28/62/8 63-.96+7+832./7236/7

(1)

VÃNÃQTÃIWNCVKQP GVIQWXGTPCPEGFGNOKPVGTPGV

/CTE/CGUUEJCNEML6QO&GFGWTYCGTFGTG

QVTGRQKPVFGFÃRCTVGUVSWGNGEQPUVCVSWKVTCXGTUGNGUTGEJGTEJGU CEVWGNNGU UWT NC IQWXGTPCPEG UQEKCNG EQPUVKVWG WPG RQTVG FOGPVTÃG PÃEGUUCKTG RQWT RTQITGUUGT FCPU NGU SWGUVKQPU TGPEQPVTÃGU RCT NC TÃIWNCVKQPFGNCUQEKÃVÃFGNOKPHQTOCVKQP%GEQPUVCVVTCPUXGTUCNGUV SWGNGTGEQWTUOÄOGCWEQPEGRVFGIQWXGTPCPEGFCPUFKHHÃTGPVUUGEVGWTUFG NCXKG RWDNKSWG GV FGU CEVKXKVÃU FG OCTEJÃ UOGZRNKSWG RCT NOKPUWHHKUCPEG FGU OQFGU FG TÃIWNCVKQP VTCFKVKQPPGNU FCPU WP WPG UQEKÃVÃ QÔ UG EQPUVKVWGPV FOWPGRCTVFGPQWXGNNGUHQTOGUFOKPVGNNKIGPEG.ÃX[GVFGPQWXGCWZ V[RGU FG nDKGPU EQOOWPU 1UVTQO GV QÔ FOCWVTG RCTV CRRCTCÉV CWUUK NC RQUUKDKNKVÃ FG PQWXGCWZ OQFGU FG TCVKQPCNKUCVKQP FGU TCRRQTVU UQEKCWZEQODKPCPVKPFKXKFWCVKQPGVUQEKCNKUCVKQP$GEMD.OQTKIKPCNKVÃ FGEGUOQFGUFGTCVKQPCNKUCVKQPTÃUKFGFCPUNCOKUGGPTGNCVKQPFGUECRCEKVÃU FOCWVQTÃIWNCVKQP FGU EQOOWPCWVÃU NQECNGU GV FGU ECRCEKVÃU FOQTFQPPCPEGOGPV FW EQNNGEVKH &QTH GV 5CDGN +N GP TÃUWNVG FCPU NG FQOCKPGFGNCIQWXGTPCPEGINQDCNGWPGQTKGPVCVKQPRTÃFQOKPCPVGXGTUNGU EQPFKVKQPUFOWPRQWXQKTTÃHNGZKHFGNCUQEKÃVÃNWKRGTOGVVCPVFGRTQFWKTGEGVVG TGNCVKQP GPVTG NC RTQNKHÃTCVKQP FGU TÃUGCWZ GV NOQTFQPPCPEGOGPV FW EQNNGEVKH

%GVVGEQPVTKDWVKQPGUVTÃCNKUÃGCXGENOCRRWKFWRTQITCOOGFGTGEJGTEJG2#+FKTKIÃ RCTNG%GPVTGFG2JKNQUQRJKGFW&TQKV%2&4FGNO7PKXGTUKVÃ%CVJQNKSWGFG.QWXCKP 7PCRGTÁWFGUGUQTKGPVCVKQPUGUVHQWTPKRCTUQPFGTPKGTTCRRQTVIÃPÃTCNFGTGEJGTEJG 6JGQT[ QH VJG 0QTOU CPF &GOQETCVKE 4GIWNCVKQP .QWXCKPNC0GWXG R CEEGUUKDNGUWTNGUKVGFW%GPVTG´NOCFTGUUGYYYERFTWENCEDG

0

(2)

.CVQWTIT¸EG´WPGHQTOGFGnTGTÃIWNCVKQP*CDGTOCUEOGUV

´FKTG FOCEVKQP GP TGVQWT UWT NGU OWNVKRNGU TÃIWNCVKQPU GV NGU TÃIKOGU CWZSWGNUGNNGUUGTCVVCEJGPVFGOCPKÂTG´UVCDKNKUGTFCPUFGUHQTOGUFGXKG NGUEQORÃVGPEGUEQQRÃTCVKXGUFGUCEVGWTU

5K WPG TÃHNGZKQP UWT NC IQWXGTPCPEG OCTEJG FG RCKT CXGE WPG CRRTQEJG RTQEÃFWTCNGFGNCTÃIWNCVKQPEOGUVRCTEGSWGEGVVGFGTPKÂTGFGRWKU*5KOQP PQWU C RGTOKU FOÃEQPQOKUGT NC EJCTIG FGU J[RQVJÂUGU KNNWUQKTGU UWT WPG TCVKQPCNKVÃ RCTHCKVG HQPEVKQPPCPV FCPU WP WPKXGTU EGTVCKP /CTEJ 6XGTUM[ GV -CJPGOCP $TQWUUGCW .OQTKIKPCNKVÃ FW RTQEÃFWTCNKUOG GUV FOCXQKT GPVTGXW NC RQUUKDKNKVÃ FOWP UVCFG RQUV EQPXGPVKQPPGN FG NC TCKUQP RQWT NGSWGN NC LWUVKHKECVKQP UÃOCPVKSWG FOWPG PQTOG QW FOWPG TÂING FG EQPFWKVG FGXKGPV UGEQPFG RCT TCRRQTV CW VTCLGV EQNNGEVKHUWKXKRQWTÃVCDNKTUQPCEEGRVCDKNKVÃTCVKQPPGNNG%OGUV´EGUVCFGFGNC LWUVKHKECVKQP FGU PQTOGU SWG FGXKGPV RQUUKDNG PQVCOOGPV GP ÃVJKSWG NG TGEQWTUGHHGEVKH´WPRQKPVFGXWGOQTCNFOÃSWKVÃFCPUNCOGUWTGQÔWPRTKPEKRG POGUVFÃUQTOCKUCEEGRVCDNGSWGUOKNGUVUQWOKU´NOKPVGTEJCPIGCDKNKVÃFGUTÏNGU GV TGPF RQUUKDNG GP EQPUÃSWGPEG WPG TÃXGTUKDKNKVÃ EQORNÂVG FGU PQTOGU

*CDGTOCU 6TQWXGT WP CEEQTF UWT FGU RTKPEKRGU CXGE WP CWVTWK PG FÃRGPF RNWU FÂU NQTU FG NC ECRCEKVÃ FG EQPHKTOGT UGU EJQKZ RCT NGWT VTCPURQUKVKQP FCPU FGU UKVWCVKQPU EQPPWGU CXGE NGU V[RGU OQTCWZ SWK NGWT UQPVCHHGEVÃU+NGUVGPGHHGVRQUUKDNGFGEJGTEJGTÚOCRRW[GTUWTNGUCEEQTFU RTQEÃFWTCWZ SWG NOQP RCTXKGPV ´ EQPENWTG RQWT EJGTEJGT ´ VTCXGTU GWZ FGU HQTOGU FG nEQPHKTOCVKQP FÃUWDUVCPVKCNKUÃG EOGUV´FKTG FGU ICTCPVKGU NKUKDNGU SWCPV ´ WPG XQNQPVÃ FG RQWTUWKXTG FCPU NC TGEJGTEJG FOCWVTGU CEEQTFU FOÃNCTIKT NC F[PCOKSWG NQECNG FG TÃIWNCVKQP FG OWNVKRNKGT NGU GZRÃTKGPEGUQWNGUGZRÃTKOGPVCVKQPUDTGHNGUKIPG´VTCXGTUNGUFKURQUKVKHUFG TÃIWNCVKQP FOWP CEETQKUUGOGPV FG TÃHNGZKXKVÃ /CGUUEJCNEM R EQPEGTPCPV EG SWK GUV GP LGW FCPU NC F[PCOKSWG RTQEÃFWTCNG ´ UCXQKT NC ECRCEKVÃÚOCWVQTÃIWNGTEOGUV´FKTGÉTÃGTNGUTÂINGUFOWPOQPFGEQOOWP

*CDGTOCUREQORTGPCPVEGRQWXQKTFOCWVQCLWUVGOGPV

.OKFÃGOÄOGSWGNGUVCFGEQIPKVKHFGULWIGOGPVUUWKXCPVNOKPVGTEJCPIGCDKNKVÃ FGU TÏNGU UWRRQUG GHHGEVKXGOGPV NC RCTVKEKRCVKQP ´ WPG EQOOWPCWVÃ OQTCNG UVTWEVWTÃG RCT NC FKUEWUUKQP FÃNKDÃTCVKXG GUV NOWP FGU RQKPVU UGPUKDNGU FGU FÃXGNQRRGOGPVU FW RTQEÃFWTCNKUOG GP ÃVJKSWG 'P RU[EJQNQIKG FW FÃXGNQRRGOGPV OQTCN -QJNDGTI SWKUWKVGPDGCWEQWRFGRQKPVUNCVJÃQTKGFWFÃXGNQRRGOGPVEQIPKVKHFG2KCIGV

&GXTKGUGV-QJNDGTICÃVÃCOGPÃ´UQTVKTFGEGVVGRGTURGEVKXGRQWTRTÃEKUGTNG UVCVWV FW TCRRQTV ´ NC EQOOWPCWVÃ FG FKUEWUUKQP FCPU NG FÃXGNQRRGOGPV OQTCN 2QYGT*KIIKPUGV-QJNDGTI5GUEQPENWUKQPULGVVGPVENCKTGOGPVWPRQPVGPVTG NGRTQEÃFWTCNKUOGGVNGURGTURGEVKXGURNWUEQOOWPCWVCTKGPPGUFWRTCIOCVKUOG%GU EQPENWUKQPU OGVVGPV GP ÃXKFGPEG WPG CU[OÃVTKG GPVTG NG FÃXGNQRRGOGPV EQIPKVKH

(3)

.OCRRNKECVKQPFWRTQEÃFWTCNKUOGGPTÃIKOGFGNÃIKVKOCVKQPHCKDNG

.GRTGOKGTRTQEÃFWTCNKUOGEGNWKÃNCDQTÃ´NCUWKVGFG5KOQPGVFG NOÃEQNG FG %CTPGIKG UOGUV ÃNCDQTÃ FCPU NG ECFTG FG NÃIKVKOCVKQP HQTVG FG OQFGTPKUCVKQP FGU 'VCVU UQEKCWZ KPFWUVTKGNU /CTEJ GV 5KOQP +N JÃTKVCKV CKPUK FOWP DCEMITQWPF EWNVWTGN EQPUKFÃTCDNG GPIGPFTÃ RCT NGU RTCVKSWGUFGPÃIQEKCVKQPCWVQWTFGUTGNCVKQPUFGVTCXCKNGVRCTFGUUQNKFCTKVÃU HQTIÃGU VCPV RCT NC FKXKUKQP UQEKCNG FW VTCXCKN SWG RCT NC EQPUEKGPEG F WPG KFGPVKVÃPCVKQPCNGVGTTKVQTKCNKUÃG

(CEG CWZ FÃHKU FGU TÃIKOGU FG PÃIQEKCVKQP KPVGTPCVKQPCNG GV FG IQWXGTPCPEGINQDCNGEGDCEMITQWPFPOGUVRNWUOQDKNKUCDNGGVFKURQPKDNGFG NCOÄOGOCPKÂTG-GQJCPG)QFCTF5OKNUOCIKVFGVGUVGTNCHQTEG FOGPICIGOGPVKPVGTPCVKQPCNFOWPITQWRG´VTCXGTUNOCVVKVWFGFGDWTGCWETCVKGU PCVKQPCNGU QW TÃIKQPCNGU NC TÃHÃTGPEG CW DCEMITQWPF UOCXÂTG GPEQTG WVKNG /CKU GNNG RGTF UQP WVKNKVÃ UOKN UOCIKV FG ETÃGT NC EQPHKCPEG GPVTG FKHHÃTGPVU ITQWRGUFOKPVÃTÄVIT¸EG´NOKPVGTRTÃVCVKQPFGNGWTCFJÃUKQPFÂUNQTUSWGEGU ITQWRGUUQPVKUUWUFOJQTK\QPUEWNVWTGNUTCFKECNGOGPVFKHHÃTGPVURQWTNGUSWGNU NGU CTTKÂTGRNCPU FOWUCIG FG NC LWUVKHKECVKQP HQPV FÃHCWV 4CYNU R

%OGUVRQWTSWQKNOJQTK\QPÃRKUVÃOQNQIKSWGFGNCIQWXGTPCPEGINQDCNGGUV VGPWFGUGHKZGTUWTWPOQFGFGNÃIKVKOCVKQPHCKDNG*CDGTOCUR

%GNNGEK PG RGWV EQORVGT UWT NC EQPHKCPEG KUUWG FOWP DCEMITQWPF EWNVWTGN OCKU FQKV UOÃNCDQTGT ´ OÄOG NGU RTQEÃFWTGU FG PÃIQEKCVKQP GV FG IQWXGTPCPEGRCTNOCESWKUKVKQPRTCVKSWGFGPQWXGCWZEQFGUFGEQPHKCPEG

.OCXCPVCIG FG NC NÃIKVKOCVKQP HCKDNG GUV FG RTGPFTG GP EQORVG NG TÏNG KPVGTCEVKHFGUEWNVWTGUKPVGTOÃFKCKTGUQWOÃUQEWNVWTGUFGNCPQTOCVKXKVÃ+N GPTÃUWNVGNOCRRGN´FGPQWXGCWZOQFGUFGTÃIWNCVKQPEQNNGEVKXGUWUEGRVKDNG FG HCXQTKUGT NOÃOGTIGPEG FG EGU EWNVWTGU KPVGTOÃFKCKTGU %GWZEK VGPVGPV FOCIKTUWTNGUEQPFKVKQPUFGECRCEKVCVKQPFGEGVVGOÃUQEWNVWTGGPTGEQWTCPVUQKV

´ NOKPEKVCVKQP FGU CEVGWTU RCT NOCRRTGPVKUUCIG QTICPKUCVKQPPGN UQKV ´ NOKPEKVCVKQP FGU FKURQUKVKHU GWZOÄOGU RCT NC EQQRÃTCVKQP FCPU WPG HQTOG KPFKXKFWGN GV NG FÃXGNQRRGOGPV EQOOWPCWVCKTG SWK EQPHÂTG ´ EG FGTPKGT WP TÏNG KPEKVCVKH FG RTGOKGT QTFTG FCPU NC TÃQTICPKUCVKQP FGU FKURQUKVKQPU EQIPKVKXGU KPFKXKFWGNNGU.CPWCPEGCRRQTVÃGRCT-QJNDGTI´NCXKUKQPEQOOWPCWVCTKGPPGSWG NOQP TGVTQWXG EJG\ WP &GYG[ QW WP 4QTV[ FCPU NC EQPEGRVKQP FGU KPUVKVWVKQPU UQEKCNGU GUV SWG NOKPEKVCVKQP FW ITQWRG PG RTQXKGPV RCU FGU FÃVGTOKPCPVU EWNVWTGNU RCTVCIÃURCTWPOKNKGWUQEKCNOCKUDKGPFGNCHQTOCVKQPNKOKVÃGFOWPGUQWUEWNVWTG NQECNG RTQRTG ´ WP ITQWRG UWUEGRVKDNG FOÃXQNWGT FOWP PQWU KORNKEKVG ´ WP PQWU GZRNKEKVG %G TÏNG FOWPG OÃUQEWNVWTG FCPU NOKPEKVCVKQP FW FÃXGNQRRGOGPV EQIPKVKH KPFKXKFWGNTCRRTQEJGCNQTUNCRQUKVKQPFG-QJNDGTIFGURGTURGEVKXGU FÃHGPFWGU RCT 8KIQVUM[

(4)

FOCWVQEQPVTÏNG &GWZ XQKGU UQPV GZRNQTÃGU UGNQP SWG NOQP QRVG RQWT NOKPEKVCVKQPFGUCEVGWTUQWFGUFKURQUKVKHUNCRTGOKÂTGXQKGLSWGNOQPRGWV EQPXGPKTFGPQOOGTOWNVKTÃIWNCVKQPL GUV DCUÃG UWT NOKPVGTCEVKQP TÃEWTTGPVG GPVTGFKHHÃTGPVUUQWUU[UVÂOGUFGPQTOCVKXKVÃNCFGWZKÂOGXQKGLSWGNOQP RGWV EQPXGPKT FG PQOOGT EQTÃIWNCVKQP L GUV DCUÃG UWT WP GPECFTGOGPV KPUVKVWVKQPPGN HCXQTKUCPV NC TGURQPUCDKNKUCVKQP FGU CEVGWTU GP XWG FG NC TGEJGTEJGEQOOWPGFGUQNWVKQP.OJQTK\QPFGNCNÃIKVKOCVKQPHCKDNGEQPFWKV CKPUK´GPXKUCIGTFGUHQTOGUFOCEETQKUUGOGPVFGNCTÃHNGZKXKVÃFGUCEVGWTUGV FGU FKURQUKVKHU FG OCPKÂTG ´ RGTOGVVTG NC HKZCVKQP FG PQWXGNNGU EWNVWTGU KPVGTOÃFKCKTGUFGNCPQTOCVKXKVÃQÔRQWTTCKVUGTÃCNKUGTNCTGNCVKQPXKUÃGRCT NC IQWXGTPCPEG INQDCNG GPVTG FGU PQWXGNNGU EQORÃVGPEGU EQNNGEVKXGU GV FGU PQWXGCWZDKGPUEQOOWPU

&GEGFÃRNCEGOGPVFGUEQPFKVKQPUFOCRRNKECVKQPFWRTQEÃFWTCNKUOGFCPU NGU HQTOGU FG TÃIWNCVKQP UQEKCNG QP PG RGWV EGRGPFCPV FÃFWKTG PÃEGUUCKTGOGPVSWGNOQPFGXTCKVGPEQPUÃSWGPEGRCUUGTFOWPRTQEÃFWTCNKUOG HQTV´WPRTQEÃFWTCNKUOGHCKDNG5WTEGRNCPNGFÃDCVÃRKUVÃOQNQIKSWGTGUVG QWXGTV.GRTQEÃFWTCNKUOGHCKDNGEQTTGURQPF´NCPÃEGUUKVÃFGUCVKUHCKTGWPG GZKIGPEGFÃQPVQNQIKSWGFOKPVGTEJCPIGCDKNKVÃFGUTÏNGUVQWVGPEQORVCPVUWT NGU ECRCEKVÃU FOCLWUVGOGPV FGU CEVGWTU CESWKUGU RCT NOWUCIG UQEKCN .G RTQEÃFWTCNKUOGHQTVGUVRNWUGZKIGPVECTKNCVVGPFWPGKORNKECVKQPTÃHNGZKXG FGU CEVGWTU FCPU NG RTQEGUUWU FG EQPUVTWEVKQP FG PQWXGNNGU EQORÃVGPEGU EQIPKVKXGU VQWV GP EQORVCPV UWT NG RQWXQKT FOGPECFTGOGPV FG PQWXGCWZ FKURQUKVKHUKPUVKVWVKQPPGNUQTKGPVÃUXGTUEGUQDLGEVKHU&GRNWUNOQRVKQPUWTNGU ETQ[CPEGUÃRKUVÃOQNQIKSWGUNCKUUGQWXGTVGNGUEJQKZUVTCVÃIKSWGUGPOCVKÂTG FGTÃIWNCVKQP1PTGVTQWXGTCFQPEFGUXGTUKQPUFGNCOWNVKTÃIWNCVKQPGVFGNC EQTÃIWNCVKQP GP TÃIKOG FG RTQEÃFWTCNKUOG HCKDNG GV GP TÃIKOG FG RTQEÃFWTCNKUOGHQTV

&G HCKV UGNQP SWOQP QRVG RQWT NOWPG QW NOCWVTG FG EGU FGWZ HQTOGU FG RTQEÃFWTCNKUOGUNOQRRQTVWPKVÃTGRTÃUGPVÃGRCTNCINQDCNKUCVKQPFGUTÃIKOGU PQTOCVKHU EQPFWKTC ´ FGU QTKGPVCVKQPU VTÂU FKHHÃTGPVGU GP VGTOGU FG OÃECPKUOGUFGTÃIWNCVKQP.GRTQEÃFWTCNKUOGHCKDNGFOWPGRCTVHCXQTKUGTC WPG TÃHNGZKXKVÃ FOCLWUVGOGPV TQWVKPKGT IT¸EG ´ FGU OÃECPKUOGU DCUÃU UWT NC TÃEWTTGPEGFGUÃSWKNKDTGUFGUQWUU[UVÂOGU.GRTQEÃFWTCNKUOGHQTVFOCWVTG RCTV CVVKTGTC NOCVVGPVKQP UWT NC PÃEGUUKVÃ FG RTQEGUUWU FOCFCRVCVKXG NGCTPKPI FCPUNGUOÃECPKUOGUFGTÃIWNCVKQPCHKPFGOKGWZFÃVGTOKPGTNGUKPVÃTÄVUFGU

# NOQTKIKPG EGVVG PQVKQP CXCKV UGWNGOGPV WPG XCNGWT HCKDNG FG PCVWTG FGUETKRVKXG EQOOG NOC TCRRGNÃ +UCDGNNG (CNSWG2KGTTQVKP NQTU FW UÃOKPCKTG FG NC %GNNWNG +PVGTHCEWNVCKTG FG 6GEJPQNQI[ #UUGUUOGPV %+6# FGU (CEWNVÃU 7PKXGTUKVCKTGU ´ 0COWT n)QWXGTPCPEG FG NC 5QEKÃVÃ FG NO+PHQTOCVKQP 'VJKSWG L &ÃQPVQNQIKG L

#WVQTÃINGOGPVCVKQPL.QKGVTÏNGFGNO'VCVNGUGVLWKP

(5)

FKHHÃTGPVGURCTVKGUEQPEGTPÃGUGVRGTOGVVTGNOÃOGTIGPEGFOWPGEQOOWPCWVÃ FOWUCIGNCRNWUNCTIGRQUUKDNGFQVÃGFGNCECRCEKVÃTÃHNGZKXGFGEQQRÃTGTRQWT IÃTGTUGUTGUUQWTEGUEQOOWPGU&CPUNGRTGOKGTECUQPPOGPXKUCIG SWOWP CLWUVGOGPVFGV[RGHQPEVKQPPGNFGNCRCTVFGUCEVGWTUKORNKSWÃUFCPUNGLGW CNQTU SWG FCPU NG FGWZKÂOG ECU NG ECFTG QTICPKUCVKQPPGN GUV FKTGEVGOGPV OQDKNKUÃRQWTHCXQTKUGTWPGRTKUGGPEQORVGTÃVTQURGEVKXGFGNCTÃXGTUKDKNKVÃ FGUEQORQTVGOGPVU

.CRTGOKÂTGOCPKÂTGFGRTQEÃFGTGUVCKPUKGPTÃIKOGFGRTQEÃFWTCNKUOG HCKDNGFGNOQTFTGFGNOCLWUVGOGPVFOWPGTQWVKPGKNHCWVUOCFCRVGTCWPQWXGCW EQPVGZVG FG RTQFWEVKQP FG NOKPVGNNKIGPEG FCPU NGU TÃUGCWZ OWNVKTÃIWNÃU GP KPEQTRQTCPVUGUEQPVTCKPVGU2KGTTG.ÃX[GZRTKOGENCKTGOGPVEGVVGOCPKÂTGFG RTQEÃFGT

n&CPUNCNKIPÃGRJKNQUQRJKSWGQWXGTVGRCT-CPVQPCCDCPFQPPÃNOQPVQNQIKGQW RGPUÃG FG NOÄVTG RQWT PG RNWU UG EQPUCETGT SWO´ NOÃRKUVÃOQNQIKG ´ NC VJÃQTKG FG NC EQPPCKUUCPEG # TGDQWTU FW ETKVKEKUOG MCPVKGP NC RGTURGEVKXG QWXGTVG RCT NGU KPVGNNGEVWGNU EQNNGEVKHU HCKV FÃDQWEJGT NOÃRKUVÃOQNQIKG UWT NOQPVQNQIKG =W? .ÃX[

Rn=W?NGUWLGVFGNCEQPPCKUUCPEGUGEQPUVKVWGRCTUQPGPE[ENQRÃFKG

=W?KNGUVEGSWOKNUCKVKDKF

.OGPLGWFGNCOWNVKTÃIWNCVKQPEQPUKUVGFQPEFCPUEGECUÚOCFCRVGTŃC PQWXGNNG HQTOG FG XKG ´ GP KPEQTRQTGT NG UEJÂOG FG HQPEVKQPPGOGPV FG OCPKÂTG ´ CLWUVGT UQP RTQRTG EQORQTVGOGPV .C OWNVKTÃIWNCVKQP GUV CNQTU TÃFWKVG´WPGHQTOGHCKDNGFOCLWUVGOGPVHQPEVKQPPGNFGUCEVGWTUŃOÃXQNWVKQP FOWPGPUGODNGFGEQPVTCKPVGUGZVGTPGUKORQUÃUCWU[UVÂOG%GVVGEQPEGRVKQP FG NC OWNVKTÃIWNCVKQP RGWV UOCEEQOOQFGT CWUUK DKGP FG NC VJÃQTKG FGU U[UVÂOGU EQORNGZGU ÃXQNWVKHU FG &CXKF ,QJPUQP GV &CXKF 2QUV SWK

%H2CWNRn7PÃEJCPIGRGTOCPGPVGUVHQWTPKGPVTGNGUCEVGWTUFGNOKPVGTPGVGV NGU CWVQTKVÃU FG TÃIWNCVKQP RWDNKSWG W 7PG EQQRÃTCVKQP GPVTG NGU KPUVCPEGU FG TÃIWNCVKQP RWDNKSWG W %OGUV EGV ÃEJCPIG GV EGVVG EQQRÃTCVKQP SWG PQWU FÃUKIPGTQPU EQOOG NC EQTÃIWNCVKQP W .C EQTÃIWNCVKQP GUV FOCDQTF WPG OÃVJQFG W .C EQTÃIWNCVKQP RGWV ÃICNGOGPV ÄVTG UVKOWNÃG RCT NC ETÃCVKQP FOWP QTICPKUOG EJCTIÃ FG FQPPGT ´ NOÃEJCPIG WPG RGTOCPGPEG GV WPG F[PCOKSWG /QKPU CODKVKGWUG NOCRRTQEJG CWUVTCNKGPPG FG NC nEQTÃIWNCVKQP CRRNKSWÃG CW UGWN UGEVGWT FG NC FKHHWUKQP UGODNG RNWU FKTGEVGOGPV EQORCVKDNGCXGENOCFCRVCVKQPFGNCHQPEVKQPÃVCVKSWGFGEQPVTÏNGnEOÃVCKVNOKPVGPVKQP ENCKTG FW IQWXGTPGOGPV CWUVTCNKGP SWG FKHHÃTGPVU PKXGCWZ FG EQPVTÏNG TÃIWNCVGWT UOCRRNKSWCUUGPV´VQWVGNCICOOGFGUUGTXKEGUFGFKHHWUKQPUGNQPNGPKXGCWFOKPHNWGPEGSWGEGU UGTXKEGU RQWXCKGPV GZGTEGT W .G IQWXGTPGOGPV CWUVTCNKGP CXCKV ´ NOGURTKV WP EGTVCKP PQODTGFGTÃUWNVCVUENCKTUCWPKXGCWFGNOKPVÃTÄVRWDNKEGVFWUGEVGWTSWOKNXQWNCKVCVVGKPFTG FCPUNGFQOCKPGFGNCFKHHWUKQPWHCEKNKVGTNOÃOGTIGPEGFGPQWXGCWZUGTXKEGUCKPUKSWOWP RNWU ITCPF PQODTG FG UGTXKEGU ICTCPVKT WP CEEÂU RNWU NCTIG FW RWDNKE CWZ RTQEGUUWU FG TÃIWNCVKQPW)TCKPIGT2QWTWPGCRRTQEJGIÃPÃTCNGEH.GKD

(6)

EQPÁQKXGPVNCTÃIWNCVKQPFGNOKPVGTPGVFCPUNGUVGTOGUFOWPTÃUGCWRCVEJYQTM FÃEGPVTCNKUÃFGPQTOGURTKXÃU2QUVGV,QJPUQPSWGFGNCEQPEGRVKQP RNWU UVTWEVWTÃG FOWP TÃUGCW FG EQPVTCVU &WPPG QW FG TÃIWNCVKQPU LWTKFKSWGUOWNVKRNGU8KXCPV

3WCPVCWRTQDNÂOGUVTCVÃIKSWGFGNCEQTÃIWNCVKQPKNUGTÃUWOGCNQTU´WP EJCPIGOGPV FG RQUVWTG RCT TCRRQTV ´ NC UQWTEG FG NC EQPPCKUUCPEG .OCPVKEKRCVKQP GUV KPWVKNG FCPU EGVVG QRVKSWG 5K NG EQNNGEVKH KPVGNNKIGPV HQPEVKQPPGRCTCITÃICVKQPNOGPLGWGUVFGUO[KORNKSWGT

+EK NG UWLGV PG EQPUVTWKV RCU UQP QDLGV UWT NG OQFG VTCPUEGPFCPVCN GP GZVÃTKQTKVÃGPUWTRNQODQWDKGP´NCOCPKÂTGFOWPHKNVTGFOWPGITKNNGOCKU UWTNGOQFGFGNOKORNKECVKQP.ÃX[R5GNQPEGVVGRGTURGEVKXGNC EQTÃIWNCVKQP GUV EQORTKUG FCPU WP UGPU HCKDNG EQOOG NC TGURQPUCDKNKUCVKQP FGU CEVGWTU FCPU NG UGPU FOWPG FKURQUKVKQP EQOOWPG FG TGEJGTEJG FG UQNWVKQPU.GKD1IWUR

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(7)

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(8)

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%JQKEGFCPUNCRGTURGEVKXGFOWPGRQNKVKSWGFOQTFQPPCPEGOGPVNOQWXTCIGFG/CTMWU 6TQLC6TQLCGPRCTVKEWNKGTNGEJCRKVTGUWTNCPQWXGNNGRQNKVKSWGÃEQPQOKSWG PGWG RQNKVKUEJG ©MQPQOKG GV NG EJCRKVTG UWT NG ETQKUGOGPV FG NC RQNKVKSWG FOQTFQPPCPEGOGPV 1TFPWPIURQNKVKM GV NOCWVQQTICPKUCVKQP FGU EQOOWPCWVÃU IGUGNVUEJCHVNKEJGT5GNDGUVQTICPKUCVKQP

(16)

KPUVKVWVKQPPGN FG NC UQEKÃVÃ FG NOKPHQTOCVKQP KEK FCPU NGU VGTOGU FOWPG RQNKVKSWGFGFTQKVUFGRTQRTKÃVÃKPVGNNGEVWGNNGCWTCFQPEFGUKORNKECVKQPUUWT NG OQFG FG RTQFWEVKQP FG PQVTG GPXKTQPPGOGPV FG NOKPHQTOCVKQP RCT FGU CEVGWTU CWUUK FKHHÃTGPVU SWG NGU CIGPVU FG RTQFWEVKQP FG OÃFKCU EQOOGTEKCWZNGUCIGPVFGFÃXGNQRRGOGPVFGNQIKEKGNUGPNKDTGCEEÂUQWNGU OGODTGU FGNC EQOOWPCWVÃ WPKXGTUKVCKTG %G SWK GUV XKUÃ RCT EGVVG TÃHNGZKXKVÃKPUVKVWVKQPPGNNGEGPOGUVRCURTÃEKUG$GPMNGTFOnCTIWOGPVGTRQWT NOWP QW NOCWVTG EJQKZ FG RQNKVKSWG RWDNKSWG OCKU FOÃXCNWGT EQOOGPV NG HCEVGWT CWVQPQOKGRGWVÄVTGRTKUGPEQORVGFCPUEGUEJQKZ$GPMNGTDRVCPV UWTNGRNCPFWEQPVTÏNGFGTGUUQWTEGURCTNGRNWUITCPF PQODTG SWG UWT NG RNCPFGNCFKXGTUKHKECVKQPFGURTQFWEVGWTUFGNOKPHQTOCVKQP$GPMNGTD R GV # RCTVKT FG N´ $GPMNGT GPXKUCIG WP GPUGODNG FG RTQRQUKVKQPUEQPETÂVGUSWKRGTOGVVGPVFOÃNCTIKTNGNKDTGCEEÂUCWZTGUUQWTEGU FWTÃUGCWRQWTWPGPUGODNGFGEQOOWPCWVÃUNGRNWUNCTIGRQUUKDNGSWGEG UQKV´VTCXGTUFGUFKURQUKVKHUFOQTFTGOCVÃTKGN$GPMNGTDRNQIKSWG

$GPMNGTCRQWNÃICN$GPMNGTCR

.OCPCN[UG FG $GPMNGT ETQKUG FQPE DKGP WPG TÃHNGZKXKVÃ KPUVKVWVKQPPGNNG GV WPG TÃHNGZKXKVÃ UWT NC ECRCEKVCVKQP FGU CEVGWTU 6QWVGHQKU GP QHHTCPV FGU UQNWVKQPU RWTGOGPV VGEJPKSWG FG TGPHQTEGOGPV FGU EQOOWPCWVÃU $GPMNGT POGPXKUCIG RCU NC PÃEGUUKVÃ FG OÃECPKUOGU FOKPEKVCVKQP FG NC TÃHNGZKXKVÃ OQDKNKUÃG FCPU NOKPHÃTGPEG FGU HQTOGU FG XKG PQWXGNNGU FCPU EGU EQOOWPCWVÃU 'P GHHGV FOCRTÂU $GPMNGT NC TÃHNGZKXKVÃ EQOOWPCWVCKTG GUV CWVQOCVKSWGOGPV UWUEKVÃG RCT NGU UQNWVKQPU VGEJPKSWGU %QOOG NOÃETKV

$GPMNGTnNGURGTUQPPGUFÃXGNQRRGPVFGUPQTOGUEQOOWPCWVCKTGUGVFGU U[UVÂOGU FGEQPHKCPEGTÃEKRTQSWGGVFGEQPVTÏNGSWKRTGPPGPVCRRWKUWTNGUOÃFKCU´VTCXGTU NGUSWGNUKNUEQOOWPKSWGPVNGUWPUCXGENGUCWVTGU$GPMNGTCR%OGUV DKGP EGVVG ÃOGTIGPEG URQPVCPÃG SWK GZRNKSWG RQWT $GPMNGT NOCWVQUVTWEVWTCVKQP FGU EQOOWPCWVÃU EQOOG NGU EQOOWPCWVÃU FG TGEJGTEJGWPKXGTUKVCKTGQWNGUEQOOWPCWVÃUFOWUCIGTUFGNQIKEKGNUITCVWKVU .OCEVKQP UWT NOKPHÃTGPEG EQOOWPCWVCKTG UG NKOKVGTC FQPE ´ FGU OGUWTGU FOCEEQORCIPGOGPV VGEJPKSWG OCVÃTKGN NÃICN QW LWTKFKSWG FG NOÃXQNWVKQP CWVQPQOGFGUFKHHÃTGPVUOQFGUFOQTICPKUCVKQPFGNCUQEKÃVÃFGNOKPHQTOCVKQP .GETQKUGOGPVGPXKUCIÃRCT$GPMNGTTGUVGFQPEKPEQORNGV$GPMNGTVGPVG DKGPFGETQKUGTWPGTÃHNGZKXKVÃUWTNGOÃECPKUOGFOGPECFTGOGPVJKÃTCTEJKSWG FGNOKPVGTPGVQTKGPVÃXGTUNOKPVÃTÄVFWRNWUITCPFPQODTGGVNCECRCEKVCVKQPFG NOCWVQHKPCNKUCVKQPFGUEQOOWPCWVÃURGTOGVVCPVNOÃXQNWVKQPFGUHQTOGUFGXKG

´RCTVKTFOWPGRTKUGGPEQORVGFGURQVGPVKCNKVÃUFCPUNGUFKHHÃTGPVUTÃIKOGU CNVGTPCVKHUFGTÃIWNCVKQP6QWVGHQKUGVGPEGNCNOCPCN[UGFG$GPMNGTTGRTQFWKV GP HKP FG EQORVG NGU J[RQVJÂUGU FG NC TCVKQPCNKVÃ RCTHCKVG FG NC VJÃQTKG ÃEQPQOKSWGENCUUKSWG$TQWUUGCWGV%WTKGPCRNGEJGOKP SWK

(17)

OÂPGFGNOKPPQXCVKQPVGEJPKSWG´NCEQPUVTWEVKQPFGEQORÃVGPEGUEQNNGEVKXGU FCPUFGUEQOOWPCWVÃUEQPEGTPÃGURCTWPGVGEJPKSWGPOGUVRCUCWVQOCVKSWG 2NWU RTÃEKUÃOGPV EQOOG NG PQVG ÃICNGOGPV ' $TQWUUGCW NG VTCLGV FG FÃXGNQRRGOGPV FGU ECRCEKVÃU FOKPPQXCVKQP FÃRGPF FG NOCESWKUKVKQP FG nEQORÃVGPEGUEQNNGEVKXGUFCPUWPGQTICPKUCVKQPnECRCDNGPQPUGWNGOGPVFG ECPCNKUGTFGUEQORQTVGOGPVKPFKXKFWGNUOCKU CWUUK FOCEEWOWNGT FG NOGZRÃTKGPEG GV FG RGTOGVVTG FGU GZRÃTKOGPVCVKQPU $TQWUUGCW R .G ETQKUGOGPV GPXKUCIÃRCT$GPMNGTTGUVGTCFQPEKPEQORNGVVCPVSWOKNPGRGTOGVVTCRCUFG TGPEQPVTGTNCFGWZKÂOGGZKIGPEGSWGPQWUCXQPUHQTOWNÃGSWKEQPEGTPGNG ETQKUGOGPV FGU ECRCEKVÃU FOKPHÃTGPEG EQOOWPCWVCKTG CXGE NC ECRCEKVCVKQP FOWPGTÃHNGZKXKVÃRQNKVKSWG

+NGUVFQPEPÃEGUUCKTGFGRCUUGT´WPGFGWZKÂOGRGTURGEVKXGSWKRTGPFTC EGVVGHQKUEKUQPRQKPVFGFÃRCTVFCPUNGUECRCEKVÃUFOKPHÃTGPEGFGUFKHHÃTGPVGU EQOOWPCWVÃU GP TÃCEVKQP ´ NOÃXQNWVKQP FG NOGPXKTQPPGOGPV UQEKCN CHKP FO[

CTVKEWNGT NGU GZKIGPEGU RTQEÃFWTCNGU FOCRRTGPVKUUCIG FGU EQORÃVGPEGU EQNNGEVKXGU NKÃGU ´ NOCEEGUUKDKNKVÃ FW TÃUGCW 1P VTQWXG WPG VGNNG RGTURGEVKXG FCPU NGU RTQRQUKVKQPU FOWPG ÃXQNWVKQP RNWU TÃHNGZKXG FG NC UVCPFCTFKUCVKQP VGEJPKSWGFWTÃUGCWVGNNGUSWGFÃXGNQRRÃGURCTFGUCWVGWTUEQOOG/KNVQP /WGNNGT/WGNNGTGV,QGN4GKFGPDGTI4GKFGPDGTI

&CPU EGVVG QRVKSWG NGU FKUEWUUKQPU RCT GZGORNG CWVQWT FG NC PQTOG 2+%5 2NCVHQTO HQT +PVGTPGV %QPVGPV 5GNGEVKQP RQWT NG HKNVTCIG FG EQPVGPWU UWT NOKPVGTPGV$GTNGWTGV2QWNNGVRQWNCEQPVTQXGTUGCWVQWTFWPQWXGCW RTQVQEQNG FG VTCPUOKUUKQP +PVGTPGV +2X SWK RTÃXQKV WP KFGPVKHKCPV PWOÃTKSWG WPKSWG RQWT EJCSWG WVKNKUCVGWT 4GKFGPDGTI R PG RGWXGPVÄVTGTÃFWKVGU´FGUFKUEWUUKQPURWTGOGPVVGEJPKSWGUOCKUFQKXGPV ÄVTG UKVWÃGU RCT TCRRQTV CWZ UVTCVÃIKGU FOKPVÃITCVKQP UQEKCNG FW UCXQKT VGEJPKEKGP SWK VGPVG FOCPVKEKRGT NOÃXQNWVKQP FW EQPVGZVG UQEKCN RGTOGVVCPV NOKPHÃTGPEG FGU HQTOGU FG XKG PQWXGNNGU &G OÄOG EQOOG NG OQPVTG /WGNNGTNGFÃDCVCWVQWTFGNOKPVTQFWEVKQPFGPQWXGCWZPQOUFGFQOCKPGU PGRGWVÄVTGTÃFWKV´WPFÃDCVRWTGOGPVVGEJPKSWGFGEQPEGRVKQPQRVKOCNG FW U[UVÂOG FOCFTGUUCIG OCKU UOKPUETKV FCPU WP GPUGODNG FG UVTCVÃIKGU FKUEWTUKXGU GV FG HQTOCVKQP FG EQCNKVKQPU CWVQWT FOKPUVKVWVKQPU EQOOG NO+%#00+PVGTPGV%QTRQTCVKQPHQTVJG#VVTKDWVKQPQH0COGUCPF0WODGTUGVNG 05+ 0GVYQTM 5QNWVKQPU +PE /WGNNGT # NC FKHHÃTGPEG FG NC RTKUG GP EQORVGFGUCEVGWTUKPFKXKFWGNUEQOOGWUCIGTUEJG\$GPMNGTKNUOCIKVFQPE DKGPKEKFGNOÃOGTIGPEGFGEQORÃVGPEGUEQNNGEVKXGURGTOGVVCPVFOKPUETKTGWPG TÃHNGZKXKVÃ UQEKCNG FCPU NOÃXQNWVKQP FGU EQOOWPCWVÃU 6QWVGHQKU EGU RTQRQUKVKQPU FOWPG ÃXQNWVKQP TÃHNGZKXG FG NC UVCPFCTFKUCVKQP VGEJPKSWG TGUVGPV ÃICNGOGPV KPUWHHKUCPVGU 'P GHHGV NOCEETQKUUGOGPV FG TÃHNGZKXKVÃ FGU CEVGWTU VGEJPKSWGU GV ÃEQPQOKSWGU ICTFG UQWXGPV WP ECTCEVÂTG RQPEVWGN 4GKFGPDGTIRGVPOGPXKUCIGRCUFOCWVTGKPUVKVWVKQPPCNKUCVKQPSWG

(18)

UQWU NC HQTOG FG ICTCPVKGU HQTOGNNGU FG VTCPURCTGPEG GV FOQWXGTVWTG FW TÃUGCW /WGNNGT %GNWKEK POCDQWVKV FQPE RCU ´ NC EQPUVTWEVKQP FOWPG OÃUQEWNVWTGSWKRGTOGVVTCKVFOCTVKEWNGTNCTÃHNGZKXKVÃFCPUNCEWNVWTGFOWUCIG

´ WP VGUV UWT NC ECRCEKVCVKQP FOWPG EQORÃVGPEG FOQTFQPPCPEGOGPV FCPU NC EWNVWTGRQNKVKSWGFGRTQVGEVKQPFGUPQWXGCWZDKGPURWDNKEU

%G SWOKN HCWV FQPE GPXKUCIGT EOGUV FG RTQNQPIGT GV FOCRRTQHQPFKT EGU CPCN[UGU FG NOGZRÃTKOGPVCVKQP EQOOWPCWVCKTG CXGE NGU EQPFKVKQPU VÃNÃQNQIKSWGU FOCPVKEKRCVKQP GV FOKPHÃTGPEG FCPU NG UGPU FG NC ECRCEKVCVKQP TÃHNGZKXG FOWPG nOÃUQEWNVWTG FG NC IQWXGTPCPEG EQPUVKVWÃG RCT NC VTCPUHQTOCVKQP ETQKUÃG FG NC EWNVWTG FOWUCIG GV FG NC EWNVWTG RQNKVKSWG 2CT WPGVGNNGRTKUGGPEQORVGFGUEQPFKVKQPUVÃNÃQNQIKSWGUCWUGKPFGUGZKIGPEGU RTQEÃFWTCNGU QP QDVKGPFTCKV WP TÃIKOG KPEKVCVKH FG TÃIWNCVKQP SWK VKGPV EQORVGFOWPFQWDNGOQWXGOGPV.GRTGOKGTOQWXGOGPVRTQNQPIGNOCPCN[UG FG$GPMNGTFCPUNGUGPUFOWPVGUVFGNCTÃHNGZKXKVÃKPUVKVWVKQPPGNNGEQPEGTPCPV NGUEJQKZFOGPECFTGOGPVGPHQPEVKQPFOWPGECRCEKVCVKQPFGNCTÃHNGZKXKVÃFGU EQOOWPCWVÃU FOWUCIGTU .G FGWZKÂOG OQWXGOGPV FGXTCKV RTQNQPIGT NOCPCN[UG FG /WGNNGT GV VGUVGT NC ECRCEKVCVKQP FG NC TÃHNGZKXKVÃ FGU EQOOWPCWVÃUGPHQPEVKQPFGNCECRCEKVCVKQPFOWPG TÃHNGZKXKVÃ RQNKVKSWG SWK RGTOGVVGFOGZVTCRQNGTNGUKPVÃTÄVUFGNCEQOOWPCWVÃNCRNWUNCTIGRQUUKDNG

$KDNKQITCRJKG

#TI[TKU %* GV 5EJÑP &# 1TICPK\CVKQPCN .GCTPKPI ++ 6JGQT[ /GVJQF CPF 2TCEVKEG#FFKUQP9GUNG[4GCFKPI/#TGRTKPVGFYKVJEQTTGEVKQPU

$GEM7C9JCVKU)NQDCNK\CVKQP!VTCFRCT2%COKNNGT2QNKV[2TGUU%CODTKFIG

$GEM 7 D 6JG 4GKPXGPVKQP QH 2QNKVKEU 4GVJKPMKPI /QFGTPKV[ KP VJG )NQDCN 5QEKCN 1TFGTVTCFRCT/4KVVGT2QNKV[2TGUU%CODTKFIG

$GPMNGT ; C n(TQO %QPUWOGTU VQ 7UGTU 5JKHVKPI VJG &GGRGT 5VTWEVWTGU QH 4GIWNCVKQP 6QYCTF 5WUVCKPCDNG %QOOQPU CPF 7UGT #EEGUU KP (GFGTCN

%QOOWPKECVKQPU.CY,QWTPCNR

$GPMNGT ; D n+PVGNNGEVWCN 2TQRGTV[ CPF VJG 1TICPK\CVKQP QH +PHQTOCVKQP 2TQFWEVKQP KP +PVGTPCVKQPCN ,QWTPCN QH .CY CPF 'EQPQOKEU HQTVJEQOKPI R RTGRTKPV´NOCFTGUUGJVVRYYYNCYP[WGFWDGPMNGT[+2GV1TICPK\CVKQPRFH

$GPMNGT ; C n6JG $CVVNG QXGT VJG +PUVKVWVKQPCN 'EQU[UVGO KP VJG &KIKVCN 'PXKTQPOGPVKP%QOOWPKECVKQPUQHVJG#%/R

$GPMNGT;Dn5KTGP5QPIUCPF#OKUJ%JKNFTGP#WVQPQO[+PHQTOCVKQPCPF .CYKP0GY;QTM7PKXGTUKV[.CY4GXKGYR

$GTNGWT , GV 2QWNNGV ; n3WGNNGU TÃIWNCVKQPU RQWT NO+PVGTPGV! OCPWUETKV RTQRQUÃRQWTRWDNKECVKQP

(19)

$QNVCPUMK.GV%JKCRGNNQ'.GPQWXGNGURTKVFWECRKVCNKUOG)CNNKOCTF2CTKU

$TQWUUGCW ' GV 4CNNGV # n7PG PQWXGNNG RTCVKSWG FG NO+PVGTFKUEKRNKPCTKVÃ!

3WGNSWGUTÃHNGZKQPU´RCTVKTFONKPPQXCVKQPUGV2GTHQTOCPEGUOKP4GXWG'EQPQOKSWG R

$TQWUUGCW ' n0ÃQKPUVKVWVKQPPCNKUOG GV 'XQNWVKQPPKUOG 3WGNNGU EQPXGTIGPEGU!KP'EQPQOKGUGV5QEKÃVÃUJQTUUÃTKGR

$TQWUUGCW'n2TQEGUUWUÃXQNWVKQPPCKTGUGV+PUVKVWVKQPU3WGNNGUCNVGTPCVKXGU

´NCTCVKQPCNKVÃRCTHCKVG!KP4GXWG'EQPQOKSWGR

$TQWUUGCW ' GV %WTKGP 0 C n'EQPQOKG FG NO+PVGTPGV ÃEQPQOKG FW PWOÃTKSWGKP4GXWG'EQPQOKSWG*QTU5ÃTKGR

$TQWUUGCW'Dn4ÃIWNCVKQPFGNO+PVGTPGV.OCWVQTÃIWNCVKQPPÃEGUUKVGVGNNGWP ECFTGKPUVKVWVKQPPGN!KP4GXWG'EQPQOKSWGJQTUUÃTKGR

&QTH/%GV5CDGN%(n#%QPUVKVWVKQPQH&GOQETCVKE'ZRGTKOGPVCNKUOKP

%QNWODKC.CY4GXKGYR

&WPPG 4. n&GVGTKPI 7PCWVJQTK\GF #EEGUU VQ %QORWVGTU %QPVTQNNKPI

$GJCXKQTKP%[DGTURCEG6JTQWIJC%QPVTCEV.CY2CTCFKIOKP,WTKOGVTKEU,QWTPCN R

'PIGN2.CPQTOGFWXTCK2JKNQUQRJKGFGNCNQIKSWG)CNNKOCTF2CTKU (GGPDGTI#3WGUVKQPKPI6GEJPQNQI[4QWVNGFIG0GY;QTM

)QFCTF1n&GNOWUCIGFWRTKPEKRGFGRTÃECWVKQPGPWPKXGTUEQPVTQXGTUÃKP (WVWTKDNGUR

)TCKPIGT)&KHHWUKQPEQTÃIWNCVKQPGVDKGPRWDNKE2TGUGPVCVKQP524;/GOQTKCN R

*CDGTOCU , /QTCNDGYWUUVUGKP WPF MQOOWPKMCVKXGU *CPFGNP 5WJTMCOR (TCPMHWTVC/

*CDGTOCU,#RTÂUNO'VCVPCVKQP7PGPQWXGNNGEQPUVGNNCVKQPRQNKVKSWGVTCFRCT4 4QEJNKV\(C[CTF2CTKU

-GQJCPG 4 1 #HVGT *GIGOQP[ %QQRGTCVKQP CPF &KUEQTF KP VJG 9QTNF 2QNKVKECN 'EQPQO[2TKPEGVQP7PKXGTUKV[2TGUU2TKPEGVQP

-QJNDGTI . 'UUC[U QP /QTCN &GXGNQROGPV 8QN 6JG 2JKNQUQRJ[ QH /QTCN

&GXGNQROGPV/QTCN5VCIGUCPFVJG+FGCQH,WUVKEG*CTRGTGV4QY5CP(TCPEKUEQ -QNJDGTI.GV&GXTKGU42TQITCOUQH'CTN['FWECVKQP6JG%QPUVTWEVKXKUV8KGY .QPIOCP0GY;QTM.QPFQP

.CFTKGTG,.OCTVKEWNCVKQPFWUGPUVQOG%GTH2CTKU

.CFTKÂTG , n.OÃVJKSWG GV NC F[PCOKSWG FG NC TCKUQP KP 4WG &GUECTVGU R

(20)

.CVQWT$2QNKVKSWGUFGNCPCVWTG%QOOGPVHCKTGGPVTGTNGUUEKGPEGUGPFÃOQETCVKG .C&ÃEQWXGTVG2CTKU

.GKD 8 n&CU'PFGFGT 5QWXGT¼PKV¼V! 2QNKVKM WPF +PVGTPGV \YKUEJGP 5GNDUV 4G WPF -Q4GIWNKGTWPI %QPHÃTGPEG FW PQXGODTG JVVRYYYKECPP UVWFKGPMTGKUPGVXNGKDJVO

.GPQDNG , GV /CGUUEJCNEM / 6JG #EVKQP QH 0QTOU -NWYGT +PVGTPCVKQPCN .QPFQP0GY;QTM´RCTCÉVTGVQDGRWDNKUJGF

.GX[ 2 .OKPVGNNKIGPEG EQNNGEVKXG 2QWT WPG CPVJTQRQNQIKG FW E[DGTURCEG .C

&ÃEQWXGTVG2CTKU

.KXGV2.CEQOOWPCWVÃXKTVWGNNG#EVKQPGVEQOOWPKECVKQP.OÃENCV%QODCU /CGUUEJCENM / n4ÃHNGZKXKVÃ VTCPUEGPFCPVCNG GV TÃHNGZKXKVÃ QRÃTCVQKTG

&ÃXGNQRRGOGPV FOWP RTQITCOOG FG TGEJGTEJG KP .GU %CTPGVU FW %GPVTG FG 2JKNQUQRJKGFW&TQKVPuR

/CGUUEJCENM / n2TQXGPCPEG GV HQPFGOGPVU FG NC RTCIOCVKSWG EQPVGZVWGNNG KP &ÃOQETCVKG GV 2TQEÃFWTCNKUCVKQP FW FTQKV 2J %QRRGPU GV , .GPQDNG FKT$TW[NCPV$TWZGNNGUR

/CGUUEJCENM / 0QTOGU GV EQPVGZVGU .GU HQPFGOGPVU FOWPG RTCIOCVKSWG EQPVGZVWGNNG1NOU*KNFGUJGKO<×TKEJ0GY;QTMR

/CTEJ,)GV5KOQP*#1TICPK\CVKQPU,QJP9KNG[CPF5QPU0GY;QTM /CTEJ ,) n$QWPFGF 4CVKQPCNKV[ #ODKIWKV[ CPF VJG 'PIKPGGTKPI QH

%JQKEGKP$GNN,QWTPCNQH'EQPQOKEUR

/KNNKMCP 4) 9JKVG 3WGGP 2U[EJQNQI[ CPF 1VJGT 'UUC[U HQT #NKEG /+6 2TGUU

%CODTKFIG/#

/QG 6 / n6JG 2QUKVKXG 6JGQT[ QH 2WDNKE $WTGCWETCE[ KP /WGNNGT &%

GF2GTURGEVKXGUQP2WDNKE%JQKEG%CODTKFIG72%CODTKFIGR

/WGNNGT/C7PKXGTUCN5GTXKEG%QORGVKVKQP+PVGTEQPPGEVKQPCPF/QPQRQN[KPVJG /CMKPI QH VJG #OGTKECP 6GNGRJQPG 5[UVGO /+6 2TGUU#'+ 5GTKGU QP 6GNGEQOOWPKECVKQPU&GTGIWNCVKQP%CODTKFIG/#

/WGNNGT / D nN7PKXGTUCN UGTXKEGO CPF VJG PGY 6GNGEQOOWPKECVKQPU #EV /[VJQNQI[/CFG.CY%QOOWPKECVKQPUQHVJG#%/R

/WGNNGT/n6JGQ)QXGTPCPEGR&GDCENG*QYVJG+FGCNQH+PVGTPGVYQTMKPI )QV$WTKGFD[2QNKVKEUEQPHGTGPEG+0'6O

JVVRYYYQRGPTUEQTIGUUC[UOWGNNGTIQXFGE

/WGNNGT/n+%#00CPF+PVGTPGV)QXGTPCPEG5QTVKPI6JTQWIJVJG&GDTKUQH N5GNH4GIWNCVKQPOKP+PHQ

/WGNNGT / n6GEJPQNQI[ CPF +PUVKVWVKQPCN +PPQXCVKQP +PVGTPGV &QOCKP 0COGUKP+PVGTPCVKQPCN,QWTPCNQH%QOOWPKECVKQPU.CYCPF2QNKE[R

(21)

/WPFCNG , GV $GEJVGN 9 n+PVGITCVKPI 0GWTQUEKGPEG 2U[EJQNQI[

'XQNWVKQPCT[$KQNQI[6JTQWIJC6GNGQNQIKECN%QPEGRVKQPQH(WPEVKQPKP/KPFUCPF /CEJKPGUR

1IWU#n5GNHTGIWNCVKQPKP$$QWEMCGTVGV)&G)GGUVGFU'PE[ENQRGFKC QH.CYCPF'EQPQOKEU8QNWOG86JG'EQPQOKEUQH%TKOGCPF.KVKICVKQP'FYCTF'NICT

%JGNVGPJCO

1UVTQO ' )QXGTPKPI VJG %QOOQPU 6JG 'XQNWVKQP QH +PUVKVWVKQPU HQT %QNNGEVKXG

#EVKQP%CODTKFIG7PKXGTUKV[2TGUU%CODTKFIG

2CWN%&WFTQKVGVFGUNKDGTVÃUUWTNO+PVGTPGV.CEQTÃIWNCVKQPHTCPÁCKUGRQWT WPGTGIWNCVKQPOQPFKCNG4CRRQTVCW2TGOKGTOKPKUVTG2CTKU

2QUV &) GV ,QJPUQP &4 n%JCQU 2TGXCKNKPI QP 'XGT[ %QPVKPGPV # 0GY 6JGQT[QH&GEGPVTCNK\GF&GEKUKQP/CMKPIKP%QORNGZ5[UVGOUKP%JK-GPV.4GX R

2QYGT (% *KIIKPU # -QJNDGTI . .CYTGPEG -QJNDGTIOU #RRTQCEJ VQ /QTCN 'FWECVKQP%QNWODKC7PKXGTUKV[2TGUU0GY;QTM

4CYNU , .G FTQKV FGU IGPU VTCF RCT , )KWFKEGNNK TGXKUÃG RCT $ )WKNNCTOG 'URTKV2CTKU

4GKFGPDGTI , 4 n.GZ +PHQTOCVKEC VJG (QTOWNCVKQP QH +PHQTOCVKQP 2QNKE[

4WNGU6JTQWIJ6GEJPQNQI[KP6GZCU.CY4GXKGYXQNPuR

4GKFGPDGTI,4n2TQVGEVKQPFGNCXKGRTKXÃGGVNOKPVGTFÃRGPFCPEGFWFTQKVFG NCVGEJPQNQIKGGVFGNOCWVQTÃIWNCVKQPKP%CJKGTUFW%4+&XQNHQTVJEQOKPI 4QTV[4n7PKXGTUCNKUOGOQTCNGVVTKÃEQPQOKSWGVTCFRCT)#TPCWFKP (WVWTKDNGUR

5CDGN%(n%QPUVKVWVKQPCN1TFGTKPIKP*KUVQTKECN%QPVGZVKP(95EJCTRH GF )COGU KP *KGTCTEJKGU CPF 0GVYQTMU #PCN[VKECN CPF 'ORKTKECN #RRTQCEJGU VQ VJG 5VWF[ QH )QXGTPCPEG +PUVKVWVKQPU %CORWU9GUVXKGY (TCPMHWTV C /$QWNFGT %1 R

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(22)

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(23)

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