Duben 2001 (č. 68)
Transkript
Duben 2001 (č. 68)
A 7(: ÙnТnH{«tx{¬¢nH {«kØ¢n\ 6+<0 $ ¡ !{p.!Bk¢.jTKkxÒlt{ !{p..k.jTKkxÒkp{l !{p¢hk¢jTKkxÒk¢ !{p.kKTjTKkxÒ'l{¢ !{pk T{p{k.jTKkxÒ{h¢!p/¦. ! %¦.h.x.Kp/xo{¢ .K{¦.TH oK©¬ntTx.KxÒ K{nTT¬l '«oØlTxl {t.pk«.BT h{t{T¨¢.pk© TK{]kp{¦U Tt©pkTpxUnT Økn.TpxU {t{T¨¢.pk. /Цl p.xÒTx/h{KÒ {Ð/To pkKoUh{¬k¦{. $tÒpU{p{KxÒxl k{Tko..op{x{¦/xl ..pknTx/t KTnTTx o¢TÐxª{8pUt ©Bh{K.t. {x]TTxBT {k©{p¢Bh.ÐÙ %' !$ ¡ y W W y ¡^ ¡ ¡y W _ _ _ 9\ MVWH V$O ]HP MHVWOLåH YãDN V$O SR]EXGH FKXWL þtP EXGH RVROHQD" .QLþHPXMLåQHQtQHåDE\VHY\KRGL ODYHQDOLGpSRQtãODSDOL 0DWRXã 9 VRERWX MVHP VL SURþtWDO VWDUi Ni]iQt ]DNODGDWHOH QDãHKR VERUX ]HVQXOpKR EUDWUD %RKXVODYD 7HWLY\ NWHUi SHG þDVHPY\ãODWLVNHPDGDOMVHPVLMHGR VRXYLVORVWL V QHGiYQêP Ni]iQtP QDãH KR EUDWUD ELVNXSD 7DWR ~YDKD MH WHG\ QHIDOãRYDQRXOLWHUiUQtORXSHåtGRSOQ QRX R SiU YODVWQtFK P\ãOHQHN 1NWHUp SRVWHK\ WHG\ QHMVRX RULJLQiOQt QLFPp Q E\FK VH V YiPL FKWO R Q SRGOLW 3HGOHW\MVHPþHWOSRGREQRX~YDKX Y86$YDQJOLþWLQDRGMLQêFKDXWRU$ SR]QSVW +QHGY~YRGXYêãHFLWRYDQpKRYHUãH QiP3iQ-HåtãtNi9\MVWHV$O]HP 1HQt]GHHþHQRVQDåWHVHEêWVROtDQL EXWH VROt 3WiN VH QHPXVt VQDåLW EêW SWiNHP DQL GDQN GDNHP .YWLQD VH QHPXVt VQDåLW EêW NYWLQRX DQL VNiOD VNiORX -H SURVW MDVQ NRQVWDWRYiQR åHVROtMVPH2FRVHYãDNPiPHVQDåLW D XVLORYDW MH EêW VODQêPL DE\ ]HP PRKODEêWRFKXFHQD 6$O MHGQDN RFKXFXMH D MHGQDN NRQ ]HUYXMH SRWUDYX 7XWR VYRX YODVWQRVW YãDN ]WUiFt MVRXOL Y Qt SLPtãHQLQ\ 7DWR QHNYDOLWQt VPtãHQi V$O VH GQHV SRXåtYiQDSNVROHQtQDPU]OêFKFKRG QtN$ 1HKRGt VH MLå N QLþHPX QHå DE\ SR Qt OLGp ãODSDOL -DQ $PRV .RPHQVNê YHVYpP.ãDIWX-HGQRW\EUDWUVNp B{o{pkxTxl«¦l©HnThØlBh Èlt.xÙt_G¡8 ¡,! $" SHGSRYGONRQHFVWDUp-HGQRW\SUiY SURWR åH WDWR FtUNHY ]WUDWLOD VODQRVW D E\ODY\GiQDYãDQFSRãODSiQtDSRWXSH Qt =DVWDYPH VH QD FKYtOL X FKHPLH 6DPD V$O FKHPLFN\ FKORULG VRGQê MH SULPLWLYQt DQRUJDQLFNRX VORXþHQLQRX VRGtNXDFKORUX6RGtNMHYHOPLYêEXãQê DONDOLFNê NRY NWHUê GRVWDQHOL VH QD Y]GXFK VLOQ KRt D Y\EXFKXMH 3RGRE Q3iQ%$KMHRKHVWUDYXMtFtDNG\E\ VH WRPXWR VYWX SOQ ]MHYLO þORYN E\ QHSHåLO 1DSURWL WRPX FKORU MH ãWLSODYê D MHGRYDWê SO\Q 3LURYQDO E\FK MHM N þORYNX SRãSLQQpPX KtFKHP NWHUê MH VNU] QDVNU] ]YUiFHQê D NWHUê ]H VYp SLUR]HQRVWL MHGQi SHYUiFHQ 6HWNiOL VHYãDN'XFKVYDWêVþORYNHPDWHQMHM SLMPHY]QLNQHV$OFKORULGVRGQê1H MGH R QRYê SUYHN MH ]GH StWRPHQ MDN VRGtNWDNFKORUýORYNEH]%RKDYãDN QHP$åHEêWVODQêP &KORULGVRGQêPiYãDNU$]QpStP VLQDSYiSQtNMyGXKOLþLWDQ\DWG7\WR MHM]EDYXMtMHKRVODQRVWL$WDNLþORYN SRNXG QHQt RGGiQ SOQ VYpPX 3iQX P$åHVHRWHYtWYOLYXMLQêFKSUYN$7DWR ]QHþLãWQiV$OQH]WUDWtMHQVYRMLVODQRVW DOHLUR]SXVWQRVW-DNFKX"RYpWDNNRQ ]HUYDþQt ~þLQN\ VROL VH PRKRX SURMHYLW SRX]H Y UR]SXãWQpP VWDYX 3RNXG MtPH VODQRX SROpYNX QLNGH V$O QHYLGt PH 3RNXG E\FKRP YãDN XåLOL V$O ]QH þLãWQRX QHMHQ åH E\FKRP ML YLGOL DOH WDNpE\QiPVNtSDODPH]L]XE\DND]LOD FKX" N MtGOX 7DNWR RVROHQp MtGOR E\ LVQDGQMLSRGOpKDOR]Ni]H 7RWR VH P$åH VWiW WHKG\ NG\å NHV "DQ FKFH EêW YLGQ RGPtWi EêW UR]SXã WQDþLQLWVNXWN\PLORVUGHQVWYtYVNU\WX 'QHVMHPQRKRXþHQtNWHUiVNU\W tND Mt åH E\ VH VOXåHEQtN PO ]YLGLWHOQLW QþtP EêW EêW YLGQ D FKYiOHQ PtVWR DE\ VH QDRSDN VQDåLO ]PHQãLW D QHEêW QLþtP %GD VROL NWHUi ]DþQH EêW YLGL WHOQi QHQt MLå DQL VODQi DQL QHNRQ]HU YXMH 3L]QiP VH åH V WRXKRX EêW YL GQ PXVtP YH VYpP åLYRW ERMRYDW 7HQNGR]$VWiYiVNU\WYHVYpP3iQXD QDKRVWLQiFKVHGiYiY]DGXMHQDNRQHF VWHMQ %RKHP SRYêãHQ D SRVD]HQ GR SHGX .GR YãDN SURVD]XMH ViP VHEH MHSRQtåHQDXVD]HQY]DGX 3URWR FKFHãOL EêW VODQê SRQLåXM VH SRNRXMVH]WUiFHMVY$MåLYRWSUR3iQD PM ViP R VRE Qt]Np VPêãOHQt 8Y GRP VL åH 7YRMt SLUR]HQRVWt MH EêW VPUDGODYêP ãWLSODYêP D MHGRYDWêP SO\QHP 1HQt QD WRE QLF KH]NpKR EXGHãOL VH VQDåLW SURVDGLW D ]YLGLWHOQLW ] YODVWQtFK VLO 1DNRQHF VWHMQ EXGHã Y\KR]HQ D SRãODSiQ %XGHãOL YãDN SR NRUQê D Y Qt]NpP SRVWDYHQt 3iQ W Y SUDYê þDV SRYêãt 1HRSRPH YãDN NRUXQX VOiY\ NWHURX 7L 3iQ SURS$Mþt SHG QtP VPHNQRXW D SRNORQLW VH 0X MDN WR YLGtPH X GYDFHWL þW\ VWDUF$ YNQL]H=MHYHQt=M $OHã)UDQF 6ERURYpOLVW\$&%UQR '#!H *-!  3HWU$Y ýDVWRVHVHWNiYiPVWtPåHNHV"D Qp QHPDMt MDVQR Y WRP MDN E\FKRP VH POL Y\URYQiYDW V XWUSHQtP 1NWHt tNDMt åH XWUSHQt SLFKi]t ] QHGRVWDWNX YtU\0iPHVLX]GUDYHQtSLYODVWQLWYtURX DRGPtWQRXWYãHFKQ\QHJDWLYQtP\ãOHQ N\7HQWRQi]RUMHHYLGHQWQQHELEOLFNê DOHGUåtVH -LQt tNDMt åH NHV"DQp PXVt WUSW DOHåHPDMtXWUSHQtþHOLWV~VPYHPQD UWHFK 7UStFtP VYDWêP FLWXMt YHUãH MDNR 6WiOHVHUDGXMWH«=DYãHFKRNROQRVWt GNXMWH « 7HVDORQLFNêP « YãHFNR QDSRPiKi N GREUpPX « tPDQ$P 3HG SiU OHW\ MVHP SRKEtYDO WLFHWLOHWpKR PXåH SR NWHUpP ]$VWDOD YGRYD VH GYPD GWPL 3R REDGX]DQtQDFKRGESLãHOMHMtEêYD Oê SDVWRU FHOê UR]]iHQê D HNO 6OiYD 3iQX Xå MH QD YþQRVWL 0O MVHP VWR FKXWt PX MHGQX YUD]LW 7DNRYê StVWXS NXWUSHQtYHGHSRGOHPQHNSRNU\WHFWYt D N HPRFLRQiOQtP WUDXPDW$P /LGp VL QDVDGt IDOHãQê ~VPY D RSDNXMt IUi]H MDNR VOiYD 3iQX DOH XYQLW FtWt EROHVW D 3iQD QHFKYiOt 3RStUDMt ]iUPXWHN D EROHVW NWHUp WDP YH VNXWHþQRVWL MVRX 7HQWR StVWXS N XWUSHQt QHQt DQL ELEOLF NêDQL]GUDYêSURHPRFLRQiOQtåLYRW -LQt SURWL WRPXWR Qi]RUX Y\VWXSXMt V WYU]HQtP åH VYp SRFLW\ PXVtPH Y\ MDGRYDW 0OL E\FKRP VL SURMtW YãHPL VWiGLL ]iUPXWNX tNDMt DE\FKRP GDOL VYpPX KQYX Y]WHNX D KRNRVWL YROQê SU$FKRG 3RNXG MH QHFtWtPH åLMHPH YH OåL /LGHP VH GRNRQFH GRSRUXþXMH DE\ %RKX VStODOL D WR V XMLãWQtP 2Q WR XQHVH HNQWH PX MDN KUR]Q YiV QDPtFKO tNDMt åH NGR WR QHGOi ]D GOiYi VL ViP QD SUREOpP\ Y HPRFLR QiOQtPåLYRW &KWO E\FK SURKOiVLW åH DQL MHGHQ ]WFKWRStVWXS$QHSHGVWDYXMHELEOLFNê DQL ]GUDYê ]S$VRE MDN VH V XWUSHQtP Y\SRiGDW%LEOLFNê]S$VREMHQHSRStUDW EROHVW QHER ]iUPXWHN DOH ]iURYH VH GRRSUDYG\ UDGRYDW ] 3iQD NG\å MVPH QDGQ/LVWäLG$PtNiMDVQ 3tVQiYêFKRYDVHRYãHPYWXFKYtOL QLNG\ QH]Gi StMHPQi QêEUå NUXãQi SR]GML YãDN SLQiãt RYRFH SRNRMH D VSUDYHGOQRVWWPNGRMtSURãOL 3DYHO SRSLVXMH VYp YODVWQt SURåtYiQt ]NRXãHNVORY\ 0iPH SURþ VH UPRXWLW D SHFH VH VWiOHUDGXMHPH«.RU 3HGYHGO QiP WR PQRKRNUiW DOH QLNGH VQDG WDN ]HWHOQ MDNR YH Y]HQt YH )LOLSHFK NGH R S$OQRFL RQ D 6LODV VH ]iG\MHãWNUYiFHMtFtPLSRQH]iNRQQpP ELþRYiQt FKYiOLOL %RKD ]SYHP 6NXWN\ 3HWU StãH WUStFtP NHV"DQ$P åH Mi VDMt D SLWRP MVRX ]iURYH ]DUPRXFHQL UR]OLþQêPL ]NRXãNDPL 3HWU$Y WDWR NDSLWROD MH FLWRYiQD SRGOH 16 1HSRStUiXWUSHQtVORYRNWHUpSRXåtYi ]QDPHQi EROHVW QHER ]iUPXWHN $OH QHRSRPtMt DQL RSUDYGRYRX UDGRVW NWH URX P$åH NHV"DQ SURåtYDW L XSURVWHG EROHVWLSRNXGVHQDQLGtYi]HVSUiYQp SHUVSHNWLY\ 3HWU WR ViP SR]QDO 3R WRPFRE\O]ELþRYiQDE\ORPX]DNi]i QR Ni]DW Y -HåtãRY MPpQX RQ D GDOãt DSRãWRORYp RGFKi]HOL « V UDGRVWQRX P\VOt åH VHMLPGRVWDORWpFWLDE\QHVOLSRWXSX SURMHKRMPpQR6NXWN\ ,! $" 7R MH UDGRVW NWHURX P$åHPH PtW LNG\åMVPHQDGQ9RGGtOXNWHUêPVH ]DEêYiPHQiP3HWUtNiMDNML]tVNDW 3URWRåH 6SDVLWHO GRSRXãWt ]NRXãN\ DE\WtELOQDãLYtUXP$åHPHVHUDGRYDW LNG\åMVPHSUiY QD GQSRNXGY]KOt åtPHN1PXDN-HKRVSDVHQt 3HWU$Y QiP XND]XMH QDãH EXGRXFtGGLFWYtYQHEL]DPXMH QDãL SR]RUQRVW NH VWiYDMtFt UDGRVWL XSURVWHG ]NRXãHN = YHUã$ E\FK FKWOY\]YHGQRXWWLKODYQtERG\ 6SDVLWHOGRSRXãWt]NRXãN\ QDNDåGpKRNRKRPLOXMH 'RYROWH DE\FK YiP XYHGO QNWHUi Y]iFQi]DVOtEHQtNWHUiE\VWHPOL]QiW 2-HåtãLMHSViQR$þNROLWRE\O%Råt 6\QQDXþLOVHSRVOXãQRVWL]XWUSHQt MtPåSURãHO«äLG$P 2QiVVHtNi .RKR3iQPLOXMHWRKRStVQY\FKR YiYiDWUHVWiNDåGpKRNRKRSLMtPi ]DV\QD«-VWHOLEH]WDNRYpYêFKR Y\ MDNp VH GRVWiYi YãHP V\Q$P SDN QHMVWH V\QRYp DOH FL]t GWL äLG$P $ YãLFKQL NGR FKWMt ]ERåQ åtW Y.ULVWX-HåtãL]DNXVtSURQiVOHGRYi Qt7LPRWHRYL 9HVYWPiWHVRXåHQt-DQ 0XVtPH SURMtW PQRKêP XWUSHQtP QHå YHMGHPH GR %RåtKR NUiORYVWYt 6NXWN\ $ SURWR MDN 3HWU YH VYp HSLãWROH tNi RQFRGiOH 0RML PLORYDQt QHEXWH ]PDWHQL YêK Qt ]NRXãN\ NWHUi QD YiV SLãOD MDNR E\VHVYiPLGORQFRQHREY\NOpKR «3HWU$Y -HãW EKHP -HåtãRYD SR]HPVNpKR åLYRWDPX3HWUSLMHGQpStOHåLWRVWLHNO +OH P\ MVPH RSXVWLOL YãHFNR D ãOL MVPH]DWHERX&RWHG\EXGHPHPtW" 0DWRXã -Håtã RGSRYGO åH NDåGê NGR YãHFK QRRSXVWtDQiVOHGXMHKRGRVWDQHMHãW YWRPWRåLYRWWRKRþHKRVHY]GDOVWR NUiW WROLN GRPRY$ EUDWU$ VHVWHU PD WHN GWt L SROt ÒåDVQp 7RPX tNiP ]LVN .GR E\ VH QHKOiVLO R WDNRYRXKOH YêKUX"$OH-HåtãMHGQtPGHFKHPtNi _,! $" « VSROX V SURQiVOHGRYiQtP « $GRGiYi«DYSLFKi]HMtFtPYNX åLYRWYþQê0DUHN =NRXãN\ WåNRVWL SURQiVOHGRYiQt SUR -HåtãRYRMPpQRYWRPWRåLYRWWRNWp YêKH SDWt -H SUDYGD åH QiV þHNDMt L QHYêVORYQi SRåHKQiQt -Håtã WR tNi MDVQ -H SUDYGD åH MH WR åLYRW Y KRM QRVWL-DQ$OHMHWDNpSUDYGDåH WD KRMQRVW þDVWR ]QDPHQi KOXERNRX WUYDORXUDGRVW]HVSDVHQtNWHURXSURåt YiPHLWHKG\NG\åMVPHSUiYQDGQ =NRXãN\ SRWYU]XMt åH QiV -Håtã RE ]YOiãWPLOXMH1LNGR]MHKRPLORYDQêFK QHQt YêMLPNRX $OH SURþ" 7R MH SHFH YåG\FN\ WD KODYQt RWi]ND QH" 3URþ QD QiV%$KGRSRXãWt]NRXãN\" 6SDVLWHO]NRXãN\GRSRXãWt QDNDåGpKRNRKRPLOXMH DE\WtELOMHKRYtUX 3HWU QiP XND]XMH ~þHO ]NRXãHN VSUiYQê SRKOHG QD ]NRXãN\ D NRQHþQê YêVOHGHN]NRXãHN $ÒþHOHP]NRXãHNMHWtELWYtUX 6ORYR DE\ Y\MDGXMH ~þHO UR] OLþQêFK ]NRXãHN ]H ãHVWpKR YHUãH DE\ QDãHYtUDE\ODY\WtEHQDQHEROLSHþLãW QD MDNR ]ODWR DE\ E\O\ RGVWUDQQ\ QH åiGRXFt StPVL WDNåH Y GHQ NG\ VH .ULVWXV YUiWt EXGH VKOHGiQD N FKYiOH VOiY D FWL 9tUD OHåt Y VDPpP VUGFL NHV"DQVNpKRåLYRWD9tURXMVPHVSDVH QLYtURXFKRGtPH%H]YtU\QHQtPRåQp ]DOtELWVH%RKXäLG$P 3HWU VURYQiYi YtUX VH ]ODWHP FR GR SRGREQRVWL L FR GR UR]GtO$ 5R]GtO QD FKi]tYWRPåHYtUDMHPQRKHPFHQQM ãt QHå ]ODWR SURWRåH ]ODWR SRPtMt DOH YtUD ]$VWiYi =ODWHP QHEH QH]tVNiPH YtURX DQR 9 RNDPåLNX NG\ þORYN ]H PH D VWRMt SHG %RKHP PX QLF QHSR P$åH DQL YãHFKQR ]ODWR VYWD 7RKR GQHREVWRMtMHQYtUDY-HåtãH.ULVWD 9tUD VH SRGOH 3HWUD SRGREi ]ODWX Y WRP åH RERMt VH WtEt RKQP 6ORYD MDNR EêW QDOH]HQ QHER SURNi]DW VH QHVRX MHPQê Yê]QDPRYê RGVWtQ ]NRXã N\SLQtåVHRþHNiYi~VSFK%$KQDãL YtUX QH]NRXãt SURWR DE\ ML SLYHGO NVHOKiQtDOHSURWRDE\VSiOLOQHþLVWRW\ D ]tVNDO U\]t ]ODWR =D WtP ~þHOHP QiV Y\VWDYXMH YêKQL ]NRXãHN Y QLFKå MVPH QXFHQLVHQDQMVSROpKDWYWDNRYpPt HYMDNpE\WRMLQDNQLNG\QHE\ORPRå Qp 0XVtPHVLXMDVQLWåHYtUDQHPXVtEêW RSUDYGRYi D WDNRYi YtUD VHOKiYi 9 SRGREHQVWYt R UR]VpYDþL -Håtã tNi åHYPONpNDPHQLWpS$G]UQRY]NOtþL OR DOH NG\å Y\ãOR VOXQFH XVFKOR D ]D K\QXOR SURWRåH QHPOR NRHQ\ 3RWRP Y\VYWOLO åH MH Hþ R WFK NGR QHMSUYH VORYR V UDGRVWt SLMtPDMt DOH NG\å MH NY$OL QPX SRWNi VRXåHQt QHER SURQi VOHGRYiQtRGSDGDMtDWDNVHXNiåHåH MHMLFK YtUD QHE\OD SUDYi 0DUHN 3UDYi YtUD YãDN YH ]NRXãNiFK QH VOiEQH DOH VtOt %Råt SODPHQ RGVWUDQt VWUXVNXDWDNY\WtEtU\]tNRY 9ORQL PL GRVW OLGt Y\WêNDOR QNWHUp ] YFt NWHUp MVHP Ni]DO ýHWO MVHP SR ]QiPNX 0DUWLQD /XWKHUD .RPHQWi N HSLãWROiP 3HWUD D -XG\ NGH tNi åH NG\E\ QHE\O WDN RVWH QDSDGiQ QLNG\ E\ QHQDE\O WDNRYpKR SHVYGþHQt D QLNG\E\VYpGRNWUtQ\QHSLYHGONWDNRYp ~SOQRVWL 'R XUþLWp PtU\ VH V QtP ]WR WRåXML Y WRP åH %$K W\WR YêSDG\ SURWL PQ SRXåLO DE\ PQH XSHYQLO Y SRFKR SHQt ]iNODGQtFK SUDYG HYDQJHOLD MHå MVRXYGQHãQtGREWHUþHP~WRN$ *HRUJH0XOOHUYHONêPXåYtU\]DMLã "RYDOVWUDYXRãDFHQtDE\GOHQtSURYtFH QHåGYDWLVtFVLURWN$]iURYHDWRSRX KRX YtURX D PRGOLWERX 3HG SRWHQFLiO QtPL VSRQ]RU\ R SRWHEiFK VYp SUiFH ]iVDGQQHPOXYLODQLNG\åVHKRStPR SWDOL 0tVWR WRKR MH SLQiãHO Y PRGOLWE SHG %RKD 3URãHO REGREtPL WåNêFK ]NRXãHN =DåLO VHGP OHW NG\ PO MHQ YêMLPHþQSURVWHGN\NWRPXDE\PRKO SRWHE\ VLURWN$ ]DEH]SHþLW GpOH QHå QD WLGQ\þDVWRMH]tVNDOWHSUYHWRKRGQH QNG\SUiYYWpFKYtOLNG\VLGWLVHGO\ NMtGOX0XOOHUQDSVDO 3iQGiYiYtUXSUiYSURWRDE\MLNH VOiY YODVWQtKR MPpQD ]NRXãHO D SUR GREUR WRKR NGR ML GRVWiYi D QHMHQ åH VDPRWQi]NRXãNDYtU\SRNXGVHSHYQ GUåtPH G$YU\ Y %RKD SLQiãt QDãt GXãLWRSRåHKQiQtåHKROpSHSR]QiYi PH DOH WtPWR FYLþHQtP VtOt L QDãH YtUD $ SURWR SRNXG V %RKHP FKRGtPH V DVSR WURFKX þHVWQêP VUGFHP EXGH QDãHYtUD]NRXãHQDYtFHDYtFH ÒþHOHP ]NRXãHN MH WHG\ WtELW QDãL YtUX % 6SUiYQê SRKOHG QD ]NRXãN\ MH YGRPt åH MVRX GRþDVQp QH]E\WQp D Y%RåtFKUXNRX 5iGLFKRGtPHSRKRUiFK/RQLYOpW MVPHY\OH]OLQD&ORXG V5HVWY<RVHPL WHNGHMHMHGQD]QHMSDQRUDPDWLþWMãtFK Y\KOtGHN QD <RVHPLWVNê QiURGQt SDUN -H RGWXG YLGW FHOê FKDUDNWHU NUDMLQ\ =tVNiWH SRKOHG NWHUê SURVW QH]QiWH GRNXG FKRGtWH GROH SR SãLQNiFK 3R GREQMHXåLWHþQp]tVNDW%RåtSRKOHGQD ]NRXãN\ 3HWU QiP SURWR SLSRPtQi åH MVRX GRþDVQp « QDNUiWNR « 0RåQi VLHNQHWH1DNUiWNR"1RSRWã9åG\" MiVHWDNKOHWUiStPXåFHOpURN\7RMH NUiWNi GRED Y]KOHGHP N YþQRVWL 6WHMQRX P\ãOHQNX Y\MiGLO 3DYHO NG\å HNO 7RWR NUiWNp D OHKNp VRXåHQt S$VREt SHQHVPtUQRX YiKX YþQp VOiY\ QiP NWHt QHKOHGtPH N YLGLWHOQpPX QêEUå N QHYLGLWHOQpPX 9LGLWHOQp MH GRþDVQpQHYLGLWHOQpYãDNYþQp .RULQWVNêP 3HWU WDNp GRSOXMH SRKOHG QD ]NRXãN\ ]MLãWQtP åH MVRX QH]E\WQp MHOL WR QXWQp -VRX QH]E\WQp MDN MVPH VL SUiY YãLPOL SUR Y\WtEHQt QDãt YtU\ 0\VOtPVLDOHåH6SXUJHRQPiSUDYGX NG\åtNiåHQHMHQ]NRXãN\DOHL~WUDS\ MVRX QH]E\WQp 7YUGt .HV"DQ Y ]iUPXWNX L Y UDGRVWL 6SXUJHRQRYD Ni]iQt åH QNG\ MH QXWQp DE\ E\O NHV"DQ GRNRQFH XELWê QD GXFKX .ULV WXV FtWLO Y ]DKUDG ~]NRVW Då N VPUWL 3RNXG NHV"DQ QHSURFKi]t REGREtPL ]NURXãHQRVWL WYUGt 6SXUJHRQ VWDQH VH S\ãQêP QHEXGH VFKRSHQ VRXFLWX V RVWDWQtPL WUStFtPL D ]DPHãNi WDN OHN FL NWHURX VH MLQDN QHQDXþt 6SXUJHRQ FLWXMH /XWKHU$Y YêURN åH VRXåHQt MH WR QHMOHSãtFRPiYNQLKRYQ 0DOFROP 0XJJHULGJH NWHUê VH SHG VPUWtVWDONHV"DQHPQDVNORQNXåLYRWD HNO 3URWL YãHPX RþHNiYiQt VH ]D ]i ,! $"^ åLWN\ NWHUp PL YH VYp GRE SLSDGDO\ ]YOiã" ]QLþXMtFt D EROHVWQp RKOtåtP V QHMYWãtP ]DGRVWLXþLQQtP 9ODVWQ YãHFKQRFRMVHPVHNG\QDXþLOYãHFK QRFRGRPpKRåLYRWDYQHVORRSUDYGR YRX KRGQRWX D RSUDYGRYp VYWOR SLãOR Y WUiSHQt QH YH ãWVWt >5HDGHU V 'L JHVWS$YRGQtDQJOLFNiYHU]HVWUD QD@ 7HWt SRKOHG NWHUê QiP 3HWU QDEt]t MH WHQ åH ]NRXãN\ MVRX Y %RåtFK UX NRX 9\SOêYi WR ] FHONRYpKR VP\VOX WRKRWR PtVWD %$K QiV ]NRXãt MDNR ]OD WRWHSHFSR]RUXMHUR]WDYHQêNRYVEtUi] QM VWUXVNX GRNXG Y QP QHXYLGt VYRX WYi MDNR Y ]UFDGOH 9GW åH MH %$K VYUFKRYDQê MH YH ]NRXãNiFK YHONRX ~WFKRX1H]DSRPQOQDQiV.G\åQiV SRWNDORQHãWVWtQHE\O]URYQDYSRVWHOL DQLQDGRYROHQp2QtGtYãHFKQRYþHW Q QDãLFK ]NRXãHN N GREUpPX SRGOH VYpKR VYUFKRYDQpKR UR]KRGQXWt (IH]VNêP=MHYHQt ÒþHOHP ]NRXãHN MH WHG\ WtELW QDãL YtUX VSUiYQê SRKOHG VH NWHUêP VH QD ]NRXãN\ SRWHEXMHPH GtYDW ]QDPHQi YGW åH MVRX GRþDVQp QH]E\WQp D åH MVRXY%RåtFKUXNRX & .RQHþQêP YêVOHGNHP ]NRXãHN MVRXRGPQ\SL.ULVWRYQiYUDWX 7R YãHFKQR EXGH N FKYiOH VOiY D FWLSL]MHYHQt-HåtãH.ULVWD2þtFKYi OHVOiYDFWLWR3HWUPOXYt"-HOLNRåYH YODVWQtPVORYDVP\VOXMHFKYiO\VOiY\D FWLKRGHQMHQRP%$KGDORE\VHtFWåH Y\KOtåtPHMHQ-HKRFKYiOX$OHWDVORYD PDMtMHãWSHQHVHQêYê]QDPDYWRPWR VP\VOX RGPQt%$KYtFtKRSL.ULVWR Y StFKRGX FKYiORX .RULQWVNêP 0DWRXã VOiYRX tPDQ$P .RORVNêP L FWt tPDQ$P 7LPRWHRYL 3RGtOtPHVHQDQLFKGtN\WRPXåHMVPH V .ULVWHP MHGQR tPDQ$P D YãHFKQ\ W\WR SRFW\ SR SUiYX RGHY]Gi PH]SWN-HKRQRKiP1LFPpQP$åH PH VQiãHW ]NRXãN\ V YGRPtP åH SR .ULVWRYQiYUDWXQiVþHNiRGPQD 6SDVLWHO WHG\ ]NRXãN\ GRSRXãWt QD NDåGpKR NRKR PLOXMH D WR SURWR DE\ WtELOMHKRYtUX ,! $" 0$åHPHVHUDGRYDWLNG\åMVPH QDGQNG\åY]KOtåtPH NH6SDVLWHOLDNMHKRVSDVHQt 3URWR MiViWH 3URþ" 3UR QDãH VODYQp VSDVHQt SUiY SRSVDQp YH WH WtP Då SiWpP YHUãL , NG\å MVPH SUiY QD GQ GRþDVQ VRXåHQL ]NRXãNDPL P$åHPH Y]KOtåHW N QDãHPX 6SDVLWHOL D VSDVHQt NWHUp QiP ]DMLVWLO ]H NWHUpKR VHXå]DþtQiPHWãLWDOHNWHUpQHEXGH PH]DNRXãHWYSOQRVWLGRNXGVHQHYUi Wt 3RWRP SRFtWtPH QHYêVORYQRX ~åDV QRX UDGRVW NWHUi ]DSODYt QDãH GXãH SUiY NG\å MVPH QD GQ -DN QDMGHPH WXWRUDGRVW"7HPL]S$VRE\ $9]KOtåtPHNH6SDVLWHOLYHYtH 8å YtPH åH ]NRXãN\ SLFKi]HMt SUR WR DE\ WtELO\ QDãL YtUX 3HWU tNi åH YH ]NRXãNiFK SLFKi]t QHYêVORYQi UDGRVWVSROXVYtURXY-HåtãHGRNRQFHL NG\å KR QHYLGtPH 0XVtPH UR]XPW WRPX åH YtUD QHQt DXWRPDWLFNi UHDNFH DQL SDVLYQt þHNiQt 9tUD MH DNWLYQt UR] KRGQXWt VSROpKDW QD %RKD QDY]GRU\ RNROQRVWHP 9tUD ]QDPHQi VORåLW VYi EHPHQD QD SHYQi ERåt ]DVOtEHQt 6SXUJHRQHNOåH]NRXãN\QHSLFKi]HMt MHQRP VSiOLW QHþLVWRW\ DOH WDNp Y\SiOLW ]DVOtEHQt 9 REGREtFK ]NRXãHN QiP SLSDGi åH V QiPL .ULVWXV QHQt 0XVtPH WHG\ SURKOiVLWYtURX6OtELOåHVHPQRXEXGH Då GR NRQFH YN$ 0DWRXã åH PQH QLNG\ QHRSXVWt D QLNG\ VH PQH QH]HNQH äLG$P D WDN VH KR YtURX FK\WiP ]D UXNX SUiY WH -DN HNO -Håtã 7RPiãRYL NWHUê QHXYLO YH Y]NtãHQt GRNXG -HåtãH QHVSDWLO QD YODVWQt RþL äH MVL P YLGO Ytã %OD KRVODYHQt WL NWHt QHYLGOL D XYLOL -DQ 7R MVPH P\ -VPH EODKR VODYHQtNG\åLQDGQY]KOtåtPHYHYtH NH 6SDVLWHOL -H WR QDãH VYRERGD L SR YLQQRVW %9]KOtåtPHNH6SDVLWHOLYQDGML 9ãLPQPH VL åH W\WR YHUãH XND]XMt GR EXGRXFQRVWL 8å MVHP VH ]PtQLO R GRþDVQp SRYD]H QDãLFK ]NRXãHN ]KOHGLVNDYþQRVWL3HWUPOXYtR]MHYH Qt -HåtãH .ULVWD 6ORYR ]MHYHQt QHER ]MHYLW R]QDþXMH -Håtã$Y StFKRG DOH Y\MDGXMHWDNpMHPQêYê]QDPRYêRGVWtQ NWHUê E\FKRP QHPOL SHKOpGQRXW WR åH -Håtã MH Q\Qt StWRPHQ DOH QHQt YL GW D SLFKi]t GHQ NG\ VH ]MHYt 3HWU WR VORYR SRXåtYi MHãW YH YHUãtFK 3HWU WDNp ]G$UD]XMH WHQ DVSHNW QD ãHKRVSDVHQtNWHUêVHWêNiEXGRXFQRV WL 91RYpP]iNRQ VH R VSDVHQt POXYt YH WHFK þDVHFK 3RWRP FR þOR YN Y .ULVWD VNXWHþQ XYt P$åH tFW 6SDVLWHOPQH]DFKUiQLOSHGQiVOHG NHP KtFKX -DQ 7LWRYL $OH WHQ NGR MH VSDVHQ PXVt WDNp tFW 6SDVLWHO PQH ]DFKUDXMH ] PRFL KtFKX .RULQWVNêP $MHGQRKRGQHQiV6SDVLWHO]DFKUiQt RG StWRPQRVWL KtFKX tPDQ$P 3HWU$Y $ WDN Y þDVH ]NRXãHN Y]KOtåtPH Y QDGML NH 6SDVLWHOL NWHUê QiV Xå ]DFKUiQLO VWiOH QiV ]DFKUDXMH D ]DFKUiQt QiV ~SOQ DåVHYUiWt &9]KOtåtPHNH6SDVLWHOLYOiVFH $þ MVWH KR QHYLGOL PLOXMHWH KR « /iVND N -HåtãL .ULVWX MDNR RGSR YQD-HKRYUFKROQRXOiVNXNQiPMDN VHXNi]DODQDNtåLMH]iNODGQtPRWLYDFt NHV"DQVNpKR åLYRWD 7DN VQDGQR P$ åHPH XSDGQRXW GR VWDYX Y MDNpP E\OD FtUNHYY(IH]XNWHURX-HåtãFKYiOt 9tP R WYêFK VNXWFtFK R WYpP ~VLOt L WYp Y\WUYDORVWL YtP åH QHP$åHã VQpVWW\NGRMVRX]OtDY\]NRXãHOMVL W\ NGR VH Y\GiYDMt ]D DSRãWRO\ DOH QHMVRX D VKOHGDO MVL åH MVRX OKiL 0iãY\WUYDORVWDWUSOMVLSURPpMPp QRDQHSRGOHKOV~QDY 7R MH WHG\ QFR &R E\V 3DQH PRKO MHãWFKWtW" $OH WR PiP SURWL WRE åH Xå QHPiã WDNRYRX OiVNX MDNR QD SRþiWNX =MHYHQt 9PDQåHOVWYtVHNWRPXVNORX]QHVQDG QR åH DQR" -VWH VL QDY]iMHP YUQt äLMHWHVSROXYtFHPpQYKDUPRQLL3OQt WH UROH PDQåHOD D PDQåHON\ Y\FKRYi YiWH GWL SODWtWH ~þW\ D YãHFKQR WR RV WDWQtFRMHSRWHEDNYHGHQtGRPiFQRV WL $OH URPDQWLND QNDP Y\SUFKDOD 3R WHEXMHWH RåLYLW WR VWDUp SRWãHQt NWHUp MVWH ]H VYpKR SDUWQHUD NG\VL POL 63iQHPMHWRVWHMQp0$åHPHåtWSRFWL Y NHV"DQVNê åLYRW D SLWRP ]WUDWLW URPDQWLFNêY]WDKNH.ULVWX0OXYtP]GH QHMHQ R RGGDQRVWL NWHUi MH SRGVWDWRX OiVN\DOHLRSRFLWHFKNWHUp]QtSUDPH Qt 6RXKODVtP V -RQDWKDQHP (G ZDUGVHPNG\åtNiåHQiERåHQVWYtMHY MiGUXHPRFLRQiOQt1DãHVUGFHSRWHEX MtEêWQDSOQQDOiVNRXN-HåtãL.ULVWX =iYU -DN DOH WDNRYRXWR OiVNX N QDãHPX QHYLGLWHOQpPX 6SDVLWHOL XGUåHW D UR]Yt MHW"7LQiSDG\ =D SUYp ]$VWiYDW V 3iQHP R VDPR W 1HP$åHWH SURKORXELW VYRX OiVNX N YDãHPX SDUWQHURYL SRNXG QHWUiYtWH åiGQêþDVMHQRPVQtP&KFHWHOL3iQD YtFHPLORYDWSREêYHMWHVQtPRVDPRW QDGMHKRVORYHPDYPRGOLWE =D GUXKp SRVORXFKDW 3iQD 9 QDãt GRE OHGDE\Op PLORVWL VH OLGp GRPQt YDMt åH SRVOXãQRVW MH ]iNRQLFWYt D åH SRGPLORVWtSURQLQHQtPtVWR7LNGRVL WR P\VOt E\ VL POL RSUDYGX SHþtVW VYRX%LEOL-HåtãHNO =DFKRYiWHOL Pi SLNi]iQt ]$VWD QHWHYPpOiVFH« -DQ $SRãWRO-DQQDSVDO 9 WRP MH WRWLå OiVND N %RKX åH ]DFKRYiYiPHMHKRSLNi]iQt« -DQ$Y .GR %RKD QHSRVORXFKi QHP$åH KR PLORYDWWDNMDNE\PO =D WHWt SLFKi]HW þDVWR N 9HþHL 3iQ -H WR FKYtOH NG\ Y]KOtåtPH NH 6SDVLWHOLDNHVSDVHQtNWHUpQiPGDOD ]D NWHUp ]DSODWLO VYRX YODVWQt NUYt 9 GOåHVQDGQR]DSRPtQiPHDWDNQiP GDO SRN\Q DE\FKRP WR þDVWR þLQLOL QD MHKRSDPiWNX-HWRFKYtOHNG\SLMtPi PH-HKROiVNXDY\]QiYiPHVYRXOiVNX N QPX .G\å Y]KOtåtPH NH 6SDVLWHOL D N -HKR VSDVHQt MDN VH QiP ]MHYXMH YH FKOHE D YtQX SURåtYiPH -HKR UDGRVW GRNRQFHLWHKG\NG\åMVPHQDGQ 2Wi]N\NGLVNXVL 1NGRWåFH]NRXãHQêHNQH-DNWR P$åH PLOXMtFt %$K GRSXVWLW" -DN RGSRYtWH" ,! $" 0OL E\FKRP %RKX GiW QDMHYR VY$M KQY Y$þL QPX" 2G$YRGQWH QD ]iNODG3tVPD -H KtFK EêW GHSULPRYDQê" 2G$YRG QWHQD]iNODG3tVPD 6WHYHQ-&ROH)ODJVWDII&KULVWLDQ )HOORZVKLSYãHFKQDSUiYDY\KUD]HQD -" =DP\VOHWH VH QDG WRXWR RWi]NRX -HVWOLåHQNGRYtY-HåtãHD"XåWtP P\VOt FRNROLY DOH QHUR]XPt KtFKX QHER ]Ni]H Y]WDKX V %RKHP Yt EH] SRNiQt QHER SR]QiQt QXWQRVWL ]PQ\ åLYRWQtKR VPUX MH WDNRYê þORYN RSUDYGXVSDVHQ" 9-DQRYLþWHPH -Håtã PX RGSRYGO $PHQ DPHQ SUDYtPWREQHQDURGtOLVHNGR]QR YXQHP$åHVSDWLWNUiORYVWYt%Råt 9H.RU3DYHOSURKODãXMH .GRMHY.ULVWXMHQRYpVWYRHQt&R MHVWDUpSRPLQXORKOHMHWXQRYp .G\å VH -Håtã YH 6NXWFtFK XNi]DO DSRãWRO$PHNOMLPåHY-HKRMPpQXVH EXGH ]YVWRYDW SRNiQt D RGSXãWQt KtFK$YãHPQiURG$P/XNiã 9H 6NXWFtFK NG\å VH ILOLSVNê åD OiQtNQDNROHQRXSWi3DYODD6LODVH 3iQLFRPiPGODWDE\FKE\O]DFK UiQQ"YHUã RQLRGSRYtGDMt 9 Y 3iQD -HåtãH D EXGHã VSDVHQ W\LYãLFKQLNGRMVRXYWYpPGRP 7HQWR åDOiQtN E\O YH VYpP VYGRPt Y\GãHQ %RåtP KQYHP D YLGO ViP VHEH MDNR ]WUDFHQpKR %\O XVYGþHQ ]KtFKXDXYGRPLOVLSRWHEXVSiV\ 3DYHO D 6LODV PX EH]SRFK\E\ Y\ VYWOLOL åH S$YRGFHP VSiV\ MH .ULVWXV $E\E\OþORYNVSDVHQPXVtMtWNH.ULV WX D SLMPRXW GDU VSiV\ NWHUê PX .ULV WXVQDEt]t9ãLPQWHVLYãDNåHSRNiQt XVYGþHQt]KtFKXDVSDVHQtMGRXUXNX YUXFH '$YRG SURþ QiP FKFL SLSRPHQRXW WXWR G$OHåLWRX SUDYGX MH QiVOHGXMtFt -VHP SHVYGþHQ åH MH GQHV Y QDãLFK VERUHFKPQRKRWFKNWHUêPE\ORHþH QRåHPDMtYLWY-HåtãHDE\MH]DFK W,! $" UiQLO ] MHMLFK EROHVWL 1NGR MH GRNRQFH PRKO YpVW Y PRGOLWE D VQDG GRNRQFH ]PtQLW KtFK 1LFPpQ SRNXG þORYN QHSRUR]XPO KtFKXQHERQHE\OXVYG þHQ]HVYp]WUDFHQRVWLVWHMQMDNRILOLS VNê åDOiQtN D QHGRãOR X QM WXGtå N åiGQpPX RSUDYGRYpPX SRNiQt D ]PQ VPUX MDN P$åHPH R WDNRYpP þORYNXPOXYLWMDNRRVSDVHQpP" .G\å VH GtYiPH QD FtUNYH Y QDãLFK ]HPtFK YLGtPH PQRKR WFK NWHt SHVWRåH VH SRYDåXMt ]D NHV"DQ\ åLMt VWHMQêPVW\OHPMDNRVYW1HMVRXKRUOLYt YH Y\KODãRYiQt DXWRULW\ 6ORYD 1HMVRX YHVYêFKYODVWQtFKåLYRWHFKXVYGþHQL] KtFKX D QHRãNOLYt VH MLP KtãQRVW NWH URXYLGtNROHPVHEH.GHMHFK\ED" -HGQRGXFKiYtUD 0\VOtPåHYPQRKDFtUNYtFKVHGQHV NiåHMHGQRGXFKiYtUDSRVHOVWYtGREUp ]SUiY\ WRWLå WR åH -Håtã QiV PLOXMH /LGHPMHHþHQR3RMWHN-HåtãLDY WHYQM 6WiOH þDVWML OLGp QHUR]XPt WRPX åH -HåtãMH%Råt6\QSRVODQêQDWHQWRVYW SURWR DE\ ]DSODWLO SRNXWX ]D KtFK\ OLGVWYD1HUR]XPtYODVWQtKtãQpSLUR]H QRVWL D Y]SRXH Y$þL %RKX 1HFKiSRX %Råt VYDWRVW VYRML ]WUDFHQRVW D YiåQp QiVOHGN\KtFKX7RY\SOêYiPLPRMLQp] DEVHQFH XþHQt ]iNODG$ HYDQJHOLD ] NQLK\ *HQHVLV ]DKUQXMtFt $GDPRYX Y]SRXUXY(GHQXPtVWRWRKRMHGRSUR Yi]HQR LQGRNWULQDFt YtURX Y PLOLRQ\ OHW WUYDMtFt VPUW D NUYHSUROLWt YLGQp YH IRVLOQtFK]i]QDPHFKMHãWSHGWtPQHå KtFKYHãHOGRVYWD 'RPQtYiP VH SURWR åH MH GQHV Y QDãLFK FtUNYtFK PQRKR WFK NGR Y-HåtãHXYLOLSRX]HHPRFLRQiOQ%\OL XMLãWQL åH MVRX NHV"DQ\ DOH YH VNX WHþQRVWL QLNG\ QHSRFKRSLOL VNXWHþQp HYDQJHOLXP D MHKR SRVHOVWYt ãSDWQp ]SUiY\SiGþORYNDY*HQHVLVDSUR WRDQLG$YRGSURGREURX]SUiYXNWHURX MH Y 1RYpP ]iNRQ VPUW D Y]NtãHQt SRVOHGQtKR$GDPD 3HG þDVHP PL WR ]QRYX SLãOR QD P\VO NG\å MVHP þHWO GRSLV RG .DWH NWHUê MVHP GRVWDO -DNp VYGHFWYt =GH XYiGtPQNWHUpYêDWN\ MHPLOHWDMHQRPQHGiYQRMVHP VHVWDODRSUDYGRYRXNHV"DQNRX3UR EX]HQtNWHUpMVHPSURåLODEKHPþHWE\ YDãt NQLK\ .UHDþQt HYDQJHOL]DFH SUR QRYp WLVtFLOHWt E\OR QHXYLWHOQp 'HQ SR MHMtP SHþWHQt PL GDO 3iQ StOHåLWRVW POXYLW VH VNXSLQRX VWDUãtFK FtUNYH %\OL ~SOQ RKURPHQL PêP StVWXSHP N HYDQJHOL]DFL D Y G$VOHGNX WRKR WH PQtVY$MSRVWRMNSDVWRUDþQtDVERURYp SpþL .G\å MVHP E\OD PDOi FKRGLOD MVHP GRFtUNYHVURGLþLDOHQDQHãWVWtMDNWR EêYi V PQRKêPL GWPL NG\å VH YtUD PêFK URGLþ$ Y\WUDWLOD VWDOR VH WR VDPp V WRX PRX .ROHP VHGPQiFWpKR URNX MVHPXåãHVWNUiW]PQLODãNROXY\]NRX ãHOD GURJ\ SURãOD VpULt QHVP\VOQêFK Y]WDK$ RGVWKRYDOD VH ] GRPRYD D SRNXVLODVHRVHEHYUDåGX &HORX WX GREX MVHP E\OD Y SUDYLGHO QpP NRQWDNWX V NHV"DQVNRX POiGHåt 9 åiGQpP StSDG QHFKFL RGHSVDW FtU NHYNWHUiWXVNXSLQXYHGODDOHY]iVD G GODOL SHVQ WR SHG þtP YDãH NQL KDYDUXMHFRE\VHGODWQHPOR9ãX GH VWUNDOL -HåtãH DOH QHGDOL PL åiGQp RGSRYGL%RMRYDODMVHPWHQNUiWVSRFL W\ QHQiYLVWL Y$þL VRE VH VDPRWRX D GHSUHVt tNDOL PL R WRP QiGKHUQpP PXåLMPpQHP-Håtã.ULVWXVNWHUêP$åH RGHMPRXW PRX EROHVW $OH MDN" $ SURþ E\ P FKWO ]DFKUiQLW" 2GNXG SLãHO" -DN WR P$åHã GRNi]DW" 3URþ KHãtPH" 3URþWUStPH" 1DNRQHFVHQNGRVRGSRYPLQD ãHO7HQKOHþORYNSUiYSHþHWOPQRKR YFt WêNDMtFtFK VH WFKWR YHONêFK D QH ]RGSRY]HQêFKRWi]HNRQLFKåPOXYtWH YH VYp NQL]H -VHP SHVYGþHQD åH SHþHWOQMDNRXYDãLSUiFLDWDNMVWHP YODVWQQHStPRSLYHGONH.ULVWX 1DOH]ODMVHPQRYRXKRUOLYRVWDG$Y UX 7ãtP VH Då VYêP QDS$O YtFtP URGLþ$P XNiåX ELEOLFNp RGSRYGL $QR MHG$OHåLWpPOXYLWVOLGPLR-HåtãL.ULVWX DOH MDN WRPX E\OR L Y PpP StSDG UHYROXþQRVW 6SDVLWHOH SLYHGHQpKR GR QDãLFK åLYRW$ VNU]H SURåLWNRYRX HPRFLRQiOQt PRGOLWEX SRKDVtQi YH FKYtOL NG\ VL ]DþQHPH NOiVW RWi]N\ 3URåtYiP KRMQRVW QRYpKR åLYRWD -VHP VL MLVWD åH P$M åLYRW V .ULVWHP VH NDå GêP GQHP SURKOXEXMH 3UDFXML QD KX GHEQtP SURJUDPX SUR PDOp GWL GR NWHUpKR MVRX ]DþOHQQD IDNWD R NQL]H *HQHVLV &tUNYH MVRX GQHV ERKXåHO SOQp VWDUêFK .DWH NWHUp SRWHEXMt EêW SUR PQQ\ QD QRYp 'HMPH MLP YãHFKHQ WHQåLYRXFtDQH]E\WQê]iNODGLQIRUPDFt ] *HQHVLV WDN DE\ MLP E\O -Håtã SHG VWDYHQWDNRYêMDNêRSUDYGXMH .HQ+DP2Wi]N\Y*HQHVLV {o¢K¦/{{¦ÒKTB¦l{p{¦kp{ .xTnTph{Tnxlo{/«o/tHx. xÒ¬Ttp.KlpkKU.nlH{8nTKxTnT koxkh¢Tx..t.G!!. £.KTox/{KÙ /Kk¦/tnk«. K{8{¦{pxªØlÒ¦To{pTtT ',È" 1HåVHGRVWDQXNYODVWQtPXYêNODGX Y]NtãHQt VH]QDPPH VH V WtP MDN GXFKRYQtPX Y]NtãHQt UR]XPO -$ .RPHQVNê 2XåLWFtFKVODYQêFKVYiWRVWt YHþHH3iQ 'iOH VYiWRVW YHþHH 3iQ MHVW ]QDPHQtP D ]iYGDYNHP Y]NtãHQt QD ãHKR NWHUpå GYRMH MHVW -HGQR GXFKRY QtSUREX]HQtWRWLåDSRYVWiQtGXãHQDãt ] PUWYRVWL KtFK$ N VORXåHQt Y QRYRW åLYRWD%RKX$WRVORYHY]NtãHQtSUYQt $PHQ DPHQ SUDYtP YiP äH SLMGH KRGLQDDQ\Qt"MHVWNG\åPUWYtXVO\ãt KODV6\QD%RåtKRDNWHtåXVO\ãtåLYL EXGRX-DQ 3RKEHQLMVPHWHG\VQtPVNU]HNHVW Y VPUW DE\FKRP MDNRå ] PUWYêFK YVWDO .ULVWXV N VOiY 2WFH WDN L P\ Y QRYRW åLYRWD FKRGLOL 1HER SRQ YDGå MVPH V QtP YãWtSHQL SLSRGRE QQtP VPUWL MHKR WHG\" L Y]NtãHQtP EXGHPHtPDQ$P %ODKRVODYHQê D VYDWê NGRå Pi GtO YSUYQtPY]NtãHQt1DGWPL"WDGUX KiVPUWQHPiPRFLDOHEXGRXNQåt %Råt D .ULVWRYL D NUDORYDWL V QtP EXGRXWLVtFOHW=MHYHQt ,! $"y $ WRPX" Y]NtãHQt SHGQ VYiWRVW WDWR QDSRPiKi .GRå Mt PQH Gt 3iQLRQåLYEXGHVNU]HPQH -DQ 3RWRP WDNp ]QDPHQtP MHKR MHVW 1HER MDNRå /D]DU PRFt .ULVWRYRX Y]NtãHQ E\Y VWROLO V 3iQHP -DQ WDN P\ NGRå MVPH SRYVWDOL ] KtFK$ Vi]tQL EêYiPH]DWDEXOL.ULVWRYX3UDYGXWRKR WR Y]NtãHQt P$å NDåGê Y VRE ViP SR]QDWL SR QiNORQQRVWHFK WFK NWHUpå Y VRE FtWt 1HER MHVWOL VUGFH WYp MHVW PLORVWtREUiFHQpN%RKXDSRVOXãHQVWYt MHKR åH VH 6DPXHOHP RFKRWQ tNiã 0OXY +RVSRGLQH QHER VO\ãt VOXåHEQtN WY$M 6 D V 'DYLGHP +RWRYR MHVW VUGFH Pp %RåH ä D V 3DYOHP &R FKFHã 3DQH DE\FK þL QLO" 6N WHG\ MLVWRWQ ] KtFK$ SRYVWDO D Piã GtO QD SUYQtP Y]NtãHQt 3DNOL VRE N YFHP GXFKRYQtP D QH EHVNêP QHFKX" FtWtã D NX SRVOXãHQVWYt %RKD D Y$OH MHKR QXWNiQ EêWL PXVtã Y] åH PUWYê MVL E\ W\ SDN L MPpQR åH åLY MVL PO MDNå 3iQ N DQMHOX RQRPX 6DUGLQVNpPX POXYt =M GXãH WYi N QLþHPX WRE QHQt NURP åH WOR WYp GR þDVX MDNR V$O ]GUåXMH DE\ Y KQLV QHE\OR -$.RPHQVNê &YLþHQtVHYSRERåQRVWLSUDYp 9]NtãHQt E\OR VWåHMQtP þOiQNHP XþHQtUDQpFtUNYH3URVWXGXMPHVSROHþ Q FR WHQWR ELEOLFNê SULQFLS REVDKXMH 3RG SRMPHP Y]NtãHQt VL REY\NOH SHGVWDYtPH]PUWYêFKYVWiQt3iQD-Håt ãH .ULVWD QHER WOHVQp Y]NtãHQt Yt FtFK Y SRVOHGQt GHQ %H] Y]NtãHQt %R åtKR 6\QD E\ QHE\OR PRåQp DQL QDãH GXFKRYQtDQLQDãHWOHVQpY]NtãHQt 1HE\OOL YãDN .ULVWXV Y]NtãHQ MH YDãHYtUDPDUQiMHãWMVWHYHVYêFK KtãtFK .RULQWVNêP 3DYHOWHG\VWDYOGREURXQRYLQXVSDVH Qt HYDQJHOLXP PLPR MLQp QD VNXWHþ QRVWL .ULVWRYD Y]NtãHQt 9]NtãHQt MH G$OHåLWpLSURQiV6.ULVWRYêPY]NtãH QtP QDãH GYRMt Y]NtãHQt GXFKRYQt DWOHVQpVWRMtDSDGi ,! $" 3UYQtY]NtãHQt .DåGê NHV"DQ MLå SURãHO VYêP SUY QtP Y]NtãHQtP .GR VH QDURGLO ]QRYX E\OGXFKRYQY]NtãHQYRNDPåLNXNG\ RGHY]GDO VYRMH VUGFH VYpPX 3iQX D 6SDVLWHOL-HåtãL.ULVWX'RWRKRWRRNDP åLNX E\O GXFKRYQ PUWHY RGGOHQ RG %RKD ,Y\MVWHE\OLPUWYLSURVYpYLQ\DKt FK\YQLFKåMVWHGtYHåLOLSRGOHEKX WRKRWR VYWD SRVOXãQL YOiGFH QDG ]HPVNêFK PRFt GXFKD S$VREtFtKR GRVXGYWFKNWHtY]GRUXMt%RKX (IH]VNêP 3DYHOXþtåHMVPHE\OLGXFKRYQPUWYL DOHGQHVMLåPUWYLQHMVPHMVPHREåLYH QL MVPH GXFKRYQ Y]NtãHQL D WR GR VORYQ 3UREXGLO QiV N åLYRWX VSROX V .ULV WHP NG\å MVPH E\OL PUWYL SUR VYp KtFK\ 0LORVWt MVWH VSDVHQL 6SROX VQtPQiVY]NtVLODVSROXVQtPXYH GOQDQHEHVNêWU$QY.ULVWX-HåtãL (IH]VNêP 7HQNGRE\O%RåtP'XFKHP]QRYX]UR ]HQ WHQ E\O WDNp GXFKRYQ Y]NtãHQ D E\O WDNp Y .ULVWX XYHGHQ QD QHEHVNê WU$Q 9ãH VH SUR ]QRYX]UR]HQpKR MLå QDSOQLOR 'XFKX VYDWpPX MLVW ]iOHåHOR QD WRP DE\FKRP VYp SUYQt Y]NtãHQt SRFKRSLOLYSOQRVWLSURWRYGHFKOGR3tV PDGDOãtSUDYG\ 6.ULVWHPMVWHE\OLYHNWXSRKEHQLD VSROX V QtP WDNp Y]NtãHQL YtURX Y %RKD MHQå KR VYRX PRFt Y]NtVLO ] PUWYêFK .G\å MVWH MHãW E\OL PUWYL YHVYêFKYLQiFKDGXFKRYQQHREH ]iQL SUREXGLO QiV N åLYRWX VSROX V QtP D YãHFKQ\ YLQ\ QiP RGSXVWLO .RORVNêP 2 QDãHP SUYQtP GXFKRYQtP Y]NtãHQt QHP$åHPH SRFK\ERYDW 3tVPR WXWR VNXWHþQRVWþDVWRSRWYU]XMH 3URWRåHMVWHE\OLY]NtãHQLV.ULVWHP KOHGHMWHWRFRMHQDGYiPLNGH.ULV WXVVHGtQDSUDYLFL%Råt .RORVNêP 'DOãtYHUãHSRWYU]XMtSUDYGXåH]QRYX ]UR]HQt SHãOL ]H VPUWL GR åLYRWD 3HMtW ]HVPUWLGRåLYRWDMHGHILQLFH]PUWYêFK YVWiQtWHG\Y]NtãHQt DQL QHSURS$MþXMWH KtFKX VYp WOR ]D QiVWURM QHSUDYRVWL DOH MDNR WL NWHt E\OLY\YHGHQL]HVPUWLGRåLYRWDSUR S$MþXMWH VDPL VHEH D VYp WOR %RKX ]DQiVWURMVSUDYHGOQRVWLtP $QL 6WDUpPX ]iNRQX QHE\O FL]t SRMHP REåLYHQtPUWYpKRGXFKDDVUGFHNåLYR WX WHG\ GXFKRYQt ]QRYX]UR]HQt FRå MH YêPQD NDPHQQpKR VUGFH ]D PDVLWp MHKRREt]ND 7RWRSUDYt9]QHãHQêD9\YêãHQêMH KRåSHEêYiQtMHYþQpMHKRåMPpQR MH 6YDWê 3HEêYiP YH Y\YêãHQRVWL DVYDWRVWLDOHLVWtPMHQåMH]GHSWD QêDSRQtåHQpKRGXFKDDE\FKRåLYLO GXFKD SRQtåHQêFK DE\FK RåLYLO VUG FH]GHSWDQêFK,]DMiã 7DNWR FKiSDOL SUYQt Y]NtãHQt NHV"DQp RG$XJXVWLQDDåSRUHIRUPDFL -HåtãXþtRGYRXGUX]tFKY]NtãHQt 3iQ-Håtã.ULVWXVY\VYWLOYNDSLWR OH-DQRYDHYDQJHOLDGYDGUXK\Y]NtãH Qt YHOPL MDVQ 9åG\ NG\å VH 3tVPR ]PtQt R Y]NtãHQt PXVtPH PtW -Håtã$Y YêNODGQDVUGFLLP\VOL.DåGpY]NtãHQt WêNDMtFtVHþORYNDQiOHåtQXWQEXGR GXFKRYQtQHERWOHVQpNDWHJRULH$"MH QDãtPLQWHUSUHWHPViP-Håtã 'XFKRYQtY]NtãHQt $PHQ DPHQ SUDYtP YiP NGR VO\ãt Pp VORYR D Yt WRPX NWHUê PSRVODOPiåLYRWYþQêDQHSRGOp Ki VRXGX DOH SHãHO MLå ]H VPUWL GR åLYRWD $PHQ DPHQ SUDYtP YiP SL FKi]t KRGLQD DQR Xå MH WX NG\ PUWYt XVO\ãt KODV %RåtKR 6\QD D NWHtXVO\ãtEXGRXåtW 1HER" MDNR 2WHF Pi åLYRW ViP Y VRE WDN GDO L 6\QRYL DE\ PO åLYRWViPYVRE 7OHVQpY]NtãHQt $ GDO PX PRF NRQDW VRXG SR QYDGåMH6\QþORYND 1HGLYWHVHWRPXQHER"SLFKi ]t KRGLQD MHãW WX QHQt NG\ YãLFKQL YKUREHFKXVO\ãtMHKRKODV D Y\MGRX WL NGR þLQLOL GREUp YVWDQRXNåLYRWXDWLNGRþLQLOL]Op YVWDQRXNRGVRX]HQt -DQ 3iQ-Håtã]GHPOXYtRGYRXY]NtãH QtFK .GR E\O Y]NtãHQ GXFKRYQ YVWD QH L WOHVQ N YþQpPX åLYRWX .GR QHE\O GXFKRYQ Y]NtãHQ YVWDQH WOHV QNRGVRX]HQt 'XFKRYQtY]NtãHQt 9 YHUãL 3iQ -Håtã KRYRt R VRX þDVQRVWL.GRYtVO\ãHQpPXVORYXPi Y WpWR FKYtOL YþQê åLYRW D DþNROLY E\O PUWHY MLå SHãHO GR åLYRWD $E\ WRPX -HåtãGRGDOYiKXSRNUDþXMHYYHUãL åHSLFKi]tKRGLQDYODVWQ XåMHWXNG\ PUWYt XVO\ãt D NWHt XVO\ãt EXGRX åtW SHMGRX]HVPUWLGRåLYRWDEXGRXY]Nt ãHQL -HGQi VH R WOHVQ åLYp OLGL WHG\ MDN MHMLFK PUWYRVW WDN MHMLFK RåLYHQt Y]NtãHQt VH PXVt WêNDW GXFKRYQt QH WOHVQp VWUiQN\ OLGVNp H[LVWHQFH 7\WR YHUãHY\VYWOXMH3DYHOYOLVWX(IH]VNêP ,Y\MVWHE\OLPUWYLSURVYpYLQ\DKt FK\ SUREXGLO QiV N åLYRWX VSROX V .ULVWHP NG\å MVPH E\OL PUWYL SUR VYp KtFK\ 0LORVWt MVWH VSDVHQL 6SROX V QtP QiV Y]NtVLO D VSROX VQtPXYHGOQDQHEHVNêWU$QY.ULVWX -HåtãL(IH]VNêP 'XFKRYQt Y]NtãHQt ]QRYX]UR]HQt UHJHQHUDFH GiYi þORYNX GXFKRYQt åLYRW þORYN E\O SHWYRHQ MH QRYp VWYRHQt .GRMHY.ULVWXMHQRYpVWYRHQt&R MHVWDUpSRPLQXORKOHMHWXQRYp .RULQWVNêP 'XFKRYQ Y]NtãHQê ]QRYX]UR]HQê þORYNMHQHEHVNêPREþDQHP 0\ YãDN PiPH REþDQVWYt Y QHEH VtFK RGNXG RþHNiYiPH L 6SDVLWHOH 3iQD-HåtãH.ULVWD)LOLSVNêP 'XFKRYQ Y]NtãHQê ]QRYX]UR]HQê þORYNMLåYOiGQHV.ULVWHPMH~þDVW QtNHP%RåtKRNUiORYVWYt 2QQiVY\VYRERGLO]PRFLWP\DSH QHVOGRNUiORYVWYtVYpKRPLORYDQpKR 6\QD.RORVNêP 'XFKRYQ Y]NtãHQê ]QRYX]UR]HQê þORYNåLMHDGXFKRYQtVPUWQDGQtP MLåQHPiPRF D RþHNiYDOL ] QHEH MHKR 6\QD NWHUpKR Y]NtVLO ] PUWYêFK -HåtãH MHQå QiV Y\VYRER]XMH RG SLFKi]HMt FtKRKQYX7HV ,! $" 7DWR SRåHKQiQt ]DSRþDOD ]QRYX]UR ]HQtPREåLYHQtPGXFKRYQtPY]NtãH QtP GXFKRYQ PUWYpKR þORYND 3UYQt Y]NtãHQt NWHUp NROHP QiV SUREtKi GQHV D GHQQ MH GXFKRYQt D SRGtO QD QPPiMHQ%RåtOLG9ãHFKQDSRåHKQi Qt NWHUi ]DSRþDOD SUYQtP GXFKRYQtP Y]NtãHQtPGRMGRXQDSOQQtDåSLGUX KpPWOHVQpPY]NtãHQt 9tPH åH -Håtã .ULVWXV ]DMLVWLO VYRX REWt QD NtåL QDãH Y]NtãHQt SURWRåH 2Q0DUW HNO -iMVHPY]NtãHQtLåLYRW.GRYtYH PQHLNG\E\XPHOEXGHåtW -DQ .G\å -Håtã YVWDO ] PUWYêFK SHPRKO VPUWDVWDOVH3UYQtP9]NtãHQêP $YãDN.ULVWXVE\OY]NtãHQMDNRSUYQt ]WFKNGR]HVQXOL .RULQWVNêP 3DYHOXþtåHMVPHQDNtåL]HPHOLVSR OX V .ULVWHP 6WDOL MVPH VH ~þDVWQtN\ -HKRVPUWL=HPHOYQiVVWDUêSLUR]H QêþORYN 9tPH SHFH åH VWDUê þORYN Y QiV E\O VSROX V QtP XNLåRYiQ DE\ WOR RYOiGDQpKtFKHPE\OR]EDYHQRPR FLDP\XåKtFKXQHRWURþLOL tPDQ$P 1HER =HPHOLMVWHDYiãåLYRWMHVNU\WVSROX V.ULVWHPY%RKX.RORVNêP -HVWOLåH MVPH VH VWDOL ~þDVWQtN\ -HKR VPUWL VWDOL MVPH VH WDNp ~þDVWQtN\ D SRGtOQtN\ -HKR Y]NtãHQt MHå SHGFKi ]HOR QDãHPX SUYQtPX Y]NtãHQt 6WDUê þORYN ]HPHO V .ULVWHP QDURGLO VH QRYê þORYN Y .ULVWX 7R MH SUYQt GX FKRYQtY]NtãHQt-HãWMHGQRX SUREXGLOQiVNåLYRWXVSROXV.ULV WHP NG\å MVPH E\OL PUWYL SUR VYp KtFK\ 0LORVWt MVWH VSDVHQL 6SROX VQtPQiVY]NtVLODVSROXVQtPXYH GOQDQHEHVNêWU$QY.ULVWX-HåtãL (IH]VNêP 2Q MH Y]NtãHQt L åLYRW Y 1P Y 3iQX -HåtãL .ULVWX PiPH SRGtO QD SUYQtP Y]NtãHQt D åLYRW YþQpP YH VSRMHQt V %RKHP 7D GUXKi GXFKRYQt VPUW RKQLYp MH]HUR SUR QHYtFt QD QiV Xå QHPiQiURN ¡,! $" 7R MH SUYQt Y]NtãHQt %ODKRVODYHQê D VYDWê NGR Pi SRGtO QD SUYQtP Y]NtãHQt 1DG WPL GUXKi VPUW QH PiPRFL=MHYHQt 7OHVQpY]NtãHQt 1\QtSHMGHPHNGUXKpþiVWL-HåtãR YDXþHQtY-DQRYNDSLWROH3URSH KOHGQRVWVLMHSLSRPHPH $ GDO PX PRF NRQDW VRXG SR QYDGåMH6\QþORYND 1HGLYWHVHWRPXQHER"SLFKi ]t KRGLQD NG\ YãLFKQL Y KUREHFK XVO\ãtMHKRKODV D Y\MGRX WL NGR þLQLOL GREUp YVWDQRX N åLYRWX D WL NGR þLQLOL ]Op YVWDQRXNRGVRX]HQt -DQ 3URWRåH 6\Q þORYND EXGH VRXGFHP QDG YãHPL QHP$åHPH EêW SHNYDSHQL åH SLFKi]t EXGRXFt KRGLQD NWHUi MHãW QHQtWXNG\YãLFKQL]HVQXOtD"Y.ULVWX QHER PLPR .ULVWD XVO\ãt 6\Q$Y KODV D EXGRXWOHVQY]NtãHQL7RMHWRGUXKp EXGRXFt WOHVQp Y]NtãHQt NWHUp þHNi EH]YêMLPN\NDåGpKRNGRVHNG\QDUR GLO7RKRWRY]NtãHQtVH]~þDVWQtYãLFKQL OLGp GR SRVOHGQtKR -H WR YãHREHFQp Y]NtãHQt7DNVHQDSOQt-HåtãRYDVORYD 2Q MH QDãtP LQWHUSUHWHP 'DQLHO WXWR SUDYGXSRWYU]XMH 9 RQp GRE EXGH Y\SURãWQ WY$M OLG NDåGê NGR MH ]DSViQ Y .QL]H 0QR]t ] WFK NWHt VSt Y SUDFKX ]H P SURFLWQRX MHGQL N åLYRWX YþQp PX GUX]t N SRKDQ D YþQp KU$]H 'DQLHO 'DQLHO$Y]iSLVMHYVRXODGXV-HåtãRYê PL YêURN\ Y -DQRYL 7OHVQp Y]NtãHQt MH YãHREHFQp D SODWt SUR YãHFKQ\VSDVHQpLQHVSDVHQp,0DUWD SRWYUGLODåH/D]DUVSDVHQêYVWDQHåH EXGHWOHVQY]NtãHQYSRVOHGQtGHQ -HåtãMtHNO7Y$MEUDWUYVWDQHH NOD PX 0DUWD 9tP åH YVWDQH SL Y]NtãHQtYSRVOHGQtGHQ -DQ 3RVOHGQt GHQ MH GHQ GUXKpKR StFKRGX 3iQD-HåtãH.ULVWDLGHQVRXGX1DWRMt -Håtã SRWYUGLO åH 2Q 6iP MH Y]NtãHQt LåLYRW 3DYHO YH 6NXWFtFK YH VYp REKDMRE SRWYUGLOåHLåLGRYãWtQiERåHQãWtY$GFR YpYLOLYMHGQRWOHVQpY]NtãHQtVSUD YHGOLYêFKLQHVSUDYHGOLYêFK WDN VORXåtP %RKX QDãLFK RWF$ YtPYãHPXFRMHQDSViQRY=iNR Q D Y 3URURFtFK $ PiP Y %RKX QDGML NWHURX FKRYDMt L RQL VDPL åH QDVWDQH Y]NtãHQt VSUDYHGOLYêFK LQHVSUDYHGOLYêFK 6NXWN\1%. 'DOãt G$ND]\ åH VSUDYHGOLYt L QHVSUD YHGOLYt EXGRX WOHVQ Y]NtãHQL D VRX ]HQLYMHGHQSRVOHGQtGHQY]tYHVNX WHþQRVWL åH VSROX VHWUYiYDMt Då GR GUX KpKR WOHVQpKR StFKRGX 3iQD -HåtãH .ULVWD 1HFKWH D" VSROX URVWH RERMt Då GR åQDYþDVåQ HNQXåHQF$P6H EHUWH QHMSUYH SOHYHO D VYDåWH MHM GR RWêSHN N VSiOHQt DOH SãHQLFL VKUR PiåGWHGRPpVWRGRO\ 0DWRXã =SHGHãOpKRYHUãHY\SOêYiåHQHMSUYH EXGRX RGGOHQL QHVSUDYHGOLYt 7HSUYH SRWRP EXGRX VSDVHQt VKURPiåGQL RNROR 3iQD -HåtãH .ULVWD 3RDGt QHQt QDWROLNG$OHåLWp'$OHåLWpMHåHVHMHGQi R MHGQR WOHVQp Y]NtãHQt YãHFK R MHG QXåHYSRVOHGQtGHQ3RGREQ 7DN EXGH L SL VNRQiQt YNX Y\MGRX DQGOpRGGOt]OpRGVSUDYHGOLYêFKD KRGt MH GR RKQLYp SHFH WDP EXGH SOiþDVNtSQt]XE$ 0DWRXã 9\NRQDYDWHOL %Råt VYUFKRYDQp Y$OH EXGRXDQGOp 1D WR -DQ YãHP HNO -i YiV NWtP YRGRX 3LFKi]t YãDN QNGR VLOQMãt QHå MVHP Mi QHMVHP DQL KRGHQ DE\FK UR]Yi]DO HPtQHN MHKR REXYL RQ YiV EXGH NWtW 'XFKHP VYDWêP D RKQP /RSDWD MH Y MHKR UXFH DE\ SURþLVWLOVY$MPODWDSãHQLFLVKURPiå GLO GR VYp VêSN\DOH SOHY\VSiOtRK QPQHXKDVLWHOQêP /XNiã = SHGHãOpKR GYRMYHUãt Y\SOêYi åH -H åtãNWt'XFKHPVYDWêPYNOiGiGR6H EH D NWt RKQP VSDOXMH RGGOXMH GR SHNHOQpKR RKQ FRå MH NRQHþQê %Råt WUHVW 3ãHQLFH L SOHY\ MVRX ] WpåH åQ WDNMDNRVSDVHQtDQHVSDVHQt9VWDQRX VRXþDVQ]MHGQRKRWOHVQpKRY]NtãH Qt 7DN MDNR YtWU RGQHVH SOHY\ GiOH D Wåãt SãHQLFH VSDGQH N QRKiP WDN -Håtã$Y VRXG RGGOt VNU]H DQGO\ RG VHEHDåGRRKQOHKNpQHVSDVHQpD WåãtVSDVHQtPXSDGQRXNQRKiP 7OHVQp Y]NtãHQt YãHFK OLGt D MHMLFK VRXGVSROHþQiåHVSDVHQêFKLQHVSD VHQêFK D MHMLFK NRQHþQp RGGOHQt QD VWDQH Då SL VNRQiQt WRKRWR YNX SL GUXKpP StFKRGX Då VH 3iQ -Håtã SR GUXKp YUiWt QD WXWR =HPL 1iVOHGXMtFt YHUãWRSRWYU]XMH DSROHMHWHQWRVYW'REUpVHPH QR WR MVRX V\QRYp NUiORYVWYt SOHYHO MVRX V\QRYp WRKR ]OpKR QHStWHO NWHUêMHMQDVHOMH iEHOäHMHVNR QiQtYNXDåHQFLMVRXDQGOp 0DWRXã 2EiYiP VH åH GYRMH åQ WM MHGQR WOHVQp Y]NtãHQt SUR VSDVHQp D GUXKp SUR QHVSDVHQp Y %LEOL QHQDFKi]tPH 3RNXG MVRX V\QRYp NUiORYVWYt D V\QRYp WRKR ]OpKR WOHVQ åLYL WDN URVWRX VSR OHþQQDMHGQRPSROLVYW7ODQHER SRSHOYãHFK]HPHOêFKMVRXXORåHQDGR KURE$ 'XãH ]HPHOêFK V\Q$ %RåtKR NUiORYVWYt RþHNiYDMt Y]NtãHQt VYêFK WO Y %Råt StWRPQRVWL GXãH ]HPHOêFK V\Q$ WRKR ]OpKR RþHNiYDMt Y]NtãHQt VYêFKWOGDOHNRRG%RKDYSHNOH 3DYHO QDSVDO åH SL ]YXNX SRVOHGQt SROQLFHEXGRXNHV"DQpWLFRPDMtSRGtO QD SUYQtP Y]NtãHQt WOHVQ Y]NtãHQL N QHSRPtMLWHOQRVWL þtPå VH QDSOQt 3tV PR6PUWMHSRKOFHQD%$K]YtW]LO +OH RGKDOtP YiP WDMHPVWYt 1H YãLFKQL ]HPHPH DOH YãLFKQL EXGH PH SURPQQL QDUi] Y RNDPåLNX Då VH QDSRVOHG R]YH SROQLFH $å ]D]QtPUWYtEXGRXY]NtãHQLNQHSR PtMLWHOQRVWL D P\ åLYt SURPQQL 3RPtMLWHOQp WOR PXVt WRWLå REOpFL QHSRPtMLWHOQRVW D VPUWHOQp QHVPUWHO QRVW $ NG\å SRPtMLWHOQp REOHþH QH SRPtMLWHOQRVW D VPUWHOQp QHVPUWHO QRVW SDN VH QDSOQt FR MH SViQR 6PUWMHSRKOFHQD%$K]YtW]LO .RULQWVNêP ,! $" .G\PiEêWSRKOFHQDVPUW" -DNR SRVOHGQt QHStWHO EXGH SHPR åHQDVPUW.RULQWVNêP 7OHVQi VPUW EXGH SRUDåHQD MDNR SR VOHGQt QHStWHO 3L Y]NtãHQt VYDWêFK Y .ULVWX WHG\ NRQþt YOiGD WOHVQp VPUWL 3L Y]NtãHQt V\Q$ NUiORYVWYt %$K ]YtW ]LO 9ãHREHFQp WOHVQp XPtUiQt NRQþt 1HQtPRåQpDE\SRWOHVQpPY]NtãHQt %RåtKROLGXSRY\WUåHQtNGRNROLYWOHV Q XPtUDO SURWRåH %$K WOHVQRX VPUW SRKOWLO3URWRPXVtEêWQHVSDVHQtWOHV Q Y]NtãHQL VRXþDVQ VH VSDVHQêPL .G\E\QHE\OLWOHVQpXPtUiQtE\SRNUD þRYDORDåGRMDNpVLGUXKpIi]HY]NtãH Qt NWHUi E\ ]DKUQRYDOD MDN YãHFKQ\ QHVSDVHQp YãHFK GRE WDN QRYp YtFt NWHt QHE\OL ]DKUQXWL Y SUYQtP WOHVQpP Y]NtãHQt9åG\"MVPHMLåYêãHXYHGOLFR HNOViP3iQ-Håtã 1HGLYWH VH WRPX QHER" SLFKi]t KR GLQD NG\ YãLFKQL Y KUREHFK XVO\ãt MHKR KODV D Y\MGRX WL NGR þLQLOL GR EUp YVWDQRX N åLYRWX D WL NGR þLQLOL ]OpYVWDQRXNRGVRX]HQt -DQ 'DOãt YHUãH NWHUp SRWYU]XMt åH YãLFKQL OLGp EXGRX WOHVQ Y]NtãHQL VRXþDVQ åH MH MHQ MHGQD åH åH VH QD PODWX RGGOXMHSãHQLFHRGSOHYVRXþDVQåH MHMHGHQVRXGYSRVOHGQtGHQMVRX $åSLMGH6\QþORYNDYHVYpVOiYD YãLFKQL DQGOp V QtP SRVDGt VH QD WU$QX VYp VOiY\ D EXGRX SHG QKR VKURPiåGQ\ YãHFKQ\ QiURG\ , RG GOt MHGHQ RG GUXKêFK MDNR SDVWê RGGOXMHRYFHRGNR]O$RYFHSRVWDYt SR SUDYLFL D NR]O\ SR OHYLFL 7HKG\ HNQH NUiO WP SR SUDYLFL 3RMWH SRåHKQDQt PpKR 2WFH XMPWH VH NUiORYVWYt NWHUp MH YiP SLSUDYHQR RG ]DORåHQt VYWD 3RWRP HNQH WP QD OHYLFL -GWH RGH PQH SUR NOHWt GR YþQpKR RKQ SLSUDYHQp KRiEOXDMHKRDQGO$P 0DWRXã -DN MLå SURURNRYDO -DQ .WLWHO RYFH SãHQLFH MVRX SRNWQ\ 'XFKHP VYD WêP NR]ORYp SOHY\ MVRX SRNWQL GR YþQpKRRKQLYpKRMH]HUDQHXKDVLWHOQp KR RKQ MHQå SiOt SOHY\ SOHYHO _,! $" D VOiPX -GH R MHGQX åH R WOHVQp Y]NtãHQt YãHFK OLGt R MHGHQ VRXG Y SRVOHGQt GHQ Y QPå VSDVHQt EXGRX RGPQQLDQHVSDVHQtRGVRX]HQL 1iVOHGXMtFt YHUãH SRWYU]XMt åH SL GUXKpPStFKRGX3iQDEXGRXXWLVNRYD QtY\VYRER]HQLDEH]ERåQtSRWUHVWiQL D YiV XWLVNRYDQp VSROX V QiPL Y\VYRERGt Då VH ]MHYt 3iQ -Håtã ]QHEHVHVYêPLPRFQêPLDQGO\ DE\YSODPHQLRKQY\NRQDOWUHVWQD WFK NWHt QH]QDMt %RKD D QD WFK NWHt RGStUDMt SRVOXãQRVW HYDQJHOLX QDãHKR3iQD-HåtãH-HMLFKWUHV WHP EXGH YþQi ]iKXED GDOHNR RG 3iQD D VOiY\ MHKR PRFL Då Y RQHQ GHQ SLMGH DE\ E\O RVODYHQ VYêPOLGHPDYHOHEHQWPLNGRXY LOL WDNp Y\ MVWH XYLOL QDãHPX VY GHFWYt7HVDORQLFNêP 7\WR 3DYORY\ YHUãH MHQ GRSOXMt WR FR MVPH MLå WROLNUiW SRWYUGLOL 3tVPHP 9 RQHQ SRVOHGQt GHQ -Håtã .ULVWXV SL MGH VH VYêPL DQGO\ 7OHVQ Y]NtVt YãHFKHQ VY$M OLG N YþQpPX RVODYHQt D VRXþDVQLYãHFKHQ iEO$YOLGNYþQp SRKDQ -HGQL YVWDQRX N åLYRWX YþQp PXGUX]tNSRKDQDYþQpKU$]HMDN SURURNRYDOXå'DQLHO &RVHWHG\ YRQHQSRVOHGQtGHQY\SOQt" $ 7OHVQi VPUW EXGH SHNRQiQD MDNR SRVOHGQtQHStWHO -DNR SRVOHGQt QHStWHO EXGH SHPR åHQDVPUW.RULQWVNêP % .HV"DQp%RåtOLGGRMGRXY\NRXSHQt VYpKR WOD YH FKYtOL SRKOFHQt VPUWL 9\ NRXSHQp WOR MLå WOHVQp VPUWL SHFH QHSRGOpKi $ NG\å SRPtMLWHOQp REOHþH QHSRPtML WHOQRVWDVPUWHOQpQHVPUWHOQRVWSDN VHQDSOQtFRMHSViQR 6PUWMHSRKO FHQD%$K]YtW]LO .RULQWVNêP & 1HVSDVHQt iEORY\ GWL GRVWDQRX WHQWêå GHQ WDNp YþQp WOR EXGRX SR VOiQLYWOHGRYþQpYGRPpH[LVWHQFH GDOHNRRG3iQD$SURWRåH%$K]YtW]LO iEORY\ GWL D MHMLFK GUXKi YþQi GX FKRYQt VPUW EXGRX RGGOHQ\ RG %RKD YKRtFtPMH]HH 3DN VPUW L MHMt tãH E\O\ XYUåHQ\ GR KRtFtKR MH]HUD 7R MH GUXKi VPUW KRtFt MH]HUR $ NGR QHE\O ]DSViQ YNQL]HåLYRWDE\OXYUåHQGRKRtFtKR MH]HUD=MHYHQt 'DOãtYHUãHN]DP\ãOHQt .HV"DQp NWHt PLOXMt %RKD D -HKR 6ORYR PRKRX UR]XPW QNWHUêP ~VH N$P%RåtKRVORYDU$]Q7RQHQtåiGQi SRKURPD 3R OHWHFK VWXGLD MVHP ViP ]PQLO SR]LFL 1i]RU\ SHFH QHPQt MHQRP %$K -DNR DXWRU NQLK\ =iSDV R GXãL NGH MVHP VH PLPR MLQp ]DEêYDO L NQLKRX =MHYHQt MVHP ]DVWiYDO MHGHQ ] QNROLND SRKOHG$ 3URWR E\FK UiG Y\ VYWOLOVY$MGQHãQtSRVWRMDG$YRGSURþ NQLKX =iSDV R GXãL GiO QHãttP L NG\å YtP GtN\ 3iQX åH SRVORXåLOD D VWiOH VORXåt PQRKêP þWHQi$P Y SRþiWFtFK YtU\'RYROWHPLDE\FKYiPY\ORåLOMDN FKiSXQiVOHGXMtFtYHUãHGQHV3HGOpW\ MVHPMLPUR]XPOSRGVWDWQMLQDN 9LGOMVHPWU$Q\DQDQLFKXVHGOL WLMLPåE\OVYHQVRXG6SDWLOMVHP WDNp W\ NGR E\OL V"DWL SUR VYGHFWYt -HåtãRYR D SUR VORYR %Råt SURWRåH QHSRNOHNOL SHG GUDYRX ãHOPRX DQL MHMtPREUD]HPDQHSLMDOLMHMt]QDPHQt QD þHOR DQL QD UXNX 1\Qt SRYVWDOL N åLYRWX D XMDOL VH YOiG\ V .ULVWHP QD WLVtFOHW2VWDWQtPUWYtYãDNQHSR YVWDQRXNåLYRWXGRNXGVHWFKWLVtF OHWQHGRYUãt7RMHSUYQtY]NtãH Qt %ODKRVODYHQê D VYDWê NGR Pi SRGtO QD SUYQtP Y]NtãHQt 1DG WPL GUXKi VPUW QHPi PRFL QêEUå %$K D .ULVWXV MH XþLQt VYêPL NQåtPL D EX GRXVQtPNUDORYDWSRWLVtFOHW =MHYHQt 9H þWYUWpP YHUãL -DQ YLGO YH Y\WUåHQt PXþHGQtN\ .ULVWD 9LGO VSDVHQp NWHt QHSRNOHNOLSHGYOiGFHPWRKRWRVYWDD MHKR SR]HPVNêFK ]iVWXSF$ -DQ MH YL GO MDN SRYVWDOL Y SUYQtP GXFKRYQtP Y]NtãHQt MDN SHãOL ]H VPUWL GR åLYRWD MDN RåLOL D XMDOL VH YOiG\ V .ULVWHP QD WLVtFOHW 3iWêYHUãMHYVXQXW-DQ]PLXMHMLQê GUXK PUWYêFK NWHt QHNUDOXMt V .ULVWHP SR WLVtF OHW QLNG\ GXFKRYQ QHRåLOL D WOHVQRåLMtDåSRWFKWLVtFLOHWHFK 9 ãHVWpP YHUãL -DQ QDYD]XMH QD þWYUWêYHUãYUDFtVHN%RåtPXOLGX1H ]WRWRåQQt VH VH VYWHP PXþHGQLFWYt SUR.ULVWDSRYVWiQtNGXFKRYQtPXåLYR WXNUDORYiQtV.ULVWHPY-HKRNUiORYVWYt SR WLVtF OHW WR YãH QD]êYi SRGtOHP QD SUYQtP Y]NtãHQt 7L NGR PDMt SRGtO QD SUYQtP Y]NtãHQt MVRX NUDOXMtFt NQåt -HåtãH .ULVWD 1DG QLPL WD GUXKi VPUW KRtFtMH]HURQHPiPRF 1HþHWOL MVPH Y RGGtOX R GXFKRYQtP Y]NtãHQtYHUãHWRKRWRW\SX" SUREXGLOQiVNåLYRWXVSROXV.ULV WHP NG\å MVPH E\OL PUWYL SUR VYp KtFK\ 0LORVWt MVWH VSDVHQL 6SROX VQtPQiVY]NtVLODVSROXVQtPXYH GOQDQHEHVNêWU$QY.ULVWX-HåtãL (IH]VNêP $PiPHSUREOpP.DPVHSRGORWLVtFL OHWp NUDORYiQt" $" MH QiP LQWHUSUHWHP VDPRWQi %LEOH .DåGê VSDVHQê NDåGê NGR XYLO MH ]QRYX]UR]HQ SHYHGHQ ] GXFKRYQt PUWYRVWL GR GXFKRYQtKR åLYRWD MH Y]NtãHQ VSROX V .ULVWHP Pi SRGtOQDSUYQtPY]NtãHQtMHXYHGHQQD QHEHVNêWU$QRGNXGNUDOXMHMDNRNUiORY VNêNQ]%RåtKR.UiORYVWYt 9\YãDNMVWH URGY\YROHQêNUiORYVNp NQåVWYR QiURG VYDWê OLG QiOHåHMtFt %RKX DE\VWH KOiVDOL PRFQp VNXWN\ WRKRNGRYiVSRYRODO]HWP\GRVYp KRSRGLYXKRGQpKRVYWOD 3HWU$Y .QåVNp SRYROiQt MH DE\FKRP ] %Råt KRWU$QXNGHV.ULVWHPNUDOXMHPHKOi VDOL HYDQJHOLXP QDãHKR .UiOH MHKRå NUiORYVWYt QHQt ] WRKRWR VYWD MDN ViP -HåtãRGSRYGO3LOiWRYL -Håtã HNO 0RMH NUiORYVWYt QHQt ]WRKRWRVYWDPpNUiORYVWYtYãDN QHQtRGWXG-DQ 6SDVHQt QHMVRX VRXþiVWt WP\ WRKRWR VYWDDOHMVRX]SRGLYXKRGQpKRVYWOD .ULVWRYD 6SDVHQt PDMt REHFHQVWYt Y QHEHVtFK RGNXG NUDOXMt MDNR SRVORYp D]YVWRYDWHOp%RåtKRVORYD 3UYQtE\OY]NtãHQ3iQ-Håtã.ULVWXV 0\ MVPH V QtP QHMHQ ]HPHOL DOH E\OL MVPHVQtPLY]NtãHQLMVPHWHG\SRGtO QtN\ QD SUYQtP Y]NtãHQt 0\ MVPH V QtP YVWDOL ] 'XFKD %RåtKR 1DURGLOL ,! $"^ MVPH VH ] QHSRPtMLWHOQpKR VHPHQH %RåtKR 'XFKD QH ] NUYH D WOD 7\WR YHUãH MVRX Y VRXODGX VH =MHYHQtP %LEOHþDVWRY\NOiGiVDPDVHEH 7LVtFOHW 1\Qt SLFKi]tPH N YHOPL FKRXORVWLYp RWi]FHNROLNOHWMHWLVtFOHW=GiVHåH XYHGHQp YHUãH SRWYU]XMt åH WLVtF OHW ]DþtQiYWpFKYtOLNG\MH%RåtOLGXYHGHQ QDNUiORYVNêWU$Q7RVHVWDORSL.ULVWR Y ]PUWYêFKYVWiQt 6SROX V QtP QiV SHFH Y]NtVLO D VSROX V QtP XYHGO QD QHEHVNê WU$Q Y .ULVWX -HåtãL 7HKG\ SRþDOD YOiGD NUiORYVNpKR NQåVWYD VSDVHQpKR%RåtKROLGX 'iOHYtPHåHWLVtFOHWNRQþtY]NtãH QtPRVWDWQtFKPUWYêFKSURWRåHRVWDWQt WOHVQ L GXFKRYQ PUWYt QHSRYVWDQRX YWOHGRNXGVHWFKWLVtFOHWQHGRYUãt 7LVtF OHW MH WHG\ REGREt RG .ULVWR YD Y]NtãHQt D SRþiWNX YOiG\ QRY ]UR]HQêFKNWHtPDMtSRGtOQDSUYQtP Y]NtãHQt Då GR YãHREHFQpKR WOHV QpKR Y]NtãHQt YãHFK OLGt D" VSDVH QêFK QHER QHVSDVHQêFK 7PL WLVtFL OHW\ E\FKRP SRG WODNHP RVWDWQtFK YHUã$ POL UR]XPW QHXUþLW GORXKRX GREX 2EGREt WLVtFH OHW VNRQþt RQtP SRVOHGQtP GQHP NG\ SLMGH 3iQ -Håtã YH VOiY 1iVOHGXMtFt YHUã QiP SRWYUGt åH E\FKRP WLVtF OHW POL FKiSDW MDNR GORXKpþtVHOQQHXUþHQpREGREt $OHWDWRMHGQDYFNpåYiPQH]$VWD QH VNU\WD PLORYDQt åH MHGHQ GHQ MH X 3iQD MDNR WLVtF OHW D WLVtF OHW MDNR MHGHQGHQ 3HWU$Y .G\E\ WLVtF OHW =MHYHQt ]QDPHQDOR WLVtF NDOHQGiQtFK OHW SRWRP E\ GUXKê St FKRG 3iQD D WOHVQp Y]NtãHQt YãHFK OLGtPO\QDVWDW]DWLVtFOHWSR-HåtãRY ]PUWYêFKYVWiQt7RVHQHVWDOR 3RVOHGQtSROQLFH 9]NtãHQt EXGH RKOiãHQR SRVOHGQt SROQLFt 7RWR ]DWURXEHQt VSXVWt PQRKR XGiORVWt3RGtYHMPHVHQDQNWHUp 1HEHVNp~ND]\%RåtVRXG +QHG SR VRXåHQt WFK GQ$ VH ]DWPt VOXQFHPVtF]WUDWtVYRX]iKY]G\ EXGRX SDGDW ] QHEH D PRFQRVWL QH EHVNpVH]DFKYMt 0DWRXã ,! $" &R ]QDPHQDMt YH 6WDUpP ]iNRQ SRGREQp QHEHVNp ~ND]\" 'RYROtP VL tFLåHWHQWRMD]\NVHYH6WDUpP]iNRQ QHWêNi DVWURQRPLFNêFK ~ND]$ DOH VRX G$ 6RXG QDG %DE\OyQHP U SHG .ULVWHP 1HEHVNp KY]G\ D VRXKY]Gt VH QH]DWS\Wt VYêP VYWOHP VOXQFH VH SLVYpPYêFKRGX]DWPtPVtFVYêP VYWOHPQH]D]it,]DMiã 3RGREQ 6RXGQDG(GyPHPUSHG.ULV WHP,]DMiã 6RXGQDG(J\SWHPUSHG.ULV WHP(]HFKLHO 6RXGQDG-XGRXUSHG.ULVWHP -yHO 6RXG QDG VHYHUQtP NUiORYVWYtP USHG.ULVWHPÈPRV 9 GHQ SRVOHGQt SROQLFH %$K Y\NRQi VRXG KY]G\ VYWD EXGRX SDGDW %$K EXGH VRXGLW Y SRVOHGQt GHQ YãHFKQ\ GXFKRYQ PUWYp QHPDMtFt SRGtO QD SUY QtP Y]NtãHQt D RGPQt 6Y$M OLG NWHUê MH MLå åLY SHãHO ]H VPUWL GR åLYRWD D NUDORYDO V 1tP WLVtF OHW 9ãH VH GMH YRQHQSRVOHGQtGHQSRVOHGQtSROQLFH =DWURXELO VHGPê DQGO $ R]YDO\ VH PRFQpKODV\YQHEL9OiG\QDGVY WHPVHXMDOQiã3iQDMHKR0HVLiãD EXGHNUDORYDWQDYN\YN$5R] ]XLO\VHQiURG\DOHSLãHOKQYWY$M þDV DE\V VRXGLO PUWYp RGPQLO VYp VOXåHEQtN\ SURURN\ D YãHFKQ\ NGR MVRXVYDWtDPDMt~FWXNHWYpPXMPp QXPDOpLYHONpDE\V]DKXELOW\NGR KXELOL]HPL=MHYHQt 'UXKêStFKRG3iQD-HåtãH 7HKG\ VH XNiåH ]QDPHQt 6\QD þOR YNDQDQHELDWXEXGRXORPLWUXND PDYãHFKQ\þHOHGL]HPDX]t6\QD þORYND SLFKi]HW QD REODFtFK QH EHVNêFK V YHONRX PRFt D VOiYRX 0DWRXã &RP$åHEêWYWãt]DFKYQtQHEHVNêFK PRFQRVWt D SLFKi]HMtFtKR VRXGX QHå ]MHYHQt%RåtKRV\QD9ãHFKQDSRNROHQt VYWDEXGRXWOHVQY]NtãHQDDGVHP ] SLFKi]HMtFtKR VRXGX EXGRX ORPLW UXNDPD 9\WUåHQt%RåtKROLGX WMWOHVQpY]NtãHQtPUWYêFK DSURPQQtåLYêFKNROHP3iQD 2Q Y\ãOH VYp DQGO\ V PRKXWQêP ]YXNHP SROQLFH D WL VKURPiåGt MHKR Y\YROHQp GR þW\ ~KO$ VYWD RG MHG QFK NRQF$ QHEH NH GUXKêP 0DWRXã %Råt OLG D" MH WOHVQ åLYê QD ]HPL YH YãHFKþW\HFK~KOHFKVYWDQHERWOHV QPUWYêQDQHELDOHYNDåGpPStSDG GXFKRYQ Y]NtãHQ D PDMtFt SRGtO QD SUYQtP Y]NtãHQt Y .ULVWX EXGH VKUR PiåGQ%RåtPLDQGO\ +OH RGKDOtP YiP WDMHPVWYt 1H YãLFKQL ]HPHPH DOH YãLFKQL EXGH PH SURPQQL QDUi] Y RNDPåLNX Då VH QDSRVOHG R]YH SROQLFH $å ]D]QtPUWYtEXGRXY]NtãHQLNQHSR PtMLWHOQRVWL D P\ åLYt SURPQQL 3RPtMLWHOQp WOR PXVt WRWLå REOpFL QHSRPtMLWHOQRVW D VPUWHOQp QHVPUWHO QRVW.RULQWVNêP -DNþWHPHPUWYtY.ULVWXEXGRXY]Nt ãHQLDåLYtSURPQQL%RåtOLGGRVWDQH QRYiQHSRPtMLWHOQiY\NRXSHQiWOD =D]Qt SRYHO KODV DUFKDQGOD D ]YXN %Råt SROQLFH ViP 3iQ VHVWRXSt ] QHEH D WL NGR ]HPHOL Y .ULVWX YVWDQRX QHMGtYH SRWRP P\ åLYt NWHtVHWRKRGRþNiPHEXGHPHVSR OXVQLPLXFKYiFHQLYREODFtFKY]K$ UX YVWtF3iQX$SDNXåQDYåG\EX GHPHV3iQHP7HV 1HPRKXOpSH]DNRQþLWQHåVKURPiåG QtP %RåtKR OLGX NROHP 3iQD -HåtãH .ULVWDSVW , !)$#* 9 =2'X þ MVPH XYHHMQLOL þOiQHN QD WpPD 5HJLVWURYDQp SDUWQHU VWYt KRPRVH[XDOLWD D SHGRILOLH 8YHGOL MVPH GR VRXYLVORVWL FHORX DGX VNXWHþ QRVWt SHG QLPLå MVPH YDURYDOL 'QHV SR SWL OHWHFK VH QDFKi]tPH WDP NGH E\FKRP EêW QHPOL 3LSRPHPH VL NUiWFH MDN VH KRPRVH[XDOLWD YORXGLOD GRVHNXOiUQtVSROHþQRVWL 9 URFH E\OD KRPRVH[XDOLWD SRGOH 'LDJQRVWLFNR VWDWLVWLFNp StUXþN\ DPHULFNêFK SV\FKLDWU$ NWHUp VH MLQDN tNi WDNp ELEOH SV\FKLDWU$ SRYDåRYiQD ]D VRFLRSDWLFNRX ~FK\ONX SURWRåH ãOR R ]QHXåtYiQt SDUWQHUD SUR KRPRVH[XiO QtVW\N9URFHE\ODGLDJQy]DKR PRVH[XDOLW\ '06 ,, SRGOH SV\FKLDWU$ SHD]HQD ] REODVWL VRFLRSDWLFNêFK ~FK\OHN GR NDWHJRULH RVWDWQtFK VH[XiO QtFK ~FK\OHN D SUDNWLN 9 URFH GRãOR NH WHWt ]PQ '06 ,,, D SRGOH QRYp GHILQLFH ]$VWiYi KRPRVH[XDOLWD SUREOHPDWLFNRX SRX]H Y StSDG WUStOL GRW\þQê SV\FKLFNêPL SUREOpP\ D YêþLW NDPLVYGRPt.DåGêNGRSLMtPiYODVW QtKRPRVH[XDOLWXMDNRQRUPiOQtVH[XiO QtFKRYiQtQHSDWtGRSDWRORJLFNpNDWH JRULH3RVOHGQtþWYUWiUHYL]HSV\FKLDWU$ '06 ,,,5 Y\SXVWLOD KRPRVH[XDOLWX ] NDWHJRULH VH[XiOQtFK ~FK\OHN ~SOQ +RPRVH[XDOLWDE\ODEKHPQNROLNDOHW ]QRUPDOL]RYiQD 7R FR E\OR GtYH QH SLMDWHOQpVHVWDORSLMDWHOQêP 'tYHVHOLGpUR]GORYDOLSRGOHSRKOD Yt QD PXåH D åHQ\ 'QHV SRGOH QHMQR YMãt LQWHUSUHWDFH H[LVWXMH GDOHNR YtFH SRKODYQtFK NDWHJRULt NWHUp PDMt Y Q NWHUêFK ]HPtFK ]iNRQHP FKUiQQp SR VWDYHQt 0H]L Q SDWt åHQD KHWHURVH [XiONDPXåKHWHURVH[XiOKRPRVH[XiO QtåHQDKRPRVH[XiOQtPXåGiOHWUDQV VH[XiOQt D ELVH[XiOQt RVRE\ âHVWê SR KODYQt GUXK ]DKUQXMH YãH]DKUQXMtFt VH [XDOLWXMLQêPLVORY\KUDQLFHQHH[LVWXMt =GH MLå QHMGH R SRKODYQt XUþHQt åHQD PXåDOHSRX]HRVH[XiOQtRULHQWDFL 3RVWXSQi ]PQD GHILQLFH VH[XiOQt RULHQWDFHPiStPRXVRXYLVORVWVOHJDOL ]DFt SRUQRJUDILH WROHUDQFt SURVWLWXFH D YQHSRVOHGQtDGL]DYiGQtPVH[XiOQt YêFKRY\ GR ãNRO 'WL MVRX SRXþHQ\ R YãHFK VH[XiOQtFK SUDNWLNiFK YþHWQ GtYMãtFK VH[XiOQtFK GHYLDFt 9WãLQD PDWHULiO$ SUR VH[XiOQt YêFKRYX GWt QDEiGi N QDSURVWpPX RVYRER]HQt VH RGMDNêFKNROLYPRUiOQtFK]iEUDQ 'QHV QLNGR QHSRYDåXMH SHGþDVQê ]iMHP GWt D PODGLVWYêFK R VH[XiOQt åLYRW PDVWXUEDFL QHER KRPRVH[XiOQt SUHIHUHQFL ]D QLF PLPRiGQpKR 3U$] ,! $" NXPHP E\OR ]MLãWQR åH SUYQt VH[XiOQt ]NXãHQRVWUR]KRGXMHREXGRXFtVH[XiO QtRULHQWDFLMHGLQFH6H[XiOQtYêFKRYD MHGDOHNRVLOQMãtPIDNWRUHPQHåJHQHWL ND0DMtOLGWLPODGãtQHåOHWJHQLWiOQt KRPRVH[XiOQt ]NXãHQRVW V QHMYWãt SUDYGSRGREQRVWtMLFKDVLSURSDG QH KRPRVH[XDOLW -HVWOLåH Pi VWHMQRX ]NXãHQRVW DGROHVFHQW YH YNX QDG OHWSURSDGQHKRPRVH[XDOLWSRX]H +RPRVH[XiORYp NWHt VH RULHQWXMt QD GWL MVRX VL WpWR VNXWHþQRVWL YGRPL D VDPL SURKODãXMt åH GWL VWDUãt RVPL OHW MVRX SUR KRPRVH[XiOQt SHGYêFKRYX QHSRWHEQp =tVNiYDW QRYp SDUWQHU\ PH]L GRVSOêPL QHQt WDN VQDGQp D SURWR MH WHED ]tVNDW RFKUDQX ]iNRQD OHJDOL]RYDW KRPRVH[XiOQt VYD]N\ D SR PRFt SRYLQQp VH[XiOQt YêFKRY\ EXGH StVXQ PODGêFK SDUWQHU$ ]DMLãWQ 7L NWHt SURSDGQRX YiãQL VH QH]DVWDYt SHGQLþtP 9ãHREHFQ MH ]QiPR åH FKODSFL D PODGt PXåL MVRX N VH[XiOQtP H[SHUL PHQW$P D VYRG$P YtFH QiFK\OQt 'WL MVRX]YtGDYpG$YLYpDMVRX]QHXåtYi Q\ GRVSOêPL þDVWR L YODVWQtPL URGLþL 7DWRVNXWHþQRVWMHMHQMHGQtP]G$YRG$ SURþ RGERUQtFL SRYDåXMt VH[XiOQt Yê FKRYX RG QHM~WOHMãtKR YNX Xå X SHG ãNROQtFKGWt]DQXWQRX .DåGpPX NGR ]Qi KRPRVH[XiOQt VFpQX NGHNROLY QD VYW MH MDVQp åH SR]RUQRVW D FKWLYRVW KRPRVH[XiO$ D SHGRILO$ MH ]DPHQD QD FR QHMPODGãt SDUWQHU\ $ SURWRåH KRPRVH[XiOQt DNWL YLVWp X QiV MVRX URYQå SLOQt GtN\ þH PXåPiUHJLVWURYDQpSDUWQHUVWYtPQRKR ]DVWiQF$ D ]HMP EXGH Y EOt]Np EX GRXFQRVWL XVWDQRYHQR ]iNRQHP FKFH PH LQIRUPRYDW R VRXþDVQp VLWXDFL XQiV 9 RWi]NiFK VRXYLVHMtFtFK V OLGVNRX VH[XDOLWRX QHP$åHPH ]$VWDW PRUiOQ QHXWUiOQt .DåGi VSROHþQRVW NDåGi FLYLOL]DFHNWHUiVHSURYLQLODSURWLPRUiO QtPSULQFLS$PYVH[XiOQtREODVWLVNRQ þLOD NDWDVWURIRX 6NXWHþQRVWt ]$VWiYi åH YWãLQD KRPRVH[XiOQtFK Y]WDK$ QH Pi WUYDOê FKDUDNWHU 2 Y\VRNp SURPLV NXLWKRPRVH[XiO$VHUDGMLQHKRYRt W,! $" 5RGLþH XþLWHOp D NHV"DQp QHGRYRO WH DE\ VH YDãH GWL VWDO\ VWHGHP ]iM PXKRPRVH[XiOQtFKDNWLYLVW$DYêFKRY QêFK H[SHULPHQW$ QH]RGSRYGQêFK ]i NRQRGiUF$ DPELFLy]QtFK VH[XRORJ$ SV\FKRORJ$DGDOãtFKRGERUQtN$MHMLFKå PRUiOQtKRGQRW\VHOLãtRGNHV"DQVNêFK KRGQRWMDNRQRFDGHQ =GDOL QHYtWH åH QHVSUDYHGOLYt GGLF WYt NUiORYVWYt %RåtKR QHGRViKQRX" 1HP\OWH VH YãDN DQL VPLOQtFL DQL PRGOiL DQL FL]RORåQtFL DQL ]åHQãWLOt DQLVDPFRORåQtFL.RULQWVNêP NDV *!# È# DQHER]QHXåtYiQtGWt -DN VH VWDQH QHP\VOLWHOQp SLMDWHO QêP" -DNR SRPDOi QHQiSDGQi DOH Y\WUYDOHSRVWXSXMtFt]PQDQRUPDOL]D FH9GRENG\SRWUDW\OLNYLGDFHSRVWL åHQêFK GWt D HXWKDQDVLH ]DþtQDMt EêW ãLURNRX YHHMQRVWt SLMtPiQ\ SR]LWLYQ P$åHYiVQDSDGQRXW&RQiVþHNiGiO" 2GSRY]QiPHMHWRSHGRILOLHVH[XiO Qt]QHXåtYiQtGWt 9WãLQD $PHULþDQ$ YQtPi SHGRILOLL MDNR RKDYQRVW $YãDN KRPRVH[XiOQt DNWLYLVWp VH RWHYHQ ]DVD]XMt R W]Y ' PH]LJHQHUDþQt LQWLPLWX 0DU\ (EHU FK\WDMtY3UD]HPRWêON\ VWDGW StãH Y SURYRNDWLYQtP þOiQNX 3UDKD MH MHGLQp PVWR Y ýHVNp UH Y þDVRSLVH :HHNO\ 6WDQGDUG åH SXEOLFH NWHUp Pi YtFH QHå PLOLyQ RE\ VSROHþHQVNê RGSRU SURWL VH[XiOQtPX YDWHODSURWRP$åHEêW]iUXNRXQHUXãH ]QHXåtYiQtGWt]DþtQiHURGRYDW QpKR åLYRWD Y DQRQ\PLW 6H[XiOQt 7HQWR SURFHV HUR]H ]DþDO QHMPpQ WXULVWp ML QD]êYDMt GUXKêP $PVWHURGD SHG SDWQiFWL OHW\ NG\å VH ]DþDOR PHP QD PLOLyQ GY VW WLVtF RE\YDWHO Y DNDGHPLFNêFK NUX]tFK GLVNXWRYDW MH WX SHV þW\LFHW SRGQLN$ NGH VH PR R WRP SURþ MH YH VSROHþQRVWL WpP KRX OLGp VFKi]HW MHQ NY$OL VH[X .OXFL XQLYHU]iOQt RGSRU N SHGRILOLL .UiWFH NWHt VHP SLMHGRX VH SURGiYDMt QD QDWRVHSLGDOLILOPDLDUHNODPD8YHGOL KODYQtP QiGUDåt KROHãRYLFNpP L 0DVD ILOP/ROLWDNWHUêE\O]DPHQQDVH[XiO U\NRY Y SLOHKOêFK SDUFtFK D Y /HWHQ QtVYD]HNGYDQiFWLOHWpGtYN\DþW\LFHWL VNêFKVDGHFK93UD]HMHWDNKOHQDXOLFL OHWpKRPXåH'QHVQiYUKi&DOYLQ.OHLQ NROHP GYRX WLVtF OLGt 6MtåGMt VH VHP SRVXQXO RGKDORYiQt GWVNêFK PRGHO$ ]FHOpUHSXEOLN\9QRFLMGRX]DY\GOD GRVH[XiOQH[SOLFLWQtFKSy]QDUHNODP Qp SHQt]H GR NOXE$ D SHVSt X NOLHQW$ QtFKSODNiWHFK X NDPDUiG$ NWHt PDMt E\W\ -HãW 9WãLQD $PHULþDQ$ WPWR WUHQG$P SHG WHPL OHW\ WDG\ NOXFL åLOL Y NRPXQL QHYQRYDOD SR]RUQRVW D QHEH]SHþt WiFK SR ãHVWL GHVHWL OLGHFK D NGR PO SRGFHQLOD&RVHGMHVL]DþDODXYGR WHQGHQE\]Q\VNGRVHSURGDONRXSLO PRYDW WHSUYH NROHP URNX 7HKG\ YãHPMtGORDOHYQpYtQR/LGpXOLFH]WUD VHWRWLåYþDVRSLVHDVRFLDFHSV\FKLDWU$ WLOL YãHFKQD PRUiOQt SUDYLGOD NWHUi E\OL $PHULFDQ 3V\FKRORJLFDO $VVRFLDWLRQ VFKRSQLGRGUåRYDWMHãWSHGWHPLOHW\ REMHYLO\YêVOHGN\VWXGLHNWHUiVHRGYi .XSVLPSLãHORVPLOHWêNOXNDVHS åLODWYUGLWåHVH[PH]LGRVSOêPLDGW QXO UXþLþN\ /iV]Oy VH ]PRKO MHQ QD PLQHQtYåG\ãNRGOLYêDOHW]YSRYROQê 1HGOHM WR SURVtP W QHGOHM WR ]D QHER GREURYROQê VW\N E\ PO EêW SH FKYtOLVLFKODSFHNRXSLOSWDãHGHViWLOHWê NODVLILNRYiQMDNRVH[GRVSOpKRDGtW WOXVWê FKODS /iV]Oy FKWO ]DViKQRXW WH MHQåHPDOLþNêVHRWRþLO/iV]OySURVtP 9HHMQRVW E\OD SRERXHQD &R MH QHNDå PL NãHIW 5RGLþH PL QHNRXSt YãDN MHãW KRUãt Yê]QDPQp GHQtN\ ]QDþNRYp REOHþHQt QHNRXSt PL ZDON XPRåQLO\KRPRVH[XiOQtPDNWLYLVW$PY\ PDQD Mi QHFKFL EHMW MLQHM QHå RVWDWQt XåtWVWUiQN\WLVNXDE\KUXEQDSDGOLW\ &KYtOHNG\MHL/iV]OyRWHFGWtXOLFH NGRVLMDNRQDS'U/DXUD6FKOHVVLQ EH]PRFQê5HIOH[VWU JHUGRYROLOLNULWLNXSV\FKLDWU$ -HãW MHGHQ StNODG 1DWLRQDO -RXU QDO -RQDWKDQ 5DXFK VH SRVWDYLO QD VWUDQX SV\FKLDWU$ D RGVRXGLO ]EDEOp RGS$UFH 9ê]QDPQt Y\GDYDWHOp NQLK SXEOLNXMtEUDNRYpQRYHO\NWHUpSRUWUpWXMt V\PSDWLFNp PXåH NWHt PDMt VH[XiOQt VW\N\ V FKODSFL NWHUêP MH VRWYD VHGP OHW D VRXþDVQ SRPiKDMt VQLåRYDW Y NRYpKUDQLFH~FK\OQRVWL7\WRNQLK\MVRX EåQ GRVWXSQp Y PQRKD NQLKNXSHF WYtFK -DN YLGtWH VQDKD D Y\QDORåHQp ~VLOt KRPRVH[XiOQtFKDNWLYLVW$]DSRVOHGQtFK GYDFHWOHWSLQiãtYêVOHGHNQHP\VOLWHO QpMHSLMDWHOQp 9 URFH YDURYDOL 'U & (YHUHWW .RRS D 'U )UDQFLV 6FKDHIIHU YH VYp NQL]H &R VH VWDOR V OLGVWYHP" åH WR FRE\ORYVHGPGHViWêFKOHWHFKQHP\VOL WHOQpEXGHYGHYDGHViWêFKOHWHFKSLMD WHOQp 0H]L MHMLFK SHGSRYPL E\OR WDNp WR åH VH[ GWt D GRVSOêFK EXGH QRYRXQRUPRX 7R VH VWDQH SHGSRYtGDOL SURWRåH P\ãOHQtVSROHþQRVWLQHEXGHGiOHRYOLY RYiQR åLGRYVNRNHV"DQVNêPL ]iNODG\ PRUiON\ DOH MHQ KXPDQLVW$ 7L YLGt þOR YND MDNR LQGLYLGXXP YêVOHGNX HYROXþ QtKR YêYRMH QH %Råt NUHDFH 3URWR SUR VSROHþQRVWGiOHQHSODWt%RåtVWDQGDUG\ 6RXþDVQê SRKOHG QD þORYND MH ]iYLVOê QDWRPFRMHQXWQpYKRGQpDPyGQt .HV"DQpYãDNQHåLMtWtPFRMHSUiY PyGQt 3UiY SURWR E\ MHMLFK KODV\ QH PO\]$VWDWQPp9HFKYtOLNG\XYLGtWH VQDK\R]QHXåtYiQtGWtQHPOþWH.G\ NROLY XYLGtWH UHNODPX NWHUi Y\XåtYi GWVNRX QDKRWX QHNXSXMWH SURGXNW\ SURGHMF$ D LQIRUPXMWH VYp SRVODQFH 1HP$åHPH VL GRYROLW POþHW %$K QiV FKUD SHG EDUEDU\ NWHt VH QiV VQDåt SHVYGþLW åH VH[XiOQt REWåRYiQt GWt QHQtQLFãSDWQpKRMHWRMHQåLYRWQtVW\O PyGQtWUHQGMHGQDGYDFiWpKRVWROHWt =GURM%UHDN3RLQW&KXFN&ROVRQ &RPPHQWDU\ -DQXDU\3HGRSKLOLD&KLF 1RUPDOL]DWLRQRI&KLOG$EXVH {¦/`TxT.BT¬knTltH {ÐTtØTKTp/nTxxkp. ,! $"y !)$#G QRUPiOQtYDULDQWDOLGVNpKRFKRYiQt" 9 OHWHFK VH ]DþDO\ REMHYRYDW Y RGERUQp OLWHUDWXH PQRKRþHWQp SXEOL NDFH NWHUp MHGQR]QDþQ Y\YUDFHMt PQRKGHVWiOHMHãWUR]ãtHQêPêWXVåH KRPRVH[XiORYp VH Y\VN\WXMt Y SRSXODFL DåY7HQWRQi]RUY\FKi]t]SXEOL NDFt$OIUHGD.LQVH\H]URNXNWHUê ]MLVWLO åH ] GRWD]RYDQêFK YH YNX RG GR OHW E\OR SR GREX Då Wt OHW SHYiåQ KRPRVH[XiOQtFK = SRKOHGX PRGHUQtKRGRWD]QtNRYpKRYê]NXPXE\ OD RYãHP WDWR VWXGLH ]QDþQ ]iYDGQi 1DS GRWD]RYDQêFK E\OL QNGHMãt QHER VRXþDVQt Y]RYp 7DNRYê SRSX ODþQt Y]RUHN MLVW QHQt UHSUH]HQWDWLYQt SUREåQpRE\YDWHOVWYR9HVNXWHþQRVWL E\OR þtVOR SHNURXFHQtP .LQVH\ RYêFK YêVOHGN$ NWHUê XYiGO åH SUR FHQWR PXå$ SUHIHUXMtFtFK KRPRVH[XiO Qt Y]WDK\ SR FHOê åLYRW E\OR ]QDþQ QLåãt D SRK\ERYDOR VH NROHP XåHQSDNGRNRQFHRSRORYLQXPpQ -LQp VWXGLH Y Wp GRE QHH[LVWRYDO\ D þtVORE\ORWDNþDVWRRSDNRYiQRåH VH YåLOR D QDYtF Y\WYRLOR NROHP KRPR VH[XiOQt DNWLYLW\ MDNêVL ]iYRM QRUPiO QRVWL3RNXGMHWHG\PLOLRQ$$PHUL þDQ$ QHER PLOLRQ ýHFK$ DQHER S$O PLOLRQX 6ORYiN$ KRPRVH[XiOQtFK SDN QHO]H WDNRYp SRþW\ OLGt SRYDåRYDW ]D QHQRUPiOQt +RPRVH[XiOQt DNWLYLVWp SURWR YHOPL UiGL FLWRYDOL D FLWXMt GRGQHV W\WR~GDMHSURWRåHGiYDO\KRPRVH[XiO QtPSUDNWLNiPSXQFQRUPiOQtSLUR]HQp D GREUp YDULDQW\ VH[XiOQtKR FKRYiQt 7DNRYi SRSXODFH SDN SRWHEXMH VYi SUiYDNWHUiPXVtEêW]E\WNHPRE\YDWHO VWYDDNFHSWRYiQD .ROLNSURFHQWSRSXODFH MHKRPRVH[XiOQtFK" 1i]RUåHSRSXODFHMHKRPRVH [XiOQtFKMHRYãHPQHXGUåLWHOQêYHVY WOHQRYMãtFKVWXGLtNWHUpSURND]XMtYêV N\W KRPRVH[XiOQtFK DNWLYLW Y SRGVWDWQ QLåãtP SURFHQWX 7L U$]Qi ãHWHQt ] URNX SURYHGHQi 1iURGQtP FHQ WUHP SUR ]GUDYRWQt VWDWLVWLNX Y 86$ 1DWLRQDO &HQWHU IRU +HDOWK 6WDWLVWLFV ¡,! $" SURNi]DODåHPpQQHåPXå$POR Y SRVOHGQtFK OHWHFK DOHVSR MHGHQ KRPRVH[XiOQt SRKODYQt VW\N ýW\L U$] Qp QiURGQt VWXGLH NWHUp SURYHGOR 1i URGQt FHQWUXP SUR Yê]NXP PtQQt 125& Y 86$ Y OHWHFK FHONHP GRWD]RYD QêFK]MLVWLO\VRXKUQQêYêVN\WSRKODYQt KRVW\NXVHVWHMQêPSRKODYtPYSRVOHG QtPURFHXPXå$XGDORåH POL MDNR GRVSOt WDNRYê Y]WDK StOHåL WRVWQ QHER SRPUQ þDVWR D XYHGOR åH NG\VL POR DOHVSR MHGHQ WDNRYêNRQWDNW -HGQD ] YGHFN\ QHMStVQMãtFK SUD FtNWHUiVWXGXMHVH[XiOQtFKRYiQt$PH ULþDQ$MHSUiFH0LFKDHODDVSRO]URNX VQi]YHP6H[LQ$PHULFD$'HIL QLWLYH 6XUYH\ %RVWRQ /LWWOH %URZQ &R 7DWR VWXGLH SURNi]DOD QD YHOPL SHþOLY ]YROHQpP UHSUH]HQWDWLY QtPY]RUNXUHVSRQGHQW$åHYêV N\W KRPRVH[XDOLW\ MH X PXå$ SRX]H DXåHQSRX]H 7DWR þtVOD VRXKODVt SRPUQ SHVQ V ~GDML ] MLQêFK ]iSDGQtFK ]HPt 1DS MHGQD EULWVNi GRWD]QtNRYi VWXGLH X WLVtFPXå$YOHWHFKSURNi]D ODåHSRX]H]QLFKPODYSRVOHG QtP URFH KRPRVH[XiOQtKR SDUWQHUD NG\NROLY Y åLYRW 1DWXUH V9SU$]NXPXVH[X iOQtKR FKRYiQt UHSUH]HQWDWLYQtKR Y]RU NXRE\YDWHOýHVNpUHSXEOLN\XVNXWHþQ QpP QD SHORPX OHW XYHGO\ KRPRVH[XiOQt RULHQWDFL DVL PXå$ D åHQ3RORYLQD]QLFKVHNKRPRVH[XDOL WSLKOiVLODMHGQR]QDþQ 1D ]iNODG WFKWR þtVHO P$åHPH WHG\]RGSRYGQNRQVWDWRYDWåHYêVN\W KRPRVH[XDOLW\ NROtVi Y EåQp SRSXODFL NROHP Y\ããt X PXå$ Då NH QLåãt X åHQ NROHP ýtVOD R JD\$DOHVELþHNYEåQpSRSXODFLMVRX] SRKOHGX PRGHUQtKR Yê]NXPX QHXGUåL WHOQêPPêWHP +RPRVH[XiOQtåLYRWQtVW\O DMHKRQiVOHGN\ +RPRVH[XiOQt VRXåLWt MH YH VGORYD FtFK SURVWHGFtFK SUH]HQWRYiQR MDNR SURVWi DOWHUQDWLYD KHWHURVH[XiOQtKR SRKODYQtKR åLYRWD V YêMLPNRX QHSRG VWDWQêFK UR]GtO$ Y SRKODYt SDUWQHU$ 9 U$]QêFK ILOPHFK QDS ILOP 3KLOD GHOSKLD QHER Y\SUiYQtFK SUR GWL 'DGG\ V 5RRPPDWH 7DWtQN$Y VSROX E\GOtFt MVRX KRPRVH[XiOQt SiU\ OtþHQ\ MDNR YHOPL DWUDNWLYQt OLGp NWHt VGtOHMt ã"DVWQpDGORXKRWUYDMtFtVRXåLWt$NWLYLV Wp DUJXPHQWXMt åH WDNRYê SRSLV MH RSRGVWDWQQê DE\ SHNRQDO VWHUHRW\S\ D QHSiWHOVNp SRVWRMH RE\YDWHOVWYD SLþHPå PH]L QHSiWHOVNê SRVWRM VH ]DSRþtWiYi L SURVWê QHVRXKODV 3L EOLå ãtP SRKOHGX YãDN P$åHPH ]MLVWLW åH KRPRVH[XiOQt åLYRWQt VW\O MH VSRMHQ V QNWHUêPL Y\VRFH QHEH]SHþQêPL D ULVNDQWQtPLSUDNWLNDPLNWHUpXWpWRVNX SLQ\OLGtYêUD]Q]Y\ãXMtYêVN\WU$]QêFK QHPRFtYþHWQ$,'6.QHM]iYDåQMãtP SUYN$P UL]LNRYpKR FKRYiQt SDWt QH VPtUQ Y\VRNi SURPLVNXLWD ]YOiãW PH]LPXåLD]S$VRE\VH[XiOQtKRXVSR NRMRYiQt ]YOiãW SDN DQiOQt SRKODYQt VW\NYL]WDE 3URPLVNXLWD YKRPRVH[XiOQtFKY]WD]tFK .GQHãQtPXGQLQHMG$NODGQMãtSUiFH QD WRWR WpPD E\OD SUH]HQWRYiQD $3 %HOOHP D 06 :HLQEHUJHP Y MHMLFK NQtåFH +RPRVH[XDOLWLHV +RPRVH[XD OLW\]URNX1D]iNODGWpWRVWXGLH VL P$åHPH XGODW SRGUREQMãt REUi]HN R WRP MDN Y\SDGi KRPRVH[XiOQt SUR PLVNXLWD ]YOiãW PH]L PXåL PXå VNêFK KRPRVH[XiO$ XGDOR åH POR EKHPVYpKRåLYRWDYtFHQHåSDUW QHU$ POR YtFH QHå SDUWQHU$ D YtFH QHå SDUWQHU$ R]QDþLOR YtFH QHå SRORYLQX VYêFK SDUW QHU$ MDNR FL]t D XGDOR åH V YtFH QHå SRORYLQRX PXå$ POL VW\N SRX]H MHGQRX 'DOãt VWXGLH VWHMQêFK DXWRU$ ] URNX XND]XMH åH SRX]H KR PRVH[XiO$ ]DFKRYDOR PRQRJDPLL QHER VHPLPRQRJDPLLGHILQRYDQRXYHOPLYHO NRU\VHMDNRDPpQSDUWQHU$ 1NWHt DUJXPHQWXMt åH WDWR þtVOD SRFKi]HMt ] GRE\ SHGFKi]HMtFt HSLGH PLL $,'6 D åH QHMVRX MLå Y VRXþDVQp GRE DNWXiOQt $YãDN UHODWLYQ QRYi VWXGLH 0XOWLFHQWHU $,'6 &RKRUW 6WXG\ NWHUi ]DKUQRYDOD WpP SW WLVtF KRPR VH[XiOQtFK PXå$ ]MLVWLOD åH Yê]QDPQi YWãLQD WFKWR PXå$ POD DYtFHVH[XiOQtFKSDUWQHU$EKHPVYp KR åLYRWD .DVORZ 5$ HW DO $PHULFDQ -RXUQDO RI (SLGHPLRORJ\ V -LQt VH VQDåt DODUPXMtFt þtVOD R SUR PLVNXLW PH]L KRPRVH[XiO\ ]DPOåLW DUJXPHQWDFt R QHYUQRVWL NWHUi VH Y\VN\WXMH URYQå X KHWHURVH[XiOQtFK SiU$ 3RUXãHQt PRQRJDPLH MH YãDN X KHWHURVH[XiO$ YêUD]Q QLåãt QHå X KRPRVH[XiO$ -HGQD SUiFH ] URNX VURYQiYDODYêVN\WSRUXãHQtPRQR JDPLH Y SU$EKX SRVOHGQtKR URNX X U$]QêFK VNXSLQ 8 WVQêFK KRPRVH [XiOQtFKSDUWQHUVWYtXGDORDOHVSR MHGHQ StSDG SRUXãHQt PRQRJDPLH YSU$EKXSRVOHGQtKRURNXYHVURYQiQt V X OHVELþHN X åHQDWêFK UH VSHNWLYH SURYGDQêFK KHWHURVH[XiOQtFK SiU$DXVSROXåLMtFtFKKHWHURVH[X iOQtFK SDUWQHU$ 7DNp DXWRL MLå MHGQRX FLWRYDQp VWXGLH 6H[ LQ $PHULFD ] URNX SURNi]DOL åH KHWHURVH[XiO QtFKåHQDKHWHURVH[XiOQtFKPXå$ QLNG\QHPORPLPRPDQåHOVNêVW\N 'YD VSROXåLMtFt KRPRVH[XiOQt PXåL '3 0F:KLUWHU D $0 0DWWLVRQ MHGHQ SV\FKLDWU GUXKê SV\FKRORJ VH VQDåLOL SURVWXGRYDW Y]RUHN QHMVWDELOQMãtFK KRPRVH[XiOQtFK SiU$ NWHUp VH MLP SR GDLORQDMtW=HSiU$SRX]H]DFKR YDOR VH[XiOQt YUQRVW ]H SiU$ NWHUp åLO\ VSROX GpOH QHå OHW QLNGR QHE\O VFKRSHQ GRGUåHW VH[XiOQt YU QRVW3HGVWDY\RYUQpPKRPRVH[XiO QtPVRXåLWt]YOiãWXPXå$MVRXWHG\YH VYWOH VRXþDVQêFK Yê]NXP$ GDOãtP QHXGUåLWHOQêPPêWHPRKRPRVH[XDOLW ,QIHNþQtQHPRFLD$,'6 0QRKR ODLN$ åLMH Y SHGVWDYiFK åH KRPRVH[XiORYp PRKRX åtW VWHMQ GORX KRD]GUDYSRNXGVHQHQDND]tQHY\Op þLWHOQRX FKRURERX $,'6 1LF RYãHP QHQt YtFH Y]GiOHQR RG SUDYG\ QHå WDWR SHGVWDYD +RPRVH[XiOQt åLYRWQt VW\O ]Y\ãXMH UL]LNR YêVN\WX QHMHQ PQRKD LQIHNþQtFK DOH WDNp QHLQIHNþQtFK RQH PRFQQt ] QLFKå QNWHUp MVPH MLå Y\ ,! $"¡ MPHQRYDOL Y NDSLWROH R UL]LFtFK DQiOQtKR SRKODYQtKR VW\NX 3RGtYHMPH VH Q\Qt EOtåH QD LQIHNþQt RQHPRFQQt NWHUp VH Y\VN\WXMt QH~PUQ þDVWR X OLGt SURYR ]XMtFtFK KRPRVH[XiOQt PLORVWQp SUDNWL N\ +RPRVH[XiOQt]S$VREåLYRWD]Y\ãXMH UL]LNR QHMHQ VH[XiOQ SHQRVQêFK RQH PRFQQt DOH WDNp PQRKêFK QHPRFt NWHUpVHãttIHNiOQRUiOQtFHVWRX6WD WLVWLN\ tNDMt åH DOHVSR KRPRVH [XiOQtFK PXå$ MVRX QRVLþL MHGQp QHER YtFH LQIHNþQtFK QHPRFt GiOH åH DVL SURGODOR DOHVSR MHGQX SRKODYQt QHPRF DYãDN QHPXVt EêW PRPHQWiOQ QHPRFQtDNRQHþQåHRQHPRFQt Y SU$EKX MHGQRKR URNX L NG\å PRåQi QHEXGRX WåFH QHPRFQt 0H]L QHMþDV WMãt QHYLURYi LQIHNþQt RQHPRFQQt X KRPRVH[XiO$ SDWt DPHELi]D JLDUGLi]DNDSDYND VKLJHOy]D VDOPRQHOy]D FDPS\OREDNWH URYiLQIHNFHFKODP\GLHV\ILOLVHNWRSD UD]LWL = YLURYêFK RQHPRFQQt MVRX WR SRGOHYêVN\WXW\WRQHPRFLFRQG\ORPDWD EUDGDYLFH KHUSHV RSDU LQIHNþQtåORXWHQN\W\SX$L% 7pP KRPRVH[XiOQtFK PXå$ SURGODOR LQIHNþQt åORXWHQNX W\SX % DURþQMtRQHPRFQt]QLFK MHGLQF$ NWHt SURGODOL RQHPRFQQt ]$VWiYi FKURQLFNêPL QRVLþL ,QIHNFH YLUHP KHSDWLWLG\ % QDYtF ]Y\ãXMH UL]LNR UDNRYLQ\ MDWHU ,QIHNFH OLGVNêP YLUHP EUDGDYLF Y REODVWL DQX MH SDN Yê]QDP QêP UL]LNRYêP IDNWRUHP SUR UDNRYLQX WpWR REODVWL MHMtå YêVN\W X KRPRVH[XiO QtFKPXå$U\FKOHQDU$VWi -Lå MVPH VH ]PtQLOL R WRP åH DQiOQt SRKODYQt VW\N MH Y\VRFH UL]LNRYêP FKR YiQtP SUR SHQRV YLUX +,9 S$YRGFH $,'6 (SLGHPLRORJRYp RGKDGXMt åH YãHFK StSDG$ $,'6 Y SRSXODFL 86$ VH Y\VN\WXMH X KRPRVH[XiOQtFK PXå$ NWHt SHGVWDYXMt SRX]H FHOp SRSXODFH 9 VRXþDVQp GRE MH LQFLGHQFH $,'6 PH]L GYDFHWL Då WLFHWL OHWêPL KRPRVH[XiOQtPL PXåL ]KUXED NUiWY\ããtQHåPH]LEåQRXKHWHUR VH[XiOQt SRSXODFt 6WDWLVWLN\ XND]XMt GiOH KUR]LYRX VNXWHþQRVW åH SHV WRWR ¡¡,! $" REURYVNp UL]LNR SHQRVX SL VRXþDVQp PLPRiGQ Y\VRNp SURPLVNXLW PH]L KRPRVH[XiOQtPLPXåL]QLFKQLNG\ QHSRXåtYDOR NRQGRP EKHP DQiOQtKR SRKODYQtKRVW\NX-HWRG$ND]HPYHOLFH Qt]Np~þLQQRVWLRVYW\SLSUHYHQFLRQH PRFQQtNWHUpMHYHVPUWtFt 3V\FKLFNpSRUXFK\ 5RYQåMLQpSV\FKRSDWRORJLFNpVWDY\ VH Y\VN\WXMt X KRPRVH[XiOQtFK MHGLQF$ YêUD]Q þDVWML QHå X EåQp SRSXODFH 3RGOH :LOOLDPVH D VSRO KRPRVH [XiOQtFKPXå$WUSORYPLQXORVWLWåNRX GHSUHVt Y EåQp SRSXODFL 3RGOH %HOOD D :HLQEHUJD POR YiåQp VHEH YUDåHGQp ~P\VO\ KRPRVH[XiOQtFK PXå$ RSURWL KHWHURVH[XiOQtFK PXå$XåHQSDNOHVELþHNYHUVXV KHWHURVH[XiOQtFK åHQ 5R]GtO\ MVRXMHãWYêUD]QMãtXVHEHYUDåHGQêFK SRNXV$ KRPRVH[XiOQtFK PXå$ D KRPRVH[XiOQtFK åHQ VH SRNXVLOR RVHEHYUDåGXYHUVXVKHWHURVH[XiO QtFK PXå$ D KHWHURVH[XiOQtFK åHQ . -D\ $ <RXQJ 7KH *D\ 5H SRUW1HZ<RUN6XPPLW 6NOiGiQtPR]DLN\ 3RNXGKRPRVH[XDOLWDWHG\QHQt]FH ODJHQHWLFN\SRGPtQQDMDNY]QLNi"9H VYpP NULWLFNpP KRGQRFHQt ELRORJLFNêFK WHRULtGYDYGFL]&ROXPELD8QLYHUVLW\ %\QH D 3DUVRQV ]G$UD]XMt MHGHQ G$ OHåLWê ERG 9H VYpP YODVWQtP PRGHOX KRYRt R NRPSOH[Qt PR]DLFH ELRORJLF NêFK SV\FKRORJLFNêFK D VRFLiOQNXO WXUQtFK IDNWRU$ 7HQWR Qi]RU MH GQHV ]DVWiYiQ YWãLQRX VHULy]QtFK YGF$ SRX]H PpGLD WXWR YWX QHVO\ãt SURWRåH QHSLQiãtåiGQRXSHYUDWQRXQRYLQX 1D]QDþLOL MVPH ]S$VRE MDN VH PR KRX SL Y]QLNX KRPRVH[XDOLW\ XSODWR YDW JHQHWLFNp IDNWRU\ DYãDN QLNROLY StPêP ]S$VREHP QêEUå QHStPR -LQêPL VORY\ JHQ\ SLVStYDMt N MLQpPX IHQRPpQXNWHUêSDNSUHGLVSRQXMHXUþL WpKR MHGQRWOLYFH N GDQpPX FKRYiQt 0RKOL E\FKRP WR SLURYQDW NH KUiþ$P EDVNHWEDOX 8UþLW QHH[LVWXMt JHQ\ NWH Up E\ StPR NyGRYDO\ VNXWHþQRVW åH QNGR VH VWDQH KUiþHP EDVNHWEDOX $YãDN XUþLWp JHQ\ NyGXMt QDãL WOHVQRX YêãNX D VSRUWRYQt SUYN\ MDNR MVRX U\ FKOpUHIOH[\VYDORYiVtODU\FKORVWE\V WURVWPHWDEROLVPXVDWG1NGRNGRVH QDURGt V St]QLYRX NRQVWHODFt YêãN\ D VSRUWRYQtFK SUYN$ QHQt QLMDN JHQHWLFN\ SURJUDPRYiQ QHER QXFHQ DE\ VH VWDO KUiþHP EDVNHWEDOX 7\WR NYDOLW\ RYãHP XVQDGXMtWXWRYROEX.G\E\YGFL]DþD OL VWXGRYDW KUiþH EDVNHWEDOX VWHMQêP ]S$VREHP MDNR KRPRVH[XiO\ XUþLW E\ SURNi]DOL PQRKHP Y\ããt VWXSH JHQH WLFNpKRRYOLYQQt$YãDNVLOQiJHQHWLFNi NRUHODFH QH]QDPHQi åH WLWR OLGp MVRX QXFHQLKUiWEDVNHWEDO -DNp MVRX WHG\ MLQp IDNWRU\ NWHUp VH XSODWXMt Y WpWR PR]DLFH YHGRXFt NH Y]QLNXIHQRPpQXMPpQHPKRPRVH[XDOL WD 'U 6DWLQRYHU StãH åH MHGQtP ] QHMVRXGUåQMãtFK QiOH]$ ]H VWXGLt KRPRVH[XDOLW\ MH ]MLãWQt åH URGLQQê IDNWRU QHER IDNWRU\ VLOQ RYOLYXMt SR] GMãt VH[XiOQt FKRYiQt 1RYMãt VWXGLH QD GYRMþDWHFK GRNRQFH L RYOLYQQi VWXGLH %DLOH\RYD D 3LOODUGRYD Y\URVWO\ StPR ]H VWDUãtFK VWXGLt NWHUp RSDNR YDQ D MHGQR]QDþQ SRWYUGLO\ YOLY URGL Q\ 7pP RVPGHViWLOHWi SR]RURYiQt XND]XMt åH URGLQQp SURVWHGt KUDMH NUL WLFNRXUROLSLY]QLNXKRPRVH[XDOLW\ . þHPX WHG\ GRVSOL VWDt SV\FKRD QDO\WLFL QD FR VH Q\Qt KRPRVH[XiOQt DNWLYLVWp VQDåt ]DSRPHQRXW" 9 åLYRW KRPRVH[XiOQtFK SDFLHQW$ VH Y\VN\WXMH QHREY\NOH þDVWR FLWRYê QHVRXODG PH]L GtWWHP D URGLþHP VWHMQpKR SRKODYt +RPRVH[XiOQtPXåLSRFL"XMtVYpKRRWFH MDNR ]HWHOQ Y]GiOHQpKR D QHVFKRS QpKR-6DWLQRYHUV7LWRRWFRYp GLVNUpWQQHERRWHYHQRGPtWDOLFKODS FH NWHUê PO PQRKR åHQVNêFK U\V$ 9MHGQpVWXGLL]URNXVHNRQVWDWX MHåHDåQDQNROLNYêMLPHNSURKOi VLOLKRPRVH[XiOQtPXåLåHMHMLFKRWFRYp POL QHJDWLYQt YOLY QD MHMLFK åLYRW 1H H[LVWXMHMHGLQiGRVWDWHþQNRQWURORYDQi VWXGLH NGH VH KRPRVH[XiOQt PXåL Y\ MDGXMt R VYêFK RWFtFK SR]LWLYQ QHER VUGHþQ )LVKHU HW DO )UHXG 6FLHQWLIL FDOO\ 5HDSSUDLVHG 7HVWLQJ WKH 7KHRU\ DQG 7KHUDS\ 1HZ <RUN -RKQ :LOH\ 6RQV = GDOãtFK URGLQQêFK IDNWRU$ MH XYi GQSUREOHPDWLFNêY]WDKVPDWNRXNWH Uê MH þDVWR VYD]XMtFt D LQWLPQt GiOH VH [XiOQt ]QHXåLWt GtWWH URGLþHP VWHMQpKR QHER RSDþQpKR SRKODYt D YHOPL þDVWR RGPtWQXWtGtWWHYUVWHYQtN\VWHMQpKRSR KODYt 9HOPL G$OHåLWêP VH WDNp ]Gi EêW þDVQp VH[XiOQt VYHGHQt QD WXWR FHVWX 'RVStYDMtFt FKODSFL Y\YtMHMtFt VH N KR PRVH[XDOLW MVRX ]YOiãW FLWOLYt QD WRWR VYHGHQt 2O\PSLRQLN *UHJ /RXJDQLV SRSLVXMH VY$M Y]WDK V SHGRILOHP NWHUp KR SRWNDO QD SOiåL 3RFL"RYDO QHStMHP Q YNRYê UR]GtO DYãDN XUþLWêP ]S$VR EHPWXWR]NXãHQRVWYQtPDOMDNRSR]LWLY Qt3RFL"RYDOMVHPKODGSROiVFH 8UþLWp]QHSRNRMHQtYQiVP$åHY\YR OiYDW ]MLãWQt NH NWHUpPX GRVSO 'U 3DXO &DPHURQ D VSRO 3L GRWD]QtNRYp DNFL SURYiGQp X YtFH QHå WLVtF RE\ YDWHOYPHWURSROLWQtFKREODVWHFK]MLVWL OLåHKRPRVH[XiO$DKHWHUR VH[XiO$ XYHGOR åH POL KRPRVH[XiOQt KR XþLWHOH -HGQD SWLQD ] WFK NWHt POL KRPRVH[XiOQtKR XþLWHOH SL]QDOD åHE\OLRYOLYQQLYFKiSiQtKRPRVH[XD OLW\ MDNR VSROHþHQVN\ SLMDWHOQp OLGt SL]QDOR åH XþLWHO MH RYOLYQLO DE\ Y\ ]NRXãHOLKRPRVH[XDOLWX-RXUQDORI3V\ FKRORJ\V 9HONiGRWD]QtNRYiVWXGLHY0LQQHVR W X WpP WLVtF OHWêFK GRVStYDMt FtFKSURNi]DODåHGRWD]RYDQêFK VLQHE\ORMLVWêFK]GDMVRXKHWHURQHER KRPRVH[XiOQt 5HIDPHGL * HW DO 3H GLDWULFV V =PDWHN RKOHGQ VH[XiOQt LGHQWLW\ MH EåQê YH VWHGQtP YNX GRVStYiQt 3URWR E\ WLWR GRVStYDMtFt QHPOL EêW Y WpWR FLWOLYp Ii]L PDQLSXORYiQL RKOHGQ VYp VH[XiOQt WRWRåQRVWL -DN WHG\ P$åHPH Y WRPWR NRQWH[WX DNFHSWRYDW SURJUDP\ VH[XiOQt YêFKRY\QDãNROiFKNWHUpSURKODãXMtåH KRPRVH[XDOLWD MH QRUPiOQt YDULDQWD OLGVNpKR FKRYiQt D GRNRQFH QDYiGMt Y]DKUDQLþtNY\]NRXãHQtKRPRVH[XiO QtKRY]WDKX" 1LNROLYSURVWiYROED DOHQXWNDYiSRUXFKD 'RSRVXG MVPH VH ]DEêYDOL NULWLNRX ]MHGQRGXãHQpKR SRKOHGX QD KRPRVH ,! $"¡ [XDOLWX MDNR QD JHQHWLFN\ SRGPtQQRX YDULDQWX OLGVNpKR FKRYiQt MDN VH WR Y VRXþDVQp GRE VQDåt SUH]HQWRYDW KRPRVH[XiOQt DNWLYLVWp D PpGLD $YãDN VWHMQp]MHGQRGXãHQtKUR]tWDNp]GUXKp VWUDQ\ WRWLå SRKOHG QD KRPRVH[XDOLWX MDNR QD SURVWRX YROEX 1LNGR VL QH VHGQH N SXOWX V QDEtGNRX VH[XiOQtFK åLYRWQtFK VW\O$ D QHY\EHUH VL MHGQRGX ãHKRPRVH[XDOLWX 7RFRVHGMHYåLYRWþORYNDMHQå YROtWDNRYRXFHVWXY\VWLKXMHYHOPLGRE HSRKiGNDRVNLYiQNRYLNWHUêSRVWXS Q SURGDO YHãNHUp VYRMH SHt ]D WXþQp þHUYtN\ 2EFKRGQtN N QPX SLFKi]HO V WRXWR QDEtGNRX SRVWXSQ NDåGê GHQ ]QRYX D ]QRYX 3UYQt YROED E\OD RSDWU QiGDOãtVWiODMLåPpQRGYDK\DRSDWU QRVWL 1iVOHGXMtFt YROE\ MLå E\O\ FHONHP UXWLQQt ]iOHåLWRVWt D SLFKi]HO\ FHONHP MHGQRGXãH Då QDVWDOD KRGLQD SUDYG\ D VNLYiQHN MLå QHPRKO Y]OpWQRXW 7RWR MH W\SLFNi FHVWD MDN Y]QLNi QXWNDYi NRPSXO]LYQt SRUXFKD FKRYiQt =SUYX MH WR SRþiWHþQt YROED QiVOHGXMH Y]QLN XUþLWpKR ]Y\NX NWHUê P$åH QDNRQHF Y\~VWLWGR]iYLVORVWLMHåVHYHOLFHWåFH PQt9ãHFKQ\QXWNDYp]S$VRE\MHGQi Qt MVRX YHOLFH UH]LVWHQWQt RGROQp SURWL ]PQDYHGRXOLGLVWiOH]QRYXD]QRYX NH VWHMQpPX FKRYiQt L NG\å MH WR VWRMt YHOPLPQRKREDGRNRQFHLåLYRW 7\WR ]PQ\ MVRX QDYtF SRVWXSQ IL[RYiQ\YPR]NXW]QVRIWZDUHVHVWi YiKDUGZDUH2SDNRYDQpFKRYiQtWRWLå PQtQiãPR]HNGRFKi]tN]HVtOHQtQ NWHUêFK VSRMHQt PH]L QHUYRYêPL EXND PLDVNXWHþQpPX]YWãHQtXUþLWpWNiQ 7\WR ]PQ\ Y QDãHP P\ãOHQt D PR]NX SDN]S$VREXMtåHXUþLWRXYROEXNRQiPH VWiOHVPHQãtP~VLOtPDWDNpåHMHVWi OHREWtåQMãtNRQDWYROEXRGOLãQRX 6H[XiOQt SXG MH ]H YãHFK ELRORJLF NêFK SXG$ QHMYtFH VSRMHQ V SRFLWHP UR]NRãH =NXãHQRVW UR]NRãH Y\WYit VLOQê LPSXOV SUR IRUPRYiQt FKRYiQt .G\å WHG\ ELRORJLFNp SXG\ ]YOiãW SDN VH[XiOQt QHMVRX DOHVSR þiVWHþQ UH JXORYiQ\ SVWRYiQ\ D XYHGHQ\ SRG NRQWUROX FLYLOL]XMtFtFK YOLY$ NXOWXU\ D Y$OH]DSRXãWtQXFHQtNMHMLFKRNDPåLWp ¡_,! $" PX XVSRNRMHQt KOXERNR VYp NRHQ\ Y QHUYRYp VtWL PR]NX ,QGLYLGXDOL]RYDQê ]S$VRE MDNêP GRVDKXMHPH WRKRWR XV SRNRMHQtMHURYQåKOXERFH]DNRHQQ 6YWVH[XiOQtFKIDQWD]LtMHSDNRE]YOiã W WåNR VPD]DWHOQê = WRKR G$YRGX QHUHJXORYDQp VH[XiOQt WHQGHQFH VH VWiYDMt ]Y\NHP SRWp QXWNiQtP D Y NR QHþQp Ii]L QHMVRX RGOLãLWHOQp RG ]iYL VORVWL 6NXWHþQRVWL NWHUp GRND]XMt åH KR PRVH[XiOQtFKRYiQtQDSOXMHFKDUDNWH ULVWLN\QXWNDYpSRUXFK\MHNURPMLQpKR QHVPtUQ Y\VRNi SURPLVNXLWD W\SLFNi SUR KRPRVH[XiOQt Y]WDK\ D SUROtQiQt KRPRVH[XiOQtKRåLYRWQtKRVW\OXVMLQêPL ]iYLVORVWPLMDNRMHDONRKROLVPXVDDE~ ]XV QDGXåtYiQt ]QHXåtYiQt WYUGêFK GURJ 3UR WXWR FKDUDNWHULVWLNX KRPRVH [XDOLW\ VYGþt WDNp SRPUQ Y\VRNi UH]LVWHQFH Y$þL ]PQ D Y\VRNp SUR FHQWR UHODSV$ QiYUDW$ N S$YRGQtPX VWDYXSLSRNXVHFKRUHSDUDWLYQtWHUDSLL QiSUDYQRX OpþEX REGREQ MDNR X DONRKROLVPX 7\WR GY FKDUDNWHULVWLN\ SDN PRKRX YpVW N QHVSUiYQp GRPQQ FH åH VH MHGQi R ELRORJLFN\ SRGPtQ QRXDQHPQQRXYDULDQWXFKRYiQt +RPRVH[XDOLWDDFtUNHY 6WDQRYLVNR FtUNYt N KRPRVH[XDOLW NROtVi PH]L GYPD SyO\ NWHUêPL MVRX KRPRIRELH D KRPRILOLH +RPRIREQt Y]WDK VH SURMHYXMH þDVWR ãWtWLYêP Då QHSiWHOVNêP Y]WDKHP N KRPRVH[Xi O$PDþDVWRY\FKi]t]H]MHGQRGXãHQêFK SHGVWDY åH KRPRVH[XDOLWD MH SURVWi YROED NWHURX O]H ]PQLW NG\å VH FKFH+RPRILOQtY]WDKQDRSDNKRPRVH [XDOLWX SOQ DNFHSWXMH MDNR QRUPiOQt YDULDQWXFKRYiQtVQtåE\OþORYNVWYR HQ D NWHURX MH QXWQR WDNWR SLMtPDW +ODYQtP DUJXPHQWHP SURWL WRPXWR SR VWRMLMVRXNURPMDVQpKRVYGHFWYt%LE OH WDNp IDNWD GRVYGþXMtFt åH KRPRVH [XDOLWDQHQtQRUPiOQtYDULDQWRXOLGVNpKR FKRYiQt YHGH N PQRKD ]GUDYRWQtP SUREOpP$PYþHWQSRGVWDWQpKR]NUiFH Qt GpON\ åLYRWD QHQt QHY\KQXWHOQ JH QHWLFN\ DQL ELRORJLFN\ GHWHUPLQRYiQD D QHQtQHPQQiLNG\åMHNH]PQþDV WRYHOPLUH]LVWHQWQt -DNêE\POWHG\EêWVSUiYQêStVWXS N WpWR QXWNDYp SRUXãH Y REODVWL OLGVNp VH[XDOLW\" 6WHMQê MDNR MH Y]WDK %RKD N KtãQpPX þORYNX NWHUê QHQiYLGt KtFKDOHPLOXMHKtãQtNDDVOLWRYiYiVH QDG QtP 3R]QDWN\ R WRP NDP YHGH KRPRVH[XiOQt åLYRWQt VW\O D QXWNDYê FKDUDNWHU KRPRVH[XDOLW\ E\ QiV PO\ YpVW QLNROLY N SRFLWX QDGD]HQRVWL Y$þL WPWROLGHPDOHNSUDYpPXNHV"DQVNp PXVRXFLWXDWRX]HWPWROLGHPSRPRFL SRNXG VL WR VDPL SHMt D FtWt åH MVRX WtPWRåLYRWQtPVW\OHP]RWURþHQL =iNODGQtP NURNHP Y WRPWR StVWXSX QHP$åH EêW XWYU]RYiQt YH VSUiYQRVWL KRPRVH[XiOQtKR åLYRWQtKR VW\OX MDNR GREUp D ]GUDYp DOWHUQDWLY\ SRNXG MH NRQiQDVOiVNRXQêEUåYHGHQtNWUYD Op DEVWLQHQFL MDNR ]iNODGQtPX SHGSR NODGX X]GUDYHQt 3UR WHQWR ~þHO MH QXWQi ]YOiãWQt SDVWRUDþQt SpþH REGRE QiMDNRQDSYStSDGDONRKROLN$QHER OLGt ]iYLVOêFK QD GURJiFK =Gi VH åH FtUNYHYýHVNpUHSXEOLFHSRGQLNO\YWpWR REODVWL]DWtPYHOPLPiOR ,NG\åVHQHFKFHPHSULPiUQY\MDG RYDWNQNWHUêPWHRORJLFNêPDVSHNW$P KRPRVH[XDOLW\GRPQtYiPHVHåHQDS RWi]ND W]Y SRåHKQiQt KRPRVH[XiOQtP SiU$PMHSUDNWLFN\EH]SHGPWQiNG\å VLXYGRPtPHMDNY\VRNiMHSURPLVNXL WD Y KRPRVH[XiOQtFK Y]WD]tFK 3V\FKR ORJLFNê HIHNW NG\ MVRX WDNRYp SUDNWLN\ MDNRåHKQiQtKRPRVH[XiOQtPSiU$P]H VWUDQ\FtUNYHPHGLiOQSURSDJRYiQ\MH ]GUFXMtFt V RKOHGHP QD GDOãt VWUKiYiQt ]iEUDQYVH[XiOQtREODVWLYWpWR]HPL 9WHRORJLFNpOLWHUDWXHVHþDVWRREMH YXMt SRNXV\ R UR]GOHQt PH]L U$]QêPL GUXK\ KRPRVH[XDOLW\ 6HWNiYiPH VH V GOHQtP QD KRPRVH[XDOLWX NXOWRYQt YUiPFLSRKDQVNêFK]Y\N$DQHNXOWRY QtQDKRPRVH[XDOLWXEH]OiVN\DOiVN\ SOQRX GiOH QD VYiGMtFt D Y\NRLV"XMtFt DGREURYROQRXDNRQHþQQDSURPLVNX LWQtDYUQRX7DNRYpGOHQtYãDNQHPi QDSURVWRåiGQpRSRGVWDWQQtYEåQpP KRPRVH[XiOQtP åLYRW D QHJDWLYQt Qi VOHGN\ QHSLUR]HQpKR ]S$VREX Y]iMHP QpKR VRXåLWt MDN E\O\ Y\OtþHQ\ YH NDSLWROH VH EXGRX SURMHYRYDW YH YãHFK StSDGHFK QH]iYLVOH QD WRP MDNMHSRMPHQXMHPH 1D ]iYU E\FKRP FKWOL SLSRMLW MH QRP NUiWNRX SR]QiPNX QD WpPD WROH UDQFH 7RWR VORYR MH WRWLå GQHV þDVWR ]QHXåtYiQR D WR ] G$YRGX åH MHKR Yê]QDP EêYi þDVWR VPãRYiQ V MLQêP VORYHP D WR V OKRVWHMQRVWt $ WDN VH PXVtPH YiåQ ]DP\VOHW QDG WtP NGH NRQþt WROHUDQFH D NGH ]DþtQi OKRVWHM QRVW 1HQt QDãH OKRVWHMQRVW Y WRP åH YUiPFLWROHUDQFHKRPRVH[XiOQtKR]S$ VREX åLYRWD MVRX ]DPOþRYiQ\ ]iYDåQp VNXWHþQRVWLRQiVOHGFtFKWRKRWRåLYRWQt KR VW\OX" 1HQt OKRVWHMQRVWt Y$þL QDãLP GWHP D DGROHVFHQW$P NG\å WROHUXMH PHåHMVRXYMHMLFKFLWOLYpYêYRMRYpIi]L Y\VWDYRYiQL SURJUDP$P VH[XiOQt Yê FKRY\ NWHUp SURKODãXMt KRPRVH[XDOLWX ]DQRUPiOQtYDULDQWXOLGVNpKRFKRYiQt" 1HQt SURMHYHP QDãt OKRVWHMQRVWL Y$þL WUDGLþQtURGLQNG\åYUiPFLQDVWRORYD Qp WROHUDQFH Y$þL KRPRVH[XiOQtPX åLYRWQtPXVW\OXMHV\VWHPDWLFN\QDSDGi QD]QHKRGQRFRYiQDDQLþHQDVWUXNWXUD WUDGLþQtURGLQ\"+LVWRULFN\WRWLåPRGHUQt SRMHP WROHUDQFH QHY]QLNO MDNR OKRVWHM QRVW Y$þL RSDþQpPX Qi]RUX QêEUå MDNR RERXVWUDQQp UHVSHNWRYiQt GYRX Y]i MHPQ RGOLãQêFK D þDVWR QHVOXþLWHO QêFK Qi]RU$ 5R]XPtPH WHG\ GQHV GREHSRMPXVNXWHþQpWROHUDQFH" 08'UâWSiQ5XFNL&6F 5HGDNþQNUiFHQRSOQêWH[WO]HQDMtW QDLQWHUQHWXQHERQDSRåiGiQt]DãOH PH]iMHPF$PVWUiQNRYRXEURåXUNX NGHMHSOQêWH[WSHGQiãN\ À!#' +UDFtDXWRPDW\MVRXMDNRELEOH.Då GêYQLFKQDMGHFRQDMtWFKFH$SRWH EXMH 2GUHDJRYiQt SR FHORGHQQtFK RE FKRGQtFK MHGQiQtFK UR]SWêOHQt ] ~PRU Q QXGQpKR Y\VHGiYiQt Y NDQFHOiL D SHGHYãtP]DSRPQQt=DSRPQQtåH VHPLYåLYRWQFRQHSRYHGORåHMVHP GRVWDO SWNX YH ãNROH ]WUDWLO SUiFL XWH NOD PL åHQD ]ND]LO\ VH GWL =DSRPQQt QD YHãNHUp åLYRWQt WUDEOH D VRXåHQt 7\ VYtWtFt D EOLNDMtFt SRWY$UN\ ,! $"¡^ GRNiåtRGVWUDQLWYãHFKQ\EDULpU\SRVWD Yt QD URYH G$FKRGFH VH ãNROiNHP QH]DPVWQDQpKR V ~VSãQêP SRGQLND WHOHP6WRMtSDNYHGOHVHEHERNSRER NX D V SODQRXFtPD RþLPD VWUNDMt QHUYR ]LWRX ]SRFHQêPL SUVW\ GR QHQDV\WQêFK ~WURE KUDFtFK DXWRPDW$ GDOãt D GDOãt PLQFH'RNXGQHGRMGRX3DNVH]DþQRX VKiQW SR GDOãt GiYFH -DNR QDUNRPDQ SR GUR]H +UDFt DXWRPDW\ WRWLå VQHVRX SRGOHSV\FKRORJ$YNRQHþQêFKVWDYHFK RWURFNp ]iYLVORVWL VURYQiQt V KHURLQHP þL /6' , NRQFH PRKRX EêW Y PQRKpP SRGREQp+UDQtVWHMQMDNRYãHFKQ\ RVWDWQt GURJ\ Pi Y VRE Y SUYQt Ii]L FRVL SLWDåOLYpKR YDURYDO Xå SHG UR NHP08'U-Lt3OHVO]SUDåVNpKR6WH GLVNDGURJRYêFK]iYLVORVWt'URJDPXVt OLGHPQFRSLQiãHWMLQDNE\VHGR]i YLVORVWL QHGRVWiYDOL 9 WRPWR StSDG StMHPQ ãLPUi QHUY\ XGUåXMH þORYND YH VWDYX MDNpKRVL QDSWt DNWLYLW\ D SR GREQ 6WHMQ MDNR X NODVLFNp GURJ\ L Y WRPWR StSDG VH SRVWXSQ ]Y\ãXMH WROHUDQFH þORYN PXVt EUiW VWiOH Y\ããt DY\ããtGiYNXVHVWHMQêPHIHNWHP1HU YRYê V\VWpP VH Y$þL S$VREHQt GURJ\ Y WRPWR StSDG QMDNpKR KUDFtKR PH FKDQLVPX RWXSXMH +Uiþ SRVWXSQ VH ]WUiWRX NRQWURO\ SHFKi]t GR VNXWHþQp ]iYLVORVWL 6URYQDWHOQê ERRP ]iMPX R KUDFt DXWRPDW\ SUê QHSURåLOD åiGQi ]HP EêYDOpKR YêFKRGQtKR EORNX %KHP SUYQtFK GYRX SROLVWRSDGRYêFK OHW ]DSO QLOD HOHNWURQLFNi PRQVWUD QHMHQ VWRYN\ U\FKOH ]L]RYDQêFK KHUHQ DOH L NDåGp YROQp PtVWHþNR Y WLVtFtFK D GHVHWLWLVt FtFK UHVWDXUDFt KRVSRGiFK D KRVS$G NiFK 6HWNiWH VH V QLPL QD NDåGpP NURNX Y 3UD]H VWHMQ MDNR Y ]DSDGOp ãXPDYVNp YHVQLþFH = SRGQLNDYF$ NWHtYVDGLOLQDKUiþVNRXYiãHVHVWDOL SR SiU PVtFtFK PLOLRQiL 1H]DQHGED WHOQpVXP\Y\GOiYDMtLPDMLWHOpSURVWRU NWHt SRåDGXMt ]D SURQiMHP QHFHOêFK GYRXþWYHUHþQtFKPHWU$SRWHEQêFKSUR XPtVWQt MHGQp PDãLQ\ DVWURQRPLFNp VXP\ 9ODVWQtFL VWURM$ MH YãDN RFKRWQ SODWt .DVLþN\ DXWRPDW$ VH QDSOXMt V REGLYXKRGQRX U\FKORVWt +UiþVNi Yi ¡,! $" ãH VL Y\EtUi VYp REWL QH]iYLVOH QD YNX Y]GOiQt þL VSROHþHQVNpP SRVWD YHQt 9êKHUQtDKUDFtDXWRPDW\MVRXREURY VNê NãHIW 3UR YãHFKQ\ 3UR YêUREFH PDMLWHOHDXWRPDW$LKHUHQDYQHSRVOHG Qt DG WDNp SUR PtVWQt ~DG\ NWHUp Y\EtUDMt ]D MHGHQ VWURM SRSODWHN GYDFHW WLVtF NRUXQ URþQ 3OXV GD ] WXþQpKR DYãDNREWtåQSURND]DWHOQpKRStMPXGR VWiWQtSRNODGQ\-HGLQêNGRSURGOiYi DWRYêUD]QMHKUiþ âDQFH REHKUiW QDSURJUDPRYDQê DXWRPDWMVRXWRWLåPL]LYp0DWHPDWLNRYp MH Y\þtVOLOL QD SRXKêFK /LGVNp PRåQRVWL]DQDSURJUDPRYDQêPVWURMHP YLGLWHOQSRNXOKiYDMt .G\å KUiþ Ki]t PLQFL GR DXWRPDWX POE\VLXYGRPLWåH]PDWHPDWLFNpKR KOHGLVNDMHWRWRWpåMDNRE\MLGREURYRO QKRGLOGRNDQiOXWYUGtSURIHVRU0LUR VODY 0DDV ] SUDåVNp 9â( MHGHQ ] QDãLFK þHOQêFK RGERUQtN$ QD WHRULL KHU'HILQLFHKD]DUGQtKU\MHWDNRYiåH MGH YåG\ ]iVDGQ R KUX MHMtå YêVOHGHN QH]iYLVt QD VFKRSQRVWHFK KUiþH 9DãH QDGMHQDYêKUXQDEêYi]PDWHPDWLFNp KR KOHGLVND ]iSRUQêFK KRGQRW WXGtå ] StVQORJLFNpKRSRKOHGXYODVWQQHPi VP\VO KUiW /Hþ KUiþL VH QHFKRYDMt OR JLFN\.G\E\VHFKRYDOLPXVtYãHFK Q\KHUQ\]NUDFKRYDW .YW\ 3R]Q =2' -LVW QHEXGHPH YH YãHP VRXKODVLW V DXWRUHP Y\EUDQpKR þOiQNX DOH Y PQRKpP VH P$åHPH SR XþLW+UDFtDXWRPDW\MDNR%LEOHQHMVRXD QLNG\ QHEXGRX -HQ VQDG YiãH MDNp SURSDGQH KUiþ E\ POD SURYi]HW NHV "DQ\ Y OiVFH N %RåtPX 3tVPX D -HKR RVRE$E\FKRPVLVNU]H'XFKDVYDWp KR Y\SVWRYDOL ~SOQRX ]iYLVORVW QD 3i QX-HåtãL.ULVWXDDQLQDRNDPåLNQHE\OL PLPR-HKRGRVDK ¹TK©nlTÐkknTTÐk B{o{pknkxUh{KÒp/TH¦TBj o{ÐkÖTop/¦Ò{¬l {kxoªtG Â#!  NUiWNêFKG$YRG$SURþ E\NHV"DQpQHPOLVi]HWQHERKUiW 1HGiYQR ]YHHMQQp ~GDMH RILFLiOQt 1iURGQtNRPLVHSURVWXGLXPYOLYXKUiþ VWYt Y 86$ XND]XMt åH SRORYLQX YãHFK SURGDQêFKORV$VNRXStOLGt1HMYtFH SHQ] XWUDWt OLGp NWHt SDWt GR VNXSLQ VQHMQLåãtPLStMP\ 1iVOHGXMtFt SRMHGQiQt MH YêEUHP RGSRYGt NWHUp VKURPiåGLOL VWXGHQWL VHPLQiH /5%6 SL ]NRXPiQt WRKRWR WpPDWX 2Wi]ND .HV"DQ ; MH QMDN ]DDQJD åRYiQYVi]HQtDWYUGtåHQLNGHY%LEOL WR QHQt RGVRX]HQR -DNp DUJXPHQW\ E\VWH SRXåLOL DE\VWH KR SHVYGþLOL RMHKRRP\OX" -HWRSURWLSUYQtPXSLNi]iQt 1HEXGHãPtWMLQpKR%RKDPLPRPQH GRVORYQYPêFKRþtFK +UiþVWYt P$åH EêW FKOHERGiUFHP QD NWHUpKR VH PQR]t ]RXIDOH DYãDN PDU Q VSROpKDMt NG\å MVRX Y SUREOpPHFK QHER QþtP Y\KOHGiYDQêP SUR VLOQp ]iYLVORVWQt SRWãHQt 9 RERX StSDGHFK VHKUiþVWYtVWDYtQD%RåtPtVWR 1LNGR QHP$åH VORXåLW GYPD Si Q$P HNO 3iQ 1HP$åHWH VORXåLW %RKXLPDMHWNX/N -HWRRSDNYtU\Y%RKDSURWRåHVHMHG Qi R YtUX Y QiKRGX FRå MH PRGOiVWYt 1HPiPH EêW ]iYLVOt QD QiKRG DOH QD %RKX -H WR SURWL RVPpPX SLNi]iQt MHGQiVHRMHPQRXIRUPXNUiGHåHSRG YRGHP +Uiþ Yt åH YWãLQD PXVt SUR KUiW DE\ PDOi VNXSLQD PRKOD ]QDWHOQ ]tVNDW 9êVOHGHN MH PRåQê SRX]H SR NXG OLGL SHVYGþtWH R WRP åH MHMLFK ãDQFH QD YêKUX MH PQRKHP YWãt QHå YH VNXWHþQRVWL MH +UDQt WHG\ ]EDYXMH YWãLQX Vi]HMtFtFK MHMLFK SHQ] QD ]i NODGOåL)DNWåHMHKUiþViPSRKOFHQ IDOHãQRXG$YURXQHQtRPOXYRXSURWR åHMHRFKRWHQRNUiVWVYpKRVSROXVi]HMt FtKRYL]WDNp/YD0N -HWRSURWLGHViWpPXSLNi]iQt 1HEXGHã G\FKWLW SR QLþHP FR SDWtWYpPXEOLåQtPX 7RXKD PtW YtFH QHå PiPH OiVND N SHQ]$P ]iYLVW Y$þL GUXKêP åiGRV WLYp VQQt D FKWLYRVW MVRX WPL QHMEå QMãtPL PRWLY\ N KUDQt D MVRX YãHFKQ\ RGVRX]HQ\ WtPWR SLNi]DQtP YL] WDNp /N 7P äG D =LVN MGH QD ~NRU EOLåQtKR D SRGOHWRKRWRSLNi]iQtMHKtãQpRERKD FRYDW VH SURVWHGQLFWYtP ]WUiW\ D QHã WVWtGUXKêFK -H WR SRNXV Y MLVWpP VP\VOX Y]GRURYDW Y\KOiãHQt åH PXVtPH SUR MtGORSUDFRYDW +RVSRGLQ %$K SRVWDYLO þORYND GR ]DKUDG\ Y (GHQX DE\ ML REGOiYDO D VWHåLO*Q %$K WX SLND]XMH SRFWLYRX SUiFL 3R SiGXE\ORWRWRMHãWH[SOLFLWQMLSRWYU]H QRNG\å3iQHNO 9 SRWX VYp WYiH EXGHã MtVW FKOpE *Q =ORGM$P D SRWDåPR L KUiþ$P 3DYHO tNi .GR NUDGO D" Xå QHNUDGH DOH UDGML SLORåtUXFHNSRiGQpSUiFL (IH]VNêP 7DNpSLND]XMH YQRYDWVHVYpSUiFLD]tVNiYDWREåL YXYODVWQtPDUXNDPD7H +UDQt MH Y 3tVPX QHFWQRVWt Y ~SOQpP NRQWUDVWX V FWQRVWt YtU\ YVXYHUpQQtKR%RKD +Uiþ GRXIi Y QiKRGX D ãWVWt QHER VH WDNDOHVSRFKRYi]DWtPFRNHV"DQPi RSUDYGRY YLW Y %RKD MDNR WRKR NGR þLQtYãHFKQ\YFLSRGOHVYRMtY$OHDNGR VO\ãt PRGOLWE\ VYpKR OLGX Y WtVQL 0$åH PH VH PRGOLW N %RKX DE\ SRåHKQDO KUDQt" 6SUiYQ E\FKRP POL tFL %XGHOL 3iQ FKWtW EXGHPH QDåLYX D XGOiPH WR QHE RQR -N 1HPOL E\FKRP GODW QLF FR QHP$åHPH SHG QpVW%RKXYPRGOLWEiFK3DYHOtNi 1HWUDSWH VH åiGQRX VWDURVWt DOH Y NDåGp PRGOLWE D SURVE GNXMWH D SHGNOiGHMWH VYp åiGRVWL %RKX )LOLS 93tVPXQHQtMHGLQêStSDGNG\ E\ E\O QMDNê GUXK KUDQt R SHQt]H QDKOtåHQ MDNR SLMDWHOQi DNWLYLWD YåLYRW%RåtKROLGX ,! $"¡ $þNROLY E\OR KUDQt Y ELEOLFNêFK GR EiFK MHGQRX ] QHMUR]ãtHQMãtFK QHHV Wt DQL MHGQRX VH QH]Gi EêW VSUiYQRX þLQQRVWt1HQtEH]Yê]QDPXåHKUDQtMH YVRXYLVORVWLVNtåHPMHGQtP]HVNXWN$ MHå SRQtåLO\ QDãHKR 6SDVLWHOH -H ]D ]QDPHQiQRåHRMHKRãDW\VHUR]GOLOL ORVHP /N 7HQNUiW VWHMQ MDNR þDVWRLGQHVQHPOLWLWROLGpåiGQêVWXG DQL KOXEãt SRFLW\ +UDQt SUR ]LVN þLQt P\VO VREHFNRX D QHFLWOLYRX N RVWDWQtP -DN VH P$åH NHV"DQ RGGiYDW þLQQRVWL NWHUi MH Y 1RYpP ]iNRQ ]DVWRXSHQD SRX]HMDNRXUiåND.ULVWD" -H WR SURWL NHV"DQRY SRYLQ QRVWL EêW VSRNRMHQ SURWRåH MH QiP HþHQR EXWH VSRNRMHQL V WtP FR PiWH YåG\" %$K HNO QLNG\ W QHRSXVWtP DQLNG\VHWQH]HNQXäG 0iPH WDNp QDSRGRERYDW 3DYOD NWHUê HNO 1DXþLO MVHP VH EêW VSRNRMHQ V WtP FR PiP 9ãH PRKX Y .ULVWX NWHUê PLGiYiVtOX)S =ERåQRVW NWHUi VH VSRNRMt V WtP FR Pi MH Xå VDPD YHONp ERKDWVWYt 7P -DN P$åHPH U$VW YH VSRNRMHQRVWL D RFHQQt .ULVWD NG\å VH ]iURYH SR EORX]QQL XFK\OXMHPH N OiNDGOX ]ER KDWQXWtKURX" -H WR SURWL SRYLQQRVWL SHþOLY D YUQ RSDWURYDW SHQt]H SHG %R KHP-VPHWRWLåYãLFKQLVSUiYFLD6ORYR %RåttNi 2G VSUiYF$ VH Y\åDGXMH DE\ E\OL YUQt. -H WR RþLYLGQê PDWHPDWLFNê IDNW åH QDSURVWiYWãLQDYHONêFKLPDOêFKKUiþ$ PXVt SURKUiW MDN MLQDN E\ WD YtW]Qi KUVWND PRKOD WROLN ]tVNDW" -H REURYVN\ SUDYGSRGREQp åH YVD]HQp SHQt]H Xå QLNG\ QHXYLGtWH Y NHV"DQRY StSDG MVRXWRDOH.ULVWRY\SHQt]HQLNROLYMHKR 9Vi]tPHQFRFRMH%Råt +UDQt MH SRUXãHQtP YUQpKR VSUiY FRYVWYt XUiåNRX %RKD MHPXå SHQt]H SDWtD]S$VREHPMDN]EDYLWQDãLURGL QXD%RåtGtORSRGSRU\NWHUiMHSRWHE Qi ¡W,! $" -HWRSURWLQRYR]iNRQQtPXSUD YLGOX VSUiYQpKR FKRYiQt NHV"DQD MDNMHSRSViQRY. 1H YãHFKQR SURVStYi QHER MH Yê KRGQp +UDQt Y MDNpNROLY IRUP XUþLW QLNRPX QHSURVSMH Y REODVWHFK MDNR MH ]ERå QRVWVtODFKDUDNWHUXStSUDYDSURåLYRW QHERNHV"DQVNRXVOXåEX-HWRQDRSDN SUR QDSURVWRX YWãLQX OLGt QiNODGQp SRKOFXMHWRþDVDRVODEXMH -HWRSURWLSUDYLGOXQDGYOiG\ D ]iYLVORVWL Y QDãLFK åLYRWHFK MDN P$åHPHþtVWY. 1LþtPVHQHGiP]RWURþLW +UiþVWYt SLYiGt W\ NWHt VH QD QP SRGtOHMtSRGVYRXPRFSLþHPåQXWNiQt KUiWMHþDVWRWDNVLOQpåHPXOLGpQHPR KRX RGRODW 0QR]t KUDMt SUR Y]UXãHQt DQDSWtQHMLVWRW\7RXåtSRULVNXDSRFL WX VRXWåHQt V RVWDWQtPL -LQt SRWRP SURSDGDMt DWPRVIpH MLPL ]YROHQpKR SURVWHGNX KUDQt D" Xå MH WR VYW DPH ULFNpKR IRWEDOX GRVWLKRYp ]iYRGLãW QHER ]iYRG\ SV$ 0QRKR KUiþ$ SRGOp KiPDUQpQDGMLåHMLPStSDGQiYêKUD Y\Hãt YãHFKQ\ SUREOpP\ D WR MH åHQH GRSHGX +UDQt Pi YHONRX VtOX D MH VQDGQp PX SRGOHKQRXW SURWR MH NHV "DQ$P]DSRY]HQR -H WR SURWL %RåtPX SLNi]iQt GDQpPXVNU]HDSRãWROD3DYOD &RNROLYGOiWHGOHMWHNHVOiY%Råt . +UiþVWYtVHWDNpY]StUiQDt]HQt 9ãHFKQRFRNROLYPOXYtWHQHERGOi WHþLWHYHMPpQX3iQD-HåtãH.ULVWD DVNU]HQKRGNXMWH%RKX2WFL.R -DN P$åH NHV"DQ KUiW NH VOiY %Råt NG\å GRXIi åH PX QiKRGD XPRåQt RN UiVWRVWDWQtD]QHXåtYi%RKHPVYHQp SURVWHGN\" -DN WR P$åH VORXåLW %RKX NVOiYNG\åVHWDNþLQtVSROXVQHYt FtPL"-DNP$åHEêW%$KRVODYHQDNWLYL WRX NWHUi WROLND OLGHP ]S$VREXMH QHã WVWt" 0$åHPH FKYiOLW %RKD ]D WR åH KUDQt Y]NYpWi D KRUOLY VH MtP ]DEêYDW NY$OL 1PX" 7R MH KDQHEQi P\ãOHQND XUiåHMtFt %RKD SURWRåH ] QM þLQt NRP SOLFHQDãLFK]OêFKVNXWN$ -HWRSURWL)LOLSVNêPNGHMH XYHGHQ GUXK DNWLYLW NWHUêPL E\ VH PONHV"DQ]DEêYDWDRQLFKåE\PO SHPêãOHW -H WR SUDYGLYp QHER þHVW Qp" +UDQt MH ]DORåHQR QD SRGYRGX D IDOHãQpPRþHNiYiQt-HWRVSUDYHGOLYp" 9åiGQpPStSDGQHER"MGHRQiKRGX -H WR þLVWp" 1H MHOLNRå KUiþ MH KQiQ FKWLYRVWt-HWRVQDGKRGQROiVN\"2SW QH MH WR RGSRUQp D V EROHVWLYêPL G$ VOHGN\ SUR PQRKp 0i WR GREURX SR YVWSRYDåXMHVHWR]DFWQRVWDVNOt]tWR SRFKYDOX" 1LNGR NGR E\ GODO VH]QDP Y]QHãHQêFK D SURVSãQêFK ]Y\NORVWt E\GRQMKUDQtMLVWQH]DKUQXO -H WR NHV"DQ$P ]DNi]iQR %RåtP SRN\QHP SUR -HKR OLG DE\ QHPOQLFVSROHþQpKRVYFPLNWHUp MVRX YH VYp SRGVWDW VYWVNp D ]Op SURWRåH YãHFKQ\ KUiþVNp RUJDQL]DFH MVRX~SOQDYêOXþQWYRHQ\EH]ERåQê PLOLGPL3tVPRtNi $ SURWR Y\MGWH ] MHMLFK VWHGX D RG GOWH VH SUDYt +RVSRGLQ D QLþHKR QHþLVWpKRVHQHGRWêNHMWH . +UiW QD MDNpNROLY ~URYQL ]QDPHQi YVWRXSLW GR ]E\WHþQpKR VYD]NX V QHY tFtPL OLGPL D YOiþHW Y SUDFKX .ULVW$Y SUDSRUDHYDQJHOLXP3DYHOtNi 1HSRGtOHMWHVHQDQHXåLWHþQêFKVNXW FtFK WP\ QDRSDN MH QD]êYHMWH SUD YêPMPpQHP(I -H WR SURWL NHV"DQVNp RWHYH QRVWL D XStPQRVWL .G\å VH QNGR GRVOHFKQH R NHV"DQX NWHUê KUDMH SDN MH WR REY\NOH WDN WURFKX WDMHPVWYt 0i ORNGR VH N WRPX RFKRWQ SL]Qi -H WR MLQêPL VORY\ QHþHVWQê þLQ Y SURWLNODGX N(I ,Y\MVWHNG\VLE\OLWPRXDOHQ\QtYiV 3iQXþLQLOVYWOHP -H WR SURWL NHV"DQRY SRYLQ QRVWL EêW StNODGHP -HOLNRå MH KUDQt Y\VRFH]iYLVORVWQtDQHGREURXDNWLYLWRX Y$EHFMHSURNHV"DQ\YHOPLG$OHåLWpVH YãHFKMHKRIRUHPY\YDURYDW1HFKWMPH EêWNY$OLVYpOKRVWHMQRVWL]RGSRYGQL]D WR åH MLQt XSDGOL GR OpþN\ . D 6:25'752:(/ !#$,#* À#$ ! -'# NSUYQtPXYêURþtY\KOiãHQt 'HNODUDFHSUiYSRþDWpKRGtWWH 'RF08'U3HWU+DFK&VF 0iPOL KRYRLW R SRþiWNX OLGVNpKR åLYRWD Y VRXþDVQpP VWDYX SR]QiQt YELRORJLLPXVtPVH]PtQLWRQNWHUêFK ]iVDGQtFK ]PQiFK NWHUp VH RGHKUiO\ Y FKiSiQt D YêNODGX QNWHUêFK WUDGLþ QtFKSRMP$NWHUpStPRVRXYLVtVSHG PWHPPpKRVGOHQt %LRORJLH MDNR YGD R åLYRW D R åL YêFK RUJDQLVPHFK SURãOD MDNR PQRKR GDOãtFKRERU$YGHFNpKREiGiQtY OHWHFK VNXWHþQ UHYROXþQtP YêYRMHP -DNR MHGHQ ] PiOD RERU$ Pi DOH MDVQR RWRPNG\QDVWDODQHMSRGVWDWQMãt]P QDNWHUiSRVWDYLODYê]NXPLYêNODGSR ]QDQêFK MHY$ QD SULQFLSLiOQ QRYp ]i NODG\ 2 ELRORJLL D MHMtP GDOãtP YêYRML UR]KRGO\GYDUR]VDKHPVNURPQpþOiQN\ XYHHMQQp Y SUHVWLåQtP EULWVNpP Y GHFNpPþDVRSLVX1DWXUHYNYWQX GYRMLFt DXWRU$ -DPHV 'HZH\ :DWVRQ D )UDQFLV &ULFN 9 WFKWR þOiQFtFK E\OD Y\VYWOHQD VWUXNWXUD PROHNXO QXNOHR YêFK N\VHOLQ ]iVDG\ MHMLFK UHSOLNDFH D QDVWtQQD~ORKDNWHURXKUDMtYSHQRVX GGLþQpLQIRUPDFH 2G WRKRWR SHYUDWQpKR RNDPåLNX VH ]DþDODSViWQRYiNDSLWRODELRORJLHNWH UiMLåQHQtRGNi]iQDQDSRXKpRGKDGR YiQtXUþLWêFKVNXWHþQRVWtSRGOHYQMãtFK GHWDLO$ DOH NWHUi P$åH Y\NOiGDW MHY\ D VNXWHþQRVWL SRGOH MHMLFK VNXWHþQp SRGVWDW\ 7DN VH PQt L YêNODG QNWH UêFKEåQSRXåtYDQêFKSRMP$MDNRMH GUXKLQGLYLGXXPDSRG ýORYN MDNR VRXþiVW åLYp StURG\ E\O SRSLVRYiQMDNRVXEMHNWVOLGVNêPLU\V\ DYHOLFHPQRKR~VLOtE\ORY\QDORåHQRQD WRDE\SRSLVWFKWROLGVNêFKU\V$E\OFR QHMYêVWLåQMãt 9\åDGRYDOR WR WVQRX VSROXSUiFL SV\FKRORJ$ ILORVRI$ LGHROR J$ L WHRORJ$ DOH Xå PpQ ELRORJ$ NGH SULP KUiOL KODYQ DQWURSRORJRYp SURWR åHKODYQtP]iMPHPE\ODGHILQLFHþORY ,! $"¡y ND VWRMtFtKR PLPR RVWDWQt StVOXãQtN\ åLYp StURG\ 3RNXG E\OR PRåQp SRXåtW QMDNpVURYQiQtVRVWDWQtPLRUJDQLVP\ SDNVHSR]RUQRVWXStQDODNHVWUXNWXHD WURFKXLNIXQNþQtPYODVWQRVWHPOLGVNp KRRUJDQLVPXNWHUêPVHDOHQHSLSLVR YDO ]iVDGQt Yê]QDP SL UR]KRGRYiQt ROLGVNêFKU\VHFK6SROXVWtPMDN]UiOR SR]QiQtSHVXQXORVHWåLãWFKDUDNWH ULVWLN\þORYNDNELRORJLLDGQHVELRORJLH FKDUDNWHUL]XMH þORYND MDNR åLYê RUJD QLVPXV MHKR JHQHWLFNRX YêEDYRX FKD UDNWHUL]RYDWHOQRX SRþWHP D NYDOLWDPL FKURPRVRP$REVDåHQêFKYMiGHNDåGp MHKREXN\9ODVWQRVWLGtYHUR]KRGXMtFt NWHUpMVRXYêVOHGNHPXSODWQQtJHQHWLF NpLQIRUPDFHYRVREQtPYêYRMLMHPRå Qp SRYDåRYDW ]D QHSRGVWDWQp SURWRåH MVRXRGYR]HQpRGWFKKODYQtFK 3RGOHWpWRGHILQLFHMHþORYNFKDUDN WHUL]RYiQ SiU\ FKURPRVRP$ SiUR YêFKDGYPDFKURPRVRP\SRKODYQtPL MHMLFKå NRPELQDFH XUþXMH SRKODYt NDåGpKRMHGLQFH&KURPRVRP\MHPRå QpVLSHGVWDYLWVUL]LNHPSO\QRXFtP] NDåGpKR SLSRGREQQt MDNR MDNpVL VORXSFH QHER HW]FH PROHNXO QXNOHR YêFK N\VHOLQ XVSRiGDQêFK SRGOH XUþL WêFK YQLWQtFK ]iNRQLWRVWt GR W]Y JHQ$ 6RXERU JHQ$ SDN WYRt W]Y JHQHWLFNê NyGþORYND -HOL FKDUDNWHUL]RYiQ þORYN MDNR RUJDQLVPXV V XUþLWRX W\SLFNRX VWUXNWX URXPROHNXOQXNOHRYêFKN\VHOLQXVSRi GDQêFKYFKURPRVRPHFKMDNMHPRåQp FKDUDNWHUL]RYDW OLGVNRX LQGLYLGXDOLWX" , SURWHQWRQHVQDGQê~NROQDEt]tSRGNOD G\ PRGHUQt ELRORJLH 6H YãHPL UL]LN\ ]MHGQRGXãHQt P$åHPH FKiSDW FKURPR VRP\ MDNR ã$UX QDYOHþHQêFK NRUiON$ NWHUp PDMt GHILQRYDQRX VWUXNWXUX YHOL NRVW D WYDU DOH PRKRX VH OLãLW QDS EDUYRX QHER SHVWURVWt Y]RUNX QD SRYU FKX 3URWRåH NDåGê L QHMMHPQMãt UR]GtO Pi RGH]YX Y RUJDQLVPX MVRX W\WR GH WDLOQt RGFK\ON\ ]GURMHP YDULDELOLW\ MHG QRWOLYêFKMHGLQF$SL]DFKRYiQtGUXKRYp MHGQRW\ .DåGê ] QiV Pi VYRX YODVWQt NRPELQDFL NWHUi VH Y FHONRYpP VWDYX SURMHYXMH LQGLYLGXiOQtPL YODVWQRVWPL SRþtQDMH SRYUFKRYêPL YODVWQRVWPL EX ,! $" QþQp PHPEUiQ\ DQWLJHQQt VWUXNWXU\ WNiQt QHER LQGLYLGXiOQtPL RGFK\ONDPL Y PHWDEROLVPX U$]QêFK OiWHN D NRQþH WOHVQêP UR]YRMHP D SV\FKLFNêPL D RVREQRVWQtPL YORKDPL 7DWR PR]DLND FKDUDNWHUL]XMtFt NDåGp LQGLYLGXXP Y]QL Ni SL W]Y UHGXNþQtP GOHQt NG\ VH SiURYp FKURPRVRP\ RNROR VHEH REWi þHMtDY\PXMtVLVYp~VHN\QDNDåGp ã$HNRUiON$WDNY]QLNiMLQêQHRSDNR YDWHOQê Y]RUHN ]DMLã"XMtFt LQGLYLGXDOLWX MHGLQFH7RMHSRVtOHQRWtPåHSLYêYRML Dt]HQtåLYRWQtFKSURFHV$QHMVRX]DSR MHQ\ YãHFKQ\ FKURPRVRP\ VWHMQp DOH YWãLQRX MHQ MHGHQ ] SiUX DOH GRGQHV QHYtPH NWHUê D SURþ ýWH VL WHG\ RUJD QLVPXVVYRXtGtFtLQIRUPDFLWX]RWFRY VNpKR FKURPRVRPX WX ] PDWþLQD D WtPVHMHQ]Y\ãXMHPRåQRVWNRPELQDFtD ]DMLã"XMH QHRSDNRYDWHOQRVW NDåGpKR MHGLQFH-HWHG\OLGVNêMHGLQHFFKDUDNWH UL]RYiQ MDNR þORYN VYRX REHFQRX JH QHWLFNRX YêEDYRX D MDNR LQGLYLGXXP GHWDLOQtP Y\EDYHQtP PROHNXODPL QX NOHRYêFK N\VHOLQ D Y\XåtYDMtFtP FHOp YDULDþQt ãtH MHMLFK RGFK\OHN SURS$MþXMt FtFK MHGLQF$P MHMLFK LQGLYLGXiOQt YODVW QRVWL 9\FKi]HMH ] WFKWR VNXWHþQRVWt PR KX NRQHþQ SLVWRXSLW N ]RGSRY]HQt RWi]HN NWHUp REVDKXMH WLWXO PpKR VG OHQt .G\]DþtQiåLYRWQRYpOLGVNpE\WRVWL" .DåGê RUJDQLVPXV OLGVNê QHY\MtPDMH Pi VY$M SRþiWHN WHKG\ NG\ Y]QLNQH ]iNODG NWHUê REVDKXMH YHãNHUp SRWHE Qp LQIRUPDFH SUR SU$EK YãHFK åLYRW QtFKIXQNFtLSURGHWDLOQtt]HQtMHGQRWOL YêFK YêYRMRYêFK SRVWXS$ SRWHEQêFK SURYêYRMDåLYRWQtEKGDQpKRRUJDQLV PX 7\WR LQIRUPDFH GRVWiYi NDåGê RU JDQLVPXVYSOQRVWLNWHUiQHQtYSLUR]H QpP EKX XGiORVWt QLNG\ GRSOQQD QH ER REPQQD Y RNDPåLNX VSRMHQt R ERXSRKODYQtFKEXQNWHG\SLRSOR]HQt QHEROLSRþHWt7tPWRRNDPåLNHPSRþtQi XVSRiGDQê D GHWDLOQ t]HQê SURFHV þWHQt JHQHWLFNp LQIRUPDFH YHGRXFt N YêYRML QRYpKR MHGLQFH GUXKX +RPR VD SLHQV VDSLHQV ,QGLYLGXiOQt YODVWQRVWL GDQp QHRSDNRYDWHOQRX PR]DLNRX Y GHWDLOHFK VH OLãtFtFK PROHNXO QXNOHR YêFKN\VHOLQVNOiGDMtFtFKFHONRYêREUD] JHQHWLFNp LQIRUPDFH Y]QLNDMt YH VWHM QpPRNDPåLNX&KDUDNWHUL]XMHLQGLYLGX iOQt YODVWQRVWL WDNWR Y]QLNOpKR MHGLQFH MDN SR VWUiQFH VWUXNWXUiOQt D IXQNþQt WDN SR VWUiQFH QDGiQt D RVREQRVWQtFK YODVWQRVWt 3URPQHMDNRSURELRORJDQHQtPRå Qp VRXKODVLW V WtP åH E\ RSOR]HQp YD MtþNR QHPOR OLGVNp U\V\ QHER QHE\OR PRåQpMHFKiSDWMDNROLGVNpLQGLYLGXXP SURWRåHPiMDNMVHPXYHGORGRNDP åLNX RSOR]HQt YãHFKQ\ FKDUDNWHULVWLN\ GRVSOpKRMHGLQFHLNG\åMHQYSRGRE MDNpVL SRWHQFH QHER XUþLWpKR SHGSR NODGX -GH MHQ R WR GRVWDQHOL ãDQFL DE\VYpYORK\PRKORYSOQRVWLY\XåtW 2EåQtN+QXWt3URåLYRW $  2Wi]ND-DNVHFtUNHYGtYiQDXPOp RSORGQQtW]YDVLVWRYDQRXUHSURGXNFL" &KWO E\FK ]DþtW FLWiWHP ] NQLK\ 5L FKDUGD :XUPEUDQGD 9tW]Qi YtUD &tUNHY Pi VRXVWDYX SUDYLGHO DOH WD QHMVRX XUþXMtFt YH YãHFK StSDGHFK 0QRKRNUiW Y KLVWRULL E\OD SR]PQQD .URP KODYQtFK ]iVDG FKRYiQt SRQH FKiYi FtUNHY UR]KRGRYiQt Y WYpP NHV "DQVNpP åLYRW WYpPX VORYHP %RåtP RVYtFHQpPXVYGRPt'XFKRYQtY$GFR Yp NWHt SURKODãXMt åH ]QDMt RGSRY QDNDåGêLQGLYLGXiOQtStSDGYHVNXWHþ QRVWL GRND]XMt åH MVRX XþLWHOp IDOHãQt 3UDYê XþLWHO tNi R PQRKD YFHFK 1H YtPV $NWXiOQRVW :XUPEUDQGRYD YêURNX MVHP YQtPDO SL StSUDY WpWR ~YDK\ 1LFPpQVHSRNXVtPVSRXåLWtPPQRKD SUDPHQ$SUREOHPDWLNXDOHVSRQDVWtQLW &KFHPHOL SRFKRSLW SUREOHPDWLNX XPOpKR RSORGQQt PXVtPH ]DEURXVLW GR RGERUQêFK SRMP$ 3L XPOpP R SORGQQtSLFKi]HMtY~YDKXW\WR~NRQ\ O LQVHPLQDFH WHG\ RSORGQQt YDMHþ QpEXN\YWOHPDWN\DWR DEXPDQåHORYRXVSHUPLtQHER EFL]tGDURYDQRXVSHUPLt 'QHV EåQ UR]ãtHQp MH L XPOp RSORGQQtYDMtþNDVSHUPLtYH]NXPDYFH LQ YLWUR D YORåHQt HPEU\D GR PDWþLQ\ GORK\=GHUR]OLãXMHPHRSW DRSORGQQtKRPRORJLFNpNG\VSHU PLHLYDMtþNRSDWtPDQåHO$PD E RSORGQQt KHWHURORJLFNp NG\ MH EXVSHUPLHYDMHþQiEXNDQHERRER MtRGDQRQ\PQtFKGiUF$ 3UYQt GtW RSORGQQp WRXWR PHWRGRX VHQDURGLORYURFHYH9HONp%ULWi QLL D RG Wp GRE\ E\OR WDNWR SRþDWR D QDURGLORVHDVLGWt PHWRGD MH QHMSUREOHPDWLþWMãt -H Mt SURS$MþHQt GORK\ N GRQRãHQt GtWWH 2SORGQQpYDMtþNRMHYORåHQRGRGORK\ MLQpåHQ\NWHUiGtWGRQRVtNSRURGX8 QiVQHQtWDWRPHWRGDGRYROHQD 3RNXG QDãH RWi]ND ]Qt MDNp MH VWD QRYLVNR FtUNYH N SUREOpPX XPOpKR RSORGQQtO]HPOXYLWSRX]HRVWDQRYLV NX NDWROLFNp FtUNYH SURWRåH RVWDWQt FtUNYH VH WRXWR SUREOHPDWLNRX DOHVSR X QiV QH]DEêYDO\ .RQJUHJDFH SUR QDXNX YtU\ YH VYp ,QVWUXNFL R ~FW N SRþtQDMtFtPX OLGVNpPX åLYRWX D G$V WRMQRVWLUR]PQRåRYiQt]OEH]QD RGVRXGLOD YãHFKQ\ WHFKQLN\ XPOpKR RSORGQQt NWHUp QDKUD]XMt PDQåHOVNp VSRMHQt ]YOiãW RSORGQQt YH ]NXPDY FH 1DSURWL WRPX YUQD VYp WUDGLþQt QDXFH R PDQåHOVWYt ]G$UD]QLOD åH SUR ]SOR]HQt QRYpKR OLGVNpKR åLYRWD MH PDQåHOVNê DNW QH]E\WQê D ]$VWDQH QH QDKUDGLWHOQê -VRX YãDN PRUiOQt WHROR JRYpNWHtXPOpRSORGQQtXPDQåHO$ VFKYDOXMt 1HMQRYML Y\MiGLOD VRXKODV VXPOêPRSORGQQtPLQYLWURQPHFNi ELVNXSVNiNRQIHUHQFH 1NGR QDPtWQH åH WR MH XþHQt FtUNYH ]DWtPFR SUR NHV"DQD MH ]iYD] Qp SRX]H WR FR Xþt %LEOH -DN Xå DOH E\ORHþHQR%LEOHNSUREOHPDWLFHXP OpKR RSORGQQt QHtNi DQL VORYR /]H WHG\MHQGHGXNRYDW %LEOH MDVQ tNi åH GWL GiYi %$K 9äDOPXþWHPH +OHV\QRYpMVRXGGLFWYtRG+RVSR GLQDP]GRXRGQKRSORGO$QD ä ,! $" 7DNp Y StE]tFK R EH]GWQêFK PDW NiFKYLGtPHMDVQåHNG\åVHMLPSR] GML GtW QDURGLOR GDO MLP MH %$K D" Xå VHMHGQiR6iUXþLR&KDQX9tFHYãDN tNDWQHO]H 8åWRFRMVPHHNOLY\YROiYiQNWH Up RWi]N\ 0$åH VL WHG\ NHV"DQ GRYROLW SRXåtYDW DQWLNRQFHSFL NG\å GtW GiYi %$K"1H]DVDKXMHWDNGR%RåtKRMHGQi Qt" 0$åH Y StSDG QHSORGQRVWL ]DVD KRYDW GR %RåtKR MHGQiQt OLGVNêPL SR P$FNDPL QDS RSORGQQtP YH ]NX PDYFH" .G\å MVHP Y F\NOX 2WD]QtN\ POXYLORDQWLNRQFHSFLHNOMVHPåH%$K QiP XPRåXMH GR XUþLWp PtU\ UR]KRGR YDWRWRPNG\DNROLNGWtEXGHPHPtW 3URWR QiP RGKDOLO PHFKDQLVPXV SRþHWt DGRYROXMHGRQM]DVDKRYDW6DPR]HM PåHWRPiVYpKUDQLFH 1FR SRGREQpKR E\FKRP PRKOL tFL RXPOpPRSORGQQt,]GH%$KþORYNX OHFFRV GRYROLO RGKDOLW D GR OHFþHKR ]D VDKRYDW3HVWRSRYDåXMLWXWRSUREOHPD WLNX ]D ]iYDåQMãt QHER" QHSORGQRVW KUDMH Y PQRKD ELEOLFNêFK StE]tFK G$ OHåLWRX UROL 9 MLå ]PtQQêFK StSDGHFK WR E\O ]S$VRE NWHUêP %$K FKWO VYêP OLGHP QFR tFL 6iUD GRVWDOD GtW YH FKYtOL NG\ E\OR MDVQp åH VH MHGQi R ]i]UDN D WR SURWR DE\ WRWR SRþHWt E\OR EUiQR MDNR ]QDPHQt D MDNR SURMHY %Råt PLORVWL 6WHMQ WDN &KDQD GRVWDOD GtWYHFKYtOLNG\E\ORMDVQpåHVHQH MHGQi R QRUPiOQt SRþHWt DOH R ]i]UDN %$K WDN SLSUDYLO 6DPXHORY\ URGLþH QD WRåHGtWEXGHRGPODGRVWLMHKRY\YR OHQRXQiGRERX3HGVWDYPHVLåHE\Y GRE $EUDKDPRY þL 6DPXHORY ]QDOL OpNDL PHWRG\ XPOpKR RSORGQQt D åH E\VHQHSORGQpåHQ\REUiWLO\RSRPRFN OpND$P PtVWR N +RVSRGLQX -DN E\ WR YãHDVLSUREtKDOR" 'RYROtP VL WHG\ XGODW YHOPL RSDWU Q D V Ei]Qt MHGHQ GtOþt ]iYU SRNXG Y PDQåHOVWYt QHSLFKi]t GtW QHO]H WR EUiW WDN åH VH SURVW SRX]H QFR SR URXFKDOR D MH WHED WR QMDN VSUDYLW %H]GWQRVW P$åH EêW WRWLå ]S$VRE MD NêP %$K VH VYêPL GWPL MHGQi &KWM PH WHQWR %Råt KODV YQtPDW VO\ãHW ¡,! $" D SRNXVPH VH PX UR]XPW 9åG\" VH P$åH MHGQDW R QFR YHOPL G$OHåLWpKR FR QXWQ SRWHEXMHPH YH VYpP åLYRW SR]QDW3RNXGWHQWR%RåtKODVSHVOHFK QHPHP$åHPHVHGRVWDWLGRYiåQêFK SUREOpP$ 1NG\ VH VWDQH D ]QiP WDNRYpStSDG\åHVLEH]GWQtPDQåHOp DGRSWXMtGtWDURGLQDVHUR]SDGQH 7LOLGpQHE\OLSURURGLþRYVWYtYKRGQt -LQG\ %$K QHGi GtW PDQåHO$P SURWR DE\MHRGGOLOSUR~NRO\YFtUNYL3URWRVL P\VOtP åH E\ NHV"DQ QHSORGQRVW QHPO QLNG\ EUiW MDNR RWi]NX þLVW PHGLFtQVNRXNWHUiVHGiQMDNREHMtW -HYHOPL]DMtPDYp]MLVWLWSURþNDWROLþ Wt FtUNHYQt SHGVWDYLWHOp WDN MHGQR]QDþ Q XPOp RSORGQQt RGPtWDMt &HONHP VRXKODVtP V WtP åH RSORGQQt FL]tP VSHUPDWHP þL XPtVWQt RSORGQQpKR YDMtþND GR GORK\ MLQp åHQ\ NWHUi MH GRQRVtDSRURGtGtWSURQNRKRMLQpKR MH QHQRUPiOQt -GH ]GH KODYQ R GtW RMHKRSUiYRQDURGLWVH]RWFHDPDWN\ NWHUp ]Qi D NWHt MVRX VSRMHQL PDQåHO VWYtP &R DOH RSORGQQt EXNDPL PDQåHO VNpKR SDUWQHUD" -DVQ QHPRUiOQt MVRX StSDG\ NG\ VH YH ]NXPDYFH RSORGQt YtFH YDMtþHN D GY QHER WL ] QLFK VH LPSODQWXMt2SORGQLWYDMtþHNSRX]HWROLN NROLNGWtVLURGLþHSHMtMHVLFHWHFKQLF N\PRåQpDOHILQDQþQQiURþQp$SUR WRåHYDMtþNRVHYWOHPDWN\MHQPiORN G\XFK\WtRSORGXMHVHYDMtþHNYtFHDWD ]E\Oi SHE\WHþQi VH ]QLþt =GH VH ]D EtMtOLGãWtMHGLQFL 3RMPHDOHGiOH1HP\VOtPVLåHE\ E\O QMDNê SUREOpP V WtP åH GtW QHQt SRþDWR SLUR]HQ SRKODYQtP VW\NHP 1HVRXKODVtP DQL V DUJXPHQWHP åH ]iVDKHPWHWtRVRE\GRDNWXSOR]HQtVH ]DYiGt YOiGD WHFKQLN\ QDG S$YRGHP D XUþHQtP OLGVNp RVRE\ MDN SUDYt NDWH FKLVPXV &R P DOH ]DXMDOR MH DUJX PHQWNWHUêNDWROLFNêNDWHFKLVPXVXYiGt YþOiQNX'tWQHQtQFRFRVH URGLþ$P GOXåt DOH MH WR GDU 1HMYWãtP GDUHPPDQåHOVWYtMHOLGVNiRVRED'tW QHP$åH EêW SRYDåRYiQR ]D SHGPW YODVWQLFWYt ]D QFR N þHPX E\ YHGOR X]QiQt GRPQOpKR SUiYD QD GtW 9WpWRREODVWLPiSRX]HGtWRSUDYGRYi SUiYD SUiYR EêW SORGHP ]YOiãWQtKR ~NRQX PDQåHOVNp OiVN\ VYêFK URGLþ$ D WDNpSUiYREêWUHVSHNWRYiQRMDNRRVRED RGFKYtOHVYpKRSRþHWt =GiVHPLåH]GHNDWROLFNêNDWHFKLV PXV XKRGLO KHEtþHN QD KODYLþNX 'tW MH VNXWHþQ GDU 'iUFHP MH %$K -VRX XUþLWp KUDQLFH NWHUp E\FKRP POL UH VSHNWRYDW .XG\ W\ KUDQLFH YHGRX E\ PO SHþOLY ]NRXPDW NDåGê ViP DOH LYHVSROHþHQVWYtVRVWDWQtPLYtFtPL 0iP SiWHOH PDQåHOH NWHt MVRX QHSORGQt 0Xå Pi SRãNR]HQi YDUODWD WDNåH YH VSHUPDWX MH MHQ YHOLFH PiOR åLYêFKVSHUPLt.G\åMVHPVQtPPOXYLO HNO PL åH SRGOH OpND$ MH WHRUHWLFN\ PRåQp DE\ SUiY WD åLYi VSHUPLH GR SXWRYDOD N YDMtþNX D RSORGQLOD KR 2Y ãHP WR E\ VH SUê PXVHO VWiW ]i]UDN $ ]D WHQ VH PRML SiWHOp PRGOt 3RNXG %$K EXGH FKWtW GtW VH QDURGt 3RNXG QH MVRX SLSUDYHQL QpVW EtP QHSORG QRVWLDKOHGDWMHKRVP\VOYHVYpPPDQ åHOVWYt =QiP YãDN L MLQRX NHV"DQVNRX URGLQXNWHUiPODEêWSRGOHOpND$EH] GWQi'QHVPDMtSWGWt 1LFPpQ E\FK DVL QH]DWåRYDO VY GRPtWFKNWHtE\VHSURXPOpRSORG QQt UR]KRGOL QMDNêPL MHGQR]QDþQêPL VRXG\ Y WRP VP\VOX åH VH MHGQi RKtFK'RSRUXþLOE\FKMLPYãDNDE\VL FHORX YF GREH UR]P\VOHOL $ N WRPX DE\ R RWi]FH XPOpKR RSORGQQt PO þORYNGRVWLQIRUPDFtVORXåtLGYNQtå N\ NWHUp E\O\ Y\GiQ\ NHV"DQVNêPL Y\GDYDWHOVWYtPL3UYQtVHMPHQXMH.G\å GtWQHSLFKi]tQDSVDODML-DQD)HQFOR Yi D Y\GDOR ML 3DVWRUDþQt VWHGLVNR SL $UFLELVNXSVWYt SUDåVNpP .ROHMQt 3UDKD 'UXKi VH MPHQXMH 1D KUDQL FtFKHWLFNp~QRVQRVWLVSRGWLWXOHP(WLF Np ~YDK\ R 3UREOHPDWLFH UHSURGXNþQt PHGLFtQ\ D JHQRYp WHFKQRORJLH MHMtP DXWRUHP MH .DUL+HLQ] .LHEHU D Y URFH ML Y\GDOR Y\GDYDWHOVWYt 6Ë! +OiG NRY3UDKD 3HWU9DXUD #' OLGVNêFKNPHQRYêFK HPEU\RQiOQtFKEXQN NSUYQtPXYêURþtY\KOiãHQt'HNODUDFH SUiYSRþDWpKRGtWWH 3URI08'U-RVHI6\ND'U6F 9 SRVOHGQt GRE VH GR QHEêYDOH YHONêFKUR]PU$UR]SURXGLODGLVNXVHQD VWUiQNiFK VYWRYpKR WLVNX D WR QHMHQ RGERUQpKRRHWLFNêFKSUREOpPHFKVSR MHQêFKVNORQRYiQtPDYSRVOHGQtGRE VSHFLILFN\RHWLFNêFKSUREOpPHFKY\XåLWt OLGVNêFK NPHQRYêFK HPEU\RQiOQtFK EXQN 9 þHP VSRþtYi SUREOHPDWLND NORQR YiQt OLGVNêFK HPEU\RQiOQtFK NPHQR YêFK EXQN" 9H YHOPL þDVQp Ii]L HP EU\RQiOQtKRYêYRMHH[LVWXMtQHGLIHUHQFR YDQp NPHQRYp EXN\ MHMLFKå GDOãt Yê YRM MH PRåQp Y ODERUDWRL RYOLYQLW -H PRåQp RYOLYQLW SHPQX WFKWR QHGLIH UHQFRYDQêFKNPHQRYêFKEXQNYHVSH FLILFNpEXN\QHUYRYpNUHYQtVYDORYpD GDOãt D WtP Y\WYRLW WNiRYRX NXOWXUX NWHURX E\FKRP PRKOL SRXåtW SUR OpþEX QHPRFQêFK1DEt]tVHStNODGSDUNLQVR QLVPX NWHUê MH Y SRVOHGQtFK OHWHFK Op þHQ Y QNWHUêFK VWiWHFK WUDQVSODQWDFt HPEU\RQiOQt QHUYRYp WNiQ GR PR]NX SDFLHQW$ WUStFtFK WRXWR FKRURERX 7Ni MH Y WRPWR StSDG ]tVNiQD ] SRWUDFH QêFKHPEU\tYUHODWLYQSR]GQtPVWDGLX HPEU\RQiOQtKR YêYRMH WR ]QDPHQi DVL Y ãHVWpP Då RVPpP WêGQX . ~VSãQp OpþEMHWHEDQHUYRYpWNiQ]QNROLND HPEU\t DE\ Y]QLNOD WNi VFKRSQi QD KUDGLW GRSDPLQHUJQt QHUYRYp EXN\ NWHUp MVRX Y StSDG SDUNLQVRQLVPX QHIXQNþQt ÒVSãQRVW PHWRG\ YãDN QHQt Y\VRNi 7UDQVSODQWDFH GRSDPL QHUJQtFK QHUYRYêFK EXQN Y\SVWRYD QêFK LQ YLWUR ] HPEU\RQiOQtFK NPHQR YêFK EXQN E\ PRKOD ]HMP SLQpVW PQRKHP OHSãt WHUDSHXWLFNp YêVOHGN\ D Y\OpþLW GQHV PQRKG\ QHY\OpþLWHOQ QH PRFQpKRSDFLHQWD3RGREQO]HRþHNi YDW ~VSãQp Y\XåLWt WHUDSHXWLFNêFK SR VWXS$ ]DORåHQêFK QD NPHQRYêFK HP EU\RQiOQtFKEXNiFKLXMLQêFKRQHPRF QQt QDS DP\RWURILFNp ODWHUiOQt VNOH ,! $" Uy]\ þL GLDEHWX =GH VH YãDN SRK\EXMH PH QD ~URYQL SUDFRYQtFK K\SRWp] QH ER" SRNXV\ VPXMtFt N WDNRYêP FtO$P MVRXQDVDPRWQpP]DþiWNX -DNêMHSULQFLSSURFHVXNORQRYiQt]D ~þHOHP Y\WYRHQt HPEU\RQiOQtFK NPH QRYêFKEXQN".HNORQRYiQtVHSRXåLMH RYRF\W YDMtþNR åHQ\ = YDMtþND VH Y\M PHYODVWQtMiGURDGRGiVHGRQMMiGUR EXN\ þORYND NWHUpKR FKFHPH OpþLW -iGUR P$åH SRFKi]HW QDStNODG ] MHKR NRåQt EXN\ SURWRåH E\OR SURNi]iQR åH SUDNWLFN\ YãHFKQ\ VRPDWLFNp EXN\ PDMt LGHQWLFNi MiGUD D REVDKXMt FHORX JHQHWLFNRX LQIRUPDFL XORåHQRX Y '1$ =iURGHþQi EXND V QRYêP MiGUHP VH GiOHGOtDY\WYRtW]YEODVWRF\VWXNWH Ui VH VNOiGi ] REDOX WURIREODVWX ] QKRå SR]GML Y]QLNi SODFHQWD D ] YQLWQtKR HPEU\REODVWX = HPEU\R EODVWXVH]tVNiYDMtHPEU\RQiOQtNPHQR Yp EXN\ 9 WpWR Ii]L MHãW QHMVRX GLIH UHQFRYDQp SURWR VH QD]êYDMt EXN\ NPHQRYp 3RPRFt GLIHUHQþQtFK IDNWRU$ O]HRYOLYQLWGDOãtYêYRMWpWRQHGLIHUHQFR YDQp NPHQRYp EXN\ 9 SUD[L E\ WR ]QDPHQDORåHE\E\ORPRåQp]NPHQR Yp EXN\ Y\WYRLW MDNRXNROL SRWHEQRX EXQþQRX WNi WHED L WNi VUGHþQtKR VYDOXþLOHGYLQ\ 9SULQFLSXE\E\ORPRåQpY\SVWRYDW FHOp RUJiQ\ LQ YLWUR D WXGtå SHNRQDW SUREOpP\ VSRMHQp V KOHGiQtP GiUF$ OLGVNêFK RUJiQ$ SUR WUDQVSODQWDFH $OH WR MH VNXWHþQ MHãW YHOPL Y]GiOHQi SHUVSHNWLYD Y WpWR FKYtOL QHSRGORåHQi YêVOHGN\ YGHFNpKR EiGiQt 9 EOLåãt EXGRXFQRVWLE\WDNRYêSRVWXSVSRþtYD MtFt Y WUDQVSODQWDFL t]HQ Y\SVWRYD QêFK WNiRYêFK NXOWXU PRKO QDSRPRFL OpþHQtMLå]PtQQp3DUNLQVRQRY\QHPR FLþLFXNURYN\DOHL]iYDåQêFKPtãQtFK Op]t .ORQRYiQtP E\ HPEU\R POR EêW ]EDYHQR S$YRGQt '1$ WtP åH VH YSUYQtIi]LRGVWUDQtMiGUR1RYY]QLNOi EXQþQi WNi E\ POD REVDKRYDW MHQ '1$ MiGUD VRPDWLFNp EXN\ QHPRFQp KR MHGLQFH 7R ]QDPHQi åH E\ VH GR ]QDþQp PtU\ RGVWUDQLO SUREOpP LPXQLW\ RUJDQLVPX QD NWHUê VH GQHV QDUiåt QHMHQSLOpþE DG\FKRUREDOHWDNpSL _,! $" WUDQVSODQWDFtFK OLGVNêFK RUJiQ$ SURWR åH MHMLFK EXN\ SRFKi]HMt RG MLQpKR MHGLQFH 3UR Yê]NXPQp ~þHO\ E\ E\OR PRåQp Y\XåtW Y SUYQt Ii]L VSHUPLt DNWL YRYDQiYDMtþNDW]QHPEU\DNWHUiMVRX GQHV XFKRYiYiQD Y SRPUQ YHONpP SRþWXQDSUDFRYLãWtFKNGHVHSURYiGtLQ YLWURIHUWLOL]DFH 8ND]XMHVHDOHWDNpåHLYGRVSOpP RUJDQLVPX H[LVWXMt NPHQRYp QHGLIHUHQ FRYDQp EXN\ NWHUp O]H SRXåtW SUR SR GREQp ~þHO\ WR ]QDPHQi N Y\WYRHQt EXQþQpOLQLHSUROpþEXQNWHUêFK]DWtP QHY\OpþLWHOQêFK FKRURE .PHQRYêFK EXQNMHPQRKRQDStNODGYNRVWQtGH QL 9HONêP SHNYDSHQtP SUR YGHFNê VYW Y SRVOHGQtFK OHWHFK E\OR ]MLãWQt åHNPHQRYpEXN\H[LVWXMtLYGRVSOpP PR]NX -HãW QHGiYQR SODWLOR WpP MDNRGRJPDåHþORYNVHQDURGtVXUþL WêP SRþWHP QHXURQ$ D W\ åH SRVWXSQ XEêYDMtDXåVHQLNG\QHQDKUD]XMt1\Qt Xå MH MDVQp åH H[LVWXMt PLQLPiOQ GY REODVWLYPR]NXKLSRNDPSXVDþLFKRYê RUJiQSHVQMLHþHQRþLFKRYpQHUYRYp EXN\NGHY]QLNDMtQRYpNPHQRYpEX N\NWHUpVHQHXVWiOHREQRYXMtDWXGtåMH MLFK PRåQp Y\XåtW N Y\WYRHQt EXQþQp OLQLH 7\WR GRVSOp NPHQRYp EXN\ SR VN\WXMt DOWHUQDWLYQt HãHQt SUR OpþEX ]DORåHQRX QD HPEU\RQiOQtFK NPHQR YêFK EXNiFK NWHUi QDUiåt Y þHWQêFK ]HPtFK QD YiåQp HWLFNp SUREOpP\ 3R NXV\ V NORQRYiQtP EXQN GRVSOêFK QHQDUiåt QD RGSRU 2GS$UFL NORQRYiQt QHMVRXDQLSURWLY\XåLWtLVSRQWiQQ SR WUDFHQêFK HPEU\t Y OpNDVNpP Yê]NX PX 3RGOH MHMLFK Qi]RUX WR QHQt ]iVD KHP RPH]XMtFtP VYRERGX þORYND 1H NULWL]XMt DQL SRXåLWt NPHQRYêFK EXQN ]SXSHþQtNRYpWNiQNWHUiMDNX]QiYD Mt VH SL SRURGX VWHMQ ]QLþt 3UREOpP ]DþtQi X SRVWXSX NG\ VH Y\XåLMH S$ YRGQt HPEU\RQ D SHQHVH VH MLQp MiGUR ]HVRPDWLFNpEXN\GREXN\HPEU\DD GiOH VH ]tVNDMt QD]QDþHQêP ]S$VREHP SRWHEQp NPHQRYp EXN\ 7tP GRFKi]t YH VNXWHþQRVWL N OLNYLGDFL HPEU\D -H WHEDVLYãDNXYGRPLWåHYVRXYLVORVWL VDVLVWRYDQRXUHSURGXNFtY]QLNiPQRå VWYtHPEU\t]QLFKåVHY\XåLMHMHQPDOi þiVW $ MH RWi]NRX HWLN\ ]GD Y\XåtW þL QHY\XåtW ]D ~þHOHP Yê]NXPX QDGE\WNX HPEU\tNWHUiMVRXSRGOHSODWQêFK]iNR Q$ XORåHQD QD SUDFRYLãWtFK NGH VH SURYiGt LQ YLWUR IHUWLOL]DFH 3UR PQRKp SHGVWDYLWHOH QiERåHQVNêFK D ILORVRILF NêFK VPU$ VH Y WRPWR StSDG MHGQi R ]DELWt OLGVNp E\WRVWL 9H VNXWHþQRVWL Y PQRKD ]HPtFK Y\VSOpKR ]iSDGQtKR VYWD GQHV OHJLVODWLYD QHXPRåXMH NOR QRYiQt OLGVNêFK HPEU\RQiOQtFK NPHQR YêFK EXQN 1DStNODG YH 6SRMHQêFK VWiWHFK E\O\ WHSUYH Y SRVOHGQt GRE SRYROHQ\SRNXV\VOLGVNêPLNPHQRYêPL HPEU\RQiOQtPL EXNDPL ILQDQFRYDQp ] SURVWHGN$ 1iURGQtKR ~VWDYX ]GUDYt DOH ]D SHGSRNODGX åH VH MLå MHGQi R NPHQRYp HPEU\RQiOQt EXN\ Y\WYRHQp]HVRXNURPêFK]GURM$3RX]H YOiGD 9HONp %ULWiQLH SHGORåLOD Y SR VOHGQt GRE SDUODPHQWX QiYUK DE\ NORQRYiQt OLGVNêFK HPEU\RQiOQtFK EX QN ]D ~þHOHP UR]YLQXWt QRYêFK OpþHE QêFKSURFHV$E\ORSRYROHQR6RXþDVQ YãDN QDYUKOD DE\ SURFHV NORQRYiQt SUREtKDO SRX]H ]D SHGSRNODGX VSOQQt PQRKD StVQêFK SRGPtQHN 3HGSRNOi Gi VH QXWQRVW ]tVNiQt OLFHQFH SUR Yê] NXP HPEU\RQiOQtFK NPHQRYêFK EXQN NWHURX E\ XGORYDO N WRPX ]t]HQê RU JiQDQXWQRVWVRXKODVXGiUFHYDMtþNDD VSHUPDWX]QKRåY]QLNQHHPEU\RSUR SRNXVQp ~þHO\ 'iOH VH Y QiYUKX SHG SRNOiGi ]t]HQt VSHFLiOQtKR Yê]NXPQp KR SURJUDPX SUR W\WR ~þHO\ D WUYDOp PRQLWRURYiQt D Y\KRGQRFRYiQt YêVOHG N$ Yê]NXPX 1iYUK ]DKUQXMH L þHWQp ]iND]\ QDStNODG ]iND] VSRMHQt OLGVNp GRVSOpVRPDWLFNpEXN\VåLYêPYDMtþ NHPMDNpKRNROLY]YtHFtKRGUXKXþLStV Qê]iND]LPSODQWDFHHPEU\DY\WYRHQp KRWHFKQLNRXSHQRVXEXQþQpKRMiGUD GRGORK\åHQ\W]YUHSURGXNþQtNORQR YiQt 9 (YURS MVRX Qi]RU\ QD NORQRYiQt OLGVNêFKHPEU\RQiOQtFKEXQN]KOHGLV ND OHJLVODWLY\ Y MHGQRWOLYêFK ]HPtFK RGOLãQp =YOiãWQt ]iNRQ ]DPHQê QD SUREOHPDWLNX NORQRYiQt D LQ YLWUR IHUWLOL ]DFHPDMt1PHFNR)UDQFLHD5DNRXV NR-HMLFKYOiG\]DXMDO\QHJDWLYQtVWDQR YLVNR N Yê]NXPX NORQRYiQt OLGVNpKR HPEU\D 1DRSDN 9HONi %ULWiQLH þL 3RU WXJDOVNR QHPDMt ]DWtP åiGQi ]iNRQQi SUDYLGOD Y 'iQVNX H[LVWXMH PRåQRVW Yê]NXPQpKR Y\XåLWt HPEU\D SUR NORQR YiQt SRNXG MHM VFKYiOt VWiWQt HWLFNi NRPLVH(YURSVNiNRPLVHYHVYpPVWD QRYLVNX]NRQFHURNXNRQVWDWRYD ODåHY]KOHGHPNSOXUDOLWNXOWXUDHWLF NêFKStVWXS$Y(YURSFRåVHSURPtWi Y PLPRiGQp GLYHU]LW QiURGQtFK ]iNR Q$E\NRPLVHQHPODMDNêPNROL]S$VR EHP]DND]RYDWILQDQþQtSRGSRUXYê]NX PX OLGVNpKR HPEU\D SRNXG MH SURYi GQY]HPLNWHUiWRGRYROXMH -LQêPL VORY\ (YURSVNi NRPLVH VH QHFKFH VWDYW QDG ]iNRQRGiUVWYt MHG QRWOLYêFK ]HPt 9 SRVOHGQt GRE YãDN (YURSVNêSDUODPHQWSLMDOLNG\åWVQRX YWãLQRXXVQHVHQtYHNWHUpPVHR]QD þXMHNORQRYiQtOLGVNêFKHPEU\tSURWHUD SHXWLFNp ~þHO\ ]D RGSRUXMtFt ~FW N OLG VNpE\WRVWLDY\VORYXMHVHSHGVWDYDåH SUR OpþHQt ]iYDåQêFK FKRURE MVRX NGLVSR]LFLMLQpOpþHEQpSURVWHGN\ 9 ýHVNp UHSXEOLFH GRVXG QHE\O\ SLMDW\]iNRQQpQRUP\NWHUpE\ELRHWLF Np SUREOpP\ VSRMHQp V NORQRYiQtP OLGVNêFK HPEU\t HãLO\ 3RGVWDWQi MH VNXWHþQRVWåHýHVNiUHSXEOLNDSLVWRX SLOD N %LRHWLFNp NRQYHQFL 5DG\ (YURS\ SHVQMLHþHQRNH.RQYHQFLRRFKUDQ OLGVNêFK SUiY D G$VWRMQRVWL þORYND V RKOHGHP QD DSOLNDFL ELRORJLH D PHGL FtQ\%LRHWLFNiNRQYHQFHDMHMtGRGDWHN RNORQRYiQtVLFHYêVORYQ]DND]XMtMDNê NROLY ]iNURN NWHUê YHGH N Y\WYRHQt OLGVNpE\WRVWLJHQHWLFN\LGHQWLFNpVMLQRX OLGVNRXE\WRVWtåLMtFtþLPUWYRXDOHSUR EOHPDWLFH HPEU\RQiOQtFK NPHQRYêFK EXQN VH YêVORYQ QHYQXMH %XGH SURWRQXWQpDE\WDWRFLWOLYiSUREOHPDWL ND E\OD RãHWHQD ]iNRQHP 3tSUDY WDNRYp ]iNRQQp QRUP\ VH YQXMt MDN (WLFNi NRPLVH 0LQLVWHUVWYD ]GUDYRWQLF WYtWDN%LRHWLFNiNRPLVHSL5DGYOiG\ SURYê]NXPDYêYRM8åSURWRåHQNWH Up WêP\ þHVNêFK YGF$ VL Y PLQXORVWL ]tVNDO\ Y\QLNDMtFt SRYVW YH Yê]NXPX NORQRYiQt ]YtDW -VRX SLSUDYHQ\ ]DþtW V Yê]NXPHP OLGVNêFK NPHQRYêFK EX ,! $"^ QN 0QRKR YGF$ Y ]DKUDQLþt D WDNp X QiV VL P\VOt åH NORQRYiQt OLGVNpKR HPEU\DE\PRKORSLQpVW]YUDWYOpþHQt GRVXG VPUWHOQêFK FKRURE =GD WR MH SUDYGDSURNiåHDåYê]NXP 1DGUXKpVWUDQMHQXWQRSL]QDWåH Y SUREOHPDWLFH NORQRYiQt OLGVNêFK HP EU\t H[LVWXMt MLVWi ~VNDOt D WR QHMHQ HWLF NpKRUi]X3LSRPHPHVLQDSQDGãH Qt NWHUp GRSURYi]HOR [HQRWUDQVSODQWD FH 'QHV MH WHQWR SURJUDP YtFH PpQ ]DVWDYHQ SURWRåH H[LVWXMt REDY\ åH E\ WUDQVSODQWDFH ]YtHFtFK RUJiQ$ ]HMPp QD SUDVHþtFK NWHUi MVRX SR LPXQLWQt VWUiQFHQHMYtFHNRPSDWLELOQtGROLGVNp KR WOD PRKO\ ]QDPHQDW QHEH]SHþt UR]ãtHQt VPUWHOQêFK YLU$ SUR OLGVNê RU JDQLVPXV 2EDYD MH GRFHOD ORJLFNi 9SR]DGtMH$,'6QHPRFNWHUiY]QLNOD VQHMYWãtSUDYGSRGREQRVWtMDNRPRGL ILNDFH RSLþtKR YLUX -VPH Xå GQHV SRG WtKRX ]NXãHQRVWt RSDWUQMãt .ORQRYiQt OLGVNpKR HPEU\D YQtPiPH MDNR PRå QRVW Y\WYRLW Y EXGRXFQRVWL WNiRYRX NXOWXUXDPQRKHPSR]GMLVQDGLOLGVNê RUJiQ LGHiOQt SUR WUDQVSODQWDFL $OH MH WHED VL XYGRPLW åH SR QDKUD]HQt Mi GUD HPEU\RQiOQt EXN\ VRPDWLFNêP MiGUHP ] WOD þORYND NWHUpKR FKFHPH OpþLW]$VWDQHYEXFHS$YRGQt'1$YH IRUP W]Y PLWRFKRQGULiOQt '1$ 7D VH Y\VN\WXMH XYQLW YDMtþND Y F\WRSOD]P 7R ]QDPHQi åH DQL SL WRPWR SRVWXSX QHO]HVWRSURFHQWQY\ORXþLWXUþLWRXNRQ WDPLQDFL '1$ ] S$YRGQt HPEU\RQiOQt EXN\-HWHEDWDNpSRXNi]DWQDWRåH X DG\ NORQRYDQêFK ]YtDW VH REMHYLO\ REURYVNp U$VWRYp SUREOpP\ 1NWHt MHGLQFL MVRX StOLã YHOFt MLQt XPtUDMt YXUþLWpIi]LSRNORQRYiQtDWDNpVHPR KRX REMHYLW U$]Qp WHUDWRORJLFNp SUREOp P\([LVWXMH]GHWHG\DGD~VNDOtNWHUi YHGRX N RSDWUQRVWL SLMtPiQt GHILQLWLYQt KRUR]KRGQXWt .ORQRYiQt OLGVNêFK HPEU\t VH UR] KRGQ VWDQH GORXKRGRERX Yê]NXPQRX ]iOHåLWRVWt9SUYQtHWDSPRåQiYSU$ EKX GHVHWL OHW E\ GtN\ WpWR PHWRG E\OR PRåQp ]tVNDW SRWHEQp WNiRYp NXOWXU\9\SVWRYiQtOLGVNêFKRUJiQ$LQ YLWUR P$åHPH RþHNiYDW Då Y KRUL]RQWX ,! $" GHVtWHNOHW$QLNGRQHP$åHGQHVY\ORX þLW åH QDNRQHF EXGH WHQWR SRVWXS ]D Ni]iQ MDNRåWR StOLã ULVNDQWQt SLQiãHMt Ft VYRX DSOLNDFt YtFH QHJDWLY QHå SR]L WLY1HERVHPRåQi]MLVWtåHVWHMQXåL WHþQpPRKRXEêWNPHQRYpEXN\]WOD GRVSOpKR þORYND D åH QHQt WHED VD KDWQDEXN\OLGVNpKRHPEU\D9ê]NXP YWRPWRVPUXPXVtEêWYãDNVWiOHSUR Yi]HQVRXVWDYQêPDKOXERNêP]iMPHP RHWLFNpDVSHNW\WpWRSUREOHPDWLN\ 2EåQtN+QXWt3URåLYRW !!# 6 QDSWtP MVPH RþHNiYDOL UHDNFH þWHQi$QD=2'SURWRåHREVDKRYDO WpPDWD QD NWHUp PDMt NHV"DQp U$]Qp Då SURWLFK$GQp SRKOHG\ %KHP OHGQD D ~QRUD MVPH Y\tGLOL SHV GRSLV$]WRKRWpPGRSLV$þWHQi $ D SRVOXFKDþ$ 1D WpPD .HV"DQ D SV\FKRORJLH QiP SLãO\ NURP GYRX ]GYRLOêFK NULWLN MHGQRX ] QLFK MH GRSLV 3HWUD3ODDQVNpKRYL].GHMHWHQVNX WHþQêSUREOpPWDNpWLYHOPLQHJDWLYQt GRSLV\NWHUpþiVWHþQQtåHRWLVNXMHPH 0LPR MLQp QiP E\OR WDNp Y\WþHQR åH L GRSLV\þWHQi$MVRXãSDWQêPStNODGHP SURRVWDWQtDåHQHPiPHGRVWDWHNSDV WRUDþQtFK ]NXãHQRVWt 1HP\VOtPH VL WR 5RþQGRVWiYiPHSHVGYDWLVtFHGRSL V$ D RGSRYtGiPH QD VWRYN\ QHMU$]QM ãtFKSUREOpP$ 5HDNFH þWHQi$ NODGQp L ]iSRUQp MVRX SUR QiV KQDFt VLORX NWHUi XUþXMH VPU D WpPDWD R Qå PDMt þWHQiL ]i MHP9DãHGRSLV\DUHDNFHQiVXMLã"XMt åHStãHPHSURW\NHV"DQ\NWHtVHQH ERMtVSROpKDWQD'XFKDVYDWpKRVDPR VWDWQ SHPêãOHW D Y\MDGRYDW VYRMH Qi]RU\ 'NXMHPH 3iQX ]D YãHFKQ\ PLOp SRY]EXGLYp GRSLV\ D ILQDQþQt St VSYN\NWHUpQiPGRãO\'NXMHPHL]D NULWLFNpGRSLV\ . QDãt UDGRVWL P$åHPH tFL åH FHOi DGDþWHQi$SRFKRSLODRFRMGHQHMHQ Y XþHQt R %Råt VYUFKRYDQRVWL DOH L YSV\FKRORJLLDYWHRORJLL 0LOt6WHLJHURYLDVSROXSUDFRYQtFL =iSDVXRGXãL FKFHPH 9iP SRGNRYDW ]D þOiQN\ R %RåtP Y\YROHQt NWHUp SURYRNXMt WROLN NHV"DQ$&KWOLE\FKRP9iVSRGSRLWD SRY]EXGLWYH9DãtSUiFLSURWRåHVLP\V OtPH åH MH YHOLFH SRWHEQi 9 QDãHP NHV"DQVNpP åLYRW MVPH VH VHWNDOL V REPD SURXG\ 3R VWUDVWLSOQp FHVW QiP %$K ViP PXVHO XNi]DW åH 2Q MH WHQVYUFKRYDQêNWHUêþLQtFKWQtLNRQi QtNWHUêMHWYRLWHOLGRNRQDYDWHOGtOD 3URWR GNXMHPH 3iQX åH MVWH WtP KODVHPNWHUêEXUFXMH,P\GRVYGþX MHPHåHMVPHYGþQL]DNDåGpKRþORY NDNWHUêQiPSLQiãHOSHGRþLSUDYGX GRNWHUpQiV%$KQDNRQHFXYHGO 3HMHPH 9iP DE\VWH VPOH SRNUD þRYDOLYGtOHGRNWHUpKR9iV3iQXYHGO 6YGþQRVWt 'RSLVPDQåHOp7 9iåHQêDPLOêEUDWH3DYOH YHOPLP]DXMDO9iãþOiQHN.HV"DQ VNê URPDQWL]PXV N QPXå PiP QNR OLNSR]QiPHN 3HGHYãtP ]FHOD VRXKODVtP V 9Dãt NULWLNRXWRKRWRURPDQWL]PXNWHUêSURQL NO GR FtUNYH D SURMHYXMH VH Y QHSRFKR SHQt %Råt VYUFKRYDQRVWL Y HYDQJHOLX ]DPHQpP QD þORYND 2YOLYXMH QH JDWLYQLPRGOLWHEQtåLYRWYWRPVP\VOX åHDQLåE\E\ODYNRQNUpWQtYFLKOHGiQD QHER ]QiPD %Råt Y$OH MH Y\SURãRYiQR NRQNUpWQtOLGVNpHãHQt &HOi VOXåED DSRãWROD -DQD MH ]DP HQDQDQiSUDYXFtUNYH$OHLGQHVPi PHYWãLQRXGDOHNRGRSUD[H6NXWN\ DQHER=MHYHQt9H=MHYH QtDMVRXQDSRPtQiQLQHYtFtYt Ft QLNROLY QHYtFt SRKDQp 1HYtFt YtFt MVRX WL NWHt QþHPX ] %RåtKR 6ORYD Yt QþHPX QHYt UHVS QFR ]%RåtKR6ORYDSUDNWLNXMtQFRQHSUDN WLNXMt 9VNXWNX PQR]t DQWLNULVWRYp Y\ãOL QD VYW -H QiV YVNXWNX PQRKR DOH %$KVHYåG\RVODYtMDNVSUiYQStãHWH 0iP ]D WR åH VH VKRGQHPH åH SR ]QRYX]UR]HQt GXFKD QiVOHGXMH ]iSDV R GXãL L NG\å VOXåED SRKDQRYL NH ]QR YX]UR]HQt MH WDNp ]iSDV R GXãL 3HML 9iPXStPQPLOêEUDWHYRERXVORå NiFKWpWRVOXåE\VWiORX3iQRYXStWRP QRVWDYHGHQt 0iPHOLXãLNVO\ãHQtXUþLWSURQiV SODWt QNWHUp ] 3iQRYêFK QDSRPHQXWt =M QDYD]XMH EH]SURVWHGQ QD =M .G\å3iQVWRMtXGYHtDWOXþHDOH P\QHPiPHXãLNVO\ãHQtDE\FKRPVH UR]KRUOLOL N SRNiQt QiVOHGXMH Y OHSãtP StSDG WUHVWiQt D ãYLKiQt Y KRUãtP StSDG 3iQ RG QiV RGFKi]t FRå P\ RYãHP QH]SR]RUXMHPH D GiOH SRNUDþX MHPH YH VYpP QiERåHQVWYt ([LVWXMH MHGQD YêERUQi NQLKD :LWQHVVH /HH &KULVW YHUVXV 5HOLJLRQ NWHURX 9iP UiGS$MþtPVWRMtPXGYHtDWOXþX 9.ULVWRY/iVFH9iã 3HWU0DUW\NiQ 0LOt6WHLJHURYL YDãH þOiQN\ R NDOYLQLVPX DUPLQLD QLVPX %RåtP SHGXUþHQt D Y\YROHQt %Råt VYUFKRYDQRVWL D YãHFKQ\ GDOãt Y þDVRSLVX =2' MVRX YêERUQp .G\E\ FKRP MH VPOL SLURYQDW MH WR NYDOLWQt NRYiVNi SUiFH åiU RKQ NRYDGOLQD NODGLYR D SHVQi UXND 0LVWUD -VWH 3i QRY\QiVWURMH 3URVED ]DVtOHMWH þDVRSLV QDãHPX StWHOL 6~FWRXDGtN\ -0ý%XGMRYLFH %UDWHY.ULVWX-HåtãL VNU]HQM7PLOHSR]GUDYXML -VPH YGþQL QDãHPX 3iQX -HåtãL .ULVWXåHMVPHREGUåHOLVNU]H1MåLYRW YþQê SHþHWt 'XFKHP VYDWêP D SRYR OiQtP VYDWêP V 1tP D åHKQDMtFtPX RG 2WFH QDãHKR -VPH YGþQL ]D þDVRSLV =iSDVRGXãLåHMVPHRG3iQDXYiGQL GRVYWODDåLYRWDV1tP0\VOtPHþDVWR QD REVDK Y WRPWR þDVRSLVH FRå QiV RERKDFXMH QD YQLWQtP þORYNX -HKR 6ORYR Wpå MDN PiPH REFRYDW QD WRPWR VYW XSURVWHG WP\ D VYtWLW MDNR VYWOD WP RNROR QiV 2Q RERKDFXMH 'XFKD QDãHKR 3URVtPHRGYVORåHQN\ -DQ ,! $" 0LOêEUDWHDVHVWUR GRVWiYiVHPQREþDVGRUXNRXYiã þDVRSLV=iSDVRGXãL0RKXtFWåHP YHOPL ]DMtPi D UiG MHM þWX 3URVLO E\FK R MHKR ]DVtOiQt 3RãOHWH SURVtP VORåHQ NXQD]DSODFHQtþDVRSLVX 6SR]GUDYHP -DQ= 0LOt6WHLJHURYL GNXML 9iP MPpQHP PQRKD GDOãtFK OLGt YtFtFK L QHYtFtFK ]D 9iã þDVR SLV -H XåLWHþQê YãHP N SRXþHQt GiYi UDG\ YH YFHFK %RåtFK SRY]EX]XMH EORXGtFtDKOHGDMtFtDWtPRVODYXMHQDãH KR PLOpKR 3iQD -HåtãH .ULVWD 3iQ D" åHKQi9DãtSUiFLDXYiGtYåLYRWVHPtQ ND ]DVHWi GR VUGFt OLGt NWHt þWRX Y GQHãQt WHOHYL]Qt GRE VUGFt NWHUi VH ]DPêãOHMt R VP\VOX åLYRWD SHG NRQ]X PRYiQtP Y\XPONRYDQêFK VHULiO$ D NWHtKOHGDMtFHOêPVUGFHP$"9iP3iQ ERKDW RGPQt YãH FR GR WpWR SUiFH SUR1KRYNOiGiWH3iQ9iPåHKQHM 'RSLVþ$QQD-%HFODY 0LOt 0XVtPSRYHGD"åHPDWLHWRþOiQ N\ YHPL SRWHãLOL .X SV\FKROyJLL DNR WDNHM VRP QLNG\ QHPDOD YHN~ G{YHUX DNRVL VRP FtWLOD åH WR QLH MH VSUiYQD YHGD'QHãQpþOiQN\PLWROHQSRWYUGL OL %LEOLD QDR]DM P{åH GD" RGSRYH QD NDåG~RWi]NXGQHãND/HQWUHEDKDGD" DVSUiYQHþtWD"$OHDMQDWRMHYWRPWR þtVOH QiYRG 6XSHU -H ãNRGD åH QHNWRUt SUHVWDOL RGREHUD" =2' PRåQR E\VLXYHGRPLOLåHQDãHFKYiO\QHSDWULD åLDGQHPX þORYHNX OHER WêP åH MH WR OHQ þORYHN þDVWR VD P{åH YR VYRMLFK Qi]RURFKGRVWD"QD]OêFKRGQtN 7DNåHGtN\]DWLHWRþOiQN\ HPDLO'.%UDWLVODYD 9iåHQiUHGDNFH=2'X YHOPLVHPLOtEt9iãSRVWRMNSV\FKR ORJLL Y NHV"DQVWYt 'NXML ]D WDNRYi WpPDWD D SURVtP R GDOãt 3RVtOiP VU GHþQpSR]GUDY\ 'RSLVþ0.%\VWLFHQDG2Oãt W,! $" 0LOtSiWHOpY+&-% -HãW VH FKFL ]PtQLW R þDVRSLVH =iSDVRGXãL-VRXWRYêERUQpSRVWH K\ NWHUp WDP þWX D Y NDåGpP þtVOH NWHUp GRVWDQX QDMGX QNROLN þOiQN$ NWHUp P YHOPL RVORYt -HQ WDN GiO 3R NUDþXMWH YH VYp ]iVOXåQp SUiFL 3UiY Y =iSDVX MH RþLYLGQp MDN ~VSRUQ D EH]RNUDVDREUi]N$VHGiSViWRSRG VWDWQêFKYFHFKDRVNXWHþQpYtH3HML KRGQVLOGRGDOãtFKOHW ýWHQiDSRVOXFKDþ]-LåQtFKýHFK 'RSLV #!$#À+ .G\åMVHPVLRWHYHOSRVOHGQt=iSDV R GXãL þ QHYLO MVHP YODVWQtP RþtP 3UYQt QHStMHPQp SHNYDSHQt QD PþHNDORYStVSYNX6WHYHQD&ROHKR DGUXKpY]iSWtQiVOHGRYDORGtN\+HOH Q3LOiWRYp 0RåQi VL þWHQi SRORåt RWi]NX FR P WROLN ]DVNRþLOR 3L]QiYiP åH QHQt MHGQRGXFKp QD QL RGSRYGW 0iPOL EêWXStPQêSDNþOiQHN3RNiQtND]DWH OH QD P S$VREt MDNR VPXWQi XNi]ND WRKR MDN PiOR NHV"DQp SRXåtYDMt UR ]XP=DUD]LORPåHEUDWU&ROHSURåtYi SRNiQt ] NHV"DQVNp SV\FKRORJLH DE\ Y]iSWt SRQNXG QHY\EtUDYêP ]S$VR EHP QDSDGO SUiFL OLGt NWHt VH SRNRXãt SRPRFL Y StSDGHFK YH NWHUêFK FtUNHY PQRKG\ WUHVWXKRGQ VHOKDOD PtVWR WRKRDE\þLQLOSRNiQt]HVNXWHþQRVWLåH SRQNROLNDOHWHFKNi]iQt]$VWiYDMtOLGp ]MHKRVERUXNi]DQêPVORYHPQHGRWþH QL 1D YLQ WX SDWUQ QHEXGH NHV"DQ VNiSV\FKRORJLHSHGSRNOiGiP7DNWR SRMDWêþOiQHNMHSRX]HQDKUiYNRXYãHP SDVWRU$P NWHt VH Y åLYRW QHRPOXYLOL YODVWQtP GWHP NG\å VHOKDOL YH VYp YêFKRY QHRPOXYLOL VH WP NWHUêP VYRXQHREUDWQRXSDVWRUDþQtSpþtXEOtåL OLþLVLQHGRNi]DOLSL]QDWFK\E\YHVYp VOXåE =2'.D]DWHO&ROHPiåLYêDDNWLYQt VERU DVL OLGt .DåGRX QHGOL YHþHU SLFKi]tQDYtFYtFHQHåY\VRNRãNRO VNêFKVWXGHQW$NWHtSLMtPDMtSRåHKQi Qt]KXWQpKRELEOLFNpKRY\XþRYiQtäiG Qê SDVWRU QHP$åH þLQLW SRNiQt ] WRKR åHOLGpNWHUêPVORXåt]$VWDOLQHGRWþHQL 7R E\ VH SRWRP GREUê ND]DWHO PO þtP FKOXELW%RåtVORYRVHQLNG\VSUi]GQRX QHYUiWt D YåG\ Y\NRQi N þHPX MH %$K SRVODO -Lå MVPH 6WHYHD LQIRUPRYDOL MDNRX UHDNFL MHKR ]NXãHQRVW X QNWH UêFK þHVNêFK NHV"DQ$ Y\YRODOD 1D SVDO åH PQR]t NWHt PX Y 86$ SHG PQRKD URN\ VStODOL MVRX GQHV MHKR RVREQtPLSiWHOLDUDGtVHVQtP 6RXKODVtP V WtP åH QHMY\ããt DXWRUL WRX SUR þORYND MH %LEOH 1D GUXKRX VWUDQX VH QHEUiQtP þWHQt OLWHUDWXU\ RG ERUQp þL SRSXOiUQt 'RNRQFH DQL Wp NWHUi PL P$åH SRPRFL OpSH SRUR]XPW VREVDPpPXGUXKêPOLGHPLWRPXFR VHYQiVRGHKUiYiRYFHFKRNRORQiV DQLQHPOXY-HMDVQpåHQHVHYãtP FR SHþWX PRKX VRXKODVLW 2GPtWDW YãDN NHV"DQVNRX SV\FKRORJLFNRX OLWH UDWXUX D SULRUL MDN WR þLQt EUDWU &ROH MH SRGOHPpKRPtQQtVWHMQSRãHWLOpMDNR VH SRNRXãHW VHVWDYLW NXFK\VNpKR UR ERWD SRGOH NQLK\ 3tVORYt 3RNXG MGH RURERWDQHREHMGXVHVDPR]HMPEH] QiYRGX 9 OLGVNpP åLYRW MVRX ]DVH XUþLWp VNXWHþQRVWL D" Xå YQMãtKR þL YQLWQtKR FKDUDNWHUX QD Qå Y %LEOL RGSRYGLQHQDMGX1DStNODGQDRWi]NX 3URþVH]HPRWiþt"QHER3URþGRFKi ]tN]DWPQtPVtFH"þL3URþVHþORYN REY\NOH ]DELMH NG\å VNRþt ] Y\VRNR OHWtFtKR OHWDGOD EH] SDGiNX" D QHER ]FHOD SUR]DLFNp 3URþ PiP KODG" WDNp 3URþ PiP QNG\ GHSUHVL SHVWRåH VL QHMVHP YGRP åiGQpKR KtFKX" þL GR NRQFH YHOPL DNWXiOQt 3URþ VH Y QDãt ]HPL QHREUDFHMt OLGp NH .ULVWX" 7HG\ SHVQML QD W\WR RWi]N\ VDPR]HMP PRKX RGSRYGW XQLYHU]iOQt RGSRYGt NWHURXYHVYêFKWHFKOHWHFKY\P\VOHOD PRMH GFHUD QD ]iNODG StEK$ NWHUp MVPHMt]%LEOHþHWOL3URWRåHWRWDN3iQ %$KFKFH7RWRMHGRMLVWpPtU\RGSRY SUDYGLYi $OH MHQRP ] XUþLWpKR ~KOX SRKOHGX2WRPDOHQHFKFLGiOHKRYRLW SURWRåH WR SRYDåXML ]D KORXSRX ]WUiWX þDVX $ QDYtF V KRWRYêP Qi]RUHP NWHUê GLVNXVL QHSLSRXãWt FRå MH StSDG EUDWUD&ROHKRSURVWQHO]HGLVNXWRYDW =2' 2GSRY GFHUN\ MH VNXWHþQ SUDYGLYi MHQ ] XUþLWpKR ~KOX SRKOHGX 1LFPpQ ] MHMtKR ~KOX SRKOHGX MH SUDY GLYiQDSURVWRQHMHQGRXUþLWpPtU\ 3UiYWDWRLOXVWUDFHYtU\GtWWHDRWFH E\ PRKOD EêW ~åDVQêP StNODGHP SUDN WLFNpKR SRFKRSHQt %RåtKR YHGHQt %$K GiYi GWHP GWVNp RGSRYGL 1HMGtYH VLPXVtPHXPWRGSRYGWQDRWi]N\ 3URþ VH ]HP RWiþt" QHER 3URþ GR FKi]t N ]DWPQt PVtFH" þL 3URþ VH þORYN REY\NOH ]DELMH NG\å VNRþt ]Y\VRNROHWtFtKROHWDGODEH]SDGiNX"D QHER ]FHOD SUR]DLFNp 3URþ PiP KODG" WDNp3URþPiPQNG\GHSUHVLSHVWRåH VLQHMVHPYGRPåiGQpKRKtFKX" $SRWRPWDNpEXGHPH]QiWRGSRY QDRWi]NX 3URþ VH Y QDãt ]HPL QHREUDFHMt OLGpNH.ULVWX" 1D NDåGRX ] WFKWR RWi]HN ]iNODGQt RGSRY PiPH SURWRåH WR WDN %$K FKFHDOH]XUþLWpKR~KOXSRKOHGXMHWR RGSRY StOLãMHGQRGXFKiSURQNRKR Då %RKD REYLXMtFt 3URWR KOHGiPH RGSRYGL SRGUREQMãt NWHUp ]DKUQXMt SRNXG PRåQR YãHFKQ\ VRXYLVORVWL D ]~þDVWQQp 7\WR KOXEãt RGSRYGL YãDN PXVtYåG\VWiWQDWFK]iNODGQtFK %$K QiP QD WDNRYp RWi]N\ RGSRYtGi SRGOH WRKRMDNRXPtUXYtU\NRPXXGOLOýDVWR VH YãDN VWiYi åH QiP QDãH KOXEãt RGSRYGL ]DVWLXMt WX ]iNODGQt D MHGQR GXFKRXSURWRåHWRWDN%$KFKFH =GHMHNiPHQ~UD]X$WDNQiPKUR ]t åH PtVWR ELEOLFNp SDVWRUDþQt SUiFH NWHUi E\OD ]DQHGEiQD EXGHPH HãLW OLGVNp SRWHE\ SRPRFt W]Y NHV"DQVNp SV\FKRORJLH MHMtå VYWVNp SUYN\ MVRX YHOPL þDVWR Y UR]SRUX V 3tVPHP %LEOL EXGHPH SRXåtYDW RSDWUQ DE\FKRP VH QHVWDOLWHUþHPSRVPFKXSURIHVLRQiO$ 9SiUYWiFK]PtQtPLþOiQHN+3LOi WRYp0RåQiåHYQþHPSUDYGXP$åH PtW DOH IRUPD MDNRX WR SRGiYi QHSHKOpGQXWHOQp ]NUDWN\ SMN D 3-. DE\ VH MDNR ]G$UD]QLOR NGR MH SRGOH DXWRUN\ PLPR YH PQ V\PSDWLH ,! $"y RSUDYGXQHY\YROiYDMt-HPLVStãHWUDS Q 0LPRFKRGHP HNOD E\ WD VDPi VORYD GRW\þQpPX Y UR]KRYRUX GR Rþt" 3DStU]NUiWNDXQHVHYãHFKQR =2'$QR+HOHQD3LOiWRYiQDSVDOD SRGREQê GRSLV SDQX .LYRKODYpPX NWHUê Mt RGSRYGO YH VP\VOX QHVXWH DE\VWH QHE\OL VDPL VRX]HQL 2SDNXMH PHåHQiPQHãORRRVREXSDQD.LYR KODYpKRDOHRLOXVWUDFLWRKRMDNVHUDG\ SV\FKRORJ$ þDVWR UR]FKi]HMt V %LEOt 3tVSYHNMVPHGRVWDOLSHGþW\PLURN\ NQLKDY\ãODYUDSR]GUåHOLMVPH MHMQDUDGXPQRKDEUDWU$=NUDWN\QHE\ O\ PtQQ\ MDNR VNU\Wi XUiåND E\O\ SR XåLW\þLVWWHFKQLFN\ 3RNXGMGHR-DUD.LYRKODYpKRGiP N GREUX QDSURVWR RGOLãQRX ]NXãHQRVW 'R UHGDNFH QiP YRODOD MHGQD SDQt /pWDWUSODWåNêPLGHSUHVHPLDQNROL NUiW VH EH]~VSãQ SRNXVLOD R VHEH YUDåGX 3L VYpP SRVOHGQtP SRNXVX NG\ãODQD1XVHOVNêPRVWDE\VNRþLOD SURFKi]HOD NROHP NQLKNXSHFWYt =GH E\OD]DYêORKRXY\VWDYHQDNQLKD0tWSUR FRåtWSUiYRGSDQD.LYRKODYpKR7D SDQt VL ML NRXSLOD V WtP åH VH VNRNHP MHãW SRþNi QHå VL NQLKX SHþWH 'R WHOHIRQXSDNSODNDODYGþQRVWtåHMVPH NQLKXY\GDOLDMt]DFKUiQLOLåLYRW.QLKDML SHVYGþLODRWRPåHåLYRWVP\VOPiD åHP$åHKOHGDWPQRKHPYtFQHåGRVXG WXãLOD 0iP GREURX QDGML åH WR E\OD ]iFKUDQDQHMHQRPSURåLYRWþDVQê =2'=S$VRE\MDNêPL%$KYVWXSXMH GR åLYRWD þORYND MVRX U$]Qp 1HWURXIOL E\FKRPVLWYUGLWåHRQXSDQt]DFKUiQLOD NQLKD DQL WR åH E\OD Y\GiQD DOH %Råt PLORVWNWHUiMLYHGODWDNDE\NQLKXXYL GOD D DE\ ML NQLKD ]DXMDOD =2' WDNp QLNG\ QLNRKR QH]DFKUiQLO DQL QHVSDVLO SHVWRåH YGþQêFK GRSLV$ GRVWiYiPH WXFW\ %$K XþLQLO WX NQLKX SURVWHGNHP NWHUêPML]DFKUiQLOSURåLYRWSR]HPVNêD GRXIHMPH L YþQê -DN VH WDWR åHQD FtWt GQHV" 9QXMH Mt QNGR SDVWRUDþQt SpþL".GRMtRVREQSRPiKiQpVWåLYRW Qt EHPHQR" 7R MVRX W\ QHMG$OHåLWMãt RWi]N\ _,! $" 7RYãDNFRFKFLQ\Qt]G$UD]QLWVSR þtYi Y QþHP ~SOQ RGOLãQpP -HGQtP ]H ]iNODGQtFK SUREOpP$ QiV NHV"DQ$ GQHãQt GRE\ MH åH PQRKG\ MHGQiPH VFKHPDWLFN\ EH] FLWOLYRVWL QD DNWXiOQt VNXWHþQRVWL -H SLWRP OKRVWHMQp ]GD SRXåtYiPH ãDEORQHN NHV"DQVNp SV\ FKRORJLHQHERSHKQDQêFKG$UD]$QMD NpGRNWUtQ\VHPVLNDåGêGRSOODVNDY WXVYRXSRGOHStVOXãQpGHQRPLQDFH$ MHãW YWãt SUREOpP MH åH MH Qiã NHV "DQVNê åLYRW QHSHVYGþLYê 7R MH VNX WHþQRVW NWHURX VL WDN QHUDGL SL]QiYi PH D SURWR VL QDMGHPH ]iVWXSQp SUR EOpP\ =2'9WRPWRVHQDSURVWRVKRGXMHPH 1D W\ VH SDN ]DPtPH -LVW MH WR WDNpHãHQt,NG\åXUþLWQHWRQHMLGHiO QMãt $ WDNRYp PL åHO SLSDGDMt QHMH QRP YêãH ]PtQQp GYD þOiQN\ QêEUå LPQRKpGDOãtY=iSDVXRGXãLDOHQH MHQRP WDP DE\FK E\O VSUDYHGOLYê =D EêYHMPHVHUDGMLWtPVNXWHþQSRGVWDW QêP WM SLQiãHQtP GREUp ]SUiY\ $PiPHOL]DWRåHYXUþLWêFKQi]RUHFK KUR]t SHKQDQê ED KHUHWLFNê G$UD] GLVNXWXMPHRWRP =2' %Råt VOiYX D -HKR VYUFKRYD QRVWQLNG\QLNGRQHP$åHSHKQDWYåG\ MLYãLFKQLEH]YêMLPN\MHQRPQHGRFHX MHPH=UHDNFtþWHQi$QD=2'E\OR DVL QHJDWLYQtFK D PQRKR SR]LWLYQtFK = PQRKD VWRYHN GRSLV$ NWHUp URþQ REGUåtPHMHMHQRPNROHPNULWLFNêFK NWHUêP YQXMHPH QHMYWãt SR]RUQRVW 1DSURVWR VRXKODVtPH åH GREUi ]SUiYD MH QHMG$OHåLWMãt =2' MH DOH SHGHYãtP þWHQt SUR NHV"DQ\ D WL PXVt EêW åLYHQL GDOãtKXWQMãtVWUDYRXäG $OH QHSHGNOiGHMPH WR MDNR %RKHP ]MHYHQRX QHER GDQRX YF ]YOiãW WHK G\MGHOLRQDãHRVREQtQi]RU\NWHUp MDNYtPHMVRXOLPLWRYiQ\QDãtPSR]Qi QtP 1LNGR ] QiV RSDNXML 1,.'2 = 1È6 QHPi SDWHQW QD UR]XP DQL QHQt VWDUãtP EUDWUHP %RKD 3URWR UDGML QDNOiGHMPH VH VORY\ DOHVSR SRNXG MGHRGUXKpOLGLRSDWUQML 3HWU3ODDQVNê1iYUDWGRP$ 36, -H QXWQp SR]QDPHQDW åH YH YêãH ]PtQQpP þOiQNX EU &ROH SRXåtYDO WHUPtQX NHV"DQVNi SV\FKRORJLH WDP P$åHEêWVNXWHþQSUREOpPSURWRåHWX P$åH EêW MLVWê V\QNUHWLFNê QiEK D SRNXV R VOXþRYiQt QHVOXþLWHOQpKR 3R NXGYãDNMGHRQDSDGHQpKR+&ORXGD WDN WHQ SUDFXMH Y UiPFL ELEOLFNpKR SV\ FKRORJLFNpKR SRUDGHQVWYt VWHMQ MDNR / &UDEE 1 :ULJKW D GDOãt 9 ELEOLF NpPNHV"DQVNpPSRUDGHQVWYtMHYåG\F N\YêFKR]tPD]iYUHþQêPERGHPVWDY þORYNDSHG%RKHPDWRPXMHSRGt]HQ SRVWXSSLSRPRFLGDQpPXþORYNX 36,, -HãW GRGDWHN SUR 3DYOD D .OiUX NWHUp PiP UiG D SURWR VL WURXIQX tFL åH WHQWRNUiW SURVW SHVWHOLOL =iSDV R GXãL þ MH YVNXWNX PHGYGt VOXå ERX SUR SUiFL YãHFK NHV"DQVNêFK QD NODGDWHO$ %XGXOL POXYLW ]D WR VYp SUiFH 1i YUDWXGRP$MDNMLVWYtWHVSRþtYiPLPR MLQp D SRVOHGQt GRERX VNRUR KODYQ L YRVYWRYpþLQQRVWLDGXOHWWYUGSUD FXMHPH QD WRP DE\FKRP ND]DWHOH SDVWRU\ L DGRYp NHV"DQ\ SHVYGþLOL DE\ PtVWR YHþHUQtKR Y\VHGiYiQt SHG WHOHYL]t Y]DOL GR UXN\ VROLGQt NHV"DQ VNRXNQLKX%XGRXOLþtVWNQtåN\+HQU\ KR &ORXGD EXGX UiG SURWRåH YtP åH WHQWRDXWRUPiVY$M]GURMåLYRWDLSUiFH Y3tVPX 9WRPWRStSDGEXGXUR]KRGQNOLG QML VSiW QHå NG\å QHVSRNRMHQp NHV "DQVNp åHQ\ EXGRX VYp QHY\þHQp IUXVWUDFH HãLW SRPRFt VMtåGQt YãHFK GtO$ QDSURVWR VWXSLGQtKR VHULiOX (VPH UDOGD ~GDMPR Wpå RG NHV"DQVNêFK DX WRU$ =2' $QL Y QHMPHQãtP E\ QiV QH QDSDGOR]QHYDåRYDWSUiFLNHV"DQVNêFK Y\GDYDWHO$ VDPL MH SRGSRUXMHPH R QRYêFK NQLKiFK 1iYUDWX GRP$ LQIRU PXMHPH YH ]YOiãWQtP RGGtOX QD QDãLFK ZHERYêFK VWUiQNiFK FLWXMHPH ] QLFK DE\VLMHþWHQiL=2'XPRKOL]DNRXSLW UiGLSRVN\WQHPH]QDãLFK]GURM$QHSH EHUQp SHUO\ NWHUp MVRX YKRGQp SUR NHV"DQVNêU$VWMHGQRWOLYF$DRERKDFHQt VERU$3HWHMVPHVYiPLDOHQiVLYiV ]DYD]XMH RGSRYGQRVW DE\FKRP SLQi ãHOLYãHPþWHQi$PQHMHQWRGREUpDOH VQDåLOLVHRWRQHMOHSãt3URWRPiþDVR SLV=iSDVRGXãLPH]LGHQRPLQDþQtFKD UDNWHUDMH]HMPpåHYQNWHUêFKRWi] NiFKVHEXGHPHUR]FKi]HW7RDOHQHQt Y$EHF åiGQi NDWDVWURID ýWHQiL PDMt 'XFKD VYDWpKR D 2Q MLP Gi YGW FR VPMtþtVWQHERVO\ãHW ,! $"_ =2' =iYUHP =iSDV R GXãL SDWt þWHQi$P NG\E\ MH QHRVORYRYDO SH VWDO E\ H[LVWRYDW MLå GiYQR %H] þWHQi VNêFK GREURYROQêFK StVSYN$ NRQþt 1HQtGRWRYiQåiGQRXGHQRPLQDFtQHER RUJDQL]DFtD]$VWiYiGiOMHGQtP]QH]i YLVOêFK NHV"DQVNêFK þDVRSLV$ X QiV L NG\å H[LVWXMt VQDK\ MHM ]GLVNUHGLWRYDW StSDGQ NRQWURORYDW 'NXMHPH 3iQX åH =2' QHSDWt QiP DOH YiP þWHQi $P1LNRPXMHMQHYQXFXMHPHDVOtWRVWt Y VUGFL Y\KRYtPH NDåGpPX NGR MHM RG 1D ]iYU VH SHFH MHQRP YUiWtP KOiVt QHER GDOãt GHQRPLQDFL NWHUi VL N QHã"DVWQpPX þOiQNX EUDWUD &ROHKR QHSHMHDE\=2'PiWOMHMLFKOLGL 2Q QHY\OpYDO YDQLþNX L V GtWWHP 2Q SRX]H SHYUDFHO SUi]GQRX SOHFKRYRX YDQLþNXNWHUi]E\WHþQUDFKRWLOD !* =2' 3iOL E\FKRP VL DE\FKRP 0LOt þWHQiL Y PLQXOpP þtVOH MVPH X QiV Y ýHVNp UHSXEOLFH POL DOHVSR MHGHQ WDN ELEOLFN\ IXQGRYDQê VERU MDNê XStPQ Y\MiGLOL QDãH REDY\ SHG QH YHGHSDVWRU&ROH1iãZHEPDVWHUVWX SRFKRSHQtP NHV"DQVNp SV\FKRORJLH GHQWSUDåVNp9â(E\OYH)ODJVWDIIXYH 9 StãWtP þtVOH PRåQi QDMGHWH SRNXV VERUXEUDWUD&ROHDVQiPL=DåLOWXQH R SHVQMãt Y\PH]HQt WRKRWR SRMPX RSDNRYDWHOQRXDWPRVIpUXY\VRNRã 1HåVHWRWLåSXVWtPHGRGLVNX]HPXVt NROiN$ QD YODVWQt N$åL 3DVWRU &ROH VH PH VL XMDVQLW R þHP POXYtPH 3RNXG SURVWUR]KRGO]GDEXGHVWiWQDVWUDQ SRWRP]MLVWtPHåHVSROXQHVRXKODVtPH 3tVPD SLSRPtQDQpP .DOYtQHP QHER P$åHPH VL QDY]iMHP Y\VYWORYDW SURþ QD VWUDQ PQRKD GHVtWHN NQLK NWHUp W\NWHUpQi]RU\]DVWiYiPHDSRNXGVH URþQY86$Y\FKi]HMt0\VOtPåHNG\ DQL SRWRP QHVKRGQHPH PXVtPH VH E\VE\OVQiPLLW\DSR]QDO&ROHDRVRE V WtP VPtLW D Qi]RU\ WRKR GUXKpKR UH VSHNWRYDW QUR]XPOE\VMHKRþOiQNXMLQDN 'QHV SHGNOiGiPH QNROLN UHDNFt &KiSXåHþOiQHNE\OQDSViQYXUþL WFKNWHtVQiPLQHVRXKODVtDOHMHMLFK WpPNRQWH[WXDYXUþLWêFKVRXYLVORVWHFK QHVRXKODVQHQDEt]tOHSãtHãHQtSUREOp PiPRåQiLVYpRSRGVWDWQQtLNG\åQD PX NWHUê SHG QiPL MDNR SHG FtUNYt P$M YNXV MH MHKR DUJXPHQWDFH YVNXWNX OHåt7RQiPYSRNRHDSRNiQtSHGOR GHPDJRJLFNi =iVDGQt FK\ERX MH åH åLOND]DWHO&ROH-HQ]REDYDQHGRVWDW QHE\O VDPRVWDWQ XYHGHQ åiGQêP GR NX ]NXãHQRVWt P$åH QNGR SRYDåRYDW SURYRGQêPVORYHPDDQLQHE\OR]PtQ þOiQHN 3RNiQt ]D NRQWUDSURGXNWLYQt QR åH MGH R StVSYHN GR GLVNXVH -H VOXåEX 3URGRSOQQtGRGiYiPHåHMVPHåLOL YãDN PRåQp åH UHGDNFH WHQWR Qi]RU EHUH ]D VY$M SRWRP VH RYãHP MH PL V NHV"DQVNRX SV\FKRORJLt GYDFHW OHW VNXWHþQ OtWR ] MDNpNROL GDOãt GLVNXVH Y86$,P\MVPHE\OLXUþLWRXGREX RNRX]OHQL NHV"DQVNRX SV\FKRORJLt QDGDQpWpPDVDPDY\ORXþLOD =2' ýOiQNX 3RNiQt ND]DWHOH DOHGQHVYtPHåHNHV"DQVNiSV\FKR SHGFKi]HOR VORXSF$ YtF QHå ORJLH VLFH QNWHUp VERU\ QDSOQLOD DOH VWUiQN\ WH[WX NWHUê VORXåLO MDNR ~YRG MHGQRWOLYFH QHY\OpþLOD VStã QDRSDN WpPDWLN\ ýWHQiH MVPH MHQ åiGDOL DE\ /pNHP NHV"DQRY\ GXãH MH YHãNHUp QiP QHSVDOL UR]KRþHQp GRSLV\ åH 3tVPRDEUDWUVNiOiVNDNWHUiQHQtY\Mi MVPHSURLOXVWUDFLSRXåLOLSURWHQWRNUiWH GHQD MHQ SUi]GQêPL VORY\ DOH L þLQ\ Y]iMHPQRX~FWRXDWROHUDQFt þHVNRXNQLKXSDQD.LYRKODYpKR _¡,! $" 9HãNHUp3tVPRMHYGHFKQXWp%RKHP D MH XåLWHþQp N Y\XþRYiQt N XVYG þRYiQt N QDSUDYRYiQt D N YêFKRY YH VSUDYHGOQRVWL DE\ E\O %Råt þOR YN GRNRQDOê D Y\EDYHQê NH NDåGp PXGREUpPXGtOX 7LPRWHRYL 7HQWRYHUãKRYRtRGXFKRYQtQHERGX ãHYQtGRNRQDORVWLDY\EDYHQRVWL1HKR YRtRWOHVQpGRNRQDORVWLNWpSRWH EXMHPHNURP%RKDWDNpLOpNDH5$VW NHVYDWRVWLDGRNRQDORVWLGXãHQHSRWH EXMHSV\FKRORJDDOHSDVWêHMHQåSDVH RYHþN\ 6ORYHP WDN MDN WR WLNUiW SRåD GRYDO3iQ-HåtãSR3HWURYL1DãHOiVND N%RKXVHSURMHYXMHQDãtYêXNRXHYDQ JHOLD EOLåQtP =QRYX PiPH QD P\VOL GXãLQHRUJDQLFNpFKRURE\ MVHP ]DåLO ]YOiãWQt ~]NRVW NWHURX MVHP QH]DNXVLODQLSLþWHQtQHMH[WUpPQMãtFK NHV"DQVNêFK DXWRU$ D SURWR MVHP QH PRKO GiOH YH þWHQt SRNUDþRYDW 9iã þDVRSLV WRWLå QHSLQiãt W]Y þLVWp %Råt VORYRMDNWHQWRWHUPtQYHYDãLFKþOiQ FtFK þDVWR SRXåtYiWH DOH MDNRXVL VPV ELEOLFNêFK FLWDFt D Qi]RU$ VH VQDKRX REKDMRYDW MDNpVL WåNR GHILQRYDWHOQp XþHQtVQDGSVHXGRUHIRUPRYDQpDOHYH VNXWHþQRVWL VStãH MHKR LQRYDFH EH] LQVSLUDFH 'XFKD 9DãH GRXIiP åH XStPQiVQDKDRSLMtPiQtDXWRULW\3tV PDVYDWpKRDWHG\Y\]QDYDþVNpKRåLYR WDNHV"DQDVHVWiYiNRQWUDSURGXNWLYQt D QDRSDN VYêP YHUãtþNRYiQtP D ODFL QêPLSROHPLNDPLVMLQêPLHYDQJHOLNiOQt PLDXWRU\PDWHWHOLGL -HGHQND]DWHOQiVQDSRPHQXOQiVOH GRYQ &tWtP åH E\ QHE\OR GREUp NG\E\FK POþHO R WRP FR VH PL QH]Gi GREUp0XVtPtFLåHSROHWPpPSHþWH QtQNROLNDþOiQN$Y=iSDVHRGXãL =DVWDYPH VH QD RNDPåLN X YGHFNp pU\ NWHUi ]DViKOD QHMHQ QDãL FLYLOL]DFL DOH L QDãH VERU\ .ODVLFNêP StNODGHP MH SURSRMHQt WHRORJLH D XþHQt HYROXFH 7D WDNp GDOD UR]SWêOHQêP GRPQQNiP V\VWHPDWLFNê Ui] D ] PQRKêFK SDViåt NQLK\ *HQHVLV VH VWDO K\PQXV .DP WDNRYp P\ãOHQt YHGH SRSLVXMH .HQ +DPYL]þOiQHN.GRMH-HåtãVWU 3V\FKRORJLH GRNRQþt FR HYROXFH VDPD RVREMHãWQHGRNi]DOD7HLVWLFNiHYR OXFH QDXþLOD NHV"DQ\ QHG$YRYDW %R åtPXStVPXDE\GiYDOLSHGQRVWYGHF NpPX SR]QiQt .HV"DQVNi WHLVWLFNi SV\FKRORJLH QDXþt NHV"DQ\ QHG$YR YDW %RKX D G$YRYDW OLGHP NWHt MLP 1\QtWLVOtEHQpQHJDWLYQtUHDNFH 9iåHQêEUDWH6WHLJHUH PpMPpQRMH3âVWXGHQWWHRORJLH D PRåQi åH VL QD PQH SDPDWXMHWH SRiGDOMVHPWHQGLVNXVQtYHþHUVSURI +HOOHUHP &KWO E\FK VH 9iV QD URYLQX ]HSWDWMHVWOLVHViPVWDYtWH]DW\þOiQN\ Y SRVOHGQtP =2'X NWHUp E\O\ YQRYD Qp GpPRQL]DFL SV\FKRORJLH =FHOD XStPQ 9iP tNiP åH MVHP RSUDYGX QHYGO ]GD VH SR SHþWHQt VPiW þL EUHþHW 3URWRåH QFR WDN KORXSpKR D QDLYQtKR MVHP Xå RSUDYGX GORXKR QHYL GO$DVLE\FKWR~SOQSHãHOEH] RGH]Y\ DOH YtP åH 9iV þDVRSLV þWH D RYOLYXMHVSRXVWXOLGtDSURWR9iPStãX 9tP åH SDWtWH NH NHV"DQVNpPX SURXGX NWHUê EêYi QD]êYiQ IXQGDPHQ WDOLVPXV ]GH WR PtQtP MDNR þLVW W\SR ORJLFNp R]QDþHQt QHQt Y WRP QLF QHJD WLYQtKR D NWHUê MH GOH PpKR Qi]RUX Y OHFþHPV GLVNXWDELOQt DOH SURVtP SURWL JXVWX åiGQê GLãSXWiW $OH W\ Yê SDG\ SURWL SV\FKRORJLL WR Xå E\OR RSUDYGXQFRYHOPLKORXSpKR 'UXKêND]DWHOQDSVDO 3V\FKRORJLHDSV\FKLDWULHMVRXXåSR OpWD VRXþiVWt NRQYHQþQt PHGLFtQ\ 2WRPåHH[LVWXMtXUþLWpREMHNWLYQt]iNR QLWRVWL XUþXMtFt OLGVNp FKRYiQt QLNGR QHSRFK\ERYDO FHOp YN\ 9GHFNi pUD NWHUi]DViKODQDãtFLYLOL]DFLGDODWPWR UR]SWêOHQêP SR]QDWN$P SRX]H V\VWH PDWLFNêUi]SRGREQMDNRE\O\XWtGQ\ SR]QDWN\ Y MLQêFK RERUHFK OLGVNp þLQ QRVWL -H SUDYGRX åH SV\FKRORJLH VH GRWêNi XUþLWp SRPH]Qt REODVWL NGH VH QNG\ MHQ REWtåQ UR]OLãXMH GXãHYQt D GXFKRYQt = WRKR SDN MLVW SRYVWiYDMt U$]Qp]PDWN\ VNXWHþQUR]XPt3tNODGQWRY\MiGLO MHGHQ]GXFKRYQtFKY$GF$GQHãQtGRE\ JXUX 6UL &KLPQR\ GREUê ]QDOHF SV\ FKRORJLH äiGQi FHVWD SUR WHEH QHP$åH EêW StOLãREWtåQiYODVWQtãGDURGERKDYtUX YVHEHVDPD 9tUD Y VHEH VDPD D" SRPRFt NHV "DQVNpSV\FKRORJLHQHERXþHQtQRYpKR YNX MH VRXVWHGQt VH QD VHEH SHG QtPåQiV%RåtVORYRYDUXMH 6RXVWHGQtQDVHEHMH%RKXQHSi WHOVNpQHER"VHQHFKFHDQLQHP$åH SRGtGLW%RåtPX]iNRQX tPDQ$P $E\FKRP VL XMDVQLOL WHUPLQRORJLL SURWR åHNG\åGYDtNDMtWRWpåQHPXVtP\VOHW WRWpå9]DODMVHPVLQDSRPRF0LFURVRIW %RRNVKHOIVRXERUNWHUêREVDKXMHVORY QtN\ WHVDXU\ FLWiW\ HQF\NORSHGLH DW ODV FKURQRORJLH DOPDQDFK D LQWHUQHWR Yê VORYQtN 3L Y\KOHGiYiQt WHUPtQX NHV"DQVNi D SV\FKRORJLH MVHP QD ãODGHILQLFHFRMVRXWRNHV"DQVNip FtUNYH GHQRPLQDFH pUD KXGED FKRYiQt FKDULWD OiVND REHFHQVWYt SUDNWLN\ UHIRUPDFH ULWXiO\ VRFLDOLV PXV VYW DWG 2 NHV"DQVNp SV\FKR ORJLL QHQt Y WpWR REViKOp NQLKRYQ DQL MHGQD ]PtQND 1HMEOLåãt RGND] MH QD DVWURORJLFNRX SV\FKRORJLL QDEt]HMtFt ~YRG GR PHWDI\]LN\ DVWURORJLH D NDU PLFNêFKVWXGLt7tPWRVPUHPVHXEtUi YHOPL SRSXOiUQt XþHQt QRYpKR YNX NWHUp þDVWR Y\XåtYi NHV"DQVNRX WHUPL QRORJLL D SURQLNi GR WUDGLþQtFK FtUNYt =GH SURVtPH þWHQiH VWXGHQW\ D SURIH VRU\ NWHt SV\FKRORJLL VWXGXMt QHER Y\ XþXMtDE\QiVSRXþLOL]NWHUêFKXþHEQLF NHV"DQVNpSV\FKRORJLHþHUSDMt 1iã VNHSWLFNê SRKOHG L QD NHV"DQ VNRX SV\FKRORJLL DQL VORYHP QHSRStUi VNXWHþQRVW åH RUJDQLFN\ QHPRFQt OLGp SRWHEXMt SURIHVLRQiOQt SRPRF OpND$ .DåGê ] QiV E\ PO YGW NG\ PiPH QHPRFQpKR þORYND SHGDW GR SpþH SURIHVLRQiO$3URWRH[LVWXMtNUL]RYiFHQ WUD SV\FKLDWULFNp OpþHEQ\ D LQVWLWXFH NWHUp WXWR IXQNFL SOQt 1LNG\ E\FKRP VL QHGRYROLOLWYUGLWåHSRNXGMHQNGRSV\ FKLFN\QHPRFQêRUJDQLFN\SRNXGPi ,! $"_ Y\VRNê NUHYQt WODN QHER WUSt FXNURYNRX D SUR VY$M åLYRW SRWHEXMH OpN\ åH NX]GUDYHQtVWDþtPRGOLWE\DYWãt]ERå QRVW $QL QD RNDPåLN QHEXGHPH SHG VWtUDW åH NHV"DQVNi SV\FKRORJLH MH ]i]UDþQêOpNSURQHPRFQRXGXãLMDNêP E\OR REMHYHQt SHQLFLOtQX $QL QD RNDP åLNQHEXGHPHSHGVWtUDWåHSV\FKRORJL H P$åH X]GUDYLW QDãH VERU\ .G\E\ WR E\OD SUDYGD E\O\ E\ WDNRYp VERU\ ]i QêP StNODGHP YãXGH WDP NGH MVRX NHV"DQãWt SV\FKRORJRYp DNWLYQ þLQQt $OH NHV"DQpVHGiOUR]YiGMtVWDWLVWLF N\ MVRX MHQ R ]D VYWHP 0DMt QH IXQNþQtURGLQ\QHSRVOXãQpGWLãSDWQp Y]WDK\Y]DPVWQiQtQHSOQtVYpREþDQ VNp DQL NHV"DQVNp SRYLQQRVWL MVRX DONRKROLN\ SHVWRåH Y SRVOHGQtFK OHWHFK PDMt RE]YOiãW QD =iSDG N GLVSR]LFL VWRYN\ VQDG WLVtFH WLWXO$ D QDYãWYXMt YH YHONpP SRþWX NHV"DQVNp SV\FKRORJ\ 9WãLQD L SR SHþWHQt D SRUDG MGH VWHMQ WDP NDP MH WiKQH MHMLFKVUGFH 1HMSUYH VL XMDVQPH QNWHUp ]i NODGQtGHILQLFHSV\FKRORJLH -GH R VRXVWDYQp VWXGLXP FKRYiQt D P\VOL þORYND D ]YtDW MH WR YGD NWHUi VH ]DEêYi WDMHPVWYtP YGRPt SRGYGRPt PHQWiOQtPL SURFHV\ D FKRYiQtP VWXGXMH U$]Qp PRGHO\ GXãHYQtFK GM$ ]DPHQp QD LQWH UDNFH QHUYRYêFK D GDOãtFK EXQN Y PR]NX Y]WDK\ åLYRWD D P\VOL SUR IXQNFLWOD ýOHQtVHQDDGXRERU$]NRXPiQLWUR þORYND D FKDUDNWHULVWLN\ HPRFt FKRYiQtDPRWLYDFHMHGQRWOLYF$VNX SLQ QHER U$]Qp DNWLYLW\ QDS SV\ FKRORJLHGDYXYiON\DWG 7pP YãHFKQ\ RERU\ VSRMXMH YtUD Y KRGQRWX SRNXV$ D SR]RURYiQt NWHUpMHPRåQR]HYãHREHFRYDWMDNR Y]RUFH FKRYiQt MH WR QHQiSDGQi D WDNWLFNi DNFH QHER DUJXPHQW SRXåt YDQêNPDQLSXODFLDRYOLYRYiQtGUX KêFK 3V\FKRORJLHMHILORVRILHGUXKPHWDI\ ]LN\NWHUiVWXGXMHY]WDKGXãHDP\ VOL 'HILQLFHSRFKi]HMt]U$]QêFK]GURM$ __,! $" 3V\FKRORJLH YH VYp SRGVWDW D GHIL QLFL QHP$åH DQL EêW REMHNWLYQt YGRX QHER"MLWYRtSURPQOLYpSV\FKRORJLFNp GRNWUtQ\ D WHRULH $NWLYLWD D PRWLYDFH MHGQRWOLYF$DU$]QêFKVNXSLQOLGtMHGiOH SRGPtQQD PQRKD SURPQOLYêPL IDNWR U\MDNRMHNXOWXUQtHWQLFNpDQiERåHQ VNpSURVWHGt&RMHQRUPiOQtSURMHGQX NXOWXUX MH QHSLMDWHOQp SUR GUXKRX 1H SRFKRSHQt D Y]iMHPQi ]DWYU]HORVW MH StþLQRX KUXEpKR QiVLOt QiERåHQVNêFK YiOHN D HWQLFNêFK þLVWHN 1H]DSRPtQHM PH åH WR E\OD SUiY SV\FKRORJLH D Mt StEX]Qi SV\FKLDWULH NWHUi E\OD MH D EXGH QiVWURMHP XPOþRYiQt QHSRKRGO QêFK RVREQRVWt Y ]HPtFK V WRWDOLWQtP UHåLPHP -H PQRKR SURIHVt NGH MH SV\FKR ORJLH VRXþiVWt NYDOLILNDFH SUR YêNRQ SRYROiQt 3DWt N QLP SRGQLNRYt PDQD åHL SHUVRQDOLVWp Y\FKRYDWHOp XþLWHOp OpNDLSV\FKRORJRYpLSV\FKLDWL]GUD YRWQtFL VRFLiOQt SUDFRYQtFL SUiYQtFL YHHMQt þLQLWHOp SROLWLFL QRYLQiL VSLVR YDWHOpILORVRIRYpSROLFLVWpNULPLQDOLVWp YRMiFL VSRUWRYFL XPOFL D YGFL 3R NXG MVRX YtFtPL NHV"DQ\ GR YROE\ SRYROiQtQHPiQLNGR]QiVSUiYR]DVD KRYDW PDMt WHQ QHMOHSãt SHGSRNODG N WRPX DE\ MHMLFK åLYRWQt YROED QHE\OD SRXKpSRYROiQtDOHSRVOiQt 7URFKXMLQiMHVQDKDSURSRMRYDWSV\ FKRORJLL V WHRORJLL Y FtUNHYQt SRUDGHQ VNp SUD[L 3UR LOXVWUDFL XYHGX QNROLN StNODG$MDNSRUDGHQVWYtDSV\FKRORJLH P$åHRKUR]LWVDPRWQRXH[LVWHQFLFtUNYH DEH]~KRQQRVWND]DWHO$ 1HWYUGtP åH VH WHQ NGR VL SHþWH NQtåNX SRSXOiUQtKR NHV"DQVNpKR QHER VYWVNpKRSV\FKRORJDGRSRXãWtKtFKX DOH]GURMSRFKRSHQtVHEHVDPDDVYWD NROHP QiV E\FKRP POL KOHGDW SHGH YãtPY%RåtPVORY1HKOHGHMPHRGSR Y WDP NGH QHQt 8YHGX QNROLN St NODG$ 1HMþDVWMãt StþLQD SiGX DPHULFNêFK ND]DWHO$MHSRUDGHQVWYtWêNDMtFtVHPDQ åHOVNêFKY]WDK$3DVWRUVHVWiYiG$YU QtNHP SHGHYãtP åHQ =UDQQi åHQD QDMGH NRQHþQ LGHiOQtKR PXåH NWHUê SR]RUQ QDVORXFKi D UR]XPt Mt -HKR SRFKRSHQt D Y]iMHPQp VEOtåHQt P$åH YpVWRED]~þDVWQQpN]iYLVORVWLKtFKX QHER MHGQRVWUDQQpPX Y\GtUiQt äHQD NWHUi QHGRViKQH VYpKR P$åH REYLQLW ND]DWHOH]HVH[XiOQtKRKDUDãHQt]Qi VLOQQtDSRG6ODERVWPXåVNpKRSRKOD YtNåHQE\ODQHMHQStþLQRXSiGX$GD PDDOHQHMHGQRKRSiGXQHMSRSXOiUQM ãtFK DPHULFNêFK ND]DWHO$ %êW PDQåHO VNêP SRUDGFHP YH VERUX MH QHMQHEH] SHþQMãt SRYROiQt 3RUDGHQVWYt Y FtUNYL Y\KOHGiYDMt SHGHYãtP åHQ\ NWHUp QH ]YOiGDMt PDQåHOVWYt D YêFKRYX GWt 1HQtVQDGY%LEOLSViQRåHVWDUãtåHQ\ PDMt Y\XþRYDW PODGãt R PDQåHOVWYt D YêFKRY GWt" 'QHãQt ND]DWHOVNi VOXå EDMHWDNQiURþQiåHND]DWHOVHWUYiQD VYpP PtVW Y SU$PUX PVtF$ VWDWLVWLFNê ~GDM QHMYWãt DPHULFNp GH QRPLQDFH-LåQtFKEDSWLVW$ 'DOãtPYiåQêPSUREOpPMHSRUDGHQ VWYt QD S$G FtUNHYQtKR VERUX NWHUp P$åH YpVW N VRXGQtP åDOREiP 6YW QHPiStOLãSRFKRSHQtSURFtUNHYQtSDV WRUDþQtSRUDGHQVWYtD]SRY9HFKYtOL NG\QDSVSiFKiþORYNYSpþLND]DWHOH QHERNHV"DQVNRXSV\FKRORJLtSLSUDYH QpKR SUDFRYQtND VHEHYUDåGX QHER WUHVWQêþLQP$åHRGSRYGQRVWSDGQRXW QDKODYXSRUDGFHFtUNYHQHERND]DWHOH 8YHGODMVHPMHQQNROLNPiORStNOD G$ ] RVREQt ]NXãHQRVWL 3URWR PQRKp VERU\ RG SURIHVLRQiOQtKR SRUDGHQVWYt XSXVWLO\DQNWHtND]DWHOpSHGSV\FKR ORJL]DFt FtUNYH YDUXMt 3URWR MVRX WDN SRSXOiUQt GRPiFt VNXSLQN\ NGH MGH R NROHNWLYQt HãHQt SUREOpP$ MHGQRWOLY F$ 9 MiGUX NHV"DQVNp SV\FKRORJLH QHQt VSiVD þORYND MGH MHQ R Y\OHSãR YiQt þORYND DE\ VH PRKO OpSH SL]S$ VRELWåLYRWXDOHWRQLNRKRQHSLYHGHGR QHEHVNpKRNUiORYVWYtDQLRNURNEOtåH 1DãH DWHLVWLFNi VSROHþQRVW Pi GR VWDWHN SV\FKRORJLH DOH ]RXIDOê QHGRV WDWHN DSOLNRYDQpKR %RåtKR VORYD 9ãH FR FKFHPH tFL MH åH SV\FKRORJLH D %Råt VORYR ]DVWiYDMt GYD SURWLFK$GQp SRKOHG\ QD VYW 9 NRQFL NRQF$ VYW VNp SUYN\ SV\FKRORJLH SURVWRXSt NHV "DQVNRXSV\FKRORJLtQLNG\QHQDRSDN 3UR LOXVWUDFL XYHGX QNROLN StNODG$ 9HOPL StMHPQê D YiåHQê SV\FKRORJ SDQ GU +HVFKHO NWHUê NDåGê WêGHQ YVWXSXMH GR QDãLFK GRPRY$ SURVWHG QLFWYtP ýHVNpKR UR]KODVX Y SRDGX +RVW GR GRPX ]DþiWNHP URNX UR]YtMHO WpPD OLGVNi ]iYLVW 3RVOXFKDþL VH GR ]YGOL åH ]iYLVW MH ] HYROXþQtKR KOH GLVNDSR]LWLYQtYODVWQRVWMHWRKQDFtVtOD SRNURNX QHER" þORYND QXWt DE\ QH ]DRVWiYDO]DVYêPVRXVHGHP 'REHYtPHMDNVHGtYiSV\FKRORJLH QD VH[ D PDQåHOVWYt þORYN QHQt WYRU PRQRJDPQtQHYUDMHQRUPiOQt]QiVLO QQt MH HYROXþQt SURJUDP VH[XiOQt SUREOpP\ VH Hãt PLORVWQRX DYDQWêURX KRPRVH[XDOLWD MH SLUR]HQi VH[XiOQt Y]WDK\PODGLVWYêFKMVRXSLUR]HQp 9 OHGQX WRKRWR URNX KRYRLO QD WpPD PDQåHOVWYt QD VWDQLFL ýHVNê UR]KODV RGERUQtN QD VORYR Y]DWê VH[XRORJ SDQ GRNWRU 3HWU :HLVV 3RVOXFKDþ$P Y\ VYWOLO åH Y GRE ]DPLORYDQRVWL Qiã PR]HN Y\OXþXMH GURJX ]YDQRX DPIHWD PLQ = HYROXþQtKR KOHGLVND ]DPLORYD QRVWWUYiXþORYNDDVLþW\LURN\7RMH GRED PLQLPiOQ SRWHEQi N RSORGQQt åHQ\DRGNRMHQtGtWWHDE\E\OR]DMLãW QRSRWRPVWYR9PDQåHOVWYtPtVWRDP IHWDPLQ$ PR]HN Y\OXþXMH HQGRUILQ\ NWHUpY\YROiYDMtSRFLW\EODåHQpVSRNRMH QRVWLWROHUDQFHDSRNRMQpKRVRXåLWt -DNYLGtSV\FKRORJLLQHWHRORJRYp 6XVDQ 6RQWDJ QDSVDOD YNQL]H1HPRFLMDNRPHWDIRUD 3RGVWDWQiþiVWSRSXODULW\DSHVYG þLYRVWL SV\FKRORJLH VSRþtYi QD ]iNOD GHFK SRY]QHãHQpKR VSLULWXDOLVPX VH NXOiUQtSHGVWDYDYGHFNRVWLQiVXMLã"X MHRQDGD]HQRVWLGXFKDQDGKPRWRX )U&ULFN9GDKOHGiGXãLVWU 3LVOHGRYiQtGMLQSV\FKRORJLHEORX GtPH ODE\ULQWHP IDQWDVWLFNêFK Qi]RU$ SURWLPOXY$DDEVXUGLWSURPtVHQêFKWURã NDPLSUDYG\ %ULWVNêDXWRU'+/DZUHQFHQDSVDO =WUDWLOLMVPHXPQtåtWDYQHMG$OHåL WMãtYGYGRNDåGRGHQQtPåLYRW YGRFKRYiQtMVPHQDSURVWRQHLQIRU PRYDQtKOXSiFL0tVWRQtPiPHSV\FKR ORJLL ,! $"_^ 1HEHUPH VDPL VHEH D SURVSãQRVW NHV"DQVNp SV\FKRORJLH Y FtUNYL WDN YiåQ 0MPH QD P\VOL þORYND QH PHWRGX1DSURVWRELEOLFN\Y\MiGLOQi]RU QDSV\FKRDQDOê]XDXWRUGLYDGHOQtFKKHU 2VFDU:LOGH ýtPYtFHMHGQRWOLYHFDQDO\]XMHRVWDW Qt WtP YtFH PL]t G$YRG\ SUR DQDOê]X 'tYH QHER SR]GML GRMGH N KUR]QpPX XQLYHUViOQtPXSR]QiQtNWHUpQD]êYiPH OLGVNiSLUR]HQRVW .GR ]Qi OpSH OLGVNRX SLUR]HQRVW %Råt VORYR QHER SV\FKRORJLH" '$YXM PH VYpPX 6WYRLWHOL åH MH WR 21 NGR SURPXMH QDãH åLYRW\ 9iP NWHt MVWH ]QHSRNRMHQLVWDYHPVYêFKVERU$DSWi WHVHFRE\FKRPWHG\POLGODWRGSR YtGiPH Y\XþXMWH %Råt VORYR &tUNHY PiQiVWURMHNWHUpVYWDQLSV\FKRORJLH QH]QiEUDWUVNRXOiVNXQHMHQSUi]GQi VORYDROiVFHUR]PDQLWpGXFKRYQtGDU\ PRGOLWE\SDVWRUDFHREHFHQVWYtVDPD ULWiQVNpKR GXFKD OiVNX N EOLåQtPX D GDOãt %XPH VOXåHEQtN\ QH SV\FKROR J\ &KFHPH RSUDYGX DE\ VH FtUNHY ]QRYX ~þDVWQLOD SRPtMLYêFK VYWVNêFK PyGQtFK WUHQG$" &KFHPH VO\ãHW ] QD ãLFKND]DWHOHQSV\FKRHYDQJHOLXPQHER .ULVWRYR HYDQJHOLXP" 9\XåtYiPH GDU$ NWHUp MVRX QiP GiQ\ VK$U\" &KFHPH VYp EOLåQt Y\OHSãRYDW SURVWHGQLFWYtP SV\FKRORJLHQHERSRPRFt'XFKDVYDWp KRWUDQVIRUPRYDWYQRYiVWYRHQt" &KFHPHOL YãDN PRGOLWHEQ\ MHQ ]DSO QLW D Y\WYRLW QiERåHQVNRVSROHþHQVNi FHQWUDNWHUiEXGRXSHþRYDWRSV\FKLF Np ]GUDYt D GREURX SRKRGX QiYãWYQt N$ NGH PRKRX XWUiSHQt OLGp VO\ãHW MHQ R%RåtOiVFHNGHEXGHVNYOiDWPRVIp UD KRGQ StVQt NUiWNi Ni]iQt D PiOR Y\XþRYiQt QD WR WRWLå QH]E\GH þDV QH]QHXåLMHPH WtP QDãH %RKHP GDQp SRVODQtMDNRWRGODMtQNWHUpVHNW\" =YêãHQê]iMHPRSV\FKRORJLLMHIHQR PpQHP QDãt GRE\ 9 $PHULFH GRViKO VYpKRYUFKROXSHGGYDFHWLOHW\'QHVMH PQRKRWFKNGRPDMtYNDSVHGLSORPR VYp NYDOLILNDFL DOH Y\VWXGRYDQê RERU MH QHåLYt 9ãHP PODGêP DGHSW$P VWXGLD SV\FKRORJLH SUDJPDWLFN\ UDGtPH QHM GtYHY\VWXGXMWHRERUNWHUêYiVYåLYRW _,! $" XåLYt 8å WDWR VNXWHþQRVW EXGH GREUêP åLYRWQtPVWDUWHPDQHEXGHWHSRWHERYDW KOHGDWVDPLVHEHVSRPRFtSV\FKRORJ$ 3RNXG YiV ]iMHP R SV\FKRORJLL EXGH GUåHW GiO VWXGXMWH ML Då EXGHWH ]UDOHMãt YH YtH Då EXGHWH PtW ELEOLFNp XþHQt YHSVDQp KOXERNR Y VUGFL DE\VWH QHE\OL XQHVHQL NGHMDNêP ]iYDQHP YWUX 9U QMãtKR %RåtKR VOXåHEQtND ] YiV DOH SV\FKRORJLHUR]KRGQQHXGOiNDV 1HMYWãt NRQIHUHQFH NHV"DQVNêFK PpGLt UR]KODV WHOHYL]H D ]DVWRXSHQt Yê]QDPQMãtFK NQLåQtFK QDNODGDWHO$ VH NRQDOD~QRUDY'DOODVXYDPH ULFNpP 7H[DVX 0OL MVPH WR SRWãHQt EêW ~þDVWQtN\ NRQIHUHQFH VSROHþQ VYtFHQHåQiYãWYQtN\ 1D NRQIHUHQFL VH SRiGDO\ SUDNWLFNp VHPLQiHERKRVOXåE\DGRNRQFHGLVNX ]HPH]LOLEHUiO\DNRQ]HUYDWLYFLQDWpPD QiERåHQVNê SURMHY YHUVXV SUYQt GRGD WHN N ~VWDY 86$ 0RKOL MVPH VOHGRYDW åLYp UR]KODVRYp D WHOHYL]Qt Y\VtOiQt 0H]LSHGQiãHMtFtPLE\OD$QQH*UDKDP /RW]RYi GFHUD %LOO\ *UDKDPD NWHUi SURPOXYLOD SL QHGOQt ERKRVOXåE 3R GOH SRVOHGQtFK SU$]NXP$ IXQJXMH QD FHOpP VYW DOHVSR NHV"DQ VNêFK UR]KODVRYêFK VWDQLF D SHV ORNiOQtFKWHOHYL]QtFKVWDQLFFRå]QDPH QiåHQiERåHQVNpY\VtOiQtSHGVWDYXMH ÄYHONê E\]Q\V³ MDN VH Y\MiGLO HGLWHO 15%&RPPXQLFDWLRQV.DUO6WROO7pPD WHPNRQIHUHQFHE\ODÄNRPXQLNDþQtVSR MHQt³ V G$UD]HP QD H[SDQ]L FtUNHYQtFK VGORYDFtFKSURVWHGN$ 9 SURJUDPX E\OR PQRKR SHGQiãHN D LQIRUPDFt R QHMQRYMãtFK WHFKQRORJL tFKDSURJUDPRYpPVORåHQtUR]KODVRYp KR D WHOHYL]QtKR Y\VtOiQt 1iV QHMYtFH ]DXMDO\PRåQRVWLLQWHUQHWRYpKRY\VtOiQt %KHP NRQIHUHQFH MVPH VH VHãOL V YHGRXFtPL SUDFRYQtN\ +&-% NWHt SLOHWOL]&RORUDGD,QGLDQ\D(NYiGRUX 0OL MVPH QNROLN SUDFRYQtFK SRUDG D VFK$]HNNWHUpVHWêNDO\QDãHKRþHVNp KRLQWHUQHWRYpKRQDSRMHQtQDY\VtOiQt 6UDGRVWtR]QDPXMHPHåHRGEH]QD QHER GXEQD EXGH PRåQR SRVORXFKDW SURVWHGQLFWYtPLQWHUQHWXYãHFKQDY\Vt OiQt +&-% WHG\ L QDãH Y þHãWLQ D VOR YHQãWLQ YH VWHMQRX GREX MDNR SUR VWHGQLFWYtP NUiWNRYOQQpKR SLMtPDþH DOH Y NYDOLW NWHUi QHEXGH PtW åiGQp ãXP\ 7R NODGH Y\ããt QiURN\ QD QDãL SUiFL]GH=QRYXSURVtPHSRWHEXMHPH YDãLSRPRFSHGHYãtPPH]LSUDåVNêPL SRþtWDþRY]GDWQêPLGREURYROQtN\ 9 GDOãtP =2'X EXGHPH LQIRUPRYDW R QNWHUêFK QRYêFK WUHQGHFK D ]DMtPD YRVWHFK 3UR ~þDVWQtN\ NRQIHUHQFH SL SUDYLOL QDNODGDWHOp D DXWRL REURYVNRX KRVWLQX NGH QDNODGDWHOp POL SLSUD YHQpVWRYN\YêWLVN$NQLKNWHUpMHGQRWOL Yt DXWRL SRGHSLVRYDOL -HQ WDN MVPH PRKOL ]tVNDW D SLYp]W VSRXVWX QRYêFK NQLKD&'pþHN 0LVLMQtOHWHFNiVSROHþQRVW0$)POD PH]L H[SRQiW\ SR]$VWDWN\ OHWDGOD SWL PLVLRQi$NWHtE\OLYHNYiGRUVNpGåXQ JOL ]DYUDåGQL GRPRURGFL 3R þW\LFHWL OHWHFK E\O\ NRYRYp WURVN\ OHWDGOD QDOH ]HQ\ D VHVWDYHQ\ 3UR QiV GQHV MH QH XYLWHOQpYMDNMHGQRGXFKêFKDPDOLþ NêFKVWURMtFKPLVLRQiLOpWDOL 3URYiVNGRKRtWH]YGDYRVWtMDNWR Y 'DOODVX QHER Y 7H[DVX Y\SDGi MHQ WHOHJUDILFN\ MH WR QHVNXWHþQ YHONi ]HPWDNåHWRFRY\WYRLODOLGVNiUXND MHMHQWDNRYiVOXSNDQD]HPVNpPSRYU FKX 9ãHFKQR MH WDP REURYVNp ãLURNp PQRKRSURXGRYp GiOQLFH SRGMH]G\ QDGMH]G\ D QHNRQHþQp SURXG\ REURY VNêFKDXWRPRELO$ 9H VWHGX PVWD Y\URVWO OHV PQRKD SRVFKRRYêFK PUDNRGUDS$ 7DP VH MH]Gt]DSUDFtäLMHVHPLPRVWHGPV WD 5RGLQQp GRP\ VH UR]U$VWDMt YãHPL VPU\3URQDãLQFHXåVDPRWQiYHOLNRVW VWHFKGRP$NWHUpY\SDGDMtMDNRS\UD PLG\ EHUH GHFK 7L JDUiåH WL D YtFH NRXSHOHQ D ORåQLF MH VWDQGDUG 9 7H[D VX MH YãHFKQR YWãt Y\ããt ERKDWãt D þORYNVHFtWtRWRPHQãtDEH]Yê]QDP QMãt ýHKR VL REY\NOH QiYãWYQtN ] (YURS\ YãLPQH QHMGtYH MH þDVWi RW\ ORVW OLGt QDU$VWDMt GR QHSHGVWDYLWHO QêFKUR]PU$DMHMLFKVWiOHYtFH$QHQt GLYX .G\å MGHWH GR UHVWDXUDFH GRVWD QHWH REURYVNê WDOt QDORåHQê WDN åH VQDGQR VWDþt SUR GYD $ NG\å MGHWH GR UHVWDXUDFH NGH VL P$åHWH EH] OLPLWX Y\EUDW FR KUGOR Uiþt WDN WR Xå MH ~SOQê REUD] OLGVNpKR REåHUVWYt 1iSRMH VH SRGiYDMt Y PHQãtFK NEHOtFtFK 7DNRYp YHOLNRVWLVLRGSXOWXRGQiãHMtLGWL)DVW IRRG D ELJ PHDO MH YãXGH $QL P\ MVPH VH ]URYQD GLHWQ QHFKRYDOL 0XVHOD MVHP XSpFW GR ]ODWRYD KXVLþNX XGODW NQHGOtN\D]HOtþNRSURQDãHSiWHOH 'DOãt DPHULFNi D RE]YOiãW WH[DVNi SR]RUXKRGQRVW MH åH QD PQRKD KODY QtFKNLåRYDWNiFKEêYDMtLGYDYGRKOH GXGDOãtFtUNHYQtEXGRY\.DPVHSRGt YiWHYãXGHYLGtWHQRYpNUiVQpVERURYp EXGRY\ 6ERURYê åLYRW MH Y $PHULFH QHVPtUQ G$OHåLWê D VQDG SUiY SURWR MVRX PH]LOLGVNp Y]WDK\ Y $PHULFH YHOp D SR]RUQp 8å WR åH SUYQt VORYD SDVRYpKR ~HGQtND E\OD YtWiPH YiV GRPD SLSRPtQi NDåGpPX NGR Pi DPHULFNê SDV åH Pi VYRML QHMHQ OLG VNRXDOHLREþDQVNRXG$VWRMQRVW6QDG VH L X QiV MHGQRX GRþNiPH åH SDVRYt ~HGQtFL SR]GUDYt þL QD StSDGQê SR ]GUDYDOHVSR]PQtYêUD]WYiH 9*DOYHVWRQXMVPHYLGOLWLVNOHQQp S\UDPLG\ 0RRG\ S\UDPLGHV 9 MHGQp E\OWURSLFNêSUDOHVVSWDFWYHPDPRWêO\ YGDOãtPRVNpDNYiULXPDYHWHWtNWH Ui VH QD]êYi 'LVFRYHU\ MH VWiOi YêVWD YDNWHUiVHWêNiNRVPLFNpKRYê]NXPX 3RVOHGQt]DVWiYNDE\ODY*OHQ5RVH NUHDþQt PX]HXP NGH MH WDNp 3DOX[HH ULYHUNGHVHQDFKi]HMtVWRS\GLQRVDXU$ ,! $"_ DþORYND2ERMtE\ORVStãH]NODPiQtP 6WRS\MVPHQHYLGOLSURWRåHE\ODY\VR NiYRGDDPX]HXPMHVStãHQHXGUåRYD Qi ERXGD QHå FRNROLY MLQpKR &K\Et NHV"DQVNê PHFHQiã MDNR Y *DOYHVWR QX7RYãDNQHPQtQiãY]WDKNHNUHD FLRQLVPXDOHRWRPDåStãW VWHLJHURYL !*!$ÀÉ 0LOtEUDWLDVHVWU\ VUGHþQ YiV ]GUDYtP D SHML YiP UDGRVWVtOXD%RåtSRåHKQiQt9\VtOi Qt UiQR MH YHOLFH GREH VO\ãHW MHKR RE VDK MH KRGQRWQê D ]DMtPDYê 3RVtOiP YiPKOiãHQtRStMPX%XGXVHWãLWQD GDOãtNRUHVSRQGHQFLDGRXIiPåHEXGH WDNSO\QXOiMDNR]4XLWD $OHQD. 3RVOXFKDþL NUiWNRYOQQpKR Y\VtOiQt 'REUp QRYLQ\ QiP ]DVODOL DGX KOiãHQt R SRVOHFKX 9ãHP GNXMHPH D UiGL XVO\ãtPHLRGYiV 3RNXG PH]L SRVOXFKDþH SDWtWH D Y PLQXOpP þDVRSLVX =2' MVWH QHREGU åHOL OHGQRYê 2EåQtN ]DMtPDYRVWt ] (N YiGRUX D IRUPXOi R SRVOHFKX QDSLãWH QiP3URSRVOXFKDþHPiPHNDåGêP VtF SLSUDYHQê QRYê REåQtN RG SDQt )LDORYp 7HQ MH URYQå GRVWXSQê QD LQWHUQHWXYHFKYtOLNG\MHM]4XLWDGRVWD QHPH=DWtPY\ãOR 1HMGHOãtWXQHO 0DOiVWDWLVWLNDDY\VWKRYDOFL 2KURåHQp*DODSiJ\ /o{¦pxxU¦©lp/xlKTxxÒ«o¦/K{¢ Txl¦©lp/xl{K¡¡G /x{Gj!À¡^tW« 'TÐTG¡j¡¡!Àty^« ¡j¡¡!Àt¡_« k]TT.tkx`j{K8ØT«x.xT8{K¢8x.8¢KTt{¬x{ {p{¢Bh.¦©lp/xl¬k¦Ò¦T¦TBhn.«©BlBhx. kxTxT¢,/nTtBkTt{h{¢x.{nkx. qhG§§§hBn8B«cxT8{qhG§§§hBn8{`c 27 33 þ 9HONi%tWHã Distribuce CZ Distrib˙cia SK HCJB - ZoD Distribuce P. & K. Steiger Hoöù·lkova 1,a 169 00 Praha 6 - B¯evnov HCJB - ZoD Distrib˙cia M. & A. Zavilla Jir·skova 165/10 916 01 Star· Tur· DobrovolnÈ p¯ÌspÏvky m˘ûete poslat pouk·zkou VariabilnÌ symbol je na VaöÌ etiketÏ =2'+&-%:RUOG5DGLR +&-%5iGLRVLH"=2'6ORYHQVNR N·zev ˙Ëtu: N·zov ˙Ëtu: .RPHUþQtEDQND%UQR »Ìslo ˙Ëtu: »Ìslo ˙Ëtu: 98%7UHQþtQH[S6WDUi7XUi HCJB HCJB WORLD WORLD RADIO RADIO HCJB - dennÏ z Ekv·doru, od 26.03. 2001 R¡NO: 6:30 - 7:00 SE», tj. 4:30 - 5:00 UTC: 11 830 kHz - v p·smu 25 m. VE»ER: v 21:30 - 22:00 SE», tj. 19:30 - 20:00 UTC: 17 795 kHz a 21 470 kHz v p·smech 16 a 13 m. TWR ýHVNêUR]KODV3O]H poslouchejte v sobotu 7:00 - 8:00 a 21:00 - 22:00 Velmi kr·tkÈ vlny (FM): 106,7 105,3 103,4 102,4 100,8 95,8 91,0 MHz TWR 3URJODV (FM):%UQR+RVWêQ3UDGG-HãWG Po-P· a Ne 7:45 - 8:00, So 7,15 - 8:30, Po-P· 21:00 - 21:30 KWWSZZZKFMEF]!KWWSZZZKFMEVN! =È3$62'8â,Y\GiYiQDNODGDWHOVWYt A$/()%RLYRMRYD2VWUDYD 5HGDNWRL,QJ3DYHOD.OiUD6WHLJHURYL +Rã"iONRYDD3UDKD -HGQDWHO,QJ%RKXVODY9OþHN8VWDGLRQX9HONi%tWHã 7LVNQRX2675$96.e7,6.È51<1RYLQi VNi2VWUDYD 9\FKi]tþW\LNUiWGRURND1(352'(-1e
Podobné dokumenty
zdraví a krása. - Mangosteen a VR Best for life
/pNRĜLFHO\ViQHMþDVWČMLVHSRXåtYiMDNRSRGSRUDSĜLOpþEČFKURQLFNp~QDY\þLILEURP\DOJLL UHNRQYDOHVFHQFLSR]iQČWXMDWHUSRGtOtVHQD]Y\ãRYiQtLPXQLW\DSRPiKiSĜLRQHPRFQČQtFK KRUQtFKFHV...
VíceČervenec 2001 (č. 69)
1NWHUêP E\OR Y\KURåRYiQR D MH SUDYGSRGREQp åH QNWHUêP KUR]LOR XPXþHQt3HWURWRPYãHP YtDVWHMQMLPStãH 9HOHEHQ EX %$K « QHER" QiP « GDO«QRYVHQDURGLW...
VíceŘíjen 2002 (č. 74)
SRUD]LOR DXWR ~VSãQpKR SRGQLNDWHOH 7HQ QD PtVW ]HPHO -HKR GXãH SLãOD GR QHEH D X SHUORYp EUiQ\ E\OD SLYtWi QDVDPRWQêPVY3HWUHP Ä9tWiPWYQHEL³HNOVY3HWUÄ't YH...
VíceZĂ PAS 3$MĂľXM UR]PQRĂĄXM UR]ĂŁL XM
]WUiWXDSLSRPtQiMLPåHVH3iQ-Håtã .ULVWXV YUiWt D åH WHKG\ GRMGH RSW NH VKOHGiQt YãHFK åLMtFtFK V MHMLFK PLORYD QêPL8]DYtUi 7PLWRVORY\VHQDY]iMHPSRWãXMWH 7H ...
Více