+.5.2- )* (,/mp[p]v_ etns _z_ 6]‘^^pw$ xp_ yzr pwvp bppv ppy af%^[]ppv‘‘]o& etuo_ _‘^^py...

16
,(*(/+-) ##’ ,.3102 &$%$ !&" ,.]NJS$ MJX IVNJRFFSIJQNOPWJ ZNVXYJQJ XNOIWHMVNKX TZJV RJSWJS JS ;@ !7TJ]T$ ;@ JJS FYXT%NRRYYS]NJPXJ/! c <FFV WHMTTQ RJX ;@- 5V ZFQX STL MJJQ [FX XJ [NSSJS c @XYFVX ;FHQJSSFS- RJX IJ GTTX ITTV <JIJVQFSI c 5SPJQ%BTJX%=VXMJWJ "5B=# JS =VXMJWJXJWXJV c 6JRJJSWHMFUUJQNOPJ ;JINWHMJ 3TSWYQXJS c DTSSNLJ WHMFIY[ % ;@ NS RNOS QJZJS c BFS IJ VJIFHXNJ- CJVJQI ;@ 4FL c ;@]NJS OYSN )’(’ 3TQTKTS ;@]NJS NW JJS YNXLFZJ ZFS @XNHMXNSL BVNJSIJS ;@[JG. >VNSW 7JSIVNPQFFS ,$ *+)( 1< 2NQXMTZJS. 5%RFNQ- VJIFHXNJ0RW]NJS&SQ& ?JIFHXNJ- <TVF 7TQXVYWX "MTTKIVJI&#$ <JQ 1HMXJVMJW$ 7hQgSJ :JLIJYV$ AVYI\ ;FSXJQ$ ;FVOF ;TVWPNJKX 5NSIVJIFHXNJ- 1SIVJF 9TSPJV ;JIJ[JVPJVW- CJSIJQRTJX 7TQXVYWX "ZTVRLJZJV#$ ?F\RTSI ANRRJVRFSW "OTYVSFQNWXNJPJ GNOIVFLJS#& 8QQYWXVFXNJW- 6YNIT 2TTX] "[[[&LYNITGTTX]&HTR#$ 7<YJFO KUOJ )’(’ :RJOT =BN TBN +.5.2- )* (,/ @FLFOMBOH JS TPFHFWFRLT OBBR EF @FRFME 7< /BH )’(’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’.-( "+*), 4BWFM$ 7<WFC JS FJHFOBBR VBO FFO FJMBOE PQ %)’.-( "+*)& 9OYF VPPRPUEFRS NPFSTFO WFOOFO BBO EF TRFJO$ IFT VMJFHTUJH$ RBEJP PG TV& <JOES LPRT IFFGT CJKOB JFEFRFFO FFO NPCJFMTKF FO 3OTFROFT& /BOLYJK 3OTFROFT IFCCFO WF OU <FDPOE 6JGF& 9Q <FDPOE 6JGF CFSTBBT FFO FJMBOE NFT EF OBBN #% !0,&-( $)()/,&-( FO EBBR LUO KF WBBR TFR WFRFME PPL NFT FMLBBR PVFR 7< QRBTFO PG FFO STULKF VMJFHFO PG EBOSFO PG YWFNNFO& 0O EBT BMMFNBBM [ __L % BMS KF 7< IFCT& 9Q #% !0,&-( $)()/,&-( PRHBOJSFFREF 7<WFC VPPR EF EFREF LFFR EF @PRME 7< /BX& /BBR EFEFO NBBR MJFGST ))( NFOSFO "-VBTBRS# BBO NFF& AF MUJSTFREFO OBBR NUYJFL$ EBOSTFO NFT FMLBBR FO LFLFO OBBR FFO WFRVFMFOEF NPEFSIPW& 0O BM EJF BDTJVJTFJTFO SBNFO MFVFREFO NFFR EBO 6!(’’&’’’ PQ$ FFO LMFJOF *’’ FURP&

Upload: others

Post on 24-Dec-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

,(*(/+-) ##' ,.3102 &$%$ !&"

,.]NJS$ MJX IVNJRFFSIJQNOPWJ ZNVXYJQJ XNOIWHMVNKX TZJV RJSWJS JS ;@

!7TJ]T$ ;@ JJS FYXT%NRRYYS]NJPXJ/!c

<FFV WHMTTQ RJX ;@- 5V ZFQX STL MJJQ

[FX XJ [NSSJS

c

@XYFVX ;FHQJSSFS- RJX IJ GTTX ITTV

<JIJVQFSI

c

5SPJQ%BTJX%=VXMJWJ "5B=# JS

=VXMJWJXJWXJV

c

6JRJJSWHMFUUJQNOPJ ;JINWHMJ

3TSWYQXJS

c

DTSSNLJ WHMFIY[ % ;@ NS RNOS QJZJSc

BFS IJ VJIFHXNJ- CJVJQI ;@ 4FLc

;@]NJS OYSN )'('

3TQTKTS

;@]NJS NW JJS YNXLFZJ ZFS @XNHMXNSL BVNJSIJS ;@[JG. >VNSW 7JSIVNPQFFS ,$ *+)( 1< 2NQXMTZJS. 5%RFNQ- VJIFHXNJ0RW]NJS&SQ&

?JIFHXNJ- <TVF 7TQXVYWX "MTTKIVJI&#$ <JQ 1HMXJVMJW$ 7hQgSJ :JLIJYV$ AVYI\ ;FSXJQ$ ;FVOF ;TVWPNJKX

5NSIVJIFHXNJ- 1SIVJF 9TSPJV

;JIJ[JVPJVW- CJSIJQRTJX 7TQXVYWX "ZTVRLJZJV#$ ?F\RTSI ANRRJVRFSW "OTYVSFQNWXNJPJ GNOIVFLJS#&

8QQYWXVFXNJW- 6YNIT 2TTX] "[[[&LYNITGTTX]&HTR#$

7<YJFO KUOJ )'(' :RJOT =BN TBN

+.5.2- )* (,/

@FLFOMBOH JS TPFHFWFRLT OBBR EF @FRFME 7< /BH )'('& 0^O EBH VPPR 7<$

WFRFMEWJKE& /RJF KBBR HFMFEFO CFEBDIT EPPR EF 7< 3OTFROBTJPOBM 1FEFRBTJPO

"7<31#$ EF PVFRLPFQFMFOEF PRHBOJSBTJF VBO 7< ?FRFOJHJOHFO& /PFM VBO

@PRME 7< /BX JS+ NFFR CFLFOEIFJE PVFR NUMTJQMF SDMFRPSF LWFLFO CJK IFT

HRPTF QUCMJFL& @BT CFTFLFOT IFT VPPR NFOSFO PN VBOYFMGSQRFLFOEF

EJOHFO OJFT NFFR TF LUOOFO, 4F CBBO LWJKT TF RBLFO$ IUMQNJEEFMFO OPEJH

TF IFCCFOZ,

@FRFME 7< /BH JS PPL HFME JOYBNFMFO VPPR POEFRYPFL OBBR 7<& 5UOOFO EF

POEFRYPFLFRS POS OU FJOEFMJKL FFOS EF PPRYBBL VBO 7< VFRTFMMFO, :BS EBO

JS FR JNNFRS LBOS PQ IFT VJOEFO VBO EF PQMPSSJOH VPPR EFYF YJFLTF&

9PL VFFM BBOEBDIT VPPR @FRFME 7< /BH PQ <FDPOE 6JGF&

%)'.-( "+*), 4BWFM$ 7<WFC JS FJHFOBBR VBO FFO FJMBOE

PQ %)'.-( "+*)& 9OYF VPPRPUEFRS NPFSTFO WFOOFO BBO

EF TRFJO$ IFT VMJFHTUJH$ RBEJP PG TV& <JOES LPRT IFFGT CJKOB

JFEFRFFO FFO NPCJFMTKF FO 3OTFROFT& /BOLYJK 3OTFROFT

IFCCFO WF OU <FDPOE 6JGF& 9Q <FDPOE 6JGF CFSTBBT FFO

FJMBOE NFT EF OBBN #% !0,&-( $)()/,&-( FO EBBR LUO KF

WBBR TFR WFRFME PPL NFT FMLBBR PVFR 7< QRBTFO PG FFO

STULKF VMJFHFO PG EBOSFO PG YWFNNFO& 0O EBT BMMFNBBM [

__L % BMS KF 7< IFCT&

9Q #% !0,&-( $)()/,&-( PRHBOJSFFREF 7<WFC VPPR EF EFREF LFFR EF

@PRME 7< /BX& /BBR EFEFO NBBR MJFGST ))( NFOSFO "-VBTBRS# BBO NFF& AF

MUJSTFREFO OBBR NUYJFL$ EBOSTFO NFT FMLBBR FO LFLFO OBBR FFO

WFRVFMFOEF NPEFSIPW& 0O BM EJF BDTJVJTFJTFO SBNFO MFVFREFO NFFR EBO

6!(''&''' PQ$ FFO LMFJOF *'' FURP&

Page 2: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

/RJF EBHFO MBTFR WBRFO BOEFRF 7<%WFCCFRS BM WFFR CFYJH PN FFO STBOEKF

PQ TF CPUWFO JO EF 4BBRCFURS JO >TRFDIT& ?PPR EF <UQQPRTCFURS )'('&

<BNFO NFT VRJKWJMMJHFRS VBO EF 7<?8 & 0FO LFFR JO EF TWFF KBBR FFO CFURS

VPPR NFOSFO NFT FFO IBOEJDBQ PG DIRPOJSDIF YJFLTF WBBR KF FDIT VBO BMMFS

LUOT VJOEFO& /F STBOEKFS PVFR IBOEJDBQ FO YJFLTF STBBO BMMFNBBM CJK FMLBBR

PQ IFT YPHFOPFNEF .2%;BBE%QMFJO& /BT JS DPOGRPOTFRFOE NBBR PPL

RFMBTJVFRFOE& 7< JS FFO RPTYJFLTF NBBR TKPOHF KPOHF$ WBT YJKO FR OPH FFO

CPFM BOEFRF OBRF YJFLTFS PQ EF WFRFME&

0O POEFRTUSSFO IFFGT EF RFEBDTJF VBO 7<YJFO WFFR IBBR CFST HFEBBO FFO

NPPJ OUNNFR SBNFO TF STFMMFO& 7FT EF CFQFRLTF NFOSLRBDIT VBO EJT

NPNFOT VBMT EBT OJFT NFF& /F RFEBDTJF YPU EUS HRBBH VFRSTFRLJOH LRJKHFO&

7BBR YPMBOH IFT MULT$ HBBO WF EPPR&

)*70.4 1,,5/,4/ '# 3,,56 &$%$ !&"

AFeTPY U`YT )'(' D]TY_ GLX _LX

D]ZQ& O]& >LN\`P^ 8P ?Pd^P]

8MJA% ?M% 3<>LP@N 0@ 4@SN@M,

U1J@TJ# 59 @@I <POJ$DHHPPITD@FO@-V

;<I<A ?@ =@IJ@HDIB DI (++* Q<I 59$KMJA@NNJM ?M% /CMDN 8JGH<I !.HNO@M?<H"#

DN DI 6@?@MG<I? NKM<F@ Q<I NK@>D<<G JK 59 B@MD>CO JI?@MTJ@F% 7K ?DQ@MN@

KG<<ON@I TDEI ?<<M=DE O<GMDEF@ <MON@I @I R@O@IN>C<KK@MN =@OMJFF@I% 59TD@I RDG

G<O@I TD@I R<<M TDE TJ<G H@@ =@TDB TDEI# R<O CPI ?MDEAQ@M@I TDEI# CPI

T@F@MC@?@I# H<<M JJF CPI ORDEA@GN% 2I ?@T@ <AG@Q@MDIB KMJA% ?M% 3<>LP@N 0@

4@SN@M# @@I FG@PMMDEF H<I# JK RD@ ID@OO@HDI JJF C@O KM@?D><<O TR<MO$RDO K<NO%

&("0/*+120+- ,/ '+*+1.)/*! *++. $%#

8ZZ]0 !#,')($ "&''%*'#(+

=Y aPWP Z[eTNS_PY LYOP]^ OLY eTUY aZZ]RLYRP]^ TY OPeP ^P]TP

ZaP] SP_ ZYOP]eZPV YLL] OP L`_Z%TXX``YeTPV_P AF0 D]ZQP^^Z]

O]& >LN\`P^ 8P ?Pd^P]& JLY_ STU MPRTY_ XP_PPY XP_0 n<ZPeZ$

L`_Z%TXX``YeTPV_P4 =V aTYO SP_ ULXXP] OL_ XPY TY SP_ AF%

ZYOP]eZPV ZZRVWP[[PY O]LLR_ PY P] PYVPW XLL] aLY`T_ RLL_ OL_

AF PPY L`_Z%TXX`YP LLYOZPYTYR T^$ _P]bTUW OLL] SPWPXLLW

RPPY ZaP]_`TRPYO MPbTU^ aZZ] MP^_LL_& 8L_ OZRXL OZZ]M]PVPY

eLW YZOTR eTUY ZX AF ZZT_ RZPO _P V`YYPY MPSLYOPWPY ZQ

PaPY_`PPW ePWQ^ _P aZZ]VZXPYo&

CYOP] L`_Z%TXX`YT_PT_ aP]^_LLY bP_PY^NSL[[P]^ SP_

aP]^NSTUY^PW OL_ SP_ TXX``Y^d^_PPX WTNSLLX^PTRPY NPWWPY LW^

a]PPXO RLL_ LLYeTPY PY OTP OLY LLYaLW_ ZQ ePWQ^ aP]YTP_TR_& 8P XPP^_P AF%YP`]ZWZRPY

eTUY P]aLY ZaP]_`TRO OL_ OT_ OP ML^T^ T^ aLY OP eTPV_P0 L`_Z%TXX`YT_PT_$ SZP OLY ZZV

ZY_^_LLY$ OTP P]aZZ] eZ]R_ OL_ OP MP^NSP]XPYOP WLLR ]ZYO OP ePY`b^_]PYRPY$ OP

XdPWTYP$ Z[ aPWP [WLL_^PY LQM]PPV_& JLL]OZZ] P] OLL] SL]OP [WPVVPY ZY_^_LLY %

X`W_T[WP ^NWP]Z^P MP_PVPY_ WP__P]WTUV Z[ aPWP [WLL_^PY aZZ]VZXPYOP bPPQ^PWaP]SL]OTYR %

PY SP_ ePY`b^_PW^PW YTP_ XPP] Z[_TXLLW Q`YN_TZYPP]_& 9PY YTP_ Z[ QPT_PY RPML^PP]OP

^_PWWTYR O`^$ XPPY_ 8P ?Pd^P]$ PPY OZRXL& n8L_$ OPYV TV$ OZZ] OP QL]XLNP`_T^NSP

TYO`^_]TP TY ^_LYO bZ]O_ RPSZ`OPY ZXOL_ LWWP YTP`bP XPOTNTUYPY _PRPY AF aTL SP_

TXX``Y^d^_PPX bP]VPYo&

Page 3: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

=Y ePVP]P eTY ebL]_%bT_$ PPY MPP_UP PTRPYeTYYTR$ XLL] YTP_ TY OP MP_PVPYT^ aLY

ZYRPY`LYNPP]O$ NZX[]ZXT^WZZ^$ XLL] aZZ]LW ]PNS_ Z[ SP_ OZPW LQ& JLY_ LW_TUO _Z_

YLOP]P `T_WPR MP]PTO& JTP bL_ aLY SPX bTW bP_PY VLY SPX RPXLVVPWTUV LLY OP _PWPQZZY

V]TURPY ZQ XLTWPY PY ZY_aLYR_ a]TUbPW OT]PN_ LY_bZZ]O& 9Y LW^ OL_ VZ]_ OZZ] OP MZNS_ T^$

OLY XZP_ OL_ XLL]$ eZ ]POPYPP]_ STU& n8L_ XPY YTP_ LQ bTW ^_L[[PY aLY SP_ WZ`_P] YP`]Z

%TXX`YZWZRT^NS OPYVPY$ OL_ T^ aZZ] XTU PPY _PWP`]^_PWWTYR& 8LL]XPP MWTUQ_ AF%

ZYOP]eZPV aZZ]LW PPY ^[PPW_UP aZZ] YP`]Z%TXX`YZWZRPY$ OTP OLY bPP] PPY Nd_ZVTYP ZQ

PPY Pc_]L G%NPW OP ^NS`WO RPaPYh eZ MWTUaPY bP ]ZYO OP [Z_ O]LLTPY& =V eTP Y` bPW OL_

P] YTP`bP Z[PYTYRPY TY OTP OPYVbTUeP ZY_^_LLY % XLL] SP_ MWTUQ_ PPY XTYOP]SPTO$ PY TV

MPSZZ] YZR ^_PPO^ _Z_ PPY VWPTYP NW`M OTP OPYV_ OL_ SP_ RPPY L`_Z%TXX``YeTPV_P T^o&

;G<HDIB

>LN\`P^ 8P ?Pd^P] "(/+*#& ;PMZ]PY TY ;PY_ PY YZR ^_PPO^ SZZ]MLL] PPY IWLXTYR&

APOTNTUYPY^_`OTP TY 6]`^^PW PY WL_P] TY YP`]ZWZRTP RP^[PNTLWT^PP]O$ ZYOP] XPP] TY

@ZYOPY& ILY (/., _Z_ (//* OZNPY_ PY aP]aZWRPY^ SZZQOOZNPY_ LLY SP_ LNLOPXT^NS

eTPVPYS`T^ aLY OP I]TUP HYTaP]^T_PT_ TY 6]`^^PW& IP]aZWRPY^ (* XLLYOPY

bP_PY^NSL[[PWTUV OT]PN_P`] aLY SP_ TY SP_ 6PWRT^NSP 6PP]^P Z[RP]TNS_P

ZYOP]eZPV^TY^_T_``_ >LY^^PY EP^PL]NS :Z`YOL_TZY$ aZZ] ZYOP]eZPV YLL] XPOTNTUYPY q

TYXTOOPW^ aP][WLL_^_ YLL] OP IP]PYTROP F_L_PY& 9Y OLY$ TY (//+$ SZZRWP]LL] PY

YP`]ZWZRTPMLL^ LLY OP `YTaP]^T_PT_ aLY ;]ZYTYRPY PY SP_ OLL]LLY aP]MZYOPY

LNLOPXT^NS eTPVPYS`T^& 9PY [WPV OTP aZZ]LW OZZ] _ZPOZPY aLY eTUY MPVPYOP aZZ]RLYRP]

[]ZQP^^Z] O]& >&A& ATYOP]SZ`O ^_PPO^ XPP] TY MPPWO T^ RPVZXPY MTU SP_ ZYOP]eZPV YLL]

AF&

1J@ ?<<M B@M<<FO-

n@Z`_P] _ZPaLW q P] bL^ PPY aLNL_`]P Z[ OL_ XZXPY_o&

ALL] 6]`^^PW MWTUQ_ _]PVVPY0 ^TYO^ )''. T^ STU bPP] lOTPY^_SZZQOm PY SZZRWP]LL]

YP`]ZWZRTP LLY OP `YTaP]^T_PT_ OLL]& nCXOL_ XPY XTU P] _P]`R SPPQ_ RPa]LLRO PY ZXOL_

SP_ XTUY 5WXL AL_P] T^$ ZX eZ _P ePRRPYo& @L_TUY aZZ] PPY aZPOPYOP XZPOP]& 8ZZ]

LNLOPXTNT aLLV RPM]`TV_ ZX _P aP]bTUePY YLL] OP `YTaP]^T_PT_ bLL] OP Z[WPTOTYR T^

MPRZYYPY&

KTUY []ZQP^^Z]LL_ TY ;]ZYTYRPY MWTUQ_ STU ZaP]TRPY^ _TUOPWTUV MPSZ`OPY$ n XLL] OLY bPW

ZYMPeZWOTROo& 8LL] WPR_ STU SP_ LNNPY_ Z[ SP_ ZYOP]eZPV YLL] AF& n8P [L_TwY_PYeZ]R

MP[P]V_ eTNS _Z_ 6]`^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV``]o&

ETUO_ _`^^PY 6]`^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]`^_TR bP]VPYo& ALL]

SPPQ_ RPPY aL^_ ^NSPXL& nJPW SPM TV []LV_T^NS bPVPWTUV^ ZaP]WPR XP_ ;]ZYTYRPY aTL

FVd[Po& 9PY XZOP]Y ^d^_PPX OL_ XPY^PY TY ^_LL_ ^_PW_ PWVLL] q LW^ R]ZP[ q _P MPWWPY

aTL OP NZX[`_P]& n =V []ZMPP] _P eZ]RPY aZZ] PPY RZPOP ^LXPYbP]VTYR _`^^PY

;]ZYTYRPY PY 6]`^^PWo& JZZYOP WLYRP _TUO TY PPY >`RPYO^_TWS`T^ TY SP_ BZZ]O%;]ZYTYR^P

OZ][ JPSP%OPY <ZZ]Y % nPPY aLY OP XZZT^_P [WPVUP^ aLY BPOP]WLYO$ Z[ QTP_^LQ^_LYO

aLY SP_ XLRT^NSP JLOo& JZZY_ Y` TY F_]ZXMPPV%6PaP]$ LLY OP YZZ]OVLY_ aLY 6]`^^PW&

U.K<MO@V

9PY lL[L]_Pm$ ePVP] PY aL^_$ ZX SP_ PPY^ Z[ eTUY IWLLX^ _P ePRRPY& 5W_TUO RPbPP^_

_]Z`bPY^$ eZ WPP]_ PPY aP]VPYYTYR Z[ =Y_P]YP_& BLL] SPX RZZRWPY T^ ZaP]TRPY^ YZR YTP_

eZ XLVVPWTUV& KTUY YLLX eTP UP ^_PPO^ LYOP]^ RP^NS]PaPY& @Z^ ZQ LLY PWVLL]$ XP_ PPY

R]Z_P ZQ PPY VWPTYP WP__P]$ PPY ^ ZQ PPY e$ XP_ PPY WLYRP TU PY XP_ PPY d%R]PN& 5WWPPY

OL_ WLL_^_P T^ NZ]]PN_&

F_LYOLL]O YTP_ LWWPPY TY bP_PY^NSL[[PWTUVP MWLOPY RP[`MWTNPP]O XLL] ZZV TY Z]RLYPY

aLY AF%Z]RLYT^L_TP^& 6TU _LW aLY ZYOP]eZPVPY MP_]ZVVPY RPbPP^_ PY YyR& JLL]MTU

PYVPWP ZYRPbZYP$ XLL] ^_PPaL^_ bPW XP_ Z[XP]VPWTUVP ]P^`W_L_PY&

JL_ _P ePRRPY aLY `T_VZX^_PY LW^0

<P_ ]ZVPY aLY ^TRL]P__PY SPPQ_ RPPY TYaWZPO Z[ SP_ MPRTY aLY OP []ZR]P^^TPaP QL^P

aLY AF1

p

APY^PY XP_ AF OTP PPY [WZ_^PWTYRP _P]`RaLW V]TURPY$ PPY ^NS`M$ V`YYPY MLL_

SPMMPY MTU MPSLYOPWTYR XP_ SP_ NZ]_TNZ^_P]ZxO OPcLXP_SL^ZY& =Y _LMWP_aZ]X1

p

ALL] SP_ RPM]`TV aLY SZRP OZ^P^ NZ]_TNZ^_P]ZxOPY MTU []ZR]P^^TPaP aZ]XPY aLY AF

eZYOP] OL_ ^[]LVP T^ aLY PPY _P]`RaLW$ VLY YLOPWTR eTUY PY OP TYaLWTOT_PT_

aP]P]RP]PY1

p

<P_ RPM]`TV aLY VZPWaP^_PY VLY VWLNS_PY LW^ RPaZWR aLY AF SPW[PY aP]XTYOP]PY$

XLL] YTP_ eZePP] aLYbPRP OP _PX[P]L_``]]PO`N_TP XLL] bLL]^NSTUYWTUV aZZ]LW OZZ]

OP aP]XTYOP]OP []ZO`N_TP aLY ^_TV^_ZQOTZcTOP aTL OP bT__P MWZPONPWWPY$ OT_ LW^

]P^`W_LL_ aLY OP _PX[P]L_``]OLWTYR1

p

p 6PSLYOPWTYR XP_ MTUPY^_PVPY SPPQ_ RPPY PQQPN_ Z[ AF1

ITUQ ULL] YL OP OTLRYZ^P AF V`Y UP Z[ ML^T^ aLY OP TY_P]YL_TZYLWP

TYaLWTOT_PT_^^NSLLW$ OP eZRPSP_PY 98FF%^NZ]P$ SP_ eTPV_PaP]WZZ[ PY SP_ _PX[Z

bLL]TY P] ^NS`M^ bL]PY$ MP_]Z`bML]P aZZ]^[PWWTYRPY OZPY ZaP] SP_ XZRPWTUV

RZPOLL]OTR MWTUaPY aLY OP AF YL _TPY ULL]& 9Y _bPPOP]OP OPPW aLY OP XPY^PY XP_

RZPOLL]OTRP AF "2 MPYTRYP AF# SPPQ_ OTP aZ]X YZR ^_PPO^ YL _bTY_TR ULL]&

p

59D&59$.I?@MN

ILY eTUY ZYOP]eZPVPY eTUY P] OTaP]^P MP_LLWO OZZ] OP TY SP_ aP]WPOPY YZRLW PPY^ TY

Z[^[]LLV RP]LLV_P Z]RLYT^L_TP AF TY_P]YL_TZYLLW "AFT#$ Y` AF%LYOP]^& 8P ?Pd^P]0 o8TP

Z]RLYT^L_TP T^ aZZ]LW MPRLLY XP_ bL_ []LV_T^NS aZZ] AF%[L_TwY_PY VLY bZ]OPY RPOLLY$

Page 4: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

<P_ HYTaP]^T_LT] APOT^NS 7PY_]`X TY ;]ZYTYRPY

"HA7;#$

PPY aLY OP _bPP bP]V[WPVVPY aLY []ZQP^^Z] 8P

?Pd^P]

TY SP_ MTUeZYOP] XP_ LW_P]YL_TPaP

MPSLYOPWbTUePY& =V bP]V R]LLR ^LXPY XP_ AF%

LYOP]^0 PPY ^_TNS_TYR eZYOP] aPPW [ZP^[L^&

ALVPY RPPY ]`eTP XP_ LYOP]P& ALL] TV bPP_0 SP_

bZ]O_ XP YTP_ OZZ] TPOP]PPY TY OLYV

LQRPYZXPYo&

CaP]TRPY^ SPPQ_ OTP ^LXPYbP]VTYR XP_ AF%

LYOP]^ eTUY TYO]`V aLY LW_P]YL_TPaP RPYPP^bTUePY

YTP_ aP]LYOP]O& JLY_ bTP SPX a]LLR_ SZP STU

OPYV_ ZaP] _SP]L[TPwY LW^ 5TX^[]Z$ GZW[L$

MTUPY^_PVPY$ ^WLYRPYMP_PY$ OTw_PY$

aT_LXTYPV`]PY$ LXLWRLLXaP]bTUOP]TYRPY ZQ

LN`[`YN_``]$ V]TUR_ SP_ LY_bZZ]O0 n5W^ SP_ bP]V_

[]TXL$ XLL] _Z_ Y` _ZP T^ P] aLY RvvY PYVPWP SP_

MPbTU^ RPWPaP]O OL_ eP TP_^ Y`__TR^ OZPYo&

JLL] STU ZaP]TRPY^ ^YPW LLY _ZPaZPR_ OL_ P] ZZV RPPY ]PR`WTP]P _SP]L[TP T^ OTP AF

RPYPP^_& n5WWP XTOOPWPY OTP bP SPMMPY$ WTUVPY Z[ PWVLL] PY aP]XTYOP]PY ^WPNS_^ SP_

_P]`RaLWWPY PY OP aZ]XTYR aLY YTP`bP WP_^PW^o& 9Y OT_ aZZ]LW OZZ]OL_ bP aZWRPY^ SPX

OP ZZ]^[]ZYR aLY OP eTPV_P TY OP aP]VPP]OP SZPV eZPVPY&

.NOMJ>SO@I

;ZPO$ RPPY L`_Z%TXX``YeTPV_P$ XLL] bL_ OLY bPW4

nATUY Sd[Z_SP^P T^ OL_ SP_ PPY eTPV_P aLY SP_ ePY`b^_PW^PW ePWQ T^$ aP]XZPOPWTUV _PY

RPaZWRP aLY PPY OT^Q`YN_TZYP]PY aLY OP L^_]ZNd_PYo& 8L_ eTUY NPWWPY RPYZPXO YLL] SP_

;]TPV^P bZZ]O L^_]ZY$ ^_P]& 9PY ^_P]aZ]XTRP NPW$ aLYOLL]&

8P ?Pd^P] SPPQ_ XP_ ZYOP]eZPVPY PY XP_ PPY MPSLYOPWbTUeP LLYRP_ZZYO OL_ OPeP

NPWWPY MTU XPY^PY XP_ AF PPY ZYOP]OPPW XT^^PY OL_ SP_ aP]XZRPY SPPQ_ ZX MP[LLWOP

[]TVVPW^ RZPO ZX _P eP__PY TY ^TRYLWPY& n<P_ RLL_ XTU STP] XPP] ^[PNTQTPV ZaP] OP MP_L

LO]PYP]RP ]PNP[_Z]PY aLY OP L^_]ZNd_PY& 6TU XPY^PY XP_ AF MWTUVPY OTP aP]WZ]PY

RP]LLV_o&

GP]bTUW eP SL]O YZOTR eTUY ZX ZY^ ePY`b^_PW^PW _P MP^NSP]XPY _PRPY SP_

TXX``Y^d^_PPX& 6TU AF RPPY RZPOP ]PNP[_Z]PY Z[ OP L^_]ZNd_PY$ XP_ LW^ RPaZWR

TXX`YZWZRT^NSP ZY_^[Z]TYR$ XdPWTYP ^_`V$ bPPQ^PWaP]SL]OTYR q WLP^TP^ q PY O`^

ePY`b^TRYLWPY OTP YTP_ XPP] ZYRP^_ZZ]O OZZ]VZXPY&

8P OZZ] 8P ?Pd^P] RPaZYOPY MPSLYOPWbTUeP T^ SP_ _ZPOTPYPY aLY SP_ XPOTNLXPY_

QW`ZcP_TYP$ OL_ ZY_^_PVTYRPY MWTUV_ _P OZPY aP]XTYOP]PY PY ePWQ^ `T_MWTUaPY& 9PY

ZY_OPVVTYR bLL]XPP STU LWWP]bPRPY aPPW MPbZYOP]TYR SPPQ_ RPZZR^_$ LW aTYO_ STU ePWQ

OL_ STU P] YZR XPP OZZ] XZP_& nJLY_ ZZV XTUY OPYVbTUeP VLY QZ`_ eTUY$ LW WTUV_ TP XP

ePVP] OP XZPT_P bLL]O R]ZYOTR _P ZYOP]eZPVPY$ bLY_ P] eTUY aZWOZPYOP LLYbTUeTYRPY

OL_ TV LW_SLY^ aZZ] PPY OPPW aLY RPWTUV SPM& 8LL] RL TV O`^ XPP aP]OP]o&

9PY _bPPOP ZYOP]eZPV^WTUY OTP STU bTW aZWRPY T^ XPP] _P bP_PY _P VZXPY ZaP] OP

QLN_Z]PY OTP SP_ eTPV_PMPWZZ[ MTU AF MP[LWPY& nJLY_ SP_ T^ _ZNS PPY a]PPXOP eLLV OL_

PPY VbL]_ aLY OP XPY^PY XP_ AF SP_ ]POPWTUV RZPO MWTUQ_ OZPY$ _P]bTUW LYOP]PY ^YPW

LNS_P]`T_ RLLYo&

U:@ QMJ@B QJJM //9;2V

D]ZQP^^Z] 8P ?Pd^P] T^ P] PPY aZZ] bTP OP ^_PWWTYR RPWO_0 LWWP^ bTWWPY ZYOP]eZPVPY$ YTP_^

eZ XLL] aZZ] bLL] ZQ ZYbLL] LLYYPXPY& 8LL]ZX SPPQ_ STU aPPW LLYOLNS_ aZZ] OP

MPaTYOTYRPY aLY OP =_LWTLLY^P ZYOP]eZPVP] DLZWZ KLXMZYT "HYTaP]^T_PT_ aLY :P]]L]L#$

OTP ^_PW_ OL_ O]TPVbL]_ aLY OP XPY^PY XP_ AF NS]ZYT^NSP NP]PM]Z^[TYLWP aPYP`eP

TY^`QQTNTwY_TP SPPQ_ "77FI=#& APY^PY XP_ OT_ ^dYO]ZZX SPMMPY aZWRPY^ KLXMZYT PPY

^WPNS_P LQaZP] aLY MWZPO `T_ OP SP]^PYPY PY STU OPYV_ OL_ eP MLL_ V`YYPY SPMMPY MTU

aLL_aP]bTUOTYR& n9PY ePP] TY_P]P^^LY_P MPaTYOTYR$ YL_``]WTUV$ XLL] bP bP_PY YZR TY SP_

RPSPPW YTP_ bL_ SP_ MP_PVPY_& <P_ T^ YZR aPPW _P a]ZPR ZX aZZ] OPeP bPR _P VTPePY& GP

a]ZPR aZZ] TY_P]aPY_TP^!o

ALL] bTP bPP_0 n=V ^_L Z[PY aZZ] LWWP _SPZ]TPwY PY TOPPwY& ALL] OLL]MTU aZWR TV R]LLR

PPY MP[LLWOP aL^_P WTUY PY OTP RLL_ aLY ZYOP]eZPV TY SP_ WLM YLL] OP VWTYTPV PY aTNP

aP]^Lo&

8`^ PP]^_ eTPY$ OLY RPWZaPY$ ZQ YZR MP_P]0 LLY_ZYPY$ MPbTUePY4

n=Y ePVP]P eTY bPW& 9PY bP_PY^NSL[[PWTUV MPbTU^$ ZQ_PbPW PaTOPYNP ML^PO eZLW^ OL_ MTU

ZY^ SPP_$ T^ YZOTR ZX OP [L_TwY_ _P MPSZPOPY aZZ] LXL_P`]T^XP PY VbLVeLWaP]TU& ALL]

TV bPP_ ZZV OL_ SP_ P_TVP_ PaTOPYNP ML^PO XT^M]`TV_ bZ]O_& FZX^ aTYOPY ZYOP]eZPVP]^

^_L_T^_T^NS bP_PY^NSL[[PWTUVP PQQPN_PY bPW ZQ YTP_$ PY ^NS]TUaPY eP OL_ Z[$ eZYOP] OL_

SP_ PTRPYWTUV aZZ] OP eTPV_P aLY MP_PVPYT^ T^o&

1<M?@ R@MF@M

IPPW TYXTOOPW^ MPVPYOP YP`]ZWZRPY eTUY MTU SPX _Z_ OZN_Z] RP[]ZXZaPP]O$ eZLW^ >Z[

AZ^_P]_$ ;PP_L ELX^L]LY^TYR$ 9^_SP] KPTY^_]L$ ALL]_UP 6ZZY PY AL]N`^ ?ZNS& IPPW

NZWWPRLm^ aLY YLLX TY eTUY M``]_$ LW^ GSPL <PP]^PXL PY BLOTYP JTWNeLV& KP VbLWTQTNP]PY

SPX LWWPXLLW LW^ nePP] LTXLMPW$ MP^NSPTOPY$ _]PPO_ YTP_ R]LLR Z[ OP aZZ]R]ZYO$

RPXLVVPWTUV MPYLOP]MLL]$ ^WTX XLL] ZZV MP^_ MP]PTO _P MPVPYYPY OL_ STU TP_^ YTP_

bPP_& KPP] Z[PY aZZ] YTP`bP TYeTNS_PYo& 9Y aLY TPOP]PPY T^ MTU SP]SLWTYR _P SZ]PY OL_

STU ePP] SL]O bP]V_1 YTP_ MP[LLWO PPY ^_TWeT__P]&

Page 5: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

AFeTPY T^ OPeP L]_TVPWPY^P]TP MPRZYYPY TY SP_ aZZ]ULL] aLY )''-&

9P]OP] VbLXPY []ZQ& O]& 7S]T^ DZWXLY$ []ZQ& O]& :]POP]TV 6L]VSZQ$

O]& EZRTP] <TY_ePY$ []ZQ& O]& >ZY @LXLY$ []ZQ& O]& 9]TV 6ZOOPVP$ O]&

9]TN EZYVPY$ O]^& <`RZ <`]_^$ O]& FLYO]L 5XZ]$ O]& =YRP <`T_TYRL$

O]& JTL 6L]ZY$ O]& @PZYTP 6ZaPY$ O]& 6P]_ m_ <L]_$ O]& >PQQ]Pd

6LU]LXZaTN$ O]& 6]TRT_ OP >ZYR$ []ZQ& O]& ELdXZYO <`[[P]_^$ O]&

:]PPV IP]SP`W$ O]& FUPQ >ZYRPY PY O]& F_P[SLY :]P\`TY LLY SP_

bZZ]O&

AFbPM L]NSTaPP]_ OTP L]_TVPWPY TY OP ]`M]TPV APP] ZaP] AF 3

JP_PY^NSL[ ZYOP] SP_ XZ__Z0 lAF%ZYOP]eZPV TY BPOP]WLYOm& 8P

XPP^_ ]PNPY_P LQWPaP]TYRPY eTUY ZZV _P aTYOPY TY OP ]`M]TPV

ALRLeTYP&

59TD@I E<<MB<IB +# H<<MO )'(' !)"

;QVXDQJUV LQ GH 3IVHOLQJ

266E F7<CC@ A9G 14

L0E I6@G BC; <99@ J6G G9 J=BB9BM

5=9B >66E ;9@989B ?J6A9B ?=B89E9B BC; B=9G ICCE =B <9G 14$

>6E;CB% 5HFF9B 89 (* 9B 89 )* >66E J6F 89 ;9A=889@89 @99:G=>8 86G

>9 89 8=6;BCF9 14 ?E99;% 166E 86G =F 67<G9E<66@8% 3C? ?=B89E9B

I6B + ?E=>;9B 14 9B 866EA99 ?CAG A9G99B 99B B=9HJ9 IE66; CA

89 <C9? ?=>?9B- <C9 ;6 >9 CA A9G F7<CC@ 9B 14.

2RRT- !#,&+($%* -#* "+$,'+)

2H XLMIGH HGLVLH XDQ GH 8LQGHT 9> 2DJ UVRQG

GLV MDDT LQ KHV VHNHQ XDQ RQGHTYLMU HQ 9>%

BR]Q '&& NLQGHTHQ# IDPLOLHOHGHQ HQ DQGHTH

JHfQVHTHUUHHTGHQ YDTHQ RS (, PHL QDDT GH

3IVHOLQJ JHNRPHQ RP GLXHTUH OH[LQJHQ DDQ VH

KRTHQ HQ QDVWWTOLMN HHQ EH[RHN VH ETHQJHQ

DDQ KHV >STRRNMHUERU RI 4DVD 9RTJDQD%

?KLMU YDU + MDDT VRHQ KLM 9> NTHHJ% BLMQ

PRHGHT [HJV- ^2H PLGGHOEDTH UFKRROVLMG LU

QLHV TRRUNOHWTLJ XHTORSHQ% ;S GH EDULUUFKRRO JLQJ GH EHJHOHLGLQJ QRJ YHO

JRHG HQ YDU HT EHJTLS# PDDT RS KHV XRRTVJH[HV RQGHTYLMU OLHS KHV PLU% 6Q

HHQ NRTVH VLMG KHEEHQ YH GTLH XHTUFKLOOHQGH DPEWODQVH EHJHOHLGHTU JHKDG

HQ DOU RWGHTU NTHJHQ YLM RRN [HOI YHLQLJ RQGHTUVHWQLQJ% ;PGDV KLM HTJ

PRH YDU HQ GWU QLHV DOVLMG QDDT UFKRRO NRQ# YLOGH LN KHP VKWLU [HOI KHOSHQ

PHV [LMQ OHHTYHTN# PDDT GDDTPHH JLQJ GH UFKRRO QLHV DNNRRTG% ;RN OHHN

KHV PLM YLM[HT RP KHP DOOHHQ [LMQ WLVHLQGHOLMNH HZDPHQXDNNHQ VH ODVHQ

XROJHQ HQ QLHV DOOHTOHL TDQGXDNNHQ HTRPKHHQ# PDDT RRN GDDT YLOGH GH

GLTHFVLH QLHV DDQ% 2WU HONH NHHT DOU KLM QDDT UFKRRO JLQJ# GDQ YDU KHV YHTN

LQKDOHQ HQ ELMEOLMXHQ% @LVHLQGHOLMN LU KLM XDQ DOOH PRHKHLG HQ UVTHUU

JHNQDSV% 5RHYHO KLM DOVLMG JH[HJG KHHIV QLHV QDDT USHFLDDO RQGHTYLMU VH

YLOOHQ# [LV KLM GDDT QW YHO%_

Page 6: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

=HQL GH 1RHT XHTVHOV RXHT KDDT HTXDTLQJHQ

9DTLHNH <DSLQJ NRPV GLV RQGHTYHTS XDDN VHJHQ LQ KDDT YHTN DOU

THXDOLGDVLHDTVU LQ KHV THXDOLGDVLHFHQVTWP =LMQGDP LQ =RVVHTGDP% _5HV LU

ddQ XDQ GH QLHWYH RQGHTYHTSHQ- QDDT UFKRRO PHV 9>_# [HJV [H% ^8LQGHTHQ

ORSHQ VHJHQ STREOHPHQ DDQ DOU [H PRHLVH KHEEHQ PHV ORSHQ# PRH [LMQ#

XDDN PRHVHQ SODUUHQ# PLQGHT JRHG NWQQHQ UFKTLMXHQ# [LFK UOHFKVHT NWQQHQ

FRQFHQVTHTHQ% >FKROHQ KHEEHQ GDDT PRHLVH PHH# RPGDV [H QLHV JRHG

YHVHQ YDV 9> LU% 9DDT HT [LMQ PRJHOLMNKHGHQ% ?HQ HHTUVH LU KHV HQRTP

EHODQJTLMN RP RS UFKRRO KLHTRXHT VH STDVHQ HQ GH PRJHOLMNKHGHQ VH

EHUSTHNHQ% 2DDTQDDUV NWQQHQ STDNVLUFKH RSORUULQJHQ EHGDFKV YRTGHQ-

GHQN DDQ HHQ ODSVRS DOU HHQ NLQG PRHLVH KHHIV PHV UFKTLMXHQ% ;I DOU KHV

[LFK UOHFKVHT NDQ FRQFHQVTHTHQ# JHHI KHV NLQG PHHT VLMG HQ PRJHOLMNKHGHQ

VRV TWUVHQ%_

3D9B 7CAAHB=79E9B

;SHQ FRPPWQLFHTHQ LU QRJ QLHV [R HHQXRWGLJ# QLHV HONH UFKRROGLTHFVLH

UVDDV GDDT XRRT RSHQ% ADDN LU KHV EDULURQGHTYLMU QRJ YHO PHHJDDQG% 5HV

LU NOHLQUFKDOLJ# LHGHTHHQ NHQV LHGHTHHQ# PDDT RS GH PLGGHOEDTH UFKRRO

YRTGV KHV DO ODUVLJHT% 3HQ PRHLOLMN ORSHQGH UFKROLHTH PDJ QLHV HXHQ JDDQ

[LVVHQ# DOU [H ELMXRRTEHHOG PRHVHQ RHIHQHQ DOU UHTXHHTUVHT% 2H OHTDTHQ HQ

GH OHHTOLQJHQ EHJTLMSHQ KDDT HQ KDDT 9> QLHV%

!5HV LU GDDTRP RRN HTJ EHODQJTLMN RP RSHQ

VH FRPPWQLFHTHQ# [RGDV OHTDTHQ RS UFKRRO

YHVHQ YDV HTDDQ GH KDQG LU_# UVHOV =HQL GH

1RHT# DPEDUUDGTLFH XDQ 9> =HUHDTFK% BLM

NDQ KHV YHVHQ# YDQV [LM NTHHJ RS KDDT '*GH

9># PLGGHQLQ KDDT PLGGHOEDTH

UFKRROFDTTLcTH% ADQ GH HQH RS GH DQGHTH GDJ

YDU [H LQHHQU [R PRH# GDV QRTPDDO QDDT

UFKRRO JDDQ QLHV PHHT PRJHOLMN YDU% :D

HHTUV HHQ VLMGMH VKWLU JHYHHUV VH [LMQ# YLOGH [H VRFK YHHT QDDT UFKRRO%

:DGDV [H UDPHQ PHV KDDT RWGHTU HHQ JHUSTHN DDQJHJDDQ YDU PHV GH

GLTHFVLH# KRHIGH [H XRRTVDDQ PDDT VYHH WWTVMHU SHT GDJ VH NRPHQ% 9HHT

NRQ [H RRN QLHV XROKRWGHQ% ^6N KHE JHPHTNV GDV KHV HTJ EHODQJTLMN LU RP

RSHQ VH FRPPWQLFHTHQ% 0OOHHQ MLM YHHV KRH MH MH XRHOV HQ YDV MH YHO HQ

QLHV DDQNDQ# GWU STDDV GDDT RXHT% 2DQ EHJTLMSHQ GH PHQUHQ LQ MH

RPJHXLQJ MH ULVWDVLH EHVHT% >VHO MH HLJHQ JTHQ[HQ%_

/@=>I9B I9EG9@@9B

9> LU HHQ [LHNVH GLH XDDN QLHV LU VH [LHQ# [HNHT QLHV LQ KHV EHJLQUVDGLWP%

3HQ JHETRNHQ EHHQ LU PDNNHOLMNHT WLV VH OHJJHQ GDQ PRHKHLG% =HQL PHTNVH

GDV RRN- ^6N ODFK XHHO# GWU LQ GLH VYHH WWT GDV LN RS UFKRRO YDU# [DJ LN HT

QLHV PRH RI [LHN WLV% :LHV LHGHTHHQ EHJTHHS GDV% 5HV LU GDDTRP XDQ EHODQJ

RP LHPDQG ELQQHQ GH UFKRRO VH XLQGHQ# PHV YLH MH THJHOPDVLJ STDDV HQ GLH

DOU USTHHNEWLU NDQ IWQJHTHQ QDDT GH OHTDTHQ%_

BLM[HOI VTRI HHQ GHFDDQ PHV YLH [H YHNHOLMNU HHQ JHUSTHN KDG% ^0OU LN GDQ

STREOHPHQ KDG PHV HHQ OHTDDT# USTDN LN GDDT PHV KHP RXHT HQ KLM QDP

GDQ YHHT FRQVDFV RS PHV GLH EHVTHIIHQGH OHTDDT% 6N KHE XHHO STRILMV JHKDG

XDQ GH YHOYLOOHQGKHLG XDQ PLMQ EHJHOHLGLQJ%_ 9DDT QLHV LHGHTHHQ XLQGV HHQ

YHOYLOOHQGH EHJHOHLGHT% 3Q GDQ QRJ# PHV HHQ YHOYLOOHQGH EHJHOHLGHT DOOHHQ

EHQ MH QRJ QLHV NODDT% 7H PRHV EOLMXHQ FRPPWQLFHTHQ RXHT KRH KHV PHV MH

JDDV%

6TLU KHHIV QHV HLQGHZDPHQ JHGDDQ% 5DDT PRHGHT- ^6Q KHV EHJLQ XDQ KDDT

[LHNVH# YDU GH UFKRRO PHHOHXHQG% 9DDT RPGDV MH QLHV DDQ KDDT NDQ [LHQ

GDV [H 9> KHHIV# 6TLU LU DOVLMG XTROLMN# XHTUODSV GH DDQGDFKV% 7H PRHV HT

ERXHQRS [LVVHQ HQ HT XRRT EOLMXHQ XHFKVHQ HQ GWU EOLMXHQ XHTVHOOHQ%_

=HQL EHDDPV GDV- ^ADQGDDT PLMQ YHNHOLMNUH JHUSTHNNHQ PHV GH GHFDDQ%

5HV LU KHHO EHODQJTLMN RP LHPDQG ELQQHQ GH UFKRRO VH [RHNHQ GLH RS MRWY

KDQG LU% 2DV LU PLUUFKLHQ QLHV PHVHHQ GH HHTUVH SHTURRQ GLH MH VTHIV# PDDT

PLUUFKLHQ YHO GH VYHHGH%_ BH ODFKV- ^3Q ODDV MH RWGHTU HHQ ETLHI UFKTLMXHQ#

YDDTLQ [H GWLGHOLMN WLVOHJJHQ GDV MH QLHV UFKRRO[LHN EHQV%_

Page 7: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

5HV ERHNMH ":DDT UFKRRO

PHV 9WOVLSOH >FOHTRUH"

5E6BF=G=9

>FKRRO LU PDDT ddQ XDQ GH RQGHTYHTSHQ ELM NLQGHTHQ PHV 9>% 3LJHQOLMN

JDDV KHV RP GH KHOH RQVYLNNHOLQJ XDQ NLQG QDDT XROYDUUHQH% ^5LHT

EHUVHGHQ YH LQ =RVVHTGDP XHHO DDQGDFKV DDQ_# XHTVHOV <DSLQJ% ^:LHV DOOHHQ

KHV RQGHTYLMU JHHIV STREOHPHQ# PDDT YDV VH GHQNHQ XDQ [HOIUVDQGLJ

YRQHQ# USRTVHQ# XHTOLHIGKHLG# ILQDQFLeQ/ 6Q HHTUVH LQUVDQVLH [LMQ NLQGHTHQ

QRJ DIKDQNHOLMN XDQ KWQ RWGHTU#

PDDT QDDT PDVH [H RWGHT YRTGHQ JDDQ [H

HZSHTLPHQVHTHQ HQ [LFK RTLeQVHTHQ RS GH VRHNRPUV HQ

WLVHLQGHOLMN KHEEHQ [H HHQ [HOIUVDQGLJ OHXHQ% ;S RQ[H

SROLNOLQLHN 7RQJXROYDUUHQHQ# XRRT MRQJHTHQ VWUUHQ GH

') HQ () MDDT# KHEEHQ YH GDDT GLXHTUH

EHKDQGHOPRGWOHU XRRT% 0OU KHV ELMXRRTEHHOG JDDV RP

RQGHTYLMU HQ YHTN# YHTNHQ YH UDPHQ PHV 5RJHUFKRRO

=RVVHTGDP% 5LHT YRTGHQ GH MRQJHTHQ EHJHOHLG RP

[HOIUVDQGLJ DDQ KHV YHTN VH NWQQHQ% ;RN DQGHTH

LQQRXDVLH$ HQ LPSOHPHQVDVLHFHQVTD LQ ODQG KRWGHQ [LFK

KLHTPHH EH[LJ# [RGDV MRQJXROYDUUHQHQ KLHTELM

JHKROSHQ NWQQHQ YRTGHQ ELQQHQ KWQ HLJHQ THJLR%_

<DSLQJ RQGHTUVTHHSV KHV EHODQJ HTXDQ- ^0DQGDFKV XRRT MRQJXROYDUUHQHQ

PHV 9> LU HTJ EHODQJTLMN% BH PRHVHQ KWQ RPJHXLQJ OHTHQ GWLGHOLMN VH

PDNHQ GDV [H 9> KHEEHQ HQ YDV [H YHO HQ QLHV NWQQHQ% 2DDTGRRT NTLMJHQ

[H PHHT EHJTLS% ;S GLH PDQLHT NWQQHQ [H LQ KWQ OHXHQ PHV 9> KHHO YDV

EHTHLNHQ%_

0DQ KHV HLQGH XDQ KHV RFKVHQGSTRJTDPPD XDQ GH 8LQGHT 9> 2DJ NTLMJV

0QLVD XDQ GHT BYDQ# PRHGHT XDQ GRFKVHT 9LNNL GLH 9> KHHIV# KHV HHTUVH

ERHNMH \:DDT UFKRRO PHV 9WOVLSOH >FOHTRUH] RXHTKDQGLJG XDQ 2RTLQGD =RRU#

GLTHFVHWT XDQ UVLFKVLQJ 9> =HUHDTFK% 5LHTLQ YRTGV WLVJHOHJG YDV HHQ

UFKROLHT PHV 9> EHVHNHQV% 5HV ERHNMH LU JHTLFKV DDQ OHTDTHQ GLH PHV 9> ELM

OHHTOLQJHQ VH PDNHQ NTLMJHQ% 0QLVD VTRI GLV ERHNMH LQ 0PHTLND DDQ HQ VLSVH

9> =HUHDTFK KLHTRXHT% 9> =HUHDTFK KHHIV KHV ODVHQ XHTVDOHQ QDDT GH

:HGHTODQGUH ULVWDVLH% ^3HQ JRHGH UVDS RP PHHT EHNHQGKHLG XRRT 9> VH

NTLMJHQ HQ PHHT EHJTLS LQ KHV RQGHTYLMU VH ETHQJHQ#_ DOGWU 2RTLQGD# ^YDQV

HT XDOV QRJ KHHO YDV VH YLQQHQ%_

ARRT PHHT LQIRTPDVLH RXHT KHV ERHNMH. JD QDDT YYY%PUTHUHDTFK%QO%

14K=9B# >66E;6B; , !(&'&" BE% (

Page 8: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

=VHYDTV 8DF7HQQDQ

9N@Q<LN 7<>G@II<I ODN .OMNL<GDU C@@AN @L SDI DI,

7@N ?@ =JJN ?JJL 8@?@LG<I?

4I &++) FL@@B ?@ .OMNL<GDUL# 9N@Q<LN 7<>6@II<I# ?@ ?D<BIJM@ 79$

9N@Q<LN @I SDEI PLJOQ 6@MG@R C<??@I <GNDE? P@@G B@L@DM?$ :J@I

9N@Q<LN ?JJL ?@ 79 LJGMNJ@GB@=JI?@I L<<FN@# S<B CDE MN@@?M H@@L

JK N@B@I ?@ KLJ=G@H@I ?D@ CDE =DE C@N L@DS@I N@B@IFQ<H$ 4M C@N

CJN@G NJ@B<IF@GDEF- 5<I DF ?@ =<?F<H@L Q@G DI- 3@N @>CNK<<L

=@MGJJN C@N L@DS@I JK @@I <I?@L@ H<ID@L DI N@ POGG@I @I GD@N DI

'%%( DI ;JLFMCDL@# 1IB@G<I?# @@I NJ@B<IF@GDEF@ =JJN =JOQ@I$ 0@

=JOQ I<H NQ@@ E<<L DI =@MG<B$ 4I '%%* JI?@LI<H@I SDE COI @@LMN@

NJ>CN ?JJL 1IB@G<I?$ 3@N @>CNK<<L ?@IFN @LJP@L DI '%&& ?JJL

8@?@LG<I? N@ P<L@I @I PL<<BN NDKM <<I EJO$

!''( %%& +"& '&,% (%$"#)%*(%&

=VHYDTV 8DF7HQQDQ JTRHLGH RS VWUUHQ GH NRHLHQ

HQ GH UFKDSHQ RS HHQ IDTP LQ -WUVTDOLd$ @DQ MRQJU

DI DDQ YLOGH KLM XRRT TDGLR HQ VHOHXLULH YHTNHQ" KHV

OLHIUV XRRT -./ >HOHXLULH$ ^5N KHE ODQGERWYNWQGH

JHUVWGHHTG" YDQV LN YLOGH JTDDJ YHTNHQ ELM -./

RS GH \<WTDO 0HSDTVPHQV]" XTLMXHTVDDOG GH DIGHOLQJ

ODQGHOLMN$ 9D GH UVWGLH KHE LN HHTUV HTXDTLQJ

RSJHGDDQ DOU RQVYLNNHOLQJUYHTNHT" DOXRTHQU -./

PLM YLOGH LQOLMXHQ$ 5N OHHTGH GH ;DSRHD]U LQ 9LHWY

3WLQHD KWQ ODQGMHU PHV PRGHTQHTH PHVKRGHQ VH

EHYHTNHQ" PHV DOU GRHO GDV GH JTRQG PHHT [RW

RSETHQJHQ_" DOGWU =VHYDTV$ :S HHQ JHJHXHQ

PRPHQV JDDV =VHYDTVU] YHQU LQ XHTXWOOLQJ HQ

QHHPV -./#>@ KHP DDQ DOU ILOPPDNHT RS GH

DIGHOLQJ HGWFDVLHXH ILOPU$ CLMQ ILOPU" HQ GDV [LMQ HT XHOH" [LMQ RRN

WLVJH[RQGHQ GRRT GH [HQGHT 9DVLRQDO 3HRJTDSKLF$ =VHYDTV+ _:P GLH ILOPU

VH NWQQHQ PDNHQ THLUGH LN GH KHOH YHTHOG TRQG$_ 9D [LMQ UWFFHUUHQ DOU

ILOPHT [HVVH =VHYDTV LQ &*)' HHQ HLJHQ ILOP# HQ DQLPDVLHEHGTLMI RS LQ

=ZGQHZ$

_-FKVHTDI JH[LHQ KDG LN PLMQ HHTUVH 8=#XHTUFKLMQUHOHQ DO VRHQ LN QHV XRRT

PH[HOI YDU EHJRQQHQ$ 5N KHTLQQHT PH GDV QRJ JRHG" YDQV PDDNVH VRHQ

ILOPU" GLH /KLQHUH SLORVHQ PRHUVHQ OHTHQ KRH [LM ODQGERWYJTRQG PRHUVHQ

EHUSTRHLHQ$ 5N YDU GDDT KHHO GTWN PHH$_ >YDDOI MDDT ODQJ KHHIV =VHYDTV

YLUUHOHQGH NODFKVHQ$ 0H HQH NHHT KHHIV KLM ODUV XDQ UODSHQGH XRHVHQ" GDQ

YHHT KHHIV KLM STREOHPHQ PHV [LMQ HXHQYLFKV RI ELMXRRTEHHOG PHV [LMQ

EODDU$ ^9D VYDDOI MDDT [HL GH GRNVHT GDV LN PLUUFKLHQ VRFK PDDT HHQU HHQ

8<5#UFDQ PRHUV ODVHQ PDNHQ$ 4HV YDU LQPLGGHOU &**($ @DQDI GDV

PRPHQV_" [HJV =VHYDTV" ^JLQJ PLMQ PRELOLVHLV EHKRRTOLMN UQHO DFKVHTWLV$_

=VHYDTV KRWGV XDQ THL[HQ" [R RRN [LMQ XTRWY 7HUOHZ$ CH VTHNNHQ HT XDDN

UDPHQ RS WLV RP QLHWYH SOHNNHQ VH RQVGHNNHQ HQ GH JHUFKLHGHQLU HQ

FWOVWWT XDQ ODQGHQ VH OHTHQ NHQQHQ$ 8DDT QDDTPDVH =VHYDTV PLQGHT

PRELHO TDDNV" [LHV KLM PHHT HQ PHHT VHJHQ KHV THL[HQ RS$ ^5N JHETWLN QW

HHQ TROUVRHO HQ VKWLU JDDV GDV DOOHPDDO STLPD" PDDT DOU MH RS THLU JDDV [LV

MH PHV XTDJHQ DOU+ 4RH VRHJDQNHOLMN LU KHV KRVHO, 6DQ LN GH EDGNDPHT YHO

LQ,_

/JJN G@OF@L ?<I ><HK@L

=VHYDTV HQ 7HUOHZ YLOOHQ JTDDJ EOLMXHQ THL[HQ" PDDT KHV PRHV YHO VH GRHQ

[LMQ XRRT LHPDQG LQ HHQ TROUVRHO$ ^AH EHGDFKVHQ" GDV YH HHQ

TROUVRHOVRHJDQNHOLMNH FDPSHT RI HHQ ERRV QRGLJ KDGGHQ RP KHV THL[HQ VH

NWQQHQ XRRTV[HVVHQ" HQ HHQ ERRV NORQN HHQ UVWN OHWNHT GDQ HHQ FDPSHT"_

[HJV =VHYDTV" ^GWU YHTG KHV HHQ ERRV!_

4LM UVDTVVH [LMQ [RHNVRFKV QDDT VRHJDQNHOLMNH ERVHQ XLD 3RRJOH HQ NYDP WLV

ELM HHQ .TLVUH RQGHTQHPLQJ LQ BRTNUKLTH" 1QJHODQG" GLH \HQLJH HTXDTLQJ]

KDG PHV KHV ERWYHQ HTXDQ$ 4HV EHJLQ XDQ HHQ ODQJGWTLJ STRFHU XDQ

PDLOHQ HQ EHOOHQ$ 0LXHTUH NHTHQ XORRJ [LMQ XTRWY 7HUOHZ KHHQ HQ YHHT

QDDT 1QJHODQG$ @DQDI KHV HHTUVH VHOHIRRQVMH QDDT GH 1QJHOUH ERVHQERWYHT

VRV DDQ KHV VLMGUVLS GDV KHV UFKLS XDDTNODDT YDU" GWWTGH ELMQD VYHH MDDT$

^8DDT_" [HJV =VHYDTV" ^GLH VLMG KDG LN RRN YHO QRGLJ VHT XRRTEHTHLGLQJ RP

LQ 1QJHODQG VH NWQQHQ XDTHQ$ 4RH YHTNV GH EHGLHQLQJ XDQ GH ERRV, AHONH

Page 9: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

=VHYDTV EHUVWWTV GH 1QGHOOLRQ XDQWLV [LMQ

TROUVRHO

THJHOU JHOGHQ RS GH 1QJHOUH NDQDOHQ, AHONH THJHOU JHOGHQ LQ GH KDXHQU

HQ KRH VRHJDQNHOLMN [LMQ GLH, 4HV YDTHQ VYHH GTWNNH MDTHQ XRRT RQU$_

=VHYDTV YDU HQ LU YHOLUYDDT TROUVRHOJHERQGHQ" PDDT KLM YLO [R [HOIUVDQGLJ

PRJHOLMN OHXHQ" RRN DDQ ERRTG XDQ KHV UFKLS$ 0H OHHITWLPVHU" GH EDGNDPHT

HQ GH UODDSNDPHT PRHUVHQ DDQ [LMQ HLUHQ XDQ VRHJDQNHOLMNKHLG XROGRHQ HQ

GDV LU RRN JHOWNV$ 0H OHHITWLPVHU RS KHV UFKLS [LMQ HXHQ TROUVRHOXTLHQGHOLMN

DOU GH OHHITWLPVHU XDQ HHQ VRHJDQNHOLMN KWLU$ 0H KRRJVH XDQ GH VDIHOU [LMQ

EHTHNHQG RS HHQ TROUVRHO" GH PHHUVH GHWTHQ [LMQ UFKWLIGHWTHQ" GH GRWFKH

TRO MH PDNNHOLMN LQ HQ WLV HQ RS DOOHTOHL UVTDVHJLUFKH SWQVHQ [LMQ

KDQGJTHSHQ JHSODDVUV$ 0H ERRV XROGRHV URYLHUR DDQ GH -WUVTDOLUFKH

QRTPHQ XDQ VRHJDQNHOLMNKHLG HQ LU GDDTQDDUV QRJ XHTGHT DDQJHSDUV DDQ

GH SHTURRQOLMN YHQUHQ XDQ =VHYDTV HQ 7HUOHZ$ CH GRRSVHQ KWQ ERRV GH

\1QGHOOLRQ]" GH QDDP XDQ HHQ KHLOLJH HQ RRN GH QDDP XDQ HHQ 1QJHOU GRTS$

8HV GDV GRTS KHEEHQ [H HHQ ELQGLQJ$ 0H IDPLOLH XDQ 7HUOHZ NRPV HT

XDQGDDQ HQ [H [LMQ HT MDTHQ JHOHGHQ JHVTRWYG$

9NOL@I

0H PHHUVH ERVHQ KHEEHQ PHV PHHT GDQ

HHQ QLXHDW VH PDNHQ HQ GDV LU ELM GH

1QGHOOLRQ QLHV DQGHTU$ :P KHV

QLXHDWXHTUFKLO VWUUHQ GH OHHITWLPVHQ HQ GH

UVWWTKWV VH RXHTETWJJHQ LU HHQ SODVIRTPOLIV

JHeQUVDOOHHTG$ :P KHV QLXHDWXHTUFKLO

VWUUHQ GH ERRV HQ GH YDO VH RXHTETWJJHQ

LU HHQ WLVUFKWLIEDTH" OLFKVJHYLFKV RSTLMSODDV

DDQ ERRTG$

=VHYDTV EHUVWWTV GH 1QGHOOLRQ XDQWLV [LMQ

TROUVRHO$ 4HV UVWWTYLHO XDQ HHQ ERRV LU

QRTPDOLVHT XHTVLFDDO JHPRQVHHTG" =VHYDTV NDQ [LMQ ERRV HFKVHT PHV HHQ

MRZUVLFN EHUVWTHQ$ 0H ERRV KHHIV RRN QRJ HHQ THUHTXHUVWWTYLHO" HQ GLH LU

QW KRTL[RQVDDO JHPRQVHHTG$ :S GH XRRTUVHXHQ HQ GH DFKVHTSOHFKV [LMQ

FDPHTD]U JHPRQVHHTG" YDDTGRRT =VHYDTV XDQWLV GH UVWWTKWV XLD VYHH

PRQLVRTHQ NDQ [LHQ YDV HT XRRT RI DFKVHT GH ERRV JHEHWTV$ 1Q GDV KHHIV ELM

GH XHOH UOWL[HQ RQGHTYHJ [LMQ QWV YHO EHYH[HQ!

1IB@G<I?

=VHYDTV HQ 7HUOHZ NR[HQ XRRT GH ERVHQERWYHT LQ 1QJHODQG" YDDTGRRT KHV

RRN XRRT GH KDQG ODJ GDV [LM HHTUV LQ 1QJHODQG JDDQ XDTHQ$ ?LV HLJHQ

HTXDTLQJ NWQQHQ [H QW XHTVHOOHQ GDV GH 1QJHOUH ELQQHQYDVHTHQ JRHG

VRHJDQNHOLMN [LMQ XRRT PHQUHQ PHV HHQ KDQGLFDS$ 1QJHODQG VHOV XHHO

NDQDOHQ HQ GH RHXHTU GDDTXDQ [LMQ XDDN PDDT HHQ SDDT FHQVLPHVHT KRJHT

RI ODJHT GDQ GH 1QGHOOLRQ$ 8HV EHKWOS XDQ GH RSTLMSODDV NRQ =VHYDTV ELMQD

RXHTDO PDNNHOLMN DDQ YDO NRPHQ$ -OOHHQ GH >KDPHU JDI STREOHPHQ$ 4HV

XDTHQ RS GH >KDPHU JLQJ =VHYDTV YHO JRHG DI" PDDT LQ URPPLJH KDXHQU

OWNVH KHV KHP QLHV RP DDQ YDO VH NRPHQ$

CHXHQ PDDQGHQ XRHTHQ =VHYDTV HQ 7HUOHZ PHV GH 1QGHOOLRQ GRRT 1QJHODQG

HQ EHUORVHQ VRHQ XRRT HHQ XROJHQG DXRQVWWT VH JDDQ+ XDTHQ GRRT KHV

XDUVH ODQG XDQ 1WTRSD$ 0H 1QGHOOLRQ YHTG RS HHQ XTDFKVYDJHQ JHKHUHQ HQ

QDDT 9LHWYSRRTV LQ .HOJLd JHETDFKV$ @DQWLV 9LHWYSRRTV XRHT KHV HFKVSDDT

XDQ @ODDQGHTHQ QDDT 7LOOH LQ 2TDQNTLMN HQ XLD HHQ DQGHTH TRWVH YHHT VHTWJ

QDDT 9LHWYSRRTV$

/@GBDU @I 2L<IFLDEF

4HV XDTHQ LQ @ODDQGHTHQ OHXHTGH KHHO YDV PHHT STREOHPHQ RS GDQ LQ

1QJHODQG$ @DDN NRQ =VHYDTV QLHV XDQ ERRTG" RPGDV GH YDOOHQNDQV YHO

VYHH PHVHT KRJHT EOHHN GDQ KHV GHN XDQ GH ERRV$ 4HV KRRJVHXHTUFKLO LU

KHV JHXROJ XDQ KHV LQ XHTELQGLQJ UVDDQ XDQ GH .HOJLUFKH HQ 2TDQUH

ELQQHQYDVHTHQ PHV GH [HH" YDDTGRRT [H VH PDNHQ NTHJHQ PHV HE HQ

XORHG$ :P STREOHPHQ VH XRRTNRPHQ LU KHV XHTUVDQGLJ XDQ VHXRTHQ WLV VH

[RHNHQ YDV GH YDVHTUVDQG LQ HHQ EHSDDOGH KDXHQ LU DOXRTHQU DDQ VH

OHJJHQ$ @RRT =VHYDTV HQ 7HUOHZ HHQ QLHWYH WLVGDJLQJ$ @HHO \RQJHPDN]

YRTGV VTRWYHQU XROJHQU =VHYDTV JRHG JHPDDNV GRRT GH DDTGLJH .HOJLUFKH

UOWLUYDFKVHTU HQ PDQDJHTU XDQ MDFKVKDXHQU$

Page 10: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

=VHYDTV TLMGV [LMQ ERRV LQ

=VHYDTV KHHIV HT EHJTLS XRRT GDV LQ

1WTRSD QLHV DOOHU VRHJDQNHOLMN LU$

^-OOHU LU QDVWWTOLMN DO KRQGHTGHQ MDTHQ

JHOHGHQ JHERWYG HQ QLHPDQG GDFKV

LQ GLH VLMG QD RXHT PHQUHQ PHV

PRELOLVHLVUSTREOHPHQ_" DOGWU =VHYDTV$

9LHV DOOHHQ VLMGHQU KHV XDTHQ

RQGHTXRQGHQ [LM KLQGHT" RRN DDQ GH

YDO LQ FDIcU" THUVDWTDQVU" PWUHD HQ

KLUVRTLUFKH SODDVUHQ$ =RPU EOHNHQ

KHOH GRTSHQ HQ UVHGHQ UOHFKV VRHJDQNHOLMN$ _:P MH YHJ VH XLQGHQ XLD GH

YDVHTYHJHQ PRHV MH LQ LHGHT JHXDO KHHO JRHG DOOH EHUFKLNEDTH JLGUHQ

EHUVWGHTHQ HQ GH MWLUVH XTDJHQ DDQ GH MWLUVH PHQUHQ UVHOOHQ$_

:JN MGJN

_-OOHHQ KDG LN GLV QRRLV JHTHG_" [HJV =VHYDTV" ^CRQGHT KHV HQVKRWULDUPH

XDQ PLMQ XTRWY 7HUOHZ YDU GLV STRMHFV DEUROWWV QLHV JHUODDJG$ CLM KHHIV

[RXHHO YHTN XHT[HV+ FRQVTROHTHQ XDQ GH PRVRT" VDQNHQ" HQ[RXRRTVU$ 1HQ

ODQJH OLMUV XDQ KDQGHOLQJHQ" GLH LN QLHV RI QLHV DOOHHQ KDG NWQQHQ

WLVXRHTHQ$ 0DDTQDDUV KDG [H VLMGHQU RQ[H VRFKVHQ QRJ GH VLMG RP

GWL[HQGHQ IRVR]U VH QHPHQ$_

=VHYDTV HQ 7HUOHZ [LMQ XDQ SODQ RP LQ GH NRPHQGH MDTHQ RSQLHWY QDDT

1WTRSD VH NRPHQ$ CH YLOOHQ XHTGHT PHV KWQ RQVGHNNLQJUVRFKV GRRT .HOJLd

HQ 2TDQNTLMN" HQ [H USHOHQ PHV GH JHGDFKVH RP QW RRN GRRT 9HGHTODQG VH

XDTHQ HQ DOU KHV HXHQ NDQ -PUVHTGDP DDQ VH GRHQ$ 0DDTRP XTDJHQ [H DOOH

OH[HTU XDQ GLV XHTKDDO QDDT VLSU RXHT VRHJDQNHOLMNH KDXHQU HQ

DDQOHJSODDVUHQ HQ OHWNH UVDGMHU DDQ KHV YDVHT LQ 9HGHTODQG$

7HHU XHTGHT RS YYY$PDFOHQQDQ$FRP$DW%1QGHOOLRQ%-FFHUULELOLVZ$KVP

79SD@I E<<LB<IB +# !'%&%" IL$ '

ERS& 4BBO 2RFHNBO

1E;<HNF<B 3<L8C@;8J@<><E<<IBKE;< 650,

.EB<C 6F<J 1HJ?<I< <E 1HJ?<I<J<IJ<H

0<EI<E D<J 04 BKEE<E 988J ?<99<E 9@A <<E LF<J$<EB<C$FHJ?<I<

!.61"% -F<C L8E ;<N< FHJ?<I< @I FD ?<J CFG<E J< L<H9<J<H<E% /E

04$C8E; @I ;< .61 EF> <<E LH@A FE9<B<E; ?KCGD@;;<C% *8E ;<

8=;<C@E> 3<L8C@;8J@<><E<<IBKE;< L8E ?<J 65D: M<HBJ

FE;<HNF<B<H ;HI% -88E +H<>D8E 88E ;< L<H9<J<H@E> L8E ;< OLF<J$

<EB<C$FHJ?<I<P% 7@AE ;F<C @I ;< FGJ@D8C< .61 LFFH ;< @E;@L@;K<C<

G8J@SEJ L@E;<E%

4PPR/ "%&# !%$(&)'(

1MS KF KF VPFT OJFT HPFE NFFR LUOT PQTJMMFO$ NJOEFR

LRBDIT IFCT JO EF LUJTSQJFRFO PG KF LRJKHT MBST VBO

KF FVFOWJDIT EPPR EBT CFLFOEF YWBMLFOEF 9=%

MPPQKF$ LPRTPN$ KF MPPQT STFFES SMFDITFR$ EBO LBO

EF RFVBMJEBTJFBRTS FFO ZPRTIFSF[$ VPPRSDIRJKVFO& \8F

YPU IFT PPL FFO SQBML LUOOFO OPFNFO$] YFHT

4BBO 2RFHNBO ").-*#$ POEFRYPFLFR CJK EF

BGEFMJOH <FVBMJEBTJFHFOFFSLUOEF BBO IFT @?ND]&

5FO CFFTKF EFGTJHFR HFYFHE JS FFO PRTIFSF FFO

ZUJTWFOEJH HFERBHFO IUMQNJEEFM NFT FFO

POTMBSTFOEF$ POEFRSTFUOFOEF PG DPRRJHFRFOEF

GUODTJF[& 4US CJKVPPRCFFME$ FFO CFUHFM VPPR IFT

HFCJT IFFT PPL FFO PRTIFSF& \7L EPF SQFDJGJFL POEFRYPFL OBBR EF PRTIFSF

VPPR VPFT FO POEFRCFFO$ EF 5@;$] BMEUS 2RFHNBO$ @RPFHFR CFSTPOE FFO

5@; UJT MFFR FO'PG NFTBBM$ NFT BMS OBEFFM VPPR EF HFCRUJLFR$ EBT EJT

NBTFRJBBM EF 5@; VRJK YWBBR NBBLT& >FHFOWPPREJH WPREFO PRTIFSFS VBO

STFFES MJDITFR NBTFRJBBM HFNBBLT& 6FT OJFUWSTF PQ EBT HFCJFE JS

DBRCPOGJCFR$ PGTFWFM LPPMSTPG&

Page 11: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

\?JT WFTFOSDIBQQFMJKL POEFRYPFL JS HFCMFLFO EBT SPNNJHF NFOSFO VFFM

QRPGJKT IFCCFO VBO FFO PRTIFSF$ TFRWJKM BOEFRF NFOSFO FR OJFTS BBO

IFCCFO PG FR YFMGS IJOEFR VBO POEFRVJOEFO] VFRTFMT 4BBO$ \AJK EFOLFO EBT

EBT LPNT PNEBT EF BGSTFNNJOH VBO EF FJHFOSDIBQQFO VBO EF PRTIFSF FO

IFT MPPQQBTRPPO OJFT PQTJNBBM JS&] 4BBO 2RFHNBO STUEFFREF JO *((, BG

BBO EF @? BMS 2FWFHJOHSWFTFOSDIBQQFR FO SPMMJDJTFFREF EBBROB PQ FFO

POEFRYPFLSCBBO CJK EF @?& \6FT HJOH PN FFO QRPNPTJFTRBKFDT FO WBT NF

FR VPPRBM JO BBOSQRBL WBS EF DPNCJOBTJF VBO NFDIBOJSDI POEFRYPFL OBBR

EF PRTIFSF YFMG FO EF TPFQBSSJOH VBO EFYF NFDIBOJSDIF LFOOJS PN

NFOSFO EBBEWFRLFMJKL CFTFR TF MBTFO MPQFO&]

1HJ?<I<J<IJ<H

;RTIFSFS WPREFO BM MBOHFR VPPRHFSDIRFVFO$ NBBR IPF CFQBBM KF OU WBT EF

CFSTF PRTIFSF JS VPPR FFO CFQBBMEF QBTJ`OT0 @BOUJT EF QRBLTJKL JS CFLFOE

EBT EF STJKGIFJE VBO FFO 5@; CFMBOHRJKL JS& 6PF CFQBBM KF QFR JOEJVJEU EF

NFFST HFSDIJLTF STJKGIFJE VBO YJKO PRTIFSF$ VRBHFO WF BBO 2RFHNBO&

\=BNFO NFT >? 4FMGT IFCCFO WF FFO DPNQUTFRSJNUMBTJFSTUEJF HFEBBO$]

VFRTFMT IJK$ \WF IFCCFO FFO DPNQUTFRNPEFM NFT VFRSDIJMMFOEF PRTIFSFS

IFFM VFFM MBTFO MPQFO& 4BBRUJT CMFFL EBT KF FFO PQTJNBMF DPNCJOBTJF LUOT

NBLFO TUSSFO EF VFFRFJHFOSDIBQQFO VBO EF PRTIFSF FO EF JOEJVJEUFMF

QBTJ`OT& AF WJMMFO OU LJKLFO PG WF EBT VPPR ZFDITF[ QBTJ`OTFO LUOOFO

RFQRPEUDFRFO& 9FT BOEFRF WPPREFO/ EF FJHFOSDIBQQFO VBO EF PRTIFSF YP

HPFE NPHFMJKL BBOQBSSFO BBO EF JOEJVJEUFMF QBTJ`OT& 6FT UJTFJOEFMJKLF EPFM

JS EBT EF QBTJ`OT NFT CFIUMQ VBO EF 5@; YP WFJOJH NPHFMJKL FOFRHJF

VFRCRUJLT&]

2RFHNBO IFFGT PPL FFO YPHFOPFNEF PRTIFSFTFSTFR POTWJLLFME PN EF

STJKGIFJE VBO FFO 5@; VBST TF LUOOFO STFMMFO& 9FT EJF PRTIFSFTFSTFR LUO KF

BMMF SPPRTFO FO VPRNFO VBO 5@;[S TFSTFO$ EUS YFMGS PRTIFSFS$ EJF JO IFT

VFRMFEFO JO HFCRUJL WBRFO& @PPREFFM VBO FFO PRTIFSFTFSTFR JS EBT KF EF

FJHFOSDIBQQFO VBO EF PRTIFSF PCKFDTJFG LUOT VBSTSTFMMFO& 4F BGSTFNNJOH

TUSSFO EF FJHFOSDIBQQFO VBO EF PRTIFSF FO EF QBTJ`OT HFCFURT TPT PQ

IFEFO PQ CBSJS VBO FRVBRJOH VBO EF RFVBMJEBTJFBRTS FO EF PRTIPQFEJSDI

;RTIFSF%TFSTFR

JOSTRUNFOTFONBLFR& 4BOLYJK EF PRTIFSFTFSTFR WPRET FFO

OPH PCKFDTJFVFRF BGSTFNNJOH NPHFMJKL&

28J@F <E 9<M<>@E>IC89FH8JFH@KD

5JOE *((. JS 2RFHNBO CFHPOOFO NFT EF TIFPRJF BBO EF

QRBLTJKL TF TPFTSFO& 5R YJKO VJKG QRPTPTXQFS VBO FFO

PRTIFSF VBO DBRCPOGJCFR HFNBBLT FO FR YJKO TWBBMG

NFOSFO HFYPDIT PN BBO IFT POEFRYPFL NFF TF EPFO&

5FO EFFM VBO IFO IFFGT 9= FO FFO EFFM IFFGT 3@1

"IFRSFOJOGBRDT#$ NBBR CFJEF HRPFQFO IFCCFO VFRHFMJKLCBRF MPPQLMBDITFO&

9BRDFM JS QBTJ`OT CJK IFT 9=%DFOTRUN VBO EF @? FO IJK NBBLT BM HFRUJNF

TJKE HFCRUJL VBO FFO PRTIFSF& :B FFO TJQ VBO EF OFURPMPPH HBG IJK YJDI PQ

BMS EFFMOFNFR BBO IFT POEFRYPFL VBO 2RFHNBO& \7L IFC CFST HFNBL VBO

NJKO IUJEJHF PRTIFSF FO BMS JL FR FFOTKF LBO LRJKHFO EJF OPH CFTFR CJK NF

QBST$ EBO IFC JL EBBR FDIT WFM JFTS VPPR PVFR&] 6FT POEFRYPFL VRBBHT WFM

EF OPEJHF TJKE FO JOSQBOOJOH VBO EF EFFMOFNFRS& 6FT FFRSTF CFYPFL JS FFO

JOTBLF VBO *$+ UUR FO EF ERJF VFRVPMHBGSQRBLFO EURFO JFEFR TWFF UUR& 9FT

EF LFFR VPPR EF UJTSMBH NFFHFRFLFOE NPFT KF EUS VJKG LFFR OBBR IFT @UND&

5FO EFFM VBO IFT POEFRYPFL SQFFMT YJDI BG JO FFO VBO EF QBTJP[S VBO EF

<FVBMJEBTJFBGEFMJOH VBO IFT @?ND& 7O EJF QBTJP JS FFO MPPQRPUTF UJTHFYFT$

WBBR EF EFFMOFNFR TWFF LFFR YFS NJOUTFO NPFT MPQFO$ YPWFM NFT BMS

YPOEFR PRTIFSF& 7O EF VPMHFOEF SFSSJFS NPFT KF NFT EF VJKG OJFUW

POTWJLLFMEF PRTIFSFS VBO DBRCPOGJCFR MPQFO& \4JF FFRSTF LFFR NPFT KF PPL

YPOEFR PRTIFSF MPQFO]$ VFRTFMT 9BRDFM$ \ FO EBT VJOE JL JONJEEFMS CFST WFM

YWBBR& 5O EBO MPPQ KF PPL OPH NFT FFO LBQKF PVFR KF OFUS FO KF NPOE$

WBBRNFF EF YUURSTPGPQOBNF WPRET HFNFTFO&]

4BBROB VPMHT FFO MPPQBOBMXSF JO IFT YPHFOPFNEF CFWFHJOHSMBCPRBTPRJUN&

8F LRJKHT FFO STFM MJDITKFS PQ KF MJDIBBN CFVFSTJHE FO EJF MJDITKFS WPREFO

HFVPMHE EPPR DBNFRB[S& 8F NPFT FFO BBOTBM LFRFO IFFO FO WFFR MPQFO

PVFR FFO MPPQCBOE VBO FFO NFTFR PG TJFO NFT POYJDITCBRF

NFFTJOSTRUNFOTFO JO EF VMPFR& 4JF CBOE NFFT WFMLF LRBDITFO FR TJKEFOS

IFT MPQFO PQ EF VMPFR WPREFO UJTHFPFGFOE&

Page 12: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

VPPRCFFME PRTIFSF

2HFDFJ@<

9BRDFM JS LMBBR NFT YJKO EFFMOBNF BBO IFT POEFRYPFL& \7L

IFC BEVJFS HFLRFHFO PN FFO WBT MJDITFRF PRTIFSF TF HBBO

HFCRUJLFO NFT WBT NFFR VFFRLRBDIT EBO EFHFOF EJF JL OU

IFC& 4US JL HB LJKLFO PG JL FFO OJFUWF PRTIFSF

VPPRHFSDIRFVFO LRJKH&] 9BRDFM WBS FFO VBO EF FFRSTF

EFFMOFNFRS BBO IFT POEFRYPFL$ EUS EF UJTLPNST VBO IFT

TPTBMF POEFRYPFL MBBT OPH WFM FVFO PQ YJDI WBDITFO& 6FT POEFRYPFL NPFT

UJTNPOEFO JO FFO QRPFGSDIRJGT& 4BBO 2RFHNBO/ \7L VFRWBDIT EBT IFT

POEFRYPFL JO IFT VPPRKBBR VBO *()) LMBBR JS$ NBBR FFO QRPNPTJFEBTUN

IFC JL OPH OJFT& 5O$ WJM KF FR BMSKFCMJFGT CJKSDIRJKVFO EBT IFT POEFRYPFL

GJOBODJ`MF POEFRSTFUOJOH LRJKHT VBO IFT 1OOBGPOES0] "WWW&BOOBGPOES&OM#&

APRET VFRVPMHE!

04N@<E# A88H>8E> ) !(&'&" EH% (

,:B::CG8=7EE:A>?@: 0:9>G8=: +DCGIAH:C

.C 1:9:FA7C9 @ICC:C E7H>PCH:C G>C9G '%%( 9::AC:B:C 77C

M,:B::CG8=7EE:A>?@: 0:9>G8=: +DCGIAH:CN !,0+" DD@ K:A

<FD:EG8DCGIAH:C <:CD:B9$ .C C7JDA<>C< J7C 9: 6:F:C><9: 4H7H:C

>CHFD9I8::F9: =:H +*2# /K7A>H:>HG>CGH>HIIH JDDF 9:

,:LDC9=:>9GLDF<# 9:L: ,0+NG >C 1:9:FA7C9$ *>? ::C ,0+ KDF9:C

78=H HDH J>?;H>:C E7H>PCH:C B:H 9:L:A;9: L>:@H: H:<:A>?@ 9DDF ::C

7FHG :C ::C J:FEA::<@IC9><: <:L>:C$ -:H 04 +:CHFIB 1>?B:<:C

=::;H >CB>99:AG :FJ7F>C< B:H <FD:EG8DCGIAH:C$

3TTV. "(*$+ !#')%&

6JX [TTVI _LVTJUWHTSWYQX` ZNJQ ZTTV MJX JJVWX

NS ;@^NJS XNOIJSW JJS LJWUVJP RJX SJYVTQTTL

IV' E[FSNPPJS NS *((+' E[FSNPPJS [JVPXJ

XTJS GNO MJX ;@ 2JSXVYR <NORJLJS' ANOIJSW

MJX LJWUVJP ZJVXJQIJ MNO IFX MNO ZFS UQFS [FW

RJX LVTJUWHTSWYQXJS% WUVJJPYVJS NS

LVTJUWZJVGFSI XJ GJLNSSJS' 6NO MFI IFFV NS

^NOS GFFS GNO MJX @NSX :YHFW ENJPJSMYNW NS

DNSWHMTXJS PJSSNW RJJ LJRFFPX' a3TTV TZJV LJ^FRJSQNOPJ UVTGQJRJS NS

LVTJUWZJVGFSI XJ UVFXJS PYSSJS RJSWJS ZFS JQPFFV QJVJSb% ZJVXJQIJ

E[FSNPPJS XNOIJSW IFX LJWUVJP' b7S LVTJUWZJVGFSI MJG OJ RJJV PFSW% IFX

FQQJ JZJSXYJQJ UVTGQJRJS FFS GTI PTRJS% TRIFX NJIJVJ IJJQSJRJV IJ

LJQJLJSMJNI PVNOLX TR ^NOS TK MFFV UVTGQJJR SFFV ZTVJS XJ GVJSLJS' 0QW

NJRFSI GNO [NO^J ZFS WUVJPJS MJX JNLJS UVTGQJJR JZJS ^TY ZJVLJXJS% IFS

NW JV FQXNOI [JQ JJS FSIJV INJ MJX FFSVTJVX' 3J NSXJVFHXNJ XYWWJS IJ

UFXNgSXJS QJZJVX JJS RJJV[FFVIJ TU% INJ OJ NS JJS NSINZNIYJJQ HTSWYQX

RJJWXFQ SNJX MJGX' 1TZJSINJS NW IJ LJ^FRJSQNOPJ XNOI QFSLJV IFS IJ

NSINZNIYJQJ XNOI% INJ OJ GNO JJS WUJHNFQNWX MJGX' ET GJ^NJS NW JJS

LVTJUWHTSWYQX IYW ^JJV JKKNHNgSX% TTP ZTTV IJ WUJHNFQNWX ^JQK XVTY[JSW'b

Page 13: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

3>ADHEFD?:8H

6JX IYYVIJ STL XTX WJUXJRGJV *((, ZTTVIFX MJX ;@ 2JSXVYR <NORJLJS

RJX JJS UNQTXUVTOJHX WXFVXXJ JS MJX JJVWXJ LVTJUWHTSWYQX UQFFXWZTSI' 6JX

21= 9[FQNXJNXWNSWXNXYYX ZTTV IJ LJ^TSIMJNIW^TVL GJLJQJNIIJ MJX UVTOJHX'

1NO JJS LVTJUWHTSWYQX NW JJS SJYVTQTTL JS JJS ;@&ZJVUQJJLPYSINLJ

FFS[J^NL' 3J ;@&ZJVUQJJLPYSINLJ TVLFSNWJJVX MJX HTSWYQX% ZJVIJJQX IJ XNOI

JS ^TVLX JVZTTV IFX NJIJVJJS FFS IJ GJYVX PTRX' 7S <NORJLJS NW 7SLVNI

>YXRFS IJ ;@&ZJVUQJJLPYSINLJ INJ FQ ZFSFK MJX GJLNS GNO IJ

LVTJUWHTSWYQXJS NW GJXVTPPJS' 3J UNQTX NS <NORJLJS NW WYHHJWZTQ FKLJVTSI/

MJX LJ^FRJSQNOP RJINWHM HTSWYQX% TK XJ [JQ MJX LVTJUWHTSWYQX% NW WNSIWINJS

GQNOZJS GJWXFFS'

4JS LVTJUWHTSWYQX NW LJJS LVTJUWZTTVQNHMXNSL% LVTJUWXMJVFUNJ TK

QTXLJSTXJSHTSXFHX' 4V ^NOS SFXYYVQNOP [JQ TZJVJJSPTRWXJS. MJX HTSXFHX RJX

RJIJUFXNgSXJS% MJX QJVJS ZFS JQPFFV JS IJ LJIJJQIJ NSKTVRFXNJ' 3J

FFSUFP GJZTVIJVX MJX ^JQKRFSFLJRJSX% [FFVRJJ [TVIX GJITJQI IFX IJ

UFXNgSX ^JQK IJ GJMFSIJQITJQJS JS IJ GJWQYNXZTVRNSL% [FFV IFX RTLJQNOP NW%

GJUFFQX' =TP WXNRYQJJVX MJX IJ JNLJS ZJVFSX[TTVIJQNOPMJNI NS MJX WXVJZJS

SFFV JJS TUXNRFQJ LJ^TSIMJNI' ANOIJSW JJS LVTJUWHTSWYQX UVTGJJVX MJX

XJFR IJ IJJQSJRJVW RJX ;@ XJ QJVJS GJ[YWX GJWQYNXJS XJ SJRJS JS

PJY^JW XJ RFPJS TZJV IJ GJMFSIJQNSL' 7SLVNI >YXRFS. !7P IJSP IFX TTP

GNO MJX LVTJUWHTSWYQX RJS ZFS JQPFFV PFS QJVJS RJX GJXVJPPNSL XTX

ZJVWHMNQQJSIJ WXVFXJLNJgS INJ RJS MFSXJJVX TR RJX JJS ^NJPXJ FQW ;@ TR

XJ LFFS'b

5K77A; ?77F 04

6JX JJVWXJ HTSWYQX GNO MJX ;@ 2JSXVYR <NORJLJS NW FQXNOI JJS NSINZNIYJJQ

HTSWYQX RJX IJ SJYVTQTTL' 8J RFL IFFVGNO [JQ JJS LJhSXJVJWWJJVIJ

RJJSJRJS% [FSX X[JJ MTVJS NRRJVW RJJV IFS ffS' 5VTJUWHTSWYQXJS ^NOS

ZTTV RJSWJS% INJ FQ JJS INFLSTWJ MJGGJS JS IFFVSF ZTTV HTSXVTQJ PTRJS'

DNJ QNJZJV MJX NSINZNIYJQJ HTSWYQX MJJKX JS [NQ MTYIJS PVNOLX IFX TTP' ;FFV

OJ PYSX IYW SF MJX JJVWXJ HTSWYQX TTP PNJ^JS ZTTV LVTJUWHTSWYQXJS'

;@&ZJVUQJJLPYSINLJ

7SLVNI >YXRFS

6FSW <TTVIJVZQNJX% GNOZTTVGJJQI% NW +- OFFV JS MJJKX FQ )* OFFV ;@' ENOS ;@

NW WJHYSIFNV UVTLVJWWNJK' 6FSW MJJKX ^NHM TULJLJZJS ZTTV IJ

LVTJUWHTSWYQXJS TR IJ UVTGQJRJS ZFS QTXLJSTXJS XJ MTVJS JS MTJ ^NO

IFFVRJJ TRLFFS' 6NO ZNSIX IFX JJS LVTJUWHTSWYQX JJS [FFVIJZTQQJ

GNOIVFLJ QJZJVX FFS MJX [JQGJZNSIJS ZFS ;@&UFXNgSXJS' !8J PYSX

GJWUVJPJS MTJ OJ RTJX TRLFFS RJX IJ ^NJPXJ JS OJ PYSX JQPFFV XNUW LJZJS

MTJ OJ GJUFFQIJ ^FPJS PYSX FFSUFPPJS' 3FX QYPX SNJX FQXNOI NS JJS STVRFFQ

HTSWYQX!% FQIYW 6FSW'

3J WFRJSWXJQQNSL ZFS JJS LVTJU NW [NQQJPJYVNL' ;@&

ZJVUQJJLPYSINLJ 7SLVNI >YXRFS ZJVXJQX IFFVTZJV. !3J

WFRJSWXJQQNSL ZFS JJS LVTJU [TVIX SNJX ITTV RNO

GJhSZQTJI' ;JSWJS PYSSJS IYW JJS ZJVWHMNQQJSI ZJVQTTU

ZFS ;@ MJGGJS' 3J JVZFVNSL QJJVX% IFX OJ OYNWX GNO

JJS MJXJVTLJSJ LVTJU RJJV ZFS JQPFFVW JVZFVNSLJS

QJJVX' ;JSWJS MTJZJS SNJX UJVWJ RJX JQPFFV TU XJ

PYSSJS WHMNJXJS TR MJX ITJQ ZFS JJS LVTJUWHTSWYQX

[FFV XJ RFPJS' 1JQFSLVNOP NW VJWUJHX ZTTV JQPFFVW

ZJVWHMNQQJSIJ TUZFXXNSLJS JS NSXJLVNXJNX' 3J LVTJU [NWWJQX TTP UJV PJJV'

6JX NW LJJS ZFWX UVFFX& TK QTXLJSTXJSLVTJUOJ'!

07CC:C :C JFDIK:C

6JX LVTJUWHTSWYQX NW JJS ZJVZFSLNSL ZTTV MJX LJ[TSJ HTSWYQX% INJ OJ

FSIJVW GNO IJ SJYVTQTTL MJGX' 7JIJVJJS PTRX FFS GTI% RFFV RJS LFFX SNJX

UJVWJ MJX VNOXOJ FK' 3J ZTQLTVIJ [TVIX ZJJQFQ ITTV IJ UFXNgSXJS ^JQK

GJUFFQI' AYWWJSITTV NW ZFFP NSXJVFHXNJ RJX J\XVF YNXQJL TZJV [FX TU IFX

RTRJSX GJWUVTPJS [TVIX' 1NOZTTVGJJQI% IJ SJYVTQTTL LJJKX YNXQJL TZJV IJ

A]WFGVN&GJMFSIJQNSL JS ZTTV [NJ IJ GJMFSIJQNSL LJhSINHJJVI NW'

=ZJVNLJSW% MJX NW RTLJQNOP NJIJV TSIJV[JVU XJ GJWUVJPJS% FQQJW ^FQ NS

ZJVXVTY[JS [TVIJS GJMFSIJQI' 3FFV [TVIJS ZFS XJZTVJS FKWUVFPJS TZJV

LJRFFPX'

Page 14: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

BSNZJVWNXFNV 2JSXVYR 2MVTSNWHM ENJPJS _3JPPJVW[FQI`

6FSW <TTVIJVZQNJX ZNSIX IFX OJ OJ XNOIJSW MJX LVTJUWHTSWYQX TUJS RTJX

TUWXJQQJS' !0QW OJ ^T`S LVTJUWHTSWYQX FFSLFFX% RTJX OJ GJVJNI ^NOS OJ TUJS

TU XJ WXJQQJS JS IYW TTP IJ^JQKIJ ZVFLJS IYVZJS WXJQQJS FQW [FSSJJV OJ

FQQJJS GNO IJ SJYVTQTTL ^NX' 7P RTJX [JQ ^JLLJS IFX OJ RJX GJUFFQIJ

ZVFLJS XTHM [FX XJVYLMTYIJSIJV GJSX NS JJS LJRJSLIJ LVTJU% IFS

[FSSJJV JJS LVTJU YNX FQQJJS RFSSJS TK FQQJJS ZVTY[JS GJWXFFX' 7P MJG

SY X[JJ LVTJUWHTSWYQXJS RJJLJRFFPX JS MJG TSXIJPX IFX GNO IJ LVTJU

RJX FQQJJS RFSSJS JV ^FPJS FFS IJ TVIJ ^NOS LJ[JJWX% INJ SNJX NS IJ

LJRJSLIJ LVTJU ^NOS GJWUVTPJSb% FQIYW 6FSW'

3J IVNOKZJJV TR RJX IJ^J ZTVR ZFS HTSWYQXJS XJ GJLNSSJS% [FW TR XJ

TSIJV^TJPJS TK MJX NJXW J\XVF"W ^TY TUQJZJVJS ZTTV IJ UFXNgSXJSLVTJU ZFS

MJX ;@ 2JSXVYR <NORJLJS' <FXYYVQNOP NW MJX TTP JJS MJJQ JKKNHNgSXJ RFSNJV

ZFS WUVJJPYYV MTYIJS% MTJ[JQ JV ZTTV IJ FSIJVMFQK YYV IYVJSIJ

LVTJUWWJWWNJW ZJJQ ZTTVGJVJNINSL STINL NW' 3J UFXNgSXJS JS MYS UFVXSJVW

RTJXJS TSXZFSLJS [TVIJS% ZJVXVTY[JSWZJVPQFVNSLJS TSIJVXJPJSI JS IJ

VYNRXJ [FFVNS MJX LJWUVJP UQFFXWZNSIX RTJX NS TVIJ [TVIJS LJRFFPX' 3J

ZTTVSFFRWXJ JKKNHNJSH][NSWX ^NX MJR XTHM NS MJX KJNX IFX RJJV RJSWJS

RJJV FSX[TTVIJS PVNOLJS TU RJJV ZVFLJS' ETFQW NJRFSI QFFXWX

IJRTSWXVJJVIJ. !7P MJG LJJS ZVFLJS RJJV% FQQJW NW FQ GJFSX[TTVI'b

6:F=I>L>C<

@NSIW PTVX RFFPX MJX ;@ 2JSXVYR

<NORJLJS IJJQ YNX ZFS IJ FKIJQNSL

<JYVTQTLNJ ZFS MJX B;2 @X'?FIGTYI

JS K]WNJP NW MJX ZJVMYNWI SFFV

BSNZJVWNXFNV 2JSXVYR 2MVTSNWHM

ENJPJS _3JPPJVW[FQI`' =TP IV'

E[FSNPPJS NW ZJVMYNWI JS [JQ SFFV

MJX WXVJJP^NJPJSMYNW @NTS NS

3TPPYR' 3TTV FQ IJ^J ZJVFSIJVNSLJS QNLLJS IJ LVTJUWHTSWYQXJS TU INX

RTRJSX JZJS WXNQ' a;FFV MJX NW FGWTQYYX IJ GJITJQNSL GNSSJSPTVX [JJV XJ

WXFVXJSb% ZJV^JPJVX IV' 1VNLNX IJ 8TSL% MTTKI ZFS MJX ;@ 2JSXVYR

<NORJLJS' a7SLVNI >YXRFS% ;@&ZJVUQJJLPYSINLJ JS ITPXJV AOTS 4SL @TJ%

X[JJ ZJVXVTY[IJ LJ^NHMXJS ZFS MJX ;@ 2JSXVYR <NORJLJS% ^YQQJS IJ

LVTJUWHTSWYQXJS QJNIJS'b

5JRJJSWHMFUUJQNOPJ ;JINWHMJ 2TSWYQXJS TKXJ[JQ LVTJUWHTSWYQXJS ^NOS JV

NSRNIIJQW NS MJJQ <JIJVQFSI' 6JX 21= TVLFSNWJJVX XVFNSNSLJS ZTTV XJFRW

INJ LVTJUWHTSWYQXJS [NQQJS TVLFSNWJVJS' 3J <JIJVQFSIWJ TVLFSNWFXNJ ZTTV

TSIJV^TJP NS IJ LJ^TSIMJNIW^TVL #<NZJQ$% QNJX TSQFSLW STL JJS TSIJV^TJP

ZJVVNHMXJS SFFV LVTJUWHTSWYQXJS' 3FFVYNX GQJJP IFX UFXNgSXJS ZTTVFQ

IJJQSFRJS FFS JJS 5;2 TR JVZFVNSLJS XJ PYSSJS IJQJS RJX

RJIJUFXNgSXJS% XJ QJVJS ZFS FSIJVJS JS J\XVF NSKTVRFXNJ XJ PVNOLJS' ET[JQ

UFXNgSXJS FQW ^TVLZJVQJSJVW LFZJS FFS IFX UFXNgSXJS NS JJS 5;2 RJJV

NSKTVRFXNJ TSXZNSLJS' >FXNgSXJS [FFVIJJVIJS MJX HTSXFHX RJX

RJIJUFXNgSXJS' CTTV ^TVLZJVQJSJVW GTTI MJX 5;2 FK[NWWJQNSL JS

QJJVRTLJQNOPMJIJS' 2TSHQYWNJ ZFS MJX <NZJQ. CTTV UFXNgSXJS JS

^TVLZJVQJSJVW PFS MJX FFSGNJIJS ZFS LVTJUWHTSWYQXJS RJJV[FFVIJ

MJGGJS GTZJS NSINZNIYJQJ HTSWYQXJS'

04L>:C# ?77F<7C< ) !'%&%" CF$ '

Page 15: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

APOOJHF SDIBEUW % 9< JO

NJKO MFVFO

17G?@A;OH 8E;A K;GH9>?@DI!

6EDD?=; H9>7:JL % 13 ?D C?@D B;K;D

,9>I;G :; 8GEEH J?IM?;D:; 17G?@A; .G7DHH;D H9>J?BI ;;D KGEB?@A;$

EFI?C?HI?H9>; ;D AG79>I?=; F;GHEEDB?@A>;?:& 0;C7D: C;I :?;F=7D=$

=;KEGC: :EEG 7BB;H L7I EF >77G F7: AL7C$ ME7BH 13& 0D :;

F;G?E:; :?; 17G?@A; ;GK77GI 7BH :; N>;G<HIO ?D >77G B;K;D$ H9>G?@<I M;

>77G ;GK7G?D=;D K7D M?9> 7<& /;I K;G>77B 79>I;G >;I 8E;A+ 6EDD?=;

H9>7:JL % 13 ?D C?@D B;K;D& 3PPR/ -9@9B9 /9;89HE

,B9E;=9A5B5;9A9BG

N*5B CBF <H=F ?HB >9 <9G B=9G K=9B 9B 55B A=>B 5HGC 5@

<9@9A55@ B=9G# A55E 9=;9B@=>? 69B =? 99B FCCEG

A5B5;9E$ 0=B C: A99E BCC8;98JCB;9B <96 =? A=>

;9FD97=5@=F99E8 =B 9B9E;=9A5B5;9A9BG$ +5G J5F BC;

B=9G 99BICH8=;# J5BG 855E 69FG55G ;99B ?5BG 9B ?@5E9

CD@9=8=B; ICCE$ .? 69B 99B KC;9B55A89 5HGC8=857G 9B

IC@; <9G GE5>97G I5B 89 <5E89 @99EF7<CC@$ +5G =F

?9=<5E8 J9E?9B 9B FCAF :@=B? F@=??9B$ 45BG 5@F =?

:CHG9B A55? 9B G9 ?J=FG=; A9G A=>B 9B9E;=9 FGECC=# ;5

=? CB89EH=G$ 2CAF @9GG9E@=>?# A55E A99FG5@ :=;HHE@=>?$ .?

I=B8 A=>B F7<CC@ B=9G 99E@=>?# J5BG =? 8C9 5@G=>8 9E;

A=>B 69FG A55E ?E=>; FCAF GC7< =B99BF# GCG55@

CBI9EJ57<G# CB;9B58=; CD A=>B 8CB89E A9G 5@F FGE5:) 5@ A=>B 9B9E;=9 =B

RRB ?99E CD$ 1=9G @9H?# A55E 5@ 8C9B89 @99EG A9BLO

4OFRHJFNBOBHFNFOT JS FFO DPMUNO UJT IFT CPFL& 6BBR FJHFO CPFL! 4FO

MBOHHFLPFSTFREF ERPPN VBO 9BRJKLF 5RBOSSFO "*+# JS WFRLFMJKLIFJE

HFWPREFO& 3F FUGPRJF JS OPH VPFMCBBR BMS 9BRJKLF VFRTFMT& ;VFR IFT

FOTIPUSJBSNF VBO EF UJTHFVFR PVFR IBBR [STULKFS\$ EF FRVBRJOHSVFRIBMFO$

EJF ZF JO EF FFRSTF JOSTBOTJF VPPR ZJDIZFMG IFFGT PQHFSDIRFVFO& ?PPR IBBR

FJHFO VFRWFRLJOHSQRPDFS FO IFT PREFOFO VBO IBBR HFEBDITFO& 7O EF CMPFJ

VBO IBBR MFVFO$ LRJKHT 9BRJKLF IFT OPEJHF PQ IBBR CPREKF$ WBBRCJK [BGSDIFJE\

OFNFO FFO MFJERBBE VPRNT& 6FT [BGSDIFJE\ VBO IBBR HFZPOEIFJE IFFGT EF

HRPPTSTF JNQBDT JO IBBR MFVFO& =PDI IPUET IBBR IUNPR FO

RFMBTJVFRJOHSVFRNPHFO IBBR PVFRFJOE$ FVFOBMS IFT SDIRJKVFO& 8FLLFR

POEFRUJT HFZBLT PQ IBBR NBeSHFMF CBOL$ NBBR ZJDITCBBR VFRNPFJE$ VFRTFMT

9BRJKLF JO VPHFMVMUDIT IPF 9< ZJDI CJK IBBR PQFOCBBREF FO IBBR

"WFRLZBNF# MFVFO VFRBOEFREF&

47D L;GA D77G 5,2

]7O (..( WFRLTF JL BMS VFRQMFFHLUOEJHF FO RFBMJSFFREF NF EBT FR JFTS HPFE

NJS WBS TPFO JL NJKO QFO OJFT HPFE LPO VBSTIPUEFO& AFS KBBR EBBROB LRJKH

JL LPRTEURFOEF BBOVBMMFO$ VFRLRBNQJOHFO JO FFO EFFM VBO NJKO MJDIBBN&

<QFDJBMJSTFO IBEEFO IJFR HFFO VFRLMBRJOH VPPR& =PT JL OB FFO HRJFQ JO (..-

EF DJKGFRS VBO EF WFLLFRRBEJP NFT FFO PPH OJFT LPO ZJFO& 3RJF WFLFO OB

IFT POEFRZPFL$ LRFFH JL EF EJBHOPSF 9<& 9JKO ZPPOTKF WBS TPFO BOEFRIBMG

KBBR PUE& 4FRST WBS FR PQMUDITJOH$ PNEBT FR FJOEFMJKL EUJEFMJKLIFJE WBS$

EBBROB LWBN EF SDIRJL FO IFT VFRERJFT& :B VFRMPPQ VBO TJKE MFVFREF JL

STFFES NFFR GYSJFLF LRBDIT JO& 7L LPO NJKO WFRL BMS VFRQMFFHLUOEJHF

PNZFTTFO OBBR IFT CFHFMFJEFO VBO MFFRMJOHFO JO PQMFJEJOH JO FFO

VFRQMFFHIUJS0 QBRTTJNF FO MBTFR PQ BRCFJESTIFRBQFUTJSDIF CBSJS& 7O )''*

LWBN JL VPMMFEJH JO EF @1;&^

]3F QFRJPEF OB EF EJBHOPSF VPFMEF BMS EF IFRGST JO NJKO MFVFO^$ ZFHT

9BRJKLF$ ]3F [IFRGST\ STBBT BMS NFTBGPPR VPPR IFT VFRMJFS VBO NJKO

HFZPOEIFJE$ JEFBMFO$ ERPNFO& 3F QJKO FO VFRERJFT$ VPFMEF BMS EF WJOTFR& 4O

TPDI IFFGT NF EBT PQ FFO CFQBBMEF NBOJFR PPL VFRRJKLT& 7L IFC FRVBRFO FO

HFMFFRE$ EBT HPFE [BGSDIFJE\ OFNFO CFMBOHRJKL JS PN VFREFR TF LUOOFO& 1MS

KF CMJKGT IBOHFO JO QJKO FO VFRERJFT WFRLT IFT CMPLLFRFOE^$ MFHT 9BRJKLF UJT&

NL.? <96 CBG89?G 85G <9G A9 <9@DG CA A=>B 9B9E;=9 G9 I=FH5@=F9E9B =B ;9@8$

-9G =F CC? 99B 6EH=?65E9 A5B=9E CA 55B A=>B CA;9I=B; H=G G9 @9;;9B# <C9

=? DEC699E G9 @9I9B A9G 89 5@G=>8 55BJ9K=;9 I9EAC9=8<9=8$ .B 89 99EFG9

D@55GF 69B =? B5GHHE@=>? &' HHE D9E 85; AC989E 9B D5EGB9E# A=>B

8=9E655EFG9 69K=;<989B 9B ?CFG655E =B 89 A99FG 6E989 K=B I5B <9G JCCE8$

39E89E <96 =? D9E 85; BC; G=9B 9HEC G9 69FG989B !D9E J99? 8HF (%"$ *@F =?

Page 16: +.5.2- )* (,/MP[P]V_ eTNS _Z_ 6]‘^^PW$ XP_ YZR PWVP bPPV PPY AF%^[]PPV‘‘]o& ETUO_ _‘^^PY 6]‘^^PW PY ;]ZYTYRPY XPP^_LW [P] _]PTY0 o8LY VLY TV ]‘^_TR bP]VPYo& ALL] SPPQ_

9BRJKLF 5RBOSSFO

MF 5ICB8F 99B H=G>9 <96# 85B ?CFG A9 8=G 89 <9@:G I5B A=>B 6H8;9G$ +HF =F

<9G BCC8K5?9@=>? CA ;C98 H=G G9 KC9?9B <C9 =? 89 CI9E=;9 I=>: 9HEC ICCE 89

E9FG I5B 89 85; CD 99B KC 9::=7=SBG AC;9@=>?9 A5B=9E H=G ;5 ;9I9BLO

3PPRHBBOS CRUJST 9BRJKLF VBO EF JEFFdO FO WJM VBO BMMFS$ NBBR WPRET ZF

CFQFRLT EPPR IBBR MJKG& ;OEBOLS IBBR 9< CMJKGT 9BRJKLF PQTJNJSTJSDI FO

QPSJTJFVF LBOTFO ZPFLFO& 9BRJKLF/ ]<TPFJFO NFT TBBM VPOE JL BMTJKE BM MFUL0

JL SDIRFFG HFEJDITFO& ;Q EF CBSJSSDIPPM VBO NJKO ZPPO$ WFRLTF JL NFF BBO

EF PUEFRLRBOT& 4FO SDIRJKGWFESTRJKE$ [3F QFO BMS MPTHFOPPT\ JS EF BBOZFT

HFWFFST PN [STULKFS\ TF SDIRJKVFO& 7L IFC TWFF LFFR FFO DPMUNO

JOHFZPOEFO$ NBBR OPPJT JFTS HFWPOOFO& @FM POTEFLTF JL IPF IFMFOE IFT

VPPR NJK WFRLTF PN NJKO FRVBRJOHFO PQ TF SDIRJKVFO& 4FRST SDIRFFG JL VPPR

NFZFMG$ NBBR BM SOFM CMFFL EBT EF STULLFO PPL NJKO VRJFOEFO FO GBNJMJF

IJFMQFO JOZJDIT TF LRJKHFO JO EF DPNQMFXJTFJT VBO EF ZJFLTF^&

-GK7G?D=;D :;B;D

9BRJKLF EFFMT IBBR FRVBRJOHFO EPPR DPMUNOS TF

QMBBTSFO JO FFO MPTHFOPTFOCMBE VPPR NFOSFO NFT 9<&

?JB IFT VFRFOJHJOHSCMBE VBO EF "HFIBOEJDBQTFO#

TBGFMTFOOJSVFRFOJHJOH WBBR 9BRJKLF JO SQFFMT$ CMJKLT EBT

PPL BOEFRF NFOSFO NFT FFO JOVBMJEFRFOEF ZJFLTF$

FRLFOOJOH FO IFRLFOOJOH FRVBRFO CJK IFT MFZFO VBO EF

DPMUNOS& 9BRJKLF/ ]<PNS RFBHFFREFO NFOSFO PQ EF

DPMUNOS FO MJFTFO CMJKLFO EBT EF "I#FRLFOOJOH IFO

IJFMQ JO IUO FJHFO ZJFLTFQRPDFS&^ 9BBR IFT HRPPTSTF

DPNQMJNFOT LPNT UJT IBBR VRJFOEFOLRJOH$ WBOOFFR FFO

VRJFOE OB IFT MFZFO VBO EF DPMUNOS ZFHT/ 3JT VFRBOEFRT KF LJKL PQ IFT

MFVFO$ EJT NPFTFO NccR NFOSFO MFZFO& ;NEBT IJK DPOTBDTFO IFFGT NFT FFO

UJTHFVFR LPNT BMMFS JO FFO STRPPNVFRSOFMMJOH& 6FT WBS VRFSFMJKL SQBOOFOE

BMMFNBBM$ VPPRBM TPFO EF UJTHFVFR SFRJFUS CFMBOHSTFMMJOH IBE PN EF

CUOEFMJOH DPMUNOS UJT TF HFVFO& 9BRJKLF/ ] 7L LPO IFT CJKOB OJFT HFMPVFO$

FFO QRPGFSSJPOFFM DPOTRBDT NFT FFO UJTHFVFR$ WBUW!^

NL,E ;55G FGEH7GHE99@ 99B :@=B? 698E5; B55E 89 ;9JCB9 85;9@=>?F9 8=B;9B$

+55EB55FG AC9G =? 9E J9@ 99BF H=G ICCE 89 BCC8K5?9@=>?9 K5?9B# 8=9

6H=G9BF<H=F D@55GFI=B89B$ +9 ?CFG9B <=9EICCE K=>B 5:<5B?9@=>? I5B 89

57G=I=G9=G$ .B 89 DE5?G=>? 69B =? 89 <9@9 85; <5E8 55B <9G J9E? CA A=>B

E9?9BFCA ?@CDD9B8 G9 <CH89B$ 055E CA85G >9 BH 99BA55@ B=9G 5@@9F =B <9G

@9I9B ?HBG D@5BB9B# FG5 =? FCAF J9@ 99BF ECC8$ +5G =F CD K=7< B=9G KC 9E;#

A55E J9@ J5BB99E >9 ;99B ?E98=9G <96G KC5@F =?$ +5B AC9G =? 8HF @9B9B

I5B =9GF J5G =? B=9G <96$ +55E FG55G J99E 99B 5FGECBCA=F7< <C;9 E9BG9 CD#

8=9 =? 9=;9B@=>? B=9G ?5B 69G5@9B 9B 8HF K=G 9E B=9GF 5B89EF CD# 85B A=>B

J99?6H8;9G 55B G9 FDE9?9B$ ,9B F=GH5G=9 8=9 89 5@5EA69@@9B 8C9G E=B?9@9B$

055E CB85B?F 5@@9F ?5B =? K9;;9B 85G =? A5B5;9B 99B H=G9EA5G9 6C9=9B89

9B FD5BB9B89 H=G85;=B; I=B8# J55EA99 >9 I9E ?HBG ?CA9BLA=GF >9

@=7<55A A99J9E?G$O

7O IFT CPFL [APOOJHF SDIBEUW _ 9< JO NJKO MFVFO\ WPRET BM MFZFOE

EUJEFMJKL$ EBT EF SDIBEUW OJFT ZPOEFR EF ZPO LBO CFSTBBO& 3F DPMUNOS

CFMJDITFO VFFM GBDFTTFO VBO IFT QRPDFS EBT 9BRJKLF EPPRMJFQ$ IFT MFRFO

MFVFO NFT EF GYSJFLF CFQFRLJOHFO EJF 9< NFT ZJDI NFFCRFOHT& 6FT PNVBT

FFO SDBMB BBO HFCFURTFOJSSFO$ VBRJdRFOE VBO HRBQQJH FO POTRPFRFOE TPT

VFRERJFTJH FO DPOGRPOTFRFOE& 4O IPFWFM IFT VFRERJFT SPNS CJKOB TBSTCBBR JS$

CMJKLT 9BRJKLF JO STBBT PN IFT PQ FFO QPSJTJFVF NBOJFR TF CFMJDITFO&

:U$ FOLFMF NBBOEFO OB IFT TFLFOFO VBO IFT DPOTRBDT$ VPFMT IFT OPH

STFFES BMMFNBBM WBT POWFRLFMJKL$ IFT IFMF RPUWQRPDFS$ EF QJKO FO IFT

VFRERJFT& 3BT EFZF QFRJPEF IFFGT HFMFJE TPT FFO CPFL FRVBBRT 9BRJKLF BMS

IFFM CJKZPOEFR/ ]6FT JS FFO CFFTKF WRBOH EBT EJT CPFL FR OJFT WBS HFWFFST

ZPOEFR 9<$^ ZFHT 9BRJKLF VFFMCFTFLFOFOE$ ]NBBR IFT VFRSDIJKOFO VBO NJKO

CPFL VPFMT VPPR NJK BMS EF MFOTF!^

9BRJKLF 5RBOSSFO/ APOOJHF SDIBEUW % 9< JO NJKO MFVFO

"WWW&NBRJKLFGRBOSSFO&OM#

7<2:/ .,-%.'%+.((%.,)%,

>JTHFVFR/ 1SQFLT WWW&UJTHFVFRJKBSQFLT&OM

13M?;D @77G=7D= *$ @JD? )'(' ")#