,/87-392-+287

1DLGVUEQOOWPKECPVU CXG\XQWUFQPEWPG¸OG!

'PLGWZCPVJTQRQNQIKSWGU

&QOKPKSWG$QWNNKGT

GUV WPG EQPUVCPVG FGU 6GEJPQNQIKGU FOKPHQTOCVKQP GV FG EQOOWPKECVKQP 6+% GV FG VQWVG KPPQXCVKQP RTQHQPFG GNNGU PQWU QDNKIGPV ´ TÃXKUGT PQVTG JKUVQKTG ´ PQWU KPVGTTQIGT UWT NG UVCVWV FGU ÃXKFGPEGU SWG NOQP CXCKV HKPK RCT TGPFTG PCVWTGNNGU 0QWU POCXQPU LCOCKU CWVCPV CPCN[UÃ NGU RTCVKSWGU GV NOJKUVQKTG FG NOÃETKVWTG FÂU NQTU SWG NG PWOÃTKSWG HKPKV RCT OGVVTG GP ECWUG NGU HQTOCVU OCVÃTKGNU JCDKVWGNU FG OÄOG SWG NGU OQFGU FG UVQEMCIG GV FG PCXKICVKQP %GU VGEJPQNQIKGU FG NC EQPPCKUUCPEG RCTCKUUGPV CNQTU RNWU ÃVGPFWGU SWG EGU 6+% TÃEGPVGU .G OÄOG RJÃPQOÂPG FQKV UG RCUUGT RQWT NGU QDLGVU EQOOWPKECPVU RNWVÏV SWG FG EÃFGT ´ NC XQIWG FOWP VGTOG UÃFWKUCPV OCKU VQWLQWTU SWGNSWG RGW HQWTTG VQWV KN GUV HQTV UVKOWNCPV FG UOKPVGTTQIGT UWT NC UWRRQUÃG KPPQXCVKQP KPUETKVG FCPU EGVVG VGTOKPQNQIKG 0QWU PQWU CRGTEGXQPU CNQTU SWG NGU QDLGVU QPV VQWLQWTU EQOOWPKSWÃ UK NGU KPPQXCVKQPU EQPVGORQTCKPGU RTQLGVÃGU XGWNGPV RTÃVGPFTG CW UVCVWV FOKPPQXCVKQPU KN HCWV FÂU NQTU UCXQKT GP SWQK GNNGU UG FKUVKPIWGPV FG EGU RTQRTKÃVÃU VTCFKVKQPPGNNGU GV ´ NOKPXGTUG PQWU NG XGTTQPU GP SWQK NGU RTQRTKÃVÃU FGU QDLGVU PQP PWOÃTKSWGU RGWXGPV KPURKTGT FGU KPPQXCVKQPU FCPU EG FQOCKPG OÄOG FG NC EQOOWPKECVKQP

+N POGUV RCU KPWVKNG FCPU EG ECU FG HCKTG NG FÃVQWT RCT FGU FKUEKRNKPGU FGU UEKGPEGU JWOCKPGU SWK FGRWKU WP UKÂENG GPXKTQP XQKTG RNWU NQTUSWOQP TGOQPVG ´ NGWTU CPEÄVTGU RJKNQUQRJKSWGU QPV RQUÃ NC SWGUVKQP FW UVCVWV FGU QDLGVU EOGUV NG ECU FG NOCPVJTQRQNQIKG SWG PQWU OQDKNKUGTQPU KEK RCTEG SWG ´

%O

1DLGVU EQOOWPKECPVU .%0 Pu

NC FKHHÃTGPEG FG NC RNWRCTV FGU FKUEKRNKPGU GNNG C FOGODNÃG RTKU CW UÃTKGWZ EGU QDLGVU GV EGU VGEJPKSWGU

.O

O O O

! O

"! # $ # $ ! # $ O O O O O O O O % &

O ' O ( O O !

# ) $ O * + O, * , " * % O, O ) % O O ! O # $ O!

- % ' O ) ' ! * O) ./ " / O O O O ! ! " O# ""

" " "

$ ! % "" &

"#" " O O !

' $ ( ) * " ) " O )

""! + ) O) "

! O"

" " ) &

) ! "

) O & ""

" "" , -

"#" " " ") O # "!

' ) O) "

O " )! "

"

& ! "

) " O O "" " O O O " ) O!

&"#" O O O ! ' )&

" , - , ""

O - O "

O O" O O ! %

1DLGVU EQOOWPKECPVU .%0 Pu

" O.! + /0 & , - , " - O " "" O ! 1O O )& ) " O!

"" )" ""

" " O O (" ) # "

)* " )" O "

O" "" " ! 1""

O " " 2 / "" ) O" )

" O" O ") O "(

) ! , (" - O& # O

" 3

"" &! 1 " "

O" O"

" " ) O O & "!

.GU QDLGVU PQWU RCTNGPV PQWU RCTNQPU FGU CWZ QDLGVU

.C n TÃXÃNCVKQP € FG NC PCVWTG EQOOWPKECPVG FGU QDLGVU TKUSWG FG HCKTG CRRCTCÉVTG EQOOG PQWXGCW WP RJÃPQOÂPG GZKUVCPV FGRWKU NQPIVGORU GV FOQDNKIGT NGU QDLGVU SWK RNWU GUV ´ EQOOWPKSWGT UCPU NG NCPICIG ECT CRTÂU VQWV EOGUV NOKOOÃFKCVGVà SWK GUV TGEJGTEJÃG %G UGTCKV CNQTU QWDNKGT NC PCVWTG RTQHQPFÃOGPV NCPICIKÂTG FG PQVTG EQOOGTEG CXGE NGU QDLGVU PQWU PG EGUUQPU FOGP RCTNGT GV NOQP RGWV FKTG SWG EOGUV OÄOG NC EQPFKVKQP RQWT WP EQWRNCIG JQOOGOCEJKPG TÃWUUK .GU FKURQUKVKHU NGU RNWU UKORNGU EQOOG NC EWKNNÂTG NG NCEGV NC DKE[ENGVVG QPV HCKV NOQDLGV FG NQPIWGU GZRNKECVKQPU EGTVGU UQWXGPV XQWÃGU ´ NOÃEJGE CRRCTGOOGPV OCKU NGWT ECTCEVÂTG PCVWTGN URQPVCPà ÃXKFGPV C HCKV QWDNKGT VQWV EG VTCXCKN XGTDCN VQWVG EGVVG OKUG GP OQV EQOOG PQWU NOCXQPU OQPVTà CKNNGWTU $QWNNKGT 2NWU VCTF EOGUV WPG HQTOCVKQP GZRNKEKVG RCT FGU URÃEKCNKUVGU SWK TGORNKTC NC OÄOG HQPEVKQP FG UQEKCNKUCVKQP RCT CRRTGPVKUUCIG GV PQP RNWU RCT KORTÃIPCVKQP .GU OQFGU FOGORNQK HQPV RCTVKG FG VQWU EGU FKURQUKVKHU XGTDCWZ KEK UQWU HQTOG FG VGZVGU SWK FÃRNKGPV NC RTQEÃFWTG SWK FÃRNKG NOQDLGV n GZRNKEKV € EOGUV FÃRNKGT EQOOG KN ÃVCKV KPFKSWà ´ NC HKP FW XQNWOGP GP TQWNGCWZ 'V EGU VGZVGU QPV ÃVÃ

FÃL´ RTQFWKVU GP EQWTU FG EQPEGRVKQP VQWVG WPG EJCÉPG FG VGZVGU C FÃETKV

#MTKEJ EGU QDLGVU ´ VTCXGTU FGU FQEWOGPVU SWK UQPV CWVCPV FOQDLGVU KPVGTOÃFKCKTGU 8KPEM 'V EQOOG UK EGNC PG UWHHKUCKV RCU RQWT OQPVTGT NOKODTKECVKQP ÃVTQKVG FW NCPICIG GV FGU QDLGVU PQWU CXQPU NGU WPU GV NGU CWVTGU FGU JCDKVWFGU UWT NGUSWGNNGU PQWU RTÃHÃTQPU ÄVTG FKUETGVU PQWU RCTNQPU ´ PQU OCEJKPGU ´ NC XQKVWTG SWK PG FÃOCTTG RCU QW SWK C DKGP VQWTPÃ ´ NOQTFKPCVGWT SWK RNCPVG GVE 0QWU CXQPU FGU TGNCVKQPU CPVJTQRQOQTRJKSWGU CXGE NGU QDLGVU EQOOG NOQPV OQPVTÃ 5 6WTMNG EJG\ NGU GPHCPVU QW &QP +JFG 0QWU CVVTKDWQPU WPG KPVGPVKQPPCNKVÃ ´ EGU QDLGVU GV EGNC PG FÃRGPF RCU FG NGWT EQORNGZKVÃ PK FG NGWT CRRCTGPVG KPFÃRGPFCPEG 0QWU UQOOGU GP HCKV FÃL´ ÃSWKRÃU FGU ECVÃIQTKGU GV FGU HQTOCVU CPVJTQRQNQIKSWGU RQWT CEEGRVGT SWG FGU QDLGVU UQKGPV XTCKOGPV OWU RCT FGU KPVGPVKQPU RTQITCOOÃGU RTGPPGPV FGU FÃEKUKQPU CRRTGPPGPV GV PQWU CUUQEKGPV ´ NGWTU ÃXQNWVKQPU OCKU CVVGPVKQP VQWV NG OQFGTPKUOG C EQPUKUVÃ ´ VTCEGT WPG HTQPVKÂTG JGTOÃVKSWG GPVTG EGVVG TCVKQPCNKVÃ QTFKPCKTG EGVVG RGPUÃG UCWXCIG XQKTG EGU ETQ[CPEGU QW EGU TÃHNGZGU FOWPG RCTV GV NC TCVKQPCNKVÃ UEKGPVKHKSWG UWRRQUÃG IQWXGTPGT FÃUQTOCKU VQWVGU PQU RTCVKSWGU NGU RNWU SWQVKFKGPPGU .CVQWT &ÂU NQTU SWOQP LQWG CXGE EGVVG HTQPVKÂTG UWT NGU QDLGVU KPCPKOÃU SWK POCXCKGPV UWTVQWV RCU FO¸OG OÄOG UK 2CUECN UG RQUCKV NWK UÃTKGWUGOGPV NC SWGUVKQP CXGE UGU CWVQOCVGU QP EQWTV NG TKUSWG FG FÃUVCDKNKUGT FGU OQPFGU LWUSWOKEK RTÃVGPFWU ÃVCPEJGU OCNITÃ NGWT EQOOWPKECVKQP RGTOCPGPVG

%GU QDLGVU FG HCKV PQWU RCTNGPV FGRWKU NQPIVGORU GV PQWU NGU CXQPU ÃSWKRÃU GP RCTVKG RQWT EGNC 6QWVGU NGU OCEJKPGU RQTVGPV CXGE GNNGU FGU ÃNÃOGPVU FG VGZVGU UQWU HQTOG FG EQPUKIPGU FG UKIPCWZ FOCHHKEJCIGU FKXGTU

´ FGUVKPCVKQP JWOCKPG %GTVCKPU FOCKNNGWTU XQPV LWUSWO´ RCTNGT XTCKOGPV EQOOG NGU 4 RCTVKEWNKÂTGOGPV ÃPGTXCPVGU FOWPG ÃRQSWG GV NOQP UCKV CNQTU SWOKN PG HCWV RCU CDWUGT FG EGVVG TGUUQWTEG SWK RGTOGV ´ NOQDLGV FG UOKORQUGT CNQTU SWOWP XQ[CPV PG HCKV SWOQHHTKT UQP KPHQTOCVKQP ´ XQVTG XKUKQP .C RGTHQTOCPEG QW NC HCEKNKVÃ FOWUCIG FOWPG KPVGTHCEG KEK XQECNG RGWV CKPUK GPVTGT GP EQPVTCFKEVKQP CXGE NOCU[OÃVTKG UQWJCKVÃG GPVTG JWOCKP GV OCEJKPG .GU QDLGVU EQOOWPKECPVU FGXTQPV FQPE ÃXKVGT FG FGXGPKT FGU QDLGVU DCXCTFU GV FGXTQPV CRRTGPFTG ´ PG RCU EQWRGT NGU EQPXGTUCVKQPU DTGH CRRTGPFTG NG UCXQKTXKXTG EG SWK GUV CRTÂU VQWV WPG DQPPG FÃHKPKVKQP FG NC EQOOWPKECVKQP /CKU NQTUSWG NG NKPIWKUVKSWG QW NG UÃOKQVKSWG POGUV RCU RTÃUGPV NGU QDLGVU POGP EQPVKPWGPV RCU OQKPU FOÃOGVVTG FGU OGUUCIGU UGPUQTKGNU FG FQPPGT FG NC FQWNGWT QW FW RNCKUKT FG TGRQWUUGT QW FOCVVKTGT GVE +N HCWV EGTVGU VQWV NG VTCXCKN FGU GZRGTVU GP CPCN[UG UGPUQTKGNNG RQWT HCKTG RCTNGT EGU QDLGVU RQWT FQPPGT WPG XQKZ KPVGTRTÃVCDNG GV GZRNQKVCDNG ´ EGU UGPUCVKQPU OCKU NGU EJQKZ HCKVU UWT EGVVG DCUG RGWXGPV CXQKT FGU GHHGVU FÃEKUKHU UWT NC XKG FOWP RTQFWKV GV KN UGTCKV DKGP PCÊH FG NGU KIPQTGT QW FG VTCKVGT FGU FÃEKUKQPU FG FGUKIP FG OCVÃTKCWZ FG

EQWNGWTU GVE EQOOG FGU FKOGPUKQPU UGEQPFCKTGU FOWP QDLGV %OGUV GP GHHGV ´ VTCXGTU NC OÃFKCVKQP FG EGU UGPUCVKQPU SWG PQWU GPVTQPU GP TGNCVKQP CXGE EGU QDLGVU EG UQPV GNNGU SWK XQPV PQWU FQPPGT RTKUG SWK XQPV OÄOG HCKTG RNK $GUU[

GV %JCVGCWTC[PCWF KN GUV FQPE GUUGPVKGN FG RTGPFTG GP EQORVG CW OÄOG VKVTG VQWVGU NGU FKOGPUKQPU EQOOWPKECPVGU FGU QDLGVU

2NWU NCTIGOGPV UCPU CXQKT ´ RCTNGT PK OÄOG ´ CHHKEJGT FGU HQTOGU QW FGU VGKPVGU HQTVGOGPV EQPPQVÃGU VQWV QDLGV RQTVG CXGE NWK WPG JKUVQKTG SWOKN XC FKHHWUGT .G TCRRQTV CWZ QDLGVU GUV VQWLQWTU RGPUà FCPU WP TCRRQTV CWZ QDLGVU PGWHU %QOOG UK VQWV FOCDQTF WP QDLGV UQTVK FOWPG WUKPG CRTÂU FGU CPPÃGU FG EQPEGRVKQP FG EQPVTQXGTUG KPVGTPG PG RQTVCKV RCU FOJKUVQKTG GV OÄOG WPG OCTSWG HQTVG FG EGVVG JKUVQKTG SWK RWKUUG CEETQEJGT SWGNSWG EJQUG EJG\ NG ENKGPV %QOOG UK GPUWKVG PQWU PG RCUUKQPU RCU FG PQVTG VGORU FG XKG CXGE FGU QDLGVU n WUÃU € EOGUV´FKTG FÃL´ OCTSWÃU RCT NOJKUVQKTG FGU WPU QW FGU CWVTGU NC UKGPPG EGNNG FGU CWVTGU WVKNKUCVGWTU RQWT NGU DKGPU RWDNKEU OCKU CWUUK EGNNG FG UGU CPEÄVTGU FG NOKPUVCNNCVGWT SWK NOC UK DKGP TÃCOÃPCIà FG NOGPHCPV SWK UO[ GUV EQIPà GVE .GU QDLGVU PQWU RCTNGPV FG VQWV EGNC KNU ICTFGPV VTCEG FG VQWV GV NGU CPVKSWCKTGU NG UCXGPV DKGP SWK TCLQWVGTCKGPV RNWVÏV FGU VTCEGU NQTUSWG NOQDLGV GUV VTQR PGWH +NU QHHTGPV WPG RTKUG UWT FOCWVTGU WPKXGTU EG POGUV RCU UGWNGOGPV NC OCFGNGKPG SWK EQOOWPKSWG OCKU VQWU NGU QDLGVU SWK PQWU GPVQWTGPV .G OQDKNKGT PQVCOOGPV FGXKGPV WPG PQWXGNNG RGCW WP FÃRÏV GZVGTPG FOWPG JKUVQKTG SWK PQWU TGPXQKG FGU KOCIGU GV SWK UQWVKGPV EGNNGU SWG NOQP EQPUVTWKV %OGUV RQWTSWQK KN GUV RCT GZGORNG HQTVGOGPV TGEQOOCPFà FG TÃRCTGT KOOÃFKCVGOGPV VQWVG FÃITCFCVKQP FCPU WP KOOGWDNG WPG XKVTG ECUUÃG WP NCODTKU VCIIà RQWT ÃXKVGT SWG NOKOCIG PÃICVKXG CKPUK TGPXQ[ÃG PG TGNCPEG NOCITGUUKXKVà EQPVTG EGV GPXKTQPPGOGPV NWKOÄOG GP GPEQWTCIGCPV FG PQWXGNNGU FÃRTÃFCVKQPU

6QWU EGU GPLGWZ FGOCPFGPV ´ ÄVTG RTÃUGPVÃU U[UVÃOCVKSWGOGPV CWVQWT FG VTQKU n FKOGPUKQPU € HCKTG UKGP HCKTG CWVTG HCKTG RQWT

!"

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

'$ . ' / O O .

$ O O - O O O O O 00 $ ' 1 O O . - ' O' # ' / 2 0 O # % '$ & + - 34" / / $ O 1 , O 0 5 O ' O

$ $ O / $ O $ + 6 O O / O / ' , - 7O $ $ O 5 - '$ O ' O/ . $ ' O 0 O O $ ' + O O 5 5 1O O O O' $ ' 8 5 ' % &

2 O '' O ' ' #

9 # O O '

' . % & # O O O O : 8;+

' O O O 7 - O'' O 8 '$

O 8;+ 7 / + 2 # 5 O' O " O 7 O - - 8;+ / 0 ' <

'

7O ' ' O$ = " $ $ O O 7 - JCDGTG SWG PQWU VTQWXQPU CWUUK FCPU NOJCDKV FCPU NOJCDKVCV GV GPEQTG FCPU NOJCDKVCENG &CPU EGU VTQKU ECU KN UOCIKV DKGP FG FÃUKIPGT EQOOGPV PQWU RQUUÃFQPU NG OQPFG VGEJPKSWGOGPV EOGUV´FKTG EQOOGPV PQWU ÃVGPFQPU PQVTG RGTUQPPG ´ FGU OCVÃTKCNKVÃU GZVGTPGU CW RQKPV FG NGU TGPFTG KPVGTPGU 2NWU RTÃEKUÃOGPV EOGUV OÄOG PQVTG FKOGPUKQP FG UWLGV FQVÃ FOWP EQTRU SWK GUV CKPUK ÃSWKRÃG VGEJPKSWGOGPV FKTCKV )CIPGRCKP +N PG UWHHKV RCU FG TGRTGPFTG NC NKVVÃTCVWTG ENCUUKSWG UWT NC FKUVKPEVKQP HQTOCNKUÃG PQVCOOGPV RCT $QWTFKGW GP NOCRRNKSWCPV CWZ XÄVGOGPVU CW ECFTG D¸VK QW GPEQTG CWZ XQKVWTGU

%GTVGU EGVVG FKOGPUKQP FGU QDLGVU NGU TGPF EQOOWPKECPVU CWUUK /CKU EOGUV NGWT EQWRNCIG ÃVTQKV CXGE NG UWLGV SWK GUV KEK KPVGTTQIÃG CW RQKPV FG RTQFWKTG WPG PQWXGNNG RGCW VQWV CWUUK PCVWTGNNG RQWT EGTVCKPU &CPU NG ECU FG NOJCDKVÂNG FG PQODTGWZ FKURQUKVKHU RGTOGVVGPV FG RTQFWKTG WPG RGCW CXGE VQWV PQU TÃUGCWZ FOCRRCTVGPCPEGU OWNVKRNGU .GU QDLGVU FGXKGPPGPV CNQTU WPG

RCTV FG PQWU KNU FGXKGPPGPV VTÂU UKPIWNKGTU OCKU PQWU CNNQPU NG XQKT FCPU EGU QDLGVU SWK OGVVGPV VGEJPKSWGOGPV GP TÃUGCW GP OÄOG VGORU SWOKNU NG OCPKHGUVGPV EOGUV CWUUK SWGNSWG EJQUG FG NOCWVTG SWK XKGPV RTÂU FG PQWU SWG PQWU CNNQPU RQTVGT CXGE PQWU SWK XC HCKTG EQTRU CXGE PQWU

%JCEWP RQWTTCKV HCKTG EGVVG NKUVG OCKU KN GUV KPVÃTGUUCPV FG PQVGT EGTVCKPGU FG EGU RTQRTKÃVÃU ECT GNNGU PQWU FKUGPV CWUUK UWT SWQK RGWXGPV RQTVGT NGU KPPQXCVKQPU 6QWU EGU QDLGVU RGWXGPV ÄVTG EQPUKFÃTÃU EQOOG FGU VGTOKPCWZ CW UGPU QÔ KNU XQPV PQWU CWVQTKUGT FGU CEEÂU FCPU WPG UQEKÃVÃ SWK XCNQTKUG RCT GZEGNNGPEG EGVVG FKOGPUKQP 4KHMKP 0QWU RQTVQPU CXGE PQWU FGU TGUUQWTEGU EQPXGPVKQPPGNNGU RQWT GPVTGT FCPU NGU ÃEJCPIGU EG SWK UG FKV RNWU UKORNGOGPV UQWU NG PQO FG OQPPCKG OCTSWG FOWPG EQOOWPCWVÃ FOCRRCTVGPCPEG FOWP EGTVCKP RQWXQKT FOCEJCV GV FOWPG EGTVCKPG EQPHKCPEG HKFWEKCKTG FKVQP NQTUSWG NC EQOOWPCWVÃ FG TÃHÃTGPEG EJCPIG EQOOG CXGE NOGWTQ EOGUV WP CWVTG OQPFG SWK UOQHHTG ´ PQVTG RQTVÃG GV EG POGUV RQWTVCPV RCU CWUUK UKORNG ´ CEEGRVGT 0QWU RQWXQPU CWUUK RQTVGT CXGE PQWU FGU OCTSWGU FGU NKGPU FOCDQPPGOGPV RQWT GZRNQKVGT WP TÃUGCW VGEJPKSWG EQOOG WPG ECTVG FG VÃNÃRJQPG RCT CDQPPGOGPV EOGUV CNQTU WP OQ[GP FG RCKGOGPV FKHHÃTÃ OCKU CWUUK WP CEEÂU VGEJPKSWG SWK GUV RGTOKU ´ EQPFKVKQP FOÄVTG OGODTG GV FG ICTFGT NC OCTSWG VGEJPKSWG ECTVGEQFG FG EGVVG CRRCTVGPCPEG

#WFGN´ FG EGV WUCIG RCTVKEWNKGT FOWP TÃUGCW VGEJPKSWG FG PQODTGWUGU ECTVGU DCPECKTGU QW FG ETÃFKV RGTOGVVGPV FOCXQKT CEEÂU ´ EGTVCKPU UGTXKEGU ´ EGTVCKPU CEJCVU QW QRÃTCVKQPU FKXGTUGU ´ FGU TGUUQWTEGU CXGE EGVVG EQPFKVKQP SWK NGU TGPF DKGP FKHHÃTGPVGU FG NC OQPPCKG SWG NC OCTSWG RGTUQPPGNNG UQKV CWUUK RTÃUGPVG WPG ECTVG DCPECKTG HCKV FÂU NQTU RCTVKG FG NC RGTUQPPG ´ WP CWVTG PKXGCW SWG NC OQPPCKG SWG NOQP ICTFG VGORQTCKTGOGPV %CTVGU FG ETÃFKV ECTVGU DCPECKTGU QW ECTVGU VÃNÃRJQPKSWGU CXGE CDQPPGOGPV UQPV GP HCKV VQWVGU RTQFWEVTKEGU FOKPHQTOCVKQP SWK XQPV CNNGT UWT NGU TÃUGCWZ GV SWK XQPV TCEQPVGT EG SWG PQWU HCKUQPU UCPU OÄOG PQWU NG FKTG CWZ QTICPKUOGU SWK QPV ÃOKU EGU ECTVGU .GU HKEJKGTU ENKGPVÂNGU FGU n ECTVGWTU € )KNNG GV /CVJQPPGV RGTOGVVGPV FG UWKXTG FGU EQPUQOOCVKQPU GV UQPV WPG UQWTEG KPGUVKOCDNG FOÃVWFGU GV FG RTQLGEVKQPU OCTMGVKPI %JCEWP RQTVG CXGE NWK PQP UGWNGOGPV WPG RTKUG UWT NG OQPFG OCKU FCPU NG OÄOG VGORU CWVQTKUG WPG GORTKUG UWT NWKOÄOG UWT UC URJÂTG KPVKOG SWK GUV EGTVGU GPECFTÃG NÃICNGOGPV OCKU SWK NQTUSWOQP [ TÃHNÃEJKV DKGP GUV CEEGRVÃG CXGE WPG ITCPFG CKUCPEG OCNITà UQP ECTCEVÂTG RTQHQPFÃOGPV KPVTWUKH

%GU FQPPÃGU RGTUQPPGNNGU NGWT QTICPKUCVKQP GP HKEJKGTU UQPV CWUUK RTÃUGPVGU FCPU FGU OCTSWGU FOCWVQTKUCVKQPU NÃICNGU FOCEEÂU SWOGUV RCT GZGORNG NG RGTOKU FG EQPFWKTG KN C HCNNW WP GZCOGP WP GPTGIKUVTGOGPV WPG TGEQPPCKUUCPEG RCT NO'VCV GV EJCEWP GUV VGPW FG NG RQTVGT UWT NWK NQTUSWOKN

GZRNQKVG EG RGTOKU &CPU NG OÄOG TGIKUVTG EGU FQEWOGPVU RGWXGPV RQTVGT NC VTCEG FG FTQKVU CESWKU EQOOG NC ECTVG FOCUUWTÃ UQEKCN FGXGPWG GNNG CWUUK ECTVG ´ RWEG CXGE 8KVCNG GV SWK FGXKGPV WP QWVKN FOCEEÂU ´ FGU TGUUQWTEGU GP RQTVCPV FGU KPHQTOCVKQPU CFOKPKUVTCVKXGU RQWT NOKPUVCPV GV DKGPVÏV OÃFKECNGU

# NOQRRQUÃ FG EGU FQEWOGPVU GV ECTVGU PQOKPCVKHU UWRRQUCPV FGU RTQEÃFWTGU ÃNCDQTÃGU RQWT ÄVTG OGODTG QW C[CPV FTQKV FG EGTVCKPU TÃUGCWZ KN GZKUVG FGU UWRRQTVU QTFKPCKTGU RNWU RTQEJGU FG NC OQPPCKG SWK RGTOGVVGPV FOCEEÃFGT ´ FGU UGTXKEGU VGEJPKSWGU NGU VKEMGVU FG OÃVTQ NGU VKODTGU RQUVG UQPV FGU EQPUQOOCDNGU SWK PG UQPV RCU CVVCEJÃU ´ NC RGTUQPPG RQWTVCPV KNU UQPV NC EQPFKVKQP RQWT RQWXQKT GHHGEVWGT EGTVCKPGU QRÃTCVKQPU KNU OCTSWGPV WP ENKGPV RQVGPVKGN

/CKU NOWUCIG VGEJPKSWG FG EGTVCKPU FKURQUKVKHU RGWV NWK CWUUK FQPPGT NKGW ´ GZVGPUKQP RQTVCDNG NGU ENÃU UQPV WP UQWEK RGTOCPGPV RQWT EGTVCKPU ECT KNU UQPV NC EQPFKVKQP RQWT CEEÃFGT ´ FGU GURCEGU ´ NGWT XÃJKEWNG OCKU KNU PG UQPV RCU PQOKPCVKHU KNU RGWXGPV ÄVTG WVKNKUÃU RCT WP CWVTG ´ EQPFKVKQP FOCXQKT NC TGUUQWTEG VGEJPKSWG EQORNÃOGPVCKTG NC UGTTWTG .GU SWGUVKQPU FG EQORCVKDKNKVÃ UQPV KEK KNNWUVTÃGU GV GNNGU UQPV GUUGPVKGNNGU FCPU EGU QDLGVU SWK EQOOWPKSWGPV FOCDQTF GPVTG GWZ UWT NG RNCP VGEJPKSWG

6QWU EGU QDLGVU ÃVCKGPV ECTCEVÃTKUÃU RCT NG RQVGPVKGN VGEJPKSWG SWOKNU QHHTCKGPV /CKU PQWU RQTVQPU UQWXGPV CXGE PQWU FGU QDLGVU n SWK PG UGTXGPV ´ TKGP € SWK UQPV N´ UGWNGOGPV RQWT VÃOQKIPGT RQWT HCKTG VTCEG GV RQWT TGPFTG XKUKDNG PQVTG JKUVQKTG RGTUQPPGNNG NGU RJQVQU HCOKNKCNGU SWK UGTXGPV ÃXGPVWGNNGOGPV FCPU WPG EQPXGTUCVKQP OCKU RCTHQKU RQWT UQP UGWN RNCKUKT QW RQWT TCXKXGT UC RGKPG %GVVG JKUVQKTG GNNG GUV CWUUK RTÃUGPVG FCPU WP CIGPFC SWK ICTFG VTCEG FG PQU CEVKXKVÃU RCUUÃGU GV HWVWTGU QW FCPU WP ECTPGV FOCFTGUUGU SWK TGLQKPV CKPUK NC ECTVG 5+/ FW RQTVCDNG FCPU EG ECU PQVTG JKUVQKTG GUV QTICPKUÃG HQPEVKQPPGNNGOGPV UQWU HQTOG FG NKUVGU FG PQOU FG VCDNGCWZ FGU LQWTU OCKU EG UQPV PQU CRRCTVGPCPEGU SWK UQPV CKPUK KPUETKVGU GV VTCFWKVGU GP KPFKEGU OCVÃTKGNU SWG PQWU RQWXQPU RQTVGT CXGE PQWU

%G VQWT FOJQTK\QP UQOOCKTG RGTOGV FG FTGUUGT WPG RTGOKÂTG NKUVG FG RTQRTKÃVÃU VGEJPKSWGU FG EGU UWRRQTVU FGU CRRCTVGPCPEGU SWK EQPUVKVWGPV NOJCDKVÂNG

L +NU UQPV RQTVCDNGU GV RNWU QW OQKPU EQWRNÃU CW EQTRU EOGUV GP EGNC SWOKNU FGXKGPPGPV RGVKV ´ RGVKV WPG RGCW RGTOCPGPVG FOCWVCPV RNWU KORQTVCPVG SWG PQVTG UQEKÃVÃ HKNVTG FG RNWU GP RNWU NGU CEEÂU CWZ TGUUQWTEGU GV CWZ GURCEGU GV SWOWP UGPVKOGPV IÃPÃTCN FOKPUÃEWTKVÃ PQWU EQPFWKV ´ XQWNQKT RQTVGT GP RGTOCPGPEG CXGE PQWU CW ECU QÔ EG SWK UGTCKV PÃEGUUCKTG ´ CIKT ´ PQWU KFGPVKHKGT GVE

L +NU UQPV EQORCVKDNGU KNU FQKXGPV UOKPUETKTG FCPU FGU EJCÉPGU VGEJPKSWGU LWTKFKSWGU CFOKPKUVTCVKXGU EQORNGZGU KUQNÃU KNU PG UQPV TKGP GV EG RQKPV GUV KORQTVCPV ´ TCRRGNGT NQTUSWOQP VTCKVG FOQDLGVU EQOOWPKECPVU

L +NU UQPV OCTEJCPFU RCTHQKU OCKU RCU PÃEGUUCKTGOGPV NGU OÃFKCVGWTU SWK UOKPUÂTGPV FG EG HCKV FCPU NC EJCÉPG VGEJPKSWG FG UGTXKEG RTQFWKUGPV FGU V[RGU FG NKGPU XCTKCDNGU UGNQP NGU RTKPEKRGU SWK NGU IQWXGTPGPV %OGUV VQWVG NOCTEJKVGEVWTG FGU QDLGVU SWK RGWV GP ÄVTG EJCPIÃG

L +NU UQPV EJCTIÃU FOKPHQTOCVKQP EG SWK GUV UCPU FQWVG WPG DCPCNKVÃ OCKU EGVVG KPHQTOCVKQP CWVQTKUG CNQTU FGU GZRNQKVCVKQPU OWNVKRNGU GV WPG RNCUVKEKVÃ RNWU ITCPFG SWG EGTVCKPU QDLGVU EQOOG FGU ENÃU QTFKPCKTGU GNNG RGTOGV CWUUK FGU VTCKVGOGPVU OWNVKRNGU RCT FGU KPVGTOÃFKCKTGU FKXGTU EG SWK HCKV VQWVG NC PCVWTG FW UGTXKEG NWKOÄOG

0QWU CXQPU CFQRVà NG RQKPV FG XWG UGNQP NGSWGN NOJCDKVÂNG UGTCKV NOGZVGPUKQP VGEJPKSWG FGU CRRCTVGPCPEGU FG NC RGTUQPPG &KUCPV EGNC PQWU UWRRQUQPU SWG NG RQWXQKT QW NC OCÉVTKUG UWT NG OQPFG UOÃVGPFGPV 2QWTVCPV RNWUKGWTU FG PQU GZGORNGU PQWU QPV OQPVTà SWG EOÃVCKV GP OÄOG VGORU NOQEECUKQP FG FQPPGT RTKUG ´ WP CWVTG UWT UQK ´ VTCXGTU NGU KPHQTOCVKQPU NGU CWVQTKUCVKQPU NC VTCÁCDKNKVà GVE %GV GPLGW GUV EGNWK FG VQWU NGU QDLGVU OÄOG UOKN RCTCÉV RNWU ÃXKFGPV UWT FGU QDLGVU EQOOWPKECPVU FKUVTKDWÃU RCT FGU CIGPEGU RCT FGU IGUVKQPPCKTGU FG TÃUGCWZ SWK FG EG HCKV RTGPPGPV NC RGTUQPPG FCPU NGWTU HKNGVU 'P TÃCNKVà EQOOG NOCPVJTQRQNQIKG NOC NQPIWGOGPV FQEWOGPVà VQWV ÃEJCPIG OCTSWG NOQDLGV EQOOG XGPCPV FOWP OQPFG EQOOG RQTVCPV WPG OCTSWG FG RTQRTKÃVà FQPV KN POGUV RCU UK CKUà FG UG FÃHCKTG %OGUV GP EGNC SWG NG RCKGOGPV GUV CWVTG EJQUG SWOWPG TÃVTKDWVKQP FW VTCXCKN KPEQTRQTà EOGUV WPG HCÁQP FG FÃPQWGT NG NKGP FW RTQFWEVGWT CXGE UQP QDLGV GV FG HCKTG RCUUGT NOQDLGV FCPU NOWPKXGTU FG NOCEJGVGWT CKPUK SWG NG LGWPG /CTZ NOCXCKV FÃL´ DKGP ÃVCDNK EG SWK UG VTCFWKV RCT WPG HQTOG FOCNKÃPCVKQP RQWT NG RTQFWEVGWT SWK FGXKGPV ÃVTCPIGT ´ UC RTQRTG RTQFWEVKQP FGXGPWG OCTEJCPFKUG .C OCTEJCPFKUG RGTOGV FOCEEGPVWGT NC EKTEWNCVKQP FGU DKGPU GP NGU FÃVCEJCPV FG VQWVGU NGU OCTSWGU RGTUQPPGNNGU %CT FCPU NG FQP PQVCOOGPV NOCWVTG TGUVG RTÃUGPV FCPU NOQDLGV PQWU NOCXQPU FKV GV RQWTVCPV PQWU RQWXQPU FG EG HCKV PQWU [ CVVCEJGT GV NG HCKTG PÏVTG EOGUV UC XCNGWT FOCNVÃTKVà SWK RCTCFQZCNGOGPV PQWU NG TGPF n EJGT € 'P HCKV NC UÃRCTCVKQP FW EQPEGRVGWT CXGE UQP QDLGV QTICPKUÃG RCT NC OCTEJCPFKUG GV NC RTQFWEVKQP GP UÃTKG KPFWUVTKGNNG POGUV RCU CWUUK ÃXKFGPVG SWOKN [ RCTCÉV

#KPUK NGU WVKNKUCVGWTU RGTÁQKXGPV URQPVCPÃOGPV WP QDLGV PQWXGCW PQP UGWNGOGPV FCPU UC OCVÃTKCNKVÃ OCKU EQOOG RTQFWKV FOWP JWOCKP UWRRQUÃ

!

FQVÃ FOKPVGPVKQPU %OGUV CKPUK SWG NOQP RGWV EQORTGPFTG NC VGPFCPEG IÃPÃTCNG

´ CVVTKDWGT FGU KPVGPVKQPU ´ VQWV EJQKZ VGEJPKSWG SWK UG XGTDCNKUG RCTHQKU FCPU NGU RJCUGU FG FQWVG n /CKU SWOGUV EG SWOKNU QPV XQWNW HCKTG N´ ! /CKU RQWTSWQK KNU PQWU FGOCPFGPV ÁC ! 3WK GUV EG SWK C DKGP RW EQPEGXQKT WP VTWE RCTGKN ! +NU PG UQPV LCOCKU XGPWU FCPU WPG EWKUKPG OC RCTQNG € .OQDLGV PQWXGCW POGUV RCU C RTKQTK EQORCVKDNG EWNVWTGNNGOGPV PK RCTHQKU VGEJPKSWGOGPV CXGE NOGPXKTQPPGOGPV RGTUQPPGN GP RCTVKG FOCKNNGWTU RCTEG SWOKN GUV UVCPFCTF GV FG UÃTKG GV SWG NG VTCXCKN FOCLWUVGOGPV FQKV GPEQTG ÄVTG HCKV RQWT UG NOCRRTQRTKGT RCTHQKU OÄOG RQWT NG RCTCOÃVTGT %GV QDLGV EQOOWPKSWG CKPUK FG NOCNVÃTKVà KN GUV ÃVTCPIGT GV VQWV NG VTCXCKN FGU GTIQPQOGU PQVCOOGPV GUV FG TGPFTG RNWU EQORCVKDNGU EGU WPKXGTU ÃNQKIPÃU GP KPLGEVCPV FGU WVKNKUCVGWTU OCKU FÃL´ TÃFWKVU DKGP UÖT FCPU NG OQPFG FGU KPIÃPKGWTU 0QWU CXQPU FOCKNNGWTU KPFKSWà ´ SWGN RQKPV NGU ÃEJCPIGU CW UGKP FOWPG ÃSWKRG RTQLGV RQWXCKGPV FÃL´ ÄVTG UKIPKHKECVKHU FOWPG QTKGPVCVKQP XGTU CWVTWK QW PQP GV FG EG HCKV FOWPG ECRCEKVà ´ CEEGRVGT NOCNVÃTKVà FG NOWVKNKUCVGWT

$QWNNKGT +N TGUVG SWG NG VTCXCKN ´ HCKTG RCT NOWVKNKUCVGWT TGUVG KPÃXKVCDNG FÂU NQTU SWOWP RTQFWKV GUV KPPQXCPV FGU ECFTGU EQIPKVKHU CPEKGPU UQPV EGTVGU OQDKNKUÃU FGU TQWVKPGU UQPV GZRNQKVÃGU FGU VTCPUHGTVU UQPV RQUUKDNGU FGRWKU WPG GZRÃTKGPEG XGTU WPG CWVTG OCKU NOQDLGV POCEEGRVG RCU VQWVGU EGU KORQTVCVKQPU KN TÃUKUVG %OGUV NG ECU PQVCOOGPV NQTUSWOKN VQODG GP RCPPG GV SWG TKGP PG RGTOGV FG EQORTGPFTG NC ECWUG FG EGVVG RCPPG &CPU EGU OQOGPVU QP OGUWTG SWG NOQDLGV PG RGWV EQOOWPKSWGT SWO´ NC EQPFKVKQP FOÄVTG ÃSWKRÃ FG VQWU NGU QWVKNU FG VTCFWEVKQP SWG UQPV WP UGTXKEG CRTÂU XGPVG WP OCPWGN GVE ´ EQPFKVKQP SWOKNU PG EQORNKSWGPV RCU NC VTCFWEVKQP

&CPU VQWU NGU ECU KN GUV XCKP FOGURÃTGT VTQWXGT WPG VTCPURCTGPEG WPG KOOÃFKCVGVÃ WPG ÃXKFGPEG SWK PG RGWV UG EQPUVTWKTG CXGE FW VGORU FCPU NG RTQEGUUWU OÄOG FG NOCESWKUKVKQP GV FG NOCRRTQRTKCVKQP

%GVVG ÃVTCPIGVÃ FG VQWV QDLGV SWK CTTKXG FCPU WP OQPFG FQPPÃ RGWV GP HCKV UG TGVTQWXGT CWUUK VQWV CW NQPI FW E[ENG FG XKG FW RTQFWKV NQTUSWOKN VQODG GP RCPPG PQWU NOCXQPU FKV OCKU CWUUK NQTUSWOKN FGXKGPV VGNNGOGPV PCVWTGN SWOQP NOQWDNKG SWOKN UQTV FG PQVTG TGNCVKQP FG FQOKPCVKQP RQWT XKXTG UC XKG .O O O FG PG RCU NGWT FGOCPFGT FG UOCFCRVGT ´ VQWVG UKVWCVKQP GV ´ EJCSWG HCÁQP FG HCKTG RCTVKEWNKÂTG SWK NGU TGPF SWCUKOGPV PCVWTGNU UCPU EJGTEJGT VQWLQWTU ´ GZRNKEKVGT QW ´ PQTOCNKUGT NGWTU ÃVCVU

$TWPQ .CVQWT FKV SWG n NGU QDLGVU PQWU FÃRCUUGPV € GP RCTNCPV PQVCOOGPV FGU HÃVKEJGU SWOKN ÃETKV HCKVKEJG RQWT KPFKSWGT RQWTVCPV SWOKNU UQPV DKGP HCDTKSWÃU OCKU SWOKNU QPV GP OÄOG VGORU WP RQWXQKT SWK NGWT GUV RTQRTG .GU QDLGVU QTFKPCKTGU GV UWTVQWV NGU QDLGVU EQOOWPKECPVU UQPV GV UGTQPV FGU QDLGVU SWK PQWU FÃRCUUGPV SWK RCT GZGORNG UG RCTNGPV GPVTG GWZ SWK UOCLWUVGPV UCPU SWOQP NGWT FGOCPFG GZRNKEKVGOGPV OCKU FÂU NQTU RCU

VQWLQWTU ´ DQP GUEKGPV n SWK OCTEJGPV SWCPF KNU XGWNGPV € FKVQP RCTHQKU GP RGUVCPV QW GP UG TÃUKIPCPV &ÂU NQTU NGU JWOCKPU RQWTTQPV ETCKPFTG EQOOG NG OQPVTG VQWVG NC UEKGPEGHKEVKQP GV PQVCOOGPV EGNNG SWK VTCKVG FG PQVTG EQJCDKVCVKQP CXGE FGU TQDQVU EJG\ #UKOQX FG UG XQKT OKU JQTU LGW +N PG UOCIKV RCU FG FKUSWCNKHKGT C RTKQTK EGU ETCKPVGU FG NGU EQPUKFÃTGT EQOOG KTTCVKQPPGNNGU QW WPKSWGOGPV TQOCPGUSWGU NGU QDLGVU EQOOWPKECPVU RQUGTQPV FGU SWGUVKQPU GP CRRCTCKUUCPV KPÃXKVCDNGOGPV RNWU n CWVTGU € SWG NGU QDLGVU RTÃEÃFGPVU FQPV PQWU CXQPU OQPVTà RQWTVCPV VQWVG NC FKOGPUKQP FOCNVÃTKVà 2TGPQPU EGVVG SWGUVKQP CW UÃTKGWZ FCPU NGU EJQKZ VGEJPKSWGU GWZ OÄOGU UKPQP NGU QDLGVU TGXKGPFTQPV PQWU VKTGT NGU RKGFU NC PWKV GP HCKUCPV EJWVGT NGU EQWTU

%GU QDLGVU SWK XKXGPV NGWT XKG QW VQWV CW OQKPU SWK OCPKHGUVGPV NGWT QTKIKPG ÃVTCPIÂTG CWZ TQWVKPGU GV CWZ UCXQKTHCKTG CESWKU TGORNKUUGPV RQWTVCPV FGU HQPEVKQPU EOGUV UQWXGPV EQOOG EGNC SWG NOQP GURÂTG ÃXKVGT NGU EQPHNKVU EWNVWTGNU QW NGU FKHHKEWNVÃU FOCRRTQRTKCVKQP GP RCTKCPV UWT NC XCNGWT FOWVKNKVà FG EGU QDLGVU 5OKNU UGTXGPV ´ SWGNSWG EJQUG KNU UGTQPV CEEGRVÃU %OGUV EGTVCKPGOGPV HCKTG RTGWXG FG PCÊXGVà ECT UGTXKT EOGUV FÃL´ UWRRQUGT NG RTQDNÂOG TÃINà %G SWK ECTCEVÃTKUG GP GHHGV VQWVG VGEJPKSWG PQWXGNNG EOGUV SWOGNNG RTÃVGPF HCKTG CWVTGOGPV EG SWG NOQP HCKUCKV FOWPG EGTVCKPG HCÁQP CXCPV OÄOG NQTUSWOKN UOCIKV FG UG FÃRNCEGT GP XQNCPV RCT GZGORNG NG FÃRNCEGOGPV GZKUVCKV CXCPV QW HCKTG CWVTG EJQUG CXGE FGU OQ[GPU SWK RTÃGZKUVCKGPV GP ÃNÃOGPVU UÃRCTÃU 'NNG KPVTQFWKV VQWLQWTU WP FÃRNCEGOGPV VGEJPKSWG FGU OQ[GPU GV FGU HKPU /CKU FCPU NG OÄOG VGORU GNNG KPVTQFWKV CWUUK FGU FÃRNCEGOGPVU FG n EJCTIGU UQEKCNGU € EOGUV´FKTG FG FKXKUKQP FW VTCXCKN PQODTG FOKPPQXCVKQPU CDQWVKUUGPV CKPUK ´ OGVVTG CW EJÏOCIG FGU URÃEKCNKUVGU SWG NC OCEJKPG RQWTTC TGORNCEGT RNWU GHHKECEGOGPV

%GV GPLGW OCETQUQEKCN GUV RTÃUGPV FCPU VQWVG TGNCVKQP ´ NOQDLGV VGEJPKSWG LWUSWOQÔ HCKVKN ´ NC RNCEG FG NOWVKNKUCVGWT ! ,WUSWOQÔ UG UWDUVKVWGVKN ´ NWK !

%GV CTDKVTCIG FQKV VQWLQWTU TGUVGT GP SWGUVKQP GV PQP EQPUKFÃTà EQOOG TÃINà .GU ECU FG UWDUVKVWVKQP XÃEWG EQOOG CDWUKXG FCPU NG RKNQVCIG FG RTQEGUU GV SWK GPVTCÉPG FGU RGTVGU FG XKIKNCPEG QW FG OQVKXCVKQP ´ NOQTKIKPG FG EGTVCKPU CEEKFGPVU UQPV DKGP FQEWOGPVÃU EJG\ VQWU NGU URÃEKCNKUVGU FW TKUSWG .C UWRRNÃCPEG RGTOGV FG EQORGPUGT GV FG RTQFWKTG FOCWVTGU EJCÉPGU FOKPHQTOCVKQPCEVKQP UCPU RQWT CWVCPV RTÃVGPFTG ´ NC UWDUVKVWVKQP .OCUUKUVCPEG RGTOGV GPEQTG WPG CWVTG ÃSWKNKDTG FCPU EGTVCKPGU UKVWCVKQPU UGWNGOGPV )CRGPPG .GPC[ $QWNNKGT %GV CLWUVGOGPV FGU RTKUGU GP EJCTIG GPVTG JWOCKP GV QDLGV FQKV ÄVTG HKPGOGPV TÃINÃG ECT QP PG HCKV RCU n HCKTG ´ NC RNCEG FG € KORWPÃOGPV 'V KN POGUV RCU UKORNG FG FÃEKFGT EGNC C

1DLGVU EQOOWPKECPVU .%0 Pu

RTKQTK .GU UV[NGU FOWUCIG SWG PQWU CXQPU RW EQPUVTWKTG ´ RCTVKT FG VTCXCWZ UWT NGU OQFGU FOGORNQK CXGE QDUGTXCVKQPU NQPIWGU FOWVKNKUCVGWTU $QWNNKGT .GITCPF UOKORQUGPV ´ NC TÃRCTVKVKQP RTÃXWG RCT NG EQPEGRVGWT NGU n CWVQPQOGU € TGHWUGPV C RTKQTK VQWVG RTKUG GP EJCTIG GV XQWFTQPV FG VQWVG HCÁQP OCÉVTKUGT NC OCEJKPG NWK FKEVGT NGWTU QTFTGU GV PG RCU UG NCKUUGT EQPFWKTG RCT FGU RTQITCOOGU GV FGU RCTCOÃVTCIGU SWOKNU POCWTCKGPV RCU FÃEKFÃU +NU UQPV RTÄVU RQWT EGNC ´ GZRNQTGT NQPIWGOGPV NGU RQUUKDKNKVÃU FG NC OCEJKPG RCT GUUCKUGTTGWTU ECT KNU UQPV UÖTU FG NGWT EQORÃVGPEG # NOCWVTG GZVTÄOG NGU n JÃVÃTQPQOGU € FGOCPFGPV C RTKQTK ´ ÄVTG RTKU GP EJCTIG KNU PG XGWNGPV HCKTG SWG NOQRÃTCVKQP UÖTG GV EQTTGEVG CNQTU SWG NGWTU EQORÃVGPEGU NGWT RGTOGVVTCKGPV RQWTVCPV RCTHQKU FG UG NCPEGT FCPU FGU GZRNQTCVKQPU .C OCEJKPG SWK RTÃXQKV WP WUCIG UVCPFCTF RCTCOÃVTà RCT FÃHCWV SWK FÃEKFG ´ NC RNCEG FG NOWVKNKUCVGWT GUV CNQTU DKGP CEEWGKNNKG

%GU UV[NGU FQPV PQWU PG RQWXQPU GPEQTG GZRNKSWGT NC HQTOCVKQP UOGPTCEKPGPV FCPU PQU ECRCEKVÃU FOJWOCKPU ´ HCKTG RQWT CWVTWK QW ´ FÃNÃIWGT

´ FOCWVTGU EG SWK GUV CW HQPFGOGPV FG VQWV OÃVKGT /CKU EGNC UWRRQUG WPG EGTVCKPG CU[OÃVTKG ´ EG OQOGPV PQWU RQWXQPU FKTG ´ PQWXGCW SWG NC RGTUQPPG RGWV RTGPFTG NOQDLGV ´ UQP UGTXKEG QW KPXGTUGOGPV UG VTQWXGT GP RQUKVKQP FOÄVTG RTKUG ´ UQP UGTXKEG .G VGTOG FG RTKUG C EJCPIà FG UGPU EG POGUV RNWU UGWNGOGPV WP CWVTG SWK GUV GP ECWUG OCKU CWVTWK WP GPLGW PQP RNWU FG FKHHÃTGPEG GV EQPHNKV EWNVWTGN OCKU WP GPLGW FG RTKUG GP EJCTIG FG FÃNÃICVKQP .OQDLGV POGUV LCOCKU C RTKQTK GUENCXG PK OCÉVTG .CVQWT KN HCWV ´ NC HQKU RTÃXQKT WP n EQPVTCV FG EQQRÃTCVKQP € RCTVKEWNKGT SWG NOQP KORNÃOGPVG FCPU NOCTEJKVGEVWTG OÄOG FG NOQDLGV GV SWK FQPPG WPG RNCEG ´ EJCEWP WPG TÃRCTVKVKQP FGU EJCTIGU OCKU KN HCWV CWUUK CPVKEKRGT UWT NGU RQUUKDNGU FGOCPFGU FG EQPVTCVU FG EQQRÃTCVKQP FKHHÃTGPVU CXGE RNWU FOCWVQPQOKG QW CW EQPVTCKTG RNWU FOJÃVÃTQPQOKG %GVVG EQPVTCKPVG GV EGVVG VGPUKQP PG UCWTCKGPV ÄVTG UQWFCKP TÃFWKVGU RCT NGU XGTVWU EQOOWPKECPVGU FGU QDLGVU QP RGWV EGRGPFCPV GPVGPFTG EG PQWXGCW SWCNKHKECVKH EQOOG WPG RTQOGUUG FOCFCRVCVKQP ´ EGU EQPVTCVU FG EQQRÃTCVKQP FKHHÃTGPVU EG SWK RCTCFQZCNGOGPV PG XGWV RCU PÃEGUUCKTGOGPV FKTG FQPPGT VQWLQWTU RNWU FG EJQKZ GV FOCWVQPQOKG ´ NOWUCIGT

%GU TGOCTSWGU QPV RW UCPU FQWVG RCTCÉVTG GP RCTVKG HQTV ÃNQKIPÃGU FGU GPLGWZ VGEJPKSWGU GV FGU EJQKZ SWG FQKV HCKTG WPG ÃSWKRG FG FÃXGNQRRGOGPV 2QWTVCPV GNNGU RGWXGPV UGTXKT ´ NC HQKU FG RTKPEKRG FG RTÃECWVKQP GV FG RTKPEKRG FG TKUSWG EQOOG PQWU NOCXQPU FKV

#PVJTQRQNQIKG FGU QDLGVU EQOOWPKECPVU .OKPPQXCVKQP VGEJPKSWG PG RGWV OCPKRWNGT UCPU NG UCXQKT FGU UVCVWVU ÃVCDNKU FGU QDLGVU GV FGU JWOCKPU PQP RCU SWOKN UQKV KORQUUKDNG FG VQWEJGT ´ VQWV EGNC OCKU KN EQPXKGPV CW OQKPU FG EJGTEJGT ´ UCXQKT EG SWG NOQP HCKV GV FG HCKTG RTGWXG FG RTWFGPEG EG SWK POGUV RCU FG NOKPCEVKQP PQVCOOGPV NQTUSWOQP LQWG CXGE EGU HTQPVKÂTGU SWG UQPV NGU RGCWZ DKQNQIKSWGU GV EWNVWTGNNGU # NOKPXGTUG TÃHNÃEJKT ´ VQWVGU NGU HQPEVKQPU GP ECWUG FCPU PQU TGNCVKQPU CWZ QDLGVU EOGUV UOCWVQTKUGT WPG RNWU ITCPFG ETÃCVKXKVà GP UQTVCPV FGU NKGWZ EQOOWPU UWT n NOKPVWKVKQP € UWT NC n VTCPURCTGPEG € UWT n NOCWVQPQOKG € UWT NC n RGTUQPPCNKUCVKQP € 7PG TÃHNGZKQP GP VGTOGU FG EQPVTCV FG EQQRÃTCVKQP RGWV EQPFWKTG GP GHHGV ´ KPPQXGT TCFKECNGOGPV FCPU NC EJCTIG SWG NOQP OGV UWT NG RTQFWKV 'P TÃCNKVà CWIOGPVÃG RCT GZGORNG QP UCKV GP GHHGV SWOKN POGUV RCU PÃEGUUCKTG FG LQWGT NC UWDUVKVWVKQP OCKU CW

O

O O O O O ! " O # $

$KDNKQITCRJKG

O O )ÃTGT GV EQORTGPFTG #PPCNGU FGU /KPGU Pu GV

#MTKEJ /CFGNGKPG n %QOOGPV FÃETKTG NGU QDLGVU VGEJPKSWGU ! € 6GEJPKSWGU GV EWNVWTG Pu

$GUU[ %JTKUVKCP GV (TCPEKU %JCVGCWTC[PCWF 'ZRGTVU GV HCWUUCKTGU WPG UQEKQNQIKG FG NC RGTEGRVKQP 2CTKU /GVCKNKÃ

$QWNNKGT &QOKPKSWG GV /CTE .GITCPF ÃFU .GU OQVU RQWT NG HCKTG %QPEGRVKQP FGU OQFGU FOGORNQK 2CTKU 'F &GUECTVGU

$QWNNKGT &QOKPKSWG n .GU CWVQOCVGU FG /QPVRCTPCUUG .GU VTCPUCEVKQPU NGU CIGPVU GV NGU WUCIGTU ! € .GU #PPCNGU FG NC 4GEJGTEJG 7TDCKPG Pu R LWKP

1DLGVU EQOOWPKECPVU .%0 Pu

$QWNNKGT &QOKPKSWG n /QFGU FOGORNQK VTCFWEVKQP GV TÃKPXGPVKQP FGU VGEJPKSWGU € KP )TCU ,QGTIGU 5ECTFKINK 'FU 5QEKQNQIKG FGU VGEJPQNQIKGU FG NC XKG SWQVKFKGPPG 2CTKU .O*CTOCVVCP

$QWNNKGT &QOKPKSWG .OWTDCPKVÃ PWOÃTKSWG 'UUCK UWT NC VTQKUKÂOG XKNNG GP 2CTKU .O*CTOCVVCP

$QWNNKGT &QOKPKSWG n .OKPFWUVTKCNKUCVKQP FGU FÃUKTU FW ENKGPV FCPU NG OCTMGVKPI QPG VQQPG € .GU %CJKGTU FW 0WOÃTKSWG XQN Pu .G 9GDOCTMGVKPI R

$QWTFKGW 2KGTTG .C FKUVKPEVKQP %TKVKSWG UQEKCNG FW LWIGOGPV 2CTKU /KPWKV 'EQ 7ODGTVQ .OWXTG QWXGTVG 2CTKU .G 5GWKN

)CIPGRCKP ,GCP n .GÁQPU FOKPVTQFWEVKQP ´ NC VJÃQTKG FG NC OÃFKCVKQP € #PVJTQRQ NQIKSWGU Pu %QNN $%+.. .QWXCKPNC0GWXG 2GGVGTU

)CRGPPG 1NKXKGT .GPC[ %JCTNGU GV &QOKPKSWG $QWNNKGT #UUKUVCPEG UWRRNÃCPEG GV UWDUVKVWVKQP VTQKU OQFCNKVÃU FGU U[UVÂOGU FOCKFG %QNNQSWG ,+/ /GV\ LWKNNGV )KNNG .CWTGPV GV /CVJQPPGV 2JKNKRRG .OKPVGTOÃFKCVKQP ÃNGEVTQPKSWG 2CTKU 5KTKWU

%QOOKUUCTKCV CW 2NCP GV /KPKUVÂTG FGU 'PVTGRTKUGU

)QHHOCP 'TXKPI .C OKUG GP UEÂPG FG NC XKG SWQVKFKGPPG VQOGU 2CTKU 'FKVKQPU FG /KPWKV

*#.. 'FYCTF 6 .G NCPICIG UKNGPEKGWZ 2CTKU .G 5GWKN EQNN 2QKPVU

+JFG &QP n 6JG GZRGTKGPEG QH VGEJPQNQI[ KP JWOCPOCEJKPG TGNCVKQPU %WNVWTCN

*GTOGPGWVKEU Pu R

.CVQWT $TWPQ 0QWU POCXQPU LCOCKU ÃVÃ OQFGTPGU 'UUCK FOCPVJTQRQNQIKG U[OÃVTKSWG 2CTKU .C FÃEQWXGTVG

.CVQWT $TWPQ n .G ITQQO GUV GP ITÂXG 2QWT NOCOQWT FG &KGW HGTOG\ NC RQTVG €KP .C ENGH FG $GTNKP GV CWVTGU NGÁQPU FOWP COCVGWT FG UEKGPEGU 2CTKU .C &ÃEQWXGTVG .CVQWT $TWPQ n 7PG UQEKQNQIKG UCPU QDLGV ! 4GOCTSWGU UWT NOKPVGTQDLGEVKXKVà € 5QEKQNQIKG FW VTCXCKN Pu R

.CVQWT $TWPQ 2GVKVG TÃHNGZKQP UWT NG EWNVG OQFGTPG FGU FKGWZ HCKVKEJGU 2CTKU .GU GORÄEJGWTU FG RGPUGT GP TQPF

/CWUU /CTEGN n 'UUCK UWT NG FQP € 5QEKQNQIKG GV #PVJTQRQNQIKG 2CTKU 27(

4KHMKP ,GTGO[ .O¸IG FG NOCEEÂU NC TÃXQNWVKQP FG NC PQWXGNNG ÃEQPQOKG 2CTKU .C

&ÃEQWXGTVG

5VCT 5WUCP .GKIJ )TGKUGOGT ,KO n +PUVKVWVKQPCN 'EQNQI[ 6TCPUNCVKQPU CPF $QWPFCT[

1DLGEVU #OCVGWTU CPF 2TQHGUUKQPCNU KP $GTMGNG[OU /WUGWO QH 8GTVGDTCVG <QQNQI[

€ 5QEKCN 5VWFKGU QH 5EKGPEG XQN R

6WTMNG 5JGTT[ 6JG 5GEQPF 5GNH %QORWVGTU CPF VJG *WOCP 5RKTKV 0GY;QTM 5KOQP CPF 5EJWUVGT

8KPEM &QOKPKSWG +PIÃPKGWTU CW SWQVKFKGP 'VJPQITCRJKG FG NOCEVKXKVÃ FG EQPEGRVKQP )TGPQDNG 27)