Spain Euro Medium Term Note Program

7/31/2019 Spain Euro Medium Term Note Program

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L@@B]KGA OK]ORJC]

ÊB FKGANLD L@ _XCKG

B5*888*888*888

Br}l Dbnkrd ^b}d Gl~b X}la}cddb

Lg 32~e _bx~bdmb}* 3;51 êb Fkganld l` _xckg %~eb Krb}+ bg~b}bn kg~l c R'_'.3*888*888*888 Br}l Dbnkrd

^b}d Gl~b X}la}cddb %~eb X}la}cddb+ cgn krbn cg L``b}kga Ok}orjc} lg ~ec~ nc~b nbo}kmkga ~eb

X}la}cddb' êb kyb l` ~eb X}la}cddb qc kgo}bcbn ~l B5*888*888*888 lg =3~ Icgrc}{* =888' êk L``b}kga

Ok}orjc} rxb}bnb cg{ x}bpklr l``b}kga ok}orjc} qk~e }bxbo~ ~l ~eb X}la}cddb krbn x}kl} ~l ~eb nc~b eb}bl '

Cg{ Gl~b %c nbffigbn mbjlq+ krbn rgnb} ~eb X}la}cddb lg l} c`~b} ~eb nc~b l` ~ek L``b}kga Ok}orjc} c}b krbn

rmibo~ ~l ~eb x}lpkklg nbo}kmbn eb}bkg' êk nlb gl~ c``bo~ Gl~b krbn x}kl} ~l ~eb nc~b l` ~ek L``b}kga

Ok}orjc}'

Rgnb} ~ek X}la}cddb ~eb Krb} dc{ `}ld ~kdb ~l ~kdb krb gl~b %~eb Gl~b+ nbgldkgc~bn kg cg{ or}}bgo{

ca}bbn mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb} %c nbffigbn mbjlq+'

Gl~b dc{ mb krbn kg mbc}b} l} }bak~b}bn `l}d %}bxbo~kpbj{ Mbc}b} Gl~b cgn ]bak~b}bn Gl~b+' êb

dcukdrd caa}bac~b gldkgcj cdlrg~ l` cjj Gl~b `}ld ~kdb ~l ~kdb lr~~cgnkga rgnb} ~eb X}la}cddb qkjj gl~

buobbnB5*888*888*888 %l} k~ bsrkpcjbg~ kg l~eb} or}}bgokb ocjorjc~bn c nbo}kmbn eb}bkg+* rmibo~ ~l kgo}bcb c

nbo}kmbn eb}bkg'

êb Gl~b dc{ mb krbn lg c olg~kgrkga mck ~l cg{ xb}lg%+ cxxlkg~bn c c }bjbpcg~ nbcjb} kg ~eb cxxjkocmjb

X}kokga _rxxjbdbg~ `l} ~eb krb l` Gl~b' ]b`b}bgob kg ~ek L``b}kga Ok}orjc} ~l ~eb }bjbpcg~ Nbcjb} ecjj* kg

~eb ocb l` cg krb l` Gl~b mbkga %l} kg~bgnbn ~l mb+ rmo}kmbn m{ dl}b ~ecg lgb Nbcjb}* mb ~l cjj Nbcjb}

ca}bbkga ~l xr}oecb roe Gl~b'

Cxxjkoc~klg ec mbbg dcnb ~l ~eb Jrubdmlr}a _~lof Buoecgab `l} Gl~b krbn rgnb} ~eb X}la}cddb ~l mb

jk~bn lg ~eb Jrubdmlr}a _~lof Buoecgab `l} c xb}kln l` ~qbjpb dlg~e `}ld ~eb nc~b eb}bl`' Gl~kob l` ~eb

caa}bac~b gldkgcj cdlrg~ l` Gl~b* kg~b}b~ %k` cg{+ xc{cmjb kg }bxbo~ l` Gl~b* ~eb krb x}kob l` Gl~b cgn cg{

l~eb} ~b}d cgn olgnk~klg gl~ olg~ckgbn eb}bkg qekoe c}b cxxjkocmjb ~l bcoe ^}cgoeb %c nbffigbn rgnb}

Olgnk~klg l` ~eb Gl~b+ l` Gl~b qkjj mb b~ lr~ kg c x}kokga rxxjbdbg~ %~eb X}kokga _rxxjbdbg~+ qekoe*

qk~e }bxbo~ ~l Gl~b ~l mb jk~bn lg ~eb Jrubdmlr}a _~lof Buoecgab* qkjj mb nbjkpb}bn ~l ~eb Jrubdmlr}a _~lof

Buoecgab lg l} mb`l}b ~eb nc~b l` krb l` ~eb Gl~b l` roe ^}cgoeb'

êb X}la}cddb x}lpknb ~ec~ Gl~b dc{ mb jk~bn lg roe l~eb} l} `r}~eb} ~lof buoecgab%+ c dc{ mb ca}bbn

mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb}' êb Krb} dc{ cjl krb rgjk~bn Gl~b'

êb Gl~b ecpb gl~ mbbg cgn qkjj gl~ mb }bak~b}bn rgnb} ~eb R'_' _bor}k~kb Co~ l` 3;??* c cdbgnbn* %~eb

_bor}k~kb Co~+ cgn dc{ gl~ mb l``b}bn l} ljn kg ~eb Rgk~bn _~c~b l} ~l* l} `l} ~eb mbgbffi~ l`* R'_' xb}lg

rgjb ~eb Gl~b c}b }bak~b}bn rgnb} ~eb _bor}k~kb Co~ l} cg bubdx~klg `}ld ~eb }bak~}c~klg }bsrk}bdbg~ l` ~eb

_bor}k~kb Co~ k cpckjcmjb' _bb @l}d l` ~eb Gl~b `l} c nbo}kx~klg l` ~eb dcggb} kg qekoe Gl~b qkjj mb

krbn' ]bak~b}bn Gl~b c}b rmibo~ ~l ob}~ckg }b~}ko~klg lg ~}cg`b}* bb _rmo}kx~klg cgn _cjb'

C}}cgab}

N}bngb} Fjbkgql}~ Qcb}~bkg

êb nc~b l` ~ek L``b}kga Ok}orjc} k 5~e Lo~lmb}* =88>'


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êk nlordbg~* ~eb X}kokga _rxxjbdbg~ %c nbffigbn mbjlq+ cgn cg{ l~eb} rxxjbdbg~ eb}b~l %~lab~eb}*

~eb L``b}kga Ok}orjc}+ olg~ckg cgn* c ~eb ocb dc{ mb* qkjj olg~ckg* kg`l}dc~klg }bac}nkga ~eb Krb}

cgn ~eb Br}l Dbnkrd ^b}d Gl~b %~eb Gl~b+ ~l mb krbn m{ ~eb Krb} rgnb} k~ X}la}cddb'

êb Krb}* ecpkga dcnb cjj }bclgcmjb bgsrk}kb* olgffi}d ~ec~ ~ek nlordbg~ olg~ckg cjj kg`l}dc~klg

qekoe k dc~b}kcj kg ~eb olg~bu~ l` ~eb krb l` ~eb Gl~b* ~ec~ ~eb kg`l}dc~klg kg ~ek nlordbg~ k ~}rb cgn

coor}c~b kg cjj dc~b}kcj }bxbo~* cgn k gl~ dkjbcnkga* cgn ~ec~ ~eb}b c}b gl l~eb} `co~ ~eb ldkklg l`

qekoe dcfb dkjbcnkga cg{ ~c~bdbg~ eb}bkg* qeb~eb} l` `co~ l} lxkgklg' êb Krb} coobx~ }bxlgkmkjk~{

cool}nkgaj{'

êb Krb} dc{ l``b}* `}ld ~kdb ~l ~kdb* Gl~b nbgldkgc~bn kg cg{ or}}bgo{ xb}dk~~bn m{ jcq rx ~l cg

caa}bac~b x}kgokxcj cdlrg~ lr~~cgnkga c~ cg{ ~kdb l` B5*888*888*888 %l} ~eb bsrkpcjbg~ ~eb}bl` kg l~eb}

or}}bgokb c nb~b}dkgbn m{ }b`b}bgob ~l dknnjb dc}fb~ }c~b l` buoecgab srl~bn kg ~eb Jlgnlg `l}bkag

buoecgab dc}fb~+'

êk L``b}kga Ok}orjc} k ~l mb }bcn kg olgirgo~klg qk~e cjj nlordbg~ qekoe c}b nbbdbn ~l mb

kgol}xl}c~bn eb}bkg m{ }b`b}bgob %bb Nlordbg~s Kgol}xl}c~bn m{ ]b`b}bgob mbjlq+' êk L``b}kga

Ok}orjc} ecjj mb }bcn cgn olg~}rbn lg ~eb mck ~ec~ roe nlordbg~ c}b kgol}xl}c~bn cgn `l}d xc}~ l`

~ek L``b}kga Ok}orjc}'

êb xbokffio ~b}d l` cg{ Gl~b %kgojrnkga* kg~b} cjkc* xc}~korjc} l` krb nc~b* dc~r}k~{ nc~b* x}kgokxcj

cdlrg~* kg~b}b~ }c~b* nkolrg~ }c~b cgn krb x}kob c cxx}lx}kc~b+ ~l mb krbn qkjj mb b~ `l}~e kgrxxjbdbg~ ~l ~ek nlordbg~ %bcoe c X}kokga _rxxjbdbg~ cgn ~lab~eb} ~eb X}kokga _rxxjbdbg~+'

Gbk~eb} ~eb Nbcjb} gl} ~eb ^}r~bb ecpb kgnbxbgnbg~j{ pb}kffibn ~eb kg`l}dc~klg olg~ckgbn eb}bkg'

Cool}nkgaj{* gl }bx}bbg~c~klg* qc}}cg~{ l} rgnb}~cfkga* bux}b l} kdxjkbn* k dcnb cgn gl

}bxlgkmkjk~{ l} jkcmkjk~{ k coobx~bn m{ ~eb Nbcjb} l} ~eb ^}r~bb c ~l ~eb coor}co{ l} oldxjb~bgb

l` ~eb kg`l}dc~klg olg~ckgbn l} kgol}xl}c~bn kg ~ek L``b}kga Ok}orjc} l} cg{ l~eb} kg`l}dc~klg x}lpknbn

m{ ~eb Krb} kg olggbo~klg qk~e ~eb X}la}cddb' Gl Nbcjb} l} ~eb ^}r~bb coobx~ cg{ jkcmkjk~{ kg }bjc~klg

~l ~eb kg`l}dc~klg olg~ckgbn l} kgol}xl}c~bn m{ }b`b}bgob kg ~ek L``b}kga Ok}orjc} l} cg{ l~eb}

kg`l}dc~klg x}lpknbn m{ ~eb Krb} kg olggbo~klg qk~e ~eb X}la}cddb'

Gl xb}lg k l} ec mbbg cr~el}kbn m{ ~eb Krb} l} ~eb ^}r~bb ~l akpb cg{ kg`l}dc~klg l} ~l dcfb cg{

}bx}bbg~c~klg gl~olg~ckgbn kg l} gl~olgk~bg~ qk~e ~ek L``b}kga Ok}orjc} l} cg{l~eb} kg`l}dc~klg rxxjkbn

kg olggbo~klgqk~e ~ebX}la}cddbl} ~ebGl~bcgn* k` akpbg l} dcnb* roe kg`l}dc~klg l} }bx}bbg~c~klg dr~gl~ mb }bjkbn rxlg c ecpkga mbbg cr~el}kbn m{ ~eb Krb}* cg{ l` ~eb Nbcjb} l} ~eb ^}r~bb'

Gbk~eb} ~ek L``b}kga Ok}orjc} gl} cg{ l~eb} kg`l}dc~klg rxxjkbn kg olggbo~klg qk~e ~eb X}la}cddb l}

cg{ Gl~b %c+ k kg~bgnbn ~l x}lpknb ~eb mck l` cg{ o}bnk~ l} l~eb} bpcjrc~klg l} %m+ elrjn mb olgknb}bn

c c }bolddbgnc~klg m{ ~eb Krb}* cg{ l` ~eb Nbcjb} l} ~eb ^}r~bb ~ec~ cg{ }bokxkbg~ l` ~ek L``b}kga

Ok}orjc} l} cg{ l~eb} kg`l}dc~klg rxxjkbn kg olggbo~klg qk~e ~eb X}la}cddb l} cg{ Gl~b elrjn

xr}oecb cg{ Gl~b' Bcoe kgpb~l} olg~bdxjc~kga xr}oeckga cg{ Gl~b elrjn dcfb k~ lqg kgnbxbgnbg~

kgpb~kac~klg l` ~eb ffigcgokcj olgnk~klg cgn c``ck}* cgn k~ lqg cxx}ckcj l` ~eb o}bnk~ql}~ekgb* l` ~eb

Krb}' Gbk~eb} ~ek L``b}kga Ok}orjc} gl} cg{ l~eb} kg`l}dc~klg rxxjkbn kg olggbo~klg qk~e ~eb

X}la}cddb l} ~eb krb l` cg{ Gl~b olg~k~r~b cg l``b} l} kgpk~c~klg m{ l} lg mbecj` l` ~eb Krb}* cg{ l`

~eb Nbcjb} l} ~eb ^}r~bb ~l cg{ xb}lg ~l rmo}kmb `l} l} ~l xr}oecb cg{ Gl~b'

Gbk~eb} ~eb nbjkpb}{ l` ~ek L``b}kga Ok}orjc} gl} ~eb l``b}kga* cjb l} nbjkpb}{ l` cg{ Gl~b ecjj kg cg{ok}ord~cgob kdxj{ ~ec~ ~eb kg`l}dc~klg olg~ckgbn eb}bkg olgob}gkga ~eb Krb} k ol}}bo~ c~ cg{ ~kdb

rmbsrbg~ ~l ~eb nc~b eb}bl` l} ~ec~ cg{ l~eb} kg`l}dc~klg rxxjkbn kg olggbo~klg qk~e ~eb X}la}cddb k

ol}}bo~ c l` cg{ ~kdb rmbsrbg~ ~l ~eb nc~b kgnkoc~bn kg ~eb nlordbg~ olg~ckgkga ~eb cdb' êb Nbcjb}

cgn ~eb ^}r~bb bux}bj{ nl gl~ rgnb}~cfb ~l }bpkbq ~eb ffigcgokcj olgnk~klg l} c``ck} l` ~eb Krb} nr}kga

~eb jk`b l` ~eb X}la}cddb l} ~l cnpkb cg{ kgpb~l} kg ~eb Gl~b l` cg{ kg`l}dc~klg oldkga ~l ~ebk}

c~~bg~klg' Kgpb~l} elrjn }bpkbq* kg~b} cjkc* ~eb dl~ }bobg~j{ xrmjkebn nlordbg~ kgol}xl}c~bn m{

}b`b}bgob kg~l ~ek L``b}kga Ok}orjc} qebg nboknkga qeb~eb} l} gl~ ~l xr}oecb cg{ Gl~b'

Gl xb}lg k cr~el}kbn m{ ~eb Krb} ~l akpb cg{ kg`l}dc~klg l} ~l dcfb cg{ }bx}bbg~c~klg gl~ olg~ckgbn

l} gl~ olgk~bg~ qk~e ~ek L``b}kga Ok}orjc} cgn cg{ kg`l}dc~klg l} }bx}bbg~c~klg gl~ olg~ckgbn ~eb}bkg

dr~ gl~ mb }bjkbn rxlg c ecpkga mbbg cr~el}kbn m{ ~eb Krb}* ~eb Nbcjb} l} ~eb ^}r~bb'

êk L``b}kga Ok}orjc} nlb gl~ olg~k~r~b cg l``b} ~l bjj l} c ljkok~c~klg l` cg l``b} ~l mr{ cg{ l` ~eb

Gl~b kg cg{ ir}knko~klg l} ~l cg{ xb}lg ~l qeld k~ k rgjcq`rj ~l dcfb roe l``b} kg roe ir}knko~klg'

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êb nk~}kmr~klg l` ~eb L``b}kga Ok}orjc} cgn ~eb l``b} l` ~eb Gl~b kg ob}~ckg ir}knko~klg dc{ mb

}b~}ko~bn m{ jcq' Xb}lg kg~l qelb xlbklg ~eb L``b}kga Ok}orjc} oldb c}b }bsrk}bn m{ ~eb Krb} ~l

kg`l}d ~ebdbjpb cmlr~ cgn ~l lmb}pb cg{ roe }b~}ko~klg'

êb Gl~b ecpb gl~ mbbg cgn qkjj gl~ mb }bak~b}bn rgnb} ~eb Rgk~bn _~c~b _bor}k~kb Co~ l` 3;??* c

cdbgnbn %~eb _bor}k~kb Co~+ cgn c}b rmibo~ ~l R'_' ~cu jcq }bsrk}bdbg~' _rmibo~ ~l ob}~ckg buobx~klg*

Gl~b dc{ gl~ mb l``b}bn* ljn l} nbjkpb}bn qk~ekg ~eb Rgk~bn _~c~b l} ~l R'_' xb}lg %bb _rmso}kx~klg

cgn _cjb+'

êk L``b}kga Ok}orjc} nlb gl~ olg~k~r~b cg l``b} ~l bjj l} ~eb ljkok~c~klg l` cg l``b} ~l mr{ cg{ Gl~b kg

cg{ ir}knko~klg ~l cg{ xb}lg ~l qeld k~ k rgjcq`rj ~l dcfb ~eb l``b} l} ljkok~c~klg kg roe ir}knko~klg'

êb nk~}kmr~klg l` ~ek L``b}kga Ok}orjc} cgn ~eb l``b} l} cjb l` Gl~b dc{ mb }b~}ko~bn m{ jcq kg ob}~ckg

ir}knko~klg' êb Krb}* ~eb Nbcjb} cgn ~eb ^}r~bb nl gl~ }bx}bbg~ ~ec~ ~ek L``b}kga Ok}orjc} dc{ mb

jcq`rjj{ nk~}kmr~bn* l} ~ec~ cg{ Gl~b dc{ mb jcq`rjj{ l``b}bn* kg oldxjkcgob qk~e cg{ cxxjkocmjb

}bak~}c~klg l} l~eb} }bsrk}bdbg~ kg cg{ roe ir}knko~klg* l} xr}rcg~ ~l cg bubdx~klg cpckjcmjb

~eb}brgnb}* l} crdb cg{ }bxlgkmkjk~{ `l} `cokjk~c~kga cg{ roe nk~}kmr~klg l} l``b}kga' Kg xc}~korjc}* gl

co~klg ec mbbg ~cfbg m{ ~eb Krb}* ~eb Nbcjb} l} ~eb ^}r~bb qekoe qlrjn xb}dk~ c xrmjko l``b}kga l` cg{

Gl~b l} nk~}kmr~klg l` ~ek L``b}kga Ok}orjc} kg cg{ ir}knko~klg qeb}b co~klg `l} ~ec~ xr}xlb k }bsrk}bn'

Cool}nkgaj{* gl Gl~b dc{ mb l``b}bn l} ljn* nk}bo~j{ l} kgnk}bo~j{* cgn gbk~eb} ~ek L``b}kga Ok}orjc} gl}

cg{ cnpb}~kbdbg~ l} l~eb} l``b}kga dc~b}kcj dc{ mb nk~}kmr~bn l} xrmjkebn kg cg{ ir}knko~klg* buobx~

rgnb} ok}ord~cgob ~ec~ qkjj }brj~ kg oldxjkcgob qk~e cg{ cxxjkocmjb jcq cgn }barjc~klg' Xb}lg kg~l

qelb xlbklg ~ek L``b}kga Ok}orjc} l} cg{ Gl~b dc{ oldb dr~ kg`l}d ~ebdbjpb cmlr~* cgn

lmb}pb* cg{ roe }b~}ko~klg lg ~eb nk~}kmr~klg l` ~ek L``b}kga Ok}orjc} cgn ~eb l``b}kga cgn cjb l`

Gl~b' Kg xc}~korjc}* ~eb}b c}b }b~}ko~klg lg ~eb nk~}kmr~klg l` ~ek L``b}kga Ok}orjc} cgn ~eb l``b} l} cjb

l` Gl~b kg ~eb Rgk~bn _~c~b* ~eb Rgk~bn Fkganld* Icxcg cgn _xckg %bb _rmso}kx~klg cgn _cjb+'

Kg dcfkga cg kgpb~dbg~ nbokklg* kgpb~l} dr~ }bj{ lg ~ebk} lqg bucdkgc~klg l` ~eb Krb} cgn ~eb ~b}d

l` ~eb Gl~b mbkga l``b}bn* kgojrnkga ~eb db}k~ cgn }kf kgpljpbn' êb Gl~b ecpb gl~ mbbg cxx}lpbn l}

nkcxx}lpbn m{ ~eb Rgk~bn _~c~b _bor}k~kb cgn Buoecgab Olddkklg l} cg{ l~eb} bor}k~kb olddkklg

l} l~eb} }barjc~l}{ cr~el}k~{ kg ~eb Rgk~bn _~c~b* gl} ecpb ~eb `l}balkga cr~el}k~kb cxx}lpbn ~ek

L``b}kga Ok}orjc} l} olgffi}dbn ~eb coor}co{ l} nb~b}dkgbn ~eb cnbsrco{ l` ~eb kg`l}dc~klg olg~ckgbn kg

~ek L``b}kga Ok}orjc}' Cg{ }bx}bbg~c~klg ~l ~eb olg~}c}{ k rgjcq`rj'

Glgb l` ~eb Nbcjb}* ~eb Krb} gl} ~eb ^}r~bb dcfb cg{ }bx}bbg~c~klg ~l cg{ kgpb~l} kg ~eb Gl~b

}bac}nkga ~eb jbacjk~{ l` k~ kgpb~dbg~ rgnb} cg{ cxxjkocmjb jcq' Cg{ kgpb~l} kg ~eb Gl~b elrjn mb cmjb

~l mbc} ~eb bolgldko }kf l` cg kgpb~dbg~ kg ~eb Gl~b `l} cg kgnbffigk~b xb}kln l` ~kdb'

R'_' KG@L]DC^KLG

êk L``b}kga Ok}orjc} k mbkga rmdk~~bn lg c olgffinbg~kcj mck kg ~eb Rgk~bn _~c~b ~l c jkdk~bn grdmb}

l` SKM l} Kg~k~r~klgcj Coo}bnk~bn Kgpb~l} %bcoe c nbffigbn rgnb} @l}d l` ~eb Gl~bs+ `l}

kg`l}dc~klgcj rb ljbj{ kg olggbo~klg qk~e ~eb olgknb}c~klg l` ~eb xr}oecb l` ~eb Gl~b mbkga l``b}bn

eb}bm{' K~ rb `l} cg{ l~eb} xr}xlb kg ~eb Rgk~bn _~c~b k gl~ cr~el}kbn' K~ dc{ gl~ mb olxkbn l}

}bx}lnrobn kg qeljb l} kg xc}~ gl} dc{ k~ mb nk~}kmr~bn l} cg{ l` k~ olg~bg~ nkojlbn ~l cg{lgb l~eb}

~ecg ~eb x}lxbo~kpb kgpb~l} ~l qeld k~ k l}kakgcjj{ rmdk~~bn'

]bak~b}bn Gl~b dc{ mb l``b}bn l} ljn qk~ekg ~eb Rgk~bn _~c~b lgj{ ~l SKM l} ~l Kg~k~r~klgcjCoo}bnk~bn Kgpb~l}* kg bk~eb} ocb kg ~}cgco~klg bubdx~ `}ld }bak~}c~klg rgnb} ~eb _bor}k~kb Co~'

Bcoe R'_' xr}oecb} l` ]bak~b}bn Gl~b k eb}bm{ gl~kffibn ~ec~ ~eb l``b} cgn cjb l` cg{ ]bak~b}bn Gl~b

~l k~ dc{ mb mbkga dcnb kg }bjkcgob rxlg ~eb bubdx~klg `}ld ~eb }bak~}c~klg }bsrk}bdbg~ l` ~eb

_bor}k~kb Co~ x}lpknbn m{ ]rjb 3>>C rgnb} ~eb _bor}k~kb Co~ %]rjb 3>>C+'

Xr}oecb} l` Nbffigk~kpb KCK ]bak~b}bnGl~b qkjj mb }bsrk}bn ~l bubor~b cgn nbjkpb} cg KCKKgpb~dbg~ Jb~~b}

%c nbffigbn rgnb} Olgnk~klgs l` ~eb Gl~bs+' Bcoe xr}oecb} l} eljnb} l` Nbffigk~kpb KCK ]bak~b}bn Gl~b*

Gl~b }bx}bbg~bn m{ c ]rjb 3>>C Ajlmcj Gl~b l} cg{ Gl~b krbn kg }bak~b}bn `l}d kg buoecgab l}

rm~k~r~klg ~eb}b`l} %~lab~eb} Jbabgnbn Gl~b+ qkjj mb nbbdbn* m{ k~ coobx~cgob l} xr}oecb l` cg{ roe

Jbabgnbn Gl~b* ~l ecpb dcnb ob}~ckg }bx}bbg~c~klg cgn ca}bbdbg~ kg~bgnbn ~l }b~}ko~ ~eb }bcjb l} l~eb}

~}cg`b} l` roe Gl~b c b~ lr~ kg _rmso}kx~klg cgn _cjb' Rgjb l~eb}qkb ~c~bn* ~b}d rbn kg ~ek

xc}ca}cxe ecpb ~eb dbcgkga akpbg ~l ~ebd kg @l}d l` ~eb Gl~bs'

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GL^KOB ^L GBQ ECDX_EK]B ]B_KNBG^_

GBKÊB] ÊB @CO^ ÊC^ C ]BAK_^]C^KLG _^C^BDBG^ L] CG CXXJKOC^KLG @L] C JKOBG_B

EC_ MBBG @KJBN RGNB] OECX^B] >=3$M L@ ÊB GBQ ECDX_EK]B ]BPK_BN _^C^R^B_ QKÊ

ÊB _^C^B L@ GBQ ECDX_EK]B GL] ÊB @CO^ ÊC^ C _BOR]K [ K_ B@@BO KPBJ[

]BAK_^B]BN L] C XB]_LG K_ JKOBG_BN KG ÊB _^C^B L@ GBQ ECDX_EK]B OLG_^K^R^B_ C

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_B]PKOB L@ X]LOB__ CGN BG@L]OBDBG^ L@ OJCKD_

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~l lm~ckg l} }bcjkb irnadbg~ l` olr}~ kg ~eb Rgk~bn _~c~b cackg~ ~eb Krb}' êb R'_' @l}bkag _lpb}bkag

Kddrgk~kb Co~ l` 3;10 %~eb Kddrgk~kb Co~+* dc{ x}lpknb cg b``bo~kpb dbcg l` b}pkob cgn x}bojrnba}cg~kga lpb}bkag kddrgk~{ kg roe co~klg kg ~eb Rgk~bn _~c~b'

êb Krb} qkjj k}}bplocmj{ cgn rgolgnk~klgcjj{ qckpb qk~e }bxbo~ ~l ~eb Gl~b* ]bobkx~ cgn ~eb Olrxlg cg{

}kae~ ~l ojckd lpb}bkag l} l~eb} kddrgk~{ %kgojrnkga nkxjldc~ko+ `}ld ir}knko~klg l} bubor~klg cgn cg{ kdkjc}

nb`bgob cgn k}}bplocmj{ cgn rgolgnk~klgcjj{ olgbg~ ~l ~eb akpkga l` cg{ }bjkb` l} ~eb krb l` cg{ x}lob* cpb

c x}lpknbn kg C}~kojb >> l` ~eb _xcgke Abgb}cj Mrnab~c}{ Jcq cgn* c`~b} 3~ Icgrc}{* =882* _xcgke Mrnab~c}{

Jcq >1,=88?* nb =0 nb glpkbdm}b* Abgb}cj X}brxrb~c}kc* kgojrnkga qk~elr~ jkdk~c~klg* ~eb dcfkga*

bg`l}obdbg~ l} bubor~klg cackg~ cg{ x}lxb}~{ qec~lbpb}* %k}}bxbo~kpb l` k~ rb l} kg~bgnbn rb+ l` cg{ l}nb}

l} irnadbg~ dcnb l} akpbg kg olggbo~klg qk~e cg{ X}lobbnkga'

]b`b}bgob kg ~ek nlordbg~ ~l ~eb }bjbpcg~ Nbcjb} cgn ~l ~eb cxxjkocmjb X}kokga _rxxjbdbg~ ecjj* kg

}bjc~klg ~l cg{ xc}~korjc} ^}cgoeb* mb olg~}rbn c }b`b}bgob ~l ~eb Nbcjb}%+ xr}oeckga roe ^}cgoeb cgn ~eb

X}kokga _rxxjbdbg~ x}bxc}bn kg olggbo~klg ~eb}bqk~e' ]b`b}bgob kg ~ek nlordbg~ ~l grdmb}bn Olgnk~klg c}b~l ~eb }bjbpcg~ Olgnk~klg b~ lr~ kg Olgnk~klg l` ~eb Gl~b' Cg{ }b`b}bgob kg ~ek nlordbg~ ~l Br}lojbc}

cgn,l} Ojbc}~}bcd* Jrubdmlr}a ecjj* qebgbpb} ~eb olg~bu~ l xb}dk~* mb nbbdbn ~l kgojrnb c }b`b}bgob ~l cg{

cnnk~klgcj l} cj~b}gc~kpb ojbc}kga {~bd xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~' Cjj }b`b}bgob kg ~ek

nlordbg~ ~l R'_' nljjc} cgn R'_'. c}b ~l ~eb or}}bgo{ l` ~eb Rgk~bn _~c~b l` Cdb}koc* ~l br}l l} B

c}b ~l ~eb or}}bgo{ kg~}lnrobn c~ ~eb ~c}~ l` ~eb ~ek}n ~cab l` Br}lxbcg bolgldko cgn dlgb~c}{ rgklg xr}rcg~ ~l

~eb ^}bc~{ b~cmjkekga ~eb Br}lxbcg Olddrgk~kb* c cdbgnbn* ~l [bg c}b ~l ~eb or}}bgo{ l` Icxcg cgn ~l

_~b}jkga cgn c}b ~l ~eb or}}bgo{ l` ~eb Rgk~bn Fkganld'

>


5/50

^CMJB L@ OLG^BG^_

_rddc}{ l` ~eb X}la}cddb'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 1

@l}d l` ~eb Gl~b '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 38

Olgnk~klg l` ~eb Gl~b''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =8

Rb l` X}lobbn'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' >3

_rmo}kx~klg cgn _cjb''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' >=

Abgb}cj Kg`l}dc~klg ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' >1

Kg olggbo~klg qk~e ~eb krb cgn nk~}kmr~klg l` cg{ ^}cgoeb l` Gl~b* ~eb Nbcjb} %k` cg{+ nbo}kmbn c ~eb

~cmkjkkga dcgcab} kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~ l} cg{ xb}lg co~kga `l} ekd dc{ lpb}$cjjl~ l} b``bo~

~}cgco~klg qk~e c pkbq ~l rxxl}~kga ~eb dc}fb~ x}kob l` ~eb Gl~b l` ~eb _b}kb %c nbffigbn mbjlq+ l` qekoe

roe ^}cgoeb `l}d xc}~ c~ c jbpbj ekaeb} ~ecg ~ec~ qekoe dkae~ l~eb}qkb x}bpckj `l} c jkdk~bn xb}kln c~ ~eb krb

nc~b' Elqbpb}* ~eb}b dc{ mb gl lmjkac~klg lg ~eb ~cmkjkkga dcgcab} l} cg{ cabg~ l` ek ~l nl ~ek' _roe

~cmkjkkga* k` olddbgobn* dc{ mb nkolg~kgrbn c~ cg{ ~kdb cgn dr~ mb m}lrae~ ~l cg bgn c`~b} c jkdk~bn xb}kln'_roe ~cmkjkkga dc{ kgojrnb ~eb xr}oecb l` Gl~b ~l ~cmkjkb ~ebk} dc}fb~ x}kob* ~eb xr}oecb l` Gl~b ~l olpb}

ldb l} cjj l` c el}~ xlk~klg kg ~eb Gl~b dckg~ckgbn m{ ~eb ~cmkjkkga dcgcab} cgn ~eb kdxlk~klg l` xbgcj~{

mkn' @l} c nbo}kx~klg l` ~ebb co~kpk~kb* bb _rmo}kx~klg cgn _cjb'

2


6/50

NLORDBG^_ KGOL]XL]C^BN M[ ]B@B]BGOB

Cjj rxxjbdbg~ ~l ~ek L``b}kga Ok}orjc} ok}orjc~bn m{ ~eb Krb} `}ld ~kdb ~l ~kdb kg cool}ncgob qk~e ~eb

rgnb}~cfkga akpbg m{ ~eb Krb} kg ~eb X}la}cddb Ca}bbdbg~ nbffigbn kg _rmo}kx~klg cgn _cjb mbjlq ecjj mb

nbbdbn ~l mb kgol}xl}c~bn kg* cgn ~l `l}d xc}~ l`* ~ek L``b}kga Ok}orjc}* cpb ~ec~ cg{ ~c~bdbg~ olg~ckgbn eb}bkg

l} kg c nlordbg~ qekoe k kgol}xl}c~bn m{ }b`b}bgob eb}bkg ecjj mb nbbdbn ~l mb dlnkffibn l} rxb}bnbn `l} ~eb

xr}xlb l` ~ek L``b}kga Ok}orjc} ~l ~eb bu~bg~ ~ec~ c ~c~bdbg~ olg~ckgbn kg cg{ roe l} rmbsrbg~ nlordbg~

qekoe k l} k nbbdbn ~l mb kgol}xl}c~bn m{ }b`b}bgob eb}bkg dlnkffib l} rxb}bnb roe bc}jkb} ~c~bdbg~

%qeb~eb} bux}bj{* m{ kdxjkoc~klg l} l~eb}qkb+'

^eb Krb} qkjj x}lpknb* qk~elr~ oec}ab* rxlg q}k~~bg }bsrb~* c olx{ l` cg{ l} cjj l` ~eb nlordbg~ qekoe c}b

kgol}xl}c~bn eb}bkg m{ }b`b}bgob' Q}k~~bg }bsrb~ `l} roe nlordbg~ elrjn mb nk}bo~bn ~l ~eb Krb} c~ ~eb

l`ffiob b~ lr~ c~ ~eb bgn l` ~ek L``b}kga Ok}orjc}' Kg cnnk~klg roe nlordbg~ qkjj mb cpckjcmjb `}ld ~eb x}kgokxcj

l`ffiob kg Jrubdmlr}a l` %~eb Jrubdmlr}a Jk~kga Cabg~+ `l} Gl~b jk~bn lg ~eb Jrubdmlr}a _~lof Buoecgab

kg k~ ocxcok~{ c Cr~el}kbn Cnpkb} `l} ~eb Gl~b'

^eb Krb} qkjj* kg olggbo~klg qk~e ~eb jk~kga l` ~eb Gl~b lg ~eb Jrubdmlr}a _~lof Buoecgab* l jlga c cg{

Gl~b }bdckg lr~~cgnkga cgn jk~bn lg roe buoecgab* kg ~eb bpbg~ l` cg{ dc~b}kcj oecgab kg ~eb olgnk~klg l`

~eb Krb} qekoe k gl~ }bbo~bn kg ~ek L``b}kga Ok}orjc}* x}bxc}b c rxxjbdbg~ ~l ~ek L``b}kga Ok}orjc} l}

xrmjke c gbq L``b}kga Ok}orjc} `l} rb kg olggbo~klg qk~e cg{ rmbsrbg~ krb l` ~eb Gl~b ~l mb jk~bn lg ~eb

Jrubdmlr}a _~lof Buoecgab'

K` ~eb ~b}d l` ~eb X}la}cddb c}b dlnkffibn l} cdbgnbn kg c dcggb} qekoe qlrjn dcfb ~ek L``b}kga Ok}orjc}* c

l dlnkffibn l} cdbgnbn* kgcoor}c~b l} dkjbcnkga* c gbq l``b}kga ok}orjc} qkjj mb x}bxc}bn'

0


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_RDDC][ L@ ÊB X]LA]CDDB

êb `ljjlqkga rddc}{ k srcjkffibn kg k~ bg~k}b~{ m{ ~eb }bdckgnb} l` ~ek nlordbg~ cgn* kg }bjc~klg ~l ~eb ~b}d

cgn olgnk~klg l` cg{ xc}~korjc} ^}cgoeb* ~eb cxxjkocmjb X}kokga _rxxjbdbg~' Ql}n cgn bux}bklg nbffigbn kg

@l}d l` ~eb Gl~b cgn Olgnk~klg l` ~eb Gl~b ecjj ecpb ~eb cdb dbcgkga kg ~ek rddc}{'

Krb}9 êb Fkganld l` _xckg

C}}cgab}9 N}bngb} Mcgf Cf~kbgabbjjoec`~

Nbcjb}9 êb }bjbpcg~ Nbcjb} cxxlkg~bn kg }bjc~klg ~l bcoe krb l` Gl~b qkjj mb

knbg~kffibn kg ~eb }bjbpcg~ X}kokga _rxxjbdbg~

^}r~bb9 Ok~kol}x }r~bb Oldxcg{ Jkdk~bn

Krkga cgn X}kgokxcj Xc{kga Cabg~9 IXDl}acg Oecb Mcgf* Jlgnlg l`ffiob

L~eb} Xc{kga Cabg~ I'X' Dl}acg Mcgf Jrubdmlr}a _'C'

]bak~}c}9 IXDl}acg Oecb Mcgf* Gbq [l}f l`ffiob

Ob}~ckg ]b~}ko~klg9 Bcoe krb l` Gl~b nbgldkgc~bn kg c or}}bgo{ kg }bxbo~ l` qekoe

xc}~korjc} jcq* arknbjkgb* }barjc~klg* }b~}ko~klg l} }bxl}~kga}bsrk}bdbg~ cxxj{ qkjj lgj{ mb krbn kg ok}ord~cgob qekoe oldxj{

qk~e roe jcq* arknbjkgb* }barjc~klg* }b~}ko~klg l} }bxl}~kga

}bsrk}bdbg~ `}ld ~kdb ~l ~kdb %bb _rmo}kx~klg cgn _cjb+

kgojrnkga ~eb `ljjlqkga }b~}ko~klg cxxjkocmjb c~ ~eb nc~b l` ~ek

L``b}kga Ok}orjc}'

X}la}cddb _kyb9 Rx ~l B5*888*888*888 %l} k~ bsrkpcjbg~ kg l~eb} or}}bgokb+ lr~~cgnkga

c~ cg{ lgb ~kdb' Rgnb} ~eb X}la}cddb Ca}bbdbg~ %c nbffigbn kg

_rmo}kx~klg cgn _cjb+ ~eb x}kgokxcj cdlrg~ l` Gl~b lr~~cgnkga

rgnb} ~eb X}la}cddb dc{ mb kgo}bcbn* rmibo~ ~l ~eb c~k`co~klg l`

ob}~ckg olgnk~klg b~ lr~ ~eb}bkg'

Nbo}kx~klg9 Br}l Dbnkrd ^b}d Gl~b X}la}cddb'

Nk~}kmr~klg9 Gl~b dc{ mb nk~}kmr~bn m{ qc{ l` xrmjko l} x}kpc~b xjcobdbg~ cgn kg

bcoe ocb lg c {gnkoc~bn l} glg${gnkoc~bn mck'

@l}d l` Gl~b9 êb Gl~b qkjj mb krbn kg mbc}b} l} }bak~b}bn `l}d c nbo}kmbn kg

@l}d l` ~eb Gl~b' ]bak~b}bn Gl~b qkjj gl~ mb buoecgabcmjb `l}

Mbc}b} Gl~b l} pkob pb}c'

Or}}bgokb9 _rmibo~ ~l cg{ cxxjkocmjb jbacj l} }barjc~l}{ }b~}ko~klg* cg{ or}}bgo{

ca}bbn mb~qbbg ~eb Fkganld cgn ~eb }bjbpcg~ Nbcjb} kgojrnkga* qk~elr~

jkdk~c~klg* br}l* _~b}jkga* R'_' nljjc} cgn [bg'

]bnbgldkgc~klg9 êb cxxjkocmjb X}kokga _rxxjbdbg~ dc{ x}lpknb ~ec~ ob}~ckg Gl~b dc{

mb }bnbgldkgc~bn kg~l br}l' K` l ~eb ql}nkga l` ~eb }bnbgldkgc~klg

ojcrb qkjj mb b~ lr~ kg `rjj kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~'

Dc~r}k~kb9 Cg{ dc~r}k~{ c dc{ mb ca}bbn mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~

Nbcjb}* rmibo~ ~l roe dkgkdrd l} dcukdrd dc~r}k~kb c dc{ mb

cjjlqbn l} }bsrk}bn `}ld ~kdb ~l ~kdb m{ ~eb }bjbpcg~ obg~}cj mcgf %l}

bsrkpcjbg~ mln{+ l} cg{ jcq l} }barjc~klg cxxjkocmjb ~l ~eb }bjbpcg~

_xbokffibn Or}}bgo{'

Krb X}kob9 Gl~b dc{ mb krbn c~ xc} l} c~ c nkolrg~ ~l* l} x}bdkrd lpb}* xc}'

@kubn ]c~b Gl~b9 @kubn kg~b}b~ qkjj mb xc{cmjb lg roe nc~b l} nc~b c dc{ mb ca}bbn

mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb} cgn lg }bnbdx~klg* cgn qkjj

mb ocjorjc~bn lg ~eb mck l` roe @kubn Nc{ Olrg~ @}co~klg c dc{ mb

ca}bbn mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb}'

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8/50

@jlc~kga ]c~b Gl~b9 @jlc~kga ]c~b Gl~b qkjj mbc} kg~b}b~ c~ c }c~b nb~b}dkgbn lg ~eb cdb

mck c ~eb lc~kga }c~b rgnb} c gl~klgcj kg~b}b~ }c~b qcx ~}cgco~klg kg

~eb }bjbpcg~ _xbokffibn Or}}bgo{ alpb}gbn m{ cg ca}bbdbg~ kgol}xl}c~kga

~eb =888 K_NC Nbffigk~klg %c xrmjkebn m{ ~eb Kg~b}gc~klgcj _qcx cgn

Nb}kpc~kpb Clokc~klg* Kgo'* cgn c cdbgnbn cgn rxnc~bn c c~ ~eb Krb

Nc~b l` ~eb @k}~ ^}cgoeb l` ~eb Gl~b l` ~eb }bjbpcg~ _b}kb+6 l} lg ~eb

mck l` c }b`b}bgob }c~b cxxbc}kga lg ~eb ca}bbn o}bbg xcab l` c

olddb}okcj srl~c~klg b}pkob6 l} lg roe l~eb} mck c dc{ mb ca}bbn

mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb}'

êb Dc}akg %k` cg{+ }bjc~kga ~l roe lc~kga }c~b qkjj mb ca}bbn mb~qbbg

~eb Krb} cgn ~eb }bjbpcg~ Nbcjb} `l} bcoe _b}kb l` @jlc~kga ]c~b Gl~b'

@jlc~kga ]c~b Gl~b dc{ ecpb c dcukdrd kg~b}b~ }c~b* c dkgkdrd

kg~b}b~ }c~b l} ml~e'

Kg~b}b~ lg @jlc~kga ]c~b Gl~b kg }bxbo~ l` bcoe Kg~b}b~ Xb}kln qkjj mb

xc{cmjb lg roe Kg~b}b~ Xc{dbg~ Nc~b* cgn qkjj mb ocjorjc~bn lg ~eb

mck l` roe @jlc~kga Nc{ Olrg~ @}co~klg* c dc{ mb ca}bbn mb~qbbg ~eb

Krb} cgn ~eb }bjbpcg~ Nbcjb}'

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kg~b}b~ kg }bxbo~ l` Kgnbu Jkgfbn Kg~b}b~ Gl~b qkjj mb ocjorjc~bn m{

}b`b}bgob ~l roe kgnbu cgn,l} `l}drjc l} ~l oecgab kg ~eb x}kob l`

bor}k~kb l} olddlnk~kb l} ~l roe l~eb} `co~l} c ~eb Krb} cgn ~eb

}bjbpcg~ Nbcjb} dc{ ca}bb'

Kgnbu Jkgfbn Kg~b}b~ Gl~b dc{ cjl ecpb c dcukdrd kg~b}b~ }c~b* c

dkgkdrd kg~b}b~ }c~b l} ml~e'

Kg~b}b~ lg Kgnbu Jkgfbn Kg~b}b~ Gl~b kg }bxbo~ l` bcoe Kg~b}b~ Xb}kln*

c ca}bbn x}kl} ~l krb m{ ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb}* qkjj mb

xc{cmjb lg roe Kg~b}b~ Xc{dbg~ Nc~b* cgn qkjj mb ocjorjc~bn lg ~eb

mck l` roe @jlc~kga Nc{ Olrg~ @}co~klg* c dc{ mb ca}bbn mb~qbbg ~ebKrb} cgn ~eb }bjbpcg~ Nbcjb}'

Nrcj Or}}bgo{ Gl~b9 Xc{dbg~ %qeb~eb} kg }bxbo~ l` x}kgokxcj l} kg~b}b~ cgn qeb~eb} c~

dc~r}k~{ l} l~eb}qkb+ kg }bxbo~ l` Nrcj Or}}bgo{ Gl~b qkjj mb dcnb kg

roe or}}bgokb* cgn mcbn lg roe }c~b l` buoecgab* c ~eb }bjbpcg~

Krb} cgn ~eb }bjbpcg~ Nbcjb} dc{ ca}bb'

Yb}l Olrxlg Gl~b9 Glg$kg~b}b~ mbc}kga Gl~b qkjj mb l` b}bn cgn ljn c~ c nkolrg~ ~l ~ebk}

x}kgokxcj cdlrg~ cgn qkjj gl~ mbc} kg~b}b~ l~eb} ~ecg kg }bjc~klg ~l

kg~b}b~ nrb c`~b} ~eb Dc~r}k~{ Nc~b'

]bnbdx~klg9 êb cxxjkocmjb X}kokga _rxxjbdbg~ qkjj kgnkoc~b bk~eb} ~ec~ ~eb }bjbpcg~

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l` ~eb Krb} cgn,l} c~ ~eb lx~klg l` ~eb eljnb}%+ l` roe Gl~b rxlg

akpkga gl~ jb ~ecg ?8 gl} dl}b ~ecg 08 nc{ k}}bplocmjb gl~kob ~l ~eb

}bjbpcg~ Gl~beljnb} l} ~eb Krb}* c ~eb ocb dc{ mb* lg c nc~b l} nc~b

xbokffibn x}kl} ~l roe ~c~bn dc~r}k~{ cgn c~ c x}kob l} x}kob cgn lg roe

l~eb} ~b}d c dc{ mb ca}bbn mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~ Nbcjb}'

êb cxxjkocmjb X}kokga _rxxjbdbg~ dc{ x}lpknb ~ec~ Gl~b dc{ mb

}bnbbdcmjb kg ~ql l} dl}b kg~cjdbg~ l` roe cdlrg~ cgn lg roe

nc~b c c}b kgnkoc~bn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~'

Nbgldkgc~klg l` Gl~b9 Rgjb l~eb}qkb ~c~bn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~* ~eb

dkgkdrd nbgldkgc~klg l` bcoe Nbffigk~kpb KCK ]bak~b}bn Gl~b qkjj mb

R'_'.288*888 l} k~ cxx}lukdc~b bsrkpcjbg~ kg l~eb} _xbokffibn Or}}bgokb'

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9/50

^cuc~klg9 Cjj xc{dbg~ kg }bxbo~ l` ~eb Gl~b qkjj mb dcnb qk~elr~ qk~eeljnkga l}

nbnro~klg `l} l} lg coolrg~ l` _xcgke ~cub c x}lpknbn kg Olgnk~klg 1'

_~c~r l` ~eb Gl~b9 êb Gl~b qkjj olg~k~r~b nk}bo~* rgolgnk~klgcj cgn rgbor}bn lmjkac~klg

l` ~eb Krb} }cgfkga bsrcjj{ qk~e cjj k~ l~eb} rgbor}bn cgn

rgrml}nkgc~bn lmjkac~klg'

Gbac~kpb Xjbnab9 êb ~b}d l` ~eb Gl~b qkjj olg~ckg c gbac~kpb xjbnab akpbg m{ ~eb Krb}

c nbo}kmbn kg Olgnk~klg ?'

O}l Nb`crj~9 êb ~b}d l` ~eb Gl~b qkjj olg~ckg c o}l nb`crj~ x}lpkklg* cxxj{kga ~l

kgnbm~bngb l` l} crdbn l} arc}cg~bbn m{ ~eb Krb}* c nbo}kmbn kg

Olgnk~klg 5'

]c~kga9 êb X}la}cddb ec mbbg }c~bn m{ _~cgnc}n & Xll} ]c~kga _b}pkob* c

nkpkklg l` ~eb DoA}cq Ekjj Oldxcgkb Kgo'* cgn m{ Dlln{ Kgpb~l}

_b}pkob Jkdk~bn'

^}cgoeb l` Gl~b krbn rgnb} ~eb X}la}cddb dc{ mb }c~bn l} rg}c~bn'

Qeb}b c ~}cgoeb l` Gl~b k }c~bn* roe }c~kga qkjj gl~ gbobc}kj{ mb ~eb

cdb c ~eb }c~kga ckagbn ~l ~eb X}la}cddb' C bor}k~{ }c~kga k gl~ c

}bolddbgnc~klg ~l mr{* bjj l} eljn bor}k~kb cgn dc{ mb rmibo~ ~lrxbgklg* }bnro~klg l} qk~en}cqcj c~ cg{ ~kdb m{ ~eb ckagkga }c~kga

cabgo{'

Jk~kga9 Cxxjkoc~klg ec mbbg dcnb `l} Gl~b krbn rgnb} ~eb X}la}cddb ~l mb

jk~bn lg ~eb Jrubdmlr}a _~lof Buoecgab l} lg roe l~eb} l} `r}~eb}

~lof buoecgab%+ c dc{ mb ca}bbn mb~qbbg ~eb Krb} cgn ~eb }bjbpcg~

Nbcjb} kg }bjc~klg ~l bcoe _b}kb' Rgjk~bn Gl~b dc{ cjl mb krbn' êb

cxxjkocmjb X}kokga _rxxjbdbg~ qkjj ~c~b qeb~eb} l} gl~ ~eb Gl~b c}b ~l

mb jk~bn cgn* k` l* lg qekoe ~lof buoecgab%+'

Alpb}gkga Jcq9 êb Gl~b qkjj mb alpb}gbn m{ cgn olg~}rbn kg cool}ncgob qk~e* Bgajke

jcq'

_bjjkga ]b~}ko~klg9 êb}b c}b }b~}ko~klg lg ~eb l` b}* cjb cgn ~}cg b} l` ~eb Gl~b kg ~eb

Rgk~bn _~c~b* ~eb Rgk~bn Fkganld* _xckg cgn Icxcg cgn roe l~eb}

}b~}ko~klg c dc{ mb }bsrk}bn kg olggbo~klg qk~e ~eb l``b}kga cgn cjb l`

c xc}~korjc} ^}cgoeb* bb _rmo}kx~klg cgn _cjb'

;


10/50

@L]D L@ ÊB GL^B_

êb Gl~b l` bcoe _b}kb qkjj mb kg bk~eb} mbc}b} `l}d* qk~e l} qk~elr~ kg~b}b~ olrxlg %Olrxlg+ cgn

x}kgokxcj }bobkx~ %]bobkx~+ c~~coebn* l} }bak~b}bn `l}d* qk~elr~ Olrxlg l} ]bobkx~ c~~coebn' Mbc}b} Gl~b

qkjj mb krbn lr~knb ~eb Rgk~bn _~c~b kg }bjkcgob lg ]barjc~klg _ rgnb} ~eb _bor}k~kb Co~ %]barjc~klg _+ cgn

]bak~b}bn Gl~b qkjj mb krbn ml~e lr~knb ~eb Rgk~bn _~c~b kg }bjkcgob lg ~eb bubdx~klg `}ld }bak~}c~klg

x}lpknbn m{ ]barjc~klg _ cgn qk~ekg ~eb Rgk~bn _~c~b kg }bjkcgob lg ]rjb 3>>C l} ]barjc~klg N rgnb} ~eb

_bor}k~kb Co~'

MBC]B] GL^B_

Bcoe ^}cgoeb qkjj kgk~kcjj{ mb }bx}bbg~bn m{ c ~bdxl}c}{ Mbc}b} Ajlmcj Gl~b qk~elr~ Olrxlg cgn ]bobkx~

qekoe qkjj mb nbjkpb}bn lg l} x}kl} ~l ~eb krb nc~b l` ~eb ^}cgoeb ~l c olddlg nbxlk~c}{ `l} Br}lojbc} Mcgf

_'C',G'P' c lxb}c~l} l` ~eb Br}lojbc} _{~bd %Br}lojbc}+ cgn Ojbc}~}bcd Mcgfkga* lokb~b cglg{db

%Ojbc}~}bcd* Jrubdmlr}a+' Kg~b}b~ kg ~eb ~bdxl}c}{ ajlmcj Gl~b qkjj mb buoecgabn bk~eb} `l} kg~b}b~ kg c

xb}dcgbg~ ajlmcj Gl~b l} `l} nbffigk~kpb Gl~b* c kgnkoc~bn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~* lg l} c`~b} ~eb

nc~b %~eb Buoecgab Nc~b+ qekoe k >8 nc{ c`~b} ~eb nc~b lg qekoe ~eb ~bdxl}c}{ ajlmcj Gl~b k krbn' _roe

buoecgab qkjj mb dcnb lgj{ rxlg nbjkpb}{ l` q}k~~bg ob}~kffioc~klg %kg ~eb `l}d b~ lr~ kg ~eb ~bdxl}c}{ ajlmcj

Gl~b+ `}ld ~eb mbgbffiokcj lqgb} l` ~eb Gl~b ~l mb buoecgabn l` glg$R'_' mbgbffiokcj lqgb}ekx l` roe Gl~b'

K` cg kg~b}b~ xc{dbg~ nc~b `l} cg{ Gl~b loor} qekj~ roe Gl~b c}b }bx}bbg~bn m{ c ~bdxl}c}{ ajlmcj Gl~b

ebjn lg mbecj` l` Br}lojbc} cgn,l} Ojbc}~}bcd* Jrubdmlr}a* ~eb }bjc~bn kg~b}b~ xc{dbg~ qkjj mb dcnb lgj{ ~l~eb bu~bg~ ~ec~ ob}~kffioc~klg l` glg$R'_' mbgbffiokcj lqgb}ekx ec mbbg }bobkpbn m{ Br}lojbc} l} Ojbc}~}bcd*

Jrubdmlr}a `}ld ~eb mbgbffiokcj lqgb} ~eb}bl`' Gl xc{dbg~ l` kg~b}b~ qkjj mb dcnb lg c ~bdxl}c}{ ajlmcj Gl~b

c`~b} ~eb Buoecgab Nc~b' Xc{dbg~ l` x}kgokxcj l} kg~b}b~ %k` cg{+ lg c xb}dcgbg~ ajlmcj Gl~b ebjn lg mbecj` l`

Br}lojbc} cgn,l} Ojbc}~}bcd* Jrubdmlr}a qkjj mb dcnb ~e}lrae Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a cackg~

x}bbg~c~klg l} r}}bgnb}* c ~eb ocb dc{ mb* l` ~eb xb}dcgbg~ ajlmcj Gl~b qk~elr~ cg{ `r}~eb} }bsrk}bdbg~ `l}

ob}~kffioc~klg' Kg~b}b~ kg c xb}dcgbg~ ajlmcj Gl~b qkjj mb buoecgabcmjb* kg qeljb mr~ gl~ kg xc}~* `l} nbffigk~kpb

Gl~b lgj{ rxlg ~eb loor}}bgob l` cg Buoecgab Bpbg~' Cg Buoecgab Bpbg~ dbcg ~ec~ %k+ cg Bpbg~ l` Nb`crj~

%c nbffigbn kg Olgnk~klg l` ~eb Gl~b+ ec loor}}bn cgn k olg~kgrkga* %kk+ ~eb Krb} ec mbbg gl~kffibn ~ec~ ml~e

Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}a ecpb mbbg ojlbn `l} mrkgb `l} c olg~kgrlr xb}kln l` 3> nc{ %l~eb}

~ecg m{ }bclg l` eljknc{* ~c~r~l}{ l} l~eb}qkb+ l} ecpb cgglrgobn cg kg~bg~klg xb}dcgbg~j{ ~l obcb mrkgb

l} ecpb kg `co~ nlgb l cgn gl roobl} ojbc}kga {~bd k cpckjcmjb* l} %kkk+ ~eb Krb} ec l} qkjj mboldb rmibo~

~l cnpb}b ~cu olgbsrbgob qekoe qlrjn gl~ mb r``b}bn qb}b ~eb Gl~b }bx}bbg~bn m{ ~eb xb}dcgbg~ ajlmcj

Gl~b kg nbffigk~kpb `l}d cgn c ob}~kffioc~b ~l roe b``bo~ kagbn m{ ~eb Abgb}cj Nk}bo~l} l` ~eb ^}bcr}{ cgn

@kgcgokcj Xljko{ l` ~eb Krb} k nbjkpb}bn ~l ~eb ^}r~bb' êb Krb} qkjj x}ldx~j{ akpb gl~kob ~l ~eb eljnb} l` ~eb

Gl~b kg cool}ncgob qk~e ~eb Olgnk~klg l` ~eb Gl~b rxlg ~eb loor}}bgob l` cg Buoecgab Bpbg~' Kg ~eb bpbg~ l`

~eb loor}}bgob l` cg{ Buoecgab Bpbg~* Br}lojbc} cgn,l} Ojbc}~}bcd* Jrubdmlr}a co~kga lg ~eb kg~}ro~klg l`

cg{ eljnb} l` cg kg~b}b~ kg ~eb xb}dcgbg~ ajlmcj Gl~b l} ~eb ^}r~bb dc{ akpb gl~kob ~l ~eb X}kgokxcj Xc{kga

Cabg~ }bsrb~kga buoecgab cgn* kg ~eb bpbg~ l` ~eb loor}}bgob l` cg Buoecgab Bpbg~ c nbo}kmbn kg %kkk+ cmlpb*

~eb Krb} dc{ cjl akpb gl~kob ~l ~eb X}kgokxcj Xc{kga Cabg~ }bsrb~kga buoecgab' Cg{ roe buoecgab ecjj

loor} gl jc~b} ~ecg >2 nc{ c`~b} ~eb nc~b l` }bobkx~ l` ~eb ffi}~ }bjbpcg~ gl~kob m{ ~eb X}kgokxcj Xc{kga Cabg~'

êb `ljjlqkga jbabgn qkjj cxxbc} lg cjj Mbc}b} Gl~b qekoe ecpb cg l}kakgcj dc~r}k~{ l` dl}b ~ecg ?02 nc{ cgn

lg cjj Olrxlg cgn ]bobkx~ }bjc~kga ~l roe Gl~b9 CG[ RGK^BN _^C^B_ XB]_LG %C_ NB@KGBN KG ÊB

KG^B]GCJ ]BPBGRB OLNB L@ ÊB RGK^BN _^C^B_+ QEL ELJN_ ÊK_ LMJKAC^KLG QKJJ MB

_RMIBO^ ^L JKDK^C^KLG_ RGNB] ÊB RGK^BN _^C^B_ KGOLDB ^CU JCQ_* KGOJRNKGA ÊBJKDK^C^KLG_ X]LPKNBN KG _BO^KLG_ 302%I+ CGN 3=51%C+ L@ ÊB KG^B]GCJ ]BPBGRB OLNB'

êb bo~klg }b`b}}bn ~l x}lpknb ~ec~ Rgk~bn _~c~b eljnb}* qk~e ob}~ckg buobx~klg* qkjj gl~ mb bg~k~jbn ~l nbnro~

cg{ jl lg roe Gl~b* Olrxlg l} ]bobkx~ cgn qkjj gl~ mb bg~k~jbn ~l ocxk~cj ackg ~}bc~dbg~ l` cg{ ackg lg cg{

cjb* nkxlk~klg* }bnbdx~klg l} xc{dbg~ l` x}kgokxcj kg }bxbo~ l` roe Gl~b* ]bobkx~ l} Olrxlg'

Gl~b qekoe c}b }bx}bbg~bn m{ c Mbc}b} Ajlmcj Gl~b qkjj lgj{ mb ~}cg`b}cmjb kg cool}ncgob qk~e ~eb }rjb cgn

x}lobnr}b `l} ~eb ~kdb mbkga l` Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a* c ~eb ocb dc{ mb'

]BAK_^B]BN GL^B_

êb ]bak~b}bn Gl~b l` bcoe ^}cgoeb l``b}bn cgn ljn kg }bjkcgob lg ]barjc~klg _* qekoe qkjj mb ljn ~l glg$

R'_' xb}lg lr~knb ~eb Rgk~bn _~c~b* qkjj kgk~kcjj{ mb }bx}bbg~bn m{ c ajlmcj gl~b kg }bak~b}bn `l}d* qk~elr~

]bobkx~ l} Olrxlg %c ]barjc~klg _ Ajlmcj Gl~b+ qekoe qkjj mb nbxlk~bn qk~e c or~lnkcg `l}* cgn }bak~b}bn

kg ~eb gcdb l` c gldkgbb l`* êb Nbxlk~l}{ ^}r~ Oldxcg{ l` Gbq [l}f %NÔ+ `l} ~eb coolrg~ l`

Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}a' X}kl} ~l buxk}{ l` ~eb nk~}kmr~klg oldxjkcgob xb}kln %c nbffigbn kg

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11/50

]bajc~klg _+ cxxjkocmjb ~l bcoe ^}cgoeb l` Gl~b* mbgbffiokcj kg~b}b~ kg c ]barjc~klg _ Ajlmcj Gl~b dc{ gl~ mb

l``b}bn l} ljn ~l* l} `l} ~eb coolrg~ l} mbgbffi~ l`* c R'_' xb}lg cpb c l~eb}qkb x}lpknbn kg Olgnk~klg = cgn

dc{ gl~ mb ebjn l~eb}qkb ~ecg ~e}lrae Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a cgn roe ]barjc~klg _ Ajlmcj

Gl~b qkjj mbc} c jbabgn }bac}nkga roe }b~}ko~klg lg ~}cg`b}'

êb ]bak~b}bn Gl~b l` bcoe ^}cgoeb dc{ lgj{ mb l``b}bn cgn ljn kg ~eb Rgk~bn _~c~b l} ~l R'_' xb}lg kg

x}kpc~b ~}cgco~klg %k+ ~l srcjkffibn kg~k~r~klgcj mr{b} qk~ekg ~eb dbcgkga l` ]rjb 3>>C rgnb} ~eb _bor}k~kb

Co~ %SKM+ l} %kk+ ~l coo}bnk~bn kgpb~l} %c nbffigbn kg ]rjb 283%c+%3+* %=+* %?+ l} %1+ rgnb} ~eb _bor}k~kb

Co~ ~ec~ c}b kg~k~r~klg %Kg~k~r~klgcj Coo}bnk~bn Kgpb~l}+ qel ca}bb ~l xr}oecb ~eb Gl~b `l} ~ebk} lqgcoolrg~ cgn gl~ qk~e c pkbq ~l ~eb nk~}kmr~klg ~eb}bl`' êb ]bak~b}bn Gl~b l` bcoe ^}cgoeb ljn ~l SKM qkjj

mb }bx}bbg~bn m{ c ajlmcj gl~b kg }bak~b}bn `l}d* qk~elr~ ]bobkx~ l} Olrxlg %c ]rjb 3>>C Ajlmcj Gl~b

cgn* ~lab~eb} qk~e c ]barjc~klg _ Ajlmcj Gl~b* ~eb ]bak~b}bn Ajlmcj Gl~b+ qekoe qkjj mb nbxlk~bn qk~e c

or~lnkcg `l}* cgn }bak~b}bn kg ~eb gcdb l` c gldkgbb l`* NÔ'

Xb}lg eljnkga mbgbffiokcj kg~b}b~ kg ]bak~b}bn Ajlmcj Gl~b qkjj mb bg~k~jbn l} }bsrk}bn* c ~eb ocb dc{ mb*

rgnb} ~eb ok}ord~cgob nbo}kmbn mbjlq* ~l }bobkpb xe{kocj nbjkpb}{ l` nbffigk~kpb Gl~b kg }bak~b}bn `l}d'

êb ]bak~b}bn Gl~b l` bcoe ^}cgoeb ljn ~l Kg~k~r~klgcj Coo}bnk~bn Kgpb~l} qkjj mb kg nbffigk~kpb `l}d*

}bak~b}bn kg ~eb gcdb l` ~eb eljnb} ~eb}bl` %Nbffigk~kpb KCK ]bak~b}bn Gl~b+' Rgjb l~eb}qkb b~ `l}~e kg ~eb

cxxjkocmjb X}kokga _rxxjbdbg~* Nbffigk~kpb KCK ]bak~b}bn Gl~b qkjj mb krbn lgj{ kg dkgkdrd nbgldkgc~klg

l` R'_'.288*888 cgn kg~ba}cj drj~kxjb l` R'_'.388 kg buob ~eb}bl` %l} ~eb cxx}lukdc~b bsrkpcjbg~ kg ~eb

cxxjkocmjb _xbokffibn Or}}bgo{+' Nbffigk~kpb KCK ]bak~b}bn Gl~b qkjj mb rmibo~ ~l ~eb }b~}ko~klg lg ~}cg`b} b~`l}~e ~eb}bkg cgn qkjj mbc} ~eb }b~}ko~kpb jbabgn nbo}kmbn rgnb} _rmo}kx~klg cgn _cjb' Kg~k~r~klgcj

Coo}bnk~bn Kgpb~l} ~ec~ eljn Nbffigk~kpb KCK ]bak~b}bn Gl~b dc{ bjbo~ ~l eljn roe Gl~b ~e}lrae NÔ* mr~

~}cg b}bb cosrk}kga ~eb Gl~b kg ~}cgco~klg bubdx~ `}ld _bor}k~kb Co~ }bak~}c~klg xr}rcg~ ~l ]barjc~klg _

l} ]rjb 3>> rgnb} ~eb _bor}k~kb Co~ %k` cpckjcmjb+ dc{ nl l rxlg c~k`co~klg l` ~eb }bsrk}bdbg~ cxxjkocmjb ~l

roe ~}cg`b} c nbo}kmbn rgnb} _rmo}kx~klg cgn _cjb' êb ]rjb 3>>C Ajlmcj Gl~b cgn ~eb Nbffigk~kpb KCK

]bak~b}bn Gl~b qkjj mb rmibo~ ~l ob}~ckg }b~}ko~klg lg ~}cg`b} b~ `l}~e ~eb}bkg cgn qkjj mbc} c jbabgn

}bac}nkga roe }b~}ko~klg'

Xc{dbg~ l` x}kgokxcj* kg~b}b~ cgn cg{ l~eb} cdlrg~ kg }bxbo~ l` ~eb ]bak~b}bn Ajlmcj Gl~b qkjj* kg ~eb

cmbgob l` x}lpkklg ~l ~eb olg~}c}{* mb dcnb ~l ~eb xb}lg elqg lg ~eb ]bak~b} %c nbffigbn kg Olgnk~klg 0+'

Glgb l` ~eb Krb}* cg{ Xc{kga Cabg~ l} ~eb ]bak~}c} qkjj ecpb cg{ }bxlgkmkjk~{ l} jkcmkjk~{ `l} cg{ cxbo~ l` ~eb

}bol}n }bjc~kga ~l l} xc{dbg~ l} nbjkpb}kb dcnb lg coolrg~ l` mbgbffiokcj lqgb}ekx kg~b}b~ kg ~eb ]bak~b}bnAjlmcj Gl~b l} `l} dckg~ckgkga* rxb}pkkga l} }bpkbqkga cg{ }bol}n }bjc~kga ~l roe mbgbffiokcj lqgb}ekx

kg~b}b~'

Xc{dbg~ l` x}kgokxcj* kg~b}b~ l} cg{ l~eb} cdlrg~ kg }bxbo~ l` ~eb ]bak~b}bn Gl~b kg nbffigk~kpb `l}d qkjj* kg

~eb cmbgob l` x}lpkklg ~l ~eb olg~}c}{* mb dcnb ~l ~eb xb}lg elqg lg ~eb ]bak~b} %c nbffigbn kg Olgnk~klg 0+

lg ~eb }bjbpcg~ ]bol}n Nc~b %c nbffigbn kg Olgnk~klg 0%n++ kddbnkc~bj{ x}bobnkga ~eb nrb nc~b `l} xc{dbg~ kg ~eb

dcggb} x}lpknbn kg ~ec~ Olgnk~klg'

Kg~b}b~ kg c ]bak~b}bn Ajlmcj Gl~b qkjj mb buoecgabcmjb %`}bb l` oec}ab+* kg qeljb mr~ gl~ kg xc}~* `l} nbffigk~kpb

]bak~b}bn Gl~b qk~elr~ ]bobkx~* Olrxlg l} ^cjlg %c nbffigbn kg ~eb Olgnk~klg+ c~~coebn lgj{ rxlg ~eb

loor}}bgob l` cg Buoecgab Bpbg~' @l} ~ebb xr}xlb* Buoecgab Bpbg~ dbcg ~ec~ %k+ cg Bpbg~ l` Nb`crj~ ec

loor}}bn cgn k olg~kgrkga* %kk+ NÔ ec gl~kffibn ~eb Krb} ~ec~ k~ k rgqkjjkga l} rgcmjb ~l olg~kgrb ~l co~ c

nbxlk~c}{ `l} ~eb Gl~b cgn gl cj~b}gc~kpb ojbc}kga {~bd c~k`co~l}{ ~l ~eb ^}r~bb k cpckjcmjb* %kkk+ NÔ ecobcbn ~l olg~k~r~b c ojbc}kga cabgo{ }bak~b}bn rgnb} ~eb Buoecgab Co~ l} ~eb Krb} ec mbbg gl~kffibn ~ec~ ml~e

Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}a ecpb mbbg ojlbn `l} mrkgb `l} c olg~kgrlr xb}kln l` 3> nc{ %l~eb}

~ecg m{ }bclg l` eljknc{* ~c~r~l}{ l} l~eb}qkb+ l} ecpb cgglrgobn cg kg~bg~klg xb}dcgbg~j{ ~l obcb mrkgb

l} ecpb kg `co~ nlgb l cgn* kg cg{ roe ocb* gl cj~b}gc~kpb ojbc}kga {~bd c~k`co~l}{ ~l ~eb ^}r~bb k cpckjcmjb

l} %kp+ ~eb Krb} ec l} qkjj mboldb lmjkabn ~l xc{ cnnk~klgcj cdlrg~ c x}lpknbn `l} l} }b`b}}bn ~l kg Olgnk~klg

0 qekoe qlrjn gl~ mb }bsrk}bn qb}b ~eb Gl~b }bx}bbg~bn m{ ~eb ]bak~b}bn Ajlmcj Gl~b kg nbffigk~kpb `l}d cgn c

ob}~kffioc~b ~l roe b``bo~ kagbn m{ ~eb Abgb}cj Nk}bo~l} l` ~eb ^}bcr}{ cgn @kgcgokcj Xljko{ l` ~eb Krb} k

nbjkpb}bn ~l ~eb ^}r~bb' êb Krb} qkjj x}ldx~j{ akpb gl~kob ~l Gl~beljnb} kg cool}ncgob qk~e Olgnk~klg 3? k`

cg Buoecgab Bpbg~ loor}' Kg ~eb bpbg~ l` ~eb loor}}bgob l` cg Buoecgab Bpbg~* NÔ* Br}lojbc} cgn,l}

Ojbc}~}bcd* Jrubdmlr}a %co~kga lg ~eb kg~}ro~klg l` cg{ eljnb} l` cg kg~b}b~ kg roe ]bak~b}bn Ajlmcj Gl~b+

l} ~eb ^}r~bb dc{ akpb gl~kob ~l ~eb ]bak~}c} }bsrb~kga buoecgab cgn* kg ~eb bpbg~ l` ~eb loor}}bgob l` cg

Buoecgab Bpbg~ c nbo}kmbn kg %kp+ cmlpb* ~eb Krb} dc{ cjl akpb gl~kob ~l ~eb ]bak~}c} }bsrb~kga buoecgab'

Cg{ roe buoecgab ecjj loor} gl~ jc~b} ~ecg 38 nc{ c`~b} ~eb nc~b l` }bobkx~ l` ~eb ffi}~ }bjbpcg~ gl~kob m{ ~eb

]bak~}c}'

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12/50

^]CG_@B] L@ KG^B]B_^_

Kg~b}b~ kg c ]bak~b}bn Ajlmcj Gl~b dc{* rmibo~ ~l oldxjkcgob qk~e cjj cxxjkocmjb }b~}ko~klg* mb ~}cg`b}}bn ~l

c xb}lg qel qkeb ~l eljn roe kg~b}b~ kg cgl~eb} ]bak~b}bn Ajlmcj Gl~b l} kg ~eb `l}d l` c Nbffigk~kpb KCK

]bak~b}bn Gl~b cgn Nbffigk~kpb KCK ]bak~b}bn Gl~b dc{* rmibo~ ~l oldxjkcgob qk~e cjj cxxjkocmjb }b~}ko~klg*

mb ~}cg`b}}bn ~l c xb}lg qel qkeb ~l eljn roe Gl~b kg ~eb `l}d l` cg kg~b}b~ kg c ]bak~b}bn Ajlmcj Gl~b'

Gl mbgbffiokcj lqgb} l` cg kg~b}b~ kg c ]bak~b}bn Ajlmcj Gl~b qkjj mb cmjb ~l ~}cg`b} roe kg~b}b~* buobx~ kg

cool}ncgob qk~e ~eb cxxjkocmjb x}lobnr}b l` NÔ* Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}a* kg bcoe ocb ~l ~eb

bu~bg~ cxxjkocmjb' ]bak~b}bn Gl~b c}b cjl rmibo~ ~l ~eb }b~}ko~klg lg ~}cg`b} b~ `l}~e ~eb}bkg cgn qkjj mbc} cjbabgn }bac}nkga roe }b~}ko~klg* bb _rmo}kx~klg cgn _cjb'

ABGB]CJ

Xr}rcg~ ~l ~eb Cabgo{ Ca}bbdbg~ %c nbffigbn rgnb} Olgnk~klg l` ~eb Gl~b+* ~eb ]bak~}c} ecjj c}}cgab ~ec~*

qeb}b c `r}~eb} ^}cgoeb l` Gl~b k krbn qekoe k kg~bgnbn ~l `l}d c kgajb _b}kb qk~e cg buk~kga ^}cgoeb l`

Gl~b* ~eb Gl~b l` roe `r}~eb} ^}cgoeb ecjj mb ckagbn c olddlg olnb cgn K_KG cgn* qeb}b cxxjkocmjb* c

OR_KX cgn OKG_ grdmb} qekoe c}b nk``b}bg~ `}ld ~eb olddlg olnb* K_KG* OR_KX cgn OKG_ grdmb} ckagbn

~l Gl~b l` cg{ l~eb} ^}cgoeb l` ~eb cdb _b}kb rg~kj c~ jbc~ ~eb buxk}{ l` ~eb nk~}kmr~klg oldxjkcgob xb}kln

cxxjkocmjb ~l ~eb Gl~b l` roe ^}cgoeb'

@l} l jlga c cg{ l` ~eb Gl~b k }bx}bbg~bn m{ c Mbc}b} Ajlmcj Gl~b ebjn lg mbecj` l` Br}lojbc} cgn,l}

Ojbc}~}bcd* Jrubdmlr}a bcoe xb}lg %l~eb} ~ecg Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a+ qel k `l} ~eb ~kdb

mbkga elqg kg ~eb }bol}n l` Br}lojbc} l} l` Ojbc}~}bcd* Jrubdmlr}a c ~eb eljnb} l` c xc}~korjc} gldkgcjcdlrg~ l` roe Gl~b %kg qekoe }bac}n cg{ ob}~kffioc~b l} l~eb} nlordbg~ krbn m{ Br}lojbc} l} Ojbc}~}bcd*

Jrubdmlr}a c ~l ~eb gldkgcj cdlrg~ l` roe Gl~b ~cgnkga ~l ~eb coolrg~ l} cg{ xb}lg ecjj mb olgojrkpb

cgn mkgnkga `l} cjj xr}xlb cpb kg ~eb ocb l` dcgk`b~ b}}l}+ ecjj mb ~}bc~bn m{ ~eb Krb}* cgn k~ cabg~ cgn

~eb ^}r~bb c ~eb eljnb} l` roe gldkgcj cdlrg~ l` roe Gl~b `l} cjj xr}xlb l~eb} ~ecg qk~e }bxbo~ ~l ~eb

xc{dbg~ l` x}kgokxcj l} kg~b}b~ lg roe gldkgcj cdlrg~ l` roe Gl~b* `l} qekoe xr}xlb ~eb mbc}b} l` ~eb

}bjbpcg~ Mbc}b} Ajlmcj Gl~b ecjj mb ~}bc~bn m{ ~eb Krb}* cgn k~ cabg~ cgn ~eb ^}r~bb c ~eb eljnb} l` roe

gldkgcj cdlrg~ l` roe Gl~b kg cool}ncgob qk~e cgn rmibo~ ~l ~eb ~b}d l` ~eb }bjbpcg~ Mbc}b} Ajlmcj Gl~b cgn

~eb bux}bklg Gl~beljnb} cgn eljnb} l` Gl~b cgn }bjc~bn bux}bklg ecjj mb olg~}rbn cool}nkgaj{'

@l} l jlga c cg{ l` ~eb Gl~b k }bx}bbg~bn m{ c ]bak~b}bn Ajlmcj Gl~b }bak~b}bn kg ~eb gcdb l` NÔ l} k~

gldkgbb* bcoe xb}lg qel k `l} ~eb ~kdb mbkga elqg kg ~eb }bol}n l` NÔ l} roe gldkgbb c ~eb eljnb} l` c

xc}~korjc} gldkgcj cdlrg~ l` roe Gl~b ecjj mb ~}bc~bn m{ ~eb Krb}* ~eb ^}r~bb cgn ~eb Cabg~ c ~eb eljnb} l`

roe gldkgcj cdlrg~ l` roe Gl~b `l} cjj xr}xlb l~eb} ~ecg qk~e }bxbo~ ~l ~eb xc{dbg~ l` x}kgokxcj l} kg~b}b~

lg* l} pl~kga* akpkga olgbg~ l} dcfkga }bsrb~ kg }bxbo~ l`* roe gldkgcj cdlrg~ l` roe Gl~b `l} qekoe

xr}xlb NÔ l}* kg ~eb ocb l` xc{dbg~ lgj{* k~ gldkgbb ecjj mb ~}bc~bn m{ ~eb Krb}* ~eb ^}r~bb cgn ~eb

Cabg~ c ~eb eljnb} l` roe gldkgcj cdlrg~ l` roe Gl~b* kg cool}ncgob qk~e cgn rmibo~ ~l ~eb ~b}d l` roe

]bak~b}bn Ajlmcj Gl~b* cgn ~eb bux}bklg Gl~beljnb} cgn eljnb} l` Gl~b cgn }bjc~bn bux}bklg ecjj

mb olg~}rbn cool}nkgaj{'

Kg nb~b}dkgkga qeb~eb} c xc}~korjc} xb}lg k bg~k~jbn ~l c xc}~korjc} gldkgcj cdlrg~ l` Gl~b c }b`b}}bn ~l kg ~eb

x}bobnkga ~ql xc}ca}cxe* ~eb ^}r~bb dc{ }bj{ lg roe bpknbgob cgn,l} kg`l}dc~klg cgn,l} ob}~kffioc~klg c k~

ecjj* kg k~ cmljr~b nko}b~klg* ~ekgf ffi~ cgn* k` k~ nlb l }bj{* roe bpknbgob cgn,l} kg`l}dc~klg cgn,l}

ob}~kffioc~klg ecjj* kg ~eb cmbgob l` dcgk`b~ b}}l}* mb olgojrkpb cgn mkgnkga lg cjj olgob}gbn'

Cg{ }b`b}bgob eb}bkg ~l Br}lojbc} cgn,l} Ojbc}~}bcd* Jrubdmlr}a cgn,l} NÔ ecjj* qebgbpb} ~eb olg~bu~ l

xb}dk~* mb nbbdbn ~l kgojrnb c }b`b}bgob ~l cg{ cnnk~klgcj l} cj~b}gc~kpb ojbc}kga {~bd cxx}lpbn m{ ~eb Krb}*

~eb ^}r~bb cgn ~eb X}kgokxcj Xc{kga Cabg~'

3=


13/50

CXXJKOCMJB X]KOKGA _RXXJBDBG^

_b~ lr~ mbjlq k ~eb `l}d l` X}kokga _rxxjbdbg~ qekoe qkjj mb oldxjb~bn `l} bcoe ^}cgoeb krbn rgnb} ~eb

X}la}cddb'

VNc~bT

ÊB FKGANLD L@ _XCKG

%~eb Krb}+

Krb l` VCaa}bac~b X}kgokxcj Cdlrg~ l` ^}cgoebT V^k~jb l` Gl~bsT

rgnb} c B5*888*888*888

Br}l Dbnkrd ^b}d Gl~b X}la}cddb

êk nlordbg~ olg~k~r~b ~eb X}kokga _rxxjbdbg~ }bjc~kga ~l ~eb krb l` Gl~b nbo}kmbn eb}bkg' ^b}d rbn

eb}bkg ecjj mb nbbdbn ~l mb nbffigbn c roe `l} ~eb xr}xlb l` ~eb Olgnk~klg %~eb Olgnk~klg+ b~ `l}~e kg ~eb

L``b}kga Ok}orjc} nc~bn 5~e Lo~lmb}* =88>' êk X}kokga _rxxjbdbg~ olg~ckg ~eb ffigcj ~b}d l` ~eb Gl~b cgn

dr~ mb }bcn kg olgirgo~klg qk~e roe L``b}kga Ok}orjc}'

Vêb `ljjlqkga cj~b}gc~kpb jcgarcab cxxjkb k` ~eb ffi}~ ~}cgoeb l` cg krb qekoe k mbkga kgo}bcbn qc krbn

rgnb} cg L``b}kga Ok}orjc} qk~e cg bc}jkb} nc~b'

^b}d rbn eb}bkg ecjj mb nbbdbn ~l mb nbffigbn c roe `l} ~eb xr}xlb l` ~eb Olgnk~klg %~eb Olgnk~klg+b~ `l}~e kg ~eb L``b}kga Ok}orjc} nc~bn Vl}kakgcj nc~bT' êk X}kokga _rxxjbdbg~ olg~ckg ~eb ffigcj ~b}d l` ~eb

Gl~b cgn dr~ mb }bcn kg olgirgo~klg qk~e ~eb L``b}kga Ok}orjc} nc~bn Vor}}bg~ nc~bT* cpb kg }bxbo~ l` ~eb

Olgnk~klg qekoe c}b bu~}co~bn `}ld ~eb L``b}kga Ok}orjc} nc~bn V l}kakgcj nc~bT cgn c}b c~~coebn eb}b~l'T

VKgojrnb qekoebpb} l` ~eb `ljjlqkga cxxj{ l} xbok`{ c Gl~ Cxxjkocmjb l} G,C' Gl~b ~ec~ ~eb grdmb}kga

elrjn }bdckg c b~ lr~ mbjlq* bpbg k` Gl~ Cxxjkocmjb l} G,C k kgnkoc~bn `l} kgnkpknrcj xc}ca}cxe l}

rm$xc}ca}cxe' K~cjko nbgl~b nk}bo~klg `l} oldxjb~kga ~eb X}kokga _rxxjbdbg~'T

3' VkT _b}kb Grdmb}9 V T

V%kk+ ^}cgoeb Grdmb}9 V T

%K` `rgakmjb qk~e cg buk~kga _b}kb* nb~ckj l` ~ec~ _b}kb*

kgojrnkga ~eb nc~b lg qekoe ~eb Gl~b mboldb `rgakmjb+T

=' _xbokffibn Or}}bgo{ l} Or}}bgokb9 V T

?' Caa}bac~b X}kgokxcj Cdlrg~9

^}cgoeb9 V T

_b}kb9 V T

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coo}rbn kg~b}b~ `}ld Vkgb}~ nc~bT %kg ~eb ocb l` `rgakmjb

krb lgj{* k` cxxjkocmjb+T

%kk+ Gb~ X}lobbn9 V T %]bsrk}bn lgj{ `l} jk~bn krb+

2' _xbokffibn Nbgldkgc~klg9 V T

%kg ~eb ocb l` ]bak~b}bn Gl~b*

~ek dbcg ~eb dkgkdrd kg~ba}cj

cdlrg~ kg qekoe ~}cg`b} ocg

mb dcnb+

V T

0' V%k+T Krb Nc~b9 V T

V%kk+ Kg~b}b~ Olddbgobdbg~ Nc~b

%k` nk``b}bg~ `}ld ~eb Krb Nc~b+9

V TT

1' Dc~r}k~{ Nc~b9 V@kubn }c~b xbok`{ nc~b,

@jlc~kga }c~b Kg~b}b~ Xc{dbg~ Nc~b `cjjkga kg Vxbok`{

dlg~eTT

3?


14/50

5' Kg~b}b~ Mck9 VV T xb} obg~' @kubn ]c~bT

VVJKML],BR]KML]T ,$ V T xb} obg~' @jlc~kga ]c~bT

VYb}l OlrxlgT

VKgnbu Jkgfbn Kg~b}b~T

VNrcj Or}}bgo{ Kg~b}b~T

Vxbok`{ l~eb}T

%`r}~eb} xc}~korjc} xbokffibn mbjlq+

;' ]bnbdx~klg,Xc{dbg~ Mck9 V]bnbdx~klg c~ xc}TVKgnbu Jkgfbn ]bnbdx~klgT

VNrcj Or}}bgo{ ]bnbdx~klgT

VXc}~j{ XcknT

VKg~cjdbg~T

Vxbok`{ l~eb}T

38' Oecgab l` Kg~b}b~ Mck l}

]bnbdx~klg, Xc{dbg~ Mck9

V_xbok`{ nb~ckj l` cg{ x}lpkklg `l} oecgab l` Gl~b kg~l

cgl~eb} Kg~b}b~ Mck l} ]bnbdx~klg,Xc{dbg~ MckT

33' Xr~,Ocjj Lx~klg9 VKgpb~l} Xr~T

VKrb} OcjjT

V%`r}~eb} xc}~korjc} xbokffibn mbjlq+T

3=' Jk~kga9 VJrubdmlr}a,xbok`{ l~eb},

GlgbT3?' Db~eln l` nk~}kmr~klg9 V_{gnkoc~bn,Glg${gnkoc~bnT

X]LPK_KLG_ ]BJC^KGA ^L KG^B]B_^ %K@ CG[+ XC[CMJB

3>' @kubn ]c~b Gl~b X}lpkklg VCxxjkocmjb,Gl~ CxxjkocmjbT

%K` gl~ cxxjkocmjb* nbjb~b ~eb }bdckgkga rm$xc}ca}cxe l`

~ek xc}ca}cxe+

%k+ ]c~bV%+T l` Kg~b}b~9 V T xb} obg~' xb} cggrd Vxc{cmjb Vcggrcjj{,bdk$

cggrcjj{,src}~b}j{,dlg~ej{T kg c}}bc}T

%kk+ Kg~b}b~ Xc{dbg~ Nc~b%+9 V T kg bcoe {bc} rx ~l cgn kgojrnkga ~eb Dc~r}k~{ Nc~b,

Vxbok`{ l~eb}T %GM9 ~ek qkjj gbbn ~l mb cdbgnbn kg ~eb

ocb l` jlga l} el}~ olrxlg+%kkk+ @kubn Olrxlg Cdlrg~%+9 V T xb} V T kg x}kgokxcj cdlrg~

%kp+ M}lfbg Cdlrg~%+9 VKgb}~ xc}~korjc} l` cg{ kgk~kcj l} ffigcj m}lfbg kg~b}b~

cdlrg~ qekoe nl gl~ ol}}bxlgn qk~e ~eb @kubn Olrxlg

Cdlrg~%+T

%p+ @kubn Nc{ Olrg~ @}co~klg9 V?8,?08 l} Co~rcj,Co~rcj %K_DC+ l}xbok { l~eb}T

%Gl~b ~ec~ k` kg~b}b~ k gl~ xc{cmjb lg c }barjc} mck %`l}

bucdxjb* k` ~eb}b c}b M}lfbg Cdlrg~ xbokffibn+ Co~rcj,

Co~rcj qkjj gl~ mb c rk~cmjb @kubn Nc{ Olrg~ @}co~klg+

%pk+ Nb~b}dkgc~klg Nc~b%+9 V T kg bcoe {bc} Vkgb}~ }barjc} kg~b}b~ xc{dbg~ nc~b*

kagl}kga krb nc~b l} dc~r}k~{ nc~b kg ~eb ocb l` c jlga

l} el}~ ffi}~ l} jc~ olrxlgVGM9 ^ek qkjj gbbn ~l mb cdbgnbn kg ~eb ocb l` }barjc}

kg~b}b~ xc{dbg~ nc~b qekoe c}b gl~ l` bsrcj nr}c~klg'

GM9 Lgj{ }bjbpcg~ qeb}b @kubn Nc{ Olrg~ @}co~klg k

Co~rcj,Co~rcj %K_DC+T

%pkk+ L~eb} ~b}d }bjc~kga ~l ~eb

db~eln l` ocjorjc~kga kg~b}b~

`l} @kubn ]c~b Gl~b9

VGlgb,xbok`{ nb~ckjT

3>


15/50

32' @jlc~kga ]c~b Gl~b X}lpkklg VCxxjkocmjb,Gl~ CxxjkocmjbT


~ek xc}ca}cxe'+

%k+ _xbokffibn Xb}kln%+,_xbokffibn V T

Kg~b}b~ Xc{dbg~ Nc~b9

%kk+ Mrkgb Nc{ Olgpbg~klg9 V@jlc~kga ]c~b Olgpbg~klg,@ljjlqkga Mrkgb Nc{

Olgpbg~klg,Dlnkffibn @ljjlqkga Mrkgb Nc{ Olgpbg~klg,

X}bobnkga Mrkgb Nc{ Olgpbg~klg,xbok`{ l~eb}T%kkk+ Cnnk~klgcj Mrkgb V T

Obg~}b%+9

%kp+ Dcggb} kg qekoe ~eb ]c~b l`

Kg~b}b~ cgn Kg~b}b~ Cdlrg~

k ~l mb nb~b}dkgbn9

V_o}bbg ]c~b Nb~b}dkgc~klg,K_NC Nb~b}dkgc~klg,xbok`{

l~eb}T

%p+ Xc}~{ }bxlgkmjb `l}

ocjorjc~kga ~eb ]c~b l` Kg~b}b~

cgn Kg~b}b~ Cdlrg~

%k` gl~ ~eb X}kgokxcj Xc{kga

Cabg~+9

V T

%pk+ _o}bbg ]c~b Nb~b}dkgc~klg9

]b`b}bgob ]c~b9 V T

%Bk~eb} JKML]* BR]KML] l} l~eb}* cj~elrae cnnk~klgcj

kg`l}dc~klg k }bsrk}bn k` l~eb} kgojrnkga ~l `cjjmcof

x}lpkklg kg ~eb Cabgo{ Ca}bbdbg~+

Kg~b}b~ Nb~b}dkgc~klg Nc~b%+9 V T

%_bolgn mrkgb nc{ kg Jlgnlg x}kl} ~l ~eb ~c}~ l` bcoe

Kg~b}b~ Xb}kln k` JKML] cgn %l~eb} ~ecg _~b}jkga l} br}l

JKML]+* ffi}~ nc{ l` bcoe Kg~b}b~ Xb}kln k` _~b}jkga

JKML] cgn ~eb bolgn nc{ lg qekoe ~eb ^C]AB^ _{~bd

k lxbg x}kl} ~l ~eb ~c}~ l` bcoe Kg~b}b~ Xb}kln k`

BR]KML] l} br}l JKML]+

]bjbpcg~ _o}bbg Xcab9 V T

%Kg ~eb ocb l` BR]KML]* k` gl~ Dlgb{jkgb ^bjb}c~b =>5

bgr}b k~ k c xcab qekoe elq c oldxlk~b }c~b l}

cdbgn ~eb `cjjmcof x}lpkklg cxx}lx}kc~bj{+

%pkk+ K_NC Nb~b}dkgc~klg

@jlc~kga ]c~b Lx~klg9 V T

Nbkagc~bn Dc~r}k~{9 V T

]bb~ Nc~b9 V T

%pkkk+ Dc}akg%+9 V,$T V T xb} obg~' xb} cggrd

%ku+ Dkgkdrd ]c~b l` Kg~b}b~9 V T xb} obg~' xb} cggrd

%u+ Dcukdrd ]c~b l` Kg~b}b~9 V T xb} obg~' xb} cggrd

%uk+ @jlc~kga Nc{ Olrg~@}co~klg9

VCo~rcj,?02Co~rcj,?02 %@kubn+

Co~rcj,?02 %_~b}jkga+

Co~rcj,?08

?8,?08

?8B,?08

L~eb}

%_bb Olgnk~klg > `l} cj~b}gc~kpb+T

%ukk+ @cjjmcof x}lpkklg* }lrgnkga

x}lpkklg cgn cg{ l~eb} ~b}d

}bjc~kga ~l ~eb db~eln l`

ocjorjc~kga kg~b}b~ lg @jlc~kga

]c~b Gl~b* k` nk``b}bg~ `}ld~elb b~ lr~ kg ~eb Olgnk~klg9

V T

32


16/50

30' Yb}l Olrxlg Gl~b X}lpkklg VCxxjkocmjb,Gl~ CxxjkocmjbT


~ek xc}ca}cxe+

%k+ Coo}rcj [kbjn9 V T xb} obg~' xb} cggrd

%kk+ ]b`b}bgob X}kob V T

%kkk+ Cg{ l~eb} `l}drjc,mck l`

nb~b}dkgkga cdlrg~ xc{cmjb9

V T

%kp+ Nc{ Olrg~ @}co~klg kg }bjc~klg

~l Bc}j{ ]bnbdx~klg Cdlrg~

cgn jc~b xc{dbg~9

VOlgnk~klg 2%N+ cgn 2%A+ cxxj{,xbok`{ l~eb}T %Olgknb}

cxxjkocmjb nc{ olrg~ `}co~klg k` gl~ R'_' nljjc}

nbgldkgc~bn+

31' Kgnbu Jkgfbn Kg~b}b~ Gl~b X}lpkklg VCxxjkocmjb,Gl~ CxxjkocmjbT

%K` gl~ cxxjkomjb* nbjb~b ~eb }bdckgkga rm$xc}ca}cxe l`

~ek xc}ca}cxe+

%k+ Kgnbu,@l}drjc9 Vakpb l} cggbu nb~ckjT

%kk+ Ocjorjc~klg Cabg~ }bxlgkmjb

`l} ocjorjc~kga ~eb x}kgokxcj

cgn,l} kg~b}b~ nrb9

V T

%kkk+ X}lpkklg `l} nb~b}dkgkgaOlrxlg qeb}b ocjorjc~klg m{

}b`b}bgob ~l Kgnbu cgn,l}

@l}drjc k kdxlkmjb l}

kdx}co~kocmjb9

V T

%kp+ _xbokffibn Xb}kln%+,_xbokffibn

Kg~b}b~ Xc{dbg~ Nc~b9

V T

%p+ Mrkgb Nc{ Olgpbg~klg9 V@jlc~kga ]c~b Olgpbg~klg,@ljjlqkga Mrkgb Nc{

Olgpbg~klg,Dlnkffibn @ljjlqkga Mrkgb Nc{ Olgpbg~klg,

X}bobnkga Mrkgb Nc{ Olgpbg~klg,xbok`{ l~eb}T

%pk+ Cnnk~klgcj Mrkgb Obg~}b%+9 V T

%pkk+ Dkgkdrd ]c~b l` Kg~b}b~9 V T xb} obg~' xb} cggrd

%pkkk+ Dcukdrd ]c~b l` Kg~b}b~9 V T xb} obg~' xb} cggrd

%ku+ Nc{ Olrg~ @}co~klg9 V T

35' Nrcj Or}}bgo{ Gl~b X}lpkklg VCxxjkocmjb,Gl~ CxxjkocmjbT

%K` gl~ cxxjkomjb* nbjb~b ~eb }bdckgkga rm$xc}ca}cxe l`

~ek xc}ca}cxe+

%k+ ]c~b l` Buoecgab,db~eln l`

ocjorjc~kga ]c~b l` Buoecgab9

Vakpb nb~ckjT

%kk+ Ocjorjc~klg Cabg~* k` cg{*

}bxlgkmjb `l} ocjorjc~kga ~eb

x}kgokxcj cgn,l} kg~b}b~xc{cmjb9

V T

%kkk+ X}lpkklg cxxjkocmjb qeb}b

ocjorjc~klg m{ }b`b}bgob ~l

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l} kdx}co~kocmjb9

V T

%kp+ Xb}lg c~ qelb lx~klg

_xbokffibn Or}}bgo{%kb+ k,c}b

xc{cmjb9

V T

30


17/50

X]LPK_KLG_ ]BJC^KGA ^L ]BNBDX^KLG

3;' Krb} Ocjj9 VCxxjkocmjb,Gl~ CxxjkocmjbT


~ek xc}ca}cxe+

%k+ Lx~klgcj ]bnbdx~klg

Nc~b%+9

V T

%kk+ Lx~klgcj ]bnbdx~klgCdlrg~%+ cgn db~eln* k` cg{*

l` ocjorjc~klg l` roe

cdlrg~%+9

V T xb} Gl~b l` V T _xbokffibn Nbgldkgc~klg

%kkk+ K` }bnbbdcmjb kg xc}~9

%c+ Dkgkdrd ]bnbdx~klg

Cdlrg~9

V T

%m+ Ekaeb} ]bnbdx~klg

Cdlrg~9

V T

%kp+ Gl~kob xb}kln %k` l~eb} ~ecg V T

c b~ lr~ kg ~eb Olgnk~klg+9

=8' Kgpb~l} Xr~9 VCxxjkocmjb,Gl~ CxxjkocmjbT

%K` gl~ cxxjkocmjb* nbjb~b ~eb }bdckgkga rm$xc}ca}cxe l`~ek xc}ca}cxe+

%k+ Lx~klgcj ]bnbdx~klg V T

Nc~b%+9

%kk+ Lx~klgcj ]bnbdx~klg

Cdlrg~%+ cgn db~eln* k` cg{*

l` ocjorjc~klg l` roe

cdlrg~%+9

V T xb} Gl~b l` V T _xbokffibn Nbgldkgc~klg

%kkk+ Gl~kob xb}kln %k l~eb} ~ecg c

b~ lr~ kg ~eb Olgnk~klg+9

V T

=3' @kgcj ]bnbdx~klg Cdlrg~ VXc},xbok`{ l~eb},bb CxxbgnkuT

==' Bc}j{ ]bnbdx~klg Cdlrg~%+

xc{cmjb lg cg bpbg~ l` nb`crj~ cgn,l}

~eb db~eln l` ocjorjc~kga ~eb cdb %k`

}bsrk}bn l} k` nk``b}bg~ `}ld ~ec~ b~

lr~ kg olgnk~lg 2%M++9

V T xb} Gl~b l` V T _xbokffibn Nbgldkgc~klg,xbok`{

l~eb},bb CxxbgnkuT

ABGB]CJ X]LPK_KLG_ CXXJKOCMJB ^L ÊB GL^B_

=?' @l}d l` Gl~b9 V^bdxl}c}{ ajlmcj Gl~b buoecgabcmjb `l} c xb}dcgbg~

ajlmcj Gl~b qekoe k buoecgabcmjb `l} nbffigk~kpb Gl~b

lgj{ rxlg ~eb loor}}bgob l` cg Buoecgab Bpbg~'T

V^bdxl}c}{ ajlmcj Gl~b buoecgabcmjb `l} nbffigk~kpb Gl~b

lg cgn c`~b} ~eb Buoecgab Nc~b'T

V]bak~b}bn Gl~b9

]barjc~klg _ Ajlmcj Gl~b %R'_'.V T gldkgcj cdlrg~+}bak~b}bn kg ~eb gcdb l` c gldkgbb `l} VNÔ,c olddlg

nbxlk~c}{ `l} Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}aT,

]rjb 3>>C Ajlmcj Gl~b %R'_'.V T gldkgcj cdlrg~

}bak~b}bn kg ~eb gcdb l` c gldkgbb `l} VNÔ,c olddlg

nbxlk~c}{ `l} Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}aT,

Nbffigk~kpb KCK ]bak~b}bn Gl~b %xbok`{ gldkgcj

cdlrg~+T

=>' Cnnk~klgcj @kgcgokcj Obg~}b%+ l} l~eb}

xbokcj x}lpkklg }bjc~kga ~l Xc{dbg~

Nc~b9

VGl~ Cxxjkocmjb,akpb nb~ckjT

%Gl~b ~ec~ ~ek k~bd }bjc~b ~l ~eb xjcob l` xc{dbg~ cgn

gl~ Kg~b}b~ Xb}kln bgn nc~b ~l qekoe k~bd 32%kkk+ cgn

31%pk+ }bjc~b+

31


18/50

=2' ^cjlg `l} `r~r}b Olrxlg l}

]bobkx~ ~l mb c~~coebn ~l Nbffigk~kpb

Mbc}b} Gl~b %cgn nc~b lg qekoe

roe ^cjlg dc~r}b+9

V[b,Gl' K` {b* akpb nb~ckjT

=0' Nb~ckj }bjc~kga ~l Xc}~j{ Xckn Gl~b9

cdlrg~ l` bcoe xc{dbg~ oldx}kkga

~eb Krb X}kob cgn nc~b lg qekoe

bcoe xc{dbg~ k ~l mb dcnb cgn* k`nk``b}bg~ `}ld ~elb xbokffibn kg ~eb

^bdxl}c}{ Ajlmcj Gl~b*

olgbsrbgob l` `ckjr}b ~l xc{*

kgojrnkga cg{ }kae~ l` ~eb Krb} ~l

`l}`bk~ ~eb Gl~b cgn kg~b}b~ nrb lg

jc~b xc{dbg~9


=1' Nb~ckj }bjc~kga ~l Kg~cjdbg~ Gl~b9

cdlrg~ l` bcoe kg~cjdbg~* nc~b lg

qekoe bcoe xc{dbg~ k ~l mb dcnb9


=5' ]bnbgldkgc~klg x}lpkklg9 VGl~ cxxjkocmjb,^eb x}lpkklg cggbubn ~l ~ek X}kokga

_rxxjbdbg~ cxxj{T

%K` ]bnbgldkgc~klg k cxxjkocmjb* xbok`{ bk~eb} ~eb cxxjkocmjbNc{ Olrg~ @}co~klg l} cg{ x}lpkklg gbobc}{ ~l nbcj qk~e

lc~kga }c~b kg~b}b~ ocjorjc~klg %kgojrnkga cj~b}gc~kpb

}b`b}bgob }c~b++

=;' L~eb} ~b}d l} xbokcj olgnk~klg9 VGl~ Cxxjkocmjb,xbok`{ nb~ckjT

NK_^]KMR^KLG

?8' %k+ K` {gnkoc~bn* gcdb l`

Dcgcab}9

VGl~ Cxxjkocmjb,xbok`{ gcdbT

%kk+ _~cmkjkkga Dcgcab} %k` cg{+9 VGl~ Cxxjkocmjb,xbok`{ gcdbT

?3' K` glg${gnkoc~bn* gcdb l` }bjbpcg~

Nbcjb}9

V T

?=' Qeb~eb} ^B@]C O, B@]C N }rjb

cxxjkocmjb l} ^B@]C }rjb gl~

cxxjkocmjb9

V^B@]C N,^B@]C O,^B@]C gl~ CxxjkocmjbT

??' Cnnk~klgcj bjjkga }b~}ko~klg9 VGl~ Cxxjkocmjb,xbok`{ nb~ckjT

LXB]C^KLGCJ KG@L]DC^KLG

?>' Cg{ ojbc}kga {~bd%+ l~eb} ~ecg

Br}lojbc} cgn Ojbc}~}bcd*

Jrubdmlr}a cgn ~eb }bjbpcg~

knbg~kffioc~klg grdmb}%+9

VGl~ Cxxjkocmjb,xbok`{ gcdb %+ cgn grdmb}%+T

?2' Nbjkpb}{9 Nbjkpb}{ Vcackg~,`}bb l`T xc{dbg~?0' Cnnk~klgcj Xc{kga Cabg~%+ %k cg{+9 V T

K_KG9 V T

Olddlg Olnb9 V T

%Kgb}~ eb}b cg{ l~eb} }bjbpcg~ olnb

roe c OR_KX & OKG_ olnb+'

35


19/50

JK_^KGA CXXJKOC^KLG

^ek X}kokga _rxxjbdbg~ oldx}kb ~eb ffigcj ~b}d }bsrk}bn ~l jk~ ~eb krb l` Gl~b nbo}kmbn eb}bkg xr}rcg~ ~l

~eb B5*888*888*888 Br}l Dbnkrd ^b}d Gl~b X}la}cddb l` ~eb Krb}'

]B_XLG_KMKJK^[

^eb Krb} coobx~ }bxlgkmkjk~{ `l} ~eb kg`l}dc~klg olg~ckgbn kg ~ek X}kokga _rxxjbdbg~'

_kagbn lg mbecj` l` ~eb Krb}9

M{9 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

Nrj{ cr~el}kbn

3;


20/50

OLGNK^KLG_ L@ ÊB GL^B_

êb `ljjlqkga c}b ~eb Olgnk~klg l` ~eb Gl~b qekoe qkjj mb kgol}xl}c~bn m{ }b`b}bgob kg~l bcoe Ajlmcj Gl~b %c

nbffigbn mbjlq+ cgn qkjj mb bgnl}bn rxlg bcoe nbffigk~kpb Gl~b' êb cxxjkocmjb X}kokga _rxxjbdbg~ kg }bjc~klg ~l

cg{ ^}cgoeb l` Gl~b dc{ xbok`{ l~eb} ~b}d cgn olgnk~klg qekoe ecjj* ~l ~eb bu~bg~ l xbokffibn l} ~l ~eb

bu~bg~ kgolgk~bg~ qk~e ~eb `ljjlqkga Olgnk~klg* }bxjcob l} dlnk`{ ~eb `ljjlqkga Olgnk~klg `l} ~eb xr}xlb l`

roe Gl~b' êb cxxjkocmjb X}kokga _rxxjbdbg~ %l} ~eb }bjbpcg~ x}lpkklg ~eb}bl`+ qkjj mb bgnl}bn rxlg* l}

c~~coebn ~l* bcoe Ajlmcj Gl~b cgn nbffigk~kpb Gl~b' ]b`b}bgob elrjn mb dcnb ~l @l}d l` ~eb Gl~b `l} cnbo}kx~klg l` ~eb olg~bg~ l` X}kokga _rxxjbdbg~ qekoe qkjj xbok`{ qekoe l` roe ~b}d c}b ~l cxxj{ kg }bjc~klg

~l ~eb }bjbpcg~ Gl~b'

êk Gl~b k lgb l` c _b}kb %c nbffigbn mbjlq+ l` Gl~b krbn m{ ~eb Fkganld l` _xckg %~eb Krb}+ cgn

olg~k~r~bn m{ c ^}r~ Nbbn %roe ^}r~ Nbbn c dlnkffibn cgn,l} rxxjbdbg~bn cgn,l} }b~c~bn `}ld ~kdb ~l ~kdb*

~eb ^}r~ Nbbn+ nc~bn 5~e Lo~lmb}* =88> dcnb mb~qbbg ~eb Krb} cgn Ok~kol}x ^}r~bb Oldxcg{ Jkdk~bn %~eb

^}r~bb* qekoe bux}bklg ecjj kgojrnb cg{ roobl} c ~}r~bb+'

]b`b}bgob eb}bkg ~l ~eb Gl~b ecjj mb }b`b}bgob ~l ~eb Gl~b l` ~ek _b}kb cgn ecjj dbcg9

%k+ kg }bjc~klg ~l cg{ Gl~b }bx}bbg~bn m{ c ajlmcj Gl~b %c Ajlmcj Gl~b+* rgk~ l` ~eb jlqb~ _xbokffibn

Nbgldkgc~klg kg ~eb _xbokffibn Or}}bgo{6

%kk+ cg{ Ajlmcj Gl~b6

%kkk+ cg{ nbffigk~kpb Gl~b kg mbc}b} `l}d %Mbc}b} Gl~b+ krbn kg buoecgab `l} c Ajlmcj Gl~b kg mbc}b} `l}d6

cgn

%kp+ cg{ nbffigk~kpb Gl~b kg }bak~b}bn `l}d %]bak~b}bn Gl~b+ %qeb~eb} l} gl~ krbn kg buoecgab `l} c

Ajlmcj Gl~b kg }bak~b}bn `l}d+'

êb Gl~b* ~eb ]bobkx~ %c nbffigbn mbjlq+ cgn ~eb Olrxlg %c nbffigbn mbjlq+ ecpb ~eb mbgbffi~ l` cg Cabgo{

Ca}bbdbg~ %roe Cabgo{ Ca}bbdbg~ c cdbgnbn cgn,l} rxxjbdbg~bn cgn,l} }b~c~bn `}ld ~kdb ~l ~kdb* ~eb

Cabgo{ Ca}bbdbg~+ nc~bn 5~e Lo~lmb}* =88> cgn dcnb mb~qbbg ~eb Krb} cgn IX Dl}acg Oecb Mcgf*

Jlgnlg l`ffiob c krkga cgn x}kgokxcj xc{kga cabg~ cgn cabg~ mcgf %~eb X}kgokxcj Xc{kga Cabg~* qekoe

bux}bklg ecjj kgojrnb cg{ roobl} x}kgokxcj xc{kga cabg~+* ~eb l~eb} xc{kga cabg~ gcdbn ~eb}bkg %~lab~eb}

qk~e ~eb X}kgokxcj Xc{kga Cabg~* ~eb Xc{kga Cabg~* qekoe bux}bklg ecjj kgojrnb cg{ cnnk~klgcj l}roobl} xc{kga cabg~+* IX Dl}acg Oecb Mcgf* Gbq [l}f l`ffiob c buoecgab cabg~ %~eb Buoecgab Cabg~

qekoe bux}bklg ecjj kgojrnb cg{ roobl} buoecgab cabg~+* IX Dl}acg Oecb Mcgf* Gbq [l}f l`ffiob c

}bak~}c} %~eb ]bak~}c}* qekoe bux}bklg ecjj kgojrnb cg{ roobl} }bak~}c}+ cgn c ~}cg`b} cabg~* ~eb l~eb}

~}cg`b} cabg~ gcdbn ~eb}bkg %~lab~eb} qk~e ~eb ]bak~}c} kg k~ ocxcok~{ c c ~}cg`b} cabg~* ~eb ^}cg`b}

Cabg~* qekoe bux}bklg ecjj kgojrnb cg{ cnnk~klgcj l} roobl} ~}cg`b} cabg~+ cgn ~eb ^}r~bb'

Kg~b}b~ mbc}kga nbffigk~kpb Mbc}b} Gl~b %rgjb l~eb}qkb kgnkoc~bn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~+ ecpb

kg~b}b~ olrxlg %Olrxlg+ cgn* k` kgnkoc~bn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~* ~cjlg `l} `r}~eb} Olrxlg

%^cjlg+ c~~coebn lg krb' Cg{ }b`b}bgob eb}bkg ~l Olrxlg l} olrxlg ecjj* rgjb ~eb olg~bu~ l~eb}qkb

}bsrk}b* mb nbbdbn ~l kgojrnb c }b`b}bgob ~l ^cjlg l} ~cjlg' Nbffigk~kpb Mbc}b} Gl~b }bxc{cmjb kg kg~cjdbg~

ecpb }bobkx~ %]bobkx~+ `l} ~eb xc{dbg~ l` ~eb kg~cjdbg~ l` x}kgokxcj %l~eb} ~ecg ~eb ffigcj kg~cjdbg~+

c~~coebn lg krb' ]bak~b}bn Gl~b cgn Ajlmcj Gl~b nl gl~ ecpb ]bobkx~* Olrxlg l} ^cjlg c~~coebn lg krb'

êb X}kokga _rxxjbdbg~ `l} ~ek Gl~b %l} ~eb }bjbpcg~ x}lpkklg ~eb}bl`+ k c~~coebn ~l l} bgnl}bn lg ~ek Gl~b

cgn rxxjbdbg~ ~ebb Olgnk~klg cgn dc{ xbok`{ l~eb} ~b}d cgn olgnk~klg qekoe ecjj* ~l ~eb bu~bg~ l

xbokffibn l} ~l ~eb bu~bg~ kgolgk~bg~ qk~e ~ebb Olgnk~klg* }bxjcob l} dlnk`{ ~ebb Olgnk~klg `l} ~eb xr}xlb

l` ~ek Gl~b' ]b`b}bgob ~l ~eb cxxjkocmjb X}kokga _rxxjbdbg~ c}b ~l ~eb X}kokga _rxxjbdbg~ %l} ~eb }bjbpcg~

x}lpkklg ~eb}bl`+ c~~coebn ~l l} bgnl}bn lg ~ek Gl~b'

êb ^}r~bb co~ `l} ~eb mbgbffi~ l` ~eb eljnb} `l} ~eb ~kdb mbkga l` ~eb Gl~b %~eb Gl~beljnb}* qekoe

bux}bklg ecjj* kg }bjc~klg ~l cg{ Gl~b }bx}bbg~bn m{ c Ajlmcj Gl~b* mb olg~}rbn c x}lpknbn mbjlq+* ~eb

eljnb} l` ~eb ]bobkx~ %~eb ]bobkx~eljnb}+ cgn ~eb eljnb} l` ~eb Olrxlg %~eb Olrxlgeljnb}* qekoe

bux}bklg ecjj* rgjb ~eb olg~bu~ l~eb}qkb }bsrk}b* kgojrnb ~eb eljnb} l` ~eb ^cjlg+* kg cool}ncgob qk~e ~eb

x}lpkklg l` ~eb ^}r~ Nbbn'

C rbn eb}bkg* ^}cgoeb dbcg Gl~b qekoe c}b knbg~kocj kg cjj }bxbo~ %kgojrnkga c ~l jk~kga+ cgn _b}kb

dbcg c ^}cgoeb l` Gl~b ~lab~eb} qk~e cg{ `r}~eb} ^}cgoeb l} ^}cgoeb l` Gl~b qekoe c}b %k+ bux}bbn ~l mb

=8


21/50

olgljknc~bn cgn `l}d c kgajb b}kb cgn %kk+ knbg~kocj kg cjj }bxbo~ %kgojrnkga c ~l jk~kga+ buobx~ `l} ~ebk}

}bxbo~kpb Krb Nc~b* Kg~b}b~ Olddbgobdbg~ Nc~b cgn,l} Krb X}kob'

Olxkb l` ~eb ^}r~ Nbbn* Cabgo{ Ca}bbdbg~ cgn ~eb cxxjkocmjb X}kokga _rxxjbdbg~ c}b cpckjcmjb `l} kgxbo~klg

nr}kga gl}dcj mrkgb elr} c~ ~eb xbokffibn l`ffiob l` ~eb ^}r~bb mbkga c~ 5~e Lo~lmb}* =88> c~ Ok~ka}lrx Obg~}b*

Ocgcnc _src}b* Ocgc}{ Qec}`* Jlgnlg B3> 2JM cgn c~ ~eb xbokffibn l`ffiob l` bcoe l` ~eb X}kgokxcj Xc{kga

Cabg~* ~eb l~eb} Xc{kga Cabg~* ~eb ]bak~}c} cgn ~eb ^}cg`b} Cabg~ %roe Xc{kga Cabg~* ^}cg`b} Cabg~ cgn

~eb ]bak~}c} mbkga ~lab~eb} }b`b}}bn ~l c ~eb Cabg~+ cpb ~ec~* k` ~ek Gl~b k cg rgjk~bn Gl~b l` cg{ _b}kb*

~eb cxxjkocmjb X}kokga _rxxjbdbg~ qkjj lgj{ mb cpckjcmjb `l} kgxbo~klg m{ c Gl~beljnb} eljnkga lgb l} dl}brgjk~bn Gl~b l` ~ec~ _b}kb cgn roe Gl~beljnb} dr~ x}lnrob bpknbgob c~k`co~l}{ ~l ~eb ^}r~bb l} ~eb

}bjbpcg~ Cabg~ c ~l k~ eljnkga l` roe Gl~b cgn knbg~k~{' êb Gl~beljnb}* ~eb ]bobkx~eljnb} cgn ~eb

Olrxlgeljnb} c}b nbbdbn ~l ecpb gl~kob l`* cgn c}b bg~k~jbn ~l ~eb mbgbffi~ l`* cjj ~eb x}lpkklg l` ~eb ^}r~

Nbbn* Cabgo{ Ca}bbdbg~ cgn ~eb cxxjkocmjb X}kokga _rxxjbdbg~ qekoe c}b cxxjkocmjb ~l ~ebd' êb ~c~bdbg~ kg

~ebb Olgnk~klg kgojrnb rddc}kb l`* cgn c}b rmibo~ ~l* ~eb nb~ckjbn x}lpkklg l` ~eb ^}r~ Nbbn'

Ql}n cgn bux}bklg nbffigbn kg ~eb ^}r~ Nbbn l} Cabgo{ Ca}bbdbg~ l} rbn kg ~eb cxxjkocmjb X}kokga

_rxxjbdbg~ ecjj ecpb ~eb cdb dbcgkga qeb}b rbn kg ~ebb Olgnk~klg rgjb ~eb olg~bu~ l~eb}qkb }bsrk}b

l} rgjb l~eb}qkb ~c~bn cgn x}lpknbn ~ec~* kg ~eb bpbg~ l` kgolgk~bgo{ mb~qbbg ~eb ^}r~ Nbbn cgn ~eb

Cabgo{ Ca}bbdbg~ cgn ~eb cxxjkocmjb X}kokga _rxxjbdbg~* ~eb cxxjkocmjb X}kokga _rxxjbdbg~ qkjj x}bpckj'

3' @L]D* NBGLDKGC^KLG CGN ^K^JB

êb Gl~b c}b kg mbc}b} `l}d l} kg }bak~b}bn `l}d c xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~ kg ~eb

_xbokffibn Or}}bgo{ cgn kg _xbokffibn Nbgldkgc~klg%+ cgn nbffigk~kpb Gl~b c}b b}kcjj{ grdmb}bn' Gl~b l`

lgb _xbokffibn Nbgldkgc~klg dc{ gl~ mb buoecgabn `l} Gl~b l` cgl~eb} _xbokffibn Nbgldkgc~klg cgn

Mbc}b} Gl~b dc{ gl~ mb buoecgabn `l} ]bak~b}bn Gl~b l} pkob pb}c'

êk Gl~b dc{ mb c @kubn ]c~b Gl~b* c @jlc~kga ]c~b Gl~b* c Yb}l Olrxlg Gl~b* cg Kgnbu Jkgfbn Kg~b}b~

Gl~b* c Nrcj Or}}bgo{ Kg~b}b~ Gl~b l} cg{ cxx}lx}kc~b oldmkgc~klg ~eb}bl` nbxbgnkga rxlg ~eb Kg~b}b~

Mck xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~' êk Gl~b dc{ mb cg Kgnbu Jkgfbn ]bnbdx~klg

Gl~b* cg Kg~cjdbg~ Gl~b* c Nrcj Or}}bgo{ ]bnbdx~klg Gl~b* c Xc}~j{ Xckn Gl~b l} c oldmkgc~klg l` cg{

l` ~eb `l}balkga* nbxbgnkga lg ~eb ]bnbdx~klg,Xc{dbg~ Mck elqg kg ~eb cxxjkocmjb X}kokga

_rxxjbdbg~' K` k~ k c nbffigk~kpb Mbc}b} Gl~b* k~ k krbn qk~e Olrxlg c~~coebn* rgjb k~ k c Yb}l Olrxlg

Gl~b kg qekoe ocb }b`b}bgob ~l kg~b}b~ %l~eb} ~ecg kg }bjc~klg ~l kg~b}b~ nrb c`~b} ~eb Dc~r}k~{ Nc~b+ cgnOlrxlg kg ~ebb Olgnk~klg c}b gl~ cxxjkocmjb'

_rmibo~ c b~ lr~ mbjlq* ~k~jb ~l ~eb Mbc}b} Gl~b* ~eb ]bobkx~ cgn ~eb Olrxlg qkjj xc m{ nbjkpb}{ cgn

~k~jb ~l ~eb ]bak~b}bn Gl~b qkjj xc rxlg }bak~}c~klg l` ~}cg`b} kg cool}ncgob qk~e ~eb x}lpkklg l`

~eb ^}r~ Nbbn cgn Cabgo{ Ca}bbdbg~' êb eljnb} l` bcoe Olrxlg cgn ]bobkx~* qeb~eb} l} gl~ roe

Olrxlg l} ]bobkx~ k c~~coebn ~l c Gl~b* kg ek ocxcok~{ c roe* ecjj mb rmibo~ ~l cgn mlrgn m{ cjj ~eb

x}lpkklg olg~ckgbn kg ~eb }bjbpcg~ Gl~b' êb Krb}* ~eb ^}r~bb cgn cg{ Cabg~ dc{ nbbd cgn ~}bc~ ~eb

mbc}b} l` cg{ Mbc}b} Gl~b* ]bobkx~ l} Olrxlg cgn ~eb }bak~b}bn eljnb} l` cg{ ]bak~b}bn Gl~b c ~eb

cmljr~b lqgb} ~eb}bl` %qeb~eb} l} gl~ roe Gl~b* ]bobkx~ l} Olrxlg ecjj mb lpb}nrb cgn

gl~qk~e~cgnkga cg{ gl~kob l` lqgb}ekx l} q}k~kga ~eb}blg l} gl~kob l` cg{ x}bpklr jl l} ~eb`~

~eb}bl`+ `l} cjj xr}xlb mr~* kg ~eb ocb l` cg{ Ajlmcj Gl~b* qk~elr~ x}birnkob ~l ~eb x}lpkklg b~ lr~

mbjlq'

@l} l jlga c cg{ l` ~eb Gl~b c}b }bx}bbg~bn m{ c Mbc}b} Ajlmcj Gl~b ebjn lg mbecj` l` Br}lojbc} Mcgf

_'C',G'P' c lxb}c~l} l` ~eb Br}lojbc} _{~bd %Br}lojbc}+ cgn,l} Ojbc}~}bcd Mcgfkga* lokb~bcglg{db %Ojbc}~}bcd* Jrubdmlr}a+* bcoe xb}lg %l~eb} ~ecg Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a+

qel k `l} ~eb ~kdb mbkga elqg kg ~eb }bol}n l` Br}lojbc} cgn,l} l` Ojbc}~}bcd* Jrubdmlr}a c ~eb

eljnb} l` c xc}~korjc} x}kgokxcj cdlrg~ l` roe Gl~b %kg qekoe }bac}n cg{ ob}~kffioc~b l} l~eb} nlordbg~

krbn m{ Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a c ~l ~eb x}kgokxcj cdlrg~ l` roe Gl~b ~cgnkga ~l ~eb

coolrg~ l` cg{ xb}lg ecjj mb olgojrkpb cgn mkgnkga `l} cjj xr}xlb cpb kg ~eb ocb l` dcgk`b~ b}}l}+

ecjj mb ~}bc~bn m{ ~eb Krb}* ~eb ^}r~bb cgn ~eb Cabg~ c ~eb eljnb} l` roe x}kgokxcj cdlrg~ l` roe

Gl~b `l} cjj xr}xlb l~eb} ~ecg qk~e }bxbo~ ~l ~eb xc{dbg~ l` x}kgokxcj l} kg~b}b~ lg roe x}kgokxcj

cdlrg~ l` roe Gl~b* `l} qekoe xr}xlb ~eb mbc}b} l` ~eb }bjbpcg~ Ajlmcj Gl~b ecjj mb ~}bc~bn m{ ~eb

Krb}* ~eb ^}r~bb cgn ~eb Cabg~ c ~eb eljnb} l` roe x}kgokxcj cdlrg~ l` roe Gl~b kg cool}ncgob

qk~e cgn rmibo~ ~l ~eb ~b}d l` ~eb }bjbpcg~ Ajlmcj Gl~b cgn ~eb bux}bklg Gl~beljnb} cgn eljnb}

l` Gl~b cgn }bjc~bn bux}bklg ecjj mb olg~}rbn cool}nkgaj{'

=3


22/50

@l} l jlga c cg{ l` ~eb Gl~b k }bx}bbg~bn m{ c ]bak~b}bn Ajlmcj Gl~b }bak~b}bn kg ~eb gcdb l` êb

Nbxlk~l}{ ^}r~ Oldxcg{ l` Gbq [l}f %NÔ+ l} k~ gldkgbb* bcoe xb}lg qel k `l} ~eb ~kdb mbkga

elqg kg ~eb }bol}n l` NÔ l} roe gldkgbb c ~eb eljnb} l` c xc}~korjc} gldkgcj cdlrg~ l` roe Gl~b

ecjj mb ~}bc~bn m{ ~eb Krb}* ~eb ^}r~bb cgn ~eb Cabg~ c ~eb eljnb} l` roe gldkgcj cdlrg~ l` roe

Gl~b `l} cjj xr}xlb l~eb} ~ecg qk~e }bxbo~ ~l ~eb xc{dbg~ l` x}kgokxcj l} kg~b}b~ lg* l} pl~kga* akpkga

olgbg~ l} dcfkga }bsrb~ kg }bxbo~ l`* roe gldkgcj cdlrg~ l` roe Gl~b `l} qekoe xr}xlb NÔ l}*

kg ~eb ocb l` xc{dbg~ lgj{* k~ gldkgbb ecjj mb ~}bc~bn m{ ~eb Krb}* ~eb ^}r~bb cgn ~eb Cabg~ c ~eb

eljnb} l` roe gldkgcj cdlrg~ l` roe Gl~b* kg cool}ncgob qk~e cgn rmibo~ ~l ~eb ~b}d l` roe

]bak~b}bn Ajlmcj Gl~b* cgn ~eb bux}bklg Gl~beljnb} cgn eljnb} l` Gl~b cgn }bjc~bn bux}bklg

ecjj mb olg~}rbn cool}nkgaj{'

Kg nb~b}dkgkga qeb~eb} c xc}~korjc} xb}lg k bg~k~jbn ~l c xc}~korjc} gldkgcj cdlrg~ l` Gl~b c }b`b}}bn

~l kg ~eb x}bobnkga ~ql xc}ca}cxe* ~eb ^}r~bb dc{ }bj{ lg roe bpknbgob cgn,l} kg`l}dc~klg cgn,l}

ob}~kffioc~klg c k~ ecjj* kg k~ cmljr~b nko}b~klg* ~ekgf ffi~ cgn* k` k~ nlb l }bj{* roe bpknbgob cgn,l}

kg`l}dc~klg cgn,l} ob}~kffioc~klg ecjj* kg ~eb cmbgob l` dcgk`b~ b}}l}* mb olgojrkpb cgn mkgnkga lg cjj

olgob}gbn'

Gl~b qekoe c}b }bx}bbg~bn m{ c Ajlmcj Gl~b qkjj mb ~}cg`b}cmjb lgj{ kg cool}ncgob qk~e ~eb }rjb cgn

x}lobnr}b `l} ~eb ~kdb mbkga l` NÔ* Br}lojbc} cgn Ojbc}~}bcd* Jrubdmlr}a* c ~eb ocb dc{ mb'

]b`b}bgob ~l NÔ* Br}lojbc} cgn,l} Ojbc}~}bcd* Jrubdmlr}a ecjj* qebgbpb} ~eb olg~bu~ l xb}dk~*

mb nbbdbn ~l kgojrnb c }b`b}bgob ~l cg{ cnnk~klgcj l} cj~b}gc~kpb ojbc}kga {~bd cxx}lpbn m{ ~eb Krb}*

~eb ^}r~bb cgn ~eb X}kgokxcj Xc{kga Cabg~'

=' ^]CG_@B]_ L@ ]BAK_^B]BN GL^B_

%c+ ^}cg`b} l` kg~b}b~ kg ]bak~b}bn Ajlmcj Gl~b

^}cg`b} l` mbgbffiokcj kg~b}b~ kg ]bak~b}bn Ajlmcj Gl~b qkjj mb b``bo~bn m{ NÔ* Br}lojbc} l}

Ojbc}~}bcd* Jrubdmlr}a* c ~eb ocb dc{ mb* cgn* kg ~r}g* m{ l~eb} xc}~kokxcg~ cgn* k`

cxx}lx}kc~b* kgnk}bo~ xc}~kokxcg~ kg roe ojbc}kga {~bd co~kga lg mbecj` l` mbgbffiokcj ~}cg`b}l}

cgn ~}cg`b}bb l` roe kg~b}b~' C mbgbffiokcj kg~b}b~ kg c ]bak~b}bn Ajlmcj Gl~b qkjj* rmibo~ ~l

oldxjkcgob qk~e cjj cxxjkocmjb jbacj cgn }barjc~l}{ }b~}ko~klg* mb ~}cg`b}cmjb `l} Gl~b kg

nbffigk~kpb `l}d l} `l} c mbgbffiokcj kg~b}b~ kg cgl~eb} ]bak~b}bn Ajlmcj Gl~b lgj{ kg ~eb cr~el}kbn

nbgldkgc~klg b~ lr~ kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~ cgn lgj{ kg cool}ncgob qk~e ~eb }rjb

cgn lxb}c~kga x}lobnr}b `l} ~eb ~kdb mbkga l` NÔ* Br}lojbc} l} Ojbc}~}bcd* Jrubdmlr}a* c~eb ocb dc{ mb cgn kg cool}ncgob qk~e ~eb ~b}d cgn olgnk~klg xbokffibn kg ~eb Cabgo{

Ca}bbdbg~' ^}cg`b} l` c ]bak~b}bn Ajlmcj Gl~b ecjj mb jkdk~bn ~l ~}cg`b} l` roe ]bak~b}bn

Ajlmcj Gl~b* kg qeljb mr~ gl~ kg xc}~* ~l c gldkgbb l` NÔ l} ~l c roobl} l` NÔ l} roe

roobl} gldkgbb'

%m+ ^}cg`b} l` ]bak~b}bn Gl~b kg nbffigk~kpb `l}d

_rmibo~ c x}lpknbn kg xc}ca}cxe %b+* %`+ cgn %a+ mbjlq* rxlg ~eb ~b}d cgn rmibo~ ~l ~eb

olgnk~klg b~ `l}~e kg ~eb Cabgo{ Ca}bbdbg~* c ]bak~b}bn Gl~b kg nbffigk~kpb `l}d dc{ mb

~}cg`b}}bn kg qeljb l} kg xc}~ %kg ~eb cr~el}kbn nbgldkgc~klg b~ lr~ kg ~eb cxxjkocmjb X}kokga

_rxxjbdbg~+' Kg l}nb} ~l b``bo~ cg{ roe ~}cg`b} %k+ ~eb eljnb} l} eljnb} dr~ %c+ r}}bgnb} ~eb

]bak~b}bn Gl~b `l} }bak~}c~klg l` ~eb ~}cg`b} l` ~eb ]bak~b}bn Gl~b %l} ~eb }bjbpcg~ xc}~ l` ~eb

]bak~b}bn Gl~b+ c~ ~eb xbokffibn l`ffiob l` ~eb ]bak~}c} l} cg{ ^}cg`b} Cabg~* qk~e ~eb `l}d l`~}cg b} ~eb}blg nrj{ bubor~bn m{ ~eb eljnb} l} eljnb} ~eb}bl` l} ek l} ~ebk} c~~l}gb{ l} c~~l}gb{

nrj{ cr~el}kbn kg q}k~kga cgn %m+ oldxjb~b cgn nbxlk~ roe l~eb} ob}~kffioc~klg c dc{ mb

}bclgcmj{ }bsrk}bn m{ ~eb ]bak~}c} l}* c ~eb ocb dc{ mb* ~eb }bjbpcg~ ^}cg`b} Cabg~ cgn %kk+

~eb ]bak~}c} l}* c ~eb ocb dc{ mb* ~eb }bjbpcg~ ^}cg`b} Cabg~ dr~* c`~b} nrb cgn oc}b`rj

bgsrk}{* mb c~kffibn qk~e ~eb nlordbg~ l` ~k~jb cgn ~eb knbg~k~{ l` ~eb xb}lg dcfkga ~eb }bsrb~'

Cg{ roe ~}cg`b} qkjj mb rmibo~ ~l roe }bclgcmjb }barjc~klg c ~eb }bjbpcg~ Krb} cgn ~eb

]bak~}c} dc{ `}ld ~kdb ~l ~kdb x}bo}kmb %~eb kgk~kcj roe }barjc~klg mbkga b~ lr~ kg _oebnrjb 2

~l ~eb Cabgo{ Ca}bbdbg~+' _rmibo~ c x}lpknbn cmlpb* ~eb ]bak~}c} l}* c ~eb ocb dc{ mb* ~eb

}bjbpcg~ ^}cg`b} Cabg~ qkjj* qk~ekg ~e}bb mrkgb nc{ %mbkga `l} ~ek xr}xlb c nc{ lg qekoe

mcgf c}b lxbg `l} mrkgb kg ~eb ok~{ qeb}b ~eb xbokffibn l`ffiob l` ~eb ]bak~}c} l}* c ~eb ocb

dc{ mb* ~eb }bjbpcg~ ^}cg`b} Cabg~ k jloc~bn+ l` ~eb }bsrb~ %l} roe jlgab} xb}kln c dc{ mb

}bsrk}bn ~l oldxj{ qk~e cg{ cxxjkocmjb ffiocj l} l~eb} jcq l} }barjc~klg+ cr~ebg~koc~b cgn

nbjkpb}* l} x}lor}b ~eb cr~ebg~koc~klg cgn nbjkpb}{ l`* c~ k~ xbokffibn l`ffiob ~l ~eb ~}cg`b}bb l} %c~

~eb }kf l` ~eb ~}cg`b}bb+ bgn m{ rgkgr}bn dckj ~l roe cnn}b c ~eb ~}cg`b}bb dc{ }bsrb~* c

==


23/50

gbq ]bak~b}bn Gl~b kg nbffigk~kpb `l}d l` c jkfb caa}bac~b gldkgcj cdlrg~ ~l ~eb ]bak~b}bn Gl~b

%l} ~eb }bjbpcg~ xc}~ l` ~eb ]bak~b}bn Gl~b+ ~}cg`b}}bn' Kg ~eb ocb l` ~eb ~}cg`b} l` xc}~ lgj{ l` c

]bak~b}bn Gl~b kg nbffigk~kpb `l}d* c gbq ]bak~b}bn Gl~b kg nbffigk~kpb `l}d kg }bxbo~ l` ~eb

mcjcgob l` ~eb ]bak~b}bn Gl~b gl~ ~}cg`b}}bn qkjj mb l cr~ebg~koc~bn cgn nbjkpb}bn l} %c~ ~eb }kf

l` ~eb ~}cg`b}l}+ bg~ ~l ~eb ~}cg`b}l}'

%o+ ]bak~}c~klg l` ~}cg`b} rxlg xc}~kcj }bnbdx~klg

Kg ~eb bpbg~ l` c xc}~kcj }bnbdx~klg l` Gl~b rgnb} Olgnk~klg 2* ~eb Krb} ecjj gl~ mb }bsrk}bn ~l}bak~b} ~eb ~}cg`b} l` cg{ ]bak~b}bn Gl~b* l} xc}~ l` c ]bak~b}bn Gl~b* ocjjbn `l} xc}~kcj

}bnbdx~klg'

%n+ Ol~ l` }bak~}c~klg

Gl~beljnb} qkjj gl~ mb }bsrk}bn ~l mbc} ~eb ol~ cgn buxbgb l` b``bo~kga cg{ }bak~}c~klg l`

~}cg`b} c x}lpknbn cmlpb* buobx~ `l} cg{ ol~ l} buxbgb l` nbjkpb}{ l~eb} ~ecg m{ }barjc}

rgkgr}bn dckj cgn buobx~ ~ec~ ~eb Krb} dc{ }bsrk}b ~eb xc{dbg~ l` c rd r`ffiokbg~ ~l olpb} cg{

~cdx nr~{* ~cu l} l~eb} alpb}gdbg~cj oec}ab ~ec~ dc{ mb kdxlbn kg }bjc~klg ~l ~eb }bak~}c~klg'

%b+ ^}cg`b} l` kg~b}b~ kg ]barjc~klg _ Ajlmcj Gl~b

X}kl} ~l buxk}{ l` ~eb cxxjkocmjb Nk~}kmr~klg Oldxjkcgob Xb}kln %c nbffigbn mbjlq+* ~}cg`b} m{

~eb eljnb} l`* l} l` c mbgbffiokcj kg~b}b~ kg* c ]barjc~klg _ Ajlmcj Gl~b ~l c ~}cg`b}bb kg ~eb Rgk~bn_~c~b l} qel k c R'_' xb}lg qkjj lgj{ mb dcnb9

%k+ rxlg }bobkx~ m{ ~eb ]bak~}c} l` c q}k~~bg ob}~kffioc~klg rm~cg~kcjj{ kg ~eb `l}d b~ lr~ kg

~eb Cabgo{ Ca}bbdbg~* cdbgnbn c cxx}lx}kc~b %c ^}cg b} Ob}~kffioc~b+* olxkb l`

qekoe c}b cpckjcmjb `}ld ~eb xbokffibn l`ffiob l` ~eb ]bak~}c} l} cg{ ^}cg`b} Cabg~* `}ld

~eb ~}cg`b}l} l` ~eb Gl~b l} mbgbffiokcj kg~b}b~ ~eb}bkg ~l ~eb b``bo~ ~ec~ roe ~}cg`b} k

mbkga dcnb9

%C+ ~l c xb}lg qeld ~eb ~}cg`b}l} }bclgcmj{ mbjkbpb k c SKM %c nbffigbn mbjlq+ kg

c ~}cgco~klg dbb~kga ~eb }bsrk}bdbg~ l` ]rjb 3>>C6 l}

%M+ ~l c xb}lg qel k cg Kg~k~r~klgcj Coo}bnk~bn Kgpb~l} %c nbffigbn mbjlq+* ~lab~eb}

qk~e* kg ~eb ocb l` %M+* c nrj{ bubor~bn kgpb~dbg~ jb~~b} `}ld ~eb }bjbpcg~~}cg`b}bb rm~cg~kcjj{ kg ~eb `l}d b~ lr~ kg ~eb Cabgo{ Ca}bbdbg~ %cg KCK

Kgpb~dbg~ Jb~~b}+6 l}

%kk+ l~eb}qkb xr}rcg~ ~l ~eb _bor}k~kb Co~ l} cg bubdx~klg ~eb}b`}ld* rmibo~ ~l }bobkx~ m{

~eb Krb} l` roe c~k`co~l}{ bpknbgob c ~eb Krb} dc{ }bclgcmj{ }bsrk}b* qekoe dc{

kgojrnb cg lxkgklg l` R'_' olrgbj* ~ec~ roe ~}cg`b} k kg oldxjkcgob qk~e cg{ cxxjkocmjb

bor}k~kb jcq l` cg{ _~c~b l` ~eb Rgk~bn _~c~b*

cgn* kg bcoe ocb* kg cool}ncgob qk~e cg{ cxxjkocmjb bor}k~kb jcq l` cg{ _~c~b l` ~eb Rgk~bn

_~c~b l} cg{ l~eb} ir}knko~klg'

Kg ~eb ocb l` %C+ cmlpb* roe ~}cg`b}bb dc{ ~cfb nbjkpb}{ ~e}lrae c Jbabgnbn Gl~b %c nbffigbn

mbjlq+ kg ajlmcj l} nbffigk~kpb `l}d cgn* kg ~eb ocb l` %M+ cmlpb* roe ~}cg`b}bb dc{ ~cfb nbjkpb}{lgj{ ~e}lrae c Jbabgnbn Gl~b kg nbffigk~kpb `l}d' C`~b} buxk}{ l` ~eb cxxjkocmjb Nk~}kmr~klg

Oldxjkcgob Xb}kln %k+ mbgbffiokcj kg~b}b~ kg ]barjc~klg _ Ajlmcj Gl~b dc{ mb ebjn ~e}lrae NÔ

nk}bo~j{* m{ c xc}~kokxcg~ kg NÔ* l} kgnk}bo~j{ ~e}lrae c xc}~kokxcg~ kg NÔ cgn %kk+ roe

ob}~kffioc~klg }bsrk}bdbg~ qkjj gl jlgab} cxxj{ ~l roe ~}cg`b}'

%`+ ^}cg`b} l` kg~b}b~ kg Jbabgnbn Gl~b

^}cg`b} l` Jbabgnbn Gl~b l} mbgbffiokcj kg~b}b~ ~eb}bkg dc{ mb dcnb9

%k+ ~l c ~}cg`b}bb qel ~cfb nbjkpb}{ l` roe kg~b}b~ ~e}lrae c ]barjc~klg _ Ajlmcj Gl~b*

rxlg }bobkx~ m{ ~eb ]bak~}c} l` c nrj{ oldxjb~bn ^}cg`b} Ob}~kffioc~b `}ld ~eb ~}cg`b}l}

~l ~eb b``bo~ ~ec~ roe ~}cg`b} k mbkga dcnb kg cool}ncgob qk~e ]barjc~klg _ cgn ~ec~* k`

roe ~}cg`b} k mbkga dcnb x}kl} ~l buxk}{ l` ~eb cxxjkocmjb Nk~}kmr~klg Oldxjkcgob

Xb}kln* ~eb kg~b}b~ kg ~eb Gl~b mbkga ~}cg`b}}bn qkjj mb ebjn kddbnkc~bj{ ~eb}bc`~b}

~e}lrae Br}lojbc} cgn,l} Ojbc}~}bcd* Jrubdmlr}a6 l}

=?


24/50

%kk+ ~l c ~}cg`b}bb qel ~cfb nbjkpb}{ l` roe kg~b}b~ ~e}lrae c Jbabgnbn Gl~b9

%C+ qeb}b ~eb ~}cg`b}bb k c xb}lg qeld ~eb ~}cg`b}l} }bclgcmj{ mbjkbpb k c SKM

kg c ~}cgco~klg dbb~kga ~eb }bsrk}bdbg~ l` ]rjb 3>>C* qk~elr~ ob}~kffioc~klg6 l}

%M+ qeb}b ~eb ~}cg`b}bb k cg Kg~k~r~klgcj Coo}bnk~bn Kgpb~l}* rmibo~ ~l nbjkpb}{ ~l

~eb ]bak~}c} l` c ^}cg`b} Ob}~kffioc~b `}ld ~eb ~}cg`b}l} ~l ~eb b``bo~ ~ec~ roe

~}cg`b} k mbkga dcnb ~l cg Kg~k~r~klgcj Coo}bnk~bn Kgpb~l}* ~lab~eb} qk~e c nrj{

bubor~bn KCK Kgpb~dbg~ Jb~~b} `}ld ~eb }bjbpcg~ ~}cg`b}bb6 l}

%kkk+ l~eb}qkb xr}rcg~ ~l ~eb _bor}k~kb Co~ l} cg bubdx~klg ~eb}b`}ld* rmibo~ ~l }bobkx~ m{

~eb Krb} l` roe c~k`co~l}{ bpknbgob c ~eb Krb} dc{ }bclgcmj{ }bsrk}b* qekoe dc{

kgojrnb cg lxkgklg l` R'_' olrgbj* ~ec~ roe ~}cg`b} k kg oldxjkcgob qk~e cg{ cxxjkocmjb

bor}k~kb jcq l` cg{ _~c~b l` ~eb Rgk~bn _~c~b*

cgn6 kg bcoe ocb* kg cool}ncgob qk~e cg{ cxxjkocmjb bor}k~kb jcq l` cg{ _~c~b l` ~eb Rgk~bn

_~c~b l} cg{ l~eb} ir}knko~klg'

Gl~b ~}cg`b}}bn m{ Kg~k~r~klgcj Coo}bnk~bn Kgpb~l} ~l SKM xr}rcg~ ~l ]rjb 3>>C l} lr~knb

~eb Rgk~bn _~c~b xr}rcg~ ~l ]barjc~klg _ qkjj mb bjkakmjb ~l mb ebjn m{ roe SKM l} glg$R'_'

kgpb~l} ~e}lrae N^O cgn ~eb ]bak~}c} qkjj c}}cgab `l} cg{ Gl~b qekoe c}b ~eb rmibo~ l` roe c

~}cg`b} ~l mb }bx}bbg~bn m{ ~eb cxx}lx}kc~b ]bak~b}bn Ajlmcj Gl~b* qeb}b cxxjkocmjb'

Rxlg ~eb ~}cg`b}* buoecgab l} }bxjcobdbg~ l` Jbabgnbn Gl~b* l} rxlg xbokffio }bsrb~ `l}

}bdlpcj l` ~eb Jbabgn* ~eb ]bak~}c} ecjj nbjkpb} lgj{ Jbabgnbn Gl~b l} }b`rb ~l }bdlpb roe

Jbabgn* c ~eb ocb dc{ mb* rgjb ~eb}b k nbjkpb}bn ~l ~eb Krb} roe c~k`co~l}{ bpknbgob c

dc{ }bclgcmj{ mb }bsrk}bn m{ ~eb Krb}* qekoe dc{ kgojrnb cg lxkgklg l` R'_' olrgbj* ~ec~

gbk~eb} ~eb Jbabgn gl} ~eb }b~}ko~klg lg ~}cg`b} b~ `l}~e ~eb}bkg c}b }bsrk}bn ~l bgr}b

oldxjkcgob qk~e ~eb x}lpkklg l` ~eb _bor}k~kb Co~'

%a+ Buoecgab cgn ~}cg`b} l` ]bak~b}bn Gl~b abgb}cjj{

Eljnb} l` ]bak~b}bn Gl~b kg nbffigk~kpb `l}d* l~eb} ~ecg Kg~k~r~klgcj Coo}bnk~bn Kgpb~l}* dc{

buoecgab roe Gl~b `l} kg~b}b~ kg c ]bak~b}bn Ajlmcj Gl~b l` ~eb cdb ~{xb c~ cg{ ~kdb'

%e+ Nbffigk~klg

Kg ~ek Olgnk~klg* ~eb `ljjlqkga bux}bklg ecjj ecpb ~eb `ljjlqkga dbcgkga9

Nk~}kmr~klg Oldxjkcgob Xb}kln dbcg ~eb xb}kln ~ec~ bgn >8 nc{ c`~b} ~eb oldxjb~klg l`

~eb nk~}kmr~klg l` bcoe ^}cgoeb l` Gl~b* c ob}~kffibn m{ ~eb }bjbpcg~ Nbcjb} %kg ~eb ocb l` c glg$

{gnkoc~bn krb+ l} ~eb }bjbpcg~ Jbcn Dcgcab} %kg ~eb ocb l` c {gnkoc~bn krb+6

Kg~k~r~klgcj Coo}bnk~bn Kgpb~l} dbcg coo}bnk~bn kgpb~l} %c nbffigbn kg ]rjb

283%c+%3+* %=+* %?+ l} %1+ rgnb} ~eb _bor}k~kb Co~+ ~ec~ c}b kg~k~r~klg6

Jbabgnbn Gl~b dbcg ]bak~b}bn Gl~b kg nbffigk~kpb `l}d ~ec~ c}b krbn ~l Kg~k~r~klgcj

Coo}bnk~bn Kgpb~l} cgn ]bak~b}bn Gl~b %qeb~eb} kg nbffigk~kpb `l}d l} }bx}bbg~bn m{ c

]bak~b}bn Ajlmcj Gl~b+ ljn kg x}kpc~b ~}cgco~klg ~l SKM kg cool}ncgob qk~e ~eb }bsrk}bdbg~

l` ]rjb 3>>C6

SKM dbcg c srcjkffibn kg~k~r~klgcj mr{b} qk~ekg ~eb dbcgkga l` ]rjb 3>>C6

]barjc~klg _ dbcg ]barjc~klg _ rgnb} ~eb _bor}k~kb Co~6

]barjc~klg _ Ajlmcj Gl~b dbcg c ]bak~b}bn Ajlmcj Gl~b }bx}bbg~kga Gl~b ljn lr~knb

~eb Rgk~bn _~c~b kg }bjkcgob lg ]barjc~klg _6

]rjb 3>>C dbcg ]rjb 3>>C rgnb} ~eb _bor}k~kb Co~6 cgn

_bor}k~kb Co~ dbcg ~eb Rgk~bn _~c~b _bor}k~kb Co~ l` 3;??* c cdbgnbn'

?' _^C^R_ CGN GBAC^KPB XJBNAB

^eb Gl~b cgn cg{ }bjc~kpb ]bobkx~ cgn Olrxlg cgn cjj ~eb lmjkac~klg l` ~eb Krb} rgnb} ~eb Gl~b cgn

cg{ }bjc~kpb ]bobkx~ cgn Olrxlg qkjj mb nk}bo~* rgbor}bn lmjkac~klg l` ~eb Krb} cgn qkjj }cgf

=>


25/50

qk~elr~ x}b`b}bgob l} x}kl}k~{ cdlga ~ebdbjpb cgn c~ jbc~ xc}k xcr qk~e cjj l~eb} buk~kga cgn `r~r}b

rgbor}bn Kgnbm~bngb l` ~eb Krb}' Kgnbm~bngb dbcg cjj kgnbm~bngb l` ~eb Krb} kg }bxbo~ l`9

%k+ dlgb{ ml}}lqbn m{ ~eb Krb}6 cgn

%kk+ arc}cg~bb akpbg m{ ~eb Krb} `l} dlgb{ ml}}lqbn m{ l~eb} xb}lg'

^eb Krb} rgnb}~cfb ~ec~* l jlga c cg{ Gl~b* ]bobkx~ l} Olrxlg }bdckg lr~~cgnkga* k~ qkjj gl~ o}bc~b

cg{ dl}~acab* xjbnab l} l~eb} oec}ab rxlg ~eb qeljb l} cg{ xc}~ l` k~ x}bbg~ l} `r~r}b }bpbgrb*

x}lxb}~{ l} cb~ ~l bor}b cg{ x}bbg~ l} `r~r}b Kgnbm~bngb qk~elr~ bor}kga ~l ~eb c~k`co~klg l` ~eb

^}r~bb ~eb lr~~cgnkga Gl~b* ]bobkx~ cgn Olrxlg xc}k xcr ~eb}bqk~e'

>' KG^B]B_^

%C+ @kubn ]c~b Gl~b

Bcoe @kubn ]c~b Gl~b mbc} kg~b}b~ lg k~ lr~~cgnkga gldkgcj cdlrg~ %l} k` k~ k c Xc}~j{ Xckn Gl~b* ~eb

cdlrg~ xckn rx+ `}ld cgn kgojrnkga ~eb Kg~b}b~ Olddbgobdbg~ Nc~b c~ ~eb }c~b%+ xb} cggrd bsrcj ~l

~eb ]c~b%+ l` Kg~b}b~ xc{cmjb kg c}}bc} lg ~eb Kg~b}b~ Xc{dbg~ Nc~b%+ kg bcoe {bc} cgn lg ~eb Dc~r}k~{

Nc~b k` ~ec~ nlb gl~ `cjj lg cg Kg~b}b~ Xc{dbg~ Nc~b' Buobx~ c x}lpknbn kg ~eb cxxjkocmjb X}kokga

_rxxjbdbg~* ~eb cdlrg~ l` kg~b}b~ xc{cmjb lg bcoe Kg~b}b~ Xc{dbg~ Nc~b kg }bxbo~ l` ~eb @kubn Kg~b}b~

Xb}kln bgnkga lg %mr~ buojrnkga+ roe nc~b qkjj cdlrg~ ~l ~eb @kubn Olrxlg Cdlrg~' Xc{dbg~ l`

kg~b}b~ lg cg{ Kg~b}b~ Xc{dbg~ Nc~b qkjj* k` l xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~* cdlrg~ ~l~eb M}lfbg Cdlrg~ l xbokffibn'

K` kg~b}b~ k }bsrk}bn ~l mb ocjorjc~bn `l} c xb}kln bgnkga l~eb} ~ecg lg cg Kg~b}b~ Xc{dbg~ Nc~b* roe

kg~b}b~ ecjj mb ocjorjc~bn m{ cxxj{kga ~eb ]c~b l` Kg~b}b~ ~l bcoe _xbokffibn Nbgldkgc~klg* drj~kxj{kga

roe rd m{ ~eb cxxjkocmjb @kubn Nc{ Olrg~ @}co~klg* cgn }lrgnkga ~eb }brj~cg~ ffiar}b ~l ~eb gbc}b~

rm$rgk~ l` ~eb }bjbpcg~ _xbokffibn Or}}bgo{* ecj` l` cg{ roe rm$rgk~ mbkga }lrgnbn rxqc}n l} l~eb}qkb

kg cool}ncgob qk~e cxxjkocmjb dc}fb~ olgpbg~klg'

Kg ~ebb Olgnk~klg9

Nb~b}dkgc~klg Xb}kln dbcg bcoe xb}kln `}ld %cgn kgojrnkga+ c Nb~b}dkgc~klg Nc~b ~l %mr~ buojrnkga+

~eb gbu~ Nb~b}dkgc~klg Nc~b %kgojrnkga* qeb}b bk~eb} ~eb Kg~b}b~ Olddbgobdbg~ Nc~b l} ~eb ffigcj

Kg~b}b~ Xc{dbg~ Nc~b k gl~ c Nb~b}dkgc~klg Nc~b* ~eb xb}kln olddbgokga lg ~eb ffi}~ Nb~b}dkgc~klg

Nc~b x}kl} ~l* cgn bgnkga lg ~eb ffi}~ Nb~b}dkgc~klg Nc~b `cjjkga c`~b}* roe nc~b+6 cgn

@kubn Nc{ Olrg~ @}co~klg dbcg9

%k+ k` Co~rcj,Co~rcj K_DC k xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~9

%c+ kg ~eb ocb l` Gl~b qeb}b ~eb grdmb} l` nc{ kg ~eb }bjbpcg~ xb}kln `}ld %cgn kgojrnkga+

~eb dl~ }bobg~ Kg~b}b~ Xc{dbg~ Nc~b %l}* k` glgb* ~eb Kg~b}b~ Olddbgobdbg~ Nc~b+ ~l

%mr~ buojrnkga+ ~eb }bjbpcg~ xc{dbg~ nc~b %~eb Coo}rcj Xb}kln+ k bsrcj ~l l} el}~b}

~ecg ~eb Nb~b}dkgc~klg Xb}kln nr}kga qekoe ~eb Coo}rcj Xb}kln bgn* ~eb grdmb} l` nc{

kg roe Coo}rcj Xb}kln nkpknbn m{ ~eb x}lnro~ l` %3+ ~eb grdmb} l` nc{ kg roe

Nb~b}dkgc~klg Xb}kln cgn %=+ ~eb grdmb} l` Nb~b}dkgc~klg Nc~b %c xbokffibn kg ~eb

cxxjkocmjb X}kokga _rxxjbdbg~+ ~ec~ qlrjn loor} kg lgb ocjbgnc} {bc}6 l}

%m+ kg ~eb ocb l` Gl~b qeb}b ~eb Coo}rcj Xb}kln k jlgab} ~ecg ~eb Nb~b}dkgc~klg Xb}kln

nr}kga qekoe ~eb Coo}rcj Xb}kln bgn* ~eb rd l`9

%3+ ~eb grdmb} l` nc{ kg roe Coo}rcj Xb}kln `cjjkga kg ~eb Nb~b}dkgc~klg Xb}kln kg

qekoe ~eb Coo}rcj Xb}kln mbakg nkpknbn m{ ~eb x}lnro~ l` %u+ ~eb grdmb} l` nc{

kg roe Nb~b}dkgc~klg Xb}kln cgn %{+ ~eb grdmb} l` Nb~b}dkgc~klg Nc~b %c

xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~+ ~ec~ qlrjn loor} kg lgb ocjbgnc}

{bc}6 cgn

%=+ ~eb grdmb} l` nc{ kg roe Coo}rcj Xb}kln `cjjkga kg ~eb gbu~ Nb~b}dkgc~klg Xb}kln

nkpknbn m{ ~eb x}lnro~ l` %u+ ~eb grdmb} l` nc{ kg roe Nb~b}dkgc~klg Xb}kln cgn

%{+ ~eb grdmb} l` Nb~b}dkgc~klg Nc~b ~ec~ qlrjn loor} kg lgb ocjbgnc} {bc}6 cgn

%kk+ k` ?8,?08 k xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~* ~eb grdmb} l` nc{ kg ~eb xb}kln

`}ld cgn kgojrnkga ~eb dl~ }bobg~ Kg~b}b~ Xc{dbg~ Nc~b %l}* k` glgb* ~eb Kg~b}b~

=2


26/50

Olddbgobdbg~ Nc~b+ ~l mr~ buojrnkga ~eb }bjbpcg~ xc{dbg~ nc~b %roe grdmb} l` nc{ mbkga

ocjorjc~bn lg ~eb mck l` 3= ?8$nc{ dlg~e+ nkpknbn m{ ?086

@kubn Kg~b}b~ Xb}kln dbcg ~eb xb}kln `}ld %cgn kgojrnkga+ cg Kg~b}b~ Xc{dbg~ Nc~b %l} ~eb Kg~b}b~

Olddbgobdbg~ Nc~b+ ~l %mr~ buojrnkga+ ~eb gbu~ %l} ffi}~+ Kg~b}b~ Xc{dbg~ Nc~b6 cgn

rm$rgk~ dbcg* qk~e }bxbo~ ~l cg{ or}}bgo{ l~eb} ~ecg br}l* ~eb jlqb~ cdlrg~ l` roe or}}bgo{ ~ec~

k cpckjcmjb c jbacj ~bgnb} kg ~eb olrg~}{ l` roe or}}bgo{ cgn* qk~e }bxbo~ ~l br}l* dbcg lgb obg~'

%M+ @jlc~kga ]c~b Gl~b cgn Kgnbu Jkgfbn Kg~b}b~ Gl~b

%k+ Coo}rcj l` kg~b}b~

Bcoe @jlc~kga ]c~b Gl~b cgn Kgnbu Jkgfbn Kg~b}b~ Gl~b mbc} kg~b}b~ lg k~ lr~~cgnkga gldkgcj

cdlrg~ %l}* k` k~ k c Xc}~j{ Xckn Gl~b* ~eb cdlrg~ xckn rx+ `}ld cgn kgojrnkga ~eb Kg~b}b~

Olddbgobdbg~ Nc~b'

%kk+ Kg~b}b~ Xc{dbg~ Nc~b cgn Kg~b}b~ Xb}kln

Kg~b}b~ lg bcoe @jlc~kga ]c~b Gl~b l} Kgnbu Jkgfbn Kg~b}b~ Gl~b qkjj mb xc{cmjb kg c}}bc} lg bk~eb}9

%3+ ~eb _xbokffibn Kg~b}b~ Xc{dbg~ Nc~b%+ %bcoe cg Kg~b}b~ Xc{dbg~ Nc~b+ kg bcoe {bc}

xbokffibn kg ~eb cxxjkocmjb X}kokga _rxxjbdbg~6 l}

%=+ k` gl bux}b _xbokffibn Kg~b}b~ Xc{dbg~ Nc~b%+ k,c}b xbokffibn kg ~eb cxxjkocmjb X}kokga

_rxxjbdbg~* bcoe nc~b %bcoe cg Kg~b}b~ Xc{dbg~ Nc~b+ qekoe `cjj ~eb grdmb} l`

dlg~e l} l~eb} xb}kln xbokffibn c ~eb _xbokffibn Xb}kln kg ~eb cxxjkocmjb X}kokga

_rxxjbdbg~ c`~b} ~eb x}bobnkga Kg~b}b~ Xc{dbg~ Nc~b l}* kg ~eb ocb l` ~eb ffi}~ Kg~b}b~

Xc{dbg~ Nc~b* c`~b} ~eb Kg~b}b~ Olddbgobdbg~ Nc~b'

_roe kg~b}b~ qkjj mb xc{cmjb

Spain Euro Medium Term Note Program

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