xk\fgX cTeT _T cenVg\VT cb_qg\VT Vb`b FRQVWUXFWR' Ka VbafgehVgb% TchagTa :bab_b l <\V[XeT "2#% ab Xf bgeT VbfT dhX _T gX`Tg\mTV\sa WX haT WXgXe`\aTWT cbeV\sa WX Ö`TgXe\TÜ fbV\T_% Xf WXV\e% _T geTafYbe`TV\sa WX gT_ b VhT_ TfcXVgb WX _b fbV\T_ Xa T_Zb cTf\U_XWXfXeYbe`h_TWbVb`bcebU_X`T'JT_XfX_VTfbWX_cebVXfb 0' BhV\b 9b__Xgg\% É7W\sf T p_ l T JheTh\Ñ% 7C /KWFCF 2WVWTC Dx /% 8hXabf 7\eXf%TZbfgb*210%c'+.' 1' BTf eXYXeXaV\Tf T _T gXbeqT Vb`b `XW\b WX Vn_Vh_b cb_qg\Vb fba haT fqagXf\f WX_Tf\WXTfdhXWXfTeeb__T>\efgXaX_gXkgblTV\gTWb' 2' 9Te\b :bab_b l
/)

cb_qg\Vb% fXrT_Ta% chXfgb dhX pfgX ab Xf bgeT VbfT dhX _T Ybe`h_TV\sa WX V\Xegbf cebU_X`Tf "`TgXe\T fbV\T_ dhX WXi\XaX VbafgehVgb# UT]b _T Ybe`T WX SRO`WLFDV cbe ha _TWb% l% cbe X_ bgeb% _T \`c_X`XagTV\sa WXcb_qg\VTf"XaX_fXag\WbWXÖcb_\V\XfÜ#Vb`bHIHFWRV' ;_ VbafgehVgb% Vb`b geTafYbe`TV\sa WX V\XegT Ö`TgXe\TÜ "gT_ iXm haT ÖWX`TaWT fbV\T_Ü# Xa cebU_X`T l WX pfgX Xa Öcb_qg\VTfÜ VbaVeXgTf% eXdh\XeX fTUXeXf% cenVg\VTf l XfgeTgXZ\Tf3 eXdh\XeX haT gTeVT WX Vn_Vh_b l WX TVV\sa cbe cTegX WX Vb_XVg\i\WTWXf WX TZXagXf dhX `bi\_\mTa fTUXeXf% eXT_\mTa cenVg\VTf l W\fXrTa XfgeTgXZ\Tf WX VbaVXcghT_\mTV\saX\agXeiXaV\saXahaTf\ghTV\saVbaVeXgT' BT f\ghTV\sa fX VbafgehlX XafT`U_TaWb YTVgbeXf W\iXefbf% gT_Xf Vb`b3 _Tf \afg\ghV\baXf dhX \agXei\XaXa Xa _T f\ghTV\sa UT]b Vbaf\WXeTV\sa% _bf fh]Xgbf dhX cTeg\V\cTa Xa XfTf \afg\ghV\baXf l _Tf eX_TV\baXf "]Xenedh\VTf% cebVXfT_Xf% cXefbaT_Xf% WX YhXemT% XgV'# dhX fX WTa WXageb WX X__Tf4 _Tf W\iXefTf _hV[Tf Xa Vhefb l fh \agXeVbaXk\sa4 _Tf be\XagTV\baXf \WXb_sZ\VTf WX _bf cTeg\V\cTagXf4 X_ VbagXkgb [\fgse\Vb ceXVXWXagX4 _Tf \a\V\Tg\iTf ceXi\fgTf l _Tf cbf\U_Xf eXfchXfgTfTX__Tf4Ybe`TfWX[TVXecb_qg\VTWX_bfcTeg\V\cTagXf%XgV' ;__b ab f\Za\Y\VT dhX _Tf f\ghTV\baXf cb_qg\VTf WXcXaWXa WX_ _\UeX T_UXWeqb WX _bf fh]Xgbf dhX \agXei\XaXa4 gTagb _Tf f\ghTV\baXf Vb`b _bf cTeg\V\cTagXf WXcXaWXa WX V\XegTf VbaW\V\baXf dhX fba \aWXcXaW\XagXf WX X__bf' Fbe Xfb% T_ WXV\e dhX _bf TVgbeXf VT_Vh_Ta _Tf f\ghTV\baXf "dhX _Tf VbafgehlXa#% fX WT cbe fXagTWb dhX _Tf cenVg\VTf VbaVeXgTf chXWXa gebcXmTefX &l WX [XV[b fhX_Xa [TVXe_b& Vba bUfgnVh_bf b YhXemTf ab VbagX`c_TWTf% _b VhT_ VbaWXaT T gbWb Vn_Vh_b cb_qg\Vb T fb`XgXefX T ha cebVXfb WX T]hfgX cXe`TaXagX XageX& _Tf VbafgehVV\baXf l _Tf VbaW\V\baXf Xa _Tf dhX fX WTa _Tf cenVg\& VTf' 7fq% ab fX WXUX cXafTe X_ aXkb XageX X_ Vn_Vh_b l _T f\ghTV\sa Vb`b T_Zb Xdh\iT_XagX T_ aXkb XageX X_ VbabV\`\Xagb l fh bU]Xgb' 7 W\YXeXaV\T WX_ bU]Xgb WX VbabV\`\Xagb% _T Öf\ghTV\saÜ cb_qg\VT \aV_hlX ha `TeZXa WX \aVXeg\Wh`UeX3 Xfgn VbaYbe`TWT cbe XfgTWbf WX VbfTf XfcXeTWTf WX TagX`Tab% cXeb gT`U\pa cbe _Tf cenVg\VTf cb_qg\VTf VbaVeXgTf dhX \agXei\XaXa l `bW\Y\VTa _b XfcXeTWb' O% T W\YXeXaV\T WX gXbeqTf WX_ VbabV\`\Xagb% haT gXbeqT cb_qg\VT% Vb`b

/*

`bWT_\WTW W\fVhef\iT WX_ Vn_Vh_b% ab ceXgXaWX VhUe\e Xk[Thfg\iT& `XagX _Tf cenVg\VTf cb_qg\VTf% chXfgb dhX _Tf VbaW\V\baXf ceXi\Tf T XfTf cenVg\VTf% ]hagb Vba _Tf \WXb_bZqTf l _T aXVXf\WTW WX X_TUbeTe XfgeTgXZ\Tf% fba X_X`Xagbf dhX ]hXZTa ha cTcX_ \`cbegTagX Xa _T TWbcV\saWXgT_bVhT_`bWT_\WTWWXVn_Vh_b' ($

3QMUKQI_WVLMY$

FXeb gT`U\pa [Tl ha X_X`Xagb WX cbWXe dhX \ai\gT T TcX_Te T_ W\fVhefb V\XagqY\Vb TagXf dhX T_ Vn_Vh_b' >bl% lT ab Xf `hl Tee\XfZTWb WXV\e dhX Xf VTWT iXm `nf Xi\WXagX dhX _T W\fg\aV\sa WXV\`basa\VT XageX V\XaV\T l ab&V\XaV\T "\WXb_bZqT% `\gb% Ueh]XeqT% Te_X% eX_\Z\sa% cbXfqT# g\XaX dhX iXe ab fs_b Vba ceXgXaf\baXf WX e\Zhebf\WTW Xa _T \aiXfg\ZTV\sa l Xkc_\VTV\sa WX YXas`Xabf% f\ab gT`U\pa Vba X_ cbWXe l fhf XYXVgbf' Bbf \agXagbf cbe Tf\ZaTe ha fgTghf V\XagqY\Vb T gT_ b VhT_ W\fVhefb% Xf WXV\e% _bf XfYhXembf cbe _bZeTe _T fhceX`TVqT WX gT_ b VhT_ W\fVhefb Xa ha VT`cb Xa X_ VhT_ VbXk\fgXa ha c_heT_ WX fTUXeXf Xa haT Vb`c_X]T eXW WX eX_TV\baXf WX VbeeXfcbaWXaV\T% Vb`c_X`VagTe\VWTW h bcbf\V\sa Xfgna W\e\Z\Wbf T _T WXfVT_\Y\VTV\sa WX W\fVhefbf T_gXeaTg\ibf' 7fq%
/+

g\XaXa Xfgbf W\fVhefbf% _bf XYXVgbf WX cbWXe dhX X_ EVV\WXagX% T_ Y\aT_ WX _T ;WTW CXW\T% [T Tf\ZaTWb T _T V\XaV\T l [T eXfXeiTWbT_bfdhX[TVXahaW\fVhefbV\XagqY\VbÑ"*)#' :Xageb WX_ `Tek\f`b fX chXWXa \WXag\Y\VTe VhTagb `Xabf Wbf hfbf W\YXeXagXf WX_ ce\i\_XZ\b WX_ W\fVhefb V\XagqY\Vb' Fbe haT cTegX% X_ VTenVgXe V\XagqY\Vb WX_ `Tek\f`b Xf XaYTg\mTWb Xa _T _hV[T WX V_TfXf% WX `bWb WX bUgXaXe ha XYXVgb WX cbWXe3 _T bcbf\V\sa l WXfVT_\Y\VTV\sa WX fTUXeXf UheZhXfXf Xa gbeab T _T XVbab`qT cb_qg\VT%_TYT`\_\T%X_XfgTWb%_TVh_gheT%XgV' Fbe bgeT cTegX% WXageb WX_ `bi\`\Xagb bUeXeb% X_ paYTf\f Xa XfT V\Xag\Y\V\WTW TcTeXVX Vb`b ha XfYhXemb gXaW\XagX T _XZ\g\`Te_b Vb`b va\Vb W\fVhefb in_\Wb cTeT X_ fbV\T_\f`b' Bbf XYXVgbf WX cbWXe UhfVTWbf Tdhq g\XaXa dhX iXe Vba _T VbafgehVV\sa WX haT WXgXe`\& aTWT Ybe`T WX ha\WTW cTeT X_ `bi\`\Xagb bUeXeb% Vba X_ WXfTeeb__b WX WXgXe`\aTWT Ybe`T WX _hV[T% WX beZTa\mTV\sa l WX bU]Xg\ibf cb_qg\Vb&fbV\T_Xf' 7_ `\f`b g\X`cb% X__b Vba__XiT _T VbafXVhXagX WXfVT_\Y\VTV\sa WX bgebf W\fVhefbf fbV\T_\fgTf% gT_Xf Vb`b _bf cbf& gh_TWbf cbe _bf ÖfbV\T_\fgTf hgsc\VbfÜ &
/,

FXeb XfgX paYTf\f Xa _T eTmsa l _T V\XaV\T% XfgT `heT__T dhX cebgXZX T_ UTfg\ba gT`U\pa TchagTeqT Xa bgeb fXag\Wb dhX fX Vb`& c_X`XagTeqT Vba _bf XYXVgbf WX cbWXe cXefXZh\Wbf cbe X_ W\fVhefb3 _T ceXgXaf\sa WX XfgTU_XVXe _Tf Ö_XlXf bU]Xg\iTfÜ dhX e\ZXa T_ `bi\& `\Xagb [\fgse\Vb% cTeT Tfq cbWXe Xkc_\VTe X_ e\g`b WX _T [\fgbe\T% Xf& gTU_XVXe _T fhVXf\sa WX ÖXgTcTf aXVXfTe\TfÜ WX fh WXfTeeb__b l WXgXe& `\aTe X_ WXfXa_TVX v_g\`b dhX pfgT gXaWeqT% `nf gX`ceTab b `nf gTe& WX'FTeTV\gTeT9[XfaXThk%dh\XaiXXaXfgbhaTÖgeT`cTcb_qg\VTÜ3 É;_ W\fVhefb [\fgse\Vb Xf gT`U\pa haT geT`cT cb_qg\VT% cbe& dhX ceXfXagT `bWX_bf WX HQFDGHQDPLHQWR% WX XfVT_baT`\Xa& gb WX XgTcTf XfgeTgpZ\VTf Xa X_ g\X`cb3 eXib_hV\sa aTV\b& aT_&WX`bVeng\VT% gb`Te WX_ cbWXe% XgTcT WX geTaf\V\sa% cTfb T_ fbV\T_\f`b% TgTdhX eXib_hV\baTe\b VbageT _Tf fhcXeXfgehV& gheTf''' "XfdhX`T V[\ab#' E ZhXeeT WX `bi\`\Xagb WXYXaf\& iT% Xdh\_\Ue\b WX YhXemTf% VbageTbYXaf\iT i\Vgbe\bfT "XfdhX& `T `\_\gTe i\XgaT`\gT% *2-/&*2.-#' FXeb Xfgbf XfdhX`Tf fba bgebf gTagbf YeXabf' ;a X_ cebc\b L\XgaT`% _T ZhXeeT VbageT ;fgTWbf Ka\Wbf ab [T fXZh\Wb _Tf `\f`Tf XgTcTf dhX _T ZhXeeT VbageT
/-

FXeb X__b% fXrT_T 9Tfgbe\TW\f% cebi\XaX Xa ZeTa cTegX WX_ XfdhX`T Xib_hV\ba\fgT WX _T [\fgbe\T WXfTeeb__TWb cbe CTek% dhX g\XaX cbe _b `Xabf Wbf cebU_X`Tf fXe\bf3 cbe ha _TWb% X_ cTcX_ ceXcbaWXeTagX dhX _X Tf\ZaT T _T cebWhVV\sa% Vbai\eg\XaWb fh WXfTeeb__b Xa _T __TiX ha\iXefT_ cTeT XagXaWXe _T [\fgbe\T l geTaf& Ybe`Te \T fbV\XWTW% \agXagTaWb Ö_XXeÜ gbWT [\fgbe\T cTfTWT l gbWT fbV\XWTW XkgeT&XhebcXT T cTeg\e WX haT ha\iXefT_\mTV\sa WX _T XkcXe\XaV\T VTc\gT_\fgT XhebcXT "*+#4 cbe bgeb _TWb% T_ \ZhT_ dhX gbWT cXefcXVg\iT dhX __XiT _Tf [hX__Tf WX_ eTV\baT_\f`b XhebcXb% fX geTgT WX ha XfdhX`T dhX ceXfhcbaX haT TWXVhTV\sa XageX _T [\fgbe\T eXT_ l _T HTmsa "_b eXT_ Xf eTV\baT_#% Xf WXV\e% dhX WT cbe fXagTWb dhX É_bf XiXagbf [\fgse\Vbf Xfgna ZbUXeaTWbf cbe _XlXf dhX chXWXa fXe WXfVhU\XegTfTgeTipfWX_T\aiXfg\ZTV\saV\XagqY\VTÑ"*,#' )$

5SKQMU[QNQKQZTVKVTVYM[eYQKIZIKYISQ`IU[MLMSWVLMY$

;f \_XZqg\`b geTgTe WX geTafYbe`Te T ha Vba]hagb WX JDUDQW`DV HSLVWHPROaJLFDV &Vhlb bU]Xg\ib Xf TfXZheTe haT VbeeXfcbaWXaV\T aXVXfTe\T XageX _b eXT_ l X_ VbabV\`\Xagb WX pfgX& Xa JDUDQW`DV GH OD KLVWRULD &dhX XfgTU_XVXeqTa _T Vb\aV\WXaV\T XageX haT gXbeqT WX _T [\fgbe\T l WX _T fbV\XWTW l _Tf _hV[Tf cbe X_ cbWXe WXageb WX pfgT' BT [\fgbe\T ab chXWX fXe Vbaf\WXeTWT Vb`b ha WXfc_\XZhX _sZ\Vb WX VT& gXZbeqTf eTV\baT_Xf dhX Xkch_fTa _T \aVXeg\Wh`UeX% dhX geTafYbe`Ta T _T [\fgbe\T Xa haT `XeT VbafgTgTV\sa WX _Tf VXegXmTf XkchXfgTf cbe _TgXbeqT'7agXfU\Xa3 ÉBT[\fgbe\TXfX_gXeeXabWX_e\XfZblWX_TgeTZXW\T'BTZXagX g\XaX_T\_hf\saWXcbWXefT_\eWXXfgXgXeeXabl_TXkceXfTVba *+' 9beaX_\hf 9Tfgbe\TW\f% ÉIbV\T_\f` TaW 7hgbab`bhf IbV\XglÑ% ?GNQU Dx -,%DXjObe^%Ice\aZ*21)%c'22' *,' ;fgb Xfgn WXfTeeb__TWb Xa X_ XafTlb WX @b[a 8' J[b`cfba% É?WXb_bZl TaW g[X IbV\T_ ?`TZ\aTel' 7a 7cceT\fT_ bY 9Tfgbe\TW\f TaW BXYbegÑ% ?JGQT[ CPF >QEKGV[" Lb_' ??% Dx .% IXcgX`UXe *21+% Xa XfcXV\T_ cc' //)&//*' FTeT haT UhXaT Veqg\VT WX_ eTV\baT_\f`b Xa fh iXeg\XagX ÖfTVeTÜ l ÖcXeiXefTÜ% ipTfX ;WZTeCbe\a%ÉBTeTmsaWXfeTV\baT_\mTWTÑ%QR$EKV$

/.

_T f\Zh\XagX WX`TaWT3 dhXeX`bf ha f\fgX`T dhX JDUDQWLFH dhX _Tf VbfTf ab fX gbeVXena% dhX _Tf eXib_hV\baXf ab WXZX& aXeTena "'''# Ybe`h_Te XfTf Xk\ZXaV\Tf Xf _T `X]be Ybe`T WX fXZh\e TgeTcTWb Xa _T `\fg\Y\VTV\sa `nf Vb`c_XgT' ;f VeXXe Xa W\fcbf\V\baXf XfVe\gTf VTcTVXf WX ZTeTag\mTe% \aWXcXa& W\XagX`XagX WX _T TVg\i\WTW XYXVg\iT WX _bf [b`UeXf l WX _Tf `h]XeXf%hacbeiXa\eTcTV\U_X%_T_\UXegTW%_T]hfg\V\TÑ"*-#' BT [\fgbe\T Vb`b ÖgXeeXab WX_ e\XfZb l WX _T geTZXW\TÜ ab chXWX fXe i\fgT% XagbaVXf% Vb`b Wb`\a\b Xa X_ VhT_ fX eXT_\mT X_ \aXkbeTU_X `bi\`\Xagb WX _T HTmsa% X_ ;fcqe\gh% :\bf b _T ;Vbab& `qT' Fbe X_ VbageTe\b% _b VbeeXVgb fXeqT cXafTe_T Vb`b gXeeXab Xa X_ VhT_ gbWT cenVg\VT fX XaYeXagT Vba ha f\aav`Xeb WX bUfgnVh_bf% WbaWX [b`UeXf l `h]XeXf _hV[Ta% aXZbV\Ta l XYXVgvTa Vn_Vh_bf cTeT _T eXT_\mTV\sa WX XfgX b TdhX_ ceblXVgb l WbaWX _Tf VbfTf chXWXa ab fT_\e gT_ Vb`b fX _Tf XfcXeTUT' ;__b Xf Xdh\iT_XagX T c_TagXTe Vb`b Tk\b`T `XgbWb_sZ\Vb dhX X_ WXfXa_TVX WX _T [\fgbe\T ab f\ZhX _XlXf eTV\baT_`XagX Vbafgeh\WTf l% f\ _b [\V\XfX% W\V[Tf _XlXf ab cbWeqTa fXein_\WTfcTeTgbWb`b`Xagbb_hZTe' Db UTfgT% chXf% Vba T`heT__Te T_ `Tek\f`b Vba ha fgTghf V\XagqY\Vb cTeT VbaiXeg\e_b Xa ÖZhqTÜ ce\i\_XZ\TWb cTeT _T _hV[T fbV\T_\fgT' :Xfchpf WX gbWb% VTWT WqT eXfh_gT `nf Xi\WXagX dhX ab Xf cbf\U_X YhaWT`XagTe a\ _T ce\`TVqT a\ _T fhcXe\be\WTW WX XfgX b TdhX_ ceblXVgb Xa gpe`\abf WX fh iXeWTW b WX fh V\Vag\Y\V\WTW% chXfgb dhX gbWb ceblXVgb% Xa gTagb PRGHOR FRQFHSWXDO% chXWX fXe WXYXaW\Wb Vb`b in_\Wb l WXfXTU_X' Fbe Xfb% Xf aXVXfTe\b gXaXe ceXfXagX dhX _T ceXYXeXaV\T cbe X_ fbV\T_\f`b TagXf dhX cbe X_ YTfV\f`b% X_ \`cXe\T_\f`b% X_ Tag\fX`\g\f`b% X_ fXk\f`b h bgeT cXefcXVg\iT WXcXaWX gT`U\pa &l YhaWT`XagT_`XagX&WX _T SRVLFLaQ TXH VH DGRSWH IUHQWH D HOORV' O Xfgb% f\a _hZTe T WhWTf% ab Xf T_Zb WVV\W\U_X Xa gpe`\abf cheT`XagX _sZ\Vb&eTV\baT_Xf3 U\Xa chXWX fXe cebWhVgb WX haT \aW\ZaTV\sa `beT_ TagX _T cbUeXmT% WX haT \aV_\aTV\saceXYXeXaV\T_[TV\Tpg\VTfWXfb_\WTe\WTWlVb`ceb`\fb *-' 9beaX_\hf 9Tfgbe\TW\f% É;_ \agX_XVghT_ Vb`b V\hWTWTabÑ% ,1%abi\X`UeX*202%8TeVX_baT%c'/'

//

1N AKGLQ ?QRQ

fbV\T_ b WX ha WXfXaVTagb Vba Xfg\_bf WX i\WT UTfTWbf Xa X_ Vbafh`\f`blX_WXfcXeW\V\bWoeXVhefbf' JT`cbVb UTfgT% a\ Xf WXfXTU_X% VbaiXeg\e T haT WHRU`D UHYROXFLRQDULD Xa haT YbegT_XmT \aXkchZaTU_X% \aVhXfg\baTU_X% `nf T__n WX gbWT WhWT' ;_ VT_\Y\VTg\ib WX ÖeXib_hV\baTe\bÜ WX cbe fq _b cebfVe\UX% chXf Xf \aW\VTg\ib WX `bi\`\Xagb% `hgTV\sa% VhXfg\b& aT`\Xagb' I\a X`UTeZb% Xfgb Xf ceXV\fT`XagX _b dhX [T [XV[b _T eXib_hV\sa WX EVghUeX cTeT X_ `bi\`\Xagb bUeXeb `haW\T_' 9b`b W\VX 9Tfgbe\TW\f "*.# XfgT eXib_hV\sa WXZXaXes Xa ha XfgTWb UhebVeng\Vb bf\Y\VTWb Xa X_ VhT_ _bf gXse\Vbf fbi\pg\Vbf Vbai\eg\Xeba T_ `Tek\f`b Xa ha VLVWHPD FHUUDGR dhX bcXeTeqT fbUeX haT UHDOLGDG HVHQFLDOPHQWHILMD' :X [XV[b% _bf geTUT]bf `nf VeXTg\ibf WXageb WX_ `Tek\f`b WX XfgX f\Z_b ab [Ta f\Wb cebWhV\Wbf Xa X_ VT`cb WX cTqfXf WX_ ÖfbV\T_\f`b eXT_`XagX Xk\fgXagXÜ% f\ab `nf U\Xa Xa _Tf ha\iXef\WT& WXf% \afg\ghgbf% VXagebf% cTeg\Wbf l beZTa\mTV\baXf bUeXeTf WX cTqfXf VTc\gT_\fgTf3 _Tf \aiXfg\ZTV\baXf `Tek\fgTf WX _bf gXse\Vbf fbi\pg\Vbf fba WX VbegX gqc\VT`XagX WbZ`ng\Vb% `XVTa\V\fgT l cenVg\VT`XagX VTasa\Vb Xa fhf TceXV\TV\baXf4 cTeT Xfgbf v_g\`bf% _bf XfVe\gbf WX _bf cXafTWbeXf V_nf\Vbf WX_ `Tek\f`b Ybe`Ta ha Vba]hagb WX iXeWTWXf VTasa\VTfXafT`U_TWbfXahaf\fgX`TVXeeTWb' ;__b fX eXY_X]T Xa fh \aV_\aTV\sa cbe X_ Ybe`Tgb Ö`TahT_&eXVXgTe\bÜ WX_ `Tek\f`b&_Xa\a\f`b dhX _T ;W\gbe\T_ Feb& ZeXfb WX CbfVv XkcbegT T EVV\WXagX' FTeT XfgT XW\gbe\T_% fXZva VbafgT Xa _T ÉDbgT WX _T ;W\gbe\T_Ñ dhX ceXVXWX T _T XW\V\sa WX *20. WX _Tf 9EUDV 0VFRJLGDV WX CTek l ;aZX_f% T`Ubf ThgbeXf ÉgeTmTeba _T XfgeTgXZ\T l _T gnVg\VT WX _T _hV[T eXib_hV\baTe\T WX_ ceb_XgTe\TWbÑ% l ÉVTWT ahXiT pcbVT [\fgse\VT TcbegT f\X`ceX ahXiTf VbaY\e`TV\b& aXf WX _T iXeWTW dhX Tf\fgX T _T XgXeaT`XagX i\iT gXbeqT WX CTek% ;a& ZX_f l BXa\a% Xa Vbag\ahb WXfTeeb__bÑ' I\ _T XfgeTgXZ\T l _T gnVg\VT fX XfgTU_XVXa Xa X_ Vhefb WX ha geTUT]b V\XagqY\Vb% ~f\Za\Y\VT TVTfb dhX _b dhX YhX in_\Wb TlXe l Xa ;hebcT _b fXen gT`U\pa [bl l Tdhq6 ~I\Za\Y\VTdhX_TSRO`WLFDl_TfVbaW\V\baXfVbaVeXgTfXa_TfdhXfX

D x *.' LXeJ[b`cfba%QR$EKV$

/0

WXfXaihX_iX _T TVV\sa cbVb b aTWT TcbegTa T _T XfgeTgXZ\T l _T gnVg\VT6 I\ _T [\fgbe\T f\`c_X`XagX YHULILFD _Tf iXeWTWXf cXeXaaXf XkchXfgTf cbe _T gXbeqT% VTUeqT ceXZhagTefX% ~dhp Xf _b dhX Xfgn ÖXa Vbag\ahbWXfTeeb__bÜ6 ;a XfgX g\cb WX eTmbaT`\Xagb% _T WbVge\aT fX Vbai\XegX Xa X_ XfcX]b WX_ ceXfXagX l Xa _T V_TiX WX ha Yhgheb lT Tag\V\cTWb cbe X__T' Ih gbab eX`\gX T haT \agXeiXaV\sa WX @beZX WX 8heZbf% X_ `ba]X YhaWT`XagT_\fgT WX 0O QRPEUH GH OD URVD WX K`UXegb ;Vb% dh\Xa W\VXXaha`b`XagbWTWb3 É''' _b cebc\b WX_ fTUXe% VbfT W\i\aT% Xf X_ XfgTe Vb`c_Xgb l Y\]TWb WXfWX X_ Vb`\Xamb Xa _T cXeYXVV\sa WX_ iXeUb dhX fX XkceXfT T fq `\f`b' BT VhfgbW\T% W\Zb% ab _T UvfdhXWT% cbedhX _b cebc\b WX_ fTUXe% VbfT [h`TaT% Xf X_ [TUXe f\Wb Y\]TWb l Vb`c_XgTWb Xa _bf f\Z_bf dhX fX fhVXW\Xeba XageX _T ceXW\VTV\sa WX _bf cebYXgTf l _T \agXeceXgTV\sa WX _bf cTWeXf WX_T\Z_Xf\TÑ'

9E

"&+.(+ -#-&.)+ (!0#./&+*"#(.0'#/+

;fgXXafTlbYhXceXfXagTWbXaX_NL??9baZeXfbBTg\abT`Xe\VTabWX IbV\b_bZqT"7B7I#%CbagXi\WXb%+T_/WXW\V\X`UeXWX*211'

/1

/2

'$5SWYVJSMTILMSVJYMYQZTVMUMSWMUZITQMU[VZVKQISQZ[I$ BT geTW\V\sa `Tek\fgT&_Xa\a\fgT [T gXaW\Wb T geTafYbe`Te T haT V_TfX fbV\T_% X_ ceb_XgTe\TWb% Xa X_ T_YT l X_ b`XZT WX_ fh]Xgb fbV\T_\fgT% l T VbaiXeg\e X_ bUeXe\f`b Xa \WXb_bZqT bY\V\T_ WX_ cXafT`\Xagb cb_qg\Vb&cTeg\WTe\b' ;a ha WbVh`Xagb TcebUTWb Xa X_ Fe\`Xe 9baZeXfb WX_ FTeg\Wb 9b`ha\fgT WX 9hUT "F99#% cbe X]X`c_b%fX_XX_Tf\Zh\XagXeXfb_hV\sa3 É_bf VhTWebf WXUXa fXe% ceXYXeXagX`XagX% WX XkgeTVV\sa bUeXeT% Vba _b VhT_ fX ZTeTag\mT Xa X_ fXab WX _Tf beZTa\mT& V\baXf W\e\ZXagXf WX_ FTeg\Wb% WX_ ;fgTWb% WX _T K@9% WX _Tf beZTa\mTV\baXf WX `TfTf% X_ TWXVhTWb XaYbdhX V_Tf\fgT WX _bf Tfhagbf% _T W\fV\c_\aT l X_ Xfcqe\gh WX Vb_XVg\i\f`b% _T TUaXZTV\sa l fTVe\Y\V\b dhX fX WXfTeeb__Ta Xa _Tf VbaW\V\baXf Xa dhX [TU\ghT_`XagX WXfXaihX_iXa fh TVg\ghW l fh i\WT _T V_TfXbUeXeTÑ"*#' ;fgT V\gT eXiX_T ha WXfVbabV\`\Xagb WX _T W\fg\aV\sa XageX Öbe\ZXa WX V_TfXÜ l Öcbf\V\sa WX V_TfXÜ Xa haT VblhagheT l haT _hV[T% T_Zb _TeZT`XagX W\fVhg\WT cbe gXse\Vbf `Tek\fgTf YhXeT WX_ VT`cb WX cTqfXf fbV\T_\fgTf' Fbe haT cTegX% ceXfhcbaX dhX X_ be\ZXa fbV\T_ WXhaTZXagXlX__hZTedhXbVhcTXa_TXfgehVgheTWX_TfeX_TV\baXf *' LpTfX ÉIbUeX _T cb_qg\VT WX Ybe`TV\sa% fX_XVV\sa% hU\VTV\sa% ceb`bV\sa l fhcXeTV\sa WX _bf VhTWebf3 JXf\f l eXfb_hV\baXfÑ% WbVh`Xagb TcebUTWb cbe X_Fe\`Xe9baZeXfbWX_FTeg\Wb9b`ha\fgTWX9hUT%BT>TUTaT%*20/'

0)

0*

WX cebWhVV\sa WXgXe`\aTa _T cbf\V\sa cb_qg\VT WX pfgX4 cbe bgeT% \afg\ghlX haT fhXegX WX ÖVXegXmT VTegXf\TaTÜ 3 XQ SXQWR GH YLVWD REUHUR Vb`b XaYbdhX ceXV_Teb cTeT X_ XfghW\b WX VhXfg\baXf fbV\T_Xf l cTeT _T X_TUbeTV\sa l TWbcV\sa WX XfgeTgXZ\Tf l TVV\baXf WX _Tf YhXemTf fbV\T_\fgTf' BT geTafYbe`TV\sa WX_ ÖbUeXe\f`bÜ Xa YXg\V[X Xf T_Zb eXVh& eeXagX Xa _Tf \WXb_bZqTf fbV\T_\fgTf% XfcXV\T_`XagX Xa TdhX__Tf dhX ab [Ta cbW\Wb WXfceXaWXefX WX fh TaV_T]X Xa X_ \`TZ\aTe\b eXib_hV\baTe\b fheZ\Wb gTagb WX _bf XfVe\gbf WX _bf cXafTWbeXf TaTe& dh\fgTf l fbV\T_\fgTf WX_ f\Z_b N?N Vb`b WX _T XkcXe\XaV\T Ub_& V[Xi\dhX WX *2*0' 9b`b W\VX BTV_Th% É_T abV\sa WX ÖV_TfXÜ Xa CTek Xf f\`c_X`XagX haT fqagXf\f dhX% Xa ZeTa `XW\WT% VbeeXfcbaWX T_ g\& cb WX \WXag\WTWXf fbV\T_Xf V_TeT`XagX cXeV\U\U_Xf Xa X_ f\Z_b N?NÑ% `\XageTf dhX [bl% _T gXf\f WX _T VXageT_\WTW bUeXeT% WX_ cTcX_ WX _T V_TfX Vb`b TZXagX aXVXfTe\b WX _T X`TaV\cTV\sa [h`TaT ZXaXeT_% [TcTfTWbTfXehaTceX`\fTWbZ`ng\VTf\aTf\WXebX`cqe\Vb"+#' 8nf\VT`XagX% _T \WXb_bZqT bUeXe\fgT ceXfhcbaX Wbf VbfTf3 cbe haT cTegX% dhX X_ ceb_XgTe\TWb \aWhfge\T_% Xa X_ fXag\Wb WX bUeXebf `TahT_Xf dhX VbaYbe`TeqTa X_ avV_Xb WX _T `TfT WX geTUT]TWbeXf TfT_Te\TWbf% Vbafg\ghlX X_ X]X VXageT_ WX_ fh]Xgb cbch_Te l fbV\T_\fgT4 cbe bgeT cTegX% ceXfhcbaX dhX _T [\fgbe\T g\XaX ha fh]Xgb ce\i\_XZ\TWb% haT V_TfX ha\iXefT_ dhX cXe`\g\eqT Vb`ceXaWXe _T W\eXVV\sa WX fh WXfXaib_i\`\Xagb l WTe VhXagT WX _T aTgheT_XmT WX _b fbV\T_' >bl% fXrT_T J\_`Ta ;iXef% X_ aXkb XageX `bi\`\Xagb fbV\T_ l eXT_\WTW fbV\T_ Xfgn ebgb% Xa X_ fXag\Wb WX dhX ab fX chXWX Xkc_\VTe _b fbV\T_ va\VT l XkV_hf\iT`XagX T geTipf WX ha fh]Xgb b `bi\`\Xagb ",#' E f\ ab Xfgn ebgb% Xf VhTagb `Xabf eXYeTVgTe\b T gbWT _\ZTmsa VThfT_ +' ;eaXfgb BTV_Th% É9_Tff MTe TaW 7YgXeÑ% 8CTZKUO ?QFC[" BbaWba% 7ce\_ *210%c',)%,+' ,'

J\_`Ta ;iXef% É?WXag\WTWX3 T YTVX bVh_gT Wbf abibf `bi\`Xagbf fbV\T\fÑ% 9QXQU 1UVWFQU 9;8H7F% Lb_' + Dx -% ITb FTh_b% TUe\_ *21-% c' **' >X WXfTeeb__TWb XfgT \WXT WX ;iXef Xa ÉKaT ZeT`ng\VT cbf`bWXeaT cTeT cXafTe _b fbV\T_Ñ% BQPC -DKGTVC Dx -*&-+% CTWe\W% bVghUeX *21/ & TUe\_ *210% cc' *1,&+)/% \aV_h\Wb gT`U\pa Xa DbeUXeg BXV[aXe "Vb`c\_TWbe#% /WNVWTC RQN_VKEC [FGOQETCVK\CEKaP%
0+

aXVXfTe\T' JbWb cTeXVX \aW\VTe dhX fX Xfgn i\i\XaWb ha pcbVT ÉWX geTaf\V\sa XageX X_ WXfYbaWT`\Xagb WX _T \mdh\XeWT V_nf\VT% Xa gbWbf fhf iT_beXf% l X_ _Xagb fheZ\`\Xagb% cb_\`beYb l cb_\Vpage\Vb% WX haT ahXiT \mdh\XeWT Xa _T dhX _T Ybe`h_TV\sa WX _bf ÖVbagXa\WbfÜ iT `hl cbeWX_TagXWXfhfYbe`TfbeZTa\mTg\iTfÑ"-#' ;fgX XafTlb VhXfg\baT X_ bUeXe\f`b l fh VbeeX_Tgb% X_ VXa& geT_\f`b T h_geTamT dhX X_ W\fVhefb `Tek\fgT fb_qT Tf\ZaTe T _T V_TfX bUeXeT% T_ ceb_XgTe\TWb \aWhfge\T_% Xa _T VbaYbe`TV\sa WX _Tf YhXemTf fbV\T_Xf dhX \afgTheTeqTa haT [XZX`baqT ab UheZhXfT ".#' 7_ VhXf& g\baTe&X \aV_hfb \`chZaTe& _T gXf\f WX _TVXageT_\WTW bUeXeT% fX cbaX Xa XageXW\V[b _T XfgeTgXZ\T WX _hV[T% _T Ybe`T'WX beZTa\mTV\sa l X_ fTUXe fbV\T_\fgT UTfTWb Xa X_ XfdhX`T W\Vbgs`\Vb VTc\gT_&geTUT]b' ;__b c_TagXT% TagX gbWb% _T aXVXf\WTW WX TUbeWTe _T gX`ng\VT WX _T \WXag\WTWWXfh]XgbfVb_XVg\ibfXagpe`\abfWXÖVbafgehVgbfÜ' ($

5SKIYaK[MYLQZK\YZQ]VLMSIZQLMU[QLILMZZVKQISMZ$ ;IWYVL\KKQeULMSKVUZ[Y\K[VkKSIZMl$

BT \WXag\WTW WX ha fh]Xgb ab chXWX Vbaf\WXeTefX Vb`b haT VTgXZbeqT geTaf&[\fgse\VT b XkgeT&fbV\T_% chXfgb dhX Xf VhT_dh\Xe VbfT `Xabf ha WTgb bagb_sZ\Vb b haT ÖaTgheT_XmTÜ' JbWT \WXag\WTW Xf haT VbafgehVV\sa3 _T Ybe`T&V_TfX% Vb`b VhT_dh\Xe bgeb g\cb WX \WXag\WTW Vb_XVg\iT% WXUX fXe Ybe]TWT WXfWX X_ `b`Xagb Xa dhX Xf VbaVXU\WT Vb`b FRQVWUXFWR TagXf dhX Vb`b HVHQFLD' I\ CTek _hV[s cbe Vbafg\gh\e T_ ceb_XgTe\TWb Xa V_TfX fbV\T_ l T pfgT Xa VXMHWR fbV\T_\fgT% _b [\mb Xa UTfX T haT WHRU`D WX _T [\fgbe\T l WX _T fbV\XWTW -' FXc IhU\ebf% ÉCTlb WX_ !/13 ~ahXfgebf TUhX_bf b ahXfgebf a\Xgbf6 % 1N AKGLQ?QRQ %;kgeTD x **%8TeVX_baT%*21)%c'.' .' ;fgTVhXfg\sa[Tf\WbTUbeWTWTcbeW\iXefbfThgbeXfXa_bfv_g\`bfTrbf' IXchXWXVbafh_gTe%XageXbgebf%T8\TZ\bWX=\biTaa\%É9e\f\X_XZ\gg\`Tm\baX WX__b fgTgb % /T_VKEC 8CTZKUVC /(*202% 7aWep =bem% -FKaU CN RTQNGVCTKCFQ "*21)#%;W\V\baXf+))*%8TeVX_baT%*21+%9[TagT_CbhYYX%É9_TfXbUeXeT% [XZX`baqTlfbV\T_\f`bÑ"*21*#% >QEKCNKUOQ[;CTVKEKRCEKaP D x *0%B\`T% `Temb *21+% cc' +,&,,% l ;eaXfgb BTV_Th l 9[TagT_ CbhYYX% ÉBT XfgeTgXZ\T fbV\T_\fgT'~>TV\TWsaWXT[beT6Ñ% BQPC-DKGTVC D x +1%TUe\_&]ha\b*21,'

0,

l WX ha SUR\HFWR WX fbV\XWTW dhX VeXls fXe X_ `nf TWXVhTWb Xa fh `b`Xa\b' Ih Veqg\VT T _Tf VbaVXcV\baXf XfXaV\T_\fgTf WX_ fh]Xgb TcTeXVXXaW\iXefbfXfVe\gbf3 \' ;a _Tf >HVLV VREUH 1HXHUEDFK% _T ÖaTgheT_XmT [h`TaTÜ Xf ceXfXagTWT Vb`b haT VbafgehVV\sa% Vb`b cebWhVgb WX ha c_heT_ WX eX_TV\baXf fbV\T_Xf% Vba _b VhT_ fhZ\XeX dhX W\V[T aTgheT_XmT WX a\aZhaT `TaXeT chXWX fXe i\fgT Vb`b T_Zb dhX ceXVXWXT_TXageTWTWX_\aW\i\WhbXaX_beWXafbV\T_4 \\' ;a 0O () -UXPDULR% _T ÖaTgheT_XmT [h`TaTÜ Xf eTW\VT_& `XagX [\fgbe\mTWT Xa gTagb c_TagXT T[q dhX _bf [b`UeXf l _Tf `h]XeXf fba cebWhVgb WX fhf V\eVhafgTaV\Tf l dhX% TagX ha VT`U\b WX V\eVhafgTaV\Tf XYXVghTWb T geTipf WX _hV[Tf% fX cbWeqT cebWhV\e gT`U\pa haT geTafYbe`TV\sa WX_ VTenVgXe WX Xfbf `\f`bf [b`UeXf l `h]XeXf' ~7VTfb ab fX eXY\XeX T Xfb _T \WXT WX Ybe`Te [b`UeXf b `h]XeXf ahXibf% Xf WXV\e% lT ab cbfXf\ibfX\aW\i\WhT_\fgTff\abdhXfbV\T_`XagXfb_\WTe\bf64 \\\' ;a 0O 7DQLILHVWR% haT fhXegX WX \WXTe\b WX_ `bi\`\Xagb bUeXeb WX _T pcbVT T geTipf WX_ VhT_ fX UhfVT TV_TeTe cvU_\VT`XagX _Tf ceXZhagTf V_nf\VTf WX gbWb `bi\`\Xagb fbV\T_ b cb_qg\Vb% _Tf WX Ödh\XaXf fb`bfÜ l Ödhp dhXeX`bfÜ% [Tl lT ha __T`T`\Xagb T \`ce\`\e haT Ybe`T WXgXe`\aTWT T _T aTgheT_XmT WX V\Xegbf TZXagXf fbV\T_\fgTf &_bf geTUT]TWbeXf TfT_Te\TWbf& VhTaWb fX [TU_T WX _T aXVXf\WTW WX Vbafg\gh\e T_ ceb_XgTe\TWb Xa V_TfX fbV\T_% l ab Xa `be`baXf% YX`\a\fgTf% XVb_bZ\fgTfhbgeTVbfT' ;fgT cXefcXVg\iT g\XaX Wbf VbafXVhXaV\Tf \`cbegTagXf' Fe\& `Xeb% \aW\VT dhX% TagXf WX _T chXfgT Xa cenVg\VT WX `bWT_\WTWXf beZTa\mTg\iTf cTeT Vb[Xf\baTe T _bf ceb_XgTe\bf &b T bgeb Vba]hagb WX TZXagXf fbV\T_Xf% Vb`b _b \aW\VT CTek Xa fhf Vb`XagTe\bf TVXeVT WX_ VT`cXf\aTWb Xa 0O () -UXPDULR&% Xfgbf fba% WXfWX haT cXefcXVg\iT WX V_TfX% PDVDV DPRUIDV' Db Xf dhX VTeXmVTa WX

0-

\WXag\WTW% chXfgb dhX _bf ceb_XgTe\bf fba cTWeXf b `TWeXf WX YT`\_\T4 YeXVhXagX`XagX fba VTgs_\Vbf% ]hWqbf% cebgXfgTagXf b TgXbf4 Ybe`Ta cTegX WX haT Vb`ha\WTW _bVT_% eXZ\baT_ b aTV\baT_ Vba _T VhT_ VbageTXa iqaVh_bf WX cXegXaXaV\T X \WXag\WTW `nf b `Xabf YhXegXf% XgV' FXeb fba Ö`TfTf T`beYTfÜ Xa X_ fXag\Wb dhX _T ha\WTW b Vb[Xf\sa WX _bf ceb_XgTe\bf ab chXWX fXe gb`TWT Vb`b ha eTfZb W\fg\ag\ib WX pfgbf cbe X_ `Xeb [XV[b WX bVhcTe X_ _hZTe WX ÖgeTUT]TWbeXf TfT_Te\TWbfÜXa_TXfgehVgheTWXeX_TV\baXfWXcebWhVV\sa' ;fgb _b fTUX VhT_dh\Xe TVg\i\fgT f\aW\VT_' Bbf ceb_XgTe\bf% Vb`b Vb_XVg\ib WX TZXagXf fbV\T_Xf% chXWXa WXfTeeb__Te WXgXe`\& aTWTf Ybe`Tf WX eX_TV\baT`\Vagb% WX beZTa\mTV\sa l WX TVV\sa Xa X_ _hZTe WX geTUT]b' FXeb pfgTf chXWXa fXe WX VTenVgXe WXcbeg\ib l Vh_gheT_ TagXf dhX cebc\T`XagX ZeX`\T_' BT fb_\WTe\WTW f\aW\VT_ XageX _bf TfT_Te\TWbf Xf ha chagb WX __XZTWT Vbafgeh\Wb TagXf dhX ha chagb WX cTeg\WT ceXfhchXfgb' ;f cbe Xfb dhX _T TVg\i\WTW WX ha `bi\`\Xagb WX _bf geTUT]TWbeXf ab fX _\`\gT T WXYXaWXe X_ \aZeXfb% X_ X`c_Xb l X_ U\XaXfgTe _TUbeT_ WX _bf TfT_Te\TWbf4 g\XaX dhX ceXbVhcTefX% Xa Ybe`T ce\be\gTe\T l cXe`TaXagX% WX Ybe]Te l `Ta& gXaXehaT\WXag\WTWZeX`\T_XageXX__bf' IXZhaWb% gT_ Vb`b fX TceXV\T haT W\fgTaV\T XageX X_ geTUT]T& Wbe TfT_Te\TWb l _T \WXag\WTW ZeX`\T_% gT`U\pa Xk\fgX haT V_TeT W\f& gTaV\T XageX HO SUROHWDULDGR FRPR FRQMXQWR GH DVDODULDGRV l HO SUR& OHWDULDGR FRPR FODVH VRFLDO' Db fX geTgT WX cebcbaXe ha UHYLYDO WX _T W\fg\aV\sa WX \afc\eTV\sa [XZX_\TaT b _hV^TVf\TaT XageX ÖV_TfX Xa fqÜ l ÖV_TfX cTeT fqÜ% WX_ VbageTfgX XageX ha XfgTWb WX aTgheT_XmT VT& eXagX WX VbaV\XaV\T l ha XfgTWb WX c_Xa\ghW ceXY\ZheTWb cbe _T eT& msa' ;a Y\a% ab fX geTgT WX ha eXgb`b T_ i\X]b XfdhX`T _sZ\Vb dhX fhZ\XeX dhX _T ÖV_TfX Xa fqÜ Xf T_Zb Tan_bZb T haT i\WT _TgXagX dhX VbagXaWeqT _bf X_X`Xagbf aXVXfTe\bf cTeT WXfXaVTWXaTe fh genaf\gb [TV\T _T i\WT `Ta\Y\XfgT WX _T V_TfX Vb`b ThgbVbaV\XaV\T WX fq l cTeT fq' ;fgb Xf% ab fX c_TagXT dhX [TlT ha Ögenaf\gb aTgheT_Ü l aXVXfTe\b WX haT Ybe`T WX fb_\WTe\WTW _TUbeT_ T haT Ybe`T WX Vb[Xf\sa l WX \WXag\WTW cebc\T`XagX WX V_TfX' 9bafg\gh\e haT V_TfX fbV\T_ Xf Ybe]Te ha g\cb WX Vb[Xf\sa b \WXag\WTW VhlTf `bWT_\WTWXf

0.

VbaVeXgTf iTeqTa WX _hZTe Xa _hZTe l Vhlb pk\gb ab Xfgn ZTeTag\mTWb cbe _T Xk\fgXaV\T WX haT Vb[Xf\sa ceXVXWXagX WX _bf ceb_XgTe\bf Vb& `b TfT_Te\TWbf' CTek l ;aZX_f _b Vb`ceXaW\Xeba cXeYXVgT`XagX U\Xa% chXf WX _b VbageTe\b4 _X`Tf gT_Xf Vb`b ÉÄceb_XgTe\bf% ha\bfÑ% b É_T gTeXT \a`XW\TgT WX _bf cTeg\Wbf bUeXebf Xf Vbafg\gh\e T_ ceb_XgTe\TWb Xa haT V_TfX fbV\T_Ñ% fXeqTa cXeYXVgT`XagX eXWhaWTa& gXf' IX chXWX iXe Xfgb Vba `Tlbe WXgXa\`\Xagb' 7 a\iX_ WX _Tf eX_TV\baXf fbV\T_Xf WX cebWhVV\sa% fs_b Xk\fgXa ÖgeTUT]TWbeXf TfT& _Te\TWbfÜ b ceb_XgTe\bf cbe ha _TWb% l ÖVTc\gT_\fgTfÜ b WhXrbf WX _bf `XW\bf WX cebWhVV\sa cbe X_ bgeb' 7`Ubf fba% f\a _hZTe T WhWTf% cb_bf Vbafg\ghg\ibf WX _Tf eX_TV\baXf WX cebWhVV\sa' FXeb [Tl dhX eXVbabVXe dhX% Xa fq `\f`bf% Xfgbf cb_bf ab chXWXa fXe Vbaf\WX& eTWbf Vb`b V_TfXf fbV\T_Xf lT Vbafg\gh\WTf l dhX% TWX`nf% _T eX_TV\saXageXX__bfchXWXbabfXeTagTZsa\VT' ;a _b dhX eXfcXVgT T_ TagTZba\f`b XageX _bf cb_bf% c\pafXfX% cbe X]X`c_b% dhX CTek [TU_T WX_ `b`Xagb WX VbageTW\VV\sa XageX YhXemTf l eX_TV\baXf WX cebWhVV\sa fs_b VhTaWb _Tf eX_TV\baXf WX cebWhVV\sa Xk\fgXagXf fX Vbai\XegXa Xa WUDEDV cTeT X_ WXfTeeb__b WX _Tf YhXemTf WX cebWhVV\sa' ;__b f\Za\Y\VT dhX% ceXi\b T XfX `b`Xagb% Xf cXeYXVgT`XagX YTVg\U_X dhX [TlTa cXeqbWbf Xa _bf VhT_Xf Tva ab fX WT _T VbageTW\VV\sa' 9baf\WpeXfX gT`U\pa X_ VTfb WX_ W\fVhefb _\UXeT_ fbUeX _T XVbab`qT cb_qg\VT' ;_ W\fVhefb aXb&V_nf\Vb% T geTipf WX _T __T`TWT!!YhaV\sa WX cebWhVV\sa!! 9bUU&:bhZ_Tf% Vbaf\WXeT T_ fT_Te\b% _T ZTaTaV\T l _T eXagT Vb`b cTZbf VbeeXfcbaW\XagXf T geXf ÖYTVgbeXf WX cebWhVV\saÜ "geTUT]b% VTc\gT_ l g\XeeT eXfcXVg\iT`XagX# cbe fh cTeg\V\cTV\sa Xa X_ cebVXfb cebWhVg\ib' 7dhq gbWb fX eXWhVX% Xa X_ c_Tab WX _T cebWhVV\sa% T haT `XeT Vb`U\aTgbe\T gpVa\VT XageX W\fg\agbf ÖYTVgbeXfÜ% l Xa X_ c_Tab WX_ \aZeXfb% T ha f\`c_X cebVXfb VbagTU_X l VbageTVghT_ gXaW\XagX T VT_Vh_Te _T ÖeXge\UhV\saÜ dhX _X VbeeXfcbaWX T VTWT YTVgbe cbe fhf XfYhXembf' BT VTgXZbeqT WX ÖXkc_bgTV\saÜ ab TcTeXVX f\dh\XeT Vb`b cebU_X`T cXafTU_X WXageb WXXfgXXfdhX`TTaT_qg\Vb' FXebf\fXÖ_XXaÜ_bfcebVXfbfWX_n`U\gbWX_TXVbab`qT cb_qg\VTTcTeg\eWX_W\fVhefbWX_`TgXe\T_\f`b[\fgse\Vb%_TcXeVXc&

0/

V\saXfW\YXeXagX':\V[bW\fVhefb\agXagTWX`bfgeTegeXfVbfTf3 "T# GhX _T ZTaTaV\T WX_ VTc\gT_\fgT WhXrb WX _bf `XW\bf WX cebWhVV\sa ab Xf XkgXeaT T _T eX_TV\sa fbV\T_ WX cebWhVV\sa% f\ab dhX aTVX WX X__T T geTipf WX fh Tcebc\TV\sa ce\iTWT WX_ c_hfiT_bebXkVXWXagXZXaXeTWbXaX_cebVXfbcebWhVg\ib4 "U# GhX XfX c_hfiT_be VbeeXfcbaWX T ha g\X`cb WX geTUT]b abeX`haXeTWbT_geTUT]TWbebcebWhVgbeW\eXVgb4l "V# GhX _T _XZ\f_TV\sa V\i\_% _TUbeT_ l cXaT_% T_ _XZ\g\`Te _T \afg\ghV\sa WX _T cebc\XWTW ce\iTWT% cXe`\gXa _T Tcebc\TV\sa ce\iTWTWX_XkVXWXagXXVbas`\VbfbV\T_`XagXcebWhV\Wb :X T[q dhX XfgX W\fVhefb WX _T XVbab`qT chXWX Vbafgeh\e _T abV\sa WX ÖXkc_bgTV\saÜ Vb`b bU]Xgb WX cXafT`\Xagb l Vb`b eXT_\WTW cT_cTU_X' 7 cTeg\e WX X__T% chXWX \agXagTe geTafYbe`Te haT eX_TV\sa ab aXVXfTe\T`XagX TagTZsa\VT "geTUT]TWbeXf & VTc\gT_\fgTf# Xa haT eX_TV\sa WX TagTZba\f`b "geTUT]TWbeXf & ab geTUT]TWbeXf b Xkc_bgTWbeXf#' 7agX TdhX__b dhX T a\iX_ WX _Tf eX_TV\baXf fbV\T_Xf WX cebWhVV\sa fs_b chXWX fXe i\fgb Vb`b Wbf Öcb_bfÜ "geTUT]TWbeXf TfT_Te\TWbf l VTc\gT_\fgTf#% _T Tcebc\TV\sa ce\iTWT WX_ c_hfiT_be &dhX f\`Ub_\mT X_ WXfcb]b WX T_Zhabf T YTibe WX bgebf& bcXeT Vb`b `XW\TV\sa dhX cXe`\gX W\fVXea\e XageX ha cb_b Xkc_bgTWb l bce\& `\Wb%lbgebXkc_bgTWbelbceXfbe' ;fgT VTeTVgXe\mTV\sa WX_ aXkb XageX _bf Wbf cb_bf Vbafg\ghlX X_ chagb WX cTeg\WT ceX_\`\aTe cTeT _T VbafgehVV\sa WX Wbf LGHQWL& GDGHV GH FODVH% ceb_XgTe\T l UheZhXfT' IX W\VX dhX Xf ha chagb WX cTeg\WT SUHOLPLQDU% chXfgb dhX _T geTafYbe`TV\sa WX _T eXT_\WTW XVbas`\VT WX _T Xkc_bgTV\sa Xa haT eXT_\WTW cb_qg\VT eXdh\XeX `XW\TV\baXf `nf Vb`c_X]Tf TVXeVT WX_ cbWXe l _T bceXf\sa' HX& dh\XeX% XageX bgeTf VbfTf% XfgTU_XVXe dhX X_ ce\i\_XZ\b dhX g\XaX X_ VTc\gT_\fgT cTeT beZTa\mTe ha\_TgXeT_`XagX X_ cebVXfb cebWhVg\ib WXabgT _T ceXfXaV\T WX eX_TV\baXf bceXf\iTf WX cbWXe Xa _T YnUe\VT4 dhX _T _XZ\f_TV\sa dhX W\fVe\`\aT _bf WXeXV[bf T _T f\aW\VT_\mTV\sa%

00

T _T [hX_ZT b T _T beZTa\mTV\sa cb_qg\VT WX _bf bUeXebf \`c_\VT _T aXVXf\WTW WX _hV[Te Xa X_ c_Tab WX_ cbWXe cb_qg\Vb&XfgTgT_% XgV' 9b`b W\VX IV[`\gg "/#% WXfWX X_ `b`Xagb Xa dhX _T SURSLHGDG cTfT T fXe Vbaf\WXeTWT Vb`b SRGHU% _T Xkc_bgTV\sa% T_Zb cheT`XagX XVbas`\Vb% fX Teg\Vh_T Vba _T Wb`\aTV\sa% T_Zb lT cb_qg\Vb4 Vba X__b fheZX _T cbf\U\_\WTW WX XfgTU_XVXe ha chXagX XageX XVbab`qT l cb_qg\VT% b _b dhX Xf \ZhT_% fheZX _T cbf\U\_\WTW WX WX`bfgeTe Vs`b _bÖcb_qg\VbÜX`XeZXWX_bÖXVbas`\VbÜ' ;a Y\a% _T Vb`cTeTV\sa XageX X_ W\fVhefb aXbV_nf\Vb l X_ W\f& Vhefb `Tek\fgT WX _T XVbab`qT cb_qg\VT cXe`\gX i\fhT_\mTe X_ VTenVgXe W\fVhef\ib WX _bf bU]Xgbf% fXTa Xfgbf \WXag\WTWXf Vb_XVg\iTf% Ybe`Tf WX TagTZba\f`bf h bU]Xg\ibf WX _hV[T' D\aZhab WX X__bf chXWX fXe Vbaf\WXeTWb Vb`b ha D SULRUL% Vb`b ÖWTgbfÜ dhX fX WXfceXaWXa WX _T ÖeXT_\WTW bU]Xg\iTÜ' :XV\e% cbe X]X`c_b% dhX X_ W\fVhefb XahaV\T _T ÖeXT_\WTW gT_ VhT_ XfÜ% fs_b chXWX Vbaf\WXeTefX Vb`b XahaV\TWb WX VTenVgXe `XgTYse\Vb% chXfgb dhX% Vb`b _b c_TagXTeT Ah[a Xa fh XafTlb fbUeX _bf cTeTW\Z`Tf l _Tf `hgTV\baXf V\XagqY\VTf "0# l _b \_hfgeT _T Vb`cTeTV\sa XageX _T XVbab`qT aXbV_nf\VT l _T `Tek\fgT% Wbf fTUXeXf b W\fVhefbf W\fg\agbf VbafgehlXa l cXeV\UXa Wbf eXT_\& WTWXfUTfgTagXW\fq`\_XfXageXfq' )$

5SW\U[VLM]QZ[ILMSVJRM[Q]VMZ[YI[bOQKV\SIZQLMU[QLI# LMZM^[YI#KSIZQZ[IZ$

;a haT XageXi\fgT VbaVXW\WT T_ cXe\sW\Vb >KH 8HZ BRUN ARUOG X_ *1 WX ]h_\b WX *10*% CTek `\f`b c_TagXTUT XfgT VbaXk\sa XageXW\fVhefbleXT_\WTW%XageXfTUXelTVV\sa3 ÉHXcbegXeb3 ;agbaVXf `X cTeXVX dhX _bf _qWXeXf WX_ ahXib `bi\`\Xagb\agXeaTV\baT_[TagXa\WbdhXWXfTeeb__TegTagb

Y\_bfbYqT Vb`b gT`U\pa haT TfbV\TV\sa cTeT XfgX `bi\& `\Xagb' :e' CTek3 FeXV\fT`XagX' ;f `hl cbVb cebUTU_X dhX TiTamneT`bf Xa ahXfgeb VT`\ab VbageT X_ VTc\gT_ f\ WXe\ineT`bf ahXfgeTf gnVg\VTf WX _T XVbab`qT cb_qg\VT WX T_Zh\Xa Vb`b Q@b[a IghTegR C\__' ;_ [T geTmTWb ha V\Xegb g\cb WX eX_TV\sa XageX geTUT]b TfT_Te\TWb l VTc\gT_' Dbfbgebf XfcXeT`bfWX`bfgeTedhXXfcbf\U_XXfgTU_XVXebgeTÑ"1#' 9b`b fX chXWX TceXV\Te% Tdhq fX c_TagXT _T VbafgehVV\sa WX bU]Xgbf Xa X_ \agXe\be WX ha W\fVhefb WX _b fbV\T_% l gT`U\pa _T cbf\U\_\WTW WX `v_g\c_Xf VbafgehVV\baXf W\YXeXagXf X \aV_hfb Vba& Y_\Vg\iTf WX _bf bU]Xgbf' ;__b f\Za\Y\VT dhX _T geTafYbe`TV\sa WX_ h VbaY_\Vgb WX V_TfXf Xa UHIHUHQWH cTeT cXafTe _T \WXag\WTW% _Tf Ybe`Tf WX Vn_Vh_b XfgeTgpZ\Vb l _T TVV\sa WX ha `bi\`\Xagb dhX TchagT T_ fbV\T_\f`b ab Xf T_Zb WTWb cbe _T ÖaTgheT_XmT WX _Tf VbfTfÜ% f\ab `nf U\Xa XfgTU_XV\Wb cbe ha W\fVhefb WX _b fbV\T_ &Xa XfgX VTfb% _T gXbeqT WX _T [\fgbe\T WXfTeeb__TWT cbe CTek' FXeb haT VbafgehVV\sa W\fVhe& f\iT WX_ eXYXeXagX ab XfgTU_XVX T pfgX Vb`b gT_ WX haT iXm cbe gbWTf% Y\]b X \a`hgTU_X cTeT f\X`ceX' O `Xabf Tva chXWX geTafYbe`Te T_ X_X`Xagb WX V_TfX Xa X_ bQLFR UHIHUHQWH SDUD OD FRQVWUXFFLaQ GH LGHQWLGDGHV FROHFWLYDV% chXfgb dhX X__b \`cbaX ha V\XeeX \_XZqg\`b T _Tf abV\baXf WX fh]Xgb l WX TagTZba\f`b Vb`b VTgXZbeqTf W\f& Vhef\iTf' FhXfgb WX bgeb `bWb% CTek c_TagXT haT eX_TV\sa XageX fTUXe l TVV\sa' ;_ ÖV\Xegb g\cb WX eX_TV\sa XageX geTUT]b TfT_Te\TWb l VTc\gT_Ü geTmTWb cbe CTek l WX_ VhT_ fX WXfceXaWXa gnVg\VTf cTeT haT _hV[T fbV\T_\fgT% fX VbabVX Vb`b `TgXe\T_\f`b [\fgse\Vb' I\ CTek eXVbabVqT _T Xk\fgXaV\T WX_ aXkb XageX fTUXe l TVV\sa T_ WXV\e T fh XageXi\fgTWbe dhX _T XVbab`qT cb_qg\VT WX C\_\ ab cbWeqT fXei\e WX UTfXcTeTX_TUbeTegnVg\VTfWXha`bi\`\XagbbUeXeb_hV[TaWb

/' 9Te\ IV[`\g_% 1N EQPEGRVQ FG NQ RQN_VKEQ "*2,+#%
01

1' :Ti\W
02

VbageT X_ VTc\gT_% fX chXWX eXgb`Te XfT \WXT l ceXZhagTefX3 ~Xf TVT& fb cbf\U_X X_TUbeTe gnVg\VTf WX ha fbV\T_\f`b dhX _hV[T VbageT Ybe`Tf WX bceXf\sa% WDQWR GH FODVH FRPR WDPEL_Q GH DTXHOODV TXH GHVERUGDQ ORV SDU^PHWURV GH FODVH% f\ fX cTegX WX ha fTUXe dhX TchagT[TV\T_TX`TaV\cTV\saWXhaTWb`\aTV\saWXV_TfXgTafs_b6 LT_ZT ha X]X`c_b cTeT \_hfgeTe_b' Bbf XkcbaXagXf WX haT ahXiT Vbee\XagX Y\_bfsY\VT chXWXa Vbaf\WXeTe \`cbegTagX beZTa\& mTefX l _hV[Te cbe ZTaTe X_ Vbageb_ WX_ VbafX]b XW\gbe\T_ WX haT eXi\fgT XfcXV\T_\mTWT% b cbe gXaXe TVVXfb T _T Vb`\f\sa XaVTeZTWT WX X_TUbeTe cebZeT`Tf WX XfghW\b Xa fh cebc\T YTVh_gTW' O f\a X`UTeZb% chXWX dhX _T cTeg\V\cTV\sa Xa fh f\aW\VTgb b TfbV\TV\sa cebYXf\baT_% X_ TVVXfb T _T X_TUbeTV\sa WX c_TgTYbe`Tf WX TVV\sa WX T_Zva cTeg\Wb cb_qg\Vb% h bgeb bU]Xg\ib% f\a WXf`XeXVXe fh eX_XiTaV\T% VTeXmVTa WX iT_be XfgeTgpZ\Vb cTeT X__bf' 7dhq% ÖVbafX]b XW\gbe\T_Ü l Öc_TaXf WX XfghW\bÜ TWdh\XeXa haT ce\`TVqT% ab cbe fh fXag\Wb \ageqafXVb% f\ab cbefhiT_beTV\saXaYhaV\saTbU]Xg\ibfWXhaceblXVgb3 \' FRQVHMR HGLWRULDO cXe`\gX cXafTe Xa X_ TVVXfb T ha XfcTV\b cTeT _T chU_\VTV\sa WX gXkgbf WX Xfgbf Y\_sfbYbf% l _T chU_\VTV\sa Xfgn W\eXVgT`XagX eX_TV\baTWT Vba _T cbf\U\_\WTW WX W\YhaW\e fhf \WXTf l fhf ab`UeXf' ;__b YTV\_\gT gTagb fh TVVXfb T YhXagXf WX geTUT]b Vb`b Tf\`\f`b \ai\gTV\baXf T Vb_bdh\bf% VbaZeXfbf l VbaYXeXaV\Tf' BT W\Yhf\sa WX fhf gXkgbf l _bf VbagTVgbf cXefbaT_Xf dhX _bZeXa [TVXe Xa XaVhXagebf \agXeaTV\baT_Xf Vbage\UhlX T dhX chXWTa __XZTe T gXaXeha\`cTVgbXaX_`haWbTVTWp`\Vb' \\' SODQHV GH HVWXGLR% cbe fh cTegX% Xfgn _\ZTWb T _T \aVbecbeTV\sa Vhee\Vh_Te WX Vhefbf l fX`\aTe\bf UTfTWbf Xa _bf cbfgh_TWbf WX XfgT Vbee\XagX% Vba _T Vbaf\Zh\XagX cbf\& U\_\WTW WX Ybe`Te ahXiTf ZXaXeTV\baXf WX XfghW\TagXf dhX Xa`TedhXafhcXafT`\XagbWXagebWXXfgTVbee\XagX'

1)

FhU_\VTV\sa WX gXkgbf% \`cTVgb Xa X_ c_Tab WX_ fTUXe l Ybe`TV\sa WX XfghW\TagXf TUeXa T XfgX Zehcb _T cbf\U\_\WTW WX WXfc_TmTe _Tf cXefcXVg\iTf lT XfgTU_XV\WTf% h bgeTf cXefcXVg\iTf e\iT_Xf% cTeT Tfq VbaiXeg\e fhf cbfgh_TWbf Xa c\_TeXf WX ha ahXib fXag\Wb Vb`va Y\_bfsY\Vb \`cXeTagX Xa haT WXgXe`\aTWT Vb`ha\WTW WX \agX_XVghT_Xf' Ö9bafX]b XW\gbe\T_Ü l Öc_TaXf WX XfghW\bÜ Vbafg\& ghlXa% chXf% iXeWTWXebf SXQWRV QRGDOHV WXageb WX_ ceblXVgb WX VT`U\b cebchXfgb cbe Xfgbf Y\_sfbYbf3 fbUeX X__bf VbaiXeZX ha c_heT_ WX eX_TV\baXf WX cbWXe4 T cTeg\e WX X__bf Xf cbf\U_X WXfTeeb__Te ha c_heT_WX_qaXTfWXTVV\sa' FXeb f\ fX c\XafT Xa X_ g\cb WX TVV\sa dhX fX c_TagXT T fq `\f`b ha f\aW\VTgb b haT TfbV\TV\sa WX cebYXf\baT_Xf ha\iXef\gT& e\bf% dhX ceXgXaWX WXYXaWXe _T VThfT WX _bf cebYXfbeXf Xa gTagb geTUT]TWbeXf TfT_Te\TWbf% Xf cebUTU_X dhX a\aZhab WX _bf chagbf Tee\UT V\gTWbf Vbafg\ghlTa chagbf abWT_Xf WX fh eXY_Xk\sa l TVV\sa XfgeTgpZ\VTf' 7agXf U\Xa% fXeqTa bU]Xg\ibf cbVb eX_XiTagXf &X \aV_hfb WXfVTegTU_Xf& Xa fh TZXaWT WX ce\be\WTWXf' FTeT _bf cebYXfbeXf "\aV_hfb chXWX geTgTefX WX _bf `\f`bf dhX Vb`cbaXa X_ Zehcb WX ahXibf Y\_sfbYbf#% dhX T_ _hV[Te Vb`b f\aW\VTgb Tfh`Xa haT \WXag\WTW WX TfT_Te\TWbf TagXf dhX WX \agX_XVghT_Xf% cbWeqT fXe `nf \`cbegTagX WXfVT_\Y\VTe X_ cTcX_ WX f\aW\VTgbf ÖcX_XZbfÜ "T`Te\__bf# dhX YeXaTa _Tf WX`TaWTf _TUbeT_Xf% dhX UhfVTa WXf`bi\_\mTe T _T ZXagX l dhX bcXeTa Vb`b \afgTaV\Tf WX XaVhTWeT`\Vagb T_ fXei\V\b WX _T TW`\a\fgeTV\sa WX _T ha\iXef\WTW' E gT_ iXm bcgXa cbe Ybe`Te ha YeXagX Vb`va Vba bgebf f\aW\VTgbf ha\iXef\gTe\bf cTeT aXZbV\Te Vba X_ ZbU\Xeab haT cb_qg\VT fT_Te\T_ cTeT _bf geTUT]TWbeXf WX _T XWhVTV\sa% b cTeT X_TUbeTe _Tf cebchXfgTf _TUbeT_Xf WX T_Zva cTeg\Wb cb_qg\Vb' ;a XfgX VTfb% Ö\WXag\WTW f\aW\VT_Ü l Öha\WTW WX _bf geTUT]T& WbeXfÜ TcTeXVXa Vb`b _bf chagbf abWT_Xf WX_ W\fVhefb l WX _T XfgeTgXZ\T WX _bf cebYXfbeXf ha\iXef\gTe\bf' FXeb a\aZhab WX X__bf ZbmT WX ce\be\WTW TagX ÖVbafX]b XW\gbe\T_Ü b Öc_Ta WX XfghW\bÜ% b T_ `Xabf ab chXWX fXe_Xf VbaYXe\Wb ha ce\i\_XZ\b D SULRUL* cXegXaXVXa T Wbf _sZ\VTf W\YXeXaV\TWTf% dhX Xfgna W\e\Z\WTf l fX WXfXaihX_iXa Xan`U\gbfWXcbWXe\ZhT_`XagXW\fg\agbf'

1*

?_hfgeTV\baXf Vb`b XfgTf chXWXa XaVbageTefX cbe Wbdh\Xe' FXe`\gXa TiT_Te _T gXf\f WX dhX ab Xk\fgX aXVXfTe\T`XagX ha YX& as`Xab% haT \afgTaV\T b ha `b`Xagb WX _b fbV\T_ &cbe X]X`c_b% _T cebc\XWTW ce\iTWT& dhX chXWT WXf\ZaTefX Vb`b avV_Xb YhaWTagX WX gbWb cbWXe l Wb`\aTV\sa% YbVb VXageT_ WX gbWT bceXf\sa' BTf _hV[Tf cbe X_ T_h`UeTWb cvU_\Vb Xa Vb`ha\WTWXf eheT_Xf% cbe fheg\WbeXf WX TZhT Xa UTee\bf cbch_TeXf% b _Tf WX`TaWTf WX \adh\_\abf \_XZT_Xf dhX bVhcTa g\XeeTf Y\fVT_Xf cTeT i\i\e TchagTa T ha TWiXefTe\b dhX ab f\X`ceX Xfgn WXY\a\Wb cbe _bf cTeg\V\cTagXf Vb`b VTc\gT_\fgT% Uhe& Zhpf b cTgesa4 YeXVhXagX`XagX \aib_hVeTa T haT TW`\a\fgeTV\sa cvU_\VT b T haT UhebVeTV\T XfgTgT_ \aVTcTVXf WX WTe haT fb_hV\sa VTUT_ T _bf cebU_X`Tf l _Tf aXVXf\WTWXf WX fXVgbeXf `TeZ\aTWbf WX _bf `XeVTWbf WX Vbafh`b l WX YTibeXf cb_qg\Vbf' IXeqT \_qV\gb \`chgTe haT YT_fT VbaV\XaV\T T _T ZXagX dhX cTeg\V\cT Xa XfgX g\cb WX _hV[Tf% gT_ Vb`b _b fXeqT Xa X_ VTfb WX `h]XeXf dhX _hV[Ta cbe _T \ZhT_WTW WX bcbegha\WTWXf XageX _bf fXkbf l dhX WXY\aXa Vb`b fh TWiXefTe\b \a`XW\Tgb T TdhX__bf dhX Tfh`Xa haT \WXb_bZqT fXk\fgT% cTge\TeVT_b`TV[\fgT%labT_ÖUheZhpfXkc_bgTWbeÜ' ;ag\paWTfX U\Xa3 ab fX a\XZT dhX _Tf WXf\ZhT_WTWXf fbV\T_Xf b dhX _T W\i\f\sa XageX X_ ce\i\_XZ\b l _T `\fXeT fXTa Xa ZeTa `XW\WT ZXaXeTWTf l eXcebWhV\WTf cbe _T Xk\fgXaV\T WX _T \afg\ghV\sa WX _T cebc\XWTW ce\iTWT l cbe _T Ybe`T WX W\fge\UhV\sa WX _T e\dhXmT fbV\T_ dhX X__T ZXaXeT' JT`cbVb fX Xf \afXaf\U_X T _T VbafgTgTV\sa &`nf dhX Xi\WXagX& WX dhX Xa fbV\XWTWXf WX V_TfX Xk\fgX haT eX_TV\sa VXeVTaT XageX X_ cbWXe cb_qg\Vb% X_ TcTeTgb XfgTgT_ l _bf cbfXXWbeXf WX_ VTc\gT_ l _T e\dhXmT' Cnf Tva% Xf cXeYXVgT`XagX YTVg\U_X dhX X_ n`U\gb XVbas`\Vb l _T _hV[T cb_qg\VT WX V_TfXf cTfXa T Vbafg\gh\e X_ Öchagb abWT_Ü WX_ cbWXe Xa T_ZhaT fbV\XWTW Xa ha `b`Xagb WTWb' FXeb T_ `Xabf dhX hab Xfgp ceXcTeTWb cTeT TVXcgTe TeZh`Xagbf WX VbegX aXgT`XagX \afgeh`XagT_\fgT Vba eXfcXVgb T_ XfgTWb &Vbaf\WX& eTe_b% cbe X]X`c_b% Vb`b beZTa\mTWbe% WXYXafbe l X]XVhgbe WX _bf \agXeXfXf WX haT V_TfX&% ab Xf _qV\gb eXWhV\e _Tf _hV[Tf l WX`TaWTf cbe _T i\i\XaWT% \bf fXei\V\bf cvU_\Vbf b _T \ZhT_WTW WX _bf fXkbf T ha cheb l f\`c_X XaYeXagT`\Xagb Vba _T V_TfX Wb`\aTagX l _T cebc\XWTWce\iTWT'

1+

*$

3YQZQZLMSVJYMYQZTV9$4MKVUZ[Y\KKQeULMSMZX\MTIL\IS$

;a Y\a% f\ U\Xa Xf V\Xegb dhX CTek geTms ha g\cb WX eX_TV\sa VRFLDOLVWD XageX geTUT]b TfT_Te\TWb l VTc\gT_ Xa VbageTcbf\V\sa T _T cXefcXVg\iT OLEHUDO WX C\__% X__b ab [TVX T _T cXefcXVg\iT WX CTek \Wpag\VT T_ fbV\T_\f`b' 7 _b fh`b% fs_b _T Vbai\XegX Xa XQD cXefcXVg\iT fbV\T_\fgT XageX bgeTf gTagTf cbf\U_Xf' Fbe Xfb% Xf cbf\U_X Ve\g\VTe X_ eXWhVV\ba\f`b WX V_TfX dhX \`ceXZaT T _T geTW\V\sa `Tek\fgT &fXT VhT_ fXT fh iTe\TagX& f\a X_\`\aTe Vba X__b _Tf V[TaVXf WX cXafTe ha fh]Xgb fbV\T_\fgT' 8nf\VT`XagX% X_ bUeXe\f`b% dhXWT c\X T_ XfdhX`T W\Vbgs`\Vb VTc\gT_&geTUT]b cTeT cXafTe _bf TagTZba\f`b fbV\T_Xf% Vbag\XaX cbe _b `Xabf VhTgeb \WXTf&YhXemT dhX fX [Ta VbaiXeg\WbXaiXeWTWXeTfYT_TV\Tf' I$

;INISIKQILMSZMK[VYkTaZM^WSV[ILVl$

Fe\`Xeb% _bf ceb_XgTe\bf ab fba aXVXfTe\T`XagX _bf `nf H[SORWDGRV Xa fbV\XWTWXf VTc\gT_\fgTf% fXTa XfgTf TiTamTWTf b ab' BT geTW\V\sa `Tek\fgT XfgTU_XVX haT eX_TV\sa WX Xdh\iT_XaV\T XageX ÖXkc_bgTV\saÜ l Ög\X`cb WX geTUT]b ab eX`haXeTWbÜ% cbe VhTagb X_ VbaVXcgb WX Xkc_bgTV\sa WXf\ZaT _T Ybe`TV\sa WX _bf \aZeXfbf WX WhXrbf WX VTc\gT_ UT]b _T Ybe`T WX eXagT b ZTaTaV\T T cTeg\e WX_ iT_be XkVXWXagX% WX_ c_hfiT_be ZXaXeTWb cbe _bf geTUT]TWbeXf TfT_Te\TWbf WXcXaW\XagXf Xa X_ cebVXfb cebWhVg\ib' :X XfgX `bWb% gbWb geTUT& ]TWbe TfT_Te\TWb cTfT T fXe gT`U\pa ha geTUT]TWbe Xkc_bgTWb f\X`ceX lVhTaWbabcXeV\UTX_gbgT_WX_XkVXWXagXXVbas`\VbdhXcebWhVX' FXeb X_ `bi\`\Xagb bUeXeb [T cbW\Wb eXVbadh\fgTe Xa `hV[bf cTqfXf4 T geTipf WX _T beZTa\mTV\sa l _T _hV[T f\aW\VT_% haT cTegX WX XfV XkVXWXagX T geTipf WX _bf \`chXfgbf cTZTWbf cbe _bf WhXrbf WX VTc\gT_ fbUeX fhf ZTaTaV\Tf3 X_ XfgTWb bcXeTeqT Vb`b \afgTaV\T eXW\fge\Uhg\iT WX_ XkVXWXagX UT]b _T Ybe`T WX XfVb_Te\WTW ZeTgh\gT% TgXaV\sa `XW\VT WX_ fXZheb fbV\T_ b fhUf\W\bf T cebWhVgbf WXVbafh`b`Tf\ib' ;a VT`U\b% Xa iTe\bf cTqfXf _Tg\abT`Xe\VTabf _bf geTUT]T& WbeXf `\ZeTgbe\bf% _Tf `h]XeXf Xa W\iXefTf VTcTf WX_ `XeVTWb WX

1,

geTUT]b% _bf cXdhXrbf TZe\Vh_gbeXf dhX fX WXW\VTa T_ Vh_g\ib WX cebWhVgbf WX eXagT l _Tf `\abeqTf pga\VTf l eTV\T_Xf T `XahWb XageTa Xa haT W\an`\VT WX [\cXe&Vkc_bgTV\sa Vb`U\aTWT Vba `bWT_\WTWXf WX W\fVe\`\aTV\sa fXkhT_ l pga\Vb&eTV\T_' Fbe ha _TWb% cbedhX fhX_Xa cXeV\U\e eX`haXeTV\baXf `hl cbe WXUT]b WX_ iT_be fbV\T_`XagX XfgTU_XV\Wb Xa fhf cebc\Tf fbV\XWTWXf c\geT _T eXcebWhVV\sa WX haT YhXemT WX geTUT]b bVhcTWT Xa gTeVTf f\`\_TeXf4 cbe bgeb% cbedhX VTeXVXa ZXaXeT_`XagX WX _bf WXeXV[bf _TUbeT_Xf l Tf\fgXaV\T_Xf Vbadh\fgTWbf b% cbe _b `Xabf% TVg\iT`XagX WXYXaW\Wbf cbe _bf bUeXebfceb_XgTe\bfbeZTa\mTWbf' J$

;INISIKQILMSITI_VYcIU\TbYQKI$

IXZhaWb% X_ TeZh`Xagb Xa gbeab T _T PD\RU`D QXP_ULFD WX_ ceb_XgTe\TWb Xf gT`U\pa VhXfg\baTU_X' I\ fX gb`T X_ gpe`\ab Öceb_X& gTe\TWbÜ Xa fh fXag\Wb `nf eXfge\aZ\Wb% dhX CTek TfbV\TUT Vba _T ahXiT `TfT WX geTUT]TWbeXf \aWhfge\T_Xf _\ZTWbf T _TeVTf `TahT_Xf% `XVna\VTf l eXcXg\g\iTf% Vba [nU\gbf Vh_\aTe\bf% `bWbf WX XfcTe& V\`\Xagb% iT_beXf l VeXXaV\Tf V_TeT`XagX W\YXeXaV\TWTf WX_ eXfgb WX _T cbU_TV\sa% eXfh_gT dhX Xa fbV\XWTWXf VTc\gT_\fgTf VbagX`cben& aXTf% Vba _Tf geX`XaWTf geTafYbe`TV\baXf bVhee\WTf Xa _T XfgehVgheT bVhcTV\baT_ &XkcTaf\sa WX_ fXVgbe gXeV\Te\b WX fXei\V\bf% VeXTV\sa WX ahXibf _hZTeXf Xa X_ cebVXfb WX geTUT]b&% X_ ceb_XgTe\TWb Vb`b gT_Vbafg\ghlX`nfU\XahaT`\abeqT' ;a VT`U\b% f\ fX gb`T X_ gpe`\ab Öceb_XgTe\TWbÜ Xa X_ fXag\Wb `nf T`c_\b dhX CTek _X Tf\ZaT Xa 0O .DSLWDO% iT_X WXV\e% X_ WX TZXagXf fbV\T_Xf WXfcebi\fgbf WX `XW\bf WX cebWhVV\sa l WX VTc\gT_% dhX Vbafg\ghlXa _T ahXiT `TfT WX geTUT]TWbeXf TfT_Te\TWbf fheZ\Wbf Vba X_ VTc\gT_\f`b l dhX fs_b cbfXX fh YhXemT WX geTUT]b cTeT \agXeVT`U\Te Xa X_ `XeVTWb% XagbaVXf fq abf XaVbageTeqT`bf Vba haT `TfT ah`pe\VT`XagX `Tlbe\gTe\T Xa _T `TlbeqT WX _bf cTqfXf' FXeb XagbaVXf fheZX bgeb cebU_X`T% chXfgb dhX [TUeqT dhX \aV_h\e ab fs_b T _bf bUeXebf dhX _TUbeTa Xa _Tf X`ceXfTf% f\ab gT`U\pa T _bf Ö`TaTZXefÜ dhX ab cbfXXa TVV\baXf Xa fhf eXfcXVg\iTf X`ceXfTf% TWX`nf WX _bWT _T UhebVeTV\T XfgTgT_% T _bf dhX WXfX`cXrTa _TUbeXf

1-

fXVeXgTe\TgXf% T _bf cebYXf\baT_Xf% Teg\fgTf l% Xa ZXaXeT_% T gbWbf _bf dhX geTUT]Ta Xa X_ fXVgbe ÖgXeV\Te\bÜ WX _bf fXei\V\bf "[bgX_XeqT% ghe\f& `b% Y\aTamTf% XfcXVgnVh_bf% geTafcbegXf% Vb`XeV\b X \aV_hfb cebf& g\ghV\sa#' 7agX XfgT W\Y\Vh_gTW% l Vba _T ceXbVhcTV\sa cbe eXfVTgTe _T geTW\V\baT_ VVageT_\WTW bUeXeT Xa _T _hV[T fbV\T_\fgT% gXse\Vbf \a& Y_hlXagXf Vb`b D\Vbf Fbh_TagmTf [Ta bc\TWb cbe WX_\`\gTe X_ VbaVXcgb WX ceb_XgTe\b WX `TaXeT gT_ dhX Vb`ceXaWT fs_b T _bf ÖgeTUT]TWbeXf cebWhVg\ibfÜ "2#' FXeb Vba X__b% f\ U\Xa fX eXfhX_iX _T VhXfg\sa eX_TV\baTWT Vba X_ VTenVgXe b`a\Vb`ceXaf\ib dhX TWdh\XeX [bl _T VTgXZbeqT WX ÖgeTUT]TWbe TfT_Te\TWbÜ% ab fX eXfhX_iX _T WXYXafT WX_ TeZh`Xagb ah`pe\Vb3 X_ ceb_XgTe\TWb cTfT fXe ha fXVgbe WXV\W\& WT`XagX `\abe\gTe\b' 7WX`nf% fX \a_ebWhVX haT ahXiT W\Y\Vh_gTW% _T WX XfgTU_XVXe ha Ve\gXe\b ha\Ybe`X cTeT `XW\e ha geTUT]b cebWhVg\ib lW\YXeXaV\Te_bWXhabÖabcebWhVg\ibÜ' K$

;INISIKQILMSIZQTWSQNQKIKQeULMSVZIU[IOVUQZTVZ$

JXeVXeb% ab fX f\`c_\Y\VTeba _bf TagTZba\f`b WX V_TfX a\ _bf TagTZba\f`bf fbV\T_Xf Xa ZXaXeT_ Vba X_ WXfTeeb__b WX _T fbV\XWTW UheZhXfT' 7_ VbageTe\b WX _b dhX ThZheTUTa CTek l ;aZX_f Xa 0O 7DQLILHVWR TVXeVT WX_ \`cTVgb dhX gXaWeqT X_ TWiXa\`\Xagb WX _T fbV\XWTW UheZhXfT% pcbVT WX_ ceXWb`\a\b WX_ VTc\gT_% _T XkcXe\XaV\T WX`bfges dhX a\ _T XkcTaf\sa WX_ Vb`XeV\b% WX _T \aWhfge\T l WX_ `XeVTWb `haW\T_4 a\ _T gXaWXaV\T T haT VbaVXageTV\sa `Tf\iT WX _T cebWhVV\sa% _T cebc\XWTW l _T cbU_TV\sa4 a\ _T VXageT_\mTV\sa XfgTgT_ WX _T WXV\f\sa cb_qg\VT ZXfgTWT cbe _T Vbafb_\WTV\sa WX _bf XfgTWbf aTV\baT_XfUT]bhafb_bZbU\Xeab%haTfb_T_Xllhafb_b\agXepfWX 2' 7_ eXfcXVgb% ;eaXfgb BTV_Th [TVX haT Veqg\VT T Fbh_TagmTf Xa É
1.

V_TfX% geT]Xeba TcTeX]TWbf haT VeXV\XagX W\i\f\sa WX _bf fh]Xgbf fbV\T_Xf Xa gb`b T _bf Wbf _hZTeXf YhaWT`XagT_Xf bVhcTWbf cbe _bf TZXagXf fbV\T_Xf Xa _T XfgehVgheT WX eX_TV\baXf WX cebWhVV\sa' BT gTa XfcXeTWT W\i\f\sa WX _T fbV\XWTW ÉVTWT iXm `nf% Xa Wbf ZeTaWXf VT`cbf XaX`\Zbf% Xa Wbf ZeTaWXf V_TfXf% dhX fX XaYeXagTa W\eXV& gT`XagX3 _T UheZhXfqT l X_ ceb_XgTe\TWbÑ% f\`c_X`XagX ab bVhee\s% Vb`b gT`cbVb bVhee\s haT VeXV\XagX [b`bZXaX\mTV\sa WXageb WX VTWThabWXXfbfÉWbfZeTaWXfVT`cbfÑ' Fbe X_ VbageTe\b% _bf TagTZba\f`bf WX V_TfX fX Vb`c_X]\mTeba' Fbe ha _TWb% Vba X_ `TagXa\`\Xagb l _T XkcTaf\sa WX_ XfcTV\b bVhcTWb cbe haT cXdhXrT UheZhXfqT geTafYbe`TWT3 lT ab fX geTgT gTa fs_b WX `XeVTWXeXf l WhXrbf WX cXdhXrbf gT__XeXf TegXfTaT_Xf Vb`b Xa X_ f\Z_b cTfTWb% f\ab gT`U\pa WX _T `TfT WX cXdhXrbf cebc\XgTe\bf WX Vb`XeV\bf WXgT__\fgTf% WX _T UhebVeTV\T% WX _bf dhX fX WXfX`cXrTa Xa _Tf ÖcebYXf\baXf _\UXeT_XfÜ% XgV' Fbe X_ bgeb% XfgT Vb`c_X]\mTV\sa g\XaX dhX iXe Vba X_ `TagXa\`\Xagb l _T geTafYbe`TV\sa WX_ VT`cXf\aTWb3 T cXfTe WX _T `XVTa\mTV\sa WX _Tf gTeVTf WX_ TZeb l WX _T \agebWhVV\sa WX eX_TV\baXf fT_Te\T_Xf WX WXcXaWXaV\T Xa X_ VT`cXf\aTWb% pfgX v_g\`b `Taghib haT \WXag\WTW VTeTVgXeqfg\VT dhX _bW\YXeXaV\TWX_TV_TfXbUeXeTVb`bgT_' JT`U\pa fX `Taghi\Xeba _Tf W\i\f\baXf Xa X_ \agXe\be WX _T V_TfX bUeXeT% U_bdhXTaWb gbWT Ybe`T WX KRPRJHQHL]DFLaQ WX _T \WXag\WTW% WX _bf \agXeXfXf% WX _Tf Tfc\eTV\baXf l _Tf WX`TaWTf WX _T ZeTa `TfT [XgXebZpaXT WX TZXagXf fbV\T_Xf dhX bVhcTe X_ _hZTe WX ÖgeTUT]TWbeXf TfT_Te\TWbf ab cbfXXWbeXf WX VTc\gT_Ü Xa _T XfgehVgheT WX eX_TV\baXf WX cebWhVV\sa Wb`\aTagXf' ;a bgeTf cT_TUeTf% eXfh_gT lT \`cbf\U_X XfgTU_XVXe haT ha\WTW WX TVV\sa% bU]Xg\ibf l Ve\gXe\bf WX _bf geTUT]TWbeXf TfT_Te\TWbf fs_b Xa i\eghW WX_ _hZTe dhX bVhcTa Xa_TfeX_TV\baXfWXcebWhVV\sa' 7 Xfgb Vbage\UhlXeba _Tf IUDFWXUDV WUDGLFLRQDOHV dhX cXef\fgXa Xa X_ \agXe\be WX _T `TfT WX TfT_Te\TWbf% gT_Xf Vb`b _T W\fg\aV\sa XageX geTUT]TWbeXf heUTabf l eheT_Xf b XageX geTUT]TWbeXf `TahT_Xf l WX ÖVhX__b U_TaVbÜ "cbe X]X`c_b% XageX bUeXebf l bY\V\a\fgTf WX haT c_TagT \aWhfge\T_#4 _bf FRUWHV WUDQVYHUVDOHV% Xf WXV\e% ab cheT`XagX XVbas`\Vb&V_Tf\fgTf% gT_Xf Vb`b _T W\YXeXa&

1/

V\TV\sa bUeXeT cbe Xga\T% eTmT b eX_\Z\sa4 X_ cebU_X`T WX V_Tf\Y\VTe T XfVe\gbeXf% Teg\fgTf c_nfg\Vbf% TVgbeXf% \agX_XVghT_Xf l bgebf dhX VbaYbe`Te _T T`c_\T ZT`T WX ÖgeTUT]TWbeXf WX _T Vh_gheTÜ4 _T TcTe\V\sa WX ahXibf XfgeTgbf _TUbeT_Xf gT_Xf Vb`b _bf gpVa\Vbf% TaT_\fgTf% \aiXfg\ZTWbeXf l XkcXegbf Xa Ö`Te^Xg\aZÜ4 _Tf ahXiTf W\i\f\baXf dhX [Ta \Wb fheZ\XaWb Xa _bf v_g\`bf Trbf bcba\XaWb% cbe X]X`c_b% T geTUT]TWbeXf fXk\fgTf Vba ab&fXk\fgTf% T _bf eTV\fgTf Vba _bfab&eTV\fgTfbT_bfcTV\Y\fgTfVba_bfab&cTV\Y\fgTf' 7agX gT_ W\iXef\WTW Xa X_ \agXe\be `\f`b WX _T `TfT WX geTUT]TWbeXf% ~UT]b dhp Ve\gXe\b chXWX WXgXe`\aTefX D SULRUL _bf Ö\agXeXfXfÜ% ÖTfc\eTV\baXfÜ l ÖWX`TaWTfÜ WX haT V_TfX bUeXeT VhlT XfcXV\Y\V\WTW eXfh_gT VTWT iXm `nf W\YqV\_ WX Tf\e Xa UTfX T _Tf VbaVXcV\baXf fbV\T_\fgTf geTW\V\baT_Xf6 O Xa X_ VTfb WX XaVbageTe ha Ve\gXe\b ZXaXeT_ dhX ab Xfgp UTfTWb Xa X_ D SULRUL WX_ _hZTe bVhcTWb Xa _Tf eX_TV\baXf WX cebWhVV\sa% ~Vs`b geTafcbaXe_b T_ `bi\`\Xagb fbV\T_\fgT Xa fh Vba]hagb f\a VTXe Xa XfdhX`Tf eXWhVg\ibf dhX eXWhVXa gbWT \WXag\WTW T haT \WXag\WTW WX V_TfX% f\a c\fbgXTe _T geX`XaWT W\YXeXaV\TV\sa dhX Xk\fgX XageX _bf `v_g\c_Xf cb_bf dhX XfgehVgheTa _T \WXag\WTW WX _bf fh]Xgbf fbV\T_Xf6 ;a fh`T% WTWT _T ThfXaV\T WX haT \WXag\WTW [b`bZpaXT l Xa _T \`cbf\U\_\WTW WX [b`bZXaX\mTe% [bl% T_ `bi\`\Xagb fbV\T_\fgT Xa gb`b T ha T`U\Zhb Öchagb WX i\fgT bUeXebÜ dhX eXWhV\eqT _T W\YXeXaV\T eXT_ T haT \WXag\WTW YbemTWT X \`chXfgT% ~Vs`b Ybe]Te _T ha\WTW WX_ fh]Xgb l WX_`bi\`\XagbfbV\T_\fgTVbagX`cbenaXb6 L$

;IKVUN\ZQeUMU[YMkM^WSV[IKQeUl_kVWYMZQeUl$

9hTegb% _bf ceb_XgTe\bf gT`cbVb fba aXVXfTe\T`XagX _bf `nf RSULPLGRV' FTeT Vb`XamTe% [Tl haT V\XegT T`U\ZwXWTW Xa X_ hfb VbaVXcghT_ WX _bf gpe`\abf ÖXkc_bgTV\saÜ l ÖbceXf\saÜ' ;a T_Zhabf VTfbf% X_ _pk\Vb cb_qg\Vb WX _T \mdh\XeWT fbV\T_\fgT [T gXaW\Wb T lhkgTcbaXe _bf VT`cbf fX`nag\Vbf WX T`Ubf gpe`\abf% WTaWb Vb`b eXfh_gTWb _qaXTf WX WX`TeVTV\sa W\YhfTf XageX X__bf' ;a bgebf% TagX _T ce\`TVqT dhX X_ W\fVhefb fbV\T_\fgT WXV\`basa\Vb Tf\ZaT T _b XVbas`\Vb Xa _T Xkc_\VTV\sa WX YXas`Xabf fbV\T_Xf% fX [T gXaW\Wb

10

T WXe\iTe haT VTgXZbeqT pg\Vb&cb_qg\VT gT_ Vb`b ÖbceXf\saÜ WX haT VTgXZbeqT X`\aXagX`XagX XVbas`\VT Vb`b _T WX ÖXkc_bgTV\saÜ' ;fgb% cbf\U_X`XagX% g\XaX dhX iXe Vba _T gXaWXaV\T WX TVg\i\fgTf l `\_\gTagXf cb_qg\Vbf &cXeb ab fs_b WX X__bf& WX VbaYhaW\e X`TaV\& cTV\sa [h`TaT Vba X`TaV\cTV\sa WX_ lhZb WX_ VTc\gT_% WX \WXag\& Y\VTeXaYbe`T\_XZqg\`T_ThaTVba_TbgeT' ;_ VbaVXcgb WX H[SORWDFLaQ% Xa _T geTW\V\sa `Tek\fgT% g\XaX dhX iXe Vba _T cebc\XWTW ce\iTWT% Vba _T Ybe`TV\sa WX iT_be XkVXWXagX "c_hfiT_qT# l Vba _T Tcebc\TV\sa WX XfX iT_be XkVXWXagX cbe cTegX WX T_Zhabf Xa i\eghW T _bf WXeXV[bf dhX _T \afg\ghV\sa WX _T cebc\XWTW ce\iTWT _Xf VbaY\XeX' ;f WXV\e% _T abV\sa WX Xkc_bgTV\sa Xfgn Y\e`X`XagX TaV_TWT Xa _T XfYXeT WX _T cebWhVV\sa `TgXe\T_' FbVb \`cbegT TVn f\ gT`U\pa \agXei\XaXa WXgXe`\aTagXf ÖfhcXeXf& gehVgheT_XfÜ gT_Xf Vb`b haT _XZ\f_TV\sa _TUbeT_% haT pg\VT WX_ geTUT]b% _T eXceXf\sa cb_\V\T_ b _Tf \WXb_bZqTf cb_qg\VTf XageX _Tf VbaW\V\baXf dhX [TVXa cbf\U_X haT V\XegT `bWT_\WTW WX Xkc_bgTV\sa' ;_ VTfb Xf dhX _T Xkc_bgTV\sa Vbafg\ghlX ha VbaVXcgb dhX _T geTW\V\sa `Tek\fgT% T W\YXeXaV\T WX bgeTf "Vb`b cbe X]X`c_b% _T _\UXeT_#% TfbV\T Vba _T Ybe`T WX Tcebc\TV\sa WX_ XkVXWXagX ZXaXeTWb cbe _bf geTUT]TWbeXf W\eXVgbf Xa fbV\XWTWXf WX V_TfX3 fbV\XWTWXf Xa _Tf VhT_Xf _bf cebc\XgTe\bf WX_ VTc\gT_ &l ceXV\fT`XagX Xa i\eghW WX XfT cebc\XWTW& TWdh\XeXahaWXeXV[bTTcebc\TefXce\iTWT`XagXWXXfXc_hfiT_be' 9SUHVLaQ% Xa VT`U\b% Xf ha VbaVXcgb eX_TV\baT_ dhX g\XaX dhX iXe Vba _T cXeVXcV\sa WX haT fh]XV\sa l haT fhUbeW\aTV\sa \aTVXcgTU_X3 g\XaX dhX iXe Vba _T eXf\fgXaV\T Xe\Z\WT cbe T_Zhabf dhX fX Vbaf\WXeTa T fq `\f`bf Vb`b \afXegbf Xa eX_TV\baXf WX cbWXe dhX% XfgTaWb fbV\T_`XagX \afg\gh\WTf% WXUXa fXe VT`U\TWTf T geTipf WX _T cebgXfgT l _T _hV[T' ;a XfgX fXag\Wb% X_ VT`cb WX XYXVg\i\WTW WX_ VbaVXcgb WX bceXf\sa ab chXWX V\eVhafVe\U\efX T _T XfYXeT WX _T cebWhVV\sa `TgXe\T_ gTa fs_b% f\ab dhX chXWX ceXfXagTefX Xa _T XfYXeT WX _b cb_qg\Vb% _b eX_\Z\bfb% _b eTV\T_% X_ XfcTV\b UhebVeng\Vb% _Tf eX_TV\baXf XageX _bf fXkbf% XgV' ;a haT cT_TUeT% _Tf Ybe`Tf WX bceXf\sa% Vb`b _Tf eX_TV\baXf WX cbWXe% fX XaVhXageXa Xa `v_g\c_Xf chagbfWX_gX]\WbfbV\T_' ;f `hl V\Xegb dhX ha ceb_XgTe\b Xkc_bgTWb Xf T _T iXm

11

Öbce\`\WbÜ T_ VTeXVXe WX _T cbf\U\_\WTW WX Vbageb_ l WXV\f\sa XYXVg\iT fbUeX ZeTa cTegX WX fh TVg\i\WTW Vbg\W\TaT Vb`b geTUT]TWbe l Vb`b V\hWTWTab% cXeb WX T[q ab fX chXWX \aYXe\e dhX gbWT Ybe`T WX& bceXf\sa Vb\aV\WT Vba TdhX__T _\ZTWT T _T Xkc_bgTV\sa WX V_TfX% fXT UheZhXfT h bgeT' ;k\fgXa RWUDV IRUPDV GH RSUHVLaQ TXH QR SXHGHQ VHU GHULYDGDV GH OD RSUHVLaQ GH FODVH' Fbe Vbaf\Zh\XagX% X_ VT`cb fX`nag\Vb bVhcTWb cbe _bf VbaVXcgbf WX Xkc_bgTV\sa l WX bceXf\sa Xf W\YXeXagX% l VhT_dh\Xe \agXagb WX XfgTU_XVXe haT \WXag\WTW VXeeTWT XageXX__bfXf%aXVXfTe\T`XagX%\_XZqg\`b' +$

3YQZQZLMSVJYMYQZTV99$5SLMZINcVLMSIZkV[YIZlQLMU[Q# LILMZKVSMK[Q]IZ$

FXeb \aV_hfb _T Ybe`T Xa dhX fX c_TagXT _T VhXfg\sa WX _T bceXf\sa Xf lT cebU_X`ng\VT% cbe VhTagb WT cbe fXagTWb dhX Xf gXse\VT`XagX cbf\U_X l cb_qg\VT`XagX aXVXfTe\b \WXag\Y\VTe VhT_ Xf X_ fXVgbe fbV\T_ `nf bce\`\Wb Vb`b VbaW\V\sa WX cbf\U\_\WTW cTeT _T eXY_Xk\sa l _T TVV\sa fbV\T_\fgT' ;f WXV\e% XfgT Ybe`T WX cXafTe ceXgXaWX \WXag\Y\VTe T ha fXVgbe Vhlb fXe% T_ XaVTeaTe _Tf Ybe`Tf _q`\gXf WX _T bceXf\sa Xa fbV\XWTWXf WX V_TfX% Xfgn ceXWXfg\aTWb T _\WXeTe l T TZehcTe Xa gb`b fhlb &Xa gbeab T fh ceblXVgb WX fbV\XWTW& T gbWTf _Tf YhXemTf Xa _hV[T cbe haT WX`bVeTV\T eTW\VT_ UT]b X_ fbV\T_\f`b' 9b`b _b cbaX 9beaX_\hf 9Tfgbe\TW\f% XfgT UvfdhXWT WX_ `bi\`\Xagb eXWXagbe Xf haT cXVh_\Te\WTW WX _bf \agX_XVghT_Xf WX \mdh\XeWT% dh\XaXf É[Ta UhfVTWb VbafgTagX`XagX Xa T_Zva _hZTe haT ÖXag\WTW eXT_Ü dhX WXfX`cXrTfX X_ cTcX_ WX fT_iTWbe WX _T [h`Ta\WTW% eXWXagbe WX _T [\fgbe\TÑ "*)#' 9TUX ceXZhagTefX% ~Xf TVTfb aXVXfTe\b UhfVTe ha `bi\`\Xagb ÖeXWXagbeÜ6 ~;f TVTfb cbf\U_X ÖeXW\`\eÜ T _T [h`Ta\WTW WX haT iXm cbe gbWTf% f\ VbafgTa& gX`XagX fheZXa ahXibf iX]n`XaXf% ahXiTf WX`TaWTf WX \ZhT_WTW% ahXibfchagbfWXVbaYebagTV\saWXagebWXhaTfbV\XWTWW\an`\VT6

*)' 9beaX_\hf 9Tfgbe\TW\f% É;_ \agX_XVghT_ Vb`b V\hWTWTabÑ% 1N AKGLQ ?QRQ Dx ,1%8TeVX_baT%Dbi\X`UeX*202'

12

7WX`nf% _T ceb_\YXeTV\sa WX Ybe`Tf WX \WXag\WTW l WX `bi\& `\Xagbf fbV\T_Xf cTeT_X_bf T_ `bi\`\Xagb X`TaV\cTgbe\b WX _bf geT& UT]TWbeXf c_TagXT ahXibf WXfTYqbf T_ bUeXe\f`b WX_ W\fVhefb l _T cenVg\VT cb_qg\VT `Tek\fgT' Ch]XeXf% aXZebf% \a`\ZeTagXf% [b`bfX& khT_Xf% cTV\Y\fgTf% [\cc\Xf l XVb_bZ\fgTf c_TagXTa VhXfg\baXf dhX XkVXWXa X_ [be\mbagX WX_ f\aW\VTgb l WX _bf cTeg\Wbf WX _T \mdh\XeWT geTW\V\baT_% VhXfg\baXf VhlT gX`Tg\mTV\sa ab YhX f\dh\XeT TUbeWTWT cbe X_ fbV\T_\f`b WXV\`basa\Vb% a\ Xa fh W\fVhefb a\ Xa fh ceblXVgb WX fbV\XWTW' IX beZTa\mTa ab fs_b Vb`b geTUT]TWbeXf TfT_Te\TWbf% f\ab gT`U\pa% l gT_ iXm YhaWT`XagT_`XagX% Vb`b GLIHUHQFLDV Xa eX& _TV\sa T_ n`U\gb WX VhXfg\baXf dhX \`ch_fTeba T_ `Tek\f`b3 fh aT& gheT_XmT% fhf cebU_X`Tf l fhf WX`TaWTf ab fheZXa W\eXVgT`XagX WX _bf \`cXeTg\ibf WX _T cebWhVV\sa% WX _T XVbab`qT b WX_ `haWb WX_ geTUT]b' 9b`\XamTa T \aZeXfTe Xa X_ gXee\gbe\b WX _b cb_qg\Vb% f\a fXe f\X`ceX \ai\gTWbf T X__b% a\ WX [XV[b U\XaiXa\Wbf cbe _T \mdh\XeWT `Tek\fgT `nf T__n WX WXV_TeTV\baXf ceb Ybe`T' ;a _T cenVg\VT% \a& WXcXaW\XagX`XagX WX fh cXfb ah`pe\Vb% fXT Xa _b X_XVgbeT_ b Xa _b ZeX`\T_% _T ceXfXaV\T WX Xfgbf `bi\`\Xagbf% Zehcbf X \WXag\WTWXf Vb_XVg\iTf eXceXfXagT ha VhXfg\baT`\Xagb WX_ VTenVgXe `bab_qg\Vb WX_ fh]Xgb cb_qg\Vb cbch_Te% l ha WXfTYqb T _T VbaVXcV\sa WX_ fh]Xgb fbV\T_\fgT dhX _T geTW\V\sa `Tek\fgT TaV_s Xa _T XfgehVgheT WX eX_T& V\baXfWXcebWhVV\saX\WXag\Y\VsVbaX_ceb_XgTe\TWbbV_TfXbUeXeT' ;fgTf ahXiTf Ybe`Tf WX \WXag\WTW Vb_XVg\iT l WX `bi\`\Xa& gbf fba ÖahXiTfÜ Xa eX_TV\sa T _T VbafgX_TV\sa geTW\V\baT_ WX YhXemTf dhX [Ta bVhcTWb _T TeXaT WX _Tf _hV[Tf fbV\T_Xf WXfWX X_ f\Z_b cTfT& Wb% cTeg\Vh_Te`XagX _bf cTeg\Wbf cb_qg\Vbf l X_ `bi\`\Xagb bUeXeb beZTa\mTWb' ;a eX_TV\sa T Xfgbf v_g\`bf% Vbafg\ghlXa `XW\bf T_gXe& aTg\ibf cTeT VTaT_\mTe l cebVXfTe WX`TaWTf b% cTeT WXV\e_b Vba 8bf& V[\% fh ÖabiXWTWÜ eTW\VT fbUeX gbWb Xa Éfh WXfTYqb T _bf VTaT_Xf \af& g\ghV\baT_Xf WX TVVXfb T_ XfgTWb l fbUeX gbWb T_ `babcb_\b WX cTe& g\Wbf cb_qg\Vbf l f\aW\VTgbf Vb`b Ybe`Tgbf Unf\Vbf WX cTeg\V\cTV\sa cb_qg\VTÑ"**#'

Ih ceXfXaV\T X \`cbegTaV\T VeXV\XagX% fXT Xa X_ gXeeXab X_XV& gbeT_ b Xa _T cXe\YXe\T WX_ f\fgX`T cb_qg\Vb Vb`b Zehcbf WX ceXf\sa% [T cebWhV\Wb ha WXfc_TmT`\Xagb WX _bf cTen`Xgebf Xa _bf VhT_Xf _Tf YhXemTfgeTW\V\baT_XfXYXVghTUTafhfVn_Vh_bfXfgeTgpZ\Vbf' ;a ce\`Xe _hZTe% T cXfTe dhX _bf ahXibf `bi\`\Xagbf g\XaXa Xa VhXagT _Tf \afg\ghV\baXf Vbageb_TWTf cbe X_ XfgTWb T_ XYXVghTe fhf Vn_Vh_bf XfgeTgpZ\Vbf% ab Vbaf\WXeTa T_ XfgTWb Vb`b X_ YbVb VXageT_ WXfhceXbVhcTV\sa';fgbf`bi\`\Xagbf3 ÉI\Za\Y\VTeqTa ha ahXib Xfg\_b WX TVghTV\sa cb_qg\VT VTeTVgX& e\mTWT cbe X_ [XV[b dhX "T# _T TVV\sa Vb_XVg\iT lT ab Xf i\fgT Vb`b XfYhXemb cbe gb`Te X_ TcTeTgb XfgTgT_% f\ab Vba UvfdhX& WT WX fb_hV\baXf Thgsab`Tf% l dhX "U# X__T Vbaf\fgX Xa _T TY\e& `TV\sa WX \WXag\WTWXf Vb_XVg\iTf dhX Tva ab fX [Ta \aVbe& cbeTWb Vb`b TVgbeXf cb_qg\Vbf% gT_Xf Vb`b TdhX__Tf UTfTWTf XaX_ZpaXebfXkhT_%X__hZTeWXeXf\fgXaV\T%_TeTmT%XgV'Ñ"*+#' ;a fXZhaWb _hZTe% Vb`b fXrT_T 9b[pa "*,#% fXeqT XeesaXb cXafTe TVXeVT WX Xfgbf `bi\`\Xagbf Xa gpe`\abf WX _T i\X]T VbageTcbf\V\sa XageX eXib_hV\sa l eXYbe`T3 `hl cbVbf WX _bf dhX cTeg\V\cTa Xa X__bf cebcbaXa haT geTafYbe`TV\sa eXib_hV\baTe\T Xa X_ fXag\Wb WX _T hgbcqT `Xf\na\VT ]TVbU\ab&_Xa\a\fgT% dhX fhcbaX haT ehcgheT gbgT_ Vba \afg\ghV\baXf l geTW\V\baXf WX_ cTfTWb Xa TeTf WX haT YhgheT Vb`ha\WTW \agXZeTWT X \aW\YXeXaV\TWT' Iba `bi\& `\Xagbf dhX eXVbabVXa _T FRPSOHMLGDG VeXV\XagX X \eeXiXef\U_X WX _Tf fbV\XWTWXf VbagX`cbenaXTf% l dhX cbe X__b% ab cbaXa X_ paYTf\f f\`c_X`XagX Xa _T eXT_\mTV\sa YhgheT WX ha `bWX_b hgsc\Vb% f\ab `nf U\Xa Xa _T ceXfXeiTV\sa l _T WXYXafT WX _bf eXVhefbf aTgheT_Xf% WX _T cTm% WX _bf WXeXV[bf [h`Tabf l WX _bf WXeXV[bf V\i\_Xf cTeT _TfbV\XWTWTVghT_lYhgheT"*-#' *+' 5DKF$"c'+.' *,'

**' HXaTgb HTv_ 8bfV[\% - CTVG FC CUUQEKCECQ$ ;QN_VKEC FG DCUG G FGOQETCEKC PQ.TCUKN"Lpeg\VX%HqbWX@TaX\eb%*210%c',1'

2)

@XTa B' 9b[Xa% ÉHXg[\a^\aZ IbV\T_ CbiX`XagfÑ% .GTMGNG[ 6QWTPCN QH

>QEKQNQI["Lb_'NNL???%*21,%cc'20&**,' *-' 5DKF$"c'*)/'

2*

;a gXeVXe _hZTe% gT`cbVb fX _bf chXWX VT_\Y\VTe WX VbafXeiT& WbeXf% chXfgb dhX fba eTW\VT_Xf f\a fXe eXib_hV\baTe\bf "*.#' Ih eT& W\VT_\WTW Vbaf\fgX Xa fXe% Vb`b _b YhX Xa X_ f\Z_b N?N X_ `bi\`\Xagb bUeXeb Vba fhf _hV[Tf cbe \aVbecbeTe T _bf XkV_h\Wbf T_ f\fgX`T cb& _qg\Vb Ybe`T_`XagX WX`bVeng\Vb% _bf Vbag\ahTWbeXf l cebYha& W\mTWbeXf WX _T eXib_hV\sa WX`bVeng\VT \a\V\TWT cbe ha _\UXeT_\f`b UheZhpf Vhlbf XfcTV\bf cvU_\Vbf XeTa \a\V\T_`VagX ha\iXefT_Xf gTa fs_b WX ab`UeX "*/#' ;fgbf `bi\`\Xagbf Vbage\UhlXa T _T WX`bVeTg\mTV\sa WX _T fbV\XWTW Xa _T `XW\WT dhX VeXTa ahXiTf Ybe`Tf WX eX_TV\baT`\Vagb l beZTa\mTV\sa WX`bVeng\VT% l dhX XkcTaWXa l eXi\gT_\mTa X_ W\fVhefb cvU_\Vb l _bf XfcTV\bf fbV\T_Xf XaWbaWXfXchXWXa\eYbe`TaWb\WXa_\WTWXfVb_XVg\iTf"*0#' O XaVhTegb_hZTe%cbe_bZXaXeT_abXfcbf\U_XeXWhV\efh Vb`cbf\V\sa fbV\T_ T haT fb_T V_TfX' Ihf `bWT_\WTWXf WX Vn_Vh_b XfgeTgpZ\Vb XfVTcTa T haT VTeTVgXe\mTV\sa Xa gpe`\abf cheT`XagX V_Tf\fgTf4 WX [XV[b% fX chXWX WXV\e dhX XfgTf \WXag\WTWXf l `bi\& `\Xagbf fba% WXfWX haT cXefcXVg\iT WX V_TfX% LQGHWHUPLQDGRV' ;fgT \aWXgXe`\aTV\sa WX V_TfX WX _bf ahXibf `bi\`\Xagbf [T T_\`XagTWb &T_ `Xabf Xa X_ VT`cb WX _T \mdh\XeWT fbV\T_\fgT& ha WXUTgX Xa gbeab T_ fh]Xgb' :X p_ [Ta fheZ\Wb geXf Vbaf\WXeTV\baXf VTWT iXm `nf Xi\WXagXfTVXeVTWX_TaTgheT_XmTWX_fh]Xgb3 \' KaT WX X__Tf Xf dhX% Xa gpe`\abf ZXaXeT_Xf% X_ fh]Xgb Xf ha Ö f\a YbaWbÜ% Xa X_ fXag\Wb dhX 9Tfgbe\TW\f "*1# bgbeZT T XfT XkceXf\sa3 VTeXVX WX haT XfXaV\T \a`TaXagX l WX ha fhfgeTgb YhaWTagX &fXT WX V_TfX h bgeb& fbUeX X_ VhT_ gbWb _b WX`nf fX Vbafgeh\eqT' :XfWX X_ `b`Xagb Xa dhX fX Vbaf\WXeT T_ fh]XgbVb`bhaÖf\aYbaWbÜ%gbWbXfYhXembcbeY\]TehaT *.' 5DKF$"c'*)0' */' 5DKF$" c'*)+' JT`U\pa 8bfV[\% QR$ EKV$" c' ,)% eXVbabVX X__b T_ \aW\VTe dhX T_Zhabf WX Xfgbf `bi\`\Xagbf% gT_Xf Vb`b X_ WX `h]XeXf b X_ aXZeb% Vbage\UhlXa T _T GZRCPUKaP GHGEVKXC FG NC EKWFCFCP_C T_ _hV[Te cbe _T \ZhT_WTW WX WXeXV[bf Xa_bfc_TabfVbafg\ghV\baT_%_XZT_lcb_qg\Vb' *0' 5DKF$"cc'22%*)*' *1' 9beaX_\hf9Tfgbe\TW\f%QR$EKV$

2+

LGHQWLGDG HVSHF`ILFD Vb`b Öceb_XgTe\bÜ% ÖUheZhpfÜ% ÖVTgs_\& VbÜ% ÖYX`\a\fgTÜ h bgeT ab chXWX fXe i\fgT `nf dhX Vb`b ha \agXagb cbe Y\]Te b _\`\gTe XfX f\a YbaWb' ;__b Xf ceXV\fT`XagX _b dhX cXe`\gX _T cbf\U\_\WTW WX geTafYbe`Te \WXag\WTWXf lT Vbafg\gh\WTf%WXgeTafYbe`Te_T\WXag\WTWWX_fh]Xgb' \\' EgeT Xf dhX% gT_ Vb`b _T \WXag\WTW WX _bf TZXagXf fbV\T_Xf ab fX TZbgT T_ XfgTU_XVXe fh be\ZXa% WXgXe`\aTV\sa b cbf\V\sa WX V_TfX% gT`cbVb fX TZbgT Xa bgebf X_X`Xagbf "ab fX Xf Öfs_bÜ cTeTZhTlb% VTgs_\Vb% aXZeb b `h]Xe#' ;f WXV\e% ab chXWX cXafTefX XfT \WXag\WTW Xa gpe`\abf WX haT VbafgehVV\sa PRQRSRVLFLRQDO* TWX`nf WX _bf _hZTeXf dhX bVhcTa Xa X_ TcTeTgb cebWhVg\ib Vb`b TfT_Te\TWbf% eXag\fgTf b VTc\gT_\fgTf% _bf TZXagXf fbV\T_Xf gT`U\pa fX \afXegTa Xa XfgehVgheTf YT`\_\TeXf% fXkhT_Xf% pga\VTf% eX_\Z\bfTf% Vh_gheT& _Xf l aTV\baT_Xf% cTeT `XaV\baTe fs_b T_ZhaTf' ?aWXcXa& W\XagX`XagX WX_ cXfb eX_Tg\ib dhX TWdh\XeXa Xa _bf W\fg\agbf VTfbf% VTWT haT WX _Tf WXgXe`\aTV\baXf WX_ fh]Xgb Vbafg\gh& lXa iXeWTWXebf cb_bf% cbf\V\baXf b SRVLFLRQDOLGDGHV Teg\& Vh_TWbeTfWXfh\WXag\WTW"*2#' \\\' ;a gXeVXe _hZTe% _T VbafgTgTV\sa WX XfgT eXT_\WTW% Xf WXV\e% WX _T Xk\fgXaV\T WX `v_g\c_Xf cb_bf dhX VbaYbe`Ta _T \WXag\WTW WX _bf TZXagXf fbV\T_Xf% VbaWhVX T haT VbaVXcV\sa aXVXfTe\T`XagX `nf Vb`c_X]T TVXeVT WX_ fh]Xgb' 9b`b fXrT_TBTV_Th"+)#%XfgTVb`c_X]\WTWf\Za\Y\VT%cbeha_TWb% *2' ;`Vf_b BTV_Th fhZ\XeX X_ gpe`\ab Öcbf\V\baT_\WTWÜ Xa ÉJXf\f TVXeVT WX _T Ybe`T [XZX`sa\VT WX _T cb_qg\VTÑ "*21)#% Xa @h_\b BTUTfg\WT "Vb`c\_TWbe#% 4GIGOQP_C [ CNVGTPCVKXCU RQN_VKECU GP -O^TKEC 7CVKPC% I\Z_b NN?% Cpk\Vb% *21.' +)'

LpTfX Wbf TegqVh_bf WX ;eaXfgb BTV_Th% ÉJ[X ?`cbff\U\_\gl bY IbV\XglÑ%

/CPCFKCP 6QWTPCN QH ;QNKVKECN CPF >QEKCN ?JGQT[" Lb_' L??% Dx *&+% j\agXe&fce\aZ *21,% cc' +*&+-% l ÉJXf\f TVXeVT WX _T Ybe`T [XZX`sa\VT WX _T cb_qg\VTÑ% QR$ EKV$" XfcXV\T_`XagX cc' +,&+.' LpTfX gT`U\pa _T XageXi\fgT T ;' BTV_Th l 9[TagT\ CbhYYX% É>XZX`baqT l ahXibf `bi\`\Xagbf cb_qg\VbfÑ% BQPC-DKGTVCDx,)%CTWe\W%XaXeb&`Temb*21-%cTeg\Vh_Te`XagXcc'*.1&*/)'

2,

dhX ab Xf cbf\U_X bgbeZTe ha ce\i\_XZ\b WX TagX`Tab T ha cb& _b "V_Tf\fgT b XkgeT&V_Tf\fgT# Xa _T VbaYbe`TV\sa WX _Tf \WXa& g\WTWXf% l cbe X_ bgeb% dhX ab fX chXWX WXe\iTe _Tf W\iXefTf cbf\V\baT_\WTWXf WX_ fh]Xgb T cTeg\e WX haT WX X__Tf' ;_ [XV[b dhX ha geTUT]TWbe `\_\gX Xa X_ f\aW\VTgb WX fh X`ceXfT l dhX cTeg\V\cX Xa _hV[Tf WX`bVeng\VTf aTWT abf W\VX TVXeVT WX fh Ybe`T WX eX_TV\baT`\Xagb Vba fh cTeX]T b Vba \aW\i\Whbf WX bgebf Zehcbf pga\Vbf b eX_\Z\bfbf3 Xf cXeYXVgT`XagX YTVg\U_X dhXXfXgeTUT]TWbeZb_cXXTfh`h]XelfXTeTV\fgT' ,$

BT eXg\VXaV\T WX_ `Tek\f`b T eXVbabVXe _T XfcXV\Y\V\WTW WX Xfgbf ahXibf `bi\`\Xagbf% T eXVbabVXe_bf Vb`b GLIHUHQFLDV Xa eX& _TV\sa T _Tf _hV[Tf WX V_TfX Xa VbageT WX _T cebc\XWTW ce\iTWT l _Tf Ybe`Tf cb_qg\VTf UT]b _Tf VhT_Xf XfgT fX X]XeVX% [T gXa\Wb ha Vbfgb cb& _qg\Vb Vbaf\WXeTU_X cTeT X_ `bi\`\Xagb bUeXeb l _Tf beZTa\mTV\baXf fbV\T_\fgTf' Bbf ahXibf `bi\`\Xagbf% Vhlbf `\_\gTagXf l TW[peXagXf fba geTUT]TWbeXf f\a fXe aXVXfTe\T`XagX bUeXebf _\ZTWbf T _T cebWhV& V\sa \aWhfge\T_% fX [Ta \Wb Ybe`TaWb l WXfTeeb__TaWb T_ `TeZXa WX% X \aV_hfb% Xa T_Zhabf VTfbf% Xa bcbf\V\sa T _Tf beZTa\mTV\baXf WX V_TfX' 9ba X__b% XfgTf beZTa\mTV\baXf [Ta \Wb cXeW\XaWb ZeTWhT_& `XagX _T cbf\V\sa WX _\WXeTmZb dhX geTW\V\baT_`XagX ghi\Xeba Xa _Tf _hV[Tfcbe_T\ZhT_WTW%_TWX`bVeTV\T%_T]hfg\V\Tl_T_\UXegTW' >bl% f\a X`UTeZb% X_ `Tek\f`b [T TVXcgTWb _T Xk\fgXaV\T WX _bf ahXibf `bi\`\Xagbf l fhf WX`TaWTf Vb`b haT eXT_\WTW \aX_h& W\U_X4 gT`U\pa [T \Wb eXVbabV\XaWb dhX _bf TZXagXf fbV\T_Xf ab Vbafg\ghlXa Xag\WTWXf f\`c_Xf% [b`bZVaV\mTWTf cbe X_ _hZTe dhX bVhcTa Xa _T XfgehVgheT XVbas`\VT WX _T fbV\XWTW' Is_b dhX% Xa _T cenVg\VT% fX [T geTgTWb `nf U\Xa WX ha VLPXODFUR WX eXVbabV\`\Xagb' FTeT iXe\Y\VTe_b% UTfgT Vba iXe Wbf gnVg\VTf hfhT_`XagX WXfc_XZTWTf TgT_XYXVgb' Fbe ha _TWb% XfgX WXfVbabV\`\Xagb Xf W\fYeTmTWb WX eXVb& abV\`\Xagb T geTipf WX ha W\fcbf\g\ib TeZh`XagTg\ib dhX XaYTg\mT

2-

X_ VTenVgXe V\XagqY\Vb WX_ `Tek\f`b' 9ba X__b% fX UhfVT WX`bfgeTe dhX _T ÖVbageTW\VV\sa ZXaXeT_Ü WX haT fbV\XWTW% fh VbaY_\Vgb VXageT_% fX _bVT_\mT aXVXfTe\T`XagX Xa _T XVbab`qT l fX XaVT`T Xa _T _hV[T WX V_TfXf' 9b`b eXfh_gTWb% `\XageTf fX TVXcgT _T iT_\WXm WX [TU_Te WX VbageTW\VV\baXf l Ybe`Tf WX bceXf\sa ab V_Tf\fgTf% XfgTf WXUXa aXVXfTe\T`XagX fhUfh`\efX UT]b &l Xa T_ZhaTf \agXeceXgTV\baXf% WXe\iTefXWX&X_TagTZba\f`bWXV_TfX' Fbe bgeb _TWb% fX fhX_X TcX_Te T _T W\fg\aV\sa XageX VTeTVgX& eqfg\VTf ÖfhU]Vg\ib&\aW\i\WhT_XfÜ l aXVXf\WTWXf ÖbU]Xg\ib&Vb_XV& g\iTfÜ' :X TVhXeWb T XfgT _sZ\VT WX_ f\`h_TVeb% f\ U\Xa Xf V\Xegb dhX ha TZXagX fbV\T_ chXWX XfgTe \a`Xefb Xa W\iXefTf eXWXf WX eX_TV\baXf l VbaY_\Vgbf &ZXaXeTV\baT_Xf% Xa gbeab T fh be\ZXa pga\Vb% Vb`b VTgs_\Vb dhX `\_\gT Xa ha cTeg\Wb WX \mdh\XeWT% WXfVhUe\XaWb X_ YX`\a\f`b b Xkc_beTaWb fh fXkhT_\WTW&% [Tl VbaY_\Vgbf ÖbU]Xg\ibfÜ W\VgTWbf cbe _T XVbab`qT' 9b`b Xfgbf v_g\`bf fXeqTa WXgXe`\aTagXf WX_ VT`\ab dhX fXZh\en _T fbV\XWTW gbWT% g\XaXa ce\be\WTW fbUeX _bf WX`nf VbaY_\Vgbf l eXWXf WX fbV\TU\_\WTW% WXf\ZaTWbf Vb`b ÖfhU]Xg\ibfÜ' FhXfgb WX bgeb `bWb% TdhX__b dhX Xfgn _\ZTWb T _bf ÖbgebfÜ _hZTeXf bVhcTWbf cbe X_ TZXagX "_pTfX3 TdhX__b dhX fX _bVT_\mT YhXeT WX _T XfgehVgheT XVbas`\VT#% cTfT T fXe Vbaf\WXeTWb Vb`b fhcVeXfgehVgheT_% l cbe XaWX% WX \`cbegTaV\T fXVhaWTe\T "_pTfX3 eX_XZTWb T_ `\_pf\`b _hZTe Xa _T TZXaWT WX gX`Tf fbV\T_\fgTf#'FTeTV\gTeT9Tfgbe\TW\f3 ÉKa `Tek\fgT fX iX bU_\ZTWb T TY\e`Te dhX _bWbf Xfgbf `bi\`\Xagbf fba cbVb \`cbegTagXf b fXVhaWTe\bf% b WX _b VbageTe\b WXUX WX]Te WX fXe `Tek\fgT' FbedhX fh gXbeqT TY\e`T dhX gbWb fX fhUbeW\aT T _Tf eX_TV\baXf WX cebWhVV\sa l T _Tf V_TfXf fbV\T_Xf dhX pfgTf WXY\aXa' ~9s`b cbWeqT f\dh\XeT cXafTefX dhX T_Zb iXeWTWXeT`XagX \`cbegTagX cebiXaWeqT WX bgeTcTegX6Ñ"+*#'

+*' 9beaX_\hf 9Tfgbe\TW\f% ÉIbV\T_\f` TaW 7hgbab`bhf IbV\XglÑ% ?GNQU Dx -,%DXjObe^%Ice\aZ*21)%c'*)+'

2.

7`UTf _nVg\VTf ]hXZTa Vba Wbf X_X`Xagbf ab XahaV\TWbf cbe X_ W\fVhefb% Vba Wbf \_hf\baXf dhX T iXVXf ab fba cXeV\U\WTf a\ cbe _bf dhX fhfVe\UXa XfgT cXefcXVg\iT a\ cbe TdhX__bf dhX fba \agXe& cX_TWbf cbe X__T3 haT Xf dhX WT cbe fXagTWb TdhX__b dhX fX WXUXeqT cebUTe% T fTUXe% _T VXageT_\WTW WX_ n`U\gb WX _T cebWhVV\sa Xa _T WXgXe`\aTV\sa WX _T aTgheT_XmT WX haT fbV\XWTW l WX fhf `bWbf WX geTafYbe`TV\sa4 _T bgeT Xf dhX fX VbaYhaWX% VbafV\XagX b \aib_ha& gTe\T`XagX% X_ cTcX_ WX _b XVbas`\Vb Vb`b cTegX WX haT cXefcXVg\iT gVse\Vb&Vc\fgV`b_sZ\VT "`TgXe\T_\f`b [\fgse\Vb% abV\sa WX gbgT_\& WTW% XgV'#% l X_ cTcX_ WX _b XVbas`\Vb Vb`b TVg\i\WTW \`ceXfV\a& W\U_X cTeT _T fhcXei\iXaV\T [h`TaT Vb`b gT_' 7`UTf gnVg\VTf TchagTa% T fh iXm% Xa haT `\f`T W\eXVV\sa3 ceXgXaWXa VbaiXeg\e _T cbf\V\sa WX V_TfX WX_ fh]Xgb Xa ha eXYXeXagX Y\]b l ce\be\gTe\b cTeT VbaYbe`Te fh \WXag\WTW% VbaiXeg\e X_ X_X`Xagb WX V_TfX Xa X_ VbeTmsa WX_ fh]Xgb fbV\T_\fgT% l VbaiXeg\e _T _hV[T WX V_TfX Xa ha eXYXeXagX VXageT_ cTeT WXgXe`\aTe _T aTgheT_XmT WX _Tf _hV[Tf cb_qg\VTf cbe X_ fbV\T_\f`b' 9b`b Vbeb_Te\b WX X__b% fX WXfVhUeX _T \aiXef\sa WX haT cebcbf\V\sa Ybe`h_TWT cbe CTek Xa 0O 7DQLILHVWR* cTeT p_% ÉgbWT fh _hV[T WX V_TfXf Xf haT _hV[T cb_qg\VTÑ% cXeb cTeT fhf fhVXfbeXf% cTeXVXeqT dhX ÉgbWT _hV[T cb_qg\VT Xf haT _hV[T WX V_TfXfÑ' BT ce\`XeT Ybe`h_TV\sa chXWX __XZTe T VbagX`c_Te _T Xk\fgXaV\T WX TagTZba\f`b cb_qg\Vbf XkgXeabf T _Tf V_TfXf% `\XageTf dhX _T fXZhaWT _bf XkV_hlX _TkTg\iT`XagX' 7fq% Vb`b Xa gbWT cXefcXVg\iT eXWhV& V\ba\fgT% _T YhaV\sa eXYXeXaV\T_ WX _T UTfX XVbas`\VT% Xa gTagb YhaWT`Xagb cTeT _T VbafgehVV\sa WX_ fh]Xgb fbV\T_\fgT% XagbecXVX _T cbf\U\_\WTW WX XYXVghTe Vn_Vh_bf cbf\V\baT_Vf aXgT`XagX cb_qg\Vbf% chXfgb dhX _bf OXJDUHV bVhcTWbf cbe _bf TZXagXf fbV\T_Xf Xa X_ TcTeTgb cebWhVg\ib XfgTU_XVXa% lT WX TagX`Tab% _q`\gXf dhX fs_b chXWXa fXe geTafZeXW\Wbf Xa Ybe`T gnVg\VT l Xa WXgXe`\aTWTf VblhagheTf' ~9s`b chXWX X_ fbV\T_\f`b `Tek\fgT eX\i\aW\VTe [bl X_ cbfgh_TWb V_nf\Vb WX_ `bi\`\Xagb fbV\T_\fgT WX cbaXe Y\a T WRGDV _Tf Ybe`Tf WX Xkc_bgTV\sa l WX bceXf\sa% f\ _T _hV[T fbV\T_\fgT Xf VbaVXU\WTce\`beW\T_`XagXVb`b_hV[TWXV_TfXf69ba_Tceb_\YX&

2/

eTV\sa WX `bi\`\Xagbf _hV[TaWb Xa VbageT WX W\fg\agTf Ybe`Tf WX bceXf\sa Xa `v_g\c_Xf chagbf WX_ gX]\Wb fbV\T_% _T f\`c_X TWbcV\sa WX haT Öcbf\V\sa WX V_TfXÜ ceb_XgTe\T Xa _Tf _hV[Tf cb_qg\VTf lT ab TZb_T _T e\dhXmT WX WXgXe`\aTV\baXf TfbV\TWTf Vba X_ gpe`\ab ÖcebZeXf\fgTÜ'9b`b_bcbaX?f\WeXCb_Tf3 ÉHXVbZXe Xa _T gXbeqT T _bf geTUT]TWbeXf ab&bUeXebf l X_ eb_ dhX g\XaXa l iTa T gXaXe Xa X_ Yhgheb% Tfq Vb`b _T \agXZeTV\sa WX _bf `bi\`\Xagbf \WXb_sZ\Vbf b eX\i\aW\VTg\ibf fheZ\Wbf T_ `TeZXa WX _bf VbaY_\Vgbf VXageTWbf Xa X_ geTUT]b% l _Tf VbafXVhXaV\Tf dhX X__b g\XaX Xa _T eXabiTV\sa WX _Tf XfgehV& gheTf cTeg\W\fgTf cTeT eXVbZXe _Tf ahXiTf "b i\X]Tf# eX\i\a& W\VTV\baXf `X cTeXVX ha X_X`Xagb V_TiX cTeT cbWXe Tfc\eTe T dhX Xa X_ Yhgheb _T `TlbeqT fbV\T_ "VbaW\V\sa WX haT cbf\U_X `TlbeqT ah`pe\VT# chXWT Tfc\eTe T T_ZhaTf VbfTf' FTeT _b VhT_ Xf aXVXfTe\b ha ceblXVgb i\TU_X l VeXqU_X% dhX XkceXfX _T Vb\aV\WXaV\T WX fXVgbeXf fbV\T_Xf ab ha\Y\VTWbf DE LQLWLR' ;a VTfb VbageTe\b% _Tf Tfc\eTV\baXf WX_ `bi\`\Xagb bUeXeb geTW\V\baT_ dhXWTeqTa fh`XeZ\WTf Xa _T `\abeqT fbV\T_ b fX WXfiTaXVXeqTa Xa _T cenVg\VT cbe X_ ceXWb`\a\b WX Zehcbf fbV\T_Xf`nfW\an`\VbfÑ"++#' -$

5SZ\RM[VZVKQISQZ[I_SIKVTWSMRQLILLMSWYMZMU[M.[YMZ WVZQJQSQLILMZ"\UIZVSIVWKQeUWVSc[QKI$

HXVbabV\XaWb Xfgb% cTeXVXeqT dhX [Tl cbe _b `Xabf geXf cbf\U\_\WTWXf cenVg\VTf cbf\U_Xf cTeT XaYeXagTe _T f\ghTV\sa Xa _b dhX eXfcXVgTT_fh]XgbfbV\T_\fgT' KaT WX X__Tf Xf FLUFXQVFULELU HO VRFLDOLVPR D OD OXFKD FRQWUD HO FDSLWDO% OD SURSLHGDG SULYDGD \ ODV FODVHV GRPLQDQWHV% l T cTeg\e WX XfT WX_\`\gTV\sa% WXf_\ZTe_b cbe Vb`c_Xgb WX _T gX`ng\VT TVXeVT WX_T_\UXeTV\saWXeX_TV\baXfWXfhUbeW\aTV\sa&Wb`\aTV\sa&bceX& LpTfX _T \agXeiXaV\sa WX ?f\WeX Cb_Tf Xa 7C K\SWKGTFC [ 1WTQRC$ 0GDCVG FG>KIWGP\C";W\gbe\T_FTU_b?Z_Xf\Tf%CTWe\W%*210%c'*/1'

++'

20

f\sa dhX ab fba WX V_TfX' ;fgb fhcbaX TVXcgTe ha VeXV\XagX T\f& _T`\Xagb WX _Tf YhXemTf fbV\T_\fgTf% ab fs_b WX _bf ahXibf `b& i\`\Xagbf% f\ab gT`U\pa WX _T `TfT WX TfT_Te\TWbf dhX ab fba \afXa& f\U_Xf T _bf cebU_X`Tf WX_ `XW\b T`U\XagX% WX _T W\fVe\`\aTV\sa fXkhT_% WX _bf WXeXV[bf [h`Tabf b WX _bf cebU_X`Tf WX _T cTm' O fX Tee\XfZT% TWX`nf% T VbaiXeg\e T_ ceblXVgb fbV\T_\fgT WX fbV\XWTW XahaT_XgTaqTVTWTiXm`XabfVeXqU_X%TgeTVg\iTlTVXcgTU_X' EgeT cbf\U\_\WTW Xf LQFRUSRUDU ODV QXHYDV GHPDQGDV \ PRYLPLHQWRV DO SUR\HFWR VRFLDOLVWD WUDGLFLRQDO% b _b dhX Xf \ZhT_% `TagXaXe _T VXageT_\WTW WX _T cebWhVV\sa l WX _T _hV[T WX V_TfXf fh`TaWb _b ÖahXibÜ T _Tf UTfXf cebZeT`ng\VTf WX _T \mdh\XeWT fbV\T_\fgT' ;__b ab W\Y\XeX fhfgTaV\T_`VagX WX _bf Öf\`h_TVebfÜ WX eXVbabV\`\Xagb% chXfgb dhX ab \`c_\VT ha eXTVb`bWb gXse\Vb f\ab `nf U\Xa ha DJJLRUQDPLHQWR chaghT_ l Vbag\aZXagX cTeT TVb`bWTe _T ahXiT eXT_\WTW WXageb WX _T i\X]T WbVge\aT' 9b`b W\VX IgXW`Ta&@baXf% _b `nf cebUTU_X Xf dhX ÉX_ eXfh_gTWb WX XfgX g\cb WX TW\V\sa fXen haT \aVb[XeXaV\T gXse\VT% ha fXag\Wb VbaYhfb l VbageTW\Vgbe\b WX _Tf ce\be\WTWXf cb_qg\VTf l% Xa X_ `X]be WX _bf VTfbf%X_XfgTU_XV\`\XagbWXT_\TamTf\afgTU_XflDG&KRF "+,#' BT gXeVXeT WX X__Tf Vbaf\fgX Xa UHIRUPXODU ORV HOHPHQWRV% UHODFLRQHV \ HMHV UHIHUHQFLDOHV GHO GLVFXUVR VRFLDOLVWD% eXUTfTaWb _Tf cebchXfgTf WX_ i\X]b XfdhX`T UTfTWb XkV_hf\iT`XagX Xa _T VbageTcbf\V\sa VTc\gT_&geTUT]b3 Xf ceXV\fb \aVbecbeTe \WXag\WTWXf dhXfXWXfXaihX_iXaXaXfcTV\bfWX_hV[TXkgeT&V_Tf\fgTf%cTeTTfq

Vbafgeh\e ha fh]Xgb cbch_Te l WX`bVeng\Vb Vb`c_X]b% VbeeX_Tgb \aW\fcXafTU_X cTeT Ybe]Te ha ceblXVgb fbV\T_\fgT T`c_\b% WX`bVen& g\Vb l c_heT_\fgT' FbedhX lT Éa\ [Tl V_TfX b Zehcb fbV\T_ \ageqafXVT l aXVXfTe\T`XagX eXib_hV\baTe\b a\ `Xf\Ta\f`b dhX iT_ZTÑ% W\VX IhU\ebf% f\ab haT Éfh`T WX _bf fh]Xgbf \aW\i\WhT_Xf l Vb_XVg\ibf W\fchXfgbf T _hV[Te cbe ha beWXa fbV\T_ l ha `bWb WX i\WT T_gXeaTg\ibÑ"+-#' :X XfgTf geXf cbf\U\_\WTWXf% fs_b _T gXeVXeT Vbafg\ghlX haT bcV\sa cb_qg\VT VeXqU_X' BTf `TfTf geTUT]TWbeTf f\ZhXa f\XaWb YhaWT`XagT_Xf cTeT _T Ybe`TV\sa WX ha fh]Xgb cb_qg\Vb Xa _hV[T cbe X_ fbV\T_\f`b% cXeb X_ ceb_XgTe\TWb Vb`b gT_ [T cXeW\Wb% \eeX`X& W\TU_X`XagX% gbWb fgTghf WX FHQWUDOLGDG Xa _T Vbafg\ghV\sa WX ha fh]Xgb fbV\T_\fgT Vb`c_X]b Xa XfgX Y\a WX f\Z_b' BT X`TaV\cTV\sa ab Xf ce\i\_XZ\b bagb_sZ\Vb WX a\aZva fXVgbe fbV\T_4 gT`cbVb Xf lT cbf\U_X TYXeeTefX T _T \WXT WX X`TaV\cTV\sa ha\iXefT_ ceb`Xg\WT cbe _T ?_hfgeTV\sa3 X__b fs_b Xf cXafTU_X fbUeX _T UTfX WX haT \WXb_bZqT WX_ cebZeXfb l haT cXefcXVg\iT \WXb_sZ\VT WX _T [\fgbe\T' :XfVTe& gTWTf pfgTf% fs_b dhXWT XfcTV\b cTeT eX\i\aW\VTe gTagb _T Thgb&beZTa\mTV\sa WX fXVgbeXf fbV\T_Xf dhX _hV[Ta cbe fh cebc\T X`TaV\cTV\sa Vb`b Tf\`\f`b W\iXefTf Yse`h_Tf WX TZeXZTV\sa dhX cXe`\gTa _T VbafgehVV\sa WX fh]Xgbf Vb_XVg\ibf f\a dhX X__b Tah_X _Tf Thgbab`qTf eXfcXVg\iTf' ;a fh`T% fs_b fX chXWX Vb`XamTe T cXafTe cb_qg\VT`XagX haT cXefcXVg\iT fbV\T_\fgT T VbaW\V\sa dhX pfgX fX fhX_gX WX _Tf T`TeeTf \WXb_sZ\VTf dhX _b `Tag\XaXa VThg\ib Xa _bf XfdhX`TfWX_cXafT`\XagbWXV\`basa\Vb'

+,' LpTfX _T \agXeiXaV\sa WX =TeX_[ IgXW`Ta&@baXf Xa 7C K\SWKGTFC [ 1WTQRC" c' *-.' ;a XfgX `\f`b WXUTgX "cc' *0+&*0,#% DbeUXeg BXV[aXe gT`U\pa VhXfg\baT _T gXf\f WX _T VXageT_\WTW bUeXeT l _T bcV\sa !!TW\g\iT!! WX _Tf ahXiTf WX`TaWTf' IXZva p_% lT ab Xf cbf\U_X ÉfXZh\e cXafTaWb Xa haT XfgeTgXZ\T WX T_\TamTf% UhfVTaWb TZeXZTe _bf \agXeXfXf bUeXebf T _Tf ahXiTf WX`TaWTf fbV\T_Xf' 9baf\WXeTaWb X_ WXfTeeb__b gXVab_sZ\Vb l X_ WXfX`c_Xb XfgehVgheT_% `X ceXZhagb f\ X_ geTUT]b f\ZhX f\XaWb _T VTgXZbeqT VXageT_ WX _T VbaVXcV\sa fbV\T_\fgT WX _T fbV\XWTW "'''# ;a gbWb VTfb% V\Xegbf XfghW\bf "EYYX% FTfdh\ab# [TVXa gX`Xe dhX haT XfgeTgXZ\T WX `XeT TZeXZTV\sa WX \agXeXfXf [\fgse\Vbf l ahXibf gXe`\aX eXcebWhV\XaWb _T YeTZ`XagTV\sa fbV\T_% f\a _bZeTe Vbafg\gh\ehaT\WXag\WTWcb_qg\VTWX\mdh\XeWTÑ'

21

+-' FXcIhU\ebf%QR$EKV$

22

"&+.(1*%0-"&.)+ (!0#./&+*"#(,-/&"+

*))

*)*

'$

>YOIUQ`IKQeU_WVSc[QKI$

BTf geTafYbe`TV\baXf fbV\T_Xf ab fhX_Xa bVhee\e cbe ZXaX& eTV\sa XfcbagnaXT' E% cbe _b `Xabf% `nf T__n WX_ VTenVgXe XkceXf\ib l WXf\agbk\VTagX dhX chXWXa gXaXe \a\V\Tg\iTf l `bi\_\mTV\baXf VbagXfgTgTe\Tf XfcbagnaXTf% _T W\Y\Vh_gTW cenVg\VT WX `TagXaXe fh Vbag\ah\WTW _Xf eXfgT XYXVg\i\WTW' IX eXdh\XeX% cbe _b ZXaXeT_% _T \agXeiXaV\sa WX Vb_XVg\i\WTWXf WX \aW\i\Whbf `nf b `Xabf beZT& a\mTWbf dhX _hV[Ta fbfgXa\WT`XagX cbe \afg\gh\e WXgXe`\aTWbf VT`U\bfXaYbe`TWheTWXeT' IT_iTgbeX LXVT Vbaf\WXeT dhX _T HXib_hV\sa HhfT WX *2*0 Vbafg\ghlX ha cTegXTZhTf \`cbegTagX Xa XfgX fXag\Wb' IXZva p_% T cTeg\e WX _T HXib_hV\sa HhfT _T RUJDQL]DFLaQ Vb`\XamT T TWdh\e\e haT eX_XiTaV\T \aW\fVhg\U_X Xa _T _sZ\VT WX_ VT`U\b% Xa XfcXV\T_ X_ SDUWLGR SRO`WLFR Vb`b gpVa\VT% cebZeT`T l beZTa\mTV\sa "*#' O X__b ab fX eXY\XeX va\VT l XkV_hf\iT`XagX T VT`U\bf XYXVghTWbf cbe _T iqT WX ehcgheTf eXib_hV\baTe\Tf% f\ab `nf U\Xa T _b dhX eXfcXVgT T_ cTcX_ WX _T beZTa\mTV\sa Xa _T Ybe`TV\sa WX ZeTaWXf Vb_XVg\ibf [h`Tabf Vba YhXemT fhY\V\XagX Vb`b cTeT \afg\gh\e W\iXefbf VT`U\bf Xa _b fbV\T_% _b Vh_gheT_ l _b cb_qg\Vb Xa haT pcbVT Xa _T VhT_ _T cb_qg\VT fX[TVbaiXeg\WbXahaTfhagbWX`TfTf' >bl% _bf cTeg\Wbf cb_qg\Vbf ab fba _bf va\Vbf TVgbeXf Vb_XV& g\ibf4 gT`U\pa Xfgna _bf f\aW\VTgbf l `bi\`\Xagbf fbV\T_Xf dhX fheZXa YhXeT WX _T XfYXeT cebc\T`XagX XVbas`\VT' FXeb _bf cTeg\Wbf f\ZhXa f\XaWb \afgeh`Xagbf YhaWT`XagT_Xf WX haT TVV\sa W\e\Z\WT T TW`\a\fgeTelgeTafYbe`TeVhXfg\baXfcebc\TfWX_bfn`U\gbfWX_ *' IT_iTgbeX LXVT% ÉHTmsa l eXib_hV\saÑ% Xa DbeUXegb 8bUU\b% =\h_\Tab FbagTeT l IT_iTgbeX LXVT% /TKUKU FG NC FGOQETCEKC "*21-#% ;W\gbe\T_ 7e\X_% 8TeVX_baT%*21.%c',0lff'

*)+

*),

XfgTWb l WX _T fbV\XWTW cb_qg\VT ZbU\Xeab% _XZ\f_TV\sa% eX_TV\baXf \agXeaTV\baT_Xf% XgV' :Xageb WX _T geTW\V\sa `Tek\fgT% BXa\a YhX cenVg\VT`XagX X_ ce\`Xeb Xa eXY_Xk\baTe gXse\VT`XagX TVXeVT WX_ gXqaT WX _T beZTa\mTV\sa cb_qg\VT' ;_ \`cTVgb WX fh eXY_Xk\sa% XfcXV\T_`XagX _hXZb WX_ ge\haYb Ub_V[Xi\dhX l _T VbaYbe`TV\sa WX _T ??? ?agXeaTV\baT_ Vba _T Ka\sa Ibi\pg\VT Vb`b fh X]X VXageT_% fX [\mb fXag\e Xa gbWTf _Tf beZTa\mTV\baXf fbV\T_\fgTf WX _T pcbVT% fXTa Vb`ha\fgTf b fbV\T_WX`sVeTgTf' I\ Vba CTek fX XfgTU_XVqT _T \WXT WX_ cTeg\Wb Vb`b XkceXf\sa WX haT V_TfX fbV\T_% eXceXfXagTagX WX fhf Ö\agXeXfXfÜ l Ta[X_bf% Vba BXa\a X__b fX cebYhaW\mT l fX `bW\Y\VT4 X_ cTeg\Wb fX geTafYbe`T Xa iTaZhTeW\T WX _T V_TfX% Xa beZTa\mTV\sa cebYXf\baT_cbeXaV\`TWX_TV_TfXlXkgXeaTTX__T' ($

;_ cTeg\Wb WX VbegX _Xa\a\fgT [T fXei\Wb WX `bWX_b WX beZT& a\mTV\sa cb_qg\VT% Xa gTagb Vbage\UhlX WXV\W\WT`XagX T _T Ybe`TV\sa WX ZeTaWXf Vb_XVg\ibf [h`Tabf VTcTVXf WX \agXeiXa\e Xa Ybe`T Vba& VXegTWT l XY\VTm% \aVeX`XagTaWb X_ X_X`Xagb eTV\baT_ WX _T TVV\sa cTeT _bZeTe `bWT_\WTWXf WX Vn_Vh_b cb_qg\Vb XkXagTf WX \aVXeg\Wh`UeX' I\a X`UTeZb% hab WX _bf chagbf YhaWT`XagT_Xf WX dh\XUeX WX_ cTeg\Wb WX \afc\eTV\sa _Xa\a\fgT Xf% ceXV\fT`XagX% fh X`cXrb Xa Xkch_fTe gbWT bcTV\WTW VbZabfV\g\iT cbe _T iqT WX _T \afg\ghV\sa WX haT [\cXe&eTV\baT_\WTW gTa \_hfT Vb`b cXeiXefT l Thgbe\gTe\T' ;_ ÖVXageT_\f`b WX`bVeng\VbÜ% _T eX_TV\sa f\`U\sg\VT XageX cTeg\Wb l XfgTWb% _T `babcb_\mTV\sa WX_ cbWXe fbV\T_ l cb_qg\Vb Xa `Tabf WX_ cTeg\Wb l X_ cTcX_ WX neU\geb ceXV_Teb Tf\ZaTWb T haT ÖiTaZhTeW\TÜ cTeg\WTe\T Xa _T be\XagTV\sa WX _Tf YhXemTf fbV\T_Xf l cb_qg\VTf fba% XageX bgeTf% T_ZhaTf WX _Tf abV\baXf _Xa\a\fgTf dhX TUbaTa X_ gXeeXab gTagb cTeT _T TcTe\V\sa WX cenVg\VTf Thgbe\gTe\Tf Vb`b gT`U\pa cTeT _T VeXV\XagX UhebVeTg\mTV\sa WX _T i\WT Vbg\W\TaT% Vb`b _b \_hfgeT _T XkcXe\XaV\T fbV\T_\fgT Xa X_ XfgTWb fbi\pg\Vb' Fbe Xfb% eXfh_gT VTWT iXm `nf Xi\WXagX dhX ZeTa cTegX WX _Tf abV\baXf WXfTeeb__TWTf cbe BXa\a l _bf Ub_V[Xi\dhXf TVXeVT WX_ cTeg\Wb

*)-

cb_qg\Vb fX [Ta VbaiXeg\Wb% [bl% Xa iXeWTWXebf bUfgnVh_bf cTeT X_ fbV\T_\f`bWX`bVeng\Vb' I$

9U[MYMZMZ_kTMLQVZLMYMWYMZMU[IKQeUl$

;a X_ cXafT`\Xagb `Tek\fgT TVXeVT WX_ cTeg\Wb fbV\T_\fgT fX c_TagXT% YeXVhXagX`XagX% _T Yse`h_T SDUWLGR 5 H[SUHVLaQ GH LQWH& UHVHV REMHWLYRV GH OD FODVH' I\a X`UTeZb% fX geTgT WX haT Yse`h_T cebU_X`ng\VT% cbe VhTagb fhcbaX dhX SULPHUR Xk\fgXa Xfbf \agXeXfXf Xa i\eghW WX _T cbf\V\sa bVhcTWT cbe _bf ceb_XgTe\bf Xa _T XfgehVgheT XVbas`\VT l dhX GHVSX_V i\XaX X_ `b`Xagb WX fh XkceXf\sa cb_qg\VT% ÖfhcXeVfgehVgheT_Ü' E% _b dhX Xf _b `\f`b% fhcbaX dhX X_ cTeg\Wb% Vb`b `XW\b WX eXceXfXagTV\sa% Xf gTa fb_b ha iX[qVh_b dhX H[SUHVD cb_qg\VT`XagX WXgXe`\aTV\baXf WX V_TfXf lT Vbafg\gh\WTf% c_XaTX\aWXcXaW\XagX`XagX%Xa_TXk\fgXaV\TÖXVbas`\VTÜWcpfgTf' ;fgb Xf gTa TUfheWb Vb`b fhcbaXe dhX ha cTeg\Wb XVb_bZ\fgT f\`c_X l __TaT`XagX ÖXkceXfTÜ _bf \agXeXfXf l _Tf Tfc\eTV\baXf WX \aW\i\Whbf W\fcXefbf dhX T`Ta T _T aTgheT_XmT _b fhY\V\XagX Vb`b cTeT dhXeXe VbafXeiTe_T WX _T WXceXWTV\sa VThfTWT cbe Ybe`Tf \eeTV\baT_Xf WX Xkc_bgTV\sa Vb`XeV\T_ l cbe _T YT_gT WX Vh\WTWbf cTeT W\fcbaXe WX _bf WXfXV[bf \aWhfge\T_Xf' E dhX ha cTeg\Wb YX`\a\fgT ÖXkceXfTÜ _Tf WX`TaWTf WX_ iTfgb Vbag\aZXagX WX `h]XeXf dhX Ta[X_Ta Vbadh\fgTe fh \ZhT_WTW ]heqW\VT% XVbas`\VT l cb_qg\VT TagX Åa `haWb WX iT_beXf X`\aXagX`XagX `TV[\fgTf' ;a T`Ubf VTfbf% Xf `hl V\Xegb dhX _T \afg\ghV\sa cb_qg\VT eXceXfXagT Ö\agXeXfXfÜ WX Vb_XVg\ibf WX XVb_bZ\fgTf l YX`\a\fgTf% cXeb YhaWT`XagT_`XagX% FRQVWUX\HDHVHFROHFWLYR\VXLGHQWLGDGFRPRWDO' 7_ \ZhT_ dhX _T \WXag\WTW WX VhT_dh\Xe fh]Xgb Vb_XVg\ib% _bf Ö\agXeXfXf bU]Xg\ibfÜ WX haT V_TfX fba FRQVWUXLGRV* ce\`beW\T_`VagX Xa X_ Vhefb WX_ g\X`cb% T geTipf WX _hV[Tf VbaVeXgTf l WX TVhXeWb Vba Ve\gXe\bf dhX iTeqTa WX fbV\XWTW Xa fbV\XWTW% cbe _b VhT_ ab fX chXWX Vbaf\WXeTe T Xfbf Ö\agXeXfXfÜ Vb`b T_Zb ha\iXefT_ l WXgXe`\aTU_X WX haT iXm cbe gbWTf' 9hTaWb CTek TY\e`T dhX _T gTeXT \a`XW\TgT WX_ cTeg\Wb bUeXeb Xf _T Vbafg\ghV\sa WX_ ceb_XgTe\TWb Xa V_TfX fbV\T_% eXVbabVX Xkc_qV\gT`XagX dhX a\ _T V_TfX a\ fhf Ö\agXeXfXfÜ chXWXa

*).

Xk\fg\e \aWXcXaW\XagX`XagX WX XfYhXembf cbe Ybe]Te_bf' FhXfgb WX bgeb `bWb% _T _hV[T WX V_TfXf% Vb`b U\Xa W\VX FemXjbef^\ "+#% ab Xf gTa fb_b _T _hV[T XageX Vb_XVg\i\WTWXf WX TZXagXf c_XaT`XagX Vbafg\gh\Wbf4 gT`U\pa Xf haT _hV[T SRU FRQVWLWXLU D OD FODVH l% Vb`b gT_% Xf haT gTeVT cXe`TaXagX dhX fX iT WXY\a\XaWb l eXWXY\a\XaWb Xa X_ Vhefb WX_ g\X`cb' ;a gpe`\abf cenVg\Vbf% X__b c_TagXT X_ cebU_X`T WX _T eX_TV\sa XageX _b eXceXfXagTWb &_bf É\agXeXfXfÑ& l _bf `XW\bf WXeXceXfXagTV\sa'9b`bfXrT_T>\efg3 ÉBTf YhXemTf UHSUHVHQWDGDV Xa _T cb_qg\VT Xfgna Vbafg\gh\WTf cbe PHGLRV GH UHSUHVHQWDFLaQ WXY\a\Wbf "cTeg\Wbf% beZTa\& mTV\baXf% \WXb_bZqTf% cebZeT`Tf% XgV'#' ;fgbf `XW\bf WXUXa TYXVgTe _b dhX eXceXfXagTa l Vbafg\ghlXa YhXemTf cb_qg\VTf WXY\a\WTf "'''# Qcbe Xfb ab fX chXWXR VbaVXU\e _b eXceXfXagTWb Vb`b XkgXeab% Vb`b haT `XW\WT Thgsab`T`XagX Xk\fgXagX WX fhf `XW\bf WX eXceXfXagTV\sa' BTf V_TfXf ab g\XaXa Ö\agXeXfXfÜ WTWbf% Xk\fgXagXf \aWXcXaW\XagX`XagX WX cTeg\& Wbf WXY\a\Wbf% WX \WXb_bZqTf% XgV'% YeXagX T _bf VhT_Xf chXWTa `XW\efX Xfgbf cTeg\Wbf% \WXb_bZqTf' Bb ÖeXceXfXagTWbÜ cbe _bf `XW\bf WX eXceXfXagTV\sa ab Xk\fgX YhXeT WX_ cebVXfb VbeeXf& cbaW\XagX' Bb eXceXfXagTWb ab __XiT f\Zab% ab g\XaX `XW\bf WX eXVbabV\`\Xagb YhXeT WX _bf Vbafg\gh\Wbf cbe fhf `XW\bf WXeXceXfXagTV\saÑ",#' ;a bgeTf cT_TUeTf% X__b c_TagXT _T W\Y\Vh_gTW WX [TU_Te WX \agXeXfXf ÖbU]Xg\ibfÜ WX _T V_TfX \aWXcXaW\XagX`XagX WX fhf `XW\bf WX eXceXfXagTV\sa' FXeb Xa X_ c_Tab cenVg\Vb% _Tf `\f`Tf TZehcT& V\baXf dhX eXgse\VT`XagX fX ThgbXe\ZXa Xa ÖeXceXfXagTV\baXf WX \agXeXfXfÜ WXfc_\XZTa bgeT _sZ\VT% _T _sZ\VT _Xa\a\fgT WX_ f;X_ KDFHU+*X_cTeg\WbVb`bTZXagXXkgXeabdhXLQWURGXFHT_Tf`TfTf +' 7WT` FemXjbef^\% ÉFeb_XgTe\Tg \agb T 9_Tff3 g[X FebVXff bY 9_Tff QEKGV[-%*200' ,'

FTh_ >\efg% É9_TfXf XVbas`\VTf l cb_qg\VTÑ% Xa iTe\bf ThgbeXf% /NCUGU [

GUVTWEVWTCFGENCUGU";W\gbe\T_DhXfgebJ\X`cb%Cpk\Vb%*21*%cc'*/*&*/+'

*)/

_T VbaV\XaV\T WX fhf ÖiXeWTWXebf \agXeXfXfÜ' BXa\a &[Tl dhX eXVbeWTe& [TVX _T W\fg\aV\sa XageX X_ WUDGHXQLRQLVPR l _T ÖVbaf& V\XaV\T WX V_TfXÜ Vb`b gT_3 _T haT% VbafV\XaV\T cheT`XagX Vbecb& eTg\iT l XVbas`\VT% Xf VbaVXU\WT Vb`b X_ `nk\`b _q`\gX cbf\U_X WX T_VTamTe cbe _Tf `TfTf ceb_XgTe\Tf f\ XfgTf fba WX]TWTf cbe fh VhXagT4 _T bgeT% haT Vb`c_X]T geT`T WX WXgXe`\aTV\baXf cb_qg\Vb&\WXb_sZ\& VTf Vbafg\ghg\iTf WX _T VbaV\XaV\T ÖiXeWTWXeTÜ% fs_b cbWeqT fheZ\e l ceX`\XeXa_T`TfTbUeXeTf\_TbeZTa\mTV\sacb_qg\VT_T\agebWhVX' Is_b dhX T[q fheZX bgeb cebU_X`T3 X_ WX _T ÖeXceXfXagTg\i\& WTWÜ% Xf WXV\e% X_ dhX fX eXY\XeX T_ cXfb WX _T \afgTaV\T dhX beZTa\mT l ÖeXceXfXagTÜ Xfbf Ö\agXeXfXfÜ' Fbe haT cTegX%fX W\VX dhX _T eX_TV\sa V_TfX&cTeg\Wb ab fX hU\VT Xa haT _sZ\VT ha\W\eXVV\baT_ WX_ g\cb Ö\agXeXfXf(XkceXf\sa WX \agXeXfXfÜ chXfgb dhX% Vb`b fXrT_T >\efg% fX eXVbabVX dhX _T \afgTaV\T cTeg\WTe\T \agXei\XaX TVg\iT`XagX Xa X_ cebVXfb WX Ybe`TV\sa% beZTa\mTV\sa l WXfTeeb__b WX \agXeXfXf l WX`TaWTf WX _T Vb_XVg\i\WTW WX TZXagXf fbV\T_Xf dhX ÖeXceXfXagTÜ' FXeb% cbe bgeT cTegX% Xfgb ab \`c_\VT aXVXfTe\T`XagX _T TWbcV\sa WX _T Yse`h_T _Xa\a\fgT% dhX VbaV\UX T_ cTeg\Wb Vb`b X_ T_YT l b`XZT WX _T V_TfX% WX fhf \agXeXfXf l WX fhf _hV[Tf4 _T eXfchXfgT _Xa\a\fgT T _T VbafgehVV\sa WX _bf \agXeXfXf WX V_TfX &cTeg\Wb b `XW\b WX eXceXfXagTV\sa Vb`b cbegTWbe WX _T iXeWTW& Xf \ZhT_`XagX ha\W\& eXVV\baT_3 Vbafg\ghlX _T \aiXef\sa f\`pge\VT% ab _T fhcXeTV\sa WX _T cXefcXVg\iTlTVe\g\VTWT' BT gXf\f _Xa\a\fgT WX_ cTeg\Wb Vb`b iTaZhTeW\T XfV_TeXV\WT [T WTWb c\X T haT fhXegX WX ÖcebU_X`ng\VT WX _Tf \aiXfg\WheTfÜ WXageb WX _T \mdh\XeWT% Xf WXV\e% T haT chZaT cbe iXe dh\Xa _bZeT bVhcTe X_ _hZTe WX ÖiXeWTWXeb eXceXfXagTagXÜ WX _bf \agXeXfXf WX _T V_TfX% X_ _hZTe WX_ Ö[Xe`XaXhgT fhceX`bÜ WX Xfbf \agXeXfXf' FhXfgb WX bgeb `bWb% f\ cTeT CTek _T [\fgbe\T [h`TaT chXWX fXe XagXaW\WT Vb`b [\fgbe\T WX _Tf _hV[Tf WX V_TfXf% ab fXeqT WX_ gbWb WXfVTUX__TWb VT_\Y\VTe T _T [\fgbe\T cb_qg\VT WX _bf Zehcbf `Tek\fgTf WX bcbf\V\sa Vb`b haT \agXe`\aTU_X _hV[T WX fXVgTf3 Zh\TWTf cbe ha [\cXe&eTV\baT_\f`b cXeiXefb l T`cTeTWTf cbe haT fhchXfgT Uvf& dhXWT WX _T cheXmT \WXb_sZ\VT% fX ceXbVhcTa `Xabf cbe VbafXZh\e X_ Tcblb WX _Tf `TfTf dhX cbe Xe\Z\efX Xa \Z_Xf\T iXeWTWXeT WX_

*)0

fbV\T_\f`b l WX _bf fXVgbeXf cbch_TeXf% Xa ZhTeW\TaXf WX_ WbZ`T l cb_\VqTf WX _Tf ÖWXfi\TV\baXfÜ fbV\T_WX`sVeTgTf% cXdhXrbUheZhX& fTf% \agX_XVghT_\fgTf% XgV' ~7VTfb YhX bgeT _T _sZ\VT WX _T ??? ?agXeaTV\baT_ Xa _bf Trbf Ü,)% VhTaWb% TagX X_ ThZX WX_ YTfV\f`b Xa ;hebcT% bcgs cbe VT_\Y\VTe WX ÖfbV\T_YTfV\f_TÜ T gbWT \a\V\Tg\iT ab&Vb`ha\fgT l% XfcXV\T_`XagX% _Tf ZXaXeTWTf cbe _bf cTeg\Wbf fbV\T_WX`sVeTgTf6 >bl% XfgT _sZ\VT XkV_hlX`X dhX fX ]hfg\Y\VT T fq `\f`T Xa TeTf WX _T cheXmT \WXb_sZ\VT% ~TVTfb ab fX Vbafh_gT &gXW\bfT V \ageTfVXaWXagX`XagX& Xa X_ TVV\baTe WX fXVgTf `Tek\fgTf VbaWXaTWTf T WXfXaib_iXefX Xa Th_Tf ha\iXef\gTe\Tf% VTYXf l% Xa ZXaXeT_%Xa_TcXe\YXe\TWX_bcb_qg\Vb6 BTf gXf\f WX_ cTeg\Wb Vb`b XkceXf\sa WX \agXeXfXf ceVVbaf& g\gh\Wbf l _T chZaT fXVgTe\T cbe Tcebc\TefX WX _T \agXeceXgTV\sa VbeeXVgT WX gT_Xf \agXeXfXf% VTeXVXa WX Tf\WXeb' Is_b fX Xf eXceX& fXagTagX WX T_Zb f\ XfX ÖT_ZbÜ Xk\fgX l _X VbaY\XeX eVceXfVagT_\i\WTW% _b VhT_ \`c_\VT haT gTeVT cXe`TaXagX WX _XZ\g\`TV\sa cTeT `TagXaXe _T Xg\dhXgT WX ÖeXceXfXagTagXÜ' 7_ `\f`b g\X`cb% fs_b fX TVVXWX T_ eTaZb WX eXceXfXagTagX T_ _hV[Te cbe Vbafg\gh\e l [TVXe VeXVXe XfX ÖT_ZbÜdhXfXW\VXeXceXfXagTebdhXfXWXfXTfXZh\eeXceXfXagTaWb' J$

8MYTMUb\[QKI\]MYLIL.SI[MVSVOcI]IUO\IYLQZ[ILMS WIYILQOTISMUQUQZ[I$

;a fh VTegT WX eXahaV\T T_ FTeg\Wb 9b`ha\fgT WX 9[\_X% 7_X]TaWeb Hb]Tf% dh\Xa YhXeT WheTagX iTe\bf Trbf ceXf\WXagX WX _T # l W\chgTWb X_XVgb Xa X_ v_g\`b cTe_T`Xagb dhX ceXVXW\s T_ Zb_cX WX XfgTWb Xa *20,% TchagT T_ ahWb WX Xf_T VhXfg\sa' 7_ \ZhT_ dhX abfbgebf% Hb]Tf ab Tge\UhlX _bf cebU_X`Tf Tee\UT V\gTWbf gTa fb_b T_ cTeg\Wb l T fh VbaWhVV\sa% f\ab dhX _bf TfbV\T W\eXVgT`XagX Vba _T FRQFHSFLaQ WHaULFD dhX Ta\`TT_cTeg\Wb3

&\`cbegTWT% WXUXeqT WXV\e& T _Tf `TfTf% Vhlbf \agXeXfXf bU]Xg\ibf fXeqTa VThgX_TWbf l VbabV\Wbf cbe X_ cTeg\Wb Vba X_ Thk\_\bWXhaVbabV\`\XagbV\XagqY\VbWX_TeXT_\WTWÑ"-#' BTf gXf\f _Xa\a\fgTf TVXeVT WX_ cTeg\Wb l fh cbfgXe\be fTVeT& _\mTg\ba `XW\TagX haT VbW\Y\VTV\sa XfgT_\a\fgT fba ha X]X`c_b cTeg\Vh_Te`XagX V_Teb WX X__b4 Vbafg\ghlXa ha VTfb _q`\gX Xa X_ dhX X_ W\fVhefb \afg\ghV\baT_ XfgTU_XVX eXYXeXagXf Y\]bf l TUfb_hgbf dhX ab WX]Ta XfcTV\bf cTeT _T Ybe`TV\sa WX W\YXeXaV\Tf _XZqg\`Tf' ÉBT fhUbeW\aTV\sa \aVbaW\V\baT_ T haT ib_hagTW va\VT Xf TUfb_hgT`XagX aXVXfTe\T cTeT X_ UhXa pk\gb WX _bf cebVXfbf WX geTUT]b% beZTa\mTWb T_ Xfg\_b WX _T ZeTa \aWhfge\T `XVTa\mTWTÑ% W\VX BXa\a Xa fh WXYXafT WX_ gTl_be\f`b ".#% T_XZTaWb Vb`b ]hfg\Y\VTV\sa WX X__b _T aXVXf\WTW WX ab WTe iXagT]Tf T_ TWiXefTe\b% chXfgb dhX ÉX_ dhX WXU\_\gT% cbe cbVb dhX fXT% _T W\fV\c_\aT YpeeXT WX_ cTeg\Wb WX_ ceb_XgTe\TWb "'''#% TlhWTWX[XV[bT_TUheZhXfqTVbageTX_ceb_XgTe\TWbÑ"/#' Cnf WX hab cbWen T_XZTe dhX V\gTf YeTZ`XagTe\Tf chXWXa fXe \agXeVT_TWTf Xa ha gXkgb WX `TaXeT gT_ dhX X__Tf ÖW\ZTaÜ _b dhX X_ XfVe\gbe WXfXT dhX W\ZTa' ;f cbf\U_X dhX ab fX [TZT ]hfg\V\T T BXa\a T_ ab TZeXZTe _bf YeTZ`Xagbf Xa _bf VhT_Xf `Tg\mT fhf TY\e`TV\baXf% b T_ ab Xkc_\V\gTe X_ VbagXkgb Xa X_ VhT_ YhXeba Ybe`h_TWTf &ThadhX f\X`ceX Xf cbf\U_X T`cTeTefX Xa X_ eXVbabV\Wb ceXWb`\a\b WX haT iXgT Thgbe\gTe\T l `bab_\g\f_T Xa fhf XfVe\gbf' FXeb% Xf ceXV\fT`XagX T geTipf WX ha f\fgX`T WX V\gTf YeTZ`XagTWTf l% Xa T_Zhabf VTfbf% WXfVbagXkghT_\mTWTf% dhX IgT_\a X_TUbes fh VbaVXcV\sa WX_ cTeg\Wb l WX _T fbV\XWTW gbgT_\gTe\T' I\ BXa\a chWb X_TUbeTe fh ÖgXbeqTÜ WX_ XfgTWb Xa 0O HVWDGR \ OD UHYROXFLaQ fbUeX _T UTfX WX haT \agXeceX& gTV\sa WX _bf XfVTfbf XfVe\gbf WX CTek l ;aZX_f fbUeX _T 9b`haT WX FTeqf WX *10*% IgT_\a gT`U\pa Vbaf\WXes dhX cbWeqT [TVXe T_Zb -'

7_X]TaWeb Hb]Tf% É;a gb`b T _Tf T_gXeaTg\iTf cb_qg\VTf Xa 9[\_XÑ% 1N

.WUEaPDx+%XaXeb&YXUeXeb*21,%Cpk\Vb'

ÉIh eTqm Xfgn Xa _T \WXT _Xa\a\fgT WX_ cTeg\Wb WX iTaZhTeW\T VbaVXU\Wb Vb`b TZXagX cbegTWbe WX haT VbaV\XaV\T cheT% \aVbagT`\aTWT% _\UXeTWT l WXfg\aTWT T fXe \agebWhV\WT

*)1

.'

L'_'BXa\a%7CUVCTGCUKPOGFKCVCUFGNRQFGTUQXK^VKEQ"iTe\TfXW\V\baXf'

/' 9\gTWb cbe IgT_\a Xa 7QU HWPFCOGPVQU FGN NGPKPKUOQ "*2+-#% ;W\V\baXf Xa BXaZhTf;kgeTa]XeTf%FX^qa%*20.'

*)2

Tan_bZb Xa eX_TV\sa T BXa\a' ;fgb Xf geTafcTeXagX T_ eXi\fTe _bf _\aVT`\Xagbf dhX XfgTU_XVX cTeT _T Ybe`TV\sa WX_ cTeg\Wb gbgT_\gTe\b XaX_`bi\`\XagbfbV\T_\fgT"0#3 $ ;_ cTeg\Wb ab f\ZhX T _T V_TfX% f\ab dhX _T JX`D l Vbafg\ghlXfhHVWDGRPD\RU% $ ;_ cTeg\Wb Xf _T fh`T l X_ VLVWHPD bQLFR WX _Tf beZTa\mT& V\baXf bUeXeTf% f\XaWb pfgTf v_g\`Tf aTWT `nf dhX FRUUHDV GH WUDQVPLVLaQXageXV_TfXlcTeg\Wb4 $ ;_ cTeg\Wb Xfgn Vb[Xf\baTWb `XW\TagX haT W\fV\c_\aT YpeeXT% _T VhT_ ÉXf \aVb`cTg\U_X f\a _T ha\WTW WX ib_hagTW% f\a _T ha\WTW WX TVV\sa% Vb`c_Xgp l TUfb_hgT% WX gbWbf _bf `\X`& UebfÑ% l Xf cbe X__b dhX fX ÉXkV_hlX gbWb YeTVV\baT`\Xagb l gbWT W\i\f\sa WX cbWXe T_ \agXe\be WX_ cTeg\WbÑ' ;f `nf% ÉX_ cTeg\Wb fX YbegT_XVX WXchenaWbfX WX _bf X_X`Xagbf bcbegh& a\fgTfÑ' IgT_\a XfgTU_XV\s fh \agXeceXgTV\sa WX BXa\a Vb`b _T va\VT \agXeceXgTV\sa cbf\U_X l fX ThgbcebV_T`s Vbag\ahTWbe WX_ _Xa\a\f& `b' Fbe fhchXfgb dhX [hUb ibVXf W\fVbeWTagXf WXageb WX fh cTeg\Wb% cXeb fX _Tf \aZXa\s cTeT X_\`\aTe &VbbcgTV\sa% VneVX_% WXfg\Xeeb% JXODJV l TfXf\aTgbf `XW\TagX& T gbWb TdhX_ dhX \agXags W\fchgTe_X XfX `babcb_\b VbZabfV\g\ib b UhfVTe TWXcgbf cTeT haT \agXeceXgTV\sa T_gXeaTg\iT' ;_ X]X Teg\Vh_TWbe WX_ cXafT`\Xagb WX IgT_\a l WX fhf XcqZbabf VbagX`cbenaXbf cbaX WX `Ta\Y\Xfgb haT `XagT_\WTW WX f\g\b "cTeTab\WX% fX cbWeqT WXV\e#% c_Tf`TWT Xa Wbf _X`TfVb`c_X`XagTe\bf' Kab WX Xfgbf% É_bf dhX ab Xfgna Vba`\Zb Xfgna Xa VbageT `qTÑ% XkV_hlX _T aXhgeT_\WTW WX_ [be\mbagX WX cbf\U\_\WTWXf Vba dhX fX XaYeXagTa _bf TVgbeXf Xa VTWT `b`Xagb' BT XkV_hlX chXfgb dhX 0' JbWTf _Tf eXYXeXaV\Tf l _Tf V\gTf fba WX IgT_\a% QR$ EKV$" cc' *)2&*+,' ;_ fhUeTlTWb[Tf\WbTZeXZTWb'

**)

_T Ybe`h_T ÉVba`\Zb b Xa VbageT `qTÑ XfgTU_XVX ha VTfb _q`\gX l cXeiXefb WX KLSHUSROLWLFLGDG T_ bU_\ZTe T VTWT hab T WXY\a\efX TagX VTWT f\ghTV\sa chaghT_3 Xf _T GHFLVLaQ fV[`\gg\TaT "1# VbaiXeg\WT Xa \`cXeTg\ib cXe`TaXagX% f\X`ceX eXfcXVgb T_ cTeg\Wb l T_ IXVeXgTe\b =XaXeT_' ;_ bgeb% ÉXa haT V\hWTWX_T f\g\TWT gbWT W\f\WXaV\T Xf geT\V\saÑ% f\eiX WX Vb`c_X`Xagb T_ ce\`Xeb3 X_ VT_\Y\VTg\ib WX geT\& Wbe% Vba fh Xabe`X VTeZT iT_beTg\iT% cXe`\gX ]hmZTe &l% cTeT gbWb XYXVgb cenVg\Vb% TUbaTe X_ gXeeXab cTeT VbaWXaTe& T _bf dhX Xfgna ÉXa VbageT `qTÑ "Xf WXV\e% Xa VbageT WX _T ÖiXeWTW eXib_hV\baTe\TÜ VTh& gX_TWTcbeX_cTeg\Wb#' ;_ cTeg\Wb Vb`b ÖiTaZhTeW\T ceXV_TeTÜ% ÖZhqTÜ l ÖXfgTWb `TlbeÜ WX _Tf `TfTf l Ö[Xe`XaXhgT fhceX`bÜ WX fhf \agXeXfXf% Vb`b Öha\WTW ZeTaqg\VTÜ dhX fX YbegT_XVX Xkch_fTaWb T fhf W\f\WXagXf% Ybe`T cTegX WX haT VbaVXcV\sa gXse\VT l cenVg\VT WX _T beZTa\mTV\sa cb_qg\VT' ;fgT TUXeeTV\sa geX`XaWT`XagX Tag\WX`bVeng\VT YhX c_X& aT`XagX TiT_TWT cbe _bf cTeg\Wbf `\X`Uebf WX _T ??? ?agXeaTV\baT_ WheTagX haT UhXaT cTegX WX_ cXe\bWb WX XageXZhXeeTf "*2*1&*2,2#% VhTaWb XfgTUT Xa UbZT _T VeXXaV\T Xa _T Ve\f\f f\a fT_\WT WX_ VTc\gT_\f`b' Cnf Tva% XfgT VbaVXcV\sa WX _T beZTa\mTV\sa YhX \aV_hfb \aVbecbeTWT T_ ÖTVXeibÜ cb_qg\Vb% gXse\Vb l beZTa\mTg\ib WX Xfbf cTeg\Wbf' Db [Tl dhX b_i\WTe _Tf ge\fgX`XagX Vp_XUeXf É9ba& W\V\baXf WX TW`\f\sa WX _bf cTeg\Wbf Vb`ha\fgTf Xa _T ?agXeaTV\baT_ 9b`ha\fgTÑ% TcebUTWTf Xa *2+) &`\XageTf BXa\a Tva i\iqT& WheTagX X_ IXZhaWb 9baZeXfb WX _T ?agXeaTV\baT_' ;__Tf \aV_hlXa% XageX bgeTf gTagTf WX_\V\Tf% \aW\VTV\baXf gT_Xf Vb`b É;_ F9 fs_b cbWen Vh`c_\e Vba fh `\f\sa f\ fX beZTa\mT WX _T Ybe`T `nf VXageT_\mTWT% f\ haT W\fV\c_\aT `\_\gTe fX XfgTU_XVX Xa fh fXabÑ% b dhX _bf F9 ÉWXUXa cebVXWXe T WXcheTV\baXf cXe\sW\VTf WX fhf beZTa\mTV\baXf% cTeT WXfXV[TeT_bfX_X`Xagbf\agXeXfTWbflcXdhXrb&UheZhXfXfÑ"2#' 1' 9Te_ IV[`\gg% 1N EQPEGRVQ FG NQ RQN_VKEQ "*2,+#%
***

Bb `nf fbeceXaWXagX WX_ VTfb Xf dhX% Xa fh ZeTa `TlbeqT% _bf W\e\ZXagXf l `\_\gTagXf WX _bf W\iXefbf cTeg\Wbf Vb`ha\fgTf TVTgTeba XfgTf gXf\f Vb`b Vbaf\ZaTf \`ceXfV\aW\U_Xf cTeT _bZeTe _T ÖX`Ta& V\cTV\sa WX_ ceb_XgTe\TWbÜ l Ybe]Te gTagb haT Ö`beT_ eXib_hV\baTe\TÜ Vb`b haT Öpg\VT cTeg\WTe\TÜ' >bl% `nf WX iX\agX Trbf WXfchpf WX fh Xkch_f\sa WX_ FTeg\Wb 9b`ha\fgT WX ;fcTrT%

9_ThW\a%

ÉBT

ZXaXeTV\sa

WX_

5PVGTPCEKQPCNDx/%CTWe\W%iXeTab*210%cc'+*&+-' **'

7GVTC

7aWep 9b`gX&Icbai\__X% É;_ UhXab% X_ `T_b l X_ `\_\gTagX % 7GVTC

5PVGTPCEKQPCNDx.%CTWe\W%ce\`TiXeT*210%cc'*/&*0'

**+

`Tek\f`b&_Xa\a\f`bÑ%

Vbafb_\WTV\sa WX_ cTeg\Wb &cXeb XfcXV\T_`XagX WX_ IXVeXgTe\b =XaXeT_& Vb`b neU\geb fhceX`b WX _b dhX Xf VbeeXVgb l WX _b dhX ab _b Xf' O Xa Xfgb a\ BXa\a a\ IgT_\a XfgTUTa fb_bf' BhXZb WX _T `hXegX WX BXa\a% Jebgf^\ V\XegT`XagX fX XaVbageTUT VTWT iXm `nf T\f_TWb Xa _T chZaT \agXeaT WX_ cTeg\Wb% l Vbafg\ghqT hab WX _bf _qWXeXf WX `Tlbe cXfb cTeT eXf\fg\e _T UhebVeTg\mTV\sa Thgbe\gTe\T WX_ cTeg\Wb' :X [TUXe ZTaTWb% gT_ iXm cbWeqT [TUXe WXfTeeb__TWb haT bcV\sa WX cTeg\Wb l WX XfgTWb ha gTagb `Xabf fTaZh\aTe\T dhX _T dhX X_chXU_bfbi\pg\Vb[XeXWsWXIgT_\a' FXeb ab fX chXWX XfVe\U\e _T [\fgbe\T eXgebfcXVg\iT`XagX Xa UTfX T _T XfcXVh_TV\sa TVXeVT WX _Tf UhXaTf \agXaV\baXf WX _bf TVgbeXf% XfcXV\T_`XagX WTWb dhX Jebgf^\ `\f`b ab WhWTUT Xa eX\i\aW\VTe _T \aYT_\U\_\WTW WX_ cTeg\Wb' ;a fh W\fVhefb TagX X_ N??? 9baZeXfb WX_ F9 Ibi\pg\Vb VX_XUeTWb Xa `Tlb WX *2+-% Jebgf^\ TY\e`T f\a T`U\ZwXWTWXf dhX É;_ FTeg\Wb g\XaX Xa v_g\`T \afgTaV\T f\X`ceX eTmsa% cbedhX X_ FTeg\Wb Xf X_ va\Vb \afgeh`Xagb [\fgse\Vb WTWb T_ ceb_XgTe\TWb cTeT X_ Vh`c_\`\Xagb WX fh `\f\sa [\fgse\VT "'''#' Bbf \aZ_XfXf g\XaXa ha W\V[b geTW\V\baT_3 ÖC\ cTge\T% Vba eTmsa b f\a X__TÜ' JbWTiqT Vba `Tlbe ]hfg\Y\VTV\sa [\fgse\VT cbWeqT WXV\efX3 ÖC\cTeg\Wb%VbaeTmsabf\aX__TÜÑ"*+#' I\a `TlbeXf XfVT_Tf% _T eX_\Z\sa Vb`b X_ bc\b WX_ chXU_b YhX eXX`c_TmTWT cbe X_ cTeg\Wb Vb`b eX_\Z\sa WX_ chXU_b b% _b dhX Xf \ZhT_% _T gXb_bZqT _T\VT WX _T \aYT_\U\_\WTW WX_ cTeg\Wb bVhcs X_ _hZTe dhX X_ VTgb_\V\f`b Tf\ZaT T_ WbZ`T WX _T \aYT_\U\_\WTW WX_ FTcT' BT fbUXeTaqT WX ha ceb_XgTe\TWb fhchXfgT`XagX X`TaV\cTWb YhX hfhe& cTWT cbe ha cTeg\Wb va\Vb% T_YT l b`XZT WX_ WXfg\ab WX _T ZXagX% `beTWbe XkV_hf\ib l XkV_hlXagX WX_ ahXib XfgTWb fbV\T_\fgT' ÉBTf Ybe`Tf eXT_Xf WX _T cb_qg\VT Xa _T KHII l% T cTeg\e WX T__q% Xa gbWTf _Tf fbV\XWTWXf dhX f\Zh\Xeba fh `bWX_b WX ÖW\VgTWheT WX_ ceb_XgT&

*+' 9\gTWb cbe @beZX IX`ceva Xa É=XagX WX fgT_\a\TaT WX_ FTeg\WbÑ% 1N AKGLQ ?QRQ ;kgeT 9b`b _b cbaX 9b`gX&Icbai\__X% QR$ EKV$" c' b WX_ cTeg\Wb3 Xf X_ eX\ab WX _T iXeWTW%

haT YTVgheT TcTegX' BT VbaVXcV\sa Dx -% 8TeVX_baT% *21)% c' ,1' */% ÉW\VgTWheT WX _bf fTVXeWbgXf f\X`ceX gXee\U_X VhTaWb ceXgXaWX

LW\ICTg$

**,

e\TWbÜ% Vbafg\ghlXeba bgeb `bWb cTeg\Vh_Te WX fbUXeTaqT3 _T WX_ SDUWLGR&GLULJHQWH&YDQJXDUGLDGHOSUROHWDULDGRj'"*,#' LT_X _T cXaT V\gTe ha YeTZ`Xagb WX 0O QRPEUH GH OD URVD% Xa X_ dhX K`UXegb ;Vb eXfh`X TW`\eTU_X`XagX _T VbaiXef\sa WX haT WbVge\aT cb_qg\VT Xa gXb_bZqT% WX ha `bi\`\Xagb _\UXegTe\b Xa \Z_Xf\T% lWXfhfcXafTWbeXfl_qWXeXf[\fgse\VbfXaTcsfgb_XflcebYXgTf3 É~O dh\Xa WXV\WX VhT_ Xf X_ a\iX_ WX \agXeceXgTV\sa l VhT_ X_ VbagXkgb VbeeXVgb6 Bb fTUXf% `hV[TV[b% gX _b [Ta XafXrTWb3 _T Thgbe\WTW% X_ Vb`XagTe\fgT `nf fXZheb WX gbWbf% X_ dhX g\XaX `nf ceXfg\Z\b l% cbe gTagb% `nf fTag\WTW' I\ ab% ~Vs`b cbWeqT`bf \agXeceXgTe _bf f\Zabf `h_g\Ybe`Xf dhX X_ `haWb WXfc_\XZT TagX ahXfgebf b]bf cXVTWbeXf6 ~9s`b [TeqT`bf cTeT ab VTXe Xa _bf XeebeXf [TV\T _bf dhX X_ WX`ba\b abf TgeTX6Ñ IheZX Tfq _T aXVXf\WTW i\gT_`XagX WX`bVeng\VT WX Vbageb_Te T Ö_T Thgbe\WTW% X_ Vb`XagTe\fgT `nf fTagb l fXZhebÜ% Xf WXV\e% FRQWURODU DO SDUWLGR cTeT Xi\gTe dhX pfgX fX Vbai\XegT Xa ha TcTeTgb UhebVeng\Vb WX Vbageb_' ;a _T JXf\f ??? fbUeX QEKCN T_ f
**-

:XfVTegXf WhWs WX gbWb WheTagX ha _TeZb g\X`cb% [TfgT dhX XaVbages T_Zb \a&WhWTU_X% `nf T__n WX gbWT WhWT% `nf T__n WX gbWT cbf\U\_\WTW WX eXYhgTV\sa' :XfVhUe\s dhX cTeT cbWXe WhWTe gXaqT dhX cXafTe% l Tfq _T VXegXmT WX _T Xk\fgXaV\T WX_ FRJLWR% WX haT ÖfhfgTaV\T cXafTagXÜ% fX Vbai\XegX Xa haT iXeWTW TUfb_hgT% Xa _T UTfX T cTeg\e WX _T VhT_ :XfVTegXf T_XZT dhX gbWT X`ceXfT ZabfXb_sZ\VT WXUXen Vbafgeh\efX' FXeb Xa haT pcbVT Vb`b _T ahXfgeT% Xa _T VhT_ gbWTf _Tf YhXemTf cb_qg\VTf l ha UhXa av`Xeb WX _bf XfgTWbf geTgTa WX Tcebc\TefX WX_ `Tagb WX _T WX`bVeTV\T% T_Zb dhX Xfgp `nf T__n WX gbWT cbf\U\_\WTW WX eXYhgTV\sa Xf gT`U\pa T_Zb dhX Xfgn `nf T__n WX _T \agXeiXaV\sa WX`bVeng\VT' BT bf\Y\VTV\sa Thgbe\gTe\T WX_ fbV\T& _\f`b `Tek\fgT fX W\b ceXV\fT`XagX T geTipf WX _T \afgTheTV\sa WX Öchagbf WX i\fgT VTegXf\TabfÜ Vb`b _bf lT XkchXfgbf% Xa gb`s T_ cbWXe fbUXeTab WX_ cTeg\Wb l T _T iXeWTW fhceX`T X \aVbagT`\aTWT XaVT`TWTcbepfgX' ;a ha `haWb Xa X_ VhT_ fX eX\i\aW\VT cXe`TaXagX`XagX X_ Ta[X_b WX`bVeng\Vb% ha Öchagb WX i\fgT VTegXf\TabÜ% dhX Vb_bVT T_ cXafTWbe% T_ cTeg\Wb% T_ _qWXe h bgeb Xa X_ _hZTe WX _T VXegXmT TUfb_hgT X \aVbagXfgTU_X% fXT cbe X_ U\Xa WX _T VThfT% _T _\UXeTV\sa WX _bf bce\`\Wbfhbgeb`bg\ib%XfT_Zb\aTVXcgTU_X' K$

>YOIUQ`IKQeU_WVLMY.MSWIY[QLVLM]VYIZ\MU[VYUV ZVKQIS$

;a eX_TV\sa T_ gX`T WX _T WX`bVeTV\T% ab VTUX WhWT dhX Xk\fgX ha aXkb V_Teb XageX _Tf Ybe`Tf WX beZTa\mTV\sa WX haT \afg\ghV\sa l _bf a\iX_Xf WX W\fVhf\sa% cTeg\V\cTV\sa l gb`T WX WXV\f\baXf WXageb WX X__T' 7_ZhaTf Ybe`Tf \afg\ghV\baT_Xf Yb`XagTa _T WX`bVeTV\T \agXeaT `nf dhX bgeTf' ;_ VXageT_\f`b WX`bVeng\Vb% T cXfTe WX fh ab`UeX% Xf haT WX _Tf Yse`h_Tf `Xabf VbaWhVXagXf T _T WX`bVeTV\T'
**.

cbe bgeT cTegX% fhcbaX ha cebVXfb WX VbaYbe`TV\sa WX _T WXV\f\sa Xa UTfX T WX_\UXeTV\baXf dhX fX \a\V\Ta Xa _bf a\iX_Xf \aYXe\beXf l dhX TfV\XaWXa [TV\T a\iX_Xf \a`XW\TgT`XagX fhcXe\beXf Vb`b eXVb`XaWTV\baXf X \aYbe`TV\baXf' KaT iXm __XZTWTf T _Tf \afgTaV\Tf W\eXVg\iTf% dhX TWbcgTa _Tf WXV\f\baXf% fX Vbai\XegXa Xa seWXaXf Vhlb Vh`c_\`\Xagb Xf bU_\ZTgbe\b T _b _TeZb WX gbWT _T c\en`\WX \afg\ghV\baT_' I\ U\Xa Xf V\Xegb dhX X__b YTV\_\gT ha YhaV\baT`\Xagb XY\V\XagX l XkcXW\gb WX _T `Tdh\aTe\T cTeg\WTe\T% [bl% VhTaWb fX c_TagXT _T eX\i\aW\VTV\sa WX`bVeng\VT WXageb WX_ fbV\T_\f`b% X_ ÖVXageT_\f`b WX`bVeng\VbÜ [T cTfTWb T fXe ha iXeWTWXeb bUfgnVh_b cTeT X__b' ;f ha W\fcbf\g\ib dhX eXcebWhVX haT eX_TV\sa ]Xenedh\VT &eqZ\WT`XagX ]Xenedh\VT& XageX W\e\ZXagXf l W\e\Z\Wbf4 Xf ha W\fcbf\g\ib `nf ÖVXageT_\mTagXÜ dhX ÖWX`bVeng\VbÜ dhX VbaWhVX T_ ceXWb`\a\b WX_ TcTeTgb cTeg\WTe\b l T _T VeXV\XagX Tah_TV\sa WX _Tf \a\V\Tg\iTf Thgsab`Tf WX _bf `\X`Uebf WX_ cTeg\Wb' ;a _T Ka\sa Ibi\pg\VT% X_ 7eg' ,f WX _T 9bafg\ghV\sa WX *20/ TVghT_`XagX Xa i\ZXaV\T% _b VbafTZeT Vb`b ce\aV\c\b eXVgbe cTeT XfgehVgheTe _T Ybe`T WX beZTa\mTV\sa l X_ `bWb WX YhaV\baT`\Xagb WX_ XfgTWb `\f`b' :X XfgT `TaXeT% _T XfgehVgheT c\eT`\WT_ WX_ cTeg\Wb% dhX fhUbeW\aT gbWT \afgTaV\T WX WXV\f\sa T_ seZTab \a`XW\TgT`XagX fhcXe\be% fX eXceb& WhVX Xa X_ XfgTWb% XfgTU_XV\XaWb Vbafg\ghV\baT_`XagX X_ ceXWb`\a\b WX_ TcTeTgb UhebVeng\Vb WX_ XfgTWb fbUeX _Tf beZTa\mTV\baXf X \a\V\Tg\iTfWX_TV\hWTWTaqT' ;fgb eXfh_gT fh`T`XagX abgbe\b VhTaWb fX VbageTfgT _T cbf\V\sa ThgbZXfg\baTe\T Tfh`\WT Xa *2*0% l _T VXageT_\mTV\sa l cTe_\W\mTV\sa eTW\VT_ WX_ cXe\bWb cbfeXib_hV\baTe\b' FbVb WXfchpf WX_ ge\haYb Ub_V[Xi\dhX% BXa\a eXgb`s _T gXf\f WXfTeeb__TWT Xa 0O HVWDGR \ OD UHYROXFLaQ TVXeVT WX _T VTcTV\WTW VhT_dh\Xe geTUT]TWbe `TahT_cTeT`TaX]TeX_TcTeTgbXfgTgT_%W\V\XaWb_bf\Zh\XagX3

FXeb% Xa *2+* [TU_s Xa Ybe`T Vb`c_XgT`XagX W\fg\agT% TY\e& `TaWb dhX É~7VTfb chXWX gbWb geTUT]TWbe fTUXe Vs`b TW`\a\fgeTe X_ XfgTWb6 BT ZXagX Vba fXag\Wb cenVg\Vb fTUX dhX gT_ VbfT Xf ha cheb VhXagb WX [TWTfÑ "*.#' FhXf U\Xa% XfX FXHQWR GH KDGDV _b Vbags BXa\a `\f`b habf Trbf TagXf% l _b eXc\g\Xeba gTagbf bgebf `\_\gTagXf Vb`ha\fgTf WX_ `haWb XagXeb WheTagX _Tf WpVTWTf dhX f\Zh\Xeba' ;f V\Xegb dhX _T aXVXf\WTW WX WXYXaWXe _T eXib_hV\sa TagX _T TZeXf\sa WXfTgTWT WXfWX X_ XkgXe\be bU_\ZTUT T Tfh`\e _T _sZ\VT WX _T ZhXeeT' FXeb_bcebi\f\baT_fXVbai\eg\senc\WT`XagXXaT_ZbcXe`TaXagX' 7 YT_gT WX cXefbaT_ VTcTV\gTWb cTeT X]XeVXe _Tf gTeXTf TW`\a\fgeTg\iTf WX_ XfgTWb% _bf Ub_V[Xi\dhXf fX i\Xeba Xa _T aXVX& f\WTW WX eVVbageTgTe T ah`Xebfbf YhaV\baTe\bf WX_ i\X]b epZ\`Xa "Vb`b gT`U\pa ghi\Xeba dhX [TVXe_b _bf T_X`TaXf _hXZb WX _T ?? =hXeeT ChaW\T_# l Vb_bVTe T `\X`Uebf WX_ cTeg\Wb l T geTUT]TWbeXf Vb`b Vbageb_TWbeXf WX Xfbf YhaV\baTe\bf' 7_Zb cTeXV\Wb bVhee\s Vba X_ X]peV\gb% chXfgb dhX fX W\fb_i\Xeba _bf Vb`\gpf WX`bVeng\Vbf WX fb_WTWbf% i\X]bf ZXaXeT_Xf YhXeba eXfg\gh\Wbf Xa _bf `TaWbf WX gebcT l _T Tag\ZhT W\fV\c_\aT iXeg\VT_ YhX eX\`c_TagTWT' ;a _Tf YnUe\VTf% X_ T_\Xagb \a\V\T_ T _bf Vb`\gpf WX geTUT]TWbeXf dhX bcXeTUTa Vb`b \afgTaV\Tf TW`\a\fgeTg\iTf "Tva VhTaWb WX [XV[b cXeWheTUT _T cebc\XWTW VTc\gT_\fgT# YhX eXiXeg\Wb T `XW\WT Xa dhX fX __XiTUT T VTUb _T aTV\baT_\mTV\sa WX _Tf X`ceXfTf3 _bf f\aW\VTgbf Vbageb_TWbf cbe X_ cTeg\Wb Tfh`\Xeba _Tf YhaV\baXf WX _bf Vb`\gpf WX geTUT]TWbeXf' FTeT *2+*% W\VX Mb[_Ybeg[% gbWb X_ cbWXe fbV\XgT_ fXVbaVXagesXa`TabfWXhafb_bcTeg\Wb"*/#'

ÉÄ9T`TeTWTf geTUT]TWbeXf HXVhXeWXa dhX T[beT XVWHGHV PLVPRV TW`\a\fgeTa X_ XfgTWb' DTW\X _bf TlhWTen f\ KWf' `\f`bf ab fX haXa l gb`Ta WRGRV ORV DVXQWRV GHO HVWDGR HQ VXV SURSLDV PDQRV' Ihf fbi\Xgf fba WX T[beT Xa TWX_TagX _bf

*/' 5DKD$ c' 0/' >h`UXegb WT 9ehm fXrT_T T_Zb cTeXV\Wb T_ WXV\e dhX _T eXib_hV\sa WX bVghUeX% ÉT cXfTe WX [TVXefX Xa ab`UeX l T geTipf WX _bf fbi\Xgf% YhXfX W\e\Z\Wb l Vbageb_TWb cbe X_ cTeg\Wb Ub_V[Xi\dhX dhX% WX XfX `bWb% Xa _T cenVg\VT% fhfg\ghqT T _Tf `TfTf Xa _T gb`T WX WXV\f\baXf ' LpTfX É;_ `bWX_b _Xa\a\fgTWXcTeg\WbÑ%;_LKGLQ?QRQ";kgeTDx-%8TeVX_baT%*21)%c'++'

**/

seZTabf WX cbWXe XfgTgT_% seZTabf Vba cbWXeXf c_Xabf% seZT& abfWXWXV\f\saÑ"*-#'

*-' 9\gTWb cbe J\` Mb[_Ybeg[ Xa ÉJeTaf\g\ba gb g[X JeTaf\g\ba6Ñ% 9GY 7GHV =GXKGY Dx ,)% BbaWba% DbiX`UXe&:XVX`UXe *21*% c' 00' ;_ fhUeTlTWb [T f\WbTZeXZTWb' *.' 5DKF$

**0

JT_ iXm 7agba FTaaV^bX^ YhX X_ v_g\`b ZeTa bcbaXagX T _T \WXT WX_ cTeg\Wb b`aqibeb% Xf WXV\e% WX_ cTeg\Wb gbgT_\gTe\b dhX fX YbegT_XVX WXibenaWb_b gbWb l aXZnaWbfX T WX]Te T_Zb YhXeT WX fh seU\gT WX Vbageb_ X \aY_hXaV\Tf' FTaaX^bV^% \`cbegTagX gXse\Vb l W\e\ZXagX [b_TaWpf dhX WXYXaW\s _Tf gXf\f WX _T Thgb&beZTa\mTV\sa WX _bf geTUT]TWbeXf l dhX fX bchfb T _T cTeg\W\mTV\sa WX _T V_TfX l T_ iXeg\VT_\f`b WX _T WXV\f\sa Yb`XagTWbf cbe X_ Ö_Xa\a\f`b XfgT_\& a\fgTÜ WX _T ??? ?agXeaTV\baT_% Ve\g\Vs XfgT VbaVXcV\sa WX_ cTeg\Wb Vb`b iTaZhTeW\T XfV_TeXV\WT l gbWbcbWXebfT' 9b`b TY\e`TUT Xa ha TegqVh_b WX *2,/% ÉTVghT_`XagX ha cTeg\Wb ab chXWX fXe bgeT VbfT dhX haT beZTa\mTV\sa dhX Tfc\eT T W\e\Z\e l T Wb`\aTe T_ ceb_XgTe\TWbÑ% chXfgb dhX fs_b UhfVT Égb`Te X_ cbWXe l X]XeV\gTe_b Xa fh UXaXY\V\b XkV_hf\ib' BX]bf WX Xf`XeTefX Xa Vbage\Uh\e T _T X`TaV\cTV\sa WX _T V_TfX bUeXeT% fh \agXaV\sa Xf _T WX ZbUXeaTe Xa fb_\gTe\b ceXfXa& gTaWb fh _TUbe Vb`b f\ YhXeT _T Thgpag\VT _\UXeTV\sa WX_ ceb_XgTe\TWb "'''# X_ cTeg\Wb Vb`ha\fgT% __XiT _T ib_hagTW WX Wb`\a\b [TfgT fhf v_g\`TfVbafXVhXaV\Tf3_TW\VgTWheTWXcTeg\WbÑ"*0#' ;_ paYTf\f Xa _T \WXT WX_ cTeg\Wb&iTaZhTeW\T l X_ cTeg\Wb&`babcb_\b cXe`\gX TceXV\Te _T WXfVbaY\TamT WX BXa\a [TV\T _Tf `TfTf l fh TVV\baTe Thgsab`b "*1#' É7_ TUb_\e X_ cbWXe WX _bf VRYLHWV QVbafX]bfR% l T_ `\f`b g\X`cb cebfVe\U\e T _bf WX`nf cTeg\Wbf fbV\T_\fgTf% BXa\a XfgTU_XV\s ha WbU_X ceXVXWXagX' Fbe ha _TWb% VeXs _T \WXag\WTW XageX X_ XfgTWb l X_ cTeg\Wb% dhX `nf gTeWX fX VbaiXeg\eqT Xa _T \WXag\WTW XageX X_ XfgTWb l X_ _qWXe cTeg\WTe\b' Fbe bgeb _TWb% X_ cTeg\Wb cTfs T fXe X_ va\Vb seZTab eXib_hV\baTe\b WX ha ceb_XgTe\TWb [\cbfgTfXTWb' 9ba X__b% gbWT TVV\sa cb_qg\VT Xfcbagn& aXT cbe cTegX WX _T V_TfX bUeXeT fXeqT cTf\U_X WX fXe WXfVT_\Y\VTWT cbe X_ cTeg\Wb &T fh cebc\b Tagb]b& Vb`b ÖTiXagheXe\f`b \mdh\XeW\fgTÜ bVb`bT_ZbÖbU]Xg\iT`XagXVbageTeXib_hV\baTe\bÜÑ"*2#' *0'

7agba FTaaX^bX^% É9eqg\VT WX_ cTeg\Wb eXib_hV\baTe\bÑ "*2,/#% 1N AKGLQ

IX geTgT% chXf% WX_ aTV\`\Xagb WX ha cTeg\Wb WX VbegX gbgT_\& gTe\b Xa X_ fXag\Wb Xfge\Vgb WTWb T _T XkceXf\sa cbe _T eXY_Xk\sa cb& _qg\VT4 ha cTeg\Wb dhX% ha\Wb Xa Ybe`T f\`U\sg\VT Vba X_ XfgTWb l Vba& iXeg\Wb Xa VXageb WX _T WXV\f\sa cb_qg\VT% ab fs_b `babcb_\mT ha n`& U\gb cvU_\Vb dhX Vb\aV\WX Vba fh XfcTV\b XkV_hf\ib l XkV_hlXagX WX TVV\sa% f\ab dhX% TWX`nf% Xebf\baT _Tf ceXeebZTg\iTf l _T Thgbe\WTW WX _Tf beZTa\mTV\baXf fbV\T_Xf% `TagXa\XaWb Ybe`T_`XagX _T Xk\f& gXaV\T l Thgbab`qT WX pfgTf Xa UTfX T haT _XZT_\WTW dhX Xf _XgeT `hXegT"+)#' FhXfgb WX `TaXeT XfdhX`ng\VT% fX cbWeqT WXV\e dhX X_ _X`T WX igWRGR HO SRGHU SDUD ORV VRYLHWV % dhX Vbafg\ghls haT UTaWXeT ThgbZXfg\baTe\T l _\UXegTe\T WX_ `bi\`\Xagb fbV\T_\fgT Ub_V[Xi\dhX TagXf WX _T eXib_hV\sa% YhX WXfc_TmTWb _hXZb WX *2*0 cbe _T Vbaf\ZaT WXigWRGRHOSRGHUSDUDHOSDUWLGR ' ;a fqagXf\f% X_ _Xa\a\f`b VbaV\UX T_ cTeg\Wb bUeXeb Vb`b iTaZhTeW\TWX\agX_XVghT_Xfl`\_\gTagXf%Vb`bÖZhTeW\na&XaVTeaT& y V\saÜ WX _T gXbeqT WX_ WXiXa\e [\fgse\Vb b VbabV\`\Xagb V\XagqY\Vb WX fhf Ö_XlXfÜ% Vb`b ZhqT \aW\fVhg\U_X WX _T V_TfX% _T fbV\XWTW l X_ XfgTWb' >TU_Te &Vb`b YeXVhXagX`XagX fX [TVX& WX W\iXefTf iqTf T_ fbV\T_\f`b fhcbaX aXZTe T _Tf gXf\f _Xa\a\fgTf TVXeVT WX _T cb_qg\VT% X_ XfgTWb% _T beZTa\mTV\sa l _T XfgeTgXZ\T X_ fgTghf cTeTW\Z`T dhX Y\]T WX haT iXm cbe gbWTf _bf cTen`Xgebf WX _T TVV\sa fbV\T_\fgT' ;_ VXageT_\f`b WX`bVeng\Vb WX_ cTeg\Wb% X_ VTenVgXe Vbafc\eTgbe\b l fXVeXgb WX _T beZTa\mTV\sa cTeg\WTe\T% fh VTenVgXe WX ÖiTaZhTeW\T XfV_TeXV\WTÜ WX _T V_TfX l ]hXm WX _bf Ö\agXeXfXf bU]Xg\ibfÜ WX pfgT% _T fhcXecbf\V\sa WX chXfgbf cTeg\WTe\bf l chXfgbf Xa X_ TcTeTgb XfgTgT_% X_ cTcX_ WX ÖZhqTÜ WX _T aTV\sa Tf\ZaTWb T_ cTeg\Wb% XgV'% fba abV\baXf dhX ]hZTeba ha cTcX_ ce\`beW\T_ Xa _T XfgehVgheTV\sa WX _T XkcXe\XaV\T Ub_V[Xi\dhX' FXeb X_ [XV[b WX dhX [TlTa VbaWhV\Wb T haT eXib_hV\sa fbV\T_\fgT Xk\gbfT% _T ce\`XeT WX X__Tf% ab _Xf VbaY\XeX haTcbf\V\saWXeXYXeXagXTUfb_hgb%WXiT_\WXm\a`hgTU_Xlha\iXefT_

?QRQ";kgeTDx-%8TeVX_baT%*21)%cc'*-%*/' *1' IgXc[Xa ;e\V 8ebaaXe% ÉJ[X IbV\T_\fg Feb]XVg3 ?a CX`bel bY HhW\ :hgfV[^XÑ%>QEKCN=GUGCTEJLb_'-0%Dx*%DXjObe^%Ice\aZ*21)%c'+/' *2' 5DKF$"cc'+/&+0'

**1

+)' IgTa\f_Tj ;[e_\V[% ÉJ[X HTg\baT_\gl bY F_heT_\f` % ?JG ;QNKUJ >QEKQNQIKECN .WNNGVKP% Lb_' .-% Dx +% *21*% c' ,* l ff' LpTfX gT`U\pa 9_ThWX BXYbeg% ÉBT \`TZXa WX_ VhXecb l X_ gbgT_\gTe\f`bÑ% AWGNVC Dx 0/% Cpk\Vb :'<'% `Temb*21,%cc'*-&*2'

**2

cTeT gbWT XkcXe\XaV\T fbV\T_\fgT' ;_ cTeTW\Z`T _Xa\a\fgT Vbafg\ghlX% T_bfh`b%haTbcV\saXageXbgeTf' )$

?IY[QLVZZVKQISQZ[IZ.SITQYILIPIKQISIWVSc[QKI$

FXeb haT Veqg\VT WX_ cTeTW\Z`T _Xa\a\fgT ab __XiT gTa fs_b T eXV[TmTe X_ iTaZhTeW\f`b XfV_TeXV\Wb b X_ `bWX_b fbi\pg\Vb WX beZTa\mTV\sa cb_qg\Vb&XfgTgT_' JT`U\pa [Tl dhX WXfXV[Te Wbf \WXTf&YhXemT T _Tf dhX _T geTW\V\sa `Tek\fgT fX [T TYXeeTWb Xa _b dhX eXfcXVgT T _T eX_TV\sa XageX fh]Xgb l beZTa\mTV\sa cb_qg\VT l T _Tf `bWT_\WTWXf WX \agXeiXaV\sa cb_qg\VT cTeT \afg\gh\e VT`U\bf Xa haT W\eXVV\safbV\T_\fgT' Fbe haT cTegX% Xf Xi\WXagX dhX% Vb`b VbafXVhXaV\T WX _T gXf\f&Vbaf\ZaT WX _T VXageT_\WTW bUeXeT% [T [TU\Wb ha ceXWb`\a\b WX haT _sZ\VT bUeXe\fgT dhX Vbai\XegX T ha fXVgbe WX _T `TfT WX geTUT]TWbeXf TfT_Te\TWbf &_bf ceb_XgTe\bf& Xa YXg\V[X WX_ W\fVhefb l WX_ ceblXVgb WX_ fbV\T_\f`b `Tek\fgT' Fbe bgeT cTegX% gT`U\pa fX VbafgTgT ha TcXZb T _T \WXT WX_ cTeg\Wb&V_TfX &X_ cTeg\Wb `bab& V_Tf\fgT eXceXfXagTagX WX _bf Ö\agXeXfXfÜ WX_ ceb_XgTe\TWb& dhX fX ThgbXe\ZX Xa TcTeTgb WX _hV[T dhX XaYeXagT T_ XfgTWb l T _T V_TfX Wb`\aTagX Xa X_ `TeVb WX haT UHODFLaQ GH H[WHULRULGDG cheT' JTagb _T abV\sa WX_ cTeg\Wb&V_TfX Vb`b _T _sZ\VT WX_ Tag\VfgTWb [Ta XageTWb Xa Ve\f\f4 Xa haT pcbVT WX ceXWb`\a\b WX _b cb_qg\Vb% T`UTf WXUXafXeTUTaWbaTWTf' I$

>KIZVLMSISeOQKIkIU[QMZ[ILVl$$

;a _T pcbVT WX CTek% _T \WXT WX eXceXfXagTV\sa cenVg\VT`XagX VTeXVqT WX fXag\Wb% chXfgb dhX `bi\`\Xagb bUeXeb l n`U\gb cb_qg\Vb&XfgTgT_ fX XaYeXagTUTa Xa haT UHODFLaQ GH H[WHULRULGDG cheT' Is_b ;aZu_f _bZes cXeV\U\e _Tf `hgTV\baXf WX _b cb_qg\Vb&XfgT& gT_ dhX cXe`\g\eqTa X_ fheZ\`\Xagb WX ha cTeg\Wb fbV\T_WX`sVeTgT% fs_b dhX ab X_TUbes ha cXafT`\Xagb T_ eXfcXVgb' BT \WXT WX ha cTeg\Wb bUeXeb Xa fh Ybe`T `bWXeaT TcTeXVX eXV\pa Vba BXa\a% Vhlb cXafT`\Xagb eXYbemTUT _T WX_TV\sa WX XkgXe\be\WTW XageX V_TfX l

*+)

XfgTWb3 cTeT BXa\a% X_ cTeg\Wb XeT haT beZTa\mTV\sa iTaZhTeW\fgT WX TVg\i\fgTf cebYXf\baT_Xf% fX`\&V_TaWXfg\aT l eXib_hV\baTe\T Vhlb bU]Xg\ib XeT WXeebVTe T _T UheZhXfqT X \afgTheTe haT W\VgTWheT WX_ ceb_XgTe\TWb4 X_ TcTeTgb cTeg\WTe\b XeT Vbaf\WXeTWb Vb`b ha SURWR&HVODGR%haXfgTWbXaYbe`TX`Ue\baTe\T' I\a X`UTeZb% [Tl Wbf YXas`Xabf dhX [Ta \Wb `bW\Y\VTaWb XfT eX_TV\sa WX XkgXe\be\WTW' Kab WX X__bf Xf _T XkcTaf\sa WX_ fhYeTZ\b Xa ;hebcT l Xa bgebf _hZTeXf T cTeg\e WX Y\aXf WX_ f\Z_b N?N% _bZeTWb Unf\VT`XagX ZeTV\Tf T _TeZTf l fhYe\WTf _hV[Tf _\UeTWTf cbe X_ `bi\`\Xagb bUeXeb' ;__b cXe`\g\s _T \aVbecbeTV\sa WX _bf TfT_Te\TWbf "iTebaXf ce\`Xeb% `h]XeXf `nf gTeWX# T_ VhXecb WX V\hWTWTabf% Vba gbWbf _bf WXeXV[bf l bU_\ZTV\baXf cb_qg\VTf dhX X__b fhcbaX' ;_ bgeb Xf dhX _T \afg\ghV\baT_\mTV\sa WX _bf cTeg\Wbf cb_qg\Vbf T geTipf WX fh \afXeV\sa Vbafg\ghV\baT_ cXe`\g\s VeXTe _bf `bWXeabf HVWDGRV GH SDUWLGRV WX _bf dhX [TU_T AX_fXa "+*# l% Vba X__b% ha XfcTV\b cTeT _T cTeg\V\cTV\sa _XZqg\`T WX cTeg\Wbf fbV\T_\fgTf XahaTUhXaTcTegXWX_bfcTqfXfVTc\gT_\fgTf' ;fgb geT]b Vbaf\Zb geXf VbafXVhXaV\Tf cb_qg\VTf \`cbegTagXf cTeT X_ `bi\`\Xagb bUeXeb' Fe\`Xeb% _Tf `bi\_\mTV\baXf bUeXeTf Xa gbeab T_ WXeXV[b T ibgb TVg\iTeba T haT YhXemT fbV\T_% geTafYbe& `naWb_T Xa YhXemT cb_qg\VT% l Xfgb% T fh iXm% chfb Xa `TeV[T ha cebVXfb WX cb_\g\mTV\sa WX _T XfYXeT XVbas`\VT' BT Ybe`TV\sa WX haT ahXiT YhXemT cb_qg\VT "X_ `bi\`\Xagb bUeXeb# l _T cb_\g\mTV\sa WX haT XfYXeT fbV\T_ dhX X_ _\UXeT_\f`b VbaV\UX Vb`b ce\iTWT "_T XVbas`\VT# Vbafg\ghlXeba% chXf% X_ ce\`Xeb WX Xfgbf XYXVgbf cb_q& g\Vbf' ;__b VbaWh]b T ha WXfc_TmT`\Xagb WX _bf cTen`Xgebf WXageb WX _bf VhT_Xf _Tf W\iXefTf YhXemTf Xa _hV[T cbe Vbadh\fgTe chagbf WX cbWXe Xa X_ XfcTV\b cb_qg\Vb&\afg\ghV\baT_ WX_ gX]\Wb fbV\T_ WXUXeqTa XYXVghTe% WX T[q Xa `nf% fhf Vn_Vh_bf cb_qg\Vbf Xa eX_TV\sa T _Tf T_\TamTf%_bfVb`ceb`\fbfl_TfVbaYebagTV\baXf' ;afXZhaWb_hZTe%VbaX__b_TfV_TfXfWb`\aTagXflTab +*' >Taf AX_fXa% É
*+*

chXWXa \`cbaXe% Vb`b VeXqTa CTek l ;aZX_f Xa _T pcbVT Xa dhX eXWTVgTeba 0O 7DQLILHVWR% Éha fb_b \agXepf WX V_TfXÑ T _T aTV\sa4 XkVXcghTaWb _Tf TVghT_Xf W\VgTWheTf `\_\gTeXf b _bf eXZq`XaXf XkV_hlXagXf WX WXeXV[T% _Tf V_TfXf Wb`\aTagXf fX iXa bU_\ZTWTf% cbe iXm ce\`XeT% T _XZ\g\`Te fh Wb`\a\b% Xf WXV\e% T UhfVTe Ybe`Tf VbafXafvT_Xf cTeT X_ X]XeV\V\b WX_ cbWXe% dhX TUTeVTa gTagb T _Tf V_TfXf dhX TVTgTa Vb`b T _Tf V_TfXf dhX fX bcbaXa T gT_ Wb`\a\b' ;_ XfgTWb UheZhpf fX ihX_iX Tfq ab fs_b haT `XmV_T iTe\TU_X WX ÖVbXeV\sa `nf VbafXafbÜ% Vb`b _b XkceXfTeT =eT`fV\ Xa fh Vbab& V\WT Yse`h_T XfdhX`ng\VT% f\ab dhX% TWX`nf% fX Vbai\XegX Xa bU]Xg\ib ce\`beW\T_ WX_ TVV\baTe WX _T Ybe`T&cTeg\Wb l gXeeXab WX _TVbaYebagTV\sa&aXZbV\TV\sacb_qg\VTWX_TfV_TfXf' O gXeVXeb%WXfWXX_`b`XagbXadhX_TVbadh\fgTWX_fhYeTZ\b cbe cTegX WX _bf TfT_Te\TWbf [TVX cbf\U_X fh \aZeXfb Xa X_ f\fgX`T cb_qg\Vb&cTeg\WTe\b% X_ ÖcTeg\Wb&V_TfXÜ lT ab chXWX fXe X_ ÖXagXeeTWbe WX_ VTc\gT_\f`bÜ% X_ Öcebgb&XfgTWbÜ fbV\T_\fgT WX_ Yhgheb% ha cheb l f\`c_X ÉTag\XfgTWbÑ "ceb_XgTe\b# dhX XaYeXagT Xa X_ ceXfXagX T_ XfgTWb "UheZhpf# WXfWX TYhXeT3 fX Vbai\XegX Xa ha TWiXefTe\b _XZqg\`b% Xa ha Egeb WX _T UheZhXfqT dhX XaYeXagT T pfgT HQ HO LQWHULRU WX_ XfgTWb l WX _T fbV\XWTW cb_qg\VT' FXeb Xfgb ab f\X`ceX YhX cXeV\U\Wb Xa fh `b`Xagb cbe X_ `bi\`\Xagb bUeXeb l _bf Xkcb& aXagbfWX_T\WXTWX_cTeg\Wb&V_TfX'9b`bW\VXWX=\biTaa\3 É7 `XW\WT dhX X_ XfgTWb \afg\ghV\baT_\mT Ybe`Tf l fh]Xgbf% beZTa\mT _b fbV\T_ W\eXVgT`XagX b T geTipf WX ZeTaWXf `XW\V\baXf% bVheeX dhX g\XaX _hZTe% cTeT dhXWTeabf Xa _T `XgnYbeT% ha eXVbabV\`\Xagb l ha XaYeXagT`\Xagb' QFXebR `\XageTf fX iTa eXVbafgehlXaWb _bf TcTeTgbf WX [XZX`baqT Xa eX_TV\sa T _bf fh]Xgbf dhX [Ta TUTaWbaTWb _T cTf\i\WTW% Xa X_ `bi\`\Xagb Vb`ha\fgT [Tl dh\XaXf c\XafTa dhX cbe Xfgbf TcTeTgbf ab cTfT _T Ö[\fgbe\TÜ l cbe gTagb% Xa haT V\XegT `XW\WT% eXahaV\Ta T XageTe Xa TVg\i\WTW "'''#' FXeb XagbaVXf% TagX haT i\f\sa Vb`cTVgT l _\aXT_ WX_ XfgTWb% `TeVTWT T fh iXm cbe haT eX_TV\sa f\`c_X Vba _T eTV\baT_\WTW WX ha `bWb WX cebWhVV\sa% X_ cTeg\Wb&V_TfX eXVb`cbaX fh i\WT Vb`b

*++

TcTeTgb \ZhT_`XagX Vb`cTVgb% Vb`b Tag\XfgTWb% eXi\eg\XaWb fbUeX fq `\f`b _T \`TZXa dhX fX [T [XV[b WX fh cebc\b TagTZba\fgTÑ"++#' BT _sZ\VT WX_ ÖTag\&XfgTWbÜ% TaV_TWT Xa _T \WXT WX_ ceXWb& `\a\b WX _T VTgXZbeqT WX `bWb WX cebWhVV\sa "Wbf V_TfXf TagTZs& a\VTf% ha fs_b cbWXe X]XeV\Wb Vb`b `babcb_\b WX _T V_TfX XVbas& `\VT`XagX `nf cbWXebfT#% a\ f\dh\XeT _bZeT WTe VhXagT WX _Tf `hgTV\baXf WX _b cb_qg\Vb l WX _b fbV\T_ Xa _b dhX eXfcXVgT T fhf i\X]Tf eX\i\aW\VTV\baXf cTeT _bf cebWhVgbeXf3 ab cXeV\UX dhX _T _sZ\VT WX _b cb_qg\Vb cebchZaTWT cbe X_ fbV\T_\f`b WXV\`basa\Vb &Xfgb Xf% _b cb_qg\Vb Vb`b eXT_\WTW dhX fX Vbafg\ghlX Xa X_ gXeeXab WX _b XVbas`\Vb& Vb`\XamT T fXe WXfc_TmTWT cbe haT _sZ\VT WX _T \ZhT_WTWXVbas`\VTdhXfXTY\e`TXaX_gXeeXabWX_bcb_qg\Vb' J$

g?IY[QLV\UhKSIZQZ[IVQUZ[Q[\KQeUWVSc[QKI04Q]MYZQLIL ZVKQIS"\UQLILWYVOYITa[QKI$

>bl% a\ X_ `TgXe\T_\f`b [\fgse\Vb a\ _T VTgXZbeqT WX `bWb WX cebWhVV\sa f\eiXa cTeT YhaWTe haT cenVg\VT cb_qg\VT fbV\T_\fgT Xa XfgX Y\a WX f\Z_b' ;aVXeeTWb Xa X_ gXeeXab WX _T XVbab`qT% X_ fbV\T_\f`b `Tek\fgT WX YTVgheT WXV\`basa\VT ab _bZeT WTe VhXagT WX _T Vb`c_X]\WTW dhX TWdh\XeX X_ VT`cb WX_ VbaY_\Vgb Vba _T cbgXaV\T XkcTaf\iT WX_ XfcTV\b fbV\T_% _T T`c_\TV\sa WX_ n`U\gb XfgTgT_ l _T Ybe`TV\sa WX ha XfcTV\b cb_qg\Vb&cTeg\WTe\b' C\XageTf _Tf iTaZhTe& W\Tf XfV_TeXV\WTf XfcXeTa dhX _Tf Ö_XlXf bU]Xg\iTfÜ WX _T [\fgbe\T Vh`c_Ta Vba fh cTcX_ WX cebibVTe _T __XZTWT WX_ `\_Xa\b fbV\T_\fgT% cXef\fgXa _Tf Xk\ZXaV\Tf VbaVeXgTf WX _b Vbg\W\Tab' ;_ WXfYTfT]X XageX ha Yhgheb dhX TZhTeWT T_ Y\aT_ WX_ TeVb \e\f WX _T YX l ha ceXfXagX dhX Xf i\i\Wb Xa X_ eT_Xag\ WXfcbgXaV\TWbe WX _T Thgb`TeZ\aTV\sa [TVX dhX% WX [XV[b% X_ iTfgb gXee\gbe\b WX _bf cb_qg\Vbf fX WXfc_\XZhX T XfcT_WTfWX_cTeg\WbfbV\T_\fgTWXibVTV\sacheT`XagXbUeXe\fgT' ++' 8\TZ\b WX =\biTaa\% ÉCTek\f`b l XfgTWbÑ% Xa =GXKUVC -% Lb_' ??% Dx ,% `Tlb&TZbfgb *21*% Ka\iXef\WTW 7hgsab`T CXgebcb_\gTaT 7mVTcbgmT_Vb% Cpk\Vb%cc'2&-/'

*+,

IX WXUX TUTaWbaTe _T gXf\f WX_ cTeg\Wb `babV_Tf\fgT' ;a X_ _q`\gX% haT beZTa\mTV\sa cb_qg\VT fbV\T_\fgT VbaVXU\WT Vb`b cTeg\Wb&V_TfX ab chXWX fXe `nf dhX ha seZTab WX eXceXfXagTV\sa fXVgbe\T_% ha TcTeTgb WX VTenVgXe VbecbeTg\ib X`cXrTWb Xa TZhTeWTe X_ `\_Xa\b WX _T eXWXaV\sa ha\iXefT_ ThZheTWb cbe _bf cXafTWbeXf WXV\`basa\Vbf' 7hadhX gT`U\pa fX WXUX eXVbabVXe dhX% `nf T__n WX _bf XfgTghgbf% WX _Tf Vbaf\ZaTf \WXb_sZ\VTf l WX_ _XaZhT]X cebfX_\g\fgT WX _bf `\_\gTagXf% _T cenVg\VT eXT_ WX _bf cTeg\Wbf WX V_TfX ahaVT fX eXWh]b T haT cheT l f\`c_X eXceXfXagTV\sa Te\g`pg\VT WX _bf ceb_XgTe\bf Xa X_ XfcTV\b cb_qg\Vb&cTYeg\WTe\b' Is_b ;aZX_f cTeXVX [TUXe [XV[b `XaV\sa T gT_ Te\g`pg\VT X_XVgbeT_' FXeb _T _sZ\VT WX_ ceb_XgTe\TWb Vb`b ÖV_TfX ha\iXefT_Ü Xfghib ceXfXagX Xa X_ W\fVhefb lX_cXafT`\XagbWX_T???l?L?agXeaTV\baT_' D\ f\dh\XeT =eT`fV\ _bZes XfVTcTe WX_ gbWb T _T _sZ\VT WX_ cTeg\Wb&V_TfX' ;f V\Xegb dhX ab VbaVXUqT T_ cTeg\Wb Vb`b XkceXf\sa WX Ö_TÜ V_TfX% f\ab `nf U\Xa Vb`b Ybe]TWbe WX haT ahXiT Öib_hagTWÜ Vb_XVg\iT WX VTenVgXe aTV\baT_ l cbch_Te &Xf WXV\e% WX haT ahXiT [XZX`baqT' ;__b Xf ha ZeTa TiTaVX Xa eX_TV\sa T_ _Xa\a\f`b' E% cbe _b `Xabf% _b Xf f\X`ceX l VhTaWb fX geTgX WX haT [XZX`baqT c_heT_\fgT VTcTm WX eXVbabVXe _T \aXi\gTU\_\WTW WX_ W\fXafb l _T aXVXf\WTW WX XaVTeTe X_ cebU_X`T WX_ W\fXrb \afg\ghV\baT_ cTeT _\W\Te Vba X_ W\fXafb% l ab WX haT [XZX`baqT beZTa\V\fgT b gbgT_\gTe\T% Xf WXV\e% WX _T [b`bZXaX\WTW l _T fX`X]TamT T_ Xfg\_b WX _T haTa\`\WTW YbemTWT WX 9beXT WX_ DbegX' "+,#' FXe`\gX Xi\gTe _Tf VbaVXcV\baXf iTaZhTeW\fgTf dhX Tf\ZaTa haT fhXegX WX `babcb_\b WX _T iXeWTW T _bf VhTWebf cTeg\WTe\bf' FXeb gT`U\pa [Tl dhX eXVbabVXe _bf _q`\gXf WX =eT`fV\3 cTeT p_% gbWT ib_hagTW aTV\baT_&cbch_Te% Xa gTagb ceblXVgb WX [XZX`baqT% fX Vbafg\ghlX Xa gbeab T haT WX _Tf ÖV_TfXf YhaWT`XagT_XfÜ WX _T fbV\XWTW% Vba _b VhT_ ab _bZeT XfVTcTe cbe Vb`c_Xgb WX_ XfXaV\T_\f`b V_Tf\fgT WX _T ??? ?agXeaTV\baT_' 9ba X__b% XfgTU_XVX _q`\gXf XkgeT&cb_qg\Vbf l XkgeT&Vh_gheT_Xf cTeT _T gTeXT X`\aXagX`XagXcb_qg\Vb&Vh_gheT_dhX\`c_\VT_T\WXTWXÖeXYbe`T +,' @hTa 9Te_bf FbegTag\Xeb% É;_ fbV\T_\f`b Vb`b VbafgehVV\sa WX ha beWXa cb_qg\VbWX`bVeng\VbÑ%QR$EKV$"c'-,'

*+-

`beT_Ü X`ceXaW\WT cbe _T ahXiT [XZX`baqT b ib_hagTW aTV\b& aT_&cbch_Te'"+-#' 9ba _T T`c_\TV\sa WX _b cb_qg\Vb b% `nf XfcXVqY\VT`XagX% Vba _T geTafYbe`TV\sa WX _b cb_qg\Vb WXU\Wb T _T XkcTaf\sa WX _T V\h& WTWTaqT l _T Ybe`T_\mTV\sa WX ha HVWDGR GH SDUWLGRV% a\aZva cTeg\Wb cb_qg\Vb dhX WXY\XaWX Ö\agXeXfXf WX V_TfXÜ chXWX _\`\gTefX T fXe _T XkceXf\sa WX _bf \agXeXfXf WX XQD VROD FODVH% fXT ceb_XgTe\T h bgeT' ;_ VT`cb WX _b cb_qg\Vb Xf ha PXOWLYHUVR b ha\iXefb `v_g\c_X WX cb& WXe l eXf\fgXaV\T dhX ab fX eX`\gXa aXVXfTe\T`XagX T haT eX_TV\sa VXageT_ dhX Vbag\XaX T gbWTf _Tf WX`nf3 _b Öcb_qg\VbÜ ab fX eXY\XeX gTa fb_b T _T eXf\fgXaV\T VbageT X_ XfgTWb% Ö_T V_TfX Wb`\aTagXÑ b X_ VT& c\gT_%chXfgbdhXX_cbWXeabXfgTafb_bXfgTgT_%V_Tf\fgTbY\aTaV\Xeb' Db Xf dhX _bf VbaY_\Vgbf WX V_TfX WXfTcTeXVXa Vba _T T`& c_\TV\sa WX _b cb_qg\Vb l _T W\YXeXaV\TV\sa WX _b fbV\T_% f\ab dhX fX `h_g\c_\VTa l fX W\iXef\Y\VTa _bf g\cbf WX VbaY_\Vgbf% _Tf Ybe`Tf WX _hV[T% _Tf WX`TaWTf WX _bf TVgbeXf l _Tf \WXag\WTWXf WX _bf fh]Xgbf' ;_ cTeg\Wb&V_TfX% Zh\TWb cbe haT VbaVXcghT_\mTV\sa WX_ VbaY_\Vgb \afc\eTWT Xa _T _sZ\VT WX _T VbageTW\VV\sa W\T_pVg\VT% Xf \aVTcTm WX WTe VhXagT WX _T iTfgXWTW WX _b cb_qg\Vb3 _T Yse`h_T WX _T Vba& geTW\VV\sa% i, & QR Dj% ceXfhcbaX _T gbgT_\mTV\sa WX_ XfcTV\b Vba& Y_\VghT_ Xa UTfX T ha TagTZba\f`b VXageT_ dhX TUTeVT l WXgXe`\aT T _bfeXfgTagXf"+.#' +-' :X =\biTaa\% QR$ EKV$ LpTfX gT`U\pa =\TVb`b CTeeT`Tb% É7agba\b =eT`fV\ Xa YeTZ`Xagbf l BhV\b 9b__Xgg\% É7W\sf T p_ l T JheTgg\Ñ% T`Ubf Xa 7C/KWFCF2WVWTCDx/%8hXabf7\eXf%TZbfgb*210%c'+.' +.' ;fgTf eXYXeXaV\Tf T _T VbageTW\VV\sa _sZ\VT fba haT fqagXf\f WX _b dhX c_TagXb Xa É;_ WXfXb WX _T _\UXegTW "_T W\T_pVg\VT l _T VhXfg\sa WX_ bgeb#ÜÜ% 0CXKF [ 3QNKCVJ 7rb NL?% Dx .)% 8hXabf 7\eXf% W\V\X`UeX *21/% cc' .+&.2' BT gX`ng\VT YhX \aThZheTWT cbe BhV\b 9b__Xgg\ Xa haT XageXi\fgT chU_\VTWT Xa 9GY 7GHV =GXKGY" BbaWeXf% ]h_\b&TZbfgb *20-% l gT`U\pa Xa fh TegqVh_b É;_ cebU_X`T WX _T W\T_pVg\VTÑ% Xa iTe\bf ThgbeXf% 7C ETKUKU FGN OCTZKUOQ Ka\iXef\WTW 7hgsab`T WX FhXU_T% Cpk\Vb% *202% XfcXV\T_`XagX cc' --&.*' ;eaXfgb BTV_Th TUbeWs _T gX`ng\VT Xa ÉHhcgheT cbch_\fgT l W\fVhefbÑ "*202#% Xa @h_\b BTUTfg\WT "Vb`c\_TWbe#% 4GIGOQP_C [ CNVGTPCVKXCU RQN_VKECU GP -O^TKEC 7CVKPC" I\Z_b NN?% Cpk\Vb% *21.' LpTfX gT`U\pa @hTa 9Te_bf FbegTag\Xeb% É:X _T VbageTW\VV\sa T _bf VbaY_\VgbfÑ% 7C /KWFCF 2WVWTC Dx +% 8hXabf7\eXf%bVghUeX*21/%c'+-'

*+.

Fbe haT cTegX% _T Yse`h_T É7 & ab 7Ñ Xf% cbe WXY\a\V\sa% Xdh\iT_XagX T _T ha\WTW% T É*Ñ3 ab fX chXWX fXe É7Ñ l Éab 7Ñ T_ `\f`b g\X`cb4 gbWb _b dhX ab fXT É7Ñ Xf LSVR IDFWR Éab 7Ñ' LT_X WXV\e% X_ bgeb "Éab 7Ñ# fX Vbai\XegX Xa X_ Vb`c_X`Xagb WX_ hab "É7Ñ#% Vba _b VhT_ fX Vbafg\ghlX haT gbgT_\WTW VXeeTWT' ~Ghp chXWX dhXWTe YhXeT WX_ É*Ñ WX _T VbageTW\VV\sa _sZ\VT6 Fbe bgeT cTegX% f\ X_ aXkb XageX X_ hab "É7Ñ# l X_ bgeb "Éab 7Ñ# XYXVg\iT`XagX XaZ_bUT T _T gbgT_\WTW WX eX_TV\baXf cbf\U_Xf% ab Xa X_ fXag\Wb WX WXfVbabVXe _T Xk\fgXaV\T WX bgeTf eX_TV\baXf% f\ab WX VbaVXU\e_Tf Vb`b WXe\& iTWbf WX ha aXkb Unf\Vb% YhaWT`XagT_% dhX _Tf Vbag\XaX UT]b fh Ybe`T l dhX _Tf WXgXe`\aT Vba _T W\an`\VT WX fh cebc\b `bi\& `\Xagb% XagbaVXf fX VbaV_h\eqT dhX% Xa WXY\a\g\iT% fs_b [Tl ha cb_b dhX ÖiXeWTWXeT`XagX VhXagTÜ Xa _T Vbafg\ghV\sa WX_ fXe% WX _T \WXag\WTW% WX_ fh]Xgb Vb`b gT_% f\XaWb _bf WX`nf f\`c_Xf TVVXfbe\bf WXVTenVgXefXVhaWTe\b' FXeb% Tfq fX gXe`\aT aXZTaWb _T XfcXV\Y\V\WTW WX gbWb TagTZba\f`b dhX ab fXT X_ TagTZba\f`b WX V_TfX% bU_\ZTaWb T_ Tan_\f\f T eX`\g\efX \aiTe\TU_X`XagX T_ ÖTagTZba\f`b YhaWT`XagT_Ü cTeT eXVbafgeh\e _T gbgT_\WTW cbf\U_X l gbeaTe \agX_\Z\U_Xf T _Tf bcbf\V\baXf eXfgTagXf' 7WX`nf% WTWb dhX _bf fh]Xgbf Vb_XVg\ibf ab fba fs_b Öceb_XgTe\bfÜ% f\ab gT`U\pa V\hWTWTabf% `h]XeXf% VT`cX& f\abf f\a g\XeeT% \adh\_\abf% cTV\Y\fgTf b WXYXafbeXf WX WXeXV[bf [h`Tabf% Xf Xi\WXagX dhX _bf VbaY_\Vgbf cb_qg\Vbf l fbV\T_Xf ab fba `bab&_sZ\Vbf a\ TUfbeUXa gbWT _T TVg\i\WTW WX Xfbf fh]Xgbf3 XkVXcghTaWb f\ghTV\baXf WX ZhXeeT% _b cb_qg\Vb l _b fbV\T_ fX VTeTVgXe\mTa cbe VbaY_\Vgbf WX_ g\cb i , & - % Xf WXV\e% VbaY_\Vgbf dhX ab Vb`ceb`XgXa T _T gbgT_\WTW WX _T Vb`c_X]T \WXag\WTW WX_ fh]Xgb' JbWT iXm dhX fX c\XafXa _bf TagTZba\f`bf T cTeg\e WX haT VbageT& W\VV\sa _sZ\VT% fheZX _T gXagTV\sa WX ceblXVgTe fh T_VTaVX T _T gbgT_\WTW WX_ Vb`c_X]b PXOWLYHUVR WX VbaY_\Vgbf3 fheZX _T cbf\U\_\WTW eXT_ WX fhUfh`\e XfX PXOWLYHUVR UT]b _T pZ\WT WX haT VbageTW\VV\sa b`a\Vb`ceXaf\iT &Xa XfgX VTfb% _T eTV\baT_\WTW `bab_sZ\VT WX_ TagTZba\f`b WX V_TfX& WXgXe`\aTagX WX_ fXag\Wb WX _Tf WX`nf bcbf\V\baXfXace\`XeT%fXZhaWTbXav_g\`T\afgTaV\T' ;f cbe X__b dhX ha cTeg\Wb fbV\T_\fgT ab chXWX fXe `Xeb

*+/

ÖeXceXfXagTagXÜ WX \agXeXfXf WX V_TfX b _\`\gTefX T Vb`UTg\e _T cebc\XWTW ce\iTWT' BT TVV\sa cb_qg\VT Xf% XfXaV\T_`XagX% _T VTcT& V\WTW WX beZTa\mTe% `bi\_\mTe% aXZbV\Te% VbaVXegTe l TW`\a\fgeTe Xa X_ fXab Wp _T W\iXef\WTW &T_Zb dhX haT _sZ\VT cheT`XagX `Tk\`T& _\fgT X \WXb_bZ\fgT ab _bZeT Vb`ceXaWXe' KaT beZTa\mTV\sa cb_qvVT WXUX% aXVXfTe\T`XagX% c_TagXTefX bU]Xg\ibf l eX\i\aW\VTV\baXf dhX TYXVgTa T _Tf ZeTaWXf `TlbeqTf3 gbWb `XW\b WX eXceXfXagTV\sa% fXT ha cTeg\Wb% ha `bi\`\Xagb fbV\T_% ha f\aW\VTgb b haT TfbV\TV\sa UTee\T_ \agXei\XaX TVg\iT`XagX cTeT WTe Ybe`T% WXYXaWXe l VTaT_\mTe Ö\agXeXfXfÜ l WX`TaWTf W\iXefTf4 cTeT Xk\Z\e geTafYbe`TV\baXf% l _hV[Te cTeT dhX pfgTf fX eXT_\VXa' É;_ \agXepf fbV\T_\fgT &Vb`b fXrT_T =TeeXgsa& Tfh`X X_ \agXepf WX _T aTV\sa l WX _T fbV\XWTW% WXfWX _T cXefcXVg\iT WX _bf dhX aTV\Xeba cXeWXWbeXf Xa _T i\WT l Xa _T [\fgbe\T% __n`XafX pfgbf bUeXebf% `TeZ\aT_Xf% VXfTagXf% `h]XeXf% [T`Ue\XagbfÑ'"+/#' 7WX`nf% f\ U\Xa Xf V\Xegb dhX X_ gpe`\ab ÖcTeg\WbÜ WXf\ZaT haT SDUWH WX ha TZeXZTWb `nf T`c_\b &l Vba X__b eXiX_T fh aTgheT_XmT Vb`b ÖcTeg\Vh_Te\f`bÜ WXageb WX XfX TZeXZTWb&% ab [Tl dhX b_i\WTe dhX X__b Xf cXeg\aXagX ce\`beW\T_`XagX WXfWX _T cXefcXVg\iT WX haT YhXemT cb_qg\VT dhX ab [T TVVXW\Wb T_ cbWXe XfgTgT_ b dhX fs_b fX c_TagXT XfX TVVXfb cbe _T iqT \afheeXVV\baT_3 Xa haT WX`bVeTV\T% ha cTeg\Wb ab chXWX ZbUXeaTe T _T fbV\XWTW &Vbaf\WXeTWT Vb`b TZeXZTWb WX _b W\iXefb& f\ fX ceXfXagT fs_b Vb`b ÖcTegXÜ% chXfgb dhX% WX fXe Tfq% XfT ÉcTegXÑ fX TcbWXeT WX_ gbWb lWXi\XaXYhXemTW\VgTgbe\T_dhXX_\`\aTT_TWX`bVeTV\T' Fbe X__b% Xf `XaXfgXe cXafTe T_ cTeg\Wb Vb`b \afg\ghV\sa cb_qg\VT VTcTm WX Teg\Vh_Te haT W\iXef\WTW fbV\T_ Xa UTfX T ha ceblXVgb cb_qg\Vb "~dhp fbV\XWTW dhXeX`bf6# l T haT ha\WTW cebZeT`ng\VT "~dhp cebcbaX`bf [TVXe6#3 ab fs_b ÖbUeXebfÜ% f\ab TfT_Te\TWbf Xa ZXaXeT_4 ab fs_b cebU_X`Tf WX _T cebWhVV\sa l WX _T cebc\XWTW% f\ab gT`U\pa WX_ `XW\b T`U\XagX% WX _T _\UXegTW l WX _T +/' CTahX_ 7agba\b =TeeXgsa% ÉFTeg\Wb l fbV\XWTW Xa ha ceblXVgb fbV\T_\fgTÑ% :bVh`Xagb WX geTUT]b Dx +//% FebZeT`T
*+0

cTeg\V\cTV\sa WX _bf ]siXaXf l WX _Tf `h]XeXf' Ka cTeg\Wb fbV\T_\fgT Tfq VbaVXU\Wb ab chXWX `babcb_\mTe _Tf \a\V\Tg\iTf VbafgXfgTgTe\Tf4 Xf haT \afgTaV\T TZeXZTWbeT WX _b W\iXefb% Vhlb n`U\gb YhaWT`XagT_ WX \agXeiXaV\sa Xf X_ XfgTWb l _T fbV\XWTW cb_qg\VT &_T TW`\a\fgeT& V\sa WX _bf eXVhefbf Vb_XVg\ibf WX_ XfgTWb% X_ ZbU\Xeab WX _T fbV\XWTW l _T X_TUbeTV\sa WX _XZ\f_TV\sa ]hagb Vba bgebf TVgbeXf cTeg\WTe\bf' Db g\XaX cbedhp Vbageb_Te _Tf \a\V\Tg\iTf Thgsab`Tf dhX fheZXa Xa X_fXabWX_TfbV\XWTWV\i\_'

E9

A><1=C939B<>GB53C1A9B<>5= 5;9<179=1A9>45;1B9H@D95A41B

;fgX XafTlb YhX chU_\VTWb Xa _T HXi\fgT 7GXKCV]P Dx ,-% ?? ;cbVT% CTWe\W%;fcTrT%\ai\XeabWX*212%cc'2,&*)+'

*+1

*+2

'$

;IUVKQeULMkQTIOQUIYQVKVSMK[Q]Vl$

9Tfgbe\TW\f [TU_T WX_ VLQ IRQGR WX_ \aW\i\Whb l WX _T i\WT Vb_XVg\iT cTeT WXf\ZaTe T_Zb TcTeXagX`XagX UTaT_ cXeb WX \`cbegTa& V\T eTW\VT_% T fTUXe% dhX T`Ubf VTeXVXa WX haT XfXaV\T b fXag\Wb \ageqafXVb' Ih VTeTVgXeqfg\VT YhaWT`XagT_ Xf _T WX fXe% cbe Tfq WXV\e_b% ÖTeV\__TÜ dhX chXWX fXe `b_WXTWT WX `v_g\c_Xf l W\iXefTf `TaXeTf' BT \WXag\WTW WX ha fh]Xgb b WX haT fbV\XWTW Xf haT Ybe`T b Y\ZheT XfcXVqY\VT dhX fheZX WX XfT ÖTeV\__TÜ% Xf haT `TaXeT WX WX_\`\gTe X_ VLQ IRQGR Xa UTfX T VbafgehVV\baXf [\fgse\VTf l fbV\T_Xf dhXfba%cbeWXY\a\V\sa%geTafYbe`TU_Xf' FTeT WTe haT `Tlbe ceXV\f\sa VbaVXcghT_ T Xfgb% 9Tfgbe\TW\f [T WXfTeeb__TWb l cbch_Te\mTWb X_ hfb WX _T XkceXf\sa LPDJLQDULR FROHFWLYR' ;__T WXf\ZaT _T eXW WX f\Za\Y\VTWbf dhX cXe`\gXa T ha Zehcb VhT_dh\XeT \`ce\`\e fXag\Wbf Xa X_ Öf\a YbaWbÜ WX_ \aW\i\Whb l WX _T i\WT Vb_XVg\iT% Xf WXV\e% dhX cXe`\gXa \afg\gh\e _b fbV\T_ Vb`b gT_' É;_ X_X`Xagb \`TZ\aTe\b WX_ `haWb fbV\b&[\fgse\Vb "' ' '# Xf TdhX__b dhX [TVX cbf\U_X haT eX_TV\sa XageX bU]Xgb X \`TZXa4 Xf _T VeXTV\sa H[&QLKLOR WX Y\ZheTf l Ybe`Tf% f\a _Tf VhT_Xf ab cbWeqT [T& VXefX haT eXY_Xk\sa DFHUFD GH T_Zb' 7 a\iX_ WX _b fbV\b&[\fgse\Vb% X_ \`TZ\aTe\b cXe`\gX WTe VhXagT WX _Tf be\XagTV\baXf WX _Tf \af& g\ghV\baXf fbV\T_Xf% WX _T Vbafg\ghV\sa WX `bg\iTV\baXf l aXVXf\WT& WXf% WX _T Xk\fgXaV\T WX_ f\`Ub_\f`b% _T geTW\V\sa l X_ `\gbÑ' BTf f\Z& a\Y\VTV\baXf \`TZ\aTe\Tf fba É_bf _Tmbf dhX TZ_hg\aT T _T fbV\XWTW l _Tf Ybe`Tf dhX WXY\aXa _b dhX Xf ÖeXT_Ü cTeT haT V\XegT fbV\XWTWÑ "*#' *'

@b[a 8' J[b`cfba% É?WXb_bZl TaW g[X IbV\T_ ?`TZ\aTelÑ% ?JGQT[ CPF

>QEKGV[Lb_'??%Dx.%J[X>TZhX%IXcgX`UXe*21+%cc'//-%//.'

*,)

*,*

>bl% 9Tfgbe\TW\f g\XaWX T TfbV\Te _T abV\sa WX Ö\`TZ\aTe\b Vb_XVg\ibÜ Vba _T \WXT WX Vh_gheT Xa X_ fXag\Wb WX _T SDLGHLD WX _bf Ze\XZbf' ÉBT SDLGHLDÑ% W\VX% ÉVbag\XaX \aW\fbV\TU_X`XagX _bf ceb& VXW\`\Xagbf \afg\gh\Wbf T geTipf WX _bf VhT_Xf X_ fXe [h`Tab% Xa X_ Vhefb WX fh YTUe\VTV\sa fbV\T_ Vb`b \aW\i\Whb% Xf VbaWhV\Wb T eXVbabVXe l T \aiXfg\e cbf\g\iT`XagX _bf iT_beXf WX _T fbV\XWTW' ;fbf iT_beXf ab fba WTWbf cbe haT \afgTaV\T XkgXeaT% a\ WXfVhU\Xegbf cbe _T fbV\XWTW Xa fhf lTV\`\Xagbf aTgheT_Xf b Xa X_ V\X_b WX _T HTmsa' Iba% VTWT iXm% VeXTWbf cbe _T fbV\XWTW Vbaf\WXeTWT% Vb`b avV_Xbf WX fh \afg\ghV\sa% fXrT_Xf v_g\`Tf X \eeXWhVg\U_Xf WX fh f\Za\Y\VTV\sa% cb_bfWXbe\XagTV\saWX_[TVXelWX_eXceXfXagTefbV\T_XfÑ"+#' IXT Vb`b SDLGHLD b Vb`b \`TZ\aTe\b Vb_XVg\ib% [Tl \`n& ZXaXf eXVheeXagXf dhX cXe`\gXa [TU_Te WX ha fXag\Wb Vb`va Vb`cTeg\Wb cbe `\_\gTagXf l TaT_\fgTf cb_qg\Vbf% \agX_XVghT_Xf l V\hWTWTabf Xa ZXaXeT_ dhX VbaYbe`Te haT Vb_XVg\i\WTW dhX fX VbabVX ZXape\VT`XagX Vb`b Ö_T \mdh\XeWTÜ' Iba _bf X_X`Xagbf Vh_gheT_Xf Vbafg\ghg\ibf WX fh SDLGHLD b% f\ fX ceXY\XeX% _bf f\Za\Y\& VTWbf Vb`va`XagX TVXcgTWbf cbe ÖZXagX WX \mdh\XeWTÜ Xa X_ fXag\Wb dhX Xfgbf Vb\aV\WXa Xa XfgTU_XVXe% T ZeTaWXf eTfZbf% X_ `\f`b g\cb WX eX_TV\sa XageX T_Zhabf bU]Xgbf l _Tf \`nZXaXf dhX WX X__bf fX g\XaX' ;fgna% cbe X]X`c_b% _T eX_XiTaV\T Tf\ZaTWT T_ `haWb WX_ geTUT]b% T _T cebWhVV\sa l T _bf bUeXebf4 X_ cbgXaV\T`\Xagb WX_ VTenVgXe Tf\fgXaV\T_ WX_% XfgTWb l X_ paYTf\f Xa cb_qg\VTf fbV\T_Xf eXW\fge\Uhg\iTf4 _T bcV\sa cbe _T c_Ta\Y\VTV\sa XVbas`\VT TagXf dhX cbe _bf `XVTa\f`bf WX `XeVTWb4 _T \WXT WX_ cTeg\Wb cb_qg\Vb WX \mdh\XeWT Vb`b cTeg\Wb dhX ce\i\_XZ\T cebZeT`ng\VT`XagX _Tf WX`TaWTfWX_bfgeTUT]TWbeXfl_bfTfT_Te\TWbfXaZXaXeT_' ($

B\MdVZLMYM]VS\KQeU$1SO\UIZQUKVUNMZILIZNIU[IZcIZ YVTaU[QKIZLMSQUNIU[MQ`X\QMYLQZ[I $

FXeb% gT`U\pa fX chXWX TceXV\Te _T ceXfXaV\T WX \`nZXaXf dhXZXaXeTaleXcebWhVXahaTYLVLaQURP^QWLFDWXcebVXfbf% +'

9beaX_\hf 9Tfgbe\TW\f% ÉJeTafYbe`TV\sa fbV\T_ l VeXTV\sa Vh_gheT_Ñ% 7GVTC

5PVGTPCEKQPCNDx1%CTWe\W%\ai\Xeab*210&*211%c'*+'

*,+

V\eVhafgTaV\T% TVgbeXf l XiXagbf dhX Ybe`Ta cTegX WX _T geTW\V\sa WX _hV[T%`\_\gTaV\TlcXafT`\XagbWX_T\mdh\XeWT' I$

9TaOMUMZLMSIYM]\MS[I$AVTIU[QKQZTVbWQKV$

KaT WX X__Tf Xf _T WX_ PRGHOR WX _T eXihX_gT3 WX ha `bWb h bgeb% `hV[bf f\ZhXa Vbaf\WXeTaWb T _T HXib_hV\sa
*,,

[b`UeXf l `h]XeXf [h`\_WXf dhX _hV[Ta VbWb T VbWb Xa _Tf VT__Xf "WbaWX fba% fXZva fX W\VX% Ö`hV[b `nf dhX WbfÜ#% fX XaYeXagT Vba X_ HOORV b X_ WXfcbg\f`b WX _bf cbVbf dhX eXce\`Xa cTeT WXYXaWXe fhf ce\i\_XZ\bf' ;_ XaYeXagT`\Xagb fhX_X iXefX Vb`b haT fhXegX WX gTU_Xeb Up_\Vb &ab gTagb WX T]XWeXm Vb`b WX WT`Tf& WbaWX _bf UTaWbf "f\X`ceX Wbf# TcTeXVXa Vb`b gTagbf X]peV\gbf dhX fX XaYeXagTa VTeT T VTeT% _qaXT WX Yhf\_Xebf cbe _qaXT WX Yhf\_Xebf% ha\Ybe`Xf cbe ha\Ybe`Xf Xa ha XfcTV\b c_Tab% WXfcX]TWb l VTeXagX WX VbaYhf\sa' L\fhT_`XagX% XfgT VbaVXcV\sa VTegXf\TaT WX_ XfcTV\b WX_T_hV[TVbeeXfcbaWXT_-DUU\6\QGRQWXIgTa_XlAhUe\V^' ;fgTf \`nZXaXf WX _T eXihX_gT WX `TfTf Vb`b `bWX_b% Ybe`T l VbaVXcV\sa XfcTV\T_ Vbafg\ghlX &Vb`b WXVqTa Vba haT fTaT Wbf\f WX \ebaqT _Tf c\agTWTf WX `Tlb WX_ Ü/1& X_ Wh_VX bc\b TWb_XfVXagX WX _T \mdh\XeWT% fXT WX fhf \agX_XVghT_Xf b WX fhf `\_\gTagXf WX UTfX' :T _hZTe T YTagTfqTf TVXeVT WX ha cTfTWb abfgn_Z\VT`XagX `\g\Y\VTWb Xa X_ VhT_ _bf TfT_Te\TWbf XeTa eXT_`XagX bUeXebf WX biXeb_ &`Tabf VT__bfTf% c\X_ Vheg\WT% `\eTWT T_g\iT& l _bf cTgebaXf VTc\gT_\fgTf XeTa UheZhXfXf eTU\bfT% TU\XegT% VbafV\XagX l ZhfgbfT`XagX Xkc_bgTWb& eXf' ;_ YXeibe WX _Tf `TfTf `Tf\ib4 X_ chXU_b `nf chXU_b4 _Tf eXihX_gTf`nfZXah\aTfl_bf[b`UeXf`nf[b`UeXf' J$

4MZW\bZLMSIJVYYIKPMYIYVTaU[QKI$

;__b Xf ha `\gb Xa X_ `T_ fXag\Wb WX _T XkceXf\sa% gTagb Vb`b _b fba _T \WXT WX_ VT`U\b eTW\VT_ \a`XW\Tgb% X_ `bWX_b VTegXf\Tab WX _T ZhXeeT% WX _Tf VbfTf ÖV_TeTf l W\fg\agTfÜ l _T \`TZXa Ö9b`haT WXFTeqfÜWX_TeXf\fgXaV\T' ;a ce\`Xe _hZTe% a\ _T HXib_hV\sa
*,-

eTW\VT_Xf \a`XW\Tgbf Xa _T beZTa\mTV\sa WX _T i\WT Vbg\W\TaT WX _T ZXagX l dhX _bZeTeba Vbafg\gh\e ha ahXib TcTeTgb XfgTgT_% ha ahXib beWXaT`\Xagb XfgTgT_ b haT&aTV\sa Xa X_ Vbegb c_Tmb' ;f V\Xegb dhX Xa gbWbf Xfgbf VTfbf \agXei\ab haT _sZ\VT cb_qg\VT WX _T X`TaV\cT& V\sa4 cXeb% cbe _b ZXaXeT_% _Tf YhXemTf dhX cTeg\V\cTeba W\eXVgT`XagX WX _T _hV[T cbe X_ VT`U\b YhXeba _bf X]peV\gbf TagXf dhX X_ ÖchXU_bÜ% Xa `hV[Tf _bVT_\WTWXf T\f_TWTf _Tf abg\V\Tf TVXeVT WX_ pk\gb WX _Tf ÖZXfgTf _\UXegTWbeTfÜ __XZTeba &ThadhX fs_b fXT cbe _T YT_gT WX `XW\bf WX Vb`ha\VTV\sa& `XfXf WXfchpf dhX pfgTf ghi\Xeba _hZTe l _bf VT`U\bf "_XZT_Xf% cb_qg\Vbf% XVbas`\Vbf h bgebf# bVhee\Xeba `hV[b WXfchpf WX _T geTafYXeXaV\T Ybe`T_ WX cbWXe WX_ eXl WX ;fcTrTT_bfahXibffXrbeXfVe\b__bf' ;a fXZhaWb _hZTe% gT`cbVb Xf eXT_\fgT ceXfhchXfgTe D SULRUL haT TW[Xf\sa XfcbagnaXT l `Tf\iT WX _T cbU_TV\sa T haT _hV[T' IX cbWena [TVXe `hV[Tf VbfTf cbe X_ U\Xa WX _T VThfT "W\fVhg\e% TcblTe% TW[Xe\efX l TVghTe#% cXeb cbVbf XfgTena W\fchXfgbf T \agXeiXa\e f\ _b dhX Xfgn Xa ]hXZb Xf fh cebc\T \agXZe\WTW Yqf\VT3 X_ e\XfZb WX fhYe\e Zb_cXf% gbegheT X% \aV_hfb% _T cbf\U\_\WTW eXT_ WX cXeWXe _T i\WT Xf ha XkVX_XagX W\fhTf\ib cTeT X_ YXeibe ce\aV\c\fgT' ;fb _b fTUXa `hl U\Xa gbWbf _bf g\eTabf% g\eTahX_bf l Tfc\eTagXf T g\eTabf l g\eTahX_bf' Cnf Tva f\ _bf U\Xa\agXaV\baTWbf &cXeb \`cebi\fTWbf l WXfTe`T& Wbf& `hV[bf dhX fba VbaibVTWbf ab fTUXa Vs`b [TVXe YeXagX T _bf XageXaTWbf &l WXfZeTV\TWT`XagX U\Xa Te`TWbf& cbVbf dhX fba bU_\ZTWbfTeXce\`\e' F\pafXfX Xa _bf Zb_cXf WX XfgTWb' ;a _T `TrTaT WX ha T_mT`\Xagb `\_\gTe% ~dhp [TVX X_ V\hWTWTab Vb`va dhX WXfXT WXYXaWXe _T \afg\BhV\baT_\WTW eXchU_\VTaT6 ~Jb`T haT _qaXT WX s`a\Uhf dhX _b __XiX T _Tf Ö_qaXTf WX eXf\fgXaV\TÜ6 ~B_T`T T ha gTk\ l c\WX dhX _b __XiX enc\WT`XagX T _Tf ÖUTee\VTWTfÜ6 ~:saWX dhXWTa _Tf UTee\VTWTf b _hZTeXf WX ÖeXf\fgXaV\TÜ6 O TdhX__bf dhX fX iXa bU_\ZTWbf T XaYeXagTefX T _bf cebYXf\baT_Xf WX _T ZhXeeT% `nf cbe bU_\ZTV\sa "YhXeba ebWXTWbf% ab [Tl XfVTcTgbe\T# dhX cbe bcV\sa "ab ghi\Xeba g\X`cb WX [TVXe_b% ab [TUqT X`UT]TWT VXeVTaT#% ~TVTfb Teeb]Ta VbV^gX_Xf `b_bgbi WXfWX _Tf TmbgXTf cTeT WXgXaXe T _bf gTadhXf U_\aWTWbf dhX cTfTa6 ~IX TZTV[Ta cTeT Xi\gTe X_ YhXZb WX

*,.

_bf [X_\VscgXebf6 ~HXf\fgXa T [baWTmbf T _T `XgeT__T6 ~HXV\UXa b__Tf WX Vb`\WT WX _bf iXV\abf b Vb`ceTa cebi\f\baXf Xa X_ T_`TVpa WX _TXfdh\aT6 K$

;VZTaY[QYMZUVW\MLMUKVU[IYPQZ[VYQIZ$5SWVZ[MYLMS 3PM

,QWHV WX ha TVbagXV\`\Xagb WX XfgX g\cb% gbWbf fb`bf eXib_hV\baTe\bf "b T_ `Xabf dhXeX`bf fXe_b#4 GHVSX_V WX_ XiXagb% gbWbf fb`bf ZXaXeT_Xf' FXeb _b dhX WX [XV[b VhXagT GXUDQWH haT eXihX_gT% haT eXib_hV\sa% haT ZhXeeT VbaiXaV\baT_ b ha Zb_cX% Xf dhX _bf eXib_hV\baTe\bf l _bf ZXaXeT_Xf cTeg\V\cXa T_ _TWb WX _bf fb_WTWbf' FhXf T_ [TVXe_b% fX WXfVhUeX dhX% `nf T__n WX _b dhX _T "UT]b UXaXY\V\b WX \aiXagTe\b# U\Xa\agXaV\baTWT \`TZ\aTV\sa eb& `nag\VT WX _T \mdh\XeWT WXfXT% _b dhX bVheeX Xf bgeT VbfT' 9b`b `hXfgeTa 9bccb_T Xa ,SRFDO\SVH 8RZ l E_\iXe IgbaX Xa :ODWRRQ% _b dhX fX cbaX Xa XfVXaT Xf ha ]hXZb \`c_TVTU_X WX cThgTf bcXeTg\iTf W\VgTWTf cbe X_ gXeebe% X_ Wb_be l _T `hXegX% WbaWX X_ Ta[X_b aXhesg\VT`XagX bUfXf\ib WX _bf cTeg\V\cTagXf Xf fT_\e i\ibf l _T va\VT ÖTe`baqTÜ cbf\U_X WX W\fVXea\e Xa XfX VTbf Xf _T WX haT gbgT_FRQIXVLaQ' ;_ [pebX Xf ha fbUeXi\i\XagX4 X_ `neg\e Xf ha [pebX Vba `T_T fhXegX' JbWbf fhXrTa Vba fXe [pebXf% cbVbf dh\XeXa fXe `neg\eXf% chXfgb dhX X__b _Xf \`c\WX fbUeXi\i\e cTeT aTeeTe _b TVTXV\Wb l ZbmTe WX_ ge\haYb' ;f cbe X__b dhX X_ [Xebqf`b% _T iT_XagqT b _T \a`b_TV\sa \aW\i\WhT_% f\ U\Xa ab fba WXfVbabV\Wbf% fba cbVb YeXVhXagXf l eTeT`XagX WXgXe`\aTagXf WX _bf eXfh_gTWbf WX haT Vbag\XaWT' 7hadhX aTWT \`c\WX dhX chXWTa fXe hfTWbf D SRVWHULRUL Vb`b `VgTeV_Tgb% Vb`b X_X`Xagb WX haT XfgeTgXZ\T W\fVhef\iT VbaWhVXagX T _T e\ghT_\mTV\sa pc\VT WX_ TVbagXV\`\Xagb Vb`b ZXfgT WXageb WX _T _\gheZ\TWX\mdh\XeWT' FbedhX% T cXfTe WX fh iXgT \VbabV_TfgT% _T \mdh\XeWT gT`U\pa aXVXf\gT fTagbf Xa _bf VhT_Xf VeXXe X \afc\eTefX' ;_ 9[X =hXiTeT _b fTUX' Bbf dhX \`ce\`Xa fh cbfgXe gT`U\pa' :Xfchpf WX gbWb% lT __XiT Wbf WpVTWTf Vb_ZTWb WX _T cTeXW Vb`b cbfgXe Vba UTeUT% Ub\aT

*,/

l WX fX`\&cXeY\_' É~Fbe dhp Xfgna gbWbf KWf' T[q `\enaWb`X6Ñ &c\XafT X_ cbfgXe `\XageTf bUfXeiT T Xfbf ]siXaXf dhX dhX`Ta \aV\Xafb% W\fVhgXa _T eXib_hV\sa% TchagTa bVTf\baT_`XagX [TV\T p_ WheTagX fhf eXha\baXf% Yh`Ta lXeUT l [TVXa X_ T`be Xa fhf Wbe`\gbe\bf Vb`b gTagbf bgebf XfghW\TagXf dhX _b TW`\eTeba "TW`\& eTa# T_eXWXWbe WX_ `haWb' ;fbf iX\agX Trbf WX [\fgbe\T l fTU\WheqT T VhXfgTf bUfXeiTa WXfWX _T fhcXeY\V\X c_TaT WX _T VTeT Vba UTeUT% Ub\aT l WX fX`\&cVeY\_ dhX ahaVT XaiX]XVX' O X_ cbfgXe WX_ [pebX c\XafT cTeT fhf TWXagebf3 _bf `neg\eXf fba `hV[TV[bf dhX dhXeqTa fXe [pebXf% cXeb dhX lT ab chXWXa VbagTe fhf [\fgbe\Tf T _bf VhTgXf dhXUXUXaXaX_VTYpWX_TXfdh\aT' )$

5SkZMYUIKQVUISlMUMSLQZK\YZVLMSIZZMK[IZ ]IUO\IYLQZ[IZ. gLQZ[IUKQITQMU[V KYc[QKV SIKQeU0

V

YMNVYT\#

Egeb X_X`Xagb Xf _T YTagTfqT gbgT_\mTagX' ;_ `\gb WX_ VHU QDFLRQDO% X_X`Xagb eXVheeXagX Xa _T eXgse\VT cTge\sg\VT VbafXeiTWbeT &cXeb ab fs_b VbafXeiTWbeT&% Xf VhXfg\baTWb cbe _Tf \mdh\XeWTf WX gbWTf _Tf _Tg\ghWXf3 ab Xk\fgX ha fXe aTV\baT_ va\Vb X \aW\i\f\U_X &fX T_XZT& WXfWX X_ `b`Xagb Xa dhX _T `XeT VbafgTgTV\sa WX _T Xk\fgXaV\T WX V_TfXf fbV\T_Xf W\iXefTf Xa ha Ö`\f`TÜ fbV\XWTW WT c\X T bgeT VbafgTgTV\sa% T fTUXe% _T Xk\fgXaV\T WX Ybe`Tf WX i\WT eTW\VT_`XagX W\YXeXagXf' E \aV_hfb% f\ ab fX dh\XeX [TU_Te WX ÖV_TfXfÜ fbV\T_Xf l fX ceXY\XeX TcX_Te T _T XfgehVgheT bVhcTV\baT_ l WX \aZeXfbf% ~[TUen T_Zh\Xa dhX cbaZT Xa WhWT dhX ha ]beaT_Xeb WX_ VT`cb% ha cebYXfbe ha\iXef\gTe\b b ha X]XVhg\ib WX X`ceXfT iXa X_ `haWb T geTipf WX b]bf eTW\VT_`XagX W\fg\agbf6 :\Y\XeXa ab fs_b Xa fhf \aZeXfbf l bVhcTV\baXf% f\ab gT`U\pa Xa fh hfb WX_ _XaZhT]X% [nU\gbf Vh_\aTe\bf% Ybe`Tf WX XfcTeV\`\Xagb% eXWXf WX fbV\TU\_\WTW lTVVXfbT_cbWXecb_qg\Vb' ;a cXe\bWbf Öabe`T_XfÜ &fhX_X WXV\e _T Veqg\VT& X_ WXeXV[b T ibgb% _T VpWh_T WX \WXag\WTW l X_ av`Xeb WX_ eXZ\fgeb Vqi\Vb \ZhT_Ta T cbUeXf l e\Vbf% WpU\_Xf l cbWXebfbf' FXeb Xa ZXaXeT_% Ö_bf WX TUT]bÜ% fXT X_ cXdhXrb TZe\Vh_gbe% X_ VT`cXf\ab f\a g\XeeT% X_ ]beaT_Xeb% X_

*,0

iXaWXWbe T`Uh_TagX% X_ bUeXeb YTUe\_% X_ ]TeW\aXeb b X_ [\]b WX _T X`c_XTWT Wb`pfg\VT fs_b g\XaWXa T \aZeXfTe T_ T_gTe WX_ ÖfXe aTV\baT_Ü WX Wbf `TaXeTf3 Vb`b eXV_hgTf WX_ fXei\V\b `\_\gTe bU_\ZTgbe\b b Vb`b Y\ZheTf TUfgeTVgTf l e\ghT_Xf WX_ W\fVhefb% fXT V_XVgbeT_\fgT b cebfX_\g\fgT% bY\V\T_\fgT h bcbf\gbe' ;a pcbVTf WX XkVXcV\sa &ZhXeeTf \agXeaTV\baT_Xf% cbe X]X`c_b &fhf ab`UeXf fba XfVh_c\Wbf Xa X_ `ne`b_ WX _T cTge\T T geTipf WX _T fTaZeX WX fhf VhXecbf XfcTeV\WT Xa VT`cbf& WX UTgT__T l eXZ\fgeTWbf cbfgX& e\be`XagX Xa _bf [\gbf Yqf\Vbf l e\ghT_Xf WX _T `X`be\T WX_ Yhgheb3 `bah`Xagbf% `Thfb_Xbf l YXe\TWbf aTV\baT_Xf Xe\Z\Wbf WXfchpf WX _bfVbaY_\Vgbf' >TfgT Tdhq gbWb U\Xa' FXeb% pfgX VhXfg\baT`\Vagb WX _T \WXT WX_ ÖfXe aTV\baT_Ü% ~TVTfb _bZeT TUTaWbaTe X_ gXeeXab VbaVXcghT_ WX TdhX__b dhX Ve\g\VT6 Db WX_ gbWb' FbedhX XfgT Veqg\VT% XfcXV\T_`XagX VhTaWb cebi\XaX WX _Tf fXVgTf dhX Vb`cbaXa X_ TeV[\c\p_TZb WX _T \mdh\XeWT% fs_b UhfVT eXX`c_TmTe haT Y\ZheT cbe bgeT3 X_ VHU QDFLRQDO cbe _T FODVH REUHUD b% `nf W\WnVg\VT`XagX% cbe Ö_bf WXfcbfXqWbfÜ% Ö_bfXkc_bgTWbfÜ%\bfcbUeXfÜb\bfWXTUT]bÜ' BT \WXT WX_ ÖfXe aTV\baT_Ü Xf% Xa _T cenVg\VT% ha W\fcbf\g\ib WX gbgT_\mTV\sa f\`Us_\VT WX _T \WXag\WTW WX ha TZeXZTWb [h`Tab l% T _T iXm% haT Ybe`T WX WXf\ZaTe X_ `qa\`b Vb`va WXab`\aTWbe WX W\V[b TZeXZTWb' :Xf\ZaT _T XfXaV\T WX_ Zehcb l _T \`TZXa dhX YhaV\baT Vb`b XfcX]b cTeT gbWbf fhf `\X`Uebf Vbaf\WXeTWbf \aW\i\WhT_`XagX' Fbe fh cTegX% ÖV_TfX fbV\T_Ü Xf ha VbaVXcgb dhX WXf\ZaT T ha TZeXZTWb WX TZXagXf fbV\T_Xf Vba haT \WXag\WTW XVbas`\VT% cb_qg\VT% beZTa\mTg\iT l Vh_gheT_' FXeb Xa X_ W\fVhefb WX _Tf fXVgTf WX _T \mdh\XeWT% X_ VbaVXcgb WX V_TfX &WX V_TfX Öceb_XgTe\TÜ b WX V_TfX ÖXkc_bgTWTÜ &fX Vbai\XegX Xa haT XkceXf\sa dhX WXf\ZaT X_ T_YT l X_ b`XZT WX _b fbV\T_3 f\Zab cT_cTU_X WX _T bceXf\sa% TZXagX ce\i\_XZ\TWb WX_ VT`U\b% cbegTWbe WX _bf iT_beXf WX haT ahXiT V\i\_\mTV\sa% f\asa\`b WX ha ceblXVgb WX fbV\XWTW' BT X`TaV\cT& V\sa WX _T bceXf\sa WX V_TfX __XiTeqT T _T X`TaV\cTV\sa WX gbWT Ybe`T WXbceXf\sa' IX chXWX TceXV\Te WX \a`XW\Tgb dhX X_ eXX`c_Tmb geTafYbe`T _T Y\ZheT f\a `bW\Y\VTe _Tf VbbeWXaTWTf WX_ gXeeXab fbUeX X_ VhT_ pfgT

*,1

fX VbafgehlX' ;fgb Xf3 Vbafg\ghlX haT Veqg\VT WX_ VbagXa\Wb% cXeb ab X_ TUTaWbab WX _T Ybe`T4 fs_b bcXeT ha WXfc_TmT`\Xagb WX VTenVgXe `Xgbaq`\Vb' ;a ha VTfb% fX bUfXeiT _T `Xgba\`\T WX _b TUfgeTVgb cbe _b VbaVeXgb3 X_ ÖfXe aTV\baT_Ü WXf\ZaT T ha \aW\i\Whb VhT_dh\XeT &T gT_ b VhT_ cTeTZhTlb% gT_ b VhT_ ]hWqb% XgV'4 Xa X_ bgeb% fX TceXV\T _T `Xgba\`\T WX _T cTegX cbe X_ gbWb3 _T X`TaV\cTV\sa WX _T bceXf\sa WXV_TfXfXVbai\XegXXaX`TaV\cTV\sa[h`TaTXaZXaXeT_' *$

CVLVZX\MYcITVZZMYZMKYM[IYQVZOMUMYISMZ$5SZ\MdVLM SIZMK[IWYVWQI$

<\aT_`XagX% fX chXWX `XaV\baTe _T ceb_\YXeTV\sa WX fXVgTf WX \mdh\XeWT' ?`TZ\aX`bf _T f\Zh\XagX f\ghTV\sa' Fbe ha _TWb% ha YXeib& ebfb TVg\i\fgT WX _Tf gTagTf fXVgTf WX_ TeV[\c\p_TZb WX _T \mdh\XeWT dhX Xk[begT T _Tf `TfTf T TUeTmTe X_ _h`\abfb fXaWXeb WX _T eXib_hV\sa geTmTWb cbe _Tf WbVge\aTf dhX gTagb T`T4 cbe X_ bgeb _TWb% _Tf fhfbW\V[Tf `TfTf dhX% cTeT WXV\e_b fhTiX`XagX% fX `hXfgeTa cbVbeXVXcg\iTfT_bf__T`TWbfWX_TVg\i\fgT' :XfWX haT cXefcXVg\iT cb_qg\VT% fX cbWeqT WXV\e dhX Xk\fgX ha cebU_X`T% l dhX pfgX eTW\VT Xa ha W\fVhefb WbVge\aTe\b dhX WX]T Yeqbf T _bf \agXe_bVhgbeXf WX_ TVg\i\fgT% Xfgb Xf% T _Tf `TfTf cTeT dh\Xa YhX XfVe\gb l cXafTWb Xa ha ce\`Xe _hZTe' FbedhX% WXfchpf WX gbWb% _T cb_qg\VT fhcbaX dhX _T gXbeqT fX X`c_XT Vb`b `XW\b WX Vn_Vh_b b FRQVWUXFFLaQ WX f\ghTV\baXf WX TVV\sa% ab cTeT GHGXFLU _T f\ghTV\sa VbaVeXgT WX _T WbVge\aT' FXeb WXfWX bgeT scg\VT &cbe X]X`c_b% _T WX _T YX `qfg\VT WX_ TVg\i\fgT WX haT fXVgT&% Xf cbf\U_X dhX dh\XaXf fX Xdh\ibdhXa fXTa _Tf `TfTf% fXT cbe fh ÖYT_fT VbaV\XaV\TÜ% cbe fh ÖT_\XaTV\saÜ% fhf ÖWXfi\TV\baXfÜ h bgebf `bg\ibf' 7dhq _T gXbeqT ab VbafgehlX _T f\ghTV\sa chXfgb dhX eXWhVX _b eXT_ T _b WbVge\aTe\b3 X_ `haWb VTeXVX WX \aVXeg\Wh`UeX chXfgb dhX X_ W\fVhefb WX_ TVg\i\fgT Vbag\XaX gbWbf _bf fXag\Wbf WX XfX `haWb' ;f _T _sZ\VT WX_ mTcTgb V[\ab3 X_ cebU_X`T ab Xf WX _T \WXb_bZqT% f\ab WX _b eXT_ dhX WXUX VbaYbe`TefXTX__T' C\eTaWb _Tf VbfTf WXfWX XfgX naZh_b% X_ TVg\i\fgT lT ab g\XaX cbedhp dhXWTe WXfVbaVXegTWb TagX _T eXg\VXaV\T WX _Tf `TfTf T

*,2

TVhW\e T fh __T`TWb3 cTeT TdhX__bf dhX VeXXa VbabVXe X_ WXfXa_TVX WX _T [\fgbe\T l fXe _bf cbegTWbeXf ce\i\_XZ\TWbf WX _T iXeWTW WX pfgT% _T VTeXaV\T WX ÖVbaW\V\baXf bU]Xg\iTfÜ ab Xf ha bUfgnVh_b \`cbe& gTagX% chXfgb dhX fX fhc_X Vba ha XkVXfb WX ÖVbaW\V\baXf fhU]Xg\iTfÜ dhX `TWheTa Xa cXdhXrbf cTeg\Wbf iTaZhTeW\fgTf% \aah`XeTU_Xf gXf\f l W\fXegTV\baXf TVTWp`\VTf l V\eVh_Ta Xa ha f\aYqa WX VTeg\__Tf `\`XbZeTY\TWTf b cXe\sW\Vbf WX _T ÖbeZTa\mTV\saÜ iXaW\Wbf Xa `TeV[TflTVgbfVh_gheT_Xf' IX VbafgTgT ÄTl gTa YnV\_% gXW\bfT l cX_\ZebfT`XagX _T ceXfXaV\T WX eTV\`bf WX \aYTagXf cb_qg\Vbf dhX [TU_Ta Xa ab`UeX WX _T V_TfX bUeXeT% TVhfT T bUeXebf WX fXe geT\WbeT T fh V_TfX l ]hXZT Vba [TVXe _T eXib_hV\sa &_Tf `nf WX _Tf iXVXf eXWhV\XaWb pfgT T eXha\baXf \agXe`\aTU_Xf XageX _bf cbVbf VbaiXaV\Wbf WX _T fXVgT' ;fgb YTV\_\gT &Vb`b Xf WX XfcXeTefX& haT bcbeghaT `hgTV\sa Xa _T fX`nag\VT cb_qg\VT3 ZeTV\Tf T haT YX gTa `qfg\VT Vb`b cXeiXefT% _T Vbaf\ZaT WX _T UHXQLaQ SHUPDQHQWH WXfc_TmT l bVhcT X_ _hZTe &W\Zn`bf_b WX haT UhXaT iXm& WX_ f_bZTa WX _T UHYROXFLaQ SHUPDQHQWH% bgebeT gTa VTeb cTeT _bf XkcbaXagbf WX WbVXaTf WX fXVgTfiTaZhTeW\fgTfWX_T\mdh\XeWT' ~C\ eX\ab cbe ha VTUT__b6 ÄDb% dhp iT BT VbfT Xf Tva `nf ge\fgX3 `\f TaZhfg\Tf l aXhebf\f% `\ WXfXb WX Z_be\T eXib_hV\baTe\T XgXeaT cbe ha chrTWb WX fXZh\WbeXf% cbe ha geTaiqT WX TW[peXagXf' FbedhX% cTeT [TU_Te WX _Tf `TfTf l fhf \agXeXfXf bU]Xg\ibf UTfgT% T_ cTeXVXe% Vba ]hagTe ha Zehcb WX cXefbaTf VbaiXaV\WTf WX fXe cbegTWbeTf WX _T iXeWTW' Db \`cbegT Vhna eXWhV\Wb fXT ah`pe\VT& `XagX4 fs_b VhXagT _T cheXmT \WXb_sZ\VT WX ha fTUXe&eXiX_TV\sa dhX ZTeTag\mT _T \agXeceXgTV\sa WX_ `haWb l X_ gXmsa WX `\_\gTagXf Ta\`TWbf `nf cbe bVTf\baT_Xf UhXaTf \agXaf\baXf dhX cbe ha geTUT]b cb_qg\Vb Vba&_Tf `TfTf' O haT iXm Ybe`TWb X_ Zehcb% ÄT _hV[Te cbe \`cbaXe _T iXeWTW T _bf \aVepWh_bf fXW\Xagbf WX ha ZhqT XfV_TeXV\Wb LXm geTf iXm% Xfgbf Zehcbf cXe`\gXa TceXV\Te_T chXfgT Xa XfVXaT WX _T cebU_X`ng\VT WX _Tf \aiXfg\WheTf dhX gTagb bVhcs T _Tf fXVgTf eX_\Z\bfTf WX TagTrb' BT \Z_Xf\T _T\VT WX _T eXib_hV\sa fX WXfZT]T Xa ha TeV[\c\p_TZb WX Zehcbf dhX chZaTa cbe \aiXfg\efX Vba

*-)

X_ gqgh_b WX iXeWTWXeb eXceXfXagTagX WX_ chXU_b l fhf \agXeXfXf bU]Xg\ibf' 0 SOXULEXV XQXP &XageX _bf `hV[bf% fs_b hab Xf X_ X_XZ\Wb' FXeb% ~dh\pa X_\ZX T_ eXceXfXagTagX6 ~Gh\pa _X VbaY\XeX fh `TaWTgb6 ~:saWX Xfgn X_ chXU_b fbUXeTab dhX fX eXceXfXagT l Vs`b fX `Ta\Y\XfgT6 É:X XfT cb_qg\VT &WXVqT HTYTX_ 8TeeXgg% X_ TaTedh\fgT XfcTrb_ WX Vb`\Xambf WX f\Z_b& fX `X Y\ZheT dhX Xfgn ThfXagX X_ SXHEOR% Xag\WTW dhX gTagb TUhaWT Xa _Tf TVgTf WX fXf\baXf% Xa _bf XW\gbe\T_Xf% Xa _bf W\fVhefbf WX `\g\a' IX _X [TVX WXV\e T_ chXU_b _b dhX fX dh\XeX cbedhX fX fTUX dhX ab Xk\fgX% T _b `Xabf Vb`b `TfT Vb`cTVgT%TVg\iT%fhfVXcg\U_XWXX`ch]XfYbe`\WTU_XflV\XZbfÑ",#' FTeT Xfgbf Zehcbf% _T cb_qg\VT Xf VbaVXU\WT% TagX gbWb% Vb`b chZaT cbe WXfc_TmTe T _bf WX`nf Tfc\eTagXf T_ gebab' Db Xf dhX fX b_i\WX dhX Xk\fgX ha TWiXefTe\b Vb`va &_bf UheZhXfXf% _T V_TfX Wb`\aTagX b% f\`c_X l __TaT`XagX% _bf cTgebaXf Xkc_bgTWbeXf&% f\ab dhX fX ce\be\mT _T X_\`\aTV\sa WX _bf e\iT_Xf' FXap_bcX WXUX fXe fXWhV\WT TagXf dhX eXZeXfX K_\fXf' FXeb K_\fXf% gTa _X]bf WX ?g[TVT% gTa Ubeebfb Xa _T `X`be\T% gTa YenZ\_ Vb`b eXVhXeWb''' lT ab Xk\fgX' ;fgb Xf3 VTWT fXVgT fX Vbaf\WXeT T fq `\f`T Vb`b X_ _XZqg\`b ceXgXaW\XagX% Vb`b X_ iXeWTWXeb K_\fXf' O FXap_bcX% ~dh\pa Xf X__T% f\ab Ö_Tf `TfTfÜ% ÖX_ chXU_bÜ% Ö_TV_TfX Xkc_bgTWTÜ6 Db \`cbegT Vhna _TeZT fXT _T geTiXfqT a\ VhTagbf eXiXfXf WXUX fbcbegTe3 T_ Y\aT_% K_\fXf b _T WbVge\aT l _T beZTa\mTV\sa VbeeXVgTf ge\haYTena' JbWTf _Tf fXVgTf fba K_\fXf% gbWTf [TU_Ta WX fhf cebc\Tf FXap_bcXf T fh \`TZXa l fX`X]TamT'C\XageTfgTagb%X_9WURWXfTcTeXVX' ;fgb g\XaX ha ab`UeX3 aXhebf\f WX_ V\eVh\gb Xagesc\Vb' ~Ka X]X`c_b6 ;_ gXe`s`Xgeb3 X_ `XeVhe\b fhUX l UT]T WX TVhXeWb T _T gX`cXeTgheT% cXeb WXageb WX ha VbagXaXWbe dhX fX eX_TV\baT Vba X_ XkgXe\be Xa Ybe`T \aW\eXVgT' Db [Tl YXXW&UTV^% cbedhX _T _sZ\VT Xf V\eVh_Te' JT`cbVb [Tl haT eXT_\WTW XkgXeaT Xa fXag\Wb Xfge\Vgb% chXfgb dhX gbWb bVheeX WXageb WX_ ghUb4 T _b fh`b% _b ÖeXT_Ü dhXWT eXWhV\WbT_bdhXfXbUfXeiTTgeTipfWX_i\We\b'C\XageTfgTagb%X_ ,' HTYTX_ 8TeeXgg% ÉHXib_hV\baXfÑ "*2)1#% Xa fhf :DTCU /QORNGVCU" Lb_' *% HTYTX_ FXeba\ ;W\gbe X ?afg\ghgb WX 9bbcXeTV\sa ?UXebT`Xe\VTaT "?9?#% 7fhaV\sa%*211%c'*/2'

*-*

`XeVhe\b fhUX b UT]T' Fbe Xfb _bf iqaVh_bf dhX fX VbageTXa XageX _Tf fXVgTf WX_ TeV[\c\p_TZb fba WX VTenVgXe X`\aXagX`XagX aXhesg\Vb' Ob fbl lb l `\f V\eVhafgTaV\Tf% fX W\VX' BTf fXVgTf fba gTa fb_b fh cebc\T aXhebf\f4 fhf `\X`Uebf fhf cbegTWbeXf' O _Tf aXhebf\f eXdh\XeXa &iT_ZT _T cXebZeh__TWT& bgebf aXhesg\Vbf% Xf WXV\e% bgebf dhX cXe`\gTa cebWhV\e l eXcebWhV\e _T Xk\fgXaV\T WX_ V\eVh\gb' 7agX _T ThfXaV\T WX eXVXcg\i\WTW cbe cTegX WX _Tf `TfTf l TagX _T eXWhVV\sa WX _b VbaVeXgb T _b \WXb_sZ\Vb% _T Vb`c_\V\WTW aXhesg\VT Vbage\UhlX f\Za\Y\VTg\iT`XagX T _T fbabeT eX_XiTaV\T WX Xfgbf YeTZ`Xagbf' ;kc_beX`bf ha cbVb `nf _T [\csgXf\f WX _T aXhebf\f WXageb WX ha V\eVh\gb Xagesc\Vb' Ka gX`T3 _T iXeWTW' I\ _T iXeWTW Xf haT fb_T% Tge\Uhgb va\Vb l XkV_hlXagX WX _bWbf l VTWT hab WX _bf K_\fXf dhX UhfVTa T fhf cebc\Tf FVap_bcXf% ~dhXWT _hZTe cTeT cXafTe Xa ha 9WUR6 CX]be Tva3 f\ fX Tfh`X &Vb`b YeXVhXagX`XagX _b [TVXa _Tf fXVgTf& dhX _T iXeWTW Xf haT fb_T% ~Xk\fgX TVTfb ha bgeb dhX chXWT fXe geTgTWb eV_T`XagX Vb`b gT_% Xf WXV\e% Vb`b ha T_Zb dhX Xf T _T iXm W\YXeXagX cXeb f\`\_Te T ha ÖabfbgebfÜ6
*-+

\Vbab WX _T iXeWTW f\X`ceX XgXeaT WX _Tf ;fVe\gheTf' FTeT X__bf% fX Tc_\VT _T YnUh_T aTeeTWT cbe K`UXegb ;Vb Xa 0O QRPEUH GH OD URVD' BTf U\U_\bgXVTf &fXrT_T ha fTU\b WXYXafbe WX_ 9bena& WXUXeqTa fXe dhX`TWTf% chXfgb dhX _bf _\Uebf dhX Vbag\XaXa eXc\gXa _b dhX W\VX X_ 9bena &_b VhT_ _bf [TVX fhcXeY_hbf& b _b VbageTW\VXa& l% cbe _b gTagb%fba[Xepg\Vbf' ;a Y\a% _T _sZ\VT WX _Tf fXVgTf cbWeqT fXe WXY\a\WT Tfq3 _Xa\a\fgTf Xa fh VbaVXcV\sa WX _T cb_qg\VT Vb`b TVV\sa WX iTa& ZhTeW\Tf \_h`\aTWTf% gebgf^\fgTf Xa fh `bWb WX WXahaV\Te T _Tf W\e\ZXaV\Tf ÖUhebVeng\VTfÜ `\XageTf VTeXmVTa WX TVVXfb T _Tf Vvch_Tf WX_ Zehcb% l fgT_\a\fgTf Xa fh cebVXWXe haT iXm dhX [Ta bVhcTWb _hZTeXfWXcbWXeXa_TXfgehVgheTWXgT_bVhT_beZTa\mTV\sa'

*-,

E99

;13>=4939>=?>B<1AF9BC1

;fgX XafTlb Xf haT iXef\ba T`c_\TWT WX_ geTUT]b chU_\VTWb Vba X_ gqgh_b WX É;_ fXag\Wb WX_ fbV\T_\f`b% [blÑ Xa _T eXi\fgT WX_ 9Xageb WX ;fghW\bf WX _T HXT_\WTW 9bagX`cbenaXT "9;H9# :REKQPGU Dx 0% ITag\TZb WX 9[\_X% fXg\X`UeX&bVghUeX *21.'
*--

*-.

'$

1LQeZISIUVZ[ISOQI$

JbWb beWXa aTVX Vb`b XfYhXemb cbe GRPHVWLFDU haT cbeV\sa WX _b eXT_% cbe beZTa\mTe_b l fb`XgXe_b T cThgTf WX eXZh_Te\WTW VTcTVXf WX VeXTe FHUWH]DV' ;a XfgX fXag\Wb% fX W\eqT dhX _T VeXTV\sa WX ha beWXa Xf Xdh\iT_XagX T _T \afg\ghV\sa WX ha VWDWXV% Xfgb Xf% haT f\ghTV\sa Xa _T VhT_ haT fXe\X WX abe`Tf chXWTa gXaXe fXag\Wb' FXeb f\X`ceX Xk\fgX haT V\XegT eXf\fgXaV\T WX _T `TgXe\T fbV\T_% haT fhXegX WX H[FHVR dhX a\aZva beWXa _bZeT Wb`Xfg\VTe cbe Vb`c_Xgb% cbe `nf Z_bUT_% e\Zhebfb% Vb`c_X]b l TUTeVTg\ib dhX pfgX fXT' Fbe X__b% gbWT f\ghTV\sa abe`T_ Xfgn bU_\ZTWT T eXVbabVXe neXTf WX \aWXgXe`\aTV\sa%TVbai\i\eVbahaV\Xegb`TeZXaWXbcTV\WTW' BT abV\sa WX ÖcTeTW\Z`TÜ WXfTeeb__TWT cbe Ah[a ab Xf T]XaT T pfgb4 chXWX fXe Vbaf\WXeTWT Vb`b VeXTV\sa WX haT f\ghTV\sa abe`T_ Xa X_ VT`cb WX_ fTUXe' Ka cTeTW\Z`T% Xa gTagb Ö`bWX_b b cTgesa TVXcgTWbÜ% WXf\ZaT Éha Vba]hagb WX \_hfgeTV\baXf eXVheeXagXf l VTf\ abe`T_\mTWTf WX W\iXefTf gXbeqTf Xa fhf Tc_\VTV\baXf Vba& VXcghT_Xf% \afgeh`XagT_Xf l WX bUfXeiTV\saÑ dhX fX c_Tf`Ta Xa gXkgbf% VbaYXeXaV\Tf l X]XeV\V\bf WX _TUbeTgbe\b WX haT WXgXe`\aTWT Vb`ha\WTW WX V\XagqY\Vbf' ;_ cTeTW\Z`T cebcbeV\baT% cTeT XfT Vb`ha\WTW l WheTagX ha cXe\bWb WTWb% É_T eXW WX VbaVXcgbf T geTipf WX _T dhX iXa X_ `haWb _bf V\XagqY\VbfÑ3 cebcbaX Ve\gXe\bf cTeT fX_XVV\baTe cebU_X`Tf l XahaV\Te fhf \agXeebZTagXf% l Ue\aWT _T ZTeTagqT WX dhX W\V[bf cebU_X`Tf X \agXeebZTagXf cbWena fXe XiXaghT_`XagXeXfhX_gbf'FXebAh[agT`U\paeXVbabVXdhXXk\fgXa

*-/

*-0

neXTf WX \aWXgXe`\aTV\sa% cbe VhTagb Éa\aZva cTeTW\Z`T dhX cebcbeV\baX haT UTfX cTeT _T \aiXfg\ZTV\sa V\XagqY\VT eXfhX_iX Vb`c_XgT`XagXgbWbffhfcebU_X`TfÑ"*#' I\ fX c\XafT Xa X_ WXUTgX \agX_XVghT_ _Tg\abT`Xe\VTab WX _bf Trbf Ü/) X% \aV_hfb% WX Vb`\Xamb WX _T WpVTWT WX _bf Ü0)% fX chXWX cXeV\U\e _T Ybe`TV\sa WX ha cTeTW\Z`T b f\ghTV\sa abe`T_ Vb`& cTeg\Wb cbe T`c_\bf fXVgbeXf WX \aiXfg\ZTWbeXf geTUT]TaWb Xa X_ VT`cb WX _Tf V\XaV\Tf fbV\T_Xf' ;f _T pcbVT WX_ ThZX WX gXbeqTf WX _T WXcXaWXaV\T% V_TfXf fbV\T_Xf% Teg\Vh_TV\sa WX `bWbf WX cebWhV& V\sa% WXfTeeb__b&fhUWXfTeeb__b% XgV'% gbWTf X__Tf% Vb`b W\VX BX& V[aXe% `TeVTWTf cbe _T gX`ng\VT WX _T UHYROXFLaQ "+# l% Xa gpe`\abf `nf ZXaXeT_Xf% cbe haT eX\i\aW\VTV\sa WX_ fbV\T_\f`b Xa UTfX T W\iXefTf iTe\TagXf WX_ cXafT`\Xagb `Tek\fgT' ;_ fX`\aTe\b WX Cpe\WT "OhVTgna# eXT_\mTWb Xa *20* Xa gbeab T _T gX`ng\VT WX _Tf V_TfXf fbV\T_Xf ",# Xf% gT_ iXm% f\agb`ng\Vb WX _T ch]TamT dhX TWdh\XeX X_ cTeTW\Z`T eXib_hV\baTe\b&`Tek\fgT' 9b`b Xa gbWT f\ghTV\sa abe`T_% _T \aVXeg\Wh`UeX TVXeVT WX _T VTeTVgXe\mTV\sa gXse\VT WX _Tf V_TfXf fbV\T_Xf Xa _Tg\abT`pe\VT dhXWT bcTVTWT cbe X_ bcg\`\f`b ZXaXeTWb cbe _Tf VXegXmTf Wb`\aTagXf3 X_ WXfTYqb Xf c_TagXTWb WXageb WX ha cTeTW\Z`T l% cbe X__b% VbaVXU\Wb Vb`b XfYhXemb cbe eXfb_iXe cebU_X`Tf lT eXVbabV\Wbf Vb`b WXY\a\gbe\bf WX_ Xagbeab Xa UTfX T ceXZhagTf `nf b `Xabf Vb`cTeg\WTf cbe _bf W\iXefbfcebZeT`TfWX\aiXfg\ZTV\sa' I\a X`UTeZb% WXfWX Cpe\WT T ahXfgebf WqTf [Ta [TU\Wb eX`XmbaXf \`cbegTagXf Xa _T V\XaV\Tf fbV\T_Xf% XfcXV\T_`XagX Xa eX_TV\saT_TYXdhXfXgXaqTXa_TeXib_hV\salXaX_cbgXaV\T_ *' J[b`Tf Ah[a% 7C GUVTWEVWTC FG NCU TGXQNWEKQPGU EKGPV_HKECU "*2/+#%
HTv_ 8Xa\gXm PXagXab "Vb`c\_TWbe#% 7CU ENCUGU UQEKCNGU GP -O^TKEC

Xkc_\VTg\ib WX_ cXafT`\Xagb `Tek\fgT' IX dh\XeX fXe fbV\T_\fgT% cXeb fX fbfcXV[T WX_ `Tek\f`b _hXZb WX `nf WX haT WpVTWT WX ÖVe\f\f WX_ `Tek\f`bÜ' >T [TU\Wb haT cebZeXf\iT Xebf\sa WX _bf cTeTW\Z`Tf gbgT_\mTWbeXf l ha WXU\_\gT`\Xagb WX _Tf VXegXmTf WX_ cTfTWb' BT f\ghTV\sa eXfh_gT &cbe Tfq WXV\e_b& ÖcbVb abe`T_Ü' ChV[bf UhfVTa Ybe`Tf WX eXVb`cbaXe ha cTeTW\Z`T fbV\T_\fgT% TVXcgTaWb% Vb`b fXrT_T BXV[aXe "-#% dhX _T WX`bVeTV\T WXUX fXe X_ gX`T VXageT_ WX VhT_dh\XeXfYhXembbe\XagTWbXaXfTW\eXVV\sa' Bb dhX Xfgn Xa ]hXZb Xf haT eXVb`cbf\V\sa gXse\Vb&cb_qg\VT WX ha W\fVhefb &_T eX_TV\sa XageX fTUXe l cenVg\VT& dhX cXe`\gT eXabiTe X_ fXag\Wb WX_ gpe`\ab VRFLDOLVPR' 7agX _T XV_bf\sa WX _T Ybe`T WX i\WT% WX cTeg\Vh_Te\f`bf dhX TY\e`Ta _b \aW\i\WhT_ Vb`b eX\i\aW\VTV\sa WX _T Thgbab`qT cXefbaT_ dhX ab fX eXWhVX T ha cheb \aW\i\WhT_\f`b cbfXf\ib% ~[TUen T_Zva `bWb WX \afXegTe _bf iT_beXf cebc\bf WX _T W\iXef\WTW \eeXWhVg\U_X WXageb WX ha ceblXVgb dhX fX WXab`\aX fbV\T_\fgT6 O Xa haT pcbVT Xa _T VhT_ fX cebYhaW\mT _T Vb`c_X]\WTW WX _b fbV\T_% ~Vs`b TceX[XaWXe XfT Vb`c_X]\WTW Vba _bf fTUXeXf [XeXWTWbf WX _T geTW\V\sa eTV\baT_\fgT XhebcXT6 ~9s`b fX \WXag\Y\VT l fX be\XagT% [bl% ha ceblXVgb WX fbV\XWTW dhX chXWT WXab`\aTefX VRFLDOLVWDO ~9s`b fX XfgTU_XVX fh eX_TV\sa Vba haT Ybe`T WX ZbU\Xeab GHPRFU^WLFR l Vba ha `bWb WX i\WT Vb_XVg\ib dhXWXY\XaWTlXfg\`h_XX_WXfTeeb__bWX_TOLEHUWDGLQGLYLGXDO6 Bbf TeZh`Xagbf dhX fX WXfTeeb__Ta T Vbag\ahTV\sa Z\eTa Xa gb`b T XfgTf ceXbVhcTV\baXf' BT XfgeTgXZ\T TeZh`XagTg\iT Xfgn `TeVTWT cbe Wbf gXf\f \`cbegTagXf' KaT WX X__Tf g\XaX dhX iXe Vba _Tf eXfXeiTf TVXeVT WX _bf TYTaXf gbgT_\mTWbeXf l _bf fhXrbf Vbadh\fgTWbeXf WX _T eTmsa3 `hl T cXfTe WX :XfVTegXf l WX _bf [XeXWXebf WX_ cbf\g\i\f`b% [Tl dhX TVXcgTe _bf _q`\gXf WX _bf fTUXeXf l X_ VTenVgXe eX_Tg\iT`XagX G_ELO dhX TWdh\XeXa _Tf VXegXmTf cebWhV\WTf cbe pfgbf' ;fgb ab Xf `nf dhX haT fTaT Wbf\f WX [h`\_WTW dhX VbaWhVX T haT fhXegX WX UHDOLVPR FRQFHSWXDO' BT bgeT% `nfVXeVTaTT_TeTmsacb_qg\VT%fXeXY\XeXT_Tfceb`XfTfWX

7CVKPC"I\Z_bNN?;W\gbeXf%Cpk\Vb%*20,' -' BXV[aXe%QR$EKV$"cc'/-&0)'

*-1

*-2

X`TaV\cTV\sa ha\iXefT_ c_TagXTWTf cbe X_ TUTa\Vb WX Zehcbf iTa& ZhTeW\fgTf Vba dhX VhXagT _T \mdh\XeWT3 Xf ha __T`TWb T cbaXefX Xa ZhTeW\T TagX _T `hl fXWhVgbeT hgbcqT WX \afgTheTe haT fbV\XWTW Y\aT_`XagX eXVbaV\_\TWT Vbaf\Zb `\f`T&cbf\U\_\WTW ceXZbaTWT cbe _bf `qfg\Vbf VbaiXaV\Wbf WX [TUXe i\fgb _T `Te`\gT T_ Y\aT_ WX_ TeVb \e\f ZeTV\Tf T_ fTUXe dhX _Xf Ue\aWT fh YX eXib_hV\baTe\T' ;a _T UvfdhXWT WX ha fbV\T_\f`b WX`bVeng\Vb% XfgT fbfcXV[T WXUX Xa& gXaWXefXVb`bUHDOLVPRSRO`WLFR' FTeTWs]\VT`XagX% XfgX `\f`b eXT_\f`b bU_\ZT T c_TagXTe T_ZhaT Ybe`T WX XWRS`D' FhXfgb WX bgeb `bWb% fX WhWT WX_ Y\aT_ YX_\m cXeb _T cb_qg\VT% Vb`b ÖTegX WX _b cbf\U_XÜ% gT`U\pa eXV_T`T fhXrbf eXVgbeXf WX _b \`cbf\U_X3 fX WXUX XfgTU_XVXe T_Zva \WXT_ WX fbV\XWTW _\UeX l ]hfgT cTeT VbaiXaVXe T _T ZXagX WX _T _XZ\g\`\WTW WX _bf VT`U\bf l cTeT `bg\iTe fh Tcblb T X__bf ".#' ;fgb Xf T_Zb f\`\_Te T _b dhX c_TagXTeT IbeX_ Xa fhf eXY_Xk\baXf TVXeVT WX_ Ö`\gb `bi\_\mTWbeÜ' FXeb ab [Tl aXVXf\WTW WX eXgb`Te T XfdhX`Tf ÖYhXegXfÜ' ;fgb _b c_TagXT 8ehaaXe WX `TaXeT fhZXeXagX T_ WXV\e dhX X_ fbV\T_\f`b Écbe Y\a [T ihX_gb T fXe ha gXee\gbe\b TU\Xegb% haT W\fchgT \agX_XVghT_ f\a [be\mbagX Y\]b% f\a WbZ`Tf T _bf VhT_Xf Vb_ZTefX cTeT YTV\_\gTe X_ W\fVhefb l geTadh\_\mTe _T UhXaT VbaV\XaV\T \agX_XVghT_Ñ "/#' ;a Ybe`T Tan_bZT% _b dhX Tdhq fX cebcbaX Xf haT abV\sa `nf fhX_gT WX_ fbV\T_\f`b3 _T VTeTVgXe\mTV\sa WX ceblXVgbf% beZTa\mTV\baXf% cebZeT`Tf X \WXag\WTWXf WX Y\a WX f\Z_b Vb`b ÖfbV\T_\fgTfÜ fXeqT T_Zb WVV\W\U_X Xa gpe`\abf WX _T \aV_\aTV\sa dhX pfgbf WX`hXfgeXa cbe ha HWKRV Vh_gheT_ WX _T \ZhT_WTW% _T WX`bVeTV\T l_T_\UXegTWcTeTW\fXag\elfXeW\YXeXagXf' .' ;fgb Xfgn c_TagXTWb Vba ZeTa V_Te\WTW cbe KIcGP\C" ;W\gbe\T_ FTU_b ?Z_Xf\Tf%CTWe\W%*210%cc'*/2&*0)' /' @bfp @bTdhqa 8ehaaXe% É;ageXi\fgT T @'@' 8ehaaXe% 7aZX_ <_\fY\fV[ l DbeUXeg BXV[aXe % 0CXKF [ 3QNKCVJ 7rb NL???% Dx .,% 8hXabf 7\eXf% TZbfgb&fXg\X`UeX*211%c'**'

*.)

;_ v_g\`b XfVe\gb WX JbZ_\Tgg\ f\eiX Vb`b chagb WX cTeg\WT cT& eT X_ XafTlb4 _hXZb fX WXfTeeb__Ta T_ZhaTf WX fhf VbafXVhXaV\Tf cb& _qg\Vb&gXse\VTf cTeT geTgTe WX XfgTU_XVXe _bf _q`\gXf Vba _bf VhT_Xf fX gbcT ha fbV\T_\f`b WX Y\a WX f\Z_b T_ ab dhXeXe fT_\e WX ha `TeVb eX& YXeXag\T_ cheT`XagX `Tek\fgT' ;_ gXkgb fhZ\XeX% W\fVeXgT`XagX% T_Zh& abf X_X`Xagbf T_gXeaTg\ibf Xa eX_TV\sa T Wbf VbfTf3 ha fbV\T_\f`b WX`bVeng\Vb Vb`b cebchXfgT WX XfgTWb l Vb`b cebchXfgT WX fbV\X& WTW' ($

5SSMOILVLMCVOSQI[[Q$

;_ 7HPRU^QGXP GH BDOWD% XfVe\gb [TV\T Y\aT_Xf WX *2/-% Xf Vbaf\WXeTWb Vb`b X_ gXfgT`Xagb cb_qg\Vb WX FT_`\eb JbZ_\Tgg\% X_ Xa& gbaVXf IXVeXgTe\b =XaXeT_ WX_ FTeg\Wb 9b`ha\fgT WX ?gT_\T "F9?#' 7__q JbZ_\Tgg\ eX\gXeT _bf ce\aV\c\bf ZXaXeT_Xf dhX be\XagTa _T cb_qg\VT WX_ F9?% XageX _bf VhT_Xf fX WXfgTVTa X_ c_Xab eXfcXgb T _Tf _\UXegTWXf V\i\_Xf l T _Tf Vbadh\fgTf WX`bVeng\VTf TfXZheTWTf cbe _Tf `TfTf geT& UT]TWbeTf Xa _bf XfgTWbf UheZhXfXf4 _T aXVXf\WTW WX haT cebYha& W\mTV\sa XYXVg\iT WX pfgTf UT]b ha epZ\`Xa fbV\T_\fgT4 haT cbf\V\sa Veqg\VT TagX _bf cTqfXf WX_ __T`TWb ÖfbV\T_\f`b eXT_Ü4 X_ eXV[Tmb T_ VXageT_\f`b l T _T ha\WTW YbemTWT Xa X_ `bi\`\Xagb Vb`ha\fgT \agXeaTV\baT_ l _T aXVXf\WTW WX fh eXXfgehVgheTV\sa WX `TaXeT dhX fXeXfcXgX_TW\iXef\WTWWXcXefcXVg\iTfcTeg\WTe\TfXafh\agXe\be' ;fgX v_g\`b XfVe\gb WX JbZ_\Tgg\ ab Vbafg\ghlX ha TVbagXV\& `\Xagb T\f_TWb% haT abgT W\fbaTagX WXageb WX_ cXafT`\Xagb Vb`h& a\fgT \gT_\Tab "0#' Fbe X_ VbageTe\b% X_ 7HPRU^QGXP fX \afVe\UX Xa X_ _TeZb VT`\ab eXVbee\Wb cbe X_ F9? cTeT X_TUbeTe ha `Tek\f`b i\& ib% VTcTm WX eXfcbaWXe T _Tf WX`TaWTf l Tfc\eTV\baXf WX ha chXU_b 0' BhV\b Bb`UTeWb HTW\VX% `\_\gTagX l gXse\Vb WX_ cTeg\Wb% WXY\XaWX XfgX Vbag\ah\WTW [\fgse\VT WX _T _qaXT WX_ F9? W\V\XaWb dhX ÉlT XagbaVXf% [TVX VhTeXagT Trbf% X_TUbenUT`bf Xa _bf [XV[bf l gT`U\pa T a\iX_ gXse\Vb ha `bWX_b `hl W\YXeXagX WX fbV\T_\f`b cTeT _bf cTqfXf VTc\gT_\fgTf WXfTeeb__TWbf WX ;hebcT EVV\WXagT_% dhX VhXagTa Vba geTW\V\baXf WX`bVeng\VTf l Vba haT Vb`cbf\V\sa fbV\T_ `hl Vb`c_X]TÑ' LpTfX fh _\Ueb @P UQEKCNKUOQ RQT KPXGPVCT"*202#%;W\gbe\T_BT\T%8TeVX_baT%*21)%c'20'

*.*

[XgXebZpaXb4 VTcTm WX fXei\e WX ZhqT cTeT _T TVV\sa Xa haT pcbVT Xa _T VhT_ _T cb_qg\VT fX [T VbaiXeg\Wb Xa haT TVg\i\WTW WX `TfTf l Xa _T dhX X_ XfgTWb% _X]bf WX fXe ha `Xeb ZXaWTe`X b ÖZhTeW\na abV& gheabÜ WX_ VTc\gT_% fX T`c_qT% fX W\YXeXaV\T \agXeaT`XagX l aXVXf\gT TfXZheTehaVbafXafbdhX_b_XZ\g\`X' :X [XV[b% X_ F9? UT]b _T W\eXVV\sa WX JbZ_\Tgg\ \`ce\`X ha VTenVgXe cebZeT`ng\Vb T_ cXafT`\Xagb WX =eT`fV\% eXVhcXeTaWb _Tf VbabV\WTf gXf\f WX pfgX TVXeVT WX _Tf W\YXeXaV\Tf XageX Ee\XagX l EVV\WXagX3 XageX _T Hhf\T mTe\fgT% WbaWX _T fbV\XWTW V\i\_ Xf ÖWpU\_ l ZX_Tg\abfTÜ% _T Thgbe\WTW VTeXVX WX T`c_\Tf UTfXf WX _XZ\g\`\WTW l X_ XfgTWb fX VTeTVgXe\mT cbe ha ceXWb`\a\b WX Ybe`Tf VbXeV\g\iTf% l EVV\WXagX b ;hebcT% VhlT fbV\XWTW V\i\_ Vb`c_X]T l WXfTeeb__TWT% fX`UeTWT WX \afg\ghV\baXf WX [XZX`baqT dhX Vbafg\ghlXa Ybeg\Y\& VTV\baXf ebWXTaWb T_ XfgTWb% eXVhUeXa X_ Wb`\a\b UheZhpf Vba X_ `Tagb WX _Tf Ybe`Tf VbafXafvT_Xf WX ZbU\Xeab' 9ba JbZ_\Tgg\% _T abV\sa ZeT`fV\TaT WX ÖZhXeeT WX cbf\V\saÜ fX Vbai\XegX Xa X_ X]X XfgeTgpZ\Vb WX_ F9? l fX c_Tf`T Xa cb_qg\VTf VbaVeXgTf XaVT`\aTWTf T _bZeTe haT ahXiT [XZX`baqT% _T WX _Tf `TfTf geTUT]TWbeTf' JT`U\pa fX f\XagTa _Tf UTfXf cTeT _T X_TUbeTV\sa WX haT ÖgXeVXeT iqTÜ T_ fbV\T_\f`b% eb`c\XaWb l eXUTfTaWb _bf _q`\gXf WX _T W\Vbgb`qT fheZ\WT WX _T ??? ?agXeaTV\baT_% dhX eXWhVqT _Tf T_gXeaTg\iTf fbV\T& _\fgTf T _T Xfgpe\_ bcbf\V\sa XageX \afheeXVV\sa Te`TWT l cTe_T`Xa& gTe\f`b% Xf WXV\e% XageX eXib_hV\sa l eXYbe`T% XageX Ub_V[Xi\f`b l fbV\T_WX`bVeTV\T%XageXIgT_\al8XeafgX\a' BT \`cbegTaV\T cb_qg\VT WX _T gXf\f TVXeVT WX _T gXeVXeT iqT cTeT X_ `bi\`\Xagb Vb`ha\fgT \agXeaTV\baT_ Xf VehV\T_% XfcXV\T_& `XagX _hXZb WX _T `hXegX WX IgT_\a Xa *2., l _T eXT_\mTV\sa WX_ NN 9baZeXfb WX_ FTeg\Wb 9b`ha\fgT WX _T Ka\sa Ibi\pg\VT "F9KI# Xa *2./' 7 W\YXeXaV\T WX _T ehcgheT XageX X_ FTeg\Wb 9b`ha\fgT 9[\ab "F99[# l X_ F9KI% dhX VbaWh]b T_ F99[ T Vb`\Xambf WX _bf Trbf Ü/) T ThgbXe\Z\efX Xa X_ va\Vb l _XZqg\`b Vbag\ahTWbe WX_ `Tek\f`b&_Xa\a\f`b l% cbe Vbaf\Zh\XagX% Xa ha ahXib VXageb WX_ `bi\`\Xagb Vb`ha\fgT `haW\T_% _T gXf\f WX _T gXeVXeT iqT eb`cX Vba X_ XfdhX`T VXageT_\mTWbe `\f`b3 cebcbaX _T aXVXf\WTW WX WXfVXa& geTe X_ `bi\`\Xagb% Xfgb Xf% _T VeXTV\sa WX haT iXeWTWXeT `\VebYqf\VT

*.+

WX Thgbab`qTf cTeg\WTe\Tf aTV\baT_Xf% haT eXVb`cbf\V\sa WX_ `bi\`\Xagb fbUeX _T UTfX WX _T XQLGDG HQ OD GLYHUVLGDG' 9\gTaWb T JbZ_\Tgg\3 ÉKaT eXY_Xk\sa `nf cebYhaWT fbUeX X_ gX`T WX _T cbf\U\_\WTW WX haT iqT cTVqY\VT WX TVoXfb T_ fbV\T_\f`b abf __XiT T ceXV\fTe dhp Xf _b dhX abfbgebf XagXaWX`bf cbe WX`bVeTV\T Xa ha ;fgTWb UheZhpf% Vs`b chXWXa T`c_\TefX _bf _q`\gXf WX _T _\UXegTW l _Tf \afg\ghV\baXf WX`bVeng\VTf l VhT_Xf fba _Tf Ybe`Tf `nf XY\VTVXf WX cTeg\V\cTV\sa WX _Tf `TfTf bUeXeTf l geTUT]TWbeTf Xa _T i\WT XVbas`\VT l cb_qg\VT' IheZX% Tfq% _T VhXfg\sa WX _T cbf\U\_\WTW WX _T Vbadh\fgT WX cbf\V\baXf WX cbWXe cbe cTegX WX _Tf V_TfXf geTUT]TWbeTf Xa X_ n`U\gb WX ha XfgTWb dhX ab [T VT`U\TWb fh aTgheT_XmT WX ;fgTWb UheZhpf l% cbe Vbaf\Zh\XagX% _T VhXfg\sa WX f\ Xf cbf\U_X _T _hV[T cbe ha g\cb fX`X]TagX WX geTafYbe`TV\sa cebZeXf\iT WXfWX X_ \agXe\beÑ' BTeXfchXfgTWXJbZ_\Tgg\abWX]Ta\aZhaTWhWTTVXeVTWXfh cbf\V\saTagXXfgTVhXfg\sa3 ÉC\ bc\a\sa Xf Xa X_ fXag\Wb WX dhX fbUeX _T _qaXT WX_ WXfTeeb__b [\fgse\Vb ceXfXagX l WX fhf cXefcXVg\iTf ZXaXeT_Xf "TiTaVX l i\Vgbe\T WX_ fbV\T_\f`b Xa gbWb X_ `haWb#% _Tf Ybe`Tf l VbaW\V\baXf VbaVeXgTf WX TiTaVX l i\Vgbe\T WX_ fbV\T_\f`b fXena [bl l Xa X_ Yhgheb \a`XW\Tgb `hl W\YXeXagXf WX _b dhX [Ta f\Wb Xa X_ cTfTWb' 7_ `\f`b g\X`cb% fba `hl ZeTaWXf _Tf W\YXeXaV\Tf XageX ha cTqf l bgeb' Fbe Vsaf\Zh\XagX% gbWbcTeg\WbWXUXfTUXe`biXefXWX`TaXeTThgsab`TÑ"1#'

1' FT_`\eb JbZ_\Tgg\% ÉCX`benaWh` fbUeX _Tf VhXfg\baXf WX_ `bi\`\Xagb bUeXeb \agXeaTV\baT_ l fh ha\WTWÉ "*2/-#% Xa fh _\Ueb 1UETKVQU RQN_VKEQU "*2/-#%;W\V\baXf;eT%Cpk\Vb:'<'%cc'-+0&-+1'

*.,

BTf cebcbf\V\baXf TVXeVT WX _Tf W\YXeXaV\Tf aTV\baT_Xf l WX _T aXVXfTe\T Thgbab`qT WX _Tf \a\V\Tg\iTf cTeg\WTe\Tf [Ta gXa\Wb dhX XaYeXagTe haT fXe\X WX eXf\fgXaV\Tf cb_qg\Vb&\WXb_sZ\VTf% T_ZhaTf cebiXa\XagXf WX fXVgbeXf XfgT_\a\fgTf WXageb WX_ F9? `\f`b l bgeTf WX fXVgbeXf begbWbkbf WXageb WX_ `bi\`\Xagb Vb`ha\fgT \agXeaT& V\baT_' >Ta f\Wb i\fgTf Vb`b ha VhXfg\baT`\Vagb ÖfbV\T_WX`bVen& g\VbÜ WX _T fhchXfgT`XagX WX`bfgeTWT \aYT_\U\_\WTW WX_ `Tek\f& `b&_Xa\a\f`blfhXaVTeaTV\saUb_V[Xi\dhX' ;fgn% cbe X]X`c_b% _T eXfchXfgT WTWT cbe X_ 9b`\gp 9XageT_ WX_ F9KI &T geTipf WX_ cXe\sW\Vb fbi\pg\Vb :UDYGD& T _T eXfb_hV\sa TWbcgTWT T Y\aT_Xf WX *21* cbe X_ 9b`\gp 9XageT_ WX_ F9? TagX _T \`c_TagTV\sa WX _T _Xl `TeV\T_ Xa Fb_ba\T l _T eXceXf\sa WX _Tf TVg\i\WTWXf WX_ f\aW\VTgb =ROLGDULGDG' IXZva :UDYGD% Xa W\V[T eXfb_hV\sa ÉfX cebcbaXa VbaVXcV\baXf UTfgTagX ceXgXaV\bfTf l% W\Zn`bf_b% TUfgeTVgTf WX haT ÖahXiT iqTÜ T_ fbV\T_\f`b% VbaVXc& V\baXf cbe bgeT cTegX `hl f\`\_TeXf T _Tf WX_ bcbegha\f`b l WX_ eXi\f\ba\f`b Vba _bf VhT_Xf X_ `bi\`\Xagb bUeXeb lT [T V[bVTWb Xa X_ cTfTWb l dhX fh iTaZhTeW\T Q_pTfX3 X_ cTeg\Wb WX VbegX _Xa\a\fgTR lT [T eXV[TmTWb WXfWX [TVX g\X`cbÑ "2#' ;fgT eXfchXfgT Xf VTeTV& gXeqfg\VT WX_ cXeqbWb TagXe\be T_ JODVQRVW l _T SHUHVWURLND \`c_X`XagTWT TVghT_`XagX cbe _T TW`\a\fgeTV\sa WX C\]T\_ =be& UTV[bi "*)#4 X__T WX]T geTf_hV\e haT V\XegT abfgT_Z\T WX_ F9KI cbe eXVTcgheTe ha cTfTWb Xa X_ VhT_ YhaV\bas% f\a _hZTe T WhWTf% Vb`b cTeg\Wb ZhqT WX_ `bi\`\Xagb Vb`ha\fgT Xa fh Vba]hagb% Xa X_ VhT_ _T XfgeTgXZ\T WX _hV[T Ub_V[Xi\dhX l X_ `bWX_b fbi\pg\Vb WX XfgTWb Vbafg\ghqTa _bf eXYXeXagXf \aVhXfg\baTWbf X \aVhXfg\baTU_Xf cTeT _Tf YhXemTffbV\T_\fgTfWXVhT_dh\Xe_Tg\ghW'

FXeb% T cXfTe WX XfgT cbfgheT WX_ F9KI% _T gXf\f TVXeVT WX_ c_heT_ WX iqTf Xfgn cTeT dhXWTefX' :heTagX X_ NL? 9baZeXfb WX_ F9? VX_XUeTWb Xa *21,% CTff\`b 9TVV\Te\% ha WXfgTVTWb \agX_XVghT_ l Xk&W\chgTWb WX_ cTeg\Wb% YhX Vbafh_gTWb TVXeVT WX VhT_ fXeqT Ö_T iqT VbeeXVgTÜ T_ fbV\T_\f`b' Ih eXfchXfgT YhX WX VbegX aXgT`XagX gb& Z_\Tgg\Tab' ÉDb fba Wbf% a\ geXf% a\ bV[b _Tf iqTf4 gT_ iXm fXTa W\Xm VT`\abf' 9TWT cTqf Xf ha VTfb TcTegX' OT fba `hl Xi\WXagXf _Tf W\& YXeXaV\Tf XageX _bf cTeg\Wbf Vb`ha\fgTf l fbV\T_\fgTf `XW\gXeenaXbf% VXagebXhebcXbf l aseW\VbfÑ "**#' Db fX chXWX eXWhV\e _T eXfchXfgT WX 9TVV\Te\ gTa fs_b T_ gXee\gbe\b XhebcXb4 _T abV\sa WX Ö`v_g\c_Xf iqTfÜ fX [T \Wb _XZ\g\`TaWb VTWT iXm `nf% cTfTaWb T Ybe`Te cTegX WX_ fXag\Wb Vb`va WX _bf fbV\T_\fgTf WX_ `haWb XagXeb' 7[q Xfgn Vb& `b X]X`c_b _T ÉeXib_hV\sa Vba fTUbe T X`cTaTWT l i\ab g\agbÑ% `X& gnYbeT `XW\TagX _T VhT_ IT_iTWbe 7__XaWX T_hWqT T haT iqT cebc\T& `XagX V[\_XaT T_ fbV\T_\f`b' JT`U\pa Xfgn _T XkcXe\XaV\T fTaW\a\f& gT% haT bcV\sa eXib_hV\baTe\T fbV\T_\fgT cebYhaWT`XagX TeeT\ZTWT Xa _TfgeTW\V\baXfWX_hV[TTag\\`cXe\T_\fgTWX_chXU_ba\VTeTZwXafX' BT gXf\f TVXeVT WX _T ÖgXeVXeT iqTÜ l fh cbfgXe\be WXfTeeb__b Xa gpe`\abf WX haT `h_g\c_\V\WTW WX iqTf% _T UvfdhXWT WX haT ha\WTW W\YXeXaV\T_ cTeT X_ `bi\`\Xagb Vb`ha\fgT% _T aXVXf\WTW WX Vbafgeh\e ha ÖcTeg\Wb WX g\cb ahXibÜ% gbWb X__b Vbafg\ghlX X_ _XZTWb WX Jb& Z_\Tgg\' O Xf% T_ `\f`b g\X`cb% X_ `b`Xagb `nf T_gb WX fh cXafT`\Xagb gXse\Vb&cb_qg\Vb' I\a X`UTeZb% eXfh_gT lT Xi\WXagX dhX _Tf ahXiTf WX`TaWTf XfcXVqY\VTf dhX [Ta fheZ\Wb Vba _bf ahXibf l W\iXefbf fXVgbeXf eXUTfTa _Tf XkcXVgTg\iTf dhX fX WXfceXaWXa WX Xfbf c_TagXT`\Xagbf' IX geTgT lT WX Tfh`\e haT fXe\X WX WXV\f\baXf dhXiTa`nfT__nWX_bceXi\fgbcbeJbZ_\Tgg\' )$

2' É9bageT _bf \agXeXfXf WX _T cTm l X_ fbV\T_\f`bÑ% TegqVh_b WX ;TCXFC eXcebWhV\Wb Xa X_ fhc_X`Xagb ÉFnZ\aT KabÑ WX_ W\Te\b @PQ O]U @PQ" Cpk\Vb :'<'%,*WXXaXebWX*21*' *)' 7_ eXfcXVgb% ipTfX @bfp FTh_b DXggb% ÉFeb]Xgb =beUTgV[Xi3 `hWTaVT bh Vbag\ah\WTWX6Ñ% l 7_UXegb IXaW\V% ÉL\WT abiT% ah`T fbV\XWTWX ÖXae\]XV\WTÜÑ% T`Ubf Xa _T eXi\fgT WX_ 9;:;9% 7bC 9QXC" Lb_' -% Dx *% ITb FTh_b% ]h_[b&fXgX`Ueb*210%cc'0&*-l*.&+,eXfcXVg\iT`XagX'

*.-

4MSTIY^QZTVKYc[QKVISIKYc[QKILMSTIY^QZTV$

BT VbafV\XaV\T WX _T aXVXf\WTW WX XfgTf WXV\f\baXf Xf% gT_ iXm% ha XYXVgb \afbfcXV[TWb WX_ eXfheZ\`\Xagb WX ha cXafT`\Xagb Veqg\Vb WXagebWX_`Tek\f`babfbi\pg\VbXa_TfWpVTWTfcbfgXe\beXfT_NN ?g'CTff\`b9TVV\Te\%71URTGUUQ"Hb`T%/WX`TembWX*21,'

*..

9baZeXfb WX_ F9KI% X_ VbaZeXfb WX _T GHVHVWDOLQL]DFLaQ' ;a ha Vb`\Xamb% _T Veqg\VT \aWhWTU_X`XagX Vbage\Uhls T eXi\gT_\mTe l T Xae\dhXVXe X_ W\fVhefb `Tek\fgT Vba haT iXeWTWXeT Xkc_bf\sa WX VeXTg\i\WTW% dhX ThZheTUT haT XkcTaf\sa TcTeXagX`XagX \_\`\gTWT WX fhf [be\mbagXf &c\pafXfX% cbe X]X`c_b% Xa _T TcTe\V\sa WX haT Tagebcb_bZqT% WX haT Xfgpg\VT b WX haT Veqg\VT _\gXeTe\T `Tek\fgT "*+#' FXeb [bl% XfX `\f`b eXfheZ\`\Xagb [T __XZTWb T ha chagb Xa X_ VhT_ _b dhX Xfgn Xa ]hXZb Xf X_ fgTghf `\f`b WX_ `Tek\f`b&_Xa\a\f`b Vb`b W\fVhefb cTeTW\Z`ng\Vb WX_ fbV\T_\f`b' FhXfgb WX `TaXeT XfdhX`ng\VT% fX cbWeqT WXV\e dhX X_ cebVXfb gb`s ha Z\eb eTW\& VT_% Xa gTagb fX cTfs GH XQ PDU[LVPR FU`WLFR D XQD FU`WLFD GHO PDU[LVPR' :bf YTVgbeXf \`cbegTagXf [Ta Vbage\Uh\Wb T ZXaXeTe XfgX XfgTWb WX VbfTf' Kab WX X__bf g\XaX dhX iXe Vba _Tf geTafYbe`TV\baXf WX_ XfgTWb Xa fbV\XWTWXf VTc\gT_\fgTf VbagX`cbenaXTf' 7__q WbaWX _bf XfgTWbf UheZhXfXf fX [Ta \Wb WX`bVeTg\mTaWb XYXVg\iT`XagX% [T [TU\Wb haT XkcTaf\sa WX_ gXeeXab WX VbaYebagTV\sa cb_qg\VT WX `bWb WX \aV_h\e XfcTV\bf XfgTgT_Xf dhX TagXe\be`XagX XfgTUTa T_ `TeZXa WX W\V[T VbaYebagTV\sa' 9ba X__b% ZeTa cTegX WX _Tf gXf\f WX CTek% ;aZX_f l BXa\a TVXeVT WX_ XfgTWb% _T beZTa\mTV\sa l _T _hV[T cb_qg\VT [Ta dhXWTWb \abcXeTagXf' O T__q WbaWX XfgT WX`bVeTg\mTV\sa ab fX W\b% b WbaWX _Tf Vbadh\fgTf WX`bVeng\VTf WX _Tf `TfTf YhXeba eXiXeg\WTf Vba _T \afgTheTV\sa WX eXZq`XaXf Thgbe\gTe\bf b W\VgTgb& e\T_Xf% _Tf beZTa\mTV\baXf cbch_TeXf [Ta \Wb eXVbaf\WXeTaWb X_ iT_be l X_ fXag\Wb dhX _T \mdh\XeWT `Tek\fgT V_nf\VT fb_qT Tf\ZaTe T _Tf _\UXegTWXf V\i\_Xf l T _Tf \afg\ghV\baXf cb_qg\VTf ZXaXeTWTf cbe _Tf WX`bVeTV\Tf_\UXeT_Xf'

*+'
*./

;_ \`cTVgb WX XfgX YTVgbe fX iXe\Y\VT Xa Trbf eXV\XagXf Vba _T ceXbVhcTV\sa cbe cXafTe ha VRFLDOLVPR GHPRFU^WLFR% Xf WXV\e% cbe Teg\Vh_Te ha ceblXVgb cb_qg\Vb WX fbV\XWTW dhX Vb`ceXaWT ab fs_b X_ \`ch_fb \ZhT_\gTe\b WX _T geTW\V\sa fbV\T_\fgT WXV\`basa\VT% f\ab gT`U\pa bgeTf Wbf VbfTf3 cbe haT cTegX% _T eXVhcXeTV\sa WX_ Vb`cbaXagX _\UXegTe\b l Tag\Thgbe\gTe\b WX _T geTW\V\sa TaTedh\fgT l% cbe bgeT% _T eXVhcXeTV\sa WX _bf TcbegXf fhfgTaV\T_Xf WX_ _\UXeT_\f`b Xa _b dhX eXfcXVgT T _Tf _\UXegTWXf cvU_\VTf l T _Tf \afg\ghV\baXf l _TfeXZ_TfWX]hXZbWX`bVeng\VTf' Ka fXZhaWb YTVgbe Xfgn _\ZTWb T _T TVg\iTV\sa WX XfcTV\bf WX _b fbV\T_ TagXe\be`XagX aXhgeT_Xf l X_ fheZ\`\Xagb% WXageb WX X__bf% WX fh]Xgbf dhX fX `hXiXa Xa _T cXe\YXe\T WX _T cb_qg\VT% Vb`b cbe X]X`c_b% `h]XeXf% XfghW\TagXf% \adh\_\abf% cTV\Y\fgTf% [b`bfXkhT_Xf l WXYXafbeXf WX _bf WXeXV[bf [h`Tabf' IX geTgT WX haT TVg\iTV\sa WX XfcTV\bf cbe VhTagb pfgbf Vb`\XamTa T fXe YbVbf ZXaXeTWbeXf WX WXfTYqbf T_ VTenVgXe ÖaTgheT_Ü Tf\ZaTWb cbe X_ fXag\Wb Vb`va l _Tf _XlXf T _Tf Ybe`Tf WX eX_TV\baT`\Xagb X \WXag\WTWXf Xk\fgXagXf Xa X__bf' IX W\VX dhX _bf fh]Xgbf dhX fX Ybe`Ta l geTafYbe`Ta Xa Xfbf XfcTV\bf Xfgna Xa _T cXe\YXe\T WX _T cb_qg\VT% cbe VhTagb fhf _hV[Tf eX\i\aW\VTg\iTf% f\a f\ghTefX aXVXfTe\T`XagX WXageb WX_ XfcTV\b \afg\ghV\baT_ WX _T cb_qg\VT% Vb`\XamTa T \WXag\Y\VTe T`\Zbf l TWiXefTe\bf l T Vbafg\gh\e fTUXeXf Xkc_\VTg\ibf WX fhf cebc\bf TagTZba\f`bf% bU]Xg\ibf WX _hV[T% XfgeTgXZ\Tf l `bWT_\WTWXf WX Vn_Vh_b' OT ab fX ceXgXaWX ]hfg\Y\VTe _Tf _TZhaTf b _Tf \aVbaf\fgXaV\Tf gXse\VTf WX_ `Tek\f`b Vb`b f\ XfgTf YhXfXa `XeTf W\Y\Vh_gTWXf cTfT]XeTf dhX fX \ena fhUfTaTaWb Vba X_ VbeeXe WX _bf Trbf' 7agXf U\Xa% _T VhXfg\sa Xf cXafTe _bf _q`\gXf WX ha fTUXe fbV\T_\fgT UTfTWb XkV_hf\iT`XagX Xa X_ W\fVhefb `Tek\fgT' JT`cbVb fX geTgT gTa fs_b WX TY\e`Te _T aXVXf\WTW WX \`chZaTe X_ cTcX_ WX _T KHII Vb`b ZhqT% ZhTeW\na ghgX_Te% [Xe`Tab `Tlbe b cTeTW\Z`T cTeT _bf W\iXefbf cTeg\Wbf l `bi\`\Xagbf Xa _hV[T cbe X_ fbV\T_\f`b% f\ab WX cXafTe ahXiTf Ybe`Tf WX beZTa\mTV\sa l WX [TVXe cb_qg\VT fbV\T_\fgT dhX ab

*.0

cTfXa bU_\ZTgbe\T`XagX cbe X_ XfdhX`T Ub_V[Xi\dhX "*,#' O% cbe v_g\`b% T W\YXeXaV\T WX _T pcbVT Xa _T dhX JbZ_\Tgg\ eXWTVgs fh 7HPRU^QGXP% lT ab fX geTgT f\`c_X`XagX WX TY\e`Te l WXYXaWXe _T aXVXf\WTW WX TiTamTe cbe `v_g\c_Xf iqTf aTV\baT_Xf T_ fbV\T_\f`b% f\ab `nf U\Xa WX ceXZhagTefX f\ TVTfb gbWbf Xfbf VT`\abf VbaWhVXa T XQD PLVPD Hb`T fbV\T_\fgT b% cbe X_ VbageTe\b% f\ _T `\f`T ha\V\WTW WX_ Y\a ab fX YeTZ`XagT gT`U\pa Xa ha c_heT_ WX Ybe`Tf T_gXeaTg\iTfWXfbV\XWTWfbV\T_\fgT' ;a Y\a% _b dhX [bl fX WXf\ZaT hfhT_`XagX &l Vba ]hfgT eTmsa& Vba X_ ab`UeX WX FULVLV GHO PDU[LVPR [T [XV[b dhX `hV[bf gb`Xa W\fgTaV\T WX W\V[b W\fVhefb WX_ fbV\T_\f`b% f\a c_TagXTe haT T_gXe& aTg\iT T p_' FXeb _T Ve\f\f Xa _T VhT_ [T XageTWb X_ W\fVhefb `Tek\fgT% l _Tf W\Y\Vh_gTWXf WX_ `bi\`\Xagb fbV\T_\fgT cTeT cXafTe fh \WXag\WTW geTf TVhfTe eXV\Ub WX_ \`cTVgb WX XfT Ve\f\f% ab Xf fhfVXcg\U_X WX fXe fb`Xg\WT fb_T`XagX T haT _XVgheT Xa V_TiX aXZTg\iT&Y\aT_\fgT' :X X__T fheZX haT UeXV[T T geTipf WX _T VhT_ chXWX cTfTe ha fbV\T_\f`b eXVb`chXfgb fbUeX UTfXf W\YXeXagXf% WX `TaXeT WX eXVhcXeTe fh VTcTV\WTW WX `bi\_\mTV\sa l eXgb`Te _T \a\V\Tg\iT cb_qg\VT' BT Ve\f\f% dhX iT TWdh\e\XaWb fh `beYb_bZqT XfcXVqY\VT Vba _bf X_X`Xagbf WX Veqg\VT fheZ\Wbf Xa _bf WXUTgXf WX _bf v_g\`bf *) Trbf% chXWX TWbcgTe ha iT_be cbf\g\ib% cebWhVg\ib WX _b ahXib' :Xfchpf WX gbWb% Xa X_ fXag\Wb Ze\XZb V_nf\Vb% _T \WXT WX gFULVLV XfgTeqT _\ZTWT T NULQHLQ% Xf WXV\e% T ha gpe`\ab dhX f\Za\Y\VT T_ `\f`b g\X`cb ÖW\fVe\`\aTeÜ l ÖWXV\W\eÜ%X_XZ\elgb`TehaTcbf\V\sa"*-#' *,' IX chXWX Vbafh_gTe _T Vb`c\_TV\sa T VTeZb WX Hbf fTaT HbffTaWT% 0KUEWVKT GN GUVCFQ "*201#%
*.1

*$;IKVULQKQeUWVZTIY^QZ[ILMSWYV_MK[VZVKQISQZ[I$ FTeT dhX _T W\`Xaf\sa Veqg\VT&cebWhVg\iT WX _T Ve\f\f chXWT VbaiXeg\efX Xa YTVgbe ZXaXeTWbe WX _b ahXib% Xf WXV\e% cTeT dhX chXWT VbaWhV\e XYXVg\iT`XagX T _T eXVb`cbf\V\sa ceblXVghT_ WX ha fTUXe l WX haT cenVg\VT cb_qg\VT fbV\T_\fgT% Xf aXVXfTe\b eXY_Xk\baTe TVXeVT WX _Tf WXV\f\baXf dhX fX WXUXa gb`Te cTeT dhX X`Xe]T _b ahXib' ÉBTf \WXTf fba VneVX_Xf WX _TeZT WheTV\saÑ% W\VX Gh\]Tab "*.#% cXeb TZeXZT dhX ab Xf \aW\fcXafTU_X dhX cXe`TaXmVT`bf XaVXeeTWbf Xa X__Tf cTeT f\X`ceX' ;a Ybe`T Tan_bZT% Xf cbf\U_X dhX X_ fbV\T_\f`b fX WXfX`UTeTVX WX fhf TgTWheTf WXV\`basa\VTf% dhX TVXcgX X_ WXfTYqb WX eXabiTefX l eX\aiXagTefX T fq `\f`b cTeT ab `be\e' ;a haT cT_TUeT% dhX WX]X XfcTV\b T _T \`TZ\aTV\sa &TVXcgTaWb X_ e\XfZb WX_ XdhqibVb& cTeT cXafTefX T fq `\f`b Xa haT pcbVT gTa cbVb VTegXf\TaT Xa _T dhX _Tf VbfTf ÖV_TeTf l W\fg\agTfÜ fX T_X]Ta WX_ [be\mbagX WX _T i\WT% l Xa ha gXee\gbe\b VhlTf VbbeWXaTWTf% f\a fXe DQLL&PDU[LVWDV%fbaWXV\W\WT`XagXSRVPDU[LVWDV' I$

BVKQISQZTV_LMTVKYIKQI.LVZLQZKVU[QU\QLILMZWIYI NVYRIY\UIIY[QK\SIKQeUWVSc[QKI$

Ka ce\`Xe gX`T dhX fX WXUX c_TagXTe Xf _T eX_TV\sa XageX fbV\T_\f`b l WX`bVeTV\T' KaT Ybe`T WX TUbeWTe _T VhXfg\sa WX`bVeng\VT Xa eX_TV\sa T_ fbV\T_\f`b Xf TY\e`Te% Vb`b Xf [TU\ghT_ Xa WXUTgXf TVghT_Xf% dhX X_ YHUGDGHUR fbV\T_\f`b Xf WX`bVeng\Vb% dhX X_ fbV\T_\f`b Xf WX`bVeng\Vb b fXaV\__T`XagX ab chXWX fXe WXab`\aTWb Vb`b gT_' :X XfgT `TaXeT% _T ZXaXeTV\sa WX fbV\T_\fgTf fheZ\WT Xa ha T`U\XagX WX eXY_Xk\sa `TeVTWb cbe X_ cbfXfgT_\a\f`b l cbe X_ eVWXfVhUe\`\Xagb WX =eT`fV\ chXWX WTe e\XaWT fhX_gT T fh \aW\ZaTV\sa `beT_ TagX _Tf eXiX_TV\baXf TVXeVT WX _bf JXODJ fbi\pg\Vbf%chXWXY\e`TeWXV_TeTV\baXfVbaWXaTaWb_Tceb[\U\V\sa *.' 7aqUT_ Gh\]Tab% ÉBTf \WXTf fba VneVX_Xf WX _TeZT WheTV\sa% cXeb ab Xf \aW\fcXafTU_X dhX cXe`TaXmVT`bf gbWb X_ g\X`cb Xa XfTf VneVX_XfÑ% 0CXKF [ 3QNKCVJ7rbNL?%Dx-2%8hXabf7\eXf%]h_\bWX*21/'

*.2

WX _Tf TVg\i\WTWXf WX_ `bi\`\Xagb f\aW\VT_ =ROLGDULGDG l _T YT_gT WX _\UXegTWXf cvU_\VTf Xa Fb_ba\T l chXWX% \aV_hfb% Ybe`h_Te cvU_\VT& `XagX fh eXV[Tmb T _Tf Ybe`Tf WX beZTa\mTV\sa XfgTgT_ WX _bf cTqfXf WX_VRFLDOLVPRUHDOPHQWHH[LVWHQWH' Ka fXZhaWb g\cb WX XaYbdhX WX XfgTf VhXfg\baXf Vbaf\WXeT T_ ÖfbV\T_\f`b eXT_`XagX Xk\fgXagXÜ Vb`b ÖfbV\T_\f`bÜ T fXVTf% Vb`b cebcbaX Xae\ BXil &hab WX _bf ÖahXibf Y\_sfbYbfÜ dhX f\agXg\mT XfgX XaYbdhX&% X_ JXODJ ab Xf ha TVV\WXagX% haT WXfi\TV\sa bhaXeebe'7agXfU\Xa%XffhVbafXVhXaV\T3 ÉX_ Vbeb_Te\b aXVXfTe\b WX ha fbV\T_\f`b dhX fs_b chXWX _bZeTe _T [b`bZXaX\WTW WXfc_TmTaWb T _Tf YhXemTf WX _T [XgXebZXaX\WTW [TV\T fhf `neZXaXf% dhX fs_b chXWX `biXefX [TV\T _b ha\iXefT_ VbaY\aTaWb T fhf eXUX_WXf% T fhf \aW\i\& WhT_\fgTf \`cXa\gXagXf% T _T bfVhe\WTW WX haT ab&fbV\XWTW' Db [Tl VT`cbf QWX \agXeaTV\saR f\a `Tek\f`b% W\]b =_hV^f& `Taa'DbfbgebfWXUX`bfTZeXZTe3ab[TlfbV\T_\f`bff\a

VT`cbf% QR KD\ VRFLHGDG VLQ FODVHV VLQ VX YHUGDG WHUURULVWD *1 $ FXeb gT`U\pa Xf cbf\U_X cXafTe Xa haT gXeVXeT cXefcXVg\iT% haT dhX iTlT `nf T__n WX_ bcg\`\f`b WX haT l WX_ WXfXaVTagb WX bgeT' Ka cbf\U_X chagb WX TeeTadhX cTeT X__b chXWX WXfTeeb__TefX T cTeg\e WX _bf geTUT]bf WX 9'8' CTVc[Xefba "*2# TVXeVT WX_ W\fVhefb _\UXeT_% XfcXV\T_`XagX fhf gXf\f TVXeVT WX _T Teg\Vh_TV\sa XageX _T WX`bVeTV\TeXceXfXagTg\iTlX_XfgTWb_\UXeT_' CTVc[Xefba [T WX`bfgeTWb _vV\WT`XagX dhX _T Xk\fgXaV\T WX _Tf `bWXeaTf WX`bVeTV\Tf _\UXeT_Xf ab Thgbe\mT T [TU_Te WX ha aXkb aXVXfTe\b XageX X_ Ö_\UXeT_\f`bÜ l ÖWX`bVeTV\TÜ4 _bf Wbf gpe`\abf WX _T XkceXf\sa GHPRFUDFLD OLEHUDO ab Xfgna \aW\fb_hU_X`XagX _\ZTWbf XageX fq' Fe\`Xeb% W\VX% fX Vbafb_\Ws ha XfgTWb _\UXeT_ Vba _\UXegTWXf V\i\_Xf l haT \afg\ghV\sa cTe_T`XagTe\T% cXeb dhX aTWT gXaqT WX WX`bVeng\Vb3 X_ ibgb XfgTUT eXfge\aZ\Wb T _bf gXeeTgXa\XagXf ce\`Xeb l T _bf TVThWT_TWbf UheZhXfXf WXfchpf' ;_ bU]Xg\ib ce\`beW\T_ WX XfX XfgTWb YhX _T WXYXafT WX _bf WXeXV[bf T _T cebc\XWTW% X_ \`ch_fb WX _T _\UeX X`ceXfT UTfTWT Xa _T \a\V\Tg\iT ce\iTWT l _T \afg\ghV\sa WX _T eX_TV\sa VbageTVghT_ XageX [b`UeXf Ö_\UeXfÜ WX TgTWheTf XfgT`XagT_Xf' ;f WXV\e% geXf VbaW\V\baXf dhX [\V\Xeba cbf\U_X X_ fheZ\`\Xagbl_TVbag\ah\WTWWXhaTfbV\XWTWWX`XeVTWb' BT WX`bVeTg\mTV\sa WX XfX XfgTWb fX W\b `hV[b `nf gTeWX Vba _T Vbadh\fgT WX_ fhYeTZ\b ha\iXefT_ cbe cTegX WX _Tf `TfTf geTUT]TWbeTf XhebcXTf T cTeg\e WX _T fXZhaWT `\gTW WX_ f\Z_b N?N' BT WX`bVeTg\mTV\sa WX_ XfgTWb _\UXeT_ ab Vbafg\ghls X_ `b`Xagb `nf T_gb b _T VbafXVhXaV\T \aXi\gTU_X WX_ cXafT`\Xagb l _T \afg\ghV\baT_\WTW_\UXeT_VXageTWbfXaX_`XeVTWb%TZeXZTCTVc[X&

*/'

*1' 8XeaTeW >Xae\ BXil% .CTDCTKUO YKVJ C 4WOCP 2CEG "*200#% >TecXe TaW Hbj%DXjObe^%*21)%c'*.1'IhUeTlTWbXaX_be\Z\aT_'

*0' FXeel 7aWXefba% /QPUKFGTCEKQPGU UQDTG GN OCTZKUOQ QEEKFGPVCN "*20/#% I\Z_bNN?%Cpk\Vb%*202'

*2' HX`\gb T_ _XVgbe T T_Zhabf geTUT]bf VXageT_Xf WX 9'8' CTVc[Xefba T_ eXfcXVgb% 7C TGCNKFCF FGOQET]VKEC "*2/.#%
C\V[X_
*/)

*/*

efba' FehXUT WX X__b Xf dhX Tva cXeWheTa fbV\XWTWXf WX `XeVTWb Vhlbf XfgTWbf _\UXeT_Xf fba V_TeT`XagX W\VgTgbe\T_Xf' 7agXf U\Xa% XfT WX`bVeTg\mTV\sa YhX X_ eXfh_gTWb WX cenVg\VTf cb_qg\VTf3 WX _hV[Tf bUeXeTf cTeT Vbadh\fgTe X_ WXeXV[b T ibgb l cTeT \aZeXfTe T _T TeXaT cb_qg\VT T geTipf Wp cTeg\Wbf bUeXebf cbe haT cTegX% l WX XfYhXembf _\UXeT_Xf cbfgXe\beXf W\e\Z\Wbf T UhfVTe `bWbf WX Teg\Vh_Te haT Ybe`T WX`bVeng\VT WX ZbU\Xeab T haT fbV\XWTW UheZhXfT lT Xk\fgXagXcbe_TbgeT' 7XWDOLV PXWDQGLV% fX chXWX eXgb`Te _T _sZ\VT TeZh`XagTg\iT WX CTVc[Xefba &Xa XfcXV\T_ fhf VbafXVhXaV\Tf gXse\Vb&cb_qg\VTf& l WXfc_XZTe_T Xa X_ gXeeXab W\fVhef\ib WX_ fbV\T_\f`b' ;__b f\Za\Y\& VTeqT dhX% T_ `Xabf D SULRUL% c\XeWXa iT_\WXm XahaV\TWbf gT_Xf Vb`b ÉfbV\T_\f`b l WX`bVeTV\T fba Wbf gpe`\abf dhX fX \`c_\VTa `hghT`XagXÑ% ÉfbV\T_\f`b l WX`bVeTV\T fs_b chXWXa fXe cXafTWbf ]hagbfÑ b É_T WX`bVeTV\T fs_b chXWX fXe VbafXVhXaV\T WX_ fbV\T& _\f`bÑ' JT_ iXm f\eiXa Vb`b UhXabf _X`Tf chU_\V\gTe\bf cTeT VT`cTrTf cb_qg\VTf b cTeT cb_p`\VTf \WXb_sZ\VTf% cXeb VTeXVXa cbe Vb`c_Xgb WX YhaWT`Xagb gXse\Vb X [\fgse\Vb' Ih \WXag\WTW Xf gTa YT_Tm Vb`b TdhX__T dhX \agXagT eXWhV\e _T WX`bVeTV\T T_ _\UXeT_\f`b bV\eVhafVe\U\e_TT_`XeVTWbWX_\UeXX`ceXfT' ;ageX X_ bcg\`\f`b \_\`\gTWb WX habf l X_ WXfXaVTagb Xfgpe\_ WX bgebf% fX __XZT T _b dhX cbWeqT Vbafg\gh\e bgeb XaYbdhX cTeT X_ Tan_\f\f% ha VT`\ab T_gXeaTg\ib cTeT TUbeWTe l WXfTeeb__Te _bf cebU_X`Tf dhX [Ta f\Wb c_TagXTWbf' 8nf\VT`XagX% cXafTe _T cbf\& U\_\WTW WX ha fbV\T_\f`b WX`bVeng\Vb fhcbaX XYXVghTe WX_ ÖbcXeT& V\baXf W\fbV\Tg\iTfÜ ceX_\`\aTeXf% Xf WXV\e% XfgTU_XVXe :bf GLVFRQ& WLQXLGDGHVYhaWT`XagT_Xf' BT ce\`XeT WX XfgTf W\fVbag\ah\WTWXf fX WT XageX ÖfbV\T_\f& `bÜ l Ö`Tek\f`bÜ% VbafgehVV\baXf cb_qg\VTf l W\fVhef\iTf dhX ab Xfgna _\ZTWTf XageX fq cbe `XW\b WX eX_TV\baXf aXVXfTe\Tf' ;f V\Xegb dhX Xa X_ fXag\Wb Vb`va VbagX`cbenaXb WX \mdh\XeWT l WX WXeXV[T haT l bgeT TcTeXVXa \aW\fb_hU_X`XagX _\ZTWTf' JT_ Xf Tfq dhX eXfh_gT W\YqV\_ &f\ab \`cbf\U_X& cXafTe_Tf cbe fXcTeTWb' FXeb X__b ab UTfgT cTeT ]hfg\Y\VTe&l `hV[b `Xabf _XZ\g\`Te& haT aTgheT_\mTV\sa WX fh eX_TV\sa' Db fX chXWX eXWhV\e X_ fbV\T_\f`b T fhf Ybe`h_TV\baXf

*/+

`Tek\fgXf' ;_ `Tek\f`b ab Xf `nf dhX ha W\fVhefb WX_ fbV\T_\f`b' JT_ iXm fXT X_ `nf Xk\gbfb [TfgT _T YpV[T% cXeb ab Xf X_ ce\`Xeb% a\ X_ v_g\`b% a\ fh f\asa\`b' JbWb `Tek\f`b Xf aXVXfTe\T`XagX fbV\T_\fgT%cXebabgbWbfbV\T_\f`bXfWXcbefq`Tek\fgT' BT fXZhaWT WX X__Tf \`c_\VT TVXcgTe% WX haT UhXaT iXm% dhX XageX fbV\T_\f`b l WX`bVeTV\T ab [Tl Vbag\ah\WTW aXVXfTe\T' 7 W\YXeXaV\T WX _b dhX c_TagXTUTa _bf ÖY\_sfbYbf WX_ WXfXaVTagbÜ% X__b ab Xdh\iT_X T ha eXV[Tmb D SULRUL WX gbWT cbf\U\_\WTW WX XfgTU_XVXe T_Zva g\cb WX eX_TV\sa XageX Xfgbf gpe`\abf' 7agXf U\Xa% f\Za\Y\VT dhX f\ [T WX [TUXe haT `bWT_\WTW WX ha\WTW XageX X__bf% pfgT fs_b chXWX cXafTefXVb`bDUWLFXODFLaQSRO`WLFD' LXT`bf' ÖIbV\T_\f`bÜ l ÖWX`bVeTV\TÜ fba gpe`\abf XageX _bf VhT_Xf ab Xk\fgX a\ ha iqaVh_b WX beWXa _sZ\Vb a\ haT eX_TV\sa WX Vbag\ah\WTW aXVXfTe\T' ;_ fbV\T_\f`b YhX% WXfWX fhf \a\V\bf% ha ceb& lXVgb WX fbV\XWTW UTfTWb Xkc_qV\gT`XagX Xa _T TY\e`TV\sa WX _T Vba& W\V\sa [h`TaT aXZTWT T _bf WX TUT]b% T _bf WXf[XeXWTWbf% T _bf ceb& _XgTe\bf Xa gTagb ahXibf f\Xeibf cebWhV\Wbf Vba X_ TWiXa\`\Xagb WX _T fbV\XWTW \aWhfge\T_' :XfWX fhf Ybe`h_TV\baXf Öhgsc\VTfÜ T _Tf ÖV\XagqY\VTfÜ% X_ ceblXVgb fbV\T_\fgT UhfVs Ybe]Te haT \WXag\WTW Vb_XV& g\iT cTeT _bf WXfcbfXqWbf l beZTa\mTe fh eXf\fgXaV\T cb_qg\VT T_ beWXa UheZhpf dhX fX Vbafb_\Ws WheTagX X_ f\Z_b N?N' Ih paYTf\f VXageT_ eTW\Vs f\X`ceX &b T_ `Xabf T cTeg\e WX _Tf Ybe`h_TV\baXf cebZeT`n& g\VTf Tfh`\WTf Vba _T Ybe`TV\sa WX _T ? ?agXeaTV\baT_& Xa _T XeeT& W\VTV\sa WX _T `\fXe\T l _T fhceXf\sa WX _T Xkc_bgTV\sa [h`TaT' ;f WXV\e% Xfghib _\ZTWb T_ TfcXVgb \ZhT_\gTe\b Xa X_ c_Tab fbV\T_ l XVb& as`\Vb' BT VhXfg\sa WX _T WX`bVeTV\T &_T gX`ng\VT WX _T V\hWTWTaqT l WX _T WXf\ZaTV\sa WX Thgbe\WTWXf cbe cTegX WX TdhX__T& Vbafg\ghls ha TfcXVgb cXe\Ype\Vb Xa XfX ceblXVgb' BT Xk\fgXaV\T YnVg\VT WX _bf `bWXeabf XfgTWbf fbV\T_\fgTf% WbaWX _T WX`bVeTV\T TcTeXVX `nf dhX aTWT Vb`b haT TY\e`TV\sa VTeXagX WX VbagXa\Wb% Vb`b Ybe`T WXf& cb]TWT WX _bf `XW\bf cTeT [TVXe_T XYXVg\iT% WX`hXfgeT Vba V_Te\WTW TU\f`T_ dhX ab Xf cbf\U_X WXe\iTe haT Ybe`T cb_qg\VT WX haT XfgehV& gheT XVbas`\VT' FXeb Xfgb ab \`c\WX dhX fhe]T ha VbafgehVgb WXab& `\aTWb ÖfbV\T_\f`b WX`bVeng\VbÜ WXfTeeb__TWb Xa UTfX T _T lT `Xa& V\baTWTabV\saWXTeg\Vh_TV\sacb_qg\VT'

*/,

Fbe haT cTegX% fX geTgT WX ha cebVXfb SRO`WLFR% chXfgb dhX ab Xk\fgXa Ybe`Tf ha\iXefT_Xf cTeT __XiTe T VTUb W\V[b VbafgehVgb' ;_ ÖfbV\T_\f`b eXT_`XagX Xk\fgXagXÜ Xf eXT_ l Xf fbV\T_\fgT% cXeb ab Xf WX`bVeng\Vb% cbe _b VhT_ `T_ cbWeqT TcX_TefX T fhf cenVg\VTf cTeT cXafTe T_gXeaTg\iTf' 9TWT pcbVT l _hZTe g\XaXa fhf cebc\Tf cTeg\& Vh_Te\WTWXf% l eXdh\XeXa f\X`ceX fTUXeXf l cenVg\VTf XfcXVqY\VTf T_ eXfcXVgb' BT ha\WTW b eX_TV\sa XageX fbV\T_\f`b l WX`bVeTV\T fs_b chXWX _bZeTefX `XW\TagX _hV[Tf Vhlb pk\gb a\ _T V\XaV\T a\ _T [\fgbe\T chXWXa ZTeTag\mTe WX TagX`Tab' ;f ha cebVXfb _TeZb l ceXVTe\b dhX WXUX eXf\fg\e T`XaTmTf l TfXW\bf% \aV_hfb _bf WX Y\_sfbYbf&eXlXf WX ÖiTaZhTeW\Tf XfV_TeXV\WTfÜ dhX fX `hXfgeTa `nf ceXbVhcTWbf cbe \`cbaXe ha _\UeXgb \WXb_sZ\Vb dhX cbe cbaXe Xa `TeV[T ha ceblXVgb Vb`b cebVXfb dhX fX eXYbe`h_T WX VTeT T _Tf Xk\ZXaV\Tf VbaVeXgTf WX _T cenVg\VT' ;f haT VbafgehVV\sa dhX% T_ ab XfgTe Vb`c_XgT`XagX ceXY\ZheTWT% ab chXWX T_VTamTefX WX haT fb_T `TaXeT% a\ WX haT iXm cbe gbWTf% a\ Vba ha `b_WX eqZ\Wb dhX \`c\WT gbWT cbf\U\_\WTW WX eXabiTV\saWX_ceblXVgbbe\Z\aT_XaX_VhefbWXfh\`c_X`XagTV\sa' Fbe bgeT cTegX% X_ aXkb XageX fbV\T_\f`b l WX`bVeTV\T fX WXUX cXafTe Xa UTfX T _T abV\sa WX DUWLFXODFLaQ% cbe VhTagb _T ha\WTW cbf\U_X Xa a\aZva `b`Xagb _bZeT UbeeTe X_ VTenVgXe W\YXeXaV\T_ WX _bf gpe`\abf' BT ha\WTW eXfh_gTagX Xf `nf e\VT l Vb`c_X]T dhX VTWT hab WX _bf gpe`\abf gb`TWbf cbe fXcTeTWb3 fbV\T_\f`b WX`bVeng\Vb f\Za\Y\VT ]hfg\V\T fbV\b&XVbas`\VT X \ZhT_WTW cb_qg\VT% V\hWTWTaqT fbV\T_ l V\hWTWTaqT cb_qg\VT \eeXfge\VgT' ;__b Xf XkTVgT`XagX \ZhT_ T _b dhX fX c_TagXs Xa eX_TV\sa Vba _T WX`bVeTV\T _\UXeT_ dhX% Vb`b ha\WTW [\fgse\VT l cb_qg\VT`XagX Vbafgeh\WT% T _T iXm XkVXWX l Vbag\XaX T haT Ybe`T _\UXeT_ l T haT Ybe`T WX`bVeng\VT' 7 W\YXeXaV\T WX _T WX`bVeTV\T _\UXeT_ &dhX ce\i\_XZ\T _T TVh`h_TV\sa WX e\dhXmTf l bcgT cbe X_ `XeVTWb Vb`b `XVTa\f`b Unf\Vb WX W\fge\UhV\sa&% _T cXefcXVg\iT fbV\T_\fgT WX _T WX`bVeTV\T ab fs_b eTW\VT_\mT _Tf \afg\ghV\baXf eXceXfXagTg\iTf l _Tf eXZ_Tf WX ]hXZb WX`bVeng\Vb [XeXWTWbf WX _T geTW\V\sa _\UXeT_% f\ab dhX gT`U\pa XfgTU_XVX X_ Ve\gXe\b WX ]hfg\V\T X \ZhT_WTW fbV\T_ Vb`b T_Zb ce\be\gTe\b' FXeb% T_ \ZhT_ dhX _T WX`bVeTV\T _\UXeT_% _T WX`bVeTV\T fbV\T_\fgT gT`cbVb chXWX TZbgTe X_ fXag\Wb WX_ gpe`\ab ÖWX`bVeT&

*/-

V\TÜ4 fXeqT \_XZqg\`b eXWhV\e _T ha\WTW eX_Tg\baT_ T hab h bgeb WX fhf Vb`cbaXagXf' I\a X`UTeZb% X_ fhYeTZ\b ha\iXefT_ Xf haT VbaW\V\sa aXVX& fTe\T cXeb ab fhY\V\XagX cTeT _T WX`bVeTV\T' IX aXVXf\gT DOJR P^V dhX X_ ibgb ha\iXefT_% _\UeX l fXVeXgb cTeT dhX X_ chXU_b fXT X_ fbUXeTab' F\pafXfX Xa _b dhX BXYbeg Vbaf\WXeT Vb`b _T \aabiTV\sa eTW\VT_ \agebWhV\WT cbe _T \WXT WX`bVeng\VT' Fbe haT cTegX% W\VX% _T WX`bVeTV\T \`c_\VT X_ eXVbabV\`\Xagb WX_ VbaY_\Vgb% Xfgb Xf% TVXcgT dhX _T W\i\f\sa Xf Vbafg\ghg\iT WX _T ha\WTW WX _T fbV\XWTW% cbe _b VhT_ pfgT lT ab chXWX fXe Vbaf\WXeTWT Vb`b ha VhXecb b haT gbgT_\WTW beZna\VT3 _T ha\WTW Xk\fgX% cXeb Vb`b VbafgehVV\sa cheT`XagX fbV\T_ l VT`U\TU_X% l ab Vb`b WXgXe`\aTV\sa aTgheT_ eXceXfXagTWT Xa _T Y\ZheT WX_ ceqaV\cX' Fbe bgeT cTegX% X_ ]hXZb XageX VbaY_\Vgb l VbafXafb cebc\b WX XfgT ha\WTW WX _b W\iXefb [TVX dhX Xa haT WX`bVeTV\T X_ cbWXe cb_qg\Vb fX Vbai\XegT Xa ha OXJDU YDF`R3 _bf ZbUXeaTagXf WX gh`b ab chXWXa Tcebc\TefX b TWhXrTefX WX p_% chXfgb dhX fX geTgT WX ha _hZTe Vhlbf bVhcTagXf V\eVhafgTaV\T_Xf WXUXaXiTVhTe_b_hXZbWXWXgXe`\aTWbg\X`cb"+)#' ;__b geTX Vbaf\Zb _T Xk\ZXaV\T WX geXf VbaW\V\baXf WX cbf\U\_\WTW cTeT ha XfgTWb WX`bVeng\Vb' Fe\`Xeb% fX WXUX fXcTeTe _Tf XfYXeTf WX_ cbWXe% WX _T _Xl l X_ VbabV\`\Xagb3 ÉX_ cbWXe ab chXWX W\VgTe _T _Xl% l dh\Xa _T W\VgT ab Xf X_ XaVTeZTWb WX Tc_\VTe_T4 WX _T `\f`T `TaXeT dhX X_ dhX i\Z\_T _T \aYeTVV\sa WX _Tf _XlXf l Tc_\VT fTaV\baXf gT`cbVb [TVX _Tf _XlXf a\ TW`\a\fgeT X_ XfgTWbÑ "+*#' IX& ZhaWb% f\a _\UXegTWXf V\i\_Xf &XfcXV\T_`XagX _Tf WX bc\a\sa% Tfb& V\TV\sa l eXha\sa& Xf cbVb cebUTU_X dhX X_ fhYeTZ\b f\eiT cTeT `T& a\YXfgTe _bf Ta[X_bf l _T ibVTV\sa WX cbWXe WX W\iXefTf &l% YeXVhXa& gX`XagX% VbaY_\Vg\iTf& TZehcTV\baXf l Vbee\XagXf WXageb WX _T fbV\X& WTW' ;_ W\fXafb VTeXVXeqT WX `XW\bf cTeT `Ta\YXfgTefX l fbfgXaXefX% l_Tbcbf\V\sadhXWTeqTWXfcebi\fgTWX`XW\bfXYXVg\ibfcTeTVbaf& +)' 9_ThWX BXYbeg% É;_ cebU_X`T WX _T WX`bVeTV\TÑ% :REKQPGU Dx /% ITag\TZb WX9[\_X%`Tlb&TZbfgb*21.%cc'1+&1-' +*' 8Ta]T`qa 7eW\g\ l @bfp 9Te_bf HbWeqZhXm% ÉBTf VbaW\V\baXf WX ha f\fgX`T WX`bVeng\Vb WX cTeg\WbfÑ% W\Te\b @NVKOC 4QTC" 7fhaV\sa% *0 WX fXg\X`UeX WX *210'

*/.

g\gh\e ahXiTf `TlbeqTf l VbaiXeg\efX Xa ZbU\Xeab &b% cTeT WXV\e_b Vba CTVc[Xefba% X_ ibgb fXeqT WXfcb]TWb WX fh VTcTV\WTW cTeT [TVXe l WXf[TVXe ZbU\Xeabf' JXeVXeb% f\a _T VbaYbe`TV\sa WX ha f\fgX`T WX cTeg\Wbf cb_qg\Vbf &Xfgb Xf% WX ha XfcTV\b cb_qg\Vb Thgsab`b VTcTm WX \afg\ghV\baT_\mTe X_ VbaY_\Vgb l X_TUbeTe VbafXafbf&% eXfh_gT cbVbcebUTU_XdhXfX_bZeXWX`bVeTg\mTe_Tib_hagTWXfgTgT_' FTeT dhX XfgTf VbaW\V\baXf chXWTa XYXVg\iT`XagX WXfTeeb& __TefX% X_ ceblXVgb fbV\T_\fgT WX`bVeng\Vb WXUX TUTaWbaTe geXf \WXTf&YhXemT dhX [Ta TVb`cTrTWb T_ cXafT`\Xagb fbV\T_\fgT Wh& eTagX ha f\Z_b% XfcXV\T_`XagX _hXZb WX_ \`cTVgb WX_ _Xa\a\f`b3 Xf \aTVXcgTU_X dhX fX ceXgXaWT W\fb_iXe _T WX`bVeTV\T cb_qg\VT Xa _T WX`bVeTV\T XVbas`\VT% chXfgb dhX X__b \`c_\VT haT VbaYhf\sa XageX Wbf n`U\gbf W\YXeXaV\TWbf &X_ WX _T V\hWTWTaqT l X_ WX _bf ceb& WhVgbeXf' JT`cbVb fX chXWX eX\i\aW\VTe haT ÖW\VgTWheT WX_ ceb_X& gTe\TWbÜ% chXfgb dhX X__T Xf Tag\WX`bVeng\VT cbe WXY\a\V\sa' Fbe v_g\`b% Xf \aWXYXaW\U_X _T gXf\f dhX ceXZbaT _T aXVXf\WTW WX haT \WXag\WTW cTeg\Wb&XfgTWb% cbe VhTagb X__b cbaX Y\a T_ c_heT_\f`b aXVXfTe\b cTeTÜ dhX _T ZXagX chXWT XfgTU_XVXe bcV\baXf cb_qg\VTf W\YXeXaV\TWTf' FXeb% Xf Xi\WXagX dhX XfgT cebchXfgT WX fbV\T_\f`b WX`b& Veng\Vb fX eXY\XeX va\VT l XkV_hf\iT`XagX T_ c_Tab WX _b cb_qg\Vb&XfgTgT_% WX]TaWb WX _TWb X_ VT`cb WX _T fbV\XWTW V\i\_' >bl% T cXfTe WX fh \`cbegTaV\T% eXfh_gT \afhY\V\XagX c_TagXTe _T WX`b& VeTg\mTV\sa WX_ XfgTWb gTa fs_b' FXafTe _T WX`bVeTV\T WXfWX _b fbV\T_ ab \`c_\VT aXVXfTe\T`XagX VTXe Xa X_ n`U\gb WX _b XVbas`\Vb4 _Tf cebchXfgTf V_Tf\fgTf l _T gXf\f WX fbV\T_\mTV\sa WX _T cebc\XWTW dhXWTa VbegTf TagX _T Vb`c_X]\WTW WX _T gTeXT WX`bVeng\VT WX_ fbV\T_\f`b' IheZXa ahXibf WXfTYqbf dhX fs_b chXWXa cXafTefX T cTeg\e WX haT \`TZXa WX _b fbV\T_ Vb`b gXee\gbe\b XkVpage\Vb l Vb`c_X]b%VT`cbWX_bfcTeg\Vh_Te\f`bfb`\VebcbWXeXf' J$

3VTWSMRQLIL_M^KMU[YQKQLILLMSVZVKQIS$

;_ ZeTa TV\Xegb WX_ fbV\T_\f`b WXV\`basa\Vb YhX cbWXe VbaXVgTe cebc\XWTW ce\iTWT l `bWb WX cebWhVV\sa Vba V_TfX fbV\T_

*//

l cbWXe cb_qg\Vb Xa ha W\fVhefb V_Teb l Vbai\aVXagX' 7_ [TVXe_b% chfb Xa Xi\WXaV\T dhX _Tf eX_TV\baXf WX cebWhVV\sa WTUTa be\ZXa T _T Xkc_bgTV\sa XVbas`\VT% l dhX XfgT Xkc_bgTV\sa iXaqT eXiXfg\WT WX eX_TV\baXf WX cbWXe "Wb`\aTV\sa l fhUbeW\aTV\sa# dhX XaZXaWeTa `bWT_\WTWXf WX bceXf\sa' ;_ fbV\T_\f`b `Tek\fgT WXfVhUe\s _b Öcb_qg\VbÜ Xa haT XfYXeT fbV\T_ Vbaf\WXeTWT [TfgT XagbaVXf Vb`b XfYXeT ÖcheT`XagX XVbas`\VTÜ cbe _T UheZhXfqT l X_ W\fVhefb _\UXeT_ WX _T XVbab`qT cb_qg\VT' Cnf Tva% X_ fbV\T_\f`b `Tek\fgT Vbage\Uhls T WXfTgTe XfX cbgXaV\T_ cb_qg\Vb T_XagTaWb haT eXf\fgXaV\T dhX _hXZb cXe`\g\eqT VbaYbe`Te ha ahXib fh]Xgb% X_ ceb_XgTe\TWb \aWhfge\T_ Xa _hV[T cbe fh cebc\T _\UXeTV\sa' ;_ ceblXVgb WX XfX fbV\T_\f`b YhX ha ceblXVgb WX V_TfX% Xa gTagb \WXag\Y\VTUT X`TaV\cTV\sa [h`TaT Vba X`TaV\cTV\sa WX _Tf Ybe`Tf WX Xkc_bgTV\sa l bceXf\sa fheZ\WTf WX _Tcebc\XWTWce\iTWTlXaVT`TWTfXaX_Wb`\a\bWXhaTV_TfX' BT bcV\sa XfgeTgpZ\VT dhX cXe`XT T_ fXag\Wb Vb`va b \`TZ\aTe\b Vb_XVg\ib TeeT\ZTWb Xa XfgX cXafT`\Xagb fbV\T_\fgT _\ZT VbaabgTg\iT`XagX Ö_hV[T cbe X_ cbWXeÜ Vba Ö_hV[T cbe X_ cbWXe XVbas`\VbÜ l T pfgT% T fh iXm% Vba Ö_hV[T VbageT _T cebc\XWTW ce\iTWTÜ l Ö_hV[T cbe X_ TcTeTgb XfgTgT_Ü dhX% Vb`b X_X`Xagb fhcVeXfgehVgheT_% fXeqT haT Ybe`T \afg\ghV\baT_ ZXaXeTWT cbe _T V_TfX XVbas`\VT`XagX Wb`\aTagX' ;_ cbWXe l _b Öcb_qg\VbÜ% _T Wb`\aTV\sa l _Tf eXf\fgXaV\Tf T pfgT fs_b _bZeTa fXe cXafTWbf Vb`b eXT_\WTWXf [b`bZpaXTf l PRQROaJLFDV% Xfgb Xf% VbW\Y\VTWTf cbe _Tf Ybe`Tf WX cebc\XWTW l _T V_TfX b YeTVV\baXf WX V_TfX Wb`\aTagXf XaZXaWeTWTf cbe X_ `bWb WX cebWhVV\sa Wb`\aTagX' ;_ XfgTWb% \afgeh`Xagb l Ybe`T cT_cTU_X WX_ Wb`\a\b WX V_TfX% TcTeXVX T _T iXm Vb`b ahWb WX_ cbWXe bceXfbe l Vb`b bU]Xg\ib VXageT_ WX _T _hV[T cTeT X`TaV\cTeT_chXU_bWXfhfVTWXaTf' ;fgT YTfV\aTV\sa Vba X_ XfgTWb ab Xf VTfhT_4 Vb\aV\WX Vba ha fXag\Wb Vb`va \afc\eTWb% Xa ZeTa `XW\WT% Xa X_ ThZX WX_ eTV\baT& _\f`b WX _T ?_hfgeTV\sa XhebcXT% l WXf_h`UeTWb T _T iXm cbe X_ cebVXfb WX Ybe`TV\sa l Vbafb_\WTV\sa WX XfgTWbf aTV\baT_Xf l TW`\a\fgeTV\baXf cvU_\VTf T_gT`XagX VXageT_\mTWTf l VXageT_\mTagXf Xa ;hebcT XageX _bf f\Z_bf NL?? l N?N' O dhX% TWX`nf% f\ZhX TgeTcTWb Xa `bWbf WX VbaVXcghT_\mTV\sa WX_ cbWXe% _T cb_qg\VT l _T

*/0

_hV[T Xa gpe`\abf cebc\bf WX_ ]TVbU\a\f`b WX _bf f\Z_bf NL??? l N?N% [XeXWTWbf WX _T XkcXe\XaV\T eXib_hV\baTe\T WX _T UheZhXfqT _\UXeT_YeTaVXfT' FXeb Xf ha g\cb WX eTmbaT`\Xagb dhX eXfh_gT lT W\YqV\_ WX fbfgXaXe% XfcXV\T_`XagX Xa _b dhX fX eXY\XeX T_ cbWXe l _T gbgT_\WTW fbV\T_' >bl% ab fs_b fX VhXfg\baT _T \WXT WX ÖWb`\aTV\saÜ Vb`b YXas`Xab TUfb_hgb% f\ab dhX gT`U\pa fX cbaX Xa XageXW\V[b _T VeXXaV\T &gTa YeXVhXagX Xa _Tf VbaVXcV\baXf cb_qg\VTf iTaZhTeW\f& gTf& Xa _T cbf\U\_\WTW WX VT`U\Te _T i\WT Vbg\W\TaT eTW\VT_% cebYhaWT% gbgT_ X \a`XW\TgT`XagX Vba haT eXib_hV\sa' >TU_Te% cbe X]X`c_b% WX_ TfT_gb T_ FT_TV\b WX ?ai\Xeab WX_ PTe Vb`b X_ `b`Xagb WX _T Ögb`T WX_ cbWXeÜ cbe cTegX WX_ chXU_b Xa Te`Tf Xf _XZqg\`b va\VT l XkV_hf\iT`XagX Vb`b ha XahaV\TWb WX VTenVgXe `XgTYse\Vb' :X fXe gb`TWb _\gXeT_`XagX% VbaWhVX T cbf\V\baXf YeTaVT`XagX Zb_c\fgTf Xa eX_TV\sa T haT XfgeTgXZ\T WX _hV[T cbe cTegX WX _T \mdh\XeWT fbV\T_\fgT"++#' ! >TfgT dhp chagb =eT`fV\ \aghqT lT X_ VTenVgXe ab `bab_qg\Vb WX_ cbWXe l _T Wb`\aTV\sa Xa fbV\XWTWXf VTc\gT_\fgTf TiTamTWTf% _Tf ah`XebfTf Y\fheTf dhX [Ta WTWb VTU\WT T _b dhX
fbV\XWTWXf VTc\gT_\fgTf TiTamTWTf l% T_ `\f`b g\X`cb% WX _T ThfXaV\T WX haT fb_T ÖZeTa Y\fheT YhaWT`XagT_Ü VTcTm WX cebibVTe X_ Vb_Tcfb WX _T Wb`\aTV\sa UheZhXfT% _T abV\sa WX ÖZhXeeT WX cbf\V\baXfÜ ab geTWhVX VTUT_`XagX _b WX Ö`\VebYqf\VT WX_ cbWXeÜ T_ gXeeXab cb_qg\Vb&cTeg\WTe\b' FTeT =eT`fV\% _T _sZ\VT WX _T _hV[T cbe l Xa W\iXefTf \afg\ghV\baXf ZXaXeTWbeTf WX VbafXafb &\afg\ghV\baXf cb_qg\VTf% f\aW\VT_Xf% Vh_gheT_Xf% cXe\bWqfg\VTf% h bgeTf& Xf f\X`ceX haT l _T `\f`T3 _T Vbafg\ghV\sa WX _T KHJHPRQ`D GH XQD FODVH VRFLDO% XaXfgXVTfb%WX_ceb_XgTe\TWb"+,#' BT gXf\f WX _bf Ö`\VebcbWXeXfÜ% WX _T ceXfXaV\T VTc\_Te WX_ cbWXe Xa _bf c_\XZhXf X \agXefg\V\bf WX_ gX]\Wb fbV\T_ cbe ha _TWb% l WX _T VbaYbe`TV\sa WX n`U\gbf ÖXfcXV\T_XfÜ% Öchagbf abWT_XfÜ b `\Veb&VXagebf W\YXeXaV\TWbf WX eX_TV\baXf WX cbWXe% geTX Vbaf\Zb VbafXVhXaV\Tf gXse\VTf Vba XYXVgbf \`cbegTagXf fbUeX _Tf Ybe`Tf WX Vn_Vh_b cb_qg\Vb&XfgeTgpZ\Vb WX YhXemTf Xa _hV[T cbe ha ceblXVgb fbV\T_\fgT _\UXegTe\b' ;__Tf Xfgna _\ZTWTf% YhaWT`XagT_`XagX% T _T \WXT WX haT VeXV\XagX fXZ`XagTV\sa WX_ cbWXe% Vba fh WXfVXageT& `\Xagb l Vba _T TcTe\V\sa WX XfcTV\bf WX _hV[T TVbgTWbf% ab aXVXfTe\T`XagX gbgT_\mTWbeXf' LT_X WXV\e% cbaXa Xa gX_T WX ]h\V\U _T \WXT WX Wb`\aTV\sa Vb`b eXT_\WTW dhX X`TaT WX ha chagb VXageT_ "cbe X]X`c_b% _T XVbab`qT# l dhX fX `Ta\Y\XfgT Xa ha fs_b g\cb WX fh]XV\sa"cbeX]X`c_b%_Tfh]XV\saThaTWb`\aTV\saWXV_TfX#' FhXfgb WX bgeb `bWb% WXfWX X_ `b`Xagb Xa dhX _T fbV\XWTW lT ab chXWX fXe Vbaf\WXeTWT Vb`b ha gXeeXab [b`bZpaXb Xa _b dhX eXfcXVgT T _bf VbaY_\Vgbf% \WXag\WTWXf% YhaV\baXf% n`U\gbf l cebVXfbf dhX Y_beXVXa Xa X__T% lT ab Xf cbf\U_X cXafTe dhX Xk\fgX ha a\iX_ ce\i\_XZ\TWb dhX cXe`\gT fh \agX_\Z\U\_\WTW Xk[Thfg\iT' 9b`b W\VX >\efg "+-# eXfcXVgb T_ c_Tab WX_ fTUXe l _T gXbeqT% X__b bU_\ZT T TUTaWbaTe_T\WXTWXdhXXk\fgXhaVe\gXe\bZXaXeT_lha\iXefT_cTeT

++' BXa\a gT`cbVb XeT \afXaf\U_X T Xfgb% l cbe X__b iXqT _T aXVXf\WTW WX ha cXeqbWb geTaf\V\baT_% _T __T`TWT ÖW\VgTWheT WX_ ceb_XgTe\TWbÜ' BXa\a [TU_T WX _T aXVXf\WTW WX haT ÖZhXeeT ceb_baZTWTÜ cTeT Vbafb_\WTe X_ cbWXe fbi\pg\Vb aTV\XagX Xa gXkgbf gT_Xf Vb`b 7CU VCTGCU KPOGFKCVCU FGN RQFGT UQXK^VKEQ "*2*1#% 7C GEQPQO_C RQN_VKEC FWTCPVG NC FKEVCFWTC FGN RTQNGVCTKCFQ "*2*2# l 7CGPHGTOGFCFKPHCPVKNFGNhK\SWKGTFKUOQiGPGNEQOWPKUOQ"*2+)#'

+,' 7va Tfq% Vba =eT`fV\ fX \agebWhVX _T ceb_\YXeTV\sa WX a\iX_Xf l YeXagXf WX _hV[T Vb`b T_Zb \agXZeT_ WX _T XfgeTgXZ\T fbV\T_\fgT l ab Vb`b ÖeXYbe`\f`bÜ l% WX cTfb% fX Xebf\baT gT`U\pa _T gXf\f WX _T ÖgbgT_\WTW YhXegXÜÄ beZna\VT% f\a Y\fheTf'

*/1

+-' FTh_ >\efg% :P 7CY CPF 5FGQNQI[" Hbhg_XWZX TaW AXZTa FTh_% BbaWba% *202'

*/2

WXgXe`\aTe _T iXeWTW% Xf WXV\e% cTeT XfgTU_XVXe _T VbeeXfcbaWXaV\T XageX X_ VbabV\`\Xagb l _b eXT_' É7agX _T ThfXaV\T WX ha a\iX_ ce\i\_XZ\TWb% hab WXUX TVXcgTe _T GLIHUHQFLD WX _bf eXYXeXagXf WX_ W\fVhefb% TVXcgTe _T \aY\a\WTW cbgXaV\T_ WX _bf eXYXeXagXf "''''#' Db Xk\fgX ha cebVXfb WX VbabV\`\Xagb HQ JHQHUDO% l cbe _b gTagb% gT`cbVb [Tl aXVXf\WTW WX UhfVTe gT_ Ve\gXe\b' BTf gpVa\VTf WX Veqg\VT WX gXkgbf eX_\Z\bfbf WX aTWT f\eiXa cTeT _T `XVna\VT WX Thgb`s& i\_XfÑ "+.#' IX WXUX TUTaWbaTe% chXf% _bWb \agXagb WX eXVbafgeh\e gbgT_\WTWXf T cTeg\e WX VbaW\V\baXf dhX X`TaTa WX ha fb_b ÖZeTa VbaVXcgbÜ ZXaXeT_% Vb`b cbe X]X`c_b% _Tf aXVXf\WTWXf l _bf XYXVgbf WXha`bWbWXcebWhVV\sa' ;_ fXag\Wb WX XfgTf geTafYbe`TV\baXf WX _b fbV\T_ ab [T f\Wb TVXcgTWb% cXeV\U\Wb b Vb`ceXaW\Wb VTUT_`XagX cbe cXafTWbeXf l TVg\i\fgTf WX _T \mdh\XeWT `Tek\fgT' 7_Zhabf WX X__bf Vbaf\WXeTa dhX gTagb _T Veqg\VT WX _T abV\sa WX gbgT_\WTW Vb`b X_ WXUTgX TVXeVT WX_ ÖeX_T]T`\XagbÜ WX _T abV\sa WX eXYXeXagX&l fh ceb_\YXeTV\sa&WTa c\X T ha eX_Tg\i\f`b eTW\VT_ WbaWX ÖgbWb iT_XÜ% l T ha a\[\_\f`b cX_\Zebfb WbaWX ÖaTWT \`cbegTÜ% T_ `Xabf Xa ce\aV\c\b' 9b`b _b ce\`Xeb WXfX`UbVTeqT Xa haT f\ghTV\sa WX W\fcXef\sa dhX \`cbf\& U\_\gT _T Ybe`TV\sa WX \WXag\WTWXf Vb_XVg\iTf% l _b fXZhaWb gXaWeqT Vb`b Vbeb_Te\b _T TWbcV\sa WX cbfgheTf cbgXaV\T_`XagX eXTVV\b& aTe\Tf l WXf`bi\_\mTagXf Xa X_ VT`cb WX _b cb_qg\Vb% fX __XZTeqT Tfq T _T \`cbf\U\_\WTW WX cXafTe haT XfgeTgXZ\T WX geTafYbe`TV\sa Z_bUT_ l fbV\T_\fgT WX _T fbV\XWTW' ;f% cbe X]X`c_b% _T cXefcXVg\iT dhX fX WXfceXaWX WX _Tf Veqg\VTf dhX \a^X_T``Xeg "+/# [T Ybe`h& _TWb eXfcXVgb T _Tf ÖgXbeqTf WX_ W\fVhefbÜ l _Tf W\iXefTf Vbee\XagXf WX_ Öcbf`bWX`\f`bÜ' FXeb _T Veqg\VT WX gbgT_\WTWXf b`a\Vb`ceXaf\iTf ab WXUX VbaYhaW\efXVba_TTVXcgTV\saWX_TgXf\fWX_ÖgbWbiT_XÜ%chXfgbdhX +.' 5DKF$"cc'*2%+)' +/' \a^V_T``Xeg% É
*0)

Xa a\aZva VTfb fX ceXgXaWX TY\e`Te dhX _Tf Öf\ghTV\baXfÜ WXgXe& `\aTWTf "gX`Tf% YhXemTf l TcTeTgbf cb_qg\Vbf# VTeXVXeqTa WX VbaW\& V\baXf' IX eXVbabVX _T Xk\fgXaV\T WX gT_Xf VbaW\V\baXf% fs_b dhX lT ab fX Vbaf\WXeT dhX X__Tf cebi\XaXa WX ha VXageb YhaWTagX WX _b W\iXefb' BT ceb_\YXeTV\sa WX eXYXeXagXf dhX geTX Vbaf\Zb _T VeXV\XagX Vb`c_X]\WTW WX ahXfgeT pcbVT Xfgn TfbV\TWT Vba bgeT VbfT% T fTUXe% haT bcV\sa XfgeTgpZ\VT Vbaf\fgXagX Xa _T _XZ\g\`TV\sa WX_ VTenVgXe TVbgTWb% W\fVbag\ahb l _bVT_ WX VbaY_\Vgbf% \WXag\WTWXf% ceblXVgbf l bU]Xg\ibf WX _hV[T' Bbf WXUTgXf eXV\XagXf TVXeVT WX _T H[FHQWULFLGDG WX_ cbWXe% WX _T W\fX`\aTV\sa WX YbVbf W\YXeXaV\TWbf WX cbWXe l eXf\fgXaV\T% TchagTa Xa XfT `\f`T W\eXVV\sa' 8hfVTa eXYhgTe% XageX bgeTf VbfTf% _T gXf\f WX_ VXageb YhaWTagX WX _T W\iXef\WTW fbV\T_% _T \WXT WX haT gbgT_\WTW b`a\Vb`ceXaf\iT VTcTm WX XaZ_bUTe XfT W\iXef\WTW l XfgehVgheTe fhf YXas`Xabf Xa UTfX T iqaVh_bf VThfT_Xf aXVXfTe\bf% l _T VeXXaV\T Xa fTUXeXf V\XagqY\Vbf ce\i\_XZ\TWbf VT& cTVXfWXTceX[XaWXe_TW\iXef\WTWYXab`pa\VTWX_`haWb' K$

5SZVKQISQZTVKVTVkM[PVZl_WYV_MK[VQO\ISQ[IYQV"LMTV# KYa[QKV_SQJMY[IYQV$

;a gpe`\abf T`c_\bf% XfgT cXefcXVg\iT eXVbabVX _T Vb`c_X& ]\WTW WX_ `haWb Xa VbageTcbf\V\sa T _Tf W\Vbgb`qTf eXWhVg\iTf WX_ fbV\T_\f`b WXV\`basa\Vb' 7agX X__b% X_ fbV\T_\f`b WXUX bcgTe3 WXUX VbaVXU\efX T fq `\f`b Vb`b SUR\HFWR SRO`WLFR% ab Vb`b ceb`XfT `Xf\na\VT WX eXWXaV\sa ha\iXefT_' :X _b VbageTe\b% XfgTen VbaWX& aTWb T fXe haT XkceXf\sa cheT`XagX gXfg\`ba\T_ WX cXdhXrbf Zehcbf' ;__b g\XaX ha Vbfgb Xa _b dhX eXfcXVgT T _T UDWLR l _Tf VXegXmTf geTW\V\baT_Xf% chXfgb dhX X_ cXafT`\Xagb fbV\T_\fgT fs_b chXWX TUe\efX T _b cb_qg\Vb f\ fX WXfcb]T WX _Tf TgTWheTf `XagT_Xf dhX _b [Ta TaV_TWb Xa X_ `Tek\f`b l Xa haT i\f\sa WXV\`basa\VT WX_ fTUXe l WX_ VT`U\b' ;fgb Xf% f\ fX WXV\WX T TUTaWbaTe _T UvfdhXWT WX \T VbageTW\VV\sa YhaWT`XagT_Ü b `Tge\m WX _T VhT_ gbWb _b WX`nf WXcXaWXeqT' ÉBT fbV\XWTW &fXrT_T FbegTag\Xeb& ab Xf X_ X]X`c_b X`cqe\Vb WX haT _Xl WX _T Xib_hV\sa Vba ha Y\aT_ ceXi\fgb% "'''# f\ab ha Vb`ceb`\fb ceXVTe\b X \aXfgTU_X dhX haT geT`T Vb`c_X]T l

*0*

W\iXef\Y\VTWTWXVbaY_\VgbfiTVbafg\ghlXaWbÑ"+0#' Fbe ha _TWb% X__b f\Za\Y\VT dhX fX WXUX TUTaWbaTe _T gXf\f&YXg\V[X WX _T ce\`TVqT WX _T cebWhVV\sa% fXT Xa ce\`XeT b Xa v_g\`T \afgTaV\T l% cbe X_ bgeb% dhX fX WXUX aXZTe gbWT ce\`TVqT bagb_sZ\VT T T_Zva fXVgbe% V_TfX b cTeg\Wb T_ XaVTeTe X_ cebU_X`T WX _T WX`bVeTg\mTV\sa WX W\iXefTf XfYXeTf WX _T i\WT Vbg\W\TaT' ;fgb Xf3 ab fX chXWX TVXcgTe haT fhUbeW\aTV\sa ]Xenedh\VT WX gbWTf _Tf \a\V\Tg\iTf VbagXfgTgTe\Tf UT]b _T UTaWXeT WX _T _hV[T WX V_TfXf% chXfgb dhX X_ gXe`\ab ÖfbV\T_\f`bÜ% XagXaW\Wb Xa X_ fXag\Wb eXf& ge\aZ\Wb WX ha Vb`ceb`\fb Vba X_ ceb_XgTe\TWb l WX haT _hV[T VbageT _T UheZhXfqT ab chXWX fXe `nf dhX ha YeTZ`Xagb WX_ gpe`\ab ÖX`TaV\cTV\saÜ' ;fgb Xf `nf dhX Xi\WXagX% chXfgb dhX% T `XW\WT dhX fX cebYhaW\mTa _bf cebVXfbf WX W\iXef\Y\VTV\sa l W\YXeXaV\TV\sa WX _Tf TVg\i\WTWXf% XkcXVgTg\iTf% cebVXfbf% TagTZba\f`bf X \WXag\WTWXf Xa X_ \agXe\be WX_ XfcTV\b fbV\T_% gT`U\pa fX W\iXef\Y\VTa l W\YXeXaV\Ta _Tf Ybe`Tf WX X]XeV\V\b WX_ cbWXe% fX `h_g\c_\VTa _Tf eX_TV\baXf WX Wb`\aTV\sa&fhUbeW\aTV\sa% fX WXgXVgTa ahXiTf `bWT_\WTWXf WX bceXf\sa% fX ZXaXeTa eXf\fgXaV\Tf Xa ahXibf XfcTV\bf WX _b fbV\T_' 9ba X__b fX iT WXfVhUe\XaWb T _b Öcb_qg\VbÜ Xa bgeTf XfYXeTf fbV\T_Xf [TfgT XagbaVXf Vbaf\WXeTWTf ÖaXhgeT_XfÜ l iTa fheZ\XaWb ahXibf fTUXeXf% cenVg\VTf l fhU]Xg\i\WTWXf eX_TV\baTWTf Vba _Tf XfYXeTf dhX fXTVg\iTa&fXkhT_\WTW%YT`\_\T%Vh_gheT%]hiXaghW%XgV' ;fgbf cebVXfbf WX SROLWL]DFLaQ GH OR VRFLDO "X`XeZXa ahXibf fTUXeXf Ö_bVT_XfÜ% fX TVg\iTa TZXagXf fbV\T_Xf TagXe\be`XagX cTf\& ibf# cXe`\gXa cXafTe haT iXeg\XagX WX`bVeng\VT XagXaW\WT Vb`b VRFLDOL]DFLaQ GH OD SRO`WLFD "VeXV\XagX eXTUfbeV\sa WX cebVXfbf WXV\fbe\bf Xa X_ \agXe\be WX _T fbV\XWTW#' Db Xf cbf\U_X eTfgeXTe X_ be\ZXa WX gbWTf XfgTf cb_\g\mTV\baXf T _T XfYXeT XVbas`\VT cheT l f\`c_X% Vb`b _b [T \agXagTWb [TVXe X_ fbV\T_\f`b `Tek\fgT4 gT`cbVb Xf cbf\U_X WXe\iTe gbWT Ybe`T WX Wb`\aTV\sa l bceXf\sa WX _T Wb`\aTV\salbceXf\saWXV_TfX'BTTcTe\V\saWXahXibffh]Xgbf +0'

@hTa 9Te_bf FbegTag\Xeb% É:X _T VbageTW\VV\sa T _bf VbaY_\VgbfÑ% 7C /KWFCF

2WVWTCDx+%8hXabf7\eXf%bVghUeX*21/%c'+-'

*0+

cb_qg\Vbf Vba WX`TaWTf cebc\Tf dhX `h_g\c_\VTa _Tf eTmbaXf% _bf g\cbf l _bf `bWbf WX XaYeXagT`\Xagb WXageb WX _T fbV\XWTW WT cbe g\XeeT Vba _T gXf\f WX _T VeXV\XagX f\`c_\Y\VTV\sa WX _bf TagTZba\f`bf fbV\T_Xf% Xf WXV\e% _T gXf\f dhX c_TagXT fh eXWhVV\sa gXaWXaV\T_ T ha TagTZba\f`bWXV_TfXVXageT_' IX iT VbaYbe`TaWb haT ahXiT gbcbZeTYqT cb_qg\VT fbUeX ha iTfgb gXee\gbe\b fbV\T_ fheVTWb cbe `v_g\c_Xf TagTZba\f`bf% eXf\f& gXaV\Tf% \WXag\WTWXf% fTUXeXf% XfgeTgXZ\Tf l bU]Xg\ibf dhX fX TZehcTa Xa `v_g\c_Xf XfcTV\bf3 f\aW\VTgbf% `bi\`\Xagbf WX `h]XeXf% TfbV\TV\baXf UTee\T_Xf% TZehcTV\baXf XVb_bZ\fgTf% beZTa\mTV\baXf VT`cXf\aTf l WX WXeXV[bf [h`Tabf _hV[Ta cbe _XZ\g\`Te X_ WXeXV[b T _T i\WT% T \aZeXfbf W\Zabf% T fXe W\YXeXagXf% T _T fXZhe\WTW l _T cTm b cTeT Vbadh\fgTe WXeXV[bf aXZTWbf b c\fbgXTWbf WX fh V\hWTWTaqT fbV\T_ l cb_qg\VT' Db f\X`ceX fX WT haT Vb\aV\WXaV\T XageX fhf eXfcXVg\iTf gX`cbeT_\WTWXf WX _hV[T l TiTaVX% fhf Ybe`Tf beZTa\mTg\iTf% bU]Xg\ibf XfgeTgpZ\Vbf b g\cbf WX TWiXefTe\bf' ?aV_hfb fhX_Xa [TUXe gXaf\baXf XageX Xfgbf n`U\gbf &_T WXYXafT WX_ `XW\b T`U\XagX \`ch_fTWT cbe XVb_bZ\fgTf chXWX __XiTe T cebchXfgTf l TVV\baXf dhX TYXVgTa _Tf eX\i\aW\VTV\baXf WX c_Xab X`c_Xb WXYXa& W\WTf cbe _bf f\aW\VTgbf' FXeb _b dhX Xf V_Teb Xf dhX _T ceXfXaV\T WX W\V[bf XfcTV\bf cXe`\gX i\f_h`UeTe _T VbaYbe`TV\sa gXaWXaV\T_ WX haT ahXiT gbcbZeTYqT &_T WX _bf `\VebcbWVeXf& dhX bU_\ZT T WX]Te Tgenf _Tf cebchXfgTf WX X`TaV\cTV\sa UTfTWTf Xa XfdhX`Tf PRQR&OaJLFRV l gbgT_\mTWbeXf3 \aThZheTa haT fhXegX WX Ö`TcTÜ eX_Tg\iT`XagX XkVpage\Vb WX ha\iXefbf WX _hV[T l cbWXe _bVT_Xf% fXZ`XagTWbfl%Xace\aV\c\b%W\fVbag\ahbf' ;fgb ab f\Za\Y\VT dhX fX c_TagXX ha TUTaWbab WX _bf Ta[X_bf \a\V\T_Xf dhX \`ch_fTeba T_ ceblXVgb fbV\T_\fgT% Xf WXV\e% _T Vbaf& gehVV\sa WX haT fbV\XWTW Xa _T VhT_ _bf ÖWX TUT]bÜ ghi\XeTa haT i\WT W\ZaT% WbaWX _bf iT_beXf WX fb_\WTe\WTW% \ZhT_WTW l ]hfg\V\T fbV\T_ bVhcTeTa ha _hZTe ceb`\aXagX' BT Veqg\VT fs_b VhXfg\baT T haT gXbeqT cb_qg\VT b`a\Vb`ceXaf\iT dhX% T`cTeTWT cbe X_ `Tagb WX _T V\Xag\Y\V\WTW% fX [T X`cXrTWb Xa V\eVhafVe\U\e _T Vb`c_X]\WTW WX _b eXT_ WXageb WX ha XfcTV\b W\fVhef\ib \aVTcTm WX WTe VhXagT WX _T W\iXef\WTW'

*0,

BT fXZ`XagTV\sa WX _b fbV\T_ l WX _b cb_qg\Vb gT`cbVb fX WXUX VbaYhaW\e Vba haT aXZTV\sa WX gbWb XfYhXemb cbe \afg\gh\e VT`U\bf Z_bUT_Xf Xa haT fbV\XWTW VhT_dh\XeT' BT gXf\f WX _bf `\VebcbWXeXf ab Vbafg\ghlX gTa fs_b haT ceXbVhcTV\sa WX qaWb_X gXse\VT% f\ab gT`U\pa &l gT_ iXm Xa Xfgb eTW\VT fh \`cbegTaV\T& haT Vbaf\WXeTV\sa dhX UhfVT \agebWhV\e Xa X_ WXUTgX fbV\T_\fgT ha Ve\gXe\b cTeT X_ Vn_Vh_b cb_qg\Vb&XfgeTgpZ\Vb3 _b `v_g\c_X l _b [XgXebZpaXb WXUX fXe X_ chagb WX cTeg\WT cTeT X_TUbeTe _Tf cebchXf& gTf VbaVeXgTf WX haT cXefcXVg\iT dhX UhfVT eXcXafTe _Tf `bWT_\& WTWXf WX_ VT`U\b YeXagX T _T Vb`c_X]\WTW' 9ba X__b% fX c_TagXTa ahXiTf ceXZhagTf3 TVXeVT WX _T eX_TV\sa XageX XfgTWb l fbV\XWTW Xa haT cXefcXVg\iT WV`bVeTg\mTWbeT% WX_ iqaVh_b XageX beZTa\mTV\sa cb_qg\VT fbV\T_\fgT l _T `h_g\c_\V\WTW WX fhU]Xg\i\WTWXf l fhf eXfcXVg\iTf beZTa\mTV\baXf Thgsab`Tf% l WX_ aXkb XageX cb_qg\VT l i\WT Vbg\W\TaT Xa haT pcbVT Xa _T VhT_ X_ XfgTWb l _bf cTeg\Wbf [Ta WX]TWb WX fXe _bf va\Vbf fh]Xgbf WX _T cb_qg\VT l Xa dhX _T cb_qg\VT Vb`bgT_fX[T\WbÖWXfYbe`T_\mTaWbÜ"+1#' ;_ fbV\T_\f`b WX [bl WXUX DEDQGRQDU gbWb Ta[X_b WX cbfXXe ha fTUXe iXeWTWXeb l b`a\Vb`ceXaf\ib% eXfTU\b cebc\b WX _T iXeg\XagX Ö`seU\WTÜ WX_ eTV\baT_\f`b WX _T ?_hfgeTV\sa dhX ceXgXaWqT fb`XgXe T _b eXT_ &cbe _T YhXemT f\ YhXeX aXVXfTe\b& T ha `bWX_b gbgT_\mTWbe T_\`XagTWb cbe haT bUfXf\sa cbe XaVbageTe ha beWXa l ha fXag\Wb WXY\a\g\ib cTeT _T >\fgbe\T% X_ IXe l _T IbV\XWTW "+2#' ;ag\paWTfX U\Xa3 Vba Xfgb ab fX ceXgXaWX eXWhV\e gbWb VbabV\`\Xagb T _T \`cbgXaV\T a\ X_bZ\Te _T \eeTV\baT_\WTW' 7agXf U\Xa% fX [TVX ha __T`TWb T TUeTmTe ha SHQVDPLHQWR G_ELO% Xfgb Xf% ha cXafT`\Xagb dhX eXVbabVX _T ThfXaV\T WX ha fhfgeTgb YhaWTagX WX gbWT iXeWTW l dhXWXfcb]TTpfgTWX_TfceXgXaf\baXfgbgT_\mTWbeTfWX_T`XgTYqf\VT

+1' 9[e\fg\aX 8hV\&=_hV^f`Taa% ÉBT XageXi\fgT Vba ;ae\dhX CbagT_ib% 1N abi\X`UeX&W\V\X`UeX*21+%cc'***&**+'

cb_qg\VT

.WUEaP

WXfgehlX Dx *%

_bf VhXecbfÑ% Cpk\Vb :'<'%

+2' ;WZTe Cbe\a% ÉBT eTmsa WXfeTV\baT_\mTWTÑ% 7GVTC 5PVGTPCEKQPCN Dx 1% CTWe\W% \ai\Xeab *210&*211% c' -,% l @bfp Bh\f FTeWb% ÉBT cpeW\WT WX_ g\X`cb UhfVTWbÑ%7GVTC5PVGTPCEKQPCNDx1%CTWe\W%\ai\Xeab*210&*211%cc'/-&/1'

*0-

l WX _T e\Z\WXm WX_ WbZ`T ",)#' ;a haT cT_TUeT% WXUX eXahaV\Te T gbWT ceXgXaf\sa WX VbaiXeg\efX Xa X_ fTUXe Z_bUT_ WX ha ha\iXefb fbV\T_ VhlT Vb`c_X]\WTW VeXV\XagX \`c\WX VTWT WqT `nf __XZTe T VbabVXe_b Xk[Thfg\iT`XagX",*#' 7_ `\f`b g\X`cb% f\ fh cebchXfgT WX X`TaV\cTe WX _T `\fXe\T l _T Xkc_bgTV\sa T _Tf `TfTf geTUT]TWbeTf chXWX eXVhcXeTefX Vb`b UTaWXeT WX _hV[T cbe haT fbV\XWTW `nf ]hfgT X \ZhT_\gTe\T% XagbaVXf gT`U\pa WXUX fXe VTcTm WX DPSOLDU fhf bU]Xg\ibf XfgeTgpZ\Vbf3 _T TUb_\V\sa WX _T cebc\XWTW ce\iTWT cbe fq fb_T ab chXWX eXfb_iXe _Tf `bWT_\WTWXf WX bceXf\sa dhX fheZXa WX _Tf W\YXeXagXf eX_TV\baXf WX Wb`\aTV\sa l fhUbeW\aTV\sa4 gT`cbVb chXWX Vbafg\gh\e ha bU]Xg\ib VTcTm WX `bi\_\mTe T _T W\iXef\WTW WX fXVgbeXf bce\`\Wbf' >Tl dhX b_i\WTefX WX _T \WXT WX fbV\T_\f`b Vb`b XkceXf\sa cb_qg\VT WX ha fh]Xgb Vb_XVg\ib gT_ Vb`b haT V_TfX b cTeg\Wb4 X_ fbV\T_\f`b WXUX fXe Vbaf\WXeTWb Vb`b ha SURJUDPD dhX \agXagT `bW\Y\VTe X_ beWXa Xk\fgXagX eX\i\aW\VTaWb _bf ce\aV\c\bf X_X`XagT_Xf dhX [Ta VTeTV& gXe\mTWbT_T\mdh\XeWT",+#'

,)' BT abV\sa WX cXafT`\Xagb WpU\_ RGPUKGTQ FGDQNG! [T f\Wb WXfTeeb__TWT cbe =\Taa\ LTgg\`b Vb`b _X`T WX _T VbaW\V\sa cbf`bWXeaT T cTeg\e WX fhf eXY_Xk\baXf fbUeX D\XgmfV[X l >X\WXZZXe' LpTfX É;_ Yhgheb cTfTWbÑ% 7GVTC 5PVGTPCEKQPCN Dx ,% CTWe\W% bgbrb *21/% cc' -2&.*% Vb`b Tf\`\f`b _T É?agebWhVV\saÑ% ÉBT XfgehVgheT WX _Tf eXib_hV\baXf Tegqfg\VTfÑ l É;_ a\[\_\f`b l _b cbf`bWXeab Xa Y\_bfbYqTÑ% gbWbf X__bf Xa fh _\Ueb 1N HKP FG NC OQFGTPKFCF$ 9KJKNKUOQ [ JGTOGP^WVKEC GP NC EWNVWTC RQUOQFGTPC "*21.#% ;W\gbe\T_ =XW\fT% 8TeVX_baT% *21/' FTeT haT UeXiX \agebWhVV\sa T LTgg\`b l T_ hRGPUKGTQ FGDQNG% ipTfX CTe\b CXe_\ab% É;fcTV\b "~YhaWT`Xagb6# WX _T `XmV_T % 7GVTC 5PVGTPCEKQPCNDx,%CTWe\W%bgbrb*21/%cc'.)&.*' ,*' >X geTgTWb WX WXfTeeb__Te _T W\fg\aV\sa VbaVXcghT_ XageX Ö_T fbV\XWTWÜ l Ö_b fbV\T_Ü Xa UTfX T XfgT Y\ZheT WX _T XkVXage\V\WTW WX_ XfcTV\b fbV\T_% _bf ÖXfcXV\T_\f`bfÜ l X_ cbWXe' LpTfX ÉKaT ZeT`ng\VT cbf`bWXeaT cTeT cXafTe _b fbV\T_ % BQPC -DKGTVC Dx -*&-+% bVghUeX *21/ & TUe\_ *210% CTWe\W% cc' *1,&+)/% \aV_h\Wb gT`U\pa Xa DbeUXeg BXV[aXe "Vb`c\_TWbe#% /WNVWTC RQN_VKEC [FGOQETCVK\CEKaP"KIcGP\C" ;W\gbe\T_ FTU_b ?Z_Xf\Tf% CTWe\W%

,+'

*210%c'+2-'

*0.

~Ghp f\Za\Y\VT Xfgb6 BT \mdh\XeWT f\X`ceX [T VeXqWb dhX Xk\fgXa cebU_X`Tf WX \ZhT_WTW% ]hfg\V\T% _\UXegTW l cTeg\V\cTV\sa dhX Tva ab [Ta f\Wb eXfhX_gbf% l dhX cbe X__b Xf aXVXfTe\b X_TUbeTe ahXiTf Ybe`Tf WX beZTa\mTV\sa% WX TVgbeXf l ceblXVgbf VTcTVXf WX \afgTheTe VT`U\bf Xa _T fbV\XWTW ",,#' ;fgX \`ch_fb `bge\m WX _T \WXT WX \mdh\XeWT f\ZhX f\XaWb in_\Wb% cXeb fX Tc_\VT T ha gXee\gbe\b `nf T`c_\b WX ceXbVhcTV\baXf' FbedhX lT ab UTfgT Vba XfgTU_XVXe _Tf bcbf\V\baXf ceb_XgTe\TWb&UheZhXfqT b fbV\T_\f`b&VTc\gT_\f`b Vb`b X]Xf VXageT_Xf WX_ W\fVhefb fbV\T_\fgT4 [bl% cTeT _Tf ZeTaWXf `TfTf &fXTa WX_ XfgX b WX_ bXfgX% WX_ abegX b WX_ fhe& _bf VbageTfgdf XageX WX`bVeTV\T l W\VgTWheT% XageX WXeXV[bf [h`Tabf l gXeebe l XageX _\UXegTW l gbgT_\gTe\f`b Vbafg\ghlXa X]Xf \ZhT_`XagX \`cbe& gTagXf dhX WXY\aXa _Tf ZeTaWXf be\XagTV\baXf WX haT Ybe`T WX i\WT cbe_TVhT_iT_X_TcXaT_hV[Te' ;a fqagXf\f% _T \mdh\XeWT WXUX% Vb`b W\VX Jebag\ ",-#% eXabiTefX l eXVhcXeTe X_ Zhfgb cbe X_ ]hXZb cb_qg\Vb l TUe\efX [TV\T haT gXbeqT WX`bVeng\VT WX_ \agXeVT`U\b T`\Zb&XaX`\Zb b% cTeT WXV\e_b WX bgeb `bWb% WXUX TceXaWXe T `biXefX Xa X_ VT`cb T_gT`XagX W\YXeXaV\TWb WX VbaY_\Vgbf Vbafg\ghg\ibf WX _b cb_qg\Vb Vba ha _sZ\VT \ZhT_`XagX T`c_\T l W\YXeXaV\TWT' FTeT p_% X_ ÖX_X`Xagb be\Z\aTe\bÜ WX _T \mdh\XeWT% fh ÉpkgTf\f WX_ VT`\aTagX XeZh\Wb l fh ib_hagTW WX cTeTqfb% ib_hagTW \`cTV\XagX% eXUX_WX l Y\e`XÑ &Xa haT cT_TUeT% fh LGHQWLGDG& fX X`c\XmT T WXfVhUe\e fs_b WXfWX X_ `b`Xagb Xa dhX fX c\XafT fh Xk\fgXaV\T Vb`b FDPSR GH PRYLPLHQWR TagXf dhX Vb`b U_bdhX3 Vb`b XfgehVgheT TU\XegT [XV[T WX cTeg\Wbf% f\aW\VTgbf% Zehcbf% neXTf% fh]Xgbf Vb_XVg\ibf% \aW\i\WhT_\WTWXf fb& V\T_\mTWTf4 Vb`b YhXemT VeXTg\iT dhX fX [TVX gb`Te Xa VhXagT &Xa fh`T%Vb`bLPDJLQDFLaQ$UHDOLVPRDOSRGHU",.#' OabchXWXfXeWXbgeb`bWb';a_Tfv_g\`TfWpVTWTffX[T ,,' @hW\g[7fgX_TeeT%\agXeiXaV\saXa7CK\SWKGTFC[1WTQRC"c'*+2' ,-'

XfgTWb VbaYbe`TaWb _b dhX IhU\esf ",/# WXab`\aT É_T \mdh\XeWT cb_\`seY\VT l cb_\Vpage\VTÑ dhX% cTeT cbgXaV\TefX WX VTeT T _T Vb`c_X]\WTW% T[beT Xk\ZX cbe _b `Xabf V\aVb VbfTf WX_ fbV\T_\f`b3 dhX X_ W\fVhefb fXT VTcTm WX cXafTe XfgT W\iXef\WTW l WTe_X ha fXag\Wb WX Vba]hagb4 dhX X_ ceblXVgb fXT VTcTm WX __XiTe T VTUb haT SXHVWD HQ GLVFXUVR WX Tfc\eTV\baXf XfUbmTWTf WX `TaXeT UT_Uh& VXTagX cbe `TlbeqTf l `\abeqTf% Xfgb Xf% Teg\Vh_Te b Ybe`h_Te WX `TaXeT \agX_\Z\U_X _bf Ta[X_bf WX ha f\a Y\a WX ibVXf cb_qg\VTf l fbV\T_Xf VhlT YehfgeTV\sa l YT_gT WX TVVXfb T_ [TU_T cvU_\VT eX_XZT fhf cebU_X`Tf T _T bcTV\WTW WX _b ab i\f\U_X l _b ab gX`Tg\mTU_X4 dhX _T cenVg\VT fXT VTcTm WX \`ch_fTe _Tf _hV[Tf dhX haT W\iXef\WTW WX fhU]Xg\i\WTWXf cTeg\Vh_TeXf &cb_qg\VTf l fbV\T_Xf& _\UeTa cbe fh WXeXV[b T [TU_Te% fh W\Za\WTW X \WXag\WTW f\a W\fb_iXe _T XfcXV\Y\& V\WTW WX pfgTf4 dhX X_ cebZeT`T fXT VTcTm WX Ybe`h_Te cebchXfgTf dhX gT`U\pa VbagX`c_Xa _Tf aXVXf\WTWXf WX_ ÖTdhq l T[beTÜ WX _bf dhX ab Xfgna W\fchXfgbf T XfcXeTe X_ `\_Xa\b WX _T eXib_hV\sa cTeT dhX fhf cebU_X`Tf fXTa eXfhX_gbf b% _b dhX Xf \ZhT_% dhX _bZeX X_TUbeTe cebchXfgTf VbaVeXgTf &V_TeTf% fXaV\__Tf l VeXqU_Xf& cTeT WTe eXfchXfgT T _Tf aXVXf\WTWXf l _Tf WX`TaWTf WX XfT W\iXef\WTW4 dhX _bf iT_beXf WX_ \`TZ\aTe\b b ÖfXag\Wb Vb`vaÜ WX_ fbV\T_\f`b Tfh`Ta Vb`b fhf VbbeWXaTWTf _bf Ve\gXe\bf WX _b \ZhT_\gTe\b% _b WX`bVeng\Vb l_bThgsab`b&_\UXegTe\b' 4JXDOLWDULR% cbe VhTagb _T \WXag\WTW WX_ ceblXVgb WXUX eXgb`Te _Tf Tfc\eTV\baXf WX _bf WXfcbfXqWbf T_ _hV[Te cbe haT fbV\XWTW VhlT e\dhXmT fXT Vb`cTeg\WT Xa Ybe`T `nf ]hfgT X \ZhT_\gTe\T XageX gbWbf TdhX__bf dhX _T ZXaXeTa' Db fs_b X_ ceb_X& gTe\TWb \aWhfge\T_ b _Tf `TfTf VT`cXf\aTf% f\ab gT`U\pa _bf WXfX`& c_XTWbf% _bf ]siXaXf Vhlb \aZeXfb T_ `XeVTWb WX geTUT]b Xf VTWT iXm `nf W\YqV\_ l `Xabf ceb`\fbe\b% _Tf `h]XeXf dhX XaVhXageTa bUfgnVh_bf cTeT fh ceb`bV\sa cebYXf\baT_% _bf geTUT]TWbeXf `\& ZeTagXfdhXabfbaVhU\Xegbfcbe_TfXZhe\WTWfbV\T_'

FXc IhU\ebf% ÉCTlb WX_ Ü/13 ~ahXfgebf TUhX_bf b ahXfgebf a\Xgbf6Ñ' 1N

AKGLQ?QRQ";kgeTDx**%8TeVX_baT%*21)%cc'-&.'! ,.' CTe\b *21*%c'*--'

'-,

Jebag\%

ÉI\a\fgeTÑ%

7CDQTCVQTKQ ;QN_VKEQ Dx ,% `TZZ\b&Z\hZab

,/' ?U\W$" cc' *-.&*-/' Jebag\ gb`T _T abV\sa WX ÖX_X`Xagb \`TZ\aTe\bÜ WX 8gbV['

'--

/HPRFU^WLFR% cbe VhTagb Xf ha ceblXVgb dhX Tfc\eT T eT& W\VT_\mTe _T fbV\T_\mTV\sa WX _bf cebVXfbf WX WXV\f\sa Xa _T fbV\XWTW3 WXUX WXYXaWXe l T`c_\Te _T i\ZXaV\T WX _bf WXeXV[bf WX`bVeng\Vbf WX_ V\hWTWTab cbe haT cTegX l% cbe bgeT% _hV[Te cTeT Vbadh\fgTe _T cTeg\V\cTV\sa l _T WXV\f\sa WX`bVeng\VT Xa XfcTV\bf _bVT_Xf WbaWX \`cXeT X_ X]XeV\V\b ThgbVeng\Vb WX_ cbWXe' 9b`b W\VX 8bUU\b% ÉhaT VbfT Xf _T WX`bVeTg\mTV\sa WX _T TVV\sa cb_qg\VT &dhX fX W\b Vba _T \afg\ghV\sa WX _bf cTe_T`Xagbf&% l bgeT VbfT Xf _T WX`bVeTg\mTV\sa WX _T fbV\XWTW' FhXWX Xk\fg\e ha XfgTWb WX`bVeng\Vb Xa haT fbV\XWTW Xa _T VhT_ _T `Tlbe cTegX WX _Tf \afg\ghV\baXf &fXTa _T YT`\_\T% _T Xf& VhX_T% _T X`ceXfT b _bf fXei\V\bf cvU_\Vbf& ab fba ZbUXeaTWTf WX& `bVeng\VT`XagXÑ ",0#' ;fgb% TZeXZT% c_TagXT X_ gX`T WX _T WX`bVeTV\T ab fs_b Xa gpe`\abf WX _T ceXZhagT V_nf\VT WX _T Xk& gXaf\sa WX_ fhYeTZ\b "fTXL_Q YRWD+#% f\ab gT`U\pa Xa _T Ybe`h_TV\sa `nf eTW\VT_ WX_ av`Xeb WX \afgTaV\Tf ab Xfge\VgT`XagX Öcb_qg\VTfÜ Xa _TfVhT_XffXX]XeVXX_WXeXV[bTibgb"fGaQGHVHYRWD+#",1#' 6LEHUWDULR% cbe VhTagb _Tf WX`TaWTf WX Thgbab`qT c_TagXT& WTf cbe _T W\iXef\WTW WX fhU]Xg\i\WTWXf dhX ceb_\YXeTa Xa ha TeV[\c\p_TZb WX XfcTV\bf fbV\T_Xf Xa X_ fXab WX _T fbV\XWTW fba% TVghT_`XagX% Vb`c_X`XagTe\Tf T _Tf WX`TaWTf WX V\hWTWTaqT fbV\T_ "\ZhT_WTW l ]hfg\V\T fbV\T_# l WX V\hWTWTaqT cb_qg\VT "WX`bVeTV\T l cTeg\V\cTV\sa#' >bl% _T _\UXegTW cXefbaT_ Xf eX\i\aW\VTWT `nf T__n WX fhf beqZXaXf _\UXeT_Xf l TaTedh\fgTf' =eTV\Tf T_ X`ch]X Tag\Thgbe\& gTe\b dhX abf _XZs X_ cXafT`\Xagb% _Tf cenVg\VTf% _Tf eXWXf WX fbV\TU\_\WTW l _Tf hgbcqTf _\ZTWTf T _bf `bi\`\Xagbf WX _b dhX cbWeqT WXab`\aTefX _T ÖgeTW\V\sa fXfXagT\bV[XfVTÜ% _T _\UXegTW cXefbaT_ Vbafg\ghlX ha Ta[X_b T`c_\T`XagX W\YhaW\Wb' 9b`b T_gXeaTg\iT fbV\T_\fgT% ha ceblXVgb WX \mdh\XeWT WXUX fXe VTcTm WX \`ch_fTe l WXYXaWXe XfcTV\bf WbaWX _T T_gXe\WTW fXT _XZ\g\`TWT l ab V_ThfheTWT% l WbaWX _T W\YXeXaV\T chXWT gXaXe `XVTa\f`bf WX WXYXafT i\f&T&i\f X_fXag\WbVb`va\`cXeTagX'

IX cbWeqT bU]XgTe dhX Xfgbf geXf X_X`Xagbf chXWXa XfgTe ceXfXagXf Xa cebZeT`Tf l ceblXVgbf dhX ab fba cebc\T`XagX fbV\T_\fgTf' O WX [XV[b% YeXVhXagX`XagX TcTeXVXa Xa _bf cebZeT`Tf l c_TgTYbe`Tf cb_qg\VTf WX ha TUTa\Vb WX cTeg\Wbf l `bi\`\Xagbf cb_qg\Vbf' ;a XfX VTfb% ~Xa dhp eTW\VTeqT _T XfcXV\Y\V\WTW WX_ fbV\T_\f`b eXfcXVgb T X__bf6 8nf\VT`XagX% Xa _b dhX HXVT_WX WXab`\aT X_ TXDQWXP GH WHQVLaQ PRGLILFDGRUD dhX chXWTa \ageb& WhV\e ",2#' LT_X WXV\e% WXcXaWX WX _T VTcTV\WTW dhX WX`hXfgeX cTeT X_TUbeTe cebchXfgTf dhX cXe`\gTa cebYhaW\mTe _Tf _\UXegTWXf% X_ X]XeV\V\b WX _T WX`bVeTV\T l _T eXW\fge\UhV\sa `nf \ZhT_\gTe\T WX _T e\dhXmT fbV\T_% cXeb gT`U\pa WX fh [TU\_\WTW cTeT cXafTe _\aXTf WX TVV\sacb_qg\VTVTcTVXfWX\`c_X`XagTe_Tf' JT`U\pa fX cbWeqT TeZw\e dhX _T eX\i\aW\VTV\sa WX _T W\YX& eXaV\T Xa YhaV\sa T _T _\UXegTW g\XaX _q`\gXf% _b VhT_ Xf cXeYXVgT`XagX in_\Wb' ;_ HWKRV fbV\T_\fgT WXYXaW\Wb Tdhq XkV_hlX gbWT cbf\U\_\WTW WX TVXcgTe _Tf _\UXegTWXf WX gbegheTe% Xkc_bgTe l W\fVe\`\aTe Vb`b bcV\baXf _XZqg\`Tf WX V\hWTWTabf b Zehcbf' FXeb% Vb`b U\Xa W\VX 8bUU\b "-)#% _Tf eXYbe`Tf cebchZaTWTf cbe ha fbV\T_\f`b WX`b& Veng\Vb UhfVTa haT T`c_\TV\sa WX XfcTV\bf WX _\UXegTW \aW\i\WhT_ l Vb_XVg\iT cTeT eXWhV\e _bf XfcTV\bf ThgbVeng\Vbf WX _T fbV\XWTW% cbe _b VhT_ _Tf _\UXegTWXf WXUXa cXafTefX Xa gpe`\abf WX ÖdhXÜ _\UXegTWXf% ÖcTeT dh\XaÜ l &XfcXV\T_`XagX& ÖcTeT dhpÜ' Fbe X__b% cebcbaX X_ ce\aV\c\b WX OLEHUWDG LJXDOLWDULD% Xfgb Xf% haT abV\sa VTcTm WX Teg\Vh_Te _T XkcTaf\i\WTW WX _Tf _\UXegTWXf Vba _T \WXT WX \ZhT_WTW WXYXaW\WT cbe _bf fbV\T_\fgTf3 É;_ ce\aV\c\b WX \ZhT_WTW Xf TdhX_ dhX f\eiX cTeT W\fg\aZh\e _T _\UXegTW _\UXeT_ WX _T _\UXegTW fbV\T_\fgT "' ' '# Ob Vbaf\WXeb _\UXegTW fbV\T_\fgT cbe XkVX_XaV\T TdhX__T dhX _\UXeTaWb \ZhT_T% X \ZhT_T Xa VhTagb X_\`\aT haT W\fVe\`\aTV\sa4 haT _\UXegTW dhX ab fs_b Xf Vb`cTg\U_X Vba _T \ZhT_WTW% f\ab dhX Xf _TVbaW\V\saWXTdhX__TÑ"-*#' ,2' HXVT_WX%QR$EKV$"c'+2-' -)' DbeUXegb 8bUU\b% ÉHXYbe`\f`b% fbV\T_\f`b X \ZhT_WTWÑ% Xa fh _\Ueb 7C FGOQETCEKC UQEKCNKUVC$ ;W\V\baXf :bVh`XagTf% ITag\TZb WX 9[\_X% *210% Xa

DbeUXegb 8bUU\b% 1UVCFQ" IQXGTPQ" UQEKGFCFG$ ;CTC WTPC VGQT_C IGTCN FC RQN_VKEC";W\gbeTFTmXJXeeT%H\bWX@TaX\eb%*21/%c'*./'

XfcXV\T_cc'*1-Ç*1.'

,1' 5DKF$"c'*.0'

-*' KDKF$"c'*1.'

,0'

*01

*02

;fgbf fba _bf iT_beXf \afc\eTWbeXf WX ha Xg[bf fbV\T_\fgT VbagX`cbenaXb l% Xa gpe`\abf `nf T`c_\bf% _T \WXT WX \mdh\XeWT' Is_b eXgb`TaWb Xfgbf iT_beXf Xf cbf\U_X UhfVTe&VeXTe b Ö\aiXagTeÜ% Vb`b W\VX =eT`fV\& ha ceblXVgb fbV\T_\fgT WX ahXib g\cb% Xf WXV\e% ha ceblXVgb \ZhT_\gTe\b% WX`bVeng\Vb l _\UXegTe\b dhX fX \WXag\Y\dhX TagXf dhX aTWT Vba _bf cebU_X`Tf% aXVXf\WTWXf l eX\i\aW\VTV\baXf WX _bf WXfcbfXqWbf% l dhX fX Vbafg\ghlT Xa X_ eXYXeXagX YhaWT`XagT_ Vba X_ dhX fX \WXag\Y\dhXa TdhX__bf dhX _hV[Ta Xa VbageT WX _Tf W\iXefTfYbe`TfWXbceXf\sa'

*1)

& (&+%-$&

7_g[hffXe% Bbh\f% É9bageTW\VV\sa l fbUeXWXgXe`\aTV\saÑ "*2/+#% Xa 6DUHYROXFLaQWHaULFDGH7DU[%I\Z_bNN?%Cpk\Vb%*2/1' &&&&&&&&&&&&&&&&&&&&&&% ÉCTgXe\T_\f`b [\fgse\Vb l `TgXe\T_\f`b W\T_pVg\& VbÑ "*2//#% Xa 7DWHULDOLVPR KLVWaULFR \ PDWHULDOLVPR GLD& O_FWLFR% 9hTWXeabf WX FTfTWb l FeXfXagX Dx 1% Cpk\Vb% *2/2%*21*' &&&&&&&&&&&&&&&&&&&&&&%ÉJXf\fWX7`\XafÑ"*20.#%/LDO_FWLFDDx,%]h_\b *200% eXi\fgT WX _T RSRDx *0%8TeVX_baT%YXUeXeb*201%cc',-&,.' &&&&&&&&&&&&&&&&&&&&&&%É;_`Tek\f`bVb`bgXbeqTY\a\gTÑ%XaHbffTaT HbffTaWT "Vb`c\_TWbeT#% /LVFXWLU HO HVWDGR "*201#%
*1+

*1,

8TWT_ba\% D\Vb_T% ÉDbgTf cb_qg\VTf fbUeX \agX_XVghT_Xf l XfgTWbÑ% Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% /LVFXWLU HO HVWDGR "*201#%
8ebaaXe% IgXc[Xa ;e\V% ÉJ[X IbV\T_\fg Feb]XVg3 \a CX`bel bY HhW\ :hgfV[^XÑ%=RFLDO
8TeeXgg% HTYTX_% ÉHXib_hV\baXfÑ "*2)1#% 9EUDV .RPSOHWDV% Lb_' *% HTYTX_ FXeba\ ;W\gbe X ?afg\ghgb WX 9bbcXeTV\sa ?UXebT`X& e\VTaT"?9?#%7fhaV\sa%*211'

8hV\&=_hV^f`Taa% 9[e\fg\aX% ÉBT cb_qg\VT WXfgehlX _bf VhXecbfÑ% 0O -XVFaQ Dx *% Cpk\Vb :'<'% abi\X`UeX&W\V\X`UeX *21+% cc' *)-&*,*'

8Teg[Xf% Hb_TaW%
9TVV\Te\% CTff\`b% ÉJeTafYbe`TV\sa WX_ XfgTWb l ceblXVgb cb_qg\& VbÑ "*201#% Xa iTe\bf ThgbeXf% >HRU`D PDU[LVWD GH OD SRO`WLFD% 9hTWXeabf WX FTfTWb l FeXfXagX Dx 12% Cpk\Vb% *21*% cc' +,-&+0.'

8ThWe\__TeW% @XTa% 0O HVSHMR GH OD SURGXFFLaQ "*20,#% =XW\fT% 8TeVX_baT%*21)' 8Xa\gXm PXagXab% HTv_% "Vb`c\_TWbe# 6DV FODVHV VRFLDOHV HQ ,P_& ULFD6DWLQD%I\Z_bNN?%Cpk\Vb%*20,' 8bUU\b% DbeUXegb% É~;k\fgX haT gXbeqT `Tek\fgT WX_ XfgTWb6Ñ "*20.#% Xa 7e`TaWb F\agb "Vb`c\_TWbe#% f0[LVWH XQD WHRU`D PDU& [LVWD GHO HVWDGR+% Ka\iXef\WTW 7hgsab`T WX FhXU_T% Cp& k\Vb%*201' &&&&&&&&&&&&&&&&&&&&&& %É~JXbeqTWX_XfgTWbbgXbeqTWX_cTeg\Wb6Ñ%Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% /LVFXWLU HO HVWDGR "*201#% HORVDx,2% DXjObe^%Ice\aZ*202%cc'*2*&+))' &&&&&&&&&&&&&&&&&&&&&& %0VWDGR%JRYHUQR%VRFLHGDGH%:DUDXUQDWHRU`D JHUDO GD SRO`WLFD "*21.#% ;W\gbeT FTm X JXeeT% H\b WX @TaX\eb% *21/' &&&&&&&&&&&&&&&&&&&&&& % 6D GHPRFUDFLD VRFLDOLVWD% ;W\V\baXf :bVh`Xa& gTf%ITag\TZbWX9[\_X%*210' Ö 8bfV[\% HXaTgb HTv_% , DUWH GD DVVRFLDFDR' :RO`WLFD GH EDVH H GHPRFUDFLDQR-UDVLO%Lpeg\VX%H\bWX@TaX\eb%*210' 8eThWX_%
*1-

&&&&&&&&&&&&&&&&&&&&&& %6k0VSUHVVR%Hb`T%/WX`TembWX*21,' 9T`c\% 7heX_\b% ÉDhXiTf W\`Xaf\baXf WX _T Wb`\aTV\sa VTc\gT& _\fgTÑ% Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% /LVFXWLU HO HVWDGR"*201#%RSR%Dx,1%abi\X`UeX*202%8TeVX_baT%cc'-&2' &&&&&&&&&&&&&&&&&&&&&&% 6D =RFLHGDG -XURFU^WLFD% Lb_' *% JhfdhXgf ;W\& gbeXf%8TeVX_baT%*202' &&&&&&&&&&&&&&&&&&&&&& %ÉIbV\T_\f`TaW7hgbab`bhfIbV\XglÑ%>HORVDx -,%DXjObe^%Ice\aZ*21)%cc'2*&*).' &&&&&&&&&&&&&&&&&&&&&& %ÉJeTafYbe`TV\safbV\T_l9eXTV\sa9h_gheT_Ñ% 6HWUD 4QWHUQDFLRQDO Dx 1% CTWe\W% \ai\Xeab *210&*211% cc' *+&*2' 9[XfaXThk% @XTa% f3DFHPRV WDEOD UDVD GHO SDVDGR+ , SURSaVLWR GH OD KLVWRULD\GH ORV KLVWRULDGRUHV "*20/#% I\Z_b NN?% Cpk\Vb% *200' 9_ThW\a%
*1.

&&&&&&&&&&&&&&&&&&&&&& %ÉBTZXaXeTV\saWX_`Tek\f`b&_Xa\a\f`bÑ%6HWUD 4QWHUQDFLRQDODx/%CTWe\W%iXeTab*210%cc'+*&+-' 9b[Xa% =Xeel% 7DU[! V >KHRU\ RI 3LVWRU\* , /HIHQVH% EkYbeW! Ka\iXef\glFeXff%;aZ_TaW%*21)' 9b[Xa%@XTaB'%ÉHXg[\a^\aZIbV\T_CbiX`XagfÑ%-HUNHOH\5RXUQDO RI=RFLRORJ\%Lb_'NNL???%*21,%cc'20&**,' 9b__Xgg\% BhV\b% É;_ cebU_X`T WX _T W\T_pVg\VTÑ% Xa iTe\bf ThgbeXf% 6D FULVLV GHO PDU[LVPR% Ka\iXef\WTW 7hgsab`T WX FhXU_T% FhXU_T%Cpk\Vb%*202%cc',.&.,' &&&&&&&&&&&&&&&&&&&&&& %É7W\sfTp_lTJheTgg\Ñ%6D.LXGDG1XWXUDDx/% 8hXabf7\eXf%TZbfgb*210' 9b`gX&Icbai\__X% 7aWep% É;_ UhXab% X_ `T_b l X_ `\_\gTagXÑ% 6HWUD 4QWHUQDFLRQDODx.%CTWe\W%ce\`TiXeT*210%cc'*.&+*' :Tl% @b[a% Éh`UXegb%É;_`bWX_b_Xa\a\fgTWXcTeg\WbÑ%0O@LHMR >RSR%;kgeTDx-%8TeVX_baT%*21)%cc'*1&++' WX =\biTaa\% 8\TZ\b% ÉFTeT haT gXbeqT `Tek\fgT WX _T geTafYbe`T& V\saÑ% Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% /LVFXWLU HO HVWDGR"*201#%
*1/

:eXlYhf% >hUXeg l HTU\abj% FTh_% 7LFKHO 1RXFDXOW* -H\RQG =WUXFWXUDOLVP DQG 3HUPHQHXWLFV% >TeiXfgXe FeXff% 8e\& Z[gba%;aZ_TaW%*21+' ;TZ_Xgba% JXeel% ÉM\ggZXafgX\aÜf KH :ROLVK =RFLRORJLFDO-XOOHWLQ%Lb_'.-%Dx+%*21*%cc'+0&,1' ;iXef% J\_`Ta% É?WXag\WTWX3 T YTVX bVh_gT Wbf abibf `bi\`Xagbf fbV\T\fÑ% 8RYRV 0VWXGRV 9;8H7F' Lb_' +' Dx -% ITb FTh_b% TUe\_*21-%cc'**&+,' KH 1LUVW 4QWHUQDWLRQDO DQG ,IWHU% J[X FVaZh\a&CTekB\UeTel%DXjObe^%*20-' hUXeg:eXlYhfl FTh_ HTU\abj% 7LFKHO 1RXFDXOW* -H\RQG =WUXFWXUDOLVP DQG 3HUPHQHXWLFV% >TeiXfgXe FeXff% 8e\Z[gba% ;aZ_TaW% *21+% cc'+)1&++/' =TeeXgba% CTahX_ 7agba\b% ÉFTeg\Wb l fbV\XWTW Xa ha ceblXVgb fbV\T_\fgTÑ% :bVh`Xagb WX geTUT]b Dx +//% FebZeT`T HORV Dx ,/% DXj Obe^% Ih``Xe*201%cc'..&1)'

*10

&&&&&&&&&&&&&&&&&&&&&& %ÉJ[XBXZXaWbY9b``ha\f`Ñ%=RFLDO
&&&&&&&&&&&&&&&&&&&&&& %ÉJeTafYbe`Tmm\baXXJXbeqTWX_IbZZXggbÑ% C\`Xb%Ka\iXef\glbY;ffXk%?aZ_TgXeeT%W\V\X`UeXWX*21*'

=\Tc% Lb DZhlXa% 2XHUUD GHO SXHEOR% HM_UFLWR GHO SXHEOR% ;W\& V\baXf;eT%Cpk\Vb%*201'

&&&&&&&&&&&&&&&&&&&&&&%É9baf\WXeTV\baXffbUeX_TVe\f\fWX_`Tek\f`b3 W\fVhefb% [XZX`baqT l cb_qg\VTÑ% =RFLDOLVPR \ :DUWLFLSDFLaQ Dx*/%W\V\X`UeX*21*%B\`T%cc',.&-/'

=bem% 7aWep% ,GLaV DO SUROHWDULDGR "*21)#% ;W\V\baXf +))*% 8Te& VX_baT%*21+' >\a^X_T``Xeg% \efg% FTh_% 9Q 6DZ DQG 4GHRORJ\% Hbhg_XWZX TaW AXZTa FTh_% BbaWba%*202' &&&&&&&&&&&&&&&&&&&&&& %É9_TfXfXVbas`\VTflcb_qg\VTÑ%XaiTe\bfThgbeXf% .ODVHV \ HVWUXFWXUD GH FODVHV% ;W\gbe\T_ DhXfgeb J\X`cb% Cpk\Vb%*21*%cc'*..&*2*' @h__\TeW% @TVdhXf% ÉBT \mdh\XeWT l X_ cbWXeÑ% 6HYLDW^Q Dx +0% ?? pcbVT%CTWe\W%ce\`TiXeT*210%cc'1.&2*' AX_fXa% >Taf% ÉHRU`D \ VRFLRORJ`D FU`WLFD GH ORV SDUWLGRV "*2/1#% 7aTZeT`T% 8Te& VX_baT%*21)' Ah[a% J[b`Tf% 6D HVWUXFWXUD GH ODV UHYROXFLRQHV FLHQW`ILFDV "*2/+#%
*11

&&&&&&&&&&&&&&&&&&&&&& % ÉJ[X ?`cbff\U\_\gl bY IbV\XglÑ% .DQDGLDQ 5RXU& QDO RI :ROLWLFDO DQG =RFLDO >KHRU\% Lb_' L??% Dx *&+% j\agXe&fce\aZ*21,%cc'+*&+-' &&&&&&&&&&&&&&&&&&&&&& %É9_TffMTeTaW7YgXeÑ%7DU[LVP>RGD\%BbaWba% 7ce\_*210%cc',)&,,' BTV_Th% ;eaXfgb l CbhYYX% 9[TagT\% ÉBT XfgeTgXZ\T fbV\T_\fgT' ~>TV\T WsaWX T[beT6Ñ% CRQD ,ELHUWD Dx +1% TUe\_&]ha\b *21,% cc' -0&/,' &&&&&&&&&&&&&&&&&&&&&& %É>XZX`baqTlahXibf`bi\`\Xagbfcb_qg\VbfÑ "*21+#% CRQD ,ELHUWD Dx ,)% CTWe\W% XaXeb&`Temb *21-% cc' *,2&*/-' &&&&&&&&&&&&&&&&&&&&&& %3HJHPRQ\DQG=RFLDOLVW=WUDWHJ\'>RZDUGVD KHRU\%LXefb%BbaWba%*21.' BXV[aXe% DbeUXeg% É:X _T eXib_hV\sa T _T WX`bVeTV\T' :XUTgX \agX_XVghT_ Xa 7`pe\VT WX_ IheÑ% 9SFLRQHV Dx /% ITag\TZb WX 9[\_X%`Tlb&TZbfgb*21.%cc'.0&0+' &&&&&&&&&&&&&&&&&&&&&& %\agXeiXaV\saXa6DL]TXLHUGD\0XURSD'/HEDWHGH =LJcHQ]D% ;W\gbe\T_ FTU_b ?Z_Xf\Tf% CTWe\W% *210% cc' */2&*0-' BXVbheg% :b`\a\dhX% 6\VHQNR' 3LVWRULD UHDO GH XQD iFLHQFLD ! SUROHWDULD "*20/#%;W\gbe\T_BT\T%8TeVX_baT%*201' BXYbeg% 9_ThWX% ÉBT \`TZXa WX_ VhXecb l X_ gbgT_\gTe\f`bÑ% @XHOWD Dx0/%Cpk\Vb%`Temb*21,%cc'*-&*2' &&&&&&&&&&&& &&&&&&&&&&%É;_cebU_X`TWX_TWX`bVeTV\TÑ%9SFLRQHVDx/% ITag\TZbWX9[\_X%`Tlb&TZbfgb*21.%cc'0,&1/'

*12

BXa\a% L'_'% 6DV WDUHDV LQPHGLDWDV GHO SRGHU VRYL_WLFR "*2*1#% iTe\TfXW\V\baXf'

CXe_\ab% CTe\b% É;fcTV\b "~YhaWT`Xagb6# WX _T `XmV_TÑ% 6HWUD 4QWHUQDFLRQDODx,%CTWe\W%bgbrb*21/%cc'.)Ç.*'

&&&&&&&&&&&&&&&&&&&&&& %6DHFRQRP`DSRO`WLFDGXUDQWHODGLFWDGXUDGHO SUROHWDULDGR"*2*2#%iTe\TfXW\V\baXf'

Cb_Tf% ?f\WeX% \agXeiXaV\sa Xa 6D L]TXLHUGD \ 0XURSD' /HEDWH GH =LJcHQ]D% ;W\gbe\T_ FTU_b ?Z_Xf\Tf% CTWe\W% *210% cc' */.&*/1'

&&&&&&&&&&&&&&&&&&&&&&%ÉBTXaYXe`XWTW\aYTag\_WX_\mdh\XeW\f`bXaX_ Vb`ha\f`bÑ "*2+)#% Xa fh 9EUDV HVFRJLGDV% ;W\gbe\T_ FebZeXfb%CbfVv%*2/2' &&&&&&&&&&&&&&&&&&&&&& %0O4PSHULDOLVPR%IDVHVXSHULRUGHOFDSLWDOLVPR% iTe\TfXW\V\baXf' BXil% 8XeaTeW >Xae\% -DUEDULVP ZLWK D 3XPDQ 1DFH "*200#% >TecXeTaWHbj%DXjObe^%*21)' CTVc[Xefba% 9'8'% 6D UHDOLGDG GHPRFU^WLFD "*2/.#% KHRU\*0VVD\VLQ
*2)

Cbe\a% ;WZTe% ÉBT eTmsa WXfeTV\baT_\mTWTÑ% 6HWUD 4QWHUQDFLRQDO Dx 1%CTWe\W%\ai\Xeab*210&*211%cc'-,&.*' CbhYYX% 9[TagT_% É>XZX`bal TaW ?WXb_bZl \a =eT`fV\Ñ% Xa fh 2UDPVFL DQG 7DU[LVW >KHRU\% Hbhg_XZX TaW AXZTa FTh_% BbaWeXf%*202%cc'*/1&+)-' &&&&&&&&&&&&&&&&&&&&&& %É9_TfXbUeXeT%[XZX`baqTlfbV\T_\f`bÑ"*21*#% Xa =RFLDOLVPR \ :DUWLFLSDFLaQA *0% B\`T% `Temb *21+% cc' +,&,,' DXggb%

@bfp FTh_b% ÉFeb]Xgb =beUTgV[Xi3 `hWTaVT bh Vbag\ah\WTWX6Ñ% 6bD 8RYD% Lb_' -% Dx *% ITb FTh_b% ]h_[b&fXgX`Ueb*210'

FTaaX^bX^% 7agba% É9eqg\VT WX_ cTeg\Wb eXib_hV\baTe\bÑ "*2,/#% 0O @LHMR>RSR%;kgeTDx-%8TeVX_baT%*21)%cc'*-&*0' FTeWb% @bfp Bh\f% ÉBT cpeW\WT WX_ g\X`cb UhfVTWbÑ% 6HWUD 4QWHU& QDFLRQDODx1%CTWe\W%\ai\Xeab*210&*211%cc'/-&/1' FbegTag\Xeb% @hTa 9Te_bf% É;_ fbV\T_\f`b Vb`b VbafgehVV\sa WX ha beWXa cb_qg\Vb WX`bVeng\VbÑ% /LDO_FWLFD% 7rb L?% Dx **% W\V\X`UeX*21*%Ka\iXef\WTW7hgsab`TWXFhXU_T%Cpk\Vb' *21*% cc'-*&.,' &&&&&&&&&&&&&&&&&&&&&& %É:X_TVbageTW\VV\saT_bfVbaY_\VgbfÑ%6D.LXGDG 1XWXUDDx+%8hXabf7\eXf%bVghUeX*21/' Fbh_TagmTf% D\Vbf% :RGHU SRO`WLFR \ FODVHV VRFLDOHV "*2/1#% I\Z_b NN?%Cpk\Vb%*20.' &&&&&&&&&&&&&&&&&&&&&& %.ODVVHVLQ.RQWHPSRUDU\.DSLWDOLVP"*20-#% DXjBXYg8bb^f%BbaWba%*200' &&&&&&&&&&&&&&&&&&&&&& %1DVFLVPR\GLFWDGXUD"*20)#%I\Z_bNN?%Cpk\Vb% *20-'

*2*

FemXjbef^\% 7WT`% ÉJ[X Feb_XgTe\Tg ?agb T 9_Tff3 g[X FebVXff bY 9_Tff
IXaW\V% 7_UXegb% ÉL\WT abiT% ah`T fbV\XWTWX ÖXae\]XV\WTÜÑ% 6XD 8RYD%Lb_'-%Dx*%ITbFTh_b%]h_[b&fXgX`Ueb*210' Ibe]% 8XeaTeWb% É>\fgbe\T X Ve\fX WT cebWhVTb WT iXeWTWX ab `Tek\f`bÑ% 8RYRV 0VWXGRV 9;8H7F% Lb_' +% Dx ,% ITb FTh_b%abiX`UebWX*21,%cc'+.&,-' IgT_\a% @bfX% 6RV IXQGDPHQWRV GHO OHQLQLVPR% ;W\V\baXf Xa BXaZhTf ;kgeTa]XeTf%FX^qa%*20.' IgXW`Ta&@baVf% =TeVg[% \agXeiXaV\sa Xa 6D L]TXLHUGD \ 0XURSD' /HEDWH GH =LJcHQ]D% ;W\gbe\T_ FTU_b ?Z_Xf\Tf% CTWe\W% *210% cc'*-)&*.+'

HXVT_WX% @bfp HT`sa% É~;k\fgX _T \mdh\XeWT6Ñ% Xa 6D L]TXLHUGD \ 0XURSD' /HEDWH GH =LJLLHQ]D% ;W\gbe\T_ FTU_b ?Z_Xf\Tf% CTWe\W%*210%cc'+2,&+2/'

IhU\ebf% FXc% ÉCTlb WX_ Ü/13 ~ahXfgebf TUhX_bf b ahXfgebf a\Xgbf6Ñ% 0O@LHMR>RSR%;kgeTDx**%8TeVX_baT%*21)%cc'-&.'

HbWeqZhXm 7eT`UXee\% @h_\b% É~Ka `bWX_b va\Vb6Ñ 0O @LHMR >RSR ;kgeTDx-%8TeVX_baT%*21)%cc'.-&.1'

JbZ_\Tgg\% FT_`\eb% 0VFULWRV SRO`WLFRV "*2/-#% ;W\V\baXf ;eT% Cp& k\Vb%*20*'

Hb]Tf% 7_X]TaWeb% É;a gb`b T _Tf T_gXeaTg\iTf cb_qg\VTf Xa 9[\_XÑ% 0O-XVFaQDx+%Cpk\Vb%XaXeb&YXUeXeb*21,'

Jb__Xe% ;`fg% ?QD MXYHQWXG HQ ,OHPDQLD% ;W\V\baXf ?`na% 8hXabf 7\eXf%*2,0'

HbffTaWT% HbffTaT% É9eqg\VT WX _T cb_qg\VT l ÖWXeXV[b WXf\ZhT_ÜÑ% Xa HbffTaT HbffTaWT "Vb`c\_TWbeT#% /LVFXWLU HO HVWDGR "*201#%
J[b`cfba% @b[a 8'% É?WXb_bZl TaW g[X IbV\T_ ?`TZ\aTel' 7a 7cceT\fT_ bY 9Tfgbe\TW\f TaW BXYbegÑ% >KHRU\ DQG =RFLHW\% Lb_'??%Dx.%J[X>TZhX%IXcgX`UXe*21+%cc'/.2&/1*'

&&&&&&&&&&&&&&&&&&&&&& %ÉDbgXaZTa`\XWb'Dbg\XaX[XeXWXebfÑ%6D .LXGDG1XWXUDDx/%8hXabf7\eXf%TZbfgb*210'

JbheT\aX% 7_T\a% 6D =RFL_W_ 4QYLVLEOH% ;W\g\baf Wh IXh\_% FTeqf% *200'

HhfVba\% =\Ta ;ae\Vb% É9e\f\ fbV\T_X X cb_qg\VTÑ% Xa FTb_b
Jebag\%CTe\b%44WHPSRGHOODSRO`WLFD%;W\gbe\H\ha\g\%Hb`T%*21)'

IT_iTWbe\% CTff\`b% É;_ bVTfb WX_ ceblXVgb Vb`ha\fgTÑ% 6HYLDW^Q Dx+0%??pcbVT%CTWe\W%ce\`TiXeT*210%cc'0.&1+' IV[`\gg% 9Te_% 0O FRQFHSWR GH OR SRO`WLFR "*2,+#% RSR;kgeTDx-%8TeVX_baT% *21)% cc',.&,2'

*2+

&&&&&&&&&&&&&&&&&&&&&&&%ÉI\a\fgeTÑ%6DERUDWRULR:ROLWLFR%Hb`T% `TZZ\b&Z\hZab*21*%cc'*,+&*-0' JfXJhaZ%CTb%=REUHODFRQWUDGLFFLaQ"*2,0#%iTe\TfXW\V\baXf' LTgg\`b% =\Taa\% 0OILQ GH OD PRGHUQLGDG' 8LKLOLVPR \ KHUPHQ_XWLFD HQODFXOWXUDSRVPRGHUQD"*21.#%=XW\fT%8TeVX_baT%*21/' &&&&&&&&&&&&&&&&&&&&&&%É;_YhghebcTfTWbÑ%6HWUD4QWHUQDFLRQDODx,% CTWe\W%bgbrb*21/%cc'-2&.*'

*2,

LXVT%IT_iTgbeX%8bUU\b%DbeUXegblFbagTeT%=\h_\Tab%.ULVLVGHOD GHPRFUDFLD"*21-#%;W\gbe\T_7e\X_%8TeVX_baT%*21.' Mb[_Ybeg[%J\`%ÉJeTaf\g\bagbg[XJeTaf\g\ba6Ñ%8HZ6HIWTUTaT%*20/' É9bageT _bf \agXeXfXf WX _T cTm l X_ fbV\T_\f`bÑ% TegqVh_b WX :UDYGD eXcebWhV\Wb Xa X_ fhc_X`Xagb ÉFnZ\aT KabÑ WX_ W\Te\b ?QR P^V OLQR%Cpk\Vb:'<'%,*WXXaXebWX*21*' 6RV FXDWUR SULPHURV FRQJUHVRV GH OD 4QWHUQDFLRQDO .RPXQLVWD% 9hTWXeabfWXFTfTWblFeXfXagXDz-,%Cpk\Vb%*21*'

*2-

*2.

>CA>BC9CD;>B5=5BC1 3>;5339>= 945>;>7911DC>A9C1A91$ 3WKFQ=QFT_IWG\-NECN] 5;<9C>45;1AC5G5;89:> 45;?D52;>$

?KEKQ1UEQDCT D=1 =139>= 4>B 3D;CDA1B$ .CTVQOGW8GNK]">6$ 5BC14>GE9E95=41$4MS?VW\# SQZTV 3V_\U[\YIS IS 3IWQ[ISQZTV ?YMJMULIYSV$ 6QU^9$8QTKPKIQ#7WKU-$.QJ

-07,9806.174,0+10724H=I=GC@DN<=@CFG@C@G =B$'<=AJB@E<=$*)*=DB:0256.38+7+1.70+3+ 8I=!/:G@M:$%*(;",:F!/@?:G@ 8=BL>!%% &#& +HJD;@ND 5:G:?J:K