THE DANISH SCHOOL OF EDUCATION, AARHUS...

Anders Skriver Jensen PhD Fellow, MA (Ed) [email protected]

Department of Curriculum Research The Danish School of Education Aarhus University

1

THE DANISH SCHOOL OF EDUCATION, AARHUS UNIVERSITY - THE RESEARCH UNIT OF CHILDHOOD, LEARNING AND CURRICULUM STUDIES

!

!

!

!

!

!

!

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

!

"#$%&!$&%'%()%*!#)!)+%!,-."!/!0012!34&5*!64(7&%''8!9:;:<!

!

!

!

!

!

=(*%&'!>?&@A%&!B%('%(8!"+C!D%554E8!-=!F.*G!@(!.*HI#)@4(#5!>)H*@%'!

J+%!K%'%#&I+!L(@)!4M!6+@5*+44*8!N%#&(@(7!#(*!6H&&@IH5HO!>)H*@%'!

C%$#&)O%()!4M!6H&&@IH5HO!K%'%#&I+!

J+%!C#(@'+!>I+445!4M!.*HI#)@4(8!=#&+H'!L(@A%&'@)P!

JHQ4&7A%R!;ST8!9T::!64$%(+#7%(8!C%(O#&?!

-#@5!#'R%U*$H<*?!F4&V!#'R%UO%<I4OG!

3%Q!EEE<*$H<*?W#Q4H)W#'R%!

!

!



2


#/012341!

N%#&(@(7!)4!&%#*!#(*!E&@)%!@'!#!O#))%&!4M!*%A%54$@(7!#!'%('%!4M!E+4!P4H!#&%!Q%I4O@(7!/!#!O#))%&!4M!

@*%()@)P<! J+@'! $#$%&! %X$54&%'! $4''@Q5%! I4((%I)@4('! Q%)E%%(! @(I5H'@4(! F-#*'%(8! 9::Y8! 9::Z[!

L\.>6,8!;ZZT8!9:::G!#(*!%#&5P!5@)%&#IP!H'@(7!*#)#!M&4O!)+%!.=>.!$&4R%I)!/!#!&%I%()5P!M@(@'+%*!&%/

'%#&I+!$&4R%I)!4(!%#&5P! 5@)%&#IP!#(*! )&#('@)@4(! M&4O!$&%'I+445! )4! 'I+445<! 2)! '%%?'! )4!4$%(!H$!(%E!

%)+@I#5!#(*!$%*#747@I#5!'$#I%'!M4&!&%'%#&I+@(7!#(*!)%#I+@(7!%#&5P!5@)%&#IP!E@)+@(!#!'4I@#5!$%*#747P!

M&#O%E4&?! F]&4')&^O8! 9::S[! ,.6C8! 9::;8! 9::SG<! C&#E@(7! 4(! #! '4I@4/IH5)H&#5! H(*%&')#(*@(7! 4M!

%#&5P!5@)%&#IP!F_%%8!9::;8!9::`[!a&%''8!;ZZb[!>)&%%)8!;ZZY[!L\.>6,8!9::TG8!Q&@(7@(7!@(!)+%!I4(I%$)!

4M!&%I47(@)@4(!Fc4((%)+8!9::d8!9::SG!#(*!$%&'$%I)@A%'!M&4O!)+%!C%5%He4/_H))#&@#(!I4(I%$)H#5!$#5/

%))%!FC%5%He%!f!_H#))#&@8!;Z`d8!;ZZSG8!)+%!$#$%&!#(#5P'%'!5@)%&#IP!%A%()'!F_%%8!9::`[!c%#)+8!;Z`9G!

)4! @55H')&#)%!?%P!$4@()'<!C#)#!+#'!Q%%(!I455%I)%*!H'@(7!#!IH')4O@e%*!A%&'@4(!4M! )+%!N%#&(@(7!>)4&P!

*4IHO%()#)@4(!)445!F6#&&8!9::YG<!J+%!$#$%&!#&7H%'!)+#)! @(I5H'@A%!%#&5P!I+@5*+44*!%*HI#)@4(!$&#I/

)@I%!#(*!$45@IP!(%%*'!)4!74!Q%P4(*!gQ&%#?@(7!)+%!&%#*@(7!I4*%h!#(*!)+%!H(*%&5P@(7!Q@(#&P!)+@(?@(7!

4M!#Q5%WH(#Q5%<! 2)!I4(I5H*%'!QP!'H77%')@(7! )+#)!')#?%+45*%&'! @(!%#&5P! 5@)%&#IP!OH')!&%I47(@e%!$&4/

O4)%&'! #(*! Q#&&@%&'! M4&! @(I5H'@4(! #(*! I4OO@)! )+%O'%5A%'! )4! )+%! )&#('M4&O#)@4(! 4M! %#&5P! 5@)%&#IP!

$&#I)@I%!)+&4H7+!#!(%E!#7%(*#!)+#)!%O$+#'@e%'!O%#(@(7!O#?@(78!&%I47(@)@4(!#(*!'4I@#5!I+#(7%<!

!

!

567892:0!

2(I5H'@4(8!%#&5P!5@)%&#IP8!'4I@#5!$%*#747P!#$$&4#I+8!&%I47(@)@4(8!5%#&(@(7!')4&@%'!

!

!

!



3


';129:<41=9;!

!

D4&!&%#*@(7!#!)%X)!@'!(%A%&!#!'I+45#&5P!%X%&I@'%!<!<!<!K#)+%&!@)!

@'!#!$&4*HI)@A%!H'%!4M!)+%!5@)%&#&P!O#I+@(%8!#!O4()#7%!4M!*%/

'@&@(7/O#I+@(%'8! #! 'I+@e4@*! %X%&I@'%! )+#)! %X)&#I)'! M&4O! )+%!

)%X)! @)'! &%A45H)@4(#&P! M4&I%! FC%5%He%! f! _H#))#&@8! ;Z`d8! $<!

;;SG!

!

c4E!OH')! E%! )+%4&@e%! #(*! $&#I)@I%! @(! 4&*%&! )4! &%'@')! I#5IH5#)@A%! )+4H7+)! #(*! @(')&HO%()#5! #$/

$&4#I+%'!)4!%#&5P!I+@5*+44*!%*HI#)@4(!#(*!I#&%i!

!

2(!)+@'!$#$%&!2!#(#5Pe%!*#)#!M&4O!)+&%%!'4H&I%'<!D@&')8!2!544?!@()4!IH&&%()!C#(@'+!$45@IP8!#'!@)!@'!*%/

M@(%*! @(! )+%! M&%'+5P!$HQ5@'+%*!74A%&(O%()!')&#)%7P!4M!9:;:!FJ+%!C#(@'+!_4A%&(O%()8!9:;:G<! 2)! @'!

I5%#&! )+#)!%#&5P! 5@)%&#IP! )%#I+@(7!#(*!&%'%#&I+! M#I%!I%&)#@(!I+#55%(7%'!Q4&(! M&4O!#!'@O$5%!A@%E!4M!

&%#*@(7!@('I&@Q%*!@(!#(!#II4H()#Q@5@)P!&#)@4(#5%!4M!')#(*#&*'!#(*!)%')@(7<!>%I4(*8!2!*&#E!4(!O#)%&@#5!

M&4O! )+%! .=>./$&4R%I)8! #! &%I%()5P! M@(@'+%*! &%'%#&I+! $&4R%I)! 4(! %#&5P! 5@)%&#IP! #(*! )&#('@)@4(! M&4O!

$&%'I+445! )4! 'I+445<!J+@'!O#)%&@#5! @'! #!O4*@M@%*!A%&'@4(!4M!-#&7#&%)!6#&&h'! F9::YG! 5%#&(@(7! ')4&P!

#$$&4#I+!j!#!'4/I#55%*!.#&5P!N@)%&#IP!>)4&P!j!@(!E+@I+!J+4O#'8!#!Q4P!@(!?@(*%&7#&)%(8!'HII%''MH55P!

$%&M4&O'!#'!#!&%#*%&8!%A%(!)+4H7+!+%!M#@5'!@(!)%&O'!4M!5%))%&!*%I4*@(7<!J+@'!@'!@(I5H*%*!)4!%X%O$5@MP!

E+#)!I#(!Q%!7#@(%*!QP!#$$&4#I+@(7!#(!%#&5P!5@)%&#IP!%A%()!M&4O!#!'4I@4/IH5)H&#5!$4'@)@4(<!D@(#55P8!2!

*@'IH''!%XI%&$)'! M&4O!#!$#$%&!4(!%#&5P! 5@)%&#IP!#(*! @(I5H'@4(8! @(!4&*%&! )4!%X$#(*! )+%!%X@')@(7! &%/

'%#&I+<! 2! '+#55!#&7H%! M4&!#!I4(I%$)!4M!*@A%&'@)P!Q%P4(*!%)+(@I@)P8!#(*! 2!E@55!H'%! )+@'!I4(I%$)! )4!&%/

)+@(?!@(I5H'@4(!#(*!%#&5P!5@)%&#IP!#'!@()%&)E@(%*!$&4I%''%'!4M!$&4*HI)@4(!4M!O%#(@(7<!

!

(>6!;66:!?92!;68!61>=43@!3;:!A6:3B9B=43@!0A3460!

J+%!C#(@'+!_4A%&(O%()!&%I%()5P!F9:;:G!$HQ5@'+%*!#!7%(%&#5!$45@)@I#5!')&#)%7P!#@O%*!#)!4A%&I4O@(7!

)+%! M@(#(I@#5! I&@'@'8! #(*!#)!*%A%54$@(7!C%(O#&?!#'!#!(#)@4(!E@)+! '$%I@#5! &%7#&*'! )4! )+%! )+%O%'!4M!

?(4E5%*7%8!%I4(4O@I!7&4E)+8!$&4'$%&@)P!#(*!E%5M#&%<!

!

J+@'!$45@)@I#5! ')&#)%7P! @'!Q#'%*!4(!;:! g#@O'! M4&!C%(O#&?h! )4!Q%! &%#I+%*!QP! )+%!P%#&!9:9:<!,(%!4M!

)+%'%!#@O'!I4(I%&('!)+%!%XI%55%(I%!4M!C#(@'+!$H$@5'8!')#)@(7!)+#)!)+%P!'+4H5*!Q%!#O4(7!)+%!Q%')!@(!

)+%!E4&5*<!-4&%!$&%I@'%5P8!C%(O#&?!'+4H5*!Q%!@(!)+%!)4$!M@A%!@(!)+%!"2>=!Q%(I+O#&?'[!"&47&#OO%!

M4&!2()%&(#)@4(#5!>)H*%()!=''%''O%()<!J+%!')&#)%7P!&%5@%'!4(!#!'$4&)'!#(#547P!)4!%X$5#@(!E+#)!@'!%X/

$%I)%*!4M!)+%!$H$@5'V!RH')!#'!)+%!'$4&)'O#(WE4O#(!$&#I)@I%'!+#&*!)4!%XI%58!'4!OH')!)+%!$H$@5'!$&#I/

)@I%!)4!&%#I+!)4$!&#(?@(7'!@(!"2>=<!



4


!

]P!M4&OH5#)@(7!)+@'!#@O!J+%!C#(@'+!_4A%&(O%()!I4(')&HI)'!#!I%&)#@(!$4'@)@4(!4(!%#&5P!5@)%&#IP!#(*!

@(I5H'@4(<!J+@'!$4'@)@4(!O@&&4&'!I4()%O$4&#&P!$45@IP!4(!%#&5P!I+@5*+44*!%*HI#)@4(8! @(!O#(P!4)+%&!

I4H()&@%'!$#&)@IH5#&5P!@(!.H&4$%!#(*!@(!)+%!L>=<!

!

64('@*%&! )+%! M4554E@(7!%XI%&$)! M&4O!)+%!$45@)@I#5!')&#)%7P8!E+@I+!I4(I%&('!%#&5P! 5@)%&#IP!)%#I+@(78!

#(*!E+@I+8!#)!)+%!'#O%!)@O%8! @'!)+%!4(5P!$#&#7&#$+!@(!)+%!$H$@5/&%5#)%*!#@O!E@)+!#(!%X$5@I@)!&%M%&/

%(I%!)4!g)+%!F'I+445/G!I5#''h<!

!

J+%!_4A%&(O%()!E#()'!)4!$&@4&@)@e%!&%#*@(7!@(!)+%!54E%&!

7&#*%'<!,)+%&!MH(*#O%()#5!'?@55'!OH')!5@?%E@'%!Q%!@(!$5#I%!

#)!#(!%#&5P!')#7%V!,&#5@)P8!5@)%&#IP8!#(*!Q#'@I!I4O$%)%(I@%'!

@(!O#)+%O#)@I'8! 'I@%(I%! #(*! M4&%@7(! 5#(7H#7%'<! J+@'!E@55!

O%#(!#!')&4(7!M4IH'!4(!5%#A@(7!(4!I+@5*!Q%+@(*8!@(I5H*@(7!

)+4'%!I+@5*&%(!)+#)!+#A%!*@MM@IH5)@%'!@(!5%#&(@(7!)4!&%#*!<!<!<!

J+%! 'I+445'!E@55! Q%! M&%%&<! 2(! &%)H&(! )+%P!E@55! Q%! ?%$)! 4(!

$&4A@*@(7!744*!&%'H5)'!FJ+%!C#(@'+!_4A%&(O%()8!9:;:8!$<!

;`8!)&#('5#)%*!QP!)+%!#H)+4&G<!

!

>%A%&#5!#'$%I)'!4M! )+@'!%XI%&$)!#&%!4M!$#&)@IH5#&! @O$4&)#(I%<!D@&')! @'! )+%!A@%E!4(!&%#*@(7<!3+@5%! @)!

')#)%'! )+#)! 'I+445'!OH')! $&@4&@)@e%! &%#*@(7! @(! )+%! 54E%&! 7&#*%'8! )+%!C#(@'+! 74A%&(O%()! 'H77%')'!

)+#)!(4)!4(5P!@'!&%#*@(7!#!*@'I&%)%!'?@55!)4!Q%!O#')%&%*!F$H)!k@(!$5#I%lG8!QH)!@)!@'!4(%!4M!'%A%&#5!@(!#!

I#)%74&P! 4M! kMH(*#O%()#5! '?@55'l! #(*! kQ#'@I! I4O$%)%(I@%'l! Fc44A%&! f! _4H7+8! ;ZZ:[! 3%')E44*8!

9::ZG<!>%I4(*8!)+%!C#(@'+!74A%&(O%()!*4%'!(4)!4(5P!&%A%#5!+4E!@)!*%M@(%'!4&#5@)P!#(*!5@)%&#IP8!QH)!

#5'48!QP!5@(?@(7!)+%!)%#I+@(7!4M!)+%'%!Q#'@I'!)4!)+%!I4(I%&(!M4&!k5%#A@(7!(4!I+@5*!Q%+@(*l8!O4A%!*4E(!

#!$#)+!E+%&%!)+%!$H$@5'!M#55!@(!)E4!I#)%74&@%'[!)+4'%!E+4!+#A%!#ImH@&%*!)+%!Q#'@I!'?@55'8!#(*!)+4'%!

E%!O@7+)!I#55!!"#$%&'()##*!($+%'*,#)!E+4!+#A%!k*@MM@IH5)@%'!@(!5%#&(@(7!)4!&%#*l!F@<%<!@(!#ImH@&@(7!)+%!

Q#'@I!'?@55'G<!D@(#55P8!)+%!@O#7%!4M!)+%!I5#''!#'!#!O4A@(7!%()@)P!P4H!+#A%!)4!?%%$!H$!E@)+!*%)%&O@(%!

+4E!E%!I#(!)#5?!#Q4H)!@(I5H'@4(!@(!&%5#)@4(!)4!%#&5P!5@)%&#IP<!3%!(%%*!)4!#'?!+4E!)+@'!M&#O%'!@(I5H/

'@4(!#'!#! )%I+(@I#5!O#))%&!4M! )+%! )%#I+%&!%('H&@(7! )+#)! %A%&PQ4*P! @(! )+%! I5#''!O%%)'! )+%! &%mH@&%/

O%()'!4M!#!(4&O!F#!&%#*@(7!'?@55! 5%A%5!*%%O%*!'HMM@I@%()!M4&!#!7@A%(!#7%!j!*%A%54$O%()#55P!#$$&4/

$&@#)%G! E@)+4H)! &%5%7#)@(7! $H$@5'! )4! $4)%()@#55P! ')@7O#)@e@(7! I4O$%('#)4&P! %*HI#)@4(! F]%&(')%@(8!

;Zb9[!-#*'%(8! 9::Y8! 9::Z[! >n(*%&7##&*8! %)! #5<8! 9::YG<!3+@5%! )+@'! @'! 'H&%5P! '#)@'MP@(7! )+%! #@O! 4M!

?%%$@(7!'I+445'!M4IH'%*!4(!k$&4A@*@(7!744*!&%'H5)'l8!)+@'!k@(I5H'@4(!#'!%MM%I)@A%!#(*!*@MM%&%()@#)%*!

)%#I+@(7l!O#'?'!)+%!%)+@I#5!#'!)+%!)%I+(@I#5<!2!E@55!7%)!Q#I?!)4!)+@'<!



5


!

2! #O!$4@()@(7! )4! )+%!%)+@I#5! #(*!'4I@#5! I4('%mH%(I%'!4M! I4(I%@A@(7!4M! )%#I+@(7!#'! )&#('O@''@4(!4M!

'?@55'8!#(*!4M!@()&4*HI@(7!')#(*#&*'!)+#)!'I+445'8!)%#I+%&'!#(*!$H$@5'!I4O$%)%!)4!%XI%5!@(!F=O&%@(!f!

]%&5@(%&8!9::d[!c#)I+8!9::9[!\@I+45'!f!]%&5@(%&8!9::b[!\4**@(7'8!9::b[!\4&*%(Q48!9::ZG<!!

!

K%#*@(7!#(*!E&@)@(7!*4!@(*%%*!I4()#@(!I47(@)@A%!'?@55'<!2)!'%%O'!O4')!M&H@)MH5!)4!+#&A%')!)+%!@('@7+)'!

M&4O!)+%!I47(@)@A%!#$$&4#I+%'!)4!&%#*@(7!F.5Q&48!9::S[!_4H7+!f!JH(O%&8!;Z`S[!c44A%&!f!_4H7+8!

;ZZ:[! \#)@4(#5! K%#*@(7! "#(%58! 9::Z[! >n(*%&7##&*8! %)! #5<8! 9::YG8! E+%&%! M4IH'! @'! 4(! 7&#$+%O%/

$+4(%O%! F5%))%&W'4H(*G! *%I4*@(7! #(*! 5%X@I#5! I4O$&%+%('@4(<! ]H)! 4(%!OH')! (%A%&! ')4$! +%&%8! #'!

%#&5P!5@)%&#IP!'+4H5*!#5'4!Q%!H(*%&')44*!@(!O4&%!'4I@4/IH5)H&#5!#(*!$#&)@I@$#)4&P!)%&O'!%O$+#'@e/

@(7! )+%! I+@5*! #'! #! O#?%&! 4M! O%#(@(7! @(! *@A%&'%! '4I@#5! I4()%X)'! F_%%8! 9::;8! 9::d8! 9::T8! 9::`[!

"%&&%7##&*8!9::9[!>)&%%)8!;ZZY[!1P74)'?P8!;ZS9G8!#)!5%#')!@M!E%!E#()!)4!&%'@')!@(')&HO%()#5!)+@(?@(7<!

!

J+@'!*4%'!(4)!O%#(!)+#)!#!I47(@)@A%!#$$&4#I+!)4!%#&5P!5@)%&#IP!@'!@(M%&@4&8!(4&!*4%'!)+%!'4I@4/IH5)H&#5!

#$$&4#I+! )+#)! 2! #&7H%! M4&! +%&%! O%#(! 54E%&@(7! )+%! Q#&! E@)+! &%7#&*'! )4! k+#&*I4&%l! I47(@/

)@A%W#I#*%O@I! %X$%I)#)@4('<! K#)+%&! @)!O%#('! )+#)! E%! (%%*! )4! 4$%(! %#&5P! 5@)%&#IP! )%#I+@(7! j! #(*!

%#&5P!I+@5*+44*!%*HI#)@4(!#'!#!E+45%!j!*@&%I)5P!)4!*@'IH''@4('!4M!@(I5H'@4(8!%)+@I'!#(*!%*HI#)@4(!M4&!

*%O4I&#IP! F]&4')&^O8! 9::SQG<! 2! E@55! M4554E! a&%''! @(! $4@()@(7! )4! )+%! %)+@I'! #(*! @*%()@)P/&%5#)%*!

mH%')@4(!4M!-+&.(/%)*!4M!&%#*%&!#(*!E&@)%&!E%!E#()8!E+%(!E%!*@'IH''!)+%4&@%'!#(*!$&#I)@I%'!@(!&%5#/

)@4(!)4!%#&5P!5@)%&#IP!Fa&%''8!;ZZb8!$<!TbG<!oH%')@4('!4M!%#&5P!5@)%&#IP!IH&&@IH5HO!#(*!)%#I+@(7!$&#I/

)@I%!'+4H5*! M@&')!#(*! M4&%O4')!Q%!I4('@*%&%*!%)+@I#5!mH%')@4('<!]P!Q&@(7@(7! @*%()@)P!#(*!%)+@I'!*@/

&%I)5P!@()4!)+%!%mH#)@4(!4M!%#&5P!5@)%&#IP!E%!*@&%I)5P!#**&%''!@''H%'!4M!@(/!#(*!%XI5H'@4(8!#(*!#554E'!

H'!)4!E4&?!E@)+!@''H%'!4M!*@A%&'@)P!E@)+4H)!&%5%7#)@(7!)+%'%!)4!)+%!Q#I?7&4H(*8!#'!@)!4M)%(!+#$$%('!

4(I%!#!'?@55'/#(*/)%')@(7!&%7@O%!)#?%'!)+%!M&4()!'%#)8!Q%I#H'%!)+%!'I+4458!)+%!)%#I+%&'!#(*!)+%!$H$@5'!

')&@A%!)4!k$&4A@*%!744*!&%'H5)'l!F=O&%@(!f!]%&5@(%&8!9::d[!c#)I+8!9::9[!\@I+45'!f!]%&5@(%&8!9::b[!

\4**@(7'8!9::b[!\4&*%(Q48!9::ZG<!3%!(%%*!#!I4(I%$)!4M!@(I5H'@4(!)+#)!&%#I+%'!Q%P4(*!k#Q'%(I%!4M!

'$%I@#5!(%%*'!4&!I4O$%('#)4&P!%*HI#)@4(l<!3%!(%%*!)4!H(*%&')#(*!@(I5H'@4(!@(!)%&O'!4M!*@A%&'@)P8!

#(*!E%!(%%*! )4!Q#'%!4H&!H(*%&')#(*@(7!4M! %#&5P! 5@)%&#IP!4(! )+@'!*@A%&'@)Pp!J+@'! @'! %'$%I@#55P! )&H%!

E@)+@(! )+%! '4I@#5! $%*#747P! #$$&4#I+! )+#)! %O$+#'@e%! '4I@#5! I4O$%)%(I@%'! #(*! #55/&4H(*!*%A%54$/

O%()8!@(!E+@I+!.6.6!F.#&5P!6+@5*+44*!.*HI#)@4(!#(*!6#&%G!4M!\4&*@I!I4H()&@%'!#&%!)&#*@)@4(#55P!@(/

'I&@Q%*!F]&4')&^O8!9::S#[!.@(#&'*4))@&!f!3#7(%&8!9::S[!,.6C8!9::;8!9::SG<!

!

J+@'!#(#5P'@'! @'!#@O%*!)4! @(')@55!#!7%(%&#5!#E#&%(%''!4M!+4E!I4()%O$4&#&P!$45@IP!F$&4*HI%*!M&4O!

E@)+@(!)+%!$&4R%I)!4M!(%4/5@Q%&#5@'O!@(!#!754Q#5@e%*!%I4(4OPG!&%$4'@)@4('!O#))%&'!4M!%)+@I'!#(*!IH&/

&@IH5HO!)+%4&P!)4!M@)!E@)+@(!#!)%I+(@I#5!*4O#@(!FC#+5Q%&7!f!-4''8!9::Y[!c@558!9::Z[!K+%**@(7/B4(%'8!



6


9::bG<! J+@'! $45@IP! @O$&4A%'! )+%! %*HI#)@4(#5! 'P')%Oh'! $%&M4&O#(I%! @(! @()%&(#)@4(#5! Q%(I+O#&?'!

'HI+!#'!I4O$#&#)@A%!&%#*@(7!#(*!E&@)@(7!)%')'<!]H)!)+%'%!@O$&4A%O%()'!*4!@(!)H&(!'@5%(I%!@O$4&/

)#()!mH%')@4('!4M!+4E!E%!O@7+)!4)+%&E@'%!I4(I%@A%!4M!%#&5P!5@)%&#IP!)%#I+@(7!@(!$#&)@I@$#)4&P8!@(I5H/

'@A%!E#P'<!3#P'!)+#)!*4!(4)!(%I%''#&@5P!5%#*!)4!+@7+!mH#5@)P!)%#I+@(7!#'!#!$&#I)@I%!4M!%MM%I)@A%!'?@55'!

)&#('O@''@4(8!Q#'@I!'?@55'!Q%@(7!M4554E%*!QP!')@55!O4&%!#*A#(I%*!'?@55'8!QH)!O@7+)!5%#*!)4!)+%!&%)+@(?/

@(7!4M! *#P! I#&%! '%&A@I%'! #(*! 'I+445'! #'! '@)%'! 4M! *%O4I&#)@I! *%5@Q%&#)@4(! F]&4')&^O8!9::SQ8! 9::Z[!

C#+5Q%&7!f!-4''8!9::Y[!C#+5Q%&78!-4''8!f!"%(I%8!9::b[!_@&4HX8!9::;[!,5''4(8!9::ZG<!

!

$60=013;46!

D4554E@(7! D4HI#H5)! F9:::G8!E%! +#A%! )4! &%I47(@e%! )+%! @O$4&)#(I%! 4M! )+%!E4&*@(7'! 4M! 'HI+! $45@IP!

)%X)'8!Q%I#H'%!)+%P!$&4*HI%!'P')%O'!4M!)&H)+'!#(*!*@'I4H&'%'8!@<%<!4H&!H(*%&')#(*@(7!4M!E+#)!@'!$4'/

'@Q5%!#(*!*%'@&#Q5%!E@)+@(!)+%!*4O#@(!4M!%#&5P!5@)%&#IP!#(*!%#&5P!I+@5*+44*!%*HI#)@4(!#'!#!E+45%<!J4!

Q%!#E#&%!4M!+4E!$45@IP!I4(')&HI)'!%#&5P!5@)%&#IP!#(*!@(I5H'@4(8!Q4)+!#'!)+%4&%)@I#5!I4(I%$)'!#(*!#'!

$%*#747@I!$&#I)@I%'8!@'!#!M@&')!')%$!)4E#&*'!#!I&@)@I#5!')#(I%<!K%'@')#(I%!#(*!I&@)@I#5!)+@(?@(78!#)!5%#')!

4M!)+%!$&4*HI)@A%!?@(*!)+#)!$4@()'!)4!#5)%&(#)@A%'8!&%mH@&%'!#!'%('@)@A@)P!&%7#&*@(7!@()%()@4('8!5@O@)#/

)@4('!#(*!$#))%&('!4M!)+%!*@'I4H&'%'!)+#)!#&%!I&@)@I@e%*<!2M!P4H!*4!(4)!5@?%!#!$#&)@IH5#&!*@'I4H&'%8!P4H!

OH')! I4(')&HI)! #(! #5)%&(#)@A%! )4! )+#)! *@'I4H&'%! FK+%**@(7/B4(%'8! 9::bG<! 2)! @'! (4)! RH')! #! 7#O%! 4M!

E4&*'V!+4E!E%!)+@(?!#(*!#I)!#&%!M4&O%*!QP!)+%!*@'I4H&'%'!)+#)!'H&&4H(*!#(*!74A%&(!H'<!

!

J+%!7&4E@(7!%X$%I)#)@4('!)4E#&*'!I+@5*&%(h'!&%#*@(7!'?@55'!&%$4'@)@4(!A@)#5!I4(I%$)'!@(!)+%!M@%5*!4M!

C#(@'+! %#&5P! I+@5*+44*! %*HI#)@4(<! "45@IP! I4(')&HI)! mH%')@4('! #'! kE+#)! )%#I+@(7! O%)+4*'! E4&?'!

Q%')il!#(*!k+4E!I#(!)+%!)%#I+%&!'%IH&%!#!M@&O!#(*!')#(*#&*@e%*!)&#('M%&!4M!MH(*#O%()#5!'?@55'8!@(/

I5H*@(7! &%#*@(7il! J+%'%! mH%')@4('! O@7+)! Q%! &%5%A#()8! QH)! '+4H5*! (%A%&! I&4E*! 4H)! )+%! g&@I+! #(*!

O%#(@(7/O#?@(7!I+@5*!#'!#!I%()&#5!I#)%74&P<!2(!4)+%&!E4&*'V!J+%!)&#('@)@4(!&%7@O%!%#'@5P!$&4*HI%'!

)+%!kI+@5*!#'!#!$&%/&%#*%&l!@(!(%%*!4M!Q#'@I!'?@55'!F)+#)!#&%!)#H7+)!QPW)&#('M%&&%*!M&4O!)+%!?(4E@(7!

)%#I+%&!)4! )+%!(%%*P!I+@5*G<!J+@'! @'!4(%!I5%#&! @(*@I#)@4(!4M!#!$&4I%''!)+#)!4QR%I)@M@%'!#(*!&%5%7#)%'!

)+%!I+@5*!)4!#!'$%I@M@I8!#*H5)/*%M@(%*8!')@7O#)@e@(78!*%$%(*%()!I#)%74&P!Fk+%!@'!#!$&%/&%#*%&lG<!,J+%!

#5)%&(#)@A%! @'! #(! #$$&4#I+! )+#)! ')&@A%'! )4! *4IHO%()!E+#)! )+%! I+@5*! #I)H#55P! )+@(?'! #(*! *4%'! @(! #!

Q&4#*!&#(7%!4M!I4OOH(@I#)@A%!I4()%X)'!F+%(I%!)+%!)%&O!g&@I+hG8!E@)+!)+%!@()%()!4M!%')#Q5@'+@(7!*@#/

547H%!#(*!%X$%&@O%()#)@4(!E@)+@(!)+%!7&4H$!4M!I+@5*&%(!#(*!)%#I+%&'!F]&H(%&8!9::Y[!C#+5Q%&78!%)!

#5<8!9::b[!N%(e/J#7HI+@8!9:;:[!,5''4(8!9::Z[!K@(#5*@8!9::SG<!-P!&%'%#&I+!5@%'! @(!)+@'!'4I@4/IH5)H&#5!

*@'I4H&'%!4M!O%#(@(7/O#?@(78!#(*!2!E4H5*!#&7H%!)+#)!E%!'+4H5*!I4(I%@A%!4M!)%#I+@(7!#'!#(!%5%O%()!

E@)+@(!)+%'%!+45@')@I!$&#I)@I%'8!E+@I+!#5'4!@(I5H*%'!'HI+!I4(I%$)'!#'!&%I47(@)@4(8!I#&%!#(*!H$Q&@(7/

@(78! %O$+#'@e@(7! $#&)@I@$#)@4(8! *%O4I&#IP! #(*! )+%! #55/&4H(*! *%A%54$O%()! #(*!E%55! Q%@(7! 4M! )+%!

I+@5*!F]&4')&^O8!9::S#8!9::SQ8!9::Z[!\4**@(7'8!;ZZ9[!,.6C8!9::;8!9::SG<!



7


!

2!#'?V!kc4E!I#(!E%!*4IHO%()!#(*!'H$$4&)!)+%!I+@5*h'!4&!)+%!7&4H$!4M!I+@5*&%(h'8!H'%!4M!I4OOH(@I#/

)@A%!I4O$%)%(I@%'!@(!#!E#P!)+#)!&%I47(@e%'!)+%!#I)H#5!&%'4H&I%'!#(*!I4(')&HI)@4('!4M!O%#(@(7!@(!#!

7@A%(!I4()%X)8!#(*!)+%!'#O%!)@O%!@('$@&%!)%#I+%&'!)4!%(7#7%!@(!#I)@A@)@%'!)+#)! MH&)+%&! @('$@&%'!#(*!

QH@5*'!4(!E+#)!)+%!I+@5*WI+@5*&%(!4&@7@(#55P!I4()&@QH)%*il!

!

J4!#**&%''!)+@'8!E%!)H&(!)4!.#&5P!N@)%&#IP!>)4&@%'8!E+@I+!@'!#!O%)+4*!4M!*4IHO%()#)@4(!*%&@A%*!M&4O!

)+%!$&4Q5%O!O%()@4(%*!#Q4A%<!.#&5P!N@)%&#IP!>)4&@%'!#&%!#@O%*!)4!#A4@*!&%$&4*HI@(7!)+%!$&4Q5%O'!

4M!)+%!mH#5@)P!*@'I4H&'%!FC#+5Q%&78!%)!#5<8!9::bG<!2(')%#*!)+%P!I4(')&HI)!#(*!7&#$$5%!E@)+!#!*@MM%&%()!

'%)! 4M! $&4Q5%O'8! (#O%5P! )+4'%! 4M! )+%! $4''@Q5%! I4((%I)@4('! Q%)E%%(! %#&5P! 5@)%&#IP! #(*! (4)@4('! 4M!

&%I47(@)@4(8!@(I5H'@4(!#(*!@*%()@)P<!

!

J+%!M4554E@(7!@'!#(!%X#O$5%!4M!#(!%#&5P!5@)%&#IP!')4&P<!D4554E@(7!)+#)!@'!#!*@'IH''@4(!4M!)+%!')4&P!@(!

&%5#)@4(! )4! )+%!I+@5*!#'!#!O#?%&!4M!O%#(@(78!#(*!+4E!%#&5P! 5@)%&#IP!I4((%I)'!E@)+!I4(')&HI)@4(!4M!

@*%()@)P!#(*!@''H%'!4M!@(I5H'@4(<!

!

C(>9D30!=0!3!263:62EF!#;!632@7!@=162347!01927!?29D!@=?6!=;!G=;:62B3216;!

J+@'! ')4&P! @'! 4(%! 4M! '%A%&#5! I455%I)%*! 4A%&! #! '%O%')%&! 4M! 4Q'%&A#)@4('! @(! *#P! I#&%! I%()&%'! #(*!

?@(*%&7#&)%('<!=54(7!E@)+!&%'%#&I+%&'!>)@7!]&4')&^O!#(*!,5%!c%(&@?!c#('%(!4M!)+%!K%'%#&I+!L(@)!4M!

6+@5*+44*8!N%#&(@(7!#(*!6H&&@IH5HO!>)H*@%'8!2!A@'@)%*!)+%!'@)%'!@(!)+%!'$&@(7!4M!9::Z8!E@)+!)+%!@()%()!

)4!gI#$)H&%h!#55!?@(*'!4M!%#&5P!5@)%&#IP!%A%()'<!

!

=(!%#&5P!5@)%&#IP!%A%()!@'!#!I4O$5%X!$+%(4O%(4(8!E+%&%!O#))%&'!4M!I47(@)@A%!'?@55'!#&%!@()%&)E@(%*!

E@)+!O%#(@(7!O#?@(7!#(*!@*%()@)P!F_%%8!9::;8!9::`[!c%#)+8!;Z`98!;Z`dG<!=5'4!&%I47(@)@4(!#(*!@(/

I5H'@4(!#&%!&%5%A#()!#(#5P)@I#5!I4(I%$)'<!J+%!M4554E@(7!%XI%&$)!@'!M&4O!#(!%#&5P!5@)%&#IP!')4&P!)@)5%*!

kJ+%!>)4&P!4M!#!J+@%Ml8!E+@I+!E#'!I455%I)%*!@(!#(!H&Q#(!?@(*%&7#&)%(!F?@(*%&7#&)%(!@'!)+%!M@&')!P%#&!

4M!$HQ5@I!'I+445!@(!C%(O#&?G<!

!

2)! @'! 5H(I+)@O%8! #(*! )+%! I+@5*&%(! #&%! '%#)%*! E+@5%! %#)@(7<!

J+4O#'!+#'!#5&%#*P!M@(@'+%*!+@'!O%#58!#(*!+%!E#()'!)4!&%#*!

#! ')4&P! #54H*! )4! +@'! I5#''O#)%'<! J+4O#'! $@I?'! H$! #! Q44?!

M&4O! )+%! kQ44?! Q#'?%)l<! J+%! Q44?! I4()#@('! $@I)H&%'! #(*!

'@O$5%! )%X)8! #(*! @)h'! #! ')4&P! +%! ?(4E'! #5&%#*P<! 2)h'! %#'P! )4!

'%%! )+%!%XI@)%O%()! @(!J+4O#'h! M#I%V!c%! @'! 544?@(7! M4&E#&*!

)4!'+#&%!)+%!#I)@4(/$#I?%*!)#5%!4M!J+%!J+@%Mp!



8


!

J+4O#'! ')#&)'! )4! &%#*! #54H*8! QH)! 'H**%(5P! +%! Q%I4O%'!

#E#&%!4M!)+%!#H*@%(I%!F+@'!I5#''O#)%'G8!E+4!+#A%!#55!)H&(%*!

)4E#&*'! +@O! 4(! )+%@&! I+#@&'! E+@5%! mH@%)5P! OH(I+@(7! 4(!

)+%@&! 5H(I+%'<! J+@'! 'H**%(! #E#&%(%''! 4M! )+%! #H*@%(I%!

I5%#&5P!O#?%'!J+4O#'!(%&A4H'8!#(*!+%h'!+#A@(7!)&4HQ5%!M4/

IH'@(7!4(!*%I4*@(7!)+%!)%X)<!]H)!+%!E4(h)!7@A%!H$<!J+4O#'!

k&%#*'l! )+%! &%')! 4M! )+%! ')4&P! H'@(7! +@'! $&@4&! ?(4E5%*7%! 4M!

)+%! ')4&P8! +@'! @O#7@(#)@4(! #(*! )+%! $@I)H&%'! 4(! )+%! $#7%'!

FE+@I+!+%!M&4O!)@O%!)4!)@O%!$#H'%'!)4!'+4E!H(*%&E#PG<!

!

2(! )+%!%(*8! @)! )H&('!4H)! )4!Q%!#!&%#55P!%XI@)@(7!')4&P8!E+%&%!

J+4O#'8! 4(! )+%! '$4)8! (#&&#)%'! )+%! g)&HI?h8! )+%! g544)h8! )+%!

g+4H'%!@(!(%%*!4M!M@X@(7h!#(*!4)+%&!%5%O%()'!4M!)+%!')4&P!@(!#!

&#)+%&!(%E!E#P<!c@'! I5#''O#)%'!+#A%! 5#H7+%*! #(*!(4**%*!

#)!?%P!$4@()'!*H&@(7!)+%!')4&P8!#(*!)+%P!#$$5#H*!#)!)+%!%(*<!

!

D@&')!$4@()!)4!(4)%!@'!)+%!%(*!4M!)+%!'%I4(*!$#&#7&#$+8!E+%&%!J+4O#'!O#(#7%*!)4!I4()@(H%!&%#*@(7!

%A%(!)+4H7+!+%!@'!k+#A@(7!)&4HQ5%!M4IH'@(7!4(!*%I4*@(7!)+%!)%X)l<!3+#)!+#$$%('!@'!J+4O#'!%X$#(*/

@(7!)+%!'I4$%!4M! )+%!IH5)H&#5!&%'4H&I%'!+%! @'!*&#E@(7!4(! @(!)+%!#))%O$)!)4!(#&&#)%!)+%!')4&P<!c%! @'!

Q&@(7@(7! @(!O4&%! IH5)H&#5! &#E!O#)%&@#5! )4!O#?%!O%#(@(7! M&4OWE@)+! FD4X8! 9::dG<! 2(! '+@M)@(7! Q%/

)E%%(! *%I4*@(7! #(*! '@O$5%8! 5%X@I#5! I4O$&%+%('@4(8! $&@4&! ?(4E5%*7%8! @O#7@(#)@4(8! #(*! $@I)H&%'8!

J+4O#'!@'!#I)H#55P!&%#I+@(7!#!5%A%5!4M!*%%$%&!I4O$&%+%('@4(!F_%%8!9::TG8!E+%&%!+%!@'!I4OM4&)#Q5%!

&%#&&#(7@(7!F)+H'!&$.%)0(1)G!)+%!4)+%&E@'%!$&%'%)!%5%O%()'!#II4&*@(7!)4!+@'!4E(!*%'@&%'<!

!

>%I4(*8!QP!I+#(7@(7!+@'!&%#*@(7!')&#)%7P8!J+4O#'!O#(#7%'!)4!')#P!@(!I4()&45!4M!)+%!5@)%&#IP!%A%()<!

J+@'! @'!#Q4H)!J+4O#'!'HII%%*@(7!#'!#!&%#*%&!j!(4)! @(!I47(@)@A%8! )%I+(@I#5! )%&O'!j!QH)! @(! )%&O'!4M!

@*%()@)P<!2(!M#I)!J+4O#'h!I5#''O#)%'!5%#&(%*!)4!'%%!+@O!#'!4(%!4M!)+4'%!kE+4!&%#*!#54H*!M&4O!)+4'%!

Q44?'!@(!)+%!Q44?!Q#'?%)l8!@(!)+%!'$%I@#5!'I+445!?@(*!4M!E#P!F')#(*@(7!H$!E+@5%!&%#*@(78!$#H'%!H(/

*%&E#P!)4!'+4E!$@I)H&%'!)4!I5#''O#)%'!%)I<G!F_%%8!9::`G<!J+@'!*@')@(I)@4(!Q%)E%%(!'HII%''!@(!)%&O'!

4M!'?@55'!#(*!@(!)%&O'!4M!@*%()@)P!#554E!H'!#'!&%'%#&I+%&'8!)%#I+%&'8!#(*!$%%&'!)4!&%5#)%!)4!J+4O#'!%)(

&*2&)$#!4M!+@'!#I)H#5!I47(@)@A%!*%A%54$O%()8!#(*!)4!'H$$4&)!#!5%#&(@(7!%(A@&4(O%()!4M!%X$%&@O%(/

)#)@4(!#(*!$5#P! Fk$5#P@(7!#! &%#*%&lG8!E+@I+!+#'! @()&@('@I! A#5H%8! QH)!E+@I+!#5'4! 'H$$4&)'! I47(@)@A%!

*%A%54$O%()!Fc45eO#(8!;ZZb[!1P74)'?P8!;Zb`G<!

!



9


D@(#55P8!@)!@'!@O$4&)#()!+4E!)+%!I5#''&44O!I4OOH(@)P!4M!$%%&'!&%'$4(*%*!)4!J+4O#'h!$%&M4&O#(I%!

#'! #! &%#*%&<! J+4O#'h! $%%&'!E%&%! @()%&%')%*! @(! )+%! ')4&P! #(*! )+%P! k)H&(%*! )4E#&*'! +@O! 4(! )+%@&!

I+#@&'!E+@5%!mH@%)5P!OH(I+@(7!4(!)+%@&!5H(I+%'H8!#(*!)+%P!k+#A%!5#H7+%*!#(*!(4**%*!#)!?%P!$4@()'!

*H&@(7!)+%!')4&P8!#(*!)+%P!#$$5#H*!#)!)+%!%(*l<!2)!@'!I5%#&!)+#)!J+4O#'!+#'!O#*%!#!A#5H%*!I4()&@QH/

)@4(!)4!)+%!I4OOH(@)P8!#(*!+@'!$%%&'!&%I47(@e%*!+@O!M4&!@)<!J+@'!@'!*@&%I)5P!@(M5H%(I@(7!+4E!J+4O#'!

'%%'!#(*!A#5H%'!+@O'%5M!Fc4((%)+8!9::d8!9::SG<!3@)+!&%7#&*'!)4!@(I5H'@4(8!@)!@'!(4)%E4&)+P!)4!$4@()!

)4! +4E! )+%! M#I)! )+#)! J+4O#'! 'HII%%*'! #'! #! &%#*%&! @'! M#I@5@)#)%*! QP! #! I455%I)@A%! #I)@A@)P<! \4)! )+%!

)%#I+%&!Q&@(7@(7! &%#*@(7!O#)%&@#5! M@(%5P! #*RH')%*! )4! M@)!J+4O#'h! @(*@A@*H#5! 5%A%5! 4M! &%#*@(7! '?@55'8!

QH)!)+%!)%#I+%&!+#A@(7!%')#Q5@'+%*!#!)&#*@)@4(!@(!)+%!I5#''8!E+%&%!)+%!I+@5*&%(!@(!)H&(!I#(!$5#P/&%#*!

#54H*!M&4O!)+%!Q44?'!@(!)+%!Q44?!Q#'?%)<!!

!

J+@'!%#&5P!5@)%&#IP!')4&P!(4)!4(5P!@(I5H*%'!J+4O#'!@(!)+%!g5@)%&#IP!I5HQh8!@)!#5'4!@(I5H*%'!+@O!#'!#!&%I/

47(@e%*!O%OQ%&!4M!)+@'!?@(*%&7#&)%(<!J+%!$5#P/&%#*!5H(I+)@O%!)&#*@)@4(!*%'I&@Q%*!@(!)+%!')4&P!(4)!

4(5P!I4(')&HI)'!J+4O#'8!#(*!4)+%&!I+@5*&%(!Q%M4&%!#(*!#M)%&!+@O8!#'!&%#*%&'8!@)!#5'4!I4(')&HI)'!)+%!

#H*@%(I%!4M!I5#''O#)%'!#'!@()%&%')%*!#(*!&%'$4('@Q5%!$%%&'8!I#$#Q5%!4M!'+#&@(7!)+%!M&H@)'!4M!5@)%&#IP<!

=!I5#''&44O!IH5)H&%!4M!OH)H#5!&%'$%I)8!@()%&%')!#(*!#!'+#&%*8!'4I@#5!&%'$4('@Q@5@)P!@'!#!$&%&%mH@'@)%!

M4&!@(I5H'@A%!$%*#747@I!$&#I)@I%!F-#*'%(8!9::ZG<!3+#)!J+4O#'!IH&&%()5P!O@7+)!+#A%!5#I?%*!FI4O/

$#&%*!)4!4)+%&'G!@(!)%&O'!4M!gMH(*#O%()#5h!&%#*@(7!'?@55'8!@'!#(!%#&5P!5@)%&#IP!')4&P!M&#O@(7!'4!)+#)!@)!

*4%'!(4)!@()%&M%&%!E@)+!)+%!@O#7%!4M!J+4O#'!#'!#!H(@mH%8!g&@I+h!#(*!I4O$%)%()!I+@5*!FK@(#5*@8!9::SG<!

J+4O#'! *%M@(@)%5P! +#'! )&4HQ5%! *%I4*@(7! E4&*'<! ]H)! J+4O#'! #(*! +@'! $%%&'! I&%#)%! )+%O'%5A%'! @(!

E#P'! )+#)! %(I4H&#7%! )+%O! )4! I4()@(H%! %X$54&@(7! #(*! %X$%&@O%()@(7!E@)+! 5@)%&#IP! #'! #!O%#('! 4M!

I4OOH(@I#)@4(V!#'!#!O%#('!4M!O%#(@(7/O#?@(7<!

!

2(!)+@'!'%I)@4(!2!+#A%!#(#5Pe%*!#(!%#&5P!5@)%&#IP!%A%()8!E+@I+!E#'!4&@7@(#55P!*4IHO%()%*!H'@(7!)+%!

%#&5P!5@)%&#IP!')4&P!#$$&4#I+<!2!+#A%!$4@()%*!)4!@''H%'!4M!@*%()@)P8!&%I47(@)@4(!#(*!@(I5H'@4(!&%5#)%*!

)4!)+#)!$#&)@IH5#&!')4&P8!QH)!+#A%!(4)!*%#5)!E@)+!%#&5P! 5@)%&#IP!')4&@%'!#'!#!O%)+4*!M4&!$%*#747@I#5!

*4IHO%()#)@4(<! 2(! )+%! M4554E@(7! '%I)@4(! 2! E@55! '+%*! '4O%! 5@7+)! 4(! )+%! Q#I?7&4H(*! #(*! )+%4&%)@/

I#5W$&#I)@I#5! @''H%'!4M! %#&5P! 5@)%&#IP! ')4&@%'! #'! #!O%)+4*'! M4&!$%*#747@I#5!*4IHO%()#)@4(!4M! %#&5P!

5@)%&#IP<!!

!

"32@7!%=162347!-192=60!

='!O%()@4(%*8!%#&5P! 5@)%&#IP!')4&@%'!#&%!#(!#*#$)#)@4(!4M!#!'4I@4/IH5)H&#5!#$$&4#I+!)4!*4IHO%()#/

)@4(!(#O%*!g5%#&(@(7!')4&@%'h8!E+@I+!E#'!*%A%54$%*!QP!-#&7#&%)!6#&&!F9::YG<!N%#&(@(7!')4&@%'!#&%!

QH@5)! 4(! )+%! @O#7%! 4M! 5%#&(@(7! #'! $#&)@I@$#)@4(! @(! '4I@#5! #I)@A@)@%'8! @<%<! )+%! I+@5*! @'! #! k5%#&(%&/@(/

#I)@4(l<!.#&5P!5@)%&#IP!')4&@%'!E#'!*%A%54$%*!#'!#!O%#('!)4!*4IHO%()!%#&5P!5@)%&#IP!@(!)+%!I4H&'%!4M!



10


)+%! .=>./$&4R%I)8! #(*! @'! (4E!Q%@(7! *%A%54$%*! MH&)+%&! QP! )+%!C#(@'+! &%'%#&I+! H(@)! 4M! 6+@5*+44*8!

N%#&(@(7!#(*!6H&&@IH5HO!>)H*@%'8!4M!E+@I+!2!#O!#!$#&)<!

!

=!5%#&(@(7!')4&P!@'!E&@))%(!4(!#!)%O$5#)%!E@)+!$&%'%)!Q4X%'!M4&!)+%!')4&P8!$+4)4'8!#(#5P'@'!#(*!(4)%'!

4(!$4''@Q5%!M4554E/H$!#I)@A@)@%'<!J+@'!@'!#5'4!)+%!I#'%!M4&!%#&5P!5@)%&#IP!')4&@%'8!QH)!)+%P!#5'4!@(I5H*%/

+#(*4H)'! E@)+! %#&5P! 5@)%&#IP! #(*! I4()%X)! @(*@I#)4&'8! )4! +%5$! )+%! )%#I+%&'! #(#5Pe%! )+%! ')4&@%'! M4&!

%#&5P!5@)%&#IP!I4()%()<!D4&!M&%%!*4E(54#*#Q5%!I4$@%'!4M!)%O$5#)%'!#(*!@(*@I#)4&'!$5%#'%!&%M%&!)4!)+%!

.=>.!+4O%$#7%!F+))$VWWEEE<%#'%/%H<I4OG<!

!

2(!)+%!M4554E@(7!#&%!#!M%E!7%(%&#5!4Q'%&A#)@4('!#Q4H)!)+%!H'%!4M!)+%!@(*@I#)4&'<!=M)%&!#!$&%'%()#)@4(!

4M!)+%!%#&5P!5@)%&#IP!#(*!)+%!I4()%X)!@(*@I#)4&'8!2!E@55!)4HI+!H$4(!'4O%!7%(%&#5!$&4Q5%O'!E@)+!@(*@/

I#)4&'!@(!$%*#747P8!#!*@'IH''@4(!)+#)!&%5#)%'!)4!)+%!#5&%#*P!'?%)I+%*!&%'@')#(I%!4M!)+%!*@'I4H&'%!4M!

mH#5@)P<!

!

"32@7!@=162347!=;:=431920!

.#&5P! 5@)%&#IP! @(*@I#)4&'! #&%! M4&! @('$@&@(7! )%#I+%&'! )4! '%%! #(*! &%I47(@e%! %#&5P! 5@)%&#IP! @(! *@A%&'%!

%A%()'8! (4)! RH')! I4OO4(/'%('%! &%#*@(7! 4&!E&@)@(7<! J+%! #Q@5@)P! )4! @*%()@MP! 5@)%&#IP! %A%()'! @(! $5#P8!

*&#E@(78!#!E@*%!&#(7%!4M!$%%&!@()%&#I)@4('!%)I<8!%(#Q5%'!H'!)4!I&%#)%!#(*!O#@()#@(!5@)%&#IP!M&@%(*5P!

%(A@&4(O%()'8!E@)+4H)!+#A@(7! )4!QHP! @()4! )+%! )&#*@)@4(#58! 'I+445/4&@%()%*!E#P'<!J+@'!E#P!E%!#&%!

E%55!4(!)+%!&4#*!)4!%A%()H#55P!$&4O4)%!I4(*@)@4('!M4&!O%#(@(7MH5!5@)%&#IP!%A%()'<!>4!)+%!@(*@I#)4&'!

+#A%!)+%!$4)%()@#5!)4!%(&@I+!$%*#747@I#5!$&#I)@I%'<!

!

,(!)+%!+#(*4H)8!)+%!@(*@I#)4&'!#&%!7&4H$%*!@()4!)+&%%!7&4H$'!4M!#I)@A@)@%'!)+#)!+#A%!*4IHO%()%*!&%/

5#)@4('! )4! )+%!*%A%54$O%()!4M! &%#*@(7! #(*!E&@)@(7! '?@55'V! ;G! ')4&P)%55@(7! #(*! &%#*@(78! 9G! *&#E@(78!

E&@)@(7! 4&! 'I&@QQ5@(7W*44*5@(7! #(*! dG! $5#P@(7! F6+&@')@%8! ;ZZ;[! C#A@*'4(8! ;ZZS[! D4X8! 9::d[! _%%8!

9::T[!a%(*&@I?!f!-Ia#P8!9::T[!a&%''8!;ZZb[!K4'?4'!f!6+&@')@%8!9::b[!K4'?4'8!6+&@')@%8!f!K@I+7%5'8!

9::dG<!J+@'!@'!)+4H7+)!)4!$&4A@*%!'4O%!%()&P!$4@()'!M4&!4Q'%&A#)@4(!#(*!#(#5P'@'8!#(*!'+4H5*!(4)!Q%!

H(*%&')44*!#'!#! )+&%%M45*8! #&Q@)&#&P! 547@I! M4&! '4&)@(7! )+%! 5@)%&#IP! ')4&@%'! @()4! '%$#&#)%! I#)%74&@%'<!

,M)%(8!@(*@I#)4&'!M&4O!#55!)+&%%!I#)%74&@%'!#&%!#$$5@I#Q5%!)4!)+%!'#O%!%#&5P!5@)%&#IP!')4&P<!

!

)9;16I1!';:=431920!

64()%X)! @(*@I#)4&'! #&%! )P$%'! @()%&#I)@4('8! #I)@A@)@%'! #(*! M#I@5@)@%'! )+#)!O#P! M#I@5@)#)%! %#&5P! 5@)%&#IP!

%A%()'<!,(!)+%!+#(*4H)'8!)+%!%5%O%()'!#&%V!;G!)P$%!4M!@()%&#I)@4([!9G!#*H5)!#E#&%(%''!@(!)+%!@()%&#I/

)@4([! dG! I+#&#I)%&! 4M! )+%! @()%&#I)@4([! TG! #I)@A@)@%'! #(*! YG! #A#@5#Q5%! M#I@5@)@%'<! J+4'%! @(*@I#)4&'! #&%!

O%#()!#'!7%(%&#5!@('$@&#)@4(8!#(*!OH')!Q%!O4*@M@%*!)4!M@)!'$%I@M@I!I4()%X)'!@(!*@MM%&%()!I4H()&@%'!#(*!



11


@(! *@MM%&%()! @(')@)H)@4(#5! '%))@(7'<! ='! E@)+! )+%! %#&5P! 5@)%&#IP! @(*@I#)4&'8! )+%'%! I4()%X)! @(*@I#)4&'!

'+4H5*!(%A%&!Q%!I4(I%@A%*!4M!#'!#!M@X%*!M4&OH5#<!

!

-9D6!;9160!9;!=;:=431920F!J@37=;B!8=1>!?=26K!

2(*@I#)4&'!OH')!Q%!H'%*!E@)+!%X)&%O%!I#H)@4(<!J+%P!#&%!)445'!M4&!%(+#(I@(7!A@'@4(8!#'!E%55!#'!Q5@(*/

%&'V!K%'%#&I+%&'8!$45@IPO#?%&'!#(*!)%#I+%&'!OH')!)&P!)4!I4(I%@A%!4M!%#&5P!5@)%&#IP!@(!Q&4#*!#(*!+4/

5@')@I! E#P'8! QH)! (4)! %A%&P! %A%()! @(! )+%! %#&5P! I+@5*+44*! '%))@(7! '+4H5*! I4H()! #'! #(! %#&5P! 5@)%&#IP!

%A%()<!J+@'!@'!)+%!$&@I%!)4!$#P!M4&!#!'+#&$%(%*!M4IH'!4(!%#&5P!5@)%&#IP!/!)4!M4IH'!4(!'4O%)+@(7!@'!)4!

'4O%!%X)%()!)4!Q5H&!)+%!'H&&4H(*@(7'<!]H)!4)+%&!#'$%I)'!4M!%#&5P!I+@5*+44*!%*HI#)@4(8!#(*!(4)!RH')!

%#&5P!5@)%&#IP8!'+4H5*!4M!I4H&'%!&%O#@(!@(!M4IH'!#)!4)+%&!)@O%'<!!

!

2)!@'!*#(7%&4H'!)4!@()&4*HI%!#(!F/4)+%&G!%#&5P!5@)%&#IP/4&@%()%*!O%)+4*!4M!*4IHO%()#)@4(<!3%!OH')!

O#?%!'H&%!)+#)!)+%!*4IHO%()#)@4(!#(*!)+%!@(*@I#)4&'8!+4E%A%&!Q&4#*!#(*!+45@')@I8!*4!(4)!)#?%!4(!#!

5@M%!4M!)+%@&!4E(!Q%P4(*!)+%!*@A%&'%8!%A%&P*#P!I4()%X)'!#(*!)+%!4A%&#&I+@(7!'4I@4/IH5)H&#5!)+%4&%)@/

I#5! M&#O%E4&?8! O@'$5#I%*! #(*! O@'H'%*! @(! )+%! O4*%&(@')@I! *@'I4H&'%! #Q4H)! mH#5@)P! #(*! I4()&45!

)+&4H7+!')#(*#&*'!FC#+5Q%&7!f!-4''8!9::Y[!C#+5Q%&78!%)!#5<8!9::bG<!J+%!@(*@I#)4&'!'+4H5*!O%&%5P!Q%!

'%%(!#'!@('$@&#)@4(!&%7#&*@(7!E+#)!)4!544?!M4&!E+%(!E%!)&P!)4!*%M@(%!%#&5P!5@)%&#IP!@(!Q&4#*!#(*!+4/

5@')@I! E#P'<! J+@'! Q&4#*! @('$@&#)@4(! '+4H5*! (%A%&! *@'$5#I%! )+%! I%()&#5@)P! 4M! )+%! I4()%X)! #(*! )+%!

I+@5*F&%(G<!

!

2(*@I#)4&'!#&%!#5&%#*P!#(*!#5E#P'!@(')#55%*!@(!)+%!(4&O#)@A%!O#I+@(%!E%!I#55!$%*#747@I!$&#I)@I%V!J4!

I5#@O!#!$&#I)@I%!4M!@(*@I#)4&!M&%%!%#&5P!5@)%&#IP!)%#I+@(78!@'!@(!M#I)!)4!I5#@O!#!$&#I)@I%!4M!)#I@)!4&!+@*/

*%(!@(*@I#)4&'<!"%*#747P!@'!#5E#P'!#Q4H)!'4O%)+@(78!#(*!@'!#5E#P'!@('I&@Q%*!@(!A#5H%'!#(*!&%5#)@4('!

4M!$4E%&!FC#+5Q%&7!f!-4''8!9::Y[!C#+5Q%&78!%)!#5<8!9::bG<!J4!#&)@IH5#)%!#!5@')!4M!@(*@I#)4&'!@'!/!#)!)+%!

A%&P!5%#')!/!)4!$H)!)+%!@(%'I#$#Q5%!(4&O#)@A@)P!4H)!@(!)+%!4$%(8!E+%&%!@)!'+4H5*!Q%!'HQR%I)!)4!I4()%'/

)#)@4(!#(*!I4(')#()!&%E4&?@(7<!

!

-<DD327!9?!1>6!632@7!@=162347!01927!3AA2934>!

3%!+#A%!)&@%*!)4!+PQ&@*@e%!)+%!'4I@4/IH5)H&#58!+45@')@I!)&#*@)@4('!4M!6#&&h'!F9::YG!#$$&4#I+!E@)+!)+%!

')&%(7)+'!4M!%#&5P!5@)%&#IP!@(*@I#)4&'<!J+%!&%'H5)!@'!#!$&%))P!)&#*@)@4(#5!5%#&(@(7!')4&P!)%O$5#)%8!E@)+!

$&%'%)!Q4X%'!M4&!)+%!')4&P8!$+4)4'8!#(#5P'@'!#(*!(4)%'!4(!$4''@Q5%!M4554E/H$!#I)@A@)@%'<!J+%!%#&5P!5@)/

%&#IP!#(*!I4()%X)!@(*@I#)4&'!#&%!4(!'%$#&#)%!+#(*4H)'!)4!Q%!H'%*!%@)+%&!#'!4Q'%&A#)@4(!#''@')#()!4&!

#'!#!)445!M4&!)+%!#(#5P'@'!4M!)+%!%#&5P!5@)%&#IP!')4&@%'!4M!)+%!*#P<!J+%!+#(*4H)'!#&%!)+%!)%#I+%&'h!I4O/

$#(@4('!@(!)+%!O@*')!4M!)+%!#I)@4(!4M!)+%!#I)H#5!I5#''&44O!'%))@(78!#(*!I#(!#5'4!Q%!I#55%*!H$4(!@(!)+%!

#M)%&!+4H&'!#'!)445'!M4&!)+%!#(#5P'@'!4M!)+%!%#&5P! 5@)%&#IP!')4&@%'!I#$)H&%*<!=(*!Q%I#H'%!)+%!@(*@I#/



12


)4&'!#&%!4H)!@(!)+%!4$%(8!)+%P!#&%!4$%(!M4&!I&@)@mH%!#(*!&%A@'@4('8!O#?@(7!@)!$4''@Q5%!M4&!#!7&4H$!4M!

)%#I+%&'! )4!*@'IH''!E+#)!#! '4I@4!IH5)H&#5!#$$&4#I+! )4!%#&5P! 5@)%&#IP!O@7+)!O%#(! )4! )+%O! /!#)! )+#)!

$#&)@IH5#&!'%))@(78!#)!)+#)!$#&)@IH5#&!)@O%8!#(*!'4!4(<!

!

2(!I4(I5H'@4(V!2(*@I#)4&'!#&%!#(!@(%A@)#Q5%!$#&)!4M!$%*#747@I!$&#I)@I%V!2M!)+%P!#&%!(4)!A@'@Q5%!#(*!#I/

I%''@Q5%!4(!#!5@')8!)+%P!#&%!')@55!@(!4$%&#)@4(!/!@(!)#I@)!E#P'!@(!)+%!)%#I+%&'h!O@(*'<!J+@'!E#P8!)+%!*#(/

7%&! @'!(4)! @(! 5@')'!4M! @(*@I#)4&'8! @)! @'! @(! )+%!$45@)@I'!4M!%#&5P!I+@5*+44*!%*HI#)@4(V!=&%! @(*@I#)4&'!QP!

$45@IP!(#&&4E!#(*!')#)@I8! #(*! M4&I%*!H$4(! )%#I+%&'!#(*!I+@5*&%(8!4&!#&%! @(*@I#)4&'!Q&4#*8! M5%X@Q5%!

#(*!$&4A@'@4(#58!#5E#P'!4$%(!)4!I4()%')#)@4(!#(*!&%O#?@(7!QP! )+%!$%4$5%! @(A45A%*! @(!%#&5P!I+@5*/

+44*!%*HI#)@4(!4(!#55!5%A%5'i!2M!)+%!5#))%&!@'!)+%!I#'%8!@(*@I#)4&'!I#(!%(&@I+!)+%!$%*#747@I!$&#I)@I%!@(!

)+%!E#P'!2!+#A%!)4HI+%*!H$4(!+%&%<!

!

2!+#A%!*@'IH''%*!'4O%!#'$%I)'!4M!)+%!.#&5P!N@)%&#IP!>)4&P!#$$&4#I+!)4!*4IHO%()!I+@5*&%(h'!%#&5P!5@)/

%&#IP<!J+@'!#$$&4#I+!)&@%'!)4!O%&7%!7%(%&#5!@(*@I#)4&'!4M!%#&5P!5@)%&#IP!E@)+!#!')&4(7!M4IH'!4(!I4(/

)%X)!#(*!@()%&#I)@4(<!2(!)+%!(%X)!$#&)!4M!)+%!$#$%&8!2!E@55!H'%!%XI%&$)'!M&4O!#(!%X@')@(7!$#$%&!4(!%#&5P!

5@)%&#IP!#(*! @(I5H'@4(!#'!)4HI+')4(%'!)4!7H@*%!#(!#&7HO%()!4(!)+%!(%%*!)4!&%)+@(?! @(I5H'@A%!%#&5P!

5@)%&#IP!)%#I+@(7!Q%P4(*!)+%!$&%/&%#*%&W&%#*%&!*@A@*%<!

!

';4@<0=L6!632@7!@=162347!1634>=;BF!';4@<0=9;!30!';?<0=9;K!

2!*&#E!4(!-@I+%55%!-I6455@(!#(*!C4&@'!,h>+%#h'!$#$%&!k2(I&%#'@(7!K%#*@(7!=I+@%A%O%()!4M!>)H*%()'!

D&4O! 6H5)H&#55P! #(*! N@(7H@')@I#55P! C@A%&'%! ]#I?7&4H(*'l8! E+@I+! #$$%#&%*! @(! "&%A%()@(7! >I+445!

D#@5H&%!@(!)+%!M#55!4M!9::Y<!"&%A%()@(7!>I+445!D#@5H&%!@'!#(!=O%&@I#(8!#!$%%&/&%A@%E%*!R4H&(#5!)+#)8!

#II4&*@(7!)4!@)'!E%Q'@)%8!#@O'!)4!Q%!#!M4&HO!M4&!I&@)@I#5!*@'IH''@4(!#(*!%X#O@(#)@4(!4M!&%'%#&I+!4(!

I+@5*&%(8!P4H)+!#(*!#5)%&(#)@A%!%*HI#)@4(!'P')%O'!F"&%A%()@(7!>I+445!D#@5H&%8!9:;:G<!J+%!$#$%&!#$/

$%#&'!@(!)+%!kJ@$'!M4&!J%#I+@(7l!I#)%74&P8!#(*!)#?%'!#(!%)+(@I!$%&'$%I)@A%!4(!I54'@(7!%#&5P!5@)%&#IP!

#I+@%A%O%()!7#$'8!QP!4MM%&@(7!@(I5H'@A%!)%#I+@(7!')&#)%7@%'!*%&@A%*!M&4O!&%'%#&I+<!

!

J+%!#Q4A%!*%O4(')&#)%!M%#'@Q5%!$&#I)@I#5!')&#)%7@%'!)4!@(I5H*%!*@A%&'%!%)+(@I!Q#I?7&4H(*'!@(!%#&5P!

5@)%&#IP! )%#I+@(7<!.A%(! )+4H7+! 2! ')&4(75P!*@'#7&%%!E@)+! )+%! M4IH'!4(! &%#*@(7! #'! #! '%)! 4M! I47(@)@A%!

'HQ/'?@55'8!2!I4(IH&!E@)+!)+%!H(*%&5P@(7!$&%O@'%!)+#)!E+%(!)+%!)%#I+@(7!#(*!5%#&(@(7!@'!7&4H(*%*!@(!

'4O%)+@(7!)+#)!@'!O%#(@(7MH5!#(*!&%5%A#()!)4!)+%!')H*%()'8!@)!@'!'@O$5P!Q%))%&!)%#I+@(7<!\4)!4(5P!*4!

)+%! ')H*%()'! 5%#&(! O4&%! FE@)+! &%7#&*'! )4! ')#(*#&*'G8! QH)! )+%P! #5'4! *%A%54$! #! +%#5)+P! '%5M+44*!

Fc4((%)+8!9::d8!9::SG!E+%(! )+%P! M%%5! )+#)! )+%@&! )+4H7+)'!#(*!E4&5*A@%E'!#&%! &%I47(@e%*!QP! )+%!

I4OOH(@)P!4M!5%#&(%&'!4M!E+@I+!)+%P!#&%!$#&)!F)+%@&!I5#''O#)%'!#(*!)+%!)%#I+%&'G<!2)!@'!OP!@()%()@4(!



13


)4!%X#O@(%!)+@'!$#$%&8!@(!4&*%&!)4!'?%)I+!4H)!#!$4@()!4M!*%$#&)H&%!M&4O!E+@I+!)4!%X)%(*!)+%!*@'IH'/

'@4(!4M!%#&5P!5@)%&#IP!#(*!@(I5H'@4(8!QH@5*@(7!4(!)+%!@('@7+)'!4M!-I6455@(!#(*!,h>+%#<!

!

J+%! #@O! @'! )4! %')#Q5@'+! #! )+%O%! 4M! g@(I5H'@4(! #'! F%)+(@IG! @(MH'@4(h8! E+%&%! %O$+#'@'! @'! 4(! )+%!

)%#I+%&h'!#Q@5@)P!)4!g@(MH'%h!&%#*@(7!@(')&HI)@4(!@''H%'!4M!$+4(4547@I#5!#E#&%(%''8!M5H%(IP!#(*!I4O/

$&%+%('@4(!E@)+!)+%!*@A%&'%!%)+(@I!Q#I?7&4H(*'!4M!')H*%()'<!!

!

=II4&*@(7!)4!-I6455@(!f!,h>+%#8!)+%!)%#I+%&!I#(!)%#I+!$+4(4547@I#5!#E#&%(%''!@(!#(!@(I5H'@A%!E#P!

QP!H'@(7!#!A#&@%)P!4M!IH5)H&#55P!#(*!5@(7H@')@I#55P!&%5%A#()!O#)%&@#5'!)4!#II4OO4*#)%!@(*@A@*H#5!#I/

mH@'@)@4(! 4M! &%#*@(7! '?@55'<! J+%! M4554E@(7! %XI%&$)!E#'! )#?%(! M&4O! )+%! M@&')! 4M! '%A%&#5! $#&#7&#$+'!

#Q4H)!)+%!'4/I#55%*!$+4(4547@I#5!#E#&%(%''!7#$'<!

!

2(MH'@(7!IH5)H&#55P!*@A%&'%!O#)%&@#5'!#(*!%#&5P! &%#*@(7!4$/

$4&)H(@)@%'!I#(!#&4H'%!')H*%()'h! @()%&%')'8!'HI+!#'!)+&4H7+!

)+%!H'%!4M!*@A%&'%!*&%''!)+%O%'!#'!')H*%()'!#ImH@&%!'?@55'!@(!

O#?@(7! 4&#5! &+PO%'! F%<7<8! kJ+%! '#&@! @'! 7&%%(8! E4&(! QP! )+%!

)%%(!<!<!<!J+%!Q#QH'+?#!@'!Q5#I?!#(*!)@%*!4(!)+%!Q#I?lG<!"#@&/

@(7!#!&%5%A#()!IH5)H&#5!*&%''!)+%O%!#(*!#(!@(@)@#5!I4('4(#()!

4M! #! 'P55#Q5%! #I)@A@)P! Q%I4O%'!O%#(@(7MH5! #'! )+%! 4('%)! &%/

I%@A%'! #))%()@4(! F%<7<8! )+%! 4('%)! 4M! g'#&@h! @'! g'h[! )+%! 4('%)! 4M!

g7&%%(h!@'!g7&hG8!M4554E%*!QP!)+%!&+PO%!4&!$#&)!4M!)+%!'P55#Q5%!

I4()#@(@(7!)+%!A4E%5!#(*!#55!)+#)!M4554E'!)+%!A4E%5!F%<7<8!)+%!

&+PO%!4M!g7&%%(h!@'!j!g%%(hG!F-I6455@(!f!,q>+%#8!9::Y8!$<!T;G<!

!

J+%&%!#&%!#)!5%#')!)E4!#'$%I)'!4M!)+@'!%XI%&$)!)+#)!#&%!4M!$#&)@IH5#&!@O$4&)#(I%<!D@&')!@'!)+%!A%&Q!k@(/

MH'@(7l<! 2)! @'! @O$5@I@)5P! #Q4H)! )+%! )%#I+%&! #I)@(7! @(! #! I%&)#@(!E#P! F@(MH'@(7! *@A%&'%!O#)%&@#5'! #(*!

&%#*@(7!4$$4&)H(@)@%'G! @(!&%5#)@4(!)4!)+%!')H*%()'!j!)&P@(7!)4!#&4H'%!)+%@&! @()%&%')'<!c#A@(7!%')#Q/

5@'+%*!)+%!)%#I+%&!#'!)+%!#7%()!4M!)+%!@(MH'@4(8!2!E@55!)4HI+!H$4(!E+#)!?@(*!4M!@O#7%&P!@(MH'@4(!@'!@(/

'I&@Q%*! @(V! J%#! @'! '4O%)+@(7! P4H! @(MH'%<! J+%! )%#! Q#7! I4()#@(@(7! M5#A4&MH5! +%&Q'! @'! @(MH'%*!

E@)+W@OO%&'%*!@(!)+%!Q4@5@(7!E#)%&8!#(*E%!+#A%!O#*%!#!IH$!4M!)%#!F4M!)+#)!'$%I@M@I!M5#A4&G<!2(!)+%!

%XI%&$)!E%!+#A%! )+%! )%#I+%&! k@(MH'@(7! IH5)H&#55P!*@A%&'%!O#)%&@#5'! r)+%! M5#A4&MH5!+%&Q's! #(*!%#&5P!

&%#*@(7! 4$$4&)H(@)@%'! r&%#*V! %#&5P! &%#*@(7! %X%&I@'%'8! )+%! Q4@5@(7! E#)%&sl8! @(! #(! #))%O$)! )4!O#?%!

)+%'%! 4$$4&)H(@)@%'W%X%&I@'%'! k)#')%l! @(! #! E#P8! )+#)! #$$%#5! )4! I+@5*&%(! 4M! I%&)#@(! %)+(@I! Q#I?/

7&4H(*'!F)+%!'I+445!k)#')%'W'O%55'l!5@?%!+4O%G<!

!



14


>%I4(*5P8!)+%!%XI%&$)!'+4E'!+4E!M4&O!#(*!I4()%()!#&%!'$5@)!H$<!J+@'!@'!$#&)5P!#!MH(I)@4(!4M!@(MH'@4(!

#'!#(!4&7#(@e@(7!I4(I%$)<!,(! )+%! M4&O!'@*%!E%!+#A%! )+%!'P55#Q5%!%X%&I@'%! )+#)!$&4O4)%!$+4(%O@I!

#E#&%(%''!QP!M4IH'@(7!4(!+4E!)4!I&%#)%!&+PO%'!M&4O!#))%()@4(!)4!)+%!4('%)'!#(*!A4E%5'!4M!'P55#/

Q5%'!F7&/%%(8!)/%%(G<!,(!)+%!I4()%()!'@*%!E%!+#A%!)+%!k&%5%A#()!IH5)H&#5!*&%''!)+%O%l[!)+%!'#&@!F#!)&#/

*@)@4(#5!E4O#(h'! *&%''! @(! 2(*@#G8! #(*! #! Q#QH'+?#! F@(! )+@'! I#'%! &%M%&&@(7! )4! #! +%#*'I#&M! )P$@I#55P!

E4&(!QP!%5*%&5P!KH''@#(!E4O%(G<!J4!E%5I4O%!I+@5*&%(!E@)+!2(*@#(!4&!KH''@#(!%)+(@I!Q#I?7&4H(*'!

@()4!)+%!'P55#Q5%!%X%&I@'%8!)+%!)%#I+%&!Q&@(7'!@(!)+%!'#&@!#(*!)+%!Q#QH'+?#<!3+#)!@'!+#$$%(@(7!@'!)+%!

)%#I+%&!)&P@(7!)4!M@55!4H)!)+%!M4&O!4M!)+%!'P55#Q5%!#I)@A@)P!E@)+!I4()%()!M&4O!)+%!%)+(@I!Q#I?7&4H(*'!

4M!)+%!@(A45A%*!I+@5*&%(<!

!

J+%&%!@'!#!I4((%I)@4(!+%&%!)4!#!)%#I+@(7!$#&#*@7O!Q#'%*!4(!)+%!@*%#!4M!*%A%54$O%()#55P!#$$&4$&@/

#)%!$&#I)@I%<!64('@*%&!)+%!M4554E@(7!$#&#7&#$+8!E+@I+!@'!#5'4!)#?%(!M&4O!)+%!$#&)!4M!)+%!$#$%&!I4(/

I%&(%*!E@)+!I54'@(7!)+%!$+4(%O@I!#E#&%(%''!7#$'V!

!

]P! @(MH'@(7! *%I4*@(7! #(*! IH5)H&#55P! &%5%A#()! #I)@A@)@%'!

Q#'%*!4(!M#O@5P!4&!I4OOH(@)P!)&#*@)@4('8!')H*%()'h!5@)%&#IP!

&%#*@(%''! #(*! &%5%A#()! 5@M%! %X$%&@%(I%'! I4O%! )47%)+%&! @(!

*%A%54$O%()#55P!#$$&4$&@#)%!#I)@A@)@%'!F-I6455@(!f!,q>+%#8!

9::Y8!$<!T9G!

!

=)! )+%!%(*!4M! )+%!*#P8! )+%! )%#I+%&! I#((4)!%'I#$%! )+%! IH&&%()! I47(@)@A%! 5@O@)#)@4('W$4''@Q@5@)@%'!4M!

)+%!@(*@A@*H#5!I+@5*[!@<%<!E+#)!?@(*!4M!5@)%&#IP!$&#I)@I%!+%W'+%!@'!g&%#*Ph!M4&<!J+@'!E#P!#!+@%&#&I+P!Q%/

)E%%(!)+%!I47(@)@A%!F)+%!@(*@A@*H#5G!#(*!)+%!IH5)H&#5!F)+%!I4OOH(@)PG!@'!%')#Q5@'+%*8!E@)+!)+%!I47/

(@)@A%!)#?@(7!)+%!M&4()!'%#)<!

!

2(!5@(%!E@)+!)+%!I47(@)@A%!4&@%()#)@4(8!@)!@'!%X$5#@(%*!+4E!)+%!O@(4&@)P!I+@5*!E@55!Q%(%M@)!M&4O!g@(I5H/

'@4(!#'!@(MH'@4(h!E@)+!&%7#&*'!)4!M5H%(IP<!]%54E!@'!#!'+4&)!$#''#7%8!E+@I+!%X%O$5@M@%'!E+#)!@)!O@7+)!

O%#(!)4!%OQ%*!IH5)H&#55P!&%5%A#()!)+%O%'!@()4!M5H%(IP!#I)@A@)@%'<!

!

D4&! %X#O$5%8! &%$%#)%*! &%#*@(7! 4M! $#''#7%'! @(MH'%*! E@)+!

')4&P!I+#&#I)%&'!M&4O!=M&@I#(!=O%&@I#(8!='@#(8!4&!c@'$#(@I!

Q#I?7&4H(*'!$&4A@*%'!')H*%()'!E@)+!IH%'!)4!&%#*!M#')%&!#(*!

E@)+!M%E%&!%&&4&'<!F-I6455@(!f!,q>+%#8!9::Y8!$<!T9G<!

!



15


3%!'%%!)+#)!@(MH'@(7!)+%!%#&5P!5@)%&#IP!#I)@A@)@%'!E@)+!*@A%&'%!%)+(@I!I4()%()!@'!(4)!'45%5P!#Q4H)!@'4/

5#)%*! @''H%'! 4M! O4)@A#)@4(! #(*! )+%! I+@5*h'! %X$%&@%(I%! 4M! O%#(@(7MH5(%''<! J+%&%! @'! #! I5%#&! 5@(?! )4!

'I+445!#(*!)%#I+@(7!%MM%I)@A%(%''8!E+%(!)+%!)%#I+%&!@(MH'%'!)%X)!$#''#7%'!M4&!&%$%#)%*!&%#*@(7!E@)+!

%)+(@I!')4&P!I+#&#I)%&'!)+#)!IH%'!)+%!')H*%()'!)4!&%#*!kM#')%&!#(*!E@)+!M%E%&!%&&4&'l<!J+@'!&%M5%I)'!

)+%!$#$%&'h!4A%&#55!@()%()@4(!)4!$&4A@*%!#!OH5)@IH5)H&#5!$%&'$%I)@A%!4(!%MM%I)@A%8!4(%!O@7+)!'#P!k7#$!

I54'@(7l8!%#&5P!5@)%&#IP!)%#I+@(7<!!

!

J+%!@''H%!4M!#7%(IP!#'!#5'4!#**&%''%*!@(!-I6455@(!#(*!,h>+%#h'!$#$%&<!J+%!M4554E@(7!%XI%&$)!@'!M&4O!

)+%!'%I)@4(!4(!#**&%''@(7!kI4O$&%+%('@4(!7#$'l<!

!

D4&!%X#O$5%8!06@641!92!D9:=?7!263:=;B!D3162=3@0! )+#)!4M/

M%&! OH5)@IH5)H&#5! ')4&P! '%))@(7'! #(*! *@A%&'%! ')4&P! I+#&#I/

)%&'<!D4&!%X#O$5%8!K4O%4!#(*!BH5@%)!QP!>+#?%'$%#&%!@'!'%)!@(!

N#'! 1%7#'8! @(')%#*! 4M! .(75#(*8! #(*! K4O%4! @'! #! \#)@A%!

=O%&@I#(!2(*@#(8!E+%&%#'!BH5@%)!@'!#(!='@#(!=O%&@I#(!)%%(/

#7%&<! L'%! #! '%O#()@I! E%Q! )4! @*%()@MP! @O$4&)#()! @()%&&%5#/

)@4('+@$'! @(! )+%! $#''#7%! )4! >6@A! 01<:6;10! :=3B23D! 1>6!

A@91<! 3+%(! ')H*%()'! M&4O! *@MM%&%()! Q#I?7&4H(*'! 2646=L6!

OH5)@IH5)H&#5! ')4&P! '%))@(7'! #(*! *@A%&'%! ')4&P! I+#&#I)%&'M!

:313! 43;! 0<2?346! 4(!E+#)! ')H*%()'! *4! #(*!*4!(4)! H(*%&/

')#(*<! >)H*%()'! 'H$$4&)! )+%@&! 4E(! I4O$&%+%('@4(! '?@55'!

E+%(! )+%P! 06@?! D9;=192! &%#*@(7! 4$$4&)H(@)@%'! H'@(7!

7&#$+@I!4&7#(@e%&'!4&!')4&P!O#$'N!&9<!43;!B6;62316!O<60P

1=9;0M! 3;0862! 01<:6;10E! O<601=9;0M! 3;:! >6@A! 1>6! 01<P

:6;10! )4! &%A@%E! )+%! I4()%()! #(*! &%5#)%!E+#)! )+%P! #5&%#*P!

?(4E!@(!)+%!I4()%X)!4M!)+%!*@A%&'%!')4&P!'%))@(7!F-I6455@(!f!

,q>+%#8!9::Y8!$<!Td8!%O$+#'@'!#**%*G<!

!

2!+#A%!Q45*%*!'4O%!?%P!$#''#7%'!)+#)!#**!)4!)+%!)+%O%!4M!#7%(IP!E@)+@(!@(I5H'@4(!#'!@(MH'@4(<!3%!

+#A%!)+%!)%#I+%&!'%5%I)@(7!#(*W4&!O4*@MP@(7!&%#*@(7!O#)%&@#5'8!7%(%&#)@(7!FI4O$&%+%('@4(G!mH%'/

)@4('!#(*!+%5$@(7!')H*%()'!E@)+!*@#7&#OO@(7!$54)'!#(*!#('E%&@(7!mH%')@4('<!J+%!')H*%()'8!4(!)+%!

4)+%&!+#(*8!k&%I%@A%l!)+%!O4*@M@%*!O#)%&@#58!#(*!#&%!H'@(7!O#)%&@#5'!)+#)!'H$$4&)!)+%@&!#))%O$)'!#)!

'%5M/O4(@)4&@(7!)+%@&!I4O$&%+%('@4(!'?@55'!E+@5%!&%#*@(7<!3+#)!@'!$&4*HI%*!QP!)+@'!*@'I4H&'%!@'!#(!

#I)@A%8! mH%')@4(/#('E%&@(7! #(*! I&%#)@A%! )%#I+%&8!E+4! @'! '%&A@(7! *%A%54$O%()#55P! #$$&4$&@#)%! #I/

)@A@)@%'! )4! #! &%I%@A@(78! mH%')@4(/$4'@(7! #(*! '%5M/O4(@)4&@(7! ')H*%()<! 3+@5%! )+%! ')H*%()'! O4(@)4&!



16


)+%O'%5A%'8!)+%!)%#I+%&8!E+4!544?'!M4&!'H&M#I@(7!*#)#!4(!E+#)!)+%P!k*4!#(*!*4!(4)!H(*%&')#(*l8!#5'4!

O4(@)4&'!)+%O<!2(!)%&O'!4M!$4E%&!#(*!#7%(IP8!E%!'%%!)+#)!)+%!)%#I+%&!@'!$4'@)@4(%*!@(!#!'4O%E+#)!

$4E%&MH5!E#P8! #I)@(7!4(!#(*!E@)+!;G! )+%! ')H*%()'!#(*!9G!*#)#!4(! )+%@&! 5%X@I#5! I4O$&%+%('@4(8!4&!

5#I?!+%&%4M<!!

!

J4!'HO!H$!-I6455@(!f!,h>+%#h'!$#$%&8!2!)+@(?!@)!+#'!#!A%&P!H'%MH5!+#(*'/4(!#$$&4#I+!4(!+4E!)4!@(/

I5H*%! %)+(@I! Q#I?7&4H(*'! 4M! ')H*%()'! @(! )+%! %#&5P! 5@)%&#IP! )%#I+@(7<! c4E%A%&8! )+%! $#$%&! Q%@(7!

+#(*'/4(!#(*!E&@))%(!#!5@))5%!5@?%!#!Q44?!4M!)%#I+@(7!&%I@$%'8!)+%!#&7HO%()!#Q4H)!@(I5H'@4(!#(*!%#&5P!

5@)%&#IP!O@7+)!Q%!M&H@)MH55P!%X)%(*%*!Q%P4(*!)+%!'4O%E+#)!)%I+(@I#5!#$$&4#I+<!2(!)+%!5#')!'%I)@4(!4M!

)+@'!$#$%&8! 2!E@55!4H)5@(%!'4O%!M&H@)MH5!#**@)@4('!)4!#(*!I&@)@mH%!4M! )+%!)+%O%!4M! g@(I5H'@4(!#'! @(MH/

'@4(h<!

!

(<2;=;B!19!+=049<2060!

-P!#@O!@'!)4!Q&@(7!@(!)+%!I4(I%$)!4M!'4I@#5!'%O@4)@I!*4O#@('8!C@'I4H&'%'8!@()4!)+@'!#&7HO%()<!2!@()%(*!

)4! 'H$$5%O%()! )+%! ')&4(7! %)+(@I! $%&'$%I)@A%! 4(! @(I5H'@4(! E@)+! #(! #E#&%(%''! 4M! F'HQ/G! IH5)H&#5!

)+%O%'!#)!$5#P!@(!%A%&P!I5#''&44O8!QH)!(4)!(%I%''#&@5P!5@(?%*!'45%5P!)4!%)+(@I@)P<!_%%!F9::TG!#&7H%'!

)+#)! 'I+445'! '+4H5*!$#P!O4&%!#))%()@4(! )4! )+%! ')H*%()'h! '4/I#55%*!+4O%!4&!$4$H5#&! IH5)H&%!Q#'%*!

C@'I4H&'%'<!c%!O%#('!)+#)!)%#I+%&'!'+4H5*!'%%?!)4!Q&@*7%!)+%!IH&&@IH5HO!#(*!)+%!)%#I+@(7!$&#I)@I%!

)4!E+#)! #I)H#55P! +#$$%('! @(! )+%! ')H*%()'h! %A%&P*#P! 5@A%'<! _%%! F9::TG! '%%'! &%5@#(I%! 4(! $+4(%)@I'!

)&#@(@(7!'H$$4&)%*!QP!)+%!'%%O@(75P!H(@A%&'#5!E4&5*'!4M!)%X)Q44?'!#(*!E4&?'+%%)'!#'!#!)&#*@)@4(#5/

@')!#$$&4#I+! )4!%#&5P! 5@)%&#IP<!J+%! )&#*@)@4(#5@')'8! @(!_%%h'!A@%E8! '+4H5*!$#P!O4&%!#))%()@4(! )4! )+%!

IH5)H&#5! $&4I%''%'! @(A45A%*! @(! 5@)%&#IP<! c4E! @'! @)! )+#)! #! Q4P! I#(! O#')%&! )+%! "4?tO4(! H(@A%&'%!

FE+@I+! I#55'! M4&! #*A#(I%*! I47(@)@A%! 4$%&#)@4('! 4M! '@7('! #(*! 'POQ45'!O#(@$H5#)@4(G8! QH)! 5#I?! )+%!

F'4O%E+#)!&%5#)%*G!I47(@)@A%!'?@55'!#''4I@#)%*!E@)+!&%#*@(7i!_%%!#IIH'%'!)+%!)&#*@)@4(#5@')'!4M!M4&%/

7&4H(*@(7!IH&&@IH5HO!#(*!)&#*@)@4(8!E+@5%!(4)!$#P@(7!'HMM@I@%()!#))%()@4(!)4!E+#)!)+%!')H*%()'!#I/

)H#55P!#&%!#M)%&!#)!)+%!O4O%()<!2M!)+%!%#&5P!5@)%&#IP!)%#I+@(7!@(I5H*%'!)+%!*@A%&'%!E4&5*'!4M!)+%!')H/

*%()'!j!)+%!C@'I4H&'%'!j!%A%&PQ4*P!+#'!#!Q%))%&!I+#(I%!)4!%()%&!)+%!M4&O#5!*4O#@(!4M!%#&5P!5@)%&#IP!

)%#I+@(7!F)+%!*4O#@(!4M!$+4(%)@I'8!%)I<G!F_%%8!9::d8!9::T8!9::`G<!

!

J+@'!I4(I%$)!4M!C@'I4H&'%'8!#(*!)+%!$&4R%I)!4M!4$%(@(7!)+%!%#&5P!5@)%&#IP!)%#I+@(7!H$!)4!)+%!*@A%&'@)P!

4M!)+%'%!C@'I4H&'%'8!@'!#**@(7!#(!@O$4&)#()!*@O%('@4(!)4!)+%!k@(I5H'@4(!#'!@(MH'@4(l!#$$&4#I+[!E@)+!

C@'I4H&'%'! E%! #&%! Q%P4(*! %)+(@I@)P8! #(*! 4$%(! )4! )+%! +PQ&@*@e%*! #(*! I4O$5%X! @*%()@)@%'! 4M! 4H&!

P4H(7%')<! 64('@*%&! #! FM@I)@4(#5G! 7@&5! M&4O! "#?@')#(! FS! P%#&'! 45*G! I4O@(7! M&4O! #! M#@&5P! )&#*@)@4(#5!

-H'5@O!M#O@5P<!=)!)+%!O4O%()!'+%! @'! @()%&%')%*!@(! M44)Q#55! )&#*@(7!I#&*'!F34&5*!6H$G8!$4(@%'!#(*!

'4O%!4M! )+%!O#)%&@#5!4(! )+%!C@'(%P!6+#((%5!#(*!&%5#)%*!E%Q'@)%'<!>+4H5*!E%!I4('@*%&!+%&!%)+(@I!



17


Q#I?7&4H(*!#'!E%!$5#(!#(*!%X%IH)%!%#&5P!5@)%&#IP!)%#I+@(7!'%''@4('!@(!+%&!I5#''i!u%'p!]H)!E%!'+4H5*!

(%A%&! 5@O@)!4H&'%5A%'!)4!)+%!mH%')@4(!4M!%)+(@I@)P<!3%!'+4H5*!#5'4!H'%!)+%!$4$H5#&!#(*!$%%&!Q#'%*!

C@'I4H&'%'!E+%(!E%!g@(MH'%h!)+%!%#&5P!5@)%&#IP!)%#I+@(7<!

!

J+%!#Q4A%!@'!4(%!@O$4&)#()!E#P!)4!%X)%(*!)+%!@(I5H'@A%!%#&5P! 5@)%&#IP!)%#I+@(7!Q%P4(*!I4('@*%&#/

)@4('!4M!%)+(@I!Q#I?7&4H(*'<!>4I@#5!'%O@4)@I!*4O#@('8!C@'I4H&'%'8!'+4H5*!$5#P!#!O#R4&!&45%<!2)!'%%O'!

@O$4&)#()!)4!#**!)+#)!#(!%#&5P!5@)%&#IP!IH&&@IH5HO!$#P@(7!#))%()@4(!)4!)+%!A#&@4H'!C@'I4H&'%'!&%$&%/

'%()%*!QP!)+%!I+@5*&%(!@(!)+%!I5#''8!I#(!(%A%&!'45%5P!&%5P!4(!)+%!)%#I+%&!M4&!$5#((@(7!#(*!%X%IH)@(7!

I4()%()<!J4!#A4@*!#(!@(')&HO%()#5!$&#I)@I%!$&%)%(*@(7!)4!)#?%!I4()%O$4&#&P!$%%&!#(*!$4$H5#&!C@'/

I4H&'%'!@()4!#II4H()8!)+%!I4(I%$)!4M!$#&)@I@$#)@4(!OH')!)#?%!M&4()!'%#)V!J4!@(I5H*%!)+%!C@'I4H&'%'!4M!

)+%!I+@5*&%(!@'!)4!O#@()#@(!#!5%#&(@(7!%(A@&4(O%()!E+%&%!)+%P!#&%!$#&)@I@$#)@(7!@(!#55!#'$%I)'!4M!)+%!

)%#I+@(7!$&4I%''8!@<%<!)+%!$5#((@(78!)+%!%X%IH)@4(!#(*!)+%!%A#5H#)@4(W*4IHO%()#)@4(<!J+@'!O@7+)!Q%!

H(*%&')44*!#'!#!*P(#O@I!4&!%O%&7%()W$&4R%I)!Q#'%*!#$$&4#I+!)4!IH&&@IH5HO!F"&@()8!;ZZd[!K@(#5*@8!

9::SG8!QH)!E@)+!%O$+#'@'!4(!)+%!I+@5*&%(h'!#I)@A%!$#&)@I@$#)@4(<!

!

=))%()@4(!)4!C@'I4H&'%'!Q&@(7'!H'!I54'%&!)4!#(!@O#7%!4M!)+%!&@I+!I+@5*8!E+@I+!'+4E'!H$!@(!*#P!I#&%!4&!

'I+445! #5&%#*P! MH55P! %(7#7%*! @(!O%#(@(7!O#?@(7! $&#I)@I%'<! 2(I5H'@A%! %#&5P! 5@)%&#IP! )%#I+@(7!OH')!

')&@A%! )4! )#?%!#55! )+%'%!C@'I4H&'%'! @()4!#II4H()8!#(*!(4)! 5@O@)! @)'%5M! )4!O%&%5P!%)+(@I!#(*W4&!&%5@7/

@4H'5P!Q#'%*!C@'I4H&'%'<!J+@'! @'!4M!I4H&'%!@O$4&)#()8!QH)!E%!I#(!74!%A%(!MH&)+%&! @(!)+%!'%#&I+!M4&!

E#P'!)4!&%'@')!@(')&HO%()#5!)+@(?@(7!#(*!*%A%54$!@(I5H'@A%!$&#I)@I%'<!3%!I#(!74!Q%P4(*!)+%!(4)@4(!

4M!)+%!'4/I#55%*!g&%#*@(7!I4*%h<!

!

Q679;:!/263G=;B!1>6!263:=;B!49:6!

J+%!(4)@4(!4M!g)+%!&%#*@(7!I4*%h!*4%'!#)!)+%!A%&P!5%#')!$&4*HI%!)+%!&%#*%&W$&%/&%#*%&!Q@(#&P<!J+@'!

Q@(#&P8! E+@I+! I5%#&5P! M#A4&'! )+%! &%#*%&! 4A%&! )+%! $&%/&%#*%&8! ')%O'! M&4O! )%#I+%&'h! RH*7O%()'! 4(!

%#I+!I+@5*h'!#Q@5@)P!)4!*%I4*%!E4&*'!$+4(4547@I#55P!FO#)I+!5%))%&'!#(*!'4H(*'G!#(*!)4!I4OQ@(%!)+@'!

*%I4*@(7! E@)+! 5%X@I#5! I4O$&%+%('@4(! 4(! )+%! E4&*! 5%A%5[! )+%! '4/I#55%*! '@O$5%! A@%E! 4(! &%#*@(7!

F_4H7+!f!JH(O%&8!;Z`S[!c44A%&!f!_4H7+8!;ZZ:G8!*%'I&@Q%*! @(! )+%!Q%7@((@(7!4M! )+@'!$#$%&<! 2M! )+%!

I+@5*!+#'!Q&4?%(!)+%!&%#*@(7!I4*%!F@'!#Q5%!)4!*%I4*%!#(*!)4!I4O$&%+%(*!4(!#!'@O$5%8!5%X@I#5!5%A%5G8!

+%W'+%! @'!#!&%#*%&!F#)! 5%#')!#!&%#*%&! @(!)+%!*4O#@(!4M!%#&5P! 5@)%&#IP! @(')&HI)@4(G<!J+%!I+@5*!E+4!@'!

g')@55h! &%5P@(7! O#@(5P! &%5P@(7! 4(! @55H')&#)@4('8! O%O4&P8! @O#7@(#)@4(8! 'I#MM45*@(7! *@#547H%! %)I<! @(!

+@'W+%&!&%#*@(7!')&#)%7@%'!@'!gRH')h!#!$&%/&%#*%&<!

!

J+%!&%#*%&W$&%/&%#*%&!*@A@*%!I&%#)%*!QP!)+%!(4)@4(!4M!)+%!&%#*@(7!I4*%!@'!$&4*HI@(7!#!54)!4M!$%*#/

747@I#5!%MM4&)!)4!gO4A%h!#'!O#(P!I+@5*&%(!M&4O!)+%!$&%/&%#*%&!)4!)+%!&%#*%&!'@*%<!=!M@(%/7&#@(%*!*@/



18


*#I)@I#5! Q#))%&P! 4M! )%#I+@(7! #(*! #''%''O%()! ')&#)%7@%'! %O%&7%'8! I4O$5%)%!E@)+! I4(I%$)'! 'HI+! #'!

g*%A%54$O%()#55P!#$$&4$&@#)%!$&#I)@I%h! @(!&%5#)@4(!)4! 5@)%&#IP!#(*!)+%!7%(%&#5!*%A%54$O%()!4M! 5#(/

7H#7%WI4OOH(@I#)@4(!F]&%*%?#O$!f!64$$5%8!;ZZbG<!2(!?@(*%&7#&)%(8!#(*!)+H'!@(!)+%!$&%I%*@(7!*#P!

I#&%! '%&A@I%'8! I+@5*&%(! #&%! I4('@*%&%*! )4! Q%! $&%/&%#*%&'8! I4(I%&(%*! E@)+! #ImH@&@(7! $+4(%O@I!

#E#&%(%''<!,M!I4H&'%!)+%&%!#&%!%XI%$)@4('8!'HI+!#'!)+%!%#&5@%&!$&%'%()%*!.#&5P!N@)%&#IP!>)4&P!E+%&%!

J+4O#'!)+%!?@(*%&7#&)%(%&!@'!#!&%#*%&<!

!

=!&%I4OO%(*#)@4(!M&4O!#!C#(@'+!I4OO@''@4(!4M!&%#*@(7!%X$%&)'!#Q4H)!#!(#)@4(#5!')&#)%7P!M4&!&%#*/

@(7!@(')&HI)@4(V!3+#)!@'!%X$%I)%*!4M!*#P!I#&%!'%&A@I%'!@'!%X%&I@'%'!)+#)!'P')%O#)@I#55P!$&4O4)%!)+%!

$+4(4547@I#5!#E#&%(%''!4M!)+%!I+@5*&%(!F>n(*%&7##&*8!%)!#5<8!9::YG<!2(!OP!4$@(@4(8!)+%!E#P!$45@IP!@'!

'+#$@(7!$&#I)@I%!#&4H(*! )+%!&%#*%&W$&%/&%#*%&!*@A@*%8! @'!$&4*HI@(7!#!?@(*!4M! )&#('@)@4(/)4/'I+445!

$%*#747@I#5!I4()@(H@)P!)+#)!$4)%()@#55P!)H&('!@()4!O%I+#(@I#5!#(*!@(')&HO%()#5!$&#I)@I%8!#'!)+%!*#P!

I#&%!'%&A@I%'!#(*!?@(*%&7#&)%(!%#I+!)%#I+!#!'%)!4M!')&@I)5P!*%M@(%*8!')#(*#&*@e%*!'?@55'!F@(!)+@'!I#'%!

$+4(@I'G8!H$4(!E+@I+!)+%!M@&')!#(*!'%I4(*!7&#*%!@(!'I+445!QH@5*!MH&)+%&<!=(*!#7#@(8!)+%!M@&')!P%#&'!4M!

'I+445!F+%&%!?@(*%&7#&)%(!)4!'%I4(*!7&#*%G!#&%!)+%O'%5A%'!@('I&@Q%*!@(!%X$%I)#)@4('!&%7#&*@(7!)+%!

)%#I+@(7!4M!&%#*@(7!MH(*#O%()#5'8!#'!2!'+4E%*!@(!)+%!Q%7@((@(78!E+%&%!2!544?%*!@()4!#!&%I%()!$45@IP!

*4IHO%()<!2(!OP!A@%E!4(%!'+4H5*(h)!')#&)!E@)+!)+%!I+@5*h'!#7%8!#(*!)+%(!74!4(!)4!#'?!@M!*%A%54$O%(/

)#55P!#$$&4$&@#)%!%#&5P!5@)%&#IP!)%#I+@(7!$&#I)@I%!M4&!)+@'!I+@5*!@'!)4!)&%#)!+@O!4&!+%&!#'!%@)+%&!#!$&%/

&%#*%&!4&! #! &%#*%&[! 4(%! '+4H5*! ')#&)!E@)+! )+%!C@'I4H&'%'! )+#)! )+@'!$#&)@IH5#&! I+@5*! @'! @('I&@Q%*! @(!

+#,#(&)*()1-8!#(*!74!4(!)4!#'?!@MW+4E!#))%()@4(!)4!#7%!4&!I47(@)@A%!*%A%54$O%()!O@7+)!+#A%!#!$5#I%!

E@)+@(!)+%'%!C@'I4H&'%'<!

!

J+%!@(')&HO%()#5@)P!5@%'!@(!)+%!&@'?!)+#)!)+%'%!')#(*#&*@e%*!)%#I+@(7!'P')%O'!%(*!H$!5@?%!)+%!E4&?/

')#)@4('!4(!#!I4(A%P4&!Q%5)!@(!@(*H')&@#5!$&4*HI)@4(<!J+%!I+@5*&%(!#&%!M@&O5P8!#(*!E@)+!#!')%#*P!$#I%8!

)&#A%55@(7! )+&4H7+! )+%!.6.68! M&4O!*#PI#&%!'%&A@I%'! )4!'%I4(*!7&#*%<!=)! )@O%'!4M! )&#('@)@4(8!%@)+%&!

M&4O!*#PI#&%!'%&A@I%! )4!'I+445!F4&! M&4O!*#PI#&%! M4&! @(M#()'! )4!*#PI#&%! M4&!$&%'I+445%&'G8!4&! M&4O!

4(%! 7&#*%! )4! )+%! (%X)8! )+%P! #&%! #''%''%*! M4&! I4O$5@#(I%!E@)+! #(! #7%/! 4&! 7&#*%/! &%5#)%*! (4&O!4(!

&%#*@(7!#(*!E&@)@(7!'?@55'8!)4!'%%!@M!)+%!$&%A@4H'!E4&?!')#)@4(!O#(#7%*!)4!Q&@(7!)+%'%!'?@55'!)4!)+%!

%X$%I)%*!5%A%5!M4&!)+%!(%X)!E4&?!')#)@4(!)4!@O$&4A%!MH&)+%&[!#55!@(!')#(*#&*@e%*!E#P'8!E@)+!%O$+#'@'!

4(!*%A%54$O%()#55P!#$$&4$&@#)%!$&#I)@I%'<!

!

2!)+@(?!)+#)!)+@'!$&%/&%#*%&W&%#*%&!*@A@*%8!#(*!)+%!#II4O$#(P@(7!#))%()@4(!)4!*%A%54$O%()#55P!#$/

$&4$&@#)%! $&#I)@I%'8! @'! )4! '4O%! %X)%()! @('I&@Q%*! @(! )+%!+%&@)#7%! 4M! )+%! '4/I#55%*! ,#&*%)0( ,#&*%)#!!(

"&,&*%03!*@'IH''%*!QP!K#eM#&!#(*!_H)@t&&%e!F9::dG<!J+@'!$#&#*@7O8!E+@I+!E#'!$%#?@(7!@(!)+%!M@&')!

+#5M!4M!)+%!9:)+!I%()H&P8!+45*'!)+#)!)+%!I47(@)@A%!'?@55'!#(*!#Q@5@)@%'!(%%*%*!M4&!&%#*@(7!E4H5*!H(M45*!



19


#54(7!E@)+!)+%!(#)H&#58!Q@4547@I#5!*%A%54$O%()!4M!)+%!I+@5*<!2!I4(IH&!E@)+!K#eM#&!#(*!_H)@t&&%e!)+#)!

)+@'!$#&#*@7O!$H)'!@('HMM@I@%()!E%@7+)!4(!)+%!5@)%&#IP!$&#I)@I%'!@(!I+@5*&%(h'!+4O%!#(*!I4OOH(@)P8!

#'!E%55!#'!)+%!'4I@#5!*@O%('@4('!4M!5%#&(@(7!#(*!*%A%54$O%()<!

!

J620A641=L60F!Q2=;B=;B!=;!:60=26M!3;:!1<2;=;B!=1!9;!=10!>63:!

]%M4&%!2!%(*!)+@'!$#$%&8!2!E4H5*!5@?%!)4!'?%)I+!E+#)!2!Q%5@%A%!)4!Q%!#!$&4O@'@(7!$%&'$%I)@A%!E@)+!&%/

7#&*'! )4!&%I4(I%$)H#5@e@(7!%#&5P! 5@)%&#IP! )%#I+@(7<! 2(!*4@(7! )+@'! 2! )H&(! )4! )+%!D&%(I+!$+@54'4$+%&'!

_@55%'!C%5%He%!#(*!D%5@X!_H#))#&@<!

!

,(%!?%P!#'$%I)!4M!)+%@&!E@*%/&#(7@(7!Q4*P!4M!E4&?!@'!)+%!&%E4&?@(7!4M!)+%!I4(I%$)!4M!*%'@&%<! 2(!#!

)&#*@)@4(#58!FD&%H*@#(G!$'PI+4#(#5P'@'8!)+%!'HQR%I)h'!*%'@&%!@'!H5)@O#)%5P!@()%&$&%)%*!#'!5#I?!E@)+@(!

)+%!,%*@$H'!)&@#(75%8!@<%<!)+%!5@))5%!I+@5*h'!F'+#O%MH5G!*%'@&%!4M!%@)+%&!)+%!O4)+%&!4&!)+%!M#)+%&[!)+@'!@'!

*%'@&%!A@%E%*!#'!')%OO@(7!M&4O!)+%!5#I?!4M!#!F*%'@&%*G!4QR%I)<!=54(7!)+@'!5@(%8!*%'@&%!@'!(4)@(7!QH)!

#(!H($&4*HI)@A%!M#()#'P!FC%5%He%!f!_H#))#&@8!;Z`dG<!

!

2(!4$$4'@)@4(!)4!)+@'8!C%5%He%!#(*!_H#))#&@!#&%!@()%&%')%*!@(!*%'@&%!#'!)+%!H(I4('I@4H'!$&4*HI)@4(!4M!

)+%!&%#5!FC%5%He%!f!_H#))#&@8!;Z`dG<!J+%!'HQR%I)'!4M!)+@'!&%#5@)P!#&%!%()#(75%*!@(!%#I+!4)+%&8!5@?%!O#/

I+@(%'!I4('HO@(7!#(*!$&4*HI@(7!j!O#?@(7!#(*!Q&%#?@(7!j!M54E'!4M!*%'@&%[!*#!%,%)0(3&$+%)#!<!c%&%!

E%!#&%!(4)!5@O@)@(7!4H&'%5A%'!)4!+HO#(!'HQR%I)'8!QH)!#5'4!)+%!#7%()@I!mH#5@)@%'!4M!$+P'@I#5!#(*!*@'/

IH&'@A%!O#))%&! )+&4H7+! )+%! (4)@4(! 4M! %33&)#)$#! F]#&#*8! 9::b[! C%5%He%! f! _H#))#&@8! ;Z`d8! ;ZZ`[!

N%(e!J#7HI+@8!9:;:G<!3+%(!*%'@&%! @'! I4(I%@A%*!#'!$&4*HI)@4(8!(4)! #'! 5#I?8!E%!#&%!4$%&#)@(7!E@)+!

k*%'@&%!)H&(%*!4(!@)'!+%#*l8!@(!)+%!E4&*'!4M!N@'%54))!,5''4(!F9::Z8!$<!;T;G<!

!

2(!$%*#747P!)+@'!#$$&4#I+!O@7+)!O%#(!#))%()@4(!)4!O4A%O%()!#(*!%X$%&@O%()#)@4(<!2)!@'!#Q4H)!#'?/

@(7!)+%!I+@5*&%(!E+#)!)+%P!#&%!%X$%&@O%()@(7!E@)+!#)!)+%!O4O%()8!M4IH'@(7!)+%!$%*#747@I!@()%&A%(/

)@4('!4(! )+%! I4()%X)H#5! #(*! @()%&)E@(%*!(#)H&%!4M! )+%!$&4*HI)@A%!$&4I%''%'h! #I)H#55P! )#?@(7!$5#I%!

FN%(e!J#7HI+@8!9:;:[!,5''4(8!9::ZG<!"%*#747@I!$&#I)@I%!OH')!$&4O4)%!#(*!M#I@5@)#)%!E+#)!C%5%He%!

#(*!_H#))#&@!F;ZZ`G!I#55!'%)#!(14(4'%0+.8!E+@I+!#&%!I&%#)@A%8!Q4&*%&!I&4''@(7!')&#(*'!4M!)+4H7+)8!I&%#)/

@(7!(%E!I4((%I)@4('!F5@(%'G!Q%)E%%(!45*!$4'@)@4('!#(*!)&#*@)@4('8!#(*!@(!)+@'!$&4I%''!&%M4&OH5#)%!

)+%'%!$4'@)@4('<!

!

2(!%#&5P!5@)%&#IP!)%#I+@(7!#))%()@4(!)4!O4A%O%()!#(*!%X$%&@O%()#)@4(!O@7+)!%O$+#'@e%!)+%!@O$4&/

)#(I%!4M!)+%!?@(*'!4M!5@)%&#IP!%A%()'!I+@5*&%(!#I)H#55P!$&4*HI%!#'!$#&)!4M!)+%@&!$5#P@(7!#(*!Q%@(7!)4/

7%)+%&<!3%!O@7+)!Q%!'4!5HI?P!#'!)4!I#$)H&%!#!5@(%!4M!M5@7+)!@(!)+%!I4OOH(@I#)@A%!)+@(?@(7!4M!#!5@))5%!

7@&5! 4&!Q4P8! #'! '+%!4&!+%!%X$%&@O%()!E@)+! '@7('8! 'POQ45'!#(*W4&! I4OOH(@I#)@4(! )%I+(4547P<!J+@'!



20


I#$)H&@(7!4M!5@(%'!4M!M5@7+)!E@)+@(!I+@5*&%(h'!I4OOH(@I#)@A%!I4O$%)%(I@%'!@'!#I)H#55P!E+#)!)+%!.#&5P!

N@)%&#IP!>)4&@%'!F'%%!)+%!%#&5@%&!'%I)@4(!4M!)+@'!$#$%&G!#@O!)4!*4<!

!

3%!'+4H5*!H'%!)+%!I4(I%$)!4M!C@'I4H&'%'!)4!(4)!5@O@)!4H&'%5A%'!)4!')%&%4)P$@I!I4(I%$)@4('!4M!E+#)!

O@7+)! Q%! 4M! @()%&%')! )4! I+@5*&%(! E@)+! *@A%&'%! %)+(@I! Q#I?7&4H(*'<! 2(! 5@(%! E@)+! )+%! %O$+#'@'! 4(!

O4A%O%()!#(*!%X$%&@O%()#)@4(8!')%OO@(7!M&4O!#!&%I4(I%$)H#5@e#)@4(!4M!*%'@&%8!E%!#'!)%#I+%&'8!&%/

'%#&I+%&'!#(*!$#&%()'8!#&%!&%O@(*%*!)+#)!I+@5*&%(!%X$%&@O%()!#(*!O#?%!O%#(@(7!@(!E#P'!)+#)!I4(/

')#()5P! %A#*%8! (4)! 4(5P! )+%! 'I+445! Q#'%*! C@'I4H&'%'8! QH)! #5'4! )+%! M#O@5P/! #(*! IH5)H&%/Q#'%*! C@'/

I4H&'%'8! )+#)! #! '4I@4/IH5)H&#5! #$$&4#I+! )4! %#&5P! 5@)%&#IP! I+%&@'+! '4!OHI+<! J+%! I+@5*! @'! #! '@(7H5#&8!

(4O#*@I!'HQR%I)!FC%5%He%!f!_H#))#&@8!;ZZ`G8!E+4!@'!Q4)+!I#$)H&%*!@('@*%!)+%!#*H5)!*%M@(%*!I#)%74/

&@%'!4M!I+@5*+44*8!#(*!#)!)+%!'#O%!)@O%!)&%'$#''@(7!%A%&P!')#(*#&*@e%*!*%M@(@)@4(8!#'!+%!4&!'+%!@'!%X/

$%&@O%()@(7!E@)+!+@'!4&!+%&!*%'@&%'8!$&4*HI@(7!5@(%'!4M!M5@7+)!)+#)!#&%!I&4''@(7!)+%!Q#&&@%&'!4M!)+%!%'/

)#Q5@'+%*!F#*H5)G!IH5)H&%<!='!,5''4(!E&@)%'V!

!

D&4O! )+%! $%&'$%I)@A%! 4M! *%'@&@(7/$&4*HI)@4(8! I+@5*&%(! #&%!

I4((%I)%*!)4!#(*!%X$%&@O%()!E@)+!O#(P!O4&%!'4&)'!4M!*%/

'@&%! )+#(! )+4'%!4MM%&%*! )+&4H7+! M#O@5P8! 'I+445!#(*!IH5)H&%<!

J+%! I+@5*! I&4''%'! )+%!Q#&&@%&'!4M! M#O@5P! )&#*@)@4('8! M4&O#5/

@e%*! 'I+445! 'P')%O'! #(*! IH5)H&#5! +%&@)#7%! I4(')#()5P<! 3%!

I&%#)%!E@)+@(!)+%!M@7H&%!4M!*%'@&@(7!&%$&%''@4(!#!'$%I@M@I!%(/

A@&4(O%()!)+#)!E%!I#55!I+@5*+44*!QH)!)+%!I+@5*!@'!I4(')#()5P!

)&%'$#''@(7!)+@'!$5#I%!#(*!*%M@(@)@4(!#(*!'+4E'!H'!)+#)!'+%!

4&!+%!@'!#5&%#*P!%5'%E+%&%!F,5''4(8!9::Z8!$<!;TSG!

!

J+@'!)&%'$#''@(7!4M!$5#I%'!#(*!*%M@(@)@4('!@'!@(!Q5@')%&@(7!4$$4'@)@4(!)4!#!I4(I%$)!'HI+!#'!*%A%54$/

O%()#55P!#$$&4$&@#)%!$&#I)@I%<!L'@(7!C%5%He%!#(*!_H#))#&@h'!F;ZZ`G!I4(I%$)!4M!3%)1,("1'%.%$!!)4!#$/

$5P! )&#('M4&O#)@A%8! I&@)@I#5! )+@(?@(7! )4! @''H%'! )+#)! #&%! 5#Q%5%*! )%I+(@I#5!QP! I4OO4(!'%('%! F@''H%'!

E+@I+!#&%!(4&O#55P!(4)!)@%*!*@&%I)5P!)4!O#R4&8!$#&)P!$45@)@I'G8!4(%!O@7+)!+#A%!#!$4'@)@4(!M&4O!E+@I+!

)4! )&#('M4&O! %#&5P! 5@)%&#IP! )%#I+@(78! 5%#&(@(7! #(*! &%'%#&I+! M&4O! Q%54E<! D4554E@(7! C#+5Q%&7! #(*!

-4''V!

<! <! <! )+%! @()&4*HI)@4(!4M! gO@(4&!$45@)@I'h!O@7+)8! M4&! %X#O$5%8!

O4A%! *@'IH''@4(! M&4O! )+%! #$$5@I#)@4(! 4M! g*%A%54$O%()#55P!

#$$&4$&@#)%! $&#I)@I%h! )4! )+%! $45@)@I'! 4M! *#2#'1"3#).&'%.5[!

M&4O!)+%!O%#'H&%O%()!4M!gmH#5@)Ph!)4!)+%!$45@)@I'!4M!%A#5H#)/

@(7!$%*#747@I#5!E4&?[!4&!M&4O!'$%#?@(7!#Q4H)!)#&7%)@(7!@(/



21


)%&A%()@4('!4(!g)+%!I+@5*!@(!(%%*h!)4!)+%!$45@)@I'!4M!)+%!@O#7%!

4M! )+%! I+@5*! FC#+5Q%&7! f! -4''8! 9::Y8! $<! ;TY8! %O$+#'@'!

#**%*G!

!

J+%!)%&O!g*%A%54$O%()#5@)Ph!E+@I+!2!%O$+#'@e%*!#Q4A%8!E#'!I4@(%*!QP!NP((!D%(*5%&!F9::;G<!3@)+!

@('$@&#)@4(!M&4O!D4HI#H5)h'!(4)@4(!4M!74A%&(O%()#5@)P8!*%A%54$O%()#5@)P!@'!@()%(*%*!)4!Q&@(7!#))%(/

)@4(!)4!)+%P!E#P'!@(!E+@I+!$45@IP!#(*!$&#I)@I%!#(I+4&%*!@(!)+%!*@'I4H&'%!4M!*%A%54$O%()#55P!#$$&4/

$&@#)%!$&#I)@I%8! @(M5H%(I%! )+%P!E#P'! @(!E+@I+! I+@5*&%(! 5%#&(! )4! I&%#)%! )+%O'%5A%'! F@*%()@)PG<!c4E!

*4%'!@)!#MM%I)!#!I+@5*!)4!Q%!@('I&@Q%*!@(!)+%!744*!@()%()@4('!4M!$%*#747@I#5!')&HI)H&%'!)+#)!@'!I#&%MH55P!

QH@5)!#&4H(*!(4&O'!4M!#$$&4$&@#)%(%''8!'I#MM45*@(7!#!*%5@I#)%!$&47&%''@4(!)4E#&*'!)+%!MH5M@55O%()!4M!

)+%!@*%#58!M5%X@Q5%8!5@)%&#)%!#(*!$&4Q5%O!'45A@(7!'HQR%I)!4M!O4*%&(@'O!F)+%!'HQR%I)!4M!#!M&%%/O#&?%)8!

754Q#5@e%*!%I4(4OPG!FC#+5Q%&7!f!-4''8!9::Y[!D%(*5%&8!9::;[!J4&O%P8!9::TGi!

!

C%A%54$O%()#5@)P!'%%O'!)4!+45*!#'$%I)'!4M!C#(@'+!%#&5P!5@)%&#IP!$45@IP!#(*!)%#I+@(7!@(!#!M@&O!7&@$8!

N4@'! c45eO#(! F;ZZbG! E4&?'! E@)+! 1P74)'?Ph'! 4&@7@(#5! '4I@4/IH5)H&#5! #I)@A@)P! )+%4&P! F1P74)'?P8!

;Zb`G8!@(!E+@I+!)+%!I4(I%$)!4M!)+%!gv4(%!M4&!"&4X@O#5!C%A%54$O%()h!$5#P'!#!I%()&#5!&45%<!J+@'!e4(%!

Fv"CG!E#'!4&@7@(#55P!@()%(*%*!)4!I#$)H&%!)+%!*@MM%&%(I%!Q%)E%%(!E+#)!'?@55'!#(*!+@7+%&!$'PI+4547@/

I#5! MH(I)@4('! )+%!I+@5*!O#')%&%*!4(!+@'!4&!+%&!4E(8!#(*!E+#)!+%!4&!'+%!I4H5*!*4! @(!I455#Q4&#)@4(!

E@)+!O4&%!#Q5%!$%%&'!#(*!#*H5)'<!J+%!I%()&#5!@*%#!@'!)+#)!E+#)!)+%!I+@5*!@'!#Q5%!)4!*4!@(!@()%&#I)@4(!

E@)+!O4&%!#Q5%!$%%&'!#(*!#*H5)'!@'!E+#)!)+%!I+@5*!+#'!(%#&5P!O#')%&%*!QP!+@O'%5M[!)+H'!)+%!$&4X@O#5!

*%A%54$O%()<!

!

c45eO#(! @'! @(! 5@(%!E@)+! 4)+%&'!E+4! )&P! )4! I4(I%$)H#5@e%! )+%! v"C! @(! +45@')@I!E#P'! )+#)! @('$@&%'! #!

$%*#747@I#5!$&#I)@I%!Q%P4(*!@(')&HO%()#5@)P!F]&4')&^O8!9::S#[!_H)@t&&%e8!KPO%'8!f!N#&'4(8!;ZZYG<!

.O$+#'@'! @'! 4(! )+%! v"C! #'! #! '%4#!"&$#! Fc45eO#(8! ;ZZbG! 4&! #! .+%,*( !"&$#! F_H)@t&&%e8! %)! #5<8! ;ZZY[!

NP'#?%&8!3+%#)8!f!]%('4(8!9:;:G!E+@I+! M4')%&'!I&%#)@A@)P!#(*!)+%!A#5H@(7!4M!(%E!?@(*'!4M!?(4E5/

%*7%!#(*!&%5#)@4('+@$'<!J+@'!?@(*!4M!v"C!@'!(4)!M@&')!#(*!M4&%O4')!I4(')@)H)%*!QP!%#I+!@(*@A@*H#5h'!

5%A%5!4M!Q@4547@I#5!O#)H&@)PW*%A%54$O%()8!QH)!QP!I4O$5%X8!@()&#/#I)@(7!%()#(75%O%()'!4M!'4I@#58!Q@4/

547@I#58!IH5)H&#58!'$#)@#5!O#))%&'!F]#&#*8!9::b[!N%(e!J#7HI+@8!9:;:G<!

!

c45eO#(!'#P'V!

!

=! )4)#5! %(A@&4(O%()! @(!E+@I+! A%&P! P4H(7! I+@5*&%(! #&%! &%/

5#)%*!)4!QP!)+%O'%5A%'!#(*!4)+%&'!F#!&%5#)@4(#5!#I)@A@)PG!#'!

I4OOH(@I#)@A%!'4I@#5!Q%@(7'!@'!+1-(.+#5(0#.(.1(6#(!1!<!<!<!1P/



22


74)'?P!@*%()@M@%*!$%&+#$'!)+%!O4')!@O$4&)#()!4M!#55!+HO#(!

#I)@A@)@%'!j!4H&!I#$#I@)P!)4!&%5#)%!)4!4H&'%5A%'!#(*!1.+#,(&!(

1.+#,( .+&)7( &)*( %)( &*2&)$#( 147( 18,( *#2#'1"3#).! Fc45eO#(8!

;ZZb8!$<!SdG!

!

=I&4''! )+%!E+45%! M@%5*!4M!.6.68!E%!O@7+)!I4('@*%&!&%5#)@(7! )4!I+@5*&%(!#'!&%#*%&'!#(*!E&@)%&'8!#'!

I4O$%)%()!I4OOH(@I#)@A%!Q%@(7'!#(*!6#$13%)0!!4M!)+%!$4')O4*%&(!@(M4&O#)@4(!#7%!FC%(I@?8!9::Y[!

a#O$O#((8!9::dG<!J+@'! @'!(4)! )4!*%(P!)+#)! @O$4&)#()!*@O%('@4('!4M! )+%!#Q@5@)P!)4!&%#*!#(*!E&@)%!

#&%! @(! M#I)!I47(@)@A%!#(*!'?@55!Q#'%*!/! )+%P!#&%! @(*%%*<! !]H)!4$%(@(7!)+%!)%#I+@(78! 5%#&(@(7!#(*!&%/

'%#&I+!4M!%#&5P!5@)%&#IP!)4!)+%!MH55!'4I@4/IH5)H&#5!$#5%))%!@'!%''%()@#5!M4&!)+%!#Q@5@)P!)4!I4()%')!(#&&4E!

#(*!@(')&HO%()#5!$45@IP!#(*!$&#I)@I%!@(!.6.6<!K%'@')@(7!@(')&HO%()#5@)P!@(!%#&5P!5@)%&#IP!)%#I+@(7!@'!

%''%()@#5!M4&!#(!@(I5H'@A%!$&#I)@I%<!

!

)9;4@<0=9;!

J+%!#&7HO%()!$&%'%()%*!@(!)+@'!$#$%&!+#'!O4A%*!Q#I?!#(*!M4&)+!Q%)E%%(!)+%!&%#5O'!4M!IH&&@IH5HO!

)+%4&P!F%#&5P! 5@)%&#IPG!#(*!$+@54'4$+P!4M!%*HI#)@4(!F@(I5H'@4(!#(*!#()@/@(')&HO%()#5@'OG<! 2)! I4H5*!

(4)!+#A%!Q%%(!*4(%!E@)+4H)!)+@'!?@(*!4M!Q4&*%&!I&4''@(7<!D4554E@(7!]&4')&^O!F9::S#8!9::SQ8!9::ZG!

#(*!C#+5Q%&7!%)!#5<h'!E4&?!4(!7%))@(7!Q%P4(*!mH#5@)P!FC#+5Q%&7!f!-4''8!9::Y[!C#+5Q%&78!%)!#5<8!9::b[!

-4''8!C#+5Q%&78!f!"%(I%8!9:::G8!E+#)!2hO!)&P@(7!)4!#I+@%A%!@'!;91!#!O4&%!#44#$.%2#!#$$&4#I+!)4!)%#I+!

I+@5*&%(!+4E! )4! &%#*!#(*!E&@)%[! @)! @'! #(!#))%O$)! )4! '?%)I+!#! 5%''! @(')&HO%()#5!$&#I)@I%!H(*%&! )+%!

4A%&#&I+@(7!)+%O%!4M!@(I5H'@A%8!*%O4I&#)@I!%*HI#)@4(<!

!

>)#?%+45*%&'!@(!%#&5P!5@)%&#IP!)%#I+@(7!OH')!&%I47(@e%!$&4O4)%&'!M4&!#(*!Q#&&@%&'!#7#@(')!@(I5H'@4(8!

#(*!OH')! I4OO@)! )+%O'%5A%'! )4! )+%! )&#('M4&O#)@4(! 4M! %#&5P! 5@)%&#IP! )%#I+@(7! $&#I)@I%! )+&4H7+! #!

(%E!#7%(*#!)+#)!%O$+#'@e%'!O%#(@(7!O#?@(78!&%I47(@)@4(!#(*!'4I@#5!I+#(7%<!.#&5P!5@)%&#IP!)%#I+/

@(7!@'!#!*%%$5P!%)+@I#5!@''H%!Q%P4(*!)+%!I47(@)@A%!MH(*#O%()#5!'?@55'8!*@&%I)5P!5@(?%*!)4!)+%!$45@)@I'!4M!

.6.68!#(*!E+#)!?@(*!4M!&%#*%&'8!E&@)%&'!#(*!'HQR%I)'!E%8!#'!#!'4I@%)P8!#&%!#@O@(7!M4&<!

!

2!+#A%!'+4E%*!+4E!#(*!E+P!@(I5H'@A%!%#&5P!5@)%&#IP!)%#I+@(7!#(*!$45@IP!(%%*'!)4!74!Q%P4(*!gQ&%#?/

@(7!)+%!&%#*@(7!I4*%h!#(*!)+%!H(*%&5P@(7!Q@(#&P!)+@(?@(7!4M!#Q5%WH(#Q5%<!.#&5P!5@)%&#IP!@'!#Q4H)!

O#?@(7!4&!I4(')&HI)@(7!O%#(@(7W5@)%&#IPW5#(7H#7%8!&#)+%&!)+#(!Q&%#?@(7!#!$&%'%)!I4*%<!J+@'!M4IH'!

4(!O%#(@(7!O#?@(7!%O$+#'@e%'!+4E!5%#&(@(7!)4!&%#*!#(*!E&@)%!@'!#!O#))%&!4M!@*%()@)PN!

!

$6?626;460!



23


=O&%@(8!=<!N<8!f!]%&5@(%&8!C<!6<!F9::dG<!J+%!.MM%I)'!4M!c@7+/>)#?%'!J%')@(7!4(!>)H*%()!-4)@A#)@4(!#(*!

N%#&(@(7<!9*8$&.%1)&'(:#&*#,!+%"7(;<<!

]#&#*8!a<!F9::bG<!=##.%)0(.+#(8)%2#,!#(+&'4-&5>(?8&).83(@+5!%$!(&)*(.+#(9).&0'#3#).(14(=&..#,(&)*(

=#&)%)0<!CH&+#O8!\6V!CH?%!L(@A%&'@)P!"&%''<!

]%&(')%@(8!]<!]<!F;Zb9G<!=!6&@)@mH%!4M!)+%!64(I%$)!4M!64O$%('#)4&P!.*HI#)@4(<!2(!6<!]<!6#e*%(8!1<!"<!

B4+(!f!C<!cPO%'!F.*'<G8!A8)$.%1)!(14(:&)08&0#(%)(.+#(B'&!!,113!F$$<!;dY/;YTG<!\%E!u4&?!#(*!

N4(*4(V!J%#I+%&'!6455%7%!"&%''<!

]&%*%?#O$8!><8!f!64$$5%8!6<!F.*'<G<!F;ZZbG<!C#2#'1"3#).&''5(D"",1",%&.#(@,&$.%$#!F&%A@'%*!%*<G<!

3#'+@(7)4(8!C<6<V!\#)@4(#5!=''4I@#)@4(!M4&!)+%!.*HI#)@4(!4M!u4H(7!6+@5*&%(!F\=.u6G<!

]&4')&Ô8!><!F9::S#G<!6#&%!#(*!%*HI#)@4(V!J4E#&*'!#!(%E!$#&#*@7O!@(!%#&5P!I+@5*+44*!%*HI#)@4(<!

B+%'*(&)*(518.+($&,#(41,837(EF8!dZ;/T:Z<!

]&4')&Ô8!><!F9::SQG<!.*HI#)@4(!)4!*%O4I&#IPV!=!$4''@Q5%!#$$&4#I+!)4!%#&5P!I+@5*+44*!

%*HI#)@4(iV\.K=!dT<!?4(7&%'<!

]&4')&Ô8!><!F9::ZG<!J@5$#'(@(78!M&@7Rn&@(7!47!*%O4?&#)@<!AG,!.#(H.#0F9G<!

]&H(%&8!B<!F9::YG<!I**&))#'!#!/8'.8,#)<!anQ%(+#A(V!c#('!K%@)e%5'!D4&5#7<!

6#&&8!-<!F9::YG<!:J,%)0!+%!.1,%#,<!anQ%(+#A(V!c#('!K%@)e%5'!D4&5#7<!

6+&@')@%8!B<!D<!F;ZZ;G<!@'&5(&)*(#&,'5('%.#,&$5(*#2#'1"3#).<!=5Q#(P8!\<u<V!>)#)%!L(@A%&'@)P!4M!\%E!u4&?!

"&%''<!

C#+5Q%&78!_<8!f!-4''8!"<!F9::YG<!9.+%$!(&)*("1'%.%$!(%)(#&,'5($+%'*+11*(#*8$&.%1)<!\%E!u4&?V!

K4H)5%*7%D#5O%&<!

C#+5Q%&78!_<8!-4''8!"<8!f!"%(I%8!=<!F9::bG<!K#51)*(?8&'%.5(%)(9&,'5(B+%'*+11*(9*8$&.%1)(&)*(B&,#L(

:&)08&0#!(14(92&'8&.%1)!F145<!9G<!\%E!u4&?V!K4H)5%*7%<!

C#A@*'4(8!B<!2<!F;ZZSG<!93#,0#).('%.#,&$5(&)*(*,&3&.%$("'&5(%)(#&,'5(#*8$&.%1)<!=5Q#(P8!\<u<V!C%5O#&!

"HQ5@'+%&'<!

C%5%He%8!_<8!f!_H#))#&@8!D<!F;Z`dG<!D).%MN#*%"8!(L($&"%.&'%!3(&)*(!$+%O1"+,#)%&<!-@((%#$45@'V!

L(@A%&'@)P!4M!-@((%'4)#!"&%''<!

C%5%He%8!_<8!f!_H#))#&@8!D<!F;ZZ`G<!D(.+18!&)*("'&.#&8!!Fb<!$&@()@(7!%*<G<!-@((%#$45@'8!-@((<!N4(*4(V!

L(@A%&'@)P!4M!-@((%'4)#!"&%''<!

C%(I@?8!N<!F9::YG<!=#))#!/#.(%("1!.31*#,)%!#,%)0#)L(N3(6&,)*137(4&3%'%#(10(%*#).%.#.#,(%(1"6,8*<!

1w&5n'%V!]@55%'n!f!]#5)e%&<!

.@(#&'*4))@&8!B<8!f!3#7(%&8!B<!J<!F.*'<G<!F9::SG<!P1,*%$(B+%'*+11*!(&)*(#&,'5(#*8$&.%1)L("+%'1!1"+57(

,#!#&,$+7("1'%$5(&)*(",&$.%$#(%)(C#)3&,/7(A%)'&)*7(Q$#'&)*7(P1,-&5(&)*(H-#*#)<!_&%%(E@I+V!

2(M4&O#)@4(!=7%!"HQ5@'+@(7<!

.5Q&48!6<!F9::SG<!:J!)%)0(10('J!#8)*#,2%!)%)0!F145<!9G<!anQ%(+#A(V!_P5*%(*#5<!



24


D%(*5%&8!N<!F9::;G<!.*HI#)@(7!M5%X@Q5%!'4H5'<!2(!a<!cH5)mA@')!f!_<!C#+5Q%&7!F.*'<G8!R12#,)%)0(.+#(B+%'*(

%)(.+#(P#-(=%''#)%83<!N4(*4(V!K4H)5%*7%!D#5O%&<!

D4HI#H5)8!-<!F9:::G<!"4E%&!FK<!cH&5%P!#(*!4)+%&'8!J&#('<G<!2(!B<!D#HQ@4(!F.*<G8!9!!#).%&'(-1,/!(14(

A18$&8'.(STFUMSTVU!F145<!dG<!\%E!u4&?V!J+%!\%E!"&%''<!

D4X8!6<!F9::dG<!"5#P@(7!)+%!')4&P)%55%&<!2(!\<!c#558!B<!N#&'4(!f!B<!-#&'+!F.*'<G8!W&)*611/(14(9&,'5(

B+%'*+11*(:%.#,&$5<!N4(*4(8!J+4H'#(*!,#?'!#(*!\%E!C%5+@V!>=_.<!

_%%8!B<!"<!F9::;G<!=!>4I@4IH5)H&#5!"%&'$%I)@A%!4(!.#&5P!N@)%&#IP!C%A%54$O%()<!2(!><!]<!\%HO#((!f!C<!

a<!C@I?@('4(!F.*'<G8!W&)*611/(14(9&,'5(:%.#,&$5(X#!#&,$+!F145<!;G<!\%E!u4&?V!J+%!_H@5M4&*!

"&%''<!

_%%8!B<!"<!F9::dG<!,$$4&)H(@)P!)4!5%#&(V!#!5#(7H#7%/Q#'%*!$%&'$%I)@A%!4(!#''%''O%()<!D!!#!!3#).(%)(

9*8$&.%1)7(S<F;G8!9b/TS<!

_%%8!B<!"<!F9::TG<!H%.8&.#*(:&)08&0#(&)*(:#&,)%)0L(D($,%.%Y8#(14(.,&*%.%1)&'(!$+11'%)0<!\%E!u4&?!#(*!

N4(*4(V!K4H)5%*7%<!

_%%8!B<!"<!F9::`G<!H1$%&'('%)08%!.%$!(&)*('%.#,&$%#!L(Q*#1'105(%)(C%!$18,!#!!Fd!%*<G<!N4(*4(V!J#P54&!f!

D&#(I@'<!

_@&4HX8!c<!=<!F9::;G<!Z+#1,5(&)*(,#!%!.&)$#(%)(#*8$&.%1)<!3%')$4&)8!64((V!]%&7@(!f!_#&A%P<!

_4H7+8!"<!]<8!f!JH(O%&8!3<!.<!F;Z`SG<!C%I4*@(78!K%#*@(78!#(*!K%#*@(7!C@'#Q@5@)P<!X#3#*%&'(&)*(

H"#$%&'(9*8$&.%1)7([F;G8!S/;:<!

_H)@t&&%e8!a<8!KPO%'8!]<8!f!N#&'4(8!B<!F;ZZYG<!>I&@$)8!64H()%&'I&@$)!#(*!L(*%&5@M%!@(!)+%!65#''&44OV!

B#O%'!]&4E(!A<!]4#&*!4M!.*HI#)@4(<!W&,2&,*(9*8$&.%1)&'(X#2%#-7(;FFdG8!TTY/Tb;<!

c#)I+8!B<!=<!F9::9G<!=II4H()#Q@5@)P!>+4A%*4E(V!K%'@')@(7!)+%!>)#(*#&*'!-4A%O%()!@(!.#&5P!

6+@5*+44*!.*HI#)@4(<!@+%(C#'.&(\&""&)7(VEFSG8!TYb/TS9<!

c%#)+8!><!]<!F;Z`9G<!"&4)%#(!'+#$%'!@(!5@)%&#IP!%A%()'V!.A%&/'+@M)@(7!4&#5!#(*!5@)%&#)%!)&#*@)@4('<!2(!C<!

J#((%(!F.*<G8!H"1/#)(&)*(-,%..#)('&)08&0#L(9]"'1,%)0(1,&'%.5(&)*('%.#,&$5<!\4&E44*V!=Q5%X<!

c%#)+8!><!]<!F;Z`dG<!^&5!(-%.+(-1,*!(L('&)08&0#7('%4#7(&)*(-1,/(%)($1338)%.%#!(&)*($'&!!,113!<!

6#OQ&@*7%!r6#OQ&@*7%'+@&%s![!\%E!u4&?V!6#OQ&@*7%!L(@A%&'@)P!"&%''<!

c@558!C<!F9::ZG<!B1).#!.%)0(P#1'%6#,&'(9*8$&.%1)<!\%E!u4&?V!K4H)5%*7%<!

c45eO#(8!N<!F;ZZbG<!H$+11'!(41,(0,1-.+L(X&*%$&'(&'.#,)&.%2#!(.1($8,,#).(#*8$&.%1)&'(31*#'!V!

N#E&%(I%!.&5Q#HO<!

c4((%)+8!=<!F9::dG<!K#+12#.(41,(&)#,/#)*#'!#<!anQ%(+#A(V!c#('!K%@)e%5'!D4&5#7<!

c4((%)+8!=<!F9::SG<!\&3"(13(&)#,/#)*#'!#<!anQ%(+#A(V!c#('!K%@)e%5'!D4&5#7<!

c44A%&8!3<!=<8!f!_4H7+8!"<!]<!F;ZZ:G<!J+%!'@O$5%!A@%E!4M!&%#*@(7<!X#&*%)0(&)*(^,%.%)0L(D)(

Q).#,*%!$%"'%)&,5(_18,)&'7(`8!;9b/;S:<!

a#O$O#((8!B<!F9::dG<!]#&(*4O''4I@4547@!/!M&#!O#&7@(#5@'%&%)!$&4A4?#)n&!)@5!O#@(')&%#O!

5%A%&#(*n&<!C&)!/(H1$%1'10%7(SUF9G8!bZ/Zd<!



25


a%(*&@I?8!-<8!f!-Ia#P8!K<!F9::TG<!C&#E@(7'!#'!#(!#5)%&(#)@A%!E#P!4M!H(*%&')#(*@(7!P4H(7!

I+@5*&%(q'!I4(')&HI)@4('!4M!5@)%&#IP<!_18,)&'(14(9&,'5(B+%'*+11*(:%.#,&$57(UF;G8!;:Z<!

a&%''8!_<!F;ZZbG<!K#41,#(-,%.%)0L(X#.+%)/%)0(.+#("&.+!(.1('%.#,&$5<!N4(*4(V!K4H)5%*7%<!

N%(e!J#7HI+@8!c<!F9:;:G<!R1%)0(6#51)*(.+#(.+#1,5a",&$.%$#(*%2%*#(%)(#&,'5($+%'*+11*(#*8$&.%1)L(

%).,1*8$%)0(&)(%).,&M&$.%2#("#*&0105<!N4(*4(V!K4H)5%*7%<!

N%(e/J#7HI+@8!c<!F9:;:G<!R1%)0(6#51)*(.+#(.+#1,5a",&$.%$#(*%2%*#(%)(#&,'5($+%'*+11*(#*8$&.%1)L(

%).,1*8$%)0(&)(%).,&M&$.%2#("#*&0105<!N4(*4(V!K4H)5%*7%<!

NP'#?%&8!B<!J<8!3+%#)8!B<8!f!]%('4(8!.<!F9:;:G<!6+@5*&%(q'!'$4()#(%4H'!$5#P!@(!3&@)%&'!34&?'+4$<!

_18,)&'(14(9&,'5(B+%'*+11*(:%.#,&$57(S<F9G8!9:Z/99Z<!

-#*'%(8!]<!F9::YG<!H1$%&'"J*&010%/<!anQ%(+#A(V!c#('!K%@)e%5'!D4&5#7<!

-#*'%(8!]<!F9::ZG<!2(?5H'@4(%('!$w*#747@?V!,O!#)!A@*%!+A#*!*%&!%?'?5H*%&%&8!M4&!#)!H*A@?5%!%(!

$w*#747@?8!*%&!@(?5H*%&%&<!2(!6<!"%*%&'%(!F.*<G8!Q)/'8!%1)#)!("J*&010%/L(AJ''#!!/&6(10(

3&)041'*%0+#*(%(*&0%)!.%.8.%1)#)<!anQ%(+#A(V!c#('!K%@)e%5'!D4&5#7<!

-I6455@(8!-<8!f!,q>+%#8!C<!F9::YG<!2(I&%#'@(7!K%#*@(7!=I+@%A%O%()!4M!>)H*%()'!D&4O!6H5)H&#55P!#(*!

N@(7H@')@I#55P!C@A%&'%!]#I?7&4H(*'<!@,#2#).%)0(H$+11'(A&%'8,#7(F<F;G8!T;/TT<!

-4''8!"<8!C#+5Q%&78!_<8!f!"%(I%8!=<!F9:::G<!_%))@(7!]%P4(*!)+%!"&4Q5%O!E@)+!oH#5@)P<!98,1"#&)(9&,'5(

B+%'*+11*(9*8$&.%1)(X#!#&,$+(_18,)&'7(VF9G8!;:d/;;Y<!

\#)@4(#5!K%#*@(7!"#(%5<!F9::ZG<!Z#&$+%)0($+%'*,#)(.1(,#&*V!L<><!C%$#&)O%()!4M!c%#5)+!#(*!cHO#(!

>%&A@I%'<!

\@I+45'8!><!N<8!f!]%&5@(%&8!C<!6<!F9::bG<!B1''&.#,&'(C&3&0#L(W1-(W%0+MH.&/#!(Z#!.%)0(B1,,8".!(

D3#,%$&b!(H$+11'<!6#OQ&@*7%8!-#''<V!c#&A#&*!.*HI#)@4(!"&%''<!

\4**@(7'8!\<!F;ZZ9G<!Z+#($+&''#)0#(.1($&,#(%)(!$+11'!<!\%E!u4&?V!J%#I+%&'!6455%7%!"&%''<!

\4**@(7'8!\<!F9::bG<!^+#)(H$+11'(X#41,3(R1#!(^,1)0<!\%E!u4&?V!J%#I+%&'!6455%7%!"&%''<!

\4&*%(Q48!><!.<!F.*<G<!F9::ZG<!@J*&010%!/(6,80(&4(.#!.<!aQ+<V!C#(O#&?'!"w*#747@'?%!

L(@A%&'@)%)'M4&5#78!C#('?!65%#&@(7+4H'%!M4&!H**#((%5'%'M4&'?(@(7<!

,.6C<!F9::;G<!H.&,.%)0(H.,1)0L(9&,'5(#*8$&.%1)(&)*($&,#<!"#&@'V!,.6C<!

,.6C<!F9::SG<!H.&,.%)0(!.,1)0(QQL(9&,'5($+%'*+11*(#*8$&.%1)(&)*($&,#<!"#&@'V!,.6C<!

,5''4(8!N<!-<!F9::ZG<!=12#3#).(&)*(#]"#,%3#).&.%1)(%)(518)0($+%'*,#)b!('#&,)%)0L(C#'#8O#(&)*(

R8&..&,%(%)(#&,'5($+%'*+11*(#*8$&.%1)<!N4(*4(V!K4H)5%*7%<!

"%&&%7##&*8!]<!F9::9G<!A1,!/)%)0(10(8)*#,2%!)%)0(%(!/,%4.!",10<!anQ%(+#A(V!=?#*%O@'?!D4&5#7<!

"&%A%()@(7!>I+445!D#@5H&%<!F9:;:G<!c%5*&%M!"HQ5@I#)@4('!/!"&%A%()@(7!>I+445!D#@5H&%<!!!K%)&@%A%*!;')!

4M!RH5P8!9:;:8!M&4O!+))$VWWEEE<+%5*&%M<4&7W$HQ'W$'MW#Q4H)<+)O5!

"&@()8!-<!F;ZZdG<!B8,,%$8'83(C#2#'1"3#).(&)*(C#!%0)<!>P*(%PV!=55%(!f!L(E@(<!



26


K#eM#&8!=<8!f!_H)@t&&%e8!a<!F9::dG<!K%I4(I%$)H#5@e@(7!.#&5P!6+@5*+44*!N@)%&#IPV!J+%!>4I@4IH5)H&#5!

2(M5H%(I%<!2(!\<!c#558!B<!N#&'4(!f!B<!-#&'+!F.*'<G8!W&)*611/(14(9&,'5(B+%'*+11*(:%.#,&$5<!N4(*4(8!

J+4H'#(*!,#?'8!\%E!C%5+@V!>=_.<!

K+%**@(7/B4(%'8!B<!F9::bG<!a&@)@'?%!$%&'$%?)@A%&!$x!Q#&(%+#7%('!&#OO%$5#(!FIH&&@IH5HOG!47!

(#'R4(#5%!')P&@(7'*4?HO%()%&<!2(!J<!-4'%&!f!-<!K^)+5%!F.*'<G8!P5(,&33#"'&)(M()5(

6&,)#+&0#"#*&010%//c!,'54V!L(@A%&'@)%)'M4&5#7%)<!

K@(#5*@8!6<!F9::SG<!Q)(*%&'108#(-%.+(X#00%1(93%'%&L('%!.#)%)07(,#!#&,$+%)0(&)*('#&,)%)0<!N4(*4(V!

K4H)5%*7%<!

K4'?4'8!a<!=<8!f!6+&@')@%8!B<!D<!F9::bG<!@'&5(&)*('%.#,&$5(%)(#&,'5($+%'*+11*!F9<!%*<G<!\%E!u4&?V!

N#E&%(I%!.&5Q#HO!=''4I@#)%'<!

K4'?4'8!a<!=<8!6+&@')@%8!B<!D<8!f!K@I+7%5'8!C<!B<!F9::dG<!J+%!.''%()@#5'!4M!.#&5P!N@)%&#IP!2(')&HI)@4(<!M&4O!

+))$VWWEEE<R4H&(#5<(#%PI<4&7WQ)RW9::d:dW.''%()@#5'<$*M!

>)&%%)8!]<!1<!F;ZZYG<!H1$%&'(:%.#,&$%#!L(B,%.%$&'(D"",1&$+#!(.1(:%.#,&$5(%)(C#2#'1"3#).7(9.)10,&"+5(&)*(

9*8$&.%1)(X#&'(:&)08&0#(H#,%#!<!\%E!u4&?V!N4(7O#(<!

>n(*%&7##&*8!B<8!=&(Q#?8!.<8!]&H*+45O8!-<8!.5Q&48!6<8!D&4')8!B<8!B#('%(8!-<8!%)!#5<!F9::YG<!X&""1,.(4,&(

I*2&'0#.(.%'(41,6#,#*#'!#(&4(#)()&.%1)&'(+&)*'%)0!"'&)(41,('J!)%)0<!anQ%(+#A(V!

L(*%&A@'(@(7'O@(@')%&@%)<!

J+%!C#(@'+!_4A%&(O%()<!F9:;:G<!C#(O#&?!9:9:V!1@*%(!y!Aw?')!y!A%5')#(*!y!A%5Mw&*!rC%(O#&?!

9:9:V!a(4E5%*7%!y!7&4E)+!y!$&4'$%&@)P!y!E%5M#&%s!=A#@5#Q5%!M&4O!

+))$VWWEEE<')O<*?W$HQ5@?#)@4(%&W#&Q$&47z;:W@(*%X<+)O!

J4&O%P8!><!F9::TG<!D).%M$&"%.&'%!3L(D(6#0%))#,!(08%*#<!,XM4&*V!,(%E4&5*!"HQ5@I#)@4('<!

L\.>6,<!F;ZZTG<!J+%!>#5#O#(I#!>)#)%O%()!#(*!D&#O%E4&?!M4&!=I)@4(!4(!>$%I@#5!\%%*'!.*HI#)@4(!

=A#@5#Q5%!M&4O!+))$VWWEEE<H(%'I4<4&7W%*HI#)@4(W$*MW>=N=-=z.<"CD!

L\.>6,<!F9:::G<!J+%!C#?#&!D&#O%E4&?!M4&!=I)@4(<!.*HI#)@4(!M4&!=55V!O%%)@(7!4H&!I455%I)@A%!

I4OO@)O%()'<!"#&@'V!L\.>6,<!

L\.>6,<!F9::TG<!J+%!"5H&#5@)P!4M!N@)%&#IP!#(*!@)'!2O$5@I#)@4('!M4&!"45@I@%'!#(*!"&47&#OO%'!

=A#@5#Q5%!M&4O!H(%'*4I<H(%'I4<4&7W@O#7%'W::;dW::;dS9W;dS9TS%<$*M!

1P74)'?P8!N<!><!F;ZS9G<!Z+180+.(&)*('&)08&0#<!6#OQ&@*7%8!-#''<V!-2J!"&%''<!

1P74)'?P8!N<!><!F;Zb`G<!=%)*(%)(!1$%#.5<!6#OQ&@*7%V!c#&A#&*!L(@A%&'@)P!"&%''<!

3%')E44*8!"<!F9::ZG<!=&7H@(7!)+%!I#'%!M4&!#!'@O$5%!A@%E!4M!5@)%&#IP!#''%''O%()<!D8!.,&'%&)(_18,)&'(

14(:#&,)%)0(C%44%$8'.%#!7(SUF;G8!d/;Y<!

!

!

!

!"#$%&'("#)&*#"+),-,.+&/#.0#"11(

!"#$%&

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

21"$3+4%5-64"##%5.78 )(*%./0.,21//$

'/29*%5#(#"/5 !1%.,#/48!"#$%&'()*+'+$,(-&./"#0$,(%'123 !&%)4.1%('*"$('%5'(/"'*('*%(4%.&#"#0($'+&67('&6(

'+(1+8)+$%('*%($'+&6(.&+9#-(.#(%51"'"#0:$9&)&"$"#0(;&%.<()+"#',($+('*.'('*%(="#"$*%-($'+&6(*.$(.(;%0"##"#0>;&%.<>%#-"#0(#.&&.'"?%($'&91'9&%3

61(#.1(::%5%3;. 61(#.*"<1#.7%.5%=#;!&%)4.1%('*"$('%5'(/"'*(%.&46(4"'%&.16(+&"%#'%-("#'%&)&%'.'"+#$(+=('*%($'+&6(.;+?%2(@+9(1.#(9$%('*%("#-"1.'+&$(A$%%($%).&.'%().)%&B("#(6+9&("#'%&)&%'.'"+#$23

!&%)4.1%('*"$('%5'(/"'*($900%$'"+#$(&%0.&-"#0()+$$";4%(=+44+/>9)(.1'"?"'"%$(&++'%-("#('*%(-"$)+$"'"+#$(:("#'%&%$'$(:(1+8)%'%#1%$(+=('*%("#?+4?%-(1*"4-A&%#B23

)/#%,!9$%('*"$(="%4-(.$(.(0%#%&"1(#+'%).-(:(8.<%($'.'%8%#'$(.;+9'()&+0&%$$(.#-:+&(%8%&0"#0(%.&46(4"'%&.16(-"$)+$"'"+#$("#('*%("#?+4?%-(1*"4-A&%#B(.#-(1+#'%5'A$B(:(.$$%$('*%(.1'"?"'"%$(8%#'"+#%-("#('*%(C/*.'(8"0*'(;%(#%5'DE(="%4-("=:/*%#('*%6(.&%(&%.4"$%-,(%'123

!"#$%&'("#)&*#"+),-,.+&/#.0#"11(

!"#$%&'()"*+"'&#,%-!"#$%&#"'()'"$&*$+)',"'()'"'(,"+($-*"$#".,)*/0"1$--$&%")&*23."$#")4-,"'3"5).'$+$5)',"$&"#'3./',--$&%!0"*.)1$&%!")&*"5-)/!)+'$6$'$,#"$&"'(,"5.,!#+(33-0"5.,!#+(33-+-)##"3."#+(33-0"1($+("+.,)',"4)#$#"73."

'(,")+'8)-".,)*$&%")&*"1.$'$&%

.#,%(#$//"*0)&*+)%$&+"*0

• !"#$%&'()*+*%)&'(&,&-(./#+&01-2%&$')"&$#+.%&-(./#+&*30+*%%'#(%

• 4%&'()*+*%)*.&'(&5&-(./#+&01-2%&$')"&+"2)"6&'(&%0#7*(&$#+.%

• 8*11%&-9#:)&0*+%#(-1&#0'('#(%;&0'<):+*%;&)*3)&-(./#+&*30*+'*(<*%&

• !"#$%&'()*+*%)&'(&,&-(./#+&:(.*+%)-(.%&-(.&:%*%&(*$&<#(<*0)%

• !"#$%&'()*+*%)&'(&,&-(./#+&%'(=&%#(=%&-(.&+"26*%

• >#+6:1-)*%&?:*%)'#(%&-(./#+&-+=:6*()%&

• 4%&-$-+*&#@&%'=(%&-(.&%269#1%

• A#((*<)%&1#=#B%&$')"&6*-('(=

• C*@*+%&)#&#9D*<)&'(&)"*&%:++#:(.'(=%

• E:)%&$#+.%&#(&-<)'#(%

• F'%)*(%&-(.&'%&#)"*+$'%*&-<)'G*12&0-+)'<'0-)'(=&$"*(&*(=-=*.&'(&+*-.&-1#:.&%*%%'#(%

• E-+-0"+-%*%&-(./#+&$#(.*+%&-9#:)&-&%)#+2

• 4%&-$-+*&#@&%)#+'*%&)#1.&92&#)"*+&<"'1.+*(

• !"#$%&-(&'()*+*%)&'(&9##7%

• HC*-.%H&0'<):+*%

• 4%&<:+'#:%&'(&$#+.&-(.&1*))*+%

• C*-.%&I01-25+*-.'(=I

• 4%&-$-+*&#@&)"*&+*-.'(=5.'+*<)'#(

• J(#$%&H(*-+&-(.&.*-+H&1*))*+%&-(.&$#+.%

1%&2"*03)2%"#"*0)&*+)-'%"44/"*0

• E*+@#+6%&I01-25$+')'(=I/I<"'1.51*))*+'(=I

• K-7*%&)*3)51'7*&.##.1*%

• L+')*%&H(*-+&-(.&.*-+H&$#+.%

• M%*%&4859-%*.&6-)*+'-1&$')"&1-(=:-=*&-(.&%269#1%

• E:)%&)*3)&#(&.+-$'(=%

• L+')*%&1*))*+%/$#+.%/%*()*(<*%

• N+*-7%&:0&$#+.%&'()#&%211-91*%

• L+')*%&$')"5&-(.&#(&.'@@*+*()&%):@@

• O+-$%&%)#+'*%

5/&("*0

• 4%&*(=-=*.&'(&+#1*01-2'(=

• O+-6-)'%*%/01-2%&-&%)#+2

• P*=#)'-)*%&+#1*%&@#+&+#1*01-2'(=

• A+*-)*%&-&%)#+2&/&-&01-25:('G*+%*&$')"&)#2%&-(.&#)"*+&%):@@

• E1-25$+')*%&'(&-&+#1*

• E1-25+*-.%&'(&-&+#1*

• P*=#)'-)*&-(./#+&.*G*1#0%&)"*&@+-6*&#@&)"*&01-2

• E+#.:<*%&%'=(%&-(.&0+#0%&)#&9*&:%*.&'(&)"*&01-2

!"#$%&'("#)&*#"+),-,.+&/#.0#"11(

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

!"#$%&'"()"*+,&-./,*(+'0"./,*1*,*&'".+2")./*3*,*&'"*+",4&"%-&!'/4((30"%-&!'/4((3"/3.''".+2"'/4((30"54*/4"/-&.,&"6.'*'")(-",4&"./,7.3"-&.2*+8".+2"5-*,*+8"

.#$%,+*$("# /)01$'+2+,%#%--'(#'$3%'(#$%,+*$("#

!3+,+*$%,'"4'$3%'(#$%,+*$("#

• 5"0#6%,'*3(1)'7'"1)%,'

*3(1)'(#$%,+*$("#

• !3(1)'7'+)01$'(#$%,+*$("#'

8"#%9$"9'"#%:

• ;3"2-'<"-($(=%'%>"$("#-'4",'$3%'

*3(1)

• ;%%-'$3%'*3(1)?-'(#($(+$(=%'7'

0#)%,-$+#)-'$3%'>%--+6%

• .#=($%-'$"'*"#=%,-+$("#'7'1(-$%#-'+#)'

+#-2%,-

• @,"=()%-',%*"6#($("#

• !+<$0,%-'$3%'*3(1)?-'

+$$%#$("#

• A+(#$+(#-'$3%'*3(1)?-'

+$$%#$("#

• A%)(+$%-'$3%'*3(1)?-'

%&<%,(%#*%B'%1+C",+$%-D'

*1+,(4(%-'

/*$(=($E F+*(1($E

• G"1%9<1+E

• F,+>%9<1+E

• G%+)'+1"0)

• .#$%,+*$(=%',%+)'+'1"0)

• H,+2(#6

• I($%,+*E9<,"<-

• G%+)(#69*",#%,

• J,($(#69'+#)'),+2(#69*",#%,

• ;"0#)9'+#)'1(-$%#(#69*",#%,

• !"><0$%,9*",#%,

Early Years Transition Programme !!

Title: The Story about a Thief !

Date: Name(s) of the child(ren) Written by Name of school

--- Thomas --- ---

!

Documentation The story Note: This story unfolds in a Danish

kindergarten (first year of school). It is lunchtime, and the children are seated while eating. Thomas has already finished his meal, and he wants to read a story aloud to his classmates. Thomas picks up a book from the “book basket”. The book contains pictures and simple text, and it’s a story he knows already. It’s easy to see the excitement in Thomas’ face: He is looking forward to share the action-packed tale of The Thief! Thomas starts to read aloud, but suddenly he becomes aware of the audience (his classmates), who have all turned towards him on their chairs while quietly munching on their lunches. This sudden awareness of the audience clearly makes Thomas nervous, and he’s having trouble focusing on decoding the text. But he won’t give up. Thomas “reads” the rest of the story using his prior knowledge of the story, his imagination and the pictures on the pages (which he from time to time pauses to show underway). In the end, it turns out to be a really exciting story, where Thomas, on the spot, narrates the “truck”, the “loot”, the “house in need of fixing” and other elements of the story in a somewhat new way. His classmates have laughed and nodded at key points during the story, and they applaud at the end.

What happened? What might be next? Thomas tells a story that is part narrated/made up by himself, he is “play-reading”/”pretend-reading”, and is aware of the reading direction. He knows the story, so to a certain extent he is paraphrasing it. Thomas shows an interest in books, is aware of narratives structures (the plot, etc.), and he is able to “read” the pictures. Note: Compare with the early literacy indicators on the handout.

Similar read/play-read/storytelling activities, which provide Thomas with a motive to combine pictures and partly known text as inspiration for his own narrations.

!

THE DANISH SCHOOL OF EDUCATION, AARHUS...

Documents

Transcript of THE DANISH SCHOOL OF EDUCATION, AARHUS...