%$]XQLYHU]XPD[LRPDWLNXVHOPpOHWH

%$]XQLYHU]XPD[LRPDWLNXVHOPpOHWH

$]XQLYHU]XPHOPpOHWpQHNDODSMDL 3ULQFtSLXPRN

$ODSIRJDOPDN

(UpV]EHQD¶OpWH]ʶD¶KDOPD]¶D¶KDOPD]HOHPH¶D¶OpW¶

D] ¶pOĘ OpWH]ĘpOĘOpQ\¶ D] ¶DQ\DJ¶ D ¶W|PHJ¶ D ¶J\RUVXOy ODVVXOy HJ\HQOHWHV PR]JiV¶ D ¶UH]JiV KXOOiP]iV IRUJiV¶ D

¶UHODWtY Q\XJDORP¶ D ¶W|PHJN|]pSSRQW¶ D ¶JUDYLWiFLyV KD WiVHUĘKDWiV¶ D] ¶) HUʶ D] ¶HUĘNDU¶ D] ¶0 IRUJDWyQ\RPD WpN¶ D ¶IRUJiViOODSRW¶ D ¶SHUGOHW¶ D ¶+ROG¶ D ¶)|OG¶ D]

¶HJ\HQOtWʶ D] ¶iUDSiO\MHOpQVpJ¶ D ¶GDJiO\¶ D] ¶DSiO\¶ D

¶V~O\¶ D] ¶) )¶ YDODPLQW D] ¶LYDUWDODQLYDURV V]DSRURGiV¶

D] ¶HYRO~FLy¶ V]DYDN iOWDO MHO|OW IRJDOPDNDW QHP GHILQLiORP LVPHUWQHNWHNLQWHPpVDODSIRJDORPNpQWKDV]QiORP

'HILQtFLyN

$]XQLYHU]XPYLOiJHJ\HWHPYLOiJPLQGHQVpJIRJDOPD

$]HGGLJLHNDODSMiQD]XQLYHU]XPIRJDOPiWSpOGiXODN|YHWNH ]ĘNpSSHQKDWiUR]RPPHJ

'HILQtFLy8$]XQLYHU]XP

$]XQLYHU]XPD]|VV]HVpOĘpVpOHWWHOHQOpWH]ĘKDOPD]D'8

0HJMHJ\]pV

$]XQLYHU]XP²D]pOĘpVpOHWWHOHQOpWH]ĘNIRO\WRQRVDQYiOWR ]yKDOPD]DpVHJ\EHQDPLQGHQNRULMHOHQLGĘSLOODQDWEDQYiOWR ]ypVYiOWR]DWRVDQ\DJPHJQ\LOYiQXOiVD

7|EE PiV IRQWRV WXODMGRQViJDLYDO D NpVĘEELHNEHQ UpV]OHWHVHQ IRJODONR]RP

$[LyPiN,9,9

$OpWH]ĘNQHNYDQJUDYLWiFLyVN|OFV|QKDWiVXN

$OpWH]ĘNQHNYDQJUDYLWiFLyVN|OFV|QKDWiVXNDPLNRULVDOp WH]ĘN W|PHJNNHO IRUGtWRWW DUiQ\~ J\RUVXOiVVDO HJ\PiV IHOp PR]RJQDNDPLNQHNYDQJUDYLWiFLyVN|OFV|QKDWiVXND]RNW|PHJN NHO IRUGtWRWW DUiQ\~ J\RUVXOiVVDO HJ\PiV IHOp PR]Jy OpWH]ĘN

$,9377,97,9

$OpWH]ĘQIRUJDWyQ\RPDWpNPĦN|GLNKDDWHVWpEHQYDODPHO\SRQWMiWyOYDJ\DW|PHJ N|]pSSRQWMiWyONH]GĘGĘHUĘNDURQPiVOpWH]ĘNHOWHWWHNOVĘHUĘKDW

$OpWH]ĘQIRUJDWyQ\RPDWpNPĦN|GLNKDDWHVWpEHQYDODPHO\

SRQWMiWyO YDJ\ D W|PHJN|]pSSRQWMiWyO NH]GĘGĘ HUĘNDURQ PiV Op WH]ĘNHOWHWWHNOVĘHUĘKDW$,9377,9

+DHJ\OpWH]ĘQNOVĘHUĘKDWiViUDIRUJDWyQ\RPDWpNpUYpQ\HVODNNRUPHJYiOWR]LND IRUJiViOODSRWDSHUGOHWH

+DHJ\OpWH]ĘQNOVĘHUĘKDWiViUDIRUJDWyQ\RPDWpNpUYpQ\HVO DNNRU PHJYiOWR]LN IRUJiViOODSRWD >SHUGOHWH@ $,9 37 7,9

+DHJ\OpWH]ĘSHUGOHWHiOODQGyGHPHJYiOWR]LNDWHKHWHWOHQVpJLQ\RPDWpNDDNNRUD V]|JVHEHVVpJHIRUGtWRWWDUiQ\EDQYiOWR]LN

+DHJ\OpWH]ĘSHUGOHWHiOODQGyGHPHJYiOWR]LNDWHKHWHWOHQ VpJL Q\RPDWpND DNNRU D V]|JVHEHVVpJH IRUGtWRWW DUiQ\EDQ YiO WR]LN$,9377,9

$OpWH]ĘNJUDYLWiFLyVKDWiVDHJ\PiVRQ²tJ\SOD+ROGpVNLVHEEPpUWpNEHQDWiYR OLEE1DSJUDYLWiFLyVKDWiVDD)|OG|Q²SHULRGLNXVDQiUDSiO\MHOHQVpJHWRNR]PHO\DWHQ JHO\N|UOLIRUJiVXNQDNPHJIHOHOĘQDJ\ViJ~NHUOHWLVHEHVVpJJHOPR]RJ

$ OpWH]ĘN JUDYLWiFLyV KDWiVD HJ\PiVRQ ² tJ\ SpOGiXO D +ROG pVNLVHEEPpUWpNEHQDWiYROLEE1DSJUDYLWiFLyVKDWiVDD)|O G|Q ² SHULRGLNXVDQ iUDSiO\ MHOHQVpJHW RNR] PHO\ D WHQJHO\

)* )*DKRO)*!DJUDYLWiFLyVHUĘ

D )PDKROPDW|PHJ)!D]HUĘpVDDJ\RUVXOiV

0 )UDKRO)!D]HUĘU!D]HUĘNDU0!DIRUJDWyQ\RPDWpN

1 ĬױDKRO1!DSHUGOHWĬ!DWHKHWHWOHQVpJLQ\RPDWpNױ!DV]|JVHEHVVpJ

$]iUDSiO\MHOHQVpJHL D N|]HOL pJLWHVWHN HJ\PiVUD J\DNRUROW W|PHJYRQ]iVD iOWDO HJ\PiVRQ OpWUHKR]RWW DODN YiOWR]iVRN)|OGLpUWHOHPEHQD]iUDSiO\YDJ\UpJLHVQHYpQWHQJHUMiUiVDWHQJHUV]LQWMpQHNSHULRGLNXVHPHONHGpVH iUDGDWYDJ\GDJiO\ pV VOO\HGpVHDSiO\ PHO\HW D+ROGpV D1DSYRQ]iViQDN EHIRO\iVD RNR]$] iU DSiO\MHOHQVpJHDIRO\DGpNRQNtYOD]pJLWHVWHNV]LOiUGWHVWpUHNpUJpUHpVNpSOpNHQ\N|SHQ\pUHLVKDWGHDOHJ V]HPEHWĦQĘEEDIRO\DGpNRNSOD)|OGLyFHiQRNQDSLPpWHUHVYt]V]LQWYiOWR]iVD

N|UOLIRUJiVXNQDNPHJIHOHOĘQDJ\ViJ~NHUOHWLVHEHVVpJJHOPR ]RJ$,9377,9

$]XQLYHU]XPDWWULE~WXPDL

$]XQLYHU]XPMHOOHJHNHOHWNH]pVHPĦN|GpVHPHJV]ĦQpVHpVWHUMHGHOPH

7pWHO,9$]XQLYHU]XPPDJDLVOpWH]Ę

%L]RQ\tWiV

$]XQLYHU]XPD]|VV]HVOpWH]ĘKDOPD]D'8$OpWH]ĘNKDOPD]D SHGLJ PDJD LV OpWH]Ę D7, WpWHO V]HULQW .|YHWNH]pVNpSSHQ D]

XQLYHU]XPPDJDLVOpWH]Ę7,94HG73'87,377,9 7,97,9

0HJMHJ\]pV

$] pOHWWHOHQ DWRPRN pV D EHOĘON iOOy PROHNXOiN YDODPLQW D PROHNXOiNEyOIHOpSOĘpOĘVHMWHNPLQGOpWH]ĘN8J\DQDNNRUEiU PHO\ pOĘOpQ\ OHJ\HQ D] HJ\ Q|YpQ\ HJ\ iOODW YDJ\ HJ\ HPEHU pVEiUPHO\V]HUYHLVLO\HQOpWH]ĘDWRPRNEyOPROHNXOiNEyOYD ODPLQW VHMWHNEĘO iOO ² iPGH H] D] pOĘOpQ\ Q|YpQ\ iOODW YDJ\

HPEHU LV Q\LOYiQYDOyDQ |QiOOy HQWLWiV D] HOĘEEL HOHPHNEĘO iOOy |VV]HWHWW OpWH]Ę 'H XJ\DQH] iOO D] |VV]HWHWW pOHWWHOHQ OpWH]ĘNUHLV²PLQWSpOGiXOD)|OGD1DSYDJ\D7HM~WUHQGV]HU

² KLV]HQ pOHWWHOHQ DWRPRNEyO pVYDJ\ PROHNXOiNEyO iOOQDN H]HN LV7HKiWPLQGHQOpWH]ĘHJ\YDJ\W|EEHOHPEĘOOpWH]ĘEĘOiOOy KDOPD] GH Q\LOYiQYDOyDQ RO\DQ KDOPD] DPHO\ |QPDJiW KDOPD]

HOHPNpQWQHPWDUWDOPD]]D(]LJD]D]XQLYHU]XPUDPLQWOpWH]Ę UHLV

7pWHO,9$]XQLYHU]XPQDNPLQWOpWH]ĘQHNYDQDQ\DJD

%L]RQ\tWiV

$]XQLYHU]XPPLQWD]|VV]HVOpWH]ĘKDOPD]D'8PDJDLVOp WH]Ę D7,9 WpWHO V]HULQW 0LQWKRJ\ D OpWH]ĘNQHN YDQ DQ\DJD

$, H]pUW D] XQLYHU]XPQDN PLQW OpWH]ĘQHN LV YDQ DQ\DJD 7,94HG73'8$_,7,9377_,9&7,9&

(NYLYDOHQFLD,9(9DQD]XQLYHU]XPQDNÄpWHU´QHNLVQHYH]KHWĘDQ\DJD

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy D] HNYLYDOHQFLD LJD]ViJD 37‘

0HJMHJ\]pVHN

$]XQLYHU]XPPLQWD]|VV]HVOpWH]ĘKDOPD]DOpWH]ĘPDJDLV7,90LQWOpWH]ĘDOpWH]ĘNPLQGHQWXODMGRQVi JiYDOUHQGHONH]LN7,&²GHFVDND]]DO.|YHWNH]pVNpSSHQD]XQLYHU]XPPLQWOpWH]ĘNKDOPD]DQHPWDUWDO PD]]D|QPDJiWFVDN~J\PLQWHJ\HWOHQUpV]KDOPD]DVHP9DJ\LVD]XQLYHU]XP~QQHPWDUWDOPD]NRGyKDOPD]

7HKiWQHPWpYHV]WHQGĘ|VV]HDQDLYKDOPD]HOPpOHWEHQHOOHQWPRQGiVWRNR]yÄ|VV]HVKDOPD]RNKDOPD]D´IRJDO PiYDO

(WHNLQWHWEHQIRQWRVD]WOiWQLKRJ\D]XQLYHU]XPDQ\DJiW D NpPLDL HOHPHN SHULyGXVRV UHQGV]HUH V]HULQWL PiU LVPHUW pV PpJ QHP LVPHUWDWRPRN D EHOĘON IHOpSOĘ V]HUYHV pV V]HUYHW OHQPROHNXOiN D] HOĘEELHNEĘO iOOy HONO|QOW GLV]NUpW WHV WHNSOD]pOĘOpQ\HNWHVWHpVD]pJLWHVWHNPHO\HNQHNHJ\MH OHQWĘV UpV]H OiWKDWy HOHNWURPiJQHVH KXOOiPRNDW ERFViW NL V H]pUW OiWKDWy pVYDJ\ GHWHNWiOKDWy YDODPLQW RO\DQ pJLWHVWHN DPHO\HN W|EEQ\LUH OiWKDWy IpQ\W QHP ERFViWDQDN NL HVHWOHJ FVDNWNU|]LND]WSODV]WHURLGiNERO\JyNSRUpVDQ\DJIHO KĘN ÄFVLOODJV]HOHN´ IHNHWH O\XNDN VWE YDODPLQW D]DWRPRN HOHPLUpV]HFVNpLEĘOiOOyDQ\DJiUDPRNDQ\DJWHUHNpVDQ\DJPH]ĘN DONRWMiN $] DQ\DJQDN HPH LVPHUW pV D PpJ QHP LVPHUW IDMWiL WHOMHVHQ Kp]DJPHQWHVHQ ÄNLW|OWLN´ D] XQLYHU]XPRW 7HKiW D]

XQLYHU]XPHNNpQWPDJDLVD]LGĘEHQYiOWR]yDQ\DJJDOEtUyOpWH ]Ę KDVRQOtW KR]]i SO D ERO\JyN WHVWpQHN YDJ\ SO D] HPEHUL WHVWQHN IRO\YiVW YiOWR]y ÄXQLYHU]XPD´ 1HYH]]N PRVW H]W D]

XQLYHU]XPRW ÄNLW|OWĘ´ KHWHURJpQ pV D] pJLWHVWHNQpO D OHJVĦ UĦEEQHN YDJ\ PiV WHyULiN V]HULQW HOOHQNH]ĘHQ RWW D OHJULW NiEEQDN WĦQĘ DQ\DJRW D] HJ\V]HUĦVpJ NHGYppUW D PiU LVPHUW pV PHJV]RNRWW HOQHYH]pVVHO ÄpWHU´QHN (PH pWHUUHO NDSFVRODW EDQ LVPHUW IL]LNXVRN1HZWRQ(LQVWHLQ pV-iQRVV\ IHOYHWpVHLW N|]O|PDOiEE(]HNKH]QHPIĦ]|NNRPPHQWiUW

1HZWRQD5REHUW%R\OHKR]EHQtURWWOHYHOpEHQHOĘ DGMDHJ\VHMWpVpWÄ0pJHJ\WRYiEELVHMWpVHPHWLVHOPRQGRPPHO\FVDNPRVW|WO|WW IHOEHQQHPKRJ\H]WDOHYHOHWPRVWtURP6H]DJUDYLWiFLyRNiYDONDSFVRODWRV)HOWpWHOH]HP KRJ\D]pWHUHJ\PiVWyOUHQGNtYONLFVLQ\IRNR]DWRNEDQNO|QE|]ĘILQRPViJ~UpV]HFVNpNEĘO iOOWRYiEEiD]WKRJ\DWHVWHNSyUXVDLEDQLQNiEEDILQRPDEEUpV]HFVNpNDV]DEDGWpUEHQSH GLJLQNiEEDGXUYiEEDNWDOiOKDWyNPHJpVKRJ\N|YHWNH]pVNpSSHQD)|OGKDWDOPDVWHVWpEHQ LV MyYDO W|EE D ILQRP UpV]HFVNH PLQW DGXUYiEEQHP ~J\ PLQW DOHYHJĘEHQ DKRO D] DUiQ\

IRUGtWRWW$OHYHJĘEHQOHYĘGXUYiEEpWHUPLQGD]RQiOWDOEHKDWROD)|OGIHOV]tQLUpJLyLEDFVDN

~J\PLQWDILQRPDEEpWHUDOpJN|UDOVyEEUpJLyLEDRO\PyGRQKRJ\D]DWPRV]IpUDWHWHMpWĘO OHIHOpD)|OGIHOV]tQpLJpVD)|OGIHOV]tQpWĘODQQDNN|]pSSRQWMiLJD]pWHUPLQGHJ\UHILQRPDE EipVILQRPDEEiYiOLN.pS]HOMQNHOPiUPRVWHJ\DOHYHJĘEHQIHOIJJHV]WHWWYDJ\DI|OG|Q IHNYĘWHVWHWDIHOWHYpVV]HULQWDWHVWIHOVĘUpV]HLQHNSyUXVDLEDQOpYĘpWHUGXUYiEEPLQWD]DOVy UpV]HLEHQ OHYĘ D GXUYiEE pWHU SHGLJ QHP RO\ DONDOPDV DUUD KRJ\ D SyUXVRNEDQ PDUDGMRQ PLQW D] DODWWD OpYĘ ILQRPDEE VtJ\ DUUD W|UHNV]LN KRJ\NLMXVVRQ RQQDQ pV KHO\HW DGMRQ D ILQRPDEEpWHUQHNPLQGH]D]XWiQQHPPHKHWYpJEHDQpONOKRJ\DWHVWQHNH]GHQHOHIHOp PR]RJQLKHO\HWDGYDPDJDI|O|WWDWiYR]ypWHUQHN´$N|Q\YHKHO\pQtUWV]HU NHV]WĘLMHJ\]HWHNEĘOPpJNLHPHOHP1HZWRQÄ0LQWtUMDQp]HWHLWIHOWHYpVHN IRUPiMiEDQ DGMD HOĘ PLYHO D] pWHU OpWH]pVpUH YRQDWNR]yDQ G|QWĘ NtVpUOHWL EL]RQ\tWpNRW QHP VLNHUOW WDOiOQLD«´ $]RQEDQ Ä$ OHYpOEHQ NLIHMWHWW pWHUKLSRWp]LV VHJtWVpJpYHO YRQ]iV pV WDV]tWiVIHOWpWHOH]pVHQpONOPHJOHKHWHWWPDJ\DUi]QLDNYDOLWiVRNDW«´9pJOPHJMHJ\

]LNÄ$OHYHJĘNpPLDL|VV]HWpWHOH1HZWRQNRUiEDQPpJQHPYROWLVPHUHWHV$V]i]DG EDQPpJPLQGHQIpOHOpJQHPĦDQ\DJRWOHYHJĘQHNQHYH]WHNDJĘ]|NpVJi]RNN|]|WWVHPWHW WHNpOHVNO|QEVpJHW´

(J\HVHOJRQGROiVRNV]HULQWPHJOHKHWKRJ\D]XQLYHU]XP©pWHUªHOQHYH]pVĦ²PpJLVPHUHWOHQ²DQ\DJDD]

pJLWHVWHNEHQpVPiVOpWH]ĘNEHQQHPVĦUĦEEKDQHPpSSRWWDOHJULWNiEE*D]GDJ/iV]Oy$E|OFVHOHWYpJH ROGDOKWWSZZZPHNRV]NKXLQGH[SKWPO

,VDDF 1HZWRQ YiORJDWRWW tUiVDL ROGDO 7LSRWH[ .LDGy +XQJDULDQ WUDQVODWLRQ )HKpU 0iUWD +HLQULFK/iV]Oy+XQJDULDQHGLWLRQ5DSRO\L/iV]Oy6]HJHGL3pWHU

-iQRVV\LGp]L(LQVWHLQDK~V]DVpYHNEHQPHJMHOHQWHJ\LN FLNNpEHQ²DPDQDSViJNHYpVILJ\HOHPUHPpOWDWRWW²N|YHWNH]Ę PRQGDWRNDW tUWD Ä'H KD PDMG H]HN D OHKHWĘVpJHN LJD]L HOPpOHWHNNp pUOHOĘGWHN D]

HOPpOHWL IL]LNiEDQ DNNRU VHP IRJMXN WXGQLD] pWHUW D]D] D IL]LNDL WXODMGRQViJRNNDO EtUy NRQWLQXXPRWQpONO|]QLD]iOWDOiQRVUHODWLYLWiVHOPpOHWXJ\DQLVPHO\QHNHOYLV]HPSRQWMDLKR]

DIL]LNXVRNQ\LOYiQPLQGLJUDJDV]NRGQLIRJQDNNL]iUHJ\N|]YHWOHQWiYROKDWiVWPLQGHQN|

]HOKDWiVHOPpOHW D]RQEDQ HOHYH IHOWpWHOH] IRO\DPDWRV PH]ĘNHW WHKiW IHOWpWHOH]L HJ\ªpWHU©

OpWH]pVpW´

-iQRVV\tUMDEHQÄHJ\DQ\DJLN|]HJNHPpQ\VpJHpVDEHQQH WHUMHGĘKXOOiPRNVHEHVVpJHN|]|WW|VV]HIJJpVYDQPLQpONHPpQ\HEEHJ\WHVWDQQiOJ\RU VDEEDQWHUMHGQHNEHQQHDKXOOiPRN0LQWKRJ\D]pWHUKXOOiPDLNPPSVHEHVVpJJHO WHUMHGQHNDIHQWL|VV]HIJJpVEĘON|YHWNH]ĘHQD]pWHUNHPpQ\VpJpQHNVRNNDOWDMREEDQIHOONHOO P~OQLD D] DFpOpW PLQW DPHQQ\LUH D] DFpO NHPpQ\VpJH IHOOP~OMD D OHYHJĘpW ,O\HQ N|UOPp Q\HNN|]|WWKRJ\DQOHKHWVpJHV²YHWLNIHODNpUGpVW²KRJ\D1DSUHQGV]HUQDJ\VHEHVVpJJHO KDODGyERO\JyLV~UOyGiVPHQWHVHQV]HOLNiWD]pWHUW"$PDLIL]LNDLV]HPOpOHWDODSMiQD]RQ EDQH]LVN|QQ\HQpUWKHWĘ0DPiUD]DWRPRNDWpVD]HOHPLUpV]HFVNpNHWQHP©W|PHJSRQWRNª QDNNpS]HOMNPLQWDP~OWV]i]DGEDQ%HEL]RQ\RVRGRWWKRJ\D]HOHPLUpV]HFVNpNQHNKXOOiP WXODMGRQViJDLYDQQDNpVYDOyV]tQĦKRJ\H]HNDUpV]HFVNpNQHPPiVRNPLQWD]pWHUNO|QOH JHVKXOOiP]iVDL,O\PyGRQD]HJ\HVUpV]HFVNpNPR]JiViWD]pWHUEL]RQ\RVKXOOiPDLNpQWNpS ]HOKHWMNHOVXJ\DQtJ\D]pWHUPiVIDMWDKXOOiPDLD]HOHNWURPiJQHVHVMHOHQVpJHN0iUSHGLJ KDD]pWHUHJ\DUiQWD]HOHPLUpV]HFVNpNpVD]HOHNWURPiJQHVHVKXOOiPRNKRUGR]yMDDNNRUD]

DNpUGpVKRJ\DUpV]HFVNpNKRJ\DQWXGMiND]pWHUWiWV]HOQLIHOVHPPHUO

%L]RQ\RVHOWpUpVHNNHOEiUGHOpQ\HJpEHQKDVRQOyHONpS]HOpVHQDODSXO+HLVHQEHUJW|UHN YpVH LV HJ\ iOWDOiQRV D] |VV]HV HOHPL UpV]HFVNpN PR]JiViW PHJPDJ\DUi]y HJ\WWHV HOPpOHW IHOiOOtWiViUD´

&RUROOiULXP,9&$]XQLYHU]XPPLQWOpWH]ĘDQ\DJDKHO\UĘOKHO\UHpVMHOHQSLOODQDWUyOMH OHQSLOODQDWUDYiOWR]LND]DQ\DJIDMWiNV]HULQWL|VV]HWpWHOpWYDODPLQWKRPRJHQLWiViWVĦUĦVp JpWIpQ\HVVpJpWVWEWHNLQWYH7,9&

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

37‘

7pWHO,9 $] XQLYHU]XPUD LV PLQW D] |VV]HV OpWH]Ę KDOPD]iUD pUYpQ\HV D OpWH]pV PHJPDUDGiV WHUPpV]HWL W|UYpQ\H HV]HULQW HJ\HWOHQ HOHPH VHP NHOHWNH]KHW D VHPPLEĘO pV QHPYiOKDWVHPPLYpVHP

%L]RQ\tWiV

7HJ\NIHODWpWHOEHOLiOOtWiVHOOHQNH]ĘMpW

$] XQLYHU]XPUDQHP pUYpQ\HV D OpWH]pVPHJPDUDGiV WHUPpV]HWL W|UYpQ\H'H H] D] LQYHU] iOOtWiV HOOHQWPRQG D7, WpWHOQHN PLV]HULQWD]XQLYHU]XP'8LVOpWH]ĘVtJ\UHQGHONH]LNDOp WH]ĘN PLQGHQ WXODMGRQViJiYDO 7,& H]pUW YRQDWNR]LN Ui WHKiW DOpWH]pVPHJPDUDGiVW|UYpQ\H$,D]D]D]XQLYHU]XPPLQGHQ OpWH]ĘMHHJ\YDJ\W|EEPiVLNOpWH]ĘEĘOV]OHWLNpVPLQGHQOp -iQRVV\/DMRV5HODWLYLWiVHOPpOHWpVIL]LNDLYDOyViJFtPĦN|Q\YH*RQGRODWROGDOiQ

'U$OEHUW(LQVWHLQĥEHUGHQ$WKHU9HUKDQGOXQJHQGHU6FKZHLW]HULVFKHQ3K\VLNDOLVFKHQ*HVHOOVFKDIW

%DQG7HLO,,ODS

-iQRVV\/DMRV5HODWLYLWiVHOPpOHWpVIL]LNDLYDOyViJFtPĦN|Q\YH*RQGRODWROGDOiQ

WH]ĘMpEĘO ² OHJNpVĘEE HOSXV]WXOiViYDO ² HJ\ YDJ\ W|EE PiVLN OpWH]Ę NHOHWNH]LN 0LQGH] YRQDWNR]LN D] XQLYHU]XPUD LV PLQW PLQGHQ OpWH]ĘUH PHUW KD DNWXiOLV OpWiOODSRWD HOYHV]tWL YDOD PHO\OpQ\HJpW$_,DGyWXODMGRQViJiWDNNRUD]DOpWiOOD SRWD HOSXV]WXO ~J\ KRJ\ D] HOP~OW OpWiOODSRWD KHO\pEH D]RQ QDO ~M OpQ\HJĦ OpWiOODSRWD OpS (OOHQWPRQGiVUD MXWRWWXQN WH KiWDWpWHOEHOLiOOtWiVLJD]7,94HG73'8$,$, 7,7,&377,9&7,9&7,97,9

&RUROOiULXP,9& $] XQLYHU]XP PLQW OpWH]Ę SLOODQDWUyO SLOODQDWUD YiOWR]LN DNNpQW KRJ\ D] DNWXiOLV OpWiOODSRWD DNWXiOLV DQ\DJHORV]OiVD HOHPHL V]HULQWL |VV]HWpWHOH pVYDJ\

HOHPHLQHN IRUPiMD pVYDJ\ VWUXNW~UiMD pVYDJ\ WHUMHGHOPH VWE UHQGUH PHJV]ĦQLN OpWH]QL iPGH HJ\~WWDO ~M OpWiOODSRWEDQ PLQWÄXWyGXQLYHU]XP´ UHQGUH ÄPHJV]OHWLN´ (NNpQW D]

XQLYHU]XPD]HJ\HVOpWiOODSRWDLWWHNLQWYHYpJHVPLQWPLQGHQPiVOpWH]ĘXJ\DQDNNRU~MDEE pV~MDEEOpWiOODSRW~ÄXWyGXQLYHU]XP´NpQWYDOyPHJV]OHWpVHIRO\WiQ²PLQWÄXWyGXQLYHU ]XP´RN iUDGDWD ² HJ\V]HUVPLQG LGĘEHQ YpJWHOHQ |U|N FVDN~J\ PLQW D] LGĘ pV D WpU 7_,9&

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

377_,97_,97_,97_,9

0HJMHJ\]pV

1DJ\ KDVRQOyViJ YDQ SpOGiXO D] DWRPRN pV HOHPL UpV]HFVNpLN PHJ D] XQLYHU]XP N|]|WW 0LQGHQ DWRP pV HOHPL UpV]HFVNH YpJHV OpWWDUWDP~ tJ\ YpJHV pOHWWDUWDP XWiQ PHJV]ĦQLN OpWH]QL GH PLQGLJNHOHWNH]LNLVD]XQLYHU]XPEDQD]D]PLQGLJYDQD]XQL YHU]XPEDQDWRPpVHOHPLUpV]HFVNHD]$,D[LyPDV]HULQW²OHJ IHOMHEEDORNiOLVpVPHQQ\LVpJLHORV]OiVDPiVpVPiV

&RUROOiULXP,9&$]XQLYHU]XPEDQpUYpQ\HVOQHNDWHUPpV]HWNO|QIpOHPHJPDUDGiVL W|UYpQ\HL&_,9&

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

73377_,97_,9

7pWHO,9hUHVXQLYHU]XPYDJ\XQLYHU]XPUpV]QLQFV

/pQ\HJ ILO$YDOyViJWiUJ\DLQDNpVIRO\DPDWDLQDNDODSYHWĘPHJKDWiUR]yWDUWDOPDDPHO\QpONOD]RNQHP OpWH]KHWQHN/G0e.6=$NDGpPLD.LDGy%XGDSHVWROGDO

3O +D HJ\ HPEHU PHJKDO HOYHV]WL KDOiOD HOĘWWL OpWiOODSRWiQDN DPD OpQ\HJpW KRJ\pOĘ HPEHU pV D]RQQDO pOHWWHOHQOpWiOODSRW~HPEHULKROWWHVWNpQWH]D]~MOpQ\HJHPLQWpOHWWHOHQOpWH]ĘÄPHJV]OHWLN´9DJ\SOD)|OG EHPLQWJD]GDJpOĘYLOiJJDOUHQGHONH]ĘpJLWHVWEHD<XFDWiQIpOV]LJHWHQEHFVDSyGRWWKDMGDQHJ\DV]WHURLGD(PL DWWD)|OG|QNLKDOWD]pOĘYLOiJQDJ\UpV]HDGLQRV]DXUXV]RNNDOHJ\WWËJ\D)|OGHOYHV]WHWWHDEHFVDSyGiVHOĘWWL OpWiOODSRWiQDNHJ\OpQ\HJHVYRQiViWYDJ\LVD]pOĘGLQRV]DXUXV]RNNDOVDMiWRViOODWRNNDOpVQ|YpQ\YLOiJJDOVWE ODNRWW)|OGKHO\HWWD]RQQDOpOHWWHOHQOpWiOODSRW~GLQRV]DXUXV]RNNDOVWEUHQGHONH]ĘNRSiU)|OGOHWWD]D]HOĘ]Ę OpWiOODSRWDHOSXV]WXOWHQQHNKHO\pEH~MOpWiOODSRWDÄPHJV]OHWHWW´DKROPHJQ\tOWDWHUH~MDEEpOĘYLOiJNLDODNXOi ViQDNSOD]HPOĘV|NIHMOĘGpVpYHOH]OHWWD)|OG~MOpQ\HJH9DJ\SOD]XQLYHU]XPDNWXiOLVOpWiOODSRWDHOYHV]WL OpQ\HJpQHN HJ\ MHOHQWĘV UpV]pW DPLNRU PDMG D 7HM~WJDOD[LV pV D] $QGURPpGDJDOD[LV |VV]HWN|]LN H]]HO H OpWiOODSRWDHOP~OLNPHUWD]XQLYHU]XPW|EEpNpWQDJ\JDOD[LVVDOD7HM~WpVD]$QGURPpGDJDOD[LVVDOQHPIRJ UHQGHONH]QLYLV]RQWD]XQLYHU]XPQDND]RQQDO~MOpQ\HJĦOpWiOODSRWDÄV]OHWLN´DNpWQDJ\JDOD[LVPpJQDJ\REEi HJ\HVOpVpYHO

%L]RQ\tWiV

7HJ\NIHODWpWHOEHOLiOOtWiVHOOHQNH]ĘMpW hUHVXQLYHU]XPYDJ\XQLYHU]XPUpV]YDQ

'H D] XQLYHU]XP D] |VV]HV OpWH]Ę KDOPD]D '8 V PLQW LO\HQ PDJD LV OpWH]Ę7,9V]HULQW ÈP PHUW D] XQLYHU]XP LV OpWH]Ę H]pUWD]XQLYHU]XPQDNpVD]XQLYHU]XPYDODPHO\UpV]pQHNYiOWR ]y |VV]HWpWHOĦ pV VĦUĦVpJĦ VWE GH PLQGHQNRU NRQNUpW DQ\DJD LVYDQ7,9V]HULQW(V]HULQWD]XQLYHU]XPYDJ\UpV]HQHPUHV

$]LQYHU]IHOWpWHOH]pVVHOHOOHQWPRQGiVUDMXWRWWXQNHUJRDWp WHOLJD]7,94HG73'87,97,9377,9&7,9 7,9

&RUROOiULXP,9&$]0WHyULDV]HULQWLUHVXQLYHU]XPRNOpWH]pVHpVWN|]pVHOHKHWHWOHQ D]0WHyULDWHKiWPHUĘILNFLy

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

37‘

7pWHO,9&VDNHJ\HWOHQXQLYHU]XPYDQ

%L]RQ\tWiV

7HJ\NIHODWpWHOEHOLiOOtWiVHOOHQNH]ĘMpW

7|EEXQLYHU]XPOpWH]LN-HO|OMHH]HNHW888_L8_Q pV H]HN PLQG OpWH]ĘN PDJXN LV 7,9 'H D] XQLYHU]XP D] |V]

V]HVOpWH]ĘKDOPD]DD'₈GHILQtFLyV]HULQWÈPGHDNNRUD'₈GH ILQtFLy LJD] EiUPHO\LN8_L XQLYHU]XPUD L Q pV UHV XQLYHU]XP SHGLJ QLQFV 7,9 (]pUW D]888888_L888_Q 8₊ HJ\HVtWHWW XQLYHU]XPKDOPD] LV D] |VV]HV OpWH]ĘN KDOPD]D N|

YHWNH]pVNpSS8₊LVOpWH]ĘKDOPD]D]D]QHPPiVPLQWPDJDDOp WH]Ę HJ\HWOHQ XQLYHU]XP (OOHQWPRQGiVUD MXWRWWXQN N|YHWNH]pV NpSS FVDN HJ\HWOHQ XQLYHU]XP YDQ 7,9 4HG73'8 7,9 7,9377,9&7,9&7,97,9

&RUROOiULXP,9&1LQFVPXOWLYHU]XP

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

377,9

&RUROOiULXP,9&1LQFV~QSiUKX]DPRVXQLYHU]XP

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

37‘

7pWHO,9$]XQLYHU]XPWHUHNLWHUMHGpVHPLQGHQNRUYpJWHOHQQDJ\ViJ~

%L]RQ\tWiV

ÈOOtWVXNDWpWHOHOOHQNH]ĘMpW

$]XQLYHU]XPWHUHNLWHUMHGpVHPLQGHQNRUYpJHVQDJ\ViJ~ÈP D]XQLYHU]XP²D'8GHILQtFLyV]HULQW²D]|VV]HVOpWH]ĘKDOPD ]D N|YHWNH]pVNpSSHQ D YpJHV QDJ\ViJ~ XQLYHU]XPRQ NtYO QLQFV PiVOpWH]ĘQLQFVPiVLNXQLYHU]XPVHPPHUWXQLYHU]XPFVDNHJ\

YDQ 7,9 V tJ\ D YpJHV QDJ\ViJ~ XQLYHU]XPRQ NtYO QLQFV DQ\DJ VHP $_,(D[LyPD 9LV]RQW DNNRU D YpJHV QDJ\ViJ~ XQL YHU]XP D VHPPLEHQ YDQ ÄD VHPPLEHQ OHEHJ´ ÈPGH D VHPPLQHN QLQFVWHUHNLWHUMHGpVHD]$_,,,D[LyPiQDNPHJIHOHOĘHQ'HH]

NpSWHOHQVpJ PHUW D] LQYHU] WpWHOEĘO D] N|YHWNH]LN KRJ\ D]

|VV]HV'VNLWHUMHGpVĦOpWH]ĘpVDQ\DJDD]D]D'VNLWHUMH GpVĦXQLYHU]XPPLQWOpWH]Ę7,9PLQGHQNRUDNLWHUMHGpVQpO NOLpVDQ\DJWDODQVHPPLEHQYDQ

0LYHOD]LQYHU]WpWHONpSWHOHQVpJUHYH]HWHWWH]pUWD]HUHGH WL WpWHOEHOL iOOtWiV D] LJD] 7,9 4HG 73'8$,(

$_,,,7,97,937_,9

7pWHO,9$]XQLYHU]XPQHPNHOHWNH]HWWDQDJ\EXPD]ĘVUREEDQiVVRUiQHJ\DWRPQiO LVNLVHEE'VNLWHUMHGpVĦDQ\DJJDOEtUyOpWH]ĘEĘOpVQHPV]ĦQLNPHJPDMGDQDJ\UHFFV N|YHWNH]WpEHQDYpJWHOHQWiJXOiVDPLDWWLVHPPLYpYiOiVVDO

%L]RQ\tWiV

ÈOOtWVXNDWpWHOHOOHQNH]ĘMpW

$]XQLYHU]XPDQDJ\EXPD]ĘVUREEDQiVVRUiQHJ\DWRPQiOLV NLVHEE GV NLWHUMHGpVĦ DQ\DJJDO EtUy OpWH]ĘEĘO NHOHWNH]HWW pVPHJV]ĦQLNPDMGDQDJ\UHFFVN|YHWNH]WpEHQDYpJWHOHQWiJX OiVDPLDWWLVHPPLYpYiOiVVDO

ÈP KD D] XQLYHU]XP '8 D QDJ\ EXP VRUiQ HJ\ DWRPQiO LV NL VHEE 'V NLWHUMHGpVĦ DQ\DJJDO EtUy OpWH]ĘEĘO NHOHWNH]HWW DNNRU D WHUH NLWHUMHGpVHQHP OHKHWHWW YpJWHOHQ QDJ\ VHP D]

ĘVUREEDQiV LGĘSRQWMiEDQ VHP D] HOĘWWSHGLJ D] LJD]ROW7_,9 WpWHOV]HULQWD]PpJKR]]i|U|NNp7,9&7RYiEEiLQYHU]iO OtWiVXQNV]HULQWD]XQLYHU]XPPHJV]ĦQLNPDMGDQDJ\UHFFVHOD YpJWHOHQWiJXOiVDPLDWWLVHPPLYpYiOiVVDO'HH]VHPOHKHWD]

LJD]ROW7_,9 WpWHO V]HULQW PHUW D] XQLYHU]XP QHP YiOKDW VHP PLYp ,QYHU] iOOtWiVXQNNDO WHKiW PLQGNpW WHNLQWHWEHQ HOOHQW PRQGiVUD MXWRWWXQN N|YHWNH]pVNpSSHQ D WpWHO LJD] 7,9 4HG73'87,97_,9&7_,937‘

7pWHO,9$]XQLYHU]XPWHUHYDJ\WHUpQHNUpV]HHXNOLGHV]L

%L]RQ\tWiV

ÈOOtWVXNDWpWHOHOOHQNH]ĘMpW

$]XQLYHU]XPWHUHYDJ\WHUpQHNUpV]HQHPXNOLGHV]L'HDN NRU D] XQLYHU]XPQDN '8 PLQW OpWH]ĘQHN 7,9 D WHUH YDJ\

WHUpQHN UpV]H J|UEOWWRU]XOW '* ÈP D WpU EiUPHO\ OpWH]Ę WHUHYDJ\UpV]HDYDOyViJEDQQHPOHKHWJ|UEOWWRU]XOWD7,,, WpWHO V]HULQW (OOHQWPRQGiVUD MXWRWWXQN N|YHWNH]pVNpSSHQ D WpWHOLJD]7_,94HG73'8'_*7,,,7,937‘

7pWHO,98QLYHU]XPFVDNDPLQGHQNRULMHOHQEHQYDQ

%L]RQ\tWiV

$]XQLYHU]XPPDJDLVOpWH]Ę7,9$OpWH]ĘNV]iPiUDPLQGLJ FVDN D MHOHQ YDQ 7,, N|YHWNH]pVNpSSHQ D] XQLYHU]XP FVDN D PLQGHQNRUL MHOHQEHQ YDQ 7HKiW D WpWHO LJD] 7_,9 4HG 737,,7,937‘

7pWHO,9 $] XQLYHU]XPEDQ D]Ä0´LOOHWYHÄP´0•P!W|PHJJHO EtUyÄ/0´pV Ä/P´OpWH]ĘN N|]|WWLÄJUDYLWiFLyV N|OFV|QKDWiV´ D]D] H OpWH]ĘN HJ\PiV IHOp J\RUVXOy PR]JiVDN|OFV|Q|VÄYRQ]yHUĘQHNWĦQĘ´HUĘKDWiVRQ DODSXOVQHPHOpWH]ĘNW|PHJHiOWDO WRU]tWRWWJ|UEtWHWWWpUUpV]KDWiViQ

%L]RQ\tWiV

ÈOOtWVXNDWpWHOHOOHQNH]ĘMpW

$] XQLYHU]XPEDQ D ÄJUDYLWiFLyV N|OFV|QKDWiV´ D]D] D]0•P!

W|PHJJHOEtUyÄ/0´pVÄ/P´OpWH]ĘNHJ\PiVIHOpJ\RUVXOyPR]Ji VD D]0LOOHWYH P W|PHJJHO EtUy Ä/₀´ pV Ä/_P´ OpWH]ĘN iOWDO WRU]tWRWWJ|UEtWHWW WpUUpV]HN KDWiVD VQHP H OpWH]ĘN N|]|WWL N|OFV|Q|V ÄYRQ]yHUĘQHN WĦQĘ´ HUĘKDWiV N|YHWNH]PpQ\H 0LYHO Ä/0´ pV Ä/P´ W|PHJJHO EtUy $, OpWH]ĘN DPHO\HN ÄJUDYLWiFLyV KDWiVQDN´NLWHWWHN$,9H]pUWD]$,9D[LyPDV]HULQWHJ\PiV IHOpJ\RUVXOYDPR]RJQDNÈPGHD7,,,WpWHOV]HULQWD]Ä0´

W|PHJĦ /0 OpWH]Ę ÄWpUJ|UEOpVWWpUWRU]XOiVW´ '* QHP RNR]

KDW H]pUW/P OpWH]ĘUH Qp]YH/0QHP RNR]KDW D WpU ÄJ|UEtWp VHWRU]tWiVD´ UpYpQ ÄJUDYLWiFLyV KDWiVW´ VHP pV H] IRUGtWYD LV LJD] (OOHQWPRQGiVUD MXWRWWXQN N|YHWNH]pVNpSSHQ D WpWHO LJD] 7,9 4HG 73'*$,$,97,,, 37 7,9&

7_,97_,9

&RUROOiULXP,9&$ÄJUDYLWiFLyVN|OFV|QKDWiV´PLDWWHJ\PiVIHOpJ\RUVXOYDPR]JyOp WH]ĘN²KDPiVHUĘQHPKDWUiMXN²LGĘYHOWN|]QHNPDMGOpWiOODSRWXNpVOpQ\HJNPHJ YiOWR]LN D]D] HOSXV]WXOQDN pV DQ\DJXNEyO ~M OpWH]ĘOpWH]ĘN NHOHWNH]LNNHOHWNH]QHN 7,9&

$7,9 WpWHOEĘO PiU Q\LOYiQYDOy KRJ\ H FRUROOiULXP LJD]

377,97,9

+RJ\HUĘN|YHWNH]PpQ\HDJUDYLWiFLyVKDWiVD]EL]RQ\RVÈPGHDWXGRPiQ\MHOHQiOOiVDV]HULQWD]QHPEL]

WRVKRJ\PLO\HQKDWiVPHFKDQL]PXV~H]D]HUĘpVPLO\HQRNEyOHUHG6]iUPD]KDWSOD]LQWHUJDODNWLNXVÄpWHU´

V]HUĦDQ\DJN|]YHWtWpVpYHOKDWyiOWDOiQRVW|PHJYRQ]iVEyOYDJ\SODW|PHJN|UOLDQ\DJ|UYpQ\VRGUyKDWiViEyO VWE(]pUWQHYH]HPHPHN|OFV|QKDWiVWÄYRQ]yHUĘQHNWĦQĘ´HUĘKDWiVQDNPHO\HWNRQNUHWL]iOQLDIL]LNXVRNIHODGD WD0iVWSODQ\DJJ|UEOpVWWRU]XOiVWRNR]KDWGHWpUJ|UEOpVWQHPKLV]PLQWD]WEL]RQ\tWRWWXNDWpUQHPJ|U EOKHWPHUWQHP|QiOOyOpWH]Ę

,9iEUD +ROG)|OG

7pWHO,9$OpWH]ĘN²WHQJHO\N|UOLIRUJiVXNSHULRGLNXVViJDV]HULQW²iUDSiO\MHOHQVp JHW WRU]XOiVW RNR]QDN HJ\PiV WHVWpEHQWHVWIHOOHWpQ D ÄYRQ]yHUĘ´ MHOOHJĦ ÄJUDYLWiFLyV N|OFV|QKDWiV´N|YHWNH]WpEHQ²H]D]HJ\LNWDSDV]WDODWLEL]RQ\tWpNDD]HUĘDODS~JUDYLWiFLyV KDWiVQDN

%L]RQ\tWiV

$OpWH]ĘN²WHQJHO\N|UOLIRUJiVXNSHULRGLNXVViJDV]HULQW²D N|OFV|Q|V ÄYRQ]yHUĘ´ DODS~ÄJUDYLWiFLyV N|OFV|QKDWiV´ 7,9 N|YHWNH]WpEHQ²SpOGiXOD+ROGpVNLVHEEPpUWpNEHQDWiYROLEE 1DS D )|OG WHVWpEHQWHVWIHOOHWpQ GH ÄOiWYiQ\RVDQ´ D )|OGL yFHiQRN Yt]V]LQWMpQ ²iUDSiO\MHOHQVpJHW LGp]QHN HOĘ OG D ,9LOOXV]WUiOyiEUiW9DJ\LVSOD)|OG|QPLQGLJD+ROGpV NLVHEE PpUWpNEHQ D WiYROLEE 1DS IHOp Qp]Ę UpV]pQ pV D] HO OHQWpWHVIHOOHWpQEiURWWNLVHEEPpUWpNEHQYt]N~SHPHONHGLN

² H] D GDJiO\ (] D Yt]N~S ² D )|OG WHQJHO\N|UOL IRUJiViQDN PHJIHOHOĘHQ yUiQNpW NE § NPyUD NHUOHWL VHEHVVpJJHO

$,9 PR]RJ D )|OG N|UO ( Yt]N~S PLQGLJ FVDN D )|OG pV D +ROGLOOHWYHD)|OGpVD1DSW|PHJN|]pSSRQWMiWDGRWWLGĘSLO ODQDWEDQ |VV]HN|WĘ YLUWXiOLV HJ\HQHVQpO HPHONHGLN PD[LPiOLV PDJDVViJ~UDPiVXWW²DYt]N~SHOĘWWpVXWiQžDO²QHPRWW YDQD]DSiO\²KLV]HQD)|OGJUDYLWiFLyVHUĘKDWiVDDNLGXGR URGRWW Yt]W|PHJHW YLVV]DK~]]D 7,9 DKRJ\ D )|OG HOIRUGXO D +ROGKR]D1DSKR]NpSHVW$NLGXGRURGRWWYt]W|PHJ)9V~O\iWD +ROG D 1DS)*JUDYLWiFLyV YRQ]HUHMH HOOHQV~O\R]]D 7,9

>)9 )*@(]D)|OG|QyUiQNpQWpVQDSLSHULyGXVRNEDQPHJILJ\HO KHWĘMHOHQVpJHJ\LNWDSDV]WDODWLEL]RQ\tWpNDD]HUĘDODS~JUD YLWiFLyV N|OFV|QKDWiV OpWpQHN PHUW WpUJ|UEtWpVHQ '* DODSXOy QLQFV 7,9 ² LJD] D WXGRPiQ\ MHOHQOHJ D W|PHJYRQ]iV ÄWiYRO KDWiV~´ PHFKDQL]PXViW ÄLVPHUL´ FVDN PiV KDWiVPHFKDQL]PXVW D WXGRPiQ\PpJFVDNNO|QIpOHKLSRWp]LVHNV]LQWMpQLVPHU7,9 4HG73'_*$_,97,9377,9&

7pWHO,9$]XQLYHU]XPYDJ\UpV]H~MOpWiOODSRWiQDNÄH]HQEHOO´D]XQLYHU]XPRWDO NRWy OpWH]ĘN NHOHWNH]pVpQHN PR]JiViQDN pV OpWiOODSRWXN YiOWR]iViQDN PDMG SXV]WXOiVi QDNHOP~OiViQDNHOVĘYDJ\HUHGHQGĘRNDDÄJUDYLWiFLyVN|OFV|QKDWiV´PLQWHUĘ

%L]RQ\tWiV

7HJ\NIHODWpWHOEHOLiOOtWiVHOOHQNH]ĘMpW

$]XQLYHU]XPYDJ\UpV]H~MOpWiOODSRWiQDNÄH]HQEHOO´D]

XQLYHU]XPRW DONRWy OpWH]ĘN NHOHWNH]pVpQHN PR]JiViQDN YDOD PLQW OpWiOODSRWXN YiOWR]iViQDN PDMG SXV]WXOiViQDNHOP~OiViQDN HOVĘ YDJ\ HUHGHQGĘ RNDQHP D ÄJUDYLWiFLyV N|OFV|QKDWiV´ PLQW

HUĘ 'H DNNRU D] Ä0´ W|PHJĦ/0 pV D] ÄP´ W|PHJĦ/P OpWH]Ę 0•P!QHPPR]RJKDWHJ\PiVIHOpDW|PHJNiOWDOPHJKDWiUR]RWW J\RUVXOyPR]JiVXNDWRNR]yHUĘIDMWDKDWiViUDD7_,9WpWHOiOOt WiVD HOOHQpUH +D QHP PR]RJKDWQDN LO\HQ PyGRQ DNNRU QHP LV

WN|]KHWQHNDOpWiOODSRWXNpVOpQ\HJĦNtJ\QHPYiOWR]KDWPHJ V H]pUW QHP LV SXV]WXOKDWQDNP~OKDWQDN HO D 7,9&

FRUROOiULXPEHOL iOOtWiVVDO V]HPEHQ 7RYiEEi D OpQ\HJNHW WH NLQWYH ~M OpWH]ĘOpWH]ĘN VHP NHOHWNH]KHWQHN EHOĘON SXV]WX OiVXNHOP~OiVXNXWiQD]LJD]ROW$,D[LyPDiOOtWiVDHOOHQpUH

(OOHQWPRQGiVUD MXWRWWXQN N|YHWNH]pVNpSSHQ D WpWHO LJD]

7,94HG73$,7,97,9&37‘

0HJMHJ\]pV

$] XQLYHU]XPEDQ iOWDOiQRV D ÄJUDYLWiFLyV N|OFV|QKDWiV´

7,9 KLV]HQ D] XQLYHU]XP D OpWH]ĘN |VV]HVVpJH PHO\HNQHN YDQ DQ\DJD 7,9 pV YDQ ÄJUDYLWiFLyV KDWiVD´ $ ÄJUDYLWiFLyV KDWiV´ N|YHWNH]PpQ\H KRJ\ D] XQLYHU]XP LQWHUJDODNWLNXV G|Q WĘHQKLGURJpQEĘOKpOLXPEyOpVSRUEyOiOOyDQ\DJIHOKĘL|VV]H K~]yGQDNHJ\PiVIHOpJ\RUVXOYDPR]RJQDNVĦUĦV|GQHNpVH]HN EHQ D] |VV]HK~]yGyVĦUĦV|GĘ DQ\DJFVRPyNEDQ D] yULiVL PpUWpN EHQ Q|YHNYĘ Q\RPiV V~UOyGiV pV WN|]pV 7,9& N|YHWNH]WpEHQ PHJQĘWW KĘPpUVpNOHWHQ EHLQGXO D KLGURJpQDWRPRN PDJI~]LyMD H]HNEĘO tJ\ KpOLXP NHOHWNH]LN V D I~]Ly VRUiQ IHOV]DEDGXOy HQHUJLD KDWiViUD ÄNLJ\~OQDN´ D FVLOODJRN $ ÄJUDYLWiFLyV KD WiV´ SHUV]H QHP V]ĦQLN PHJ H]pUW D FVLOODJRNEHOL PDJI~]Ly LV IRO\WDWyGLN²pVDI~]LyUDKDMODPRVDWRPRNKHO\LPHQQ\LVpJpWĘO IJJĘHQ ² pYPLOOLyN YDJ\ pYPLOOLiUGRN DODWW DPLNRUUD D KLG URJpQ HOIRJ\ NH]GHWpW YHV]L HOĘEE D KpOLXPDWRPRN PDMG D QD J\REEV~O\~DWRPRNPDJI~]LyMiQDODSXOyPpJQDJ\REEV~O\~DWRPRN NHOHWNH]pVH $ FVLOODJ pOHWH YpJpQ V]XSHUQyYiYi DODNXO V QDJ\ UREEDQiV N|]HSHWWH V]pWV]yUMD D FVLOODJN|]L ÄWpUEH´ D]

DWRPRN SHULyGXVUHQGV]HUpQHN V]LQWH PLQGHQ DWRPMiW (]HNEĘO pV D]XQLYHU]XPEDQPiVXWWOpYĘKLGURJpQIHOKĘNÄJUDYLWiFLyVKDWiV´

PLDWWL |VV]HK~]yGiViEyO pV WN|]pVHNEĘO ~M FVLOODJRN pV JDOD [LVRN EHQQN FVLOODJUHQGV]HUHN D]D] HJ\ YDJ\ W|EE FVLOODJ N|UO NHULQJĘ ERO\JyN KROGDN NHOHWNH]QHN 7,9& $ ERO\JyN KROGDN QpPHO\LNpQ ² DKRO D IHOWpWHOHN PHJIHOHOĘHN ² D SHULy GXVRVUHQGV]HUEHOL DWRPRNEyO pV YpJVĘ VRURQ D ÄJUDYLWiFLyV HUĘKDWiV´ UpYpQ PR]Jy IRO\DGpNRNEDQ NLDODNXOKDW pV IHMOĘGKHW D] pOHW +RVV]DEE LGĘ HOWHOWpYHO D]RQEDQ H FVLOODJUHQGV]HUHN pV ERO\JyLN LV HOSXV]WXOQDN $ FVLOODJRN DQ\DJXNDW UREEDQiV V]HUĦHQ V]pWO|YHOOLN (] D ÄJUDYLWiFLyV KDWiV´ 7,9 PLDWWL NHOHWNH]pVLSXV]WXOiVL IRO\DPDW VRKD QHP iOO PHJ KRVV]DEE U|YLGHEE FLNOXVRNEDQ LVPpWOĘGLN 7,9 D] XQLYHU]XPQDN PLQGLJ PiVpVPiVÄKHO\pQ´PHUWDOpWH]ĘXQLYHU]XPDQ\DJD7,9PR ]RJSONHYHUHJ|UYpQ\OLN$,

0HJMHJ\]pV

hUHV XQLYHU]XP XQLYHU]XPUpV] QLQFV PLQW DKRJ\ N|]LVPHUWHQ QHPUHVSOHJ\RO\DQI|OGLV]REDVHPPHO\QHNEHOVHMHOiWKD WyDQ PHQWHV PLQGHQ pOĘOpQ\WĘO E~WRUWyO pV EHUHQGH]pVL WiUJ\

WyO %iU D] LO\HQ V]RED EHOWHUH OiWV]yODJ UHV YDOyMiEDQ

D]RQEDQ OpJWHUH WHOH YDQ V]HPPHO QHP OiWKDWy DWRPRNNDO PROH NXOiNNDODWRPRNHOHPLUpV]HFVNpLYHOVWE6ĘWiOWDOiEDQYDQ QDN EHQQH V]DEDG V]HPPHO QHP OiWKDWy pOĘ EDNWpULXPRN SRUDW NiNVWELV

7pWHO,9 $] XQLYHU]XPEDQ HJ\HWOHQ OpWH]Ę VLQFV VRKD DEV]RO~W Q\XJDORPEDQ KDQHP PLQGLJPR]RJ

%L]RQ\tWiV

ÈOOtWVXNDWpWHOHOOHQNH]ĘMpW

$] XQLYHU]XPEDQ YDQ OpWH]Ę DEV]RO~W Q\XJDORPEDQ D]D]

DPHO\DPHO\LNQHPPR]RJ

(] D]RQEDQ HOOHQWpWHV DPD LJD]QDN HOIRJDGRWW$, D[LyPiYDO PLV]HULQW EiUPHO\ OpWH]Ę pVYDJ\ YDODPHO\ UpV]H D WpUEHQ ² D]D] YDODPHO\ PiVLN OpWH]Ę YDJ\ UpV]H WHUpEHQ ² PR]RJ pVYDJ\ UHODWtYH PiV OpWH]ĘK|] pVYDJ\ PiV OpWH]Ę YDODPHO\

UpV]pKH] NpSHVW Q\XJDORPEDQ YDQ $ UHODWtY Q\XJDORP D]RQ EDQFVDNHJ\PiVLNOpWH]ĘK|]pVYDJ\HJ\PiVLNOpWH]ĘYDODPHO\

UpV]pKH] NpSHVW IHQQiOOy PR]GXODWODQViJ iP D W|EEL OpWH]ĘK|]

pVYDJ\YDODPHO\UpV]NK|]NpSHVWPR]JiV

0iVUpV]W D] XQLYHU]XP '₈ |U|N PHUW YDODKiQ\V]RU HJ\

0iVUpV]W D] XQLYHU]XP '₈ |U|N PHUW YDODKiQ\V]RU HJ\

In document AAAAMMMMOOOODDDDEEEERRRRNNNNFFFFIIIILLLLOOOOZZZZÓÓÓÓFFFFIIIIAAAAIIII KKKKOOOOZZZZMMMMOOOOLLLLÓÓÓÓGGGGIIIIAAAAAAAALLLLAAAAPPPPJJJJAAAAIIII (Pldal 165-193)